! 
" 





#
 
$ 
%

&


'




( &

) 
*+
%

&


$

$
+*,-.
%










 

 
/
0

 
/
1-*2
#
 
$ 
%

&


'




( &

) 
6$/8'<&21',&,21(6/$%25$/(6'(/267(0325(526
$*5,&2/$63(58$126'(/263$&.,1*'(720$7(6'(/
9$//('($=$3$'($5,&$± &+,/(

$/8012
+8*20$5&(/$5$5(%2//('2

ϭ
 $*5$'(&,0,(1726

3ULPHUR DJUDGHFHU D WRGDV ODV SHUVRQDV TXH SDUWLFLSDURQ GH HVWD

LQYHVWLJDFLyQFRPSDUWLHQGRSDUWHGHVXVYLYHQFLDVFRQPLJR+DJRPHQFLyQ
HVSHFLDODPLDPLJR+XJR&UX]3HxD]FRWUDEDMDGRUDJUtFRODLQPLJUDQWHFRQ
TXLpQFRPSDUWtODERUHVGHWUDEDMRVLHQGRPL SRUWHURSDUDHQWUDUDOPXQGR
GHOYDOOHGH$]DSD\TXLpQVLHPSUHWXYRODPHMRUGLVSRVLFLyQ

$JUDGH]FR D PL IDPLOLD TXLHQHV VLHPSUH HVWXYLHURQ DSR\iQGRPH \

OHYDQWiQGRPHHQORVPRPHQWRVGLItFLOHV

$ PLV DPLJRV 0LJXHO 2UWHJD \ -DFRER 2VRULR TXLHQHV VLHPSUH

HVWXYLHURQDFRPSDxiQGRPH\DFRQVHMiQGRPH

7DPELpQDPLVFRPSDxHURVGHXQLYHUVLGDGTXHFRQVXVFRPHQWDULRV\
FUtWLFDVFRQVWUXFWLYDVWDPELpQDSRUWDURQHQHVWHWUDEDMR

)LQDOPHQWHDJUDGHFHUDOSURIHVRU'DQLHO3REOHWHSRUVXJXtD\DSR\R
HQ HVWH SURFHVR UHDOL]DQGR XQD UHYLVLyQ FXLGDGRVD GH PL HVFULWR SDUD
SRWHQFLDUVXSURIXQGLGDG\FDOLGDG

Ϯ
/D)XHU]DGHWUDEDMRHQDFFLyQHOWUDEDMRPLVPR
HV OD SURSLD DFWLYLGDG YLWDO GHO REUHUR OD
PDQLIHVWDFLyQPLVPDGHVXYLGD<HVWDDFWLYLGDG
YLWDOWLHQHTXHYHQGHUODDRWURVSDUDDVHJXUDUVHORV
PHGLRV GH YLGD QHFHVDULRV (V GHFLU TXH VX
DFWLYLGDGYLWDOQRHVPiVTXHXQPHGLRSDUDSRGHU
H[LVWLUWUDEDMDUSDUDYLYLU
0DU[ S >@

/DVDOXGODERUDOTXHUHILHUHVREUHREUHURVXUEDQRV
\WUDEDMDGRUHVUXUDOHVGHEHPRVGHVWDFDUODSRFD
LQIRUPDFLyQ TXH KDOODPRV VREUH HQIHUPHGDGHV
ODERUDOHV\VREUHDFFLGHQWHVGHWUDEDMR(QHOFDVR
GH ORV DFFLGHQWHV pVWRV FXDQGR SXHGHQ VHU
QRWLFLDEOHVFRPRPLQHURVDWUDSDGRVRPXHUWRV

0HQpQGH] \ 'L3DUGRS

ϯ
 Ë1',&(*(1(5$/

3iJ

$*5$'(&,0,(1726 
&,7$6 

&$3,78/2

 ,QWURGXFFLyQ 

&$3Ë78/2
35(6(17$&,Ï1'(/$,19(67,*$&,Ï1 
 3ODQWHDPLHQWRGHOSUREOHPD 
 2EMHWLYRV 
 +LSyWHVLVGHWUDEDMR 
 -XVWLILFDFLyQ«««««««««««««««««««« 
 0DUFRWHyULFRFRQFHSWXDO««««««««««««««« 

&$3Ë78/2
0$5&20(72'2/Ï*,&2
 )DVHVGHODLQYHVWLJDFLyQ 
5HYLVLyQ%LEOLRJUiILFD 
 7UDEDMRGHFDPSR««««««««««««««« 
 $QiOLVLV«««««««««««««««««««« 

&$3Ë78/2
5(68/7$'26

 &DXVDVGHODPLJUDFLyQ 
 ,QVHUFLyQODERUDO«««««««««« 
 (VWLJPD«««««««««««««« 
 &RQGLFLRQHVODERUDOHV 

ϰ
&RQGLFLRQHVGHWUDEDMR«««««««««««««« 
&RQGLFLRQHVGHHPSOHR 
5HODFLRQHVHQHOWUDEDMR 

)LVFDOL]DFLyQ 
(QIHUPHGDGHVSURIHVLRQDOHV 

6ROXFLyQGHSDGHFLPLHQWRV«««««««««««««



&$3Ë78/2 
'LVFXVLyQ\FRQFOXVLRQHV««««««««««««««« 
5HIOH[LRQHVILQDOHV«««««««««««««««««««« 
 
 
5()(5(1&,$6%,%/,2*5$)Ë&$6««««««««««««««« 

$QH[RV

  3iJ
 
$QH[R )RWRJUDItDVGHOFDPSR«««««««« 
$QH[R 3HUILOHVGHORVLQIRUPDQWHV« 
$QH[R ,QVWUXPHQWRV*XtDVGHREVHUYDFLyQ\HQWUHYLVWDV 










ϱ


Ë1',&('(),*85$6


  3iJ
 
)LJXUD 0DSDGH$ULFD\VXGLVWDQFLDFRQORVYDOOHV 
)LJXUD &LFORGHWUDEDMRGHORVWHPSRUHURV$JUtFRODVSHUXDQRV« 
)LJXUD &RQWH[WRGHLQPLJUDQWHVSHUXDQRVHQ$ULFD 
)LJXUD 3URFHVRGHHPEDODMH 
)LJXUD 'LVWULEXFLyQHVSDFLDOGHOSDFNLQJ 
)LJXUD ¢&yPRRFXUUHQORV3DGHFLPLHQWRVGHOWUDEDMR" 
)LJXUD 5HVSXHVWDVFXOWXUDOHVDORVSDGHFLPLHQWRVFXOWXUDOHV 

Ë1',&('(7$%/$6


7DEODGHLQIRUPDQWHV 
















ϲ


&$3Ë78/2,,1752'8&&,Ï1

(OYDOOHGH$]DSDXELFDGRDXQRVFLQFRNLOyPHWURVGHOFHQWURGH$ULFD
VH KD OLJDGR KLVWyULFDPHQWH D OD SURGXFFLyQ GH IUXWDV \ KRUWDOL]DV TXH
DEDVWHFHQHOPHUFDGRORFDOUHJLRQDOHLQWHUQDFLRQDOGXUDQWHWRGRHODxR(Q
ODV ~OWLPDV GpFDGDV FRQ HO ILQ GH PRGHUQL]DU HVWD DFWLYLGDG GLYHUVDV
LQVWLWXFLRQHVJXEHUQDPHQWDOHVKDQLGRLPSXOVDQGR\SURPRYLHQGRSUR\HFWRV
\ SURJUDPDV GH PHMRUDPLHQWR FX\R UHVXOWDGR KD VLGR OD LQVWDODFLyQ GH
HPSUHVDVDJUtFRODVQDFLRQDOHV\WUDQVQDFLRQDOHVTXHVHH[SDQGHQSRUWRGDV
ODViUHDVFXOWLYDEOHVGHOYDOOH

'HELGRDTXHH[LVWHXQDJUDQGHPDQGDHQPDWHULDSURGXFWLYDFLHQWRV
GH WUDEDMDGRUHV SURYHQLHQWHV GH 3HU~ \ %ROLYLD YLDMDQ SULQFLSDOPHQWH GH
IRUPDWHPSRUDOSDUDFXEULUODVQHFHVLGDGHVGHSHQGLHQGRGHODHVWDFLRQDOLGDG
GH ORV FXOWLYRV 7RGR HVWR GD FRPR UHVXOWDGR OD IOH[LELOL]DFLyQ GH ODV
UHODFLRQHV ODERUDOHV GHVSURWHJLHQGR D ORV WUDEDMDGRUHV \ D XQ HVWDGR GH
UHWURFHVRHQSROtWLFDVVRFLDOHV

(OFUHFLPLHQWRGHOVHFWRUDJUtFRODWDQWRHQODSURGXFFLyQFRPRHQOD
LQFRUSRUDFLyQGHQXHYDVWHFQRORJtDVSDUDDXPHQWDUODSURGXFWLYLGDGQRYD
HPSDUHMDGD FRQ PHMRUHV FRQGLFLRQHV ODERUHV &RPR OR VHxDOD %DUGRPDV
ODLQFRUSRUDFLyQDPHUFDGRVLQWHUQDFLRQDOHVPHMRUDQGRHVWiQGDUHVGH
FDOLGDGGHXQSURGXFWRFRH[LVWHSDUDGyMLFDPHQWHFRQFRQGLFLRQHVGHYLGD\
GH WUDEDMR SUHFDULDV TXH VH SURIXQGL]D HQ HO FDVR GH ORV DVDODULDGRV
HVWDFLRQDOHV(OHPSOHRLQIRUPDOVLQFRQWUDWR\VLQEHQHILFLRVVRFLDOHVGHMDD
ORVWUDEDMDGRUHVHQVLWXDFLyQGHYXOQHUDELOLGDG/DDFWLYLGDGDJUtFRODHVXQD

ϳ

GHODVPiVULHVJRVDVGHOPXQGRVHJ~QFLIUDV686(62 \RFXSDHO
WHUFHUOXJDUGHVSXpVGHODLQGXVWULDGHOWUDQVSRUWH\PDQXIDFWXUHUDVLHQGRVX
WDVDGHDFFLGHQWHVGHWUDEDMRSRUDxRGHXQVXSHUDQGRODPHGLDGHRWUDV
iUHDV

(OHPSOHRLQIRUPDOFUHFLyFRQVLGHUDEOHPHQWHHQODV~OWLPDVGpFDGDVHQ
$PpULFD /DWLQD OOHJDQGR D XQ  VHJ~Q FLIUDV GH OD 2UJDQL]DFLyQ
LQWHUQDFLRQDOGHOWUDEDMR(VSRUHOORTXHVHOOHJyDGLVFXWLUTXpHQWHQGHPRV
FRPRXQ³WUDEDMRGHFHQWH´VLHQGRFRPSUHQGLGRFRPRDTXHOTXHFXPSOHODV
ySWLPDVFRQGLFLRQHV\QRFRPSURPHWHODVDOXGRHQDOJXQRVFDVRVODYLGDGH
ORV WUDEDMDGRUHV 2,7  (O FDVR GH OD PLQD 6DQ -RVp HV HO PHMRU
HMHPSOR GH OR TXH SRGUtD KDEHU VLGR XQDFRQWHFLPLHQWRTXH HQJURVDUD ODV
FLIUDV GH DFFLGHQWHV GH WUDEDMR IDWDOHV HQ &KLOH SURGXFWR GH ODV PDODV
FRQGLFLRQHV ODERUDOHV HQ ODV TXH VH GHVHPSHxDEDQ (Q HO SDtV PXHUHQ HQ
SURPHGLR  SHUVRQDV SRU GtD VHJ~Q FLIUDV GH OD V~SHU LQWHQGHQFLD GH
SUHYLVLyQVRFLDO636VLHQGRODDJULFXOWXUDHOWHUFHUVHFWRUPiVSHOLJURVR
SDUDWUDEDMDU

(QJHQHUDOORVHVWXGLRVUHODFLRQDGRVFRQVDOXGODERUDOHQVXPD\RUtD
FRPRORSODQWHD%HUQDOHVVRORVHUHVWULQJLHURQDODVFRQGLFLRQHVGH
WUDEDMR\QRFRQVLGHUDURQRWUDVGHWHUPLQDQWHVVRFLDOHV\HVWUXFWXUDOHV3RU
HOORVHKDFHQHFHVDULRDPSOLDUODPLUDGDTXHVHWLHQHGHHVRVSURFHVRV\QR
VRORFHQWUDUODHQHOiPELWRHVWULFWDPHQWHRFXSDFLRQDO

'HDFXHUGRDORH[SXHVWRDQWHULRUPHQWHHVWDLQYHVWLJDFLyQWLHQHFRPR
REMHWLYRUHODFLRQDUODPLJUDFLyQHOWUDEDMRDVDODULDGR\ODVDOXGRFXSDFLRQDO
GHODSREODFLyQPLJUDQWHSHUXDQDDVHQWDGDHQHOYDOOHGH$]DSD(VSRUHOOR

ϭ
^ƷƉĞƌŝŶƚĞŶĚĞŶĐŝĂĚĞƐĞŐƵƌŝĚĂĚƐŽĐŝĂů;^h^KͿ
Ϯ
ůĚĞƌƌƵŵďĞĚĞůĂŵŝŶĂƐĂŶ:ŽƐĠ͕ŽĐƵƌƌŝĚŽĞůĂŹŽϮϬϭϬ͕ĚĞũĂŶĚŽĂƚƌĂƉĂĚŽĂϯϯŵŝŶĞƌŽƐ͕ĂϳϬϬŵĞƚƌŽƐ
ĚĞƉƌŽĨƵŶĚŝĚĂĚƉƌŽĚƵĐƚŽĚĞƐƵƐŵĂůĂƐĐŽŶĚŝĐŝŽŶĞƐĚĞƚƌĂďĂũŽ;>ĂƚĞƌĐĞƌĂϮϬϭϬͿ͘
ϯ
^ĞŐƷŶĞůƌĞƉŽƌƚĞĂŶƵĂůĚĞůĂƐƷƉĞƌ/ŶƚĞŶĚĞŶĐŝĂĚĞƉƌĞǀŝƐŝſŶƐŽĐŝĂůĚĞůĂŹŽϮϬϬϵ͘

ϴ

TXH SDUD FRQRFHU PHMRU HVWD SUREOHPiWLFD KHPRV DERUGDGR GHVGH XQD
SHUVSHFWLYD DQWURSROyJLFD TXH FRQVLGHUD GLVWLQJXLU FRPR VRQ ORV
WUDEDMDGRUHVDJUtFRODVHQVXVWDUHDVGLDULDVDSUHFLDQGRGHVGHVXVGLVFXUVRV
ORV PHFDQLVPRV TXH SRVHHQ SDUD HQIUHQWDU VXV FRQGLFLRQHV GH WUDEDMR
HQIHUPHGDGHV \ DFFLGHQWHV DVRFLDGRV D VX ODERU \ FRPR UHVXHOYHQ HVWRV
SDGHFLPLHQWRVFXDQGRVHOHVSUHVHQWDQ

/D XQLGDG GH DQiOLVLV GH HVWH HVWXGLR FRQVLGHUy D ORV WUDEDMDGRUHV
DJUtFRODVDVDODULDGRVSHUXDQRVFX\DIXQFLyQHUDVHOHFFLRQDUHPEDODU\SHVDU
WRPDWHVSDUDOXHJRVHUOXHJRVRQHQYLDGRVSULQFLSDOPHQWHD6DQWLDJR/DV
ODERUHVHVWiQHVWUHFKDPHQWHUHODFLRQDGDVFRQODH[SRVLFLyQDULHVJRVItVLFRV

(OOXJDUGRQGHVHUHFROHFWyLQIRUPDFLyQSDUDODLQYHVWLJDFLyQIXHHQHO
YDOOH GH $]DSD HQ XQ SDFNLQJ GH WRPDWHV (Q HVWH HVSDFLR GH WUDEDMR VH
UHDOL]DHOSURFHVRGHHPEDODMH\FRQWUROGHFDOLGDGGHORVWRPDWHVSURGXFLGRV
SRUORVSHTXHxRVDJULFXOWRUHVGHOYDOOHGH$]DSDTXLHQHVSURGXFHQWRGRHO
DxR SDUD HO PHUFDGR ORFDO \ HQ ORV PHVHV GH LQYLHUQR SDUD HO PHUFDGR
QDFLRQDOHVSHFtILFDPHQWHSDUDVDWLVIDFHUODGHPDQGDGHORVFRPHUFLDQWHVGH
ODFLXGDGGH6DQWLDJR

(VWDLQYHVWLJDFLyQVHDERUGyGHVGHXQHQIRTXHFXDOLWDWLYRXWLOL]DQGRODV
WpFQLFDVGHOWUDEDMRGHFDPSRHWQRJUiILFRFRPRODREVHUYDFLyQSDUWLFLSDQWH
\ HQWUHYLVWDV VHPLHVWUXFWXUDGD SDUD SRGHU WHQHU XQD FRQYHUVDFLyQ GLULJLGD
FRQORVLQIRUPDQWHV/DSULPHUDSHUPLWLyODLQVHUFLyQHQVXFRQWH[WRVRFLR
ODERUDO\VHUSDUWtFLSHGHHVWHSURFHVRGHHPEDODMHGHOWRPDWH/DVHJXQGD


ϰ
>ŽƐƉĂĐŬŝŶŐĞŶůĂƌĞŐŝſŶĚĞƌŝĐĂLJWĂƌŝŶĂĐŽƚĂĞŶǀşĂŶƚŽŵĂƚĞƐĂůĂnjŽŶĂĐĞŶƚƌĂůĞŶƚƌĞůŽƐŵĞƐĞƐĚĞďƌŝů
LJEŽǀŝĞŵďƌĞ͕ĞƐƚŽĚĞďŝĚŽĂƋƵĞĞŶůŽĐĂůŝĚĂĚĞƐĚĞKǀĂůůĞLJ>ŝŵĂĐŚĞƋƵĞĂďĂƐƚĞĐĞŶĂ^ĂŶƚŝĂŐŽĚĞũĂŶĚĞ
ƉƌŽĚƵĐŝƌƚŽŵĂƚĞƐƉƌŽĚƵĐƚŽĚĞůĐůŝŵĂĨƌşŽLJĂůĂƉůĂŶƚĂĚĞůƚŽŵĂƚĞůŽĂĨĞĐƚĂŶůĂƐďĂũĂƐƚĞŵƉĞƌĂƚƵƌĂƐ͘


ϵ

FRQVLVWLy HQ OD UHDOL]DFLyQ GH HQWUHYLVWDV ODV TXH VH UHDOL]DURQ FXDQGR \D
H[LVWtDXQUDSSRUWFRQORVLQIRUPDQWHV

(VWD PHPRULD FRQVWD GH FLQFR FDStWXORV (O SULPHUR H[SOLFD ORV
DQWHFHGHQWHV GH OD LQYHVWLJDFLyQ TXH FRQWH[WXDOL]DQ OD SUREOHPiWLFD GHO
HPSOHR LQIRUPDO DJUtFROD (O VHJXQGR DERUGD ODSUREOHPiWLFD GH OD VDOXG
RFXSDFLRQDO HQ HO YDOOH GH $]DSD \ OD LQVHUFLyQ ODERUDO GH OD SREODFLyQ
PLJUDQWHSHUXDQD(OWHUFHUFDStWXORH[SRQHODPHWRGRORJtDFRQODFXDOVH
WUDEDMy OD REVHUYDFLyQ SDUWLFLSDQWH \ OD HQWUHYLVWD VHPLHVWUXFWXUDGD (O
FXDUWRFDStWXORLQFOX\HHODQiOLVLVGHORVUHVXOWDGRVTXHEXVFDQUHVSRQGHUODV
LQWHUURJDQWHV SURSXHVWDV HQ HO HVWXGLR (O TXLQWR \ ILQDO SUHVHQWD ODV
GLVFXVLRQHV \ REVHUYDFLRQHV GH ORV FDStWXORV DQWHULRUHV MXQWR FRQ ODV
SULQFLSDOHVFRQFOXVLRQHV\UHIOH[LRQHVTXHVXUJLHURQGHODLQYHVWLJDFLyQ


&$3Ë78/2,,35(6(17$&,Ï1'(/$,19(67,*$&,Ï1

(OSUHVHQWHFDStWXORHVXQDH[SRVLFLyQHQWRUQRDODSUREOHPiWLFDGHODV
FRQGLFLRQHV GH WUDEDMR GH ORV WUDEDMDGRUHV LQPLJUDQWHV SHUXDQRV \ VREUH
FRPR GLFKD GLQiPLFD LQIOX\HQ HQ OD VDOXG GH ORV PLVPRV &RQVLGHUD
REMHWLYRVKLSyWHVLVGHWUDEDMRMXVWLILFDFLyQGHOHVWXGLR\HOPDUFRWHyULFR
FRQ ODV SULQFLSDOHV FRUULHQWHV GHO HVWXGLR GHVGH ODV FXDOHV DERUGDPRV HO
SURFHVRHQFXHVWLyQ


ϱ
ŶůĂŶƚƌŽƉŽůŽŐşĂĞƐůĂƷůƚŝŵĂĞƚĂƉĂĚĞůƚƌĂďĂũŽĚĞĐĂŵƉŽĞƐĐƵĂŶĚŽĞůŝŶǀĞƐƚŝŐĂĚŽƌĐŽŶƵŶĂŽŵĄƐ
ƉĞƌƐŽŶĂƐůŽŐƌĂŶƵŶŶŝǀĞůĚĞĐŽŶĨŝĂŶnjĂLJƐŝŶƚŽŶşĂƐŽĐŝĂůLJĞŵŽĐŝŽŶĂů͘ŶĞƐƚĞĐĂƐŽĞůŝŶǀĞƐƚŝŐĂĚŽƌůŽŐƌĂƐĞƌ
ƵŶŽŵĄƐĐŽŶůŽƐŵŝĞŵďƌŽƐĚĞůŐƌƵƉŽŽďƐĞƌǀĂĚŽ͘

ϭϬ

 
)LJXUD1ƒ0DSDGH$ULFD\VXGLVWDQFLDFRQORVYDOOHV&KDPRUURS


3ODQWHDPLHQWRGHOSUREOHPD

(O IHQyPHQR PLJUDWRULR HV FDGD YH] PiV FUHFLHQWH  HQ ODV ~OWLPDV
GpFDGDVHQ&KLOHODVFLIUDVHOFHQVRGHSREODFLyQ\YLYLHQGDGHODxR
LQGLFDEDDODIHFKDTXHHQ&KLOHXQGHODSREODFLyQHUDLQPLJUDQWH\OD
GLQiPLFDGHLQPLJUDFLyQHVWDEDFRQFHQWUDGDSULQFLSDOPHQWHHQHOWUDVODGRGH
FLXGDGDQRV GH SDtVHV IURQWHUL]RV FRPR 3HU~  %ROLYLD  \
$UJHQWLQD  TXLHQHV HUDQ ODV QDFLRQHV TXH PiV DSRUWDEDQ DO SDtV
0DUWtQH]  (Q OD DFWXDOLGDG HVWH HVFHQDULR KD FDPELDGR
FRQVLGHUDEOHPHQWHHVWRGHELGRDFRQIOLFWRVVRFLRSROtWLFRVTXHKDQDIHFWDGR


ϲ
&HQVRGHSREODFLyQ\YLYLHQGDDxR,1(

ϭϭ

D SDtVHV GH OD UHJLyQ \ HO FDULEH VXPDGR WDPELpQ D ODV UHVWULFFLRQHV
LPSXHVWDVSRU(VWDGRV8QLGRVGHVSXpVGHORVDWHQWDGRVWHUURULVWDVRFXUULGRV
HOGHVHSWLHPEUHGHO\ODFULVLVHFRQyPLFDTXHDIHFWDD(XURSDKDFH
XQDGpFDGDORTXHKDLQFHQWLYDGRXQDPLJUDFLyQ³VXUDVXU´WRGRHVWRKD
FRQYHUWLGR D &KLOH HQ XQR GH ORV SULQFLSDOHV GHVWLQRV GH HVWD QXHYD
PLJUDFLyQ$XQTXHKDFHDOJ~QWLHPSRVHHQIDWL]DQFLHUWDVSDUWLFXODULGDGHV
GH HVWD PLJUDFLyQ FRPR XQD IXHUWH SUHVHQFLD IHPHQLQD LQGtJHQD \
DIURGHVFHQGLHQWH'HVGHHODxR&KLOHUHJLVWUDEDXQDFLIUDGH
PLJUDQWHV\SDVDDDILQHVGHO(QODPD\RUtDGHORVFDVRV
HVWRVIOXMRVHVWDUtDQPDUFDGRVSRUPRWLYDFLRQHVODERUDOHV\HQRWURVVHWUDWD
GHXQDPLJUDFLyQIRU]DGDSRUFRQWH[WRVGHYLROHQFLDVRFLDO\HVWUXFWXUDOTXH
VXIUHQHVWDVSHUVRQDVHQVXVSDtVHVGHRULJHQSRUORTXHHOORVYHQGUtDQD
EXVFDU VHJXULGDG \ HVWDELOLGDG HFRQyPLFD D &KLOH HQ FRQVHFXHQFLD HVWD
PLJUDFLyQUHSUHVHQWDXQLPSRUWDQWHGHVDItRFXOWXUDOVRFLDO\SROtWLFRSDUD
&KLOH6LOYD 5RMDV

(ODFWXDOHVFHQDULRPXHVWUDXQLPSRUWDQWHLQFUHPHQWRGHSHUVRQDVGH
SDtVHV FDULEHxRV \ YHFLQRV FRPR 9HQH]XHOD  3HU~  +DLWt
&RORPELD%ROLYLDGHELGRDODFULVLVSROtWLFDTXH
YLYH 9HQH]XHOD HVWH FROHFWLYR KD FUHFLGR FRQVLGHUDEOHPHQWH /DV
HVWLPDFLRQHVSDUDDEULOGHOLQGLFDQTXHODSREODFLyQPLJUDQWHHQ&KLOH
HV DOUHGHGRU GH   \ SDUD HO  GH GLFLHPEUH GHO  
SHUVRQDVORTXHHTXLYDOHDOGHOWRWDOGHODSREODFLyQXQDGHODVPD\RUHV
GH/DWLQRDPpULFD3HURHVXQSRUFHQWDMHEDMRVLVHFRPSDUDFRQHOSURPHGLR
GHORVSDtVHVGHVDUUROODGRVHOTXHFRUUHVSRQGHDXQVHJ~QOD218



ϳ
ĞƉĂƌƚĂŵĞŶƚŽĚĞĞdžƚƌĂŶũĞƌşĂLJŵŝŐƌĂĐŝŽŶĞƐ;ϮϬϭϵͿ͘ƐƚĂĞƐůĂĐŝĨƌĂŵĄƐĂĐƚƵĂůŝnjĂĚĂĚĞŵŝŐƌĂŶƚĞƐĞŶŚŝůĞ
ϴ
 ƐƚĂƐ ĐŝĨƌĂƐ ŶŽ ĐŽŶƐŝĚĞƌĂ ůĂ ŵŝŐƌĂĐŝſŶ ŝƌƌĞŐƵůĂƌ ůĂ ƋƵĞ ƐĞ ĞƐƚŝŵĂ ĂůƌĞĚĞĚŽƌ ĚĞ ϯϬϬ͘ϬϬϬ ƉĞƌƐŽŶĂƐ͘ ^Ğ
ĞƐƉĞƌĂďĂ ƋƵĞ ĐŽŶ ůĂ ŶƵĞǀĂ ůĞLJ ĚĞ /ŶŵŝŐƌĂĐŝſŶ ĂƉƌŽďĂĚĂ ƉŽƌ Ğů WƌĞƐŝĚĞŶƚĞ WŝŹĞƌĂ ;ϮϬϭϴ ʹ ϮϬϮϮͿ ĞƐƚŽ
ŝŶĐƌĞŵĞŶƚĂƌĂůĂƐ ĐŝĨƌĂƐ͕ƉĞƌŽ ŶŽƚŽĚŽƐůŽƐ ŵŝŐƌĂŶƚĞƐŝƌƌĞŐƵůĂƌĞƐ ƐŽůŝĐŝƚĂƌŽŶůĂǀŝƐĂ ĐŽŶ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚ
ĚĞŵŽĐƌĄƚŝĐĂŵƵĐŚŽƐĂƷŶƐŝŐƵĞŶĞŶƚƌĂŶĚŽƉŽƌƉĂƐŽƐŶŽŚĂďŝůŝƚĂĚŽƐĞŶĨƌŽŶƚĞƌĂƐĐŽŶWĞƌƷLJŽůŝǀŝĂ͘

ϭϮ

 8QRGHORVJUXSRVPLJUDQWHVPiVLPSRUWDQWHVHQHOSDtVFRUUHVSRQGHD
ORVFLXGDGDQRVSHUXDQRVORVFXDOHVUHSUHVHQWDQDODYH]XQRGHORVJUXSRV
PiV YXOQHUDEOHV GHQWUR GH ORV LQPLJUDQWHV +DUERH  VRQ ORV TXH
DFFHGHUtDQDWUDEDMRVVLQORVHVWiQGDUHVPtQLPRVGHVHJXULGDGDSHVDUGHODV
SROtWLFDVLPSOHPHQWDGDVSRUHOJRELHUQRGH0LFKHOOH%DFKHOHWFRPR³SXHUWDV
DELHUWDV´ 7RGDV HVWDV GLQiPLFDV HQ FXDOTXLHU FDVR KDQ UHVXOWDGR VHU
LQVXILFLHQWHV SDUD PHMRUDU ODV FRQGLFLRQHV GH YLGD GH HVWH VHFWRU GH OD
SREODFLyQFRPRORVHxDOD$ODUFyQ

(Q&KLOHODLQPLJUDFLyQSHUXDQDKDLGRHQDXPHQWRHQORV~OWLPRVDxRV
ORTXHVHUHIOHMDHQHO&HQVRGHOTXHORWHQtDFRPRHOJUXSRPLJUDWRULR
PiVLPSRUWDQWHGHOSDtVFRQGHORVOOHJDGRVDOSDtVVLHQGRHQHO~OWLPR
WLHPSR GHVSOD]DGR SRU ORV YHQH]RODQRV TXLHQHV DXPHQWDURQ
FRQVLGHUDEOHPHQWHODVFLIUDVSDVDQGRGHVHUSHUVRQDVHOD
DILQHVGHO(VWLPDFLRQHVGHO,1(,GHOWRWDOGHSHUXDQRVTXH
HPLJUDQDOH[WUDQMHURHOORKDFHD&KLOHFRQYLUWLpQGROHHQXQRGHVXV
SULQFLSDOHVGHVWLQRV/DFLXGDGGH$ULFDQRHVFDSDDHVWDUHDOLGDG$OWHQHU
XQD FRQGLFLyQ IURQWHUL]D UHFLEH XQ LPSRUWDQWH p[RGR GH FLXGDGDQRV
SHUXDQRVORVFXDOHVUHSUHVHQWDQVHJ~QGDWRVGHOFHQVRGHODxRHO
GHODSREODFLyQ,1( DXQTXHFLIUDVGHH[WUDQMHUtDLQGLFDQTXHHO
Q~PHUR SRGUtD VHU PD\RU GHELGR D OD JUDQ FDQWLGDG TXH LQJUHVD FRPR
PLJUDQWHV HVWDFLRQDOHV VHJ~Q HO GHSDUWDPHQWR GH H[WUDQMHUtDV \
PLJUDFLRQHV'(0


ϵ
WŽůşƚŝĐĂŵŝŐƌĂƚŽƌŝĂŝŵƉƵůƐĂĚĂĞŶĞůƉƌŝŵĞƌŐŽďŝĞƌŶŽĚĞDŝĐŚĞůůĞĂĐŚĞůĞƚ;ϮϬϬϲͲϮϬϭϬͿ͘ZĞĨĞƌŝĚĂĂůŽƐ
ĚĞƌĞĐŚŽƐĚĞůŽƐĐŝƵĚĂĚĂŶŽƐĞdžƚƌĂŶũĞƌŽƐĞŶŵĂƚĞƌŝĂƐĚĞƐĂůƵĚ͕ĞĚƵĐĂĐŝſŶLJďĞŶĞĨŝĐŝŽƐƐŽĐŝĂůĞƐ;ůĂƌĐſŶ
ϮϬϭϬͿ͘
ϭϬ
/ŶƐƚŝƚƵƚŽŶĂĐŝŽŶĂůĚĞĞƐƚĂĚşƐƚŝĐĂƐĞ/ŶĨŽƌŵĄƚŝĐĂĞƐƵŶŽƌŐĂŶŝƐŵŽĞƐƚĂƚĂůĞŶWĞƌƷƋƵĞƐĞĞŶĐĂƌŐĂĚĞ
ĚŝƌŝŐŝƌůŽƐƐŝƐƚĞŵĂƐŶĂĐŝŽŶĂůĞƐĚĞĞƐƚĂĚşƐƚŝĐĂLJƚĂŵďŝĠŶĚĞŝŶĨŽƌŵĄƚŝĐĂ͘ƐƚĂĞŶĐĂƌŐĂĚŽĚĞƌĞĂůŝnjĂƌůŽƐ
ĐĞŶƐŽƐĚĞƉŽďůĂĐŝſŶ͕ǀŝǀŝĞŶĚĂ͕ƐĂůƵĚ͕ĞƚĐ͘
ϭϭ
>ĂƌĞŐŝſŶĚĞƌŝĐĂLJWĂƌŝŶĂĐŽƚĂƚŝĞŶĞϮϮϲ͘ϬϲϴŚĂďŝƚĂŶƚĞƐĚĞůŽƐĐƵĂůĞƐϭϬ͘ϮϰϱŚĂďŝƚĂŶƚĞƐƐŽŶ
ĐŝƵĚĂĚĂŶŽƐƉĞƌƵĂŶŽƐƌĞƐŝĚĞŶƚĞƐ͘
ϭϮ
^ĞŐƷŶůŽƐĚĂƚŽƐĞƚŶŽŐƌĄĨŝĐŽƐŽďƚĞŶŝĚŽƐĞŶĞůƚƌĂďĂũŽĚĞ ĐĂŵƉŽ ĚĞĞƐƚĂƚĞƐŝƐ͖WŽƌůĂĐĞƌĐĂŶşĂĐŽŶůĂ
ǀĞĐŝŶĂĐŝƵĚĂĚĚĞdĂĐŶĂĂƵŶŽƐϱϲŬŝůſŵĞƚƌŽƐĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞĐŽŶƌŝĐĂ͕ƵŶĂŚŽƌĂĚĞǀŝĂũĞƉŽƌĐĂƌƌĞƚĞƌĂ͕

