6,/9,$'86&+$7=.<
$/(-$1'5$%,5*,1
FRPSLODGRUDV

%HUQDUGR%OHMPDU
0DUFHOR3HUFLD
*UHJRULR.DPLQVN\
*UDFLHOD)ULJHULR

¢'Ï1'((67È/$(6&8(/$"

(QVD\RVVREUHODJHVWLyQLQVWLWXFLRQDO
HQWLHPSRVGHWXUEXOHQFLD

)/$&62
0$1$17,$/
%XHQRV$LUHV
 










'LVHxRGHWDSD(VWXGLR5





(VWHOLEURKDVLGRVHOHFFLRQDGRSDUDHO3ODQGH3URPRFLyQDOD(GLFLyQGH/LWHUDWXUD$UJHQWLQDGHOD
6HFUHWDUtDGH&XOWXUD\0HGLRVGH&RPXQLFDFLyQGHOD3UHVLGHQFLDGHOD1DFLyQ




























+HFKRHOGHSyVLWRTXHPDUFDODOH\
,PSUHVRHQOD$UJHQWLQD

‹(GLFLRQHV0DQDQWLDO65/
$YGDGH0D\RƒSLVR
%XHQRV$LUHV$UJHQWLQD
7HO
LQIR#HPDQDQWLDOFRPDU
ZZZHPDQDQWLDOFRPDU

,6%1

'HUHFKRVUHVHUYDGRV
3URKLELGDVXUHSURGXFFLyQWRWDORSDUFLDO

Ë1',&(

 &XUUtFXORV 
 3UHVHQWDFLyQ
 $OHMDQGUD%LUJLQ

 &DStWXOR
 (VFHQDVHVFRODUHVGHXQQXHYRVLJOR
 6LOYLD'XVFKDW]N\\$OHMDQGUD%LUJLQ 

 &DStWXOR
 'HODJHVWLyQGHUHVLVWHQFLDDODJHVWLyQUHTXHULGD
 %HUQDUGR%OHMPDU 

 &DStWXOR
 ,GHDVTXHUHVSRQGHQSUHJXQWDVTXHQRFHVDQ
 3DUDXQDFOtQLFDGHODVLQVWLWXFLRQHV
 0DUFHOR3HUFLD

 &DStWXOR
 (VFXHODVHQHVFHQD,PiJHQHVLQVWLWXFLRQDOHVTXHHVWDOODQ
 HOGLVFXUVRHGXFDWLYR
 *UHJRULR.DPLQVN\ 

 &DStWXOR
/RVERUGHVGHORHVFRODU
 *UDFLHOD)ULJHULR  

 (StORJR
7RGRORVyOLGRVHGHVYDQHFHHQHODLUH
 6LOYLD'XVFKDW]N\  


 6'XVFKDW]N\\$%LUJLQFRPS


&DStWXOR

(6&(1$6
(6&2/$5(6
'(81
18(926,*/2

6LOYLD'XVFKDW]N\\$OHMDQGUD%LUJLQ

/DVSDODEUDVVRQLPiJHQHVFXDQGROHMRVGHWUDQVPLWLUHOSXURHQVtGHXQDVXQWRUH
ODWDQH[SHULHQFLDV$WUDYpVGHHOODVSRGHPRVYHUQRVyORHQWHQGHUFRQHFWDUQRVFRQOR
TXH DFRQWHFH HQ GLVWLQWRV HVFHQDULRV $SUR[LPDUQRV D ODV H[SHULHQFLDV GH ORV RWURV HQ
HVWH FDVR GH HVRV RWURV TXH KDELWDQ ODV HVFXHODV ¢4Xp HV XQD HVFXHOD" ¢&yPR VH QRV
SUHVHQWDQODVHVFXHODV"¢FyPRVRQYLYLGDV"¢TXpDFRQWHFHHQHOODV"R¢TXpOHVDFRQWHFH
DTXLHQHVWUDQVLWDQSRUHOODV"
/DV QDUUDFLRQHV TXH VLJXHQ LQYLWDQ D SHQVDU OR TXH QR VDEHPRV GH DTXHOOR VREUH OR
TXH WDQWR VH KDEOD ¢6HUi SRVLEOH LQWHQWDU XQD OHFWXUD VREUH ODV HVFXHODV TXH SRQJD HQ
FXHVWLyQ OR TXH FUHHPRVFRPSUHQGHUDFHUFDGHHOODV"+HLGHJJHUQRVUHFRPLHQGDOHHUOR
TXH QR VDEHPRV OHHU OR TXH VH KXUWD D QXHVWURV HVTXHPDV SUHYLRV GH FRPSUHQVLyQ OR
TXHQRHVWiGLFKRHQQXHVWUDSURSLDOHQJXDODGHORVVDEHUHVLQVWLWXFLRQDOHVRSDUDHV
WDUDODDOWXUDGHORVWLHPSRVODGHORVFRQRFLPLHQWRVVREUHODJHVWLyQLQVWLWXFLRQDO(VWH
HVXQWH[WRTXHVHSODQWHDHOGHVDItRGHVDFXGLUODVHJXULGDGGHQXHVWUDVUHWyULFDVSR
QLHQGRHQGLiORJRODVH[SHULHQFLDVHVFRODUHVFRQODVWHRUtDVRGLVFXUVRVTXHYHUVDQVREUH
ODVLQVWLWXFLRQHV


35,0(5$(6&(1$

(OUHODWRTXHFRPLHQ]DDKLOYDQDUVHDFRQWLQXDFLyQWLHPSRDWUiVKXELHUDGHVFRORFDGR
DFXDOTXLHULQWHUORFXWRU¢4XLpQKXELHUDGLFKRTXHQRVHVWiQUHWUDWDQGRXQDHVFXHOD"/DV
HVFHQDVWUDQVFXUUHQHQXQFROHJLRVHFXQGDULRVLWXDGRHQXQEDUULRSHULIpULFRRSDUDVHU
PiVSUHFLVRVHQORVPiUJHQHVGHXQEDUULRHQHOTXHFRQYLYHQJUDQGHVKRWHOHVHGLIL
FLRVHVSHMDGRVVtPLO:DOO6WUHHWHVWDFLRQHVGHyPQLEXVGHODUJDGLVWDQFLDFRQVXFRQWUD
FDUDRVFXUD\DUHVJXDUGRGHODVPLUDGDVGHVSUHRFXSDGDVGHWXULVWDV\WUDQVH~QWHVIRU
WXLWRV
'tDWUDVGtDHQODHVFXHODVHUHLWHUDHOPLVPRVXFHVRXQGRFHQWHSXMDSRUKDFHUVH
HVFXFKDUIUHQWHDXQFRURGHEHEpVTXHWLURQHDQDVXVPDPiVVXVDOXPQDVTXHLQWHQ
WDQ PDQWHQHU OD GXDOLGDG GH VX GREOH FRQGLFLyQ 6LQ HPEDUJR OD DPELYDOHQFLD QR GXUD
PXFKR HVWDV PDPiV DGROHVFHQWHV FX\D HGDG RVFLOD HQWUH ORV TXLQFH \ ORV GLHFLVLHWH
DxRV DEDQGRQDQ OD HVFXHOD \ SDVDQ D HQJURVDU ODV HVWDGtVWLFDV GH ORV GHVHUWRUHV 4Xp
KDFHPRV VH SUHJXQWDQ ORV SURIHVRUHV &yPR KDFHU SDUD PDQWHQHUODV FRPR DOXPQDV
UHJXODUHV/RSULPHURTXHVHQRVRFXUUHHVLUDEXVFDUODVRIUHFHUOHVTXHYHQJDQFRQORV
EHEpV6LQHPEDUJRODVROXFLyQQRFRQIRUPDGHPDVLDGRVREUHWRGRDORVEHEpVTXHQR
SDUDQGHOORUDUHQHODXOD
1XHYDPHQWHODSUHJXQWD¢TXpKDFHU"/DHVFXHODQRFXHQWDFRQXQHTXLSRGHRULHQWD
FLyQ VyOR WHQHPRV XQ DVHVRU SHGDJyJLFR SHUR OD SUHJXQWD QR HV D OD SHGDJRJtD 8Q
MDUGtQPDWHUQDOHQODHVFXHODDSDUHFtDFRPRODPHMRURSFLyQIUHQWHDHVWDVLWXDFLyQLQpGL
WDPDPiVDGROHVFHQWHVDOXPQDVGHXQDHVFXHODVHFXQGDULD


 +ROGHUOLQ)\+HLGHJJHU0/DGLILFXOWDG
GHORSURSLRHQ/DUURVD-FRPS/DH[SHULHQFLDGHODOHFWXUD%DUFH
ORQD/HDUWHV

¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS


¢&yPR GDUOH OXJDU D HVWD LQLFLDWLYD" /DV UHDFFLRQHV HQ ORV HVWDPHQWRV VXSHULRUHV QR
HUDQPX\DOHQWDGRUDV(OHYDPRVODVQRWDVFRUUHVSRQGLHQWHVSDVDURQSRUWRGDODFDGHQD
EXURFUiWLFDSHURODUHVSXHVWDIXHQHJDWLYDQRKDOXJDUQRVGLMHURQTXHHUDLQYLDEOH
(VWD FRQWLQJHQFLD HV LPSHQVDEOH HQ XQ VLVWHPD HGXFDWLYR \ OD GLUHFFLRQDOLGDG GH ORV
FDPELRVQRSDUHFHLQFOXLUGLVUXSFLRQHVGHHVWDQDWXUDOH]D$VtODVFRVDVKXERTXHVDOLUD
EXVFDUODVROXFLyQHQRWURODGR7RFDPRVWLPEUHVJROSHDPRVSXHUWDVKDVWDTXHOOHJDPRV
D OD 6HFUHWDUtD GH OD 0XMHU GHO *RELHUQR GH OD&LXGDGTXHQRVEULQGyODSRVLELOLGDGGH
DEULU XQD VDOD GH MDUGtQ 1XHYH EHEpV \ WUHV GHDPEXODGRUHV HQFRQWUDURQ XQ OXJDU 6LQ
HVWHHPSUHQGLPLHQWRKXELpUDPRVWHQLGRGRFHGHVHUFLRQHVVHJXUDV
3HURODGHVHUFLyQQRHVVLPSOHPHQWHXQDFXHVWLyQGHJpQHUR&XDQGRXQFKLFRFRQ
VLJXH XQD FKDQJD GHMD OD HVFXHOD (QWRQFHV QXHYDPHQWH OD SUHJXQWD ¢\ DKRUD TXp
KDFHPRV"
/RSULPHURTXHDFRUGDPRVHVSRQHUQRVHQFRQWDFWRFRQHOWUDEDMRGHOFKLFRWUDWDPRV
GHTXHOHVSHUPLWDQOODJDUPiVWDUGH\DUPDPRVXQSODQHVSHFLDOSDUDHYLWDUTXHDEDQ
GRQH
)HGHULFR GHMy WUHV YHFHV \ YROYLy D HPSH]DU RWUDV WUHV DXQTXH QR PX\ FRQYHQFLGR
3DUDTXpYR\DKDFHUHVWRVL\RQRVLUYRSDUDQDGDSDUDTXpYR\DYHQLUDODHVFXH
OD VL GHVSXpV QR YR\ D WHQHU ODEXUR VL OR ~QLFR TXH YR\ D SRGHU KDFHU HV FKDQJXHDU
(OORV QR VH UHILHUHQ D OD VLWXDFLyQ VRFLRHFRQyPLFD OD JOREDOL]DFLyQ OD IOH[LELOLGDG DO
PHUFDGRH[FOX\HQWHSHURORSDGHFHQ1RVRWURVWUDWDPRVGHPRVWUDUOHVTXHWLHQHVHQWLGR
YHQLU D OD HVFXHOD /HV GHFLPRV TXH DTXt YDQ D HQFRQWUDU RWURV PRGRV GH UHODFLRQDUVH
FRQ ORV GHPiV RWUDV H[SHULHQFLDV TXH DTXt SRGUiQ LQFRUSRUDU QXHYRV FRQRFLPLHQWRV
VXSHUDUVHDWUDYpVGHODOHFWXUD
/RVSLEHVWUDHQFyGLJRVPX\FHUUDGRVFRPSUHQGLGRVVyORHQODIURQWHUDGHVXOXJDU
(QHOEDUULRODUHODFLyQHQWUHORVFKLFRVHVPX\GXUDODPXMHUHVGHVYDORUL]DGD\ODYLR
OHQFLDHVHOPRGRTXHORVDFHUFD0XFKDVYHFHVYLHQHQFKLFDVDODGLUHFFLyQSDUDTXHMDU
VHSRUTXHDOJ~QFKLFRODVWRFy\HOORVVHVRUSUHQGHQFXDQGROHVSHGLPRVTXHVHGLVFXO
SHQ&XDQGRLQJUHVDQHQSULPHUDxRQRVGHVFRQFLHUWDQ¢4XpYDPRVDKDFHUFRQHVWRV
SLEHV" QRV SUHJXQWDPRV ,QVXOWDQ D ORV SURIHVRUHV VH YDQ DEUXSWDPHQWH GHO DXOD QR
VRSRUWDQGHWHQHUVHDHVFXFKDU)UHFXHQWHPHQWHWUDVODGDQDTXtORVPRGRVXVXDOHVGHGL
ULPLUVXVHQIUHQWDPLHQWRV(QXQDRFDVLyQXQJUXSRGHSLEHVWUDMRXQDUPDDODHVFXHOD
8QDSUHFHSWRUDORVYLRHQHOPRPHQWRHQTXHODPRVWUDEDQHQHOEDxR(OPRWLYRIXHOD
GLVSXWDSRUXQDFKLFD1XHYDPHQWHODSUHJXQWD¢\DKRUDTXpKDFHPRV"'HFLGLPRVUHXQLU
DORVGRVJUXSRVHQIUHQWDGRV(QHVDRFDVLyQ\RQRSDUWLFLSp&UHtFRQYHQLHQWHQRKDFHUOR
SDUD TXH QR VH VLQWLHUDQ H[SXHVWRV IUHQWH D OD DXWRULGDG QL SHUFLELHUDQ TXH VX VHFUHWR
KDEtDVLGRYLRODGR)LQDOPHQWHVHHQFRQWUDURQ\DFHSWDURQFRQYRFDUDODFKLFDHQFXHV
WLyQ7UDEDMDPRVHQWRQFHVFRQODLGHDGHHQVD\DURWURVPRGRVGHUHVROYHUODVGLVSXWDV
(QHVWHFDVRUHVXOWyORVSLEHVDFHSWDURQTXHHUDMXVWRFRQRFHUODRSLQLyQGHODFKLFD3H
URQRIXHIiFLOHOPDFKLVPRHVWiPX\LQVWDODGRHQWUHORVMyYHQHVDOSXQWRTXHFRQVLGH
UDQTXHODYLULOLGDGVHMXHJDHQODFDQWLGDGGHKLMRVTXHWLHQHQORVYDURQHV&XDQWRVPiV
KLMRVPiVPDFKRVWHQLHQGRHQFXHQWDTXHODGHFLVLyQFRUUHSRUFXHQWDGHOYDUyQ(\
GLUH¢XVWHGFXiQWRVKLMRVWLHQH"8QROHVGLJR8\TXpSDVyVHTXHGyHK
/RV SLEHV GH HVWRV EDUULRV WUDQVLWDQ IUHFXHQWHPHQWH SRU ORV LQVWLWXWRV GH PLQRULGDG
1RREVWDQWHKD\XQGDWRLQWHUHVDQWH(OSHUtRGRHQTXHVHUHJLVWUDQPiVFDtGDVHVGX
UDQWHHQHUR\IHEUHURWLHPSRHQTXHODHVFXHODSHUPDQHFHVLQDFWLYLGDG3HURQRVRWURV
ORVVHJXLPRVDOLQVWLWXWR\OHVWRPDPRVH[DPHQDOOtGHPRGRWDOGHIDYRUHFHUVXUHLQVHU
FLyQSRVWHULRUDODHVFXHOD+DFHPRVXQFRQYHQLRFRQHOLQVWLWXWRSDUDTXHSXHGDQUHFLELU
ORVFRQWHQLGRV\OXHJRHVWpQHQFRQGLFLRQHVGHSUHVHQWDUVHHQFDOLGDGGHDOXPQRVOLEUHV
/D HVFXHOD QR HVWi REOLJDGD D UHDOL]DU HVWD WDUHD ORV SURIHVRUHV QR FREUDQ QLQJ~Q SOXV
SRUKDFHUORHQYDULDVRSRUWXQLGDGHV\ROHVSDJRHOFROHFWLYR3HURYDOHODSHQDHVWDSR
VLELOLGDG PHMRUD OD VLWXDFLyQ GH ORV FKLFRV \D TXH HO MXH] GLVSRQH GH HOHPHQWRV SDUD


¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS


RWRUJDUOHVODOLEHUWDGDVLVWLGD/RVSLEHVVXIUHQLQWHQVDPHQWHVXSDVRSRU0LQRULGDGHV
WDUDOOtHVGXUtVLPRQRVGLFHQ(OHQFLHUUROHVSUHRFXSD\VREUHWRGRHOIDQWDVPDGHWHU
PLQDUHQODFiUFHO3RUHVRFXDQGRYXHOYHQDODHVFXHODHVWiQSHQGLHQWHVGHODYLVLWDGH
ODDVLVWHQWHVRFLDO3HGURQRWHROYLGHVGHGHFLUOHWDORFXDOFRVDDODDVLVWHQWHVRFLDO
VXHOHQ GHFLUPH IUHFXHQWHPHQWH /D YLGD GH HVWRV SLEHV QR HV IiFLO FDHQ SRU YDJDQFLD
SRUURERFXHVWLRQHVTXHHQVXFRPXQLGDGQRHVWiQFRQGHQDGDV
0iVGHXQDYH]ORVHQFXHQWURERUUDFKRV¢3RUTXpWRPDVWHPLUiFRPRHVWiV"OHVGL
JR<EXHQRTXpTXLHUHPHWHQJRTXHROYLGDUGHORVJROSHVTXHUHFLEHVXPDGUHGH
ODSDUHMDGHWXUQRGHODUHODFLyQLQFHVWXRVDTXHPDQWLHQHQFRQVXKHUPDQDHWFHWF
1RUHVXOWDVHQFLOORTXHFXHQWHQTXpOHVSDVD
$TXtVHVLHQWHQUHFRQRFLGRVHVFXULRVRREVHUYDUTXHFXDQGROHVGLJR3RQHWHODVSL
ODVHVWiVIDOWDQGRPXFKRHQWDORFXDOPDWHULDWHYDPDOPHFRQWHVWDQ<XVWHGFy
PR VDEH TXLpQ VR\ \R" &yPR QR YRV VRV -XDQ  \ HQ HVH PRPHQWR OHV EURWD XQ
JHVWRGHVDWLVIDFFLyQ
$ SHVDU GH WRGR VH HQJDQFKDQ FRQ HO HVWXGLR SDUWLFXODUPHQWH HQ
 +LVWRULD\HQ/HQ
JXD 5HFLELPRV XQ SUHPLR SRU XQ YLGHR TXH KLFLPRV VREUH OD LQPLJUDFLyQ \ RWUR VREUH
ODVGRVFDUDVGHOEDUULR(OEDUULRWLHQHPXFKRSHVRSDUDHOORVWDQWRTXHEDXWL]DURQD
ODHVFXHODFRQVXQRPEUH3DGUH0XMLFDXQVtPERORTXHVHLPSULPHHQFDGDPDUFDGHO
EDUULR/RVSLEHVVHLQWHUHVDQPXFKRSRUVXKLVWRULDVDEHQGHVXILOLDFLyQSROtWLFD\GHVX
ELRJUDItD (Q XQD RSRUWXQLGDG VH HQWUHYLVWDURQ FRQ XQR GH VXV ELyJUDIRV 0DUWtQ 'H %L
DVHDXWRUGH(QWUHGRVIXHJRVOLEURTXHSRUVXSXHVWROH\HURQ&RQRFHQVXSURFHGHQFLD
VRFLDOVXFRQYHUVLyQHQIDYRUGHORVVHFWRUHVPiVSREUHVWDOYH]SRUHVRHVXQDILJXUD
TXHORVLQWHUSHODFRQWDQWDIXHU]D
¢4XLpQHVVRQPLVLQWHUORFXWRUHV"/RVGRFHQWHVORVSUHFHSWRUHV\ORVFKLFRV1RHVIi
FLOHQFRQWUDUXQLQWHUORFXWRUHQODJHVWLyQWDOYH]VtJHQWHPiVDELHUWDTXHDSR\DQXHV
WURHVIXHU]RSHURQRPXFKRPiV'HOSDSHOHUtRSRUHMHPSORQRSXHGR]DIDU(OVXSHUYL
VRU PH GD PXFKD OLEHUWDG HVWLPXOD ORV SUR\HFWRV R HQ UHDOLGDG QRV DOLHQWD D VHJXLU
&XDQGRVROLFLWpXQDVLVWHQWHVRFLDOPHFRQWHVWyTXHFRQWLQXDUDDSR\iQGRPHHQODSURIH
VRUDGHOFROHJLRTXHHVWXGLDODFDUUHUD\GHKHFKRFXPSOHDPEDVIXQFLRQHV/RIHOLFLWR
VLJDDVtQREDMHORVEUD]RVHVODUHVSXHVWDUHLWHUDGD
(Q HVWD HVFXHOD ODV GLILFXOWDGHV QR FHVDQ QR GLVSRQHPRV GH XQ SRUWHUR \ FDGD GH
PDQGDTXHIRUPXODPRVHVYLYLGDFRPRXQDVREUHFDUJDGHTXHMDV7HQtDPRVXQDXODFRQ
FLQFXHQWDFKLFRV\ORJUDPRVTXHVHDUPDUDQGRVGLYLVLRQHV$SDUWLUGHDOOt\IUHQWHDDO
J~QQXHYRSHGLGRHOFRPHQWDULRHV1RSLGDVQDGDPiV\DORJUDPRVHVWR
$SHVDUGHOFRPSURPLVRGRFHQWHKD\UHVLVWHQFLDVDUHYLVDUORVHVWLORVGHWUDEDMR/RV
SLEHVYLHQHQDODGLUHFFLyQ\PHGLFHQ'LUHFUHRTXHVHPHIXHODPDQRFRQODSURIH
SHUR PH HVWDED DEXUULHQGR <R PH SUHJXQWR GyQGH HVWi HO SUREOHPD ¢VyOR HQ HO FKL
FR"¢TXpUHVSRQVDELOLGDGOHFDEHDOGRFHQWH"(QHVRVFDVRVORSULPHURTXHKDFHPRVHV
WUDEDMDUGHVGHODDVHVRUtDSHGDJyJLFD\HQJHQHUDOVHSURGXFHQFDPELRV
/DHVFXHODHVWiLQWHJUDGDDOD=$3=RQDGH$FFLyQ3ULRULWDULDJUDFLDVDORFXDOFRQ
VHJXLPRVSHQVLRQHVSDUDDOJXQRVFKLFRV7UHVDOXPQRVYDQDFREUDUGXUDQWHGLH]
PHVHV3HURHOSXQWRHVTXHWHQHPRVPXFKRVFDQGLGDWRVTXHVXSHUDQODHGDGHVWDEOHFL
GD SDUD UHFLELU OD D\XGD \ RWURV WDQWRV TXH TXHGDQ DIXHUD SRUTXH VRQ H[WUDQMHURV (V
PX\GXURGHFLUOHDXQSDGUHEROLYLDQRTXHHVWiVLQWUDEDMRTXHDVXKLMRQROHRWRUJDQ
ODEHFDSRUXQDFXHVWLyQGHQDFLRQDOLGDG




¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS


6(*81'$(6&(1$

&XpQWHQRVVREUHVXHVFXHOD
(VXQFROHJLRVHFXQGDULRXELFDGRHQHOEDUULRGH%HOJUDQR\IXQGDGRKDFHPiVGHGLH]
DxRV5HFLEHSREODFLyQGHGLIHUHQWHVHVFXHODVSULPDULDVGHOQRUWHGHODFLXGDG

¢&XiOHVODHVFHQDTXHPHMRUUHWUDWDDHVWDHVFXHOD"
8QD FODVH HQ HO VHQWLGR WUDGLFLRQDO XQ SURIHVRU SUHVHQWDQGR XQWHPDGHVDUUROODQGR
FRQWHQLGRV \ FRQWHVWDQGR SUHJXQWDV GLVWLQWDV SUHJXQWDV VHJ~Q ORV LQWHUHVHV GH ORV SL
EHV+D\WHPiWLFDVTXHLPSRUWDQPiVDXQRVTXHDRWURVHPSDWtDVGHVLJXDOHVVHJ~QORV
SURIHVRUHVH[SHFWDWLYDVGHFDUUHUDVXQLYHUVLWDULDVGLIHUHQWHV
(Q JHQHUDO ORV FKLFRV VH LQYROXFUDQ HQ OD VLWXDFLyQ GH FODVH PXHVWUDQ GLVSRVLFLyQ D
DFRPSDxDUDOGRFHQWH&XHVWLRQDQQRVHFRQIRUPDQVLDOJROHVLQTXLHWDSHURQRLPSXJ
QDQ ODV UHJODV GH MXHJR XQ GRFHQWH HQVHxDQGR D XQ JUXSR GH DOXPQRV TXH YLHQHQ D
DSUHQGHU
(OHQJDQFKHGHORVFKLFRVFRQODWDUHDHVFRODUVHUHJLVWUDHQORVWUDEDMRVTXHHODERUDQ
HQ ODV SUHJXQWDV TXH IRUPXODQ HQ OD DUJXPHQWDFLyQ TXH H[SRQHQ +D\ DOJR FDGD YH]
PiVFODURORVSLEHVQRGXGDQGHOPDQGDWRHVFRODUQRHVWiHQFXHVWLyQSDUDHOORVTXHD
ODHVFXHODGHEHQYHQLU3RUVXSXHVWRTXHHOHQFXHQWURFRQRWURVFKLFRVHVFHQWUDOWRGD
VXYLGDVRFLDOSDVDSRUODHVFXHODSHURQRSRQHQHQFXHVWLyQODDXWRULGDGGHOGRFHQWH
/DSURSXHVWDGHODHVFXHODHVVLPSOHPHQWHDSUHQGHUFRQVWUXLUSURGXFLUJHQHUDUDOJR
SURSLR

$ODHVFXHODOHLPSRUWDTXHORVSLEHVGHMHQVXVPDUFDV/RVFRPHQWDULRVGHORVHJUH
VDGRV VRQ PX\ DOHQWDGRUHV 3DUD Pt OD HVFXHOD IXH DTXHOOD H[SHULHQFLD @ OD UHYLVWD
OLWHUDULDHOFDPSDPHQWR3DUDQRVRWURVHVFXFKDUHVWRHVUHJLVWUDUDKtHVWXYH\R
(VWRV SLEHV QR VRQ ORV PLVPRV TXH DTXHOORV TXH UHFLEtDPRV FXDQGR OD HVFXHOD VH
DEULy 3UREDEOHPHQWH OD SURFHGHQFLD VRFLRHFRQyPLFD QR KD\D FDPELDGR SHUR ODV FRQGL
FLRQHVVRQRWUDV(VDVIDPLOLDVJR]DEDQGHXQDVHJXULGDGHFRQyPLFDTXHpVWDVSHUGLHURQ
HOQLYHOGHODFRQIOLFWLYLGDGIDPLOLDUHUDRWUR/RVSDGUHVHUDQPXFKRPiVSHUPLVLYRV\VX
SUHRFXSDFLyQIXQGDPHQWDOUHVSHFWRGHODHVFXHODHUDTXHODSDVDUDQELHQTXHQRIXHUDQ
PDOWUDWDGRV +R\ OD HVWDELOLGDG HFRQyPLFD GHVDSDUHFLy VH FDHQ GRV R WUHV IDPLOLDV SRU
PHV \ VH WUDWD GH EUXVFDV FDtGDV HQ ODV TXH DGYLHUWHQ OD ILFFLyQ GHO HVWLOR GH YLGD TXH
PDQWHQtDQ'HFRQVXPLUVLQOtPLWHVWLHQHQTXHSDVDUDFRQVXPLUFRQUHVWULFFLRQHVLPSHQ
VDGDV
$KRUDKD\PXFKDPiVORFXUD3RUHMHPSORXQSLEHFX\RVSDGUHVVHGLYRUFLDURQWLHQH
TXH FRQYLYLU FRQ OD QXHYD SDUHMD KRPRVH[XDO GHO SDGUH \ OXHJR DVLVWLU D VX PXHUWH SRU
VLGD+R\ORVFKLFRVHVWiQPX\H[SXHVWRVDULHVJRVGHWRGRWLSR
5HFXHUGRTXHKDFHRFKRDxRVHQXQFDPSDPHQWRORVSLEHVFRQVXPLHURQPDULKXDQD
\ HVR SURYRFy PXFKD DODUPD HQWUH SDGUHV \ GRFHQWHV KR\ HVWD DQpFGRWD OD UHODWDQ HQ
VpSWLPRJUDGR
7HQHPRVODVHQVDFLyQGHTXHODHVFXHODJDQyLPSRUWDQFLDHQORV~OWLPRVWLHPSRV/RV
SLEHV HVWiQ SUHRFXSDGRV SRU VX IXWXUR HO tQGLFH GH UHSLWHQFLD EDMy ORV TXH ULQGHQ HQ
PDU]ROOHJDQFRQODVPDWHULDVPX\SUHSDUDGDV$QWHVHUDPiVFOLHQWHV/RVFKLFRVUHFR
QRFHQODQHFHVLGDGGHODIRUPDFLyQ7HPHQTXHGDUVHDIXHUD\YHQHQODFDtGDGHVXVID
PLOLDVXQIDQWDVPDGHOTXHTXLHUHQKXLU
1RVSUHJXQWDPRVFRQVWDQWHPHQWHTXpHVWDPRVKDFLHQGR\TXpTXHUHPRVKDFHU&RQ
YLYHQHQQRVRWURVXQJUDGRGHVDWLVIDFFLyQ\GHLQVDWLVIDFFLyQDOPLVPRWLHPSR1RVGH
FLPRVRVHSXHGHQPHMRUDUDOJXQDVFRVDVRVHSXHGHKDFHUPiV
0LVLQWHUORFXWRUHVVRQHOHTXLSRGLUHFWLYRHOFRQVHMRSHGDJyJLFRORVFRRUGLQDGRUHV
GHiUHDV


¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS


/RVGRFHQWHVWLHQHQJUDQDXWRQRPtDLQWHOHFWXDOVXIRUPDFLyQDFDGpPLFDHVVyOLGDFD
VLWRGRVWLHQHQRWURViPELWRVGHSHUWHQHQFLD\HVWRHQULTXHFHPXFKRHOWUDEDMRSHGDJy
JLFR$OJXQRVVHGHGLFDQDODLQYHVWLJDFLyQRWURVDOWUDEDMRHGLWRULDORDODGRFHQFLDXQL
YHUVLWDULD(VWDPRVFRQYHQFLGRVGHTXHFLUFXODUSRUHVSDFLRVQRHVFRODUHVDSRUWDDODFXO
WXUDLQVWLWXFLRQDO8QGRFHQWHTXHQRWUDQVLWDSRURWURVFDPSRVQRYHFLUFXODUORVFRQRFL
PLHQWRV\HQWRQFHVSLHUGHXQDEXHQDSDUWHGHOVHQWLGRSRUTXHWLHQHODVHQVDFLyQTXHWR
GRHPSLH]D\WHUPLQDHQODHVFXHOD
<R QR HVWR\ HQ XQ OXJDU GH YLJLODQFLD HSLVWHPROyJLFD VLQ HPEDUJR VR\ XQ UHIHUHQWH
SDUD ORV SURIHVRUHV 7DO YH] PL OXJDU VHD HO GH XQ JHQHUDOLVWD DTXHO TXH JDUDQWL]D ODV
FRQGLFLRQHVSDUDTXHWHQJDOXJDUODHQVHxDQ]D\HOTXHVXSHUYLVDODSURGXFFLyQLQWHOHF
WXDO
/RVGRFHQWHVGHPDQGDQTXHORVHQFXHQWURVGHFDSDFLWDFLyQJLUHQHQWRUQRDODVSUR
EOHPiWLFDVSXQWXDOHVGHORVSLEHV6HPXHVWUDQGHPDVLDGRVHJXURVHQHOWHUUHQRGLVFLSOL
QDU\PiVELHQPLUDQFRQFLHUWDVRVSHFKDDFXDOTXLHUDTXHOHVKDEOHGHXQWHPDYLQFXOD
GRDOFDPSRGHFRQRFLPLHQWRV6REUHHVWRSHUFLEHQTXHVDEHQ\TXHVXIXHQWHGHIRUPD
FLyQHVWiHQRWURODGR/RLQWHUHVDQWHVLQHPEDUJRHVTXHPDQLILHVWDQTXHDSUHQGHQGH
ORVHQFXHQWURVFRQHOGLUHFWRUTXHDOOtHQFXHQWUDQXQDPLUDGDDJXGDSDUDGHWHFWDUVLWXD
FLRQHVFRQIOLFWLYDVHLPDJLQDUDOJXQDDOWHUQDWLYD
/RVHVWLORVGHWUDEDMRGRFHQWHGLILHUHQHQWUHVt\QRQRVSUHRFXSDLJXDODUORV+D\SUR
IHVRUHVTXHKDEODQWRGRHOWLHPSR\RWURVTXHVRQPiVFRQVWUXFWLYLVWDV/DFXHVWLyQHV
TXHWRGRVJHQHUHQVLWXDFLRQHVGHSURGXFFLyQ/DVGLIHUHQFLDVQRSUHRFXSDQDOFRQWUDULR
<ROHVSURSRQJRTXHDVLVWDQDODVFODVHVGHVXVFRPSDxHURVTXHREVHUYHQRWURVHVWLORV
SHURHQJHQHUDOVRQUHQXHQWHVDKDFHUOR
/RVSLEHVVRQPX\YLJLODQWHVGHODSHUIRUPDQFHGHORVSURIHVRUHV3RUHMHPSORVHxD
ODQODFODVHHVXQGHVSHORWHHOSURIHQRSRQHOtPLWHVQRHVFXFKDSUHMX]JD(VWRVSODQ
WHRVVHORIRUPXODQDORVWXWRUHV\ODH[SHULHQFLDHVTXHOXHJRVHSURGXFHDOJ~QFDPELR
(OWXWRUHVXQRGHORVSURIHVRUHV\VXIXQFLyQHVODGHJHQHUDUXQGLiORJRHQWUHODVSDUWHV
HQFRQIOLFWRRLQWHUYHQLUHQDOJXQDVLWXDFLyQGHWHQVLyQ
/D YLGD VRFLDO GH ORV SLEHV FLUFXOD SRU OXJDUHV PX\ UHVWULQJLGRV 3DOHUPR %HOJUDQR \
QR PXFKR PiV /D %RFD 6DQ 7HOPR \ RWURV EDUULRV QR H[LVWHQ SDUD HOORV &RQVXPHQ
VKRSSLQJV\VRQSRFRVORVTXHXVDQFHOXODU7RGRVVLJXHQHVWXGLDQGRODHVFXHODHVYDOR
UDGDSRUTXHHVHOWUDPSROtQSDUDODXQLYHUVLGDG/RVSDGUHVHVWiQPiVDWHQWRVDVXIRU
PDFLyQDFDGpPLFDVXSUHRFXSDFLyQHQORV~OWLPRVWLHPSRVVHGHVSOD]yGHODLQIRUPiWLFD
DODFDSDFLGDGGHDUJXPHQWDU\ODIRUPDFLyQJHQHUDO


