You are on page 1of 207

&UtWLFDGHOSRGHU

)DVHVHQODUHIOH[LyQGHXQD7HRUtD&UtWLFDGHOD
VRFLHGDG

ZZZPDFKDGROLEURVFRP

7(25$<&57,&$
&ROHFFLyQGLULJLGD\GLVHxDGDSRU
/XLV$UHQDV\QJHOHV-3HURQD

778/225,*,1$/
.ULWLNGHU0DFKW
6XKUNDPS9HUODJ)UDQNIXUWDP0 DLQ
GHODWUDGXFFLyQHLQWURGXFFLyQ*HUPiQ&DQR
0 $&+$'2*5832'(',675,%8&,16/
&/$%5$'25(63$548((0 35(6$5,$/35$'2'(/(63,12
%2$',//$'(/0 217( 0 $'5,'
HGLWRULDO#PDFKDGROLEURVFRP

,6%1

$;(/+211(7+

&UtWLFDGHOSRGHU
)DVHVHQODUHIOH[LyQGHXQD7HRUtD&UtWLFDGHODVRFLHGDG
7UDGXFFLyQHLQWURGXFFLyQGH*HUPiQ&DQR
1',&(

$[HO+RQQHWK\ODXUEDQL]DFLyQGHOD7HRUtD&UtWLFD*HUPiQ&DQR
35/2*2
35,0(5$3$57(/$,1&$3$&,'$'3$5$(/$1/,6,662&,$/
/$6$325$6'(/$7(25$&57,&$
/DLGHDRULJLQDOGH+RUNKHLPHUHOGpILFLWVRFLROyJLFRGHOD7HRUtD&UtWLFD
 (O YLUDMH KDFLD OD ILORVRItD GH OD KLVWRULD HQ OD 'LDOpFWLFD GH OD ,OXVWUDFLyQ
XQDFUtWLFDGHODGRPLQDFLyQGHODQDWXUDOH]D
0 1,0 27516,72
$0 $&+$'2/,%526

/DWHRUtDGHODVRFLHGDGGH$GRUQRODUHSUHVLyQGHILQLWLYDGHORVRFLDO
6(*81'$3$57((/5('(6&8%5,0,(172'(/262&,$/
)28&$8/7<+$%(50$6
 (O DQiOLVLV KLVWyULFR GHO GLVFXUVR HQ )RXFDXOW /DV SDUDGRMDV GH XQD
DSUR[LPDFLyQVHPLROyJLFDDODKLVWRULDGHOVDEHU
'HODQiOLVLVGHOSRGHUDODWHRUtDGHOSRGHUODOXFKDFRPRSDUDGLJPDGHOR

VRFLDO
/DWHRUtDGHODVRFLHGDGGH)RXFDXOWXQDGLVROXFLyQWHyULFRVLVWpPLFDGHOD
'LDOpFWLFDGHOD,OXVWUDFLyQ
/DDQWURSRORJtDGHOFRQRFLPLHQWRGH+DEHUPDVODWHRUtDGHORVLQWHUHVHVGHO
FRQRFLPLHQWR
 'RV UHFRQVWUXFFLRQHV GH OD KLVWRULD GH OD HVSHFLH HQ FRQIOLFWR HO
HQWHQGLPLHQWRFRPRSDUDGLJPDGHORVRFLDO
/DWHRUtDGHODVRFLHGDGGH+DEHUPDVODWUDQVIRUPDFLyQGHOD'LDOpFWLFDGH
ODLOXVWUDFLyQDODOX]GHXQDWHRUtDGHODFRPXQLFDFLyQ

$;(/+211(7+</$85%$1,=$&,1'(/$
7(25$&57,&$
*HUPiQ&DQR

%,%/,2*5$)$

8ELFDGR SRU OR JHQHUDO HQ OD SUREOHPiWLFD FDVLOOD GH OD GHQRPLQDGD WHUFHUD
JHQHUDFLyQ GH OD 7HRUtD &UtWLFD HO SHQVDPLHQWR GH $[HO +RQQHWK (VVHQ
  VH KD GHILQLGR EiVLFDPHQWH HQ ODV GRV ~OWLPDV GpFDGDV SRU H[SORUDU \
DVLPLVPR VRUWHDU GHVGH XQD DSUR[LPDFLyQ LQPDQHQWH ODV FRQWUDGLFFLRQHV \
FDOOHMRQHVVLQVDOLGDFRQORVTXHWHUPLQDURQWRSiQGRVHORVSULPHURVPLHPEURV
GHOD(VFXHODGH)UDQNIXUW(VPiVFRPRHVIiFLOGHGXFLUWUDVODOHFWXUDGHOD
REUD TXH DTXt LQWURGXFLPRV OD REUD GH +RQQHWK QR SXHGH SRU PHQRV GH
DSR\DUVH HQ HO DPELFLRVR SUR\HFWR GH XUEDQL]DFLyQ GH ODV LQWHPSHVWLYDV
GHULYDV FUtWLFDV GH +RUNKHLPHU \ $GRUQR GHVSOHJDGR VREUH WRGR SRU -UJHQ
+DEHUPDV 8QD VLQJXODU SHUVSHFWLYD TXH VH FRPSUHQGH FLHUWR HV FRPR
UHYLVLRQLVWDUHVSHFWRDHVDVXHUWHGHQRPDQVODQGHQODTXHWHUPLQyPRUDQGR
OD SULPHUD JHQHUDFLyQ IUDQNIXUWLDQD HQ OR FRQFHUQLHQWH D ORV FULWHULRV GH
IXQGDPHQWDFLyQGHVXSRVLFLyQSHURTXHWDPELpQYDDLQFRUSRUDUPiVDOOiGHO
SURSLR KRUL]RQWH GH OD WHRUtD FRPXQLFDWLYD QR SRFDV DSRUWDFLRQHV H
LQQRYDFLRQHV WHPiWLFDV HQ HO HVWXGLR GH OD WHRUtD VRFLDO (Q HVWH VHQWLGR SRU
PXFKRTXHVXDFWLYLGDGDFDGpPLFD>@VHGHVDUUROOHDODVRPEUDGH+DEHUPDV
QRVHUtDMXVWRGHILQLUD+RQQHWKFRPRXQVLPSOHGLVFtSXORUHVSHWXRVRQRVyOR
SRUTXH \D HQ &UtWLFD GHO SRGHU VX SULPHUD REUD LPSRUWDQWH QR YD D

HVFDWLPDU FLHUWDV FUtWLFDV GH IRQGR DO SUR\HFWR GHO PDHVWUR VLQR SRUTXH
DKRQGDQGR HQ HVWDV SRVLEOHV GHILFLHQFLDV R DPELJHGDGHV WHyULFR
FRPXQLFDWLYDV YD D DEULU pO PLVPR VX SURSLD YtD GH LQYHVWLJDFLyQ D VDEHU HO
GHVDUUROORGHODFDWHJRUtDGHFXxRKHJHOLDQRGHUHFRQRFLPLHQWRFRPRQXHYD
EDVHQRUPDWLYDSDUDOOHYDUDFDERODUHIRUPDGHODSULPHUD7HRUtD&UtWLFDGHOD
VRFLHGDG
&RQIURQWDGRFRQHVWDSDUDPXFKRVPiVVLVWHPiWLFDDXQTXHSDUDRWURV
GLVFXWLEOH UHYLWDOL]DFLyQ GHO OHJDGR FUtWLFR SODQWHDGD HQ VXV SHUILOHV
JHQHUDOHVSRUODpWLFDGHOGLVFXUVRKDEHUPDVLDQD+RQQHWKYDDYHUVHREOLJDGR
QR VyOR D LQWHQVLILFDU HO GLiORJR FRQ RWUDV FRUULHQWHV FRPR SRU HMHPSOR OD
VRFLRORJtDRHOSUDJPDWLVPRILORVyILFRDPHULFDQRGHVDWHQGLGDVRH[SOtFLWDPHQWH
UHFXVDGDV SRU OD SULPHUD JHQHUDFLyQ >@ VLQR D FRPSHQVDU OD H[FHVLYD
VREUHVWLPDFLyQ GH OD IXQFLyQ ILORVyILFD IUHQWH DO HVWXGLR HPStULFR \ HO EOLQGDMH
DXWiUTXLFRTXHSDXODWLQDPHQWHKDEUtDQFDUDFWHUL]DGRDOSUR\HFWRIUDQNIXULDQR
RULJLQDULREDMRODLQIOXHQFLDGH$GRUQRPXFKRVFRPHQWDULVWDVKDQGHQRPLQDGR
HVWH SDVR FRPR HO FDPELR GH SDUDGLJPD ILORVyILFR GH OD 7HRUtD &UtWLFD HQ
GLUHFFLyQDXQDWUDQVIRUPDFLyQFRPXQLFDWLYD'HVGHHVWHFDPELRGHUXPER
XQD QXHYD VRVSHFKD VH KDEUtD SDXODWLQDPHQWH LPSXHVWR KDVWD TXp SXQWR OD
SULPHUD JHQHUDFLyQ GH OD 7HRUtD &UtWLFD \ DOJXQRV DXWRUHV HQ FLHUWD PHGLGD
SUy[LPRV D HOOD FRPR )RXFDXOW DWUDSDGRV HQ ORV PLVPRV SRVWXODGRV TXH
UDGLFDOPHQWHFULWLFDEDQ\DOLPHQWDGRVSRUXQDHVSHFLDOFR\XQWXUDELRJUiILFD HO
QDFLRQDOVRFLDOLVPR  TXHGDURQ VHGXFLGRV SRU XQD QXHYD SURSXHVWD GH
LQPXQL]DFLyQ GHIHQVLYD JHQXLQDPHQWH ILORVyILFD IUHQWH DO KHFKR VRFLDO" >@
&LHUWDPHQWHHQODWHUFHUDJHQHUDFLyQHVWHYLUDMHVHFRQVXPDUiDWHQGLHQGRD
GRV SRORV EiVLFRV VLPpWULFRV SRU XQ ODGR IUHQWH DO VXSXHVWR PD[LPDOLVPR
HYLGHQFLDGRHQHVHGRFXPHQWRLQDXJXUDOIXQGDPHQWDOTXHIXH'LDOpFWLFDGHOD
,OXVWUDFLyQODQXHYD7HRUtD&UtWLFDGHODVRFLHGDGQRVyORHVWDUiGHDKRUDHQ
DGHODQWHREOLJDGDDDPSOLDUVXUDGLRGHDFFLyQWHyULFRVLQRDFRQIURQWDUVHFRQ
RWUDVLQWHUSUHWDFLRQHVGHODGRPLQDFLyQVRFLDO\DQROLPLWDGDVDODRPQLSUHVHQWH
FDWHJRUtDPDU[LVWDGHGRPLQDFLyQGHODQDWXUDOH]D/DVXJHUHQWHGLVFXVLyQTXH
+RQQHWKOOHYDDFDERHQHVWHOLEURFRQODWHRUtDGHOSRGHUGH0LFKHO)RXFDXOW
HVH[WUHPDGDPHQWHLOXVWUDWLYDDHVWHUHVSHFWRSRURWURIUHQWHDODGHSHQGHQFLD
PRQROyJLFD GH HVWRV SULPHURV SODQWHDPLHQWRV FRQ OD ILORVRItD GH OD

VXEMHWLYLGDG HVWH SUR\HFWR DSXQWDUtD HQ GLUHFFLyQ GH XQ QXHYR SDUDGLJPD
FRPXQLFDWLYR FDSD] GH UHVSRQGHU D ODV GHPDQGDV LQKHUHQWHV D OD DFWLYLGDG
OLQJtVWLFD3DUDIUDVHDQGRODIHOL]IyUPXODDFXxDGDSRURWURGHORVPLHPEURVGH
HVWDWHUFHUDJHQHUDFLyQ$OEUHFKW:HOOPHUDFDVRQRVHGHGXFHGHWRGRHVWH
EDODQFHTXHODILORVRItDGHOGHVHQPDVFDUDPLHQWRWRWDOD~QYLYHGHHVDPLVPD
PHWDItVLFDUDFLRQDOLVWDTXHHOODHQSULQFLSLRSUHWHQGtDVXSHUDU"(QTXpPHGLGD
SRU HMHPSOR HO SDUDGLJPiWLFR WRXU GH IRUFH DGRUQLDQR GH LU DOOHQGH HO
FRQFHSWR D WUDYpV GHO FRQFHSWR R OD SHFXOLDU PLUDGD HWQROyJLFD SURSXHVWD
SRU)RXFDXOWSDUDHOHVWXGLRGHODFXOWXUDRFFLGHQWDOVRQWHQWDWLYDVWDQFUtWLFDV
TXH HVWiQ FRQGHQDGDV D QXWULUVH SDUDVLWDULDPHQWH SRU DVt GHFLUOR GHO
KRUL]RQWHTXHHQSULQFLSLRWUDWDQGHLPSXJQDU">@
(VHVWHWHOyQGHIRQGREiVLFRHOTXHQRVVLUYHSDUDUHFRUWDUSUHFLVDPHQWHHO
OXJDU RFXSDGR SRU &UtWLFD GHO SRGHU )DVHV HQ OD UHIOH[LyQ GH XQD 7HRUtD
&UtWLFD GH OD VRFLHGDG /R SULPHUR TXH FDEH GHFLU GH HVWD LQYHVWLJDFLyQ
FRQFHELGDRULJLQDULDPHQWHFRPR7HVLV'RFWRUDOTXHYLRODOX]HQHODxR
HVTXHSRVLELOLWyHQFLHUWRVHQWLGRFRQXQDLQXVLWDGDUDSLGH]ODFRQVDJUDFLyQGH
VXDXWRUHQODSULPHUDOtQHDGHODILORVRItDDOHPDQDFRQWHPSRUiQHDQRHQYDQR
IXHHOSLVWROHWD]RGHVDOLGDGHXQEULOODQWHLWLQHUDULRLQWHOHFWXDOTXHKDWHUPLQDGR
OOHYDQGR D +RQQHWK QDGD PHQRV TXH D GLULJLU HO FpOHEUH ,QVWLWXW IU
6RFLDOIRUVFKXQJ VLWR HQ OD *RHWKH 8QLYHUVLWlW IUDQNIXUWLDQD GHVGH HO DxR
 \ VREUH WRGR D LQWHUYHQLU DSR\DGR FRPR \D VH KD GLFKR HQ VXV
LQYHVWLJDFLRQHV VREUH OD FDWHJRUtD GH UHFRQRFLPLHQWR HQ FDVL WRGRV ORV
UHFLHQWHV GHEDWHV PiV UHOHYDQWHV VREUH HO IXWXUR GH OD 7HRUtD &UtWLFD &DEH
VHxDODU TXH OHMRV GH FRQVLGHUDU DJRWDGR HVWH OHJDGR HO WUDEDMR GH $[HO
+RQQHWK HQ ORV ~OWLPRV WLHPSRV VH KD GHILQLGR SRU OD UHQRYDFLyQ \
VLVWHPDWL]DFLyQGHHVWDKHUHQFLDGHVGHODUHIOH[LyQHQWRUQRDOHMHFRQFHSWXDOGH
OD LQWHUDFFLyQ VRFLDO 1R HV QLQJXQD FDVXDOLGDG TXH XQR GH ORV SUR\HFWRV
HGLWRULDOHVGH+RQQHWKFRPRGLUHFWRUGHO,QVWLWXWROOHYHHOVLJQLILFDWLYRWtWXORGH
)UDQNIXUWHU%HLWUlJH]XU6R]LRORJLHXQG6R]LDOSKLORVRSKLH>&RQWULEXFLRQHV
IUDQNIXUWLDQDVDODVRFLRORJtD\ODILORVRItDVRFLDO@>@ &RPR pO PLVPR KD
GHFODUDGR >@ OD WUDGLFLyQ GHO ,QVWLWXWR KR\ VyOR SXHGH FRQWLQXDUVH
RULHQWDQGRODVLQYHVWLJDFLRQHVHPStULFDV\ODUHIOH[LyQWHyULFRVRFLDOHQWRUQRD
XQSODQWHDPLHQWRXQLWDULR>@

(YLGHQWHPHQWH HO REMHWLYR GHO &UtWLFD GHO SRGHU QR HV RWUR TXH OD
UHFRQVWUXFFLyQKLVWyULFD\VLVWHPiWLFDHQIDVHVVXFHVLYDVGHHVHGHYHQLUGHOD
7HRUtD &UtWLFD TXH DUUDQFD HQ OD GpFDGD GH ORV DxRV WUHLQWD FRQ OD FDQyQLFD
GLVWLQFLyQ HQWUH 7HRUtD 7UDGLFLRQDO \ 7HRUtD &UtWLFD GHVDUUROODGD SRU 0D[
+RUNKHLPHUSDVDVHJ~Q HOSURSLR +RQQHWKSRUXQ HVWDGLRGH QHJDWLYLVPR
ILORVyILFRVRFLDO EDMR OD ILJXUD GHFLVLYD GH $GRUQR TXL]i HO JUDQ HOHPHQWR
SHUWXUEDGRUGHHVWDQDUUDWLYDFRQODLQWURGXFFLyQGHVXILORVRItDGHODKLVWRULD
>@\FXOPLQDpVWHHVHOSXQWRIXQGDPHQWDOTXHVLUYHFRPRSUHVXSXHVWR\
RULHQWDFLyQ D WRGR HO UHFRUULGR DQWHULRU HQ OD WHRUtD GH OD DFFLyQ
FRPXQLFDWLYD GH +DEHUPDV XQ SURFHVR GH DSUHQGL]DMH YDOJD DTXt OD
H[SUHVLyQ KHJHOLDQD HQ HO TXH QR SXHGH IDOWDU DGHPiV OD SHFXOLDU DSRUWDFLyQ
TXH0LFKHO)RXFDXOWHOJUDQFRQWULQFDQWHDTXtGH+DEHUPDVUHDOL]DVREUHWRGR
HQODHVSLQRVDFXHVWLyQGHOSRGHUVRFLDO(QHVWHSXQWRPHUHFHODSHQDLQVLVWLU
VREUH HO KHFKR GH TXH HQ VX UHFRQVWUXFFLyQ GHO GHYHQLU GH OD 7HRUtD &UtWLFD
&UtWLFD GHO SRGHU DUURMD XQD OX] PX\ GLVWLQWD VREUH ORV FRQWHQLGRV \
SULRULGDGHV GH OD (VFXHOD TXH KR\ VLJXHQ VLHQGR REMHWR GH GHEDWH HV PiV
SXHGHVHU~WLOFRQIURQWDUODREUDGH+RQQHWKFRQODLQVXVWLWXLEOHPRQRJUDItDGH
5ROI:LJJHUKDXVPiVFHQWUDGDHQODVVLQJXODUHVDSRUWDFLRQHVIUDQNIXUWLDQDVDOD
FXHVWLyQHVWpWLFDHVWRHVDXQPRGHORGHUDFLRQDOLGDGQRLQVWUXPHQWDO>@
$VLPLVPR GHVGH HVWH iQJXOR GH DSUR[LPDFLyQ JHQXLQDPHQWH KHJHOLDQR
GLFKRVHDGHSDVR+RQQHWKQRVyORUHDOL]DXQDFDUWRJUDItDH[WUDRUGLQDULDPHQWH
VXJHUHQWH \ VLQWpWLFD GH ODV OtQHDV GH IXHU]D TXH UHFRUUHQ QXHVWUR HVFHQDULR
ILORVyILFR FRQWHPSRUiQHR DGHPiV QR UHQLHJD HQ DEVROXWR GH H[SORUDU OD
SRVLEOH SDUV FRQVWUXHQV GHO SUREOHPD HO VHQWLGR \ DOFDQFH DFWXDO GH OD
FDWHJRUtDGHFUtWLFDHVGHFLUWUDVLQYHVWLJDUGHPDQHUDLQPDQHQWHODOyJLFDGH
HVWH GHVDUUROOR YD D HPHUJHU HQ YLUWXG GH ODV VXFHVLYDV VROXFLRQHV
LQVDWLVIDFWRULDV DO SUREOHPD GH XQD 7HRUtD &UtWLFD GH OD VRFLHGDG XQD QXHYD
LGHD GH SUiFWLFD VRFLDO VXVFHSWLEOH GH SRVWHULRU GHVDUUROOR HQ HO IXWXUR
5HVXPLHQGRPX\JURVHUDPHQWHHVWHLWLQHUDULRSRGUtDGHFLUVHTXHHVWHSDXODWLQR
GHELOLWDPLHQWRGHOD7HRUtD&UtWLFDRULJLQDULDUHFRUUHUtDORVVLJXLHQWHVSDVRV
  7DQWR +RUNKHLPHU FRPR $GRUQR DXQ FXDQGR HQ GLYHUVD PHGLGD
WHUPLQDQ VLHQGR FDXWLYRV GH XQ PRGHOR LQDGHFXDGR GH ILORVRItD GH OD KLVWRULD
PLHQWUDVHOSULPHURDOHQIDWL]DUH[DJHUDGDPHQWHODGLPHQVLyQGHOWUDEDMRVRFLDO

GHVFXLGD HO SRVLEOH DQiOLVLV GH OD YLGD FXOWXUDO FRWLGLDQD \ OD GLPHQVLyQ
FRQIOLFWLYDLQKHUHQWHDOHVFHQDULRVRFLDOHOVHJXQGRLQIOXLGRVREUHWRGRSRUVXV
WUDXPiWLFDV H[SHULHQFLDV ELRJUiILFDV HVWR HV UHFDOFDGR SRU +RQQHWK \
UDGLFDOL]DQGR HVWD PLVPD SHUVSHFWLYD ILORVyILFRKLVWyULFD PD[LPDOLVWD VH
FRQGHQD D QR YHU HQ OD GLPHQVLyQ GH OD DFFLyQ VRFLDO PiV TXH XQD H[WHQVLyQ
SHUYHUVDGHODGRPLQDFLyQKXPDQDGHODQDWXUDOH]D%DMRHVWHSXQWRGHYLVWDOR
TXH +RQQHWK GHILQH HQ XQ SDVR VLPLODU DO GH +DEHUPDV FRPR HO GpILFLW
VRFLROyJLFRGHOD7HRUtD&UtWLFDWLHQHTXHYHUFRQODLQMXVWLILFDGDUHGXFFLyQ
XQD WHQGHQFLD HQ DOJXQD PHGLGD KHUHGDGD GHO PDU[LVPR GH OD DFWLYLGDG
KXPDQD HQ JHQHUDO D OD FDWHJRUtD GH DFFLyQ LQVWUXPHQWDO +RQQHWK DTXt QR
KDFHVLQRUHIRUPXODUHQRWURVWpUPLQRVODLQWHUSUHWDFLyQFUtWLFDKDEHUPDVLDQDGH
$GRUQRQRGHVHDQGRDEDQGRQDUVHVHQFLOODPHQWHDOFDOOHMyQVLQVDOLGDLUUDFLRQDO
GHXQDUD]yQUDGLFDOPHQWHGLULJLGDFRQWUDVtPLVPDpVWHSUHILHUHDJXDQWDUHQOD
FRQWUDGLFFLyQSHUIRUPDWLYDGHODGLDOpFWLFDQHJDWLYDSHUPDQHFLHQGRDVtILHODODV
KXHOODVPLPpWLFDVGHXQDUD]yQQRLQVWUXPHQWDOFDVLROYLGDGD
  3UHFLVDPHQWH IUHQWH D HVWD SRVLFLyQ OR TXH DSRUWD QRYHGRVDPHQWH OD
LQYHVWLJDFLyQ GH )RXFDXOW GHVGH XQ iQJXOR GH DSUR[LPDFLyQ PX\ GLVWLQWR OD
UHIOH[LyQ KLVWyULFD IUDQFHVD VREUH ODV FLHQFLDV KXPDQDV \ HO FXHVWLRQDPLHQWR
HVWUXFWXUDOLVWDGHODIXQFLyQHSLVWHPROyJLFDGHODVXEMHWLYLGDGHVXQGHWDOODGR
DQiOLVLV GH OD HVIHUD HVHQFLDOPHQWH FRQIOLFWLYD GH OD LQWHUDFFLyQ VRFLDO XQD
GLPHQVLyQ VLVWHPiWLFDPHQWH GHVDWHQGLGD SRU ORV DXWRUHV GH OD SULPHUD
JHQHUDFLyQ GH OD (VFXHOD GH )UDQNIXUW D FDXVD GH VXV FRPSURPLVRV R FDVL
PHMRUKLSRWHFDVILORVyILFRKLVWyULFDV/DKHUF~OHDWHQWDWLYDGHLQWHJUDUHQXQD
WHRUtD GH OD ,OXVWUDFLyQ GH RULHQWDFLyQ PDU[LVWD OD FUtWLFD FXOWXUDO UHDOL]DGD SRU
ORV FRQVHUYDGRUHV DQWLLOXVWUDGRV KDEUtD OOHYDGR D XQD GHVHUWL]DFLyQ GH OD
HVIHUD VRFLDO (Q HVWH HVFHQDULR HO PRYLPLHQWR GH +RQQHWK HV LQWHUHVDQWH \
RULJLQDO /D REUD GH )RXFDXOW OH YD D VHUYLU SDUD FROPDU HQ DOJ~Q VHQWLGR OD
ODJXQDDELHUWDSRUODFUtWLFDKDEHUPDVLDQDDOPDU[LVPRGHOD7HRUtD&UtWLFDGH
DKtVXSURSyVLWRHVXQHUURUDUURMDUHOEHEpGHODOXFKDVRFLDODODYH]TXHHO
DJXDGHODUD]yQLQVWUXPHQWDO
6LQ HPEDUJR FHQWUDGR HQ HO SUREOHPD GHO SDVR GH OD UHSUHVLyQ DO
UHGHVFXEULPLHQWR GH OD WHPiWLFD GH OR VRFLDO D +RQQHWK HQ OXJDU GH VHJXLU
XQDSRVLEOHYtDGHDFHUFDPLHQWRHQWUHHVWDVGRVSRVLFLRQHV>@LQVLVWLHQGRHQ

OD ~OWLPD LGHD IRXFDXOWLDQD GH TXH VX SUR\HFWR ILORVyILFR VH FLIUDED HQ OD
SDFLHQWHODERUGHGDUIRUPDDODLPSDFLHQFLDGHODOLEHUWDGOHLQWHUHVDPiV
ELHQSURIXQGL]DUHQODGLYHUJHQFLD~OWLPDGHVXVUHVSHFWLYDVDSUR[LPDFLRQHVDO
WHPD GHO SRGHU 'LIHUHQFLDV TXH D OD SRVWUH WHUPLQDQ SRU FRQYHUJHU HQ XQ
VLPLODUGpILFLWGH IXQGDPHQWDFLyQ3HVH DTXHOD LQWHUSUHWDFLyQIRXFDXOWLDQD GH
+RQQHWK HV PiV PDWL]DGD TXH OD GH +DEHUPDV VXFXPEH ILQDOPHQWH D OD
FRQFOXVLyQ EiVLFD GH HVWH ~OWLPR DO UHWURWUDHU \ WUDWDU GH H[SOLFDU HVWD QXHYD
GLPHQVLyQ H[FOXVLYDPHQWH HQ WpUPLQRV GH XQ LQWHUFDPELR HVWUDWpJLFR
LQWHUVXEMHWLYR )RXFDXOW VHJ~Q +RQQHWK VH YHUi WDPELpQ LQFDSDFLWDGR SDUD
SURSRUFLRQDUORVFULWHULRVQHFHVDULRVSDUDMXVWLILFDUVXVSURSLDVUHLYLQGLFDFLRQHV
FUtWLFDVGHDKtTXHVXSODQWHDPLHQWRWHUPLQHGHVGLEXMDGR\PX\SUy[LPRDOD
WHRUtDGHVLVWHPDV
  )LQDOPHQWH +DEHUPDV FRQ OD D\XGD GH VX WHRUtD FRPXQLFDWLYD
FRPHQ]DUtDSURSRUFLRQDQGRORVFULWHULRVSDUDSRGHUGHVDUUROODUDGHFXDGDPHQWH
XQD FUtWLFD UHIOH[LYD GHO SRGHU VLQ HPEDUJR VX SUR\HFWR WHUPLQDUtD
GHVHPERFDQGRHQGRVSRVLEOHVWHRUtDVGHODVRFLHGDG+RQQHWKVyORDFHSWDOD
YHUVLyQTXHH[SOLFDHOGHVDUUROORVRFLDOQRKDFLHQGRUHIHUHQFLDDODOyJLFDGHOD
UDFLRQDOL]DFLyQ GHXGD GH OD SULPHUD JHQHUDFLyQ  VLQR D OD GLQiPLFD GH ODV
OXFKDV VRFLDOHV LQVHUWDGD HVWUXFWXUDOPHQWH GHQWUR GHO WHUUHQR PRUDO GH ODV
LQWHUDFFLRQHVVRFLDOHV/RLQWHUHVDQWHHVTXH+RQQHWKFRQVLGHUDHQORV~OWLPRV
FDStWXORVGH&UtWLFDGHOSRGHUTXHODGLVWLQFLyQHQWUHVLVWHPD\PXQGRGH
YLGD OH LPSLGH D +DEHUPDV DSUHFLDU HQ TXp PHGLGD HO SOH[R VRFLDO H
LQVWLWXFLRQDO GH XQD VRFLHGDG HV HO UHVXOWDGR GH LQWHUDFFLRQHV FRQIOLFWRV \
QHJRFLDFLRQHV FRQVWDQWHV HQWUH ORV JUXSRV \ DFWRUHV VRFLDOHV 'H DKt TXH HO
PRGHORFRQVWUXLGRSURJUHVLYDPHQWHSRU+RQQHWKWUDV&UtWLFDGHOSRGHUDOKLOR
GHVXpWLFDGHOUHFRQRFLPLHQWRDVtFRPRVXYXHOWDDO+HJHOGHOSHULRGRGH
-HQD SXHGD HQWHQGHUVH SUHFLVDPHQWH FRPR OD LQWHJUDFLyQ HQ XQ PDUFR
FRPXQLFDWLYR GH DOJXQDV GH ODV DSRUWDFLRQHV WHyULFRVRFLDOHV FRQVHJXLGDV SRU
)RXFDXOWHQHVWHFDPSR>@

HQFRQWUDU HQ &UtWLFD GHO SRGHU XQD REUD VXJHUHQWHPHQWH DELHUWD XQD
LQYHVWLJDFLyQ FUtWLFD TXH LQGHSHQGLHQWHPHQWH GH VXV SRVLEOHV DFLHUWRV R
PDOHQWHQGLGRVHQORUHIHUHQWHDODUHFRQVWUXFFLyQKHUPHQpXWLFDGHORVDXWRUHV
DERUGDGRVXQDFXHVWLyQVHFXQGDULDDXQTXHDWHQHUHQFXHQWD>@ DEUH
QXHYRVFDPLQRV\SODQWHDQRSRFRVLQWHUURJDQWHVVXVWDQFLRVRVHQWUHHOORVSRU
HMHPSOR HO GH VL HVWH GHVSOD]DPLHQWR GHO KRUL]RQWH GHO WUDEDMR VRFLDO D OD
LQVWDQFLD FRPXQLFDWLYRPRUDO FRPR HO TXH HVER]D HQ HVWD REUD +RQQHWK LQ
QXFH GHVFDUJiQGRVH GHO SUHVXQWR ODVWUH PDU[LVWD QR GHVFXLGD
QHFHVDULDPHQWH RWUDV GLPHQVLRQHV FRPR ODV FRUSRUDOHV PDWHULDOHV R
HFRQyPLFDV WDPELpQ LPSUHVFLQGLEOHV HQ WRGD FUtWLFD HIHFWLYD GH ODV UHODFLRQHV
GHGRPLQDFLyQHQQXHVWUDVVRFLHGDGHV>@
+RQQHWKFRQVLGHUDSRURWURODGRTXHDODYLVWDGHORVFDPELRVSROtWLFRV
GHODV~OWLPDVGpFDGDVHVXQHUURUVHJXLUVRVWHQLHQGRTXHODFUtWLFDKR\SDVD
VyORSRUODLGHDGHXQDKLVWRULDGHRSUHVLyQ\IXWXUDHPDQFLSDFLyQHQWpUPLQRV
GHOJpQHURKXPDQR(OJHVWRFUtWLFRSRUWDQWR\DQRKDGHFRQFHELUVHFRPR
XQDIRUPDGHUHIOH[LyQDUUDLJDGDHQHOSURFHVRPLVPR6LOD7HRUtD&UtWLFDGHO
SDVDGR SXHGH KR\ VHJXLU RIUHFLpQGRQRV DOJXQD D\XGD FRPR KHUUDPLHQWD GH
GLDJQyVWLFR GH OD DFWXDOLGDG HV SRUTXH VX PRGHOR LQVLVWLy HQ XQD VXJHUHQWH
PHGLDFLyQHQWUHWHRUtDHKLVWRULDFDSD]GHFULVWDOL]DUHQXQDUD]yQVRFLDOPHQWH
DFWLYD

6HDFRPRIXHUHVLHOYDORUGHXQDSURSXHVWDWHyULFDVHFLIUDHQODFDQWLGDG
GHUHDFFLRQHV\UHVSXHVWDVDODVTXHKDGDGROXJDUHVLQGXGDEOHTXH&UtWLFD
GHOSRGHU VH KD FRQYHUWLGR FRQ HO SDVR GHO WLHPSR HQ XQD REUD IXQGDPHQWDO

3RUWRGRORGLFKRSHVHDVXLQWHQFLyQVLVWHPiWLFDGHIRQGRHOOHFWRUYDD

>@ (V HVWH PRGHOR GH SHQVDPLHQWR GH XQ HQWUHOD]DPLHQWR HQWUH WHRUtD H KLVWRULD HO TXH
IXQGDODXQLGDGGHOD7HRUtD&UtWLFDHQODSOXUDOLGDGGHVXVYRFHV\DVHDHQIRUPDSRVLWLYDHQ
HO+RUNKHLPHUWHPSUDQRHQ0 DUFXVHR+DEHUPDVR\DVHDGHIRUPDQHJDWLYDHQ$GRUQRR
%HQMDPLQHOWUDVIRQGRGHORVGLIHUHQWHVSUR\HFWRVORFRQVWLWX\HVLHPSUHODLGHDGHTXHXQ
SURFHVRKLVWyULFRGHIRUPDFLyQKDVLGRGHVILJXUDGRSRUODVUHODFLRQHVVRFLDOHVGHXQDPDQHUD
TXHHVVXSHUDEOH~QLFDPHQWHHQODSUiFWLFD'HWHUPLQDUHOOHJDGRGHOD7HRUtD&UtWLFDSDUDHO
QXHYRVLJORWHQGUtDTXHVLJQLILFDUORVLJXLHQWHUHVJXDUGDUHQODLGHDGHWDOSDWRORJtDVRFLDOGH
OD UD]yQ OD FDUJD H[SORVLYD TXH HVWD LGHD FRQWLHQH WRGDYtD SDUD HO SHQVDPLHQWR DFWXDO HQ
FRQWUD GH OD WHQGHQFLD GH UHGXFLU OD FUtWLFD VRFLDO D XQ SUR\HFWR GH WRPD GH SRVLFLyQ
QRUPDWLYD VLWXDFLRQDO R ORFDO GHEHUtD KDFHUVH SDWHQWH HO YtQFXOR TXH HOOD PDQWLHQH FRQ ODV
H[LJHQFLDVGHXQDUD]yQGHVDUUROODGDKLVWyULFDPHQWH>@

SDUDHQWHQGHUTXpSXHGHVHJXLUVLJQLILFDQGRKR\GHIHQGHUXQD7HRUtD&UtWLFDD
ODDOWXUDGHORVUHWRVGHQXHVWURSUHVHQWHRTXpSRVLEOHVXVRVRDEXVRVSXHGHQ
UHDOL]DUVHHQVXQRPEUH'HVGHHVWHSULVPDQRHVXQGDWREDODGtTXHODREUD
QRV VLUYD SDUD UHFRQVWUXLU EDMR XQ QXHYR HQIRTXH OD HYROXFLyQ GH HVWD
FRUULHQWHHQHOPDSDGHODUHIOH[LyQILORVyILFRVRFLDOFRQWHPSRUiQHD

1RWDVDOSLH

>@(QWUHORVDxRV+RQQHWKREWXYRXQDEHFDGHLQYHVWLJDFLyQHQHO0D[3ODQFN,QVWLWXW
IU6R]LDOZLVVHQVFKDIWHQJUDFLDVDODPHGLDFLyQGH+DEHUPDV
>@(MHPSORSDUDGLJPiWLFRGHHVWHGHVSOD]DPLHQWRGHLQWHUHVHVORRIUHFHSRUHMHPSORODGLVWLQWD
YDORUDFLyQTXHYDUHFLELUODILJXUDGH-RKQ'HZH\VLQWRPiWLFDPHQWHGHVSUHFLDGDSRUODSULPHUD
JHQHUDFLyQFRPRSXHGHREVHUYDUVHVREUHWRGRHQOD&UtWLFDGHODUD]yQLQVWUXPHQWDOGH+RUNKHLPHU
HGLFLyQGH-DFRER0 XxR]0 DGULG7URWWD \UHFXSHUDGDDVLPLVPRSRUORVPLHPEURVGHOD
WHUFHUDJHQHUDFLyQVREUHWRGR+RQQHWK3DUDHVWHLQWHUpVSRU'HZH\FIUSRUHMHPSORHOUHFLHQWH
  OLEUR GH +RQQHWK &RVLILFDFLyQ 8Q HVWXGLR HQ OD WHRUtD GHO UHFRQRFLPLHQWR %XHQRV $LUHV
.DW]
>@3XHVWRTXH$GRUQR\+RUNKHLPHUVDFDQH[SOtFLWDPHQWHHVWDFRQFOXVLyQFRPRGHILQLWRULDVH
YHQ REOLJDGRV D GDU FLHUWDPHQWH HO VLJXLHQWH SDVR WLHQHQ TXH DLVODU GHIHQVLYDPHQWH VXV SURSLDV
UHIOH[LRQHVGHWRGRWLSRGHIRUPDGHFRQRFLPLHQWRFLHQWtILFRFRQREMHWRGHQRYHUVHLQYROXFUDGRV
GHQWUR GHO PDUFR GH HVWH VDEHU RULHQWDGR DO FRQWURO 7RPDGDV DO SLH GH OD OHWUD ODV SUHPLVDV
ILORVyILFRKLVWyULFDVGH'LDOpFWLFDGHOD,OXVWUDFLyQQRSRGtDQSRUPHQRVGHVHSDUDUOD7HRUtD&UtWLFD
GHHVHLPSXOVRWHyULFRSURSLRGHODVGLVFLSOLQDVHVSHFLDOL]DGDVTXHWHQtDTXHUHFRJHUHOSURJUDPDGH
LQYHVWLJDFLyQ VRFLDO KDVWD HVH PRPHQWR JXLDGR SRU OD ILORVRItD SHUR FRQWURODGR HQ WpUPLQRV
HPStULFRV$GRUQR\+RUNKHLPHUWLHQHQTXHOLEHUDUDOD7HRUtD&UtWLFDGHODVJDUUDVGHODVFLHQFLDV
VRFLDOHV HPStULFDV \ DEDQGRQDUOD D OD H[FOXVLYD UHVSRQVDELOLGDG GH OD ILORVRItD $ SDUWLU GH DKRUD
GHQWURGHOPDUFRJHQHUDOGHODWHRUtDGH$GRUQRDODLQYHVWLJDFLyQFLHQWtILFRVRFLDOVHOHDWULEXLUiHO
HVWDWXV GH XQD GLVFLSOLQD DX[LOLDU TXH VLJXH VLHQGR REMHWR GH JHQHUDOL]DGDV UHVHUYDV LGHROyJLFDV
FXDQGRVHODLQYRFD(VWHGHVSOD]DPLHQWRGHpQIDVLVHQODHVIHUDLQWHUQDGHODWHRUtDQRUHSUHVHQWD
VLQ HPEDUJR PiV TXH XQD FDUD OD PHWRGROyJLFD GH ODV UHYLVLRQHV TXH H[LJH HO PRGHOR ILORVyILFR
KLVWyULFRVXE\DFHQWHD'LDOpFWLFDGHOD,OXVWUDFLyQ FRPHQWDHOSURSLR$[HO+RQQHWKHQODSiJLQD
GHOSUHVHQWHOLEURDSURSyVLWRGHODWHRUtDGHODVRFLHGDGGH$GRUQR 
>@ &IU :HOOPHU $ 6REUH OD GLDOpFWLFD GH OD PRGHUQLGDG \ SRVPRGHUQLGDG /D FUtWLFD GH OD
UD]yQ GHVSXpV GH $GRUQR 0 DGULG 9LVRU  3XHGH VHU UHOHYDQWH UHFDOFDU FyPR WDPELpQ HO
SUR\HFWR GH :HOOPHU GH PRGHUQLGDG LUUHFRQFLOLDEOH FRPR HO GH +RQQHWK DXQ SDUWLHQGR GH
+DEHUPDVVHGHILQHSRUPDQWHQHUFLHUWDVGLVWDQFLDVFRQHOSDUWLFXODUJLURWHyULFRFRPXQLFDWLYR
SHUR HQ HVWH FDVR D WUDYpV GH XQD PiV PDWL]DGD DSUR[LPDFLyQ D $GRUQR &IU OD PX\ LQVWUXFWLYD
LQWURGXFFLyQ GH 0  -LPpQH] 5HGRQGR D :HOOPHU $ )LQDOHV GH SDUWLGD OD PRGHUQLGDG
LUUHFRQFLOLDEOH)UyQHVLV&iWHGUD9DOHQFLDSS
>@$+RQQHWK,QWURGXFFLyQD +RQQHWKHG %HIUHLXQJDXVGHU0QGLJNHLW3DUDGR[LHQGHV
JHJHQZlUWLJHQ.DSLWDOLVPXV)UDQNIXUW0 
>@,EtGS1RGHMDGHVHUVLQWRPiWLFRTXHHVWHWtWXORSRQJDPiVHOpQIDVLVHQODVSDUDGRMDV
TXHHQODVFRQWUDGLFFLRQHVGHOFDSLWDOLVPR
>@$XQTXH+RQQHWKFRQHOSDVRGHOWLHPSRKDPDWL]DGRDOJRODOHFWXUDGH$GRUQRSURSXHVWDHQ
&UtWLFDGHOSRGHUHQFLHUWRVHQWLGRVLJXHFRQVLGHUDQGRTXHVXH[FHVLYRSURWDJRQLVPRGHQWURGHOD
7HRUtD&UtWLFDKDVLGRHQWpUPLQRVJHQHUDOHVSHUMXGLFLDOSDUDpVWD(VWHSXQWRKDVLGRREMHWRGHXQ
LQWHUHVDQWHGHEDWHFUtWLFRFRPRVXEUD\DODVXJHUHQWHPRQRJUDItDGH-$=DPRUD7K:$GRUQR
3HQVDUFRQWUDODEDUEDULH0 DGULG7URWWD6LQGXGDHOREMHWRGHFRQWURYHUVLDGHFLVLYRHVOD

H[SOLFDFLyQ DGRUQLDQD GH OD UHODFLyQ HQWUH GRPLQLR GH OD QDWXUDOH]D \ GRPLQLR VRFLDO XQD FXHVWLyQ
FX\DLQWHUSUHWDFLyQQRHVWDQHYLGHQWHFRPRSURSRQH+RQQHWKDOPHQRVHQHVWDREUD
>@ &IU OD PX\ GLIHUHQWH UHFRQVWUXFFLyQ SURSRUFLRQDGD SRU OD SRU RWUR ODGR LQGLVSHQVDEOH
PRQRJUDItDGH5ROI:LJJHUVKDXV'LH)UDQNIXUWHU6FKXOH0 ~QLFK
>@ 6REUH HVWD UHODFLyQ HQWUH OD (VFXHOD GH )UDQNIXUW \ )RXFDXOW UHFRQRFLGD SRU HVWH ~OWLPR
VREUHWRGRDOILQDOGHVXFDUUHUDFIUHQJHQHUDOODVDJXGDVFRQVLGHUDFLRQHVUHDOL]DGDVHQHOEULOODQWH
WUDEDMRGH3DEOR/ySH]/RVLQVWUXPHQWRVGHODOLEHUWDG3RGHUHVWDGR\VDOYDFLyQ 3/ySH]\-
0 XxR] HGV  /D LPSDFLHQFLD GH OD OLEHUWDG 0LFKHO )RXFDXOW \ OR SROtWLFR 0 DGULG %LEOLRWHFD
1XHYDSS
>@ &IU VX HVFULWR GH KDELOLWDFLyQ +RQQHWK $   .DPSI XP $QHUNHQQXQJ =XU
PRUDOLVFKHQ *UDPPDWLN VR]LDOHU .RQIOLNWH )UDQNIXUW )LVFKHU UHHG   >WUDG FDVWHOODQD /D
OXFKDSRUHOUHFRQRFLPLHQWRSRUXQDJUDPiWLFDPRUDOGHORVFRQIOLFWRVVRFLDOHV%DUFHORQD&UtWLFD
@ 7UDV KDEHU KHFKR EDODQFH GH OD SRVLFLyQ IRXFDXOWLDQD HQ &UtWLFD GHO SRGHU +RQQHWK
GHVDUUROODUi VXJHUHQWHPHQWH XQD WHRUtD GHO UHFRQRFLPLHQWR FRQ SRWHQFLDO SUHVFULSWLYR /D
SUHWHQVLyQGHORVLQGLYLGXRVDXQUHFRQRFLPLHQWRLQWHUVXEMHWLYRGHVXLGHQWLGDGHVODTXHGHVGHHO
SULQFLSLR FRPR WHQVLyQ PRUDO VH DORMD HQ OD YLGD VRFLDO OD TXH HQ FDGD PRPHQWR VREUHSDVD OD
PHGLGDLQVWLWXFLRQDOL]DGDHQFXDQWRDSURJUHVRVRFLDO\GHHVHPRGRSRUHOFDPLQRQHJDWLYRGHXQ
FRQIOLFWR UHSHWLGR GH HVFDORQHV FRQGXFH D XQD VLWXDFLyQ GH OLEHUWDG YLYLGD FRPXQLFDWLYDPHQWH
+RQQHWK,EtGS 
>@ $OJXQDV OLPLWDFLRQHV HQ HVWH VHQWLGR VRQ WRWDOPHQWH FRPSUHQVLEOHV WRGD YH] TXH
REHGHFHQDOKHFKRGHTXH+RQQHWKPLHQWUDVUHGDFWDEDVXREUDQRSRGtDFRQRFHUWRGDYtDWH[WRVGH
)RXFDXOWWDQLPSRUWDQWHVFRPRSRUHMHPSOR4XpHV,OXVWUDFLyQIHFKDGRHQDxRHQHOTXH
SUHFLVDPHQWH VH HVFULEH &UtWLFD GHO SRGHU R ODV LPSRQHQWHV OHFFLRQHV GHO SURSLR +DEHUPDV DO
UHVSHFWRHQWRUQRDO'LVFXUVRGHODPRGHUQLGDG
>@ 1R SXHGH ROYLGDUVH HQ HVWH SUHFLVR FRQWH[WR OD LQWHUHVDQWH SROpPLFD PDQWHQLGD HQWUH
+RQQHWK \ 1DQF\ )UDVHU FIU 5HGLVWULEXFLyQ R UHFRQRFLPLHQWR" 0 DGULG 0 RUDWD  HGLFLyQ
RULJLQDOGH 5HVXPLHQGRPX\JURVHUDPHQWHODFXHVWLyQSDUWLHQGRGHVXWHRUtDVRFLDO+RQQHWK
SODQWHD HQ TXp PHGLGD HO UHFRQRFLPLHQWR GH OD GLIHUHQFLD GH ORV LQGLYLGXRV GHSHQGH GH FRQWH[WRV
FXOWXUDOHV LQWHUVXEMHWLYRV \ SUHVXSRQH QHFHVDULDPHQWH UHODFLRQHV GH VROLGDULGDG KDELGD FXHQWD GH
TXHORVYDORUHVFRPSDUWLGRVSHUPLWHQHOUHFRQRFLPLHQWRUHFtSURFRHQWUHORVJUXSRVVRFLDOHV)UD]HU
HQ FDPELR FRQVFLHQWH GHO KHFKR GH TXH ODV OXFKDV SRU HO UHFRQRFLPLHQWR GH OD GLIHUHQFLD HVWiQ
GHVSOD]DQGRODVOXFKDVSDUDODUHGLVWULEXFLyQVRFLRHFRQyPLFDDQWHSRQHODFXHVWLyQGHODMXVWLFLDDO
WHPD GH OD DXWRUUHDOL]DFLyQ OD FRQVWUXFFLyQ GH XQD pWLFD FRQWHPSRUiQHD QR VyOR UHTXLHUH HO
GHUHFKR D OD GLIHUHQFLD FXOWXUDO \ D OD LJXDOGDG VRFLDO VLQR WDPELpQ SROtWLFDV FRQFUHWDV GH
UHGLVWULEXFLyQ\ODGHIHQVDGHODLGHQWLGDGHQUHODFLyQDODLJXDOGDGVRFLDO
>@$[HO+RQQHWK8QDSDWRORJtDVRFLDOGHODUD]yQ$FHUFDGHOOHJDGRLQWHOHFWXDOGHOD7HRUtD
&UtWLFD HQ * /H\YD HG  /D WHRUtD &UtWLFD \ ODV WDUHDV DFWXDOHV GH OD FUtWLFD %DUFHORQD
$QWKURSRVS

35/2*2

$ OR ODUJR GH HVWH HVWXGLR PL REMHWLYR QR KD VLGR RWUR TXH HO GH DUURMDU OX]
VREUH ORV SUREOHPDV IXQGDPHQWDOHV TXH GHVGH HO SXQWR GH YLVWD KLVWyULFR
DSDUHFHQUHODFLRQDGRVFRQHOQDFLPLHQWRGHXQD7HRUtD&UtWLFDGHODVRFLHGDG
'HDKtTXHHQXQSULPHUQLYHOSRUORTXHUHVSHFWDDOGHVDUUROORKLVWyULFR
GHODWHRUtDPHKD\DJXLDGRSRUODFRQYLFFLyQGHTXHODVGRVDSUR[LPDFLRQHV
PiV QRYHGRVDV H LQIOX\HQWHV D OD 7HRUtD &UtWLFD GH OD VRFLHGDG D VDEHU ODV
HPSUHQGLGDVSRU0LFKHO)RXFDXOW\-UJHQ+DEHUPDVKDQGHHQWHQGHUVHFRPR
GRV GHVDUUROORV ULYDOHV GHQWUR GH XQ iPELWR GH FXHVWLRQHV TXH \D KDEtD VLGR
SUHYLDPHQWH DELHUWR SRU OD 7HRUtD &UtWLFD 'H HVWH PRGR WDQWR OD WHRUtD GHO
SRGHUTXH)RXFDXOWIXQGDVREUHVXVLQYHVWLJDFLRQHVKLVWyULFDVFRPRODWHRUtDGH
OD VRFLHGDG TXH +DEHUPDV KD DUWLFXODGR VREUH ODV EDVHV GH XQD WHRUtD GH OD
DFFLyQFRPXQLFDWLYDSXHGHQDQDOL]DUVHFRPRGRVLQWHQWRVHQFRPSHWHQFLDTXH
WLHQHQ FRPR PHWD LQWHUSUHWDU EDMR QXHYDV FRRUGHQDGDV ORV SURFHVRV TXH
GHULYDGRV GH OD 'LDOpFWLFD GH OD ,OXVWUDFLyQ IXHURQ LQYHVWLJDGRV SRU
+RUNKHLPHU \ $GRUQR 8QD YH] TXH OD KLVWRULD GH OD 7HRUtD &UtWLFD GH OD
VRFLHGDG TXHGD UHFRQVWUXLGD GHVGH HVWH SXQWR GH YLVWD OD WHRUtD IRXFDXOWLDQD
GHOSRGHUFREUDVHQWLGRGHQWURGHOPDUFRGHODWHRUtDGHVLVWHPDVPLHQWUDVTXH
OD WHRUtD VRFLDO KDEHUPDVLDQD SRU VX SDUWH DSRUWD XQD VROXFLyQ WHyULFR
FRPXQLFDWLYD D ODV DSRUtDV D ODV TXH HQ UHODFLyQ FRQ VX DQiOLVLV KLVWyULFR
ILORVyILFR GH ORV SURFHVRV GH FLYLOL]DFLyQ $GRUQR \ +RUNKHLPHU WHUPLQDURQ
VXFXPELHQGR

(Q OD PHGLGD HQ TXH HVWH HVWXGLR WUD]D ODV KXHOODV KLVWyULFDV GH HVH
PRYLPLHQWRUHIOH[LYRTXHWUDQVFXUUHGHVGHORVSULPHURVHQVD\RVGH+RUNKHLPHU
D ODV WHRUtDV ULYDOHV GH )RXFDXOW \ +DEHUPDV SDVDQGR SRU OD ILORVRItD GH OD
KLVWRULD GH $GRUQR HV SRVLEOH GHULYDU GH HVWD LQYHVWLJDFLyQ HQ WRUQR D ORV
UHVSHFWLYRV PRGHORV WHyULFRV XQ SXQWR GH YLVWD VLVWHPiWLFR FRQ FX\D D\XGD
SXHGHQ FRPSUHQGHUVH FXHVWLRQHV FRPR OD FUHDFLyQ \ HO PDQWHQLPLHQWR GHO
SRGHUVRFLDO'HDKtTXHHQXQVHJXQGRQLYHOHOUHODWLYRDODFODULILFDFLyQ
GHORVSUREOHPDVFHQWUDOHVGHOD7HRUtD&UtWLFDGHODVRFLHGDGPHHQIUHQWH
D ODV SRVLFLRQHV VRVWHQLGDV SRU $GRUQR )RXFDXOW \ +DEHUPDV FRQ REMHWR GH
FULWLFDU OD YLVLyQ RIUHFLGD GH ODV VRFLHGDGHV FRQWHPSRUiQHDV FRPR UHODFLRQHV
GH GRPLQDFLyQ VRFLDO (O SURSyVLWR GH HVWD FRPSDUDFLyQ HV GHVDUUROODU \
FODULILFDUHQODVSRVLFLRQHVUHIHULGDVODVFRQFHSFLRQHVGHDFFLyQVXE\DFHQWHVD
OD LQWHJUDFLyQ VRFLDO \ DVt GH SDVR HQ HO HMHUFLFLR GHO SRGHU $QWH HVWH
WUDVIRQGRORSULPHURTXHVHSRQHGHPDQLILHVWRHVTXH$GRUQRQRSRGtDSRU
PHQRV GH IUDFDVDU HQ OD WDUHD GH XQ DQiOLVLV GH OD VRFLHGDG SXHVWR TXH D OR
ODUJRGHWRGDVXYLGDSHUPDQHFLyFDXWLYRGHXQPRGHORWRWDOGHGRPLQDFLyQGH
ODQDWXUDOH]D\HQHVDPHGLGDIXHLQFDSD]GHFRPSUHQGHUODGLPHQVLyQVRFLDO
H[LVWHQWH HQ ODV VRFLHGDGHV HVWR VH DQDOL]D HQ HO FDStWXOR   )RXFDXOW \
+DEHUPDVFRPRFRQWUDSDUWLGDVtVHPXHVWUDQPiVVHQVLEOHVDHVHiPELWRGHOR
VRFLDOTXHKDEtDVLGRDMHQRDODWUDGLFLyQGHOD7HRUtD&UtWLFDSHURGHVGHGRV
H[WUHPRVRSXHVWRVHOSULPHURDODOX]GHOSDUDGLJPDWHyULFR\GHDFFLyQGHOD
OXFKD FDStWXOR   PLHQWUDV TXH HO VHJXQGR GHVGH GH OD FDWHJRUtD GH
HQWHQGLPLHQWR FRPXQLFDWLYR UHFtSURFR FDStWXOR   /D IRUPD TXH KR\ GHEH
DGRSWDUXQDFUtWLFDGHOSRGHUDVtGHEHGHGXFLUVHLPSOtFLWDPHQWHGHODQiOLVLV
FUtWLFRGHORVREVWiFXORVHQFRQWUDGRVHQGLIHUHQWHVQLYHOHVGHUHIOH[LRQHVHQHO
PDUFR GH HVWDV FRQFHSFLRQHV (Q HVD PHGLGD GLFKR DQiOLVLV VLJXLHQGR HO
PRYLPLHQWR UHIOH[LYR VHJXLGR GHVGH $GRUQR D )RXFDXOW \ +DEHUPDV YD
SRQLHQGR GH PDQLILHVWR GLYHUVRV HVWDGLRV UHIOH[LYRV HQ ORV TXH ODV SUHPLVDV
FRQFHSWXDOHV GH XQD SRVLEOH 7HRUtD &UtWLFD GH OD VRFLHGDG VH YDQ FODULILFDQGR
SDXODWLQDPHQWH
/RVSULPHURVVHLVFDStWXORVGHHVWHOLEURIXHURQDFHSWDGRVHQFRPR
7HVLV'RFWRUDOGHQWURGHO'HSDUWDPHQWRGH)LORVRItD\&LHQFLDV6RFLDOHVGHOD
8QLYHUVLGDG/LEUHGH%HUOtQ0HJXVWDUtDDJUDGHFHUD%LUJLW0DKQNRSI\+DQV

-RDV VX GLVSRVLFLyQ D GLVFXWLU HQ WRGR PRPHQWR \ WRGD VX D\XGD DVt FRPR D
8UV-DHJJLODSDFLHQFLDGHPRVWUDGDFRQWLQXDPHQWH

35,0(5$3$57(

/$,1&$3$&,'$'3$5$(/$1/,6,662&,$//$6
$325$6'(/$7(25$&57,&$

+DFHDOJRPiVGHFLQFXHQWDDxRVVXUJLyXQDWHRUtDEDMRODDXWRULGDGLQWHOHFWXDO
GH XQ ~QLFR LQGLYLGXR PDV WDPELpQ FRPR HO WUDEDMR GH WRGR XQ JUXSR GH
FLHQWtILFRVVRFLDOHVTXHVHFRQFLELyDVtPLVPDGHVGHVXIXQGDFLyQFRPRXQD
FRQWLQXDFLyQGHORVWUDEDMRVUHDOL]DGRVSRU0DU[DXQFXDQGRHQHOFRQWH[WRGH
XQDV FLUFXQVWDQFLDV PX\ GLVWLQWDV (VWD 7HRUtD &UtWLFD TXH GHVGH XQ SULPHU
PRPHQWR HPSH]y D WRPDU IRUPD HQ OD OHFFLyQ LQDXJXUDO GH 0D[ +RUNKHLPHU
LPSDUWLGDHQHO,QVWLWXWRGH,QYHVWLJDFLyQ6RFLDO\FX\RVLPSXOVRVFRPRVH
YHUi VREUH WRGR IXHURQ FRQWLQXDGRV PiV WDUGH HQ ORV HQVD\RV GH 7KHRGRU
$GRUQR KD VLGR FRQVLGHUDGD GHVGH HQWRQFHV SRU PXFKRV LQYHVWLJDGRUHV
FRPR HO PRGHOR WHyULFR SDUDGLJPiWLFR TXH PHMRU KD VDELGR FRQMXJDU HO
SUR\HFWR GH XQ GLDJQyVWLFR GH OD DFWXDOLGDG RULHQWDGR KLVWyULFDPHQWH FRQ XQ
DQiOLVLVVRFLDOIXQGDGRVREUHEDVHVHPStULFDV(QHVWDSULPHUDSDUWHPHJXVWDUtD
SDUWLU GH ORV SUHVXSXHVWRV WHyULFRV IXQGDPHQWDOHV GH OD 7HRUtD &UtWLFD TXH
GHVGHVXVRUtJHQHVWUDWDURQGHSHUVHJXLUGLFKRREMHWLYRWRGDYtDKR\OHJtWLPR
3DUDHOORWUDWDUpGHUHFRQVWUXLUORVHVWDGLRVRIDVHVGHVDUUROODGRVHQHVWDOtQHD
GHSHQVDPLHQWRLQWURGXFLGDSRU$GRUQR\+RUNKHLPHUDQDOL]DQGRSULPHURORV
SULPHURVHQVD\RVSURJUDPiWLFRVGH+RUNKHLPHU FDStWXOR SDUDFHQWUDUPHD
FRQWLQXDFLyQHQODREUDTXHDPERVHVFULELHURQGHIRUPDFRQMXQWD'LDOpFWLFD
GH OD ,OXVWUDFLyQ FDStWXOR   \ WHUPLQDU ILQDOPHQWH DERUGDQGR ORV ~OWLPRV

HQVD\RVGH$GRUQRHQWRUQRDODWHRUtDVRFLDO FDStWXOR 


/$,'($25,*,1$/'(+25.+(,0(5(/'e),&,7
62&,2/*,&2'(/$7(25$&57,&$

(QVXHQVD\RSURJUDPiWLFR7HRUtD7UDGLFLRQDO\7HRUtD&UtWLFDDSDUHFLGRHQ
HO VH[WR DxR GH SXEOLFDFLyQ GH OD =HLWVFKULIW IU 6R]LDOIRUVFKXQJ  
+RUNKHLPHU\DWUDWDEDGHFRQMXJDUDPELFLyQWHyULFD\SRVLFLRQDPLHQWRSROtWLFR
HQHOPDUFRGHXQD7HRUtD&UtWLFDGHODVRFLHGDG>@&RQHVWDDSRUWDFLyQVX\D
HVFULWDGXUDQWHVXH[LOLRHQ(VWDGRV8QLGRVpOYDDPDUFDUODDXWRFRPSUHQVLyQ
PLVPD GHO ,QVWLWXWR GH ,QYHVWLJDFLyQ 6RFLDO IUDQNIXUWLDQR GXUDQWH OD GpFDGD
GHORVDxRVWUHLQWD(OSURSyVLWRTXHYDDJXLDUD+RUNKHLPHUQRVHUiRWURTXH
HOGHSRQHUGHPDQLILHVWRODVUDtFHVSUiFWLFDVGHODFRQFHSFLyQPRGHUQDGHOD
FLHQFLD D ILQ GH SRGHU IXQGDPHQWDU OD 7HRUtD &UtWLFD FRPR OD H[SUHVLyQ
DXWRFRQVFLHQWH GH ORV SURFHVRV GH HPDQFLSDFLyQ SROtWLFRVRFLDO GHQWUR GH XQ
FRQWH[WRSUiFWLFRTXHGHYLHQHDTXtWUDQVSDUHQWH
'HHQWUDGD+RUNKHLPHU SRQGUiDTXt HQFRQH[LyQHO PRGHORPRGHUQR GH
FLHQFLDRORTXHpOOODPDWUDGLFLRQDOFRQODUHIOH[LyQFDUWHVLDQDVREUHHO
PpWRGR(QYLUWXGGHHVWHPRGHORFLIUDODIXQFLyQGHODVWHRUtDVFLHQWtILFDVHQOD
UHFROHFFLyQ GH HQXQFLDGRV REWHQLGRV GHGXFWLYDPHQWH TXH VRQ VXVFHSWLEOHV GH
DSOLFDU KLSRWpWLFDPHQWH D OD UHDOLGDG HPStULFDPHQWH REVHUYDEOH (O YDORU
H[SOLFDWLYR GH OD WHRUtD VH LQFUHPHQWD HQ OD PHGLGD HQ TXH OD REVHUYDFLyQ
HPStULFDPHQWH FRQWURODGD GH OD UHDOLGDG FRQILUPD ORV HQXQFLDGRV LQGLYLGXDOHV
GHQWUR GH XQ PDUFR OyJLFDPHQWH FRQVLVWHQWH GH HQXQFLDGRV GH DKt TXH OD

YHUGDGGHXQDWHRUtDFLHQWtILFDVHLGHQWLILTXHFRQODIXHU]DH[SOLFDWLYDHVWRHV
VX FDSDFLGDG GH SURJQRVLV GH VX FXHUSR GH HQXQFLDGRV 6LQ HPEDUJR
+RUNKHLPHU QR VH LQWHUHVD DTXt SRU ODV FRUUHFFLRQHV R SRVLEOHV GLIHUHQFLDV
H[LVWHQWHVGHQWURGHHVWHLGHDOGHFLHQFLDXQLILFDGDGHVDUUROODGDSRUODILORVRItD
GH OD FLHQFLD SRVFDUWHVLDQD GH KHFKR SDUD pO VH WUDWD GH DOJR VHFXQGDULR
GLVWLQJXLUHQWUHODDGTXLVLFLyQGHGXFWLYDHLQGXFWLYDGHHQXQFLDGRVJHQHUDOHV HQ
HO VHQWLGR HQ HO TXH FDEH GLVWLQJXLU GHQWUR GH ODV FRUULHQWHV FOiVLFDV GH OD
HSLVWHPRORJtD  R GLIHUHQFLDU HQWUH REVHUYDFLRQHV HPStULFRH[SHULPHQWDOHV \
IHQRPHQROyJLFDVLQWXLWLYDVGHODUHDOLGDGFRPRWLHQHOXJDUHQODILORVRItDGHOD
FLHQFLD GHVDUUROODGD HQ VX SURSLD pSRFD /R TXH VREUH WRGR OH LQWHUHVD HV HO
PRGHOR EiVLFR D OD OX] GHO FXDO OD HGDG PRGHUQD SLHQVD OD UHODFLyQ H[LVWHQWH
HQWUHXQDWHRUtDFLHQWtILFD\ODUHDOLGDGVHJ~Q+RUNKHLPHUHOUDVJRGLVWLQWLYRGH
OD7HRUtD7UDGLFLRQDOTXHGDGHILQLGRSRUODVLJXLHQWHFDUDFWHUL]DFLyQGHHVWD
UHODFLyQ
6LHPSUHTXHGDHQXQODGRHOVDEHUIRUPXODGRHQHOSHQVDPLHQWR\HQHORWURODGRXQHVWDGR
GHFRVDVTXHGHEHVHUDSUHKHQGLGRSRUDTXpO\HVWDVXEVXQFLyQHVWHHVWDEOHFHUODUHODFLyQ
HQWUHODPHUDSHUFHSFLyQRFRQVWDWDFLyQGHXQHVWDGRGHFRVDV\ODHVWUXFWXUDFRQFHSWXDOGH
QXHVWURVDEHUVHGHQRPLQDH[SOLFDFLyQWHyULFD>@

/DPHUDDSOLFDFLyQH[WHUQDGHHVWHVLVWHPDGHHQXQFLDGRV DGTXLULGRVGHOD
IRUPD TXH VHDQ  D XQ SURFHVR QDWXUDO R XQ DFRQWHFLPLHQWR KLVWyULFR KD GH
SRVLELOLWDUODH[SOLFDFLyQGHOKHFKRHPStULFRHQWDQWRHQFXDQWRVHFRQYLHUWHHQ
XQSDVRGHXQDVHULHGHSURSRVLFLRQHV'HHVWHPRGRFXDQWRVPiVVHJPHQWRV
GH OD UHDOLGDG FDLJDQ EDMR OD UHG GH ORV HQXQFLDGRV KLSRWpWLFRV PiV SXHGHQ
OOHJDU D VHU ILQDOPHQWH REMHWR GH SUHGLFFLyQ WHyULFD \ GH FRQWURO ORV SURFHVRV
QDWXUDOHV\VRFLDOHVHQVXWRWDOLGDG+RUNKHLPHUFRQVLGHUDTXHHVWDIXQFLyQGH
ODV WHRUtDV WUDGLFLRQDOPHQWH HQWHQGLGDV HVWR HV VX FDSDFLGDG SDUD SUHGHFLU
FRQWURODU \ ILQDOPHQWH GLULJLU ORV SURFHVRV UHDOHV  UHSUHVHQWD HO FRQWH[WR
FRQVWLWXWLYRGHODFLHQFLDPRGHUQD
7DQWRHOWUDWDPLHQWRGHODQDWXUDOH]DItVLFDFRPRHOGHGHWHUPLQDGRVPHFDQLVPRVHFRQyPLFRV
\ VRFLDOHV H[LJHQ OD FRQILJXUDFLyQ GHO PDWHULDO FLHQWtILFR HQ XQD HVWUXFWXUD RUGHQDGD GH
KLSyWHVLV>@

/D IXQFLyQ GH FRQWURO SUHVXSXHVWD HQ XQD WHRUtD FLHQWtILFD TXH EXVFD
H[SOLFDU \ SUHGHFLU KHFKRV HPStULFRV GHQWUR GH XQ FRQMXQWR JHQHUDO GH
HQXQFLDGRVUHYHODDTXtVXSURFHGHQFLDHVSDUWHGHORVSURFHVRVSUiFWLFRVGH
UHSURGXFFLyQ EDMR ORV FXDOHV OD HVSHFLH KXPDQD SXHGH FRQVHUYDU VX YLGD SRU
PHGLR GH XQ FRQWURO SURJUHVLYR VREUH VX PHGLR QDWXUDO \ VX SURSLR PXQGR
VRFLDO &XDQGR +RUNKHLPHU TXLHUH H[SOLFDU FyPR ORV UHQGLPLHQWRV \
SUHVWDFLRQHVGHOWUDEDMRVRFLDOKDQKHFKRSRVLEOHHOSURFHVRHPDQFLSDGRUTXH
KD OLEHUDGR HO PXQGR KXPDQR GHO SRGHU RSUHVLYR GH OD QDWXUDOH]D \ KD
WHUPLQDGR FRQGXFLHQGR D XQD VLWXDFLyQ HQ OD TXH OD FLYLOL]DFLyQ HV FDSD] GH
GRPLQDUDODQDWXUDOH]D\H[SDQGLUVHFDGDYH]PiVIUHQWHDHOODVHYDDDSR\DU
LPSOtFLWDPHQWHHQXQSRVWXODGREiVLFRSURFHGHQWHGHODILORVRItDGHODKLVWRULD
6LQHPEDUJRD~QFXDQGRpVWHVHDHOSXQWRHQHOTXH+RUNKHLPHUVHPXHVWUD
PiVLQWHUHVDGROD7HRUtD7UDGLFLRQDOYDDPRVWUDUHQVHJXLGDVXFHJXHUDDOD
KRUD GH UHFRQRFHU HVWH FRQWH[WR FRQVWLWXWLYR DXQTXH pVWH HV XQ PRPHQWR
LPSRUWDQWHGHQWURGHODFRQVHUYDFLyQ\UHQRYDFLyQFRQWLQXDGHORHIHFWLYDPHQWH
H[LVWHQWH >@ DTXt OD WHRUtD VH GHVOLJD ILFWLFLDPHQWH GH WRGRV ORV SURFHVRV
VRFLDOHV GH SURGXFFLyQ (V GHFLU OD 7HRUtD 7UDGLFLRQDO VH PDOHQWLHQGH D Vt
PLVPDPHGLDQWHXQSURFHVRTXHWHQGUiQRSRFDVFRQVHFXHQFLDVFRPRXQD
WHRUtDSXUD$WHQRUGHWRGRHVWR+RUNKHLPHUGHXQDIRUPDTXHQRSXHGH
VLQR UHFRUGDU DO MRYHQ 0DU[ EXVFDUi GDU FXHQWD GH FyPR QR VyOR HO REMHWR
HVSHFtILFR VLQR LQFOXVR OD PLVPD IRUPD GH HVWH FRQWDFWR FRQ OD UHDOLGDG VH
HQFXHQWUDQ\DSUHIRUPDGRVSRUHOHVWDGRFRUUHVSRQGLHQWHGHODVIXHU]DVGHOD
SURGXFFLyQ VRFLDO HVWR HV GH ORV UHQGLPLHQWRV H[LWRVDPHQWH FRQVHJXLGRV \
DFXPXODGRVHQHOFRQWUROVREUHORVSURFHVRVQDWXUDOHV\VRFLDOHV
/R TXH SHUFLELPRV HQ QXHVWUR HQWRUQR ODV FLXGDGHV \ ORV SXHEORV ORV FDPSRV \ ORV
ERVTXHV OOHYD HQ Vt HO VHOOR GH OD WUDQVIRUPDFLyQ 1R VyOR HQ VXV URSDMHV \ PRGR GH
SUHVHQWDUVHHQVXIRUPD\PRGRGHVHQWLUVRQORVKRPEUHVXQUHVXOWDGRGHODKLVWRULDVLQR
TXHWDPELpQHOPRGRHQHOTXHHOORVYHQ\R\HQHVXQUHVXOWDGRLQVHSDUDEOHGHOSURFHVRGH
YLGD VRFLDO TXH VH KD GHVDUUROODGR D OR ODUJR GH PLOHQLRV /RV KHFKRV TXH QRV HQWUHJDQ
QXHVWURVVHQWLGRVHVWiQSUHIRUPDGRVVRFLDOPHQWHGHGRVPRGRVSRUHOFDUiFWHUKLVWyULFRGHO
REMHWRSHUFLELGR\SRUHOFDUiFWHUKLVWyULFRGHOyUJDQRTXHORSHUFLEH>@

(O VXMHWR FRJQRVFHQWH \ HO REMHWR FRQRFLGR SRU pO VH GHWHUPLQDQ
UHFtSURFDPHQWH GHVGH HO SULQFLSLR HQ HO SURFHVR VRFLDO GH WUDEDMR VREUH OD

QDWXUDOH]DFX\RSURGXFWRSDUD+RUNKHLPHUHVODKLVWRULDGHODHVSHFLHFRPR
WRWDOLGDG 6LQ HPEDUJR HO DXWRHQJDxR EDMR HO FXDO OD FLHQFLD PRGHUQD VH
FRQFLEHDVtPLVPDFRPRVLWXDFLyQOLEHUDGDGHWRGDVHVWDVDWDGXUDVLQFOXVRGH
VX YLQFXODFLyQ FRQ HO SURFHVR GH WUDEDMR VH DQDOL]D DTXt DWHQGLHQGR D XQ
VHJXQGRSUHVXSXHVWRWDPELpQGHULYDGRGHODILORVRItDGHODKLVWRULD\TXHYDD
LQWURGXFLUVH HQ HVWH HQVD\R GH SDVR HO SURFHVR GH SURGXFFLyQ TXH IRUMD HO
WUDVIRQGRGHODYLGDVRFLDOQRKDVLGRWRGDYtDFRPSUHQGLGRGHQWURGHOPDUFR
GH OD KLVWRULD GH OD HVSHFLH FRPR XQD FRQTXLVWD VLQWpWLFD IUXWR GH OD
FRRSHUDFLyQGHWRGRVORVVXMHWRVDFWLYRV(VGHFLUKDVWDDKRUDHOSURFHVRGH
SURGXFFLyQ RULHQWDGR DO GRPLQLR GH OD QDWXUDOH]D KD SURGXFLGR FLHUWDPHQWH
SURJUHVR KLVWyULFR SHUR ORV VXMHWRV WUDEDMDGRUHV DFWLYRV QR KDQ OOHJDGR D
UHFRQRFHUVHWRGDYtDHQODVFRQTXLVWDVFRQVWLWXWLYDVTXHKDQUHDOL]DGRHQFRP~Q
(VWDIDOWDGHFRQFLHQFLDQRKDFHPiVTXHSURORQJDUVHHQODSURSLDFRPSUHQVLyQ
TXH OD SURSLD 7HRUtD 7UDGLFLRQDO WLHQH GH Vt PLVPD GHO PLVPR PRGR TXH OD
HVSHFLH KXPDQD HV LQFRQVFLHQWH GH VX DFWLYLGDG SURGXFWLYD KLVWyULFDPHQWH
FRQVWLWXWLYD OD FLHQFLD PRGHUQD WDPSRFR HV FRQVFLHQWH GHO FRQWH[WR
KLVWyULFDPHQWH FRQVWLWXWLYR GHO TXH HOOD PLVPD IRUPD SDUWH FRPR UHVXOWDGR GH
WRGDVVXVFRQTXLVWDVFRJQLWLYDV
$ ILQ GH LOXVWUDU HVWD OtQHD GH UHIOH[LyQ +RUNKHLPHU YD D GHVDUUROODU XQD
DQDORJtDHQWUHODVSURGXFFLRQHVVLQWpWLFDVTXHD~QQRKDQHOHYDGRDFRQFLHQFLD
HO WUDEDMR \D UHDOL]DGR SRU OD HVSHFLH KXPDQD D OR ODUJR GH OD KLVWRULD \ OD
IXQFLyQVLQWpWLFDGHO\RWUDQVFHQGHQWDOGHQWURGHODHSLVWHPRORJtDNDQWLDQDXQD
DQDORJtD FLHUWDPHQWH TXH QR SHUVLJXH SDUD OD UHFRQVWUXFFLyQ KRUNKHLPHULDQD
GH XQ VXMHWR GH OD HVSHFLH XQLILFDGR RWUR ILQ TXH UHYHODU OD ILFFLyQ KLVWyULFR
LGHDOLVWD>@
/DVGLILFXOWDGHVLQWHUQDVHQODVTXHVHHQFXHQWUDQDWUDSDGRVORVFRQFHSWRVIXQGDPHQWDOHVGH
ODILORVRItDNDQWLDQDVREUHWRGRHO\RGHODVXEMHWLYLGDGWUDVFHQGHQWDOODDSHUFHSFLyQSXUD\
RULJLQDULD OD FRQFLHQFLD HQ HO IRQGR GDQ WHVWLPRQLR GH OD SURIXQGLGDG \ KRQHVWLGDG GH VX
SHQVDPLHQWR(OGREOHFDUiFWHUGHHVWRVFRQFHSWRVNDQWLDQRVTXHSRUXQDSDUWHVHxDODQOD
XQLGDG \ RULHQWDFLyQ WHOHROyJLFD Pi[LPDV \ SRU RWUD GHQRWDQ DOJR RVFXUR LQFRQVFLHQWH
RSDFRFRUUHVSRQGHH[DFWDPHQWHDODIRUPDFRQWUDGLFWRULDGHODDFWLYLGDGKXPDQDHQODpSRFD
PRGHUQD/DDFFLyQFRQMXQWDGHORVKRPEUHVHQODVRFLHGDGHVODIRUPDGHH[LVWHQFLDGHVX
UD]yQHQHOODHPSOHDQVXVIXHU]DV\DILUPDQVXHVHQFLD3HURDOPLVPRWLHPSRHVWHSURFHVR
\ VXV UHVXOWDGRV VRQ SDUD HOORV DOJR H[WUDxR pVWRV VH OHV DSDUHFHQ FRQ WRGR VX LQ~WLO

VDFULILFLRGHIXHU]DGHWUDEDMR\GHYLGDVKXPDQDVFRQVXVVLWXDFLRQHVGHJXHUUD\WRGDVX
DEVXUGD PLVHULD FRPR XQD IXHU]D QDWXUDO LQPXWDEOH FRPR XQ GHVWLQR VXSUDKXPDQR (Q HO
PDUFRGHODILORVRItDWHyULFDGH.DQWHQVXDQiOLVLVGHOFRQRFLPLHQWRHVWDFRQWUDGLFFLyQQR
KDKHFKRVLQRFRQVHUYDUVH>@

+RUNKHLPHU XWLOL]D HO PRGHOR WHyULFR GH OD HSLVWHPRORJtD NDQWLDQD SDUD
FODULILFDU XQD SRVLEOH FRQVWUXFFLyQ ILORVyILFRKLVWyULFD 'HO PLVPR PRGR TXH
.DQW UHWURWUDH HO PXQGR GH ORV REMHWRV GH WRGD H[SHULHQFLD SRVLEOH D ODV
FDSDFLGDGHV HVWUXFWXUDOPHQWH GDGDV GH XQ VXMHWR WUDVFHQGHQWDO DVt HO PXQGR
VRFLDOSDVDDVHUFRQWHPSODGRFRPRHOSURGXFWRKDVWDDKRUDLQFRQVFLHQWHGHO
WUDEDMR KXPDQR VREUH OD QDWXUDOH]D (O GLVFXUVR WUDQVFHQGHQWDO LQWHUSUHWDGR
GHVGH HVWD OHFWXUD PDWHULDOLVWD GH OD HSLVWHPRORJtD NDQWLDQD H[LJH XQ PDUFR
VLQJXODU HO FXDO OH VLUYH D +RUNKHLPHU SDUD GHILQLU ODV UHDOL]DFLRQHV KXPDQDV
DJUXSDGDV EDMR OD DFWLYLGDG GH OD HVSHFLH $ HOOD +RUNKHLPHU WLHQH TXH
DWULEXLU ODV DFWLYLGDGHV RUJDQL]DGRUDV TXH .DQW \D KDEtD DVLJQDGR DO \R
WUDVFHQGHQWDO'HHVWHPRGRHQWHQGLGDFRPRVXMHWRVLQJXODUGHODKLVWRULDOD
HVSHFLHKXPDQD\DGHHQWUDGDVLHPSUHSURGXFHXQPXQGRVRFLDO\ORKDFHFRQ
XQD SHUIHFFLyQ FDGD YH] PD\RU SRU PXFKR TXH D~Q KDVWD HO GtD GH KR\ VLJD
VLHQGRLQFRQVFLHQWHGHVXIXQFLyQFRQVWLWXWLYDDFWLYD(VMXVWRHVWDLQFRQVFLHQFLD
GH OD HVSHFLH FRPR VXMHWR OD FDXVD ~OWLPD GH OD FHJXHUD FDWDVWUyILFD TXH KD
UHJLGRHOFXUVRGHODKLVWRULDKDVWDODIHFKD(VPiVODFLHQFLDPRGHUQDHVHQVt
PLVPD WRGDYtD XQ PRPHQWR LQFRQVFLHQWH GH HVWD DXWRFRQVHUYDFLyQ FDGD YH]
PiVSURGXFWLYD\VLQHPEDUJRKDVWDDKRUDFLHJDUHVSHFWRDVXSURFHGHU'H
DKtTXHODLQWHUSUHWDFLyQPDWHULDOLVWDWUDWHHQXQSULPHUPRPHQWRGHFODULILFDUHO
VHQWLGRGHOD7HRUtD7UDGLFLRQDODODOX]GHHVWDVLWXDFLyQUHWURWUD\pQGRVHDORV
SURFHVRV GH WUDEDMR GHVGH ORV FXDOHV pVWD SXGR VXUJLU \ D ORV TXH VLJXH
PHWRGROyJLFDPHQWH YLQFXODGD VLJXLHQGR HVWD OtQHD KHUPHQpXWLFD OD 7HRUtD
7UDGLFLRQDOSXHGHYROYHUDUHFXSHUDUILQDOPHQWHVXIXQFLyQVRFLDOSRVLWLYD>@
DVDEHUODGHOGRPLQLRUDFLRQDOGHODQDWXUDOH]D
+RUNKHLPHU WUDWD GH H[SOLFDU HVWRV SUREOHPDV GH DXWRFRPSUHQVLyQ GH OD
7HRUtD 7UDGLFLRQDO GHVGH HO WUDVIRQGR GH XQ PDUFR KHUPHQpXWLFR ILORVyILFR
KLVWyULFRTXHDWULEX\HGHIRUPDXQtYRFDDODH[SDQVLyQKLVWyULFDGHODVIXHU]DV
SURGXFWLYDVDORVPHGLRVUDFLRQDOHVRULHQWDGRVDOGRPLQLRGHODQDWXUDOH]DXQ
SRWHQFLDO HPDQFLSDWRULR YDOHGRU DVLPLVPR GH XQ SURJUHVR JDUDQWL]DGR (VWD

UHFRQVWUXFFLyQ VX\D TXH SDUHFH EDVDUVH GLUHFWDPHQWH HQ HO PRGHOR GH


HQDMHQDFLyQ GHO WUDEDMR VXE\DFHQWH D OD FUtWLFD WHPSUDQD PDU[LDQD DO
FDSLWDOLVPR>@FRPSUHQGHHOFXUVRFLYLOL]DWRULRGHODKLVWRULDFRPRXQSURFHVR
GHSHUIHFFLRQDPLHQWRSURJUHVLYRGHODGRPLQDFLyQKXPDQDVREUHOD1DWXUDOH]D
SURFHVRHQHOTXHODHVSHFLHVLQHPEDUJRQROOHJDDGLVIUXWDUGHVXSRWHQFLDO
SRU FXOSD GH VX IDOWD GH FRQRFLPLHQWR KLVWyULFR (V HVWD LQWHUSUHWDFLyQ GH OD
FRQWUDGLFFLyQHQWUHIXHU]DVSURGXFWLYDV\UHODFLRQHVGHSURGXFFLyQHQODTXH
ODVIXHU]DVSURGXFWLYDVDSDUHFHQFRPRXQSRWHQFLDOHPDQFLSDWRULRSHURFX\D
RUJDQL]DFLyQLQFRQWURODGDHQHOFDSLWDOLVPRH[SUHVDXQDXWRHQJDxRKXPDQROD
TXH DKRUD VXE\DFH DO LQWHQWR KRUNKHLPHULDQR GH EULQGDU XQ IXQGDPHQWR D OD
7HRUtD&UtWLFDGHODVRFLHGDG
3RU WRGR HOOR D +RUNKHLPHU OH HV SRVLEOH GHGXFLU LQLFLDOPHQWH VLQ
GLILFXOWDGHVHOSULPHUUDVJRGHXQD7HRUtD&UtWLFDSRUGHFLUORDVtH[QHJDWLYR
HV GHFLU OLPLWiQGRVH D HYLWDU HO HUURU EiVLFR HQ HO TXH KD LQFXUULGR OD 7HRUtD
7UDGLFLRQDO PLHQWUDV OD 7HRUtD 7UDGLFLRQDO FUH\HQGR TXH SXHGH IXQGDPHQWDU
VXV PpWRGRV ~QLFDPHQWH D WUDYpV GH FULWHULRV LQPDQHQWHV DO FRQRFLPLHQWR QR
SXHGH SRU PHQRV GH VHSDUDUVH \ HQDMHQDUVH UHVSHFWR D VXV SURSLRV RUtJHQHV
SUiFWLFRVODWHRUtDHQVXVHQWLGRFUtWLFRQXQFDSXHGHGHMDUGHVHUFRQVFLHQWHGH
VX FRQWH[WR FRQVWLWXWLYR (O DXWRFRQRFLPLHQWR DO TXH OD LQWHUSUHWDFLyQ
PDWHULDOLVWD GHEH FRQGXFLU \ TXH GHEH FRQWUDSRQHU D OD 7HRUtD 7UDGLFLRQDO
GHVGHHOH[WHULRUYDOJDODH[SUHVLyQHVODSULPHUDWDUHD\HOSULQFLSLREiVLFRGH
OD7HRUtD&UtWLFD(QYLUWXGGHHVWHGHVDUUROOR\UHSLWLHQGRFDVLH[DFWDPHQWHOD
IyUPXODGH.DUO.RUVFKGHTXHHOPDWHULDOLVPRKLVWyULFRVLHPSUHKDGHSRGHU
DSOLFDUVHDVtPLVPRVXVFDWHJRUtDV+RUNKHLPHUGLFHHQDOJ~QPRPHQWRGHVX
DUWtFXORTXHODLQIOXHQFLDGHOGHVDUUROORVRFLDOHQODHVWUXFWXUDGHODWHRUtD>@
IRUPDSDUWHGHVXSURSLRFRQWHQLGRGRFWULQDO>@ $KRUD ELHQ FyPR YD D
SRGHU+RUNKHLPHUGHVGHDKRUDGHWHUPLQDUFRQPD\RUSUHFLVLyQFRQFHSWXDOHVH
LQHYLWDEOH FRQWH[WR SUiFWLFR DO TXH OD 7HRUtD &UtWLFD VH VDEH FRQVWLWXWLYDPHQWH
OLJDGDGHIRUPDDXWRUHIOH[LYDVLVXSXQWRGHSDUWLGDILORVyILFRKLVWyULFRSRUHO
FRQWUDULR UHGXFH GH DQWHPDQR WRGD SUD[LV VRFLDO DO SURFHVR GH WUDEDMR GH OD
HVSHFLH KXPDQD" (Q OD UHVSXHVWD D HVWD SUHJXQWD YD D SRQHUVH GH PDQLILHVWR
XQD SULPHUD DPELJHGDG HQ OD TXH FDH D OD IXHU]D +RUNKHLPHU GDGDV ODV
SUHPLVDV GH VX ILORVRItD GH OD KLVWRULD FXDQGR TXLHUH GDU VROXFLyQ D ODV

GHPDQGDVGHVX7HRUtD&UtWLFDGHODVRFLHGDG
(V GHFLU SRU XQ ODGR +RUNKHLPHU HV FRQVHFXHQWH FXDQGR UHWURWUDH OD
7HRUtD&UtWLFDDHVHPLVPRFRQWH[WRGHDFWLYLGDGGHODHVSHFLHKXPDQDGHOTXH
OD 7HRUtD 7UDGLFLRQDO WDPELpQ VXSXHVWDPHQWH SURFHGH DXQTXH HQ YHUGDG HQ
FRQWUD GH VX SURSLD FRPSUHQVLyQ /RV GRV PRGHORV GH WHRUtD VHUtDQ DVt
LJXDOPHQWHIRUPDVGHH[SUHVLyQGHSHQGLHQWHVGHOSURFHVRFLYLOL]DWRULRGLULJLGR
DO GRPLQLR GH OD QDWXUDOH]D 6LQ HPEDUJR HQ OD 7HRUtD &UtWLFD WDPELpQ VH
LQWURGXFLUtD XQ WLSR GH VDEHU FODULILFDGRU DFHUFD GHO SRWHQFLDO LQPDQHQWH GH
GHVDUUROOR GH ODV IXHU]DV SURGXFWLYDV TXH LUtD PiV DOOi GH OD UHDOLGDG
HIHFWLYDPHQWH GDGD +RUNKHLPHU VH DFHUFD D HVWD LQWHUSUHWDFLyQ HQ WRGRV
DTXHOORV OXJDUHV GRQGH pO KDEOD GH XQD WHQGHQFLD KDFLD OD SUHVHUYDFLyQ HO
LQFUHPHQWR \ GHVDUUROOR GH OD YLGD KXPDQD LQKHUHQWH DO SURFHVR GH WUDEDMR
>@ /D 7HRUtD &UtWLFD HV HOOD PLVPD SRU FRQVLJXLHQWH OD FRQFLHQFLD GH HVWD
WHQGHQFLDLQPDQHQWHGHGHVDUUROOR
+R\FXDQGRHQQXHVWUDKLVWRULDPiVUHFLHQWHVHH[LJHDWRGRVORVLQGLYLGXRVTXHKDJDQVX\RV
ORVILQHVGHODVRFLHGDGHQVXWRWDOLGDG\UHFRQR]FDQORVVX\RVSURSLRVHQODPLVPDH[LVWH
WDPELpQ OD SRVLELOLGDG GH TXH ORV KRPEUHV VLQ XQD WHRUtD GHILQLGD FRPR UHVXOWDGR GH OD
LQWHUDFFLyQGHIXHU]DVFRQFUHWDVHPSLHFHQDVHUFRQVFLHQWHV\FRQFHQWUHQVXDWHQFLyQHQHO
FXUVR TXH HO SURFHVR VRFLDO GH WUDEDMR KD VHJXLGR XQ YLUDMH HQ HO TXH D YHFHV OD
GHVHVSHUDFLyQ GH ODV PDVDV KD DFWXDGR FRPR IDFWRU GHFLVLYR (O SHQVDPLHQWR QR GHVDUUROOD
HVWDSRVLELOLGDG GHVGH IXHUD VLQRTXH PiV ELHQ OOHJD D VHUFRQVFLHQWH GH VX SURSLD IXQFLyQ
>@

'HQWURGHOHVTXHPDFRQFHSWXDOGHODILORVRItDGHODKLVWRULDSURSXHVWRSRU
+RUNKHLPHU HVWD OtQHD GH SHQVDPLHQWR HV D SULPHUD YLVWD FRQFOX\HQWH VL OD
PDUFKD GH OD KLVWRULD KXPDQD HQ VX WRWDOLGDG SXHGH HQWHQGHUVH FRPR XQ
SURFHVR GH SHUIHFFLRQDPLHQWR JUDGXDO GHO GRPLQLR VREUH OD QDWXUDOH]D
HQWRQFHV FXDOTXLHU VRFLHGDG FX\D IRUPD GH RUJDQL]DFLyQ UHWUDVH R QR DJRWH
FRPSOHWDPHQWH VXV SRVLELOLGDGHV GH OLEHUWDG UHSUHVHQWD XQ PRPHQWR UDFLRQDO
GHVDUUROODGRVyORHQWpUPLQRVSDUFLDOHV$HVWDVLWXDFLyQGHUDFLRQDOLGDGWRWDO
TXH VHUtD LGpQWLFD FRQ OD GRPLQDFLyQ GH OD QDWXUDOH]D H[WHUQD H LQWHUQD SRU
PHGLR GH XQD OLEUH GHFLVLyQ >@ FRQGXFLUtD VyOR XQ FRQRFLPLHQWR TXH IXHUD
FDSD] GH FODULILFDU HO SRWHQFLDO H[SORVLYR GH ODV IXHU]DV H[LVWHQWHV HQ OD
DFWXDOLGDG \ HQ HVD PHGLGD LQFRUSRUDGR DO GHVDUUROOR SURJUHVLYR GH OD

GRPLQDFLyQKXPDQDGHODQDWXUDOH]D(QHVWHVHQWLGR+RUNKHLPHUKDEODGHOD
LGHD GH XQD RUJDQL]DFLyQ VRFLDO UDFLRQDO FRUUHVSRQGLHQWH D OR XQLYHUVDO >@ H
LQPDQHQWHDOWUDEDMRKXPDQR>@6LQHPEDUJRODOyJLFDGHVXDUJXPHQWDFLyQ
QR SHUPLWH DFODUDU D~Q FyPR XQD 7HRUtD &UtWLFD FRUWDGD FRQ HVWDV KHFKXUDV
HVWRHVHQWHQGLGDFRPRXQPRGRLQWHOHFWXDOUHIOH[LYRGHVHJXQGRJUDGRGH
DPSOLDU R SURORQJDU HO SURFHVR GH WUDEDMR  KD GH UHJLUVH PHWRGROyJLFDPHQWH
SRUXQDHVWUXFWXUDGLIHUHQWHDVDEHUXQDFDSD]GHGHVDUUROODUXQDFUtWLFDGHOD
VRFLHGDG HIHFWLYDPHQWH H[LVWHQWH 6L +RUNKHLPHU WLHQH UD]yQ DO UHWURWUDHU HO
PRGHORGHOD7HRUtD7UDGLFLRQDODODVUHDOL]DFLRQHVFRJQLWLYDVLQWURGXFLGDVSRU
ODDFWLYLGDGGHOWUDEDMRHOFRQRFLPLHQWRPRGHODGRSRUHVWHWLSRGHWHRUtDVyOR
VH DMXVWD RULJLQDULDPHQWH D OD H[SOLFDFLyQ \ SUHGLFFLyQ GH ORV SURFHVRV
HPStULFRV (V GHFLU QR LQFOX\H GHQWUR GH Vt HO PRPHQWR UHIOH[LYR TXH VHUtD
UHDOPHQWHQHFHVDULRSDUDSRQHUHQWHODGHMXLFLRHVHRUGHQVRFLDOHQHOJUDGR
TXH SUHVHUYD HO GHVDUUROOR GH ODV IXHU]DV SURGXFWLYDV (VWD ODJXQD
PHWRGROyJLFD SRU WDQWR QR SXHGH WDPSRFR VHU VXSHUDGD SRU PHGLR GH XQ
FRQRFLPLHQWRGHODRULHQWDFLyQTXHVLJXHODGRPLQDFLyQGHODQDWXUDOH]DDWUDYpV
GHODFLHQFLDSXHVWRTXHXQDWHRUtDTXHGHIRUPDFRQVFLHQWHKLFLHUDUHIHUHQFLD
DO SURFHVR GH WUDEDMR VRFLDO TXH WXYLHUD FRPR REMHWR OD OyJLFD HYROXWLYD
LQPDQHQWHGHVXVORJURVPiVTXHORVSURFHVRVIiFWLFRVGHODQDWXUDOH]DSRGUtD
FLHUWDPHQWHSUR\HFWDULOXVRULDPHQWHHVWHFXUVRHYROXWLYRHQHOIXWXURSHURQR
SRGUtD VHU XWLOL]DGD FRPR FULWHULR SDUD GHVDUUROODU XQD FUtWLFD GHO FRQWH[WR GH
YLGD VRFLDO 3DUD FRQVHJXLU HVWR ~OWLPR GLFKD WHRUtD VHJXLUtD QHFHVLWDQGR
H[FOXVLYDPHQWHXQFRQRFLPLHQWRSURFHGHQWHGHODILORVRItDGHODKLVWRULDHOFXDO
GHKHFKRKDGHHVWDUDODEDVHGHODSURSLDDUJXPHQWDFLyQGH+RUNKHLPHUVL
TXLHUH FULWLFDU XQD VRFLHGDG EDMR ORV WpUPLQRV GH VX RUJDQL]DFLyQ GHO WUDEDMR
FRPRIUHQRGHOGHVDUUROOR+RUNKHLPHUQDWXUDOPHQWHQRSXHGHSRUPHQRVGH
UHSDUDUHQODFRQWUDGLFFLyQDODTXHVHYHUtDDERFDGDHVWDSRVLEOHLQWHUSUHWDFLyQ
GHODVFRQGLFLRQHVVRFLDOHVFRQVWLWXWLYDV
8QFRPSRUWDPLHQWRTXHGLULJLGRDHVWDHPDQFLSDFLyQWXYLHUDFRPRILQODWUDQVIRUPDFLyQGH
OD VRFLHGDG FRPR WRWDOLGDG SRGUtD VHUYLUVH GH XQ WUDEDMR WHyULFR FRPR HO TXH VH GHVDUUROOD
GHQWURGHODVRUGHQDFLRQHVGHODUHDOLGDGH[LVWHQWH3HURFDUHFHUtDVLQHPEDUJRGHOFDUiFWHU
SUDJPiWLFR UHVXOWDQWH GHO SHQVDPLHQWR WUDGLFLRQDO FRPR DFWLYLGDG SURIHVLRQDO VRFLDOPHQWH
~WLO>@

/DIRUPDGHSHQVDPLHQWRWUDGLFLRQDOUHSUHVHQWDXQDIRUPDGHFRQRFLPLHQWR
LQWHOHFWXDOPHQWHREMHWLYDGDTXHKDTXHGDGRUHFRJLGDHQHOSURFHVRKLVWyULFRGH
ODGRPLQDFLyQGHODQDWXUDOH]DVHGHILQHSRUSRVHHUXQFDUiFWHUSUiFWLFRWRGD
YH]TXHUHVXHOYHODVFXHVWLRQHVGHWLSRFLHQWtILFRTXHSODQWHDODUHSURGXFFLyQGH
XQ RUGHQ GH SURGXFFLyQ \D HVWDEOHFLGR D WUDYpV GH XQ FXHUSR VLVWHPiWLFR GH
HQXQFLDGRVTXHSHUPLWHODH[SOLFDFLyQ\ODSUHGLFFLyQGHORVSURFHVRVQDWXUDOHV
IiFWLFRV 6L ELHQ ODV WHRUtDV GH HVWH WLSR VXUJHQ SUHFLVDPHQWH GHO FRQIOLFWR
SUiFWLFR TXH VXUJH HQWUH ORV VHUHV KXPDQRV \ OD QDWXUDOH]D FRDG\XYDQ GH
QXHYREDMRODIRUPDGHXQFRQRFLPLHQWRRULHQWDGRDXQFRQWURORSWLPL]DGRDO
SURFHVR GH OD GRPLQDFLyQ VRFLDO GH OD QDWXUDOH]D 1L VLTXLHUD XQ HVWDGLR
VXSHULRUGHUHIOH[LyQVREUHORVPLVPRVRUtJHQHVSUiFWLFRVTXHKDJDFRQVFLHQWH
OD GLQiPLFD GH GHVDUUROOR LQPDQHQWH GHO SURFHVR GH WUDEDMR VRFLDO SXHGH
HVFDSDU D HVWH PDUFR GH DSOLFDFLyQ /D FRQVHFXHQFLD GH OD DUJXPHQWDFLyQ
GHVDUUROODGDSRU+RUNKHLPHUHVTXHHVWDWHRUtDVyORSXHGHSURPRYHUXQVDEHU
GHWLSRWpFQLFR\HQHOPHMRUGHORVFDVRVDQWLFLSDUODVFRQGLFLRQHVIXWXUDVGH
DSOLFDFLyQ GH ODV IXHU]DV SURGXFWLYDV PiV GHVDUUROODGDV SHUR QR SHUPLWLU VLQ
HPEDUJR XQD FUtWLFD GH VX PRGR DFWXDO GH RUJDQL]DFLyQ (V GHFLU HO
SHUIHFFLRQDPLHQWR FLHQWtILFR GHO GRPLQLR GH OD QDWXUDOH]D HQ Vt PLVPR QR
FRQGXFH GLUHFWDPHQWH D XQD SRVLEOH GHFLVLyQ UDFLRQDO HQ YLUWXG GH OD FXDO
DWULEX\HQGR HO SRWHQFLDO HPDQFLSDWRULR GH ODV IXHU]DV SURGXFWLYDV DO FRQWURO
FRQVFLHQWHGHORVSURGXFWRUHVSXHGDGHVWUXLUVHODDXWRLOXVLyQKXPDQD$OOOHJDU
DHVWHSXQWRMXQWRDHVWDSULPHUDYHUVLyQFLHUWDPHQWHLQVXILFLHQWH+RUNKHLPHU
YD D SRQHU HQ OL]D D~Q RWUD LQWHUSUHWDFLyQ GHO FRQWH[WR VRFLDO FRQVWLWXWLYR
SURSXHVWRSRUOD7HRUtD&UtWLFD(QHVWDVHJXQGDYHUVLyQOD7HRUtD&UtWLFDQRHV
HQWHQGLGD FRPR XQ FRPSRQHQWH LQPDQHQWH GHO SURFHVR HYROXWLYR GHO WUDEDMR
KXPDQR VLQR FRPR XQD VXHUWH GH H[SUHVLyQ WHyULFD GH XQD DFWLWXG SUH
FLHQWtILFD(VWHPRGRGHFRPSRUWDPLHQWRQRSXHGHWLOGDUVHGHSUDJPiWLFRHQ
HO VHQWLGR GH XQD DFWLYLGDG SURGXFWLYD LQFRUSRUDGD HQ GHO SURFHVR GH
DXWRFRQVHUYDFLyQ GH OD VRFLHGDG SXHVWR TXH VH UHODFLRQD FUtWLFDPHQWH GH XQ
PRGRGLVWDQFLDGRFRQHOFRQWH[WRJHQHUDOGHODYLGDVRFLDO
([LVWHWDPELpQDKRUDXQDDFWLWXG>9HUKDOWHQ@KXPDQDTXHWLHQHSRUREMHWRODVRFLHGDGPLVPD
1RVHGLULJHH[FOXVLYDPHQWHDVXEVDQDUFLHUWRWLSRGHVLWXDFLRQHVGHILFLWDULDVWRGDYH]TXH
VHJ~Q VX SHUVSHFWLYD pVWDV GHSHQGHQ PiV ELHQ GH OD RUJDQL]DFLyQ GH OD VRFLHGDG HQ VX

FRQMXQWR 6L ELHQ HVWD DFWLYLGDG VXUJH GH OD HVWUXFWXUD VRFLDO QR HVWi HPSHxDGD QL SRU VX
SURSyVLWRFRQVFLHQWHQLGHVGHVXVLJQLILFDGRREMHWLYRHQTXHDOJRIXQFLRQHPHMRUGHQWURGH
HVD HVWUXFWXUD $O FRQWUDULR ODV FDWHJRUtDV GH PHMRU ~WLO DGHFXDGR SURGXFWLYR
YDOLRVR WDO FRPR VH ODV HQWLHQGH HQ HO LQWHULRU GH HVWH VLVWHPD VRQ SDUD GLFKD DFWLWXG
VRVSHFKRVDVHQVtPLVPDV\GHQLQJ~QPRGRFRQVWLWX\HQVXSXHVWRVH[WUDFLHQWtILFRVFRQORV
FXDOHVHOODWHQJDDOJRTXHYHU>@

(V HVWD OtQHD GH UHIOH[LyQ OD TXH YD D FRQGXFLU D +RUNKHLPHU GHVGH HVWH
PRPHQWR QR VyOR D XQD GLIHUHQWH GHWHUPLQDFLyQ GH ODV FRQGLFLRQHV VRFLDOHV
FRQVWLWXWLYDVGHOD7HRUtD&UtWLFDVLQRWDPELpQDOGHVDUUROORGHVXVHJXQGRJUDQ
UDVJRWHyULFR(QSULPHUOXJDUODFLWDGDUHIOH[LyQSRQHGHPDQLILHVWRXQPRGR
GHFRPSRUWDPLHQWRKXPDQRTXHWLHQHFRPRVXREMHWR\DQRODQDWXUDOH]DVLQR
OD VRFLHGDG PLVPD FRQ HOOR QR VH TXLHUH OODPDU OD DWHQFLyQ DTXt VREUH XQD
SURORQJDFLyQGHOGRPLQLRGHODQDWXUDOH]DKDFLDHOLQWHULRUGHOFRQWH[WRGHYLGD
VRFLDO HQWHQGLGR FRPR FRQWURO VRFLDO VLQR VREUH XQD DFWLWXG FDSD] GH LU PiV
DOOi GHO RUGHQ IXQFLRQDO HVWDEOHFLGR VRFLDOPHQWH +RUNKHLPHU HYLGHQWHPHQWH
WLHQHDTXtHQPHQWHHVHWLSRGHDFWLYLGDGSUiFWLFRWUDQVIRUPDGRUDGHORVRFLDO
TXHSXHGHVDEHUVHUHODFLRQDGDFRQOD7HRUtD&UtWLFDGHODVRFLHGDG(QYHUGDG
HVWDDUJXPHQWDFLyQUHIHULGDGLUHFWDPHQWHDODGLPHQVLyQGHODVOXFKDVVRFLDOHV
QR WLHQH OXJDU HQ HO PDUFR FRQFHSWXDO ILORVyILFRKLVWyULFR GHO TXH KD SDUWLGR
KDVWDDKRUD+RUNKHLPHUHQODPHGLGDHQTXHHVWHPDUFRUHGXFHODPDUFKDGH
ODKLVWRULDKXPDQDDOSURFHVRGHGHVDUUROORFXDVLQDWXUDOGHOGRPLQLRVREUHOD
QDWXUDOH]DQRH[LVWHSRVLELOLGDGFRQFHSWXDOSDUDXQDIRUPDGLIHUHQWHGHSUD[LV
VRFLDO TXH HQ OXJDU GH GLULJLUVH D XQD DXWRFRQVHUYDFLyQ FRQVWDQWHPHQWH
DPSOLDGDORKDJD KDFLDXQ QXHYRPRGRGH RUJDQL]DFLyQGH DXWRFRQVHUYDFLyQ
VRFLDO(QHVWHSDVRVHUHSLWHHQ+RUNKHLPHUXQGLOHPDFRQFHSWXDOTXH\DVH
HQFRQWUDEDHQHOMRYHQ0DU['HVGHODSHUVSHFWLYDHSLVWHPROyJLFD\ODILORVRItD
GH OD KLVWRULD GH ODV 7HVLV VREUH )HXHUEDFK PDU[LDQDV \ D OD OX] GH VX PX\
JHQHUDO FRQFHSWR GH SUD[LV FDEH FRPSUHQGHU HO SURFHVR YLWDO VRFLDO GH OD
HVSHFLH FRPR XQ SURFHVR SURGXFWLYR WUDQVIRUPDGRU GH OD QDWXUDOH]D VLQ TXH
SRU HOOR VH DVHJXUH XQ OXJDU HQ HO PDUFR FRQFHSWXDO SDUD HO FRQFHSWR GH
DFWLYLGDG FUtWLFD TXH HQ HO PLVPR WH[WR KDFH UHIHUHQFLD FRQ FODULGDG D XQD
SUD[LVUHYROXFLRQDULDSROtWLFDPHQWHHPDQFLSDWRULD>@ 'H DKt TXH OD OtQHD GH
UHIOH[LyQ TXH +RUNKHLPHU LQDXJXUD FRQ VX FRQFHSWR GH DFWLWXG FUtWLFD VyOR

JDQH FODULGDG FXDQGR VH DSUR[LPD D HVH HVFHQDULR HQ HO TXH VH GHVDUUROOD OD
VHJXQGDFDUDFWHUtVWLFDPHWRGROyJLFDGHXQD7HRUtD&UtWLFDGHODVRFLHGDG
+RUNKHLPHU YD D VHJXLU GHOLPLWDQGR PHWRGROyJLFDPHQWH ODV GLIHUHQFLDV
HQWUH7HRUtD&UtWLFD\7HRUtD7UDGLFLRQDODOKLORGHXQDUHIOH[LyQTXHWRPDQGR
FRPRSXQWRGHSDUWLGDDPERVPRGHORVYDDWUDWDUGHGHWHUPLQDUODVGLIHUHQWHV
IRUPDV EDMR ODV FXDOHV HO VXMHWR HSLVWHPROyJLFR VH UHODFLRQD FRQ HO REMHWR GH
LQYHVWLJDFLyQ(QODDFWLYLGDGGHWUDQVIRUPDFLyQGHODQDWXUDOH]DFX\DIRUPDGH
H[SUHVLyQWHyULFDPHQWHREMHWLYDGDHVOD7HRUtD7UDGLFLRQDOHOVXMHWRDFWLYRVH
UHODFLRQDFRQHODFRQWHFHUQDWXUDOUHSUHVHQWDGRSRUXQDUHDOLGDGLQGHSHQGLHQWH
GHODSUD[LVFRPRHVHYLGHQWHORVVHUHVKXPDQRVSODQHDQLQWHUYHQLUVREUHHVWH
DFRQWHFHU QDWXUDO PDQLSXOiQGROR DFWLYDPHQWH SHUR VyOR EDMR OD IRUPD GH OD
OHJDOLIRUPLGDG SURSLD GHO VXMHWR WUDQVFHQGHQWDO (Q HO iPELWR GH ODV WHRUtDV
FLHQWtILFDV HO H[SHULPHQWR UHSUHVHQWD HVWD DFWLYLGDG WUDQVIRUPDGRUD GH OD
QDWXUDOH]DHVWRHVGHOPLVPRPRGRTXHHOVXMHWRDFWLYRWDPELpQHOVXMHWRGHO
FRQRFLPLHQWR HQ HO H[SHULPHQWR FLHQWtILFR TXH JHQHUD SURFHVRV DUWLILFLDOHV GH
UHDFFLyQ QDWXUDO FRQ HO REMHWLYR GH DOFDQ]DU XQD VXHUWH GH LQVWUXFFLyQ
FRQFHSWXDO VH UHODFLRQD FRQ XQD UHDOLGDG TXH SHUPDQHFH LQDOWHUDEOH WUDV OD
LQWHUYHQFLyQ H[SHULPHQWDO 'H DKt TXH HQ HO FDVR GH OD 7HRUtD 7UDGLFLRQDO HO
FRQRFLPLHQWR FLHQWtILFR VHD pO PLVPR H[WHULRU DO REMHWR GH LQYHVWLJDFLyQ 0DV
HVWD UHODFLyQ HQWUH VXMHWR \ REMHWR GH FRQRFLPLHQWR KD GH PRGLILFDUVH WDQ
SURQWR FRPR HO DVXQWR VH WUDVODGD DO iPELWR GH XQD 7HRUtD &UtWLFD GH OD
VRFLHGDG +RUNKHLPHU PRVWUDUi FyPR DKRUD GHVGH TXH OD WHRUtD WLHQH D OD
VRFLHGDG PLVPD FRPR REMHWR SURSLR OD DFWLWXG FUtWLFD TXH HV VX
H[SUHVLyQLQWHOHFWXDOPHQWHREMHWLYDGDIRUPDSDUWHHOODPLVPDGHOFRQWH[WRGH
UHDOLGDGLQYHVWLJDGD'HHVWHPRGRHQOD7HRUtD&UtWLFDVXMHWR\REMHWRQRVH
RSRQHQ H[WHUQDPHQWH HQWUH Vt FRPR RFXUUH HQ HO FDVR GH ODV WHRUtDV
WUDGLFLRQDOHV
(ODVXQWRFRQHOTXHVHUHODFLRQDHOFLHQWtILFRHVSHFLDOLVWDSHUPDQHFHDEVROXWDPHQWHLQWDFWR
SRUSDUWHGHVXSURSLDWHRUtD6XMHWR\REMHWRHVWiQULJXURVDPHQWHVHSDUDGRVDXQFXDQGRVH
OOHJXHDPRVWUDUTXHHQDOJ~QPRPHQWRSRVWHULRUHODFRQWHFLPLHQWRREMHWLYRVHYHUiLQIOXLGR
SRU OD LQWHUYHQFLyQ KXPDQD OD WHRUtD KD GH FRQVLGHUDU WDPELpQ HVWD LQWHUYHQFLyQ FRPR XQ
KHFKR(O KHFKR REMHWLYR HVWUDQVFHQGHQWH D OD WHRUtD \ VXLQGHSHQGHQFLD UHVSHFWR D HOOD HV
HVHQFLDO D OD QHFHVLGDG GH pVWD HO REVHUYDGRU HQ FXDQWR WDO QR SXHGH FDPELDU QDGD HQ HO

DFRQWHFLPLHQWR3HURODDFWLWXGFUtWLFDFRQVFLHQWHIRUPDSDUWHGHOGHVDUUROORGHODVRFLHGDG/D
FRQVWUXFFLyQGHOSURFHVRKLVWyULFRFRPRXQSURGXFWRQHFHVDULRGHXQPHFDQLVPRHFRQyPLFR
FRQWLHQHDOPLVPRWLHPSRODSURWHVWDVXUJLGDGHHVHPLVPRPHFDQLVPRFRQWUDHVWHRUGHQ\
ODLGHDGHODDXWRGHWHUPLQDFLyQGHOJpQHURKXPDQRHVGHFLUODLGHDGHXQDVLWXDFLyQHQODTXH
ORVDFWRVGHORVKRPEUHV\DQRHPDQDQGHXQPHFDQLVPRVLQRGHVXVGHFLVLRQHV>@3HQVDU
HO REMHWR GH OD WHRUtD VHSDUDGR GH pVWD IDOVHD OD LPDJHQ \ FRQGXFH DO TXLHWLVPR \ DO
FRQIRUPLVPR &DGD XQD GH ODV SDUWHV GH OD WHRUtD SUHVXSRQH OD FUtWLFD \ OD OXFKD FRQWUD OR
H[LVWHQWHHQODGLUHFFLyQGHWHUPLQDGDSRUHOODPLVPD>@

+RUNKHLPHU DERJD SRU HVWD VHJXQGD LQWHUSUHWDFLyQ GH OD FXHVWLyQ \ OD


DPSOtD WRGD YH] TXH FRQFLEH OD 7HRUtD &UtWLFD GH OD VRFLHGDG FRPR OD
REMHWLYDFLyQFLHQWtILFDGHXQDDFWLYLGDGFUtWLFRSUiFWLFD/DWHRUtDQRHV\DVyOR
HO SURGXFWR LQWHOHFWXDO GH XQD SUD[LV WUDQVIRUPDGRUD H[WUDWHyULFD VLQR TXH
DGHPiV LQIOX\H \ GHWHUPLQD D OD YH] SHUPDQHQWHPHQWH VX RULHQWDFLyQ 'H DKt
TXH HQ HVWH SXQWR +RUNKHLPHU VDTXH OD VLJXLHQWH FRQFOXVLyQ VyOR SRUTXH OD
7HRUtD&UtWLFDHVFDSD]GHLQIOXLUHQODPLVPDSUD[LVVRFLDOGHODTXHHOODVHVDEH
SURGXFWR GHYLHQH PRPHQWR SUiFWLFR \ WUDQVIRUPDGRU GHQWUR GH OD UHDOLGDG
VRFLDO TXH HOOD PLVPD LQYHVWLJD FRPR WHRUtD (VWD PRGLILFDGD UHODFLyQ HQWUH
VXMHWR \ REMHWR PDUFD SRU DVt GHFLU HO VHJXQGR UDVJR PHWRGROyJLFR
FDUDFWHUtVWLFR GH OD 7HRUtD &UtWLFD GH OD VRFLHGDG pVWD D SDUWLU GH HVWH
PRPHQWRIUHQWHDOD7HRUtD7UDGLFLRQDOQRVHGHILQH\DVLPSOHPHQWHSRUVHUHO
VDEHU GH ODV FRQGLFLRQHV SUiFWLFDV GH VXV SURSLRV RUtJHQHV VLQR DO PLVPR
WLHPSR SRU OD DSOLFDFLyQ DXWRFRQWURODGD GH XQ FRQRFLPLHQWR RULHQWDGR D OD
DFFLyQ HQ HO FRQWH[WR SUiFWLFRSROtWLFR GH OD DFWXDOLGDG 3XHVWR TXH OD WHRUtD
LQWHQWD WDQWR SRU XQ ODGR KDFHUVH FRQVFLHQWH GH VXV FRQGLFLRQHV KLVWyULFDV
FRQVWLWXWLYDV FRPR SRU RWUR ODGR DQWLFLSDU VX FRQWH[WR GH DSOLFDFLyQ HQ
WpUPLQRVSROtWLFRVHOODHVSRWHQFLDOPHQWHFRPRHVFULEH+RUNKHLPHUWRGDYtD
HQ HO DxR  XVDQGR OD MHUJD FRQFHSWXDO GHO PDU[LVPR GH OD L]TXLHUGD
KHJHOLDQD FDUDFWHUtVWLFR GH OD GpFDGD GH ORV YHLQWH OD DXWRFRQFLHQFLD GHO
VXMHWR GH XQD JUDQ WUDQVIRUPDFLyQ KLVWyULFD >@ (VWD IRUPXODFLyQ TXH QR
KDFHVLQRDVHQWDUGHIRUPDXQtYRFDOD7HRUtD&UtWLFDHQXQHVFHQDULRGHOXFKD
VRFLDO \ QR SUHFLVDPHQWH HQ HO GH OD GRPLQDFLyQ VRFLDO GH OD QDWXUDOH]D
SRQH GH UHOLHYH GUiVWLFDPHQWH HO GHVHTXLOLEULR H[LVWHQWH HQWUH HO QLYHO GH OD
FDUDFWHUL]DFLyQ HSLVWHPROyJLFD \ OD ILORVRItD GH OD KLVWRULD VXE\DFHQWH D HVWH
GLDJQyVWLFR 'H KHFKR HQ VX DQiOLVLV GH ODV FRQGLFLRQHV FRQVWLWXWLYDV GH OD

7HRUtD &UtWLFD +RUNKHLPHU KDFH XVR GH XQ FRQFHSWR GH SUD[LV VRFLDO PiV
DPSOLRTXHHOTXHOHSHUPLWtDVXSURSLDFRQFHSFLyQILORVyILFDGHODKLVWRULD(O
SURFHVR GH IRUPDFLyQ \ GHVDUUROOR GH ODV VRFLHGDGHV KXPDQDV VH UHWURWUDH DO
iPELWRGHODILORVRItDGHODKLVWRULDHOFXDOSURSRUFLRQDHOPDUFRSDUDODFUtWLFD
LGHROyJLFD GH OD 7HRUtD 7UDGLFLRQDO \ DO SURFHVR H[FOXVLYR GH OD GRPLQDFLyQ
KXPDQD GH OD QDWXUDOH]D /D DFWLYLGDG ODERUDO DSURSLDGRUD GH OD QDWXUDOH]D
UHSUHVHQWD OD GLPHQVLyQ HQ OD TXH OD KLVWRULD GH OD KXPDQLGDG VH SRQH HQ
PRYLPLHQWRHQPHGLRGHXQGHVDUUROORFDGDYH]PD\RUHOFDUiFWHUQDWXUDOGH
HVWHSURFHVRSURJUHVLYRVyORHVYLROHQWDGRHQHOPRPHQWRKLVWyULFRHQHOTXHOD
HVSHFLHVHYXHOYHDUHFRQRFHUHQVXDFWLYLGDGSURGXFWLYDGHVGHODFXDOHOODQR
GHMDQXQFDGHSURGXFLUHOFRQWH[WRGHYLGDVRFLDO$KRUDELHQHQVXVHJXQGD
YHUVLyQ HQ OR TXH FRQFLHUQH D OD DXWRUHIOH[LyQ PHWRGROyJLFD GH OD 7HRUtD
&UtWLFD +RUNKHLPHU VH RFXSD GH XQD GLPHQVLyQ UHODWLYD D OD DFFLyQ FUtWLFR
SUiFWLFD HO GHVDUUROOR VRFLRFXOWXUDO VH PXHYH DVt DO PLVPR WLHPSR WDQWR HQ OD
yUELWD GH OD SURGXFFLyQ VRFLDO FRPR HQ OD GH OD OXFKD VRFLDO (Q YHUGDG HVWD
OXFKD HVWi PHGLDGD SRU HO GHVDUUROOR HFRQyPLFR GH ODV IXHU]DV SURGXFWLYDV
WRGD YH] TXH OD SURWHVWD TXH OD JXtD FRPR +RUNKHLPHU IRUPXOD QR PX\
FODUDPHQWH VH GHULYD GHO PHFDQLVPR HFRQyPLFR >@ 3RU RWUR ODGR OD
HVWUXFWXUDGHODDFFLyQTXHVXE\DFHDODOXFKDVRFLDOHQFDPELRVHGHILQHSRU
XQD IRUPD GLIHUHQWH GH OD GH OD DFWLYLGDG RULHQWDGD D OD DSURSLDFLyQ GH OD
QDWXUDOH]D
0LHQWUDV HQ OD HVIHUD GHO WUDEDMR VRFLDO OD HVSHFLH KXPDQD FRQVHUYD \
DPSOtD VX YLGD VRFLDO HQ SURSRUFLyQ D OD FRQTXLVWD SUiFWLFD GH ORV SURFHVRV
QDWXUDOHVODDFWLWXGFUtWLFDSRQHHQFXHVWLyQSUHFLVDPHQWHHOPRGRH[LVWHQWHGH
RUJDQL]DFLyQ GH HVWH SURFHVR RULHQWDGR D OD DXWRFRQVHUYDFLyQ VRFLDO /D
DFWLYLGDG SURFHGHQWH GHO WUDEDMR FRUUHVSRQGH D OD H[WHULRULGDG GH XQ SRGHU
QDWXUDO REMHWLYDPHQWH \D GDGR GH HVWD GLPHQVLyQ VH HPDQFLSD HO VHU KXPDQR
PHGLDQWH XQ VDEHU GH WLSR WpFQLFR TXH UHFRJH ORV p[LWRV REWHQLGRV HQ OD
SUiFWLFD HQ OD PDQLSXODFLyQ RULHQWDGD SRU ILQHV GHO DFRQWHFHU QDWXUDO /D
DFWLYLGDG FUtWLFRSUiFWLFD FRUUHVSRQGH SRU VX SDUWH D OD KLVWRULFLGDG GH ODV
UHODFLRQHV GH SURGXFFLyQ VRFLDOPHQWH HVWDEOHFLGDV pVWDV GHVFDQVDQ HQ OD
PHGLGD HQ TXH HO SRGHU PDWHULDO H LGHROyJLFR RSHUD SDUD PDQWHQHU VXV
SULYLOHJLRV>@HQODYLROHQFLD\HOVRPHWLPLHQWRGHHVWDVUHODFLRQHVVRFLDOHV

GH SRGHU VH OLEHUD HO FRQRFLPLHQWR FUtWLFR TXH WLHQH FRPR PHWD ~OWLPD OD
LQWHQVLILFDFLyQGHODOXFKD>@
&XDQGR HO WUDEDMR VRFLDO UHFLEH VX LPSXOVR SRU WDQWR GH XQD SUHVLyQ
REMHWLYD SRU OD VXSHUYLYHQFLD GLVPLQX\HQ ORV PRWLYRV GH OD DFWLYLGDG FUtWLFR
SUiFWLFD\GHODH[SHULHQFLDVXEMHWLYDGHXQDLQMXVWLFLDSUHGRPLQDQWH>@XQD
VLWXDFLyQ TXH HVWi OLJDGD HVWUXFWXUDOPHQWH D OD GLYLVLyQ H[LVWHQWH GHO WUDEDMR
VRFLDOHQFODVHVVRFLDOHVGHDKtTXH+RUNKHLPHUFRQVLGHUHODDFWLYLGDGODERUDO
WUDQVIRUPDGRUD GH OD QDWXUDOH]D TXH DVHJXUD OD VXSHUYLYHQFLD VRFLRFXOWXUDO
FRPR XQD FDUDFWHUtVWLFD HVHQFLDO GH XQD HVSHFLH KXPDQD HQWHQGLGD FRPR
WRWDOLGDG TXH VH KD FRQYHUWLGR HQ HO VXMHWR WUDQVFHQGHQWDO UHDO PLHQWUDV TXH
SRURWURODGRVyORDWULEX\HODSUD[LVFUtWLFDGHODOXFKDVRFLDODGHWHUPLQDGRV
JUXSRV SDUFLDOHV TXH GHQWUR GH XQ FRQWH[WR VRFLDO KDQ VLGR H[FOXLGRV GHO
SULYLOHJLRGHODDSURSLDFLyQGHODULTXH]DVRFLDO
(VWDUHVWULFFLyQGHOVXMHWRGHOFRPSRUWDPLHQWRFUtWLFRDJUXSRVSDUWLFXODUHV
RFODVHVGHWHUPLQDGDVSRQHGHPDQLILHVWRTXHODOXFKDVRFLDODGLIHUHQFLDGHO
SURFHVRGHWUDQVIRUPDFLyQGHODQDWXUDOH]DDOTXHVHYHREOLJDGDHQWpUPLQRV
REMHWLYRVODHVSHFLHHVWi\DLQVHUWDHQXQSURFHVRGHLQWHUSUHWDFLyQPHGLDGR
\SRVLELOLWDGRSRUODH[SHULHQFLDGHODVLWXDFLyQKLVWyULFD(VWRTXLHUHGHFLUTXH
VyORXQPDUFR GHDFFLyQ GHHVWHWLSR HQHO TXHODVDFWLYLGDGHV GHOVXMHWR QR
VRQ LPSXOVDGDV SRU XQD ~QLFD SHUVSHFWLYD FRP~Q DUWLFXODGD SRU OD REOLJDFLyQ
FRHUFLWLYD GH OD DXWRFRQVHUYDFLyQ VLQR PiV ELHQ SRU GLIHUHQWHV SHUVSHFWLYDV
GHWHUPLQDGDV \ IRUMDGDV SRU OD H[SHULHQFLD HV FDSD] GH H[SOLFDU SRU TXp
+RUNKHLPHU SXHGH UHODFLRQDU OD DFWLYLGDG FUtWLFRSUiFWLFD FRPR SDODQFD GH
DFFLyQ VyOR FRQ JUXSRV SDUFLDOHV GH OD HVSHFLH KXPDQD (Q HVWD HVIHUD GH OD
SUD[LV VRFLDO GH OD OXFKD VRFLDO SRU WDQWR HQWUDQ HQ HVFHQD GH PDQHUD
SROpPLFD LQWHUSUHWDFLRQHV SDUWLFXODUHV GH OD UHDOLGDG TXH VRQ IRUPDV GH
H[SUHVLyQGHFRQVWHODFLRQHVGHLQWHUHVHVHQFRQIOLFWRTXHOXFKDQHQWUHVtSRUHO
VHQWLGRGHODMXVWLFLDGHODVUHODFLRQHVVRFLDOHVGHSURGXFFLyQ3RUHVWDUD]yQ
+RUNKHLPHU FRPSUHQGH HO PDUFR SUiFWLFR GH DSOLFDFLyQ GH OD 7HRUtD &UtWLFD
FRPRHOSURFHVRGHXQDLQWHUSUHWDFLyQGLDOyJLFDPHQWHPHGLDGDGHODUHDOLGDG
VRFLDODODOX]GHODLQMXVWLFLDH[SHULPHQWDGDSRUODFODVHRSULPLGD
3HURVL HO WHyULFR \ VXDFWLYLGDG HVSHFtILFD VH FRQVLGHUDQ FRPRXQD XQLGDG GLQiPLFD FRQ OD

FODVHGRPLQDGDGHWDOPRGRTXHODH[SRVLFLyQGHODVFRQWUDGLFFLRQHVVRFLDOHVDSDUHFHQRVyOR
FRPR XQD H[SUHVLyQ GH OD VLWXDFLyQ KLVWyULFD FRQFUHWD VLQR LJXDOPHQWH FRPR XQ IDFWRU
HVWLPXODQWH\WUDQVIRUPDGRUHQWRQFHVVXIXQFLyQTXHGDSXHVWDGHPDQLILHVWR(OFXUVRGHOD
FRQIURQWDFLyQ HQWUH ORV VHFWRUHV DYDQ]DGRV GH XQD FODVH \ ORV LQGLYLGXRV TXH H[SUHVDQ OD
YHUGDG DFHUFD GH HOORV DVt FRPR OD FRQIURQWDFLyQ HQWUH GLFKRV VHFWRUHV DYDQ]DGRV
LQFOX\HQGR D ORV WHyULFRV \ HO UHVWR GH OD FODVH VH GHEH HQWHQGHU FRPR XQ SURFHVR GH
LQWHUDFFLyQHQHOTXHODFRQFLHQFLDVHGHVDUUROODMXQWRFRQVXVIXHU]DVOLEHUDGRUDVDVtFRPR
WDPELpQVHGHVDUUROODQVXVIXHU]DVSURSXOVRUDVGLVFLSOLQDULDV\DJUHVLYDV>@

+RUNKHLPHUQRDFODUDHQTXpFRQVLVWHODHVWUXFWXUDGHSUD[LVVRFLDOTXHpO
PLVPR GHILQH FRQ HO UyWXOR GH DFWLWXG FUtWLFD $KRUD ELHQ HQ UHDOLGDG HVWD
LGHD GH XQD DSOLFDFLyQ GLDOyJLFDPHQWH PHGLDGD GH OD WHRUtD GH OD VRFLHGDG
FUtWLFD SHUPLWH FRPSUHQGHU OD GHSHQGHQFLD TXH PDQWLHQH HO IHQyPHQR GH OD
LQWHUSUHWDFLyQGHODVH[SHULHQFLDVVRFLDOHV6LQHPEDUJR+RUNKHLPHUQRKDFH
XVRGHHVWHHVTXHPDSDUDUHDOL]DUXQDGHPDUFDFLyQFRQFHSWXDOPHQWHGHPD\RU
DOFDQFH HQWUH OD FDWHJRUtD GH DFWLWXG FUtWLFD \ OD GH WUDEDMR VRFLDO HQ HO
SODQRWHyULFRHOFRQFHSWRGHDFWLYLGDGFUtWLFRSUiFWLFDTXHGDVLJQLILFDWLYDPHQWH
SRFRSHUILODGR<DOFRQWUDULRHQHOSODQRGHORVSUHVXSXHVWRVIXQGDPHQWDOHV
ILORVyILFRKLVWyULFRV+RUNKHLPHUGHMDGHODGRFRPSOHWDPHQWHODRSFLyQGHXQD
SRVLEOH FUtWLFD GH OD YLGD FRWLGLDQD HQ OD TXH OD WHRUtD VH VHSD LQFDUGLQDGD DO
SDUWLFLSDU HQ HO SURFHVR FRRSHUDWLYR GH XQD LQWHUSUHWDFLyQ GH OD DFWXDOLGDG
PRWLYDGDSRUHOLQWHUpVHQODVXSHUDFLyQGHODVVLWXDFLRQHVVXIULGDVGHLQMXVWLFLD
6XFHGH FRPR VL OD SRVLFLyQ FHQWUDO TXH KD GH RFXSDU OD FDWHJRUtD GH WUDEDMR
SDUDSRGHUFRPSUHQGHUODKLVWRULDGHODVVRFLHGDGHVKXPDQDVHQVXWRWDOLGDG
FRPR HO SURFHVR GH OD GRPLQDFLyQ VRFLDO GH OD QDWXUDOH]D WHUPLQDUD
VHQFLOODPHQWHSRUGHVSOD]DUDOFRQFHSWRGHOXFKDVRFLDO(VHVWHUHGXFFLRQLVPR
FRQFHSWXDOHOTXHYDDLPSHGLUTXH+RUNKHLPHUFRPSUHQGDDGHFXDGDPHQWHODV
SUiFWLFDV JHQXLQDV TXH HQ OD HVIHUD GH OD DFFLyQ WLHQHQ OXJDU GXUDQWH ODV
FRQIURQWDFLRQHV \ FRQIOLFWRV VRFLDOHV FRPR WDOHV $ SHVDU GH OD GHILQLFLyQ
HSLVWHPROyJLFDTXHUHDOL]DGHOD7HRUtD&UtWLFDpOQRWRPDUHDOPHQWHHQVHULRHQ
WpUPLQRVFRQFHSWXDOHVODVGLPHQVLRQHVSUiFWLFDVGHODDFFLyQTXHVHSUHVHQWDQ
HQODOXFKDVRFLDOEDMRODPRGDOLGDGGHXQDHVIHUDDXWyQRPDGHODUHSURGXFFLyQ
VRFLDO<SRUHVDPLVPDUD]yQ+RUNKHLPHUUHQXQFLDDODSRVLELOLGDGGHWHQHU
PiV HQ FXHQWD D OD RUJDQL]DFLyQ KHUPHQpXWLFD GH OD UHDOLGDG VRFLDO OD
FRQVHFXHQFLDGHHOORHVFRPRVHPRVWUDUiPiVDGHODQWHXQGpILFLWVRFLROyJLFR

HQ HO PDUFR SURJUDPiWLFR LQWHUGLVFLSOLQDU FLHQWtILFRVRFLDO TXH +RUNKHLPHU


FRPSUHQGHFRPRODVROXFLyQSURSXHVWDSRUXQD7HRUtD&UtWLFDGHODVRFLHGDG
1RSXGHGHVFDUWDUVHTXHODSURSLDLQGHILQLFLyQSROtWLFDFRQODTXHWLHQHTXH
FRQIURQWDUVHHO,QVWLWXWR GH ,QYHVWLJDFLyQ 6RFLDO HQ OD GpFDGD GH ORV WUHLQWD
FRQWULEX\HUDDODDPELJHGDGFRQFHSWXDOVXE\DFHQWHDODVDUJXPHQWDFLRQHVGH
+RUNKHLPHU(QHVWHFDVRODVSURSLDVLQVHJXULGDGHVUHDOHVUHVSHFWRDODSRVLEOH
DSOLFDFLyQ SROtWLFRSUiFWLFD GH OD WHRUtD SXGLHURQ WDPELpQ LPSHGLU XQD
FRQVLGHUDFLyQDGHFXDGDGHODGLPHQVLyQGHODOXFKDVRFLDOGHVGHODSHUVSHFWLYD
GHODILORVRItDGHODKLVWRULDFRPRVLHOKHFKRGHTXHODWHRUtDGHODVRFLHGDGVH
VLQWLHUD GXELWDWLYD UHVSHFWR GH VX IXQFLyQ HQ HVWH SUHFLVR PRPHQWR KLVWyULFR
KXELHUD GLIXPLQDGR GHO PDUFR FRQFHSWXDO GH OD LQWHUSUHWDFLyQ KLVWyULFD HQ
JHQHUDO OD HVIHUD JHQXLQD GHO FRPSRUWDPLHQWR FUtWLFR VHD FRPR IXHUH HQ
UHDOLGDG HVWH WLSR GH GHVFRQFLHUWR SROtWLFR TXH ELHQ SRGUtD UHSUHVHQWDU OD
FDXVD ~OWLPD GH XQD JHQHUDOL]DFLyQ WDQ SUHFLSLWDGD FRPR pVWD HV HO TXH YD D
FDUDFWHUL]DUHOWRQRGHORVHVFULWRVSROtWLFRVGH+RUNKHLPHUGXUDQWHHVWDpSRFD
SRUXQODGRpVWRVQRDEULJDQQLQJXQDGXGDDFHUFDGHOKHFKRGHTXHXQD7HRUtD
&UtWLFD GLULJLGD D OD SUD[LV SROtWLFD EDMR ODV FRQGLFLRQHV GHO FDSLWDOLVPR GHEH
EXVFDUDVXVGHVWLQDWDULRV~QLFDPHQWHHQWUHORVPLHPEURVGHODFODVHVRFLDOGH
ORVSUROHWDULRV\HVTXHSRUUD]RQHVGHHVWUXFWXUDVRFLDOVyORHOSUROHWDULDGR
HQFXDQWRFODVHHVVHQVLEOHDXQDFODULILFDFLyQWHyULFDGHVXVLWXDFLyQDVtFRPR
HVWi GLVSXHVWR D OD WUDQVIRUPDFLyQ SROtWLFD SRU RWUR HQ HVWRV HQVD\RV
UHGDFWDGRV\DEDMRODVRSUHVLYDVH[SHULHQFLDVGHODWRPDGHOSRGHUSRUSDUWH
GHORVQDFLRQDOVRFLDOLVWDV\GHOFRPXQLVPRHVWDOLQLVWDFUHFHQFRQVLGHUDEOHPHQWH
ODV GXGDV DFHUFD GH VL EDMR ODV FRQGLFLRQHV PRGLILFDGDV GHO FDSLWDOLVPR
SRVOLEHUDO HO SUROHWDULDGR D~Q HV FDSD] GH SRUWDU HO JHQXLQR SRWHQFLDO GH
WUDQVIRUPDFLyQFRQWLQXDPHQWHDFWXDOL]DGRSRUODVVHQVDFLRQHVGHRSUHVLyQ\OD
H[SHULHQFLD GH FULVLV XQ PRYLPLHQWR QR REVWDQWH HQ HO TXH OD FRQFHSFLyQ
PDU[LVWD GH UHYROXFLyQ KDEtD GHSRVLWDGR WRGDV VXV H[SHFWDWLYDV >@ 'LFKR
HVWRQRHVH[WUDxRTXHXQDJUDQSDUWHGHODFRQVWUXFFLyQWHyULFD\GHOWUDEDMR
GHLQYHVWLJDFLyQGHO,QVWLWXWRGH,QYHVWLJDFLyQ6RFLDOGXUDQWHODGpFDGDGHORV
DxRVWUHLQWDQDFLHUDFRPRXQDWHQWDWLYDGHGDUUHVSXHVWDHQWpUPLQRVHPStULFRV
DOSUREOHPDH[SUHVDGRHQHVWDWHQVLyQ/DPRWLYDFLyQ~OWLPDTXHJXLDEDDHVWD
HPSUHVDSDUWtDGHHVWDSUHJXQWD4XpWLSRGHPHFDQLVPRVSVtTXLFRVVHKDQ

GHVDUUROODGR SDUD TXH ODV WHQVLRQHV H[LVWHQWHV HQWUH ODV FODVHV VRFLDOHV
LPSXOVDGDVDOFRQIOLFWRSRUUD]RQHVGHWLSRHFRQyPLFRSXHGDQSHUPDQHFHU
HQ HVWDGR ODWHQWH" >@ 1R HQ YDQR HO SURJUDPD GH XQD FLHQFLD VRFLDO
LQWHUGLVFLSOLQDULD GLVHxDGR SRU +RUNKHLPHU D FRPLHQ]RV GH ORV DxRV WUHLQWD
KDEtDVXUJLGRSUHFLVDPHQWHSDUDDQDOL]DUHVWHIHQyPHQR
(QVXOHFFLyQLQDXJXUDOLPSDUWLGDHQHODxRVREUH/DVLWXDFLyQDFWXDO
GH OD )LORVRItD 6RFLDO \ OD WDUHD GH XQ ,QVWLWXWR GH ,QYHVWLJDFLyQ 6RFLDO
+RUNKHLPHUWLHQHFODURHQVXWRPDGHSRVHVLyQFRPRGLUHFWRUGHO,QVWLWXWRGH
)UDQNIXUW TXH XQD 7HRUtD &UtWLFD GH OD VRFLHGDG FDSD] GH DVXPLU HO GLItFLO
SUR\HFWR GH UHIOH[LRQDU VREUH VXV RUtJHQHV VRFLDOHV DVt FRPR VREUH ODV
SRVLELOLGDGHV SROtWLFDV GH VX UHDOL]DFLyQ SUiFWLFD VyOR SXHGH FXPSOLU VX WDUHD
GHQWURGHXQFRQWH[WRLQWHUGLVFLSOLQDULR(OPRGHORTXHpOSUHVHQWDSDUDFXPSOLU
GLFKR REMHWLYR HV HO GH XQD FRQWLQXD LQWHUSHQHWUDFLyQ GLDOpFWLFD \ GHVDUUROOR
HQWUHODWHRUtDILORVyILFD\ODSUiFWLFDFLHQWtILFDFRQFUHWD>@+RUNKHLPHUWLHQH
DTXtHQPHQWHXQD7HRUtD&UtWLFDFDSD]GHDQDOL]DUODVFRQGLFLRQHVHVWUXFWXUDOHV
\ODVFRQVHFXHQFLDVGHODVFULVLVFDSLWDOLVWDVPHGLDQWHXQFRQVWDQWHWUDEDMRGH
LQWHUDFFLyQ HQWUH HO GLDJQyVWLFR ILORVyILFR GHO SUHVHQWH \ ORV SUR\HFWRV GH
LQYHVWLJDFLyQ UHDOL]DGRV HQ HO PDUFR GH ODV FLHQFLDV SDUWLFXODUHV +LVWRULD \
SVLFRORJtD XQ HQVD\R SXEOLFDGR HVH PLVPR DxR HQ OD =HLWVFKULIW IU
6R]LDOIRUVFKXQJOOHYDUiDFDERODWHQWDWLYDGHDPSOLDU\GRWDUGHFRQFUHFLyQ
WHyULFD HVWH SURJUDPD TXH KDVWD OD IHFKD VyOR KDEtD VLGR ERVTXHMDGR
HVTXHPiWLFDPHQWH (V D SDUWLU GH DKRUD FXDQGR HO SDUDGLJPD FRQFHSWXDO
ILORVyILFRKLVWyULFR TXH PiV WDUGH EULQGDUi HO PDUFR EiVLFR SDUD GHILQLU OD
SRVLFLyQPHWRGROyJLFDGHOD7HRUtD&UtWLFDSRGUi\DHQFRQWUDUVHEDMRODIRUPD
GHXQDQXHYDUHLQWHUSUHWDFLyQGHODILORVRItDGHODKLVWRULDGH+HJHOHQWpUPLQRV
PDWHULDOLVWDV pVWD YD D VHUYLU FRPR FRQWH[WR KHUPHQpXWLFR SDUD OD WDUHD GH
LQWHJUDU ODV GLVFLSOLQDV FLHQWtILFDV LQGLYLGXDOHV HQ XQD HVWUXFWXUD WHyULFD
DSURSLDGD D OD PDWHULD D HVWXGLDU +RUNKHLPHU SRQH GH UHOLHYH TXH HVWD
FRQFHSFLyQKLVWyULFDPDWHULDOLVWDTXHSRUXQODGRFLHUWDPHQWHGHEHPXFKRDO
FRQFHSWRKHJHOLDQRGHKLVWRULD\DTXHLQFOX\HODLGHDGHXQFRQWH[WRGHDFFLyQ
TXHYDPiVDOOiGHODVLQWHQFLRQHVGHVXVDJHQWHVHYLGHQFLDSRURWURODGR\HQ
LJXDO PHGLGD XQD RSRVLFLyQ D pO \D TXH pVWD HQ OXJDU GH GHVSOHJDUVH FRPR
(VStULWX $EVROXWR WUDWD GH LQYHVWLJDU ODV KXHOODV GH OD PDUFKD GH OD KLVWRULD

KXPDQD D OD OX] GHO GHVDUUROOR GH OD GRPLQDFLyQ KXPDQD GH OD QDWXUDOH]D (V
HVWD WHVLV FUtWLFD GLULJLGD FRQWUD +HJHO OD TXH LQWURGXFH DKRUD OD LGHD GH XQ
SURFHVRGHWUDEDMRVRFLDOTXHGDIRUPDDOSURJUHVRVRFLRFXOWXUDOXQDUHIOH[LyQ
SRURWUDSDUWHPX\SURSLDGHOSULPHU+RUNKHLPHU
(OFRQRFLPLHQWRGHODVFRQH[LRQHVUHDOHVGHVWURQDDO(VStULWXFRPRSRGHUDXWyQRPRTXHGD
IRUPD D OD KLVWRULD \ OR UHPSOD]D FRPR PRWRU GH OD KLVWRULD SRU OD GLDOpFWLFD HQWUH ODV
GLIHUHQWHVIXHU]DVQDWXUDOHVTXHVXUJHQFRPRUHVXOWDGRGHOFRQIOLFWRFRQODQDWXUDOH]D\ODV
IRUPDVDQWLFXDGDVGHVRFLHGDG>@6HJ~QHVWR>ODLQWHUSUHWDFLyQHFRQyPLFDGHODKLVWRULD$
+@ODFRQVHUYDFLyQ\UHQRYDFLyQGHODYLGDVRFLDOLPSRQHQUHVSHFWLYDPHQWHDORVKRPEUHV
XQGHWHUPLQDGRWLSRGHDJUXSDFLyQXRUGHQDFLyQVRFLDO>@

+RUNKHLPHUDFHSWDFRPRSUHVXSXHVWRXQSURFHVRJXLDGRSRUHOGHVDUUROOR
GH ODV IXHU]DV SURGXFWLYDV TXH FRQ FDGD QXHYR HVWDGLR GHQWUR GHO VLVWHPD
WpFQLFRGHGRPLQDFLyQGHODQDWXUDOH]DWDPELpQLPSRQHXQQXHYRHVWDGLRHQOD
RUJDQL]DFLyQ VRFLDO GH OD SURGXFFLyQ 6LQ HPEDUJR OD GLPHQVLyQ GHO FRQIOLFWR
VRFLDO XQ SUHVXSXHVWR FRQVWLWXWLYR GH OD 7HRUtD &UtWLFD GHQWUR GHO DQiOLVLV
HSLVWHPROyJLFR \ TXH DVXPLUi PiV WDUGH XQD IXQFLyQ FRQWUDGLFWRULD TXHGD
WRWDOPHQWHH[FOXLGDGHHVWHFRQFHSWRGHGHVDUUROORVRFLDO/D~QLFDGLPHQVLyQ
HQODTXHWLHQHOXJDUHOSURJUHVRVRFLRFXOWXUDOHVODGRPLQDFLyQGHODQDWXUDOH]D
OD DXWRFRQVHUYDFLyQ H[FOXVLYD HQ SURFHVRV GH WUDEDMR VRFLDO HV PiV
+RUNKHLPHUHTXLSDUDH[SOtFLWDPHQWHHOSURFHVRYLWDOGHXQDVRFLHGDGFRQHO
FRQIOLFWRFRQODQDWXUDOH]D>@(VWHPRGHORKLVWyULFRFRQFHSWXDOPHQWHPiV
OLPLWDGR\XQHOHPHQWRGHFLVLYRGHODSULPHUD7HRUtD&UtWLFDGHVDUUROODGDSRU
+RUNKHLPHUYDDFRQIRUPDUODEDVHWHyULFDVREUHODTXHYDDHULJLUVHHOHGLILFLR
GHXQDFLHQFLDVRFLDOLQWHUGLVFLSOLQDULD/DHFRQRPtDSROtWLFDVHUiDTXtHQWRQFHV
OD FLHQFLD SDUWLFXODU TXH YD D DVXPLU OD LQFXHVWLRQDEOH IXQFLyQ GH GLVFLSOLQD
IXQGDPHQWDOGHQWURGHODVFLHQFLDVVRFLDOHV6yORODVFDWHJRUtDVHFRQyPLFDVVRQ
FDSDFHVGHSHQHWUDUHQODHVWUXFWXUDREMHWLYDGHOFRQWH[WRGHYLGDVRFLDOWRGD
YH]TXHODKLVWRULDGHODFLYLOL]DFLyQVHKDKHFKRWUDQVSDUHQWHHQORVWpUPLQRVGH
XQSURFHVRGHGHVDUUROORHQHOTXHODVIXHU]DVSURGXFWLYDVVHKDQHPDQFLSDGR
SDXODWLQDPHQWH GH ODV FDGHQDV GH ODV YLHMDV UHODFLRQHV GH SURGXFFLyQ 6L OD
KLVWRULD VH GLYLGH VHJ~Q ODV GLIHUHQWHV IRUPDV SRU ODV TXH VH GHVDUUROOD HO
SURFHVR YLWDO GH OD VRFLHGDG KXPDQD HQWRQFHV QR VRQ ODV FDWHJRUtDV
SVLFROyJLFDV VLQR ODV HFRQyPLFDV ODV TXH VH UHYHODQ FRPR KLVWyULFDPHQWH

IXQGDPHQWDOHV >@ $ FRQVHFXHQFLD GH HVWH DUJXPHQWR +RUNKHLPHU SXHGH


LGHQWLILFDUODVFDWHJRUtDVFHQWUDOHVGHODQiOLVLVPDU[LDQRHQWRUQRDOFDSLWDOLVPR
FRPR ORV FRQFHSWRV FLHQWtILFRVVRFLDOHV HQ ORV TXH FREUD GHILQLFLyQ OD IRUPD
FDSLWDOLVWD GHO SURFHVR KLVWyULFR GH OD HVSHFLH OLJDGD D OD GRPLQDFLyQ GH OD
QDWXUDOH]D GDGR TXH DEDUFD FDWHJRULDOPHQWH FXHVWLRQHV FRPR OD VLWXDFLyQ GH
GHVDUUROOR \ HO PRGR GH RUJDQL]DFLyQ GHO VLVWHPD FDSLWDOLVWD RULHQWDGR D OD
DXWRFRQVHUYDFLyQ VRFLDO OD FDWHJRUtD GH OD HFRQRPtD DQDOL]DGD SRU 0DU[
SXHGHDSXQWDUDXQDWRWDOLGDGGHOFRQWH[WRSUiFWLFRGHDFFLyQTXHYDPiVDOOi
GHODVLQWHQFLRQHVGHWRGRVORVVXMHWRVVLQJXODUHV
1DWXUDOPHQWH +RUNKHLPHU HV FRQVFLHQWH GH TXH OD WHRUtD HFRQyPLFD GHO
FDSLWDOLVPR TXH VXSXHVWDPHQWH FRQIRUPD OD FROXPQD YHUWHEUDO GHO PRGHOR GH
FLHQFLDVRFLDOLQWHUGLVFLSOLQDULDEXVFDGRQRSXHGHSRUPHQRVSRUDVtGHFLUORGH
GHVSOD]DUVH KLVWyULFDPHQWH DO PLVPR WLHPSR TXH VX UHVSHFWLYR REMHWR GH
LQYHVWLJDFLyQ/D7HRUtD&UtWLFDSRUWDQWRVLSUHWHQGHVHUODH[SUHVLyQGHXQD
VLWXDFLyQKLVWyULFDUHDOWLHQHTXHVHJXLUORVSDVRV\FRPSUHQGHUREMHWLYDPHQWH
HOFDPELRHVWUXFWXUDOLQWHUQRTXHHOVLVWHPDFDSLWDOLVWDRULHQWDGRDODGRPLQDFLyQ
GHODQDWXUDOH]DKDOOHYDGRDFDERGHVGHODLPSODQWDFLyQGHODHUDOLEHUDO3DUD
HO+RUNKHLPHUGHODGpFDGDGHORVDxRVWUHLQWDTXHWUDEDMDHQHO,QVWLWXWRGH
,QYHVWLJDFLyQ6RFLDOFRQ3ROORFNFRPRHFRQRPLVWD>@ODWDUHDGHODQiOLVLV
HFRQyPLFRVHFLIUDHQLQYHVWLJDUODVWHQGHQFLDVGHVDUUROODGDVSRUHOFDSLWDOLVPR
TXH FRPR UHVXOWDGR GH VX SURFHVR GH FRQFHQWUDFLyQ FRQGXFHQ KDFLD XQD
RUJDQL]DFLyQGHOWUDEDMRWRWDOPHQWHSODQLILFDGDHQHVWDOtQHDVHVLW~DQWDPELpQ
ORV WUDEDMRV TXH HQ HO iPELWR GH OD WHRUtD GHO GHUHFKR \ GHO (VWDGR UHDOL]DQ
)UDQ]1HXPDQQ\2WWR.LUFKKHLPHULQYHVWLJDFLRQHVTXHWHQtDQFRPRREMHWLYR
LQYHVWLJDUODPHGLDWL]DFLyQMXUtGLFD\SROtWLFDSURFHGHQWHGHODFRQWLQXDGLQiPLFD
GH OD FULVLV FDSLWDOLVWD >@ +RUNKHLPHU VLQ HPEDUJR DQDOL]D SRU VX SDUWH HO
HVWDGLRGHGHVDUUROORGHOVLVWHPDSRVOLEHUDOFRPRXQPRGRGHSURGXFFLyQHQHO
TXHHOyUJDQRSODQLILFDGRUGHODVHOLWHVGHOSRGHUHFRQyPLFRKDWHUPLQDGRSRU
UHPSOD]DUHOPHGLRGHJRELHUQRSURSLRGHOPHUFDGRGHOPLVPRPRGRTXHORV
QXHYRVPRQRSROLVWDVGHODSODQLILFDFLyQHFRQyPLFDFDSLWDOLVWDKDQVXVWLWXLGRD
ORV IDEULFDQWHV GH OD HUD OLEHUDO >@ XQ IHQyPHQR TXH HQ SULPHU OXJDU VH
LQYHVWLJDHQORV WpUPLQRVGH XQDHVWUXFWXUDHFRQyPLFD FX\DGLQiPLFD SVtTXLFD
LQWHUQDKDGHVHUH[SOLFDGDDFXGLHQGRDODVHJXQGRGLVFLSOLQDGHFRQRFLPLHQWR

TXHFRPSRQHODFLHQFLDVRFLDOLQWHUGLVFLSOLQDULDODSVLFRORJtD
(ODUJXPHQWRDOTXHUHFXUUH+RUNKHLPHUSDUDSUHVHQWDUODSVLFRORJtDFRPR
XQD GLVFLSOLQD VXVFHSWLEOH GH FRPSOHPHQWDU HO HVWXGLR GH OD WHRUtD HFRQyPLFD
VXHQDIDPLOLDUH[SUHVDHOFRQVHQVRWHyULFRTXHVLUYLyGHWUDVIRQGRFRP~QDOD
L]TXLHUGD IUHXGLDQD 0DUFXVH  HQ OD GpFDGD GH ORV DxRV YHLQWH \ FX\RV
HVIXHU]RV VH GLULJLHURQ D LQWHJUDU HO PDWHULDOLVPR KLVWyULFR \ OD WHRUtD
SVLFRDQDOtWLFD >@ +RUNKHLPHU HQ FRQFUHWR VH GLULJH FRQWUD OD VREUHFDUJD
VRFLRORJLVWD GHO PRGHOR H[SOLFDWLYR SUHVXSXHVWR HQ OD WHRUtD HFRQyPLFD 8QD
WHRUtDGHODVRFLHGDGTXHVyORVHDFDSD]GHGHGXFLUODVPRWLYDFLRQHVGHDFFLyQ
EDMR HO PRGHOR KLSRWpWLFR GH OD WHRUtD HFRQyPLFD RUWRGR[D GHEH DSR\DUVH
LPSOtFLWDPHQWH HQ XQD SVLFRORJtD EDVWDQWH WULYLDO GHXGRUD GH XQ SHQVDPLHQWR
XWLOLWDULVWDTXHDWULEX\HODFDXVD~OWLPDGHODDFFLyQVRFLDOH[FOXVLYDPHQWHDXQ
HJRtVPR HFRQRPLFLVWD $KRUD ELHQ HQ HVWH SODQWHDPLHQWR WRGDV ODV
PRWLYDFLRQHV SVtTXLFDV TXH YDQ PiV DOOi GH OD SHUVHFXFLyQ LQVWUXPHQWDO GH OD
XWLOLGDGSULYDGDHQHOFRQWH[WRGHODSUD[LVVRFLDOVRQPHUDPHQWHSDVDGDVSRU
DOWR HQ HVWD WHRUtD HFRQyPLFD TXH GH IRUPD DUELWUDULD VH HOHYD WDPELpQ DO
HVWDWXWRGHSVLFRORJtD'HDKtTXHHQOXJDUGHHVWHSVLFRORJLVPRWULYLDOEDVDGR
HQ HVWH PRGHOR GH DFFLyQ UDFLRQDOLVWD SURSLR GHO XWLOLWDULVPR KD\D GH
LPSXOVDUVHXQDSVLFRORJtDTXHWRPHFRPRVXSXQWRGHSDUWLGDFDUDFWHUtVWLFROD
SODVWLFLGDG \ OD PXWDELOLGDG GHO SRWHQFLDO SXOVLRQDO KXPDQR SXHV VyOR VRPRV
FDSDFHV GH FRPSUHQGHU DGHFXDGDPHQWH GHVGH HO SXQWR GH YLVWD WHyULFR ORV
PRGHORV GH DFFLyQ GH DTXHOORV JUXSRV TXH SDUWLFLSDQ HQ OD UHSUHVLyQ VRFLDO
FRQWUD VXV SURSLRV LQWHUHVHV UDFLRQDOHV VL UHSDUDPRV HQ HO KHFKR GH TXH ODV
QHFHVLGDGHV TXH LPSXOVDQ DO VXMHWR QR VyOR SUHVHQWDQ XQD H[WUDRUGLQDULD
YDULDFLyQWLSROyJLFDVLQRTXHWDPELpQEDMRODVSUHVLRQHVGHODIUXVWUDFLyQVRQ
IRU]RVDPHQWH GHVSOD]DGDV KDFLD ILQHV FRPSHQVDWRULRV 3RU HVWD UD]yQ XQD
7HRUtD &UtWLFD GH OD VRFLHGDG TXH LQYHVWLJXH ODV FDXVDV GH FRQIOLFWRV VRFLDOHV
ODWHQWHV SURQRVWLFDGRV SRU HOOD PLVPD GHEH DSR\DUVH HQ XQD SVLFRORJtD TXH
KD\DDEDQGRQDGRHOSUHVXSXHVWRWHyULFRGHTXHODPRWLYDFLyQLQVWUXPHQWDOHVOD
FDXVD~OWLPDGHWRGDDFFLyQKXPDQD
(Q FXDOTXLHU KHFKR OD DFFLyQ KXPDQD QR VXUJH VLPSOHPHQWH GH LPSXOVRV SVtTXLFRV
RULHQWDGRV D OD DXWRFRQVHUYDFLyQ QL WDPSRFR GH GHVHRV LQPHGLDWDPHQWH VH[XDOHV VLQR
WDPELpQSRUHMHPSORGHQHFHVLGDGHVUHODFLRQDGDVFRQODPDQLIHVWDFLyQGHIXHU]DVDJUHVLYDV

RWDPELpQRULHQWDGDVDOUHFRQRFLPLHQWR\FRQILUPDFLyQGHODSURSLDSHUVRQDGHQHFHVLGDGHV
GLULJLGDV DO RFXOWDPLHQWR GHQWUR GH XQD FROHFWLYLGDG R GH RWURV LPSXOVRV /D PRGHUQD
SVLFRORJtD )UHXG KDPRVWUDGRKDVWDTXpSXQWRHVWDVH[LJHQFLDVVHGLIHUHQFLDQGHOKDPEUH
HQODPHGLGDHQTXHHVWH~OWLPRGHPDQGDXQDVDWLVIDFFLyQGLUHFWD\FRQWLQXDPLHQWUDVTXHODV
SULPHUDV SXHGHQ GHVSOD]DUVH PRGLILFDUVH \ KDFHUVH DFFHVLEOHV D OD VDWLVIDFFLyQ LPDJLQDULD
>@

(O PDUFR FRQFHSWXDO SVLFROyJLFR TXH WLHQH FRPR REMHWLYR DQDOL]DU OD


LQWHJUDFLyQ VRFLDO GHO VXMHWR HQ XQ PRGR GH SURGXFFLyQ FRQWUDGLFWRULR HQ Vt
PLVPRWHQGUiDVtTXHHVWDURUJDQL]DGR\GLVSXHVWRGHWDOIRUPDTXHVHDFDSD]
GH SHUPLWLU FRQWHPSODU OD YLGD LPSXOVLYD GH ORV VHUHV KXPDQRV FRPR XQ
DFRQWHFLPLHQWR SXOVLRQDO IXQGDPHQWDOPHQWH SOiVWLFR VXVFHSWLEOH GH VHU
WUDQVIRUPDGR \ PRGHODGR EDMR H[LJHQFLDV SUiFWLFDV VRFLDOHV \ FRQWLQXDPHQWH
GLVSXHVWR D IRUPDFLRQHV SVtTXLFDV VXVWLWXWRULDV %DMR HVWH SXQWR GH YLVWD VH
SXHGHFRPSUHQGHUSRUTXpH[SHULHQFLDVGHGHSHQGHQFLD\VRPHWLPLHQWRVRFLDO
TXHGDQSRUDVt GHFLUORUHSULPLGDV \EORTXHDGDVSRU XQDGLQiPLFD SXOVLRQDO
TXHIDOVHDODFRQFLHQFLD>@DQWHVLQFOXVRGHTXHOOHJXHQDVHUSRVLEOHREMHWR
GHUHFRQRFLPLHQWRODDSHUWXUDFRJQLWLYDDODUHDOLGDGVRFLDOTXHHO<RWUDWDUtD
GHUHSDUDUVLREVHUYDVHDOJXQDLQMXVWLFLDTXHGDDTXtIUXVWUDGDSRUXQSURFHVR
GLQiPLFR SXOVLRQDO GH UHQHJDFLyQ >9HUOHXJQXQJ@ R UHSUHVLyQ >9HUGUlQJXQJ@
TXHVXVWLWX\HODLPSRWHQFLDSHUFLELGDFRQXQDH[SHULHQFLDLPDJLQDULDGHSRGHU
SHUVRQDO R FROHFWLYR /D SUR\HFFLyQ \ OD LGHQWLILFDFLyQ VRQ DVt ORV PHGLRV
SVLFROyJLFRV TXH KDFHQ TXH HVWD LQYHUVLyQ IDQWDVPiWLFD OLJDGD D XQD VLWXDFLyQ
UHDOGHGRPLQDFLyQVHDGHKHFKRSRVLEOH
(V HVWH GXDOLVPR GH FRQRFLPLHQWR SOHJDGR D OD UHDOLGDG \ GH DFRQWHFHU
SXOVLRQDO LUUDFLRQDO HO TXH HPSOD]D D +RUNKHLPHU D LQWURGXFLU OD SVLFRORJtD
GHQWUR GH OD HVWUXFWXUD LQWHUGLVFLSOLQDULD GH OD LQYHVWLJDFLyQ FUtWLFD GH OD
VRFLHGDG (O SURFHVR HQ HO TXH WLHQH OXJDU OD GRPLQDFLyQ FDSLWDOLVWD GH OD
QDWXUDOH]D HQ GRQGH HO HVWDGR GH GHVDUUROOR \ HO PRGR GH RUJDQL]DFLyQ GHO
WUDEDMRVRFLDOKDQFDtGRHQXQDVLWXDFLyQHVFDQGDORVDGHGHVHTXLOLEULRVHFUX]D
FRQ XQ SURFHVR GH VRFLDOL]DFLyQ GH ODV QHFHVLGDGHV LQGLYLGXDOHV TXH WUDWD GH
DGDSWDU\DMXVWDUHOSRWHQFLDODIHFWLYRGHOVXMHWRDODVLWXDFLyQGHGRPLQDFLyQ\D
HVWDEOHFLGD HVWH IHQyPHQR WLHQH OXJDU HQ PHGLR GH XQ SURFHVR
GLQiPLFRSXOVLRQDO TXH GHVYLDQGR ODV H[LJHQFLDV DIHFWLYDV QR GHVHDGDV

VRFLDOPHQWHKDFLDILQHVDVHJXUDGRUHVGHODVLWXDFLyQGHGRPLQLRREOLJDDOVXMHWR
LQFRQVFLHQWHPHQWH D XQ LQFHVDQWH GHVFRQRFLPLHQWR GH OR TXH VXFHGH HQ OD
UHDOLGDG FLUFXQVWDQFLD TXH VRFDYD FXDOTXLHU SRVLEOH DSOLFDFLyQ GH XQ
FRQRFLPLHQWRUDFLRQDOGHORVKHFKRV3RUFRQVLJXLHQWHVyORVREUHODEDVHPyYLO
GH HVWH SURFHVR SXOVLRQDO TXH VH UHSLWH XQD \ RWUD YH] VH DVLHQWD OD
UHSURGXFFLyQHFRQyPLFDGHOVLVWHPDGHGRPLQDFLyQFDSLWDOLVWDOLJDGDDOGRPLQLR
GH OD QDWXUDOH]D 6RQ HVFULEH +RUNKHLPHU >@ ODV SURSLHGDGHV SVtTXLFDV
IRUPDGDV D OR ODUJR GH OD KLVWRULD ODV GLVSRVLFLRQHV SXOVLRQDOHV ODV TXH VRQ
GHWHUPLQDQWHVDODKRUDGHPDQWHQHUODVUHODFLRQHVGHSURGXFFLyQVXSHUDGDVR
D\XGDUDODHVWDELOLGDGGHOHGLILFLRVRFLDOTXHVHKDIXQGDGRVREUHHOODV>@
eVWDHVODUD]yQSRUODTXHHQXQDFLHQFLDVRFLDOGHFDUiFWHULQWHUGLVFLSOLQDULR
FX\RREMHWLYRHVODLQYHVWLJDFLyQHPStULFDGHOFRQWH[WRGHFULVLVLPSHUDQWHHQHO
FDSLWDOLVPR HVD GLVFLSOLQD IXQGDPHQWDO TXH HV OD HFRQRPtD WHQJD TXH VHU
DFRPSDxDGD GH XQD WHRUtD SVLFROyJLFD \ HV pVWD OD TXH KD GH DQDOL]DU HO
SURFHVR GH VRFLDOL]DFLyQ SXOVLRQDO LQGLYLGXDO SRU HO TXH ORJUD LQWHJUDUVH XQ
VLVWHPD VRFLDO RULHQWDGR D OD GRPLQDFLyQ GH OD QDWXUDOH]D HQ XQD XQLGDG
VRFLDOPHQWHDFHSWDGDGHQWURGHXQFRQWH[WRYLWDO
(O SDUDGLJPD WHyULFR SRU HO TXH DERJD DTXt +RUNKHLPHU QR HV RWUR HQ
YLUWXG GH VX IXHU]D H[SOLFDWLYD TXH HO GHO SVLFRDQiOLVLV D VX PRGR GH YHU HO
~QLFRPRGHORFDSD]GHVROXFLRQDUODVWDUHDVTXHVHOHSODQWHDQDODSVLFRORJtD
FRPRGLVFLSOLQDSDUFLDOGHQWURGHODFLHQFLDVRFLDO6XFRQFHSFLyQIXQGDPHQWDO
VXHVWUXFWXUDFLyQGHOSRWHQFLDOSXOVLRQDOOLELGLQRVRHQODLQWHUDFFLyQLQIDQWLOFRQ
HO SDGUH \ OD PDGUH SURSRUFLRQD HO VHJXQGR SDUDGLJPD WHyULFR FDSD] GH
FRPSOHPHQWDUHOPRGHOREiVLFRSUHYLRGHOWUDEDMRVRFLDO\DERVTXHMDGRGHVGH
FODYHVILORVyILFRKLVWyULFDV
+RUNKHLPHU DGRSWDUi DTXt HO PRGHOR GHO SVLFRDQiOLVLV HQ OD YHUVLyQ
GHVDUUROODGD SRU HO DQiOLVLV SVLFROyJLFRVRFLDO GH (ULFK )URPP 'HQWUR GHO
FtUFXOR LQWHOHFWXDO GHO ,QVWLWXWR GH ,QYHVWLJDFLyQ 6RFLDO D )URPP VH OH KDEtD
HQFRPHQGDGRODWDUHDGHWUDEDMDUHQXQDSVLFRORJtDTXHSXGLHUDDGDSWDUVHVLQ
PXFKDVFRQWUDGLFFLRQHVDHVDGLVFLSOLQDHFRQyPLFDFRQFHELGDFRPRSXQWRGH
SDUWLGDGHODLQYHVWLJDFLyQ6XSURSXHVWDSDUDVROXFLRQDUHVWHSUREOHPDWHQtD
SRUWDQWRTXHYLQFXODUVHDODUHIOH[LyQTXHWDPELpQHOPLVPR+RUNKHLPHUKDEtD
LQWURGXFLGR SDUD FRQVWUXLU XQD SVLFRORJtD FDSD] GH LQWHJUDUVH GHQWUR GH XQD

LQYHVWLJDFLyQVRFLDOLQWHUGLVFLSOLQDU
1LHODSDUDWRH[WHULRUGHOSRGHUQLORVLQWHUHVHVUDFLRQDOHVVHUtDQVXILFLHQWHVSDUDJDUDQWL]DUHO
IXQFLRQDPLHQWR GH OD VRFLHGDG VL ORV LPSXOVRV OLELGLQDOHV GH ORV KRPEUHV QR HVWXYLHUDQ
LQYROXFUDGRVeVWRVDFW~DQDVtFRPRHOFHPHQWRSRUDVtGHFLUORVLQHOTXHODVRFLHGDGQR
SRGUtDUHXQLUVH\TXHFRQWULEX\HDODSURGXFFLyQGHLPSRUWDQWHVLGHRORJtDVVRFLDOHVHQWRGDV
ODVHVIHUDVFXOWXUDOHV>@

)URPP SRQH DTXt HQ UHODFLyQ GRV FRQFHSWRV SURFHGHQWHV GH PDUFRV
FDWHJRULDOHV GLIHUHQWHV FRQ REMHWR GH DQDOL]DU HO SURFHVR GH OD VRFLDOL]DFLyQ
SXOVLRQDO TXH REOLJD D ODV HQHUJtDV OLELGLQDOHV D DGDSWDUVH DO VLVWHPD H[LJLGR
VRFLDOPHQWH >@ (Q SULPHU OXJDU FRPR ORV SVLFRDQDOLVWDV GH RULHQWDFLyQ
PDU[LVWDGHODpSRFDFRPLHQ]DSUHVXSRQLHQGRTXHODVH[LJHQFLDVLQVWLWXFLRQDOHV
TXH UHFODPD HO VLVWHPD FDSLWDOLVWD \ VX PRGR GH WUDEDMR VRFLDO TXHGDQ
UHSUHVHQWDGDVSRUORVSDGUHVIUHQWHDOLQGLYLGXRHQSURFHVRGHFUHFLPLHQWR'H
DKt TXH OD IDPLOLD FRQVWLWX\D HO PHGLR VRFLDO HQ HO TXH ORV LPSHUDWLYRV
VRFLRHFRQyPLFRV GH FRPSRUWDPLHQWR VH SUHVHUYDQ EDMR ORV HIHFWRV GH OD
VRFLDOL]DFLyQ3RURWURODGRHQXQVHJXQGRPRPHQWRWRPDQGRFRPRPRGHOR
ODLQWHUSUHWDFLyQTXH.DUO$EUDKDP\DDQWHVUHDOL]DUDGHODGRFWULQDIUHXGLDQD
GHOFDUiFWHU)URPPUHWRPDODLGHDGHTXHODHVWUXFWXUDGHODSHUVRQDOLGDGGH
XQ VHU KXPDQR VH FRPSRQH GH GHWHUPLQDGRV UDVJRV GH FRPSRUWDPLHQWR
FRQVROLGDGRV FRUUHVSRQGLHQWHV D XQ HVWDGLR GHO GHVDUUROOR SVLFRVH[XDO (O
FDUiFWHULQGLYLGXDOHVSRUWDQWRXQKD]GHLPSXOVRVPX\GHWHUPLQDGRVSRUOD
IDVH HUyWLFD LQIDQWLO PiV WHPSUDQD 6L VXPDPRV DPEDV LGHDV WHQHPRV OD WHVLV
IXQGDPHQWDOGHODSVLFRORJtDVRFLDOGH)URPPODVSUiFWLFDVHGXFDWLYDVGHORV
SDGUHV TXH UHIOHMDQ OD FRDFFLyQ H[WHULRU GH OD VRFLHGDG GHQWUR GH OD IDPLOLD
ILMDQHOGHVDUUROORSVLFRVH[XDOGHOQLxRHQHOHVWDGLRFRUUHVSRQGLHQWHDOHVTXHPD
GH FRPSRUWDPLHQWR VRFLDOPHQWH H[LJLGR SRU HO FRQWUDULR ORV HOHPHQWRV
SXOVLRQDOHV TXH WUDWDQ GH LPSXOVDUVH PiV DOOi GH ODV IRUPDV GH H[SUHVLyQ
YDORUDGDV GHQWUR GHO HVSHFWUR IDPLOLDU VRQ R ELHQ VXEOLPDGRV D SDUWLU GH HVH
PRPHQWR R GLUHFWDPHQWH UHSULPLGRV /RV LPSXOVRV OLELGLQDOHV GHO VXMHWR HQ
SURFHVRGHFUHFLPLHQWRVRQLQFRUSRUDGRVSRUORWDQWRGHQWURGHORVFDQDOHV
GHDFFLyQGHVHDGRVVRFLDOPHQWH
'H DKt TXH FXDQGR +RUNKHLPHU KDEOH GH OD SVLFRORJtD FRPR XQD

VXEGLVFLSOLQDGHQWURGHODWHRUtDVRFLDOFUtWLFDWHQJDHQPHQWHHVDFRQFHSFLyQ
SVLFROyJLFRVRFLDO TXH )URPP HPSH]DUD D GHVDUUROODU HQ VXV DUWtFXORV D
FRPLHQ]RV GH ORV DxRV WUHLQWD 8Q PRGHOR TXH DUUDQFD SULPHUR FRQ VXV
HVWXGLRV VREUH ODV GLIHUHQWHV HVWUXFWXUDV GH SHUVRQDOLGDG HQ FRQH[LyQ FRQ ODV
FODVHV VRFLDOHV \ TXH SURVLJXH HQ OD DPELFLRVD LQYHVWLJDFLyQ VREUH HO WHPD
$XWRULGDG \ IDPLOLD TXH GHQWUR GHO PDUFR GHO ,QVWLWXWR pO PLVPR UHDOL]DUD
SDUWLHQGR GHO FRQFHSWR GH FDUiFWHU VDGRPDVRTXLVWD XQD QRFLyQ TXH SDUD
)URPP DWUDYLHVD HO SUREOHPD GH FODVH VRFLDO >@ (Q OD PHGLGD HQ TXH
+RUNKHLPHUQRFRQVLGHUDRSRUWXQRUHDOL]DUQLQJXQDUHYLVLyQFRQFHSWXDOGHORV
SODQWHDPLHQWRV RULJLQDOHV VH YH REOLJDGR D DVXPLU QHFHVDULDPHQWH ORV SXQWRV
GpELOHVGHOSULPHUPRGHOR)URPPSHUPLWHTXHORVFRQFHSWRVIXQGDPHQWDOHVGH
OD WHRUtD SVLFRDQDOtWLFD GH OD SHUVRQDOLGDG \ ORV GH OD WHRUtD HFRQyPLFD GH OD
VRFLHGDG VH HQWUHFUXFHQ GLUHFWDPHQWH HQWUH DPERV PDUFRV FDWHJRULDOHV OD
GLPHQVLyQ GH OD DFFLyQ VRFLDO HQ FX\D UHDOLGDG FRQFUHWD VH IRUPD
SDXODWLQDPHQWH HO SRWHQFLDO SXOVLRQDO LQGLYLGXDO TXHGD SRU DVt GHFLUOR
SXOYHUL]DGD /D IDPLOLD TXH UHSUHVHQWD HQ HO PDUFR GH UHIHUHQFLD GH OD
FRQFHSFLyQGH)URPPHOFRQWH[WRVRFLDOFRPXQLFDWLYRJHQHUDODSDUHFHFRPR
PHUD IXQFLyQ GH XQ SURFHVR HFRQyPLFR PXFKR PiV DPSOLR ORV LPSHUDWLYRV
IXQFLRQDOHV GH OD HFRQRPtD FDSLWDOLVWD IXQFLRQDQ FRPR FRDFFLRQHV SUiFWLFDV
GHQWUR GH ORV SURFHVRV GH LQWHUDFFLyQ IDPLOLDU FRQ ORV TXH HO QLxR KD GH
FRQIURQWDUVHGHVGHXQSULPHUPRPHQWR(QODHVWUXFWXUDIpUUHDGHHVWHFRQMXQWR
GH H[LJHQFLDV VLVWpPLFDV GHWHUPLQDGDV HQ ~OWLPD LQVWDQFLD SRU ODV SUiFWLFDV
HGXFDWLYDV SDUHQWDOHV ORV LPSXOVRV OLELGLQDOHV GHO DGROHVFHQWH VH GHVDUUROODQ
DSDUHQWHPHQWH VLQ SUREOHPDV (O FHUUDGR IXQFLRQDOLVPR HQ HO TXH WHUPLQD
UHFD\HQGR HVWH PRGHOR HV DVt HO Q~FOHR HVFRQGLGR GH OD SVLFRORJtD VRFLDO GH
)URPP&RPR+HOPXW'DKOHUKDVHxDODGRVHWUDWDGHXQSODQWHDPLHQWRTXHVH
HQFXHQWUDPX\SUy[LPRDXQDWHRUtDGHODVRFLDOL]DFLyQWRWDO>@SXHVWRTXH
QL SRU XQ ODGR HQ RSRVLFLyQ SRU HMHPSOR D ODV IXHU]DV VLVWpPLFDV GH OD
HFRQRPtD QL SRU RWUR VH UHFRQRFH D OD GLVSRVLFLyQ DIHFWLYD LQGLYLGXDO OD
SRVLELOLGDGGHXQH[FHVROLELGLQDOQLDODDFFLyQVRFLDODOJ~QWLSRGHDXWRQRPtD
VRFLDOL]DGRUD IUHQWH D ODV FRDFFLRQHV GHO VLVWHPD HFRQyPLFR +RUNKHLPHU
SDUHFH VHU FRQVFLHQWH GH HVWD VLWXDFLyQ &RPR VL EXVFDVH HYLWDU HO ULHVJR GH
UHGXFFLRQLVPRHFRQyPLFRHQHOTXHGHVHPERFDUtDODWHRUtDVRFLDOHQHOFDVRGH

TXH TXHGDVH FRWRFLUFXLWDGD SRU OD FRPELQDFLyQ GH OD SVLFRORJtD VRFLDO GH
)URPP \ HO DQiOLVLV GHO FDSLWDOLVPR UHDOL]DGR SRU 3ROORFN +RUNKHLPHU
LQWURGXFH XQD WHUFHUD GLPHQVLyQ GH UHSURGXFFLyQ VRFLDO HQWUH HO PDUFR GH OD
VRFLDOL]DFLyQGHODVSXOVLRQHVLQGLYLGXDOHV\XQVLVWHPDGHWUDEDMRVRFLDOPXFKR
PiVDPSOLRDVDEHUODFXOWXUD(OFRQFHSWRGHFXOWXUDUHSUHVHQWDDSULPHUD
YLVWD HO PHGLR FDWHJRULDO JUDFLDV DO FXDO pO HVSHUD UHVLVWLUVH D HVH SHOLJUR GH
FRQGXFLU OD 7HRUtD &UtWLFD GH OD VRFLHGDG D XQ IXQFLRQDOLVPR SRWHQFLDO SRU
PHGLR GH OD DSOLFDFLyQ H[FOXVLYD GHO SVLFRDQiOLVLV \ GH OD HFRQRPtD SROtWLFD
$KRUD ELHQ HO RVFXUR VLJQLILFDGR \ OD DPELYDOHQWH SRVLFLyQ TXH YD D RFXSDU
HVWHFRQFHSWRHQHOPDUFRGHODFLHQFLDVRFLDOLQWHUGLVFLSOLQDULDQRVHUiQVLQRODV
FRQVHFXHQFLDV GHULYDGDV GHO UHGXFFLRQLVPR FRQFHSWXDO GH +RUNKHLPHU \ VX
ILORVRItDGHODKLVWRULD
3RUXQODGR+RUNKHLPHUFXHQWDFRQXQDHVIHUDGHDFFLyQFXOWXUDOTXHVH
H[WLHQGH D OR ODUJR GH ORV VXEVLVWHPDV VRFLDOPHQWH GLIHUHQFLDGRV GH OD
SURGXFFLyQHVWpWLFDRLQWHOHFWXDOHLQFOX\HHOiPELWRUHIHUHQWHDODVH[SUHVLRQHV
VLPEyOLFDV\ODVLQWHUDFFLRQHVVRFLDOHV(QVXGLVFXUVRLQDXJXUDOFRPRGLUHFWRU
GHO,QVWLWXWRGH,QYHVWLJDFLyQ6RFLDO+RUNKHLPHUSDUWHGHOKHFKRGHTXHOD
FXOWXUDUHSUHVHQWDXQDWHUFHUDGLPHQVLyQGHQWURGHODUHSURGXFFLyQVRFLDOTXH
MXQWR FRQ HO VLVWHPD GHO WUDEDMR VRFLDO \ OD VRFLDOL]DFLyQ GH ODV SXOVLRQHV
LQGLYLGXDOHVGHEHVHUDWHQGLGDSRUXQDFLHQFLDVRFLDOLQWHUGLVFLSOLQDULDVLTXLHUH
DQDOL]DU OD LQWHJUDFLyQ GH ORV LPSHUDWLYRV IXQFLRQDOHV GH OD HFRQRPtD HQ HO
PDUFR VLHPSUH IUiJLO GH OD YLGD VRFLDO 'H DKt TXH OD 7HRUtD &UtWLFD GH OD
VRFLHGDGGHVFDQVHVREUHWUHVGLVFLSOLQDVEiVLFDVODHFRQyPLFDODSVLFROyJLFD\
ODFXOWXUDO
/DVGLVFXVLRQHVDFHUFDGHODVRFLHGDGSURFHGHQWHVQRVyORGHODILORVRItDVRFLDOHQWHQGLGDHQ
VXVHQWLGRPiVOLPLWDGRVLQRPiVELHQHQORVFtUFXORVVRFLROyJLFRVDVtFRPRILORVyILFRVHQ
JHQHUDO SDXODWLQDPHQWH KDQ FULVWDOL]DGR DOUHGHGRU GH XQD FXHVWLyQ TXH QR VyOR SRVHH
PHUDPHQWHUHOHYDQFLDFRQWHPSRUiQHDVLQRTXHHVDOPLVPRWLHPSRODIRUPXODFLyQDFWXDOGH
XQSUREOHPDILORVyILFRPiVDQWLJXRHLPSRUWDQWHDVDEHUODFXHVWLyQGHODUHODFLyQH[LVWHQWH
HQWUH OD YLGD HFRQyPLFD GH OD VRFLHGDG HO GHVDUUROOR SVtTXLFR GH ORV LQGLYLGXRV \ ODV
WUDQVIRUPDFLRQHV DFDHFLGDV HQ OD HVIHUD FXOWXUDO HQ VX VHQWLGR PHQRV DPSOLR D ODV TXH
SHUWHQHFH QR VyOR DO OODPDGR FRQWHQLGR HVSLULWXDO GH OD FLHQFLD HO DUWH \ OD UHOLJLyQ VLQR
WDPELpQHOGHUHFKRODVFRVWXPEUHVODPRGDODRSLQLyQS~EOLFDHOGHSRUWHIRUPDVGHRFLRHO
HVWLORGHYLGDHWF (OREMHWLYRGHLQYHVWLJDUODUHODFLyQHQWUHHVWRVWUHVSURFHVRVQRHVVLQR

OD IRUPXODFLyQ DSURSLDGD DO HVWDGR GH QXHVWUR FRQRFLPLHQWR \ PHWRGRORJtD GH OD DQWLJXD
FXHVWLyQGHODFRQH[LyQHQWUHH[LVWHQFLDVLQJXODU\UD]yQXQLYHUVDOHQWUHUHDOLGDGHLGHDYLGD
\HVStULWXVyORTXHDKRUDUHIHULGDDXQDQXHYDFRQVWHODFLyQGHSUREOHPDV>@

/DFDWHJRUtDGHFXOWXUDDTXtLQYRFDGDTXHFLHUWDPHQWHUHFXHUGDHOXVRGHO
FRQFHSWR DKRUD LPSRUWDGR SRU OD VRFLRORJtD DOHPDQD GH OD KLVWRULD FXOWXUDO
LQJOHVD\ODVRFLRORJtDGHODFODVHREUHUD>@KDFHUHIHUHQFLDDXQFDPSRGHOD
DFFLyQVRFLDOHQHOTXHORVJUXSRVVRFLDOHVFUHDQYDORUHVFRPXQHVORVREMHWLYDQ
HQ ODV LQVWLWXFLRQHV GH OD YLGD FRWLGLDQD \ TXH VH FRQVHUYDQ EDMR OD IRUPD GH
H[SUHVLRQHV VLPEyOLFDV /D GLPHQVLyQ GH OD UHSURGXFFLyQ VRFLDO D OD TXH
+RUNKHLPHUSDUHFHDSXQWDUSRUWDQWRFRQODD\XGDGHXQDFDWHJRUtDGHFXOWXUD
VHPHMDQWHQRHVRWUDTXHODGHODSURGXFFLyQ\DVHJXUDPLHQWRGHODVHYLGHQFLDV
QDWXUDOHV FRJQLWLYDV \ QRUPDWLYDV HQ HO PHGLR GH OD DFFLyQ VRFLDO HVWRV
PRGHORVYDORUDWLYRVGHRULHQWDFLyQSURGXFLGRVGHQWURGHJUXSRVHVSHFtILFRV\
FRQVROLGDGRV FRPXQLFDWLYDPHQWH VLUYHQ SDUD PHGLDU HQWUH HO VLVWHPD GHO
WUDEDMRVRFLDO\ODIRUPDFLyQGHODVPRWLYDFLRQHVLQGLYLGXDOHVGDGRTXHHQVX
PDUFR GH DFFLyQ ODV FRQVWULFFLRQHV HFRQyPLFDV D OD DFFLyQ DSDUHFHQ
UHLQWHUSUHWDGDVDODOX]GHODVSUiFWLFDVFRWLGLDQDV\HQHVDPHGLGDFRQVHUYDGDV
GH XQD IRUPD VRFLDOPHQWH HIHFWLYD (O SRWHQFLDO QDWXUDO FDUDFWHUtVWLFR GH ORV
LPSXOVRVKXPDQRV\ODVIXHU]DVVRFLDOPHQWHLQGHSHQGLHQWHVGHODUHSURGXFFLyQ
HFRQyPLFD VH GHVYtDQ KDFLD OD IXQGDFLyQ DFWLYD GH XQDV LQWHUSUHWDFLRQHV GHO
PXQGR FRWLGLDQR HQ ODV TXH ORV VXMHWRV VH YHQ IRU]DGRV XQD \ RWUD YH] D
DVHJXUDU UHFtSURFDPHQWH ORV VLJQLILFDGRV \ YDORUHV VRFLDOHV TXH FRPSDUWHQ
6yORSRUPHGLRGHOILOWURGHHVWDVQRUPDVFROHFWLYDVGHDFFLyQILMDGDVDODUJR
SOD]RHQODVLQWHUSUHWDFLRQHVHVSHFtILFDVGHOJUXSRGHODOH\\ODPRUDOLGDG
\ TXH DSDUHFHQ VLPEyOLFDPHQWH UHSUHVHQWDGDV HQ ODV IRUPDV KDELWXDOHV GH OD
PRGD\HOHVWLORGHYLGDSXHGHQOOHJDUDLQWURGXFLUVHH[LWRVDPHQWHWDQWRODV
FRQVWULFFLRQHV D OD DFFLyQ SUHYLDPHQWH IRUPDGDV GHVGH DUULED FRPR ODV
PRWLYDFLRQHV GH DFFLyQ UHSULPLGDV GHVGH GHQWUR HQ HO FRQWH[WR YLWDO GH ORV
VXMHWRV VRFLDOL]DGRV (O FHPHQWR SRU DVt GHFLUOR GH XQD VRFLHGDG TXH HQ
SDODEUDVGH+RUNKHLPHU >@VRVWLHQH DUWLILFLDOPHQWHVXVSDUWHV GLULJLGDVD OD
LQGHSHQGHQFLD >@ VH FRPSRQH HQWRQFHV GH XQDV RULHQWDFLRQHV SUiFWLFDV
FXOWXUDOPHQWH JHQHUDGDV \ FRQWLQXDPHQWH UHQRYDGDV HQ ODV TXH ORV JUXSRV
VRFLDOHVVRQFDSDFHVGHLQWHUSUHWDUVXVUHVSHFWLYDVQHFHVLGDGHVLQGLYLGXDOHVDVt

FRPRODVWDUHDVTXHVHOHVH[LJHQEDMRODVFRQGLFLRQHVGHODGLYLVLyQGHWUDEDMR
SURSLDGHFODVH6LQHPEDUJR+RUNKHLPHUQRVDFDHVWDFRQFOXVLyQHQOXJDUGH
HVWRDQWHVLQFOXVRGHOOHJDUDVHUFRQVFLHQWHKDVWDHOILQDOGHODOyJLFDWHyULFR
SUiFWLFD GHO SURSLR XVR TXH KDFH GHO FRQFHSWR YXHOYH D XQD OtQHD GH
SHQVDPLHQWRPiVWUDGLFLRQDOTXH\DQRVHUHILHUHDXQGRPLQLRHVSHFtILFRGHOD
DFFLyQ VRFLDO VLQR TXH PiV ELHQ WLHQH TXH YHU FRQ HO SXQWR GH YLVWD GH ORV
DJHQWHVGHVRFLDOL]DFLyQH[WHQGLGRVRFLDOPHQWH(QHOPDUFRFDWHJRULDOTXHHVWi
DODEDVHGHOSURJUDPDKRUNKHLPHULDQRGHFLHQFLDVRFLDOLQWHUGLVFLSOLQDULDHVWH
VHJXQGRFRQFHSWRGHFXOWXUDHVPX\VLJQLILFDWLYR
(OSURFHVRGHSURGXFFLyQLQIOX\HHQORVKRPEUHVQRVyORHQODIRUPDGLUHFWD\SUHVHQWHWDO
FRPR HOORV OR YLYHQ HQ VX WUDEDMR VLQR WDPELpQ HQ OD IRUPD HQ TXH DTXHO VH FRQVHUYD
PHGLDGRHQODVLQVWLWXFLRQHVUHODWLYDPHQWHHVWDEOHVHVGHFLUGHWUDQVIRUPDFLyQOHQWDFRPR
IDPLOLD HVFXHOD LJOHVLD RUJDQL]DFLRQHV DUWtVWLFDV \ RWUDV VHPHMDQWHV 5HVSHFWR D OD
FRPSUHQVLyQGHOSUREOHPDGHSRUTXpXQDVRFLHGDGIXQFLRQDGHFLHUWDPDQHUDGHSRUTXpHV
HVWDEOHRVHGLVXHOYHHVHVHQFLDOVHJ~QHVWRHOFRQRFLPLHQWRGHODFRPSOH[LyQSVtTXLFDGH
ORVKRPEUHVHQORVGLYHUVRVJUXSRVVRFLDOHVGHOPRGRHQTXHVXFDUiFWHUVHKDFRQILJXUDGR
HQFRQH[LyQFRQWRGDVODVSRWHQFLDVFXOWXUDOHVIRUPDWLYDVSURSLDVGHODpSRFD>@

3XHGH GHFLUVH TXH HV HO SURSLR VLVWHPD GH UHIHUHQFLD GHO FRQFHSWR GH
FXOWXUD\QRVyORVXVHQWLGRFRQFHSWXDOHOTXHVHKDYLVWRWUDQVIRUPDGRDKRUDHQ
HO FRQWH[WR GH HVWD DUJXPHQWDFLyQ $TXt +RUNKHLPHU KD GH YpUVHODV FRQ XQD
VHULHGHGLVSRVLWLYRVFXOWXUDOHVTXHVLUYHQFRPRPHGLDFLyQHQWUHODVH[LJHQFLDV
GHFRPSRUWDPLHQWRGHODSURGXFFLyQVRFLDO\ORVVXMHWRVDWUDYpVGHSURFHVRV
HVWDEOHPHQWH LQVWLWXFLRQDOL]DGRV RULHQWDGRV D OD HGXFDFLyQ \ OD IRUPDFLyQ ORV
SURFHGLPLHQWRV HGXFDWLYRV SDUHQWDOHV ORV FXUULFXOD HVFRODUHV R ORV ULWXDOHV
UHOLJLRVRV UHSUHVHQWDQ HQ WRGDV ODV FODVHV VRFLDOHV PHGLRV LQIOX\HQWHV HQ ORV
TXH VH UHIOHMDQ ODV FRQVWULFFLRQHV GH FRPSRUWDPLHQWR GHO VLVWHPD HFRQyPLFR
VREUH OD SVLTXH LQGLYLGXDO IDFWRUHV FLHUWDPHQWH TXH DFW~DQ GH XQD IRUPD
LQGLUHFWDRIUDJPHQWDULDDXQTXHHQUHDOLGDGWRGDODYLGD\GHPRGRFRQWLQXR
&RQ HVWH PRGR GH HQWHQGHU HO FRQFHSWR GH FXOWXUD SXHGH GHFLUVH TXH
+RUNKHLPHU VH DSUR[LPD D OD QRFLyQ PDU[LVWD IXQGDPHQWDO GH
VXSHUHVWUXFWXUDDSHVDUGHOKHFKRGHTXHpOVXEUD\DPiVODGLQiPLFDLQWHUQD
GHORVGLVSRVLWLYRVLQVWLWXFLRQDOHVTXHVXVDQWHFHVRUHV>@(VGHFLUHOVLVWHPD
GHUHIHUHQFLDTXHDTXtVHUHYHODGHFLVLYROLPLWDDKRUDHOFRQFHSWRGHFXOWXUDD

ODVLQVWLWXFLRQHVSHUPDQHQWHPHQWHVHGLPHQWDGDV\ILMDGDVGHVSOD]DGDVDSULPHUD
YLVWD GHO IOXMR FRWLGLDQR GH DFFLyQ (O PRGHOR UHDO KDFLD HO TXH VH GLULJH HO
VHJXQGRFRQFHSWRGHFXOWXUDDFXxDGRSRU+RUNKHLPHUQRHVSRUWDQWRHOGHOD
SURGXFFLyQFRRSHUDWLYDGHSDXWDVGHRULHQWDFLyQQRUPDWLYDVHVWRHVGHDFFLyQ
FXOWXUDO VLQR HO GH OD IXQFLyQ VRFLDOL]DGRUD GH ORV GLVSRVLWLYRV FXOWXUDOHV OD
LQVWLWXFLyQFXOWXUDOFRPRWDO
+RUNKHLPHU QR KDFH RWUD FRVD TXH WUDQVIRUPDU HO FRQFHSWR WHyULFR
SUiFWLFR GH FXOWXUD TXH SDUHFtD WHQHU HQ PHQWH HQ VX OHFFLyQ LQDXJXUDO HQ
GLUHFFLyQ D XQD FRQFHSFLyQ GH FXxR PiV WHyULFRLQVWLWXFLRQDO HVWR HV
HQWHQGLpQGRORFRPRDSDUDWRFXOWXUDO>@ODFXOWXUDDSDUHFHDKRUDHQPHGLR
GHOVLVWHPDGHOWUDEDMRVRFLDO\HOSRWHQFLDOSXOVLRQDOSOiVWLFRGHOVHUKXPDQR
EDMRODLQIOH[LEOHILJXUDGHSURFHVRVRUJDQL]DGRVGHDSUHQGL]DMHTXHLQFRUSRUDQ
ODVH[SHFWDWLYDVGHFRPSRUWDPLHQWRH[LJLGDVSRUODHFRQRPtDFRPRREMHWLYRV
OLELGLQDOHV GH DFFLyQ HQ OD SVLTXH LQGLYLGXDO (Q FDVL WRGRV ORV WH[WRV TXH
+RUNKHLPHUSXEOLFDGXUDQWHODGpFDGDGHORVDxRVWUHLQWDHQOD=HLWVFKULIWIU
6R]LDOIRUVFKXQJHVWHFRQFHSWRGHLQVWLWXFLyQFXOWXUDOUHPSOD]DDOFRQFHSWRGH
FXOWXUD PiV RULHQWDGR D OD SUD[LV 'H HVWH PRGR HO UHGXFFLRQLVPR FDWHJRULDO
SURSLRGHVXILORVRItDGHODKLVWRULDTXHGDDVHJXUDGRGHQWURGHVXWHRUtDGHOD
FLHQFLDVRFLDO'HKHFKRQRHVFDSD]GHVHJXLUGHVDUUROODQGRHOFRQFHSWRGH
DFFLyQFXOWXUDOSRUTXHVXPRGHORILORVyILFRKLVWyULFRIXQGDPHQWDODSHQDVGHMD
HVSDFLRDOJXQRDOODGRGHODWUDQVIRUPDFLyQVRFLDOGHODQDWXUDOH]DSDUDRWUR
WLSRGHDFFLyQVRFLDO
(QUHDOLGDGVyORXQFRQFHSWRWHyULFRLQVWLWXFLRQDOGHFXOWXUDTXHVHDFDSD]
GHFDSWDU\DSRGHUDUVHGHODIXQFLyQGHLQWHJUDFLyQVRFLDOGHORVGLVSRVLWLYRV
SHGDJyJLFRV\UHOLJLRVRVHVHOTXHSXHGHOOHJDUDVHUFRPSDWLEOHFRQXQDYLVLyQ
GH OD KLVWRULD TXH UHGXFH HO FRQMXQWR GHO GHVDUUROOR FLYLOL]DWRULR D XQ ~QLFR
SURFHVRGHDPSOLDFLyQSDXODWLQD\UHILQDPLHQWRGHODVFDSDFLGDGHVKXPDQDVGH
WUDEDMR (Q HVWH SURFHVR SXHV XQ PDUFR LQVWLWXFLRQDOL]DGR GH DJHQWHV
FXOWXUDOHVKDGHDVXPLUODIXQFLyQGHJHQHUDUFRQWLQXDPHQWHHQFDGDHVWDGLRGH
GHVDUUROOR ODV PRWLYDFLRQHV SUiFWLFDV TXH VRQ UHTXHULGDV SRU OD RUJDQL]DFLyQ
VRFLDO GHO WUDEDMR DVt FRPR DSR\DU LGHROyJLFDPHQWH OD GLVWULEXFLyQ \D
HVWDEOHFLGDFRQVROLGDGDGHSULYLOHJLRV/DVLQVWLWXFLRQHVFXOWXUDOHVVRQGHHVWH
PRGRIDFWRUHVGHHVWDELOL]DFLyQGHQWURGHOSURFHVRGHSHUIHFFLRQDPLHQWRGHOD

GRPLQDFLyQ VRFLDO GH OD QDWXUDOH]D FRQ SRGHU SDUD LQWHUYHQLU HQ HO SRWHQFLDO
SXOVLRQDOLQGLYLGXDO$KRUDELHQGHQWURGHOPDUFRGHHVWHPRGHORGHKLVWRULD
+RUNKHLPHU SXHGH DGPLWLU WDQ GLItFLOPHQWH XQ FRQFHSWR GH SUD[LV FXOWXUDO TXH
KDJD UHIHUHQFLD D OD DFWLYLGDG FRRSHUDWLYD RULHQWDGD D OD SURGXFFLyQ \
DVHJXUDPLHQWR GH ODV RULHQWDFLRQHV SUiFWLFDV HVSHFtILFDV GH JUXSRV GHVGH XQ
SXQWR GH YLVWD VLVWHPiWLFR FRPR XQ FRQFHSWR GH DFWLWXG FUtWLFD GH DSOLFDFLyQ
HSLVWHPROyJLFD DPEDV SRVLELOLGDGHV TXHGDQ H[FOXLGDV HQ VX PDUFR
KHUPHQpXWLFRHQYLUWXGGHVXLQWHQWRGHGHULYDUWRGDSRVLEOHDFFLyQKXPDQDGHO
WUDEDMR<HVTXHHQORVGRVFRQFHSWRV+RUNKHLPHUDSXQWDHQHOiPELWRGHOD
WHRUtD PiV DOWR GH OR TXH SXHGH UHDOPHQWH GDU GH Vt VX LGHD GH ILORVRItD GH
KLVWRULD(QWUHHOPRGHORPDU[LVWDGHWUDEDMRVRFLDO\HOPRGHORSVLFRDQDOtWLFR
GH VRFLDOL]DFLyQ GH ODV SXOVLRQHV LQGLYLGXDOHV QR H[LVWH XQ WHUFHU HVTXHPD
WHyULFRGLVSRQLEOHTXHSXHGDVHUYLUSDUDGHVDUUROODUHQWpUPLQRVFRQFHSWXDOHVOD
HVWUXFWXUD ~OWLPD VXE\DFHQWH ELHQ D OD SUD[LV FXOWXUDO ELHQ DO FRQIOLFWR VRFLDO
eVWDHVGHKHFKRODUD]yQSRUODTXH+RUNKHLPHUILQDOPHQWHSHVHDKDEHUORV
LQWURGXFLGR VH YH REOLJDGR D GHMDU LQXWLOL]DGRV WDQWR HO FRQFHSWR WHyULFR
SUiFWLFRGHFXOWXUDFRPRHOGHDFWLWXGFUtWLFD
6L VHJXLPRV ODV VXJHUHQFLDV LPSOtFLWDV HQ ORV HQVD\RV WHPSUDQRV GH
+RUNKHLPHUREVHUYDPRVTXHODLGHDGHOXFKDVRFLDOQRDSDUHFHVLQRFRPROD
FRQWUDSDUWLGD FRQIOLFWLYD GH OD DFFLyQ FXOWXUDO (Q VX DFFLyQ FRWLGLDQD ORV
PLHPEURV GH XQ JUXSR VRFLDO KDQ DUPRQL]DGR VXV LQWHUHVHV FRQGLFLRQDGRV GH
FODVH \ VXV QHFHVLGDGHV HVSHFtILFDV HQ HO PDUFR GH RULHQWDFLRQHV YDORUDWLYDV
UHODWLYDPHQWH HVWDEOHV \ GH SDXWDV KHUPHQpXWLFDV TXH SHUPLWHQ VLQ ULHVJR GH
SpUGLGDGHVXLGHQWLGDGSVtTXLFDSDUWLFLSDUGHIRUPDDFWLYDHQODVHVWUXFWXUDV
LQVWLWXFLRQDOL]DGDV GH XQ RUGHQ VRFLDO (Q HO KRUL]RQWH GH HVWRV VLVWHPDV
FXOWXUDOHV GH DFFLyQ TXH KDQ DGTXLULGR XQD FLHUWD HVWDELOLGDG HQ ODV IRUPDV
WUDGLFLRQDOHV GH LQWHUDFFLyQ \ ORV yUGHQHV VLPEyOLFRV OD GLVWULEXFLyQ GH ODV
FDUJDV HVSHFtILFDV GH FODVH DSDUHFH OLPLWDGD D XQD PHGLGD ELRJUiILFDPHQWH
VRSRUWDEOHGHOPLVPRPRGRTXHODVH[LJHQFLDVSXOVLRQDOHVLQGLYLGXDOHVTXHGDQ
LQWHJUDGDV HQ XQD RUJDQL]DFLyQ FDOFXODEOH GH QHFHVLGDGHV (O KRUL]RQWH GH
RULHQWDFLyQHVSHFtILFRGHJUXSRTXHVXSXHVWDPHQWHFXPSODDPEDVIXQFLRQHVHV
DGHFLUYHUGDGH[WUHPDGDPHQWHIUiJLOWRGDYH]TXHpODOPLVPRWLHPSRWLHQH
TXH UHQRYDUVH \ FRQILUPDUVH FRQVWDQWHPHQWH SRU ORV PLHPEURV GHO JUXSR HQ

