You are on page 1of 24

6REUHHOPpWRGRGHODLQWHUSUHWDFLyQGRFXPHQDO\HOXVRGHODV 

62%5((/0e72'2'(/$,17(535(7$&,Ï1
'2&80(17$/<(/862'(/$6,0È*(1(6
(1/$62&,2/2*Ë$.DUO0DQQKHLP
$E\:DUEXUJ\3LHUUH%RXUGLHX
$PDOLD%DUER]D0DUWtQH]

5HVXPHQ(OPpWRGRGHLQWHUSUHWDFLyQGRFXPHQWDOHODERUDGRSRUHO
VRFLyORJR.DUO0DQQKHLPRIUHFHKHUUDPLHQWDVGHDQiOLVLVLQGLFDGDV
SDUDLQWHJUDUPDWHULDOHVYLVXDOHVHQODVLQYHVWLJDFLRQHVVRFLROyJLFDV
(VWRVHGHEHDTXH0DQQKHLPHODERUyHVWHPpWRGREDViQGRVHHQORV
DYDQFHVPHWRGROyJLFRVGHORVKLVWRULDGRUHVGHODUWHGHVXpSRFD(Q
HVWH DUWtFXOR VH SUHVHQWD HQ XQ SULPHU DSDUWDGR ODV FDUDFWHUtVWLFDV
FHQWUDOHV GH HVWH PpWRGR (Q XQD VHJXQGD SDUWH VH PXHVWUD TXH
H[LVWHGRVIRUPDVGHDSOLFDFLyQGHHVWHPpWRGRDODKRUDGHKDFHU
XVR GH ODV LPiJHQHV 3RU XQ ODGR ODV LPiJHQHV SXHGHQ VHU REMHWR
GHOPpWRGRGRFXPHQWDO3RURWURODGRODSURGXFFLyQGHLPiJHQHV
SXHGHQVHUYLUFRPRWpFQLFDSDUDUHDOL]DUXQDQiOLVLVGRFXPHQWDOGH
ODVRFLHGDG

3DODYUDVFODYHPpWRGRGHLQWHUSUHWDFLyQGRFXPHQWDO0DQQKHLP
PDWHULDOHVYLVXDOHVVRFLRORJtD:DUEXUJ%RXUGLHX

'HQWURGHOPDUFRGHODVRFLRORJtDVRQHVFDVRVORVWUDEDMRVHQ
ORVTXHVHKD\DKHFKRXVRGHODLPDJHQYLVXDO(QVXDUWtFXOR³7KH
(DUO\+LVWRU\RI9LVXDO6RFLRORJ\´VXJLHUH&ODULFH6WDV]  TXH
XQDGHODVUD]RQHVGHHVWDH[FOXVLyQVHGHEHDOFDPLQRTXHWXYRTXH
VHJXLUODVRFLRORJtDHQVXVFRPLHQ]RVSDUDSRGHUFRQVWLWXLUVHFRPR
GLVFLSOLQDFLHQWt¿FD/DVRFLRORJtDVHYLRREOLJDGDDODHVSHFLDOL]DFLyQ

 'RXWRUDHP6RFLRORJLDSHOD8QLYHUVLGDGH7pFQLFDGH'UHVGHQGRFHQWHQD8QLYHUVLGDGHGH
)UDQNIXUWDP0DLQ(PDLODPDOLDEDUER]D#FRPSRVHUYHGH
$UWLJRUHFHELGRHPRXWDSURYDGRHPDEU

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
 $PDOLD%DUER]D0DUWLQH]

\FRQVHFXHQWHPHQWHDODGHOLPLWDFLyQGHVXVFRQWRUQRVDSDUWDQGR
WRGR DTXHOOR TXH QR KLFLHVH GH HOOD XQD FLHQFLD H[DFWD 7DQWR OD
XWLOL]DFLyQGHLPiJHQHVFRPRWDPELpQHOXVRGHXQHVWLOROLWHUDULR
KDFtDQGHODVRFLRORJtDXQDGLVFLSOLQDTXHGLItFLOPHQWHSRGtDHOHYDUVH
DDTXHOORTXHVHGH¿QLyFRPR³FLHQFLD´(VWRVHOHPHQWRVYLVXDOHV
\ OLWHUDULRV OLJDQ D OD VRFLRORJtD DO JpQHUR SHULRGtVWLFR DO FDPSR
DUWtVWLFR R D OD OLWHUDWXUD 3DUD SRGHU HVWDEOHFHUVH FRPR ³FLHQFLD´
VH YLHURQ ORV VRFLyORJRV DQWH OD VLWXDFLyQ GH WHQHU TXH OLEUDUVH GH
HVWRV DVSHFWRV \ HODERUDU PpWRGRV TXH HVWXYLHVHQ PDV OLJDGRV DO
FRQRFLPLHQWR GH ODV FLHQFLDV H[DFWDV /RV PpWRGRV FXDQWLWDWLYRV
ODVHVWDGtVWLFDV\HQFXHVWDVRIUHFtDQODSRVLELOLGDGGHH[SRQHUGDWRV
FXDQWL¿FDEOHVGHODVRFLHGDG'HHVWDIRUPDVHIXHURQGHMDQGRGH
ODGR WRGR DTXHO PDWHULDO GRFXPHQWR \ PpWRGR TXH QR DSRUWDVH
XQ FRQRFLPLHQWR FXDQWL¿FDEOH 6LJXLHQGR HVWH DUJXPHQWR PXHVWUD
6WDV] FyPR HQ HO $PHULFDQ -RXUQDO RI 6RFLRORJ\ GHVDSDUHFHQ D
SDUWLUGHODxRORVHVWXGLRVLOXVWUDGRVTXHVHYHQtDQSXEOLFDQGR
GHVGH$SDUWLUGHODVJUi¿FDVGHGDWRVHVWDGtVWLFRVYDQ
GHVSOD]DQGRDODVLPiJHQHV

(VWDH[FOXVLyQGHPDWHULDOHVYLVXDOHVGHODVRFLRORJtDKDKHFKR
TXHORVPpWRGRVXWLOL]DGRVSRUVRFLyORJRVQRVHKLFLHUDQDGHFXDGRV
SDUDHODQiOLVLV\ODXWLOL]DFLyQGHLPiJHQHV(OVRFLyORJRTXHKR\
HQGtDVHSODQWHpODXWLOL]DFLyQGHLPiJHQHVHQVXVLQYHVWLJDFLRQHVVH
YHUiDQWHHOSUREOHPDGHWHQHUTXHHVWDEOHFHUXQPpWRGRDSURSLDGR
SDUDHODQiOLVLV\SDUDHOXVRGHHVWHPDWHULDOYLVXDO

(Q HVWH DUWtFXOR PH SURSRQJR SUHVHQWDU HO PpWRGR GH


LQWHUSUHWDFLyQGRFXPHQWDOGHOVRFLyORJR.DUO0DQQKHLPFRPRXQ
PRGHORHMHPSODUSDUDKDFHUXVRGHODLPDJHQHQODVRFLRORJtD/D
DGHFXDFLyQ GHO PpWRGR GH 0DQQKHLP DO DQiOLVLV GH LPiJHQHV VH
GHEHDTXHpVWHHODERUyVXPpWRGRGHLQWHUSUHWDFLyQGHIHQyPHQRV
FXOWXUDOHV EDViQGRVH HQ ORV DYDQFHV PHWRGROyJLFRV GH OD KLVWRULD
GHODUWHXQFDPSRHQHOTXHORVGRFXPHQWRVYLVXDOHVVRQHOFHQWUR
GH LQWHUpV GHO LQYHVWLJDGRU 0DQQKHLP XWLOL]y HQ VXV HVFULWRV GH
VRFLRORJtDGHODFXOWXUD\GHOFRQRFLPLHQWRGHWHUPLQDGRVFRQFHSWRV
FRPR HO FRQFHSWR GH ³HVWLOR´ R HO FRQFHSWR ³YROXQWDG GH IRUPD´
± ³.XQVWZROOHQ´ ± 5LHJO   TXH SURYLHQHQ GHO FDPSR GH OD

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
6REUHHOPpWRGRGHODLQWHUSUHWDFLyQGRFXPHQDO\HOXVRGHODV 

KLVWRULD \ GH OD WHRUtD GHO DUWH (VWD UHODFLyQ GH OD VRFLRORJtD GH
0DQQKHLPFRQODKLVWRULDGHODUWHKDVLGRHVFDVDPHQWHHVWXGLDGD(V
VDELGRTXHHOKLVWRULDGRU(UZLQ3DQRIVN\  GHVDUUROOyHQ
ORVDxRVWUHLQWDVXPpWRGRGHODLFRQRORJtDEDViQGRVHHQHOPpWRGR
GHLQWHUSUHWDFLyQGRFXPHQWDO0HQRVFRQRFLGRHVTXH0DQQKHLP
  D VX YH] SDUD HODERUDU XQ PpWRGR SDUD OD VRFLRORJtD GH
OD FXOWXUD VH EDVy HQ ODV GLVFXVLRQHV PHWRGROyJLFDV GH DOJXQRV
KLVWRULDGRUHVGHODUWHFRPRSRUHMHPSOR$ORLV5LHJO0D['YRĜiNR
HOPLVPR(UZLQ3DQRIVN\

*UDFLDV D HVWD SUR[LPLGDG GHO PpWRGR GH LQWHUSUHWDFLyQ


GRFXPHQWDO GH 0DQQKHLP D OD GLVFLSOLQD GH OD KLVWRULD \ OD WHRUtD
GHODUWHHVTXHHVWHPpWRGRRIUHFHXQPRGHORLGHDOSDUDHODQiOLVLV
GH LPiJHQHV HQ OD VRFLRORJtD 3RU RWUR ODGR FRPR H[SRQGUp PiV
DGHODQWHHOPpWRGRGHODLQWHUSUHWDFLyQGRFXPHQWDOQRVyORQRVRIUHFH
XQDWpFQLFDGHDQiOLVLVGHODLPDJHQVLQRTXHDODYH]FRQVWLWX\HXQ
PpWRGRTXHHVWiSUHGHVWLQDGRDKDFHUXVRGHODLPDJHQHVWDYH]QR
FRPRREMHWRGHHVWXGLRVLQRFRPRWpFQLFDGHDQiOLVLVVRFLROyJLFR

(QODSULPHUDSDUWHGHHVWHWH[WRSUHVHQWDUpGHIRUPDUHVXPLGD
HOPpWRGRGHLQWHUSUHWDFLyQGRFXPHQWDOSDUDGHVSXpVHQODVHJXQGD
SDUWHUHIHULUPHDGRVSRVLEOHVIRUPDVGHXWLOL]DFLyQGHODVLPiJHQHV
YDOLpQGRVHGHHVWHPpWRGR

$VSHFWRVFHQWUDOHVGHOPpWRGRGHODLQWHUSUHWDFLyQ
GRFXPHQWDO
3DUD HQWHQGHU OD VLQJXODULGDG GHO PpWRGR GH LQWHUSUHWDFLyQ
GRFXPHQWDOHV~WLOYHUFyPRpVWHVHGLIHUHQFLDGHRWURVPpWRGRVGH
DQiOLVLV(QVXVSULPHURVHVFULWRVVREUHODVRFLRORJtDGHODFXOWXUD
0DQQKHLP GLIHUHQFLD HQWUH ODV GLYHUVDV SHUVSHFWLYDV D OD KRUD GH
DQDOL]DUREUDVGHDUWH3RUXQODGRVHSXHGHXWLOL]DUXQPpWRGRTXH
DQDOLFHODREUDGHDUWHGHIRUPDLQPDQHQWH(VWHDQiOLVLVLQPDQHQWH
HV QRUPDOPHQWH XWLOL]DGR HQ HO FDPSR GH OD HVWpWLFD (O PpWRGR
LQPDQHQWHFRQVLVWHHQGHVFULELUORVDVSHFWRVHVWpWLFRVIRUPDOHVGH
XQDREUDRELHQHQXQDQiOLVLVGHORVWHPDV\FRQWHQLGRVH[SOtFLWRV

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
 $PDOLD%DUER]D0DUWLQH]