7(5&(5$(6&(1$

0L HVFXHOD HVWi XELFDGD HQ ODV DIXHUDV GHO GLVWULWR GH OD 0DWDQ]D HQ XQ EDUULR PX\
KXPLOGHGHYLHMRVWUDEDMDGRUHV\DFWXDOHVGHVRFXSDGRVFHUFDGHXQDVHQWDPLHQWRTXH
\D QR SXHGH SDVDU LQDGYHUWLGR /RV DOXPQRV TXH UHFLELPRV WLHQHQ SRFR HQ FRP~Q FRQ
DTXHOODV LPiJHQHV TXH UHWUDWDEDQ D ORV HVWXGLDQWHV VHFXQGDULRV (VWRV SLEHV OHMRV GH
WUDQVLWDU XQD PRUDWRULD VRFLDO VH KDFHQ FDUJR GH VLWXDFLRQHV IDPLOLDUHV FRPSOLFDGDV (Q
PXFKRV FDVRV VRQ ORV ~QLFRV SURYHHGRUHV GH VXV KRJDUHV \ VRQ ORV TXH VH RFXSDQ GHO
FXLGDGRGHVXVKHUPDQRVPHQRUHV/RVTXHFRPSDUWHQODYLGDHVFRODUFRQHOWUDEDMRUH
JUHVDQDVXVFDVDVFDVLDODPHGLDQRFKH
&DGDYH]PiVQRVHQIUHQWDPRVDH[SHULHQFLDVTXHURPSHQWRGRVORVHVTXHPDVDSUHQ
GLGRV(ODxRSDVDGRXQRGHORVFKLFRVHVSHUDEDODVDOLGDGHODHVFXHODSDUDLUDUREDU
SRUVXSXHVWRDUPDGR9HQtDLQWHUPLWHQWHPHQWH)UHFXHQWHPHQWHtEDPRVDEXVFDUORDVX
FDVDSHURHUDGLItFLOHQFRQWUDUORYLYtDKX\HQGRGHODSROLFtD/XHJRGHYDULRVLQWHQWRVOR
HQFRQWUDPRV\ORJUDPRVTXHYROYLHUDDODHVFXHOD(QXQDRFDVLyQXQDPLJRORHVSHUy


¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS


DIXHUD\MXQWRVIXHURQDUREDUDXQDFDUQLFHUtD/DSROLFtDORVDWUDSyFRQODEROVDGHFDU
QHORVGHWXYR\ORVOOHYyDOMX]JDGR$SHQDVQRVHQWHUDPRVGHORRFXUULGRIXLPRVKDVWD
DOOt FRQ OD DVLVWHQWH VRFLDO &XDQGR OOHJDPRV QRV GLMHURQ TXH VL HVWiEDPRV GLVSXHVWRV D
EDQFDUORTXHKLFLpUDPRVXQDFDUWDGLULJLGDDOMXH](OSLEHHUDDGLFWR+LFLPRVODFDUWD\
DIRUWXQDGDPHQWHSXGLPRVHYLWDUTXHORWUDVODGDVHQDOLQVWLWXWRGHPHQRUHV)LQDOPHQWH
ORHQYLDURQDXQDJUDQMDGHUHFXSHUDFLyQ1ROHSHUGLPRVHOUDVWURGHWDQWRHQWDQWROR
YLVLWiEDPRV
(QXQRVGtDVVDOHYDPRVDLUDHVSHUDUORSDUDWUDHUORQXHYDPHQWHDODHVFXHOD<DQRV
GLMRTXHTXLHUHYHUDVXVFRPSDxHURV
/D HVFXHOD SDUD ORV FKLFRV HVPXFKRPiVTXHXQDHVFXHOD0iVGHXQDYH]VHHVFX
FKDQ FRPHQWDULRV FRPR pVWH 1RVRWURV ]DIDPRV FRQ OD HVFXHOD TXH WHQHPRV 3HUR QR
TXHUHPRV TXH QRV DJUDGH]FDQ QRV LPSRUWD TXH pVWH VHD VX OXJDU 3HUPDQHQWHPHQWH
SHQVDPRVLQLFLDWLYDVSDUDTXHVHH[SUHVHQSDUDTXHRFXSHQOXJDUHVGLVWLQWRVDORVDFRV
WXPEUDGRV'XUDQWHORVDFWRVGHILQGHFXUVRVROHPRVDEULUHOPLFUyIRQRSDUDDTXHOTXH
TXLHUDGHFLUDOJRDOXPQRVSDGUHVDPLJRVQRYLRV
1RHVVHQFLOORVRVWHQHUODSRVLFLyQLQVWLWXFLRQDOTXHGHVHDPRV3DUDDOJXQRVSURIHVR
UHVHVPX\FRVWRVR3RUHVRHOTXHHVWiDTXtRSWySRUXQDPtVWLFDVLQODFXDOHVFDVLLP
SRVLEOH VHJXLU 3DUD QRVRWURV HO ~QLFR OXJDU QR QHJRFLDEOH HV HO UHVSHWR SRU ORV FKLFRV
SHURQRHQDEVWUDFWRRHQWHQGLGRFRPRXQVLPSOHEXHQWUDWR/RTXHEXVFDPRVHVSURGX
FLUHVSDFLRVTXHORVREOLJXHDVDOLUGHODSRVLFLyQGHVRPHWLPLHQWRGHUHVLJQDFLyQRGH
DJUHVLyQHQODTXHVHHQFXHQWUDQ
7DPSRFRWRGRVORVSLEHVVHDFRJHQDHVWDLQYLWDFLyQGHWRPDUODSDODEUD6LHPSUHQRV
SUHJXQWDPRVSRUORVPRWLYRVGHODLQH[LVWHQFLDGHXQFHQWURGHHVWXGLDQWHV(ORWURGtD
OHFRPHQWpDXQDSURIHVRUD\VLKDFHPRVDOJXQDWUDPSDFRPRSRUHMHPSORGHFLUOHV
TXHQRSXHGHQYHQLUFRQ]DSDWLOODV"7DOYH]VHVXEOHYHQ\VHRUJDQLFHQ¢4XpSRGHPRV
KDFHUSDUDTXHVHUHEHOHQ"GHFLPRVFDGDWDQWR
/D HVFXHOD FXHQWD FRQ XQ &RQVHMR GH 'LVFLSOLQD LQWHJUDGR SRU ORV SURIHV \ ORV SLEHV
HOHJLGRVDPERVSRUVXVFRPSDxHURV(QPiVGHXQDRFDVLyQQRVHQFRQWUDPRVGLVFXWLHQ
GR FRQ ORV FKLFRV SDUD TXH VH UHYHD OD PHGLGD GH H[SXOVLyQ TXH HOORV PLVPRV VXJLHUHQ
IUHQWH D XQ KHFKR GH LQGLVFLSOLQD SURWDJRQL]DGR SRU DOJ~Q FRPSDxHUR (VWH WLSR GH
KHFKRVQRVFRORFDIUHQWHDXQGLOHPDSRUTXHQRSRGHPRVERUUDUFRQHOFRGRORTXHHV
FULELPRV FRQ OD PDQR 6L OHV FRQIHULPRV XQ SRGHU GH GHFLVLyQ FyPR DUUDQFiUVHOR GHV
SXpV" 3HUR DO PLVPR WLHPSR VL OD HVFXHOD SUHWHQGH VRVWHQHU XQD SRVLFLyQ LQFOX\HQWH
¢FyPRDFHSWDUPHGLGDVH[SXOVLYDV"/RVSLEHVSXHGHQVHUPX\FUXHOHVFXDQGRHVWiQHQ
XQ OXJDU GH SRGHU +D\ TXH HFKDUOR VHQWHQFLDQ SRU HMHPSOR HQ UHODFLyQ FRQ XQ FKLFR
TXHSLQWyODVSDUHGHVGHOFROHJLR<RGHVHDEDTXHVHTXHGDUDSHURFyPRKDFHUORVLQGHV
DXWRUL]DUORV
1RHVIiFLOSLORWHDUODHVFXHODHQHVWRVWLHPSRV0XFKDVLQLFLDWLYDVSHQVDGDVGHVGHODV
LQVWDQFLDVGHJRELHUQRSDUDSDOLDUORVHIHFWRVGHODFULVLVWRPDQUXPERVLQHVSHUDGRV/DV
EHFDVHVXQRGHORVHMHPSORVPiVHPEOHPiWLFRV/RVSLEHV\VXVIDPLOLDVODVHVSHUDQDQ
VLRVDPHQWHSRUTXHVHFRQYLHUWHQHQHO~QLFRLQJUHVRIDPLOLDU6LQHPEDUJRVXXVRVHGLV
SDUDGHODVLQWHQFLRQHVSURFODPDGDVDQWHVTXHOLEURV\PDWHULDOHVGHHVWXGLRODVEHFDV
SHUPLWHQ UHVROYHU DOJR GH OD VXEVLVWHQFLD FRWLGLDQD $GHPiV RFXUUHQ KHFKRV LQH[SOLFD
EOHV HO DxR SDVDGR XQD DOXPQD UHFLELy OD EHFD SURPRYLy FRQ QRWDV H[FHOHQWHV \ HVWH
DxRVHODQHJDURQ1LVXVSDGUHVQLVXVVLHWHKHUPDQRVWUDEDMDQ/DVEHFDVJHQHUDQDOWDV
H[SHFWDWLYDV\PXFKDGHVLOXVLyQFXDQGRQRVRQRWRUJDGDV<ROHVVXJHUtDORVFKLFRVTXH
HOHYDUDQ HO UHFODPR TXH HVFULELHUDQ XQD FDUWD \ SHUVRQDOPHQWH PH RFXSDUtD GH HQWUH
JDUOD$KRUDGHFLGtSRQHUXQFDUWHOHQODHVFXHOD/RVTXHWHQJDQJDQDVGHUHFODPDUSRU
ODVEHFDVpVWDHVODGLUHFFLyQGRQGHGLULJLUVH
1R VLHPSUH HQFRQWUDPRV EXHQRV LQWHUORFXWRUHV HQ OD JHVWLyQ VXSHULRU /D 'LUHFFLyQ
*HQHUDO GH &XOWXUD \ (GXFDFLyQ GHEHUtD OODPDUVH 'LUHFFLyQ *HQHUDO GH 3DSHOHV )RWRFR


¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS


SLDV\(VFXHODV3DUHFHXQDLURQtDSHURFRQIUHFXHQFLDWHQHPRVTXHPRQWDUXQRSHUDWLYR
SDUDHQYLDUODLQIRUPDFLyQVREUHSRUHMHPSORFDQWLGDGGHDOXPQRVH[WUDQMHURVTXHKD\
HQVHJXQGRDxR(VWDH[LJHQFLDDGPLQLVWUDWLYDQRVREOLJDDPRYLOL]DUSHUVRQDOGHODHV
FXHOD'HEHQFUX]DUWRGD/D0DWDQ]DSDUDOOHYDUODUHVSXHVWDDTXLHQFRUUHVSRQGD¢/D
VHxRUDIXODQDGHWDOPDQGDDVXVKLMRVDHVWDHVFXHOD"1R<QXHYDPHQWHHOSHULSORSDUD
OOHJDUDWLHPSRFRQODLQIRUPDFLyQ(VWRVPRGRVDUWHVDQDOHVGHUHVROYHUODFRPXQLFDFLyQ
UHVXOWDQSRFRFUHtEOHVHQODHUDGHOID[H,QWHUQHW6LQHPEDUJRDFDUUHDQJDVWRVTXHOD
'LUHFFLyQGH(VFXHODVSDUHFHQRHVWDUHQFRQGLFLRQHVGHKDFHU3DUHFHEURPDIUHQWHDOD
FRPSOHMLGDGGHQXHVWUDWDUHDRFXSDUQRVWDQWRGHOSDSHOHUtR8QDGHODVH[LJHQFLDVPiV
DEVXUGDVHVODFRQIHFFLyQGHSODQLOODVVREUHODSODQWDIXQFLRQDO32)6HWUDWDGHFRPSOH
WDUHOGHWDOOHGHODVKRUDVGLVFULPLQDGDVVHJ~QHVWpQDVLJQDGDVDWLWXODUHVRVXSOHQWHV/R
ULGtFXORHVTXHODVSODQLOODVGHEHQSLQWDUVHFRQFRORUURVDRFHOHVWH\KDFHUFLQFRIRWRFR
SLDV3HURVXFHGHTXHFRPRODVIRWRFRSLDVVRQHQEODQFR\QHJURKD\TXHSLQWDUODVDPD
QR,PDJLQHQFXUVRVSiJLQDVSRUFLQFRFRSLDVSiJLQDVSLQWDGDVFDGDXQDHQ
FRORUURVDRFHOHVWH3HURODFRVDQRWHUPLQDDKtWRGRVORVDxRVWHQJRTXHKDFHUXQGHWD
OOHVREUHFRQGLFLRQHVHGLOLFLDVPDWHULDOGHORVSLVRVSDUHGHVYHQWDQDVVLGDQDODFDOOH
RQR&DGDDxRPHSUHJXQWR¢DFDVRDOJXLHQSXHGHVXSRQHUTXHVLODVYHQWDQDVGDQDOD
FDOOHHQHQHOFDPELDUiQGHRULHQWDFLyQ"<DGHPiVSDUDTXpSHGLUiQWRGRV
HVWRVGDWRVVLFXDQGRFRQVLJQiVSRUHMHPSORTXHODVFDQLOODVHVWiQURWDVMDPiVYLHQHQD
DUUHJODUODV
&XDQGR UHFLER UHFODPRV SRU HO LQFXPSOLPLHQWR GH HVWDV GHPDQGDV UHVSRQGR TXH QR
SXGHFRQWHVWDUHQWLHPSR\IRUPDSRUTXHFXHVWLRQHVGHRWUDtQGROHPHRFXSDURQFRPR
HOUHODWRGHXQDPDGUHGHVHVSHUDGDSRUODYLRODFLyQGHVXKLMDRXQFRQIOLFWRJHQHUDGRHQ
HO &RQVHMR GH 'LVFLSOLQD (V DVt OD ELEOLD \ HO FDOHIyQ OD FDOFXODGRUD \ HO OLTXLG SDSHU
DFRPSDxDQWHV LQIDOWDEOHV FXDQGR YR\ DOD VHGH GH OD LQVSHFFLyQ MXQWR FRQ OD SUHVLyQ GH
XQDFRWLGLDQHLGDGGHVRODGRUD
(QHVWD]RQDDQLGDQXQDPH]FODGHWUDGLFLRQHVPXFKDVGHODVSHUFHSFLRQHVVRFLDOHV
GH HVWDVIDPLOLDVVRQPX\DXWRULWDULDV(QFDVLWRGDVODVFDVDVKD\DOJ~QSROLFtD\DGH
PiVSDVDDVHUXQDGHODVH[SHFWDWLYDVODERUDOHVPiVILUPHV(OGtDTXHYLQLHURQORVFKL
FRV GH +,-26 HPHUJLHURQ WRGRV ORV SUHMXLFLRV TXH SRU VXSXHVWR VH H[WLHQGHQ KDFLD ORV
H[WUDQMHURV6RQFRVDVTXHQRVSUHRFXSDQSRUHVRFRQYRFDPRVJHQWHGHOFDPSRGHODV
FLHQFLDV VRFLDOHV OD OLWHUDWXUDODSROtWLFDSDUDDEULUHOGHEDWH&UHHPRVTXHVRQEXHQDV
RSRUWXQLGDGHVSDUDDFHUFDURWUDVLGHDVTXHSRQJDHQGXGDSXQWRVGHYLVWDFRQVHUYDGR
UHV\GLVFULPLQDWRULRVPX\LQVWDODGRV
/RVGRFHQWHVHVWiQDJRWDGRV/RTXHORVVDOYDHVHOFRPSURPLVRFRQODUHDOLGDGGHOSL
EH 3DUD QRVRWURV OR PiV LPSRUWDQWH HVTXHHOWUiQVLWRSRUODHVFXHODOHVSHUPLWDWHQHU
KHUUDPLHQWDV SDUD GHIHQGHU VXV GHUHFKRV SDUD OXFKDU FRQ RWURV SRU OR TXH OHV FRUUHV
SRQGHSDUDVHJXLUSDUDFRQWLQXDU@HVWXGLDQGR\RFXSDQGRQXHYRVOXJDUHV&UHRTXH
ORTXHPiVQRVLPSRUWDHVIRUPDUEXHQRVWLSRV7DOYH]VXHQHDIUDVHPX\JDVWDGDSHUR
QR HV SRFD FRVD TXH DSUHQGDQ D VHU VROLGDULRV GHEHUtD VHU XQ LPSHUDWLYR GDUOH OXJDU D
RWUR
6LHPSUHVXHxRFRQXQDHVFXHODGRQGHDFRQWH]FDQFRVDVLQWHUHVDQWHV0HJXVWDUtDXQD
HVFXHODFRQSURIHVRUHVPHQRVFDQVDGRVHOFDQVDQFLRLPSLGHSHQVDU3HURVREUHWRGRGH
VHRXQDHVFXHODTXHSXHGDSDVDUODSRVWD6LYRVWHYDVODHVFXHODYDDFDPELDU\DQR
YDDVHUORPLVPRPHGLFHQDOJXQRVFRPSDxHURV\DPLSDUHFHTXHHVWRHVPX\SHOL
JURVR




¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS


&8$57$(6&(1$

(VWDHVXQDHVFXHODGLIHUHQWHDODVGHPiV/RTXHPDUFDVXLGHQWLGDGHVTXHSDUDDF
FHGHUORVFKLFRVWLHQHQTXHWUDQVLWDUPXFKDVSUXHEDV3DVDUXQH[DPHQGHLQJUHVRVX
PDPHQWH VHYHUR TXH WUDQVFXUUH HQ VLPXOWiQHR FRQ OD FXUVDGD GH VpSWLPR JUDGR \ HQ
RFDVLRQHV FRQ OD DVLVWHQFLD D DOJ~Q LQVWLWXWR (V GHPDVLDGD H[LJHQFLD SDUD XQ FKLFR GH
GRFH DxRV 7DQWD SUHVLyQ VXSRQH TXH HQ HOORV DQLGD XQD IXHUWH YROXQWDG SRU VHU HVWX
GLDQWHV GH HVWH FROHJLR /XHJR FXDQGR LQJUHVDQ HO GHVHR GH SHUPDQHQFLD HV HQRUPH
VHJXUDPHQWH QR RFXUUH OR PLVPR HQ ODV HVFXHODV TXH QR FXHQWDQ FRQ XQD PRWLYDFLyQ
IXHUWHGHHQWUDGD
(QXQDRSRUWXQLGDGUHDOL]DPRVXQDHQFXHVWDHQWUHORVSLEHVSUHJXQWiQGROHVSRUTXp
HOHJtDQHVWDHVFXHOD$OJXQRVUHVSRQGLHURQTXHORKDFtDQSRUODYXHOWDROtPSLFDRWURVSRU
ORVYLDMHVRWURVSRUORVFDPSDPHQWRV3HURQRKD\TXHGHVFRQRFHUTXHHOPDQGDWRIDPL
OLDUSHVD\URPSHUFRQXQDFDGHQDGHJHQHUDFLRQHVTXHHJUHVDURQGHOFROHJLRWDPELpQ
(Q ORV ~OWLPRV WLHPSRV DGYHUWLPRV XQ GDWR FXULRVR HO  GH ORV FKLFRV TXH KDFHQ HO
LQJUHVRSURYLHQHQGHHVFXHODVSULYDGDV3UREDEOHPHQWHHQRWUDVFRQGLFLRQHVHVDVIDPL
OLDVKXELHUDQHOHJLGRFRQWLQXDUHQHOFLUFXLWRSULYDGRSHURHOHPSREUHFLPLHQWRODVDOFDQ]y
\SURFXUDQHQWRQFHVXQDJDUDQWtDDFDGpPLFDHQODHVIHUDS~EOLFD
$PLPHJXVWDUtDWUDEDMDUFRQXQDSREODFLyQTXHLQJUHVHSRUVRUWHRSRUVXSXHVWRHVWD
RSLQLyQQRHVFRPSDUWLGD3HURHVWR\VHJXURGHTXHHOSUHVWLJLRGHODXQLYHUVLGDGVRVWH
QLGRHQVXFDSDFLGDGSRUJHQHUDUXQSUR\HFWRGHHQVHxDQ]DSRWHQWHGHEHGHPRVWUDUVH
FRQODPHGLDGHDOXPQRVGHODFLXGDG6HUXQUHFWRUH[LWRVRGHXQDHVFXHODFRPRODTXH
GHVFULERHVPX\IiFLO5HSUHVHQWDXQDJUDQYHQWDMDGLVSRQHUGHFLHUWDVFRQGLFLRQHVFR
PRSRUHMHPSORXQDLPSRUWDQWHPRWLYDFLyQGHSDUWLGDHQORVDOXPQRVODFRODERUDFLyQGH
RWUDVXQLGDGHVGHODXQLYHUVLGDGXQSUHVXSXHVWR&RQWRGRHVWRQRHVXQDWDUHDWLWiQLFD
JDUDQWL]DUXQDEXHQDIRUPDFLyQ/DFDOLGDGGHXQHTXLSRGHWUDEDMRLQVWLWXFLRQDOVHSRQH
DSUXHEDFXDQGRORVGHVWLQDWDULRVUHSUHVHQWDQDOFRP~QGHORVMyYHQHV
1XHVWUDIXQFLyQHVODGHKDFHUHVFXHODVH[SHULPHQWDOHVSDUDWUDQVPLWLUHVWDH[SHULHQ
FLDDODVRFLHGDG3HURHVWRWLHQHXQYDORUUHODWLYRSRUTXHQRVRWURVSRGHPRVKDFHUFRVDV
TXHWDOYH]RWURVODKDUtDQPXFKRPHMRUVLVXVFR\XQWXUDVFRWLGLDQDVIXHUDQRWUDV$GH
PiVKD\TXHFRPSUHQGHUTXHXQVLVWHPDTXHDWLHQGHGRVHVFXHODVQRHVFRPSDUDEOHFRQ
DTXHOTXHWLHQHTXHKDFHUVHFDUJRGHPiVGHTXLQLHQWDV7RGRHOVLVWHPDEXURFUiWLFRGH
FRQWUDORU\HYDOXDFLyQGHOIXQFLRQDPLHQWRHVFRODUHVDOWDPHQWHGLIHUHQWH
(OHMHGHQXHVWURSUR\HFWRHVODVROLGDULGDGODFRPSUHQVLyQODFRQWHQFLyQ\HODIHFWR
(VWRVVRQORVJUDQGHVHOHPHQWRVGLVWLQWLYRVTXHIRUPDQSDUWHGHODFXOWXUDLQVWLWXFLRQDO\
FRQWDPRVFRQXQHTXLSRIXQFLRQDQGRHQHVWHVHQWLGR(QODHVFXHODVHUHVSLUDXQFOLPD
GHOLEHUWDGTXHKDFHTXHORVDOXPQRVQRODYLYDQFRPRXQOXJDUGHFDVWLJRFRPRXQHV
SDFLRLQGHVHDGR(QDOJXQRVFDVRVODHVFXHODHVHO~QLFROXJDUGHFRQWHQFLyQTXHWLHQH
XQFKLFR$TXtDVLVWHQGRVPLOTXLQLHQWRVDOXPQRV\SDUDFRQRFHUFDGDFDVRVHUHTXLHUH
WRGDXQDRUJDQL]DFLyQTXHSXHGDKDFHUVHFDUJR+DEHUDVLJQDGRKRUDVGRFHQWHDODVWX
WRUtDVUHDOL]DUFXUVRVGHFDSDFLWDFLyQSDUDORVSUHFHSWRUHV\ORVWXWRUHVWHQHUXQVyOLGR
GHSDUWDPHQWRGHRULHQWDFLyQDOHVWXGLDQWHWRGRHVWRMXHJDPX\DIDYRU
6LELHQHOGHVHRGHLQJUHVDUHQHOFROHJLRHVXQDFRQVWDQWHDWUDYpVGHOWLHPSRVHKDQ
SURGXFLGRFDPELRVQRWDEOHVHQODV~OWLPDVJHQHUDFLRQHV/RVSLEHVGHKR\VXIUHQGHGHV
HQFDQWR $ PHGLGD TXH VH DFHUFDQ D TXLQWR DxR FUHFH OD DQJXVWLD SRU VX IXWXUR \ FUHR
TXHHOWLSRGHYLROHQFLDTXHVHGHVHQFDGHQDHVWiHQUHODFLyQFRQODSHUSOHMLGDGHQODTXH
YLYHQ/DYLROHQFLDFLUFXODHQVLWXDFLRQHVGHGLYHUVDtQGROHHQORVJHVWRVHQHOWUDWRTXH
VHSURFXUDQHQWUHHOORVHQODDJUHVLyQYHUEDOHQHOFRQVXPRGHDOFRKRO\SUHVXPRTXH
WDPELpQGHGURJDVVLQTXHVLJQLILTXHQHFHVDULDPHQWHDGLFFLyQHQORVKHFKRVGHEXOLPLD
\DQRUH[LDHQODUHODFLyQFRQORVSURIHVRUHV


¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS


(QORV~OWLPRVWLHPSRVVHREVHUYDTXHORVSLEHVHVWiQPX\GHVSURWHJLGRV6HSHUFLEH
PXFKD IUDJLOLGDG HQ ORV YtQFXORV IDPLOLDUHV &UHFH HO Q~PHUR GH SDUHMDV VHSDUDGDV SD
GUHV TXH VH ERUUDQ DIHFWLYD \ HFRQyPLFDPHQWH PDGUHV PX\ VREUHFDUJDGDV \ FRQ XQ
PRQWRQDGDGHVSUHFLDEOHGHDQJXVWLD7RGRHVWRQRSXHGHSDVDULQDGYHUWLGRHQORVFKL
FRV+D\XQFOLPDGHHVFHSWLFLVPRJHQHUDOL]DGR¢&yPRKDFHUSDUDFRQVWUXLUVREUHHVWH
SLVR XQ SUR\HFWR SHUVRQDO XQ KRUL]RQWH GH IXWXUR" /RV FKLFRV HVWiQ YLYLHQGR XQ PDO
PRPHQWR
3DUDORVGRFHQWHVWDPELpQVRQWLHPSRVGLItFLOHV(VWiQPX\JROSHDGRVSRUTXHQRYLV
OXPEUDQPHMRUHVSRVLELOLGDGHV1RREVWDQWHKDEUtDTXHGLVWLQJXLUHQWUHXQGRFHQWHHJUH
VDGRGHOSURIHVRUDGR\XQSURIHVLRQDOTXHHMHUFHODGRFHQFLD$VXYH]KD\GLVWLQFLRQHV
HQWUHORVPiVMyYHQHV\DTXHOORVGHXQDJHQHUDFLyQLQWHUPHGLD\DSRVLFLRQDGRVSURIHVLR
QDOPHQWH (O MRYHQ SURIHVLRQDO TXH YD HQ EXVFD GH XQ FDUJR GRFHQWH HVWi LQWHQWDQGR
FRPSHQVDUORVGpILFLWGHVXHMHUFLFLRODERUDO
$ SHVDU GH OD YXOQHUDELOLGDG GH ODV FRQGLFLRQHV GH WUDEDMR OD HVFXHOD FXHQWD FRQ XQ
HTXLSR GH GRFHQWHVPX\FRPSURPHWLGRFRQODLQVWLWXFLyQ(OORVVRQSURSXOVRUHVGHPX
FKDVLQLFLDWLYDVGHFDPELR(OSUR\HFWRPiVYDOLRVRGHODHVFXHODHVHOTXHOODPDPRV$F
FLyQ6ROLGDULD1RVHWUDWDGHXQHVSDFLRRSWDWLYRSRUHOFRQWUDULRHVXQDH[LJHQFLDFX
UULFXODU0LOFKLFRVGHODHVFXHODUHDOL]DQWDUHDVVROLGDULDVDORVTXHVHOHVXPDQFLHQYR
OXQWDULRV(VXQHPSUHQGLPLHQWRTXHFXHQWDFRQHODSR\RGHORVGRFHQWHVTXHQRHVFD
WLPDQ GHGLFDFLyQ DXQ FXDQGR ORV UHTXHULPLHQWRV H[FHGHQ ODUJDPHQWH VXV REOLJDFLRQHV
3DUDPtHVXQSUR\HFWRVXPDPHQWHLPSRUWDQWH
&XDQGRFRQYRFDPRVDFRQFXUVRGRFHQWHQRVDVDOWyXQDGXGD¢6HUiEXHQRWHQHUXQ
GRFHQWHFRQPXFKDVKRUDV"&UHRTXHWLHQHVXVYHQWDMDV\VXVGHVYHQWDMDV1RORWHQJR
PX\ FODUR 8Q SURIHVRU TXH WHQJD PXFKDV KRUDV HQ OD HVFXHOD HV XQ KRPEUHRPXMHU
PX\FRPSURPHWLGRFRQODLQVWLWXFLyQ(QWRQFHVHVPiVSURSHQVRDDFHSWDUFXUVRVGHFD
SDFLWDFLyQ HQ OD HVFXHOD D GHVDUUROODU SUR\HFWRV H[WUD FXUULFXODUHV HWF 3HUR WDPELpQ
FXDQGRHVHSURIHVRUIDOWDRSLGHOLFHQFLDHODJXMHURTXHGHMDHVHQRUPH+D\TXHVDOLUD
EXVFDUGRVWUHVFXDWURSURIHVRUHVTXHYD\DQDFXEULUORVFDUJRVYDFDQWHV
7HQHPRVUHJLVWUDGRHQWUHHORFKR\HOGLH]SRUFLHQWRGHDXVHQWLVPRGHODVKRUDVWRWD
OHVGHODHVFXHOD(VPXFKR0HGLFHQTXHHQODVHVFXHODVGHOJRELHUQRGHODFLXGDGHV
GHO/RGXGR/DVDXVHQFLDVHQJHQHUDOHVWiQWRGDVMXVWLILFDGDV2SRUHQIHUPHGDG
RSRUH[iPHQHVRSRUTXHHVWiKDFLHQGRXQFXUVRRSRUTXHYDDXQFRQJUHVR3HURUHVXO
WDTXHHVWRQRRFXUUHHQODVHVFXHODVSULYDGDV$OOtQRIDOWDQSRUTXHORVHFKDQ1RREV
WDQWHQRFUHRTXHVHWUDWHGHHPXODUODVHO(VWDGRQRSXHGHFRQVWUXLUOHJLWLPLGDGVRVOD
\DQGRORVGHUHFKRVGHXQWUDEDMDGRU
0L PD\RU H[SHFWDWLYD HV TXH HO FROHJLR IRUPH SHUVRQDV OLEUHV UHVSRQVDEOHV FUtWLFRV
FRQRFHGRUHVGHVXVGHUHFKRV\HQFRQGLFLRQHVGHHMHUFHUORV6LDGHPiVDSUHQGHQPDWH
PiWLFD ItVLFD TXtPLFD PXFKR PHMRU /R TXH SULYLOHJLR HV XQD IXHUWH IRUPDFLyQ EiVLFD
PiVTXHLQVWUXPHQWDO7RGRORFRQWUDULRDORTXHVXJLHUHHOQRPEUHGHODHVFXHOD(QHV
WDGLUHFFLyQPHLQWHUHVDMHUDUTXL]DUHOHVWXGLRGHODHFRQRPtDODVRFLRORJtDODKLVWRULD
QR DVt OD FRQWDELOLGDG &UHR TXH HVWD VHSDUDFLyQ HQWUH EDFKLOOHU \ HVFXHOD FRPHUFLDO DF
WXDOPHQWHQRWLHQHQLQJ~QVHQWLGR
0H SUHJXQWR HQ TXp PHGLGD ORJUDPRV DFWLWXGHV VROLGDULDV HQ ORV SLEHV 1RVRWURV UH
JODPHQWDPRVDOJXQDVFXHVWLRQHVTXHKDFHQDOUHVSHWRSRUORVGHUHFKRVGHORVDOXPQRV
3URKLELPRV UHTXHULU LQIRUPDFLyQ GH DOJ~Q DOXPQR HQ SDUWLFXODU HQ UHODFLyQ FRQ KHFKRV
RFXUULGRV(OUHJODPHQWRHVH[SOtFLWRQRSRGHPRVSHGLUDXQDOXPQRTXHGHQXQFLHDRWUR
DOXPQR/RTXHSRGHPRVKDFHUHVDSOLFDUVDQFLRQHVFROHFWLYDVTXHQRH[LMDQODGHQXQFLD
SHUVRQDO(VHOFDVRGHODYXHOWDROtPSLFDRODVSLQWDGDVHQODVSDUHGHVGHXQDXOD1RV
KDGDGRUHVXOWDGROODPDUDODUHIOH[LyQ\HQJHQHUDOORVDXWRUHVVHSUHVHQWDQYROXQWDULD
PHQWH


¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS


1RROYLGHPRVTXHHODXODWDPELpQHVXQUHGXFWRGHDUELWUDULHGDGHVGRFHQWHV$OJXQRV
GLVFULPLQDQ \ HVWLJPDWL]DQ 1R WRGRV VRQ UHVSHWXRVRV GH ORV DOXPQRV \ HVWR WLHQH VX
FRQWUDFDUDHQODDFWLWXGGHORVSLEHV(OSURIHTXHWUDEDMDELHQTXHSUHSDUDVXVFODVHV
TXHYLHQHDKRUDULRTXHVHFRPSURPHWHDXQTXHVHDPX\H[LJHQWHHVUHVSHWDGRSRUORV
DOXPQRV/RVFKLFRVVDEHQELHQFyPRHVFDGDXQR
0LV LQWHUORFXWRUHV FRWLGLDQRV VRQ WUHV HO HTXLSR GLUHFWLYR TXH HVWi IRUPDGR SRU ORV
WUHVYLFHUUHFWRUHVODGLUHFWRUDGHHVWXGLRV\ODVHFUHWDULDWpFQLFDHOFRQVHMRDFDGpPLFR
DVHVRULQWHJUDGRSRUGRFHQWHVJUDGXDGRV\HVWXGLDQWHV\SRU~OWLPRORVMHIHVGHGHSDU
WDPHQWR(QDOJ~QFDVRHQYLUWXGGHPLGHSHQGHQFLDGHOUHFWRUDGRFRQVXOWRFRQODVH
FUHWDUtDDFDGpPLFDFXDQGRKD\TXHWRPDUGHFLVLRQHVTXHVXSRQHQTXHDIHFWDQDORHVHQ
FLDOGHODHVFXHOD
/D UHIRUPD DO SODQGHHVWXGLRVHVXQHMHPSORGHOIXQFLRQDPLHQWRGHORVPHFDQLVPRV
GHFRQVXOWDLQVWLWXFLRQDO\WDPELpQGHODLQHYLWDELOLGDGGHORVFRQIOLFWRV1RVRWURVFRPHQ
]DPRV SRU ILMDU FULWHULRV JHQHUDOHV $ SDUWLU GH DOOt OD GLUHFFLyQ GH HVWXGLRV HODERUy XQ
GRFXPHQWR TXH GLVFXWLPRV HQ HO FRQVHMR DFDGpPLFR SDUD OXHJR VHU WUDQVPLWLGR D WRGRV
ORVGHSDUWDPHQWRVTXHDVXYH]GHEtDQUHXQLUVHFRQVXVSURIHVRUHVSDUDUHFLELUVXJHUHQ
FLDV 7RGR HVR IXQFLRQy PX\ ELHQ KDVWD OD ~OWLPD HWDSD 1RVRWURV VXSRQtDPRV TXH ORV
HVWXGLDQWHV GHO FRQVHMR DFDGpPLFR SDVDUtDQ OD LQIRUPDFLyQ D VXV FRPSDxHURV SHUR QR
RFXUULyDVt(OSURFHVROOHYyGRVDxRV/RVFKLFRVQRVHPRVWUDEDQLQWHUHVDGRVSRUHOWH
PD KDVWD TXH GHVFXEULHURQ TXH GH  KRUDV VHPDQDOHV GH FODVH SDVDURQ D FXDUHQWD
KRUDV(QUHDOLGDGODHVFXHODWXYRPXFKtVLPDVLQVWDQFLDVGHGLVFXVLyQSHURQRVHSXGLH
URQHYLWDUODVUHVLVWHQFLDVHQSDUWLFXODUHQHOJUHPLRGRFHQWH/RVUHSUHVHQWDQWHVGHOD
FRPLVLyQ LQWHUQD REMHWDEDQ HO SODQ GH HVWXGLRV (Q UHDOLGDG FXHVWLRQDEDQ ODV KRUDV TXH
SHUGHUtDQDOJXQRVGRFHQWHV3HURFRPR\RFRQILDEDHQHOWLSRGHUHIRUPDTXHHVWiEDPRV
LPSXOVDQGROHHQYLpHOSUR\HFWRDOVHFUHWDULRJHQHUDOGH87(/HH[SOLTXpTXHKDEtDPRV
DXPHQWDGRODVKRUDVGRFHQWHV\TXHOyJLFDPHQWHVHSURGXFtDQSpUGLGDV\JDQDQFLDV3H
URGHVGHHOSXQWRGHYLVWDJOREDOHVWiEDPRVRIUHFLHQGRPD\RUHVKRUDVGHWUDEDMR6LOH
SDUHFtDTXHHVWiEDPRVFRPHWLHQGRDOJ~QHUURUHQODDVLJQDFLyQGHKRUDVOHVXJHUtTXH
PHORFRPXQLFDUD(VWDLQVWDQFLDVHUHVROYLy
/DHVFXHODKDJHQHUDGRPXFKRVKHFKRVGHHVFDVDWUDGLFLyQHQODKLVWRULDGHODHGXFD
FLyQ +HPRV DVXPLGR XQ FRPSURPLVR FRQ WHPDV VRFLDOHV DOWDPHQWH VHQVLEOHV FRPR OD
0HPRULD\ORV'HUHFKRV+XPDQRV<QRHVDMHQRDHVWDSRVLFLyQKDEHUDSR\DGRODFUHD
FLyQ GHO FHQWUR GH HVWXGLDQWHV /D H[LVWHQFLD GH HVWH HVSDFLR GHPRFUDWL]D HO IXQFLRQD
PLHQWRGHODHVFXHODDOLJXDOTXHGLVSRQHUGHXQ&RQVHMR$FDGpPLFRHQHOTXHSDUWLFLSDQ
UHSUHVHQWDQWHV HVWXGLDQWLOHV /D HOHFFLyQ GHO FHQWUR VH KDFH FRQ OD ULJXURVLGDG GH XQD
HOHFFLyQQDFLRQDO(VVRUSUHQGHQWHHOUHVSHWRTXHPDQWLHQHQHQWUHVtODVGLIHUHQWHVDJUX
SDFLRQHV/RVSLEHVTXLVLHUDQILVFDOL]DUHOJDVWRGHODHVFXHOD
+D\ XQ VXHxR TXH PH DFRPSDxD LQVLVWHQWHPHQWH ,PDJLQR DOJ~Q GtD DO UHFWRU GH OD
XQLYHUVLGDG FRPXQLFDQGR $TXt WLHQHQ ORV UHFXUVRV SDUD DUPDU XQ QXHYR FROHJLR ¢TXp
QHFHVLWDQ"<ROHGLUtDXQOXJDUGLVSRQLEOHHQ9LOOD/XJDQRGRVWXUQRVSRUTXHHOYHV
SHUWLQRQRHVEXHQRSDUDORVFKLFRVXQDHVWUXFWXUDTXHDUUDQTXHHQVpSWLPRHVGHFLU
HQWHUFHURGH(*%\TXHDVXYH]IXQFLRQHFRPRXQDxRQLYHODGRUFXUVRVGHYHLQWLFLQFR
DOXPQRVXQGHSDUWDPHQWRGHDSR\RSDUDORVFDVRVHVSHFLDOHVFKLFRVTXHWLHQHQGLILFXO
WDGHV HQ HO DSUHQGL]DMH GH FRPSUHQVLyQ (VWR\ FRQYHQFLGR TXH SRGHPRV ORJUDU FRQ
RWUD SREODFLyQ QLYHOHV GH IRUPDFLyQ VLPLODUHVDORVTXHWHQHPRVDFWXDOPHQWH7UDEDMDU
FRQJUXSRVGHGLVWLQWRRULJHQVRFLDO\GLIHUHQWHH[SHULHQFLDGHHVFRODUL]DFLyQSUHYLDHVXQ
YHUGDGHURGHVDItR(VWRVXSRQHPiVSODWDPiVFDUJDKRUDULDSHURYDOHHOLQWHQWR

$JRVWRGH


¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS


&DStWXOR

'(/$*(67,Ï1'(5(6,67(1&,$
$/$*(67,Ï15(48(5,'$

%HUQDUGR%OHMPDU

35,0(5$38(57$'((175$'$'(/$25*$1,=$&,Ï1
35(6817$$/$25*$1,=$&,Ï15(48(5,'$

/DSXEOLFDFLyQGHXQDREUDHQHVWDVFRQGLFLRQHVWRGDYtDLQFLHUWDVVHMXVWLILFDHVHQ
FLDOPHQWHSRUVXFDSDFLGDGGHSURYRFDFLyQPiVTXHSRUVXIXQFLyQGHLQIRUPDFLyQVHxD
OD*HRUJH/DSDVVDGH
3RGUtDVLQOXJDUDGXGDVVHUpVWDODIUDVHTXHSURORJDUDHVWHWUDEDMR
/DVHVFHQDVGHODVFXDWURHVFXHODVVREUHODVTXHVHQRVLQYLWDDWUDEDMDURSHUDQFLHU
WDPHQWHFRPRSODWDIRUPDVGHUHIOH[LyQ(OODVUHYLVWHQODFDSDFLGDGGHSURYRFDUDTXLHQ
LQWHUSHODQ
/RV QDUUDGRUHV GLUHFWLYRV GH ODV HVFXHODV FRQYRFDGDV QR SUHWHQGHQ GHWHQHUVH HQ OD
LQIRUPDFLyQQRQRVGHVFULEHQREMHWLYDPHQWHVXVUHDOLGDGHV$OHUWDGRVGHHVWDLPSRVL
ELOLGDG\KDFLHQGRXVRGHHOODVHLPSOLFDQHQODVKLVWRULDVTXHGHHVWDPDQHUDVHWUDQV
IRUPDQHQHOHMHUFLFLRGHVXSURSLDPHPRULDLQVWLWXFLRQDOWDQDUELWUDULDFRPRVXEMHWLYD
(QHVWDDUELWUDULHGDGDSRVWDPRVDHQFRQWUDUXQDOyJLFDHQFRP~Q
6HFRQVWLWX\HDVtXQDGHODVSXHUWDVGHHQWUDGDDODFRPSUHQVLyQGHXQDRUJDQL]DFLyQ
ODRUJDQL]DFLyQSUHVXQWDTXHHVODRUJDQL]DFLyQSHUFLELGDGHVGHFDGDXQRGHORVDFWRUHV
HQHVWHFDVRORVGLUHFWLYRV
(VWDRUJDQL]DFLyQSUHVXQWDVHJ~QODGHILQLFLyQGH(OOLRW-DFTXHVQRSXHGHWHQHUSUH
WHQVLyQGHYHUGDG~OWLPDHVWiVLJQDGDSRUODSDUFLDOLGDGGHOREVHUYDGRU\VXSURSLRURO
HQODRUJDQL]DFLyQVLQHPEDUJRHVYHUGDGSDUDHOTXHUHODWD
'HKHFKRWRGRDFWRUHQODRUJDQL]DFLyQWLHQHVXOHJtWLPDSHUFHSFLyQGHODHVFXHODHQ
SDUWHFRLQFLGHQWH\HQSDUWHGLYHUJHQWHFRQODGHORVRWURV
'HDKtTXHVLVHTXLHUHORJUDUXQDOHFWXUDGHODOyJLFDGHODRUJDQL]DFLyQVHKDFHQHFH
VDULR LQVWDODU XQD LQGDJDFLyQ VLVWHPiWLFD H LQWHJUDGRUD GH GLVWLQWDV PLUDGDV TXH Gp
FXHQWD GH OD RUJDQL]DFLyQ H[LVWHQWH FRPR DTXHOOD TXH UHIOHMD PiV DFDEDGDPHQWH VX
DFRQWHFHU
6yORGHVGHHVDLQVWDQFLDODRUJDQL]DFLyQH[LVWHQWHHVWDUtDDOODQDQGRHOFDPLQRSDUDHO
GLVHxRGHRUJDQL]DFLRQHVUHTXHULGDV
/RVFULWHULRVTXHSDUD-DFTXHVVRVWLHQHQHOFRQFHSWRGHRUJDQL]DFLyQUHTXHULGDHVWiQ
HQ

HOWUDEDMRGHVWLQDGRDODSURGXFFLyQGHELHQHV\VHUYLFLRVYDORUDGRVWHQGLHQWHVDVDWLV
IDFHU QHFHVLGDGHV S~EOLFDV \ TXH SXHGD UHDOL]DUVH FRQ QRWDEOH HILFDFLD \ KDFHUOR GH
IRUPDWDOTXHOHSRVLELOLWHDODJHQWHHMHUFHUDSOHQRVXVFDSDFLGDGHV\WUDEDMDUMXQWRV
HQFRQGLFLRQHVTXHIRUWDOH]FDQVXVYtQFXORV\VXFRQILDQ]DPXWXDODVLWiOLFDVPHSHU
WHQHFHQ

/RUHVDOWDGRDFHQW~DORVHOHPHQWRVFODYHTXHSXHGHQGDUQRVXQPDUFRGHUHIHUHQFLD
FRQ



 /DSDVVDGH*HRUJH*UXSRVRUJDQL]DFLRQHVHLQVWLWXFLRQHV%DUFHORQD*HGLVD

 (OOLRW-DFTXHV/DRUJDQL]DFLyQUHTXHULGD%XHQRV$LUHV*UDQLFD

¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS



,QGLFDGRUHVTXHPLUDQKDFLDODFRPXQLGDG

6HUYLFLRVYDORUDGRVUHFRQRFLPLHQWRGHODFRPXQLGDG
6DWLVIDFHUQHFHVLGDGHVS~EOLFDVFRQWUDWRGHHQFDUJR\GHPDQGDDODRUJDQL
]DFLyQ\VXFXPSOLPLHQWR
(ILFDFLDORJURGHORVREMHWLYRVSURSXHVWRV



,QGLFDGRUHVTXHPLUDQKDFLDGHQWURKDFLDODVFRQGLFLRQHVGHWUDEDMR

3XHVWDHQMXHJRGHODVFDSDFLGDGHVDSOHQRGHODJHQWHGLUHFWLYRVDOXPQRV
GRFHQWHV
/DSRVLELOLGDGGHWUDEDMDUMXQWRVHTXLSRV
&RQVWUXFFLyQGHYtQFXORVVDWLVIDFWRULRV
 2SHUDU HQ XQ HVSDFLR HPRFLRQDO GH FRQILDQ]D WHQHU VRVWpQ HQ HO RWUR YDOL
GH]GHORVFRPSURPLVRV\ODVSURPHVDV

3DUDODHVFXHODFRPRSDUDRWUDVRUJDQL]DFLRQHVS~EOLFDVKD\XQSOXVGHVLJQLILFDFLyQ
HQ OR UHTXHULGR ([FHGLHQGR VX SURSLD VLQJXODULGDG \ SUR\HFWR LQVWLWXFLRQDO OD HVFXHOD
DSDUHFHHQWUDPDGDHQXQVLVWHPDS~EOLFR\XQSUR\HFWRSROtWLFRTXHOHRWRUJDVHQWLGRHQ
ODJHRJUDItDLQVWLWXFLRQDO
$VtODHVFXHODUHTXHULGDFRPRRUJDQL]DFLyQGHEHUtDFRQWDUFRQ

D8QSUR\HFWRFODUR\FRPSDUWLGR
E6HUSURPRWRUDGHVDOXGHQVXVPLHPEURV
F2SHUDUFRQHIHFWLYLGDGHILFDFLD\HILFLHQFLDHQHOORJURGHVXVUHVXOWDGRV
G'HVSOHJDUFDSDFLGDGGHDSUHQGL]DMHSDUDVtPLVPD

/DVHVFHQDVTXHQRVUHODWDQORVGLUHFWLYRVFRUUHVSRQGHQDODHVFXHODSUHVXQWDODTXH
HOORVYHQ(VWHHVQXHVWURSXQWRGHSDUWLGD/ODPDUHPRVDVXVHVFXHODV5HWLUR0DWDQ]D
/D SULYDGD \ /D XQLYHUVLWDULD (V QXHVWUR SXQWR GH SDUWLGD \ D OD YH] QXHVWUD OLPLWDFLyQ
SDUDXQDFRPSUHQVLyQPiVDEDUFDWLYDTXHLQWHJUHRWUDVPLUDGDVVREUHODPLVPDHVFXH
OD
/D MXVWLILFDFLyQ FRQFHSWXDO GH HVWRV HVFULWRV VH KDOOD HQ OD JHQHUDFLyQ GH DOJXQDV UH
IOH[LRQHVVREUHODOyJLFDTXHODVDQLPDQ(VWDOyJLFDSURGXFLGDH[WHUQDPHQWHDORVUHOD
WRUHVQRVDFHUFDUtDDODRUJDQL]DFLyQH[LVWHQWH'HVGHpVWDSRGHPRVDYDQ]DUKDFLDODUH
TXHULGD


'HODLJQRUDQFLDFRPRYtDGHDFFHVRDODSUHQGL]DMHRUJDQL]DFLRQDO

(OHMHUFLFLRGHORVQDUUDGRUHVQRVHFRQVWUX\HVyORGHVGHODVHOHFFLyQGHLPiJHQHVSD
UDGLJPiWLFDV GH ODV HVFXHODV (Q HO FDPLQR HO WH[WR GHO UHODWR QRV LQWHUURJD SHUR PiV
SUHFLVDPHQWHVHLQWHUURJDDVtPLVPR
$OKDFHUORHQYR]DOWDQRVLQYLWDDSDUWLFLSDUGHHVWDYHUGDGHUDH[SHULHQFLDGHDSUHQ
GL]DMHRUJDQL]DFLRQDO
(QHOGHYHQLUGHOUHODWRVHGHVYHODQORJURVGLILFXOWDGHVHVSHUDQ]DVGHVHQFDQWRV
(Q OD YR] GH ORV UHODWRUHV VH HVFXFKD OD LQWHUURJDFLyQ ¢TXp KDFHU" HQ VXV GLIHUHQWHV
PRGRV¢TXpUHVSRQVDELOLGDGOHFDEHDOGRFHQWH"¢GyQGHHVWiHOSUREOHPD"¢TXpTXH


¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS


UHPRVKDFHU"VLODHVFXHODVRVWLHQHXQDSRVLFLyQLQFOX\HQWH¢FyPRDFHSWDUPHGLGDVH[
SXOVLYDV"¢VHUiEXHQRWHQHUGRFHQWHVFRQPXFKDVKRUDV"
(QHVWDVSUHJXQWDVVHSXHGHVHJXLUODSLVWDGHHVFXHODVTXHQRKDQGHMDGRGHDSUHQ
GHUHQHOSURFHVRGHGHGLFDUVHDHQVHxDU
$GYLUWDPRV TXH VX LQWHOLJHQFLD FRPR RUJDQL]DFLyQ VH HQFXHQWUD SURSRUFLRQDOPHQWH
YLQFXODGDDODFDSDFLGDGGHUHJLVWURGHVXSURSLDLJQRUDQFLD
(VWDGHFODUDFLyQS~EOLFDGHXQQRVDEHUVHFRQVWLWX\HHQFRQGLFLyQSDUDODE~VTXHGD
GHQXHYDVUHVSXHVWDVHQVXVGLPHQVLRQHVRUJDQL]DWLYDVSHGDJyJLFDVDGPLQLVWUDWLYDVR
SROtWLFDV
/D LPSRVLELOLGDG GHO KDOOD]JR GH XQDUHVSXHVWD~OWLPD\WRWDOL]DGRUDFRPRFRPSOHWXG
GHO VDEHU HV OR TXH PDQWLHQH HQ PDUFKD HO SURFHVR 6H HVWDEOHFH DVt XQ OXJDU VLHPSUH
YDFDQWH
1R KD\ DSUHQGL]DMH RUJDQL]DFLRQDO VLQ UHJLVWUR GH OD IDOOD GHO YDFtR 6L QR VH YH QR
H[LVWHWDOODFHJXHUDTXHVLHQGRPHWiIRUDRSHUDHQORUHDO
1R KD\ DSUHQGL]DMH RUJDQL]DFLRQDO VLQ WUDQVIRUPDFLyQ GH HVWH UHJLVWUR GH OD IDOOD HQ
SUHJXQWD LQWHUURJDQWH GHPDQGD (V SUHFLVDPHQWH OD GHFODUDFLyQ GH LJQRUDQFLD OD TXH
DUPDHOFDPLQRKDFLDHOVDEHU
6L HQ YH] GH SUHJXQWDV VH WLHQHQ UHVSXHVWDV HV SDUD HYLWDU OD H[LVWHQFLD GHO WHPD
&HJXHUDLOXVWUDGDLJQRUDQFLDRFXOWDWUDVVXSXHVWRVVDEHUHV&RQWUDULDDODGRFWDLJQR
UDQFLDGH6DQ1LFROiVGH&XVD
1RKD\DSUHQGL]DMHRUJDQL]DFLRQDOVLQWUDQVIRUPDFLyQGHXQVDEHUDXQVLHQGRSURYL
VLRQDOHQDFFLyQHQRSHUDFLyQ(QVXPDWUDQVIRUPDUHOVDEHUQRVDEHUHQJHVWLyQ
(VWHUHFRUULGRGHODSUHQGL]DMHRUJDQL]DFLRQDOHVKRPRORJDEOHDODVLQVWDQFLDVLQVWDQWH
GH YHU WLHPSR GH FRPSUHQGHU PRPHQWR GH FRQFOXLU VHxDODGRV SRU -DFTXHV /DFDQ HQ
VXVHVFULWRV
/DJHVWLyQHQWRQFHVLQFOX\HFDWHJRUtDVGHWLHPSR\HOFiOFXORFRPRVRSRUWHVGHHVH
VDEHUKDFHUFRQVWLWXLGR
¢4XpKDFHU"
1XHVWURVQDUUDGRUHVVRQGLUHFWRUHVFX\DFDSDFLGDGGHUHJLVWUROHFWXUD\FRPSUHQVLyQ
GHIHQyPHQRVRUJDQL]DFLRQDOHVVHYDOLGDHQHVHWUiQVLWRGHODLGHDHQDFWRTXHFRQVWLWX
\HODJHVWLyQRUJDQL]DFLRQDO
(VHWUiQVLWRGHODLGHDDODFWRVHUHDOL]DHQFXDWURDQGDULYHOHV

/DHVWUXFWXUDRUJDQL]DWLYD
/DVSUiFWLFDVGHGLUHFFLyQ
/DFXOWXUDGHODRUJDQL]DFLyQVXVYDORUHV
&RPSHWHQFLDV\SHUILOHVGHSHUVRQDOLGDGGHORVDFWRUHV

5HWRPDUHPRVHVWHSODQWHRPiVDGHODQWH$GHQWUpPRQRVDKRUDHQRWURDVSHFWRGHOD
OyJLFDTXHSUHWHQGHPRVFRQVWUXLU


 (FKHYHUUtD5DIDHO2QWRORJtDGHOOHQJXDMH6DQWLDJR'ROPHQ

 /DFDQ -DFTXHV (VFULWRV(O WLHPSR OyJLFR \ HO DVHUWRGHFHUWLGXPEUHDQWLFLSDGDXQQXHYRVRILVPRSiJ
%XHQRV$LUHV6LJOR;;,/DFDQGHILQHWUHVWLHPSRVHQUHODFLyQFRQHODFWR(VWRVWLHPSRVGHODLQWHUVXEMHWLYLGDGVXSRQHQ
TXHHODFWRGHSHQGHGHOVXMHWRHQVXSRVLFLyQFRQORVRWURVVXMHWRV
 $XQFXDQGRSXHGHQDSDUHFHUVLPXOWiQHDPHQWHVRQUHFRQRFLEOHVFDGDXQRGHHOORV3DUDIUDVHDQGRDODXWRULQVWDQWH
GHYHUHVODLPDJHQVXVILJXUDVORTXHSUHGRPLQDFRPRXQDSDQWDOOD7LHPSRGHFRPSUHQGHUVLJQLILFDTXHVHDFRPRGDDTXH
OORTXHVHKDYLVWR\VHGHVSUHQGHXQDOyJLFDVLPEyOLFDTXHYDPiVDOOiGHORVFRORUHVGHODVLPiJHQHVGHOSDUHFHU3RU~OWL
PR PRPHQWRGHFRQFOXLUHVGRQGHVHMXHJDXQULHVJRFRQFOXLUTXLHUHGHFLUDFWXDU7RPDUHQFXHQWDODVSRVLFLRQHVVLPEyOLFDV
VLQIDVFLQDUVHSRUODVILJXUDVSRQHDOVXMHWRHQODDFFLyQ~QLFDPDQHUDGHREWHQHUVXOLEHUWDG/LEHUWDGTXHKDEUiJDQDGRQR
SRUHVSHUDUVLQRSRUDFWXDU
 ,QVWDQWHWLHPSR\PRPHQWRVRQFDOLGDGHVGLVWLQWDVGHOGLVFXUULU
 $FWXDUQRHVPRYLOL]DUVHItVLFDPHQWH/DSDODEUDSOHQDTXHSURGXFHDFWRHVODYtDGHOLEHUWDGGHOVXMHWR

 $XEHUW1LFROH\*DXOHMDF9LQFHQW(OFRVWHGHODH[FHOHQFLD%DUFHORQD3DLGyV

¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS






6(*81'$38(57$'((175$'$(/0$/(67$5(1/$(6&8(/$

(QORVLQWHUVWLFLRVGHDOJXQRVUHODWRVVHILOWUDODGLILFXOWDGGHODWDUHDODVROHGDG1R
UHVXOWDIiFLOHQFRQWUDUXQLQWHUORFXWRUHQODJHVWLyQFRQYLYHQHQQRVRWURVXQJUDGRGH
VDWLVIDFFLyQ\RWURGHLQVDWLVIDFFLyQQRHVVHQFLOORVRVWHQHUODSRVLFLyQLQVWLWXFLRQDOTXH
GHVHDPRVSDUDDOJXQRVSURIHVRUHVHVPX\FRVWRVRQRHVIiFLOSLORWHDUODHVFXHODHQ
HVWRVWLHPSRVORVGRFHQWHVHVWiQDJRWDGRV
1RVSUHJXQWDPRVODGLILFXOWDGODVROHGDG¢VRQHIHFWRVGHODFDQWLGDGGHWUDEDMR"¢GH
VXFRPSOHMLGDG"1LXQDQLRWUD/DUHVXOWDQWHGHODSUHVLyQSRUUHVSRQGHUDXQDGHPDQGD
DMHQDDOFRQWUDWRGHOURO\DORVUHFXUVRVH[LVWHQWHVHQODRUJDQL]DFLyQSDUDVDWLVIDFHUOD
HVSDUDQRVRWURVHOHMHGHODQiOLVLV
(QYDULRVSDVDMHVHOWH[WRQRVFRQIXQGHFXHVWDGLVWLQJXLUODHVFXHODHQVXFOiVLFDIXQ
FLyQGHGLVWULEXLGRUDGHVDEHUHV\FRQRFLPLHQWRVGHXQiPELWRGHFRQWHQFLyQVRFLDO0X
FKDVHVFHQDVQRHVWiQVLJQDGDVSRUODVDFFLRQHVSHGDJyJLFDVRODSURGXFFLyQGHFRQRFL
PLHQWRVHQVXVGLVWLQWDVHVIHUDV(VWiQVLJQDGDVSRUHODSR\RSHUVRQDOIUHQWHDVLWXDFLR
QHVVRFLDOHV
/DHVFXHODSDUHFHKDEHUTXHGDGRLQVWDODGDFRPRXQDGHODV~OWLPDVRUJDQL]DFLRQHVGH
IURQWHUDHQFRQWDFWRFRQODH[FOXVLyQ$ODPDQHUDGHWULQFKHUDIRUWtQDYDQ]DGD\VROLWD
ULDODHVFXHODHVWiDKtSUHVHQWHGHVSXpVGHODUHWLUDGDGHP~OWLSOHVSXHQWHVGHDFFHVR
VRFLDO
/DHVFXHODSDUDORVFKLFRVDILUPDHOGLUHFWRUGHOD0DWDQ]DHVPXFKRPiVTXHXQD
HVFXHOD 0iV GH XQD YH] VH HVFXFKDQ FRPHQWDULRV FRPR pVWH 1RVRWURV ]DIDPRV FRQ OD
HVFXHOD TXH WHQHPRV
 (VWH GLFKR SRGUtD OOHYDU D XQD FRQIXVLyQ ORV FKLFRV KDEODQ ELHQ
GH HVD HVFXHOD (V FLHUWR 3HUR XQD HVFXHOD ¢GHEH VHU PiV TXH XQD HVFXHOD" &UHHPRV
TXHQR
(VODDJHQGDVRFLDOODTXHLPSRQHVXVSULRULGDGHVGHVYLUWXDQGRODPLVLyQGHODRUJD
QL]DFLyQ
/DVUHIOH[LRQHVSHGDJyJLFDVDSDUHFHQPDVQtWLGDPHQWHHQODVHVFXHODVGHPD\RUHVUH
FXUVRVRSREODFLRQHVPiVDFRPRGDGDV/DSULYDGD\/DXQLYHUVLWDULD/DSURSXHVWDGHOD
HVFXHODHVVLPSOHPHQWHDSUHQGHUHQFXHQWURVGHFDSDFLWDFLyQPHSUHRFXSDQORVUH
FUHRV>-([LVWHQGHEDWHVHQWUHODIRUPDFLyQEiVLFD\ODLQVWUXPHQWDORSHUDWLYDHOWLSR
GH FRQWUDWR GRFHQWH UHTXHULGR HWF /RV WHPDV SHGDJyJLFRV HVWiQ SUHVHQWHV HQ DPEDV
$XQFXDQGRODGLVWLQFLyQHQWUHHOODVVHJHVWDHQHOHQIRTXHSHGDJyJLFRORFDOL]DGDHQOD
FDSDFLWDFLyQ SDUD OD HQWUDGD DO PHUFDGR ODERUDO HQ XQD \ FRQVWUXFWRUD GH FLXGDGDQtD \
IRUPDFLyQEiVLFDHQODRWUD
3DUHFLHUDTXHVyORFXDQGRKD\XQXPEUDOPtQLPRGHQHFHVLGDGHVEiVLFDVVDWLVIHFKDV
H[LVWH HO GHUHFKR D OR SHGDJyJLFR HO GHUHFKR DO FRQRFLPLHQWR \ D ODV FRPSHWHQFLDV UH
TXHULGDVHQHOQXHYRVLJOR
3RUGHEDMRGHHVHXPEUDOODXUJHQFLDTXHSUHVLRQDODQHFHVLGDGLQYDGHODDJHQGDGH
ODRUJDQL]DFLyQ(OIRFRVHFRUUHDODSHUPDQHQFLDGHORVMyYHQHVHQODHVFXHODUHFXSHUD
ORVTXHVHYDQ\HODSR\RIUHQWHDVLWXDFLRQHVOtPLWH
/DFXHVWLyQTXHDEDUFDHOSUR\HFWRODPLVLyQORVQXHYRVVHQWLGRVGHODHVFXHODHPHU
JHQFRQWRGDSRWHQFLDHQWDOHVVLWXDFLRQHV
¢&XiOGHEHUtDVHUHOFRQWUDWRH[SOtFLWRFRQODVRFLHGDG\HO(VWDGR"
¢4XpFRPSURPLVRVPXWXRVVHGHEHUtDQDVXPLU\H[LJLUSRUVXFXPSOLPLHQWR"



 )ULJHULR*UDFLHOD\3RJJL0DUJDULWD/DVLQVWLWXFLRQHVHGXFDWLYDV&DUD\FHFD%XHQRV$LUHV)ODFVR

¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS


+DFHUVH FDUJR SODQWHDU OD UHVSRQVDELOLGDG H[LJLEOH GH FDGD SDUWH OR TXH KR\ VH GH
QRPLQDDFFRXQWDELOLW\HVWiHQHOKRUL]RQWHGHHVWDFXHVWLyQ
6HWUDWD¢GHHGXFDU"¢GHFRQWHQHU"¢GHSURYHHU"¢GHDVLVWLU"¢WRGRHVWRMXQWR"¢HQ
TXp PHGLGD \ HQ TXp SURSRUFLyQ" ¢'yQGH HPSLH]D \ GyQGH WHUPLQD OD PLVLyQ GH OD HV
FXHOD"
6yORHQODH[SOLFLWDFLyQGHOFRQWUDWRVHSRGUiDYDQ]DULQWHJUDQGRORVQXHYRVVHQWLGRV
TXHVHFRQVWUX\HQVREUHXQDOHFWXUDGHPXQGR,QWHUSUHWDQGRODGHPDQGDGHHVHPXQGR
DODRUJDQL]DFLyQ\ORTXHpVWDSXHGHRIHUWDUFRPRSRVLELOLGDGSDUDHVHPXQGR
(VWHGLVHxRSXHGHFRQWHPSODU

D8QDRUJDQL]DFLyQHVFRODUUHTXHULGDTXHFXHQWHFRQORVUHFXUVRVSDUDVXLPSOHPHQ
WDFLyQ
E8QPRGHORGHJHVWLyQDOLQHDGRFRQHVRVVHQWLGRV
F/D GHILQLFLyQ GH ODV FRPSHWHQFLDV UHTXHULGDV GH ORV HGXFDGRUHV SDUD DFRSODUVH D
HVDHVWUDWHJLDGHLQWHUYHQFLyQHGXFDWLYD

(Q OD PRUD GH HVWDV FXHVWLRQHV HVWiQ ODV VHxDOHV GHO HVWUpV TXH SRGHPRV SHUFLELU H
LQWHQWDPRVGHVFLIUDUHQHOiPELWRGHORVGRFHQWHV
(O HVWUpV QR HV WDQWR OD VREUHFDUJD GH WUDEDMR VLQR HO GHVDMXVWH HQWUH OD SUHSDUDFLyQ
GHOWUDEDMDGRU\ODVH[LJHQFLDVDODVTXHVHYHVRPHWLGRQRVyORHQFDQWLGDGVLQRHQFDOL
GDG\GLYHUVLGDG
(OHVWUpVQRHVXQYLUXVQLXQPLFURELR(VODHQIHUPHGDGGHORVYtQFXORVGHOWUDEDMRHQ
ODVRUJDQL]DFLRQHVTXHDIHFWDQDFXHUSRV\DOPDV
'H TXp VH WLHQH TXH RFXSDU HO HGXFDGRU HQ HVFXHODV FRPR 5HWLUR \ 0DWDQ]D ¢VXV
QRPEUHV VRQ VLJQLILFDGRV" ¢HGXFDU R DVLVWLU" ¢FXiOHV VRQ ODV FRPSHWHQFLDV SDUD XQD
FRVD\ODRWUD"¢KDEUiTXHFRQVLGHUDUPiVTXHXQVHQWLGRSDUDODVHVFXHODV"¢pVWDVFR
UUHVSRQGHUiQDODSREODFLyQTXHDWLHQGH"3HUFLELPRVTXHHOPHQVDMHGHODVHVFHQDVSODQ
WHDHVWDVSUHJXQWDV

