You are on page 1of 5

(QFXHQWURV\GHVHQFXHQWURV

0DWFKHVDQGPLVPDWFKHV

/DFRPXQLFDFLyQFRQORVSDFLHQWHV
,VDEHO&ULVWLQD1DUDQMR%HUP~GH]D*ORULD3DWULFLD5LFDXUWH*DUFtDE

5(680(1 FRPR VRQUHtU LQWHUSUHWDU ORV JHVWRV GHO


SDFLHQWHVDWLVIDFHUVXVQHFHVLGDGHVFUHDU
/DFRPXQLFDFLyQFRQORVSDFLHQWHVQRVyORVHGDFRQSDODEUDV/DV GLVSRVLFLyQ SDUD HO GLiORJR VHU DVHUWLYR
H[SUHVLRQHVQRYHUEDOHV\HOVLOHQFLRWDPELpQVRQIRUPDVGHFRPX JHQHUDUFRQ¿DQ]DGDUVHJXULGDG\EULQGDU
QLFDFLyQ/RVIXWXURVSURIHVLRQDOHVGHHQIHUPHUtDGHQWURGHQXHVWUD DSR\RDIHFWLYRHQWUHRWUDV
IRUPDFLyQ\SUiFWLFDSURIHVLRQDOHVGHEHPRVDGTXLULUKDELOLGDGHV
\GHVWUH]DVSDUDVDEHULQWHUSUHWDUORTXHXQSDFLHQWHQRVTXLHUH (OREMHWLYRGHHVWHWUDEDMRHVPRVWUDU
H[SUHVDUD~QHQDXVHQFLDGHODVSDODEUDV ODLPSRUWDQFLDGHHVWDEOHFHUXQDFRPXQL
FDFLyQDGHFXDGDFRQHOSDFLHQWHFRPRSLH
3DUD EULQGDU XQ FXLGDGR LQWHJUDO HV LPSRUWDQWH HVWDEOHFHU HQWUH OD
]DIXQGDPHQWDOGHOFXLGDGRGHHQIHUPHUtD
HQIHUPHUD R \HOSDFLHQWHXQDUHODFLyQGHFRQ¿DQ]D\GHD\XGDHQ
OD TXH KD\D GLVSRVLFLyQ DO GLiORJR \ OD HVFXFKD XWLOL]DQGR XQD PHGLDQWHHOUHODWRGHODH[SHULHQFLDYLYLGD
WHUPLQRORJtD FODUD \ FRPSUHQVLEOH TXH IDFLOLWH OD FRPXQLFDFLyQ \ SRUXQDGHODVDXWRUDVHQXQDSUiFWLFDGX
TXH SHUPLWD LGHQWL¿FDU \ VDWLVIDFHU ODV QHFHVLGDGHV GHO SDFLHQWH UDQWHVXSURFHVRGHIRUPDFLyQ
GHIRUPDDVHUWLYD\RSRUWXQD
(VWHWUDEDMRSUHWHQGHGHPRVWUDUDWUDYpVGHXQDH[SHULHQFLDGH
5HODWRGHODH[SHULHQFLD
FXLGDGRHQQXHVWUDSUiFWLFDDFDGpPLFDODLPSRUWDQFLDGHHVWDEOHFHU (Q HO VHUYLFLR GH PHGLFLQD LQWHUQD GHO
FRQ HO SDFLHQWH XQD FRPXQLFDFLyQ DGHFXDGD IXQGDPHQWDGD HQ
KRVSLWDO GRQGH PH HQFRQWUDED KDFLHQGR
SULQFLSLRVpWLFRVTXHVHDJDUDQWHGHOFXLGDGRGHHQIHUPHUtD
ODSUiFWLFDFOtQLFDHQODHQWUHJDGHWXUQR
PHHQWHUpGHTXHODQRFKHDQWHULRUKDEtD
3DODEUDVFODYH&RPXQLFDFLyQHQVDOXG
LQJUHVDGRXQSDFLHQWHQXHYR£QXHYRSDUD
HPSDWtDFXLGDGRVGHHQIHUPHUtD
PtSHUR\D³FRQRFLGR´SRUHOSHUVRQDOGHO
UHODFLyQHQIHUPHUD R ±SDFLHQWH
VHUYLFLR 6H WUDWDED GH XQ SDFLHQWH FRQ
VtQGURPH GH 'RZQ TXH LQJUHVy D FDXVD
GH XQD ~OFHUD SRU SUHVLyQ JUDGR ,9 HQ
HO PLHPEUR VXSHULRU GHUHFKR D QLYHO GHO
FRGRFRQGHVWUXFFLyQGHWHMLGRVEODQGRV
&yPRFLWDUHVWHDUWtFXOR
LQFOX\HQGRP~VFXOR\FRQFRPSURPLVRGH
1DUDQMR%,&5LFDXUWH**3/DFRPXQLFDFLyQFRQORV
SDFLHQWHV,QYHVWHGXFHQIHUP   ODVHVWUXFWXUDVDUWLFXODUHVYHFLQDV&XDQGR
OOHJXpDVXKDELWDFLyQPHGLFXHQWDGHTXH
WHQtDGRORUDOYHUVXGHWHULRURVHQWtWHPRU
5HFLELGRGHDEULOGH XQDGHODVDX[LOLDUHVGHHQIHUPHUtDDOYHU
$SUREDGRGHPDU]RGH PLH[SUHVLyQPHGLMR³pOQRKDEODQRVH
GD FXHQWD GH QDGD´ PiV VRUSUHQGLGD PH
TXHGp DO HVFXFKDU HVWR SXHV \R OR YHtD