FXHVWLyQ LQFOXVR ORV DFRQWHFLPLHQWRV LQHVSHUDGRV \ OD LQIRUPDFLyQ KDVWD HVH


PRPHQWR GHVFRQRFLGD SXHGHQ LQWHUUXPSLU HO UHVWDEOHFLPLHQWR GH ODV
RULHQWDFLRQHV SUiFWLFDV \D HVWDEOHFLGDV \ SRQHU HQ SHOLJUR HO IUiJLO PDUFR
QRUPDWLYRGHXQJUXSRVRFLDO/DDFWLWXGFUtWLFDHVDTXtHOSURFHVRFRRSHUDWLYR
GLULJLGR DO H[DPHQ \ SUREOHPDWL]DFLyQ GH SUHVXQWDV HYLGHQFLDV UHSURGXFLGDV
KDELWXDOPHQWHGHQWURGHXQJUXSRHVWHSURFHVRHVLPSXOVDGRSRUH[SHULHQFLDV
D~QQRSXHVWDVGHPDQLILHVWRKHUPHQpXWLFDPHQWHTXHDUURMDQQXHYDOX]VREUH
FLHUWD FDQWLGDG GH FDUJDV \ UHQXQFLDV OLELGLQDOHV TXH KDVWD HVWH PRPHQWR QR
KDEtDQVLGRREMHWRGHGHVYHODPLHQWR/DLQWHUUXSFLyQGHODDFWLYLGDGFRWLGLDQD
DVHJXUDGD \ SURWHJLGD FXOWXUDOPHQWH REOLJD D ORV PLHPEURV GHO JUXSR HQ
FXHVWLyQ D FRUUHJLU \ DPSOLDU HO KRUL]RQWH GH RULHQWDFLyQ WUDQVPLWLGR HQ OD
UHDOLGDGTXHHVGHUHSHQWHSXHVWDHQHYLGHQFLD'HDKtTXHODDFWLWXGFUtWLFDQR
VHD VLQR OD FRQWLQXDFLyQ UHIOH[LYD GH XQD VLWXDFLyQ GH FRPXQLFDFLyQ FRWLGLDQD
VDFXGLGD HQ VX DXWRFRPSUHQVLyQ 6REUH HVWD EDVH HO FRQIOLFWR VRFLDO SXHGH
HQWHQGHUVH FRPR OD RUJDQL]DFLyQ FRRSHUDWLYD GH HVWD FUtWLFD FRWLGLDQD VHUtD
DOJRDVtFRPRXQLQWHQWRGHORVJUXSRVVRFLDOHVREOLJDGRVEDMRODVFRQGLFLRQHV
GHODGLYLVLyQGHOWUDEDMRHVSHFtILFDGHFODVH\ODVFDUJDVH[FHVLYDVGHOOHJDUD
LPSRQHUHQHOPDUFRGHODVHVWUXFWXUDVQRUPDWLYDVGHODDFFLyQVRFLDOSDXWDV
OHJtWLPDV GH DFFLyQ DGTXLULGDV SRU OD H[SHULHQFLD UHSHWLGD GH VLWXDFLRQHV GH
LQMXVWLFLDSDGHFLGDV+RUNKHLPHUVLQHPEDUJRVHYHREOLJDGRDGHMDUWDPELpQ
VLQGHILQLUHQWpUPLQRVWHyULFRVHVWHPRGHORGHDFWLWXGFUtWLFDSRUTXHpOQRHV
FDSD]GHGHVFLIUDUHOVHQWLGRJHQXLQRGHXQFDVRQRUPDOL]DGRGHDFFLyQHQOD
YLGDFRWLGLDQD(OSRGHUGHVHGXFFLyQGHVXPRGHOREiVLFRGHSHQGLHQWHGHVX
FRQFHSFLyQILORVyILFDGHODKLVWRULDHVWDQGHFLVLYRTXHpOQRSXHGHSRUPHQRV
GH UHGXFLU LQFOXVR DQWHV GH TXH SXHGD GHVDUUROODU HVWR HQ WpUPLQRV
FRQFHSWXDOHV WDQWR OD DFFLyQ FRWLGLDQD RULHQWDGD FXOWXUDOPHQWH FRPR OD
DFWLYLGDG FUtWLFRSUiFWLFD GH ORV JUXSRV VRFLDOHV D ORV H[FOXVLYRV OtPLWHV
FDWHJRULDOHVGHWHUPLQDGRVSRUXQODGRSRUHOWUDEDMRVRFLDO\SRURWURSRUOD
VRFLDOL]DFLyQGHODVSXOVLRQHVLQGLYLGXDOHVHQWUHHOLPSHUDWLYRHFRQyPLFRGHOD
DXWRFRQVHUYDFLyQ VRFLDO \ OD WDUHD FRPSOHPHQWDULD GH OD VRFLDOL]DFLyQ GH ODV
QHFHVLGDGHV LQGLYLGXDOHV QR PHGLD OD DFFLyQ VRFLDO GH ORV PLHPEURV GH OD
VRFLHGDGVLQRXQDDOLDQ]DLQVWLWXFLRQDOGHGLIHUHQWHVDJHQWHVFXOWXUDOHV
$ FRQVHFXHQFLD GH HVWD LQFRKHUHQFLD FRQFHSWXDO +RUNKHLPHU KDFH

GHVDSDUHFHUSRFRDSRFRWRGRHOFRQMXQWRGHDFFLRQHVVRFLDOHVFRWLGLDQDVGHO
iPELWRGHLQYHVWLJDFLyQGHXQDFLHQFLDVRFLDOLQWHUGLVFLSOLQDULD)UHQWHDODWDUHD
VRFLROyJLFD GH HVWXGLDU OD UHDOLGDG VRFLDO KDFLHQGR UHIHUHQFLD DO WUDVIRQGR GH
H[SHULHQFLDV GH ORV JUXSRV FRUUHVSRQGLHQWHV \ ORV SURFHVRV FRRSHUDWLYRV
RULHQWDGRVDFUHDUSDXWDVVRFLDOHVGHRULHQWDFLyQpOSDUHFHPiVELHQHQFHUUDUVH
GHQWURGHODHVWUXFWXUDSURJUDPiWLFDRULJLQDULDGHVXLQYHVWLJDFLyQFUtWLFRVRFLDO
FXHVWLRQHV FRPR OD FRPXQLFDFLyQ FXOWXUDO IDPLOLDU R HO SHUVLVWHQWH FRQIOLFWR
VRFLDOH[LVWHQWHHQWUHORVJUXSRVVRFLDOHVQRORJUDQODLPSRUWDQFLDVXILFLHQWHSDUD
VHUFRQVLGHUDGRVREMHWRVJHQXLQRVGHLQYHVWLJDFLyQGHQWURGHOWUDEDMRDQDOtWLFR
GHODVFLHQFLDVSDUWLFXODUHV(QHOPDUFRGLVFLSOLQDULRGHOD7HRUtD&UtWLFDGHOD
VRFLHGDG+RUNKHLPHURWRUJDSRUFRQVLJXLHQWHDODVRFLRORJtDXQYDORUPDUJLQDO
FRPRFLHQFLDDX[LOLDUGDGRTXHpVWDQRSRVHHXQPRGHORWHyULFRDXWyQRPRH
LQGHSHQGLHQWH HV VLPSOHPHQWH DUULQFRQDGD DO ODGR ELHQ GH OD HFRQRPtD
SROtWLFDRELHQGHOSVLFRDQiOLVLVFXDQGRVHWUDWDGHLQYHVWLJDUFXHVWLRQHVFRPR
ODHVWDELOL]DFLyQFXOWXUDOGHORVSURFHVRVHFRQyPLFRVRODPHGLDFLyQVRFLDOGH
IRUPDFLyQ GH QHFHVLGDGHV +RUNKHLPHU GHVGH OXHJR QR HVWi LQWHUHVDGR HQ
SURSRUFLRQDU XQD IXQGDPHQWDFLyQ FRQFHSWXDO GH OD VRFLRORJtD (Q ~OWLPD
LQVWDQFLD ORV SUR\HFWRV WHyULFRV VREUH OD DFFLyQ FRPR ORV GH 0D[ :HEHU R
*HRUJH +HUEHUW 0HDG TXH LQWHQWDQ GDU D OD VRFLRORJtD HO HVWDWXWR GH XQD
GLVFLSOLQDDXWyQRPDOHVRQDMHQRV'HDKtTXHpOILQDOPHQWHFRPRVXFHGHHQ
HO FDVR GH (ULFK )URPP FX\R SODQWHDPLHQWR pO PLVPR HVSHUD FRUUHJLU
VXEVDQDQGR VXV FRQVHFXHQFLDV IXQFLRQDOLVWDV H LQWURGXFLHQGR XQD WHRUtD GH OD
FXOWXUDWHQJDTXHVDWLVIDFHUVHFRQXQD7HRUtD&UtWLFDGHODVRFLHGDGFDSD]
GH DXQDU HFRQRPtD SROtWLFD \ SVLFRDQiOLVLV &XDQGR +RUNKHLPHU SUHWHQGH
DQDOL]DUHOSURFHVRDWUDYpVGHOFXDOXQVLVWHPDGHGRPLQDFLyQGHODQDWXUDOH]D
VH LQWHJUD FRQ OD XQLGDG FXOWXUDOPHQWH DFHSWDGD GH OD YLGD VRFLDO TXHGD
H[SXHVWR DVt SXHV DO GXDOLVPR SRU XQ ODGR XQ FRQRFLPLHQWR DGDSWDGR D OD
UHDOLGDG SRU RWUR XQ KHFKR SXOVLRQDO LUUDFLRQDO $TXt VXEVLVWH SRU
FRQVLJXLHQWHXQDILVXUDKLVWyULFDHQWUHODFRPSUHQVLyQUDFLRQDOGHODUHDOLGDG\
HOIRU]DGRGHVFRQRFLPLHQWROLELGLQRVRGHODUHDOLGDGGHODTXHVyORSXHGHGDU
FXHQWD OD LQIRUPDFLyQ HPStULFD FRQFHUQLHQWH D ORV PHFDQLVPRV GH LQWHJUDFLyQ
VRFLDO eVWD HV OD UHIOH[LyQ IXQGDPHQWDO TXH VXE\DFH DO SUR\HFWR GH
LQYHVWLJDFLyQGHO,QVWLWXWRWLWXODGR$XWRULGDG\IDPLOLDGLULJLGRSRUHOSURSLR

+RUNKHLPHU\RULHQWDGRDDQDOL]DUODODWHQWHSUHGLVSRVLFLyQGHOSXHEORDOHPiQ
DOIDVFLVPR
7RGRHOHGLILFLRGHODFLHQFLDVRFLDOLQWHUGLVFLSOLQDULDTXH+RUNKHLPHULQWHQWy
FRQVWUXLUGXUDQWHODGpFDGDGHORVDxRVWUHLQWDGHVFDQVDH[FOXVLYDPHQWHSXHV
VREUH GRV SLHGUDV DQJXODUHV ODV GLVFLSOLQDV GH OD HFRQRPtD \ HO SVLFRDQiOLVLV
$TXt HO HOHPHQWR SURSLR GH OD WHRUtD FXOWXUDO PDUFD PHUDPHQWH HO LQWHQWR
IUDFDVDGRGHXQDSRVLEOHFRQVLGHUDFLyQPiVDPSOLD\VLVWHPiWLFDGHODDFFLyQ
VRFLDO 'H KHFKR OD WHRUtD FXOWXUDO TXH UHDOPHQWH GHVDUUROOy HO WUDEDMR GHO
,QVWLWXWR QR VH EDVDED HQ XQD WHRUtD GH OD DFFLyQ QL HQ XQD WHRUtD GH ODV
LQVWLWXFLRQHVVLQRPiVELHQHQXQDWHUFHUDYHUVLyQGHOFRQFHSWRGHFXOWXUD(Q
HVWH SXQWR HQ XQD VHJXQGD IDVH UHGXFFLRQLVWD ORJUy LPSRQHUVH GH QXHYR HO
SODQWHDPLHQWRWUDGLFLRQDOLVWDGHFXOWXUDOLPLWDGRDORVSURGXFWRVHVWpWLFRVXQD
FRQFHSFLyQ GH OD TXH RULJLQDULDPHQWH VH KDEtD VHSDUDGR +RUNKHLPHU )XHURQ
/HR /|ZHQWKDO \ 7KHRGRU $GRUQR UHVSRQVDEOHV GHQWUR GH OD GLYLVLyQ GH
WDUHDV SURSLDV GHO ,QVWLWXWR GH OD HVIHUD GH OD WHRUtD FXOWXUDO ORV TXH
FRPHQ]DURQ D KDFHU XVR GH HVWD SHUVSHFWLYD D~Q PiV OLPLWDGD D OD KRUD GH
DIURQWDU VXV LQYHVWLJDFLRQHV FXOWXUDOHV HO REMHWLYR GH HVWH WUDEDMR DQDOtWLFR
FX\RVHMHPSORVVRQHQHOFDVRGH$GRUQRDUWtFXORVHQWUHWDQWRFRQYHUWLGRVHQ
IDPRVRVFRPRORVGHGLFDGRVDOMD]]RDOFDUiFWHUIHWLFKLVWDHQODP~VLFDRORV
LQIOX\HQWHV HVWXGLRV GH /|ZHQWKDO VREUH OD OLWHUDWXUD QRYHOtVWLFD \ GUDPiWLFD
EXUJXHVD QR HV RWUR TXH HO GHVFLIUDPLHQWR FUtWLFRLGHROyJLFR GHO FRQWHQLGR
VRFLDO GH OD REUD GH DUWH 8QD VRFLRORJtD PDWHULDOLVWD GH OD P~VLFD \ GH OD
VRFLRORJtD HQWUDUi DTXt HQ HVFHQD MXVWR HQ HO OXJDU HQ HO TXH HQ HO SURJUDPD
RULJLQDULRGH+RUNKHLPHUGHXQDFLHQFLDVRFLDOLQWHUGLVFLSOLQDULDGHEtDDSDUHFHU
XQD WHRUtD GH OD FXOWXUD RULHQWDGD DO DQiOLVLV GH OD PHGLDFLyQ VRFLDO GH ORV
SURFHVRV GH GHVDUUROOR HFRQyPLFR \ ODV SXOVLRQHV KXPDQDV (Q HVWD GLVFUHWD
WUDQVIRUPDFLyQ GHO FRQFHSWR GH FXOWXUD TXH SDVD RULJLQDULDPHQWH GH HVWDU
RULHQWDGD D OD WHRUtD GH OD DFFLyQ D TXHGDU OLPLWDGD OXHJR DO PDUFR GH OR
LQVWLWXFLRQDO\TXHWHUPLQDUiILQDOPHQWHDUWLFXOiQGRVHWHyULFDPHQWHHQWpUPLQRV
HVWpWLFRV VH SXHGH YLVOXPEUDU \D HO YLUDMH ILORVyILFRKLVWyULFR TXH OOHYDUi D
FDEROD7HRUtD &UtWLFDD ILQDOHVGHORV DxRVWUHLQWD HQODREUD GH7KHRGRU :
$GRUQR

1RWDVDOSLH

>@ 0 D[ +RUNKHLPHU 7UDGLWLRQHOOH XQG NULWLVFKH 7KHRULH =HLWVFKULIW IU 6R]LDOIRUVFKXQJ 
  QXHYD HGLFLyQ 0 XQLFK  SS  \ VV >7UDG FDVWHOODQD 7HRUtD WUDGLFLRQDO \ WHRUtD
FUtWLFDWUDG-RVp/XLV/ySH]%DUFHORQD3DLGyV@
>@,EtGS
>@,EtGS
>@,EtGS
>@,EtGS
>@3DUDORVLJXLHQWHFIU-3$UQDVRQ9RQ0DUFXVH]X0DU[1HXZLHG\%HUOtQS\
VV 0 LFKDHO 7KHXQLVVHQ *HVHOOVFKDIW XQG *HVFKLFKWH =XU .ULWLN GHU NULWLVFKHQ 7KHRULH %HUOtQ
HVSHFLDOPHQWHSS\VV
>@+RUNKHLPHU7UDGLWLRQHOOHXQGNULWLVFKH7KHRULHRSFLWS0 D[+RUNKHLPHUYROYLyD
UHLWHUDU HVWD OtQHD GH SHQVDPLHQWR HQ XQD YHUVLyQ FHUFDQD DO HVWUXFWXUDOLVPR HOLPLQDQGR OD LGHD GH
HVSHFLHKXPDQDFRPRVXMHWRXQLILFDGRUHVSRQVDEOHGHIXQFLRQHVVLQWpWLFDV\UHPSOD]iQGRODSRUXQ
SURFHVRHVWUXFWXUDOVLQVXMHWRHQVXV1RWDVUHGDFWDGDVGXUDQWHORVDxRVFLQFXHQWD\VHVHQWD0 
+RUNKHLPHU1RWL]HQELVXQG'lPPHUXQJ)UDQNIXUW0 S YpDVHSRUHMHPSOR
HODUWtFXOR(LQHNDQWLVFKH6R]LRORJLH 
>@0 +RUNKHLPHU7UDGLWLRQHOOHXQGNULWLVFKH7KHRULHRSFLWS
>@ &IU SDUD HVWH SXQWR FRQFUHWR (UQVW 0 LFKDHO /DQJH 'DV 3ULQ]LS $UEHLW )UDQNIXUW0 
%HUOLQ:LHQ
>@+RUNKHLPHU7UDGLWLRQHOOHXQG.ULWLVFKH7KHRULHRSFLWS
>@,EtGS
>@,EtG
>@ 0  +RUNKHLPHU =XP 3UREOHP GHU 9RUDXVVDJH LQ GHQ 6R]LDOZLVVHQVFKDIWHQ HQ GHO
PLVPRDXWRU.ULWLVFKH7KHRULHYRO)UDQNIXUW0 S\VVSDUDHVWHSXQWRS
>@0 +RUNKHLPHU7UDGLWLRQHOOHXQGNULWLVFKH7KHRULHRSFLWS
>@,EtGS
>@,EtGS
>@&IU.DUO0 DU[7KHVHQEHU)HXHUEDFK0(:YRO,,,SS\VV>WUDGFDVWHOODQD7HVLV
VREUH)HXHUEDFK%DUFHORQD*ULMDOER@
>@0 +RUNKHLPHU7UDGLWLRQHOOHXQGNULWLVFKH7KHRULHRSFLWSS\VV
>@,EtGS3DUDODFRPSUHQVLyQWHyULFDGHOPDU[LVPRFULWLFRGXUDQWHODGpFDGDGHORVDxRV
YHLQWH FIU )XULR &HUXWWL +HJHO /XNiFV .RUVFK =XP GLDOHNWLVFKHQ 6HOEVWYHUVWlQGQLV GHV
NULWLVFKHQ 0 DU[LVPXV HQ 2VNDU 1HJW HG  $NWXDOLWlW XQG )ROJHQ GHU 3KLORVRSKLH +HJHOV
)UDQNIXUWSS\VV
>@0 +RUNKHLPHU7UDGLWLRQHOOHXQGNULWLVFKH7KHRULHRSFLWS
>@,EtGS
>@,EtG
>@,EtGS
>@,EtGS
>@&IU3DUDHVWHSXQWR+HOPXW'XELHO:LVVHQVFKDIWVRUJDQLVDWLRQXQGSROLWLVFKH(UIDKUXQJ

6WXGLHQ]XUIUKHQNULWLVFKHQ7KHRULH)UDQNIXUWSS\VVWDPELpQSS\VV
>@ 0  +RUNKHLPHU *HVFKLFKWH XQG 3V\FKRORJLH =HLWVFKULIW IU 6R]LDOIRUVFKXQJ ,  
SS\VV>+LVWRULD\SVLFRORJtDHQ7HRUtD&UtWLFD0 DGULG%XHQRV$LUHV$PRUURUWX@
SDUDORDTXtGLFKRFIUS
>@ 0  +RUNKHLPHU 'LH JHJHQZlUWLJH /DJH GHU 6R]LDOSKLORVRSKLH XQG GLH $XIJDEHQ HLQHV
,QVWLWXWVIU6R]LDOIRUVFKXQJHQGHOPLVPRDXWRU6R]LDOSKLORVRSKLVFKH6WXGLHQ HG YRQ :HUQHU
%UHGH )UDQNIXUWSS\VVSDUDORDTXtGLFKRYpDVHS
>@0 +RUNKHLPHU*HVFKLFKWHXQG3V\FKRORJLHRSFLWSS\VV
>@,EtGS
>@,EtG
>@&IU)ULHGULFK3ROORFN6WDGLHQGHV.DSLWDOLVPXV HG+HOPXW'XELHO 0 ~QLFK
>@ &IU SDUD HVWR $OIRQV 6|OOQHU *HVFKLFKWH XQG +HUUVFKDIW 6WXGLHQ ]XU PDWHULDOLVWLVFKHQ
6R]LDOZLVVHQVFKDIW)UDQNIXUWFDS
>@0 +RUNKHLPHU7UDGLWLRQHOOHXQGNULWLVFKH7KHRULHRSFLWSS\VV
>@&IU+HOPXW'DKPHU/LELGRXQG*HVHOOVFKDIW6WXGLHQEHU)UHXGXQGGLH)UHXGVFKH/LQNH
)UDQNIXUWFDS,,
>@0 +RUNKHLPHU*HVFKLFKWHXQG3V\FKRORJLHRSFLWS
>@,EtGS
>@0 +RUNKHLPHU$OOJHPHLQHU7HLOHQGHOPLVPRDXWRU HG 6WXGLHQEHU$XWRULWlWXQG
)DPLOLH 3DULV  SXEOLFDGR FRPR $XWRULWlW XQG )DPLOLH HQ 0  +RUNKHLPHU .ULWLVFKH
7KHRULHYRO,RSFLWS\VVSDUDORDTXtGLFKRYpDVHS
>@ (ULFK )URPP hEHU 0 HWKRGH XQG $XIJDEH HLQHU DQDO\WLVFKHQ 6R]LDOSV\FKRORJLH HQ
=HLWVFKULIWIU6R]LDOIRUVFKXQJ,  SS\VVSDUDORDTXtGLFKRYpDVHS
>@ &IU -XQWR DO \D FLWDGR HQVD\R GH ( )URPP YpDVH WDPELpQ VREUH WRGR VX 'LH
SV\FKRDQDO\WLVFKH &KDUDNWHURORJLH XQG LKUH %HGHXWXQJ IU GLH 6R]LDOSV\FKRORJLH HQ =HLWVFKULIW
IU6R]LDOIRUVFKXQJ,  SS\VV
>@ &IU ( )URPP 6R]LDOSV\FKRORJLVFKHU 7HLO HQ 0  +RUNKHLPHU HG  6WXGLHQ EHU
$XWRULWlWXQG)DPLOLHRSFLWSS\VV
>@ + 'DKPHU 1RWL]HQ ]XU DQWLIDVFKLVWLVFKHQ 6R]LDOSV\FKRORJLH HQ $UEHLWHUEHZHJXQJ
7KHRULHXQG*HVFKLFKWH-DKUEXFK)UDQNIXUWSS\VV
>@ 0  +RUNKHLPHU 'LH JHJHQZlUWLJH /DJH GHU 6R]LDOSKLORVRSKLH XQG GLH $XIJDEHQ HLQHV
,QVWLWXWVIU6R]LDOIRUVFKXQJRSFLWS
>@ &IU (GZDUG 3 7KRPSVRQ 3OHEHMLVFKH .XOWXU XQG PRUDOLVFKH gNRQRPLH $XIVlW]H ]XU
HQJOLVFKHQ 6R]LDOJHVFKLFKWH GHV  -DKUKXQGHUWV )UDQNIXUW0 %HUOtQ9LHQD  5D\PRQG
:LOOLDPV *HVHOOVFKDIWVWKHRULH DOV %HJULIIVJHVFKLFKWH 6WXGLHQ ]XU KLVWRULVFKHQ 6HPDQWLN YRQ
.XOWXU0 XQLFK8QHQVD\RPiVDQWLJXRGH)ULW]6DFNHQHOTXHVHGHVDUUROODHOVLJQLILFDGR
FDWHJRULDOGHXQDQRFLyQGHFXOWXUDSDUHFLGDHQODLQYHVWLJDFLyQGHODVVXEFXOWXUDVQRUWHDPHULFDQDV\
TXH QR KD WHQLGR VLQ HPEDUJR QLQJ~Q HFR HV 'LH ,GHH GHU 6XENXOWXU HLQH %HUKUXQJ ]ZLVFKHQ
$QWKURSRORJLH XQG 6R]LRORJLH .|OQHU =HLWVFKULIW IU 6R]LRORJLH XQG 6R]LDOSV\FKRORJLH ;;,,,
 SS\VV
>@0 +RUNKHLPHU$XWRULWlWXQG)DPLOLHRSFLWS

>@,EtGS
>@ 3HUR VL ELHQ OD FRDFFLyQ SDVDGD \ SUHVHQWH FXPSOH XQ SDSHO KDVWD HQ ODV PiV VXEOLPHV
PDQLIHVWDFLRQHV GHO DOPD KXPDQD pVWD WLHQH VX SURSLD OHJDOLGDG OR PLVPR TXH WRGDV ODV
LQVWLWXFLRQHV PHGLDGRUDV WDOHV FRPR IDPLOLD HVFXHOD H ,JOHVLD SRU FX\R LQWHUPHGLR UHVXOWD
FRQILJXUDGD&IU0 +RUNKHLPHU$XWRULWlWXQG)DPLOLHRSFLWS+RUNKHLPHUGHVDUUROODODV
FDUDFWHUtVWLFDVGHODVLQVWLWXFLRQHVFXOWXUDOHVVREUHWRGRHQHOSODQRIDPLOLDU
>@,EtGS


(/9,5$-(+$&,$/$),/262)$'(/$+,6725,$(1
/$',$/e&7,&$'(/$,/8675$&,181$&57,&$'(
/$'20,1$&,1'(/$1$785$/(=$
&RPRVHKDYLVWR+RUNKHLPHUFRQFOXtDVXHQVD\R7HRUtDWUDGLFLRQDO\7HRUtD
&UtWLFD FRQ UHIOH[LRQHV TXH QR VH DMXVWDEDQ SOHQDPHQWH DO PDUFR ILORVyILFR
KLVWyULFRGHVXDUJXPHQWDFLyQ/DFRQILDQ]DWHyULFDHQHOSURFHVRUDFLRQDOGHOD
GRPLQDFLyQVRFLDOGHODQDWXUDOH]DTXHWLxHGHXQWRQRHVSHUDQ]DGRUHOHVFULWR
WHUPLQD GHVHPERFDQGR HQ XQ GLDJQyVWLFR LQHVSHUDGDPHQWH SHVLPLVWD GH OD
DFWXDOLGDG TXH UHFRQRFH HQ OD IDVH SRVOLEHUDO GHO FDSLWDOLVPR XQD UHODFLyQ
DOWHUDGD FRQ HO FRQWH[WR GH YLGD /D IRUPDFLyQ GH XQD HFRQRPtD FDSLWDOLVWD
SODQLILFDGDTXHOOHYDORVSURFHVRVGHGHFLVLyQHFRQyPLFRVPiVDOOiGHODILJXUD
GHO SHTXHxR HPSUHVDULR \ GH OD DGPLQLVWUDFLyQ GHO JUDQ PDJQDWH FRQOOHYD
SURIXQGDV WUDQVIRUPDFLRQHV HQ ODV FRQGLFLRQHV GH OD VRFLDOL]DFLyQ LQGLYLGXDO
$GHPiV GH SHUGHU VX FDSDFLGDG GH GHFLVLyQ OD FODULGDG \ OD HILFDFLD
HOHPHQWRV VREUH ORV TXH VH DILUPD VX DXWRULGDG HQ HO FDSLWDOLVPR OLEHUDO HO
HPSUHVDULR WDPELpQ SLHUGH ODV EDVHV FRJQLWLYDV \ PRUDOHV GH VX LGHQWLGDG $
WUDYpVGHODHURVLyQGHVXSHUVRQDOLGDGEDMRFX\DDSDULHQFLDHMHPSODUHOQLxR
HQ SURFHVR GH FUHFLPLHQWR SRGtD IRUPDU XQD LGHQWLGDG HVWDEOH PRUDOPHQWH
YLQFXODQWHORVUDVJRVGHLQGLYLGXDOLGDGKDQFDPELDGRJUDGXDOPHQWHWDPELpQHQ
HO FRQMXQWR GH OD VRFLHGDG +RUNKHLPHU YH SRU HOOR HQ HO GHELOLWDPLHQWR GHO
SHTXHxRHPSUHVDULRLQGHSHQGLHQWHXQDWHQGHQFLDKLVWyULFDHQFDPLQDGDDOILQGH
ODSHUVRQDOLGDG

$FDXVDGHVXGLYRUFLRUHVSHFWRDODSURGXFFLyQ\DVXGHFUHFLHQWHLQIOXHQFLDHOKRUL]RQWHGH
ORV VLPSOHV SRVHHGRUHV GH WtWXORV GH SURSLHGDG VH HVWUHFKD VXV FRQGLFLRQHV GH YLGD \ GH
DFWLWXGVHYXHOYHQFDGDYH]PiVLQDSURSLDGDVSDUDSRVLFLRQHVVRFLDOPHQWHGHFLVLYDV\SRU
~OWLPRODSDUWLFLSDFLyQHQODSURSLHGDGTXHWRGDYtDPDQWLHQHQVLQSRGHUKDFHUQDGDHIHFWLYR
SDUD TXH DXPHQWH DSDUHFH FRPR VRFLDOPHQWH LQ~WLO \ PRUDOPHQWH GXGRVD >@ %DMR ODV
FLUFXQVWDQFLDVGHOFDSLWDOLVPRPRQRSROLVWDGHVDSDUHFHKDVWDHVDUHODWLYDLQGHSHQGHQFLDGHO
LQGLYLGXReVWH\DQRWLHQHQLXQVRORSHQVDPLHQWRSURSLR(OFRQWHQLGRGHODVFUHHQFLDVGH
PDVDV HQ ODV TXH QDGLH FUHH PXFKR HV XQ SURGXFWR GLUHFWR GH OD EXURFUDFLD UHLQDQWH HQ OD
HFRQRPtD\HQHO(VWDGR\ORVSDUWLGDULRVGHWDOHVFUHHQFLDVVyORSHUVLJXHQVHFUHWDPHQWHVXV
LQWHUHVHV DWRPL]DGRV \ SRU WDQWR QR YHUGDGHURV DFW~DQ FRPR VLPSOHV IXQFLRQHV GHO
PHFDQLVPRHFRQyPLFR>@

+DFLHQGR DEVWUDFFLyQ GH WRGDV ODV GLIHUHQFLDV HVSHFtILFDV GH FODVH >@
+RUNKHLPHU GHGXFH GH OD FUHFLHQWH FHQWUDOL]DFLyQ GH OD WRPD GH GHFLVLyQ
HFRQyPLFDODSpUGLGDGHSHUVRQDOLGDGHQHOLQGLYLGXRVRFLDOL]DGRHQODPHGLGD
HQ TXH HO SURFHVR GH PRQRSROL]DFLyQ GHO FDSLWDO DEVRUEH OD HILFDFLD GH ODV
LQVWLWXFLRQHVFXOWXUDOHVMXQWRDODOLEHUWDGHFRQyPLFDGHORVVXMHWRVHOFRQWUROGH
FRPSRUWDPLHQWRSRUODDXWRULGDGGHODFRQFLHQFLDLQGLYLGXDOSDVDGLUHFWDPHQWH
DODVLQVWDQFLDVGHSODQLILFDFLyQGHODDGPLQLVWUDFLyQVRFLDO/RVVXMHWRVVHGHMDQ
GLULJLU FDGD YH] PHQRV SRU XQ 6XSHU\y FRQIRUPDGR VRFLDOPHQWH \ SRU
FRQVLJXLHQWH TXHGDQ PXFKR PiV H[SXHVWRV D OD LQIOXHQFLD LQPHGLDWD GH
PRGHORV H[WHUQRV (Q UHDOLGDG HO FRQWH[WR HPStULFR GH HVWD KLSyWHVLV
SVLFROyJLFRVRFLDO QR VyOR RUJDQL]D HO SURFHVR GH FRQFHQWUDFLyQ HFRQyPLFR
VLQR WDPELpQ OD FUHDFLyQ H[WHQGLGD PXQGLDOPHQWH GH VLVWHPDV HVWDWDOHV
WRWDOLWDULRV +RUNKHLPHU REWLHQH GH DTXt OD LPDJHQ GH XQD PDVD GLULJLGD \
FRQGXFLGDSRUXQDLQVWDQFLDGHGRPLQDFLyQH[WHUQDLPDJHQTXHDSDUHFHHQ
ODV~OWLPDVSiJLQDVGHVXHQVD\RSURJUDPiWLFRSDUWLHQGRVREUHWRGRGHOD
H[SHULHQFLD GH XQ S~EOLFR TXH DSODXGH D VXV DOWRV GLJQDWDULRV \D VHDQ pVWRV
IDVFLVWDVRHVWDOLQLVWDV(VHVWDFRQFLHQFLDGHXQVLVWHPDJOREDOGHGRPLQDFLyQ
FRQVHQWLGD SRU ORV VXMHWRV RSULPLGRV \ FRPELQDGD FRQ OD YLYHQFLD GH OD
LQGXVWULD FXOWXUDO QRUWHDPHULFDQD OD TXH YD D GHWHUPLQDU D SDUWLU GH DKRUD OD
DXWRFRPSUHQVLyQ\HOSODQWHDPLHQWRGHOD7HRUtD&UtWLFD
(O~OWLPRYROXPHQGHOD=HLWVFKULIWIU6R]LDOIRUVFKXQJTXHYHODOX]HQHO
DxR  FRQWLHQH GRV HQVD\RV HQ ORV TXH +RUNKHLPHU H[SUHVD HQ WpUPLQRV
GHILQLWLYRV KDVWD TXp SXQWR WLHQH OXJDU RWUD DXWRFRQFLHQFLD WHyULFD (O DUWtFXOR

$UWH \ FXOWXUD GH PDVDV PDUFD GH KHFKR XQ SXQWR GH UXSWXUD HQ OD WHRUtD
KRUNKHLPHULDQDGHODFXOWXUD>@$TXtODFXOWXUDGHMDGHVHU\DHOFRQFHSWR
JHQHUDOTXHGHILQHODHVWUXFWXUDLQVWLWXFLRQDOL]DGDGHORVPHGLRVGHVRFLDOL]DFLyQ
FRQ SRVLELOLGDG GH XQ GLQDPLVPR SURSLR 3XHVWR TXH HO SURFHVR GH
LQGXVWULDOL]DFLyQFDSLWDOLVWDKDSHQHWUDGRHQWUHWDQWRHQORVHVSDFLRVLQWHUQRVGH
ODVLQVWLWXFLRQHVFXOWXUDOHV\ORVKDDELHUWRDODLQIOXHQFLDGLUHFWDGHORVSRGHUHV
GH OD DGPLQLVWUDFLyQ VRFLDO OD VXSHUHVWUXFWXUD FXOWXUDO KD SHUGLGR VX UHODWLYD
FDSDFLGDG GH UHVLVWHQFLD (VWD QXHYD IDVH GH OD UHSURGXFFLyQ FXOWXUDO VH
GHVDUUROODDSDUWLUGHHVWHPRPHQWRHQHOFRQFHSWRGHFXOWXUDGHPDVDVTXH
YDDXWLOL]DU+RUNKHLPHUeVWHKDFHUHIHUHQFLDDOFRPSOHMRLQVWLWXFLRQDOYLQFXODGR
WDQWRDODUWHGHPDVDVVXUJLGRFRQODVQXHYDVWpFQLFDVGHUHSURGXFFLyQFRPRD
ODLQGXVWULDGHORFLRRUJDQL]DGDFRPRPRQRSROLRXQDFLUFXQVWDQFLDSRUODFXDO
ODV QHFHVLGDGHV LQGLYLGXDOHV FRUUHQ HO ULHVJR GH VHU PDQLSXODGDV GH IRUPD
DUELWUDULD \ ODV QRUPDV GH DFFLyQ SXHGHQ VHU SURGXFLGDV DUWLILFLDOPHQWH +D\
TXHGHFLUVLQHPEDUJRTXHODFDSDFLGDGGHUHVLVWHQFLDTXH+RUNKHLPHUMX]JD
DXVHQWHGHODVQXHYDVLQVWLWXFLRQHVFXOWXUDOHVVHKDDJUXSDGRGHVGHVXSXQWRGH
YLVWDHQODVREUDVGHDUWHPRGHUQR(VHVWHGHELOLWDGRVHFWRUGHODSURGXFFLyQ
HVWpWLFD HO TXH DVXPH HQ HO SUHVHQWH HVD IXQFLyQ HPDQFLSDWRULD TXH
DQWLJXDPHQWH KDELWDED HQ XQ HVSDFLR GH OLEHUWDG FDSD] GH SURWHJHU D ODV
LGHQWLGDGHV LQGLYLGXDOHV HQ HO PDUFR GH OD VXSHUHVWUXFWXUD FXOWXUDO FRPR
WRWDOLGDG(OWHPDGHOQXHYRDUWHUHSUHVHQWDSRUWDQWRHOVHJXQGRSRORGHOD
WHRUtD GH OD FXOWXUD TXH DKRUD HV REMHWR GH UHIRUPXODFLyQ SDUD +RUNKHLPHU
eVWHKDFHUHIHUHQFLDDODVDXWpQWLFDVREUDVGHDUWH>@DORVPRQXPHQWRVGH
XQDYLGDVROLWDULD\GHVHVSHUDGDTXHQRHQFXHQWUD\DSXHQWHVKDFLDODDOWHULGDG
\ LQFOXVR QL VLTXLHUD KDFLD OD SURSLD FRQFLHQFLD >@ 8QD LQGXVWULD FXOWXUDO
PDQLSXODGRUD\XQDREUDGHDUWHLQFRPXQLFDEOHVRQSXHVORVSRORVRSXHVWRV
GHXQDFXOWXUDODFRQWHPSRUiQHDTXHQRSURWHJHDORVVXMHWRVVRFLDOL]DGRV\
ORVDEDQGRQDDORVLPSHUDWLYRVGHODSDUDWRGHGRPLQDFLyQGDGRTXHpVWRVQR
SXHGHQ\DDMXVWDUVHDODVIXHQWHVGHODIRUPDFLyQGHODSHUVRQDOLGDG
(O VHJXQGR DUWtFXOR SXEOLFDGR HQ HO YROXPHQ ILQDO GH OD =HLWVFKULIW HO
WLWXODGR(OILQGHODUD]yQ>@FRQWLHQHXQFUXGRERVTXHMRGHODILORVRItDGHOD
KLVWRULD TXH VHJ~Q +RUNKHLPHU KD GH SURSRUFLRQDU HO PDUFR KHUPHQpXWLFR
DSURSLDGRSDUDVXPRGLILFDGDWHRUtDGHODFXOWXUD$TXtODFDWHJRUtDGHWUDEDMR

GHQWURGHODWHPiWLFDGHODDXWRFRQVHUYDFLyQWDPELpQFRQVWLWX\HHOIXQGDPHQWR
GHHVWDILORVRItDGHODKLVWRULDUHYLVDGD&RQVXD\XGDVLQHPEDUJR+RUNKHLPHU
YDDSHUILODUODVOtQHDVEiVLFDVQRVyORGHOFXUVRHPDQFLSDWRULRGHODGRPLQDFLyQ
KXPDQD GH OD QDWXUDOH]D VLQR WDPELpQ GHO SURFHVR GH DXWRGHVWUXFFLyQ GH OD
UD]yQ6XDUJXPHQWDFLyQVHDSR\DHQODFRQYLFFLyQGHTXHGHVGHVXVRUtJHQHV
HOSHQVDPLHQWRKXPDQRHVWiDOVHUYLFLRGHODDXWRFRQVHUYDFLyQGHOVXMHWR(VWD
WHVLV VHUi OD FODYH SDUD FRPSUHQGHU OD WHRUtD GH OD DXWRGLVROXFLyQ GH OD UD]yQ
KXPDQDSRUTXHFRQODPRQRSROL]DFLyQGHWRGDVODVFRPSHWHQFLDVHQODWRPD
HFRQyPLFDGHGHFLVLRQHVGHQWURGHXQDHFRQRPtDSODQLILFDGD\ODFHQWUDOL]DFLyQ
GHWRGDVODVPHGLGDVSROtWLFDVHQHO(VWDGRDXWRULWDULRHOKRUL]RQWHIRUPDWLYRGH
ODLGHQWLGDGLQGLYLGXDOYDDUHGXFLUVHKDVWDHOSXQWRGHTXH\DQRVHUFDSD]GH
GDUIRUPDDVXVLQWHUHVHV\RULHQWDFLRQHVQRUPDWLYDVDGHPiVFRPRUHVXOWDGR
GHHOORHOSHQVDPLHQWRUDFLRQDORULHQWDGRDILQHVTXHDQWDxRVHUYtDWDQWRDOD
GRPLQDFLyQWpFQLFDGHODQDWXUDOH]DH[WHUQDFRPRDOSUXGHQWHGLVFLSOLQDPLHQWR
GHODQDWXUDOH]DLQWHUQDYDDYHUVHSULYDGRSRUDVtGHFLUORGHOVXMHWRUHDOGHOD
DFFLyQ /D UD]yQ LQVWUXPHQWDO RULJLQDOPHQWH HO PHGLR UDFLRQDO SDUD OD
GRPLQDFLyQUDFLRQDOGHODQDWXUDOH]D\HO<RMXVWRSRUHOPLVPRSURFHVRHQTXH
VHKDGHVPRURQDGRODIXQFLyQGHODSHUVRQDOLGDGKXPDQDFRPRFRQGXFWRUDVH
KD WUDQVIRUPDGR HQ HO LQVWUXPHQWR GH XQD DXWRDILUPDFLyQ LQGXVWULDO D JUDQ
HVFDOD >@ 9tFWLPD GH VX SURSLD UD]yQ HO KRPEUH LPSRWHQWH TXHGD DKRUD
VRPHWLGRDXQVLVWHPDGHSHQVDPLHQWRHVWUDWpJLFR\WpFQLFRFDUHQWHGHVXMHWR
'HDKtTXHHQFXDQWRGHVWLQRGHOSUHVHQWHSXHGDQSRQHUVHGHPDQLILHVWRODV
LQVXILFLHQFLDV SURSLDV GH OD GRPLQDFLyQ KXPDQD GH OD QDWXUDOH]D (O QXHYR
RUGHQGHOIDVFLVPRHVODUD]yQTXHGHQWURGHODUD]yQPLVPDVHGHVYHODFRPR
VLQUD]yQ>@
(QHOFRQWH[WRGHHVWDDUJXPHQWDFLyQHQHOTXHODLGHDGHXQDFUtWLFDGHOD
UD]yQLQVWUXPHQWDOVHDFRPSDxDGHXQGLDJQyVWLFRWHyULFRFXOWXUDOGHOSUHVHQWH
VHLQFOX\HQ\DWRGRVORVHOHPHQWRVTXHGHWHUPLQDUiQHQDGHODQWHODQXHYDILJXUD
PRGLILFDGD GH OD 7HRUtD &UtWLFD HQ ORV ~OWLPRV HQVD\RV GH OD =HLWVFKULIW IU
6R]LDOIRUVFKXQJ +RUNKHLPHU HQWUD SRU DVt GHFLUOR WHQWDWLYDPHQWH HQ XQD
QXHYDIDVHGHVXSHQVDPLHQWR>@/DLGHDGHXQDDXWRGHVWUXFFLyQGHODUD]yQ
KXPDQDHOFRQFHSWRSVLFROyJLFRVRFLDOGHODGHVWUXFFLyQGHODSHUVRQDOLGDGHO
FRQFHSWR GH FXOWXUD GH PDVDV \ HO LGHDO GH OD JHQXLQD REUD GH DUWH VHUiQ ORV

SLODUHV GH XQD WHRUtD GH OD VRFLHGDG TXH WLHQH VX H[SHULHQFLD FHQWUDO HQ OD
VLPXOWDQHLGDGGHODGRPLQDFLyQHVWDOLQLVWD\IDVFLVWD$KRUDELHQVLODDXWRUtDGH
HVWDLGHDFRUUHVSRQGHDDOJXLHQQRHVWDQWRFLHUWDPHQWHD+RUNKHLPHUFRPR
D $GRUQR FX\R SHQVDPLHQWR HVWi PDUFDGR KDVWD HQ VX SURSLD IRUPD GH
H[SRVLFLyQ SRU XQD H[SHULHQFLD KLVWyULFD TXH PXHVWUD HO SUHVHQWH FRPR XQ
GHVWLQRVRFLRFXOWXUDO(OSXQWRQHXUiOJLFRGHVXWHRUtDQRHV\DFRPRVXFHGHHQ
OD FUtWLFD KRUNKHLPHULDQD GH ORV DxRV WUHLQWD OD GHVLOXVLyQ GH ODV HVSHUDQ]DV
UHYROXFLRQDULDV VLQR HO KRUURU SURGXFLGR D OD YLVWD GH OD FDWDVWUyILFD
FXOPLQDFLyQGHOSURFHVR GHFLYLOL]DFLyQ $GRUQRSHUFLEHOD VLWXDFLyQVRFLDO GH
VX SURSLD pSRFD FRPR XQ PRPHQWR GH GRPLQDFLyQ TXH VH KD FRQYHUWLGR HQ
WRWDO HQ XQD YLVLyQ GH FRQMXQWR VREUH ORV VLVWHPDV GH SRGHU SROtWLFRV TXH VH
H[WLHQGH GHVGH OD 8QLyQ 6RYLpWLFD HVWDOLQLVWD DO FDSLWDOLVPR HVWDWDO GH ORV
(VWDGRV8QLGRVSDVDQGRSRUOD$OHPDQLDIDVFLVWDpOGHVFXEUHODFRQWLQXLGDG
GHXQ~QLFRSURFHVRGHGRPLQDFLyQ/DEUXVFDWUDQVIRUPDFLyQGHOD5HYROXFLyQ
6RYLpWLFDHQODEXURFUDFLDHVWDWDOGLFWDWRULDOGH6WDOLQODFRQVROLGDFLyQWHUURULVWD
GH ORV DSDUDWRV IDVFLVWDV GH SRGHU HQ (XURSD \ HO FUHFLPLHQWR DSDUHQWHPHQWH
VLQOtPLWHVGHOFDSLWDOLVPRQRUWHDPHULFDQRVRQSDUDpOIRUPDVGHGHVDUUROORVyOR
HQ XQ SODQR VXSHUILFLDO GLIHUHQWHV GH XQ ~QLFR SURFHVR KLVWyULFR FX\D
FXOPLQDFLyQQRHVVLQRXQVLVWHPDGHGRPLQDFLyQWRWDO>@ 'H DKt TXH FRPR
QLQJXQD RWUD OD WHRUtD VRFLDO DGRUQLDQD VH HQFXHQWUH PRWLYDGD SRU OD FXHVWLyQ
KLVWyULFRILORVyILFD GH FyPR HVWD FRQYHUJHQFLD KLVWyULFD XQLYHUVDO KD VLGR
SRVLEOH
&LHUWDPHQWH FDEH VHxDODU HQ SULQFLSLR TXH $GRUQR VH PRYtD GHVGH HO
SULQFLSLR HQ WHUUHQRV PX\ GLIHUHQWHV GH ORV GH +RUNKHLPHU HV PiV \D HQ OD
GpFDGD GH ORV DxRV WUHLQWD pO VH LQWHUHVDED SRU WRGRV DTXHOORV SUREOHPDV
WHyULFRVFRQORVTXH+RUNKHLPHUVyORVHWURSH]DUiFXDQGRVHYHDREOLJDGRD
DEDQGRQDU VX SURJUDPD RULJLQDULR GLULJLGR D XQD WHRUtD LQWHUGLVFLSOLQDULD GH OD
VRFLHGDG $ $GRUQR OH HUD LQGLIHUHQWH SRU QR GHFLU TXH PDQWHQtD XQD
SRVLFLyQ FRPSOHWDPHQWH HVFpSWLFD >@ HO SURJUDPD RULJLQDO GHO ,QVWLWXWR
SURSXHVWR SRU +RUNKHLPHU HVD LQYHVWLJDFLyQ PXOWLGLVFLSOLQDU \ RULHQWDGD D OD
SUD[LVGHODFULVLVGHOFDSLWDOLVPRFRQWHPSRUiQHR/RVHQVD\RVVREUHVRFLRORJtD
GH OD P~VLFD TXH $GRUQR SXEOLFy HQ OD =HLWVFKULIW IU 6R]LDOIRUVFKXQJ VH
RULHQWDEDQ\DHQGLUHFFLyQGHXQDWHRUtDGHODFXOWXUDGHPDVDV>@/DWDUHD

GH HVWRV HQVD\RV VH FLIUDED HQ DQDOL]DU OD IXQFLyQ VRFLDO GH LQWHJUDFLyQ GH OD
FXOWXUDGHPDVDVDODOX]GHXQDFUHFLHQWHPHUFDQWLOL]DFLyQTXHDIHFWDEDDORV
SURGXFWRVDUWtVWLFRVHVWDQGDUL]DGRVGHIRUPDPDVLYDHVWDFUtWLFDWHQWDWLYDDOD
PRGDOLGDG UHJUHVLYD GH OD UHFHSFLyQ \ DO GLVIUXWH HVWpWLFR LGHQWLILFDGR FRQ HO
PHUR FRQVXPR GH PHUFDQFtDV HVWDED GLUHFWDPHQWH LQIOXLGR SRU HO DQiOLVLV GHO
IHWLFKLVPRGHULYDGRGHODFUtWLFDGHODHFRQRPtDSROtWLFDPDU[LDQD
$KRUD ELHQ SRU RWUR ODGR WDPELpQ KD\ TXH VHxDODU TXH ORV SULPHURV
HQVD\RVILORVyILFRVGH$GRUQRHQVXPD\RUSDUWHRULJLQDULDPHQWHSURGXFWRV
GH ODV REOLJDFLRQHV DFDGpPLFDV GH VXV HVWXGLRV XQLYHUVLWDULRV \D VHJXtDQ OD
HVWHODGHXQDFUtWLFDGHODUD]yQLQVWUXPHQWDO>@(QHOORVWUDWDEDGHHODERUDU
XQSUR\HFWRPHWRGROyJLFRGHILORVRItDRULHQWDGRDGHVFLIUDUODVFRQILJXUDFLRQHV
GHDFFLyQVRFLDOPHQWHGHWHUPLQDQWHVHQXQPXQGRDOLHQDGR/RVFRQFHSWRVGH
LPDJHQ KLVWyULFD \ GH OHQJXDMH HQ LPiJHQHV HQ SULQFLSLR PHGLRV GH XQD
WpFQLFD GH LQWHUSUHWDFLyQ VXVWUDtGD DO HVStULWX LQVWUXPHQWDO PXHVWUDQ
LQGLUHFWDPHQWHODVKXHOODVGHODPHWRGRORJtDKHUPHQpXWLFDGH:DOWHU%HQMDPLQ
>@
6RQ HVWRV GRV PRWLYRV SRU WDQWR OD WHRUtD GH OD FXOWXUD GH PDVDV
GHVDUUROODGD D OD OX] GHO FDUiFWHU IHWLFKLVWD GH OD P~VLFD \ OD LGHD GH XQD
KHUPHQpXWLFD H[SORUDGRUD GHO SURFHVR LQFRQVFLHQWH GH OD KLVWRULD QDWXUDO
KXPDQDORVTXHDKRUDSDVDQDXQSULPHUSODQRHQOD7HRUtD&UtWLFDGHORV
DxRV FXDUHQWD $XQTXH $GRUQR PDQWHQJD D OR ODUJR GH WRGR VX LWLQHUDULR
LQWHOHFWXDO XQD DFWLWXG DPELYDOHQWH KDFLD HO SUR\HFWR GH XQD WHRUtD VRFLDO
VRPHWLGD DO FRQWURO HPStULFR H LQWHUGLVFLSOLQDULD HVWRV WHPDV VHUiQ D SDUWLU GH
DKRUD HOHPHQWRV FHQWUDOHV GHO PRGHOR WHyULFR TXH JXLDUi DO ,QVWLWXWR GH
,QYHVWLJDFLyQ 6RFLDO (O Q~FOHR GXUR GH HVWD QXHYD FRQFHSFLyQ GH OD 7HRUtD
&UtWLFD JLUDUi HQ WRUQR D XQD ILORVRItD GH OD KLVWRULD GH OD TXH $GRUQR HVSHUD
FODULILFDU OD JpQHVLV KLVWyULFD GH OD GRPLQDFLyQ WRWDO < HQ FLHUWD PHGLGD HOOD
UHSUHVHQWDUi OD LQYHUVLyQ GH ODV FXHVWLRQHV GH IRQGR ILORVyILFRKLVWyULFDV TXH
LQLFLDOPHQWHVXE\DFtDQHQHOSURJUDPDKRUNKHLPHULDQRGHXQD7HRUtD&UtWLFDGH
ODVRFLHGDG
$GRUQRFRPSUHQGLyGHXQDIRUPDWDQLQFXHVWLRQDEOHODHTXLYDOHQFLDHQWUH
ORV GLIHUHQWHV VLVWHPDV WRWDOLWDULRV FRPR HO SXQWR GH SDUWLGD KLVWyULFR GH VX
WHRUtDTXHQRSXGRSRUPHQRVGHFRQYHUWLUODHQHOKRUL]RQWHWHPiWLFRGHWRGR

XQ PRGHOR JHQHUDO GH KLVWRULD 6L 0DU[ FRQFHEtD ODV UHODFLRQHV SURGXFWLYDV
GHVPLWLILFDGDVGHODIRUPDFLyQVRFLDOFDSLWDOLVWDFRPRODFODYHVLVWHPiWLFDSDUD
UHFRQVWUXLUODKLVWRULDKXPDQD$GRUQRFRQWHPSODODVUHODFLRQHVGHGRPLQDFLyQ
TXHHQWUHWDQWRVHKDQKHFKRYLVLEOHVHQVXSURSLRWLHPSRFRPRXQSDUDGLJPD
HVWUXFWXUDOGHOGHVDUUROORDODOX]GHOFXDOGHEHLQWHUSUHWDUVHODOyJLFDRFXOWDGHO
SURFHVRGHFLYLOL]DFLyQHQVXWRWDOLGDG/D7HRUtD&UtWLFDYDDVHUGHVGHDKRUD
7HRUtDGHOSUHVHQWHIDVFLVWDHQODTXHHOGHVWLQRRFXOWRVDOHDODOX]>@%DMR
HO iQJXOR GH HVWD SHUVSHFWLYD GHVHVSHUDGD TXH FRPR VH PRVWUDUi PiV
DGHODQWH $GRUQR PDQWHQGUi LQFOXVR GHVSXpV GH TXH VH VXSHUH OD VLWXDFLyQ
KLVWyULFDGHOIDVFLVPRDOHPiQ HOSURJUHVRGHODFLYLOL]DFLyQVHUHYHODFRPRXQ
SURFHVR TXH HVFRQGH XQD VLWXDFLyQ KXPDQD GH UHJUHVLyQ (O KHFKR GH OD
HYROXFLyQVRFLRFXOWXUDOTXHEDMRHOWHVWLPRQLRGHOFUHFLPLHQWRDFXPXODWLYRGH
ODV IXHU]DV SURGXFWLYDV FDXVD OD LPSUHVLyQ GH XQ SURJUHVR FRQWLQXR VH
PDQLILHVWDDTXtFRPRXQDFWRUHJUHVLYRH[WHQGLGRDORODUJRGHODKLVWRULDGHOD
HVSHFLH $ FDXVD GH HVWR $GRUQR WLWXOD HO SURFHVR FRPR DQWURSRJpQHVLV
UHJUHVLYDpVWHIRUPDHOSULQFLSLRLQWHUQRTXHRUJDQL]DVXILORVRItDGHODKLVWRULD
>@
'LDOpFWLFDGHOD,OXVWUDFLyQODREUDTXHHVFULEHQFRQMXQWDPHQWH$GRUQR
\ +RUNKHLPHU DO SULQFLSLR GH ORV DxRV FXDUHQWD UHSUHVHQWD HO LQWHQWR GH
SUHVHQWDUHVWDH[SHULHQFLDKLVWyULFDGHODKLVWRULDUHJUHVLYDGHODHVSHFLHEDMROD
IRUPDDVLVWHPiWLFDGHXQDFROHFFLyQGHHQVD\RV6XPDWHULDOSULQFLSDOSURFHGH
GHODLQWHUSUHWDFLyQGHREUDVOLWHUDULDV\ILORVyILFDVOD2GLVHD GH +RPHUR ODV
QRYHODV GH 6DGH \ ORV HQVD\RV GH .DQW \ 1LHW]VFKH $GRUQR \ +RUNKHLPHU
UHFRQVWUX\HQDTXtHOFXUVRGHODFLYLOL]DFLyQHXURSHDQRGHVGHODVIXHQWHVGHVX
KLVWRULD VRFLDO VLQR SDUWLHQGR GH HVWRV WHVWLJRV LQGLUHFWRV GH OD KLVWRULD
LQWHOHFWXDO(OFRQFHSWREiVLFRTXHJXtDGHPDQHUDLPSOtFLWDODVLQWHUSUHWDFLRQHV
ELEOLRJUiILFDV GH VX LQYHVWLJDFLyQ HV HO GH UDFLRQDOLGDG LQVWUXPHQWDO 6X
IXQFLyQUDGLFDHQFODULILFDUHORULJHQ\ODGLQiPLFDGHOSURFHVRGHODUHJUHVLyQ
FXOWXUDO 'HVGH HVWH PRPHQWR OD LGHD GH XQD UDFLRQDOLGDG UHVWULQJLGD DO
SHQVDPLHQWR REMHWLYDQWH FRQVWLWX\H OD FODYH SDUD GHVDUUROODU XQD 7HRUtD
&UtWLFD GH OD VRFLHGDG &RQ OD D\XGD GH +RUNKHLPHU $GRUQR DOFDQ]D HVWD
FRPSUHQVLyQPHGLDQWHXQDJHQHUDOL]DFLyQGHODFUtWLFDPDU[LDQDGHOFDSLWDOLVPR
TXH KDJD SRVLEOH FRQVLGHUDU GHVGH OD SHUVSHFWLYD WHyULFD GH XQD FUHFLHQWH

UHLILFDFLyQ QR VyOR OD KLVWRULD GH OD VRFLHGDG FDSLWDOLVWDOLEHUDO VLQR HO FXUVR
WRWDOGHODFLYLOL]DFLyQ(QODWUDGLFLyQGHORVDQiOLVLVPDU[LVWDVGHOFDSLWDOGHVGH
/XNiFVD$OIUHG6RKQ5HWWHOODVIRUPDVGHFRQFLHQFLDGHODVRFLHGDGEXUJXHVD
VRQ LQWHUSUHWDGDV D OD OX] GHO GHVDUUROOR GH ODV IXHU]DV GH DEVWUDFFLyQ GHO
LQWHUFDPELR GH OD PHUFDQFtD VLWXDFLyQ EDMR OD FXDO ORV VXMHWRV GH DFFLyQ DO
PDUJHQGHVXVQHFHVLGDGHV\H[SHULHQFLDVGHUHFLSURFLGDGVRQWUDQVIRUPDGRV
HQ FRVDV LQWHUFDPELDEOHV >@ SRU VX SDUWH OD YLVLyQ WRWDOL]DQWH TXH QRV
EULQGDOD'LDOpFWLFDGHOD,OXVWUDFLyQPXHVWUDFyPRHOLQWHUFDPELRGHODIRUPD
PHUFDQFtD VyOR HV XQD IRUPD KLVWyULFDPHQWH GHVDUUROODGD GH OD UDFLRQDOLGDG
LQVWUXPHQWDO$GHFLUYHUGDGHQDOJXQRVSDVDMHVGHODREUDGH$GRUQRSXHGH
YHUVHFyPRpOPLVPRQRKDFHVLQRVHJXLUHQHVWHSXQWRODWHVLVIXQGDPHQWDOGH
OD HSLVWHPRORJtD JHQpWLFRIRUPDO GH $OIUHG 6RKQ5HWKHO VHJ~Q OD FXDO ORV
UHQGLPLHQWRV DEVWUDFWRV GHO SHQVDPLHQWR PRGHUQR VH H[SOLFDQ D SDUWLU GH ODV
H[LJHQFLDVFRJQLWLYDVGHOLQWHUFDPELRFDSLWDOLVWDGHPHUFDQFtDV>@HQDOJXQRV
SDVDMHV GH OD 'LDOpFWLFD GH OD ,OXVWUDFLyQ DVLPLVPR WDPELpQ VH LQWHQWD
GHVFULELU GHVGHXQDWHQWDWLYDFLHUWDPHQWHPHWDIyULFD ORVSULPHURVSDVRVGHOD
LQWHUYHQFLyQ KXPDQD VREUH ORV SURFHVRV QDWXUDOHV SRU PHGLR GH XQD
GHVFULSFLyQGHOVDFULILFLRFRPRDFWRRULJLQDULRGHLQWHUFDPELRIUDXGXOHQWRHQWUH
KXPDQRV \ GLRVHV >@ &LHUWDPHQWH HVWDV LQWHUSUHWDFLRQHV TXH SUHVWDQ PiV
DWHQFLyQDORVPRGHORVGHRUJDQL]DFLyQSURSLRVGHODVUHODFLRQHVLQWHUVXEMHWLYDV
TXH D ODV UHODFLRQHV GH ORV KXPDQRV FRQ OD QDWXUDOH]D H[WHUQD TXHGDQ
GHVSOD]DGDV D XQ SDSHO VHFXQGDULR GHVGH OD SHUVSHFWLYD GH OD WHVLV FHQWUDO
KLVWyULFRILORVyILFDGH$GRUQR\+RUNKHLPHUDTXtHOLQWHUFDPELRGHPHUFDQFtDV
DVXPH OD IXQFLyQ GH XQ PpGLXP VRFLDO TXH H[WLHQGH D WRGD OD VRFLHGDG XQ
PRGHOR GH UDFLRQDOLGDG IRUPDGR HQ HO SURFHVR RULJLQDULR GH DXWRDILUPDFLyQ
KXPDQDRSXHVWRDODQDWXUDOH]DH[WHUQD
(VHQHVWHDFWRSUHKLVWyULFRGHDXWRDILUPDFLyQKXPDQDHQHOTXHHODQiOLVLV
KLVWyULFRILORVyILFR GH OD 'LDOpFWLFD GH OD ,OXVWUDFLyQ VH YD D FHQWUDU
IXQGDPHQWDOPHQWH $GRUQR \ +RUNKHLPHU GHVFULEHQ HO SURFHVR SRU HO FXDO OD
HVSHFLHKXPDQDGHVOLJDGDGHODVHJXULGDGGHVXVYtQFXORVLQVWLQWLYRVVHOLEHUDD
VtPLVPDGHODDPHQD]DGHXQDQDWXUDOH]DLQHVFUXWDEOHHQXQSURFHVRGHJUDGXDO
VXVWLWXFLyQGHODVIRUPDVPLPpWLFDVGHFRPSRUWDPLHQWR(OVHUKXPDQRVHHOHYD
D Vt PLVPR SRU HQFLPD GH ODV FRQGLFLRQHV DQLPDOHV GH H[LVWHQFLD SULPHUR

FXDQGRHPSLH]DDDSUHQGHUDGRPLQDUODVFRQGLFLRQHVUHIOH[LYDVTXHODVIRUPDV
SUHKXPDQDV GH YLGD VyOR LPLWDEDQ ItVLFDPHQWH HQ VLWXDFLRQHV GH WHPRU DQWH
REMHWRVQDWXUDOPHQWHDPHQD]DQWHVOXHJRFXDQGRILQDOPHQWHODVUHPSOD]DSRU
FRPSOHWRJUDFLDVDOFRQWUROSUHYHQWLYRGHODQDWXUDOH]D$OKDEHUVLGRFDSD]GH
WUDQVIRUPDU ORV PRGRV GH FRPSRUWDPLHQWR PLPpWLFRV KDFLD OD QDWXUDOH]D HQ
SURFHVRVGHWUDEDMRVREUHHOODODHVSHFLHKXPDQDKDVXSHUDGRORVOtPLWHVGHO
PRGRGHYLGDDQLPDO
/D FLYLOL]DFLyQ KD UHPSOD]DGR OD DGDSWDFLyQ RUJiQLFD D ORV RWURV \ HO FRPSRUWDPLHQWR
SURSLDPHQWH PLPpWLFR SRU HO FRQWURO RUJDQL]DGR GH OD PLPHVLV HQ OD IDVH PiJLFD \
ILQDOPHQWHSRUODSUiFWLFDUDFLRQDOSRUHOWUDEDMRHQODIDVHKLVWyULFD>@

/D PDJLD HV XQD IRUPD GH PLPHVLV TXH VH HVFHQLILFD FROHFWLYDPHQWH /D
DGHFXDFLyQ DUWLILFLDO GHO JUXSR FRQ HO PHGLR QDWXUDO FXPSOH DTXt OD IXQFLyQ R
ELHQ GH PLWLJDU GH PDQHUD ILFWLFLD ORV HIHFWRV DPHQD]DQWHV GH SURFHVRV
QDWXUDOHV SUiFWLFDPHQWH LQFRQWURODEOHV R ELHQ GH LQIOXLU LPDJLQDULDPHQWH HQ VX
FXUVR3HURVyORODLQWHUYHQFLyQPDQLSXODGRUDGHORVSURFHVRVQDWXUDOHVFRPR
WDOHVUHPSOD]DODGHIHQVDPHUDPHQWHSDVLYDIUHQWHDORVSHOLJURVQDWXUDOHVFRQ
XQD IRUPD DFWLYD GH FRQWURO (O VHU KXPDQR HPSOHD ODV H[SHULHQFLDV
FRQVWDQWHPHQWH DFXPXODGDV FRQ HO PHGLR QDWXUDO FRQ REMHWR GH FRQYHUWLU ODV
UHJXODULGDGHV GH ORV SURFHVRV QDWXUDOHV HQ PHGLRV DSWRV SDUD FRQVHJXLU VX
SURSLR VXVWHQWR YLWDO (Q HO PLVPR SURFHVR HQ HO TXH DSUHQGH D FRQWURODU \
GRPLQDUODQDWXUDOH]DHPSLH]DWDPELpQDDEVWUDHUODDPHQD]DQWHRPQLSRWHQFLD
GH OD QDWXUDOH]D FRQYLUWLpQGROD HQ DGHODQWH HQ XQD UHDOLGDG REMHWLYDGD GH
DFXHUGR FRQ H[SHULHQFLDV UHSHWLEOHV DMXVWDGDV D ORV ILQHV GH OD LQWHUYHQFLyQ
PDQLSXODGRUD (Q YLUWXG GH ODV H[LJHQFLDV GH OD DFFLyQ LQVWUXPHQWDO ORV
KXPDQRV VyOR FDSWDQ GH OD FDyWLFD PXOWLSOLFLGDG GH HVWtPXORV GHO HQWRUQR
DTXHOORV FRPSRQHQWHV FRQFHSWXDOHV IXQFLRQDOPHQWH VLJQLILFDWLYRV SDUD VX
LQWHUYHQFLyQ SUiFWLFD (V HQ OD DFWLYLGDG GHO WUDEDMR GRQGH ORV VHUHV KXPDQRV
DSUHQGHQ D HQVHxRUHDUVH VREUH OD RPQLSUHVHQWH FDSDFLGDG GH DPHQD]D GH OD
QDWXUDOH]D JUDFLDV D HOOD VH REOLJD D XQ FRQMXQWR GH LPSUHVLRQHV VHQVLEOHV D
VRPHWHUVHDXQHVTXHPDFRQFHSWXDOTXHPXHVWUDXQPXQGRVXVFHSWLEOHGHVHU
GRPLQDGR\FRQWHPSODGR

*UDFLDV DO SHQVDPLHQWR ORV KRPEUHV VH GLVWDQFLDQ HOORV PLVPRV GH OD QDWXUDOH]D D ILQ GH
WHQHUOD SUHVHQWH DQWH Vt GH WDO PRGR TXH SXHGDQ GRPLQDUOD $O LJXDO TXH OD FRVD R HO
LQVWUXPHQWR PDWHULDO TXH VH PDQWLHQH LGpQWLFR HQ GLIHUHQWHV VLWXDFLRQHV \ GH HVWD PDQHUD
GLYLGH HO PXQGR FRPR OR FDyWLFR OR SOXUDO OR GLVSDUDWDGR GH OR FRQRFLGR OR 8QR \ OR
LGpQWLFRHOFRQFHSWRFRQVWLWX\HHOLQVWUXPHQWRLGHDOTXHVHDMXVWDSDUDVHUYLUDFDGDFRVD
VHDFXDOVHDHOOXJDUGRQGHVHDVXDSOLFDFLyQ>@

UHSHWLFLyQHOHYDGDDODFDWHJRUtDGHUHJXODULGDGSUHFLVD\FRQVHUYDGDHQHVWHUHRWLSRV>@/D
WpFQLFDFRQVXPDODDGDSWDFLyQDORPXHUWRDOVHUYLFLRGHODDXWRFRQVHUYDFLyQ\DQRFRPRHV
HO FDVR GH OD PDJLD PHGLDQWH OD LPLWDFLyQ PDWHULDO GH OD QDWXUDOH]D H[WHUQD VLQR SRU OD
DXWRPDWL]DFLyQ GH ORV SURFHVRV HVSLULWXDOHV PHGLDQWH OD WUDQVIRUPDFLyQ GH pVWRV HQ FLHJRV
GHFXUVRV &RQ VX WULXQIR ODV PDQLIHVWDFLRQHV KXPDQDV GHYLHQHQ VXVFHSWLEOHV GH FRQWURO \
IRU]RVDV'HODDGHFXDFLyQDODQDWXUDOH]DVyORTXHGDHOHQGXUHFLPLHQWRIUHQWHDHOOD>@

(ODUJXPHQWRDQWURSROyJLFRTXH$GRUQR\+RUNKHLPHUGHVDUUROODQHQHVWDV
REVHUYDFLRQHVGHVJUDQDGDVSRUWRGRHOFRQMXQWRGHODREUDHVWiHPSDUHQWDGR
FRQ ORV DQiOLVLV TXH $UQROG *HKOHQ OOHYD D FDER HQ VX DQWURSRORJtD ILORVyILFD
6LQ HPEDUJR D GLIHUHQFLD GH HVWH WUDEDMR ORV SDVDMHV GH 'LDOpFWLFD GH OD
,OXVWUDFLyQHVWiQPHQRVDUWLFXODGRV\VRQPDWHULDOPHQWHPiVSREUHVHOORVVyOR
DVXPHQODWDUHDGHLQGLFDUHOFRQWH[WRSUHKLVWyULFRDSDUWLUGHOTXHWLHQHOXJDUHO
SURFHVRGHUHJUHVLyQHQODKLVWRULDGHODFLYLOL]DFLyQ6LQHPEDUJRFRPRSXHGH
DSUHFLDUVHHQDOJXQRVSDVDMHVGHODREUDODVFRQVLGHUDFLRQHVDQWURSROyJLFDVGH
$GRUQR \ +RUNKHLPHU QR UHSUHVHQWDQ VyOR XQ GpELO HFR GH OD DQWURSRORJtD
ELROyJLFDPHQWHPHMRULQIRUPDGDGH*HKOHQHQUHDOLGDGEXVFDQIRUPDUPiVELHQ
HO PDUFR SUHYLR GH XQD SHUVSHFWLYD KLVWyULFRILORVyILFD DOWHUQDWLYD $OOt GRQGH
*HKOHQYDORUDODDFWLYLGDGFRQFHSWXDOFRPRIDFWRUGHRULHQWDFLyQJUDFLDVDOD
FXDO HO VHU KXPDQR HQ HO WUDEDMR SUiFWLFR GH DSURSLDUVH GH OD QDWXUDOH]D
HODERUD VX GHVERUGDQWH SOHQLWXG SRU DVt GHFLUOR FRPR XQ UHQGLPLHQWR
SURGXFWLYR GH GHVFDUJD >@ TXH FRPSHQVD HO GpILFLW LQVWLQWLYR KXPDQR
$GRUQR \ +RUNKHLPHU FRPSUHQGHQ HO PLVPR SURFHVR GH HVWUXFWXUDFLyQ
FRQFHSWXDO GH OD UHDOLGDG FRPR OD IDVH LQLFLDO GH OD FRVLILFDFLyQ 'HVGH HVWH
SXQWR GH YLVWD HO SURFHVR D WUDYpV GHO FXDO ORV VHUHV KXPDQRV EDMR HO
LPSHUDWLYR GH OD DXWRFRQVHUYDFLyQ GLVSRQHQ FDWHJRULDOPHQWH GH VX HQWRUQR
QDWXUDODSDUHFHFRPRHOREOLJDGRFRQWUDSXQWRGHXQDQDWXUDOH]DFRQJHODGDHQ
SXUDREMHWLYLGDG

(Q HVD DFWLYLGDG FRQFHSWXDO GH RULHQWDFLyQ VX\D OLJDGD DO SURFHVR GH
WUDEDMR VREUH OD QDWXUDOH]D HO VHU KXPDQR KD SXULILFDGR GH IRUPD WDQ
FRQVLVWHQWH OD QDWXUDOH]D REMHWLYDGD GH WRGR LQFRQWURODEOH HOHPHQWR VXSHUIOXR
TXH DKRUD HQ XQ QLYHO PiV GHVDUUROODGR OD WpFQLFD \ OD FLHQFLD PRGHUQDV
SXHGHQ VHU LQWHUSUHWDGDV FRPR ODV LQVWLWXFLRQHV SHUIHFFLRQDGDV GH XQD
DVLPLODFLyQVRFLDOGHORPXHUWR3HURHQHVWRVVLVWHPDVRUJDQL]DGRVGHPLPHVLV
GH VHJXQGR QLYHO TXH \D QR UHIOHMDQ OD QDWXUDOH]D YLYLHQWH VLQR PiV ELHQ
FRQFHSWXDOPHQWH OD QDWXUDOH]D UHLILFDGD OD FRPSXOVLyQ QDWXUDO TXH HQ XQ
SULQFLSLR GHEHUtD KDEHU VLGR VXSHUDGD SRU HO WUDEDMR VRFLDO FRQWLQ~D 'HO
PLVPRPRGRTXHORVSURFHGLPLHQWRVDVHJXUDGRUHVPHWRGROyJLFRVGHODFLHQFLD
VLPSOHPHQWHUHSLWHQODVUHJXODULGDGHVTXHVHUHYHODQGHVGHHOSXQWRGHYLVWDGH
OD GLVSRVLFLyQ SUiFWLFD VREUH OD QDWXUDOH]D ORV PHGLRV WpFQLFRV QR VRQ VLQR
UHIOHMRGHORV FRPSRQHQWHVHOHPHQWDOHV GHODSUiFWLFD LQVWUXPHQWDOKXPDQD HQ
XQ QLYHO DXWRPDWL]DGR &RPR OD FRPSDUDFLyQ FRQ OD DQWURSRORJtD GH *HKOHQ
SRQHGHPDQLILHVWRHOSUHVXSXHVWRGHHVWDWHVLVVXE\DFHQWHHQODWHVLVEiVLFD
GH OD 'LDOpFWLFD GH OD ,OXVWUDFLyQ HV XQD HSLVWHPRORJtD LQVWUXPHQWDOLVWD GH
VLJQRQHJDWLYReVWHHVHOUHVXOWDGRGHODUDGLFDOUHFRQVLGHUDFLyQGHXQSURFHVR
TXH+RUNKHLPHUDSR\iQGRVHHQHOMRYHQ0DU[D~QFRQFHEtDHQODGpFDGDGH
ORV WUHLQWD FRPR HO GHVDUUROOR HPDQFLSDWRULR SURFHGHQWH GHO FXPSOLPLHQWR
SDXODWLQRGHOGRPLQLRVREUHODQDWXUDOH]D
3RU RWUR ODGR 'LDOpFWLFD GH OD ,OXVWUDFLyQ WDPELpQ FRPSUHQGH
EiVLFDPHQWH HO SURFHVR GHO GHVDUUROOR GH ODV IXHU]DV SURGXFWLYDV
SHUIHFFLRQDGDVFRQODVFRQTXLVWDVPRGHUQDVIDFLOLWDGDVSRUODFLHQFLDQDWXUDO\
ODWpFQLFDFRPRHOSHUIHFFLRQDPLHQWRVLVWHPiWLFRGHXQFRQRFLPLHQWRDGTXLULGR
HQHODFWRRULJLQDULRGHXQDLQWHUYHQFLyQLQVWUXPHQWDOVREUHSURFHVRVQDWXUDOHV
(O PHGLR QDWXUDO HV REMHWLYDGR EDMR OD SHUVSHFWLYD GLUHFWUL] GH OD
DXWRFRQVHUYDFLyQVRFLDO\SDXODWLQDPHQWHH[SORWDGRHQHOFRQWH[WR~OWLPRGHOD

(QHOOXJDUGHODDGHFXDFLyQItVLFDDODQDWXUDOH]DHQWUDHOUHFRQRFLPLHQWRHQHOFRQFHSWROD
DEVRUFLyQ GH OR GLYHUVR EDMR OR LGpQWLFR 3HUR OD FRQVWHODFLyQ GHQWUR GH FXDO VH LQVWDXUD OD
LGHQWLGDGWDQWRODLQPHGLDWDGHODPLPHVLVFRPRODPHGLDWDGHODVtQWHVLVODDGHFXDFLyQDOD
FRVD HQ OD FLHJD DFWXDFLyQ GH OD YLGD R OD FRPSDUDFLyQ GH OR UHLILFDGR HQ OD WHUPLQRORJtD
FLHQWtILFDHVVLHPSUHODGHOWHUURU/DVRFLHGDGSURORQJDDODQDWXUDOH]DDPHQD]DGRUDFRPR
FRDFFLyQHVWDEOH\RUJDQL]DGDTXHDOUHSURGXFLUVHHQORVLQGLYLGXRVFRPRDXWRFRQVHUYDFLyQ
FRQVHFXHQWH UHSHUFXWH VREUH OD QDWXUDOH]D FRPR GRPLQLR VRFLDO VREUH HOOD /D FLHQFLD HV

LQWHQVLILFDFLyQGHOSRGHUVRFLDO6LQHPEDUJRHOLQWHUpVIXQGDPHQWDOTXHJXtDD
HVWHDQiOLVLVQRHV\DHOLQFUHPHQWRGHODULTXH]DVRFLDOTXHDFRPSDxDDHVWH
SURFHVR \ TXH RFXSDED GLFKR VHD GH SDVR HO SULPHU SODQR GH OD
DUJXPHQWDFLyQ GH OD WHPSUDQD ILORVRItD GH OD KLVWRULD GH +RUNKHLPHU VLQR
PiVELHQORVHIHFWRVFRVLILFDGRUHVTXHKXQGHQRULJLQDULDPHQWHVXVUDtFHVHQHO
PLVPR SURFHVR /D PDQLSXODFLyQ GH OD QDWXUDOH]D DVHJXUDGD SRU HO
VRPHWLPLHQWRGHORVSURFHVRVQDWXUDOHVEDMRHOSXQWRGHYLVWDH[FOXVLYRGHOD
GLVSRVLFLyQ WpFQLFD VH SDJD FRQ OD QHXWUDOL]DFLyQ GH VX FRPSOHWD SOHQLWXG
VHQVLEOH\XQPD\RUSOXUDOLGDGVHQVLWLYDHVWRHVFRQHOFRVWHGHODGHVWUXFFLyQ
GHODQDWXUDOH]DYLYDHQVXPDGHVGHHOPDUFRGHODSUiFWLFDKXPDQDRULHQWDGD
DO FRQWURO HO ~QLFR DVSHFWR GH UHDOLGDG TXH VH SHUFLEH HV HO UHYHODGR SRU ODV
H[LJHQFLDV GH OD PDQLSXODFLyQ RSHUDWLYD \ VX SRVLELOLGDG GH UHSURGXFFLyQ 'H
DKt TXH HO GHVDUUROOR GH ODV IXHU]DV SURGXFWLYDV GLVXHOYD OD QDWXUDOH]D HQ XQD
VLPSOHSUR\HFFLyQGHOGRPLQLRVRFLDO
/RV KRPEUHV SDJDQ HO LQFUHPHQWR GH VX SRGHU FRQ OD DOLQHDFLyQ GH DTXHOOR VREUH OR FXDO
HMHUFHQ VX SRGHU /D ,OXVWUDFLyQ VH FRPSRUWD FRQ ODV FRVDV LJXDO TXH XQ GLFWDGRU FRQ ORV
KRPEUHVpOORVFRQRFHPLHQWUDVSXHGDPDQLSXODUORV(OKRPEUHGHFLHQFLDFRQRFHODVFRVDV
PLHQWUDV SXHGD FRQVWUXLUODV 'H HVWH PRGR VX HQ Vt VH FRQYLHUWH HQ SDUD pO (Q OD
WUDQVIRUPDFLyQODHVHQFLDGHODVFRVDVVHUHYHODVLHPSUHFRPRORPLVPRFRPRHOVXEVWUDWR
GHOGRPLQLR>@

'HVDUUROORV UHIOH[LYRV GH HVWH WHQRU UHYHODQ HO HMH FHQWUDO VREUH HO TXH
GHVFDQVD OD FRQVWUXFFLyQ KLVWyULFRILORVyILFD GH 'LDOpFWLFD GH OD ,OXVWUDFLyQ
6XEDVHWHyULFDFRQIRUPDXQDWHRUtDGHODGRPLQDFLyQ>@TXHWLHQHVXSXQWR
GHSDUWLGDHQHOFRQWUROLQVWUXPHQWDOGHODQDWXUDOH]D(VWDWHRUtDYHHQODOyJLFD
GH OD LGHQWLGDG SURSLD GH OD UD]yQ LQVWUXPHQWDO HO KHFKR GH VXEVXPLU OR
SDUWLFXODUEDMRHOFRQFHSWRJHQHUDOHOPRGHORRULJLQDOGHGRPLQDFLyQGHOTXH
FXDOTXLHURWUDIRUPDGHGRPLQLRQRHVVLQRXQDGHULYDFLyQ(QHVWDFRQFOXVLyQ
TXH FRPR YHUHPRV QR DSDUHFHUi HQ WRGRV ORV HVFULWRV GH $GRUQR GH OD
PLVPD PDQHUD  'LDOpFWLFD GH OD ,OXVWUDFLyQ VH DSUR[LPD D HVD IRUPD
WUDGLFLRQDOGHFUtWLFDFXOWXUDOHQODTXHODREMHWLYDFLyQGHODQDWXUDOH]DDWUDYpV
GHODWpFQLFD\ODFLHQFLDVHYDORUDFRPRXQVLJQRGHOSURFHVRGHGHFDGHQFLD
FXOWXUDO7DOFRPRVHH[SUHVDHQODREUDHQFRQIRUPLGDGLQLFLDOFRQODFUtWLFD
FXOWXUDO GHVDUUROODGD SRU DXWRUHV FRPR /XGZLJ .ODJHV R $OIUHG 6HLGHO

LQIOXLGRVSRURWUDSDUWHSRUODILORVRItDGHODYLGD>@ HV\DODGLYLVLyQ
GH OD YLGD HQ HVStULWX \ VX REMHWR FRPR WDO OD FDXVD RULJLQDULD GH OD
DXWRDOLHQDFLyQGHOD+XPDQLGDG(QODDFWXDOLGDGXQDGpFDGD\PHGLDGHVSXpV
GH OD PXHUWH GH $GRUQR QR GHMD GH OODPDU OD DWHQFLyQ GHQWUR GHVGH HVWD
SHUVSHFWLYDXQLODWHUDOHOVXEWHUUiQHRSDUHQWHVFRH[LVWHQWHHQWUHVXSHQVDPLHQWR
\ODILORVRItDGH+HLGHJJHUVXJUDQFRQWULQFDQWH>@
'HQWURGHOPDUFRGH'LDOpFWLFDGHOD,OXVWUDFLyQVLQHPEDUJRODFUtWLFD
GH OD GRPLQDFLyQ GH OD QDWXUDOH]D VyOR FRQVWLWX\H HO SXQWR GH DUUDQTXH SDUD
GHVFLIUDUFRQODD\XGDGHXQDILORVRItDGHODKLVWRULDHOIHQyPHQRFLYLOL]DWRULR
FRPSOHPHQWDULRGHVXPDQLSXODFLyQLQVWUXPHQWDO&RPRSRQHGHPDQLILHVWRHO
OHLWPRWLY GH OD DQWURSRJpQHVLV UHJUHVLYD pVWRV VRQ ORV WHPDV HVHQFLDOHV HO
DQiOLVLVVHIXQGDHQODSUXHEDGHOLQHYLWDEOHHQWUHFUX]DPLHQWRH[LVWHQWHHQWUHOD
DXWRDILUPDFLyQVRFLDO\ODDXWRQHJDFLyQKXPDQD(OSXQWRGHSDUWLGDKLSRWpWLFR
GHFRPSUHQGHUHOPDUFRGHORSVtTXLFRLQWHUQRGHIRUPDSDUDOHODDOSURFHVRGH
FRQWURO GH OD QDWXUDOH]D SUHVHQWD LQLFLDOPHQWH XQD WHRUtD PX\ HVTXHPiWLFD GHO
<R TXH UHWRPD HO KLOR GH OD UHIOH[LyQ DQWURSROyJLFD $GRUQR \ +RUNKHLPHU
LQWHUSUHWDQ HO GHVDUUROOR GHO <R LQGLYLGXDO FRPR XQ SURFHVR TXH VH GHVSOLHJD
~QLFDPHQWHHQWUHODFRQFLHQFLDDLVODGDGHOVXMHWR\VXPHGLRDPELHQWHQDWXUDO
GHO PLVPR PRGR TXH OD IRUPDFLyQ GHO PRGR GH YLGD VRFLRFXOWXUDO KDEtD VLGR
LQWHUSUHWDGRDODOX]GHOGREOHHMHGHODFRQIURQWDFLyQSUiFWLFDHQWUHXQJUXSR
SDUWLFXODUFRQODVDPHQD]DVSURYHQLHQWHVGHODQDWXUDOH]DHVWRHVHQWUHVXMHWR
\ REMHWR WDPELpQ OD IRUPDFLyQ GH OD FDSDFLGDG LGHQWLWDULD KXPDQD YD D VHU
FRQFHELGDDTXtFRPRHOSURFHVRSULPDULRGHIRUPDFLyQLQGLYLGXDOGHXQVXMHWR
HQ UHODFLyQ FRQ OD UHDOLGDG QDWXUDO (O <R KXPDQR VHJ~Q HVWDV HVFDVDV
LQGLFDFLRQHVHQWUDHQHVFHQDFRPRHOUHVXOWDGRLQWUDSVtTXLFRGHXQSURFHVRHQ
HOTXHHOVXMHWRFDSD]GHSHUFHSFLyQDSUHQGHDGLVWLQJXLUHQWUHLPSUHVLRQHVGHO
VHQWLGR H[WHUQR \ HVWDGRV GH H[SHULHQFLD LQWHUQRV %DMR FRQGLFLRQHV GH YLGD
SUHKXPDQDVHOPDUFRFRJQRVFLWLYRGHODVIRUPDVGHYLGDPiVGHVDUUROODGDVHV
VREUH WRGR HO UHVXOWDGR GH XQD SUR\HFFLyQ HQ HVWDGR GH LQFRQVFLHQFLD GH
GLYHUVRVLPSXOVRVGHVXSHUYLYHQFLDVREUHODQDWXUDOH]DH[WHUQD(QODPHGLGDHQ
TXHHOVHUKXPDQRVHKDFHFDSD]GHWUDVFHQGHUODVFRQGLFLRQHVGHODH[LVWHQFLD
DQLPDO VH YH REOLJDGR SRU OD SUHVLyQ LPSXHVWD GH OD GLIHUHQFLDFLyQ VRFLDO D
GLVWLQJXLU HQWUH ODV SUR\HFFLRQHV TXH VRQ VX SURGXFWR LQGLYLGXDO \ ODV

LPSUHVLRQHV VHQVRULDOHV SURFHGHQWHV GH DIXHUD 6yOR HQ YLUWXG GH HVWH
GHVDUUROORVXUJHHO<RSUR\HFWiQGRVHHOLQGLYLGXRDVtPLVPRFRPRRSRVLFLyQD
XQD QDWXUDOH]D SDXODWLQDPHQWH ILMDGD HQ HO HVSHMR GH XQ PXQGR H[WHULRU
FRQVWDQWHTXHQRHVVLQRHOSURGXFWRGHXQDFUHFLHQWHFRQFLHQFLDLQGLYLGXDOGH
ODV SUR\HFFLRQHV DFXPXODGDV HO VHU KXPDQR VH H[SHULPHQWD FRPR HO yUJDQR
XQLILFDGRGHWRGRVVXVHVWDGRVVHQVRULDOHV'HDKtTXHHQFLHUWRPRGRHO<R
VHD HO UHVXOWDGR GH XQ WUDEDMR FHUUDGR HVWR HV GLULJLGR KDFLD GHQWUR  GH
SUR\HFFLyQGHOVXMHWR
(OVXMHWRYXHOYHDFUHDUHOPXQGRIXHUDGHpOVREUHODVKXHOODVTXHpVWHGHMDHQVXVVHQWLGRVOD
XQLGDGGHODFRVDHQODGLYHUVLGDGGHVXVSURSLHGDGHV\GHVXVHVWDGRV\FRQVWLWX\HDVtGH
SDVR HO \R HQ OD PHGLGD HQ TXH DSUHQGH D GDU XQLGDG VLQWpWLFD QR VyOR D ODV LPSUHVLRQHV
H[WHUQDVVLQRWDPELpQDODVLQWHUQDVTXHVHYDQGLVWLQJXLHQGRSRFRDSRFRGHODVSULPHUDV
(O\RLGpQWLFRHVHO~OWLPRSURGXFWRFRQVWDQWHGHODSUR\HFFLyQ>@

(VWD UHIOH[LyQ DQWURSROyJLFD HQ UHDOLGDG SRFR FRQYLQFHQWH TXH WUDWD GH


H[SOLFDUHOGHVDUUROORGHODLGHQWLGDGLQGLYLGXDOHQFXDQWRSURFHVRIRUPDWLYRGH
XQVXMHWRVROLWDULRIUHQWHDOPXQGRH[WHULRUQDWXUDOLQWURGXFHXQRGHORVSRFRV
SDVDMHVGH'LDOpFWLFDGHOD,OXVWUDFLyQHQORVTXHVHDEDQGRQDQORVOtPLWHVGH
ODDUJXPHQWDFLyQSXUDPHQWHQHJDWLYD\VHGDQDFRQRFHUORVUDVJRVEiVLFRVGH
XQDFRQFHSFLyQSRVLWLYDGHODDXWRQRPtDGHO<RVRQHVWRVUDVJRVORVTXHYDQD
FRQIRUPDUHOWUDVIRQGRQRUPDWLYRDQWHHOFXDOVHSHUILODODDILUPDFLyQKLVWyULFR
ILORVyILFD GH XQ SURFHVR KXPDQR GH DXWRQHJDFLyQ TXH VH UHWURWUDH D ORV
FRPLHQ]RVGHODGRPLQDFLyQGHODQDWXUDOH]D$GRUQR\+RUNKHLPHUERVTXHMDQ
ODVFDUDFWHUtVWLFDVEiVLFDVGHXQDLGHQWLGDGDXWyQRPDGHO<RHQHOPLVPRPDUFR
WHyULFRFRJQLWLYR HQ HO TXH HOORV WDPELpQ KDEtDQ H[SOLFDGR HO QDFLPLHQWR GHO
SRWHQFLDO GH OD LGHQWLGDG SUHWHQGHQ DVt PRVWUDU TXH OD IRUPDFLyQ GH OD
LGHQWLGDGFRQGXFHDXQ<ROLEUHGHFRDFFLRQHVHLGpQWLFRFRQVLJRPLVPRHQOD
PHGLGDHQTXHHOVXMHWRSHUPLWHTXHODVLPSUHVLRQHVGHOVHQWLGRH[WHUQR\VXV
HVWDGRV VHQVRULDOHV LQWHUQRV VH FRPXQLTXHQ FRQ LJXDOGDG GH GHUHFKRV \ VLQ
LPSHGLPHQWRV
/DSURIXQGLGDGLQWHULRUGHOVXMHWRUHVLGH~QLFDPHQWHHQODIUDJLOLGDG\ULTXH]DGHVXPXQGR
SHUFHSWLYRH[WHULRU>@6yORHQODPHGLDFLyQHQODFXDOHOGDWRGHSRUVtQXORGHORVVHQWLGRV
LPSXOVDDOSHQVDPLHQWRDWRGDODSURGXFWLYLGDGGHODTXHpVWHHVFDSD]\SRURWURODGRHO

SHQVDPLHQWRVHHQWUHJDVLQFRQGLFLRQHVDODLPSUHVLyQTXHOHOOHJDVHORJUDVXSHUDUODVROHGDG
HQIHUPDHQODTXHHVWiSUHVDODQDWXUDOH]DWRGD>@

'HQWURGHOFRQWH[WRWRWDOGHVXSODQWHDPLHQWRKLVWyULFRILORVyILFRHVWDLGHD
GH $GRUQR \ +RUNKHLPHU VH UHYHOD LQXVXDOPHQWH XWySLFD SDUWLHQGR GH ODV
FDUDFWHUtVWLFDVGHXQDUHODFLyQGHQRGRPLQDFLyQHQWUHHOHVStULWXKXPDQR\HO
PHGLRQDWXUDOGHVDUUROODORVSHUILOHVGHXQDLGHQWLGDGGHO\ROLEUHGHFRHUFLyQ
(O\RDXWyQRPRHVSRUWDQWRVyORHOFRUUHODWRGHXQDQDWXUDOH]DUHFRQRFLGDHQ
VXSURSLDSDUWLFXODULGDGDTXpOREWLHQHVXOLEHUWDGHQODPHGLGDHQTXHFHGHGH
XQDPDQHUDQRFRHUFLWLYDVXFDSDFLGDGLQWHUQDGHFRQILJXUDFLyQDODSOXUDOLGDG
VHQVLEOH GH ODV LPSUHVLRQHV SURSRUFLRQDGDV SRU OD QDWXUDOH]D (VWH FRQFHSWR
HVWpWLFR GH LGHQWLGDG GHO \R TXH GD LQGHSHQGHQFLD D OD IRUPDFLyQ GH OD
LGHQWLGDGLQGLYLGXDOGHOUHFRQRFLPLHQWRVRFLDOGHORVRWURVVXMHWRVGHWHUPLQDHO
SODQWHDPLHQWRGHVGHHOFXDO$GRUQR\+RUNKHLPHUWUDWDQGHH[SOLFDUDKRUDOD
DXWRQHJDFLyQKXPDQDFRPRHIHFWRFLYLOL]DWRULRGHODGRPLQDFLyQKXPDQDVREUH
OD QDWXUDOH]D 6X WHVLV IRUPXOD VyOR OD FRQVHFXHQFLD TXH VH GHULYD VL OD
REMHWLYDFLyQLQVWUXPHQWDOGHODQDWXUDOH]DSRUODKXPDQLGDGVHFRQWHPSODGHVGH
HOSXQWRGHYLVWDGHXQPRGHORHVWpWLFRGHLGHQWLGDGGHO\R(OSDVRFRJQLWLYR
SRU HO FXDO HO VXMHWR DFWLYR DSUHQGH D SHUFLELU VX PHGLR QDWXUDO GHVGH OD
SHUVSHFWLYD ILMD GHO FRQWURO QR SXHGH SRU PHQRV GH LQWHUSUHWDUVH FRPR HO
SULQFLSLR GH XQD LQWHUUXSFLyQ GH HVD DVRFLDFLyQ OLEUH HQWUH ODV LPSUHVLRQHV
VHQVLEOHVH[WHUQDV\ODH[SHULHQFLDVHQVRULDOLQWHUQDHQODTXHHO\RDXWyQRPRVH
GHVDUUROOD /D REMHWLYDFLyQ GH OD QDWXUDOH]D HV DVt HO SURFHVR FRPSOHPHQWDULR
GHOHQWXPHFLPLHQWRGHODLGHQWLGDGLQGLYLGXDO
6LHVWDFRPSHQHWUDFLyQ>HQWUHHOPXQGRGHODSHUFHSFLyQH[WHULRU\ODH[SHULHQFLDVXEMHWLYD
$ +@ VH LQWHUUXPSH HO \R VH HQWXPHFH 6L VH DJRWD DO PRGR SRVLWLYLVWD HQ HO DFWR GH
UHJLVWUDUHOGDWRVLQDSRUWDUQDGDGHVtTXHGDUHGXFLGRDXQSXQWR>@

(V HVWH VXMHWR TXH VH HQWUHJD D OD LQWHUYHQFLyQ LQVWUXPHQWDO VREUH OD
QDWXUDOH]D HO TXH HV LQFDSD] \D GH UHVSRQGHU DELHUWD \ IOH[LEOHPHQWH D ODV
LPSUHVLRQHVVHQVLEOHVTXHUHFLEHGHHOODHQOXJDUGHEXVFDUODVUHVRQDQFLDVFRQ
OD ULTXH]D GH LPSUHVLRQHV SURFHGHQWHV GH OD QDWXUDOH]D VXV SRVLELOLGDGHV
VHQVRULDOHVVHFRQFHQWUDQHQXQHVTXHPDWLVPRFRJQLWLYRHQFDPLQDGRDOFRQWURO
(O \R GHO VXMHWR LQVWUXPHQWDOPHQWH DFWLYR HVWi D OD IXHU]D RULHQWDGR DO

PDQWHQLPLHQWRGHHVWDSRVLFLyQ3RUHOORVyORSXHGHHVWDELOL]DUVXLGHQWLGDGD
WUDYpV GH OD FRQWLQXD H[FOXVLyQ GH WRGDV ODV H[SHULHQFLDV VHQVLEOHV TXH
DPHQD]DQFRQREVWDFXOL]DUHOSURSyVLWRGLUHFWRGHOSULQFLSLRGHFRQWURO
(QRWURSDVDMHUHODWLYRDODIXQFLyQSUiFWLFDGHORVSULQFLSLRVGHODOyJLFD
$GRUQRUHSLWHHVWDPLVPDOtQHDGHDUJXPHQWDFLyQDILUPDQGRODH[LVWHQFLDGHXQ
LQHYLWDEOH HQWUHFUX]DPLHQWR FLYLOL]DWRULR HQWUH OD GRPLQDFLyQ VRFLDO GH OD
QDWXUDOH]D\HOHQWXPHFLPLHQWRGHODLGHQWLGDGGHO\RHVWHSDVDMHTXHSXHGH
HQFRQWUDUVHHQHOHQVD\R6REUHODPHWDFUtWLFDGHODWHRUtDGHOFRQRFLPLHQWR
VXEUD\DXQDYH]PiVDOPLVPRWLHPSRHOSDSHOIXQGDPHQWDOTXHDVXPHHQHVWH
FRQWH[WRDUJXPHQWDOODYHUVLyQQHJDWLYDGHXQDHSLVWHPRORJtDLQVWUXPHQWDOLVWD
'HVGH XQ SXQWR GH YLVWD JHQpWLFR OD OyJLFD VH SUHVHQWD D Vt PLVPD FRPR XQD WHQWDWLYD GH
LQWHJUDFLyQ\GHRUGHQDFLyQUtJLGDGHORRULJLQDULDPHQWHSOXUDOFRPRHOSDVRGHFLVLYRKDFLDOD
GHVPLWRORJL]DFLyQ>@*UDFLDVDODOyJLFDHOVXMHWRVHVDOYDDVtPLVPRGHFDHUHQORDPRUIR
ORLQFRQVWDQWHORDPELJXRODLGHQWLGDGGHOKRPEUHTXHVHFRQVHUYDFRQYLGDFRPRIRUPDVH
PDUFD HOOD PLVPD HQ OD H[SHULHQFLD \ ODV ~QLFDV DVHUFLRQHV DFHUFD GH OD QDWXUDOH]D TXH GD
FRPRYiOLGDVVRQODVTXHVRQFDSWXUDGDVSRUODLGHQWLGDGGHHVDVIRUPDV>@

$KRUD ELHQ HO VHU KXPDQR TXH DFW~D LQVWUXPHQWDOPHQWH TXH UHGXFH \
HPSREUHFH SRFR D SRFR OD HVWLPXODQWH DEXQGDQFLD GH XQD QDWXUDOH]D
DPHQD]DQWHQRHVVyORXQVXMHWRFRJQRVFHQWHVLQRWDPELpQXQVXMHWRGRWDGR
GH XQ DSDUDWR SXOVLRQDO /D SHWULILFDFLyQ VHQVRULDO GHO LQGLYLGXR VH UHIOHMD
QHFHVDULDPHQWHSRUORWDQWRHQODUHSUHVLyQGHVXSRWHQFLDORUJiQLFRSXOVLRQDO
$GHPiV GH VROLGLILFDU UtJLGDPHQWH \ GH PDQHUD XQLODWHUDO OD SHUFHSFLyQ
VHQVRULDO HO WUDEDMR VRFLDO WDPELpQ H[LJH XQD SHUPDQHQWH FDQDOL]DFLyQ GH ORV
LPSXOVRV QDWXUDOHV DPRUIRV (Q HVWH SXQWR $GRUQR \ +RUNKHLPHU DSUHFLDQ HO
ODGRGLQiPLFRSXOVLRQDOGHOSURFHVRFLYLOL]DGRUGHODDXWRQHJDFLyQKXPDQD(Q
'LDOpFWLFD GH OD ,OXVWUDFLyQ XQD JUDQ SDUWH GH OD LQWHUSUHWDFLyQ KLVWyULFR
ILORVyILFD HVWi GHGLFDGD D HVWH SURFHVR /D WHVLV EiVLFD GHVGH OD TXH HOORV
LQWHUSUHWDQHOGHVWLQRGHODVSXOVLRQHVGHO\RHVHQYHUGDGHQORHVHQFLDOPX\
FODUD \ IiFLO GH UHVXPLU SHUR VH SODQWHD GHQWUR GH XQ PDUFR WHyULFR TXH QR
HQFXHQWUD OXHJR PD\RU FODULILFDFLyQ HQ HO SODQR SVLFROyJLFR GH ODV
PRWLYDFLRQHV HO IXQGDPHQWR GH OD GRPLQDFLyQ GH OD QDWXUDOH]D VXUJH FRQ OD
UHSUHVLyQ\HOUHFKD]RGHWRGDVODVWHQGHQFLDVSXOVLRQDOHVTXHIUHQDQHOWUDEDMR
GDGR TXH HO WUDEDMR UHTXLHUH FLHUWDPHQWH XQD DWHQFLyQ ELHQ RULHQWDGD D XQ

REMHWLYR\ODFRQWHQFLyQGHODVHQHUJtDVGLULJLGDVDODDFWLYLGDGFRUUHVSRQGLHQWH
HOVXMHWRVyORVHOHSHUPLWHLQFRUSRUDUDVX<RDTXHOORVLPSXOVRVGHVXSRWHQFLDO
SXOVLRQDOVXVFHSWLEOHVGHVHUFDQDOL]DGRVHQUHQGLPLHQWRLQVWUXPHQWDOPLHQWUDV
TXHWRGRVORVLPSXOVRVRULHQWDGRVDODGLVWUDFFLyQODH[FLWDFLyQRGLUHFWDPHQWH
VXSHUIOXRVKDQGHVHUVXEOLPDGRVRVXSULPLGRV$GLIHUHQFLDGHORVSDVDMHVTXH
VHUYtDQ SDUD H[SOLFDU OD GLPHQVLyQ XQLGLPHQVLRQDO GHO VHU KXPDQR HQ HO SODQR
VHQVRULDOHQHOFRQWH[WRGHODLQFHVDQWHSUHVLyQGHOWUDEDMRVRFLDODTXt$GRUQR
\ +RUNKHLPHU HQ VX H[SRVLFLyQ GHMDQ FDVL FRPSOHWDPHQWH DO PDUJHQ ORV
SURFHVRVLQWUDSVtTXLFRVVXE\DFHQWHVDODVXSUHVLyQRULJLQDULDGHODVSXOVLRQHV
$XQTXHHOSVLFRDQiOLVLVIRUPDSDUWHGHVXLQYHQWDULRWHyULFRFDEHVHxDODUTXH
HQ'LDOpFWLFDGHOD,OXVWUDFLyQEULOODSRUVXDXVHQFLDXQPDUFRH[SOLFDWLYRHQ
DOJXQDPHGLGDFRPSDUDEOHDOPRGHORH[SOLFDWLYRLPSOtFLWRHQODWHRUtDFRJQLWLYD
TXH SXHGD KDFHU LQWHOLJLEOH ORV PHFDQLVPRV GH IRUPDFLyQ GH ODV QHFHVLGDGHV
LQGLYLGXDOHV 'H DKt TXH DTXt WHQJDQ TXH SHUGHUVH GH YLVWD WDQWR HO GHVDUUROOR
VRFLDOL]DGRU HQ HO FXDO ODV HQHUJtDV PRWLYDFLRQDOHV GHO VXMHWR VH IRUPDQ DO
VHUYLFLR GHO WUDEDMR FRPR WDPELpQ HO SURFHVR LQWUDSVtTXLFR HQ YLUWXG GHO FXDO
pVWH UHFKD]D ODV HQHUJtDV TXH LPSLGHQ HO WUDEDMR QL ODV QRUPDV VRFLDOHV EDMR
FX\D IRUPD HO \R DSUHQGH ODV H[LJHQFLDV PRWLYDFLRQDOHV GH OD VRFLHGDG HQ
FRPXQLFDFLyQFRQRWURVVXMHWRVQLODDXWRULGDGGHODFRQFLHQFLDLQGLYLGXDOTXH
UHSUHVHQWD GHQWUR GHO DSDUDWR SVtTXLFR ODV H[LJHQFLDV UHSUHVLYDV GH OD
VRFLHGDGFRQVWLWX\HQSXQWRVGHUHIHUHQFLDSDUDHODQiOLVLV&RQVHFXHQWHPHQWH
SDUHFHFRPRVLODPLVPDDFWLWXGGHFRQWURODWUDYpVGHODFXDOHOVXMHWRGHOD
DFFLyQ LQVWUXPHQWDO DSUHQGH D WUDEDMDU VREUH OD QDWXUDOH]D WDPELpQ OH KDFH
FDSD]GHPRGHODUSRUVXFXHQWDVXSURSLRSRWHQFLDOLQVWLQWLYR(VWDLPSUHVLyQ
VH UHIXHU]D HQ OD PHWiIRUD FHQWUDO GHO OLEUR OD LPDJHQ GH 2GLVHR DWiQGRVH
YROXQWDULDPHQWH DO PiVWLO GH VX HPEDUFDFLyQ D FDXVD GH VXV UHIOH[LRQHV
LQVWUXPHQWDOHV HQ HO FRQWURO GH ODV SXOVLRQHV VH UHSLWH SRU DVt GHFLUOR HO
SURFHVR GH GRPLQDFLyQ GH OD QDWXUDOH]D FRPR FRQTXLVWD LQGLYLGXDO GH OD
QDWXUDOH]DLQWHUQD
(VWD LPDJHQ VXJHULGD HQ 'LDOpFWLFD GH OD ,OXVWUDFLyQ WHyULFDPHQWH
GHVFRQFHUWDQWH WRGD YH] TXH SDUHFH PRVWUDU OD UHSUHVLyQ GHO SRWHQFLDO
LQVWLQWLYR KXPDQR FRPR OD WDUHD GH XQ VXMHWR DLVODGR >@ FRQGXFH VLQ
HPEDUJR DO VHJXQGR HOHPHQWR HVHQFLDO TXH GHVHPERFD HQ OD DILUPDFLyQ

ILORVyILFRKLVWyULFDGHODDXWRQHJDFLyQGHODKXPDQLGDGHVWHHOHPHQWRGHMDDXQ
ODGR OD WHVLV GHVDUUROODGD GHVGH HO SXQWR GH YLVWD FRJQLWLYR GH OD UHGXFFLyQ
XQLGLPHQVLRQDO GH OD VHQVLELOLGDG GHO VXMHWR SDUD FHQWUDUVH HQ FRPSOHWDU OD
LPDJHQ GH ODV FRQVHFXHQFLDV VRFLDOL]DGRUDV GH OD GRPLQDFLyQ VRFLDO GH OD
QDWXUDOH]D6yORHOHQWUHOD]DPLHQWRVXUJLGRHQWUHHOHPSREUHFLPLHQWRVHQVRULDO\
OD ULJXURVD VXSUHVLyQ SXOVLRQDO HQ HO SURFHVR GHO DXWRGLVFLSOLQDPLHQWR KXPDQR
SHUPLWHFRPSUHQGHUORVUDVJRVGHOFDUiFWHUTXHVHJ~Q$GRUQR\+RUNKHLPHU
GHWHUPLQDQDOVXMHWRDFWLYRLQVWUXPHQWDOPHQWHKDEODQGR
/D+XPDQLGDGVHKDYLVWRREOLJDGDDVRPHWHUVHDFRVDVWHUULEOHVKDVWDSRGHUGDUIRUPDDO<R
HOFDUiFWHULGpQWLFRLQVWUXPHQWDO\YLULOGHOKRPEUH\DOJRGHHOORVHUHSLWHWRGDYtDHQFDGD
LQIDQFLD (O HVIXHU]R SDUD GDU FRQVLVWHQFLD DO <R DIHFWD DO <R HQ WRGRV VXV HVWDGLRV \ OD
WHQWDFLyQ GH SHUGHUOR KD HVWDGR VLHPSUH DFRPSDxDGD SRU OD FLHJD GHWHUPLQDFLyQ GH
FRQVHUYDUOR>@

&RQHVWDEUHYHREVHUYDFLyQ$GRUQR\+RUNKHLPHUDOFDQ]DQHVHSXQWRHQ
VXDUJXPHQWDFLyQDSDUWLUGHOFXDODSDUHFHQSRUYH]SULPHUDORVSHUILOHVEiVLFRV
GHVXWHVLVKLVWyULFRILORVyILFD$GRUQR\+RUNKHLPHUSDUWHQGHOKHFKRGHTXH
ODHVSHFLHKXPDQDVHOLEHUyDQWLJXDPHQWHGHOSRGHURSUHVLYRGHOPHGLRQDWXUDO
DPHQD]DGRUWDQSURQWRFRPRDSUHQGLyDVXSHUDUORVOtPLWHVGHXQDUHVLVWHQFLD
PHUDPHQWH SDVLYD D ORV SHOLJURV QDWXUDOHV \ D WUDQVIRUPDU ORV PRGHORV
PLPpWLFRVGHUHDFFLyQHQDFWRVLQVWUXPHQWDOHVGHFRQWURO(OPHGLRQDWXUDOVH
REMHWLYDDKRUDHQODDFWLYLGDGGHOWUDEDMRVRFLDOEDMRHOSXQWRGHYLVWDGLUHFWUL]
GH XQD GLVSRVLFLyQ WpFQLFD TXH VH YH REOLJDGD D SUHVFLQGLU SDXODWLQDPHQWH GH
WRGD ULTXH]D VHQVRULDO HQ HO WHUUHQR GH ORV HVWtPXORV DKRUD FRQVLGHUDGRV
REVWiFXORV SDUD OD LQWHUYHQFLyQ $GRUQR \ +RUNKHLPHU DGHPiV HVWiQ
FRQYHQFLGRVGHTXHHVWHDFWRRULJLQDOGHVXEVXPLUORVSURFHVRVQDWXUDOHVEDMR
HO HVTXHPD GH DFWXDFLyQ GHO FRQWURO WpFQLFR HVWR HV GH OD GRPLQDFLyQ GH OD
QDWXUDOH]D SURSRUFLRQD HO LPSXOVR QHFHVDULR DO SURFHVR GH DXWRQHJDFLyQ
KXPDQD HV GHFLU HVWD REMHWLYDFLyQ GH OD QDWXUDOH]D RULHQWDGD HQ WpUPLQRV
LQVWUXPHQWDOHV FRUUH SDUHMDV FRQ HO SURFHVR GH DXWRREMHWLYDFLyQ GH OD
KXPDQLGDG &RQ HVWD WHVLV $GRUQR \ +RUNKHLPHU SUHVXSRQHQ TXH HO VHU
KXPDQR SDUD SRGHU DFFHGHU D OD GLVFLSOLQD GH OD HMHFXFLyQ LQVWUXPHQWDO HQ OD
DFWLYLGDG GHO WUDEDMR WLHQH TXH UHGXFLU FRQVLGHUDEOHPHQWH VX FDSDFLGDG GH

VHQVLELOLGDGDVtFRPRVXSRWHQFLDOSXOVLRQDORUJiQLFR'HVGHODSHUVSHFWLYDGH
ODILORVRItDGHODKLVWRULDODFRQFOXVLyQGHOD'LDOpFWLFDGHOD,OXVWUDFLyQSXHGH
GHGXFLUVHGHHVWHGHVDUUROORDUJXPHQWDODVDEHUTXHHQODPHGLGDHQTXHORV
VXMHWRVKXPDQRVLQFUHPHQWDQVLVWHPiWLFDPHQWHVXFRQWUROLQVWUXPHQWDOVREUHOD
QDWXUDOH]DH[WHUQDDOPLVPRWLHPSRSLHUGHQGHPDQHUDSDXODWLQDVXQDWXUDOH]D
LQWHUQDKDELGDFXHQWDGHTXHpVWDWLHQHTXHVHUWUDWDGDGHODPLVPDPDQHUDTXH
DTXpOOD'HHVWHPRGRHOFXUVRSURJUHVLYRGHODGRPLQDFLyQVRFLDOQDWXUDOHV
VyOR XQR GH ORV ODGRV GH XQ SURFHVR VLPXOWiQHR GH GHFDGHQFLD GH XQD
KXPDQLGDG FDGD YH] PiV SURIXQGDPHQWH DOLHQDGD UHVSHFWR D VX SURSLD
QDWXUDOH]D
>@&RQODQHJDFLyQGHODQDWXUDOH]DHQHOKRPEUHVHKDFHFRQIXVR\RVFXURQRVyORHOWpORV
GHOGRPLQLRGHODQDWXUDOH]DH[WHULRUVLQRWDPELpQHOGHODSURSLDYLGD7DQSURQWRFRPRHO
KRPEUHVHDPSXWDODFRQFLHQFLDGHVtPLVPRFRPRQDWXUDOH]DWRGRVORVILQHVSRUORVTXHVH
PDQWLHQH HQ YLGD HO SURJUHVR VRFLDO HO LQFUHPHQWR GH WRGDV ODV IXHU]DV PDWHULDOHV H
LQWHOHFWXDOHVLQFOXVRODFRQFLHQFLDPLVPDSLHUGHQWRGRYDORU\ODHQWURQL]DFLyQGHOPHGLR
FRPRILQTXHDGTXLHUHHQHOFDSLWDOLVPRHOUDVJRGHDELHUWDORFXUDSXHGHSHUFLELUVH\DHQOD
SUHKLVWRULD GH OD VXEMHWLYLGDG (O GRPLQLR GHO KRPEUH VREUH Vt PLVPR TXH IXQGDPHQWD VX
DXWRFRQFLHQFLDHVYLUWXDOPHQWHVLHPSUHODGHVWUXFFLyQGHOVXMHWRDFX\RVHUYLFLRVHUHDOL]D
SXHVODVXVWDQFLDGRPLQDGDRSULPLGD\GLVXHOWDSRUODDXWRFRQVHUYDFLyQQRHVRWUDFRVDTXH
ORYLYLHQWHHQIXQFLyQGHOFXDOVHGHWHUPLQDH[FOXVLYDPHQWHHOWUDEDMRGHODDXWRFRQVHUYDFLyQ
HQUHDOLGDGMXVWRDTXHOORTXHGHEHVHUFRQVHUYDGR>@

(VWH DUJXPHQWR TXH GD OD LPSUHVLyQ GH VHU XQD DSUHWDGD VLQRSVLV GH OD
'LDOpFWLFD GH OD ,OXVWUDFLyQ SDUHFH GDUVH SRU VDWLVIHFKR FRQ DILUPDU OD
H[LVWHQFLD GH XQD FRQQLYHQFLD LQHYLWDEOH HQWUH DXWRDILUPDFLyQ VRFLDO \
DXWRQHJDFLyQ KXPDQD 6LQ HPEDUJR OD FRQVWUXFFLyQ KLVWyULFRILORVyILFD GH
$GRUQR \ +RUNKHLPHU UHIHULGD DO iPELWR GH OD KLVWRULD GH OD ILORVRItD \ GH OD
OLWHUDWXUD QR VH OLPLWD DTXt VyOR D GHVDUUROODU HVWH FtUFXOR YLFLRVR GH OD
FLYLOL]DFLyQ<DODPLVPDUHIHUHQFLDDOFDSLWDOLVPRHQHOSDVDMHDQWHULRUPHQWH
FLWDGR UHYHOD TXH 'LDOpFWLFD GH OD ,OXVWUDFLyQ KD GH LQFOXLU WDPELpQ RWURV
HOHPHQWRVSURFHGHQWHVGHXQDWHRUtDGHODVIRUPDVGHODGRPLQDFLyQVRFLDOTXH
SXHGDQ FRPSOHPHQWDU ORV FRQFHSWRV DQWURSROyJLFDPHQWH DFXxDGRV GH
GRPLQDFLyQVRFLDOGHODQDWXUDOH]D\DXWRGRPLQDFLyQLQGLYLGXDO(OPDUFREiVLFR
HQHOTXHVHGHVDUUROODHVWHWHUFHUHMHFRQFHSWXDOIXQGDPHQWDORULHQWDGRDODV
UHODFLRQHV GH GRPLQDFLyQ H[LVWHQWHV HQ HO LQWHULRU VRFLDO VH HQFXHQWUD HQ OD

UXGLPHQWDULD FRQFHSFLyQ GH XQD WHRUtD GH OD GLYLVLyQ VRFLDO GHO WUDEDMR pVWD
H[SOLFDODGHVLJXDOGLYLVLyQVRFLDOODERUDOQRKDFLHQGRUHIHUHQFLDDODVH[LJHQFLDV
IXQFLRQDOHV TXH VXUJHQ FRQ OD LQWHQVLILFDFLyQ GHO WUDEDMR VRFLDO VREUH OD
QDWXUDOH]DQLDORVSUREOHPDVGHGLVWULEXFLyQGHULYDGRVGHODSOXVYDOtDVLQRD
XQDFWRFRQWLQJHQWHGHDSRGHUDPLHQWRFROHFWLYRGHSULYLOHJLRVHQORVLQLFLRVGHO
SURFHVRGHFLYLOL]DFLyQ
&RPR-RVHSK6FKPXFNHUVHKDHQFDUJDGRGHPRVWUDU>@SDUD$GRUQR
ODFDWHJRUtDGHSULYLOHJLRUHSUHVHQWDSRUORJHQHUDOHOFRQFHSWRFODYHSDUDHO
GHVDUUROOR GH XQD FRQFHSFLyQ GH OD GRPLQDFLyQ VRFLDO VXSXHVWDPHQWH
GHWHUPLQDHOLQMXVWLILFDGRDFWRFRHUFLWLYRTXHVXE\DFHDWRGRWUDEDMRVRFLDOFRQ
GLVWULEXFLyQ GHVLJXDO 7DPELpQ SURSRUFLRQD HO KLOR FRQGXFWRU FRQ FX\D D\XGD
SXHGHQUHFRPSRQHUVHORVGLVWLQWRVIUDJPHQWRVLQFRQH[RVDFHUFDGHXQDWHRUtD
GH OD GLYLVLyQ VRFLDO GHO WUDEDMR HQ OD 'LDOpFWLFD GH OD ,OXVWUDFLyQ 6LQ
HPEDUJR OD LQWHUSUHWDFLyQ TXH UHVXOWD DTXt GHO SURFHVR GH FRQVWLWXFLyQ GH OD
GRPLQDFLyQ VRFLDO HV H[WUHPDGDPHQWH YDJD >@ VHJ~Q HOOD PHGLDQWH DFWRV
DUFDLFRV GH GHVSRWLVPR >@ LPSXHVWRV D OD IXHU]D WUDV HO ILQ GH OD HUD GHO
QRPDGLVPR KXER JUXSRV VRFLDOHV TXH VH DUURJDURQ HO SULYLOHJLR GH VHU
UHPSOD]DGRVDODUJRSOD]RSRURWURVPLHPEURVGHODVRFLHGDGHQODUHDOL]DFLyQ
GHWDUHDVVRFLDOPHQWH\DDVLJQDGDV6REUHODEDVHGHODSURSLHGDGILMD>@
TXH FRQ GLVWLQWR QLYHO GH FRQWURO VDOYDJXDUGD VRFLDOPHQWH HO SULYLOHJLR
DVHJXUDGR GH PDQHUD YLROHQWD OD FDSDFLGDG GH SRGHU VHU UHPSOD]DGR
FRQVWLWX\H GHVGH HVH PRPHQWR OD PHGLGD GH GRPLQDFLyQ VLHQGR HO PiV
SRGHURVR TXLHQ SXHGH VHU UHPSOD]DGR HQ HO PD\RU Q~PHUR GH RSHUDFLRQHV
>@(QODPHGLGDHQTXHODPRQRSROL]DFLyQFROHFWLYDGHHVWHSULYLOHJLRVRFLDO
HV FDSD] GH VHSDUDU ODV WDUHDV UHSURGXFWLYDV UHVXOWDQWHV GH OD HVSHFLH HQ
DFWLYLGDGHVLQVWUXPHQWDOHV\DFWLYLGDGHVGHFRQWUROHQWUDEDMRItVLFR\SVtTXLFR
ORV PRGRV GH FRPSRUWDPLHQWR FROHFWLYRV GH GRPLQDGRUHV \ GRPLQDGRV
WLHQHQ WDPELpQ TXH GLVWLQJXLUVH HQWUH Vt D OD ODUJD (O SODFHU GHO DUWH \ HO
WUDEDMRPDQXDO>@ OD DXWRFRQVHUYDFLyQ \ OD IXHU]D FRUSRUDO >@ VRQ
UHVSHFWLYRVSURGXFWRVGHVRFLDOL]DFLyQVHJ~QORVGRVPRGHORVGHDFWLYLGDGHQ
ORVTXHORVPLHPEURVGHODVRFLHGDGVRQVHSDUDGRVSRUHODFWRRULJLQDOGHXQD
GLYLVLyQYLROHQWDGHOWUDEDMR(QORVHVFDVRVSDVDMHVGHVXLQYHVWLJDFLyQHQORV
TXH$GRUQR\+RUNKHLPHUVHLQWHUHVDQSRUXQDWHRUtDJHQHUDOGHODGRPLQDFLyQ

VRFLDO LQYHVWLJDQ VREUH WRGR ORV HIHFWRV FRODWHUDOHV GH OD VRFLDOL]DFLyQ HQ HO
PDUFRGHODVHSDUDFLyQFRHUFLWLYDHQWUHWUDEDMRPHQWDO\ItVLFR
3HURVLDSHVDUGHWRGDVXPLVLyQHOVDOYDMHQyPDGDWRPDEDD~QSDUWHHQHOHQFDQWDPLHQWR
TXHOLPLWDEDDpVWD\VHGLVIUD]DEDGHDQLPDOVDOYDMHSDUDVRUSUHQGHUORHQHWDSDVSRVWHULRUHV
ODFRPXQLFDFLyQFRQORVHVStULWXV\ODVXPLVLyQVHKDOODQUHSDUWLGRVHQWUHGLIHUHQWHVFODVHVGH
OD KXPDQLGDG HO SRGHU HQ XQ ODGR OD REHGLHQFLD HQ HO RWUR /RV SURFHVRV QDWXUDOHV
HWHUQDPHQWHLJXDOHV\UHFXUUHQWHVVRQLQFXOFDGRVDORVV~EGLWRVELHQSRUWULEXVH[WUDQMHUDV
ELHQSRUODVSURSLDVFDPDULOODVGLULJHQWHVFRPRULWPRGHWUDEDMRDOFRPSiVGHODVSRUUDV\HO
JDUURWHTXHUHVXHQDHQWRGRWDPERUEiUEDURHQWRGRULWXDOPRQyWRQR>@

/D IRUPDFLyQ GH XQD FODVH VRFLDO SULYLOHJLDGD FRQ FDSDFLGDG GH VHU
UHPSOD]DGDHQORTXHDWRGRWUDEDMRPDQXDOVHUHILHUHVHDFRPSDxDQHFHVDULD\
SDUDOHODPHQWHGHOVXUJLPLHQWRGHRWUDFODVHVRFLDOPHQWHRSULPLGDTXHEDMROD
DPHQD]DGHODYLROHQFLDKDGHFDUJDUFRQWRGRHOWUDEDMRFRUSRUDOSXHVWRTXH
HVHVWD~OWLPDODTXHGHIRUPDH[FOXVLYDKDGHVRSRUWDUWRGDODPRQRWRQtD\OD
GLVFLSOLQDGHOWUDEDMRUHJXODGRLQVWUXPHQWDOPHQWHVREUHODQDWXUDOH]DHVWDFODVH
VRFLDOGHWUDEDMDGRUHVFRUSRUDOHVVHYHIRU]DGDDUHSURGXFLULQHYLWDEOHPHQWHGH
QXHYR GHQWUR GH Vt PLVPD OD PLVPD ULJLGH] GH OD QDWXUDOH]D UHLILFDGD (VWH
GHVDUUROOR DUJXPHQWDO TXH GHVHPSHxD XQD IXQFLyQ FHQWUDO HQ OD DSUHFLDFLyQ
DGRUQLDQD GHO FRPSRUWDPLHQWR SURWRWtSLFR GH ORV JUXSRV RSULPLGRV FXPSOH
SRUXQODGRODWDUHDGHFRUUHJLUORVPDOHQWHQGLGRVTXHHQJUDQPHGLGDSXGLHUD
JHQHUDUODSURSLD'LDOpFWLFDGHOD,OXVWUDFLyQDVDEHUODFRQIXVDWHVLVVHJ~QOD
FXDO HO SURFHVR GH FLYLOL]DFLyQ HV FRQGXFLGR SRU XQD DFWLYLGDG SURGXFWLYD
H[LWRVDGHXQVXMHWRGHODHVSHFLHXQLILFDGR8QDYH]TXHODGHVLJXDOGDGDUFDLFD
HQODGLVWULEXFLyQGHOWUDEDMRVRFLDOVHKDWRPDGRHQFXHQWDGHVGHHOSXQWRGH
YLVWDWHyULFRHVWDLGHDGHEHGDUSiEXORDXQDFRQFHSFLyQPXFKRPiVFRPSOHMD
TXH WHQJD FRPR SXQWR GH UHIHUHQFLD XQD VRFLHGDG HQ FRQIOLFWR \ GLYLGLGD HQ
FODVHVVRFLDOHV&RQODGLYLVLyQGHODVRFLHGDGHQFODVHVHOVXMHWRVRFLDOSLHUGH
VX XQLGDG &RPR UHVXOWDGR GH HOOR $GRUQR \ +RUNKHLPHU FRPSOHWDQ FRQ XQ
WHUFHUFRQFHSWRHOGHODGLPHQVLyQGHOFRQIOLFWRVRFLDOHOPRGHORELSRODUGHVX
ILORVRItDGHODKLVWRULDHQFX\RFRQWH[WRODGLQiPLFDGHGHVDUUROORGHODKLVWRULD
GH OD FLYLOL]DFLyQ VH H[SOLFD ~QLFDPHQWH HQ ORV WpUPLQRV GH XQD FRQIURQWDFLyQ
HQWUH HO HVStULWX KXPDQR \ OD UHDOLGDG QDWXUDO (VWD FRUUHFFLyQ LPSOtFLWD VLJXH
VLHQGR HQ DOJXQD PHGLGD LQFRPSOHWD WRGD YH] TXH GD OD LPSUHVLyQ GH TXH OD

KLSyVWDVLVGHXQVXMHWRFROHFWLYRFRQFDSDFLGDGGHFRPSURPHWHUVHHQODDFFLyQ
LQWHQFLRQDOFRPRVXMHWRLQGLYLGXDOHVVLPSOHPHQWHGHVSOD]DGDGHOSODQRGHODV
VRFLHGDGHVJOREDOHVDOSODQRGHODVFODVHVVRFLDOHV
3RU RWUR ODGR OD OtQHD GH SHQVDPLHQWR VXE\DFHQWH DO SDVDMH DQWHV FLWDGR
SHUPLWH SHUFLELU HQ TXp PHGLGD ORV JURVHURV SUHVXSXHVWRV GH OD WHRUtD GHO
GRPLQLR VRFLDO GHEHQ LQVHUWDUVH HQ HO OHLWPRWLY KLVWyULFRILORVyILFR GH
'LDOpFWLFDGHOD,OXVWUDFLyQ$GRUQR\+RUNKHLPHUSDUWHQGHOKHFKRGHTXHOD
FODVH VRFLDOPHQWH RSULPLGD D ILQ GH VHU FDSD] GH DGKHULUVH D OD FRPSXOVLyQ
LPSXHVWDFRHUFLWLYDPHQWHSRUODVFRQWLQXDVWDUHDVGHOWUDEDMRWLHQHTXHVHJXLU
UHSURGXFLHQGR HQ Vt PLVPD GH IRUPD UHJXODU WRGDV HVDV UHJXODULGDGHV FLHJDV
TXHODQDWXUDOH]DUHYHODDOVHUKXPDQREDMRHOSXQWRGHYLVWDGHVXGLVSRVLFLyQ
WpFQLFD(VWROHVSHUPLWHOOHYDUDFDERDKRUDXQDUHIOH[LyQGHFXxRHVSHFXODWLYR
TXH LQWHUSUHWD OD GRPLQDFLyQ VRFLDO GH OD FODVH SULYLOHJLDGD VREUH OD FODVH
WUDEDMDGRUDFRPRXQDVXHUWHGHSURORQJDFLyQGHQWURGHODVRFLHGDGGH
RWUDGRPLQDFLyQODKXPDQDVREUHODQDWXUDOH]DH[WHUQD/DGLVSRVLFLyQWpFQLFD
GHODQDWXUDOH]DSRUODHVSHFLHKXPDQDVHSURORQJDHQWRQFHVHQODGLVSRVLFLyQ
VRFLDO HMHUFLGD SRU OD FODVH GRPLQDQWH VREUH ORV PLHPEURV GH OD VRFLHGDG
REOLJDGRV D WUDEDMDU GHO PLVPR PRGR TXH LQYHUVDPHQWH OD LQVHQVLELOL]DFLyQ
FRPSOHPHQWDULDGHODQDWXUDOH]DVHSURORQJDHQHOHPSREUHFLPLHQWRFXOWXUDOGH
ORV WUDEDMDGRUHV FRUSRUDOHV 'H DKt TXH FRPR FRQVHFXHQFLD GH HVWD OtQHD GH
UHIOH[LyQ$GRUQR\+RUNKHLPHUQRYDFLOHQHQKDEODUGHODFODVHKLVWyULFDPHQWH
RSULPLGDHQWpUPLQRV GHGHVFHQGLHQWHV VRFLDOHVGHOD QDWXUDOH]DItVLFD >@
(VWD VXJHUHQWH IRUPXODFLyQ GHMD HQWUHYHU FRQ WRGD HYLGHQFLD HO SUHVXSXHVWR
LPSOtFLWRTXHHQ'LDOpFWLFD GH OD ,OXVWUDFLyQ OHYDQWD HO SXHQWH DUJXPHQWDWLYR
HQWUH OD FRQVWUXFFLyQ KLVWyULFRILORVyILFD GH SDUWLGD \ XQD WHRUtD GH OD
GRPLQDFLyQVRFLDOHOOXJDUGHLQWHUVHFFLyQHQWUHHVWRVSODQWHDPLHQWRVSDUFLDOHV
UHSUHVHQWDHOLQWHQWRGHGDUIRUPDDXQDLGHDGHGRPLQDFLyQVRFLDOTXHJXDUGH
FRUUHVSRQGHQFLD FRQ XQD FRQFHSFLyQ DFHUFD GH OD GRPLQDFLyQ VREUH OD
QDWXUDOH]D6yOREDMRHOSUHVXSXHVWRLPSOtFLWRGHHVWDFRUUHVSRQGHQFLDUHVXOWD
VLJQLILFDWLYR FRPSUHQGHU FRPR $GRUQR \ +RUNKHLPHU KDFHQ ODV WpFQLFDV GH
GRPLQDFLyQVRFLDOFRPRSURGXFWRVGHXQDXWLOL]DFLyQLQWUDVRFLDOGHORVPHGLRV
GHGRPLQDFLyQTXHKDQVLGRDGTXLULGRVSRUHOWUDEDMRVREUHODQDWXUDOH]D/D
OODPDGDOLPLWDFLyQGHOSHQVDPLHQWRDODRUJDQL]DFLyQ\ODDGPLQLVWUDFLyQTXH

VLUYHDODVHJXUDPLHQWRGHODGRPLQDFLyQ\DODPDQLSXODFLyQGHORSHTXHxR
>@ YLVWD GHVGH HVWD SHUVSHFWLYD QR HV DVt PiV TXH OD FRQVHFXHQFLD
FLYLOL]DGRUDGHODRULJLQDULDOLPLWDFLyQXQLODWHUDOGHOSHQVDPLHQWRKXPDQRDXQD
UDFLRQDOLGDG LQVWUXPHQWDO TXH VLUYH D OD DXWRDILUPDFLyQ VRFLDO IUHQWH D OD
QDWXUDOH]D /R PLVPR VXFHGH FRQ OD RWUD PLWDG FRPSOHPHQWDULD GHO FDPLQR
UHIOH[LYRSURFHVRPHGLDQWHHOFXDO$GRUQR\+RUNKHLPHUWUDWDQGHFRQVLGHUDU
D ORV JUXSRV VRFLDOHV REOLJDGRV DO WUDEDMR ItVLFR FRPR ORV UHSUHVHQWDQWHV
LQWUDVRFLDOHVGHODQDWXUDOH]DVRPHWLGD7DPELpQpVWHHVXQDUJXPHQWRSODXVLEOH
VyOR VL SDUWLPRV GH OD SUHVXSRVLFLyQ LPSOtFLWD GH XQD UHODFLyQ GH
FRUUHVSRQGHQFLD HQWUH GRPLQDFLyQ VRFLDO \ GRPLQDFLyQ GH OD QDWXUDOH]D 3XHV
VyORVLODFODVHRSULPLGDVHFRPSUHQGHGHOPLVPRPRGRTXHODQDWXUDOH]DFRPR
XQ REMHWR LQFDSD] GH UHVLVWHQFLD VRPHWLGR D ORV PHFDQLVPRV GHO FRQWURO
WpFQLFR SXHGH WHQHU VHQWLGR HQ WpUPLQRV JHQHUDOHV KDEODU GHO
HPSREUHFLPLHQWR FXOWXUDO GH ORV WUDEDMDGRUHV FRUSRUDOHV FRPR XQ SURGXFWR
GLUHFWR GH OD GRPLQDFLyQ VRFLDO DVt FRPR GH OD LQVHQVLELOL]DFLyQ IUHQWH D OR
QDWXUDO FRPR IHQyPHQR FRUUHODWLYR QHFHVDULR GH OD GRPLQDFLyQ VRFLDO GH OD
QDWXUDOH]D $ WHQRU GH WRGR HVWR $GRUQR \ +RUNKHLPHU VH YHQ REOLJDGRV D
DILUPDU TXH FRQFHSWRV FRPR VXPLVLyQ SREUH]D GH H[SHULHQFLD H
LPSRWHQFLD GHO WUDEDMDGRU VRQ OD FRQVHFXHQFLD OyJLFD GH OD VRFLHGDG
LQGXVWULDO>@
&RPR DKRUD UHVXOWD HYLGHQWH OD WHRUtD GH OD GRPLQDFLyQ QDWXUDO VREUH OD
TXH GHVFDQVD OD FRQVWUXFFLyQ KLVWyULFRILORVyILFD GH 'LDOpFWLFD GH OD
,OXVWUDFLyQ FRQVWLWX\H WDPELpQ HO PDUFR KHUPHQpXWLFR GH XQD FRQFHSFLyQ GH
GRPLQDFLyQ VRFLDO PX\ YDJD (V GHFLU $GRUQR \ +RUNKHLPHU VH FHQWUDQ FRQ
WDQWDREVWLQDFLyQHQHOSURFHVRGHOFRQWUROLQVWUXPHQWDOGHODQDWXUDOH]DTXH
YDOH FRPR HO LQWHUpV JHQXLQR GH VX ILORVRItD GH OD KLVWRULD TXH WDPELpQ
SUHWHQGHQFRQFHELUHOIXQFLRQDPLHQWRGHODGRPLQDFLyQGHQWURGHODVRFLHGDG
GH DFXHUGR FRQ HVWH PRGHOR 'H DKt TXH HOORV VH YHDQ IRU]DGRV
FRQFHSWXDOPHQWHDFRPSUHQGHUVLHPSUHHOSURFHVRGHIRUPDFLyQ\HMHUFLFLRGH
OD GRPLQDFLyQ VRFLDO GH WDO PDQHUD TXH SXHGDQ UHGHVFXEULU DTXt ODV
FDUDFWHUtVWLFDVJHQXLQDVGHODGRPLQDFLyQVRFLDOGHODQDWXUDOH]D(VWHSURFHVR
GH GRPLQDFLyQ VRFLDO DSDUHFH HQWRQFHV HQ FLHUWD PHGLGD FRPR HO
FRUUHVSRQGLHQWH UHIOHMR HVWUXFWXUDO GHO SURFHVR GH FRQWURO LQVWUXPHQWDO GHQWUR

GH OD VRFLHGDG (Q DPERV SURFHVRV XQD FROHFWLYLGDG TXH VH LPDJLQD FRPR
VXMHWRGHODHVSHFLHKXPDQDHQSULPHUOXJDUOXHJRGHXQDFODVHSULYLOHJLDGD
VHGLVRFLDGHVXSURSLRPHGLRQDWXUDORVRFLDOFRQYLUWLpQGRORVHQREMHWRGH
XQD DFFLyQ RULHQWDGD DO FRQWURO 'HO PLVPR PRGR TXH HO VXMHWR GH DFFLyQ
LQVWUXPHQWDO VXEVXPH ORV SURFHVRV QDWXUDOHV EDMR OD SHUVSHFWLYD DEVWUDFWD GHO
FRQWURO D ILQ GH SRGHU FRQYHUWLUORV HQ SRVLEOH FDPSR GH LQWHUYHQFLyQ GH VX
PDQLSXODFLyQ LQVWUXPHQWDO DVt WDPELpQ HO VXMHWR VRFLDOPHQWH SULYLOHJLDGR
FODVLILFDDWRGRVORVUHVWDQWHVPLHPEURVGHODVRFLHGDGVHJ~QXQDSHUVSHFWLYD
GH FRQWURO SDUD KDFHU GH HOORV PHURV yUJDQRV GH FXPSOLPLHQWR GH ODV WDUHDV
LQVWLWXLGDVVRFLDOPHQWHHQORVGRVSURFHVRVHOOHQJXDMH~QLFDPHQWHVLUYHDXQD
IXQFLyQODGHWUDQVIRUPDUHOFDRVGHORVIHQyPHQRVVRFLDOHVRQDWXUDOHVHQXQ
VLVWHPDUHIHUHQFLDOHQWRUQRDGDWRVHVSHFtILFDPHQWHUHOHYDQWHVSDUDHOFRQWURO
>@$PERVWLSRVGHDFFLyQRULHQWDGDDOFRQWUROVHFRQVROLGDQFRQHOWLHPSR
HQDSDUDWRVGHGRPLQDFLyQODVRUJDQL]DFLRQHVVRFLDOHVHQODVTXHVHDSOLFDQD
OD ODUJD SURFHGLPLHQWRV H[LWRVRV GH FRQWURO \ PDQLSXODFLyQ GH ORV PLHPEURV
VRPHWLGRV GH OD VRFLHGDG WLHQHQ VX FRUUHVSRQGHQFLD HQ HO IUHQWH GH OD
GRPLQDFLyQ VRFLDO FRQ LQVWUXPHQWRV WpFQLFRV HQ ORV TXH ODV UHJODV VH
PDWHULDOL]DQ SDXODWLQDPHQWH HQ RSHUDFLRQHV UHSHWLWLYDV VREUH OD QDWXUDOH]D
)LQDOPHQWHFDEHVHxDODUD~QTXHHOFRP~QGHQRPLQDGRUGHDPERVSURFHVRVHV
XQ SRWHQFLDO GH GHVDUUROOR LQPDQHQWH OD YLROHQFLD LQVWUXPHQWDO VREUH OD
QDWXUDOH]D REMHWLYDGD \ OD YLROHQFLD LQVWUXPHQWDO VRFLDO VREUH ODV FODVHV
VRPHWLGDVFUHFHHQODPHGLGDHQTXHWDQWRORVDSDUDWRVWpFQLFRVFRPRWDPELpQ
ODVRUJDQL]DFLRQHVVRFLDOHVVRQFDSDFHVGHSURGXFLUSRUHOODVPLVPDVSURFHVRV
FRQWURODGRV DUWLILFLDOPHQWH (Q 'LDOpFWLFD GH OD ,OXVWUDFLyQ QR VH HQFXHQWUDQ
DILUPDFLRQHV VREUH HVWDV FRUUHVSRQGHQFLDV DVt GH H[SOtFLWDV 6LQ HPEDUJR OD
DUJXPHQWDFLyQKLVWyULFRILORVyILFDGHVGHODFXDO$GRUQR\+RUNKHLPHUWUDWDQGH
FRPSUHQGHU ODV IRUPDV GH GRPLQDFLyQ VRFLDO FRPR FRQWLQXDFLyQ GH OD
GRPLQDFLyQGHODQDWXUDOH]DH[LVWHQWHGHQWURGHODVVRFLHGDGHVVtQRVSHUPLWH
VDFDU HVWDV FRQFOXVLRQHV (Q UHDOLGDG ODV LPSOLFDFLRQHV WpRULFRVRFLDOHV GH
'LDOpFWLFD GH OD ,OXVWUDFLyQ QR WDUGDQ PXFKR DSDUHFHQ D OD OX] GH HVWDV
FRQFOXVLRQHV 'DGR TXH HOODV IXQGDQ WDPELpQ HO DQiOLVLV GH ODV UHODFLRQHV
LQWUDVRFLDOHV HQ OD FRQFHSFLyQ GH OD GRPLQDFLyQ GH OD QDWXUDOH]D $GRUQR \
+RUNKHLPHU VH YHQ REOLJDGRV D FRPSUHQGHU HO SURFHVR GH DGTXLVLFLyQ \

HMHUFLFLRGHGRPLQDFLyQVRFLDOFRPRXQSURFHVRHQHOTXHXQVXMHWRLQGLYLGXDOR
FROHFWLYR DFW~D VREUH RWURV VXMHWRV FRQ REMHWR GH KDFHUOHV GyFLOHV SDUD VXV
SODQHV H LQWHQFLRQHV (VWH VXMHWR ORJUD HO SRGHU XWLOL]DQGR OD IXHU]D ItVLFD
REOLJDQGR D ORV RWURV PLHPEURV GH OD VRFLHGDG D VHJXLU HO GLFWDGR GH XQD
GLVWULEXFLyQGHVLJXDOGHOWUDEDMRVRFLDO\GLVIUD]DHOSULYLOHJLRFRQTXLVWDGRFRQ
OD YLROHQFLD EDMR IRUPDV LQVWLWXFLRQDOHV FRQ REMHWR GH DVHJXUDU GH IRUPD
SHUPDQHQWHVXSURSLDSRVLFLyQHQODVRFLHGDG$ILQGHJDUDQWL]DUODREHGLHQFLD
GH ORV JUXSRV VRPHWLGRV UHVSHFWR D ODV LQVWLWXFLRQHV TXH DVHJXUDQ OD
GRPLQDFLyQ HO VXMHWR DKRUD KDFH XVR GH ORV PHGLRV GH OD IXHU]D ItVLFD \
SVtTXLFD HQ HO SULPHU FDVR HPSOHD ORV PHGLRV GH SRGHU GH ORV TXH GLVSRQH
FRPRSURSLHWDULRSDUDREOLJDUGLUHFWDPHQWHDWUDYpVGHOXVRUHDOGHODIXHU]DR
GHVXDELHUWDDPHQD]DDODREHGLHQFLDDORVVXMHWRVVRPHWLGRV(QHOVHJXQGR
GHORVFDVRVKDFHXVRGHORVPHGLRVGHSHUVXDVLyQ\PDQLSXODFLyQSDUDREOLJDU
LQGLUHFWDPHQWHDODREHGLHQFLDGHORVVXMHWRVVRPHWLGRVHQEHQHILFLRSURSLR
(VWRV FDVRV GH FRDFFLyQ GLUHFWD R LQGLUHFWD VRQ ODV ~QLFDV IRUPDV GH
GRPLQDFLyQVRFLDOTXHVHUHFRUWDQFRQFHSWXDOPHQWHGHQWURGHODWHRUtDLPSOtFLWD
GHODVRFLHGDGTXHHQFRQWUDPRVHQ'LDOpFWLFDGHOD,OXVWUDFLyQ7RGDIRUPD
GHGRPLQLRVRFLDOHQFDPELRTXHQRVHUHWURWUDLJDDOPRGHORGHVRPHWLPLHQWR
DFWLYRGHORVPLHPEURVGHODVRFLHGDGEDMRXQSURSyVLWRJHQHUDOGHOFRQWURO D
VDEHU OD LQIOXHQFLD RULHQWDGD DO ILQ GH OD REHGLHQFLD LQGLYLGXDO  VLQR TXH VH
FRQFLEDDQWHVELHQFRPRHOUHVXOWDGRGHXQDFXHUGRHQWUHORVPLHPEURVGHOD
VRFLHGDG TXHGD H[FOXLGD VLQ HPEDUJR GH HVWH PDUFR WHyULFR (Q HVWH RWUR
FDVRQRHVODREHGLHQFLDSURGXFLGDGLUHFWDRLQGLUHFWDPHQWHVLQRHOKRUL]RQWH
GH ODV RULHQWDFLRQHV QRUPDWLYDV GH ORV JUXSRV VRPHWLGRV HO TXH DVLHQWD ODV
EDVHV TXH VRVWLHQHQ OD GRPLQDFLyQ VRFLDO SRU JUXSRV SULYLOHJLDGRV 6H WUDWD
SXHV GH XQD UHODFLyQ ELODWHUDO GH GRPLQLR VRFLDO ODV VXSXHVWDV HYLGHQFLDV
FXOWXUDOHV \ ODV RULHQWDFLRQHV YDORUDWLYDV FRQGXFHQWHV D OD DFFLyQ D WUDYpV GH
FX\R ILOWUR WRGRV ORV JUXSRV VRFLDOHV VH SHUFLEHQ FRPR XQD HVWUXFWXUD
LQVWLWXFLRQDO HVWDEOHFLGD FRQIOX\HQ HQ XQ FRQVHQVR IUDJPHQWDULR SHUR VLQ
HPEDUJR HIHFWLYR TXH HV FDSD] GH DVHJXUDU XQ JUDGR VXILFLHQWH GH
UHFRQRFLPLHQWR QRUPDWLYR GHQWUR GH XQD VLWXDFLyQ GH GHVLJXDOGDG
LQVWLWXFLRQDOL]DGD HQ OD GLVWULEXFLyQ GH ORV ELHQHV VRFLDOHV $KRUD ELHQ HVWH
HVWDGRGHGRPLQDFLyQSURWHJLGRFRQVHQVXDOPHQWHSODQWHDDKRUDSDUDXQDWHRUtD

VRFLDO XQD VHULD GLILFXOWDG LGHQWLILFDU DTXHOORV PHFDQLVPRV LQVWLWXFLRQDOHV \


FXOWXUDOHVTXHFDQDOL]DQGR\EORTXHDQGRGHQWURGHOJUXSRVRFLDOORVSURFHVRV
FUHDWLYRVRULHQWDGRVDODDFFLyQQRUPDWLYDSXHGHQGHVHPERFDUHQODIRUPDFLyQ
GH XQ FRQVHQVR VRFLDO D SHVDU GH ODV GHVLJXDOGDGHV SHUFLELGDV VRFLDOPHQWH
6yORVLHVWDGLILFXOWDGVHUHVXHOYHGHXQPRGRWHyULFDPHQWHSURPHWHGRUSXHGH
H[SOLFDUVH XQD VLWXDFLyQ VRFLDO HQ OD TXH ORV GHVQLYHOHV LQVWLWXFLRQDOL]DGRV
H[LVWHQWHV HQ XQD VRFLHGDG HQWUH VXV PLHPEURV HQ OR WRFDQWH D SULYLOHJLRV
HQFXHQWUDQRREVWDQWHUHFRQRFLPLHQWRFRQVHQVXDO
(Q 'LDOpFWLFD GH OD ,OXVWUDFLyQ VLQ HPEDUJR $GRUQR \ +RUNKHLPHU QR
SXHGHQ QL VLTXLHUD SODQWHDU HVWH SUREOHPD TXH EDMR HO FRQFHSWR GH
YLROHQFLD HVWUXFWXUDO HV WHPD GH ODV FLHQFLDV VRFLDOHV >@ SXHVWR TXH
FRPR UHVXOWDGR GH VX FRQVWUXFFLyQ EDVDGD HQ VX ILORVRItD GH OD KLVWRULD HOORV
WLHQHQ TXH QHJDU GH DQWHPDQR OD VLPSOH SRVLELOLGDG GH SHQVDU HQ XQ WLSR GH
GRPLQDFLyQDVHJXUDGDFRQVHQVXDOPHQWH/DFRUUHVSRQGHQFLDH[LVWHQWHHQWUHOD
GRPLQDFLyQ GH OD QDWXUDOH]D \ OD GRPLQDFLyQ VRFLDO QR OHV SHUPLWH WRPDU HQ
FRQVLGHUDFLyQRWURPRGHORGHGRPLQDFLyQVRFLDOTXHQRVHDHODVHQWDGRHQORV
LQVWUXPHQWRVXQLGLPHQVLRQDOHVGHGRPLQDFLyQVRFLDOPHGLDQWHFRDFFLyQGLUHFWD
RLQGLUHFWDSHURDTXtSRUSULQFLSLRVHLPSLGHFXDOTXLHUWLSRGHUHFRQRFLPLHQWR
JHQHUDO GH ODV SURSLDV DFWLYLGDGHV FXOWXUDOHV \ ODV IXQFLRQHV KHUPHQpXWLFDV GH
ORV JUXSRV VRPHWLGRV DO VLVWHPD VRFLDO /D LQIOXHQFLD TXH HO WHPD
ILORVyILFRKLVWyULFRWLHQHHQODDUJXPHQWDFLyQWHyULFRVRFLDOGH'LDOpFWLFDGHOD
,OXVWUDFLyQHVWDQSRGHURVDTXH$GRUQR\+RUNKHLPHUQRWLHQHQPiVUHPHGLR
TXH FRPSUHQGHU D ORV VXMHWRV VRFLDOPHQWH VRPHWLGRV DQiORJDPHQWH FRPR
YtFWLPDV SDVLYDV \ FRODWHUDOHV GH ODV WHFQRORJtDV GH GRPLQDFLyQ GLULJLGDV DO
GRPLQLR GH OD QDWXUDOH]D 3DUHFH DVt SXHV FRPR VL ORV SURFHGLPLHQWRV GH
FRQWURO SXGLHUDQ GHWHUPLQDU D ORV LQGLYLGXRV VLQ TXH pVWRV D VX YH] SXGLHUDQ
UHDOL]DUWHQWDWLYDVGHUHVLVWHQFLDVRFLDO\GHRSRVLFLyQFXOWXUDO
'DGR TXH D OD YLVWD GH VX ILORVRItD GH OD KLVWRULD $GRUQR \ +RUNKHLPHU
LQWHUSUHWDQ OD KLVWRULD GH OD FLYLOL]DFLyQ FRPR XQ IRU]RVR SURFHVR HQ HVSLUDO
HQFDPLQDGRDODGRPLQDFLyQGHODQDWXUDOH]DODGRPLQDFLyQVRFLDOGHFODVH\OD
GRPLQDFLyQ GH ODV SXOVLRQHV LQGLYLGXDOHV VH YHQ DERFDGRV D PDQWHQHU XQD
FRQFOXVLyQ TXH GHVGH OD SHUVSHFWLYD GH OD WHRUtD VRFLDO WLHQH TXH LJQRUDU OD
H[LVWHQFLDGHXQDHVIHUDLQWHUPHGLDULDGHODDFFLyQVRFLDO/DFRDFFLyQFROHFWLYD

DODDXWRFRQVHUYDFLyQVRFLDOVHH[WUDSRODWDQLQFXHVWLRQDEOHPHQWHDODFRDFFLyQ
HVSHFtILFD GH FODVH KDFLD HO DVHJXUDPLHQWR GH OD GRPLQDFLyQ \ D OD FRHUFLyQ
LQGLYLGXDO D OD DXWRGLVFLSOLQD TXH GHMD GH H[LVWLU \D DTXt XQ SRVLEOH HVSDFLR
VRFLDOLQWHUPHGLRRULHQWDGRDODSURGXFFLyQFUHDWLYDGHJUXSRVLQWHUDFWLYRV(V
IiFLO YHU FyPR HO UHGXFFLRQLVPR WHyULFRVRFLDO VXE\DFHQWH D HVWD FRQFOXVLyQ
ILQDO FRQGXFH EDMR HO FRQWUDSXQWR GH XQD ILORVRItD SHVLPLVWD GH OD KLVWRULD DO
FDUULO FRQWUDULR SRU HO TXH HQ HO SULPHU +RUNKHLPHU WRGDYtD PDUFKDED OD
YDULDQWHRSWLPLVWDGHXQDILORVRItDGHODKLVWRULDPDWHULDOLVWD'HDKtTXHHQHVWDV
GRVYHUVLRQHVVXFHVLYDVGHOD7HRUtD&UtWLFDHOPDUFRFRQFHSWXDOGHODWHRUtD
GHODDFFLyQVHKD\DYLVWRUHGXFLGRDOFRQFHSWRGHWUDEDMRHQDPEDVYHUVLRQHV
FRQVHFXHQWHPHQWHODKLVWRULDGHODVVRFLHGDGHVKXPDQDVVyORHVFRQFHELGDHQ
FRQH[LyQFRQODGLQiPLFDGHODGRPLQDFLyQKXPDQDGHODQDWXUDOH]D(QODVGRV
YHUVLRQHV VLQ HPEDUJR HO PLVPR SURFHVR GH GRPLQDFLyQ GH OD QDWXUDOH]D
UHFLEH GRV LQWHUSUHWDFLRQHV PX\ GLVWLQWDV PLHQWUDV TXH HQ ORV DxRV WUHLQWD
+RUNKHLPHU FRQILDED D~Q HQ OD WUDQVIRUPDFLyQ GH XQD QDWXUDOH]D GLULJLGD
WHFQROyJLFDPHQWH OD SRVLELOLGDG GH OLEHUDFLyQ GHO SRWHQFLDO FLYLOL]DWRULR
LQWHUUXPSLGR 'LDOpFWLFD GH OD ,OXVWUDFLyQ PHQRV GH XQD GpFDGD GHVSXpV
DWULEX\HHOLPSXOVRRULJLQDOGHODGHFDGHQFLDGHODFLYLOL]DFLyQDXQSURFHVRGH
GRPLQDFLyQWHFQROyJLFDPHQWHSURJUHVLYRGHODQDWXUDOH]D>@

1RWDVDOSLH

>@ 0  +RUNKHLPHU 7UDGLWLRQHOOH XQG NULWLVFKH 7KHRULH RS FLW SS  \ VV >7UDG
FDVWHOODQD7HRUtDWUDGLFLRQDO\WHRUtDFUtWLFD%DUFHORQD3DLGyV@
>@8QDGHODVLQFRQVLVWHQFLDVWHyULFDVGHHVWDLQYHVWLJDFLyQGHODIDPLOLDHVTXHHOGHELOLWDPLHQWR
GH OD ILJXUD GHO SDGUH GHQWUR GH OD IDPLOLD D OD TXH WDQWD LPSRUWDQFLD VH OH RWRUJD HQ HO SODQR
SVLFROyJLFRVRFLDOVyORVHLQWHUSUHWDDODOX]GHORFDVRGHORVSURSLHWDULRVPHGLRVSHUROXHJRVH
H[WLHQGHDODVIDPLOLDVGHWRGRVORVJUXSRVVRFLDOHVFIUSDUDHVWHSXQWRHOFDStWXOR
>@0 +RUNKHLPHU$UWDQG0 DVV&XOWXUH=HLWVFKULIWIU6R]LDOIRUVFKXQJ  SS
\VVHQDOHPiQ1HXH.XQVWXQG0 DVVHQNXOWXU.ULWLVFKH7KHRULHYRORSFLWSS\VV
>@,EtGS
>@ 2ULJLQDULDPHQWH 0  +RUNKHLPHU 7KH (QG RI 5HDVRQ =HLWVFKULIW IU 6R]LDOIRUVFKXQJ 
  SS  \ VV HQ DOHPiQ9HUQXQIW XQG 6HOEVWHUKDOWXQJ HQ +DQV (EHOLQJ HG 
6XEMHNWLYLWlWXQG6HOEVWHUKDOWXQJ%HLWUlJH]XU'LDJQRVHGHU0RGHUQH)UDQNIXUWSS
>@0 +RUNKHLPHU9HUQXQIWXQG6HOEVWHUKDOWXQJRSFLWS
>@,EtGS
>@3DUDORVLQWHQWRVGHUHDOL]DUXQDSHULRGL]DFLyQGHOGHVDUUROORWHyULFRGH+RUNKHLPHUFIUOD
LQYHVWLJDFLyQGH*HUG:DOWHU.VWHUV'HU.ULWLNEHJULIIGHU.ULWLVFKHQ7KHRULH0D[+RUNKHLPHUV
)UDQNIXUW1HZ<RUNSS\VVQRWD
>@+DVLGR+HOPXW'XELHOTXLHQPiVKDLQYHVWLJDGRHOLQIOXMRGHHVWDVH[SHULHQFLDVKLVWyULFDVHQ
HO GHVDUUROOR \ HYROXFLyQ GH OD 7HRUtD &UtWLFD FIU :LVVHQVFKDIWVRUJDQLVDWLRQ XQG SROLWLVFKH
(UIDKUXQJRSFLW
>@&IU/DH[SRVLFLyQELRJUiILFDUHDOL]DGDSRU3HWHUYRQ+DVHOEHUJV:LHVHQJUXQG$GRUQR
7KHRGRU:$GRUQR YROXPHQHVSHFLDO 7H[WXQG.ULWLN0 XQLFKSS\VV
>@7K:$GRUQR=XUJHVHOOVFKDIWOLFKHQ/DJHGHU0 XVLN=HLWVFKULIWIU6R]LDOIRUVFKXQJ,
 SDUWHSS\VVSDUWHSS\VV+HNWRU5RWWZHLOHU 7K:$GRUQR hEHU
-D]]RSFLW  SS\VV7K:$GRUQRhEHUGHQ)HWLVFKFKDUDNWHULQGHU0 XVLN
XQGGLH5HJUHVVLRQGHV+|UHQVRSFLW  SS\VV
>@7K:$GRUQR'LH$NWXDOLWlWGHU3KLORVRSKLH*HVDPPHOWH6FKULIWHQYRO)UDQNIXUW
SS\VV>7UDGFDVWHOODQD$FWXDOLGDGHQODILORVRItD%DUFHORQD3DLGyV@7KHRGRU
:$GRUQR'LH,GHHGHU1DWXUJHVFKLFKWHRSFLWSS\VV
>@ (O LQIOXMR GH %HQMDPLQ HQ ORV SULPHURV HQVD\RV PHWRGROyJFRV GH $GRUQR KD VLGR
LQYHVWLJDGRSRU6XVDQ%XFN0 RUVVHQVX7KH 2ULJLQ RI 1HJDWLYH 'LDOHFWLFV 7KHRGRU : $GRUQR
:DOWHU%HQMDPLQDQGWKH)UDQNIXUW,QVWLWXWH1HZ<RUNFDStWXORV\>WUDGFDVWHOODQD(O
RULJHQGHODGLDOpFWLFDQHJDWLYD7KHRGRU:$GRUQR:DOWHU%HQMDPLQ\HO,QVWLWXWRGH)UDQNIXUW
0 p[LFR6LJOR;;,@FIUWDPELpQ&DUOR3HWWD]]L6WXGLHQ]X/HEHQXQG:HUN$GRUQRVELV
HQ7KHRGRU:$GRUQR YROXPHQHVSHFLDO 7H[WXQG.ULWLNRSFLWSS\VV0 DUWLQ
-D\3RVLWLYHXQGQHJDWLYH7RWDOLWlWHQ:ROIJDQJ%RQVV\$[HO+RQQHWK HGV 6R]LDOIRUVFKXQJ
DOV.ULWLN'DVVR]LDOZLVVHQVFKDIWOLFKH3RWHQWLDOGHU.ULWLVFKHQ7KHRULH)UDQNIXUWSS\
VV
>@+RUNKHLPHU\7K:$GRUQR'LDOHNWLNGHU$XINOlUXQJ )UDQNIXUW  S  >7UDG
FDVWHOODQD'LDOpFWLFDGHOD,OXVWUDFLyQ0 DGULG7URWWD@

>@ &IU HQ JHQHUDO ODV REUDV GH )ULHGHPDQQ *UHQ] $GRUQRV 3KLORVRSKLH LQ *UXQGEHJULIIHQ
)UDQNIXUW\GH-RVHI)6FKPXFNHU$GRUQR/RJLNGHV=HUIDOOV6WXWWJDUW
>@&IU*HRUJ/XNiFV'LH9HUGLQJOLFKXQJXQGGDV%HZXWVHLQGHV3UROHWDULDWV*HVFKLFKWH
XQG .ODVVHQEHZXWVHLQ   HQ :HUNH YRO ,, 1HXZLHG \ %HUOtQ  SS  \ VV>WUDG
FDVWHOODQD+LVWRULD\FRQFLHQFLDGHFODVH%DUFHORQD*ULMDOER@$OIUHG6RKQ5HWKHO*HLVWLJH
XQG N|USHUOLFKH $UEHLW )UDQNIXUW  GHO PLVPR DXWRU :DUHQIRUP XQG 'HQNIRUP $XIVlW]H
)UDQNIXUW
>@ (VWH PRWLYR HSLVWHPROyJLFR VH HQFXHQWUD HVSRUiGLFDPHQWH HQ OD REUD GH $GRUQR FIU
1HJDWLYH'LDOHNWLNHQ*HVDPPHOWH6FKULIWHQYRO)UDQNIXUWFIUWDPELpQSS\VV@S
>WUDGFDVWHOODQD'LDOpFWLFDQHJDWLYD0 DGULG$NDO@(QHVWHOXJDUVHHQFXHQWUDWDPELpQ
XQDGHODVHVFDVDVUHIHUHQFLDVD6RKQ5HWKHOTXLHQGHVDUUROODPX\SURQWRGHVGHHOSXQWRGHYLVWD
HSLVWHPROyJLFR HVWD FRPSDUDFLyQ HVWUXFWXUDO HQWUH HO LQWHUFDPELR GH PHUFDQFtDV \ OD IRUPD GH
SHQVDPLHQWREXUJXpV FIUVREUHWRGRGHHVWHDXWRU*HLVWLJHXQGN|USHUOLFKH$UEHLWRSFLW SDUD
HVWH SXQWR HQ $GRUQR FIU WDPELpQ =XU 0HWDNULWLN GHU (UNHQQWQLVWKHRULH *HVDPPHOWH 6FKULIWHQ
YRO)UDQNIXUWSSDUDHVWDFXHVWLyQHQJHQHUDOYpDVHODLQYHVWLJDFLyQUHDOL]DGDSRU5XGROI:
0 OOHU*HOG XQG *HLVW =XU (QWVWHKXQJVJHVFKLFKWH YRQ ,GHQWLWlWVEHZXWVHLQ XQG 5DWLRQDOLWlW VHLW
GHU$QWLNH)UDQNIXUWDSDUWDGR,,
>@ &IU OD SUHFLVD UHFRQVWUXFFLyQ GH HVWH DUJXPHQWR HQ OD REUD GH - ) 6FKPXFNHU $GRUQR
/RJLNGHV=HUIDOOVRSFLWSS\VV3DUDXQDFUtWLFDGHORDTXtGLFKRFIU5:0 OOHU*HOGXQG
*HLVWRSFLWDSDUWDGR
>@ 0  +RUNKHLPHU \ 7K : $GRUQR 'LDOHNWLN GHU $XINOlUXQJ RS FLW S  (Q OR TXH
VLJXHWUDWRFRQVFLHQWHPHQWHGHUHDOL]DUXQDLQWHUSUHWDFLyQTXHVHFHQWUDVyORHQHOQ~FOHRREMHWLYR
GH OD REUD GH DKt TXH HQ HO SURFHVR VH KD\D SHUGLGR OD PDHVWUtD KHUPHQpXWLFD \ OD LPDJLQDFLyQ
ILORVyILFDTXHFDUDFWHUL]DQFRQUD]yQDHVWHWH[WR
>@,EtGSSDUDODWHRUtDGHOFRQFHSWRFIU7K:$GRUQR1HJDWLYH'LDOHNWLNRS FLW
SS\VV
>@ $UQROG *HKOHQ 'HU 0HQVFK )UDQNIXUW  S  >7UDG FDVWHOODQD (O KRPEUH VX
QDWXUDOH]D\VXOXJDUHQHOPXQGR6DODPDQFD6tJXHPH@
>@0 +RUNKHLPHU\7K:$GRUQR'LDOHNWLNGHU$XINOlUXQJRSFLWSWDPELpQS
>@,EtGSWDPELpQSS\
>@-:6FKPXFNHUKDEODHQVXLQYHVWLJDFLyQGHODH[LVWHQFLDGHXQDWHRUtDPHWDHFRQyPLFDGHO
GRPLQLRHQODFRQFHSFLyQGH'LDOHNWLNGHU$XINOlUXQJ
>@0 +RUNKHLPHU\7K:$GRUQR'LDOHNWLNGHU$XINOlUXQJRSFLWSODLQIOXHQFLD
TXH/XGZLJ.ODJHVWXYRVREUH:DOWHU%HQMDPLQSRQHGHPDQLILHVWRHQFLHUWDPHGLGDODUHODFLyQGH
GHSHQGHQFLDLQGLUHFWDH[LVWHQWHLQFOXVRHQHOSODQRELRJUiILFRHQWUHOD'LDOpFWLFDGHOD,OXVWUDFLyQ\
ODVSRVLFLRQHVEiVLFDVTXHHQHOSODQRGHODFUtWLFDFXOWXUDOIXHURQGHVDUUROODGDVSRUODILORVRItDGH
ODYLGDFIUSRUHMHPSOR:HUQHU)XOG:DOWHU%HQMDPLQV%H]LHKXQJ]X/XGZLJ.ODJHV$N]HQWH
    SS  \ VV $[HO +RQQHWK 'HU *HLVW XQG VHLQ *HJHQVWDQG $QWURSRORJLVFKH
%HUKUXQJVSXQNWH ]ZLVFKHQ GHU 'LDOHNWLN GHU $XINOlUXQJ XQG GHU OHEHQVSKLORVRSKLVFKHQ
.XOWXUNULWLN0 V
>@ &IU +HUPDQQ 0 |UFKHQ 0DFKW XQG +HUUVFKDIW LP 'HQNHQ YRQ +HLGHJJHU XQG $GRUQR

6WXWWJDUW  5FLQKDUW 0 DXUHU 5HYROXWLRQ XQG .HKUH 6WXGLHQ ]XP 3UREOHP JHVHOOVFKDIWOLFKHU
1DWXUEHKHUUVFKXQJ )UDQNIXUW  VREUH WRGR HO FDS 9 $OIUHG 6FKPLGW +HUUVFKDIW GHV
6XEMHNWV hEHU +HLGHJJHUV 0 DU[,QWHUSUHWDWLRQ HQ 0 DUWLQ +HLGHJJHU )UDJHQ DQ VHLQ :HUN
6WXWWJDUWSS\VV
>@0 +RUNKHLPHU\7K:$GRUQR'LDOHNWLNGHU$XINOlUXQJRSFLWS
>@,EtG
>@,EtGFIUWDPELpQS
>@ 7K : $GRUQR =XU0HWDNULWLN GHU (UNHQQWQLVWKHRULH RSFLW SS  \ V FIU WDPELpQ
'LDOHNWLNGHU$XINOlUXQJRSFLWS
>@&IUHOFRUUHVSRQGLHQWHHVWXGLRGH-HVVLFD%HQMDPLQ7KH(QGRI,QWHUQDOL]DWLRQ$GRUQRV
6RFLDO3V\FKRORJ\7HORVQSS\VV
>@0 +RUNKHLPHU\7K:$GRUQR'LDOHNWLNGHU$XINOlUXQJRSFLWS
>@,EtGSS\VV
>@&IU-)6FKPXFNHU$GRUQR/RJLNGHV=HUIDOOVRSFLWSS\VVSS\VV
>@ 1R REVWDQWH ODV LQWHUSUHWDFLRQHV TXH HFKDQ HQ IDOWD OD H[LVWHQFLD GH XQD WHRUtD GH OD
GRPLQDFLyQVRFLDOHQ'LDOHNWLNGHU$XINOlUXQJ QR VRQ HQ WpUPLQRV JHQHUDOHV PX\ DFHUWDGDV FIU
WDPELpQ $ 6|OOQHU *HVFKLFKWH XQG +HUUVFKDIW 6WXGLHQ ]XU PDWHULDOLVWLVFKHQ 6R]LDOZLVVHQVFKDIW
 RS FLW SS  \ VV  HV PiV FRPR VH SXHGH PRVWUDU ORV YDJRV DXQTXH
LQWHUFRQHFWDGRV IUDJPHQWRV DFHUFD GH XQD SRVLEOH FRQFHSFLyQ GH OD GRPLQDFLyQ VRFLDO VRQ
H[WUHPDGDPHQWHLPSRUWDQWHVSDUDODWHRUtDGHODVRFLHGDGGH$GRUQR
>@$XQTXHWRPRHVWDFDWHJRUtDGH1HJDWLYH'LDOHNWLN RSFLW S   WLHQH PXFKR TXH YHU
FRQHODVXQWRGHVDUUROODGRGHKHFKRHQ'LDOHNWLNGHU$XINOlUXQJ
>@0 +RUNKHLPHU\7K:$GRUQR'LDOHNWLNGHU$XINOlUXQJRSFLWS
>@,EtGS
>@,EtG
>@,EtG
>@,EtGS
>@,EtGS
>@,EtGSFIUWDPELpQHOWH[WRLQFOXLGRHQHODSpQGLFH3KLORVRSKLHXQG$UEHLWVWHLOXQJ
RSFLWSS\VV
>@,EtGS
>@&IUWDPELpQ,EtGSS\VV(VWDLGHDIXQGDPHQWDOFRQWLHQHLPSOtFLWDPHQWHUHIHUHQFLDVD
XQD ILORVRItD GHO OHQJXDMH FX\R DQiOLVLV HQ OD ELEOLRJUDItD VHFXQGDULD KDVWD GRQGH OOHJDQ PLV
FRQRFLPLHQWRV D~Q HVWi SRU KDFHU &IU ) *UHQ] $GRUQR6WXGLH $GRUQRV 3KLORVRSKLH LQ
*UXQGEHJULIIHQRSFLWSS\VVGHJUDQLQIOXHQFLDHQ$GRUQRSXGRVHUODWHRUtDEHQMDPLQLDQD
GH OD PDJLD GHO OHQJXDMH FIU SDUD HVWR :LQIULHG 0 HQQLQJKDXV :DOWHU %HQMDPLQV 7KHRULH GHU
6SUDFKPDJLH)UDQNIXUW 
>@ (VWH FRQFHSWR KD VLGR IUXFWtIHUD \ VLVWHPiWLFDPHQWH DQDOL]DGR SRU -RKDQ *DOWXQJ HQ HO
iPELWR GH ODV FLHQFLDV VRFLDOHV FIU WDPELpQ .DSLWDOLVWLVFKH *URPDFKW (XURSD RGHU 'LH
*HPHLQVFKDIWGHU.RQ]HUQH5HLQEHNEHL+DPEXUJFDS $OOJHPHLQHVEHUGHQ%HJULIIGHU
0 DFKW 

>@&IU3DUDHVWR0 7KHXQLVVHQ*HVHOOVFKDIWXQG*HVFKLFKWHRSFLWSS\VV


/$7(25$'(/$62&,('$''($'2512/$
5(35(6,1'(),1,7,9$'(/262&,$/

$XQTXH ORV DXWRUHV GH 'LDOpFWLFD GH OD ,OXVWUDFLyQ GHVFXEUHQ HQ XQ SULPHU
PRPHQWR HO SURFHVR GH UHJUHVLyQ GH OD HVSHFLH HQ HO PDUFR GH OD UHDOLGDG
KLVWyULFD GH OD $OHPDQLD IDVFLVWD \ HQ FLHUWD PHGLGD SUR\HFWDQ
UHWURVSHFWLYDPHQWH HVWD VLWXDFLyQ KDVWD ORV SURSLRV LQLFLRV GH OD FLYLOL]DFLyQ
HOORVQRDSUHFLDQTXHHVWHIHQyPHQROOHJXHDVXILQFRQODGHUURWDGHOIDVFLVPR
8QD QRWD GH VXV $SXQWHV \ HVER]RV UHGDFWDGRV HQ FRP~Q GHMD WUDQVOXFLU
TXHGHVGHODSHUVSHFWLYDGHXQDWHRUtDKLVWyULFRILORVyILFDGHODGRPLQDFLyQGH
ODQDWXUDOH]DHOIDVFLVPRQRHVVLQRXQDHWDSDKLVWyULFDGHQWURGHOLUUHYHUVLEOH
SURFHVRGHGHFDGHQFLDFXOWXUDO
(Q$OHPDQLDHOIDVFLVPRKDYHQFLGRFRQXQDLGHRORJtDJURVHUDPHQWH[HQyIREDDQWLFXOWXUDO\
FROHFWLYLVWD $KRUD TXH GHYDVWD OD WLHUUD ORV SXHEORV GHEHQ FRPEDWLUOR QR KD\ RWUD VDOLGD
3HUR QR HVWi GLFKR TXH FXDQGR WRGR WHUPLQH GHED GLIXQGLUVH SRU (XURSD XQD DWPyVIHUD GH
OLEHUWDG QR HVWi GLFKR TXH VXV QDFLRQHV SXHGDQ FRQYHUWLUVH HQ PHQRV [HQyIREDV
DQWLFXOWXUDOHV \ SVHXGRFROHFWLYLVWDV TXH HO IDVFLVPR GHO TXH KDQ GHELGR GHIHQGHUVH /D
GHUURWDGHODDYDODQFKDWDPSRFRLQWHUUXPSHQHFHVDULDPHQWHVXPRYLPLHQWR>@

(OVRPEUtRSUHVHQWLPLHQWRTXHVHH[SUHVDHQODPHWiIRUDGHOD~OWLPDIUDVH
GHOLPLWD ORV SHUILOHV GHO KRUL]RQWH DUJXPHQWDO HQ HO TXH OD 7HRUtD &UtWLFD GH
$GRUQR SHUPDQHFHUi LQFOXVR GHVSXpV GHO IDVFLVPR $XQTXH VX GLVFXUVR QR
HVWDEDWRWDOPHQWHH[HQWRGHFLHUWDVDPELYDOHQFLDV$GRUQRVRVWXYRILUPHPHQWH
VXVFRQYLFFLRQHVEiVLFDVGHODFUtWLFDGHODGRPLQDFLyQGHODQDWXUDOH]DLQFOXVR

EDMRODVFRQGLFLRQHVPRGLILFDGDVGHOFDSLWDOLVPRGHSRVJXHUUDGHKHFKRpOHV
TXLHQ FRQYLHUWH OD FRQVWUXFFLyQ KLVWyULFRILORVyILFD GH 'LDOpFWLFD GH OD
,OXVWUDFLyQTXHGHVGHHOSULQFLSLRGHEtDVHUYLUDODLQWHUSUHWDFLyQJHQHDOyJLFD
GHO WRWDOLWDULVPR QDFLRQDOVRFLDOLVWD HQ HO PDUFR RULHQWDWLYR GH XQD WHRUtD TXH
DKRUD WLHQH FRPR PLVLyQ GLDJQRVWLFDU FUtWLFDPHQWH OD VLWXDFLyQ GH ODV
GHPRFUDFLDV GHO HVWDGR GH ELHQHVWDU H[LVWHQWHV HQ HO FDSLWDOLVPR WDUGtR (O
EDJDMH LQVWUXPHQWDO WHyULFRVRFLDO TXH LPSOtFLWDPHQWH LQFOXtD OD ILORVRItD GH OD
KLVWRULD DQWHULRU TXHGD D SDUWLU GH DKRUD HQ FLHUWD PHGLGD SULYDGR GH WRGR
SRVLEOH FRQWUDVWH $XQTXH HV FLHUWR TXH HO IRFR GH DWHQFLyQ HPStULFR VH
GHVSOD]D GH OD WHRUtD GH OD RUJDQL]DFLyQ HVWDWDO GH OD FRDFFLyQ GLUHFWD D ODV
HVWUDWHJLDV LQVWLWXFLRQDOHV GH OD FRDFFLyQ LQGLUHFWD WDPELpQ HV YHUGDG TXH HO
PDUFR JHQHUDO TXH GLULJH OD LQYHVWLJDFLyQ VLJXH VLHQGR HO PLVPR TXH HO GH
'LDOpFWLFD GH OD ,OXVWUDFLyQ &RQ OD PLUDGD SXHVWD HQ XQD LQWHUSUHWDFLyQ
ILORVyILFRKLVWyULFDGHOIDVFLVPROD7HRUtD&UtWLFDTXH$GRUQRGHVDUUROODHQVXV
HVFULWRV GXUDQWH OD SRVJXHUUD GLULJH VX DWHQFLyQ D OD $OHPDQLD FDSLWDOLVWD HQ
VLWXDFLyQGHUHFRQVWUXFFLyQ6XWHRUtDVHHQFXHQWUDHQXQDVLWXDFLyQSDUDGyMLFD
SRU XQ ODGR HVWi SHUWUHFKDGD FRQ ODV KHUUDPLHQWDV FRQFHSWXDOHV DGHFXDGDV
SDUD XQ DQiOLVLV GH OD GRPLQDFLyQ WRWDOLWDULD SHUR pVWDV FRPR HV QDWXUDO SRU
RWUDSDUWH\DQRVRQ~WLOHVVLQPiVSDUDXQDLQYHVWLJDFLyQGHODIRUPDQRUPDOGH
ODGRPLQDFLyQFDSLWDOLVWD6LQHPEDUJRDOOtGRQGHODWHRUtDLQWHQWDHVFDSDUGHOD
PDQLILHVWDLQFRPSDWLELOLGDGH[LVWHQWHHQWUHFRQFHSWR\UHDOLGDGDEDQGRQDQGRHO
PDUFRWHyULFRSUHVFULWRHQ'LDOpFWLFDGHOD,OXVWUDFLyQFDHHQFLHUWDPHGLGD
SRU GHWUiV GH ODV FRQWLQXDV SUHWHQVLRQHV GH UDGLFDOLGDG FRQWLQXDPHQWH
UHFODPDGDV SRU VX SURSLD ILORVRItD GH OD KLVWRULD (VWD SDUDGRMD FRPR VH
PRVWUDUiIRUPDSDUWHGHODVSHFXOLDULGDGHVGHODWHRUtDVRFLDOTXH$GRUQROOHYD
D$OHPDQLDGHVGHVXH[LOLRHQORV(VWDGRV8QLGRV\TXHpOGHVDUUROODVREUHODV
EDVHVGHXQDILORVRItDGHODKLVWRULDFRQVHUYDGDHQWpUPLQRVDKLVWyULFRVpVWDHV
HQHIHFWRVyORODH[SUHVLyQWHyULFRVRFLDOGHODDSRUtDD~QPiVSURIXQGDHQOD
TXH FD\y OD 7HRUtD &UtWLFD FRQ OD 'LDOpFWLFD GH OD ,OXVWUDFLyQ (O DQiOLVLV
LQWHUGLVFLSOLQDULR GH OD VRFLHGDG TXH HQ OD GpFDGD GH ORV DxRV WUHLQWD
+RUNKHLPHU D~Q FRQVLGHUDED XQ LQWHUORFXWRU HTXLYDOHQWH OD ILORVRItD \D QR HV
DKRUDPiVTXHXQVLPSOHLQVWUXPHQWRDX[LOLDUVXERUGLQDGRDXQD7HRUtD&UtWLFD
TXH RVFLOD GH PRGR DSRUpWLFR HQWUH XQD ILORVRItD QHJDWLYD \ XQD HVWpWLFD

ILORVyILFD6HUi~WLOHQXQSULPHUPRPHQWR D FHUFLRUDUQRVGHOVHQWLGRGHHVWD
UHHYDOXDFLyQTXHWLHQHOXJDUGHQWURGHODWHRUtDDQWHVGHTXH E H[DPLQHPRV
ORVFRQWHQLGRVGHOD~OWLPDWHRUtDVRFLDOGHVDUUROODGDSRU$GRUQR
$ (OJLURHVWUXFWXUDOGHOD7HRUtD&UtWLFDTXHHQWUDHQHVFHQDPRGLILFDQGR
VXFRQVLGHUDFLyQGHODVGLIHUHQWHVGLVFLSOLQDVWLHQHVXRULJHQHQXQGHVDUUROOR
IHFXQGRHQFRQVHFXHQFLDVTXHVHUHPRQWDDOD'LDOpFWLFD GH OD ,OXVWUDFLyQ
&RQODFUtWLFDGHODGRPLQDFLyQGHODQDWXUDOH]D$GRUQR\+RUNKHLPHUQRVyOR
KDEtDQLPSRUWDGRXQHOHPHQWRGXUDQWHPXFKRWLHPSRH[WUDxRDODWUDGLFLyQGH
OD 7HRUtD &UtWLFD GH OD VRFLHGDG DO DVXPLU HVWR HOORV HVWDEDQ VLPXOWiQHDPHQWH
PRGLILFDQGRGHPDQHUDVLJQLILFDWLYDHOHVWDWXWRWHyULFR\ODFRQFHSFLyQFLHQWtILFD
GH OD PLVPD (O PRGHOR GH ILORVRItD GH OD KLVWRULD TXH $GRUQR \ +RUNKHLPHU
GHVDUUROODQVREUHODEDVHGHOFRQFHSWRGHGRPLQDFLyQGHODQDWXUDOH]DFRQGXFH
D XQD UHYLVLyQ PHWRGROyJLFD GHQWUR GH OD 7HRUtD &UtWLFD TXH \D VH DQXQFLD
ODSLGDULDPHQWHHQHO3UyORJRGH'LDOpFWLFDGHOD,OXVWUDFLyQ
$SHVDUGHKDEHUREVHUYDGRGHVGHKDFtDPXFKRVDxRVTXHHQODDFWLYLGDGFLHQWtILFDPRGHUQD
ODVJUDQGHVLQYHQFLRQHVVHSDJDQFRQXQDFUHFLHQWHGHFDGHQFLDGHODFXOWXUDWHyULFDFUHtPRV
QRREVWDQWHSRGHUVHJXLUHVDDFWLYLGDGKDVWDHOSXQWRTXHQXHVWUDFRQWULEXFLyQVHOLPLWDVH
SUHIHUHQWHPHQWHDODFUtWLFDRDODFRQWLQXDFLyQGHWHRUtDVHVSHFLDOL]DGDV(OODKXELHUDGHELGR
DWHQHUVH FXDQGR PHQRV GHVGH HO SXQWR GH YLVWD WHPiWLFR D ODV GLVFLSOLQDV WUDGLFLRQDOHV
VRFLRORJtDSVLFRORJtD\HSLVWHPRORJtD>@/RVIUDJPHQWRVUHXQLGRVHQHVWHYROXPHQSRQHQ
GH PDQLILHVWR VLQ HPEDUJR TXH KHPRV GHELGR DEDQGRQDU DTXHOOD FRQILDQ]D >@ (Q OD
VLWXDFLyQ DFWXDO GH TXLHEUD GH OD FLYLOL]DFLyQ EXUJXHVD VH KD KHFKR FXHVWLRQDEOH QR VyOR OD
RUJDQL]DFLyQVLQRHOVHQWLGRPLVPRGHODFLHQFLD>@

/DGLIHUHQFLDTXHDTXtVHDEUHUDGLFDOPHQWHHQWUHHOSUR\HFWRRULJLQDULRGH
XQD SRVLEOH LQYHVWLJDFLyQ VRFLDO JXLDGD SRU OD ILORVRItD SRU XQ ODGR \ XQD
ILORVRItDGHODKLVWRULDH[LPLGDGHFRQILUPDFLyQFLHQWtILFDSRUHORWURDGTXLHUH
DKRUD XQD IXQGDPHQWDFLyQ VLVWHPiWLFD (VWH FDPELR UHVXOWD IRU]RVR VL ODV
GLVFLSOLQDVFLHQWtILFDV\DQRVRQFRQVLGHUDGDV\YDORUDGDVGHVGHODSHUVSHFWLYD
GHXQSURFHVRGHDXWRLOXVWUDFLyQDFXPXODWLYRGHODHVSHFLHKXPDQDFRPRHUD
D~QHOFDVRGHOSULPHU+RUNKHLPHUVLQRPiVELHQGHVGHHOSXQWRGHYLVWDGH
XQDFUHFLHQWHDXWRDOLHQDFLyQGHODKXPDQLGDGeVWHHVHOFDPELRGHSHUVSHFWLYD
GHVGHHOTXHOD'LDOpFWLFDGHOD,OXVWUDFLyQWLHQHTXHLQWHUSUHWDUODFLHQFLDHQ
WpUPLQRVJHQHUDOHVHQHOPRPHQWRHQHOTXHGDXQJLURQHJDWLYRDODHPSUHVD

HSLVWHPROyJLFD LQVWUXPHQWDO /DV GLVFLSOLQDV FLHQWtILFDV VHJ~Q HVWH


SODQWHDPLHQWRUHSUHVHQWDQDVtFRQWLQXDFLRQHVVLVWHPiWLFDVGHXQFRQRFLPLHQWR
DGTXLULGRHQODSUiFWLFD\VXVFHSWLEOHGHVHUYLUDODYLGDHOODVSHUWHQHFHQFRPR
XQ SDVDMH GH OD REUD DSXQWD HQ WpUPLQRV H[FHVLYDPHQWH DQWURSROyJLFRV D ODV
IXQFLRQHV HYROXWLYDV GH DGDSWDFLyQ FRPR ORV GLHQWHV DO RVR >@ 6LQ
HPEDUJRDOPLVPRWLHPSRWDPELpQDXPHQWDQHVDGLVWDQFLDTXHDOVHUKXPDQR
HQVXVSULPHURVSDVRVGLULJLGRVDODDFFLyQLQVWUXPHQWDO\DVHOHDEUHHQWUHpO\
OD QDWXUDOH]D &RQVLGHUDGDV GHVGH HVWH SULVPD ODV FLHQFLDV SURVLJXHQ SRU
FDPLQRV PHWRGROyJLFDPHQWH VLVWHPiWLFRV HO SURFHVR HQ HO FXDO OD VRFLHGDG
DSUHQGH D FRQVHUYDUVH HOOD PLVPD FRQWURODQGR GH PRGR H[SHULPHQWDO VX
QDWXUDOH]D H[WHUQD \ SRU WDQWR DFFHGLHQGR DO FRQWURO VRFLDO GH VX PXQGR
LQWHUQR(OODVSDUWLFLSDQHQHOFXUVRFLYLOL]DGRUGHODGRPLQDFLyQKXPDQDGHOD
QDWXUDOH]D \ GH OD FRVLILFDFLyQ VRFLDO SUHFLVDPHQWH SRUTXH UDFLRQDOL]DQ HO
FRQRFLPLHQWRGHFRQWURODOPDFHQDGRVRFLDOPHQWHTXHOLEUDDODVRFLHGDGGHVX
VLWXDFLyQGHFRQWLQJHQFLD1LQJ~QWLSRGHREMHWLYDFLyQFLHQWtILFDSXHGHHVFDSDU
GH HVWH HVWUHFKR PDUFR LPSXHVWR XQD YH] TXH OD PLVPD FLHQFLD \ QR
VLPSOHPHQWH XQD GH VXV LQWHUSUHWDFLRQHV VH YLQFXOD HVWUXFWXUDOPHQWH FRQ ODV
FRQGLFLRQHV GH OD DFFLyQ RULHQWDGD DO FRQWURO 7RGDV ODV GLIHUHQFLDV TXH
SXGLHUDQH[LVWLUHQWUHODVFLHQFLDVQDWXUDOHV\ODVFLHQFLDVVRFLDOHVRKXPDQDVVRQ
LQVLJQLILFDQWHVHQFRPSDUDFLyQFRQHVWDGHWHUPLQDFLyQGHDOWRYDORUIXQFLRQDO$
HVWD GHILQLFLyQ JURVHUD GH ODV FLHQFLDV VH YHQ IRU]DGRV LQHYLWDEOHPHQWH ORV
DXWRUHVGH'LDOpFWLFDGHOD,OXVWUDFLyQ
(OSXHVWRGHODFLHQFLDHQODGLYLVLyQVRFLDOGHOWUDEDMRHVIiFLOPHQWHUHFRQRFLEOH/DFLHQFLD
GHEH DFXPXODU KHFKRV \ QH[RV IXQFLRQDOHV GH KHFKRV HQ OD PD\RU FDQWLGDG SRVLEOH (O
RUGHQDPLHQWR GHEH VHU FODUR \ HYLGHQWH D ILQ GH TXH FXDOTXLHU HPSUHVD LQGXVWULDO SXHGD
HQFRQWUDUHQVHJXLGDODPHUFDQFtDLQWHOHFWXDOGHVHDGD>@7DPELpQODVREUDVKLVWyULFDVGHEHQ
SURSRUFLRQDU PDWHULDO /D SRVLELOLGDG GH XVDU \ YDORUDU HVH PDWHULDO QR KD GH VHU EXVFDGD
GLUHFWDPHQWHHQODLQGXVWULDVLQRLQGLUHFWDPHQWHHQODHVIHUDGHODDGPLQLVWUDFLyQ>@

$GRUQR \ +RUNKHLPHU GHVDUUROODQ DVt SXHV XQD LQWHUSUHWDFLyQ GH ODV


FLHQFLDVGHJUDQFDODGRSHURDOPLVPRWLHPSRVHVDWLVIDFHQFRQLOXVWUDFLRQHVGH
HVWH WHQRU VXEVXPHQ WRGRV ORV WLSRV SRVLEOHV GH FRQRFLPLHQWR FLHQWtILFR
KDFLHQGR DEVWUDFFLyQ GH VXV FDUDFWHUtVWLFDV PHWRGROyJLFDV EDMR XQ FRQFHSWR
IXQGDPHQWDO GH VDEHU RULHQWDGR D OD GRPLQDFLyQ \ WUDWDQGR GH GHPRVWUDU OD

SODXVLELOLGDGGHVXWHVLVVyORFRQORVHMHPSORVREYLRVGHOFRQRFLPLHQWRWpFQLFR
\ DGPLQLVWUDWLYR $ HVWD GHPRVWUDFLyQ UHVWULFWLYD FRQGXFH HO SODQWHDPLHQWR GH
'LDOpFWLFD GH OD ,OXVWUDFLyQ VLHPSUH \ FXDQGR VH DFHSWHQ VXV SUHPLVDV
WHyULFDV VL FRQYHQLPRV HQ TXH EiVLFDPHQWH WRGD IRUPD GH UHQGLPLHQWR
WHOHROyJLFR FRQFHSWXDO HVWi OLJDGD D XQ DFWR GH GRPLQLR LQVWUXPHQWDO \ WRGD
IRUPDGHFRQRFLPLHQWRFLHQWtILFRDVXYH]SRUFRQVLJXLHQWHKDGHHQWHQGHUVH
FRPRXQDIRUPDJHQHUDOL]DGDWHOHROyJLFRFRQFHSWXDOUHVXOWDOyJLFRLQWHUSUHWDU
ODFLHQFLDHQJHQHUDOFRPRXQLQVWUXPHQWRRULHQWDGRDOFRQWUROWpFQLFRRVRFLDO
3XHVWRTXH$GRUQR\+RUNKHLPHUVDFDQH[SOtFLWDPHQWHHVWDFRQFOXVLyQFRPR
GHILQLWRULD VH YHQ REOLJDGRV D GDU FLHUWDPHQWH HO VLJXLHQWH SDVR WLHQHQ TXH
DLVODU GHIHQVLYDPHQWH VXV SURSLDV UHIOH[LRQHV GH WRGR WLSR GH IRUPD GH
FRQRFLPLHQWRFLHQWtILFRFRQREMHWRGHQRYHUVHLQYROXFUDGRVGHQWURGHOPDUFR
GH HVWH VDEHU RULHQWDGR DO FRQWURO 7RPDGDV DO SLH GH OD OHWUD ODV SUHPLVDV
ILORVyILFRKLVWyULFDVGH'LDOpFWLFDGHOD,OXVWUDFLyQ QR SRGtDQ SRU PHQRV GH
VHSDUDU OD 7HRUtD &UtWLFD GH HVH LPSXOVR WHyULFR SURSLR GH ODV GLVFLSOLQDV
HVSHFLDOL]DGDVTXHWHQtDTXHUHFRJHUHOSURJUDPDGHLQYHVWLJDFLyQVRFLDOKDVWD
HVH PRPHQWR JXLDGR SRU OD ILORVRItD SHUR FRQWURODGR HQ WpUPLQRV HPStULFRV
$GRUQR\+RUNKHLPHUWLHQHQTXHOLEHUDUDOD7HRUtD&UtWLFDGHODVJDUUDVGHODV
FLHQFLDV VRFLDOHV HPStULFDV \ DEDQGRQDUOD D OD H[FOXVLYD UHVSRQVDELOLGDG GH OD
ILORVRItD$SDUWLUGHDKRUDGHQWURGHOPDUFRJHQHUDOGHODWHRUtDGH$GRUQRD
ODLQYHVWLJDFLyQFLHQWtILFRVRFLDOVHOHDWULEXLUiHOHVWDWXVGHXQDGLVFLSOLQDDX[LOLDU
TXH VLJXH VLHQGR REMHWR GH JHQHUDOL]DGDV UHVHUYDV LGHROyJLFDV FXDQGR VH OD
LQYRFD
(VWH GHVSOD]DPLHQWR GH pQIDVLV HQ OD HVIHUD LQWHUQD GH OD WHRUtD QR
UHSUHVHQWDVLQHPEDUJRPiVTXHXQDFDUDODPHWRGROyJLFDGHODVUHYLVLRQHV
TXH H[LJH HO PRGHOR ILORVyILFRKLVWyULFR VXE\DFHQWH D 'LDOpFWLFD GH OD
,OXVWUDFLyQ/DRWUDFDUDYDDFRQFHUQLUDODSRVLFLyQSURJUDPiWLFD\ODIRUPD
UHIOH[LYD GH OD GLVFLSOLQD FRQFUHWD TXH DKRUD YD D DVXPLU FDVL WRGD OD FDUJD
DUJXPHQWDWLYDGHOD7HRUtD&UtWLFD1RVUHIHULPRVDODILORVRItD3XHVWRTXHOD
ILORVRItD QR SXHGH TXHGDU FRPSOHWDPHQWH LQPXQH UHVSHFWR D OD FUtWLFD GH OD
UD]yQLQVWUXPHQWDO$GRUQR\+RUNKHLPHUVHYHQLQVWDGRVDUHYLVDUWDPELpQVXV
SUHWHQVLRQHVHSLVWHPROyJLFDV(QHOSURJUDPDRULJLQDOGHWHRUtDVRFLDOFUtWLFDGH
+RUNKHLPHU OD ILORVRItD D~Q DSDUHFH EDMR OD IRUPD EOLQGDGD GH XQD ILORVRItD

PDWHULDOLVWD GH OD KLVWRULD GDGR TXH SXHGH KDFHU UHIHUHQFLD DO SURFHVR GH
SURGXFFLyQVRFLDOUHDOTXHPRUDHQHOSRWHQFLDOGHODUD]yQDVHJXUDVXSURSLD
OHJLWLPLGDG 3HUR DKRUD TXH HO PRGHOR GH SURJUHVR TXH VH HQFXHQWUD HQ OD
ILORVRItDGHODKLVWRULDVHKDDEDQGRQDGRpVWDWDPELpQWLHQHTXHPRGLILFDUVH/D
FUtWLFD GH OD GRPLQDFLyQ GH OD QDWXUDOH]D HQ OD TXH H[LVWHQ GHWHUPLQDGRV
DVSHFWRV GH OD ILORVRItD GH OD KLVWRULD \ GH OD HSLVWHPRORJtD TXH YDQ
LQVHSDUDEOHPHQWHGHODPDQREULQGDXQDGHILQLFLyQGHODUD]yQLQVWUXPHQWDOTXH
HVWDQJHQHUDOTXHSDUHFHLQFOXLUWDPELpQDOSHQVDPLHQWRILORVyILFR(QHVHFDVR
VLQHPEDUJRVXSURSLRHVWDWXWRHVFRQWUDGLFWRULRDOFRQYHUWLUHOSXURDFWRGH
RSHUDFLyQFRQFHSWXDOHQXQDIRUPDHOHPHQWDOGHUD]yQLQVWUXPHQWDOQRSXHGH
MXVWLILFDU QLQJXQD IRUPD GH SHQVDPLHQWR GLVFXUVLYR QL VLTXLHUD OD VX\D /D
ILORVRItDHVODIRUPDUHIOH[LYDGHXQD7HRUtD&UtWLFDTXHGHVFXEUHHQFDGDSDVR
FRQFHSWXDO OD SLH]D GH XQD FRQWLQXDGD KLVWRULD GH GRPLQDFLyQ 'H DKt TXH
HVWULFWDPHQWH KDEODQGR HOOD VH SURKtED D Vt PLVPD /D 'LDOpFWLFD GH OD
,OXVWUDFLyQ QR YD PiV DOOi \D GH HVWD GLILFXOWDG SHUR HQ XQD QRWD WLWXODGD
)LORVRItD\GLYLVLyQGHOWUDEDMRLQGLFDUiODWDUHDTXHD~QOHTXHGDDODILORVRItD
HQ GHO FRQWH[WR GH OD 7HRUtD &UtWLFD XQD YH] TXH KD FHUWLILFDGR VX SURSLR
HVWDWXVSUREOHPiWLFRGHVGHHOSXQWRGHYLVWDGHODILORVRItDGHODKLVWRULD
$GLIHUHQFLDGHVXVDGPLQLVWUDGRUHVODILORVRItDVLJQLILFDHQWUHRWUDVFRVDVHOSHQVDPLHQWR
TXH QR FDSLWXOD IUHQWH D OD GLYLVLyQ GH WUDEDMR YLJHQWH \ QR VH GHMD SUHVFULELU SRU pVWD VXV
SURSLDV WDUHDV >@ /D ILORVRItD QR HV VtQWHVLV EDVH R FRURQDPLHQWR GH OD FLHQFLD VLQR HO
HPSHxRHQUHVLVWLUDODVXJHVWLyQODGHFLVLyQDIDYRUGHODOLEHUWDGLQWHOHFWXDO\UHDO>@

$GRUQR\+RUNKHLPHUGHVEUR]DQDVtHOFDPLQRGHOUHWRUQRQHJDWLYRGHOD
7HRUtD &UtWLFD D OD ILORVRItD >@ &LHUWDPHQWH HOORV GHOHJDQ H[FOXVLYDPHQWH OD
WDUHD WHyULFD GHO FULWLFLVPR VRFLDO HQ OD DFWLYLGDG ILORVyILFD SHUR DO PLVPR
WLHPSR\DQRSHUPLWHQTXHpVWDGLVSRQJDGHODVSUHVWDFLRQHVGHOSHQVDPLHQWR
VLQWpWLFR HVWR HV OD FDSDFLGDG GH FRPSUHQGHU HO SUHVHQWH VLJXLHQGR HO KLOR
FRQGXFWRU GH XQD UD]yQ GHVDUUROODGD KLVWyULFDPHQWH 'HVGH TXH VRQ
FRQVFLHQWHV GH TXH OD )LORVRItD FRPR WDO HVWi HPSRWUDGD HQ ODV HVWUXFWXUDV
FLYLOL]DWRULDVGHOSHQVDPLHQWRHVWUXFWXUDOQRSXHGHQSRUPHQRVGHQHJDUHQHOOD
VX SUHWHQVLyQ DO FRQRFLPLHQWR SRVLWLYR SRU FRQVLJXLHQWH D OD SRVWUH VyOR
SXHGHQ FRQILDU \D HQ OD IXQFLyQ QHJDWLYD GH XQD DXWRFUtWLFD GHO SHQVDPLHQWR