HQODREUD2WUDSHUVSHFWLYDGHDQiOLVLVRIUHFHHOPpWRGRJHQpWLFR
0LHQWUDVHOPpWRGRLQPDQHQWHDQDOL]DODVFDUDFWHUtVWLFDVHVWpWLFDV\
WHPiWLFDVSUHVHQWHVHQODREUDQRVHWUDWDHQHOPpWRGRJHQpWLFRGH
HVWXGLDUODREUDHQVtVLQRPiVELHQGHDQDOL]DUHOFRQWH[WRVRFLDOH
KLVWyULFRHQTXHODREUDIXHUHDOL]DGD(VWHPpWRGRFRQVLVWHHQDQDOL]DU
ODJpQHVLVVRFLDOGHODVREUDVGHDUWHDTXHOORVDFRQWHFLPLHQWRVTXH
KLFLHURQSRVLEOHVXDSDULFLyQ

1RUPDOPHQWHVHFRQVLGHUDHOPpWRGRJHQpWLFRFRPRHOPpWRGR
GHODVRFLRORJtD(OVRFLyORJRQRWUDWDGLVFXVLRQHVHVWpWLFDVVLQRTXH
DQDOL]D ODV FRQGLFLRQHV VRFLDOHV GHO VXUJLPLHQWR GH XQD FRUULHQWH
DUWtVWLFDRGHXQDREUDGHDUWH

(Q VXV HVFULWRV VREUD OD VRFLRORJtD GH OD FXOWXUD H[SRQH
0DQQKHLP HVWRV GRV PpWRGRV HO PpWRGR LQPDQHQWH \ HO PpWRGR
JHQpWLFRFRPRODVGRVDOWHUQDWLYDVPiVFRPXQHVDODKRUDGHDQDOL]DU
REUDV GH DUWH /D WDUHD TXH pO VH SODQWHD SDUD VX VRFLRORJtD GH OD
FXOWXUDHVODGHGDUFRQXQPpWRGRTXHXQDHVWDVGRVDOWHUQDWLYDV
/D VRFLRORJtD GH OD FXOWXUD SUHWHQGH DQDOL]DU ODV REUDV GH DUWH QR
VHFRQWHQWDFRQXQPpWRGRTXHVyORFRQVLGHUHORVDFRQWHFLPLHQWRV
H[WHULRUHVDODREUD$KRUDELHQHVWHDQiOLVLVGHODREUDQRKDGHVHU
LQPDQHQWH\DTXHQRHVODWDUHDGHOVRFLyORJRHOPHURDQiOLVLVGHODV
FDUDFWHUtVWLFDVHVWpWLFDV\GHORVVLJQL¿FDGRVLQPHGLDWRVH[SUHVDGRV
SRU OD REUD (O LQWHUpV GHO VRFLyORJR VH GLULJH D OD LQIRUPDFLyQ
VRFLDOTXHHVWiSUHVHQWHHQODVLPiJHQHV(OVRFLyORJRGHODFXOWXUD
VLJXLHQGR OD SURSXHVWD GH 0DQQKHLP GHEH DQDOL]DU XQD REUD GH
DUWHGHVFXEULHQGRHQHOODODH[SUHVLyQGHXQDSRVWXUDDQWHHOPXQGR
FDUDFWHUtVWLFD GH OD SRVLFLyQ VRFLDO GHO DUWLVWD GH OD pSRFD R GHO
PRPHQWRVRFLDOHKLVWyULFRHQODTXHODREUDIXHUHDOL]DGD0DQQKHLP
HQFXHQWUDODVtQWHVLVHQWUHHOPpWRGRLQPDQHQWH\HOPpWRGRJHQpWLFR
HQHOPpWRGRTXHpOGHQRPLQDLQWHUSUHWDFLyQGRFXPHQWDO

(QVXHVFULWR³&RQWULEXFLRQHVDODLQWHUSUHWDFLyQGHODYLVLyQGHO
PXQGR´0DQQKHLP  GLIHUHQFLDHQWUHWUHVQLYHOHVGHVHQWLGR
SDUDSRGHUGH¿QLUQLYHOGHOVHQWLGRGRFXPHQWDO(QHOSULPHUQLYHO
ODLPDJHQDSDUHFHFRPRUHSUHVHQWDFLyQGHXQHVWDGRGHFRVDVRGH
XQDVLWXDFLyQVLHQGRUHTXLVLWRVQHFHVDULRVSDUDTXHSRGDPRVFDSWDU

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
6REUHHOPpWRGRGHODLQWHUSUHWDFLyQGRFXPHQDO\HOXVRGHODV 

HVWHSULPHUVHQWLGRHOTXHSRVHDPRVFLHUWDVH[SHULHQFLDVFRWLGLDQDV
SDUD UHFRQRFHUGHWHUPLQDGRV REMHWRV \ WHQJDPRV IDPLOLDULGDG FRQ
ORVSULQFLSLRVHVWLOtVWLFRVGHUHSUHVHQWDFLyQDGRSWDGRVSRUHODUWLVWD
*UDFLDV D HVWRV FRQRFLPLHQWRV SUHYLRV SRGHPRV UHFRQRFHU HQ XQD
LPDJHQODUHSUHVHQWDFLyQGHXQD¿JXUDYRODQGRRGHXQDDSDULFLyQ
FHOHVWLDO (VWH SULPHU QLYHO HV EDXWL]DGR SRU 0DQQKHLP FRPR
VHQWLGRREMHWLYR8QVHJXQGRQLYHOVHUH¿HUHDOFRQWHQLGRH[SUHVLYR
TXHHOUHDOL]DGRUGHODLPDJHQSUHVXPLEOHPHQWHLQWHQWDPDQLIHVWDUD
WUDYpVGHODUHDOL]DFLyQGHVXREUD$HVWHVHJXQGRQLYHOORQRPEUD
0DQQKHLP VHQWLGR H[SUHVLYR /D LQWHUSUHWDFLyQ GH XQ IHQyPHQR
FXOWXUDOQRVHLQWHUUXPSHFXDQGRLGHQWL¿FDPRVVXVHQWLGRREMHWLYR
\FRPSUHQGHPRVODLQWHQFLyQGHOVXMHWRVLQRTXHSXHGHSURVHJXLU
HQXQWHUFHUQLYHOGHVHQWLGRVHSXHGHGHVYHODUHQXQDLPDJHQORV
SULQFLSLRVIXQGDPHQWDOHVGHXQDSRVWXUDKDFLDODUHDOLGDGVREUHORV
FXDOHV HOOD UHSRVD SDVDQGR HVWH IHQyPHQR D VHU FRPSUHQGLGR GH
HVWDPDQHUDFRPRPDQLIHVWDFLyQRGRFXPHQWRGHXQDGHWHUPLQDGD
FRQFHSFLyQGHOPXQGR(QHVWHSODQRQRQRVRFXSDPRVPiVFRQOR
TXHHODUWLVWDTXHUtDH[SUHVDUVLQRFRQODYLVLyQGHOPXQGRTXHVH
PDQL¿HVWDHQVXREUD(VWHVHQWLGRHQSULQFLSLRRFXOWRFRQVLVWLUtD
GHDFXHUGRFRQ0DQQKHLPHQHOVHQWLGRHVHQFLDOGHORVIHQyPHQRV
FXOWXUDOHV\HVFDUDFWHUL]DGRFRPRVHQWLGRGRFXPHQWDO

(Q HVWH WHUFHU QLYHO GH LQWHUSUHWDFLyQ QR QRV UHIHULPRV D


DFRQWHFLPLHQWRV H[WHUQRV D OD REUD VLQR TXH D WUDYpV GH OD REUD
GDPRVFRQODFRQFHSFLyQGHOPXQGRTXHHQpVWDVHPDQL¿HVWD(VWH
WHUFHUQLYHOGHLQWHUSUHWDFLyQHVHOPpWRGRTXH0DQQKHLPFRQVLGHUD
LQGLFDGRSDUDXQDQiOLVLVVRFLROyJLFRGHODFXOWXUD

6LJXLHQGRHOPpWRGRGH0DQQKHLPHOKLVWRULDGRUGHODUWH(UZLQ
3DQRIVN\    HODERUy XQ PpWRGR SDUHFLGR TXH WDPELpQ
GLVFXUUHHQWUHVQLYHOHVGHLQWHUSUHWDFLyQ/DWHRUtDGH3DQRIVN\YDUtD
HQ DOJXQRV DVSHFWRV GHO PRGHOR RULJLQDO GH 0DQQKHLP (O SULPHU
QLYHO GH LQWHUSUHWDFLyQ TXH HQ 3DQRIVN\ HV EDXWL]DGR FRPR QLYHO
SUHLFRQRJUi¿FR \ HO WHUFHU QLYHO GH OD LQWHUSUHWDFLyQ GRFXPHQWDO
TXHHQ3DQRIVN\FRQVWLWX\HHOQLYHOLFRQROyJLFRFRQFXHUGDQFRQHO
PRGHORGH0DQQKHLP6yORHQHOVHJXQGRQLYHOGHLQWHUSUHWDFLyQVH
GLIHUHQFLDQORVGRVPRGHORV0DQQKHLPVHUH¿HUHDODLQWHQFLyQGHO

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
 $PDOLD%DUER]D0DUWLQH]

DXWRU\3DQRIVN\VHUH¿HUHHQVXVHJXQGRQLYHOGHLQWHUSUHWDFLyQ
HO QLYHO LFRQRJUi¿FR DO FRQRFLPLHQWR OLWHUDULR TXH HV WUDQVPLWLGR
D WUDYpV GH OD REUD (VWH FRQRFLPLHQWR OLWHUDULR QRV SHUPLWH SRU
HMHPSORHQWHQGHUTXHODLPDJHQGHXQJUXSRGHSHUVRQDVFRPLHQGR
UHSUHVHQWDOD~OWLPDFHQD

(OWHUFHUQLYHOGHLQWHUSUHWDFLyQHOPpWRGRGHLQWHUSUHWDFLyQ
GRFXPHQWDO \ HO PpWRGR LFRQROyJLFR RIUHFH XQD SHUVSHFWLYD GH
DQiOLVLV GH LPiJHQHV TXH VH GLIHUHQFLD FODUDPHQWH GH ORV RWURV
QLYHOHVGHVHQWLGR(QHOWHUFHUQLYHOQRVHWUDWDGHGDUFRQHOVHQWLGR
REMHWLYRFRQORTXHHQXQSULQFLSLRODLPDJHQUHSUHVHQWDWDPSRFR
GH GHVFXEULU OD LQWHQFLyQ GHO DXWRU VHQWLGR H[SUHVLYR  R HO WHPD
PLWROyJLFRUHSUHVHQWDGR VHQWLGRLFRQRJUi¿FR VLQRGHHQWHQGHUOD
LPDJHQFRPRGRFXPHQWRGHXQDDFWLWXGHPRFLRQDOSHFXOLDUDOSHUtRGR
RDODVRFLHGDGHQODTXHIXHSURGXFLGD(OLQYHVWLJDGRUTXHKDJDXVR
GHHVWHPpWRGRWHQGUiODWDUHDGHHOHYDUDTXHOORVWUD]RV\DVSHFWRV
FDUDFWHUtVWLFRVGHXQDREUDTXHWUDLJDQDUHOXFLUGHIRUPDHYLGHQWHOD
VLQJXODULGDGGHXQJUXSRVRFLDORGHXQDpSRFDGHWHUPLQDGD(UZLQ
3DQRIVN\SRUHMHPSORKDPRVWUDGRFyPRODVUHSUHVHQWDFLRQHVGH
ODVSURSRUFLRQHVGHOFXHUSRKXPDQRHQGLIHUHQWHVpSRFDV\FXOWXUDV
SXHGHQVHUHVWXGLDGDVFRPRGRFXPHQWRVVLQJXODUHVGHODVGLIHUHQWHV
FRQFHSFLRQHV GHO PXQGR (Q RWUR WUDEDMR KD DQDOL]DGR 3DQRIVN\
ORVVLVWHPDVGHSHUVSHFWLYDXWLOL]DGRVHQ YDULDV pSRFDV \ FXOWXUDV
\D TXH HQ HVWRV VLVWHPDV VH KDFH SDWHQWH ODV GLIHUHQWHV IRUPDV GH
SHUFHSFLyQ\FRQFHSFLRQHVGHOPXQGR/DLQWHUSUHWDFLyQGRFXPHQWDO
RLFRQROyJLFDPXHVWUDFRPRHQHVWDVGLIHUHQFLDVGHFRPSRVLFLyQGHO
HVSDFLRRGHWpFQLFDVGHUHSUHVHQWDFLyQGHOFXHUSRVHSXHGHQH[WUDHU
FODURV GRFXPHQWRV GH OD FRQFHSFLyQ GHO PXQGR GH ODV GLIHUHQWHV
pSRFDV