,1752'8&&,Ï1

/
D FRPXQLFDFLyQ WHUDSpXWLFD HV HO SURFHVR PHGLDQWH HO
FXDOHOSURIHVLRQDOGHHQIHUPHUtDHVWDEOHFHXQDUHODFLyQ
FRQHOSDFLHQWH3DUDORJUDUXQDHIHFWLYDFRPXQLFDFLyQHVLPSRUWDQWH D (VWXGLDQWHGHHQIHUPHULD9,QLYHO8QLYHUVLGDGGH
WHQHU HQ FXHQWD FDUDFWHUtVWLFDV WDOHV FRPR OD HGDG HO VH[R HO QLYHO $QWLRTXLD&RUUHRHOHFWUyQLFR
HGXFDWLYR HO QLYHO VRFLRHFRQyPLFR \ OD UHOLJLyQ &RQRFLpQGRODV  LVDEHOB#\DKRRFRPDU
SRGHPRVGH¿QLUFyPRDFHUFDUQRVDpOTXpWpUPLQRVXWLOL]DUSDUDORJUDU E (VWXGLDQWHGHHQIHUPHULD9QLYHO8QLYHUVLGDGGH
XQD FRPXQLFDFLyQ DGHFXDGD GRQGH VH HMHU]DQ KDELOLGDGHV \ GHVWUH]DV $QWLRTXLD&RUUHRHOHFWUyQLFR
 JORULDZDO#KRWPDLOFRP

8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD 
&RPPXQLFDWLRQZLWKSDWLHQWV
,VDEHO&ULVWLQD1DUDQMR%HUP~GH]*ORULD3DWULFLD5LFDXUWH*DUFtD