FRQFHSWXDO/DILORVRItDHQWRQFHVSXHGHVHUHQWHQGLGDFRPRHVDUHIOH[LyQTXH
VHLQWHUURJDSRUODOyJLFDGHODIRUPDFLyQGHFRQFHSWRVSRQLHQGRGHPDQLILHVWR
TXH GHQWUR GH HVWD OyJLFD ODV FXDOLGDGHV HVSHFLDOHV GH XQ HVWDGR GH FRVDV
HQFRQWUDGR SRU HO VXMHWR WHUPLQDQ FRQFHSWXDOPHQWH SRU GLVROYHUVH DO PLVPR
WLHPSR OD UHIOH[LyQ VH GLULJH FRQWUD VX SURSLR PHGLR OLQJtVWLFR FRQ HO ILQ GH
SRQHUHQWHODGHMXLFLRHOFDUiFWHUGRPLQDGRUGHOSHQVDPLHQWRGLVFXUVLYR6yOR
HQHVWHFDPLQRHQHOTXHODUHIOH[LyQILORVyILFDUHJUHVDQHJDWLYDPHQWHVREUHVt
PLVPD SXHGH 'LDOpFWLFD GH OD ,OXVWUDFLyQ D~Q PDQWHQHU XQD SUHWHQVLyQ
ILORVyILFD FRJQRVFLWLYD VLQ HQWUDU FRPSOHWDPHQWH HQ FRQIOLFWR FRQ VXV SURSLDV
SUHPLVDV(QVXREUDFRQMXQWD$GRUQR\+RUNKHLPHUVLQHPEDUJRVyOROOHJDQ
DYLVOXPEUDUHVWDVROXFLyQHQWpUPLQRVGLIXVRV6yORHQHOGHVDUUROORSRVWHULRU
GH VX SURSLD WHRUtD ILORVyILFD $GRUQR KDFH VX\D HVWD WDUHD GH DXWRFUtWLFD GHO
SHQVDPLHQWR FRQFHSWXDO FRQ WRGD OD UDGLFDOLGDG SRVLEOH HQ 'LDOpFWLFD
QHJDWLYD REUD SXEOLFDGD HQ  SHUVLJXH OD WHQWDWLYD GH WUDVFHQGHU HO
FRQFHSWRSRUPHGLRGHOFRQFHSWR>@HVGHFLUGHGHPRVWUDUSRUPHGLRGHXQ
DQiOLVLVILORVyILFRLQPDQHQWHHOSURSLRHVWDWXWRSUREOHPiWLFRGHODILORVRItD
&RPR HV REYLR HO HVFROOR TXH VH SUHVHQWDED FRQ ODV WHVLV ILORVyILFR
KLVWyULFDV FHQWUDOHV GH 'LDOpFWLFD GH OD ,OXVWUDFLyQ QR HV VDOYDGR VLQR
VLPSOHPHQWH GHVSOD]DGR /D UHIOH[LyQ ILORVyILFD DKRUD WUDQVIRUPDGD HQ
DXWRFUtWLFD WDPSRFR SXHGH HVFDSDU DO KRUL]RQWH GHO SHQVDPLHQWR FRQFHSWXDO
GDGR TXH VyOR HO OHQJXDMH FRPSUHQGLGR HQ WpUPLQRV FRQFHSWXDOHV SXHGH
EULQGDUGHWHUPLQDFLyQ\FRPXQLFDELOLGDGQRSXHGHVLPSOHPHQWHGHVSUHQGHUVH
DVtFRPRDVtGHODPiFXODTXHODFUtWLFDGHODUD]yQLQVWUXPHQWDOKDGHVFXELHUWR
HQHOODPiVELHQGHEHLQWHQWDUDVXPLUODFRQVFLHQWHPHQWH(OSUREOHPDHPSHUR
VLJXHH[LVWLHQGR&yPRWRGDYtDHVSRVLEOHXQD7HRUtD&UtWLFDEDMRODVSUHPLVDV
GHXQDFRQVWUXFFLyQKLVWyULFRILORVyILFDTXHVLHPSUHGHVFXEUHGHLQPHGLDWRHQ
FDGDDFFLyQGHFRQRFLPLHQWRFRQFHSWXDOHOVLJQRGHXQDSRGHURVDGRPLQDFLyQ
GHODQDWXUDOH]DEDMRFX\RGRPLQLRODSURSLDKXPDQLGDGVHHQFXHQWUDDOLHQDGD"
&yPR HQ YLUWXG GH HVWDV SUHPLVDV HOOD HV FDSD] GH UHDOL]DU DILUPDFLRQHV
OHJtWLPDVVREUHODUHDOLGDGVLHQSULQFLSLRVyORHVFDSD]GHGHVFXEULU\DEULUVHD
OD UHDOLGDG FRQ OD D\XGD GHO FRQRFLPLHQWR FRQFHSWXDO" 0LHQWUDV VLJD DWDGD DO
PHGLR GHO SHQVDPLHQWR REMHWLYDQWH TXH VyOR SHUPLWH REWHQHU FRPSUHQVLyQ
WHyULFDOD7HRUtD&UtWLFDVHJXLUiHVWDQGRFDXWLYDGHQWURGHODPLVPD5D]yQTXH

VHJ~QVXSURSLDFRQYLFFLyQVyORLPSXOVDHOSURFHVRGHODGHFDGHQFLDFXOWXUDO
3HUR FyPR HQWRQFHV SXHGH VDOLUVH GH OD FRDFFLyQ UHIOH[LYD GH OD
UDFLRQDOLGDG LQVWUXPHQWDO VLQ LPSXOVDU \ UHLYLQGLFDU OD SUHWHQVLyQ GH XQ
FRQRFLPLHQWR JHQXLQR" $ OD YLVWD GH HVWH LQWHUURJDQWH ~OWLPR \ GHFLVLYR
'LDOpFWLFDGHOD,OXVWUDFLyQWDPELpQVXJLHUHXQDUHVSXHVWDXQDUHVSXHVWDTXH
GHKHFKR\DDQWLFLSD\GHVEUR]DHOFDPLQRTXHVHJXLUiGHFLGLGDPHQWH$GRUQR
HQVXV~OWLPRVHVFULWRV(QXQDEUHYHQRWDGHGLFDGDDODVOtQHDVEiVLFDVGHXQD
WHRUtD GHO FULPHQ $GRUQR \ +RUNKHLPHU GHVFULEHQ HVTXHPiWLFDPHQWH OD
IRUPDGHOOHYDUDFDERXQSRVLEOHDFHUFDPLHQWRQRLQVWUXPHQWDODODUHDOLGDG
/D IXHU]D SDUD GLVWDQFLDUVH SHUVRQDOPHQWH GHO DPELHQWH \ SDUD HQWUDU DO PLVPR WLHPSR HQ
UHODFLyQ FRQ pO PHGLDQWH ODV IRUPDV DXWRUL]DGDV GH LQWHUDFFLyQ \ SDUD FRQVHUYDUVH \
DILUPDUVH HQ pO HVWDED FHUFHQDGD HQ HO GHOLQFXHQWH eVWH UHSUHVHQWDED XQD WHQGHQFLD
SURIXQGDPHQWHLQQDWDDORYLYLHQWHFX\DVXSHUDFLyQHVVHxDOGHWRGRGHVDUUROORODWHQGHQFLD
D SHUGHUVH HQ HO DPELHQWH HQ OXJDU GH DILUPDUVH DFWLYDPHQWH HQ pO OD LQFOLQDFLyQ D GHMDUVH
OOHYDU D UHFDHU HQ OD QDWXUDOH]D )UHXG OR KD OODPDGR LQVWLQWR GH PXHUWH &DLOORLV OH
PLPHWLVPH 8QD PRUERVLGDG VLPLODU SHQHWUD WRGR DTXHOOR TXH VH RSRQH DO SURJUHVR
UHFWLOtQHR GHVGH HO GHOLWR TXH QR VDEH VHJXLU HO URGHR D WUDYpV GH ODV IRUPDV DFWXDOHV GH
WUDEDMRKDVWDODREUDGHDUWHPiVVXEOLPH/DFRQGHVFHQGHQFLDSDUDFRQODVFRVDVVLQODFXDO
QRH[LVWLUtDHODUWHQRVHKDOODWDQOHMRVGHODYLROHQFLDIRU]DGDGHOGHOLQFXHQWH>@

/DVFDUDFWHUtVWLFDVEUHYHPHQWHVHxDODGDVDTXtGHXQDIRUPDGHDFFLyQEDMR
OD FXDO OD KXPDQLGDG DSUHQGH D DILUPDUVH IUHQWH D OD QDWXUDOH]D VLUYHQ DTXt GH
SUHWH[WR SDUD LQWHQWDU GHVFULELU ODV SURSLHGDGHV GH XQD VHJXQGD \D QR
GRPLQDGRUDDSUR[LPDFLyQDODUHDOLGDG8WLOL]DQGRODILJXUDGHOFULPLQDOFOiVLFR
$GRUQR\+RUNKHLPHUGHVFXEUHQORVUDVJRVGHXQDDFWLWXGKDFLDODVFRVDVQR
GHWHUPLQDGDSRUHOSXQWRGHYLVWDGHOFRQWUROLQVWUXPHQWDOVLQRPiVELHQSRUOD
FDSDFLGDGGHXQDHQWUHJDIOH[LEOH$ODOX]GHHVWDVRUSUHQGHQWHSHUVSHFWLYDHV
SDUDHOORVDKRUDSRVLEOHUHODFLRQDUDUWH\FULPHQEDMRXQDFDUDFWHUtVWLFDFRP~Q
DPERV UHSUHVHQWDQ GLIHUHQWHV FDVRV GH XQD FRQGXFWD UHDFWLYD HQ OD FXDO OD
IXHU]DGHDXWRFRQVHUYDFLyQFHGHDQWHXQLPSXOVRGHDXWRUUHQXQFLD&DGDXQR
GH HVWRV FDVRV UHSUHVHQWD XQD UHODFLyQ PLPpWLFD FRQ OD UHDOLGDG HQ OD TXH HO
VXMHWRVHDFHUFDGHVLQWHUHVDGDPHQWHDODVFRVDV/DFRPSDUDFLyQTXH$GRUQR
\ +RUNKHLPHU UHDOL]DQ DTXt VXHQD HQ HIHFWR DOJR IRU]DGD KDELGD FXHQWD GH
TXHHVWiUHODFLRQDGDFRQXQDLPDJHQH[FHVLYDPHQWHLGHDOL]DGD\URPiQWLFDGHO

FULPLQDO 3HUR QRV SHUPLWH YHU OD UHVSXHVWD TXH 'LDOpFWLFD GH OD ,OXVWUDFLyQ
RIUHFHDODSUHJXQWDGHFyPREDMRODVSUHPLVDVGHVXILORVRItDGHODKLVWRULD
SXHGHREWHQHUVHWRGDYtDDOJ~QWLSRGHFRPSUHQVLyQVXVWDQFLDOTXHQRFDLJDGH
LQPHGLDWR EDMR HO YHUHGLFWR GH XQD FULWLFD GHO SHQVDPLHQWR FRQFHSWXDO 3XHV
FXDQGR OD REUD GH DUWH VXEOLPH FRPR HQ RWUR RUGHQ GH FRVDV HO FULPHQ
FOiVLFR VH DFHUFD PLPpWLFDPHQWH D ODV FRVDV FRQVWLWX\H XQ PHGLR FRJQLWLYR
EDMR HO FXDO SXHGH DGTXLULUVH XQ FRQRFLPLHQWR QRFRQFHSWXDO DFHUFD GH OD
UHDOLGDG
(Q VXV WHPSUDQDV FRQWULEXFLRQHV D OD WHRUtD HVWpWLFD SXEOLFDGDV HQ OD
=HLWVFKULIW IU 6R]LDOIRUVFKXQJ $GRUQR \D KDEtD LGHQWLILFDGR OD H[SHULHQFLD
HVWpWLFD FRPR XQ PHGLR SULYLOHJLDGR SDUD FDSWXUDU OD UHDOLGDG (Q VX HQVD\R
$UWH\FXOWXUDGHPDVDVWDPELpQ+RUNKHLPHUREYLDPHQWHEDMRODLQIOXHQFLD
WHyULFD GH $GRUQR REVHUYDED HQ XQ DUWH YDQJXDUGLVWD FDSD] GH DEVWHQHUVH \
UHWLUDUVHGHOIOXMRGHODFRPXQLFDFLyQVRFLDOHO~OWLPRSRGHUGHUHVLVWHQFLDFRQWUD
XQD FXOWXUD TXH SDXODWLQDPHQWH KDEtD FDtGR EDMR ORV GLFWDGRV GH OD LQGXVWULD
FDSLWDOLVWD7DPELpQ/HR/|ZHQWKDOGXUDQWHPXFKRVDxRVHOSULQFLSDOHGLWRUGH
OD =HLWVFKULIW PRVWUy HQ VXV HVWXGLRV GH OLWHUDWXUD OD FRQYLFFLyQ GH TXH OD
FDSDFLGDG SDUD OD SHUFHSFLyQ VLVPRJUiILFD HQ VLWXDFLRQHV GH FRQIOLFWR VRFLDO
SHUWHQHFtD GH PRGR SULYLOHJLDGR D OD SURGXFFLyQ DUWtVWLFD ILQDOPHQWH ORV
HVWXGLRV HQ HO iPELWR GH OD WHRUtD FXOWXUDO UHDOL]DGRV SRU :DOWHU %HQMDPLQ \
+HUEHUW0DUFXVHHOSULPHURFRODERUDGRURFDVLRQDO\HO~OWLPRFRODERUDGRU
FRQVWDQWHHQHO,QVWLWXWRGH,QYHVWLJDFLyQ6RFLDOFRQYHUJtDQDSHVDUGHWRGDV
VXVGLIHUHQFLDVHQODLPDJHQFRP~QGHTXHODH[SHULHQFLDHVWpWLFDDVXPtDXQD
IXQFLyQKLVWyULFDPHQWHGHFLVLYDHQHOSURFHVRGHWUDQVIRUPDFLyQVRFLDO>@
6LVHJXLPRVODVUD]RQHVDGXFLGDVSRUORVFLQFRDXWRUHVTXHDFDEDPRVGH
PHQFLRQDUSRGHPRVYHUFyPRODREUDGHDUWHWUDQVIRUPDGDHQXQDVXHUWHGH
FRPSHQVDFLyQ HVWpWLFD SRU OD SpUGLGD GH FRQILDQ]D HQ HO SRWHQFLDO
UHYROXFLRQDULRGHODFODVHRSULPLGDSDVDDFRQYHUWLUVHHQXQWHPDFHQWUDOGH
ODWHRUtDVRFLDOFUtWLFD3HURHVVyORHQ'LDOpFWLFDGHODLOXVWUDFLyQ GRQGH OD
H[SHULHQFLDHVWpWLFDUHFLEHXQDLQWHUSUHWDFLyQKLVWyULFRILORVyILFDTXHODGRWDGH
XQDSRVLFLyQVLVWHPiWLFDPHQWHSULYLOHJLDGDVREUHODVRWUDVIRUPDVFRJQRVFLWLYDV
6LHODUWHDVXPHHVWDSRVLFLyQSULYLOHJLDGDHVSRUXQGHVDUUROORTXHKXQGHVXV
UDtFHVHQXQSURIXQGRHVWUDWRQRUPDWLYRGH'LDOpFWLFDGHOD,OXVWUDFLyQ XQR

HQ HO TXH HPHUJH XQ IHOL] PRGHOR HVWpWLFR GH IRUPDFLyQ GH LGHQWLGDG 3XHVWR
TXH OD REMHWLYDFLyQ FRQFHSWXDO GH ORV SURFHVRV QDWXUDOHV SRQH HQ OL]D XQ
SURFHVR GH GRPLQDFLyQ VREUH HO VHU KXPDQR QR VyOR HQ OD HVIHUD GH OD
QDWXUDOH]DH[WHUQDVLQRWDPELpQHQVXQDWXUDOH]DLQWHUQD\VXPXQGRVRFLDOOD
LGHDGHXQDDSUR[LPDFLyQQRFRQFHSWXDODODQDWXUDOH]DREWLHQHHOHVWDWXWRGH
XQDH[SOLFDFLyQQRUPDWLYDGHODVFRQGLFLRQHVGHOLEHUWDG\HPDQFLSDFLyQVRFLDO
XQDVRFLHGDGHVOLEUHHQXQVHQWLGRHQIiWLFRVyORVLVXVPLHPEURVVRQFDSDFHV
GHHQFRQWUDUVHQRFRHUFLWLYDPHQWHDVtPLVPRV\DORVGHPiVGHWDOPRGRTXH
SXHGDQUHODFLRQDUVHFRQODQDWXUDOH]DHQFLHUWDPHGLGDDOPDUJHQGHOSXQWRGH
YLVWDGHOFRQWUROWpFQLFRHVWRHVSUHIHUHQWHPHQWHGLVSXHVWRVDXQDDFWLWXGGH
HQWUHJD FRPXQLFDWLYD 8QD UHODFLyQ PLPpWLFD FRQ OD QDWXUDOH]D HQ GRQGH ODV
FRVDVSXHGDQVHUHYDOXDGDVQRFRPRREMHWRVSUHSDUDGRVSDUDODLQWHUYHQFLyQ
PDQLSXODGRUDVLQRFRPRHVWtPXORVSDUDH[SHULHQFLDVVHQVLEOHVFRQVWLWX\HDVtHO
SUHVXSXHVWR GH XQD VRFLHGDG HPDQFLSDGD GH OD UHSUHVLyQ GH ORV LQVWLQWRV
LQGLYLGXDOHV\GHOSRGHUVRFLDO/DREUDGHDUWHUHSUHVHQWDODIRUPDDUWLILFLDOGH
HVWDDSUR[LPDFLyQPLPpWLFDDOPXQGRGHODVFRVDV>@ (VWD FDUDFWHUtVWLFD OD
GRWD GH XQD SRVLFLyQ HVSHFLDO HQ HO SURFHVR GH OD FLYLOL]DFLyQ HQ XQ GREOH
VHQWLGRGHHQWUDGDUHSUHVHQWDHO~QLFRWLSRGHH[SHULHQFLDGHVGHHOSXQWRGH
YLVWDKLVWyULFRHQHOTXHORLQGLYLGXDOHVFDSD]GHDGTXLULUVXVWDQWLYLGDGVLQVHU
IRU]DGR EDMR HO HVTXHPD FRQFHSWXDO GHO FRQWURO LQVWUXPHQWDO /D DFWLYLGDG
DUWtVWLFDSRUORWDQWRVLUYHGHWHVWLPRQLRGHODSRVLELOLGDGGHXQDFHUFDPLHQWR
QRPDQLSXODGRU\GRPLQDGRUDODUHDOLGDGHQHOTXHODQDWXUDOH]D\DQRYLVWD\D
FRPR VLPSOH PDWHULDO SDUD OD DXWRFRQVHUYDFLyQ KXPDQD VH FRQYLHUWH HQ
LQWHUORFXWRUDGHLJXDODLJXDOHQXQDFWRFRPXQLFDWLYR(QXQDUHIOH[LyQHQODTXH
VH DERUGD OD FRQYHUJHQFLD GH OD EHOOH]D QDWXUDO \ DUWtVWLFD $GRUQR SRQH GH
PDQLILHVWRFRQWRGDFODULGDGODSRVLFLyQHVSHFLDOGHODH[SHULHQFLDHVWpWLFD
3XHGHDSUHFLDUVHORHVWUHFKDPHQWHHQWUHYHUDGDVTXHHVWiQODEHOOH]DQDWXUDO\ODDUWtVWLFDVL
UHSDUDPRVHQORTXHVLJQLILFDODH[SHULHQFLDPLVPDGHODSULPHUD'HHQWUDGDHOODVHFHQWUD
H[FOXVLYDPHQWHHQODQDWXUDOH]DFRPRDSDULHQFLDQXQFDFRPRSRVLEOHPDWHULDOGHWUDEDMR\
UHSURGXFFLyQ GH OD YLGD \ PXFKR PHQRV FRPR VXVWUDWR GH OD FLHQFLD 7DQWR OD H[SHULHQFLD
DUWtVWLFDFRPRODH[SHULHQFLDHVWpWLFDGHODQDWXUDOH]DKDFHQUHIHUHQFLDDLPiJHQHV/DEHOOH]D
TXHVHUHYHODHQODQDWXUDOH]DQRVHSHUFLEHFRPRREMHWRGHXQDDFFLyQ/DUHQXQFLDDORVILQHV
GHODDXWRFRQVHUYDFLyQTXHHODUWHHQIDWL]DVHGDLJXDOPHQWHHQODH[SHULHQFLDHVWpWLFDGHOD
QDWXUDOH]D>@

6LSRUXQODGRODREUDGHDUWHKR\HVWiHQFRQGLFLRQHVGHUHSUHVHQWDUHO
~QLFR PRGHOR GH H[SHULHQFLD HQ HO TXH FRPR HQ OD SHUFHSFLyQ HVWpWLFD GH OD
QDWXUDOH]D ODV LPSUHVLRQHV VHQVLEOHV QR VH H[SHULPHQWDQ EDMR HO ILOWUR GH ORV
HVTXHPDVFRQFHSWXDOHVGHWLSRLQVWUXPHQWDO\VLSRURWURODGRODOLEHUDFLyQGH
ODVRFLHGDGHVWiOLJDGDDODFRQGLFLyQGHXQDDSURSLDFLyQOLEUHGHGRPLQLRGHO
PHGLRQDWXUDOHQWRQFHVVyORODREUDGHDUWHHVD~QFDSD]GHUHSUHVHQWDUHQXQD
IRUPD QR OLPLWDGD R GLVPLQXLGD OD SUHWHQVLyQ QRUPDWLYD GH OLEHUWDG VRFLDO 2
GLFKRGHRWURPRGRHQODPHGLGDHQTXHODFRPSXOVLyQDOGRPLQLRQDWXUDOVH
H[WLHQGH DO RUGHQ GH GRPLQLR GH OD YLGD VRFLDO VyOR OD DFWLYLGDG DUWtVWLFD HQ
WDQWR TXH UHSUHVHQWD XQD DOWHUQDWLYD D OD SUiFWLFD YLJHQWH HQFDPLQDGD D OD
DXWRFRQVHUYDFLyQ SXHGH SURPHWHU EDMR OD LGHD GH OD UHGHQFLyQ GH OD
QDWXUDOH]DKLVWyULFDPHQWHUHSULPLGD>@HOSRVLEOHIXWXURGHXQDHPDQFLSDFLyQ
GHOGRPLQLRFLYLOL]DWRULR&RQODD\XGDGHODIDPRVDIyUPXODGHODUWLVWDFRPR
OXJDUWHQLHQWH>6WDWWKDOWHU@H[SXHVWDHQXQHQVD\RDFHUFDGHODWHRUtDHVWpWLFD
GH 3DXO 9DOpU\ $GRUQR LQGLFD GH SDVR OD VHJXQGD SRVLFLyQ QRUPDWLYD TXH
RFXSD HO DUWH GHQWUR GHO iPELWR GH OD ILORVRItD GH OD KLVWRULD LQWURGXFLGD HQ
'LDOpFWLFD GH OD ,OXVWUDFLyQ (Q FLHUWR PRPHQWR GH HVWH DUWtFXOR WUDV XQDV
SDODEUDVLQWURGXFWRULDVTXHVLQWHWL]DQORVUDVJRVFDUDFWHUtVWLFRVGHVXDQiOLVLVGH
OD VRFLHGDG FRQWHPSRUiQHD $GRUQR H[SRQH OD IXQFLyQ UHSUHVHQWDWLYD TXH D
SDUWLUGHDKRUDYDDDVXPLUHODUWHHQWpUPLQRVQRUPDWLYRVHQVXLGHDGH7HRUtD
&UtWLFD
eO>9DOHU\$+@UHSUHVHQWDODDQWtWHVLVDODVDOWHUDFLRQHVDQWURSROyJLFDVRFXUULGDVEDMROD
FXOWXUD GH PDVDV WDUGRLQGXVWULDO GRPLQDGD SRU UHJtPHQHV WRWDOLWDULRV R FRQVRUFLRV
JLJDQWHVFRV\TXHUHGXFHDORVKRPEUHVDPHURVDSDUDWRVUHFHSWRUHVSXQWRVGHUHIHUHQFLDGH
FRQGLWLRQHGUHIOH[HV\SUHSDUDSRUWDQWRODVLWXDFLyQGHGRPLQLRFLHJR\QXHYDEDUEDULH(O
DUWHTXHpOSURSRQHDORVKRPEUHVWDOFRPRpVWRVVRQVLJQLILFDILGHOLGDGDODLPDJHQSRVLEOH
GHOKRPEUH>@(ODUWHGHQVDPHQWHRUJDQL]DGRDUWLFXODGRVLQODJXQDV\SUHFLVDPHQWHSRU
VX IXHU]D FRQVFLHQWH WRWDOPHQWH VHQVXDOL]DGR TXH OH IDVFLQD HV GH GLItFLO UHDOL]DFLyQ 3HUR
HQFDUQD OD UHVLVWHQFLD FRQWUD OD LQGHFLEOH SUHVLyQ TXH OR TXH PHUDPHQWH HV HMHUFH VREUH OR
KXPDQR >@ (O DUWLVWD TXH SRUWD OD REUD GH DUWH QR HV HO LQGLYLGXR TXH HQ FDGD FDVR OD
SURGXFH VLQR HO TXH PHGLDQWH VX WUDEDMR PHGLDQWH VX DFWLWXG SDVLYD VH FRQYLHUWH HQ
OXJDUWHQLHQWHGHOVXMHWRWRWDOVRFLDO$OVRPHWHUVHDODQHFHVLGDGGHODREUDGHDUWHHOLPLQDGH
pVWDWRGRORTXHPHUDPHQWHSRGUtDGHEHUVHDODFRQWLQJHQFLDGHVXLQGLYLGXDFLyQ3HURHQWDO
OXJDUWHQHQFLDGHOVXMHWRWRWDOVRFLDOSUHFLVDPHQWHGHHVHKRPEUHWRWDOLQGLYLVRDOTXHDSHOD
ODLGHDGHOREHOORGH9DOHU\VHSLHQVDDOPLVPRWLHPSRXQDVLWXDFLyQTXHDQXOHHOGHVWLQRGH

FLHJRDLVODPLHQWRHQODTXHSRUILQHOVXMHWRVRFLDOVHUHDOL]DVRFLDOPHQWH>@

(QHVWHSDVDMHVHSXHGHYHUIiFLOPHQWHHQTXpPHGLGD$GRUQRDWULEX\HDO
DUWLVWD WRGDV ODV WDUHDV QRUPDWLYDV TXH RWUD LQWHUSUHWDFLyQ VLJQLILFDWLYD GHO
PDWHULDOLVPRKLVWyULFRODGHO/XNiFVHQVX+LVWRULD\FRQFLHQFLDGHFODVHD~Q
FRQILDED DO SUROHWDULDGR 3UHFLVDPHQWH HQ UHODFLyQ FRQ HVWD LGHD TXH /XNiFV
HOLJH HQ YLVWDV D GHVFULELU HO SURFHVR UHIOH[LYR GHO SUROHWDULDGR UHSUHVHQWDWLYR
TXHUH~QHHQVtPLVPRWRGDVODVFRPSHWHQFLDVFRJQLWLYDV$GRUQRYDDDWULEXLU
HQFDPELRDKRUDDODUWLVWDODIXQFLyQGHDUWLFXODUHQVXREUDHVWpWLFDHOSRWHQFLDO
QROLEHUDGRGHODVFDSDFLGDGHVKXPDQDVHVWRHVODFDSDFLGDGFRPELQDGDSDUD
ODUHFHSWLYLGDGVHQVLEOH\SDUDODGRPLQDFLyQPDWHULDORULHQWDGDDILQHV>@/D
REUDGHDUWHHQYLUWXGGHHVWDIXQFLyQUHSUHVHQWDWLYDHVDVtGRVFRVDVDODYH]
HVODUHSUHVHQWDQWHOXJDUWHQLHQWH>6WDWWKDOWHU@GHXQDUD]yQTXHHVFDSD]
GHGHVKDFHUVHGHODVFRQVWULFFLRQHVGHODUDFLRQDOLGDGLQVWUXPHQWDODSUHQGLHQGR
D LQFRUSRUDU HQ Vt PLVPD OD FDSDFLGDG PLPpWLFD GH OD H[SHULHQFLD HVWpWLFD \
DVLPLVPR HO ~QLFR PHGLXP FRJQLWLYR HQ HO TXH SXHGHQ D~Q REWHQHUVH
FRQRFLPLHQWRVVXVWDQWLYRVTXHSURSRUFLRQHQLQIRUPDFLyQDFHUFDGHODVLWXDFLyQ
VRFLDOVLQTXHDOPLVPRWLHPSRVXFXPEDQDODFUtWLFDGHODUD]yQLQVWUXPHQWDO
6RQHVWDVSUHVWDFLRQHVODVTXHWRPDGDVHQVXFRQMXQWR>@OOHYDUiQD$GRUQR
HQHOGHVDUUROORWHyULFRGH'LDOpFWLFDGHOD,OXVWUDFLyQDDWULEXLUDODHVWpWLFD
XQDIXQFLyQGHWHUPLQDQWHHQODFRQVWUXFFLyQJHQHUDOGHOD7HRUtD&UtWLFDSXHV
XQD YH] TXH HO SRWHQFLDO QRUPDWLYR \ FRJQLWLYR GH XQD 5D]yQ FDSD] GH
WUDQVFHQGHU ORV OtPLWHV GH OD UDFLRQDOLGDG LQVWUXPHQWDO VH OOHJD D DGDSWDU DO
FDUiFWHULQPDQHQWHGHODREUDGHDUWHWLHQHTXHSRGHUHPHUJHUXQDWHRUtDTXH
SXHVWDDOVHUYLFLRGHODFUtWLFDVRFLDOHLQWHQVDPHQWHFRQIURQWDGDFRQHOPRGHOR
HSLVWHPROyJLFRGHODDFWLYLGDGDUWtVWLFDSXHGDFRQWHPSODUODVRFLHGDGHQFLHUWD
PHGLGDGHVGHHVWDSHUVSHFWLYDDVtGHOPLVPRPRGRTXHOD7HRUtD&UtWLFDHQ
ORVHVFULWRVWHPSUDQRVGH+RUNKHLPHUD~QSUHWHQGtDFDSWXUDUODDXWRFRQFLHQFLD
GHO PRYLPLHQWR VRFLDO UHYROXFLRQDULR DKRUD HQ UHODFLyQ FRQ HO JLUR GH ORV
EiVLFRV SUHVXSXHVWRV KLVWyULFRILORVyILFRV LQWURGXFLGRV HQ 'LDOpFWLFD GH OD
,OXVWUDFLyQOD7HRUtD&UtWLFDOOHJDDHQWHQGHUVHDVtPLVPDVyORFRPRODIRUPD
UHIOH[LYD GH OD SUHWHQVLyQ UHGHQWRUD LQKHUHQWH D OD REUD GH DUWH /D 7HRUtD
HVWpWLFD HQ OD TXH WUDEDMy $GRUQR ORV ~OWLPRV DxRV GH VX YLGD VHUYLUi D HVWD

WDUHDGHHOHYDUOD7HRUtD&UtWLFDDXQQXHYRQLYHOHSLVWHPROyJLFREXVFDFXPSOLU
ODIXQFLyQGHGHVFLIUDUODOyJLFDFRJQRVFLWLYDVXE\DFHQWHDODUWH\FRQHFWDUODDOD
7HRUtD&UtWLFDGHODVRFLHGDG
6L HQ VXV HVFULWRV GH OD SRVJXHUUD $GRUQR SRFR D SRFR YD FHGLHQGR ODV
FRPSHWHQFLDV GHO FRQRFLPLHQWR FUtWLFR DO DUWH HV SRUTXH HQ HVH PRPHQWR QR
KDFHVLQRVDFDUKDVWDHOILQDOWRGDVODVFRQVHFXHQFLDVGHOPRGHORGHILORVRItDGH
OD KLVWRULD TXH GHVGH OD SHUVSHFWLYD GH XQD KLVWRULD XQLYHUVDO pO KDEtD
GHVDUUROODGR MXQWR FRQ +RUNKHLPHU HQ VX LQWHUSUHWDFLyQ GHO IDVFLVPR 6L OD
UHIOH[LyQ ILORVyILFD \ HVSHFLDOPHQWH OD LQYHVWLJDFLyQ FLHQWtILFD QR VRQ
FDSDFHVGHHVFDSDUDODVRVSHFKDGHFRPSOLFLGDGFRQHOSURFHVRFLYLOL]DGRUGH
OD FRVLILFDFLyQ HQWRQFHV HO PRQRSROLR GHO FRQRFLPLHQWR FUtWLFR KD GH UHFDHU
ILQDOPHQWHHQHOiPELWRGHODH[SHULHQFLDHVWpWLFD&DEHDVtFLIUDUODUDGLFDOLGDG
GHORVHQVD\RVDGRUQLDQRVMXVWRHQODDSOLFDFLyQDXWRFUtWLFDGHHVWDFRQFOXVLyQD
ODHVWUXFWXUDPHWRGROyJLFDGHOD7HRUtD&UtWLFD(QYLVWDVDUHDOL]DUHVWDIRUPD
GH SUHVHQWDFLyQ GH VX WHRUtD VHJ~Q ODV H[LJHQFLDV FRJQLWLYDV FRQWHQLGDV HQ
'LDOpFWLFDGH,OXVWUDFLyQVXPRGRGHDUJXPHQWDFLyQWUDWDUiGHDSUR[LPDUVHD
ORV UHQGLPLHQWRV PLPpWLFRV GH OD REUD GH DUWH GHMDQGR DVt ODV QRUPDV
WUDGLFLRQDOHVGHULJRUPHWRGROyJLFR\GHPRVWUDFLyQVLVWHPiWLFDSRUGHWUiVGHOD
REOLJDFLyQGHOOHYDUDFDERXQDFHUFDPLHQWRQRFRHUFLWLYRDODFXHVWLyQTXHHV
REMHWRGHWUDWDPLHQWR>@3ODQWDQGRUHVLVWHQFLDHQODHVWHODGHVXILORVRItD
GHODKLVWRULDDWRGDSRVLELOLGDGGHVXEVXPLUORSDUWLFXODUDXQLQFOXVRGHQWUR
GH ORV OtPLWHV GHO GLVFXUVR WHyULFR $GRUQR EXVFD GDU HVWDWXWR GH MXLFLR
DUJXPHQWDWLYRDOFRQWHQLGRGHODH[SHULHQFLDLQGLYLGXDO>@ < ILQDOPHQWH HQ
FLHUWD PHGLGD FRPR ~OWLPD FRQVHFXHQFLD REOLJDUi D OD 7HRUtD &UtWLFD D
UHFRQRFHUVLQDPEDJHVTXHHOSRWHQFLDOFRJQLWLYRGHODREUDGHDUWHHVVXSHULRU
DOGHODUHIOH[LyQWHyULFD$GHFLUYHUGDGHQHVWDFRQFOXVLyQILQDOQRKDFHVLQR
UHSHWLUVH VyOR TXH HQ XQ QLYHO GLVWLQWR OD DSRUtD HQ OD TXH WHQtD TXH FDHU HQ
SULQFLSLR HO SUR\HFWR GH XQD FUtWLFD DUWLFXODGD HQ FRQFHSWRV GHO SHQVDPLHQWR
FRQFHSWXDOSXHVDXQTXHXQDHVWpWLFDILORVyILFDWDPELpQSXHGDKDFHUUHIHUHQFLD
DPRGRVGHH[SHULHQFLDGLIHUHQWHVGHORVGHODSURGXFFLyQDUWtVWLFDQRSXHGH
SRUVtPLVPDFUHDUHVDH[SHULHQFLD'HDKtTXHOD7HRUtD&UtWLFDTXHHPHUJHHQ
ORVHQVD\RVGHSRVJXHUUDGH$GRUQREDVFXOHLPSRWHQWHPHQWHHQWUHODUHIOH[LyQ
ILORVyILFD\ODH[SHULHQFLDHVWpWLFDVLQDVSLUDUHQUHDOLGDGDVHUXQD\QRVLHQGR

FDSD]GHVHUODRWUD>@
%  3RU WRGR HOOR OD DUTXLWHFWXUD LQWHUQD GH OD 7HRUtD &UtWLFD DGRUQLDQD
DSHQDV GHMD HVSDFLR DO SUR\HFWR GH XQ DQiOLVLV GH OD VRFLHGDG RULHQWDGR
HPStULFDPHQWH$SULVLRQDGRHQWUHODVH[LJHQFLDVGHXQDILORVRItDRULHQWDGDDOD
FUtWLFDGHOFRQFHSWR\XQDHVWpWLFDILORVyILFDDODTXHKDGHFRQFHGHUVHHOUDQJR
GHFRQRFLPLHQWRJHQXLQR HQODPHGLGDHQTXHODVLPSOLFDFLRQHVGHODILORVRItD
GH OD KLVWRULD VXE\DFHQWH VH VLJXHQ DVXPLHQGR FRQVLVWHQWHPHQWH  OD
LQYHVWLJDFLyQ FLHQWtILFRVRFLDO DVXPH HO OXJDU GH XQD GLVFLSOLQD DX[LOLDU FX\D
PHWRGRORJtD QR HV REMHWR GH VXILFLHQWH UHFRQRFLPLHQWR (V PiV GHVGH OD
SHUVSHFWLYD GH OD FUtWLFD GH OD FLHQFLD GHVDUUROODGD HQ 'LDOpFWLFD GH OD
,OXVWUDFLyQ OD VRFLRORJtD UHSUHVHQWD HO HMHPSOR SDUDGLJPiWLFR GH XQD FLHQFLD
GHFRQWUROEXURFUiWLFRTXHVLUYHDOPDQWHQLPLHQWRGHODGRPLQDFLyQGHQWURGHO
PDUFR VRFLDO 7HQLHQGR HVWD LGHD HQ PHQWH $GRUQR KDEOD GH OD HVWUXFWXUD
DGPLQLVWUDWLYDGHODLQYHVWLJDFLyQFLHQWtILFRVRFLDO>@
/DSULPHUDGHODVGRVWDUHDVTXH$GRUQRDVLJQDDODFLHQFLDVRFLDOGHQWUR
GHOFRQWH[WRGHVX7HRUtD&UtWLFDVXUJHGHODQHFHVLGDGGHXQDFUtWLFDLGHROyJLFD
GHO PDUFR GH LQYHVWLJDFLyQ H[LVWHQWH GHQWUR GH OD VRFLHGDG HVWDEOHFLGD \
FRQVROLGDGD WDPELpQ DTXt pO DSUHFLD FRPR \D OR KDFtD HQ HO FDVR
FRUUHVSRQGLHQWHGHODILORVRItDHQHOFDPLQRLQGLUHFWRGHODDXWRFUtWLFDGHXQD
FLHQFLD \D GDGD HO PpWRGR DSURSLDGR SDUD HODERUDU XQD 7HRUtD &UtWLFD GH OD
VRFLHGDG /D LPDJLQDFLyQ GH VXV HVWXGLRV VRFLROyJLFRV FREUD YXHOR GHVGH XQ
SODQ TXH H[DPLQD ORV SUHVXSXHVWRV FRQFHSWXDOHV ODV KHUUDPLHQWDV
PHWRGROyJLFDV \ ORV UHVXOWDGRV VXVWDQWLYRV SURFHGHQWHV WDQWR GHO FDPSR
HPStULFR FRPR GH ODV FLHQFLDV VRFLDOHV WHyULFDV D OD OX] GH VX FRQWHQLGR
KLVWyULFRGHYHUGDG/DFODYHPHWRGROyJLFDTXHpOXWLOL]DDILQGHOOHYDUDFDER
HVWDWDUHDGHODFUtWLFDLGHROyJLFDSDUWHGHODOyJLFDKHJHOLDQDGHODHVHQFLD>@
$GRUQR XWLOL]D OD GLVWLQFLyQ FRQFHSWXDO HQWUH HVHQFLD \ DSDULHQFLD FRPR XQ
PHGLRSDUDPRVWUDUTXHSHVHDTXHODVFLHQFLDVVRFLDODJUXSDGDVJURVHUDPHQWH
SRUpOEDMRHOWtWXORGLIXVRGHSRVLWLYLVPRSRGUtDQVHUFDSD]GHFRPSUHQGHUHO
PXQGRHPStULFRGHODDSDULHQFLDGHODVVRFLHGDGHVFRQWHPSRUiQHDVHOQ~FOHR
HVHQFLDOYHUGDGHURODOH\GHOLQWHUFDPELRFDSLWDOLVWDVLJXHHQSULQFLSLRVLQVHU
LQYHVWLJDGR
/D FUtWLFD LGHROyJLFD DGRUQLDQD GH OD FLHQFLD VRFLDO SRVLWLYLVWD VLQ

HPEDUJR VyOR VH LQWHUHVD VHFXQGDULDPHQWH SRU OD VLPSOLVWD WHVLV GH TXH OD
WUDGLFLyQWHyULFDVRFLROyJLFDGLVRFLDQGRVXREMHWRJHQXLQRGHODVFRQGLFLRQHV
HFRQyPLFDV GHO FDSLWDOLVPR KD WHUPLQDGR SRU DLVODUOR GHO FRQWH[WR GH VXV
UHODFLRQHV GHWHUPLQDQWHV $GRUQR HV XQ GLVFtSXOR OR VXILFLHQWHPHQWH EXHQR GH
0DU[\QRKDGHLJQRUDUTXHODVWHRUtDVLGHROyJLFDPHQWHVRVSHFKRVDVVLHPSUH
FRQWLHQHQ HOHPHQWRV TXH GHVGH XQD SHUVSHFWLYD QRUPDWLYD WDPELpQ SXHGHQ
FRPSUHQGHUVH FRPR FRQFHSFLRQHV PDWHULDOPHQWH DSURSLDGDV GH XQ REMHWR
IDOVR (VWD UHODFLyQ KLVWyULFD FRQ OD YHUGDG HV OD TXH YD VHU REMHWR GH
SULQFLSDO LQWHUpV SDUD $GRUQR HQ OR TXH UHVSHFWD D OD FXHVWLyQ GH OD
LQYHVWLJDFLyQVRFLDOHVWDEOHFLGD/DDUJXPHQWDFLyQGHVXVHVWXGLRVLGHROyJLFRV
VHGLULJHVREUHWRGRDSRQHUGHPDQLILHVWRTXHODVWpFQLFDVPHWRGROyJLFDV\ODV
FRQYLFFLRQHVIXQGDPHQWDOHVEiVLFDVGHODVFLHQFLDVVRFLDOHVFRQYHQFLRQDOHV
HVWRHVSRUFRQVLJXLHQWHORVPpWRGRVGHODLQYHVWLJDFLyQVRFLDOHPStULFD\HO
VLVWHPD FRQFHSWXDO GHO IXQFLRQDOLVPR VRFLROyJLFR SXHGHQ HQWHQGHUVH FRPR
PpWRGRVDGHFXDGRVGHLQYHVWLJDFLyQGHXQDVRFLRORJtDFRQWHPSRUiQHDSRUTXH
HOPRGRGHVRFLDOL]DFLyQDVXPLGRLQWHUQDPHQWHVHDSUR[LPDGHKHFKRWDPELpQD
ODUHDOLGDGGHODVRFLHGDGFDSLWDOLVWD$VtDWHQRUGHVXVLQWHQFLRQHVEiVLFDVOD
FUtWLFD GH OD VRFLRORJtD DGRUQLDQD VH GHILQH SRU OD H[SRVLFLyQ GH XQD
FRQYHUJHQFLD KLVWyULFD HQWUH HO FRQFHSWR SRVLWLYLVWD GH VRFLHGDG \ HO
GHVDUUROOR VRFLDO UHDO HOOD GHVFDQVD VREUH OD FRQYLFFLyQ GH TXH HO PDUFR
FDWHJRULDOGHOSRVLWLYLVPRFLHQWtILFRVRFLDOVyORUHIOHMDXQPRYLPLHQWRTXHFRPR
ODFRVLILFDFLyQGHQWURGHORVQH[RVGHODYLGDVRFLDOVHFRPSOHWDDVtPLVPRHQ
ORVSURFHVRVGHXQDLQWHJUDFLyQFRHUFLWLYDGHWRGRVORVGRPLQLRVGHODDFFLyQ\
HQODGHVWUXFFLyQGHODVFDSDFLGDGHVGHODLGHQWLGDGLQGLYLGXDO(QHVDPHGLGD
HO LQFUHPHQWR FXDQWLWDWLYR HQ ODV WpFQLFDV QR HV VLQR WHVWLPRQLR GH OD DFWXDO
HVWDQGDUL]DFLyQGHOPRGHORGHFRPSRUWDPLHQWRLQGLYLGXDOGHOPLVPRPRGRTXH
HOPRGHORSRVLWLYLVWDGHVRFLHGDGHVHVSHMRGHODFRQGLFLyQFRHUFLWLYDHIHFWLYD
GHODVRFLHGDG
8QDFLHQFLDVRFLDODODYH]DWRPL]DGD\TXHHOHYDORViWRPRVDJHQHUDOLGDGHVSRUPHGLRGHOD
FODVLILFDFLyQQRHVVLQRODPLUDGDGH0 HGXVDGHXQDVRFLHGDGTXHVHDWRPL]D\RUJDQL]DDOD
YH] VHJ~Q FRQFHSWRV FODVLILFDWRULRV DEVWUDFWRV D VDEHU ORV FRUUHVSRQGLHQWHV D OD
DGPLQLVWUDFLyQ>@

(QWRUQRDFRQFOXVLRQHVGHDJXGH]DVHPHMDQWHJLUDHOHMHFUtWLFRGHWRGRV
ORVHQVD\RVVRFLROyJLFRVGH$GRUQRWUDWDGHSRQHUGHPDQLILHVWRODFRQH[LyQ
LQPDQHQWH TXH H[LVWH HQWUH HO SUR\HFWR GH XQD FUtWLFD LGHROyJLFD GH OD FLHQFLD
VRFLDO \ OD FRQVWUXFFLyQ KLVWyULFRILORVyILFD GH XQ SURFHVR FLYLOL]DGRU HQ
GHFDGHQFLD /D SLQWXUD TXH SDUHFH RIUHFHU $GRUQR GHO SUHVHQWH HV OD LPDJHQ
TXH \D 'LDOpFWLFD GH OD ,OXVWUDFLyQ GLEXMDUD GH ODV VRFLHGDGHV WRWDOLWDULDV
WUDWDGHHVHPRGRGHUHGHVFXEULUWRGRVDTXHOORVIHQyPHQRVVRFLDOHVTXHKDQ
WHUPLQDGRSRUFULVWDOL]DUVH\PDWHULDOL]DUVHHQODVFLHQFLDVVRFLDOHVHVWDEOHFLGDV
EDMR OD IRUPD GH SUHPLVDV WHyULFDV 6LQ HPEDUJR KD\ TXH GHFLU TXH HVWH
PRGHOR SRU PX\ GLIXVDPHQWH TXH VH GHILQD SUHVXSRQH D VX YH] HO WUDVIRQGR
FUtWLFRGHXQFRQFHSWRGHODVRFLHGDGSUHVHQWH/DLQYHVWLJDFLyQVRFLDOFUtWLFD
DSHQDVSXHGHGDUVHSRUVDWLVIHFKDFRQXQDFUtWLFDLGHROyJLFDGHODLQYHVWLJDFLyQ
VRFLDO HVWDEOHFLGD VL $GRUQR FRQ REMHWR GH SUHVHQWDU HO Q~FOHR KLVWyULFR GH
YHUGDGHQODFLHQFLDVRFLDOFRQWHPSRUiQHDVLPSOHPHQWHH[WLHQGHDODVLWXDFLyQ
SUHVHQWH ODV OtQHDV GH DQiOLVLV FLHQWtILFRVRFLDOHV TXH VRQ UXGLPHQWDULDPHQWH
ERVTXHMDGDV HQ HO HVWXGLR UHDOL]DGR HQ FRP~Q FRQ +RUNKHLPHU QHFHVLWD XQD
DQWLFLSDFLyQ LQGHSHQGLHQWH GH OD VRFLHGDG SUHVHQWH SDUD MXVWLILFDU HVWD
DPSOLDFLyQSURYLVLRQDO'HDKtTXH$GRUQRQRSXHGDHYLWDUWHQHUTXHH[SOLFDU
FRQ XQD WHRUtD VRFLDO WHQWDWLYD HVDV FDUDFWHUtVWLFDV GHO FDSLWDOLVPR DFWXDO TXH
VyORVHSXHGHQ FRQILUPDULQGLUHFWDPHQWH GHVGHODDXWRFUtWLFD GHOD VRFLRORJtD
+HDTXtSXHVODVHJXQGDWDUHDTXH$GRUQRHQFRPLHQGDDODFLHQFLDVRFLDODOD
OX]GHVX7HRUtD&UtWLFDDTXpOODKDGHDVXPLUODIXQFLyQGHGHVDUUROODU\VRPHWHU
DFRQWUROLQFHVDQWHODLPDJHQGHODVRFLHGDGWDUGRFDSLWDOLVWDSUHVXSXHVWDWDQWR
HQORVHQVD\RVILORVyILFRVFRPRHQORVHVWXGLRVFUtWLFRLGHROyJLFRV
(Q ORV HQVD\RV HVFULWRV SRU $GRUQR GXUDQWH OD SRVJXHUUD OD WHRUtD VRFLDO
TXHVHFRQItDDHVWDWDUHDDVXPHODIRUPDGHXQDQiOLVLVFLHQWtILFRVRFLDOGHODV
IXQFLRQHV GH LQWHJUDFLyQ GHO FDSLWDOLVPR WDUGtR 'H DFXHUGR FRQ HVWH VLVWHPD
FRQFHSWXDOHOODVHDMXVWDGHVGHHOSULQFLSLRDXQDDFWLWXGTXHSHUPLWHSHUFLELU
ORVPHFDQLVPRVFRHUFLWLYRVGHODLQWHJUDFLyQVRFLDOSHURQRORVIUHQWHVODWHQWHV
GH ORV FRQIOLFWRV VRFLDOHV (O DQiOLVLV VH FRPSRQH GH WUHV FRPSRQHQWHV OD
UHSURGXFFLyQSROtWLFRHFRQyPLFDODPDQLSXODFLyQDGPLQLVWUDWLYD\ODLQWHJUDFLyQ
SVtTXLFDHQHVWRVWUHViPELWRV$GRUQRRSHUDFRQXQFRQFHSWRGHGRPLQDFLyQ
HQHOTXHFRPR\DKHPRVWUDWDGRGHPRVWUDUODVLPSOLFDFLRQHVGHODWHRUtDGHO

SRGHUGHVDUUROODGDVHQ'LDOpFWLFDGHOD,OXVWUDFLyQVHGHVDUUROODQGHIRUPDQR
GLVLPXODGD (O UHVXOWDGR SRU PX\ SDUDGyMLFR TXH SXHGD VRQDU YD D VHU OD
UHSUHVLyQGHILQLWLYDGHORVRFLDODSDUWLUGHODQiOLVLVGHODVRFLHGDGGHOD7HRUtD
&UtWLFD
<DHQHOQ~FOHRGXURGHODQiOLVLVGHODVRFLHGDGDGRUQLDQRODGHWHUPLQDFLyQ
GH OD HVWUXFWXUD VRFLRHFRQyPLFD GH OD VRFLHGDG FRQWHPSRUiQHD VH UHIOHMDQ
DPELJHGDGHVFRQFHSWXDOHVHLQGHFLVLRQHVREMHWLYDVTXHVyORSXHGHQGHEHUVHD
ODSDUWLFXODULUUHOHYDQFLDGHODVFXHVWLRQHVVRFLROyJLFDVHPStULFDVGHQWURGHVX
WUDEDMRWDUGtR$GRUQRVHGHMDD~QJXLDUDTXtSRUHOFRQFHSWRGHFDSLWDOLVPR
HVWDWDO>@XQDQRFLyQLQLFLDOPHQWHLPSRUWDGDDOFRQWH[WRGHLQYHVWLJDFLyQGHO
,QVWLWXWR SRU )ULHGULFK 3ROORFN (Q XQ SULPHU PRPHQWR HVWH FRQFHSWR GHEtD
VyOR VHUYLU SDUD HO DQiOLVLV FLHQWtILFR GHO RUGHQ HFRQyPLFR QDFLRQDOVRFLDOLVWD
>@ 6LQ HPEDUJR IXH SRVWHULRUPHQWH XWLOL]DGR HQ HO IDPRVR HQVD\R GH
+RUNKHLPHU (O (VWDGR DXWRULWDULR \ HQ OD SURSLD 'LDOpFWLFD GH OD
,OXVWUDFLyQ FRPR PHGLR SDUD GHILQLU OD IDVH SRVOLEHUDO GHO FDSLWDOLVPR HQ
WpUPLQRV PiV JHQHUDOHV >@ &DEH VHxDODU TXH \D HQ VX LQWHUSUHWDFLyQ
RULJLQDULD FLHQWtILFRGLVFLSOLQDU HQ OD TXH KDEtD VHUYLGR SDUD DQDOL]DU ODV
WHQGHQFLDVGHWUDQVLFLyQGHQWURGHOFDSLWDOLVPRKDFLDXQDHFRQRPtDGHPDQGR
>%HIHKOVZLUWVFKDIW@ GH WLSR EXURFUiWLFR HO FRQFHSWR GH FDSLWDOLVPR HVWDWDO
KDEtD VLGR REMHWR GH QR SRFDV FUtWLFDV SRU QR GHFLU TXH PLQLPL]DGR
HPStULFDPHQWH HQ HVWXGLRV FRPR ORV UHDOL]DGRV SRU 1HXPDQQ \ .LUFKKHLPHU
TXLHQHVKDEtDQGHPRVWUDGRODFRQWLQXDFLyQGHXQFDSLWDOLVPRUHFRQRFLGDPHQWH
PRQRSROLVWDSHURVLQHPEDUJRD~QJREHUQDGRSRUODVGLUHFWULFHVGHOPHUFDGR
(Q OD LQWHUSUHWDFLyQ JOREDO FRQ OD TXH $GRUQR \ +RUNKHLPHU UHWRPDQ HVWH
FRQFHSWR OD FDWHJRUtD GH FDSLWDOLVPR HVWDWDO KDFH UHIHUHQFLD D XQ PRGR GH
RUJDQL]DFLyQ FDSLWDOLVWD HQ HO TXH OD GLUHFFLyQ JHQHUDO GHO SURFHVR HFRQyPLFR
SRU ODV HVIHUDV LQWHUPHGLDV GH ORV LQWHUHVHV GH FDSLWDOLVWDV LQGLYLGXDOHV HQ
FRPSHWHQFLD VH WUDQVILHUH D OD DFWLYLGDG DGPLQLVWUDWLYD FHQWUDOL]DGD GH XQ
DSDUDWRGHGRPLQDFLyQ/RVLQWHUHVHVTXHVRQREMHWRGHFiOFXORSRUSDUWHGH
ODV JUDQGHV HPSUHVDV \ HO SRWHQFLDO SODQLILFDGRU GH ORV yUJDQRV HVWDWDOHV
FRQIOX\HQ HQ XQD UDFLRQDOLGDG WpFQLFD EDMR OD FXDO WRGRV ORV GRPLQLRV GH OD
DFFLyQVRFLDOVHVXERUGLQDQVLQILVXUDV
$GRUQR KDFH XVR GHVGH HO DxR  GH HVWD FRQFHSFLyQ WDQ YDJD HQ VX

DUWtFXOR 5HIOH[LRQHV VREUH OD WHRUtD GH FODVH (Q HVWH HQVD\R HO SXQWR
IXQGDPHQWDO GH VX YLVLyQ GHO FDSLWDOLVPR HVWDWDO D~Q VH IRUPXOD HQ ORV
WpUPLQRV GH HVWH SODQWHDPLHQWR ILORVyILFRKLVWyULFR VHJ~Q pVWH FRQ HO ILQ GHO
FDSLWDOLVPROLEHUDOVHFODXVXUDHQFLHUWRVHQWLGRHOFLFORGHODFLYLOL]DFLyQGDGR
TXHGHVSXpVGHOLQWHUOXGLRGHODVFRQIURQWDFLRQHVHQWUHFODVHVGHPRWLYDFLyQHQ
~OWLPD LQVWDQFLD HFRQyPLFD HQ HO SURFHVR GH IRUPDFLyQ GH ODV HOLWHV
DGPLQLVWUDWLYDV FRQ FDSDFLGDG GH FRQWURO UHJUHVD GH QXHYR XQ IUDJPHQWR GH
SUHKLVWRULD KXPDQD XQD WRPD GHO SRGHU DUELWUDULDPHQWH YLROHQWD SRU SDUWH GH
JUXSRVVRFLDOHV(VGHFLUHVDPDUFDGDFRQWUDSRVLFLyQHQWUHXQDHFRQRPtDGH
PHUFDGR GH FDUiFWHU QR LQWHUYHQFLRQLVWD \ XQD DGPLQLVWUDFLyQ FHQWUDOL]DGD GHO
(VWDGRFDSLWDOLVWDTXH\DKDEtDVHUYLGRD$GRUQRDODYLVWDGHODGYHQLPLHQWR
GHO IDVFLVPR FRPR LQVWUXPHQWR SDUD DQDOL]DU OD IDVH OLEHUDO GHO FDSLWDOLVPR
FRPRXQPHURHSLVRGLRPiVGHQWURGHODKLVWRULDGHORVDFWRVH[WUDHFRQyPLFRV
GH GRPLQDFLyQ >@ YD D VHJXLU VLHQGR DKRUD SDUD pO OD SLHGUD GH WRTXH
WHyULFDGHVXSODQWHDPLHQWRHVPiVSURSRUFLRQDUiWDPELpQHOFRQWH[WREiVLFR
GHDUJXPHQWDFLyQSDUDVXVHVFULWRVVRFLROyJLFRVGHODSRVJXHUUD(VFLHUWRTXH
HQ OD LQIOX\HQWH FRQIHUHQFLD GH &DSLWDOLVPR WDUGtR R VRFLHGDG LQGXVWULDO
LPSDUWLGD HQ  FRPR XQD OHFFLyQ LQDXJXUDO HQWUH VRFLyORJRV DOHPDQHV
$GRUQR YD D UHVXPLU VX WHRUtD GHO FDSLWDOLVPR SRU ~QLFD YH] GH XQD IRUPD
GLVWLQWD GH OD HVH WRQR ILORVyILFRKLVWyULFR IXQGDPHQWDO TXH SHUPLWH D HVWDV
5HIOH[LRQHVVREUHODWHRUtDGHFODVHDSDUHFHUFRPRXQDHVSHFLHGHH[FXUVXV
SRVWHULRU D OR \D GLFKR HQ 'LDOpFWLFD GH OD ,OXVWUDFLyQ VLQ HPEDUJR HO
FRQFHSWRGHFDSLWDOLVPRHVWDWDOQRWDUGDPXFKRHQUHJUHVDUDXQFXDQGRQRVHD
EDMRHOPLVPRWtWXORGHXQDIRUPDLQYDULDEOHPHQWHYDJD
(Q HVWD RFDVLyQ HVWH FRQFHSWR RULJLQDULDPHQWH LQWURGXFLGR FRQ YLVWDV D
GHVDUUROODU XQ DQiOLVLV SROtWLFRHFRQyPLFR GHO IDVFLVPR WLHQH TXH D\XGDU D
FRQWHVWDU OD SUHJXQWD GH VL FRQ OD WUDQVLFLyQ KDFLD ODV VRFLHGDGHV DOWDPHQWH
LQGXVWULDOL]DGDVGHO2FFLGHQWHFDSLWDOLVWD\OD8QLyQ6RYLpWLFDKDHPHUJLGRXQ
QXHYR PRGR GH RUJDQL]DFLyQ VRFLDO TXH KDFH VXSHUIOXD OD FOiVLFD GLVWLQFLyQ
H[LVWHQWH HQWUH UHODFLRQHV GH SURGXFFLyQ FDSLWDOLVWDV \ SRVFDSLWDOLVWDV 3RU
PHGLR GH XQD LPSOtFLWD FRUUHFFLyQ D OD WHRUtD KLVWyULFRILORVyILFD GH OD
GRPLQDFLyQ GHVDUUROODGD HQ 'LDOpFWLFD GH OD ,OXVWUDFLyQ $GRUQR FRQWHVWD
LQLFLDOPHQWH VXEUD\DQGR OD GHSHQGHQFLD GHO GHVDUUROOR WpFQLFR GH ODV

FRQGLFLRQHV H[LVWHQWHV GHQWUR GHO PDUFR VRFLRHFRQyPLFR VX LQWHUFRQH[LyQ


FRQ ODV UHODFLRQHV VRFLDOHV HQ ODV FXDOHV VH HQFXHQWUD LQVHUWDGR >@ (Q VX
H[SRVLFLyQGHODVUHODFLRQHVGHSURGXFFLyQFDXVDQWHVGHOQLYHOGHGHVDUUROORGH
ODV VRFLHGDGHV LQGXVWULDOHV RFFLGHQWDOHV VLQ HPEDUJR pO QR KDFH VLQR UHSHWLU
FRQ DSHQDV PRGLILFDFLRQHV ODV LGHDV EiVLFDV GH VX DQiOLVLV GHO IDVFLVPR HV
GHFLUODWHVLVFRQFHUQLHQWHDOFDSLWDOLVPRHVWDWDO/DWHQGHQFLDUHJUHVLYDGHQWUR
GHO FDSLWDOLVPR OLEHUDO >@ KDFLD XQD VRFLHGDG FHQWUDOL]DGD WRWDOPHQWH
RUJDQL]DGD\DGPLQLVWUDGDHVHOSURFHVRTXH$GRUQRWDPELpQFRQWHPSODDKRUD
FRPRHODFRQWHFLPLHQWRGHILQLWLYRHQODIRUPDFLyQGHODVVRFLHGDGHVDOWDPHQWH
GHVDUUROODGDV &RPR \D RFXUULHUD HQ HO FDVR GH ORV DQiOLVLV UHDOL]DGRV HQ OD
GpFDGD GH ORV FXDUHQWD OD VXJHUHQWH VLPSOLFLGDG GH OD WHVLV GH XQD VRFLHGDG
WRWDOPHQWHDGPLQLVWUDGDGHMDHQHODLUHHQHOIRQGRXQDSOpWRUDGHFXHVWLRQHVVLQ
UHVSXHVWDFXHVWLRQHVFRPRODVVLJXLHQWHVD VHFRQFHQWUDHQWRQFHVHOHMHUFLFLR
GH GRPLQDFLyQ UDFLRQDO LQVWUXPHQWDO H[FOXVLYDPHQWH HQ XQD JHVWLyQ RUJDQL]DGD
HVWDWDOPHQWHRVHLQVWLWXFLRQDOL]DDGLFLRQDOPHQWHHQFXHUSRVDGPLQLVWUDWLYRVQR
HVWDWDOHV" E  6H OLPLWD D FXPSOLU OD DFWLYLGDG DGPLQLVWUDWLYD GH ORV yUJDQRV
FHQWUDOL]DGRV GH GRPLQDFLyQ ORV LPSHUDWLYRV FODUDPHQWH FLUFXQVFULWRV SRU OD
HFRQRPtD FDSLWDOLVWD VHD D\XGDQGR D FUHDU FRPSURPLVRV R D FRUUHJLU VXV
GHPDQGDVHQFRQIOLFWRRHQFDPELRLPSRQHDXWyQRPDPHQWHVXSURSLDOyJLFD
GH SRGHU SROtWLFR" )LQDOPHQWH F  UHSUHVHQWDQ ORV PHGLRV DGPLQLVWUDWLYRV GH
GRPLQDFLyQ OD PDWHULDOL]DFLyQ FRQWHPSRUiQHD GH XQD UDFLRQDOLGDG GH FRQWURO
IRUPDGD GHVGH ORV RUtJHQHV GHO SURFHVR FLYLOL]DWRULR R VyOR HO GHVDUUROOR
VXEVLJXLHQWH GH XQD UDFLRQDOLGDG LQVWUXPHQWDO GHVDUUROODGD DO KLOR GH OD
LQGXVWULDOL]DFLyQFDSLWDOLVWD"
1LQJXQD GH HVWDV SUHJXQWDV DSDUHFH FRQWHVWDGD HQ WpUPLQRV FRQFOX\HQWHV
HQODFRQIHUHQFLDGH$GRUQR/RTXHXQRPiVELHQHQFXHQWUDDTXtGLVHPLQDGDV
VRQMXVWLILFDFLRQHVSDUDDSR\DUFXDOTXLHUDGHODVWHVLVHQOL]D>@eVWDVSDUD
$GRUQR SRU OR WDQWR SDUHFHQ WHQHU VyOR XQD LPSRUWDQFLD VHFXQGDULD SRU QR
GHFLULQVLJQLILFDQWHKDELGDFXHQWDGHTXHODLPDJHQWUDXPiWLFDGHXQDVRFLHGDG
WRWDOPHQWH DGPLQLVWUDGD SDUHFH TXHUHU RFXSDU WRGD OD DWHQFLyQ GH VX DQiOLVLV
VRFLROyJLFR $OOt GRQGH GHEHUtDQ MXVWLILFDUVH GLIHUHQFLDV WHyULFDV HQ WpUPLQRV
REMHWLYRV XQR HQFXHQWUD IRUPXODFLRQHV TXH GHVFULEHQ DXQTXH FRQ RWUDV
SDODEUDV XQ SURFHVR WRWDO GH RUJDQL]DFLyQ DGPLQLVWUDWLYD GH OD VRFLHGDG /D

H[SUHVLyQ PiV LQVLVWHQWH TXH $GRUQR SDUHFH HQFRQWUDU SDUD GHVFULELU HO


UHVXOWDGR GH HVWH SURFHVR WDQ RPQLSUHVHQWH HQ VX DQiOLVLV HV HO ILQ GH OD
PHGLDFLyQ XQD H[SUHVLyQ TXH VXUJH HQ HO FRQWH[WR GH 'LDOpFWLFD GH OD
,OXVWUDFLyQ\TXHGRPLQDORVHVFULWRVVRFLROyJLFRVGHODGpFDGDGHORVVHVHQWD
FRPR XQD VXHUWH GH PRWLYR UHFXUUHQWH HOOD UHYHOD HQ JUDQ PHGLGD KDVWD TXp
SXQWRHODQiOLVLVDGRUQLDQRGHOFDSLWDOLVPRWDUGtRGHSHQGHFRPRFRQWUDVWHGHO
PRGHORGHXQDHFRQRPtDGHPHUFDGRGHWLSRFDSLWDOLVWDOLEHUDO
/D LPDJHQ GHO FDSLWDOLVPR OLEHUDO TXH RIUHFH $GRUQR HVWi PDUFDGD SXHV
SRU OD YLVLyQ LGHDOL]DGD GH TXH WDQ SURQWR FRPR HO PHUFDGR VH OLEHUH GH ODV
LQWHUYHQFLRQHVDGPLQLVWUDWLYRHVWDWDOHVVHFRQYHUWLUiDODYH]HQOD~QLFDHVIHUD
VRFLDO HQ OD TXH SXHGH DVHJXUDUVH HO WLSR GH DFFLyQ TXH ODV LGHQWLGDGHV
QHFHVLWDQ3XHVWRTXHHQHVWDHVIHUDFRQHOFiOFXORUHFtSURFRGHORVLQWHUHVHV
HQ MXHJR VH DEUH XQ HVSDFLR SDUD H[SHULHQFLDV GH LGHQWLGDG VRFLDO DTXt ODV
DVSLUDFLRQHVGHDFFLyQGHORVVXMHWRVLQGLYLGXDOHVD~QSXHGHQPHGLDUVHFRQODV
H[LJHQFLDVGHODUHSURGXFFLyQHFRQyPLFD3DUD$GRUQRHOPHUFDGRHVODIRUPD
SDUDGLJPiWLFDGHODPHGLDFLyQVRFLDOGHQWURGHOFDSLWDOLVPREDMRHVWHSXQWRGH
YLVWD SRVLEOHV OXJDUHV GH FRPXQLFDFLyQ VRFLDO TXH QR VLJXHQ GLUHFWDPHQWH HO
FXUVRGHODLQGXVWULDOL]DFLyQFDSLWDOLVWDFRPRSRUHMHPSORLQVWLWXFLRQHVGHOD
HVIHUD S~EOLFD EXUJXHVD GH OD HPSUHVD FRRSHUDWLYD SUROHWDULD R OD VXEFXOWXUD
SOHEH\D R LQFOXVR WDPELpQ RUJDQL]DFLRQHV GH LQWHUHVHV TXH VLJXHQ
GLUHFWDPHQWH HVH FXUVR HQ GRQGH ORV JUXSRV VRFLDOHV WUDWDQ GH LPSRQHU
FROHFWLYDPHQWH VXV UHLYLQGLFDFLRQHV HFRQyPLFDV VLJXHQ VLHQGR IHQyPHQRV
SDVDGRV SRU DOWR HQ OD GHVFULSFLyQ DGRUQLDQD GH OD LQIUDHVWUXFWXUD VRFLDO GHO
FDSLWDOLVPROLEHUDO(OVXMHWRHQFHUUDGRGHQWURGHODHVIHUDSULYDGDGHODIDPLOLD
QXFOHDUHQWUDHQFRQWDFWRFRQHOPHGLRVRFLDOH[FOXVLYDPHQWHSRUDVtGHFLUORD
WUDYpV GHO PHUFDGR 'H DKt TXH SDUD $GRUQR VLPSOHPHQWH VHD XQD H[LJHQFLD
FRQVHFXHQWHLQIHULUGHODSDUDOL]DFLyQSROtWLFRDGPLQLVWUDWLYDWRWDOGHOPHUFDGROD
GHIRUPDFLyQGHODVFRQH[LRQHVVRFLDOHVHQWUHODUHSURGXFFLyQHFRQyPLFD\ORV
VXMHWRVDFWLYRVLQGLYLGXDOHV
$ODYLVWDGHXQFRQFHSWRGHFDSLWDOLVPROLEHUDOYDFLDGRGHODVGLPHQVLRQHV
EiVLFDV GH OD HVIHUD S~EOLFD FRPR pVWH SDUHFH REOLJDGR VXSRQHU TXH OD
FHQWUDOL]DFLyQ DGPLQLVWUDWLYD GH ORV SURFHVRV GH GHFLVLyQ HFRQyPLFD DPHQD]D
FRQ VRFDYDU OD LQIUDHVWUXFWXUD VRFLDO LQWHUQD GHO FDSLWDOLVPR HQ JHQHUDO HO

SURFHVR TXH D WUDYpV GH OD FRQGXFFLyQ EXURFUiWLFD GH ORV SURFHVRV
HFRQyPLFRV HVWUDQJXOD HO HVSDFLR DELHUWR HQ HO PHUFDGR SDUD OD DFFLyQ
RULHQWDGD DO LQWHUpV HV HO PLVPR TXH GHVWUR]D VLPXOWiQHDPHQWH OD ~QLFD
LQVWLWXFLyQ VRFLDO VXVFHSWLEOH GH PHGLDU OD DFFLyQ LQGLYLGXDO 'H DKt TXH HQ OD
DFWXDOLGDGXQPRPHQWRFDUDFWHUL]DGRSRUODDGPLQLVWUDFLyQFHQWUDOL]DGDGHORV
SURFHVRV GH H[SORWDFLyQ GH FDSLWDO $GRUQR SHUFLED HO ILQ GH OD PHGLDFLyQ
WRWDOXQKHFKRTXHpOFRQWUDVWDFRQXQDIDVHGHWHUPLQDGDSRUXQDHFRQRPtDGH
PHUFDGR QR LQWHUYHQFLRQLVWD >@ %DMR HVWD SHUVSHFWLYD VX\D QR SXHGH SRU
PHQRV GH FRQVLGHUDU TXH ORV LPSHUDWLYRV GH XQ VLVWHPD SURGXFWLYR TXH KD
OOHJDGR D GHYHQLU LQGHSHQGLHQWH D WUDYpV GH OD SODQLILFDFLyQ EXURFUiWLFD \D QR
VRQ SUHYLDPHQWH ILOWUDGRV SRU ODV HVIHUDV GH OD DFFLyQ VRFLDO \ DKRUD OOHJDQ
GLUHFWDPHQWHDORVPLHPEURVLQGLYLGXDOL]DGRVGHODVRFLHGDG
(VWDFRQFOX\HQWHOtQHDGHUHIOH[LyQYDDVHUGHFLVLYDHQODLQWHUSUHWDFLyQGHO
FDSLWDOLVPRTXH$GRUQRGHVDUUROOHHQVXVHVFULWRVDSDUHFLGRVHQHOSHULRGRGH
SRVJXHUUD6XWHVLVFHQWUDOQRVXUJHGHXQDQiOLVLVRULHQWDGRHPStULFDPHQWHDO
SUREOHPD GHO FDSLWDOLVPR WDUGtR VLQR GH OD OyJLFD LQPDQHQWH TXH VLJXH VX
UD]RQDPLHQWR FRQ OD WUDQVLFLyQ DO FDSLWDOLVPR FHQWUDOL]DGR OD VRFLHGDG GHEH
KDEHU SHUGLGR VX VRFLDELOLGDG LQPDQHQWH WRGD YH] TXH HVH iPELWR GH DFFLyQ
VRFLDOTXHVyORVHLQVWLWXFLRQDOL]yHQODHVIHUDGHOPHUFDGRKDTXHGDGRGHVGH
DKRUDGHVWUXLGR0iVD~Q$GRUQRVHYHFRQGXFLGRDDEUD]DUODVRUSUHQGHQWH
VXSRVLFLyQGHXQDVRFLHGDGWRWDOPHQWHDGPLQLVWUDGDSRUTXHVXDQiOLVLVGHORV
FDPELRV HVWUXFWXUDOHV GHQWUR GHO FDSLWDOLVPR VH GHMD JXLDU GHVGH HO SULQFLSLR
SRU XQD FRQFHSFLyQ H[WUHPDGDPHQWH UHGXFFLRQLVWD GH ODV UHODFLRQHV VRFLDOHV
LQWHUQDV GHO FDSLWDOLVPR OLEHUDO 1L ODV LQVWLWXFLRQHV FXOWXUDOHV RULHQWDGDV D OD
DXWRFRPSUHQVLyQ FROHFWLYD HVWR HV IRUPDV GH FODVH HVSHFtILFDV GH OD HVIHUD
S~EOLFD  QL ODV RUJDQL]DFLRQHV HQFDPLQDGDV D DVHJXUDU ORV LQWHUHVHV FROHFWLYRV
HV GHFLU ORV WLSRV SURIHVLRQDOHV \ HVSHFtILFRV GH ODV FRUSRUDFLRQHV VRFLDOHV
UHFLEHQ XQD DWHQFLyQ FRQFHSWXDO DSURSLDGD (VWD YLVLyQ GH OD VRFLHGDG
FDSLWDOLVWDTXHDSDUHFHDTXtFRPRSHWULILFDGDHQXQDLPDJHQXQLGLPHQVLRQDO\
HQODTXHVHGLIXPLQDQODVGLPHQVLRQHVSURIXQGDVGHHVDVHVIHUDVSUHHVWDWDOHV
GHDFFLyQODVRSLQLRQHVQRUPDWLYDV\ODVHYLGHQFLDVFXOWXUDOHVSHURWDPELpQ
ODV GHOLEHUDFLRQHV LQVWUXPHQWDOHV GH ORV LQGLYLGXRV GHYLHQHQ VXSHUIOXDV
FRQVWLWXLUiFRPRHQVHJXLGDVHPRVWUDUiODHVSLQDGRUVDOGHODVLQYHVWLJDFLRQHV

XOWHULRUHV GHVGH ODV TXH $GRUQR FRPSOHWDUi VX DQiOLVLV HVWUXFWXUDO GHO
FDSLWDOLVPRWDUGtRPHGLDQWHXQDQiOLVLVGHORVSURFHVRVGHLQWHJUDFLyQVRFLDO
,QLFLDOPHQWH$GRUQRSXHGHDxDGLUVLQSUREOHPDVDOPRGHORGHFDSLWDOLVPR
RUJDQL]DGRFHQWUDOL]DGRGHVXGLDJQyVWLFRRULJLQDULRGHOFDSLWDOLVPRHVWDWDOXQD
WHRUtDTXHSHUPLWDLQYHVWLJDUORVPHFDQLVPRVLQVWLWXFLRQDOHVTXHFRQGXFHQDORV
LQGLYLGXRVDVHJXLUHVWULFWDPHQWHORVREMHWLYRVGHDFFLyQSXHVWRVHQOL]DSRUODV
EXURFUDFLDV SROtWLFDV \ HFRQyPLFDV 'HO PLVPR PRGR TXH HO DQiOLVLV
VRFLRHFRQyPLFR VLUYH SDUD GHILQLU ODV FDUDFWHUtVWLFDV HVWUXFWXUDOHV GH XQ
FDSLWDOLVPR DOWDPHQWH GHVDUUROODGR DVt OD WHRUtD GH OD LQGXVWULD FXOWXUDO TXH
GHEHFXPSOLUHVWDVHJXQGDWDUHDWLHQHDKRUDFRPRREMHWRHOODGRDGPLQLVWUDWLYR
GHORVSURFHVRVGHLQWHJUDFLyQVRFLDO6XLGHDEiVLFDSDUWHGHOVXSXHVWRGHTXH
FRQ ORV PDVV PHGLD FRQWURODGRV \ FHQWUDOL]DGRV ORV PHGLRV GLULJLGRV D OD
PDQLSXODFLyQ HIHFWLYD GH OD FRQFLHQFLD VH LQFUHPHQWDQ FRQ HO SRGHU
DGPLQLVWUDWLYR(QHOHQVD\RTXHDQWHVVHKDPHQFLRQDGRHQHOTXHVHWUDWDGH
UHVSRQGHUDODSUHJXQWD&DSLWDOLVPRWDUGtRRVRFLHGDGLQGXVWULDO"$GRUQR
EULQGDXQDEUHYHUHIOH[LyQDFHUFDGHODVFRQVHFXHQFLDVVRFLDOHVGHXQFRQWURO
LQGXVWULDODGPLQLVWUDWLYRGHODFRQFLHQFLD
6LODVRFLHGDGOOHJDDOSXQWRGHRUJDQL]DUVHGHWDOPRGRTXHOOHJDDEORTXHDUDXWRPiWLFDRGH
PDQHUD SODQLILFDGD SRU PHGLR GH OD FXOWXUD \ OD LQGXVWULD GH OD FRQFLHQFLD R SRU ORV
PRQRSROLRV GH OD RSLQLyQ S~EOLFD KDVWD HO FRQRFLPLHQWR PiV VLPSOH OD H[SHULHQFLD GH ORV
SURFHVRVPiVDPHQD]DQWHVRODVLGHDVFUtWLFDV\SULQFLSLRVPiVHVHQFLDOHVVLPiVD~QHVWD
RUJDQL]DFLyQ OOHJD D SDUDOL]DU KDVWD OD PLVPD FDSDFLGDG GH LPDJLQDU HO PXQGR GH PDQHUD
GLIHUHQWH GHO PRGR HQ HO TXH DSDUHFH SUHGRPLQDQWHPHQWH D VXV KDELWDQWHV HQWRQFHV HVWD
VLWXDFLyQ HVSLULWXDO SHWULILFDGD \ PDQLSXODGD VH FRQYLHUWH HQ YLROHQFLD UHDO XQD IXHU]D
UHSUHVRUDFX\RFRQWUDSXQWRHOHVStULWXOLEUHEXVFDEDHQRWURWLHPSRHOLPLQDU>@

3XHGHYHUVHDTXtFyPRHOVHJXQGRFRPSRQHQWHGHOGLDJQyVWLFRVRFLROyJLFR
GHODDFWXDOLGDGDGRUQLDQRHVWRHVODWHRUtDGHODLQGXVWULDFXOWXUDOTXHUHVXHQD
HQHVWDVIUDVHVUHWRPDWDPELpQODVLQYHVWLJDFLRQHVPDUFDGDVSRUODLPSURQWDGH
ODH[SHULHQFLDGHOIDVFLVPRDOHPiQ\HOH[LOLRDPHULFDQR1RHVFDVXDOLGDGTXH
ORVHQVD\RVWHPSUDQRVGH$GRUQRVREUHHOFDUiFWHUIHWLFKLVWDGHODVREUDVGH
DUWHSURGXFLGDVHQHVFDODHVWDQGDUL]DGD\ORVHVWXGLRVGH+RUNKHLPHUVREUHOD
HVFLVLyQGHODFXOWXUDFRQWHPSRUiQHDWHUPLQDUDQIXVLRQiQGRVHHQHOFDStWXORGH
'LDOpFWLFDGHOD,OXVWUDFLyQWLWXODGR/DLQGXVWULDFXOWXUDO,OXVWUDFLyQ\HQJDxR

GH PDVDV >@ XQ WH[WR TXH DQDOL]D HO XVR DGPLQLVWUDWLYR GH ORV PHGLRV GH
FRPXQLFDFLyQ HOHFWUyQLFRV FRPR PHGLRV GH HQFDGHQDPLHQWR GH OD
FRQFLHQFLD>@(VWHPRGHORDTXtGHVDUUROODGR\H[WUDSRODGRSRU$GRUQRD
VXV ~OWLPRV HVWXGLRV VREUH HO HVFHQDULR FXOWXUDO GH OD SRVJXHUUD SRQH GH
PDQLILHVWRFyPRHQHOFRQWH[WRGHXQVLVWHPDHFRQyPLFRRUJDQL]DGRFRPRXQ
PRQRSROLR ODV QXHYDV WpFQLFDV GH UHSURGXFFLyQ HQ HO FLQH OD UDGLR \ OD
WHOHYLVLyQVHDFRSODQDXQDLQGXVWULDGHOHQWUHWHQLPLHQWRHQHVWDGRGHDFHOHUDGD
H[SDQVLyQ KDVWD FRQIRUPDU XQ FRPSOHMR LQGXVWULDO \ FXOWXUDO FX\RV SURGXFWRV
PDQLSXODGRUHVKDFHQSRVLEOHHOFRQWUROGHODFRQFLHQFLDLQGLYLGXDOHQHOSODQR
PLVPRGHODVPRWLYDFLRQHV$GRUQRHVWiFRQYHQFLGRSXHVGHTXHWDQWRHQOD
H[SRVLFLyQ HVWpWLFD FRPR HQ VX FRQWHQLGR LQIRUPDWLYR ORV SURGXFWRV GH OD
LQGXVWULDFXOWXUDOLQIOX\HQHQORVPLHPEURVGHODVRFLHGDGGHWDOIRUPDTXHVRQ
HVWLPXODGRVDDVXPLUFRPRSURSLDVODVWDUHDVDGPLQLVWUDWLYDPHQWHVDQFLRQDGDV
'HHVWDVWHQGHQFLDV LPSXOVDGDVSRU HOSRGHUGH FRQILJXUDFLyQLQWHUQR GH
ORVPHGLRVGHUHSURGXFFLyQHOHFWUyQLFRVKDFLDODWUDQVIRUPDFLyQGHORVPRGRV
FXOWXUDOHVGHSHUFHSFLyQKD\GRVSULQFLSDOHVTXHSDUHFHQVHJXLUFRQYHQFLHQGR
D $GRUQR KDVWD HO ILQ GH VX YLGD GHO UHQGLPLHQWR HPStULFR GH OD WHRUtD GH OD
LQGXVWULD FXOWXUDO GHVDUUROODGD HQ OD GpFDGD GH ORV WUHLQWD \ FXDUHQWD 3RU XQ
ODGR pO DVXPH TXH FRQ OD H[SDQVLyQ GH ORV PHGLRV GH FRPXQLFDFLyQ EDMR HO
PRGHOR FDSLWDOLVWD SRFR D SRFR WRGRV ORV HOHPHQWRV GHO iPELWR GH OD
SHUFHSFLyQ VHQVLEOH VRQ HPSXMDGRV D IRUPDU SDUWH GH XQD UHDOLGDG JHQHUDGD
DUWLILFLDOPHQWH>@(VWDWHQGHQFLDTXH$GRUQRREVHUYDHQVXDSRJHRFRQOD
LQQRYDFLyQWpFQLFDGHODWHOHYLVLyQSHUPLWHVXSRQHUTXHODDSDULHQFLDGHOPXQGR
PHGLiWLFR YD D DOFDQ]DU FDGD YH] PiV YLVRV GH UHDOLGDG REMHWLYD \ KDFHUOD VL
FDEH D~Q PiV SRGHURVD HQ VX SRGHU GH LQIOXHQFLD 3RU RWUR ODGR HV LQIOXLGR
SRUODREVHUYDFLyQGH:DOWHU%HQMDPLQ>@GHTXHODLUUXSFLyQGHODVWpFQLFDV
HOHFWUyQLFDV GH UHSURGXFFLyQ YD D UHGXFLU GUiVWLFDPHQWH OD GLVWDQFLD H[LVWHQWH
HQWUH ORV SURGXFWRV FXOWXUDOHV \ HO S~EOLFR TXH JR]D GH ORV PLVPRV 6LQ
HPEDUJR GLIHUHQFLiQGRVH GUiVWLFDPHQWH GH ODV HVSHUDQ]DV FXOWXUDO
UHYROXFLRQDULDVTXHD~QDOEHUJDED%HQMDPtQHQHVWHIHQyPHQR$GRUQRGHWHFWD
HQODGHVWUXFFLyQHVWpWLFDGHODXUDXQDWHQGHQFLDHQFDPLQDGDDLPSRQHUPXFKR
PiV SRGHURVDPHQWH VREUH HO REVHUYDGRU XQ PRGHOR SHUFHSWLYR FRQILJXUDGR
VHJ~Q HO PRGHOR GHO FRQVXPLGRU SDVLYR H LUUHIOH[LYR >@ pVWH DKRUD FDUHQWH

GH WRGD GLVWDQFLD HQ YLUWXG GH OD LQWURPLVLyQ HVSDFLDO \ WHPSRUDO GHO PXQGR
PHGLiWLFRHQVXYLGDtQWLPDFHJDGRUHVSHFWRDODUHDOLGDGSRUODDEXQGDQFLDGH
HVWtPXORVGHORVPHGLRVGHFRPXQLFDFLyQDVLVWHDVXSURSLDLPSRWHQFLDDQWHXQ
IOXMR GH LQIRUPDFLyQ FX\D LQIOXHQFLD VH H[WLHQGH SRU ORV FDQDOHV PHGLiWLFRV
$GRUQR YH HQ DPEDV WHQGHQFLDV SRU XQ ODGR OD VtQWHVLV FRQWLQXDPHQWH
SHUIHFFLRQDGDGHOPXQGRGHODSHUFHSFLyQVHQVLEOH\SRURWURHODYDQFHGHO
FRQVXPR PHGLiWLFR HQ OD YLGD FRWLGLDQD XQD WUDQVIRUPDFLyQ GH ORV PRGRV
XVXDOHVGHUHFHSFLyQTXHFRQYLHUWHDOLQGLYLGXRHQXQDYtFWLPDLPSRWHQWHGHXQD
UHDOLGDG PHGLiWLFD FRQ FDSDFLGDG GH LQYDGLUOR WRGR (V VX FRQYLFFLyQ DFHUFD
GHO VHGXFWRU SRGHU GH ORV SURGXFWRV GH OD LQGXVWULD FXOWXUDO FDSD] GH XQ
FDPELRFXOWXUDOUDGLFDOODLGHDHQVXPDGHTXHH[LVWHXQDGRPLQDFLyQTXHYD
PiVDOOiGHOPXQGRUHSUHVHQWDWLYRGHORS~EOLFRODTXHLQVWDGHDOJ~QPRGRD
$GRUQR D SUHVXSRQHU OD H[LVWHQFLD GH XQD PDQLSXODFLyQ LQWHQFLRQDGD GH OD
FRQFLHQFLD HQ PDQRV GH ODV PHGLGDV DGPLQLVWUDWLYDV GH ORV PHGLRV GH
FRPXQLFDFLyQ IXVLRQDGRV pVWD HV VX LPSUHVLyQ FRQ ORV RUJDQLVPRV HVWDWDOHV
7DOFRPR$GRUQRWUDWDGHSRQHUGHPDQLILHVWRHQVXVHVWXGLRVDQDOtWLFRVVREUH
FRQWHQLGRV >@ ORV UHVXOWDGRV SURGXFLGRV \ GLVWULEXLGRV SRU OD LQGXVWULD
FXOWXUDOFRQWLHQHQPHQVDMHVJHQHUDGRUHVGHFRQIRUPLVPRTXHVRQFDSDFHVGH
LQIOXLU FRQ WDQWD IDFLOLGDG HQ ORV LQGLYLGXRV VyOR SRUTXH SHQHWUDQ D WUDYpV GHO
SRGHU GH VXJHVWLyQ GH ORV PHGLRV GH PDVDV HQ OR PiV SURIXQGR GH VXV
FRQFLHQFLDV
$GRUQR QR VH DUUHGUD DQWH ODV FRQVHFXHQFLDV GHULYDGDV GH VX WHRUtD GHO
FDSLWDOLVPRWDUGtReOFRQVLGHUDSRVLEOHHQSULQFLSLRTXHXQDH[SDQVLyQGHORV
HVWHUHRWLSRV LGHROyJLFRV DGPLQLVWUDWLYDPHQWH FRQWURODGD \ GLVWULEXLGD SRU ORV
FDQDOHVGHORVPHGLRVGHFRPXQLFDFLyQGHPDVDVHVVXILFLHQWHSDUDDVHJXUDU
HQ ODV VRFLHGDGHV GHO FDSLWDOLVPR WDUGtR HO PtQLPR UHTXHULGR SDUD IRUPDU XQ
FRQVHQVR VRFLDO 'HVGH VX SXQWR GH YLVWD EDMR OD LQIOXHQFLD GH ORV
SVHXGRPXQGRV PHGLiWLFRV ORV VXMHWRV VH FRQYLHUWHQ HQ UHFHSWRUHV YROXQWDULRV
GHFRQIRUPLVPRGHDFXHUGRFRQORVPHQVDMHVLQGXFLGRV6yORDODOX]GHHVWD
FRQYLFFLyQ IXQGDPHQWDO pO SXHGH FRQWHPSODU OD WHRUtD GH OD LQGXVWULD FXOWXUDO
FRPR XQ SXQWR GH SDUWLGD VXILFLHQWH SDUD HODERUDU XQ DQiOLVLV VRFLROyJLFR TXH
LQYHVWLJXH ORV PHFDQLVPRV LQVWLWXFLRQDOHV GH OD LQWHJUDFLyQ VRFLDO eO SXHGH
VDWLVIDFHUVH FRQ UHVSRQGHU D ODV SUHJXQWDV TXH WUDWDQ GH H[SOLFDU HO

FRQIRUPLVPR VRFLDO HQ WpUPLQRV GH XQD LQYHVWLJDFLyQ DQDOtWLFD LQWHUQD GH ORV
SURGXFWRV GH OD LQGXVWULD FXOWXUDO SRUTXH HVWi ILUPHPHQWH FRQYHQFLGR GH VX
LQIOXHQFLD GLUHFWD HQ VXV UHFHSWRUHV $KRUD ELHQ OD OLPLWDGD SHUVSHFWLYD TXH
VXE\DFH D HVWD VXSXHVWD FHUWH]D TXH SXHGH MX]JDUVH DWHQGLHQGR DO KHFKR GH
TXH$GRUQRSUHWHQGHSDVDUSRUDOWRSRUFRPSOHWRORVKRUL]RQWHVVXEFXOWXUDOHV
HQHOKHFKRGHODUHFHSFLyQ HVWRHVODVUHDOL]DFLRQHVKHUPHQpXWLFDVHVSHFtILFDV
GH ORV GLIHUHQWHV JUXSRV \ ORV PRGHORV GH GHVFLIUDPLHQWR  DVt FRPR ODV
SHFXOLDULGDGHV QDFLRQDOHV GH OD IRUPD RUJDQL]DWLYD GH ORV PHGLRV GH
FRPXQLFDFLyQGHPDVDVVyORSXHGHVRUSUHQGHUDTXLHQQRFRPSUHQGHODWHRUtD
GH OD LQGXVWULD FXOWXUDO GHVGH HO WUDVIRQGR GH XQ DQiOLVLV HVWUXFWXUDO JOREDO GHO
FDSLWDOLVPR WDUGtR /DV UDtFHV GH HVWD YHUVLyQ WHyULFD WDQ UXGLPHQWDULD GH OD
PDQLSXODFLyQ HQ OD TXH ILQDOPHQWH GHVHPERFD HVWD WHRUtD GH OD LQGXVWULD
FXOWXUDOVHHQFXHQWUDQHQHOGLDJQyVWLFRVRFLRHFRQyPLFRTXHHOSURSLR$GRUQR
UHDOL]DGHVXpSRFD
(QHODQiOLVLVVRFLRHFRQyPLFRGH$GRUQRUHVXOWDGHFLVLYDODVXSRVLFLyQGH
TXHFRQODGHVWUXFFLyQGHOPHUFDGRLQLFLDGDHQODWUDQVLFLyQGHOFDSLWDOLVPRD
XQD HUD SRVOLEHUDO VH SLHUGH WDPELpQ HVH PHGLR TXH HQ HO iPELWR GH OD
VRFLHGDG D\XGDED D FXEULU HO DELVPR H[LVWHQWH HQWUH ODV H[LJHQFLDV GH OD
HVWUXFWXUDHFRQyPLFD\ORVVXMHWRVDFWLYRVLQGLYLGXDOHV3XHVWRTXHHOPHUFDGR
HUD KLVWyULFDPHQWH HO ~QLFR OXJDU GRQGH H[LVWtD XQD FRRUGLQDFLyQ
LQVWLWXFLRQDOL]DGD GH ODV DFFLRQHV LQGLYLGXDOHV OD YLGD LQWHUQD GH OD VRFLHGDG
WLHQH FRQVHFXHQWHPHQWH TXH GHVDSDUHFHU HQ HO PRPHQWR HQ HO TXH OD
EXURFUDWL]DFLyQ FHQWUDOL]DGD GH ORV SURFHVRV HFRQyPLFRV GH ODV GHFLVLRQHV
VRFDYDODSRVLELOLGDGGHHVDHVIHUDPHUFDQWLO&XDQGRVHVLJXHHOUDVWURGHHVWD
FRQFOXVLyQDGRUQLDQDFX\DUDGLFDOLGDGpOPLVPRQRSRQtDHQGXGDHQOD
WHRUtD GH OD LQGXVWULD FXOWXUDO QR DSDUHFHQ HQWRQFHV WDQ VRUSUHQGHQWHV VXV
KLSyWHVLV DUULHVJDGDV VXV JUDYHV RPLVLRQHV R VXV H[FHVLYDV VLPSOLILFDFLRQHV
$GRUQR HVWi GHPDVLDGR FRQYHQFLGR GH OD GHVLQWHJUDFLyQ GH ODV IRUPDV GH
PHGLDFLyQGHDFFLyQVRFLDOHQHOSODQRGHVXDQiOLVLVHVWUXFWXUDOGHOFDSLWDOLVPR
WDUGtR FRPR SDUD SRGHU OODPDUOH OD DWHQFLyQ ODV SRVLEOHV UHVLVWHQFLDV TXH
SXHGHQ SODQWDU FDUD D OD PDQLSXODFLyQ GH OD LQGXVWULD FXOWXUDO HQ HO SODQR GHO
DQiOLVLV GH ORV PHGLRV GH PDVDV ORV HVWLORV LQWHUSUHWDWLYRV HQ ORV VXEVLVWHPDV
FXOWXUDOHV \ ODV IRUPDV GH SHUFHSFLyQ HVWR HV ODV IXQFLRQHV KHUPHQpXWLFDV

RULHQWDGDVDODFRRSHUDFLyQSXHVWRTXHHVWiWDQVHJXURGHODGHVWUXFFLyQGHOD
LQIUDHVWUXFWXUD FDSLWDOLVWD FRQVWUXLGD VREUH ODV EDVHV GH HVWH WLSR GH IXQFLyQ
VRFLDOGHODDFFLyQDpOQROHHVSRVLEOHUHFRQRFHUHQDEVROXWRORVPRGHORVGH
RULHQWDFLyQ YDORUDWLYRV TXH VRQ HVSHFtILFRV GH FDGD JUXSR VRFLDO \ ODV
LQWHUSUHWDFLRQHV FRWLGLDQDV TXH D PRGR GH KRUL]RQWH GH VHQWLGR JXtDQ \
FDQDOL]DQ OD HODERUDFLyQ LQGLYLGXDO GHO IOXMR PHGLiWLFR GH LQIRUPDFLyQ 'H DKt
TXHQRSXHGDFUHHUTXHHOVHGXFWRULQIOXMRGHODLQGXVWULDFXOWXUDOSXHGDWRSDUVH
FRQVXVOtPLWHVGHWDOIRUPDTXHHOSURFHVRFRRSHUDWLYRGLULJLGRDODFUHDFLyQ
GH KRUL]RQWHV WHOHROyJLFRV HVSHFtILFRV GH JUXSR QR SXHGD HQ Vt PLVPR VHU
REMHWR GH PDQLSXODFLyQ HQ VX WHRUtD GH OD VRFLHGDG $GRUQR QR FRQWHPSOD
SXHVODSRVLELOLGDGGHTXHH[LVWDXQDHVIHUDLQGHSHQGLHQWHGHDFFLyQFXOWXUDOHQ
OD TXH ORV PLHPEURV GH XQ JUXSR VRFLDO WHQJDQ OD SRVLELOLGDG GH TXH VXV
H[SHFWDWLYDVFRWLGLDQDV\VXVLQWHUHVHVUHFtSURFRVSXHGDQOOHJDUDVHUREMHWRGH
DFXHUGR GHQWUR GH XQD YLVLyQ FRP~Q 6yOR HQ XQ ~QLFR SDVDMH TXH VH UHYHOD
LQXVXDOPHQWHH[WUDxRGHQWURGHOFRQWH[WRGHVXVHVFULWRVGHFXxRVRFLROyJLFR\
DODYLVWDGHORVUHVXOWDGRVGHXQSUR\HFWRGHLQYHVWLJDFLyQHPStULFRGHMDDOJ~Q
HVSDFLRSDUDODSRVLELOLGDGGHTXHORVPHQVDMHVGLIXQGLGRVSRUORVPHGLRVGH
PDVDVSXHGDQWDPELpQSRUDVtGHFLUORUHERWDUVHQFLOODPHQWHFRQWUDHOPXURGH
XQPXQGRFRWLGLDQRHVFpSWLFRKDFLDODSVHXGRUHDOLGDGPHGLiWLFD
$TXtFRPSUREDPRVHQWRQFHVTXHPXFKRVGHUHSHQWHODSURSRUFLyQHVORGHPHQRVVH
FRPSRUWDEDQLQHVSHUDGDPHQWHGHPDQHUDEDVWDQWHUHDOLVWD\YDORUDEDQFRQVHQWLGRFUtWLFROD
WUDQVFHQGHQFLD SROtWLFD \ VRFLDO GH VH PLVPR DFRQWHFLPLHQWR FX\D VLQJXODULGDG ELHQ
SXEOLFLWDGDDHOORVPLVPRVOHVKDEtDWHQLGRFRPRHQVXVSHQVRDQWHODSDQWDOODGHOWHOHYLVRU
3RU OR WDQWR VL PL FRQFOXVLyQ QR HV GHPDVLDGR DSUHVXUDGD OD JHQWH FRQVXPH \ DFHSWD GH
KHFKRORTXHODLQGXVWULDFXOWXUDOOHVSURSRQHHQVXWLHPSROLEUHSHURFRQXQDFLHUWDUHVHUYD
GH IRUPD SDUHFLGD D FRPR LQFOXVR ORV LQJHQXRV QR DFHSWDQ VHQFLOODPHQWH FRPR UHDOHV ORV
HSLVRGLRVRIUHFLGRVSRUHOWHDWURRODVSHOtFXODV>@

6LQ HPEDUJR $GRUQR QR VHJXLUi ODV LQGLFDFLRQHV FRQWHQLGDV HQ HVWD
UHIOH[LyQHOODVKDEUtDQVHxDODGRDVXWHRUtDVRFLROyJLFDHOFDPLQRGHXQDSRVLEOH
LQYHVWLJDFLyQ GH ORV KRUL]RQWHV WHOHROyJLFRV VXEFXOWXUDOHV TXH VRQ HO UHVXOWDGR
GH OD SUD[LV KHUPHQpXWLFD GH ORV JUXSRV VRFLDOHV \ TXH HV WUDQVPLWLGD SRU
H[SHULHQFLDVFRPXQHVGHVGHPXFKRWLHPSRDWUiV6yORXQDQiOLVLVGHODVUHJODV
GH HQWHQGLPLHQWR TXH DTXt VXE\DFHQ OH KDEUtD SHUPLWLGR SUHJXQWDU SRU HO

VLJQLILFDGR TXH ORV PLHPEURV GH XQD VRFLHGDG GDQ SRU Vt PLVPRV D ORV
LQIOX\HQWHV PHQVDMHV GH ORV PHGLRV GH PDVDV (Q OXJDU GH GDU HVWH SDVR
$GRUQR VH HQWUHJD HQ VXV HVFULWRV VREUH LQGXVWULD FXOWXUDO D XQD WHRUtD GH OD
PDQLSXODFLyQ TXH YD GLUHFWDPHQWH GHO FRQWHQLGR LQIRUPDWLYR GH ORV SURGXFWRV
GHODLQGXVWULDFXOWXUDODVXVHIHFWRVVREUHHOLQGLYLGXR\TXHDGRSWDSRUWDQWR
XQD IRUPD HVSHFLDOPHQWH JURVHUD VHJ~Q HVWD FRQFHSFLyQ ORV PHQVDMHV
LGHROyJLFRV GHVDUUROODQ WRGR VX SRGHU PHGLiWLFR D WUDYpV GH ORV KRUL]RQWHV
DVRFLDWLYRVVXEFXOWXUDOHVGHORVVXMHWRVGHWDOPRGRTXHHOORVSXHGHQLPSRQHU
DFWLWXGHVFRQIRUPLVWDVVLQVHUREMHWRGHUHVLVWHQFLDDOJXQD
6LQ HPEDUJR D IXHU]D GH VHU MXVWRV XQD FUtWLFD TXH SDUWLHQGR GH HVWD
FRQFOXVLyQVHOLPLWDVHDGHQXQFLDUHOFDOOHMyQVLQVDOLGDDOTXHVHYHDERFDGR
HVWDWHRUtDGHODPDQLSXODFLyQVLQVHJXLUGHVSOHJDQGRORVDUJXPHQWRVJHQHUDOHV
GHODWHRUtDGHODVRFLHGDGDGRUQLDQD>@WDPSRFRLUtDPX\OHMRVSDVDUtDSRU
DOWR HO KHFKR GH TXH $GRUQR HQ VX DQiOLVLV GH OD IRUPD RUJDQL]DWLYD GH ODV
VRFLHGDGHVFDSLWDOLVWDVWDUGtDVHVWiWDQSUHRFXSDGRSRUODLGHDGHXQILQGHOD
PHGLDFLyQ TXH QR SXHGH SDUDU PLHQWHV HQ OD HVIHUD LQWHUPHGLD GH OD SUD[LV
FRPXQLFDWLYD FRWLGLDQD GH ORV JUXSRV VRFLDOHV /D XQLODWHUDOLGDG FRQ OD TXH
$GRUQRDERUGDVXDQiOLVLVGHODLQGXVWULDFXOWXUDOQRHVPiVTXHODFRQVHFXHQFLD
WHyULFDGHXQUHGXFFLRQLVPRFRQFHSWXDOHQVXWHRUtDGHODVRFLHGDG3XHVWRTXH
SDUWH SHUWUHFKDGR GHO HVFDVR HTXLSDMH LQVWUXPHQWDO GH XQ DQiOLVLV GHO
FDSLWDOLVPRTXHVyORSHUPLWHFRQWHPSODUXQPHGLRGHPHGLDFLyQVRFLDOSDUDOD
DFFLyQLQGLYLGXDOHQODHVIHUDGHOPHUFDGR\TXHGLDJQRVWLFDSUHFLVDPHQWHXQD
GHVWUXFFLyQLUUHYHUVLEOHGHOPHUFDGRHQODVVRFLHGDGHVDOWDPHQWHGHVDUUROODGDV
SRVOLEHUDOHV VyOR SXHGH FRQVHFXHQWHPHQWH GHGXFLU GH HVWD GLVROXFLyQ GH ODV
UHODFLRQHV LQWHUQDV GH OD VRFLHGDG OD GHVVRFLDOL]DFLyQ HQ JHQHUDO GH OD
VRFLHGDG(VWROHSHUPLWHILQDOPHQWHIRUPXODUHQIiWLFDPHQWHTXHHOWUDEDMRGH
6tVLIRSURSLRGHODHFRQRPtDSXOVLRQDOLQGLYLGXDOKR\SDUHFHVHUUHWRPDGRSRU
VXSURSLDFXHQWDSRUODVLQVWLWXFLRQHVGHODLQGXVWULDFXOWXUDO>@
(VWDIUDVHKDFHWDPELpQUHIHUHQFLDHQHIHFWRDOKHFKRGHTXHSDUDOOHYDUD
FDERODWDUHDGHLQYHVWLJDUHOSURFHVRGHLQWHJUDFLyQVRFLDO$GRUQRQRSXHGH
GDUVH SRU VDWLVIHFKR FRQ XQD WHRUtD GH OD LQGXVWULD FXOWXUDO ORV DSDUDWRV
LGHROyJLFRVGHODLQGXVWULDFXOWXUDOVyORSXHGHQDVXPLUHOWUDEDMRGHUHJXODFLyQ
SXOVLRQDO RWURUD UHDOL]DGR DXWyQRPDPHQWH SRU ORV VXMHWRV LQGLYLGXDOHV HQ OD

PHGLGDHQTXHQRVyORVRQFDSDFHVGHFRQWURODUODVDFWLYLGDGHVUHIOH[LYDVGH
ORV LQGLYLGXRV VLQR WDPELpQ GH GLVSRQHU GH VXV PRWLYDFLRQHV YLWDOHV \ GH ORV
SURFHVRV QDWXUDOHV REMHWLYDGRV 3XHVWR TXH $GRUQR DWULEX\H D ORV PHGLRV GH
PDVDVHQHOFDSLWDOLVPRWDUGtRQRVyORHOHIHFWRGHXQFRQWUROPLQXFLRVRGHOD
FRQFLHQFLDVLQRPiVD~QHOSRGHUGHXQFRQWUROSXOVLRQDOTXHLQWHUYLHQHHQOD
YLGD RUJDQL]DGD GHEH VHU FDSD] GH PRVWUDU SRU TXp ORV PLHPEURV GH XQD
VRFLHGDG KDQ GHMDGR GH SRVHHU OD IXHU]D SDUD GRPLQDU VXV LPSXOVRV
LQGLYLGXDOHV (O WUDEDMR GH H[SOLFDU HVWR DVXPLUi HQ HO GLDJQyVWLFR VRFLROyJLFR
GH OD DFWXDOLGDG DGRUQLDQR OD IRUPD SVLFRDQDOtWLFD GH XQD WHRUtD DFHUFD GH OD
GHELOLGDG GHO <R WHRUtD TXH DSDUHFH DO ODGR GH OD UHIOH[LyQ VREUH OD LQGXVWULD
FXOWXUDOHQHOPDUFRGHODQiOLVLVGHORVSURFHVRVGHLQWHJUDFLyQVRFLDODXQTXH
DTXt OD LQIUDHVWUXFWXUD LQVWLWXFLRQDO GH OD IRUPDFLyQ GH FRQVHQVR FRQGXFLGD
DGPLQLVWUDWLYDPHQWH DSDUHFH GH IRUPD FRQVFLHQWH DKRUD GHVGH HVWH
GLDJQyVWLFR SVLFRVRFLROyJLFR GHO ILQ GH OD SHUVRQDOLGDG GHEH HVWXGLDUVH
DUURMDQGROX]VREUHVXVSUHVXSXHVWRVLQWUDSVtTXLFRV
1R UHVXOWD GLItFLO DGYHUWLU DTXt OD SURIXQGD FRQH[LyQ H[LVWHQWH GHVGH HO
SULQFLSLR HQWUH ORV HQVD\RV SVLFRVRFLROyJLFRV GH $GRUQR \ VX WHRUtD JHQHUDO
DFHUFD GHO FDSLWDOLVPR WDUGtR FRPR \D VXFHGLHUD HQ HO FDVR GH OD LQGXVWULD
FXOWXUDO DTXt WDPELpQ VH UHFXUUH D XQ LGHDOL]DGR \ VLQJXODU FRQFHSWR GH
PHUFDGR $GRUQR DGHPiV SXHGH DTXt DSR\DUVH GHVGH HO SULQFLSLR HQ ORV
WUDEDMRVGHSVLFRORJtDVRFLDOTXHKDEtDGHVDUUROODGRHO,QVWLWXWRGH,QYHVWLJDFLyQ
6RFLDO DFHUFD GHO FDPELR HVWUXFWXUDO KLVWyULFR HQ OD IRUPDFLyQ GH OD
SHUVRQDOLGDGGHVGHHOLQLFLDOSURQyVWLFRSHVLPLVWDGH+RUNKHLPHUH[SXHVWRHQ
ODV FRQFOXVLRQHV ILQDOHV GH 7HRUtD 7UDGLFLRQDO \ 7HRUtD &UtWLFD /D LGHD GH
+RUNKHLPHUTXHPiVDUULEDVyORKDEtDVLGRREMHWRGHXQEUHYHFRPHQWDULRD
VDEHU TXH FRQ HO RFDVR GH OD IXQFLyQ FODYH GHO SHTXHxR HPSUHVDULR SULYDGR
WDPELpQ GHVDSDUHFtDQ ODV RSRUWXQLGDGHV GH XQ SURFHVR GH LQGLYLGXDFLyQ
GHWHUPLQDGRSRUXQDDXWRULGDGSDWHUQDOIXHGHVDUUROODGDSRUpOGHVSXpVGHOD
JXHUUD HQ XQ DUWtFXOR TXH WUDWDED GH UHVXPLU OD DFWLYLGDG LQYHVWLJDGRUD GHO
,QVWLWXWR HQ PDWHULD GH SVLFRORJtD VRFLDO >@ (VWD LGHDIXHU]D TXH GHULYD OD
SpUGLGDGHODDXWRULGDGSDWHUQDO\SRUFRQVLJXLHQWHODUHQXQFLDGHODIRUPDFLyQ
GHO \R LQGLYLGXDO GH OD WUDQVLFLyQ VRFLRHFRQyPLFD DO FDSLWDOLVPR HVWDWDO
RUJDQL]DGRWHQGUiVXLQIOXHQFLDPiVDGHODQWHHQODVLQYHVWLJDFLRQHVDSDUHFLGDV

DO PLVPR WLHPSR GH 0DUFXVH \ 0LWVFKHUOLFK VREUH OD VRFLHGDG VLQ SDGUH
>@WUDEDMRVTXHFRLQFLGHQSHVHDVXVGLIHUHQFLDVHQGHVFXEULUXQQXHYRWLSR
VRFLDOFDUDFWHUL]DGRSRUODGHVHVWUXFWXUDFLyQGHO\R
$GRUQR LQVHUWD VXV SURSLRV WUDEDMRV HQ OD HVWHOD GH HVWRV WUDEDMRV GH
SVLFRORJtD VRFLDO SXHV SDUWH GHO FRQYHQFLPLHQWR GH TXH OD ~QLFD RSRUWXQLGDG
TXHVHWLHQHKLVWyULFDPHQWHSDUDODIRUPDFLyQGHODDXWRQRPtDLQGLYLGXDOQDFHHQ
HO PRPHQWR HQ HO TXH HO FDSLWDOLVPR OLEHUDO FRQ OD LQWURGXFFLyQ GHO PHUFDGR
LQVWLWXFLRQDOL]y XQ HVSDFLR SDUD OD SURSLD UHVSRQVDELOLGDG HFRQyPLFD \ OD
OLEHUWDG SDUD GLVSRQHU GH ODV FRVDV 'DGR TXH HVWH HVSDFLR GH MXHJR UHFLpQ
DELHUWR SDUD OD DFFLyQ H[LJH D ORV PLHPEURV GH OD VRFLHGDG GH XQD IRUPD
VRFLDOPHQWH WUDQVSDUHQWH OD FDSDFLGDG SDUD FDOFXODU ORV LQWHUHVHV HQ OL]D SDUD
WRPDUGHFLVLRQHV\SDUDODGLVFLSOLQDHQHOWUDEDMRFRQVWLWX\HSDUD$GRUQRHO
SUHVXSXHVWRVRFLRHVWUXFWXUDOQHFHVDULRSDUDHOSURFHVRGHVRFLDOL]DFLyQHQFX\R
GHVDUUROORORVVXMHWRVHQIDVHGHFUHFLPLHQWRDSUHQGHQDSHUFLELUHQVXVSDGUHV
ODVYLUWXGHVSURIHVLRQDOHVUHTXHULGDVSRUHOPHUFDGRDUHVSHWDUODDXWRULGDGGH
VX LQIOXHQFLD \ GH HVD PDQHUD D LQWHULRUL]DU HVWDV GHPDQGDV FRPR H[LJHQFLDV
GHODFRQFLHQFLDPRUDO(QHOPRPHQWRHQHOTXHGHVDSDUHFHQHVWDVFRQGLFLRQHV
HVWUXFWXUDOHVSDUDODVRFLDOL]DFLyQSDUDODIRUPDFLyQGHODFRQFLHQFLDLQGLYLGXDO
$GRUQRSXHGHGHGXFLUORVLJXLHQWHFXDQGRHOJRELHUQRFHQWUDOL]DGRGHOKHFKR
HFRQyPLFR FRQYLHUWH HQ VXSHUIOXRV ORV DWULEXWRV SVLFROyJLFRV GHO SDGUH
YDORUHV TXH DQWDxR VHUYtDQ GH PRGHOR YLYR SDUD OD IRUPDFLyQ GHO QLxR \ TXH
DKRUD VH FRUWDQ D OD PHGLGD GH OD HVIHUD GHO PHUFDGR VXFHGH TXH FRQ HO
FDPELR HVWUXFWXUDO SRVOLEHUDO TXHGD VXSHUDGR HO PRPHQWR FXOPLQDQWH GH OD
DFFLyQDXWyQRPDEXUJXHVD(VXQPRGHORKLVWyULFRGHODLQGLYLGXDOLGDGKXPDQD
GHHVWHWLSRDMXVWDGRDXQDFRQFHSFLyQYDORUDWLYDPX\PDUFDGDGHOPHUFDGR
HO TXH YD D VHUYLU SRU WDQWR FRPR WHOyQ GH IRQGR JHQHUDO GH ODV UHIOH[LRQHV
SVLFRVRFLROyJLFDVGH$GRUQR
&XDQGR OD HFRQRPtD OLEUH GH PHUFDGR GHVSOD]D D ORV VLVWHPDV IHXGDOHV \ UHFODPD WDQWR
HPSUHVDULRVFRPRWUDEDMDGRUHVDVDODULDGRVGDIRUPDDHVWRVWLSRVVRFLDOHVQRVyORGHVGHHO
SXQWR GH YLVWD ODERUDO VLQR WDPELpQ DQWURSROyJLFR QDFHQ DVt FRQFHSWRV FRPR
DXWRUUHVSRQVDELOLGDG SUXGHQFLD LQGLYLGXDOLGDG DXWRVDWLVIHFKD FXPSOLPLHQWR GHO
GHEHU SHUR WDPELpQ REOLJDFLyQ GH FRQFLHQFLD R OD]R LQWHULRUL]DGR FRQ OD DXWRULGDG (O
LQGLYLGXRPLVPRWDOFRPRODH[SUHVLyQVHXVDKR\DSHQDVREWLHQHVXFRQWHQLGRHVSHFtILFR

DQWHV GH OD DSDULFLyQ GH 0 RQWDLJQH R +DPOHW HQ FXDOTXLHU FDVR QXQFD DQWHV GHO SULPHU
5HQDFLPLHQWRLWDOLDQR+R\ODFRPSHWHQFLD\ODHFRQRPtDGHOOLEUHPHUFDGRHVWiQSHUGLHQGR
SDXODWLQDPHQWH SHVR IUHQWH D ORV PRQRSROLRV GH OD *UDQ ,QGXVWULD \ VXV FRUUHVSRQGLHQWHV
FROHFWLYRV (O FRQFHSWR GH LQGLYLGXR TXH QDFLy KLVWyULFDPHQWH HVWi DOFDQ]DQGR DKRUD VXV
OtPLWHVKLVWyULFRV>@

(Q OD PHGLGD HQ TXH ODV SXEOLFDFLRQHV VRFLROyJLFDV GH SRVJXHUUD GH
$GRUQRDERUGDQODWDUHDSVLFRVRFLROyJLFDGHDQDOL]DUHVWRVOtPLWHVKLVWyULFRV
HVWR HV ODV WHQGHQFLDV REVHUYDEOHV GLULJLGDV D OD HURVLyQ GH OD LQGLYLGXDOLGDG
OLJDGDVDOFDPELRHVWUXFWXUDOGHOFDSLWDOLVPRVHYDQDFHQWUDUGHIRUPDHVHQFLDO
HQODSUHJXQWDGHFXiOHVODUHODFLyQKLVWyULFDPHQWHDGHFXDGDHQWUHGRVWHRUtDV
OD SVLFRORJtD \ OD VRFLRORJtD 6yOR GRV FRQWULEXFLRQHV UHDOL]DGDV HQ WRUQR D OD
SVLFRORJtD GH ODV PDVDV GH )UHXG QRV GDQ LQIRUPDFLyQ VREUH OD RULHQWDFLyQ
FRUUHFWDGHHVWDDUJXPHQWDFLyQFHQWUDGDVREUHODUHDOLGDGSVLFRVRFLDO\HQHVD
PHGLGD WDPELpQ DFHUFD GH ODV FRQGLFLRQHV JHQHUDOHV GH VRFLDOL]DFLyQ GHO
OODPDGRGHELOLWDPLHQWRGHO<RDXQTXHWRGRHVWHSODQWHDPLHQWRVyORVLUYDHQ
XQSULQFLSLRSDUDUHDOL]DUXQDQiOLVLVUHWURVSHFWLYRGHODVLQFOLQDFLRQHVSVtTXLFDV
DO IDVFLVPR GHO SXHEOR DOHPiQ HV GHFLU HO LQWHUpV IXQGDPHQWDO TXH JXtD HVWD
LQYHVWLJDFLyQ QR HV RWUR TXH HO GH FRPSUHQGHU HO SRGHURVR LQIOXMR TXH ODV
WpFQLFDV PDQLSXODGRUDV GHO )KUHU IDVFLVWD OOHJy D DOFDQ]DU FRQ OD XWLOL]DFLyQ
PDVLYD GH ODV HQHUJtDV QDUFLVLVWDV GH ORV LQGLYLGXRV >@ /D PD\RUtD GH ORV
DUWtFXORV TXH HVFULEH $GRUQR D SDUWLU GH VX LQWHUpV SRU HO SVLFRDQiOLVLV QR
REVWDQWHYHUVDUiQVREUHORVPHFDQLVPRVLQGLYLGXDOHVGHODSpUGLGDGHO\RVyOR
GHVGHXQSXQWRGHYLVWDLQGLUHFWRVHWUDWDGHXQSODQWHDPLHQWRPHWDWHyULFRTXH
SODQWHDGRFRPRFUtWLFDGHODVLGHRORJtDVVHHQIUHQWDDODLQWHUSUHWDFLyQTXHGHO
SVLFRDQiOLVLVUHDOL]DODVRFLRORJtDQHRIUHXGLDQDQRUWHDPHULFDQDHQHVWHSXQWRHO
XUJHQWH LQWHUpV GH $GRUQR QR HV VLQR WHVWLPRQLR GH TXH WRGD VRFLRORJL]DFLyQ
SUHPDWXUD GHO SVLFRDQiOLVLV SURYHQJD GH XQ GHVDUUROOR XOWHULRU GH VXV
IXQGDPHQWRV WHyULFRV VREUH OD SXOVLyQ R GH OD UHFHSFLyQ GH ODV LQIOXHQFLDV
H[WUDIDPLOLDUHVHQODVWHRUtDVGHODVRFLDOL]DFLyQSDVDSRUDOWRHODELVPRIiFWLFR
H[LVWHQWH HQWUH HO LQGLYLGXR DWRPL]DGR \ XQ DSDUDWR GH GRPLQDFLyQ
LQGHSHQGL]DGR>@
(Q WRGR FDVR OD LPDJHQ TXH VXUJH GH WRGDV HVWDV FRQWULEXFLRQHV GH
$GRUQR HQ WRUQR DO SURFHVR SVtTXLFR GHO OODPDGR RFDVR GHO <R QR HVWi HQ

UHDOLGDGOLEUHGHFRQWUDGLFFLRQHV&LHUWDPHQWHHOKHFKRIDPLOLDU\HOUHVXOWDGR
VRFLDOL]DGRU GHO SURFHVR FRUUHVSRQGLHQWH TXHGDQ GHILQLGRV HQ WRGRV ORV
HQVD\RV FLWDGRV GH XQ PRGR EDVWDQWH VLPLODU UHVSRQGHQ D OD YLVLyQ VXJHULGD
GHVGH HO SULQFLSLR GH XQD SVLFRORJtD VRFLDO GHO FDSLWDOLVPR WDUGtR OLJDGD D OD
WHRUtDGHLQGXVWULDFXOWXUDO/DSpUGLGDGHDXWRULGDGGHODILJXUDGHOSDGUHXQ
UHVXOWDGRGHQWURGHODIDPLOLDGHODVOLPLWDFLRQHVLPSXHVWDVDODLQGHSHQGHQFLD
HFRQyPLFD \ DO FRQWURO GH ODV LQFOLQDFLRQHV GHO KRPEUH YD DOODQDQGR SRFR D
SRFRHOFDPLQRHQGLUHFFLyQGHXQDVRFLDOL]DFLyQGLUHFWDGHOQLxRHQPDQRVGHO
SRGHUDGPLQLVWUDWLYR(VWRHVHQWDQWRTXHHOQLxRHQIDVHGHFUHFLPLHQWRSRGtD
DQWHVIRUPDUVHXQDFRQFLHQFLDPRUDODWUDYpVGHODLQWHULRUL]DFLyQGHQRUPDV\
VDQFLRQHV UHSUHVHQWDGD SRU OD DXWRULGDG SDWHUQDO HUD FDSD] WDPELpQ GH
FRQWURODUVXVSXOVLRQHVFLHUWRHVGHVGHSDUiPHWURVFRQIRUPHVDODVSDXWDV
VRFLDOHVSHURD~QDVtGHIRUPDDXWyQRPD\GHHVWHPRGRSRGtDSURWHJHUVH
GHODVGLUHFWULFHV\RULHQWDFLRQHVDOFRPSRUWDPLHQWRFDQDOL]DGDVGHVGHIRUPDV
H[WHULRUHV DKRUD ELHQ SXHVWR TXH MXQWR FRQ OD DXWRULGDG VRFLDO GHO SDGUH KD
TXHGDGR UHPRYLGD LJXDOPHQWH OD ILJXUD GH OD DFWLWXG ULJXURVD GHQWUR GH OD
IDPLOLD DO QLxR OH IDOWD HQ FLHUWD PHGLGD HO QHFHVDULR FRQWUDSHVR SHUVRQDO
UHTXHULGRSDUDODLQWHULRUL]DFLyQGHQRUPDV\SURKLELFLRQHVTXHGDQIRUPDDOD
FRQFLHQFLD PRUDO GH WDO IRUPD TXH HO DSDUDWR GH OD LQGXVWULD FXOWXUDO SXHGH
WRPDUDKRUDDVXFDUJRODWDUHDGHODUHJXODFLyQSXOVLRQDO$GRUQRDxDGHDKRUD
D HVWH GHVDUUROOR FRUUHVSRQGLHQWH KDVWD HVWH SXQWR D OD WHVLV GH XQ FDUiFWHU
GLULJLGR GHVGH DIXHUD RWUD OtQHD GH UHIOH[LyQ DGLFLRQDO TXH GH XQD IRUPD
SHFXOLDU YD D YLQFXODU OD GHVHVWUXFWXUDFLyQ GHO 6XSHU\y FRQ HO SURFHVR
FRPSOHPHQWDULRGHXQDUHJUHVLyQQDUFLVLVWDGHO<R
$GRUQRSDUWHGHOVXSXHVWRGHTXHHO<RSHUPDQHQWHPHQWHVREUHFDUJDGR
SRUODVH[LJHQFLDVGHOILUPHGRPLQLRGHVXVSXOVLRQHV\GHODDXWRFRQVHUYDFLyQ
UDFLRQDOUHJUHVDDXQHVWDGRGHFDUJD>%HVHW]XQJ@OLELGLQDOGHO<RFRQHOILQGH
SRGHUHOXGLUODH[SHULHQFLDGHVXLPSRWHQFLDUHDO>@ODOLELGRGHO<RTXHSRU
HOORUHVXOWDOLEHUDGDVHGLULJHKDFLDORVtGRORVGHPDVDVTXLHQHVDTXtIXQFLRQDQ
D PRGR GH VXVWLWXWRV GH OD ILJXUD GHO SDGUH \ TXH HVWiQ WDQ UHWLUDGRV GH OD
VLWXDFLyQ HPSREUHFLGD FRWLGLDQD TXH D WUDYpV GH HOORV HO LQGLYLGXR LPSRWHQWH
SXHGHDVHJXUDUVHXQDVXSHULRULGDGLQILQLWDSRUHOPHFDQLVPRSVLFROyJLFRGH
SUR\HFFLyQ/RVSURFHVRVSDUDOHORVTXHGHQWURGHODSVLTXHGHVHVWUXFWXUDQHO

6XSHU\y \ GHELOLWDQ ODV IXQFLRQHV FRJQLWLYDV GHO <R GRV HIHFWRV OHMDQRV GH OD
GLVROXFLyQGHODHVIHUDGHOPHUFDGRHQHOSURFHVRGHVRFLDOL]DFLyQFRQYLHUWHQDO
VXMHWR LQGLYLGXDO HQ OD YtFWLPD GH XQ DSDUDWR GH GRPLQDFLyQ TXH H[SORWD SDUD
VXVSURSLRVILQHVHOSRWHQFLDOLPSXOVLYRRUJiQLFR
/D HVWUXFWXUD GHO SRGHU VRFLDO DSHQDV QHFHVLWD \D D ORV DJHQWHV PHGLDGRUHV GHO <R \ OD
LQGLYLGXDOLGDG >@ /RV WLSRV FRQWHPSRUiQHRV TXH SUHGRPLQDQ KR\ VRQ DTXHOORV TXH QL
SRVHHQXQ<RQLUHDOPHQWHDFW~DQGHPDQHUDFRQVFLHQWHVLQRTXHVHOLPLWDQDUHSURGXFLUGH
PRGR UHIOHMR ODV WHQGHQFLDV REMHWLYDV H[LVWHQWHV &XDQGR HVWiQ MXQWRV HOORV DFW~DQ HQ XQ
ULWXDO VLQ VHQWLGR VLJXHQ HO ULWPR FRPSXOVLYDPHQWH UHSHWLWLYR \ VH HPSREUHFHQ
DIHFWLYDPHQWH FRQ OD GHVWUXFFLyQ GHO <R VH HQFXPEUDQ HO QDUFLVLVPR R VX GHULYDGR
FROHFWLYLVWD 7RGD SRVLEOH GLIHUHQFLDFLyQ HV VRFDYDGD SRU OD EUXWDOLGDG GHO $IXHUD WRGR
FRQWHQLGR KRPRJHQHL]DGR WRWDOPHQWH HQ XQD VRFLHGDG TXH H[SORWD HO Q~FOHR SULPLWLYR GHO
LQFRQVFLHQWH $PERV IHQyPHQRV FRQVSLUDQ HQWUH Vt SDUD GHVWUXLU OD LQVWDQFLD GH PHGLDFLyQ
ORV HVWtPXORV DUFDLFRV WULXQIDQWHV OD YLFWRULD GHO (OOR VREUH HO <R JXDUGDQ FRUUHVSRQGHQFLD
FRQHOWULXQIRGHODVRFLHGDGVREUHORSDUWLFXODU>@

/D UHJUHVLyQ GHO LQGLYLGXR LPSXHVWD VRFLDOPHQWH D OD IDVH LQIDQWLO GHO
QDUFLVLVPRHVXQGDWRTXHKDGHKDFHULQWHOLJLEOHODLQFHVDQWHLQIOXHQFLDTXHORV
PHQVDMHV GH OD LQGXVWULD FXOWXUDO SXHGHQ WHQHU VREUH ORV SURFHVRV SXOVLRQDOHV
RUJiQLFRV 3XHVWR TXH ODV FDSDFLGDGHV GH FRQWURO LQWHOHFWXDO \ PRUDO GHO <R
IODTXHDQ HO SURFHVR DO TXH HQ HO WH[WR VH DOXGH EDMR OD IyUPXOD GH
GHVWUXFFLyQ GH OD LQVWDQFLD GH PHGLDFLyQ HO SRWHQFLDO SXOVLRQDO KXPDQR
SXHGH VHU FDQDOL]DGR GLUHFWDPHQWH SRU HO SRGHU DGPLQLVWUDWLYR PHGLDQWH VX
DSURYHFKDPLHQWR GH ODV HQHUJtDV QDUFLVLVWDV KDFLD XQ VLVWHPD GH IXQFLRQHV
GHQWUR GH OD UHSURGXFFLyQ VRFLDO ILMDGRV D ORV LGHDOHV GHO <R FROHFWLYRV TXH
RIUHFH GH PDQHUD PDQLSXODGRUD OD LQGXVWULD FXOWXUDO ODV HQHUJtDV SXOVLRQDOHV
LQGLYLGXDOHVDEDMRSURWHJLGDVHQWUDQHQXQRUGHQGHGRPLQDFLyQDGPLQLVWUDGR
FHQWUDOPHQWHGHVGHDUULEDHQWDQWRHQFXDQWRDTXt$GRUQRSDUHFHHQHVWH
SXQWR FRQFUHWR RSLQDU GH XQD IRUPD GLVWLQWD GH OD GH 0DUFXVH HOODV QR
GHVDUUROODQQLQJXQDGLQiPLFDFRQIOLFWLYD$KRUDELHQHVHVWH~OWLPRSDVRGHVX
DUJXPHQWDFLyQ HQ GRQGH OD GLQiPLFD SXOVLRQDO KXPDQD DSDUHFH FRPR HO
FHPHQWRGHODVVRFLHGDGHVGHOFDSLWDOLVPRWDUGtRHOTXHUHVXOWDVRUSUHQGHQWH
GHQWURGHODSVLFRORJtDVRFLDOGH$GRUQR3XHVVLSRUXQODGRpOVHPXHVWUD
FRQYHQFLGRPX\HQFRQWUDGHOUHYLVLRQLVPRSVLFRDQDOtWLFRGHDXWRUHVFRPR
(ULFK)URPPR.DUHQ+RUQH\>@GHODH[LVWHQFLDGHXQDQDWXUDOH]DSXOVLRQDO

HQ HO VHU KXPDQR UHVLVWHQWH HQ VX Q~FOHR D ORV LQIOXMRV VRFLDOHV KD GH H[FOXLU
SRUFRQVLJXLHQWHODFDSDFLGDGGHVRFLDOL]DFLyQGHODEDVHOLELGLQDOQDWXUDOSHUR
SRURWURGDGRTXHSHUFLEHMXVWDPHQWHHQODFRQILJXUDFLyQSXOVLRQDOKXPDQDOD
LQIUDHVWUXFWXUD RUJiQLFD GH XQ DSDUDWR GH GRPLQDFLyQ LQGHSHQGLHQWH IUHQWH DO
LQGLYLGXR pO QR SXHGH VLQR QHJDU WRGR SRVLEOH SRWHQFLDO H[FHGHQWH HQ OD
QDWXUDOH]DLQWHUQDKXPDQD'HWRGRHVWRVHVLJXHTXH$GRUQRWLHQHTXHSHQVDU
TXH HO VXVWUDWR RUJiQLFR GH ODV HQHUJtDV SXOVLRQDOHV KXPDQDV HVWi WDQ
GHWHUPLQDGRTXHVHDMXVWDDOPRGHORGHODRIHUWDGHVDWLVIDFFLyQGLVSXHVWDSRU
HOVLVWHPDVLQGHMDUUHVWRDOJXQR>@
'LFKR HVWR QR HV VyOR HVWD KLSRWpWLFD FRQFHSFLyQ GH ODV SXOVLRQHV XQ
SODQWHDPLHQWR D GHFLU YHUGDG HQ HO TXH VH UHFKD]D OD SRVLELOLGDG GH XQD
GHWHUPLQDFLyQ VRFLDOL]DGD GH OD YLGD SXOVLRQDO LQGLYLGXDO SHUR HQ GRQGH VH
UHFRQRFH VLQ HPEDUJR OD PDQLSXODFLyQ VLQ REVWiFXORV GH ODV QHFHVLGDGHV
QDWXUDOHV KXPDQDV HO ~QLFR SXQWR TXH UHVXOWD VRUSUHQGHQWH HQ OD SVLFRORJtD
VRFLDO GH $GRUQR WDPSRFR OD LGHD JHQHUDO \ HQ ~OWLPD LQVWDQFLD GHFLVLYD GH
TXHODGHVFRPSRVLFLyQGHO6XSHU\yFRUUHSDUHMDVFRQODWHVLVGHODUHJUHVLyQ
QDUFLVLVWD GHO <R UHVXOWD GHO WRGR FRQYLQFHQWH VREUH WRGR VL DWHQGHPRV D OD
SURSLD OyJLFD GH VX DUJXPHQWDFLyQ VL HO SULPHU SUHVXSXHVWR HQOD]D
GLUHFWDPHQWHFRPR\DVHKDPRVWUDGRFRQODVH[SOLFDFLRQHVSVLFRVRFLROyJLFDV
TXH WUDWDQ GH H[SOLFDU HO IHQyPHQR VHJXUDPHQWH QR GHO WRGR MXVWLILFDGR
GHVGHHOSXQWRGHYLVWDHPStULFRGHODSpUGLGDGHDXWRULGDGSDWHUQDOFRPR
XQD SHUWXUEDFLyQ VLJQLILFDWLYD GHQWUR GHO SURFHVR GH GHVDUUROOR LQIDQWLO GH OD
FRQFLHQFLDHOVHJXQGRSXQWRDVDEHUODWHVLVGHXQDUHJUHVLyQGHOLQGLYLGXRD
ODIDVHLQIDQWLOGHOQDUFLVLVPRTXHHVLPSXHVWDVRFLRHVWUXFWXUDOPHQWHVHEDVDHQ
REVHUYDFLRQHV SVLFRDQDOtWLFDV TXH UHJLVWUDQ XQ LQFUHPHQWR KLVWyULFDPHQWH
VLJQLILFDWLYRGHODVSHUWXUEDFLRQHVQDUFLVLVWDVGHODSHUVRQDOLGDG6LQHPEDUJR
ODH[SOLFDFLyQTXH$GRUQRRIUHFHGHHVWHVHJXQGRIHQyPHQRHQVXVHQVD\RVGH
SVLFRORJtD VRFLDO QR HV WRWDOPHQWH FRPSDWLEOH FRQ HO FRQFHSWR TXH VLUYH SDUD
H[SOLFDU HO SULPHU IHQyPHQR SXHV pO EXVFD FRPSUHQGHU HO SURFHVR GH OD
UHJUHVLyQ QDUFLVLVWD GHO <R D OD OX] GH HO FRQWLQXR IUDFDVR >GHO LQGLYLGXR@ HQ
VDWLVIDFHU ODV H[LJHQFLDV GHO SURSLR <R >@ SHUR FyPR KD GH DSUHQGHU HO
LQGLYLGXR D IRUPDU VX SURSLR \ H[LJHQWH LGHDO GH <R HQ FX\D UHDOL]DFLyQ
ELRJUiILFD SRGUtD IUDFDVDU VL HO SURFHVR LQWUDSVtTXLFR GH IRUPDFLyQ GH OD

FRQFLHQFLDFRPRWDOTXHGDSHUPDQHQWHPHQWHGHVWUXLGR"
'D OD LPSUHVLyQ GH TXH HQ VXV KLSyWHVLV SVLFROyJLFRVRFLDOHV VREUH ODV
FDXVDVGHODSpUGLGDGHO<RHQHOiPELWRGHODVRFLDOL]DFLyQ$GRUQRPDQHMDD
ODYH]GRVWHVLVH[SOLFDWLYDVTXHHQHOPRGRHQHOTXHODVGHVDUUROODQRSXHGHQ
DFRSODUVHVLQFRQWUDGLFFLRQHVHQHOSODQRHQHOTXHLQIOXLGRSRU+RUNKHLPHUVH
OLPLWD D VHJXLU ODV LQYHVWLJDFLRQHV VREUH ODV FRQVHFXHQFLDV LQWUDSVtTXLFDV GH OD
SpUGLGDGHODDXWRULGDGSDWHUQDODILUPDODH[LVWHQFLDGHXQDH[WHULRUL]DFLyQGHO
6XSHU\y >@ GH OD TXH VH DSRGHUD XQ <R GH PDVDV DUWLILFLDO XQD
H[WHULRUL]DFLyQ VLQ HPEDUJR TXH OXHJR QR SXHGH SRVWXODUVH VL OD UHJUHVLyQ
QDUFLVLVWD GHO LQGLYLGXR SURFHGH GH XQD UHSUHVLyQ RULJLQDGD SRU HO IUDFDVR
H[SHULPHQWDGRSRUODUHDOL]DFLyQGHODVJHQXLQDVH[LJHQFLDVGHO<RSRUORWDQWR
$GRUQR KDFH XVR GH GRV PRGHORV H[SOLFDWLYRV LUUHFRQFLOLDEOHV FRQ REMHWR GH
GDU FXHQWD GHO GHFOLYH GHO LQGLYLGXR HQ OR TXH D VXV FDSDFLGDGHV GH FRQWURO
UHVSHFWDHQHOSULPHUFDVRSUHVXSRQHODGHVHVWUXFWXUDFLyQIiFWLFDGHDTXHOORV
LPSHUDWLYRV GHO 6XSHU\y HQ FX\D UHDOL]DFLyQ VLQ p[LWR pO PLVPR WUDWD GH
FRPSUHQGHU OD UHJUHVLyQ SVtTXLFD GHO LQGLYLGXR HQ HO VHJXQGR (VWD IDOWD GH
FODULGDGH[LVWHQWHGHQWURGHVXLQYHVWLJDFLyQWHyULFDSVLFROyJLFRVRFLDOKDVLGR
DQDOL]DGD SRU HMHPSOR SRU -HVVLFD %HQMDPLQ HQ XQ VXJHUHQWH HVWXGLR TXH
H[SOLFD D OD OX] GH VXV FRQIXVLRQHV FRQFHSWXDOHV ORV PDOHQWHQGLGRV TXH
SURKtEHQ D $GRUQR GLIHUHQFLDU H[SOtFLWDPHQWH EDMR OD FDWHJRUtD GH
LQWHUQDOL]DFLyQ HQWUH HO QLYHO GH DGTXLVLFLyQ GH FDSDFLGDGHV FRJQLWLYR
LQVWUXPHQWDOHV\ODDSURSLDFLyQGHODVQRUPDVPRUDOHVGHDFFLyQ
$GRUQRWLHQGHDXWLOL]DUHOFRQFHSWRGHLQWHUQDOL]DFLyQGHPDQHUDFRQIXVDSDUDVLJQLILFDUGRV
IHQyPHQRV GLIHUHQWHV DXQTXH UHODFLRQDGRV HO GHVDUUROOR GHO <R \ HO 6XSHU\y /D
LGHQWLILFDFLyQ FRQ OD DXWRULGDG SDWHUQDO FRPR 6XSHU\y TXHGD FRODSVDGD HQ OD LGHQWLILFDFLyQ
FRQ OD FRPSHWHQFLD SDUHQWDO R OD UHDOLGDG GH OD DXWRQRPtD LQIDQWLO FRPR IRUPDFLyQ GHO <R
>@

(VWHFRQFHSWRQRVXILFLHQWHPHQWHGLIHUHQFLDGRGHLQWHUQDOL]DFLyQTXHQR
HVFDSD]GHGLVWLQJXLUDQDOtWLFDPHQWHGHIRUPDVXILFLHQWHPHQWHSUHFLVDHQWUHODV
GLPHQVLRQHV SURSLDV GHO GHVDUUROOR GHO <R \ OD IRUPDFLyQ GHO 6XSHU\y
H[SOLFDUtD SRU TXp $GRUQR SDVD WDQ UiSLGDPHQWH GHO SURFHVR GH
GHVHVWUXFWXUDFLyQ GHO 6XSHU\y DQDOL]DGR HQ OD SVLFRORJtD VRFLDO  D OD SpUGLGD

GHODVFDSDFLGDGHVFRJQLWLYDVGHO\RDSHVDUGHOKHFKRGHTXHORVGRVPRGHORV
H[SOLFDWLYRVTXHpOHPSOHDHQODLQWHUSUHWDFLyQVRFLROyJLFDGHORVGRVSURFHVRV
FRUUHVSRQGLHQWHV VHDQ LQFRPSDWLEOHV HQWUH Vt (Q VXV FDWHJRUtDV EiVLFDV
$GRUQR LGHQWLILFD LPSOtFLWDPHQWH HO SURFHVR LQWHUDFWLYR GH LGHQWLILFDFLyQ FRQ
RWURVVXMHWRVTXHSHUPLWHDOQLxRDSUHQGHUQRUPDVHLPSHUDWLYRVUHSUHVHQWDGRV
GHQWURGHOVHQRIDPLOLDUFRQHOSURFHVRGHDGDSWDFLyQLQWHOLJHQWHDODUHDOLGDG
H[WHULRUTXHKDFHSRVLEOHTXHHOQLxRHQXQSURFHVRFUHFLHQWHVHDFDSD]GH
DGTXLULU XQ FRQWURO FRJQLWLYR GH VX HQWRUQR eO FRQFLEH FRQFUHWDPHQWH HO
GHVDUUROOR PRUDO GHO QLxR VHJ~Q HO PLVPR PRGHOR FDWHJRULDO HQ HO TXH pO
FRPSUHQGtD OD DGTXLVLFLyQ GH FDSDFLGDGHV SRU SDUWH GHO DGROHVFHQWH SDUD OD
DFFLyQLQVWUXPHQWDOHVWRHVFRPRXQSURFHVRHQHOTXHHOLQGLYLGXRHQIDVHGH
FUHFLPLHQWRDVXPLHQGRORVPRGHORVGHFRPSRUWDPLHQWRSDUHQWDOHVDSUHQGHD
FRQWURODUVXSURSLDYLGDSXOVLRQDODVtFRPRODQDWXUDOH]DH[WHUQD3XHVWRTXH
$GRUQRHQWLHQGHORVSURFHVRVGHVRFLDOL]DFLRQPRUDO\FRJQLWLYDGHOQLxRFRPR
GRVYHUWLHQWHVGHXQDDGTXLVLFLyQGHFRPSHWHQFLDVSDUHQWDOHVGHDFFLyQpOQR
HV FDSD] GH DGYHUWLU TXH OD SpUGLGD GH OD FRQFLHQFLD LQWHUQDOL]DGD QR HV OR
PLVPR TXH OD IDOWD GH FRQWURO UDFLRQDO FRQVFLHQWH VREUH HO PHGLR TXH XQ \R
DXWyQRPRSXHGHGHVDUUROODU>@
(VWDIDOWDGHFODULGDGHQHOFRQFHSWRGHLQWHUQDOL]DFLyQTXH$GRUQRSDUHFH
UHYHODU HQ VXV KLSyWHVLV SVLFROyJLFRVRFLDOHV WDPELpQ SRQH GH PDQLILHVWR OD
H[LVWHQFLD GH XQ PDOHVWDU PiV GH IRQGR UHVSHFWR D VX DSURSLDFLyQ GHO
SVLFRDQiOLVLV+DVLGR-HVVLFD%HQMDPLQTXLHQPiVKDWUDWDGRGHGHPRVWUDUHVWD
GHILFLHQFLDUHDOWUDWDQGRGHUHFXSHUDUHOSRWHQFLDOH[SOLFDWLYRVXSHULRUGHHVH
UHYLVLRQLVPR SVLFRDQDOtWLFR TXH $GRUQR FULWLFy GXUDQWH WRGD VX YLGD HQ
FRQFUHWR HQ FXHVWLRQHV FRPR OD WHRUtD GH ODV UHODFLRQHV GH REMHWR \ OD
SVLFRORJtD GHO <R (Q HVWH SXQWR HOOD VH GHWLHQH HQ ORV SUHVXSXHVWRV PRQLVWDV
EiVLFRVTXHVXE\DFHQDODWHRUtDGHODIRUPDFLyQGHODSHUVRQDOLGDGHQ$GRUQR
\ TXH \D VH HQFRQWUDEDQ HQ HO FRQWH[WR KHUPHQpXWLFR GH 'LDOpFWLFD GH OD
,OXVWUDFLyQ
/DVGLILFXOWDGHVFRQODVTXHWURSLH]D$GRUQRFXDQGREDMRHOFRQFHSWRGH
LQWHUQDOL]DFLyQ UH~QH ORV SURFHVRV GH OD IRUPDFLyQ GH OD FRQFLHQFLD \ GH OD
DGTXLVLFLyQGHODVFRPSHWHQFLDVUDFLRQDOHVVHSXHGHQFRPSUHQGHUSRUORWDQWR
FRPR FRQVHFXHQFLDV GH XQD FRQFHSFLyQ JHQpWLFD GHO <R HQ OD TXH OD

DGTXLVLFLyQ GH OD LGHQWLGDG LQGLYLGXDO DSDUHFH FRPR XQD VXHUWH GH H[WHQVLyQ
LQWUDSVtTXLFD GH OD FRQTXLVWD VRFLDO GH OD QDWXUDOH]D HO SRWHQFLDO SXOVLRQDO
RUJiQLFR QR HV HQWRQFHV HQ FLHUWD PHGLGD PiV TXH HO FRPSOHPHQWR
LQWUDSVtTXLFR GH OD QDWXUDOH]D H[WHUQD GLPHQVLyQ TXH HO VXMHWR WLHQH TXH
DSUHQGHUDFRQWURODUGHPDQHUDHIHFWLYD(VWDFRQFHSFLyQPX\SUHVHQWHHQORV
SDVDMHVGH'LDOpFWLFDGH,OXVWUDFLyQTXHDERUGDQODWHRUtDGHODSHUVRQDOLGDG
VXJLHUH TXH HO SURFHVR GH IRUPDFLyQ GH OD FRQFLHQFLD KD GH VHU LQWHUSUHWDGR
FRPRXQDLQWHUQDOL]DFLyQGHODVFDSDFLGDGHVGHFRQWUROGHOPHGLR'HVGHHVWH
SXQWRGHYLVWDHOLQGLYLGXRHQSURFHVRGHFUHFLPLHQWRKDGHFRQIURQWDUVHFRQ
XQPXQGRREMHWLYRGHKHFKRVQDWXUDOHVTXHpOKDGHDSUHQGHUDFRQWURODUHQHO
FXUVRGHODVRFLDOL]DFLyQ'HPRGRVLPLODUHOSDGUHSRUWDQWRQRHVVyORXQ
LQWHUORFXWRU PiV TXH LQWHUDFFLRQD FRQ HO QLxR VLQR PiV ELHQ OD LQVWDQFLD GH
UHSUHVHQWDFLyQHMHPSODUGHXQDGRPLQDFLyQQDWXUDOGLULJLGDKDFLDGHQWUR\KDFLD
IXHUD 'H DTXt FDEH GHGXFLU VLQ HVIXHU]R TXH $GRUQR HQ HO PDUFR GH VX
SVLFRORJtD VRFLDO WLHQH TXH DWULEXLU D OD DXWRULGDG SDWHUQDO XQD GLJQLGDG
ILORVyILFRKLVWyULFDWDQUHOHYDQWHVyORSRUTXHpOSUHYLDPHQWHHQVXDSURSLDFLyQ
GHO SVLFRDQiOLVLV KD UHGXFLGR HO PHGLR TXH URGHD DO QLxR D XQ PXQGR
H[FOXVLYDPHQWHFRPSXHVWRGHKHFKRVQDWXUDOHV
(OSUREOHPDFUXFLDOWDQWRHQODFRQFHSFLyQGHO<RFRPRGHODQDWXUDOH]DHVSRUORWDQWROD
IDOWDGHXQFRQFHSWRGHLQWHUVXEMHWLYLGDGUHODFLRQHVHQWUHVXMHWR\VXMHWRRGHLQWHUDFFLyQ
VRFLDO/DFRQFLHQFLDDSDUHFHFRPRXQDSURSLHGDGGHODPyQDGDLQGLYLGXDO(OPXQGRQRHV
DTXt FRQFHELGR FRPR XQ PDUFR LQWHUVXEMHWLYR HQ HO TXH ORV REMHWRV HQFRQWUDGRV VRQ
UHDOPHQWH ORV PLVPRV VXMHWRV TXH WLHQHQ OD FDSDFLGDG GH DFWXDU \ VHU DIHFWDGRV SRU ODV
DFFLRQHVGHORVRWURV(QVX>HVWRHVGH$GRUQR\+RUNKHLPHU$+@XVRGHODFDWHJRUtD
DEVWUDFWDGHPXQGRH[WHULRUHQVXDQiOLVLVGHODUD]yQPLVPDHQWpUPLQRVGH<R\DIXHUD
VXMHWR\REMHWRHOORVVRQLQFDSDFHVGHVXSHUDUHOGXDOLVPRVXMHWRREMHWRGHOTXHVHJ~QVX
SXQWRGHYLVWDGHULYDHQ~OWLPDLQVWDQFLDODGRPLQDFLyQ/DUDt]~OWLPDGHVXREMHWLYDFLyQGHO
PXQGR H[WHUQR DVt FRPR GH VX LQFDSDFLGDG SDUD WUDVFHQGHU OD UD]yQ REMHWLYDGRUD HV XQ
GHVDUUROOR GH ODV FDWHJRUtDV GH UHIOH[LyQ \ DXWRUUHIOH[LyQ H[FOXVLYDPHQWH DO PDUJHQ GH OD
UHODFLyQHQWUHVXMHWR\REMHWR>@

'HVGH HVWD REMHFLyQ IXQGDPHQWDO SXHGH REWHQHUVH IiFLOPHQWH XQD


SHUVSHFWLYD TXH SHUPLWD FRQWHPSODU UHWURVSHFWLYDPHQWH DOJXQDV GH ODV
LQFRKHUHQFLDV WHyULFDV GH OD SVLFRORJtD VRFLDO GH $GRUQR (Q FRQFUHWR VyOR
FXDQGR UHSDUDPRV HQ HO KHFKR GH TXH D OD OX] GH VX LQWHUSUHWDFLyQ GHO

SVLFRDQiOLVLVHOPXQGRVRFLDOGHODDFFLyQFRPXQLFDWLYD\ODQDWXUDOH]DLQWHUQD
GH ODV QHFHVLGDGHV DSUHPLDQWHV VRQ LQVWDQFLDV TXH TXHGDQ IXVLRQDGDV HQ XQ
PXQGRLQGLIHUHQFLDGRGHVLWXDFLRQHVIiFWLFDVTXHHOVXMHWRDSUHQGHDFRQWURODU
H[FOXVLYDPHQWHDWUDYpVGHODLQWHUQDOL]DFLyQGHODVFRPSHWHQFLDVSDUHQWDOHVVH
KDFH HYLGHQWH D TXp QLYHO WDQ OLPLWDGR GH FRQWDFWRV VRFLDOHV KD TXHGDGR
UHGXFLGR HO PDUFR FRPXQLFDWLYR HQ ORV HVFULWRV SVLFROyJLFRVRFLDOHV
DGRUQLDQRV 'HVGH XQ SXQWR GH YLVWD VLVWHPiWLFR OD WHRUtD GH $GRUQR VyOR
YDORUDFRPRPDJQLWXGFRPXQLFDWLYDHQHOHQWRUQRGHOQLxRODILJXUDGHOSDGUH
FRPSUHQGLGD FRPR OD LQVWDQFLD GH UHSUHVHQWDFLyQ HQ HO VHQR IDPLOLDU GH OD
GRPLQDFLyQ VRFLDO GH OD QDWXUDOH]D WRGRV ORV UHVWDQWHV LQWHUORFXWRUHV
FRPXQLFDWLYRVHQODKLVWRULDGHODIRUPDFLyQLQGLYLGXDOTXHGDQSDUDpOIXHUDGH
FRQVLGHUDFLyQHVWRHVMXVWRORTXHOHLPSLGHVXEUD\DUDGHFXDGDPHQWHHOSHVR
TXH WLHQH DTXt OD LQWHUDFFLyQ VRFLDO HQ HO SURFHVR $GRUQR QR WLHQH HQ FXHQWD
HVDDPSOLDPHQWHH[SDQGLGDHVIHUDGHFRPXQLFDFLRQHVVRFLDOHVTXHFRQIRUPDHO
PDUFR GH ORV SURFHVRV GH VRFLDOL]DFLyQ LQGLYLGXDOHV (V FRPR VL HO PRGR
HVTXHPiWLFRHQHOTXH$GRUQROLPLWDODSHUVSHFWLYDGHOHQWRUQRLQIDQWLODOSDSHO
UHSUHVHQWDWLYRGHOSDGUHOHLPSLGLHUDDSUHFLDUODLQIUDHVWUXFWXUDFRPXQLFDWLYDGH
VXREMHWRHQFDGDSDVRFRQFUHWRGDGRSRUVXSVLFRORJtDVRFLDO3XHVQRHVIiFLO
DGPLWLUVLQPiVTXH
$ 7HQJDTXHH[LVWLUXQDUHODFLyQPX\HVWUHFKDHQWUHORVPRGHORVGHFRQGXFWDH[LJLGRVHQOD
HVIHUDHFRQyPLFDGHOPHUFDGR\ODVHVWUXFWXUDVIiFWLFDVGHODSHUVRQDOLGDGHQOXJDUGHHVWR
SRGUtDVHU TXH ORV PRGHORVGH SHUVRQDOLGDG HQ FLHUWR PRGR H[LJLGRVEDMR OD SUHVLyQ GH ODV
LPSRVLFLRQHVHFRQyPLFDVDODDFFLyQVHIRUPDVHQSUHFLVDPHQWHHQODDUHQDSUHHFRQyPLFDGHO
iPELWR S~EOLFR GH OD VRFLHGDG \ GH HVWD IRUPD SXGLHUDQ VHU LQIOXLGRV SRU SURFHVRV GH
DSUHQGL]DMHHVSHFtILFRVGHJUXSR
%  7HQJD TXH H[LVWLU XQD UHODFLyQ HQWUH OD GLVPLQXFLyQ VRFLDO GH OD IXQFLyQ FHQWUDO GHO
SHTXHxR HPSUHVDULR \ HO FDPELR HVWUXFWXUDO HQ ODV IRUPDV GH ODV UHODFLRQHV IDPLOLDUHV HQ
OXJDU GH HVWR SRGUtD VHU TXH ORV PRGHORV GH FRPXQLFDFLyQ VRFLDO HVSHFtILFRV GH FODVH VH
FRQVLGHUDVHQ GH WDO IRUPD TXH ORV GLIHUHQWHV HIHFWRV GH ORV FDPELRV HVWUXFWXUDOHV HQ HO
FDSLWDOLVPRVHMX]JDVHQGHDFXHUGRDORVFRUUHVSRQGLHQWHVWLSRVIDPLOLDUHV>@
& 7HQJDTXHH[LVWLUXQDUHODFLyQLQPHGLDWDHQWUHODDXWRULGDGSDWHUQDO\ODIRUPDFLyQGH
ODFRQFLHQFLDGHOQLxR(QOXJDUGHHVWRKDEUtDTXHDSUHFLDUODIXQFLyQLQWUDSVtTXLFDGHWRGR
LQWHUORFXWRU FRPXQLFDWLYR GHO QLxR HO JUXSR SDULWDULR VH FRQVLGHUD LQDOWHUDEOHPHQWH
FRQIRUPLVWD>@(VWR>DVDEHUHOFRQFHSWRGHSVLFRORJtDVRFLDOGH$GRUQR\+RUNKHLPHU$
+@KDFHFDVRRPLVRGHOSDSHOGHODDXWRULGDGPDWHUQD\GHOGHVDUUROORHGtSLFRDVtFRPRGHOD

GLIHUHQFLDHQHOGHVDUUROORGHODQLxD>@

3RU HOOR VL $GRUQR KXELHUD VLGR FDSD] GH GDU PiV UHOHYDQFLD D ODV
UHODFLRQHV LQWHUQDV GH OD DFFLyQ VRFLDO HQ FXDOTXLHUD GH ORV SDVRV
DUJXPHQWDWLYRVGDGRVSRUVXSVLFRORJtDVRFLDOKDEUtDUHSDUDGRPiVFODUDPHQWH
HQORVVLJXLHQWHVIHQyPHQRV
D  TXH ODV DFWLWXGHV \ FRPSRUWDPLHQWRV FDUDFWHUtVWLFRV H[LJLGRV SRU HO
PHUFDGR QR TXHGDQ VHQFLOODPHQWH UHIOHMDGRV HQ ORV PRGHORV GH SHUVRQDOLGDG
LQGLYLGXDOVLQRTXHVyORVRQHIHFWLYRVGHVGHHOSXQWRGHYLVWDGHODVRFLDOL]DFLyQ
D WUDYpV GHO PHGLR GH ODV H[SHULHQFLDV FRPXQLFDFLRQDOHV LQWHUQDV DO JUXSR E
TXH HO FDPELR HVWUXFWXUDO GHO FDSLWDOLVPR VyOR VH WUDGXFH GLUHFWDPHQWH HQ OD
SpUGLGDGHODDXWRULGDGGHOSDGUHVLVXSRVLFLyQGHSRGHUHQHOVHQRIDPLOLDU
HVWDED IXQGDGD WDPELpQ HIHFWLYDPHQWH HQ OD H[SHULHQFLD GH OD VREHUDQtD
HFRQyPLFD\F TXHHOGHELOLWDPLHQWRVRFLDOGHODDXWRULGDGSDWHUQDVHDFXDO
VHDVXFDXVDQRWLHQHQHFHVDULDPHQWHTXHWHQHUFRPRFRQVHFXHQFLDDXWRPiWLFD
XQD GLVIXQFLyQ HQ HO SURFHVR GH LQGLYLGXDFLyQ HQ HO QLxR VLQR TXH PX\ DO
FRQWUDULRSRGUtDVHUYLUSDUDGDUPiVLPSRUWDQFLDHQHOSODQRSVtTXLFRDRWURV
SRVLEOHV LQWHUORFXWRUHV FRPXQLFDWLYRV GHO QLxR $GRUQR VLQ HPEDUJR QR
FRQWHPSODHVWRVSXQWRVGHYLVWDDOWHUQDWLYRVSRVLELOLGDGHVTXHVXUJHQVLVHGD
PiV LPSRUWDQFLD DO VLJQLILFDGR VRFLDOL]DGRU GH OD DFFLyQ VRFLDO 6X PDUFR
FDWHJRULDO DGDSWDGR FRPR KHPRV YLVWR D OD PHGLGD GHO SURFHVR GH
GRPLQDFLyQ GH OD QDWXUDOH]D \ GHVGH HO FXDO VH DSURSLD GH ODV VXJHUHQFLDV
WHyULFDV GHO SVLFRDQiOLVLV QR OH SHUPLWH FRQVLGHUDU ODV FRQGLFLRQHV
HVWUXFWXUDOHVFRPXQLFDWLYDVGHOSURFHVRGHIRUPDFLyQLQGLYLGXDOGHRWUDPDQHUD
TXH QR VHD OD FRQFHQWUDFLyQ XQLODWHUDO HQ OD IXQFLyQ GH OD DXWRULGDG SDWHUQD
SDSHOTXHKDGHFRUUHVSRQGHUVHFRQHOSULQFLSLRUDFLRQDOGHODGRPLQDFLyQGH
ODQDWXUDOH]D6yORHVWHSDVROHSHUPLWHKDFLHQGRDEVWUDFFLyQGHWRGDFDGHQD
LQWHUPHGLDVRFLDOGHVDUUROODUXQSODQWHDPLHQWRTXHGHGXFHGLUHFWDPHQWHGHODV
WHQGHQFLDVHFRQyPLFDVGLULJLGDVDODGHVWUXFFLyQGHODHVIHUDGHOPHUFDGRODV
FRQVHFXHQFLDVGHODGHVWUXFFLyQGHODVFDSDFLGDGHVLQGLYLGXDOHVGHO<R\TXH
SDVDSRUODGHVHVWUXFWXUDFLyQGHODIDPLOLD
(Q YHUGDG OD SVLFRORJtD VRFLDO GH $GRUQR TXH WHUPLQD DUURMDQGR HVWD

VRPEUtDFRQFOXVLyQHVWDPELpQODPLVPDTXHFRPSOHWDODLPDJHQTXHpO\DKDEtD
GLEXMDGRHQVXVHVFULWRVVRFLRHFRQyPLFRV\FUtWLFRFXOWXUDOHVGHSRVJXHUUDHQ
UHODFLyQ FRQ OD ILJXUD GH GRPLQDFLyQ DVXPLGD HQ HO FDSLWDOLVPR WDUGtR /RV
DQiOLVLVVRFLRHFRQyPLFRVGLVSHUVRV\SRFRHODERUDGRVTXHWRPDQFRPRSXQWR
GHSDUWLGDHOPRGHORGHOFDSLWDOLVPRWDUGtREXVFDQVXSXHVWDPHQWHGLVHFFLRQDU
HQ ORV SUR\HFWRV GH ODV JUDQGHV EXURFUDFLDV OD WHQGHQFLD WRWDO D OD
FRQFHQWUDFLyQ GH ODV SROtWLFDV GH JRELHUQR VRFLDO HO JRELHUQR GHO FRQWH[WR
VRFLDOGHYLGDKDTXHGDGRGLVXHOWRSRUODPHGLDFLyQGHOPHUFDGR\FRQYHUWLGR
HQXQDIXQFLyQDGPLQLVWUDWLYD$ODDGPLQLVWUDFLyQFDGDYH]PiVFHQWUDOL]DGDGHO
IXQFLRQDPLHQWRHFRQyPLFRSROtWLFROHFRUUHVSRQGHXQWLSRGHLQWHJUDFLyQVRFLDO
GLULJLGD DGPLQLVWUDWLYDPHQWH (Q HVD PLVPD PHGLGD HQ VXV HVWXGLRV VREUH OD
LQGXVWULD FXOWXUDO TXH RFXSDQ FDGD YH] PiV HVSDFLR GHQWUR GH VXV HVFULWRV
VRFLROyJLFRVGHSRVJXHUUD$GRUQREXVFDKDFHUWUDQVSDUHQWHVORVPHFDQLVPRV
LQVWLWXFLRQDOHVTXHSHUPLWHQDVHJXUDUHOJUDGRUHTXHULGRGHFRQIRUPLVPRVRFLDO
HQ ODV VRFLHGDGHV GHO FDSLWDOLVPR WDUGtR ORV PHGLRV HOHFWUyQLFRV GH
FRPXQLFDFLyQVHKDQWUDQVIRUPDGRHQHOSRGHUGHFRQWUROGHXQPDQDJHPHQW
LQGXVWULDO\FXOWXUDO\DKRUDHQYLUWXGGHOSRGHUGHVXJHVWLyQGHORVPHQVDMHV
GHORVPHGLRVSXHGHQVHUXWLOL]DGRVFRPRLQVWUXPHQWRVSDUDODPDQLSXODFLyQGH
ODV FRQFLHQFLDV &LHUWDPHQWH ORV PHGLRV GH PDVDV VyOR SXHGHQ GHVSOHJDU VX
LQIOXHQFLDFRPRPHGLRGHFRQWUROSXOVLRQDOVyORVLORVLQGLYLGXRVKDQSHUGLGR\D
ODFDSDFLGDGSDUDUHJXODUSRUVXFXHQWD\DXWyQRPDPHQWHVXVLPSXOVRV'HDKt
TXH SRU ~OWLPR ORV DUWtFXORV SVLFROyJLFRVRFLDOHV GH $GRUQR WHQJDQ TXH
DQDOL]DUDTXHOORVSURFHVRVVRFLDOHVTXHJUDGXDOPHQWHDEUHQHOHVSDFLRSDUDXQD
LQPHGLDWD VRFLDOL]DFLyQ GHO SRWHQFLDO SXOVLRQDO LQGLYLGXDO GHQWUR GH OD LQGXVWULD
FXOWXUDO HO FDPELR HVWUXFWXUDO GH OD IDPLOLD VXUJLGR FRPR FRQVHFXHQFLD GHO
WUiQVLWRDXQFDSLWDOLVPRRUJDQL]DGRKDGDxDGRGHWDOIRUPDODVFRQGLFLRQHVTXH
HQVXVHQRRWURUDH[LVWtDQSDUDGHVDUUROODUFRQp[LWRXQSURFHVRGHIRUPDFLyQ
GH LGHQWLGDG TXH SXHGH GHFLUVH TXH FRQ OD GHVDSDULFLyQ GH OD DXWRULGDG
SDWHUQD WDPELpQ TXHGD GHVWUXLGD HO PRGHOR GH DXWRULGDG GH OD IRUPDFLyQ GH
FRQFLHQFLD HQ HO QLxR $GRUQR JHQHUDOL]D DKRUD HVWH FRQFOX\HQWH GLDJQyVWLFR
TXHVHFRPSOHWDFRQODDILUPDFLyQGHODUHJUHVLyQQDUFLVLVWDGHOLQGLYLGXRFRQOD
LGHDGHPD\RUYXHORHVSHFXODWLYRGHOILQGHOLQGLYLGXRVLWXiQGRODDVLPLVPR
FRPR DUJXPHQWR SVLFROyJLFRVRFLDO FRPSOHPHQWDULR DO ODGR GH OD WHVLV

LJXDOPHQWH OODPDWLYD GH OD VRFLHGDG WRWDOPHQWH DGPLQLVWUDGD (QWHQGLGRV


FRQMXQWDPHQWHHVWRVGRVHOHPHQWRVSRVLELOLWDQTXHODWHRUtDVREUHHOFDSLWDOLVPR
WDUGtR WHUPLQH GHVHPERFDQGR HQ XQ GLDJQyVWLFR GH OD pSRFD KLVWyULFD TXH QR
KDFH VLQR FRQILUPDU SXQWR SRU SXQWR OD DUJXPHQWDFLyQ ILORVyILFD TXH \D KDEtD
VLGR GHVDUUROODGD HQ OD LPDJHQ DGRUQLDQD GH XQD VRFLHGDG XQLILFDGD
FRHUFLWLYDPHQWH
$SDUWLUGHHVWHUHVXOWDGRFLHQWtILFRVRFLDOVHH[SRQGUiXQSULQFLSLREiVLFR
GH LQWHJUDFLyQ TXH DVHJXUD OD XQLGDG GHO FRQWH[WR VRFLDO GH YLGD HQ HO
FDSLWDOLVPRWDUGtRFRPRXQDVLWXDFLyQXQLGLPHQVLRQDOGHGRPLQDFLyQVRFLDOHQ
HO JRELHUQR GHO KHFKR SROtWLFRHFRQyPLFR HO DSDUDWR DGPLQLVWUDWLYR GH
GRPLQDFLyQ DSDUHFH LQGHSHQGLHQWH GH ODV H[SHFWDWLYDV \ FRQVHQWLPLHQWRV
QRUPDWLYRV GH ORV PLHPEURV GH OD VRFLHGDG /D XQLGDG GH ODV VRFLHGDGHV
WDUGRFDSLWDOLVWDVGHULYDH[FOXVLYDPHQWHGHOSOH[RLQWHUDFWLYRGHODSODQLILFDFLyQ
EXURFUiWLFD GHO GHVDUUROOR HFRQyPLFR \ GH OD SURGXFFLyQ PDQLSXODGRUD GH
VHQWLPLHQWRVGHOHDOWDGHQODVPDVDV(QHOSODQRGHODUHSURGXFFLyQHFRQyPLFD
XQ VLVWHPD HFRQyPLFR PX\ PRQRSROL]DGR FUHD ODV FRQGLFLRQHV EiVLFDV SDUD
TXH ODV EXURFUDFLDV GRPLQDQWHV WHQJDQ HO SRGHU GH FRQGXFLU VLQ WUDEDV HO
SURFHVR GH SURGXFFLyQ GH OD VRFLHGDG HQ VX FRQMXQWR FRQ ORV PHGLRV GH OD
UDFLRQDOLGDG WpFQLFD DVLPLVPR HQ HO SODQR GH OD LQWHJUDFLyQ VRFLDO OD
GHVWUXFFLyQGHODVFDSDFLGDGHVGHFRQWUROSVtTXLFRFUHDQODVFRQGLFLRQHVSDUD
TXH ORV PHGLRV GH PDVDV \D RULHQWDGRV SRU XQ SRGHU FHQWUDOL]DGR WHQJDQ OD
FDSDFLGDGGHDMXVWDUODVHQHUJtDVSXOVLRQDOHVOLELGLQDOHVGHORVLQGLYLGXRVSDUD
WDUHDVVRFLDOHV\DGHILQLGDV'HHVWHPRGRORVSUHVXSXHVWRVQHFHVDULRVSDUDOD
LQWHJUDFLyQGHODVRFLHGDGFRPRWRWDOLGDGSXHGHQFUHDUVHGHVGHDEDMRHVWR
HV PHGLDQWH ODV DFWLYLGDGHV GH SODQLILFDFLyQ \ PDQLSXODFLyQ GH XQD
DGPLQLVWUDFLyQGRPLQDQWH
1RUHVXOWDGLItFLOUHFRQRFHUDTXtFyPRHQHOFRQFHSWRH[SXHVWRGHGRPLQLR
WDUGRFDSLWDOLVWDD~QHVWiPX\SUHVHQWHHOPRGHORFRQFHSWXDO\DSUHVHQWDGRHQ
'LDOpFWLFD GH ,OXVWUDFLyQ +DVWD HQ VXV ~OWLPRV HVFULWRV $GRUQR VLJXH
FRQYHQFLGR GH TXH HQ HO FDSLWDOLVPR WDUGtR VRQ H[FOXVLYDPHQWH ORV PHGLRV
DGPLQLVWUDWLYRV GH FRDFFLyQ GLUHFWD R LQGLUHFWD ORV TXH HQVDPEODQ SRU DVt
GHFLUOR ODV DFWLYLGDGHV SUiFWLFDV GH ORV LQGLYLGXRV GHQWUR GHO RUGHQ GH XQ
VLVWHPDVRFLDOKDFLHQGRDEVWUDFFLyQGHFXDOTXLHUPHGLGDGHOLEHUWDGHVSROtWLFDV

\GHOQLYHOFRUUHVSRQGLHQWHGHGHPRFUDWL]DFLyQVRFLDOpODWULEX\HHQJHQHUDOD
ODVVRFLHGDGHVWDUGRFDSLWDOLVWDVODVFDUDFWHUtVWLFDVGHXQVLVWHPDGHGRPLQDFLyQ
WRWDOLWDULR$ODOX]GHHVWDSHUVSHFWLYDWDQVLPSOLILFDGRUDTXHQRVSURSRUFLRQD
HODQiOLVLVGHODVRFLHGDGGHVDUUROODGRSRU$GRUQRGXUDQWHODVGpFDGDVGHORV
DxRVFLQFXHQWD\VHVHQWDWLHQHQTXHGLIXPLQDUVHODVGLIHUHQFLDVH[LVWHQWHVHQWUH
ODV GLYHUVDV IRUPDV GH GRPLQDFLyQ HQ HO WDUGRFDSLWDOLVPR HQ OD LPDJHQ
FRPSDFWDGHXQDVRFLHGDGXQLILFDGDDWUDYpVGHODFRDFFLyQ(VWHGDWRSRUVt
VyOR \D SHUPLWH GDU SLH D OD VRVSHFKD GH TXH HQ OD WHRUtD DGRUQLDQD GHO
WDUGRFDSLWDOLVPR HO PRGHOR GH VRFLHGDG FRQVWUXLGR VREUH HO SDUDGLJPD GH OD
GRPLQDFLyQ GH OD QDWXUDOH]D GHVDUUROODGR HQ 'LDOpFWLFD GH OD LOXVWUDFLyQ
UHDSDUHFH GH IRUPD LQDOWHUDGD \ TXH DKRUD HV IRU]DGR D HQWUDU HQ HO UtJLGR
FRUVpGHXQDWHRUtDDFHUFDGHOWRWDOLWDULVPR(VWDVXSRVLFLyQVyORSDUHFHHVWDU
MXVWLILFDGD VLQ HPEDUJR FXDQGR VDOHQ D OD OX] ORV FRQFHSWRV EiVLFRV FRQ ORV
TXH$GRUQRLQWHQWDFRPSUHQGHUORVHIHFWRVGHODGRPLQDFLyQWDUGRFDSLWDOLVWD
VRQ VREUH WRGR ODV QRFLRQHV GH SUHVLyQ \ GH FRDFFLyQ GH
DGLHVWUDPLHQWR\GHPDQLSXODFLyQ>@ODVTXHFRQIRUPDQODEDVHFDWHJRULDO
GH VX FRQVWUXFFLyQ FRQFHSWRV SRU WDQWR TXH HQ VX FRQMXQWR GHVFULEHQ ORV
HIHFWRVGHXQVXMHWRLQVWUXPHQWDOPHQWHDFWLYRVREUHODVFRVDVRVREUHORVVHUHV
YLYRV &RPR TXHGD HYLGHQFLDGR HQ ODV LGHDV IXQGDPHQWDOHV R HQ HO DSDUDWR
FRQFHSWXDO GH VX WHRUtD VREUH HO FDSLWDOLVPR WDUGtR QL HQ VXV ~OWLPRV HQVD\RV
$GRUQRHVFDSD]GHOLEHUDUVHGHOPRGHORGHGRPLQDFLyQGHODQDWXUDOH]DGHO
FRQWUROLQVWUXPHQWDOVREUHSURFHVRVQDWXUDOHVFDUHQWHVGHSRGHUGHUHVLVWHQFLD
&RPR\DRFXUULHUDDQWHVHQ'LDOpFWLFDGH,OXVWUDFLyQHVHVWHGLDJQyVWLFRHO
TXHOHSHUPLWHDKRUDFRPSUHQGHUHOHMHUFLFLRGHODGRPLQDFLyQVRFLDOFRPRXQ
SURFHVR HQ HO TXH HO PDFURVXMHWR GHO DSDUDWR DGPLQLVWUDWLYR LQIOX\H VREUH ORV
PLHPEURV GH OD VRFLHGDG FRQ ORV PHGLRV GH OD FRDFFLyQ GLUHFWD R LQGLUHFWD
FRQHOILQGHFRQYHUWLUORVHQREMHWRGLVSRQLEOHSDUDVXSODQLILFDFLyQJOREDO
(VWHPRGHORFRQFHSWXDOGHODGRPLQDFLyQGHODQDWXUDOH]DQRVXVFHSWLEOH
GH PRGLILFDFLyQ DOJXQD OOHYD D $GRUQR SUHFLVDPHQWH D LJQRUDU VLQ UHVTXLFLR
SDUDODGXGDWRGRVHVRVSUREOHPDVTXHHQHOPDU[LVPRFOiVLFRKDEtDQVLGR
SODQWHDGRVEDMRODU~EULFDGHLGHRORJtD\TXHHQHOPDU[LVPRFRQWHPSRUiQHR
LQIOXHQFLDGRSRU*UDPVFLIXHURQSXHVWRVVREUHHOWDSHWHEDMRODFDWHJRUtDGH
FRQVHQVRVRFLDO3XHVWRTXHpOSUHVRKDVWDHOILQDOGHODWHQD]DFRQFHSWXDO

TXH pO PLVPR KDEtD IRUMDGR HQ 'LDOpFWLFD GH OD ,OXVWUDFLyQ QR SXGR
FRPSUHQGHUODIRUPDGHODLQWHJUDFLyQVRFLDOGHODVVRFLHGDGHVWDUGRFDSLWDOLVWDV
PiV TXH FRPR VLWXDFLyQ XQLGLPHQVLRQDO GH GRPLQDFLyQ VRFLDO WXYR TXH SDVDU
SRU DOWR HQ WpUPLQRV JHQHUDOHV HO SUREOHPD FRQFHUQLHQWH D ORV PHFDQLVPRV
ODWHQWHV TXH SHUPLWHQ TXH ORV LQGLYLGXRV DFHSWHQ SRU Vt PLVPRV XQ PDUFR GH
SULYLOHJLRV \D HVWDEOHFLGR DXQTXH OD PRGLILFDFLyQ GH OD UHDOLGDG SROtWLFD HQ OD
$OHPDQLD GH OD SRVJXHUUD OH GHEHUtD KDEHU FRQYHQFLGR GH OD XUJHQFLD GH
LQYHVWLJDU ODV FRQGLFLRQHV LQVWLWXFLRQDOHV SDUD OD IRUPDFLyQ GH XQ FRQVHQVR
VRFLDOpOGLULJLyWHyULFDPHQWHVXPLUDGDVyORDODVWpFQLFDVGHPDQLSXODFLyQ\
ORVSUHVXSXHVWRVSVtTXLFRVRULHQWDGRVFRDFWLYDPHQWHDODFRQIRUPLGDGGHVGH
DEDMR(QORTXHUHVSHFWDDORVLQGLYLGXRVTXHFDHQEDMRODGRPLQDFLyQHVWH
PRGHOR GH GRPLQDFLyQ WDQ XQLODWHUDO REOLJD D VDFDU FRQFOXVLRQHV DGLFLRQDOHV
&RPR $GRUQR FRPSUHQGH GH PDQHUD LPSOtFLWD OD GRPLQDFLyQ VRFLDO HMHUFLGD
SRUSDUWHGHOODGRGRPLQDQWHHQFLHUWDPHGLGDVHJ~QHOPRGHORGHOVXMHWRTXH
VH HQVHxRUHD VREUH ORV SURFHVRV QDWXUDOHV WLHQH TXH LQWHUSUHWDU
FRQVHFXHQWHPHQWH HO RWUR ODGR HO VXERUGLQDGR VHJ~Q HO PRGHOR GH ORV
SURFHVRV YLWDOHV QR LQWHQFLRQDOHV FRPR PHUDPHQWH UHDFWLYRV FRPR \D
VXFHGLHUDHQ'LDOpFWLFDGHOD,OXVWUDFLyQpOVHYHDKRUDIRU]DGRHQYLUWXGGHO
PRGHOR VXE\DFHQWH GH GRPLQDFLyQ D WUDWDU HQ WpUPLQRV FRQFHSWXDOHV DO
LQGLYLGXR RSULPLGR R VRPHWLGR PHUDPHQWH FRPR OD YtFWLPD SDVLYD GH ODV
WpFQLFDV GH GRPLQDFLyQ FRUUHVSRQGLHQWHV $GHPiV GH GLVFUHSDU GH OD
SRVLELOLGDG GH XQ FRQVHQVR VRFLDO TXH QRUPDWLYDPHQWH VXVWHQWH XQ VLVWHPD
HVWDEOHFLGR GH GHVLJXDOGDG VRFLDO $GRUQR WLHQH TXH GLVFUHSDU WDPELpQ GH VX
FRQWUDSDUWLGDHVWRHVGHODSRVLELOLGDGGHODOXFKDVRFLDOWDO\FRPRHOMRYHQ
+RUNKHLPHUKDEtDH[SUHVDGR'HDKtTXHVXDQiOLVLVGHODVRFLHGDGSXHGDHQ
HVD PHGLGD WDPELpQ OLEUDUVH GH ORV SUREOHPDV TXH Vt VH OH LPSRQtDQ D OD
LQYHVWLJDFLyQVRFLDOGHFXxRPDU[LVWDFRQODQHFHVLGDGGHH[SOLFDUHOSRWHQFLDO
VRFLDOGHUHVLVWHQFLD
'HDOJ~QPRGR$GRUQRSHUPDQHFLyGXUDQWHWRGDVXYLGDWDQFDXWLYRGHVX
FRQFHSFLyQDFHUFDGHODGRPLQDFLyQGHODQDWXUDOH]DTXHHQVXDQiOLVLVGHODV
IRUPDV GH LQWHJUDFLyQ HQ ODV VRFLHGDGHV WDUGRFDSLWDOLVWDV DEUD]y XQ
UHGXFFLRQLVPR WHyULFRVRFLDO TXH SDVDED SRU DOWR HO SURSLR QLYHO GH ORV
UHQGLPLHQWRV FXOWXUDOHV GH ORV JUXSRV VRFLDOHV LQFOXVR OD HVIHUD GH OD DFFLyQ

VRFLDO HQ JHQHUDO XQ SODQWHDPLHQWR SRU FRQVLJXLHQWH TXH VyOR SRGtD KDFHU
UHIHUHQFLD\DDORVSRORVGHLQGLYLGXR\RUJDQL]DFLyQ>@(ODQXQFLDGRSDVR
HQ IDOVR GH VX WHRUtD GH OD VRFLHGDG FXOPLQDUi HQ VXV HQVD\RV VRFLROyJLFRV
WDUGtRV HQ HO SDUDGyMLFR LQWHQWR GH QHJDU SDVR D SDVR GHQWUR GHO PDUFR GHO
DQiOLVLV FLHQWtILFR GH OD VRFLHGDG OD SRVLELOLGDG PLVPD GH XQD FLHQFLD GH OD
VRFLHGDGRULJLQDULDSXHVWRTXHFRQHOYDFLDPLHQWRSROtWLFRDGPLQLVWUDWLYRGHOD
HVIHUD GHO PHUFDGR SDUHFH GHVWUXLUVH OD HVIHUD GH PHGLDFLyQ VRFLDO HQWUH HO
VLVWHPDGHUHSURGXFFLyQHFRQyPLFR\HOVXMHWRGHODDFFLyQLQGLYLGXDOGHMDGH
WHQHU VHQWLGR XQ iPELWR REMHWLYR LQGHSHQGLHQWH SURSLR GH XQD FLHQFLD VRFLDO
FUtWLFD &RPR VH KD SXHVWR \D GH PDQLILHVWR HVWD FRQFOXVLyQ VXUJH GH OD
LPSRVLELOLGDGFRQFHSWXDOGHTXHXQDWHRUtDVRFLDOILMDGDDOSURFHVRFLYLOL]DWRULR
GH OD GRPLQDFLyQ GH OD QDWXUDOH]D SXHGD OOHJDU D GHVDUUROODU HQ WpUPLQRV
VLVWHPiWLFRVRWUDGLPHQVLyQHQODDFFLyQVRFLDOGHODGHVDUUROODGDHQODHVIHUD
GHO PHUFDGR 3HUR $GRUQR KL]R GH HVWD QHFHVLGDG OD YLUWXG GH XQD 7HRUtD
&UtWLFDTXHQRDGPLWLyGHHQWUDGDODSRVLELOLGDGGHXQDWHUFHUDGLPHQVLyQHQWUH
XQ DQiOLVLV GH VLVWHPDV FRUWDGR D OD PHGLGD GH ODV WHFQRORJtDV GH GRPLQDFLyQ
DGPLQLVWUDWLYDV \ XQ SVLFRDQiOLVLV D VX YH] GHWHUPLQDGR GH DQWHPDQR SRU HO
GHVWLQR GH ODV SXOVLRQHV LQGLYLGXDOHV 3RGUtD VHU TXH FRPR HQ XQD LPDJHQ
GLVWRUVLRQDGD HQ HVWD GHVSHGLGD GH OD VRFLRORJtD VH UHIOHMDUD SUHFLVDPHQWH HO
HUURU GHO DQiOLVLV PDU[LVWD GH OD VRFLHGDG GH HVWH VLJOR KDEHU HOHJLGR \
GHVDUUROODGR XQDV FDWHJRUtDV EDVFXODQGR HQWUH OD KLSyVWDVLV GH XQ VLVWHPD GH
UHSURGXFFLyQ HFRQyPLFD \ RWUD HVIHUD FRPSOHPHQWDULD D OD SULPHUD GH OD
VRFLDOL]DFLyQ LQGLYLGXDO KDVWD WDO SXQWR GH VHU \D LQFDSD] GH UHFRQRFHU HO
HVWUDWR IXQGDPHQWDO GH OD DFFLyQ VRFLDO HV GHFLU OD JHQXLQD GLPHQVLyQ GH OR
VRFLDO

1RWDVDOSLH

>@0 +RUNKHLPHU\7K:$GRUQR'LDOHNWLNGHU$XINOlUXQJRSFLWS>'LDOpFWLFDGH
OD,OXVWUDFLyQ0 DGULG7URWWD@
>@,EtGS
>@,EtGS
>@,EtGS
>@,EtGS
>@$VtSRUHMHPSOR%XUNKDUGW/LQGQHU,OIDXWrWUHDEVROXPHQWPRGHUQH$GRUQRVbVWKHWLN
LKU.RQVWUXNWLRQVSULQ]LSXQGLKUH+LVWRUL]LWlWHQ%/LQGQHU\:0 /GNHHGV0DWHULDOLHQ]XU
lVWKHWLVFKHQ 7KHRULH 7KHRGRU : $GRUQRV )UDQNIXUW  SS  \ VV SDUD OR DTXt GLFKR S

>@ 7K : $GRUQR 1HJDWLYH 'LDOHNWLN RS FLW S  >WUDG FDVWHOODQD 'LDOpFWLFD QHJDWLYD
0 DGULG$NDO@
>@0 +RUNKHLPHU\7K:$GRUQR'LDOHNWLNGHU$XINOlUXQJRSFLWSS\VV
>@ :DOWHU %HQMDPLQ 'DV .XQVWZHUN LP =HLWDOWHU VHLQHU WHFKQLVFKHQ 5HSURGX]LHUEDUNHLW
 *HVDPPHOWH6FKULIWHQ YRO  \  )UDQNIXUW  SS  \ VV GRV YHUVLRQHV  >WUDG
FDVWHOODQD /D REUD GH DUWH HQ OD pSRFD GH OD UHSURGXFWLYLGDG WpFQLFD ,OXPLQDFLRQHV 0 DGULG
7DXUXV@ +HUEHUW 0 DUFXVH hEHU GHQ DIILUPDWLYHQ &KDUDNWHU GHU .XOWXU   6FKULIWHQ
YRO)UDQNIXUWSS\VVVREUHODGLIHUHQFLDHQWUHHVWRVGRVSODQWHDPLHQWRVWHyULFR
FXOWXUDOHV FIU -UJHQ +DEHUPDV %HZXWPDFKHQGH RGHU UHWWHQGH .ULWLN'LH $NWXDOLWlW :DOWHU
%HQMDPLQV3ROLWLVFKSKLORVRSKLVFKH3URILOH)UDQNIXUWSS\VV
>@6REUHHOYDORUGHOFRQFHSWRGHPLPHVLVHQODHVWpWLFDDGRUQLDQD\HQFRQWUDVWHFRQHVWRHQ
/XNiFVFIU%/LQGQHU,OIDXWHWUHDEVROXPHQWPRGHUQHRSFLWHVSHFLDOPHQWHSS\VV
FIUVREUH%HUQKDUG/\SS6HOEVWHUKDOWXQJXQGlVWKHWLVFKH(UIDKUXQJ=XU*HVFKLFKWVSKLORVRSKLH
XQG lVWKHWLVFKHQ 7KHRULH $GRUQRV HQ % /LQGQHU \ : 0  /GNH HGV 0DWHULDOLHQ ]XU
lVWKHWLVFKHQ7KHRULH7KHRGRU:$GRUQRVRSFLWSS\VV7K%DXPHLVWHU\-.XOHQNDPSII
*HVFKLFKWVSKLORVRSKLH XQG SKLORVRSKLVFKH bVWKHWLN 3DUD OD HVWpWLFD GH $GRUQR bVWKHWLVFKHU
7KHRULH1HXH+HIWHIU3KLORVRSKLHQ~PHUR  SS\VV
>@7K:$GRUQRbVWKHWLVFKH7KHRULH*HVDPPHOWH6FKULIWHQYRO)UDQNIXUWS
>WUDGFDVWHOODQD7HRUtDHVWpWLFD0 DGULG$NDO@
>@,EtGS
>@ 7K : $GRUQR 'HU $UWLVW DOV 6WDWWKDOWHU *HVDPPHOWH 6FKULIWHQ YRO  )UDQNIXUW
SS\VVSDUDHVWRSS\VV
>@ 3DUD OD UHODFLyQ HQWUH $GRUQR \ /XNiFV FIU HO YDOLRVR HQVD\R GH 'LHWHU .OLFNH .XQVW
JHJHQ9HUGLQJOLFKXQJ%HUKUXQJVSXQNWHLP*HJHQVDW]YRQ$GRUQRXQG/XNlFVHQ%/LQGQHU\
:0 /GNHHGV0DWHULDOLHQ]XUlVWKHWLVFKHQ7KHRULH7KHRGRU:$GRUQRVRSFLWSS\VV
>@ (O PLVPR $GRUQR KDEOD GH OD YHUGDG HQ HO GREOH VHQWLGR TXH FRQFLHUQH DO DUWH HQ VX
bVWKHWLVFKH7KHRULHRSFLWS
>@&IU7K:$GRUQR'HU(VVD\DOV)RUPHQ*HVDPPHOWH6FKULIWHQYRORSFLWSS
\VVGD]XVLHKHDXFKPHLQHQ$XIVDW]9RQ$GRUQR]X+DEHUPDV'HU*HVWDOWZDQGHONULWLVFKHU
*HVHOOVFKDIWVWKHRULHHQ:%RQVV\$+RQQHWKHG6R]LDOIRUVFKXQJDOV.ULWLNRSFLWSS\

VV

>@ 7K : $GRUQR 0LQLPD 0RUDOLD *HVDPPHOWH 6FKULIWHQ YRO  )UDQNIXUW  >WUDG
FDVWHOODQD0LQLPD0RUDOLDUHIOH[LRQHVGHVGHODYLGDGDxDGD0 DGULG$NDO@
>@ &IU 7K %DXPHLVWHU \ - .XOHQNDPSII *HVFKLFKWVSKLORVRSKLF XQG SKLORVRSKLVFKH
bVWKHWLN RS FLW 5GLJHU %XEQHU .DQQ 7KHRULH lVWKHWLVFK ZHUGHQ" =XP +DXSWPRWLY GHU
3KLORVRSKLH $GRUQRV HQ % /LQGQHU \ : 0  /GNH HG 0DWHULDOLHQ ]XU lVWKHWLVFKHQ 7KHRULH
7KHRGRU:$GRUQRVRSFLWSS\VV
>@ 7K : $GRUQR 6R]LRORJLH XQG HPSLULVFKH )RUVFKXQJ *HVDPPHOWH 6FKULIWHQ YRO 
)UDQNIXUWSS\VVSDUDORDTXtGLFKRS
>@3DUDORVOtPLWHVGHXQDWHRUtDVRFLDOGHHVWHWLSRFRQIRUPHHOPRGHORKHJHOLDQRFIU&KULVWHO
%HLHU =XP 9HUKlOWQLV YRQ *HVHOOVFKDIWVWKHRULH XQG (UNHQQWQLVWKHRULH 8QWHUVXFKXQJHQ ]XP
7RWDOLWlWVEHJULIILQGHUNULWLVFKHQ7KHRULH$GRUQRV)UDQNIXUWFDS
>@7K:$GRUQR6R]LRORJLHXQGHPSLULVFKH)RUVFKXQJRSFLWS
>@ 3DUD OD KLVWRULD \ XVR GHO FRQFHSWR HQ OD WUDGLFLyQ WHyULFD PDU[LVWD FIU HO HQVD\R
LQIRUPDWLYRGH:HUQHU2OOH=XU7KHRULHGHV6WDDWVNDSLWDOLVPXV3UREOHPH GHV .ODVVHQNDPSIV
Q~PHURV  SS\VV
>@3DUDHVWDXWLOL]DFLyQGHORVPpWRGRVGH3ROORFNFIUODUHFRSLODFLyQGHDUWtFXORVHGLWDGDSRU
+HOPXW'XELHO)3ROORFN6WXGLHQGHV.DSLWDOVRSFLWSDUDHOFRQWH[WRWHyULFRFIU+'XELHO\
$ 6|OOQHU 'LH 1DWLRQDOVR]LDOLVPXVIRUVFKXQJ GHV ,QVWLWXWV IU 6R]LDOIRUVFKXQJ HQ 0 
+RUNKHLPHU 5HFKW XQG 6WDDW LP 1DWLRQDOVR]LDOLVPXV HG H LQWURG GH + 'XELHO \ $ 6|OOQHU 
)UDQNIXUWSS\VV
>@ &IU SDUD HVWR *LDFRPR 0 DUUDPDR =XP 9HUKlOWQLV YRQ 3ROLWLVFKHU gNRQRPLH XQG
.ULWLVFKHU7KHRULHbVWKHWLNXQG.RPPXQLNDWLRQQ~PHUR  SS\VV
>@7K:$GRUQR5HIOH[LRQHQ]XU.ODVVHQWKHRULH*HVDPPHOWH6FKULIWHQYRO9,,,RSFLW
SS\VVSDUDORDTXtGLFKRVREUHWRGRSS\VVDGHPiV-6FKPXFNHU$GRUQR/RJLN
GHV=HUIDOOVRSFLWSS\VV
>@7K:$GRUQR6SlWNDSLWDOLVPXVRGHU,QGXVWULHJHVHOOVFKDIW"*HVDPPHOWH6FKULIWHQYRO
RSFLWSS\VVSDUDORDTXtGLFKRS
>@,EtGS
>@$VtWDPELpQ-6FKPXFNHU$GRUQR/RJLNGHV=HUIDOOVRSFLWSS\VVHQUHODFLyQFRQ
ODWHUFHUDSRVLELOLGDGLQWHUSUHWDWLYDDTXtPHQFLRQDGD
>@ $GRUQR SDUWH HQ WRGDV VXV UHIOH[LRQHV VRFLRHFRQyPLFDV GHO VXSXHVWR GH TXH OD LGHD
SURSDJDQGtVWLFDGHODVHSDUDFLyQHQWUH(VWDGR\HFRQRPtDHQHOFDSLWDOLVPROLEHUDOHUDHQUHDOLGDG
HIHFWLYD pO DVt GHVFXLGD SRU FRPSOHWR HO KHFKR GH TXH LQFOXVR HQ OD HUD FOiVLFD GHO FDSLWDOLVPR
OLEHUDOXQQLYHOUHODWLYRGHLQWHUYHQFLRQLVPRHFRQyPLFRHVWDWDOHUDXQIDFWRUHVHQFLDOGHOGHVDUUROOR
FDSLWDOLVWD &IU SDUD HO HMHPSOR DOHPiQ -RDFKLP +LUVFK :LVVHQVFKDIWOLFKWHFKQLVFKHU )RUWVFKULWW
XQGSROLWLVFKHV6\VWHP)UDQNIXUWFDS,
>@7K:$GRUQR6SlWNDSLWDOLVPXVRGHU,QGXVWULHJHVHOOVFKDIW"RSFLWS
>@&IU0 +RUNKHLPHU\7K:$GRUQR'LDOHNWLNGHU$XINOlUXQJRSFLW SS  \ VV
SDUDHVWHSXQWRYpDVHHQVXLQWHJULGDG'RXJODV.HOOQHU.ULWLVFKH7KHRULHXQG.XOWXULQGXVWULH
HQ:%RQVV\$+RQQHWKHG6R]LDOIRUVFKXQJDOV.ULWLNRSFLWSS\VV

>@ 7K : $GRUQR 5HVPH EHU .XOWXULQGXVWULH *HVDPPHOWH 6FKULIWHQ YRO 
)UDQNIXUWSS\VVKLHUSS\VV
>@&IUWDPELpQ7K:$GRUQR3URORJ]XP)HUQVHKHQ*HVDPPHOWH6FKULIWHQ 9RO ; 
)UDQNIXUWSS\VVSDUDORDTXtGLFKRSS\VV
>@:%HQMDPLQ'DV.XQVWZHUNLP=HLWDOWHUVHLQHUWHFKQLVFKHQ5HSURGX]LHUEDUNHLWRSFLW
>@7K:$GRUQR3URORJ]XP)HUQVHKHQRSFLWSS\VV
>@ &IU WDPELpQ 7K : $GRUQR 7KH 3V\FKRORJLFDO 7HFKQLTXH RI 0 DUWLQ /XWKHU 7KRPD
5DGLR$GUHVVHV*HVDPPHOWH6FKULIWHQYRO,;RSFLWSS\VV
>@7K:$GRUQR)UHL]HLW*HVDPPHOWH6FKULIWHQYRO;RSFLWSS\VVSDUDOR
DTXtGLFKRSS\VV>WUDGFDVWHOODQD&RQVLJQDV%XHQRV$LUHV$PRUURUWX@
>@ &IU ' .HOOQHU .ULWLVFKH 7KHRULH XQG .XOWXULQGXVWULH RSFLW $ 6ZLQJOHZRRG 7KH
0\WKRI0DVV&XOWXUH/RQGUHV\%DVLQJVWRNHFDSSS\VV'DYLG+HOG,QWURGXFWLRQ
WR&ULWLFDO7KHRU\/RQGUHVFDS
>@7K:$GRUQR3URORJ]XP)HUQVHKHQRSFLWS
>@0 +RUNKHLPHU$XWRULWlWXQG)DPLOLHLQGHU*HJHQZDUW   HQDOHPiQ HQ.ULWLN
GHU LQVWUXPHQWHOOHQ 9HUQXQIW )UDQNIXUW  SS  \ VV FIU WDPELpQ ,QVWLWXW IU
6R]LDOIRUVFKXQJ6R]LRORJLVFKH([NXUVH)UDQNIXUWFDS,;
>@+0 DUFXVH'DV9HUDOWHQGHU3V\FKRDQDO\VH.XOWXUXQG*HVHOOVFKDIWYRO,,)UDQNIXUW
 SS  \ VV $OH[DQGHU 0 LWVFKHUOLFK $XI GHP :HJ ]XU YDWHUORVHQ *HVHOOVFKDIW 0 ~QLFK

>@7K:$GRUQR,QGLYLGXXPXQG2UJDQLVDWLRQ*HVDPPHOWH6FKULIWHQRSFLWSS\
VV
>@ 7K : $GRUQR $QWL6HPLWLVP DQG )DVFLVW 3URSDJDQGD RSFLW SS  \ VV >WUDG
FDVWHOODQD (QVD\RV VREUH OD SURSDJDQGD IDVFLVWD %DUFHORQD 9RFHV \ &XOWXUDV @ 'LH
)UHXGVFKH 7KHRULH XQG GLH 6WUXNWXU GHU IDVFKLVWLVFKHQ 3URSDJDQGD .ULWLN .OHLQH 6FKULIWHQ ]XU
*HVHOOVFKDIW)UDQNIXUWSS\VVRULJLQDOHQLQJOHVHQ*HVDPPHOWH6FKULIWHQYRORS
FLWSS\VV
>@6REUHWRGR7K:$GRUQR'LHUHYLGLHUWH3V\FKRDQDO\VHLQ*HVDPPHOWH6FKULIWHQYRO
RSFLWSS\VV=XP9HUKlOWQLVYRQ6R]LRORJLHXQG3V\FKRORJLHRSFLW SS  \ VV
3RVWVFULSWXPRSFLWSS\VV
>@&IUWDPELpQ7K:$GRUQR=XP9HUKlOWQLVYRQ6R]LRORJLHXQG3V\FKRORJLHRSFLWS

>@ ,EtG S  FRPSiUHVH WDPELpQ FRQ RS FLW S  DGHPiV FIU 7K : $GRUQR
*HVHOOVFKDIW*HVDPPHOWH6FKULIWHQ9RORSFLWSS\VVSDUDHVWRS
>@(QVXHVWXGLR6R]LDOH$PQHVLH(LQH.ULWLNGHUNRQIRUPLVWLVFKHQ3V\FKRORJLHYRQ$GOHUELV
/DLQJ )UDQNIXUW  5XVVHOO -DFRE\ KD WUDWDGR GH GHVDUUROODU HVWD FUtWLFD GH $GRUQR \ GH
0 DUFXVH DODVWHQWDWLYDVUHFRQVWUXFWLYDVVRFLROyJLFDVHLQWHUDFWLYDVGHOSVLFRDQiOLVLVDXQTXHVLQ
SODQWHDUUHDOPHQWHODFXHVWLyQGHORVOtPLWHV\PDOHQWHQGLGRVLQKHUHQWHVDHVWDFUtWLFD&IU$GHPiV
ODUHVHxDGH+RZDUG*DGOLQ7KH5HWXUQWR)UHXG"1HZ*HUPDQ&ULWLTXHQSS\
VV3DUDHVWHWHPDHQJHQHUDOFIUWDPELpQ:%RQVV3V\FKRDQDO\VHDOV:LVVHQVFKDIWXQG.ULWLN
3DUDODUHFHSFLyQGH)UHXGHQOD7HRUtD&UtWLFDFIU:%RQVV\$+RQQHWKHGV6R]LDOIRUVFKXQJ

DOV.ULWLNRSFLWSS\VV
>@&IUSDUDHVWRSRUHMHPSOR-%HQMDPLQ7KH(QGRI,QWHUQDOL]DWLRQRSFLWS
>@7K:$GRUQR'LH)UHXGVFKH7KHRULHXQGGLH6WUXNWXUGHUIDVFKLVWLVFKHQ3URSDJDQGD
RSFLWS
>@,EtGS
>@-%HQMDPLQ7KH(QGRI,QWHUQDOL]DWLRQRSFLWS
>@,EtGS
>@,EtGS
>@&IU3DUDHVWR-+DEHUPDV6WLFKZRUWH]XU7KHRULHGHU6R]LDOLVDWLRQ  .XOWXUXQG
.ULWLN9HUVWUHXWH$XIVlW]H)UDQNIXUWSS\VVDTXtHVSHFLDOPHQWHSS\VV
>@-%HQMDPLQ7KH(QGRI,QWHUQDOL]DWLRQRSFLWSS\VV
>@&IUHOHQVD\RSDUDGLJPiWLFRGH$GRUQR*HVHOOVFKDIWRSFLW
>@'HDKtHOWtWXORGHOHQVD\R\DFLWDGRGH$GRUQRHQODQRWD

6(*81'$3$57(

(/5('(6&8%5,0,(172'(/262&,$/)28&$8/7<
+$%(50$6

&RPR VH KD SRGLGR YHU OD KLVWRULD GH OD 7HRUtD &UtWLFD GHVGH VXV SULPHURV
SDVRVFRQ+RUNKHLPHUKDVWDOD~OWLPDILORVRItDGH$GRUQRTXHGDPDUFDGDSRU
XQDOODPDWLYDFDUHQFLDQLHOSUR\HFWRRULJLQDOGHOSULPHURSDUDHO,QVWLWXWR GH
,QYHVWLJDFLyQ6RFLDO QL OD WHRUtD VRFLDO GH LQWHQFLyQ IUDJPHQWDULD GHO VHJXQGR
VHGHPRVWUDURQFDSDFHVGHFRPSUHQGHUHOPRGRGHRUJDQL]DFLyQJHQXLQDPHQWH
VRFLDOGHODVVRFLHGDGHV(OSULPHU+RUNKHLPHUWXYRTXHSDVDUSRUDOWRWRGRHO
HVSHFWURGHODDFFLyQFXOWXUDOFRWLGLDQDSRUTXHXQDILORVRItDUHGXFFLRQLVWDGHOD
KLVWRULDOHSURKLEtDGHDQWHPDQRGHVDUUROODURWUDSRVLEOHFDWHJRUtDGHODDFFLyQ
TXHQRIXHUDODGHOWUDEDMRVRFLDO'DGRTXHpOHVWDEDREOLJDGRDGHMDUGHODGR
GH IRUPD VLVWHPiWLFD HO SDSHO FRQVWUXFWLYR GH OD DFFLyQ VRFLDO VyOR SRGtD
HPSOD]DU HO PRGHOR SURFHGHQWH GHO VLVWHPD GH UHSURGXFFLyQ HFRQyPLFD
GLUHFWDPHQWH DO ODGR GHO PRGHOR SVLFRDQDOtWLFR GH OD VRFLDOL]DFLyQ GH ODV
SXOVLRQHVLQGLYLGXDOHVHLQWHJUDUORHQXQPRGHORGHVRFLHGDGHQ~OWLPDLQVWDQFLD
GH FRUWH IXQFLRQDOLVWD (O PDUFR GH HVWH SURJUDPD GH LQYHVWLJDFLyQ
LQWHUGLVFLSOLQDULD FRQVWUXLGR VREUH OD EDVH GH HVWH PRGHOR UHGXFFLRQLVWD GH
VRFLHGDG WDO FRPR D~Q IXHUD IRUPXODGR FRPR WDUHD HQ HO ,QVWLWXWR GH
,QYHVWLJDFLyQ6RFLDOSRUHOSURSLR+RUNKHLPHUHQODGpFDGDGHORVDxRVWUHLQWD
IXHHQYHUGDGDEDQGRQDGRFRQHOGHILQLWLYRJLURDODILORVRItDGHODKLVWRULDTXH
OD7HRUtD&UtWLFDOOHYyDFDERHQ'LDOpFWLFDGHOD,OXVWUDFLyQEDMRODLQIOXHQFLD
GHOIDVFLVPR(VHQWRQFHVFXDQGRHOPRGHORGHOWUDEDMRVRFLDOSDUDGLJPDHQ