(VWH PpWRGR TXH KD WHQLGR VX PD\RU UHSHUFXVLyQ HQ HO
FDPSR GHO DUWH SXHGH VHU LJXDOPHQWH XWLOL]DGR SDUD HO DQiOLVLV GH
VLWXDFLRQHVVRFLDOHVRGHRWURVIHQyPHQRVFXOWXUDOHVTXHQRWLHQHQ
SRU TXH VHU H[SUHVDGRV GH IRUPD YLVXDO 0DQQKHLP SRU HMHPSOR
TXH VH SODQWHy OD DSOLFDFLyQ GH HVWH PpWRGR HQ OD VRFLRORJtD GH
OD FXOWXUD SDUD HO DQiOLVLV GH WRGR IHQyPHQR FXOWXUDO UHDOL]y VXV
DQiOLVLVFRQFUHWRVQRHQHOFDPSRGHODSURGXFFLyQGHLPiJHQHVRHQ

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
6REUHHOPpWRGRGHODLQWHUSUHWDFLyQGRFXPHQDO\HOXVRGHODV 

HOFDPSRGHODVREUDVGHDUWHVLQRHQHOFDPSRGHODSURGXFFLyQGH
FRQRFLPLHQWR(QVXVWUDEDMRVGHVRFLRORJtDGHOFRQRFLPLHQWRDQDOL]D
0DQQKHLP  ORVGLIHUHQWHVHVWLORVGHSHQVDPLHQWR /D
WDUHD FRQVLVWH HQ DQDOL]DU ODV GLIHUHQWHV IRUPDV GH SHQVDU FRPR
WDPELpQ ORV GLIHUHQWHV WHPDV \ FRQFHSWRV XWLOL]DGRV SRU GLVWLQWRV
SHQVDGRUHV (Q HVWH DQiOLVLV GHVFXEUH 0DQQKHLP OD H[LVWHQFLD GH
FODUDV GLIHUHQFLDV HVWLOtVWLFDV (VWDV GLIHUHQFLDV QR VRQ WUDWDGDV GH
IRUPD LQPDQHQWH (V GHFLU 0DQQKHLP QR UHDOL]D VRODPHQWH XQ
DQiOLVLVGHODVIRUPDVGHSHQVDURGHORVFRQFHSWRVHLGHDVGHFDGD
HVWLORGHSHQVDPLHQWR(VWHQLYHOGHDQiOLVLVHVVXSHUDGRSRUHOWHUFHU
QLYHOGHODLQWHUSUHWDFLyQGRFXPHQWDO/DVGLIHUHQFLDVIRUPDOHV\GH
FRQWHQLGRHQWUHSHQVDGRUHVVRQLQWHUSUHWDGDVFRPRGLIHUHQFLDVTXH
VDFDQDUHOXFLUODVFRQFHSFLRQHVGHOPXQGRGHFDGDSHQVDGRU

(VGHVHxDODUTXHHQHVWDDSOLFDFLyQGHOPpWRGRGRFXPHQWDO
D RWURV FDPSRV FXOWXUDOHV FRPR HO GHO FRQRFLPLHQWR HO DQiOLVLV
GLVFXUUHFRPRVLVHWUDWDUDGHXQDQiOLVLVGHLPiJHQHV0DQQKHLP
GHVFXEUH SRU HMHPSOR HQWUH GLIHUHQWHV SHQVDGRUHV R ELHQ XQD
WHQGHQFLD D OD DEVWUDFFLyQ R ELHQ XQD WHQGHQFLD D OR FRQFUHWR DVt
WDPELpQ XQD WHQGHQFLD D OD H[SRVLFLyQ VLVWHPiWLFD IRUPDO R XQD
WHQGHQFLDDXQDH[SRVLFLyQGLQiPLFD(VWDVGLIHUHQFLDVGHHVWLORHQ
HOFDPSRGHOFRQRFLPLHQWRSXHGHQLJXDOPHQWHDSDUHFHUDODQDOL]DU
LPiJHQHV\REUDVGHDUWH

/DDPSOLDFLyQGHOPpWRGRGRFXPHQWDODRWURVFDPSRVVXSRQH
XQ DVSHFWR FHQWUDO GHO PpWRGR GRFXPHQWDO 0RVWUDU SDUDOHOLVPRV
GH HVWLOR HQWUH GLIHUHQWHV FDPSRV FXOWXUDOHV FRQVWLWX\H SDUD
0DQQKHLPODWDUHDFHQWUDOGHOVRFLyORJRGHODFXOWXUD(OVRFLyORJR
GHOFRQRFLPLHQWRRHOVRFLyORJRGHODUWHSXHGHQOLPLWDUHODQiOLVLV
GRFXPHQWDODXQFDPSRGHHVWXGLR(OVRFLyORJRGHODFXOWXUDWLHQH
HQ FDPELR OD ODERU GH DQDOL]DU YDULRV FDPSRV FXOWXUDOHV SDUD HQ
WRGRVHOORVGDUFRQHOPLVPRVHQWLGRGRFXPHQWDO/DWDUHDFRQVLVWH
HQHVWDEOHFHUVHPHMDQ]DVGHHVWLORHQWUHGLIHUHQWHVHVIHUDVFXOWXUDOHV
SDUDDVtGHVFXEULUODFRQFHSFLyQGHOPXQGRTXHHPDQDGHWRGDVHOODV
0DQQKHLP UHWRPD HO FRQFHSWR GH ³HTXLYDOHQFLD´ (QWVSUHFKXQJ 
GHOKLVWRULDGRUGHODUWH0D['YRĜiNSDUDGH¿QLUHVWDDPSOLDFLyQGHO
PpWRGRGRFXPHQWDODYDULRVFDPSRVFXOWXUDOHV6HWUDWDGHPRVWUDU

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
 $PDOLD%DUER]D0DUWLQH]

ODVWHQGHQFLDVHTXLYDOHQWHVHQWUHIHQyPHQRVFXOWXUDOHVGHXQDPLVPD
pSRFDRGHXQPLVPRJUXSRVRFLDO

(OPpWRGRGHODVRFLRORJtDGHODFXOWXUDFRQVLVWHSXHVHQXQD
H[WHQVLyQ GHO PpWRGR GRFXPHQWDO D YDULDV HVIHUDV FXOWXUDOHV (VWH
PpWRGRWLHQGHDXQWUDEDMRLQWHUGLVFLSOLQDU\DTXHHOLQYHVWLJDGRU
WUDWDUiGHDQDOL]DUYDULRVIHQyPHQRVSDUDHQFRQWUDUODVWHQGHQFLDV
FDUDFWHUtVWLFDVFRPXQHV

/DDSOLFDFLyQGHXQPpWRGRLQWHUGLVFLSOLQDUVHVLJXLyGHXQD
IRUPDHMHPSODUHQHOFHQWURGHLQYHVWLJDFLyQGHOKLVWRULDGRUGHODUWH
$E\:DUEXUJGRQGH(UZLQ3DQRIN\HQFRQWUyXQOXJDULGHDOSDUD
OOHYDUDODSUiFWLFDHOPpWRGRLFRQROyJLFR$QWHVGH3DQRIVN\$E\
:DUEXUJKDEtDXWLOL]DGRODGH¿QLFLyQ³LFRQRORJtD´SDUDUHIHULUVHD
XQHVWXGLRLQWHUGLVFLSOLQDUHQGRQGHODKLVWRULDGHODUWHQRHVWXYLHVH
UHVWULQJLGDDXQDQiOLVLVSXUDPHQWHIRUPDOGHODVREUDVGHDUWH/D
LFRQRORJtD FRPR 3DQRIVN\ H[SRQH HQ VXV HVFULWRV WHyULFRV WLHQH
HOREMHWLYRQRVyORGHDQDOL]DUHOVHQWLGRGRFXPHQWDOGHXQDREUD
VLQR WDPELpQ GH FRPSDUDU OR TXH HO LQYHVWLJDGRU FUHH TXH HV HO
VLJQL¿FDGR GRFXPHQWDO GH OD REUD FRQ HO VLJQL¿FDGR GRFXPHQWDO
GHRWURVGRFXPHQWRVTXHWHVWL¿TXHQVREUHODVWHQGHQFLDVSROtWLFDV
SRpWLFDV UHOLJLRVDV ¿ORVy¿FDV \ VRFLDOHV GH OD SHUVRQDOLGDG
SHUtRGRSDtVRJUXSRVRFLDOTXHHVWpLQYHVWLJDQGR 3DQRIVN\
S   (Q OD E~VTXHGD GHO VLJQL¿FDGR GRFXPHQWDO HV GRQGH ODV
GLIHUHQWHV GLVFLSOLQDV VH HQFXHQWUDQ XQLGDV HQ XQD LQYHVWLJDFLyQ
FRP~Q 3DQRIVN\ TXH VH GHGLFy D OD VLVWHPDWL]DFLyQ WHyULFD GH
HVWHPpWRGRHQFRQWUyODSRVLELOLGDGGHVXDSOLFDFLyQHQHOLQVWLWXWR
:DUEXUJ /D ELEOLRWHFD GHO LQVWLWXWR :DUEXUJ IXH FRQFHELGD SDUD
HVWHWLSRGHLQYHVWLJDFLyQLQWHUGLVFLSOLQDU:DUEXUJGHGLFyWRGDVX
YLGDDOHVWXGLRGHODFRQFHSFLyQGHOPXQGRGHODDQWLJHGDGFOiVLFD
\GHVXYLJHQFLDHQODFXOWXUDRFFLGHQWDODORODUJRGHOWLHPSR3DUD
HVWDLQYHVWLJDFLyQVHUHFRSLOyHQODELEOLRWHFDGHOLQVWLWXWRWRGRWLSR
GHSXEOLFDFLRQHVGHGLFDGDVHOHVWXGLRGHFXDOTXLHUIHQyPHQRGHOD
DQWLJHGDG FOiVLFD \ GH VX GHVDUUROOR D OR ODUJR GH ODV pSRFDV /D
LQYHVWLJDFLyQ\FRQHOORODUHFRSLODFLyQGHOLEURVDEDUFDHQHOSODQR
KRUL]RQWDOWRGRVORVIHQyPHQRVFXOWXUDOHVSRVLEOHV\HQHOSODQR
YHUWLFDOWRGDVODVpSRFDVHQGRQGHVHUHFRJHQUDVWURVGHODWUDGLFLyQ

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
6REUHHOPpWRGRGHODLQWHUSUHWDFLyQGRFXPHQDO\HOXVRGHODV 

FOiVLFD /D ELEOLRWHFD IXH RUJDQL]DGD GH WDO IRUPD TXH SHUPLWLHVH
HVWDEOHFHUVHPHMDQ]DVHQWUHORVGLIHUHQWHVFDPSRVGLVFLSOLQDUHVSDUD
DVtPRVWUDUODUHOHYDQFLDGHHVWDWUDGLFLyQHQWRGRVHVWRVFDPSRV