PX\LQGHIHQVRSHURDOPLVPRWLHPSRFRQ $%675$&7
QHFHVLGDG GH TXH DOJXLHQ OH D\XGDUD
0H DFHUTXp D pO \ PH PLUy OR VDOXGp &RPPXQLFDWLRQZLWKSDWLHQWVLVQRWRQO\YHUEDO1RQYHUEDOH[SUH
PHUHVSRQGLyFRQXQJHVWRDPDEOH\PH VVLRQV DQG VLOHQFHV DUH DOVR IRUPV RI FRPPXQLFDWLRQ$V IXWXUH
GLMR DOJR TXH QR HQWHQGt SHUR GH WRGDV QXUVLQJSURIHVVLRQDOVZHVKRXOGOHDUQDELOLWLHVDQGVNLOOVWRDFFXUD
PDQHUDV PH VDOXGyLQVLVWt HQ VHJXLU WHO\LQWHUSUHWZKDWWKHSDWLHQWZDQWVWRH[SUHVVHYHQZKHQZRUGV
OH KDEODQGR KDVWD TXH PH VRQULy PH DUHDEVHQW
SUHJXQWy HQ VXV SRFDV SDODEUDV FODUDV 7R SURYLGH LQWHJUDO FDUH LW LV LPSRUWDQW WR HVWDEOLVK D WUXVWIXO DQG
TXHGyQGHHVWDEDVXPDPi\TXHWHQtD KHOSIXOUHODWLRQVKLSEHWZHHQSDWLHQWDQGQXUVHZKHUHWUXHGLDORJXH
VHGOHGLDJXD\QRODUHFLELyOHVHJXt FDUHIXOOLVWHQLQJFOHDUDQGFRPSUHKHQVLYHWHUPLQRORJ\PDNHHDV\
SUHJXQWDQGR¢TXpTXLHUHV"0HUHVSRQ FRPPXQLFDWLRQSRVVLEOHWRWLPHO\LGHQWLI\DQGVDWLVI\WKHSDWLHQW¶V
GLyDQVLRVDPHQWHTXHTXHUtDXQDEHELGD QHHGV
GHWHUPLQDGD VHJ~Q OH SXGH HQWHQGHU 7KLVDUWLFOHWULHVWRGHPRQVWUDWHWKURXJKDQDFDGHPLFQXUVLQJSUDF
FODUDPHQWHLQGDJXpHQODKLVWRULDFOtQLFD WLFHKRZLPSRUWDQWLVWKHHVWDEOLVKPHQWRIDQDGHTXDWHFRPPXQL
\FRQODMHIDGHOVHUYLFLRVLVHODSRGtD FDWLRQZLWKWKHSDWLHQWJURXQGHGLQWKHHWKLFDOSULQFLSOHVZDUUDQWLQJ
GDU(QYLDPRVSRUODJDVHRVD\FXDQGR WKHQXUVLQJFDUH
OH GLMH TXH OH WHQtD XQD VRUSUHVD PH
PLUy FRQ PXFKR DVRPEUR OH PRVWUp OD .H\:RUGV&RPPXQLFDWLRQLQKHDOWK
ERWHOOD\JULWyFRQHXIRULDHOQRPEUHGH HPSDWK\QXUVLQJFDUHSDWLHQWQXUVHUHODWLRQVKLS
ODJDVHRVDPHGLRODVJUDFLDV\HPSH]y
DWRPDU\DWRPDUKDVWDWHUPLQDUOD
0H GL FXHQWD GH TXH HO SDFLHQWH Vt
HQWHQGtD TXH Vt VH GDED FXHQWD GH WRGR 8QDUHÀH[LyQVREUHODFRPXQLFDFLyQFRQORVSDFLHQWHV