ϭϯ

 /D LQPLJUDFLyQ SHUXDQD HQ $ULFD HVWi OLJDGD SULQFLSDOPHQWH D ODERUHV
DJUtFRODVGRQGHORVH[WUDQMHURVUHSUHVHQWDQSDUDODDFWLYLGDGHOGH
ODIXHU]DODERUDOGHOYDOOHGH$]DSDTXHHVGRQGHH[LVWHQWLSRVGHHPSOHRV
LQIRUPDOHV TXH YDUtDQ GH DFXHUGR D OD PRYLOLGDG GHO FLFOR DJUtFROD
HVSHFtILFDPHQWHHOWUDEDMRGHORVSDFNLQJGHWRPDWHVTXHVHUHDOL]DHQORV
PHVHVGH$EULOD1RYLHPEUH(VWHWUDEDMRVHUHDOL]DHQFRQGLFLRQHVTXHQR
FXPSOHQODVQRUPDVPtQLPDVGHVHJXULGDGMRUQDGDVH[WHQVDVGHWUDEDMR
SUREOHPDV GH VDOXEULGDG H LQIUDHVWUXFWXUDV ULHVJRVDV H[SRQLHQGR D ORV
WUDEDMDGRUHVDSUREOHPDVGHVDOXGOLJDGRVDODVODERUHVTXHUHDOL]DQ7RGR
HVWRQRVOOHYDDSODQWHDUQRVODVLJXLHQWHSUHJXQWD


¢&XiOHVODLQIOXHQFLD\ODUHODFLyQGHODVFRQGLFLRQHVGHWUDEDMRVREUHOD
VDOXGGHORVWUDEDMDGRUHVDJUtFRODVSHUXDQRVGHOYDOOHGH$]DSDGH$ULFD"


2EMHWLYRV
2EMHWLYR*HQHUDO

 'HWHUPLQDUODLQIOXHQFLD\ODUHODFLyQGHODVFRQGLFLRQHVODERUDOHV
VREUHODVDOXGGHORVWUDEDMDGRUHVDJUtFRODVSHUXDQRVGHOYDOOHGH$]DSDGH
$ULFD


ĐŝƵĚĂĚĂŶŽƐƉĞƌƵĂŶŽƐǀŝĞŶĞŶĂƚƌĂďĂũĂƌĂƌŝĐĂ͕ƉĞƌŽƐĞŵĂŶƚŝĞŶĞŶƌĞƐŝĚŝĞŶĚŽĞŶůĂĐŝƵĚĂĚĚĞdĂĐŶĂŽĞŶ
ĞůĐĂƐŽĚĞůŽƐďŽůŝǀŝĂŶŽƐǀŝĞŶĞŶƉŽƌůĂƚĞŵƉŽƌĂĚĂĂŐƌşĐŽůĂƵŶĂǀĞnjƚĞƌŵŝŶĂĚĂĞƐƚĂƐƐĞƌĞŐƌĞƐĂŶĂƐƵƉĂşƐ͘
ϭϯ
 >Ă ĂŐƌŝĐƵůƚƵƌĂ ĞŶ Ğů ǀĂůůĞ ĚĞ njĂƉĂ ƚŝĞŶĞ ƵŶĂ ŝŵƉŽƌƚĂŶƚĞ ƉƌĞƐĞŶĐŝĂ ĚĞ ĞdžƚƌĂŶũĞƌŽƐ ;ƉĞƌƵĂŶŽƐ LJ
ďŽůŝǀŝĂŶŽƐͿĐŽŶϴϴϮϴƉĞƌƐŽŶĂƐƐĞŐƷŶĐŝĨƌĂƐĚĞůĂŝƌĞĐĐŝſŶĚĞůƚƌĂďĂũŽ;>ĂƐƚƌĞůůĂĚĞƌŝĐĂ͕ϮϬϭϭͿ͘
ϭϰ
/ŶĨŽƌŵĂĐŝſŶŽďƚĞŶŝĚĂĞŶĞůƚƌĂďĂũŽĚĞĐĂŵƉŽĞůĂŹŽϮϬϭϯLJƉŽƌĞdžƉĞƌŝĞŶĐŝĂƐƉƌĞǀŝĂƐĚĞůŝŶǀĞƐƚŝŐĂĚŽƌ
ĐŽŵŽƚĞŵƉŽƌĞƌŽĂŐƌşĐŽůĂ͘
ϭϱ
>ĂƐŚŽƌĂƐĚĞƚƌĂďĂũŽĞŶŚŝůĞƐŽŶϴŚŽƌĂƐĚŝĂƌŝĂƐ͕ŵĄƐĚŽƐŚŽƌĂƐĞdžƚƌĂŽƌĚŝŶĂƌŝĂƐƐĞŐƷŶůĂŝƌĞĐĐŝſŶĚĞů
ƚƌĂďĂũŽ;dͿĞŶƐƵŝŶĐŝƐŽϭΣĚĞůĂƌƚşĐƵůŽϯϭĚĞůſĚŝŐŽĚĞůdƌĂďĂũŽ͕ƉŽƌůŽƋƵĞůĂƐũŽƌŶĂĚĂƐĚĞƚƌĂďĂũŽĚĞůĂƐ
ĞŵƉĂĐĂĚŽƌĂƐƐŽďƌĞƉĂƐĂƌşĂŶĞůŚŽƌĂƌŝŽĚĞƚƌĂďĂũŽ͕ƉĞƌŵŝƚŝĞŶĚŽϭϱŚŽƌĂƐŽŵĄƐ͘;d͕ϮϬϭϮͿ͘
ϭϲ
>ĂKƌŐĂŶŝnjĂĐŝſŶŝŶƚĞƌŶĂĐŝŽŶĂůĚĞůƚƌĂďĂũŽ;K/dͿƐĞƌĞĨŝĞƌĞƋƵĞůĂŝŶĨƌĂĞƐƚƌƵĐƚƵƌĂďĄƐŝĐĂĚĞďĞĐŽŶƚĂƌĐŽŶ
ƉƌŽƚĞĐĐŝſŶĐůŝŵĄƚŝĐĂĂĚĞĐƵĂĚĂ͕ŝŶƐƚĂůĂĐŝŽŶĞƐƐĂŶŝƚĂƌŝĂƐLJĐŽŶƉŝƐŽƐ͕ƚĞĐŚƵŵďƌĞƐLJƉĂƌĞĚĞƐĞŶďƵĞŶĞƐƚĂĚŽ
;K/d͕ϮϬϬϯͿ͘

ϭϰ

2EMHWLYRVHVSHFtILFRV


 'HVFULELUODVFRQGLFLRQHVODERUDOHVGHORVWUDEDMDGRUHV
DJUtFRODVSHUXDQRVGHOYDOOHGH$]DSD

 'HVFULELU\DQDOL]DUORVSUREOHPDVGHVDOXGTXHVRQPiV
UHFXUUHQWHVHQORVWUDEDMDGRUHVDJUtFRODVSHUXDQRVGHODV
HPSDFDGRUDVGHWRPDWHGHOYDOOHGH$]DSD

 ,GHQWLILFDUHVWUDWHJLDVTXHXWLOL]DQORVWUDEDMDGRUHVDJUtFRODV
SHUXDQRVGHOYDOOHGH$]DSDSDUDUHVROYHUORVSUREOHPDVGH
VDOXG



+LSyWHVLVGHWUDEDMR

/DVFRQGLFLRQHVSUHFDULDVGHWUDEDMRLQIOX\HQGLUHFWDPHQWHHQODVDOXG
GHORVWUDEDMDGRUHV\VHPDQLILHVWDQSULQFLSDOPHQWHHQSDWRORJtDVHVSHFtILFDV
GHULYDGDVGHODPLVPDDFWLYLGDGRSDGHFLPLHQWRVDVRFLDGRVDORVDFFLGHQWHV
GHWUDEDMR


-XVWLILFDFLyQ

(VWDLQYHVWLJDFLyQEXVFDXQDDSUR[LPDFLyQLQLFLDODODSUREOHPiWLFDGH
ODV FRQGLFLRQHV GH WUDEDMR \ HPSOHR TXH WLHQHQ ORV PLJUDQWHV SHUXDQRV
UXUDOHVHQHOYDOOHGH$]DSDHQODSHULIHULDGHODFLXGDGGH$ULFD([LVWHQ
GLYHUVRV HVWXGLRV VREUH HO WHPD SURSXHVWR WDQWR D QLYHO QDFLRQDO H
LQWHUQDFLRQDO\HVWRVKDQLGRHQDXPHQWRHQ&KLOHGDGRODFRPSOHMLGDGGHO
WHPDVLQHPEDUJRVRQHVFDVRVORVHVWXGLRVTXHH[LVWHQHQODUHJLyQGH$ULFD
ϭϱ

\3DULQDFRWD3RUPHGLRGHOWUDEDMRGHFDPSRDQWURSROyJLFRVHSXGRFRQRFHU
ODGLQiPLFDGHHVWDDFWLYLGDGGHVGHHOSURFHVRGHTXHVHUHFRJHHOWRPDWH
KDVWDFXDQGRHVHPEDUFDGRD6DQWLDJR\ORVULHVJRVDORVTXHHVWiQH[SXHVWRV
ORVWUDEDMDGRUHVGXUDQWHHVWHSURFHVR3RUORTXHHVWHHVFULWRSXHGHVHUXQ
DSRUWHDIXWXUDVLQYHVWLJDFLRQHV

0DUFR7HyULFR&RQFHSWXDO

&RQ HO LQWHUpV GH HQWUHJDU XQ PDUFR WHyULFR SDUD HO DQiOLVLV GH OD
LQIRUPDFLyQTXHVHHVSHUDREWHQHUHQHOWUDEDMRGHFDPSRVHHPSOHDUDQORV
FRQFHSWRV PRYLOLGDG PLJUDFLyQ ODERUDO HVWLJPD VRFLDO SUHFDULHGDG
FRQGLFLRQHVGHWUDEDMR\VDOXGODERUDO

 (OFRQFHSWRGHPRYLOLGDG/DERUDO

/DVSHUVRQDVVLHPSUHEXVFDQXQDPHMRUD\SRUHVRVLHQWHQODQHFHVLGDG
GHWUDVODGDUVHSRUWRGRHOSODQHWDPRWLYRSRUHOFXDOWRPDLPSRUWDQFLDOD
GLQiPLFDGHOPRYLPLHQWRSREODFLRQDOSDUDDFFHGHUDXQPHMRUSUR\HFWRGH
YLGD 3RU HVWR VH LQFHQWLYDQ SURFHVRV PLJUDWRULRV \ VH VDOH GH XQ OXJDU
JHRJUiILFRGHWHUPLQDGRGRQGHWRGRHVWiDODOFDQFHGHODPDQRVHTXLHEUD
FRQHOLGHDOGHHVWDGRQDFLyQ$XJHFODVLILFDHOFRQFHSWRFRPRQRPDGLVPR
\ PRYLOLGDG VREUHPRGHUQD FRPR ODV FRPXQLFDFLRQHV LQVWDQWiQHDV \ OD
FLUFXODFLyQGHSURGXFWRVLPiJHQHVHLQIRUPDFLyQ/RVHJXQGRVHFRQWUDSRQH
DOFRQFHSWRGHQRPDGLVPRXQDSDUDGRMDHQODPRYLOLGDGDSHVDUGHH[LVWLU
XQD GLVWDQFLD HQ OD DFWXDOLGDG KD\ XQD FRQVWDQWH FRPXQLFDFLyQ HQWUH HO
OXJDUGHRULJHQ\HOGHDFRJLGD(VWRUHIOHMDODLGHRORJtDGHOVLVWHPDGHOD
JOREDOL]DFLyQ EDVDGR HQ OD DSDULHQFLD HQ OD HYLGHQFLD \ HQ HO SUHVHQWH
³&RQFHELUODPRYLOLGDGHQHOHVSDFLRSHURVHULQFDSD]GHFRQFHELUODHQHO
WLHPSRHVODFDUDFWHUtVWLFDTXHGHILQHHOSHQVDPLHQWRFRQWHPSRUiQHR´$XJH


ϭϲ

 (QODDFWXDOLGDGVDEHPRVTXHORVJUXSRVVRFLDOHVQRWLHQHQXQDFXOWXUD
PRQROtWLFDHVWiWLFD\DLVODEOH9LYLPRVHQXQDVRFLHGDGJOREDOL]DGDFRQXQ
PHVWL]DMH UDFLDO \ FXOWXUDO ([LVWHQ GHVSOD]DPLHQWRV GH OD SREODFLyQ /RV
GHVSOD]DGRV HVWDEOHFHQ YtQFXORV FRQ VXV FRPXQLGDGHV GH RULJHQ HVWR KD
SHUPLWLGR OD HPHUJHQFLD GH OR TXH VH FRQRFH FRPR FRPXQLGDGHV
WUDQVQDFLRQDOHVFXDQGRODVUHGHVVRFLDOHVVRQLQWHUQDFLRQDOHV/RVPLJUDQWHV
PDQWLHQHQ VXV LGHQWLGDGHV GH RULJHQ GLiVSRUD (QYtDQ ³UHPHVDV´
PRQHWDULDV D VXV SDULHQWHV GH ODV FRPXQLGDGHV GH VXV SDtVHV GH RULJHQ
)RUPDQHFRQRPtDVpWQLFDVGHHQFODYH6HGLYHUVLILFDQHFRQyPLFDPHQWHVH
PXHYHQGHXQOXJDUDRWUR

$KRUD ELHQ GHVGH KDFH DOJ~Q WLHPSR VH KDQ HODERUDGR HWQRJUDItDV HQ
GLIHUHQWHVVLWLRV(VWDVHWQRJUDItDVKDQVLGRGHQRPLQDGDVFRPRPXOWLVLWXDGD
0DUFXV

/DPRYLOLGDGODERUDOFRPRORGHILQH%DUGRPDVHVXQDUHODFLyQ

HQWUHHOiUHDGHSDUWLGD\HOGHSHUPDQHQFLDSRUXQSHUtRGRYDULDEOHFX\R
LPSXOVRU HV HO WUDEDMR OR TXH VHUtD XQD PLJUDFLyQ GH WLSR HVWDFLRQDO (Q
FRQVHFXHQFLD

³/DV PLJUDFLRQHV ODERUDOHV VH DVRFLDQ FRQ OD IOH[LELOL]DFLyQ \ OD
WUDQVIRUPDFLyQ HQ ODV UHODFLRQHV GH WUDEDMR \ HPSOHR GH PDQR GH REUD
WHPSRUDULD HQ OXJDUHV GH SHUPDQHQFLD  HQ DJULFXOWXUDV FDSLWDOLVWDV´
%DUGRPDVS

6H HQWLHQGH SRU HO WpUPLQR ³LQPLJUDQWH´ D SHUVRQDV GH GLVWLQWDV
QDFLRQDOLGDGHVTXHSRUFDXVDVHFRQyPLFDVVHGHVSOD]DQDRWUROXJDUFRQHO
REMHWLYRGHDFFHGHUDXQWUDEDMRUHPXQHUDGRTXHQRSXHGHQREWHQHUHQVX
SDtVGHRULJHQ*DUFtDHWDO6HJ~Q/ySH]HWDOLQPLJUDFLyQHV


ϭϳ

³3REODFLyQ MRYHQ \ HQ RFDVLRQHV GH MHIHVDV GH IDPLOLDV TXH WLHQHQ TXH
DEDQGRQDU VXV KRJDUHV SDUD EXVFDU PHMRUHV FRQGLFLRQHV GH YLGD 6LQ
HPEDUJR ORV UHVXOWDGRV GH OD PLJUDFLyQ QR VLHPSUH FRQOOHYDQ D FDPELRV
VRFLDOHV TXH PHMRUHQ OD VLWXDFLyQ GH SREUH]D OD H[FOXVLyQ VRFLDO ODV
GHVLJXDOGDGHV\ODIDOWDGHRSRUWXQLGDGHV´/ySH]HWDOOS

/D LQPLJUDFLyQ DXQTXH VLPEROL]D SDUD ODV SHUVRQDV XQ SUR\HFWR GH
PHMRUD \ SURJUHVR HQ OD PD\RUtD GH ORV FDVRV UHSUHVHQWD XQ UHWURFHVR GH
VWDWXV VRFLDO FRQ UHVSHFWR D VX VRFLHGDG GH RULJHQ \D TXH HQ PXFKDV
RFDVLRQHVGHEHQUHDOL]DUHPSOHRVLQIRUPDOHV$W[RWHJXL/DVLWXDFLyQ
H[SXHVWDREOLJDDPXFKRVJUXSRVGHSHUVRQDVSRUHOFLHUUHGHIURQWHUDVD
UHVLGLU GH IRUPD LUUHJXODU HQ HO SDtV GH GHVWLQR 'DGD HVWD FRQGLFLyQ HQ
PXFKRVFDVRVVHSDVDSRUXQODUJRSURFHVRGHQRUPDOL]DFLyQGHQWURGHOFXDO
ODUHVLGHQFLDLQIRUPDOFRQGXFHVLHPSUHDXQPHUFDGRGHWUDEDMRYDULDEOH\D
UHDOL]DUODERUHVQRIRUPDOHV/HyQ/DVPLJUDFLRQHVODERUDOHVSRVHHQ
FLHUWDVFDUDFWHUtVWLFDVHVWUXFWXUDOHVFRPRODUHODFLyQHQWUHOD]RQDGHRULJHQ
\ODUHFHSWRUD(VWRVWLSRVGHPLJUDFLyQHVWiQUHODFLRQDGDVDOWUDEDMRDJUtFROD
GHSHQGLHQGRGHOFLFORGHOPLVPR\WDOFRPRORSODQWHD%DUGRPDVOD
HVWUHFKDUHODFLyQTXHH[LVWHHQWUHiUHDVUHFHSWRUDV\HPLVRUDVGHWUDEDMDGRUHV
TXHYLHQHQDVXSOLUODVGHPDQGDVGHOVHFWRU


(OHVWLJPDVRFLDO\ODLQVHUFLyQDODLQIRUPDOLGDG

1XHVWUD 6RFLHGDG FRPR OR VHxDOD *RIIPDQ HVWDEOHFH XQD VHULH GH
FDWHJRUtDVSDUDFODVLILFDUDODVSHUVRQDVFXDQGRHVWDVSHUWHQHFHQDQXHVWUD
SURSLD FRPXQLGDG HVWRV DWULEXWRV SDVDQ GHVDSHUFLELGRV GHELGR D OD
LQWHUDFFLyQVRFLDOTXHWHQHPRVFRQRWURVSRUODSUR[LPLGDGTXHKD\FRQODV
PLJUDFLRQHV FDPSR ± FLXGDG SRU HMHPSOR QR DVt FRQ PLJUDFLRQHV
WUDVQDFLRQDOHV&RQHVWDVFXDOLGDGHVVHOHSXHGHDWULEXLUVXLGHQWLGDGVRFLDO

ϭϴ

DFDGDLQGLYLGXR(OWpUPLQR³HVWLJPD´HVXWLOL]DGRSDUDKDFHUUHIHUHQFLDD
XQD FXDOLGDG SURIXQGDPHQWH GHVDFUHGLWDGRU  SRU OR TXH VH ODV UHODFLRQHV
GHMDQGHVHUGHOHQJXDMHV\VHYXHOYHQDWULEXWRV(VWHKDFHGLIHUHQFLDHQWUH
WUHVWLSRVGHHVWLJPDV(OSULPHUSXHVWRORRFXSDQODVPDOIRUPDFLRQHVItVLFDV
(Q VHJXQGR OXJDU ORV GHIHFWRV GHO FDUiFWHU GHO LQGLYLGXR FRPR
GHVKRQHVWLGDG (Q WHUFHU OXJDU ORV HVWLJPDV WULEDOHV GH UD]D QDFLyQ \ OD
UHOLJLyQVXVFHSWLEOHVGHVHUWUDQVPLWLGRVSRUKHUHQFLD\FRQWDPLQDUSRULJXDO
DWRGRVORVPLHPEURVGHXQDIDPLOLD(QHVWHFDVRGHELGRDHVWDFODVLILFDFLyQ
FXDOTXLHUSHUVRQD FRUUH HOULHVJRDVHUHVWLJPDWL]DGDHQHOTXH LQFOXVROD
SHUVRQDSXHGHVHUFRQVLGHUDGDQRKXPDQD

1RVRWURVDVRFLDPRVDODVSHUVRQDVFRPRVtPERORVVHSXHGHQDILDQ]DUD
ODLPDJHQTXH\DWHQtDPRVGHOLQGLYLGXRGHGRQGHVHSXHGHQFRQVWUXLUXQD
LPDJHQ SRVLWLYD FRPR VWDWXV R FDVR FRQWUDULR GH GHVSUHVWLJLR FRPR DOJR
GHJUDGDQWHTXHSXHGHGLVPLQXLUQXHVWUDYDORUL]DFLyQ*RIIPDQ

/DVLWXDFLyQGHVFULWDQRDIHFWDGHODPLVPDPDQHUDDWRGRV([LVWHQ
JUXSRVH[SXHVWRVDXQJUDGRGHPD\RUYXOQHUDELOLGDGFRPRHVHOFDVRGHORV
WUDEDMDGRUHV DJUtFRODV 7RPDQGR HO SODQWHDPLHQWR GH $PDEOH \ %HQDFK
TXLHQHV KDFHQ DOXVLyQ DO DXPHQWR GHOD IOH[LELOL]DFLyQODERUDOHQ (XURSD
HOORV SODQWHDQ ³FXDWUR GLPHQVLRQHV SDUD HO FRQFHSWR GH SUHFDULHGDG
WHPSRUDOLGDGYXOQHUDELOLGDGQLYHOVDODULDOEDMR\OLPLWDGRDFFHVRDFLHUWRV
EHQHILFLRVVRFLDOHV´$PDEOH\%HQDFKS(VWHWUDEDMRWDPELpQHV
XQHPSOHRDWtSLFR\QRWLHQHODUHODFLyQWUDGLFLRQDOWUDEDMDGRU±HPSOHDGRU
\D TXH VH FDUDFWHUL]D SRU XQD GHVSURWHFFLyQ HQ WpUPLQRV GH OHJLVODFLyQ
ODERUDO DXQ VLHQGR WUDEDMDGRU /D SUHFDUL]DFLyQ FRQVWLWX\H XQ IHQyPHQR
PHQRVYLVLEOHTXHHOGHVHPSOHRSHURPiVLPSRUWDQWHGHILQLGRSRUWUDEDMRV
LQHVWDEOHV HVWDFLRQDOHV H LQWHUPLWHQWHV GHSHQGLHQWHV GH OD FR\XQWXUD
HFRQyPLFDUHDOL]DGRVHQVXPD\RUtDSRUPLJUDQWHVPXMHUHV\MyYHQHVQR
FDOLILFDGRVTXHGHELGRDVXLQFDSDFLGDGSDUDDMXVWDUVHDORVFDPELRVVyOR

ϭϵ

SXHGHQDFFHGHUDORVSXHVWRVPiVSUHFDULRVGHPHQRULQJUHVR\VHJXULGDG
VRFLDO&DVWHOO

(QHOFDVRTXHREVHUYDPRVHQHVWDLQYHVWLJDFLyQDSUHFLDPRVTXHH[LVWHXQD
WUDQVILJXUDFLyQ GH ODV UHODFLRQHV GH GRPLQDFLyQ \ VXPLVLyQ GHO SRGHU HQ
FDULVPD D WUDYpV GH OD FXDO ORV GRPLQDGRV VXHOHQ DFHSWDU XQD HVWUXFWXUD
VRFLDOTXHORVUHOHJDDVXFRQGLFLyQ(VWRLPSOLFDXQQXHYRWLSRGHVXPLVLyQ
\DFHSWDFLyQGHYLROHQFLDGHORVGRPLQDGRVSRUSDUWHGHOHVWDGRH[SUHVDGD
HQ SROtWLFDV JXEHUQDWLYDV 1RV HQFRQWUDPRV DQWH XQ WLSR GH YLROHQFLD
GHQRPLQDGDSRUHOVRFLyORJR3LHUUH%RXUGLHXFRPR³9LROHQFLD6LPEyOLFD´
ODFXDOFRQWULEX\HDTXHODVGHVLJXDOGDGHVHFRQyPLFDVSROtWLFDV\FXOWXUDOHV
VHPDQWHQJDQDORODUJRGHOWLHPSR(OREUHURWHUPLQDVLHQGRXQUHSURGXFWRU
GHODVHVWUXFWXUDVVRFLDOHVVXKDELWXVHVXQJHQHUDGRUGHSUiFWLFDVGLVWLQWDV
\ GLVWLQWLYDV OR TXH VH WUDGXFH HQ VX HOHFFLyQ \ HVWLOR GH YLGD %RXUGLHX


(VWLPDPRV DSURSLDGR WRPDU HQ FXHQWD UHIOH[LRQHV DFHUFD GH OD
IOH[LELOLGDGODERUDO(QHVWHVHQWLGRODFRPSUHQGHPRVFRPRODUHODFLyQGH
ODVHPSUHVDVFRQODIXHU]DGHWUDEDMRHVXQPRGHORTXHUHJXODORVGHUHFKRV
ODERUDOHVHOLPLQDWUDEDVSDUDFRQWUDWDU\GHVSHGLUHPSOHDGRVSRUSDUWHGHODV
HPSUHVDV(VODUHJXODFLyQGHOPHUFDGRODERUDOHQORUHIHUHQWHDODOLEHUWDG
GHODFRQWUDWDFLyQ\HOFRQWUDWRLQGLYLGXDO*ROGEHUJ

(O WUDEDMR WLHQH GRV DVSHFWRV SULQFLSDOHV UHJXODU HO QLYHO GH YLGD \
UHSUHVHQWDUXQPHFDQLVPRGHVXEVLVWHQFLD/DVSHUVRQDVTXHGHFLGHQHPLJUDU
HQ PXFKRV FDVRV VH YHQ REOLJDGDV D RIUHFHU VX IXHU]D ODERUDO D HPSOHRV
LQIRUPDOHV


ϮϬ

 6HJ~Q0DU[³(OFDSLWDOLVWDFRPSUDXQDIXHU]DGHWUDEDMRSRUXQGtD
XQDVHPDQDXQPHVHWF<XQDYH]FRPSUDGDODFRQVXPHKDFLHQGRTXHORV
REUHURVWUDEDMHQGXUDQWHHOWLHPSRHVWLSXODGR´0DU[S

/D IXHU]D GH WUDEDMR HV XQD PHUFDQFtD TXH VX SURSLHWDULR HO REUHUR
DVDODULDGRYHQGHDOFDSLWDO(VODDFWLYLGDGYLWDOGHOREUHUR(VODIRUPDFRPR
VXEVLVWHHVWDVHODYHQGHDOWHUFHURSRUXQVDODULRTXHREWLHQHGHOFDSLWDO(O
YDORUGHOWUDEDMRHVSXHVWRSRUHOFRPSUDGRU\DTXHHVXQDPHUFDQFtDTXHHV
RIUHFLGDSRUGLYHUVRVYHQGHGRUHVORTXHDEDUDWDHOSUHFLRGHOWUDEDMR0DU[
(QODDFWXDOLGDGSDUDORVHPSUHVDULRVHOWUDEDMRSDVDDVHUXQ
FDSLWDO³UHFXUVRKXPDQR´R³FDSLWDOKXPDQR´VLHQGRHOSULQFLSDOIDFWRU
GHDMXVWHRDKRUURDODKRUDGHDXPHQWDUODSURGXFWLYLGDG\DVHDSRUODYtD
GHGLVPLQXLUODVHJXULGDGREHQHILFLRV\UHDMXVWHVVDODULDOHVUHGXFLHQGRHO
PHGLRGHVXEVLVWHQFLDGHVXVWUDEDMDGRUHV3DVFXDO

3RURWUDSDUWHODVFRQGLFLRQHVGHLOHJDOLGDGSUHFDULHGDGHLQVHJXULGDG
ODERUDOHOKDFLQDPLHQWR\ODVPDODVFRQGLFLRQHVGHYLGDHQODVTXHVXHOHQ
YLYLU ODV SHUVRQDV TXH GHFLGHQ HPLJUDU VRQ HO FRQWH[WR GRQGH RSHUDQ ORV
VXMHWRV GHVDUUROODQGR VXV YLYHQFLDV \ SUREOHPDV RULJLQDGRV
IXQGDPHQWDOPHQWHHQGHVLJXDOGDGHVHVWUXFWXUDOHV0HxDFD

&DUDFWHUtVWLFDVGHOHPSOHRHVWDFLRQDO

(QODV~OWLPDVGpFDGDVKDDXPHQWDGRHOHPSOHRLQIRUPDO\HVWHKDVLGR
FXELHUWRSULQFLSDOPHQWHSRUWUDEDMDGRUHVH[WUDQMHURVGHSDtVHVYHFLQRVWDO
FRPRKDVLGRHQORVFDVRVGHRWURVSDtVHVFRPR0p[LFR\$UJHQWLQD

4XLVLpUDPRV UHIHULUQRV VXFLQWDPHQWH D ODV VLWXDFLRQHV GH HVWRV GRV
SDtVHV \ VX PHUFDGRDJUtFROD (Q 0p[LFRDOVHU PiV FRPSHWLWLYRLPSOLFD

Ϯϭ

DXPHQWDU OD SURGXFWLYLGDG D EDMRV FRVWRV REOLJDQGR D ORV DJULFXOWRUHV D
XWLOL]DUQXHYDVHVWUDWHJLDVGHSURGXFFLyQHQODREWHQFLyQGHPDQRGHREUD
DSURYHFKDQGR DVt VLWXDFLRQHV GHVYHQWDMRVDV SDUD ORV WUDEDMDGRUHV
LQPLJUDQWHV$OQRH[LVWLUXQDUHJXODFLyQGHOPHUFDGRDJUtFRODSRUSDUWHGH
ODVDXWRULGDGHVORVMRUQDOHURVVHYHQDIHFWDGRVSULQFLSDOPHQWHVXVDOXG\OD
IRUPDGHYLGD

/DVFDUHQFLDVGHHPSOHRVDOXG\QXWULFLyQGHORVMRUQDOHURVDJUtFRODV
HVWiQ HVWUHFKDPHQWH YLQFXODGDV D ORV SUREOHPDV VXVWHQWDGRV HQ HO
IXQFLRQDPLHQWR LUUHJXODU GH ORV PHUFDGRV GH WUDEDMR FRQVWLWXLGR SRU
RSRUWXQLGDGHVGHHPSOHRTXHVXSRQHQHODEDQGRQRGHODFRPXQLGDG(QHVWH
PHUFDGR ODERUDO ORV FRQWUDWLVWDV FRPHWHQ DEXVRV \ VH DSURYHFKDQ GH
LQPLJUDQWHV GHVLQIRUPDGRV ORV FXDOHV QR SXHGHQ DFFHGHU D WUDEDMRV
UHJXODGRV+DUR

/D VRFLyORJD 0DUFHOD &HUUXWWL  KDEOD VREUH HO FDVR GH ORV
LQPLJUDQWHV EROLYLDQRV HQ $UJHQWLQD /RV LQPLJUDQWHV EROLYLDQRV VH
FDUDFWHUL]DQ SRU WHQHU PHQRUHV QLYHOHV HGXFDWLYRV \ GH LQJUHVRV TXH OD
SREODFLyQDXWyFWRQD(QODVHWDSDVLQtFLDOHVGHOSURFHVRPLJUDWRULRTXLHQHV
VHGLULJHQDODVFLXGDGHVWLHQGHQDFRQFHQWUDUVHHQiUHDVPDUJLQDOHVFDUHQWHV
GHVHUYLFLRGHLQIUDHVWUXFWXUDEiVLFD$OLJXDOTXHRWURVFROHFWLYRVGHELGRD
VXHVFDVDFDOLILFDFLyQODERUDOVRQHPSOHDGRVHQODVSRVLFLRQHVPiVEDMDVGH
OD HVFDOD RFXSDFLRQDO OR TXH UHGXQGD HQ IDOWD GH FRQWUDWRV \
FRQVHFXHQWHPHQWH HQ OD FDUHQFLD GH EHQHILFLRV ODERUDOHV LQFOX\HQGR
VHJXURVGHVDOXG\GHDFFLGHQWHVGHWUDEDMRORTXHRFXUUHSULQFLSDOPHQWH
HQHOVHFWRUDJUtFRODXRFXSDFLRQHVGHFDUiFWHUUXUDO&HUUXWL

/RV HPSOHRV LQIRUPDOHV HQ &KLOH UHTXLHUHQ XQD EDMD IRUPDOL]DFLyQ
SDUDODRFXSDFLyQSRUORTXHODYXOQHUDELOLGDGDORVGHVSLGRV\VREUHWRGRDO

ϮϮ

LQFXPSOLPLHQWRGHQRUPDVPtQLPDVGHVHJXULGDG\SUHYLVLyQVRFLDOOOHYDD
ORV WUDEDMDGRUHV D HVWDU H[SXHVWRV D DOWRV ULHVJRV GH DFFLGHQWHV \
HQIHUPHGDGHV ODERUDOHV GHULYDGRV GH ODV PLVPDV FRQGLFLRQHV GH WUDEDMR
GHILFLHQWHVHQODVTXHVHHQFXHQWUDQ9HQHJDV

&RPRLQIOX\HQODVFRQGLFLRQHVGHWUDEDMRHQODVDOXG

/DVFRQGLFLRQHVGHWUDEDMRSXHGHQLQIOXLUSRVLWLYDRQHJDWLYDPHQWHHQ
ODVDOXGPHMRUDQGRRHPSHRUDQGRVXFRQGLFLyQ/RVGDxRVDODVDOXGGHORV
HPSOHDGRVVHFRQFUHWDQHQHQIHUPHGDGHVYLQFXODGDVDOWUDEDMR+D\DGHPiV
RWURV SDGHFLPLHQWRV OLJDGRV D ORV DFFLGHQWHV GHO WUDEDMR eVWRV GDGDV ODV
FRQGLFLRQHVGHVHJXULGDGWLHQHQIUHFXHQFLDHLQFOXVRXQJUDGRGHOHWDOLGDG
UHOHYDQWHHQWUHORVWUDEDMDGRUHV0DxDV

(OVHFWRUDJUtFRODHQFXDOTXLHUOXJDUGHOPXQGRPDQWLHQHXQYtQFXOR
PX\ GpELO R QXOR FRQ HO GHUHFKR ODERUDO 0XFKRV SDtVHV KDQ KHFKR
OHJLVODFLRQHVTXHKDQUHVXOWDGRVLQVXILFLHQWHV(OWUDEDMRHVWDFLRQDODSDUHFH
SRUSULPHUDYH]HQ)UDQFLDFRQHOILQGHREWHQHUPDQRGHREUDGHPLJUDQWHV
DIULFDQRVSDUDKDFHUIXQFLRQDUODVIiEULFDVGHPDQ]DQDV\SDUDYHQGLPLDUODV
YLxDV*DUFRQ\=XUD\N

³7HPSRUDULRV SRU GHILQLFLyQ >GH@ OD $JHQFLD LQWHUQDFLRQDO SDUD OD
DFRJLGDGHH[WUDQMHURV\SDUDODVPLJUDFLRQHV$1$(0VRORGDXQWtWXOR
MXUtGLFRDPSXWDGR\HVWDWXWRFtYLFRVRPHWLGRDXQDIHFKDGHH[SLUDFLyQOD
SURWHFFLyQVRFLDOVHOLPLWDDOWtWXORGHHVWDGtD\DOD GXUDFLyQGHOWUDEDMR´
*DUFRQ\=XUD\NS

6H SXHGH UHODFLRQDU OD LQFLGHQFLD GHO SURFHVR RFXSDFLRQDO HQ
DFFLGHQWHV SHUR WDPELpQ VH GHEH UHFRQRFHU ORV SDGHFLPLHQWRV TXH VRQ