HOTXHODILORVRItDGHODKLVWRULDGHOD7HRUtD&UtWLFDVHYDDFHQWUDUGHDKRUDHQ
DGHODQWHGHPDQHUDXQLODWHUDOVHUiLQWHUSUHWDGRHQYLUWXGGHXQDHVSHFLHGH
LQYHUVLyQ QRUPDWLYD FRPR XQ DFWR RULJLQDO GH GRPLQDFLyQ GH OD QDWXUDOH]D \
FRQWHPSODGRHQFLHUWDPHGLGDFRPRHOLQLFLRGHXQSURFHVRGHGHFDGHQFLDTXH
WHUPLQDUi FXOPLQDQGR HQ HO GRPLQLR WRWDOLWDULR GHO IDVFLVPR 'LDOpFWLFD GH OD
,OXVWUDFLyQ WUDWDUi GH SRQHU DO GHVFXELHUWR ODV FRQVHFXHQFLDV SVtTXLFDV \
VRFLDOHVTXHVHGHULYDQGHOSDVRKLVWyULFRTXHVXSRQHSDUDODHVSHFLHKXPDQDHO
FRQWUROLQVWUXPHQWDOGHORVSURFHVRVQDWXUDOHV/DVIRUPDVGHGRPLQDFLyQVRFLDO
DSDUHFHQDKRUDGHVGHHVWDOX]LQHYLWDEOHPHQWHFRPRODLQWUtQVHFDFRQVHFXHQFLD
VRFLDO GH XQD DFWLYLGDG GH FRQWURO VREUH OD QDWXUDOH]D HQ OD TXH EDMR XQD
DQDORJtDPHWDIyULFDGHODQDWXUDOH]DLQVWUXPHQWDOL]DGDORVVXMHWRVRSULPLGRVVH
FRPSUHQGHQFRPRYtFWLPDVSDVLYDVGHOSURFHVR
(VWH PRGHOR EiVLFR GH ILORVRItD GH OD KLVWRULD WDPSRFR SHUPLWH OD
SRVLELOLGDGGHMXVWLILFDU HQWpUPLQRV FRQFHSWXDOHVHOPRGR GHRUJDQL]DFLyQ GH
ODV VRFLHGDGHV WRGD YH] TXH FRQFLEH ORV SURFHVRV H[LVWHQWHV GHQWUR GH OD
VRFLHGDG HQ VX WRWDOLGDG FRPR UHSURGXFFLRQHV R PHURV UHIOHMRV GH
SURFHGLPLHQWRV GH GLVSRVLFLyQ WpFQLFD GLULJLGRV VREUH OD QDWXUDOH]D (VWR VLQ
HPEDUJRWLHQHFRPRFRQVHFXHQFLDTXHHOSUR\HFWRGHDQiOLVLVVRFLDOSODQWHDGR
GHIRUPDLQWHUGLVFLSOLQDULDSLHUGDHQJHQHUDOODSRVLFLyQGHVWDFDGDTXHD~QWHQtD
HQHOSURJUDPDRULJLQDULRGH+RUNKHLPHUeVWH\$GRUQRH[SRQGUiQDKRUDHQ
UHDOLGDG GHVGH OD SHUVSHFWLYD GH OD ILORVRItD GH OD KLVWRULD XQD FUtWLFD GH OD
GRPLQDFLyQGHODQDWXUDOH]DGHDOFDQFHWDQJHQHUDOTXHKDEUiGHLQVHUWDUWRGD
IRUPD GH FRQRFLPLHQWR FLHQWtILFR LQFOXVR WDPELpQ OD LQYHVWLJDFLyQ FLHQWtILFR
VRFLDO HQFXDQWRHOHPHQWRFRJQLWLYRGHQWURGHODGLQiPLFDGHODFRVLILFDFLyQ
FLYLOL]DWRULDGHDKtTXHVHYHDQREOLJDGRVDOLEHUDUGHQXHYRDOD7HRUtD&UtWLFD
GH OD VRFLHGDG GH ORV OD]RV TXH OD DWDEDQ D ODV FLHQFLDV VRFLDOHV GH FXxR
HPStULFR\HQHVDPHGLGDYROYHUDGDUUHVSRQVDELOLGDGH[FOXVLYDDODILORVRItD
(VWH JLUR LQGLFDWLYR GH FLHUWD UHVLJQDFLyQ VH UHIOHMD HQ OD SURSLD HVWUXFWXUD
PHWRGROyJLFD TXH OD 7HRUtD &UtWLFD DGRSWD WUDV OD JXHUUD HQ ORV HVFULWRV GH
$GRUQR$ODFLHQFLDVRFLDORULHQWDGDHPStULFDPHQWHDSHQDVOHFRUUHVSRQGHOD
IXQFLyQGHOLPLWDUVHDFRQILUPDUHQXQVHJXQGRQLYHOODLPDJHQGHXQDVRFLHGDG
WRWDOPHQWH LQWHJUDGD XQD LPDJHQ TXH HV SUHVXSXHVWD LPSOtFLWDPHQWH GHVGH HO
iPELWRJHQXLQRGHWRGDFUtWLFDGHODGRPLQDFLyQDVDEHUGHVGHORVSUR\HFWRV

GH XQD ILORVRItD HQWHQGLGD FRPR FUtWLFD GH ORV FRQFHSWRV \ GH XQD HVWpWLFD
ILORVyILFD $GRUQR VH HQWUHJDUi SUHFLVDPHQWH D HVWD WDUHD HQ XQD VHULH GH
HQVD\RVVRFLROyJLFRVTXHEDMRODIyUPXODUHSHWLGD\SDUDGLJPiWLFDGHOILQGH
OD PHGLDFLyQ WUDWDUi GH LQYHVWLJDU ORV PHFDQLVPRV DGPLQLVWUDWLYRV TXH
H[SORWDQGRODSpUGLGDGHLGHQWLGDGGHORVVXMHWRVLQWHJUDQHOFRQWH[WRGHYLGD
VRFLDO HQ HO FDSLWDOLVPR WDUGtR /OHJDGRV D HVWH SXQWR HQ GHILQLWLYD GD OD
LPSUHVLyQ GH TXH OD 7HRUtD &UtWLFD UHQXQFLD D OD SRVLELOLGDG WHyULFD GH
GHWHUPLQDUVL\KDVWDTXpSXQWRORVJUXSRVVRFLDOHVSDUWLFLSDQFRQVXDFFLyQHQ
ORVFDQDOHVGHLQWHJUDFLyQGHODVRFLHGDG
(OKHFKRHVTXHXQDFRQFHSFLyQGHODLQYHVWLJDFLyQFUtWLFDGHODVRFLHGDG
YLQFXODGDGHIRUPDVLPSOHPHQWHH[WHUQDDODGLVFLSOLQDVGHODHFRQRPtDSROtWLFD
\DOSVLFRDQiOLVLVFRUUHHOULHVJRGHSHUGHUGHYLVWDODDFFLyQFXOWXUDOFRWLGLDQD
GH ORV JUXSRV VRFLDOHV GH OD PLVPD IRUPD TXH XQ FRQFHSWR GH VRFLHGDG GH
DGPLQLVWUDFLyQWRWDODSR\DGRHQHOSVLFRDQiOLVLVSXHGHSDVDUSRUDOWRODSRVLEOH
EDVH FRQVHQVXDO TXH VXE\DFH D XQD VLWXDFLyQ DGPLQLVWUDWLYD GH GRPLQDFLyQ
DPEDVSHUVSHFWLYDVLJQRUDQODVIXQFLRQHVPRUDOHV\FRJQLWLYDVGHVtQWHVLVGHODV
TXHVRQFDSDFHVORVJUXSRVVRFLDOHVDFDXVDGHORVHVIXHU]RVFRRSHUDWLYRVSDUD
OD LQWHJUDFLyQ GH VXV PLHPEURV $KRUD ELHQ HO PRGHOR FRQFHSWXDO GH OD
GRPLQDFLyQ VRFLDO GH OD QDWXUDOH]D GHULYDGR GH OD ILORVRItD GH OD KLVWRULD VyOR
FRPSOHWDGR HQ DPERV FDVRV SRU XQD WHRUtD SVLFRDQDOtWLFD GH OD VRFLDOL]DFLyQ
TXH QR VH GHVDUUROOD QDWXUDOPHQWH GHVGH VX OyJLFD LQPDQHQWH QR SXHGH SRU
PHQRVGHGHVSOD]DU\GHVILJXUDUODYLVLyQGHORVSOH[RV\UHODFLRQHVLQWHUQDVTXH
VXE\DFHQDXQDVRFLHGDG(OSURFHVRHQHOTXHORVJUXSRVGHQWURGHXQPDUFR
VRFLDO JHQHUDO FUHDQ UHFtSURFDPHQWH VXV KRUL]RQWHV GH RULHQWDFLyQ SHUPDQHFH
DTXWDQGHVFRQRFLGRFRPRORVFRQIOLFWRVFRWLGLDQRVVXUJLGRVGHOHQIUHQWDPLHQWR
GHODVGLIHUHQWHVFRQYLFFLRQHVPRUDOHVGHORVJUXSRVHQOL]D6LORVPRGHORVGH
FRPSRUWDPLHQWR UHTXHULGRV HFRQyPLFD \ SROtWLFDPHQWH VLJXLHQGR OD WHVLV GH
XQD SRVLEOH FRQGXFFLyQ GH ORV SURFHVRV GH VRFLDOL]DFLyQ VyOR VH DVLHQWDQ
GLUHFWDPHQWHHQODVQHFHVLGDGHVQDWXUDOHVLQGLYLGXDOHVORTXHDTXtDSDUHFHHV
VyOR OD VLPSOLILFDGD LPDJHQ GH TXH ODV VRFLHGDGHV WDUGRFDSLWDOLVWDV VH
UHSURGXFHQHQJHQHUDOLQGHSHQGLHQWHPHQWHGHODVQRUPDVGHDFFLyQREWHQLGDV
FRPXQLFDWLYDPHQWHSRUVXVPLHPEURV
(VWH SODQWHDPLHQWR VH YH FRUUHVSRQGLGR HQ HO SUR\HFWR SURJUDPiWLFR

KRUNKHLPHULDQRGHDQiOLVLVFUtWLFRGHODVRFLHGDGFRQXQVHFUHWRIXQFLRQDOLVPR
D HVWR TXHGD ILQDOPHQWH UHGXFLGR VX SURSLR PRGHOR GH VRFLHGDG FRPR
FRQVHFXHQFLDGHVXVXEHVWLPDFLyQWHyULFDGHOFRQFHSWRLQVWLWXFLRQDOGHFXOWXUD
HQ OD WHRUtD GH OD VRFLHGDG WDUGtD GH $GRUQR SRU VX SDUWH HVWD SRVLFLyQ
GHVHPERFD HQ XQ FRQFHSWR GH GRPLQDFLyQ WRWDOLWDULD QR PRGLILFDGR WUDV OD
H[SHULHQFLD GHO IDVFLVPR TXH LJQRUD VHQFLOODPHQWH WRGD OD GLPHQVLyQ GH OD
DFFLyQVRFLDO\GHVGHHOFXDOpOVHPXHVWUDFRQYHQFLGRGHODH[LVWHQFLDGHXQD
PDQLSXODFLyQ DGPLQLVWUDWLYD VREUH ORV PLHPEURV GH OD VRFLHGDG FRQ HIHFWRV
SVLFROyJLFDPHQWHGHELOLWDGRUHV/DLGHDRULJLQDULDGHOSUR\HFWRGH+RUNKHLPHU
\ OD WHRUtD VRFLDO WDUGtD GH $GRUQR PDUFDQ DVt SXHV GH DOJ~Q PRGR HO
FRPLHQ]R\HOILQDOGHXQDpSRFDFOiVLFDGHOD7HRUtD&UtWLFDTXHQXQFDSXGR
HQFRQWUDU XQ DFFHVR SURGXFWLYR D ODV FLHQFLDV VRFLDOHV SXHVWR TXH EDMR HO
SUHVXSXHVWR GRPLQDQWH GH XQD ILORVRItD GH OD KLVWRULD VLPSOLILFDGRUDPHQWH
XQLODWHUDOQRSRGtDGHMDUHVSDFLRDOJXQRSDUDXQSRVLEOHDQiOLVLVGHODDFFLyQ
VRFLDO$VtHQHOOXJDUTXHGHEtDRFXSDUXQDLQWHUURJDFLyQVRFLROyJLFDDFHUFD
GHORVPRGRVGHODLQWHJUDFLyQVRFLDO\HOFRQIOLFWRVRFLDODSDUHFLyODSUHJXQWD
FRQFHUQLHQWHDODLQIOXHQFLDUHFtSURFDGHODVSXOVLRQHVLQGLYLGXDOHVGHOVXMHWR\OD
UHSURGXFFLyQ HFRQyPLFD R OR TXH HV LJXDO OD SUHJXQWD SRU OD SRVLEOH OLJD]yQ
HQWUHSVLFRDQiOLVLV\HODQiOLVLVGHOVLVWHPDHFRQyPLFR
(VWD LQFDSDFLGDG D OD KRUD GH SODQWHDU HO SUREOHPD HQ WpUPLQRV
IUXFWtIHUDPHQWHVRFLROyJLFRVVHFRQYLUWLyHQHOVHOORLQHTXtYRFRGHHVDWUDGLFLyQ
GHQWURGHOD7HRUtD&UtWLFDTXHHQWUyHQHVFHQDFRPRSUR\HFWRFRQHOGLVFXUVR
LQDXJXUDO GH +RUNKHLPHU HQ HO LQVWLWXWR GH ,QYHVWLJDFLyQ 6RFLDO \ TXH WHUPLQy
FRQODILORVRItDUHVLJQDGDGHO~OWLPRSHULRGRGH$GRUQR1DWXUDOPHQWHDXQTXH
QRSXHGHLJQRUDUVHTXHGHHVWDWUDGLFLyQSURFHGHQQRSRFRVLPSXOVRVSDUDOD
VROXFLyQGHSUREOHPDVHVWpWLFRV\ILORVyILFRVTXHOOHJDQKDVWDODDFWXDOLGDG>@
HQ HO FDPSR GH ODV FLHQFLDV FUtWLFRVRFLDOHV QR SXHGH HQFRQWUDUVH XQ HIHFWR
VLPLODUVLELHQFLHUWDPHQWHORVHVFULWRVGH+RUNKHLPHU\VREUHWRGRODREUD
FRPSOHWDGH$GRUQRVHKDQFRQYHUWLGRHQWUHWDQWRHQREMHWRGHLQQXPHUDEOHV
HVIXHU]RV KHUPHQpXWLFRV >@ HQWUH VXV HStJRQRV PiV FHUUDGRV VLQ HPEDUJR
XQR VyOR HQFRQWUDUi HO PLVPR XVR LQYDULDEOH GHO LQVWUXPHQWDO WHyULFRDQDOtWLFR
GH ODV VRFLHGDGHV WDUGRFDSLWDOLVWDV 3RU RWUR ODGR FDEH VHxDODU TXH HQ HO
FRQWH[WRGHODVGLVFXVLRQHVDOHPDQDVOD(VFXHODGH)UDQNIXUWKDPRQRSROL]DGR

WDQSHUVLVWHQWHPHQWHODDXWRFRPSUHQVLyQPLVPDGHORTXHGHEHVHUXQD7HRUtD
&UtWLFDGHODVRFLHGDGTXHKDGLILFXOWDGRGXUDQWHPXFKRWLHPSRXQDDVLPLODFLyQ
SURGXFWLYD GH RWUDV WUDGLFLRQHV (VWR SXHGH DSOLFDUVH HVSHFLDOPHQWH HQ OR
FRQFHUQLHQWHDVXFUtWLFDJURVHUDGHOSRVLWLYLVPRTXHQRVyORVHOLPLWDEDDXQD
WHRUtD REMHWLYLVWD GH OD FLHQFLD \ DO SUDJPDWLVPR QRUWHDPHULFDQR VLQR TXH
WDPELpQLQFOXtDODWHRUtDGHVLVWHPDV\ODVRFLRORJtDGH'XUNKHLP>@\TXHSRU
WDQWR LPSLGLy FXDOTXLHU WLSR GH FRQIURQWDFLyQ GHVSUHMXLFLDGD \ GH SRVLEOHV
FRQVHFXHQFLDVIUXFWtIHUDVFRQODVWUDGLFLRQHVVRFLROyJLFDVIUDQFHVD\DPHULFDQD
HVWD REVHUYDFLyQ VH SXHGH DSOLFDU QR HQ PHQRU PHGLGD SDUD HO UHGXFLGR
FRQFHSWR GH FXOWXUD TXH VH PDQHMDED DMXVWDGR HQ XQ SULQFLSLR D ODV
LQVWLWXFLRQHV VRFLDOL]DGRUDV \ SHGDJyJLFDV \ DO ILQDO H[FOXVLYDPHQWH D ORV
SURGXFWRVHVWpWLFRVSRUORTXHVHEORTXHyFRQVLGHUDEOHPHQWHODUHFHSFLyQGH
HVDVWUDGLFLRQHVVRFLROyJLFDVGHODFXOWXUDTXHFRPRSRUHMHPSORHOFDVRGH
OD KLVWRULD FXOWXUDO LQJOHVD \ VXV LQYHVWLJDFLRQHV VREUH OD FODVH REUHUD HUDQ
FDSDFHVGHDEULUVXVFDWHJRUtDVDDTXHOORVIHQyPHQRVFXOWXUDOHVTXHVHKDEtDQ
SUHVHUYDGR FRQ WRGD FODULGDG HQ ORV HVWLORV GH YLGD GH ORV JUXSRV
FRUUHVSRQGLHQWHV>@
$ OD YLVWD GHO KHFKR GH TXH OD WUDGLFLyQ UHSUHVHQWDGD SRU $GRUQR \
+RUNKHLPHU SDVy SRU DOWR FXDOTXLHU FRQH[LyQ FRQ ORV SUREOHPDV UHOHYDQWHV
SDUDODVRFLRORJtDORVREVWiFXORVFRQORVTXHKDGHHQFRQWUDUVHWRGDWHQWDWLYD
GHGHVDUUROODUXQD7HRUtD&UtWLFDGHODVRFLHGDG\DQRGRJPiWLFDVyORSXHGHQ
VHUGHVWUXLGRVHQHOPRPHQWRHQHOTXHPiVDOOiGHHVWDWUDGLFLyQVHSXHGDQ
HQFRQWUDUORVFRQFHSWRVWHyULFRVEiVLFRVTXHSHUPLWDQLUPiVDOOi\UHPSOD]DUOD
YLHMDQRFLyQILORVyILFRKLVWyULFDGHGRPLQDFLyQGHODQDWXUDOH]D'HDKtTXHHO
HVWpULOGXDOLVPRGHSVLFRORJtD\HFRQRPtDDOTXHSHUPDQHFLyDWDGDOD(VFXHOD
GH )UDQNIXUW HQ WRGDV VXV IDVHV GH GHVDUUROOR QR SXHGD VHU HILFLHQWHPHQWH
VXSHUDGRGHVGHGHQWURHVWRHVHVWDQGRGHDFXHUGRFRQHOPRGHORFRQFHSWXDO
IXQGDPHQWDOTXHOHVLUYHGHJXtDVLQRVyORSDUWLHQGRGHXQQXHYRPDUFRWHyULFR
GHRULHQWDFLyQTXHSURPHWDVHUMXVWRFRQODSHFXOLDULGDGGHORVRFLDOGHRWUD
IRUPD
(Q ODV GpFDGDV GH ORV VHVHQWD \ ORV VHWHQWD ORV LQWHQWRV GH UHDOL]DU XQ
FDPELRGHRULHQWDFLyQGHHVWHWLSRGHQWURGHOFRQWH[WRGHOD7HRUtD&UtWLFDGH
OD VRFLHGDG SURFHGLHURQ GH IRUPD PDQLILHVWD VREUH WRGR GH GRV

SODQWHDPLHQWRVTXHSDUHFHQFRPSDUWLUXQUDVJRFRP~QODUHQXQFLDGHOPRGHOR
ILORVyILFRKLVWyULFRGHGRPLQDFLyQGHODQDWXUDOH]D\DOPLVPRWLHPSRHOLQWHQWR
GH GDU UHVSXHVWD D ODV FXHVWLRQHV FHQWUDOHV WDQWR SDUD OD WUDGLFLyQ PDU[LVWD
FRPRSDUDOD7HRUtD&UtWLFDDFHUFDGHORVPRGRVGHGRPLQDFLyQ\ODIRUPD
GH LQWHJUDFLyQ YLVLEOH HQ ODV VRFLHGDGHV WDUGRFDSLWDOLVWDV (VWDV WHRUtDV
GHVDUUROODGDV SRU XQ ODGR SRU 0LFKHO )RXFDXOW \ SRU -UJHQ +DEHUPDV SRU
RWUR VRQ SHUFLELGDV KR\ FRPR HVFXHODV GH SHQVDPLHQWR TXH FRPSLWHQ
UHVSHFWLYDPHQWH SRU VHU OD FRQWLQXDFLyQ GH OD 7HRUtD &UtWLFD GHVDUUROODGD SRU
$GRUQR>@$PEDVFRPSDUWHQHOREMHWLYRGHTXHUHUUHPSOD]DUODLPDJHQTXH
GHVFULEH OD VRFLHGDG FRPR XQD VXHUWH GH UHVXOWDGR GH IXQFLRQHV FRJQLWLYDV
SURFHGHQWHVGHXQVXMHWRJHQpULFRFDSD]GHDFWXDULQVWUXPHQWDOPHQWHSRUXQ
PRGHORWHyULFRTXHDUUDQFDGHHQWUDGDFRQXQDGHILQLFLyQSUHYLDGHORTXHVH
HQWLHQGH FRPR DFFLyQ VRFLDO &LHUWDPHQWH HVWD GHVSHGLGD HQ FRP~Q GH XQ
FRQFHSWR GH WUDEDMR GHWHUPLQDGR SRU OD ILORVRItD GH OD KLVWRULD TXH DEUH HO
FDPLQR D XQ GRPLQLR IHQRPpQLFR GH LQYHVWLJDFLyQ GH OR VRFLDO EDVWDQWH DMHQR
KDVWDODIHFKDDODWUDGLFLyQGHOD7HRUtD&UtWLFDHVWDPELpQSRUDVtGHFLUORHO
~QLFR FRP~Q GHQRPLQDGRU GH ODV WHRUtDV VRFLDOHV GH )RXFDXOW \ +DEHUPDV
GDGR TXH DPERV LQWHQWDUiQ H[SORUDU HO FDPSR GH OD DFFLyQ VRFLDO GHVGH
H[WUHPRVRSXHVWRV
/DWHRUtDVRFLDOGH0LFKHO)RXFDXOW>@QDFHHQSULQFLSLRHQHOFRQWH[WRGH
OD FUtWLFD HVWUXFWXUDOLVWD D OD WUDGLFLyQ GH ODV FLHQFLDV KXPDQDV GHVDUUROODGDV DO
KLORGHXQDILORVRItDGHOVXMHWRHOREMHWLYRGHGHVFLIUDUODVIRUPDVVRFLDOHVGHO
VDEHU FRPR ILJXUDV WH[WXDOHV LQGHSHQGLHQWHV GHO VXMHWR GHWHUPLQD OD SULPHUD
IDVHGHVXWUDEDMRWHyULFR FDStWXOR $KRUDELHQVyORHQODPHGLGDHQTXH
)RXFDXOW HV FDSD] GH VXSHUDU ODV SDUDGRMDV GH HVWH SURJUDPD SXHGH GHFLUVH
TXH VH OH DEUH XQ iPELWR GH IHQyPHQRV GHQWUR GHO iPELWR GH OR VRFLDO
HQWHQGLGR FRPR XQD UHG GH DFFLRQHV HVWUDWpJLFDV HVWH PRGHOR GH DFFLyQ
HVWUDWpJLFDHVFRPRVHSRQGUiGHPDQLILHVWRPiVDGHODQWHHOQ~FOHRWHyULFRGH
)RXFDXOW HQ OD VHJXQGD IDVH GH VX SURGXFFLyQ SUR\HFWDGD SRU pO FRPR XQD
WHRUtD GHO SRGHU FDStWXOR   6LQ HPEDUJR HO LQWHQWR GH FRQVWUXLU XQD WHRUtD
VRFLDOH[FOXVLYDPHQWHVREUHODVEDVHVGHXQFRQFHSWRGHOXFKDVRFLDOWHQGUi
FRPRUHVXOWDGRGLILFXOWDGHVIiFLOPHQWHGHPRVWUDEOHVTXHREOLJDUiQD)RXFDXOW
HQ VXV LQYHVWLJDFLRQHV KLVWyULFDV GHVDUUROODGDV EDMR HO KLOR FRQGXFWRU GH VX

WHRUtD GHO SRGHU D GHVSOD]DUVH KDFLD XQ PRGHOR FRQFHSWXDO SUy[LPR DO GH OD
WHRUtD GH VLVWHPDV REVHUYDGD GHVGH HVWH SXQWR GH YLVWD OD WHRUtD GH OD
VRFLHGDG GH )RXFDXOW UHSUHVHQWD HQ ~OWLPR WpUPLQR XQD VXHUWH GH GLVROXFLyQ
WHyULFRVLVWHPiWLFD GH ORV FRQWHQLGRV GHVDUUROODGRV HQ 'LDOpFWLFD GH OD
,OXVWUDFLyQ FDStWXOR SRUVXSDUWHIUHQWHDHVWDSRVLELOLGDGFRPRWUDWDUpGH
PRVWUDUHQORTXHVLJXHVHSXHGHWDPELpQFRPSUHQGHUODWHRUtDGHODVRFLHGDG
GH +DEHUPDV HQ WpUPLQRV JHQHUDOHV FRPR XQD WUDQVIRUPDFLyQ WHyULFR
FRPXQLFDWLYDGHOD'LDOpFWLFDGHOD,OXVWUDFLyQ

1RWDVDOSLH

>@8QDSDQRUiPLFDJHQHUDOGHODVGLVFXVLRQHVRULJLQDGDVSRUORVHVFULWRVHVWpWLFRVGH$GRUQROD
RIUHFHHOYROXPHQUHFRSLODWRULRGH%/LQGQHU\:0 /GNH HGV 0 DWHULDOLHQ]XUlVWKHWLVFKHQ
7KHRULH7KHRGRU:$GRUQRVRSFLW
>@ 8QD PLUDGD LQVWUXFWLYD D OD GLVFXVLyQ ILORVyILFD GH ORV HQVD\RV DGRUQLDQRV OD EULQGD 7K
%DXPHLVWHUHQ7KHRGRU:$GRUQRQDFK]HKQ-DKUHQ3KLORVRSKLVFKH5XQGVFKDXFXDGHUQRV
SS\VV
>@6REUHWRGRODFUtWLFDD'XUNKHLPGH$GRUQR 7K:$GRUQR(LQOHLWXQJHQ('UNKHLP
6R]LRORJLHXQG3KLORVRSKLH)UDQNIXUW0 SS\VV WHQGUiHYLGHQWHVFRQVHFXHQFLDVDODOX]
GHHVWDSHUVSHFWLYDWDQQHJDWLYD
>@ (VWH SXQWR \D KD VLGR FRQILUPDGR SRU :ROI /HSHQLHV HQ VX $UEHLWHUNXOWXU
:LVVHQVFKDIWVVR]LRORJLVFKH $QPHUNXQJHQ ]XU .RQMXQNWXU HLQHV %HJULIIV HQ *HVFKLFKWH XQG
*HVHOOVFKDIWY  SS\VVSDUDHVWRSXQDLQWHUHVDQWHH[FHSFLyQODRIUHFHHQHVWH
VHQWLGR OD LQYHVWLJDFLyQ UHDOL]DGD GHQWUR GHO SURSLR ,QVWLWXW IU 6R]LDOIRUVFKXQJ GH 8UVXOD
-DFULVFK6LQG$UEHLWHUDXWRULWlU"=XU0HWKRGHQNULWLNSROLWLVFKHU3V\FKRORJLH)UDQNIXUWTXH
DGHPiVVHDSR\DHQORVUHVXOWDGRVREWHQLGRVHQODVLQYHVWLJDFLRQHVVXEFXOWXUDOHVLQJOHVDV
>@&RQVXSUR\HFWRGHXQDWHRUtDGHODVRFLHGDGIXQGDGDWHyULFRFRPXQLFDWLYDPHQWHHOSURSLR
+DEHUPDV UHLYLQGLFD VX SUHWHQVLyQ GH VHJXLU SDUWLHQGR DXQTXH UHYLVDQGR DOJXQRV GH VXV
SUHVXSXHVWRVEiVLFRVGHODVPRWLYDFLRQHVRULJLQDULDVGHOD(VFXHODGH)UDQNIXUWFIU-+DEHUPDV
7KHRULH GHV .RPPXQQLNDWLYHQ +DQGHOQV )UDQNIXUW  VREUH WRGR FDS ,9 \ 9,,, >WUDG
FDVWHOODQD7HRUtDGHODDFFLyQFRPXQLFDWLYD0 DGULG7DXUXV@HVLQFOXVRPiVLQWHUHVDQWHSRU
HOOR TXH OD WHRUtD VRFLDO GH )RXFDXOW TXH FRPLHQ]D VLQ KDFHU UHIHUHQFLD D OD WUDGLFLyQ GH OD 7HRUtD
&UtWLFD SDUH]FD SUHVHQWDUVH FDGD YH] PiV FRPR XQD VXHUWH GH FRQWLQXDFLyQ GH OD ILORVRItD GH OD
KLVWRULD GH $GRUQR FIU GH IRUPD HMHPSODU -RFKHQ +|ULVFK +HUUVFKHUZRUW *HOG XQG JHOWHQGH
6lW]H $GRUQRV $NWXDOLVLHUXQJ GHU )UKURPDQWLN XQG LKUH $IILQLWlW ]XU SRVWVWUXNWXUDOLVWLVFKHP
.ULWLNGHV6XEMHNWVHQ%/LQGQHU\:0 /GNH HGV 0DWHULDOLHQ ]XU bVWKHWLVFKHQ 7KHRULH
RSFLWS\VV-%DXFK5HIOH[LRQHQ]XU'HVWUXNWLRQGHUWHOHRORJLVFKHQ8QLYHUVDOJHVFKLFWH
GXUFK GHQ 6WUXNWXUDOLVPXV XQG GLH NULWLVFKH 7KHRULH $UFKLY IU 5HFKWV XQG 6R]LDOSKLORVRSKLH
/;9  SS\VV
>@&RPRDOJXQDVGHODVREVHUYDFLRQHVUHYHODQORVFDStWXORVVREUH)RXFDXOWVHHVFULELHURQDQWHV
GHVXPXHUWHGHDKtTXHQRIXHUDFDSD]GHWHQHUHQFXHQWDORVYRO~PHQHV,,\,,,GHVX+LVWRULDGH
ODVH[XDOLGDG UHVSHFWLYDPHQWH/XVDJHGHVSODLVLUV\/HVRXFLGHVRL 3DUtV   TXH YLHURQ OD
OX]SRFRVGtDVDQWHVGHVXIDOOHFLPLHQWR>7UDGFDVWHOODQD+LVWRULDGHODVH[XDOLGDG0 p[LFR6LJOR
;;,@


(/$1/,6,6+,675,&2'(/',6&8562(1
)28&$8/7/$63$5$'2-$6'(81$$352;,0$&,1
6(0,2/*,&$$/$+,6725,$'(/6$%(5
'HHQWUDGDSXHGHGHFLUVHTXHODUHIOH[LyQGH)RXFDXOWVHXELFDHQODWUDGLFLyQ
GH OD HVFXHOD GH 'XUNKHLP DO PHQRV HQ OD PHGLGD HQ TXH pO DWULEX\H D OD
HWQRORJtD XQD SRVLFLyQ HVSHFLDO HQWUH ODV FLHQFLDV KXPDQDV &LHUWDPHQWH pVWD
RFXSDHVWHOXJDUHVSHFLDOSHURQRSRUTXHHQFXDQWRGLVFLSOLQDFRPSOHPHQWDULD
DODVRFLRORJtDLQYHVWLJXHORVPRGRVGHLQWHJUDFLyQGHODVVRFLHGDGHVSULPLWLYDV
\GHHVWHPRGRSURSRUFLRQHXQDEDVHHPStULFDDOFRQRFLPLHQWRVXVFHSWLEOHGH
VHUFRQWUDVWDGRFRQHOHVWXGLRGHODVVRFLHGDGHVGHVDUUROODGDVLQGXVWULDOPHQWH
>@(QUHDOLGDG)RXFDXOWRWRUJDDODHWQRORJtDXQHVWDWXWRPHWRGROyJLFDPHQWH
SULYLOHJLDGR SRU GLIHUHQWHV UD]RQHV TXH ODV GH 'XUNKHLP (VWH HVWDWXWR VH
MXVWLILFD VHJ~Q pO SRU HO KHFKR GH TXH OD HWQRORJtD QR H[SORUD VLPSOHPHQWH
iPELWRVGHOD H[SHULHQFLDKXPDQD TXHVHKDQ LGRDFXPXODQGR KLVWyULFDPHQWH
VLQRTXHEXVFDFRPSUHQGHUODWRWDOLGDGGHODVGHFLVLRQHVLQFRQVFLHQWHVSUHYLDV
\ ODV IRUPDFLRQHV QRUPDWLYDV TXH KDFHQ FXOWXUDOPHQWH SRVLEOH HQ JHQHUDO OD
H[SHULHQFLD FRJQLWLYD TXH ORV KRPEUHV WLHQHQ GH Vt PLVPRV /D HWQRORJtD VH
GLVWLQJXH GHO UHVWR GH ODV YLHMDV FLHQFLDV KXPDQDV DVt FRPR GH ODV FLHQFLDV
VRFLDOHV PiV UHFLHQWHV SRU VX FRPSUHQVLyQ GH TXH HO REMHWR FRP~Q GHO
FRQRFLPLHQWRFLHQWtILFRVRFLDODVDEHUHOVXMHWRKXPDQRQRHVDOJRGDGR
GHDQWHPDQRFRQWRGDHYLGHQFLDVLQRDOJRTXHSULPHURKDVLGRSURGXFLGRSRU
ORVFyGLJRVFRJQLWLYRV\QRUPDWLYRVGHXQDGHWHUPLQDGDFXOWXUD3RUGHFLUORGH
RWURPRGRODHWQRORJtDSXHGHORJUDUXQDFRPSUHVLyQPiVSURIXQGDTXHRWUDV

GLVFLSOLQDV KDELGD FXHQWD GH TXH OOHYD D OD FRQFLHQFLD ORV SUHVXSXHVWRV
FXOWXUDOHV JHQHUDOHV GHO FRQRFLPLHQWR FLHQWtILFR (V HVWH IDFWRU HO TXH SHUPLWH
TXHVREUHVDOJDGHQWURGHOFDQRQGHODVFLHQFLDVKXPDQDVFRPRXQDWHRUtDGHO
LQFRQVFLHQWH FXOWXUDO \ TXH SXHGD FXPSOLU XQ SDSHO VyOR FRPSDUDEOH DO GHO
SVLFRDQiOLVLV)RXFDXOWWHUPLQDSUHFLVDPHQWH/DVSDODEUDV\ODVFRVDVFRQHVWD
FRQFUHWDFDUDFWHUL]DFLyQGHODVVLPLOLWXGHVPHWRGROyJLFDVHQWUHODHWQRORJtD\HO
SVLFRDQiOLVLV $O ILQDO GH XQD LQYHVWLJDFLyQ TXH KD UHFRQVWUXLGR KLVWyULFDPHQWH
EDMRODIRUPDGHODDUTXHRORJtDODVFRQGLFLRQHVFXOWXUDOHVHSLVWpPLFDVGHORULJHQ
GH ODV FLHQFLDV KXPDQDV SRQH GH PDQLILHVWR KDVWD TXp SXQWR OD H[SHULHQFLD
FLHQWtILFD GH HVWDV GRV GLVFLSOLQDV PDUFD HO SXQWR ILQDO GH OD pSRFD GH HVWDV
FLHQFLDV XQD YH] TXH HOODV KDQ SXHVWR HQ FXHVWLyQ GHVGH ORV GRV IUHQWHV OD
FHUWH]DTXHHOKRPEUHWHQtDDFHUFDGHVtPLVPR
/DHWQRORJtDFRPRHOSVLFRDQiOLVLVQRLQWHUURJDDOKRPEUHPLVPRWDOFRPRSXHGHDSDUHFHU
HQ ODV FLHQFLDV KXPDQDV VLQR D OD UHJLyQ TXH KDFH SRVLEOH HQ JHQHUDO XQ VDEHU VREUH HO
KRPEUH OR PLVPR TXH HO SVLFRDQiOLVLV DWUDYLHVD WRGR HO FDPSR GH HVH VDEHU HQ XQ
PRYLPLHQWRTXHWLHQGHDDOFDQ]DUVXVOtPLWHV>@ODHWQRORJtDDVXYH]SHUPDQHFHGHQWURGH
ODUHODFLyQVLQJXODUTXHODUDWLRRFFLGHQWDOHVWDEOHFHFRQWRGDVODVRWUDVFXOWXUDV\DSDUWLUGH
DOOtGLEXMDORVFRQWRUQRVGHODVUHSUHVHQWDFLRQHVTXHORVKRPEUHVSXHGHQGDUVHGHVtPLVPRV
HQ XQD FLYLOL]DFLyQ GH VX YLGD GH VXV QHFHVLGDGHV GH ODV VLJQLILFDFLRQHV GHSRVLWDGDV HQ HO
OHQJXDMH \ YHU VXUJLU GHWUiV GH HVWDV UHSUHVHQWDFLRQHV ODV QRUPDV D SDUWLU GH ODV FXDOHV ORV
KRPEUHVUHDOL]DQODVIXQFLRQHVGHODYLGDSHURUHFKD]DQGRVXSUHVLyQLQPHGLDWDODVUHJODVD
WUDYpVGHODVFXDOHVH[SHULPHQWDQ\PDQWLHQHQVXVQHFHVLGDGHVORVVLVWHPDVVREUHHOIRQGR
GH ORV FXDOHV OHV HV GDGD FXDOTXLHU VLJQLILFDFLyQ (O SULYLOHJLR GH OD HWQRORJtD \ GHO
SVLFRDQiOLVLV OD UD]yQ GH VX SDUHQWHVFR \ GH VX VLPHWUtD QR GHEHQ EXVFDUVH HQ XQD FLHUWD
SUHRFXSDFLyQ TXH WHQGUtDQ DPEDV SRU SHQHWUDU HQ HO SURIXQGR HQLJPD HQ OD SDUWH PiV
VHFUHWDGHODQDWXUDOH]DKXPDQDGHKHFKRORTXHVHUHIOHMDHQHOHVSDFLRGHVXVGLVFXUVRVHV
DQWHV ELHQ HO D SULRUL KLVWyULFR GH WRGDV ODV FLHQFLDV GHO KRPEUH ODV JUDQGHV FHVXUDV ORV
VXUFRVODVSDUWLFLRQHVTXHHQODHSLVWHPHRFFLGHQWDOKDQGLEXMDGRHOSHUILOGHOKRPEUH\OR
KDQGLVSXHVWRSDUDXQSRVLEOHVDEHU>@

)RXFDXOW HYLGHQWHPHQWH FXDQGR LQWURGXFH DTXt OD LGHD GH XQD HWQRORJtD
HQWHQGLGDFRPRXQDFRQWUDFLHQFLDTXHDOLJXDOTXHHOSVLFRDQiOLVLVVHGLULJH
KDFLDXQVLVWHPDGHUHJODVTXHGHWHUPLQDLQFRQVFLHQWHPHQWHODDFFLyQKXPDQD
\GHHVWHPRGRFXHVWLRQDLQGLUHFWDPHQWHODVLQJHQXDVVHJXULGDGHVQDWXUDOHV
GHODVFLHQFLDVKXPDQDVWLHQHHQPHQWHODDQWURSRORJtDHVWUXFWXUDOGH&ODXGH
/pYL6WUDXVV3XHVIXH/pYL6WUDXVVHQYHUGDGTXLHQHPSH]yDDSOLFDUVREUH

OD LQYHVWLJDFLyQ GH ODV VRFLHGDGHV DUFDLFDV HVH SURFHGLPLHQWR FLHQWtILFR TXH
FRPSUHQGtD LQLFLDOPHQWH ORV IHQyPHQRV HWQROyJLFDPHQWH LQWHUHVDQWHV GHO
FRPSRUWDPLHQWR PDWULPRQLDO R OD QDUUDFLyQ GH PLWRV FRPR IHQyPHQRV HQ
SULPHUWpUPLQROLQJtVWLFRVEDMRODIRUPDGHXQVLVWHPDFHUUDGRGHVLJQRVTXH
OXHJRHQXQVHJXQGRSDVRSRGtDVHUUHGXFLGRDVXVPiVSHTXHxRVHOHPHQWRV
LQIRUPDWLYRV UHVSHFWLYRV \ ILQDOPHQWH WUDV OD UHFRQVWUXFFLyQ GH VXV UHJODV GH
FRPELQDFLyQHVSHFtILFDVH[SXHVWRFRPRXQIUDJPHQWRGHODOyJLFDLQFRQVFLHQWH
VXE\DFHQWHDXQDFXOWXUD>@$TXtQRREVWDQWHORTXHHVWiHQMXHJR\UHVXOWD
GH LQWHUpV SDUD )RXFDXOW QR HV WDQWR OD FDUDFWHUL]DFLyQ PHWRGROyJLFD GH OD
HWQRORJtDFRPRXQDFLHQFLDGHOLQFRQVFLHQWHFXOWXUDOXQDLGHDTXHTXL]iQR
UHVXOWH WDQ REYLD \ TXH KR\ DO PHQRV HQ OD LQWHUSUHWDFLyQ DSRUWDGD SRU /pYL
6WUDXVV UHVXOWD FXHVWLRQDEOH >@ OR UHDOPHQWH VRUSUHQGHQWH GHO DVXQWR UHVLGH
PiVELHQHQHOKHFKRGHTXHQRSHUFLELHQGRDTXtQLQJXQDGLILFXOWDG)RXFDXOW
VHSDUH OD HWQRORJtD GH VX FRQH[LyQ VXVWDQWLYD FRQ ODV FXOWXUDV SULPLWLYDV \ OD
H[SRQJDFRPRXQDFLHQFLDXQLYHUVDOGHOVLVWHPDGHXQDFXOWXUDH[LVWHQWH/D
HWQRORJtD SRU PXFKR TXH VH OD SUHVHQWH DVt \D QR HV VyOR XQD WHRUtD GH ODV
FXOWXUDV VLQ HVFULWXUD HV OD WHRUtD GH ORV SUHVXSXHVWRV LQFRQVFLHQWHV GHO
SHQVDPLHQWR\GHORVVLVWHPDVQRUPDWLYRVGHWRGDSRVLEOHFXOWXUDHQXQVHQWLGR
WDQJHQHUDOTXHLQFOXVRHOSURSLRSUR\HFWRIRXFDXOWLDQRGHXQDUTXHRORJtDGHODV
FLHQFLDV KXPDQDV SDUHFH FDHU EDMR HVWH PRGHOR (VWR SHUPLWH VXSRQHU TXH
)RXFDXOW HQ HO ERVTXHMR PHWRGROyJLFR GH OD HWQRORJtD OR TXH HVWi KDFLHQGR
UHDOPHQWHHVSHUILODUODDXWRFRPSUHQVLyQGHVXSURSLDSUiFWLFDGHLQYHVWLJDFLyQ
3RUWDQWR/DVSDODEUDV\ODVFRVDVYDDFRQFOXLUVLHVWDKLSyWHVLVHVDFHUWDGD
FRQ XQ FDStWXOR TXH SUHVHQWD HO PRGR GH IXQFLRQDPLHQWR GH HVD GLVFLSOLQD
VREUH FX\D EDVH PHWRGROyJLFD HOOD PLVPD RSHUD GHVGH HO FRPLHQ]R FRPR
KLVWRULDGHODFLHQFLD
3RU HOOR VL HO FDStWXOR ILQDO GH /DV SDODEUDV \ ODV FRVDV QR QRV OOHYD D
HQJDxRODWHRUtDVRFLDOIRXFDXOWLDQDVXUJHLQLFLDOPHQWHFRQODDXWRFRPSUHQVLyQ
GHTXHVHWUDWDGHXQDFLHQFLDFRPRODHWQRORJtD$SULPHUDYLVWDHVWRUHVXOWD
SDUDGyMLFRKDELGDFXHQWDGHTXH)RXFDXOWHQVXVWUHVJUDQGHVLQYHVWLJDFLRQHV
GHODGpFDGDGHORVVHVHQWDHOHVWXGLRDFHUFDGH/DKLVWRULDGHODORFXUD
(OQDFLPLHQWRGHODFOtQLFD\/DVSDODEUDV\ODVFRVDV>@ GHVDUUROOD ODV
OtQHDV EiVLFDV GH XQD WHRUtD GH OD PRGHUQLGDG HXURSHD EDMR OD IRUPD GH XQD

UHFRQVWUXFFLyQ KLVWyULFD GH ORV VLVWHPDV GH FRQRFLPLHQWR TXH OD GHWHUPLQDQ
FXOWXUDOPHQWH$KRUDELHQFyPRSXHGHHVWHSHULRGRKLVWyULFRFLHQWtILFRGH
VX WUDEDMR TXH PDUFD HO ILQ GH XQD IDVH RULHQWDGD D OD FUtWLFD OLWHUDULD \ D ORV
WUDEDMRVKLVWyULFRSVLFROyJLFRV>@\TXHVyORPiVWDUGH HQODVLQYHVWLJDFLRQHV
PHWDWHyULFDVGH/DDUTXHRORJtDGHOVDEHU\(ORUGHQGHOGLVFXUVR UHFLEH
XQIXQGDPHQWRPHWRGROyJLFR>@TXHGDUHQJOREDGREDMRHOUyWXORXQLILFDGRUGH
HWQRORJtD VL HVWRV DQiOLVLV SULPHUDPHQWH VH DSOLFDQ D HVDV IRUPDV FXOWXUDOHV
GH RULHQWDFLyQ TXH KDQ GRWDGR GH LQWHJUDFLyQ D ODV VRFLHGDGHV GH OD (XURSD
LOXVWUDGDGHVGHHOILQGHOVLJOR;9,,,"/DWDUHDTXH)RXFDXOWDVLJQDDVXWHRUtDGH
ODVRFLHGDGHQWUDDSULPHUDYLVWDHQFRQWUDGLFFLyQFRQODSURSLDFRPSUHQVLyQ
TXH pO PLVPR WLHQH GH VX SURSLD FLHQFLD HQ pO OD HWQRORJtD QR VyOR DVXPH HO
SDSHOFHQWUDOGHXQDFRQWUDFLHQFLDTXHKDFHWDPEDOHDUODLQYHWHUDGDFRQILDQ]D
LQFRQWHVWDEOHGHODVFLHQFLDVKXPDQDVHQVtPLVPDVVLQRTXHHOODHVDOPLVPR
WLHPSRODGLVFLSOLQDWHyULFDTXHpODSDUHQWHPHQWHDVRFLDFRQVXVLQYHVWLJDFLRQHV
)RXFDXOW SRU WDQWR UHLYLQGLFD SDUD HO DQiOLVLV KLVWyULFRFLHQWtILFR GH OD PLVPD
FXOWXUD D OD FXDO SHUWHQHFH XQD GLVFLSOLQD FX\D FDUDFWHUtVWLFD WHyULFD HVWi
PDUFDGDSRUHOKHFKRGHTXHVHGHVDUUROOyHQORVDQiOLVLVGHODVFXOWXUDVDMHQDV
3DUDH[SRQHUVXREMHWLYRGHGHVDUUROODUXQDWHRUtDGHODVIRUPDVHXURSHDVGH
FRQRFLPLHQWRpOKDFHXVRGHOQRPEUHGHXQDFLHQFLDTXHRULJLQDULDPHQWHVXUJH
HQFRQH[LyQFRQHODQiOLVLVGHODVFLYLOL]DFLRQHVH[WUDHXURSHDV
(VWD SDUDGRMD LQLFLDO GH ORV HVFULWRV IRXFDXOWLDQRV GHVDSDUHFH WDQ SURQWR
DFFHGHPRVDODLGHDILORVyILFRVRFLDOIXQGDPHQWDOTXHHQFLHUWRVHQWLGRJXtDOD
PRWLYDFLyQ ~OWLPD GH VX SULPHU WUDEDMR HQ HOOD YDQ D WRPDU FXHUSR ODV
H[SHULHQFLDVOLWHUDULDVGHODQRYHODSRVWVXUUHDOLVWDFRPRHOGHWHUPLQDQWHPDUFR
FRQFHSWXDO GHO HVWUXFWXUDOLVPR FLHQWtILFRVRFLDO (V OD LQWHQFLyQ GH ORJUDU XQ
GLVWDQFLDPLHQWRRH[WUDxDPLHQWR DUWLILFLDOHVFRQ UHVSHFWRDOD SURSLDFXOWXUD OD
TXHSHUPLWHD)RXFDXOWVHJ~QDILUPDHQXQDFRQYHUVDFLyQFRQ3DROR&DUXVR
GDUDVXVLQYHVWLJDFLRQHVKLVWyULFRFLHQWtILFRVHOUyWXORGHHWQRORJtD
$OJXLHQ SRGUtD GHILQLU HVWH WUDEDMR >HO SURSLR GH )RXFDXOW $ +@ FRPR XQ DQiOLVLV GH ORV
KHFKRV FLYLOL]DWRULRV TXH GHILQHQ QXHVWUD FXOWXUD \ HQ HVD PHGLGD VH WUDWDUtD GH DOJR DVt
FRPRXQDHWQRORJtDGHODFXOWXUDDODTXHSHUWHQHFHPRV<RHQUHDOLGDGLQWHQWRVLWXDUPHDPt
PLVPR IXHUD GH OD FXOWXUD GH OD TXH SHUWHQH]FR FRQ REMHWR GH SRGHU DQDOL]DUOD HQ VXV
FRQGLFLRQHVIRUPDOHVRFRQHOSURSyVLWRSRUDVtGHFLUORGHHMHUFHUVXFUtWLFDSHURQRWDQWR

SDUD GHVDFUHGLWDU VXV YDORUHV FRPR SDUD REVHUYDU FyPR HOORV HQ UHDOLGDG QDFLHURQ
$QDOL]DQGRODVFRQGLFLRQHVGHQXHVWUDUDFLRQDOLGDGSRQJRHQFXHVWLyQQXHVWUROHQJXDMHPL
OHQJXDMHFX\RVRUtJHQHVWUDWRGHDQDOL]DU>@

6L )RXFDXOW GH HVWH PRGR FLIUD OD SHFXOLDULGDG GH VX WUDEDMR GH
LQYHVWLJDFLyQ KLVWyULFD HQ DQDOL]DU ORV FRPSRQHQWHV HOHPHQWDOHV GH VX SURSLD
FXOWXUD RFFLGHQWDO SRU DVt GHFLUOR GHVGH IXHUD UHVXOWD SODXVLEOH HO XVR GHO
QRPEUHGHODGLVFLSOLQDTXHHOLJHSDUDOOHYDUDFDERVXHPSUHVD/DHWQRORJtDHV
DTXHOOD GLVFLSOLQD GHQWUR GH ODV FLHQFLDV VRFLDOHV D OD TXH VL DWHQGHPRV D VXV
RUtJHQHV WHyULFRV FRUUHVSRQGH OD WDUHD GH LQYHVWLJDU SRQLHQGR DO PDUJHQ HO
SURSLR PDUFR GH FRPSUHQVLyQ FDUDFWHUtVWLFR GH XQD FXOWXUD FLHQWtILFD RWUD
FXOWXUD OD GH XQD FLYLOL]DFLyQ DUFDLFD TXH HV H[WUDxD 'DGR TXH OD HWQRORJtD
WLHQH TXH SRGHU OHYDQWDU SXHQWHV HQWUH ODV GLIHUHQFLDV H[LVWHQWHV HQWUH ODV
GLYHUVDVFRQFHSFLRQHVGHODUHDOLGDGHQOL]DSXHGHGHFLUVHTXHODVGLILFXOWDGHV
PHWRGROyJLFDVTXHHVWiQUHODFLRQDGDVFRQHVWHWLSRGHSURFHGLPLHQWRFLHQWtILFR
HVWiQSUHVHQWHVHQODKLVWRULDGHODGLVFLSOLQDGHVGHVXVFRPLHQ]RV6L)RXFDXOW
DTXtKDFHXVRGHODHVSHFLDOSHUVSHFWLYD\YHUWLFDOLGDGHQODTXHODHWQRORJtDVH
SUHVHQWD FRPR FLHQFLD HV SDUD H[SOLFDU OD H[LJHQFLD TXH VH OH DSDUHFH
FRQMXQWDPHQWH FRQ VX SURSLD WHRUtD GH OD VRFLHGDG DVt SXHGH REVHUYDU ORV
KHFKRVFLYLOL]DWRULRVGHODFXOWXUDHXURSHDGHVGHODPLVPDSRVLFLyQH[WHULRU
TXHDGRSWDQHFHVDULDPHQWHODHWQRORJtDDODKRUDGHLQYHVWLJDUODFXOWXUDGHXQD
FLYLOL]DFLyQ KDVWD DKRUD GHVFRQRFLGD )RXFDXOW TXH VL DWHQGHPRV D VX
SURFHGHQFLDWHyULFDVHFRQVLGHUDXQKLVWRULDGRUGHODVFLHQFLDVHQWLHQGHSRUOD
H[SUHVLyQ KHFKRV FLYLOL]DWRULRV VREUH WRGR ORV VLVWHPDV GH VDEHU TXH
GHWHUPLQDQ OD FXOWXUD GH XQD VRFLHGDG VLVWHPDV GH VDEHU FXOWXUDO TXH
GHWHUPLQDQ HO URVWUR GH OD PRGHUQLGDG HXURSHD FRPSUHQGLGRV KLVWyULFDPHQWH
SRUpOFRPRSURGXFWRVGHORVFDPELRVGHOVLJOR;,;6yORHOLQWHQWRGHDQDOL]DU
HVWRVVLVWHPDVGHVDEHUFXOWXUDOGHVGHODSHUVSHFWLYDGHXQREVHUYDGRUH[WHUQR
FRQVWLWX\H OD SDUWLFXODU DSRUWDFLyQ \ HO HVWtPXOR JHQXLQR GH OD WHRUtD GH OD
VRFLHGDGRULJLQDULDGH)RXFDXOW
(O EHQHILFLR WHyULFR TXH )RXFDXOW HVSHUD GH XQ LQWHQWR GH HVWDV
FDUDFWHUtVWLFDVHVIiFLOGHDGLYLQDUORVFRPSRQHQWHVHOHPHQWDOHVGHXQFRQWH[WR
FXOWXUDO GH YLGD KDQ GH SRGHU DSDUHFHU D OD YLVWD GH XQD IRUPD D OD YH]
GHVSUHMXLFLDGD\GHVQXGDSXHVWRTXHVRQSHUFLELGRVGHVGHODSHUVSHFWLYDGH

XQVDEHUH[WUDxR/DSHFXOLDULGDGGHXQDFXOWXUDVHQRVUHYHODSUHFLVDPHQWHHQ
OD PHGLGD HQ TXH QRV VDOLPRV IXHUD GHO PDUFR SHUFHSWLYR FX\D HYLGHQFLD HQ
SULPHUD LQVWDQFLD QRV UHVXOWD QDWXUDO \ DSUHQGHPRV DGRSWDU HO SXQWR GH YLVWD
SRU DVt GHFLUOR GH XQ REVHUYDGRU H[WUDxDGR &RPR HV REYLR FRQ HVWD
H[LJHQFLDGHTXHVXWHRUtDGHODVRFLHGDGDGRSWHXQDSHUVSHFWLYDH[WHUQDFRQ
UHVSHFWRDVXSURSLDFXOWXUD)RXFDXOWWLHQHTXHFDUJDUFRQXQSODQWHDPLHQWRQR
SRFR DUULHVJDGR HQ OR TXH UHVSHFWD DO SHVR GH OD DUJXPHQWDFLyQ WLHQH TXH
SRGHU PRVWUDU FRQFUHWDPHQWH FyPR OD LQYHVWLJDFLyQ VRFLROyJLFD HQ HO
FRQWH[WRGHXQDLQYHVWLJDFLyQGHVXSURSLRFRQWH[WRFXOWXUDOSXHGHVHUFDSD]
GH HVWH WLSR GH H[WUDxDPLHQWR SHUFHSWLYR WRGD YH] TXH HQ VX SURSLD
FRPSUHQVLyQGHODUHDOLGDGHQVXPDUFRFRQFHSWXDO\VXVFRQYLFFLRQHVOyJLFDV
HVWiWDQHVWUHFKDPHQWHOLJDGDDOFRQWH[WRFXOWXUDOTXHpVWHGHEHVHUH[DPLQDGR
(VWD SUHJXQWD VyOR SXHGH HYLWDUVH VL VH DVXPH TXH GHQWUR GH XQD VRFLHGDG
GHWHUPLQDGD OD VRFLRORJtD HQ SULQFLSLR WLHQH TXH UHSURGXFLU ORV UHVXOWDGRV
FLHQWtILFRV TXH OD HWQRORJtD KD GH SURGXFLU FXDQGR VH FRQIURQWD FRQ XQD
VRFLHGDGTXHOHHVGHVFRQRFLGD'HXQDSUHPLVDVHPHMDQWHSDUWHQHVDVWHRUtDV
VRFLROyJLFDVTXHHVWiQFRQYHQFLGDVGHTXHGHQWURGHXQD\PLVPDVRFLHGDG
ORV JUXSRV VRFLDOHV KDQ IRUPDGR LQWHUSUHWDFLRQHV \ PXQGRV FRWLGLDQRV WDQ
GLIHUHQWHV GH OD UHDOLGDG TXH KDQ GH FRQIURQWDUVH HQWUH Vt FRPR VL IXHUDQ
FXOWXUDV H[WUDxDV EDMR HVWD VXSRVLFLyQ WHyULFD TXH GHVGH OXHJR )RXFDXOW QR
FRPSDUWH WLHQH SOHQR VHQWLGR SODQWHDU XQD YtD SUiFWLFD GH LQYHVWLJDFLyQ TXH
UHFLHQWHPHQWHVtKDSURSXHVWRSRUHMHPSORODVRFLRORJtDGHODFXOWXUDLQJOHVD
FRQVXSUR\HFWRGHXQDHWQRJUDItDGHODFXOWXUDGHODVFODVHVVRFLDOHVEDMDV(V
DTXtGRQGHVHSODQWHDDODVRFLRORJtDXQSUREOHPDDQiORJRDOGHODHWQRORJtD\D
TXH VH HQWLHQGH TXH OD LQYHVWLJDFLyQ VRFLROyJLFD TXH VDOH IXHUD GHO KRUL]RQWH
IDPLOLDUGHVXFLHQFLDGHVDUUROODGDHQFXHQWUDWDQH[WUDxDDODVHJXQGDFXOWXUD
GH VX SURSLD VRFLHGDG FRPR OD LQYHVWLJDFLyQ HWQROyJLFD OD FXOWXUD GH XQD
FLYLOL]DFLyQDUFDLFD>@
3DUD )RXFDXOW VLQ HPEDUJR TXH SRU OR JHQHUDO GHMD VLQ DWHQGHU OD
KLSyWHVLVVRFLROyJLFDGHODH[LVWHQFLDGHPXQGRVFXOWXUDOHVGLIHUHQWHVGHQWURGH
XQD PLVPD VRFLHGDG OD LQYHVWLJDFLyQ VRFLROyJLFD QR VLHPSUH DGRSWD
QHFHVDULDPHQWHXQDSHUVSHFWLYDH[WHULRUIUHQWHDORWURiPELWRGHOFRQWH[WRYLWDO
VRFLDO&RPRVHYHUiHOFRQFHSWRWHyULFROLQJtVWLFRGHFXOWXUDGHOTXHpOGH

IRUPD LPSOtFLWD KDFH XVR HQ VXV LQYHVWLJDFLRQHV KLVWyULFRFLHQWtILFDV VH


GHVDUUROODVREUHWRGRFXDQGRVHKDEODGHHSLVWHPHRGHGLVFXUVRGHWDO
IRUPDTXHGHILQHHOPRGHORGHSHQVDPLHQWRTXHGHWHUPLQDDXQDVRFLHGDGHQ
VXWRWDOLGDGGXUDQWHXQSHULRGRHVSHFtILFR'HDTXtVHGHULYDSDUD)RXFDXOWOD
WDUHDGHWHQHUTXHPRVWUDUHQSULPHUOXJDUFyPRHVSRVLEOHTXHVXSURSLDWHRUtD
VRFLDO VHD PHWRGROyJLFDPHQWH FDSD] HQ JHQHUDO GH DGRSWDU XQD SHUVSHFWLYD
H[WUDxD R DMHQD KDFLD VX SURSLD FXOWXUD WRGD YH] TXH HOOD FRPR WRGDV ODV
UHVWDQWHVFLHQFLDVVHHQFXHQWUDGHWHUPLQDGD\OLJDGDHQSULQFLSLRDOPRGHORGH
SHQVDPLHQWRGRPLQDQWHGHVXWLHPSR
6HWUDWDHQUHDOLGDGGHXQSUREOHPDWHyULFDPHQWHGLItFLOGHUHVROYHU$ILQ
GH VHU FDSD] GH GLVWDQFLDUVH GH VX SURSLD FXOWXUD GH WDO IRUPD TXH pVWD
DSDUH]FD H[DFWDPHQWH FRPR XQD FXOWXUD PiV VH QHFHVLWDQ GHWHUPLQDGDV
RSHUDFLRQHV PHWRGROyJLFDV TXH SXHGDQ GHSXUDU SRU FRPSOHWR HO HVSHFtILFR
OHQJXDMH WHyULFR GH WRGDV ODV SRVLEOHV KXHOODV GH HVD IRUPD GH SHQVDPLHQWR
FXOWXUDOPHQWHIRUMDGDTXHHQFLHUWDPHGLGDDVXPHXQFDUiFWHUSUHWHQGLGDPHQWH
QHXWUDO)RXFDXOWSRUORWDQWRSXHGHFRQWRGRGHUHFKRUHFODPDUSDUDVXWHRUtD
VRFLDOODSHUVSHFWLYDGHXQREVHUYDGRUTXHKDOOHJDGRDH[WUDxDUVHGHVXSURSLD
FXOWXUDVyORVLpOHVFDSD]GHSRQHUGHPDQLILHVWRFyPRSXHGHSDXODWLQDPHQWH
OLEHUDUVHDVtPLVPRGHOFRQWH[WRWUDGLFLRQDOGHVXFXOWXUDFLHQWtILFD\SRUWDQWR
DGRSWDUXQDSRVLFLyQQHXWUDOUHVSHFWRDHOOD(VWHDUULHVJDGRPRYLPLHQWRQRVGD
XQD SLVWD SDUD UHFRQRFHU FXiO HV HQ WpUPLQRV PHWRGROyJLFRV OD LGHD
FRQGXFWRUD \ HO Q~FOHR ILORVyILFRVRFLDO GHO SODQWHDPLHQWR RULJLQDULR
IRXFDXOWLDQR SRU PHGLR GH XQ DFWR GH DXWRGHSXUDFLyQ FRQFHSWXDO OD WHRUtD
VRFLDO WLHQH DTXt TXH OLEHUDUVH D Vt PLVPD GH WRGR PRGHOR GH SHQVDPLHQWR
SURSLRGHODFXOWXUDTXHKDGHLQYHVWLJDUVHDILQGHSRGHUORJUDUFRQUHVSHFWRD
HOOD OD SHUVSHFWLYD GLVWDQFLDGD SURSLD GH OD HWQRORJtD 'HVGH HVWD SRVLFLyQ
SXHGHFRPSUHQGHUVHFXiOHVODIXQFLyQHVSHFtILFDTXHDVXPHSDUD)RXFDXOWOD
FUtWLFDGHODWUDGLFLyQGHODILORVRItDUHIOH[LYDDVtFRPRSXHGHWDPELpQDGYHUWLUVH
HO VLQJXODU YDORU TXH YD D RFXSDU HQ VX SHQVDPLHQWR VX DGRSFLyQ GH ORV
SUHVXSXHVWRVEiVLFRVGHOHVWUXFWXUDOLVPR
3XHGHTXHHOHVWtPXORSDUDGHVDUUROODUODLGHDGHXQDHWQRORJtDGHODSURSLD
FXOWXUD)RXFDXOWOROOHJDUDDUHFLELURULJLQDULDPHQWHGHVXUHODFLyQFRQORVWH[WRV
OLWHUDULRV(QXQFRQRFLGRHQVD\RTXHYHUVDVREUHORVPRWLYRVFHQWUDOHVGHODV

QRYHODVGH0DXULFH%ODQFKRWpOPLVPRVLQWHWL]DHQODH[SUHVLyQSHQVDPLHQWR
GHO DIXHUD ORV FRQWHQLGRV H[SHULPHQWDOHV TXH KDQ GHVHPERFDGR HQ HO
YDQJXDUGLVPROLWHUDULRIUDQFpV>@HVWHSHQVDPLHQWRTXHVHPDQWLHQHIXHUDGH
WRGDVXEMHWLYLGDGSDUDKDFHUVXUJLUFRPRGHOH[WHULRUVXVOtPLWHVHQXQFLDUVXILQ
KDFHU EULOODU VX GLVSHUVLyQ \ QR REWHQHU PiV TXH VX LUUHIXWDEOH DXVHQFLD >@
>@ )RXFDXOW WLHQH DTXt HQ PHQWH D HVFULWRUHV FRPR $QWRQLQ $UWDXG 3LHUUH
.ORVVRZVNLRHOPLVPR0DXULFH%ODQFKRWFXDQGRKDEODGHXQDGHVDSDULFLyQ
GHOVXMHWRHQODOLWHUDWXUDIUDQFHVDDHVWDGHVFULSFLyQHVWpWLFDPHQWHH[WUDxDGD
GHXQPXQGRHQHOTXHHOVXMHWRKXPDQRHVVRPHWLGRDODXWRPDWLVPRVH[XDOGH
VX FXHUSR ODV VLOHQWHV OH\HV GH VX OHQJXDMH R D OD DQyQLPD VHFXHQFLD GH ORV
DFRQWHFLPLHQWRVGLDULRVFRUUHVSRQGHHQHOSRVLWLYLVPRDUWLILFLRVRGHOQRYHDX
URPDQODLPDJHQGHXQDVRFLHGDGHQODTXHORVKRPEUHVVHHQFXHQWUDQFRPR
VLIXHUDQVHUHVVLQVHQVLELOLGDGDHVWDFRUULHQWHOLWHUDULDIUDQFHVDGHSRVJXHUUD
)RXFDXOW WDPELpQ OH GHGLFDUi XQ DUWtFXOR SRQLHQGR DVt GH PDQLILHVWR XQD
WHQWDWLYD FRPSDUDEOH GH H[WHULRUL]DFLyQ OLWHUDULD GH OD UHDOLGDG HQ XQ SURFHVR
HYHQWXDOOLEHUDGR\DGHXQDH[SHULHQFLDVXEMHWLYDGHVHQWLGR>@)RXFDXOWSRU
WDQWR WUDWD GH HQWHQGHU DPEDV WHQGHQFLDV OLWHUDULDV FRPR WHVWLPRQLRV GH XQ
H[WUDxDPLHQWR HVWpWLFR HQ HO TXH ODV DFFLRQHV VH GHVSOD]DQ GHO KRUL]RQWH GH
VHQWLGR GHO VXMHWR D OD REMHWLYLGDG GH XQD VHULH GH KHFKRV SULYDGRV GH
VLJQLILFDFLyQ&XDOTXLHUFRUWHGHQWURGHXQFRQWH[WRGHDFFLyQVRFLDOHPHUJHD
ODYLVWDFRPRXQKHFKRGHVQXGRTXHQRHV\DVXVFHSWLEOHGHUHFLELU\DQLQJXQD
LQWHUSUHWDFLyQ \ SRU OR WDQWR WDPELpQ FRPR REVHUYDGR GHVGH OD SHUVSHFWLYD
GH XQ REVHUYDGRU HQ DEVROXWR IDPLOLDUL]DGR FRQ XQ KRUL]RQWH GH VHQWLGR
SUHYLDPHQWHDFHSWDGR
&LHUWR HV TXH OD YDQJXDUGLD SRVWVXUUHDOLVWD DSHQDV SRGtD HIHFWLYDPHQWH
SURSRUFLRQDU D )RXFDXOW DOJR PiV TXH XQ SULPHU LPSXOVR KDFLD OD LGHD GH XQ
GLVWDQFLDPLHQWRPHWRGROyJLFDPHQWHFRQVFLHQWHFRQUHVSHFWRDODSURSLDFXOWXUD
VLQHPEDUJRDWRGDVOXFHVHOODLQGLFDEDODGLUHFFLyQKDFLDODTXHpORULHQWyVX
WHQWDWLYD GH QHXWUDOL]DFLyQ FRQFHSWXDO FLHQWtILFD SDUD TXH VX WHRUtD GH OD
VRFLHGDGSXGLHUDDGRSWDUXQDSHUVSHFWLYDH[WHULRUPiVDOOiGHODSURSLDFXOWXUD
<HVTXH)RXFDXOWSHUFLEHHQHVDDSHUWXUDGHXQOHQJXDMHHQHOTXHHOVXMHWR
HVWi H[FOXLGR >@ HO SXQWR GH FRQYHUJHQFLD VXEWHUUiQHR FRQ HVRV
H[SHULPHQWRVOLWHUDULRVTXHKDEtDQVLGRHPSUHQGLGRVSRU%ODQFKRW.ORVVRZVNL

R5REEH*ULOOHWHQVXREUDQRYHOtVWLFDMXVWRSRUHOKHFKRGHTXHDTXtHQFLHUWD
PHGLGD ODV ILJXUDV OLQJtVWLFDV VH FRQYLHUWHQ HQ HOHPHQWRV DFWLYRV SLHUGH HO
LQGLYLGXRKXPDQRODSRVLFLyQGHSULYLOHJLRGHODTXHGLVSRQtDKDVWDDKRUDFRPR
VXMHWR GHWHUPLQDQWH GH OD DFFLyQ SDUD FRQYHUWLUVH HQ HO REMHWR GH XQ KHFKR
OLQJtVWLFRTXHOHGHVERUGD(VGHFLUHOKRPEUHGHMDGHVHUHOFHQWURH[LVWHQFLDO
GHXQFXUVRGHDFFLyQFRQHOTXHWRSD\WHUPLQDGRPLQDQGRSDUDFRQYHUWLUVH
PiV ELHQ HQ DOJXLHQ GHVERUGDGR FDVXDOPHQWH \ DUURMDGR D XQD FDGHQD GH
DFRQWHFLPLHQWRV VLQ VHQWLGR SURGXFLGD SRU ODV UHJODV GHO OHQJXDMH eVWH HV HO
FRQVHFXHQWH DXQTXH QR GHO WRGR FODUR GHVDUUROOR TXH SXHGH VHUYLU SDUD
VLQWHWL]DU ODV LQWHUSUHWDFLRQHV WHyULFROLWHUDULDV GH )RXFDXOW eO GH DOJ~Q PRGR
LQWHQWDUiSUHFLVDUORHQHOWHUUHQRILORVyILFRVRFLDO\KDFHUORIUXFWtIHURGHQWURGH
VXREMHWLYRGHFUHDUXQDWHRUtDGHODVRFLHGDGRULHQWDGDHWQROyJLFDPHQWHFRQOD
FRPSUHQVLyQ HQ HIHFWR GH TXH ORV PLVPRV VXMHWRV LQGLYLGXDOHV HVWiQ
VXERUGLQDGRV D UHJODV OLQJtVWLFDV TXH HVWiQ SRU HQFLPD GH HOORV pO
DSDUHQWHPHQWHWUDWDGHDFFHGHUDODFODYHTXHOHSHUPLWDSRGHUSHUFLELUGHVGH
ODH[WUDxH]DHOFRQWH[WRFXOWXUDOHXURSHR
)RXFDXOWWRPDLQGLUHFWDPHQWHGHVXHVWXGLRGHODOLWHUDWXUDQRYHOtVWLFDXQD
LQGLFDFLyQ DFHUFD GH OD IRUPD GH SHQVDPLHQWR TXH KD PDUFDGR OD
DXWRFRPSUHQVLyQ GH OD PRGHUQLGDG HXURSHD PRGHOR IXQGDPHQWDO SRU WDQWR
GH HVH FRQWH[WR FXOWXUDO GHO TXH VX SURSLD WHRUtD GH OD VRFLHGDG WUDWD GH
GHVPDUFDUVH\GLVWDQFLDUVHPHWRGROyJLFDPHQWH&XDQGRORVH[SHULPHQWRVGHOD
YDQJXDUGLDOLWHUDULDDSXQWDQFRPRUDVJRFRP~QDODSUHVDPLHQWRGHOVXMHWRHQ
XQDFRQWHFHUHVWpWLFRTXHYDPXFKRPiVDOOiGHOKRUL]RQWHGHVHQWLGRLQGLYLGXDO
WLHQH OXJDU MXVWR OR FRQWUDULR GH XQ FRQWHQLGR GH FRQFLHQFLD WDO FRPR VH
HQWLHQGH HV GHFLU DOJR GLVWLQWR GH OD VXSRVLFLyQ GH TXH H[LVWH XQ SRGHURVR
VXMHWRGHODDFFLyQHOFHQWURQHUYLRVRGHOPRGHORGHSHQVDPLHQWRGHODFXOWXUD
GRPLQDQWHDTXtXQRKDGHJDQDUWHyULFDPHQWHGLVWDQFLDUHVSHFWRDHVWDFXOWXUD
SDUD SRGHU GHVDUUROODU XQ DQiOLVLV GH OD VRFLHGDG HQ XQD SRVLFLyQ H[WHUQD
FRPSDUDEOH D OD GH OD OLWHUDWXUD (VWD OtQHD GH DUJXPHQWDFLyQ UHYHOD \D
EiVLFDPHQWHHOSXQWRGHSDUWLGD\ODVROXFLyQGHODRSHUDFLyQPHWRGROyJLFDSRU
PHGLR GH OD FXDO )RXFDXOW LQWHQWD GHVPDUFDU D VX WHRUtD VRFLDO GHO KRUL]RQWH
FRQFHSWXDO GH VX SURSLD FXOWXUD \ GHVSOD]DUOD D OD SRVLFLyQ SURSLD GH XQ
REVHUYDGRU H[WUDxDGR (O SXQWR GH SDUWLGD GH HVWD RSHUDFLyQ PHWRGROyJLFD

GHVFDQVDHQODGHVFULSFLyQ\FUtWLFDGHOFRQFHSWRGHVXMHWRTXHKDGRPLQDGROD
WUDGLFLyQ GHO SHQVDPLHQWR HXURSHR XQD FRQFHSFLyQ VHJ~Q OD FXDO HO LQGLYLGXR
KXPDQR REWLHQH VX FDUDFWHUtVWLFD PiV SURSLD HQ YLUWXG GHO KHFKR GH TXH VH
FRQRFH D Vt PLVPR HQ OD REMHWLYDFLyQ GH VX DFFLyQ \ TXH DO PLVPR WLHPSR
SXHGH UHJUHVDU D Vt PLVPR UHIOH[LRQDQGR VREUH GLFKDV REMHWLYDFLRQHV (VWH
PRGHOR WHyULFR GH OD ILORVRItD GH OD UHIOH[LyQ HV HO TXH )RXFDXOW H[SORUD
VLJXLHQGRVXVRUtJHQHVKLVWyULFRVHQHOWUiQVLWRTXHYDGHOVLJOR;9,,,DO;,;HQHO
LPSRUWDQWH FDStWXOR QRYHQR GH /DV SDODEUDV \ ODV FRVDV \ HQ OD WDPELpQ
UHOHYDQWH LQWURGXFFLyQ D OD $UTXHRORJtD GHO VDEHU GRQGH pO LQYHVWLJD VXV
LPSOLFDFLRQHV SDUD OD WHRUtD GH OD KLVWRULD (V DTXt GRQGH HO SULPHU SDVR GHO
SUR\HFWRGHXQDQHXWUDOL]DFLyQPHWRGROyJLFDGHODWHRUtDVRFLDODVXPHODIRUPD
GH XQD FUtWLFD GH OD ILORVRItD WUDGLFLRQDO GH OD KLVWRULD (Q OXJDU GH pVWD SRU
FRQVLJXLHQWHDSDUHFHDKRUDXQDSDUDWRLQVWUXPHQWDOFLHQWtILFRVRFLDOTXHVHKD
GHVHPEDUD]DGR\DGHWRGDVODVLPSXUH]DVFRQFHSWXDOHVGHODWUDGLFLyQWHyULFD
GHODILORVRItDGHODUHIOH[LyQVHUiHQVX$UTXHRORJtDGHOVDEHUGRQGH)RXFDXOW
GHVDUUROOH VX SODQ GH ERVTXHMDU HO PDUFR FRQFHSWXDO GH HVWD UHODWLYD
QHXWUDOL]DFLyQ GH OD WHRUtD VRFLDO SRU PHGLR GH XQD FRPSOHMD DUJXPHQWDFLyQ
/OHJDGRVDTXtHOVHJXQGRSDVRHQHOSUR\HFWRGHXQDQHXWUDOL]DFLyQGHODWHRUtD
VRFLDOSDVDSRUODFRQVWUXFFLyQGHXQQXHYRGLVFXUVRWHyULFR)RXFDXOWGHHVWD
IRUPDVHGHMDJXLDUSRUODVFRUULHQWHVHVWUXFWXUDOLVWDVGHODVFLHQFLDVVRFLDOHVH
KLVWyULFDV SDUD SRGHU GHVDUUROODU XQ VLVWHPD GH FRQFHSWRV EiVLFRV TXH RSHUD
VLQQLQJXQDUHIHUHQFLDDODVDFWLYLGDGHVGHXQVXMHWRFRQVFLHQWH\SRUORWDQWR
HV FDSD] GH HQIUHQWDUVH D OD WUDGLFLyQ HXURSHD GH SHQVDPLHQWR FRPR DOJR
H[WUDxRRDMHQR
)RXFDXOWH[SOLFDLQLFLDOPHQWHODSHFXOLDULGDGWHyULFDGHOFRQFHSWRGHVXMHWR
SURSLR GH OD ILORVRItD GH OD UHIOH[LyQ VyOR GHVGH HO iPELWR GH OD KLVWRULD GH OD
FLHQFLD(QODLQYHVWLJDFLyQGHVDUUROODGDHQ/DVSDODEUDV\ODVFRVDV>@GDWD
DILQDOHVGHOVLJOR;9,,,HOQDFLPLHQWRGHHVD0RGHUQLGDGHXURSHDTXHVHJ~QpO
KD SURGXFLGR OD IRUPD GH SHQVDPLHQWR UHSUHVHQWDGD HQ OD ILORVRItD GHO VXMHWR
6XKLSyWHVLVHVODVLJXLHQWHHQHOXPEUDOGHOVLJOR ;,;HOPXQGRFOiVLFRGHOD
UHSUHVHQWDFLyQ HQ HVH PRPHQWR FRQYHQFLGR GH TXH OD UHDOLGDG HVWDED
FRQVWLWXLGD VLPEyOLFDPHQWH HPSH]y D GHVPRURQDUVH XQD YH] TXH ODV FLHQFLDV
HQFRQWUDURQ XQ GRPLQLR IHQRPpQLFR SHFXOLDU HVWR HV XQD UHDOLGDG QR

UHGXFLEOHDVXIXQFLyQGHVLJQRHQODQDWXUDOH]DRUJiQLFD\HQHOPXQGRVRFLDO
\ HO KRPEUH VH GHVSOD]y LQPHGLDWDPHQWH DO FHQWUR FXOWXUDO GHO HVSDFLR
FRJQLWLYR (Q OD 0RGHUQLGDG HXURSHD pVWH DVXPLUi GH DKRUD HQ DGHODQWH OD
IXQFLyQHSLVWHPROyJLFDFODYHTXHHQHOPRGHORFOiVLFRGHSHQVDPLHQWRWHQtDTXH
RFXSDU HO OHQJXDMH TXH UHSUHVHQWDED OD ~QLFD LQVWDQFLD GH PHGLDFLyQ SRVLEOH
HQWUH XQ VLVWHPD GH VLJQRV FDSD] GH DEDUFDUOR WRGR \ XQD UHDOLGDG
DXWRVXEVLVWHQWH(QVXOXJDUSXHGHHQWUDUHQHVFHQDDKRUDHOLQGLYLGXRKXPDQR
SRU Vt PLVPR SRUTXH FRPR FRQVHFXHQFLD GH XQD WUDQVIRUPDFLyQ WRWDO GHO
VLVWHPDGHVDEHUpVWHSRUYH]SULPHUDVHFRQYLHUWHHQSDUWHFRQVWLWXWLYDQRVyOR
GHO ODGR VXEMHWLYR VLQR WDPELpQ GHO REMHWLYR GHO FRQRFLPLHQWR HV GHFLU SDUD
VHUPiVH[DFWRVHQFRQGLFLyQWUDQVFHQGHQWDOGHSRVLELOLGDGGHXQFRQRFLPLHQWR
RULHQWDGRDVXYH]DOKRPEUHHPStULFR\VXPXQGR
)RXFDXOWDOOOHJDUDTXtQRGLVWLQJXHHQWUHODVYDULDVYHUVLRQHVGLVSRQLEOHVGH
OD ILORVRItD PRGHUQD GHO VXMHWR PiV GH OR TXH KLFLHURQ RWURV HVWUXFWXUDOLVWDV
SDUDpOOR~QLFDPHQWHGHFLVLYRHVTXHEDMRORVSUHVXSXHVWRVRQWROyJLFRVGHOD
FRVPRYLVLyQ TXH DFDED GH HPHUJHU HO KRPEUH HV FRPSUHQGLGR DO PLVPR
WLHPSRFRPRXQHOHPHQWRVXVWDQFLDOGHORUGHQQDWXUDO\FRPRVXMHWRDFWLYRGHO
RUGHQ HSLVWHPROyJLFR HQ HVD MXVWD PHGLGD HV HO SXQWR GH LQWHUVHFFLyQ GH
DPEDVGLPHQVLRQHV\SRUHQGHHOSXQWRFHQWUDOGHOPXQGRFDSD]GHFRQRFHUVH
DVtPLVPR3RUFRQWUDVWHODFRVPRYLVLyQRHSuVWHPHFRPRGLFH)RXFDXOW
FOiVLFDFRQVLGHUDDOVHUKXPDQRFLHUWDPHQWHFRPRXQVHUVLPEyOLFDPHQWH
GRWDGRSHURQRFRPRXQDPDJQLWXGSDUFLDOGHXQRUGHQQDWXUDOLQWHUQDPHQWH
HVWDEOH 'H WDO IRUPD EDMR VXV SUHVXSXHVWRV RQWROyJLFRV QR FDEH SHQVDU HQ
WpUPLQRV FDWHJRULDOHV HQ XQD SRVLFLyQ HVSHFLDO R LPSHULDO GHO KRPEUH
SRVLELOLGDGHV TXH VXUJHQ DKRUD DO SHUFLELUVH pO EDMR OD IRUPD GH VREHUDQR
VRPHWLGRXREVHUYDGRUREVHUYDGR
/RVWHPDVPRGHUQRVGHXQLQGLYLGXRTXHYLYHKDEOD\WUDEDMDGHDFXHUGRFRQODVOH\HVGH
XQDHFRQRPtDGHXQDILORORJtD\GHXQDELRORJtDSHURTXHSRUXQDHVSHFLHGHWRUVLyQLQWHUQD
\ GH UHFXEULPLHQWR KDEUtD UHFLELGR SRU HO MXHJR GH HVWDV OH\HV PLVPDV HO GHUHFKR GH
FRQRFHUODV \ GH VDFDUODV SRU FRPSOHWR D OX] WRGRV HVWRV WHPDV IDPLOLDUHV SDUD QRVRWURV \
OLJDGRVDODH[LVWHQFLDGHODVFLHQFLDVKXPDQDVHVWiQH[FOXLGRVGHOSHQVDPLHQWRFOiVLFRHQ
DTXHOWLHPSRQRHUDSRVLEOHTXHVHDO]DUDHQHOOtPLWHGHOPXQGRHVWDHVWDWXUDH[WUDxDGHXQ
VHU FX\D QDWXUDOH]D OD TXH OR GHWHUPLQD OR VRVWLHQH \ OR DWUDYLHVD GHVGH HO IRQGR GH ORV
WLHPSRV VHUtDHOFRQRFHUODQDWXUDOH]D\DVtPLVPRHQFXDQWRVHUQDWXUDO>@

(QHOVLVWHPDGHOVDEHUGHOD0RGHUQLGDGHXURSHDHOKRPEUHDVXPHDVtHO
GREOH SDSHO GH VXMHWR \ REMHWR GH FRQRFLPLHQWR WRGD YH] TXH pO VH SXHGH
SHUFLELU D Vt PLVPR FRPR SDUWH GH HVD UHDOLGDG QDWXUDO D OD TXH VH GLULJH HQ
WpUPLQRV FRJQRVFLWLYRV 'H DKt TXH D SDUWLU GH DKRUD HVRV GRPLQLRV GH
UHDOLGDG WDOHV FRPR ORV GH OD ULTXH]D HFRQyPLFD R ODV IRUPDV FXOWXUDOHV
OLQJtVWLFDV TXH KDVWD OD IHFKD VyOR SRGtDQ KDEHU VLGR WRPDGRV HQ VHULR HQ
FDOLGDGGHVLJQRVDSDUH]FDQDKRUDFRPRIRUPDVKLVWyULFDVGHH[LVWHQFLDGHORV
VHUHVKXPDQRVHVHQHVWHPRPHQWRFXDQGRHOPXQGRVHGHVFRPSRQHHQWDQWDV
GLPHQVLRQHV FRPR IXQFLRQHV VXVFHSWLEOHV GH FXPSOLPHQWDU H[LVWHQ SDUD OD
DXWRUUHDOL]DFLyQKXPDQD+HDTXtODLGHDIXQGDPHQWDOGHODVFLHQFLDVKXPDQDV
ODMXVWLILFDFLyQWHyULFRHSLVWHPROyJLFDGHHVWDVFLHQFLDVSURYLHQHGHOKHFKRGH
TXH UHSUHVHQWDQ HVRV LQVWUXPHQWRV GH OD DFWLYLGDG LQYHVWLJDGRUD KLVWyULFR
HPStULFDDWUDYpVGHODFXDOORVVHUHVKXPDQRVGHVFXEUHQODVUHJXODULGDGHVGH
VXSURSLRPRGRGHH[LVWHQFLD(QHOPDUFRGHDUJXPHQWDFLyQGH/DVSDODEUDV
\ODVFRVDVFDEHREVHUYDUHQXQSULPHUSODQRHODQiOLVLVGHODVFRQVHFXHQFLDV
FLHQWtILFDV LQWHUQDV GHULYDGDV GHO FRUWH HSLVWHPROyJLFR H[LVWHQWH HQWUH OD
HSLVWHPH FOiVLFD \ OD PRGHUQD )RXFDXOW VH LQWHUHVD VREUH WRGR SRU OD
GLVSHUVLyQ GH ODV LGHDV EiVLFDV GH OD ILORVRItD GHO VXMHWR HQWUH ODV GLIHUHQWHV
UDPDV FLHQWtILFDV VXUJLGDV DO PLVPR WLHPSR TXH HO QXHYR VLVWHPD GH
SHQVDPLHQWRGHDKtTXHVXUHFRQVWUXFFLyQKLVWyULFDGHOVLVWHPDGHVDEHUGHOD
0RGHUQLGDGHXURSHDVHDHQSULPHUWpUPLQRXQDQiOLVLVGHVFULSWLYRGHODSDUDWR
DUTXLWHFWyQLFR LQWHUQR GH HVDV GLVFLSOLQDV FLHQWtILFDV TXH FRQ HO LPSXOVR
FRJQLWLYR GHO QXHYR FRQFHSWR GH VXMHWR IXHURQ FDSDFHV GH HPHUJHU GHVGH HO
FRPLHQ]RGHOVLJOR;,;
&LHUWDPHQWHHQODH[SRVLFLyQGHVXFODVLILFDFLyQGHODVFLHQFLDVKXPDQDV
FODVLILFDFLyQTXHQRHVFXHVWLRQDGDHQQLQJ~QPRPHQWRGLFKRVHDGHSDVR>@
)RXFDXOWQRGHMDGHOODPDUODDWHQFLyQVREUHDOJXQRVSUREOHPDVLQWHUQRVD
VX SODQWHDPLHQWR eO PLVPR GHVFXEUH ODV FRPSOLFDFLRQHV IXQGDPHQWDOHV
GHULYDGDVGHODVQXHYDVGLVFLSOLQDVGHLQYHVWLJDFLyQDSDUWLUGHOKHFKRGHTXH
HOODV HQ OD SURJUHVLYD DXWRUUHIOH[LyQ GHO VXMHWR QR VyOR HQFXHQWUDQ ORV
SUHVXSXHVWRVGHODH[LVWHQFLDKXPDQDTXHVRQLQGHSHQGLHQWHVGHODFRQFLHQFLD
VLQR WDPELpQ ]RQDV GH GHVSOLHJXH GH OD DFFLyQ LQGLYLGXDO TXH HVWiQ XELFDGDV
PiVDOOiGHODFRQFLHQFLD$KRUDELHQHQODPHGLGDHQTXH)RXFDXOWQRLQWHQWD

H[SOLFDUODGLVROXFLyQKLVWyULFDGHODYLVLyQGHPXQGRSUHYLDPHQWHHVWDEOHFLGDD
OD OX] GH ORV SUREOHPDV LQPDQHQWHV VXUJLGRV HQ HO GHVDUUROOR GH OD FLHQFLD
WDPSRFR QHFHVLWD SUHJXQWDUVH GLUHFWDPHQWH SRU OD YDOLGH] WHyULFD LQWHUQD GHO
PRGHOR FRQFHSWXDO VXE\DFHQWH D OD ILORVRItD GH OD UHIOH[LyQ &RQ HO WLSR GH
KLVWRULDGHODVFLHQFLDVTXHVHHQFXHQWUDDODEDVHGHVXLQYHVWLJDFLyQGH/DV
SDODEUDV\ODVFRVDV)RXFDXOWVyORDVSLUDDUHDOL]DUXQDQiOLVLVGHVFULSWLYR\OR
TXH KD\ TXH GHVFULELU VRQ HVDV IDVHV GLVFRQWLQXDV HQ ODV TXH HO PRGHOR GH
SHQVDPLHQWR GHWHUPLQDQWH HQ XQD pSRFD VH GLVXHOYH HQ XQ QXHYR PRGHOR GH
SHQVDPLHQWR UHYROXFLRQDULR TXH QR SXHGH D VX YH] VHU H[SOLFDGR GHVGH OD
FRQVWHODFLyQ LQWHUQD GH SUREOHPDV LQPDQHQWH DO GHVDUUROOR GH XQD FLHQFLD GH
HVWD IRUPD ODV GLYHUVDV FLHQFLDV GH XQD pSRFD HPHUJHQ FRPR HOHPHQWRV
GHSHQGLHQWHV GH XQ ~QLFR PRGR GH SHQVDPLHQWR TXH HV HQ Vt PLVPR
GHSHQGLHQWH GH XQ Q~PHUR OLPLWDGR GH GHFLVLRQHV FRQFHSWXDOHV SUHOLPLQDUHV
DFHUFDGHODFRQGLFLyQGHODUHDOLGDG(VHVWDLGHDIXQGDPHQWDOODTXHSHUPLWH
FRPSDUDU HO WUDEDMR KLVWyULFRFLHQWtILFR GHO SULPHU )RXFDXOW FRQ OD
DXWRUUHIOH[LyQ DQDOtWLFD WHyULFRFLHQWtILFD OOHYDGD D FDER SRU HO WUDEDMR GH
7KRPDV .XKQ VREUH OD QRFLyQ GH SDUDGLJPD XQ SODQWHDPLHQWR SRU RWUR
ODGR TXH UHYHOD SDUDOHOLVPRV FRQ HVDV FRUULHQWHV TXH GDQ XQD UHVSXHVWD
HVFpSWLFDDODSUHJXQWDSRUODSRVLELOLGDGGHXQSURJUHVRFLHQWtILFRSDUWLHQGRGH
ODHYLGHQFLDKLVWyULFDGHODH[LVWHQFLDGHGLIHUHQWHVHVWLORVGHUDFLRQDOLGDG3RU
WRGRHOORQRUHVXOWDH[WUDxRTXHODDILQLGDGH[LVWHQWHHQWUHORVSXQWRVGHSDUWLGD
GH )RXFDXOW \ .XKQ KD\D VLGR VHxDODGD PX\ SURQWR SRU DXWRUHV FRPR -HDQ
3LDJHW>@GHOPLVPRPRGRTXHODUHOHYDQFLDGHODGHVFULSFLyQKLVWyULFDGHODV
FLHQFLDVIRXFDXOWLDQDSDUDHOGHVDUUROORKLVWRULRJUiILFRGHODWHRUtDDQDOtWLFDGHOD
FLHQFLD KD\D VLGR WRPDGD HQ FXHQWD HQWUHWDQWR SRU DOJXQRV GH VXV
UHSUHVHQWDQWHV>@
$KRUDELHQWRGDSRVLFLyQUHODWLYLVWDRKLVWRULFLVWDHQHOFDPSRGHODKLVWRULD
GHODVFLHQFLDVQRSXHGHHYLWDUFRQWHVWDUDODSUHJXQWDDFHUFDGHTXpWLSRGH
UDFLRQDOLGDGFLHQWtILFDVHHVWiXVDQGRSDUDDQDOL]DU\FODVLILFDUORVGLYHUVRVWLSRV
GH UDFLRQDOLGDG FLHQWtILFD )RXFDXOW HVWi REOLJDGR D DEDQGRQDU HO PDUFR
GHVFULSWLYRGHVXWHRUtDVLTXLHUHSRGHUGDUXQDUHVSXHVWDDHVWDSUHJXQWDHV
HVWRORTXHVXFHGHWUHVDxRVGHVSXpVGHODSXEOLFDFLyQGH/DVSDODEUDV\ODV
FRVDVFRQFUHWDPHQWHHQFRQODLQYHVWLJDFLyQH[SXHVWDHQ$UTXHRORJtD

GHOVDEHU /D OtQHD GH UD]RQDPLHQWR GH HVWD REUD WLHQH TXH YHU GLUHFWDPHQWH
FRQODMXVWLILFDFLyQPHWRGROyJLFDGHOPRGRGHSURFHGHULPSOtFLWDPHQWHXWLOL]DGR
HQ ODV LQYHVWLJDFLRQHV KLVWyULFDV DFHUFD GH OD KLVWRULD GHO VDEHU HXURSHR
LQGLUHFWDPHQWH HVWD FRPSOHMD REUD UHSUHVHQWD HO LQWHQWR HQ HO SODQR GH OD
ILORVRItD VRFLDO GH GHSXUDU ODV FDWHJRUtDV \ FRQFHSWRV XWLOL]DGRV HQ WRGDV ODV
GLPHQVLRQHVUHIHUHQWHVDODILORVRItDGHOVXMHWR\HQHVDPHGLGDFUHDUHOPDUFR
PHWRGROyJLFRSDUDXQDQiOLVLVHWQROyJLFRGHODSURSLDFXOWXUD
)RXFDXOW QR SXHGH SRU PiV WLHPSR HYLWDU OD FRQIURQWDFLyQ FRQ RWUDV
SRVLFLRQHV WHyULFDV ULYDOHV \ SRU WDQWR HQ WpUPLQRV JHQHUDOHV XQD HYDOXDFLyQ
UDFLRQDODFHUFDGHOPRGHORUHIOH[LYRFXOWXUDOPHQWHSUHGRPLQDQWHSRUTXHGHQR
KDFHUORDSHQDVSRGUtDMXVWLILFDUHQWpUPLQRVWHyULFRFLHQWtILFRVHOPpWRGRGHVX
SURSLDFRQFHSFLyQ3RUFRQVLJXLHQWHpODEUHDTXtXQDGLVFXVLyQPHWRGROyJLFD
FRQXQDEUHYHFUtWLFDDOFRQFHSWRGHVXMHWRGHODILORVRItDGHODUHIOH[LyQTXHHQ
PXFKRVDVSHFWRVUHFXHUGDORVDUJXPHQWRVXWLOL]DGRV\GHVDUUROODGRVSRU/RXLV
$OWKXVVHU SULPHUR HQ OD FROHFFLyQ GH HQVD\RV WLWXODGD 3RXU 0DU[ \ PiV
WDUGH HQ FRODERUDFLyQ FRQ (WLHQQH %DOLEDU HQ /LUH OH &DSLWDO >@ 3DUD
)RXFDXOWGHOPLVPRPRGRTXHWDPELpQSDUD$OWKXVVHUHOSULQFLSDOHUURUGHOD
ILORVRItD GH OD UHIOH[LyQ SXHGH HMHPSOLILFDUVH VXSXHVWDPHQWH SRU VXV
FRQVHFXHQFLDVHQHOFRQFHSWRGHKLVWRULDXQDFRQH[LyQTXHVHSXHGHDSUHFLDU
VREUH WRGR HQ OD ILORVRItD GH OD KLVWRULD GH +HJHO R GLFKR GH RWUR PRGR HO
UHVXOWDGR GH OD HVWUDWHJLD FRQFHSWXDO GH OD ILORVRItD GH OD UHIOH[LyQ HV OD
QHFHVLGDG GH FRPSUHQGHU OD KLVWRULD HQ VX WRWDOLGDG FRPR XQ SURGXFWR HQ HO
PLVPR VHQWLGR GH TXH HO PXQGR GH ORV REMHWRV FRQWHPSODGR UHIOH[LYDPHQWH
SRU HO HVStULWX KXPDQR \ UHVXOWDGR GH VXV REMHWLYDFLRQHV DSDUHFH WDPELpQ
FRPR XQ SURGXFWR VX\R OD WRWDOLGDG GH ORV KHFKRV KLVWyULFRV VH RUGHQD
HQWRQFHVDOVHUYLFLRGHOPLVPRVXMHWRSURGXFWRUTXHFRQIRUPDHOPXQGRGHOD
H[SHULHQFLDKXPDQD(O HOHPHQWRGH VLQJXODULGDGGHOVXMHWR UHTXHULGRSDUD OD
DFWLYLGDG FRQVWLWXWLYD GH SURGXFLU REMHWRV GH SRVLEOHV H[SHULHQFLDV DVt FRPR
SDUD OD HPHUJHQFLD GH KHFKRV KLVWyULFRV JDUDQWL]D OD XQLGDG \ SRU WDQWR OD
FRQWLQXLGDG GH OD KLVWRULD (O HVStULWX KXPDQR SXHGH FRPSUHQGHU DVt
UHWURVSHFWLYDPHQWHWRGRVORVKHFKRVRFXUULGRVHQHOFXUVRGHODKLVWRULDFRPR
SDVRVRULHQWDGRVQHFHVDULDPHQWHDOSURFHVRGHVXDXWRUUHDOL]DFLyQ
(VWD ILJXUD KHJHOLDQD GHO SHQVDPLHQWR OH VLUYH DTXt SRU FRQVLJXLHQWH D

)RXFDXOW FRPR PRGHOR D SDUWLU GHO FXDO SXHGH H[SOLFDU WDPELpQ ODV
LQWHUSUHWDFLRQHV SRVKHJHOLDQDV GH OD KLVWRULD GH OD ILORVRItD eO ODV LQWHUSUHWD
FRPRSRVLELOLGDGHVD~QGHSHQGLHQWHVGHXQDUHIHUHQFLDFRP~QDXQVXMHWR
LGHQWLILFDGR\DVHDFRQHOHVStULWXKXPDQRRFRQODFODVHVRFLDODOTXHVHOH
DWULEX\HQWRGRVORVKHFKRVFRPRH[WHULRUL]DFLRQHVFRQVFLHQWHVRLQFRQVFLHQWHV
3DUD SRGHU GHIHQGHU XQD WHVLV GH FDUiFWHU WDQ JHQHUDO )RXFDXOW WLHQH
QDWXUDOPHQWH TXH KDFHU GHVDSDUHFHU WRGDV ODV GLIHUHQFLDV REMHWLYDV H[LVWHQWHV
HQWUHODDILUPDFLyQRQWROyJLFDODVXSRVLFLyQPHWRGROyJLFDRODPHUDSUR\HFFLyQ
QRUPDWLYD GH XQ VXMHWR KLVWyULFR GRWDGR GH FDSDFLGDG VLQWpWLFD PDV VyOR DO
SUHFLR GH KDFHU DEVWUDFFLyQ GH WRGDV ODV GLIHUHQFLDFLRQHV SRVKHJHOLDQDV GHO
FRQFHSWR GH KLVWRULD >@ SXHGH UHGXFLU HO KLVWRULFLVPR DOHPiQ \ OD WUDGLFLyQ
KHJHOLDQRPDU[LVWDDOPLVPRGLVFXUVRGHODFRQWLQXLGDG>@\FRPSUHQGHUDO
PLVPR WLHPSR WRGR HVWR FRPR )RXFDXOW KDFH HQ HIHFWR FRPR XQD PHUD
GHULYDFLyQ GHO PRGHOR GH ILORVRItD GH OD KLVWRULD GHVDUUROODGR SRU +HJHO /D
VLPSOLILFDGRUDSHUVSHFWLYDTXHDTXtHPHUJHHVFRPSDUWLGDSRU)RXFDXOWXQDYH]
PiVFRQODFUtWLFDDOWKXVVHULDQDGHOKLVWRULFLVPRWDPELpQHQHVWHFDVRVHFULWLFD
ODLPDJHQGHODFRQWLQXLGDGKLVWyULFDFRPRFRUUHODWRWHyULFRGHXQVXMHWRGHOD
KLVWRULD VXSXHVWDPHQWH XQLWDULR >@ VLQ HPEDUJR $OWKXVVHU GD FXHQWD GHO
PRGHORGHKLVWRULDSURSLRGHODILORVRItDGHODUHIOH[LyQSDUWLHQGRGHOLQWHUpVGH
OD EXUJXHVtD UHYROXFLRQDULD SRU MXVWLILFDUVH D Vt PLVPD TXH D WUDYpV GH OD
SUHVXSRVLFLyQWHyULFDGHXQ~QLFRDFWRUTXHKDFHODKLVWRULDDVHJXUDVXSURSLR
SDSHOSULQFLSDOFRPRVXMHWRGHDFFLyQUDFLRQDO>@)RXFDXOWDGHFLUYHUGDG
QRDEUD]DXQDH[SOLFDFLyQFUtWLFRLGHROyJLFDGHHVWHWHQRUODSHFXOLDULGDGGHVX
DUJXPHQWDFLyQ SXHGH PiV ELHQ FLIUDUVH HQ HO KHFKR GH TXH H[SOLFD OD
SUREOHPiWLFDDSOLFDFLyQGHORVFRQFHSWRVEiVLFRVGHODILORVRItDGHODUHIOH[LyQD
ORVSURFHVRVVRFLDOHVDSDUWLUGHOPLHGRGHSHQVDUOR2WURHQHOWLHPSRGH
QXHVWURSURSLRSHQVDPLHQWR>@
6L OD KLVWRULD GHO SHQVDPLHQWR SXGLHVH VHJXLU VLHQGR HO OXJDU GH ODV FRQWLQXLGDGHV
LQLQWHUUXPSLGDV VL HVWDEOHFLHUD VLQ FHVDU HQFDGHQDPLHQWRV TXH QLQJ~Q DQiOLVLV SXGLHUD
GHVKDFHU VLQ DEVWUDFFLyQ VL XUGLHUD HQ WRGR FXDQWR ORV KRPEUHV GLFHQ \ KDFHQ RVFXUDV
VtQWHVLVTXHVHOHDQWLFLSDUDQORSUHSDUDUDQ\ORFRQGXMHUDQLQGHILQLGDPHQWHKDFLDVXIXWXUR
HVD KLVWRULD VHUtD SDUD OD VREHUDQtD GH OD FRQFLHQFLD XQ DEULJR SULYLOHJLDGR /D KLVWRULD
FRQWLQXDHVHOFRUUHODWRLQGLVSHQVDEOHGHODIXQFLyQIXQGDGRUDGHOVXMHWRODJDUDQWtDGHTXH

WRGR FXDQWR OH KD HVFDSDGR SRGUi VHUOH GHYXHOWR OD FHUWLGXPEUH GH TXH HO WLHPSR QR
GLVSHUVDUiQDGDVLQUHVWLWXLUORHQXQDXQLGDGUHFRPSXHVWDODSURPHVDGHTXHHOVXMHWRSRGUi
XQ GtD EDMR OD IRUPD GH OD FRQFLHQFLD KLVWyULFD DSURSLDUVH QXHYDPHQWH GH WRGDV HVDV
FRVDV PDQWHQLGDV OHMDQDV SRU OD GLIHUHQFLD UHVWDXUDUi VX SRGHUtR VREUH HOODV \ HQ HOODV
HQFRQWUDUiORTXHPX\ELHQVHSXHGHOODPDUVXPRUDGD>@

6HJ~Q SDUHFH HO VXSXHVWR TXH DVHJXUD D ODV GLIHUHQWHV YHUVLRQHV GH OD
KLVWRULDGHODILORVRItDVXSHUWHQHQFLDDXQDFRQWLQXLGDGKLVWyULFDREHGHFHDXQD
HVSHFLHGHSUR\HFFLyQWHyULFD/DVWHRUtDVILORVyILFDVGHODKLVWRULDH[WUDSRODQ
VLQQLQJ~QWLSR GHFXHVWLRQDPLHQWR DXWRFUtWLFRHOUHVXOWDGR GHOD DXWRUUHIOH[LyQ
HSLVWHPROyJLFD GHO <R OD FRPSUHQVLyQ GH VXV SURSLRV UHQGLPLHQWRV
FRQVWLWXWLYRV DO SURFHVR KLVWyULFR HQ VX FRQMXQWR \ SRU HVWD PLVPD UD]yQ
SXHGHQFRQVLGHUDUTXHpVWHFRQVWLWX\HHOSURGXFWRGHXQVXMHWRTXHSHUPDQHFH
LQDOWHUDGR (O H[WUDxR DFRQWHFHU GH ORV WLHPSRV KLVWyULFDPHQWH SUHWpULWRV VH
FRQFLEHDVtFRPRIRUPDH[SUHVLYDGHODH[SHULHQFLDKXPDQDREMHWLYDFLyQGHXQ
HVStULWXH[WHULRUL]DGRRSURGXFWRODERUDOD~QQRUHFRQRFLGRGHXQDFODVHVRFLDO
HQ WRGR FDVR FRPR SURGXFFLyQ GH XQ DFWRU KXPDQR HQ YLUWXG GH HVWR OR
KLVWyULFDPHQWH 2WUR GHYLHQH FRPSRQHQWH IDPLOLDU GH OD SURSLD VXEMHWLYLGDG
SHUGLHQGRDVtHVDH[WUDxH]DVXVFHSWLEOHGHLQVSLUDUWHPRUTXHODFDUDFWHUL]DED
HQSULQFLSLR$XQTXHQRVHFRPSDUWDQVXVSUHVXSXHVWRVSVLFROyJLFRFXOWXUDOHV
QR SXHGH QHJDUVH HO LQWHUpV GH HVWD OtQHD GH DUJXPHQWDFLyQ \D TXH DSXQWD DO
SHOLJUR GH XQD DSOLFDFLyQ LQFRQWURODGD GH OD ILORVRItD GH OD UHIOH[LyQ eVWD
VREUHSDVD GHVFXLGDGDPHQWH VX iPELWR GH FRPSHWHQFLD WDQ SURQWR FRPR HO
PRGHOR GH SHQVDPLHQWR GHO <R IXQGDGRU GH VHQWLGR VH SUR\HFWD DO KHFKR
KLVWyULFR(VHQWRQFHVFXDQGRHOPXQGRVRFLDODSDUHFHFRPRHOSURGXFWRGHXQ
~QLFRVXMHWRHVSLULWXDO\HOSURFHVRKLVWyULFRFRPRODKXHOODGHVXVSHUPDQHQWHV
DXWRREMHWLYDFLRQHV (Q HO iPELWR GH OD ILORVRItD GH OD KLVWRULD HVWH
SODQWHDPLHQWR DO WHQHU FRPR FRQVHFXHQFLD OD SUHVXSRVLFLyQ RQWROyJLFD GH OD
H[LVWHQFLDGHODFRQWLQXLGDGKLVWyULFDGHXQFRQWH[WRGHVHQWLGRQRDFLHUWDDGDU
OD UHOHYDQFLD QHFHVDULD D ORV IHQyPHQRV GH OD SOXUDOLGDG \ GLVSDULGDG GH ORV
KHFKRVKLVWyULFRVHVPiVGHVGHHVWDFUtWLFDDODLGHDWUDGLFLRQDOGHFRQWLQXLGDG
KLVWyULFDGLVFXUVRVFRPRHOGHOD'LDOpFWLFDGHOD,OXVWUDFLyQGHVDUUROODGRVDO
KLOR GH XQD YHUVLyQ QHJDWLYD GH XQD OyJLFD GH OD GHVLQWHJUDFLyQ SXHGHQ VHU
WDPELpQ FXHVWLRQDGRV GHQWUR GH XQ FRQWH[WR WHyULFRHSLVWHPROyJLFR \

FULWLFDGRV SRU VX YtQFXOR FRQ OD ILORVRItD GH OD KLVWRULD DQDOtWLFD >@ )RXFDXOW
UHFRQRFH ORV HUURUHV WHyULFRV TXH FRPHWH XQD ILORVRItD GH OD KLVWRULD FXDQGR
H[WUDSROD OD LGHD GH XQD IXQFLyQ IXQGDGRUD GHO VXMHWR DO iPELWR GH ORV
SURFHVRV VRFLDOHV $ ILQ GH SRGHU HVTXLYDU ODV WUDPSDV PHWDItVLFDV GH HVWD
FRQFHSFLyQ GH OD ILORVRItD GH OD KLVWRULD WHQGUi SRU WDQWR TXH GHVFDUJDU D ORV
FRQFHSWRVEiVLFRVGHHVWDQXHYDFRQFHSFLyQGHORVODVWUHVGHODILORVRItDGHOD
UHIOH[LyQ WUDGLFLRQDO 6LQ HPEDUJR HQ OXJDU GH SRQHU HQ WHOD GH MXLFLR OD
VLQJXODULGDG GHO VXMHWR KLVWyULFR DO TXH VH OH DWULEX\HQ HQ SULQFLSLR HVDV
IXQFLRQHV IXQGDGRUHV \ DXWRFRQVWLWX\HQWHV \ GH UHPSOD]DUOR SRU XQ PRGHOR
PXFKR PiV FRQYLQFHQWH FRPSXHVWR SRU XQD SOXUDOLGDG GH DFWRUHV KLVWyULFRV
)RXFDXOW VHJXLUi PiV ELHQ HO FDPLQR RSXHVWR \ SURFHGHUi D HOLPLQDU HO
FRQFHSWR PLVPR GH VXMHWR HV GHFLU QR SRQGUi HQ FXHVWLyQ HO FDUiFWHU
PRQROyJLFRGHODILORVRItDGHODUHIOH[LyQVLQRTXHPiVELHQUHFKD]DUiGHSODQR
HO PRGHOR GH SHQVDPLHQWR TXH OH VXE\DFH HQ JHQHUDO /D UDGLFDOLGDG GH HVWD
FRQFOXVLyQ TXH HV GH OD PD\RU LPSRUWDQFLD SDUD HO REMHWLYR IRXFDXOWLDQR GH
FUHDUXQDQiOLVLVHWQROyJLFRGHODVRFLHGDGVyORHQWUDHQHVFHQDVLQHPEDUJR
FXDQGR TXHGD FODULILFDGR HO VLJXLHQWH SDVR GH VX FUtWLFD D OD ILORVRItD GH OD
KLVWRULD
(Q HO GHVDUUROOR GH HVWD DUJXPHQWDFLyQ VHUiQ ORV FRQFHSWRV GH
GRFXPHQWR \ PRQXPHQWR ORV TXH VHUYLUiQ D )RXFDXOW SDUD MXVWLILFDU OD
H[LVWHQFLD GH GRV PRGRV ULYDOHV GH FRQVLGHUDU OD KLVWRULD (Q HO FRQFHSWR GH
GRFXPHQWRORVWHVWLPRQLRVHVFULWRVGHXQWLHPSRSDVDGRVRQH[DPLQDGRVH
LQWHUURJDGRV SRU HO VLJQLILFDGR TXH TXHGD VLPEyOLFDPHQWH UHSUHVHQWDGR HQ
HOORV HO GRFXPHQWR SUHVHUYD HO FRQWHQLGR GH H[SHULHQFLD GH XQD pSRFD
SUHYLDPHQWH H[LVWHQWH \ ILMDGD HQ XQD IRUPD HVFULWD \ JDQD HQ VLJQLILFDGR HQ
JHQHUDOVyORHQODPHGLGDHQTXHSXHGHVHUHQWHQGLGRFRPRODREMHWLYDFLyQGH
SUR\HFWRV GH VHQWLGR >@ KD VLGR VLHPSUH WUDWDGR FRPR HO OHQJXDMH GH XQD
YR] UHGXFLGD DKRUD DO VLOHQFLR FRPR VX KXHOOD IUiJLO SHUR DIRUWXQDGDPHQWH
GHVFLIUDEOH >@ $KRUD ELHQ VL HO GRFXPHQWR HV FRQWHPSODGR FRPR XQ
FRQWH[WR GH VHQWLGR YHUWLGR HQ XQ WH[WR HVWR HQWRQFHV VLJQLILFD FRQFHELUOR
FRPR XQD IRUPD GH H[SUHVLyQ SRU PX\ FXDOLILFDGD TXH VHD GH LQWHQFLRQHV
KXPDQDV GH DTXt GHGXFH )RXFDXOW UiSLGDPHQWH TXH XQD FRQFHSFLyQ KLVWyULFD
DSR\DGD HQ OD LQWHUSUHWDFLyQ GH GRFXPHQWRV QR SXHGH HYLWDU FRPSUHQGHU ORV

KHFKRV KLVWyULFRV FRPR HO SURGXFWR VLJQLILFDWLYR GH XQ VXMHWR VLQJXODU (VWD
FRQFOXVLyQUHVXOWDSODXVLEOHQRREVWDQWHVyORDFRQGLFLyQGHTXHFXDOTXLHUWLSR
GHH[SUHVLyQVLPEyOLFDVHDYLVWDQDWXUDOPHQWHFRPRHOSURGXFWRGHXQSUR\HFWR
PRQROyJLFR GH VHQWLGR VyOR HV HQWRQFHV FXDQGR HO WH[WR REWHQLGR HQ XQ
GRFXPHQWR SXHGH DSDUHFHU FRPR OD REMHWLYDFLyQ GH OD LQWHQFLyQ GH XQ VXMHWR
~QLFR TXHWDPELpQSXHGHVHUFROHFWLYR \HOSURFHVRKLVWyULFRFRPRXQDVXHUWH
GH VXFHVLyQ GLDFUyQLFD GH VXV DFWRV LQWHQFLRQDOHV GH VHQWLGR 2WUD FRVD
VXFHGHUtDVLXQFRQWH[WRGHVHQWLGRWDOFRPRKDFULVWDOL]DGRHQXQGRFXPHQWR
KLVWyULFRVHHQWHQGLHVHFRPRHOUHVXOWDGRGHODLQWHUDFFLyQGHDOPHQRVGRV
VXMHWRV HVWR ~OWLPR WHQGUtD HIHFWLYDPHQWH RWUD FRQVHFXHQFLD OD FRQFHSFLyQ
KLVWyULFD SUHGLVSXHVWD D OD LQWHUSUHWDFLyQ KHUPHQpXWLFD GH GRFXPHQWRV QR
WHQGUtD TXH TXHGDU HQUHGDGD DXWRPiWLFDPHQWH HQ ORV PDOHQWHQGLGRV GH XQ
FRQFHSWR GH KLVWRULD ILORVyILFRUHIOH[LYR SXHV pVWD FRQWDUtD GHVGH HO SULQFLSLR
FRQXQDSOXUDOLGDG GHVXMHWRV DFWLYRV$XQTXHHVWD SRVLELOLGDGVHUtD UHOHYDQWH
SDUDODVSUHWHQVLRQHVGHVXWHRUtDORFLHUWRHVTXH)RXFDXOWQRFRQWHPSODHVWD
SRVLEOH GLVWLQFLyQ SRU HVWD UD]yQ SXHGH YDORUDU OD FRQFHSFLyQ KHUPHQpXWLFD
GHO GRFXPHQWR FRPR HOHPHQWR GH XQD FRQFHSFLyQ GH OD KLVWRULD TXH QR
SXHGH SRU PHQRV GH UHFDHU FRQFHSWXDOPHQWH HQ HO HUURU PHWDItVLFR GH OD
ILORVRItD GH OD KLVWRULD WUDGLFLRQDO IUHQWH D HOOD pO QR WDUGDUi HQ FRQWUDSRQHU
FRPRXQPHGLRGHLQYHVWLJDFLyQKLVWyULFDORTXHGHQRPLQDHOPRQXPHQWR
'LJDPRVSDUDDEUHYLDUTXHODKLVWRULDHQVXIRUPDWUDGLFLRQDOVHGHGLFDEDDPHPRUL]DUORV
PRQXPHQWRVGHOSDVDGRDWUDQVIRUPDUORVHQGRFXPHQWRV\DKDFHUKDEODUHVRVUDVWURVTXH
SRUVtPLVPRQRVRQYHUEDOHVDPHQXGRRELHQGLFHQHQVLOHQFLRDOJRGLVWLQWRGHORTXHHQ
UHDOLGDG GLFHQ (Q QXHVWURV GtDV OD KLVWRULD HV OR TXH WUDQVIRUPD ORV GRFXPHQWRV HQ
PRQXPHQWRV \ TXH DOOt GRQGH VH WUDWDED GH UHFRQRFHU SRU VX YDFLDGR OR TXH KDEtD VLGR
GHVSOLHJDXQDPDVDGHHOHPHQWRVTXHKD\TXHDLVODUDJUXSDUKDFHUSHUWLQHQWHVGLVSRQHUHQ
UHODFLRQHVFRQVWLWXLUHQFRQMXQWRV>@

1DWXUDOPHQWHHOFRQFHSWRGHPRQXPHQWRHVHVFRJLGRSRU)RXFDXOWFRQ
WRGDODLQWHQFLyQGHOPXQGRGHPRGRVLJQLILFDWLYRSURFHGHVXSXHVWDPHQWHGHO
FDPSR GH OD KLVWRULD GH OD DUTXLWHFWXUD \ QR GH OD KLVWRULD GHO HVStULWX HQ
FRQWUDVWH FRQ HO FRQFHSWR GH GRFXPHQWR GHILQH XQ WHVWLPRQLR PDWHULDO \
VyOR LQGLUHFWDPHQWH VLPEyOLFR GH WLHPSRV SDVDGRV H[DFWDPHQWH FRPR XQ
HGLILFLRFRQPHPRUDWLYRVXIRUPDRULJLQDOSXHGHEiVLFDPHQWHUHFRQVWUXLUVHSRU

ODDFWLYLGDGDUTXHROyJLFDSRUWDQWRDWUDYpVGHXQWUDEDMRGHYDORUWpFQLFRHQ
UHDOLGDGRULHQWDGRDGHVSHMDU\UHFRPSRQHUHOHPHQWRVDUTXLWHFWyQLFRVTXHVH
KDQ HQFRQWUDGR GH IRUPD GLVSHUVD HO p[LWR GH XQD ODERU DUTXHROyJLFD
VHPHMDQWHVHGHPXHVWUDHQSULPHUWpUPLQRHQHOFULWHULRGHDGHFXDFLyQIXQFLRQDO
GHOHGLILFLRUHVWDEOHFLGR\VyORVHFXQGDULDPHQWHKDFLHQGRUHIHUHQFLDDOJUDGRGH
DMXVWH KLVWyULFR FRQ HO PDUFR GH VHQWLGR VLPXOWiQHDPHQWH UHFRQVWUXLGR >@
7RGDV ODV DVRFLDFLRQHV GH VHQWLGR VXUJLGDV D UDt] GHO FRQFHSWR GH
PRQXPHQWR DSXQWDQ HQ OD PLVPD GLUHFFLyQ WRGDV GHEHQ GHVFULELU XQ
DFHUFDPLHQWR HQ HO TXH OD WUDGLFLyQ KLVWyULFD VH FDUDFWHULFH QR SRU OD
LQWHUSUHWDFLyQKHUPHQpXWLFDGHORVFRQWH[WRVGHVHQWLGRVLQRSRUXQDQiOLVLVGH
IRUPDV WH[WXDOHV SUy[LPR DO REMHWLYLVPR (Q OD PHGLGD HQ TXH XQ GRFXPHQWR
HVFULWR VH FRQYLHUWH HQ XQ PRQXPHQWR D ORV RMRV GHO REVHUYDGRU SLHUGH VX
IRUPD GH H[SUHVLyQ VLPEyOLFDPHQWH PHGLDGD \ GHYLHQH HO IDFWXP YDFtR GH
VHQWLGRGHXQDREUDHVFULWDFRPSXHVWDGHHOHPHQWRVWH[WXDOHVHOWHyULFRQRVH
HQIUHQWD\DDODWUDGLFLyQFRPRVLpVWDIXHUDXQFRQWH[WRGHVtPERORVFDUJDGRV
GH VLJQLILFDGR VLQR FRPR XQD HVWUXFWXUD FRPSXHVWD GH PHURV VLJQRV
HPStULFDPHQWH GDGRV )RXFDXOW QR TXLHUH GHFLU RWUD FRVD FXDQGR pO
HQFRPLHQGDDXQDKLVWRULDUHQRYDGDXQDWDUHDSULPRUGLDO
>@ODGHQRLQWHUSUHWDUHOGRFXPHQWRKLVWyULFRQLWDPSRFRGHWHUPLQDUVLHVYHUD]\FXiOHV
VX YDORU H[SUHVLYR VLQR WUDEDMDUOR GHVGH HO LQWHULRU \ HODERUDUOR /D KLVWRULD OR RUJDQL]D OR
UHFRUWD OR GLVWULEX\H OR RUGHQD OR UHSDUWH HQ QLYHOHV HVWDEOHFH VHULHV GLVWLQJXH OR TXH HV
SHUWLQHQWH GH OR TXH QR HV ILMD HOHPHQWRV GHILQH XQLGDGHV GHVFULEH UHODFLRQHV (O
PRQXPHQWRQRHVSXHV\DSDUDODKLVWRULDHVDPDWHULDLQHUWHDWUDYpVGHODFXDOpVWDWUDWDGH
UHFRQVWUXLUORTXHORVKRPEUHVKDQKHFKRRGLFKRORTXHKDSDVDGR\GHORFXDOVyORUHVWDHO
VXUFRWUDWDGHGHILQLUHQHOSURSLRWHMLGRGRFXPHQWDOXQLGDGHVFRQMXQWRVVHULHVUHODFLRQHV
>@

(Q WDQWR TXH PRQXPHQWRV ODV WUDGLFLRQHV GRFXPHQWDOHV GHO SDVDGR


FDUHFHQ GH WRGR FRQWHQLGR LQWHQFLRQDO \D QR UHSUHVHQWDQ EDMR PRGDOLGDGHV
VLPEyOLFDVXQDH[SHULHQFLDKLVWyULFDPHQWHVHSXOWDGDVLQRTXHVRQIRUPDFLRQHV
HPStULFDPHQWHGHHOHPHQWRVWH[WXDOHVTXHVHKDQHQFRQWUDGR(QFXDQWRWDOHV
HOODVQRREOLJDQDOWHyULFRDLQWHUSUHWDUODVUHWURVSHFWLYDPHQWHFRPRLQWHQFLRQHV
FLIUDGDVHQIUDJPHQWRVHVFULWRVPiVELHQOHFRQIURQWDQFRQODWDUHDGHRUGHQDU
\FODVLILFDUODVXQLGDGHVWH[WXDOHVGLVSHUVDVEDMRSXQWRVGHYLVWDIXQFLRQDOLVWDV

&DEHGHFLUQRREVWDQWHTXHODSURSXHVWDPHWRGROyJLFDIRXFDXOWLDQDSRUPX\
HYLGHQWHTXHDSDUH]FDQRVHHQWLHQGHFRPSOHWDPHQWHSRUVtPLVPDPiVD~Q
VyOR REWLHQH XQRV SHUILOHV PiV GHILQLGRV FXDQGR VH DSUHFLD HQ HO FRQWH[WR GH
WRGRV HVRV GHVDUUROORV TXH VLUYLHURQ DO HVWUXFWXUDOLVPR VHPLROyJLFR SDUD GDU
UHVSXHVWD HQ OD )UDQFLD GH OD GpFDGD GH ORV DxRV FLQFXHQWD D OD WUDGLFLyQ GHO
SHQVDPLHQWRIHQRPHQROyJLFR
/DFDWHJRUtDGHVLJQRTXHKXQGHVXVUDtFHVHQORVDQiOLVLVOLQJtVWLFRVGH
6DXVVXUH HV HO LQVWUXPHQWR TXH XWLOL]D HO HVWUXFWXUDOLVPR VHPLROyJLFR SDUD
RSRQHUVH DO PRYLPLHQWR GH OD ILORVRItD IHQRPHQROyJLFD GH OD FRQFLHQFLD
UHSUHVHQWDGD VREUH WRGR SRU 6DUWUH \ RULJLQDULDPHQWH WDPELpQ SRU 0HUOHDX
3RQW\>@(OSXQWRGHSDUWLGDGHODYLVLyQGH6DXVVXUHVREUHHOOHQJXDMHHV
SODQWHDUOR FRPR XQ RUGHQ ILQLWR GH HOHPHQWRV GLVFUHWRV GH VLJQRV HO OHQJXDMH
FRQVWLWX\H XQ LQYHQWDULR SULPRUGLDO GH XQLGDGHV PDUFDGDV SRU GLIHUHQFLDV
LQWHUQDV GH ODV TXH SDUWH XQ ORFXWRU HQ HO DFWR LQWHQFLRQDO GH KDEOD SDUD
FRQVWUXLU IUDVHV FRQ VHQWLGR GH DKt TXH OD IXQFLyQ LQGLYLGXDO GHO KDEOD VHD
LQGHSHQGLHQWHDVXYH]GHODHVWUXFWXUDVHPLyWLFDGHODOHQJXDXWLOL]DGDHVWRHV
GH HVH RUGHQ HVSHFtILFR GH XQLGDGHV HOHPHQWDOHV GH VLJQRV pVWH HV \D HQ
SULQFLSLRHOQ~FOHRGHODUJXPHQWRTXHVLUYHDOHVWUXFWXUDOLVPRVHPLROyJLFRSDUD
FULWLFDUDODWUDGLFLyQGHSHQVDPLHQWROLJDGDDODILORVRItDGHODFRQFLHQFLD>@
(OREMHWLYRGHODFUtWLFDHVODWHVLVGHODDXWRFHUWH]DGHO<R6LHQYHUGDGOD
VHPiQWLFD GHO VHQWLGR GHVFDQVD HQ XQ VLVWHPD GH VLJQRV TXH SRU Vt PLVPR
FRQVWLWX\HXQDHQWLGDGDXWyQRPDFXDOTXLHUDFWRVLJQLILFDWLYRLQGLYLGXDOHVWiHQ
FLHUWDPHGLGDGHWHUPLQDGRSRUDOJRDMHQR$VtVLHQHODFWRGHDXWRUUHIOH[LyQ
HO<RLQWHQWDLQWURVSHFWLYDPHQWHDFFHGHUDVXVSURSLDVUHDOL]DFLRQHV\DVLHPSUH
HVWi VRPHWLGR GH DQWHPDQR D HVH RUGHQ GH VLJQRV H[WUDxR \ EiVLFDPHQWH
H[WHULRU VyOR GHILQLGR SRU OD GLIHUHQFLD 3RU FRQVLJXLHQWH HO VXMHWR HV VyOR HO
DXWRU ILFWLFLR GH VXV DFWRV VLJQLILFDWLYRV D VXV HVSDOGDV RSHUD HO iOJHEUD
HVWULFWDPHQWHH[WHULRU>@GHOVLJQRTXH\DKDGHWHUPLQDGRSURYLVLRQDOPHQWH
ODSRVLELOLGDG\ORVPHGLRVGHOSUR\HFWRGHVHQWLGR
3DUWLHQGRGHHVWDLGHDEiVLFDVXUJLyGXUDQWHODGpFDGDGHORVVHVHQWDHQ
)UDQFLDXQLPSXOVRRULHQWDGRDGHVDUUROODUWRGDXQDVHULHGHWHQWDWLYDVWHyULFDV
HQ HVWH VHQWLGR pVWDV WUDWDEDQ GH GHPRVWUDU HQ XQ SODQR JHQHUDOL]DGR \ HQ
GLIHUHQWHV iPELWRV GHO VDEHU OD SULRULGDG GHO VLVWHPD GH VLJQRV IUHQWH D WRGD

UHDOL]DFLyQ VLJQLILFDWLYD SURFHGHQWH GHO VXMHWR HQWUH HVWRV LQWHQWRV MXQWR D ODV
LQYHVWLJDFLRQHV UHDOL]DGDV HQ HO iPELWR GH OD HVWUXFWXUD OLWHUDULD >@ SXHGHQ
GHVWDFDUVHHQWUHRWURVODH[SRVLFLyQSVLFRDQDOtWLFDSURSXHVWDSRU/DFDQGHOD
GLIHUHQFLDIXQGDPHQWDOHQWUHQHFHVLGDGLQGLYLGXDO\RUGHQVLPEyOLFR>@RSRU
RWUR ODGR OD FUtWLFD KLVWyULFRILORVyILFD GH 'HUULGD D OD FDWHJRUtD GH
DXWRFRQFLHQFLD >@ (Q DPERV FDVRV HO SXQWR GH YLVWD WHyULFR TXH JXtD
HVWRVWUDEDMRVQRHVRWURTXHODLGHDGHXQVLVWHPDGHVLJQRVOLQJtVWLFRVDOTXH
KDQGHTXHGDUVXERUGLQDGRVORVDFWRVFRQVWLWXWLYRVVLJQLILFDWLYRVGHOVXMHWR3RU
HVWH PLVPR KLOR FRQGXFWRU GHO HVWUXFWXUDOLVPR VHPLROyJLFR SDUHFH WDPELpQ
GHMDUVHJXLDU)RXFDXOWFXDQGRHQ$UTXHRORJtDGHOVDEHUDEUHVXSODQWHDPLHQWR
FRQ HO FRQFHSWR GH PRQXPHQWR GH IRUPD SURJUDPiWLFD SXHV OD VXSRVLFLyQ
TXH DTXt VH SODQWHD GH XQD IXHU]D H[SUHVLYD GH ORV GRFXPHQWRV KLVWyULFRV
H[LVWHQWH EDMR HO QLYHO GHILQLGR SRU ORV UHIHUHQWHV GH VHQWLGR VyOR UHVXOWD
SODXVLEOH VL VH DFHSWD TXH HO RUGHQ GH ORV VLJQRV HVWR HV HO VLVWHPD
RUJDQL]DWLYR GH ORV HOHPHQWRV WH[WXDOHV FRPR WDO WLHQH JHQHUDOPHQWH XQD
LQIOXHQFLD GHFLVLYD VREUH OD DXWRFRPSUHQVLyQ GH ORV VXMHWRV TXH DFW~DQ
KLVWyULFDPHQWH
&RPR OD FDWHJRUtD GH PRQXPHQWR SDUHFH LQGLFDU HO WHPD FHQWUDO GH
$UTXHRORJtDGHOVDEHU WLHQH SRU WDQWR XQ RULJHQ VHPLROyJLFR /D GLPHQVLyQ
GH VHQWLGR UHSUHVHQWDGD VLPEyOLFDPHQWH DGHFXDGD D XQD RULHQWDFLyQ GH FXxR
KHUPHQpXWLFR GH OD WUDGLFLyQ KLVWyULFD \D QR VH YDORUD DTXt FRPR XQ SXQWR
GHILQLWLYR GH DQiOLVLV VLQR FRPR DOJR PiV ELHQ GHWHUPLQDGR SRU XQ RUGHQ
OLQJtVWLFR GH HOHPHQWRV WH[WXDOHV LQGHSHQGLHQWH )RXFDXOW FXHVWLRQD HO YDORU
FLHQWtILFRGHODVLQWHUSUHWDFLRQHVTXHLQWHQWDQGHULYDUGHOWHVWLPRQLRHVFULWRGHO
SDVDGR XQD UHIHUHQFLD DO FRQWH[WR GH H[SHULHQFLD GH XQD pSRFD KLVWyULFD R HO
SUR\HFWR GH VHQWLGR GH XQ JUXSR VRFLDO /DV LQWHQFLRQHV VXEMHWLYDV TXH D~Q
SXHGHQ VHU FRQWHPSODGDV FRPR IXHQWHV GH VHQWLGR GH ODV REMHWLYDFLRQHV TXH
KDQGHVHUREMHWRGHGHVFLIUDPLHQWRKHUPHQpXWLFRQRSXHGHQVHUFRQVLGHUDGDV
FRPRXQDLQVWDQFLDSULPDULDSXHVWRTXHHOODVPLVPDVHVWiQVXERUGLQDGDVDXQ
RUGHQGHVLJQRVH[WHULRU/RVVHUHVKXPDQRVVyORHQWLHQGHQVLJQLILFDWLYDPHQWH
VXH[SHULHQFLDGHVtPLVPRV\GHVXPHGLREDMRORVPDUFRVVHPiQWLFRVGHXQ
PXQGR RUGHQDGR FDWHJRULDOPHQWH SHUR HVWH RUGHQ OLQJtVWLFR QR HV REUD GH
DFWRVVHPiQWLFDPHQWHFRQVWLWXWLYRVUHDOL]DGRVSRUVXMHWRVVLQRHOSURGXFWRGH

XQD GLVWULEXFLyQ HQ Vt PLVPD DUELWUDULD GH GLYHUVRV VLJQRV HOHPHQWDOHV OD
VLWXDFLyQ GHO VLVWHPD HQ OD TXH UHVSHFWLYDPHQWH VH HQFXHQWUDQ ORV VLJQRV
GHILQLGRV WDQ VyOR SRU VX GLIHUHQFLD UHFtSURFD HV OD TXH GHFLGH HQ ~OWLPD
LQVWDQFLD VREUH OR TXH ORV KRPEUHV VRQ FDSDFHV GH UHDOL]DU WDQWR HQ OR TXH
DIHFWD HQ JHQHUDO D VX FRPSUHQVLyQ FRPR D VX H[SHULHQFLD GH VHQWLGR GH DKt
TXH XQD FRQFHSFLyQ GH OD KLVWRULD JXLDGD KHUPHQpXWLFDPHQWH TXH SHUVLJD
DOFDQ]DU VLJQLILFDGRV UHSUHVHQWDGRV VLPEyOLFDPHQWH HQ ORV GRFXPHQWRV
GHVFXELHUWRVVyORSXHGDSHUPDQHFHUHQHOPXQGRVXSHUILFLDOGHXQVXMHWRVyOR
SRWHQFLDGRSRUVXVSURSLDVLQWHQFLRQHVHQFDPELRVyORXQDFRQFHSFLyQGHOD
KLVWRULD TXH SHUFLED HO GRFXPHQWR FRPR PRQXPHQWR H LQYHVWLJXH HO PRGR GH
RUJDQL]DFLyQ UHVSHFWLYR GH VXV HOHPHQWRV WH[WXDOHV HV FDSD] GH GHVWUXLU GH
PDQHUDOREDVWDQWHFRQVLVWHQWHODVLOXVLRQHVHQODVTXHUHFDHQORVVXMHWRVVREUH
Vt PLVPRV VyOR pVWD FRQVLGHUD VLQ LOXVLRQHV HQ TXp PHGLGD ODV LQWHQFLRQHV
KXPDQDV VH IRUPDQ HQ FLHUWD PHGLGD HQ HO H[WUDxR OHQJXDMH GH XQ VLVWHPD GH
VLJQRVDQyQLPR
$ OR ODUJR GH HVWD FDGHQD GH UHIOH[LRQHV SXHGH VHJXLUVH HO SODQ
PHWRGROyJLFR TXH )RXFDXOW GHVDUUROOD FXDQGR FRQWUDSRQH HO FRQFHSWR GH
PRQXPHQWRDOGHGRFXPHQWRDODOX]GHHVWDGLVWLQFLyQTXHGDFODURTXHD
pO QR OH EDVWD FRQ OD VXSHUDFLyQ GH XQ FRQFHSWR GH KLVWRULD LGHDOL]DGR SRU OD
ILORVRItDGHODUHIOH[LyQORTXHpOLQWHQWDHQUHDOLGDGHVLUPiVDOOiGHOKRUL]RQWH
GH XQ PRGHOR GH SHQVDPLHQWR HQ HO TXH VH DWULEX\H DO LQGLYLGXR KXPDQR OD
IXQFLyQFRJQLWLYDGHSURGXFLUVXSURSLRPXQGRGHODH[SHULHQFLD)RXFDXOWGH
DQWHPDQR UHQXQFLD D OD SRVLELOLGDG GH SRQHU D SUXHED ODV YHUVLRQHV
WUDGLFLRQDOHV GH OD ILORVRItD GH OD UHIOH[LyQ D FDXVD GH VXV GHELOLGDGHV \ HQ HO
FDVR GH TXH VHD QHFHVDULR FRUUHJLUODV PHGLDQWH XQD FRQFOXVLyQ PX\
FDUDFWHUtVWLFDGHWRGRHOHVWUXFWXUDOLVPRVHPLROyJLFRpOUHPSOD]DSRUFRPSOHWR
HVWDV YHUVLRQHV SRU XQ PRGHOR RSXHVWR GH SHQVDPLHQWR HQ HO TXH OD IXQFLyQ
FXDVLWUDQVFHQGHQWDOGHFRQVWLWXFLyQGHOPXQGRQRVHDWULEX\H\DDODVDFFLRQHV
PRQROyJLFDVGHXQ<RRDORVUHQGLPLHQWRVKHUPHQpXWLFRVLQWHUVXEMHWLYRVGHORV
VXMHWRVVLQRDXQVLVWHPDGHVLJQRVQRLQWHQFLRQDO/DHVWUXFWXUDGHXQRUGHQ
REMHWLYDPHQWHQHXWUDOGHVLJQRVGHWHUPLQDODIRUPDVXEMHWLYDPHQWHQHFHVDULDGH
WRGD SRVLEOH H[SHULHQFLD >@ 6L pVWH HV HO SUHVXSXHVWR EiVLFR GH XQD WHRUtD
VRFLDO TXH KD SDVDGR SRU OD HVFXHOD VHPLROyJLFD HVWUXFWXUDOLVWD VX UHVXOWDGR

PiV LQPHGLDWR KD GH VHU WDPELpQ RWUR FRQFHSWR GH KLVWRULD LQWHOHFWXDO 6L HO
RUGHQFRJQLWLYRGHORUGHQVRFLDOVHFRQFLEHFRPRHOSURGXFWRGHXQVLVWHPDGH
VLJQRV SULYDGR GH XQ VXMHWR HQ HO VHQWLGR GH )RXFDXOW OD KLVWRULD LQWHOHFWXDO
KXPDQD\DQRSXHGHVHUFRQWHPSODGDFRPRXQSURFHVRKLVWyULFRTXHSXGLHUD
VHJXLU XQ FXUVR FRQWLQXR GH DSUHQGL]DMH R SRU OR JHQHUDO LPSXOVDGD SRU ODV
LQLFLDWLYDV FRJQLWLYDV GH ORV VXMHWRV 'DGR TXH ODV RSHUDFLRQHV FRJQLWLYDV
HOHPHQWDOHV GH ORV LQGLYLGXRV KXPDQRV HVWiQ LQVHUWDV HQ HO HVTXHPDWLVPR
RQWROyJLFRGHXQRUGHQGHUHJODVTXHODVSUHFHGHHVDVUHJODVTXHFRQGXFHQ
ORV VLJQRV PDWHULDOPHQWH DUELWUDULRV D XQ RUGHQ HVSHFtILFR VRQ HO HOHPHQWR
SRUWDGRU UHDO GH OD KLVWRULD LQWHOHFWXDO ODV RUGHQDFLRQHV GH VLJQRV VLQWHWL]DGDV
SRUHOSRGHUDQyQLPRGHODVUHJODVQRVHWUDQVIRUPDQSRUHOLPSXOVRVLVWHPiWLFR
GHSUREOHPDVGHDSUHQGL]DMHHQUHDOLGDGQRGDQDTXtQLQJXQDUHVSXHVWD
VLQR SRU HO LPSXOVR FRQWLQJHQWH GH ORV DFRQWHFLPLHQWRV KLVWyULFRV 'H HVWH
PRGRXQDYH]TXHHOSURFHVRKLVWyULFRHVYLVWRVLQLOXVLRQHVDQWURSRFpQWULFDV
SXHGH HQWHQGHUVH FRPR OD VXFHVLyQ GLVFRQWLQXD GH yUGHQHV GH VLJQRV
LQWHUQDPHQWH LQIXQGDGRV TXH IXHU]DQ D ORV KRPEUHV D HQWUDU HQ HO PDUFR
VHPiQWLFRGHXQDGHWHUPLQDGDLQWHUSUHWDFLyQGHOPXQGR
(Q HVWH SUHFLVR VHQWLGR SXHGH )RXFDXOW VLWXDU XQ FRQFHSWR UHYLVDGR GH
KLVWRULD LQWHOHFWXDO D OD FDEH]D GH VXV UHIOH[LRQHV WHyULFRFLHQWtILFDV (O SURSLR
WtWXORGHDUTXHRORJtDTXHFRUUHVSRQGHDOFRQFHSWRGHPRQXPHQWREXVFD
VXEUD\DUSUHFLVDPHQWHHVWHKHFKR(QODVIRUPXODFLRQHVTXH)RXFDXOWHOLJHSDUD
GHILQLU VX QXHYR PRGHOR GH KLVWRULRJUDItD YDQ D LQIOXLU VREUH WRGR ODV
VXJHUHQFLDVWHUPLQROyJLFDVGHODHSLVWHPRORJtDGH*DVWRQ%DFKHODUG>@\HO
PRGHOR KLVWyULFR GH OD HVFXHOD GH ORV $QQDOHV >@ HO ODGR QHJDWLYR GH VX
SODQWHDPLHQWRORRIUHFHUiDVXYH]ODFRQFHSFLyQKLVWyULFDEDVDGDHQHOPRGHOR
ILORVyILFRUHIOH[LYRHVWDYH]EDMRHODVSHFWRGLDFUyQLFRGHODKLVWRULDJOREDO
>@(OSUR\HFWRGHXQDKLVWRULDJOREDOHVHOTXHWUDWDGHUHVWLWXLUODIRUPDGHFRQMXQWRGHXQD
FLYLOL]DFLyQHOSULQFLSLRPDWHULDORHVSLULWXDOGHXQDVRFLHGDGODVLJQLILFDFLyQFRP~QD
WRGRV ORV IHQyPHQRV GH XQ SHULRGR OD OH\ TXH GD FXHQWD GH VX FRKHVLyQ OR TXH VH OODPD
PHWDIyULFDPHQWHHOURVWURGHXQDpSRFD7DOSUR\HFWRYDOLJDGRDGRVRWUHVKLSyWHVLVVH
VXSRQHTXHHQWUHWRGRVORVDFRQWHFLPLHQWRVGHXQiUHDHVSDFLRWHPSRUDOELHQGHILQLGDHQWUH
WRGRVORVIHQyPHQRVFX\RUDVWURVHKDHQFRQWUDGRVHGHEHSRGHUHVWDEOHFHUXQVLVWHPDGH
UHODFLRQHV KRPRJpQHDV >@ 6H VXSRQH SRU RWUD SDUWH TXH XQD PLVPD \ ~QLFD IRUPD GH
KLVWRULFLGDG DUUDVWUD ODV HVWUXFWXUDV HFRQyPLFDV ODV HVWDELOLGDGHV VRFLDOHV OD LQHUFLD GH ODV

PHQWDOLGDGHV ORV KiELWRV WpFQLFRV ORV FRPSRUWDPLHQWRV SROtWLFRV \ ORV VRPHWH WRGRV DO
PLVPRWLSRGHWUDQVIRUPDFLyQVHVXSRQHHQILQTXHODSURSLDKLVWRULDSXHGHDUWLFXODUVHHQ
JUDQGHV XQLGDGHV >@ 6LRQ HVWRV SRVWXODGRV ORV TXH OD QXHYD KLVWRULD UHYLVD FXDQGR
SUREOHPDWL]D ODV VHULHV ORV FRUWHV ORV OtPLWHV ODV GHVQLYHODFLRQHV ORV GHVIDVHV ODV
HVSHFLILFLGDGHV FURQROyJLFDV ODV IRUPDV VLQJXODUHV GH UHPDQHQFLD ORV WLSRV SRVLEOHV GH
UHODFLyQ 3HUR QR HV TXH WUDWH GH REWHQHU XQD SOXUDOLGDG GH KLVWRULDV \X[WDSXHVWDV H
LQGHSHQGLHQWHVODVXQDVGHODVRWUDVODGHODHFRQRPtDDOODGRGHODVLQVWLWXFLRQHV\DOODGR
GHHOODVWRGDYtDODGHODVFLHQFLDVGHODVUHOLJLRQHVRGHODVOLWHUDWXUDVWDPSRFRHVTXHWUDWH
~QLFDPHQWH GH VHxDODU HQWUH HVWDV KLVWRULDV GLVWLQWDV FRLQFLGHQFLDV GH IHFKDV R DQDORJtDV GH
IRUPD \ GH VHQWLGR (O SUREOHPD TXH VH SODQWHD HQWRQFHV \ TXH GHILQH OD WDUHD GH XQD
KLVWRULDJHQHUDOHVHOGHGHWHUPLQDUTXpIRUPDGHUHODFLyQSXHGHVHUOHJtWLPDPHQWHGHVFULWD
HQWUH HVWDV GLVWLQWDV VHULHV TXp VLVWHPD YHUWLFDO VRQ FDSDFHV GH IRUPDU FXiO HV GH XQDV D
RWUDVHOMXHJRGHODVFRUUHODFLRQHV\GHODVGRPLQDQWHV>@

$KRUD TXH HVWD YLVLyQ SURJUDPiWLFD GHO FRQFHSWR GH PRQXPHQWR \ VX


FRUUHVSRQGLHQWHFRQFHSFLyQGHODKLVWRULDKDQTXHGDGRFODULILFDGRVDJUDQGHV
UDVJRVXQRQRGHEHUtDROYLGDUQDWXUDOPHQWHTXHHOSUR\HFWRPHWRGROyJLFRGH
)RXFDXOWHQVXFRQMXQWRHVWiLQIOXLGRSRUHOREMHWLYRGHLQYHVWLJDUHQWpUPLQRV
HWQROyJLFRV OD FLYLOL]DFLyQ HXURSHD (Q HVWH VHQWLGR $UTXHRORJtD GHO VDEHU
FRQVWLWX\HXQDVXHUWHGHHWQRORJtDHQHOSODQRGHODKLVWRULDGHODVLGHDVSXHVWR
TXH OD YLVLyQ DUTXHROyJLFD GH OD KLVWRULD FRQWHPSOD HO PDWHULDO GRFXPHQWDO GHO
VDEHU GH OD WUDGLFLyQ HXURSHD FRPR VL IXHUDQ HVWUXFWXUDV WH[WXDOHV
PRQXPHQWDOHV TXH HVWiQ FRPSXHVWDV GH HOHPHQWRV OLQJtVWLFRV SUH
VLJQLILFDWLYRVHOODDGRSWDDSDUHQWHPHQWHODIXQFLyQGHHVHREVHUYDGRUH[WHUQR
TXHVHHQFXHQWUDFRQORVIUDJPHQWRVHVFULWRVLQLQWHOLJLEOHVGHXQPXQGRFXOWXUDO
\D SDVDGR 3RU HOOR UHVXOWD EDVWDQWH HYLGHQWH HO VHQWLGR ~OWLPR TXH )RXFDXOW
TXLHUHDVLJQDUDOWtWXORGHDUTXHRORJtD>@pVWHVXUJHGHODFLUFXQVWDQFLDGH
TXH XQD WHRUtD VRFLDO DO VHUYLFLR GH ORV VXSXHVWRV EiVLFRV GHO HVWUXFWXUDOLVPR
VHPLROyJLFRKDGHDGRSWDUFRPRHVREYLRXQDSHUVSHFWLYDH[WHULRUGHVSOD]DGD
GHVXSURSLDVRFLHGDGWRGDYH]TXHWLHQHTXHSURKLELUVHGHHQWUDGDXQDFFHVR
VLJQLILFDWLYDPHQWHLQWHOLJLEOHDODUHDOLGDGVLPEyOLFDGHXQDFXOWXUD'HDKtTXHHQ
ODDXWRFRPSUHQVLyQGHOSURSLR)RXFDXOWHOOHLWPRWLYGHOSODQWHDPLHQWRWHyULFR
VHPLROyJLFRFRQYHUMDSURSLDPHQWHFRQODH[LJHQFLDGHXQDHWQRORJtDRULHQWDGDD
OD SURSLD FXOWXUD VX UHIOH[LyQ WHyULFROLQJtVWLFD HV SRU DVt GHFLUOR HO PHGLR
HVWUDWpJLFR GHO TXH VH VLUYH SDUD SRGHU VLWXDUVH HQ HO OXJDU GHO REVHUYDGRU
H[WHUQR

6yOR VL VH WLHQH FRQWLQXDPHQWH HQ FXHQWD HO WUDVIRQGR HSLVWHPROyJLFR GH
$UTXHRORJtD GHO VDEHU HVWR HV VL VHJXLPRV VLHQGR FRQVFLHQWHV GH TXH VX
DUJXPHQWDFLyQ GHEH VHUYLU WDPELpQ D OD SUiFWLFD PHWRGROyJLFD GH XQD
SHUVSHFWLYD FXOWXUDOPHQWH QHXWUDO SXHGH FRPSUHQGHUVH IiFLOPHQWH FXiO HV HO
REMHWLYR \ HO SULQFLSLR GH RUJDQL]DFLyQ GH HVWH UD]RQDPLHQWR HV GHFLU OD
FDWHJRUtD GH PRQXPHQWR \ HO FRQFHSWR GH KLVWRULD VLWXDGR DO VHUYLFLR GHO
HVWUXFWXUDOLVPRWLHQHQDTXtVyORHOYDORUGHSURSRUFLRQDUXQERVTXHMRSUHOLPLQDU
GH ODV LQWHQFLRQHV ~OWLPDV GHO SUR\HFWR GH )RXFDXOW 6X DXWpQWLFR WUDEDMR
HPSLH]DHQUHDOLGDGHQHOPRPHQWRHQHOTXHDTXtVHOOHYDDFDERXQWUDEDMR
FDWiUWLFRHQHOiPELWRFRQFHSWXDOVXIXQFLyQQRHVRWUDTXHODGHUHPSOD]DU
WRGDV HVDV FDWHJRUtDV KLVWyULFRWHyULFDV GHO VDEHU FXOWXUDO GH RULJHQ
KHUPHQpXWLFRRSURFHGHQWHVGHODILORVRItDGHODVXEMHWLYLGDGSRURWUDVQRFLRQHV
TXH\DQRWHQJDQQLQJXQDUHIHUHQFLDDODDFWLYLGDGFRQVWLWXWLYDGHVHQWLGRGHORV
VXMHWRV(OSURSLR)RXFDXOWVHH[SUHVDFRQWRGDFODULGDGDODKRUDGHGHILQLUHO
REMHWLYR~OWLPRGHVXUD]RQDPLHQWR
>@(QODPHGLGDHQTXHPLLQWHQFLyQHVGHILQLUXQPpWRGRGHDQiOLVLVKLVWyULFROLEHUDGR\D
GHO WHPD DQWURSROyJLFR UHVXOWD HYLGHQWH TXH OD WHRUtD TXH DKRUD VH SHUILOD WLHQH XQD GREOH
UHODFLyQ FRQ PLV LQYHVWLJDFLRQHV SUHFHGHQWHV HV GHFLU FRQ +LVWRULD GH OD ORFXUD (O
QDFLPLHQWR GH OD FOtQLFD \ /DV SDODEUDV \ ODV FRVDV  (V XQD WHQWDWLYD GH IRUPXODU HQ
WpUPLQRVJHQHUDOHV>@ODVKHUUDPLHQWDVTXHHVWRVHVWXGLRVKDQXVDGRRKDQFRQVWUXLGRSDUD
Vt PLVPDV HQ HO FXUVR GH VX WUDEDMR $KRUD ELHQ SRU RWUR ODGR XWLOL]D ORV UHVXOWDGRV \D
REWHQLGRVSDUDGHILQLUXQPpWRGRGHDQiOLVLVGHSXUDGR\DGHWRGRDQWURSRORJLVPR>@

8QDYH]TXHHOWUDEDMRUHDOL]DGRHQ$UTXHRORJtDGHOVDEHUTXHGDGHILQLGR
HQ HVWRV WpUPLQRV SXHGH GHGXFLUVH VLQ DSHQDV GLILFXOWDGHV HO HVTXHPD
PHWRGROyJLFR TXH YD D VHJXLU HVWD LQYHVWLJDFLyQ FRQFHSWXDO )RXFDXOW
DSDUHQWHPHQWHGLYLGH\RUJDQL]DVXSURFHGHUVLJXLHQGRHOPRGHORGHHVHPDUFR
PHWRGROyJLFR GREOH TXH 5RODQG %DUWKHV \D LGHQWLILFDUD FRPR FRQTXLVWD
HVHQFLDO GH OD SUiFWLFD HVWUXFWXUDOLVWD >@ (VWH PRGHOR SUHVFULEH TXH XQ
PDWHULDO GDGR GH LQYHVWLJDFLyQ VHD GHVFRPSXHVWR GH HQWUDGD HQ VXV PiV
SHTXHxRVHOHPHQWRV\TXHpVWRVVHDQOXHJRDQDOL]DGRVHQXQVHJXQGRSDVR
DWHQGLHQGR D VXV UHJODV GH IRUPDFLyQ )LQDOPHQWH VRQ ORV QXHYRV JUXSRV
RUGHQDGRV TXH VH GHVFXEUHQ ORV TXH EULQGDQ OD SRVLELOLGDG GH UHFRQVWUXLU OD
HVWUXFWXUD LQFRQVFLHQWH HQ IXQFLRQDPLHQWR GHO GRPLQLR REMHWLYR LQYHVWLJDGR

(VWD RSHUDFLyQ GREOH GH HVWH WLSR GH GHVFRPSRVLFLyQ \ GH UH
RUJDQL]DFLyQFRPR5RODQG%DUWKHVDILUPDHVODTXHFRQVWLWX\HDKRUDOD
EDVHGHOSODQWHDPLHQWRIRXFDXOWLDQRHVWRVGRVSDVRVPHWRGROyJLFRVGHEHQVHU
FRPSOHWDGRV DQWHV GH TXH VH FLHUUH HO QXHYR PDUFR FRQFHSWXDO \ FDPSR GH
RSHUDFLRQHVGHXQDDUTXHRORJtDGHVDEHU
3DVDQGRSRUDOWRHQSULQFLSLRODYDJXHGDGGHODSURSXHVWDPHWRGROyJLFD
EDUWKHVLDQDORTXHGHDTXtVHGHULYDSDUD)RXFDXOWGHHQWUDGDHVODWDUHDGH
WHQHUTXHILOWUDUGHOFDPSRJHQHUDOGHODVSURGXFFLRQHVFXOWXUDOHVGHOVDEHUODV
XQLGDGHV ~OWLPDV TXH \D QR SXHGHQ VHJXLU VLHQGR GHVFRPSXHVWDV 6H SXHGH
REVHUYDUIiFLOPHQWHTXHHVWHSXQWRGHSDUWLGDFRQWLHQHHQHOIRQGRGRVWDUHDV
LQGHSHQGLHQWHV DQWHV GH TXH HO PDWHULDO REMHWR GH LQYHVWLJDFLyQ VHD
GHVFRPSXHVWR HQ VXV HOHPHQWRV GHILQLWRULRV PiV SHTXHxRV KD GH VHU SRVLEOH
REVHUYDUORV GH XQD IRUPD GHVSUHMXLFLDGD H LPSDUFLDO HVWR HV
LQGHSHQGLHQWHPHQWH GH WLSRORJtDV FLHQWtILFDPHQWH QRUPDOL]DGDV )RXFDXOW
FXPSOHODSULPHUDGHHVWDVGRVWDUHDVPHGLDQWHXQSURFHVRFDWHJRULDOGHSXHVWD
HQWUHSDUpQWHVLV>@FX\RREMHWLYRQRVHUiRWURTXHHOGHH[FOXLUWRGDVHVDV
LGHDV WUDGLFLRQDOPHQWH OLJDGDV DO GRPLQLR IHQRPpQLFR GH H[SUHVLyQ VLPEyOLFD
TXHWLHQHQDOJ~QWLSRGHUHIHUHQFLDFRQFHSWXDOFRQODVUHDOL]DFLRQHVVLJQLILFDWLYDV
GHXQVXMHWReVWHHVSRUWDQWRHOSDVRTXHHQHOFXUVRGHODDUJXPHQWDFLyQ
IRXFDXOWLDQDEDMRHOSXQWRGHYLVWDGHODSHUVSHFWLYDGHOREVHUYDGRUHWQROyJLFR
FXPSOH OD IXQFLyQ GH GHSXUDU WRGRV ORV FRQFHSWRV EiVLFRV XWLOL]DGRV GH WRGD
KXHOODGHFRQWHQLGRKHUPHQpXWLFRRDVRFLDGDFRQODILORVRItDGHODUHIOH[LyQ
'HQWURGHODKLVWRULDLQWHOHFWXDOODOLVWDGHFDWHJRUtDVTXHFRPR)RXFDXOW
PXHVWUD WLHQHQ XQD GHSHQGHQFLD VXEWHUUiQHD FRQ OD VRVSHFKRVD WUDGLFLyQ
KHUPHQpXWLFD\TXHSRUWDQWRYDQDTXHGDUDOPDUJHQGHVXSURSLROHQJXDMH
WHyULFR HV FLHUWDPHQWH PX\ DPSOLD SRU PXFKR TXH VyOR SRVHDQ XQ YDORU
LQGLFDWLYRHVXQDOLVWDTXHDEDUFDGHVGHFRQFHSWRVXWLOL]DGRVHQHOiPELWRGHOD
ILORVRItD GH OD KLVWRULD FRPR ORV GH WUDGLFLyQ R HYROXFLyQ GH ORV TXH
GHVFRQItDWDPELpQGHVGHHOSXQWRGHYLVWDPHWRGROyJLFRGLFKRVHDGHSDVROD
ILORVRItDDQDOtWLFDGHODKLVWRULD>@KDVWDFDWHJRUtDVGLYLVRULDV\RUJDQL]DWLYDV
HOHPHQWDOHV FRPR REUD R OLEUR TXH VRQ GLItFLOHV GH HOLPLQDU GHO PLVPR
OHQJXDMH FRWLGLDQR +D\ TXH YDORUDU OD UDGLFDOLGDG GHO PRGR GH SURFHGHU
IRXFDXOWLDQR HQ HO KHFKR GH TXH WUDWH GH H[FOXLU \ HOLPLQDU HVWDV QRFLRQHV

KDELWXDOHVHQHOOHQJXDMHFRWLGLDQRGHVXPDUFRFDWHJRULDOXQDUDGLFDOLGDGTXH
SXHGHHQWHQGHUVHVLVHDFHSWDTXHHVWDVVRVSHFKRVDVUHIHUHQFLDVWDQIDPLOLDUHV
D ORV DFWRV VXEMHWLYRV GH VLJQLILFDGR FRQVWLWX\HQ XQD HVSHFLH GH SXQWR GH
UHIHUHQFLD LGHDO EDMR HO FXDO VH HVFRJH XQD SDUWH GHO FRQMXQWR WRWDO GH ODV
PDQLIHVWDFLRQHV OLWHUDULDV \ SRU HMHPSOR VH XQLILFD EDMR HO WtWXOR VLQWpWLFR GH
REUD
>@ 6H SXHGH FRPSUREDU LJXDOPHQWH TXH XQD XQLGDG VHPHMDQWH OHMRV GH GDUVH
LQPHGLDWDPHQWHHVHOUHVXOWDGRGHXQDRSHUDFLyQTXHHVWDRSHUDFLyQHVLQWHUSUHWDWLYDGHVGH
TXHGHVFLIUDHQHOWH[WRODWUDQVFULSFLyQGHDOJRTXHDODYH]VHHVFRQGH\PDQLILHVWD\TXH
OD RSHUDFLyQ TXH GHWHUPLQD HO RSXV HQ VX XQLGDG \ FRQVHFXHQWHPHQWH OD REUD PLVPD QR
VHUiORPLVPRHQHOFDVRGHODXWRUGH(OWHDWUR\VXGREOHRHODXWRUGHO7UDFWDWXV\TXHSRU
ORWDQWRFXDQGRXQRKDEODGHXQDREUDHQFDGDFDVRXQRHVWiXVDQGRODH[SUHVLyQHQXQ
GLIHUHQWHVHQWLGR/DREUDQRSXHGHFRQVLGHUDUVHQLFRPRXQDXQLGDGLQPHGLDWDQLFRPRXQD
XQLGDGGHILQLGDQLFRPRXQDXQLGDGKRPRJpQHD>@

/DDVRFLDFLyQGHDFWRVVLJQLILFDWLYRVDWULEXLEOHVDLQGLYLGXRVTXHFRPR
)RXFDXOWUHFRQRFHHVWDQWRXQHOHPHQWRFRQFHSWXDOFRQVWLWXWLYRGHODILORVRItD
GH OD KLVWRULD TXH KD GH VHU VXSHUDGD FRPR XQD QRFLyQ FHQWUDO HQ HO OHQJXDMH
FRWLGLDQRVHLQWURGXFHXQD\RWUDYH]HQHOPRGRGHSURFHGHUGHODVFLHQFLDV
KXPDQDV(OPpWRGRGHODFRPSUHQVLyQHPSiWLFDRODLGHDGHXQDKHUPHQpXWLFD
FUHDGRUDGHVLJQLILFDGRVRQH[SOLFDFLRQHVTXHHVWiQGHWHUPLQDGDVHQHOPLVPR
VHQWLGRSRUODWHVLVGHTXHKD\UHDOL]DFLRQHVVLJQLILFDWLYDVGHXQVXMHWRTXHVH
KDQ REMHWLYDGR HQ ORV WH[WRV VXVFHSWLEOHV GH LQWHUSUHWDFLyQ GH DKt TXH WRGRV
HVWRV SURFHGLPLHQWRV PHWRGROyJLFRV GHO PLVPR PRGR TXH VXV FRQFHSWRV
FRUUHVSRQGLHQWHV FRQFHSWRV FX\DV FRQQRWDFLRQHV VHPiQWLFDV VXEMHWLYDV
LPSOtFLWDPHQWH \D VH KDQ H[SXHVWR WLHQHQ SRU FRQVLJXLHQWH TXH TXHGDU
H[FOXLGRV GHO LQYHQWDULR GH ORV LQVWUXPHQWRV WHyULFRV SURSLRV GH XQD
DUTXHRORJtDGHOVDEHUFXOWXUDO>@
$KRUD ELHQ HVWH SURFHGLPLHQWR GH SXHVWD HQWUH SDUpQWHVLV TXH )RXFDXOW
SODQWHD \ VyOR GHVDUUROOD FRPR PRGHOR JHQHUDO \ DO TXH GHEHQ DGDSWDUVH ODV
FDWHJRUtDV\PpWRGRVGHODGLVFLSOLQDKLVWyULFRLQWHOHFWXDOHVSURPRYLGRFRQOD
HVSHUDQ]D WHyULFD GH TXH GHVSXpV GH OD UHWLUDGD \ GHSXUDFLyQ GH WRGR HO
LQVWUXPHQWDOFRJQLWLYRLQDGHFXDGRHOiPELWRGHLQYHVWLJDFLyQDSDUH]FDSRUDVt
GHFLUORHQXQDIRUPDQRGHVILJXUDGD6HJ~Q)RXFDXOWHVWDWDUHDVLVWHPiWLFDGH

SXHVWDHQWUHSDUpQWHVLVKDGHSODQWHDUVHGHWDOPRGRTXHXQDYH]FRQRFLGRHO
IXQFLRQDPLHQWRGHOVLVWHPDGHUHIHUHQFLDWUDGLFLRQDOSXHGDUHWLUDUHVDHVSHFLH
GHYHORVLPEyOLFRGHODUHDOLGDGH[LVWHQWHDVHFDV&RPRUHVXOWDGRGHWRGRHOOR
HO PDWHULDO REMHWR GH LQYHVWLJDFLyQ HQ HO WHUUHQR KLVWyULFRFXOWXUDO KD GH
DSDUHFHUGHIRUPDQHXWUDODODPLUDGDGHOREVHUYDGRU
8QD YH] TXH HVWDV IRUPDV LQPHGLDWDV GH FRQWLQXLGDG >HVWR HV ODV VXSRVLFLRQHV WHyULFDV GH
XQDKLVWRULDLQWHOHFWXDOGHFRUWHKHUPHQpXWLFR$+@TXHGDQHQVXVSHQVRTXHGDOLEHUDGRHQ
UHDOLGDG WRGR XQ iPELWR GH REMHWRV 8Q LQPHQVR FDPSR GH WUDEDMR TXH VLQ HPEDUJR HV
SRVLEOHGHILQLUHVWHFDPSRVHFRPSRQHGHODWRWDOLGDGGHORVHQXQFLDGRVHIHFWLYRV HQRQFpV
\D VHDQ KDEODGRV R HVFULWRV HVWR QR GHVHPSHxD QLQJ~Q SDSHO HVSHFLDO  HQ VX GLVSHUVLyQ
FRPRKHFKRV\HQODFRQVLVWHQFLDTXHOHVHVSURSLD\FRQVWLWX\H$QWHVGHTXHXQRKD\DGH
YpUVHODVFRQFLHUWRJUDGRGHFHUWH]DFRQXQDFLHQFLDRFRQQRYHODVFRQPHQVDMHVSROtWLFRVROD
REUDGHXQDXWRURHQJHQHUDOFRQXQOLEURHOPDWHULDOTXHXQRKDGHWUDWDUHQVXQHXWUDOLGDG
RULJLQDULD HV XQD SOpWRUD GH DFRQWHFLPLHQWRV HQ HO HVSDFLR GHO GLVFXUVR HQ JHQHUDO $Vt HV
FRPRDSDUHFHHOSUR\HFWRGHXQDGHVFULSFLyQSXUDGHORVDFRQWHFLPLHQWRVGLVFXUVLYRVFRPR
HOKRUL]RQWHGHODLQYHVWLJDFLyQGHODVXQLGDGHVTXHODFRQVWLWX\HQ>@

&RQWHPSODGR GHVGH HO SXQWR GH YLVWD HSLVWHPROyJLFR HVWH SDVR UHIOH[LYR
SUHFUtWLFR QR VyOR FRQWLHQH \D OD UHVSXHVWD GH )RXFDXOW DO VHJXQGR SUREOHPD
TXH VH SUHVHQWD FRQ OD WDUHD GH XQD GHVFRPSRVLFLyQ DQDOtWLFD GHO PDWHULDO GH
LQYHVWLJDFLyQ HQ VXV XQLGDGHV PiV HOHPHQWDOHV VLQR WDPELpQ \D XQD GHFLVLYD
DOXVLyQDVXVROXFLyQGHODGLILFXOWDGYLQFXODGDDOVLJXLHQWHSDVRPHWRGROyJLFROD
QXHYD RUJDQL]DFLyQ GH HVWDV XQLGDGHV XQD YH] TXH KDQ TXHGDGR DKRUD
OLEHUDGDV GH VX DQWLJXR FRQWH[WR 3XHV SRU HQXQFLDGRV R H[SUHVLRQHV
HIHFWLYDVVHKDFHUHIHUHQFLDPDQLILHVWDPHQWHDORVHOHPHQWRVPiVSHTXHxRVGH
ORV TXH VH FRPSRQH WRGR HO FDPSR GHO VDEHU FXOWXUDO FRPR WDO PLHQWUDV TXH
SRUHOFRQFHSWRGHGLVFXUVRVHDOXGHHQSRFDVSDODEUDVDHVDVIRUPDFLRQHV
HQ ODV TXH GHVGH OD SHUVSHFWLYD DUTXHROyJLFD GHEHQ YROYHU D DJUXSDUVH GH
QXHYRDTXHOORVHOHPHQWRVTXHHQXQSULQFLSLRKDEtDQVLGRDLVODGRV
3ODQWHDGRHODVXQWRHQHOFRQWH[WRGHOSUR\HFWRPHWRGROyJLFRLQWURGXFLGR
SRU 5RODQG %DUWKHV SXHGH GHFLUVH TXH )RXFDXOW XQD YH] GHOLPLWDGD VX
SURSXHVWD GH SRQHU HQWUH SDUpQWHVLV ODV DQWLJXDV FDWHJRUtDV VH YH REOLJDGR D
FRQIURQWDUVH FRQ OD WDUHD GH GHVFRPSRQHU DQDOtWLFDPHQWH KDVWD VXV ~OWLPRV
HOHPHQWRV HO PDWHULDO VXVFHSWLEOH GH LQYHVWLJDFLyQ TXH DKRUD \D TXHGDGR
OLEHUDGR\SXUJDGRGHODVSRVLEOHVDVRFLDFLRQHVHLGpWLFDVLQDGHFXDGDV$KRUD

ELHQGDGRTXHpOSDUHFHFRQYHQFLGRGHXQDIRUPDVXSXHVWDPHQWHLQJHQXDGH
TXH WUDV XQD FRPSOHWD HOLPLQDFLyQ GH WRGDV ODV EDUUHUDV FRJQLWLYDV
KHUPHQpXWLFDV VH PXHVWUD HO REMHWR GH XQD IRUPD QR YHODGD SRU DVt GHFLUOR
FRPR XQ HQ Vt LQGHSHQGLHQWH GHO FRQRFLPLHQWR SXHGH VHQFLOODPHQWH SDVDU
SRU DOWR HVWH SDVR PHWRGROyJLFR /D DFWLYLGDG DQDOtWLFD TXH KDEtD WRPDGR HQ
FRQVLGHUDFLyQ 5RODQG %DUWKHV HV HQ )RXFDXOW LQPHGLDWDPHQWH SXHVWD HQ
UHODFLyQ FRQ VX SURFHGLPLHQWR GH SXHVWD HQWUH SDUpQWHVLV \D TXH HQ pVWH HO
GRPLQLRIHQRPpQLFRTXHHVREMHWRGHLQYHVWLJDFLyQQRVRORTXHGDOLEHUDGRGH
WRGDV ODV UHSUHVHQWDFLRQHV IDOVHDGRUDV VLQR TXH GH HVWH PRGR LJXDOPHQWH
SXHGHQ ORV IHQyPHQRV HQ FXHVWLyQ GHVYHODUVH HQ VX H[LVWHQFLD GHVQXGD \ QR
DGXOWHUDGD)RXFDXOWSUHVHQWDODUHDOLGDGTXHTXHGDWUDVVXSXUJDGHODVYLHMDV
FDWHJRUtDV FODVLILFDWRULDV GH ODV FLHQFLDV KXPDQDV FRPR XQ FRQJORPHUDGR
FDyWLFR GH HQXQFLDGRV OLQJtVWLFRV FRPR XQD VXPD LQDEDUFDEOH GH
DFRQWHFLPLHQWRV GLVFXUVLYRV VRQ pVWRV ORV TXH GHVGH HO SXQWR GH YLVWD
DUTXHROyJLFRIRUPDQODPDWHULDSULPDVREUHODTXHVHDVLHQWDHOFDPSRJHQHUDO
GHOVDEHUFXOWXUDO
<D OD GHILQLFLyQ PLVPD GH OR TXH VH TXLHUH GDU D HQWHQGHU FRPR
HQXQFLDGR HQRQFp  YD D UHVXOWDU D )RXFDXOW EDVWDQWH SUREOHPiWLFD 3DUD
SRGHUFRPSUHQGHUODGLILFXOWDGFRQODTXHpOQRSXHGHSRUPHQRVGHWRSDUVH
HV QHFHVDULR SDUDU PLHQWHV GH QXHYR HQ HO GHFLVLYR SDSHO WHyULFR TXH
GHVHPSHxDHVWHFRQFHSWR HQOD $UTXHRORJtDGHOVDEHU (VWD LQYHVWLJDFLyQ VH
SODQWHD FRPR \D VH KD PRVWUDGR HO DPELFLRVR REMHWLYR GH GHVDUUROODU HO
SRVLEOHPDUFRFDWHJRULDOSDUDXQDWHRUtDGHOVDEHUFXOWXUDOTXHFRPSUHQGHVX
REMHWR FRPR XQ SOH[R WH[WXDO GDGR REMHWLYDPHQWH \ QR LQWHUSUHWDEOH HQ
WpUPLQRV KHUPHQpXWLFRV SDUD VHU MXVWRV FRQ HVWD H[LJHQFLD TXH FRPR VH KD
YLVWR KXQGH VXV UDtFHV HQ OD SUHWHQVLyQ GH UHDOL]DU XQD HWQRORJtD GH OD SURSLD
FXOWXUD )RXFDXOW KDFH XVR GHO QRYHGRVR LPSXOVR SRVLELOLWDGR SRU HO
HVWUXFWXUDOLVPR HQ HO iPELWR GH OD VHPLRORJtD HQ YLUWXG GHO FXDO KHPRV GH
FRPSUHQGHU ODV UHDOL]DFLRQHV PXQGRVLJQLILFDWLYDV GH ORV VXMHWRV HQ FRQH[LyQ
FRQ HO RUGHQ LQGHSHQGLHQWH QR VXEMHWLYR GH XQ VLVWHPD GH VLJQRV 6LQ
HPEDUJRODLGHDEiVLFDTXHVXUJHGHWRGRHVWHGHVDUUROORTXHILQDOPHQWHKDGH
SHUPLWLU XQ DQiOLVLV GH WLSR REMHWLYLVWD GH ORV WH[WRV VyOR YD D WHQHU SDUD
)RXFDXOW FLHUWDPHQWH XQD XWLOLGDG OLPLWDGD KDELGD FXHQWD GH TXH pO DVSLUD D

XQD H[SOLFDFLyQ QR VyOR SDUD DFWRV DLVODGRV GH VLJQLILFDGR FX\DV XQLGDGHV
HOHPHQWDOHV VRQ ODV SDODEUDV GH XQ VLVWHPD OLQJtVWLFR VLQR SDUD IRUPDFLRQHV
FRPSOHMDV GH VtPERORV FRPR VLVWHPDV GH VDEHU FX\DV XQLGDGHV HOHPHQWDOHV
VRQ \D D VX YH] JUXSRV GH SDODEUDV HVWR HV DILUPDFLRQHV VREUH HVWDGRV GH
KHFKR $Vt PLHQWUDV HO HVWUXFWXUDOLVPR VHPLROyJLFR GLULJH VX DUJXPHQWDFLyQ
LQLFLDOPHQWH VyOR DO SODQR OLQJtVWLFR GH OD SDODEUD )RXFDXOW VH YH REOLJDGR D
H[WHQGHUHOPLVPRDUJXPHQWRDOSODQROLQJtVWLFRGHODRUDFLyQSRUTXHVyORHQ
HVWH SODQR VH SXHGHQ HQFRQWUDU ORV FRPSRQHQWHV HOHPHQWDOHV SDUD FRPSOHMRV
GHLGHDV\PRGRVGHSHQVDPLHQWR'HDKtTXHpOVHGLULMDKDFLDXQHTXLYDOHQWH
FRQFHSWXDO GH OD QRFLyQ VHPLROyJLFD GH VLJQR TXH VHD FDSD] GH GHILQLU XQD
XQLGDGOLQJtVWLFDTXHFRPRHOVLJQRVHGHILQD~QLFDPHQWHSRUVXSRVLFLyQHQ
XQVLVWHPDSUHVLJQLILFDWLYRGHUHJODVSHURTXHDGLIHUHQFLDGHOVLJQRWDPELpQ
SHUPDQH]FDSRUHQFLPDGHOSODQRGHODSDODEUDHQHOQLYHOGHODVH[SUHVLRQHV
SURSRVLFLRQDOHV HO HQXQFLDGR GHEH SUHFLVDPHQWH UHSUHVHQWDU XQD XQLGDG
OLQJtVWLFDGHHVWHWLSR
/DVIyUPXODVDSDUHQWHPHQWHFRQWUDGLFWRULDVTXHUHVXOWDQQHFHVDULDVSDUDOD
GHVFULSFLyQGHODIXQFLyQGHOFRQFHSWRGHHQXQFLDGRPXHVWUDQFRQFODULGDG
ODV GLILFXOWDGHV FRQ ODV TXH VH FKRFD )RXFDXOW HQ VX LQWHQWR GH RIUHFHU XQD
GHILQLFLyQ 3RU XQD SDUWH QR SXHGH HYLWDU HQWHQGHU HO HQXQFLDGR HQ XQD
SULPHUDDSUR[LPDFLyQDOWHPDFRPRXQDVXHUWHGHFRPELQDFLyQGHSDODEUDVHQ
SULQFLSLRVLJQLILFDWLYD(OHQXQFLDGRHVXQFRPSRQHQWHGHOXVROLQJtVWLFRRGHO
GLVFXUVRSHURQR\DXQFRPSRQHQWHGHOOHQJXDMHHQHOHQXQFLDGRVHFODVLILFDQ
\RUGHQDQORVHOHPHQWRVVHPLROyJLFRVGHXQVLVWHPDOLQJtVWLFREDMRHOSXQWRGH
YLVWDGHVXSUHWHQVLyQGHDILUPDUYDOLGH]GHDKtTXHKD\DTXHDWULEXLUDOVXMHWR
XQ SDSHO FRQVWLWXWLYR HQ OD PHGLGD HQ TXH VyOR pO HV FDSD] GH FRQMXJDU
VLJQLILFDWLYDPHQWH ODV XQLGDGHV OLQJtVWLFDV FRQ OD LQWHQFLyQ GH OD DILUPDFLyQ
>@(QWpUPLQRVJHQHUDOHVSDUHFHUtDDSULPHUDYLVWDDOPHQRVTXHHOVXMHWR
GH XQ HQXQFLDGR HV SUHFLVDPHQWH HO TXH KD SURGXFLGR ORV GLVWLQWRV HOHPHQWRV
FRQODLQWHQFLyQGHSURGXFLUVLJQLILFDGR>@$GHPiVGHHVWRHQHOPRPHQWR
HQHOTXHDSDUHFHHQHOGLVFXUVRFRQODLQWHQFLyQGHUHLYLQGLFDUYDOLGH]HQXQD
UHODFLyQ LQWHQFLRQDO HO VLJQLILFDGR GHO VLJQR QR TXHGD \D GHWHUPLQDGR
H[FOXVLYDPHQWH SRU VX SRVLFLyQ HQ HO VLVWHPD VHPLROyJLFR GH UHODFLRQHV VLQR
WDPELpQ SRU VX UHODFLyQ UHIHUHQFLDO FRQ OD DILUPDFLyQ GH XQ HVWDGR GH KHFKR

(VWRHVORTXH)RXFDXOWSDUHFHHQFXDOTXLHUFDVRDGPLWLU8QDVHULHGHVLJQRV
VH FRQYLHUWH HQ HQXQFLDGR EDMR OD FRQGLFLyQ GH TXH WHQJD XQD UHODFLyQ
HVSHFtILFD FRQ DOJR PiV >@ &RPR QR HV GLItFLO GH REVHUYDU HVWDV GRV
DILUPDFLRQHV YLRODQ HQ UHDOLGDG ORV SUHVXSXHVWRV WHyULFRV EDMR ORV TXH
GHVDUUROODEDVXDUJXPHQWDFLyQHOHVWUXFWXUDOLVPRVHPLROyJLFR8QHQXQFLDGRQR
HVDTXt\DXQVLPSOHHOHPHQWRGHXQDHQWLGDGDXWyQRPDIRUPDGDGHUHODFLRQHV
GH GHSHQGHQFLD LQWHUQD VL VH FRQFLEH FRPR XQD FRPELQDFLyQ GH SDODEUDV
VXEMHWLYDPHQWH LQWHQFLRQDO \ UHODFLRQDGD HQ WpUPLQRV UHIHUHQFLDOHV (Q YHUGDG
WDQ SURQWR FRPR HQWHQGHPRV HO HQXQFLDGR HQ ORV WpUPLQRV GH XQD XQLGDG
OLQJtVWLFDTXHVHFRPSOHWDSRUXQDLQWHQFLyQVLJQLILFDWLYD\DQRSRGHPRVSRU
PiV WLHPSR DQDOL]DUOR HQ UHODFLyQ FRQ VX SRVLFLyQ GHQWUR GH XQD HVWUXFWXUD
UHODFLRQDOSUHVLJQLILFDWLYDVLQRVyORHQFRQH[LyQFRQHOHVWDGRGHKHFKRDOTXH
VH KD GDGR XQ VLJQLILFDGR LQWHQFLRQDO )RXFDXOW SDUHFH DGYHUWLU HO SHOLJUR TXH
DPHQD]D D VX DUJXPHQWR HQ HVWD UHIHUHQFLD D OD LQWHQFLyQ LQGLYLGXDO GH
VLJQLILFDGR DVt FRPR DO KHFKR DILUPDGR SRU HO HQXQFLDGR FRPR VL TXLVLHUD
HYLWDUHOULHVJR GHUHFDHU HQORVPRGRV GHKDEODU GHODILORVRItD GHOVXMHWR pO
DKRUDVHGLVSRQHDRSHUDUHQFRQWUDGHWRGRORTXHVHKDEtDDFHSWDGRFRPR
GHILQLFLyQ GH HQXQFLDGR \ YXHOYH D UHFKD]DU ODV SURSLHGDGHV GH XQD
FRPELQDFLyQOLQJtVWLFDVLJQLILFDWLYD
1RUHVXOWDIiFLOVLQHPEDUJRVHJXLUODVSURSXHVWDVGHGHILQLFLyQTXHRIUHFH
)RXFDXOW FRQ HO SURSyVLWR GH RWRUJDU DO HQXQFLDGR XQ HVWDWXWR FRPSDUDEOH DO
FRQFHSWRVHPLROyJLFRGHVLJQR(QGLUHFFLyQDHVWHREMHWLYRpOORSULPHURTXH
KDFHHVVHSDUDUODXQLGDGOyJLFDGHODSURSRVLFLyQ\ODXQLGDGSUDJPiWLFDGHO
DFWRGHKDEODGHODXQLGDGJUDPDWLFDOGHODRUDFLyQ/RVFULWHULRVTXHDTXtVRQ
UHVSHFWLYDPHQWH LQWURGXFLGRV SDUD GHOLPLWDU ODV XQLGDGHV HOHPHQWDOHV GH
GLVFXUVRQRVHDSOLFDQDOHQXQFLDGRSRUTXHpVWHFRPRWRWDOLGDGSRVLELOLWDXQ
JUDQ Q~PHUR GH SRVLEOHV FRQH[LRQHV OHJtWLPDV HQWUH ORV VLJQRV 3RU HVWR
)RXFDXOW YD D HQWHQGHU WDPELpQ SRU HMHPSOR XQD JUiILFD XQD FXUYD GH
FUHFLPLHQWRXQDSLUiPLGHGHHGDGXQDJUiILFDGHH[LVWHQFLD>@DXQTXHQR
GHEHUtD VHU GLItFLO UHFRQRFHU SURSRVLFLRQHV GLVSXHVWDV IRUPDOPHQWH HQ WDEODV
HVWDGtVWLFDV R UHSUHVHQWDFLRQHV JUiILFDV pO FLWD WRGRV HVWRV FDVRV SDUD
GHPRVWUDU OD LQXWLOLGDG GH ODV GHILQLFLRQHV SURSXHVWDV GH HQXQFLDGR TXH VH
SXHGHQ HQFRQWUDU HQ ORV DQiOLVLV OLQJtVWLFRV (Q VX OXJDU pO YD D RIUHFHU

ILQDOPHQWHXQWLSRGHFDUDFWHUL]DFLyQFRQFHSWXDOTXHREVHUYDHO~QLFRHOHPHQWR
FRP~QDWRGRVORVFDVRVFRQFHELEOHVGHHQXQFLDGRVHQXQDIXQFLyQJHQHUDOOD
GH SUHVWDU H[LVWHQFLD D XQD FRPELQDFLyQ GH VLJQRV /D GHILQLFLyQ
VLQWpWLFDPHQWHFRQFOX\HQWHTXHRIUHFHHVFRQVHFXHQWHPHQWHYDJD
(O HQXQFLDGR QR HV SRU WDQWR XQD HVWUXFWXUD HV GHFLU XQ FRQMXQWR GH UHODFLRQHV HQWUH
HOHPHQWRV YDULDEOHV TXH SHUPLWH XQD VXPD TXL]i LQILQLWD GH PRGHORV FRQFUHWRV  HV XQD
IXQFLyQGHH[LVWHQFLDSURSLDGHORVVLJQRVDSDUWLUGHORTXHXQRSXHGHGHFLUSRUHODQiOLVLVR
ODLQWXLFLyQGHVLSURGXFHXQVHQWLGRRQRGHTXpUHJODVVLJXH\VLVH\X[WDSRQHGHTXpHV
VLJQR\TXpWLSRGHDFWRVHHQFXHQWUDLQIOXLGRSRUVXIRUPXODFLyQ RUDOXHVFULWD >@

6LVyORVHSXHGHGHWHUPLQDUUHWURVSHFWLYDPHQWHVLXQHQXQFLDGRSURGXFH
VHQWLGRHQWRQFHVQRSXHGHGHFLUVHTXHODLQWHQFLyQLQGLYLGXDOGHVLJQLILFDGRR
OD UHODFLyQ UHIHUHQFLDO D XQ VXSXHVWR HVWDGR GH KHFKR VHDQ FDUDFWHUtVWLFDV
GHILQLWRULDV LQWUtQVHFDV VX\DV PiV ELHQ OR TXH VXFHGH HV TXH WRGD H[SUHVLyQ
VLPEyOLFDTXHUHSUHVHQWHXQDFRPELQDFLyQGHDOPHQRVGRVSDODEUDVRVLJQRV
SXHGH DVSLUDU D OODPDUVH XQ HQXQFLDGR 8QD SiJLQD DQWHV )RXFDXOW VLQ
HPEDUJRKDEtDUHFKD]DGRXQDGHILQLFLyQWDQLQVHUYLEOHFRPRpVWD
$SUR[LPpPRQRV DO HMHPSOR XQ SRFR PiV HO WHFODGR GH XQD PiTXLQD GH HVFULELU QR HV XQ
HQXQFLDGR SHUR OD PLVPD VHULH GH VtODEDV $ = ( 5 7 LQVFULWD HQ XQ PDQXDO GH
LQVWUXFFLRQHVSDUDPiTXLQDVGHHVFULELUHVHOHQXQFLDGRGHORUGHQDOIDEpWLFRXWLOL]DGRSRUORV
WLSyJUDIRVIUDQFHVHV>@

(VWHSDVDMHQRVRIUHFHXQEXHQHMHPSORGHSRUTXpQRVRWURVWRPDPRVXQD
VHULHGHVLJQRVRSDODEUDVSRUXQHQXQFLDGRHQHOPRPHQWRHQHOTXHSRGHPRV
LQIHULUTXHXQDUHIHUHQFLDLQWHQFLRQDORXQDDILUPDFLyQHVWiQFRQHFWDGDVFRQpO
HQ XQ PDQXDO GH LQVWUXFFLRQHV HVWH VLJQLILFDGR LQWHQFLRQDO VH DSUHFLD FRQ
VHJXULGDG H[SUHVDPHQWH SRU XQ HOHPHQWR SURSRVLFLRQDO LORFXFLRQDULR GH HVWH
PRGR OD VHULH GH VtODEDV HQ XQ FDVR FRPR pVWH FRQVWLWX\H HO FRPSRQHQWH GH
XQD SURSRVLFLyQ FRQVWUXLGD JUDPDWLFDOPHQWH R VLPEyOLFDPHQWH DEUHYLDGD 6LQ
HPEDUJR )RXFDXOW QR WRPD HQ VHULR ODV LPSOLFDFLRQHV GH VX SURSLR HMHPSOR
KDEUtD QHFHVLWDGR UHSDUDU H[SOtFLWDPHQWH HQ HO KHFKR GH TXH FRPSUHQGHPRV
XQD H[SUHVLyQ VLPEyOLFD FRPR XQ HQXQFLDGR FXDQGR VH OD SXHGH DWULEXLU XQD
LQWHQFLyQ VLJQLILFDWLYD /D LGHQWLILFDFLyQ GH XQ HOHPHQWR WH[WXDO R XQ VtPEROR
FRPR XQ HQXQFLDGR VH UHODFLRQD FRQ XQ SUHVXSXHVWR KHUPHQpXWLFR GHVGH HO

SULQFLSLR QRVRWURV KHPRV WHQLGR \D TXH KDEHUOH DWULEXLGR OD FDUDFWHUtVWLFD GH
H[SUHVLyQVLJQLILFDWLYDLQWHQFLRQDODQWHVGHSRGHUH[DPLQDUHOFRQWHQLGRGHVX
HQXQFLDGR3HURHOLQWHQWRGHSURSRUFLRQDUXQDGHILQLFLyQFXDVLVHPLROyJLFDGH
HQXQFLDGR HVWi FRQGHQDGR DO IUDFDVR >@ SXHV VL HO HQXQFLDGR HV XQD
LQVWDQFLD OLEUH GH WRGD LQWHQFLRQDOLGDG VXEMHWLYD HQ HVH FDVR QR SXHGH
GLVWLQJXLUVH\DGHXQDFRPELQDFLyQDUELWUDULDGHVLJQRV\VLVHGHILQHFRPRXQD
UHODFLyQ VLPEyOLFD SUHFLVDPHQWH SRU XQ VLJQLILFDGR LQWHQFLRQDO HQWRQFHV VyOR
SXHGH VHU HQWHQGLGR HFKDQGR XQ YLVWD]R DO HVWDGR GH FRVDV VLJQLILFDGR
LQWHQFLRQDOPHQWH\\DQRSUHVLJQLILFDWLYR
(Q OD PHGLGD HQ TXH )RXFDXOW TXLHUH HYLWDU FXDOTXLHU UHIHUHQFLD D OD
LQWHQFLRQDOLGDG GHO VXMHWR KDEODQWH QR SXHGH SHUPLWLUVH HQ UHDOLGDG DGPLWLU
QLQJXQDGHILQLFLyQGHHQXQFLDGReOQRREVWDQWHWUDWDGHOOHYDUDFDERHVWH
LQWHQWR\SRUWDQWRVHYHHPSXMDGRDFDHUHQXQDSHUQLFLRVDFRQWUDGLFFLyQOD
GHTXHUHULQWURGXFLUODFXHVWLyQGHOHQXQFLDGRDWRGDFRVWDHQUHDOLGDGFRPRXQ
HOHPHQWRIXQGDPHQWDO\VLJQLILFDWLYRGHOXVROLQJtVWLFR\DODYH]QHFHVLWDUHYLWDU
SRU FRPSOHWR HO FRQFHSWR PLVPR GH VLJQLILFDGR (V HVWD VLWXDFLyQ OD TXH OH
FRQGXFH D OD FRQVHFXHQFLD D SULPHUD YLVWD PiV ELHQ LQ~WLO GH SUHVHQWDU HO
HQXQFLDGR FRPR XQD IXQFLyQ GH H[LVWHQFLD GHO VLJQR $ OD OX] GH HVWD
FRPSUHQVLyQGHOFRQFHSWRHOHQXQFLDGRHVDOJRDVtFRPRHOPHGLRHQHOTXHHO
VLJQR HPHUJH GHO iPELWR GH PHUDV SRVLELOLGDGHV GH XQ VLVWHPD OLQJtVWLFR \
GHVGHHOTXHSXHGHDVLPLVPRHQWUDUHQHOSODQRHIHFWLYRGHVXXVRHQODOHQJXD
(QHVDPHGLGDORVGLIHUHQWHVWLSRVGHH[SUHVLyQOLQJtVWLFDHQWUHHOORVWDPELpQ
ORVWLSRVGHSURSRVLFLyQDQDOL]DGRVHQODFLHQFLDGHOOHQJXDMHWUDGLFLRQDOVyOR
FXPSOHQXQDIXQFLyQFRP~QODGHGHMDUDSDUHFHUVRFLDOPHQWHDOVLJQRHQIRUPD
GH GLVFXUVR (O HQXQFLDGR HV SRU DVt GHFLUOR HO VLJQR WDO FRPR DSDUHFH
VRFLDOPHQWH HQ OD DFFLyQ FRPR HVWH ~OWLPR SDUWLFLSD HQ HO DQRQLPDWR GH XQD
IRUPDFLyQ OLQJtVWLFD FDUHQWH GH LQWHQFLRQDOLGDG 'H WRGR HVWR SXHGH GHGXFLU
HQWRQFHV)RXFDXOWTXHHOHQXQFLDGRHQOXJDUGHVHUSURGXFLGRSRUXQKDEODQWH
GHWHUPLQDDQWHVSRUVtPLVPRODIXQFLyQTXHKDGHDVXPLUHOKDEODQWHXQDYH]
TXHpVWHKDFHXVRGHDTXpO
'H DKt TXH HO VXMHWR GHO HQXQFLDGR QR GHED VHU SHUFLELGR FRPR DOJXLHQ VXVWDQFLDO R
IXQFLRQDOPHQWHLGpQWLFRDODXWRUGHODIRUPXODFLyQGHKHFKRpOQRHVQLODFDXVDQLHORULJHQ
QLHOSXQWRGHSDUWLGDGHHVHIHQyPHQRTXHFRQVWLWX\HODDUWLFXODFLyQHVFULWDXRUDOGHXQD

SURSRVLFLyQQRHVSXHVODLQWHQFLRQDOLGDGVXEMHWLYDODTXHDQWLFLSDQGRVLOHQFLRVDPHQWHODV
SDODEUDVODVRUGHQHFRPRHOFXHUSRYLVLEOHGHVXVLQWXLFLRQHV>@(VXQGHWHUPLQDGROXJDU
YDFtRTXHHQUHDOLGDGSXHGHVHURFXSDGRSRUGLIHUHQWHVLQGLYLGXRVDKRUDELHQHQOXJDUGH
VHUGHILQLGRGHXQDYH]SRUWRGDV\PDQWHQHUVHFRPRWDOLQDOWHUDEOHHQXQWH[WRXQOLEURR
XQD REUD WUDQVIRUPD HVWH OXJDU >@ 6L XQD SURSRVLFLyQ XQD IUDVH XQ FRQMXQWR GH VLJQRV
SXHGHGHFLUVHTXHVHKDH[SUHVDGRQRHVSRUHOKHFKRGHTXHXQEXHQGtDDDOJXLHQVHOH
RFXUUDKDEODURHVFULELUHQDOJXQDIRUPDFRQFUHWDGHHVFULWXUDHVSRUTXHODSRVLFLyQGHOVXMHWR
SXHGHVHUGHWHUPLQDGDGHDQWHPDQR'HVFULELUXQDIRUPXODFLyQFRPRHQXQFLDGRQRFRQVLVWH
HQDQDOL]DUODVUHODFLRQHVH[LVWHQWHVHQWUHHODXWRU\ORTXHpOGLFH>@VLQRHQGHWHUPLQDUTXp
SRVLFLyQSXHGH\GHEHVHURFXSDGDSRUXQLQGLYLGXRSDUDSRGHUVHUVXVXMHWR>@

$TXt)RXFDXOWQRKDFHVLQRUHSHWLUHQHOSODQRFRQFUHWRGHODSDUROHRXVR
GHODOHQJXDODLGHDEiVLFDGHODVHPLRORJtDVHJ~QODFXDOORVDFWRVLQGLYLGXDOHV
GHVLJQLILFDGRVHVXERUGLQDQDORUGHQGHVLJQRVGHOVLVWHPDOLQJtVWLFRODWHVLV
TXH HVWD LQIHUHQFLD GHEH MXVWLILFDU DILUPD TXH WRGR HQXQFLDGR IiFWLFDPHQWH
H[LVWHQWH GHWHUPLQD HQ FLHUWD PHGLGD FRPR yUJDQR HMHFXWLYR DO VXMHWR
FRUUHVSRQGLHQWH(VWHSODQWHDPLHQWRVHGHVDUUROODVLJXLHQGRFRQVHFXHQWHPHQWH
ODHVWHODGHOHVWUXFWXUDOLVPRVHPLROyJLFRSHURVyORWLHQHVHQWLGRVREUHODEDVH
GH OD H[LVWHQFLD GH HVH DUWHIDFWR GHWHUPLQDQWH GHO HQXQFLDGR GHVSURYLVWR GH
WRGDLQWHQFLRQDOLGDG\HQSULPHUDLQVWDQFLDFDUHQWHGHVHQWLGRVyORFXDQGROD
H[SUHVLyQ OLQJtVWLFD HV FRQVLGHUDGD GH XQ PRGR TXH GLItFLOPHQWH SXHGH
UHFRQVWUXLUVH FRPR XQ DFRQWHFLPLHQWR TXH SUHFHGH D OD LQWHQFLyQ GH KDEOD
LQGLYLGXDOWLHQHVHQWLGRVLWXDUODIXQFLyQGHOVXMHWRKDEODQWHHQXQDVLWXDFLyQGH
XQLODWHUDOGHSHQGHQFLDFRQUHVSHFWRDOWLSRFRUUHVSRQGLHQWHGHHQXQFLDGR
$KRUDELHQFRPRQRVUHFXHUGDXQVLPSOHYLVWD]RDOPRGHORPHWRGROyJLFR
SURSXHVWR SRU 5RODQG %DUWKHV OD GHILQLFLyQ GH HQXQFLDGR \ SRU HQGH OD
GHILQLFLyQ GH ORV HOHPHQWRV VXE\DFHQWHV DO FDPSR JHQHUDO GHO VDEHU FXOWXUDO
VyOR FRQVWLWX\H OD SULPHUD GH ODV GRV RSHUDFLRQHV SURSXHVWDV SRU ORV
HVWUXFWXUDOLVWDVHQXQVHJXQGRSDVRXQRKDGHSRQHUGHPDQLILHVWRHVDVUHJODV
GH IRUPDFLyQ GH DFFLyQ DQyQLPD HQ YLUWXG GH ODV FXDOHV VH DJUXSDQ ORV
HOHPHQWRV DQDOtWLFDPHQWH DLVODGRV HQ JUXSRV RUGHQDGRV HPStULFDPHQWH
REVHUYDEOHV 3RU FRQVLJXLHQWH )RXFDXOW KD GH FRQIURQWDUVH FRQ OD WDUHD GH
DQDOL]DUODVOH\HVGHFRQVWUXFFLyQSRUPHGLRGHODVFXDOHVVHIRUPDQGHODPDVD
FDyWLFD GHO FRQMXQWR WRWDO GH ORV HQXQFLDGRV IiFWLFRV ORV JUXSRV SDUFLDOHV TXH
OOHJDQDVHUHIHFWLYRVFRPRVLVWHPDVGHVDEHUFXOWXUDO/RVyUGHQHVVLPEyOLFRV

TXH GH HVWD IRUPD HPHUJHQ GH QXHYR D OD YLVWD DVXPHQ HO OXJDU TXH HQ OD
FRQFHSFLyQKHUPHQpXWLFDGHODKLVWRULDGHODVLGHDVKDEtDTXHGDGRGHILQLGRSRU
FDWHJRUtDV GH RUJDQL]DFLyQ WUDGLFLRQDOHV FRPR pSRFD REUD R OLEUR
)RXFDXOW GHQRPLQD GLVFXUVRV D ODV XQLGDGHV OLQJtVWLFDV TXH VH SRQHQ GH
PDQLILHVWR HQ HO GRPLQLR IHQRPpQLFR GHO VDEHU UHSUHVHQWDGR VLPEyOLFDPHQWH
FXDQGR HVWH GRPLQLR VH FRQWHPSOD VREUH HO WUDVIRQGR GH ODV UHJODV GH
IRUPDFLyQGHHQXQFLDGRVeVWHVHUiHODXWpQWLFRWHPDGHHVDKLVWRULDVX\DGHODV
LGHDVH[WUDxDGDDUTXHROyJLFDPHQWH
'HVGH HO FRPLHQ]R SXHGH FRQVLGHUDUVH HO FRQFHSWR GH GLVFXUVR FRPR
XQDFRQTXLVWDWHyULFDGHODQiOLVLVGHODVRFLHGDGIRXFDXOWLDQRQRVyORKDVLGR
FRQVLGHUDGR FRPR HO LQVWUXPHQWR PiV DGHFXDGR SDUD XQD UHQRYDFLyQ GH OD
7HRUtD &UtWLFD >@ VLQR TXH KD SURSRUFLRQDGR WDPELpQ HO LPSXOVR SDUD
GHVDUUROODUXQDFRQFHSFLyQLQGHSHQGLHQWHGHORTXHUHSUHVHQWDODWHRUtD>@$
GHFLU YHUGDG QR HV IiFLO DSUHFLDU HO LQWHUpV TXH SXHGD WHQHU HVWD FDWHJRUtD
FHQWUDO GHO SODQWHDPLHQWR RULJLQDULR IRXFDXOWLDQR HQ HO QLYHO HQ HO TXH HV
LQWURGXFLGDWHyULFDPHQWHHQ$UTXHRORJtDGHOVDEHU(QHVWHSXQWRHOFRQFHSWR
GHEH VX VLJQLILFDGR VREUH WRGR D OD VLPSOH GHFLVLyQ FRQFHSWXDO GH OODPDU
GLVFXUVRV D WRGRV ORV VLVWHPDV OLQJtVWLFRV HQ ORV TXH VH DJUXSDQ GLYHUVRV
HQXQFLDGRV EDMR DOJ~Q WLSR GH UHJODV HQ FXDOTXLHU FDVR DVt HV FyPR KD GH
FRPSUHQGHUVH HO VLJXLHQWH SDVR DOJR VXPDULR HQ HO TXH )RXFDXOW H[SRQH VX
SURSLRXVRGHOFRQFHSWRGHGLVFXUVR
>@SRGHPRVFRPSUHQGHUDKRUDODUD]yQSDUDHOVLJQLILFDGRHTXLYRFRGHOWpUPLQRGLVFXUVR
GHO TXH DTXt QRVRWURV KHPRV KHFKR XVR \ DEXVR HQ GLIHUHQWHV VHQWLGRV GH XQ PRGR PX\
JHQHUDO H LQGHWHUPLQDGR FDEH GHILQLUOR FRPR XQ FRQMXQWR GH SHUIRUPDQFHV OLQJtVWLFDV
1RVRWURVHQWHQGtDPRVDQWHVSRUGLVFXUVRDTXHOORTXHKDEtDVLGRSURGXFLGR HYHQWXDOPHQWH
LQFOXVRVLHPSUH SRUJUXSRVGHVLJQRV3HUR\RTXHUtDGHFLUHQUHDOLGDGXQJUXSRGHDFWRVGH
IRUPXODFLyQXQDVHULHGHSURSRVLFLRQHVRVHQWHQFLDV)LQDOPHQWH\HVWHVLJQLILFDGRHVHQ
HOTXHILQDOPHQWHVHXVD MXQWRFRQHOSULPHURTXHOHVLUYHFRPRKRUL]RQWH SXHGHGHFLUVH
TXH HO GLVFXUVR VH FRQVWLWX\H SRU XQ FRQMXQWR VXFHVLYR GH VLJQRV HQ WDQWR TXH VRQ
HQXQFLDGRV HVWR HV HQ OD PHGLGD HQ TXH VH OHV SXHGH DWULEXLU PRGDOLGDGHV SDUWLFXODUHV GH
H[LVWHQFLD>@