(PSHFpDEULQGDUOHHQHVDPDxDQDWRGRV
³(OVLOHQFLRGHORVSDFLHQWHVHV
ORVFXLGDGRVGHHQIHUPHUtDTXHUHTXHUtD\
LQWHUSUHWDEOHSRUORTXHVXDFHSWDFLyQ
pOPHKDEOyWRGRHOWLHPSRKDVWDTXHORJUp FRPRWDOSXHGHVHUPDVXQDFRQGLFLyQ
HQWHQGHU H LQWHUSUHWDU WRGR VX OHQJXDMH GHVRUGHUDSURIHVLRQDOTXH
&XDQGR WHUPLQp OD URWDFLyQ PH GHVSHGt GHLQFDSDFLGDGGHKDEODU´
GHpO\PHODQ]yXQEHVR
(VWDH[SHULHQFLDQRVPRWLYyDDQDOL]DUTXHDXQTXHHOSDFLHQWH
0H VRUSUHQGLy TXH D OD VHPDQD VHD XQ VHU KHWHUyQRPR QR SXHGH GHMDUVH HQ HO ROYLGR SRUTXH DOOt VH
VLJXLHQWH PH HQYLDUDQ D EXVFDU GHO HQFXHQWUDXQVHUKXPDQRYDOLRVRTXHQHFHVLWDXQFXLGDGRFRQFDOLGDG
VHUYLFLR GRQGH HVWDED SRUTXH GHVGH HO SDUD ORJUDU VX ELHQHVWDU ELRVLFRVRFLDO FRQ OD LQWHUDFFLyQ TXH VH
YLHUQHVQRFRPtDQDGD\HVWDEDHQWUDQGR HVWDEOH]FD
HQGHSUHVLyQFXDQGROOHJXpORVDOXGpWRGR
HOSHUVRQDOGHVDOXGHVWDEDDODH[SHFWDWLYD /DFRPXQLFDFLyQFRQORVSDFLHQWHVQRVyORHVWiGDGDSRUSDODEUDV
SRUTXHQLVXPDGUHKDEtDORJUDGRQDGDeO SXHVFRPRH[SUHVD'HOD&XHVWD ³HOGHVDItRSDUDORVFXLGDGRUHVDKRUD
VyORPHPLUy\FXDQGRPHUHFRQRFLyPH HVKDFHUVHHQWHQGHUGHOSDFLHQWH\HQWHQGHUOHDpOKDEODUFRQpOHQXQ
WRPyODPDQR\KDEOyFRVDTXHQRKDFtD OHQJXDMH TXH SDUD DPERV WHQJD VHQWLGR \ FXDQGR QR KD\D SDODEUDV
GHVGH KDFtD GtDV OH LQVLVWt TXH FRPLHUD HQFRQWUDUODPDQHUDGHFRPXQLFDUVH(OFXLGDGRUWLHQHDKRUDODWDUHDQR
\ DVt OR KL]R VRUSUHQGLGRV WRGRV \ VyORGHKDFHUSRUHOSDFLHQWHVLQRWDPELpQGHFRQYHQFHUORFRQWUXFRV\
PiV \R HQWHQGt TXH OD HPSDWtD ORJUD OD DUWLPDxDVSDUDTXHVHGHMHFXLGDURSDUDSURSRUFLRQDUOHORTXHQHFHVLWD
FRPXQLFDFLyQ\TXHKD\PXFKDVIRUPDV DKRUDKDGHVDEHUORTXHQHFHVLWDKDGHSRGHUVROLFLWDUVXFRRSHUDFLyQ
GHFRPXQLFDUVH \SRU~OWLPRHVWDEOHFHUXQDUHODFLyQGHFXLGDGRSDUDHOORQHFHVLWDGH
XQOHQJXDMH´