Ϯϯ

SURGXFWRGHODVFRQGLFLRQHVGHYLGDGHULYDGRVHQJUDQPHGLGDGHODLQVHUFLyQ
DOWUDEDMR&HUUXWL

/DVFDUHQFLDVGHHPSOHRVDOXG\QXWULFLyQGHORVMRUQDOHURVDJUtFRODV
HVWiQHVWUHFKDPHQWHYLQFXODGDVDORVSUREOHPDVVXVWHQWDGRVSULQFLSDOPHQWH
FRQ HO IXQFLRQDPLHQWR LUUHJXODU GH ORV PHUFDGRV GH WUDEDMR FRQVWLWXLGR
IXQGDPHQWDOPHQWHSRURSRUWXQLGDGHVGHHPSOHRTXHVXSRQHQHODEDQGRQR
GHODFRPXQLGDG(QHVWHPHUFDGRODERUDOORVFRQWUDWLVWDVFRPHWHQDEXVRV\
VHDSURYHFKDQGHLQPLJUDQWHVGHVLQIRUPDGRVORVFXDOHVQRSXHGHQDFFHGHU
DWUDEDMRVUHJXODGRV+DUR

&RPSUHQGHPRVTXHSDUDUHDOL]DUHOWUDEDMRHQIRUPDySWLPDVHGHEHQ
FXPSOLU XQD VHULH GH UHTXLVLWRV SDUD HYLWDU ULHVJRV HQ OD LQWHJULGDG GHO
WUDEDMDGRU3RUHVRKR\RUJDQLVPRVFRPR2,7VHKDQHVIRU]DGRHQGHILQLU
HOFRQFHSWRGHVDOXGODERUDO

/DRUJDQL]DFLyQLQWHUQDFLRQDOGHOWUDEDMR2,7GHILQHVDOXGODERUDOGH
ODVLJXLHQWHPDQHUD

³/DTXHVHSUHRFXSDGHOPi[LPRELHQHVWDUGHORVWUDEDMDGRUHVWDQWRHQ
UHDOL]DFLyQ\ODVFRQVHFXHQFLDVGHHVWHHQGLVWLQWRViPELWRVItVLFRPHQWDO\
VRFLDO>«@µ(OQLYHOGHVDOXGODERUDOSRVLEOHGHDOFDQ]DU HQXQPRPHQWR
GHWHUPLQDGRYDDGHSHQGHUHQJUDQPHGLGDGHRWUDVVLWXDFLRQHVGHQWURGHOD
VRFLHGDGHOQLYHOGHHPSOHR\GHVHPSOHRODVFRQGLFLRQHVGHYLYLHQGDOD
GLVSRQLELOLGDGGHLQIUDHVWUXFWXUDGHWUDQVSRUWHHODFFHVRDODHGXFDFLyQ\D
OD VDOXG ODV LQVWLWXFLRQHV SURPRWRUDV GH OD VDOXG \ ODV LQVWLWXFLRQHV
ILVFDOL]DGRUDVHOJUDGRGHRUJDQL]DFLyQVLQGLFDOHQWUHRWURVDVSHFWRV´2,7
SV


Ϯϰ

 (Q HVWD PLVPD OtQHD VDOXG RFXSDFLRQDOHV OD TXHEXVFD JDUDQWL]DU XQ
ELHQHVWDU WRWDO D ORV WUDEDMDGRUHV SRU PHGLR GH XQ DPELHQWH ODERUDO TXH
SURPXHYDHOELHQHVWDU$QGUDGH\*yPH](VWDWLHQHFRPRREMHWLYR
OD SUHYHQFLyQ DVt FRPR OD UHKDELOLWDFLyQ GH SUREOHPDV GHULYDGRV SRU ODV
DFWLYLGDGHVGHWUDEDMR%HQDYLGHVHWDO

(QVDOXGODERUDOHOULHVJRHVODSUREDELOLGDGHVWDGtVWLFDGHRFXUUHQFLD
GHXQGDxRDOHVWDUH[SXHVWRDXQDFRQGLFLyQGHSHOLJURTXHHQDOJXQRVFDVRV
SXHGH SURYRFDU GHWHULRURV DODVDOXG DODUJRSOD]R WDO FDVRRFXUUH FRQOD
H[SRVLFLyQ D VXVWDQFLDV TXtPLFDV \ RWUDV SXHGH WHQHU FRQVHFXHQFLDV
LQPHGLDWDVFRPRHQORVDFFLGHQWHVGHWUDEDMRFDtGDVFKRTXHVHOpFWULFRV
HWFRHQFLUFXQVWDQFLDVTXHLPSOLTXHQVREUHFDUJDGHWUDEDMRVFRPRFDUJDV
ItVLFDVRSRVWXUDVIRU]DGDV2WURVVHUtDQORVDVSHFWRVSVLFRVRFLDOHVWLHPSRV
ULWPRVRFRPXQLFDFLyQ(QWRQFHVSRGHPRVFRQFOXLUTXHODVDOXGRFXSDFLRQDO
VHFRQVWUX\HSRUPHGLRGHXQDDFWLYLGDGDGHFXDGD\MXVWDTXHFXPSODODV
QRUPDVGHVHJXULGDGDSDUWLUGHODVFXDOHVORVREUHURVSXHGDQGHVDUUROODUVXV
DFWLYLGDGHVHQIRUPDQRUPDO1LHWR(VWDPLVPDVHHQWLHQGHFRPR
FRQGLFLRQHV GH WUDEDMRV ySWLPDV HQ FDUiFWHU GH HTXLGDG VHJXULGDG
SURWHFFLyQVRFLDO\GLJQLGDG3DVFXDO

0HQpQGH]DILUPDTXHDXQTXHHQORV~OWLPRVDxRVHOGHVDUUROORGHOD
VDOXGRFXSDFLRQDOVHLQFUHPHQWDVHJ~QODVFDSDFLGDGHVGHFRPSUD\VHUYLFLR
SRUSDUWHGHORVFRQMXQWRVVRFLDOHVHQODVSROtWLFDVGHVDOXG\GHVHJXULGDG
LPSXOVDGDVSRUVHFWRUHVGRPLQDQWHVODHQIHUPHGDGGHEtDVHUUiSLGDPHQWH
VROXFLRQDGDDWUDYpVGHGLIHUHQWHVDFFLRQHVPpGLFDV(VWRGHEHUtDOOHYDUD
XQDPHMRUDGHODVFRQGLFLRQHVODERUDOHVSULQFLSDOPHQWHHQODSUHYHQFLyQGH
DFFLGHQWHV QR DVt HQ HQIHUPHGDGHV RFXSDFLRQDOHV ODV FXDOHV VRQ PiV
GLItFLOHVGHGHWHFWDU\VXJHULUXQGLDJQyVWLFRRSRUWXQR


Ϯϱ

 /DVDOXGGHODVWUDEDMDGRUHVHVWiFRQGLFLRQDGDWDQWRSRUODVFRQGLFLRQHV
ODERUDOHV\GHYLGDTXHHQODPD\RUtDGHORVFDVRVHOPRGHORELRPpGLFRSDVD
SRUDOWRHVWDVYDULDEOHVFRPRXQDGHHOODVHUDODPLVPDSUHYHQFLyQGHOD
HQIHUPHGDG0HQpQGH]

(O PRGHOR %LRPpGLFR WDPSRFR VH SUHRFXSDED SRU LQGDJDU VREUH HO
RULJHQGHORVSDGHFLPLHQWRVRTXHQRVRQUHJLVWUDGRVFRPRSODQWHD5DPtUH]
+LWD6HLJQRUDEDPXFKDVFDXVDVGHHQIHUPHGDGHV\TXHHVWDV
HUDQRFDVLRQDGDVSRUODVFRQGLFLRQHVODERUDOHVWRPDQGRFRPRUHIHUHQFLDHO
FDVR GH 3RWRVt ³(O SHUVRQDO GH VDOXG GH ORV FHQWURV GH DWHQFLyQ SULPDULD
FRQVLGHUDTXHODSULQFLSDOFDXVDGHPXHUWHHQODFLXGDGGH3RWRVtVRQORV
DFFLGHQWHVODERUDOHVSRUHOWUDEDMRHQODVPLQDVODWXEHUFXORVLVODVLOLFRVLV\
HO DOFRKROLVPR´ 5DPtUH] +LWD  S  6LQ HPEDUJR HVWRV
SUREOHPDVQRDSDUHFtDQHQORVUHJLVWURVHSLGHPLROyJLFRV

/D SULQFLSDO FUtWLFD GH DOJXQRV DXWRUHV FRPR 0HQpQGH] \ 'L 3DUGR
VHFHQWUDHQODSRFDLQIRUPDFLyQTXHH[LVWHVREUHODVHQIHUPHGDGHV
ODERUDOHV \ ORV DFFLGHQWHV GH WUDEDMR (Q HO FDVR GH ORV VHJXQGRV WRPDQ
LPSRUWDQFLDVyORFXDQGRVRQKHFKRVQRWLFLRVRVFRPRPLQHURVDWUDSDGRV\
PXHUWRVTXHSXHGHQGDUOXJDUDHVSHFWiFXORVLQIRUPDWLYRV(QJHQHUDOVRQ
HVFDVRVRFDVLLQH[LVWHQWHVORVUHJLVWURVGHSDGHFLPLHQWRVGHWUDEDMRHQHO
VHFWRUUXUDO\DTXHHVSRFDODFREHUWXUDSHULRGtVWLFDTXHWLHQHQ

(QHOFDVRGHOVHFWRUXUEDQRVHGDQDFRQRFHUODVHQIHUPHGDGHVHQIRUPD
JHQHUDO\QRODVUHIHULGDVDOWUDEDMRSULQFLSDOPHQWHDODSREODFLyQLQGtJHQD
HQ 0p[LFR TXH HV XQR GH ORV HVWUDWRV VRFLDOHV PiV DIHFWDGRV FRQ OD
SUHFDULHGDGODERUDO\DTXHVRQORVTXHPLJUDQGHOFDPSRDODFLXGDG\HVWiQ
H[SXHVWRV HQIHUPHGDGHV JDVWURLQWHVWLQDOHV UHVSLUDWRULDV WXEHUFXORVLV SRU
HIHFWRV GH SODJXLFLGDV \ SRU FRQWDPLQDFLyQ GH DJXDV (Q WHPDV GH

Ϯϲ

HQIHUPHGDGHVODERUDOHVHVHVFDVDODLQIRUPDFLyQSUHVHQWDGDSRUORVPHGLRV
GH FRPXQLFDFLyQ\VRORHVGpFLPDSDUWHORTXHVHFXEUHVREUHHOVHFWRUUXUDO
\ ~QLFDPHQWH VH FRQRFHQ OD IDOWD GH VHUYLFLRV EiVLFRV FRPR OD FDXVD GH
FLHUWRV SDGHFLPLHQWRV YLQFXODGRV D OD IRUPD GH YLGD GH OD JHQWH GH HVWH
VHFWRUSHURQRVHKDOODQUHJLVWURVHSLGHPLROyJLFRV 0HQpQGH]\ 'L3DUGR


/RVSDGHFLPLHQWRVGHORVWUDEDMDGRUHVHVWiQUHODFLRQDGRVGLUHFWDPHQWH
FRQ VXV DFWLYLGDGHV GH WUDEDMR H[LVWH XQD SHUFHSFLyQ SRVLWLYD VREUH OD
ELRPHGLFLQDTXHWLHQHXQDHVWUHFKDUHODFLyQFRQORVSURFHVRVLGHROyJLFRV
TXH RSHUDQ HQ XQ PXQGR JOREDOL]DGR OR TXH VH WUDGXFH HQ TXH WDQWR ORV
WUDEDMDGRUHVFRPRORVHPSUHVDULRVRSWDQSRUODELRPHGLFLQDGHELGRDTXH
WLHQHQ XQD UHVSXHVWD PiV UiSLGD \ HIHFWLYD D GLIHUHQWHV PDOHVWDUHV D
GLIHUHQFLDGHRWURVWUDWDPLHQWRVPiVWUDGLFLRQDOHVVHSULYLOHJLDODHILFLHQFLD
GHODELRPHGLFLQD0HQpQGH] 

&$3,78/2,,,0$5&20(72'2/Ï*,&2

(VWD LQYHVWLJDFLyQ VHUi XQ HVWXGLR GH HQIRTXH FXDOLWDWLYR GH FDUiFWHU
GHVFULSWLYRH[SORUDWRULRVHSUHWHQGHDFFHGHUDODLQIRUPDFLyQSRUPHGLRGHO
WUDEDMR GH FDPSR /D VHOHFFLyQ GHO PpWRGR HV SDUD SRGHU FRQRFHU HQ
SURIXQGLGDGODVFRQGLFLRQHVODERUDOHVGHORVWUDEDMDGRUHVGHWHPSRUDGDHQHO
SURFHVR GH HPEDODMH GHO WRPDWH (O SULQFLSDO SURSyVLWR IXH FDWHJRUL]DU OD
LQIRUPDFLyQGHORVSUREOHPDVGHVDOXGTXHJHQHUDODVFRQGLFLRQHVGHWUDEDMR
SUHFDULDV

³([LVWHQYDULDVUHDOLGDGHVVXEMHWLYDVFRQVWUXLGDVHQODLQYHVWLJDFLyQODV
FXDOHVYDUtDQHQVXIRUPD\FRQWHQLGRHQWUHLQGLYLGXRVJUXSRV\FXOWXUDV
3RU HOOR HO LQYHVWLJDGRU FXDOLWDWLYR SDUWH GH OD SUHPLVD GH TXH HO PXQGR
VRFLDOHVµUHODWLYR¶\VyORSXHGHVHUHQWHQGLGRGHVGHHOSXQWRGHYLVWDGHORV

Ϯϳ
DFWRUHV HVWXGLDGRV 'LFKR GH RWUD IRUPD HO PXQGR HV FRQVWUXLGR SRU HO
LQYHVWLJDGRU´+HUQiQGH]6DPSLHULHWDOS 

/DSREODFLyQGHHVWXGLRVRQORVWUDEDMDGRUHVDJUtFRODVSHUXDQRVTXHVH
HQFXHQWUDQHQHOYDOOHGH$]DSD

/D XQLGDG GH DQiOLVLV FRUUHVSRQGLy  D DVDODULDGRV DJUtFRODV GH

QDFLRQDOLGDGSHUXDQDTXHVHGHVHPSHxDQHVSHFtILFDPHQWHHQODWHPSRUDGD
GHSURGXFFLyQGHOWRPDWHGXUDQWHORVPHVHVGHLQYLHUQR

/DXQLGDGGHLQIRUPDFLyQHVXQSURIHVLRQDOGHODLQVSHFFLyQGHOWUDEDMR
RUJDQLVPR YLQFXODGR D OD SURWHFFLyQ GH ORV GHUHFKRV ODERUDOHV FRQ HO
SURSyVLWRGH REWHQHUXQDYLVLyQGHO(VWDGRGHQWURGHXQPDUFRUHJXODWRULR

(O WUDEDMDGRU DJUtFROD HO FXDO QRV LQWURGXMR DO FDPSR HV QXHVWUR
LQIRUPDQWHFODYHTXLpQQRVDSRUWyFRQGDWRVUHOHYDQWHVSDUDODUHDOL]DFLyQGH
HVWHWUDEDMR

)DVHVGHODLQYHVWLJDFLyQ

(VWDVHUHDOL]yHQWUHVIDVHVUHYLVLyQELEOLRJUiILFDHOWUDEDMR GH
FDPSR\HODQiOLVLVHLQWHUSUHWDFLyQGHORVGDWRV

/DUHYLVLyQELEOLRJUiILFD FRQVLVWLySULQFLSDOPHQWHHQHOHVWXGLR
GH IXHQWHV TXH FRQWULEX\DQ D SURIXQGL]DU HQ QXHVWUR SUREOHPD GH
LQYHVWLJDFLyQ OR TXH SHUPLWLy SRGHU FRQRFHU OR TXH VH HVFULELy GH  RWUDV
UHDOLGDGHVWDQWRGH&KLOHFRPRGH/DWLQRDPpULFD\(XURSD

Ϯϴ
 6H FRQVXOWDURQ GRFXPHQWRV JXEHUQDPHQWDOHV FRPR HVWDGtVWLFDV
RILFLDOHVFHQVRGHSREODFLyQ\YLYLHQGD\RWURVFRPRDUWtFXORVGHSUHQVDR
HVWDGtVWLFDVGHRUJDQL]DFLRQHVQR JXEHUQDPHQWDOHVHVWDVIXHURQHVHQFLDOHV
HQHOSURFHVR

(OWUDEDMRGHFDPSR

3DUD FRQRFHU OD GLPHQVLyQ SUiFWLFD GH VXV ODERUHV FRWLGLDQDV HQ HO
WUDEDMR VH SDUWLFLSy FRPR WHPSRUHUR DJUtFROD  UHDOL]DQGR HVWDV ODERUHV
GXUDQWHHOWUDEDMRGHFDPSR(QWUHODVDFWLYLGDGHVTXHUHDOL]DQORVKRPEUHV
HQ HO SDFNLQJ VH HQFXHQWUD OD  DVLVWLU D ODV HPEDODGRUDV FRQ VXV FDMDV \
OOHYDUODVDOFRQWUROGHFDOLGDG8QDYH]DTXtGRVSHUVRQDVVHHQFDUJDEDQGH
UHYLVDUODVFDMDVSHVDUODV\DUPDUORVSDOOHW/RVFDUJDGRUHVOOHYDQODFDUJD
DOFRQWHLQHUUHIULJHUDGRSDUDTXHODWUDVODGHQORVFDPLRQHVHVWRVPLVPRV
WUDtDQ HO WRPDWH GH ODV SDUFHODV \ WDPELpQ ORV HQYLDEDQ D 6DQWLDJR (O
YROWHDGRUHUDHOTXHVHHQFDUJDEDGHODPiTXLQDFDOLEUDGRUDGHSRVLWDQGRODV
FDMDVHQODPiTXLQDSDUDTXHHOSURGXFWRIXHVHVHSDUDGR

3DUDLQVHUWDUQRVHQHOWUDEDMRIXHGHJUDQD\XGDXQWUDEDMDGRUDJUtFROD
FRQHOFXDOVHIRUMyXQDDPLVWDGGHELGRDTXHFRQDQWHULRULGDGFRPSDUWLPRV
ODERUHVGHWUDEDMRSRUORTXHpOIXH³SRUWHUR´SDUDODHQWUDGDDOFDPSReVWH
IXH HO SULPHU SDVR SDUD UHDOL]DU OD SUREOHPDWL]DFLyQ \D TXH WHQtD
FRQRFLPLHQWRSUHYLRGHFyPRHUDQODVFRQGLFLRQHVODERUDOHVGHHVWHUXEUR
ORVULHVJRV\ORVDFFLGHQWHVDORVTXHHVWiQH[SXHVWRVORVWUDEDMDGRUHV'H
RWUDPDQHUDPHKXELHVHVLGRPX\FRPSOLFDGRKDEHUHQWUDGRHQHOHVFHQDULR
VRFLDOFRQHOUROGHLQYHVWLJDGRU

(Q HO FDPSR QRV LQFRUSRUDPRV HQ OD ODERU GH ³PR]R´ \D TXH D
GLIHUHQFLD GH ODV RWUDV ODERUHV GHVFULWDV HVWD SHUPLWtD SRGHU WHQHU PiV

Ϯϵ

LQWHUDFFLyQFRQHOSHUVRQDOFRPRDVLVWLUDODVVHxRUDVFRQVXVFDMDVOOHYDUODV
DOFRQWUROGHFDOLGDG\DX[LOLDUHQRFDVLRQHVDOYROWHDGRU(VWRSHUPLWLyTXH
VH FXPSOLHUD  HO VHJXQGR SURSyVLWR HO GH FUHDU OD]RV GH IDPLOLDULGDG FRQ
HOORV D WUDYpV GH VXV DFWLYLGDGHV GLDULDV HQWHQGLHQGR TXH HVWH VHUtD XQ
SURFHVRTXHVHGDUtDFRQHOWLHPSR

7RGDVODVDFWLYLGDGHVTXHUHDOLFpGXUDQWHPLHVWDQFLDIXHURQUHJLVWUDGDV
HQ ODV QRWDV GH FDPSR IXHUD GHO KRUDULR GH WUDEDMR 7DPELpQ VH XWLOL]y
PDWHULDOIRWRJUiILFRSDUDJXDUGDU\UHWHQHULQIRUPDFLyQ

/DVHQWUHYLVWDVVHGHVDUUROODURQXQDYH]TXHORVWUDEDMDGRUHVHVWDEDQ
IDPLOLDUL]DGRV FRQ HO LQYHVWLJDGRU \ IXHUD GH ORV KRUDULRV GH WUDEDMRV HQ
OXJDUHVDFRUGDGRVHQWUHODVSDUWHV

/DV SHUVRQDV HQWUHYLVWDGDV IXHURQ HQ VX WRWDOLGDG D SHUXDQRV TXH
WUDEDMDEDQ HQ HO SDFNLQJ SHUR TXH WDPELpQ UHDOL]DEDQ RWUDV ODERUHV
SURGXFWLYDVHQODVFKDFUDV/DVHOHFFLyQGHORVLQIRUPDQWHVVHUHDOL]yVHJ~Q
FULWHULRV LQWHQFLRQDOHV GH DFXHUGR D FDGD DFWLYLGDG GH WUDEDMR HQ TXH VH
GHVHPSHxDEDQ

(Q HVWD LQYHVWLJDFLyQ VH XWLOL]y FRPR WpFQLFD OD HQWUHYLVWD VHPL
HVWUXFWXUDGD VH HODERUy XQ JXLyQ FRQ ODV SULQFLSDOHV LQWHUURJDQWHV TXH
VXUJLHURQ HQ ODV REVHUYDFLRQHV FRQ UHVSHFWR DO ULHVJR GH VX DFWLYLGDG \
WDPELpQ VH DERUGy XQ SHUtRGR DQWHULRU FRPR VX WUD\HFWRULD PLJUDWRULD H
LQVHUFLyQ ODERUDO /RJUDQGR FRQIRUPDU XQD HVWUXFWXUD VHFXHQFLDO D ORV
UHODWRV/RTXHVHEXVFDHVRUJDQL]DUORVREMHWRVGHVGHDGHQWUR\DUHFRQVWUXLU
XQHVTXHPDGHRUGHQDFLyQ,EixH]S


ϭϳ
ƵĂŶĚŽŶŽŚĂďşĂƚƌĂďĂũŽĞŶĞůWĂĐŬŝŶŐ͕ƚƌĂďĂũĂďĂŶĞŶůĂĐŚĂĐƌĂƌĞĂůŝnjĂŶĚŽŽƚƌŽƚŝƉŽĚĞůĂďŽƌĞƐĐŽŵŽ
ƌĞŐĂƌ͕ŚŽƌŵŽŶĞĂƌLJĨƵŵŝŐĂƌ͘

ϯϬ

 
(QORTXHUHVSHFWDDOPDUFRWHPSRUDOVHDERUGyGHVGHODWUD\HFWRULDGHO
SURFHVR PLJUDWRULR KDVWD VX SUHVHQWH DFFHGLHQGR D VXV YLYHQFLDV FRPR
PLJUDQWH /D HQWUHYLVWD VHPLHVWUXFWXUDGD VH EDVy HQ OD ³(WQRJUDItD
PXOWLORFDO´ D WUDYpV GHO VHJXLPLHQWR GH YLGD R ELRJUDItD GH ORV VXMHWRV
SURSXHVWDVSRU0DUFXV

(Q HO GHVDUUROOR GH OD LQYHVWLJDFLyQ VH SUHVHQWDURQ GLILFXOWDGHV QR
WDQWR HQ OD LQVHUFLyQ DO FDPSR SHUR VL HQ ODV HQWUHYLVWDV $XQTXH VH
FRPSDUWLyH[SHULHQFLDVFRQORVWUDEDMDGRUHVDOJXQRVDFHSWDURQXQDYH]TXH
DOFDQ]DURQFLHUWDFRQILDELOLGDGSHURFRQRWURVQRVHORJUy\DTXHDOJXQRVDO
HQFRQWUDUVHHQFRQGLFLyQLUUHJXODUWHQtDQHOWHPRUGHTXHVHSXGLHUDKDFHU
XQ PDO XVR GH OD LQIRUPDFLyQ \ VHU GHQXQFLDGRV GHELGR D OD VLWXDFLyQ
YXOQHUDEOHFRPRPLJUDQWH3DUDSRGHUREWHQHUXQDPHMRULQIRUPDFLyQVHOH
VROLFLWyDORVHPSOHDGRUHVDJUtFRODVSRGHUUHDOL]DUXQDVHQWUHYLVWDV(QXQ
SULQFLSLRDFHSWDURQDOVDEHUTXHHVWDHUDFRQILGHQFLDOSHURILQDOPHQWHQRVH
SXGR FRQFUHWDU GHELGR D TXH HPSH]DURQ D GDU HYDVLYDV SRUTXH H[LVWtD HO
WHPRUGHTXHODLQIRUPDFLyQHQWUHJDGDOHVSXGLHUDSHUMXGLFDU

3URGXFWRGHHVWDVOLPLWDFLRQHVVHUHDOL]DURQVyORRFKRHQWUHYLVWDV8QD
VHUHDOL]yDXQILVFDOL]DGRUGHODLQVSHFFLyQGHOWUDEDMR\ODVVLHWHHQWUHYLVWDV
UHVWDQWHVDORVWUDEDMDGRUHVeVWDVVHLQWHQWyTXHUHSUHVHQWDUDQORPiVSRVLEOH
D ORV WUDEDMDGRUHVTXH UHDOL]DEDQ GLVWLQWDV ODERUHV SDUD TXH IXHUDQ OR PiV
KHWHURJpQHDVSRVLEOH/DVFDUDFWHUtVWLFDVGHODVSHUVRQDVIXHURQHQPD\RUtD
SHUVRQDVMyYHQHVHQWUH\DxRV\TXHWXYLHUDQYDULDVWHPSRUDGDVGH
WUDEDMRHQHOYDOOHGH$]DSD
&RQ HO ILQ GH JDUDQWL]DU ORV FXPSOLPLHQWRV GH FULWHULRV pWLFRV TXH
UHVJXDUGHQWDQWRDORVLQIRUPDQWHVTXHFRRSHUDURQHQODLQYHVWLJDFLyQFRPR

ϯϭ

D OD HPSUHVD GRQGH VH UHDOL]y OD REVHUYDFLyQ VH FRQVLGHUy ORV VLJXLHQWHV
OLQHDPLHQWRV

x &RQVHQWLPLHQWR LQIRUPDGR GH ORV HQWUHYLVWDGRV UHVSHFWR D VX
SDUWLFLSDFLyQ HQ OD LQIRUPDFLyQ 6ROLFLWXG GH SHUPLVR SDUD SRGHU
JUDEDUODFRQYHUVDFLyQ
x 3UHVHQWDFLyQGHQXHVWUDLGHQWLGDG\EUHYHH[SOLFDFLyQHQTXHFRQVLVWH
ODLQYHVWLJDFLyQ
x &RPSURPLVRGHFRQILGHQFLDOLGDGGHODVLGHQWLGDGHVGHODVSHUVRQDV
H[FHSWR HQ HO FDVR GHO SURIHVLRQDO GH OD LQVSHFFLyQ GHO WUDEDMR SRU
WUDWDUVHGHXQDVRODSHUVRQDFRQHVHFDUJR


7DEOD1ƒ(OVLJXLHQWHFXDGURPXHVWUDHOSHUILOGHORVHQWUHYLVWDGRV

7UDEDMDGRU (GDG 3URFHGHQFLD /DERUHV 7LSRGHYLVD
D
(QWUHYLVWD DxRV 7DFQD 0R]R 7HPSRUDO
1ž
(QWUHYLVWD DxRV 3XQR 7UDEDMDGRUGHFDPSR 3HUPDQHQWH
1ž
(QWUHYLVWD DxRV 7LNLQD 3HVDGRU\YROWHDGRU 7HPSRUDO
1ž
(QWUHYLVWD DxRV 3XQR (PEDODGRUD 3HUPDQHQWH
1ž
(QWUHYLVWD DxRV 3LXUD &DUJDGRU 7HPSRUDO
1ž
(QWUHYLVWD DxRV 3XQR 7UDEDMDGRUDGHFDPSR 3HUPDQHQWH
1ž
(QWUHYLVWD DxRV 3XQR 0R]R\HPEDODGRU 3HUPDQHQWH
1ž

)XHQWH(ODERUDFLyQSURSLD
ϯϮ

 
(OVLJXLHQWHFXDGURUHVXPHWDQWRODVLWXDFLyQPLJUDWRULDGHODVSHUVRQDV
FRPRVXSURFHGHQFLD\VXVIXQFLRQHVDXQTXHFDEHPHQFLRQDUTXHHVWDVQR
VRQ HVWiWLFDV \ FDGD WUDEDMDGRU QR VyOR UHDOL]D XQD DFWLYLGDG VLQR YDULDV
DFWLYLGDGHVWDQWRHQHOSDFNLQJFRPRHQODFKDFUDSRUORTXHHVFRP~QOD
URWDFLyQHQORVSXHVWRV

$QiOLVLVGHGDWRV

/D LQIRUPDFLyQ REWHQLGD IXH UHJLVWUDGD HQ DXGLR \ HVFULWD HQ IRUPD
OLWHUDO SDUD SURFHGHU D VX DQiOLVLV FRQ HO VRIWZDUH 0$;4'$ GRQGH VH
HVWDEOHFLHURQFDWHJRUtDVGHDFXHUGRDORVREMHWLYRVWUD]DGRV

$ FRQWLQXDFLyQ VH GHVFULEHQ ORV VLJXLHQWHV SDVRV HQ HO SURFHVR GH
DQiOLVLV

x /HFWXUD\VHOHFFLyQGHFLWDVUHOHYDQWHVGHFDGDHQWUHYLVWD
x &ODVLILFDFLyQ GH ORV WHVWLPRQLRV HQ ODV FDWHJRUtDV HVWDEOHFLGDV
SDUDHODQiOLVLV
x 2UGHQDUORVWHVWLPRQLRVSDUDTXHWHQJDQXQDVHFXHQFLDOyJLFD
x &RQWUDVWDUODLQIRUPDFLyQHQEDVHDOWHVWLPRQLRGHOSURIHVLRQDO
GHODLQVSHFFLyQGHOWUDEDMR\ORTXHGLFHODOH\
x ,QWHUSUHWDFLyQGHODLQIRUPDFLyQLQFRUSRUDQGRHOHPHQWRVGHOD
HWQRJUDItD\HOHPHQWRVWHyULFRV





ϯϯ

 &$3Ë78/2,95(68/7$'26

$FRQWLQXDFLyQVHH[SRQGUiQORVUHVXOWDGRVGHODLQYHVWLJDFLyQHOTXH
KHPRVOOHJDGRDGHILQLUDSDUWLUGHODREVHUYDFLyQSDUWLFLSDQWH\ORVUHODWRV
GH ORV WUDEDMDGRUHV HQ UHODFLyQ D VX WUD\HFWRULD PLJUDWRULD \ VXV ODERUHV
FRWLGLDQDVGHWUDEDMR

/DH[SORUDFLyQVHUHDOL]yDWUDYpVGHODFHUFDPLHQWRDOFDPSRSRUPHGLR
GH OD REVHUYDFLyQ SDUWLFLSDQWH (Q HVWD SDUWH VH LQJUHVy FRPR WUDEDMDGRU
DJUtFRODHQXQSDFNLQJHOFXDOVHXELFDHQHOYDOOHGH$]DSDVHFWRUODV
0DLWDV OXJDU GRQGH FRPSDUWtDQ H[SHULHQFLDV WUDEDMDGRUHV SHUXDQRV
EROLYLDQRV FRORPELDQRV \ FKLOHQRV /D SREODFLyQ SHUXDQD VH HQFRQWUDED
UHDOL]DQGRJUDQSDUWHGHODVDFWLYLGDGHVWDQWRSHUXDQRVFRPREROLYLDQRVVH
PDQWLHQHQKDVWDILQDOGHODWHPSRUDGDQRDVtFKLOHQRV\FRORPELDQRV

/DHWDSDGHOFDPSRGXUyDOUHGHGRUGHXQPHV\PHGLRHQHOSHDNGHOD
WHPSRUDGDHVWRVHGHVDUUROOyHQHOPHVGHMXQLR\SDUWHGH-XOLR(QHVWH
SURFHVR VH SXGR FRQRFHU HO FRQWH[WR ODERUDO GH ORV LQPLJUDQWHV \ VXV
FRQGLFLRQHVGHWUDEDMR

&DXVDVGHOD0LJUDFLyQ

'HDFXHUGRDODLQIRUPDFLyQUHFRJLGDHQODVHQWUHYLVWDV\HQHOFDPSR
ORV SHUXDQRV TXH VH GHVSOD]DQ D OD FLXGDG GH $ULFD OR KDFHQ SRU UD]RQHV
HFRQyPLFDVYtQFXORVIDPLOLDUHV\VRFLDOHV(OLQJUHVRD&KLOHHVDWUDYpVGH
VDOYRFRQGXFWRVORTXHOHVLPSLGHFXPSOLUODERUHVUHPXQHUDGDVDOQRSRVHHU
XQD YLVD GH WUDEDMR OR TXH OLPLWD VX LQVHUFLyQ ODERUDO HQ WUDEDMRV PiV

ϭϴ
WŽƌŵŽƚŝǀŽƐĚĞĐŽŶĨŝĚĞŶĐŝĂůŝĚĂĚŶŽƐĞŵĞŶĐŝŽŶĂƌĂůĂĞŵƉƌĞƐĂĞŶůĂĐƵĂůƐĞƌĞĂůŝnjſůĂŝŶǀĞƐƚŝŐĂĐŝſŶ͕Ŷŝ
ƐƵƵďŝĐĂĐŝſŶ͘

ϯϰ
FDOLILFDGRV GH PDQHUD SOHQD GRQGH SXHGDQ HMHUFHU GHUHFKRV \ DFFHGHU D
EHQHILFLRVVRFLDOHV

8QDGHODVHQWUHYLVWDGDVOOHJyD$ULFDDWUDtGDSRUUD]RQHVHFRQyPLFDV
\ DSURYHFKyTXH WHQtD YtQFXORV IDPLOLDUHV HQOD FLXGDGGHELGR D TXHXQD
KHUPDQDOOHJyDQXHVWURSDtVKDFHDOJXQRVXQRVDxRVDWUiV(QORVVHFWRUHV
DOHGDxRVDODFLXGDGGH3XQRSRUFRQYHUVDFLRQHVTXHVHKDEtDQWHQLGRHVWD
SHUVRQDFRPHQWyTXHH[LVWtDPXFKDPLVHULD\ODDFWLYLGDGDJUtFRODQRGDED
SDUDYLYLUSRUHVRHUDQODPLJUDFLRQHVDODVFLXGDGHV