 0QHPRV\QH/iPLQD /iPLQD
 ³0DFURFRVPRV\0LFURFRVPRV´ ³/D1LQID´(Q*RPEULFK  

3RURWURODGR\GHJUDQLPSRUWDQFLDSDUDHOXVRGHODLPDJHQ
HQ OD LQYHVWLJDFLyQ :DUEXUJ GHVDUUROOy XQ PpWRGR HQ HO TXH OD
LPDJHQDFW~DFRPRGRFXPHQWRFHQWUDOSDUDLQYHVWLJDUODVWHQGHQFLDV
FDUDFWHUtVWLFDVGHXQDFXOWXUD:DUEXUJGHQRPLQyHVWHSUR\HFWRHO
$WODV 0QHPRV\QH XQ $WODV GH OD PHPRULD YLVXDO 6REUH WRGR HQ
ODV H[SUHVLRQHV FRUSRUDOHV GRFXPHQWDGDV SRU PHGLR GH LPiJHQHV
D OR ODUJR GH ORV VLJORV :DUEXUJ TXLVR PRVWUDU FyPR OD FXOWXUD
RFFLGHQWDOJXDUGDXQDPHPRULDFXOWXUDOTXHVLJXHYLJHQWH&RQHVWH
REMHWLYRVHH[SRQtDQORVUHVXOWDGRVGHODLQYHVWLJDFLyQDWUDYpVGH
XQDWpFQLFDYLVXDORUJDQL]DQGRODVIRWRJUDItDVHQXQDVSDQWDOODVGH
IRQGRQHJUR *RPEULFK 

(O SUR\HFWR 0QHPRV\QH QR VRODPHQWH VH FRQVWLWXtD GH


XQD FROHFFLyQ GH UHSURGXFFLRQHV GH REUDV GH DUWH VLQR WDPELpQ
GH UHSURGXFFLRQHV IRWRJUi¿FDV GH WRGR WLSR GH LPiJHQHV FRPR

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
 $PDOLD%DUER]D0DUWLQH]

DQXQFLRV SXEOLFLWDULRV VHOORV R HVWDPSDV 3DUD HVWD E~VTXHGD GH


LPiJHQHVH[LVWtDHQHOLQVWLWXWR:DUEXUJXQODERUDWRULRIRWRJUi¿FR\
XQIRWyJUDIRSOHQDPHQWHGHGLFDGRDODVLQYHVWLJDFLRQHVGHOLQVWLWXWR
'H HVWDV IRUPD ORJUy :DUEXUJ DPSOLDU HO FDPSR GH WUDEDMR GHO
KLVWRULDGRUDWRGRGRFXPHQWRYLVXDOSRVLEOH

$QWHV FRQFOXLU FRQ HVWH SULPHU DSDUWDGR TXLVLHUD UHFDSL


WXODQGRGH¿QLUHOPpWRGRGRFXPHQWDOHQXPHUDQGRVXVSULQFLSDOHV
FDUDFWHUtVWLFDV

  VHWUDWDGHXQPpWRGRGHDQiOLVLVGHLPiJHQHVFRPRWDPELpQ
GH RWURV IHQyPHQRV FXOWXUDOHV HQ GRQGH VH DQDOL]DQ ORV
DVSHFWRVWDQWRIRUPDOHVFRPRGHFRQWHQLGRFDUDFWHUtVWLFRV
GHOREMHWRGHHVWXGLRVLQOLPLWDUVHDXQDQiOLVLVLQPDQHQWH
VLQR TXH DQDOL]DQGR OD FRQFHSFLyQ GHO PXQGR TXH VH
H[SUHVDDWUDYpVGHHVWRVDVSHFWRVUHVDOWDGRV

  SRU RWUR ODGR HO PpWRGR GRFXPHQWDO VXSRQH WDPELpQ OD


DPSOLDFLyQ GHO DQiOLVLV GRFXPHQWDO D YDULRV IHQyPHQRV
FXOWXUDOHV(ODQiOLVLVQRVHDFRWDDXQFDPSRVLQRTXHSRU
HOFRQWUDULRKDFHYHUTXHHQODVGLIHUHQWHVHVIHUDVFXOWXUDOHV
GH XQD pSRFD GH XQD JHQHUDFLyQ R GH JUXSR VRFLDO VH
H[SUHVDXQHVWLORFRP~QDWRGDVHOODV(VSRUHVRTXHHO
PpWRGRGRFXPHQWDOQRVRODPHQWHVXSRQHODVXSHUDFLyQGH
XQDQiOLVLVIRUPDOHLQPDQHQWHVLQRWDPELpQODVXSHUDFLyQ
GH XQ DQiOLVLV DXWyQRPR \ HVSHFLDOL]DGR WHQGLHQGR D
SURPRYHUXQDQiOLVLVLQWHUGLVFLSOLQDU

/DVGLIHUHQWHVIXQFLRQHVGHODLPDJHQHQODLQWHUSUHWDFLyQ
GRFXPHQWDO
6LELHQH[LVWHQYDULDVIRUPDVGHDSOLFDFLyQGHODVLPiJHQHV
D ODV LQYHVWLJDFLRQHV VH SXHGH GLIHUHQFLDU SULQFLSDOPHQWH HQWUH
GRVWLSRV3RUXQODGRXQDLPDJHQSXHGHVHUYLVWDFRPRREMHWRGH
HVWXGLR HV GHFLU FRPR GRFXPHQWR GH OD FRQFHSFLyQ GHO PXQGR
GHO SURGXFWRU R SURGXFWRUHV GH OD LPDJHQ 3RU RWUR ODGR VH SXHGH
FRQFHELUODSURGXFFLyQGHLPiJHQHVFRPRWpFQLFDGHGRFXPHQWDFLyQ

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
6REUHHOPpWRGRGHODLQWHUSUHWDFLyQGRFXPHQDO\HOXVRGHODV 

GHORVDVSHFWRVSHFXOLDUHVGHXQDVRFLHGDG(QHVWHDSDUWDGRYR\D
UHIHULUPHDHVWRVGRVWLSRVGHDSOLFDFLyQGDQGRDOJXQRVHMHPSORVGH
LQYHVWLJDFLRQHVHQGRQGHVHKDKHFKRXVRGHGRFXPHQWRVYLVXDOHV
+D\TXHDFODUDUTXHVHWUDWDGHWLSRVTXHELHQSXHGHQ\VXHOHQGDUVH
GHIRUPDFRPSOHPHQWDULDHQXQDLQYHVWLJDFLyQ

,PDJHQFRPRREMHWRGHHVWXGLR
(Q OD KLVWRULD GHO DUWH HO XVR FRUULHQWH GHO PpWRGR GH OD
LQWHUSUHWDFLyQ GRFXPHQWDO VH EDVD HQ XQ DQiOLVLV GH ODV LPiJHQHV
SDUDDWUDYpVGHpVWDVHVWXGLDUODFRQFHSFLyQGHOPXQGRGHODUWLVWD
6LJXLHQGRHVWDSHUVSHFWLYDHOLQYHVWLJDGRUFHQWUDVXDQiOLVLVHQORV
DVSHFWRVFDUDFWHUtVWLFRVGHXQDREUDGHDUWHFRPRSXHGHVHUODWpFQLFD
DSOLFDGD OD IRUPD GH UHSUHVHQWDFLyQ HO WLSR GH FRPSRVLFLyQ ORV
WHPDVUHSUHVHQWDGRVSDUDGHVFXEULUHQHVWRVDVSHFWRVGRFXPHQWRV
FODYHVGHODFRQFHSFLyQGHOPXQGRGHXQDpSRFDGHXQJUXSRVRFLDO
RGHXQDJHQHUDFLyQGHWHUPLQDGD(OLQYHVWLJDGRUUHVDOWDDTXHOORTXH
SRUXQODGRFDUDFWHUL]DODREUD\TXHSRURWURH[SUHVDODFRQFHSFLyQ
GHO PXQGR GHO SURGXFWRU (Q HVWH VHQWLGR XQ GHWHUPLQDGR FXDGUR
HQ GRQGH HO DUWLVWD XWLOL]D XQD SLQFHODGD FRUWD GH GLVWLQWRV FRORUHV
\X[WDSXHVWRV VH VXHOH HQ OD KLVWRULD GHO DUWH FDWDORJDU FRPR XQ
FXDGURLPSUHVLRQLVWD(VWDFDUDFWHUtVWLFDHVWpWLFDH[SUHVDDODYH]XQD
GHWHUPLQDGDSRVWXUDGHODUWLVWD(QHVWHVHQWLGRHOHVWLORLPSUHVLRQLVWD
KDVLGRFRQVLGHUDGRFRPRXQGRFXPHQWRGHODH[FLWDFLyQYLVXDOGHO
KRPEUHPRGHUQR

0iVDOOiGHOiPELWRGHODKLVWRULDGHODUWHGHVGHXQDSHUVSHFWLYD
GHODVFLHQFLDVGHODFXOWXUDFRPRVHPRVWUyHQHOLQVWLWXWR:DUEXUJVH
KDKHFKRXVRQRVyORGHREUDVGHDUWHVLQRGHWRGRWLSRGHGRFXPHQWR
YLVXDOSDUDHVWXGLDUXQDGHWHUPLQDGDFXOWXUD7DPELpQHQHOFDPSR
GH OD VRFLRORJtD GH OD FXOWXUD HQFRQWUDPRV HVWXGLRV GRQGH WDQWR
LPiJHQHV FRPR REMHWRV HVSDFLRV \ PRQXPHQWRV VRQ DQDOL]DGRV
FRPR GRFXPHQWRV GH XQD pSRFD (O VRFLyORJR *HRUJ 6LPPHO SRU
HMHPSOR VL ELHQ HQ VXV HQVD\RV QR LQFOX\H OD UHSURGXFFLyQ GH
PDWHULDOHV YLVXDOHV KDFH UHIHUHQFLD FRQVWDQWH DO PXQGR YLVXDO GH

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
 $PDOLD%DUER]D0DUWLQH]

ODVRFLHGDGPRGHUQD6LPPHOLQGDJDHQHOVLJQL¿FDGRGRFXPHQWDO
GHIHQyPHQRVFRPRODVH[SRVLFLRQHVGHDUWHODPRGDODVJUDQGHV
FLXGDGHVHOGLQHURRHOPDUFRGHODVREUDVGHDUWH(QVXOLEUR/D
¿ORVRItD GHO GLQHUR 6LPPHO   HVWiQ UHXQLGRV YDULRV GH VXV
DQiOLVLVFRQHOREMHWLYRGHKDFHUYHUFyPRDOJXQRVIHQyPHQRVFRPR
ODPRGD\HOGLQHURVHHQFXHQWUDQLQWUtQVLFDPHQWHUHODFLRQDGRV\D
TXHDPERVVRQGRFXPHQWRVFHQWUDOHVGHODFRQFHSFLyQGHOPXQGR
GHODPRGHUQLGDG

8QD SHUVSHFWLYD VHPHMDQWH D OD GHO PpWRGR GRFXPHQWDO


OD HQFRQWUDPRV WDPELpQ HQ HO SUR\HFWR GH ORV 3DVDMHV SUR\HFWR
LQDFDEDGR GHO VRFLyORJR :DOWHU %HQMDPtQ GRQGH ORV SDVDMHV
FRPHUFLDOHV GH ODV FLXGDGHV SULQFLSDOHV GH (XURSD VRQ DQDOL]DGRV
FRPRGRFXPHQWRVFHQWUDOHVGHODVRFLHGDGFDSLWDOLVWD %XFN0RUVV
  %HQMDPLQ QR VyOR DQDOL]y ORV HVSDFLRV GH ODV FLXGDGHV GH
3DULV %HUOtQ \ 1iSROHV VLQR TXH WDPELpQ VH GHGLFy DO HVWXGLR
GHO PRYLPLHQWR GH ODV SHUVRQDV HQ ODV FLXGDGHV DO HVWXGLR GH ODV
PHUFDQFtDV GH LPiJHQHV SXEOLFLWDULDV HWF 'HVJUDFLDGDPHQWH
VRODPHQWHKDQTXHGDGRXQDFROHFFLyQGHQRWDV1RWDVTXHVHUH¿HUHQ
DGRFXPHQWRVGHWRGRWLSRTXHIXHURQDUFKLYDGRVFRQXQPtQLPRGH
FRPHQWDULRVSDUDGHVSXpVVHURUGHQDGRVFRPRVLVHWUDWDVHGHXQ
UHWUDWRVREUHODLQGXVWULDFXOWXUDOGHOVLJOR;,;