 ,QYHVWLJDFLyQ\(GXFDFLyQHQ(QIHUPHUtD0HGHOOtQ9RO;;,91žPDU]RGH
(QFXHQWURV\GHVHQFXHQWURV
0DWFKHVDQGPLVPDWFKHV

6HJ~QODPLVPDDXWRUDHVSRUPHGLRGHODFRPXQLFDFLyQFRPR 2WURIDFWRUTXHDIHFWDODFRPXQLFDFLyQ
ODHQIHUPHUDSXHGHFXPSOLUFRQHOREMHWLYRGHVXSURIHVLyQD\XGDQGR FRQHOSDFLHQWHFRPRORVXVWHQWD-RYHOO
DORVLQGLYLGXRV\DODVIDPLOLDVDSUHYHQLU\DIURQWDUODH[SHULHQFLDGH HVODGLYHUVLGDGGHLQWHUSUHWDFLRQHVTXHVH
OD HQIHUPHGDG \ HO VXIULPLHQWR \ HQ FDVR QHFHVDULR D\XGDUOHV D GDU SXHGDQUHDOL]DUGHFRQFHSWRVFRPRHOGH
VHQWLGRDHVWDVH[SHULHQFLDV´6LQHPEDUJRODUHODFLyQHQIHUPHUD R DWHQFLyQLQWHJUDOGHOSDFLHQWH3DUDDOJXQRV
SDFLHQWHVHYHFDGDYH]PiVDIHFWDGDSRUODEDUUHUDTXHHVWDEOHFHQOD ODDWHQFLyQLQWHJUDOLQFOX\HODLQIRUPDFLyQ
WHFQL¿FDFLyQGHOHQWRUQRORVSURFHGLPLHQWRV\GLDJQyVWLFRVGHORVTXH \ OD FRPXQLFDFLyQ FRQ HO SDFLHQWH \ VX
HOSDFLHQWHDSHQDVWLHQHQRWLFLD\ODPLVPDLPDJHQGHODEDWDEODQFD IDPLOLD SDUD RWURV VLJQL¿FD UHDOL]DU HQ
TXHLPSLGHQXQDFRPXQLFDFLyQPiVÀXLGD\DELHUWD/DDFDGHPLDQRV HO SDFLHQWH WRGRV ORV SURFHGLPLHQWRV TXH
LQFXOFDXQDIRUPDFLyQKXPDQL]DGDSDUDODSUiFWLFDFOtQLFDSHURHVWD QHFHVLWH VLQ LPSRUWDU OR TXH pO VLHQWD
UDUDYH]VHFXPSOHSRUTXHORVSURFHGLPLHQWRVHQDOJXQDVLQVWLWXFLRQHV R SLHQVH DO UHVSHFWR D HVWD YDULHGDG VH
SRUORPHQRVHQQXHVWURPHGLRVHHQFXHQWUDQSURWRFROL]DGRV\WRGRHO VXPD OD GL¿FXOWDG GH FRRUGLQDFLyQ HQWUH
SHUVRQDOVHGHEHUHJLUSRUORTXHDOOtHVWpHVFULWROLPLWDQGRVXHMHUFLFLR SURIHVLRQDOHVHVSHFLDOLVWDV\HQWUHQLYHOHV
SURIHVLRQDO SRU RWUR ODGR H[LVWH XQD WHQGHQFLD FUHFLHQWH KDFLD OD DVLVWHQFLDOHVDYHFHVODGHOLPLWDFLyQGHO
HVSHFLDOL]DFLyQ\ODLQYHVWLJDFLyQDVtDYHFHVQRVLPSRUWDPiVHOFDVR FDPSR SURIHVLRQDO HVWi EDVDGD PiV HQ
FOtQLFRGHOSDFLHQWHSDUDVRFLDOL]DUORHQJUXSRTXHHOSDFLHQWHHQVt FULWHULRVFRUSRUDWLYRVTXHHQODVQHFHVLGDGHV
GHMDQGRDXQODGRODDWHQFLyQGHVXVQHFHVLGDGHVEiVLFDV\HOFXLGDGR GHORVSDFLHQWHV
LQWHJUDOTXHUHTXLHUH
3DUD GDUQRV FXHQWD GH FyPR DVXPH
8QVHJXQGRIDFWRUTXHGLILFXOWDHODFHUFDPLHQWRGHORVSURIHVLR HOSDFLHQWHHOFXLGDGRQRVGHEHPRVSRQHU
QDOHVDORVHQIHUPRVHVODOLPLWDFLyQGHOUHFXUVRKXPDQR\ODIDOWDGH HQVXOXJDUWDOFRPRORSURSRQH9LUJLQLD
WLHPSRSRUTXHHQODPD\RUtDGHODVLQVWLWXFLRQHVKD\SRFRSHUVRQDO +HQGHUVRQ/DHQIHUPHUDGHEHUiHVIRU]DUVH
DOTXHDGHPiVVHOHDVLJQDXQJUDQQ~PHURGHSDFLHQWHV\IXQFLRQHV HQ FRPSUHQGHU DO SDFLHQWH FXDQGR pVWH
(VWDEOHFHU XQD FRPXQLFDFLyQ SOHQDPHQWH KXPDQD HQWUH HQIHUPHUD QR SRVHD OD YROXQWDG OD FRQFLHQFLD R OD
\SDFLHQWHUHTXLHUHWLHPSRFRPRORH[SOLFD-RYHOO (VWRWUDHFRPR IRUWDOH]D QHFHVDULD OD HQIHUPHUD GHEH
FRQVHFXHQFLD XQD LQDGHFXDGD XWLOL]DFLyQ WHUDSpXWLFD GHO \R GHILQL ³SRQHUVH HQ VX OXJDU´ HV GHFLU SRU XQRV
GD FRPR ³OD FDSDFLGDG GH XWLOL]DU OD SURSLD SHUVRQDOLGDG GH IRUPD PRPHQWRV DGRSWDU HO SDSHO GHO HQIHUPR
FRQVFLHQWH\FRQSOHQDLQWHQFLyQSDUDLQWHQWDUHVWDEOHFHUUHODFLRQHV H LQWHQWDU YLYLU GH FHUFD HVD VLWXDFLyQ GH
\HVWUXFWXUDUODLQWHUYHQFLyQGHHQIHUPHUtD5HTXLHUHLQWURVSHFFLyQ LQFHUWLGXPEUH\HQFDPDPLHQWR3DUDTXH
FRPSUHQVLyQGHXQRPLVPRHQWHQGLPLHQWRGHODGLQiPLFDGHODFRQ H[LVWD XQD EXHQD UHODFLyQ SURIHVLRQDO
GXFWDKXPDQDFDSDFLGDGSDUD LQWHUSUHWDUODVDSWLWXGHVSURSLDV\ODVGH HQIHUPHUD ± SDFLHQWH TXH GLVPLQX\D OD
ORVGHPiV\ KDELOLGDGHVSDUDLQWHUYHQLUFRQH¿FDFLDHQODVVLWXDFLRQHV VHQVDFLyQGHVROHGDG HLQGHIHQVLyQGHHVWH
GHHQIHUPHUtD´ ~OWLPRVHGHEHQWHQHUHQFXHQWDVXGHWHULRUR