³>/OHJXp SRU@ ³« UD]RQHV HFRQyPLFDV HVR WXYH XQD KLMD $OOi HQ
3HU~QRVHJDQDPXFKR\ORTXHVHJDQDGHSHQGHGHODWHPSRUDGDFXDQGR
\R DOOi WUDEDMDED JDQDED  VROHV TXH VRQ FRPR  PLO SHVRV GHVSXpV
HPSHFpDJDQDUVROHVEXHQRPHYLQHSRUTXHWHQtDXQDKHUPDQDDFi\
HPSHFpDWUDEDMDU\ILQDOPHQWHPHTXHGp«´(QWUHYLVWD1ž

/RV WUDEDMDGRUHV H[WUDQMHURV VH HQFXHQWUDQ LPSRVLELOLWDGRV SDUD
GHVHPSHxDUVHHQHOPXQGRODERUDOSRUXQSHUtRGRGHWLHPSRGHELGRDTXH
GHEHQWUDPLWDUXQDYLVDGHWUDEDMRSXHVWRTXHHQSULPHUDLQVWDQFLDUHFLEHQ
UHVLGHQFLDWHPSRUDO(QHVWDHWDSDHO(VWDGROHVEULQGDXQSHTXHxRVXEVLGLR
TXHOHVD\XGDDVXEVLVWLU

(OHQWUHYLVWDGR1žHVSURFHGHQWHGH7DFQD\VHYLQRD&KLOHPRWLYDGR
SRUYtQFXORVVRFLDOHV\DTXHDOJXQRVDPLJRVOHLQGLFDURQTXHVHJDQDEDPiV
SRU OD PLVPD ODERU DJUtFROD DGHPiV TXH ORV EHQHILFLDED HO FDPELR GH
PRQHGD


ϯϱ

 ³«%XHQRORTXHPHPRWLYyDYHQLUIXHURQFRPHQWDULRVGHDPLJRV
GHTXHDFiHQ&KLOHHQ$ULFDORSULQFLSDOHUDHOSDJRSRUHOWUDEDMRTXHHUD
PD\RU \ OOHJXp DTXt D WUDEDMDU $Vt SRU HMHPSOR HQ 7DFQD ORV WUDEDMRV
SULQFLSDOPHQWHHQHOFDPSRFRPRPiVRPHQRVVRQYHLQWHVROHVGLDULRVOR
TXHHVHTXLYDOHQWHDFXDWURRFLQFROXFDVGLDULDVPiVRPHQRV(QFDPELRHQ
$ULFDSRUSDUFHODVSXHGHJDQDUKDVWDPLOSHVRV\PiVTXHQDGDSRUHO
LQJUHVRTXHHVPD\RUHVRHVPiVTXHQDGDORTXHPHOOHYyDYHQLUPH$ULFD
\WUDEDMDUHQHOYDOOH«´(QWUHYLVWD1ž

0XFKRVGHORVLQPLJUDQWHVSHUXDQRVWUDEDMDQHQ$ULFDHQODVHPDQD\
OXHJRUHJUHVDQD7DFQDSRUHOLQJUHVRGHORVVLHWHGtDV

(OHQWUHYLVWDGR1žOOHJyGHVGH3XQRKDFHRQFHDxRV6HGHFLGLyDYHQLU
JUDFLDVDTXHVXKHUPDQRVHHQFRQWUDEDHQODFLXGDG(OVDOYRFRQGXFWRHVHO
GRFXPHQWR TXH OH SHUPLWtD HVWDU XQD VHPDQD HQ $ULFD \ DO VpSWLPR GtD
UHJUHVDUD7DFQDGHVFDQVDUDOOt\OXHJRYROYHUQXHYDPHQWH

³«6tWRGDVODVVHPDQDVWHQtDTXHVDOLUPHLEDHOYLHUQHV\OOHJDED
HO GRPLQJR HQ ODWDUGH \ GHO OXQHV HQ DGHODQWH HPSH]DEDQ PLV VLHWH GtDV
«´(QWUHYLVWD1ž

/DWUD\HFWRULDPLJUDWRULDHVWiLQIOXLGDSRUODSUR[LPLGDGWHUULWRULDOFRQ
&KLOHDGLIHUHQFLDGHRWURVGHVWLQRV/DE~VTXHGDGHPHMRUHVRSRUWXQLGDGHV
ODERUDOHVGHELGRDODLQHVWDELOLGDGSROtWLFD\HFRQyPLFDTXHDWUDYHVDED3HU~
HQ ODV ~OWLPDV GpFDGDV IXH OR TXH KL]R TXH PXFKRV FLXGDGDQRV SHUXDQRV
DEDQGRQDUDQVXSDtV\VHDVHQWDUDQHQ&KLOH


ϭϵ
&RQYHQLRGH6XSUHVLyQGHYLVDVHQSDVDSRUWHVRUGLQDULRVQRH[LJHYLVDVSDUDLQJUHVDUD&KLOHORTXHOH
SHUPLWHHVWDUSRUXQSHUtRGRGHVLHWHGtDV\YLDMDUVRORFRQHOGRFXPHQWRQDFLRQDOGHLGHQWLILFDFLyQ'1,
+DVWDHODxRH[LVWtDHOOODPDGRVLHWHSRUVLHWHORVSHUXDQRVSRGtDQHVWDUVyORSRUVLHWHGtDVFRQVHFXWLYRV
\GHVSXpVGHFXPSOLGRVHVWRVGHEtDQUHJUHVDUDO3HU~HVWRIXHFDPELDGRGHODxRPHQFLRQDGRSRUORVGtDV
6HUYLFLRMHVXLWDGHPLJUDQWHV

ϯϲ

 
(O HQWUHYLVWDGR 1ž SURYLHQH GHOD FLXGDG GH 3LXUD DOQRUWH GH 3HU~
+DFHXQRVDxRVVHGLULJLyDQXHVWURSDtVSRUUD]RQHVHFRQyPLFDVSXHVWRTXH
HQVXSDtVODVLWXDFLyQQRHVEXHQD\OHFRPHQWDURQTXHHQ&KLOHKDEtDPiV
RSRUWXQLGDGHVODERUDOHVHQVXHVSHFLDOLGDGFRPRVROGDGRU(QODDFWXDOLGDG
pOVLJXHFRQYLVDGHWXULVWD\FDGDVLHWHGtDVUHJUHVDD7DFQD9LYHHQXQ
SDUFHOD HQ GRQGH SDJD FRQ VX WUDEDMR SDUD SRGHU WHQHU XQ OXJDU GRQGH
GHVFDQVDU

>¢4Xp FDXVDV WH WUDMHURQ DFi"@ ³« 3ULQFLSDOPHQWH SRU WUDEDMR
UD]RQHVHFRQyPLFDVGHHVRVHWUDWDSHURHVGLItFLODFRVWXPEUDUVHDOFDPELR
FXOWXUDOSRUTXH\RVR\PiVGHFLXGDGHQWRQFHVHVPX\GLItFLO´(QWUHYLVWD
1ž
(O HQWUHYLVWDGR 1ž OOHJy KDFH XQRV PHVHV D $ULFD SURYHQLHQWH GH
7LNLQD'HSDUWDPHQWRGH3XQR/DE~VTXHGDSRUPHMRUHVRSRUWXQLGDGHVOR
OOHYyDHVWDUHQGLYHUVRVOXJDUHVFRPR%ROLYLD$UJHQWLQD%UDVLO\SRU~OWLPR
&KLOHGRQGHHVSHUDSRGHUUDGLFDUVH

>¢4XpUD]RQHVWHPRWLYDURQDYHQLU"@«3RUHOWUDEDMRPiVTXHWRGRSRU
HOWUDEDMRGHFtDQTXHHQ&KLOHKD\XQSRFRPiVGHYLGDPHYLQHSRUHVR
(QWUHYLVWD1

,QVHUFLyQODERUDO

$OJXQDVWUD\HFWRULDVODERUDOHVGHORVSHUXDQRVFXHQWDQFRQFDOLILFDFLyQ
SDUDGHWHUPLQDGRVSXHVWRVSHURJHQHUDOPHQWHHODFFHVRDOWUDEDMRHVDWUDYpV
GHOPHUFDGRLQIRUPDOGHELGRDODVLWXDFLyQLUUHJXODUTXHOHVLPSLGHDFFHGHU
D WUDEDMRV HQ IRUPD LJXDOLWDULD FRQ ORV FKLOHQRV (VWR HQ DOJXQRV FDVRV

ϯϳ

SURGXMRODFRQVROLGDFLyQGHQLFKRVODERUDOHVTXHUHSURGXFHQODOLPLWDFLyQGH
IXHQWHVGHWUDEDMRDSRFRVVHFWRUHVSURGXFWLYRVSULQFLSDOPHQWHHODJUtFROD

/DV SHUVRQDV TXH OOHJDQ D OD FLXGDG HQ EXVFD GH WUDEDMR DFFHGHQ D
IXHQWHVGHHPSOHRHQIRUPDUiSLGD(VWRVHGHEHDTXHPXFKRVLQPLJUDQWHV
DQWHVGHYHQLU\DWLHQHQIDPLOLDUHV\DPLJRVTXLHQHVORVLQVHUWDQUiSLGRHQ
HOPHUFDGRLQIRUPDODJUtFRODGHOYDOOHGH$]DSD

0XFKRV GH ORV LQPLJUDQWHV QXQFD UHDOL]DURQ ODERUHV DJUtFRODV
RULJLQDOPHQWHVHGHGLFDQDRWURVUXEURV\VXVH[SHFWDWLYDVGHWUDEDMRHQ&KLOH
VRQSRGHUHQWUDUDODLQGXVWULDGHODPLQHUtDRDODFRQVWUXFFLyQSHURSRUHO
PRPHQWRVHHQIRFDQHQUHJXODUL]DUVXVLWXDFLyQ

/RV HQWUHYLVWDGRV YHQ OD RFXSDFLyQ DJUDULD FRPR XQD DFWLYLGDG GH
VXEVLVWHQFLDWHPSRUDO\HQDOJXQRVFDVRVGHVHPSHxDUHVWDODERUHQHOYDOOH
GH$]DSDHVODSULPHUDH[SHULHQFLDODERUDOTXHSRVHHQHQHVWDiUHD

>6LKDUHDOL]DGRODERUHVDJUtFRODVSUHYLDPHQWH@« ³1RHVOD
SULPHUD YH] PD\RUPHQWH \R WUDEDMR HQ HO ODGR GH 3HU~ \ %ROLYLD
SULQFLSDOPHQWH HQ OD FRQVWUXFFLyQ QR QXQFD WUDEDMp HQ HO VHFWRU DJUtFROD
«´(QWUHYLVWD1ž

>¢+DVUHDOL]DGRHVWHWUDEDMRHQ3HU~"@´«6ROGDGXUDHVSULPHUD
YH]TXH\RKHKHFKRHVWHWLSRGHWUDEDMR\DFiKHYHQLGRDKDFHUORDOUHGHGRU
GHXQDxRSHURLJXDOKHWUDEDMDGRVROGDQGRHQ$ULFD´(QWUHYLVWD1ž
³«0iVTXHQDGDODPD\RUtDGHODVYHFHVQRVYLHQHQDEXVFDUSRU
HOWUDEDMRLJXDOWHQJRYDULRVFRPSDxHURTXHVRQPDHVWURVGHODFRQVWUXFFLyQ
TXHYLHQHQDWUDEDMDUHQODFRQVWUXFFLyQSDUDFRQVWUXLUXQDFDVDWDPELpQ
KD\PDHVWURV&RPSDxHURVTXHVDEHQ\WRGRVVHPDQHMDQHQHVHWLSRGHFRVDV

ϯϴ

LJXDOYDQIDPLOLDVTXHORVYDQDEXVFDUTXHTXLHUHQFRQVWUXLUQRVpTXpFRVD
RPDHVWURVGH$ULFDHQODVFRQVWUXFFLRQHVGHFDVD\GHDKtHOORVHVWiQ(QPL
FDVRSDUWLFXODUVyORKHWHQLGRWUDEDMRDJUtFRODDUDUODWLHUUD\FRUWDUWRPDWH
³(QWUHYLVWD1ž

(O 7HUPLQDO ,QWHUQDFLRQDO GH $ULFD VH FRQYLUWLy HQ XQD YHUGDGHUD
RILFLQD GH HPSOHR LQIRUPDO GRQGH PXFKRV SHUXDQRV DFFHGHQ D GLYHUVRV
WUDEDMRVSRUHOGtDRSRUXQSHUtRGRGHWLHPSRGHWHUPLQDGRHVSHFLDOPHQWH
ODERUHVGRPpVWLFDVFRQVWUXFFLyQ\DJUtFRODV

(Q HVWH OXJDU PXFKRV WUDEDMDGRUHV OOHJDQ DOUHGHGRU GH ODV VHLV GH OD
PDxDQD SURFHGHQWHV GH 7DFQD HVSHUDQGR TXH VH OHV SUHVHQWH XQD
RSRUWXQLGDG GH WUDEDMR HQ RFDVLRQHV HVWR SXHGH VHU UiSLGR  DXQTXH HQ
DOJXQRVFDVRVSXHGHWDUGDUWRGRHOGtD

«´0LSULPHUWUDEDMRIXHURQDEXVFDUPHDOWHUPLQDOVLYHQLDVLHWH
SRUVLHWH FXDQGRHQHVHWLHPSRKDEtDVLHWHSRUVLHWH 1RKHKHFKRWUDEDMR
DJUtFROD \ DFi KH YHQLGR D KDFHUOR KD VLGR XQD EXHQD H[SHULHQFLD KH
DSUHQGLGR´(QWUHYLVWD1ž

/D PLJUDFLyQ HVWDFLRQDO GH SHUXDQRV VH YLQFXOD DO FLFOR DJUtFROD GHO
WRPDWHHQHOTXHUHDOL]DXQDJUDQSURGXFFLyQGXUDQWHORVPHVHVGHLQYLHUQR
SRUORTXHHQHOYDOOHVHUHTXLHUHXQDJUDQFDQWLGDGGHPDQRGHREUDHQOD
WHPSRUDGD

&XDQGR GLVPLQX\H OD WHPSRUDGD DOWD HO PLJUDQWH SHUXDQR SXHGH
FRPSOHWDU VX FLFOR ODERUDO DQXDO GHVHQYROYLpQGRVH HQ GLIHUHQWHV iUHDV X
RFXSDFLRQHVGHOPXQGRDJUtFROD


ϯϵ

 &LFORGHWUDEDMRGHORVWHPSRUHURV
$JUtFRODVSHUXDQRV
WĞƌŝŽĚŽƐĚĞůĂŹŽ DĂLJŽͲ EŽǀŝĞŵďƌĞ

dĞŵƉŽƌĂĚĂ
ĚĞůƚŽŵĂƚĞ

DĂƌnjŽͲ DĂLJŽ EŽǀŝĞŵďƌĞͲDĂƌnjŽ

ZĞLJŵĂĚĞůĂ dƌĂďĂũŽĞŶ
ĂĐĞŝƚƵŶĂ ^ĞŵŝůůĞƌĂ

dƌĂďĂũŽĞŶůĂ
ŚĂĐƌĂ

dŽĚŽĞůĂŹŽ

)LJXUD 1ƒ )XHQWH HODERUDFLyQ SURSLD HQ EDVH D ORV UHVXOWDGRV GHO
WUDEDMRGHFDPSR

0XFKRVGHORVWUDEDMDGRUHVTXHDUULEDQSRUODWHPSRUDGDRHQIRUPDPiV
SHUPDQHQWH\DWLHQHQIDPLOLDTXHSHUWHQHFHDODPLVPDFLXGDGSRUORTXH
OHVVLUYHQRVRORSDUDODDGDSWDFLyQVLQRTXHWDPELpQSDUDVXLQVHUFLyQHQHO
WUDEDMR

³%XHQR PH YLQHSRUTXH WHQtDXQDKHUPDQD DFi \ HPSHFp D WUDEDMDU \

ILQDOPHQWHPHTXHGp«´(QWUHYLVWD1ž

/DV SHUVRQDV TXH HPLJUDQ GH 3HU~ D &KLOH VH YHQ LPSRVLELOLWDGDV GH
DVFHQGHU D XQ PHMRU VWDWXV GH YLGD \ DFFHGHU D WUDEDMRV PiV FDOLILFDGRV

ϰϬ

GHELGR D TXH LQJUHVDQ FRPR WXULVWDV FRQ XQ VDOYR FRQGXFWR PXFKRV VRQ
FDPSHVLQRV TXH YLHQHQ GH ]RQDV HPSREUHFLGDV GH 3HU~ JHQHUDOPHQWH GHO
VHFWRU UXUDO HQFRQWUiQGRVH HQ HO QLYHO PiV EDMR HQ OD HVFDOD GH ODV
FRQGLFLRQHVODERUDOHVHQHOYDOOHGH$]DSDHVSHFtILFDPHQWHGHVHPSHxiQGRVH
HQHOWUDEDMRDJUtFROD

³«6LPHIXHGLItFLOPiVTXHWRGRSRUORVSDSHOHVVLSHURLJXDOXQR
WUDEDMDED\OHSDJDEDQSRFR\DSRFRDSRFRWUDEDMHLQIRUPDOFRPRDxRV
DVtQRPiVVLQFRQWUDWRQDGDDOQRWHQHUSDSHOHVWDPSRFRPHTXHUtDQKDFHU
FRQWUDWRGHVSXpVOHKLFLHURQFRQWUDWRDPLPDULGRSRUTXHpOWHQtDSDSHOHV
GHVSXpVPHFDVpFRQpO\WXYHPLVSDSHOHVDFi$KRUD\RWHQJRUHVLGHQFLD
GHILQLWLYD´(QWUHYLVWD1ž

/DVUHGHVVRFLDOHVFXPSOHQXQLPSRUWDQWHURO SDUDODLQVHUFLyQODERUDO
FRPRSODQWHD%DUGRPDV/DVUHODFLRQHVLQWHUSHUVRQDOHVTXHYLQFXODQ
DOPLJUDQWHFRQSDULHQWHV\DPLJRVQRVyOROHSURSRUFLRQDQLQIRUPDFLyQ
SDUD VDEHU GyQGH GLULJLUVH SDUD HQFRQWUDU WUDEDMR VLQR TXH OH GD FLHUWD
WUDQTXLOLGDG SDUD VX GHVSOD]DPLHQWR &DGD WUDEDMDGRU TXH VH GHVSOD]D
SRGUtDPRV GHFLU TXH WLHQH XQ WUDEDMR DVHJXUDGR GHELGR D TXH FRQ
DQWHULRULGDG RWUR PLJUDQWH \D KL]R HVH WUD\HFWR GDQGR RULJHQ D OD
GHQRPLQDGD ³PLJUDFLyQ HQ FDGHQD´ (VWDV UHGHV FRQ ODV PLJUDFLRQHV
VXFHVLYDVVHFRQYLHUWHQHQXQQRGRGRQGHVHSXHGHHVWDEOHFHUXQYtQFXOR
ODERUDOFRQHOGXHxRGHXQDSDUFHOD

(VWLJPDVRFLDO
/RVPLJUDQWHVSHUXDQRVTXHOOHJDQDODFLXGDGFRQVLJXHQWUDEDMRVHQHO
VHFWRU LQIRUPDO TXH QR YLHQHQ DFRPSDxDGR GH EHQHILFLRV VRFLDOHV \
SUHYLVLRQDOHV 0XFKRV WLHQHQ XQD FDOLILFDFLyQ PD\RU SDUD UHDOL]DU HVWD
DFWLYLGDGSRUORTXHORVH[WUDQMHURVQRFXHQWDQFRQJUDQGHVH[SHFWDWLYDV
ODERUDOHV DO PRPHQWR GH VX OOHJDGD $O WHQHU GLIHUHQFLDV FXOWXUDOHV \
ϰϭ

OLQJtVWLFDVFRQORVFKLOHQRVFDUJDQFRQHOHVWLJPDSRUSDUWHGHODVRFLHGDG
TXH ORV UHOHJD D XQ URO VHFXQGDULR SDUD UHDOL]DU VyOR DOJXQRV WLSRV GH
DFWLYLGDGHV VLQ FRQWUDWR GH WUDEDMR \ FRQGLFLRQHV SUHFDULDV3HUFLEHQ OD
GLVFULPLQDFLyQVRFLDOODERUDO\UDFLDO

'HDFXHUGRDOSXQWRGHYLVWDGHOHQWUHYLVWDGR1žHOQRSXGRLQVHUWDUVH
HQ VX HVSHFLDOLGDG GH PDHVWUR DOEDxLO HQ OD FRQVWUXFFLyQ GHELGR D TXH
LQJUHVR DO SDtV FRQ XQD YLVD GH WXULVWD 3DUD KDFHU WRGRV ORV SDSHOHV \
UHJXODUL]DUVXVLWXDFLyQGHEHQFDQFHODUXQDVXPDGHPLOSHVRVSRUORTXH
VHHQFXHQWUDUHDOL]DQGRODERUHVDJUtFRODV

³«3DUDXQH[WUDQMHURHVXQSRFRFRPSOLFDGRPiVTXHWRGRFXDQGR
HVODSULPHUDYH]TXHOOHJDDXQSDtVTXHQRFRQRFH\SDUDPLHVODSULPHUD
YH]TXHOOHJyDTXtD&KLOHR$ULFD«´(QWUHYLVWD1ž

$ OD HQWUHYLVWDGD 1ž OH IXH IiFLO OD LQVHUFLyQ ODERUDO HQ HO UXEUR
DJUtFRODGHELGRDTXHFRQWDEDFRQXQDKHUPDQD TXHOD LQVHUWyDOWUDEDMR
SHURVLOHIXHGLItFLOHQFDMDUGHQWURGHODVRFLHGDGFKLOHQD3RUVHUSHUXDQD
FDUJDFRQXQHVWLJPDGHVHUGLIHUHQWHSRUSHUWHQHFHUDOD6LHUUDVLHQWHTXH
SRUVHUH[WUDQMHUDQRSRVHHORVPLVPRVGHUHFKRVHVSHFLDOPHQWHHQVDOXGSDUD
DWHQGHUDOJXQDXUJHQFLD
«´\RPHVLHQWRXQSRTXLWRVXEHVWLPDGDFRPRVR\GHO3HU~\ORV
SHUXDQRV VRPRV PDO PLUDGRV DFi HVWLJPDWL]DGRV <R VR\ XQ SRTXLWR
PLHGROHQWD\PHGDPLHGRSRUTXH\RYR\DFXDOTXLHUODGR\PHGDPLHGR
YR\DFXDOTXLHUODGR\PHGLFHQDOOiKD\XQR\\RPHVLHQWRTXHQRWHQJR
GHUHFKR D HVWR SRUTXH QR VR\ FKLOHQD \ VR\ SHUXDQD HQWRQFHV \R QR PH
VLHQWRFRQGHUHFKRDYHQLUDODSRVWDRLUDOKRVSLWDOSRUTXHVR\H[WUDQMHUD


ϮϬ
DŽĚŝƐŵŽƉĞƌƵĂŶŽƉĂƌĂƌĞĨĞƌŝƌƐĞƋƵĞƵŶĂƉĞƌƐŽŶĂĞƐĂƐƵƐƚĂĚŝnjĂ

ϰϮ

SRUTXHGHHVR\RVLHQWRTXHORVH[WUDQMHURVQRWLHQHQGHUHFKR\\RPHVLHQWR
GLVFULPLQDGD«´(QWUHYLVWD1ž

(O HQWUHYLVWDGR 1ž GHELGR D TXH HQ OD DFWXDOLGDG PDQWLHQH OD
GLQiPLFD GH PLJUDFLyQ HVWDFLRQDO YLHQH SRU XQ SHUtRGR GH WLHPSR \ VH
UHJUHVDD7DFQD&XDQGRVHOHSUHVHQWDXQSUREOHPDGHVDOXGDFXGHDOPpGLFR
HQIRUPDSDUWLFXODU\DTXHQRFXHQWDFRQVXVSDSHOHV\HOWHPRUTXHWLHQHHV
TXHDOLUDOPpGLFROHKDJDQSUHJXQWDV\WHUPLQHGHSRUWDGR

³« 6ROR DFXGLUtD VL IXHUD XQ FDVR H[WUHPDGDPHQWH JUDYH DKt VL
DFXGLUtDFODURHVTXHGDPLHGRLUSRUTXHWHSXHGHQKDFHUPXFKDVSUHJXQWDV
\SRUHOWHPRUGHTXHPHSXHGDQGHQXQFLDU\VDEHUTXH«¢4XpKDFHVDTXt"
¢'HGyQGHHUHV"6LHVDOJRPX\JUDYHYR\DWHQHUTXHDUULHVJDUPHWDPSRFR
VpGyQGHVHHQFXHQWUDODSRVWDQRWHQtDFRQRFLPLHQWRGHTXHHQ6DQ0LJXHO
KDEtDXQFRQVXOWRULR1RVDEtDSRUTXHPHORSDVRWUDEDMDQGRWUDEDMDQGR\
WUDEDMDQGR´(QWUHYLVWD1ž

1RVRORWLHQHQGLILFXOWDGHVSDUDFRQVHJXLUWUDEDMRVLQRWDPELpQSDUD
LUDXQVHUYLFLRGHVDOXGHQFDVRGHFXDOTXLHUSDGHFLPLHQWRRPDOHVWDUItVLFR
GHELGRDTXHVHHQFXHQWUDQHQXQDVLWXDFLyQLUUHJXODU

/RV PHGLRV GH FRPXQLFDFLyQ MXHJDQ XQ LPSRUWDQWH URO HQ HVWD
HVWLJPDWL]DFLyQ TXH VH WLHQH DFHUFD GH ORV SHUXDQRV FRPR OR SODQWHD
+HUQiQGH]HOORVFRQVWUX\HQXQDVHULHGHHVWHUHRWLSRVGRQGHVHORV
YLQFXOD SULQFLSDOPHQWH FRQ DFWRV GHOLFWXDOHV OR TXH OOHYD FRQVLJR XQ
PHQRVSUHFLRGHVXVFDSDFLGDGHVGHSRGHUGHVHPSHxDUVHHQRWURVSXHVWRVGH
WUDEDMRTXHGDQGRVRORUHOHJDGRVDUHDOL]DUWUDEDMRVLQIRUPDOHV\SUHFDULRV


ϰϯ

 3DUD*RIIPDQODVRFLHGDGHVWDEOHFHXQDVHULHGHDWULEXWRVSDUD
FDWHJRUL]DUDODVSHUVRQDVSRUORTXHVLHPSUHFXDQGRVHHQFXHQWUDDQWHXQ
H[WUDxRLQWHQWDFRQILJXUDUVXLGHQWLGDGVRFLDOSDUDSRVLFLRQDUVHFRPRVXMHWR
HQ UHODFLyQ FRQ ORV GHPiV (Q HVWH SURFHVR HO SULQFLSDO WHPRU GHO
HVWLJPDWL]DGRHVVDEHUVLODFDWHJRUtDHQTXHVHHQFXHQWUDXELFDGRORIDYRUHFH
RQR(OORHVUHOHYDQWHFXDQGRHVLPSRUWDQWHORTXHSLHQVDHO³RWUR´HQGRQGH
VHYHUHOHJDGRDXQDVLWXDFLyQGHYXOQHUDELOLGDG

/DWUD\HFWRULDGHORVLQPLJUDQWHVSHUXDQRV\VXLQVHUFLyQODERUDOVH
SXHGHUHVXPLUHQHVWHFXDGUR

)LJXUD1ƒ)XHQWHHODERUDFLyQ3URSLD

&RQGLFLRQHVODERUDOHV

&RQGLFLRQHVGHWUDEDMR

/DPD\RUtDGHORVWUDEDMDGRUHVUHFRQRFHTXHODVFLUFXQVWDQFLDVODERUDOHV
VRQPHMRUHVTXHHQ3HU~HQUHODFLyQFRQODLQFRUSRUDFLyQGHWHFQRORJtDV\
ϰϰ

HQHOSDJRGHUHPXQHUDFLRQHV6LQHPEDUJRWRGRVFRLQFLGHQHQJHQHUDOHQ
TXHODDFWLYLGDGDJUtFRODVHFDUDFWHUL]DSRUVXVPDODVFRQGLFLRQHVGHWUDEDMR

³«$FiHQ$ULFDSRUTXHWHKDFHQWUDEDMDUWHWUDWDQPDOHOKHFKRGH
TXH VRQ VXSHULRUHV D QRVRWURV \ FRPR VRPRV HPSOHDGRV QRV WUDWDQ PDO
FRPR TXLHUHQ $GHPiV WH KDFHQ WUDEDMDU D OD KRUD TXH HOORV TXLHUHQ $O
PHQRVHQ3XQRHOWUDEDMRHVSHRURSpVLPRHVGXURXQRHQWUDDWUDEDMDUSRU
 PLO SHVRV GHVGH ODV  GH OD PDxDQD KDVWD ODV  GH OD QRFKH HQ XQ
UHVWDXUDQWH\QRDOFDQ]DSDUDSDJDUDUULHQGR\RQXQFDYLHVRHQ7DFQDSHUR
\RVpTXHHOWUDEDMRHVPiVGXURVLF´(QWUHYLVWD1ž

³« 3RUTXH HQ 3HU~ ODV FRQGLFLRQHV VRQ PiV FUtWLFDV DOOi HV PiV
PDQXDOVLQKHUUDPLHQWDVWRGRHVGLIHUHQWHPiVHVIRU]DGR$OOiODYLGDHV
PiVGXUDSRUTXHKD\FDUHQFLDGHPXFKDVFRVDVTXHIDOWDQVLF´(QWUHYLVWD
1ž

0XFKDVYHFHVORVWUDEDMDGRUHVSHUXDQRVWLHQHQGRQGHDORMDUJUDFLDVD
ODV UHGHV GH FRQWDFWRV TXH FUHDQ SHUPLWLHQGR TXH HO HPSOHDGRU OHV
SURSRUFLRQH XQ OXJDU GRQGH YLYLU HQ SUHFDULDV KDELWDFLyQ HV GHQWUR GH OD
SDUFHOD

³«9LYRHQXQDSLH]DTXHPHGLHURQHQODFKDFUDSRUTXHQRVRQODV
FRQGLFLRQHVEXHQDVQRKD\GHRWUDFRQVHJXLUXQDSLH]DDTXtFXHVWDFDUR
VDOHPiVPHQRVRPLOSHVRV(QODFKDFUDSDJRFRQPLWUDEDMRSDUD
SRGHUYLYLUHQHVDSLH]DWLHQHVTXHD\XGDUOHVLHPSUH\WDPELpQWHSDVDDOJR
\WDPELpQSDUDTXHWHSXHGDVTXHGDU«´(QWUHYLVWD1ž

'HELGR D TXH HQ ORV PHVHV GH LQYLHUQR DXPHQWD OD SURGXFFLyQ TXH
DEDVWHFHDOVXUORVSDUFHOHURVWLHQHQDVXVWUDEDMDGRUHVYLYLHQGRHQODPLVPD
SDUFHOD

ϰϱ

 ³«1RVRWURVYLYtDPRVHQOD3DUFHODPLVPD+DEtDTXHVDFDUYHUGXUDV
WHQtDPRVTXHODYDUOD«´(QWUHYLVWD1ž

/D GLVWULEXFLyQ GHO WUDEDMR VH RUJDQL]D GH OD VLJXLHQWH PDQHUD ORV
PHGLHURVVRQORVSURGXFWRUHVGHOWRPDWHTXHWLHQHQSHUVRQDVRFXSDGDVFRQ
HO FXOWLYR WDQWR HQ OD IXPLJDFLyQ FRPR HQ HO FRUWH GHO IUXWR ORV TXH VRQ
GHSRVLWDGRVHQFDMDVOODPDGDVJHPHODVpVWDVVRQFDUJDGDVDOFDPLyQSDUDVX
SRVWHULRUSURFHVRGHHPEDODMH

(OSURFHVRGHHPEDODMHHQHOSDFNLQJWLHQHFXDWURWLSRVGHUROHVTXHVH
GHEHQFXPSOLU\HQHOFXDOFDGDRFXSDFLyQWLHQHXQDFRQH[LyQHQWUHVt(V
XQDDFWLYLGDGPX\PRQyWRQD\UHSHWLWLYD

)LJXUD1ƒ)XHQWHHODERUDFLyQSURSLDFRQORVGDWRVREWHQLGRVGHOD
REVHUYDFLyQ


ϰϲ

 

'LVWULEXFLyQHVSDFLDOGHO3DFNLQJ

ĂũĂƐĚĞƚŽŵĂƚĞƐ
DĄƋƵŝŶĂĂůŝďƌĂĚŽƌĂ
3DOOHW DUPDGRV ĂŹŽƐ

ŽŵĞĚŽƌ
dſŵďŽůĂƐĐŽŶĐĂůŝďƌĞƐ ĂũĂƐsĂĐŝĂƐ

ĞƐĞĐŚŽƐ ŽĨŝĐŝŶĂ
WĂůůĞƚĚĞ ƉŝůĂŵŝĞŶƚŽ
ĚĞƐĐĂƌƚĞƐ ĚĞĐĂũĂƐ

ĂŵŝſŶĚĞ DĞĚŝĂŐƵĂ
ĂŵŝſŶ ƚƌĂďĂũĂĚŽƌĞƐ
ĚĞĐĂƌŐĂ ĚĞƐĐĂƌŐĂ

)LJXUD 1ƒ )XHQWH HODERUDFLyQ SURSLD FRQ ORV GDWRV REWHQLGRV GH OD
REVHUYDFLyQ

(OSURFHVRGHHPEDODMHHQHOSDFNLQJSDUDORVWUDEDMDGRUHVHVGHD
KRUDVGLDULDVGHWHQLHQGRODVDFWLYLGDGHVVyORDODKRUDGHFRODFLyQ/D
PiTXLQDFDOLEUDGRUDGHWRPDWHVXELFDGDHQHOSDFNLQJWUDEDMDVHSDUDQGRORV
WRPDWHV SRU WDPDxRV WRPDWH GH WHUFHUD FDOLEUH  WRPDWH GH VHJXQGD
FDOLEUHWRPDWHGHSULPHUDFDOLEUH\(VWDSRVHHXQDVFRUUHDV
TXH WUDVODGD ORV WRPDWHV D ODV WyPERODV SDUD TXH ODV HPEDODGRUDV ORV
VHOHFFLRQHQ

6L KDEODPRV GH OXJDU GH WUDEDMR ODV SHUVRQDV FRQVLGHUDQ ODV
LQVWDODFLRQHV FRPR SpVLPDV WDQWR HQ VX LQIUDHVWUXFWXUD FRPR HQ ODV
KHUUDPLHQWDV GH WUDEDMR $Vt WDPELpQ KDFH VX DSRUWH  OD H[SRVLFLyQ D ODV
FRQGLFLRQHVFOLPiWLFDV\TXtPLFRVTXHDIHFWDQDORVWUDEDMDGRUHVHQVXODERU


ϰϳ

 ³«$KtVHVLHQWHHOIUtRHOSROYLOORPHGDDOHUJLDLJXDOVLHPSUHTXH
HVWR\HQHOSDFNLQJRHQODFKDFUDODQDUL]PHPROHVWD(OWRPDWHWUDHD]XIUH
PRMDEOHD]XIUHVHFRHVRWUDHPiVHQFLPDOHHFKDQIXPLJDFLRQHVGHWDQWDV
FRVDV«´(QWUHYLVWD1ž