(VWD GHILQLFLyQ VHUtD IiFLO GH DFHSWDU VL HO FRQFHSWR GH HQXQFLDGR
SRVH\HUD HIHFWLYDPHQWH OD FODULGDG TXH DTXt VH OH VXSRQH 6L HO HQXQFLDGR

FRQVWLWX\H OD XQLGDG HOHPHQWDO GHO VDEHU TXH GHWHUPLQD OD FXOWXUD GH XQD
VRFLHGDG ORV VLVWHPDV GH HQXQFLDGRV HPStULFRV VXUJLGRV SRU OD FRPELQDFLyQ
UHJXODGD GH GLYHUVRV HQXQFLDGRV WDPELpQ WHQGUtDQ TXH OODPDUVH GLVFXUVRV
/RVGLVFXUVRVVRQORVYtQFXORVVLVWHPiWLFRVGHHQXQFLDGRVHQHOWLHPSR'HDTXt
VHVLJXHTXHHORUGHQGHOGLVFXUVRVyORSXHGHVHUHVWXGLDGRFXDQGRVHFODULILFDQ
ODV UHJODV PHGLDQWH ODV FXDOHV ORV HQXQFLDGRV LQGLYLGXDOHV HQWUDQ HQ UHODFLyQ
HQWUH Vt HQ WpUPLQRV JHQHUDOHV )RXFDXOW FRQWLQXD LQPHGLDWDPHQWH FRQ VX
GHILQLFLyQ
6L VH OOHJD D PRVWUDU >@ TXH OD OH\ HQ XQD VHULH GH HVWH WLSR >GH HQXQFLDGRV $ +@ HV
SUHFLVDPHQWHORTXHKDVWDKRUDKDEtDOODPDGRXQDIRUPDGLVFXUVLYD VL VH FRQVLJXH PRVWUDU
TXHHVWDIRUPDFLyQGLVFXUVLYDHQUHDOLGDGHVHOSULQFLSLRGHDPSOLDFLyQ\GLVWULEXFLyQQRGH
IyUPXODVQRGHSURSRVLFLRQHVQRGHVHQWHQFLDVVLQRGHHQXQFLDGRV>@HQWRQFHVHOWpUPLQR
GLVFXUVR SXHGH GHILQLUVH FRPR HO FRQMXQWR GH HQXQFLDGRV TXH SHUWHQHFHQ D XQ PLVPR
VLVWHPDGHIRUPDFLyQDVt\RSRGUpKDEODUGHOGLVFXUVRGHODFOtQLFDGHOGLVFXUVRHFRQyPLFR
GHOGLVFXUVRGHODKLVWRULDQDWXUDOGHOGLVFXUVRSVLTXLiWULFR>@

(OYDORU~OWLPRGHSUXHEDTXHHOFRQFHSWRGHGLVFXUVRDVXPHDKRUDWLHQH
SRUORWDQWRTXHSURSRUFLRQDUXQDUHFRQVWUXFFLyQGHHVDVUHJODVGHIRUPDFLyQ
SRUODVTXHORVHQXQFLDGRVLQGLYLGXDOHVVHDJUXSDQHQXQVLVWHPD1RVWRSDPRV
FRQHVWDVUHJODVGHIXQFLRQDPLHQWRDQyQLPRGHFX\RDQiOLVLVFRUUHFWRSDUHFH
GHSHQGHUFRQVLJXLHQWHPHQWHDKRUDHOp[LWRGHOPpWRGRIRXFDXOWLDQRFXDQGRHQ
FRQH[LyQ FRQ HO FRQFHSWR GH PRQXPHQWR QRVRWURV LQWHQWDPRV SRU SULPHUD
YH] FODULILFDU HO VHQWLGR GH XQD YLVLyQ DUTXHROyJLFD GH OD KLVWRULD )XH HQ HVH
PRPHQWR FXDQGR REVHUYDPRV TXH )RXFDXOW SDUWLHQGR GH OD LQWHQFLyQ GH
DGRSWDU IUHQWH D OD KLVWRULD HXURSHD GH ODV LGHDV OD SRVLFLyQ GHO REVHUYDGRU
H[WHUQR WUDWDED GH FRPSUHQGHU ORV VLVWHPDV FXOWXUDOHV GHO VDEHU FRPR
RUGHQDFLRQHV GH VLJQRV OLEUHV GH XQ VXMHWR TXH VH IRUPDEDQ EDMR HO SRGHU
VLQWpWLFRGHUHJODVDQyQLPDV(QWUHWDQWRHOPDUFRREMHWLYRHQHOTXHVHHPSOD]D
HVWHFRQFHSWRGHUHJODVHKDDFODUDGRDOJRPiVVLQHPEDUJRDTXtDSDUHFHXQ
SUREOHPD FDXVDGR SRU OD VLQJXODU GHILQLFLyQ GH HQXQFLDGR 3XHVWR TXH HQ
WDQWRTXHSXUDH[WHULRULGDGHOHQXQFLDGRHVSUHVHQWDGRFRPRXQKHFKRSUH
VLJQLILFDWLYR >@ ODV UHJODV VHJ~Q ODV FXDOHV ORV HQXQFLDGRV LQGLYLGXDOHV VH
FRPELQDQKDVWDIRUPDUODXQLGDGGHXQGLVFXUVRQRSXHGHQWHQHUVXRULJHQQLHQ
XQVXMHWRKDEODQWHQLHQXQDUHDOLGDGDSUHPLDQWH(OSUREOHPDTXHVHGHULYDGHO

FRQFHSWR GH GLVFXUVR HV HYLGHQWH VH VXSRQH TXH ORV HQXQFLDGRV H[LVWHQ HQ
SULPHU OXJDU FRPR SXURV DFRQWHFLPLHQWRV OLQJtVWLFRV DO PDUJHQ GH FXDOTXLHU
UHODFLyQ UHIHUHQFLDO \ FXDOTXLHU LQWHQFLRQDOLGDG VXEMHWLYD KXPDQD GH DKt TXH
HVWH WLSR GH HQXQFLDGRV TXH VH DJUXSDQ HQ XQ GLVFXUVR QR SXHGD WHQHU VX
FRP~Q GHQRPLQDGRU HQ HO KHFKR GH SUHVXSRQHU HO PLVPR VXMHWR LQGLYLGXDO R
FROHFWLYRRHQFRPSDUWLUHOPLVPRHVWDGRGHFRVDVTXHVXREMHWR4XpWLSRGH
SULQFLSLR GH IRUPDFLyQ HV HQWRQFHV pVWH D FDXVD GHO FXDO VXV HQXQFLDGRV
VLQJXODUHVVHYLQFXODQFRQXQGLVFXUVR"
eVWHHVHOSUREOHPDHQHOTXHWUDEDMDVLQGHVFDQVR$UTXHRORJtDGHOVDEHU
VLQ SRGHU VROXFLRQDUOR GHILQLWLYDPHQWH GHO WRGR XQ SUREOHPD TXH SODQWHD
DGHPiV ODV LQTXLHWDQWHV SUHJXQWDV TXH YDQ D REOLJDU D )RXFDXOW ILQDOPHQWH
DEDQGRQDU HQ JHQHUDO HO PDUFR GH XQD WHRUtD VRFLDO HQ SULPHUD LQVWDQFLD
RULHQWDGD DO RUGHQ OLQJtVWLFR GHO VDEHU FXOWXUDO /D SHFXOLDULGDG GH HVWD
HVSLQRVD FXHVWLyQ TXH VH OH SODQWHD HQ OD UHFRQVWUXFFLyQ GH ODV UHJODV GH
IRUPDFLyQ GHO GLVFXUVR QR SDVD GHVDSHUFLELGD HQ DEVROXWR D )RXFDXOW
FRQVLGHUDIDOVDVDTXHOODVVROXFLRQHVDVXSUREOHPDTXHVXSRQHQODH[LVWHQFLDGH
XQSULQFLSLRIXQGDGRUGHXQLGDGGHXQGLVFXUVRHQXQREMHWRFRP~QDOFXDOVH
UHILHUHQ ORV HQXQFLDGRV DJUXSDGRV HQ pO FRPR VL IXHUD XQD UHDOLGDG GDGD
LQGHSHQGLHQWHGHOGLVFXUVRORTXHWDOSODQWHDPLHQWRQRWRPDHQFRQVLGHUDFLyQ
HVHOKHFKRGHTXHXQGLVFXUVRSURGXFHSULPHURHQFLHUWDPHGLGDSRUPHGLRGH
OD WHUPLQRORJtD TXH OH HV SURSLD HO GRPLQLR IHQRPpQLFR TXH VHUi VX WHPD
FDUDFWHUtVWLFR )RXFDXOW H[SOLFD HVWH SDVR FRQ HO HMHPSOR GH OD HQIHUPHGDG
PHQWDO
1RVHQJDxDUtDPRVFRQWRGDVHJXULGDGVLLQWHQWiUDPRVGHVFXEULUORTXHSRGUtDKDEHUVHGLFKR
GHODORFXUDHQXQDpSRFDGHWHUPLQDGDLQWHUURJDQGRDOVHUPLVPRGHODORFXUDVXFRQWHQLGR
VHFUHWRVXVLOHQFLRVDFODXVXUDGDYHUGDG/DHQIHUPHGDGPHQWDOKDVLGRFRQVWLWXLGDSRUWRGR
OR TXH VH KD GLFKR HQ WRGRV ORV HQXQFLDGRV TXH OD KDQ QRPEUDGR GLYLGLGR GHVFULWR
H[SOLFDGR HVWXGLDGR HQ VXV GHVDUUROORV PRVWUDGR HQ VXV GLYHUVDV FRUUHODFLRQHV OD KDQ
MX]JDGRHLQFOXVRHYHQWXDOPHQWHSUHVWDGRVXOHQJXDMHDUWLFXODQGRHQVXQRPEUHGLVFXUVRV
TXHQRGHEtDQYDOHUFRPRHOVX\R>@

)RXFDXOWUHFKD]DODH[LVWHQFLDGHDOJRDVtFRPRXQSUREOHPDSUHGLVFXUVLYR
\ HQ HVD PHGLGD REMHWLYR HQ UHODFLyQ FRQ HO FXDO XQ JUXSR HVSHFtILFR GH
HQXQFLDGRV HQWUHFUX]DGRV SXGLHUD VHU HQWHQGLGR FRPR XQ LQWHQWR GH VROXFLyQ

WHyULFD $O REMHWR WHPiWLFR QR OH FRUUHVSRQGH IXHUD GHO PDUFR GHO GLVFXUVR
TXHVHJ~Q)RXFDXOWOHFRQVWLWX\H>@QLQJ~QKHFKRREMHWLYRVXVFHSWLEOHGH
VHU REVHUYDGR (Q HO HMHPSOR FLWDGR HVWD DILUPDFLyQ D\XGD D SUHSDUDU HO
DUJXPHQWR FRQ HO TXH )RXFDXOW YD D FULWLFDU DOJXQDV SiJLQDV PiV DGHODQWH VX
SURSLD LQYHVWLJDFLyQ DFHUFD GHO WUDWDPLHQWR GH OD ORFXUD (O HVWXGLR VREUH OD
+LVWRULDGHODORFXUDKDGHFRQVLGHUDUVHDKRUDFRPRLQDGHFXDGRDOPHQRVHQ
ODPHGLGDHQTXHODVHFXHQFLDGHGLIHUHQWHVGLVFXUVRVWHyULFRV\ODVSUiFWLFDVGH
WUDWDPLHQWRVRQGHVFULWDVKDFLHQGRUHIHUHQFLDDXQGRPLQLRIHQRPpQLFRTXHVH
PDQWLHQH LGpQWLFR D Vt PLVPR HO FRQWHQLGR GH H[SHULHQFLD SUHGLVFXUVLYD GHO
HVTXL]RIUpQLFR VL ORV HVWDGRV GH KHFKR DERUGDGRV FLHQWtILFDPHQWH KDQ VLGR
H[SXHVWRV FRPR UHDOLGDGHV GHSHQGLHQWHV HQ SULQFLSLR GHO GLVFXUVR HO
SUHVXSXHVWRWHyULFRGHXQGLVFXUVRGHHVWHWHQRUH[WHULRUSHURFRP~QDWRGRV
ORVGLVFXUVRVSVLFRSDWROyJLFRVQRSXHGHVRVWHQHUVH>@
-XQWR D OD SURSXHVWD GH H[SOLFDU OD XQLGDG GH XQ GLVFXUVR D SDUWLU GHO
GRPLQLRREMHWLYRTXHOHHVSURSLR)RXFDXOWGLVFXWHRWUDVWUHVSURSXHVWDVTXH
DERUGD EDMR ORV UyWXORV HVWLOR FRQFHSWR \ WHPD ODV WUHV WLHQHQ HO
LQFRQYHQLHQWHGHUHGXFLUGHPDVLDGRUiSLGDPHQWHODULTXH]DGHOGLVFXUVRDXQD
~QLFD GLPHQVLyQ >@ )RXFDXOW QR WRPD HQ FRQVLGHUDFLyQ VLQ HPEDUJR RWUD
SRVLELOLGDGFRPSOHWDPHQWHGLIHUHQWHODGHWRPDUFRQFLHQFLDGHODRUJDQL]DFLyQ
LQPDQHQWH GH ORV HQXQFLDGRV GHQWUR GH XQ VLVWHPD HV GHFLU OD SURSXHVWD GH
H[SOLFDUODXQLGDGGHXQGLVFXUVRSDUWLHQGRGHORVUHQGLPLHQWRVFRJQLWLYRVTXH
OOHYDQ D FDER LQWHUVXEMHWLYDPHQWH ORV VXMHWRV HV LQFRPSDWLEOH FRQ ORV
SUHVXSXHVWRV EiVLFRV GH OD WHRUtD TXH VHJ~Q pO QHFHVLWDUtD SDUD GLVFXWLU HQ
JHQHUDOVREUHHODVXQWR)RXFDXOWHVSXHVFRQVFLHQWHGHOSUREOHPDTXHDKRUD
VH SODQWHD HQ VX DQiOLVLV GHO GLVFXUVR pO VH YD D YHU REOLJDGR D LGHQWLILFDU HO
SULQFLSLRGHIRUPDFLyQTXHOOHYDDORVGLYHUVRVHQXQFLDGRVDORUGHQGHOGLVFXUVR
VLQKDFHUUHIHUHQFLDDOJXQDDVXiPELWRIHQRPpQLFRGHVFULELEOHHPStULFDPHQWHR
D XQ VXMHWR VXVFHSWLEOH GH DQDOL]DU HQ WpUPLQRV HSLVWHPROyJLFRV 3HUR HO
PRPHQWR GH VX DUJXPHQWDFLyQ HQ HO TXH pO VH HQIUHQWD GLUHFWDPHQWH D HVWD
GLILFXOWDG H LQWHQWD GDUOH DO PLVPR WLHPSR XQD SULPHUD UHVSXHVWD HV
FLHUWDPHQWHSRFRLOXPLQDGRU
3RU OR TXH UHVSHFWD D HVD JUDQ IDPLOLD GH HQXQFLDGRV TXH QRV VRQ WDQ IDPLOLDUHV \ TXH

OODPDPRVODPHGLFLQDODHFRQRPtDRODJUDPiWLFDPHKHSUHJXQWDGRHQGyQGHSRGUtD
UHVLGLUVXXQLGDG(QXQGRPLQLRFRPSOHWRFRPSDFWRFRQWLQXRGHREMHWRV"/RTXHDSDUHFH
VRQPiVELHQVHULHVOOHQDVGHODJXQDVHQWUHPH]FODGDVHMHPSORVGHGLIHUHQFLDVGHGLVWDQFLDV
VXVWLWXFLRQHV WUDQVIRUPDFLRQHV >@ (Q OD SHUPDQHQFLD GH XQD WHPiWLFD" /R TXH XQR
HQFXHQWUDPiVELHQVRQSRVLELOLGDGHVHVWUDWpJLFDVTXHSRVLELOLWDQODDFWLYDFLyQGHXQRVWHPDV
LQFRPSDWLEOHVRWDPELpQODLQVHUFLyQGHXQPLVPRWHPDHQGLIHUHQWHVJUXSRVJHQHUDOHV'H
DKt VXUJH OD LGHD GH GHVFULELU HVWDV GLVSHUVLRQHV HQ Vt PLVPDV GH GHVFXEULU VL HQWUH HVWRV
HOHPHQWRV TXH HQ UHDOLGDG QR HVWiQ RUJDQL]DGRV FRPR XQD HVWUXFWXUD SURJUHVLYDPHQWH
GHGXFWLYD QL FRPR XQ HQRUPH OLEUR TXH IXHUD JUDGXDO \ SDXODWLQDPHQWH HVFULWR QL FRPR OD
REUDGHXQVXMHWRFROHFWLYRXQRSXHGHGLVFHUQLUDOJRDVtFRPRXQDUHJXODULGDG>@(QHOFDVR
GHTXHXQRSXGLHUDGHVFULELUHQXQDVXPDHVSHFtILFDGHHQXQFLDGRVXQVLVWHPDGHGLVSHUVLyQ
VLPLODU HQ HO FDVR GH TXH SXGLHUD GHILQLU HQWUH REMHWRV WLSRV GH HQXQFLDGRV FRQFHSWRV R
HOHFFLRQHV WHPiWLFDV XQD UHJXODULGDG >@ GLUtDPRV XQiQLPHPHQWH TXH WHQHPRV TXH
YpUQRVODVFRQXQDIRUPDFLyQGLVFXUVLYD>@/ODPDUHPRVUHJODVGHIRUPDFLyQDVLPLVPRDODV
FRQGLFLRQHVGHH[LVWHQFLDDODVTXHVHVRPHWHQORVHOHPHQWRVGHHVWDGLVWULEXFLyQ>@

6LQ HPEDUJR OR TXH VLJXH VLHQGR REMHWR GH GHEDWH DTXt HV SUHFLVDPHQWH
TXp WLSR GH FRQGLFLRQHV VRQ pVWDV TXH LQWHJUDQ XQD VXPD HVSHFtILFD GH
HQXQFLDGRVHQXQVLVWHPDGHGLVSHUVLyQVLPLODUHVGHFLUTXHHPSOD]DQORV
REMHWRV ORV HVWLORV GH H[SUHVLyQ ORV FRQFHSWRV \ ORV WHPDV GH
HQXQFLDGRV SDUWLFXODUHV GH WDO PDQHUD HQ XQD UHODFLyQ UHJXODGD SRU OD FXDO
IRUPDQHQWUHVtXQGLVFXUVR(OKLORGHOUD]RQDPLHQWRTXH)RXFDXOWUHSLWHDTXt
DSRUWD HQ UHDOLGDG SRFR SDUD FRQWHVWDU D OD SUHJXQWD YHUGDGHUDPHQWH
LQWHUHVDQWH pO FLHUWR HV EULQGD ORV FULWHULRV SDUD GLVWLQJXLU HQWUH GLIHUHQWHV
QLYHOHVGHGLVFXUVRVSHURQRVROXFLRQDVLQHPEDUJRHOSUREOHPDTXHHVWiD~Q
SHQGLHQWH/DDSDUHQWHREVWLQDFLyQGHODTXHKDFHJDOD)RXFDXOWVHH[SOLFDSRU
HOKHFKRGHTXHXQSULQFLSLRFUHDGRUGHGLVFXUVRVyORVHSUHVHQWDHQJHQHUDO
FXDQGRXQGLVFXUVRVHFRQWHPSODFRPRDOJRPiVTXHXQDHQWLGDGFRPSXHVWD
GH PHURV DFRQWHFLPLHQWRV OLQJtVWLFRV GH IRUPDFLRQHV VLPEyOLFDV WRWDOPHQWH
OLEUHV GH FRQWH[WR SXHV PLHQWUDV ORV HQXQFLDGRV QR VyOR VH FRQVLGHUHQ FRPR
LQVWDQFLDV QR LQWHQFLRQDOHV VLQR FRPR IXQFLRQHV JHQHUDOPHQWH LQPRWLYDGDV GH
VLJQRV VHJXLUi VLQ HQWHQGHUVH TXp FDUDFWHUtVWLFDV KD GH WHQHU XQD UHJOD SDUD
SRGHUDJUXSDUORVHQHORUGHQGHOGLVFXUVR)RXFDXOWSRUWDQWRVHYHREOLJDGRD
GDU DO GLVFXUVR PD\RU VLJQLILFDGR \ IXQFLyQ PiV GH OR TXH pVWH KDVWD DKRUD
KDEtD WHQLGR HQ VXV GHILQLFLRQHV SURYLVLRQDOHV pO QR SXHGH FRQVLGHUDU HO
GLVFXUVRHQWpUPLQRVWULYLDOHVFRPRXQDFRPELQDFLyQLQPRWLYDGDGHHQXQFLDGRV

D VX YH] WDPELpQ LQPRWLYDGRV FXDQGR TXLHUH SUHFLVDPHQWH LGHQWLILFDU XQ


SULQFLSLRFDSD]GHSURGXFLUHORUGHQGHOGLVFXUVR6yORHQXQDREVHUYDFLyQ
LQFLGHQWDO)RXFDXOWOOHJDDDGPLWLUHVWHHVFROORDXQFXDQGRpOGHEDDEDQGRQDU
GH IRUPD LQHTXtYRFD HO PDUFR GHVGH HO FXDO UHDOL]DED VX DUJXPHQWDFLyQ
1DWXUDOPHQWH HVWRV GLVFXUVRV HVWiQ IRUPDGRV SRU VLJQRV SHUR HOORV XWLOL]DQ
HVWRVVLJQRVSDUDDOJRPiVTXHSDUDGHILQLUORVKHFKRV(VHVWHPiVHOTXHORV
KDFHULUUHGXFWLEOHVDOKDEODU\DOOHQJXDMH+D\TXHDUURMDUOX]VREUHHVWHPiV\
GHVFULELUOR >@ $OJXQDV OtQHDV DQWHV GH HVWH WH[WR )RXFDXOW \D KD GDGR OD
SDODEUD FODYH SDUD HVWH KHFKR HQ HO TXH HO GLVFXUVR DVXPH XQD VRUSUHQGHQWH
IXQFLyQ PiV DOOi GH VX WDUHD FRUUHVSRQGLHQWH GH GHVLJQDFLyQ DOOt VH QRV GLFH
TXH ODV UHJODV GHO GLVFXUVR GHILQHQ HO GRPLQLR GH ORV REMHWRV >@ (VWD
DILUPDFLyQ WDQ GLUHFWD GH XQD IXQFLyQ GH GRPLQDFLyQ GHO GLVFXUVR HV OD
KHUUDPLHQWD TXH )RXFDXOW XWLOL]DUi SDUD GLVROYHU ODV GLILFXOWDGHV LQVROXEOHV FRQ
ODVTXHKDVWDHVHPRPHQWRVHKDEtDQHFHVDULDPHQWHWRSDGRVXDUJXPHQWDFLyQ
SHURVHUiWDPELpQHOHOHPHQWRWHyULFRTXHOHWHUPLQHLPSXOVDQGRILQDOPHQWHPiV
DOOi GHO HVFHQDULR RULJLQDULR GH XQ DQiOLVLV GHO VDEHU SODQWHDGR HQ WpUPLQRV
VHPLROyJLFRV
)RXFDXOW SHUFLEH TXH OD SHFXOLDULGDG GHO GLVFXUVR QR UHVLGH HQ VX IXQFLyQ
UHSUHVHQWDWLYD QL HQ VX IXQFLyQ FRPXQLFDWLYD VLQR HQ RWUR DVSHFWR TXH OH
FRQYLHUWH HQ XQ PHGLR GH GRPLQDFLyQ 0LHQWUDV pO VH YH HQ FLHUWR VHQWLGR
REOLJDGR D SDUWLU GH ODV GRV SULPHUDV IXQFLRQHV TXH VyOR SXHGHQ DSDUHFHU
FRPR VLJQLILFDWLYDV LQWURGXFLHQGR OD UHIHUHQFLD D XQ VXMHWR SURYLVWR GH DFFLyQ
LQWHQFLRQDO \D FUHH HQ OD SRVLELOLGDG GH DILUPDU XQD IXQFLyQ LQGHSHQGLHQWH GH
GRPLQDFLyQ GHO GLVFXUVR VLQ SDUWLU GH HVWRV SUHVXSXHVWRV (O FRQFHSWR
IRXFDXOWLDQR GH GLVFXUVR QR VH GHGXFH GH ODV UHJODV LQPDQHQWHV GHO XVR
OLQJtVWLFR VLQR GH XQ SOH[R REMHWLYR GH UHODFLRQHV VRFLDOHV HQ HO TXH HO XVR
OLQJtVWLFR GHVHPSHxD VyOR XQD ~QLFD IXQFLyQ D VDEHU OD GH DSUHKHQGHU \
FRQWURODU ORV SURFHVRV QDWXUDOHV R VRFLDOHV 'HVGH HVWH SXQWR GH YLVWD ORV
HQXQFLDGRV SDUWLFXODUHV VH RUGHQDQ GHQWUR GH XQ JUXSR HQXQFLDWLYR VHJ~Q HO
JUDGRJHQHUDOGHUHQGLPLHQWRHQHOTXHFRQVLJXHQHOGRPLQLRGHDOJ~QWLSRGH
REMHWR HO RUGHQ GHO GLVFXUVR VH IXQGD VREUH UHJODV VRFLDOHV TXH HVWiQ
HPSOD]DGDV GHQWUR GH XQ FLUFXLWR IXQFLRQDO GH WpFQLFDV GH GRPLQDFLyQ
VXSUDLQGLYLGXDOHV )RXFDXOW YD D GDU HVWD FDUDFWHUL]DFLyQ SUHOLPLQDU GHO

FRQFHSWR GH GLVFXUVR D OD TXH LQGXGDEOHPHQWH KD\ TXH UHFRQRFHU VX


DWUDFWLYRHQWpUPLQRVJHQHUDOHV>@GRVGLIHUHQWHVVHQWLGRVPX\GLItFLOPHQWH
FRPSDWLEOHV HQWUH Vt GHQWUR GH XQ DSDUWDGR GH VX LQYHVWLJDFLyQ TXH YD D
GHVDUUROODUVHGHPDQHUDH[SOLFDWLYDFRQPiVFRPSDUDFLRQHV\HMHPSORV
3RU XQ ODGR )RXFDXOW LQWHQWD FRQ OD D\XGD GH OD FRQFHSFLyQ GH FRUWH
IXQFLRQDOLVWD TXH DFDED GH LQWURGXFLU LQVHUWDU ODV UHJODV GHO GLVFXUVR TXH KDQ
VLGRH[SOLFLWDGDVHQHOFDPSRGHLQPDQHQFLDGHXQDIRUPDFLyQGLVFXUVLYD(VWH
SODQWHDPLHQWR VLUYH HQ SULPHU OXJDU SDUD GHVSOD]DU ORV DFHQWRV KDVWD DKRUD
SXHVWRV HQ HO FRQFHSWR GH GLVFXUVR GH WDO PRGR TXH pVWH \D QR GHEH VHU
GHILQLGR FRPR XQ RUGHQ GH VDEHU HVWDEOH \ DXWRVXEVLVWHQWH VLQR FRPR XQ
VLVWHPDGHHQXQFLDGRVPyYLOHQVtPLVPRORTXHYDDGHQRPLQDUVHXQDSUD[LV
GLVFXUVLYD>@&RQHVWR)RXFDXOWQDWXUDOPHQWHQRTXLHUHKDFHUUHIHUHQFLDD
OD DFWLYLGDG GH XQ VXMHWR KDEODQWH VX FRQFHSWR GH SUD[LV SURFHGH PiV ELHQ
FRPR\DRFXUULHUDFRQODFDWHJRUtDFRUUHVSRQGLHQWHXWLOL]DGDSRU$OWKXVVHUGH
XQDWUDGXFFLyQGHOFRQFHSWRVDUWUHDQRDOPDUFRGHRSHUDFLRQHVHVWUXFWXUDOLVWD
XQD QRFLyQ TXH DTXt GHILQH SRU WDQWR QR PiV TXH ODV RSHUDFLRQHV
LQVWUXPHQWDOHV GH XQ VLVWHPD TXH VH FRQVHUYD D Vt PLVPR EDMR LPSHUDWLYRV
IXQFLRQDOHV >@8QD SUD[LV GLVFXUVLYD HQWHQGLGD GH HVWH PRGR HVWDEOHFH
DFWLYDPHQWH GH HVWH PRGR DO KLOR GH VX GLUHFWUL] ILQDO GH FRQWURODU OD PDWHULD
GDGDODVUHJODVVHJ~QODVFXDOHVHOODOXHJRYDDRSHUDU
>@VHGHEHUtDEXVFDUODXQLGDGGHOGLVFXUVRHQORVREMHWRVPLVPRVHQVXGLVWULEXFLyQHQHO
MXHJR UHFtSURFR GH VXV GLIHUHQFLDV HQ VX SUR[LPLGDG R GLVWDQFLD HQ VXPD HQ WRGR DTXHOOR
TXH HV GDGR DO VHU TXH KDEOD < HQ GHILQLWLYD VH KDUi UHIHUHQFLD D OD SURFHGHQFLD GH ODV
UHODFLRQHV TXH GHILQHQ OD SUD[LV GLVFXUVLYD PLVPD GHVFXEULpQGRVH GH HVWH PRGR QR XQD
FRQILJXUDFLyQRIRUPDVLQRXQFRQMXQWRGHUHJODVTXHVRQLQPDQHQWHVDXQDSUD[LV\TXHOD
GHILQHQHQODHVSHFLILFLGDGTXHOHHVSURSLD>@

3HUR)RXFDXOWQRLQFOX\HDTXt~QLFDPHQWHHQXQFLDGRVOLQJtVWLFRVHQWUHORV
HOHPHQWRV TXH FRPSRQHQ OD SUD[LV GLVFXUVLYD FRPR UHODFLyQ UHJXODGD SRU HO
HVWLOR GH H[SUHVLyQ TXH HV FDUDFWHUtVWLFR GH XQ GLVFXUVR HIHFWLYR pO WDPELpQ
WUDWD GH HQWHQGHU ORV PDUFRV VRFLDOHV HQ ORV TXH VH REWLHQHQ ORV HQXQFLDGRV
GLVFXUVLYRV GH DKt TXH ODV RUJDQL]DFLRQHV LQVWLWXFLRQDOHV \ ODV SRVLFLRQHV
HVWUXFWXUDOHVGHODVRFLHGDGWDPELpQFXHQWHQFRPRHOHPHQWRVTXHIXVLRQDGRV
HQ XQ GHWHUPLQDGR RUGHQ GHO VDEHU SHUWHQHFHQ D XQD SUD[LV GLVFXUVLYD (VWH

SXQWR TXHGD FODULILFDGR SRU )RXFDXOW DFXGLHQGR D PXFKRV HMHPSORV WRPDGRV


GH VX LQYHVWLJDFLyQ VREUH (O QDFLPLHQWR GH OD FOtQLFD $TXt H[SOLFD SRU
HMHPSOR HO QDFLPLHQWR GH OD PHGLFLQD FOtQLFD D SDUWLU GH XQD FRPELQDFLyQ GH
KHFKRV KLVWyULFDPHQWH ~QLFD SRU XQ SDUWH XQ PHMRU FRQRFLPLHQWR GH OD
VLWXDFLyQGHOPpGLFR\GHVXHVWDWXWRSURIHVLRQDOGHQWURGHODVRFLHGDG\SRU
RWUD XQD WUDQVIRUPDFLyQ GH OD HVWUXFWXUD LQVWLWXFLRQDO PpGLFD 'H DKt TXH OD
PHGLFLQDFOtQLFDSXHGDVHUYLVWDFRPR
>@/DUHODFLyQDFWLYDGHQWURGHOGLVFXUVRPpGLFRGHXQDVXPDHVSHFtILFDGHHOHPHQWRVPX\
GLYHUVRV HQWUH ORV FXDOHV XQR HV HO HVWDWXWR SURIHVLRQDO GH ORV GRFWRUHV RWUR HO HVSDFLR
WpFQLFRHLQVWLWXFLRQDOGHVGHHOFXDOHOORVKDEODQVXSRVLFLyQFRPRVXMHWRVTXHSHUFLEHQTXH
REVHUYDQ GHVFULEHQ R HQVHxDQ HWF SXHGH GHFLUVH TXH HV HVWD UHODFLyQ DFWLYD HQWUH WRGRV
HOHPHQWRV WDQ GLIHUHQWHV DOJXQRV GH ORV FXDOHV VRQ QXHYRV PLHQWUDV TXH RWURV \D H[LVWtDQ
DQWHULRUPHQWH ORTXHVHRULJLQDSRUHOGLVFXUVRFOtQLFRHVWRGRHVWRFRPRSUD[LVORTXHVH
HVWDEOHFHHQWUHHVWRVHOHPHQWRVFRPRXQVLVWHPDGHUHODFLRQHVTXHQRHVWiUHDOPHQWHGDGR
QLFRQVWLWXLGR GH DQWHPDQR \VL KD\ XQD XQLGDG VLODV PRGDOLGDGHV GH HQXQFLDFLyQ TXH VH
XVDQ R TXH DEUHQ HO HVSDFLR QR VH \X[WDSRQHQ VHQFLOODPHQWH FRPR XQD VXFHVLyQ GH
FRQWLQJHQFLDVKLVWyULFDVHVWRVHGHEHDOKHFKRGHTXHKD\XQHPSOHRFRQVWDQWHGHHVHKD]GH
UHODFLRQHV>@

6HJ~Q HVWD UHIOH[LyQ HO GLVFXUVR FRQVWLWX\H DO PLVPR WLHPSR XQD
FRPELQDFLyQ UHJXODGD GH WpFQLFDV LQVWLWXFLRQDOHV \ SURFHGLPLHQWRV WpFQLFRV
DSDUHFH FRPR HO UHVXOWDGR QR LQWHQFLRQDGR GH XQD IXQFLyQ VLQWpWLFD DQyQLPD
TXH FRQMXJD OD DFFLyQ HVWUDWpJLFD ILMDGD LQVWLWXFLRQDOPHQWH \ HO SRWHQFLDO
HSLVWHPROyJLFR FRJQLWLYDPHQWH GLVSRQLEOH FX\D IXQFLyQ QR HV RWUD TXH OD GH
FRQWURODUORVSURFHVRVQDWXUDOHVRVRFLDOHV&RQXQDFRQFHSFLyQSODQWHDGDHQ
HVWRV WpUPLQRV )RXFDXOW VH SUHFLSLWD FRPR SXHGH YHUVH IiFLOPHQWH D FDHU HQ
XQDFRQWUDGLFFLyQFRQVXSURSLDGHILQLFLyQRULJLQDULDGRQGHpOKDEtDGHVFULWRHO
GLVFXUVR FRPR XQD FRPELQDFLyQ VLVWHPiWLFD FRPSXHVWD H[FOXVLYDPHQWH GH
HQXQFLDGRVGHDFRQWHFLPLHQWRVOLQJtVWLFRVDGHPiVHVGLItFLOYHUFyPRSXHGH
LPDJLQDUVHHODFWRSURGXFWRUGHGLVFXUVRTXHFRQMXJDODVWpFQLFDVLQVWLWXFLRQDOHV
\ORVSURFHGLPLHQWRVFRJQLWLYRVVLQUHFXUULUDODVLQLFLDWLYDVFRJQRVFLWLYDVGHORV
VXMHWRV /D LGHD GH GLVFXUVR YLQFXODGD DO FRQFHSWR GH SUD[LV GLVFXUVLYD HV
SRUORWDQWRSRFRSODXVLEOHXQDYH]TXHVHWRPDHQFRQVLGHUDFLyQHVWDIDOWDGH
FODULGDG VLQ HPEDUJR WDPELpQ FDEH GHFLU TXH pVWD HV XQD GH ODV GRV
LQWHUSUHWDFLRQHV FRQ FX\D D\XGD )RXFDXOW WUDWD GH H[SOLFDU OD GHILQLFLyQ

IXQFLRQDOLVWDGHGLVFXUVRTXHKDLQWURGXFLGRGLUHFWDPHQWH
3RURWURODGRHQHOPLVPRFRQWH[WRGHDUJXPHQWDFLyQ)RXFDXOWSUHWHQGHUi
FRPSUHQGHUHOGLVFXUVRDODOX]GHXQPRGHORFRQFHSWXDOGHWLSRHFRQyPLFRHO
GLVFXUVR FRPR HO GLQHUR VH FRQFLEH FRPR XQ UHFXUVR HVFDVR SRU FX\D
SRVHVLyQ FRPSLWHQ ORV DFWRUHV VRFLDOHV HQWUH Vt >@ (O GLVFXUVR SRVHH SRU
WDQWRXQYDORUVRFLDOSRUTXHDEUHHOHVSDFLRWDQWRSDUDHOHMHUFLFLRGHOGRPLQLR
FRJQLWLYR FRPR SDUD OD HVFHQLILFDFLyQ GH ODV QHFHVLGDGHV H[SUHVLYDV
UHSUHVHQWDHQFLHUWDPHGLGDXQPHGLRVRFLDOTXHHVWDQIOH[LEOHFRPRSDUDTXH
SXHGDQH[SUHVDUVHHQLJXDOPHGLGDORVLQWHUHVHVSRUODGRPLQDFLyQTXHH[LVWHQ
VREUHpO\ORVHVWtPXORVSXOVLRQDOHV%DMRHVWHSXQWRGHYLVWD)RXFDXOWSXHGH
LQWHQWDUGHULYDUHOGLVFXUVRDKRUDGHODUHODFLyQTXHpVWHYDDJXDUGDUIUHQWHD
ODVGRVSUiFWLFDVQRGLVFXUVLYDVHOSRGHU\HOGHVHR
(VWDLQVWDQFLDWDPELpQDEDUFDHOVLVWHPD\ORVSURFHVRVGHDSURSLDFLyQGHOGLVFXUVRSXHVHQ
QXHVWUDV VRFLHGDGHV >@ OD SRVHVLyQ GHO GLVFXUVR HQ HO VHQWLGR GHO GHUHFKR GH KDEODU GH
FRPSHWHQFLDGHFRPSUHQVLyQFRPRDFFHVROtFLWRHLQPHGLDWRDOFXHUSRGHORVHQXQFLDGRV\D
IRUPXODGRV R FRPR FDSDFLGDG GH LQYHVWLU HVWH GLVFXUVR HQ GHFLVLRQHV LQVWLWXFLRQHV R
SUiFWLFDVHVWiHQUHDOLGDGOLPLWDGRDXQGHWHUPLQDGRJUXSRGHLQGLYLGXRVHQODVVRFLHGDGHV
EXUJXHVDVTXHQRVRWURVKHPRVFRQRFLGRGHVGHHOVLJOR;9,ODHFRQRPtDGHOGLVFXUVRQXQFD
KD OOHJDGR D FRQYHU WLUVH HQ XQ GLVFXUVR JHQHUDOL]DGR >@ HVWD LQVWDQFLD VH FDUDFWHUL]D
ILQDOPHQWHSRUODVSRVLEOHVSRVLFLRQHVGHGHVHRHQUHODFLyQFRQHOGLVFXUVRpVWHSXHGHGH
KHFKRVHUHOOXJDUGHODHVFHQLILFDFLyQIDQWDVPDJyULFDHOHPHQWRGHVLPEROL]DFLyQIRUPDGH
SURKLELFLyQLQVWUXPHQWRGHVDWLVIDFFLyQGHULYDGD>@

$TXt)RXFDXOWDQWLFLSDSRVLEOHVOtQHDVGHSHQVDPLHQWRTXHpOUHWRPDUi\
VREUH ODV TXH WUDEDMDUi PiV WDUGH HQ VX OHFFLyQ LQDXJXUDO GHO DxR  HQ HO
&ROOqJH GH )UDQFH FX\D IXQFLyQ QR HV RWUD TXH OD GH EULQGDU XQD YLVLyQ
JHQHUDO GH ODV HVWUDWHJLDV LQVWLWXFLRQDOHV PHGLDQWH ODV FXDOHV OD SUiFWLFD GH XQ
VLVWHPD VRFLDO >@ FRQWUROD VHOHFFLRQD RUJDQL]D \ FDQDOL]D D OD YH] OD
SURGXFFLyQ GH GLVFXUVR >@ )RXFDXOW GHVFXEUH HVWH WLSR GH WpFQLFDV GH
GRPLQDFLyQ HQ ORV SURFHVRV GH FRQWURO FXOWXUDO VREUH SRVLEOHV WHPDV GH
GLVFXUVR HQ OD HODERUDFLyQ FLHQWtILFD GH FRQWHQLGRV GH GLVFXUVR \ HQ OD
UHJXODFLyQ VRFLDO GHO DFFHVR DO GLVFXUVR FRPR WDO (Q VX FRQMXQWR HVWDV
HVWUDWHJLDVLQVWLWXFLRQDOHVFRQVLJXHQXQHIHFWRODSURGXFFLyQGHXQRUGHQHQHO
GLVFXUVR \ QR GHO GLVFXUVR )RXFDXOW FRPSUHQGH SXHV DKRUD HO GLVFXUVR D

GLIHUHQFLD GH OR TXH HQWHQGtD HQ $UTXHRORJtD GHO VDEHU FRPR XQD FRUULHQWH
RPQLSUHVHQWH GH DFRQWHFLPLHQWRV OLQJtVWLFRV HVWD YLVLyQ OH FRQGXFH D XQD
HVSHFLH GH /HEHQVSKLORVRSKLH OLQJtVWLFDPHQWH UHQRYDGD TXH HQFXHQWUD
VXSXHVWDPHQWH QR WDQWR HQ HO SURFHVR YLWDO RUJiQLFR FRPR HQ HO GLVFXUVR
KXPDQRPLVPR>@XQLQFHVDQWH\GHVRUGHQDGRPXUPXOORDOJRUHSHQWLQR\
YLROHQWR>@3HURVLHOGLVFXUVRUHSUHVHQWDXQDFRQWHFLPLHQWRHQHORUGHQGHO
OHQJXDMH TXH HV HQ Vt PLVPR LQHVWDEOH FRQWLQJHQWH \ VLQXRVR HQWRQFHV
FXDOTXLHU UHJOD FRUUHVSRQGLHQWH KD GH DSDUHFHU FRPR XQ DFWR YLROHQWR TXH
LQWHUUXPSH VX SURSLR IOXMR GHVERUGDQWH ODV WpFQLFDV LQVWLWXFLRQDOHV TXH
RUJDQL]DQ VRFLDOPHQWH HO GLVFXUVR FRQIRUPDQ DVt SXHV VyOR HQ XQ SODQR
VHFXQGDULR XQ PHGLR GH GRPLQDFLyQ VRFLDO SXHV HQ SULPHUD LQVWDQFLD VLUYHQ
FRPR HVWUDWHJLDV FXOWXUDOHV FRQ ODV TXH XQD FLYLOL]DFLyQ WUDWD GH FRQMXUDU HO
SHOLJURGHXQGLVFXUVRGHVRUGHQDGR>@
'LFKR HVWR KD\ TXH UHFRQRFHU TXH HO GHVDUUROOR FRQFHSWXDO GH
$UTXHRORJtD GH VDEHU QR HVWi WRGDYtD PDUFDGR SRU HVWH WLSR GH UHIOH[LRQHV
SURFHGHQWHV GH OD ILORVRItD GH OD YLGD PRWLYRV TXH WHQGUiQ XQD FRQVLGHUDEOH
LQIOXHQFLD HQ HO SRVHVWUXFWXUDOLVPR IUDQFpV >@ HV PiV DTXt VH HQFXHQWUDQ
LQFOXVR REVHUYDFLRQHV DQWLFLSDGRUDV TXH SDUHFHQ HQ FLHUWR VHQWLGR DYLVRV
FRQWUDXQDSRVLEOHDSOLFDFLyQOLQJtVWLFDGHODILORVRItDGHODYLGD'HDKtTXHVHD
D~QPiVGHVFRQFHUWDQWHTXH)RXFDXOWHQHOSDVDMHDQWHVFLWDGRKDJDXVRGHO
PLVPR FRQFHSWR GH GLVFXUVR TXH pO PiV WDUGH LQWURGXFH LQIOXLGR SRU LGHDV
SURFHGHQWHVGHODILORVRItDGHODYLGD/DSUHWHQVLyQGHTXHUHUFRPSUHQGHUHO
GLVFXUVRFRPRXQPHGLRVRFLDOSRUFX\DSRVHVLyQFRPSLWHQHQWUHVtORVDFWRUHV
VRFLDOHV VLJQLILFD WHQHU TXH SUHVXSRQHUOR FRPR XQD LQVWDQFLD \D GDGD FRPR
XQDUHDOLGDGOLQJtVWLFD(OGLVFXUVRGHEHVHU\DXQDUHDOLGDGVLPEyOLFDGHILQLGD
DQWHVGHTXHSXHGDVHUREMHWRGHSRVHVLyQSRUORVLQWHUHVHVSRUODGRPLQDFLyQ
RLQFOXVRODVH[LJHQFLDVSXOVLRQDOHVTXHHVWiQHQOL]D$UTXHRORJtD GHO VDEHU
VLQHPEDUJRSUHVHQWDEDKDVWDHVHPRPHQWRODVFRVDVGHXQPRGRWRWDOPHQWH
LQYHUVRSRUGLVFXUVRVHHQWHQGtDHOH[WUDxRFDVRGHXQVLVWHPDGHHQXQFLDGRV
TXH HQ JHQHUDO VyOR VH GHVDUUROODED FXDQGR ORV HQXQFLDGRV VH FRQHFWDEDQ
VLVWHPiWLFDPHQWH HQWUH Vt EDMR OD IXQFLyQ FRP~Q GH GRPLQDU OD UHDOLGDG (O
VLVWHPDGHHQXQFLDGRVVHFRQVWLWXtDHQSULPHUOXJDUSRUHOLPSXOVRGHXQLQWHUpV
HQ OD GRPLQDFLyQ 6L HQ OD SULPHUD LQWHUSUHWDFLyQ HO GLVFXUVR HUD XQ

DFRQWHFLPLHQWR OLQJtVWLFR SUHYLDPHQWH \D GDGR GHO TXH VH SRGtDQ VHUYLU ORV
LQWHUHVHV HQ OD GRPLQDFLyQ FRPR XQ PHGLR HQ OD VHJXQGD LQWHUSUHWDFLyQ HQ
FRQWUDVWHHOGLVFXUVRHVHOSURGXFWRGHXQDRSHUDFLyQGLULJLGDSRUORVLQWHUHVHV
HQODGRPLQDFLyQ
)RXFDXOWGHILHQGHDPEDVLQWHUSUHWDFLRQHVVXFHVLYDPHQWHSHURQRWRPDHQ
FXHQWD VX SRVLEOH LQFRPSDWLELOLGDG 6L VH VXPDQ ODV GRV SRVLELOLGDGHV HO
GLVFXUVRDSDUHFHWDQWRFRPRXQDFRUULHQWHGHDFRQWHFLPLHQWRVOLQJtVWLFRVTXH
VH H[WLHQGH PiV DOOi GHO WLHPSR \ GHO HVSDFLR FRPR WDPELpQ XQD IRUPD GH
RUJDQL]DFLyQH[WUHPDGDPHQWHVHOHFWLYDGHDFRQWHFLPLHQWRVOLQJtVWLFRV3RURWUR
ODGRVLWRPDPRVFDGDLQWHUSUHWDFLyQSRUVtPLVPDWDPSRFRORJUDPRVGLVROYHU
FLHUWDPHQWH OD GLILFXOWDG TXH HQ XQ SULPHU PRPHQWR VH WUDWDED GH DERUGDU D
VDEHUODGHH[SOLFDUHOSULQFLSLRGHIRUPDFLyQHQYLUWXGGHOFXDOORVHQXQFLDGRV
FRQWLQJHQWHV H LQGHSHQGLHQWHV VH FRQHFWDEDQ HQ HO RUGHQ GH XQ GLVFXUVR /R
TXHKDFHODSULPHUDLQWHUSUHWDFLyQVLPSOHPHQWHHVHYLWDUODGLILFXOWDGSRQLHQGR
HQMXHJRGHUHSHQWHRWUDGHILQLFLyQGHGLVFXUVRODVHJXQGDLQWHUSUHWDFLyQSRU
VXSDUWHFXHQWDFRQXQDRSHUDFLyQGHVDUUROODGDVLVWHPiWLFDPHQWHTXHGHEHHQ
SULQFLSLRVHUFDSD]GHFRQHFWDUODVWpFQLFDVLQVWLWXFLRQDOHV\ORVSURFHGLPLHQWRV
FRJQLWLYRV HQ XQ RUGHQ GHO VDEHU $PEDV FDUDFWHUL]DFLRQHV VRQ LQFRPSDWLEOHV
FRQ OD GHILQLFLyQ GH GLVFXUVR TXH )RXFDXOW KDEtD SURSRUFLRQDGR HQ YDULRV
SDVDMHV GH VX DUJXPHQWDFLyQ $KRUD ELHQ ODV SDUDGRMDV HQ ODV TXH LQFXUUH
SURJUHVLYDPHQWH $UTXHRORJtD GHO VDEHU QR VH UHYHODQ WDQ VyOR HQ OD
LQFRQVLVWHQFLDGHVXVUHVSXHVWDVVLQRWDPELpQ\DHQODVSURSLDVSUHJXQWDVTXH
)RXFDXOWSODQWHDHQ VXWUDEDMR PHWRGROyJLFRHVWDVSDUDGRMDV VHDSUHFLDQ WDQ
SURQWR FRPR UHFRUGDPRV HO SXQWR GH SDUWLGD WHyULFR TXH JXLDED VX
LQYHVWLJDFLyQ \ FRPSUHQGHPRV DQWH HVWH WUDVIRQGR OD PDUFKD GH OD
DUJXPHQWDFLyQ /D FRQFHSFLyQ DUTXHROyJLFD GH OD KLVWRULD IRXFDXOWLDQD SXHGH
HQWRQFHV VHU YLVWD FRPR OD YLVLyQ RQWROyJLFD GH XQ LQWHUpV RULJLQDULDPHQWH
PHWRGROyJLFR
(O SUREOHPD GHO TXH SDUWH VLVWHPiWLFDPHQWH $UTXHRORJtD GHO VDEHU VH
GHVDUUROOD SDUD )RXFDXOW HQ FRQH[LyQ GLUHFWD FRQ ODV WDUHDV PHWRGROyJLFDV
SODQWHDGDVSRUHOSUR\HFWRGHXQDHWQRORJtDGHODSURSLDFXOWXUD$ILQGHSRGHU
XELFDUVXWHRUtDGHODVRFLHGDGHQODSRVLFLyQGHXQREVHUYDGRUH[WHUQRGHWDO
IRUPD TXH HOOD SXGLHUD DSDUHFHU IUHQWH D VX SURSLD FXOWXUD FRPR HWQRORJtD

QHFHVLWDPRV UHDOL]DU FLHUWRV HVIXHU]RV PHWRGROyJLFRV SDUD JHQHUDU


DUWLILFLDOPHQWH XQD GLVWDQFLD UHVSHFWR D ORV PRGHORV GH SHQVDPLHQWR \ ODV
FRQFHSFLRQHV GH OD UHDOLGDG TXH QRV VRQ IDPLOLDUHV ,QLFLDOPHQWH LQIOXHQFLDGR
SRU ODV H[SHULHQFLDV GH OD YDQJXDUGLD SRVWVXUUHDOLVWD \ DSR\DGR HQ
LQYHVWLJDFLRQHV HVSHFtILFDV GHVDUUROODGDV HQ HO iPELWR GH OD KLVWRULD GH OD
FLHQFLD )RXFDXOW GHILHQGH OD WHVLV GH TXH HO PRGHOR GH SHQVDPLHQWR TXH KD
GHWHUPLQDGR OD 0RGHUQLGDG FXOWXUDO KXQGH VXV UDtFHV HQ HO SUHVXSXHVWR
ILORVyILFRGHXQ<RFRQVWLWXWLYRGHXQVXMHWRYLQFXODGRDOKHFKRGHOVHQWLGR\
FUHDGRUDVLPLVPRGHVLJQLILFDGR3RUWDQWRHOGLVWDQFLDPLHQWRPHWRGROyJLFRGH
HVWD WHRUtD GH OD VRFLHGDG FRQ UHVSHFWR D OD DXWRFRPSUHQVLyQ GH OD UHDOLGDG
GRPLQDQWH HQ VX SURSLD FXOWXUD KD GH DVXPLU OD IRUPD GH XQD H[FOXVLyQ
VLVWHPiWLFD GH WRGD ILJXUD FRQFHSWXDO GHSHQGLHQWH GH OD ILORVRItD GH OD
VXEMHWLYLGDG GHVGH HO SXQWR GH YLVWD GH OD SUiFWLFD GH OD LQYHVWLJDFLyQ HVWR
VLJQLILFDOLEHUDUDWRGRVORVFRQFHSWRV\FDWHJRUtDVXWLOL]DGRVHQHOiPELWRGHOD
WHRUtDGHODVRFLHGDGGHVXVVXSXHVWDVLPSOLFDFLRQHVILORVyILFDVVXEMHWLYDV\HQ
HVD PHGLGD GH WRGD SRVLEOH UHIHUHQFLD D ODV DFWLYLGDGHV VLJQLILFDWLYDV GH XQ
VXMHWR PRQROyJLFR eVWH HV HO SXQWR WHyULFR HQ HO TXH HQ $UTXHRORJtD GHO
VDEHUFRPLHQ]DHOGHVDUUROORFRQFHUQLHQWHDODWHRUtDGHODFLHQFLD
6LQ HPEDUJR HQ FRQH[LyQ GLUHFWD FRQ HVWH SUR\HFWR DSDUHFH
LQPHGLDWDPHQWH XQD WDUHD TXH VH DQWRMD PXFKR PiV UDGLFDO TXH WRGDV HVWDV
FRQVLGHUDFLRQHV (O FDStWXOR TXH VLUYH FRPR LQWURGXFFLyQ D OD REUD GRQGH
EUHYHPHQWHVHDSXQWDQODVLGHDVPiVUHOHYDQWHVPXHVWUDFRQFODULGDGDWUDYpV
GHOFRQFHSWRGHPRQXPHQWRTXHORTXHHVWiHQMXHJRQRHVVLPSOHPHQWHHO
KHFKRGHSRQHUFRQFHSWXDOPHQWHHQWUHSDUpQWHVLVODVLGHDVUHODFLRQDGDVFRQOD
ILORVRItD GHO VXMHWR VLQR VX VXVWLWXFLyQ SRU XQD FRQFHSFLyQ GH OD UHDOLGDG
FRPSOHWDPHQWH GHSXUDGD HQ JHQHUDO GH OD QRFLyQ GH VHQWLGR /D GLIHUHQFLD
H[LVWHQWHHQWUHODVFRQVLGHUDFLRQHVPHWRGROyJLFDVUHDOL]DGDVHQXQSULQFLSLR\OR
TXHHQ$UTXHRORJtDGHOVDEHU VH H[SRQH UHDOPHQWH FRQVWLWX\H XQ LPSRUWDQWH
PDOHQWHQGLGR GH QR SRFDV FRQVHFXHQFLDV SRU SDUWH GH )RXFDXOW 'HO
HVWUXFWXUDOLVPRVHPLROyJLFRpOWRPDSUHVWDGRHOPRGHORTXHGHWHUPLQDODFUtWLFD
FRQFHSWXDO GH XQD WHRUtD TXH UHFODPD OD SULRULGDG JHQHUDO GH XQ VLVWHPD GH
VLJQRV JREHUQDGR SRU UHJODV \ VLQ VXMHWR IUHQWH D ODV DFWLYLGDGHV LQWHQFLRQDOHV
VLJQLILFDWLYDVGHORVVXMHWRVpOVHDSURSLDGHORVLQVWUXPHQWRVTXHOHSHUPLWHQ

IUHQWHDODWUDGLFLyQHXURSHDDQWHULRUGHSHQVDPLHQWRUHPSOD]DUODWHRUtDVRFLDO
H[LVWHQWH SRU XQD SRVLFLyQ H[WHULRU (VWD LGHD EiVLFD FRQGXFH D )RXFDXOW
LQFRQVFLHQWHPHQWH PiV DOOi GHO SXQWR GH SDUWLGD PHWRGROyJLFR UD]yQ SRU OD
FXDO HPSH]y D HVWDU LQWHUHVDGR SRU HO HVWUXFWXUDOLVPR VHPLROyJLFR HVWD LGHD
H[LJH VXSHUDU HO KRUL]RQWH HO PRGHOR GH SHQVDPLHQWR HQ HO TXH DO LQGLYLGXR
KXPDQR VH OH DWULEX\H OD IXQFLyQ FRJQLWLYD GH FUHDU VX SURSLR PXQGR VRFLDO \
VLPEyOLFR (O KLOR FRQGXFWRU VHPLROyJLFR VyOR FRQFXHUGD FRQ XQD WHRUtD TXH
KD\DUHPSOD]DGRXQPDUFRFRQFHSWXDOGLVHxDGRFRQUHIHUHQFLDDORVFRQWH[WRV
GHVLJQLILFDGRKXPDQRSRURWURPDUFRFDWHJRULDOFRUUHVSRQGLHQWHDXQRUGHQGH
VLJQRVUHJXODGR\OLEUHGHLQWHQFLRQDOLGDGXQDWHRUtDPRGLILFDGDGHHVWHWHQRU
FRPR HV REYLR QR VyOR VH SURKtEH WRGD SRVLEOH UHIHUHQFLD D OD DFWLYLGDG
VLJQLILFDWLYD GH XQ VXMHWR PRQROyJLFR HOOD WDPELpQ UHFKD]D HQ JHQHUDO WRGR
DFFHVR KHUPHQpXWLFR D OD UHDOLGDG VRFLDO 3RU WRGR HOOR )RXFDXOW QR VyOR
WUDQVIRUPDVXWHRUtDVRFLDOHQODVLWXDFLyQVLQJXODUPHQWH~QLFDGHXQDHWQRORJtD
HQODTXHGHHQWUDGDSHUPDQHFHQFRPRH[WUDxRVORVFRQWH[WRVGHVHQWLGRGH
XQ PXQGR VRFLDOPHQWH SUHHVWDEOHFLGR VLQR TXH \HQGR PiV DOOi GH HVWD
FLUFXQVWDQFLDSDUHFHHVWDUFRQYHQFLGRGHTXHHOPXQGRVRFLDOH[WUDxDGRQRHV
\DHQDEVROXWRXQFRQWH[WRGHYLGDFRQVWUXLGRVREUHEDVHVLQWHQFLRQDOHVDVtHQ
OXJDU GHO LQWHQWR GH H[WUDxDU DUWLILFLDOPHQWH OD SURSLD FXOWXUD TXH QRV UHVXOWD
IDPLOLDUSRQLHQGRHQWUHSDUpQWHVLVPHWRGROyJLFDPHQWHODVFRQYLFFLRQHVEiVLFDV
TXH OD KDELWDQ \ VXV FRQFHSWRV GH UDFLRQDOLGDG FRUUHVSRQGLHQWHV HPHUJH OD
WHQWDWLYD GH FRPSUHQGHU OD SURSLD FXOWXUD FRPR XQ KHFKR VRFLDO REMHWLYR
UHJXODGR DQyQLPDPHQWH \ QR LQWHQFLRQDO 'H HVWH PRGR ORV HQXQFLDGRV
RQWROyJLFRV DFHUFD GH OD FRQVWLWXFLyQ GH OD UHDOLGDG OLQJtVWLFD VRQ ORV TXH
WHUPLQDQ H[SOLFDQGR ILQDOPHQWH HO iPELWR GH ORV REMHWRV TXH RULJLQDULDPHQWH
GHEtDVHUDQDOL]DGRFRPRVLSXGLHUDDSDUHFHUDODYLVWDLQGHSHQGLHQWHPHQWHGH
ODVUHIHUHQFLDVGHVHQWLGRTXHOHVRQSURSLDV(OSUR\HFWRGHXQDHWQRORJtDGHOD
SURSLD FXOWXUD DGTXLHUH WiFLWDPHQWH DVt OD IRUPD GH XQD RQWRORJtD VHPLROyJLFD
TXH WLHQH TXH H[SOLFDU OD IRUPDFLyQ GHO VDEHU FXOWXUDO GHVGH ODV XQLGDGHV
HOHPHQWDOHV GH ORV HQXQFLDGRV HQ OD PDOOD GH HVWH PDOHQWHQGLGR EiVLFR
WHUPLQD HQUHGiQGRVH )RXFDXOW FXDQGR pO DO ILQDO QR HV FDSD] \D GH
SURSRUFLRQDUXQVHQWLGRFRQVLVWHQWHDODQRFLyQGHGLVFXUVR(VWROHREOLJD
HQXQ~OWLPRSDVRDDEDQGRQDUHOSURJUDPDGHXQDQiOLVLVGHOVDEHUSODQWHDGR

HQ WpUPLQRV VHPLROyJLFRV \ D VHJXLU FRQVHFXHQWHPHQWH OD SLVWD TXH pO PLVPR
KDEtD DELHUWR FRQ OD GHILQLFLyQ IXQFLRQDO GHO GLVFXUVR FRPR PHGLR GH
GRPLQDFLyQ

1RWDVDOSLH

>@ &IU VREUH WRGR (PLOH 'XUNKHLP 'LH HOHPHQWDUHQ )RUPHQ GHV UHOLJL|VHQ /HEHQV
LQWURGXFFLyQ )UDQNIXUW  SS  \ VV >WUDG FDVWHOODQD /DV IRUPDV HOHPHQWDOHV GH OD YLGD
UHOLJLRVD 0 DGULG $OLDQ]D HG @ SDUD HO VLJQLILFDGR GH OD HWQRORJtD SDUD OD VRFLRORJtD GH
'XUNKHLP \ VX HVFXHOD FIU : 3DXO 9RJW hEHU GHQ 1XW]HQ GHV 6WXGLXPV SULPLWLYHU
*HVHOOVFKDIWHQ(LQH$QPHUNXQJ]XU'XUNKHLP6FKXOHHQ:/HSHQLHVHG*HVFKLFKWH
GHU6R]LRORJLHYRO,,,)UDQNIXUWSS\VV
>@0 LFKHO)RXFDXOW'LH2UGQXQJGHU'LQJH)UDQNIXUWSS\VV>WUDGFDVWHOODQD
/DVSDODEUDV\ODVFRVDV0 DGULG6LJOR;;,@
>@&IU&ODXGH/pYL6WUDXVV6WUXNWXUDOH$QWKURSRORJLH)UDQNIXUWVREUHWRGRFDSV
\>WUDGFDVWHOODQD$QWURSRORJtDHVWUXFWXUDO%DUFHORQD3DLGyV@
>@0 X\VLJQLILFDWLYDPHSDUHFHHQHVWHVHQWLGRODFUtWLFDGH6LPRQ&ODUNH7KH)RXQGDWLRQVRI
6WUXFWXUDOLVP $ &ULWLTXH RI /pYL6WUDXVV DQG WKH 6WUXFWXUDOLVW 0RYHPHQW 1HZ -HUVH\  XQD
LQWHUHVDQWH FUtWLFD WHyULFROLQJtVWLFD OD SURSRUFLRQD +DQV+HLQULFK %DXPDQQ HQ VX 8EHU
IUDQ]|VLVFKHQ 6WUXNWXUDOLVPXV =XU 5H]HSWLRQ PRGHUQHU /LQJXLVWLN LQ )UDQNUHLFK XQG LQ
'HXWVFKODQG6SUDFKHLPWHFKQLVFKHQ=HLWDOWHU  SS\VV,OXPLQDGRUDHVDVLPLVPR
ODFRPSDUDFLyQHQWUHODWHRUtDGHODFXOWXUDGHFXxROLQJtVWLFRGH/pYL6WUDXVVFRQHOSODQWHDPLHQWR
GH (UQVW &DVVLUHU GHVDUUROODGD SRU +HUPDQQ /DQJ HQ VX SUHVHQWDFLyQ UHVSHFWLYD GH /DFDQ 'LH
6SUDFKHXQGGDV8QEHZXWH)UDQNIXUWFDS,9
>@0 )RXFDXOW:DKQVLQQXQG*HVHOOVFKDIW)UDQNIXUW'LH2UGQXQJGHU'LQJHRSFLW
'LH*HEXUWGHU.OLQLN)UDQNIXUW%HUOtQ>WUDGFDVWHOODQD(OQDFLPLHQWRGHODFOtQLFD0 DGULG
6LJOR;;,@
>@3DUDORVSULPHURVWUDEDMRVGH)RXFDXOWFIUHOLQVWUXFWLYRDUWtFXORGH:DOWHU6HLWWHU0 LFKHO
)RXFDXOW9RQ GHU 6XEYHUVLRQ GHV :LVVHQV HQ 0  )RXFDXOW 9RQ GHU 6XEYHUVLRQ GHV :LVVHQV
0 ~QLFKSS\VV
>@0 )RXFDXOW'LH$UFKlRORJLHGHV:LVVHQV)UDQNIXUW>WUDGFDVWHOODQD/DDUTXHRORJtD
GHOVDEHU0 p[LFR6LJOR;;,@'LH2UGQXQJGHV'LVNXUVHV0 XQLFK>WUDGFDVWHOODQD
(ORUGHQGHOGLVFXUVR%DUFHORQD7XVTXHWV@
>@ 3DROR &DUXVR *HVSUlFK PLW 0 LFKHO )RXFDXOW HQ 0  )RXFDXOW 9RQ GHU 6XEYHUVLRQ GHV
:LVVHQVRSFLWSS\VVSDUDORDTXtFLWDGRS
>@&IUSRUHMHPSOR6W+DOO'+REVRQ$/RZH\3:LOOLVHGV&XOWXUH0HGLD/DQJXDJH
:RUNLQJ3DSHUVLQ&XOWXUDO6WXGLHV/RQGUHVSDUWH,,
>@0 )RXFDXOW'DV'HQNHQGHV$XHQ9RQGHU6XEYHUVLRQGHV:LVVHQVRSFLWSS\
VV SDUD OR FLWDGR DTXt S  >WUDG FDVWHOODQD (O SHQVDPLHQWR GHO DIXHUD 9DOHQFLD 3UH7H[WRV
@
>@0 )RXFDXOW/H/DQJDJHGHHVSDFH&ULWLTXH3DULVODFRQYHUJHQFLDH[LVWHQWH
HQWUH HO HVWUXFWXUDOLVPR IUDQFpV \ HO PRYLPLHQWR OLWHUDULR GHO QRXYHDX URPDQ \D KD VLGR
EULOODQWHPHQWHVXEUD\DGDSRU-HDQ$PHU\HQVXV8QPHLVWHUOLFKH:DQGHUMDKUH6WXWWJDUWFDS
9,
>@0 )RXFDXOW'DV'HQNHQGHV$XHQRSFLWS
>@3DUDHOWUDVIRQGRGHODLQWHUSUHWDFLyQOLWHUDULDGHOHVWUXFWXUDOLVPRFIU(ODUWtFXORGH+7

/HKPDQQ'DV6XEMHNWDOV6FKULIW+LQZHLVH]XUIUDQ]|VLVFKHQ7H[WWKHRULH0HUNXU  
SS  \ VV FIU WDPELpQ 5HLQROG :HUQHU (LQOHLWXQJ HQ -XOLD .ULVWHYD 'LH 5HYROXWLRQ GHU
SRHWLVFKHQ 6SUDFKH )UDQNIXUW  SS  \ VV D 'HVJUDFLDGDPHQWH SDUD HVH SXQWR QR KH
SRGLGR WHQHU HQ FXHQWD OD EULOODQWH LQWHUSUHWDFLyQ GH /DV SDODEUDV \ ODV FRVDV TXH +DEHUPDV KD
GHVDUUROODGRHQ VXV OHFFLRQHV VREUH (O GLVFXUVR ILORVyILFR GH OD 0RGHUQLGDG FRQFUHWDPHQWH HQ OD
OHFFLyQ 
>@0 )RXFDXOW'LH2UGQXQJGHU'LQJHRSFLWS
>@&IUWDPELpQ-HDQ3LDJHW'HU6WUXNWXUDOLVPXV2OWHQFDSSS\VV>WUDG
FDVWHOODQD(OHVWUXFWXUDOLVPR%DUFHORQD2UELV@
>@,EtGS
>@ (QWUH RWURV HMHPSORV SXHGH FLWDUVH HO DUWtFXOR GH ,DQ +DFNLQJ 0 LFKHO )RXFDXOWV
,PPDWXUH 6FLHQFH 1RXV    SS  \ VV YpDVH GHO PLVPR DXWRU 7KH $UFKHRORJ\ RI
)RXFDXOW1HZ<RUN5HYLHZRI%RRNV0 D\RR5LFKDUG5RUW\%H\RQG1LHW]VFKHDQG
0 DU[/RQGRQ5HYLHZRI%RRNV  SS\VV
>@ &IU VREUH WRGR /RXLV $OWKXVVHU 0 DU[LVPXV XQG +XPDQLVPXV )U 0DU[ )UDQNIXUW
SS\VV>WUDGFDVWHOODQD3ROpPLFDVREUHHOPDU[LVPR\HOKXPDQLVPR 0 p[LFR 6LJOR
;;,@/RXLV$OWKXVVHU\(WLHQQH%DOLEDU'DV.DSLWDOOHVHQYRO,5HLQEHN+DPEXUJR
SS\VV>WUDGFDVWHOODQD3DUDOHHU(O&DSLWDO0 p[LFR6LJOR;;,@
>@ 6REUH HVWDV GLIHUHQFLDV UHVXOWD LOXVWUDWLYR HO FRUUHVSRQGLHQWH HVWXGLR GH +HUEHUW
6FKQlGHOEDFK *HVFKLFKWVSKLORVRSKLH QDFK +HJHO )ULEXUJR0 ~QLFK  >WUDG FDVWHOODQD /D
ILORVRItDHQ$OHPDQLD0 DGULG&iWHGUD@
>@0 )RXFDXOW'LH$UFKlRORJLHGHV:LVVHQVRSFLWS
>@ &IU PL DUWtFXOR *HVFKLFKWH XQG ,QWHUDNWLRQVYHUKlOWQLVVH HQ 8 -DHJJL \ $ +RQQHWK
HGV7KHRULHQGHV+LVWRULVFKHQ0DWHULDOLVPXV)UDQNIXUWSS\VVSS\VV
>@ 9pDQVH HQWUH RWURV HMHPSORV / $OWKXVVHU $QWZRUW DQ -RKQ /HZLV HQ + $UHQ] -
%LVFKRII \ 8 -DHJJL HGV :DV LVW UHYROXWLRQlUHU 0DU[LVPXV" %HUOtQ  SS  \ VV >WUDG
FDVWHOODQD3DUDXQFUtWLFDGHODSUiFWLFDWHyULFDUHVSXHVWDD-RKQ/HZLV0 p[LFR6LJOR;;,@
>@0 )RXFDXOW'LH$UFKlRORJLHGHV:LVVHQVRSFLWS
>@,EtG
>@ &IU $UWKXU & 'DQWR $QDO\WLVFKH 3KLORVRSKLH GHU *HVFKLFKWH )UDQNIXUW  >WUDG
FDVWHOODQD +LVWRULD \ QDUUDFLyQ HQVD\RV GH ILORVRItD DQDOtWLFD GH OD KLVWRULD %DUFHORQD 3DLGyV
@+0 %DXPJDUWHQ.RQWLQXLWlWXQG*HVFKLFKWH)UDQNIXUW
>@0 )RXFDXOW'LH$UFKlRORJLHGHV:LVVHQVRSFLWS
>@,EtGSFIUWDPELpQS
>@&LHUWDPHQWHWDPSRFRKD\TXHSDVDUSRUDOWRODEDVHKHUPHQpXWLFDGHODVLQYHVWLJDFLRQHV
DUTXHROyJLFDV WRGD YH] TXH VyOR SXHGH UHFRQVWUXLUVH XQD FRQVWUXFFLyQ VRWHUUDGD FRPR XQ
PRQXPHQWRIXQFLRQDOPHQWHFRKHUHQWHHQODPHGLGDHQTXHSRGHPRVFRQRFHUHOFRQWH[WRGHVHQWLGR
LQWHQFLRQDOGHORVPDWHULDOHVVLQJXODUHVFRQORVTXHVHKDFRQVWUXLGRHVWHDVSHFWRHVVXEHVWLPDGR
SRU )RXFDXOW FXDQGR XWLOL]D HO WtWXOR GH DUTXHRORJtD FRPR XQ SURJUDPD WHyULFR H[SOtFLWDPHQWH
DQWLKHUPHQpXWLFR
>@0 )RXFDXOW'LH$UFKlRORJLHGHV:LVVHQVRSFLWS

>@7RPRHOFRQFHSWRGHHVWUXFWXUDOLVPRVHPLROyJLFRGHODREUDGH9LQFHQW'HVFRPEHV'DV
6HOEHXQGGDV$QGHUH)QIXQGYLHU]LJ-DKUH3KLORVRSKLHLQ)UDQNUHLFK)UDQNIXUW
FDS>WUDGXFFLyQFDVWHOODQD/RPLVPR\ORRWURFXDUHQWD\FLQFRDxRVGHILORVRItDIUDQFHVD 
 0 DGULG&iWHGUD@SDUDHVWHFRQWH[WRFIUWDPELpQORVWUDEDMRVGH0 DQIUHG)UDQN'DV
,QGLYLGXHOOH $OOJHPHLQH 7H[WVWUXNWXULHUXQJ XQG ,QWHUSUHWDWLRQ QDFK 6FKOHLHUPDFKHU )UDQNIXUW
SS\VVGHOPLVPRDXWRU'DV6DJEDUHXQGGDV8QVDJEDUH)UDQNIXUWDGHPiVHV
PX\ ~WLO 3DXO 5LFRHXU +HUPHQHXWLN XQG 6WUXNWXUDOLVPXV 0 ~QLFK  SS  \ VV >WUDG
FDVWHOODQD+HUPHQpXWLFD\HVWUXFWXUDOLVPR%XHQRV$LUHV0 HJiSROLV@
>@$TXtFLHUWDPHQWHVHUDGLFDOL]DHOSXQWRGHYLVWDGHODDUELWUDULHGDGGHOVLJQRGHXQDIRUPD
TXH YD PiV DOOi GH ORV SODQWHDPLHQWRV GH 6DXVVXUH FIU SDUD HVWH SXQWR 5RGROSKH *DVFKp 'DV
ZLOGH'HQNHQXQGGLHgNRQRPLHGHU5HSUlVHQWDWLRQ3DUDODUHODFLyQHQWUH)HUGLQDQGGH6DXVVXUH
\&ODXGH/pYL6WUDXVVFIU:ROI/HSHQLHV\+DQV+HQQLQJ5LWWHUHGV2UWH GHV ZLOGHQ 'HQNHQV
=XU$QWKURSRORJLHYRQ&ODXGH/pYL6WUDXVV)UDQNIXUWSS\VV
>@0 )UDQN'DV,QGLYLGXHOOH$OOJHPHLQHRSFLWS
>@&IUWDPELpQ-.ULVWHYD'LH5HYROXWLRQGHUSRHWLVFKHQ6SUDFKHRSFLW
>@'HERDJUDGHFHUPLFRPSUHQVLyQGHODWHRUtDODFDQLDQDDO\DPHQFLRQDGRWUDEDMRGH+/DQJ
'LH6SUDFKHXQGGDV8QEHZXWHRSFLWPX\~WLOUHVXOWDWDPELpQ0 )UDQN'DV:DKUH6XEMHNW
XQG VHLQ 'RSSHO -DFTXHV /DFDQV +HUPHQHXWLN 'DV 6DJEDUH XQG GDV 8QVDJEDUHRS FLW SS
\VVFIUILQDOPHQWHHOFXDGHUQRGHGLFDGRD/DFDQGH3V\FKH;;;,9  
>@ &IU 0  )UDKN (LQH IXQGDPHQWDOVHPLRORJLVFKH +HUDXVIRUGHUXQJ GHU DEHQGOlQGLVFKHQ
:LVVHQVFKDIW -'HUULGD 3KLORVRSKLVFKH5XQGVFKDX  SS\VV9'HVFRPEHV
'DV6HOEHXQGGDV$QGHUHRSFLWSS\VV
>@(VWDIRUPXODFLyQSHUPLWHFRPSUHQGHUODH[SUHVLyQGHWUDQVFHQGHQWDOLVPRVLQVXMHWRTXH
WDQDPHQXGRIXHXWLOL]DGDSROpPLFDPHQWHHQODGLVFXVLyQIUDQFHVDHQWRUQRDOHVWUXFWXUDOLVPR
>@&IUSDUDHVWHSDUWLFXODU:ROIHQYRQ5DKGHQ(SLVWHPRORJLHXQG:LVVHQVFKDIWVNULWLNHQ
&KULVWRSK +XELJ \ :ROIHUW YRQ 5DKGHQ HG .RQVHTXHQ]HQ NULWLVFKHU :LVVHQVFKDIWVWKHRULH
%HUOtQ1XHYD<RUNSS\VV
>@8QHVWXGLRH[WUDRUGLQDULDPHQWHLQIRUPDWLYRDFHUFDGHODGHSHQGHQFLDGHOD$UTXHRORJtDGHO
VDEHUGHOPDUFRKLVWyULFRHQHOTXHVHGHVDUUROODOD(VFXHODGHORV$QQDOHVHVHOGH&ODXGLD+RQHJJHU
0 LFKHO)RXFDXOWXQGGLHVHULHOOH*HVFKLFKWH0HUNXU  SS\VV
>@0 )RXFDXOW'LH$UFKlRORJLHGHV:LVVHQVRSFLWSS\VV
>@9'HVFRPEHVGDDOFRQFHSWRGHDUTXHRORJtDXQVLJQLILFDGRDOJRGLIHUHQWHHQHOPDUFRGH
ODWHRUtDIRXFDXOWLDQDFIUGHOPLVPRDXWRU'DV6HOEHXQGGDV$QGHUHRSFLWSpODTXtSDUWH
GHO VLJQLILFDGR GH OD DUTXHRORJtD FRPR GLVFLSOLQD DQDOtWLFD TXH SRQH DO GHVFXELHUWR ORV VXSXHVWRV
VRWHUUDGRV GH QXHVWUR SUHVHQWH HQ HVWH VHQWLGR OD DUTXHRORJtD GHO VDEHU HV XQD GLVFLSOLQD TXH
UHFRQVWUX\H ORV SUHVXSXHVWRV FRJQLWLYRV LQFRQVFLHQWHV GH QXHVWUD FXOWXUD FRQVLGHUR TXH HVWD
LQWHUSUHWDFLyQ HV D WRGDV OXFHV OLPLWDGD SRUTXH GHMD VLQ DWHQGHU HO KHFKR GH TXH HO SURFHGHU
DUTXHROyJLFRHQUHDOLGDGVHGLULJHEiVLFD\IXQGDPHQWDOPHQWHDPRQXPHQWRVVyORFXDQGRUHSDUDPRV
FODUDPHQWHHQHVWHKHFKRVHHQWLHQGHFRQFODULGDGSRUTXp)RXFDXOWSUHWHQGHH[WUDxDUVXSURSLR
iPELWRGHLQYHVWLJDFLyQODIRUPDHQODTXH)RXFDXOWWUDWDGHOOHYDUDFDERHVWDDSXHVWDPHFRQGXFH
SRU RWUR ODGR DO HVFHSWLFLVPR IUHQWH D ORV LQWHQWRV GH H[SOLFDU HO SURFHGLPLHQWR EHQMDPLQLDQR GH

LQYHVWLJDUODKLVWRULDFRQODD\XGDGHOFRQFHSWRGHDUTXHRORJtD3DUDXQLQWHQWRLQWHUHVDQWHHQHVWH
PLVPR VHQWLGR FIU 0 DUF 6DJQRO :DOWHU %HQMDPLQ DUFKpRORJXH GH OD PRGHUQLWp PDQXVFULWR 
0 )RXFDXOW'LH$UFKlRORJLHGHV:LVVHQVRSFLWS
>@0 )RXFDXOW'LH$UFKlRORJLHGHV:LVVHQVRSFLWS
>@5RODQG%DUWKHV'LHVWUXNWXUDOLVWLVFKH7lWLJNHLW.XUVEXFK  SS\VV
>@ 1DQF\ )UD]HU XVD HVWH FRQFHSWR SURFHGHQWH GHO PpWRGR IHQRPHQROyJLFR KXVVHUOLDQR FRQ
REMHWRGHGHILQLUODDFWLWXGPHWRGROyJLFDGHOD~OWLPDWHRUtDGHOSRGHUIRXFDXOWLDQD FIU)RXFDXOWRQ
0 RGHUQ3RZHU(PSLULFDO,QVLJKWVDQG1RUPDWLYH&RQIXVLRQV3UD[LV,QWHUQDWLRQDOFXDGHUQR
 SS  \ V  0 H SDUHFH VLQ HPEDUJR TXH HVWH FRQFHSWR HV VREUH WRGR SHUWLQHQWH SDUD
GHVFULELUHOWUDEDMRDQDOtWLFRLQLFLDOHPSUHQGLGRHQOD$UTXHRORJtDGHOVDEHU
>@&IU7DPELpQ+0 %DXPJDUWHQ.RQWLXQLWlWXQG*HVFKLFKWHRSFLW
>@0 )RXFDXOW'LH$UFKlRORJLHGHV:LVVHQVRSFLWS
>@,EtGSS\VV
>@,EtGS
>@,EtGS
>@,EtGS
>@,EtGS
>@ ,EtG S  ,PSRUWDQWHV HQ HVWH VHQWLGR VRQ ODV LQGLFDFLRQHV GH )RXFDXOW VREUH OD
H[WHULRULGDGGHORVHQXQFLDGRVRSFLWSS\VV
>@,EtGS
>@$XQUHVXOWDGRVLPLODUDXQTXHSRUUD]RQHVGLIHUHQWHVYDQDOOHJDUGRVGLVFXVLRQHVGLVWLQWDV
FRQODDUTXHRORJtDGHOVDEHUGHODPLVPDpSRFDFIU*HUG.LPPHUOH'LH/HHUHLP'HQNHQGHV
YHUVFKZLQGHQHQ0 DQVFKHQ.RQNXUVEXFK  SS\VV
>@0 )RXFDXOW$UFKlRORJLHGHV:LVVHQVRSFLWSS\VV
>@&IUWDPELpQ&KDUOHV/HPHUW\*DUWK*LOODQ7KH1HZ$OWHUQDWLYHLQ&ULWLFDO6RFLRORJ\
)RXFDXOW'LVFXUVLYH$QDO\VLVHQ&XOWXUDO+HUPHQHXWLFV  SS\VV
>@&IUDVLPLVPR)ULHGULFK$.LWWOHU\+RUVW7XUNHG8UV]HQHQ/LWHUDWXUZLVVHQVFKDIWDOV
'LVNXUVDQDO\VH XQG 'LVNXUVNULWLN )UDQNIXUW  FIU WDPELpQ HO FRQFLVR SHUR SDQRUDPLFR
DUWtFXORGH+DUROG:RHW]HO'LVNXUVDQDO\VHLQ)UDQNUHLFK'DV$UJXPHQWFXDGHUQR  
SS\VV
>@0 )RXFDXOW'LH$UFKlRORJLHGHV:LVVHQVRSFLWS
>@,EtG
>@3DUDHOFRQFHSWRGHH[WHULRULGDGFIURSFLWSS\VV
>@,EtGS
>@,EtGS
>@,EtGSS\VV
>@,EtGSS\VV
>@,EtGS
>@,EtGS
>@,EtG
>@ (O SURSLR FRQFHSWR GH GLVFXUVR DSDUHFLGR HQ /D DUTXHRORJtD GHO VDEHU VH VXHOH

LQWHUSUHWDUH[FOXVLYDPHQWHEDMRHOSXQWRGHYLVWDGHODWHRUtDGHODGRPLQDFLyQVRFLDODXQTXHpVWD
FDVL QR GHVHPSHxD DTXt QLQJXQD IXQFLyQ LPSRUWDQWH FIU SRU HMHPSOR &K /HPHUW \ * *LOODQ
7KH 1HZ $OWHUQDWLYH LQ &ULWLFDO 6RFLRORJ\ )RXFDXOWV 'LVFXUVLYH $QDO\VLV RS FLW DGHPiV
*HUKDUG 3OXPSH \ &OHPHQV .DPPOHU :LVVHQ LVW 0 DFKW 0  )RXFDXOW  3KLORVRSKLVFKH
5XQGVFKDXQ~PHURV  SS\VV
>@ (VWH SXQWR UHSUHVHQWD EiVLFDPHQWH XQD DXWRFUtWLFD UHVSHFWR DO FRQFHSWR GH HSLVWHPH
GHVDUUROODGR HQ /DV SDODEUDV \ ODV FRVDV FIU OD EXHQD H[SRVLFLyQ GHO WHPD TXH UHDOL]D 3HWHU
6ORWHUGLMNHQ0 LFKHO)RXFDXOWV6WUXNWXUDOH7KHRULHGHU*HVFKLFKWH3KLORVRSKLVFKHV-DKUEXFK
  SS  \ VV GRQGH UHFRQVWUX\H GH IRUPD LQPDQHQWH HO WUDEDMR KLVWyULFRFLHQWtILFR
GHVSOHJDGRHQORVWUDEDMRVGH)RXFDXOW
>@&IUPLDUWtFXOR*HVFKLFKWHXQG,QWHUDNWLRQVYHUKlOWQLVVHRSFLWHQHVSHFLDOSS\
VV
>@0 )RXFDXOW'LH$UFKlRORJLHGHV:LVVHQVRSFLWSS\VV
>@,EtGS
>@,EtGSFIUSHURYpDQVHWDPELpQSS\VV
>@,EtGSS\VV
>@0 )RXFDXOW'LH2UGQXQJGHV'LVNXUVHVRSFLWS
>@,EtGS
>@$HVWHPLHGRGHODFLYLOL]DFLyQHXURSHDDOGHVRUGHQGHOGLVFXUVR)RXFDXOWORGHQRPLQD
MXJDQGR LUyQLFDPHQWH FRQ HO FRQFHSWR FOiVLFR GH OD FUtWLFD FXOWXUDO GH OD ILORVRItD GH OD YLGD
ORJRFHQWULVPR ORJRIRELD FIURSFLW 
>@ &IU SDUD HVWR OD EULOODQWH FUtWLFD GH 0 DQIUHG )UDQN 'LH :HOW DOV :XQVFK XQG
5HSUlVHQWDWLRQ RGHU *HJHQ HLQ DQDUFKRVWUXNWXUDOLVWLVFKHV =HLWDOWHU &UtWLFD D * 'HOHX]H \ )
*XDWWDUL $QWL2GLSXV )UDQNIXUW   HQ )XJHQ 'HXWVFK)UDQ]|VLVFKHV -DKUEXFK IU 7H[W
$QDO\WLN2OWHQ\)ULEXUJRSS\VV 


'(/$1/,6,6'(/32'(5$/$7(25$'(/32'(5
/$/8&+$&2023$5$',*0$'(/262&,$/

/D FXHVWLyQ TXH YD D FRQGXFLU ORV HVFULWRV GH )RXFDXOW D OD FHUFDQtD FRQ OD
7HRUtD &UtWLFD GH $GRUQR VyOR VH KDFH YLVLEOH GHVSXpV GH TXH HO SHQVDGRU
IUDQFpV DEDQGRQH HO PDUFR GHO DQiOLVLV KLVWyULFR GHO GLVFXUVR GHVDUUROODGR HQ
$UTXHRORJtDGHOVDEHU(QYHUGDGODVLQYHVWLJDFLRQHVPDWHULDOHVTXH)RXFDXOW
KDEtDHPSUHQGLGRGXUDQWHODGpFDGDGHORVVHVHQWDJXLDGRSRUODLQWHQFLyQGH
FRQVWUXLUXQDDUTXHRORJtDGHODVFLHQFLDVKXPDQDV\DJXDUGDEDQUHODFLyQFRQOD
FXHVWLyQGHODVFRQGLFLRQHVKLVWyULFDVEDMRODVFXDOHVSRGtDVXUJLUHOFRQFHSWR
GH KRPEUH FRPR VXMHWR LQGLYLGXDOL]DGR (Q HVD PHGLGD HO )RXFDXOW GH HVWH
SHULRGRWHQtDTXHHQIUHQWDUVHWDPELpQDHVHSODQWHDPLHQWRWHPiWLFRTXHKDEtD
PDUFDGR SURIXQGDPHQWH FRQ VX LPSURQWD OD ILORVRItD GH OD KLVWRULD GH $GRUQR
>@ $KRUD ELHQ ODV GLIHUHQWHV UHVSXHVWDV TXH YD D EULQGDU HO DQiOLVLV
IRXFDXOWLDQR GH OD KLVWRULD GHO VDEHU DO SUREOHPD FRPSDUWLGR FRQ $GRUQR QR
OOHJDUiQDFULVWDOL]DUHQXQDWHVLV~QLFD\FRQFOX\HQWH/DVDSRUtDVGHXQDQiOLVLV
GHO VDEHU FRQIRUPDGR VHJ~Q ODV SDXWDV GH OD VHPLRORJtD SURKtEHQ D )RXFDXOW
DOFDQ]DU XQD UHVSXHVWD OR VXILFLHQWHPHQWH FODUD \ FRQVLVWHQWH D OD UHFXUUHQWH
FXHVWLyQ FRQFHUQLHQWH DO QDFLPLHQWR GHO LQGLYLGXR &RPR VH KD YLVWR SDUWLU
GHO KHFKR RQWROyJLFR GH HQXQFLDGRV HOHPHQWDOHV QR GHILQLGRV QL SRU XQ
VLJQLILFDGRLQWHQFLRQDOQLSRUODUHIHUHQFLDDXQREMHWRQRSHUPLWHRIUHFHUGHVGH
XQ SXQWR GH YLVWD PHWRGROyJLFR QLQJXQD H[SOLFDFLyQ GH OD FRQVWLWXFLyQ GH ORV
FRQWHQLGRVGHFRQRFLPLHQWRQLVLTXLHUDGHOFRQFHSWRPLVPRGHGLVFXUVRTXH

QRSDVHSRUXQDUHODFLyQPiVRPHQRVDFFLGHQWDOFRQODVH[LJHQFLDVIXQFLRQDOHV
GHODVLQVWLWXFLRQHV
(VWD H[SOLFDFLyQ IRXFDXOWLDQD GHO DQiOLVLV GHO GLVFXUVR TXH PDOHQWLHQGH
GHVGH HO SXQWR GH YLVWD RQWROyJLFR OD WHQWDWLYD PHWRGROyJLFD GH GLVWDQFLDUVH
DUWLILFLDOPHQWH GH VX SURSLD FXOWXUD VH HQUHGD FRPR \D VH KD PRVWUDGR HQ
KLSyWHVLV DXWRFRQWUDGLFWRULDV HQ UHODFLyQ FRQ OD H[SOLFDFLyQ GHO GHVDUUROOR
KLVWyULFR GH ORV VLVWHPDV GHO VDEHU 6RQ HVWDV LQFRQVLVWHQFLDV HQ HO PDUFR GHO
DQiOLVLV GHO GLVFXUVR ODV TXH WHUPLQDUiQ UHIOHMiQGRVH HQ ODV LQYHVWLJDFLRQHV
KLVWyULFDV GHSHQGLHQWHV GH GLFKD PHWRGRORJtD D SHVDU GH WRGD OD ULTXH]D
GHVFULSWLYD TXH HQFLHUUDQ HOODV QR RIUHFHQ PiV TXH YDJDV H[SOLFDFLRQHV \
RVFXUDVFRQMHWXUDVFXDQGRHQUHDOLGDGVHVXSRQHTXHQRVKDQGHSURSRUFLRQDU
ODV FRQGLFLRQHV KLVWyULFDV GHO RULJHQ \ OD WUDQVIRUPDFLyQ GH ORV VLVWHPDV GH
SHQVDPLHQWRSDUWLFXODUHV$TXtTXHGDVLQGHFLGLUVLHOGHVFXEULPLHQWRGHQXHYRV
FRQWHQLGRV GH VDEHU \ WDPELpQ SRU WDQWR VL HO GHVFXEULPLHQWR GHO VXMHWR
LQGLYLGXDOL]DGR SXHGHQ UHWURWUDHUVH HQ ~OWLPD LQVWDQFLD DO HQFXHQWUR
KLVWyULFDPHQWH DFFLGHQWDO GH FRQGLFLRQHV FRJQLWLYDV H LQVWLWXFLRQDOHV R D XQD
FRQVWHODFLyQ KLVWyULFDPHQWH VLQJXODU GH SUREOHPDV VRFLDOHV >@ 'LFKR HVWR
SXHVWR TXH OD IXQGDPHQWDFLyQ WHyULFD GH ODV LQYHVWLJDFLRQHV KLVWyULFDV
IRXFDXOWLDQDVSHUPDQHFHHOODPLVPDVLQDFODUDUHVDVLQYHVWLJDFLRQHVGLItFLOPHQWH
SXHGHQSURSRUFLRQDUXQDUHVSXHVWDFRQVLVWHQWHTXHSHUPLWDUHDOL]DUXQDSRVLEOH
FRPSDUDFLyQ FRQ ODV KLSyWHVLV KLVWyULFRILORVyILFDV GHVDUUROODGDV D VX YH] SRU
$GRUQR
6LQ HPEDUJR WRGD HVWD VLWXDFLyQ VH PRGLILFD HQ HO PRPHQWR HQ HO TXH
)RXFDXOW DEDQGRQD HO SUR\HFWR WHyULFR GH XQ DQiOLVLV GHO FRQRFLPLHQWR
RULHQWDGR HQ WpUPLQRV VHPLROyJLFRV \ SLVD HO WHUUHQR GHO DQiOLVLV VRFLDO &DEH
GHFLU TXH KDVWD HVH PRPHQWR VX WUDEDMR VyOR LQGLUHFWDPHQWH UHSUHVHQWDED XQ
WLSRGHWHRUtDGHODVRFLHGDGHQODPHGLGDHQTXHFRQVWLWXtDQVLVWHPDVGHVDEHU
FXOWXUDOPHQWH OHJLWLPDGRV ORV GLVFXUVRV HUDQ PHGLRV GH LQWHJUDFLyQ VRFLDO
GHQWUR GH XQD VRFLHGDG VXV VLVWHPDV FRJQLWLYRV QR REVWDQWH GHEtDQ VHU
FODULILFDGRV EiVLFDPHQWH HQ WpUPLQRV LQPDQHQWHV HV GHFLU VyOR D WUDYpV GHO
DQiOLVLV GH ODV UHJODV GH FRPSRVLFLyQ GH VXV HOHPHQWRV OLQJtVWLFRV 'H HVWH
PRGR HO SOH[R HVWUXFWXUDO VRFLDO DSDUHFH ~QLFDPHQWH FRPR XQ YDJR WHOyQ GH
IRQGRGHODQiOLVLVGHOGLVFXUVRDXQFXDQGR)RXFDXOWVHYHDILQDOPHQWHREOLJDGR

SRUVXVSURSLRVDUJXPHQWRVDH[SOLFDUODFRQVWLWXFLyQGHORVGLVFXUVRVKDFLHQGR
UHIHUHQFLD D ODV H[LJHQFLDV IXQFLRQDOHV GH OD VRFLHGDG HQ HVWH SODQR ORV
VLVWHPDV GH VDEHU GHEHQ VHU H[DPLQDGRV D OD OX] GH ODV IRUPDV HQ ODV TXH
DVXPHQGLYHUVDVIXQFLRQHVSDUDXQRUGHQVRFLDOH[WUDGLVFXUVLYR6LQHPEDUJR
)RXFDXOW DVXPH HVWD GHILQLFLyQ GH FRUWH IXQFLRQDO VLQ XQD FRUUHVSRQGLHQWH
FRQFHSFLyQGHVLVWHPDVLQGHVDUUROODUXQFRQFHSWRGHPDUFRHVWUXFWXUDOVRFLDO
(VHVWDDXVHQFLDODTXHWHUPLQDLQWURGXFLHQGRHQXQDREUDFRPR$UTXHRORJtD
GHOVDEHU XQ FLHUWR IDFWRU GH DUELWUDULHGDG HQ OD QRFLyQ GH SRGHU FRQ OD TXH
)RXFDXOW WUDWD GH FRPSUHQGHU ORV UHQGLPLHQWRV IXQFLRQDOHV HVSHFtILFRV GH ORV
GLVFXUVRV eO PLVPR SHUPDQHFH VXPLGR HQ XQD FLHUWD DPELJHGDG IUHQWH D OD
GLVWLQFLyQ IXQGDPHQWDO D UHDOL]DU HQWUH HO SRGHU VRFLDO TXH VH HMHUFH VREUH ORV
VXMHWRV \ HO SRGHU LQVWUXPHQWDO HMHUFLGR VREUH REMHWRV 3RU WRGR HOOR SXHGH
GHFLUVHTXHVXREUDWHPSUDQDHQFLHUWDPHGLGDVyORTXHGDHPSOD]DGDHQXQD
SRVLFLyQSUHYLDHQHOXPEUDOGHXQDQiOLVLVVRFLDOJHQXLQR
)RXFDXOWYDDLQWURGXFLUGLVFUHWDPHQWHODVSULPHUDVUHYLVLRQHVGHVXPRGHOR
RULJLQDOGHDQiOLVLVGHGLVFXUVRHQXQDOHFFLyQLQDXJXUDOLPSDUWLGDSRUpOEDMRHO
WtWXOR GH (O RUGHQ GHO GLVFXUVR >@ 'HVGH HVWH PRPHQWR \ GH PDQHUD
SDXODWLQD ODV FRQGLFLRQHV LQVWLWXFLRQDOHV TXH VLUYHQ FRPR PDUFR SDUD OD
SURGXFFLyQGHGLVFXUVR\HQHVDPHGLGDHOFRQWH[WRHVWUXFWXUDOVRFLDOFRPR
WDODSDUHFHQHQHOSULPHUSODQRGHODWHRUtD(VWHFDPELRGHSHUVSHFWLYDVXUJH
HQ SULPHU OXJDU FXDQGR )RXFDXOW FRQ OD PLUDGD SXHVWD HQ OD ILORVRItD GH
1LHW]VFKH EXVFD LGHQWLILFDU ODV GLVSRVLFLRQHV DIHFWLYDV VRFLDOHV IXQGDPHQWDOHV
TXH VXE\DFHQ D ORV SURFHVRV LQVWLWXFLRQDOHV RULHQWDGRV D OD FRQVHUYDFLyQ \
PDQWHQLPLHQWRGHORVVLVWHPDVVRFLDOHVDTXtHOREMHWRFRP~QGHHVDVHQHUJtDV
SXOVLRQDOHVFRQVWLWXWLYDVTXHFRQVWDQWHPHQWHFRQIOX\HQHQODUHSURGXFFLyQGHOD
VRFLHGDG QR HV RWUR TXH HO GLVFXUVR XQ GLVFXUVR TXH )RXFDXOW FLHUWR HV
LQWHQWD FRPSUHQGHU DKRUD GHQWUR GHO PDUFR KHUPHQpXWLFR \D PHQFLRQDGR
DQWHULRUPHQWH GH XQD ILORVRItD GH OD YLGD HQ FLHUWR PRGR UHDFWLYDGD HQ
WpUPLQRVGHXQDWHRUtDGHOOHQJXDMH'HVGHHVWHSULVPDODVRFLHGDGSXHGHVHU
LQWHUSUHWDGD FRPR XQ VLVWHPD VRFLDO DOLPHQWDGR SRU GRV DIHFWRV EiVLFRV HO
SRGHU \ HO GHVHR XQ VLVWHPD HQ HO TXH HO GLVFXUVR UHSUHVHQWDGR
SUHFLVDPHQWHFRPRXQDFRUULHQWHRPQLSUHVHQWHGHDFRQWHFLPLHQWRVOLQJtVWLFRV
HV REMHWR GH FRQIURQWDFLRQHV \ FRQIOLFWRV HVWUDWpJLFRV >@ /D RUJDQL]DFLyQ

LQVWLWXFLRQDOGHODVRFLHGDGVHH[SOLFDDVXYH]FRPRXQDFRQVWHODFLyQVRFLDOGH
HVDV HVWUDWHJLDV \ WpFQLFDV SRU PHGLR GH ODV FXDOHV ORV GLIHUHQWHV JUXSRV
VRFLDOHVLQWHQWDQHQFDUQDUODVGLVSRVLFLRQHVFRQIOLFWLYDVGHOSRGHU\HOGHVHRHQ
HOPHGLRGHOGLVFXUVR
(QUHDOLGDGHVWDFRQFHSFLyQGXDOLVWDRIUHFHDKRUDODSRVLELOLGDGWHyULFDGH
FRPSUHQGHU ORV SURFHGLPLHQWRV LQVWLWXFLRQDOHV SDUD HO FRQWURO GHO VDEHU FRPR
WHFQRORJtDV GH GRPLQDFLyQ VRFLDO \ HQ HVD PHGLGD SRU WDQWR VXEVDQDU HO
GpILFLWWHyULFRVRFLDOTXHVXE\DFtDDODQiOLVLVRULJLQDOGHOGLVFXUVR1RREVWDQWH
FDEH VHxDODU TXH HQ OR TXH FRQFLHUQH D VXV IXQGDPHQWRV ILORVyILFRVRFLDOHV
HVWD QXHYD FRQFHSFLyQ ELHQ HQ VX FRQFHSWR GH DIHFWR DEUXSWDPHQWH
LQWURGXFLGR VLQ QLQJXQD PHGLDFLyQ ELHQ HQ HO GH VRFLHGDG XQ GHULYDGR GH
DTXpO GLFKD VROXFLyQ VLJXH VLHQGR H[WUHPDGDPHQWH YDJD \ RVFXUD 3RU RWUR
ODGRHVWDFRQVWUXFFLyQVHUHVLHQWHSRUHOKHFKRGHSODQWHDUXQDVtQWHVLVSRFR
LQWHOLJLEOH GH HOHPHQWRV SURFHGHQWHV GH OD ILORVRItD GH OD YLGD \ OD WHRUtD GHO
SRGHU 'H DKt TXH )RXFDXOW UHPSODFH PX\ UiSLGDPHQWH HVWD FRQFHSFLyQ
GXDOLVWDSRUXQDFRQFHSFLyQPRQLVWDGHOSRGHU>@TXHUHVXOWDHQHIHFWRPiV
FRQVLVWHQWH HQ OR UHIHUHQWH D VXV SUHVXSXHVWRV WHyULFRV \ PHQRV LPSUHFLVD HQ
VXVFRQFHSWRVIXQGDPHQWDOHV(VWDFRQFHSFLyQPRQLVWDFRQVWLWXLUiPiVDGHODQWH
ODEDVHILORVyILFRVRFLDOGHVXWHRUtDGHODVRFLHGDG
$KRUDELHQVLSRUXQODGRVRQODVDSRUtDVVXUJLGDVGHXQDQiOLVLVGHOVDEHU
RULHQWDGR GHVGH HO SXQWR GH YLVWD VHPLROyJLFR ODV TXH DEUHQ GHVGH GHQWUR
LQPDQHQWHPHQWHHOQXHYRFDPLQRWHyULFRKDFLDXQDWUDQVIRUPDFLyQJUDGXDOGH
ODWHRUtDIRXFDXOWLDQD HODQiOLVLVGHODVUHODFLRQHVVRFLDOHVGHSRGHU QRSXHGH
GHMDU GH VXEUD\DUVH TXH HQ HO SODQR SROtWLFR \ ELRJUiILFR IXHURQ ORV
DFRQWHFLPLHQWRV GHO PRYLPLHQWR HVWXGLDQWLO IUDQFpV ORV TXH DVLPLVPR GHVGH
IXHUDHQFLHUWRVHQWLGROHFRQGXMHURQDVHJXLUHVWDPLVPDGLUHFFLyQ6HUiHO
SURSLR )RXFDXOW GH KHFKR HO TXH DWULEX\D HVWH GHVSOD]DPLHQWR WHPiWLFR TXH
WRPDVXREUDDILQDOHVGHORVDxRVVHVHQWDDODVH[SHULHQFLDVREOLJDGDVTXHOD
L]TXLHUGDHXURSHDWXYRTXHUHDOL]DUWUDVODUHSUHVLyQGHODVUHYXHOWDVGH0D\R
(OPRWLYRIXQGDPHQWDOSDUDODWHRUtDGHOSRGHUVRFLDOHQODTXH)RXFDXOWWUDEDMD
GHVGH HVH PRPHQWR KDEUtD VLGR HVWLPXODGR SRU XQD WXUEDGRUD H[SHULHQFLD OD
UHVSXHVWD HVWUDWpJLFDPHQWH SHUIHFFLRQDGD TXH KDEUtD GDGR HO VLVWHPD
HVWDEOHFLGR GH GRPLQDFLyQ D ODV UHYXHOWDV VRFLDOHV 'H WRGDV ODV FRQFOXVLRQHV

WHyULFDVTXH)RXFDXOWVDFDGHHVWHKHFKRWDQWRGHPDQHUDGLUHFWDFRPRGHORV
SURSLRVDFRQWHFLPLHQWRVHQVtPLVPRVODPiVLPSRUWDQWHGHWRGDVHOODVSDUDOD
FRQFHSFLyQ D~Q LQFRPSOHWD GH GLVFXUVR VHUi OD VLJXLHQWH OD TXH D SDUWLU GH
DKRUD OH KDUi FRQFHELU ORV VLVWHPDV VRFLDOHV HQ JHQHUDO FRPR UHGHV GH SRGHU
VRFLDO HQ ODV TXH ODV IRUPDFLRQHV GH VDEHU DVXPHQ OD IXQFLyQ HVSHFLDO GH
LQWHQVLILFDUVXSRGHU/RVGLVFXUVRVVRQSRUFRQVLJXLHQWHVLVWHPDVVRFLDOHVGH
VDEHU FX\R RULJHQ SXHGH H[SOLFDUVH SRU ODV H[LJHQFLDV HVWUDWpJLFDV UHTXHULGDV
SRUXQFLHUWRRUGHQHVWDEOHFLGRGHSRGHUDXQFXDQGRHOORVSXHGDQDVXYH]
YROYHUDDFWXDUHIHFWLYDPHQWHVREUHHVHRUGHQGHSRGHU\DH[LVWHQWHDODYLVWD
GHHVWDOtQHDGHSHQVDPLHQWRGHODTXHVHDSUHFLDQDSULPHUDYLVWDQRSRFRV
HFRV GH OD WHRUtD GH VLVWHPDV )RXFDXOW QR VyOR GHVHVWLPD DKRUD OD DQWLJXD
FRQFHSFLyQGHOGLVFXUVRGHDFHQWXDGRFXxRYLWDOLVWDTXHpOGXUDQWHHVWHWLHPSR
KDEtD GHMDGR TXH RFXSDVH XQ OXJDU SULYLOHJLDGR HQ VXV HVFULWRV HQ HVWH
PRPHQWR EiVLFDPHQWH VH HQFXHQWUD SRU ILQ HQ GLVSRVLFLyQ GH DEDQGRQDU GH
PRGRGHILQLWLYRHOPDUFRGHXQDQiOLVLVGHOFRQRFLPLHQWRRULHQWDGRHQWpUPLQRV
VHPLROyJLFRV(QOXJDUSXHVGHSODQWHDUXQDQiOLVLVTXHWUDWHGHLQYHVWLJDUORV
VLVWHPDVFXOWXUDOHVGHVDEHUVREUHODEDVHGHODVUHODFLRQHVLQWHUQDVH[LVWHQWHV
HQWUHORVFRPSRQHQWHVOLQJtVWLFRVGHORVVLJQRVpOSXHGHDKRUDLPSXOVDURWUR
TXH DUURMH OX] VREUH ODV UHODFLRQHV H[WHUQDV HVWR HV IXQFLRQDOHV R FDXVDOHV
H[LVWHQWHV HQWUH ORV HOHPHQWRV HPStULFRV FRQVWLWX\HQWHV GH XQ VLVWHPD VRFLDO
HQWUHODVIRUPDFLRQHVGHVDEHU\ODVUHODFLRQHVGHSRGHU(VHOSURSLR)RXFDXOW
HO TXH GHVGH HVWH PRPHQWR EXVFD UHWURVSHFWLYDPHQWH GHVGH HVWD QXHYD
RULHQWDFLyQVHxDODUHOHOHPHQWRGHILFLWDULRGHVXVSULPHURVHVFULWRVHQHOVHQWLGR
GHVXLQFDSDFLGDGSDUDKDFHUMXVWLFLDDORVDVSHFWRVIXQFLRQDOHVGHORVVLVWHPDV
VRFLDOHVGHVDEHUTXHDKRUDVRQUHYHODGRVDODOX]GHOFRQFHSWRGHSRGHU
/RTXHOHIDOWDEDDPLWUDEDMRDILUPDDKRUDHUDHVWHSUREOHPDGHOUpJLPHQGLVFXUVLYRHO
SUREOHPD GH ORV HIHFWRV GH SRGHU HVSHFtILFRV GHO MXHJR GH ORV HQXQFLDGRV &RQIXQGtD
H[FHVLYDPHQWH HVWR FRQ HO VLVWHPD OD IRUPD WHyULFD R DOJR SDUHFLGR D XQ SDUDGLJPD (VWH
PLVPR SUREOHPD FHQWUDO GHO SRGHU TXH HQ HVD pSRFD \R QR KDEtD VLGR FDSD] GH DLVODU GH
PDQHUD FRUUHFWD VH HQFXHQWUD EDMR GRV PX\ GLIHUHQWHV SHUVSHFWLYDV HQ HO SXQWR GH
FRQIOXHQFLDHQWUHOD+LVWRULDGHODORFXUD\/DVSDODEUDV\ODVFRVDV>@

/DPRGHUDGDDXWRFUtWLFDTXHFRPRSXHGHYHUVHUHDOL]DDTXt)RXFDXOWVLQ
HPEDUJR QR QRV SHUPLWH UHFRQRFHU D~Q GHO WRGR FyPR D HVWH FDPELR \D

PHQFLRQDGR HQ OD RULHQWDFLyQ PHWRGROyJLFD SXHGD FRUUHVSRQGHUOH XQ


GHVSOD]DPLHQWR HQ HO REMHWR GH FRQRFLPLHQWR HV GHFLU HO RUGHQ GHO VDEHU
TXHGDDTXtWUDQVIRUPDGRHQXQRUGHQGHOSRGHUVRFLDO&RQODLQWURGXFFLyQGH
XQDFRQFHSFLyQPRQLVWDGHOSRGHU)RXFDXOWQRVyORDEDQGRQDGHILQLWLYDPHQWH
HOPDUFRPHWRGROyJLFRGHOHVWUXFWXUDOLVPRVHPLROyJLFRpOWDPELpQSURSRUFLRQD
D VX WHRUtD HQ JHQHUDO XQ QXHYR FDPSR REMHWLYR GH LQYHVWLJDFLyQ (Q OXJDU GH
LQYHVWLJDUODVIRUPDVFXOWXUDOPHQWHGHWHUPLQDQWHVGHFRQRFLPLHQWRGHODKLVWRULD
GH OD 0RGHUQLGDG VRQ DKRUD ODV HVWUDWHJLDV LQVWLWXFLRQDOHV \ FRJQLWLYDV GH
LQWHJUDFLyQVRFLDOODVTXHGHEHQVHUREMHWRGHDQiOLVLVVXEUD\DQGRVREUHWRGR
VXV HIHFWRV GH FRQVHUYDFLyQ \ HVWDELOL]DFLyQ HQ ODV VRFLHGDGHV GH OD (XURSD
PRGHUQD/DWHRUtDDFHUFDGHORVFRQRFLPLHQWRV\VDEHUHVGHYLHQHWHRUtDGHOD
GRPLQDFLyQ\YDDVHUMXVWRDTXtGRQGHHOWUDEDMRGH)RXFDXOWVHDFHUTXHDO
WHUULWRULR\DKDELWDGRSRUODWUDGLFLyQGHOD(VFXHODGH)UDQNIXUW
$ ILQ GH DSUHFLDU DGHFXDGDPHQWH OD SRVLFLyQ TXH OD WHRUtD VRFLDO
IRXFDXOWLDQD YD D RFXSDU HQ OR TXH VLJXH UHVXOWD HQ SULQFLSLR LPSUHVFLQGLEOH
IDPLOLDUL]DUQRVHQSULPHUOXJDUFRQODSHFXOLDUFRQFHSFLyQGHOSRGHUTXHpOYDD
SRQHU HQ MXHJR 7UDV ODV REVHUYDFLRQHV DXWRFUtWLFDV TXH DFDEDQ GH
PHQFLRQDUVH )RXFDXOW FRQWLQ~D VXV H[SOLFDFLRQHV FRQ XQD DILUPDFLyQ TXH QRV
SHUPLWH FDOLEUDU HQ TXp PHGLGD pO VLJXH VLQ UHFRQRFHU DGHFXDGDPHQWH OD
UHRULHQWDFLyQ FRQFHSWXDO GH VX WHRUtD SHUR WDPELpQ UHDOL]DU XQD SULPHUD
DSUR[LPDFLyQDORVSUHVXSXHVWRVEiVLFRVGHVXFRQFHSWRGHSRGHU
>@'HDKtVHVLJXHHOUHFKD]RGHORVDQiOLVLVTXHVHUHILHUHQDOFDPSRVLPEyOLFRRDOGRPLQLR
GH ODV HVWUXFWXUDV VLJQLILFDQWHV \ HO UHFXUVR D ORV DQiOLVLV TXH VH KDFHQ HQ WpUPLQRV GH
JHQHDORJtD GH ODV UHODFLRQHV GH IXHU]D GHVDUUROORV HVWUDWpJLFRV WiFWLFDV &UHR TXH D OR TXH
GHEHPRVUHIHULUQRVQRHVDOJUDQPRGHORGHODOHQJXD\ORVVLJQRVVLQRDODJXHUUD\ODEDWDOOD
/DKLVWRULFLGDGTXHQRVODVWUD\QRVGHWHUPLQDHVEHOLFRVDQRHVOHQJXDUD]5HODFLyQGHSRGHU
\ QR UHODFLyQ GH VHQWLGR /D KLVWRULD QR WLHQH VHQWLGR OR FXDO QR TXLHUH GHFLU TXH VHD
DEVXUGD R LQFRKHUHQWH $O FRQWUDULR HV LQWHOLJLEOH \ GHEH SRGHU VHU DQDOL]DGD KDVWD HQ VXV
PtQLPRVGHWDOOHVSHURVHJ~QODLQWHOLJLELOLGDGGHODVOXFKDVODVHVWUDWHJLDVODVWiFWLFDV>@

&RPR IiFLOPHQWH SXHGH FRPSUREDUVH HQ HVWDV DILUPDFLRQHV )RXFDXOW


GLEXMD DTXt ORV SHUILOHV IXQGDPHQWDOHV GH XQD WHRUtD GHO SRGHU VRFLDO EDMR XQ
PRGHORTXHVHHQIUHQWDDGRVWUDGLFLRQHVWHyULFDVHQFRPSHWHQFLDHVWRHVYDD
SDUWLU GH OD FRQYLFFLyQ GH TXH WDQWR OD FLHQFLD SROtWLFD FOiVLFD FRPR OD WHRUtD

VRFLDO SURFHGHQWH GHO PDU[LVPR FDUHFHQ GH XQ SURJUDPD FDSD] GH HQWHQGHU
DGHFXDGDPHQWH ORV PHFDQLVPRV GH LQWHJUDFLyQ VRFLDO SUHGRPLQDQWHV HQ ODV
VRFLHGDGHV GHVDUUROODGDV KDELGD FXHQWD VREUH WRGR GH TXH DPEDV
FRQFHSFLRQHV SHUPDQHFHQ HQ LJXDO PHGLGD FDXWLYDV GH ORV SUHMXLFLRV WHyULFRV
GHXQDGHWHUPLQDGDFRQFHSFLyQGHOSRGHUOLJDGDDIRUPDVSUHPRGHUQDV6HJ~Q
GLFKD FRQFHSFLyQ HO SRGHU HV UHSUHVHQWDGR FRPR XQD SRVHVLyQ
FRQWUDFWXDOPHQWHUHJXODGDRYLROHQWDPHQWHDGTXLULGDTXHMXVWLILFDRDXWRUL]DOD
VREHUDQtD SROtWLFD HQ HO HMHUFLFLR GH XQ SRGHU UHSUHVLYR (Q DPERV FDVRV VH
SDUWH GH XQ DFWRU HQ SRVHVLyQ GHO SRGHU TXH XWLOL]D PHGLRV DSDUHQWHPHQWH
DGHFXDGRVSDUDLPSRQHUSURKLELFLRQHVHLQVWUXFFLRQHVTXHSHUPLWHQUHDOL]DUVXV
REMHWLYRV GH GRPLQLR 6LJXLHQGR HO PRGHOR GHO FRQWUDWR MXUtGLFR OD FLHQFLD
SROtWLFD FOiVLFD VH LPDJLQD OD SRVHVLyQ GHO SRGHU FRPR XQD WUDQVIHUHQFLD GH
GHUHFKRV3RUVXSDUWHODWHRUtDPDU[LVWDSDUWLHQGRGHXQPRGHORGHSHQVDU
GHFXxRHVWDWDOLVWDFRPSUHQGHODSRVHVLyQGHOSRGHUFRPRXQDDSURSLDFLyQ
GHODSDUDWRGH(VWDGR>@(QRSRVLFLyQDDPEDVWUDGLFLRQHVWHyULFDV)RXFDXOW
SURSRQGUi XQ PRGHOR HVWUDWpJLFR GH SRGHU FX\D FDUDFWHUtVWLFD IXQGDPHQWDO
SURYLHQHGHODWHQWDWLYDGHWUDGXFLUODWHRUtDGHOSRGHUQLHW]VFKHDQD>@ XQD
FRQFHSFLyQGHWLQWHVQDWXUDOLVWDVDOPDUFRGHXQDWHRUtDGHODVRFLHGDG
'HVGHHVWHWHOyQGHIRQGR)RXFDXOWSODQWHDGLYHUVDVREMHFLRQHVFRQWUDORV
GRVFRPSRQHQWHVHVHQFLDOHVGHODWHRUtDGHOSRGHUWUDGLFLRQDOHVWRHVFRQWUD
VX FRQFHSFLyQ GHO VXMHWR \ ORV PHGLRV GHO SRGHU VRFLDO (Q UHIHUHQFLD D OD
VXSRVLFLyQ GH XQ DFWRU VRFLDO D TXLHQ HO SRGHU VH OH DWULEX\H FRPR XQD
SRVHVLyQFRQWUDFWXDOPHQWH FRPSDUWLGD R DGTXLULGD SRU OD IXHU]D )RXFDXOW
SURSRQH XQD KLSyWHVLV TXH FRQ HO WLHPSR VH FRQYHUWLUi HQ HO SUHVXSXHVWR
GHFLVLYR GH VX SURSLD FRQFHSFLyQ TXH pVWH QR GHEH SHQVDUVH FRPR XQD
FDSDFLGDGRPDJQLWXGILMDFRPRODSURSLHGDGGXUDGHUDGHXQVXMHWRLQGLYLGXDO
R GH XQ JUXSR VRFLDO VLQR PiV ELHQ FRPR HO SURGXFWR SULQFLSLR IUiJLO H
LQFHVDQWHPHQWHDELHUWRGHFRQIOLFWRVHVWUDWpJLFRVHQWUHVXMHWRV/DDGTXLVLFLyQ
\ PDQWHQLPLHQWR GHO SRGHU VRFLDO QR WLHQH OXJDU SRU WDQWR FRPR XQD
DSURSLDFLyQRHMHUFLFLRXQLODWHUDOGHGHUHFKRVEDMRODIRUPDGHXQGHFUHWRRGH
PHGLRVFRDFWLYRVVLQRPiVELHQVHJ~QHOPRGHORGHXQDOXFKDFRQWLQXDHQWUH
DFWRUHV VRFLDOHV (V PiV )RXFDXOW FRPSOHWD HVWD REMHFLyQ FHQWUDO TXH
SDUHFHSDUWLUHQOXJDUGHXQVXMHWRTXHWRPDHOSRGHUGHXQDSOXUDOLGDGGH

VXMHWRV HQ OXFKD \ SRU OR WDQWR VXSHUD LQHVSHUDGDPHQWH HO SXQWR GH SDUWLGD
HVWUXFWXUDOLVWDFRQODIyUPXOD TXHWRPDSUHVWDGDGH1LHW]VFKHGLFKRVHDGH
SDVR GHODGLYHUVLGDGGHUHODFLRQHVGHSRGHU
0 HSDUHFHTXHSRUSRGHUKD\TXHFRPSUHQGHUSULPHURODPXOWLSOLFLGDGGHODVUHODFLRQHVGH
IXHU]DVLQPDQHQWHV\SURSLDVGHOGRPLQLRHQTXHVHHMHUFHQ\TXHVRQFRQVWLWXWLYDVGHVX
RUJDQL]DFLyQHOMXHJRTXHSRUPHGLRGHOXFKDV\HQIUHQWDPLHQWRVLQFHVDQWHVODVWUDQVIRUPD
ODVUHIXHU]DODVLQYLHUWHORVDSR\RVTXHGLFKDVUHODFLRQHVGHIXHU]DHQFXHQWUDQODVXQDVHQ
ODV RWUDV GH PRGR TXH IRUPHQ FDGHQD R VLVWHPD R DO FRQWUDULR ORV FRUULPLHQWRV ODV
FRQWUDGLFFLRQHVTXHDtVODQDXQDVGHRWUDV>@

$XQ FXDQGR )RXFDXOW KDFH XVR FRPR DTXt GHO OHQJXDMH ILVLFDOLVWD GH OD
PHFiQLFD OD OtQHD GH UHIOH[LyQ TXH SUHVHQWD VXJLHUH TXH SRGHPRV DVXPLU XQ
PRGHOR WHyULFR GH DFFLyQ FRPR FRQGLFLyQ EiVLFD GH VX WHRUtD GHO SRGHU (Q
YLUWXGGHpOODDFFLyQHVWUDWpJLFDHQWUHDFWRUHVVRFLDOHVVHLQWHUSUHWDFRPRXQ
SURFHVRLQFHVDQWHHQHOTXHFULVWDOL]DODIRUPDFLyQ\HMHUFLFLRGHOSRGHUVRFLDO
(O SRGHU VH HQUDt]D HQ XQD EDWDOOD SHUSHWXD >@ HQ OD PHGLGD HQ TXH
FXDOTXLHU ORJUR XQLODWHUDO GH ORV REMHWLYRV HVWUDWpJLFRV DSDUHFH OLJDGR D
VLWXDFLRQHV GH FRQIURQWDFLyQ GLUHFWD HQWUH VXMHWRV 'H HVWD LQWHUSUHWDFLyQ
WHyULFD GH OD DFFLyQ HQ OD WHRUtD GHO SRGHU IRXFDXOWLDQD GDQ WHVWLPRQLR VREUH
WRGR DOJXQDV IRUPXODFLRQHV VREUH WRGR HQ ODV TXH pO H[SOLFD OD JpQHVLV GHO
SRGHU VRFLDO SDUWLHQGR GH ORV FRQIOLFWRV LQDGYHUWLGDPHQWH LQWURGXFLGRV HQ OD
YLGDVRFLDOFRWLGLDQD
>@HOSRGHUYLHQHGHDEDMRHVGHFLU>@QRKD\HQHOSULQFLSLRGHODVUHODFLRQHVGHSRGHU\
FRPR PDWUL] JHQHUDO XQD RSRVLFLyQ ELQDULD \ JOREDO HQWUH GRPLQDGRUHV \ GRPLQDGRV
UHIOHMiQGRVH HVWD GXDOLGDG GH DUULED DEDMR \ HQ JUXSRV FDGD YH] PiV UHVWULQJLGRV KDVWD ODV
SURIXQGLGDGHV GHO FXHUSR VRFLDO 0 iV ELHQ KD\ TXH VXSRQHU TXH ODV UHODFLRQHV GH IXHU]D
P~OWLSOHV TXH VH IRUPDQ \ DFW~DQ HQ ORV DSDUDWRV GH SURGXFFLyQ ODV IDPLOLDV ORV JUXSRV
UHVWULQJLGRV\ODVLQVWLWXFLRQHVVLUYHQGHVRSRUWHDDPSOLRVHIHFWRVGHHVFLVLyQTXHUHFRUUHQ
HOFRQMXQWRGHOFXHUSRVRFLDO>@

(Q HO PLVPR VHQWLGR KDEOD )RXFDXOW HQ RWUR OXJDU FRQFUHWDPHQWH HQ XQ
SDVDMH GH VXV WHVLV DFHUFD GH (O SRGHU \ OD QRUPD DUWtFXOR HQ HO TXH
UHVXPLUi VX WHRUtD GHO SRGHU DO DILUPDU LQFOXVR TXH HO SRGHU HV VLHPSUH
XQD IRUPD SDUWLFXODU \ GHILQLGD GH FROLVLRQHV PRPHQWiQHDV \ FRQWLQXDPHQWH

UHSHWLGDV HQ HO PDUFR GH XQ Q~PHUR GHILQLGR GH LQGLYLGXRV >@ (O
SHQVDPLHQWRIXQGDPHQWDOGHVXWHRUtDGHODDFFLyQTXHQRHQYDQRVHHQYXHOYH
\GHVDUUROODHQXQDWHUPLQRORJtDGHFXxRPHFDQLFLVWDHQWUDDTXtHQHVFHQDGH
XQDPDQHUDQDGDGLVLPXODGDHOQDFLPLHQWRRHPHUJHQFLDGHOSRGHUVRFLDOSXHGH
HVWXGLDUVHHQXQQLYHOPX\HOHPHQWDOVLDWHQGHPRVDODVVLWXDFLRQHVGHDFFLyQHQ
ODVTXHORVVXMHWRVHQFRPSHWHQFLDDOEHUJDQGRREMHWLYRVGLIHUHQWHVHQWUDQHQ
FROLVLyQ \ OXFKDQ SRU LPSRQHU VXV ILQHV (O SRGHU VRFLDO QR HV SRU
FRQVLJXLHQWH D GHFLU YHUGDG FRPR OD DQWHULRU FLWD SXHGH VXJHULU DOJR
FRQIXVDPHQWHODFRQIURQWDFLyQHVWUDWpJLFDFRPRWDOVLQRPiVELHQDTXHOORTXH
UHVXOWDGHOp[LWRFRQHOTXHXQRGHORVVXMHWRVHQOL]DSXHGHILQDOPHQWHGHFLGLUOD
OXFKD D VX IDYRU OD FRQWLQXD UHSHWLFLyQ GH WDOHV FRQIURQWDFLRQHV GLUHFWDV
VLJQLILFDDVtTXHHOSRGHUFRQVHJXLGRHQHVWDVLWXDFLyQQRSXHGHHVWDELOL]DUVH\
ILMDUVHGHPDQHUDFRQFOX\HQWHHQODUHJXODFLyQGHODLQWHUDFFLyQVRFLDO HVGHFLU
HQODVLQVWLWXFLRQHVHVWDEOHFLGDV\UHFRQRFLGDV VLQRTXHPiVELHQSHUPDQHFH
SHUPDQHQWHPHQWH GHSHQGLHQWH GH FRQILUPDFLyQ HQ ODV VLWXDFLRQHV HOHPHQWDOHV
GH OD OXFKD VRFLDO (VWR TXLHUH GHFLU SRU WDQWR TXH HQ OD PHGLGD HQ TXH HV
HQWHQGLGD H[FOXVLYDPHQWH FRPR XQ SOH[R GH UHODFLRQHV HVWUDWpJLFDV HQWUH
DFWRUHVLQGLYLGXDOHVRFROHFWLYRVWRGDVRFLHGDGVHHQFXHQWUDHQXQLQFHVDQWH\
HQSULQFLSLRLQWHUPLQDEOHHVWDGRGHJXHUUD
(QFXDOTXLHUSXQWRGHOFXHUSRVRFLDOHQWUHXQKRPEUH\XQDPXMHUHQXQIDPLOLDHQWUHXQ
PDHVWUR\VXDOXPQRHQWUHHOTXHVDEH\TXLHQQRVDEHWUDQVFXUUHQODVUHODFLRQHVGHSRGHU
\ pVWDV QR VRQ XQD VLPSOH \ VHQFLOOD SUR\HFFLyQ GH XQ JUDQ SRGHU VREHUDQR VREUH ORV
LQGLYLGXRVVRQPiVELHQHOVXHORPyYLO\FRQFUHWRHQHOTXHHOSRGHUDUUDLJDODFRQGLFLyQGH
SRVLELOLGDGJUDFLDVDODFXDOSXHGHIXQFLRQDU>@

(VWDH[SOLFDFLyQSURYHQLHQWHGHXQDFRQYHUVDFLyQUHYHODFRQWRGDFODULGDG
KDVWD TXp SXQWR GHVSOD]DQGR VX LQYHVWLJDFLyQ KDFLD XQD WHRUtD GHO SRGHU
)RXFDXOW WUDWD GH HQWHQGHU OR VRFLDO EiVLFDPHQWH FRPR XQ SURFHVR
LQLQWHUUXPSLGR GH DFFLRQHV HVWUDWpJLFDV HQ FRQIOLFWR SHUPDQHQWH $ OD OX] GH
HVWH SODQWHDPLHQWR WDPELpQ SXHGH REVHUYDUVH OD GLIHUHQFLD H[LVWHQWH HQWUH VX
WHRUtDGHODVRFLHGDG\ODGH$GRUQRTXLHQHQDOJXQDPHGLGDSDVDSRUDOWRHO
IHQyPHQR GH OD DFFLyQ VRFLDO LQWHUVXEMHWLYD EXVFDQGR FRPSUHQGHU ODV
HVWUXFWXUDV VRFLDOHV HQ JHQHUDO FRPR IRUPDV FRDJXODGDV GH XQD DFWLYLGDG GH

FRQWUROGLULJLGDWDQWRDODQDWXUDOH]DH[WHUQDFRPRLQWHUQD(QFDPELR)RXFDXOW
SDUWHPiVELHQGHXQDGLPHQVLyQPiVHVSHFtILFDGHODDFFLyQVRFLDO6XPRGHOR
EiVLFR SDUWH GH OD LQWHUVXEMHWLYLGDG HVWUDWpJLFD GH OD OXFKD 'LFKR HVWR VLQ
HPEDUJRHOFRQFHSWRGHDFFLyQTXHFRQIRUPDODEDVHGHVXPRGHORQRTXHGD
DSHQDV GHILQLGR LQFOXVR UHVXOWD DOJR WRVFR (Q HO SODQR GH ORV FRQFHSWRV
IXQGDPHQWDOHV QR TXHGD FODUR VL pO GHVHD LQWHUSUHWDU HO FRQIOLFWR VRFLDO FRPR
DOJRTXHVyORWLHQHOXJDUHQWUHORVLQGLYLGXRVRWDPELpQHQWUHDFWRUHVVRFLDOHV
HQ ODV H[SOLFDFLRQHV GDGDV SRU )RXFDXOW VH SXHGHQ HQFXHQWUDQ GH KHFKR
SUXHEDVSDUDODVGRVLQWHUSUHWDFLRQHV7DPSRFRHOPRGHORWHyULFREiVLFRGHOR
VRFLDO DSHQDV GLFH DOJR DFHUFD GH VL HO PRWLYR FRQIOLFWLYR TXH SUHFHGH D OD
VLWXDFLyQHOHPHQWDOGHOXFKDHVHOLQWHUpVSURSLRHQSULQFLSLRLQFRPSDWLEOHFRQ
ORV RWURV GH ORV LQGLYLGXRV R GH ORV DFWRUHV VRFLDOHV R VL HVWD VXSXHVWD
LQFRPSDWLELOLGDGUHFtSURFDGHVXVLQWHUHVHVVHGHEHVyORDFLHUWDVFRQGLFLRQHV
KLVWyULFDV&RQWRGRORVFRPHQWDULRVUHDOL]DGRVSRU)RXFDXOWSDUHFHQDSR\DU
DTXt HQ HIHFWR OD SULPHUD GH ODV GRV YHUVLRQHV D VDEHU OD DILUPDFLyQ GH
FLHUWDV UHVRQDQFLDV KREEHVLDQDV GH XQ RULJLQDULR HVWDGR GH JXHUUD GH WRGRV
FRQWUDWRGRV>@
)RXFDXOW QDWXUDOPHQWH QR VH PXHVWUD LQWHUHVDGR HQ ODV VLWXDFLRQHV
HOHPHQWDOHVGHODOXFKDVRFLDOFRPRWDOVLQRVREUHWRGRHQODVHVWUXFWXUDVPiV
FRPSOHMDVGHSRGHUTXHVHGHULYDQGHHOODV6XSUREOHPDUDGLFDSRUWDQWRHQHO
KHFKR GH WHQHU TXH H[SOLFDU FyPR XQ VLVWHPD GH SRVLFLRQHV GH SRGHU
FRQHFWDGDV HQWUH Vt SRU HMHPSOR XQ RUGHQ GH GRPLQDFLyQ VRFLDO SXHGH
HPHUJHUGHHVHSURFHVRLQFHVDQWHGHFRQIOLFWRVHVWUDWpJLFRVHQWUHDFWRUHV(Q
XQ QLYHO FRQFHSWXDO IXQGDPHQWDO pO VH KDFH FDUJR GH HVWD GLILFXOWDG VyOR
LQGLUHFWDPHQWH EDMR OD IRUPD GH XQD FUtWLFD GH OD WHRUtD PDU[LVWD GHO (VWDGR
6HJ~QORVSUHVXSXHVWRVGHGLFKDWHRUtD TXH)RXFDXOWFLHUWDPHQWHVLPSOLILFDHQ
JUDQPHGLGD>@ VHWUDWDGHSRQHUGHPDQLILHVWRTXHXQGHWHUPLQDGRRUGHQ
GHGRPLQLRIXQGDGRHQHOSRGHUHFRQyPLFRGHXQDFODVHVRFLDOVHPDQWLHQHSRU
ODV LQWHUYHQFLRQHV LQVWUXPHQWDOHV \ ORV SURFHGLPLHQWRV GH PDQLSXODFLyQ GH XQ
DSDUDWRHVWDWDO/DVUHODFLRQHVGHSRGHUVRFLDOVRQSRUWDQWRDTXtJDUDQWL]DGDV
DWUDYpVGHOHPSOHRFRQWURODGR\FHQWUDOL]DGRGHORVPHGLRVDGPLQLVWUDWLYRVGH
FRDFFLyQ R GH FRQWURO GH OD FRQFLHQFLD (Q RSRVLFLyQ D HVWD FRQFHSFLyQ
)RXFDXOW GHILHQGH OD WHVLV GH TXH XQ RUGHQ GH GRPLQDFLyQ VRFLDO VHD GHO

FDUiFWHUTXHVHDQRHVXQDGLPHQVLyQTXHSXHGDVHUJREHUQDGD\FRQGXFLGD
GHVGH XQ GHWHUPLQDGR SXQWR SRU OD DFWLYLGDG FHQWUDOL]DGD GH XQ DSDUDWR GH
SRGHU SROtWLFR SXHV GDGR TXH OD GRPLQDFLyQ VXUJH GH XQD VHFXHQFLD GH
DFFLRQHVHVWUDWpJLFDVH[LWRVDVVyORSXHGHPDQWHQHUVHHQXQDGLVSXWDHQODTXH
SXHGD UHJXODU H[LWRVDPHQWH ODV VLWXDFLRQHV FRQIOLFWLYDV GH DFFLyQ $ ILQ GH
FRPSUHQGHUDGHFXDGDPHQWHHVWDREMHFLyQHVQHFHVDULRFRQVLGHUDUODFRPRXQD
SULPHUD \ VXSXHVWDPHQWH D~Q LPSOtFLWD FRQVHFXHQFLD GH VX LQWHUSUHWDFLyQ
GHODOXFKDFRPRPRGHOREiVLFRGHDFFLyQ
)RXFDXOWWDPELpQLQWHQWDUiFRPSUHQGHUODIRUPDFLyQ\UHSURGXFFLyQGHODV
HVWUXFWXUDV FRPSOHMDV GH SRGHU H[FOXVLYDPHQWH VREUH OD EDVH GHO PRGHOR
HVWUDWpJLFRGHDFFLyQ3DUDHOORpOWRPDFRPRSXQWRGHSDUWLGDODLGHDJHQHUDO
GH TXH OD HPHUJHQFLD GH ODV UHODFLRQHV GH GRPLQDFLyQ VRFLDO KD GH VHU
HQWHQGLGD FRPR XQ SURFHVR HQ HO TXH ODV SRVLFLRQHV GH SRGHU FRQVHJXLGDV \
DVHJXUDGDVHQGLIHUHQWHVHPSOD]DPLHQWRVVHFRQHFWDQFRPRHQXQDUHGGHQWUR
GH XQ VLVWHPD FDUHQWH GH XQ FHQWUR (O RUGHQ GH GRPLQDFLyQ VH FRQVWUX\H
KRUL]RQWDOPHQWHHVGHFLUVLSDUWLPRVGHOSXQWRGHYLVWDPHWDIyULFRGHXQFRUWH
VLQFUyQLFRUHDOL]DGRHQXQDFRUULHQWHLQFHVDQWHGHFRQIOLFWRVHQHOPRPHQWRHQ
HOTXHORVUHVXOWDGRVIHOL]PHQWHFRQVHJXLGRVHQORVGLIHUHQWHVIUHQWHVVRFLDOHVVH
FRPSOHWDQKDVWDDOFDQ]DUODVXPDGHXQREMHWLYRFRP~Q(QSULPHUDLQVWDQFLD
XQ VLVWHPD GH SRGHU QR HV HQ FLHUWD PHGLGD RWUD FRVD TXH XQD DUWLFXODFLyQ R
FRPELQDFLyQ PRPHQWiQHD GH DFFLRQHV H[LWRVDV VLPLODUHV HQ GLIHUHQWHV OXJDUHV
GHQWUR GH XQ FRQWH[WR GH YLGD VRFLDO (Q OD PHGLGD HQ TXH FRQVLJXH KDFHU
UHSHWLEOHVHVWRVORJURVLQWHUFRQHFWDGRVHQODVPLVPDVVLWXDFLRQHVFRQIOLFWLYDV\
GHHVHPRGRSURSRUFLRQDUOHVXQDFLHUWDFRQWLQXLGDGXQVLVWHPDGHSRGHUJDQD
HVWDELOLGDG\SHUPDQHQFLDKLVWyULFDVDODUJRSOD]R&RQVLGHUDGRGHVGHXQSXQWR
GHYLVWDJHQHUDOGHYLHQHHQWRQFHVXQRUGHQILMDGRWHPSRUDOPHQWHDXQVLVWHPD
GHSRVLFLRQHVGHSRGHUORFDOPHQWHDVHJXUDGDV\DILUPDGDVHQODOXFKD>@
6L DFHSWDPRV HVWH PRGHOR EiVLFR SURYLVLRQDOPHQWH KDFLHQGR DEVWUDFFLyQ
SRUHOPRPHQWRGHVXVSHUVLVWHQWHVGpILFLWGHFODULGDGVHSRQHGHPDQLILHVWR
TXHXQDWHRUtDGHODVRFLHGDGGHWHUPLQDGDUtJLGDPHQWHVHJ~QHOPRGHORGHODV
WHFQRORJtDV GHO FRQWURO HVWDWDO QR SXHGH SRU PHQRV GH HTXLYRFDUVH HQ OR
FRQFHUQLHQWHDVXVSUHVXSXHVWRVIXQGDPHQWDOHVXQDHVWUXFWXUDRGLVSRVLWLYRGH
SRGHUVRFLDOQRSXHGHVHULQVWLWXLGD\PDQWHQLGDSRUODIXQFLyQFHQWUDOL]DGDGH

XQDSDUDWRHVWDWDOVLQRVyORPHGLDQWHODVDFWLYLGDGHVGHVFHQWUDOL]DGDVGHORV
PiVYDULDGRVDFWRUHVHQGLYHUVDVVLWXDFLRQHVGHOXFKD/RTXHVHSUHVXSRQHHQ
FDPELRHQHVWDVFRQFHSFLRQHVHVWDWDOHVDFHUFDGHOSRGHUWDQUHGXFFLRQLVWDVHV
TXHXQRUGHQH[LVWHQWHGHSRGHUHVFDSD]GHUHSURGXFLUVHDVtPLVPRDWUDYpV
GH OD XWLOL]DFLyQ GH PHGLGDV GH FRDFFLyQ GLUHFWDPHQWH FHQWUDOL]DGDV R OD
PDQLSXODFLyQ GH OD FRQFLHQFLD HVWR HV D WUDYpV GH RSHUDFLRQHV SURFHGHQWHV
GHO DSDUDWR HVWDWDO  DXQTXH HQWRQFHV VyOR ORJUH DOFDQ]DU VX HVWDELOLGDG VL DO
PLVPRWLHPSRWLHQHp[LWRHQPDQWHQHUHQGLIHUHQWHVOXJDUHVGHODVRFLHGDGODV
SRVLFLRQHV GH SRGHU TXH VRQ QHFHVDULDV SDUD VX FRQWLQXDGD H[LVWHQFLD %DMR
HVWHSXQWRGHYLVWDORVVLVWHPDVGHSRGHUGHEHQSRUFRQVLJXLHQWH\DKDEHUVH
IRUPDGR \ HVWDEOHFLGR D Vt PLVPRV HQ XQ QLYHO SUHHVWDWDO HQ ORV FRQIOLFWRV
VRFLDOHVGHDFFLyQPHGLDQWHXQDVHFXHQFLDJUDGXDOGHORJURVHVWUDWpJLFRVDQWHV
GHTXHXQDSDUDWRGHFRQWUROHVWDWDOSXHGDJDQDUHOFDPSRGHDFFLyQDGHFXDGR
SDUD RUJDQL]DU VXV SURSLDV RSHUDFLRQHV \ SXHVWR TXH ORV PHGLRV HVWDWDOHV
RULHQWDGRV D OD HVWDELOL]DFLyQ GHO SRGHU WLHQHQ XQ UDGLR GH DFFLyQ PiV ELHQ
OLPLWDGRVyORSXHGHQRIUHFHUODFRQWULEXFLyQPiVSREUHDOSURFHVRGHOXFKDHQ
HOTXHXQVLVWHPDGHSRGHUH[LVWHQWHGHEHDILUPDUVHILUPHPHQWHDVtPLVPRHQOD
GLVSXWDFRWLGLDQDGHOFRQIOLFWRVRFLDO5HVSHFWRDHVWRPLVPR)RXFDXOWHVFULEH
1RTXLHURGHFLUTXHHO(VWDGRQRVHDLPSRUWDQWHORTXHWUDWRPiVELHQGHGHFLUHVTXHODV
UHODFLRQHV GH SRGHU \ HQ HVD PHGLGD HO DQiOLVLV TXH GHEH HPSUHQGHUVH VREUH HOODV
QHFHVDULDPHQWHGHVERUGDORVOtPLWHVGHO(VWDGR<HOORHQXQGREOHVHQWLGRHQSULPHUOXJDU
SRUTXH HO (VWDGR D SHVDU GH WRGD OD RPQLSRWHQFLD GH VXV DSDUDWRV VH HQFXHQWUD OHMRV GH
SRGHU DJRWDU HO FDPSR FRPSOHWR GH ODV UHODFLRQHV HIHFWLYDV GH SRGHU \ DGHPiV SRUTXH HO
(VWDGRVyORSXHGHRSHUDUVREUHODEDVHGHRWUDVUHODFLRQHVGHSRGHU\DH[LVWHQWHV(O(VWDGR
HVVXSUDHVWUXFWXUDOHQUHODFLyQFRQXQFRQMXQWRGHUHGHVGHSRGHUTXHSHQHWUDQHOFXHUSROD
VH[XDOLGDG OD IDPLOLD ODV UHODFLRQHV VRFLDOHV HO FRQRFLPLHQWR OD WHFQRORJtD >@ SHUR HVWH
PHWDSRGHU>HOGHODSDUDWRGH(VWDGR$+@FRQWRGDVVXVIXQFLRQHVGHSURKLELFLyQVyOR
SXHGH WHQHU OXJDU \ FRQVROLGDUVH D Vt PLVPR VL VH HQUDt]D HQ XQ FRQMXQWR GH UHODFLRQHV GH
SRGHU P~OWLSOHV H LQGHILQLGDV TXH FRQIRUPDQ OD EDVH IXQGDPHQWDO \ QHFHVDULD GH HVWDV
JUDQGHVIRUPDVQHJDWLYDVGHSRGHU>@

/R TXH )RXFDXOW SUHWHQGH DTXt SUREDEOHPHQWH HV TXH VXV DUJXPHQWRV
FUtWLFRV GLULJLGRV D HVWD IRUPD GHO PRGHOR GH DFFLyQ HVWUDWpJLFD VHDQ
HQWHQGLGRV VREUH WRGR FRPR XQD FRQWULEXFLyQ D OD GLVFXVLyQ HQ WRUQR DO
PDU[LVPR TXH HVWDED WHQLHQGR OXJDU GHQWUR GH )UDQFLD PiV FRQFUHWDPHQWH

FRPR XQD REMHFLyQ GLULJLGD HQ SULQFLSLR FRQWUD OD WHRUtD DOWKXVVHULDQD GHO
DSDUDWRHVWDWDOLGHROyJLFR>@(QHVWDOtQHDFDEHVHxDODUFyPRSDUWLHQGR
GH HVWDV UHIOH[LRQHV \ SDVDQGR SRU DOWR SRU DKRUD ODV DPELJHGDGHV GH VX
PRGHOR LQLFLDO HQFRQWUDPRV HQ HOODV EDVWDQWHV VXJHUHQFLDV SDUD SRQHU HQ
FXHVWLyQODFRQFHSFLyQGHOSRGHUTXHVXE\DFHDOD~OWLPDWHRUtDGHODVRFLHGDG
GH $GRUQR FRPR \D VH KD PRVWUDGR DQWHULRUPHQWH HVWD ~OWLPD WDPELpQ
UHGXFLUtD XQLODWHUDOPHQWH HO WHPD GH OD GRPLQDFLyQ VRFLDO D OD DFWLYLGDG
LQVWUXPHQWDO GH XQ DSDUDWR GH DGPLQLVWUDFLyQ FHQWUDOL]DGR LJQRUDQGR HQ HVD
PHGLGD HO IXQGDPHQWR SUiFWLFR GHO HMHUFLFLR GH OD GRPLQDFLyQ HVWR HV WRGDV
HVDV VLWXDFLRQHV SUHHVWDWDOHV GH OD OXFKD VRFLDO >@ &RQWUD HVWD FRQFHSFLyQ
UHGXFFLRQLVWD HVWDWDO GHO SRGHU )RXFDXOW SURSRQGUi D VX YH] XQ ERVTXHMR
WHyULFR RSXHVWR HO SUR\HFWR GH XQD PLFURItVLFD GHO SRGHU XQD SURSXHVWD
RULHQWDGDGHWDOIRUPDTXHODIRUPDFLyQGHSRGHUHQFRUUHVSRQGHQFLDFRQVXV
SUHPLVDV WHyULFDV GH OD DFFLyQ VH H[SOLTXH SDUWLHQGR GH ORV LQWHUFDPELRV
HVWUDWpJLFRV TXH WLHQHQ OXJDU HQ ORV FRQIOLFWRV GH DFFLyQ FRWLGLDQRV (O FDPSR
GHLQYHVWLJDFLyQGHODQiOLVLVGHOSRGHUHQHOTXHGHEHWUDEDMDUVHDSDUWLUGHHVWH
PRPHQWRTXHGDDVtFRQILJXUDGRWRGDYH]TXHODVUHODFLRQHVGHSRGHU
>@ILQDOPHQWHQRVRQXQtYRFDVGHILQHQSXQWRVLQQXPHUDEOHVGHHQIUHQWDPLHQWRIRFRVGH
LQHVWDELOLGDG FDGD XQR GH ORV FXDOHV FRPSRUWD VXV ULHVJRV GH FRQIOLFWR GH OXFKDV \ GH
LQYHUVLyQSRUORPHQRVWUDQVLWRULDGHODVUHODFLRQHVGHIXHU]DV(OGHUUXPEDPLHQWRGHHVRV
PLFURSRGHUHV QR REHGHFH SXHV D OD OH\ GHO WRGR R QDGD QR VH REWLHQH GH XQD YH] SDUD
VLHPSUH SRU XQ QXHYR FRQWURO GH ORV DSDUDWRV QL SRU XQ QXHYR IXQFLRQDPLHQWR R XQD
GHVWUXFFLyQ GH ODV LQVWLWXFLRQHV HQ FDPELR QLQJXQR GH VXV HSLVRGLRV ORFDOL]DGRV SXHGH
LQVFULELUVHHQODKLVWRULDFRPRQRVHDSRUORVHIHFWRVTXHLQGXFHVREUHWRGDODUHGHQODTXH
HVWiSUHQGLGR

)RXFDXOWHVDTXtOREDVWDQWHFRQVHFXHQWHFRPRSDUDGHVFULELUORVVLVWHPDV
VRFLDOHV GH SRGHU HQ SULPHU WpUPLQR FRPR IRUPDV R HVWUXFWXUDV IUiJLOHV HQ
DOJXQD PHGLGD GRWDGDV GH FLHUWD FRQWLQXLGDG \ HQ WRGR PRPHQWR SXHVWDV D
SUXHED QHFHVLWDGDV GH FRQILUPDFLyQ (O PRGHOR GH DFFLyQ HVWUDWpJLFD TXH VH
HQFXHQWUD D OD EDVH GH VX FRQFHSWR GH SRGHU UHTXLHUH TXH HO RUGHQ GH
GRPLQDFLyQQDFLGRGHODFRQVROLGDFLyQGHODVSRVLFLRQHVGHSRGHUDVHJXUDGDV
ORFDOPHQWH VHD HQWHQGLGR FRPR XQD VLWXDFLyQ VLVWHPiWLFD HQ WRGR FDVR VyOR
PRPHQWiQHDTXHHQFXDOTXLHUDGHVXVHOHPHQWRVVLJXHHVWDQGRH[SXHVWDDXQ

LQFHVDQWH\UHQRYDGRSURFHVRGHSXHVWDDSUXHEDSRUORVGLIHUHQWHVFRQIOLFWRV
VRFLDOHVHQOL]D'HHVWHPRGRHQRWUROXJDU)RXFDXOWKDEODUiSRUHMHPSORGH
HIHFWRV GH SRGHU JOREDOHV SHUR QXQFD SRU FRPSOHWR HVWDEOHV >@ 1R
REVWDQWH HVWDV SUXGHQWHV IRUPXODFLRQHV TXH LQWHQWDQ DSDUHQWHPHQWH KDFHU
MXVWLFLDDOPRGHORSUHVXSXHVWRGHODEDWDOODSHUSHWXDVLJXHQHQFHUUDQGRHQVt
PLVPDV XQ SUREOHPD TXH SHUPDQHFH KDVWD HO PRPHQWR QR UHVXHOWR VL XQD
VRFLHGDG VyOR VH SLHQVD H[FOXVLYDPHQWH FRPR XQ SOH[R GH SURFHGLPLHQWRV
RULHQWDGRV D OD DFFLyQ HVWUDWpJLFD FyPR SXHGHQ HQ UHDOLGDG HVWDELOL]DUVH
WHPSRUDOPHQWHORVp[LWRVHQSULQFLSLRDLVODGRVTXHVHORJUDQHQODDFFLyQVRFLDO
\ OXHJR FRQHFWDUVH VRFLDOPHQWH FRQ XQ VLVWHPD GH ORJURV FRQVHJXLGRV \
HVWDELOL]DGRVHQRWURVOXJDUHV"&XDQGRGHKHFKRFXDOTXLHUSRVLFLyQGHSRGHU
REWHQLGDHQXQDVLWXDFLyQGHFRQIOLFWRVRFLDOVHH[SRQHDHVWDUSXHVWDDSUXHED
FRQWLQXDPHQWHFyPRSXHGHQHVWRVHVWDGRVDJUHJDGRVIRUPDUVHHOORVPLVPRV
D SDUWLU GHO IOXMR GH DFFLRQHV HVWUDWpJLFDV DO TXH FRPR HO PLVPR )RXFDXOW
DSXQWD ODV UHODFLRQHV GH SRGHU VH HQJDU]DQ /D VROXFLyQ D HVWH SUREOHPD
FRPR QR SDUHFH GLItFLO REVHUYDU VH HQFXHQWUD HQ HO FRQFHSWR PLVPR GH
HVWDELOL]DFLyQ R FRPR )RXFDXOW OR OODPD HQ HO PLVPR VHQWLGR OD
LQVWLWXFLRQDOL]DFLyQ$KRUDELHQ\DODSURSLDLQWHUSUHWDFLyQGHHVWHFRQFHSWR
FDXVDUi D )RXFDXOW QXPHURVDV GLILFXOWDGHV TXH VH SRQGUiQ GH PDQLILHVWR
FXDQGRGLULMDPRVQXHVWUDDWHQFLyQDODVHJXQGDFRQVHFXHQFLDGHODGHILQLFLyQGH
ORVRFLDOFRPRVLWXDFLyQLQFHVDQWHGHOXFKD
3DUWLHQGRHQHOiPELWRGHVXWHRUtDGHODDFFLyQGHODVSUHPLVDVGHTXHHO
FRQWH[WRGHODYLGDVRFLDOSXHGHVHUREVHUYDGRFRPRXQSURFHVRGHFRQIOLFWRV
HVWUDWpJLFRV HQWUH DFWRUHV \ GH TXH HO SRGHU VRFLDO FRQVHFXHQWHPHQWH HQ XQ
QLYHO IXQGDPHQWDO SXHGH VHU LQWHUSUHWDGR VLPSOHPHQWH FRPR HO p[LWR HQ XQD
VLWXDFLyQGHOXFKDSXHGHGHGXFLUVHGHIRUPDLPSOtFLWDXQDFUtWLFDGHODWUDGLFLyQ
GH OD WHRUtD FLHQWtILFRVRFLDO FHQWUDGD HQ HO FDVR HVWiQGDU GHO UHFRQRFLPLHQWR
QRUPDWLYR GHO SRGHU VRFLDO (Q HO SODQR PiV VLPSOH GHO FRQIOLFWR HVWUDWpJLFR
HQWUH GRV DFWRUHV HO SRGHU VRFLDO HV FRPR \D VH KD DILUPDGR DQWHV HO
UHVXOWDGRPRPHQWiQHRGHOp[LWRFRQHOTXHXQRGHORVGRVDFWRUHVHVFDSD]GH
LPSRQHUVXVREMHWLYRVDORWUR&XDOTXLHUVLWXDFLyQHQODTXHORVGRVDFWRUHVVH
YHDQ FRQIURQWDGRV GH QXHYR UHSUHVHQWD D VX YH] XQD SUXHED SDUD OD SRVLFLyQ
H[LWRVDGHSRGHUGHODFWRUUHVXOWDQWHGHODSULPHUDFRQIURQWDFLyQSXHVWRTXH

DKRUDHOVXMHWRVRPHWLGRWUDWDGHLPSRQHUGHQXHYRVXVLQWHUHVHVVXE\XJDGRVD
QR VHU FODUR TXH pO VH GHFODUH R VH FRPSRUWH GH IRUPD FRQIRUPH FRQ OD
SRVLFLyQ GH SRGHU GHO FRQWUDULR (VWR \ VyOR HVWR HV OR TXH )RXFDXOW TXLHUH
GHFLU FXDQGR LPDJLQD OD SRVLELOLGDG GH XQD HVWDELOL]DFLyQ GH SRVLFLRQHV GH
SRGHUHVWUDWpJLFDPHQWHFRQTXLVWDGDV6LQHPEDUJRpOQRSXHGHDKRUDVXSRQHU
TXH HVWD HVWDELOL]DFLyQ WLHQH OXJDU EDMR OD IRUPD GH XQ DFXHUGR HQWUH ORV GRV
DFWRUHVDFHUFDGHODSULRULGDGGHORVREMHWLYRVHQOL]DVREUHODEDVHGHQRUPDV
\ YDORUHV UHFRQRFLGRV FRP~QPHQWH (Q XQ PXQGR VRFLDO FRQVLVWHQWH
H[FOXVLYDPHQWHHQVLWXDFLRQHVGHDFFLyQHVWUDWpJLFDQRSRGUtDGHVDUUROODUVHHQ
QLQJ~Q FDVR DOJR DVt FRPR XQ FRQVHQVR PRWLYDGR QRUPDWLYDPHQWH WRGD YH]
TXH GHVSXpV GH WRGR ORV VXMHWRV VyOR SRGUtDQ HQFRQWUDUVH HQWUH Vt FRPR
RSRQHQWHVLQWHUHVDGRVHQODFRQVHFXFLyQH[LWRVDGHVXVUHVSHFWLYRVILQHV(VWD
HVODUD]yQSRUODTXHXQDSRVLFLyQGHSRGHUFRQTXLVWDGDORFDOPHQWHHQWHQGLGD
FRPRp[LWRHQXQDFRQVHFXFLyQXQLODWHUDOGHREMHWLYRVQRSXHGDHVWDELOL]DUVH
DOPHQRVQRHQXQDIRUPDVRFLDOTXHSUHVXSRQJDODILJXUDGHXQDUHLYLQGLFDFLyQ
GHGRPLQLRQRUPDWLYDPHQWHUHFRQRFLGD\FRQXQDFLHUWDGXUDFLyQ(VGHFLUHQ
WDQWR TXH QR VH HQFXHQWUH RWUD SRVLEOH H[SOLFDFLyQ D OD SRVLELOLGDG GH OD
LQVWLWXFLRQDOL]DFLyQ GH ODV SRVLFLRQHV GH SRGHU REWHQLGDV HQ XQD VLWXDFLyQ GH
FRQIOLFWR TXH OD GHO FRQVHQVR QRUPDWLYDPHQWH PRWLYDGR HVDV SRVLFLRQHV
VHJXLUiQ HVWDQGR H[SXHVWDV DO ULHVJR GH XQ FRQIOLFWR VRFLDO LOLPLWDGR (Q HVH
FDVRQDWXUDOPHQWHQRSRGUtDIRUPDUVHHQDEVROXWRDOJRDVtFRPRXQDVLWXDFLyQ
GHVXPDVRFLDOGHDFFLRQHVGHWLSRHVWUDWpJLFR
'H HVWH HVTXHPD GH SHQVDPLHQWR TXH DFDEDPRV GH SHUILODU D JUDQGHV
UDVJRV VH GHGXFH SDUD )RXFDXOW VREUH WRGR OD QHFHVLGDG GH UHFKD]DU ODV
QRUPDV MXUtGLFDV \ ODV RULHQWDFLRQHV PRUDOHV TXH UHJXODQ OD LQWHUDFFLyQ GH ORV
PLHPEURV GH OD VRFLHGDG HQWUH Vt HQWHQGLGDV DKRUD FRPR PHUDV LOXVLRQHV R
HQJDxRVFXOWXUDOHV(QHOSHUSHWXRFRPEDWHGHODVOXFKDVVRFLDOHVHQHOTXHXQ
RUGHQVRFLDOGHGRPLQDFLyQDOFDQ]DHQFLHUWRVHQWLGRVXH[LVWHQFLDODVQRUPDV
MXUtGLFDV \ ODV DFWLWXGHV PRUDOHV WDQ VyOR WLHQHQ OD IXQFLyQ GH HVFRQGHU ORV
REMHWLYRV HVWUDWpJLFRV \ YHODU OD VLWXDFLyQ FRWLGLDQD GH FRQIOLFWR )UHQWH D OD
LQDOWHUDEOHVXVWDQFLDGHODOXFKDHOODVUHSUHVHQWDQSRUDVtGHFLUORPHUDVVXSUD
HVWUXFWXUDVKLVWyULFDPHQWHPRGLILFDEOHV$HVWDFRQVHFXHQFLDTXHHQHOSODQR
FRQFHSWXDOGHVXWHRUtDGHOSRGHUKDGHGHGXFLUVHGHVXPRGHORGHDFFLyQ

FRPRKHPRVYLVWRQRVHSHUPLWHXQDSRVLEOHGLPHQVLyQGHDFXHUGRQRUPDWLYR
)RXFDXOWVyORVHUHILHUHGHPDQHUDDEUXSWD\JURVHUDHQVXFUtWLFDGHODWHRUtD
VRFLDO GHO FRQWUDWR pVWD WDPELpQ IXQFLRQD FLHUWR HV FRPR OD LQFRQIHVDEOH
IXHQWH GH HVH GHFLVLRQLVPR SROtWLFR TXH WHUPLQD UHYHOiQGRVH HQ VXV HVFULWRV
GHGLFDGRV D OD WHRUtD GHO SRGHU WDQ SURQWR FRPR VH H[DPLQDQ GHVGH XQD
SHUVSHFWLYDQRUPDWLYD>@(QQXHVWURFRQWH[WRVLQHPEDUJRORTXHUHVXOWDGH
SDUWLFXODULPSRUWDQFLDHVHOKHFKRGHTXHODGHFLGLGDH[FOXVLyQWHyULFDGHWRGD
SRVLEOH GLPHQVLyQ HIHFWLYD GH DFXHUGR QRUPDWLYR WHUPLQH FRQIURQWDQGR D
)RXFDXOW FRQ DOJR PXFKR PiV LPSRUWDQWH TXH XQ SUREOHPD KDVWD DKRUD VLQ
DFODUDU D VDEHU FyPR SXHGH OD FRQGLFLyQ DJUHJDGD \ VLQ HPEDUJR
PRPHQWiQHD GHXQDHVWUXFWXUDGHSRGHUFXDOTXLHUDFX\RUHTXLVLWRGHEHUtDVHU
SUHFLVDPHQWH OD LQWHUUXSFLyQ GH ORV SURFHVRV HQ FRQIOLFWR GHULYDUVH GH OD
FRQGLFLyQ VRFLDO GH XQD OXFKD LQLQWHUUXPSLGD FXDQGR OD SRVLELOLGDG GH XQ
FRQVHQVR QRUPDWLYDPHQWH RULHQWDGR HQWUH ORV VXMHWRV LQYROXFUDGRV TXHGD
H[FOXLGDGHVGHXQSULQFLSLR"/DUHVSXHVWDLQGLUHFWDTXH)RXFDXOWWUDWDGHGDUD
HVWD SUHJXQWD SXHGH VHU LQIHULGD D SDUWLU GH XQ VHJXQGR JUXSR GH UHIOH[LRQHV
GHVGH HO FXDO pO YD D FRPSOHWDU OD FRQFHSFLyQ GHO SRGHU \D SURSXHVWD FRQ
DUJXPHQWRVDGLFLRQDOHVXQDUHVSXHVWDTXHHQFLHUWDPHGLGDQRVYDDFRQGXFLU
DOFRUD]yQGHVXWHRUtDVRFLDO
+DVWD HVWH PRPHQWR VH KD H[SXHVWR HO PRGHOR IRXFDXOWLDQR GH DFFLyQ
HVWUDWpJLFDKDFLHQGRDEVWUDFFLyQGHWRGRVHVRVPHGLRVTXHORVDFWRUHVSXHGHQ
HPSOHDUFRQRFDVLyQGHOFRQIOLFWRVRFLDODILQGHSRGHULPSRQHUDGHFXDGDPHQWH
VXVSURSLRVREMHWLYRVHQRSRVLFLyQDVXVFRQWULQFDQWHV/DFODULILFDFLyQGHHVWH
FRPSRQHQWHLQVWUXPHQWDOGHOFRQIOLFWRHVWUDWpJLFRHODQiOLVLVSRUWDQWRGHODV
WHFQRORJtDV GH DGTXLVLFLyQ GHO SRGHU VLUYH DKRUD DO VHJXQGR JUXSR GH
DUJXPHQWRV XWLOL]DGRV HQ OD WHRUtD IRXFDXOWLDQD GHO SRGHU 'HVDUUROODGR HQ
SULPHUWpUPLQREDMRODIRUPDGHXQDFUtWLFDGHRWUDVIRUPXODFLRQHVULYDOHVHVWH
DQiOLVLVFRQVWLWX\HHOWHPDUHDOGHODWHRUtDHQUHDOLGDGVXWHPDPiVLQVLVWHQWH
6LQ HPEDUJR )RXFDXOW REVHUYD DKRUD HO GHVDUUROOR GH HVWH FRQFHSWR \D QR
WDQWRHQXQSODQRJHQHUDOVLQRGHVGHXQSXQWRGHYLVWDKLVWyULFR
/DSULQFLSDOREMHFLyQTXH)RXFDXOWHVJULPHEDMRHVWHSXQWRGHYLVWDFRQWUD
ODVWHRUtDVULYDOHVGHOSRGHUVHUHILHUHDODKDELWXDOWHQGHQFLDGHREVHUYDUHQODV
FRQIURQWDFLRQHV HVWUDWpJLFDV VyOR ORV LQVWUXPHQWRV GLULJLGRV D LQIOXLU VREUH HO

RSRQHQWHEDMRODDOWHUQDWLYDGHYLROHQFLDRLGHRORJtD>@1RTXHGDDTXt
FODUR VL )RXFDXOW HVWi DOXGLHQGR FRQ HVWD H[SUHVLyQ DO SDU FRQFHSWXDO GH
IXHU]D>IRUFH@RIUDXGH>IUDXG@TXHSURYLHQHGHODILORVRItDVRFLDOFOiVLFD
SHUR GH KHFKR HV OR PLVPR 'HVGH HO SULPHU PRGHOR HO RSRQHQWH HQ HO
FRQIOLFWRVRFLDOHVIRU]DGRDWUDYpVGHODDPHQD]DRODLQWURGXFFLyQGHYLROHQFLD
ItVLFD GHVGH HO VHJXQGR D WUDYpV GH XQD LOXVLyQ FDOFXODGD \ VXWLO >@
UHVSHFWRDVXVSURSLRVREMHWLYRVGHDFFLyQRODVFRQGLFLRQHVHPStULFDVGHpVWD
HVIRU]DGRDDEDQGRQDUVXVSURSLRVREMHWLYRV\DVRPHWHUVHDODYROXQWDGGHO
RSRQHQWH)RXFDXOWFRQVLGHUDTXHDPEDVLGHDVVRQLQDGHFXDGDVSDUDH[SOLFDU
HOPRGRGHIXQFLRQDPLHQWRHQORVyUGHQHVGHGRPLQDFLyQPRGHUQRV)UHQWHDO
FRQFHSWRGHLGHRORJtDSRUUD]RQHVTXHHQVHJXLGDPRVWUDUHPRV)RXFDXOWYDD
SODQWHDU VXV REMHFLRQHV QR VyOR GHVGH HO SXQWR GH YLVWD KLVWyULFR VLQR
DFXGLHQGRDUD]RQHVGHWLSRWHyULFRRVLVWHPiWLFR>@$KRUDELHQODEDVHGH
VXDUJXPHQWRODFRQIRUPDODWHVLV\DGHVDUUROODGDKLVWyULFDPHQWHGHTXHHOXVR
GHODIXHU]DItVLFD\ODLQIOXHQFLDLGHROyJLFDHQWHQGLGRVFRPRPHGLRVGHSRGHU
QR SHUPLWHQ HQWHQGHU HO QLYHO GH LQWHJUDFLyQ GH ODV VRFLHGDGHV DOWDPHQWH
GHVDUUROODGDV'HHVWHPRGRD)RXFDXOWVHOHSODQWHDFRPRFXHVWLyQKLVWyULFDHO
PLVPR SUREOHPD TXH 3DUVRQV HQ VX IDPRVR FDStWXOR VREUH +REEHV HQ /D
HVWUXFWXUD GH OD DFFLyQ VRFLDO KDEtD H[SUHVDGR FRPR OD FXHVWLyQ JHQHUDO
UHODWLYD D OD SRVLELOLGDG GHO RUGHQ VRFLDO FyPR SRGHPRV H[SOLFDUQRV D
QRVRWURVPLVPRVODHVWDELOLGDGGHXQRUGHQGHYLGDVRFLDOXQDYH]TXHKHPRV
UHFRQRFLGR TXH SDUD HVWH ILQ ORV PHGLRV HVWUDWpJLFRV GH OD IXHU]D \ HO
IUDXGHODYLROHQFLD\ODLOXVLyQVRQSRUVtPLVPRVLQVXILFLHQWHV">@
(VWH SUREOHPD VH OH SUHVHQWD DKRUD D )RXFDXOW FRPR HV QDWXUDO HQ XQ
FRQWH[WR HQ HO TXH pO VH SUHJXQWD KLVWyULFDPHQWH SRU ORV PHGLRV WtSLFRV GH
HMHUFLFLRGHOSRGHUGHQWURGHODVVRFLHGDGHVPRGHUQDV(VWDHVODUD]yQSRUOD
TXH OD UHVSXHVWD TXH pO RIUH]FD WHQJD TXH FRQWHQHU HQ FLHUWD PHGLGD OD WHVLV
RSXHVWD D OD TXH 3DUVRQV KDEtD HOHJLGR FRPR VROXFLyQ DO SUREOHPD GH
+REEHV3DUVRQVKDEtDFRQWHVWDGRDHVWDSUHJXQWDUHODWLYDDODSRVLELOLGDGGHO
RUGHQVRFLDOFRPRHVELHQVDELGRFRQXQDWHVLVTXHKDEtDWRPDGRSUHVWDGDD
VXYH]GH'XUNKHLPDVDEHUTXHODVDFFLRQHVGHORVPLHPEURVSHUWHQHFLHQWHV
DXQDVRFLHGDGVyORSXHGHQFRQHFWDUVHVDWLVIDFWRULDPHQWHHQWUHVtVREUHODEDVH
GH YDORUHV FRP~QPHQWH UHFRQRFLGRV )UHQWH D HVWR )RXFDXOW SUHVXSRQH HQ

FDPELR TXH ORV RUGHQHV GH GRPLQDFLyQ VRFLDO KDQ GH SHUPDQHFHU VLHPSUH
LQHVWDEOHVSXHVWRTXHORVFRQIOLFWRVTXHVHFLHUQHQVREUHWRGRVORViPELWRVGH
ODDFFLyQVRFLDODOUHGHGRUGHODVSRVLFLRQHVGHSRGHUQRSXHGHQTXHGDUILMDGRV
RGHWHQLGRVSRUYDORUHVXQLYHUVDOPHQWHYLQFXODQWHV\REOLJDWRULRV8QRUGHQGH
GRPLQDFLyQ TXH KD GH LPDJLQDUVH FRPR XQ QH[R GH SRVLFLRQHV GH SRGHU
FRQVWDQWHPHQWH DPHQD]DGDV SXHGH VLQ HPEDUJR UHGXFLU VX SURSLD
LQHVWDELOLGDG HPSOHDQGR PHGLRV WpFQLFDPHQWH PiV HIHFWLYRV SDUD OD
SUHVHUYDFLyQGHVXSRGHU&RQVHFXHQWHPHQWHODFXHVWLyQTXHSODQWHD3DUVRQV
VHSUHVHQWDSDUD)RXFDXOWHQORVWpUPLQRVGHXQSUREOHPDKLVWyULFR\SRUDVt
GHFLUORFRPRVXUHIOHMRLQYHUWLGRTXpPHGLRVGHHMHUFLFLRGHOSRGHUSRQHQHQ
SUiFWLFD ORV yUGHQHV PRGHUQRV GH GRPLQDFLyQ FXDQGR HYLGHQFLDQ XQ PHQRU
JUDGR GH LQHVWDELOLGDG GHO TXH VH ORJUDUtD H[FOXVLYDPHQWH D WUDYpV GH ORV
LQVWUXPHQWRVGHODYLROHQFLD\ODLGHRORJtD"
)RXFDXOW FUHH TXH OD YLROHQFLD ItVLFD \ OD LQIOXHQFLD LGHROyJLFD UHYHODQ XQD
FDUDFWHUtVWLFD FRP~Q FRPR PHGLR SDUD FRQVHJXLU SRGHU IXQFLRQDQ REOLJDQGR
GLUHFWDRLQGLUHFWDPHQWHDORVRSRQHQWHVDDEDQGRQDUVXVSURSLRVREMHWLYRV(O
LQWHUpV GHO RSRQHQWH HVWUDWpJLFR HV UHSULPLGR VHD EDMR OD DPHQD]D GH OD
YLROHQFLD ItVLFD R FRQ OD D\XGD GH XQD LOXVLyQ GHVSOHJDGD FRQ p[LWR < HV
SUHFLVDPHQWHDTXtGRQGHVHPXHVWUDQORVOtPLWHVGHHIHFWLYLGDGGHORVPHGLRV
GHGRPLQDFLyQWUDGLFLRQDOHVEDVDGRVHQODIXHU]DRHOIUDXGH
>@ VH WUDWDUtD GH XQ SRGHU SREUH HQ UHFXUVRV PX\ DKRUUDWLYR HQ VXV SURFHGLPLHQWRV
PRQyWRQRHQVXVWiFWLFDVLQFDSD]GHLQYHQFLyQ\FRQGHQDGRDUHSHWLUVHVLHPSUH$GHPiV
VHUtDXQSRGHUTXHVyORWHQGUtDODIXHU]DGHOQRLQFDSD]GHSURGXFLUQDGDDSWR~QLFDPHQWH
SDUD WUD]DU OtPLWHV VHUtD HQ HVHQFLD XQD DQWLHQHUJtD HQ HOOR FRQVLVWLUtD OD SDUDGRMD GH VX
HILFDFLDQRSRGHUQDGDVDOYRORJUDUTXHVXVRPHWLGRQDGDSXHGDWDPSRFRH[FHSWRORTXHOH
GHMDKDFHU>@

$KRUD ELHQ QR HV XQ KHFKR HQ DEVROXWR WDQ HYLGHQWH HQWHQGHU ORV
SURFHGLPLHQWRV GH LQIOXHQFLD LGHROyJLFD VLPSOHPHQWH FRPR PHGLRV GH
VRPHWLPLHQWR LQGLUHFWR GH FLHUWDV QHFHVLGDGHV EiVLFDV FRPR WpFQLFDV
UHSUHVLYDV GH SRGHU (Q UHDOLGDG ODV LGHRORJtDV IXQFLRQDQ PiV ELHQ GH IRUPD
VRWHUUDGD LQGXFLHQGR D XQ VXMHWR D DGRSWDU GH IRUPD LQWUDSVtTXLFD
GHWHUPLQDGRV REMHWLYRV HQ SULQFLSLR DMHQRV DO <R FX\D UHDOL]DFLyQ SUiFWLFD
OXHJR HV YDORUDGD \ UHFRPSHQVDGD FXOWXUDOPHQWH )RXFDXOW VLQ HPEDUJR

SUHVFLQGHGHHVWHIHQyPHQRHVHQFLDOOLJDGRDOPRGRGHRSHUDFLyQLGHROyJLFR
GLUHFWDPHQWH DxDGH HVWH WLSR GH PHFDQLVPR LGHROyJLFR D ORV PpWRGRV
UHSUHVLYRVGHSRGHUWDOHVFRPRHOXVRGHODYLROHQFLDPHWLpQGRORVDWRGRV
HQ HO PLVPR VDFR HQ RSRVLFLyQ D RWUR PpWRGR GH SRGHU KLVWyULFDPHQWH
QRYHGRVR /D FDUDFWHUtVWLFD IXQGDPHQWDO GH HVWH ~OWLPR HQ WpUPLQRV PX\
JHQHUDOHV VH GHWHUPLQD SRU VX FRQFHSWR GH SURGXFWLYLGDG ORV PpWRGRV GH
SRGHUTXHIXQFLRQDQVREUHWRGRHQODVVRFLHGDGHVPRGHUQDVVHGHILQHQFRPR
HO PLVPR )RXFDXOW VHxDOD SRU VX HIHFWLYLGDG SURGXFWLYD \ SRU VX ULTXH]D
HVWUDWpJLFD>@
$KRUD ELHQ 2FFLGHQWH FRQRFLy GHVGH OD HGDG FOiVLFD XQD SURIXQGtVLPD WUDQVIRUPDFLyQ GH
HVRVPHFDQLVPRVGHSRGHU/DGHGXFFLyQ\DQRWLHQGHDVHUPiVODIRUPDIXQGDPHQWDOGHO
SRGHU VLQR PHUDPHQWH XQD PiV DO ODGR GH RWUDV TXH SRVHHQ IXQFLRQHV GH LQFLWDFLyQ GH
UHIRU]DPLHQWR GH FRQWURO GH YLJLODQFLD GH DXPHQWR \ RUJDQL]DFLyQ GH ODV IXHU]DV TXH
VRPHWH XQ SRGHU GHVWLQDGR D SURGXFLU IXHU]DV D KDFHUODV FUHFHU \ RUGHQDUODV PiV TXH D
REVWDFXOL]DUODVGREOHJDUODVRGHVWUXLUODV>@

4XpSXHGHVLJQLILFDUGHVGHHOSXQWRGHYLVWDGHODWHRUtDVRFLDOTXHFLHUWDV
WHFQRORJtDV GHO SRGHU VRFLDO DKRUD SXHGDQ GHVSOHJDU HIHFWRV SURGXFWLYRV HQ
OXJDUGHUHSUHVLYRVHVGHFLUTXHVHDQFDSDFHVGHFUHDUDQWHVTXHUHSULPLUOD
HQHUJtDGHODDFFLyQVRFLDOHVXQSXQWRTXHQRTXHGDGHOWRGRDFODUDGRSRU
)RXFDXOW (O VLJQLILFDGR GH VX DUJXPHQWDFLyQ TXHGD HQ FLHUWR PRGR DOJR PiV
DFODUDGR VLQ HPEDUJR SRU OD FRQH[LyQ HQ XQ SULPHU PRPHQWR GLItFLO GH
FRPSUHQGHUHQWUHFRQFHSWRVFRPRORVGHQRUPDFXHUSR\VDEHUHQHO
PDUFRGHVXFRQFHSFLyQGHOSRGHU
(Q SULPHU OXJDU HO FRQFHSWR GH QRUPD UHSUHVHQWD HQ FLHUWR PRGR OD
H[SUHVLyQ PiV JHQHUDO TXH )RXFDXOW HOLJH SDUD GHVFULELU HO REMHWLYR GH HVH
PpWRGR GH SRGHU TXH QR DVXPH IXQFLRQHV UHSUHVLYDV VLQR PiV ELHQ
SURGXFWLYDV/DVWpFQLFDVGHSRGHUGHHVWHWLSRQRVHGLULJHQFRPR\DVHKD
GLFKRDVXSULPLUGLUHFWDRLQGLUHFWDPHQWHORVREMHWLYRVGHODDFFLyQHVWUDWpJLFD
GHORSRQHQWHVXSURSyVLWRVHRULHQWDSRUHOFRQWUDULRDQRUPDOL]DUORVPRGRV
GHFRPSRUWDPLHQWRGHORSRQHQWHVRFLDODWUDYpVGHXQGLVFLSOLQDPLHQWRFRQWLQXR
\ D SDUWLU GH HVWR HQ XQ VHJXQGR PRPHQWR ILMDUORV \ HVWDELOL]DUORV )RXFDXOW
OODPDDWRGDIRUPDGHFRPSRUWDPLHQWRILMDGDFRDFWLYDPHQWHHQHVWRVWpUPLQRV
XQ FRPSRUWDPLHQWR QRUPDOL]DGR (VWDV QRUPDV GH FRPSRUWDPLHQWR

FRPSUHQGLGDV GHVGH HVWH SXQWR GH YLVWD QR VRQ VLQR HVTXHPDV GH DFFLyQ
UtJLGDPHQWH UHSHWLGRV R FRPR VH GLFH HQ DOJXQRV OXJDUHV GH XQ PRGR PiV
VHQFLOOR \ PHQRV FRQIXVR KiELWRV LPSXHVWRV VRFLDOPHQWH >@ &XDQGR HQ
XQD SULPHUD DSUR[LPDFLyQ DO SUREOHPD )RXFDXOW EXVFD GHWHUPLQDU ORV
UHQGLPLHQWRVGHORVLQVWUXPHQWRVGHOSRGHUPRGHUQRHQYLUWXGGHVXFDSDFLGDG
GHFUHDUQRUPDVGHFRPSRUWDPLHQWRpOQRVHUHILHUHWDPSRFRDXQWLSRGH
DFFLyQPRUDOREOLJDWRULD
'HVGH HO VLJOR ;,; VH KDQ GHVDUUROODGR WRGD XQD VHULH GH DSDUD WRV FX\R SURSyVLWR HUD
SURGXFLUGLVFLSOLQDLPSRQHUREOLJDFLRQHVLQVWLWXLUXQWLSRGHKiELWRV/RTXHWXYROXJDUHQ
HOFXUVRGHHVWHGHVDUUROOR>DQWHVGHOVLJOR;,;$+@UHSUHVHQWDSRUWDQWRODSUHKLVWRULDGH
ORV DSDUDWRV GH SRGHU TXH VLUYLHURQ FRPR EDVH SDUD OD DGTXLVLFLyQ GH KiELWRV HQWHQGLGRV
FRPRQRUPDVVRFLDOHV>@

&DEH GHFLU VLQ HPEDUJR TXH OD FDWHJRUtD GH QRUPD FRPR WDO VyOR HV
YDJDPHQWH IRUPXODGD \ GHVDUUROODGD HQ ODV H[SOLFDFLRQHV RIUHFLGDV SRU
)RXFDXOW (Q OD SURSLD LQWHUSUHWDFLyQ WHyULFD TXH pO PLVPR KDFH GH VXV
LQYHVWLJDFLRQHVKLVWyULFDVHQWRUQRDODVWpFQLFDVGHHMHUFLFLRGHOSRGHUVRFLDO
QR VyOR D PHQXGR TXHGD FDXWLYR GH OD LUUHVLVWLEOH WHQWDFLyQ GH UHODFLRQDU HO
FRQFHSWR GH QRUPD DMXVWDGR D HVTXHPDV GH FRPSRUWDPLHQWR ILMDGRV
FRDFWLYDPHQWH FRQ HO FRQFHSWR GH QRUPD GH OD DFFLyQ PRUDO VREUH WRGR \
PiV DOOi GH HVWR pO DVRFLD HO SULPHUR DGHPiV FRQ RWUR FRQFHSWR HO GH OD
QRUPDOLGDG VRFLDO >@ 7RGDV HVWDV RVFXULGDGHV VyOR GHVDSDUHFHUiQ HQ HO
PRPHQWR HQ HO TXH XQD VHJXQGD FDWHJRUtD IXQGDPHQWDO GH OD DUJXPHQWDFLyQ
IRXFDXOWLDQD HQWUH HQ HVFHQD \ KDJD UHIHUHQFLD GH QXHYR VLPSOHPHQWH D OD
FDWHJRUtDGHQRUPD6HUiHQHOFRQFHSWRGHFXHUSRGRQGH)RXFDXOWSHUILOH
HVHiPELWRGHH[SUHVLRQHV\PDQLIHVWDFLRQHVYLWDOHVKDFLDHOTXHVHGLULJHQODV
PRGHUQDV WpFQLFDV GH SRGHU FRQ HO REMHWLYR GH SURGXFLU QRUPDV GH
FRPSRUWDPLHQWR
3RUORTXHUHVSHFWDDODFDWHJRUtDGHFXHUSRSRURWUDSDUWHFDEHGHFLU
TXHVyORDVXPHXQDIXQFLyQGHWHUPLQDQWHGHQWURGHODWHRUtDIRXFDXOWLDQDHQHO
PRPHQWR HQ HO TXH FRQ OD LQWURGXFFLyQ GHO SODQWHDPLHQWR GH XQ DQiOLVLV
KLVWyULFR GHO GLVFXUVR WDPELpQ VH DEDQGRQD OD LGHD GH TXH HO RUGHQ GH XQD
VRFLHGDG VH SURGXFH HQ ~OWLPD LQVWDQFLD SRU PHGLR GH XQD UHJXODFLyQ

LQFRQVFLHQWH GH H[SUHVLRQHV OLQJtVWLFDV R SRU PHGLRV GH IRUPDV GH


FRQRFLPLHQWRVRFLDO3XHVFRQHVWHJLURKDFLDODWHRUtDGHOSRGHUVHLPSRQHHQ
)RXFDXOWDOPLVPRWLHPSRODFRQYLFFLyQGHDSDUHQWHRULHQWDFLyQQDWXUDOLVWDGH
TXH QR VRQ WDQWR ORV PRGRV FXOWXUDOHV GH SHQVDPLHQWR FRPR ODV H[SUHVLRQHV
YLWDOHV YLQFXODGDV DO FXHUSR ODV TXH ODV VRFLHGDGHV GHEHQ VHU FDSDFHV GH
FRQWURODUVLTXLHUHQGHYHUGDGUHGXFLUVXSURSLDLQHVWDELOLGDGDHVWDPLVPDLGHD
FRQGXFH SRU RWUR ODGR OD QXHYD FRQFHSFLyQ GH TXH ODV VRFLHGDGHV YLYHQ
H[FOXVLYDPHQWH GH ODV DFWLYLGDGHV FRUSRUDOHV GH ORV VXMHWRV >@ (Q HVWH
FRQWH[WR)RXFDXOWKDEODGHORVSURFHVRVYLWDOHV\FRUSRUDOHVGHQWURGHGLFKDV
FDWHJRUtDVHQWLHQGHWRGDVODVH[SUHVLRQHVYLWDOHVTXHHVWiQOLJDGDVGLUHFWDPHQWH
D ODV IXQFLRQHV EiVLFDV GHO FXHUSR KXPDQR SRU XQ ODGR ORV PRYLPLHQWRV
SXUDPHQWH PRWRUHV R JHVWXDOHV SRU RWUR ORV SURFHVRV RUJiQLFRV HOHPHQWDOHV
GHSURFUHDFLyQ\HQIHUPHGDG6LODFDSDFLGDGTXHWLHQHXQDVRFLHGDGSDUDOD
LQWHJUDFLyQ WLHQH TXH PRVWUDUVH EiVLFDPHQWH HQ HO KHFKR GH VL HV FDSD] GH
FRQWURODU\FRRUGLQDU WDOHVPRGRV GHFRPSRUWDPLHQWRFRUSRUDO HQWUHVt FDEH
VHxDODUHQWRQFHVTXHODHIHFWLYLGDGHVWUDWpJLFDGHVXVPpWRGRVGHFRQWUROKDGH
PHGLUVHSRUHOJUDGRHQHOTXHpVWRVVRQFDSDFHVGHUHJXODUHVDGLPHQVLyQGH
ORVSURFHVRVFRUSRUDOHVeVWDHVODLGHDIXQGDPHQWDOTXHFRQYHQFHD)RXFDXOW
SDUDDWULEXLUXQSDSHOPiVGHFLVLYRHQVXWHRUtDGHOSRGHUDOFRPSRUWDPLHQWRGH
ORVFXHUSRVKXPDQRVTXHDODVDFWLWXGHVPRUDOHVRFRJQLWLYDV
'HVGH HVWD ~OWLPD SHUVSHFWLYD ODV WpFQLFDV PRGHUQDV GH SRGHU VH
GLVWLQJXHQDKRUDSDUD)RXFDXOWSRUHOKHFKRGHTXHHOODVQRVRQVyORFDSDFHV
GHVXSULPLURVLPSOHPHQWHFRQWURODUODFRQGXFWDGHORVFXHUSRVKXPDQRVVLQR
WDPELpQ GH SURGXFLUORV GH IRUPD VLVWHPiWLFD /D SURGXFFLyQ \ FUHDFLyQ GH OD
FRQGXFWD GH ORV FXHUSRV KXPDQRV VLJQLILFD SDUD pO SRU XQ ODGR GDU D XQD
PRWULFLGDGFRUSRUDORULJLQDULDPHQWHLQHVWDEOH\IOXLGD>@ODIRUPDFHUUDGDGH
XQHVTXHPDXQLIRUPHGHFRQGXFWDSRUPHGLRGHXQGLVFLSOLQDPLHQWRLQFHVDQWH
HVWR HV QRUPDOL]DU OD VHFXHQFLD GH PRYLPLHQWRV GHO FXHUSR KXPDQR (O
FRQFHSWRGHGLVFLSOLQDFRUSRUDOFHQWUDOHQWRGDODLQYHVWLJDFLyQKLVWyULFDGH
9LJLODU \ FDVWLJDU VH H[WUDH GH OD LGHD GH TXH ODV WpFQLFDV GH SRGHU VRFLDO
SXHGHQ WHQHU FRPR REMHWLYR OD HVWDQGDUL]DFLyQ FRDFWLYD GH ORV PRYLPLHQWRV
PRWULFHV\JHVWXDOHVORTXHVLJQLILFDTXHODVPiVYDULDGDVSUiFWLFDVVHDJUXSDQ
GH WDO PRGR SDUD TXH ORV PRYLPLHQWRV PRWULFHV \ JHVWXDOHV GH ORV LQGLYLGXRV

VHDQ REOLJDGRV D HQWUDU HQ XQ FLHJR DXWRPDWLVPR GH DFWRV UXWLQDULRV \
HQWUHQDGRVSDUDHOWUDEDMRSURGXFWLYR)RXFDXOWQRHVWiDTXtWDQLQWHUHVDGRHQ
OD SVLFRORJtD KLVWyULFD GHO SUREOHPD FRPR HQ XQD VXHUWH GH ItVLFD GH OD
GLVFLSOLQD FRUSRUDO (O FXHUSR KXPDQR QR HV SXHV DTXt HQWHQGLGR FRPR XQD
XQLGDGGHSURFHVRVItVLFRV\SVtTXLFRVVLQRTXHPiVELHQVLJXLHQGRHQHVWRXQ
SURJUDPD GH LQWHQFLRQDOLGDG ILVLFDOLVWD VH H[SRQH FRPR XQ VLVWHPD PHFiQLFR
GHIXQFLRQDPLHQWRHQHUJpWLFR'HVGHXQDDSUR[LPDFLyQGLIHUHQWHODVUHDOL]DGDV
SRU HMHPSOR HQ OD WHRUtD GH OD FLYLOL]DFLyQ GHVDUUROODGD SRU 1RUEHUW (OLDV
>@RHQOD'LDOpFWLFDGHOD,OXVWUDFLyQGH$GRUQR\+RUNKHLPHU)RXFDXOW
FRPSUHQGH ORV SURFHVRV GH ORV FXHUSRV GLVFLSOLQDGRV TXH FRQWHPSOD VLQ
HPEDUJRGHOPLVPRPRGRTXHHVWRVDXWRUHVFRPRXQDLQGLFDFLyQVXPDULDGH
OD PRGHUQL]DFLyQ HXURSHD QR FRPR XQ SURFHVR SVLFRItVLFR GH FUHFLHQWH
FRQWURO GH ODV SDVLRQHV \ FXHUSRV VLQR PiV ELHQ FRPR XQ SURFHVR
H[FOXVLYDPHQWHItVLFRRULHQWDGRDXQDGLUHFFLyQ\DMXVWHFDGDYH]PiVSHUIHFWR
GHORVPRYLPLHQWRVFRUSRUDOHV)RXFDXOWSUHVFLQGHDVtGHOPDUFRSVLFRGLQiPLFR
LQGLYLGXDO HQ HO TXH WDOHV SURFHGLPLHQWRV GLVFLSOLQDULRV VRQ VXVFHSWLEOHV GH
UHDMXVWH (Q HVWH FRQIHVR UHGXFFLRQLVPR UHDSDUHFH HQ VX WHRUtD HO OHLWPRWLY
HVWUXFWXUDOLVWDGHOGLVFXUVRGHODQiOLVLVEDMRODILJXUDGHXQDKRVWLOLGDGHQHUJpWLFD
KDFLDODSVLFRORJtDXQIDFWRUTXHVHUHYHODUiDODSRVWUHLQFRPSDWLEOHFRQHO
PRGHORGHDFFLyQTXHVXE\DFHWHyULFDPHQWHDVXFRQFHSWRGHSRGHU
([LVWHVLQHPEDUJRXQVHJXQGRDVSHFWREDMRHOTXH)RXFDXOWHQWLHQGHOD
GRPLQDFLyQ SURGXFWLYD GHO FRPSRUWDPLHQWR GH ORV FXHUSRV KXPDQRV 3XHVWR
TXH HQ HO PRPHQWR HQ HO TXH DSOLFD VX WHRUtD GHO SRGHU D OD FRQGXFWD GH ORV
FXHUSRVKXPDQRVQRVyORWLHQHHQFXHQWDORVPRYLPLHQWRVPRWULFHV\JHVWXDOHV
GH ORV LQGLYLGXRV VLQR WDPELpQ ORV SURFHVRV RUJiQLFRV IXQGDPHQWDOHV GHO
QDFLPLHQWR OD IHFXQGLGDG \ OD PXHUWH QR SXHGH SRU PHQRV GH WRPDU HQ
FRQVLGHUDFLyQWDPELpQXQFRPSOHMRDGLFLRQDOGHWpFQLFDVPRGHUQDVGHSRGHU
6X ILQ QR HV RWUR TXH HO FRQWURO GHO FRPSRUWDPLHQWR ELROyJLFR GH OD
SREODFLyQ \ QR \D VyOR HO GLVFLSOLQDPLHQWR GH OD DFWLYLGDG PRWUL] LQGLYLGXDO
)RXFDXOWGHILQHHVWDVHVWUDWHJLDVDGPLQLVWUDWLYDVTXHFRQWULEX\HQDODUHJXODFLyQ
GHORVSURFHVRVGHODYLGDRUJiQLFDEDMRHOSURYRFDWLYRWtWXORGHELRSROtWLFD
(QDOLDQ]DFRQODVWpFQLFDVRULHQWDGDVDOGLVFLSOLQDPLHQWRGHORVFXHUSRVpVWDV
FRQVWLWX\HQ OD EDVH LQVWLWXFLRQDO GHO VLVWHPD GH SRGHU IRUPDGR GXUDQWH OD HUD

PRGHUQDHQ(XURSD
&RQFUHWDPHQWH HVH SRGHU VREUH OD YLGD VH GHVDUUROOy GHVGH HO VLJOR ;9,, HQ GRV IRUPDV
SULQFLSDOHVQRVRQDQWLWpWLFDVPiVELHQFRQVWLWX\HQGRVSRORVGHGHVDUUROORHQOD]DGRVSRU
WRGRXQKD]LQWHUPHGLRGHUHODFLRQHV8QRGHORVSRORVDOSDUHFHUHOSULPHURHQIRUPDUVH
IXH FHQWUDGR HQ HO FXHUSR FRPR PiTXLQD VX HGXFDFLyQ HO DXPHQWR GH VXV DSWLWXGHV HO
DUUDQFDPLHQWR GH VXV IXHU]DV HO FUHFLPLHQWR SDUDOHOR GH VX XWLOLGDG \ VX GRFLOLGDG VX
LQWHJUDFLyQ HQ VLVWHPDV GH FRQWURO HILFDFHV \ HFRQyPLFRV WRGR HOOR TXHGy DVHJXUDGR SRU
SURFHGLPLHQWRV GH SRGHU FDUDFWHUtVWLFRV GH ODV GLVFLSOLQDV DQDWRPRSROtWLFD GHO FXHUSR
KXPDQR(OVHJXQGRIRUPDGRDOJRPiVWDUGHKDFLDPHGLDGRVGHOVLJOR;9,,,IXHFHQWUDGRHQ
HOFXHUSRHVSHFLHHQHOFXHUSRWUDQVLGRSRUODPHFiQLFDGHORYLYLHQWH\TXHVLUYHGHVRSRUWH
DORVSURFHVRVELROyJLFRVODSUROLIHUDFLyQORVQDFLPLHQWRV\ODPRUWDOLGDGHOQLYHOGHVDOXG
ODGXUDFLyQGHODYLGD\ODORQJHYLGDGFRQWRGDVODVFRQGLFLRQHVTXHSXHGHQKDFHUORVYDULDU
WRGRV HVRV SUREOHPDV ORV WRPD D VX FDUJR XQD VHULH GH LQWHUYHQFLRQHV \ FRQWUROHV
UHJXODGRUHVXQDELRSROtWLFDGHODSREODFLyQ>@

(QHVWHSXQWRUHVXOWDGHFLVLYRTXH)RXFDXOWFRQVLGHUHHVWDVWpFQLFDVSDUDHO
HMHUFLFLR GHO SRGHU VRFLDO VREUH ORV FXHUSRV FRPR DOJR HQ FXDOTXLHU FDVR
VXERUGLQDGRDUHJODVTXHDVXYH]VRQHOUHVXOWDGRGHODH[SORUDFLyQFLHQWtILFD
GHGLFKRVFXHUSRV\SURFHVRVYLWDOHV(OGLVFLSOLQDPLHQWRGHORVPRYLPLHQWRVGH
ORVFXHUSRVLQGLYLGXDOHV\ODDGPLQLVWUDFLyQGHORVSURFHVRVGHODYLGDRUJiQLFD
VRQSRVLEOHV~QLFDPHQWHHQYLUWXGGHODLQIRUPDFLyQ\FRQRFLPLHQWRHQWRUQRD
ORV VHUHV KXPDQRV TXH VH KDQ SURGXFLGR GH DFXHUGR FRQ OD SHUVSHFWLYD
GLUHFWUL] GH OD GLVSRVLFLyQ HVWUDWpJLFD (VWR QRV FRQGXFH GH OOHQR D OD WHUFHUD
FDWHJRUtD VREUH OD TXH JLUD HO DQiOLVLV IRXFDXOWLDQR GH OD SURGXFWLYLGDG GH ODV
WpFQLFDVPRGHUQDVGHSRGHUHOFRQFHSWRGHVDEHU
<D HQ $UTXHRORJtD GHO VDEHU FRPR KHPRV YLVWR DQWHV )RXFDXOW MXJDED
FRQ OD LGHD GH LQWHUSUHWDU ORV GLVFXUVRV H[FOXVLYDPHQWH FRPR VLPSOHV
LQVWUXPHQWRVGHXQDSRGHUDPLHQWROLQJtVWLFRGHODUHDOLGDGDHVWDLGHDVLQ
HPEDUJR H[SXHVWD VLQ PiV H[SOLFDFLRQHV VyOR OH FRUUHVSRQGtD OD IXQFLyQ GH
D\XGDUDUHVROYHUODVSDUDGRMDVFDVLLQVROXEOHVGHXQDQiOLVLVGHOFRQRFLPLHQWR
SODQWHDGR HQ WpUPLQRV VHPLROyJLFRV GH KHFKR HO JLUR KDFLD XQD WHRUtD GHO
SRGHU VXUJH HQ SULPHU WpUPLQR GH OD UDGLFDOL]DFLyQ GH HVWH DUJXPHQWR SRFR
UHOHYDQWHHQUHDOLGDGSDUDHOSUR\HFWRRULJLQDOGHODQiOLVLVKLVWyULFRGHOGLVFXUVR
VLORVFRQWHQLGRVVRFLDOHVGHOVDEHUQRDQDOL]DGRVVLQFRQWUDGLFFLRQHVEDMROD
DSOLFDFLyQGHORVSURFHGLPLHQWRVVHPLROyJLFRVWLHQHQTXHVHUHQWHQGLGRVHQ

JHQHUDOFRPRLQVWUXPHQWRVGHODVUHODFLRQHVGHSRGHUVHLPSRQHODQHFHVLGDG
GHDQDOL]DUODHVWUXFWXUDRFXOWDGHODVUHODFLRQHVGHSRGHUVRFLDODQWHVGHTXHHO
SDSHOGHOFRQRFLPLHQWRFLHQWtILFRSXHGDVHUGHWHUPLQDGRFRQPD\RUH[DFWLWXG
)RXFDXOW EXVFD DKRUD HQ HO QLYHO FRQFHSWXDO GH VX WHRUtD GHO SRGHU
FRPSUHQGHU ODV VRFLHGDGHV FRPR VLWXDFLRQHV GH DJUHJDFLyQ PRPHQWiQHD
GHQWUR GH XQ SURFHVR LQFHVDQWH GH LQWHUDFFLyQ HVWUDWpJLFD HQWUH DFWRUHV
VRFLDOHV /RV HVIXHU]RV HQFDPLQDGRV D REWHQHU FRQRFLPLHQWR FLHQWtILFR QR
WLHQHQSRUFRQVLJXLHQWHXQDIXQFLyQGLIHUHQWHGHODGHOUHVWRGHDFWLYLGDGHVGH
ORVLQGLYLGXRV\JUXSRV'HWDOPRGRTXH
4XL]iV KD\D TXH UHQXQFLDU WDPELpQ D WRGD XQD WUDGLFLyQ TXH SHUPLWH LPDJLQDUQRV TXH QR
SXHGHH[LVWLUXQVDEHUVLQRDOOtGRQGHVHKDOODQVXVSHQGLGDVODVUHODFLRQHVGHSRGHU\TXHHO
VDEHUQRSXHGHGHVDUUROODUVHVLQRDOPDUJHQGHVXVFRQPLQDFLRQHVGHVXVH[LJHQFLDV\GHVXV
LQWHUHVHV4XL]iVKD\DTXHUHQXQFLDUDFUHHUTXHHOSRGHUYXHOYHORFR\TXHHQFDPELROD
UHQXQFLDFLyQDOSRGHUHVXQDGHODVFRQGLFLRQHVFRQODVFXDOHVVHSXHGHOOHJDUDVDELR+D\
TXHDGPLWLUPiVELHQTXHHOSRGHUSURGXFHVDEHU \QRVLPSOHPHQWHIDYRUHFLpQGRORSRUTXH
ORVLUYDRDSOLFiQGRORSRUTXHVHD~WLO TXHSRGHU\VDEHUVHLPSOLFDQGLUHFWDPHQWHHOXQRDO
RWURTXHQRH[LVWHUHODFLyQGHSRGHUVLQFRQVWLWXFLyQFRUUHODWLYDGHXQFDPSRGHVDEHUQLGH
VDEHUTXHQRVXSRQJD\QRFRQVWLWX\DDOPLVPRWLHPSRXQDVUHODFLRQHVGHSRGHU>@