0HLVWHU GHU 9HUNQGLJXQJ YRQ


$L[ /D$QXQFLDFLyQ GHWDOOH  ÏOHR
VREUHWDEOD[FP6W0DULH
0DGHOHLQH$L]±HQSURYHQFH (QHVWH
GHWDOOHVHYH'LRVSDGUHHQFRPSDxtD
GH GRV iQJHOHV TXH REVHUYDQ GHVGH
XQD EDODXVWUDGD OD DQXQFLDFLyQ GHO
DUFiQJHO*DEULHODODYLUJHQ0DUtD
0LHQWUDV'LRVSDGUHVRVWLHQHODEROD
GHOPXQGRHQVXPDQRL]TXLHUGDFRQ
OD PDQR GHUHFKD HQYtD DO GLPLQXWR
QLxR-HV~VD0DUtDPHGLDQWHXQKD]
GHOX](OQLxRVLPEROL]DHOPLVWHULR
GHODHQFDUQDFLyQGH&ULVWR/DOX]VH
FRQVLGHUDHOOD]RGHXQLyQHQWUH'LRV
\HOVHUKXPDQR

8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD 
/DFRPXQLFDFLyQFRQORVSDFLHQWHV

ItVLFR\SVLFROyJLFRVXFRQRFLPLHQWRVREUHODHQIHUPHGDG  (VLPSRUWDQWHSURSRUFLRQDUDSR\RItVLFR\HPRFLRQDO


DGHPiV SURSRUFLRQDUOH FRPXQLFDFLyQ DSURSLDGD \ XQ DOSDFLHQWHEULQGiQGROHXQWUDWRFRUGLDOFRPSDxtD\
WUDWRGLJQR&RPRORH[SUHVD'HOD&XHVWDHOFXLGDGRU H[SOLFDFLyQHQODUHDOL]DFLyQGHORVSURFHGLPLHQWRV
GHEHKDEODUOHDOSDFLHQWHSHURORLPSRUWDQWHQRVRQWDQWR FRQ¿DQ]D WUDQTXLOLGDG FRPRGLGDG \ SRU ~OWLPR
ODVSDODEUDVVLQRHOWRQRSRUTXHODGLIHUHQFLDGHWRQRHQ GDU DWHQFLyQ RSRUWXQD DO GRORU DFWXDQGR FRQ
XQDPLVPDSDODEUDSXHGHKDFHUTXHVXVLJQL¿FDGRYDUtH UDSLGH]\SHUPLWLpQGROHH[SUHVDUVXVVHQWLPLHQWRV\
FRPSOHWDPHQWH DGHPiV ORV SDFLHQWHV FRQ GL¿FXOWDGHV HPRFLRQHV
SDUDODFRPXQLFDFLyQYHUEDOSXHGHQFDSWDUODH[SUHVLyQ
 3RVLELOLWDUHOGLiORJRWUDEDMDUFRQVHQFLOOH]\KXPLO
TXHDFRPSDxDODVSDODEUDVPDVIiFLOPHQWHTXHODVSDODEUDV
GDGOLGHUDUHOHTXLSRGHWUDEDMRFXPSOLUFRQODSDODEUD
HQ Vt SXHV ³HVWH OHQJXDMH KHFKR GH DGLYLQDFLRQHV GH
GDGDDFHUFDUVHSRQHUVHHQHOOXJDUGHORWURHVFXFKDU
WRQRVGHJHVWRV\FDULFLDVTXHVHYDQLQYHQWDQGR\FUHDQGR
\FRPXQLFDUVHFRQFRUGLDOLGDG
HQODUHODFLyQGHFXLGDGRIRUPDXQOD]RHQWUHHOFXLGDGRU
\HOSDFLHQWH´7RGDODLQWHUDFFLyQHQWUHHOFXLGDGRU\  /ODPDUDOSDFLHQWHSRUVXQRPEUHUHVSHWDUVXLQWLPLGDG
OD SHUVRQD FXLGDGD KDFH TXH VH HVWDEOH]FD XQD UHODFLyQ \VXOLEHUWDGGHGHFLVLyQ
WHUDSpXWLFDIXQGDPHQWDGDHQSULQFLSLRVpWLFRV\YDORUHV 3DUDFRQFOXLUHOSURIHVLRQDOGHHQIHUPHUtDGHEHVHU
PRUDOHV TXH GHEHQ LU HQFDPLQDGRV KDFLD OD FXUDFLyQ \ XQDSHUVRQDFDSD]GHFUHDUSRUPHGLRGHODFRPXQLFDFLyQ