&RPR DGYHUWtD -XDQ &DUORV 7HGHVFR OD DXWRQRPtD SXHGH HVWDU PX\ FHUFD GHO DLVOD
PLHQWR6LVHFRQIXQGHGHVFHQWUDOL]DFLyQDXWRQRPtDLQVWLWXFLRQDOFRQGHMDUODVHVFXHODV
OLEUDGDVDVXVXHUWHHOHIHFWRHVWiJDUDQWL]DGRVHUiODOHJLWLPDFLyQGHODLQLTXLGDG
/D 0DWDQ]D \ %HOJUDQR /XJDQR \ 3DOHUPR GHVDSDUHFHQ FRPR UHIHUHQFLDV EDUULDOHV
VRQSDtVHVWHUULWRULRVTXHDODYH]FRPSDUWHQPXFKRVGHVXVSDLVDMHV
(OWLIyQGHODVFULVLVSHJDHQWRGRVSHURGHIRUPDVLQWHQVLGDGHV\HIHFWRVPX\GLVWLQ
WRVHQFDGDXQR
9LVLWHPRVODVHVFHQDV/DVPDGUHVDGROHVFHQWHV\VXVEHEpVHQ5HWLURORVSDGUHVSUH
RFXSDGRVSRUODLQIRUPiWLFDRODIRUPDFLyQJHQHUDOHQ/DSULYDGD/RVFKLFRVTXHUREDQOD
FDUQH \ VRQ DWUDSDGRV SRU OD SROLFtD HQ 0DWDQ]D \ HO  GHDOXPQRVSURFHGHQWHVGHO
FLUFXLWRSULYDGRHQ/DXQLYHUVLWDULD1RH[LVWHSXUH]DHQODVGLYLVLRQHV2EVHUYHPRVTXH
DXQHQODVHVFXHODVS~EOLFDVFRPR/DXQLYHUVLWDULD5HWLUR\0DWDQ]DVHWUDPDQODHVWUDWL
ILFDFLyQVRFLDO\VXGLIHUHQFLDOHQODFDOLGDGGHODRIHUWDHGXFDWLYD
1RHVORPLVPRLQYHUWLUWRGDODHQHUJtDHQHYLWDUTXHORVDGROHVFHQWHVFDLJDQIXHUDGHO
VLVWHPDFRPRHQ5HWLUR\0DWDQ]DTXHXVDUHVDHQHUJtDSDUDHOHYDUVHGHQWURGHOVLVWHPD
FRPRHQ/DXQLYHUVLWDULD\/DSULYDGD





 7HGHVFR-&(GXFDFLyQ\VRFLHGDGHQ$PpULFD/DWLQDDOJXQRVFDPELRVFRQFHSWXDOHV\SROtWLFRVHQ)LOPXV'
FRPS3DUDTXpVLUYHODHVFXHOD%XHQRV$LUHV*UXSR(GLWRULDO1RUPD

 5LYHUR-RVp(GXFDFLyQ\H[FOXVLyQHQ$PpULFD/DWLQD0DGULG0LxR\'iYLOD

¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS


/DHVFXHODLQYDGLGD

/DVHVFHQDVGHVSOLHJDQORVFRPSRQHQWHVGHXQGUDPDGUDPDHQHOVHQWLGRJULHJROD
DFFLyQHODFRQWHFHUTXHUHIOHMDQHOFRQIOLFWRKXPDQRTXHVHTXLHUDUHSUHVHQWDU
(Q HO FDVR GH HVWDV HVFXHODV QR WLHQHQ FRPR REMHWLYR GUDPDWL]DU 6LQ HPEDUJR HO
FRQIOLFWR HVWi DOOt OD H[FOXVLyQ HO WHPRU OD E~VTXHGD GH XQ OXJDU OD LQFHUWLGXPEUH \D
QRUHVSHFWRDOIXWXURVLQRDOSUHVHQWHORVWLHPSRVTXHGDQDFRUWDGRVHQODHVWUDWHJLDGH
VREUHYLYLU(QHVDHVFHQRJUDItDFLUFXODQHOHPHQWRVGHWH[WXUDGLIHUHQWHV

/DYLROHQFLDHQHOUHODWRGH5HWLUR(QORVJHVWRVHQORVWUDWRVHQHOFRQVXPRGH
DOFRKRO ORV SLEHV WUDQVLWDQ IUHFXHQWHPHQWH ORV LQVWLWXWRV GH PLQRULGDG QRV GLFH
HQ5HWLURRHVSHUDEDODVDOLGDGHODHVFXHODSDUDLUDUREDUQRVDSXQWDQHQ0DWDQ
]D
/DVQXHYDVFRQILJXUDFLRQHVGHIDPLOLDVHJ~QGDFXHQWD/DSULYDGD8QSLEHFX\RV
SDGUHV VH GLYRUFLDURQ WLHQH TXH FRQYLYLU FRQ OD QXHYD SDUHMD KRPRVH[XDO GHO SD
GUH
/DVSDUDGRMDVGHORVDYDQFHVGHODWHFQRORJtDID[FRUUHRHOHFWUyQLFR,QWHUQHWHQ
FRQWUDVWH FRQ ORV EROVRQHV GH EXURFUDFLD FXDQGR QR GH HVWXSLGH] HQ /D 0DWDQ]D
7RGRVORVDxRVWHQJRTXHKDFHUXQGHWDOOHHGLOLFLR>-¢DOJXLHQSXHGHVXSRQHUTXH
VLODVYHQWDQDVGDQDODFDOOHHQHQHOFDPELDUiQGHRULHQWDFLyQ"
/RVULHJRVGHODUHVLJQDFLyQ3DUDTXpYR\DKDFHUHVWRVL\RQRVLUYRSDUDQDGD
HQSDODEUDVGHXQFKLFRGH5HWLUR
(OGHVHQFDQWR$PHGLGDTXHORVFKLFRVVHDFHUFDQDTXLQWRDxRFUHFHODDQJXVWLD
SRUVXIXWXURQRVGLFHQGHVGH/DXQLYHUVLWDULD

3HURWDPELpQHQHVDPLVPDHVFHQRJUDItDFLUFXODHOGHVHR(OGHVHRTXHHPSXMDODVHV
FHQDVHQVXVGHPDQGDVH[SOtFLWDVLQJUHVDUDOFROHJLRXQLYHUVLWDULDGHUHYLVDUODSURSLD
KLVWRULDGHOEDUULR5HWLURTXHUHUDVXVFRPSDxHURV0DWDQ]DUHFRQRFLPLHQWRDODQH
FHVLGDGGHODIRUPDFLyQSULYDGD
(QODH[LVWHQFLDHLQFUHPHQWRGHHVHGHVHRUHVLGHXQDGHODVFRQGLFLRQHVGHFXDOTXLHU
DOWHUQDWLYDVXSHUDGRUD
0LHQWUDVWDQWRQRH[LVWHUHODFLyQHQWUHHOFRQWH[WR\ODHVFXHODHQHOVHQWLGRGHPH
GLDFLyQVRFLDO0HGLFLyQ\UHODFLyQTXHKDQSHUGLGRVXSURSRUFLyQ


/DHVFXHODVHLQXQGyGHFRQWH[WR\WLHQHHOSHOLJURGHQDXIUDJDUHQVX
FRQGLFLyQGHHVFXHOD

/D HVFXHOD QR HVWi LQWHJUDGD DO FRQWH[WR /D LQWHJUDFLyQ LPSOLFD SHUVLVWHQFLD GH OD
LGHQWLGDGPLVLyQRUJDQL]DFLRQDO\WUDPLWDFLyQHODERUDFLyQGHOOD]R
/DV HVFXHODV HQ ODV FRQGLFLRQHV GH ORV UHODWRV GH 0DWDQ]D \ 5HWLUR HVWiQ LQYDGLGDV
SRUHOFRQWH[WR
/DHVFXHODLQYDGLGDHVWiHQORVERUGHVH[WUHPRVGHOVLVWHPDDELHUWR
(Q OD WHQVLyQ H[LVWHQWH HQ WRGR GLVHxR HQWUH OD FODXVXUD RUJDQL]DFLRQDO Pi[LPD VLV
WHPDVFHUUDGRVFRQILJXUDFLyQSUHYDOHFLHQWHHQODHVFXHODWUDGLFLRQDOGHSURFHVRVLQWUD
PXURVODHVFXHODLQYDGLGDVHXELFDHQHORWURH[WUHPRGHODWHQVLyQ(QHVDSRVLFLyQOD
RUJDQL]DFLyQHQWUDHQLQGLVFULPLQDFLyQFRQHOFRQWH[WR
3HUFLELPRVHQORVQDUUDGRUHVGHHVWDVHVFXHODVHOGHVSOLHJXHGHXQDJHVWLyQGHUHVLV
WHQFLD6HWUDWDGHDOLQHDUODHQHUJtD\ORVUHFXUVRVGHODRUJDQL]DFLyQDOVHUYLFLRGHFRQ
WHQHUHOHPEDWHFRQWH[WXDO\WUDPLWDUORGHODPHMRUPDQHUDSRVLEOH


¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS


(QPHWiIRUDIXWEROHUDVHWUDWDGHDWDMDUPiV\PHMRUORTXHYHQJDVLQSRGHUDUPDU
XQDHVWUDWHJLDGHMXHJR
(O SUR\HFWR HQWRQFHV HV UHVLVWLU 6LWXDFLyQ SDUDGRMDO WRGR SUR\HFWR FRQWLHQH ODLGHD
GHIXWXUR\WRGDUHVLVWHQFLDVHGHVSOLHJDHQWLHPSRSUHVHQWH
/DSDUDGRMDHOSUR\HFWR IXWXURHVUHVLVWLU SUHVHQWHQRHVGLOHPDSDUiOLVLVQHX
WUDOL]DFLyQGHODXWRU8QDSDUDGRMDSXHGHGLVSDUDUDFFLRQHVFXDQGRFRPRHQHVWHFDVR
DOUHVLVWLUVHORJUDJDQDUWHUUHQRDORTXHLQYDGH
'HVGH HVWD SHUVSHFWLYD OD UHVLVWHQFLD VH GLIHUHQFLD GHO UHSOLHJXH HQ OD GLPHQVLyQ GHO
HVSDFLR\HVFDSDDODFRQGHQDGHOSUHVHQWHHQODGLPHQVLyQGHOWLHPSR
/DOyJLFDVHYDDUPDQGRODLQYDVLyQLQVLVWHODHVFXHODUHVLVWH,QVLVWHQFLDTXHQRVH
YHDOLYLDGDSRUODVGHFLVLRQHVSROtWLFDVHFRQyPLFDV\VRFLDOHVGHOSRGHUTXHVyORUR]DQOD
VXSHUILFLHGHOSUREOHPD
5HVLVWHQFLD TXH GHMD HQ OD DPELJHGDG HVWH WpUPLQR HQ VXV VHQWLGRV GH GHIHQVD \
RSRVLFLyQ
9ROYDPRV D ORV WHVWLPRQLRV )UHFXHQWHPHQWH tEDPRV D EXVFDUOR D VX FDVD SHUR HUD
GLItFLOHQFRQWUDUORQXHYHEHEHV\WUHVGHDPEXODGRUHVHQFRQWUDURQOXJDUHQODHVFXHOD
/RV GLUHFWLYRV WUDQVPLWHQ VX HVIXHU]R \ SHUFLELPRV TXH QR YD D DOFDQ]DU SRUTXH
PLHQWUDVDOJXQRVKDFHQWRGROR
TXHSXHGHQRWURVGHFOLQDQKDFHUORTXHGHEHQ/DDX
VHQFLDGHDFFRXQWDELOLW\HQWpUPLQRVGHSRGHUS~EOLFRYLEUDHQODVHVFHQDVTXHHVWDPRV
REVHUYDQGR
(O FRPSURPLVR OD FRQYLFFLyQ \ OD YROXQWDG VRQ FRQGLFLRQHV QHFHVDULDV SHUR QR VXIL
FLHQWHV6LQHPEDUJRXQDPLUDGDPiVGHWDOODGDGHODVHVFHQDVQRVGDSLVWDVGHDSUHQGL
]DMHDFHUFDGHORTXHGHQRPLQDUHPRVJHVWLyQGHUHVLVWHQFLDHILFD]ODTXHVHGLIHUHQFLD
GHOUHSOLHJXH\OHHVFDSDDODFRQGHQDGHOSUHVHQWH
(VWDJHVWLyQGHUHVLVWHQFLDHILFD]DSDUHFHDQWHODLQVLVWHQFLDGHODLQYDVLyQGHOFRQWH[
WR HQ VXV PDQLIHVWDFLRQHV PHQRV SRVLEOHV GH WUDPLWDU DGHFXDGDPHQWH 3RGUtD XELFDUVH
FRPRUHIHUHQFLDSDUDHVFXHODVFRPR0DWDQ]D\5HWLURTXHQRVHGHVGLEXMHQTXHWHQJDQ
H[LVWHQFLDFRPRWDO\TXHUHFXSHUHQVXFRQVLVWHQFLDSHGDJyJLFD
(ODGMHWLYRHILFD]GDFXHQWDGHODLQFLGHQFLDGHODYDQFHHQHOLQWHQWRSRUUHVSRQGHUD
ODSUHJXQWD¢KDVWDTXHQRFDPELHHOVLVWHPDQRVHSXHGHKDFHUQDGD"
$OJXQDVSLVWDVGHHVWDUHVSXHVWDFLUFXODQHQORVUHODWRV9HDPRVVLODJHVWLyQWUDQVLWD
SRUORVFXDWURDQGDULYHOHVPHQFLRQDGRVDQWHULRUPHQWH

(VWUXFWXUDRUJDQL]DWLYD
3UiFWLFDVGHGLUHFFLyQ
&XOWXUD\YDORUHV
&RPSHWHQFLDV\SHUILOHVGHSHUVRQDOLGDGGHORVDFWRUHV

$SOLTXHPRVGLFKRVDQGDULYHOHVDORVUHODWRVRUGHQDQGRVXVFRQWHQLGRVGHDFXHUGRFRQ
pVWRV$VtREWHQGUHPRVXQSRVLEOHGLEXMRGHODJHVWLyQGHUHVLVWHQFLDHILFD]

(VWUXFWXUDRUJDQL]DWLYD

(OUROGH'LUHFFLyQDSDUHFHPX\UHFRUWDGRFRPRODUHIHUHQFLDIUHQWHDODGHQWUR\DO
DIXHUDGHODRUJDQL]DFLyQ
([LVWHQiPELWRVGHFLVRULRVGHODYLGDHVFRODUFRQIXHUWHSDUWLFLSDFLyQGHMyYHQHV
(OUROGRFHQWHGHEHUtDVHUFRPSOHPHQWDGRFRQUROHVHVSHFLDOL]DGRVHQORVRFLDO\VX
SUREOHPiWLFD
/DHVWUXFWXUDRUJDQL]DWLYDGHEHVHUIOH[LEOH\ILUPHWLHQHTXHDGDSWDUDGDSWDUVH\
FRQWHQHU



¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS


3UiFWLFDVGHGLUHFFLyQ

'HEHKDEHUXQDFRQWLQXDFUHDFLyQGHDOWHUQDWLYDVGHLQFOXVLyQ\DILUPDFLyQGHORV
DOXPQRV/DDILUPDFLyQQRVyORHVXQWpUPLQRTXHUHHPSOD]DHOOXJDUGHODH[SUH
VLyQUHWHQFLyQGHODOXPQDGR(VXQFDPELRGHFRQFHSWRDFHUFDGHOOXJDUTXHWLHQH
HODOXPQRHQODHVFXHOD5HWHQHULPSOLFDXQDDFFLyQGHIHQVLYDTXHUHDFFLRQDDQWHOD
SRVLEOH KXLGD $ILUPDU HQ FDPELR GHILQH XQD SURSRVLWLYD OD GH JHQHUDU XQ OXJDU
SDUDTXHHODOXPQRGHVHHHVWDU
1XHVWUDLPSUHVLyQHVTXHODDILUPDFLyQFRPRSRVLFLyQGHEHUtDSUHYDOHFHUSRUVREUH
ODUHWHQFLyQFRPRDFFLyQPDVDOOiGHODVPRGDOLGDGHVHQTXHVHSUHVHQWDQODVGLV
WLQWDV HVFHQDV &yPR KDFHU SDUD PDQWHQHUODV FRPR DOXPQDV UHJXODUHV VH SUH
JXQWD5HWLURUHVSHFWRDODVDGROHVFHQWHVPDGUHVHQXQFODURLQWHQWRGHUHWHQFLyQ
/D PLVPD HVFXHOD QRV FXHQWD TXH DTXt ORV DOXPQRV VH VLHQWHQ UHFRQRFLGRV VH
HQJDQFKDQFRQHOHVWXGLRJDWLOODQGRHOGHVHRGHORVDOXPQRV(VWRVXSRQHXQDSR
VLFLyQGHDILUPDFLyQ
0DWDQ]DGDRWUDVVHxDOHVGHDILUPDFLyQFXDQGRFRQYRFDQJHQWHTXHGHVGHVXH[
SHULHQFLD @ SXHGD D\XGDUQRV D SURGXFLU XQ GHEDWH TXH SRQJD HQ GXGD PXFKDV
SRVLFLRQHVFRQVHUYDGRUDV\GLVFULPLQDWRULDV