(QHOPDUFRGHVXWHRUtDGHOSRGHU)RXFDXOWFRPSUHQGHSXHVODFLHQFLDHQ
JHQHUDO FRPR XQD DFWLYLGDG HQ OD FXDO OD UHDOLGDG VH DEUH HPStULFDPHQWH VH
HVWUXFWXUDHQFDWHJRUtDV\VHH[SOLFDWHyULFDPHQWHEDMRHOSXQWRGHYLVWDGHOD
DGTXLVLFLyQ VRFLDO GH SRGHU /DV FRQGLFLRQHV GH SRVLELOLGDG GH OD REMHWLYLGDG
SDUD HO FRQRFLPLHQWR FLHQWtILFR TXHGDQ SRU OR WDQWR GHWHUPLQDGDV SRU HO
REMHWLYR GHO VRPHWLPLHQWR VRFLDO GH ORV LQGLYLGXRV DO PDUJHQ GH HVWD UHODFLyQ
HVWUDWpJLFD HO FRQRFLPLHQWR SURGXFLGR PHWRGROyJLFDPHQWH QR FXPSOH QLQJ~Q
SURSyVLWRHVSHFtILFRHQFRUUHVSRQGHQFLDFRQHVWRHVIDOVRKDEODUGHODFLHQFLD
FRPRVHKDKHFKRKDVWDDKRUDFRPRXQLQVWUXPHQWRRXQVLPSOHPHGLRGHO
FRQWUROVRFLDO)RXFDXOWHQHVWHVHQWLGRYDPXFKRPiVDOOiGHODLQWHUSUHWDFLyQ
FRQYHQFLRQDOVHJ~QODFXDOORVJUXSRVVRFLDOHVVRQFDSDFHVGHPRQRSROL]DUHO
FRQRFLPLHQWRWHyULFR\ODLQIRUPDFLyQFLHQWtILFDFRQHOREMHWLYRGHDVHJXUDUHO
SRGHUSRUPHGLRGHHVWUDWHJLDVFXOWXUDOHVHLQVWLWXFLRQDOHVGHH[FOXVLyQ>@/D
DFWLYLGDG FLHQWtILFD QR H[LVWH SDUD pO DO PDUJHQ GH XQ FDPSR GH FRQIOLFWRV
HVWUDWpJLFRV GH WDO PRGR TXH SXHGD VHUYLU D ORV DFWRUHV FRPSURPHWLGRV

VLPSOHPHQWHFRPRXQDKHUUDPLHQWDPiVELHQHVHOODPLVPDODIRUPDUHIOH[LYD
GHODDFFLyQHVWUDWpJLFD
'H DKt TXH OD WHRUtD GHO FRQRFLPLHQWR GH )RXFDXOW VyOR GHGXFLEOH
LQGLUHFWDPHQWHGHODVLQYHVWLJDFLRQHVHQWRUQRDODWHRUtDGHOSRGHUFRQVLVWDHQ
HOLQWHQWRGHWUD]DUHOPDUFRFRQFHSWXDO\ORVSURFHGLPLHQWRVPHWRGROyJLFRVGH
ODVFLHQFLDVKXPDQDV\HQUHDOLGDGWDPELpQGHODVFLHQFLDVQDWXUDOHV>@
GHQWUR GH XQ VLVWHPD GH UHODFLRQHV FRJQRVFLWLYDV \D SUHYLDPHQWH DQFODGR HQ
VLWXDFLRQHV HOHPHQWDOHV GHO HMHUFLFLR GHO SRGHU VRFLDO D VDEHU EDMR
GHWHUPLQDGDVLQTXLVLFLRQHVLQYHVWLJDFLRQHV\SUXHEDVHQHVWRVSURFHGLPLHQWRV
SUHFLHQWtILFRVGHLQYHVWLJDFLyQTXHVLUYHQDOLQFHVDQWHFRQWUROGHOFRQWULQFDQWH
RGHODRSRVLFLyQVRFLDOODUHDOLGDGHQVXFRQMXQWRVHSUR\HFWDGHDQWHPDQR\D
FRPRXQFDPSRHVWUDWpJLFRGHRSHUDFLRQHV\FRPRORTXHDSDUHFHOXHJRHQODV
FLHQFLDVGHXQPRGRPHWRGROyJLFDPHQWHREMHWLYDGR$GLIHUHQFLDGH$GRUQR
FRQHOTXHVLQHPEDUJRFRPSDUWHHOSUREOHPDGHOFDUiFWHULQVWUXPHQWDOGHODV
FLHQFLDV)RXFDXOWGHGXFHODVFRQGLFLRQHVGHOFRQRFLPLHQWRFLHQWtILFRQRGHXQ
FRQWH[WR GH UHIHUHQFLD RULHQWDGR \ GLVSXHVWR DO FRQWURO LQVWUXPHQWDO D OD
QDWXUDOH]DVLQRPiVELHQGHXQPDUFRHPSOD]DGRGHQWURGHORVUHTXHULPLHQWRV
HVWUDWpJLFRV GH OD OXFKD VRFLDO (V GHFLU QR HVWi LQWHUHVDGR HQ OD FRQH[LyQ
RFXOWD HQWUH H[SHULHQFLD FLHQWtILFD \ OD GRPLQDFLyQ GH OD QDWXUDOH]D VLQR HQ OD
UHODFLyQH[LVWHQWHHQWUHH[SHULHQFLDFLHQWtILFD\DFFLyQHVWUDWpJLFDFRPRVLIXHUD
XQ EXHQ GLVFtSXOR VRFLROyJLFR GH 1LHW]VFKH )RXFDXOW QR SXHGH HYLWDU
GHVDUUROODU SDUWLHQGR GH HVWDV LGHDV EiVLFDV DFHUFD GHO FRQRFLPLHQWR XQD
FUtWLFDGHODVFLHQFLDVKXPDQDVFRQIURQWDQGRODDXWRFRPSUHQVLyQHPDQFLSDWRULD
TXHWLHQHQpVWDVFRQVXSURFHGHQFLDHIHFWLYD
(VWDVFLHQFLDVFRQODVTXHQXHVWUD+XPDQLGDGVHHQFDQWDGHVGHKDFHPiVGHXQVLJORWLHQHQ
VX PDWUL] WpFQLFD HQ OD PLQXFLD LQTXLVLWLYD \ DYLHVD GH ODV GLVFLSOLQDV \ GH VXV
LQYHVWLJDFLRQHV eVWDV VRQ TXL]i D OD SVLFRORJtD D OD SVLTXLDWUtD D OD SHGDJRJtD D OD
FULPLQRORJtD\DWDQWRVRWURVH[WUDxRVFRQRFLPLHQWRVORTXHHOWHUULEOHSRGHUGHLQTXLVLFLyQ
IXH DO VDEHU WUDQTXLOR GH ORV DQLPDOHV GH ODV SODQWDV R GH OD WLHUUD 2WUR SRGHU RWUR VDEHU
>@

$GHFLUYHUGDGODFUtWLFDGHODFLHQFLDGHODVLQYHVWLJDFLRQHVIRXFDXOWLDQDV
FX\RREMHWRSROpPLFREXVFDH[SRQHUODVFRQH[LRQHVEiVLFDVH[LVWHQWHVHQWUHORV
HVIXHU]RV RULHQWDGRV D REWHQHU FRQRFLPLHQWR WHyULFR \ ORV SURSyVLWRV GH OD

DFFLyQHVWUDWpJLFDUHVXOWDSRFRDUWLFXODGD\FDVLVXSHUILFLDOKDVWDDKRUDQLKD
VLGR XWLOL]DGD SDUD H[DPLQDU GH PRGR SUREDWRULR ODV FDUDFWHUtVWLFDV
PHWRGROyJLFDV GH ODV FLHQFLDV SDUWLFXODUHV QL VH KD HQIUHQWDGR HQ JHQHUDO DO
SUREOHPDGHFyPRHOFRQRFLPLHQWRREWHQLGRPHUDPHQWHGHVGHODSHUVSHFWLYD
GH OD JDQDQFLD GH SRGHU VRFLDO SXHGH WHQHU DOJ~Q WLSR GH p[LWR SUiFWLFR HQ
FRQWH[WRV GH DFFLyQ PDQLILHVWDPHQWH RULHQWDGRV GH PRGR GLIHUHQWH SRU
HMHPSOR FRQWH[WRV GH DFFHVR WpFQLFR D OD QDWXUDOH]D R HO WUDWDPLHQWR
WHUDSpXWLFRGHSRVLEOHVGLVIXQFLRQHVHQODVRFLDOL]DFLyQ $OOtGRQGHHVWDFUtWLFD
GH OD FLHQFLD WUDWD SUHFLVDPHQWH GH GLULJLUVH GH QXHYR KDFLD XQD GLVFLSOLQD
SDUWLFXODUFRPRSXHGHVHUHOFDVRGHOSVLFRDQiOLVLVQRSHQHWUDGLUHFWDPHQWHHQ
UHDOLGDG HQ VX HVWUXFWXUD PHWRGROyJLFD VLQR TXH HQ OXJDU GH HOOR VH GD SRU
VDWLVIHFKD QXHYDPHQWH FRQ OD HQ YHUGDG DOJR JURVHUD GHPRVWUDFLyQ GH VX
IXQFLyQ VRFLDO >@ < SRU ~OWLPR FDEH VHxDODU TXH HO WLSR GH WHRUtD GHO
FRQRFLPLHQWRTXH)RXFDXOWSUHVHQWDFRPREDVHGHVXFUtWLFDGHODVFLHQFLDVOH
KDFH HQUHGDUVH HQ OD FRQWUDGLFFLyQ GH QR VHU \D FDSD] GH MXVWLILFDU
HSLVWHPROyJLFDPHQWH VX SURSLD DFWLYLGDG GH LQYHVWLJDFLyQ DFDGpPLFD \D TXH
SRGUtDDOPLVPRWLHPSRVHUREMHWRGHODVPLVPDVFUtWLFDVTXHpOPLVPRHVJULPH
D VDEHU TXH VH KDEUtD GHVHQPDVFDUDGR PHUDPHQWH FRPR XQD IRUPD UHIOH[LYD
GHODDFFLyQHVWUDWpJLFD>@&RPRUHVXOWDGRGHHVWRODFUtWLFDIRXFDXOWLDQDGH
OD FLHQFLD HQWHQGLGD FRPR XQ WRGR HV GHPDVLDGR YDJD HQ VXV SULQFLSLRV
IXQGDPHQWDOHV \ GHPDVLDGR SUHFLSLWDGD HQ VXV FRQFOXVLRQHV FRPR SDUD VHU
FRQYLQFHQWH FRPR SRVLEOH GHVDUUROOR GH XQD WHRUtD GHO FRQRFLPLHQWR (Q
FXDOTXLHUFDVRHQVXDUJXPHQWDFLyQHOODVyORWLHQHFRPRWDUHDSURSRUFLRQDUXQ
WUDVIRQGRPX\JHQHUDOSDUDHOSUREOHPDTXHDpOOHLQWHUHVDUHDOPHQWHHOPRGR
GHIXQFLRQDPLHQWRGHODVWpFQLFDVPRGHUQDVGHSRGHUTXHVHKDQFHQWUDGRHQHO
WULiQJXORFXHUSRQRUPD\VDEHU
$KRUD TXH ORV WUHV FRQFHSWRV KDQ TXHGDGR JURVVR PRGR FODULILFDGRV
SRGHPRVREVHUYDUFRQWRGDFODULGDGTXHIRUPDQXQDHVSHFLHGHVLVWHPDSRU
DVt GHFLUOR TXH VH UHWURDOLPHQWD D Vt PLVPR XQ VLVWHPD HQ HO TXH VL KHPRV
OOHJDGR D FRPSUHQGHU ELHQ OD SRVLFLyQ IRXFDXOWLDQD ORV FRQRFLPLHQWRV
VLVWHPiWLFRVDFHUFDGHORVPRGRVGHDFFLyQ\SURFHVRVFRUSRUDOHVGHORVVHUHV
KXPDQRV VRFLRORJtDPHGLFLQDSHGDJRJtDSVLFRORJtDHWF VRQSURGXFLGRVSRU
PHGLR GH SURFHGLPLHQWRV RULHQWDGRV D H[WUDHU LQIRUPDFLyQ LQTXLVLFLyQ

FRQIHVLyQ LQWHUURJDWRULRV HWF  (VWH FRQRFLPLHQWR OXHJR VH WUDGXFH HQ


GHWHUPLQDGDV SUiFWLFDV GH GLVFLSOLQDPLHQWR GLUHFWR GH ORV FXHUSRV SRGHU
GLVFLSOLQDULR \GHFRQWURODGPLQLVWUDWLYRGHOFRPSRUWDPLHQWR ELRSROtWLFD 3RU
VXSXHVWR XQ VLVWHPD UHJXODGR HQ HVWRV WpUPLQRV HQ HO TXH ORV SURFHVRV
VLPEyOLFRVGHODSURGXFFLyQGHFRQRFLPLHQWRVHFRPELQDQFRQODVRSHUDFLRQHV
SUiFWLFDV GHO FRQWURO GHO FRPSRUWDPLHQWR QR VH LQWHUSUHWD HQ WpUPLQRV
HVWiWLFRV VLQR HQ HO VHQWLGR GH XQ SURFHVR GH DSUHQGL]DMH DFXPXODWLYR FDGD
WpFQLFDDSOLFDGDHQODSUiFWLFDSDUDODPDQLSXODFLyQ\FRQWUROGHORVSURFHVRV
GH OD YLGD KXPDQD H[SDQGH DO PLVPR WLHPSR OD EDVH GH LQIRUPDFLyQ SDUD HO
FRQRFLPLHQWRFLHQWtILFRGHOPLVPRPRGRTXHFDGDSHUFHSFLyQRFRPSUHQVLyQ
REWHQLGD GH HVWRV KHFKRV D WUDYpV GHO SURFHVR GH OD LQYHVWLJDFLyQ FLHQWtILFD
LQFUHPHQWDHOJUDGRGHPDQLSXODFLyQHQORVSURFHGLPLHQWRVGHGLVFLSOLQDPLHQWR
\FRQWURO'HODSURGXFWLYLGDG>@GHHVWDVWpFQLFDVGHSRGHUTXHIXQFLRQDQ
FRPRXQWLSRGHVLVWHPDDXWRUUHJXODGRKDEODSUHFLVDPHQWH)RXFDXOWDKRUDHQ
XQGREOHVHQWLGRSHURVLQGLIHUHQFLDUGHPDQHUDVXILFLHQWHPHQWHFODUDHQWUHORV
GRV SRVLEOHV PRGRV GH XVDU HO FRQFHSWR VRQ SURGXFWLYDV ODV HVWUDWHJLDV
PRGHUQDV HQ HO HMHUFLFLR GHO SRGHU VRFLDO WDQWR SRU HO KHFKR GH TXH VRQ
FDSDFHV GH RSWLPL]DUVH D Vt PLVPDV FRQVWDQWHPHQWH EDMR XQD PRGDOLGDG
UHIOH[LYD FRPR SRUTXH HOODV VDEHQ FyPR LQFUHPHQWDU ORV UHQGLPLHQWRV
FRUSRUDOHVGHORVVXMHWRV
$VtHVFRPR)RXFDXOWGHVDUUROODVXVWHVLVDFHUFDGHODVSHFXOLDULGDGHVGH
ODVWpFQLFDVPRGHUQDVGHOSRGHUDODVFXDOHVDWULEX\HQRVyORSRVLELOLGDGHVFDVL
LOLPLWDGDVGHFRQWURO GHOFRPSRUWDPLHQWR VLQRWDPELpQOD FDSDFLGDGSDUD XQD
DXWRRSWLPL]DFLyQ FRQVWDQWH 3RU FRQVLJXLHQWH \D QR DWULEX\H HVWD IRUPD
GHVDUUROODGD GHO HMHUFLFLR GH SRGHU D ORV DFWRUHV LQGLYLGXDOHV R D ORV JUXSRV
VRFLDOHV HQWHQGLGRV FRPR VXMHWRV GH DFFLyQ OR TXH SDVD D VHU REMHWR GH
LQWHUpV HQ FDPELR VRQ LQVWLWXFLRQHV FRPR OD HVFXHOD OD SULVLyQ R OD IiEULFD
LQVWLWXFLRQHV TXH pO PLVPR GHEH FRPSUHQGHU D PRGR GH HVWUXFWXUDV
H[WUHPDGDPHQWH FRPSOHMDV GH SRVLFLRQHV VROLGLILFDGDV GH SRGHU VRFLDO (O
PDUFRGHUHIHUHQFLDSDUDHOFRQFHSWRGHSRGHUVHGHVSOD]DVHFUHWDPHQWHSRU
WDQWRGHOiPELWRGHODWHRUtDGHODDFFLyQKDFLDXQDQiOLVLVGHODVLQVWLWXFLRQHV
$KRUDELHQSXHGHGHFLUVHTXHHOGLDJQyVWLFRWHyULFRGHODVWpFQLFDVGHSRGHU
QRVyORHQUHDOLGDGLPSLGHHVFODUHFHUDGHFXDGDPHQWHHOSUREOHPDVXE\DFHQWH

TXH KD GH DIURQWDUVH VLQR TXH PiV ELHQ OR HVFDPRWHD VL SRU XQ ODGR HO
FRQFHSWR GH SRGHU VH GHVDUUROOD SDUWLHQGR GHO KHFKR GH OD LQWHUVXEMHWLYLGDG
SUiFWLFDGHODOXFKDVRFLDOVLQSRGHUH[SOLFDUVXILFLHQWHPHQWHORVSURFHVRVGH
HVWDELOL]DFLyQ VRFLDO GH ODV SRVLFLRQHV GH SRGHU SRU RWUR HO DQiOLVLV GH ODV
WpFQLFDVGHSRGHUKDFHXQXVRGHVFXLGDGRGHXQDLGHDGHLQVWLWXFLyQGHSRGHU
VLQKDFHUQLQJXQDUHIHUHQFLDDORVSURFHVRVUHODWLYRVDVXIXQGDFLyQVRFLDO(Q
HVWH SDVR SXHV HO IHQyPHQR TXH LQWHUHVD UHDOPHQWH D OD WHRUtD D VDEHU OD
HVWDELOL]DFLyQ GH ODV SRVLFLRQHV GH SRGHU DVHJXUDGDV HQ OD SUiFWLFD EDMR OD
IRUPDGHVXLQVWLWXFLRQDOL]DFLyQVRFLDOGHVDSDUHFHGHHVFHQD(QWUHODFRQTXLVWD
ORFDOPHQWH~QLFDGHXQDSRVLFLyQGHSRGHU TXHSXHGHFRQVWDWDUVHXQD\RWUD
YH] HQ HO PRGHOR WHyULFR IXQGDPHQWDO GH DFFLyQ GH OD OXFKD  \ OD DFWLYLGDG
H[WUHPDGDPHQWH FRPSOHMD GHO FRQWURO VRFLDO D WUDYpV GH LQVWLWXFLRQHV TXH VH
SUHVXSRQHHQODH[SOLFDFLyQFRQFHSWXDOGHODVWpFQLFDVPRGHUQDVGHSRGHU OD
FXHVWLyQGHODJpQHVLVVRFLDOGHODVUHODFLRQHVGHSRGHUVLJXHD~QVLQH[SOLFDUVH
UHDOPHQWHHQWpUPLQRVWHyULFRV
(VWHPDOHQWHQGLGRQRHVPHUDPHQWHDFFLGHQWDOHVPiVSRVHHXQFDUiFWHU
VLVWHPiWLFR 1R VH GHULYD GHO KHFKR GH TXH )RXFDXOW HQ XQ SULPHU PRPHQWR
GHVDUUROOH VX PRGHOR GH DFFLyQ HVWUDWpJLFD ~QLFDPHQWH VREUH OD EDVH GH
HMHPSORV VHQFLOORV TXH WUDWDQ GH SRQHU HQ HYLGHQFLD OD FRQIURQWDFLyQ GLUHFWD
HQWUH ORV DFWRUHV HQ OL]D \ OXHJR HQ XQ PRYLPLHQWR SRVWHULRU OR DPSOtH
SDUDGLJPiWLFDPHQWHHQGLUHFFLyQDXQDWHRUtDGHODVRFLHGDGGHVDUUROODQGRVXV
DQiOLVLV GH ODV WpFQLFDV GH SRGHU HQ UHODFLyQ D SURFHVRV KLVWyULFDPHQWH
FRQFUHWRV8WLOL]DUHOXVRGHOFRQFHSWRGHOXFKDFRPRPDUFRH[FOXVLYRGHXQD
WHRUtD VRFLDO QR HVWi HQ DEVROXWR H[HQWR GH FRQWUDGLFFLRQHV FXDOTXLHU
HVWDELOL]DFLyQ VRFLDO GH XQD SRVLFLyQ GH SRGHU HVWR HV FXDOTXLHU
HVWDEOHFLPLHQWR GH XQD UHODFLyQ GH SRGHU SRU PX\ OLPLWDGD TXH VHD
SUHVXSRQH \D OD LQWHUUXSFLyQ GH OD OXFKD EDMR OD IRUPD GH XQ DFXHUGR
QRUPDWLYDPHQWHPRWLYDGRRGHXQFRPSURPLVRGHRULHQWDFLyQILQDOSUDJPiWLFD
R HQ GHILQLWLYD GH XQ XVR GH OD IXHU]D SODQWHDGR D ODUJR SOD]R 6L ORV GRV
SULPHURV FDVRV SDUD OD VROXFLyQ GH XQ FRQIOLFWR HVWUDWpJLFR UHSUHVHQWDQ
PDQLREUDV GH XQD HVWDELOL]DFLyQ QR XQLODWHUDO VRFLDO GHO SRGHU OD WHUFHUD
VROXFLyQ UHSUHVHQWD XQ FDVR LPSUREDEOH GH HVWDELOL]DFLyQ H[FOXVLYDPHQWH
XQLODWHUDOGHXQDSRVLFLyQVRFLDOGHSRGHU'DGRTXH)RXFDXOWVyORSXHGHSDUWLU

RULJLQDULDPHQWH GH XQD VHULH LQLQWHUUXPSLGD GH FRQIOLFWRV \ FRQIURQWDFLRQHV


HVWUDWpJLFDV VH YH REOLJDGR D H[FOXLU HQ HO iPELWR FRQFHSWXDO FXDOTXLHU
SRVLELOLGDGGHXQDVXSHUDFLyQUHFtSURFDGHODOXFKDHQXQHVWDGRSURYLVLRQDOGHO
SRGHU HVWDELOL]DGR 3RU WDQWR HQ HVWH SXQWR VHJ~Q pO LQHYLWDEOHPHQWH VyOR
SXHGH TXHGDU OD SRVLELOLGDG GH LQWHUSUHWDU OD LQVWLWXFLRQDOL]DFLyQ GH ODV
SRVLFLRQHV GH SRGHU FRPR XQ SURFHVR LQFHVDQWH GH HMHUFLFLRV FRDFWLYRV 3RU
FRQVLJXLHQWH FXDQGR pO EXVFD HQ HO SODQR GH OD WHRUtD GHVFULELU ODV WpFQLFDV
PRGHUQDVGHSRGHUVyORSXHGHKDFHUXVRXQD\RWUDYH]FRQVHFXHQWHPHQWH
GH HVD WHUFHUD SRVLELOLGDG HQ HVWH SXQWR pO QR SXHGH SRU PHQRV GH
FRPSUHQGHU ODV UHODFLRQHV GH SRGHU VRFLDO FRPR VLWXDFLRQHV DJUHJDGDV GH
DFFLyQ HVWUDWpJLFD REWHQLGDV D WUDYpV GHO XVR SHUPDQHQWH GH OD IXHU]D \
WpFQLFDPHQWHSURYLVWDVGHJUDQHIHFWLYLGDG/DVLQVWLWXFLRQHVVRFLDOHVDSDUHFHQ
SDUD )RXFDXOW WDO FRPR pO PLVPR H[SOLFD HQ XQD DOXVLyQ SRFR MXVWLILFDGD D
'XUNKHLP FRPR VLPSOHV PHGLRV R LQVWUXPHQWRV GH XQ GRPLQLR FRDFWLYR
XQLODWHUDO
'DGR TXH )RXFDXOW QR SXHGH DO ILQ \ DO FDER MXVWLILFDU XQ FRQFHSWR GH
UHODFLRQHVVRFLDOHVGHSRGHUTXHYD\DPiVDOOiGHXQUHVXOWDGRDSRUpWLFRHO
RULJLQDGRSRUVXWHQWDWLYDGHH[SOLFDUORVyORGHVGHODLGHDGHODRPQLSUHVHQFLD
GHORVFRQIOLFWRVHVWUDWpJLFRVVHYHREOLJDGRXQDYH]PiVHQHOiPELWRGHOD
WHRUtDVRFLDODGHGXFLUHORUGHQGHODVVRFLHGDGHVSDUWLHQGRGHORVHIHFWRVGH
XQXVRGHODIXHU]DFRDJXODGRHQORVDSDUDWRVLQVWLWXFLRQDOHV&RQWUDULDPHQWHD
VXVSURSLDVSUHWHQVLRQHVHODQiOLVLVWHyULFRVRFLDOGHODVSHFXOLDULGDGHVGHODV
WpFQLFDV PRGHUQDV GH SRGHU QR FRQWLHQH PiV TXH OD LGHD FRQFHSWXDOPHQWH
GLIHUHQFLDGD SHUR HQ HO IRQGR UHGXFFLRQLVWD GH XQD GRPLQDFLyQ FRDFWLYD
XQLODWHUDO$FDXVDGHHVWRVXUJHHQODWHRUtDGHOSRGHUIRXFDXOWLDQDFRPRQRHV
GLItFLOGHGXFLUXQDOODPDWLYDGLVFUHSDQFLDHQWUHHOPRGHORGHDFFLyQTXHVLUYHGH
EDVH \ HO GHVDUUROOR GH VX WHRUtD VRFLDO HQWUH OD DILUPDFLyQ GH XQ SURFHVR
LQFHVDQWH GH OXFKD VRFLDO \ OD WHVLV GH XQD HIHFWLYLGDG LOLPLWDGD GHO SRGHU
PRGHUQR GH OD GLVFLSOLQD (Q RWUDV SDODEUDV GHQWUR GH XQD \ PLVPD
DUJXPHQWDFLyQ DSDUHFHQ FRQWUDSXHVWDV GRV WHVLV OD FRQILUPDFLyQ WHyULFD GH
XQDEDWDOODLQFHVDQWH\XQDLPDJHQGHWDOODGDGHOPRGRGHIXQFLRQDPLHQWRGH
ODVLQVWLWXFLRQHVDGPLQLVWUDWLYDVGHODFRDFFLyQFX\DFRQGLFLyQJHQpWLFRVRFLDO
HVSUHFLVDPHQWHODLQWHUUXSFLyQGHHVDEDWDOODLQFHVDQWHDODSULPHUDGHODV

WHVLV VyOR VH DMXVWD OD LGHD GH XQD SOXUDOLGDG GH DFWRUHV VRFLDOHV HQ
FRPSHWHQFLD OD LGHD GH XQD FRQGXFWD FRUSRUDO LUUHVLVWLEOHPHQWH PDQLSXODGD
VyORHVFRPSDWLEOHFRQODVHJXQGD
(VWD ILVXUD LQWHUQD GHQWUR GH OD WHRUtD GHO SRGHU IRXFDXOWLDQD RFDVLRQDGD
SRU OD UHGXFFLyQ GH OR VRFLDO DO FRQIOLFWR HVWUDWpJLFR \ TXH SURYRFD HQ HVD
PHGLGDODH[FOXVLyQGHRWUDVIRUPDVGHDFFLyQVRFLDOVyORTXHGDUiHQSULQFLSLR
UHVXHOWDFXDQGRpOGHVSODFHHOQLYHOGHODUHIOH[LyQFRQFHSWXDODOFDPSRGHOD
HVFULWXUD KLVWyULFD HV GHFLU HQ ODV LQYHVWLJDFLRQHV PDWHULDOHV UHODWLYDV D OD
HPHUJHQFLDGHODVWpFQLFDVPRGHUQDVGHLQWHJUDFLyQVRFLDOHOPRGHORGHDFFLyQ
HVWUDWpJLFD QR SDUHFH MXJDU \D XQD IXQFLyQ WHyULFDPHQWH IXQGDPHQWDO HV PiV
HQ UHDOLGDG ORV IHQyPHQRV KLVWyULFRV GH FRQIOLFWR VRFLDO HQ JHQHUDO FRPR
HQVHJXLGD VH WUDWDUi GH PRVWUDU KDQ GHVDSDUHFLGR GHWUiV GH XQ SURFHVR
VLVWpPLFRHQFDPLQDGRDOFRQWLQXRSHUIHFFLRQDPLHQWRGHODVWpFQLFDVGHSRGHU
(ODQiOLVLVGHOSRGHUIRXFDXOWLDQRHQVXGHVDUUROORILQDOFHUFDQRDODWHRUtDGH
VLVWHPDV GH XQ PRGR H[WUDxR VH WHUPLQD DVt FXULRVDPHQWH DSUR[LPDQGR D OD
WHRUtD VRFLDO GH $GRUQR GH OD TXH D FDXVD GH VX PRGHOR WHyULFR LQLFLDO GH
DFFLyQGHOXFKDVRFLDOSDUHFtDHVWDUWDQGLVWDQWHHQXQSULPHUPRPHQWR

1RWDVDOSLH

>@ 3DUD OD FRQYHUJHQFLD H[LVWHQWH HQWUH ODV LQYHVWLJDFLRQHV KLVWyULFDV GH OD SULPHUD IDVH GH
)RXFDXOW \ ORV GHVDUUROORV WHPiWLFRV GH $GRUQR FIU 0 DUWLQ 3XGHU 'HU E|VH %OLFN GHV 0 LFKHO
)RXFDXOWHQ1HXH5XQGVFKDXSS\VV
>@$VtSRUHMHPSORHQODLOXPLQDGRUDFUtWLFDTXHDSDUHFHHQHOHVWXGLRGH'RPLQLTXH/HFRXUW
.ULWLNGHU :LVVHQVFKDIWVWKHRULH %DFKHODUG &DQJXLOKHOP )RXFDXOW  %HUOtQ  SS  \ VV XQ
UHVXPHQ GH GLFKD GLVFXVLyQ OR RIUHFH 3 6ORWHUGLMN HQ 0 LFKHO )RXFDXOWV VWUXNWXUDOH 7KHRULH GHU
*HVFKLFKWHRSFLW
>@ (O SURSLR )RXFDXOW UHWURVSHFWLYDPHQWH YD D GHVFULELU HVWD FRQIHUHQFLD FRPR XQ WH[WR
SHUWHQHFLHQWH D XQD IDVH GH WUDQVLFLyQ FIU WDPELpQ 0  )RXFDXOW 'LH 0 DFKWYHUKDOWQLVVH
GXUFK]LHKHQGDV.|USHULQQHUH*HVSUlFKPLW/XFHWWH)LQDV'LVSRVLWLYH GHU 0DFKW %HUOtQ 
SS\VVSDUDORDTXtFLWDGRFIUS>7UDGFDVWHOODQD/DVUHODFLRQHVGHSRGHUHQWUDQHQ
ORVFXHUSRVHQ0LFURItVLFDGHOSRGHU0 DGULG/D3LTXHWD@
>@ 3DUD HO VLJQLILFDGR GH HVWH GXDOLVPR DIHFWLYR HQ OD ILORVRItD VRFLDO IUDQFHVD FRQWHPSRUiQHD
FIU9'HVFRPEHV'DV6HOEHXQGGDV$QGHUHRSFLWSS\VV>WUDGFDVWHOODQD/RPLVPR\OR
RWURFXDUHQWD\FLQFRDxRVGHILORVRItDIUDQFHVD  0 DGULG&iWHGUD@FIUWDPELpQ
HOHVWXGLRGH$OH[&DOOLQLFRV,VWKHUHD)XWXUHIU0DU[LVWV"/RQGUHV\%DVLQJVWRNHFDS
3RZHUDQG'HVLUH 
>@ (Q OD REUD GH )RXFDXOW HVWH FDPELR GH XQD FRQFHSFLyQ GXDOLVWD D RWUD PRQLVWD GH ORV
LPSXOVRV VRFLDOHV YD PDQLILHVWDPHQWH D FULVWDOL]DU HQ RWUR FDPELR HO GH XQD WHRUtD GH ORV DIHFWRV
GXDOLVWDDRWUDPRQLVWDTXHSDUWHGHODREUDGH1LHW]VFKHVREUHHOGHVDUUROORGHHVWDFXHVWLyQHQOD
ILORVRItD GH 1LHW]VFKH FIU :DOWHU .DXIPDQQ 1LHW]VFKH 3KLORVRSK3V\FKRORJH$QWLFKULVW
'DUPVWDGW  SS  \ VV 6REUH HVWD WHRUtD PRQtVWLFD GHO SRGHU TXH )RXFDXOW WRPD GH
1LHW]VFKH FIU +LQULFK )LQN(LWHO )RXFDXOWV $QDO\WLN GHU 0 DFKW HQ )ULHGULFK .LWWOHU HG 'LH
$XVWUHLEXQJGHV*HLVWHVDXVGHQ*HLVWHVZLVVHQVFKDIWHQ3DGHUERUQSS\VV$KRUDELHQ
HQORTXHVLJXHSURSRQJRHQFDPELRXQDLQWHUSUHWDFLyQDOWHUQDWLYDGHOSUREOHPD
>@ 0  )RXFDXOW :DKUKHLW XQG 0 DFKW ,QWHUYLHZ YRQ $OOHVVDQGUR )RQWDQD XQG 3DVTXDOH
3DVTXLQR'LVSRVLWLYH GHU 0DFKWRSFLW SS  \ VV SDUD OR DTXt GLFKR SS  \ VV HQ OD
SULPHUDSDUWHGHPLDUJXPHQWDFLyQKDUpUHIHUHQFLDDODVPDQLIHVWDFLRQHVUHDOL]DGDVSRU)RXFDXOWHQ
VXVHQWUHYLVWDVFRQPiVIUHFXHQFLDGHODTXHHVGHULJRUSRUTXHDTXtHVWLPXODGRHQSDUWHSRUODV
SUHJXQWDV TXH VH OH SODQWHDQ pO HV PiV H[SOLFLWR UHVSHFWR D ORV SUHVXSXHVWRV FRQFHSWXDOHV GH VX
WHRUtDGHOSRGHUTXHHQODVLQYHVWLJDFLRQHVKLVWyULFDV
>@,EtGSS\VV
>@&IU0 LFKHO)RXFDXOW1RUPXQG0 DFKW0LNURSK\VLNGHU0DFKW%HUOtQSS\
VVFIUWDPELpQ0 DFKWYHUKlOWQLVVHGXUFK]LHKHQGDV.|USHULQQHUH*HVSUlFKHPLW/XFHWWH)LQDV
RSFLWSS\VV
>@(QORTXHVLJXHPHDSR\RHQOD\DFLWDGDLQWHUSUHWDFLyQGHODWHRUtDQLHW]VFKHDQDGHOSRGHU
TXHGHVDUUROOD:DOWHU.DXIPDQQHQVXPRQRJUDItD1LHW]VFKH3KLORVRSK3V\FKRORJH$QWLFKULVWRS
FLW WHUFHUD SDUWH GHVGH DTXt SXHGHQ UHFRQRFHUVH IiFLOPHQWH ODV FRQFRUGDQFLDV FRUUHVSRQGLHQWHV D
ODVIyUPXODFLRQHVFRQFHSWXDOHVXWOL]DGDVFLHUWDPHQWHDSDUWLUGHDKRUDYR\DUHFRQVWUXLUODWHRUtD
GHOSRGHUIRXFDXOLDQDGHVGHXQPRGHORGHDFFLyQIXQGDGRHQHOFRQFHSWRGHOXFKD\QRGHVGHXQD

FRQFHSFLyQGHORVDIHFWRVFHUFDQDDODILORVRItDQLHW]VFKHDQDDXQFXDQGRHOSURSLR)RXFDXOWSDUH]FD
HVWDUSUy[LPRHQDOJXQRVWH[WRVDILJXUDVFRQFHSWXDOHVGHFRUWHQDWXUDOLVWDRSXOVLRQDO FRPRSRU
HMHPSOR HQ OD FDWHJRUtD GH YROXQWDG GH VDEHU  FRQVLGHUR TXH HVWD LQWHUSUHWDFLyQ WHyULFD GH OD
DFFLyQUHVXOWDPiVLQWHUHVDQWHSDUDOOHYDUDGHODQWHHOREMHWLYRGHXQDWHRUtDGHODVRFLHGDG
>@0 )RXFDXOW6H[XDOLWlWXQG:DKUKHLW(UVWHU%DQG'HU:LOOH]XP:LVVHQ)UDQNIXUW
S>7UDGFDVWHOODQD+LVWRULDGHODVH[XDOLGDG WRPR /DYROXQWDGGHVDEHU0 DGULG6LJOR
;;,@
>@ 8EHUZDFKHQ XQG 6WUDIHQ 'LH *HEXUW GHV *HIlQJQLVVHV )UDQNIXUW  S  >7UDG
FDVWHOODQD9LJLODU\FDVWLJDU(OQDFLPLHQWRGHODSULVLyQ0 DGULG6LJOR;;,@
>@6H[XDOLWlWXQG:DKUKHLWRSFLWS
>@1RUPXQG0 DFKWRSFLWS
>@'LH0 DFKWYHUKlOWQLVVHGXUFK]LHKHQGDV.|USHULQQHUHRSFLWS  HQ FLHUWR SDVDMH
SRUHMHPSOR 0 )RXFDXOW+LVWRULVFKHV:LVVHQGHU.lPSIHXQG0 DFKW'LVSRVLWLYHGHU0DFKW
SS  \ VV SDUD OR DTXt FLWDGR S   )RXFDXOW VRVWLHQH TXH HO FRQFHSWR GH SRGHU VyOR SXHGH
DFODUDUVHFRQD\XGDGHFRQFHSWRVFRPRORVGHOXFKDFRQIURQWDFLyQ\JXHUUD
>@$ODIyUPXODGH+REEHV)RXFDXOWKDFHUHIHUHQFLDH[SOtFLWDHQODFRQYHUVDFLyQ(LQ6SLHOXP
GLH 3V\FKRDQDO\VH *HVSUlFK PLW $QJHK|ULJHQ GHV 'HSDUWPHQW GH 3V\FKDQDO\VH GHU 8QLYHUVLWlW
3DULV9,,,LQ9LQFHQQHV'LVSRVLWLYHGHU0DFKWRSFLWSS\VVSDUDORDTXtGLFKRFIUS

>@&IUSDUDHVWRODVDWLQDGDVREVHUYDFLRQHVGH5XGROI%XUJHUHQ'LHOX]LGHQ/DE\ULQWKHGHU
%RXUJHRLVLH 0 DUJLQDOLHQ ]XP %HJULII GHU 0 DFKW EHL )RXFDXOW .ULPLQDOVR]LRORJLVFKH
%LEOLRJUDSKLH FXDGHUQR    )RXFDXOW XQG GDV *HIlQJQLV SS  \ VV SDUD OR DTXt
FLWDGRS
>@ )RXFDXOW FRPHQWD GH IRUPD H[SOtFLWD HVWDV LGHDV EiVLFDV HQ OD \D FLWDGD FRQYHUVDFLyQ GH
(LQ6SLHOXPGLH3V\FKRDQDO\VHRSFLWVREUHWRGRSS\VV
>@0 )RXFDXOW:DKUKHLWXQG0 DFKWRSFLWSFIU1RUPXQG0 DFKWRSFLWSS
\VV
>@ / $OWKXVVHU ,GHRORJLH XQG LGHRORJLVFKH 6WDDWVDSSDUDWH 0DU[LVPXV XQG ,GHRORJLH
%HUOtQSS\VV
>@(QHVWHVHQWLGRODVSURSXHVWDVGHULYDGDVGHODWHRUtDGHOSRGHUIRXFDXOWLDQDSRUWDQWRVRQ
WRPDGDV HQ FXHQWD HQ OD FUtWLFD TXH * 0 DUUDPDR UHDOL]D D OD WHRUtD GH OD GRPLQDFLyQ OLPLWDGD DO
(VWDGR GH OD (VFXHOD GH )UDQNIXUW FIU 'LH )RUPYHUlQGHUXQJ GHV SROLWLVFKHQ .RQIOLNWV LP
6SlWNDSLWDOLVPXV =XU .ULWLN GHV SROLWLNWKHRUHWLVFKHQ 3DUDGLJPDV GHU )UDQNIXUWHU 6FKXOH HQ :
%RQVV\$+RQQHWKHG6R]LDOIRUVFKXQJDOV.ULWLNRSFLWSS\VV
>@0 )RXFDXOW8EHUZDFKHQXQG6WUDIHQRSFLWS
>@&IUSDUDHVWDSUREOHPiWLFDGHWLSRpWLFRGHODWHRUtDGHOSRGHUIRXFDXOWLDQDVREUHWRGRORV
DUWtFXORV GH 1DQF\ )UD]HU )RXFDXOW RQ 0 RGHUQ 3RZHU (PSLULFDO ,QVLJKWV DQG 1RUPDWLYH
&RQIXVLRQV RS FLW \ )RXFDXOWV %RG\/DQJXDJH $ 3RVW+XPDQLVW 3ROLWLFDO 5KHWRULF"
PDQXVFULWR 
>@ 0  )RXFDXOW 'LH 0 DFKW XQG GLH 1RUP RSFLW S  hEHUZDFKHQXQG6WUDIHQ RS
FLWS

>@,EtG
>@(QWUHRWURVHMHPSORYpDVH0 )RXFDXOW:DKUKHLWXQG0 DFKWRSFLWS\VVSDUD
HVWH SXQWR SDUWLFXODU YpDVH WDPELpQ 0 DUN 3RVWHU )RXFDXOW DQG +LVWRU\ 6RFLDO 5HVHDUFK 
 SS\VV
>@73DUVRQV7KH6WUXFWXUHRI6RFLDO$FWLRQ1HZ<RUNS\VV>7UDGFDVWHOODQD
/DHVWUXFWXUDGHODDFFLyQVRFLDOHVWXGLRGHWHRUtDVRFLDOFRQUHIHUHQFLDDXQJUXSRGHUHFLHQWHV
HVFULWRUHVHXURSHRV0 DGULG*XDGDUUDPD@
>@0 )RXFDXOW6H[XDOLWlWXQG:DKUKHLWRSFLWS
>@,EtG
>@,EtGS
>@0 )RXFDXOW'LH0 DFKWXQGGLH1RUPRSFLWSS\V
>@,EtGS
>@&IUGHPRGRSDUDGLJPiWLFR0 )RXFDXOWhEHUZDFKHQXQG6WUDIHQRSFLWS
>@ 3DUD HVWH SXQWR HQWUH RWURV HMHPSORV YpDVH 0  )RXFDXOW 0 DFKW XQG .|USHU (LQ
*HVSUlFKPLWGHU=HLWVFKULIW4XHO&RUSV"0LNURSK\VLNGHU0DFKWRSFLWSS\VV
>@ 3DUD HO FRQWH[WR GH HVWH SUREOHPD FIU VREUH WRGR 0  )RXFDXOW 'LH 0 DFKW XQG GLH
1RUPRSFLWS
>@1RUEHUW(OLDVhEHUGHQ3UR]HGHU=LYLOLVDWLRQYRO)UDQNIXUW>WUDGFDVWHOODQD(O
SURFHVRGHODFLYLOL]DFLyQLQYHVWLJDFLRQHVVRFLRJHQpWLFDV\SVLFRJHQpWLFDV 0 p[LFR )&( @
FIUWDPELpQ$[HO+RQQHWK\+DQV-RDV6R]LDOHV+DQGHOQXQGPHQVFKOLFKH1DWXU)UDQNIXUW
SS\VV
>@0 )RXFDXOW6H[XDOLWlWXQG:DKUKHLWRSFLWS
>@0 )RXFDXOWhEHUZDFKHQXQG6WUDIHQRSFLWS
>@ 3DUD HVWD FRQFHSFLyQ VRQ EXHQRV HMHPSORV ODV WHRUtDV GH OD GRPLQDFLyQ GHVDUROODGDV SRU
-RKDQQ*DOWXQJR3LHUUH%RXUGLHX
>@&IU0 )RXFDXOWhEHUZDFKHQXQG6WUDIHQRSFLWSS\VV
>@,EtGS
>@ &IU +DQV-|UJ 6WDKO 9RQ GHU *HVFKLFKWH GHV $QGHUHQ ]XP 0 RQLVPXV GHU 0 DFKW
3lGDJRJLVFKH'LSORPDUEHLW)8%HUOtQSS\VVFRQODH[FHSFLyQGHXQDEUHYHUHVHxDGH
9LJLODU\FDVWLJDUODUHDOL]DGDVREUHHOSUREOHPDWHyULFRFLHQWtILFRGHODREUDSRU(OOHQ.5HLQLNH
.|EHUHU 6FKZLHULJNHLWHQ PLW )RXFDXOW 3V\FKH    SS  \ VV  QR FRQR]FR QLQJXQD
FRQWULEXFLyQTXHSDUWLHQGRGHOiPELWRSVLFRDQDOtWLFRVHKD\DGHWHQLGRDGLVFXWLUFRQFLHUWRGHWDOOH
ODFUtWLFDIRXFDXOWLDQDGHOSVLFRDQiOLVLV
>@&IU+LQULFK)LQN(LWHO)RXFDXOWV$QDO\WLNGHU0 DFKWRSFLW
>@7DPELpQ0 )RXFDXOW'LH0 DFKWXQGGLH1RUPRSFLWS


/$7(25$'(/$62&,('$''()28&$8/781$
',62/8&,17(5,&26,67e0,&$'(/$
',$/e&7,&$'(/$,/8675$&,1

/DWHRUtDGHODVRFLHGDGLPSOtFLWDHQORVDQiOLVLVIRXFDXOWLDQRVGHOSRGHUQRVH
HQFXHQWUD WRWDOPHQWH UHSUHVHQWDGD HQ ODV IRUPXODFLRQHV FRQFHSWXDOHV \
FRQVLGHUDFLRQHVVRFLROyJLFDVUHDOL]DGDVHQORVHVFULWRVTXHKDVWDDKRUDKHPRV
DQDOL]DGR &RPR KDEUtD GH HVSHUDU VX VXVWDQFLD UHDO VH GHVSUHQGH
LQGLUHFWDPHQWH GH ODV LQYHVWLJDFLRQHV KLVWyULFDV UHDOL]DGDV SRU pO GXUDQWH OD
GpFDGD GH ORV VHWHQWD (V MXVWR HQ HVWH PRPHQWR WUDV HO GHVSOD]DPLHQWR
FRPSOHWR D OD WHRUtD GHO SRGHU FXDQGR )RXFDXOW EDXWL]D VX HVFULWXUD GH OD
KLVWRULDFRQHOQXHYRQRPEUHGHJHQHDORJtD(VWHFRQFHSWRTXHXQDYH]PiV
EHEH GH IXHQWHV QLHW]VFKHDQDV HPHUJH FRPR HO VXFHVRU GHO SUR\HFWR RULJLQDO
GHODFHUFDPLHQWRDUTXHROyJLFRDODKLVWRULD>@/RVFRQWRUQRVHVSHFtILFRVGHOD
QXHYDGLVFLSOLQDQRSDUWHQGHFRQVLGHUDFLRQHVGHWLSRPHWRGROyJLFRFRPRHUD
HOFDVRGHODDQWHULRUDUTXHRORJtDVLQRTXHVHUHWURWUDHQQHFHVDULDPHQWHDXQ
GHVSOD]DPLHQWR GHO REMHWR HQ FXHVWLyQ (Q OD PHGLGD HQ TXH )RXFDXOW FLIUD OD
WDUHD GH VX WHRUtD HQ OD LQYHVWLJDFLyQ GH ODV IRUPDV FXOWXUDOHV GH VDEHU
GHWHUPLQDQWHVHQOD0RGHUQLGDGHXURSHDVXPDQHUDGHHVFULELUODKLVWRULDVHYD
D GLVWLQJXLU IXQGDPHQWDOPHQWH GH ORV WLSRV SUHGRPLQDQWHV GH OD KLVWRULD GH OD
FLHQFLDSRUXQDSUiFWLFDPHWRGROyJLFDFX\DPHWDHVGLVWDQFLDUVHDUWLILFLDOPHQWH
GHO REMHWR GH LQYHVWLJDFLyQ DKRUD ELHQ SXHVWR TXH \D GH HQWUDGD ODV IRUPDV
GHWHUPLQDQWHV GHO HMHUFLFLR GHO SRGHU VRFLDO \D KDQ ILMDGR OR TXH GHEH VHU HO

REMHWRGHODWHRUtDVXPRGRGHHVFULELUODKLVWRULD\DQRVHYDDGLIHUHQFLDUGH
ORV WLSRV WUDGLFLRQDOHV GH OD KLVWRULD VRFLDO SRU GHVDUUROODU XQD PHWRGRORJtD
LQXVXDO VLQR PiV ELHQ SRU VX FDSDFLGDG GH DUURMDU OX] VREUH IDFHWDV \
GLPHQVLRQHV GH OD UHDOLGDG KDVWD DKRUD LQVRVSHFKDGDV GHVGH XQD ySWLFD
HVSHFLDOPHQWHVHQVLEOHDORVIHQyPHQRVGHOSRGHU(QXQWH[WRTXHVHSUHVHQWD
FRPRXQDLQWHUSUHWDFLyQGHODDSUR[LPDFLyQQLHW]VFKHDQDDXQDKLVWRULDFUtWLFD
)RXFDXOW LQGLUHFWDPHQWH UHODFLRQD WRGDV HVWDV SUHPLVDV FRQ VX SURSLD
JHQHDORJtDGHODKLVWRULD
/D KXPDQLGDG DILUPD QR SURJUHVD JUDGXDOPHQWH GH FRPEDWH HQ FRPEDWH KDVWD OOHJDU
ILQDOPHQWHDXQDVLWXDFLyQGHUHFLSURFLGDGXQLYHUVDOHQODTXHODVUHJODVVXVWLWX\DQDODJXHUUD
OD KXPDQLGDG LQFRUSRUD WRGDV VXV YLROHQFLDV HQ HO VLVWHPD GH UHJODV \ DVt SURFHGH GH
GRPLQDFLyQHQGRPLQDFLyQ>@

6LQHPEDUJRHOFDUiFWHUSDUWLFXODUGHODHVFULWXUDJHQHDOyJLFDGHODKLVWRULD
IRXFDXOWLDQD QR UHVLGH ~QLFDPHQWH HQ VX WHQWDWLYD GH REVHUYDU WRGRV ORV
SURFHVRVKLVWyULFRVFRPR ORVSURGXFWRV GHXQPRYLPLHQWR JHQHUDO\ VXFHVLYR
GH VLVWHPDV GH GRPLQDFLyQ GDQGR DVt XQ QXHYR VLJQLILFDGR D ORV
DFRQWHFLPLHQWRV KLVWyULFRV DGHPiV GH HVWR GHQWUR GHO PDUFR JHQHUDO GH VX
WHRUtDGHOSRGHU)RXFDXOWUHWRPDXQDYH]PiVVXSUHJXQWDLQLFLDOFRQFHUQLHQWHD
ORV SUHVXSXHVWRV FRJQLWLYRV EDMR ORV FXDOHV ORV VHUHV KXPDQRV VH SXHGHQ
H[SHULPHQWDU D Vt PLVPRV GH PRGR JHQHUDO FRPR VXMHWRV LQGLYLGXDOL]DGRV \
UHYLVWH D OD FXHVWLyQ GH XQD IRUPXODFLyQ PiV HVSHFtILFD DKRUD pO \D QR HVWi
LQWHUHVDGR HQ HO QDFLPLHQWR DEVWUDFWR GHO FRQFHSWR GH VXEMHWLYLGDG HQ ODV
FLHQFLDV PRGHUQDV VX LQWHUpV DKRUD VH GLULJH D OD JpQHVLV SUiFWLFD GH ODV
UHSUHVHQWDFLRQHVPRGHUQDVGHOVXMHWR\ODPRUDOLGDGGHQWURGHOFRQWH[WRGHODV
HVWUDWHJLDVGHOSRGHUVRFLDO)RXFDXOWSXHGHSHUPLWLUVHHVWDUHIRUPXODFLyQGHVX
SUHJXQWD LQLFLDO HQ YLUWXG GH OD LGHD EiVLFD GH VX WHRUtD GHO SRGHU \D
GHVDUUROODGD PiV DUULED 6HJ~Q HVWD WHRUtD OD SURGXFFLyQ GH FRQRFLPLHQWR
DFRPSDxD HQ SULQFLSLR HO HMHUFLFLR GH OD GRPLQDFLyQ VRFLDO VREUH ORV RWURV
VXMHWRV6yORVREUHODEDVHGHWDOSUHVXSXHVWRWLHQHVHQWLGRUDVWUHDUHORULJHQGH
ORV FRQFHSWRV FXOWXUDOPHQWH LQIOX\HQWHV \ SRU WDQWR WDPELpQ OD JpQHVLV GH ODV
UHSUHVHQWDFLRQHVGHOVXMHWR\ODPRUDOLGDGTXHIXHURQ\VLJXHQVLHQGRFHQWUDOHV
SDUDODDXWRFRPSUHQVLyQGHODPRGHUQLGDGRHQODKLVWRULDGHODVWpFQLFDVGHOD

GRPLQDFLyQVRFLDO8QSDVDMHGHGLFDGRDDQDOL]DUODLQGLVROXEOHFRQH[LyQHQWUH
HO SRGHU \ HO FRQRFLPLHQWR SXHGH VHUYLUQRV D PRGR GH IRUPXODFLyQ
SURJUDPiWLFD(VHQHVWHSODQRGRQGHVHSRQHGHUHOLHYH
>@ XQD GHWHUPLQDGD SROtWLFD GHO FXHUSR XQD GHWHUPLQDGD PDQHUD GH KDFHU GyFLO \ ~WLO OD
DFXPXODFLyQGHORVKRPEUHVeVWDH[LJtDODLPSOLFDFLyQGHUHODFLRQHVGHILQLGDVGHVDEHUHQODV
UHODFLRQHV GH SRGHU UHFODPDED XQD WpFQLFD SDUD HQWUHFUX]DU OD VXMHFLyQ \ OD REMHWLYDFLyQ
FRPSRUWDED SURFHGLPLHQWRV QXHYRV GH LQGLYLGXDOL]DFLyQ (O VLVWHPD FDUFHODULR FRQVWLWX\H
XQDGHODVDUPD]RQHVGHHVHSRGHUVDEHUTXHKDKHFKRKLVWyULFDPHQWHSRVLEOHVODVFLHQFLDV
KXPDQDV (O KRPEUH FRJQRVFLEOH DOPD LQGLYLGXDOLGDG FRQFLHQFLD FRQGXFWD SRFR LPSRUWD
DTXt HVHOHIHFWRREMHWRGHHVWDLQYDVLyQDQDOtWLFDGHHVWDGRPLQDFLyQREVHUYDFLyQ>@

3XHVWR TXH VX WHRUtD GHO SRGHU FRPSUHQGH OD SURGXFFLyQ GH VDEHU \ HO
HMHUFLFLR GH OD GRPLQDFLyQ DSHQDV FRPR GRV ODGRV GLIHUHQWHV GH XQ PLVPR
SURFHVR )RXFDXOW SXHGH IiFLOPHQWH FRPELQDU VX REMHWLYR GH UHDOL]DU XQD
KLVWRULDGHODVLQVWLWXFLRQHVFRQODWHQWDWLYDGHOOHYDUDFDERXQDKLVWRULDGHORV
FRQFHSWRVHQODPHGLGDHQTXHHVDLQYHVWLJDFLyQFRQVLJDSRQHUGHPDQLILHVWRHO
GHVDUUROORKLVWyULFRGHODVWHFQRORJtDVPRGHUQDVGHLQWHJUDFLyQVRFLDOWDPELpQ
SRGUi PRVWUDU ODV UDtFHV FRQFHSWXDOHV GH ODV UHSUHVHQWDFLRQHV PRGHUQDV GHO
VXMHWR 6LJXLHQGR HQ HVWH DVSHFWR D 1LHW]VFKH )RXFDXOW OODPD DKRUD
JHQHDORJtD D XQ WLSR GH HVFULWXUD KLVWyULFD TXH LQWHJUD HQ XQD ~QLFD
LQYHVWLJDFLyQ ODV WDUHDV GH OD KLVWRULD GH ODV LQVWLWXFLRQHV \ OD KLVWRULD GH ORV
FRQFHSWRV
6LQ HPEDUJR )RXFDXOW VyOR OOHJDUi D RIUHFHU XQ HVWXGLR KLVWyULFR TXH
VDWLVIDJDFRPSOHWDPHQWHHVWDSUHWHQVLyQDXWRLPSXHVWDGHXQDKLVWRULDRULHQWDGD
EDMRHOVLJQRGHXQDWHRUtDGHOSRGHUeVWHSXHGHHQFRQWUDUVHHQORVWpUPLQRV
GHXQDKLVWRULDGHOVLVWHPDGHMXVWLFLDSHQDOIUDQFpV\YHODOX]HQHODxR
EDMR HO WtWXOR GH 9LJLODU \ FDVWLJDU (O SULPHU YROXPHQ GH OD +LVWRULD GH OD
VH[XDOLGDGTXHOOHYDFRPRVXEWtWXOR/DYROXQWDGGHVDEHUSXEOLFDGRHQ
HODxRHQFDPELRVyORGHVDUUROODXQDHVSHFLHGHLQWURGXFFLyQDORVVHLV
YRO~PHQHV UHVWDQWHV TXH LQLFLDOPHQWH VH SODQWHDURQ (VWDV GRV LQYHVWLJDFLRQHV
JXDUGDQ HQWUH Vt XQD UHODFLyQ FRPSOHPHQWDULD TXH YD D TXHGDU ILMDGD SRU ODV
LGHDV WHyULFDV EiVLFDV GH OD WHRUtD GHO SRGHU PLHQWUDV TXH HO SULPHUR GH ORV
HVWXGLRV FLWDGRV VLJXLHQGR HO KLOR GHO HVWDEOHFLPLHQWR LQVWLWXFLRQDO GHO VLVWHPD
SHQDO FDUFHODULR LQYHVWLJD HMHPSODUPHQWH OD SUHKLVWRULD GH HVDV HVWUDWHJLDV

DGPLQLVWUDWLYDV GH GLVFLSOLQD FRUSRUDO TXH HQ ODV VRFLHGDGHV GHVDUUROODGDV VH


LQFRUSRUDURQ DO VLVWHPD VyOLGDPHQWH LQVWLWXLGR GHO SRGHU GLVFLSOLQDULR HQ HO
PDUFRGHDOFDQFHPiVJHQHUDOGHODKLVWRULDGHODVH[XDOLGDGVHLQYHVWLJDQORV
SUHVXSXHVWRVKLVWyULFRVGHODJpQHVLVGHODVWHFQRORJtDVELRSROtWLFDVQRFLyQSRU
OD TXH )RXFDXOW FRPSUHQGH ORV SURFHGLPLHQWRV GH PDQLSXODFLyQ GLULJLGRV D OD
FRQGXFWD ELROyJLFD GH OD SREODFLyQ $ OD OX] GH HVWH PRGHOR OR TXH WHUPLQD
VXUJLHQGRGHORVUHVXOWDGRVGHODVGRVLQYHVWLJDFLRQHVWRPDGDVFRQMXQWDPHQWH
QR HV VyOR XQD YLVLyQ SDQRUiPLFD VRFLRKLVWyULFD GHO GHVDUUROOR LQVWLWXFLRQDO GH
ODV IRUPDV PRGHUQDV GH LQWHJUDFLyQ VRFLDO VLQR WDPELpQ XQD SHUVSHFWLYD
KLVWyULFRFRQFHSWXDO HQ WRUQR D OD KLVWRULD GH OD FRPSUHQVLyQ PRGHUQD GH OD
VXEMHWLYLGDG
/D LQYHVWLJDFLyQ GHVDUUROODGD HQ 9LJLODU \ FDVWLJDU DSDUHFH LQLFLDOPHQWH
FRQHOSURSyVLWRGHFRQYHUWLUVHHQHOSDUDGLJPDGHXQDKLVWRULDSHUIHFWDPHQWH
HQVDPEODGD GH DOFDQFH WHyULFR JHQHUDO (Q YLUWXG GH VX SODQWHDPLHQWR HO
SURFHVR KLVWyULFR GH WUDQVIRUPDFLRQHV TXH VXE\DFH D OD PRGHUQL]DFLyQ GHO
VLVWHPD SHQDO HXURSHR GHVGH HO FDVWLJR FRUSRUDO PHGLHYDO D ODV IRUPDV
FRQWHPSRUiQHDVGHHQFDUFHODPLHQWRHVGHVGHRWURSXQWRGHYLVWD~QLFDPHQWH
XQSURFHVRVRFLRKLVWyULFRGHHYROXFLyQHQHOFXDOSXHGHWUD]DUVHSDUFLDOPHQWH
HO GHVDUUROOR KLVWyULFR GHO VLVWHPD GH GRPLQDFLyQ FRQWHPSRUiQHR 6HJ~Q
)RXFDXOW OD IRUPD GH LQWHJUDFLyQ VRFLDO FDUDFWHUtVWLFD GH ODV VRFLHGDGHV
PRGHUQDV VH FRQVWLWX\H D WUDYpV GHO YtQFXOR LQVWLWXFLRQDO GH DSDUDWRV
GLVFLSOLQDULRVTXHQDFLHURQGHPDQHUDLQGHSHQGLHQWH'HWRGRVHOORVODSULVLyQ
HQUHDOLGDGYDDVHUXQHMHPSORVLQHPEDUJRKLVWyULFDPHQWHWDUGtR/DHOHFFLyQ
IRXFDXOWLDQD GH OD SULVLyQ FRPR REMHWR GH VX HVWXGLR KLVWyULFR \D GHODWD QR
REVWDQWH OD SUHFRPSUHQVLyQ SDUFLDO GHVGH OD TXH GHVDUUROOD VX DQiOLVLV GH ORV
UHQGLPLHQWRV \ ORJURV GH OD LQWHJUDFLyQ VRFLDO HQ ORV VLVWHPDV VRFLDOHV
FRQWHPSRUiQHRV &RPR VH PRVWUDUi pO GHVFULEH HO FRQWH[WR GH YLGD GH ODV
VRFLHGDGHV GHVDUUROODGDV HQ XQ SDUDGyMLFD LQYHUVLyQ GH ORV SUHVXSXHVWRV
WHyULFRVGHODDFFLyQHQVXWHRUtDGHOSRGHUVHJ~QHOPRGHORGHODVLQVWLWXFLRQHV
WRWDOHV
(OFRPLHQ]R\HOILQDOGHORVSURFHVRVGHHYROXFLyQKLVWyULFDTXH)RXFDXOW
DERUGDDVtSXHVFRPRVLPSOHVFRUWHVGHOSURFHVRJHQHUDOGHODIRUPDFLyQGHO
VLVWHPDPRGHUQRGHSRGHUHVWiQPDUFDGRVSRUGRVLPiJHQHVTXHFRQVWLWX\HQ

OD LQWURGXFFLyQ \ OD FRQFOXVLyQ GHO OLEUR >@ HO GHWDOODGR UHODWR GH XQ FUXHO
GHVSHGD]DPLHQWR TXH WXYR OXJDU HQ  HQ 3DUtV \ OD GHVFULSFLyQ GH XQ
SUR\HFWR HQ  SDUD XQD FLXGDG SHQDO GLVHxDGD FRPR XQ VLVWHPD GH
VXSHUYLVLyQ WRWDO 6HJ~Q )RXFDXOW HO QDFLPLHQWR GH OD SULVLyQ XQ DVSHFWR
FHQWUDO GHQWUR GH VX LQYHVWLJDFLyQ WLHQH OXJDU HQWUH HVWDV GRV WpFQLFDV
YtYLGDPHQWHSUHVHQWDGDVGHFRQWUROVRFLDO/DWDUHDGHODQiOLVLVVHGHILQHDTXt
FODUDPHQWHSRUHOFRQWH[WRGHODWHRUtDGHOSRGHUHQODTXHVHGHVDUUROODFRQHO
ILQ GH SRGHU GHPRVWUDU HIHFWLYDPHQWH TXH HO GHVDUUROOR GHO FXPSOLPLHQWR GHO
FDVWLJRSXHGHVHUYLVWRFRPRXQDFRQWULEXFLyQLQVWLWXFLRQDODODFRQVWUXFFLyQGHO
VLVWHPDPRGHUQRGHSRGHU)RXFDXOWKDGHVHUFDSD]GHGHPRVWUDUTXHHQOD
LQWURGXFFLyQGHODVVHQWHQFLDVSHQDOHVFDUFHODULDVTXHHQXQSULQFLSLRWHQtDQHO
HIHFWRGHUHGXFLUGUiVWLFDPHQWHHOVXIULPLHQWRItVLFRQRVHFRQVXPDHQUHDOLGDG
XQ SURFHVR PiV KXPDQL]DGR VLQR PiV ELHQ XQD RSWLPL]DFLyQ GHO SURFHVR GHO
FRQWURO VRFLDO %DMR HVWH SULVPD OR TXH VH RFXOWDUtD DTXt SXHV HQ OD UHIRUPD
JUDGXDOGHOHQFDUFHODPLHQWRQRVHUtDSRUFRQVLJXLHQWHRWUDFRVDTXHODFRQWLQXD
UHDFWXDOL]DFLyQ\UHDFWLYDFLyQGHODVWHFQRORJtDVGHSRGHUVRFLDO
(PSH]DQGR FRQ OD GHVFULSFLyQ GH XQD HMHFXFLyQ OOHYDGD D FDER HQ XQ
HVSDFLR S~EOLFR )RXFDXOW LOXVWUD GUDPiWLFDPHQWH HO SXQWR GH SDUWLGD KLVWyULFR
GH VX DUJXPHQWDFLyQ /D HVFHQD LOXVWUD XQ FDVWLJR HQ HO TXH VH DSOLFDQ ORV
PpWRGRVGHWRUWXUDPHGLHYDOHVRULHQWDGRVDUHVWDXUDUDWUDYpVGHODSXEOLFLGDG
ODVREHUDQtDUHDOTXHKDEtDVLGRSXHVWDHQFXHVWLyQ\TXHEUDQWDGDSRUODRIHQVD
FRUUHVSRQGLHQWH)RXFDXOWH[DPLQDHOVLVWHPDFOiVLFRGHFDVWLJRSURSLRGHORV
VLJORV;9,,,\ ;9,,,GHWDOIRUPDTXHSHUPLWHTXHVDOJDQDODOX]ORVPHFDQLVPRV
GLULJLGRVGLUHFWDPHQWHDOFXHUSRGHOGHOLQFXHQWH3URFHGLHQGRGHHVWHPRGRQR
KDFH VLQR VHJXLU OD LGHD EiVLFD GH VX WHRUtD GHO SRGHU VHJ~Q OD FXDO ODV
FDUDFWHUtVWLFDV GH ODV WpFQLFDV GH OD GRPLQDFLyQ VRFLDO KDQ GH FDOLEUDUVH \
FRPSUHQGHUVH VREUH WRGR HQ WpUPLQRV GH VXV HIHFWRV VREUH OD FRQGXFWD
FRUSRUDO GH ORV LQGLYLGXRV 9LVWD OD FXHVWLyQ GHVGH HVWD SHUVSHFWLYD GRV
WUDWDPLHQWRVULWXDOL]DGRVGHOFXHUSRVHHQVDPEODQHQWUHVtHQHOVLVWHPDFOiVLFR
GHFDVWLJR6REUHWRGRHVODWRUWXUD HVWRHVHOXVRGHODIXHU]DItVLFDDODKRUD
GHH[WUDHUXQDGHWHUPLQDGDGHFODUDFLyQ HOPHFDQLVPRTXHMXQWRDOMXUDPHQWR
HQ HO TXH HO DFXVDGR HV IRU]DGR HQ HO LQWHUURJDWRULR  KD GH FRQGXFLU D OD
FRQIHVLyQ HQ HO SURFHGLPLHQWR FULPLQDO )RXFDXOW GHVFULEH OD WRUWXUD FRPR XQ

PDUWLULRGHODYHUGDG
/D WRUWXUD HV XQ MXHJR MXGLFLDO HVWULFWR < D FDXVD GH HOOR SRU HQFLPD GH ODV WpFQLFDV GH OD
,QTXLVLFLyQHQOD]DFRQODVYLHMDVSUXHEDVTXHWHQtDQFXUVRHQORVSURFHGLPLHQWRVDFXVDWRULRV
RUGDOtDV GXHORV MXGLFLDOHV MXLFLRV GH 'LRV (QWUH HO MXH] TXH RUGHQD HO WRUPHQWR \ HO
VRVSHFKRVR D TXLHQ VH WRUWXUD H[LVWH WDPELpQ FRPR XQD HVSHFLH GH MXVWD VH VRPHWH DO
SDFLHQWHWDOHVHOWpUPLQRSRUHOFXDOVHGHVLJQDDOVXSOLFLDGRDXQDVHULHGHSUXHEDV
JUDGXDGDV HQ VHYHULGDG \ GH ODV FXDOHV WULXQID UHVLVWLHQGR R DQWH ODV FXDOHV IUDFDVD
FRQIHVDQGR>@

/D WRUWXUD MXGLFLDO YD D VHU SDUD )RXFDXOW SXHV HO HOHPHQWR GHWHUPLQDQWH
GHQWURGHXQVLVWHPDGHFDVWLJRHQHOTXHHOFXHUSRIXQFLRQDFRPRHOOXJDUHQHO
TXHVHSURGXFHODYHUGDG7UDVODH[SRVLFLyQGHODHYLGHQFLD\HODQXQFLRGHOD
VHQWHQFLDHVWDIRUPDGHWHFQRORJtDFRUSRUDOVHSURORQJDHQODHMHFXFLyQGHOD
SHQD SXHVWR TXH HQ OD FHUHPRQLD GHO FDVWLJR S~EOLFR HV HO FXHUSR GHO
FRQGHQDGRHOTXHSHUPDQHFHHQHOFHQWURGHWRGDVODVPHGLGDVVXVFHSWLEOHVGH
WRPDU )RXFDXOW DILUPD TXH OD WRUWXUD MXGLFLDO HVFHQLILFDGD FRPR HVSHFWiFXOR
DQWH XQ S~EOLFR DJUXSD \ UH~QH WUHV DVSHFWRV MXUtGLFRV \ SROtWLFRV D WHQHU HQ
FXHQWDHQSULPHUOXJDUHOFDVWLJRSURORQJDHODFWRGHODWRUWXUDLQTXLVLWLYDHQOD
TXH HO FRQGHQDGR S~EOLFDPHQWH UHSLWH VX FRQIHVLyQ DGHPiV OD WRUWXUD HVWi
UHODFLRQDGDtQWLPDPHQWHFRQHOFULPHQFRQIHVDGRWRGDTXHYH]TXHWLHQHOXJDU
XQDHVSHFLHGHFRQH[LyQVLPEyOLFDDWUDYpVGHORVLQVWUXPHQWRVHOHJLGRVSDUDHO
FDVWLJRFRUSRUDOILQDOPHQWHODODUJDGXUDFLyQGHOFDVWLJRRODHMHFXFLyQFRPR
FRQFOXVLyQGHOULWXDOMXGLFLDOFRQVWLWX\HXQWLSRGHH[DPHQILQDO&RPRHVREYLR
HOWHDWURGHODFUXHOGDGTXHDTXtHVFXLGDGRVDPHQWHGLVHxDGRVHLQWURGXFHHQ
HOFRQWH[WRSROtWLFRGHXQULWXDOGHGRPLQDFLyQTXHFRQWULEX\HDODPDQLIHVWDFLyQ
S~EOLFD GHO SRGHU GHO VREHUDQR (O FDVWLJR R OD HMHFXFLyQ DGTXLHUHQ DVt VX
IXQFLyQFHQWUDOVRFLDOLQLFLDOPHQWHHQUHODFLyQFRQHVWDVHVWUDWHJLDVVLPEyOLFDVGH
HMHUFLFLRGHSRGHUHQODFHUHPRQLDSRUODTXHODVREHUDQtDPRPHQWiQHDPHQWH
KHULGD VH UHFRQVWLWX\H >@ (Q HVWH SXQWR SXHGH REVHUYDUVH TXH HO
SURFHGLPLHQWR S~EOLFDPHQWH HVFHQLILFDGR GH OD WRUWXUD QR UHSUHVHQWD XQ YLHMD
UHOLTXLDSROtWLFRMXUtGLFDHQODpSRFDGHXQDPRQDUTXtDLOXVWUDGDPiVELHQKDFH
XVR GH ORV PHGLRV GH OD YLROHQFLD ItVLFD \ GH XQD FHUHPRQLD VHYHUD SDUD
UHVWDEOHFHU QR OD MXVWLFLD VLQR HO SURSLR SRGHU TXH KD VLGR DWDFDGR SRU HO
FULPHQ

+D\ TXH FRQFHELU HO VXSOLFLR WDO FRPR HVWi ULWXDOL]DGR D~Q HQ HO VLJOR ;9,,, FRPR XQ
RSHUDGRUSROtWLFR6HLQVFULEHOyJLFDPHQWHHQXQVLVWHPDSXQLWLYRHQHOTXHHOVREHUDQRGH
PDQHUDGLUHFWDRLQGLUHFWDSLGHGHFLGH\KDFHHMHFXWDUORVFDVWLJRVHQODPHGLGDHQTXHHVpO
TXLHQDWUDYpVGHODOH\KDVLGRDOFDQ]DGRSRUHOFULPHQ(QWRGDLQIUDFFLyQKD\XQFULPHQ
PDMHVWDWLV\HQHOPHQRUGHORVFULPLQDOHVXQSHTXHxRUHJLFLGDHQSRWHQFLD<HOUHJLFLGDDVX
YH]QRHVQLPiVQLPHQRVTXHHOFULPLQDOWRWDO\DEVROXWR\DTXHHQOXJDUGHDWDFDUFRPR
FXDOTXLHU GHOLQFXHQWH XQD GHFLVLyQ R XQD YROXQWDG SDUWLFXODU GHO SRGHU VREHUDQR DWDFD VX
SULQFLSLRHQODSHUVRQDItVLFDGHOSUtQFLSH>@

'HVSXpV GH GHVFULELU OD IDVH GH OD MXVWLFLD SHQDO GHWHUPLQDGD SRU ODV
SUiFWLFDVGHODWRUWXUD\HOFDVWLJRODVUHIRUPDVHQODOH\SHQDOTXH)RXFDXOWYD
D DQDOL]DU D FRQWLQXDFLyQ HQ VX UHFRQVWUXFFLyQ KLVWyULFD VHUiQ GH JUDQ
LPSRUWDQFLDSDUDHOFXUVRGHVXUD]RQDPLHQWR'HOPLVPRPRGRTXH\DORIXHUD
HO VLVWHPD GH SHQVDPLHQWR FOiVLFR HQ /DV SDODEUDV \ ODV FRVDV DKRUD
WDPELpQHVHOVLVWHPDFOiVLFRGHODOH\SHQDOHOTXHPDUFDEiVLFDPHQWHSDUD
)RXFDXOWHOFRQWUDVWHKLVWyULFRDODOX]GHOFXDOKDQGHGLVWLQJXLUVHHQJHQHUDOORV
UDVJRVHVSHFtILFRVGHODPRGHUQL]DFLyQHQODWUDQVLFLyQDOVLJOR;,;\DVHDEDMR
OD IRUPD GHO FRQRFLPLHQWR R GH ODV SUiFWLFDV SHQDOHV /D UHIRUPD GH OD OH\
SHQDOTXHWLHQHVXVUDtFHVILORVyILFDVHQODVWHRUtDVGHOFRQWUDWRVRFLDOEXUJXpV\
TXH OOHJD D KDFHUVH HIHFWLYD HQ OD VHJXQGD PLWDG GHO VLJOR ;9,,, FRQYLHUWH DO
KRPEUHHQOtPLWHGHODOHJLWLPLGDGGHODDXWRULGDGSXQLWLYD(QODFUtWLFDGHODV
WpFQLFDV GH OD WRUWXUD GH ORV FRQWHPSRUiQHRV DEDQGHUDQGR HO DUJXPHQWR GH
TXHODVSHQDVGHEHQLQVWUXLU\QRKDFHUXVRGHODYHQJDQ]DHVWDUHIRUPDDERJD
SRU OD KXPDQL]DFLyQ GH ORV LQVWUXPHQWRV HPSOHDGRV HQ HO FDVWLJR GH ORV
LQIUDFWRUHV GH OD OH\ 3DUDOHODPHQWH )RXFDXOW OODPD OD DWHQFLyQ VREUH WRGR HO
FDWiORJR GH UHIRUPDV SURSXHVWDV TXH VH GHVDUUROODURQ VREUH OD EDVH GH HVWD
DUJXPHQWDFLyQPRUDO\ORUHODFLRQDFRQHOFiOFXORGHXQDWHFQRORJtDGHSRGHU
FX\DILQDOLGDGDKRUDQRHVRWUDTXHODUHVWULFFLyQGHODDUELWUDULHGDGMXGLFLDOGHO
PRQDUFD\HOUHILQDPLHQWRGHORVLQVWUXPHQWRVRULHQWDGRVDOFRQWUROVRFLDO'H
WDO PRGR TXH OD UHIRUPD SHQDO DEDQGHUDGD SRU HO HVStULWX LOXVWUDGR GH ODV
SRVWULPHUtDV GHO VLJOR ;9,,, DFDED UHYHOiQGRVH FRPR XQD IDVH GH WUDQVLFLyQ
GHQWURGHODVWpFQLFDVSHQDOHVTXHEDMRODFUtWLFDGHODYROXQWDGDUELWUDULDUHDOD
ODKRUDGH FDVWLJDU\ VXIDOWDGH SULQFLSLRVVyOR DOODQDHOFDPLQR DXQ FRQWURO
VRFLDOPiVSUHFLVR\WRWDOPHQWHUDFLRQDOL]DGRFX\RREMHWLYRHVDWDMDUWRGDVORV
SRVLEOHVLOHJDOLGDGHV

(Q VXPD OD UHIRUPD SHQDO QDFH HQ HO SXQWR GH FRQMXQFLyQ HQWUH OD OXFKD FRQWUD HO VXSUD
SRGHU GHO VREHUDQR \ OD OXFKD FRQWUD HO LQIUDSRGHU GH ODV LOHJDOLGDGHV FRQTXLVWDGDV \
WROHUDGDV < VL KD VLGR RWUD FRVD TXH HO UHVXOWDGR SURYLVLRQDO GH XQ HQFXHQWUR GH SXUD
FLUFXQVWDQFLDHVSRUTXHHQWUHHVHVXSUDSRGHU\HVHLQIUDSRGHUVHKDEtDHVWDEOHFLGRWRGDXQD
UHG GH UHODFLRQHV /D IRUPD GH OD VREHUDQtD PRQiUTXLFD PLHQWUDV VLWXDED GHO ODGR GHO
VREHUDQR OD VREUHFDUJD GH XQ SRGHU UHVRQDQWH LOLPLWDGR SHUVRQDO LUUHJXODU \ GLVFRQWLQXR
GHMDED GHO ODGR GH ORV V~EGLWRV OXJDU OLEUH SDUD XQD LOHJDOLGDG FRQVWDQWH pVWH HUD FRPR HO
FRUUHODWR GH DTXHO WLSR GH SRGHU $ WDO SXQWR TXH DWDFDU ODV GLYHUVDV SUHUURJDWLYDV GHO
VREHUDQR HUD UHDOPHQWH DWDFDU D OD YH] HO IXQFLRQDPLHQWR GH ODV LOHJDOLGDGHV /RV GRV
REMHWLYRVVHKDOODEDQHQXQDUHODFLyQGHFRQWLQXLGDG<VHJ~QODVFLUFXQVWDQFLDV\ODVWiFWLFDV
SDUWLFXODUHVORVUHIRUPDGRUHVKDFtDQSUHYDOHFHUHOXQRRHORWUR>@

)RXFDXOW GHVDUUROOD DTXt VX DUJXPHQWDFLyQ HQ XQ VHQWLGR SUy[LPR D XQ


IXQFLRQDOLVPR RULHQWDGR KLVWyULFDPHQWH TXH FRQWHPSOD GH PDQHUD GHFLGLGD OD
WUDGLFLyQFXOWXUDO\HQHVHVHQWLGRWDPELpQODVLGHDV\ORVYDORUHVFRQVWLWXLGRV
KLVWyULFDPHQWHVyORGHVGHHOSXQWRGHYLVWDH[FOXVLYRGHODIXQFLyQREMHWLYDTXH
pVWRVGHVHPSHxDQGHQWURGHXQSURFHVRVLVWpPLFRLPSXOVDGRSRUREWHQHUPiV
SRGHU 'HVGH HVWH iQJXOR ODV SURSXHVWDV UHIRUPLVWDV SRUWDGRUDV GHO PXQGR
LGHROyJLFRGHOD,OXVWUDFLyQLQGHSHQGLHQWHPHQWHGHVXFRQWHQLGRLQWHQFLRQDOHQ
WpUPLQRVVXEMHWLYRVVyORDSDUHFHQFRPRXQGHWHUPLQDGRWLSRGHLQVWUXPHQWRV
TXH SHUPLWHQ UHPSOD]DU XQ PRGHOR VXSHUIOXR GH FRQWURO VRFLDO SRU XQ
SURFHGLPLHQWR GH FRQWURO PiV DGHFXDGR D ODV QXHYDV FRQGLFLRQHV KLVWyULFDV
6HJ~Q HVWD LQWHUSUHWDFLyQ GH )RXFDXOW D PHGLGD TXH OD HMHFXFLyQ GH OD
VHQWHQFLD \D QR VH FRQFLEH HQ HO PDUFR GH ODV PHGLGDV SODQWHDGDV SRU OD
UHIRUPD FRPR XQD PDQLIHVWDFLyQ ULWXDO GHO SRGHU VREHUDQR VLQR PiV ELHQ
FRPRXQDFWRRULHQWDGRDODDSOLFDFLyQGHVLJQRVSUHYHQWLYRV\VDQFLRQDGRUHV
WRGR HO FDPSR GH OD GHOLQFXHQFLD YD D TXHGDU GHPDUFDGR H LQGLYLGXDOL]DGR
UDGLFDOPHQWHODVSRVLEOHVDFFLRQHVGHFDVWLJRVHLQWHUSUHWDQDSDUWLUGHDKRUD
GH XQ PRGR OR VXILFLHQWHPHQWH GLIHUHQFLDGR FRPR SDUD SRGHU DMXVWDU PiV R
PHQRV VLPEyOLFDPHQWH \ FRQ HO SURSyVLWR GH OD LQVWUXFFLyQ S~EOLFD \ OD
LQWLPLGDFLyQ XQD SHQD HVSHFtILFD D FDGD WLSR SDUWLFXODU GH GHOLQFXHQFLD 8QD
PD\RU SHUIHFFLyQ LQVWUXPHQWDO HQ HO iPELWR GH OD SHUVHFXFLyQ FULPLQDO SRU
WDQWRDFRPSDxDDHVWDWUDQVIRUPDFLyQIXQFLRQDOHQHOFDVWLJRTXHHQOXJDUGH
UHIHULUVH VyOR D OD RIHQVD HIHFWLYDPHQWH FRPHWLGD OR KDFH DKRUD D WRGDV ODV
SRVLEOHVRIHQVDVHQHOIXWXURODFUtWLFDGHODDUELWUDULHGDGMXGLFLDOGHOPRQDUFD

SRU PX\ LQIOXLGD TXH HVWp GHVGH HO SXQWR GH YLVWD pWLFR SRU ODV WHPSUDQDV
WHRUtDVEXUJXHVDVGHODGHPRFUDFLDFRQGXFHDXQDGHVFHQWUDOL]DFLyQGHOSRGHU
SHQDO FRPR UHVXOWDGR OD OXFKD FRQWUD HO FULPHQ HV FDSD] GH LQWURGXFLUVH HQ
QLFKRVGHODVRFLHGDGTXHKDVWDHOPRPHQWRQRKDEtDQVLGRHQDEVROXWRREMHWR
GHFRQWURODOJXQR
(Q HVWH SXQWR VLQ HPEDUJR HO VLVWHPD GH UHIHUHQFLD IXQFLRQDOLVWD TXH
)RXFDXOW KD LQFRUSRUDGR GHVGH HO SULQFLSLR D VX LQYHVWLJDFLyQ KLVWyULFD QR
SXHGH SRU PHQRV GH FDUJDU FRQ XQD OODPDWLYD DPELJHGDG pVWD DSDUHFH
SUHFLVDPHQWH HQ OD DILUPDFLyQ VHJ~Q OD FXDO ORV LQVWUXPHQWRV GH FRQWURO VRFLDO
TXH VH YLQFXODQ FRQ ORV PpWRGRV UHIRUPLVWDV GHO FDVWLJR VH PXHVWUDQ FRPR
WpFQLFDPHQWHPiVHIHFWLYRV1RTXHGDQDGDFODURDTXtVLODHIHFWLYLGDGGH
ORV LQVWUXPHQWRV GHO FRQWURO VRFLDO KD GH PHGLUVH SRU FULWHULRV ILMDGRV SRU HO
PDUFRLQVWLWXFLRQDOGHXQRUGHQVRFLDO\DGDGRRPiVELHQSRUHVRVFULWHULRV
TXH KDQ VLGR LPSXHVWRV SRU XQ SURFHVR HQFDPLQDGR D LQFUHPHQWDU VX SRGHU
VRFLDO LQGHSHQGLHQWHPHQWH GH ORV yUGHQHV VRFLDOHV HVSHFtILFRV (Q HO SULPHU
FDVR ORV SXQWRV GH UHIHUHQFLD TXH GHILQHQ HO HMHUFLFLR GHO FRQWURO VRFLDO
FDPELDUtDQ FRQ OD WUDQVIRUPDFLyQ GH ODV IRUPDV GH OD GRPLQDFLyQ VRFLDO \ HO
QLYHOGHHIHFWLYLGDGGHOFRQWUROVRFLDOGHSHQGHUtDGHODVFRQGLFLRQHVSDUWLFXODUHV
SRU ODV TXH VH FRQVWLWX\H XQD IRUPD HVSHFtILFD GH RUJDQL]DFLyQ VRFLDO (Q HO
VHJXQGR FDVR ORV SXQWRV GH UHIHUHQFLD TXH GHILQHQ HO HMHUFLFLR GHO FRQWURO
VRFLDO VRQ KLVWyULFDPHQWH LQYDULDQWHV VRQ GHWHUPLQDGRV SRU XQ RSWLPXP GH
FRQWUROGHVFULELEOHREMHWLYDPHQWHTXHKDFHSRVLEOHPHGLUODHIHFWLYLGDGGHODV
IRUPDVLQGLYLGXDOHVGHFRQWUROVRFLDOLQGHSHQGLHQWHPHQWHGHOPDUFRLQVWLWXFLRQDO
HQHOTXHHOODVVHVLW~DQGHVGHHOSXQWRGHYLVWDDGPLQLVWUDWLYR
'H ODV GLIHUHQFLDV H[LVWHQWHV HQWUH HVWDV GRV SRVLELOLGDGHV SURSLDV GH XQ
DQiOLVLVIXQFLRQDOLVWDVHGHULYDQGLVWLQFLRQHVTXHQRVRQGHSRFDUHOHYDQFLDSDUD
HO PRGR GH SURFHGHU GH )RXFDXOW 3XHV VXSRQLHQGR HO SULPHU FDVR VH KDUtD
QHFHVDULR H[SRQHU ODV FRQGLFLRQHV HVWUXFWXUDOHV LQVWLWXFLRQDOHV SRU FX\D
FRQVHUYDFLyQVHFDOLEUDHOYDORUGHGHWHUPLQDGRVLQVWUXPHQWRVHQHOHMHUFLFLRGH
ODGRPLQDFLyQVRFLDOHQHOHMHGHHVWHDQiOLVLVVHHQFXHQWUDHQFLHUWDPHGLGDXQ
RUGHQVRFLDOHFRQyPLFR\SROtWLFRGHVGHHOFXDOVHH[DPLQDQ\SRQHQDSUXHED
ORVPHGLRVGHFRQWUROTXHVRQDGHFXDGRV>@DpVWHOHFRUUHVSRQGHGHQWURGHO
DQiOLVLVIRXFDXOWLDQRODUHIHUHQFLDDXQQXHYRUDQJRGHGHOLQFXHQFLDFULPLQDOTXH

VXUJH FRQ OD WUDQVIRUPDFLyQ FDSLWDOLVWD GH OD HFRQRPtD \ IUHQWH DO TXH OD
EXUJXHVtD DKRUD GRPLQDQWH GHEH UHVSRQGHU HPSOHDQGR PHGLRV GH FRQWURO
VRFLDO>@&LHUWDPHQWHQRSDUHFHOHJtWLPRGHIHQGHUODWHVLVGHTXHORVQXHYRV
SURFHGLPLHQWRVGHFRQWUROTXHHQHVWHPRPHQWRVHGHVDUUROODQVRQVXSHULRUHV
HQ HIHFWLYLGDG FRQ UHVSHFWR D ORV LQVWUXPHQWRV GH FRQWURO VRFLDO TXH VH
HQFRQWUDEDQ HQ ODV IRUPDV SUHEXUJXHVDV GH GRPLQDFLyQ SRUTXH ORV SULPHURV
VLUYHQDOPDQWHQLPLHQWR\HVWDELOLGDGGHXQRUGHQVRFLDOGLIHUHQWH\GHXQQXHYR
PDUFRLQVWLWXFLRQDO6LQHPEDUJR)RXFDXOWSDUHFHSUHFLVDPHQWHGHIHQGHUHVWD
SRVLFLyQFRPSDUDQGRORVGRVWLSRVGHFRQWUROVRFLDOpOKDEODGHXQDXPHQWRH
LQWHQVLILFDFLyQ GHO SRGHU VRFLDO >@ 'H HVWR SRGHPRV GHGXFLU TXH pO HVWi
VHFUHWDPHQWH LQFOLQDGR D DERJDU SRU HO VHJXQGR PRGHOR DQDOtWLFR GHO
IXQFLRQDOLVPR/RTXHSHUPDQHFHHQHOFHQWURGHHVWHPRGHORQRHVXQRUGHQ
VRFLDO \D GDGR VLQR XQ SURFHVR GH LQFUHPHQWR H LQWHQVLILFDFLyQ GHO SRGHU
VRFLDOGHORTXHVXSXHVWDPHQWHVHFROLJHTXHHVWHSURFHVRFXPSOHXQDIXQFLyQ
GHQWURGHXQDVLWXDFLyQSUREOHPiWLFDGHUHIHUHQFLDLQYDULDEOH6L)RXFDXOWVLJXH
FRQ XQ SURFHGLPLHQWR PHWRGROyJLFR GH HVWH WLSR WLHQH TXH LQWHQWDU REVHUYDU
WRGRV ORV SURFHVRV VRFLDOHV EDMR XQD SHUVSHFWLYD IXQFLRQDOLVWD QR VyOR
DWHQGLHQGR D OD FRQVHUYDFLyQ VLQR WDPELpQ D OD FXHVWLyQ GHO LQFUHPHQWR GH
SRGHU \ HVWR VLJQLILFD VHJXUDPHQWH EDMR HO SXQWR GH YLVWD GH OD ILQDOLGDG
REMHWLYDGHORJUDUHOPi[LPRGHFRQWUROGHWRGRVORVSURFHVRVGHODYLGDVRFLDO
4XH )RXFDXOW HQ HIHFWR DEUD]D HVWD VHJXQGD YHUVLyQ GHO DQiOLVLV
IXQFLRQDOLVWD TXH WUDWD SRU WDQWR GH LU PiV DOOi GH ORV FULWHULRV GH XQ RUGHQ
VRFLDO HIHFWLYDPHQWH GDGR \ FRQYLHUWH HO SURFHVR KLVWyULFRXQLYHUVDO GHO
LQFUHPHQWRGHOSRGHUGHORVVLVWHPDVVRFLDOHVHQWHQGLGRFRPRWRWDOLGDGFRPR
WHOyQ GH IRQGR GH VX DUJXPHQWDFLyQ HV DOJR TXH SXHGH REVHUYDUVH FRQ WRGD
FODULGDG HQ HO VLJXLHQWH SDVR GH VX SODQWHDPLHQWR GLULJLGR D UHDOL]DU XQD
SUHVHQWDFLyQEDVWDQWHFRQFLVDGHODHUDUHIRUPLVWD\HQGRQGHSODQWHDUiDSDUWLU
GH DKRUD OD FXHVWLyQ GHFLVLYD )RXFDXOW SDUWH GHO KHFKR GH TXH ODV UHIRUPDV
SHQDOHVLQVSLUDGDVHQHOHVStULWXPRUDOGHOD,OXVWUDFLyQVyORWXYLHURQXQDEUHYH
GXUDFLyQ\GHTXHDGHPiVIXHURQPX\SRFRHIHFWLYDVDXQTXHODSULVLyQFRPR
PHGLRGHFDVWLJRWXYRXQDLPSRUWDQFLDVHFXQGDULDHQHOVLVWHPDGLIHUHQFLDGRGHO
FDVWLJR S~EOLFDPHQWH LQVWUXFWLYR SURSXHVWR SRU ORV UHIRUPDGRUHV HQ UHDOLGDG
DGRSWyXQSDSHOGRPLQDQWHGHQWURGHODOHJDOLGDGSHQDOWUDVXQODSVRGHWLHPSR

PX\ EUHYH >@ &RQ VX LQVWLWXFLRQDOL]DFLyQ XQ SULQFLSLR GH FDVWLJR
KLVWyULFDPHQWH QXHYR VH LPSRQH DO PRGHOR GH FDVWLJR UHSUHVHQWDGR KDVWD HVH
PRPHQWR OR TXH OD SULVLyQ VLJQLILFD QR HV \D OD FRUUHFFLyQ HVFHQLILFDGD HQ HO
HVSDFLRS~EOLFRSURSLDGHODpSRFDDEVROXWLVWDQLODSUiFWLFDSHQDOUHSUHVHQWDGD
VRFLDOPHQWHGXUDQWHODIDVHUHIRUPLVWDVLQRXQDLQLQWHUUXPSLGDFRDFFLyQTXHVH
FRQVLJXH D WUDYpV GHO GLVFLSOLQDPLHQWR GH XQ FXHUSR DKRUD RFXOWR SDUD HO
HVSDFLRS~EOLFR$ODYLVWDGHHVWDVGLIHUHQFLDVHQODOyJLFDVRFLDOGHOFDVWLJR
SXHGH FRPSUHQGHUVH QDWXUDOPHQWH SRU TXp HV HVWH SURFHVR WDQ UiSLGR \
JHQHUDOHOTXHVHJ~QODLQWHUSUHWDFLyQGH)RXFDXOWYDDSHUPLWLUTXHODSULVLyQ
VH FRQYLHUWD HQ HO LQVWUXPHQWR FDSLWDO GH FDVWLJR HQ DSHQDV DOJXQDV GpFDGDV
SRUTXppVWHHVHODFRQWHFLPLHQWRKLVWyULFRTXHODKLVWRULDGHODOHJDOLGDGSHQDO
QHFHVLWDH[SOLFDUFRQODPi[LPDXUJHQFLD&yPRHVSRVLEOHTXHODGHWHQFLyQ
DVt HV FRPR )RXFDXOW LQWHUSUHWD HVWD FXHVWLyQ GHFLVLYD SDUD VX HVWXGLR
OOHJXH D VHU HQ WDQ SRFR WLHPSR XQD GH ODV IRUPDV PiV JHQHUDOHV GHO FDVWLJR
OHJDO">@
(QHOLQWHQWRGHHQFRQWUDUXQDSRVLEOHUHVSXHVWDDHVWDSUHJXQWD)RXFDXOW
VLJXH PHWRGROyJLFDPHQWH GRV FDPLQRV SRU XQ ODGR WUDWD GH LGHQWLILFDU OD
SUREOHPiWLFD VRFLDO TXH HQ ODV SRVWULPHUtDV GHO VLJOR ;9,,, SXGR
QHFHVDULDPHQWH RULJLQDU XQD WUDQVIRUPDFLyQ GH HVWH WLSR HQ ODV WHFQRORJtDV
VRFLDOHV GH FDVWLJR \ WUDQVIRUPDUODV HQ LQVWUXPHQWRV DO VHUYLFLR GH OD SHQD
FDUFHODULD SRU RWUR EXVFD SDUWLHQGR GH XQ HVTXHPD EDVWDQWH DEVWUDFWR H
KLSRWpWLFR GHOLQHDU ORV SHUILOHV GH XQD SUHKLVWRULD GH OD GLVFLSOLQD FRUSRUDO
UHPRQWDEOH KDVWD OD (GDG 0HGLD TXH FUHy ORV SUHVXSXHVWRV WpFQLFRV \
FRJQRVFLWLYRV TXH KLFLHURQ SRVLEOH OD DSOLFDFLyQ UHODWLYDPHQWH UiSLGD GH ORV
PpWRGRV GH FDVWLJR HPSOHDGRV HQ HO VLVWHPD SHQDO /D SDUWH PiV DPSOLD H
LQGXGDEOHPHQWHPiVLPSUHVLRQDQWHGHOHVWXGLRGH)RXFDXOWJLUDHQWRUQRDHVWD
VHJXQGD IDVH GH LQYHVWLJDFLyQ pVWD WRPD OD IRUPD GH XQD YLVLyQ JHQHUDO \
VLVWHPiWLFD GH ORV SURFHVRV KLVWyULFRV PHUFHG D ORV FXDOHV VH IRUPDURQ HQ OD
0RGHUQLGDG HXURSHD ODV WpFQLFDV \ PpWRGRV GH GLVFLSOLQDPLHQWR \
HQWUHQDPLHQWRGHOFXHUSR)RXFDXOWDTXtSDUWHGHXQSURFHVRDGPLQLVWUDWLYRGH
DSUHQGL]DMH HQ HO TXH GLIHUHQWHV LQVWLWXFLRQHV GH VRFLDOL]DFLyQ GHVGH ORV
PRQDVWHULRV D ODV HVFXHODV PLOLWDUHV GHVDUUROODURQ GH PRGR JUDGXDO \
DWHQGLHQGR D VXV UHVSHFWLYDV WDUHDV \ SUiFWLFDV SURSLDV GHWHUPLQDGRV

FRQRFLPLHQWRV \ SURFHGLPLHQWRV TXH SHVH D QR HVWDU FRRUGLQDGRV HQWUH Vt


ORJUDURQ FRQVHJXLU XQD SRUPHQRUL]DGD QRUPDOL]DFLyQ GH OD FRQGXFWD FRUSRUDO
KXPDQD(QHOPDUFRKLVWyULFRTXHQDFHDODEULJRGHHVWDLGHDEiVLFDQRUHVXOWD
GLItFLOUHFRQRFHUODSUHKLVWRULDLQVWLWXFLRQDOGHHVDWHFQRORJtDGHSRGHUTXH\DKD
VLGR SUHVHQWDGD HQ HO iPELWR WHyULFR HQ FRQH[LyQ FRQ ORV WUHV FRQFHSWRV GH
QRUPDFXHUSR\VDEHU
/D LQYHQFLyQ GH HVWD QXHYD DQDWRPtD SROtWLFD QR VH GHEH HQWHQGHU FRPR XQ UHSHQWLQR
GHVFXEULPLHQWRVLQRFRPRXQDPXOWLSOLFLGDGGHSURFHVRVFRQIUHFXHQFLDPHQRUHVGHRULJHQ
GLIHUHQWHGHORFDOL]DFLyQGLVHPLQDGDTXHFRLQFLGHQVHUHSLWHQRVHLPLWDQVHDSR\DQXQRV
VREUHRWURVVHGLVWLQJXHQVHJ~QVXGRPLQLRGHDSOLFDFLyQHQWUDQHQFRQYHUJHQFLD\GLEXMDQ
SRFRDSRFRHOGLVHxRGHXQPpWRGRJHQHUDO6HORVHQFXHQWUDDFWXDQGRHQORVFROHJLRVGHVGH
KRUD WHPSUDQD PiV WDUGH HQ ODV HVFXHODV HOHPHQWDOHV KDQ LQYDGLGR OHQWDPHQWH HO HVSDFLR
KRVSLWDODULR \ HQ XQDV GpFDGDV KDQ UHHVWUXFWXUDGR OD RUJDQL]DFLyQ PLOLWDU +DQ FLUFXODGR D
YHFHV PX\ GH SULVD \ GH XQ SXQWR D RWUR HQWUH HO HMpUFLWR \ ODV HVFXHODV WpFQLFDV R ORV
FROHJLRV\OLFHRV RWUDVYHFHVOHQWDPHQWH\GHPDQHUDPiVGLVFUHWD PLOLWDUL]DFLyQLQVLGLRVD
GHORVJUDQGHVWDOOHUHV 6LHPSUHRFDVLVLHPSUHVHKDQLPSXHVWRSDUDUHVSRQGHUDH[LJHQFLDV
GHFR\XQWXUDDTXtXQDLQQRYDFLyQLQGXVWULDODOOiODUHFUXGHVFHQFLDGHFLHUWDVHQIHUPHGDGHV
HSLGpPLFDVHQRWUROXJDUODLQYHQFLyQGHOIXVLORODVYLFWRULDVGH3UXVLD/RFXDOQRLPSLGH
TXH VH LQVFULEDQ HQ WRWDO HQ XQDV WUDVIRUPDFLRQHV JHQHUDOHV \ HVHQFLDOHV TXH VHUi SUHFLVR
WUDWDUGHH[WUDHU>@

)RXFDXOW HPSOHD WRGD VX KDELOLGDG DQDOtWLFD HQ OD GHVFULSFLyQ GH ORV
PpWRGRVWpFQLFDV\FRQRFLPLHQWRVTXHVHIRUPDURQGHVGHHOVLJOR ;9,DSDUWLU
GH ODV GLYHUVDV LQVWDQFLDV GLVFLSOLQD ULDV FRQ HO ILQ GH QRUPDOL]DU \ DGLHVWUDU OD
FRQGXFWD GH ORV FXHUSRV KXPDQRV 6LJXLHQGR HVWH REMHWLYR pO GLVWLQJXH HQWUH
SURFHGLPLHQWRVGLULJLGRVDOHQWUHQDPLHQWRGLUHFWRGHOFXHUSR\HVWUDWHJLDVTXH
DFRPSDxDQDOFRQWUROGHODFRQGXFWD'HQWURGHODSULPHUDFODVHGHPpWRGRV
GLVFLSOLQDULRV)RXFDXOWLQFOX\HWRGDVDTXHOODVWpFQLFDVFX\DIXQFLyQVHRULHQWDD
IRU]DUDORVPRYLPLHQWRVPRWULFHV\JHVWXDOHVGHOFXHUSRDXQPRGRUXWLQDULRGH
FRQGXFWD)RXFDXOWGHVWDFDDTXtFXDWURSURFHGLPLHQWRVGHDGLHVWUDPLHQWR>@
HQ SULPHU OXJDU H[LVWHQ ODV WpFQLFDV GLULJLGDV D OD GLVWULEXFLyQ HVSDFLDO GH ORV
FXHUSRVKXPDQRVHQHOPRQDVWHULRHQODHVFXHODRHQHOWDOOHUORVLQGLYLGXRV
VRQ RUJDQL]DGRV \ GLVWULEXLGRV VHJ~Q VX IXQFLyQ R UDQJR FRUUHVSRQGLHQWHV HQ
OXJDUHV\HVSDFLRVDLVODGRVHQVHJXQGROXJDUORVSURFHGLPLHQWRVHQFDPLQDGRV
D OD UDFLRQDOL]DFLyQ WHPSRUDO GH WRGDV ODV FRQGXFWDV FRUSRUDOHV XQ IOXMR GH

PRYLOLGDGFRUSRUDOTXHVHUiDKRUDDQDOtWLFDPHQWHGLYLGLGR\GHVFRPSXHVWRHQ
DFWRV LQGLYLGXDOHV TXH VH LQGLYLGXDOL]DQ FRPR REMHWRV VXVFHSWLEOHV GH
WUDWDPLHQWR HQ WpUPLQRV LQVWUXPHQWDOHV R EpOLFRV WHUFHUR HO LQWHQWR GH XQD
GLVWULEXFLyQ WHPSRUDO GH ORV SURSLRV PpWRGRV GH DGLHVWUDPLHQWR ODV IDVHV
GLVFLSOLQDULDVVHORFDOL]DQGHQWURGHXQWLHPSRDQDOtWLFRHYROXWLYRGHWDOIRUPD
TXHHOODVPLVPDVSXHGDQVHURUJDQL]DGDV\SODQHDGDV\ILQDOPHQWHHOSDVRGH
ODLQWHJUDFLyQGHOFXHUSRHQWUHQDGRDXQFRQWH[WRRULHQWDGRIXQFLRQDOPHQWHHQ
HO HMpUFLWR R HO WDOOHU OD DFWLYLGDG FRUSRUDO GH XQ LQGLYLGXR VH VLQFURQL]D
VLVWHPiWLFDPHQWHFRQODVDFWLYLGDGHVGHOUHVWRGHORVLQGLYLGXRV
(VWD OLVWD GH WpFQLFDV GLVFLSOLQDULDV SHUPLWH D )RXFDXOW FRQWHPSODU HO
SURFHVR KLVWyULFR GHO GLVFLSOLQDPLHQWR GHO FXHUSR QR VyOR GHQWUR GHO PDUFR
KDELWXDOGHORVOXJDUHVGHSURGXFFLyQGHOFDSLWDOLVPRWHPSUDQRVLQRWDPELpQHQ
XQ iPELWR PXFKR PiV DPSOLR GH LQVWLWXFLRQHV HIHFWLYDV VRFLDOL]DGRUDV >@
$GHPiV GH HVWR )RXFDXOW SUHVHQWD WRGD XQD VHULH GH SURFHGLPLHQWRV HQ ORV
TXH OD UXWLQL]DFLyQ FRDFWLYD GH ORV PRGRV GH FRQGXFWD VH UHJXOD
FRQWLQXDPHQWH \ VH HYDO~D HQ WpUPLQRV WHyULFRV $TXt GLVWLQJXH WUHV
SURFHGLPLHQWRV GLIHUHQWHV GH FRQWURO >@ SULPHUR XQD YLJLODQFLD FRQVWDQWH \
GHWDOODGDGHHVWDDFWLYLGDGFRQYHUWLGDHQUXWLQDTXHILQDOPHQWHWRPDODIRUPD
GH XQ GLVHxR DUTXLWHFWyQLFR SDUD OXJDUHV GH HGXFDFLyQ \ WUDEDMR VHJXQGR OD
SUiFWLFD GHO MXLFLR QRUPDOL]DGRU HQ OD TXH ODV YLRODFLRQHV LQIULQJLGDV HQ
UHODFLyQ FRQ ODV UHJXODFLRQHV FRQIRUPH DO PRGHOR WHPSRUDO \ ODV UHJODV
FRQFHUQLHQWHV DO FXHUSR VRQ FRUUHJLGDV PHGLDQWH ILUPHV DGPRQLFLRQHV \
FDVWLJRV \ ILQDOPHQWH FRPR XQ WHUFHU SURFHGLPLHQWR DSDUHFH HO PpWRGR GHO
H[DPHQ TXH GH QXHYR DJUXSD WRGDV ODV WpFQLFDV GH FRQWURO (O H[DPHQ
FRPELQDODVWpFQLFDVGHODMHUDUTXtDTXHYLJLOD\ODVGHODVDQFLyQTXHQRUPDOL]D
(V XQD PLUDGD QRUPDOL]DGRUD XQD YLJLODQFLD TXH SHUPLWH FDOLILFDU FODVLILFDU \
FDVWLJDU>@
6L OD PLUDGD KLVWyULFD GH )RXFDXOW FXOPLQD HQ OD LPDJHQ GHO H[DPHQ QR
VyORHVSRUTXHYHHQHVWHSURFHGLPLHQWRODFRPELQDFLyQUHJXODGDGHWRGRVORV
UHVWDQWHV PpWRGRV GH FRQWURO HQ IXQFLRQDPLHQWR VLQR IXQGDPHQWDOPHQWH
SRUTXH SHUFLEH DTXt OD IXHQWH LQVWLWXFLRQDO GHO PRGR PRGHUQR GH SHQVDU TXH
FRPSUHQGHDORVKRPEUHVFRPRVXMHWRVLQGLYLGXDOL]DGRV3RUHOORHVMXVWRpVWH
HOOXJDUGHQWURGHODLQYHVWLJDFLyQUHDOL]DGDHQ9LJLODU\FDVWLJDUHQHOTXHORV

REMHWLYRVGHODKLVWRULDGHODVLQVWLWXFLRQHVVHHQWUHFUX]DQFRQORVGHHVDKLVWRULD
FRQFHSWXDO TXH KDEtD VLGR SURJUDPiWLFDPHQWH DQXQFLDGD EDMR HO UyWXOR GH
JHQHDORJtD 'H DKt TXH )RXFDXOW SDUWD GH XQD LGHD EiVLFD D SULPHUD YLVWD
LQVWUXFWLYD SUHVXSRQH TXH ODV SRVLELOLGDGHV LQVWLWXFLRQDOHV SDUD OD H[SHULHQFLD
GH LQGLYLGXDOLGDG SHUVRQDO VH LQFUHPHQWDQ HQ OD 0RGHUQLGDG RFFLGHQWDO HQ
FRQH[LyQ FRQ HO SRGHU LQIOX\HQWH GH XQD GHWHUPLQDGD FODVH VRFLDO (V GHFLU
)RXFDXOWFUHHSRUHMHPSORTXHEDMRFRQGLFLRQHVFRPRODVGHODVPRQDUTXtDV
DEVROXWDV VyOR VRQ ORV PLHPEURV GH OD FRUWH IHXGDO ORV TXH VHUtDQ OLEUHV GH
DILUPDUVH D Vt PLVPRV LQGLYLGXDOPHQWH \D VHD HQ GHWHUPLQDGRV ULWXDOHV HQ OD
HVFULWXUD R PHGLDQWH FLHUWDV LPiJHQHV YLVXDOHV (VWH GHVQLYHO VRFLDO GH
LQGLYLGXDOL]DFLyQ TXHGD LQYHUWLGR VLQ HPEDUJR FRQ HO HVWDEOHFLPLHQWR JUDGXDO
GHOH[DPHQFRPRPHFDQLVPRFHQWUDOGHFRQWUROVyORJUDFLDVDpO\GHVGHHVWH
PRPHQWR ODV FODVHV VRPHWLGDV SXHGHQ OOHJDU D VHU REMHWR GH LQIRUPDFLyQ \
GRFXPHQWDFLyQLQGLYLGXDO
(QXQUpJLPHQGLVFLSOLQDULRODLQGLYLGXDOL]DFLyQHVHQFDPELRGHVFHQGHQWHDPHGLGDTXHHO
SRGHU VH YXHOYH PiV DQyQLPR \ PiV IXQFLRQDO DTXHOORV VREUH ORV TXH VH HMHUFH WLHQGHQ D
HVWDU PiV IXHUWHPHQWH LQGLYLGXDOL]DGRV \ SRU YLJLODQFLDV PiV TXH SRU FHUHPRQLDV SRU
REVHUYDFLRQHVPiVTXHSRUUHODWRVFRQPHPRUDWLYRVSRUPHGLGDVFRPSDUDWLYDVTXHWLHQHQOD
QRUPDSRUUHIHUHQFLD\QRSRUJHQHDORJtDVTXHGDQORVDQWHSDVDGRVFRPRSXQWRVGHPLUD
SRUGHVYLDFLRQHVPiVTXHSRUKHFKRVVHxDODGRV>@

/RTXHHQODDFWXDOLGDGHVREMHWRGHLQYHVWLJDFLyQHQHOWHUUHQRELRJUiILFR
GHVGH OD SHUVSHFWLYD GH XQD LQYHVWLJDFLyQ VRFLROyJLFD FRPR OD FRQVWLWXFLyQ
DGPLQLVWUDWLYDGHORVFXUVRVGHYLGDLQGLYLGXDOHVVHSHUFLEHGHVGHHVWDOtQHDGH
DUJXPHQWDFLyQ IRXFDXOWLDQD FRPR XQ SURFHVR KLVWyULFDPHQWH HQUDL]DGR HQ
SURFHGLPLHQWRVGHH[DPHQLQVWDODGRVHQKRVSLFLRVSDUDSREUHVWDOOHUHVHVFXHOD
X KRVSLWDOHV >@ (Q YLUWXG GH WRGR HOOR OD FDSDFLGDG GH LQIRUPDU GH XQD
GHWHUPLQDGDELRJUDItDLQGLYLGXDOGHXQDIRUPDQRUPDOL]DGDHVDOJRTXHOOHJDD
VHULQWHOLJLEOHFRPRUHVXOWDGRSHGDJyJLFRGHXQSURFHVRRULHQWDGRDFRQWURODU
ORVSRVLEOHVFRQIOLFWRVVRFLDOHV$KRUDELHQFRQHVWHHVWXGLR)RXFDXOWSHUVLJXH
DOJRPXFKRPiVLPSRUWDQWHTXHOLPLWDUVHDVHJXLUHVWHFXUVRGHODLQYHVWLJDFLyQ
PiV DOOi GH RULHQWDUVH SRU HVWD SRVLELOLGDG KLVWyULFRVRFLDO WDPELpQ LQWHQWD
H[WUDHUGHDTXtXQDFDWHJRUtDUHODWLYDDODVRFLRORJtDGHOFRQRFLPLHQWRHVWRHV
ORTXHRFXUUHFXDQGRpOVLQSUREOHPDDOJXQRGHGXFHGHODWHVLVGHTXHHQORV

FHQWURVGLVFLSOLQDULRVORVFXUVRVGHYLGDLQGLYLGXDOHVVRQFUHDGRVRSURGXFLGRV
HQ FLHUWD PHGLGD FRQIRUPH D REMHWLYRV DGPLQLVWUDWLYRV OD FRQFOXVLyQ GH TXH
WDPELpQODYLGDSVtTXLFDLQWHULRUGHORVVHUHVKXPDQRVVyORHVFDSD]GHVXUJLU
EDMR OD FRDFFLyQ GH XQ GLVFLSOLQDPLHQWR FRUSRUDO JUDGXDOPHQWH LQWHQVLYR HV
GHFLU\DQRVyORODFDSDFLGDGSDUDODDXWRH[SRVLFLyQELRJUiILFDVLQRWDPELpQ
LQFOXVR OD FDSDFLGDG GHO \R SDUD WHQHU H[SHULHQFLDV LQGLYLGXDOHV VRQ XQ
SURGXFWR HIHFWLYR GH XQD GLVFLSOLQD LPSXHVWD VREUH OD FRQGXFWD FRUSRUDO
$GHPiVSRUVLIXHUDSRFR)RXFDXOWLQILHUHGHDTXtTXHWDPELpQHOFRQFHSWRGH
DOPD VREUH HO TXH JLUDQ WRGRV ORV SURFHVRV SVtTXLFRV WLHQH TXH VHU
H[SOLFDGRH[FOXVLYDPHQWHD ODOX] GHORVFRQWH[WRV SUiFWLFRVLQVWLWXFLRQDOHV GH
GRPLQDFLyQFRUSRUDO(QHVWDGLUHFFLyQpOHVILQDOPHQWHFDSD]DSDUHQWHPHQWH
VLQ WRSDUVH FRQ QLQJXQD GLILFXOWDG GH GHVDUUROODU XQD JHQHDORJtD GHO DOPD
KXPDQDDSDUWLUGHODKLVWRULDGHORVPpWRGRVGHFRQWURODGPLQLVWUDWLYR
0 iVTXHYHUHQHVWDDOPDORVUHVWRVUHDFWLYDGRVGHXQDLGHRORJtDVHUHFRQRFHUtDHQHOODPiV
ELHQHOFRUUHODWRDFWXDOGHFLHUWDWHFQRORJtDGHOSRGHUVREUHHOFXHUSR1RVHGHEHUtDGHFLUTXH
HODOPDHVXQDLOXVLyQRXQHIHFWRLGHROyJLFR3HURVtTXHH[LVWHTXHWLHQHXQDUHDOLGDGTXH
HVWiSURGXFLGDSHUPDQHQWHPHQWHHQWRUQRHQODVXSHUILFLH\HQHOLQWHULRUGHOFXHUSRSRUHO
IXQFLRQDPLHQWRGHXQSRGHUTXHVHHMHUFHVREUHDTXHOORVDTXLHQHVVHFDVWLJDGHXQDPDQHUD
PiVJHQHUDOVREUHDTXHOORVDTXLHQHVVHYLJLODVHHGXFD\FRUULJHVREUHORVORFRVORVQLxRV
ORVFROHJLDOHVORVFRORQL]DGRVVREUHDTXHOORVDTXLHQHVVHVXMHWDDXQDSDUDWRGHSURGXFFLyQ
\VHFRQWURODDORODUJRGHWRGDVXH[LVWHQFLD5HDOLGDGKLVWyULFDGHHVDDOPDTXHDGLIHUHQFLD
GHODOPDUHSUHVHQWDGDSRUODWHRORJtDFULVWLDQDQRQDFHFXOSDEOH\FDVWLJDEOHVLQRTXHQDFH
PiVELHQGHSURFHGLPLHQWRVGHFDVWLJRGHYLJLODQFLDGHSHQD\GHFRDFFLyQ(VWDDOPDUHDOH
LQFRUSyUHDQRHVHQDEVROXWRVXVWDQFLDHVHOHOHPHQWRHQHOTXHVHDUWLFXODQORVHIHFWRVGH
GHWHUPLQDGRWLSRGHSRGHU\ODUHIHUHQFLDGHXQVDEHUHOHQJUDQDMHSRUHOFXDOODVUHODFLRQHV
GHVDEHUGDQOXJDUDXQVDEHUSRVLEOH\HOVDEHUSURORQJD\UHIXHU]DORVHIHFWRVGHOSRGHU
>@

(Q OD PHGLGD SRU VXSXHVWR HQ TXH DGPLWDPRV TXH HVWD WRVFD
HSLVWHPRORJtD IRXFDXOWLDQD QR HV GHO WRGR FRQYLQFHQWH VXHQD WDPELpQ PHQRV
SODXVLEOH VX LQWHQWR GHVGH HO LQWHULRU GH VX WHRUtD GHO SRGHU GH GHULYDU HO
FRQFHSWR GH DOPD GHO SURFHVR KLVWyULFR GH OD GLVFLSOLQD FRUSRUDO /D
DUJXPHQWDFLyQGH)RXFDXOWHQHVWHSXQWRHQUHDOLGDGQRVyORQRDFODUDVLORTXH
pOGHVHDHVGHVFXEULUODJpQHVLVGHODYLGDSVtTXLFDFRPRWDORHORULJHQGHOD
UHSUHVHQWDFLyQFRQFHSWXDOVREUH ORSVtTXLFR FRPRWDOSRU RWURODGR WDPELpQ

FRQWUDGLFH GH XQ PRGR VRUSUHQGHQWH ORV UHVXOWDGRV GH RWUDV LQYHVWLJDFLRQHV
FRPRSRUHMHPSORODVGHODVRFLRORJtDGHODUHOLJLyQGH'XUNKHLPGHPD\RU
EDVH HPStULFD TXH WDPELpQ LQWHQWDQ GHGXFLU VRFLROyJLFDPHQWH OD JpQHVLV GHO
FRQFHSWRGHDOPD>@$KRUDELHQHOGpILFLWPiVHVSHFtILFRGHODUJXPHQWR
IRXFDXOWLDQRUDGLFDHQHOKHFKRGHTXHGHVGHHOSULPHUPRPHQWRGHGXFHGH
ODV LQIOXHQFLDV VRFLDOHV HOODV PLVPDV H[SXHVWDV \ SUHVHQWDGDV FRPR PHURV
SURFHGLPLHQWRV FRDFWLYRV H[WHUQRV TXH SURGXFHQ VXMHWRV  OD IRUPDFLyQ
FXDOLWDWLYDGHXQWLSRGHYLGDSVtTXLFDKXPDQD\OXHJRVHOLPLWDDDFRSODUHVWD
FRQFHSFLyQGLUHFWDPHQWHFRQODUHSUHVHQWDFLyQGHODOPDKXPDQD6L)RXFDXOW
UHDOPHQWHVXSRQHUHDOPHQWHTXHHORULJHQGHODVXEMHWLYLGDGKXPDQDVHIRUMD\
DMXVWDGHHVWHPRGRGHEHUtDKDEHUVHRULHQWDGRSRUXQDYHUVLyQEDVWDQWHWRVFD
GH EHKDYLRULVPR XQD TXH UHSUHVHQWDUD ORV SURFHVRV SVtTXLFRV FRPR HO
UHVXOWDGRGHXQFRQGLFLRQDPLHQWRFRQVWDQWH6HJ~QHVWDLQWHUSUHWDFLyQEDMROD
SUHVLyQHMHUFLGDVREUHHOORVDWUDYpVGHSURFHGLPLHQWRVFRPRODFRQIHVLyQROD
REOLJDFLyQ GH GHFLU OD YHUGDG ORV KXPDQRV KDEUtDQ GHVFXELHUWR PRWLYRV \
H[SHULHQFLDV HQ XQ OXJDU GRQGH QDGD H[LVWH HQ Vt PLVPR 8QD LPDJHQ WDQ
VRUSUHQGHQWH FRPR pVWD HQ OD TXH OD YLGD SVtTXLFD HV LQWHUSUHWDGD FRPR HO
SURGXFWR DUWLILFLDO GH XQD FRQIHVLyQ VRFLDOPHQWH LQGXFLGD \ HQ OD TXH HO
FRQFHSWR GH DOPD VH FRQFLEH FRPR OD LPDJHQ GH WRGR HVWR H[SOLFD
FRQVHFXHQWHPHQWH SRU TXp )RXFDXOW UHFKD]D GH XQ PRGR WDQ REVWLQDGR
FRPSUHQGHUODGLVFLSOLQDHQORVWpUPLQRVGHXQGHVDUUROORKLVWyULFRHQHOTXHORV
SURFHVRVSVtTXLFRV\ItVLFRVVHFRQMXJDQLQVHSDUDEOHPHQWH
/DV LQTXLHWDQWHV FRQVHFXHQFLDV VLQ HPEDUJR D ODV TXH OD JHQHDORJtD GHO
DOPD IRXFDXOWLDQD FRQGXFH GHMDQ HQWUHYHU DKRUD XQ GREOH VLJQLILFDGR SDUD OD
FXHVWLyQTXHQRVLQWHUHVD3XHVORTXHXUJHQWHPHQWHQHFHVLWDFODULILFDUVHHQHVWH
QLYHO HV OD FXHVWLyQ GH TXp WLSR GH PpWRGR IXQFLRQDOLVWD GH DQiOLVLV HV HO TXH
HPSOHD)RXFDXOWDODKRUDGHH[SOLFDUHVWHGHVDUUROORKLVWyULFRGHODVWpFQLFDV
GH FDVWLJR \ HVSHFLDOPHQWH HO UiSLGR GHVDUUROOR GHO HQFDUFHODPLHQWR D
FRPLHQ]RVGHOVLJOR ;,;+DVWDDKRUDOR~QLFRTXHTXHGDFODURHVFyPRpOVH
H[SOLFDODVFRQGLFLRQHVWpFQLFDV\FRJQLWLYDVTXHHQHOPDUFRGHHVWHSHULRGR
GH WLHPSR KDQ KHFKR SRVLEOH XQD UiSLGD UHRULHQWDFLyQ GH ORV SURFHGLPLHQWRV
GHFDVWLJRHQWRUQRDORVPHGLRVGHODGLVFLSOLQDFRUSRUDO3DUDFRQVHJXLUHVWH
REMHWLYR )RXFDXOW SDUWH GH OR TXH SRGUtD OODPDUVH HO SURFHVR GH DSUHQGL]DMH

HVWUDWpJLFR HQ HO TXH GHQWUR GH ODV LQVWLWXFLRQHV SHGDJyJLFDV PLOLWDUHV H
LQGXVWULDOHV GHVGH OD (GDG 0HGLD ORJUy DFXPXODUVH HO FRQRFLPLHQWR
PHWRGROyJLFR\ODVFDSDFLGDGHVWpFQLFDVXQFRQMXQWRGHVDEHUHVTXHDILQDOHV
GHOVLJOR ;9,,, \ FRPLHQ]RV GHO ;,; VyOR QHFHVLWDURQ \D DSOLFDUVH SDUD KDFHU
SRVLEOH OD IRUPDFLyQ H[WHQVLYD \ OD DGPLQLVWUDFLyQ GH OD SULVLyQ &RQ HVWR VLQ
HPEDUJR FRPR \D VH KD PHQFLRQDGR DQWHULRUPHQWH VyOR TXHGDQ FODULILFDGRV
ORVSUHVXSXHVWRVWpFQLFRV\FRJQLWLYRVSHURQRODVFDXVDVKLVWyULFDVTXHHQXQ
PDUFR UHODWLYDPHQWH FRUWR GH WLHPSR IXHURQ FDSDFHV GH LQWURGXFLU OD SULVLyQ
FRPRODWpFQLFDFHQWUDOGHFDVWLJR)RXFDXOWSRUORWDQWRVHYHREOLJDGRDGDU
XQ VHJXQGR SDVR HQ VX DUJXPHQWDFLyQ H LGHQWLILFDU ODV FRQGLFLRQHV
VRFLRKLVWyULFDVTXHHQUHDOLGDGWDPELpQSURYRFDQODVWUDQVIRUPDFLRQHVHIHFWLYDV
GHODSROtWLFDSHQDOHQHVHPDUFRWHPSRUDOVXSXHVWR<DVyORHOPRGRHQHOTXH
)RXFDXOWGDUHVSXHVWDDSDUWLUGHHVWHPRPHQWRDHVWDVHJXQGDFXHVWLyQGHVGH
VXVSUHVXSXHVWRVUHYHODSRUFRPSOHWRKDVWDTXpSXQWRVXSODQWHDPLHQWREiVLFR
SHUWHQHFH DO iPELWR GH OD WHRUtD GH VLVWHPDV XQD FRQFHSFLyQ TXH OH VLUYH HQ
~OWLPDLQVWDQFLDSDUDHQOD]DUVXWHRUtDVRFLDOFRQVXVLQYHVWLJDFLRQHVKLVWyULFDV
)RXFDXOW QR VH DFHUFD D HVWD FXHVWLyQ GLUHFWDPHQWH VLQR D WUDYpV GH XQD
HVSHFLH GH URGHR WHyULFR eO HVWi FRQYHQFLGR GH TXH HO HVWDEOHFLPLHQWR GHO
VLVWHPDGHODSULVLyQVHKDOOHYDGRDFDERHQUHODFLyQFRQXQDWUDQVIRUPDFLyQ
XQLYHUVDOGHODVWpFQLFDVGHOSRGHUVRFLDO'HDKtTXHGHEDSULPHURDQDOL]DUHO
SURFHVR \ OD FDXVD GH HVWH SURFHVR JHQHUDO GH WUDQVIRUPDFLyQ DQWHV GH TXH
SXHGD FRQVLGHUDU FRPR VX IHQyPHQR FRPSOHPHQWDULR HO QDFLPLHQWR GH OD
SULVLyQ 'HVGH HO SXQWR GH YLVWD GH )RXFDXOW OD QXHYD WHFQRORJtD GH SRGHU
HPHUJH GXUDQWH HO WUDQVFXUVR GHO VLJOR ;9,,, HQ HO PRPHQWR HQ HO TXH ODV
LQVWLWXFLRQHV GLVFLSOLQD ULDV TXH KDEtDQ H[LVWLGR XQDV MXQWR D RWUDV GH XQD
PDQHUD QR FRQHFWDGD FRPLHQ]DQ D FUHFHU MXQWDV HQ XQ WLSR GH VLVWHPD
DXWRUUHJXODGR 'H DKt TXH OR KLVWyULFDPHQWH QXHYR HQWRQFHV QR IXHUD OD
SHFXOLDULGDGGHORVPpWRGRVHPSOHDGRVSDUDHOGLVFLSOLQDPLHQWRFRUSRUDOVLQR
PiVELHQRWUDFRVD
3HUR HO SXQWR GH OD QRYHGDG HQ HO VLJOR ;9,,, HV TXH FRPSRQLpQGRVH \ JHQHUDOL]iQGRVH
>HVWDVLQVWLWXFLRQHVGLVFLSOLQDULDV@DOFDQ]DQHOQLYHODSDUWLUGHOFXDOODIRUPDFLyQGHVDEHU\
HO DXPHQWR GH SRGHU VH UHIXHU]DQ UHJXODUPHQWH VHJ~Q XQ SURFHVR FLUFXODU /DV GLVFLSOLQDV
IUDQTXHDQ HQWRQFHV HO XPEUDO WHFQROyJLFR (O KRVSLWDO SULPHUR GHVSXpV OD HVFXHOD \ PiV

WDUGHD~QHOWDOOHUQRKDQVLGRVLPSOHPHQWHSXHVWRVHQRUGHQSRUODVGLVFLSOLQDVKDQOOHJDGR
D VHU JUDFLDV D HOODV XQRV DSDUDWRV WDOHV TXH WRGR PHFDQLVPR GH REMHWLYDFLyQ SXHGH YDOHU
FRUQRLQVWUXPHQWRGHVRPHWLPLHQWR\WRGRDXPHQWRGHSRGHUGDOXJDUDXQRVFRQRFLPLHQWRV
SRVLEOHVDSDUWLUGHHVWHYtQFXORSURSLRGHORVVLVWHPDVWHFQROyJLFRVHVFRPRKDQSRGLGR
IRUPDUVHHQHOHOHPHQWRGLVFLSOLQDULRODPHGLFLQDFOtQLFDODSVLTXLDWUtDODSVLFRORJtDGHOQLxR
OD SVLFRSHGDJRJtD OD UDFLRQDOL]DFLyQ GHO WUDEDMR 'REOH SURFHVR SRU OR WDQWR GHVEORTXHR
HSLVWHPROyJLFR D SDUWLU GH XQ DILQDPLHQWR GH ODV UHODFLRQHV GH SRGHU PXOWLSOLFDFLyQ GH ORV
HIHFWRVGHSRGHUJUDFLDVDODIRUPDFLyQ\DODDFXPXODFLyQGHFRQRFLPLHQWRVQXHYRV>@

$KRUDELHQHVWDOtQHDGHSHQVDPLHQWRVyORUHVXOWDYiOLGDHQODPHGLGDHQ
TXHFRQWHPRVFRQXQDLQIRUPDFLyQDGLFLRQDOPiVDOOiGHODTXH\DFRQRFHPRV
HQQXHVWUDUHFRQVWUXFFLyQFRQFHSWXDOEiVLFDGHODWHRUtDGHOSRGHUIRXFDXOWLDQD
FRQGDWRVTXHSXHGDQD\XGDUQRVDFODULILFDUFyPRSXGRKDEHUWHQLGROXJDUOD
IRUPDFLyQKLVWyULFDGHHVDVPRGHUQDVWpFQLFDVGHGRPLQDFLyQTXHVHSUHVHQWDQ
FRPRXQSURFHVRFLUFXODUTXHEDVFXODHQWUHHOLQFUHPHQWRGHFRQRFLPLHQWRV\
OD H[SDQVLyQ GHO SRGHU )RXFDXOW DVXPH TXH HVWR RFXUULy FRPR HO SURGXFWR
VRFLDO GH XQ SURFHVR KLVWyULFR HQ HO FXDO ORV FHQWURV GLVFLSOLQDULRV TXH
LQLFLDOPHQWHRSHUDEDQLQGHSHQGLHQWHPHQWHHQWUHVtVHFRQHFWDURQDXQDUHGGH
LQVWLWXFLRQHVLQWHUGHSHQGLHQWHVHQVXFRRUGLQDFLyQ\UHFtSURFDPHQWHYLQFXODGDV
HVGHFLUVyORHQODPHGLGDHQTXHHVDVRUJDQL]DFLRQHVHQXQSULPHUPRPHQWR
DXWyQRPDV VH DJUXSDURQ GH WDO IRUPD TXH SHUPLWLHURQ HO LQWHUFDPELR GH
LQIRUPDFLyQ VH SXGR FRQVROLGDU HQ WpUPLQRV LQVWLWXFLRQDOHV HVD FRQVWDQWH
FLUFXODFLyQGHVDEHUFDSD]DSDUWLUGHHVHPRPHQWRGHVHUYLUFRPRFRQGLFLyQ
GHXQHMHUFLFLRFLUFXODURSWLPL]DGRUGHSRGHUOOHJDGRDHVWHSXQWR)RXFDXOW
VLQHPEDUJRQRLGHQWLILFDQLDORVJUXSRVVRFLDOHVSRUPHGLRGHFX\DVLQLFLDWLYDV
SUiFWLFDVVHYLQFXODURQLQVWLWXFLRQDOPHQWHORVFHQWURVGLVFLSOLQDULRVLQLFLDOPHQWH
DLVODGRV QL WDPSRFR GHILQH TXp WLSR GH LQVWLWXFLyQ VRFLDO VH KDFH HQ JHQHUDO
UHVSRQVDEOH GH SURGXFLU WDO IXVLyQ GH VLVWHPDV GH DFFLyQ 0iV ELHQ SDUHFH
GDUVH SRU VDWLVIHFKR FRQ DSXQWDU D JUDQGHV UDVJRV HO SUREOHPD KLVWyULFR TXH
VXSXHVWDPHQWHWLHQHOXJDUEDMRODSUHVLyQGHOSURFHVRGHIXVLyQLQVWLWXFLRQDO(Q
HVWD OtQHD VX SODQWHDPLHQWR GLVWLQJXLUi GRV DVSHFWRV GHQWUR GH OD FR\XQWXUD
VRFLDO GH DTXHOODV VRFLHGDGHV GHO VLJOR ;9,,, TXH VLJXLHURQ XQ PRGHOR GH
GHVDUUROORFDSLWDOLVWD
8QDVSHFWRGHHVWDFR\XQWXUDIXHHOJUDQLPSXOVRGHPRJUiILFRGHOVLJOR;9,,,XQDXPHQWR

GHODSREODFLyQIORWDQWH>@XQFDPELRGHHVFDODFXDQWLWDWLYDGHORVJUXSRVTXHVHWUDWDGH
FRQWURODU R GH PDQLSXODU GH ORV FRPLHQ]RV GHO VLJOR ;9,, D OD YtV SHUD GH OD 5HYROXFLyQ
)UDQFHVD OD SREODFLyQ HVFRODU VH PXOWLSOLFy FRPR VLQ GXGD OD SREODFLyQ KRVSLWDOL]DGD HO
HMpUFLWRHQWLHPSRGHSD]FRQWDEDDILQHVGHOVLJOR;9,,,PiVGHKRPEUHV (ORWUR
DVSHFWRGHODFR\XQWXUDHVHOFUHFLPLHQWRGHODSDUDWRGHSURGXFFLyQFDGDYH]PiVH[WHQVR\
FRPSOHMRFDGDYH]PiVFRVWRVRWDPELpQ\FX\DUHQWDELOLGDGVHWUDWDGHKDFHUFUHFHU>@

VRQIRUPDVPXFKRPiVHIHFWLYDVHQWpUPLQRVGHFRQWURO\ILQDOPHQWHSRUTXHD
WUDYpVGHOGLVFLSOLQDPLHQWRFRQWLQXRGHODFRQGXFWDFRUSRUDOKXPDQDQRKDFHQ
VLQRLQFUHPHQWDUODFDSDFLGDGGHUHQGLPLHQWRLQGLYLGXDOGHWDOPRGRTXHVRQ
PiVSURGXFWLYDVHQHOUHVXOWDGRHFRQyPLFRILQDO)RXFDXOWKDEODHQHVWHVHQWLGR
GHOWULSOHREMHWLYRGHOUpJLPHQGLVFLSOLQDULR

$SDUHQWHPHQWH)RXFDXOWFRQVLGHUDTXHHOLQFUHPHQWRGHODSREODFLyQ\HO
GHVDUUROOR GH OD SURGXFWLYLGDG VRQ ORV SUREOHPDV D ORV TXH WUDWDQ GH GDU
UHVSXHVWD ODV VRFLHGDGHV D WUDYpV GH OD IRUPDFLyQ GH HVWUDWHJLDV GH SRGHU
3XHVWR TXH HQ HVWH PRPHQWR HQ HO SURFHVR GH OD PRGHUQL]DFLyQ FDSLWDOLVWD
HVWDVGRVFXHVWLRQHVFREUDQXQDUHOHYDQFLDSDUWLFXODUPHQWHDSUHPLDQWHVREUH
WRGRSRUTXHODSREODFLyQFDPSHVLQDHVH[SXOVDGDGHVXVOXJDUHVRULJLQDULRVGH
SURGXFFLyQ \ HO SURFHVR HFRQyPLFR VH DFHOHUD SRU OD PD\RU IRUPDFLyQ GH
FDSLWDO HPSOHDGR OD VRFLHGDG DVt GHGXFH )RXFDXOW VH YH REOLJDGD D
UHDFFLRQDU D HVWD VLWXDFLyQ GH ULHVJR KLVWyULFDPHQWH DFHQWXDGD FRQ OD
LQWHQVLILFDFLyQ GHO FRQWURO VRFLDO HV GHFLU FRQ XQD PD\RU RSWLPL]DFLyQ GH ODV
HVWUDWHJLDV GH SRGHU HVWDEOHFLGDV KDVWD DKRUD VRFLDOPHQWH HVWR HV OR TXH
LPSXOVD SUHFLVDPHQWH D GHVDUUROODU XQD FRQH[LyQ LQVWLWXFLRQDO HQWUH ORV
HVWDEOHFLPLHQWRVGLVFLSOLQDULRVHIHFWLYRVKDVWDDKRUDDLVODGRV

>@3HURORSURSLRGHODVGLVFLSOLQDVHVTXHLQWHQWDQGHILQLUUHVSHFWRGHODVPXOWLSOLFLGDGHV
XQD WiFWLFD GH SRGHU TXH UHVSRQGH D WUHV FULWHULRV KDFHU HO HMHUFLFLR GHO SRGHU OR PHQRV
FRVWRVR SRVLEOH HFRQyPLFDPHQWH SRU HO HVFDVR JDVWR TXH DFDUUHD SROtWLFDPHQWH SRU VX
GLVFUHFLyQVXSRFDH[WHULRUL]DFLyQVXUHODWLYDLQYLVLELOLGDGODHVFDVDUHVLVWHQFLDTXHVXVFLWD 
KDFHUTXHORVHIHFWRVGHHVWHSRGHUVRFLDODOFDQFHQVXPi[LPRGHLQWHQVLGDG\VHH[WLHQGDQOR
PiVOHMRVSRVLEOHVLQIUDFDVRQLODJXQDOLJDUHQILQHVWHFUHFLPLHQWRHFRQyPLFRGHOSRGHU\
HO UHQGLPLHQWR GH ORV DSDUDWRV HQ HO LQWHULRU GH ORV FXDOHV VH HMHUFH \D VHDQ ORV DSDUDWRV
SHGDJyJLFRV PLOLWDUHV LQGXVWULDOHV PpGLFRV  HQ VXPD DXPHQWDU D OD YH] OD GRFLOLGDG \ OD
XWLOLGDGGHWRGRVORVHOHPHQWRVGHOVLVWHPD>@

(OGHVDUUROORGHORVSURFHGLPLHQWRVGLVFLSOLQDULRVUHVSRQGHDHVWRVGRVSURFHVRVRPiVELHQ
VLQGXGDDODQHFHVLGDGGHDMXVWDUVXFRUUHODFLyQ1LODVIRUPDVUHVLGXDOHVGHOSRGHUIHXGDOQL
ODV HVWUXFWXUDV GH OD PRQDUTXtD DGPLQLVWUDWLYD QL ORV PHFDQLVPRV ORFDOHV GH FRQWURO QL HO
HQWUHFUX]DPLHQWRLQHVWDEOHTXHIRUPDEDQHQWUHWRGRVHOORVSRGtDQJDUDQWL]DUHVWHSDSHOVHOR
LPSHGtDODH[WHQVLyQOOHQDGHODJXQDV\VLQUHJXODULGDGGHVXUHGVXIXQFLRQDPLHQWRDPHQXGR
FRQIOLFWXDO\VREUHWRGRHOFDUiFWHUGLVSHQGLRVRGHOSRGHUTXHVHHMHUFtD>@

$ OD YLVWD GH ORV SUREOHPDV HVSHFtILFRV GHWHUPLQDGRV SRU OD FUHFLHQWH
PRYLOLGDG GH OD SREODFLyQ \ OD DFHOHUDFLyQ GHO FUHFLPLHQWR HFRQyPLFR ODV
LQVWDQFLDVGLVFLSOLQDULDVDKRUDFRKHVLRQDGDVHQXQDUHGLQVWLWXFLRQDOUHSUHVHQWDQ
XQ PHGLR PiV DGHFXDGR SDUD HO DVHJXUDPLHQWR GHO SRGHU VRFLDO HQ SULPHU
OXJDUSRUTXHVRQFDSDFHVGHOOHYDUDHIHFWRHVWDIXQFLyQVLQHORVWHQWRVRJDVWR
FDUDFWHUtVWLFRGHODVIRUPDVIHXGDOHVGHOSRGHUSRUORTXHHYLGHQWHPHQWHVRQ
PHQRV FRVWRVDV HQ VHJXQGR OXJDU SRUTXH HOODV FRQVWLWX\HQ XQ VLVWHPD GH
YLJLODQFLDTXHHVFDSD]GHDOFDQ]DUFXDOTXLHUHVIHUDGHODYLGDVRFLDOSRUORTXH

'HVGHHVWDSHUVSHFWLYDEDMRODFXDOODVFXDOLGDGHVIXQFLRQDOHVGHODQXHYD
WHFQRORJtD GH SRGHU HVWDEOHFLGD VH SUHVHQWDQ GH QXHYR FRPR XQD WRWDOLGDG
FHUUDGD HO SURFHVR PHWRGROyJLFR TXH 9LJLODU \ FDVWLJDU SDUHFH VHJXLU
LPSOtFLWDPHQWH SXHGH UHFRQVWUXLUVH SRU SULPHUD YH] HQ VX FRQMXQWR )RXFDXOW
LPSXOVDPDQLILHVWDPHQWHVXLQYHVWLJDFLyQKLVWyULFDGHQWURGHOPDUFRGHODWHRUtD
GHVLVWHPDVTXHFRQFLEHODIRUPDGHRUJDQL]DFLyQVRFLDOFRPRXQFRPSOHMRGH
HVWUDWHJLDV UHVSHFWLYDV GH SRGHU EDMR ODV FXDOHV SUREOHPDV FRQVLGHUDGRV HQ
WpUPLQRV LQYDULDQWHV FRPR VRQ HO FDVR GHO FUHFLPLHQWR GHPRJUiILFR \ OD
UHSURGXFFLyQ HFRQyPLFD SXHGHQ OOHJDU D GRPLQDUVH HIHFWLYDPHQWH /DV
LQVWLWXFLRQHV\ORVPHFDQLVPRVGHGRPLQDFLyQVRFLDOVHFRPSUHQGHQDTXtFRPR
VROXFLRQHV WHPSRUDOHV D WDUHDV TXH VH SODQWHDQ GHQWUR GHO PDUFR VRFLDO
FLUFXQVWDQFLDV FRPR SRU HMHPSOR HO KHFKR GH DGDSWDU OD FRQGXFWD GH XQD
SDUWH SDXODWLQDPHQWH FUHFLHQWH GH OD SREODFLyQ D ODV QHFHVLGDGHV \ H[LJHQFLDV
GHO FRUUHVSRQGLHQWH SURFHVR H[SDQVLYR GH SURGXFFLyQ >@ 6L ODV VROXFLRQHV
LQVWLWXFLRQDOHV DTXt DSRUWDGDV VRQ WHPSRUDOHV HV SRUTXH WRGR QXHYR HVWDGLR
GHQWUR GHO GHVDUUROOR GH XQD SREODFLyQ \ HQ OD H[SDQVLyQ GH ODV IXHU]DV
SURGXFWLYDV H[LJH DVLPLVPR XQ LQFUHPHQWR HQ HO VHQWLGR GH ODV FDSDFLGDGHV
VRFLDOHV GH JRELHUQR HV GHFLU XQD RSWLPL]DFLyQ GH ODV HVWUDWHJLDV GH SRGHU
VRFLDOODVLQVWLWXFLRQHVVRFLDOHVSXHGHQOOHYDUDFDERHVWHILQSRUTXHSRUPHGLR

GH XQ SURFHVR GH DSUHQGL]DMH VXSUDVXEMHWLYR VRQ FDSDFHV GH PHMRUDU GH
PDQHUD DFXPXODWLYD ORV LQVWUXPHQWRV SDUD HMHUFHU HO SRGHU %DMR ODV SULPHUDV
FRQGLFLRQHV GHO SULPHU FDSLWDOLVPR HVWRV GRV SUREOHPDV FHQWUDOHV SDUD HO
PDQWHQLPLHQWRGHOSRGHUVRFLDOVXSRQHQXQSDUWLFXODUULHVJRKDELGDFXHQWDGH
TXH OD QHFHVLGDG GH FRQWURODU HO FUHFLPLHQWR GH OD SREODFLyQ WDPELpQ VH
LQFUHPHQWD D VX YH] FRQ OD QHFHVLGDG GH RFXSDUVH GHO VLVWHPD SURGXFWLYR (O
VLVWHPD GHO SRGHU VRFLDO UHVSRQGH D HVWD SHOLJURVD VLWXDFLyQ GH FRQIOLFWR
DFHQWXDGDKLVWyULFDPHQWHYLQFXODQGRGHXQPRGRLQVWLWXFLRQDOODVLQVWLWXFLRQHV
GLVFLSOLQDULDVKDVWDHVWHPRPHQWRLQGHSHQGLHQWHVDXQVLVWHPDFLUFXODUGHHVWH
PRGRVHDEUHKLVWyULFDPHQWHSRUYH]SULPHUDODSHUVSHFWLYDGHXQDVLWXDFLyQ
VRFLDOHQODTXHHOFRPSOHMRRUJDQL]DGRGHSRGHUHVGHVGHHVWHPRPHQWRFDSD]
SRU Vt PLVPR GH FRQWURODU VXV FRUUHVSRQGLHQWHV SUREOHPDV HQ XQ SULQFLSLR
LQGHSHQGLHQWHVHQODPHGLGDHQTXHFRQODD\XGDGHODVWpFQLFDVGLVSRQLEOHV
DSUHQGH D PDQLSXODU GLUHFWDPHQWH HO FRPSRUWDPLHQWR ELROyJLFR DVt FRPR ORV
UHQGLPLHQWRV SURGXFWLYRV GH ORV LQGLYLGXRV HVWR HV HO FUHFLPLHQWR GH OD
SREODFLyQ\VXFDSDFLGDGGHWUDEDMR
6L FRQ HVWH EUHYH ERVTXHMR KHPRV VLGR FDSDFHV GH UHSURGXFLU
DGHFXDGDPHQWHHOPRGHORWHyULFRVLVWHPiWLFRGHSHQVDPLHQWRTXHVXE\DFHDOD
LQYHVWLJDFLyQ KLVWyULFD IRXFDXOWLDQD RWURV DVSHFWRV GH VX DUJXPHQWDFLyQ PiV
SUREOHPiWLFRV WDPELpQ SXHGHQ DFRPRGDUVH D HVWH PDUFR FRP~Q GH UHIOH[LyQ
VLQ DSHQDV GLILFXOWDGHV (Q SULPHU OXJDU SXHGH H[SOLFDUVH SRU TXp )RXFDXOW
SUHVWD FRQVHFXHQWHPHQWH WDQ HVFDVD DWHQFLyQ D OD IRUPD GH RUJDQL]DFLyQ
HFRQyPLFDGHODVVRFLHGDGHVTXHHVWXGLDGHVGHODSHUVSHFWLYDGHODWHRUtDGH
VLVWHPDV TXH SUHVXQWDPHQWH SDUHFH HQFRQWUDUVH HQ 9LJLODU \ FDVWLJDU HO
SURFHVRHFRQyPLFRVHSUHVHQWDFRPRXQVLPSOHFDPSRDG\DFHQWHGHQWURGHO
VLVWHPDGHOSRGHUVRFLDOVyORUHFLEHXQDHVSHFLDODWHQFLyQFXDQGRDFDXVDGH
GHWHUPLQDGDV WUDQVIRUPDFLRQHV VH FRQIURQWD FRQ OD SUiFWLFD GHO SRGHU VRFLDO
FRQQXHYRVSUREOHPDVGHDGDSWDFLyQ
(Q VHJXQGR OXJDU VL OD WHRUtD GH VLVWHPDV DTXt HVER]DGD VH SUHVXSRQH
FRPRXQDVXHUWHGHPDUFRJHQHUDOGHWRGDODDUJXPHQWDFLyQHVFRPSUHQVLEOH
SRU TXp HQ VXV HVWXGLRV VRFLRKLVWyULFRV )RXFDXOW VyOR SXHGH SUHVWDU XQD
HVFDVD DWHQFLyQ D ODV FRQVLGHUDFLRQHV HVWUDWpJLFDV PHGLDQWH ODV FXDOHV ORV
JUXSRVVRFLDOHVEXVFDQDVHJXUDU\DPSOLDUVXVSRVLFLRQHVGHSRGHUVRFLDOGH

KHFKR H[LVWH DTXt XQD UD]yQ WHyULFD SRU OD TXH HQ VX LQYHVWLJDFLyQ KLVWyULFD
)RXFDXOWKDGHGHMDUGHODGRODGLPHQVLyQGHODOXFKDVRFLDOLQFOXVRDXQFXDQGR
pO KDEtD LQLFLDOPHQWH IXQGDGR VX WHRUtD GHO SRGHU GHVGH HO SXQWR GH YLVWD
FRQFHSWXDO HQ XQ PRGHOR GH DFFLyQ HVWUDWpJLFD HQ HO PRPHQWR HQ HO TXH
FRPR VXFHGH GH IRUPD PDQLILHVWD HQ HO FDVR GH OD LQYHVWLJDFLyQ KLVWyULFD
IRXFDXOWLDQDODHYROXFLyQVRFLDOVHFRQFLEHH[FOXVLYDPHQWHFRPRXQSURFHVR
GHLQFUHPHQWRGHOSRGHUVRFLDOTXHVHGHVDUUROODVHJ~QODOyJLFDGHSHULyGLFDV
DGDSWDFLRQHVDOHQWRUQRSDUHFHFRQVHFXHQWHTXHODVFODVHVTXHGRPLQDQHQXQ
GHWHUPLQDGR PRPHQWR VH FRQYLHUWDQ HQ PHURV HOHPHQWRV SRUWDGRUHV GH
SURFHVRVVLVWpPLFRVHVGHFLUFRPRPDJQLWXGHVTXHHQXQSULQFLSLRSXHGHQVHU
LJQRUDGDV 0iV TXH FRQIRUPDU OD EDVH SUiFWLFD SDUD OD LQVWLWXFLRQDOL]DFLyQ GH
ODVIRUPDVGHGRPLQDFLyQORVFRQIOLFWRVVRFLDOHVVRQHOWHUUHQRFRWLGLDQRVREUH
HOFXDOHOSURFHVRVLVWpPLFRVHDEUHFDPLQR
'HVGH RWUR SXQWR GH YLVWD ILQDOPHQWH KD\ RWURV DVSHFWRV HQ OD
DUJXPHQWDFLyQ IRXFDXOWLDQD HQ YHUGDG EDVWDQWH FHUFDQRV D XQ FKDWR
EHKDYLRULVPR TXH WDPELpQ VH DMXVWDQ D XQD FRQFHSFLyQ HQ SULQFLSLR
PHFDQLFLVWD'HVGHODSHUVSHFWLYDGHODWHRUtDGHVLVWHPDVTXHFRQWHPSODORV
SURFHVRV VRFLDOHV FRPR SURFHVRV VLVWpPLFRV GH LQFUHPHQWR GH SRGHU ODV
PLVPDVIRUPDVGHFRPSRUWDPLHQWRKXPDQRHVSHFLDOPHQWHVXVH[SUHVLRQHVGH
YLGD FRUSRUDO VRQ WDQ VyOR HO PDWHULDO TXH WLHQH TXH VHU IRUPDGR SRU ODV
HVWUDWHJLDV RSHUDWLYDV GH SRGHU HQ FDGD PRPHQWR 6L HQ FRQWUDVWH FRQ HVWR
)RXFDXOW KXELHUD VHJXLGR GH IRUPD PiV FRQVHFXHQWH OD HVWHOD GH VX PRGHOR
RULJLQDOGHDFFLyQYDORUDQGRODVIRUPDVH[LVWHQWHVGHGRPLQDFLyQVRFLDOFRPR
SURGXFWRVGHFRQIOLFWRVVRFLDOHV\QRFRPRUHVXOWDGRVGHXQSURFHVRVLVWpPLFR
GH DGDSWDFLyQ QR KDEUtD SRGLGR HYLWDU GRWDU FRQFHSWXDOPHQWH D ORV DFWRUHV
VRFLDOHVGHHVDVQHFHVLGDGHV\FRQYLFFLRQHVSRUWDQWRGHHVDVPRWLYDFLRQHV
TXH HQ JHQHUDO GHVHQFDGHQDQ SULPHUR OD UHYROXFLyQ SROtWLFD \ FRQ HOOR HO
FRQIOLFWRVRFLDO
3RU WRGR OR GLFKR XQD WHRUtD GH VLVWHPDV FRPR pVWD FRUWDGD
XQLODWHUDOPHQWHDODPHGLGDGHORVSURFHVRVGHJRELHUQRWHUPLQDGHVWDFiQGRVH
D PRGR GH HMH ~OWLPR KDFLD HO TXH ODV GLYHUVDV FRQYLFFLRQHV WHyULFDV GH
)RXFDXOW WHUPLQDQ UHXQLpQGRVH $KRUD ELHQ DXQ FXDQGR HVWRV HOHPHQWRV
DUJXPHQWDWLYRV GLVSHUVRV WHUPLQHQ ILQDOPHQWH FRQIRUPDQGR XQD WRWDOLGDG QR

GHEHUtDPRV GDU SRU FRQFOXLGD DTXt QXHVWUD UHFRQVWUXFFLyQ GH OD LQYHVWLJDFLyQ
KLVWyULFDGH)RXFDXOW6XH[SOLFDFLyQGHORVSURFHVRVVRFLDOHVTXHFRQGXMHURQD
ODWUDQVIRUPDFLyQGHODVSUiFWLFDVSHQDOHVHQHOFRPLHQ]RGHOVLJOR ;,;\TXH
HQHVDPHGLGDSHUPLWLHURQTXHODSULVLyQVHFRQYLUWLHUDHQHOPHGLRIXQGDPHQWDO
GH FDVWLJR D~Q TXHGD DELHUWD /D LQWHUSUHWDFLyQ TXH QRV RIUHFH )RXFDXOW GH
HVWHSURFHVRHQODFRQFOXVLyQGHVXHVWXGLRHVH[WUHPDGDPHQWHLQVXILFLHQWHVH
GHVDUUROODFRPRXQDVHQFLOODFRQFOXVLyQGHODUJXPHQWRIXQFLRQDOLVWDFRQODTXH
pO\DKDEtDLQWHQWDGRH[SOLFDUHQOtQHDVJHQHUDOHVODWUDQVIRUPDFLyQKLVWyULFDGH
ODVWHFQRORJtDVGHSRGHUVRFLDO&XDQGRVHFRQWHPSODHQHVWHFRQWH[WRJHQHUDO
ODJHQHUDOL]DFLyQSHQDOGHODFiUFHOVHUHYHODFRPRODPHUDFRQVHFXHQFLDGHXQD
DGDSWDFLyQ \ DFRPRGDFLyQ GHO FDVWLJR D ORV QXHYRV PHFDQLVPRV GH HMHUFLFLR
GHOSRGHUHVWRHVFRPRXQDVXHUWHGHDMXVWHLQVWLWXFLRQDOGHORVPpWRGRVGH
FDVWLJR D ODV LQVWLWXFLRQHV GLVFLSOLQDULDV TXH PLHQWUDV WDQWR VH KDQ LGR
IXVLRQDQGRHQXQFRPSOHMRWRWDO
3XHGH FRPSUHQGHUVH HO FDUiFWHU GH HYLGHQFLD TXH OD SULVLyQFDVWLJR KD DGTXLULGR GHVGH PX\
SURQWR <D HQ ORV SULPHURV DxRV GHO VLJOR ;,; VH WHQGUi FRQFLHQFLD GH VX QRYHGDG \ VLQ
HPEDUJR KD DSDUHFLGR WDQ OLJDGD \ HQ SURIXQGLGDG FRQ HO IXQFLRQDPLHQWR PLVPR GH OD
VRFLHGDGTXHKDKHFKRROYLGDUWRGRVORVGHPiVFDVWLJRVTXHORVUHIRUPDGRUHVGHOVLJOR;9,,,
LPDJLQDURQ3DUHFLyVLQDOWHUQDWLYD\OOHYDGDSRUHOPRYLPLHQWRPLVPRGHODKLVWRULD>@

'HVGHXQSXQWRGHYLVWDLQWHUQRODSULVLyQIXQFLRQDVHJ~QHOPLVPRPRGHOR
TXH \D IXHUD XWLOL]DGR VLJQLILFDWLYDPHQWH HQ RWUDV LQVWLWXFLRQHV GLVFLSOLQDULDV
VRPHWHDORVFRQGHQDGRVSHQDOHVDODFRDFFLyQGHXQDYLJLODQFLDFRQVWDQWH\XQ
FRQWLQXR GLVFLSOLQDPLHQWR GHO FXHUSR 3XHVWR TXH DTXt VH HPSOHDQ HVWRV
SURFHGLPLHQWRVGHIRUPDWDQH[FOXVLYDTXHVXH[LVWHQFLDRUJDQL]DWLYDGHSHQGH
SRU DVt GHFLUOR GH HOORV )RXFDXOW LQWHQWD SUHVHQWDUQRV OD SULVLyQ FRPR XQD
VXHUWH GH SDUDGLJPD QRUPDO LQVWLWXFLRQDO GH WRGDV ODV GHPiV RUJDQL]DFLRQHV
HVWDEOHFLGDVHQODVVRFLHGDGHVGHVDUUROODGDV
3XHGH H[WUDxDU TXH OD SULVLyQ FHOXODU FRQ VXV FURQRORJtDV ULWPDGDV VX WUDEDMR REOLJDWRULR
VXV LQVWDQFLDV GH YLJLODQFLD \ GH QRWDFLyQ FRQ VXV PDHVWURV GH QRUPDOLGDG TXH UHOHYDQ \
PXOWLSOLFDQ ODV IXQFLRQHV GHO MXH] VH KD\D FRQYHUWLGR HQ HO LQVWUXPHQWR PRGHUQR GH OD
SHQDOLGDG" 3XHGH H[WUDxDU TXH OD SULVLyQ VH DVHPHMH D ODV IiEULFDV D ODV HVFXHODV D ORV
FXDUWHOHVDORVKRVSLWDOHVWRGRVORVFXDOHVVHDVHPHMDQDODVSULVLRQHV">@

)RXFDXOWSRUORWDQWRQRGLVWLQJXHHQWUHODVRUJDQL]DFLRQHVVRFLDOHVFX\RV
PLHPEURV VH UHJXODQ VREUH OD EDVH GH FRQWUDWRV MXUtGLFDPHQWH OLEUHV \ ODV
LQVWLWXFLRQHV WRWDOHV FX\RV PLHPEURV VRQ FRDFFLRQDGRV VREUH OD EDVH GH
yUGHQHVOHJDOHVeOSXHGHSDVDUSRUDOWRHVWDVGLIHUHQFLDVGHVSUHRFXSDGDPHQWH
>@ SRUTXH \D KD GHILQLGR SUHYLDPHQWH OD OH\ \ OD PRUDOLGDG FRPR VLPSOHV
LQVWUXPHQWRVGHOHQFXEULPLHQWRFXOWXUDOGHILQHVHVWUDWpJLFRV&LHUWDPHQWHDTXt
ODV QRUPDV OHJDOHV \ ODV LGHDV PRUDOHV KDQ GHMDGR GH UHSUHVHQWDU OD
VXSHUHVWUXFWXUDKLVWyULFDPHQWHYDULDEOHGHOLQYDULDQWHQ~FOHRGHODOXFKDVRFLDO
WDO\FRPRHOODVLQLFLDOPHQWHDSDUHFtDQHQVXWHRUtDGHOSRGHUPiVELHQSRGUtD
GHFLUVH HOODV IXQFLRQDQ FRPR OD VXSHUHVWUXFWXUD FXOWXUDO GH XQ SURFHVR
VLVWpPLFR GH LQFUHPHQWR GH SRGHU HQ WDQWR HQ FXDQWR VH KD UHPSOD]DGR
VLOHQFLRVDPHQWH HO PRGHOR WHyULFR GH OD DFFLyQ FRQ HO FRQFHSWR GH WHRUtD GH
VLVWHPDV(QXQDHVSHFLHGHGLDJQyVWLFRILQDOGHVXDUJXPHQWDFLyQKLVWyULFDHQ
HOFXDOGHVDUUROODORVUHVXOWDGRVGHOFDPELRHVWUXFWXUDOGHOSRGHUHQHOSUHVHQWH
)RXFDXOW SXHGH GHILQLU HO WLSR GH LQWHJUDFLyQ VRFLDO TXH VXE\DFH D ODV
VRFLHGDGHV PRGHUQDV VHJ~Q HO PRGHOR GH ODV LQVWLWXFLRQHV WRWDOHV VLQ WHQHU HQ
FXHQWD HQ WpUPLQRV VXVWDQFLDOHV ORV ORJURV FRQVHJXLGRV GH OD OHJLVODFLyQ
EXUJXHVD&RPRHQODSULVLyQGRQGHHOFRQILQDGRHVWiVRPHWLGRDXQFRPSOHMR
VLVWHPD GH REVHUYDFLyQ FRQVWDQWH \ FRQWLQXR GLVFLSOLQDPLHQWR DVt HQ OD
DFWXDOLGDGODSREODFLyQFRPRWRWDOLGDGHVWiFRQWURODGDDWUDYpVGHXQDUHGGH
LQVWLWXFLRQHV GLVFLSOLQDULDV TXH VH H[WLHQGHQ SRU WRGD ODV HVIHUDV GH OD YLGD
VRFLDO (O WtWXOR TXH )RXFDXOW GD D HVWD IRUPD FRPSXOVLYD GH RUGHQ VRFLDO HV
SDQRSWLFLVPR XQ FRQFHSWR LQWURGXFLGR SDUD FODULILFDU FyPR OD FRQIRUPLGDG
VRFLDO VyOR TXHGD DVHJXUDGD SRU PHGLR GH XQD SHUPDQHQWH \ GHWDOODGD
UHJXODFLyQ GH OD FRQGXFWD \ HQ GRQGH ORV yUJDQRV GH JRELHUQR VRQ DTXHOODV
LQVWLWXFLRQHV GH FRQWURO YLQFXODGDV D XQ VLVWHPD FHUUDGR \ DXWRUUHJXODGR 'H
HVWHPRGRHOHVWXGLRGH)RXFDXOWWHUPLQDFRQXQDQXHYDYLVLyQGHODVRFLHGDG
XQLGLPHQVLRQDOHQODTXHORVVXMHWRVVRQFRDFFLRQDGRVDDGDSWDUVHQRDWUDYpV
GHODPDQLSXODFLyQGHVXVLPSXOVRVSVtTXLFRVVLQRDWUDYpVGHOGLVFLSOLQDPLHQWR
GHVXFRQGXFWDFRUSRUDO
+LVWyULFDPHQWHHOSURFHVRSRUHOFXDOODEXUJXHVtDKDOOHJDGRDVHUHQHOFXUVRGHOVLJOR;9,,,
ODFODVHSROtWLFDPHQWHGRPLQDQWHVHKDSXHVWRDFXELHUWRWUDVGHODLQVWDODFLyQGHXQPDUFR
MXUtGLFR H[SOtFLWR FRGLILFDGR IRUPDOPHQWH LJXDOLWDULR \ D WUDYpV GH OD RUJDQL]DFLyQ GH XQ

UpJLPHQGHWLSRSDUODPHQWDULR\UHSUHVHQWDWLYR3HURHOGHVDUUROOR\ODJHQHUDOL]DFLyQGHORV
GLVSRVLWLYRVGLVFLSOLQDULRVKDQFRQVWLWXLGRODRWUDYHUWLHQWHRVFXUDGHHVWRVSURFHVRV%DMR
OD IRUPD MXUtGLFD JHQHUDO TXH JDUDQWL]DED XQ VLVWHPD GH GHUHFKRV HQ SULQFLSLR LJXDOLWDULRV
KDEtDVXE\DFHQWHVHVRVPHFDQLVPRVPHQXGRVFRWLGLDQRV\ItVLFRVWRGRVHVRVVLVWHPDVGH
PLFURSRGHUHVHQFLDOPHQWHQRLJXDOLWDULRV\GLVLPpWULFRVTXHFRQVWLWX\HQODVGLVFLSOLQDV<VL
GHXQDPDQHUDIRUPDOHOUpJLPHQUHSUHVHQWDWLYRSHUPLWHTXHGLUHFWDRLQGLUHFWDPHQWHFRQR
VLQ HQODFHV OD YROXQWDG GH WRGRV IRUPH OD LQVWDQFLD IXQGDPHQWDO GH OD VREHUDQtD ODV
GLVFLSOLQDV GDQ HQ OD EDVH JDUDQWtD GH OD VXPLVLyQ GH ODV IXHU]DV \ GH ORV FXHUSRV /DV
GLVFLSOLQDV UHDOHV \ FRUSRUDOHV KDQ FRQVWLWXLGR HO VXEVXHOR GH ODV OLEHUWDGHV IRUPDOHV \
MXUtGLFDV (O FRQWUDWR SRGtD ELHQ VHU LPDJLQDGR FRPR IXQGDPHQWR LGHDO GHO GHUHFKR \ GHO
SRGHUSROtWLFRHOSDQRSWLVPRFRQVWLWXtDHOSURFHGLPLHQWRWpFQLFRXQLYHUVDOPHQWHGLIXQGLGR
GH OD FRHUFLyQ 1R KD FHVDGR GH WUDEDMDU HQ SURIXQGLGDG ODV HVWUXFWXUDV MXUtGLFDV GH OD
VRFLHGDGSDUDKDFHUIXQFLRQDUORVPHFDQLVPRVHIHFWLYRVGHOSRGHUHQRSRVLFLyQDORVPDUFRV
IRUPDOHVTXHVHKDEtDSURFXUDGR/DV/XFHVTXHKDQGHVFXELHUWRODVOLEHUWDGHVLQYHQWDURQ
WDPELpQODVGLVFLSOLQDV>@

6XEUD\DQGR XQD YH] PiV OD DILQLGDG LQWHOHFWXDO TXH HVWi HQ MXHJR FDEUtD
GHFLU TXH OD ~OWLPD IUDVH FLWDGD PiV DUULED UHSURGXFH GH DOJ~Q PRGR OD
TXLQWDHVHQFLDGHOHVWXGLRIRXFDXOWLDQRHQXQRVWpUPLQRVTXHELHQSRGUtDQKDEHU
VLGRWRPDGRVGLUHFWDPHQWHGH'LDOpFWLFDGHOD,OXVWUDFLyQHVPiVDODOX]GH
HVWDV FRQFOXVLRQHV ILQDOHV GHO HVWXGLR VREUH OD SULVLyQ HO DFXHUGR HQWUH OD
ILORVRItD GH OD KLVWRULD GH $GRUQR \ OD WHRUtD VRFLDO GH )RXFDXOW HYLGHQWH D OD
YLVWD GH HVWDV IRUPXODFLRQHV FRPXQHV HV HQ SULQFLSLR WDQ VRUSUHQGHQWH TXH
DPHQD]D FRQ RVFXUHFHU GLIHUHQFLDV PiV HVSHFtILFDV (Q VX LQYHVWLJDFLyQ
KLVWyULFD )RXFDXOW DSDUHQWHPHQWH FRPR $GRUQR LGHQWLILFD HO FXUVR GH OD
KLVWRULDHXURSHDFRQHOSRGHUGHFRDFFLyQGHXQSURFHVRGHUDFLRQDOL]DFLyQHQ
HOTXHORVPHGLRVGHGRPLQDFLyQVRQSHUIHFFLRQDGRVJUDGXDOPHQWHEDMRHOYHOR
GHODHPDQFLSDFLyQPRUDOORTXH)RXFDXOWOODPDHOODGRRVFXURGHOSURFHVR
FLYLOL]DGRUPRGHUQRHVFRQFHELGRSRU$GRUQR\+RUNKHLPHUFRPRODKLVWRULD
VXEWHUUiQHDGH(XURSD>@DSDUHQWHPHQWHFRPR$GRUQR)RXFDXOWWDPELpQ
DVXPH TXH HO SURFHVR GH UDFLRQDOL]DFLyQ WpFQLFD TXH GHWHUPLQD
VXEWHUUiQHDPHQWHHOFXUVR GHOD KLVWRULDHXURSHD\ HVWiYDJDPHQWH GHOLPLWDGR
SRUHOSHULRGRGHOD,OXVWUDFLyQQRKDKHFKRVLQRDFHOHUDUHLQWHQVLILFDUWRGR
HVWR HQ OD PHGLGD HQ TXH OD UHDOL]DFLyQ SUiFWLFD GH OD GRPLQDFLyQ KD VLGR
PHWRGROyJLFDPHQWHFRQWURODGD\UHIOH[LYDPHQWHRSWLPL]DGDSRUHOGHVDUUROORGH
ODVFLHQFLDVQDWXUDOHV\KXPDQDV&RPRUHVXOWDGRGHWRGRHOORDPERVWHyULFRV

VH YHQ REOLJDGRV D REVHUYDU ORV UHVXOWDGRV GH OD DFWLYLGDG FLHQWtILFD FRPR
WRWDOLGDGFRPRXQFRQRFLPLHQWRRULHQWDGRDODGRPLQDFLyQVLQSDUDUPLHQWHV
HQ ODV GLYHUVDV SHFXOLDULGDGHV PHWRGROyJLFDV \ UHODFLRQHV REMHWXDOHV TXH DTXt
HVWiQHQOL]DILQDOPHQWHLJXDOTXH$GRUQR)RXFDXOWSDUHFHYHUHOSURFHVRGH
UDFLRQDOL]DFLyQ WHFQROyJLFD FRPR FXOPLQDFLyQ GH ODV RUJDQL]DFLRQHV
WRWDOLWDULDVGHGRPLQDFLyQGHODVVRFLHGDGHVDOWDPHQWHGHVDUUROODGDV/RVGRV
WHyULFRVHQWLHQGHQSXHVTXHVXHVWDELOLGDGHVH[FOXVLYDPHQWHHOHIHFWRGHXQD
DFWLYLGDG XQLGLPHQVLRQDO IUXWR GH RUJDQL]DFLRQHV DGPLQLVWUDWLYDPHQWH PX\
SHUIHFFLRQDGDV 6HJ~Q OD YLVLyQ FRP~Q GH $GRUQR \ )RXFDXOW QL ORV JUXSRV
VRFLDOHV QL ODV FRQYLFFLRQHV QRUPDWLYDV QL ODV RULHQWDFLRQHV FXOWXUDOHV GH ORV
VXMHWRVVRFLDOL]DGRVWLHQHQDOJXQDIXQFLyQLPSRUWDQWHHQODLQWHJUDFLyQVRFLDOGH
ODV VRFLHGDGHV WDUGRFDSLWDOLVWDV (V ~QLFDPHQWH HO WUDEDMR GH PDQLREUDV GH
JRELHUQR GH XQD RUJDQL]DFLyQ VLVWpPLFD LQGHSHQGLHQWH $GRUQR FRQVLGHUD TXH
HVWDV PDQLREUDV GH JRELHUQR VRQ OOHYDGDV D FDER SRU ODV DFWLYLGDGHV GH
SODQLILFDFLyQ \ GH PDQLSXODFLyQ SURSLDV GH XQD DGPLQLVWUDFLyQ FHQWUDOL]DGD
)RXFDXOWHQFDPELRFUHHTXHHVWDVPDQLREUDVQHFHVDULDPHQWHDVHJXUDGDVSRU
ORV SURFHGLPLHQWRV GH FRQWURO \ GLVFLSOLQDULRV VRQ SURGXFLGDV SRU
RUJDQL]DFLRQHVLQVWLWXFLRQDOPHQWHDG\DFHQWHVWDOHVFRPRODHVFXHODODSULVLyQR
ODIiEULFD
$KRUDELHQODVPtQLPDVYDULDFLRQHVFRQWHQLGDVHQHVWH~OWLPRSXQWRLQGLFDQ
XQD GLIHUHQFLD HQWUH $GRUQR \ )RXFDXOW TXH VH DQWRMD VLJQLILFDWLYD VL
FRQVLGHUDPRVODOLVWDGHVLPLOLWXGHVH[LVWHQWHHQWUHDPERV&RQWRGDVHJXULGDG
DPERVDXWRUHVREYLDPHQWHLJQRUDQHOKHFKRGHTXHHQORVFDVRVQRUPDOHVORV
JUXSRVVRFLDOHVDSR\DQRWROHUDQORVSURFHVRVTXHPDQWLHQHQODVUHODFLRQHVGH
SRGHUVRFLDODWUDYpVGHFRQYLFFLRQHVQRUPDWLYDVXRULHQWDFLRQHVFXOWXUDOHV
DVtSRUGHFLUORDJUDQGHVUDVJRVSDUWLFLSDQHQHOHMHUFLFLRGHVXGRPLQDFLyQ
(QHVDPHGLGD$GRUQR\)RXFDXOWVLW~DQXQPRGHORFRHUFLWLYRGHRUGHQVRFLDO
MXVWR HQ OD EDVH GH VX WHRUtD VRFLDO $KRUD ELHQ FXDQGR )RXFDXOW LQWHQWD
DQDOL]DU ORV LQVWUXPHQWRV GH OD FRHUFLyQ VRFLDO TXH FRUUHVSRQGHQ D HVWD LGHD
EiVLFD VH GD SRU VDWLVIHFKR FRQ XQD FRQFHSFLyQ GH WHFQRORJtD TXH IXQFLRQD
H[FOXVLYDPHQWH VREUH HO FXHUSR KXPDQR SXHVWR TXH pO FRQWHPSOD ODV
SURSLHGDGHV SVtTXLFDV GH ORV VXMHWRV \ SRU OR WDQWR VXV HVWUXFWXUDV GH
SHUVRQDOLGDG WRWDOPHQWH FRPR SURGXFWRV GH WLSRV HVSHFtILFRV GH

GLVFLSOLQDPLHQWRFRUSRUDO$FDXVDGHVXLQLFLDOEDJDMHHVWUXFWXUDOLVWD)RXFDXOW
XQD YH] TXH GD D VX WHRUtD GHO SRGHU OD IRUPD GH XQD LQYHVWLJDFLyQ KLVWyULFD
GHVFULEH D ORV VXMHWRV GH XQ PRGR EHKDYLRULVWD FRPR FULDWXUDV LQIRUPHV
WRWDOPHQWHVXVFHSWLEOHVGHVHUFRQGLFLRQDGDV(Q$GRUQRVLQHPEDUJRHVWRVH
SUHVHQWDGHRWURPRGRpOSRUVXSDUWHGDWDQWDLPSRUWDQFLDDODVHVWUDWHJLDVGH
PDQLSXODFLyQ GH ORV yUJDQRV GH GRPLQDFLyQ HQ HO PXQGR FRQWHPSRUiQHR
SRUTXH FRQVLGHUD FRPR JUDQ SHFXOLDULGDG SVLFRVRFLDO GH OD HUD SRVOLEHUDO GHO
FDSLWDOLVPR HO KHFKR GH TXH ORV VXMHWRV KD\DQ SHUGLGR WRGD IXHU]D SDUD OD
DXWRGHWHUPLQDFLyQSUiFWLFDODVWpFQLFDVGHPDQLSXODFLyQSXHGHQKR\GLVSRQHU
WDQWRGHORVLQGLYLGXRVFRPRGHORVSURFHVRVQDWXUDOHVREMHWLYDGRVVyORSRUTXH
EDMR ODV FRQGLFLRQHV GHO FDSLWDOLVPR WDUGtR ORV VXMHWRV HVWiQ FRPHQ]DQGR GH
QXHYRDSHUGHUHVDVFDSDFLGDGHVVXEMHWLYDVTXHIXHURQDGTXLULGDVHQHOFXUVR
GH OD FLYLOL]DFLyQ D H[SHQVDV GH ODV FDSDFLGDGHV HVWpWLFDV /R TXH SDUHFH
SUHVXSRQHUHQFLHUWRPRGRRQWROyJLFDPHQWH)RXFDXOWHQVXDSOLFDFLyQKLVWyULFD
GH VX WHRUtD GHO SRGHU HO FRQGLFLRQDPLHQWR GH ORV VXMHWRV $GRUQR OR
REVHUYDSRUVXSDUWHFRPRHOSURGXFWRKLVWyULFRGHXQSURFHVRGHFLYLOL]DFLyQ
TXHVHUHWURWUDHDODVIDVHVWHPSUDQDVGHODKLVWRULDKXPDQD
'HVGH HVWH ~OWLPR SXQWR GH YLVWD HO HVStULWX FUtWLFR GH OD ILORVRItD GH OD
KLVWRULD TXH LQWHUSUHWD OD PDUFKD WULXQIDO GH OD UD]yQ LQVWUXPHQWDO FRPR XQ
SURFHVRGHDXWRQHJDFLyQPDUFDGLIHUHQFLDVFRQUHVSHFWRDOHVStULWXREMHWLYLVWD
GHODWHRUtDGHVLVWHPDV\DTXHHVWH~OWLPRFRQWHPSODODKLVWRULDGHODVRFLHGDG
~QLFDPHQWH FRPR XQ SURFHVR GH LQFUHPHQWR VRFLDO GH SRGHU 3RU VXSXHVWR
$GRUQR\)RXFDXOWSXHGHQHVWDUGHDFXHUGRHQHOGLDJQyVWLFRHOSURFHVRGH
UDFLRQDOL]DFLyQWpFQLFDGHORVLQVWUXPHQWRVGHODGRPLQDFLyQVRFLDOSHURODV
WHRUtDV TXH UHVSHFWLYDPHQWH GHWHUPLQDQ HVWH SXQWR GH YLVWD FRP~Q VRQ HQ OR
IXQGDPHQWDOGLIHUHQWHV/DILORVRItDGHODKLVWRULDGH$GRUQRWUDWDGHH[WUDHUODV
FRQVHFXHQFLDVLQWUDSVtTXLFDV\VRFLDOHVTXHUHVXOWDQGHOFDPLQRKLVWyULFRGHOD
HVSHFLHKDFLDXQDGLVSRVLFLyQLQVWUXPHQWDOVREUHORVSURFHVRVQDWXUDOHV\HVWi
HQODSRVLFLyQGHUHDOL]DUHVWDUHLYLQGLFDFLyQMXVWRSRUTXHSDUWHGHOSUHVXSXHVWR
QDWXUDOPHQWH QDGD FRQYLQFHQWH SRU RWUD SDUWH PX\ GHILQLGR SRU XQ
FRQFHSWRGHGRPLQDFLyQGHODQDWXUDOH]DHQHOTXHORVSURFHVRVLQWUDSVtTXLFRV
GH OD IRUPDFLyQ GH OD SHUVRQDOLGDG VRQ FRQWHPSODGRV FRPR GLPHQVLRQHV
FRPSOHPHQWDULDV GH OD DFWLYLGDG SUiFWLFD GHO WUDEDMR 6LQ HPEDUJR FRPR

UHVXOWDGR GH HOOR GH DFXHUGR FRQ $GRUQR HO FUHFLPLHQWR GH ODV FDSDFLGDGHV
GHFRQWURODGPLQLVWUDWLYRQRHVPiVTXHXQDGHODVWUHVGLPHQVLRQHVHQODVTXH
VH GHVDUUROOD HO SURFHVR GH FLYLOL]DFLyQ LQLFLDGR SRU HO DFWR RULJLQDO GH OD
GRPLQDFLyQ /D SURGXFFLyQ VRFLDO OD GRPLQDFLyQ VRFLDO \ OD IRUPDFLyQ GH OD
SHUVRQDOLGDGLQGLYLGXDOVRQORVIDFWRUHVTXHVLPXOWiQHDPHQWHVHLQFOX\HQDTXt
OD LQH[RUDEOH PDUFKD WULXQIDO GH OD UD]yQ LQVWUXPHQWDO VH UHIOHMD HQ ODV
WUDQVIRUPDFLRQHVTXHWLHQHQOXJDUHQODRUJDQL]DFLyQGHOSRGHUVRFLDO\HQODV
SURSLHGDGHVSVtTXLFDVGHOVXMHWR3RUFRQWUDVWHODWHRUtDVREUHODTXHVHEDVD
)RXFDXOW SDUD FRQWHPSODU HO SURFHVR GH FLYLOL]DFLyQ HQ VXV LQYHVWLJDFLRQHV
KLVWyULFDVVHGLULJHH[FOXVLYDPHQWHDODVHJXQGDGHHVWDVWUHVGLPHQVLRQHVDpO
VH OH SUHVHQWD OD KLVWRULD GH ODV VRFLHGDGHV VyOR FRPR XQ SURFHVR VLVWpPLFR
WHQGHQWHDOLQFUHPHQWRGHODFDSDFLGDGGHJRELHUQRDGPLQLVWUDWLYR
$GHPiVGHHVWR)RXFDXOW\$GRUQROOHJDQDORVSUHVXSXHVWRVWHyULFRVGH
VXV DQiOLVLV KLVWyULFRV GHVGH FDPLQRV FRPSOHWDPHQWH GLIHUHQWHV (O PRGHOR
EiVLFR GHO TXH SDUWH )RXFDXOW SDUD DQDOL]DU HO SURFHVR GH SHUIHFFLRQDPLHQWR
WpFQLFRGHORVPHGLRVGHODGRPLQDFLyQVRFLDOQRHVHOPRGHORGHODGRPLQDFLyQ
GHODQDWXUDOH]DVLQRPiVELHQHOGHODUDFLRQDOLGDGHVWUDWpJLFDpOVXSRQHTXH
ODV VRFLHGDGHV VH YHQ REOLJDGDV D GLULJLUVH DO WHUUHQR GH OD IRUPDFLyQ \
GHVDUUROOR GH ORV PHGLRV HVWUDWpJLFRV GH FRQWURO VRFLDO XQD YH] TXH ODV
QHFHVLGDGHVGHJRELHUQRLQFHVDQWHPHQWHVHLQWHQVLILFDQFRPRFRQVHFXHQFLDGHO
FUHFLPLHQWR GH OD SREODFLyQ \ HO FRUUHVSRQGLHQWH GHVDUUROOR GH ODV IXHU]DV
SURGXFWLYDV (Q VXV HQVD\RV KLVWyULFRV OD DSUR[LPDFLyQ GH )RXFDXOW TXHGD
UHGXFLGDDHVWDYHUVLyQWHyULFRVLVWpPLFDGHXQDWHRUtDGHOSRGHUVRFLDOSRUTXH
QRFRQVLJXHDSUHFLDUODHVIHUDGHORVRFLDOH[FOXVLYDPHQWHFRPRXQFDPSRGH
FRQIOLFWRVHVWUDWpJLFRVVREUHODEDVH~QLFDGHXQFRQFHSWRGHOXFKDVRFLDOpO
QR HUD FDSD] GH H[SOLFDU GH TXp IRUPD VH SRGtD OOHJDU D OD IRUPDFLyQ GH
HVWUXFWXUDVFRPSOHMDVGH SRGHUHV GHFLUGHUHODFLRQHV GHGRPLQDFLyQ VRFLDO
)RXFDXOWSRUWDQWRQRWRPDHQFRQVLGHUDFLyQODVGLILFXOWDGHVVXUJLGDVDOKLORGH
VXDUJXPHQWDFLyQVLPSOHPHQWHODVGLVXHOYHFXDQGRHQHOPRPHQWRHQHOTXH
VX DQiOLVLV DIURQWD OD SHFXOLDULGDG GH OD WHFQRORJtD PRGHUQD GH SRGHU pO GH
PDQHUDLPSUHYLVWDVLW~DHQODSRVLFLyQTXHDQWHVRFXSDEDODDFFLyQHVWUDWpJLFD
ODLPDJHQGHODFRDFFLyQVRFLDO(VWHPRGHORFRHUFLWLYRGHRUGHQVRFLDOHQHO
TXHHOFRQFHSWRRULJLQDOGHORVRFLDOFRPRFDPSRGHODOXFKDVHWUDQVIRUPDHQ

HO PRGHOR GH OD UHG GH LQVWLWXFLRQHV VRFLDOHV GLVFLSOLQDULDV DGTXLHUH HQ ORV
HVWXGLRV KLVWyULFRV GH )RXFDXOW OD IRUPD GH OD WHRUtD GH VLVWHPDV %DMR HVWH
PRGHOR XQD ~QLFD GLPHQVLyQ VH UHFRUWD HQ HVH SURFHVR GH FLYLOL]DFLyQ \D
GHVFULWRGHIRUPDXQLODWHUDOSRUODILORVRItDGHODKLVWRULDGH$GRUQRODTXHVH
FRQFLEHGHPRGRIXQFLRQDOLVWDFRPRLQFUHPHQWRGHOSRGHUVRFLDO3RUORWDQWR
GHVGHORVSUHVXSXHVWRVFRQORVTXH)RXFDXOWWUDEDMDQRFDEHKDFHUVHFXHVWLyQ
GHHVHSURFHVRFRPSOHPHQWDULRGHDXWRDOLHQDFLyQKXPDQDJUDGXDOTXH$GRUQR
VtWLHQHHQFXHQWDGHVGHHOSXQWRGHYLVWDGHVXILORVRItDGHODKLVWRULD(QHVD
PHGLGD EDMR OD IRUPD GH OD LQYHVWLJDFLyQ KLVWyULFD VX WHRUtD GHO SRGHU
FRQVWLWX\H OD VROXFLyQ TXH EULQGD OD WHRUtD GH VLVWHPDV D OD 'LDOpFWLFD GH OD
,OXVWUDFLyQ(QVXLQGLIHUHQFLDSRVLWLYLVWDHOSURFHVRKLVWyULFRTXHSDUD$GRUQR
DVXPH OD IRUPD GH XQD FUtWLFD HQYXHOWD HQ UHVLJQDFLyQ VH FRQYLHUWH HQ XQ
SURFHVRREMHWLYRRULHQWDGRDOLQFUHPHQWRGHOSRGHUVRFLDO
$GHFLUYHUGDGQLOD7HRUtD&UtWLFDGH$GRUQRQLVXFRQWLQXDFLyQVLVWpPLFD
EDMRODWHRUtDGHOSRGHUGH)RXFDXOWQRVSURSRUFLRQDQHOLQVWUXPHQWDODGHFXDGR
SDUDDQDOL]DUODVIRUPDVGHLQWHJUDFLyQGHODVVRFLHGDGHVGHOWDUGRFDSLWDOLVPR
/R TXH VH UHTXLHUH SDUD WDO ILQ HV XQ WUDEDMR VHULR \ FRQVHFXHQWH HQ DTXHOODV
GLPHQVLRQHVGHODDFFLyQVRFLDOFRQODVTXHQRVKDEtDPRVWRSDGRHQHOFXUVR
GHODVSULPHUDVLQYHVWLJDFLRQHVDGHFLUYHUGDGD~QYDJDVHLQGLUHFWDVOOHYDGDV
DFDERSRU+RUNKHLPHUDVDEHUDTXHOODVTXHVHFHQWUDEDQHQODFXOWXUD\OD
OXFKD VRFLDO (Q FRQWUDVWH FRQ HVWR OD WHRUtD VRFLDO GH -UJHQ +DEHUPDV
RIUHFH OD PHMRU RSRUWXQLGDG SDUD GHVDUUROODU GH XQ PRGR VXVWDQWLYR HVWRV
FRQFHSWRV (Q VX WHQWDWLYD GH IRUMDU XQD WUDQVIRUPDFLyQ WHyULFRFRPXQLFDWLYD
GHOD7HRUtD&UtWLFDpOKDKHFKRGHODGLPHQVLyQGHODLQWHUDFFLyQVRFLDOHOHMH
GHVXDSUR[LPDFLyQDOSUREOHPD+DEHUPDVLQLFLDOPHQWHGHVDUUROOyVXWHRUtDSRU
PHGLR GH XQD FUtWLFD GHO SRVLWLYLVPR EDVDGD D VX YH] HQ XQD DQWURSRORJtD GHO
FRQRFLPLHQWR /D SULPHUD IDVH GH VX WUDEDMR WHyULFR VH JXtD DVt SXHV SRU HO
REMHWLYR GH DQDOL]DU ORV GLIHUHQWHV WLSRV GH FRQRFLPLHQWR FLHQWtILFR
UHWURWUD\pQGRVHDORVLQWHUHVHVSUHFLHQWtILFRVGHODHVSHFLHGHWDOIRUPDTXHOD
7HRUtD&UtWLFDGHODVRFLHGDGSXGLHUDMXVWLILFDUVHFRPRXQHOHPHQWRGHOSURSLR
SURFHVRGHYLGDHQVRFLHGDG FDStWXORVLHWH 
6HUi +DEHUPDV TXLHQ DPSOtH \ H[WLHQGD VXV LGHDV WHyULFRFRPXQLFDWLYDV
H[WUDtGDVGHVXFUtWLFDGHOSRVLWLYLVPRDORVSUHVXSXHVWRVEiVLFRVGHXQDWHRUtD

VRFLDO HQ OD TXH LQWHQWD HVWDEOHFHU OD SULPDFtD GH ORV SURFHVRV GH LQWHUDFFLyQ
VRFLDOSDUDODIRUPDFLyQGHODHVSHFLH\SRUWDQWRSDUDODHYROXFLyQVRFLDO(Q
HVWD VHJXQGD IDVH GH VX WUDEDMR +DEHUPDV SRQGUi GH PDQLILHVWR TXH HO
HQWHQGLPLHQWR PXWXR HV HO SDUDGLJPD GH OR VRFLDO &LHUWDPHQWH pO ORFDOL]D ODV
LGHDV EiVLFDV GH OD WHRUtD VRFLDO TXH UHVXOWDQ GH HVWR HQ HO PDUFR GH GRV
YHUVLRQHVHQFRPSHWHQFLDGHODKLVWRULDGHODHVSHFLH&RPRWUDWDUpGHPRVWUDU
HQHOFDStWXORRFKRGHDTXtVHGHGXFHQGRVGLIHUHQWHVPRGHORVLQWHUSUHWDWLYRV
GH OD WHRUtD VRFLDO GHQWUR GH OD SHUVSHFWLYD GH XQD WHRUtD FRPXQLFDWLYD
+DEHUPDVVyORVLJXHGHVDUUROODQGRODSULPHUDGHODVYHUVLRQHVODRULHQWDGDDOD
WHRUtDGHVLVWHPDV(QODGpFDGDGHORVVHWHQWDVXWHRUtDVRFLDOVHGHVDUUROODHQ
YDULDV IDVHV SDUWLHQGR GH VX DFHUFDPLHQWR LQLFLDO D OD FUtWLFD GH ODV WHVLV
WHFQRFUiWLFDV (VWH SURFHVR GH GHVDUUROOR HQ HO TXH YDQ SDXODWLQDPHQWH
GHVDSDUHFLHQGR ODV KXHOODV GH XQ PRGHOR DOWHUQDWLYR GH VRFLHGDG WHUPLQD
GHVHPERFDQGR HQ OD 7HRUtD GH OD DFFLyQ FRPXQLFDWLYD YpDVH SDUD HVWR HO
FDStWXORQXHYH 

1RWDVDOSLH

>@&IUHQWUHRWURV0 )RXFDXOW1LHW]VFKHGLH*HQHDORJLHGLH+LVWRULH9RQGHU6XEYHUVLRQ
GHV:LVVHQVRSFLWSS\VV>WUDGFDVWHOODQD1LHW]VFKHODJHQHDORJtD\ODKLVWRULD9DOHQFLD
3UH7H[WRV@
>@,EtGS
>@ 0  )RXFDXOW hEHUZDFKHQ XQG 6WUDIHQ RS FLW SS  \ V >WUDG FDVWHOODQD 9LJLODU \
FDVWLJDU(O QDFLPLHQWR GH OD SULVLyQ 0 DGULG 6LJOR ;;, @ ]XP .RQ]HSW GHU *HQHDORJLH
FIUDXFK.ODXV/LFKWEODX=ZLVFKHQ0 DU[)UHXGXQG1LHW]VFKH0HKUZHUWQ  SS
\VV
>@ (Q OR TXH VLJXH HQ FLHUWRV PRPHQWRV PH UHPLWR D DOJXQDV GH ODV IyUPXODV XVDGDV HQ HO
FDStWXOR GHGLFDGR D )RXFDXOW TXH KH HVFULWR FRQMXQWDPHQWH FRQ +DQV -RDV HQ HO OLEUR \D FLWDGR
6R]LDOHV+DQGHOQXQGPHQVFKOLFKH1DWXURSFLWSS\VV
>@0 )RXFDXOWhEHUZDFKHQXQG6WUDIHQRSFLWS
>@,EtGS
>@,EtGS
>@,EtGS
>@(VWHWLSRGHDQiOLVLVIXQFLRQDOLVWDVHHQFXHQWUDHQORVGHVDUUROORVPHWRGROyJLFRVHPSOHDGRV
SRU*HRUJ5XVFKH\2WWR.LUFKKHLPHUHQVXFRQRFLGDLQYHVWLJDFLyQVREUHODHYROXFLyQGHODSUiFWLFD
SHQDO&IU*5XVFKH2.LUFKKHLPHU6R]LDOVWUXNWXUXQG6WUDIYROO]XJ)UDQNIXUW
>@&IUHWZD0 )RXFDXOWhEHUZDFKHQXQG6WUDIHQRSFLWSS\VVWDPELpQSS\
VV
>@3RUHMHPSORRSFLWSHQUHDOLGDGHQHOPDUFRJHQHUDOGHVXLQYHVWLJDFLyQ)RXFDXOW
KDEODHQPXFKRVOXJDUHVGHXQSURFHVRVRFLDOGHLQFUHPHQWRGHOSRGHUTXHDEDUFDWRGDVODVHVIHUDV
>@&IUDGHPiVSRURWUDSDUWHODVREMHFLRQHVIXQGDPHQWDGDVGHVGHXQDSHUVSHFWLYDKLVWyULFR
VRFLDOGH+HLQ]6WHLQHQHQ,VWHVGHQQDEHUDXFKZDKU+HUU)"hEHUZDFKHQXQG6WUDIHQXQWHUGHU
)LNWLRQ JHOHVHQ HV KDQGOH VLFK GDEHL XP HLQH VR]LDOJHVFKLFKWOLFKH 'DUVWHOOXQJ
.ULPLQDOVR]LRORJLVFKH%LEOLRJUDSKLHQ~PHURV  SS\VV
>@0 )RXFDXOWhEHUZDFKHQXQG6WUDIHQRSFLWS
>@,EtGS
>@&IULEtGSS\VV
>@ /D LQYHVWLJDFLyQ UHDOL]DGD SRU $OIUHG .URYR]D 3URGXNWLRQ XQG 6R]LDOLVDWLRQ )UDQNIXUW
 DSXQWDHQDOJ~QVHQWLGRDHVWDSUREOHPiWLFDOLPLWDFLyQGHODSHUVSHFWLYDKLVWyULFD
>@0 )RXFDXOWhEHUZDFKHQXQG6WUDIHQRSFLWSS\VV
>@,EtGS
>@,EtGS
>@ &IU VREUH WRGR ORV HORFXHQWHV HMHPSORV DSRUWDGRV SRU OD FRQVWUXFFLyQ SROLFLDO GH ODV
ELRJUDItDV DGPLQLVWUDWLYDV HQ $DURQ 9 &LFRXUHO 7KH 6RFLDO 2UJDQL]DWLRQ RI -XYHQLOH -XVWLFH
/RQGUHV
>@0 )RXFDXOWhEHUZDFKHQXQG6WUDIHQRSFLWSS\VV
>@('XUNKHLP'LHHOHPHQWDUHQ)RUPHQGHVUHOLJL|VHQ/HEHQVRSFLWOLEURFDS>WUDG
FDVWHOODQD/DVIRUPDVHOHPHQWDOHVGHODYLGDUHOLJLRVD0 DGULG$OLDQ]DHG@

>@0 )RXFDXOWhEHUZDFKHQXQG6WUDIHQRSFLWSS\V
>@,EtGS
>@,EtGSS\V
>@,EtGS
>@&IUSDUDHVWHSXQWRWDPELpQ0 )RXFDXOW6H[XDOLWlWXQG:DKUKHLWRSFLWSS\VV
>WUDGFDVWHOODQD+LVWRULDGHODVH[XDOLGDG0 DGULG6LJOR;;,@
>@0 )RXFDXOWhEHUZDFKHQXQG6WUDIHQRSFLWS
>@,EtGS
>@&IUSDUDHVWHSXQWRODVREMHFLRQHVSODQWHDGDVSRU$QWKRQ\*LGGHQVHQ$&RQWHPSRUDU\
&ULWLTXHRI+LVWRULFDO0DWHULDOLVPYRO/RQGUHV\%DVLQJVWRNHSS\VV
>@0 )RXFDXOWhEHUZDFKHQXQG6WUDIHQRSFLWSS\VV
>@ 0  +RUNKHLPHU \ 7K : $GRUQR 'LDOHNWLN GHU $XINOlUXQJ RS FLW S  >WUDG
FDVWHOODQD'LDOpFWLFDGHOD,OXVWUDFLyQ%DUFHORQD7URWWD@


/$$175232/2*$'(/&212&,0,(172'(
+$%(50$6/$7(25$'(/26,17(5(6(6'(/
&212&,0,(172

&RPR\DKLFLHUD0D[+RUNKHLPHUWUHLQWDDxRVDQWHVHQVXOHFFLyQLQDXJXUDOGH
)UDQNIXUWWLWXODGD&RQRFLPLHQWRHLQWHUpVLPSDUWLGDHQHODxR-UJHQ
+DEHUPDVYDDH[SRQHUHOSURJUDPDGHXQD7HRUtD&UtWLFDGHODVRFLHGDGHQHO
PDUFRGHXQDGLVHUWDFLyQGHGLFDGDDODWHRUtDGHOFRQRFLPLHQWR>@,JXDOTXH
DQWHULRUPHQWH +RUNKHLPHU SRU RWUD SDUWH WDPELpQ +DEHUPDV FRQ VX
FRQWULEXFLyQ SHUVLJXH DTXt HO REMHWLYR GH GHILQLU HQ VXV OtQHDV JHQHUDOHV OD
OHJLWLPDFLyQWHyULFD\ODSHFXOLDULGDGPHWRGROyJLFDGHXQD7HRUtD&UtWLFDGHOD
VRFLHGDGTXHpOYDDWUDWDUGHGLVWLQJXLUSDVRDSDVRGHXQDIRUPDWHyULFD\D
FRPSUHQGLGD FRPR 7UDGLFLRQDO +DEHUPDV FRPSDUWH WDPELpQ FRQ HO
+RUNKHLPHUGHODGpFDGDGHORVDxRVWUHLQWDHOFRQYHQFLPLHQWRGHTXHHQHVD
FRPSUHQVLyQWHyULFDWUDGLFLRQDOODFLHQFLDVyORSXHGHVHUFRQFHELGDFRPRXQD
HPSUHVDSXUD\DOPDUJHQGHWRGRLQWHUpVSUiFWLFRWRGDYH]TXHVXHQFODYH
HQ OD SUD[LV GH OD YLGD VRFLDO SHUPDQHFH VLQ FODULILFDU DGHFXDGDPHQWH HQ
WpUPLQRV HSLVWHPROyJLFRV $PERV +RUNKHLPHU \ +DEHUPDV FLIUDQ SXHV OD
PLVLyQ \ GHILQLFLyQ SUHYLDV GH XQD 7HRUtD &UtWLFD GH OD VRFLHGDG HQ YROYHU
FRQVFLHQWH WDQWR HVWD VLWXDFLyQ FRPR HQ JHQHUDO VX SURSLR FRQWH[WR SUiFWLFR
JHQpWLFR HQ HO iPELWR HSLVWHPROyJLFR $KRUD ELHQ HQ OD HODERUDFLyQ GH HVWD
WHVLV HVWR HV HQ OD UHFRQVWUXFFLyQ GH OD UHIHUHQFLD SUiFWLFD HVSHFtILFD GH ODV
GLIHUHQWHV IRUPDV WHyULFDV H[LVWHQWHV +DEHUPDV VH YD D GHVPDUFDU GH OD

SRVLFLyQGH+RUNKHLPHUHQSXQWRVGHFLVLYRVGRVGLIHUHQWHVFRQFHSFLRQHVGHO
FRQRFLPLHQWR KXPDQR SRU WDQWR SXHGHQ HQFRQWUDUVH HQ HO IRQGR GH HVWD
DSUR[LPDFLyQ FRP~Q D XQD FUtWLFD GH OD 7HRUtD 7UDGLFLRQDO HVD PLVPD FUtWLFD
TXH OOHYy D +RUNKHLPHU HQ ORV DxRV WUHLQWD \ D +DEHUPDV HQ ORV VHWHQWD D
GHVDUUROODUHOSURJUDPDGHXQD7HRUtD&UtWLFDGHODVRFLHGDGHVWDVGLIHUHQFLDV
YDQDSRQHUGHPDQLILHVWRFyPRGHVGHHOSULQFLSLR+DEHUPDVLQWHQWDIXQGDUVX
WHRUtD VRFLDO HQ HO PDUFR GH XQD WHRUtD GH OD DFFLyQ PiV FRPSOHMD TXH OD
SURSXHVWDWHyULFDKRUNKHLPHULDQDRODPLVPDWHRUtDGHOSRGHUGH)RXFDXOW
$Vt FRPR +RUNKHLPHU HQ VX HQVD\R SURJUDPiWLFR 7HRUtD 7UDGLFLRQDO \
7HRUtD &UtWLFD VH KDEtD YDOLGR RULJLQDULDPHQWH GHO PpWRGR FDUWHVLDQR GH
UHIOH[LyQ FRPR FRQWUDSXQWR FUtWLFR +DEHUPDV DKRUD HOLJH HQ VX OHFFLyQ
LQDXJXUDO HO HVFULWR KXVVHUOLDQR GH OD DVt OODPDGD &ULVLV SDUD REWHQHU XQD
SULPHUD LPDJHQ GH HVD WHRUtD GHILQLGD FRPR WUDGLFLRQDO /D LQYHVWLJDFLyQ
UHDOL]DGD HQ /D FULVLV GH ODV FLHQFLDV HXURSHDV \ OD IHQRPHQRORJtD
WUDQVFHQGHQWDOREUDHQODTXH+XVVHUOWUDEDMyGHVGHORVDxRVD
UHSUHVHQWDHQUHDOLGDG\DHOLQWHQWRGHVXSHUDUHVDKLVWRULDGHOPRGHORGHVDEHU
FLHQWtILFR HQ FLHUWD PHGLGD LQDXJXUDGD SRU OD REUD GH 'HVFDUWHV (Q VX REUD
+XVVHUO UHIOH[LRQD VREUH HO KHFKR GH TXH HO SUR\HFWR GH FLHQFLD PRGHUQD
QDFLGR HQ HO 5HQDFLPLHQWR SDGHFH XQD FULVLV JOREDO KDELGD FXHQWD GH TXH
HQWUHWDQWR XQD DXWRFRPSUHQVLyQ REMHWLYLVWD TXH HQ SULQFLSLR EORTXHD \
GHVILJXUDODDWHQFLyQDOHQUDL]DPLHQWRGHORVDQiOLVLVFLHQWtILFRVHQHOPXQGRGH
OD YLGD KD WHUPLQDGR JDQDQGR OD SDUWLGD HQ HO PDUFR GH ODV GLVFLSOLQDV
FLHQWtILFDVSDUWLFXODUHV+XVVHUOFRQWHPSODHVWHPRYLPLHQWRGHUHJUHVLyQGHODV
FLHQFLDV RULJLQDULDPHQWH FRQGXFLGDV EDMR HO YLHMR LGHDO GH 5D]yQ \ VX
FRQYHUVLyQ HQ ODV FLHQFLDV IiFWLFDV GHO VLJOR ;,; HQ ORV WpUPLQRV GH XQD
OLPLWDFLyQSRVLWLYLVWDGHODLGHDGHFLHQFLD>@XQDVLWXDFLyQ TXHKD GHMDGR
FDHU HQ HO ROYLGR HO KHFKR EiVLFR GH OD JHQHUDFLyQ SUHFLHQWtILFD GHO iPELWR
IHQRPpQLFR GHO VDEHU \ HQ HVD PHGLGD KD GHVOHJLWLPDGR HQ JHQHUDO OD
VLJQLILFDWLYLGDGYLWDOGHODVFLHQFLDV&RQWUDHVWHDXWRROYLGRSRVLWLYLVWD+XVVHUO
SURSRQH DKRUD OD YtD GH XQD DXWRUUHIOH[LyQ WUDQVFHQGHQWDO D VDEHU OD
IHQRPHQRORJtD TXH D WUDYpV GH XQD FODULILFDFLyQ VLVWHPiWLFD GHO FRQWH[WR
JHQpWLFR PXQGRYLWDO GH ODV FLHQFLDV VHD FDSD] GH HPDQFLSDUVH DO PLVPR
WLHPSRGHODUHGGHODVSRVLEOHVFRQGLFLRQHVSUHFLHQWtILFDVGHLQWHUHVHVSXHVWR