FXLGDGR GH OD GREOH HQIHUPHGDG GHO SDFLHQWH /D GREOH XQD UHODFLyQ WHUDSpXWLFD HQIHUPHUD ± SDFLHQWH HQ OD
HQIHUPHGDGHVHOUHVXOWDGRGHXQDDOWHUDFLyQGHOELHQHVWDU FXDOVHSXHGDFRQRFHUODSHUVRQDFXLGDGDHQWHQGHUVXV
ItVLFR\SVLFROyJLFRHQHVWHVHQWLGRODDWHQFLyQLQWHJUDO QHFHVLGDGHV SUHVWDUOH D\XGD FXDQGR OD QHFHVLWH DOLYLDU
UHTXLHUHODLPSOHPHQWDFLyQGHHVIXHU]RVFRRUGLQDGRVSDUD VXGRORUD~QHQHOFDVRGHTXHQRORSXHGDH[SUHVDU/D
FXLGDUDPEDVQHFHVLGDGHV SURIHVLRQDOGHHQIHUPHUtDGHEHDSUHQGHUDLQWHUSUHWDUORV
8QRGHORVSDSHOHVLPSRUWDQWHVGHODHQIHUPHUD R HV JHVWRV GH VX SDFLHQWH YDOHUVH GH DUWLPDxDV SDUD ORJUDU
GDUDOSDFLHQWHOLEHUWDG\DXWRQRPtDHQVXVGHFLVLRQHVFRQ ODFRPXQLFDFLyQFRQpOVHUDVHUWLYDFUHDWLYDLQJHQLRVD
UHVSHFWRDVXHQIHUPHGDGDOFRQRFLPLHQWRGHVXKLVWRULD QREOHWROHUDQWHUHVSHWXRVDGLVFUHWD\HQWUHPXFKDVRWUDV
FOtQLFDORVWUDWDPLHQWRV\ODUHDOL]DFLyQGHDFFLRQHVTXH FRVDVFDSD]GHORJUDUODHYROXFLyQGHVXSURSLDSURIHVLyQ
OHSHUPLWDQELHQHVWDU TXHUHTXLHUHQXHYRVSURFHVRVSDUDDOFDQ]DUODIRUPDFLyQ
GHOSURIHVLRQDOGHVGHXQDSHUVSHFWLYDPiVJOREDO
3DUD XQ FXLGDGR LQWHJUDO \ XQD FRPXQLFDFLyQ
HIHFWLYD HV LPSRUWDQWH HVWDEOHFHU HQWUH OD HQIHUPHUD R 
\ HO SDFLHQWH XQD UHODFLyQ WHUDSpXWLFD XWLOL]DQGR XQD 5()(5(1&,$6%,%/,2*5È),&$6
WHUPLQRORJtDFODUD\FRPSUHQVLEOHWUDWDQGRGHVDWLVIDFHU
ODVQHFHVLGDGHVGHOSDFLHQWHGHIRUPDDVHUWLYD\RSRUWXQD -RYHOO$- (O VLOHQFLR GH ORV SDFLHQWHV 5HY 52/ (QIHUP
EULQGDQGRGLVSRVLFLyQDOGLiORJRDODHVFXFKDDGHPiV   
OD HQIHUPHUD R  GHEH WHQHU OD FDSDFLGDG GH DFHSWDU DO 'HOD&XHVWD&/DDUWHVDQtDGHOFXLGDGR(VWUDWHJLDVSDUD
SDFLHQWHWDO\FRPRHVJHQHUDUHQpOFRQ¿DQ]D\VHUHQLGDG FXLGDU SDFLHQWHV FRQ GHPHQFLD DYDQ]DGD (Q &XLGDGR
\EULQGDUOHVHJXULGDG\DSR\RDIHFWLYR DUWHVDQDO OD LQYHQFLyQ DQWH OD DGYHUVLGDG  HG 0HGHOOtQ
8QLYHUVLGDGGH$QWLRTXLDS
5HFRPHQGDFLRQHV 5DQJHO 6 +REEOH :+ /DQVLQJHU 7 0DJHUV - 0FNHH 1
0RGHORV GH UHODFLyQ GH SHUVRQD D SHUVRQD (Q 0DUULQHU
$OJXQDVSURSXHVWDVSDUDPHMRUDU\IRUWDOHFHUODFRPXQLFD 7RPH\$0$OOLJRRG050RGHORV\WHRUtDVHQHQIHUPHUtD
FLyQFRQORVSDFLHQWHV HG0DGULG+DUFRXUW%UDFHSS
 -RYHOO$- (O VLOHQFLR GH ORV SDFLHQWHV 5HY 52/ (QIHUP
 /DHQIHUPHUtDGHEHUHSODQWHDUVXSUiFWLFDSDUDDGDSWDUVH
  