(Q HVWRV GRV DXWRUHV *HRUJ 6LPPHO \ :DOWHU %HQMDPLQ


HQFRQWUDPRVODDSOLFDFLyQGHOPpWRGRGRFXPHQWDOHQVXDPSOLDFLyQ
DWRGRVORVFDPSRVGHODFXOWXUDYLVXDOSRVLEOHVFRPRFRUUHVSRQGH
DODVRFLRORJtDGHODFXOWXUD<DQRVRQVyORODVREUDVGHORVDUWLVWDV
VLQRWRGDODSURGXFFLyQGHXQDVRFLHGDGSDVDDVHUREMHWRGHHVWXGLR
6HSRGUtDGHFLUTXHHOPpWRGRGHLQWHUSUHWDFLyQGRFXPHQWDOFRQVLVWH
HQDPSOLDUHOFDPSRGHHVWXGLRGHOFDPSRGHODUWHDWRGDODFXOWXUD
YLVXDO

&RP~Q D WRGRV HVWRV HMHPSORV HV HO DQiOLVLV GH PDWHULDOHV


YLVXDOHV\DH[LVWHQWHV8QDYDULDQWHSRVLEOHGHQWURGHHVWDSHUVSHFWLYD
VXSRQHHOSODQL¿FDUHQODLQYHVWLJDFLyQODSURGXFFLyQGHORVGDWRVTXH
YDQDVHUREMHWRGHHVWXGLR(QXQDLQYHVWLJDFLyQGHORVDQWURSyORJRV
6RO:RUWK\-RKQ$GDLU  VREUHODFRQFHSFLyQGHOPXQGRGH

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
6REUHHOPpWRGRGHODLQWHUSUHWDFLyQGRFXPHQDO\HOXVRGHODV 

ORVLQGLRVQDYDMRVVHSURSXVRMXVWDPHQWHODSURGXFFLyQGHPDWHULDO
YLVXDO

)RWR-RKQQ\1HOVRQVKRRWLQJ )RWR$OWD.DKQVKRRWLQJ³1DYDMR
³1DYDMR6LOYHUVPLWK´3LQH6SULQJV :HDYHU,,´3LQH6SULQJV$UL]RQD
$UL]RQD-XO\SKRWRE\'LFN -XO\SKRWRE\'LFN&KDOIHQ
&KDOIHQ(QKWWSDVWURWHPSOH (QKWWSDVWURWHPSOHHGXaUFKDOIHQ
HGXaUFKDOIHQQDYDMRKWPO QDYDMRKWPO
 

(Q HVWD LQYHVWLJDFLyQ VH LQFHQWLYy D ODV SHUVRQDV REMHWR GH


HVWXGLR D TXH GXUDQWH XQ WLHPSR UHDOL]DVHQ IRWRV SDUD GHVSXpV
SRGHUKDFHUXVRGHHVWDVIRWRJUDItDVFRPRGRFXPHQWRVGHVXIRUPD
HVSHFt¿FDGHYHUHOPXQGR(QODLQYHVWLJDFLyQGH6RO:RUWK\-RKQ
$GDLU VH XWLOL]DURQ FiPDUDV GH YLGHR SDUD TXH ORV LQGLRV QDYDMRV
¿OPDVHQWHPDVGHVXYLGDFRWLGLDQD/DIRUPDGH¿OPDUORVWHPDV
\HQIRTXHVHOHJLGRVWUDMHURQDODOX]ODSHFXOLDUIRUPDGHSHUFLELU
HO HQWRUQR GH HVWD FRPXQLGDG 0iV DGHODQWH HQ XQD FRPSDUDFLyQ
GHHVWDV¿OPDFLRQHVFRQODVUHDOL]DGDVSRUDPHULFDQRVEODQFRVVH
SXGLHURQUHFRQRFHUGLIHUHQFLDVVLJQL¿FDWLYDVVREUHODSHUFHSFLyQGHO
HVSDFLR\HOWLHPSRGHORVLQGLRVQDYDMRV

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
 $PDOLD%DUER]D0DUWLQH]

$ SDUWH GH HVWD SODQL¿FDFLyQ GH OD FUHDFLyQ GH PDWHULDO


YLVXDO D VHU LQYHVWLJDGR WXYR HQ HVWD LQYHVWLJDFLyQ OD SURGXFFLyQ
GH PDWHULDO YLVXDO XQ SDSHO FHQWUDO 6RO :RUWK \ -RKQ $GDLU VH
SURSXVLHURQ FRQVWLWXLU XQD DQWURSRORJtD YLVXDO TXH QR VyOR WRPH
FRPR REMHWR GH HVWXGLR PDWHULDOHV YLVXDOHV VLQR TXH WDPELpQ
LQFOX\DODGRFXPHQWDFLyQIRWRJUi¿FDHQODLQYHVWLJDFLyQ6RO:RUWK
\-RKQ$GDLUUHDOL]DURQXQDGRFXPHQWDFLyQIRWRJUi¿FDGHOHVSDFLR
\ODVFRVWXPEUHVGHORVLQGLRVQDYDMR(VWHWLSRGHGRFXPHQWDFLyQ
IRWRJUi¿FD QRV OOHYD D RWUD IRUPD GH XWLOL]DFLyQ GH OD LPDJHQ
GLVWLQWRGHOKDVWDDKRUDH[SXHVWR/DLPDJHQ\DQRHVXWLOL]DGDSDUD
VHU DQDOL]DGD FRPR GRFXPHQWR GH OD FRQFHSFLyQ GHO PXQGR GHO
SURGXFWRURSURGXFWRUHVGHODLPDJHQVLQRTXHODLPDJHQOHVLUYH
DKRUDDOLQYHVWLJDGRUFRPRWpFQLFDGHGRFXPHQWDFLyQ\SUHVHQWDFLyQ
GH DTXHOODV VLWXDFLRQHV \ DVSHFWRV GH XQD VRFLHGDG TXH UHVXOWHQ
GRFXPHQWRVHMHPSODUHVGHpVWD

/DLPDJHQFRPRWpFQLFDGHDQiOLVLV
1RUPDOPHQWH HO VRFLyORJR HVWXGLD XQD VRFLHGDG UHDOL]DQGR
HQWUHYLVWDVJUXSRVGHGLVFXVLyQRGHVFULSFLRQHVGHVXVH[SHULHQFLDV
TXHVRQOOHYDGDVDOSDSHOVLELHQPXFKRVGHORVGDWRVGHODLQYHVWLJDFLyQ
VHEDVDQHQH[SHULHQFLDVYLVXDOHV(QHVWDVREVHUYDFLRQHVGHOPXQGR
YLVXDOHOLQYHVWLJDGRUWLHQHTXHUHDOL]DUXQDHVSHFLHGHWUDGXFFLyQ
SDUD SDVDU ORV GDWRV YLVXDOHV D OD GHVFULSFLyQ HVFULWD GHMDQGR
PXFKRVHOHPHQWRVGHODGRTXHGLItFLOPHQWHVHSXHGHQH[SRQHUHQ
XQ WH[WR (VWD ODERU GH WUDGXFFLyQ OD HQFRQWUDPRV SRU HMHPSOR HQ
HOSUR\HFWRGHORV3DVDMHVGH:DOWHU%HQMDPtQ3DUDHVWHSUR\HFWR
%HQMDPLQ XWLOL]y XQ PpWRGR GH DQiOLVLV GH OD VRFLHGDG EDVDGR
SULQFLSDOPHQWHHQH[SHULHQFLDVYLVXDOHV(OPpWRGRGHORV3DVDMHV
FRQVLVWLy HQ XWLOL]DU XQD ³H[SHULHQFLD VHQVRULDO´ TXH VH DVHPHMD D
ODH[SHULHQFLDGHDOJXLHQTXHFDPLQDSRUODVFDOOHVGHXQDFLXGDG
(OFDPLQDQWHUHFRJHDORODUJRGHOSDVHRXQDFDQWLGDGGHLPiJHQHV
VREUHHVWDFLXGDGFRPRVLIXHVHGRFXPHQWDQGRVXSDVHRDWUDYpVGH
ODFiPDUD1RFRQVWDTXH%HQMDPLQKLFLHUDXVRGHODIRWRJUDItDSHUR
PXFKDV GH ODV HVFHQDV TXH pO GHVFULEH VH SDUHFHQ D GHVFULSFLRQHV

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
6REUHHOPpWRGRGHODLQWHUSUHWDFLyQGRFXPHQDO\HOXVRGHODV 

GH VHFXHQFLDV IRWRJUi¿FDV TXH UHFRJHQ HO FRPSRUWDPLHQWR GH ODV


SHUVRQDVHQODFLXGDG(VVDELGRTXHSDUDHOSUR\HFWRGHORV3DVDMHV
%HQMDPLQIXHUHFROHFWDQGRLPiJHQHVHQVXVSDVHRVHQDUFKLYRV\
TXH LQFOXVR IXH FROHFFLRQDQGR REMHWRV GXUDQWHV WRGRV VXV YLDMHV
&RPRH[SOLFD6XVDQ%XFN0RUVV  TXHVHSURSXVRUHFRQVWUXLU
HO SUR\HFWR LQDFDEDGR GH %HQMDPtQ EXVFDQGR ODV LPiJHQHV D
ODV TXH VH UH¿HUH %HQMDPtQ HQ VXV QRWDV VXSRQH HVWD FROHFFLyQ
GH LPiJHQHV HO UHVXOWDGR FHQWUDO GH OD LQYHVWLJDFLyQ 1R VyOR ORV
HQVD\RV\REVHUYDFLRQHVVLQRMXVWDPHQWHHVWRVPDWHULDOHVYLVXDOHV
FRQIRUPDQODLQYHVWLJDFLyQGH%HQMDPLQVREUHODFXOWXUDXUEDQDGHO
VLJOR;,;\FRPLHQ]RVGHOVLJOR;;

(VWi GRFXPHQWDFLyQ YLVXDO VXSRQH HQ Vt XQD LQWHUSUHWDFLyQ


GRFXPHQWDO SXHV HO LQYHVWLJDGRU QR VyOR HOLJH HO HQIRTXH \ OD
SHUVSHFWLYDDGHFXDGDVLQRTXHWDPELpQVHOHFFLRQDDTXHOODVLPiJHQHV
\VHFXHQFLDVTXHDpOOHSDUHFHQPiVUHSUHVHQWDWLYDVSDUDH[SRQHU
ORHVSHFt¿FRGHVXREMHWRGHHVWXGLR(VWDVHOHFFLyQHVHOSURGXFWR
GH XQD LQWHUSUHWDFLyQ GRFXPHQWDO TXH WDO YH] IXQFLRQH GH IRUPD
LQFRQVFLHQWHSHURTXHVLJXHHOSULQFLSLRIXQGDPHQWDOFDUDFWHUtVWLFR
GHHVWHPpWRGRHOUHVDOWDUDTXHOORVHOHPHQWRVTXHGRFXPHQWDQOR
HVSHFt¿FRGHXQJUXSRVRFLDO

(VWHXVRGHODLPDJHQHVHOTXHVHKDYHQLGRXWLOL]DQGRVREUH
WRGR HQ LQIRUPHV IRWRJUi¿FRV R HQ SHOtFXODV GRFXPHQWDOHV 3HUR
WDPELpQKDKDELGRGHQWURGHODVGLVFLSOLQDVDFDGpPLFDVSUR\HFWRV
SDUDLQWHJUDUODSURGXFFLyQYLVXDODODVLQYHVWLJDFLRQHV