TXH VyOR OD UHIOH[LyQ IHQRPHQROyJLFD HV FDSD] GH GHVSUHQGHUVH GH ODV
HYLGHQFLDV SULPDULDV GHO PXQGR GH YLGD GH XQ PRGR OR VXILFLHQWHPHQWH
FRQVHFXHQWHHVHOODODTXHSXHGHHQFRQWUDUGHQXHYRODFRQH[LyQFRQHODQWLJXR
LGHDO GH FRQRFLPLHQWR FRQWHPSODWLYR \ SUHFLVDPHQWH SRU HVWR WDPELpQ XQ
VLJQLILFDGR SDUD HVH FRQWH[WR SUiFWLFR GH YLGD DEDQGRQDGR SRU ODV FLHQFLDV
PRGHUQDV >@ +XVVHUO VH VLHQWH MXVWLILFDGR D DEUD]DU XQD FRQFOXVLyQ WDQ
SDUDGyMLFD FRPR pVWD SRUTXH pO UHPRQWiQGRVH DO FRQFHSWR GH WHRUtD GH OD
WUDGLFLyQILORVyILFDJULHJDSDUWHGHOSUHVXSXHVWRGHTXHVyORHVDVSUHVWDFLRQHV
WHyULFRFRJQRVFLWLYDV TXH VH KDQ OLEHUDGR D Vt PLVPDV GHO FRQWH[WR GH ORV
LQWHUHVHV FRWLGLDQRV SXHGHQ REWHQHU DVLPLVPR XQD IXHU]D RULHQWDGRUD GH OD
DFFLyQHQODPHGLGDHQTXHODIHQRPHQRORJtDVHOLEHUDDWUDYpVGHODUHIOH[LyQ
WUDQVFHQGHQWDOVREUHHOFRQWH[WRFRQVWLWXWLYRPXQGRYLWDOGHODFLHQFLDGHHVWD
GLPHQVLyQ UHWRPD GH QXHYR HVH PRPHQWR SUiFWLFRQRUPDWLYR TXH VH KDEtD
SHUGLGR GXUDQWH OD PDUFKD GH OD DXWROLPLWDFLyQ REMHWLYLVWD GH ODV FLHQFLDV (Q
HVWH SXQWR GH OD DUJXPHQWDFLyQ KXVVHUOLDQD +DEHUPDV YD D LQWURGXFLU SRU VX
SDUWHHOWHPDGHXQDFUtWLFDGHOD7HRUtD7UDGLFLRQDO\DTXHpOTXLHUHPRVWUDU
TXH OD SURSXHVWD WHUDSpXWLFD GH XQD WHRUtD SXUD FRQWHPSODWLYD FRQ OD TXH
+XVVHUOHVSHUDVXSHUDUODFULVLVGHODVFLHQFLDVHXURSHDVQRKDFHVLQRUHYLYLUGH
QXHYR HVD ILFFLyQ GH XQ FRQRFLPLHQWR GHSXUDGR GH LQWHUHVHV TXH KDEtD
SHUWHQHFLGR GHVGH VLHPSUH DO FRQFHSWR GH 7HRUtD 7UDGLFLRQDO )UHQWH D HVWD
RSFLyQ+DEHUPDVGHO PLVPRPRGR TXH+RUNKHLPHULQVLVWH HQOD LQGLVROXEOH
FRQH[LyQHQWUHFRQRFLPLHQWRHLQWHUpV
(O DUJXPHQWR FRQ HO TXH +DEHUPDV SODQWHD VX REMHFLyQ DO SURJUDPD
IHQRPHQROyJLFR GHVDUUROODGR HQ HO HVFULWR VREUH OD &ULVLV HV GH FDUiFWHU
KLVWyULFRILORVyILFR pO HVWi FRQYHQFLGR GH TXH HQ VX DSHODFLyQ DO LGHDO GH
FRQRFLPLHQWR FRQWHPSODWLYR +XVVHUO QR KDFH VLQR GHVDWHQGHU LOHJtWLPDPHQWH
HVH JHQXLQR FRQWH[WR LQWHUHVDGR HQ HO TXH DTXpO RULJLQDULDPHQWH KXQGH VXV
UDtFHVODILORVRItDJULHJDHQHIHFWRSRGtDHVSHUDUFRQVHJXLUXQDIXHU]DFDSD]
GHRULHQWDUODDFFLyQSRUPHGLRGHXQDWHRUtDSXUDPHUDPHQWHFRQWHPSODGRUD
VyORSRUHOKHFKRGHTXHSRGtDDOPLVPRWLHPSRVXSRQHUXQRUGHQFRVPROyJLFR
TXHSRUDVtGHFLUORSURSRUFLRQDEDHOPRGHORLGHDOSDUDODVUHODFLRQHVVRFLDOHV
KXPDQDV VyOR SRUTXH HVWD FDUDFWHUtVWLFD LGHDO VRFLDO SRGtD JDUDQWL]DUVH
SUHYLDPHQWH HQ WpUPLQRV RQWROyJLFRV SRGtDQ HVSHUDUVH OtQHDV GH GLUHFFLyQ

RULHQWDGRUDV SDUD OD DFFLyQ \ UHFRPHQGDFLRQHV SUiFWLFDV SRU XQD WHRUtD TXH
FRQWHPSODEDHORUGHQFRVPROyJLFRGHOXQLYHUVRFRQXQDDFWLWXGDSDUHQWHPHQWH
GHVLQWHUHVDGD'HDKtTXH+XVVHUOTXHQRWRPDHQFRQVLGHUDFLyQHVWHFRQWH[WR
FRQVWLWXWLYRQRSXHGDSRUPHQRVGHHQJDxDUVHDVtPLVPRVHJ~Q+DEHUPDV
FXDQGR GHSRVLWD HQ XQD IHQRPHQRORJtD GHSXUDGD GH SUHVXSXHVWRV
FRVPROyJLFRV ODV PLVPDV H[SHFWDWLYDV SUiFWLFDV TXH OD ILORVRItD JULHJD
MXVWDPHQWH KDEtD SRGLGR DOEHUJDU EDMR VXV SUHVXSXHVWRV RQWROyJLFRV HQ XQD
WHRUtDFRQWHPSODWLYD
/D WHRUtD HQ HO VHQWLGR GH OD JUDQ WUDGLFLyQ ILORVyILFD ORJUDED UHIOXLU GH QXHYR VREUH OD YLGD
SRUTXH VXSXHVWDPHQWH GHVFXEUtD HQ HO RUGHQ FyVPLFR XQ RUGHQ LGHDO GHO PXQGR OR FXDO
VLJQLILFDED WDPELpQ XQ SURWRWLSR R PRGHOR GHO RUGHQ GHO PXQGR KXPDQR 6ROR FRPR
FRVPRORJtDSRGtDSUHWHQGHUODWKHRULDVHUDODYH]FDSD]GHRULHQWDUODDFFLyQ3HURSRUHVR
PLVPR +XVVHUO QR SXHGH HVSHUDU WDOHV SURFHVRV GH IRUPDFLyQ \ HGXFDFLyQ GH XQD
)HQRPHQRORJtDTXHHQWpUPLQRVGHILORVRItDWUDQVFHQGHQWDOKDSXULILFDGRDODYLHMDWHRUtDGH
WRGRVVXVFRQWHQLGRVFRVPROyJLFRV\VyORPDQWLHQH\DGHHOODDEVWUDFWDPHQWHDOJRDVtFRPR
OD DFWLWXG WHyULFD &RQ OR FXDO TXHGD FODUR TXH OD WHRUtD QR VH HQGHUH]DED D OD IRUPDFLyQ
SRUTXH ORJUDVH OLEHUDU DO FRQRFLPLHQWR GH ORV LQWHUHVHV GH OD YLGD VLQR DO UHYpV SRUTXH
REWHQtDGHODRFXOWDFLyQGHVXVYHUGDGHURVLQWHUHVHVXQDIXHU]DSVHXGRQRUPDWLYD>@

+DFLHQGRXQDEUHYHUHIHUHQFLDKLVWyULFDDORVRUtJHQHVGHODILORVRItDJULHJD
+DEHUPDVVRVWLHQHTXHORTXHVHHQFXHQWUDDODEDVHGHODWHRUtDWUDGLFLRQDOHQ
HOVHQWLGRGHODWUDGLFLyQJULHJDHVXQLQWHUpVRULHQWDWLYRGHOFRQRFLPLHQWRTXH
QR REVWDQWH VH QLHJD FRQ REMHWR GH TXH pVWD FRQVLJD VX VLJQLILFDGR PiV
JHQXLQRHVWDWHRUtDVHSXHGHFRPSUHQGHUFRPRHOSURGXFWRHPDQFLSDWRULRGH
XQ SURFHVR GH IRUPDFLyQ HQ HO TXH HO SRWHQFLDO VREUHKXPDQR GH XQ PXQGR
GLYLQR VXSHULRU SULYD GH IXHU]D D ODV IXHU]DV LQWUDPXQGDQDV GH ORV DIHFWRV \
SDVLRQHV KXPDQRV SXHVWR TXH D FDXVD GH ODV FRQGLFLRQHV FUHDGDV SRU OD
GHVPLWRORJL]DFLyQGHODVLPiJHQHVGHOPXQGRODLGHQWLGDGGHORVLQGLYLGXRVVH
YROYLy HQ FRQGLFLRQHV DUULHVJDGDPHQWH SUHFDULDV LQGHSHQGLHQWH GH ORV YLHMRV
SRGHUHVRULJLQDULRVVHKL]RQHFHVDULDHQWRQFHVODILFFLyQGHXQFRVPRVHVWDEOH
\HMHPSODUHQFX\DVOH\HVLQPRGLILFDEOHVSXGLHUDQHQFRQWUDUDVLGHURQRUPDWLYR
ORVVXMHWRVGHIRUPDSDXODWLQDHQODPHGLGDHQTXHOD7HRUtDIXHFRPSUHQGLGD
SRU OD ILORVRItD JULHJD SUHFLVDPHQWH FRPR HVD HPSUHVD TXH LQYHVWLJDED HO
FRVPRV HQ VX SURSLR RUGHQ HWHUQR FRQ XQD DFWLWXG OLEUH GH LQWHUHVHV DVXPtD

WDPELpQ OD IXQFLyQ QHFHVDULD SDUD HVWDELOL]DU GHVGH HO SXQWR GH YLVWD VRFLDO OD
FRQFLHQFLDHPDQFLSDGDGHORVLQGLYLGXRVQDWXUDOPHQWHHOODVyORSRGtDFXPSOLU
VXWDUHDVRFLDOQHJDQGRVXSURSLRLQWHUpVHPDQFLSDGRUEDMRODILFFLyQREMHWLYLVWD
GHXQFRVPRVGDGRLQGHSHQGLHQWHPHQWHHVWRHV>@VLVHKXELHUDSHUFLELGR
ODLGHQWLGDGGHO6HUSXURFRPRXQDDSDULHQFLDREMHWLYLVWDQRVHKDEUtDSRGLGR
IRUPDUODLGHQWLGDGGHO<RVREUHHVWHSUHVXSXHVWR>@
+DEHUPDV HQ FDPELR YD D HYRFDU HVWH FRQWH[WR JHQpWLFR GH OD ILORVRItD
JULHJD VyOR SDUD SRGHU LQVLVWLU FRQWUD +XVVHUO HQ OD VHFUHWD FRQH[LyQ GH ORV
LQWHUHVHVFRQHVHWLSRGHWHRUtDSXUDTXHHOPLVPR+XVVHUOKDEtDUHFXSHUDGR\
UHLYLQGLFDGR SDUD VX SURSLR SURJUDPD GH VXSHUDFLyQ GH OD HUD SRVLWLYLVWD
+XVVHUO QR VyOR QR HQWLHQGH TXH VLQ SUHVXSXHVWRV FRVPROyJLFRV XQD WHRUtD
PHUDPHQWH FRQWHPSODWLYD QR SXHGH HQ JHQHUDO DFFHGHU D QLQJXQD LGHD
RULHQWDGRUD GH OD DFFLyQ VLQR TXH pO PLVPR FRPR PXHVWUD HVWD PLUDGD
UHWURVSHFWLYD D OD KLVWRULD GH OD ILORVRItD VH GHMD HQJDxDU SRU OD DSDULHQFLD GH
XQD WHRUtD SXUD TXH WHQtD TXH VHUYLU QHFHVDULDPHQWH D OD ILORVRItD JULHJD SDUD
SURWHJHU HO HVWDGR GH FRQFLHQFLD FRQVHJXLGR GH FDHU HQ XQD LQWHUSUHWDFLyQ
PLWROyJLFD GHO PXQGR 'H DKt TXH +XVVHUO QR SXHGD SRU PHQRV GH VDFDU
FRQFOXVLRQHV HUUyQHDV GH VX FUtWLFD GH OD DXWRFRPSUHQVLyQ REMHWLYLVWD GH ODV
FLHQFLDVPRGHUQDV(QOXJDUGHDSOLFDUODSHUVSHFWLYDIHQRPHQROyJLFDHQWRUQR
DO PXQGR GH YLGD SUHFLHQWtILFR GH OD WHRUtD FLHQWtILFD WDPELpQ D VX SURSLD
FRQVWUXFFLyQ WHyULFRILORVyILFD \ HQ HVD PHGLGD GHWHUPLQDU HO LQWHUpV
RULHQWDGRUGHOFRQRFLPLHQWRGHVXSURSLDFUtWLFDGHODFLHQFLDpOUHVHUYDDpVWD
SUHFLVDPHQWHHOVWDWXVGHXQFRQRFLPLHQWROLEUHGHLQWHUHVHVFRQHOORQRKDFH
VLQRUHSHWLUGHQXHYRHQXQHVWDGLRVXSHULRUHOPDOHQWHQGLGRREMHWLYLVWDTXHpO
SUHFLVDPHQWHKDEtDFXHVWLRQDGRHQVXFUtWLFDGHODVFLHQFLDVPRGHUQDV)UHQWHD
HVWHSODQWHDPLHQWR+DEHUPDVWUDVPRVWUDUODUHOHYDQFLDGHOPXQGRGHYLGDQR
WHPDWL]DGR GH OD WHRUtD WUDGLFLRQDO HQ +XVVHUO SXHGH DKRUD LQVLVWLU HQ OD
FRQH[LyQIXQGDPHQWDOH[LVWHQWHHQWUHODFRQVWUXFFLyQWHyULFDGHODVFLHQFLDV\HO
FRQWH[WRGHORVLQWHUHVHVSUHFLHQWtILFRVODLPDJHQGHXQDWHRUtDSXUDHQODTXH
+XVVHUOKDEtDGHSRVLWDGRWRGDVVXVHVSHUDQ]DVFDUHFHSRUORWDQWRGHVGHHVWD
SHUVSHFWLYDGHWRGDOHJLWLPLGDG
1RVRVSHFKDPRVXQDFRQH[LyQQRFRQIHVDGDHQWUHFRQRFLPLHQWRHLQWHUpVSRUTXHODVFLHQFLDV

VHKD\DQGHVYLQFXODGRGHOFRQFHSWRFOiVLFRGHWHRUtDVLQRTXHODVRVSHFKDPRVSRUTXHQRVH
KDQ OLEHUDGR SRU FRPSOHWR GH pO /D VRVSHFKD GH REMHWLYLVPR SHUVLVWH D FDXVD GH OD
DSDULHQFLDRQWROyJLFDGHWHRUtDSXUDTXHODVFLHQFLDVWUDVKDEHUVHGHVSUHQGLGRGHORVYLHMRV
LGHDOHV GH IRUPDFLyQ \ HGXFDFLyQ VLJXHQ FDSFLRVDPHQWH FRPSDUWLHQGR FRQ OD WUDGLFLyQ
ILORVyILFD>@

&RQODDILUPDFLyQGHTXHODVFLHQFLDVSRVLWLYLVWDVFRPSDUWHQFRQODWUDGLFLyQ
ILORVyILFDHOPDOHQWHQGLGRLQWHUQRGHXQDIRUPDGHFRQRFLPLHQWRDOPDUJHQGH
LQWHUHVHV+DEHUPDVQRKDFHVLQRUHFRJHUHQHOFRQWH[WRHVSHFtILFRGHVXFUtWLFD
D +XVVHUO HO SUHVXSXHVWR WHyULFR TXH \D +RUNKHLPHU KDEtD FRQYHUWLGR HQ HO
SXQWR GH SDUWLGD GH VX HVWXGLR FOiVLFR VREUH 7HRUtD 7UDGLFLRQDO \ 7HRUtD
&UtWLFD DPERV HVWiQ FRQYHQFLGRV GH TXH WRGD IRUPD GH FRQRFLPLHQWR
FLHQWtILFR HVWi LQGLVROXEOHPHQWH OLJDGD D XQD GLVSRVLFLyQ SUHFLHQWtILFD
LQWHUHVDGD &RPR +RUNKHLPHU SRU WDQWR +DEHUPDV WLHQH DKRUD WDPELpQ TXH
GHILQLUFRQPiVH[DFWLWXGGHVGHXQSXQWRGHYLVWDHSLVWHPROyJLFRHOFRQWH[WRGH
LQWHUHVHV SURSLR GHO WLSR WHyULFR WUDGLFLRQDO TXH HVWi DQDOL]DQGR SDUD GH HVWH
PRGR SDUWLHQGR GH DTXt GHVWDFDU OD FRQH[LyQ HVSHFtILFD GH LQWHUHVHV GH XQD
7HRUtD&UtWLFDGHODVRFLHGDG$KRUDELHQ\DHOKHFKRGHTXHpODWULEX\DDOD
7HRUtD 7UDGLFLRQDO HQ HO VHQWLGR GH OD WUDGLFLyQ ILORVyILFD JULHJD XQ LQWHUpV
HSLVWHPROyJLFRHPDQFLSDWRULRLQGLFDTXHpODGLIHUHQFLDGH+RUNKHLPHUQRVH
GDSRUVDWLVIHFKRVHQFLOODPHQWHFRQUHDOL]DUXQDVHSDUDFLyQHQWUHGRVWLSRORJtDV
SRVLEOHV OD 7HRUtD 7UDGLFLRQDO \ OD 7HRUtD &UtWLFD HQ UHDOLGDG OD SRVLFLyQ GH
+DEHUPDVHVPXFKRPiVFRPSOHMDHQVXVFRQVLGHUDFLRQHVHSLVWHPROyJLFDVDO
ODGRGHODVFLHQFLDVSRVLWLYLVWDVTXHKDEtDQVLGRWHPDWL]DGDVEiVLFDPHQWHSRU
+RUNKHLPHU DO KLOR GH VX FRQFHSWR GH 7HRUtD 7UDGLFLRQDO \ ODV FLHQFLDV
RULHQWDGDV FUtWLFDPHQWH TXH +RUNKHLPHU DVLPLVPR TXHUtD HQWHQGHU FRQ OD
YLVWD SXHVWD HQ 0DU[ VREUH WRGR HQ HO VHQWLGR GH XQD 7HRUtD &UtWLFD GH OD
VRFLHGDG +DEHUPDV DGHPiV YD D WHQHU HQ FXHQWD OD WUDGLFLyQ GH OD
KHUPHQpXWLFD WUDGLFLyQ IUHQWH D OD FXDO $GRUQR \ +RUNKHLPHU VH KDEtDQ
PRVWUDGRVLHPSUHEDVWDQWHUHDFLRV/DWHVLVSURJUDPiWLFDGH+DEHUPDVHQOD
TXH GLFKR VHD GH SDVR HQFRQWUDPRV D PRGR GH HMH VXEWHUUiQHR ODV OtQHDV
EiVLFDVGHVXSODQWHDPLHQWRRULJLQDULRUH]DSRUWDQWRDVt
3DUDODVWUHVFDWHJRUtDVGHSURFHVRVGHLQYHVWLJDFLyQSXHGHPRVWUDUVHXQDHVSHFtILFDFRQH[LyQ
HQWUH ODV UHJODV OyJLFRPHWRGROyJLFDV \ ORV UHVSHFWLYRV LQWHUHVHV UHFWRUHV GHO FRQRFLPLHQWR

0 RVWUDUWDOFRVDHVODWDUHDGHXQD7HRUtD&UtWLFDGHODFLHQFLDTXHORJUHHVFDSDUDODVWUDPSDV
GHOSRVLWLYLVPR(QHOSODQWHDPLHQWRPLVPRGHODVFLHQFLDVHPStULFRDQDOtWLFDVLQWHUYLHQHXQ
LQWHUpVSUiFWLFRPLHQWUDVTXHHQHOSODQWHDPLHQWRGHODVFLHQFLDVKLVWyULFRKHUPHQpXWLFDVXQ
LQWHUpV SUiFWLFR \ HQ HO SODQWHDPLHQWR GH ODV FLHQFLDV RULHQWDGDV FUtWLFDPHQWH LQWHUYLHQH HO
LQWHUpV HPDQFLSDWRULR TXH FRPR VH KD YLVWR VXE\DFtD \D WiFLWDPHQWH HQ ODV WHRUtDV
WUDGLFLRQDOHV>@

(ODQiOLVLVHSLVWHPROyJLFRGHHVWRVWUHVWLSRVGHFRQRFLPLHQWRIRUPDHOHMH
IXQGDPHQWDOGHODSULPHUDIDVHGHOWUDEDMRKDEHUPDVLDQR>@HVHQHVWHSODQR
GRQGHODVLQYHVWLJDFLRQHVHSLVWHPROyJLFDVQRVyORDVXPHQODWDUHDGHFODULILFDU
HO HVWDWXWR FLHQWtILFR GH XQD 7HRUtD &UtWLFD VLQR WDPELpQ OD GH FRQILJXUDU
LQGLUHFWDPHQWHHOPDUFRSDUDODFRQVWUXFFLyQGHXQDWHRUtDGHODVRFLHGDG(Q
XQSULQFLSLR+DEHUPDV LQWHQWDGHILQLU ODPLVPDWHRUtD HSLVWHPROyJLFDFRPR XQ
WLSR GH WHRUtD VRFLDO HQ OD TXH VH FRQFLEHQ ODV GLIHUHQWHV IRUPDV GH
FRQRFLPLHQWR FRPR FRPSRQHQWHV XQLYHUVDOHV HQ OD UHSURGXFFLyQ GH ODV
VRFLHGDGHV'HHVWHSODQWHDPLHQWRHPHUJHODLGHDGHXQDQiOLVLVGHODVRFLHGDG
SODQWHDGD FRPR XQD FUtWLFD GHO SRVLWLYLVPR TXH MXVWLILTXH VX DSUR[LPDFLyQ
RULJLQDOpVWDVHYDDEDVDUHQXQDLQYHVWLJDFLyQHSLVWHPROyJLFDFHQWUDGDHQODV
UHODFLRQHV H[LVWHQWHV HQWUH PRGHORV GH DFFLyQ DQWURSROyJLFDPHQWH
IXQGDPHQWDGRV LQWHUHVHV FRQVWLWXWLYRV GH FRQRFLPLHQWR \ IRUPDV VRFLDOHV GH
UDFLRQDOLGDG
(O FRQFHSWR GH LQWHUpV FRQVWLWXWLYR GH FRQRFLPLHQWR YD D VHUYLU D
+DEHUPDVGHVGHHOSULQFLSLRFRPROODYHSDUDODIXQGDPHQWDFLyQHSLVWHPROyJLFD
GH XQD 7HRUtD &UtWLFD GH OD VRFLHGDG DGHPiV UHSUHVHQWD SRU DVt GHFLUOR HO
SXHQWH HQWUH XQD WHRUtD GH OD DFFLyQ KXPDQD SODQWHDGD RULJLQDULDPHQWH HQ
WpUPLQRV DQWURSROyJLFRV \ XQD DQDOtWLFD GH OD UDFLRQDOLGDG VRFLDO LQVWDQFLDV
DPEDVTXHFRQVWLWX\HQHOPDUFRFDWHJRULDOGHVXWHRUtDGHODVRFLHGDG6LWRGR
FRQRFLPLHQWR FLHQWtILFR FRPR +DEHUPDV KD WUDWDGR GH PRVWUDU IUHQWH D OD
SRVLFLyQGH+XVVHUOSURFHGHVXSXHVWDPHQWHGHXQDFRQH[LyQSUHFLHQWtILFDFRQ
ODH[SHULHQFLDGHWDOVXHUWHTXHODLGHDGHXQDFRQVWUXFFLyQWHyULFDSXUDVH
UHYHOD FRPR XQD LOXVLyQ REMHWLYLVWD HQWRQFHV HV WDUHD GH OD WHRUtD GHO
FRQRFLPLHQWR GHPRVWUDU OD FRQH[LyQ SUiFWLFD FRQVWLWXWLYD TXH VXE\DFH WDQWR D
WRGD IRUPD GH FLHQFLD FRPR D HOOD PLVPD +DEHUPDV GHQRPLQD LQWHUHVHV
SUHFLVDPHQWH D HVRV PRGHORV R SDWURQHV GH RULHQWDFLyQ SUHFLHQWtILFRV TXH

DVLPLVPRFRQIRUPDQODVSHUVSHFWLYDVEDMRODVFXDOHVVHFRQVWLWX\HODUHDOLGDGHQ
JHQHUDO SDUD ORV VHUHV KXPDQRV HQ SULPHU OXJDU FRPR REMHWR GH H[SHULHQFLD
(VWD FDWHJRUtD SRU OR WDQWR FXPSOH DSDUHQWHPHQWH OD PLVPD IXQFLyQ
HSLVWHPROyJLFD TXH RFXSDED HQ HO HQVD\R GH +RUNKHLPHU OD FDWHJRUtD QR
DSOLFDGD GH IRUPD PiV VLVWHPiWLFD VLQ HPEDUJR GH UHIHUHQFLD FRQGXFWXDO
>9HUKDOWHQEH]XJ@ DXQTXH DTXpOOD D GHFLU YHUGDG D GLIHUHQFLD GHO FDVR
KRUNKHLPHULDQR QR KXQGH VXV UDtFHV GLUHFWDPHQWH HQ ODV LQWXLFLRQHV GHO MRYHQ
0DU[ VLQR PiV ELHQ HQ XQD UHFHSFLyQ DFWLYD \ WHPSUDQD GH OD DQWURSRORJtD
ILORVyILFD DVt FRPR HQ XQD DSURSLDFLyQ VXEVLJXLHQWH GHO SUDJPDWLVPR
QRUWHDPHULFDQR\ODKHUPHQpXWLFDILORVyILFD
(O SULPHU HVWtPXOR SDUD OD LQWURGXFFLyQ GH HVWH FRQFHSWR GH LQWHUpV
FRQVWLWXWLYRGHFRQRFLPLHQWRSRGUtDSURFHGHUSDUD+DEHUPDVGHODVWHVLVGH
$UQROG *HKOHQ SUXHED GH HOOR HV TXH HVWH WLSR GH SODQWHDPLHQWR
HSLVWHPROyJLFR VH HQFXHQWUD \D RULJLQDULDPHQWH PHQFLRQDGR HQ DOJXQDV
H[SUHVLRQHVGHHVDDQWURSRORJtDILORVyILFD*HKOHQKDEtDVLGRFDSD]GHPRVWUDU
KDVWD TXp SXQWR HO VHU KXPDQR LQGHWHUPLQDGR R QR HVSHFLDOL]DGR SRU
QDWXUDOH]D VH RULHQWD KDFLD XQD GRPLQDFLyQ SUiFWLFD GH VX HQWRUQR SRU HOOR
SDUDORVVHUHVKXPDQRVFRPR+DEHUPDVVRVWLHQHHQXQDFRQH[LyQSUy[LPDD
ODVLGHDVGH*HKOHQODRULHQWDFLyQKDFLDHOPXQGR\ODHMHFXFLyQGHODDFFLyQ
VRQ XQD \ PLVPD FRVD >@ pVWDV SRU DVt GHFLUOR FRQVWUX\HQ VX HVSDFLR GH
H[SHULHQFLD FRQIRUPH D ORV PRGHORV GH DFFLyQ SRU ORV TXH KDQ DSUHQGLGR D
FRQVHUYDUVH \ DILUPDUVH GHQWUR GH OD QDWXUDOH]D &XDQGR HO SHQVDPLHQWR GH
+DEHUPDVGDEDVXVSULPHURVSDVRVSRQGUiDGHPiVHQFRQH[LyQHVWDOtQHDGH
SHQVDPLHQWRFRQORVUHVXOWDGRVGHODDQDOtWLFDKHLGHJJHULDQDGHO'DVHLQ>@HV
DTXtGRQGHDODGHPRVWUDFLyQIHQRPHQROyJLFDOHFRUUHVSRQGHHOGHVFXEULPLHQWR
DQWURSROyJLFRGHTXHORVVHUHVKXPDQRVGLVHxDQ\HODERUDQHOPXQGRHQHOTXH
GHDQWHPDQRVHHQFXHQWUDQFRQIRUPHDVXPDQHUDVLPXOWiQHDGHHVWDUHQHO
PXQGR>@'HVGHXQSXQWRGHYLVWDHSLVWHPROyJLFRODRQWRORJtDH[LVWHQFLDO
KHLGHJJHULDQD SRGtD SRU OR WDQWR FRQILUPDU OD FRQFOXVLyQ TXH *HKOHQ KDEtD
DUURMDGR HQ HO SODQR DQWURSROyJLFR SDUWLHQGR GHO KHFKR ELROyJLFR GH OD
LQGHWHUPLQDFLyQKXPDQDDPERVHQVXPDH[SOLFDQODVRULHQWDFLRQHVKDFLDHO
PXQGRHQODVTXHORVVHUHVKXPDQRV\DVHPXHYHQHQWpUPLQRVGHXQDJHQXLQD
FRPSXOVLyQDFRPSURPHWHUVHYLWDO\SUiFWLFDPHQWHXQFRPSURPLVRPHUFHGDO

FXDO OD H[LVWHQFLD KXPDQD VH GHILQH HQ WpUPLQRV H[LVWHQFLDOHV R ELROyJLFRV (V
SUHFLVDPHQWH GHVGH HVWH WUDVIRQGR FRPSDUWLGR FRQ OD DQWURSRORJtD ILORVyILFD
GHVGH HO FXDO +DEHUPDV HQ HVWH SUHFLVR PRPHQWR GH VX LWLQHUDULR LQWHOHFWXDO
DSUHFLDODUHOHYDQFLDHSLVWHPROyJLFDGHORVSULPHURVWUDEDMRVGH+HLGHJJHU(V
HQHVWHFRQWH[WRHQODSUHVHQWDFLyQGHOSHQVDPLHQWREiVLFRGHODDQDOtWLFDGHO
'DVHLQ HQ 6HU \ WLHPSR GRQGH HO SODQWHDPLHQWR DQWURSROyJLFR GH *HKOHQ
UHVXHQDXQD\RWUDYH]>@WUDEDMDQGRORVVHUHVKXPDQRVVHSURGXFHQDVt
PLVPRV\VHFRQVHUYDQLUUXPSLHQGRHQWRQFHVORH[LVWHQWHHQWRUQRVX\RFRQVX
VLJQLILFDGR>@
3XHGHGHFLUVHDVtSXHVTXHHVHQHVWHPRPHQWRFRQODUHFHSFLyQGHORV
SODQWHDPLHQWRV HSLVWHPROyJLFRV GH *HKOHQ R GHO SULPHU +HLGHJJHU FXDQGR
+DEHUPDV DFFHGH HQ UHDOLGDG D OD SHUVSHFWLYD GH XQ WUDQVFHQGHQWDOLVPR HQ
VHQWLGR DQWURSROyJLFR R ILORVyILFRH[LVWHQFLDO HQ HO TXH ODV RULHQWDFLRQHV
SUiFWLFRYLWDOHVKDFLDHOPXQGRDSDUHFHQFRPRFRQGLFLRQHVGHSRVLELOLGDGGHOD
H[SHULHQFLD XQ UHVXOWDGR QR REVWDQWH TXH QR UHVXOWD WRWDOPHQWH VDWLVIDFWRULR
SDUD XQD OyJLFD GLIHUHQFLDGD GH ODV FLHQFLDV SXHVWR TXH VH UHTXLHUHQ FXDQGR
PHQRV GRV SDVRV SDUD SRGHU UHWURWUDHU \ UHODFLRQDU ODV GLIHUHQWHV IRUPDV
H[LVWHQWHV GH FRQRFLPLHQWR FLHQWtILFR DO FRQWH[WR GH UHIHUHQFLD YLWDO SUH
FLHQWtILFRWDO\FRPRHOSURSLR+DEHUPDVKDGHGHVDUUROODUPiVWDUGHGHIRUPD
WHQWDWLYDHQVXOHFFLyQLQDXJXUDO3RUXQODGRHOGLVFXUVRKDVWDHVWHPRPHQWR
QDGD HVSHFtILFR GH OD RULHQWDFLyQ SUiFWLFD KDFLD HO PXQGR FRPR KRUL]RQWH
GHVGHHOFXDOVHDEUHODUHDOLGDGDORVVHUHVKXPDQRVGHEHVHUFRQGXFLGRGHO
iPELWRVLQJXODUDOSOXUDOGHWDOIRUPDTXHSXHGDDFODUDUVHILQDOPHQWHSRUTXp
GLIHUHQWHV PRGHORV GH FRQRFLPLHQWR FLHQWtILFR SXHGHQ VHU GHULYDGRV GH OD
QHFHVLGDGJHQXLQDPHQWHKXPDQDGHODDSHUWXUDSUiFWLFDDOPXQGRSDUDWDOILQ
VHKDFHQHFHVDULRGLVWLQJXLUHQWUHORVGLIHUHQWHVPRGRVGHDFFLyQGHSUD[LVYLWDO
R GH HVWDUHQHOPXQGR GHQWUR GH OD VLWXDFLyQ IXQGDPHQWDO QDWXUDO R
H[LVWHQFLDO GHO VHU KXPDQR \ FRUUHVSRQGLHQWHPHQWH SRGHU FRQWHPSODU ORV
GLIHUHQWHVPRGHORVGHFRQVWUXFFLyQGHODH[SHULHQFLDKXPDQD\HQHVDPHGLGD
FRQVWLWXLGRUHVGHREMHWLYLGDG
3RU RWUR ODGR ORV GLIHUHQWHV PRGHORV GH H[SHULHQFLD SUHFLHQWtILFD GHO
PXQGR VLHPSUH \ FXDQGR SXHGDQ UHDOPHQWH GHGXFLUVH GH IRUPD SODXVLEOH ORV
PRGRV SDUWLFXODUHV GH OD DFFLyQ KXPDQD WLHQHQ TXH PRVWUDUVH FRPR IDFWRUHV

GHWHUPLQDQWHV GHO SURFHGHU OyJLFRPHWRGROyJLFR GH GLIHUHQWHV WLSRV GH


FRQRFLPLHQWRFLHQWtILFRSRUTXHVyORGHHVWDIRUPDVHSXHGHGDUSUXHEDGHOD
IXQFLyQFLHQWtILFRFRQVWLWXWLYDGHODVRULHQWDFLRQHVKDFLDHOPXQGRSDUDHVWRKD
VLGR SUHFLVR HQ XQD H[SRVLFLyQ LQPDQHQWH GH OD OyJLFD GH OD FLHQFLD GDGD GH
KHFKR DYDQ]DU KDFLD HVD GLPHQVLyQ HQ OD TXH ODV GLIHUHQFLDV OyJLFR
PHWRGROyJLFDVHQWUHORVWLSRVDLVODGRVGHFLHQFLDDSDUHFHQFRPRGLIHUHQFLDVHQ
VX RULHQWDFLyQ FRQVWLWXWLYD KDFLD HO PXQGR $ OD OX] GH HVWDV FRQVLGHUDFLRQHV
TXHSURFHGHQGHXQDLGHDLQLFLDOPHQWHYDJDGHWUDQVFHQGHQWDOLVPRRULHQWDGR
DQWURSROyJLFDPHQWH FRQ ODV TXH +DEHUPDV WUDWDUi GH GDU UHVSXHVWD D DPEDV
FXHVWLRQHVHPHUJHHOFRQFHSWRGHLQWHUpVFRQVWLWXWLYRGHFRQRFLPLHQWR(QHO
SODQR FRQFHSWXDO GLFKD QRFLyQ DSDUHFH RULJLQDULDPHQWH HQ HO HQVD\R TXH
+DEHUPDVSXEOLFyHQUHODFLyQFRQODOODPDGDGLVSXWDSRVLWLYLVWDDFRPLHQ]RV
GHODGpFDGDGHORVDxRVVHVHQWD
/DV FRQWULEXFLRQHV GH +DEHUPDV D HVWH GHEDWH GH WRQR HSLVWHPROyJLFR
QDFLGRGHODFRQWURYHUVLDVXUJLGDHQWUH.DUO3RSSHU\7KHRGRU$GRUQRDFHUFD
GHODYDOLGH]\DOFDQFHGHORVSURFHGLPLHQWRVHPStULFRDQDOtWLFRVHQODVFLHQFLDV
VRFLDOHV\TXHEDMRHOUyWXORGHGLVSXWDGHOSRVLWLYLVPRHMHUFLyHQGHILQLWLYD
XQDGXUDGHUDLQIOXHQFLDVREUHODGLVFXVLyQHQWRUQRDODVPHWRGRORJtDVDDSOLFDU
HQODVFLHQFLDVKXPDQDV>@HVWiQFDVLFRPSOHWDPHQWHOLEUHVGHODWHUPLQRORJtD
GHODDQWURSRORJtDILORVyILFDHLQFOXVRGHODDQDOtWLFDKHLGHJJHULDQDGHO'DVHLQ
(Q VX OXJDU DSDUHFH DTXt PiV ELHQ XQ OHQJXDMH TXH PiV DOOi GH OD WHRUtD
DQDOtWLFD GH OD FLHQFLD EHEH GH ODV IXHQWHV GH OD WUDGLFLyQ ILORVyILFD GH OD
KHUPHQpXWLFD\GHOSUDJPDWLVPRQRUWHDPHULFDQRHQHVWHXQLYHUVRFRQFHSWXDO
VLQ HPEDUJR SHUPDQHFH D~Q OD LGHD RULJLQDULD HQ OD TXH DTXHOOR TXH VH KDEtD
GHILQLGR KDVWD HVWH PRPHQWR FRPR RULHQWDFLyQ SUiFWLFD KDFLD HO PXQGR VH
FRQWHPSODDKRUDEDMRRWURQRPEUHXQLQWHUpVSUHFLHQWtILFRHQFX\RKRUL]RQWH
ODVH[SHULHQFLDVFLHQWtILFDVVHSXHGHQFRQVWLWXLUHQJHQHUDOHQSULPHUDLQVWDQFLD
'HXQPRGRGLIHUHQWHGHOGH$GRUQRHQVXHQVD\R+DEHUPDVDSXHVWDGH
IRUPDLQPDQHQWHSRUODWDUHDGHMXVWLILFDUHOSRVLEOHOXJDUOHJtWLPRGHXQDFLHQFLD
VRFLDO RULHQWDGD FUtWLFDPHQWH IUHQWH D ODV H[LJHQFLDV PHWRGROyJLFDV GH
XQLYHUVDOLGDGGHOUDFLRQDOLVPRFUtWLFRpOOOHYDDFDERHVWHREMHWLYRWUDWDQGRGH
SRQHU GH PDQLILHVWR OD FRQH[LyQ H[LVWHQWH HQWUH ODV UHJODV PHWRGROyJLFDV TXH
3RSSHU TXLVLHUD H[WHQGHU REOLJDWRULDPHQWH D WRGDV ODV FLHQFLDV \ XQ WLSR GH

WDUHDFLHQWtILFDTXHKDGHGLVWLQJXLUVHGUiVWLFDPHQWHGHOSURSXHVWRSRUODFLHQFLD
VRFLDOFUtWLFD(OSULQFLSDOWHUUHQRGHGHPRVWUDFLyQHQHOTXHRSHUD+DEHUPDV
QR HV RWUR TXH HO GH OD GLVFXVLyQ PHWRGROyJLFD HQ WRUQR D XQ SUREOHPD
IXQGDPHQWDOHOTXHVHSODQWHDHQODFODULILFDFLyQOyJLFRFLHQWtILFDHQWRUQRDOD
SRVLELOLGDG GH YHULILFDU HPStULFDPHQWH KLSyWHVLV WHyULFDV 3DUD HO HPSLULVPR
OyJLFRODVROXFLyQGHHVWHSUREOHPDUDGLFDEDHQHOKHFKRGHSRGHUYHULILFDUOD
FRUUHFFLyQ HPStULFD GH ODV KLSyWHVLV OyJLFDPHQWH ELHQ FRQVWUXLGDV KDFLHQGR
UHIHUHQFLD DO VHQWHQFLDV SURWRFRODUHV HOHPHQWDOHV HQ ORV TXH ORV UHVXOWDGRV GH
ODVREVHUYDFLRQHVFRQWURODGDVSXHGHQFRQVWDWDUVHGHIRUPDLQPHGLDWD)UHQWHD
HVWD FRQFHSFLyQ 3RSSHU SUHVHQWDED D VX YH] OD REMHFLyQ TXH KR\ WUDV HO
JLURSRVHPStULFRH[SHULPHQWDGRHQODILORVRItDGHODFLHQFLDVXHQDWULYLDOGH
TXH ORV HQXQFLDGRV SURWRFRODUHV PiV VLPSOHV QR VH OLPLWDQ PHUDPHQWH D
UHSUHVHQWDU ODV SHUFHSFLRQHV VHQVLEOHV WRGD YH] TXH ODV JHQHUDOL]DFLRQHV
WHyULFDVQRGHMDQGHLQWURGXFLUVHDTXtLQHYLWDEOHPHQWH&RPRHVELHQFRQRFLGR
ODLQWHQFLyQDTXtGH3RSSHUFRQVXSURSXHVWDGHXQDFRQFHSFLyQJHQHUDOGHOD
IDOVDFLyQ>@QRHUDVLQRODGHHVFDSDUGHOGLOHPDPHWRGROyJLFRVXUJLGRD
UDt] GH VX REMHFLyQ FRQWUD OD SRVLELOLGDG GH XQD YHULILFDFLyQ HPStULFD GH
KLSyWHVLVWHyULFDVGHVGHHVWHSODQWHDPLHQWRVHFRQWHPSODODSRVLELOLGDGGHTXH
KLSyWHVLV OHJDOLIRUPHV SXHGHQ SRQHUVH D SUXHED LQGLUHFWDPHQWH SRU PHGLR GH
WHQWDWLYDV FRQGXFHQWHV VLVWHPiWLFDPHQWH D OD FRQWUDGLFFLyQ HQ OXJDU GH SDVDU
SRUHOFDPLQRGLUHFWRGHXQDFRQILUPDFLyQLQGXFWLYDHQVLWXDFLRQHVHPStULFDVGH
SUXHED 1DWXUDOPHQWH DTXt QR KDFtD VLQR SODQWHDUVH HQ HO FRQWH[WR GLIHUHQWH
GHO FRQFHSWR GH IDOVDFLyQ HO PLVPR SUREOHPD DO TXH \D 3RSSHU VH KDEtD
HQIUHQWDGRHQUHODFLyQFRQHOPRGHORGHYHULILFDFLyQGHOHPSLULVPROyJLFRHVWR
HV WDPELpQ ORV HQXQFLDGRV REVHUYDFLRQDOHV FRQ FX\D D\XGD ORV VXSXHVWRV
OHJDOLIRUPHVSXHGHQIDOVDUVHPHGLDQWHDVHUFLRQHVFRQWUDGLFWRULDVGHH[LVWHQFLD
QRSXHGHQVHQFLOODPHQWHMXVWLILFDUVHDSHODQGRDODFHUWH]DGHODVSHUFHSFLRQHV
VHQVLEOHV 'H DKt TXH 3RSSHU HQ XQD ~OWLPD YXHOWD GH WXHUFD GHQWUR GH VX
DUJXPHQWDFLyQ GHFLGD ILQDOPHQWH VL XQ HQXQFLDGR REVHUYDFLRQDO HVSHFtILFR
VRPHWLGR D XQ SURFHVR GH IDOVDFLyQ SXHGH VHU FRQVLGHUDGR HQ WpUPLQRV
HPStULFRV FRPR OHJtWLPR GHSHQGLHQGR GH XQ DFXHUGR HQWUH FLHQWtILFRV TXH
LQYHVWLJDQ\FRRSHUDQHQWUHVtFRQVHFXHQWHPHQWHOD~OWLPDLQVWDQFLDDQWHODTXH
XQDKLSyWHVLVOHJDOLIRUPHFXDOTXLHUDKDGHFRQILUPDUVHLQGLUHFWDPHQWHQRHVRWUD

TXH HO DFXHUGR H[LVWHQWH HQWUH ORV LQYHVWLJDGRUHV HQ FRQVLGHUDU XQ HQXQFLDGR
EiVLFRFRPRXQDDVHUFLyQREVHUYDFLRQDOVXILFLHQWHPHQWHFRQILUPDGD
(V HVWD VRUSUHQGHQWH FRQFHVLyQ GH 3RSSHU D OD IXQFLyQ FRQVWLWXWLYD GH OD
FRPXQLGDGGHLQYHVWLJDGRUHVODTXHYDDVHUYLUD+DEHUPDVDKRUDSDUDHQWUDU
GHOOHQRHQVXSURSLRSODQWHDPLHQWR(QXQSULPHUDFHUFDPLHQWRDODFXHVWLyQ
WUDWDUi GH SRQHU GH PDQLILHVWR KDVWD TXp SXQWR OD OtQHD GH UHIOH[LyQ HQ OD TXH
WHUPLQDGHVHPERFDQGRLQYROXQWDULDPHQWHHOSODQWHDPLHQWRGH3RSSHUFRQGXFH
D XQD FRQVHFXHQFLD TXH \D KDEtD VLGR DGYHUWLGD GHVGH VLHPSUH SRU XQD
WUDGLFLyQFRPSOHWDPHQWHGLVWLQWD ODGH ODILORVRItDKHUPHQpXWLFD (QOD PHGLGD
HQTXH3RSSHUYXHOYHDFRQHFWDU\UHODFLRQDUODFRUURERUDFLyQHPStULFDGHORV
HQXQFLDGRV WHyULFRV FRQ OD GHFLVLyQ FRPSDUWLGD SRU XQD FRPXQLGDG GH
FLHQWtILFRV HO SURFHVR GH LQYHVWLJDFLyQ VH LQWHUSUHWD FRPR XQD VLWXDFLyQ
FRPXQLFDWLYDHQODTXHORVVXMHWRVLQYHVWLJDGRUHVHVWiQ\DGHIRUPDFRPSDUWLGD
HQSRVHVLyQGHXQDSUHFRPSUHQVLyQDFHUFDGHOVHQWLGRGHVXHPSUHVD\FRQ
REMHWR GH TXH SXHGDQ HQ JHQHUDO DOFDQ]DU XQ FRQVHQVR DFHUFD GH OD YDOLGH]
HPStULFDGHORVHQXQFLDGRVREVHUYDFLRQDOHV'HDKtTXHWDPELpQHOSURFHVRGH
LQYHVWLJDFLyQ HPStULFD VH HVWDEOH]FD HQ XQ KRUL]RQWH GH VHQWLGR SUHYLR GHQWUR
GHOFXDOGHVGHHOSXQWRGHYLVWDGHODKHUPHQpXWLFDSXHGDFXPSOLUVHFXDOTXLHU
DFWRGHHQWHQGLPLHQWRUHFtSURFRHQHOiPELWRVRFLDOGHODSUD[LVYLWDO
/DLQYHVWLJDFLyQHVXQDLQVWLWXFLyQGHVHUHVKXPDQRVTXHDFW~DQMXQWRV\TXHKDEODQHQWUHVt
FRPR WDO GHWHUPLQD D WUDYpV GH OD FRPXQLFDFLyQ GH ORV LQYHVWLJDGRUHV DTXHOOR TXH SXHGH
DVSLUDUWHRUpWLFDPHQWHDYDOLGH](OUHTXLVLWRGHREVHUYDFLyQFRQWURODGDFRPREDVHSDUDODV
GHFLVLRQHV FRQFHUQLHQWHV D OD YDOLGH] GH ODV KLSyWHVLV OHJDOHV SUHVXSRQH \D XQD LQWHOHFFLyQ
SUHYLD GH FLHUWDV QRUPDV VRFLDOHV 1R EDVWD FRQ FRQRFHU HO REMHWLYR HVSHFtILFR GH XQD
LQYHVWLJDFLyQ\ODUHOHYDQFLDGHXQDREVHUYDFLyQGHFDUDDXQDVGHWHUPLQDGDVKLSyWHVLVSDUD
SRGHUVLTXLHUDVDEHUDTXpVHUHILHUHODYDOLGH]HPStULFDGHORVHQXQFLDGRVGHEDVHWLHQHTXH
KDEHUVLGRHQWHQGLGRHOVHQWLGRGHOSURFHVRGHODLQYHVWLJDFLyQJOREDOPHQWHFRQVLGHUDGRGH
PDQHUD VLPLODU D FRPR DQWHV GHEH HO MXH] KDEHU FRPSUHQGLGR VLHPSUH HO VHQWLGR GH OD
MXGLFDWXUDHQFXDQWRDWDO>@

+DEHUPDVXWLOL]DHQHVWHSDVRGHIRUPDSURYLVLRQDOODVLGHDVEiVLFDVGHOD
KHUPHQpXWLFD TXH pO LQWURGXFH KDFLHQGR UHIHUHQFLD D ODV LQYHVWLJDFLRQHV GH
*DGDPHU FRQ REMHWR GH VXEUD\DU FyPR XQD FRQVHFXHQFLD LQYROXQWDULD GH OD
DUJXPHQWDFLyQ GH 3RSSHU FRQGXFH D OD FRPSUHQVLyQ GH OD HVWUXFWXUD

FRPSUHQVLYDTXHVXE\DFHDWRGRSURFHVRGHLQYHVWLJDFLyQFLHQWtILFD(VGHFLU
ODWHRUtDGHODFLHQFLDGHOUDFLRQDOLVPRFUtWLFRHVWiREOLJDGDDGDUFXHQWDGHOD
SUHJXQWD GH TXp WLSR GH H[SHFWDWLYDV FRQGXFWXDOHV VRFLDOPHQWH UHJXODGDV \
QRUPDWLYL]DGDV >@ SXHGHQ H[SRQHUVH SDUD DSR\DU HO DFXHUGR GH OD
FRPXQLGDG GH LQYHVWLJDFLyQ DFHUFD GH OD YDOLGH] HPStULFD GH ORV HQXQFLDGRV
EiVLFRV (Q UHDOLGDG 3RSSHU HQ VX DUJXPHQWDFLyQ VyOR SXHGH GDUVH SRU
VDWLVIHFKR FRQ XQD VROXFLyQ GHFLVLRQLVWD GHO SUREOHPD SRUTXH pO QR KDEtD
FRQVLGHUDGR DO PHQRV GH IRUPD H[SOtFLWD OD LQVHUFLyQ GHO SURFHVR GH
LQYHVWLJDFLyQHQXQKRUL]RQWHFRPSUHQVLYRSUHYLRHQHOPRPHQWRVLQHPEDUJR
TXH HVWD VLWXDFLyQ WLHQH OXJDU FXDQGR SRU WDQWR VH WRPD FRQFLHQFLD GH OD
GHSHQGHQFLDGHODLQYHVWLJDFLyQFLHQWtILFDGHXQDSUHFRPSUHQVLyQFRPXQLFDWLYD
ODSUHJXQWDSRUHOFDUiFWHUGHHVDPLVPDSUHFRPSUHQVLyQQRSXHGH\DTXHGDU
VLQUHVSXHVWD
1RHVPX\GLItFLOYHUTXHORTXHHVWiKDFLHQGRDTXt+DEHUPDVQRHVVLQR
SRQHU GH QXHYR HQ OL]D SRU XQ FDPLQR KHUPHQpXWLFR OD SHUVSHFWLYD
HSLVWHPROyJLFD\DDELHUWDSUHFLVDPHQWHSRUODDQWURSRORJtDILORVyILFDGH*HKOHQ
\ODRQWRORJtDH[LVWHQFLDOGH+HLGHJJHUSXHVGHHQWUDGDODWHVLVTXHVRVWLHQH
FRQIRUPH D HVWH SODQWHDPLHQWR TXH WRGRV ORV SURFHVRV GH LQYHVWLJDFLyQ
FLHQWtILFD HVWiQ WDQ LQVHUWDGRV HQ XQ KRUL]RQWH KHUPHQpXWLFR TXH \D H[LVWH XQ
WLSRGHSUHFRPSUHQVLyQVREUHHOVHQWLGRGHVXDSOLFDFLyQFRPRPDUFRJHQHUDO
QRGLFHHQHOIRQGRPiVTXHHOFRQRFLPLHQWRFLHQWtILFRVHHVWDEOHFHHQHOPDUFR
GH XQD RULHQWDFLyQ PXQGDQD FRQVWLWXWLYD GH FRQRFLPLHQWR SUHFLHQWtILFD $KRUD
ELHQ VyOR HQ HO VHJXQGR SDVR GH VX FRQIURQWDFLyQ FRQ HO UDFLRQDOLVPR FUtWLFR
VHUi +DEHUPDV FDSD] GH LU PiV DOOi GH HVWD FRPSUREDFLyQ HOHPHQWDO VHUi
HQWRQFHV FXDQGR pO VH GHGLTXH HQ UHDOLGDG D FODULILFDU HO FDUiFWHU GH HVD
SUHFRPSUHQVLyQSRUODTXHVHGHILQHQHQVXDFWLYLGDGFRP~QORVFLHQWtILFRVTXH
FRODERUDQ HQ XQ SURFHVR GH LQYHVWLJDFLyQ FRJQRVFLWLYR $TXt +DEHUPDV VH
DSR\DUi EiVLFDPHQWH HQ ODV HQVHxDQ]DV WHyULFDV GHO SUDJPDWLVPR
QRUWHDPHULFDQR VX H[SOLFDFLyQ VH JXtD SRU HO REMHWLYR GH UHWURWUDHU ODV
FRQGLFLRQHV GH YDOLGH] GH HVRV SURFHGLPLHQWRV GH LQYHVWLJDFLyQ GHVFULWRV SRU
3RSSHUDORVFULWHULRVGHp[LWRTXHVHIRUPDQGHIRUPDQDWXUDOHQHOSURFHVRGHO
WUDEDMRVRFLDO
'H KHFKR OD WHVLV IXQGDPHQWDO SURFHGHQWH GHO SUDJPDWLVPR GH TXH

QXHVWUDDFWLYLGDGFLHQWtILFDVHJXtDSRUFRQYLFFLRQHVHVWDEOHFLGDVHQODSUiFWLFD
KDVWD TXH VH SUREOHPDWL]DQ DOJXQRV HOHPHQWRV SDUWLFXODUHV GHQWUR GH XQ
KRUL]RQWH ODWHQWH GH FHUWH]DV \ FRQ HOOR DVXPHQ HQ JHQHUDO HO FDUiFWHU GH
KLSyWHVLV FLHQWtILFDV YD D VHUYLU HQ VXV OtQHDV EiVLFDV SDUD TXH +DEHUPDV
LQWURGX]FD HO DUJXPHQWR FRQ HO TXH YD D IXQGDPHQWDU VX SRVLFLyQ VL VRPRV
FDSDFHVGHFRQFHELUORVVXSXHVWRVFLHQWtILFRVFRPRSURGXFWRVFRJQLWLYRVGHOD
SHUWXUEDFLyQ GH XQD FRQGXFWD SUiFWLFD ELHQ FRRUGLQDGD HQ FLHUWR VHQWLGR
FRPR FHUWH]DV SUiFWLFDV TXH SURYLVLRQDOPHQWH IUDFDVDQ \ VyOR SRU HVWD UD]yQ
VRQREMHWRGHUHIOH[LyQSRGUHPRVFRQFOXLUGHHOORTXHORVWHVWFLHQWtILFRVD
ORV TXH VRPHWHPRV QXHVWUDV FRQYLFFLRQHV SUREOHPiWLFDV FRQ REMHWR GH
SRQHUODV D SUXHED UHFRQVWUX\HQ HQ SULQFLSLR ORV PLVPRV SURFHGLPLHQWRV GH
FRUURERUDFLyQ TXH \D VXE\DFHQ D QXHVWUDV DFFLRQHV SURYLVWDV GH FHUWLGXPEUH
HQODYLGDFRWLGLDQD$KRUDELHQHQODPHGLGDHQTXHQXHVWURFRPSRUWDPLHQWR
ELHQ FRRUGLQDGR GHO TXH +DEHUPDV LQLFLDOPHQWH SDUWH TXHGD FRQILUPDGR
SRU HO p[LWR WpFQLFR GH QXHVWURV SODQHV GH DFFLyQ SRGHPRV MXVWLILFDGDPHQWH
SUHVXSRQHU TXH H[LVWH XQ LQWHUpV FRQVWLWXWLYR GH FRQRFLPLHQWR VXVFHSWLEOH GH
VHU HQFRQWUDGR HQ HO LQFUHPHQWR GH FRQRFLPLHQWR WpFQLFDPHQWH XWLOL]DEOH TXH
FRQIRUPD OD SUHFRPSUHQVLyQ GH ORV SURFHVRV GH LQYHVWLJDFLyQ HPStULFR
DQDOtWLFRV
'HDKtTXHHQ~OWLPDLQVWDQFLDODYDOLGH]HPStULFDGHORVHQXQFLDGRVGHEDVH\FRQHOODOD
DGHFXDFLyQ GH ODV KLSyWHVLV OHJDOHV \ OD GH ODV WHRUtDV JOREDOPHQWH FRQVLGHUDGDV YHQJDQ
UHIHULGDVDFULWHULRVGHXQWLSRGHp[LWRHQODDFWXDFLyQ\HQHOFRPSRUWDPLHQWRTXHKDLGR
ORJUiQGRVH \ GHO TXH VH KD KHFKR XQ DSUHQGL]DMH VRFLDO HQ HO FRQWH[WR SULQFLSDOPHQWH
LQWHUVXEMHWLYRGHXQRVJUXSRVDFWLYRV\ODERULRVRVeVWHHVHOSXQWRHQHOTXHVHFRQILJXUDOD
LQWHOHFFLyQSUHYLDKHUPHQpXWLFDVLOHQFLDGDSRUODWHRUtDDQDOtWLFDGHODFLHQFLDHQYLUWXG
GH OD TXH YLHQH D UHVXOWDU SRVLEOH OD DSOLFDFLyQ GH UHJODV HQ OD DFHSWDFLyQ GH HQXQFLDGRV GH
EDVH(OOODPDGRSUREOHPDGHODEDVHQRVHSUHVHQWDHQPRGRDOJXQRSRUSULPHUDYH]HQHO
PRPHQWRHQTXHFRQFHELPRVHOSURFHVRGHODLQYHVWLJDFLyQFRPRSDUWHGHXQSURFHVRJOREDO
GHDFWRVVRFLDOPHQWHLQVWLWXFLRQDOL]DGRVDWUDYpVGHOTXHORVJUXSRVVRFLDOHVREWLHQHQVXYLGD
SUHFDULD SRU QDWXUDOH]D 3RUTXH HO HQXQFLDGR GH EDVH QR DFFHGH D YDOLGH] HPStULFD
H[FOXVLYDPHQWH HQ YLUWXG GH ORV PRWLYRV GH XQD REVHUYDFLyQ DLVODGD VLQR GH OD SUHFHGHQWH
LQWHJUDFLyQ GH SHUFHSFLRQHV DLVODGDV HQ OD WUDPD GH XQDV FRQYLFFLRQHV QR SUREOHPiWLFDV \
DFUHGLWDGDV VREUH XQD EDVH PX\ DPSOLD HVWR RFXUUH D OD OX] GH XQDV GHWHUPLQDGDV
FRQGLFLRQHVH[SHULPHQWDOHVTXHHQFXDQWRDWDOHVYLHQHQDLPLWDUXQFRQWUROGHORVUHVXOWDGRV
GHORVDFWRVLQFDUGLQDGRVGHPDQHUDRULJLQDULDHQXQVLVWHPDGHWUDEDMRVRFLDO>@

&RPR FULWHULR SDUD OD GHPDUFDFLyQ GH OD SUHFRPSUHQVLyQ TXH GHEH
VRVWHQHUODVFLHQFLDVHPStULFRDQDOtWLFDVHQJHQHUDO+DEHUPDVYDDHOHJLUHOWLSR
GH SUXHED GHPRVWUDWLYD DO TXH VH H[SRQHQ ODV KLSyWHVLV H[SHULPHQWDOHV HQ HO
SURFHVRGHLQYHVWLJDFLyQHQUHDOLGDGGDGRTXHODVFRQGLFLRQHVH[SHULPHQWDOHV
EDMR ODV FXDOHV WLHQHQ OXJDU DTXt ORV WHVW FLHQWtILFRV QR UHIOHMDQ GH XQ PRGR
DUWLILFLDOPiVTXHODVFLUFXQVWDQFLDVGHSUXHEDTXHPiVRPHQRVVHLQWURGXFHQ
GHWRGRVPRGRVHQFXDOTXLHUDFWRGHWUDEDMRVRFLDOSRGHPRVGHGXFLUGHHOOR
TXHODVFLHQFLDVH[SHULPHQWDOHVVHLQVHUWDQHQHOPLVPRKRUL]RQWHKHUPHQpXWLFR
GHQWUR GHO FXDO HO VHU KXPDQR HODERUD \ WUDEDMD GH XQ PRGR SUHFLHQWtILFR OD
QDWXUDOH]D>@(VWDSUHFRPSUHQVLyQSUiFWLFDVHHQFXHQWUDFRQXQDFXHUGRQR
FXHVWLRQDGR TXH DSDUHQWHPHQWH VH GLVIUXWD HQ WRGDV ODV pSRFDV \ FXOWXUDV
SRUTXHODKXPDQLGDGHVWiVRPHWLGDDODFRDFFLyQDOFRQWUROWpFQLFRVREUHORV
SURFHVRVQDWXUDOHV\HQHVDPHGLGDDODFRDFFLyQGHXQDRULHQWDFLyQWpFQLFD
KDFLDHOPXQGR
(O LQWHUpV SRU FRQVHUYDU OD YLGD PHGLDQWH WUDEDMR VRFLDO EDMR OD FRHUFLyQ GH FLUFXQVWDQFLDV
QDWXUDOHVSDUHFHKDEHUVHPDQWHQLGRFRQVWDQWHDORODUJRGHORVGLYHUVRVHVWDGLRVHYROXWLYRV
GHODHVSHFLHKXPDQD'HDKtTXHTXHSDDOFDQ]DUXQFRQVHQVXVDFHUFDGHOVHQWLGRGHOGRPLQLR
WpFQLFRDHVWHODGRGHOGLQWHOKLVWyULFR\FXOWXUDOVLQODPHQRUGLILFXOWDGSULQFLSDOGHDFXHUGR
FRQ ORV FULWHULRV GH HVWD FRPSUHQVLyQ SUHYLD OD YDOLGH] LQWHUVXEMHWLYD GH ORV HQXQFLDGRV
HPStULFRFLHQWtILFRVTXHGDSXHVDVHJXUDGD>@

+DEHUPDVGHVSOD]DDVtSXHVKDFLDXQSODQRGHFXxRPiVDQWURSROyJLFROD
DUJXPHQWDFLyQ FUtWLFRHSLVWHPROyJLFD PHUFHG D OD FXDO VHJ~Q pO HUD SODXVLEOH
HQWHQGHU ORV PRGRV GH SURFHGHU GH OD LQYHVWLJDFLyQ HPStULFRDQDOtWLFD FRPR
XQD HVSHFLH GH FRQWLQXDFLyQ PHWRGROyJLFDPHQWH UHIOH[LYD GH XQ WUDEDMR
LQWHUUXPSLGRHQODHVIHUDFRWLGLDQDPDQWLHQHDVtTXHODSUHFRPSUHQVLyQWpFQLFD
TXH VRVWLHQH D ODV FLHQFLDV FRPR FLHQFLDV H[SHULPHQWDOHV WLHQH VLJQLILFDGR
XQLYHUVDO HQ OD PHGLGD HQ TXH HQ HOODV VH UHFRQVWUX\HQ HQ VXV FRQGLFLRQHV GH
YDOLGH]ORVFULWHULRVGHp[LWRGHDFFLyQWpFQLFDGHVGHTXHODKXPDQLGDGSXHGH
JDUDQWL]DU VX VXSHUYLYHQFLD VyOR SRU PHGLR GH XQ SURFHVR GH DSURSLDFLyQ \
DVLPLODFLyQ WpFQLFDPHQWH H[LWRVD GH OD QDWXUDOH]D 6LQ HPEDUJR HQ HO SDVDMH
DQWHV FLWDGR +DEHUPDV WDPELpQ SDUHFH DVXPLU TXH ODV GLIHUHQWHV FXOWXUDV
KXPDQDV WLHQHQ HQ FRP~Q KDEHU DWULEXLGR HQ UHDOLGDG WDPELpQ XQ PLVPR
VLJQLILFDGRLQHYLWDEOHDOWUDEDMRXQDIRUPXODFLyQWDQLPSXGHQWHFRPRpVWDVHUi

UHPSOD]DGDPiVWDUGHSRUpOPLVPRSRUODWHVLVD~QPiVGpELOGHTXHHQWRGD
IRUPDGHWUDEDMRVRFLDOLQGHSHQGLHQWHPHQWHGHOVHQWLGRFXOWXUDODWULEXLGRDOR
ODUJRGHODVGLIHUHQWHVpSRFDV\VRFLHGDGHVWLHQHQHFHVDULDPHQWHTXHDSDUHFHU
XQD DFWLWXG EiVLFD RULHQWDGD DO p[LWR (O GHVDUUROOR WHyULFR TXH VH HQFXHQWUD
IRUPXODGR HQ HVWD ~OWLPD YHUVLyQ TXHGDUi D SDUWLU GH HVWH PRPHQWR FRPR XQ
VyOLGRFRPSRQHQWHGHODWHRUtDKDEHUPDVLDQDRIUHFHODEDVHWHyULFDSDUDSRGHU
GHVDUUROODU OD SHUVSHFWLYD GH XQ WUDQVFHQGHQWDOLVPR RULHQWDGR
DQWURSROyJLFDPHQWH XQD SRVLFLyQ TXH +DEHUPDV FRPR \D KHPRV YLVWR \D
WHQtDHQPHQWHHQVXVSULPHURVHQVD\RV3HURDKRUD+DEHUPDVYDDFRQVLGHUDU
EDMRXQSXQWRGHYLVWDJHQHUDOODVRULHQWDFLRQHVTXHLQWURGXFHQDOPXQGRRORV
KRUL]RQWHV GH FRPSUHQVLyQ FRQGLFLRQHV GH SRVLELOLGDG GH OD H[SHULHQFLD
FLHQWtILFD FRPR DFWLWXGHV FRJQLWLYDV OLJDGDV D IRUPDV GH DFFLyQ
DQWURSROyJLFDPHQWH IXQGDPHQWDOHV HQ HVDV PRGDOLGDGHV GH DFFLyQ TXH HVWiQ
REOLJDGRV D HMHFXWDU SDUD FRQVHUYDUVH HQ YLGD ORV VHUHV KXPDQRV DVXPHQ
DFWLWXGHV HVSHFtILFDV DQWH HO PXQGR ELHQ FRPR KRUL]RQWHV GH FRPSUHQVLyQ
FRPSDUWLGRV FRPXQLFDWLYDPHQWH R FRPR RULHQWDFLRQHV KDFLD HO PXQGR TXH
GHWHUPLQDQ TXp HV OR TXH SXHGH H[SHULPHQWDUVH FLHQWtILFDPHQWH HQ pO GH DKt
TXHODVFRQGLFLRQHVFRJQLWLYDVGHODVFLHQFLDVHPStULFRDQDOtWLFDVTXH3RSSHU
KDEtD DQDOL]DGR GHVGH HO iPELWR GH OD WHRUtD GH OD FLHQFLD VH GHILQDQ
WUDQVFHQGHQWDOPHQWHHQYLUWXGGHHVDDFWLWXGTXHHOVHUKXPDQRHVWiREOLJDGR
DDVXPLUVLSUHWHQGHH[SORWDUODERUDOPHQWHODQDWXUDOH]DFRQHOILQGHORJUDUVX
SUHVHUYDFLyQYLWDOODVFLHQFLDVH[SHULPHQWDOHVDVtSXHVVHJXtDQFRPRVHGLFH
DKRUDHORFXHQWHPHQWHSRUXQLQWHUpVFRJQRVFLWLYRWpFQLFR>@
/R GLFKR KDVWD DTXt FRUUHVSRQGH DO GHVDUUROOR DUJXPHQWDO TXH +DEHUPDV
VLJXH HQ VXV FRQWULEXFLRQHV D OD GLVSXWD GHO SRVLWLYLVPR XQD GLUHFFLyQ TXH
D~QSHUPDQHFHHQFLHUWRVHQWLGRHQODPLVPDHVWHODGHVEUR]DGDIUXFWtIHUDPHQWH
SRU +RUNKHLPHU HQ VX ERVTXHMR HSLVWHPROyJLFR GH OD 7HRUtD 7UDGLFLRQDO
DXQTXH FDEH VHxDODU HQ HIHFWR TXH OD OtQHD DUJXPHQWDWLYD TXH GHVDUUROOD
+DEHUPDVHQFRQH[LyQFRQODRULHQWDFLyQSUDJPDWLVWDRIUHFHXQDDSUR[LPDFLyQ
GLIHUHQWHGHOFUXGRLQVWUXPHQWDOLVPRTXH+RUNKHLPHUKDEtDDVXPLGRGHOMRYHQ
0DU[DPERVVLVHJXLPRVHOUHVXOWDGRGHVXVUHIOH[LRQHVFRQWHPSODQODFLHQFLD
SRVLWLYLVWD FRPR XQD VXHUWH GH FRQWLQXDFLyQ PHWRGROyJLFD GH HVH SURFHVR GH
H[SORWDFLyQODERUDOGHODQDWXUDOH]DPHGLDQWHHOFXDOODHVSHFLHKXPDQDDVHJXUD

HQ WpUPLQRV PDWHULDOHV VX YLGD &RUUHVSRQGLHQWHPHQWH DPERV VH YHQ


FRQIURQWDGRVFRPRUHVXOWDGRGHHOORFRQODPLVPDWDUHDWHQHUTXHGHVOLJDUGHO
LQWHUpV WpFQLFR SURSLR GH ODV FLHQFLDV HPStULFRDQDOtWLFDV HVH LQWHUpV
HSLVWHPROyJLFR SRU HO FXDO XQD FLHQFLD DKRUD UHYHODGD FRPR FUtWLFD GH OD
VRFLHGDG VH GHILQH D Vt PLVPD &RPR \D VH KD PRVWUDGR DQWHULRUPHQWH
+RUNKHLPHU SODQWHD HVWH GHFLVLYR FXHVWLRQDPLHQWR GH XQ PRGR GLUHFWR
WUDWDQGRGHUHLYLQGLFDUHQHOiPELWRGHODWHRUtDVRFLDODOODGRGHHVDDFWLWXG
WpFQLFDXQDDFWLWXGFUtWLFDTXHpOFLHUWDPHQWHQRHVFDSD]GHMXVWLILFDUHQ
DEVROXWR HQ HO PDUFR GH VX ILORVRItD GH OD KLVWRULD +DEHUPDV HQ FDPELR
DIURQWDHOPLVPRSUREOHPDPDVSRUXQFDPLQRGLVWLQWRDILUPDHQSULQFLSLROD
H[LVWHQFLD GH IRUPDV DOWHUQDWLYDV GH FRQVWUXFFLyQ WHyULFD VyOR GH IRUPD
LQGLUHFWD SRQLHQGR GH PDQLILHVWR FyPR HO SRVLWLYLVPR PHGLDQWH OD
JHQHUDOL]DFLyQ GHO PRGR GH SURFHGHU HPStULFRDQDOtWLFR DO UDQJR GH ~QLFR
PpWRGR FLHQWtILFR KD SDVDGR SRU DOWR VLVWHPiWLFDPHQWH ORV UHVWDQWHV LQWHUHVHV
JHQXLQRVGHOFRQRFLPLHQWR
6yOR GDQGR HVWH VLJXLHQWH SDVR GXUDQWH VX GLVSXWD FRQ 3RSSHU SXHGH
+DEHUPDVFRPHQ]DUDGHVDUUROODUORVSODQWHDPLHQWRVEiVLFRVGHXQDFUtWLFDDO
SRVLWLYLVPR VREUH WRGR KDELGD FXHQWD GH TXH KDVWD HVWH PRPHQWR VX
DUJXPHQWDFLyQ D~Q QR KDEtD DEDUFDGR HO LQWHQWR GH UHDOL]DU XQD FUtWLFD
HSLVWHPROyJLFDGHODVFLHQFLDVHPStULFRDQDOtWLFDVVLQRTXHVHOLPLWDEDPiVELHQ
D H[SRQHU HO GHVDUUROOR \ UHSOLHJXH LQPDQHQWH GH HVDV FLHQFLDV KDFLD XQ
FRQWH[WR SUHFLHQWtILFR GH LQWHUHVHV (Q FRQWUDVWH FRQ HOOR HO PRGHOR GH
LQYHVWLJDFLyQ FLHQWtILFD H[FOXVLYR TXH SUHVHQWD 3RSSHU VyOR VH SXHGH MXVWLILFDU
HSLVWHPROyJLFDPHQWH HQ JHQHUDO SRQLpQGROR HQ FRQH[LyQ HQ WpUPLQRV
WUDQVFHQGHQWDOHV FRQ HO SURFHVR GHO WUDEDMR VRFLDO 'H DKt TXH +DEHUPDV HQ
SULQFLSLR QR UHDOLFH QLQJXQD REMHFLyQ HQ WpUPLQRV HSLVWHPROyJLFRV FRQWUD ORV
SURFHGLPLHQWRV FRRUGLQDGRV GH ODV FLHQFLDV QDWXUDOHV H[DFWDV HQ WDQWR TXH
GHWHUPLQDGDVPHWRGROyJLFDPHQWHSRUODPRGHUQDWHRUtDGHODFLHQFLDPLHQWUDV
TXH HOODV VH XWLOLFHQ VyOR SDUD OD VROXFLyQ FLHQWtILFD GH FXHVWLRQHV SURFHGHQWHV
GLUHFWDPHQWHGHODWDUHDGHFRQWURODUWpFQLFDPHQWHORVSURFHVRVQDWXUDOHV(VWD
FRQVHFXHQFLD UHVXOWDGR QHFHVDULR GH XQ SODQWHDPLHQWR FRPR HO VX\R XQ
WUDQVFHQGHQWDOLVPR RULHQWDGR DQWURSROyJLFDPHQWH HV OD FDXVD GH HVH
GRJPDWLVPR KDEHUPDVLDQR HQ FXHVWLRQHV PHWRGROyJLFDV FLHQWtILFRQDWXUDOHV

IUHQWH HO TXH KR\ SODQWHD VLJQLILFDWLYDV REMHFLRQHV XQD FUtWLFD GH PRWLYDFLRQHV
HFRORJLVWDV SRU RWUD SDUWH DSR\DGD GLFKR VHD GH SDVR SRU ORV GHVDUUROORV
SRVHPSLULVWDV GH OD WHRUtD GH OD FLHQFLD >@ &XULRVDPHQWH VLQ HPEDUJR OD
PLVPDFRQFOXVLyQHSLVWHPROyJLFDTXHFRQGXFHD+DEHUPDVSRUXQODGRDXQ
GRJPDWLVPR PHWRGROyJLFR UHVSHFWR D ODV FLHQFLDV GH OD QDWXUDOH]D OH YD D
VHUYLUSRURWURDOPLVPRWLHPSRFRPRSUHVXSXHVWRSDUDODFUtWLFDGHVDUUROODGD
FRQWUD HO SRVLWLYLVPR GH OD WHRUtD GH OD FLHQFLD PRGHUQD UHSUHVHQWDGD SRU
3RSSHU (V GHFLU VL ORV SURFHGLPLHQWRV PHWRGROyJLFRV HPStULFRDQDOtWLFRV VyOR
SXHGHQVHUYiOLGRVHQUHODFLyQFRQODVFXHVWLRQHVFLHQWtILFDVGHFRQWUROWpFQLFR
VREUHORVSURFHVRVQDWXUDOHVHQWRQFHVHOORVFRPRHVQDWXUDOKDQGHSHUGHU
SDUDOHODPHQWHVXYDOLGH]WHyULFDDOOtGRQGHODLQYHVWLJDFLyQFLHQWtILFDWLHQHTXH
YHUFRQFXHVWLRQHVGLIHUHQWHVGHODVWpFQLFDVDKRUDELHQSXHVWRTXHODWHRUtD
DQDOtWLFD GH OD FLHQFLD FUHH KDEHU GHVOLQGDGR GHO SURFHVR GH LQYHVWLJDFLyQ
FLHQWtILFRFXDOTXLHUFRQH[LyQFRQXQPXQGRGHYLGDSUHFLHQWtILFRQRHVFDSD]
WDPSRFRGHSODQWHDUODFXHVWLyQDFHUFDGHOGRPLQLRHVSHFtILFRGHYDOLGH]GHORV
PpWRGRV GH LQYHVWLJDFLyQ DXVSLFLDGRV SRU HOOD PLVPD GHEH DVt FODULILFDU \
H[SOLFDUORVSURFHGLPLHQWRVPHWRGROyJLFRVFRQORVTXHHOODVHWRSDGHKHFKRHQ
ODVIRUPDVGRPLQDQWHVGHODVFLHQFLDVH[SHULPHQWDOHVH[DFWDVFRPRXQDOyJLFD
XQLYHUVDOPHQWH YiOLGD DXQTXH OD FRQVWLWXFLyQ GH ORV GRPLQLRV FLHQWtILFRV
REMHWXDOHV GH HVWD FRQH[LyQ VH GHED HQ UHDOLGDG D XQ LQWHUpV FRJQRVFLWLYR
SDUWLFXODUFRQFUHWDPHQWHHOWpFQLFR
3DUD+DEHUPDVHOSRVLWLYLVPRGHODWHRUtDGHODFLHQFLDPRGHUQDHPSLH]D
DOOt GRQGH VH SLHUGH OD UHIOH[LyQ HSLVWHPROyJLFD DFHUFD GH ODV FRQGLFLRQHV GH
SRVLELOLGDG GH OD H[SHULHQFLD FLHQWtILFD \ HQ HVD PHGLGD FXDQGR OD SDUWLFXODU
OyJLFDGHLQYHVWLJDFLyQGHODVFLHQFLDVQDWXUDOHVUHLYLQGLFDYDOLGH]SDUDWRGDVODV
HPSUHVDV FRJQRVFLWLYDV PiV DOOi GH ORV OtPLWHV GH VX iPELWR OHJtWLPR GH
DSOLFDFLyQ FRUUHVSRQGLHQWHPHQWH D HVWR HO SHQVDPLHQWR SRVLWLYLVWD SXHGH VHU
FRQFHELGR WDO FRPR VH GHMD HQWUHYHU HQ HVWH SDVDMH HQ HO TXH VH KDFH XQD
UHIHUHQFLD SDUDGyMLFD D OD FUtWLFD PDU[LDQD GH OD LGHRORJtD FRPR OD IDOVD
FRQFLHQFLDGHXQDSUD[LVFRUUHFWDDVDEHUFRPRXQSURFHVRGHLQYHVWLJDFLyQ
JXLDGRSRUXQLQWHUpVFRJQRVFLWLYRWpFQLFR
0 LFUtWLFDQRYDGLULJLGDFRQWUDODSUD[LVGHODLQYHVWLJDFLyQGHODVFLHQFLDVHPStULFDVHVWULFWDV

>@(OREMHWRGHPLFUtWLFDYLHQHFRQVWLWXLGR~QLFD\H[FOXVLYDPHQWHSRUODLQWHUSUHWDFLyQ
SRVLWLYLVWD GH GLFKRV SURFHVRV GH LQYHVWLJDFLyQ 3RUTXH OD IDOVD FRQVFLHQFLD GH XQD SUD[LV
YiOLGDYXHOYHDDFWXDUVREUHpVWD1RSUHWHQGRHQPRGRDOJXQRQHJDUTXHODWHRUtDDQDOtWLFDGH
OD FLHQFLD KD FRDG\XYDGR DO GHVDUUROOR GH OD SUD[LV GH OD LQYHVWLJDFLyQ \ D OD FODULILFDFLyQ
DVLPLVPR GH ODV GHFLVLRQHV PHWRGROyJLFDV 3DUDOHODPHQWH D HOOR VLQ HPEDUJR OD
DXWRLQWHOHFFLyQ SRVLWLYLVWD DFFLRQD GH PDQHUD UHVWULFWLYD GHWLHQH OD UHIOH[LyQ YiOLGD HQ ORV
OtPLWHVGHODVFLHQFLDVHPStULFRDQDOtWLFDV \IRUPDOHV >@

+DEHUPDVGLULJHVXSODQWHDPLHQWRFUtWLFRFRQWUDHOSHQVDPLHQWRSRVLWLYLVWD
SRUTXH pVWH FRQYLHUWH HQ HO SODQR WHyULFR ORV PRGRV GH LQYHVWLJDFLyQ GH ODV
FLHQFLDV QDWXUDOHV H[DFWDV TXH SURFHGHQ GHO FRQWH[WR SDUWLFXODU GH DFFLyQ GHO
WUDEDMRHQOD~QLFDIRUPDGHUDFLRQDOLGDGKXPDQD'HWDOIRUPDTXHWRGDVODV
FXHVWLRQHV VRFLDOPHQWH GH UHOHYDQFLD ILQDOPHQWH DSDUHFHQ EDMR OD SHUVSHFWLYD
XQLODWHUDO GH SUREOHPDV PDQLSXODEOHV WpFQLFDPHQWH $KRUD ELHQ SDUD SRGHU
FDUDFWHUL]DU HVWD LPSRVLFLyQ H[FOXVLYLVWD GH XQD FRPSUHQVLyQ GH OD FLHQFLD
GHWHUPLQDGD WpFQLFDPHQWH FRPR XQD UDFLRQDOL]DFLyQ LQFRPSOHWD FRPR
+DEHUPDVKDFHDTXtVHSUHFLVDXQDGHPRVWUDFLyQHQWpUPLQRVHSLVWHPROyJLFRV
GH RWUD IRUPD GH UDFLRQDOLGDG FLHQWtILFD +DEHUPDV OOHYD D FDER HVWD WDUHD
H[SOLFLWDQGR XQ WLSR GH VDEHU TXH KDVWD HVH PRPHQWR KDEtD VLGR
SUREOHPDWL]DGR LQGLUHFWDPHQWH D PRGR GH FRQGLFLyQ OtPLWH GHO SRVLWLYLVPR
FRPRXQSULQFLSLRFRJQRVFLWLYRFRQHFWDGRFRQXQVHJXQGRLQWHUpVSUiFWLFRHV
DTXt GRQGH HQ VX FRQIURQWDFLyQ FRQ 3RSSHU VH DGHQWUD HQ XQ WHUUHQR TXH D
SDUWLUGHDKRUDFRQIRUPDUiHOSODQWHDPLHQWRUHDOGHVXWHRUtD
<DHQXQFRQWH[WRDQWHULRUVHKDEtDDOXGLGRDOKHFKRGHTXH+DEHUPDVVH
RFXSDED GH OD DXWRFRPSUHQVLyQ FRPXQLFDWLYD GH ORV VXMHWRV HQYXHOWRV HQ XQ
SURFHVRGHLQYHVWLJDFLyQHQWHQGLpQGRODFRPRXQSUHVXSXHVWRLQVXSHUDEOHGHODV
FLHQFLDV (Q HO VLJXLHQWH SDVR GH VX DUJXPHQWDFLyQ pO YD D OLEHUDU HVWH
IHQyPHQRGHOFRQWH[WRWHyULFRFLHQWtILFRHQHOTXHVHKDEtDGHVDUUROODGRHQXQ
SULQFLSLR\ORYDDSUHVHQWDUHQWpUPLQRVJHQHUDOHVFRPRXQDFDUDFWHUtVWLFDGHOD
H[LVWHQFLDVRFLRFXOWXUDOGHOVHUKXPDQRGHHVWHPRGRVHLQWURGXFHMXQWRDOD
GLPHQVLyQ DQWURSROyJLFD GHO WUDEDMR HQ WpUPLQRV GH OD FXDO VH GHILQLy
LQLFLDOPHQWH HO LQWHUpV WpFQLFR FRJQRVFLWLYR XQD VHJXQGD GLPHQVLyQ GH OD
DFFLyQ FRQWHPSODGD FRPR WDPELpQ IXQGDPHQWDO TXH FRQVLJXLHQWHPHQWH
MXVWLILFDHOUHFRQRFLPLHQWRGHXQVHJXQGRLQWHUpVFRJQRVFLWLYR

(OFDPLQRUHIOH[LYRTXHYDDFRQGXFLUD+DEHUPDVDHVWHUHVXOWDGRHPSLH]D
FRQ XQD UHIOH[LyQ TXH \D KDEtD WHQLGR VX LPSRUWDQFLD HQ HO FRQWH[WR GH VX
GLVFXVLyQGHODDQWURSRORJtDGH*HKOHQ&RQWUDODWHQGHQFLDTXHpOREVHUYDHQ
ORV SULPHURV HVFULWRV GH *HKOHQ D OLPLWDU ODV SHFXOLDUHV FDUDFWHUtVWLFDV GH OD
DFFLyQKXPDQDDODFRPSHWHQFLD~QLFDGHODGRPLQDFLyQSUiFWLFDGHODYLGD
HVWRHVDOWUDEDMRpOYDDLQWURGXFLUODWHVLV\DREYLDGHTXHODVH[SUHVLRQHV\
PDQLIHVWDFLRQHV GH OD DFFLyQ KXPDQDV GHVERUGDQ SUHFLVDPHQWH HO FtUFXOR
RULHQWDGR D OD PHUD UHSURGXFFLyQ GH OD YLGD >@ 'H KHFKR XQD
UHSURGXFFLyQ FLHJD GH OD YLGD GHWHUPLQDGD HQ VXV SURSLRV WpUPLQRV UHVXOWD
LQGLIHUHQWHDODEDUEDULH\DOKXPDQLVPRDODGHILQLFLyQGHXQDH[LVWHQFLDTXHKD
VLGR H[SXHVWD SRU OD QDWXUDOH]D SRU DVt GHFLUOR D OD SHOLJURVD HQFUXFLMDGD
H[LVWHQWHHQWUHODYHUGDG\ODIDOVHGDG>@(VWDREMHFLyQTXHGLFKRVHDGH
SDVR QR HV GHO WRGR MXVWD FRQ HO SULPHU WUDEDMR GHVDUUROODGR SRU *HKOHQ
KDELGD FXHQWD GH TXH SDVD SRU DOWR VX pQIDVLV HQ OD FDSDFLGDG FUHDWLYD GH OD
DFFLyQKXPDQD>@YDDVHUGHJUDQLPSRUWDQFLDSDUDHOXOWHULRUGHVDUUROOR
GHODWHRUtDKDEHUPDVLDQDFRQHOODVHYDDUHODFLRQDUGLUHFWDPHQWHODSUHJXQWD
GH FXiOHV VRQ HVWDV RWUDV IRUPDV GH H[SUHVLRQHV YLWDOHV \ FRPSHWHQFLDV
SUiFWLFDVTXHH[LVWHQPiVDOOiGHODFDSDFLGDGSDUDODDFFLyQLQVWUXPHQWDO\VRQ
JHQXLQDPHQWHKXPDQDV(QHOWH[WRWHPSUDQRHQHOTXHVHHQFXHQWUDODREMHFLyQ
\DPHQFLRQDGDQRHQFRQWUDPRVD~QXQDUHVSXHVWDFODUDDHVWDFXHVWLyQORTXH
KDFHDTXt+DEHUPDVHQUHDOLGDGHVUHDOL]DUXQDUHIHUHQFLDDORV~OWLPRVHVFULWRV
GHOSURSLR*HKOHQSDUDVXEUD\DUODH[LVWHQFLDGHXQDDFFLyQPLPpWLFDILJXUDWLYD
HQ HO PRGR GH YLGD KXPDQR SHUR HO DUJXPHQWR GHVDUUROODGR HQ DEVROXWR
FRQGXFHDODDILUPDFLyQGHXQVHJXQGRSRWHQFLDOSUiFWLFRGHORVVHUHVKXPDQRV
TXH VHD FRPSDUDEOH DO WUDEDMR FRPR SRU RWUR ODGR SXHGH REVHUYDUVH HQ HO
FDVRGHVXLQWHUSUHWDFLyQGH0DU[UHDOL]DGDHQODPLVPDpSRFD>@+DEHUPDV
HVWi D~Q WDQ PDUFDGR SRU XQD ILORVRItD GH OD KLVWRULD GH FRUWH PDU[LVWD
KHLGHJJHULDQL]DQWHTXHQRHVFDSD]GHPDUFDUGLVWDQFLDVFRQODLGHDSRUFLHUWR
\D GHWHUPLQDQWH HQ $GRUQR \ +RUNKHLPHU GH XQD SURGXFFLyQ GH OD KLVWRULD
H[FOXVLYD HQ WpUPLQRV GH WUDEDMR KXPDQR 'H KHFKR VyOR HQFRQWUDPRV XQ
QXHYR WLSR GH UHVSXHVWD DO SODQWHDPLHQWR GH HVWH SUREOHPD HVWLPXODGD QR HQ
SRFD PHGLGD SRU OD ILORVRItD GH OD SUD[LV GH +DQQDK $UHQGW GHVSXpV GH TXH
+DEHUPDV VH GHFLGH D EXVFDU XQD VHJXQGD IRUPD GH DFFLyQ KXPDQD HQ HO

SODQR DQWURSROyJLFR GHQWUR GH OD GLPHQVLyQ GHO HQWHQGLPLHQWR FRPXQLFDWLYR


DOXPEUDGDSRUODILORVRItDKHUPHQpXWLFD
(QUHODFLyQFRQHVWDFRQWURYHUVLDFRQ3RSSHU+DEHUPDVFRQVXPDHOSDVR
TXH OH SHUPLWH DGHPiV GH UHFRQRFHU XQD VHJXQGD IRUPD GH DFFLyQ KXPDQD
DFFHGHUDODLGHQWLILFDFLyQGHXQLQWHUpVFRJQRVFLWLYRPiV\OOHJDDHVWHSXQWR
LQWHUSUHWDQGR OD SURSLD FRPSUHQVLyQ GHVDUUROODGD SRU ORV FLHQWtILFRV
FRQVLGHUDGD FRPR XQD FRQGLFLyQ QHFHVDULD GHO SURFHVR GH LQYHVWLJDFLyQ D
PRGR GH XQ SULQFLSLR IXQGDPHQWDO GH OD VRFLDOL]DFLyQ KXPDQD HQ JHQHUDO HQ
YLUWXG GH HVWH PRYLPLHQWR +DEHUPDV VH GHMD JXLDU SRU XQD LGHD TXH HQ
JHQHUDO SXHGH HQWHQGHUVH FRPR XQD HMHPSOLILFDFLyQ GH VXV REMHFLRQHV
UHVSHFWRD*HKOHQODIyUPXODTXHDQWHVYDOtDYDJDPHQWHFRPRXQDUpSOLFDDOD
VLWXDFLyQIRUPXODGDSRU*HKOHQFULVWDOL]DDKRUDHQODWHVLVGHTXHORVLQGLYLGXRV
UHXQLGRV GHQWUR GH XQD VRFLHGDG VyOR VRQ FDSDFHV GH FRQVHUYDU VXV
FRQGLFLRQHV GH YLGD FXDQGR PiV DOOi GH OD UHSURGXFFLyQ GH VX H[LVWHQFLD
PDWHULDO HOORV FRQWULEX\HQ FRQWLQXDPHQWH D UHQRYDU VX PXQGR GH YLGD VRFLDO
GHO PLVPR PRGR TXH XQD FRPXQLGDG GH LQYHVWLJDGRUHV WLHQH \D TXH KDEHU
DOFDQ]DGR XQ HQWHQGLPLHQWR DFHUFD GHO VHQWLGR \ OD ILQDOLGDG GH VX HPSUHVD
FLHQWtILFDXQDVRFLHGDGHQWHQGLGDFRPRWRWDOLGDGQHFHVLWDSURGXFLUFLHUWRWLSR
GHFRQVHQVRHOHPHQWDODFHUFDGHOVHQWLGR\ODILQDOLGDGGHODYLGDVRFLDO'HDKt
TXH HQ OD KLVWRULD KXPDQD OD FRDFFLyQ H[LVWHQWH DO WUDEDMR VRFLDO TXHGH
SHFXOLDUPHQWHOLPLWDGDSRUXQDWDUHDRULHQWDGDDOHQWHQGLPLHQWRFRPXQLFDWLYR
/RVLQGLYLGXRVVRFLDOL]DGRVFRQVHUYDQVXYLGDHQYLUWXG~QLFDPHQWHGHXQDLGHQWLGDGJUXSDO
TXHDGLIHUHQFLDGHODVVRFLHGDGHVDQLPDOHVSXHGHVHUUHFRQVWUXLGDXQD\RWUDYH]OLTXLGDGD
R IRUPDGD GH QXHYR QLFDPHQWH SXHGHQ DVHJXUDU VX H[LVWHQFLD PHGLDQWH SURFHVRV GH
DGHFXDFLyQDOHQWRUQRQDWXUDO\UHDGHFXDFLyQDOVLVWHPDGHWUDEDMRVRFLDOHQODPHGLGDHQTXH
IDFLOLWDQ HO LQWHUFDPELR PDWHULDO FRQ OD QDWXUDOH]D PHGLDQWH XQ HTXLOLEULR H[WUHPDPHQWH
SUHFDULR GH ORV LQGLYLGXRV HQWUH Vt /DV FRQGLFLRQHV PDWHULDOHV GH VXSHUYLYHQFLD HVWiQ
YLQFXODGDV tQWLPDPHQWH D ODV PiV VXEOLPHV HO HTXLOLEULR RUJiQLFR OR HVWi D HVH EDODQFH
TXHEUDQWDGR HQWUH VXSHUDFLyQ \ XQLILFDFLyQ HQ HO TXH YLHQH LQLFLDOPHQWH D IUDJXDUVH OD
LGHQWLGDGGHWRGR\RDWUDYpVGHODFRPXQLFDFLyQFRQRWURV>@

$O YDORUDU HVWD FXHVWLyQ +DEHUPDV QR VyOR IRUPXOD OD EDVH ~OWLPD GH VX
FUtWLFDGHOSRVLWLYLVPRWDPELpQHVWiVHSDUiQGRVHFDVLLQDGYHUWLGDPHQWHGHHVRV
VXSXHVWRVILORVyILFRKLVWyULFRVTXHKDEtDQVLGRWDQGHWHUPLQDQWHVKDVWDODIHFKD

SDUDODWUDGLFLyQGHOD7HRUtD&UtWLFDHOGHVDUUROORGHVXSODQWHDPLHQWRFRPR
KHPRV YLVWR SRQH HQ FLHUWD PHGLGD OD SULPHUD SLHGUD SDUD HVH JLUR WHyULFR
FRPXQLFDWLYR GHO PDU[LVPR FUtWLFR IyUPXOD FRQ OD TXH ELHQ FDEH GHILQLU HQ
OtQHDV JHQHUDOHV OD WHRUtD GH OD VRFLHGDG KDEHUPDVLDQD WRGD YH] TXH pO \D QR
FRQWHPSODHOFXUVRGHVRFLDOL]DFLyQKXPDQRVyORHQWpUPLQRVGHXQSURFHVRGH
DSURSLDFLyQFRQWLQXDPHQWHH[SDQVLYRGHODQDWXUDOH]DSDUDpOODSHFXOLDULGDG
GHHVWHSURFHVRPiVELHQUHVLGHHQHOKHFKRGHTXHHODVHJXUDPLHQWRFROHFWLYR
GHODH[LVWHQFLDPDWHULDOJDUDQWL]DGRSRUHOWUDEDMRVRFLDOHVGHVGHHOSULQFLSLR
GHSHQGLHQWHGHODSUHVHUYDFLyQVLPXOWiQHDGHXQDFXHUGRFRPXQLFDWLYR3XHVWR
TXHORVVHUHVKXPDQRVVRQFDSDFHVGHGHVDUUROODULGHQWLGDGHVSHUVRQDOHVVyOR
HQ OD PHGLGD HQ TXH SXHGHQ FUHFHU GHQWUR GH XQ PXQGR LQWHUVXEMHWLYR
FRPSDUWLGR GH XQ JUXSR VRFLDO \ PRYHUVH GHQWUR GH pO FDEH GHGXFLU GH HVWD
VLWXDFLyQ TXH WRGD SRVLEOH LQWHUUXSFLyQ GHO SURFHVR FRPXQLFDWLYR GH
HQWHQGLPLHQWR KD GH GDxDU XQD GH ODV FRQGLFLRQHV QHFHVDULDV GH OD
VXSHUYLYHQFLDKXPDQDWDQIXQGDPHQWDOFRPRHVHSUHVXSXHVWR\DPHQFLRQDGR
GH OD DSURSLDFLyQ FROHFWLYD GH ORV SURFHVRV QDWXUDOHV /D FRPXQLFDFLyQ
OLQJtVWLFD HV DVt HO PHGLR HQ HO TXH ORV LQGLYLGXRV VH SXHGHQ DVHJXUDU HVD
GLPHQVLyQ FRP~Q D VXV RULHQWDFLRQHV SUiFWLFDV \ UHSUHVHQWDFLRQHV YDORUDWLYDV
TXH HV QHFHVDULD SDUD TXH SXHGD GHVDUUROODUVH HO GRPLQLR GH OD UHSURGXFFLyQ
PDWHULDO GH OD H[LVWHQFLD 'H DKt TXH SXHGD DILUPDUVH TXH HO HQWHQGLPLHQWR
LQWHUVXEMHWLYR SRU DVt GHFLUOR HV HO VXHOR TXH SHUPLWH D ODV VRFLHGDGHV
FRQVWLWXLUVH\DVHQWDUVHSDUDHQHVDPHGLGDDVHJXUDUVXVXSHUYLYHQFLDPDWHULDO
'HVGHXQDSHUVSHFWLYDHSLVWHPROyJLFDORVLQJXODUGHHVWDGLPHQVLyQFRP~Q
FRPXQLFDWLYDPHQWH HVWDEOHFLGD HV HO KHFKR GH TXH ODV SHUWXUEDFLRQHV H
LQWHUUXSFLRQHV TXH DSDUHFHQ HQ HOOD QR SXHGHQ HOLPLQDUVH D WUDYpV GH HVDV
LQWHUYHQFLRQHVWpFQLFDVTXHODLQYHVWLJDFLyQFLHQWtILFDHQUHODFLyQFRQVXLQWHUpV
FRJQRVFLWLYR HVSHFtILFR UHFRPLHQGD FRQWLQXDPHQWH FRPR SRVLEOH VROXFLyQ HV
GHFLUODVFLHQFLDVH[SHULPHQWDOHVH[DFWDVQROOHJDQDODHVIHUDGHOHQWHQGLPLHQWR
FRPXQLFDWLYR FRQ VXV HQXQFLDGRV \ SURQyVWLFRV pVWDV QR DEDUFDQ OD
DXWRFRPSUHQVLyQ GH ORV VXMHWRV DFWLYRV VLQR WDQ VyOR ORV FXUVRV QR
LQWHQFLRQDOHVGHXQDUHDOLGDGREMHWLYDGDEDMRHOSXQWRGHYLVWDGHODGRPLQDFLyQ
WpFQLFD SRU OR WDQWR WDPSRFR SXHGHQ REWHQHU SRU VXV UHVXOWDGRV WHyULFRV
DOJ~QWLSRGHFRQFOXVLRQHVDFHUFDGHFyPRXQSURFHVRGHFRPXQLFDFLyQVRFLDO

LQWHUUXPSLGRHQVXFRQWLQXRIOXMRFRWLGLDQRSXHGHVHUUHDQXGDGRGHQXHYRFRQ
PHGLRV H[FOXVLYDPHQWH FLHQWtILFRV GLFKR HVWR SXHGH VRVWHQHUVH TXH HO
SRVLWLYLVPR GLVWRUVLRQD HVWD VLQJXODULGDG GH OD VRFLDOL]DFLyQ KXPDQD FXDQGR
RIUHFH HO SURFHGHU GH ODV PRGHUQDV FLHQFLDV H[SHULPHQWDOHV FRPR SULQFLSLR
PHWRGROyJLFRGHUDFLRQDOLGDGSDUDODVROXFLyQGHSUREOHPDVHQJHQHUDOSXHVWR
TXH HVWDV WDUHDV TXH SUHFLVDPHQWH QDFHQ \ VH GHVDUUROODQ HQ HO PDUFR GH OD
QHFHVLGDG VRFLDO GH HQWHQGLPLHQWR FRPXQLFDWLYR QR SXHGHQ UHVROYHUVH FRQ OD
D\XGD GH ORV UHVXOWDGRV FLHQWtILFRV GH OD LQYHVWLJDFLyQ HPStULFRDQDOtWLFD
+DEHUPDVLOXVWUDHVWDFRQFOXVLyQFRQHOHMHPSORGHXQDVRFLRORJtDGHWHUPLQDGD
\JXLDGDSRUXQPRGHORFLHQWtILFRQDWXUDO
8QD VRFLRORJtD GH HQIRTXH UHVWULQJLGR D LQYHVWLJDFLRQHV HPStULFDV VyOR SRGUtD LQYHVWLJDU OD
DXWRUUHSURGXFFLRQ\DXWRGHVWUXFFLyQGHORVVLVWHPDVVRFLDOHVHQODGLPHQVLyQGHpVWRVFRPR
SURFHVRVGHDGHFXDFLyQSUDJPiWLFDPHQWHORJUDGRVQHJDQGRFXDOHVTXLHUDRWUDVGLPHQVLRQHV
(QHOVHQRGHXQDVRFLRORJtDFRQFHELGDFRPRHVWULFWDFLHQFLDGHOFRPSRUWDPLHQWRUHVXOWDUtDQ
LQIRUPXODEOHVFXDQWRVSUREOHPDVHLQWHUURJDQWHVYLQLHURQUHIHULGRVDODDXWRLQWHOHFFLyQGHORV
JUXSRV VRFLDOHV SHUR QR SRU HOOR FDUHFHQ pVWRV GH VHQWLGR QL VH HYDGHQ GH OD GLVFXVLyQ
YLQFXODQWH &RPR OD UHSURGXFFLyQ GH OD YLGD VRFLDO QR SODQWHD WDQ VyOR SUREOHPDV
WpFQLFDPHQWHVROXFLRQDEOHVVLQRTXHLQFOX\HDOJRPiVTXHSURFHVRVGHHGXFDFLyQGHDFXHUGR
FRQ HO PRGHOR GHO XVR UDFLRQDO GH PHGLRV FRQ YLVWDV D XQRV ILQHV KD\ TXH FRQWDU FRQ TXH
DTXpOORVVHSODQWHDQGHPDQHUDREMHWLYD>@

&LHUWDPHQWHORTXHDTXtDSDUHFHD~QQHJDWLYDPHQWHFRPROtPLWHGHXQWLSR
GH UHIOH[LyQ FLHQWtILFRQDWXUDO VLJQLILFD WDPELpQ HQ WpUPLQRV PiV SRVLWLYRV HO
UHFRQRFLPLHQWR GH XQD UHJLyQ DXWyQRPD LQGHSHQGLHQWH GHO FRQRFLPLHQWR
FLHQWtILFR'HVSXpVGHTXH+DEHUPDVLQWURGX]FDODFDWHJRUtDGHHQWHQGLPLHQWR
FRPXQLFDWLYRFRPRXQDGLPHQVLyQGHOSURFHVRGHYLGDVRFLDOFRPSDUDEOHHQ
VX VLJQLILFDFLyQ XQLYHUVDO D OD SURGXFFLyQ pO HV OR VXILFLHQWH FRKHUHQWH FRPR
SDUD YHU HQ HOOD WDPELpQ XQD FRQGLFLyQ GH SRVLELOLGDG GH OD H[SHULHQFLD
FLHQWtILFD QR GXGD PXFKR WLHPSR SRU WDQWR HQ DILUPDU XQ VHJXQGR WLSR GH
VDEHUTXHSRUGHFLUORFRQVXVSDODEUDVD\XGDDODFODULILFDFLyQKHUPHQpXWLFD
GHODDXWRFRPSUHQVLyQGHORVVXMHWRVGHODSUD[LV>@'HODPLVPDIRUPDTXH
ODV FLHQFLDV HPStULFRDQDOtWLFDV VH LQVHUWDQ HQ XQD GLPHQVLyQ SUiFWLFD \
SUHFRPSUHQVLYD GHO PXQGR HQ OD TXH ORV VHUHV KXPDQRV VH YHQ REOLJDGRV D
DFWXDU EDMR OD FRQVWDQWH FRDFFLyQ GH OD HODERUDFLyQ LQVWUXPHQWDO GH OD

QDWXUDOH]D HVWDV FLHQFLDV KHUPHQpXWLFDV VH LQVHUWDQ GHQWUR GH XQD


SUHFRPSUHQVLyQSUiFWLFDHQODTXHHOKRPEUHVHVDEHVLWXDGREDMRODLQFHVDQWH
FRDFFLyQ GHO HQWHQGLPLHQWR LQWHUVXEMHWLYR PLHQWUDV TXH HQ HO SULPHU FDVR OD
UHDOLGDGVHH[SHULPHQWDEDMRODSUHFRPSUHQVLyQRULHQWDWLYDGHOFRQWUROWpFQLFR
HQHOVHJXQGRODUHDOLGDGVHFRQVWLWX\HEDMRODSUHFRPSUHQVLyQGHODJDUDQWtD\
H[SDQVLyQ GHO DFXHUGR FRPXQLFDWLYR D ORV SURFHGLPLHQWRV GH H[SOLFDFLyQ
QRPROyJLFD GH KHFKRV HQ HO SULPHU FDVR FRUUHVSRQGH HQ HO VHJXQGR OD
LQWHUSUHWDFLyQFRPSUHQVLYDGHXQFRQWH[WRWUDQVPLWLGRRDFWXDOGHVLJQLILFDGRV
(QHOFRQWH[WRGHVXVFRQWULEXFLRQHVDODGLVSXWDGHOSRVLWLYLVPR+DEHUPDV
QR KDFH VLQR H[SORUDU WHQWDWLYDPHQWH WRGDV HVWDV GLVWLQFLRQHV HSLVWHPROyJLFDV
VLQ HPEDUJR HO DUJXPHQWR TXH pO H[SRQH \D SRQH GH PDQLILHVWR TXH HQ HO
FDPLQR UHDOL]DGR GHVGH VX UHSOLHJXH DQWURSROyJLFRWUDQVFHQGHQWDO D ODV
FRQGLFLRQHV GH SRVLELOLGDG VRFLDOHV \ XQLYHUVDOHV GH OD H[SHULHQFLD FLHQWtILFD
SXHGHFRQVHJXLUVHGHIRUPDH[LWRVDXQDUHHYDOXDFLyQFUtWLFDGHODFRPSUHQVLyQ
GHOVHQWLGRVREUHEDVHVPDWHULDOLVWDV1RKD\TXHROYLGDUHQHVWHSXQWRTXHOD
KHUPHQpXWLFDFDUHFtDGHLPSRUWDQFLDSDUDODFUtWLFDGHODFLHQFLDGHVDUUROODGD\
UHSUHVHQWDGDSRU$GRUQR\+RUNKHLPHUWDOYH]SRUTXH$GRUQRFRQVLGHUDEDHO
PpWRGR KHUPHQpXWLFR GH FRPSUHQVLyQ GH VHQWLGR FRPR XQD SRVLELOLGDG GH
FRQRFLPLHQWRUHLILFDGR>@\HQHOFRQWH[WRGHVXFRQFHSFLyQGHODFLHQFLDQR
OHSRGtDDWULEXLUXQVLJQLILFDGRVLVWHPiWLFRpOFRPSUHQGtDGHVGHVXSHUVSHFWLYD
ILORVyILFRKLVWyULFD HO DFWR FRJQRVFLWLYR HQ JHQHUDO VyOR FRPR XQD UHODFLyQ
FRJQLWLYD GH XQ VXMHWR IUHQWH D XQ REMHWR SHUR QR FRPR XQD UHODFLyQ
LQWHUSUHWDWLYD HQWUH VXMHWRV SRU RWUR ODGR GHEH LJXDOPHQWH UHFRUGDUVH TXH HO
)RXFDXOW GH OD $UTXHRORJtD GHO VDEHU GH DFXHUGR FRQ HO HVWUXFWXUDOLVPR
VHPLROyJLFR HQ OR FRQFHUQLHQWH D VX FUtWLFD IXQGDPHQWDO DO PRGHOR
HSLVWHPROyJLFR GH OD FRPSUHQVLyQ GH VHQWLGR WDPELpQ FRQVLGHUDED OD
KHUPHQpXWLFD DO LJXDO TXH OD IHQRPHQRORJtD XQD WUDGLFLyQ HUUyQHD GH
SHQVDPLHQWR \D TXH DPEDV FRQWHPSODEDQ OD SURGXFFLyQ GH VLJQLILFDGRV
FRPSDUWLGRV VRFLDOPHQWH FRPR SRVLEOHV UHQGLPLHQWRV GH VXMHWRV FDSDFHV GH
SUR\HFWDU VHQWLGR \ QR FRQVLGHUDEDQ TXH OD FRQVWLWXFLyQ GH VLJQLILFDGRV IXHVH
REUD GH UHJODV FLHUWDPHQWH QR VXEMHWLYDV SURFHGHQWHV GHO LQFRQVFLHQWH
LQGLYLGXDORVRFLDO>@3RUWRGRHOORHQHOGHVDUUROORWHyULFRTXHDTXtKHPRV
UHFRQVWUXLGR +DEHUPDV HV HO SULPHUR TXH WUDWD GH UHFXSHUDU HQ WpUPLQRV

SRVLWLYRV HQ HO PDUFR GH VX SURSLD WHRUtD HO PpWRGR GH FRPSUHQVLyQ GH
VHQWLGRUHSUHVHQWDGRSRUODWUDGLFLyQKHUPHQpXWLFDODVUD]RQHVTXHOHLPSXOVDQ
D VHJXLU HVWH FDPLQR WLHQHQ TXH YHU EiVLFDPHQWH FRQ HO PRGR SDUWLFXODU HQ HO
TXH pO D GLIHUHQFLD SRU HMHPSOR GH $GRUQR \ )RXFDXOW GHILQH HQ ~OWLPD
LQVWDQFLD OD HVWUXFWXUD GH OD VRFLDOL]DFLyQ KXPDQD HO HQWHQGLPLHQWR PXWXR GH
VLJQLILFDGRV LQWHQFLRQDOHV VXEMHWLYRV OD FRPSUHQVLyQ GH VHQWLGR HQ XQD
SDODEUD WLHQH TXH FRQVWLWXLUVH HQ HIHFWR SRU Vt PLVPR FRPR XQ HOHPHQWR
GHQWUR GHO SURFHVR GHO GHVDUUROOR VRFLDO VLHPSUH TXH ORV PLHPEURV GH XQD
VRFLHGDGVHGLULMDQPXWXDPHQWHDXQDFXHUGRVRFLDOTXHQLVHSXHGHSURGXFLU
DUWLILFLDOPHQWH SRU PHGLRV DGPLQLVWUDWLYRV $GRUQR  QL DVHJXUDU )RXFDXOW
FRJQLWLYDPHQWH SRU PHGLRV DQyQLPRV VLQR TXH WDQ VyOR VH SXHGH DOFDQ]DU
FRPXQLFDWLYDPHQWHDWUDYpVGHXQHQWHQGLPLHQWRFRQWLQXDPHQWHUHQRYDGR
+DEHUPDV FRQWHPSOD DVt SXHV OD FRPSUHQVLyQ >9HUVWHKHQ@ FRPR XQ
HOHPHQWRIXQGDPHQWDOGHODSUD[LVGHODYLGDVRFLDOHQFXDQWRUHSUHVHQWDXQD
RSHUDFLyQ FRJQLWLYD WLHQH SDUD pO OD PLVPD LPSRUWDQFLD HQ OD VXSHUYLYHQFLD
VRFLDOTXHHOUHQGLPLHQWRFRJQRVFLWLYROLJDGRDODH[SORWDFLyQGHODQDWXUDOH]D
0LHQWUDVTXH$GRUQR\)RXFDXOWDSDUHFHQFRPRUHSUHVHQWDQWHVGHXQDPLVPD
WUDGLFLyQ GH SHQVDPLHQWR HQ OD PHGLGD HQ TXH VRQ LQFDSDFHV GH WRPDU HQ
FRQVLGHUDFLyQODFDSDFLGDGFRJQLWLYDHVSHFtILFDGHFRPSUHQVLyQGHVHQWLGRVyOR
SRUTXHQRDFLHUWDQDUHFRQRFHUHQODVRFLDOL]DFLyQKXPDQDODQHFHVLGDGGHXQ
HQWHQGLPLHQWR FRPXQLFDWLYDPHQWH GHVDUUROODGR +DEHUPDV HQ FDPELR VH YH
LPSHOLGR D H[SOLFLWDU HO PpWRGR GH FRPSUHQVLyQ GHVSOHJDGR SRU OD
KHUPHQpXWLFD XQD YH] TXH REVHUYD TXH OD VRFLDOL]DFLyQ KXPDQD VH GLULJH \
RULHQWDQRVyORDORVSURGXFWRVGHODH[SORWDFLyQGHODQDWXUDOH]DVLQRWDPELpQ
FRPR PtQLPR HQ GLUHFFLyQ D XQ FRQVHQVR VRFLDO 6HJ~Q VX FRQFHSFLyQ SRU
WDQWRDODVFLHQFLDVKHUPHQpXWLFDVVXE\DFHXQLQWHUpVSUiFWLFRGHOPLVPRPRGR
TXHDODVFLHQFLDVHPStULFRDQDOtWLFDVVXE\DFHXQLQWHUpVWpFQLFRHVHVWHLQWHUpV
SUiFWLFRHOTXHJDUDQWL]DHOSURFHVRGHHQWHQGLPLHQWRFRPXQLFDWLYRGHQWURGHOD
FRPXQLGDG VRFLDO D WUDYpV GH OD LQWHUSUHWDFLyQ GH ORV SOH[RV GH VHQWLGR
REMHWLYDGRVFXOWXUDOPHQWH
&RQ HVWD UHHYDOXDFLyQ DQWURSROyJLFRWUDQVFHQGHQWDO GHO KRUL]RQWH GH
FRPSUHQVLyQ GHO VHQWLGR +DEHUPDV WUDEDMD HQ OD IRUMD GH ORV SUHVXSXHVWRV
WHyULFRV TXH VRQ QHFHVDULRV SDUD SRGHU GHILQLU HO PRGR GH SHQVDPLHQWR

SRVLWLYLVWD HQ ORV WpUPLQRV GH XQ UDFLRQDOLVPR PHQJXDGR VLQ HPEDUJR HVWD
DIRUWXQDGD UHIHUHQFLD D XQD VHJXQGD IRUPD GH UDFLRQDOLGDG HQUDL]DGD
SUHFLVDPHQWHHQHVDHVIHUDGHHQWHQGLPLHQWRLQWHUVXEMHWLYRSDVDGDSRUDOWRSRU
HOSRVLWLYLVPRQREDVWDVLPSOHPHQWHSRUVtPLVPDSDUDSRGHUIXQGDPHQWDUHQ
WpUPLQRV HSLVWHPROyJLFRV HO LQWHUpV GH XQD 7HRUtD &UtWLFD HQ XQD SRVLEOH
HPDQFLSDFLyQ GH OD VRFLHGDG &RPR WDPELpQ KLFLHUD +RUNKHLPHU DQWHV GH pO
+DEHUPDVFRPSUHQGHFRPRSRURWURODGRHVHYLGHQWHTXHODSUHRFXSDFLyQ
FHQWUDO GH VX 7HRUtD &UtWLFD GH OD VRFLHGDG QR HV RWUD TXH OD VXSHUDFLyQ GH
WRGDVHVDVUHODFLRQHVVRFLDOHVFRDFWLYDVTXHQRSURFHGHQGHGDWRVLQPXWDEOHV
GH OD YLGD VRFLDO VLQR PiV ELHQ GH LQWHUHVHV SRU OD GRPLQDFLyQ YHODGRV
LGHROyJLFDPHQWH ORV DUJXPHQWRV TXH KHPRV VHJXLGR GHVGH HO SULQFLSLR VLUYHQ
SDUDODMXVWLILFDFLyQHSLVWHPROyJLFDGHHVWHILQHPDQFLSDWRULRGHODWHRUtDVRFLDO
6LQ HPEDUJR OD LQWHUSUHWDFLyQ GH ODV FLHQFLDV KHUPHQpXWLFDV TXH +DEHUPDV
WUDWD GH GHVDUUROODU DTXt UHYHOD XQD WHQGHQFLD FRQVHUYDGRUD TXH
PDQLILHVWDPHQWH FRQWUDGLFH REMHWLYRV HVSHFtILFRV GH XQD 7HRUtD &UtWLFD GH OD
VRFLHGDG VL HO LQWHUpV SUiFWLFR GHO FRQRFLPLHQWR KHUPHQpXWLFR VyOR VH GLULJH
UHDOPHQWHDOREMHWLYRGHSUHVHUYDUXQDFXHUGRH[LVWHQWHHQWUHORVPLHPEURVGH
XQDVRFLHGDGHQWRQFHVWLHQHTXHFRPSRUWDUVHGHPDQHUDLQGLIHUHQWHUHVSHFWRD
ODVLPSOLFDFLRQHVQRUPDWLYDVGHHVHPLVPRDFXHUGRHVGHFLUQLODVFRQGLFLRQHV
EDMR ODV TXH WLHQH OXJDU XQ FRQVHQVR VRFLDO QL HO JUDGR HQ HO TXH TXHGDQ
SUHVHUYDGDV ODV OLEHUWDGHV GH ORV PLHPEURV GH OD VRFLHGDG VRQ IDFWRUHV TXH
SXHGHQ VHU REMHWR GH FRUURERUDFLyQ GHQWUR GH ORV OtPLWHV PHWRGROyJLFDPHQWH
LPSXHVWRV HQ ODV FLHQFLDV KHUPHQpXWLFDV (V MXVWR HVWD GLILFXOWDG TXH HQ OD
KHUPHQpXWLFDVyORGHKHFKRDSDUHFHFXDQGRHOODKDGHPHGLUVHUHVSHFWRDORV
ILQHVQRUPDWLYRVGHGLIHUHQWHVIRUPDVGHDFXHUGR\HQHVDPHGLGDGHEHLQFOXLU
DGLFLRQDOPHQWHXQDSHUVSHFWLYDGHFUtWLFDVRFLDOODTXH+DEHUPDVPiVWDUGHVH
YHUi REOLJDGR D DIURQWDU GH PRGR PiV H[SOtFLWR HQ VX FRQIURQWDFLyQ FRQ
*DGDPHU>@3RUHOPRPHQWRHQHOFRQWH[WRGHODGLVSXWDGHOSRVLWLYLVPR
HQ HO TXH QRV PRYHPRV HVWD SRVLFLyQ OH OOHYD \D DO FRQYHQFLPLHQWR GH TXH
VLJXLHQGR OD YtD GH XQD UHFRQVWUXFFLyQ DQWURSROyJLFRWUDQVFHQGHQWDO GH ODV
FLHQFLDV KHUPHQpXWLFDV HV SRVLEOH GHVSHMDU HQ UHDOLGDG XQD GLPHQVLyQ GH
UDFLRQDOLGDGKXPDQDLJQRUDGDSRUHOSRVLWLYLVPRSHURQRDODFRQVWDWDFLyQGH
TXHXQXOWHULRULQWHUpVHQODHPDQFLSDFLyQGHODFRDFFLyQQDWXUDO>@WRGDYtD

SXHGD MXVWLILFDUVH eVWD HV OD UD]yQ TXH H[SOLFD SRU TXp LQFOXVR GHVSXpV GH
LQWURGXFLUXQVHJXQGRLQWHUpVFRJQRVFLWLYROLJDGRDODKHUPHQpXWLFDTXHGDVLQ
UHVSRQGHUVHHQHVWHSODQWHDPLHQWRXQDSUHJXQWDGHFLVLYDGHVGHXQDSHUVSHFWLYD
QRUPDWLYD D VDEHU FyPR SXHGH HQ YHUGDG MXVWLILFDUVH OD H[LVWHQFLD GH XQD
LQWHQFLyQFRJQRVFLWLYD\DODYH]HPDQFLSDWRULDGHVGHXQD7HRUtD&UtWLFDGHOD
VRFLHGDG"
(Q HVWH FRQWH[WR FLHUWDPHQWH \D OD PLVPD XWLOL]DFLyQ GH OD H[SUHVLyQ
SHUVSHFWLYDQRUPDWLYDHQUHODFLyQFRQORVHVIXHU]RVWHyULFRVTXHOOHYDDFDER
+DEHUPDV HQ VXV FRPLHQ]RV SDUD MXVWLILFDU HO SRVLEOH SODQWHDPLHQWR GH XQD
7HRUtD &UtWLFD GH OD VRFLHGDG HV FXDQGR PHQRV HQJDxRVD HQ ORV HQVD\RV
VREUH WHRUtD PDU[LVWD >@ TXH YLHURQ OD OX] MXVWR DQWHV GHO SHULRGR GH OD
GLVSXWD GHO SRVLWLYLVPR pO \D KDEtD LQWHQWDGR IXQGDPHQWDU HVWH REMHWLYR
HPDQFLSDWRULR GH VX 7HRUtD &UtWLFD VLJXLHQGR XQ FDPLQR TXH VXSXHVWDPHQWH
GHEtDSUHVFLQGLUGHHVDVGLVWLQFLRQHVKDELWXDOHVUHDOL]DGDVHQWUHORVHQXQFLDGRV
HPStULFRV \ ORV QRUPDWLYRV R ORV GHVFULSWLYRV \ OR SUHVFULSWLYRV /D
VROXFLyQ PHWRGROyJLFD HQ OD TXH FRQILDED HQ HVH PRPHQWR +DEHUPDV SDUD
FXPSOLUXQDH[LJHQFLDGHHVWDVFDUDFWHUtVWLFDVQRHVRWUDTXHODSURSXHVWDSRUHO
PRGHORKHJHOLDQRPDU[LVWDGHODFUtWLFDGHODLGHRORJtDXQDSRVLFLyQDVLPLVPR
TXHGHVFDQVDHQHOVLQJXODUSURFHGLPLHQWRGHODQHJDFLyQGHWHUPLQDGDGHVGH
HVWD SHUVSHFWLYD OD UHDOLGDG HPStULFD KD GH FRQIURQWDUVH FRQ WRGDV HVDV
ILQDOLGDGHVSUiFWLFRQRUPDWLYDVTXHODKLVWRULDKXPDQDWHUPLQDUHYHODQGRGHVt
PLVPDXQDYH]TXHVHKDFRQWHPSODGREDMRHOSXQWRGHYLVWDKHUPHQpXWLFRGH
OD VXSHUDFLyQ GH XQD VLWXDFLyQ GH LQMXVWLFLD H[LVWHQWH SRU WDQWR HO HVWiQGDU
QRUPDWLYRDODOX]GHOFXDOKDQGHPHGLUVHFUtWLFDPHQWHODVUHODFLRQHVSUHVHQWHV
VXUJH GH PRGR LQPDQHQWH HQ HO SURFHVR KLVWyULFR VyOR EDMR OD SUHPLVD
KLSRWpWLFD GH TXH HQ HO IXWXUR HQ HO SURFHVR GH VX DXWRUUHDOL]DFLyQ \
FXPSOLPLHQWR SXHGH GHPRVWUDUVH FRPR XQD ILQDOLGDG REMHWLYD GH OD KLVWRULD
>@ &LHUWR HV TXH +DEHUPDV HQ VXV FRQWULEXFLRQHV HSLVWHPROyJLFDV D OD
GLVSXWDGHOSRVLWLYLVPRSDUHFH\DKDEHUHQFLHUWDPHGLGDDEDQGRQDGRHVWH
PDUFRFRQFHSWXDOSURFHGHQWHGHODILORVRItDGHODKLVWRULDGHOTXHGHSHQGHHVD
YLHMD FRQFHSFLyQ GH OD QHJDFLyQ GHWHUPLQDGD OD WHVLV DOOt SUHVHQWDGD \
UHFRJLGD GH 0HUOHDX3RQW\ VHJ~Q OD FXDO OD YDOLGH] GH XQ VLJQLILFDGR
KLSRWpWLFDPHQWHVRPHWLGR\GHSHQGLHQWHGHODKLVWRULDVyORSXHGHMXVWLILFDUVHHQ

ODPHGLGDGHVXUHDOL]DFLyQHIHFWLYDH[LWRVDFDUHFHHQUHDOLGDGGHLPSRUWDQFLD
HQHVWHFRQWH[WR>@&RQWRGRFDEHVHxDODUTXHODLGHDGHXQDFUtWLFDGHOD
VRFLHGDGRULJLQDULDPHQWHFRQWHQLGDHQODILORVRItDGHODKLVWRULD\GHVDUUROODGD
GH XQD IRUPD KLVWyULFDPHQWH LQPDQHQWH VLJXH QR REVWDQWH WHQLHQGR D~Q VX
LQIOXHQFLD FRPR XQD VXHUWH GH PRGHOR PHWRGROyJLFR LQFOXVR HQ HVWH FRQWH[WR
PRGLILFDGRDSDUHFHDTXtGHIRUPDUHQRYDGDEDMRODILJXUDWHyULFDFLHUWDPHQWH
UHYLVDGD GH XQD SRVLEOH FLHQFLD VRFLDO TXH DFW~D \ SURFHGH HQ WpUPLQRV
REMHWLYRKHUPHQpXWLFRV DXQTXH DKRUD HYLGHQWHPHQWH HQWUD WDPELpQ HQ
FRPSHWHQFLDGLUHFWDFRQXQVHJXQGRPRGHORQRUPDWLYRGHFRQRFLPLHQWRDOTXH
+DEHUPDVKDFHUHIHUHQFLDSRUYH]SULPHUDHQHVWHPDUFR
(Q VX GLVSXWD FRQ 3RSSHU +DEHUPDV RIUHFH VRUSUHQGHQWHPHQWH GRV
UHVSXHVWDVULYDOHVHQWUHVtDOSUREOHPDFHQWUDOSDUDFXDOTXLHUDSUR[LPDFLyQ
DOD7HRUtD&UtWLFDGHODVRFLHGDGGHFyPRHVSRVLEOHMXVWLILFDUWHyULFDPHQWH
OD UHLYLQGLFDFLyQ \ H[LJHQFLD GH OD FUtWLFD /D SULPHUD SURSXHVWD GH VROXFLyQ
TXHDGHFLUYHUGDGVXUJHWDQHQYXHOWDHQYDJXHGDGFRPRODVHJXQGDSXHGH
DSDUHQWHPHQWH FRPSUHQGHUVH FRPR XQD FRQFHSFLyQ HSLVWHPROyJLFD PiV
HODERUDGD GHO FRQFHSWR RULJLQDULR GH XQD FUtWLFD GHVDUUROODGD GH IRUPD
LQPDQHQWH D OD KLVWRULD HQ HVWH QXHYR PDUFR ILORVyILFR GH XQD WHRUtD GHO
FRQRFLPLHQWR RULHQWDGD HQ WpUPLQRV DQWURSROyJLFRWUDQVFHQGHQWDOHV HO YLHMR
LWLQHUDULRUHIOH[LYRTXHGDWUDGXFLGRHQQXHYRVWpUPLQRVHQODPHGLGDHQTXHHO
PRGHORKHJHOLDQRPDU[LVWDGHFUtWLFDGHODVLGHRORJtDVVHLQWHUSUHWDDKRUDFRPR
XQDFRPELQDFLyQVLVWHPiWLFDGHGRVSURFHGLPLHQWRVWUDQVFHQGHQWDOHVKDVWDHVH
PRPHQWRVHSDUDGRVHQWUHVtHOSURFHGHQWHGHODVFLHQFLDVHPStULFRDQDOtWLFDV\
HO GH ODV KHUPHQpXWLFDV >@ /D UHIOH[LyQ GH OD TXH SDUWH HVWD SURSXHVWD
DUUDQFD UHDOL]DQGR DOJXQDV REMHFLRQHV D HVH PpWRGR KHUPHQpXWLFR GH
FRPSUHQVLyQGHVHQWLGRFRQHOTXH\DQRVKHPRVWRSDGRWUDVHVWROD7HRUtD
&UtWLFDGHODVRFLHGDGQRSXHGHGDUVHSRUVDWLVIHFKD\DFRQHOVLPSOHKHFKRGH
DVXPLUORVSURFHGLPLHQWRV XWLOL]DGRVHQ ODVFLHQFLDVVRFLDOHV SDUDGHVFLIUDU ORV
FRQWH[WRV VLPEyOLFRV GH VHQWLGR KDELGD FXHQWD GH TXH HVWH SODQWHDPLHQWR QR
KDFHVLQRDEVWUDHUHVWRVFRQWHQLGRVGHWRGDVODVFRQGLFLRQHVVRFLDOHVEDMRODV
FXDOHVWLHQHOXJDUODDXWRFRPSUHQVLyQGHORVLQGLYLGXRVUHJLVWUDGDHQORVSOH[RV
GHVHQWLGRLQWHUSUHWDGRVHVGHFLUODFRPSUHQVLyQGHVHQWLGRUHFRPHQGDGDHQ
SULQFLSLR FRPR FRQWUDSHVR PHWRGROyJLFR IUHQWH D OD DSOLFDFLyQ GH ORV

SURFHGLPLHQWRVHPStULFRDQDOtWLFRVHQODVFLHQFLDVVRFLDOHVQRSXHGHSRUWDQWR
FRPSUHQGHUVHDVXYH]FRPRHO~OWLPRSDVRGHOGHVDUUROORGHXQD7HRUtD&UtWLFD
GHODVRFLHGDG
'HO PLVPR PRGR TXH OD GLDOpFWLFD VH VXVWUDH DO REMHWLYLVPR GHVGH FX\D SHUVSHFWLYD ODV
UHODFLRQHVVRFLDOHVH[LVWHQWHVHQWUHVHUHVKXPDQRVKLVWyULFDPHQWHDFWXDQWHVVRQDQDOL]DGDVGH
PDQHUDLGpQWLFDDFRPRSXHGHQVHUORODVUHODFLRQHVOHJDOHVHQWUHFRVDVDVtVHOLEUDWDPELpQGHO
SHOLJUR GH OD LGHRORJL]DFLyQ SHOLJUR TXH VXEVLVWH GXUDQWH HO WLHPSR WRGR HQ HO TXH OD
KHUPHQpXWLFD PLGH \ FRQVLGHUD GLFKDV UHODFLRQHV GH DFXHUGR VLPSOHPHQWH FRQ OR TXH HOODV
VXEMHWLYDPHQWH VH FRQVLGHUDQ D Vt PLVPDV /D WHRUtD VH DIHUUDUi D HVWH VHQWLGR SHUR
~QLFDPHQWH SDUD PHGLUOR \ FRQVLGHUDUOR GH HVSDOGDV DO VXMHWR \ D ODV LQVWLWXFLRQHV GH
DFXHUGRFRQORTXHpVWRVUHDOPHQWHVRQ>@

3XHVWRTXHDODDXWRFRPSUHQVLyQGHORVLQGLYLGXRVTXHDFW~DQFODXVXUDGD
KHUPHQpXWLFDPHQWHSRUDVtGHFLUORQRVHOHSHUPLWHLQGDJDUHQODVFRQGLFLRQHV
VRFLDOHVGHVXJpQHVLVSDUDVXVWUDHUVHGHODVLOXVLRQHVWHyULFDVTXHHQHOiPELWR
GH ODV FLHQFLDV VRFLDOHV VH HQFXHQWUDQ OLJDGDV DO HPSOHR PHWRGROyJLFR GH ODV
FLHQFLDV GHO HVStULWX SDUD HVFDSDU HQ XQD SDODEUD GHO LGHDOLVPR GH OD
KHUPHQpXWLFD+DEHUPDVYDDSURSRQHUXQWLSRGHFRUUHFFLyQSHUPDQHQWHGH
HVWD LQWHUSUHWDFLyQ SRU PHGLR GHO SURFHGLPLHQWR WUDGLFLRQDO GH XQ DQiOLVLV
REMHWLYLVWDGHORVKHFKRVVRFLDOHVGHHVWDPDQHUDODVRULHQWDFLRQHVDODDFFLyQ
LQWHUSUHWDGDV KHUPHQpXWLFDPHQWH \ ODV UHSUHVHQWDFLRQHV GRPLQDQWHV PHGLDQWH
ODV TXH ORV VXMHWRV GDQ WHVWLPRQLR GH Vt PLVPRV HQ VXV PDQLIHVWDFLRQHV
VLPEyOLFDV VH YDQ D PHGLU HQ UHODFLyQ FRQ OR TXH FRPR VH DSXQWD ORV
LQGLYLGXRVVRQUHDOPHQWH(OUHVXOWDGRWHyULFRTXH+DEHUPDVHVSHUDGHHVWD
SDUWLFXODUFRPELQDFLyQGHPRGRVGHSURFHGHURULHQWDGRVDODFRPSUHQVLyQGHO
VHQWLGR \ PRWLYDFLRQHV FLHQWtILFRH[SHULPHQWDOHV YD D TXHGDU LQGLFDGR HQ HO
SURJUDPD GH XQD FUtWLFD GH ODV LGHRORJtDV XQ SODQWHDPLHQWR TXH REWLHQH XQD
FRPSUHQVLyQKLSRWpWLFDGHOVHQWLGRREMHWLYRGHXQSOH[RGHYLGDKLVWyULFRHQ
OD FRQIURQWDFLyQ HQWUH OD FRQFLHQFLD VXEMHWLYD GH OD VLWXDFLyQ GH ORV LQGLYLGXRV
FRQFDSDFLGDGGHDFFLyQ\ODVFRQGLFLRQHVVRFLDOHVEDMRODVFXDOHVWLHQHQTXH
YLYLU
(OSHQVDPLHQWRGLDOpFWLFRQRVHOLPLWDDHOLPLQDUODGRJPiWLFDGHODVLWXDFLyQYLYLGDPHGLDQWH
OD IRUPDOL]DFLyQ DQWHV ELHQ DOFDQ]D HQ VX SURSLR FXUVR HO VHQWLGR VXEMHWLYDPHQWH
VLJQLILFDGR D WUDYpV GH ODV LQVWLWXFLRQHV YLJHQWHV SRU DVt GHFLUOR \ OR VXVSHQGH 3RUTXH OD

GHSHQGHQFLDGHHVWDVLGHDVHLQWHUSUHWDFLRQHVGHODVXPDGHLQWHUHVHVGHXQFRQWH[WRREMHWLYR
GH OD UHSURGXFFLyQ VRFLDO LPSLGH DIHUUDUVH D XQD KHUPHQpXWLFD VXEMHWLYDPHQWH FRPSUHQVLYD
GHO VHQWLGR XQD WHRUtD TXH DVSLUH D OD FRPSUHQVLyQ REMHWLYD GHO VHQWLGR GHEH GDU FXHQWD
DVLPLVPR GH HVH PRPHQWR GH FRVLILFDFLyQ TXH GH PDQHUD WDQ H[FOXVLYD VH EHQHILFLD GH OD
DWHQFLyQGHORVPpWRGRVREMHWLYL]DGRUHV>@

(VWD OtQHD GH UHIOH[LyQ D~Q GHXGRUD GH ORV SODQWHDPLHQWRV SRU $GRUQR
FRPRVHREVHUYDQRVyORHQORTXHUHVSHFWDDVXOHQJXDMHVLQRWDPELpQHQVXV
DUJXPHQWRV WHyULFRV QRV RIUHFH XQD SULPHUD LPSUHVLyQ GH OD FRQVWUXFFLyQ
PHWRGROyJLFDTXHYDDSHUPLWLUD+DEHUPDVGHILQLUHQTXpKDGHFRQVLVWLUXQD
FLHQFLDFUtWLFDGHODVRFLHGDGGLFKRHVWRWDPELpQKD\TXHGHFLUTXHDTXtD~Q
QR VH DEUH HQ QLQJ~Q FDVR OD SRVLELOLGDG GH MXVWLILFDU UD]RQDGDPHQWH HVWD
UHLYLQGLFDFLyQGHODFUtWLFDFDEHVHxDODUTXHHQWpUPLQRVJHQHUDOHVQRUHVXOWD
IiFLOGHVFXEULUHQHOFDPLQRVHJXLGRSRUODSURSXHVWDKDEHUPDVLDQDREMHWLYD
\DODYH]LQWHUHVDGDSRUODFXHVWLyQGHODFRPSUHQVLyQGHOVHQWLGRHOOXJDU
TXH KD GH SRGHU RFXSDU XQ WLSR GH MXVWLILFDFLyQ VHPHMDQWH GH ORV PRGHORV
QRUPDWLYRVVLQDFXGLUDPiVSUHVXSXHVWRVDGLFLRQDOHVHVGHFLUVLORVSXQWRVGH
YLVWDGHVGHORVFXDOHVDSDUHFHQODVUHODFLRQHVVRFLDOHVEDMRXQDOX]FUtWLFDKDQ
GH MXVWLILFDUVH GLDOpFWLFDPHQWH GHVGH HO FRQWH[WR REMHWLYR >@ WDO \ FRPR
+DEHUPDV DTXt H[LJH HQWRQFHV XQD MXVWLILFDFLyQ GH HVWH WLSR VyOR HV SRVLEOH
EDMR OD KLSyWHVLV DGLFLRQDO GH TXH HVRV SXQWRV GH YLVWD XWLOL]DGRV SDUD
GHVHPSHxDUHOREMHWLYRGHODFUtWLFD\DHQDOJXQDPHGLGDVRQLQKHUHQWHVDODV
UHODFLRQHVFULWLFDGDVSRURWURODGRGHXQDSUHPLVDPX\SDUHFLGDVLHPSUHKD
SDUWLGR OD FUtWLFD FOiVLFD GH ODV LGHRORJtDV SURFHGHQWH GHO PDU[LVPR WRGD YH]
TXHDUUDQFDGHOSUHVXSXHVWRGHTXHGHQWURODDXWRFRPSUHQVLyQLGHROyJLFDGH
OD VRFLHGDG EXUJXHVD VX UHVSHFWLYD SURFODPDFLyQ GH REMHWLYRV FXOWXUDOHV \
OHJLWLPDFLRQHV \D HQFLHUUD GH DOJ~Q PRGR ORV SULQFLSLRV QRUPDWLYRV GHVGH
FX\RVFULWHULRVSXHGHFULWLFDUVHPRUDOPHQWHODRUGHQDFLyQVRFLDOTXHGHKHFKR
H[LVWH SUHFLVDPHQWH HQ HVD PLVPD VRFLHGDG 6LQ HPEDUJR SDUHFH TXH HQ ODV
UHIOH[LRQHVPHWRGROyJLFDVTXH+DEHUPDVGHVDUUROODHQVXGLVSXWDFRQ3RSSHU
VXLQWHQFLyQHVODGHUHQXQFLDUDDEUD]DUSUHVXSXHVWRVGHHVWHWLSRHVPiVpO
QRDILUPDHQQLQJ~QPRPHQWRTXHODVLWXDFLyQVXEMHWLYDGHORVLQGLYLGXRVRODV
UHLYLQGLFDFLRQHV LGHROyJLFDV TXH KDFHQ ODV LQVWLWXFLRQHV GH Vt PLVPDV XQD
FLHQFLD VRFLDO FUtWLFD KD GH LQGDJDU HQ ORV SUHVXSXHVWRV IDFWLFRV GH DPEDV

FRQWHQJDQ\DHVRVYDORUHVPRUDOHVHQORVTXHODFUtWLFDGHEHDSR\DUVHGHDKt
TXHHQHVWDFRQFHSFLyQHOIDFWRUWHyULFRTXHDSRUWDSHVRQRUPDWLYRDODFUtWLFD
WUDGLFLRQDO GH ODV LGHRORJtDV TXHGH FRPR GHMDGR GH ODGR \ TXH
FRUUHVSRQGLHQWHPHQWHVXLQWHQWRGHIXQGDPHQWDUHOPRGHORGHXQDFUtWLFDGHOD
VRFLHGDGGHVDUUROODGDGHIRUPDLQPDQHQWHDODKLVWRULDJLUHDGHFLUYHUGDGHQ
HOYDFtR
$KRUDELHQSHVHDWRGRORGLFKRHVWRQRVLJQLILFDHQDEVROXWRTXHDFDXVD
GHVXIUDFDVRODLGHDPHWRGROyJLFDGHXQDWHRUtDVRFLDOKHUPHQpXWLFRREMHWLYD
GHED VHU DEDQGRQDGD VLQ PiV $O FRQWUDULR OR TXH KDUi +DEHUPDV FRQ VX
SURSXHVWDVHUiVHJXLUHVWDOtQHDGHUHIOH[LyQ\FRQYHUWLUODILQDOPHQWHHQHOKLOR
FRQGXFWRUGHVXLQYHVWLJDFLyQDFHUFDGHODOyJLFDGHODVFLHQFLDVVRFLDOHV1R
REVWDQWH HVWD SURSXHVWD GHVGH HO SXQWR GH YLVWD PHWRGROyJLFR QR GD XQD
UHVSXHVWD VDWLVIDFWRULD DO SUREOHPD SDUWLFXODU TXH DTXt VH SODQWHD FRQ HO
SURJUDPD GH IXQGDPHQWDFLyQ GH XQD H[LJHQFLD FRJQRVFLWLYRHPDQFLSDWRULD
GHVSXpV GH GLIHUHQFLDU HQ WpUPLQRV DQWURSROyJLFRWUDQVFHQGHQWDOHV HQWUH HO
PRGRGHSURFHGHUGHOFRQRFLPLHQWRHPStULFRDQDOtWLFR\HOKHUPHQpXWLFRVyOR
HVWRQREDVWDSDUDSRGHUGHVDUUROODUGHXQPRGRWHyULFDPHQWHFRQYLQFHQWHHVH
PRGHOR GH XQD FUtWLFD GH OD VRFLHGDG GHVDUUROODGD GH IRUPD LQPDQHQWH D OD
KLVWRULDTXH+DEHUPDVRULJLQDOPHQWHSUR\HFWDVLQHPEDUJRFRPRXQPRGRGH
VROXFLRQDU HO SUREOHPD GH OD IXQGDPHQWDFLyQ GH DKt TXH pO LPSOtFLWDPHQWH
URPSD FRQ HVWH SUR\HFWR DQWHV GH SRGHU GHVDUUROODUOR HIHFWLYDPHQWH HQ OD
SUiFWLFDSRUHOORHQHVWHPLVPRFRQWH[WRHOGHODFRQIURQWDFLyQFRQ3RSSHU
YD D DSDUHFHU XQ VHJXQGR PRGHOR GH IXQGDPHQWDFLyQ FX\R REMHWLYR HV
VROXFLRQDUODPLVPDWDUHDDXQTXHFRQQXHYRVPHGLRVODLQVWDQFLDGHODFUtWLFDVH
YDDEXVFDUDKRUDFRPRVHYHUi\DQRHQXQSURFHVRKLVWyULFRGHVRFLDOL]DFLyQ
GH ORV KRPEUHV VLQR HQ ODV FRQGLFLRQHV IXQGDPHQWDOHV LQYDULDQWHV GH VX
H[LVWHQFLDVRFLRFXOWXUDO
&RQ HVWH VHJXQGR PRGHOR GH IXQGDPHQWDFLyQ SXHGH GHFLUVH TXH HQ OD
REUDKDEHUPDVLDQDWRPDIRUPDXQDOtQHDWHyULFDGHUHIOH[LyQTXHYDDHQFRQWUDU
FODULILFDFLyQDSURSLDGDHQVXOHFFLyQLQDXJXUDOLPSDUWLGDHQ)UDQNIXUW$ILQGH
VHU FDSD] GH MXVWLILFDU OD SDUWLFXODU UHLYLQGLFDFLyQ GH XQD 7HRUtD &UtWLFD GH OD
VRFLHGDG HQ PHGLR GH ODV FLHQFLDV HPStULFRDQDOtWLFDV \ KHUPHQpXWLFDV
+DEHUPDVLQWHQWDOOHYDUDFDERODWDUHDGHIXQGDPHQWDUXQDWHUFHUDIRUPDGH

FRQRFLPLHQWR SRU HO FDPLQR WUDQVFHQGHQWDO QR VH GD SRU VDWLVIHFKR \D FRQ
KDFHU SODXVLEOH OD HVSHFLDO IXQFLyQ GH OD FUtWLFD GH OD VRFLHGDG PHGLDQWH XQD
VXHUWH GH FRPELQDFLyQ GLDOpFWLFD HQWUH ORV GRV PRGRV GH LQYHVWLJDFLyQ
HQFRQWUDGRV VLQR TXH EXVFD UHWURWUDHUORV D XQD FDSDFLGDG HVSHFLDO GH OD
UDFLRQDOLGDG KXPDQD /D UHIOH[LyQ TXH VH WUDVODGD D HVWD DPELFLRVD SHUR
WDPELpQDUULHVJDGDHPSUHVDVyORDSDUHFHPHQFLRQDGDGHSDVDGDHQXQOXJDU
GHVXFRQWURYHUVLDFRQ3RSSHUHVMXVWRHQHVWHSDVRGRQGH+DEHUPDVDSHODD
XQDIXHU]DUHIOH[LYDDSDUHQWHPHQWHLQWUtQVHFDDFXDOTXLHUGLVFXVLyQLQWHUHVDGDHQ
HOHQMXLFLDPLHQWRFUtWLFRGHDUJXPHQWRV
3DUDD\XGDUQRVSRGHPRVFRQFHELUODFUtWLFDFUtWLFDTXHQRSXHGHVHUGHILQLGDGDGRTXHORV
FULWHULRV\SDWURQHVGHPHGLGDGHODUDFLRQDOLGDGVyORHQHOODPLVPDUHVXOWDQH[SOLFLWDEOHV
DO PRGR GH XQ SURFHVR TXH HQ IRUPD GH XQD GLVFXVLyQ WRWDOPHQWH OLEUH DSXQWD D OD
OLTXLGDFLyQ \ VXSHUDFLyQ GH GLVHQVLRQHV (VWD GLVFXVLyQ YLHQH SUHVLGLGD SRU OD LGHD GH XQ
FRQVHQVROLEUH\JHQHUDOGHFXDQWRVHQHOODSDUWLFLSDQ>@

+DEHUPDVHVWiKDFLHQGRDTXtUHIHUHQFLDDODLGHDGHXQFRQVHQVROLEUH\
JHQHUDOVyORGHXQPRGRSUHOLPLQDUFRQREMHWRGHUHFRUGDUDVXVRSRQHQWHV
WHyULFRVVLWXDGRVGHQWURGHODOODPDGDGLVSXWDGHOSRVLWLYLVPRODH[LVWHQFLDGH
XQD GLPHQVLyQ HVSHFtILFD GH UDFLRQDOLGDG HQ OD TXH FXDOTXLHUD VH PXHYH WDQ
SURQWR HQWUD HQ XQD GLVFXVLyQ FLHQWtILFD SXHVWR TXH GH KHFKR FXDOTXLHU
SDUWLFLSDQWHHQXQDFRQIURQWDFLyQWHyULFDWLHQHTXHVXSRQHUQHFHVDULDPHQWHTXH
WDQWRORVDUJXPHQWRVTXHpOPLVPRKDLQWURGXFLGRFRPRORVGHFXDOTXLHURWUR
SDUWLFLSDQWHSXHGHQVHUUHFRQRFLGRVRUHFKD]DGRVVLQKDFHUXVRGHODIXHU]DOD
PHWDTXHKDGHVHUUHFtSURFDPHQWHSUHVXSXHVWDGHXQDGLVFXVLyQHQFRP~QKD
GH VHU OD GH SURGXFLU XQ FRQVHQVR OLEUH HVWR HV QR VRPHWLGR D FRDFFLyQ
DKRUDELHQVyORHQODPHGLGDHQTXHHVWDVXSRVLFLyQHVHIHFWLYDGHVGHHOSXQWR
GH YLVWD HPStULFR WDPELpQ SRGUiQ GHVDUUROODUVH DUJXPHQWRV VXILFLHQWHPHQWH
FRQYLQFHQWHV TXH SRU Vt PLVPRV WHQJDQ OD IXHU]D SDUD UHPRYHU SRVLFLRQHV
HQTXLVWDGDV \ JHQHUDU QXHYDV FRQYLFFLRQHV D ODV LGHDV GHVDUUROODGDV
DUJXPHQWDWLYDPHQWHDVtSXHVVHOHVDWULEX\HODFDSDFLGDGJHQXLQDGHTXHEUDU\
GLVROYHU HO SRGHU GH ODV IDOVDV SRVLFLRQHV ~QLFDPHQWH PHGLDQWH OD IXHU]D
UDFLRQDO3RUORWDQWRQRVyORGHEHH[LVWLU\DGHHQWUDGDXQDSUHFRPSUHQVLyQ
KHUPHQpXWLFDRWpFQLFDHQODVGLVFXVLRQHVFLHQWtILFDVDGHPiVGHHVWRWDPELpQ

WLHQHTXHDFWXDU\GHVDUUROODUVHXQSRWHQFLDOGHODUD]yQHQDPEDVSRVLELOLGDGHV
TXHVHDFDSD]GHUHPRYHU\QHXWUDOL]DUHOSRGHUGHODVRSDFLGDGHVSRUPHGLR
GHVXGHYHQLUFRQVFLHQWH>@$HVWHSURFHVRHPDQFLSDGRUGHODFRQFLHQFLD
YDDKDFHUUHIHUHQFLD+DEHUPDVHQXQOXJDUGHOWH[WRQRPX\OHMRVGHOSDVDMH
DQWHULRUPHQWHFLWDGRFRQODH[SUHVLyQGHXQPRYLPLHQWRGHODUHIOH[LyQFRQ
HVWH WpUPLQR GH UHVRQDQFLDV KHJHOLDQDV QR VH TXLHUH DOXGLU FRPR SXHGH
GHGXFLUVHGHORDQWHULRUPHQWHVHxDODGRDXQDFWRPRQROyJLFRGHODUHIOH[LyQ
VLQR DQWHV ELHQ D HVD IRUPD SDUWLFXODU GH DXWRUUHIOH[LyQ TXH SRU OD YtD
LQWHUVXEMHWLYD GHO GLiORJR VH OLEHUD SDXODWLQDPHQWH GH WRGDV HVDV LOXVLRQHV
DXWRJHQHUDGDVSRUHOSURSLRSHQVDPLHQWR\KDVWDDKRUDLPSHQHWUDEOHV
&RQWRGR+DEHUPDVQRSDUHFHD~QGDUVHSRUVDWLVIHFKRFRQHOKHFKRGH
OLPLWDUVH PHUDPHQWH D FDUDFWHUL]DU PHWRGROyJLFDPHQWH HVWDV FDSDFLGDGHV
SDUWLFXODUHV GH UDFLRQDOLGDG LQKHUHQWHV D ORV SURFHGLPLHQWRV SURSLRV GH ODV
GLVFXVLRQHVFLHQWtILFDV(QUHDOLGDGODOtQHDGHUHIOH[LyQDTXtH[SXHVWDWDPELpQ
WLHQHODIXQFLyQGHUHFRUGDUOHDOUDFLRQDOLVPRFUtWLFRXQDGLPHQVLyQFRJQRVFLWLYD
PiVDPSOLDTXHpOPLVPRQRHVFDSD]QLGHFODULILFDUQLGHMXVWLILFDUDXQTXHHQ
UHDOLGDGVHWUDWHSUHFLVDPHQWHGHHVDLQVWDQFLDTXHJDUDQWL]DHQSULPHUOXJDUHO
SURJUHVR GH ORV GHEDWHV WHyULFRV TXH WLHQHQ OXJDU HQ JHQHUDO +DEHUPDV
UHODFLRQD GHVGH HO SULQFLSLR HO DQiOLVLV GHO FDUiFWHU DXWRUUHIOH[LYR GH ODV
GLVFXVLRQHVFRQHOREMHWLYRDGLFLRQDOGHIXQGDPHQWDUHVDVQRUPDVTXHSXHGHQ
VHUYLUFRPRFULWHULRDXQDFLHQFLDFUtWLFD3DUDFRQVHJXLUHVWRQRREVWDQWHVH
UHTXLHUHXQDWUDQVIRUPDFLyQFRQFOX\HQWHGHODVGHILQLFLRQHVFLHQWtILFDVDOiPELWR
QRUPDWLYR HVWDV FRQGLFLRQHV SDUD DFFHGHU D XQD VLWXDFLyQ GH OLEHUWDG VLQ
FRDFFLRQHV \ TXH ORV LQWHUORFXWRUHV HQ XQD GLVFXVLyQ FLHQWtILFD WLHQHQ \D
VLHPSUH TXH SUHVXSRQHU VL TXLHUHQ SDUWLFLSDU HQ XQ SURFHVR FRP~Q GH
DXWRLOXVWUDFLyQ SRGUtDQ HQWRQFHV VHU FRPSUHQGLGDV FRPR ODV QRUPDV
PRUDOHV VREUH ODV TXH SXHGH IXQGDPHQWDUVH OD FUtWLFD (Q HVWH FRQWH[WR XQD
FODULILFDFLyQ GH ODV LPSOLFDFLRQHV \ ORV VXSXHVWRV QRUPDWLYRV TXH VXE\DFHQ
QHFHVDULDPHQWHDOGHEDWHFRQGXFLUtDLQHYLWDEOHPHQWHDORVSDUWLFLSDQWHVHQpOD
HQWHQGHUTXHHOORV\DHVWiQFRQWLQXDPHQWHUHFODPDQGRFRPRHVWiQGDUFUtWLFRGH
VX SURSLD IRUPD GH SURFHGHU ODV FRQGLFLRQHV GH XQD GLVFXVLyQ OLEUH GH
FRDFFLyQeVWDHVODLGHDTXH+DEHUPDVSDUHFHWHQHUHQPHQWHFXDQGRHQHO
SDVDMHTXHDQWHVVHKDFLWDGRVRVWLHQHTXHORVFULWHULRVGHUDFLRQDOLGDGVyOR

VHGHMDQH[SOLFLWDUHQHOSURFHVRPLVPRGHODFUtWLFDODOtQHDGHUHIOH[LyQTXH
DTXt VH SUHVHQWD TXHGD VLQ HPEDUJR SRFR GHVDUUROODGD HQ HO FRQWH[WR
HVSHFtILFRGHXQDDOWHUQDWLYDVXILFLHQWHPHQWHMXVWLILFDGDDOPRGHORGHFUtWLFDGH
ODV LGHRORJtDV +DEHUPDV QR VH DWUHYH D~Q D FRQHFWDU H[SUHVDPHQWH HO
FRQFHSWR GH DXWRUUHIOH[LyQ FRQ OD VLWXDFLyQ H[FHSFLRQDO GH XQ WHUFHU LQWHUpV
FRJQRVFLWLYR \ GH HVWH PRGR GHVDUUROODU OD YtD GH XQD IXQGDPHQWDFLyQ
DQWURSROyJLFRWUDQVFHQGHQWDOGHODFUtWLFDGHODVRFLHGDGSDUDGDUHVWHSDVRVH
KDEUtDQHFHVLWDGRXQVXSXHVWRDGLFLRQDOTXHKDEUtDGLQDPLWDGRGHILQLWLYDPHQWH
HOPDUFRHSLVWHPROyJLFRGHODFUtWLFDGH3RSSHU
/R FLHUWR HV TXH D PHGLGD TXH HVWD OtQHD GH UHIOH[LyQ DTXt HVER]DGD QR
WHUPLQDSRUDFODUDUFyPRSXHGHSRQHUVHHIHFWLYDPHQWHHQUHODFLyQHVHSURFHVR
GH DXWRUUHIOH[LyQ GLDOyJLFD FRQ OD GLPHQVLyQ DQWHULRUPHQWH GHVDUUROODGD GH
HQWHQGLPLHQWRFRPXQLFDWLYRHVWDGLILFXOWDGWHUPLQDSRUJDQDUD~QPiVSHVRFRQ
HO GHVSOD]DPLHQWR KDFLD XQ WHUFHU LQWHUpV GH FRQRFLPLHQWR +DEHUPDV VyOR GD
ILQDOPHQWHHVWHSDVRGHDILUPDUODH[LVWHQFLDGHXQWHUFHULQWHUpVFRJQRVFLWLYR
HPDQFLSDWRULR XQD YH] TXH GHPXHVWUD TXH OD DXWRUUHIOH[LyQ PiV DOOi GHO
FRQWH[WRIXQFLRQDOKDVWDDKRUDH[SXHVWRWLHQHXQYDORUIXQGDPHQWDOGHQWURGHO
SURFHVR GH UHSURGXFFLyQ GH OD HVSHFLH KXPDQD HQ VX FRQMXQWR HVWR HV VyOR
FXDQGRHOPRYLPLHQWRGHUHIOH[LyQLQWHUVXEMHWLYRVHSXHGHDILUPDUFRPRXQD
IRUPDGHFRQRFLPLHQWRKDFLDODTXHHOVHUKXPDQRVHRULHQWDEiVLFDPHQWHWDQWR
HQ VX GHVDUUROOR FRPR HQ VX REMHWLYDFLyQ FRJQLWLYD GH OD QDWXUDOH]D \ HQ OD
FRPSUHQVLyQ KHUPHQpXWLFD SXHGH OHJtWLPDPHQWH UHPLWLUVH D XQ LQWHUpV
FRJQRVFLWLYR DGLFLRQDO \ HQ HVD PLVPD PHGLGD VLWXDUVH HQ HO PLVPR SODQR
DQWURSROyJLFRWUDQVFHQGHQWDO TXH ODV RWUDV GRV PRGDOLGDGHV FRJQRVFLWLYDV
+DEHUPDV WUDWD GH GHPRVWUDU SRU YH] SULPHUD HVWD WHVLV WDQ GHFLVLYD HQ VX
OHFFLyQ LQDXJXUDO VHUi PiV WDUGH HQ VX LQYHVWLJDFLyQ GH &RQRFLPLHQWR H
LQWHUpV FXDQGR DFDEH SRU GHVDUUROODU \ HODERUDU FRQ PD\RU SUHFLVLyQ HVWH
SODQWHDPLHQWRDXQTXHVLQDSHQDVPRGLILFDUORVXVWDQFLDOPHQWH
(QVXOHFFLyQLQDXJXUDO+DEHUPDVSDUWLUiSXHVGHXQDGHILQLFLyQDPSOLDGD
GHORTXHVLJQLILFDHOSURFHVRGHUHSURGXFFLyQVRFLDOKDELGDFXHQWDGHTXH\D
QR YD D GLVWLQJXLU OD WDUHD GHO WUDEDMR VRFLDO GHO SUREOHPD GHO HQWHQGLPLHQWR
FRPXQLFDWLYRVLQRTXHYDDLQWURGXFLUODFXHVWLyQGHOGHVDUUROORGHODLGHQWLGDG
GHOVXMHWRFRPRXQWHUFHUWLSRGHIXQFLyQGHUHSURGXFFLyQVRFLDO/DHVSHFLH

KXPDQD QR VyOR VH RULHQWD SRU FRQVLJXLHQWH KDFLD XQD GRPLQDFLyQ LQWHOLJHQWH
GH HVDV H[LJHQFLDV OLJDGDV REOLJDWRULDPHQWH D OD H[SORWDFLyQ \ WUDEDMR GH OD
QDWXUDOH]DRDODLQWHUDFFLyQVLPEyOLFDPHQWHPHGLDGDGHDOJ~QPRGRWDPELpQ
KDGHFRQIURQWDUVHFRQSUREOHPDVGHULYDGRVGHODFRQWLQXDFRDFFLyQH[LVWHQWH
KDFLDODIRUPDFLyQLQGLYLGXDOGHODLGHQWLGDG
/D HVSHFLH KXPDQD DVHJXUD VX H[LVWHQFLD HQ VLVWHPDV GH WUDEDMR VRFLDO \ HQ VLVWHPDV
FDUDFWHUL]DGRV SRU XQD FDSDFLGDG GH DXWRDILUPDUVH SRU YtD GH HMHUFHU FRDFFLyQ \ YLROHQFLD
PHGLDQWH XQD FRQYLYHQFLD GHWHUPLQDGD SRU OD WUDGLFLyQ \ DUWLFXODGD HQ HO PHGLR TXH
UHSUHVHQWDODFRPXQLFDFLyQHQHOOHQJXDMHFRWLGLDQR\ILQDOPHQWHFRQD\XGDGHLGHQWLGDGHV
GHO<RTXHHQODVVXFHVLYDVHWDSDVGHODLQGLYLGXDFLyQUHIXHU]DQFDGDYH]PiVODFRQFLHQFLD
GHO LQGLYLGXR HQ VX UHODFLyQ FRQ ODV QRUPDV GHO JUXSR $Vt ORV LQWHUpV UHFWRUHV GHO
FRQRFLPLHQWR VRQ LQWHUHVHV LQKHUHQWHV D ODV IXQFLRQHV GH XQ \R TXH PHGLDQWH SURFHVRV GH
DSUHQGL]DMH VH DGDSWD D VXV FRQGLFLRQHV H[WHUQDV GH YLGD TXH PHGLDQWH SURFHVRV GH
IRUPDFLyQVHHMHUFLWDHQODWUDPDGHFRPXQLFDFLyQGHXQPXQGRVRFLDO\TXHHQPHGLRGHXQ
FRQIOLFWRHQWUHVXVSURSLDVSXOVLRQHV\ODVFRHUFLRQHVVRFLDOHVFRQVWUX\HVXSURSLDLGHQWLGDG
>@

6L +DEHUPDV KDVWD DKRUD VH KDEtD OLPLWDGR D UHODFLRQDU VHQFLOODPHQWH OD


IRUPDFLyQGHODLGHQWLGDGLQGLYLGXDOFRQORVUHQGLPLHQWRVVRFLDOHVUHVXOWDQWHVGHO
SURFHVR GHO HQWHQGLPLHQWR FRPXQLFDWLYR D SDUWLU GH DKRUD YD D GLVWLQJXLU OD
FXHVWLyQ GHO GHVDUUROOR GH OD LGHQWLGDG HQWHQGLpQGROD FRPR XQ SUREOHPD
HVSHFtILFR GH OD SURGXFFLyQ VRFLDO GH YLGD 'H HVWH PRGR FRPR TXHGD
HYLGHQFLDGR HQ HO SDVDMH DQWHV FLWDGR HVWi \D GLVSXHVWR D VXPDU D ORV GRV
LQWHUHVHV \D SUHYLDPHQWH GHVDUUROODGRV SRU pO XQ WHUFHU LQWHUpV UHFWRU GHO
FRQRFLPLHQWR +DEHUPDV SDUWH GHO SUHVXSXHVWR GH TXH FRQ HO SURFHVR GH
IRUPDFLyQGHLGHQWLGDGVHSODQWHDWDPELpQMXQWRFRQORVQHFHVDULRVSURFHVRV
UHSURGXFWLYRV GHO WUDEDMR \ GH OD LQWHUDFFLyQ XQ PLVPR PDUFR WUDQVFHQGHQWDO
TXH SHUPLWH DSUHKHQGHU HO PXQGR 6LQ HPEDUJR pVWH VyOR SXHGH DOFDQ]DU
YDOLGH]VLHPSUH\FXDQGRVHDFDSD]QRVyORGHPRVWUDUHOSDUWLFXODUUHQGLPLHQWR
FRJQLWLYRTXHVHUHTXLHUHHQHOSURFHVROLJDGRDODIRUPDFLyQGHODLGHQWLGDG
VLQR WDPELpQ GH GHPRVWUDU VX IXQFLyQ VRFLDOPHQWH FRQVWLWXWLYD $ WHQRU GH ORV
SUREOHPDV DVRFLDGRV FRQ HVWD WDUHD SXHGHQ YHUVH ODV GLILFXOWDGHV TXH KD GH
DIURQWDU+DEHUPDVHQVXLQWHQWRGHUHFRQGXFLUODFUtWLFDGHODVRFLHGDGKDFLDXQ
LQWHUpVFRJQRVFLWLYRDXWyQRPR
(O SUHVXSXHVWR GHFLVLYR TXH VH UHTXLHUH LQLFLDOPHQWH SDUD XQ DQiOLVLV

HSLVWHPROyJLFR GH HVWH QXHYR VLVWHPD GH UHIHUHQFLD HV XQD GHILQLFLyQ GHO
SURFHVR FRJQLWLYR TXH DFRPSDxD D OD FRQVWUXFFLyQ GH OD LGHQWLGDG SHUVRQDO
+DEHUPDVVLW~DHQHOFHQWURGHVXGHVFULSFLyQHVDGLPHQVLyQGHODIRUPDFLyQ
LQGLYLGXDO GHILQLGD SRU OD WDUHD GH VXSHUDU SDXODWLQDPHQWH ODV QRUPDV \
FRQYLFFLRQHVDXWRDOLHQDQWHVVyORPHGLDQWHXQDLQWHQVLILFDFLyQGHHVWDGHILQLFLyQ
SXHGHpOGHOLPLWDUHOSURFHVRHQFDPLQDGRDODIRUPDFLyQLQGLYLGXDOHQJHQHUDO
GHOSURFHVRVLPXOWiQHRGHHQWUHQDPLHQWRHQXQFRQWH[WRGHFRPXQLFDFLyQHV
GHFLUODLQWHUDFFLyQVRFLDOL]DGRUD)UHQWHDODIXQFLyQFRQVHUYDGRUDTXHSDUHFH
DVXPLU HO SURFHVR GH LQWHUDFFLyQ VLPEyOLFD GHQWUR GHO GHVDUUROOR GH OD
SHUVRQDOLGDG SXHVWR TXH DTXt HO LQGLYLGXR VH OH SHUPLWH FUHFHU GHQWUR GHO
KRUL]RQWH H[LVWHQFLDO GH XQD WUDGLFLyQ HO SURFHVR GH IRUPDFLyQ GH OD
LGHQWLGDG VH FDUDFWHUL]D SRU XQD IXQFLyQ FUtWLFD HQ OD FRQVWUXFFLyQ GH VX
LGHQWLGDG HO LQGLYLGXR DSUHQGH D OLEHUDUVH SDVR D SDVR GHO SRGHU GH ODV
ILMDFLRQHV \ GHSHQGHQFLDV KDVWD HVH PRPHQWR LPSHQHWUDEOHV KDVWD TXH
ILQDOPHQWHDSUHQGHDLQWHJUDU\PHGLDUGHIRUPDDXWyQRPDODVH[LJHQFLDVGH
VXV QHFHVLGDGHV DKRUD GHYHQLGDV WUDQVSDUHQWHV FRQ ORV UHTXHULPLHQWRV GH OD
VRFLHGDG3HURFXDQGRHOSURFHVRGHIRUPDFLyQGHLGHQWLGDGVHGHILQHGHHVWH
PRGR HV GHO WRGR FRQVHFXHQWH FRRUGLQDUOR WDPELpQ FRQ XQD IRUPD SDUWLFXODU
GHFRQRFLPLHQWR$GLIHUHQFLDGHORVUHVWDQWHVWLSRVGHFRQRFLPLHQWRDVDEHU
ORV SURSLRV GHO VDEHU WpFQLFR \ HO GH OD FRPSUHQVLyQ LQWHUVXEMHWLYD ORV DFWRV
FRJQLWLYRV TXH VH GHVDUUROODQ HQ HO SURFHVR GH DXWRQRPL]DFLyQ GHO \R QR VH
GLULJHQ DO REMHWR H[WUDxR \ RSXHVWR GH OD QDWXUDOH]D R GHO PXQGR VRFLDO VLQR
EDMR XQD IRUPD UHIOH[LYD GHO SURSLR VtPLVPR >6HOEVW@ D OD HMHFXFLyQ GH OD
DFFLyQ HQ HO WUDEDMR R D OD LQWHUDFFLyQ FRUUHVSRQGH HQ HVWH SODQR XQD
DXWRUUHIHUHQFLD SUiFWLFD JUDFLDV D OD FXDO HO \R DGTXLHUH XQD FRPSUHQVLyQ GH
VXVFRDFFLRQHVLQFRQVFLHQWHV\SRUHOORORJUDDOPLVPRWLHPSRHPDQFLSDUVHGH
HOODV+DEHUPDVYDDGDUDHVWHWHUFHUWLSRGHUHQGLPLHQWRFRJQRVFLWLYRHQ
SULQFLSLR WDQ QHFHVDULDPHQWH UHODFLRQDGR FRQ OD IRUPDFLyQ LQGLYLGXDO GHO \R
FRPR HO WUDEDMR VRFLDO FRQ HO VDEHU WpFQLFR \ HO HQWHQGLPLHQWR LQWHUVXEMHWLYR
FRQ OD FRPSUHQVLyQ KHUPHQpXWLFD HO UyWXOR GH DXWRUUHIOH[LyQ FRQ HOOR QR
KDFHVLQROOHYDUDOSODQRJHQHUDOGHXQDFDSDFLGDGFRJQRVFLWLYDQHFHVDULDORTXH
pO PLVPR HQ VX GLVFXVLyQ SROpPLFD FRQ 3RSSHU VyOR KDEtD LQWURGXFLGR GH
IRUPD PiV SUXGHQWH FXDQGR KDFtD UHIHUHQFLD DO UHQGLPLHQWR SDUWLFXODU GH ORV

GLiORJRVFLHQWtILFRV
1DWXUDOPHQWHDOGDUHVWHSDVR+DEHUPDVQRFRQVLJXHHQSULQFLSLRPiVTXH
GDU XQD GHILQLFLyQ PiV SUHFLVD GH HVD FDSDFLGDG HVSHFtILFD GH FRQRFLPLHQWR
TXHSHUPLWHHOVHUKXPDQRFRQVWUXLUVXLGHQWLGDG$KRUDELHQODSUHJXQWDTXH
DTXt VH SODQWHD HV pVWD SRU TXp HQ JHQHUDO HO FRQRFLPLHQWR DGTXLULGR HQ HO
GHVDUUROORGHODIRUPDFLyQGHLGHQWLGDGGHEHVXSXHVWDPHQWHDGRSWDUODIRUPD
PHWRGROyJLFDGHXQDFLHQFLDFRPRVXFHGHLJXDOPHQWHFRQHOVDEHUWpFQLFRHQ
UHODFLyQ FRQ ODV FLHQFLDV QDWXUDOHV \ HQ OD FRPSUHQVLyQ FRPXQLFDWLYD HQ ODV
FLHQFLDV KXPDQDV" < FyPR SXHGH XQD IRUPD FRJQRVFLWLYD FRPR pVWD WDQ
FDUDFWHUtVWLFD SDUD HO SURFHVR GH OD DGTXLVLFLyQ GH OD LGHQWLGDG LQGLYLGXDO
IXQFLRQDUFRPRHOPDUFRWUDQVFHQGHQWDOGHXQDWHRUtDFX\RREMHWRJHQHUDOQR
HVRWURTXHHOFRQWH[WRYLWDOGHXQDVRFLHGDG"
$ILQGHSRGHUH[SOLFDUVDWLVIDFWRULDPHQWHODGHPDQGDFRJQRVFLWLYDGHXQD
WHRUtD FUtWLFD GH OD VRFLHGDG D SDUWLU GH ORV UHQGLPLHQWRV \ SUHVWDFLRQHV GH OD
FDWHJRUtD GH DXWRUUHIOH[LyQ +DEHUPDV VH YH REOLJDGR D UHVSRQGHU D HVWDV
SUHJXQWDVHQHOPDUFRGHUHIHUHQFLDHQHOTXHpOVHKDEtDKDVWDDKRUDPRYLGR
VLJXLHQGR HO PRGHOR GHO SUDJPDWLVPR DTXt VH FRPSUHQGH OD OyJLFD GH OD
LQYHVWLJDFLyQ GH ODV GLIHUHQWHV FLHQFLDV FRPR OD H[SUHVLyQ PHWRGROyJLFDPHQWH
REMHWLYDGD GH GHWHUPLQDGDV DFWLWXGHV QDFLGDV HQ HO FtUFXOR IXQFLRQDO GH
DFWLYLGDGHV \ GHVDUUROORV SUHFLHQWtILFRV 6L VLJXLHQGR OD PLVPD OyJLFD GHEH
FRQFHELUVHODFDWHJRUtDGHDXWRUUHIOH[LyQOLJDGDDODIRUPDFLyQGHODLGHQWLGDG
FRPR XQD DQWLFLSDFLyQ SUiFWLFD GH XQ VDEHU HVSHFLDO WLHQHQ TXH HQFRQWUDUVH
SULPHURORVFULWHULRVTXHSHUPLWDQTXHVXIXQFLyQVHGHILQDFRQODREMHWLYLGDG
VXILFLHQWH FRPR SDUD TXH SXHGD DVXPLU OD IRUPD GH XQ SURFHGLPLHQWR
VXVFHSWLEOH GH VHU SXHVWR D SUXHED LQWHUVXEMHWLYDPHQWH (VWRV FULWHULRV VH
FRQVLJXHQ HQ ORV UHVWDQWHV FDVRV GH ODV FLHQFLDV HPStULFRDQDOtWLFDV \
KHUPHQpXWLFDVSRUPHGLRGHXQWLSRGHSUXHEDGHFRQWUDVWDFLyQTXHVRPHWHOD
SUD[LV FRJQLWLYD SUHFLHQWtILFD D ODV UXWLQDV GH OD DFFLyQ FRWLGLDQD ODV FLHQFLDV
HPStULFRDQDOtWLFDV FRQVWUX\HQ HQ VXV SURFHGLPLHQWRV PHWRGROyJLFRV ORV
FRQWUROHVRULHQWDGRVDODFRQVHFXFLyQGHORJURV\DVLHPSUHLQFRUSRUDGRVHQOD
DFFLyQWpFQLFDGHOPLVPRPRGRTXHODVFLHQFLDVKHUPHQpXWLFDVORFRQVLJXHQHQ
ODV RSHUDFLRQHV LQWHUSUHWDWLYDV TXH VRQ HIHFWLYDV HQ WRGR SURFHVR GH
FRPXQLFDFLyQ(Op[LWRGHXQSURFHVRRULHQWDGRDODIRUPDFLyQGHODLGHQWLGDG

VLQHPEDUJRVHPLGHSRUHOJUDGRHQHOTXHXQVXMHWRHVFDSD]GHDGTXLULUOD
DXWRQRPtDLQGLYLGXDOSRUWDQWRXQDWHRUtDFLHQWtILFDTXHGHEDSUHVHQWDUVHFRPR
OD IRUPD PHWRGROyJLFDPHQWH REMHWLYDGD GH OD DXWRUUHIOH[LyQ WLHQH TXH
FRPSUHQGHUVHGHHQWUDGDFRPRXQDWHQWDWLYDRULHQWDGDDD\XGDUDHVHSURFHVR
LQGLYLGXDOGHIRUPDFLyQDREWHQHUODPD\RUtDGHHGDG>0QGLJNHLW@PHGLDQWH
XQ HVIXHU]R WHyULFR FXDQGR HVWH GHVDUUROOR QDWXUDO TXHGH REVWDFXOL]DGR HO
PDUFR PHWRGROyJLFR HQ HO TXH XQD WHRUtD VHPHMDQWH REWLHQH VXV FUHGHQFLDOHV
FRJQRVFLWLYDV KDEUtD GH GHILQLUVH SRU FRQVLJXLHQWH SRU HO REMHWLYR GH
HPDQFLSDUDODFRQFLHQFLDGHODGHSHQGHQFLDGHSRGHUHVKLSRVWDVLDGRV>@
&RQ WRGR OOHJDGRV D HVWH SXQWR FDEH VHxDODU WDPELpQ TXH XQD WHRUtD
JXLDGD SRU HVWH REMHWLYR UHTXLHUH D~Q VL TXLHUH SRGHU DVXPLU XQD IRUPD
LQWHUVXEMHWLYDPHQWH FRQWUDVWDEOH GH XQ FULWHULR TXH SHUPLWD GHWHUPLQDU HO ILQ
~OWLPRGHOSURFHVRGHUHIOH[LyQSXHVWRHQPDUFKDDVDEHUHVDVLWXDFLyQ~OWLPD
GHPD\RUtDGHHGDGVyORDODOX]GHHVWHWLSRGHQRFLyQSUHOLPLQDUVHHVWDUtD
UHDOPHQWH HQ OD SRVLFLyQ DGHFXDGD SDUD GLVWLQJXLU H LGHQWLILFDU GHQWUR GH XQ
SURFHVR GH IRUPDFLyQ \D GDGR \ HIHFWXDGR HVRV SRGHUHV KLSRVWDVLDGRV
HVDVFRDFFLRQHVRSDFDVSDUDODDFFLyQHLOXVLRQHVDXWRJHQHUDGDVTXHKDQGH
VHU VXSHUDGDV SRU OD PDUFKD GH OD UHIOH[LyQ VXVFHSWLEOH GH VHU LPSXOVDGD $
GLIHUHQFLD GH OR TXH RFXUUH HQ ORV FDVRV GH ODV FLHQFLDV HPStULFRDQDOtWLFDV \
KHUPHQpXWLFDV HVWD WHRUtD FDSD] GH UHFRQVWUXLU HO SURFHVR SUHFLHQWtILFR GH OD
DXWRUUHIOH[LyQ VH RULHQWDUtD SRU FULWHULRV GH WLSR QRUPDWLYR QR SRGUtD
VHQFLOODPHQWHGHGXFLUODVUHJODVLQPDQHQWHVSDUDODFRQWUDVWDFLyQGHXQDSUD[LV
YLWDO \D FRRUGLQDGD PiV ELHQ VH YHUtD REOLJDGD D REWHQHUODV DQWLFLSDQGR HVWH
HVWDGR JHQHUDO TXH WUDWD GH SURGXFLU PHGLDQWH XQ HVIXHU]R PHWRGROyJLFR (V
HVWH HVWDGR JHQHUDO VXVFHSWLEOH GH VHU GHILQLGR HQ WpUPLQRV QRUPDWLYRV HO TXH
+DEHUPDV GHVFULEH HQ XQ VRUSUHQGHQWH JLUR GH VX H[SRVLFLyQ FRPR XQD
VLWXDFLyQ GH FRQVHQVR QR FRHUFLWLYR SDUD HOOR H[LJH FRPR VH GLFH HQ HVWD
IRUPXODFLyQELHQFRQRFLGDXQDFHUWH]DWHyULFD
1R HV FDVXDOLGDG TXH ORV FULWHULRV GH OD DXWRUUHIOH[LyQ TXHGHQ SRU HQFLPD GH HVD SHFXOLDU
LQGHWHUPLQDFLyQGHHVHSHFXOLDUQRHVWDUQXQFDGHOWRGRGHFLGLGRVHQHOTXHORVHVWiQGDUGH
WRGRV ORV GHPiV SURFHVRV GH FRQRFLPLHQWR KDQ PHQHVWHU GH TXH VH ORV VRSHVH \ SRQGHUH
FUtWLFDPHQWH/RVHVWiQGDUGHODDXWRUUHIOH[LyQJR]DQWHRUpWLFDPHQWHGHFHUWH]D(OLQWHUpVSRU
ODHPDQFLSDFLyQQRHVDOJRTXHYDJDPHQWHYLVOXPEUHPRVHVDOJRTXHYHPRVDSULRUL\HQOR

TXHDSULRULHVWDPRV3XHVDTXHOORTXHQRVVHSDUDGHODQDWXUDOH]DHVOR~QLFRTXHFRQRFHPRV
FRQIRUPHDVXSURSLDQDWXUDOH]DHOOHQJXDMH&RQODHVWUXFWXUDGHOOHQJXDMHYLHQH\DSXHVWR
SDUD QRVRWURV DOJR DVt FRPR XQD HPDQFLSDFLyQ &RQ OD SULPHUD IUDVH TXH SURQXQFLDPRV
TXHGDWDPELpQLQHTXtYRFDPHQWHH[SUHVDGDODLQWHQFLyQGHXQFRQVHQVRJHQHUDOTXHQRVHYHD
HPSDxDGRSRUODFRHUFLyQ>@

6L+DEHUPDV\DKDEtDLQVLVWLGRDQWHVFRPRKHPRVSRGLGRFRPSUREDUHQ
HO VXSXHVWR GH XQD VLWXDFLyQ GH GLiORJR OLEUH GH GRPLQLR FRPR XQ UHTXLVLWR
QHFHVDULR SDUD OD GLVFXVLyQ FLHQWtILFD DKRUD HVWD UHIOH[LyQ YD D DVXPLU XQ JLUR
DQWURSROyJLFR DO VHU UHODFLRQDGD HQ WpUPLQRV JHQHUDOHV FRQ OD HVWUXFWXUD GHO
OHQJXDMH KXPDQR HQ OD FRPSUHQVLyQ OLQJtVWLFD HQWHQGLGD FRPR PHGLR SRU HO
TXH HO VHU KXPDQR VH GLVWLQJXH GHO PXQGR DQLPDO KDELWD \D VLHPSUH XQD
DQWLFLSDFLyQKDFLDFRQGLFLRQHVFRPXQLFDWLYDVH[HQWDVGHGRPLQDFLyQWRGDYH]
TXHFXDOTXLHUKDEODQWHLQHYLWDEOHPHQWHUHFRQRFHDOH[SUHVDUXQHQXQFLDGROD
RSRUWXQLGDG GH DFFHGHU D XQD HYDOXDFLyQ QR FRHUFLWLYD GH ODV DILUPDFLRQHV
SURIHULGDVSRUpOeVWDHVODSULPHUDYH]TXH+DEHUPDVKDFHXQXVRH[SOLFLWRGH
OD LGHD GH XQD HVWUXFWXUD QRUPDWLYD LQKHUHQWH DO OHQJXDMH KXPDQR OD WHVLV
DG\DFHQWH GH XQ GLiORJR OLEUH GH GRPLQLR TXH pO PiV WDUGH MXVWLILFDUi FRQ OD
D\XGDGHXQDSUDJPiWLFDXQLYHUVDO\FRQYHUWLUiHQHOIXQGDPHQWRGHXQDpWLFD
GHO GLVFXUVR DFRPSDxD D SDUWLU GH HVWH PRPHQWR HO GHVDUUROOR XOWHULRU GH VX
WHRUtD
(QHVWHSXQWRVLQHPEDUJRD~QQRTXHGDGHOWRGRFODURHQTXpFRQWH[WR
SXHGH UHDOL]DUVH OD FRQH[LyQ HQWUH XQ FRQFHSWR pWLFROLQJtVWLFR \ OLEUH GH
GRPLQDFLyQ GH HVWH WLSR \ OD PiV TXH LQWHUHVDQWH SUHJXQWD SRU XQ FULWHULR
WHyULFR GH XQD DXWRUUHIOH[LyQ PHWRGROyJLFDPHQWH FRQGXFLGD HQ HIHFWR
+DEHUPDV VH HQUHGD HQ HVWH DVXQWR HQ OD PHGLGD HQ TXH pO HQ XQ SULPHU
PRPHQWRKDEtDGLVWLQJXLGRHVWULFWDPHQWHHQWUHORVSURFHVRVHQFDPLQDGRVDOD
IRUPDFLyQGHLGHQWLGDG\DODLQWHUDFFLyQVRFLDOL]DGRUDHQWUHORVRULHQWDGRVDOD
DGTXLVLFLyQ GH OD DXWRQRPtD GHO \R \ HO HQWUHQDPLHQWR HQ XQ FRQWH[WR
FRPXQLFDWLYR \ XQD FRQH[LyQ GH HVWH WLSR VyOR DSDUHFH HQ WpUPLQRV WHyULFRV
FXDQGR HO SURFHVR GH IRUPDFLyQ GH LGHQWLGDG HQ FRQWUDVWH FRQ HVD
GLIHUHQFLDFLyQVHLQWHUSUHWDGLUHFWDPHQWHFRPRXQSURFHVRGHVLPEROL]DFLyQGH
ORVSRWHQFLDOHVSXOVLRQDOHVHVWRHVFRPRXQSURFHVRGHIRUPDFLyQHQHOTXHHO
<RVHGHVSOD]DKDFLDODH[SHULHQFLDGHVXLGHQWLGDGSDUWLFXODUSRUPHGLRGHOD

SURJUHVLYDDUWLFXODFLyQGHVXVH[LJHQFLDV\QHFHVLGDGHVSDUWLFXODUHVGHQWURGHO
PDUFRJHQHUDOGHXQMXHJRGHOHQJXDMHS~EOLFR'LiORJROLEUHGHGRPLQDFLyQ
HV SRU WDQWR HO UyWXOR SDUD HVD FRQGLFLyQ LGHDO REWHQLGD D WUDYpV GH XQD
FRPXQLFDFLyQOLQJtVWLFDVLQFRDFFLRQHVGHOSRWHQFLDOLQGLYLGXDOGHQHFHVLGDGHV
GHXQVXMHWRWUDQVSDUHQWHHQUHODFLyQFRQVLJRPLVPR\FRQORVRWURV\HQHVD
PHGLGD DXWyQRPR LQYHUVDPHQWH XQD SRVLEOH SHUWXUEDFLyQ X REVWDFXOL]DFLyQ
GHOSURFHVRGHIRUPDFLyQGHLGHQWLGDGSXHGHHQWHQGHUVHFRPRHOUHVXOWDGRGH
XQD FRPXQLFDFLyQ GHWHUPLQDGD SRU OD FRDFFLyQ R PDUFDGD SRU UHODFLRQHV GH
GRPLQLR6yORDQWHHOWHOyQGHIRQGRGHHVWDVGHILQLFLRQHVUHVXOWDLQWHOLJLEOHSRU
TXp+DEHUPDVSXHGHFRQVLGHUDUODUHIHUHQFLDDODVLWXDFLyQLGHDOGHDXVHQFLDGH
FRHUFLyQLQKHUHQWHDOSURSLROHQJXDMH\DFRPRXQDUHVSXHVWDDODSUHJXQWDSRU
ORVFULWHULRVGHODDXWRUUHIOH[LyQ6LORVUHQGLPLHQWRVGHODUHIOH[LyQHQYLUWXGGH
ORVFXDOHVVHGHVDUUROODXQLQGLYLGXRKDVWDFRQYHUWLUVHHQXQVXMHWRDXWyQRPR
VRQ DFWRV OLQJtVWLFRFRPXQLFDWLYRV SURSLRV GH XQ SRWHQFLDO SXOVLRQDO
QDWXUDOPHQWH GHWHUPLQDGR VH HQWLHQGH TXH OD PHWD LQPDQHQWH GHO SURFHVR GH
IRUPDFLyQ LQGLYLGXDO KD GH VHU XQD VLWXDFLyQ GH GLVFXUVR OLEUH GH FRDFFLRQHV
SRUWDQWRXQDFLHQFLDTXHHQYLUWXGGHVXHVIXHU]RWHyULFRWUDWHGHYROYHUD
SRQHU HQ IXQFLRQDPLHQWR XQ SURFHVR GH IRUPDFLyQ LQWHUUXPSLGR R
GLVWRUVLRQDGR VyOR KD GH GHMDUVH RULHQWDU SRU OD SHUVSHFWLYD GH VXSHUDU HVRV
REVWiFXORV FRPXQLFDWLYRV TXH VLVWHPiWLFDPHQWH EORTXHDQ OD OLEUH DUWLFXODFLyQ
GHO SRWHQFLDO SXOVLRQDO 'H DKt TXH ORV FULWHULRV GH XQD WHRUtD TXH WLHQH FRPR
PRGHORHOPRYLPLHQWRGHODDXWRUUHIOH[LyQVHLGHQWLILTXHQHQ~OWLPRWpUPLQRFRQ
HOLGHDOGHXQDFRPXQLFDFLyQXQLYHUVDO\OLEUHGHFRDFFLRQHV
'HWRGRHVWHSODQWHDPLHQWRVHGHGXFHTXH+DEHUPDVQRSXHGHUHWURWUDHU
HO VDEHU HPDQFLSDWRULR HQ ORV PLVPRV WpUPLQRV TXH HO VDEHU WpFQLFR R HO
SUiFWLFRDXQWHUFHULQWHUpVGHFRQRFLPLHQWRDXWyQRPRHOVDEHUFUtWLFRFRPR
HO FRQRFLPLHQWR GH ODV FLHQFLDV KHUPHQpXWLFDV VH DVLHQWD WUDQVFHQGHQWDOPHQWH
DQWHV ELHQ HQ HO SOH[R SUiFWLFRYLWDO GH OD FRPXQLFDFLyQ LQKHUHQWH DO OHQJXDMH
RUGLQDULRQRREVWDQWHVXUHQGLPLHQWRUHIOH[LYRHVSHFLDOQDFHVyORXQDYH]TXH
FRQVWDWDEORTXHRVRGHIRUPDFLRQHVDVSHFWRVTXHFRQFLHUQHQHVSHFLDOPHQWHDO
SURFHVR GH FRPXQLFDFLyQ SUHFLHQWtILFR GH XQD IRUPD LQDFFHVLEOH D OD
KHUPHQpXWLFDeVWDHVODUD]yQSRUODTXH+DEHUPDVPiVWDUGHUHFRQRFHUiDO
LQWHUpVFRJQRVFLWLYRFUtWLFRXQHVWDWXWRGHULYDGR\ILQDOPHQWHORKDJDFRLQFLGLU

FRQ HO LQWHUpV SUiFWLFR HQ OD DPSOLDFLyQ GH ODV LQWHUDFFLRQHV OLQJtVWLFDV >@
$KRUD ELHQ OR TXH WDPELpQ SXHGH GHGXFLUVH GH HVWDV H[SOLFDFLRQHV HV TXH
+DEHUPDV WLHQH HQ PHQWH HO HMHPSOR GH XQ SVLFRDQiOLVLV LQWHUSUHWDGR HQ
WpUPLQRV OLQJtVWLFRV FXDQGR pO LQLFLDOPHQWH SRU PHGLR GH ORV UHQGLPLHQWRV
UHIOH[LYRV GHO SURFHVR GH IRUPDFLyQ LQGLYLGXDO WUDWD GH FODULILFDU OD HVWUXFWXUD
PHWRGROyJLFDGHXQD7HRUtD&UtWLFDGHODVRFLHGDG(OSVLFRDQiOLVLVDTXtWUDWDGH
GDU UHVSXHVWD FRPR FLHQFLD D ODV SHUWXUEDFLRQHV QDFLGDV HQ HVWH SURFHVR GH
IRUPDFLyQWLHQHFRPRREMHWLYRLPSXOVDUSRUDVtGHFLUORGHVGHIXHUDWRGDV
DTXHOODV IXHU]DV HPDQFLSDWRULDV LQKHUHQWHV D OD FRPXQLFDFLyQ OLQJtVWLFD
IXHU]DV PHGLDQWH ODV FXDOHV HO LQGLYLGXR DSUHQGH SDXODWLQDPHQWH D IRUPDUVH
SHUR TXH HQ GHWHUPLQDGRV FDVRV D UDt] GH SHUWXUEDFLRQHV WDPELpQ SXHGHQ
TXHGDU QHXWUDOL]DGDV EXVFDQGR SRVLEOHV LQWHUSUHWDFLRQHV SDUD ODV FDXVDV
VRFLDOL]DGRUDV GH ORV REVWiFXORV HQ OD FRPXQLFDFLyQ VL FRQ OD D\XGD GH XQD
LQWHUSUHWDFLyQ DGHFXDGD GH OD H[SHULHQFLD FDXVDQWH VH ORJUD WHQHU p[LWR
ILQDOPHQWH HQ SURGXFLU VLPXOWiQHDPHQWH XQ DFWR GH UHFXHUGR \ XQ SURFHVR
UHWURVSHFWLYR SRU YtD GH OD H[SUHVLyQ OLQJtVWLFD HQ SDFLHQWHV VH SXHGH DTXt
WDPELpQ DFFHGHU D XQD OLEHUDFLyQ GH ODV FRDFFLRQHV SURYRFDGDV SRU XQ
FRQIOLFWRLQFRQIHVDGR/RGLFKRDTXtKDVWDDKRUDFLHUWRHVVyORHVHOHVER]R
SUHYLRGHXQDLQWHUSUHWDFLyQWHyULFROLQJtVWLFDGHOSVLFRDQiOLVLVSRVLFLyQGHOD
TXH +DEHUPDV VyOR RIUHFHUi XQD LOXVWUDFLyQ KHUPHQpXWLFD \ XQD MXVWLILFDFLyQ
WHyULFRFLHQWtILFD HQ VX HQVD\R &RQRFLPLHQWR H LQWHUpV VLQ HPEDUJR HVWDV
EUHYHV LQGLFDFLRQHV SXHGHQ EDVWDU SRU DKRUD SDUD SHUPLWLUQRV UHFRQRFHU HO
PDUFRHSLVWHPROyJLFRHQHOTXHHOWUDWDUiGHIXQGDPHQWDUHVDWHUFHUDFODVHGH
FLHQFLD HVD IRUPD HVSHFLDO GH 7HRUtD &UtWLFD +DEHUPDV VXSRQH TXH HO
SVLFRDQiOLVLV UHSUHVHQWD HO PRGHOR PHWRGROyJLFR GH XQD 7HRUtD &UtWLFD GH OD
VRFLHGDG GHO PLVPR PRGR TXH HO SULPHUR DQDOL]D HO SURFHVR GH IRUPDFLyQ
LQGLYLGXDO EDMR HO LQWHUpV GH XQ FRQRFLPLHQWR HPDQFLSDWRULR OLEHUDQGR D XQ
VXMHWRGHOSRGHUGHFRDFFLRQHVRSDFDVDVXFDSDFLGDGGHDFFLyQDVtWDPELpQ
OD7HRUtD&UtWLFDGHODVRFLHGDGLQYHVWLJDFRUUHVSRQGLHQWHPHQWHHOSURFHVRGH
IRUPDFLyQGHODHVSHFLHSDUDGLVROYHUVXVGHSHQGHQFLDVLQFRQVFLHQWHVUHVSHFWR
DO SRGHU $KRUD ELHQ FyPR KD GH UHFRQVWUXLUVH OD KLVWRULD GH OD VRFLHGDG
KXPDQD GH WDO IRUPD TXH SRGDPRV HQFRQWUDU HQ HOOD OD FRUUHVSRQGHQFLD
ILORJHQpWLFDFRQHOSURFHVRLQGLYLGXDOGHODIRUPDFLyQGHLGHQWLGDG"<SRUTXp

WLHQHODKLVWRULDHIHFWLYDGHODHVSHFLHVHUFRPSUHQGLGDGHVGHHVWHSULVPDFRPR
XQSURFHVRGHIRUPDFLyQGLVWRUVLRQDGR"

1RWDVDOSLH

>@-+DEHUPDV(UNHQQWQLVXQG,QWHUHVVH OHFFLyQLQDXJXUDO 7HFKQLN XQG :LVVHQVFKDIW DOV


,GHRORJLH)UDQNIXUWSS\VV>WUDGFDVWHOODQD&LHQFLD\WpFQLFDFRPRLGHRORJtDWUDG
GH0 DQXHO-LPpQH]5HGRQGR7HFQRV0 DGULG@
>@ (GPXQG +XVVHUO 'LH .ULVLV GHU HXURSlLVFKHQ :LVVHQVFKDIWHQ XQG GLH WUDQV]HQGHQWDOH
3KlQRPHQRORJLH +XVVHUOLDQD YRO  'HQ +DDJ  S  >WUDG FDVWHOODQD /D FULVLV GH ODV
FLHQFLDVHXURSHDV\ODIHQRPHQRORJtDWUDVFHQGHQWDO8QDLQWURGXFFLyQDODILORVRItDIHQRPHQROyJLFD
%DUFHORQD&UtWLFD@
>@(VWDLQWHUSUHWDFLyQGHODVLQWHQFLRQHVGH+XVVHUOHQOD&ULVLVQRHVWiVLQHPEDUJROLEUHGH
SUREOHPDV FIU FRQWUD HVWD YDORUDFLyQ KDEHUPDVLDQD HO DUWtFXOR GH 5 %XEQHU :DV LVW NULWLVFKH
7KHRULH"HQ.2$SHO HQWUHRWURV +HUPHQHXWLNXQG,GHRORJLHNULWLN)UDQNIXUWSS
\VVHQHVSHFLDOSS\VV
>@-+DEHUPDV(UNHQQWQLVXQG,QWHUHVVH OHFFLyQLQDXJXUDO RSFLWSS\VV
>@,EtGS
>@,EtG
>@,EtGS
>@ 0 H UHILHUR VREUH WRGR D ORV HQVD\RV UHFRJLGRV HQ OD OODPDGD GLVSXWD GHO SRVLWLYLVPR
HVFULWRVDFRPLHQ]RVGHODGpFDGDGHORVVHVHQWDFRQFX\DD\XGDWUDWDUpGHUHFRQVWUXLUHOFDPLQR
HSLVWHPROyJLFRKDVWDOOHJDUDODSRVLFLyQIRUPXODGDHQODOHFFLyQLQDXJXUDO
>@ - +DEHUPDV 3KLORVRSKLVFKH $QWKURSRORJLH (LQ /H[LNRQDUWLNHO  .XOWXUXQG.ULWLN RS
FLWSS\VVSDUDORDTXtGLFKRS
>@&IU,EtGWDPELpQYpDVH-+DEHUPDV'LHJURH:LUNXQJ(LQHFKURQLVWLVFKH$QPHUNXQJ
]X0 DUWLQ+HLGHJJHUV*HEXUWVWDJ3ROLWLVFKSKLORVRSKLVFKH3URILOHRSFLWSS\VV
>@'HDKtTXHWDPELpQ.2$SHOTXHFRPSDUWLyHQSULQFLSLRFRQ+DEHUPDVVXDSUR[LPDFLyQ
DODWHRUtDGHODFLHQFLDGHVGHODSHUVSHFWLYDGHXQDDQWURSRORJtDGHOFRQRFLPLHQWRSXGLHUDKDFHUXVR
GHO FRQFHSWR KHLGHJJHULDQR GH FXUD >6RUJH@ FRPR SXQWR GH SDUWLGD GH VX WHRUtD GH ORV LQWHUHVHV
FRJQRVFLWLYRV&IU.2$SHO(LQOHLWXQJ7UDQVIRUPDWLRQGHU3KLORVRSKLH7UDQVIRUPDWLRQGHU
3KLORVRSKLH )UDQNIXUW  YRO  SS  \ VV (Q HVSHFLDO SS  \ VV 3DUD OD SRVLFLyQ GH OD
DFFLyQFRPRFXLGDGR>%HUVRUJHQ@HQODWHRUtDGHOFRQRFLPLHQWRH[SXHVWDHQ6HU\WLHPSRFIUHQ
JHQHUDO*3UDXVV(UNHQQHQXQG+DQGHOQLQ+HLGHJJHUV6HLQXQG=HLW)ULEXUJR\0 XQLFK
FDS
>@-+DEHUPDV3KLORVRSKLVFKH$QWKURSRORJLH (LQ/H[LNRQDUWLNHO RSFLWS
>@ &IU OD GRFXPHQWDFLyQ UHFRJLGD HQ 7K : $GRUQR X D 'HU 3RVLWLYLVPXVVWUHLW LQ GHU
GHXWVFKHQ 6R]LRORJLH 1HXZLHG%HUOtQ  >WUDG FDVWHOODQD /D GLVSXWD GHO SRVLWLYLVPR HQ OD
VRFLRORJtDDOHPDQD%DUFHORQD*ULMDOER@
>@ .DUO 5 3RSSHU /RJLN GHU )RUVFKXQJ 7ELQJHQ  FDStWXOR ,9 >WUDG FDVWHOODQD
/yJLFD GH OD LQYHVWLJDFLyQ FLHQWtILFD 0 DGULG 7HFQRV @ FIU WDPELpQ DGHPiV OD LPSRUWDQWH
LQYHVWLJDFLyQ GH $OEUHFKW :HOOPHU 0HWKRGRORJLH DOV (UNHQQWQLVWKHRULH =XU :LVVHQVFKDIWVOHKUH
.DUO53RSSHUV)UDQNIXUW
>@ - +DEHUPDV $QDO\WLVFKH :LVVHQVFKDIWVWKHRULH XQG 'LDOHNWLN HQ =XU /RJLN GHU
6R]LDOZLVVHQVFKDIWHQ TXLQWDHGLFLyQDPSOLDGD )UDQNIXUWSS\VVSDUDHVWRSS\