DODVQHFHVLGDGHVGHOXVXDULR3DUDHOORHVQHFHVDULRQR
VyORODHQVHxDQ]DGHFRQFHSWRVWHyULFRVVLQRWDPELpQ -RYHOO$- (O VLOHQFLR GH ORV SDFLHQWHV 5HY 52/ (QIHUP
  
GHSULQFLSLRVpWLFRV\YDORUHVPRUDOHVTXHKDJDQGHOD
SUiFWLFDHQIHUPHUDXQDSURIHVLyQKXPDQL]DGD&RPR 5DQJHO 6 +REEOH :+ /DQVLQJHU 7 0DJHUV - 0FNHH 1
IXWXURV SURIHVLRQDOHV QXHVWUD FRQWULEXFLyQ D GLFKR 0RGHORV GH UHODFLyQ GH SHUVRQD D SHUVRQD (Q 0DUULQHU
7RPH\$0$OOLJRRG050RGHORV\WHRUtDVHQHQIHUPHUtD
FDPELR VHUi SRVLELOLWDU XQD UHODFLyQ HQIHUPHUD R 
HG0DGULG+DUFRXUW%UDFHSS
SDFLHQWH FiOLGD \ HPSiWLFD HQ OD TXH HO SDFLHQWH VH
VLHQWD SULRUL]DGR SRU QRVRWURV TXLHQHV HVWDUHPRV -RYHOO$- (O VLOHQFLR GH ORV SDFLHQWHV 5HY 52/ (QIHUP
GLVSXHVWRVDDWHQGHUORHQWRGRPRPHQWR   

 ,QYHVWLJDFLyQ\(GXFDFLyQHQ(QIHUPHUtD0HGHOOtQ9RO;;,91žPDU]RGH
(QFXHQWURV\GHVHQFXHQWURV
0DWFKHVDQGPLVPDWFKHV

$OH[DQGHU-('H0HHVWHU':/DXHU77RPH\$01HDO6( ODLQYHQFLyQDQWHODDGYHUVLGDGHG0HGHOOtQ8QLYHUVLGDGGH
:LLOLDPV6'H¿QLFLyQGHHQIHUPHUtD(Q0DUULQHU7RPH\ $QWLRTXLDS
$0$OOLJRRG 05 0RGHORV \ WHRUtDV HQ HQIHUPHUtD  HG
0DGULG+DUFRXUW%UDFHSS
%,%/,2*5$)Ë$
'H OD &XHVWD & /D DUWHVDQtD GHO FXLGDGR (VWUDWHJLDV SDUD
FXLGDUSDFLHQWHVFRQGHPHQFLDDYDQ]DGD(Q&XLGDGRDUWHVDQDO +HQGHUVRQ93RGHPRVGDUXQSDSHOHVWHODUDORVSDFLHQWHV,QYHVW
ODLQYHQFLyQDQWHODDGYHUVLGDGHG0HGHOOtQ8QLYHUVLGDG HGXFHQIHUP  
GH$QWLRTXLDSS
5LRV &DVWLOOR -$YLOD 5RMDV 7$OJXQDV FRQVLGHUDFLRQHV HQ HO
'HOD&XHVWD&/DDUWHVDQtDGHOFXLGDGR(VWUDWHJLDVSDUD DQiOLVLVGHOFRQFHSWRVDWLVIDFFLyQGHOSDFLHQWH,QYHVWHGXF
FXLGDUSDFLHQWHVFRQGHPHQFLDDYDQ]DGD(Q&XLGDGRDUWHVDQDO HQIHUP  

8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD 

You might also like