8QHMHPSORGHODXWLOL]DFLyQGHIRWRJUDItDVHQODLQYHVWLJDFLyQ
VRFLDO IXH HO SUR\HFWR GH OD )DUP 6HFXULW\ $GPLQLVWUDWLRQ )6$ 
OOHYDGR D FDER HQ ORV DxRV YHLQWH HQ (VWDGRV 8QLGRV HQ GRQGH
WUDEDMDURQ IRWyJUDIRV \ FLHQWt¿FRV VRFLDOHV MXQWRV (Q HVWD
LQYHVWLJDFLyQ VH LQFOX\y FRPR PpWRGR FHQWUDO GH DQiOLVLV OD
SURGXFFLyQ GH IRWRJUDItDV eVWDV IXHURQ UHDOL]DGDV SRU IRWyJUDIRV
TXH UHFLEtDQ LQGLFDFLRQHV GH XQ JUXSR GH FLHQWt¿FRV FRPR SRU
HMHPSORXQDOLVWDGHWHPDVSDUDRUJDQL]DUHOUHSRUWDMHIRWRJUi¿FR
(QVHOHHQFDUJyD3DXO9DQGHUELOWODRUJDQL]DFLyQ\HODUFKLYR
GH ODV PiV GH FLHQ PLO IRWRJUDItDV GH OD )6$ 9DQGHUELOW SURSXVR
XQDRUJDQL]DFLyQGHODVIRWRJUDItDVSHURVXWUDEDMRQROOHYyDXQD

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
 $PDOLD%DUER]D0DUWLQH]

SUHVHQWDFLyQ R¿FLDO GH ODV IRWRJUDItDV FRPR UHVXOWDGR ¿QDO GH OD
LQYHVWLJDFLyQ

/D LQWHJUDFLyQ GH ODV LPiJHQHV HQ OD SUHVHQWDFLyQ GH ORV
UHVXOWDGRVGHLQYHVWLJDFLRQHVKDVLGR\VLJXHVLHQGRKR\HQGtDXQ
SUREOHPD SDUD HO LQYHVWLJDGRU \D TXH pVWH VH YH DQWH OD VLWXDFLyQ
GHWHQHUTXHLUPiVDOOiGHODVIRUPDVWUDGLFLRQDOHVGHSUHVHQWDFLyQ
GHQWUR GHO FDPSR GH OD SURGXFFLyQ FLHQWt¿FD (O VRFLyORJR 3LHUUH
%RXUGLHXDFDWDHVWDUHVHUYDGHORVFLHQWt¿FRVVRFLDOHVDXQD³FHQVXUD
GHOSXGRUFLHQWt¿FR´ %RXUGLHXS eOPLVPRVHYLRREMHWR
GH HVWD DXWRFHQVXUD D OR ODJR GH VX H[SHULHQFLD FRPR VRFLyORJR
3XHV VL ELHQ %RXUGLHX UHDOL]y LQQXPHUDEOHV IRWRJUDItDV HQ VXV
LQYHVWLJDFLRQHV QXQFD VH SHUPLWLy OD LQFOXVLyQ GH pVWH PDWHULDO
6REUHWRGRHQVXVSULPHUDVLQYHVWLJDFLRQHVVREUHODVRFLHGDGDUJHOLQD
IXH SDUD %RXUGLHX OD SUiFWLFD GH OD GRFXPHQWDFLyQ IRWRJUi¿FD XQ
PpWRGRLPSUHVFLQGLEOHGHDQiOLVLV'XUDQWHVXHVWDQFLDHQ$UJHOLD
UHDOL]y %RXUGLHX PiV GH  IRWRJUDItDV 5HWURVSHFWLYDPHQWH
FRQVLGHUD %RXUGLHX TXH pO PLVPR VH FHQVXUy OD SUHVHQWDFLyQ GH
HVWRVUHVXOWDGRVYLVXDOHVFRPRWDPELpQGHRWURVUHVXOWDGRVOLWHUDULRV
D FDXVD GH ³OD SUHRFXSDFLyQ GH QR OOHJDU D VHU OR VX¿FLHQWHPHQWH
FLHQWt¿FR´ %RXUGLHXS 

(Q ORV ~OWLPRV DxRV GH VX YLGD VH SURSXVR %RXUGLHX OD
UHFRSLODFLyQGHHVWHPDWHULDOYLVXDOMXQWRFRQODD\XGDGHODUHYLVWD
GH IRWRJUDItD &DPDUD $XVWULD (VWH WUDEDMR YLVXDO TXH KD VLGR
SXEOLFDGRSyVWXPDPHQWHQRVPXHVWUDTXH%RXUGLHXKL]RXVRGHOD
SURGXFFLyQIRWRJUi¿FDGHXQDIRUPDVLVWHPiWLFDVLJXLHQGRSUR\HFWRV
FRQFUHWRV 8QR GH ORV SUR\HFWRV GH DQiOLVLV YLVXDO IXH HO HVWXGLR
GH OR TXH %RXUGLHX OODPy OD ³HFRQRPtD GH OD PLVHULD´ S   HV
GHFLUGHORVHVSDFLRV\PHFDQLVPRVTXHORVKRPEUHVLQYHQWDQSDUD
VREUHYLYLUFRPRSRUHMHPSORODFUHDFLyQGHIRUPDVWUDQVSRUWDEOHV
GHFRPHUFLR IRWR 0XFKDVGHODVIRWRJUDItDVSHUWHQHFHQDHVWD
VHULHVREUHFRPHUFLRVWUDQVSRUWDEOHV

2WURV GH ORV WHPDV GH DQiOLVLV YLVXDO GH %RXUGLHX FRQVLVWLy
HQ EXVFDU VLWXDFLRQHV HQ GRQGH VH GLHUDQ GLIHUHQWHV ³UHDOLGDGHV

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
6REUHHOPpWRGRGHODLQWHUSUHWDFLyQGRFXPHQDO\HOXVRGHODV 

GLVRQDQWHV´ S HQGRQGHVHKLFLHUDSDWHQWHODGLVRQDQFLDHQWUH


ODFXOWXUDWUDGLFLRQDODUJHOLQD\ODFXOWXUDRFFLGHQWDO IRWR 

)RWR(Q%RXUGLHX S )RWR(Q%RXUGLHX S

6H SXHGH YHU FODUDPHQWH TXH ODV IRWRV DFRPSDxDURQ ODV


LQYHVWLJDFLRQHV\ODVUHÀH[LRQHVWHyULFDVTXH%RXUGLHXGHVDUUROOyHQ
$UJHOLD0XFKDVGHODVIRWRJUDItDVHVWiQGHVWLQDGDVDGRFXPHQWDUORV
HVSDFLRVXWHQVLOLRV\RFXSDFLRQHVGHORVDUJHOLQRV0iVDOOiGHXQD
DQiOLVLVGHOHQFXHQWURHQWUHUHDOLGDGHVGLVRQDQWHVHVWXGLy%RXUGLHX
FyPR OD VRFLHGDG DUJHOLQD LED SRFR D SRFR VXFXPELHQGR DQWH OD
LQÀXHQFLDGHODSROtWLFDFRORQLDO\DQWHODSURSDJDFLyQGHODHFRQRPtD
FDSLWDOLVWD %RXUGLHX DQDOL]D HVWD ³FRQYHUVLyQ´ GH XQD VRFLHGDG
WUDGLFLRQDO D XQD VRFLHGDG FDSLWDOLVWD QR VRODPHQWH HVWXGLDQGR HO
FDPELRGHOVLVWHPDHFRQyPLFRVLQRDODYH]DQDOL]DQGRFyPRXQD
HFRQRPtDGLULJLGDDODSUHYHQFLyQ\DOFiOFXORUDFLRQDOVXSXVRXQD
WUDQVIRUPDFLyQGHODVIRUPDVGHYLGD\GHODPHQWDOLGDGHVGHFLUGHO
KDELWXVGHORVDUJHOLQRV/DSURGXFFLyQIRWRJUi¿FDVLUYLySDUDFDSWDU
ORVDVSHFWRVFHQWUDOHVGHOKDELWXVGHHVWDFXOWXUDHQWUDQVIRUPDFLyQ
HQWRGRVORVFDPSRVSRVLEOHVGHVGHODFRQVWUXFFLyQGHODVYLYLHQGDV
DODRUJDQL]DFLyQGHOFHPHQWHULR

(OFRQFHSWRGHKDELWXVQRVOOHYDRWUDYH]DORVKLVWRULDGRUHV
GHODUWH\HQFRQFUHWRDOKLVWRULDGRU(UZLQ3DQRIVN\(QYDULRVGHVXV
HVFULWRVWHyULFRV\PHWRGROyJLFRVLQGLFD%RXUGLHXTXHHOFRQFHSWR

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
 $PDOLD%DUER]D0DUWLQH]

FHQWUDOGHVXWHRUtDHOFRQFHSWRGHKDELWXVSURYLHQHGHOKLVWRULDGRU
GHODUWH(UZLQ3DQRIVN\%RXUGLHXVHUH¿HUHFRQFUHWDPHQWHDOOLEUR
GH3DQRIVN\  VREUHODDUTXLWHFWXUD\ODHVFROiVWLFDHQODHGDG
PHGLD(QHVWHHVWXGLRPXHVWUD3DQRIVN\FyPRHOPLVPRKDELWXVOD
PLVPDFRQFHSFLyQGHOPXQGRGHOPHGLRHYRVHHQFXHQWUDSUHVHQWH
HQHODUWH\HQHOSHQVDPLHQWRGHODpSRFD(OFRQFHSWRGHKDELWXV
WDPELpQIXHXWLOL]DGRSRU0DQQKHLP S HQHOWH[WRVREUH
HOPpWRGRGHODLQWHUSUHWDFLyQGRFXPHQWDO(VSXHVHQHVWDWUDGLFLyQ
HQODTXHODVRFLRORJtDGH%RXUGLHX\HQFRQFUHWRVXVLQYHVWLJDFLRQHV
VREUH$UJHOLDKDQGHVHUHQPDUFDGRV7DQWRODSUiFWLFDIRWRJUi¿FD
FRPRODVHQWUHYLVWDV\QRWDVGHREVHUYDFLyQSDUWLFLSDQWHOHVLUYLHURQ
D%RXUGLHXSDUDDQDOL]DUHOKDELWXVGHODFXOWXUDDUJHOLQD\VXUiSLGD
WUDQVIRUPDFLyQ

+DVWD DKRUD QR KDEtD VLGR SUHVHQWDGR HO DQiOLVLV YLVXDO /D
H[SRVLFLyQVREUHHOPDWHULDOIRWRJUi¿FRGH%RXUGLHXRUJDQL]DGDSRU
&DPDUD$XVWULDQRVSHUPLWHYHUTXHODLQFOXVLyQGHODSURGXFFLyQ
YLVXDOHQHVWXGLRVVRFLDOHVSXHGHVHUYLUFRPRWpFQLFDGHDQiOLVLV\
TXHWDPELpQSXHGHVHULQWHJUDGDHQODSUHVHQWDFLyQGHORVUHVXOWDGRV
GHODLQYHVWLJDFLyQ

3DUD¿QDOL]DUTXLHURVHxDODUTXHHQHVWHWLSRGHXWLOL]DFLyQGH
ODLPDJHQFRPRWpFQLFDSDUD³UHWUDWDU´XQDVRFLHGDGODVLPiJHQHV
UHDOL]DGDVSRUHOVRFLyORJRSXHGHQVHUDVXYH]DQDOL]DGDVVLJXLHQGR
HO SULPHU PRGHOR GH XWLOL]DFLyQ GHO PpWRGR GH OD LQWHUSUHWDFLyQ
GRFXPHQWDO HV GHFLU VLJXLHQGR HO PRGHOR TXH EXVFD DQDOL]DU OD
FRQFHSFLyQ GHO PXQGR GHO SURGXFWRU GH LPiJHQHV /DV LPiJHQHV
SURGXFLGDV SRU HO LQYHVWLJDGRU SXHGHQ VHU DQDOL]DGDV FRPR
GRFXPHQWRV GH OD FRQFHSFLyQ GHO PXQGR GHO VRFLyORJR (VWD
SHUVSHFWLYD OH RIUHFH DO VRFLyORJR SRU XQ ODGR OD SRVLELOLGDG GH
DXWRFUtWLFD R GH GDU SDVR D XQ SURFHVR GH DXWRUHÀH[LyQ 3RU RWUR
ODGRVHDEUHHQHVWDDXWRUHÀH[LyQXQFDPSRHVSHFt¿FRGHWUDEDMRHO
GHODVRFLRORJtDGHOFRQRFLPLHQWRHVGHFLUHOGHXQDVRFLRORJtDGHO
FRQRFLPLHQWR VRFLROyJLFR .DUO 0DQQKHLP  D E 
VHxDOyHQWRGRVVXVHVFULWRVPHWRGROyJLFRVFyPRWRGDLQWHUSUHWDFLyQ
GRFXPHQWDOKDFHSDWHQWHODFRQFHSFLyQGHOPXQGRGHOLQYHVWLJDGRU