³«6LIDOWDQPDOODVHQHOWHFKRGHEHUtDQWDSDUSDUDTXHHOSDFNLQJ
pVWHFDOLHQWLWRHOEDxROOHYDFRPRWUHVDxRVDVt(Q$]DSDHVFRPRTXHIDOWD
PD\RUILVFDOL]DFLyQ1RYDQ\KDFHQORTXHTXLHUHQFRQHOWUDEDMDGRU1RKD\
DJXD QR FRQYLGDQ QL DJXD HQ RWUDV SDUWHV GRQGH \R IXL D WUDEDMDU SRU OR
PHQRV WH GDQ VX SDQ FRQ PRUWDGHOD FRQ EHELGD (Q HO SDFNLQJ GHEHUtDQ
YHQGHUWHVXELGyQGHDJXDVLVDOHFRPRPLO\WDQWRQRPiVKDVWD\RWHQJR
FODURSDUDHOORVFRPSUDUWRGRQRGHEHVHUWDQFDURFRPR/XFDVQRPiV\
QRHVWDQPDORSDUDHOORV´(QWUHYLVWD1ž

³«)DOWDUtDPD\RULPSOHPHQWDFLyQGHODFRFLQDXQKHUYLGRUVLOODV\
XQDWHOHTXHVHDFRPRXQFDVLQR«´(QWUHYLVWD1ž

(QHOFDVRGHODSURSRUFLyQGHDOLPHQWRVDJXD\PHGLFDPHQWRVHQHO
OXJDUGHWUDEDMRHVWRVFRUUHQSRUFXHQWDH[FOXVLYDGHOWUDEDMDGRUDORVXPR
SRUSDUWHGHOHPSOHDGRUVHHQWUHJDXQDFRODFLyQHQODQRFKH/RVSHTXHxRV
FRPHUFLRV VXPLQLVWUDQ SRU FXHQWD GHO SURSLR WUDEDMDGRU ORV LQVXPRV
QHFHVDULRVSDUDVDWLVIDFHUVXVQHFHVLGDGHV


³«<RFUHRTXHHQHOWUDEDMRIDOWDDJXDERWLTXtQSRUORVUHVIUtR\ORV
DFFLGHQWHV \ XQ UHIULJHUDGRU PLFURRQGD KHUYLGRU SDUD KDFHUVH WHFLWR´
(QWUHYLVWD1ž


ϰϴ

 ³«(QODDOLPHQWDFLyQWDPSRFRSRUTXHQRWHGDQUHIULJHULRVIDOWDXQ
GLVSHQVDGRUFRQDJXDIDOWDQPXFKDVFRVDVTXHSRUYROXQWDGWHGHQRWRPDWH
XQUHIUHVFRHVWDPRVH[SXHVWRVDHVRSRUTXHVRPRVH[WUDQMHURVHOORVTXLHUHQ
YHUSURGXFLUSHURQXQFDSLHQVDQHQHOSHUVRQDOODJHQWH(VWDVWUDEDMDQGR\
DHOORVVyOROHVLQWHUHVDSURGXFLU´(QWUHYLVWD1ž

&RQUHVSHFWRDODVQHFHVLGDGHVEiVLFDVTXHFDUHFHQORVWUDEDMDGRUHVHQ
HOOXJDUGHWUDEDMRHOILVFDOL]DGRUGHODLQVSHFFLyQGHOWUDEDMRVHUHILHUHGH
ODVLJXLHQWHPDQHUD

>¢&yPRGHEHQVHUODVFRQGLFLRQHVGHWUDEDMRySWLPDV"@³«(VWDV
GHEHQVHUDFRUGHDOWUDEDMRTXHVHHVWiKDFLHQGRWLHQHQTXHWHQHUEDxRFHUFD
GHODVSHUVRQDVVLVRQFDQWLGDGGHSHUVRQDV³HTXLV´GHEHWHQHUPiVGHXQ
EDxRVLKD\PXMHUHVGHEHWHQHUSDUDKRPEUHV\PXMHUHVQRSXHGHKDEHUXQR
FRP~Q HQ EXHQDV FRQGLFLRQHV R DJXD GHVWLQDGD HO FRQVXPR ELGRQHV XQ
UHFLQWR GRQGH FDPELDUVH FRQ GXFKD DJXD FDOLHQWH \ IUtD FDVLOOHURV «´
(QWUHYLVWD1ž


6HJ~Q HO PDQXDO GH  ³%8(1$6 35È&7,&$6 $*5Ë&2/$6´

,1'$3HOFRPHGRUGHEHHVWDUDLVODGRGHODViUHDVGHWUDEDMRELHQ
HTXLSDGR SDUDSURWHJHUVHGH ODV FRQGLFLRQHV FOLPiWLFDVGHEH VHU XQOXJDU
OLPSLR FRQ EDVXUHUR SURSLR \ GHEH SRVHHU XQ VLVWHPD GH IUtR SDUD OD
FRQVHUYDFLyQGHDOLPHQWRV(QHOOXJDUGHWUDEDMRGHEHQH[LVWLUVHUYLFLRV
KLJLpQLFRV FRQ LQRGRUR \ ODYDPDQRV \ HQ HO FDVR GH PDQLSXODU
DJURTXtPLFRVHVWRVGHEHQWHQHUGXFKDFRQWRGRVORVLPSOHPHQWRVGHDVHR
SHUVRQDO 6L WUDEDMDQ KRPEUHV \ PXMHUHV GHEH KDEHU GRV EDxRV XQR SDUD

Ϯϭ
ſĚŝŐŽĚĞůƚƌĂďĂũŽ;^ϱϵϰƌƚƐϮϴ͕ϯϬ͕ϭϮϴ͕'Ϳ͘
ϮϮ
^ĞŵĂŶŝƉƵůĂŶƐƵƐƚĂŶĐŝĂƐƚſdžŝĐĂƐĞŶĞƐƚĞĐĂƐŽnjƵĨƌĞŵŽũĂďůĞƉĂƌĂĐŽŵďĂƚŝƌůĂƐƉůĂŐĂƐƋƵĞĂƚĂĐĂŶĂů
ƚŽŵĂƚĞĞƐƉĞĐŝĂůŵĞŶƚĞůĂƵŝƚƌŝƚŝƐ;ĞƐƵŶŚŽŶŐŽƋƵĞĐƌĞĐĞƉŽƌůĂŚƵŵĞĚĂĚͿ͘ƐƚĂƐĚƵĐŚĂƐƐŽŶƉĂƌĂůŽƐ
ƋƵĞĨƵŵŝŐĂŶƋƵĞĞƐƚĄŶĞŶĐŽŵƉůĞƚĂĞdžƉŽƐŝĐŝſŶĂůŽƐǀĞŶĞŶŽƐ͘

ϰϵ

YDURQHV\HORWURSDUDGDPDV(OHPSOHDGRUGHEHYHODUTXHHVWpQHQEXHQ
HVWDGR\OLPSLRV,1'$33RURWUDSDUWHOD'LUHFFLyQGHOWUDEDMR'7
GLYLGHDODVHPSUHVDVHQGRVWLSRVODVTXHSURGXFHQSDUDHOPHUFDGR
ORFDO\HOQDFLRQDOHLQWHUQDFLRQDOSRUORFXDOGHEHQFXPSOLUXQDVHULHGH
HVWiQGDUHVPtQLPRVHQODSURGXFFLyQFRPRWDPELpQSDUDRIUHFHUEXHQDV
FRQGLFLRQHV ODERUDOHV HV SRU HVWD UD]yQ TXH VH HODERUDURQ UHJODV SDUD HO
WUDEDMR UXUDO FRPR ODV EXHQDV SUiFWLFDV DJUtFROD %3$ WDQWR SDUD OD
LQRFXLGDGHQHOSURGXFWRODSURWHFFLyQGHOPHGLRDPELHQWH\ODVHJXULGDGHQ
HOWUDEDMRSRUPHGLRHOFXPSOLPLHQWRGHWRGDVODVOH\HVODERUDOHV


(QUHODFLyQFRQHOWHPDGHODVHJXULGDGHQHOWUDEDMRHVWDVQRFXPSOHQ
FRQ ORV HVWiQGDUHV PtQLPRV GH VHJXULGDG DO QR HQWUHJDU XWHQVLOLRV GH
VHJXULGDGTXHOHVLPSLGDQTXHORVWUDEDMDGRUHVVHH[SRQJDQDULHVJRVHQHO
WUDEDMR\DODVFRQGLFLRQHVFOLPiWLFDVSRUORTXHVRQORVPLVPRVWUDEDMDGRUHV
ORV TXH GHEHQ KDFHUVH FDUJR GH VXV LPSOHPHQWRV GH SURWHFFLyQ JXDQWHV
JRUURVOHQWHV\IDMD

>¢/DHPSUHVDOHVHQWUHJDLPSOHPHQWRVGHVHJXULGDG"@´«1RHVR
WHQtDTXHKDFHUVHFDUJRXQRHQIRUPDSHUVRQDOGHSRUVLHQHOVHFWRUDJUtFROD
QRWHHQWUHJDQ6ROGDQGRDKtVLWHGDQWRGRFDVFROHQWHV\JXDQWHV«´
(QWUHYLVWD1ž

³«1RQDGDWRGRVORVLPSOHPHQWRVORVWUDtDPRVQRVRWURVHVRQRHUD
GHVHJXULGDGHOORVQXQFDWHHQWUHJDEDQVLSDUDIXPLJDUQLWHWUDtDQXQWUDMH
QLPDVFDULOODV´(QWUHYLVWD1ž

/RV LPSOHPHQWRV GH VHJXULGDG WDPSRFR VH OHV HQWUHJDQ FRQ ORV
PHGLHURVHQHOFDPSR$TXtODVLWXDFLyQHVD~QPiVGHOLFDGDGHELGRDTXH

ϱϬ

ORVWUDEDMDGRUHVGHEHQPDQLSXODUORVYHQHQRV\IXPLJDUVLQQLQJ~QWLSRGH
LPSOHPHQWR GH VHJXULGDG -XQWR FRQ HVWR ORV WUDEDMDGRUHV TXH FRUWDQ \
UHFRJHQWRPDWHHQODFKDFUDWDPELpQHVWiQH[SXHVWRVDVXVWDQFLDVWR[LFDV
« 1R QL HQ OD FKDFUD QL HQ HO SDFNLQJ HQWUHJDQ LPSOHPHQWRV GH
VHJXULGDG3RUHMHPSORHQODFKDFUDXQRWLHQHTXHDJDUUDUYHQHQRVSRUTXH
ORV TXH XWLOL]DQVRQ Wy[LFRV SRU HMHPSOR  \R OHR OD HWLTXHWD \ GLFH ³XVH
PDVFDULOOD OHQWHV JXDQWHV WUDMH GH SURWHFFLyQ´ QR QDGD \ HQ HO SDFNLQJ
WDPSRFR\HQODFKDFUDPiVTXHWRGRVHRFXSDQYHQHQRV(QWUHYLVWD1ž

(QODFKDFUDWDPELpQVHWUDEDMDGLUHFWDPHQWHFRQORVFXOWLYRVGRQGHVH
HVWiH[SXHVWRDOSROYR\DOVROORTXHSURYRFDDOHUJLDV\SUREOHPDVDODSLHO
³«1RQDGDW~WLHQHVTXHWHQHUWXVLPSOHPHQWRV\W~VDEHVORTXH
WLHQHV TXH OOHYDU SDUD WUDEDMDU OD WLHUUD FRPR LPSOHPHQWRV GH VHJXULGDG
PDVFDULOOD EORTXHDGRU \ JXDQWHVSDUD QR WUDEDMDU DVtQR PiV´ (QWUHYLVWD
1ž

(OPDQXDOGHEXHQDVSUiFWLFDVDJUtFRODV\HOFyGLJRGHOWUDEDMRVHUHILHUHQ
DODHQWUHJDGHLPSOHPHQWRVGHVHJXULGDGDORVWUDEDMDGRUHVHVWRVGHEHQVHU
HQWUHJDGRVSRUHOHPSOHDGRUVLQFRVWRDOJXQRDVtFRPRWDPELpQHQFDUJDUVH
GH VX FDPELR R PDQWHQFLyQ (Q HO FDVR GH WUDEDMDU HQ HO FDPSR \ HVWDU
H[SXHVWR D OD UDGLDFLyQ XOWUDYLROHWD VH OHV GHEH HQWUHJDU SURWHFWRU VRODU \
OHQWHV,QGDS

(Q HVWH FDVR HO ILVFDOL]DGRU GH OD LQVSHFFLyQ GHO WUDEDMR TXH GHEH
UHFLELUDFDGDWUDEDMDGRUSDUDUHDOL]DUFDGDXQDGHVXVIXQFLRQHVLQGLFRSRU
VXSDUWHTXH



Ϯϯ
ſĚŝŐŽĚĞůƚƌĂďĂũŽ;>ĞLJϭϲ͘ϳϰϰƌƚ͘ϲϴLJ͘^ϱϵϰƌƚ͘ϱϯͲϱϰͿ;>ĞLJϮϬϬϵϲƌƚ͘ϭϵͿ͘

ϱϭ

 ³ 7RGRV ORV LPSOHPHQWRVGH VHJXULGDG FRPR JXDQWHVJRUURV HO
SURWHFWRU VRODU WRGR WLSR GH HOHPHQWRV GH SURWHFFLyQ SHUVRQDO GHEHQ VHU
SURSRUFLRQDGRVSRUHOHPSOHDGRU\QRGHEHQVHUGHVFRQWDGRV´(QWUHYLVWD
1ž

/DVHPSUHVDVDJUtFRODVQROHVSURSRUFLRQDQDVXVWUDEDMDGRUHVQLQJ~Q
XWHQVLOLR GH VHJXULGDG SDUD UHDOL]DU VXV ODERUHV HVWRV LPSOHPHQWRV VRQ
OOHYDGRVSRUHOORVPLVPRVSDUDDSDOHDUODVLWXDFLyQSUHFDULDGHWUDEDMRTXH
HQIUHQWDQGtDDGtD

&RQGLFLRQHVGHHPSOHR

/R TXH UHVSHFWD D HVWDV QR H[LVWH XQ FRQWUDWR GH WUDEDMR FRPR
PHQFLRQDPRVDQWHULRUPHQWHSRUORTXHHOSDJRHVPiVXQWUDWRTXHVHSDJD
GH DFXHUGR D XQD DFWLYLGDG DVLJQDGD R SRU SURGXFFLyQ $O QR H[LVWLU XQ
YtQFXOR OHJDO FRQ OD HPSUHVD QR VH ILUPD XQ OLEUR GH DVLVWHQFLD TXH ORV
UHVSDOGH HQ FDVR TXH OHV VXFHGH DOJR HQ HO WUDEDMR QR WHQGUiQ DFFHVR D
EHQHILFLRVVRFLDOHV(OKRUDULRQRHVILMR\VHHPSLH]DDWUDEDMDUFXDQGRKD\
FDUJDGHWRPDWH3RUORJHQHUDOVHHPSLH]DDODVRFKRGHODPDxDQD\QRVH
WHUPLQD OD MRUQDGD ODERUDOKDVWD ILQDOL]DU FRQ WRGD OD SURGXFFLyQTXH VHUi
HQYLDGDD6DQWLDJRpVWDSXHGHGXUDUKDVWDDOWDVKRUDVGHODPDGUXJDGD

(O)LVFDOL]DGRUGHODGLUHFFLyQGHOWUDEDMRKDFHXQDGLIHUHQFLDGHODV
HPSUHVDVTXHIXQFLRQDQHQHOYDOOHGH$]DSD\VHxDODODVJUDQGHVGLIHUHQFLDV
HQWUH OR TXH VHUtDQ ODV WUDVQDFLRQDOHV ODV VHPLOOHUDV \ ODV HPSUHVDV PiV
SHTXHxDVSDFNLQJ\FKDFUDV

³«(VRQRSDVDFRQODJUDQHPSUHVDODPD\RUtDGHODVHPSUHVDV
FKLFDVOHVGDQHPSOHRDSHUVRQDVH[WUDQMHUDVVLQFRQWUDWR&RPRHVWHPSRUDO

ϱϮ

GRVRWUHVPHVHVRODPD\RUtDVRQHPSUHVDVGHJLURSHUVRQDQDWXUDOSDUFHODV
VLQJLURFRPHUFLDODXQTXHKD\DOJXQRVTXHVLWLHQHQ´(QWUHYLVWD1ž

$DOJXQRVGHORVWUDEDMDGRUHVOHVFRPSOLFDWHQHUXQDMRUQDGDODERUDO
H[WHQVD\DTXHORVGtDVTXHQRODEXUDQHQHOSDFNLQJWUDEDMDQHQODFKDFUDR
UHDOL]DQRWUDDFWLYLGDGSDUDSRGHUWHQHUXQVXHOGRTXHOHSHUPLWHOOHJDUDILQ
GHPHV3HURSRURWUDSDUWHHVWiODIDPLOLDODFXDOGHELGRDOPLVPRWUDEDMR
ORVYtQFXORVIDPLOLDUHVVHYHQDOWDPHQWHGHELOLWDGRV(VWRWDPELpQSURGXFH
GLVPLQXFLyQ HQ OD FRQFHQWUDFLyQ GH OD HIHFWLYLGDG SDUD HO SURFHVR GH
HPEDODMH

³«6tPHFRPSOLFDVREUHWRGRWUDEDMDUHQODQRFKHSRUTXHHVFDQVDGRU
HVWDUGHGtD\GHQRFKHHVFDQVDGRUFODURWUDEDMDUKDVWDODVGHODQRFKH
GHVSXpVLUDPLRWURWUDEDMRHQODFKDFUD\OHYDQWDUWHQXHYDPHQWHDODVGH
OD PDxDQD \ OD PLVPD UXWLQD WRGRV ORV GtDV 3RU GHFLUWH \R WUDEDMR HQ OD
PDxDQD ORV MXHYHV D ODV  GH OD PDxDQD WHQJR TXH SHGLU SHUPLVR SDUD
UHWLUDUPHDODVGHODWDUGH\PHGLDSDUDLUDOSDFNLQJ\WUDEDMDUHQHO
SDFNLQJVRQGRVORVWUDEDMRVTXHWHQJR´(QWUHYLVWD1ž

³« (Q ORV PHGLHURV WDPELpQ WUDEDMDQ KDVWD WDUGH HO WRPDWH GHEH
SDVDUVHJ~QHOKRUDULRTXHOOHJXH$ODIDPLOLDSRUHOWUDEDMRVHOHYHSRFR
$PHGLGDTXHVHDXPHQWDODSURGXFFLyQVHWUDEDMDPiV\HQODFKDFUDQRVH
GHVFDQVD ELHQ HVWDVVDOLHQGRGHOWUDEDMRD ODVRFKRXRFKR \ PHGLDGHOD
QRFKHRQXHYHGHODQRFKH«6LDKtWDPELpQWLHQHVTXHHPEDODU\WUDEDMDV
PiVKRUDVMXQWRFRQORVTXHFRUWDQ\HVHWUDEDMRGHEHKDFHUVHGHGtD\HV
KDUWRGHEHVFXPSOLUWXKRUDULRHQWUDEDPRVDODRFKR\VDOtDPRVDODVXQD\
GHVSXpVYROYtDPRVDODVWUHVHQDGHODQWH´(QWUHYLVWD1ž

ϱϯ

 /DHQWUHYLVWDGD1žQRVH[SOLFDTXHDHOORVVHOHVKDFHWUDEDMDUPXFKR
PiVDGLIHUHQFLDGHORVFKLOHQRVGHELGRDTXHHOORVGHVFRQRFHQVXVGHUHFKRV
\SRUHVWHPRWLYRQRVHOHVUHVSHWDHOSDJRGHKRUDVH[WUDV

³« 7H GLFHQ µYDPRV D KDFHU GH FXHQWD TXH VyOR WUDEDMDV PHGLD
MRUQDGD¶\HOFKLOHQRWHGLFHµQR\RYR\DWUDEDMDUORTXHGLFHHOFRQWUDWR
DKRUDVL\RWUDEDMRPiVXVWHGPHGHEHGDUXQVREUHVXHOGR¶FODUR\GHSRUVL
HO H[WUDQMHUR QR VDEH TXH DFi H[LVWH LQVSHFFLyQ GHO WUDEDMR \ OH\HV 3RU
HMHPSORXQRQRWUDEDMDORVGtDVIHULDGRVSHURXQRSXHGHOOHJDUDXQDFXHUGR
FRQHOSDWUyQ\GHFLUOHµ\D\RWUDEDMRSHURPHWLHQHTXHSDJDUXQSRTXLWR
PiV¶FODURTXHVHSDJDHOGREOHHOGtDFRQHOH[WUDQMHURQRPLMHIDQRSDJD
DVtWHGD XQLQFHQWLYR SHURQRWHSDJD HO GREOH «6L SXHVDGHPiV ORV
FKLOHQRV FRQ ORV KRUDULRV GH WUDEDMR OH WLHQHQ TXH SDJDU ORV VHJXURV D
QRVRWURVORVH[WUDQMHURVQRHVDVtQRWHQHPRVRFKRKRUDV\VLSXHGHVWUDEDMDV
PiV/DPD\RUtDGHORVH[WUDQMHURVDTXtWUDEDMDQFRPRMRUQDO´(QWUHYLVWD
1ž

&RQ UHVSHFWR DO WUDEDMR ODV SHUVRQDV QR UHFLEHQ QLQJ~Q WLSR GH
HQWUHQDPLHQWRSDUDUHDOL]DUORVLHPSUHGHEHQDSUHQGHUVREUHODPDUFKDVX
ODERU R VRQ ORV PLVPRV FRPSDxHURV TXH HQ DOJXQRV FDVRV H[SOLFDQ OD
IXQFLyQHQHOSDFNLQJ
>¢6H WH KL]R DOJXQD FDSDFLWDFLyQ"@« 1R H[LVWH QLQJXQD HQ HO
SDFNLQJVLKHYLVWRHQODFKDFUDTXHXQRWLHQHTXHEXVFDUDXQDSHUVRQDTXH
VHSDWUDEDMDU\IDPLOLDUL]DUVHFRQHODPELHQWHGHVDFDUSURGXFWREXHQRHVR
QRPiV$YHFHVDXQROHGDUDELDSRUTXHWLHQHTXHYHUVLWLHQHSODWDRQR
WLHQH SODWD D YHFHV WLHQH R QR WLHQH WLHPSR D YHFHV OR SDVDPRV PDO
WUDEDMDQGRDPHGLDV(QWUHYLVWD1ž


ϱϰ

 «6LSRUTXHKHKHFKRGHWRGRPR]RHPEDODU\RVR\UiSLGRSDUD
HPEDODUSDUDORVPR]RVGHEtDPRVD\XGDUDODVVHxRUDVTXHQRVDEtDQ«
(QWUHYLVWD1ž

&XDQGR VH SUHVHQWDQ  DFFLGHQWHV GH WUDEDMR WDPSRFR VH OHV HQVHxD
SULPHURV DX[LOLRV D ORV WUDEDMDGRUHV QL VH OHV H[SOLFD TXH IXQFLyQ GHEHQ
UHDOL]DUHQFDGDSXHVWRGHWUDEDMRSRUORTXHHVHOSURSLRWUDEDMDGRUHOTXH
XQDYH]HVWDQGRHQHOOXJDUGHEHDSUHQGHUTXHKDFHU

(OHQWUHYLVWDGR1žVHxDODTXHWDQWRHQODFKDFUDFRPRHQHOSDFNLQJ
QRVHOHVHQVHxRTXHDFWLYLGDGGHEtDQFXPSOLU\WDPSRFRTXHGHEtDQKDFHU
HQ FDVR GH VXIULU XQ DFFLGHQWH SRU PRWLYRV GH HVWDU H[SXHVWR FRQ
DJURTXtPLFRV \ WUDEDMDU FRQ PDTXLQDULDV VROR VH OHV LQGLFy SRU SDUWH GHO
HPSOHDGRUHOSXHVWRTXHRFXSDUtDQ

>6HOHVKDFHXQDFDSDFLWDFLyQVREUHHOWUDEDMRRSULPHURVDX[LOLRV@
³« 1R QXQFD PH HQVHxDURQ TXH KDFHU HQ DPERV WUDEDMRV QXQFD PH
FDSDFLWDURQSDUDHVWDVFRVDVQXQFDPHGLHURQXQDRULHQWDFLyQRFDSDFLWDURQ
VREUHSULPHURVDX[LOLRV\TXHKD\TXHKDFHUHQFDVRGHDFFLGHQWHVQRQDGD
«´(QWUHYLVWD1ž

(Q JHQHUDO ODV UHODFLRQHV ODERUDOHV YDUtDQ FRQVLGHUDEOHPHQWH HQ HO
HPSOHRLQIRUPDOGHSHQGLHQGRGHODDFWLYLGDGTXHVHUHDOLFHSHURFRPRFDVL
HQVXWRWDOLGDGODPDQRGHREUDHVLQPLJUDQWHVLQXQDPtQLPDFDSDFLWDFLyQ
UHPXQHUDFLRQHVGHDFXHUGRDOPHUFDGRRLQH[LVWHQFLDGHFRQWUDWRGHWUDEDMR
HV OR TXH HQ JHQHUDO ORV GHVIDYRUHFH DO PRPHQWR GH QHFHVLWDU SURWHFFLyQ
VRFLDO\VHJXULGDGODERUDO


ϱϱ

 (QUHODFLyQDOWHPDTXHQRH[LVWHXQDFDSDFLWDFLyQDODVSHUVRQDVTXH
LQJUHVDQ DXQSXHVWRGHWUDEDMRHQXQPRPHQWRGHWHUPLQDGRWHUPLQDSRU
FRQYHUWLUVHHQSUREOHPD\DTXHGHEHQHQVHxDUVREUHODPDUFKD\QRORJUDQ
HVWDU DO PLVPR ULWPR GH VXV FRPSDxHURV $ SHVDU GH WRGR HQWUH ORV
FRPSDxHURVGHWUDEDMRH[LVWHPXFKDVROLGDULGDGORTXHSHUPLWHTXHSXHGDQ
VDFDUODVWDUHDVDGHODQWH

6HJ~QHO,1'$3DODVHPSUHVDVOHVFRUUHVSRQGHFDSDFLWDUDVX
SHUVRQDO GH WUDEDMR \D TXH HVR OH SHUPLWLUi DO WUDEDMDGRU PHMRUDU VXV
DSWLWXGHVFRQRFLPLHQWRV\KDELOLGDGHVVREUHVXWUDEDMR

3RURWUDSDUWHDOJXQRVWUDEDMDGRUHVVHHQFXHQWUDQHQXQDSRVLFLyQGH
YXOQHUDELOLGDGHVSHFLDOPHQWHFXDQGRYLHQHQD$ULFDVLQWHQHUDQDGLHDTXt
DDYHQWXUDUVH\EXVFDUXQDPHMRURSRUWXQLGDGODERUDO


5HODFLRQHVHQHOWUDEDMR

/DVUHODFLRQHVHQWUHWUDEDMDGRUHV\FRQHOHPSOHDGRUVHFHQWUDQHQHO
LQWHUpV FRP~Q HQ TXH OD HPSUHVD SXHGD SURGXFLU HVWR VLJQLILFD TXH OD
SHUVRQDSXHGDVHJXLUWUDEDMDQGR

³« 1R EXHQR HO MHIH TXLHUH TXH HO SURGXFWR VH YHQGD \ WRGRV
WHQHPRVXQVRORILQ(OMHIHHVHOGXHxRGHFDGDWHUUHQR\pOGHEHWUDEDMDUFRQ
SHUVRQDVSDUDSRGHUVHD\XGDUSDUDFRPSHQVDUORTXHVHKDFH´(QWUHYLVWD
1ž



Ϯϰ
ſĚŝŐŽĚĞůƚƌĂďĂũŽ͘d͘ƌƚ͘ϭϴϭ>ĞLJϭϵ͘ϱϭϴͿ͘

ϱϲ

 2WUR SXQWR HV TXH D OD HPSUHVD OH LQWHUHVD SURGXFLU PLHQWUDV PiV
FDQWLGDG\UDSLGH]VHUiPHMRUSDUDSRGHUHQYLDUDODEUHYHGDGOD FDUJDD
6DQWLDJR3HURHOULWPRGHWUDEDMRHVVLQSDUDUKDVWDDOWDVKRUDVGHODQRFKH
(OHPSOHDGRUFRQVWDQWHPHQWHSUHVLRQDDVXVHPSOHDGRVDFHOHUDQGRHOULWPR
GHWUDEDMRHOFXDOVHKDFHVLQSDUDUHQQLQJ~QLQVWDQWHGXUDQWHWRGRHOGtD
/DUHODFLyQHQWUH WUDEDMDGRUHV\SDWUyQHVGHLQWHUGHSHQGHQFLDHOFXDOQR
FRQVLGHUDDOREUHURFRPRVXEUD]RSURGXFWLYR\ORYH]PiVELHQFRPRXQD
UHODFLyQGHSRGHUH[LVWLHQGRFRQVWDQWHPHQWHHQWUHHOORVWRWDOGHVFRQILDQ]D
3DUDHOGXHxRHOWHPSRUHURDJUtFRODOHSXHGHUREDUSDUDpVWHQRVHOHSDJD
HOGLQHURTXHOHFRUUHVSRQGH

³«1RQRVHKDFHQDGDVyORHOORVTXLHUHQTXHWUDEDMHPRVQRKD\
PXFKDSUHRFXSDFLyQHQTXpHVWDGRWUDEDMDV\VLKD\FDQVDQFLRRQRHOORV
VyORTXLHUHQYHUHOWUDEDMRPiVTXHWRGR TXLHUHQYHUDYDQFHTXHWUDEDMH
WUDEDMH´(QWUHYLVWD1ž

/RVREUHURVFRQVLGHUDQTXHORVHPSOHDGRUHVQRVHLQWHUHVDQSRUHOORV
\TXHVROROHVLQWHUHVDTXHSURGX]FDQQROHVLPSRUWDHOFyPRSHURGHEHQ
KDFHU VX IDHQD D WLHPSR (VWD UHODFLyQ VH H[SUHVD HQ DEXVRV HQ FRQWUD GH
SHUVRQDV TXH DO HVWDU HQ VLWXDFLyQ GH LQIRUPDOLGDG QR HVWiQ HQ SOHQR
FRQRFLPLHQWRVGHVXVGHUHFKRVFRQUHVSHFWRDOWUDEDMR

/DV UHODFLRQHV HQWUH FRPSDxHURV GH WUDEDMR VRQ GLIHUHQWHV HV PiV
FRRSHUDWLYD GHELGR D TXH VH HQFXHQWUDQ HQ OD PLVPD VLWXDFLyQ GH
YXOQHUDELOLGDGWRGRVGHEHQVDFDUHOWUDEDMRDGHODQWH

³« 1R VL« V~SHU ELHQ HV TXH DO PHQRV GRQGH \R WUDEDMR FRQ
SHUVRQDV H[WUDQMHUDV HQWRQFHV KD\ SHUXDQRV EROLYLDQRV \ FKLOHQRV /R
EXHQR TXH QRV MXQWDPRV SRUTXH VRPRV LQPLJUDQWHV SRUTXH FRPR XQR HV

ϱϳ

LQPLJUDQWH\QRHVWiHQVXSDtVKD\TXHD\XGDUVHVHUVROLGDULRVLJXDOHO
FKLOHQR WDPELpQ WH WUDWD GH D\XGDU \ VH WUDEDMD HQ HTXLSR SRUTXH WRGRV
TXHUHPRV TXH VXUMD OD HPSUHVD \ SRGHU PDQWHQHUQRV HQ HO WUDEDMR´
(QWUHYLVWD1ž

(Q HO GHVDUUROOR GHO WUDEDMR HV FRP~Q TXH SXHGDQ VXUJLU FRQIOLFWRV
SHUVRQDOHV R URFHV HQWUH ORV SDUHV DXQTXH D YHFHV QR WLHQHQ PD\RU
LPSRUWDQFLD 3DUD /HZHOO  HO FRQIOLFWR HV SDUWH GH OD LQWHUDFFLyQ H
LQWHUUHODFLyQ KXPDQD TXH YD GHVGH VLWXDFLRQHV FRWLGLDQDV D FDPELRV
HVWUXFWXUDOHV PiV UDGLFDOHV SHUR SULQFLSDOPHQWH EXVFD UHIRUPDU ORV
FLPLHQWRV PLVPRV TXH JHQHUDQ ODV GHVLJXDOGDGHV DXQTXH HVWH SURFHVR
VLHPSUH YLHQH DFRPSDxDGRSRU XQD PHGLDFLyQ HO FXDOVHUtDSRU SDUWH GHO
(VWDGRTXLpQHQVXUROVXSHUYLVRUEXVFDPHMRUDUGDUXQDVROXFLyQ

³« (Q HO SDFNLQJ KD\ KDUWRV SUREOHPDV SHUR UHIHULGRV DO WUDEDMR
FRPRQRPHPDQGDLPiVWRPDWHPHWDSDVODSDVDGD\VHFUHDQORVFRQIOLFWRV
SULQFLSDOPHQWH HQWUH ODV PXMHUHV SRU ODV FDMDV SHUR GHQWUR GH WRGR
WUDEDMiEDPRVELHQ´(QWUHYLVWD1ž

³«(VWDWHPSRUDGDSRUORPHQRVFRQPLVFRPSDxHURVGHWUDEDMRQR
WXYHPD\RUHVFRPSOLFDFLRQHVFRQODVHPEDODGRUDVJHQHUDOPHQWHQRHVSRU
VHUPDFKLVWDSHURVHJHQHUDQFDKXLQHVTXHHVWDKL]RHVWRTXHHVWDPHUREy
EDQGHMDV PiV TXH QDGD HQWUH HOODV PiV TXH QDGD SRU OR TXH VH JHQHUDQ
FRQIOLFWRVFRPRFDGDXQRGHHOODVWUDEDMDSDUDVtPLVPDFRPSLWHQSRUODV
EDQGHMDV\HOWRPDWHSRUHOVLVWHPDGHTXH FDGDXQDGHHOODVJDQDORTXH
SURGXFH SRU OR WDQWR FRPSLWHQ SRU HO WRPDWH (Q HO FDVR GH ORV PR]RV R
SRUTXHHOORVWUDEDMDQSDUDXQRQRLPSRUWDTXLpQFDUJXHPiVSRUTXHWRGRV
JDQDPRVORPLVPR´(QWUHYLVWD1ž


ϱϴ

 $SHVDUGHDOJXQRVFDVRVPDQWHQHUXQDUHODFLyQGLVWDQWHRFRQIOLFWLYD
HQHOOXJDUGHWUDEDMRQRHVXQDFRQVWDQWH\DTXHVHREVHUYDXQLyQSDUDSHGLU
PHMRUDVPtQLPDVHQVXVFRQGLFLRQHVODERUDOHVRTXHVHOHVSDJXHHOGLQHUR
TXH HO SDWUyQ OHV TXHGy DGHXGDGR GH VX VXHOGR ([LVWH XQ FLHUWR QLYHO GH
FRPSDxHULVPRSRUTXHWRGRVVHHQFXHQWUDQHQODPLVPDVLWXDFLyQ