VV >WUDG FDVWHOODQD /D GLVSXWD GHO SRVLWLYLVPR HQ OD VRFLRORJtD DOHPDQD WUDG -DFRER 0 XxR] 
%DUFHORQD*ULMDOER@
>@,EtGS
>@,EtGS
>@ 0 iV WDUGH +DEHUPDV GLVWLQJXLUi PiV HVWULFWDPHQWH OR GHVDUUROODGR HQ HO FRQWH[WR GH OD
GLVSXWD GHO SRVLWLYLVPR HQWUH FXHVWLRQHV UHODWLYDV D OD FRQVWLWXFLyQ GH REMHWRV \ FXHVWLRQHV
UHODWLYDVDODLQYHVWLJDFLyQGHODYHUGDGHQWUHHODSULRULGHODH[SHULHQFLD\HOFULWHULRGHYHUGDG
>@,EtGS
>@ ,EtG S  FIU WDPELpQ - +DEHUPDV *HJHQ HLQHQ SRVLWLYLVWLVFK KDOELHUWHQ
5DWLRQDOLVPXVHQ=XU/RJLNGHU6R]LDOZLVVHQVFKDIWHQRSFLWSS\VVSDUDHVWRYpDVHS
>WUDGFDVWHOODQD/yJLFDGHODVFLHQFLDVVRFLDOHV0 DGULG7pFQRV@
>@&IUWDPELpQ-:KLWHERRN7KH3UREOHPRI1DWXUHLQ+DEHUPDV7HORV  SS
\VV+2WWPDQQ&RJQLWLYH,QWHUHVWVDQG6HOI5HIOHFWLRQHQ-%7KRPSVRQ\'+HOGHGV
+DEHUPDV&ULWLFDO'HEDWHV/RQGUHVSS\VV(QWUHWDQWR+DEHUPDVKDFRQWHVWDGRD
VXV FUtWLFRV HQ - +DEHUPDV 5HSOLN DXI (LQZlQGH   9RUVWXGLHQ XQG (UJlQ]XQJHQ ]XU
7KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV)UDQNIXUWSS\VVHQHVSHFLDOSS\VV
>WUDG FDVWHOODQD 7HRUtD GH OD DFFLyQ FRPXQLFDWLYD  FRPSOHPHQWRV \ HVWXGLRV SUHYLRV 0 DGULG
&iWHGUD@
>@-+DEHUPDV$QDO\WLVFKH:LVVHQVFKDIWVWKHRULHXQG'LDOHNWLNRSFLWS
>@-+DEHUPDV3KLORVRSKLVFKH$QWKURSRORJLHRSFLWS
>@,EtGSS\VV
>@$*HKOHQ'HU0HQVFKRSFLWSS\VV>WUDGFDVWHOODQD(OKRPEUH\VXQDWXUDOH]D
HQHOPXQGR6DODPDQFD6tJXHPH@
>@ &IU - +DEHUPDV =ZLVFKHQ 3KLORVRSKLH XQG :LVVHQVFKDIW 0 DU[LVPXV DOV .ULWLN
7KHRULHXQG3UD[LV )UDQNIXUW  SS  \ VV>WUDG FDVWHOODQD 7HRUtD \ SUD[LV  HVWXGLRV GH
ILORVRItDVRFLDO0DGULG7HFQRV@WDPELpQ/LWHUDWXUEHULFKW]XUSKLORVRSKLVFKHQ'LVNXVVLRQ
XP0 DU[XQGGHQ0 DU[LVPXVRSFLWSS\VV
>@-+DEHUPDV*HJHQHLQHQSRVLWLYLVWLVFKKDOELHUWHQ5DWLRQDOLVPXVRSFLWS
>@,EtGSS\VV
>@,EtGS
>@ &IU OD SURSXHVWD GH LQWHUSUHWDFLyQ UHDOL]DGD SRU : %RQVV (PSLULH XQG 'HFKLIIULHUXQJ
YRQ :LUNOLFKNHLW =XU 0 HWKRGRORJLH EHL $GRUQR HQ / YRQ )ULHGHEXUJ \ - +DEHUPDV HGV 
$GRUQR.RQIHUHQ])UDQNIXUWSS\VV
>@ 3DUD HVWH SXQWR OR PHMRU HV FRQVXOWDU + / 'UH\IXV \ 3DXO 5DELQRZ 0LFKHO )RXFDXOW
%H\RQG6WUXFWXUDOLVPDQG+HUPHQHXWLFV%ULJKWRQHQHVSHFLDOFDSV\>WUDGFDVWHOODQD
0LFKHO )RXFDXOW PiV DOOi GHO HVWUXFWXUDOLVPR \ OD KHUPHQpXWLFD 0 p[LFR 8QLYHUVLGDG 1DFLRQDO
$XWyQRPD@
>@ - +DEHUPDV 'HU 8QLYHUVDOLWlWVDQVSUXFK GHU +HUPHQHXWLN =XU /RJLN GHU
6R]LDOZLVVHQVFKDIWHQRSFLWSFIUWDPELpQ-+DEHUPDV(LQ/LWHUDWXUEHULFKW=XU/RJLNGHU
6R]LDOZLVVHQVFKDIWHQRSFLWSS\VVHQHVSHFLDOSS\VV
>@-+DEHUPDV$QDO\WLVFKH:LVVHQVFKDIWVWKHRULHXQG'LDOHNWLNRSFLWSS\VV

>@&IUORVHQVD\RVUHXQLGRVHQODQRWD
>@ &IU - +DEHUPDV =ZLVFKHQ 3KLORVRSKLH XQG :LVVHQVFKDIW 0 DU[LVPXV DOV .ULWLN RS
FLWSS\VV
>@3DUDHOVLJQLILFDGRGHODILJXUDGH0 HUOHDX3RQW\HQODLQWHUSUHWDFLyQKDEHUPDVLDQDLQLFLDO
GHO PDU[LVPR FIU ( + :DOWHU 'LH SUHNlUH 9HUPLWWOXQJ YRQ 7KHRULH XQG 3UD[LV LQ XQVHUHU
QDFKUHYROXWLRQlUHQ =HLW $QPHUNXQJHQ ]XU *HVFKLFKWVSKLORVRSKLH 0 DXULFH 0 HUOHDX3RQW\V XQG
-UJHQ+DEHUPD$UFKLYIU5HFKWVXQG6R]LDOSKLORVRSKLH,,,SS\VV
>@ 'H XQ PRGR WDPELpQ VLPLODU D .2 $SHO 6]LHQWLVWLN +HUPHQHXWLN ,GHRORJLHNULWLN
(QWZXUI HLQHU :LVVHQVFKDIWVOHKUH LQ HUNHQQWQLVDQWKURSRORJLVFKHU +LQVLFKW 7UDQVIRUPDWLRQ GHU
3KLORVRSKLHRSFLWSS\VV>WUDGFDVWHOODQD/DWUDQVIRUPDFLyQGHODILORVRItDYRO0 DGULG
7DXUXV@
>@-+DEHUPDV$QDO\WLVFKH:LVVHQVFKDIWKHRULHXQG'LDOHNWLNRSFLWS
>@,EtG
>@,EtGS
>@-+DEHUPDV*HJHQHLQHQSRVLWLYLVWLVFKKDOELHUWHQ5DWLRQDOLVPXVRSFLWS
>@,EtGS
>@-+DEHUPDV(UNHQQWQLVXQG,QWHUHVVHRSFLWSS\VV
>@,EtGS
>@,EtGS
>@ &IU - +DEHUPDV 1DFKZRUW   (UNHQQWQLV XQG ,QWHUHVVHRSFLW SS  \ VV
SDUDHVWRHQFRQFUHWRYpDVHSS\VV


'265(&216758&&,21(6'(/$+,6725,$'(/$
(63(&,((1&21)/,&72(/(17(1',0,(172&202
3$5$',*0$'(/262&,$/

(Q VX FUtWLFD GHO SRVLWLYLVPR +DEHUPDV VH PXHYH VLHPSUH GHQWUR GH ORV
SDUiPHWURV GH OD WHRUtD VRFLDO 'DGR TXH pO GHVGH HO SULQFLSLR WUDWD GH GDU
UHVSXHVWDDODFXHVWLyQHSLVWHPROyJLFDGHORVFULWHULRVGHYDOLGH]GHOSRVLWLYLVPR
GHVGH OD SHUVSHFWLYD GH XQ WUDQVFHQGHQWDOLVPR RULHQWDGR HQ WpUPLQRV
DQWURSROyJLFRV HQ VX DERUGDMH PHWRGROyJLFR GH OD FXHVWLyQ QR SXHGH VLQR
VHQWLUVHFRQFHUQLGRFRQODVFXHVWLRQHVEiVLFDVGHODWHRUtDGHODVRFLHGDG(Q
HVWH FRQWH[WR HO iPELWR GH ORV LQWHUHVHV SUHFLHQWtILFRV KDFLD HO TXH pO TXLHUH
UHPRQWDUVH SDUD VLWXDU ORV GLIHUHQWHV PpWRGRV GH LQYHVWLJDFLyQ H[LVWHQWHV VyOR
SXHGH YDOHU FRPR SRVLEOH FRQGLFLyQ WUDQVFHQGHQWDO VL VH SXHGH PRVWUDU TXH
HVWiLQGLVROXEOHPHQWHXQLGRDOSURFHVRGHYLGDVRFLDOGHODHVSHFLHKXPDQDHV
GHFLUODVGLIHUHQWHVIRUPDVGHDFFLyQVRFLDOH[LVWHQWHVOLJDGDVSRURWUDSDUWH
D VX YH] D ORV UHVSHFWLYRV LQWHUHVHV UHFWRUHV GHO FRQRFLPLHQWR WLHQHQ TXH
SRGHU FRPSUHQGHUVH DO PLVPR WLHPSR FRPR HOHPHQWRV FRQVWLWX\HQWHV
XQLYHUVDOHVGHODVVRFLHGDGHV(VHQHVWHSUHFLVRVHQWLGRHQHOTXHODGRFWULQD
GH ORV LQWHUHVHV UHFWRUHV GH FRQRFLPLHQWR GHVSOHJDGD SRU +DEHUPDV HQ HO
PDUFRGHVXFUtWLFDGHOSRVLWLYLVPRGDXQSDVRPiVSDUDKDFHUUHIHUHQFLDDXQ
FRQFHSWR PDWHULDO GH VRFLHGDG HV WDPELpQ HQ HVWDV FRRUGHQDGDV GRQGH
DSDUHFHQ ORV GLIHUHQWHV WLSRV GH DFFLyQ FRJQRVFLWLYDPHQWH PHGLDGRV TXH OD
WHRUtDGHOFRQRFLPLHQWRKDEtDHQFRQWUDGRFRPRUHQGLPLHQWRVVRFLDOHVJUDFLDVD

ORVFXDOHVVHFRQVWLWX\HXQSOH[RYLWDOVRFLDOL]DGR\VHGHVDUUROODDORODUJRGH
XQSURFHVRKLVWyULFR
(VHQHVWHFRQWH[WRHQHOTXHVHKDEtDSXHVWRGHPDQLILHVWRODFDWHJRUtDGH
WUDEDMRVRFLDOLQLFLDOPHQWHFRPRODSULPHUDIRUPDGHXQDSUD[LVGHHVWHWLSR
GH XQD DFFLyQ TXH MXQWR FRQ ORV UHTXLVLWRV IiFWLFRV QHFHVDULRV SDUD OD
UHSURGXFFLyQVRFLDOFUHDODVFRQGLFLRQHVWUDQVFHQGHQWDOHVGHODFRQVWLWXFLyQGH
ODUHDOLGDGGHDOJ~QPRGRpVWDFDWHJRUtDVHUHYHODEDDODFRQFLHQFLDFRPRXQD
FODVHGHDFWLYLGDGHQFX\RPDUFRGHRULHQWDFLyQFRJQLWLYRVHSRGtDQDVHQWDUHQ
XQ SODQR WUDQVFHQGHQWDO ODV FLHQFLDV HPStULFRDQDOtWLFDV /R VLJQLILFDWLYR GHO
DVXQWR HV TXH +DEHUPDV VH OLPLWD D LQWURGXFLU VHQFLOODPHQWH OD DFWLYLGDG GHO
WUDEDMRFRPRDFFLyQLQVWUXPHQWDOHVGHFLUKDFHDEVWUDFFLyQGHWRGRVDTXHOORV
HOHPHQWRVH[SUHVLRQLVWDV\FRQIRUPDGRUHVGHSHUVRQDOLGDGTXHSRUHMHPSORHO
MRYHQ0DU[VLJXLHQGRGHFHUFDD+HJHO\DOURPDQWLFLVPRKDEtDWHUPLQDGRSRU
DWULEXLUDGLFLRQDOPHQWHDODFDWHJRUtDGHWUDEDMR\VHFHQWUDH[FOXVLYDPHQWHHQ
HO SXQWR GH YLVWD GH OD GLVSRVLFLyQ LQVWUXPHQWDO OD DFFLyQ UDFLRQDO FRQ
UHVSHFWRDILQHV>]ZHFNUDWLRQDO@VREUHORVSURFHVRVQDWXUDOHV>@
3RUWUDEDMRRDFFLyQUDFLRQDOFRQUHVSHFWRDILQHVHQWLHQGRRELHQODDFFLyQLQVWUXPHQWDOR
ELHQODHOHFFLyQUDFLRQDORXQDFRPELQDFLyQGHDPEDV/DDFFLyQLQVWUXPHQWDOVHRULHQWDSRU
UHJODV WpFQLFDV TXH GHVFDQVDQ VREUH HO VDEHU HPStULFR (VDV UHJODV LPSOLFDQ HQ FDGD FDVR
SURQyVWLFRVVREUHVXFHVRVREVHUYDEOHV\DVHDQItVLFRVRVRFLDOHVHVWRVSURQyVWLFRVSXHGHQ
UHVXOWDUYHUGDGHURVRIDOVRV>@

1DWXUDOPHQWH HQ OD PHGLGD HQ TXH +DEHUPDV QR FRPSDUWH OD


FDUDFWHUL]DFLyQHQIiWLFDGHODDFFLyQGHOWUDEDMRFRPRXQDFRQWHFHUH[SUHVLYR
SHURVtHOFRQFHSWRHOHPHQWDOGHOWUDEDMRVRFLDOFRPRSURFHVRXQLYHUVDOGHOD
DSURSLDFLyQFRJQRVFLWLYDGHODQDWXUDOH]DXQSODQWHDPLHQWRTXHVHUHPRQWDD
ODWUDGLFLyQGHODWHRUtDVRFLDOGHVGH0DU[pOVHYDDGHVSOD]DUPiVDOOiGHO
PDUFR GHO PDU[LVPR FOiVLFR DILUPDQGR XQ VHJXQGR WLSR GH DFFLyQ QHFHVDULD
SDUDODUHSURGXFFLyQ(QODFUtWLFDGHOSRVLWLYLVPRVHKDEtDSXHVWRGHPDQLILHVWR
KDVWDTXpSXQWRHOHQWHQGLPLHQWRFRPXQLFDWLYRUHSUHVHQWDEDXQDVHJXQGDIRUPD
GHSUD[LVVRFLDOTXHDOLJXDOTXHHOWUDEDMRHVWDEDLQGLVROXEOHPHQWHFRQHFWDGD
D OD UHSURGXFFLyQ VRFLDO GH OD HVSHFLH DSDUHFtD HQ HVFHQD FRPR OD IRUPD GH
DFFLyQ HQ FX\R PDUFR FRJQLWLYR GH RULHQWDFLyQ VH HQUDL]DEDQ

WUDQVFHQGHQWDOPHQWH ODV FLHQFLDV KLVWyULFRKHUPHQpXWLFDV /D UHHYDOXDFLyQ


HSLVWHPROyJLFD GH OD FRPSUHQVLyQ GHO VHQWLGR UHVXOWDGR GH OD FUtWLFD GHO
SRVLWLYLVPR FRUUH DTXt SDUHMDV FRQ OD UHHYDOXDFLyQ WHyULFRVRFLDO GH OD
FDWHJRUtD GH LQWHUDFFLyQ SXHV MXQWR FRQ HO UHQGLPLHQWR GHO FRQRFLPLHQWR
KHUPHQpXWLFRWLHQHWDPELpQTXHUHFRQRFHUVHHOIDFWRUGHODDFFLyQSUHFLHQWtILFD
FX\DH[SUHVLyQPHWRGROyJLFDPHQWHVLVWHPiWLFDDTXpOUHSUHVHQWDIUHQWHDOD
UHGXFFLyQ SRVLWLYLVWD GH OD SUD[LV KXPDQD D PHUR KDFHU WpFQLFR +DEHUPDV
FRPSUHQGH HVWH GLIHUHQWH PRGR GH DFFLyQ VXE\DFHQWH D OD FRPSUHQVLyQ GH
VHQWLGR HQ WDQWR TXH IXQGDPHQWR SUiFWLFR FRPR XQ WLSR GH DFWLYLGDG
KHUPHQpXWLFDJUDFLDVDOFXDOSXHGHQOOHJDUDFRPSUHQGHUVHHQWUHVtORVVXMHWRV
DFHUFD GH XQ VLVWHPD VRFLDO GH QRUPDV \ HQ HVD PLVPD PHGLGD DFWXDOL]DUOR
UHVSHFWRDVXYDOLGH]HQVLWXDFLRQHVPiVHVSHFtILFDV(QHOSULPHUSODQRGHOD
GHILQLFLyQ DSDUHFH DTXt HQ SULPHU OXJDU HVWH DVSHFWR GHO VHJXLPLHQWR
FRPXQLFDWLYRGHQRUPDV
3RU DFFLyQ FRPXQLFDWLYD HQWLHQGR XQD LQWHUDFFLyQ VLPEyOLFDPHQWH PHGLDGD 6H RULHQWD GH
DFXHUGR FRQ QRUPDV LQWHUVXEMHWLYDPHQWH YLJHQWHV TXH GHILQHQ H[SHFWDWLYDV UHFtSURFDV GH
FRPSRUWDPLHQWR \ TXH WLHQHQ TXH VHU HQWHQGLGDV \ UHFRQRFLGDV SRU OR PHQRV SRU GRV
VXMHWRVDJHQWHV/DVQRUPDVVRFLDOHVYLHQHQXUJLGDVSRUVDQFLRQHV6XVHQWLGRVHREMHWLYDHQ
ODFRPXQLFDFLyQOLQJtVWLFDFRWLGLDQD0 LHQWUDVTXHODYDOLGH]GHODVUHJODVWpFQLFDV\GHODV
HVWUDWHJLDVGHSHQGH GH OD YDOLGH]GH HQXQFLDGRV HPStULFDPHQWH YHUGDGHURV R DQDOtWLFDPHQWH
FRUUHFWRVODYDOLGH]GHODVQRUPDVVRFLDOHVVyORVHIXQGDHQODLQWHUVXEMHWLYLGDGGHODFXHUGR
VREUHLQWHQFLRQHV\VyORYLHQHDVHJXUDGDSRUHOUHFRQRFLPLHQWRJHQHUDOGHREOLJDFLRQHV>@

&RQ HVWRV GRV FRQFHSWRV GH DFFLyQ FRPXQLFDWLYD \ DFFLyQ LQVWUXPHQWDO


HVWDPRV \D HQ FRQGLFLRQHV GH DFFHGHU SXHV D ODV FRQGLFLRQHV HOHPHQWDOHV
SDUDXQDWHRUtDGHODVRFLHGDG7RPDGRVFRQMXQWDPHQWHDPERVFRQWLHQHQODV
LQGLFDFLRQHVSDUDXQFRQFHSWRPiVJHQHUDOGHVRFLHGDGHQHOTXHHOSURFHVRGH
ODUHSURGXFFLyQPDWHULDODSDUH]FDGHSHQGLHQWHGHXQSURFHVRGHHQWHQGLPLHQWR
LQWHUVXEMHWLYR PHGLDGR SRU QRUPDV VRFLDOHV HO WUDEDMR VRFLDO VH LQVHUWD HQ XQ
PDUFR DPSOLR GH LQWHUDFFLyQ VRFLDO \D TXH VyOR DTXt ORV PLHPEURV GH XQD
VRFLHGDGSXHGHQOOHJDUDHQWHQGHUVHHQWUHVtDFHUFDGHODVQRUPDVREOLJDWRULDV
TXHVRQFDSDFHVGHUHJXODUODRUJDQL]DFLyQGHODYLGDVRFLDOHQVXFRQMXQWR\
HQHVDPHGLGDWDPELpQHOSURFHVRGHWUDEDMR6REUHODEDVHGHHVWHFRQFHSWR
QRUPDWLYRGHVRFLHGDGVHGLVXHOYHQDVLPLVPRFRPR\DKDSRGLGRUHFRQRFHUVH

SRUDOJXQDVDOXVLRQHVORVSUREOHPDVTXHDODKRUDGHFRQVWUXLUVXWHRUtDGHOD
DFFLyQLPSLGLHURQD$GRUQRSRUXQODGR\D)RXFDXOWSRURWURFRQGXFLUORV
UHQGLPLHQWRVVXVUHVSHFWLYRVGLDJQyVWLFRVFUtWLFRVGHVXWLHPSRDXQDQiOLVLVGH
ODVRFLHGDGPiVFRQYLQFHQWH/DWHRUtDGHODVRFLHGDGKDEHUPDVLDQDUHFXSHUD
HQ VX SODQWHDPLHQWR SRU VX SDUWH DGHPiV GHO iPELWR GH OD UHSURGXFFLyQ
PDWHULDO GHVDUUROODGD D WUDYpV GH ODV DFWLYLGDGHV LQVWUXPHQWDOHV WDPELpQ OD
GLPHQVLyQ FRPXQLFDWLYD GH OD LQWHJUDFLyQ QRUPDWLYD D VDEHU OD UHSURGXFFLyQ
VLPEyOLFD QR LJQRUD OD H[LVWHQFLD HQ HO iPELWR GH OD SUD[LV VRFLDO GH HVH
HOHPHQWR GH FRQVHQWLPLHQWR UHJXODGR QRUPDWLYDPHQWH GHVGH HO FXDO VyOR
SXHGHQ OOHJDU D FRPSUHQGHUVH HO SRGHU \ OD GRPLQDFLyQ FRPR IHQyPHQRV
VRFLDOHV HQ HO FRQFHSWR GH DFFLyQ FRPXQLFDWLYD +DEHUPDV SRU WDQWR
GHVSOD]D HO SURFHVR GHO HQWHQGLPLHQWR LQWHUVXEMHWLYR HQ FDPELR D HVH OXJDU
FHQWUDOTXHKDEtDVLGRRFXSDGRHQHOFDVRGHODWHRUtDGHODVRFLHGDGTXHVH
UHPRQWDD0DU[SRUHOWUDEDMRVRFLDO\HQHOFDVRGHODWHRUtDGHOSRGHUGH
1LHW]VFKHSRUODOXFKDGHDFWRUHVVRFLDOHVHQFRQIOLFWRGHSDVRYDDD\XGDU
FRPR VyOR KDEtD VLGR FDSD] GH KDFHUOR $QWRQLR *UDPVFL HQ VXV HVFULWRV D
OOHYDU OD PRWLYDFLyQ FHQWUDO GHO SODQWHDPLHQWR GH 'XUNKHLP D OD WUDGLFLyQ GHO
PDU[LVPRFUtWLFR>@
(OFRQFHSWRGHLQWHUDFFLyQPHGLDGDVLPEyOLFDPHQWHGHILQHHQHVWHFRQWH[WR
OD SRVLFLyQ HVSHFLDO TXH HO SODQWHDPLHQWR WHyULFR KDEHUPDVLDQR YD D RFXSDU
GHQWURGHODWUDGLFLyQGHODWHRUtDFUtWLFDGHODVRFLHGDGTXHVHUHPRQWDD0DU[
(Q XQ JLUR HVWLPXODGR SRU OD H[SHULHQFLD GH OD KHUPHQpXWLFD +DEHUPDV YD D
UHWRPDU ODV SUHRFXSDFLRQHV GH ODV FRUULHQWHV QRUPDWLYDV \ WHyULFROLQJtVWLFDV
GHQWUR GHO SHQVDPLHQWR VRFLROyJLFR >@ PHGLDQWH HVWH PRYLPLHQWR pO VH
SURWHJH GHVGH HO SULQFLSLR FRQWUD WRGR SRVLEOH UHGXFFLRQLVPR RULHQWDGR D
LQWHUSUHWDU OD VRFLHGDG FRPR XQ FRQWH[WR OLEUH GH QRUPDV GH DFFLRQHV
LQVWUXPHQWDOHV R HVWUDWpJLFDV HO HQWHQGLPLHQWR LQPDQHQWH DO OHQJXDMH RUGLQDULR
DFHUFD GH ODV QRUPDV UHFWRUDV GH OD DFFLyQ VH UHFRQRFH DKRUD FRPR OD
GLPHQVLyQ TXH VRVWLHQH ODV VRFLHGDGHV SRU SULPHUD YH] HQ OD KLVWRULD GHO
PDU[LVPR OD DFFLyQ FRPXQLFDWLYD VH DERUGD VLVWHPiWLFDPHQWH FRPR HO
SDUDGLJPD GH OR VRFLDO 1DWXUDOPHQWH HVWD SRVLFLyQ EiVLFD REWHQLGD SRU YtD
HSLVWHPROyJLFD QR EDVWD D~Q VLQ HPEDUJR SDUD IXQGDPHQWDU XQD FRQFHSFLyQ
WHyULFRFRPXQLFDWLYD GH OD VRFLHGDG \ GH HVWH PRGR RSRQHU D XQD

LQWHUSUHWDFLyQ UHGXFFLRQLVWD GH OD KLVWRULD GH OD HVSHFLH XQD DOWHUQDWLYD PiV
FRQYLQFHQWH WRGD YH] TXH HO PRGHOR GH VRFLHGDG DO TXH FRQGXFH OD
DUJXPHQWDFLyQ DQWURSROyJLFRWUDQVFHQGHQWDO GH OD FUtWLFD KDEHUPDVLDQD GHO
SRVLWLYLVPRVyORSUR\HFWDXQDLPDJHQJURVHUD\XQWDQWRVLPSOLILFDGDPiVD~Q
GHPDVLDGRHVWiWLFD\SDFtILFDGHOFRQWH[WRGHYLGDVRFLDO'HKHFKROR~QLFR
TXHVDEHPRVKDVWDDKRUDHVTXHHOGHVDUUROORGHODUHSURGXFFLyQVRFLDOKDGH
LQWHUSUHWDUVH FRPR XQ SURFHVR GH FRPXQLFDFLyQ DPSOLDGD GHQWUR GH JUXSRV
GHQWURGHOFXDOVHRUJDQL]DQODVWDUHDVGHODSURGXFFLyQPDWHULDOVREUHODEDVH
GH QRUPDV UHFRQRFLGDV VRFLDOPHQWH TXHGD QR REVWDQWH DTXt D~Q SHQGLHQWH
VDEHUFyPRSXHGHFRPSUHQGHUVHODGLQiPLFDLQWHUQDGHHVHFRQWH[WRSUiFWLFR
GH DFFLyQ QRUPDWLYDPHQWH LQWHJUDGR FRPR XQ SURFHVR GH IRUPDFLyQ GH OD
HVSHFLHKXPDQD
'H KHFKR VL TXLHUH DYDQ]DU GH VXV SODQWHDPLHQWRV WHyULFRFRPXQLFDWLYRV
SURFHGHQWHV GH VX FUtWLFD GHO SRVLWLYLVPR KDFLD XQD QXHYD FRPSUHQVLyQ GH OD
KLVWRULD GH OD HVSHFLH +DEHUPDV WLHQH TXH SRGHU UHVSRQGHU D ODV SUHJXQWDV
SODQWHDGDV SULQFLSDOPHQWH HQ UHODFLyQ FRQ OD FRQVWUXFFLyQ GH XQD WHRUtD GH OD
VRFLHGDG SDUD HVWR HV GH JUDQ LPSRUWDQFLD GH HQWUDGD FRQVHJXLU XQD
FODULILFDFLyQ GH OD GLQiPLFD KLVWyULFD GH GHVDUUROOR GH ODV VRFLHGDGHV &RQ OD
DPSOLDFLyQFDWHJRULDOGHODFDWHJRUtDGHUHSURGXFFLyQVRFLDODODGLPHQVLyQGHO
HQWHQGLPLHQWRFRPXQLFDWLYRVHSUHVHQWDDVLPLVPRHOPRYLPLHQWRKLVWyULFRGHODV
VRFLHGDGHVEDMRXQDOX]DOJRGLIHUHQWHHQOXJDUGHGHWHUPLQDUVHH[FOXVLYDPHQWH
SRUORVHVWDGLRVGHODSURGXFFLyQPDWHULDOHOGHVDUUROORVRFLDOVHYDDPHGLU\
UHJXODU WDPELpQ SRU ODV IRUPDV \ FRQWHQLGRV GH OD LQWHUDFFLyQ PHGLDGD
VLPEyOLFDPHQWHQRVRQ\DODVFRQVHFXHQFLDVVRFLDOHVGHORVSURFHVRVOLJDGRVDO
GHVDUUROORHFRQyPLFRVLQRHOSOH[RGLQiPLFRFULVWDOL]DGRHQWUHHOWUDEDMRVRFLDO
\HOSURFHVRH[SDQVLYRGHOHQWHQGLPLHQWRHOTXHFRQIRUPDDKRUDHOIHQyPHQR
TXHVHQHFHVLWDH[SOLFDU'HQWURGHOiPELWRGHHVWHSUREOHPDJHQHUDOTXHDTXt
VH SODQWHD OD VHJXQGD FXHVWLyQ TXH HUD GH H[WUDRUGLQDULD LPSRUWDQFLD SDUD OD
WHRUtD GH OD VRFLHGDG GHVGH VLHPSUH \ TXH UHVXOWD HVSHFLDOPHQWH LQWHUHVDQWH
SDUD QRVRWURV D VDEHU OD GHO QDFLPLHQWR GH OD GRPLQDFLyQ \ FRQ HOOR GH OD
OHJLWLPDFLyQGHOSRGHUTXHGDHQFLHUWRPRGR\DFHUUDGD3DUD+DEHUPDVHVWH
YLHMRSUREOHPDVXUJHHQHOFRQWH[WRHVSHFtILFRGHILQLGRSRUHOFRQFHSWRFODYH
GH HQWHQGLPLHQWR LQWHUVXEMHWLYR SXHV FRQ OD LQWURGXFFLyQ GH OD WHRUtD GH OD

LQWHUDFFLyQHOVXUJLPLHQWR\HOHMHUFLFLRGHOSRGHUVRFLDOTXHGDUHSUHVHQWDGRGH
IRUPD GLIHUHQWH TXH HQ ODV WHRUtDV VRFLDOHV GH $GRUQR \ )RXFDXOW FRPR XQ
KHFKRQRUPDWLYRHOHVWDEOHFLPLHQWRGHODGRPLQDFLyQVHFRQWHPSODDKRUDFRPR
XQSURFHVRTXHDVXPHODIRUPDGHXQDFXHUGRLQWHUVXEMHWLYRDFHUFDGHQRUPDV
VRFLDOHVHVGHFLUFRPRHOGHVDUUROORGHXQDIRUPDFLyQPRUDOGHFRQVHQVRGH
DKt WHQJDQ TXH DQDOL]DUVH H LQYHVWLJDUVH ORV PHFDQLVPRV R IDFWRUHV
PRWLYDFLRQDOHV TXH VRQ FDSDFHV GH LQIOXLU HQ ORV SURFHVRV LQWHUVXEMHWLYRV GH
DFXHUGR QRUPDWLYR GH WDO IRUPD TXH ORV JUXSRV FLUFXQVWDQFLDOPHQWH HQ
GHVYHQWDMD HVWpQ GLVSXHVWRV D DFHSWDU HO VLVWHPD HVWDEOHFLGR GH SRGHU \
SULYLOHJLRV VyOR FXDQGR HVWH FRQWH[WR TXHGD VXILFLHQWHPHQWH DFODUDGR SXHGH
FRQWHVWDUVH\H[SOLFDUVHFyPRODGLVWULEXFLyQDVLPpWULFDGHFDUJDV\YHQWDMDVKD
VLGR FDSD] GH HQFRQWUDU HO QLYHO GH DFXHUGR PRUDO SUHVXSXHVWR SRU ORV
FRQFHSWRVWHyULFDPHQWHUHFWRUHV>@
&RPR HV IiFLO GH REVHUYDU XQ WUDWDPLHQWR GH HVWRV GRV FRPSOHMRV
SUREOHPiWLFRV\DQRHVSRVLEOHSRUODYtDLQGLUHFWDGHXQDWHRUtDHSLVWHPROyJLFD
UHQRYDGDHQWpUPLQRVDQWURSROyJLFRWUDVFHQGHQWDOHVVLQRVyOR\DSRUHODSR\R
GLUHFWR GH XQD WHRUtD GH OD VRFLHGDG 'H DKt TXH HQFRQWUHPRV ODV UHVSXHVWDV
TXH +DEHUPDV WUDWD GH GDU D HVWDV GRV FXHVWLRQHV DFHUFD GHO GHVDUUROOR
KLVWyULFR \ HO RUGHQ VRFLDO GH ODV VRFLHGDGHV HQ ORV HVFULWRV WHyULFRVRFLDOHV
UHXQLGRV HQ HVWD IDVH GH VX WHPSUDQD FUtWLFD GHO SRVLWLYLVPR HQWUH HOORV
SRGHPRVGHVWDFDUVREUHWRGRODFROHFFLyQUHXQLGDEDMRHOWtWXORGH&LHQFLD\
WpFQLFD FRPR LGHRORJtD SHUR WDPELpQ HO FRUUHVSRQGLHQWH FDStWXOR GHO OLEUR
&RQRFLPLHQWR H LQWHUpV >@ &LHUWR HV TXH OD UHFRQVWUXFFLyQ TXH UHDOL]D
+DEHUPDV GH OD WHRUtD GH OD VRFLHGDG QR VH YH REOLJDGD D DUUDQFDU
FRPSOHWDPHQWH GH OD QDGD HQ HVWD GLUHFFLyQ GH XQ PRGHOR WHyULFR
FRPXQLFDWLYR GH VRFLHGDG \D DSXQWDEDQ SRU HMHPSOR ORV HVWXGLRV FLHQWtILFR
VRFLDOHV TXH DFRPSDxDEDQ VX +DELOLWDWLRQVFKULIW WLWXODGD +LVWRULD \ FUtWLFD
GH OD RSLQLyQ S~EOLFD DVt FRPR WDPELpQ GHVDUUROODGRV HQ YDULDV GH VXV
FRQWULEXFLRQHVDVXREUD7HRUtD\SUiFWLFD>@
<D HQ VX OLEUR VREUH OD HVIHUD S~EOLFD +DEHUPDV KDFtD XVR GH XQD
LQWHUSUHWDFLyQWHyULFRFRPXQLFDWLYDGHODUHDOLGDGVRFLDO6LQHPEDUJRDTXtOD
WHVLVEiVLFDGHVXWHRUtDGHODVRFLHGDGWRPDHQSULQFLSLRODIRUPDLPSOtFLWDGH
XQD KLVWRULRJUDItD VLVWHPiWLFD +DEHUPDV UHFRQVWUX\H HO JLUR HVWUXFWXUDO GH OD

HVIHUD S~EOLFD EXUJXHVD FRPR XQ SURFHVR GH GHVDUUROOR FRQWUDGLFWRULR \ GH


VRFDYDPLHQWR VXEVLJXLHQWH GH XQD LGHD QRUPDWLYD (Q HO PDUFR GH XQ DQiOLVLV
KLVWyULFRLQVWLWXFLRQDO>@pOVLJXHODSLVWDGHHVHSURFHVRGHLOXVWUDFLyQPRUDO
SRU HO TXH OD EXUJXHVtD HPDQFLSDGD DSUHQGH D FRPSUHQGHU OD QHFHVLGDG
SUiFWLFD GH XQD WUDQVIRUPDFLyQ GH OD GRPLQDFLyQ DUELWUDULD HQ XQD DFFLyQ
UDFLRQDO FRPR UHVXOWDGR GH HVWH SURFHVR GH DSUHQGL]DMH TXH pO WUDWD GH
FRPSUHQGHU FRPR XQ SURFHVR HIHFWLYR GH FRPXQLFDFLyQ HQWUH FLXGDGDQRV
UHXQLGRVEDMRXQHVSDFLRGHGLVFXVLyQ+DEHUPDVYDDFRQVLGHUDUODLGHDOLEHUDO
GH XQD HVIHUD S~EOLFD GH GLVFXVLyQ VLQ FRDFFLRQHV >@ &LHUWDPHQWH HQ
FRQWUDVWH FRQ HVWR ODV HVWUXFWXUDV GH VRFLHGDG GH FODVH EXUJXHVD ODV IRUPDV
RUJDQL]DWLYDV GHO FDSLWDOLVPR WHPSUDQR GHO WUDEDMR \ OD GRPLQDFLyQ WDPELpQ
IXHURQ FRQGLFLRQHV OLPLWDGRUDV GH HVWDV FRQVHFXHQFLDV 3RU WRGR HVWR SRU
PXFKRTXHGLHUDIRUPDDODDXWRFRPSUHQVLyQPRUDOGHODEXUJXHVtDDVFHQGHQWH
\IXHUDFDSD]GHREWHQHUODIXHU]DGHXQSULQFLSLRRULHQWDGRUGHODDFFLyQHVWD
LGHD QRUPDWLYD VyOR SRGtD UHDOL]DUVH GH XQD IRUPD FRQWUDGLFWRULD +DEHUPDV
FRPSUHQGH HO SURFHVR GH LQVWLWXFLRQDOL]DFLyQ GH ORV SULQFLSLRV QRUPDWLYRV
HQFDUQDGRV HQ HO PRGHOR OLEHUDO GH HVIHUD S~EOLFD FRPR XQ SURFHVR GH
SURJUHVR PRUDO OLPLWDGR GHVGH HO SULQFLSLR SHUR HO SRWHQFLDO HPDQFLSDWRULR
HQFHUUDGR HQ HVDV LGHDV QR SXHGH GHVDUUROODUVH LQVWLWXFLRQDOPHQWH VLQ
REVWiFXORV WRGD YH] TXH ORV SUHVXSXHVWRV FDSLWDOLVWDV GH XQD GHVLJXDO
GLVWULEXFLyQ\SURSLHGDGGHOSRGHUIXQFLRQDQFRPRXQDOLPLWDFLyQVRFLDOFRQWUD
HVWHSURFHVR
+DEHUPDVVLJXHHQVXHVWXGLR>@HOUDVWURGHHVWHGHVDUUROORDORODUJRGH
OD KLVWRULD GH OD HVIHUD S~EOLFD EXUJXHVD LQFOXVR KDVWD HO SXQWR GH OOHJDU DO
HVWDGLRHQHOTXHFRQODREOLJDGDFRQVWUXFFLyQGHO(VWDGRVRFLDO\HOQDFLPLHQWR
GH ORV PHGLRV GH PDVDV IRUPDGRUHV GH RSLQLyQ VH YHQ DPHQD]DGDV FRQ VX
SRVLEOH GHVDSDULFLyQ ODV FRQGLFLRQHV HVWUXFWXUDOHV LQVWLWXFLRQDOHV TXH KDEtDQ
VLGRHQRWURWLHPSRRULJLQDULDPHQWHFRQVWLWXWLYDVSDUDODLGHDQRUPDWLYDGHXQD
HVIHUDS~EOLFDGHGLVFXVLyQVLQFRDFFLRQHV(VDTXtGRQGHODPLUDGDGLVWDQFLDGD
GHO KLVWRULDGRU YD FHGLHQGR SRFR D SRFR D IDYRU GH OD PLUDGD SUiFWLFDPHQWH
FRPSURPHWLGD GHO WHyULFR GH OD VRFLHGDG < HV TXH +DEHUPDV QR VyOR VH
LQWHUHVDSRUODH[SRVLFLyQKLVWyULFDGHODOtQHDGHGHVDUUROORGHODHVIHUDS~EOLFD
OLEHUDOVLQRWDPELpQSRUXQDSRVLEOHLOXVWUDFLyQ\FODULILFDFLyQRULHQWDGRUDGHOD

DFFLyQDFHUFDGHORVDSDUDWRVLQVWLWXFLRQDOHVGHOFDSLWDOLVPRWDUGtRDQDOL]DDVt
ORVSHOLJURVTXHSURFHGHQWHVGHODWUDQVIRUPDFLyQVRFLRHVWDWDOGHOFDSLWDOLVPR
VH FLHUQHQ VREUH HO SULQFLSLR GH OD HVIHUD S~EOLFD GH GLVFXVLyQ FRQ REMHWR GH
DGTXLULU GH HVWH PRGR LQIRUPDFLyQ DFHUFD GH FyPR VH RUJDQL]DQ KR\ ODV
RSRUWXQLGDGHV GH XQD UHDOL]DFLyQ SUiFWLFD GH ORV LGHDOHV HQ RWUR WLHPSR
DVRFLDGRV FRQ HVH PRGHOR OLEHUDO $O ILQDO HVH DQiOLVLV KLVWyULFR VH WHUPLQD
WUDQVIRUPDQGR HQ XQ GLDJQyVWLFR VRFLROyJLFR GH QXHVWUR WLHPSR TXH EXVFD
H[SORUDU ORV HVSDFLRV GH MXHJR SRVLEOHV SDUD XQD UHSROLWL]DFLyQ GH OD HVIHUD
S~EOLFDHQHVWHJLURLUUXPSHGHUHSHQWHXQPRWLYRSROtWLFRSUiFWLFRTXHFRPR
VH YHUi PiV WDUGH LPSXOVD HQ JUDQ PHGLGD D PRGR GH PRWRU LQWHUQR OD
HVWUXFWXUDDUTXLWHFWyQLFDGHODWHRUtDGHODVRFLHGDGKDEHUPDVLDQD
&RQ WRGR OD FRQH[LyQ VLVWHPiWLFD H[LVWHQWH HQWUH OD DSUR[LPDFLyQ
KHUPHQpXWLFDGHOOLEURDODLGHDGHHVIHUDS~EOLFD\ODWHVLVEiVLFDGHODWHRUtDGH
OD VRFLHGDG DTXt H[SXHVWD UHVXOWD SRU DKRUD GLItFLO GH DGYHUWLU SXHGH
GHGXFLUVHSRUHMHPSORGHOKHFKRGHTXH\DHQVXDQiOLVLVKLVWyULFR+DEHUPDV
YDDFHQWUDUEiVLFDPHQWHVXDWHQFLyQHQHVRVUHQGLPLHQWRVVRFLDOHVGHODDFFLyQ
FRPXQLFDWLYD TXH PiV WDUGH DSDUHFHUiQ HQ HO PDUFR GH OD UHIOH[LyQ
HSLVWHPROyJLFDFRPRODGLPHQVLyQHOHPHQWDOGHODVRFLDOL]DFLyQKXPDQDSXHVWR
TXHFRQWHPSODODVLQVWLWXFLRQHVGHODHVIHUDS~EOLFDOLEHUDOFRPRXQSURGXFWRGH
ODIRUPDFLyQGHXQFRQVHQVRPRUDOGHQWURGHODEXUJXHVtDHQFLHUWRVHQWLGR\D
DQWLFLSD OD LGHD EiVLFD WHyULFRFRPXQLFDWLYD TXH DFRPSDxD D VX WHRUtD GH OD
VRFLHGDG +DEHUPDV DERUGD OD FXHVWLyQ GHO SURFHVR GH DSUHQGL]DMH
LQWHUVXEMHWLYRTXHFRQGXFHDOSULQFLSLRQRUPDWLYRGHXQDGLVFXVLyQQRFRDFWLYD
DFHUFD GH WRGRV ORV DVXQWRV S~EOLFRV FRPR XQD FRQFUHWD IRUPD KLVWyULFR
HPStULFD GHO WLSR GH SUiFWLFD VRFLDO TXH pO KDEtD LQWURGXFLGR FRQFHSWXDOPHQWH
FRPRLQWHUDFFLyQVLPEyOLFDPHQWHPHGLDGDeVWDHVODUD]yQSRUODTXH\DHQ
HO OLEUR DFHUFD GH OD HVIHUD S~EOLFD D ODV LGHDV PRUDOHV OHV FRUUHVSRQGH XQD
HIHFWLYLGDGVRFLDOTXHYDPiVDOOiGHORVPRGHORVGHVDUUROODGRVHQODWUDGLFLyQ
GH OD 7HRUtD &UtWLFD H LQFOXVR VL QRV UHPRQWDPRV D~Q PiV OHMRV D ORV GHO
PDWHULDOLVPR KLVWyULFR +DEHUPDV FRPSUHQGH DKRUD HO HQWHQGLPLHQWR
LQWHUVXEMHWLYRDFHUFDGHQRUPDVVRFLDOHVFRPRXQDIXHU]DPRYLOL]DGRUDTXHHV
FDSD]GHLPSXOVDUHOGHVDUUROORKLVWyULFRKDVWDDTXHOORVOtPLWHVTXHKDEtDQVLGR
UHVSHFWLYDPHQWH WUD]DGRV SRU ODV FRQGLFLRQHV REMHWLYDV GH ODV UHODFLRQHV

REMHWLYDVFULVWDOL]DGDVHQHOWUDEDMR\ODGRPLQDFLyQVRFLDO&RQWRGRODWHVLVHQ
OD TXH VH DILUPD HO FRQIOLFWR KLVWyULFDPHQWH FRQVWUXLGR HQWUH HO SRWHQFLDO
HPDQFLSDWRULR GH OD DFFLyQ FRPXQLFDWLYD \ ODV FRQGLFLRQHV OLPLWDGRUDV GH ODV
IRUPDVGHGRPLQDFLyQHIHFWLYDPHQWHHVWDEOHFLGDVKDVWDDKRUDVyORVHUHYHODGH
IRUPD LPSOtFLWD HQ OD SHUVSHFWLYD EDMR OD TXH +DEHUPDV VLJXH HO GHVDUUROOR
KLVWyULFRGHODHVIHUDS~EOLFDEXUJXHVDODOtQHDGHUHIOH[LyQPiVGHFLVLYDHVWi
D~Q GHPDVLDGR HQWUHOD]DGD FRQ OD H[SRVLFLyQ GHO SURFHVR KLVWyULFR SDUD TXH
DTXtVHSXHGDDSUHFLDUVXIXHU]DXQLYHUVDO\VHDYHUGDGHUDPHQWHIUXFWtIHUDSDUD
XQDFRQVWUXFFLyQGHXQPRGHORKLVWyULFRGHODHVSHFLH
0X\ SURQWR VLQ HPEDUJR +DEHUPDV GDUi HVWH SDVR HQ GLUHFFLyQ D OD
XQLYHUVDOL]DFLyQ(OFDPLQRTXHVHJXLUiODHODERUDFLyQGHVXWHRUtDVRFLDOSXHGH
HQWHQGHUVH FRPR XQ SURFHVR GH JHQHUDOL]DFLyQ SDXODWLQD GH HVH KHFKR
FRQIOLFWLYRTXHKDEtDVLGRGHVDUUROODGRHQHOOLEURDFHUFDGHODHVIHUDS~EOLFD
+DEHUPDV YD D LQWHQWDU WRPDU ORV SURFHVRV GH GHVDUUROOR ORFDOL]DGRV D QLYHO
WHPSRUDO \ HVSDFLDO TXH pO PLVPR KDEtD HVWXGLDGR DO KLOR GH OD
LQVWLWXFLRQDOL]DFLyQ FRQWUDGLFWRULD GH OD HVIHUD S~EOLFD EXUJXHVD FRPR XQ
PRGHOR SDUD HQWHQGHU OD OyJLFD TXH GRPLQD \ FRQWUROD HQ ~OWLPD LQVWDQFLD OD
GLQiPLFDGHOGHVDUUROORVRFLDOHQJHQHUDOOLEHUDHOFRQIOLFWRTXHpOKDEtDSRGLGR
REVHUYDUDQWHULRUPHQWHHQWUHHOSURFHVRGHIRUPDFLyQPRUDOGHORVFLXGDGDQRV
HQ VLWXDFLyQ GH FRPXQLFDFLyQ UHFtSURFD \ ODV FRQGLFLRQHV KLVWyULFDPHQWH
LPSXHVWDV GH OD VRFLHGDG GH FODVHV FDSLWDOLVWD GH VX FRQWH[WR KLVWyULFDPHQWH
GHILQLGR\ORFRQYLHUWHPHGLDQWHXQDSUHFLDEOHPRYLPLHQWRGHDEVWUDFFLyQHQ
OD IXHU]D LPSXOVRUD GHO SURFHVR GH FLYLOL]DFLyQ 6LQ HPEDUJR DQWHV GH TXH
SXHGD DGRSWDUVH HVWD YtD GH JHQHUDOL]DFLyQ VLVWHPiWLFD GH XQ KHFKR ILMDGR HQ
WpUPLQRVKLVWyULFRV\HQHVDPHGLGDSXHGDGHILQLWLYDPHQWHFRQVXPDUVHHOSDVR
KDFLDXQDWHRUtDXQLYHUVDOGHODVRFLHGDGKDGHHOLPLQDUVHD~QXQDDPELJHGDG
REMHWLYD \D TXH HO FXUVR GHO FRQIOLFWR TXH KDEtD VLGR REMHWR GHO DQiOLVLV
KLVWyULFR YD D SHUPLWLU QR XQD VLQR GRV SRVLEOHV GLUHFFLRQHV GH OD
LQWHUSUHWDFLyQ
3RUXQODGRSRGHPRVFRPSUHQGHUHOSURFHVRSUiFWLFRGHIRUPDFLyQTXH
SURFHGH GH ODV H[SHULHQFLDV GH OD DFFLyQ FRPXQLFDWLYD FRPR XQ GHVDUUROOR
DXWyQRPR TXH DSDUHFH EDMR OD IRUPD GH XQD GLPHQVLyQ H[WUDxD HQ ODV
UHODFLRQHV HVWDEOHFLGDV GH WUDEDMR \ GRPLQDFLyQ FRUUHVSRQGLHQWHV SRU RWUR

SRGHPRV LQWHUSUHWDU HO PLVPR SURFHVR VLQ HPEDUJR WDPELpQ FRPR XQ


GHVDUUROOR HQ HO TXH QR VyOR LQWHUYLHQHQ GH XQ PRGR LQPDQHQWH ODV UHODFLRQHV
HVWDEOHFLGDVGHWUDEDMR\GRPLQDFLyQVLQRTXHWDPELpQPROGHD\GDIRUPDD
VXYH]DODVFRQGLFLRQHVLQVWLWXFLRQDOHVGHHVDVUHODFLRQHVHVHQWRQFHVFXDQGR
HOFRQIOLFWRVRFLDOFRQFHUQLGRQRVHGHVDUUROOD\DFRPRHQHOSULPHUFDVRHQWUH
OD GLQiPLFD GH GHVDUUROOR GH ODV LQWHUDFFLRQHV PHGLDGDV VLPEyOLFDPHQWH \ VXV
FRUUHVSRQGLHQWHV FRQGLFLRQHV VLVWpPLFDV GRPLQDQWHV VLQR TXH HV LQKHUHQWH DO
SURFHVR GH DFFLyQ FRPXQLFDWLYD FRPR WDO /D LQYHVWLJDFLyQ KLVWyULFD TXH
+DEHUPDV H[SRQH DSRUWD VXILFLHQWHV SUXHEDV \ GHPRVWUDFLRQHV SDUD VRVWHQHU
ODVGRVSRVLEOHVLQWHUSUHWDFLRQHVGHOSUREOHPDSHURGHSHQGLHQGRGHODYHUVLyQ
TXHHOLMDPRVWHQGUHPRVXQDGLVWLQWDFRQH[LyQHQWUHHOSURFHVRGHLQWHUDFFLyQ
VRFLDO\ODHVWUXFWXUDVRFLDOHQFRQWUDGDHQWUHHOSURFHVRGHLQWHJUDFLyQVRFLDO\
ILQDOPHQWH OD OyJLFD GH OD KLVWRULD GH OD HVSHFLH +DEHUPDV VLQ HPEDUJR QR
UHSDUD VXILFLHQWHPHQWH HQ OD GLIHUHQFLD H[LVWHQWH HQWUH DPEDV LQWHUSUHWDFLRQHV
FXDQGRpOWUDWDGHHODERUDUVXWHRUtDGHODVRFLHGDGORTXHKDFHPiVELHQHQ
GLIHUHQWHVPRPHQWRVGHVXVHVFULWRVFRPRVHYHUiHQVHJXLGDHVHVFRJHUXQD
GH ODV GRV SRVLELOLGDGHV GH LQWHUSUHWDFLyQ \ FRQYHUWLUOD HQ XQD SURSXHVWD GH
DOFDQFH PiV JHQHUDO FX\R REMHWLYR VH FLIUD HQ OD H[SOLFDFLyQ GH OD OyJLFD GHO
GHVDUUROORVRFLDO$KRUDELHQSRUHVWDUD]yQVXUJHHQODWHRUtDGHODVRFLHGDG
KDEHUPDVLDQDXQFRQIOLFWRFDUDFWHUtVWLFRHQWUHGRVGLIHUHQWHVFRQVWUXFFLRQHVHQ
WRUQRDODKLVWRULDGHODHVSHFLHODVGRVSDUWHQGHODVPLVPDVSUHPLVDVWHyULFR
FRPXQLFDWLYDV\GHVDUUROODQVLQHPEDUJRGLIHUHQWHVFRQFHSFLRQHVDFHUFDGHOD
LQWHUGHSHQGHQFLDKLVWyULFDGHODDFFLyQLQVWUXPHQWDO\FRPXQLFDWLYDGHOWUDEDMR
\ODLQWHUDFFLyQ
(O FRQWH[WR WHyULFR GHO FXDO SURFHGH OD SULPHUD GH ODV GRV YHUVLRQHV VH
GHILQH SRU ODV GLVFXVLRQHV HQ WRUQR D OD WHVLV DFHUFD GH OD WHFQRFUDFLD (O
FRQFHSWRTXHVHUHVXPHHQ~OWLPDLQVWDQFLDHQHVWDIyUPXODQDFHHQODGpFDGD
GH ORV DxRV FLQFXHQWD \ VHVHQWD FRPR HO UHVXOWDGR GH XQD VHULH GH GH
LQYHVWLJDFLRQHV VRFLROyJLFDV TXH WHQtDQ D OD VD]yQ FRPR REMHWR ODV
FRQVHFXHQFLDV SROtWLFDV \ VRFLDOHV GHO SURJUHVR WpFQLFR GH ODV WHQGHQFLDV \
UHVXOWDGRV HPStULFRV REWHQLGRV GH HVWRV GHVDUUROORV TXH DTXt VH GHULYDURQ
DXWRUHV FRPR 6FKHOVN\ )UH\HU \ *HKOHQ VDFDURQ HQ VXV UHVSHFWLYRV
GLDJQyVWLFRVODFRQVHFXHQFLDGHODH[LVWHQFLDGHXQDLUUHVLVWLEOHDXWRQRPL]DFLyQ

GH OD WHFQRORJtD \ HQ HVD PLVPD PHGLGD FRQVWDWDURQ OD QHFHVDULD
VXERUGLQDFLyQ GH OD HYROXFLyQ VRFLDO EDMR ORV FRQVWUHxLPLHQWRV GH ODV
RSHUDFLRQHV WpFQLFDV FRQWUD HVDV WHVLV FX\R PDUFR GH IRQGR ~OWLPR KDEtD
TXHGDGR UHVXPLGR EDMR XQD FRQFLVD IyUPXOD HQ HO FRQFHSWR GH WHFQRORJtD
PX\SURQWRVHSODQWHDURQREMHFLRQHV\GXGDVLQFOXVRGHQWURGHOPDUFRWHyULFR
GHO PRYLPLHQWR HVWXGLDQWLO >@ HQWUH HOODV ODV UHVHUYDV IRUPXODGDV SRU HO
SURSLR+DEHUPDVHQVXVHQVD\RVDJUXSDGRVEDMRHOWtWXORGH&LHQFLD\WpFQLFD
FRPR LGHRORJtD RFXSDQ XQ OXJDU GLVWLQJXLGR SUHFLVDPHQWH SRUTXH DERUGDQ
GLFKD WHPiWLFD GHQWUR GH OD SHUVSHFWLYD FRPSUHKHQVLYD GH XQD WHRUtD GHO
GHVDUUROORVRFLDO
'HVGHHOSULQFLSLRSDUD+DEHUPDVODOODPDGDWHVLVWHFQRFUiWLFDVLJQLILFD
XQ HVSHFLDO GHVDItR SRU XQ ODGR EiVLFDPHQWH HQ XQ SULPHU PRPHQWR YD D
DGRSWDUODLPDJHQTXHHVWDWHVLVH[SUHVDDFHUFDGHORVSURFHVRVGHGHVDUUROOR
VRFLDO HQ ODV VRFLHGDGHV DYDQ]DGDV 3DUDIUDVHDQGR HO WtWXOR GH XQ DUWtFXOR GH
+DQV )UH\HU WDPELpQ pO REVHUYD XQD WHQGHQFLD GHFLVLYD HQ HO PXQGR DFWXDO
KDFLDODSURJUHVLYDGRPLQDFLyQGHFDWHJRUtDVWpFQLFDVVREUHHOPXQGRGHYLGD
GHODVRFLHGDGLQGXVWULDO>@3HURFRQVHFXHQWHPHQWHFRQVXFUtWLFDGHODWHVLV
WHFQRFUiWLFD +DEHUPDV WDPELpQ VH YH REOLJDGR D DOFDQ]DU XQRV UHVXOWDGRV
GLVWLQWRV GHO PHUR UHFKD]R GHO GLDJQyVWLFR FRQVHUYDGRU GH OD pSRFD SRU HVWH
FDPLQRWLHQHTXHSRGHUFRQVHJXLUDFFHGHUDORVSUHVXSXHVWRVIXQGDPHQWDOHVGH
XQ DQiOLVLV FUtWLFR GH OD VRFLHGDG WRGD YH] TXH OD WHVLV WHFQRFUiWLFD VyOR
UHSUHVHQWDVLVHDWLHQHDVXVSURSLDVLQWXLFLRQHVHPStULFDVODIDOVDFRQFLHQFLD
GHXQHVWDGRGHKHFKRFRUUHFWDPHQWHFRQVWDWDGR+DEHUPDVQRSXHGHSXHV
SRQHU HQ WHOD GH MXLFLR ODV WHQGHQFLDV VRFLDOHV GH GHVDUUROOR VREUH ODV TXH VH
DSR\DVLQRODLQWHUSUHWDFLyQVRFLROyJLFDTXHVHUHDOL]DGHpVWDVGHDKtTXHpO
WHQJD TXH HQWUHJDUVH D OD WDUHD GH UHIXWDU HQ WpUPLQRV FUtWLFRLGHROyJLFRV OD
WHVLV WHFQRFUiWLFD SDUD DVt FRQVHJXLU SRU HO FDPLQR GH XQD FUtWLFD WHyULFD
LQPDQHQWH \ GH PDQHUD VHPHMDQWH D 0DU[ HQ VX FUtWLFD GH OD HFRQRPtD
SROtWLFDDFFHGHUDXQDLQWHUSUHWDFLyQFRUUHFWDGHODVWHQGHQFLDVREVHUYDEOHV
GHGHVDUUROORTXHGHILQHQVRFLDOPHQWHHOSUHVHQWH
3DUDXQDMXVWLILFDFLyQ\GHILQLFLyQPiVDMXVWDGDGHOSODQWHDPLHQWRGHFRUWH
FUtWLFRLGHROyJLFRTXHYDDHOHJLU+DEHUPDVSDUDOOHYDUDFDERHVWDWDUHDQRV
YD D VHUYLU XQD DUJXPHQWDFLyQ QDFLGD GH OD WUDGXFFLyQ D OD WHRUtD GHO

FRQRFLPLHQWR GH XQ WHPD VRFLROyJLFR +DEHUPDV WDPELpQ YD D FRQWHPSODU OD


WHVLV WHFQRFUiWLFD GHVGH XQ SULQFLSLR GHVGH OD SHUVSHFWLYD GH VXV SURSLDV
LGHDVHSLVWHPROyJLFDVpVWDUHSUHVHQWDSDUDpOSRUDVtGHFLUORHOFRPSOHPHQWR
VRFLROyJLFRGHODSRVLFLyQPHWRGROyJLFDPDQWHQLGDSRUHOSRVLWLYLVPR\HVHQOD
PLVPDPHGLGDTXHpVWHODIDOVDFRQFLHQFLDGHXQDSUD[LVFRUUHFWD>@ (Q
YLUWXG GH HVWD UHIOH[LyQ +DEHUPDV QR VyOR IXQGDPHQWD \ MXVWLILFD OD VRVSHFKD
GHLGHRORJtDTXHVHKDDO]DGRFRQWUDODWHVLVWHFQRFUiWLFDVLQRTXHWDPELpQ
GHWHUPLQD ORV SDVRV TXH pO PLVPR YD D GDU HQ DSR\R GH HVWD OtQHD GH
DUJXPHQWDFLyQ 3XHVWR TXH OD WHVLV WHFQyFUDWD UHSUHVHQWD OD FRQFLHQFLD
SRVLWLYLVWD HQ HO PDUFR GH OD VRFLRORJtD GHEH WDPELpQ GHILQLUVH SRU HO PLVPR
UDFLRQDOLVPRPHQJXDGRTXH\DKDEtDDWULEXLGRDOSRVLWLYLVPRHSLVWHPROyJLFR
VLDQWHULRUPHQWHWRGRHVWHSODQWHDPLHQWRLQGLFDEDODHVSHFLDOJHQHUDOL]DFLyQGH
ORV PpWRGRV GH LQYHVWLJDFLyQ GH ODV FLHQFLDV QDWXUDOHV DO UDQJR GH XQD IRUPD
H[FOXVLYD GH FRQRFLPLHQWR HQ HO PDUFR GHO FRQFHSWR GH OD WHFQRFUDFLD HVWH
GHVDUUROOR DKRUD SXHGH VHU LQWHUSUHWDGR GH RWUD IRUPD FRPR REMHWR GH XQD
LQWHUSUHWDFLyQ DILUPDWLYD GH OD WHQGHQFLD RULHQWDGD KDFLD OD DXWRQRPL]DFLyQ
WpFQLFD VyOR SRUTXH QR KDQ VLGR FRUUHFWDPHQWH FRQVLGHUDGDV RWUDV
SRVLELOLGDGHVGHOSURFHVRGHUDFLRQDOL]DFLyQVRFLDO\HQRWUDVGLUHFFLRQHVHVGH
HVWHPRGRHQHOTXHYDQDTXHGDUGHILQLGRVDSDUWLUGHDKRUDHOWHPD\ODWDUHD
HVSHFtILFRV GH OD FUtWLFD WHFQRFUiWLFD +DEHUPDV WLHQH TXH VHU DKRUD FDSD] GH
PRVWUDU TXH HVWD WHRUtD VRFLROyJLFD GHVFULEH HUUyQHDPHQWH EDMR VX PDUFR
FRQFHSWXDO ORV PLVPRV SURFHVRV TXH D OD YH] GHVFULEH HQ HO SUHVHQWH
FRUUHFWDPHQWH FRPR XQ GHVDUUROOR GRPLQDQWH GH UHQGLPLHQWRV \ DFFLRQHV
WpFQLFRV 3DUD SRGHU GHPRVWUDU WRGR HVWR HV QHFHVDULR SRQHU GH PDQLILHVWR
FRPR HQ OD DQWHULRU FUtWLFD GHO SRVLWLYLVPR TXH WDPELpQ HVDV RWUDV IRUPDV GH
FRQRFLPLHQWRFLHQWtILFRSRUPHGLRGHFX\DUHFRQVWUXFFLyQHSLVWHPROyJLFDSXGR
HOSRVLWLYLVPRVHU FULWLFDGRFRPR XQUDFLRQDOLVPRPHQJXDGR VHLQVHUWDQ HQ
SURFHVRVSDUWLFXODUHVGHUDFLRQDOL]DFLyQVRFLDO\FRQHOORWRPDQIRUPDHQODV
LQVWLWXFLRQHVVRFLDOHVSXHVVyORFXDQGRHVSRVLEOHGHVFXEULUSDUDODVIRUPDVGH
FRQRFLPLHQWR FUtWLFR R KHUPHQpXWLFR UHSULPLGDV SRU HO SRVLWLYLVPR ORV
QHFHVDULRV SURFHVRV GH FRPSOHPHQWDFLyQ HQ HO GHVDUUROOR GH OD VRFLHGDGHV
FDEH OHJtWLPDPHQWH DILUPDUVH FRQ WRGR GHUHFKR TXH OD WHVLV WHFQRFUiWLFD
EULQGDXQDLPDJHQLQFRPSOHWDHVPiVPHQJXDGDGHODUDFLRQDOL]DFLyQVRFLDO

HQODPHGLGDHQTXHVHFRQFHQWUDXQLODWHUDOPHQWHHQHOSURFHVRGHH[SDQVLyQ
GH OD DFFLyQ WpFQLFD (V GHFLU +DEHUPDV VH YH REOLJDGR D VREUHSDVDU HO
PRGHOR WHyULFRFRPXQLFDWLYR GH VRFLHGDG TXH pO PLVPR KDEtD FRQVWUXLGR HQ
GLUHFFLyQDXQDWHRUtDGHOGHVDUUROORVRFLDOFRUUHVSRQGLHQWH
(VWHSDVRORYDDGDU+DEHUPDVKDFLHQGRIUXFWtIHUDODGLVWLQFLyQREWHQLGD
HQWpUPLQRVHSLVWHPROyJLFRVGHWUDEDMRHLQWHUDFFLyQSDUDXQDFRQFHSFLyQ
DPSOLDGD GH OD UDFLRQDOL]DFLyQ VRFLDO HO DFLFDWH LQPHGLDWR GH HVWD HPSUHVD OR
RIUHFHUi OD FRQIURQWDFLyQ FRQ OD FUtWLFD GH OD WpFQLFD UHDOL]DGD SRU 0DUFXVH
SHUR HO SXQWR GH SDUWLGD WHyULFR GH VX SODQWHDPLHQWR VHUi VLQ HPEDUJR HO
FRQFHSWR GH UDFLRQDOLGDG DFXxDGR SRU 0D[ :HEHU >@ pVWH YD D
SURSRUFLRQDUOHXQSXQWRGHHQWUDGDDOSUREOHPDWRGDYH]TXHHQHVWHSODQROD
FXHVWLyQ TXH LQWHUHVD D +DEHUPDV HQ UHODFLyQ FRQ OD WHVLV WHFQyFUDWD \D VH
DQWLFLSD DTXt GH XQD IRUPD FDWHJRULDOPHQWH GLIHUHQFLDGD &RQ OD D\XGD GHO
FRQFHSWRGHUDFLRQDOL]DFLyQ:HEHU\DKDEtDLQYHVWLJDGRHOSURFHVRKLVWyULFR
GHH[SDQVLyQGHOPRGHORGHDFFLyQLQVWUXPHQWDOTXHHQHOPDUFRHMHPSODUGHOD
EXURFUDFLD KDEtD VLGR SHQVDGR KDVWD HO ILQDO KDVWD OOHJDU D OD FRQVHFXHQFLD
~OWLPD GH XQD VRFLHGDG WpFQLFDPHQWH DGPLQLVWUDGD SRU WDO DSUR[LPDFLyQ
GLFLpQGRORHQWpUPLQRVKDUWRJURVHURVpOHQWHQGtDODWUDQVIRUPDFLyQLQVWLWXFLRQDO
GH ODV HVIHUDV GH YLGD WUDGLFLRQDOPHQWH GHILQLGDV HQ GRPLQLRV GH DFFLyQ
RUJDQL]DGRVHQIXQFLyQGHXQDDFFLyQUDFLRQDOFRQIRUPHDILQHV RLQVWUXPHQWDO 
3DUD+DEHUPDVSRUWDQWRFRQODPLUDGDSXHVWDHQODWHVLVWHFQRFUiWLFDHO
SUREOHPD TXH VH YD D SODQWHDU HV HO GH FyPR GHILQLU HQ QXHYRV WpUPLQRV HO
SURFHVRGHHVWDUDFLRQDOL]DFLyQVRFLDOVLQRVyORORVUHQGLPLHQWRVGHODDFFLyQ
LQVWUXPHQWDOVLQRPiVDOOiGHHVWRWDPELpQODSUD[LVGHODDFFLyQFRPXQLFDWLYD
KDQGHFRPSUHQGHUVHFRPRHOHPHQWRVFRQVWLWXWLYRVSDUDODVVRFLHGDGHVSXHV
OD FXHVWLyQ GH >@ TXp HV OR TXH TXLHUH GHFLU TXH OD IRUPD UDFLRQDO GH OD
FLHQFLD \ GH OD WpFQLFD HV GHFLU TXH OD UDFLRQDOLGDG PDWHULDOL]DGD HQ ORV
VLVWHPDVGHDFFLyQUDFLRQDOFRQUHVSHFWRDILQHVDFDEDFRQVWLWX\HQGRXQDIRUPD
GH YLGD XQD WRWDOLGDG KLVWyULFD GH XQ PXQGR GH OD YLGD >@ >@ WLHQH
WDPELpQ TXH FRQWHVWDUVH GH XQD PDQHUD GLIHUHQWH XQD YH] TXH VH FRQVWDWD OR
TXH FRQVWLWX\H OD GLPHQVLyQ QHFHVDULD GHO SURFHVR GH UHSURGXFFLyQ VRFLDO
+DEHUPDV HPSLH]D D DERUGDU OD FODULILFDFLyQ GHO SUREOHPD SODQWHDQGR XQD
GLVWLQFLyQTXHSUHFLVDPHQWHUHIOHMDODVGLIHUHQFLDVHVWUXFWXUDOHVH[LVWHQWHVHQWUH

HOWUDEDMR\ODLQWHUDFFLyQHQHOSODQRGHODDFFLyQVRFLDOFRQHOORUHDOL]D
XQDDSXHVWDSUHYLDTXHDVXYH]YDDUHFRJHUXQSUHVXSXHVWREiVLFRGHXQDGH
ODVYHUVLRQHVGHODUHFRQVWUXFFLyQGHODKLVWRULDGHODHVSHFLHTXH\DKDEtDPRV
YLVWR
9DOLpQGRQRV GH HVWRV GRV WLSRV GH DFFLyQ SRGHPRV GLVWLQJXLU D ORV VLVWHPDV VRFLDOHV VHJ~Q
SUHGRPLQH HQ HOORV OD DFFLyQ UDFLRQDO FRQ UHVSHFWR D ILQHV R OD LQWHUDFFLyQ (O PDUFR
LQVWLWXFLRQDO GH XQD VRFLHGDG VH FRPSRQH GH QRUPDV TXH GLULJHQ ODV LQWHUDFFLRQHV
OLQJtVWLFDPHQWH PHGLDGDV 3HUR H[LVWHQ VXEVLVWHPDV FRPR VRQ HO VLVWHPD HFRQyPLFR R HO
DSDUDWR HVWDWDO SDUD VHJXLU FRQ ORV HMHPSORV GH 0 D[ :HEHU HQ ORV TXH OR TXH
IXQGDPHQWDOPHQWHTXHGDLQVWLWXFLRQDOL]DGRVRQDFFLRQHVUDFLRQDOHVFRQUHVSHFWRDILQHV(Q
HOODGRRSXHVWRWHQHPRVVXEVLVWHPDVFRPRVRQODIDPLOLDRHOSDUHQWHVFRTXHFLHUWDPHQWH
HVWiQ DVRFLDGRV FRQ XQD JUDQ FDQWLGDG GH WDUHDV \ KDELOLGDGHV SHUR TXH IXQGDPHQWDOPHQWH
GHVFDQVDQHQUHJODVPRUDOHVGHLQWHUDFFLyQ3RUHVRDQLYHODQDOtWLFRTXLHURGLVWLQJXLUHQWUH
 HOPDUFRLQVWLWXFLRQDOGHXQDVRFLHGDGRGHXQPXQGRVRFLRFXOWXUDOGHODYLGD\ ORV
VXEVLVWHPDVGHDFFLyQUDFLRQDOFRQUHVSHFWRDILQHVTXHHVWiQLQVHUWRVHQHVHPDUFR>@

1DWXUDOPHQWH OD GLVWLQFLyQ TXH DTXt VH QRV SUHVHQWD QR HV WDQ LQPHGLDWD
FRPR SXHGH DSDUHFHU D SULPHUD YLVWD ORV FRPSRQHQWHV HVHQFLDOHV GH DPEDV
SRVLELOLGDGHV SRVHHQ DGHPiV XQD SUHKLVWRULD FDWHJRULDO HQ OD SURSLD REUD
KDEHUPDVLDQDTXHQRVHDJRWDHQODGLIHUHQFLDFLyQGHHVWRVGRVWLSRVGHDFFLyQ
(OFRQFHSWRGHPXQGRGHYLGDVRFLDO\DKDEtDVLGRXWLOL]DGRSRU+DEHUPDVHQ
VXVSULPHURVHQVD\RVFRQREMHWRGHSRGHUGHVFULELUPHGLDQWHpOHOKRUL]RQWHGH
QRUPDVDUWLFXODGDVHQHOOHQJXDMHFRWLGLDQRTXHGHWHUPLQDODDXWRFRPSUHQVLyQ
SUiFWLFDGHORV JUXSRVVRFLDOHV >@ HQ QXHVWUR FRQWH[WR HO PLVPR FRQFHSWR
VLQHPEDUJRQRGHILQHDKRUD\DODVRULHQWDFLRQHVQRUPDWLYDVGHDFFLyQGHXQ
JUXSRSDUWLFXODUVLQRORVGHWRGDXQDVRFLHGDGHQODPHGLGDHQTXHpVWDVKDQ
WRPDGRIRUPDHQODVLQVWLWXFLRQHVVRFLDOHV&RQVHFXHQWHPHQWHHOFRQFHSWRGH
PXQGR GH YLGD VRFLRFXOWXUDO \D QR SRVHH XQ FDUiFWHU KHUPHQpXWLFR VLQR
WHyULFRLQVWLWXFLRQDO VH GHVPDUFD GH WRGR HO HVSHFWUR GH FRQYLFFLRQHV \
RULHQWDFLRQHV QRUPDWLYDV TXH H[LVWHQ UHFtSURFDPHQWH HQ XQD VRFLHGDG \ KDQ
WHUPLQDGR DOFDQ]DQGR YDOLGH] LQVWLWXFLRQDO /D WRWDOLGDG GH HVWDV QRUPDV
LQVWLWXFLRQDOL]DGDV HV FRPSUHQGLGD SRU +DEHUPDV DKRUD FRPR HO VLVWHPD
FRPSUHKHQVLYR GH XQD VRFLHGDG HQ HO TXH D PRGR GH PDUFR JHQHUDO VH
LQVHUWDQ WRGRV ORV UHVWDQWHV GRPLQLRV GH OD DFFLyQ VRFLDO HQ HVWH SXQWR pO VH
DSR\DGHPDQHUDPDQLILHVWDHQODREUDGH3DUVRQVTXHGHILQtDHOVLVWHPDVRFLDO

FRPRXQFRQWH[WRIXQFLRQDOGHLQVWLWXFLRQHVHQHOTXHORVYDORUHVFXOWXUDOPHQWH
WUDQVPLWLGRVKDEtDQDVXPLGRODIXHU]DUHFWRUDGHDFFLyQGHODVQRUPDVYiOLGDV
REOLJDWRULDPHQWH$OFRQWUDULRGH3DUVRQVVLQHPEDUJR+DEHUPDVGHULYDHVWDV
QRUPDVGHODVTXHVHFRPSRQHHOPDUFRLQVWLWXFLRQDOGHXQDVRFLHGDGQRGHOD
YDOLGH] LQFXHVWLRQDEOH GH XQD WUDGLFLyQ FXOWXUDO VLQR GHO SURFHVR GH XQD
LQWHUDFFLyQPHGLDGDVLPEyOLFDPHQWH$KRUDELHQHVWDGHFLVLYDGLIHUHQFLDTXHGD
D VX YH] GLIXPLQDGD HQ HO PRPHQWR HQ HO TXH +DEHUPDV WDPELpQ GHILQH HO
FRQMXQWRWRWDOGHWRGDVODVQRUPDVLQVWLWXFLRQDOL]DGDVFRPRXQVLVWHPDSXHV
ODFDWHJRUtDGHVLVWHPDQRHVFDSD]GHGDUXQDH[SUHVLyQDSURSLDGDDOFDUiFWHU
LQWHUSUHWDWLYR \ SRU HVWD UD]yQ IUiJLO TXH HO SURFHVR GH SURGXFFLyQ \
VHJXLPLHQWR GH QRUPDV VH FRQVHUYD VLQ HPEDUJR HQ HO PRGHOR GH OD DFFLyQ
FRPXQLFDWLYD
9DVHUODPLVPDHOHFFLyQFRQFHSWXDOHQHOWHUUHQRGHODWHRUtDGHVLVWHPDV
TXHDVLPLVPRSRVLELOLWDTXHHODSDUDWRLQVWLWXFLRQDOGHXQDVRFLHGDGDSDUH]FD
FRPR VLVWHPD GH OD DFFLyQ FRPXQLFDWLYD OD TXH SHUPLWD D +DEHUPDV GDU
IRUPDDOFRQFHSWRGHVXEVLVWHPDGHODDFFLyQUDFLRQDOFRQIRUPHDILQHVFRQ
pOVHTXLHUHKDFHUUHIHUHQFLDDHVRViPELWRVGHDFFLyQVRFLDOTXHVHGLVWLQJXHQ
GHO PHWDVLVWHPD UHJXODGR QRUPDWLYDPHQWH SXHVWR TXH HQ HOORV VyOR ODV
Pi[LPDVGHDFFLyQUDFLRQDOFRQIRUPHDILQHVWLHQHQXQFDUiFWHUREOLJDWRULR
HQ OD PLVPD OtQHD VHJXLGD SRU :HEHU +DEHUPDV FXHQWD HQWUH ORV VHFWRUHV
VRFLDOHVTXHVHGHEHQGHILQLUSRUHVWDUHJXODFLyQOLEUHGHQRUPDVORVGRPLQLRV
RUJDQL]DWLYRV GH OD HFRQRPtD \ GH OD DFFLyQ HVWDWDO (O KLOR WHyULFR TXH VLJXH
HVWH SODQWHDPLHQWR FRQFHSWXDO QR HV GHPDVLDGR FRQYLQFHQWH SHUR VH UHYHOD
FRPRLUUHQXQFLDEOHDODOX]GHODGLIHUHQFLDFLyQTXHLQWHUHVDD+DEHUPDVFRPR
\D VXFHGtD HQ HO FDVR GH OD FDWHJRUtD GH PXQGR GH YLGD VRFLDO HO QXHYR
FRQFHSWR TXH DTXt VH LQWURGXFH WDPELpQ \D KDEtD VLGR DQWLFLSDGR HQ HQVD\RV
DQWHULRUHV
<DHQHOFRQWH[WRGHVXSULPHUDGLVFXVLyQFRQODKHUPHQpXWLFD+DEHUPDV
KDEtDFRQWUDSXHVWRHQUHDOLGDGFRPRKHPRVSRGLGRFRPSUREDUODGLPHQVLyQ
GH OD WUDGLFLyQ FXOWXUDO HQ OD TXH OD FRPSUHQVLyQ KHUPHQpXWLFD KXQGH VXV
UDtFHVODVUHODFLRQHVGHSRGHU\GRPLQDFLyQGHQWURGHXQDVRFLHGDGFRPR
XQD VHJXQGD GLPHQVLyQ OR TXH pO EXVFDED PHGLDQWH HVWH SDVR HUD SUHVWDU
DWHQFLyQDODVFRQGLFLRQHVVRFLDOHVTXHHOSURFHVRKHUPHQpXWLFRHUDLQFDSD]GH

WHQHUHQFXHQWDSRUPXFKRTXHHOODVGHIRUPDUDQHLQIOX\HUDQVREUHHODFRQWHFHU
GH OD WUDGLFLyQ VXVFHSWLEOH GH LQWHUSUHWDFLyQ HQ OD /yJLFD GH ODV FLHQFLDV
VRFLDOHV REUD TXH WUDWD GH UHWRPDU HO KLOR GH OD FUtWLFD GH OD KHUPHQpXWLFD \
DYDQ]DHQODGLUHFFLyQGHXQDPHWRGRORJtDGHXQDVRFLRORJtDFUtWLFDHQWUDQHQ
HVFHQDHVDVFRQGLFLRQHVEDMRHOWtWXORGHIXHU]DVQRQRUPDWLYDVTXHSHQHWUDQ
HQHOOHQJXDMHFRPRPHWDLQVWLWXFLyQ>@HQWUHHOODVFXHQWD+DEHUPDVDKRUD
HO VLVWHPD GH GRPLQDFLyQ DVt FRPR HO VLVWHPD GHO WUDEDMR VRFLDO >@
$XQTXHQRTXHGDFODURHQHVWHSXQWRHQTXpPHGLGDODVUHODFLRQHVVRFLDOHVGH
GRPLQDFLyQ \ GH WUDEDMR GHEHQ SRGHU YDOHU FRPR ]RQDV OLEUHV GH QRUPDV VL
SDUWLPRV GHO VXSXHVWR GH TXH ODV UHJXODFLRQHV VRFLDOHV GH OD RUJDQL]DFLyQ GHO
WUDEDMRRGHODGLVWULEXFLyQGHOSRGHUQRVHFRPSRQHQPDQLILHVWDPHQWHVyORGH
GHILQLFLRQHV PRUDOHV QHXWUDOHV GH OD DFFLyQ UDFLRQDO FRQIRUPH D ILQHV VLQR
WDPELpQ GH SRVLFLRQHV WHOHROyJLFDV SROtWLFRSUiFWLFDV OR FLHUWR HV TXH HO
GHVDUUROOR GH OD WHRUtD GH OD VRFLHGDG KDEHUPDVLDQR WHUPLQD FD\HQGR HQ XQ
GXDOLVPR HO TXH VH GHVSOLHJD HQWUH iPELWRV GH DFFLyQ QRUPDWLYDPHQWH
UHJXODGRV\iPELWRVQRQRUPDWLYRVXQGXDOLVPRTXHREHGHFHFRPRHQVHJXLGD
TXHGDUi FODUR D XQD WUDQVIHUHQFLD FRVLILFDGRUD GH ORV GRV WLSRV GH DFFLyQ
FRPXQLFDWLYDHLQVWUXPHQWDODODHVIHUDFRQFUHWDGHODUHSURGXFFLyQVRFLDO
(OFDPLQRTXHILQDOPHQWHYDDFRQGXFLUDODFRQVWUXFFLyQFRQFHSWXDOGHORV
VXEVLVWHPDV GH OD DFFLyQ UDFLRQDO FRQIRUPH D ILQHV WDPELpQ WLHQH TXH SDVDU
SRUORVHVWDGLRVSURSLRVGHODFUtWLFDGHODKHUPHQpXWLFD\DDQWHVERVTXHMDGRV
HQ HVWH PRGHOR +DEHUPDV FRPSUHQGH DKRUD HQ WpUPLQRV SRVLWLYRV HQ HO
OHQJXDMH GH OD WHRUtD GH VLVWHPDV SUHFLVDPHQWH OR TXH DQWHV VyOR KDEtD
FRQFHELGRGHIRUPDQHJDWLYDFRPRODVFRQGLFLRQHVQRQRUPDWLYDVGHOSURFHVR
FRPXQLFDWLYR VXVFHSWLEOH GH VHU DELHUWR KHUPHQpXWLFDPHQWH DTXt QR
QRUPDWLYDV VLJQLILFD WRGRV ORV iPELWRV GH DFFLyQ GH XQD VRFLHGDG FX\D
RUJDQL]DFLyQ LQWHUQD \ SUD[LV VH GHILQHQ HQ SULPHU OXJDU SRU ODV UHJODV GH OD
DFFLyQUDFLRQDOFRQIRUPHDILQHVHVWRViPELWRVGHDFFLyQSXHGHQYDOHUFRPR
VXEVLVWHPDV SRUTXH VXV OtPLWHV \ IXQFLRQHV VH GHWHUPLQDQ SRU HO VLVWHPD
DPSOLDGR GH ODV QRUPDV LQVWLWXFLRQDOL]DGDV $KRUD ELHQ FRQ WRGR ORV
SUREOHPDV TXH \D VH KDEtDQ SODQWHDGR FRQ HO FRQFHSWR GH IXHU]DV QR
QRUPDWLYDV QR TXHGDQ SRU HOOR HOLPLQDGRV D WUDYpV GH VX UHIRUPXODFLyQ HQ
WpUPLQRVGHODWHRUtDGHVLVWHPDVPiVELHQORTXHKDFHQHVUHDSDUHFHUEDMROD

IRUPDGHODSUHJXQWDGHTXpSXHGHVLJQLILFDUTXHH[LVWDQVXEVLVWHPDVFRPRVRQ
HO VLVWHPD HFRQyPLFR R HO DSDUDWR HVWDWDO >@ HQ ORV TXH OR TXH
IXQGDPHQWDOPHQWH TXHGD LQVWLWXFLRQDOL]DGR VRQ DFFLRQHV UDFLRQDOHV FRQ
UHVSHFWRDILQHV>@/DDILUPDFLyQFRQWHQLGDHQHVWDIRUPXODFLyQSURSLDGHOD
WHRUtD GH VLVWHPDV HQ UHDOLGDG QR KDFH GHVDSDUHFHU VLJQLILFDWLYDPHQWH ODV
GLILFXOWDGHV TXH SODQWHDQ LGHDV WDQ FRQIXVDV FRPR OD GH IXHU]DV QR
QRUPDWLYDV 7RGR HVWR UHVXOWD SODXVLEOH VyOR HQ HO VHQWLGR GH TXH HO
FXPSOLPLHQWRGHODVWDUHDVVRFLDOHVSODQWHDGDVFRQODIXHU]DGHFRDFFLyQGHOD
SURGXFFLyQ HFRQyPLFD R OD DGPLQLVWUDFLyQ HVWDWDO VLHPSUH UHTXLHUH HO
VHJXLPLHQWR GH UHJODV RULHQWDGDV D OD FRQVHFXFLyQ UDFLRQDO GH PHWDV ILMDGDV
EDMRFRQGLFLRQHV\DGDGDVDKRUDELHQ\DODIRUPDGHHPSOHRGHHVWDVUHJODV
UDFLRQDOHVFRQIRUPHDILQHVVXWUDQVIHUHQFLDRUJDQL]DWLYDDODSUD[LVGHXQD
FRPXQLGDGXRUJDQL]DFLyQVRFLDOH[LJHODXWLOL]DFLyQDGLFLRQDOGHUHJODVSURSLDV
GHODDFFLyQSROtWLFRSUiFWLFD>@\DTXHSDUDODDSOLFDFLyQVRFLDOGHPi[LPDV
GHODDFFLyQUDFLRQDOFRQIRUPHDILQHVH[LVWHHQSULQFLSLRXQDPSOLRHVSHFWUR
GHDOWHUQDWLYDVTXHSXHGHH[SOLFDUVHDSDUWLUGHODLQGHILQLFLyQSUiFWLFDGHHVDV
Pi[LPDV ODV UHJODV SUiFWLFDV SUHVFULEHQ VyOR GH IRUPD LQFRPSOHWD HO PRGR
FRUUHVSRQGLHQWH GH WUDQVIHULUVH D GHWHUPLQDGDV DFFLRQHV FRQFUHWDV (O SRVLEOH
HVSDFLRGHMXHJRDELHUWRDTXtSRUHVWDUD]yQQRSXHGHTXHGDUFODXVXUDGRSRU
XQUHFXUVRUHSHWLGRDFRQVLGHUDFLRQHVUDFLRQDOHVFRQIRUPHDILQHVVLQRVyOR
EDMRODDSOLFDFLyQDGLFLRQDOGHSXQWRVGHYLVWDQRUPDWLYRVRSROtWLFRV&RUQHOLXV
&DVWRULDGLV SUHFLVDPHQWH KD PRVWUDGR HMHPSODUPHQWH HVWR HQ HO FDVR GH OD
WpFQLFD>@\HVWRWDPELpQKDTXHGDGRGHPRVWUDGRHQHOFDVRGHODVIRUPDV
GHRUJDQL]DFLyQGHOWUDEDMRDSDUWLUGHODVLQYHVWLJDFLRQHVGH+DUU\%UDYHUPDQ
HQ WRUQR DO WD\ORULVPR TXH LQWHQWDQ GHVEUR]DU HO FDPLQR D ORV IDFWRUHV
SROtWLFRVTXHLQIOX\HQHQODIRUPDFLyQGHOWUDEDMRVRFLDODWUDYpVGHOFRQFHSWR
GHSURGXFWLRQSROLWLFV>SROtWLFDSURGXFWLYD@>@
7RGDVHVWDVUHIOH[LRQHVVyORQRVRIUHFHQXQDGHODVUD]RQHVSDUDFXHVWLRQDU
HOUHFXUVRGHKDEODUGHODVHVIHUDVGHOWUDEDMRVRFLDORGHODGRPLQDFLyQSROtWLFD
FRPR VXEVLVWHPDV GH OD DFFLyQ UDFLRQDO FRQIRUPH D ILQHV 8QD VHJXQGD
REMHFLyQ YD D WHQHU TXH YHU FRQ ODV PRWLYDFLRQHV ~OWLPDV TXH LPSXOVDQ D
+DEHUPDVDSUHSDUDUpOPLVPRHOWHUUHQRVREUHHOTXHIXQGDPHQWDUHQWpUPLQRV
WHyULFRFRPXQLFDWLYRV VX FLHQFLD VRFLDO +DVWD HO PRPHQWR HVWR KDEtD

VLJQLILFDGRTXHHOSURFHVRGHUHSURGXFFLyQVRFLDOVLHPSUHHVWDEDGLULJLGRDXQD
SUD[LVFRPXQLFDWLYDHQFX\RPDUFRVHHQWHQGtDQORVPLHPEURVGHODVRFLHGDG
DFHUFDGHODYDOLGH]GHODVQRUPDVVRFLDOHVFRQODFRQVWUXFFLyQHQWpUPLQRVGH
OD WHRUtD GH VLVWHPDV TXH QRVRWURV HVWDPRV DTXt VLJXLHQGR GH PRPHQWR HVWD
WHVLVIXQGDPHQWDOTXHGDVLQHPEDUJROLPLWDGDHQHOVHQWLGRGHTXHSDUDFLHUWDV
HVIHUDVGHDFFLyQDKRUDVHUHFRQRFHODSRVLELOLGDGGHXQDH[RQHUDFLyQGHODV
IXQFLRQHV GHO HQWHQGLPLHQWR VXEMHWLYR &LHUWDPHQWH DO KDEODU GH VHPHMDQWH
FDSDFLGDG GHO VLVWHPD VRFLDO KD\ TXH PDWL]DU +DEHUPDV QR GLFH TXH HQ ORV
GRPLQLRVRUJDQL]DWLYRVGHODHFRQRPtD\HOHVWDGRVRFLDOODSUD[LVVRFLDOWHQJD
OXJDUHIHFWLYDPHQWHVLQHQWHQGLPLHQWRDOJXQRHVWRHVTXHVHUHDOLFHPHGLDQWHHO
SXUR VHJXLPLHQWR GH UHJODV UDFLRQDOHV FRQIRUPH D ILQHV VLQR TXH VyOR DILUPD
TXH VRQ ODV UHJODV UDFLRQDOHV FRQIRUPH D ILQHV ODV TXH LQLFLDOPHQWH VH
LQVWLWXFLRQDOL]DQ HQ HVWRV GRPLQLRV DKRUD ELHQ LQFOXVR HVWD IRUPXODFLyQ WDQ
VRPHUD TXH VyOR KDFH UHIHUHQFLD D OD RULHQWDFLyQ GH OD DFFLyQ LPSXHVWD GH
IRUPD REOLJDWRULD HQ OXJDU GH D XQD VLWXDFLyQ IiFWLFD GH KHFKR SHUPLWH FRQ
WRGRXQDLQWHUSUHWDFLyQHQYLUWXGGHODFXDOORVGRPLQLRVGHDFFLyQRULHQWDGRV
UDFLRQDOPHQWHFRQIRUPHDILQHVSXHGHQGHVDFRSODUVHGHHVDQHFHVLGDGLQWHUQD
GHFRQVHQVRTXHVyORSXHGHGHVDUUROODUVHDWUDYpVGHORVSURFHVRVGHDFXHUGR
FRPXQLFDWLYRDFHUFDGHQRUPDVVRFLDOHVVL+DEHUPDVHIHFWLYDPHQWHSLHQVDGH
HVWHPRGRVLpOSRUWDQWRVXSRQHSDUDXQGHWHUPLQDGRWLSRGHHVIHUDVRFLDOGH
YLGD OD SRVLELOLGDG GH XQD H[RQHUDFLyQ RUJDQL]DWLYD GH ORV SURFHVRV GH
HQWHQGLPLHQWRLQWHUVXEMHWLYRGHWDOIRUPDTXHDTXtHQSULQFLSLRODVDFWLYLGDGHV
GHORVLQGLYLGXRVSXGLHUDQGHVDUUROODUVHVLQFRPXQLFDFLyQHQWRQFHVWHQGUtDQ
TXHFXHVWLRQDUVHWHyULFDPHQWHODVLQWXLFLRQHVGHVXVHQVD\RVRULJLQDULRVFX\DV
WHVLVWHyULFRFRPXQLFDWLYDVPRVWUDEDQTXHQRKD\HVIHUDGHODYLGDVRFLDOHQOD
TXHXQSURFHVRGHHQWHQGLPLHQWRLQWHUVXEMHWLYRQRHVWpREOLJDGRDFXLGDUGHOD
FRQVHUYDFLyQ GH XQ FRQVHQVR DFHSWDGR QRUPDWLYDPHQWH DFHUFD GH ODV IRUPDV
RUJDQL]DWLYDV GH OD DFFLyQ VRFLDO < D OD LQYHUVD TXH QR H[LVWH HQ
FRUUHVSRQGHQFLD QLQJ~Q OXJDU \ QLQJ~Q WLHPSR HQ HO SURFHVR YLWDO GH XQD
VRFLHGDG HQ HO TXH HVWH FRQVHQVR PRUDO QR SXHGD WDPELpQ UHSHQWLQDPHQWH
GHUUXPEDUVH SXHVWR TXH pO HV FRQWLQXDPHQWH REMHWR GH UHQRYDFLyQ HQ ORV
SURFHVRVGHFRPXQLFDFLyQVRFLDO
(VWDV GRV REMHFLRQHV SRU PX\ DSUHVXUDGDV \ SURYLVLRQDOHV TXH SDUH]FDQ

IRUPXODGDVWRPDGDVHQFRQMXQWRDSR\DQODVXSRVLFLyQGHTXH+DEHUPDVVHKD
GHMDGRFRQIXQGLUSRUODSODXVLELOLGDGGHVXVSURSLDVGLVWLQFLRQHVHQHOWHUUHQR
GHODWHRUtDGHODDFFLyQHQGLUHFFLyQDXQDIDOVDFRQFUHFLyQGHOSUREOHPDODV
GLIHUHQFLDV HVWUXFWXUDOHV TXH pO KD H[SXHVWR HQ WpUPLQRV FRQFHSWXDOHV HQWUH OD
DFFLyQFRPXQLFDWLYD\ODUDFLRQDOFRQIRUPHDILQHVpODKRUDODVUHSLWHHQHOSODQR
GHOSURFHVRGHUHSURGXFFLyQVRFLDOKDFLHQGRGLVWLQFLRQHVHQWUHHVIHUDVVRFLDOHV
GHDFXHUGRFRQORVGRVWLSRVGHDFFLyQSUHGRPLQDQWHHQHOODVHVSRUHOORSRU
ORTXHGHIRUPDQRLQWHQFLRQDGDSDVDSRUDOWRODGLVWLQFLyQDQDOtWLFDDIDYRUGH
XQDGLIHUHQFLDFLyQGHiPELWRVIHQRPpQLFRVHPStULFRVGHWDOIRUPDTXHDOILQDO
VH PDQWLHQH OD ILFFLyQ GH XQD VRFLHGDG GLYLGLGD HQ GRPLQLRV GH DFFLyQ
FRPXQLFDWLYRV\UDFLRQDOHVFRQIRUPHDILQHVHQOXJDUGHSUHJXQWDUSRUODIRUPD
GHRUJDQL]DFLyQSDUWLFXODUGHORVSURFHVRVGHFRPXQLFDFLyQTXHORVGLIHUHQWHV
iPELWRVGHODDFFLyQGHXQDVRFLHGDGFRQWULEX\HQDOGRPLQLRUDFLRQDOFRQIRUPH
D ILQHV GH ODV WDUHDV UHVSHFWLYDPHQWH SODQWHDGDV DSDUHFH OD LGHD GH XQD
GRPLQDFLyQ GH WDUHDV VRFLDOHV TXH HV SRU XQ ODGR FRPXQLFDWLYD \ SRU RWUR
UDFLRQDOFRQIRUPHDILQHV
+D\ TXH GHFLU VLQ HPEDUJR TXH OD VRVSHFKD TXH HVWDPRV DTXt GH
PRPHQWRDEULJDQGRDODOX]GHORVWH[WRVQRSXHGHD~QIXQGDUVHGHOWRGRWRGD
YH] TXH +DEHUPDV DTXt VyOR VH DFHUFD YDJDPHQWH \ DSHQDV FODULILFD OD
SHUVSHFWLYDWHyULFRVLVWpPLFDHQODTXHGHVHPERFDODFRQVWUXFFLyQFRQFHSWXDO
GH ORV VXEVLVWHPDV GH OD DFFLyQ UDFLRQDO FRQIRUPH D ILQHV DGHPiV OD
SUREOHPiWLFD GLVWLQFLyQ HQWUH ODV GRV HVIHUDV GH DFFLyQ VyOR UHSUHVHQWD XQD
VXHUWHGHHQWUDGDWHUPLQROyJLFDDXQDFRQVWUXFFLyQGHODKLVWRULDGHODHVSHFLH
FX\D IXQFLyQ UHDO HV SRU FLHUWR HQFRQWUDU XQD LQWHUSUHWDFLyQ DGHFXDGD SDUD
HVDV WHQGHQFLDV GH GHVDUUROOR FLHUWDPHQWH \D UHFRQRFLGDV SRU OD WHVLV
WHFQRFUiWLFD SHUR IDOVDPHQWH HQWHQGLGDV HO SDVR WHyULFR TXH VLJXH
REMHWLYDPHQWHDODGLIHUHQFLDFLyQGHODVGRVHVIHUDVVRFLDOHVVHGLULJHMXVWRGH
IRUPD GLUHFWD D HVWH REMHWLYR FRQVLVWH HQ HO LQWHQWR GH FRPSUHQGHU FRQ OD
D\XGD GH OD GLVWLQFLyQ DTXt REWHQLGD HO GHVDUUROOR VRFLRFXOWXUDO GH WDO IRUPD
TXHHQpOSXHGDQDSUHFLDUVHODVWHQGHQFLDVDFWXDOHVKDFLDODDXWRQRPL]DFLyQGH
ODWpFQLFDHQWHQGLGDFRPRIRUPDXQLODWHUDOGHODUDFLRQDOL]DFLyQVRFLDO
+DEHUPDV H[SOLFD HO HVTXHPD TXH GHEH HVWDU D OD EDVH GHO GHVDUUROOR
FLYLOL]DWRULR GH OD UHODFLyQ HQWUH HO PDUFR LQVWLWXFLRQDO \ ORV VXEVLVWHPDV

RUJDQL]DGRV UDFLRQDOPHQWH FRQIRUPH D ILQHV DSR\iQGRVH HQ XQD YHUVLyQ PX\


FRQFUHWDGHOPDWHULDOLVPRKLVWyULFRDTXtODVIXHU]DVSURGXFWLYDVVRQHQWHQGLGDV
FRPR HO PRWRU GH XQ SURJUHVR KLVWyULFR DO TXH VyOR KDVWD DKRUD
UHWURVSHFWLYDPHQWH KDQ SRGLGR DGDSWDUVH ODV UHODFLRQHV GH SURGXFFLyQ 6L
WUDGXFLPRV HVWD GLDOpFWLFD HQWUH IXHU]DV SURGXFWLYDV \ UHODFLRQHV GH
SURGXFFLyQDOPDUFRFRQFHSWXDODEVWUDFWRTXHDFRPSDxDDODGLVWLQFLyQHQWUH
ODV GRV HVIHUDV GH OD DFFLyQ VH WHUPLQD UHYHODQGR FRPR HO PHFDQLVPR GHO
GHVDUUROOR KLVWyULFR GH OD HVSHFLH OD SURJUHVLYD DGDSWDFLyQ GHO PDUFR
LQVWLWXFLRQDO D OD SHUPDQHQWH H[SDQVLyQ GH ORV iPELWRV GH DFFLyQ RUJDQL]DGRV
UDFLRQDOPHQWHFRQIRUPHDILQHV
(O PRGHOR GH OD HYROXFLyQ VRFLRFXOWXUDO GH OD HVSHFLH KD HVWDGR GHWHUPLQDGR GHVGH HO
SULQFLSLRSRUXQFUHFLHQWHSRGHUGHGLVSRVLFLyQWpFQLFDVREUHODVFRQGLFLRQHVH[WHUQDVGHOD
H[LVWHQFLD SRU XQ ODGR \ SRU RWUR SRU XQD DGDSWDFLyQ PiV R PHQRV SDVLYD GHO PDUFR
LQVWLWXFLRQDODODH[WHQVLyQGHORVVXEVLVWHPDVGHODDFFLyQUDFLRQDOFRQUHVSHFWRDILQHV/D
DFFLyQUDFLRQDOFRQUHVSHFWRDILQHVUHSUHVHQWDODIRUPDGHDGDSWDFLyQDFWLYDTXHGLVWLQJXHOD
DXWRFRQVHUYDFLyQFROHFWLYDGHORVVXMHWRVVRFLDOL]DGRVGHODFRQVHUYDFLyQFDUDFWHUtVWLFDGHODV
HVSHFLHVDQLPDOHV1RVRWURVVDEHPRVFyPRVRPHWHUDFRQWUROODVFRQGLFLRQHVIXQGDPHQWDOHV
GHODYLGDORTXHVLJQLILFDFyPRDFRPRGDUFXOWXUDOPHQWHHOHQWRUQRDQXHVWUDVQHFHVLGDGHV
HQ OXJDU GH OLPLWDUQRV D DGDSWDUQRV QRVRWURV D OD QDWXUDOH]D H[WHUQD 3RU HO FRQWUDULR ORV
FDPELRV SURGXFLGRV HQ HO PDUFR LQVWLWXFLRQDO HQ OD PHGLGD HQ TXH GHULYDQ GH IRUPD
LQPHGLDWDRGHIRUPDPHGLDWDGHQXHYDVWHFQRORJtDVRGHSHUIHFFLRQDPLHQWRVGHHVWUDWHJLDV
HQ ORV iPELWRV GH OD SURGXFFLyQ GHO LQWHUFDPELR GH OD GHIHQVD HWF  QR KDQ DVXPLGR OD
PLVPDIRUPDGHDGDSWDFLyQDFWLYD3RUORJHQHUDOHVDVPXWDFLRQHVVLJXHQHOPRGHORGHXQD
DGDSWDFLyQ SDVLYD 1R VRQ HO UHVXOWDGR GH XQD DFFLyQ SODQLILFDGD UDFLRQDO FRQ UHVSHFWR D
ILQHV\FRQWURODGDSRUHOp[LWRVLQRSURGXFWRGHXQDHYROXFLyQHVSRQWiQHD>@

&RPRSXHGHYHUVHDTXtODDFFLyQUDFLRQDOFRQIRUPHDILQHVDSDUHFHFRPR
HVHQ~FOHRSURGXFWLYRGHODVRFLHGDGFX\RSURJUHVLYRLQFUHPHQWRGHDFWLYLGDG
VH WUDGXFH HQ QXHYDV WHFQRORJtDV \ HVWUDWHJLDV PHMRUDGDV SDUD HO FRQWURO
GHOHQWRUQRHQFRQWUDVWHFRQHVWRODVLQVWLWXFLRQHVTXHUHJXODQQRUPDWLYDPHQWH
HOLQWHUFDPELRVRFLDOVyORVHWUDQVIRUPDQKDVWDHOPRPHQWRGHIRUPDSDVLYD\D
TXH QR KDFHQ VLQR UHSURGXFLU UHSHWLGDPHQWH ORV VXFHVLYRV GHVDUUROORV GHO
VLVWHPDGHDFFLyQRUJDQL]DGRHQWRUQRDXQDUDFLRQDOLGDGFRQIRUPHDILQHV$
HVWH FRQFHSWR GH KLVWRULD GH FXxR PiV ELHQ WUDGLFLRQDO VH YD D DJDUUDU
+DEHUPDVQRREVWDQWHSRUSRFRWLHPSR\DTXHORDEDQGRQDUiHQHOSUHFLVR

PRPHQWR HQ HO TXH \D QR FRQFLED ODV WUDQVIRUPDFLRQHV GH ODV QRUPDV GH
LQWHJUDFLyQVRFLDOFRPRXQSURFHVRSDVLYR\ODVH[SOLTXHDODOX]GHXQSURFHVR
DFWLYRGHDSUHQGL]DMHOLJDGRHQ~OWLPDLQVWDQFLDDODVH[SHULHQFLDVPRUDOHVGHOD
LQWHUDFFLyQ VLPEyOLFDPHQWH PHGLDGD >@ $KRUD ELHQ SRU HO PRPHQWR QR HV
D~QODDFFLyQFRPXQLFDWLYDODTXHUHSUHVHQWDODIXHU]DLPSXOVRUDGHOGHVDUUROOR
VRFLDO VLQR PiV ELHQ OD DFFLyQ UDFLRQDO FRQIRUPH D ILQHV GH KHFKR HO
PHFDQLVPR GH OD KLVWRULD GH OD HVSHFLH VH GHILQH GH WDO PRGR TXH EDMR OD
SUHVLyQGHODVIXHU]DVSURGXFWLYDVUHODWLYDPHQWHGHVDUUROODGDVVHFRQVLJXHXQD
WUDQVIRUPDFLyQHVWUXFWXUDOGHOPDUFRLQVWLWXFLRQDO>@
3DUWLHQGR GH HVWH HVTXHPD GH GHVDUUROOR VRFLDO JHQHUDO +DEHUPDV DKRUD
DERUGDEDMRXQDQXHYDOX]ORTXH:HEHUKDEtDDQDOL]DGREDMRHOFRQFHSWRGH
UDFLRQDOL]DFLyQ VRFLDO GH HVWH PRGR pO GH HQWUDGD VH DSURYHFKD GH ODV
YHQWDMDVTXHOHKDEtDUHSRUWDGRVXWUDGXFFLyQGHORVFRQFHSWRVIXQGDPHQWDOHV
GHO PDU[LVPR DO OHQJXDMH GH VX WHRUtD GH OD DFFLyQ ORV GRV PRGHORV
FRQFHSWXDOHV HQ ORV TXH pO KD WHUPLQDGR WUDQVIRUPDQGR OD GLIHUHQFLD HQWUH
IXHU]DVSURGXFWLYDV\UHODFLRQHVGHSURGXFFLyQVHKDQDSOLFDGRDTXtGHWDO
IRUPDTXHSXHGHQIiFLOPHQWHFRQHFWDUVHFRQODFDWHJRUtDGHUDFLRQDOL]DFLyQORV
FRQFHSWRV GH DFFLyQ FRQ FX\D D\XGD SXGLHURQ GHOLPLWDUVH ODV GLIHUHQFLDV
H[LVWHQWHV HQWUH ODV QRUPDV LQVWLWXFLRQDOL]DGDV FRPR VLVWHPD GH OD DFFLyQ
FRPXQLFDWLYD \ ORV VXEVLVWHPDV GH OD DFFLyQ UDFLRQDO FRQIRUPH D ILQHV YDQ D
GHILQLU DVt QR VyOR IRUPDV GH DFWLYLGDG HVSHFtILFDV VLQR WDPELpQ SUHVWDFLRQHV
FRJQRVFLWLYDV SDUWLFXODUHV DVLPLVPR HQ HVD PHGLGD ODV GRV HVIHUDV GH OD
DFFLyQVRFLDOWLHQHQTXHVHUGLVWLQJXLGDVHQIXQFLyQGHVXUHVSHFWLYDIRUPDGH
IDEULFDFLyQGHFRQRFLPLHQWR\FRUUHVSRQGLHQWHPHQWHGHXQWLSRHVSHFtILFRGH
UDFLRQDOLGDG HO SURFHVR FRJQLWLYR HQ FX\R FXUVR FUHFH VLVWHPiWLFDPHQWH HO
FRQRFLPLHQWR JHQHUDGR HQ ODV UHVSHFWLYDV HVIHUDV GH OD DFFLyQ SXHGH DVt VHU
HQWHQGLGRFRPRXQSURFHVRGHUDFLRQDOL]DFLyQHVWRSXHGHGHPRVWUDUVHVLQ
LQYHUWLU PXFKRV HVIXHU]RV HQ HO FDVR GH ORV VXEVLVWHPDV GH DFFLyQ UDFLRQDO
FRQIRUPHDILQHVOR~QLFRTXHQHFHVLWD+DEHUPDVHVDxDGLUDODVGHILQLFLRQHV
GH:HEHUVXSODQWHDPLHQWRLQIOXLGRSRU3DUVRQVSDUDDVtSRGHUFRPSUHQGHUHO
LQFUHPHQWRSURGXFLGRSRUORVUHQGLPLHQWRVUDFLRQDOHVFRQIRUPHDILQHVHQHVWH
GRPLQLRGHODDFFLyQHOSURFHVR\GHVDUUROORGHODVIXHU]DVSURGXFWLYDVGHOTXH
SDUWH HO PDWHULDOLVPR KLVWyULFR KD GH FRPSUHQGHUVH HQ HVWH VHQWLGR FRPR XQ

SURFHVRGHUDFLRQDOL]DFLyQTXHKDFHFUHFHUGHXQDIRUPDFRQVWDQWHHOSRGHUGH
FRQWUROUDFLRQDOFRQIRUPHDILQHVGHODVRFLHGDGVREUHODQDWXUDOH]DH[WHUQD\
ODVUHODFLRQHVLQWUDVRFLDOHVPiVSUREOHPiWLFR\FRPSOHMRVHYDDSUHVHQWDUVLQ
HPEDUJR HO LQWHQWR GH DSOLFDU HO FRQFHSWR ZHEHULDQR GH UDFLRQDOL]DFLyQ D OD
VHJXQGD HVIHUD GH DFFLyQ HVWR HV D ODV QRUPDV LQVWLWXFLRQDOL]DGDV GH XQD
VRFLHGDGSXHVFRQHVWHSDVR+DEHUPDVVHYHREOLJDGRDDEDQGRQDUHOWHUUHQR
VHJXUR HQ HO TXH VH KDEtD HVWDEOHFLGR 0D[ :HEHU FXDQGR RULHQWDED HO
FRQFHSWR GH UDFLRQDOL]DFLyQ DO FULWHULR FODUDPHQWH GHILQLGR GH UDFLRQDOLGDG
FRQIRUPHDILQHV\SRUWDQWRDDGHQWUDUVHHQXQQXHYRKRUL]RQWHWHyULFRVRFLDO
(Q UHDOLGDG SDUD SRGHU KDEODU FRUUHFWDPHQWH GH XQ SURFHVR GH
UDFLRQDOL]DFLyQ HQ UHODFLyQ FRQ OD HYROXFLyQ GH ODV QRUPDV VRFLDOHV VH
QHFHVLWDGHWHUPLQDUSULPHURORVFULWHULRVHQYLUWXGGHORVFXDOHVVHSXHGDSRQHU
DSUXHEDODUDFLRQDOLGDGGHHVDVQRUPDV\FRQVHFXHQWHPHQWHPHGLUVXSRVLEOH
FUHFLPLHQWR GH UDFLRQDOLGDG 3DUD +DEHUPDV OD SRVLELOLGDG GH LQWURGXFLU
FULWHULRV GH HVWH WLSR VXUJH FRPR XQD FRQVHFXHQFLD GH ODV GHILQLFLRQHV
HSLVWHPROyJLFDV FRQ FX\D D\XGD KDEtD FDUDFWHUL]DGR DQWHULRUPHQWH ORV
UHQGLPLHQWRVFRJQLWLYRVGHODDFFLyQFRPXQLFDWLYDFLHUWDPHQWHpO\DQRSXHGH
VHJXLUVRVWHQLHQGRODYHUVLyQRULJLQDULDGHVXHSLVWHPRORJtDTXHSDUWtDGHWUHV
IRUPDV GH FRQRFLPLHQWR SUHFLHQWtILFR VLQR TXH VH WLHQH TXH DSR\DU HQ OD
FRQFHSFLyQ TXH OH KDEtD D\XGDGR D VXSHUDU ODV GLILFXOWDGHV TXH VH KDEtDQ
UHYHODGR FXDQGR WUDWDED GH LQVHUWDU ODV FRQGLFLRQHV GHO FRQRFLPLHQWR
HPDQFLSDWRULR GLUHFWDPHQWH HQ HO SURFHVR GH OD LQWHUDFFLyQ VLPEyOLFDPHQWH
PHGLDGD >@ $QWH HVWH WHOyQ GH IRQGR pO SXHGH DUJXPHQWDU DKRUD HQ HVWRV
WpUPLQRVODVQRUPDVVRFLDOHVWLHQHQFRPRIXQFLyQUHJXODUODVUHODFLRQHVVRFLDOHV
GHORVPLHPEURVGHODVRFLHGDGHQWUHVtVXUJHQ\VHUHSURGXFHQHQHOPLVPR
SURFHVR GH XQD LQWHUDFFLyQ VLPEyOLFDPHQWH PHGLDGD TXH SRU RWUR ODGR
WDPELpQ WLHQHQ TXH RUJDQL]DU LQVWLWXFLRQDOPHQWH D HVWH SURFHVR GH
HQWHQGLPLHQWRFRPXQLFDWLYROHHVLQKHUHQWHVLQHPEDUJRFRPRPHWD~OWLPDOD
UHDOL]DFLyQGHFRQGLFLRQHVGHOLEHUWDGVLQGRPLQLR\VyORORSXHGHFRQVHJXLUHQ
ODPHGLGDHQTXHWRGRVORVPLHPEURVGHODVRFLHGDGSXHGDQSDUWLFLSDUHQpOVLQ
FRDFFLRQHVGHDKtTXHHQHVWHFRQWH[WRHQFDGDSDVRTXHVHDYDQ]DKDFLDXQD
LQWHUDFFLyQ VRFLDOPHQWH UHJXODGD FUH]FD WDPELpQ XQD \ RWUD YH] XQ
FRQRFLPLHQWR DFHUFD GH ODV OLPLWDFLRQHV TXH H[LVWHQ HQ HO SUHVHQWH UHVSHFWR D

XQD SRVLEOH OLEHUWDG VLQ GRPLQDFLyQ /DV QRUPDV VRFLDOHV VH SXHGHQ GH HVWD
IRUPD LQWHUSUHWDU FRPR PDWHULDOL]DFLRQHV LQVWLWXFLRQDOHV GH HVWH VDEHU
SURGXFLGRFRPXQLFDWLYDPHQWHHQHVWHVHQWLGRODPHGLGDGHVXUDFLRQDOLGDGVH
PLGH SRU HO JUDGR HQ HO TXH FRQVLJXH RUJDQL]DU HO LQWHUFDPELR VRFLDO GH XQD
IRUPDOLEUHGHGRPLQDFLyQ+DEHUPDVSXHGHSRUWDQWRFRQFOXLUGHDTXtTXHOD
UDFLRQDOL]DFLyQHQHOiPELWRGHOPDUFRLQVWLWXFLRQDO>@VyORSXHGHRFXUULUHQHO
PHGLRGHODLQWHUDFFLyQOLQJtVWLFDPHQWHPHGLDGDFRPRWDODVDEHUUHPRYLHQGR
ORV REVWiFXORV \ UHVWULFFLRQHV GH OD FRPXQLFDFLyQ >@ 'H HVWD IRUPXODFLyQ
EiVLFDSXHGHQGHGXFLUVHXQDVHULHGHFULWHULRVQRUPDWLYRVTXHSHUPLWHQPHGLU
HOFUHFLPLHQWRGHODUDFLRQDOLGDGHQODVLQVWLWXFLRQHVVRFLDOHVGHOPLVPRPRGR
TXH HO FULWHULR GH UDFLRQDOLGDG FRQIRUPH D ILQHV SHUPLWtD DQWHV GHILQLU HO
FUHFLPLHQWRGHUDFLRQDOLGDGGHOVHFWRUHFRQyPLFR\SROtWLFR
3XHV XQD UDFLRQDOL]DFLyQ GH ODV QRUPDV VRFLDOHV YHQGUtD HQWRQFHV FDUDFWHUL]DGD SRU XQ
GHFUHFLHQWH JUDGR GH ULJLGH] OR TXH D QLYHO GH ODV HVWUXFWXUDV GH OD SHUVRQDOLGDG HOHYDUtD OD
WROHUDQFLDIUHQWHDORVFRQIOLFWRVGHURO <WDPELpQSRUXQGHFUHFLHQWHJUDGRGHULJLGH] ORTXH
UHGXQGDUtD HQ XQ LQFUHPHQWR GH ODV RSRUWXQLGDGHV GH XQD DXWRH[SRVLFLyQ LQGLYLGXDO PiV
DGHFXDGD HQ ODV LQWHUDFFLRQHV FRWLGLDQDV  < ILQDOPHQWH SRU OD DSUR[LPDFLyQ D XQ WLSR GH
FRQWUROHV GHO FRPSRUWDPLHQWR TXH SHUPLWLHUD HO GLVWDQFLDPLHQWR FRQ UHVSHFWR D ORV UROHV \
XQD DSOLFDFLyQ IOH[LEOH GH QRUPDV ELHQ LQWHUQDOL]DGDV SHUR DFFHVLEOHV D OD UHIOH[LyQ 8QD
UDFLRQDOL]DFLyQTXHWXYLHUDVXPHGLGDHQORVFDPELRVSURGXFLGRVHQHVWDVWUHVGLPHQVLRQHV
QR FRQGXFH FRPR RFXUUH HQ HO FDVR GH OD UDFLRQDOL]DFLyQ GH ORV VXEVLVWHPDV GH DFFLyQ
UDFLRQDOFRQUHVSHFWRDILQHVDXQLQFUHPHQWRGHOSRGHUGHGLVSRVLFLyQVREUHORVSURFHVRV
REMHWLYDGRVGHODQDWXUDOH]D\GHODVRFLHGDGQRFRQGXFHSHUVHDXQPHMRUIXQFLRQDPLHQWR
GHORVVLVWHPDVVRFLDOHVSHURGRWDUtDDORVPLHPEURVGHODVRFLHGDGGHRSRUWXQLGDGHVGHXQD
HPDQFLSDFLyQPiVDPSOLD\GHXQDSURJUHVLYDLQGLYLGXDFLyQ>@

&RPR YHPRV +DEHUPDV SXHGH FRQWDU FRQ XQD VHJXQGD GLPHQVLyQ GH OD
UDFLRQDOL]DFLyQ VRFLDO SRUTXH pO HV FDSD] GH EULQGDU XQ FULWHULR SDUD HO
GHVDUUROOR UDFLRQDO GH QRUPDV VRFLDOHV TXH QR VH OLPLWD D FRQWUDSRQHUVH
H[WHUQDPHQWH D GLFKDV QRUPDV VLQR TXH GHEH VHU LQIHULGR GHO SURFHVR GH VX
PLVPD SURGXFFLyQ OD LGHD EiVLFD TXH OH MXVWLILFD SDUD OOHYDU D FDER HVWH
SODQWHDPLHQWRVXUJHGHUHFXUULUDHVHFRQFHSWRWHyULFROLQJtVWLFRGHOLEHUWDGVLQ
FRDFFLyQFX\RGHVDUUROOR\IRUPDFLyQHSLVWHPROyJLFRV\DKHPRVVHJXLGRDTXt
VH FRQFHEtD HO SULQFLSLR pWLFR GH OD FRPXQLFDFLyQ OLEUH GH GRPLQLR FRPR XQ
REMHWLYR~OWLPRTXHVXE\DFtD\DGHVGHHOSULQFLSLRDOSURFHVRKLVWyULFRJHQpULFR

GHODLQWHUDFFLyQPHGLDGDVLPEyOLFDPHQWHGHWDOIRUPDTXHDKRUDSXHGHYDOHU
FRPRXQFULWHULRSDUDHOJUDGRGHUDFLRQDOLGDGGHODVQRUPDVPRUDOHVTXHKDQ
GH UHJXODU ORV SURFHVRV GH FRPXQLFDFLyQ LQWUDVRFLDOHV HQ OD PHGLGD HQ TXH
JDUDQWL]DQXQDVLWXDFLyQGHOLEHUWDGVLQGRPLQDFLyQ'HVGHHVWHFULWHULRJHQHUDO
ORV FULWHULRV GHWDOODGRV TXH +DEHUPDV KD H[SXHVWR HQ OD FLWD DQWHULRU SXHGHQ
GHGXFLUVH FRPR FDUDFWHUtVWLFDV TXH WLHQHQ TXH SRVHHU ORV VXMHWRV GH DFFLyQ
FDSDFHVGHXQDFRPXQLFDFLyQVLQFRDFFLRQHV>@
6LFDEHHVWDEOHFHUSRUWDQWRSDUDHOPDUFRLQVWLWXFLRQDOGHXQDVRFLHGDG
OD SRVLELOLGDG GH XQD UDFLRQDOL]DFLyQ TXH QR VH PLGD SRU HO FULWHULR GHO p[LWR
UDFLRQDO FRQIRUPH D ILQHV VLQR SRU HO GH OD OLEHUWDG FRPXQLFDWLYD KD GH
WUDQVIRUPDUVHWDPELpQODIRUPDEDMRODTXH:HEHUHQWHQGtDODUDFLRQDOL]DFLyQ
VRFLDO +DEHUPDV KD GH WHQHU HQ FXHQWD SXHV OD H[LVWHQFLD GH XQD UHODFLyQ
UHFtSURFD HQWUH GRV SURFHVRV GH UDFLRQDOL]DFLyQ WLHQH TXH WRPDU HQ
FRQVLGHUDFLyQODSRVLELOLGDGGHXQDFDSDFLGDGGHUHDFFLyQGHOSURJUHVRWpFQLFR
HVGHFLUGHODUDFLRQDOL]DFLyQGHORVVLVWHPDVUDFLRQHVFRQIRUPHDILQHV
QRVLPSOHPHQWHVREUHODVUHODFLRQHVYLWDOHVGHWHUPLQDGDVSRUODWUDGLFLyQVLQR
VREUHHOSURFHVRGHODUDFLRQDOL]DFLyQFRPXQLFDWLYDSRUPHGLRGHODDSOLFDFLyQ
GHO HVTXHPD HYROXWLYR TXH KD WRPDGR SUHVWDGR GHO PDWHULDOLVPR KLVWyULFR
SXHGHSRUWDQWRVXSRQHUTXHHOGHVDUUROORGHODVUHODFLRQHVGHSURGXFFLyQVH
FXPSOHFRPRXQSURFHVRGHHPDQFLSDFLyQPRUDOLPSXOVDGRGHIRUPDUHQRYDGD
SRU ORV SURJUHVRV UHDOL]DGRV HQ HO GHVDUUROOR GH ODV IXHU]DV SURGXFWLYDV HQ
FXDOTXLHUHVWDGRKLVWyULFR&RQHVWDFRQFHSFLyQGHODKLVWRULDGHODHVSHFLHVH
FUHD \D DVt SXHV HO PDUFR WHyULFR TXH WLHQH TXH SUHVXSRQHU +DEHUPDV SDUD
SRGHUGHVSOHJDUVXSUHWHQGLGDFUtWLFDGHODWHVLVWHFQRFUiWLFDKDELGDFXHQWDGH
TXHPHGLDQWHHOODVHSRQHGHPDQLILHVWRFRPRHOHPHQWRLQWHUQRGLQiPLFRGHO
SURFHVRKLVWyULFRORTXHHQODFUtWLFDGHOSRVLWLYLVPR\DKDEtDVLGRH[SXHVWRHQ
HO iPELWR GH OD OyJLFD FLHQWtILFD FRPR XQD IRUPD UHSULPLGD GH OD UDFLRQDOLGDG
KXPDQD
&LHUWDPHQWHHVHOFRQFHSWRGHUDFLRQDOL]DFLyQFRPXQLFDWLYDTXHDVXPHHQ
OD WHRUtD GH OD VRFLHGDG KDEHUPDVLDQD OD PLVPD SRVLFLyQ TXH HQ VX WHRUtD GHO
FRQRFLPLHQWR KDEtD RFXSDGR OD FRQFHSFLyQ GH ORV VDEHUHV KHUPHQpXWLFRV \
FUtWLFRVHOTXHEULQGDODSRVLELOLGDGGHUHDOL]DUXQDUHLQWHUSUHWDFLyQFUtWLFDGHOD
WHVLV WHFQRFUiWLFD 6LQ HPEDUJR SDUD OOHYDU D FDER HVWD WDUHD KD GH SDUWLUVH

DQWHVGHXQGHFLVLYRSUHVXSXHVWRXQSUHFLVRDQiOLVLVUHDOL]DGRSRUODDSOLFDFLyQ
GHOQXHYRPDUFRFRQFHSWXDOGHODVFRQGLFLRQHVVRFLDOHV\SROtWLFDVJHQHUDGDV
SRUODVWHQGHQFLDVGHGHVDUUROORDILUPDGDVSRUODWHVLVWHFQRFUiWLFD$ODKRUD
GHOOHYDUDFDERHVWHDQiOLVLV+DEHUPDVVHYDDDSR\DUHQODLQWHUSUHWDFLyQGHO
FDSLWDOLVPRIRUPXODGDSRU0D[:HEHUDXQTXHGiQGROHXQJLURPX\HVSHFtILFR
HO FRQVLVWHQWH HQ SDUWLU GH OD H[LVWHQFLD GH GRV IRUPDV GH UDFLRQDOL]DFLyQ HQ
OXJDUGHXQDVRODHOWUiQVLWRDODVVRFLHGDGHVPRGHUQDVTXH:HEHUWHQtDHQ
PHQWH FXDQGR KDEODED HQ VHQWLGR HVWULFWR GH UDFLRQDOL]DFLyQ GHEH
LQWHUSUHWDUVHDKRUDFRPRXQSURFHVRTXHLPSXOVDGHIRUPDQHFHVDULDXQDGREOH
DGDSWDFLyQ GHO PDUFR LQVWLWXFLRQDO GH ODV VRFLHGDGHV SUHPRGHUQDV D OD
GHVHQIUHQDGD GLQiPLFD FDSLWDOLVWD GH ODV IXHU]DV SURGXFWLYDV HV GHFLU FRQ HO
FDSLWDOLVPR ODV IXHU]DV SURGXFWLYDV DOFDQ]DQ XQ HVWDGR GH GHVDUUROOR TXH
FRQYLHUWHHQSHUPDQHQWHHVWDH[SDQVLyQGHORVVXEVLVWHPDVGHDFFLyQUDFLRQDO
FRQUHVSHFWRD ILQHV\ TXHGHHVWD IRUPDSRQH HQFXHVWLyQOD IRUPDTXH ODV
FXOWXUDVVXSHULRUHVWLHQHQGHOHJLWLPDUHOGRPLQLRSRUPHGLRGHLQWHUSUHWDFLRQHV
FRVPROyJLFDV GHO PXQGR >@ (O HVWDEOHFLPLHQWR \ H[SDQVLyQ GH ODV
RUJDQL]DFLRQHVUDFLRQDOHVFRQIRUPHDILQHVTXHGHEHQDVHJXUDU\JDUDQWL]DUXQD
LQIUDHVWUXFWXUDDGDSWDGDDXQFUHFLPLHQWRHFRQyPLFRDFHOHUDGRSRUXQODGR\
HOUHPSOD]RGHODVIRUPDVWUDGLFLRQDOHVGHOHJLWLPDFLyQGHGRPLQLRSRUIRUPDV
GHMXVWLILFDFLyQTXHVDWLVIDFHQSUHWHQVLRQHVVHFXODUL]DGDV\FLHQWtILFDVSRURWUR
VRQ ODV GRV WUDQVIRUPDFLRQHV HVWUXFWXUDOHV TXH HO FRQWH[WR GH OD YLGD VRFLDO
DIURQWD GHVGH HO FRPLHQ]R GHO FDSLWDOLVPR FRQ HO H[SORVLYR GHVSOLHJXH GH ODV
IXHU]DVSURGXFWLYDV(VSRUHVWHFDPLQRSRUHOTXHQDFHSRUYH]SULPHUDHQHO
FXUVR GHO GHVDUUROOR VRFLRFXOWXUDO XQD VRFLHGDG FX\R PDUFR LQVWLWXFLRQDO OD
UDFLRQDOLGDG GH ORV MXHJRV OLQJtVWLFRV DVRFLDGRV FRQ OD DFFLyQ FRPXQLFDWLYD
>@TXHGDDPHQD]DGDSRUORVVXEVLVWHPDVGHODDFFLyQUDFLRQDOFRQIRUPHD
ILQHVHVWRHVODUDFLRQDOLGDGGHODVUHODFLRQHVHQWUHPHGLRV\ILQHV>@ (O
Q~FOHRVRFLDOGHODVRFLHGDGTXHKDVWDDKRUDVHKDEtDUHSURGXFLGRDWUDYpVGHO
PHGLRGHODLQWHUDFFLyQVLPEyOLFDFDHEDMRODSUHVLyQGHRUJDQL]DFLRQHVTXH
HQVHxDQ DO LQGLYLGXR D SRGHU SDVDU HQ FXDOTXLHU PRPHQWR GH XQ FRQWH[WR GH
LQWHUDFFLyQDODDFWLWXGTXHFRPSRUWDODDFFLyQUDFLRQDOFRQUHVSHFWRDILQHV
>@
+DEHUPDVHVFRQVLVWHQWHDODKRUDGHGHVFULELUODIRUPDGHRUJDQL]DFLyQGHO

FDSLWDOLVPR OLEHUDO HQ HVWRV WpUPLQRV DEVWUDFWRV FRPR XQD UHODFLyQ


HVSHFtILFDPHQWHFRQIOLFWLYDHQWUHORVGRVPRGHORVGLIHUHQWHVGHUDFLRQDOL]DFLyQ
VRFLDOVHYHVLVWHPiWLFDPHQWHHVWLPXODGRSRUQRGHFLUREOLJDGRSRUFRPSOHWR
HQ YLUWXG GH HVWH SODQWHDPLHQWR GXDOLVWD TXH KDEtD IXQGDPHQWDGR FRQ VX
GLVWLQFLyQGHODVGRVHVIHUDVGHDFFLyQDGDUHVWHSDVRKDVWDHOSXQWRGHTXH
SDUDpOORVSUREOHPDVWHyULFRVOLJDGRVDHVHSODQWHDPLHQWRKDQGHUHSHWLUVHHQ
HO PDUFR GH ODV H[LJHQFLDV KLVWyULFRHPStULFDV SRU XQ ODGR OD VXSRVLFLyQ GH
TXH FRQ HO QDFLPLHQWR GHO FDSLWDOLVPR ODV FRQH[LRQHV WUDGLFLRQDOHV TXHGDQ
VXERUGLQDGDVSURJUHVLYDPHQWHDODVFRQGLFLRQHVGHODUDFLRQDOLGDGLQVWUXPHQWDO
RHVWUDWpJLFD>@HVXQKHFKRTXHQRSXHGHOHJLWLPDUVHFRPRHYLGHQWHWRGD
YH] TXH OD FRWLGLDQLGDG VRFLDO GH ODV FODVHV PiV EDMDV HQ ODV VRFLHGDGHV
SUHFDSLWDOLVWDV HVWi UHFRUULGD HQ JUDQ PHGLGD SRU OD FRDFFLyQ KDFLD XQD
RUJDQL]DFLyQHQFDPLQDGDDOGRPLQLRGHODYLGDEDMRXQDUDFLRQDOLGDGFRQIRUPH
D ILQHV SRU RWUR WDPSRFR ODV LQVWLWXFLRQHV VRFLDOHV TXH SUHSDUDURQ ODV
FRQGLFLRQHV VRFLDOHV SDUD HO SURFHVR GH OD DFXPXODFLyQ VRFLDO HO KHFKR
HGXFDWLYRHOVLVWHPDFRPHUFLDOODVLQVWLWXFLRQHVOHJDOHVRODEXURFUDFLDHVWDWDO
 SXHGHQ FRQWHPSODUVH HQ HO PRGR HQ HO TXH +DEHUPDV VXSRQH FRPR
LQVWDQFLDV QRUPDWLYDV QHXWUDOHV TXH RSHUDQ GH XQD IRUPD SXUDPHQWH UDFLRQDO
FRQIRUPHDILQHVHQODPHGLGDHQTXHPiVDOOiGHVXVWDUHDVHVSHFtILFDVKDQ
GHGHVDUUROODUIXQFLRQHVGHFRQWURODVtFRPRIXQFLRQHVGHVRFLDOL]DFLyQPRUDO
HVWDV LQVWLWXFLRQHV QR H[FOXVLYDPHQWH FRQIURQWDQ D ODV SREODFLRQHV FRQ OD
UDFLRQDOLGDG GH UHODFLRQHV HQWUH PHGLRV \ ILQHV VLQR WDPELpQ FRQ QXHYDV
Pi[LPDVGHFRPSRUWDPLHQWRFXOWXUDOPRUDO\FRUSRUDOGDGRTXHHQHOODVMXQWR
D ORV ILQHV GH OD DFFLyQ RULHQWDGD DO p[LWR WDPELpQ VH KDQ LQVWLWXFLRQDOL]DGR
GHWHUPLQDGDV QRUPDV GH OD DFFLyQ FRPXQLFDWLYD &RQWHPSODGR GHVGH HVWH
SXQWR GH YLVWD HO DVSHFWR SUREOHPiWLFR H[LVWHQWH HQ OD GHVFULSFLyQ
KDEHUPDVLDQDGHORVSULQFLSLRVHVWUXFWXUDOHVGHOFDSLWDOLVPRQRUHVLGHWDQWRHQ
GHWHUPLQDGRVHOHPHQWRVWHyULFRVHQSDUWLFXODURHQHODOWRJUDGRGHDEVWUDFFLyQ
TXH XWLOL]D FRPR HQ HO FRUWH JHQHUDO TXH LQWURGXFH PHGLDQWH HVWH FRUWH OD
WRWDOLGDGVRFLDORUJDQL]DGDLQWHUVXEMHWLYDPHQWHVHGHVFRPSRQHKDVWDWDOSXQWR
HQ XQD PLWDG FRPXQLFDWLYD \ RWUD UDFLRQDO FRQIRUPH D ILQHV TXH HO QDFLPLHQWR
GHO FDSLWDOLVPR WLHQH TXH VHU FRQFHELGR FRPR OD LUUXSFLyQ GH SULQFLSLRV
LQVWUXPHQWDOHV HQ XQ PXQGR GH YLGD KDVWD HVH PRPHQWR RUJDQL]DGR

FRPXQLFDWLYDPHQWH
$KRUD ELHQ HVWD GHVFULSFLyQ HVWUXFWXUDO UHSUHVHQWD VyOR OD SUHFRQGLFLyQ
WHyULFD GH XQ DQiOLVLV WHyULFRFRPXQLFDWLYR DPSOLDGR GHO IHQyPHQR TXH D
+DEHUPDV UHDOPHQWH OH LQWHUHVD OD WHQGHQFLD LQWURGXFLGD HQ HO FDSLWDOLVPR
WDUGtR KDFLD OD DXWRQRPL]DFLyQ GH OD WHFQRORJtD XQD WHQGHQFLD LQWHUSUHWDGD
XQLODWHUDOPHQWH SRU OD WHVLV WHFQRFUiWLFD +DEHUPDV YD D WRPDU DTXt FRPR
UHIHUHQFLD GRV SURFHVRV GH GHVDUUROOR TXH KDQ FRQGXFLGR GH OD IRUPD
RUJDQL]DWLYD OLEHUDO GHO FDSLWDOLVPR D XQ HVWDGLR PiV DYDQ]DGR GHO FDSLWDOLVPR
WDUGtR \ HQ HVD PHGLGD D HVDV WUDQVIRUPDFLRQHV LQVWLWXFLRQDOHV TXH HQ XQ
FLHUWR VHQWLGR KDQ SHUPLWLGR TXH OD WHFQRORJtD KD\D DGTXLULGR XQ SDSHO
GRPLQDQWHDSR\DHVWDLGHDHQODVUHIOH[LRQHVFRQODVTXHpOHQHOPDUFRGHVXV
SULPHUDV LQWHUSUHWDFLRQHV GHO PDU[LVPR \D KDEtD WUDWDGR GH H[SOLFDU HO JLUR
HVWUXFWXUDOGHOFDSLWDOLVPR>@
3RUXQODGR\GHOPLVPRPRGRTXH\DKLFLHUD3ROORFN+DEHUPDVSDUWHGHO
KHFKRGHXQLQFUHPHQWRGHOLQWHUYHQFLRQLVPRHVWDWDOEDMRODSUHVLyQGHHYLWDU
SRVLEOHV FULVLV HFRQyPLFDV HO (VWDGR FDSLWDOLVWD FX\DV IXQFLRQHV VH KDEtDQ
SRGLGR OLPLWDU RULJLQDULDPHQWH DO DVHJXUDPLHQWR GH ORV SUHUUHTXLVLWRV OHJDOHV \
VRFLDOHVGHOSURFHVRGHSURGXFFLyQKDWHQLGRTXHDPSOLDUKDVWDWDOSXQWRVXV
DFWLYLGDGHVTXHHQODDFWXDOLGDGHVWiHQGLVSRVLFLyQGHFRQGXFLUGLUHFWDPHQWHHO
FXUVRGHODVFULVLVHFRQyPLFDVFRQORVPHGLRVGHODSROtWLFDVRFLDO\HFRQyPLFD
HQ YLUWXG GH HVWH SDVR VLQ HPEDUJR HO PDUFR LQVWLWXFLRQDO VH UHSROLWL]D GH
QXHYR EDMR ODV FRQGLFLRQHV GH XQ FDSLWDOLVPR OLEHUDO TXH SRU YH] SULPHUD VH
RUJDQL]D DXWyQRPDPHQWH HQ OD PHGLGD HQ TXH HO LQWHUFDPELR GH ELHQHV \ GH
IXHU]DV GH WUDEDMR VH UHJXOD SRU HO PHUFDGR (VWD UHSROLWL]DFLyQ GH OD HVIHUD
VRFLDOWLHQHGHVDVWURVDVFRQVHFXHQFLDVSDUDODFRQVWUXFFLyQLGHROyJLFDEDMROD
FXDO HO FDSLWDOLVPR VH MXVWLILFD HQ VX SULPHUD IDVH OD LGHRORJtD GHO OLEUH
LQWHUFDPELR TXH KDEtD OHJLWLPDGR HO VLVWHPD GH GRPLQDFLyQ FDSLWDOLVWD SRU OD
UDFLRQDOLGDGGHOPHUFDGRWLHQHQHFHVDULDPHQWHTXHGHUUXPEDUVHHQHOPRPHQWR
HQHOTXHHO(VWDGRDQWHORVRMRVGHWRGRVLQWHUYLHQHHQHOSURFHVRHFRQyPLFR
GHVDUUROODQGR PHGLGDV GH SURWHFFLyQ VLQ HPEDUJR HO RWUR SURFHVR GH
GHVDUUROORGHOTXHSDUWH+DEHUPDVWUDWDGHFRPSHQVDUHQFDPELRHVDFULVLVGH
OHJLWLPDFLyQTXHDPHQD]DDOFDSLWDOLVPRWDUGtR-XQWRFRQ0DUFXVH+DEHUPDV
DSXQWDDTXtFRPRXQDVHJXQGDWHQGHQFLDGHODVVRFLHGDGHVWDUGRFDSLWDOLVWDVHO

SURJUHVLYRSDSHOGHODWpFQLFDFRPRQXHYDLGHRORJtDFRQODFLHQWLIL]DFLyQGHOD
SURGXFFLyQLQGXVWULDOGHVGH ILQDOHVGHO VLJORGLHFLQXHYHHO SURJUHVRWpFQLFR KD
JDQDGRWDOSHVRHQHOFRQMXQWRGHODUHSURGXFFLyQVRFLDOTXHKR\ODVGHFLVLRQHV
GHO VHFWRU HVWDWDO SXHGHQ MXVWLILFDUVH KDFLHQGR UHIHUHQFLD D VX OHJDOLGDG
LQPDQHQWH /D LGHRORJtD WHFQRFUiWLFD TXH VH H[SUHVD HQ HVWD QXHYD IRUPD GH
OHJLWLPDFLyQ SROtWLFD SURGXFH OD DSDULHQFLD GH SURJUHVR HQ OD VRFLHGDG \ VH
GHWHUPLQD HQ ~OWLPD LQVWDQFLD SRU OD IXHU]D GH ORV KHFKRV VX IXQFLyQ JHQXLQD
UHVLGHHQ>@TXHGLVRFLDODDXWRFRPSUHQVLyQGHODVRFLHGDGGHOVLVWHPDGH
UHIHUHQFLD GH OD DFFLyQ FRPXQLFDWLYD \ GH ORV FRQFHSWRV GH OD LQWHUDFFLyQ
VLPEyOLFDPHQWHPHGLDGD\ORVVXVWLWX\HSRUXQPRGHORFLHQWtILFR>@
7RPDGRV FRQMXQWDPHQWH ORV GRV SURFHVRV GH GHVDUUROOR TXH SXHGHQ VHU
DWULEXLGRV DO FDSLWDOLVPR WDUGtR QRV RIUHFHQ OD LPDJHQ GH XQD GREOH DPHQD]D
SDUD OD SUD[LV FRPXQLFDWLYD QR VyOR D FDXVD GH OD WUDQVIRUPDFLyQ IRUPDO GHO
DSDUDWR HVWDWDO SRU OD FXDO OD DFFLyQ SROtWLFD VH RULHQWD D OD VROXFLyQ GH
FXHVWLRQHVWpFQLFDVHQOXJDUGHDODUHDOL]DFLyQGHPHWDVSUiFWLFDV>@VLQR
WDPELpQSRUHOFDPELRFXOWXUDOGHFRQFLHQFLDTXHSHUPLWHTXHHOGHVDUUROORGHOD
VRFLHGDG VH GHVPDUTXH GHO PDUFR GH UHIHUHQFLD GH OD DFFLyQ JXLDGD
QRUPDWLYDPHQWHHQWUDHQDFFLyQXQSURFHVRTXHSURJUHVLYDPHQWHFRPLHQ]DD
GHVHUWL]DUODHVIHUDGHORVRFLDOHVWRHVGHOHQWHQGLPLHQWRFRPXQLFDWLYR3XHVWR
TXHODWHVLVWHFQRFUiWLFDH[SUHVDDILUPDWLYDPHQWHHVWHGHVDUUROORTXHSRURWUD
SDUWHSRQHHQULHVJRODHVIHUDGHORVRFLDOFRPRODIDOVDLQWHUSUHWDFLyQGHXQD
WHQGHQFLD VLQ HPEDUJR SHUFLELGD FRUUHFWDPHQWH SXHGH GHFLUVH TXH VH
FRQYLHUWHHQODLGHRORJtDGRPLQDQWHGHODpSRFD
&LHUWDPHQWHHVWDLQWHQFLyQWHFQRFUiWLFDQRHVWiUHDOL]DGDHQQLQJXQDSDUWHQLWDQVLTXLHUDHQ
VXV SULPHURV SDVRV SHUR SRU XQ ODGR VLUYH FRPR LGHRORJtD SDUD XQD SROtWLFD GLULJLGD D OD
UHVROXFLyQGHWDUHDVWpFQLFDVTXHSRQHHQWUHSDUpQWHVLVODVFXHVWLRQHVSUiFWLFDV\SRURWUR
UHVSRQGH HQ FXDOTXLHU FDVR D FLHUWDV WHQGHQFLDV HYROXWLYDV TXH SXHGHQ OOHYDU D XQD OHQWD
HURVLyQ GH OR TXH KHPRV OODPDGR PDUFR LQVWLWXFLRQDO (O GRPLQLR PDQLILHVWR GH XQ (VWDGR
DXWRULWDULR VH YH UHPSOD]DGR SRU ODV FRDFFLRQHV PDQLSXODWLYDV GH XQD DGPLQLVWUDFLyQ
WpFQLFRRSHUDWLYD /D LPSODQWDFLyQ PRUDO GH XQ RUGHQ VDQFLRQDGR \ FRQ HOOR GH OD DFFLyQ
FRPXQLFDWLYDTXHVHRULHQWDGHFRQIRUPLGDGFRQXQVHQWLGRDUWLFXODGROLQJtVWLFDPHQWH\TXH
SUHVXSRQH OD LQWHULRUL]DFLyQ GH QRUPDV VH YH GLVXHOWD FDGD YH] FRQ PiV DPSOLWXG SRU
IRUPDVGHFRPSRUWDPLHQWRFRQGLFLRQDGRPLHQWUDVTXHODVJUDQGHVRUJDQL]DFLRQHVFRPRWDOHV
VHSUHVHQWDQFDGDYH]PiVFRQODHVWUXFWXUDGHODDFFLyQUDFLRQDOFRQUHVSHFWRDILQHV/DV

VRFLHGDGHV LQGXVWULDOHV DYDQ]DGDV SDUHFHQ DSUR[LPDUVH D XQ WLSR GH FRQWURO GHO
FRPSRUWDPLHQWRGLULJLGRPiVELHQSRUHVWtPXORVH[WHUQRVTXHSRUQRUPDV>@

&RQVLGHUDGDVGHVGHHVWHSXQWRGHYLVWDODVWHQGHQFLDVGHGHVDUUROORTXHOD
WHVLV WHFQRFUiWLFD D\XGD D H[SRQHU GH XQD IRUPD LGHROyJLFD VH SUHVHQWDQ QR
PHUDPHQWHFRPRXQSHOLJURSDUDXQDIRUPDHVSHFtILFDGHVRFLHGDGVLQRFRPR
XQDVHULDSHUWXUEDFLyQGHWRGRHOSURFHVRGHIRUPDFLyQKLVWyULFDGHODHVSHFLH
FRQ OD GLVROXFLyQ GHO PDUFR LQVWLWXFLRQDO HO SURFHVR GH HQWHQGLPLHQWR
FRPXQLFDWLYR VREUH FX\D H[LVWHQFLD OD UHSURGXFFLyQ VRFLDO VH EDVD
FRQVWLWXWLYDPHQWHGHVGHHOSULQFLSLRTXHGDDPHQD]DGRFRQODSRVLELOLGDGGHVX
GHVWUXFFLyQ ODV VRFLHGDGHV VH UHSURGXFHQ FRPR KHPRV SRGLGR YHU HQ
FRQH[LyQFRQXQSURFHVRGHHQWHQGLPLHQWRLQWHUVXEMHWLYRPHGLDGRSRUQRUPDV
VRFLDOHV HQ HO PRPHQWR KLVWyULFR HQ HO TXH HO SURFHVR GH UDFLRQDOL]DFLyQ
FRPXQLFDWLYD DTXt GHVSOHJDGR HPSLH]D D VHU DEVRUELGR HQ FLHUWD PHGLGD SRU
ORV VLVWHPDV GH DFFLyQ UDFLRQDO FRQIRUPH D ILQHV GH WDO IRUPD TXH HQ OD
H[SHULHQFLD FRQVFLHQWH GHO WLHPSR H[LVWH OD DPHQD]D GH OD GHVDSDULFLyQ
FRPSOHWDGHODGLIHUHQFLDHQWUHSUD[LV\WpFQLFD>@HOSURFHVRGHIRUPDFLyQ
GH OD HVSHFLH TXHGD HQ JHQHUDO GHVWUXLGR 'H DKt TXH HQ HVWD VLWXDFLyQ VHD
WDUHDGHOD7HRUtD&UtWLFDGHODVRFLHGDGVDFDUDODOX]HOFRPSOHMRGHLQWHUHVHV
TXHFRPRWDOFDUDFWHUL]DDXQDHVSHFLHTXHVHFRQVWLWX\HDVtPLVPD
/DQXHYDLGHRORJtD>WHFQRFUiWLFD$+@YLROD>@XQLQWHUpVTXHHVLQKHUHQWHDXQDGHODV
GRVFRQGLFLRQHVIXQGDPHQWDOHVGHQXHVWUDH[LVWHQFLDFXOWXUDODOOHQJXDMHRPiVH[DFWDPHQWH
DXQDIRUPDGHVRFLDOL]DFLyQHLQGLYLGXDFLyQGHWHUPLQDGDVSRUODFRPXQLFDFLyQHQHOPHGLR
GHO OHQJXDMH RUGLQDULR (VWH LQWHUpV VH H[WLHQGH WDQWR DO PDQWHQLPLHQWR GH XQD
LQWHUVXEMHWLYLGDG GH OD FRPSUHQVLyQ FRPR DO HVWDEOHFLPLHQWR GH XQD FRPXQLFDFLyQ OLEUH GH
GRPLQLR/DFRQFLHQFLDWHFQRFUiWLFDKDFHGHVDSDUHFHUHVWHLQWHUpVSUiFWLFRWUDVHOLQWHUpVSRU
OD DPSOLDFLyQ GH QXHVWUR SRGHU GH GLVSRVLFLyQ WpFQLFD /D UHIOH[LyQ TXH HVWi H[LJLHQGR HVWD
QXHYD LGHRORJtD WLHQH TXH UHPRQWDUVH SRU GHWUiV GH XQ LQWHUpV GH FODVH GHWHUPLQDGR
KLVWyULFDPHQWH\VDFDUDODOX]HOFRPSOHMRGHLQWHUHVHVTXHFRPRWDOFDUDFWHUL]DDXQDHVSHFLH
TXHVHFRQVWLWX\HDVtPLVPD>@

+HPRVVHJXLGRORVSDVRVGHODDUJXPHQWDFLyQKDEHUPDVLDQDKDVWDOOHJDUD
HVWH OXJDU SURJUDPiWLFR SRUTXH GHVGH HVWD SHUVSHFWLYD FDEH DFFHGHU D XQD
YLVLyQPiVFRPSOHWDGHHVDFRQFHSFLyQGHODKLVWRULDGHODHVSHFLHTXHHVWiDOD
EDVH GH VX FUtWLFD GH OD WHVLV WHFQRFUiWLFD FRQVHFXHQWHPHQWH WDPELpQ

HQFRQWUDPRVDTXtXQDSULPHUDUHVSXHVWDDODSUHJXQWDTXHDQWHVVHSODQWHDED
DFHUFD GH FyPR VH SXHGH FRPSUHQGHU HO FXUVR IiFWLFR GHO GHVDUUROOR
VRFLRFXOWXUDO FRPR XQ SURFHVR GH IRUPDFLyQ GLVWRUVLRQDGR GH WDO IRUPD TXH
DTXt OD 7HRUtD &UtWLFD GH OD VRFLHGDG SXHGD HPHUJHU IUHQWH D HVWD VLWXDFLyQ
DVXPLHQGR XQD PLVPD PHWRGROyJLFD SDUHFLGD D OD TXH HO SVLFRDQiOLVLV
GHVHPSHxD IUHQWH DO SURFHVR GH IRUPDFLyQ LQGLYLGXDO (Q HVWH FRQWH[WR HO
FRQIOLFWRIXQGDPHQWDOGHODKLVWRULDGHODHVSHFLHXQHOHPHQWRTXHDVLPLVPR
UHSUHVHQWD OD FDXVD ~OWLPD GH HVWD GLVWRUVLyQ QR HV RWUR TXH HO FUHFLHQWH
GHVHTXLOLEULR H[LVWHQWH HQWUH ORV SURFHVRV GH UDFLRQDOL]DFLyQ DVHQWDGRV HQ ODV
GLIHUHQWHV HVIHUDV GH OD DFFLyQ OD H[SHULHQFLD TXH VXE\DFH FRPR PRWLYDFLyQ
SUiFWLFD D XQD FRQVWUXFFLyQ GH OD KLVWRULD GH OD HVSHFLH GH HVWH WLSR VH
HQFXHQWUDYLQFXODGDDHVWDPLVPDSHUFHSFLyQGHODDFWXDOLGDGTXHWDPELpQKD
TXHGDGR GHWHUPLQDGD DXQTXH FRQ LQWHQFLRQHV RSXHVWDV SRU OD WHVLV
WHFQRFUiWLFD
+DEHUPDVGHVDUUROODODFRQFHSFLyQWHyULFDTXHHVWDPRVFRQVLGHUDQGRSRU
HO PRPHQWR QR VyOR FRQ HO REMHWLYR GH UHDOL]DU XQD FUtWLFD GH OD WHVLV
WHFQRFUiWLFDWDPELpQVHGHMDLQIOXLUSRUHOGLDJQyVWLFRKLVWyULFRGHpVWDKDVWDHO
SXQWR GH TXH WDPELpQ DSUHFLD HQ HO IHQyPHQR GH OD DXWRQRPL]DFLyQ GH OD
WpFQLFD OD WHQGHQFLD GH GHVDUUROOR GRPLQDQWH HQ HO PXQGR DFWXDO
(YLGHQWHPHQWHpOQRREVWDQWHQRDVXPHVHQFLOODPHQWHHVWHSURFHVRFRPR\D
KDVLGRSXHVWRGHPDQLILHVWRGHQWURGHXQFRQWH[WRQRSUREOHPiWLFRVLQRTXH
OR LQFOX\H HQ HO PDUFR GH UHIHUHQFLD WHyULFRFRPXQLFDWLYR TXH pO PLVPR \D
KDEtDHODERUDGRSRUODYtDGHXQDDQWURSRORJtDGHOFRQRFLPLHQWRDTXtSXHVVH
SODQWHD HO PLVPR SURFHVR TXH OD WHVLV WHFQRFUiWLFD GHVFULEH HQ WpUPLQRV
SRVLWLYRV FRPR XQ GHVDUUROOR GH GHVHUWL]DFLyQ GH ODV UHODFLRQHV YLWDOHV
FRQVWLWXLGDVFRPXQLFDWLYDPHQWHSRUPHGLRGHDFFLRQHVUDFLRQDOHVGHWHUPLQDGDV
FRQIRUPHDILQHVDWUDYpVHQVXPDGHXQDVLWXDFLyQGHGRPLQLRWHFQROyJLFR
SURJUHVLYR /D WHRUtD KDEHUPDVLDQD GH KHFKR HVWi WDQ LQIOXLGD SRU HVWD
H[SHULHQFLD TXH IUHQWH D HOOD WRGRV ORV UHVWDQWHV IHQyPHQRV GH FULVLV \
SUREOHPDVGHODDFWXDOLGDGVyORTXHGDQHQPDUFDGRVDODOX]GHHVWHWUDVIRQGR
DKRUDELHQFRPRHVQDWXUDOpVWHQRHVXQKHFKRWDQHYLGHQWHVLSDUWLPRVGHO
KHFKRGHTXHOD7HRUtD&UtWLFDGHODVRFLHGDGWDPELpQSXHGHREHGHFHUGHVGHHO
SODQR WHyULFR D RWUDV PRWLYDFLRQHV EiVLFDV DVt FRPR UHVSRQGHU D RWURV

IHQyPHQRVDFWXDOHVGHFULVLV3DUD+DEHUPDVVLQHPEDUJRHVHVWDH[SHULHQFLD
GHDXWRQRPL]DFLyQGHODWpFQLFDWDQGHWHUPLQDQWHTXHWDPELpQSURYRFDTXHORV
FRQFHSWRV IXQGDPHQWDOHV GH VX FRQVWUXFFLyQ GH OD KLVWRULD GH OD HVSHFLH VH
RULHQWHQDODWDUHDGHXQDH[SOLFDFLyQ\XQDFUtWLFDGHHVWD~QLFDWHQGHQFLDGH
GHVDUUROOR pO DVt FRQVLGHUD OD KLVWRULD GH OD HVSHFLH FRPR XQ SURFHVR GH
IRUPDFLyQ TXH VH UHDOL]D HQ ODV GRV GLPHQVLRQHV GH OD UDFLRQDOL]DFLyQ VRFLDO
PLHQWUDVTXHHQORVVXEVLVWHPDVGHDFFLyQUDFLRQDOFRQIRUPHDILQHVHQORVTXH
VHRUJDQL]DQODVWDUHDVGHOWUDEDMRVRFLDO\ODDGPLQLVWUDFLyQSROtWLFDODHVSHFLH
VH VLJXH GHVDUUROODQGR PHGLDQWH OD DFXPXODFLyQ GH VDEHUHV WpFQLFRV \
HVWUDWpJLFRVGHQWURGHOPDUFRLQVWLWXFLRQDOHQHOTXHVHUHSURGXFHQODVQRUPDV
VRFLDOPHQWH LQWHJUDGRUDV WDPELpQ pVWD VLJXH VX SURFHVR GH IRUPDFLyQ
OLEHUiQGRVH GH ODV FRDFFLRQHV TXH LPSLGHQ X REVWDFXOL]DQ OD FRPXQLFDFLyQ
$TXt HO FRQFHSWR GH PDUFR TXH +DEHUPDV XWLOL]D SDUD ODV LQVWLWXFLRQHV
VRFLDOHVSRQHGHPDQLILHVWRFRQWRGDFODULGDGHQTXpPHGLGDVHFRQVWLWX\HOD
VLWXDFLyQGHSDUWLGDVRFLRFXOWXUDOGHODHVSHFLHODUDFLRQDOL]DFLyQGHODDFFLyQ
UDFLRQDOFRQIRUPHDILQHVWLHQHD~QOXJDUHQSULQFLSLREDMRODGLUHFWLYDGHHVDV
QRUPDVVRFLDOHVTXH UHJXODQHQ WpUPLQRVJHQHUDOHVHO LQWHUFDPELRVRFLDO SHUR
HQODPHGLGDHQTXHODIRUPDFLyQGHODVIXHU]DVWpFQLFDVGHSURGXFFLyQDSDUWLU
GHHVWHPRPHQWRHVLPSXOVDGDDFWLYDPHQWHSRUODHVSHFLHHOODVLHPSUHUHDOL]D
SRUDVtGHFLUOR DUHQJOyQ VHJXLGRHOSURFHVR GHUDFLRQDOL]DFLyQ FRPXQLFDWLYD
VyORGHIRUPDSDVLYDGHDKtTXHODOyJLFDGHODKLVWRULDGHODHVSHFLHVHSXHGD
FRPSUHQGHU HQ ORV WpUPLQRV GH XQ SURFHVR TXH RWRUJD SURJUHVLYDPHQWH FDGD
YH]PiVLPSRUWDQFLDDODVGRVHVIHUDVGHODDFFLyQVRFLDOHVGHFLUFXDQWRPiV
VH H[WLHQGH HO SURJUHVR WpFQLFRFLHQWtILFR QR VyOR PiV VH LQFUHPHQWDQ VXV
UHQGLPLHQWRV VLQR TXH PiV VH DPSOtD SDXODWLQDPHQWH WDPELpQ HO SHUtPHWUR GH
ORVVXEVLVWHPDVGHODDFFLyQUDFLRQDOFRQIRUPHDILQHV\HQHVDPLVPDUHODFLyQ
VH HQFRJH HO PDUFR LQVWLWXFLRQDO SXHVWR TXH FDGD YH] PiV DFFLRQHV FDHQ
LQFHVDQWHPHQWHEDMRHOSULQFLSLRGHRUJDQL]DFLyQGHODUDFLRQDOLGDGFRQIRUPHD
ILQHV $VLPLVPR FRQ ODV WUDQVIRUPDFLRQHV FXOWXUDOHV TXH WLHQHQ OXJDU HQ HO
WUiQVLWRGHOFDSLWDOLVPROLEHUDODOWDUGtRHVWHSURFHVRVHDJXGL]DKDVWDOOHJDUD
XQD FULVLV VRFLDO SHOLJURVD SXHV D SDUWLU GH HVH PRPHQWR OD IRUPD GH
GRPLQDFLyQSROtWLFD\HOWLSRGHVXMXVWLILFDFLyQLGHROyJLFDHVDFRPELQDFLyQGH
SROtWLFD DGPLQLVWUDWLYD GH JRELHUQR H LGHRORJtD WHFQRFUiWLFD SHUPLWHQ ROYLGDU

HVD GLVWLQFLyQ HOHPHQWDO TXH DQWDxR H[LVWtD HQWUH OD SUD[LV FRPXQLFDWLYD \ OD
DFFLyQWpFQLFD$ODYLVWDGHXQDVLWXDFLyQGHFULVLVVHPHMDQWHODWDUHDGHXQD
7HRUtD&UtWLFDGHODVRFLHGDGSDVDSRUOOHYDUHQJHQHUDOGHQXHYRDFRQFLHQFLD
HVD GLPHQVLyQ SURSLD GH UDFLRQDOL]DFLyQ FRPXQLFDWLYD TXH KD TXHGDGR
VHSXOWDGDSXHVVyORORVSURJUHVRVGHVDUUROODGRVHQHVWHVHJXQGRQLYHOHVWR
HVODHOLPLQDFLyQDGLFLRQDOGHORVREVWiFXORVTXHKDQLPSHGLGROOHYDUDFDEROD
FRPXQLFDFLyQ SXHGHQ VXSHUDU ORV SHOLJURV QDFLGRV FRQ GLFKD
DXWRQRPL]DFLyQ WHFQROyJLFD HQ OD PHGLGD HQ TXH DTXt VH SRVLELOLWD XQD
GLVFXVLyQ S~EOLFD VLQ UHVWULFFLRQHV \ VLQ FRDFFLRQHV VREUH OD DGHFXDFLyQ \
GHVHDELOLGDGGHORVSULQFLSLRV\QRUPDVRULHQWDGRUHVGHODDFFLyQDODOX]GHODV
FRQGLFLRQHVVRFLRFXOWXUDOHVGHOSURJUHVRGHORVVXEVLVWHPDVGHDFFLyQUDFLRQDO
FRQUHVSHFWRDILQHV>@
(Q HVWH FRQWH[WR ORV SURFHVRV GH GRPLQDFLyQ VRFLDO HQ UHDOLGDG HO
SUREOHPD GH OD IRUPDFLyQ VRFLDO GHO SRGHU HQ OtQHDV JHQHUDOHV VRQ
VHFXQGDULRVSDUDODFRQVWUXFFLyQGHODKLVWRULDGHODHVSHFLHTXHGHVHPERFDHQ
HVWD FRQFOXVLyQ SUiFWLFD HV FLHUWR TXH DTXt VH SLHQVD HO PDUFR LQVWLWXFLRQDO
FRPRXQVLVWHPDGHGRPLQLRVRFLDOIRUPDGRQRUPDWLYDPHQWHHVGHFLUFRPRXQ
HVWDGLR HVSHFtILFR GHQWUR GH OD VXSHUDFLyQ GH ODV OLPLWDFLRQHV GH XQD
FRPXQLFDFLyQ SRVLEOH VLQ HPEDUJR HO SRGHU R GRPLQLR TXH DFW~DQ FRPR
HOHPHQWRV SHUWXUEDGRUHV GHQWUR GHO SURFHVR GH IRUPDFLyQ GH OD HVSHFLH QR
VXUJHQ GHO SRGHU GH FRQWURO GH FLHUWRV JUXSRV VRFLDOPHQWH SULYLOHJLDGRV VLQR
PiV ELHQ GH OD SUHVLyQ DGDSWDWLYD TXH ODV RUJDQL]DFLRQHV UHJXODGDV SRU XQD
UDFLRQDOLGDGFRQIRUPHDILQHVSUDFWLFDQVRFLDOPHQWH(QHVWDPHGLGDHOFRQIOLFWR
IXQGDPHQWDO TXH FDUDFWHUL]D DO GHVDUUROOR VRFLRFXOWXUDO QR HVWi VLWXDGR GHQWUR
GHO SURFHVR GHO HQWHQGLPLHQWR VRFLDO HQ ORV WpUPLQRV GH XQD RSRVLFLyQ HQWUH
JUXSRV R FODVHV VRFLDOHV VLQR TXH PiV ELHQ VH RUJDQL]D HQ HO HVSDFLR GH
WHQVLRQHV H[LVWHQWH HQWUH ODV HVIHUDV GH DFFLyQ LQVWUXPHQWDO \ FRPXQLFDWLYD HO
PRYLPLHQWR TXH GHVSOLHJD KLVWyULFDPHQWH HVWH FRQIOLFWR IXQGDPHQWDO QR SDVD
SXHV SRU OD OXFKD HQWUH JUXSRV \ FODVHV VRFLDOHV VH SRQH HQ IXQFLRQDPLHQWR
FRPR XQ SURFHVR GH UDFLRQDOL]DFLyQ TXH VXSHUDQGR OD FDWHJRUtD GH FODVH
SHUPLWHODH[LVWHQFLDGHVGHXQSULQFLSLRGHDFFLRQHVUDFLRQDOHVFRQIRUPHDILQHV
GHVGHXQPDUFRGHQRUPDVLQWHUVXEMHWLYDPHQWHYiOLGDV\TXHILQDOPHQWHFRPR
VLVWHPD DFW~D GH IRUPD GHVWUXFWLYD VREUH ODV UHODFLRQHV GH LQWHUDFFLyQ

GHVDUUROODGDVPRUDOPHQWHH[LVWHQWHVHQRWURQLYHO
1R H[LVWH SXHV QLQJXQD FRQH[LyQ LQWHUQD VLQR PHUDPHQWH H[WHUQD HQWUH
HVWRV GRV SURFHVRV GH UDFLRQDOL]DFLyQ HQ FX\R HQIUHQWDPLHQWR FUHFLHQWH SRU
WDQWRVHLQFDUGLQDHOFRQIOLFWRIXQGDPHQWDOH[LVWHQWHDORODUJRGHODKLVWRULDGH
OD HVSHFLH QL ORV SURFHVRV GH FRPXQLFDFLyQ VRFLDO LQIOX\HQ VREUH VXV
UHVSHFWLYRVHVWDGLRVGHGHVDUUROORQLODVRUJDQL]DFLRQHVUDFLRQDOHVFRQIRUPHD
ILQHVGHVGHVXHVWDGLRGHUDFLRQDOL]DFLyQFRUUHVSRQGLHQWHUHDFFLRQDQVREUHODV
IRUPDFLRQHVGHHQWHQGLPLHQWRVRFLDOPiVTXHGHPRGRGHVWUXFWLYRDXQTXHHV
YHUGDG TXH HO FUHFLPLHQWR GHO VDEHU WpFQLFR KD GH LPSXOVDU GH FRQWLQXR HO
SURFHVR GH UDFLRQDOL]DFLyQ FRPXQLFDWLYD HQ FXDOTXLHU HVWDGLR GHO GHVDUUROOR
VRFLDO HQ HO PDUFR GH OD KLVWRULD GH OD HVSHFLH ODV FDWHJRUtDV GH WUDEDMR H
LQWHUDFFLyQQRVHHQWUHFUX]DQHQDEVROXWRGHKHFKRFRPR\DKHPRVYLVWR
+DEHUPDV DO FRVLILFDU OD GLIHUHQFLD H[LVWHQWH HQWUH ODV GRV HVIHUDV GH DFFLyQ
VRFLDO \ DO GHSHQGHU LQFRQVFLHQWHPHQWH HQ HO iPELWR GHO GLDJQyVWLFR GH OD
pSRFD GH OD WHVLV WHFQRFUiWLFD VH YH LPSHGLGR D LQWURGXFLU HQ XQ QLYHO
FRQFHSWXDO EiVLFR XQD FRQFHSFLyQ GLVWLQWD RULHQWDGD D OD LQWHUGHSHQGHQFLD GH
ODVGRVIRUPDVGHDFFLyQDHVWDFRQFHSFLyQDOWHUQDWLYDKDEUtDSRGLGRDFFHGHU
HQ FDPELR VL KXELHUD VHJXLGR GH IRUPD PiV FRQVHFXHQWH XQD GH ODV
SRVLELOLGDGHVLQWHUSUHWDWLYDVTXHpOPLVPRKDEtDEDUDMDGR\KXELHUDHQWHQGLGR
ODLQWHUDFFLyQVRFLDOWDPELpQFRPRXQDOXFKDGHJUXSRVVRFLDOHVSRUODIRUPD
GH RUJDQL]DFLyQ GH OD DFFLyQ UDFLRQDO FRQIRUPH D ILQHV HO SODQWHDPLHQWR
FRUUHVSRQGLHQWH D HVWD VHJXQGD YHUVLyQ UHFRQVWUXFWLYD GH OD KLVWRULD GH OD
HVSHFLH SXHGH HQFRQWUDUVH SUHFLVDPHQWH HQ OD LQWHUSUHWDFLyQ GH 0DU[ TXH
DSDUHFH HQ OD LQYHVWLJDFLyQ GHVDUUROODGD HQ &RQRFLPLHQWR H LQWHUpV HVWD
FRQFHSFLyQ DOWHUQDWLYD FLHUWDPHQWH QR VH GHVDUUROOD PiV TXH HQ XQ QLYHO
HPEULRQDULRSHURSHUILODPX\ELHQORVFRQWRUQRVJHQHUDOHVGHXQDSRVLELOLGDG
GHWHRUtDVRFLDOTXH+DEHUPDVSRGtDKDEHUWHQLGRHQFXHQWDSDUWLHQGRGHVXV
PLVPDVSUHPLVDVWHyULFRFRPXQLFDWLYDV
(O PDUFR GH UHIHUHQFLD TXH VHUYtD D OD SULPHUD FRQFHSFLyQ FRQ OD TXH
+DEHUPDV WUDWDED GH FRPSUHQGHU OD OyJLFD GH OD KLVWRULD GH OD HVSHFLH OR
SURSRUFLRQDEDODGLDOpFWLFDPDU[LVWDHQWUHIXHU]DVSURGXFWLYDV\UHODFLRQHVGH
SURGXFFLyQDKRUDELHQHVWHPRGHORKLVWyULFRPiVELHQPHFDQLFLVWDJXDUGDED
FRQWUDGLFFLRQHV GHQWUR GH OD SURSLD WHRUtD PDU[LDQD FRQ RWUR SRVLEOH

SODQWHDPLHQWR TXH HQ OXJDU GH SDUWLU GH XQ PHFDQLVPR GH GHVDUUROOR
VXSUDLQGLYLGXDOORKDFtDGHVGHODSURSLDGLQiPLFDGHODOXFKDGHFODVHVHQHO
OXJDUTXHHQHOSULPHUPRGHORRFXSDEDHOSURFHVRSDXODWLQRGHDGDSWDFLyQGH
ODV UHODFLRQHV GH SURGXFFLyQ DO GHVDUUROOR GH ODV IXHU]DV SURGXFWLYDV DSDUHFH
DTXtODDFFLyQGHOXFKDGHODVFODVHVVRFLDOHVFRPRHOKHFKRIXQGDPHQWDOTXHKD
GHH[SOLFDUODUHSURGXFFLyQ\ODUHJHQHUDFLyQGHODVVRFLHGDGHV>@(VHVWH
PRGHORDOWHUQDWLYRGHLQWHUSUHWDFLyQTXHHQUHDOLGDG0DU[VyORKDEtDXWLOL]DGR
FRQVHFXHQWHPHQWHHQVXVLQYHVWLJDFLRQHVKLVWyULFDVHOTXHDKRUDYDDSHUPLWLUOD
SRVLELOLGDG GH XQD VHJXQGD FRQFHSFLyQ GHQWUR GH OD WHRUtD KDEHUPDVLDQD HQ
HOODVHOOHYDUiDFDERODWHQWDWLYDGHUHFRQVWUXLUODOyJLFDGHOGHVDUUROORKLVWyULFR
GH OD HVSHFLH GHVGH HO SXQWR GH YLVWD GH OD GLQiPLFD PRUDO TXH VXE\DFH D OD
OXFKD GH ODV FODVHV VRFLDOHV (O PDUFR FRQFHSWXDO TXH VLUYH DTXt GH DSR\R D
+DEHUPDVVHGHULYDWDPELpQDKRUDGHQXHYRGHODGLVWLQFLyQTXHHQHOiPELWR
GHODWHRUtDGHODDFFLyQVHUHDOL]DHQWUHWUDEDMRHLQWHUDFFLyQDVtFRPRGH
OD FRUUHVSRQGLHQWH GLIHUHQFLD H[LVWHQWH HQWUH VXV GRV IRUPDV GH UDFLRQDOLGDG
SHURHOSODQWHDPLHQWRSDUWLFXODUGHOTXHSDUWHHVWDYH]ODFRQVWUXFFLyQWHyULFD
GH OD KLVWRULD GH OD HVSHFLH VH IXQGDPHQWD HQ OD WHVLV GH TXH OD LQWHUDFFLyQ
VRFLDO EDMR ODV FRQGLFLRQHV GH ODV UHODFLRQHV GH FODVH WRPD OD IRUPD GH XQD
OXFKDVRFLDO
+DEHUPDV FRPLHQ]D DTXt GH QXHYR LQWHQWDQGR SRQHU GH UHOLHYH HO
VLJQLILFDGRVRFLDOGHODDFFLyQFRPXQLFDWLYD/DH[SOLFDFLyQGHHVWDDILUPDFLyQ
JHQHUDO VH YLQFXOD DKRUD VLQ HPEDUJR FRQ OD UHVSXHVWD D XQD SUHJXQWD
DGLFLRQDOODGHFyPRVHFRQVWLWX\HHVHSURFHVRGHHQWHQGLPLHQWRLQWHUVXEMHWLYR
>@VLHOPDUFRLQVWLWXFLRQDOQRVRPHWHDWRGRVORVPLHPEURVGHODVRFLHGDGD
ODV PLVPDV UHSUHVLRQHV >@ &RQ HO KHFKR GH OD IRUPDFLyQ GH ODV FODVHV
VRFLDOHV VXUJLGD SRU HO SUREOHPD GH OD GLYLVLyQ GHO WUDEDMR HQ HO GHVDUUROOR
VRFLRFXOWXUDOHOVXMHWRJHQpULFRVXMHWRGHOTXHKDVWDDKRUDVyORVHKDEODED
HQVLQJXODUYDDSHUGHUVXXQLGDGILFWLFLDDXQTXH>@HQSULQFLSLRWRGRVORV
PLHPEURV GH OD VRFLHGDG YLYHQ EDMR HO PLVPR QLYHO GH GRPLQDFLyQ GH OD
QDWXUDOH]DSRVLELOLWDGRSRUHOVDEHUWpFQLFRGLVSRQLEOH>@HQUHDOLGDGHVWiQ
GLVWULEXLGRV GH IRUPD GHVLJXDO SRU ODV FDUJDV GHO WUDEDMR \ ODV GHVYHQWDMDV
VRFLDOHV VLQ HPEDUJR ORV VXMHWRV GLYLGLGRV HQ FODVHV VRFLDOHV QR VH SXHGHQ
KDEHU SXHVWR GH DFXHUGR EDMR OD IRUPD GH XQ SURFHVR GH HQWHQGLPLHQWR

SDFtILFRVREUHODEDVHGHXQDVQRUPDVVRFLDOHVTXHUHJXODQDVLPpWULFDPHQWHGH
HQWUDGD HO LQWHUFDPELR VRFLDO GH DKt TXH HQ OD PHGLGD HQ TXH ORV VXMHWRV
VRFLDOHVVHEHQHILFLDQGHVLJXDOPHQWHGHODVQRUPDVLQVWLWXFLRQDOL]DGDVODDFFLyQ
FRPXQLFDWLYD VH YHD REOLJDGD PiV ELHQ D LPSXOVDU PHGLDQWH XQD DFWLWXG GH
RSRVLFLyQ SUiFWLFD OD FRQWUDSRVLFLyQ HQWUH ODV FODVHV VRFLDOHV HO SURFHVR GH
HQWHQGLPLHQWR VRFLDO EDMR ODV FRQGLFLRQHV GH OD VRFLHGDG GH FODVHV SRU
FRQVLJXLHQWHFRPRGLFH+DEHUPDV>@HVWiPHGLDGRELHQEDMRXQDIXHU]D
GHLQWHJUDFLyQELHQSRUXQDULYDOLGDGUHFtSURFDPDQLILHVWDSRUODLQWHUDFFLyQGH
ODVVXEMHWLYLGDGHVGHFODVH>@
%DMRHVWHSXQWRGHYLVWDHOKHFKRGHODOXFKDVRFLDOTXH)RXFDXOWQRVyOR
KDEtD LQWURGXFLGR LQFRQGLFLRQDOPHQWH FRPR HO IHQyPHQR IXQGDPHQWDO GH ODV
UHODFLRQHVVRFLDOHVVLQRTXHKDEtDFRQYHUWLGRDGHPiVHQODEDVHFRQFHSWXDOGH
VXWHRUtDGHOSRGHUSDVDDKRUDDVHUSHUFLELGRFRPRXQDIRUPDGLVWRUVLRQDGD
GH HQWHQGLPLHQWR LQWHUVXEMHWLYR >@ EDMR ODV FRQGLFLRQHV SODQWHDGDV SRU OD
GLYLVLyQ GHVLJXDO GH ODV FDUJDV \ SULYLOHJLRV OD DFFLyQ FRPXQLFDWLYD DVXPH OD
IRUPDGHXQDOXFKDTXHORVVXMHWRVSDUWLFLSDQWHVHQWDEODQVREUHORVPRGRVGH
RUJDQL]DU HQ FRP~Q VX SUD[LV GH DKt TXH HVWD OXFKD VRFLDO QR DGRSWH
VHQFLOODPHQWHODILJXUDGHXQDFRQIURQWDFLyQHVWUDWpJLFDSRUODFRQVHFXFLyQGH
XQGHWHUPLQDGRELHQHOREMHWRSRUHOTXHVHLQLFLDHOFRPEDWHHV\DVLHPSUH
XQD QRUPD LQVWLWXFLRQDOL]DGD GH WDO IRUPD TXH OD OXFKD WLHQH OXJDU FRPR XQD
FRQIURQWDFLyQ SUiFWLFD SRU OD OHJLWLPLGDG GH ODV QRUPDV \D YiOLGDV \ OD
LQWURGXFFLyQGHQXHYDVQRUPDVVRFLDOHVDKRUDELHQVLODVUHJODVQRUPDWLYDVTXH
VRSRUWDQHOLQWHUFDPELRVRFLDOVHGHVDUUROODQFRQIRUPHDOQLYHOGHOXFKDPRUDO
TXHVHSRQHHQSUiFWLFDHQWUHODVFODVHVVRFLDOHVHQWRQFHVQRVYHPRVREOLJDGRV
D FRUUHJLU OD FRPSUHQVLyQ GHO SURFHVR GH IRUPDFLyQ GH OD HVSHFLH TXH
KDEtDPRV VHJXLGR KDVWD DKRUD HVWR HV WHQHPRV D OD IXHU]D TXH FRQFHELU OD
WUDQVIRUPDFLyQ GHO PDUFR LQVWLWXFLRQDO HV GHFLU OR TXH KHPRV KDVWD DKRUD
FRQRFLGR FRPR UDFLRQDOL]DFLyQ FRPXQLFDWLYD FRPR XQ PRYLPLHQWR GH OD
OXFKDGHFODVHVFRPRXQSURFHVRGHVRPHWLPLHQWR\OLEHUDFLyQ
/D FRQVWUXFFLyQ FRQFHSWXDO HQ OD TXH VH H[SRQH HVWD LGHD GH OD OXFKD GH
FODVHV FRPR IRUPD GH XQD FRPXQLFDFLyQ VRFLDOPHQWH GLVWRUVLRQDGD SHUPLWH
PRVWUDU WRGR HO SURFHVR GH IRUPDFLyQ H LQVWLWXFLRQDOL]DFLyQ GH ODV QRUPDV
VRFLDOHV EDMR XQD QXHYD OX] VL HQ OD SULPHUD YHUVLyQ TXH KHPRV PHQFLRQDGR

HVWHSURFHVRHUDHQWHQGLGRHQWpUPLQRVDEVWUDFWRVFRPRXQWLSRGHSURJUHVR
HQ DSUHQGL]DMH PRUDO TXH UHDOL]DED OD HVSHFLH KXPDQD HQ VX FRQMXQWR HVWH
PLVPR SURFHVR VH FRQWHPSOD DKRUD FRPR XQ GHVDUUROOR GH IRUPDFLyQ TXH VH
FXPSOHHQWUHGRVJUXSRVVRFLDOHVEDMRODIRUPDGHXQFRPEDWHRGLVSXWDSRU
ORVSULQFLSLRVGHOHJLWLPLGDGGHODVQRUPDVVRFLDOHVGHDKtTXHHQHVWHFRQWH[WR
QR VHD \D HO VDEHU XQLYHUVDO GH ODV FRQGLFLRQHV GH XQD FRPXQLFDFLyQ OLEUH GH
GRPLQLR VLQR HO FRQRFLPLHQWR FRQFUHWR GHO GRPLQLR SDGHFLGR \ OD LQMXVWLFLD
H[SHULPHQWDGD ORV IDFWRUHV TXH DKRUD YDQ D VHUYLU SDUD GHVSHUWDU OD
FRPSUHQVLyQ GH ODV OLPLWDFLRQHV GH XQD GHWHUPLQDGD LQWHUDFFLyQ VRFLDO \ HO
FDPLQRTXHYDDFRQGXFLUDODLQVWLWXFLRQDOL]DFLyQGHODVQRUPDVMXVWLILFDGDVVHUi
DOODQDGR SRU ODV OXFKDV SUiFWLFDV GH ORV JUXSRV VRFLDOHV \ QR \D GH PDQHUD
H[FOXVLYDSRUHOHQWHQGLPLHQWROLQJtVWLFR3DUDSRGHUHOHYDUQRVHQYHUGDGGH
WDOHVGHILQLFLRQHVSURYLVLRQDOHVDXQDQXHYDFRQFHSFLyQGHODOyJLFDKLVWyULFDGH
ODHVSHFLHVHYDDQHFHVLWDUSULPHURXQDUHFRQVWUXFFLyQVXFHVLYDGHODGLQiPLFD
~OWLPDTXHVXE\DFHDOSURFHVRGHIRUPDFLyQPRUDOGHODOXFKDGHFODVHVFRPR
XQPRGHORGHGHVDUUROORXQLYHUVDOSDUDOOHYDUDFDERHVWHREMHWLYR+DEHUPDV
DTXtVHYDDVHUYLUGHOPRGHORKHJHOLDQRGHODGLDOpFWLFDGHODHWLFLGDG>@
>6LWWOLFKNHLW@HQHOODVHGHVFULEHSUHFLVDPHQWHHOFXUVRIRUPDWLYRTXHFRQGXFH
DO HVWDEOHFLPLHQWR GH UHODFLRQHV pWLFDV FRPR XQ SURFHVR LQWHUVXEMHWLYR TXH
DUUDQFD FRQ OD GHVWUXFFLyQ XQLODWHUDO GH ODV FRQGLFLRQHV UHFtSURFDV GH
FRPXQLFDFLyQSURVLJXHHQXQVHJXQGRPRYLPLHQWRFRQODUHVLVWHQFLDSUiFWLFD
GHO VXMHWR PRUDOPHQWH GDxDGR \ WHUPLQD ILQDOPHQWH HQ OD UHQRYDFLyQ
FRPXQLFDWLYD GH XQD VLWXDFLyQ GH UHFRQRFLPLHQWR UHFtSURFR 3XHVWR TXH
+DEHUPDVFRPR\DVHKDDSXQWDGRLQWHUSUHWDVLQHPEDUJRHOQDFLPLHQWRGH
ODVFODVHVVRFLDOHVFRPRXQDGHVILJXUDFLyQGHODVUHODFLRQHVGLDOyJLFDV>@
HVWR HV FRPR XQD GHVWUXFFLyQ LQVWLWXFLRQDO GH ODV FRQGLFLRQHV GH
UHFRQRFLPLHQWRUHFtSURFRSXHGHDKRUDFRQFHELUODOXFKDGHFODVHVTXHHQWUDHQ
DFFLyQ FRPR FRQVHFXHQFLD GH HVWD YLRODFLyQ PRUDO GHO PLVPR PRGR TXH XQ
PRYLPLHQWRGLDOpFWLFRGHODHWLFLGDGHOFRQIOLFWRSUiFWLFRVHGHVDUUROODSDVDQGR
SRUORVPLVPRVHVWDGLRVGHIRUPDFLyQPRUDOTXH+HJHOKDEtDGHWHUPLQDGRSDUD
HOSURFHVRGHGHVWUXFFLyQ\UHVWDEOHFLPLHQWRGHXQDFRPXQLGDGpWLFD
$TXHOORV TXH HVWDEOHFHQ XQD GRPLQDFLyQ VHPHMDQWH >HVWR HV PiV DOOi GH OD PHGLGD

VRFLDOPHQWHQHFHVDULD$+@\GHILHQGHQSRVLFLRQHVGHGRPLQDFLyQGHHVWHWLSRVRQORVTXH
SRQHQ HQ PRYLPLHQWR OD FDXVDOLGDG GHO GHVWLQR GLYLGHQ OD VRFLHGDG HQ FODVHV VRFLDOHV
UHSULPHQLQWHUHVHVMXVWLILFDGRVSURYRFDQODVUHDFFLRQHVGHODYLGDUHSULPLGD\HQFXHQWUDQDO
ILQHQODUHYROXFLyQVXMXVWRGHVWLQR/DFODVHUHYROXFLRQDULDOHVREOLJDDUHFRQRFHUVHHQHOOD\
DVXSHUDVGHHVHPRGRODDOLHQDFLyQGHODH[LVWHQFLDGHDPEDVFODVHV0 LHQWUDVODFRDFFLyQGH
OD QDWXUDOH]D VLJXH VXEVLVWLHQGR HQ IRUPD GH HVFDVH] HFRQyPLFD WRGD FODVH UHYROXFLRQDULD
WUDVVXYLFWRULDVHUiLQFLWDGDDODLQMXVWLFLDHVGHFLUDHVWDEOHFHUXQDQXHYDGRPLQDFLyQGH
FODVH 3RU HVR OD GLDOpFWLFD GH OD HWLFLGDG GHEH UHSHWLUVH KDVWD TXH HO DQDWHPD PDWHULDOLVWD
TXHSHQGHVREUHODUHSURGXFFLyQGHODYLGDVRFLDOODPDOGLFLyQEtEOLFDGHOWUDEDMRQHFHVDULR
VHDURWRSRUODWHFQRORJtD>@

$OPLVPRWLHPSRHVWHSDVDMHD\XGDDGDUXQDUHVSXHVWDDODSUHJXQWDGH
FyPRVHSUHVHQWDHOGHVDUUROORGHODKLVWRULDGHODHVSHFLHGHQWURGHXQPDUFR
GH UHIHUHQFLD PRGLILFDGR HO PRYLPLHQWR GLDOpFWLFR GH UHSUHVLyQ \
UHVWDEOHFLPLHQWR GH OD FRPXQLFDFLyQ TXH GHVFDQVD VREUH HO SDUDGLJPD GHO
UHFRQRFLPLHQWR UHFtSURFR GHILQH HO PDUFR JHQHUDO HQ YLUWXG GHO FXDO VH VLJXH
GHVDUUROODQGR FRQWLQXDPHQWH OD KLVWRULD GH OD HVSHFLH HQ FXDOTXLHU HVWDGLR
HVWDEOHFLGR GH RUJDQL]DFLyQ VRFLDO LQLFLDOPHQWH ODV UHODFLRQHV GH GHVLJXDOGDG
TXH QDFHQ FRQ OD IRUPDFLyQ GH ODV FODVHV VRFLDOHV SHUPLWHQ TXH OD FODVH
VRPHWLGDOOHJXHDWHQHUFRQFLHQFLDGHOGHVJDUURH[SHULPHQWDGRHQODVLWXDFLyQ
GH LQWHUDFFLyQ VRFLDO HQ ODV FRQIURQWDFLRQHV SUiFWLFDV TXH DTXt LUUXPSHQ ODV
SDUWHV HQHPLJDV OXFKDQ SRU QRUPDV TXH HQ ~OWLPD LQVWDQFLD GHWHUPLQDQ
LQVWLWXFLRQDOPHQWH OD RUJDQL]DFLyQ GH OD SURGXFFLyQ \ HQ HVD PHGLGD OD
GLVWULEXFLyQ GH ODV RSRUWXQLGDGHV GH YLGD VyOR OOHJDQ ILQDOPHQWH D VX ILQ HVDV
OXFKDVVRFLDOHVFXDQGRODFODVHGRPLQDQWHVHDEDMRODIXHU]DGHODYLROHQFLDR
SRUSXUDFRPSUHQVLyQUHFRQRFHHQODFODVHVRPHWLGDHOLQWHUORFXWRUGLDOyJLFR
DOLHQDGR \ GD VX YLVWR EXHQR D XQD RUJDQL]DFLyQ LQVWLWXFLRQDO GH OD VRFLHGDG
EDMR OD FXDO VH UHVWDEOH]FDQ ILQDOPHQWH GH HQWUDGD ODV FRQGLFLRQHV GH
UHFRQRFLPLHQWRUHFtSURFRHQXQQLYHOGHGHVDUUROOR\DMXVWLILFDGR$KRUDELHQ
PLHQWUDV HO VLVWHPD LQVWLWXFLRQDO QXHYDPHQWH QHJRFLDGR VLJD SUHVFULELHQGR
QRUPDWLYDPHQWHXQDGLVWULEXFLyQGHVLJXDOGHODVFDUJDV\ORVSULYLOHJLRVWDPELpQ
VHJXLUiUHDSDUHFLHQGRODOXFKDGHFODVHVSRUHOUHFRQRFLPLHQWRVRFLDOHVHQHVD
PHGLGDHQODTXHODKLVWRULDGHODHVSHFLHVHGHVDUUROODFRPRXQDGLDOpFWLFDHQ
OD TXH HO DQWDJRQLVPR GH FODVHV DYDQ]D SURJUHVLYDPHQWH PHGLDQWH VXFHVLYRV
HVWDGLRVGHIRUPDFLyQ PRUDO(VWH SURFHVRGHIRUPDFLyQ LQWHUVXEMHWLYRGH ODV

FODVHV VRFLDOHV VH YLQFXOD FRQ OD VLWXDFLyQ GH GHVDUUROOR GH ODV IXHU]DV
SURGXFWLYDV GH WDO IRUPD TXH OD GRPLQDFLyQ GH XQD FODVH VyOR SXHGH PHGLUVH
SRUODVSRVLELOLGDGHVHFRQyPLFDVTXHFRUUHVSRQGLHQWHPHQWHVHRIUHFHQSRUHO
EHQHILFLRVRFLDOWRWDOGHODSURGXFFLyQHFRQyPLFD
3RUHVWDUD]yQODGHVWUXFFLyQUHODWLYDGHODUHODFLyQpWLFDVHPLGHVyORSRUODGLIHUHQFLDHQWUH
HOJUDGRHIHFWLYRGHODUHSUHVLyQH[LJLGDLQVWLWXFLRQDOPHQWH\HOJUDGRGHUHSUHVLyQQHFHVDULD
HQFDGDHVWDGLRGHODVIXHU]DVSURGXFWLYDV(VWDGLIHUHQFLDHVODPHGLGDGHODGRPLQDFLyQTXH
HVREMHWLYDPHQWHVXSHUIOXD>@

'H HVWDV UHIOH[LRQHV HVSHFXODWLYDV VH VLJXHQ GRV FRQVHFXHQFLDV SDUD OD


FRQVWUXFFLyQ GH XQ PRGHOR KLVWyULFR GH OD HVSHFLH SRU XQ ODGR FRQ OD
UHLQWHUSUHWDFLyQ PDWHULDOLVWD GHO PRGHOR GH IRUPDFLyQ KHJHOLDQR EDVDGR HQ XQ
FRQIOLFWR EiVLFR TXH LPSXOVD \ D OD YH] LPSLGH HO SURFHVR \ GHVDUUROOR GH OD
HVSHFLH HO PRGHOR VH GHVSOD]DUi \ H[WHQGHUi DO SURFHVR GH HQWHQGLPLHQWR
LQWHUVXEMHWLYR VLJXLHQGR HQ FLHUWR PRGR XQD GHWHUPLQDGD WUDGLFLyQ GHO
PDU[LVPR TXH VH UHPRQWD D *UDPVFL \ 6RUHO HQ OD TXH OD OXFKD GH FODVHV HV
FRQFHELGDFRPRXQDOXFKDVRFLDOSRUORVYDORUHV\QRUPDVLQWHJUDGRUHVGHXQD
VRFLHGDG R OR TXH HV OR PLVPR FRPR XQD FRQIURQWDFLyQ PRUDO +DEHUPDV
WDPELpQYDDUHFRQVWUXLUDKRUDODKLVWRULDGHODHVSHFLHDODOX]GHODGLQiPLFDGH
XQD OXFKD GH ODV FODVHV VRFLDOHV LQWHUSUHWDGD D OD OX] GH XQ FRQIOLFWR PRUDO pO
FRPSUHQGHUiHQYLUWXGGHXQDFLHUWDLQWHUSUHWDFLyQGH0DU[ODHVFLVLyQGHOD
VRFLHGDGHQFODVHVVRFLDOHVFRPRXQDGLVWRUVLyQILMDGDLQVWLWXFLRQDOPHQWHGHOD
LQWHUDFFLyQ OLQJtVWLFD FRQ HVWD GLVWRUVLyQ GH OD FRPXQLFDFLyQ VRFLDO TXH
HQFXHQWUDH[SUHVLyQYLVLEOHHQODGLVWULEXFLyQGHVLJXDOGHODVRSRUWXQLGDGHVGH
YLGDSHURTXHWLHQHVXRULJHQLQVWLWXFLRQDOHQODGLVWULEXFLyQDVLPLVPRGHVLJXDO
GHOHMHUFLFLRGHOSRGHUHPHUJHXQSURFHVRGHUHIOH[LyQPHGLDQWHHOFXDOODFODVH
VRPHWLGDSXHGHH[SHULPHQWDUODVGLVWRUVLRQHVFRPXQLFDWLYDVFRPRLQMXVWLFLDVH
LPSXOVDU XQD UHVLVWHQFLD SUiFWLFD IUHQWH D HOODV HV HVWH SURFHVR FLUFXODU GH
VRPHWLPLHQWR GH VRPHWLPLHQWR DO SRGHU \ UHVWDEOHFLPLHQWR SUiFWLFR GHO
HQWHQGLPLHQWR VRFLDO GHO TXH VH SDUWLUi HQWRQFHV SDUD UHFRQVWUXLU OD OyJLFD
KLVWyULFD GH OD HVSHFLH HO FRQIOLFWR IXQGDPHQWDO GHO GHVDUUROOR VRFLRFXOWXUDO
H[LVWHGHQWURGHOSURSLRSURFHVRGHODDFFLyQFRPXQLFDWLYDFRPRXQDRSRVLFLyQ
HQWUH ODV FODVHV VRFLDOHV SURYRFDGD SRU OD GRPLQDFLyQ VRFLDO HVWH FRQIOLFWR

VLHPSUH FRQGXFH HO SURFHVR GH GHVDUUROOR PiV DOOi GH FXDOTXLHU HVWDGLR
HVWDEOHFLGRGHLQWHUDFFLyQUHJXODGDLQVWLWXFLRQDOPHQWH
3RU RWUR ODGR VL KDFHPRV FDVR D ODV FRQVLGHUDFLRQHV TXH KHPRV VHJXLGR
KDVWDDTXtDGYHUWLPRVTXHQRVyORVHPRGLILFDODFRQVWUXFFLyQKLVWyULFDGHOD
HVSHFLH VLQR WDPELpQ HO PDUFR GH UHIHUHQFLD WHyULFRVRFLDO HQ HO TXH pVWD VH
LQVHUWD +DEHUPDV \D QR DQDOL]D OD VRFLHGDG FRPR XQ VLVWHPD GH DFFLyQ
GLYLGLGRHQWUHXQDHVIHUDUDFLRQDOFRQIRUPHDILQHV\RWUDHVIHUDFRPXQLFDWLYD
HQHOOXJDUTXHDQWHVKDVWDDKRUDRFXSDEDHVWHGXDOLVPRVXSXHVWDPHQWHGHXGRU
GHODWHRUtDGHVLVWHPDVDKRUDDSDUHFHODLPDJHQGHXQDVRFLHGDGGLIHUHQFLDGD
HQFODVHVVRFLDOHV\JUXSRV/DSHUVSHFWLYDEDMRODFXDOVHFRQVLGHUDEDHORUGHQ
VRFLDOVHWUDQVIRUPDGHSODQRORTXHDKRUDUHSUHVHQWDHOPRGHORVHJ~QHOFXDO
GHEH SHQVDUVH OD LQWHJUDFLyQ GH ODV VRFLHGDGHV \D QR HV OD LQVHUFLyQ GH ODV
RUJDQL]DFLRQHV UDFLRQDOHV FRQIRUPH D ILQHV HQ XQ PDUFR GH UHSURGXFFLyQ
FRPXQLFDWLYR GH QRUPDV LQVWLWXFLRQDOL]DGDV VLQR OD UHODFLyQ PHGLDGD
LQVWLWXFLRQDOPHQWH GH ODV FODVHV LQWHJUDGDV GHVGH HO SXQWR GH YLVWD PRUDO 3RU
HVWDUD]yQODLQWHUDFFLyQVRFLDOTXHVHSUDFWLFDEDHQWUHORVJUXSRVVRFLDOHVEDMR
ODV GLIHUHQWHV IRUPDV GH HQWHQGLPLHQWR R HQ ODV IRUPDV GLVWRUVLRQDGDV GH OD
OXFKD VH WUDQVIRUPD HQ XQ PHFDQLVPR GH DFFLyQ PiV DPSOLR TXH UHJXOD OD
RUJDQL]DFLyQLQVWLWXFLRQDOGHWRGRVORViPELWRVVRFLDOHVIXQFLRQDOHVHOUHVXOWDGR
GHODOXFKDGHFODVHVDVtVHH[SUHVDHQHOFRQWH[WRGHODVUHIOH[LRQHVTXH
DTXt HVWDPRV DQDOL]DQGR TXHGD VHGLPHQWDGR HQ OD IRUPD VRFLDO >@
FRUUHVSRQGLHQWH $XQTXH +DEHUPDV QR VDFD H[SUHVDPHQWH HVWD FRQFOXVLyQ
UHVXOWD XQD FRQVHFXHQFLD EDVWDQWH REYLD GH VX DUJXPHQWDFLyQ VL HO PRGR GH
RUJDQL]DFLyQ GH OD SUD[LV VRFLDO HQ VX FRQMXQWR VH FRQFLEH FRPR HO SURGXFWR
WHPSRUDO GH XQ SURFHVR GH LQWHUDFFLyQ HQ HO TXH ODV FODVHV VRFLDOHV KDQ
LQWURGXFLGR VXV GLIHUHQWHV RULHQWDFLRQHV \ YDORUDFLRQHV GH OD DFFLyQ OD LGHD
WHyULFD TXH VXE\DFH DO FRQFHSWR GH VXEVLVWHPDV GH OD DFFLyQ UDFLRQDO
FRQIRUPH D ILQHV VHQFLOODPHQWH VH GHVSORPD ODV IRUPDV LQVWLWXFLRQDOHV HQ ODV
TXH VH RUJDQL]DQ HO WUDEDMR VRFLDO R OD DGPLQLVWUDFLyQ SROtWLFD WLHQHQ HQWRQFHV
TXH FRPSUHQGHUVH FRPR ODV FRUUHVSRQGLHQWHV PDWHULDOL]DFLRQHV GH XQD
IRUPDFLyQ GH FRQVHQVR PRUDO DOFDQ]DGR SRU ORV JUXSRV VRFLDOHV WDQWR HQ VX
LQWHUDFFLyQ FRPR WDPELpQ HQ VX VLHPSUH FRQVWDQWH  FRPSURPLVR 'LFKR GH
RWURPRGRHVDVRUJDQL]DFLRQHVTXHDSDUHQWHPHQWHVRQUDFLRQDOHVFRQIRUPHD

ILQHV VH GHWHUPLQDQ PXWXDPHQWH PHGLDQWH SXQWRV GH YLVWD SUiFWLFRPRUDOHV


TXHKDQGHHQWHQGHUVHFRPRUHVXOWDGRVGHODDFFLyQFRPXQLFDWLYD
&LHUWDPHQWHVL+DEHUPDVWHUPLQDFRQFLELHQGRHOSUREOHPDGHORUGHQVRFLDO
GHHVWDIRUPDWUDQVIRUPDGDWLHQHTXHKDFHUXVRGHXQSUHVXSXHVWRFDWHJRULDO
TXHHQODDUJXPHQWDFLyQDQWHULRU\DHVWDEDGHDOJ~QPRGRSUHVHQWHSHURTXH
QRHUDGHOWRGRFRPSDWLEOHFRQHOPDUFRFRQFHSWXDOKDVWDDKRUDGHVDUUROODGR
FRQ OD LQWHUSUHWDFLyQ GH OD OXFKD GH FODVHV FRPR XQD IRUPD GLVWRUVLRQDGD GHO
HQWHQGLPLHQWR VRFLDO VH YLQFXOD FRQFHSWXDOPHQWH OD QHFHVLGDG GH UHFRQRFHU OD
H[LVWHQFLDGHDFWRUHVFROHFWLYRV\QR\DVyORLQGLYLGXDOHVFRPRSRUWDGRUHVGH
ODDFFLyQFRPXQLFDWLYDKDVWDHOPRPHQWRVyORHUDXQVXSXHVWRLPSOtFLWRGHOD
WHRUtDGHODDFFLyQKDEHUPDVLDQDHOKHFKRGHTXHHQSULQFLSLRVyORIXHUDQORV
LQGLYLGXRV ORV TXH VH HQWHQGLHUDQ UHFtSURFDPHQWH HQ VXV LQWHUDFFLRQHV DFHUFD
GH ODV LQWHUSUHWDFLRQHV GH VXV UHVSHFWLYDV VLWXDFLRQHV \ TXH VH SXVLHUDQ GH
DFXHUGRHQWUHVtVREUHVXVLQWHUHVHV&RQWRGRODOXFKDVRFLDOSRUODOHJLWLPLGDG
GHQRUPDVMXVWLILFDGDVUHSUHVHQWDLQGXGDEOHPHQWHXQDIRUPDGHLQWHUDFFLyQTXH
VHUHDOL]DQRVyORHQWUHVXMHWRVSDUWLFXODUHVVLQRWDPELpQHQWUHJUXSRVVRFLDOHV
HQFRQIURQWDFLRQHVVRFLDOHVGHODVTXHSRGHPRVHQFRQWUDUVXILFLHQWHVHMHPSORV
HQ VLWXDFLRQHV GH QHJRFLDFLyQ HQ KXHOJDV \ ERLFRWV R HQ VLWXDFLRQHV GH
GHVREHGLHQFLD VLOHQFLRVD R GH DELHUWD OXFKD VH SRQH GH PDQLILHVWR FRQ WRGD
FODULGDGHQTXpPHGLGDWDQWRORVJUXSRVRUJDQL]DGRVFRPRORVQRRUJDQL]DGRV
SXHGHQUHODFLRQDUVHHQWUHVtFRPXQLFDWLYDPHQWHORVPLHPEURVGHHVWRVJUXSRV
DGHPiVFRPSDUWHQPXFKRVYDORUHV\RULHQWDFLRQHVGHDFFLyQFRQRWURV\VRQ
FDSDFHV GH DFFLyQ FROHFWLYD GH DKt TXH SRU WDQWR SXHGDQ DSDUHFHU FRPR
DFWRUHV
(VWD DPSOLDFLyQ FDWHJRULDO GH OD WHRUtD GH OD DFFLyQ VLQ HPEDUJR YD D
FRQGXFLU D FRQRFLGRV PDOHQWHQGLGRV HVWRV YDQ D VXUJLU HQ HO PRPHQWR HQ HO
TXHODVXQLGDGHVVXSUDLQGLYLGXDOHVVHH[SOLTXHQGLIXVDPHQWHFRPRVXMHWRV\VH
SUHVHQWHQ FRPR SRUWDGRUHV GH IXQFLRQHV FRJQLWLYDV R SUiFWLFDV ORV JUXSRV
VRFLDOHV R WDPELpQ ODV ILJXUDV LQVWLWXFLRQDOHV  VH SUHVHQWDQ HQWRQFHV GH OD
PLVPD IRUPD TXH HQWLGDGHV KRPRJpQHDPHQWH DSWDV SDUD SHQVDU \ DFWXDU XQ
PRGR GH FRPSUHQVLyQ TXH VyOR WLHQH VHQWLGR SDUD ORV VXMHWRV LQGLYLGXDOHV
+DEHUPDVWDPSRFRSXHGHHYLWDUFDHUHQORVHUURUHVDVRFLDGRVFRQXQDLGHDGH
HVWHWHQRUFXDQGRpOLQWHUSUHWDODOXFKDGHFODVHVHQWpUPLQRVGHODILORVRItDGHOD

KLVWRULD FRPR XQ SURFHVR GH UHIOH[LyQ GH ODV FODVHV VRFLDOHV >@ HVWH UDVJR