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
6REUHHOPpWRGRGHODLQWHUSUHWDFLyQGRFXPHQDO\HOXVRGHODV 

(O LQYHVWLJDGRU SUHVWD DWHQFLyQ D GLYHUVRV GRFXPHQWRV \ GLYHUVDV


FDUDFWHUtVWLFDVGHXQREMHWRGHHVWXGLR\HOLJHGHWHUPLQDGRVHQIRTXHV
\XQDGHWHUPLQDGDGLVSRVLFLyQGHODVIRWRV(QWRGDVODVHOHFFLRQHV
GHO VRFLyORJR SRGHPRV GHVFXEULU OD SHUVSHFWLYD GHO DQiOLVLV TXH
pVWHKDHOHJLGR3HUVSHFWLYDTXHELHQSXHGHVHUFRQVLGHUDGDFRPR
GRFXPHQWRGHXQDFRQFHSFLyQGHOPXQGR

&RQFOXVLyQ
&RPR \D VHxDOp DO FRPLHQ]R VLJXLHQGR ORV DUJXPHQWRV GH
&ODULFH6WDV]  ODVRFLRORJtDFRPRGLVFLSOLQDFLHQWt¿FDVHYLR
REOLJDGDDOLPLWDUORVPpWRGRVGHHVWXGLRGHODVRFLHGDGDDQiOLVLV
FXDQWLWDWLYRV GH OR VRFLDO (Q HVWH SURFHVR VH VHSDUy OD VRFLRORJtD
GH PpWRGRV FRPR HO DQiOLVLV IRWRJUi¿FR HQVD\tVWLFR \ OLWHUDULR
GH OD VRFLHGDG 8QD VRFLRORJtD TXH VH GHFLGD D XWLOL]DU OD LPDJHQ
QR VyOR FRPR REMHWR GH LQYHVWLJDFLyQ VLQR WDPELpQ FRPR WpFQLFD
GH WUDEDMR \ GH SUHVHQWDFLyQ GH FRQRFLPLHQWR VH YHUi REOLJDGD D
UHÀH[LRQDUVREUHODVGHOLPLWDFLRQHVGHODVRFLRORJtDFRPRGLVFLSOLQD
FLHQWt¿FD6HYHUiHQODVLWXDFLyQGHUHFRQRFHUTXHODVGHOLPLWDFLRQHV
GLVFLSOLQDUHVQRVLHPSUHD\XGDQDODKRUDGHGDUFXHQWDGHVXREMHWR
GHHVWXGLR(ODQiOLVLVGHXQDVRFLHGDGQRHVXQFDPSRSULYLOHJLDGR
GHOVRFLyORJR7DPELpQHOFLQHDVWDHOIRWyJUDIRHODUWLVWDRHOHVFULWRU
KDQ GDGR FRQ IRUPDV GH SUHVHQWDFLyQ TXH PXFKDV YHFHV VXSHUDQ
D ORV UHVXOWDGRV GH FRPSOLFDGDV LQYHVWLJDFLRQHV VRFLROyJLFDV (O
VRFLyORJRTXHVHSURSRQJDXWLOL]DUODLPDJHQHQVXVHVWXGLRVYHUiTXH
ORVPRGHORVSDUDXQDVRFLRORJtDYLVXDOVHHQFXHQWUDQPXFKDVYHFHV
HQHVWRVFDPSRVIXHUDGHODVRFLRORJtDFRPRGLVFLSOLQDDFDGpPLFD
/D WDUHD GHO VRFLyORJR TXH TXLHUD XWLOL]DU PHGLRV YLVXDOHV HQ VXV
LQYHVWLJDFLRQHVHVKDFHUUHYLYLUHVRVDVSHFWRVTXHVHIXHURQGHMDQGR
GHODGRHQODVRFLRORJtD

&RPR KHPRV YLVWR HO PpWRGR GH LQWHUSUHWDFLyQ GRFXPHQWDO


QRHVVyORXQPpWRGRDGHFXDGRSDUDXQDQiOLVLVVRFLROyJLFRGHOD
LPDJHQVLQRTXHWDPELpQHVXQPpWRGRHQGRQGHODLPDJHQHQVt
RIUHFHODWpFQLFDLGHDOGHLQWHUSUHWDFLyQGRFXPHQWDO5HVXPLHQGROD

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
 $PDOLD%DUER]D0DUWLQH]

LPDJHQHVSDUDHOPpWRGRGHLQWHUSUHWDFLyQGRFXPHQWDOWDQWRREMHWR
GHHVWXGLRFRPRWpFQLFDGHWUDEDMR

1RWDV
 (VWH DUWtFXOR HV XQD YHUVLyQ GH OD FRQIHUHQFLD ³6REUH HO XVR GH OD
LPDJHQHQOD6RFLRORJtDGHOD&XOWXUDHOPpWRGRGHODLQWHUSUHWDFLyQ
GRFXPHQWDOGHOVRFLyORJR.DUO0DQQKHLP´SUHVHQWDGDHOGtDGHMXOLR
GHHQHO&RQJUHVR³,PDJHQFXOWXUD\WpFQLFD´HQOD8QLYHUVLGDG
&DUORV,,,GH0DGULG %DUER]D 
 (QHOOLEUR.XQVWXQG:LVVHQ'LH6WLODQDO\VHLQGHU6R]LRORJLH.DUO
0DQQKHLP $UWH\&RQRFLPLHQWRHODQiOLVLVGHHVWLORHQODVRFLRORJtD
GH .DUO 0DQQKHLP  KH WUDWDGR MXVWDPHQWH VREUH OD LPSRUWDQFLD GH OD
UHFHSFLyQGHORVPpWRGRVGHORVKLVWRULDGRUHVGHODUWHHQODVRFLRORJtD
GH0DQQKHLP(QHVWHWUDEDMRKHUHFRQVWUXLGRHOPpWRGRGHODQiOLVLVGH
HVWLORVGHDUWHSDUDGHVSXpVPRVWUDUODPDQHUDHQTXH0DQQKHLPDSOLFy
HVWHPpWRGRWDQWRHQODVRFLRORJtDGHODFXOWXUDFRPRHQODVRFLRORJtD
GHOFRQRFLPLHQWR
 3DQRIVN\ SXEOLFy OD SULPHUD YHUVLyQ GH VX PpWRGR GH LQWHUSUHWDFLyQ
GH REUDV GH DUWH HQ  HQ OD UHYLVWD /RJRV Q  S  
³'DV3UREOHPGHU%HVFKUHLEXQJXQG,QKDOWVGHXWXQJYRQ:HUNHQGHU
ELOGHQGHQ.XQVW´6XUHLPSUHVLyQHQODSULPHUDHGLFLyQGHORV6WXGLHV
LQ,FRQRORJ\WXYROXJDUHQ\ODGH0HDQLQJLQWKH9LVXDO$UWVGDWD
GH
 0HUH¿HURDGRVWUDEDMRVTXH0DQQKHLPHVFULELyHQORVDxRVYHLQWH\
TXHSHUPDQHFLHURQHQIRUPDGHPDQXVFULWRKDVWDFXDQGRIXHURQ
SXEOLFDGRVSRU'DYLG.HWWOHU9RONHU0HMD\1LFR6WHKUEDMRHOWtWXOR
³(VWUXFWXUDV GHO FRQRFLPLHQWR´ 6WUXNWXUHQ GHV 'HQNHQV  (VWRV GRV
PDQXVFULWRV³6REUHODSDUWLFXODULGDGGHOFRQRFLPLHQWRGHODVRFLRORJtD
GH OD FXOWXUD´ hEHU GLH (LJHQDUW NXOWXUVR]LRORJLVFKHU (UNHQQWQLV  \
³8QDWHRUtDVRFLROyJLFDGHODFXOWXUD\VXFRQRFLPLHQWR SHQVDPLHQWR
FRQMXQWLYR \ FRPXQLFDWLYR ´ (LQH VR]LRORJLVFKH 7KHRULH GHU .XOWXU
XQG LKUH (UNHQQEDUNHLW .RQMXNWLYHV XQG .RPPXQLNDWLYHV 'HQNHQ 
KDQVLGRWUDGXFLGRVDOLQJOpVHQ.DUO0DQQKHLP6WUXFWXUHVRI7KLQNLQJ
>'DYLG.HWWOHU9RONHU0HMD\1LFR6WHKU HGV @/RQGUHV5RXWOHGJH
DQG.HJDQ3DXO

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
6REUHHOPpWRGRGHODLQWHUSUHWDFLyQGRFXPHQDO\HOXVRGHODV 

 (VWH DUWtFXOR ³%HLWUlJH ]XU 7KHRULH GHU :HOWDQVFKDXXQJV


,QWHUSUHWDWLRQ´IXHSXEOLFDGRHQHQHODQXDULRGHODKLVWRULDGHO
DUWH -DKUEXFK IU .XQVWJHVFKLFKWH (VWH WH[WR QR KD VLGR WUDGXFLGR
DO HVSDxRO (Q SRUWXJXpV KD VLGR SXEOLFDGR XQ DUWtFXOR HQ GRQGH VH
SUHVHQWDHOFRQWHQLGRGHHVWHWH[WR FI:HOOHUHWDO 
 3DQRIVN\ SXEOLFy SRU SULPHUD YH] VX HVWXGLR ³(O GHVDUUROOR GH OD
HQVHxDQ]DGHODSURSRUFLyQFRPRPXHVWUDGHOGHVDUUROORGHHVWLOR´ 'LH
(QWZLFNOXQJ GHU 3URSRUWLRQVOHKUH DOV $EELOG GHU 6WLOHQWZLFNOXQJ  HQ
HQ0RQWDVKHIWHIU.XQVWZLVVHQVFKDIW;,9S
 (ODQiOLVLVPiVFRQRFLGRVREUHORVHVWLORVGHSHQVDPLHQWRVHHQFXHQWUD
HQ HO OLEUR FOiVLFR GH 0DQQKHLP ,GHRORJtD \ 8WRStD SXEOLFDGR SRU
SULPHUD YH] HQ  (Q HVSDxRO H[LVWH XQD WUDGXFFLyQ GHO HVFULWR
RULJLQDO UHDOL]DGD SRU - & *yPH] 0XxR] HQ .DUO 0DQQKHLP (O
SUREOHPDGHODVRFLRORJtDGHOVDEHU0DGULG7pFQRV0DQQKHLP
UHDOL]y XQ DQiOLVLV PiV H[KDXVWLYR VREUH HO HVWLOR FRQVHUYDGRU HQ VX
+DELOLWDFLyQTXHIXHSXEOLFDHQXQDYHUVLyQEUHYHHQ 9HUVLyQ
HVSDxROD HQ . 0DQQKHLP (QVD\RV VREUH VRFLRORJtD \ SVLFRORJtD
VRFLDO0p[LFR)RQGRGH&XOWXUD(FRQyPLFDS 
 6REUHHOSUR\HFWRGHO$WODVFI*RPEULFK  
 (VWRV HQVD\RV ± ³hEHU .XQVWDXVVWHOOXQJHQ´ ³=XU 3V\FKRORJLH GHU
0RGH6R]LRORJLVFKH6WXGLH´³'LH*UR‰VWlGWHXQGGDV*HLVWHVOHEHQ´
³'LH %HGXWXQJ GHV *HOGHV IU GDV 7HPSR GHV /HEHQV´ ³'HU
%LOGUDKPHQ(LQlVWKHWLVFKHU9HUVXFK´±VHHQFXHQWUDQUHFRSLODGRVHQ
6LPPHO  
 7DPELpQ HQ HVWD OtQHD VH HQFXHQWUDQ OD LQYHVWLJDFLRQHV GH 5LFKDUG
&KDOIHQ FRPR ³$ VRFLRYLGLVWLF DSSURDFK WR FKLOGUHQ¶V ¿OPPDNLQJ
7KH3KLODGHOSKLD3URMHFW´  RODLQYHVWLJDFLyQ³3LFWXULQJFXOWXUH
WKURXJKLQGLJHQRXVLPDJHU\DWHOOLQJVWRU\´  
 'HHVWDIRUPDH[SRQH6XVDQ%XFN0RUVV S HOPpWRGRGH
:DOWHU%HQMDPLQHQHO3UR\HFWRGHORV3DVDMHV
 3DUDHVWDUHFRQVWUXFFLyQ6XVDQ%XFN0RUVV S VHYDOLyGH
ODIRWRJUDItD\GHOWUDEDMRDUWtVWLFRGH0LFKDHO%XVFK\-RDQ6DJHDVt
FRPRGHHOWUDEDMRGHFiPDUDGH+HOHQ.HOOH\
 0XFKDV GH ODV IRWRV HVWiQ DUFKLYDGDV HQ KWWSUVORFJRYDPPHP
IVRZKRPHKWPO