)LVFDOL]DFLyQ

/DSULQFLSDOIXQFLyQTXHGHEHFXPSOLUHO(VWDGRHVHOGHILVFDOL]DGRU
IUHQWHDORVDEXVRVTXHVHFRPHWHQ(VVXUHVSRQVDELOLGDGSRWHQFLDUXQURO
PiVDFWLYRSRUSDUWHGHVXVLQVWLWXFLRQHV2WURDVSHFWRTXHFRQWUDVWDFRQOD
UHDOLGDG  FRUUHVSRQGH D ORV WUDEDMDGRUHV TXLHQHV DOHJDQ XQD PD\RU
ILVFDOL]DFLyQSRUSDUWHGHODVDXWRULGDGHV

$XQTXHSDUDORVHPSOHDGRVUHVDOWDODQHFHVLGDGGHTXHODVDXWRULGDGHV
ILVFDOLFHQODVFRQGLFLRQHVGHWUDEDMRGHOYDOOHUHVXOWDFRQWUDGLFWRULRTXHD
HOORVPLVPRVHVWDSRVLELOLGDGOHVSURYRTXHWHPRU\DTXHVHSRGUtDFHUUDUOD
HPSUHVDRDOHQFRQWUDUORVVLQGRFXPHQWRVGHSRUWDUORVD3HU~

³«6tSHURQRYLHQHQSRUTXHQROHVFRQYLHQHDORVDJULFXOWRUHV«
¢FyPRVHOODPD"$ORVSDWURQHVDOOiHQHOSDFNLQJLJXDOLWRWDPELpQYLHQHD
ILVFDOL]DU \ QR OH YD D FRQYHQLU SRUTXH SDUDQ HO WUDEDMR \ DGHPiV HV OD
WUHPHQGDPXOWD«(OWUDEDMDGRUQRWLHQHODFXOSDHVGHOSDWUyQ´(QWUHYLVWD
1ž

³« 6L IDOWD PD\RU ILVFDOL]DFLyQ SHUR PH SUHRFXSD TXH PH KDJDQ
UHJUHVDU´(QWUHYLVWD1ž


ϱϵ

 (QFRQWUiQGRQRVHQXQDRFDVLyQHQHOSDFNLQJVHSUHVHQWyXQDVLWXDFLyQ
SDUWLFXODUXQGtDPLHQWUDVVHUHDOL]DEDHOSURFHVRGHHPEDODMHGHOWRPDWH
OOHJy OD LQVSHFFLyQ GHO WUDEDMR D ILVFDOL]DU WRGDV ODV SDUFHODV GH ORV
DOUHGHGRUHVFRPRDOJRUXWLQDULRTXHVHUHDOL]DHQSOHQDWHPSRUDGD


(OHPSOHDGRUKL]RTXHWRGRVVHRFXOWDUDQGHWXYRODVIDHQDVDSDJyODV
OXFHV \ WRGDV ODV SDUFHODV GH DOUHGHGRU KLFLHURQ OR PLVPR 3DUD ORV
WUDEDMDGRUHVODSUHRFXSDFLyQHUDTXHVHOHVHQFRQWUDUDVLQODGRFXPHQWDFLyQ
FRUUHVSRQGLHQWH\SDUDHOSDWUyQHUDLPSXHVWRVLQWHUQRV\DTXHQRWHQtDORV
SDSHOHVHQUHJOD(VHGtDVHGHFLGLyFRQWLQXDUFRQHOWUDEDMRDOGtDVLJXLHQWH

/D PD\RUtD GH ORV WUDEDMDGRUHV DO VHU LQPLJUDQWHV HVWiQ HQ WRWDO
GHVFRQRFLPLHQWRVREUHODVOH\HVODERUDOHVFKLOHQDV\ORVGHUHFKRVTXHWLHQHQ
SRUHOORHOHPSOHDGRUVHDSURYHFKDGHHVWDVLWXDFLyQ

³ 1R HV TXH OD YHUGDG QR VDEHPRV ELHQ \ GH FyPR VH HVWi
WUDEDMDQGR HQ OD UD\PD VH DSURYHFKDQ PXFKR FRPR XQR QR HVWi HQ
FRQRFLPLHQWRGHVXVGHUHFKRVHOORVQRVDEHQQDGDVHDSURYHFKDQHQWRQFHV
FRPRHOORVQRHVWiQHQFRQRFLPLHQWRQRVDEHQGHOH\HVTXLpQSURWHJH\\R
WDPSRFRQRVpPXFKR´(QWUHYLVWD1ž


³« <R FUHR TXH Vt TXH IDOWD GRQGH XQR SXHGD DFXGLU \ VDEHU VXV
GHUHFKRVFXDOHVVRQQRVpHVRQRH[LVWHDFiSRUORPHQRVIDOWDDOJXLHQTXH
WHRULHQWHRWHFDSDFLWH´(QWUHYLVWD1ž



Ϯϱ
(VXQDDFWLYLGDGTXHVHUHDOL]DHQODWHPSRUDGDGHODFHLWXQDODFXDOFRQVLVWHHQVXELUVHHQHVFDOHUDDO
ROLYR\H[WUDHUDFHLWXQDV(VWDHVXQDODERUSHOLJURVDSRUHOULHVJRGHXQDFDtGD

ϲϬ

 /DVSHTXHxDVHPSUHVDVSURGXFWRUDVGHOYDOOHGH$]DSDFRQWUDWDQJHQWH
LQPLJUDQWHFRPRMRUQDOHVSRUTXHQRWLHQHQTXHKDFHUOHVFRQWUDWRGHWUDEDMR
\QRSDJDQLPSRVLFLRQHVORTXHKDFHTXHVXVJDVWRVVHDQPHQRUHVHQPDQR
GHREUD

³«(VRQRSDVDFRQODJUDQHPSUHVDODPD\RUtDGHODVHPSUHVDV
FKLFDVFRQWUDWDQDSHUVRQDVH[WUDQMHUDVVLQFRQWUDWRFRPRHVWHPSRUDOGRV
RWUHVPHVHVRODPD\RUtDVRQHPSUHVDVGHJLURSHUVRQDQDWXUDOSDUFHODV
VLQJLURFRPHUFLDODXQTXHKD\DOJXQRVTXHVLWLHQHQ«´(QWUHYLVWD1ž

/RV WUDEDMDGRUHV HVSHUDQ TXH VHDQ ODV SURSLDV DXWRULGDGHV TXLHQHV
DFW~HQFRQUHVSHFWRDHVWDVLWXDFLyQGHYXOQHUDFLyQRGHVFRQRFLPLHQWRVGH
GHUHFKRVSHURODLQVSHFFLyQGHOWUDEDMRHVSHUDTXHVHDHOSURSLRHPSOHDGR
DJUtFRODHOTXHVHPDQLILHVWD\GHQXQFLH(VGHFLUDPEDVSDUWHVHVSHUDQTXH
VHDHORWURTXLpQWRPHODLQLFLDWLYD

>¢6HKDFHQILVFDOL]DFLRQHVHQHOYDOOH"@³«0iVTXHQDGDHV«SRU
LQWXLFLyQ\FRPRWHVHxDODEDSRUGHQXQFLDTXHHVPiVGLUHFWR\HQ$]DSD
FXDQGRVHGDXQDGLUHFFLyQ\VHDFXGH\SRULQWXLFLyQHVFXDQGRVHDFXGH
SRU SURJUDPDV GRQGH QRVRWURV SDUWLFLSDPRV HQ FRQMXQWR FRQ ,PSXHVWRV
,QWHUQRVOD3',\RWURVRUJDQLVPRVS~EOLFRV\DEDUFDPRVGLYHUVRVVHFWRUHV
VHHVWXGLDSULPHUR\VHUHYLVDQWRGDVODVSDUFHODV$QRVRWURVVHQRVIDFLOLWD
LUFRQOD3',WDPELpQSRUTXHHOORVFXPSOHQXQDODERUFRPRSDUDYHUFXiQWRV
PLJUDQWHV KD\ LQGRFXPHQWDGRV \ QRVRWURV QRV HQFDUJDPRV GH YHU DO
HPSOHDGRU\OD3',FXPSOHXQDIXQFLyQGHSURWHJHUQRVDQRVRWURVSRUTXH
KDKDELGRFDVRVGHVHFWRUHVSHOLJURVRVTXHSXHGHQOOHJDUFRQDUPDVEXHQR
DFiHQ$ULFD\HQ$]DSDQRHVWDQWR´(QWUHYLVWD1ž



ϲϭ

 (QIHUPHGDGHV3URIHVLRQDOHV

/DIDPLOLDULGDGTXHH[LVWHHQWUHORVVXMHWRV\VXDPELHQWHGHWUDEDMRORV
OOHYDDVXEHVWLPDUTXHH[LVWDXQDFFLGHQWHGHWUDEDMRORTXHSRGUtDH[SOLFDUVH
EDMR HO FRQFHSWR GH ³LQPXQLGDG VXEMHWLYD´ (VWR LQFLWD D LJQRUDU ORV
SHOLJURVFRWLGLDQRVPiVFRPXQHVRIUHFXHQWHVSHQVDQGRTXHDOVHUXQOXJDU
FRQRFLGRSRGUtDVHUPiVVHJXUR'RXJODV


³«6LLJXDOPLPDULGRSDUDQRUHVEDODUVHVHVDFDODVFKDODV\HQWUDD
SLHSHODRSRUHOEDUUR\VDOHWRGRPRMDRDYHFHVVHOHHQUURQFKDWRGRHO
FXHUSRSRUHOYHQHQRSHURGHVSXpVVHOHSDVD«´(QWUHYLVWD1ž

/DFRQVWDQWHH[SRVLFLyQDDJURTXtPLFRVFRQVWLWX\HXQRGHORVJUDQGHV
ULHVJRV HQ OD DJULFXOWXUD OR TXH JHQHUD HQIHUPHGDGHV SURIHVLRQDOHV WDOHV
FRPRDOHUJLDV\HQIHUPHGDGHVUHVSLUDWRULDV1RVyORVRQORVDJURTXtPLFRV
VLQR WDPELpQ HO SROYR R ODV FRQGLFLRQHV FOLPiWLFDV TXH ORV DIHFWDQ
HVSHFLDOPHQWHHQLQYLHUQRFXDQGRHPSLH]DODWHPSRUDGDGHOWRPDWH

³«4XHHOSDFNLQJHVWiFHUFDGHORVFXOWLYRVDGHPiVGHTXHDYHFHV
WUDHQORVWRPDWHVFRQRORUDYHQHQROOHJDQFRQRORUDSHVWLFLGDRDKXDQRHO
FXDOFDXVDPROHVWLDHQODVQDULFHVSRGUtDFDXVDUSUREOHPDV(OSROYLOORTXH
SXHGHSURGXFLUSUREOHPDVDOSXOPyQ«´(QWUHYLVWD1ž

/RV FXOWLYRV VH GHEHQ IXPLJDU FRQVWDQWHPHQWH GHELGR D TXH VRQ
DWDFDGRV SRU GLYHUVDV SODJDV HQ HO YDOOH GH $]DSD (V SRU HOOR TXH ORV
WUDEDMDGRUHVHVWiQH[SXHVWRVDPXFKRVDJURTXtPLFRVDGLIHUHQFLDFRQpO


Ϯϲ
ƐƚĞĐŽŶĐĞƉƚŽŚĂĐĞƌĞĨĞƌĞŶĐŝĂĂƋƵĞůĂƐƉĞƌƐŽŶĂƐĐƌĞĞŶƚĞŶĞƌĐŝĞƌƚĂŝŶŵƵŶŝĚĂĚĨƌĞŶƚĞĂůƌŝĞƐŐŽƉŽƌĞů
ĞdžĐĞƐŽĚĞĐŽŶĨŝĂŶnjĂĚĞƉŽƐŝƚĂĚĂĞŶƐƵĞŶƚŽƌŶŽĚĞďŝĚŽĂůĂĨĂŵŝůŝĂƌŝĚĂĚĚĞƐƵƐƌƵƚŝŶĂƐ;ŽƵŐůĂƐϭϵϵϲͿ͘

ϲϮ

3HU~GRQGHODDJULFXOWXUDVHWUDEDMDFRQPpWRGRVPiVWUDGLFLRQDOHV\QRVH
XWLOL]DQWDQWDVVXVWDQFLDVTXtPLFDV

³« $ GLIHUHQFLD GHO WUDEDMR GH DTXt HQ OD 6LHUUD QR H[LVWH WDQWD
PDQLSXODFLyQGHTXtPLFRVFRPRDFiHOWUDEDMRHVPiVQDWXUDOLJXDOTXHHO
DJXDHVFRPRGHOVXEVXHOR\QRVRWURVKDFHPRVXQ SR]R\VHFRQVXPHGH
DKtHODJXDWLHQHRWURVDERUQRWLHQHPXFKRFORUR´(QWUHYLVWD1ž

>¢7HDIHFWDWUDEDMDUFRQTXtPLFRV"@´«$IHFWDPXFKRODPD\RUtD
WLHQHDVPDRDOJXQDVHQIHUPHGDGHVTXHVRQDOpUJLFDVORTXHWUDHPXFKRV
SUREOHPDVDODVSHUVRQDVTXHWUDEDMDQDTXt´(QWUHYLVWD1ž

(OWRPDWHVHH[WUDHFRQXQIXHUWHRORUDD]XIUH\FXELHUWRGHSROYLOOR
SURGXFWRGHODVFRQVWDQWHVIXPLJDFLRQHVTXHVRQVRPHWLGRVSDUDFRQWURODUODV
SODJDVTXHDWDFDQODSODQWD&XDQGRORVOOHYDQHQODVFDMDVDOSDFNLQJSDUD
TXHVHDQVHSDUDGRSRUODPiTXLQDFDOLEUDGRUD

eOSROYLOORQRVyORVHTXHGDHQORVWRPDWHVVLQRTXHWDPELpQVHTXHGD
HQ HO DPELHQWH \ HQ HOSLVRSURGXFWRGHODVFDMDVTXHVRQYDFLDGDVHQOD
PiTXLQDFDOLEUDGRUDSRUORTXHDOPRPHQWRGHFDPLQDURODQ]DUXQSDOOHWDO
SLVRODVSDUWtFXODVGHSROYRVHHOHYDQIiFLOPHQWH


³«7HQJRPiVTXHQDGDDOHUJLDDOSROYR\PHDIHFWDTXHHOSROYR
VDOWHGHOSLVRPHSURYRFDDOHUJLD\PiVTXHWRGRDVPD´(QWUHYLVWD1ž



Ϯϱ
ƐƵŶƉŽůǀŽŵƵLJĨŝŶŽƋƵĞƉĂƌĞĐĞĐĞŶŝnjĂĚĞĐŝŐĂƌƌŽ͕ĞůĐƵĂůƐĞĨŽƌŵĂƉƌŽĚƵĐƚŽĚĞůĂƐĨƵŵŝŐĂĐŝŽŶĞƐLJ
ǀŝĞŶĞĞŶůĂƐĐĂũĂƐƋƵĞƚƌĂĞŶĞůƚŽŵĂƚĞ͘

ϲϯ

 (O3DFNLQJDOVHUXQOXJDUVHPLFHUUDGRGHELGRDODHQWUDGD\VDOLGD
FRQVWDQWH GH YHKtFXORV TXH WUDQVSRUWDQ ORV SURGXFWRV SURYRFD TXH ORV
WUDEDMDGRUHVHVWpQH[SXHVWRVDODVH[WUHPDVFRQGLFLRQHVFOLPiWLFDVMXQWRFRQ
OD IDOWD GH XQD FRUUHFWD LQIUDHVWUXFWXUD WHFKDGD HQ HO VHFWRU GH FRQWURO GH
FDOLGDG\GHFDUJDGHPHUFDGHUtDGHVHQFDGHQDQGRHQHQIHUPHGDGHVItVLFDV

(O ULWPR GH WUDEDMR H[LJLGR VLQ GHWHQFLyQ SURYRFD TXH FRQ OD
DJLWDFLyQGHODDFWLYLGDGVHLJQRUHHOIULR\HVMXVWDPHQWHHQHVWHLQVWDQWH
GRQGHHOFXHUSRVXIUHORVFDPELRVGHWHPSHUDWXUDSURYRFDQGRHQIHUPHGDGHV
³«6LDPtPHKDGDGRUHVIUtRVRODPHQWHSRUTXHXQRWUDQVSLUD\
GHVSXpVXQRVHEDxD´(QWUHYLVWD1ž

2WURSUREOHPDUHFXUUHQWHTXHH[LVWHSDUDODVSHUVRQDVHQHOYDOOHGH
$]DSD HV OD JUDQ FDQWLGDG GH DUiFQLGRV H LQVHFWRV TXH HQ RFDVLRQHV
UHSUHVHQWDQXQSHOLJURSDUDORVWUDEDMDGRUHV\SXHGHQFRPSOLFDUVHULDPHQWH
VXVDOXG

« /D SLFDGXUD GH DUDxD QR PiV HVR PH OR SDJR OD MHID FRQVXOWD
SDUWLFXODUFRPR\RWHQJRODSUHYLVLyQ³$´DKRUDPHHVWiQWUDWDQGRGHDQHPLD
TXHPHSURYRFyODSLFDGXUDGHDUDxD\PHGHMRPDOSRUODSpUGLGDGHVDQJUH
0H DIHFWy SRUTXH QR SRGtD WUDEDMDU H LJXDO TXHUtDQ TXH IXHUD WUDEDMDU HO
GRFWRUGHFtDUHSRVRDEVROXWR«(QWUHYLVWD1ž

³«$FiGHVDUPDQGRXQDSLH]DYLHMDPHSLFyXQDDUDxD\DKtPHSLFy
3RU HVR FRQVLGHUR TXH VL PH KDQ DIHFWDGR ODV FRQGLFLRQHV GH WUDEDMR
0DOHVWDUItVLFRQRHVRVtDFLGH]QRPiVSRUODSLFDGXUDGHODDUDxDQRPH
GHMDEDWUDEDMDUSRUTXHPHGDEDILHEUHQRSRGtDHVWDUHQHOVROQRSRGtD
KDFHUFLHUWRVPRYLPLHQWRVIXLDGDUDODSRVWDPHSXVLHURQXQDLQ\HFFLyQ
SRUHOYHQHQRSDUDFRUWDUOR«PHGLMRTXHVLPHVHQWtDPDOTXHYD\D«QR

ϲϰ

PHGDEDILHEUHHQODPDxDQDHQODWDUGHVt3RUORPHQRVDOFDQFHLUDWLHPSR
HV TXH DOJXQDV SHUVRQDV HVR VL VRQ GpELOHV \ FDHQ KRVSLWDOL]DGDV «´
(QWUHYLVWD1ž

$O VHU XQ WUDEDMR GH PXFKR PRYLPLHQWR SRVWXUDV IRU]DGDV H
LQWHUPLQDEOHV KRUDV HQ SLH SURGXFH LQHYLWDEOHV PROHVWLDV ItVLFDV \
SULQFLSDOPHQWHGRORUHVPXVFXODUHV

³«&RPSOLFDFLRQHVHKK«PiVTXHQDGDPRYLPLHQWRVPXVFXODUHV
FRQGROHQFLDVGHEUD]RV\SLHUQDVWDPELpQFRPRHVXQSURFHVRGRQGHXQR
GHEHFRUUHUGHDFiSDUDDOOiVHSDUDDODKRUDGHDOPXHU]R\QRVHSDUDKDVWD
DGHODPDxDQDHVUHODWLYR\HVRTXHXQRTXHGHGHVJDVWDGRGHODVSLHUQDV
\ODHVSDOGD\FRPRQRWHQHPRVIDMDQLQDGDSRUHOHVWLOR\FRPRQRWHQHPRV
QDGDTXHPLWLJDHOGRORUHQODVSLHUQDV\EUD]RVWDPELpQPXFKDIXHU]D GH
EUD]RV 3RUTXH KD\ TXH OHYDQWDU ODV EDQGHMDV HQ DOWR SRUTXH HVWiQ PX\
FRPSULPLGDV ODV VHxRUDV KD\ TXH VXELU GH GRV D WUHV EDQGHMDV +D\ TXH
KDFHUORUiSLGRSRUTXHHVWiQHVRVGRVIDFWRUHV\VHUHIHFWLYRSRUTXpQRSXHGH
KDFHUVHGHXQD\XQRKDFHVREUHIXHU]D´(QWUHYLVWD1ž

$OJXQRVSXHVWRVGHWUDEDMRUHTXLHUHQGHEDVWDQWHVPRYLPLHQWRVFRPR
OR HV HO FDVR GHO ³PR]R´ HO TXH GHEH DVLVWLU D WRGDV ODV HPEDODGRUDV
UHFRUULHQGRWRGRHOSDFNLQJFRQXQFDUULWRTXHOHOODPDQ³\HJXD´OHVGHEHQ
EDMDUODVEDQGHMDVGHVXSXHVWRGHWUDEDMR\GHDKtVHOROOHYDDOFRQWUROGH
FDOLGDG VH ORV GHMD D ORV SHVDGRUHV \ QXHYDPHQWH YXHOYH D DVLVWLU D ODV
HPEDODGRUDV

³«(QPLODERUFRPROHOODPDQHOPR]RHVWR\H[SXHVWRDVXIULUXQD
WRUFHGXUD SHUR PiV TXH QDGD GRORUHV PXVFXODUHV DO FDUJDU \ GHVFDUJDU D
YHFHVSDVDTXHORVFRPSDxHURVVXIUHQDFFLGHQWHVFKRFDQODVEDQGHMDVTXH

ϲϱ

HVWiQHQFLPDHQVHQWLGRPiVTXHQDGDSRUHOULHVJRItVLFRGHOHVLRQHV\R
WDPELpQKHWHQLGRSUREOHPDVHQORVRMRVXQRWLHQHTXHKDFHUORUiSLGRSRUTXH
HVHVWLORIXOOWLPHSRUTXHXQRFRQVWDQWHPHQWHWLHQHTXHHVWDUVDFiQGROHODV
EDQGHMDVDODVVHxRUDVD\XGiQGRODVSDUDTXHQRVHDFXPXOH\XQRDOKDFHUOR
UiSLGR \ SDUD KDFHUOR ELHQ SXHGH SURGXFLUVH SUREOHPDV GH GROHQFLDV \
WDPELpQ DFFLGHQWHV QRV SDVD TXH XQD YH]  FKRFDPRV FRQ ODV EDQGHMDV
SDVDQHVRVGHWDOOHVTXHDYHFHVXQRDWURSHOODSHUVRQDVFRQORV\DOHV$XQD
WtDPtDOHSDVRTXHOHSDVRXQ\DOHHQFLPDORTXHSURYRFyXQDOHVLyQHQOD
SLHUQDSRUORPLVPRGHORDFHOHUDGRTXHHVHOWUDEDMRXQRWLHQHTXHHVWDU
UiSLGR\DYHFHVQRPLGHODIXHU]D\ORVULHVJRVTXHFRQOOHYD´(QWUHYLVWD
1ž


(QHOSXHVWRGHHPEDODGRUDGRQGHHQVXPD\RUtDWUDEDMDQPXMHUHVVH
GHEHQ XELFDU HQ ODV WyPERODV GH OD PiTXLQD TXH VHSDUD HO SURGXFWR SRU
FDOLEUH(OODVORGHEHQVHOHFFLRQDU\HPEDODUORV PiVJUDQGHVHQFDMDVGH
FRVWLOOD\ORVPiVSHTXHxRVDJUDQHO(VWDODERUUHTXLHUHTXHVHLQFOLQHQHQ
H[FHVRGXUDQWHHOGtD

³>4XHFRPSOLFDFLRQHVOHWUDHVXWUDEDMR@«(OUHVIUtRQRPiV\
TXH SRU HO PLVPR  SXHGHQ GDU LQIHFFLRQHV XULQDULDV HVR QR PiV 3RU
DJDFKDUVH WDPELpQ GXHOH HO ULxyQ \ FRPR XQR HVWi HQ WUDMtQ KDFH FDORU
GHVSXpV DQGD WUDVSLUDQGR XQR \ PH GXHOH HO EUD]R SRU TXH DQGR FRQ XQD
SROHULWDFRUWDQRPiV\HQWRQFHV\XQFKDOHFRPHGLRFRUWRGHVSXpVVLHQWRHO
IUtR\\RQRPHYHQGRODFLQWXUDQRPHSRQJRQDGD\DOGtDVLJXLHQWHGXHOH
ODHVSDOGDQRSXHGRDJDFKDUPHHVWR\DSHQDVWUDEDMDQGR(QWUHYLVWD1ž

Ϯϴ
 'HELGR D TXH HO ULWPR GH WUDEDMR HV DFHOHUDGR \ GD SRFR WLHPSR SDUD UHDOL]DU RWUDV DFWLYLGDGHV ODV
HPEDODGRUDVHQORVGHVFDQVRVOOHYDQDODPiTXLQDPXFKDVFDMDVODVTXHSRQHQHQVXSXHVWRDOUHGHGRUGHOD
PLVPDSRUORTXHREVWUX\HQHOSDVRDORVPR]RV 

ϲϲ

 
³« 6L SULQFLSDOPHQWH ORV SLHV GXHOHQ KD\ TXH HVWDU SDUDGD HO
WUDEDMRHVDVt$OGtDVLJXLHQWHGXHOHQEDVWDQWHORVSLHV´(QWUHYLVWD1ž

/DIXQFLyQGHFDUJDGRUGHPDQGDJUDQDFWLYLGDGItVLFDHOHQWUHYLVWDGR
VHUHILHUHDTXHGHELGRDTXHFXDQGROHSLFyODDUDxDQRSXGRGHVHPSHxDUHQ
IRUPDQRUPDOVXWUDEDMR

>4XHFRPSOLFDFLRQHVWHKDWUDtGRWXWUDEDMR@³«)tVLFRQRHVRVt
DFLGH]QRPiVSRUODSLFDGXUDGHODDUDxDQRPHGHMDEDWUDEDMDUSRUTXHPH
GDEDILHEUHQRSRGtDHVWDUHQHOVROQRSRGtDKDFHUFLHUWRVPRYLPLHQWRVIXL
DGDUDODSRVWDPHSXVLHURQXQDLQ\HFFLyQSRUHOYHQHQRSDUDFRUWDUOR«PH
GLMRTXHVLPHVHQWtDPDOTXHYD\D«QRPHGDEDILHEUHHQODPDxDQDHQOD
WDUGHVt3RUORPHQRVDOFDQFHLUDWLHPSRVLPHSXVLHURQSDUDODILHEUHHV
TXHDOJXQDVSHUVRQDVHVRVLVRQGpELOHV\FDHQKRVSLWDOL]DGDV´

/DV LQVWDODFLRQHV GH ORV VHUYLFLRV QR FXPSOHQ FRQ ORV UHTXLVLWRV
H[LJLGRVQLFXPSOHODVPtQLPDVQRUPDVGHOLPSLH]DSRUHMHPSORORVEDxRV
VDQLWDULRVVHHQFXHQWUDQIXQFLRQDQGRHQSpVLPDVFRQGLFLRQHVVLQDUWtFXORVGH
SULPHUDQHFHVLGDG\HOFRPHGRUVHHQFXHQWUDLQKDELOLWDGR

³« 6t PH OOHJXH D HQIHUPDU SRUTXH HO DJXD GH DTXt HV XQ SRFR
FORULILFDGDSXHVFXDQGRQRWLHQHVQDGDTXHWRPDULJXDOWRPDVDJXDGHOD
SLODPHKHHQIHUPDGRGHOHVWyPDJR\PHKDGDGRXQDWUHPHQGDGLDUUHD\
WHQtDTXHLUDOEDxRDFDGDUDWRSRUTXHQRHVSRWDEOHDTXt´(QWUHYLVWD1ž

(V LPSRUWDQWH VDEHU ORV SHOLJURV TXH WLHQH OD PDQLSXODFLyQ GH ORV
LPSOHPHQWRVGHWUDEDMRFRPRPDTXLQDULDVVLELHQHVWRVDOLYLDQDQHOWUDEDMR

ϲϳ

UHSUHVHQWDQXQ FODURSHOLJUR VL HVTXH ODV SHUVRQDV DOXWLOL]DUODVQR HVWiQ
FRQVFLHQWHVDOULHVJRTXHVHH[SRQHQ


³« 6L SRU HMHPSOR OD PLVPD PiTXLQD FDOLEUDGRUD XQD YH] PH
FRQWDURQKDFHWLHPSRTXHXQDFRPSDxHUDSRUHVWDUVDFDQGRORVGHVHFKRV
TXHODURSDVHOHTXHGySLOODGDHQODPiTXLQD\TXHVLOHDUUDQFy\WXYRTXH
UHDFFLRQDUUiSLGRVLQROHSHVFDHOFXHOORSRUTXHDQGDEDFRQXQDGHHVDV
FRVDVTXHVHOHHQUHGyHVDVFRVDVGHOFDOLEUH\OHSDVyDOOHYDU\DKRUDTXH
OHYHRELHQHVDPiTXLQDWLHQHQXQDVEURFDVTXHFRQODVVHOHFFLRQDGRUDVTXH
VLQ TXHUHU SXHGHQ PHWHU OD PDQR \ IiFLOPHQWH VH SXHGH OD PDQR TXHGDU
DWUDSDGD \ SURGXFLU XQD OHVLyQ PiV TXH QDGD HVRV ULHVJRV VRQ SDUD OD
HPEDODGRUD\HOYROWHDGRUSRUTXHHVWiQPiVFHUFDGHODPiTXLQDSDUDHO
PR]RPiVTXHQDGD«QRPXFKRFRQHOPR]RQRSRUTXHHOPR]RHVWiGHWUiV
GHODVHPEDODGRUDVQRHVWDWDQH[SXHVWRDODPiTXLQDHQVtVRQORVTXHHVWiQ
H[SXHVWRVVRQORVTXHVDFDQORVGHVHFKRVODVTXHHVWiQHQODFLQWDFODURODV
TXHHVWiQHQODPDTXLQDULDHQODFLQWD\HOTXHYROWHDSRUXQPDOPRYLPLHQWR
SRGUtDQSHVFDUVHODEDQGDODVPDQRVHVRVULHVJRV\ORTXHFRQOOHYDHO<DOH
SUREOHPDVFRQORVFDUJDGRUHVTXHDJDUUDQPDOSDUDDUPDUTXHOHFDLJDXQ
<DOHHQFLPD´(QWUHYLVWD1ž


Ϯϵ
sĞŚşĐƵůŽƉĂƌĂŵŽŶƚĂƌĐĂƌŐĂ͘

ϲϴ

 

)LJXUD1ƒ)XHQWHHODERUDFLyQSURSLDHQHOWUDEDMRGHFDPSR

6ROXFLyQGHSDGHFLPLHQWRV

/RVWUDEDMDGRUHVWLHQHQGLVWLQWDVPDQHUDVGHHQIUHQWDUXQSDGHFLPLHQWR
HQHOWUDEDMRHVWRVHGHEHSULQFLSDOPHQWHDTXHVHHQFXHQWUDQHQVLWXDFLyQ
LUUHJXODU\QRSXHGHQDFXGLUDOVHUYLFLRGHVDOXG

/DIRUPDTXHPXFKRV WUDWDQXQDHQIHUPHGDGSURGXFWRGHOWUDEDMRHV
UHFXUULUDODPHGLFLQDQDWXUDO\KDFLHQGRVXSURSLRWUDWDPLHQWR


ϯϬ
>ĂƐƉƌŝŶĐŝƉĂůĞƐŚŝĞƌďĂƐƋƵĞĐŽŶƐƵŵĞŶƉĂƌĂŵŝƚŝŐĂƌůŽƐĚŽůŽƌĞƐƐŽŶƐĄďŝůĂ͕ǀƵůŶĞƌĂƌŝŽƐ͕ůŝŶĂnjĂLJƉĂƌĂ
ĚŽůŽƌĞƐĞƐƚŽŵĂĐĂůĞƐůĂŚŽũĂĚĞĐŽĐĂ͘

ϲϵ

 ³« 7HQJR TXH KDFHU TXH VH PH SDVp QR PiV WRPDU XQD KLHUED
PHGLFLQDO PDWH \ UHPHGLRV FDVHURV QR YR\ DO KRVSLWDO R FRQVXOWRULR PH
SXHGHQKDFHUPXFKDVSUHJXQWDV¢GHGyQGHHUHV"¢4XpHVWiVKDFLHQGRDTXt"
6tWRGRVORVSUREOHPDVGHDVPDV\UHVIULyORVVROXFLRQyDXWRPHGLFiQGRPH
HVTXHQRPHJXVWDWDPSRFROODPDUODDWHQFLyQGHODJHQWHVyORPHGHGLFRD
FXUDUPHFRQKLHUEDVPHGLFLQDOHV´(QWUHYLVWD1ž

6H WHUPLQD UHFXUULHQGR SRU SDUWH GH ORV WUDEDMDGRUHV D OD
DXWRPHGLFDFLyQ SDUD VROXFLRQDU ORV SUREOHPDV GH VDOXG IUHFXHQWHV SHUR
FXDQGRGHULYDHQXQSUREOHPDPiVJUDYHVHYHQIRU]DGRVDUHFXUULUDODSRVWD
GHXUJHQFLDV\HQDOJXQRVFDVRVVHUHTXLHUHGHKRVSLWDOL]DFLyQ

³«&XDQGRPHSLFyODDUDxDPHSXVHKLHORHVWDEDPiVMRGLGDDKRUD
HVWR\PHMRUSDUDPHMRUDUPHPHSRQtDSXUDViELODVHPHSDVDED\SRUXQD
KRUDSRGtDGRUPLUELHQPHHPSH]DEDQXHYDPHQWHHOGRORUPHFDPELDEDOD
ViELODGHVSXpVFRPRGRVPLQXWRVHVWDEDDVt\DGHVSXpVIXLDOKRVSLWDO\PH
KRVSLWDOL]DURQDKt\DPHRSHUDURQ´(QWUHYLVWD1ž

³«6DOXGVDOXGFRPRHQPLFDVRVLHPSUHDFXGRHQIRUPDSDUWLFXODU
QRPiVWXVDEHVTXHSRUHOWHPDGHORVSDSHOHVVRORUHFXUURDOD
DXWRPHGLFDFLyQ\RPLVPRPHKDJRXQWUDWDPLHQWR´(QWUHYLVWD1ž

'HELGRDTXHHQ&KLOHORVUHPHGLRVVHYHQGHQVyORFRQUHFHWDPpGLFD
HVRREOLJDDORVWUDEDMDGRUHVDDFXGLUDOKRVSLWDORFRQVXOWRULRVSHURHODVLVWLU
DODDWHQFLyQS~EOLFDLPSOLFDTXHOHVSXHGDQSHGLUVXVGRFXPHQWRVSRUOR
TXHRSWDQSRUWUDHUUHPHGLRVGH7DFQDGRQGHODVIDUPDFLDVQRSLGHQUHFHWDV

³«%XHQRXQRVHHQIHUPDED\WRGRWLHQHQVXUHPHGLRHQWRQFHVSDUD
HO GRORU KDEtD VX SUREOHPD HQWRQFHV VH UHFXUUtD D OD IDUPDFLD$Fi QR WH