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
 $PDOLD%DUER]D0DUWLQH]

 (VWHWUDEDMRGHUHFXSHUDFLyQIXHUHWRPDGRSRU&DPDUD$XVWULDGHVSXpV
GHODPXHUWHGH%RXUGLHX(OOLEUR3LHUUH%RXUGLHXLPDJHVG$OJpULH
XQHDI¿QLWppOHFWLYHKDVLGRSXEOLFDGRHQMXQWRDODLQDXJXUDFLyQ
GHXQDH[SRVLFLyQHQHO,QVWLWXWRGHO0XQGRÈUDEHGH3DULV3DUDPiV
LQIRUPDFLyQZZZFDPHUDDXVWULDDW

2QWKHPHWKRGRIGRFXPHQWDOLQWHUSUHWDWLRQDQGWKHXVHRILPDJHV
LQ6RFLRORJ\.DUN0DQQKHLP$E\:DUEXUJDQG3LHUUH%RXUGLHX

$EVWUDFW7KHPHWKRGRIGRFXPHQWDOLQWHUSUHWDWLRQRIWKHVRFLRORJLVW
.DUO 0DQQKHLP RIIHUV DSSURSULDWH DQDO\VLQJ WRROV WR LQWURGXFH
YLVXDOGDWDWRVRFLRORJLFDOLQYHVWLJDWLRQV%HFDXVH0DQQKHLPKDG
HODERUDWHGKLVPHWKRGVEDVHGRQWKHPHWKRGRORJLFDOSURJUHVVRIDUW
KLVWRULDQV,QWKH¿UVWSDUWRIWKLVSDSHUWKHFHQWUDOFKDUDFWHULVWLFV
RI WKLV PHWKRG ZLOO EH SUHVHQWHG ,Q WKH VHFRQG SDUW WKH DXWKRU
GLIIHUHQFHVEHWZHHQWZRZD\VRIDSSOLFDWLRQRIWKLVPHWKRGLQWKH
ZD\ KRZ WR XVH YLVXDO GDWD 2Q WKH RQH KDQG SLFWXUHV FRXOG EH
REMHFWVRIDQDO\VLVRIWKHPHWKRGRIGRFXPHQWDOLQWHUSUHWDWLRQRQ
WKHRWKHUKDQGWKH\FRXOGDOVRVHUYHWRPDNHDGRFXPHQWDODQDO\VLV
RIWKHVRFLHW\

.H\ZRUGVPHWKRGRIGRFXPHQWDOLQWHUSUHWDWLRQ0DQQKHLPYLVXDO
GDWD6RFLRORJ\:DUEXUJ%RXUGLHX

%LEOLRJUDItD
$'$,5-RKQ:257+6RO7KURXJK1DYDMRH\HVDQH[SORUDWLRQLQ)LOP
&RPPXQLFDWLRQDQG$QWKURSRORJ\%ORRPLQJWRQ/RQGRQ8QLYHU
VLW\3UHVV
%$5%2=$$PDOLD.XQVWXQG:LVVHQ'LH6WLODQDO\VHLQGHU6R]LRORJLH
.DUO0DQQKHLPV.RQVWDQ]89.9HUODJ
BBBBBBB/DVLPiJHQHVFRPRREMHWR\WpFQLFDGHDQiOLVLVHQODVRFLRORJtD
HOPpWRGRGHODLQWHUSUHWDFLyQGRFXPHQWDO,Q52&+(&È5&(/
-XDQ $QWRQLR +J  (QFXHQWUR HQWUH 6RFLRORJtD \ $QWURSRORJtD
$OLFDQWH(GLWRULDO8QLYHUVLWDWG¶$ODFDQWS
BBBBBBB'LH(UREHUXQJGHV)RUPDOHQ'LH6WLODQDO\VHLQGHU.XOWXUXQG
:LVVHQVVR]LRORJLH.DUO0DQQKHLPV7HVLVGRFWRUDO7HFKQLV
FKH8QLYHUVLWlW'UHVGHQ

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
6REUHHOPpWRGRGHODLQWHUSUHWDFLyQGRFXPHQDO\HOXVRGHODV 

%$5%2=$$PDOLD6REUHHOXVRGHODLPDJHQHQODVRFLRORJtDGHODFXO
WXUD(OPpWRGRGHODLQWHUSUHWDFLyQGRFXPHQWDOGHOVRFLyORJR.DUO
0DQQKHLP ,Q $0$'25 &$55(7(52 3LODU 52%/('$12
-HV~V58,=)5$1&25RVDULR (G ,PDJHQFXOWXUD\WHFQROR
JtD0DGULG8QLYHUVLGDG&DUORV,,,S
%285',(83LHUUH'HU+DELWXVDOV9HUPLWWOXQJ]ZLVFKHQ6WUXNWXUXQG
3UD[LV ,Q %285',(8 6R]LRORJLH GHU V\PEROLVFKHQ )RUPHQ
)UDQNIXUWD0S
BBBBBBB,Q$OJHULHQ=HXJQLVVHGHU(QWZXU]HOXQJ*UD]&DPHUD$XVWULD

%8&.02566 6XVDQ 'LDOpFWLFD GH OD PLUDGD :DOWHU %HQMDPLQ \ HO
3UR\HFWRGHORV3DVDMHV0DGULG9LVRU
&(67(//,*8,',%HQHGHWWD0$111LFKRODV (G *UHQ]HUZHLWHUXQ
JHQ $E\ :DUEXUJ LQ $PHULND  +DPEUXJ 0QFKHQ
'|OOLQJXQG*DOLW]9HUODJ
&+$/)(15LFKDUG$VRFLRYLGLVWLFDSSURDFKWRFKLOGUHQ¶V¿OPPDNLQJ
7KH3KLODGHOSKLD3URMHFW6WXGLHVLQ9LVXDO&RPPXQLFDWLRQS
PDU
BBBBBBB3LFWXULQJFXOWXUHWKURXJKLQGLJHQRXVLPDJHU\DWHOOLQJVWRU\,Q
&5$:)25'3HWHU,785721'DYLG (GV )LOPDV(WKQRJUD
SK\0DQFKHVWHU0DQFKHVWHU8QLYHUVLW\3UHVVS
*20%5,&+(+$E\:DUEXUJ0DGULG$OLDQ]D
0$11+(,0.DUO%HLWUlJH]XU7KHRULHGHU:HOWDQVFKDXXQJV,QWHUSUH
WDWLRQ,Q.XQVWJHVFKLFKWOLFKH(LQ]HOGDUVWHOOXQJHQ:LHQ+|O]HO

BBBBBBB(LQHVR]LRORJLVFKH7KHRULHGHU.XOWXUXQGLKUHU(UNHQQEDUNHLW
,Q 0$11+(,0 .DUO 6WUXNWXUHQ GHV 'HQNHQV >'DYLG .HWWOHU
9RONHU0HMD1LFR6WHKU (G @)UDQNIXUWD06XKUNDPSD
S
BBBBBBB hEHU GLH (LJHQDUW NXOWXUVR]LRORJLVFKHU (UNHQQWQLV ,Q 0$1
1+(,0 .DUO 6WUXNWXUHQ GHV 'HQNHQV >'DYLG .HWWOHU 9RONHU
0HMD 1LFR 6WHKU (G @ )UDQNIXUW D 0 6XKUNDPS E
S
BBBBBBB.RQVHUYDWLVPXV(LQ%HLWUDJ]XU6R]LRORJLHGHV:LVVHQV>'DYLG
.HWWOHU9RONHU0HMD1LFR6WHKU (G @)UDQNIXUWD06XKUNDPS


6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
 $PDOLD%DUER]D0DUWLQH]

0$11+(,0.DUO,GHRORJLHXQG8WRSLH)UDQNIXUWD09LWWRULR.ORV
WHUPDQQ
3$12)6.< (UZLQ ,NRQRJUDSKLH XQG ,NRQRORJLH ,Q 3$12)6.< (
6LQQ XQG 'HXWXQJ LQ GHU ELOGHQGHQ .XQVW .|OQ 'XPRQW 
S (GLFLyQFDVWHOODQD(OVLJQL¿FDGRHQODVDUWHVYLVXDOHV
%XHQRV$LUHV,Q¿QLWR 
BBBBBBB'LH3HUVSHNWLYHDOVµV\PEROLVFKH)RUP¶,Q$XIVlW]H]X*UXQ
GIUDJHQ GHU .XQVWZLVVHQVFKDIW %HUOLQ 6SLHVV D S 
(GLFLyQFDVWHOODQD/DSHUVSHFWLYDFRPRIRUPDVLPEyOLFD%DUFH
ORQD7XVTXHWV&XDGHUQRV0DUJLQDOHV 
BBBBBBB=XP3UREOHPGHU%HVFKUHLEXQJXQG,QKDOWVGHXWXQJYRQ:HUNHQ
GHU ELOGHQGHQ .XQVW ,Q $XIVlW]H ]X *UXQGIUDJHQ GHU .XQVWZLV
VHQVFKDIW%HUOLQ6SLHVVES (GLFLyQFDVWHOODQD(V
WXGLRVVREUHLFRQRORJtD0DGULG$OLDQ]D 
BBBBBBB'LH(QWZLFNOXQJGHU3URSRUWLRQVOHKUHDOV$EELOGGHU6WLOHQWZL
FNOXQJ,Q$XIVlW]H]X*UXQGIUDJHQGHU.XQVWZLVVHQVFKDIW%HUOLQ
6SLHVVFS
BBBBBBB*RWLVFKH$UFKLWHNWXUXQG6FKRODVWLN=XU$QDORJLHYRQ.XQVW
3KLORVRSKLH XQG 7KHRORJLH LP 0LWWHODOWHU .|OQ  2ULJLQDO
HQ LQJOpV *RWKLF DUFKLWHFWXUH DQG VFKRODVWLFLVP 3HQQV\OYDQLD
 
5,(*/ $ORLV 6SlWU|PLVFKH .XQVWLQGXVWULH 'DUPVWDGW :LVVHQVFKDIWOL
FKH%XFKJHVHOOVFKDIW
6,00(/*HRUJ3KLORVRSKLHGHV*HOGHV)UDQNIXUWD0DLQ6XKUNDPS

BBBBBBB6R]LRORJLVFKHbVWKHWLN%RGHQKHLP3KLOR
67$6=&ODULFH7KH(DUO\+LVWRU\RI6RFLRORJ\,Q:$*1(5- (G 
,PDJHVRILQIRUPDWLRQ%HYHUO\+LOOV/RQGRQS
:$5%85*$E\$XVJHZlKOWH6FKULIWHQXQG:UGLJXQJHQ>'LHWHU:XW
WNH (G @%DGHQ%DGHQ9DOHQWLQ.RHUQHU
BBBBBBB6FKODQJHQULWXDO(LQ5HLVHEHULFKW%HUOLQ:DJHQEDFK
:(//(5:LYLDQHWDO.DUO0DQQKHLPHRPpWRGRGRFXPHQWiULRGHLQ
WHUSUHWDomRXPDIRUPDGHDQiOLVHGDVYLV}HVGHPXQGR6RFLHGDGH
H(VWDGR%UDVtOLDYQS

6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR

You might also like