ϳϬ

YHQGHQ VLQ UHFHWD PpGLFD HQWRQFHV WUDtD ORV UHPHGLRV GH 7DFQD´
(QWUHYLVWD1ž

³« %XHQR \R XWLOL]R PXFKR OR TXH HV OD DXWRPHGLFDFLyQ FRPR OH
SRGUtDGHFLUSRUHMHPSORXQRVXIUHGRORUHVGHHVSDOGD\HVDVFRVDVRSRU
HMHPSOR R VH FRQVLJXH FRQ DPLJRV TXH YDQ D OD FLXGDG \D XQRV
DQWLLQIODPDWRULRVXQRVHVREDVHKDFHWUDWDPLHQWRVHOWtSLFRZLUDVDFKDHVR
SDUDORVSXOPRQHV\PiVTXHQDGDODDXWRPHGLFDFLyQVREUHWRGRFRQDPLJRV
TXHYLDMDQDODFLXGDGXQROHHQFDUJDODVFRVDV\XQROHVSDJDKD\PXFKDV
SDVWLOODVTXHYHQGHQ\TXHVRQSDUDHOGRORUPXVFXODU\HVRPiVTXHQDGDHQ
PL FDVR SRU OR PHQRV KD\ PXFKRV FRPSDxHURV TXH RFXSDQ HVDV KLHUEDV
PHGLFLQDOHV SHUR \R QR Vp PXFKR GH HVR  PiV TXH QDGD RFXSR OD
DXWRPHGLFDFLyQ SRU IDUPDFLD FRPR VHUtD OD PHGLFLQD WUDGLFLRQDO WHQJR
FRPSDxHURV TXH RFXSDQ PHGLFLQD WUDGLFLRQDO \ VDEHQ PiV GH HVR SRU
HMHPSORRFXSDQPXFKRORGHORVFDPEXFKRV\HVDVFRVDVQRVHPXFKRGH
HVR´(QWUHYLVWD1ž

3DUDHYLWDUDFFLGHQWHVDOJXQRVWUDEDMDGRUHV\DWLHQHQIRUPDVSUHYHQWLYDV
VREUHFyPRHQIUHQWDUORVULHVJRVTXHFRQOOHYDHOWUDEDMR

³«7UDEDMRPiVVXDYH\QRUHDOL]DUDFWLYLGDGHVTXHVHDQPX\ULHVJRVDV
SDUDQRWHQHUDFFLGHQWHVLJXDOXQRHVWiH[SXHVWRDDFFLGHQWHV´(QWUHYLVWD
1ž


ϯϭ
ĞďŝĚŽƋƵĞĂůƐĞƌƚƌĂďĂũĂĚŽƌĞƐŝŶŵŝŐƌĂŶƚĞƐĞŶĞůĞŵƉůĞŽŝŶĨŽƌŵĂůŶŽƚŝĞŶĞŶĂĐĐĞƐŽĂůƐŝƐƚĞŵĂĚĞ
ƐĂůƵĚĐŚŝůĞŶŽ͕ƉŽƌůŽƋƵĞĚĞďĞŶƚƌĂĞƌƌĞŵĞĚŝŽƐĚĞdĂĐŶĂƋƵĞŶŽƌĞƋƵŝĞƌĞŶƌĞĐĞƚĂŵĠĚŝĐĂƉĂƌĂŵŝƚŝŐĂƌ
ůĂƐĚŽůĞŶĐŝĂƐŽĐŽŵƉůŝĐĂĐŝŽŶĞƐƋƵĞůĞƐƚƌĂĞĞůƚƌĂďĂũŽ͘
ϯϮ
ƐƵŶĞdžƚƌĂĐƚŽĚĞĚŝƐƚŝŶƚĂƐƉůĂŶƚĂƐLJŚŝĞƌďĂƐŵĞĚŝĐŝŶĂůĞƐ͘ƐďĂƐƚĂŶƚĞƷƚŝůƉĂƌĂĂůŝǀŝĂƌĚŽůŽƌĞƐ
ŵƵƐĐƵůĂƌĞƐ

ϳϭ

 ([LVWHQ GLYHUVDV UHVSXHVWDV SDUD DIURQWDU ODV HQIHUPHGDGHV TXH VH
SUHVHQWDQ SRU HO WUDEDMR VLHQGR PiV IUHFXHQWH TXH HO SURSLR WUDEDMDGRU
EXVTXH VROXFLRQDU VX SUREOHPD GH VDOXG ODERUDO HQ YH] GH UHFXUULU D OD
ELRPHGLFLQD\VyORDFXGLUDpVWDHQFDVRVJUDYHV

)LJXUD 1ƒ )XHQWH HODERUDFLyQ SURSLD HQ EDVH D ORV UHODWRV GH ORV
WUDEDMDGRUHV



&$3Ë78/29&21&/86,21(6


GLVFXVLyQ\FRQFOXVLRQHV

$SDUWLUGHOWUDEDMRGHFDPSRVHHODERUyXQDQiOLVLVFRQODVSULQFLSDOHV
FDWHJRUtDV HVWDEOHFLGDV SRU ORV WUDEDMDGRUHV HQ VXV UHODWRV \ ORV
DFRQWHFLPLHQWRVRFXUULGRVGXUDQWHODSDUWLFLSDFLyQHQHOSURFHVRGHHPEDODMH

ϳϮ

GHOWRPDWHGXUDQWHODWHPSRUDGDGHLQYLHUQRHQHOYDOOHGH$]DSDSDUWLHQGR
GHVGHVXVWUD\HFWRULDVPLJUDWRULDVKDVWDOOHJDUDVXVODERUHVFRWLGLDQDVGH
WUDEDMR

/DVFDXVDVTXHOOHYDQDORVWUDEDMDGRUHVSHUXDQRVDHPLJUDUD&KLOHVRQ
UD]RQHVHFRQyPLFDVGHELGRDODLQHVWDELOLGDGTXHDWUDYHVyHOSDtVYHFLQRHQ
ODV ~OWLPDV GpFDGDV (O WUDEDMR QR HV PX\ ELHQ UHPXQHUDGR \ OD IDOWD GH
HPSOHRORVOOHYDDEXVFDUQXHYDVRSRUWXQLGDGHVHQRWURGHVWLQR

(Q ORV ~OWLPRV DxRV FRQ HO DXPHQWR GH OD PLJUDFLyQ SHUXDQD HQ OD
UHJLyQOHVKDSHUPLWLGRODFUHDFLyQGHUHGHVVRFLDOHVSRUODPLJUDFLyQHQ
FDGHQDORTXHOHVSRVLELOLWDXQDPHMRUDGDSWDFLyQHQ$ULFDVLHQGRHVWRXQ
DVSHFWR TXH LQIOX\H HQ ORV GHVSOD]DPLHQWRV ODERUDOHV \ HQ OD LQVHUFLyQ
WHPSRUDULDHQHOYDOOHGH$]DSD

/DWHPSRUDOLGDGHQHOOXJDUGHGHVWLQROOHYDDORVPLJUDQWHVDDGRSWDU
XQDGLVSRVLFLyQHVSHFLDOVREUHHOWUDEDMRGLVFLSOLQDUHVSRQVDELOLGDG\EDMD
FRQIOLFWLYLGDG DOJR TXH IDYRUHFH VX LQVHUFLyQ \ D OD YH] FXPSOH FRQ ODV
H[LJHQFLDV GHO HPSOHDGRU (VWD PLJUDFLyQ FRPR OR SODQWHD %DUGRPDV
QRHVGHFDPSHVLQRVVLQRGHDVDODULDGRVTXHHQVXPD\RUtDYLHQHQ
GHFHQWURVXUEDQRVRGHSHULIHULDVGHJUDQGHVFLXGDGHVRFXSDGRVHQHOiUHD
DJUtFROD

0XFKRVGHORVWUDEDMDGRUHVSHUXDQRVVHHVSHFLDOL]DQHQRWUDViUHDVGH
WUDEDMRSULQFLSDOPHQWHORVTXHHPLJUDQGHODFLXGDG3RUVHUH[WUDQMHURV\
QRFRQWDUFRQGRFXPHQWDFLyQDSURSLDGDVHYHQREOLJDGRVDGHVHPSHxDUVH
HQHOVHFWRUDJUtFROD3DUDSRGHUVXEVLVWLUDOJXQRVUHDOL]DQXQDPLJUDFLyQ
HVWDFLRQDO\RWURVYLHQHQPiVSHUPDQHQWHPHQWHODLGHDGHWHQHUUHVLGHQFLD

ϳϯ

GHILQLWLYDJXDUGDUHODFLyQFRQHOJUDQREMHWLYRGHORJUDULQFRUSRUDUVHHQOD
LQGXVWULDGHODPLQHUtDTXHHVSULQFLSDOPRWLYDFLyQSDUDYHQLUD&KLOH

(OHVWLJPDQHJDWLYRTXHVHWLHQHFRQORVPLJUDQWHVSHUXDQRVSRUSDUWH
GHODSREODFLyQFKLOHQDOHVGLILFXOWDHOLQJUHVRHQWRGDVODViUHDVGHWUDEDMR
SXHVWR TXH VH OHV DVRFLD FRQ ³DFWRV GHOLFWLYRV´ +HUQiQGH]  (O
PLJUDQWHQRVRORH[SHULPHQWDXQDSREUH]DPDWHULDO%RXUGLHXVLQR
VRFLDODOQRSRGHUDFFHGHUDRSRUWXQLGDGHVDFRUGHVFRQVXFDSLWDOFXOWXUDO
VHOHVDVLJQDXQDVHULHGHDWULEXWRVSRUVHUH[WUDQMHURVTXHORVGLIHUHQFLDGH
ORVFiQRQHVGHODVRFLHGDGFRPRORGHILQH*RIIPDQVLHQGRHOWHPRU
GH ORV HVWLJPDWL]DGRV ODV GLIHUHQFLD GH ORV FiQRQHV GH XQD FRQGLFLyQ GH
YXOQHUDELOLGDG

(OHPSOHRLQIRUPDODJUtFRODDXPHQWDDPHGLGDTXHVHYDGHPDQGDQGR
PiVXQSURGXFWR6HUHTXLHUHPiVPDQRGHREUDSRUORFXDOHQXQPRPHQWR
VH KDFH PiV IiFLO OD LQVHUFLyQ ODERUDO D GLIHUHQFLD GH XQ HPSOHR PiV
FDOLILFDGR TXH WLHQH PiV UHTXLVLWRV $ HVWRV HPSOHRV VLHPSUH DUULEDQ ODV
PLVPDVSHUVRQDVDWUDEDMDU\OOHYDQFRQVLJRDRWURVIDPLOLDUHVSRUORPLVPR
TXHOOHJDXQPRPHQWRHQHO³SHDN´GHODWHPSRUDGDTXHVHGHPDQGDPiV
JHQWHSDUDODVODERUHV

'HQWURGHODVSULQFLSDOHVDFWLYLGDGHVDJUtFRODVGHOYDOOHGH$]DSDHVWi
ODSURGXFFLyQ\HPEDODMHGHOWRPDWHHOFXDOHVWiGHVWLQDGRDVDWLVIDFHUHO
PHUFDGRQDFLRQDOHQORVPHVHVGHLQYLHUQR(VWDODERUUHTXLHUHJUDQFDQWLGDG
GHPDQRGHREUD\GHSHQGHUiGHOSHUtRGRTXHGXUHODWHPSRUDGD

(QHOWUDEDMRSURGXFWLYRGHODFKDFUDVHUHDOL]DQODVVLJXLHQWHVWDUHDV
VHPEUDUKRUPRQHDUIXPLJDU\FRVHFKDU/RVFDUJDGRUHVVHGHVSOD]DQHQWUH

ϳϰ

ODV FKDFUDV \ HO SDFNLQJ (Q HVWH HVSDFLR VRQ ORV YROWHDGRUHV ORV TXH
GHSRVLWDQHOWRPDWHHQODPiTXLQDTXHORVVHSDUDSRUFDOLEUH/DVPXMHUHV
HPEDODQHOSURGXFWR\ORVPR]RVORVOOHYDQDOFRQWUROGHFDOLGDG8QDYH]
HQ pVWD  iUHD VRQ ORV SHVDGRUHV ORV TXH UHYLVDQ ODV FDMDV \ ODV SHVDQ SDUD
SRVWHULRUPHQWHDUPDUORVSDOOHW/RVFDUJDGRUHVVHUiQORVUHVSRQVDEOHVGH
VXELUORV DO FDPLyQ TXH ORV HQYLDUi D 6DQWLDJR (VWH SURFHVR UHTXLHUH GH
PXFKDVKRUDVGHWUDEDMRDSUR[LPDGDPHQWHHQWUHDKRUDVHQHOGtD


/D ODUJD MRUQDGD GH WUDEDMR KDVWD  DOWDV KRUDV GH OD QRFKH QR VyOR
FRPSOLFDXQDEDMDHQODSURGXFFLyQRHQORItVLFRVLQRWDPELpQLQIOX\HHQOD
HILFLHQFLDHQRWURVWUDEDMRVRDFWLYLGDGHVTXHGHVDUUROODQHQORVGtDVTXHQR
KD\3DFNLQJ\WDPELpQHQORIDPLOLDUGRQGHQRSXHGHQHVWDUFRQVXVKLMRV\
FRPSDUWLUFRQVXVIDPLOLDV

(Q HO iPELWR GH ODV FRQGLFLRQHV ODERUDOHV H[LVWH FDUHQFLD GH
LPSOHPHQWRVGHVHJXULGDGLQVXPRVHLQIUDHVWUXFWXUDWRWDOPHQWHQHFHVDULRV
SDUD TXH ORV WUDEDMDGRUHV UHDOLFHQ VXV DFWLYLGDGHV VLQ SRQHU HQ ULHVJR VX
LQWHJULGDGItVLFD1RFXHQWDQFRQXQFRQWUDWRGHWUDEDMRTXHOHVJDUDQWLFH
EHQHILFLRVVRFLDOHV\TXHOHSXHGDQDVHJXUDUXQDSUHVWDFLyQPpGLFDHQFDVR
GHXQDFFLGHQWHRXQSUREOHPDGHVDOXGGHULYDGRGHOPLVPR(OSDJRYDUtD
GHDFXHUGRDODODERUTXHUHDOL]DQWDQWRHQHOSDFNLQJFRPRHQODFKDFUD$
SHVDU GH HVWR VRQ ORV PLVPRV DFWRUHV TXLHQHV HQFXHQWUDQ TXH VXV
FRQGLFLRQHVVRQPHMRUHVTXHHQ3HU~GRQGHVXIDHQDHVPiVWUDGLFLRQDO\QR
WDQELHQUHPXQHUDGDFRPRHQ$]DSDDXQTXHDTXtORVULHVJRVVHDQPD\RUHV
GHELGRDODPDQLSXODFLyQGHTXtPLFRV



ϯϯ
WĞƌƐŽŶĂƐƋƵĞƚƌĂďĂũĂŶĞŶůĂŵĄƋƵŝŶĂĐĂůŝďƌĂĚŽƌĂ͘
ϯϰ
ĂƐĞĚĞDĂĚĞƌĂĚŽŶĚĞƐĞĂƌŵĂŶůĂƐĐĂũĂƐůŝƐƚĂƐ͘


ϳϱ

 &RQ UHVSHFWR D HVWH PLVPR WHPD ORV WHPSRUHURV VH HQFXHQWUDQ
UHVLJQDGRVVDELHQGRTXHVXVFRQGLFLRQHVGHWUDEDMRVRQPDODV\QRUHDOL]DQ
QLQJ~QWLSRGHDFFLyQSDUDPRGLILFDUVXFRQGLFLyQGHELGRDTXHSULYLOHJLDQ
FXLGDUVXIXHQWHGHHPSOHR

/DV UHODFLRQHV HQWUH ORV SURSLRV WUDEDMDGRUHV VRQ EXHQDV KD\
VROLGDULGDGHQWUHHOORVORTXHVHSXHGHDSUHFLDUFXDQGRXQDSHUVRQDHQVHxD
DOFRPSDxHURDUHDOL]DUFDGDODERUGHELGRDTXHQRKD\XQDFDSDFLWDFLyQ
SUHYLD$XQDVtQRVHSXHGHQHYLWDUDOJXQRVFRQIOLFWRVHQWUHORVSDUHVSHUR
WRGRGHQWURGHOiPELWRGHOSURSLRHVSDFLRODERUDO

/DV UHODFLRQHV HQWUH WUDEDMDGRUHV \ HPSOHDGRU VRQ FRPSOHWDPHQWH
GLVWLQWDV\DTXHHVWiGHWHUPLQDGDSRUGLFRWRPtDRSRVLFLyQ ±FRRSHUDFLyQ
(VWD VH GD SRUTXH DPEDV SDUWHV UHTXLHUHQ VDFDU DGHODQWH OD SURGXFFLyQ
VLQyQLPRGHOp[LWRGHODHPSUHVD$KRUDELHQHOSDWUyQWUDWDGHPDQWHQHU
XQDUHODFLyQGLVWDQWHFRQORVHPSOHDGRV\PXHVWUDHOPtQLPRLQWHUpVSRUVX
VHJXULGDGSDUDTXHpVWRVUHDOLFHQVXDFWLYLGDGVLQSRQHUVHHQULHVJRHVSRU
HVWRTXHHOORVVLHQWHQTXHQRVHOHVSDJDORTXHFRUUHVSRQGH3RURWUDSDUWH
HOHPSOHDGRUVLHQWHTXHVXSHUVRQDOQRKDFHELHQVXWUDEDMR\TXHOHUREDQ
HVGHFLUGHVFRQILDQ]DGHVGHDPEDVSDUWHV

(QORTXHUHVSHFWDDODILVFDOL]DFLyQSRUSDUWHGHODVLQVWLWXFLRQHVGHO
(VWDGRVLELHQKD\QHFHVLGDGGHTXHVHILVFDOLFHQODVFRQGLFLRQHVODERUDOHV
HVWHWLSRGHDFFLRQHVSURGXFHWHPRUHQWDQWRSRGUtDSURYRFDUODSDUDOL]DFLyQ
GHO WUDEDMR SpUGLGD GH HPSOHR R LQFOXVR GHSRUWDFLyQ DO 3HU~ (O YDOOH GH
$]DSD  SDVD D VHU XQ OXJDU GRQGH ORV PLJUDQWHV VH SXHGHQ LQYLVLELOL]DU
SHUPLWLpQGROHVDFFHGHUDWUDEDMRVVLQGRFXPHQWRV\QRVHUVRUSUHQGLGRVSRU
ODVDXWRULGDGHVDGLIHUHQFLDGHORTXHSRGUtDSDVDUVLHVTXHWUDEDMDQHQOD
FLXGDGGRQGHH[LVWHPD\RUILVFDOL]DFLyQ

ϳϲ

 (O(VWDGRQRFXPSOHXQSDSHOSUHSRQGHUDQWHHQODHMHFXFLyQGHODVOH\HV
ODERUDOHV VROR KDFH XQ OODPDGR D TXH VH FXPSODQ 3RU RWUR ODGR VX
LQWHUYHQFLyQHVYLVWDSRUODPD\RUtDGHORVWUDEDMDGRUHVFRPRSHUMXGLFLDO

$SHVDUGHH[LVWLUQRUPDWLYDVYLJHQWHVFRPRODDSOLFDFLyQGHODV%3$
GHO PLQLVWHULR GHO WUDEDMR \ GH DJULFXOWXUD HVWDV PHGLGDV KDQ UHVXOWDGR
LQVXILFLHQWHVSDUDPHMRUDUODVFRQGLFLRQHVODERUDOHVGHHVWHVHFWRUGHELGRD
ODVSRFDVILVFDOL]DFLRQHVTXHVHUHDOL]DQ\DTXHHVWRVRUJDQLVPRVDFW~DQHQ
IRUPD UHDFWLYD \ HVSHUDQ TXH VHD HO SURSLR WUDEDMDGRU TXLpQ WRPH OD
LQLFLDWLYD 3RU RWUR ODGR HVWi HO HVFDVR FRQRFLPLHQWR TXH H[LVWH VREUH ODV
HQIHUPHGDGHV ODERUDOHV \ DFFLGHQWHV HQ HO VHFWRU UXUDO FRPR OR GLFHQ
0HQpQGH]\'L3DUGRS\HVWDVVRORFREUDQLPSRUWDQFLDFXDQGR
VRQQRWLFLDEOHV\VHFRQYLHUWHQHQXQHVSHFWiFXORVWHOHYLVLYRV

(Q HO SDFNLQJ R HQ OD FKDFUD QR KD\ PXFKRV HOHPHQWRV TXH SRGUtDQ
SHUPLWLUDOWUDEDMDGRUUHDOL]DUVXDFWLYLGDGVLQH[SRQHUVHDXQDFFLGHQWHR
SDGHFLPLHQWRTXHOHSRGUtDWUDHUFRPSOLFDFLRQHVHQVXVDOXG6LQHPEDUJR
GHELGRDTXHHOPHUFDGRODERUDOHVUHVWULQJLGRDOHPSOHRLQIRUPDOSDUDORV
LQPLJUDQWHVSHUXDQRVUHFLpQOOHJDGRVGHEHQVRPHWHUVHDHVHULHVJR

/RV WHPSRUHURV SHUFLEHQ VXV FRQGLFLRQHV GH WUDEDMR FRPR PDODV \
SHUMXGLFLDOHV SDUD VX VDOXG GDGD OD H[SRVLFLyQ D SODJXLFLGDV DOHUJLDV
SUREOHPDVPXVFXODUHV\HQIHUPHGDGHVUHVSLUDWRULDVDODVTXHVHDUULHVJDQ
/RV WUDEDMDGRUHV UHFRQRFHQ XQD VHULH GH GHWHUPLQDQWHV TXH OOHYDQ D TXH
RFXUUDXQDFFLGHQWHODERUDORXQSDGHFLPLHQWR/DOH\YLJHQWHVHxDODTXHHO
HPSOHDGRU GHEH WHQHU XQ OXJDU FRQ ySWLPDV FRQGLFLRQHV \ GHEH KDFHUVH
UHVSRQVDEOH GH OD VHJXULGDG GHO WUDEDMDGRU \ GH ORV FRVWRV HQ FDVR GH
DFFLGHQWHDXQTXHHQODSUiFWLFDSRFRVHGp


ϳϳ

 $XQTXHODVPDTXLQDULDVDOLYLDQDQHOWUDEDMRHQIRUPDFRQVLGHUDEOH\
DFHOHUDQ HO SURFHVR GH SURGXFFLyQ UHSUHVHQWDQ HQ PXFKDV RFDVLRQHV XQ
SHOLJUR SDUD ORV WUDEDMDGRUHV SURYRFDQGR DFFLGHQWHV ODERUDOHV 3RU HVR OD
LPSRUWDQFLDGHXQDFDSDFLWDFLyQTXHOHVSHUPLWDRFXSDUODVPDTXLQDULDVVLQ
H[SRQHUVHDDFFLGHQWHVRODQHFHVLGDGGHVDEHUDQWHFXDOTXLHUHYHQWXDOLGDG
SULPHURVDX[LOLRV

/D LQIUDHVWUXFWXUD LQIOX\H QHJDWLYDPHQWH SRU ORV HIHFWRV TXH SXHGH
SURGXFLUHQODVDOXGGHODVSHUVRQDV3XHGHSURYRFDUFDtGDVSRUHOSLVRHQ
PDO HVWDGR FRPR LJXDOPHQWH VXIULU SLFDGXUDV GH DUiFQLGRV SHUMXGLFDQGR
FRQVLGHUDEOHPHQWH OD FRQGLFLyQ ItVLFD GH ORV WUDEDMDGRUHV 7DPELpQ VH
DJUHJDQODVFRQGLFLRQHVGHODVLQVWDODFLRQHVVDQLWDULDVGHOOXJDUGHWUDEDMR
TXHSHUPLWHQHOEURWHGHHQIHUPHGDGHVJDVWURLQWHVWLQDOHV

1R VyOR OD H[SRVLFLyQ D DJURTXtPLFRV DIHFWD D ORV WUDEDMDGRUHV
7DPELpQORKDFHHOIDFWRUFOLPiWLFR/DH[SRVLFLyQDOVROGXUDQWHHOGtDWUDH
FRPSOLFDFLRQHV D OD SLHO ODV EDMDV WHPSHUDWXUDV HQ OD QRFKH SURYRFDQ
HQIHUPHGDGHVUHVSLUDWRULDV\HOSROYRTXHVHFRQFHQWUD\TXHHVWUDtGRSRUHO
YLHQWRHQODVWDUGHVGHVHQFDGHQDHQDOHUJLDV

(QORTXHUHVSHFWDDORVSDGHFLPLHQWRVVXUJLGRVHQHOSURSLRWUDEDMR
VXUJHQ GLYHUVDV UHVSXHVWDV SRU SDUWH GH ORV WUDEDMDGRUHV 'DGD OD
LPSRVLELOLGDGGHDFXGLUDOVLVWHPDGHVDOXG/DSULQFLSDOUHVSXHVWDHVUHDOL]DU
VXSURSLRWUDWDPLHQWRUHFXUULHQGRDODPHGLFLQDQDWXUDOODFXDORIUHFHXQD
RSFLyQSDUDDOLYLDUXQPDOHVWDURGROHQFLDHVSHFLILFD2WUDUHVSXHVWDKDVLGR
ODDXWRPHGLFDFLyQGHPHGLFDPHQWRVIDUPDFpXWLFRV0XFKRVSHUXDQRVWUDHQ
VXV PHGLFDPHQWRV GHVGH 3HU~ \D TXH DOOi VRQ YHQGLGRV VLQ SUHVFULSFLyQ
PpGLFDSDUDSRGHUPLWLJDUORVGRORUHVTXHOHVSURYRFDVXDFWLYLGDGODERUDO

ϳϴ

(Q FDVR GH DFFLGHQWHV UHFXUUHQ DO PpGLFR HQ IRUPD SDUWLFXODU \ HQ FDVRV
H[WUHPRVVHYHQREOLJDGRVDDFXGLUDOVLVWHPDGHVDOXGS~EOLFR

3RU~OWLPRHQHVWHHVFHQDULRTXHGDQSHQGLHQWHVXQDVHULHGHSUHJXQWDV
TXH SXHGDQ PHMRUDU ODV SROtWLFDV S~EOLFDV RULHQWDGDV HQ ODV PHMRUHV
FRQGLFLRQHVGHWUDEDMR\GHYLGDTXHSXHGHRIUHFHUHOWUDEDMRDJUtFRODGHO
YDOOHGH$]DSDFRPRSRUHMHPSOR¢&yPRVHSXHGHQPHMRUDUODVFRQGLFLRQHV
GH WUDEDMR GHO YDOOH GH $]DSD" ¢&yPR ILVFDOL]DU HO FXPSOLPLHQWR GH ODV
QRUPDWLYDV ODERUDOHV VLQ DIHFWDU OD SHUPDQHQFLD GH ORV WUDEDMDGRUHV
PLJUDQWHV" ¢4Xp HV OR TXH HQWLHQGH HO WUDEDMDGRU DJUtFROD FRPR WUDEDMR
ySWLPR" \ ¢&yPR HO WUDEDMDGRU DJUtFROD PLJUDQWH SXHGH HMHUFHU VXV
GHUHFKRV" 7DOHV LQWHUURJDQWHV VRQ SURSXHVWDV  SDUD VHU WUDEDMDGDV \
SURIXQGL]DGDVHQHOIXWXUR


5HIOH[LRQHVILQDOHV

(Q HVWD LQYHVWLJDFLyQ VH KD SODQWHDGR OD QHFHVLGDG GH WHQHU XQD
DSUR[LPDFLyQ DO WHPD SURSXHVWR LQLFLDOPHQWH GHVGH OD SHUVSHFWLYD GH ORV
SURSLRVDFWRUHVHQVXHQWRUQRGHWUDEDMR

'HEHPRVWHQHUHQFXHQWDTXHWRGRVORVFRQRFLPLHQWRV\FRQFOXVLRQHV
TXH KHPRV DGTXLULGR GHO FDPSR KDQ VLGR HQ EDVH D QXHVWUD SRVLFLyQ GH
REVHUYDGRUHQHOSURSLRFRQWH[WRGHOWUDEDMDGRU

(QHVWDLQYHVWLJDFLyQVHGHMDHQFODURGRVWDUHDVTXHGHEHPHMRUDUHO
HVWDGRODSULPHUDHVGHWHQHUXQUROPiVSURDFWLYRHQORUHVSHFWDHQFyPR
IXQFLRQD HO PXQGR GHO WUDEDMR DJUtFRODTXH HQ PXFKDV RFDVLRQHV DFW~D DO
ERUGHGHODOH\/DVHJXQGDHVODGHIDFLOLWDUTXHHOWUDEDMDGRULQPLJUDQWH

ϳϵ

REWHQJDODLQIRUPDFLyQTXHOHSHUPLWDSRGHUFRQWDUFRQGRFXPHQWDFLyQSDUD
SRGHU GHVHPSHxDUVH HQ HO PXQGR DJUtFROD R FXDOTXLHU RWUR \ TXH OD
ILVFDOL]DFLyQVHDHQEHQHILFLRGHOPLVPR\QRWHUPLQHVLHQGRSHUMXGLFLDOSDUD
HVWH$SHVDUGHH[LVWLUQRUPDWLYDVYLJHQWHVLPSXOVDGDVSRUHOHVWDGRSDUD
PHMRUDUODVLWXDFLyQGHHVWHVHJPHQWRHVWDVKDQUHVXOWDGRLQVXILFLHQWHVHQVX
HMHFXFLyQ

(QORGLVFXUVLYRHVHOSURSLRWUDEDMDGRUTXHFRQVWUX\HGHVGHVXVSURSLDV
H[SHULHQFLDVFRPRHOHQWLHQGHTXHGHEHVHUXQWUDEDMR³RSWLPR´TXHQROH
WUDLJDQLQJXQDFRPSOLFDFLyQDVXVDOXG3RURWURODGRHOHVWDGRGHEHIDFLOLWDU
SRUPHGLRGHLPSOHPHQWDFLyQGHPiVSURJUDPDVTXHOHSHUPLWDDHVWHJUXSR
SRGHUFRQRFHUPiVVREUHVXVGHUHFKRV\ODOH\YLJHQWHSDUDQRVXIULUDEXVRV
SRUSDUWHGHODVHPSUHVDV6LQHPEDUJRVHFRQVLGHUDQHFHVDULRH[SOLFLWDUTXH
FDGDODERUTXHVHUHDOL]DHQHOPXQGRDJUtFRODWLHQHHVSHFLILFLGDGHVSURSLDV
GHFDGDSXHVWRSRUORTXHXQDOLPLWDFLyQLPSRUWDQWHHVTXHHOFRQRFLPLHQWR
DOFDQ]DGRHQHVWDLQYHVWLJDFLyQQRQHFHVDULDPHQWHHVLJXDODRWURVFRQWH[WRV
GHWUDEDMRGHQWURRIXHUDGHODDFWLYLGDG

3DUD ILQDOL]DU TXHGD OD QHFHVLGDG GH SURIXQGL]DU QXHYDV OtQHDV GH
LQYHVWLJDFLyQVREUHODUHDOLGDGGHOHPSOHRLQIRUPDOHQHOVHFWRUDJUtFRODSRU
ORTXHVHKDFHQHFHVDULRSRGHUFRQRFHUODVDSUHFLDFLRQHVGHRWURVRUJDQLVPRV
GHOHVWDGR\GHORVSURSLRVHPSOHDGRUHVSDUDSRGHUDPSOLDUODPLUDGDVREUH
ODSUREOHPiWLFDSODQWHDGD



ϴϬ

 5()(5(1&,$6

$ODUFyQ * (  &KLOH \ OD LQPLJUDFLyQ SHUXDQD HQWUH OD SROtWLFD

PLJUDWRULD(QHOFDVRGHORVPLJUDQWHVSHUXDQRV7HVLVGHPDHVWUtD
8QLYHUVLGDGGH&KLOH6DQWLDJRGH&KLOH

$PDEOH 0 %HQDFK -  &UHFLPLHQWR \ FRQVHFXHQFLDV GH OD

SUHFDULHGDGODERUDO5HYLVWD*DFHWDVDQLWDULDYRO%DUFHORQDSS




$W[RWHJXL -  /RV GXHORV GH OD PLJUDFLyQ XQD DSUR[LPDFLyQ

SVLFRSDWROyJLFD\SVLFRVRFLDO(Q0HGLFLQD\FXOWXUD3HUGLJXHUR(

&RPHOOHV-HGLWRUHV(GLFLRQHV%HOODWHUD%DUFHORQDSS±

$XJp 0  3RU XQD $QWURSRORJtD GH OD PRYLOLGDG (G *HGLVD

%DUFHORQD

%DUGRPDV6/DPLJUDFLyQHVWDFLRQDODSURGXFFLRQHVDJUDULDVGH

XQ iUHD GH $UJHQWLQD HO YDOOH GH 8FR SURYLQFLD GH 0HQGR]D (Q

SDSHOHV GH SREODFLyQ 1ž (Q 8QLYHUVLGDG DXWyQRPD GH 0p[LFR

7ROXFDSS±

%HQDYLGHV)5XL]& \*DUFtD$ 7UDEDMR\6DOXG(Q6DOXG

ODERUDOFRQFHSWRV\WpFQLFDVSDUDODSUHYHQFLyQGHULHVJRVODERUDOHV

%HQDYLGHV & 5XL])UXWRV & *DUFtD 0 (GLWRUHV (G )*

%DUFHORQDSS

ϴϭ

 

%HUQDOHV3/DFXOWXUDGHOWUDEDMRDJUtFROD\ODHODERUDFLyQHQOD

XWLOL]DFLyQGHSODJXLFLGDV7HVLVSDUDREWHQHUHOJUDGRGHPDJLVWHU

HQDQWURSRORJtD8QLYHUVLGDGGH&KLOH6DQWLDJRGH&KLOH

%RXUGLHX 3  5D]RQHV SUiFWLFDV VREUH OD WHRUtD GH OD DFFLyQ (G

$QDJUDPD%DUFHORQD

%RXUGLHX3/DPLVHULDGHOPXQGR(G$QDJUDPD%DUFHORQD

&DVWHO5/DPHWDPRUIRVLVGHODFXHVWLyQVRFLDO8QDFUyQLFDGHO

VDODULDGR(G3DLGRV%XHQRV$LUHV

&HUUXWL06DOXG\PLJUDFLyQLQWHUQDFLRQDOPXMHUHVEROLYLDQDVHQ

$UJHQWLQD(G&(1(3%XHQRV$LUHV

&KDPRUUR $  &DUQDYDO DQGLQR &LXGDG GH $ULFD (Q UHYLVWD

(VWXGLRVDWDFDPHxRV1ƒ6DQ3HGURGH$WDFDPDSS


&RQIHUHQFLDLQWHUQDFLRQDOGHOWUDEDMR6HJXULGDGODERUDO\VDOXGHQ

SHTXHxDVHPSUHVDV>&LWDGRHO1RYLHPEUHGHO@UHFXSHUDGRGH

KWWSZZZGWJREFOGRFXPHQWDFLRQDUWLFOHV

BUHFXUVRBSGI


'HSDUWDPHQWRGHH[WUDQMHUtD\PLJUDFLyQGHOPLQLVWHULRGHOLQWHULRU

(YROXFLyQ GH OD JHVWLyQ JXEHUQDPHQWDO GH  GHVDUUROOR GHO

ϴϮ

 IHQyPHQRGHODVPLJUDFLRQHVHQ&KLOH>&LWDGRHO1RYLHPEUHGHO

@ UHFXSHUDGR GH

KWWSZZZH[WUDQMHULDJRYFOILOHVDSSPLJUDFLRQHVSGI



'LUHFFLyQGHOWUDEDMR&RQVXOWDVODERUDOHV >&LWDGRGH2FWXEUH

GHO @ 5HFXSHUDGR GH KWWSZZZGWJREFOFRQVXOWDVZ

SURSHUW\YDOXHKWPO

'RXJODV 0 $  /D DFHSWDELOLGDG GHO ULHVJR VHJ~Q ODV FLHQFLDV

VRFLDOHV%DUFHORQD(VSDxD3DLGyV,EpULFD

(VWUDWHJLD  >&LWDGR HO  1RYLHPEUH GHO @ 5HFXSHUDGR GH

KWWSZZZHVWUDWHJLDFOWH[WRGLDULRPRVWUDUFKLOHSDLV

DPHULFDQRPD\RUDXPHQWRLQPLJUDQWHV

*DUFtD0/ySH]0$JXGHOR)UXWRV&$KRQHQ(3RUWKH9

&RQGLFLRQHVGHWUDEDMR\VDOXGGHLQPLJUDQWHV(QJDFHWDVDQLWDULD

1ž%DUFHORQDSS

*DUFRQ/\=XUD\N5(OPRGHORPXQGLDOGHOWUDEDMRHVWDFLRQDO

(Q WUDEDMR GHFHQWH YHUVXV WUDEDMR SUHFDULR (Q /H PRQGH

GLSORPDWLTXH(G$~QFUHHPRVHQORVVXHxRV6DQWLDJRGH&KLOHSS

±

*RIIPDQ (  >@ (VWLJPD OD LGHQWLGDG GHWHULRUDGD (G

$PRUUXUWXHGLWRUHV%XHQRV$LUHV

*ROGEHUJ$³6HUPLJUDQWHQRHVXQDHQIHUPHGDG´LQPLJUDFLyQ

FRQGLFLRQHV GH YLGD \ GH WUDEDMR HO SURFHVR GH

ϴϯ

 VDOXGHQIHUPHGDGDWHQFLyQ 7HVLV SDUD RSWDU DO GRFWRUDGR HQ

$QWURSRORJtDVRFLDO(Q8QLYHUVLWDW5RYLUD,W9LUJLOL7DUUDJRQD

+DUERH)3ROtWLFDPLJUDWRULDHQ&KLOH>&LWDGRGH2FWXEUHGHO

@5HFXSHUDGRGHKWWSZZZPLQLVWHULRGHOLQWHULRUJRYFO

+DUR -  *OREDOL]DFLyQ \ VDOXG GH ORV WUDEDMDGRUHV -RUQDOHURV

DJUtFRODV\SURGXFFLyQGHXYDHQSHVTXHLUD6RQRUD(Q5HY5HJLyQ

\VRFLHGDGYRO;,;1ž0p[LFR')SS±

+HUQiQGH]0/DPLJUDFLyQSHUXDQDHQ&KLOH\VXLQIOXHQFLDHQ

ODV UHODFLRQHV ELODWHUDOHV GXUDQWH HO JRELHUQR GH 0LFKHOOH %DFKHOHW

 7HVLV SDUD REWHQHU JUDGR GH PDJLVWHU HQ HVWXGLRV

LQWHUQDFLRQDOHV8QLYHUVLGDGGH&KLOH6DQWLDJR

+HUQiQGH]5)HUQiQGH]&%DSWLVWD/>@ 0HWRGRORJtD GH

OD,QYHVWLJDFLyQ(G0FJUDZ+LOO(GLFLyQ0p[LFR')

,EixH] 6  (O PpWRGR HV OD SXHVWD HQ IRUPD GH OD SUiFWLFD GH OD

LQYHVWLJDFLyQ VRFLDO (Q 0HWRGRORJtDV GH LQYHVWLJDFLyQ VRFLDO

&DQDOHV0HGLWRU(G/RP6DQWLDJRGH&KLOHSS±

,QGDS0DQXDOGHEXHQDVSUiFWLFDVDJUtFRODV%3/0LQLVWHULRGH

DJULFXOWXUD >&LWDGR HO  GH PD\R GHO @ UHFXSHUDGR GH

KWWSZZZQRGRFRPHUFLRMXVWRFOGHVFDUJDV0DQXDOB%3/B,QGDSSG

I

,QVWLWXWRQDFLRQDOGHHVWDGtVWLFDV6tQWHVLVGHUHVXOWDGRVFHQVR

>&LWDGR HO  RFWXEUH GHO @ UHFXSHUDGR GH

ϴϰ

 KWWSZZZLQHFOFGVLQWHVLVFHQVDOSGI

,QVWLWXWRQDFLRQDOGHHVWDGtVWLFDV5HVXOWDGRVFHQVR>&LWDGRHO

 'LFLHPEUH GHO @ UHFXSHUDGR GH

KWWSUHVXOWDGRVFHQVRFO

,QVWLWXWR QDFLRQDO GH HVWDGtVWLFDV H LQIRUPiWLFD GHO 3HU~ 

(VWDGtVWLFDVGHODHPLJUDFLyQLQWHUQDFLRQDOGHSHUXDQRVHLQPLJUDFLyQ

GH H[WUDQMHURV  >&LWDGR  GH RFWXEUH @ 5HFXSHUDGR GH

KWWSZZZLQHLJRESH

/D (VWUHOOD GH $ULFD  8QRV  PLO H[WUDQMHURV WUDEDMDQ GH PDQHUD
LUUHJXODU HQ $ULFD >&LWDGR  GH MXQLR @ UHFXSHUDGR GH
KWWSZZZHVWUHOODDULFDFOSURQWXVBQRWVVLWHDUWLFSDJV
KWPO

/D7HUFHUD21(0,FRQILUPDDPLQHURVDWUDSDGRVHQ\DFLPLHQWR

$WDFDPD >&LWDGR  GH DJRVWR @ 5HFXSHUDGR GH
KWWSZZZODWHUFHUDFRPQRWLFLDQDFLRQDO
RQHPLFRQILUPDPLQHURVDWUDSDGRVWUDVGHUUXPEHHQ\DFLPLHQWR
HQDWDFDPDVKWPO

/HZHOOHQ 7   >@ ,QWURGXFFLyQ D OD $QWURSRORJtD SROtWLFD (G

%HOODWHUUD%DUFHORQD

/ySH] / 6DOYDWLHUUD % 6iQFKH] + (VWUDGD 5  $QiOLVLVGH ODV
WHRUtDVTXHUHODFLRQDQODPLJUDFLyQ\ODVDOXG(Q6DOXG\PLJUDFLyQ
HQ0p[LFR0HMtD$$XVWUHEHUWD'6DOYDWLHUUD%HGLWRUHV(G
&RHVSR7ROXFDSS±

ϴϱ

0DxDV$/DVDOXG\ODVFRQGLFLRQHVGHWUDEDMR(Q5HY(QIHUPHUtD
,QWHJUDO;;;9,,,;/,,>&LWDGRGHDJRVWR@5HFXSHUDGR
GHKWWSZZZHQIHUYDOHQFLDRUJHLDQWHULRUHVPDVWHURVKWP

0DUFXV*(WQRJUDItDHQGHOVLVWHPDPXQGR(OVXUJLPLHQWRGHOD

HWQRJUDItDPXOWLORFDO$OWHULGDGHVYROQ~PMXOLRGLFLHPEUH
 SS  8QLYHUVLGDG $XWyQRPD 0HWURSROLWDQD 8QLGDG
,]WDSDODSD'LVWULWR)HGHUDO0p[LFR

0DUWtQH] -  (O HQFDQWR GH ORV GDWRV 6RFLRGHPRJUDItD GH OD

LQPLJUDFLyQHQ&KLOHVHJ~QFHQVRGHO>&LWDGRHOMXQLR@

GLVSRQLEOH HQ KWWSVUHSRVLWRULRFHSDORUJELWVWUHDPKDQGOH

6BHVSGI

0DU[ .   >@ 7UDEDMR DVDODULDGR \ FDSLWDO VDODULR SUHFLR \

JDQDQFLD(G$QWHRHGLFLyQ%XHQRV$LUHV

0HQpQGH](\'L3DUGR50LHGRV5LHVJRVHLQVHJXULGDGHV/RV

PHGLRVORVSURIHVLRQDOHV\ORVLQWHOHFWXDOHVHQODFRQVWUXFFLyQVRFLDO

GHODVDOXGFRPRFDWiVWURIH(G&LHVDV%DUFHORQD

0HQpQGH](0RGHORPpGLFR\VDOXGREUHUD\HVWUDWHJLDVGHDFFLyQ

GHOVHFWRUVDOXG(Q5HY1XHYD$QWURSRORJtDYRO9,,1ž0p[LFR

')33±

0HQpQGH](0RGHORPpGLFR\VDOXGGHORVWUDEDMDGRUHV(Q6DOXG

FROHFWLYD (Q FHQWURV GH HVWXGLRV SDUD OD VDOXG YRO  1ž %XHQRV

$LUHVSS±
ϴϲ

 0HxDFD $  6DOXG \ PLJUDFLRQHV VREUH DOJXQRV HQIRTXHV \

FRQFHSWRVHQXVR\RWURVSRUXWLOL]DU)HUQiQGH]*FRRUGLQDGRU(G

$E\D<DOD4XLWRSS±

1LHWR+0HGLFLQD\VDOXGS~EOLFD(G(XGHED%XHQRV$LUHV

2UJDQL]DFLyQ,QWHUQDFLRQDOGHOWUDEDMR&RQFHSWRVEiVLFRVHQVDOXG

ODERUDO >&LWDGR HO  QRYLHPEUH @  5HFXSHUDGR GH

KWWSZZZRLWFKLOHFOSGISXEOLFDFLRQHVVHUVHUSGI

2UJDQL]DFLyQ ,QWHUQDFLRQDO GHO WUDEDMR  &RQIHUHQFLD 2UJDQL]DFLyQ

LQWHUQDFLRQDO GHO WUDEDMR 1ž  HQ *LQHEUD 6XL]D >&LWDGR HO 

QRYLHPEUH @   5HFXSHUDGR GH

KWWSZZZFHRHHV,QIRUPHBBFRQIHUHQFLDBLQWHUQDFLRQDOBWUDEDMRB

BSGI

3DVFXDO0(PSOHRSUHFDULRSURGXFHSREUH]DHQ&KLOH(QWUDEDMR

GHFHQWHYHUVXVWUDEDMRSUHFDULR(Q/HPRQGHGLSORPDWLTXH(G$~Q

FUHHPRVHQORVVXHxRV6DQWLDJRGH&KLOHSS±

3DVFXDO 0  &KLOH ¢PiV FHUFD R OHMRV GHO WUDEDMR GHFHQWH" (Q HO

WUDEDMR(Q/HPRQGHGLSORPDWLTXH(G$~QFUHHPRVHQORVVXHxRV

6DQWLDJRGH&KLOHSS±

5DPtUH]+LWD6>@'RQGHHOYLHQWROOHJDFDQVDGR6LVWHPDV\

ϴϳ

 SUiFWLFDVGHVDOXGHQODFLXGDGGH3RWRVt(G*HQWHFRP~QžHGLFLyQ

/D3D]

6HUYLFLR -HVXLWD GH 0LJUDQWHV  $YDQFHV \ GHVDItRV HQ PDWHULD

PLJUDWRULD >&LWDGR HO  GH PD\R GHO @ UHFXSHUDGR GH
KWWSZZZVMPFKLOHRUJZS

FRQWHQWXSORDGVDYDQFHBPLJUDWRULRVBFRLPSUHVRSGI

6LOYD &  5RMDV 1  /D PLJUDFLyQ HQ &KLOH %UHYH UHSRUWH \

&DUDFWHUL]DFLyQ >&LWDGR HO  GH MXQLR GHO @ UHFXSHUDGR GH

KWWSVZZZH[WUDQMHULDJREFOPHGLDLQIRUPHBMXOLRBDJRVWRB

SGI

6~SHU LQWHQGHQFLD GH VHJXULGDG 6RFLDO 686(62  7DVD GH

DFFLGHQWDELOLGDG >&LWDGR HO  GH PD\R GHO @ 5HFXSHUDGR GH

KWWSZZZVXVHVRJREFOFRPPRQDVSSDJ$WDFKDGRU9LVXDOL]DGRUDV

S"DUJ&U\SWHG'DWD *37N7;GK5-$6:SYK27:]YS%8NTE
(8U%G'XV' DUJ0RGR DUJ2ULJHQ %' DUJ)ODJ<D*UDEDGRV

DUJ$UFKLYR,G 

9HQHJDV68QD*RWDDO'tD«8Q&KRUURDO$xR(OLPSDFWRVRFLDO

GHODH[SDQVLyQIUXWtFROD(GLWRULDO*($6DQWLDJRGH&KLOH








ϴϴ

 $1(;26


$QH[R)RWRJUDItDVGHOWUDEDMRGHFDPSR

(VWHHVHOOXJDUGHWUDEDMRDOFXDOVHWXYRDFFHVR3DUDORVWUDEDMDGRUHV
H[LVWHXQFRQVHQVRGHTXHVXVFRQGLFLRQHV ODERUDOHVVRQSpVLPDVSRUHVR
HQWLHQGHQODLPSRUWDQFLDGHXQDPD\RUILVFDOL]DFLyQDXQTXHVRQFDXWRVFRQ
ODVFRQVHFXHQFLDVTXHHVWROHVSRGUtDWUDHU
 



)RWR1ž$IXHUDVGHOUHFLQWRGHWUDEDMR




)RWR 1ž /XJDU GH WUDEDMR 3DFNLQJ GRQGH VH UHDOL]D HO SURFHVR GH
HPEDODMH


ϴϵ

 

)RWR1ž,QVWUXPHQWRVGHWUDEDMR/D³XxD´VLUYHSDUDFDUJDUPRYLOL]DU\
GHVFDUJDUORVSDOOHWVGHOSDFNLQJDOFDPLyQGHWUDQVSRUWH3RURWUDSDUWHOD
³\HJXD´HVXQFDUURTXHWUDVSRUWDODVFDMDVDOOXJDUGHSHVDMH



)RWR 1ž&DMDV FRQ ODV FXDOHV VH HPEDOD HO SURGXFWR HVWDV SXHGHQ VHU
EODQFDVRQHJUDV




)RWR1ž0iTXLQDHPEDODGRUDGHWRPDWHVTXHORVVHSDUDSRUFDOLEUH$TXt
HOYROWHDGRUHVTXLpQYDFtDODVFDMDV\VHGHWLHQHFDGDYH]TXHVHOOHQDQODV
WyPERODV
ϵϬ

 

)RWR1ž3DOOHWVFRPSOHWRVDODHVSHUDGHVHUFDUJDGRVDOFDPLyQ6HUHDOL]DQ
VHLVHPEDUTXHVFDGDVHPDQDFRQXQDFDUJDGHSDOOHWV



)RWR1ž3URGXFWRHPEDODGR




)RWR 1ž (PEDODGRUD UHDOL]DQGR HO SURFHVR GH HPSDTXHWDGR 6X ODERU
FRQVLVWHHQVHOHFFLRQDUHOSURGXFWR\RUGHQDUOR


ϵϭ

 

)RWR1ž/RV0R]RVOOHYDQODVFDMDVWHUPLQDGDVDOFRQWUROGHFDOLGDGSDUD
VXSRVWHULRUSHVDMH




)RWR1ž/RV3HVDGRUHVVHHQFDUJDQGHOFRQWUROGHFDOLGDG/DVFDMDVGHEHQ
SHVDUDSUR[LPDGDPHQWHNLORVSDUDOXHJRDUPDUXQSDOOHWGHFDMDV




)RWR1ž/RVFDUJDGRUHV6XWUDEDMRFRQVLVWHHQGHVFDUJDUORVFDPLRQHVFRQ
ORVWRPDWHVTXHYLHQHQGHODVFKDFUDVSRVWHULRUPHQWHXQDYH]\DDUPDGRV
ORVSDOOHWVSURFHGHQDVXELUODFDUJDFRQGHVWLQRD6DQWLDJR

ϵϮ

$QH[R1ž3HUILOGHORVHQWUHYLVWDGRV


(QWUHYLVWDGR1ž7UDEDMDGRUDJUtFRODGHDxRVSURFHGHQWHGHODFLXGDG
GH7DFQD(QHOSDFNLQJVHGHVHPSHxDFRPR³PR]R´DXQTXHORVRWURVGtDV
TXH QR KDEtD SDFNLQJ VH GHVHPSHxDED HQ OD FKDFUD UHDOL]DQGR GLYHUVDV
ODERUHV

(QWUHYLVWDGR 1ž 7UDEDMDGRU DJUtFROD GH DxRV SURFHGHQWH GH 3XQR 6H
GHVHPSHxD HQ HO FDPSR R FKDFUD FRPR IXPLJDGRU FRUWDGRU \ WDPELpQ
WUDEDMDQGRHQODVODERUHVGHOSDFNLQJFRPRPR]R\HPEDODGRU

(QWUHYLVWDGR1ž7UDEDMDGRUGHODFRQVWUXFFLyQGHDxRVSURFHGHQWHGH
7LNLQD GHSDUWDPHQWR GH 3XQR VX HVSHFLDOLGDG HV OD DOEDxLOHUtD (Q HO
3DFNLQJVHGHVHPSHxDFRPRSHVDGRU\HQDOJXQDVRFDVLRQHVGHPR]R\ORV
RWURVGtDVTXHQRKD\SDFNLQJVHGHVHPSHxDHQODFKDFUDUHDOL]DQGRGLYHUVDV
ODERUHV

(QWUHYLVWDGD 1ž 7UDEDMDGRUD DJUtFROD \ GH VHUYLFLRV GRPpVWLFRV GH 
DxRVSURFHGHQWHGH3XQR(QHOSDFNLQJVHGHVHPSHxDFRPRHPEDODGRUD\
HQODFKDFUDUHDOL]DODODERUGHKRUPRQHDU\VHPEUDU

(QWUHYLVWDGR1ž6ROGDGRUGHDxRVSURFHGHQWHGH3LXUD(QHOSDFNLQJ
VHGHVHPSHxDFRPRFDUJDGRU\HQODFKDFUDUHDOL]DGLYHUVDVODERUHV

(QWUHYLVWDGD1ž7UDEDMDGRUDDJUtFRODGHDxRVSURFHGHQWHGH3XQR(Q
ODFKDFUDVHGHVHPSHxDHQODVLHPEUD\HQHOFRUWHGHOSURGXFWR


ϵϯ

(QWUHYLVWDGR1ž7UDEDMDGRUDJUtFRODGHDxRVSURFHGHQWHGH3XQR6H
GHVHPSHxDFRPRPR]R\HQHOFDPSRUHDOL]DODERUHVGHFRUWH\IXPLJDFLyQ

(QWUHYLVWDGR1ž)XQFLRQDULRILVFDOL]DGRUGHOD,QVSHFFLyQGHO7UDEDMRGH
$ULFD

$QH[R1ž3DXWDVGHREVHUYDFLyQ\HQWUHYLVWDV

*XtDGH2EVHUYDFLyQ

x (VSDFLRVItVLFRVOXJDUGHWUDEDMR

x %DxRV\&RFLQD

x ,QIUDHVWUXFWXUD

x 6HFWRUDOUHGHGRUHV

x 9HKtFXORV

x 0DTXLQDULDV

x ,PSOHPHQWRVGHWUDEDMRFDMDVSDOOHWV\HJXDV\WRURV

x ÈUHDVULHVJRVDVSLVRWHFKXPEUH\PDTXLQDULDV

x ,QVXPRVLPSOHPHQWRVGHOLPSLH]D\UHPHGLRV

x 'LVWULEXFLyQHVSDFLDOGHORVWUDEDMDGRUHV

x 3RVWXUDGHWUDEDMDGRUHV

x /DERUHVGHFDGDSXHVWR

x 5HODFLRQHVVRFLDOHVHQWUHWUDEDMDGRUHV

ϵϰ

 x 5HODFLyQHQWUHWUDEDMDGRUHV\HPSOHDGRU

x 5HODFLRQHVVRFLDOHVHQWUHWUDEDMDGRUHV\HPSOHDGRU

x +RUDULRVGHLQLFLRFRODFLyQ\WHUPLQRGHODERUHV

x 0LSURSLDXELFDFLyQGHQWURGHHVWHHVSDFLR



*XtDGHHQWUHYLVWD

3UHVHQWDFLyQ REMHWLYRV GH QXHVWUD LQYHVWLJDFLyQ \ SHUPLVR SDUD SRGHU
JUDEDU
'DWRVGHOHQWUHYLVWDGRQRPEUHR3VHXGyQLPRHGDG\UHVLGHQFLD

3UHJXQWDV

 ¢'HTXpOXJDUSURFHGH"HVSHFtILFDPHQWH
 ¢4XpFDXVDVORWUDMHURQDWUDEDMDUDFi"
 ¢/HIXHGLItFLOHQFRQWUDUWUDEDMRVLHQGRH[WUDQMHUR"
 ¢/DVFRQGLFLRQHVGHWUDEDMRVRQODVPLVPDVRYDUtDQGHDFXHUGRDO
SDtV"
 ¢5HDOL]DEDHVWHPLVPRWUDEDMRHQVXSDtV"
 ¢&yPRHQFRQWUyVXSULPHUWUDEDMR"
 ¢6LHQWHTXHKDH[LVWLGRXQDPHMRUDRSURJUHVRFRQUHVSHFWRDFyPR
YLYtDHQVXSDtV"
 ¢&yPRFRQVLJXLyHORpVWHWUDEDMR"VyORSRUPHGLRGHWHUFHURV
 ¢&yPRVRQODVFRQGLFLRQHVGHWUDEDMR"FOLPDWL]DFLyQLQIUDHVWUXFWXUD
\PDTXLQDULDV
¢&yPRLQIOX\HQpVWDVFRQGLFLRQHVHQVXVDOXG"

ϵϱ

 ¢6RQ ODV PLVPDV FRQGLFLRQHV SDUD ORV WUDEDMDGRUHV FKLOHQRV \
H[WUDQMHURV"
¢&yPRHUDQDQWHVODVFRQGLFLRQHVGHWUDEDMR"
¢(QTXpFRQVLVWHVXWUDEDMR"
¢/HHQWUHJDQHOHPHQWRVPtQLPRVSDUDPHMRUDUHOWUDEDMR"
¢7LHQHVRWURWUDEDMRDGHPiVGHpVWH"
¢7LHQHFRQWUDWRGHWUDEDMR"
¢6LHQWHTXHHVWHWUDEDMRFXPSOHODVQRUPDVPtQLPDVGHVHJXULGDG"
¢7LHQHDOJ~QWLSRGHHQIHUPHGDG"
¢7LHQHDQWHFHGHQWHVGHHQIHUPHGDGHQVXIDPLOLD"
¢4Xp WLSR GH FRPSOLFDFLRQHV OH KD WUDtGR HO WUDEDMR" SRVWXUDV
PRYLPLHQWRVUHSHWLWLYRVULHVJRVRDFFLGHQWHV
¢/HFRPSOLFDQORVKRUDULRVGHWUDEDMR"
¢&yPRHVHOULWPRGHWUDEDMR"
¢4XpKDFHHQVXWLHPSROLEUH"
¢([LVWHQHQVXWUDEDMRPHGLGDVSDUDGLVPLQXLUHOULHVJRODERUDO"
¢([LVWHFDSDFLWDFLyQDORVWUDEDMDGRUHVVREUHPHGLGDVGHVHJXULGDGR
SULPHURVDX[LOLRVHQFDVRGHTXHRFXUUDQDFFLGHQWHV"
¢(VWiHQFRQRFLPLHQWRVLH[LVWHDOJXQDOH\ODERUDOTXHORVSURWHMDRVL
SXHGHQDFXGLUDH[WUDQMHUtDHQFDVRGHVHUQHFHVDULR"
¢&yPRGHILQLUtDVWXDPELHQWHGHWUDEDMR"UHODFLRQHVVRFLDOHV
¢&yPRVRQODVUHODFLRQHVFRQWXVMHIHV"
¢6RQORVPLVPRVWUDEDMDGRUHVWRGRVORVDxRV" 
¢7LHQHVFRPSDxHURVGHWUDEDMRTXHVHDQFKLOHQRV"
¢4XpODERUHVVRQODVTXHUHDOL]DQKRPEUHV\PXMHUHVHQHOWUDEDMR"
¢+D\GLIHUHQFLDVVDODULDOHVHQWUHKRPEUHV\PXMHUHV"
¢+D\ XQ WLSR GH GLILFXOWDG HQ HO WUDEDMR WDQWR SDUD KRPEUH FRPR
PXMHU"

ϵϲ

 ¢+DV VHQWLGR TXH OD LQFRUSRUDFLyQ GH PDTXLQDULDV KD PHMRUDGR ODV
FRQGLFLRQHVGHWUDEDMR"
¢/DV PDTXLQDULDV FRPR SRU HMHPSOR OD PiTXLQD FDOLEUDGRUD WH
H[SRQH D ULHVJRV UHODFLRQDGRV FRQ OD LQWHJULGDG ItVLFD R ODV GH WXV
FRPSDxHURV"
¢&yPRHQFXHQWUDVODVFRQGLFLRQHVGHEDxRV\FRFLQD"
¢3LHQVDVTXHKD\HQIHUPHGDGHVUHODFLRQDGDVFRQODFRQGLFLyQGHORV
EDxRV"
¢'yQGH\FyPRVROXFLRQDQORVSUREOHPDVFRPXQHVTXHVHSUHVHQWDQ
HQHOWUDEDMR"
¢$GyQGHDFXGHVSRUSUREOHPDVGHVDOXGGHOWUDEDMR"
¢4XpWLSRGHVLVWHPDGHVDOXG\SUHYLVLyQSRVHHQ"

*XtDGHHQWUHYLVWD

&DUJR)LVFDOL]DGRUHQOD,QVSHFFLyQGHO7UDEDMRHQ$ULFD

3UHJXQWDV

 ¢7LHQH FRQRFLPLHQWR GH FXDQWDV HPSUHVDV IXQFLRQDQ HQ HO YDOOH GH
$]DSD"

 ¢6HILVFDOL]DUHJXODUPHQWHFXDQGRHPSLH]DODWHPSRUDGDGHOWRPDWH"

 ¢4XpSDVDVLWRGRHOSHUVRQDOHVH[WUDQMHUR"

 ¢&XiOHVODIXQFLyQHQFRQFUHWRGHOD,QVSHFFLyQ"
 ¢([LVWHQFDPELRVHQODSROtWLFDGH)LVFDOL]DFLyQ"
 ¢4XpFULWHULRVVHXWLOL]DQDOPRPHQWRGHILVFDOL]DUXQDHPSUHVD"
 ¢&yPRVHSURFHVDODLQIRUPDFLyQGHODVHPSUHVDVTXHVRQ PXOWDGDV
SRULQFXPSOLPLHQWRDODVQRUPDVGHOWUDEDMR"

ϵϳ

  ¢6HUHDOL]DXQPRQLWRUHRSRVWHULRUSDUDYHULILFDUVLPHMRUDURQHQOR
TXHHVWDEDQPDOHYDOXDGRV"
 ¢&XiOHVVRQORVSULQFLSDOHVSUREOHPDVTXHHQIUHQWDODLQVSHFFLyQGHO
WUDEDMRSDUDFXPSOLUFRQVXUROILVFDOL]DGRU"
¢&XiOHV VRQ ODV QRUPDV FRQ PD\RU LQFXPSOLPLHQWR GH ODV
HPSUHVDVR3DFNLQJHQODWHPSRUDGD"
¢+D\GLIHUHQFLDVHQWUHODVHPSUHVDVJUDQGHV\SHTXHxDVHQPDWHULDGH
VHJXULGDG\FRQGLFLRQHVGHHPSOHR"
¢+D\GLIHUHQFLDVHQWUHHOWUDEDMRHQHOKXHUWRHQHOSDFNLQJ"
¢&yPRHVWiRSHUDQGRHOVHFWRUGHODDJUtFRODHQJHQHUDO"
¢&XiOHV VRQ ORV PHFDQLVPRV GH FRQWURO SDUD ORV WUDEDMDGRUHV
H[WUDQMHURV"
¢([LVWH XQD FRPXQLFDFLyQ HQWUH ODV HPSUHVDV \ OD GLUHFFLyQ GHO
WUDEDMR"
¢&yPRFDOLILFDUtDVORVFXPSOLPLHQWRVGHODVQRUPDVHQJHQHUDOGHODV
HPSUHVDVGHOYDOOH"
¢([LVWHLQWHUFDPELRGHLQIRUPDFLyQFRQRWURVRUJDQLVPRVS~EOLFRV"
¢4Xp GHUHFKRV XQLYHUVDOHV WLHQHQ ORV WUDEDMDGRUHV H[WUDQMHURV VLQ
YLVD"
¢/RVWUDEDMDGRUHVH[WUDQMHURVHVWiQFRQVFLHQWHVGHVXVGHUHFKRV"
¢([LVWHXQDFRPXQLFDFLyQHQWUHHVWHRUJDQLVPR\HOORV"
¢+DQ UHFLELGR GHQXQFLDV GH XQ WUDEDMDGRU DJUtFROD H[WUDQMHUR HQ OD
LQVSHFFLyQ"
¢$ TXp WLSRV GH FRPSURPLVRV OOHJDQ FRQ OD HPSUHVD SDUD WHQHU XQ
WUDEDMRFRQWRGRHQUHJOD"

*XtDGHHQWUHYLVWD


ϵϴ

3UHVHQWDFLyQREMHWLYRVGHQXHVWUD,QYHVWLJDFLyQ\SHUPLVRSDUDSRGHU
JUDEDU
(QWUHYLVWDDHPSOHDGRUDJUtFROD
'DWRVGHOHQWUHYLVWDGR1RPEUHR3VHXGyQLPRHGDG\UHVLGHQFLD



3UHJXQWDV
 ¢+DFHFXiQWRIXQFLRQDHVWDHPSUHVD"
 ¢$GyQGHVHGLULJHODSURGXFFLyQ"
 ¢7LHQHRWURVSDULHQWHVTXHVHGHGLTXHQDHVWHUXEUR"
 ¢&XiQWRGXUDODWHPSRUDGDGH7UDEDMR"
 ¢&XiQWRVWUDEDMDGRUHVKD\HQFDGDWHPSRUDGD"
 ¢&yPROOHJDQDOWUDEDMRHVWDVSHUVRQDV"
 ¢6RQODVPLVPDVSHUVRQDVTXHYLHQHQDWUDEDMDUFDGDWHPSRUDGD"
 ¢&XiQWRVWUDEDMDGRUHVH[WUDQMHURVYLHQHQDWUDEDMDU"
 ¢4XpHGDGWLHQHORVWUDEDMDGRUHV"
¢/DHPSUHVDWLHQHWUDEDMDGRUHVHVWDEOHV"
¢&XiOHVVRQODVFRQGLFLRQHVGHWUDEDMR"
¢6HOHVUHDOL]DFRQWUDWRGHWUDEDMR"
¢&XHVWDHQFRQWUDUWUDEDMDGRUHVHQSXHVWRVHVSHFtILFRV"
¢&yPRHVHOVLVWHPDGHSDJRV"VHPDQDOTXLQFHQDO0HQVXDO
¢&XiQWDVKRUDVGHWUDEDMRVRQHQFDGDMRUQDGD"
¢([LVWHQGLIHUHQFLDVVDODULDOHVHQWUHORVWUDEDMDGRUHV"FDUJRV
¢&yPRVRQODVUHODFLRQHVHQWUHWUDEDMDGRUHV\RHPSOHDGRUHV"
¢4XLpQGHVLJQDODVWDUHDVTXHGHEHUHDOL]DUFDGDWUDEDMDGRU"
¢+DWHQLGRDOJ~QSUREOHPDHQFRQWUDWDUPDQRGHREUDH[WUDQMHUD"
¢&XiOHVVRQODVUD]RQHVSDUDFRQWUDWDUH[WUDQMHURV"SHUXDQRV

ϵϵ

 ¢6H OHV UHDOL]D DOJXQD FDSDFLWDFLyQ VREUH ODV ODERUHV TXH GHEHUiQ
GHVHPSHxDU"
¢&yPRHVHOULWPRGHWUDEDMR"
¢/DHPSUHVDUHFLEHLQIRUPDFLyQVREUHVHJXULGDGODERUDO"
¢&XiOHVODSULQFLSDOFDXVDSRUORTXHODJHQWHVHDXVHQWDGHOWUDEDMR"
HQIHUPHGDGHVSDGHFLPLHQWRV
¢+DQRFXUULGRDFFLGHQWHVGHWUDEDMRHQODWHPSRUDGD"
¢'yQGHVHGHULYDQHVWRVFDVRV"
¢&XiOHVVRQODV]RQDVPiVSURSHQVDVTXHRFXUUHQDFFLGHQWHV"
¢6HOHVHQWUHJDDORVWUDEDMDGRUHVLPSOHPHQWRVGHVHJXULGDG"
¢&yPRVRQODVFRQGLFLRQHVDPELHQWDOHVHQHOWUDEDMR"
¢(VWiQFRQVFLHQWHVORVWUDEDMDGRUHVGHORVULHVJRVTXHSXHGHQRFXUULU
HQHOWUDEDMR"
¢3RUTXpFUHHQTXHVHJHQHUDQORVDFFLGHQWHVGHWUDEDMR"
¢&yPRORVWUDEDMDGRUHVSUHYLHQHQORVDFFLGHQWHVGHWUDEDMR"
¢6HKDQSDUDGRODVIDHQDVHQHOWUDEDMRSRUDOJ~QDFFLGHQWH"
¢6DEHQORVWUDEDMDGRUHVSULPHURVDX[LOLRV"
¢&yPR FRQVLGHUDQ ODV FRQGLFLRQHV GH ODV LQVWDODFLRQHV EDxRV \
FRFLQD"
¢([LVWHDOJ~QWUDQVSRUWHTXHORVOOHYHDOWUDEDMR"


ϭϬϬ

Buy your books fast and straightforward online - at one of world’s
fastest growing online book stores! Environmentally sound due to
Print-on-Demand technologies.
Buy your books online at
www.morebooks.shop
¡Compre sus libros rápido y directo en internet, en una de las
librerías en línea con mayor crecimiento en el mundo! Producción
que protege el medio ambiente a través de las tecnologías de
impresión bajo demanda.
Compre sus libros online en
www.morebooks.shop
KS OmniScriptum Publishing
Brivibas gatve 197
LV-1039 Riga, Latvia info@omniscriptum.com
Telefax: +371 686 204 55 www.omniscriptum.com