/DFRQVWUXFFLyQGHHTXLSRVDQLYHOGHPDHVWURV\DOXPQRVVHWRUQDLPSUHVFLQGLEOH
SDUDHVWDJHVWLyQGHUHVLVWHQFLDHILFD]

/DGLUHFFLyQFRPRJHVWRUDGHUHGHVGHD\XGD\FRODERUDFLyQLQVWLWXFLRQDOVHWUDWD
GH GHWHFWDU \ DUWLFXODUVH FRQ RWUDV RUJDQL]DFLRQHV GH OD FRPXQLGDG TXH VH WUDQV
IRUPDQDVtHQIXHQWHVGHRSRUWXQLGDGHVSDUDODHVFXHOD

 (O GLUHFWRU GHEH FRQYHUWLUVH HQ XQ IDFLOLWDGRU \ PHGLDGRU GH SURFHVRV FRQIOLFWLYRV
SRUHMHPSORHQODVHVFHQDVGHODQHJRFLDFLyQFRQHOJUHPLRHQ/DXQLYHUVLWDULDR
ODPHGLDFLyQHQWUHORVDOXPQRVHQ5HWLUR

(OGLUHFWRUGHEHUtDVHUMXQWRDVXHTXLSRGRFHQWHFXVWRGLRGHORVHVSDFLRVGHIRU
PDFLyQ \ GHVDUUROOR GH FRQWHQLGRVHQODVHVFHQDVODDXVHQFLDGHDOXVLyQDODIRU
PDFLyQHVSHFtILFDPHQWHSHGDJyJLFDGDFXHQWDGHTXHVHHVWiRSHUDQGRHQHOXP
EUDOGHODUHVLVWHQFLD

&XOWXUDGHODRUJDQL]DFLyQVXVYDORUHV

(OHTXLSRGRFHQWHGHEHUtDFRQWDUFRQHOFRQRFLPLHQWRODFRPSUHQVLyQ\HOUHVSHWR
GHORVYDORUHVGHSURFHGHQFLDGHORVDOXPQRV1RHVDWtWXORGHDEVWUDFFLyQTXHHV
WRVFRQFHSWRVGHEHQHVWDUSUHVHQWHVHQHODFFLRQDU/RVYDORUHVTXHVHWUDQVPLWHQ
VROR OR VHUiQ VL OD OH\ HQ VX DFHSFLyQ GH UHJXODFLyQ SXHGH VHU LQFRUSRUDGD HQ OD
FRQYLYHQFLD
 /D HVFXHOD GHEH DIURQWDU HO GHVDItR GH OD FRQVLVWHQFLD LQVWLWXFLRQDO HVWR VLJQLILFD
TXHVXGLVFXUVRGHYDORUHVWLHQHTXHVHUFRKHUHQWHFRQVXVSURSLDVSUiFWLFDVLQVWL
WXFLRQDOHV



¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS


3HUILOHVGHSHUVRQDOLGDG\FRPSHWHQFLDV

(VSHFtILFDPHQWHFHQWUDGRHQODILJXUDGHOGLUHFWRUVHUHTXLHUHSDUDXQDJHVWLyQGHUH
VLVWHQFLDHILFD]

&RPSHWHQFLDVFRPXQLFDWLYDVFDSDFLGDGGHHVFXFKD
3DFLHQFLD7LPPLQJ
7ROHUDQFLDDODIUXVWUDFLyQ
&DSDFLGDGGHOXFKDFRQIURQWDFLyQ\QHJRFLDFLyQ
(OGHVHRSXHVWRHQODWDUHD\ORVDOXPQRVVLQHVWH~OWLPRORVDQWHULRUHVSHUGHUtDQ
VXEU~MXOD

6HSRGUiDOXGLUDODVHPHMDQ]DHQWUHORVFRQWHQLGRVGHHVWRVDQGDULYHOHVFRQDOJXQRV
UDVJRVUHTXHULGRVSDUDWRGRWLSRGHJHVWLyQ6LQHPEDUJRODLGHDDTXtHVVHxDODUORVDV
SHFWRVTXHDSDUHFHQDFHQWXDGRVHQORVFXDWURUHODWRVDQWHULRUHV


7(5&(5$38(57$'((175$'$'((6&(1$6(6&(1$5,263527$*21,67$6<
5(3$5726

5HWRPDPRV DTXt HO FRQFHSWR GHO GUDPD GHO GHVSOLHJXH GH ODV DFFLRQHVKXPDQDVHQ
VXFDUiFWHUGHHQWUDPDGRVLPEyOLFR7RGDHVFHQDVHGHVSOLHJDHQXQHVFHQDULR1XHVWUR
HVFHQDULRHVODLQVWLWXFLyQHVFXHODVHFXQGDULDHQHVWRVFXDWURFDVRV6XJHRJUDItDVXKLV
WRULDVXJHQWHODVKXHOODVGHODFLXGDGGHOSDtV\GHHVWHWLHPSRVHPDUFDQLQFRQIXQGL
EOHPHQWHHQHVHHVFHQDULR
7RGD HVFHQD WLHQH WDPELpQ SURWDJRQLVWDV PDV DOOi GH XQ UHSDUWR JHQHUDOPHQWH PiV
DPSOLR
(QODVHVFHQDVTXHDQDOL]DPRVHOUHODWRUHOVXMHWRGHOHQXQFLDGRHVHOGLUHFWLYR\HV
WDPELpQXQRGHORVSURWDJRQLVWDV3RUGHEDMRGHVXUHODWRDSDUHFHHOVXMHWRGHODHQXQ
FLDFLyQ WRGDV ODV YRFHV TXH VH FUX]DQ SDUD DUPDU HO OXJDU GHVGH GRQGH HO VXMHWR GHO
HQXQFLDGRKDEOD
(VWDSRVLFLyQGHGLUHFWRUFRQGLYHUVRVPDWLFHV\HVWLORVHVWiSUHVHQWHHQORVUHODWRVOD
GHKDFHUVHFDUJRODGHKDFHUOXJDUDODGHPDQGDODGHHVFXFKDU¢VHUiSRUHVRTXHVH
SXHGHQSUHJXQWDU"
(Q XQ PRPHQWR HQ HO TXH XQR GH ORV TXLHEUHV VRFLDOHV D ORV TXH DVLVWLPRV HV ODDX
VHQFLDGHUHVSRQVDEOHVWDOFRPRVHxDOD-XDQ&DUORV,QGDUWODFRQFDWHQDFLyQGHODGH
WHUPLQDFLyQHVWDQFRPSOHMDTXHQRH[LVWHLQVWDQFLDDODTXHGLULJLUVHSDUDHQFRQWUDUXQD
H[SOLFDFLyQRHOHYDUXQDTXHMD
1RREVWDQWHORVGLUHFWRUHVVtHVWiQ
3DUDGRMDVLVWpPLFDFXDQWRPiVVHHVWiDOOtGRQGHRWURVQRHVWiQKD\PDVLYLGDGGH
GHPDQGD/DPDVLYLGDGSXHGHQHXWUDOL]DUHVDSUHVHQFLDSRUVREUHUUHTXHULPLHQWR
8Q HMHPSOR RUJDQL]DFLRQDO SXHGH D\XGDUQRV D FODULILFDU HO FRQFHSWR GH QHXWUDOL]DFLyQ
GHODSUHVHQFLDSRUVREUHUUHTXHULPLHQWR(QXQDH[SHULHQFLDGHVDUUROODGDSDUDPHMRUDUOD
FDOLGDG GH VHUYLFLR D VXV SDFLHQWHV XQ KRVSLWDO GH OD FLXGDG LPSOHPHQWy XQ VLVWHPD GH
UHVHUYDVGHWXUQRVPpGLFRVSRUWHOpIRQR(VWRVHKL]RSDUDHYLWDUODVWHUULEOHVFRODVSDUD
SHGLUWXUQRTXHFRPHQ]DEDQHQODPDGUXJDGD(OVLVWHPDWXYRXQORJURLQPHGLDWRHQOD
DFHOHUDFLyQ \ PHMRUDPLHQWR GHO VLVWHPD 3HUR DO VHU HO ~QLFR KRVSLWDO GH OD FLXGDG TXH
KDEtD LPSOHPHQWDGR HVWH SURFHVR PX\ SRFR WLHPSR GHVSXpV VH LQFUHPHQWy FRQVLGHUD


 1RWHPRVODLURQtDTXHUHSUHVHQWDQHVWRVSHUILOHVFUX]DGRVFRQORVDFWXDOHVVDODULRVGRFHQWHV

 6REUHODJOREDOL]DFLyQ\VXVPDOHVWDUHV&RQIHUHQFLDGLFWDGDHQHO$XGLWRULR/HyQGH*UHLIIGHOD8QLYHUVLGDG1DFLR
QDOGH&RORPELD%RJRWiDJRVWRGH

¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS


EOHPHQWHODFDQWLGDGGHSDFLHQWHVTXHVHGLULJLHURQDpOSDUDJR]DUGHOPLVPREHQHILFLR
5HVXOWDGRHOVLVWHPDFRODSVySRUODLQWHQVDGHPDQGDVREUHUUHTXHULPLHQWRDODTXHIXH
VRPHWLGR\\DQRGLRDEDVWRQLSDUDVXVSDFLHQWHVWUDGLFLRQDOHVQLSDUDORVQXHYRV
$TXtVHGLYLGHQODVDJXDV\DSDUHFHODGLVWLQFLyQHQORVUHFXUVRVRUJDQL]DFLRQDOHVSDUD
PDQHMDUODGHPDQGD/DHVFXHODQRFXHQWDFRQXQHTXLSRGHRULHQWDFLyQVRORWHQHPRV
XQ DVHVRU SHGDJyJLFR GLFHQ HQ 5HWLUR \ KDEHU DVLJQDGR KRUDV GRFHQWHV D ODV WXWRUtDV
UHDOL]DU FXUVRV GH FDSDFLWDFLyQ \ WHQHU XQ VyOLGR GHSDUWDPHQWR GH RULHQWDFLyQ DO HVWX
GLDQWHWRGRHVWRMXHJDPX\DIDYRUGLFHQHQ/DXQLYHUVLWDULDHVWRGDFXHQWDGHODVGL
IHUHQFLDVHQHOKRUL]RQWHGHSRVLELOLGDGHVHQWUHXQD\RWUD
(O DOXPQR HO RWUR SURWDJRQLVWD RFXSD HO FHQWUR GH ORV UHODWRV $SDUHFH FRPR VXMHWR
SULYLOHJLDGRSDUDHOUHODWRU
$TXt HQFRQWUDPRV XQ WHVWLPRQLR HORFXHQWH GH OD FODULGDG FRQ TXH HQ HVWDV HVFXHODV
KDQGLVWLQJXLGRKDFLDTXLpQYDGLULJLGDODRUJDQL]DFLyQHODOXPQRORVMyYHQHV
(VWRVDSDUHFHQHQODVFXDWURQDUUDFLRQHVFRPRVXMHWRGHODRUJDQL]DFLyQ\REMHWRGH
Pi[LPRLQWHUpVSDUDHOGLUHFWRU
(O MRYHQ SRU RWUD SDUWH QR HVWi LGHDOL]DGR DSDUHFH LQVFULSWR HQ HO XQLYHUVR GH HVWD
FXOWXUDGHHVWHGLVFXUVRKLVWyULFRVRFLDOVHVROLGDUL]DUREDWLHQHDFWLWXGHVDXWRULWDULDV
SUHMXLFLRVDVSDUWLFLSDFRQVXPHWRPDDSURYHFKDGHOSRGHUSDUDVtFRODERUDDSUHQGH
SURGXFH
6HUVXMHWRLPSOLFDWDPELpQKDFHUVHFDUJR/DHVFXHODQRHVODIDPLOLDHVHVSDFLRVR
FLDO/RVYtQFXORVVHPHGLDQSRUORVLQWHUFDPELRVHQIXQFLyQGHDOJ~QRUGHQMXUtGLFR3DUD
HOVXMHWRHQHVWHFDVRSDUDORVDOXPQRVKD\GHUHFKRVSHURWDPELpQGHEHUHV
(QDOJ~QFDVRODDXVHQFLDGHHVWHOXJDUSRUORVMyYHQHVHVDVXPLGDFRPRWDUHDSRUOD
HVFXHOD7DOYH]VHVXEOHYHQ\VHRUJDQLFHQ£4XpSRGHPRVKDFHUSDUDTXHVHUHEHOHQ
GLFHQGHVGH0DWDQ]D
6LQ HPEDUJR SDUHFH HVFXFKDUVH XQ UXPRU VXEWHUUiQHR HQ ODV GLVWLQWDV HVFHQDV XQ
OXJDUKDFHUVHXQOXJDUWHQHUOXJDUWDOSDUHFHVHUODGHPDQGDGHORVDGROHVFHQWHVTXH
FLUFXODQHQORVUHODWRVGHGLIHUHQWHVPDQHUDV
8QOXJDUHQVXJUXSRHQODHVFXHODHQHOPXQGRHQHOPHUFDGRODERUDOHQHOIXWXUR
HQVtQWHVLVHQORV2WURV>@<XVWHGFyPRVDEHTXLpQVR\\R&yPRQRYRVVRV-XDQ
>- \ HQ HVH PRPHQWR OHV EURWDXQJHVWRGHVDWLVIDFFLyQQRVFXHQWDQHQXQDGHODV
HVFHQDV
6HJ~Q&ULVWRSKH'HMRXUVWHQHUOXJDUHQHORWURHQHOPXQGRGHOWUDEDMRQRYDGLUL
JLGRDOVHUFRPRHQHODPRUVLQRDOKDFHU6HWUDWDGHOUHFRQRFLPLHQWRSRUORTXHDOJXLHQ
KDFH(VHOVXMHWRHOTXHUHHQYtDHVWHUHFRQRFLPLHQWRDOVHU\DSDUHFHODJDQDQFLDHQOD
SURSLDFRQILDQ]D
(ODOXPQRFRPRDFWRUHVDVLPLODEOHDOPXQGRGHOWUDEDMRHOOD]RFLUFXODUtDDWUDYpVGHO
UHFRQRFLPLHQWR SHUR HVSHFLDOPHQWH HQ ODV HVFXHODV PiV GHVSURWHJLGDV DXQTXH GH QLQ
JXQD PDQHUD H[FOXVLYDPHQWH HVWDPRV XQ SDVR DQWHV HO UHFRQRFLPLHQWR VH GHPDQGD
GHVGHHOVHU/RTXHVHGHPDQGDHVDPRU
5HFRUGHPRVVHUUHJLVWUDGRFRPRDOJXLHQTXHHVRTXLHUHVHU
7DPELpQORVGRFHQWHVDSDUHFHQFRQVXVP~OWLSOHVURVWURVHOFRPSURPLVRODLQWROHUDQ
FLDODVREHUELDHOHVIXHU]RHQWUHRWURVUDVJRV/HMRVGHODLGHDOL]DFLyQTXHQHXWUDOL]DODV
HVFHQDVQRVGHYXHOYHQDGRFHQWHVUHDOHVDYHFHVFRPSURPHWLGRVPDVDOOiGHVXSURSLR
URO >- ORV VHJXLPRV DO LQVWLWXWR 3RU SURSLD LQLFLDWLYD YDPRV D WRPDUOHV H[DPHQ DOOt
>ORVSURIHVRUHVQRFREUDQQLQJ~QSOXVSRUKDFHUORVHxDODQHQ5HWLURR/RVGRFHQWHV
HVWiQDJRWDGRV6yORORVVDOYDHOFRPSURPLVRGHODUHDOLGDGFRQHOSLEH>HOTXHHVWi
DTXtRSWySRUXQDPtVWLFDVLQODFXDOHVLPSRVLEOHVHJXLUGLFHQHQ0DWDQ]D\ODHVFXHOD
FXHQWDFRQXQHTXLSRGHGRFHQWHVPX\FRPSURPHWLGRVFRQODLQVWLWXFLyQGLFHQGHVGH/D


 'HMRXUV&ULVWRSKH3VLFRORJtDGHOWUDEDMR\YtQFXORVRFLDOHQ5HYLVWD$FWXDOLGDG3VLFROyJLFD%XHQRV$LUHVDEULOGH


¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS


XQLYHUVLWDULD\DYHFHVDXWRULWDULRVIUHQWHDODVFRQGXFWDVDGROHVFHQWHV(ODXODWDPELpQ
HVXQUHGXFWRGHDUELWUDULHGDGHVGRFHQWHV$OJXQRVGLVFULPLQDQ\HVWLJPDWL]DQXQLYHU
VLWDULDRPLUDQFRQFLHUWDVRVSHFKDDFXDOTXLHUDTXHSXHGDYHQLUDKDEODUOHVGHXQWH
PDYLQFXODGRDOFDPSRGHOFRQRFLPLHQWRSULYDGD
(QHOUHSDUWRFRPRWHOyQGHIRQGRGHODVHVFHQDVHVWiHOVLVWHPDORVDSDUDWRVS~EOL
FRVTXHVHPXHYHQHQWUHJHQHUDUSRVLELOLGDGHV(OVXSHUYLVRUTXHQRVD\XGDODVHFUH
WDUtDDFDGpPLFDFRPRHVSDFLRGHFRQVXOWD\SUHVHQWDUVHFRPRREVWiFXORV(OSDSHOH
UtRODEXURFUDFLDODIDOWDGHUHFXUVRV
'HUHSHQWHSXHGHLQFOXLUVHHQODVHVFHQDVGHODVHVFXHODVRWURDFWRU$SDUHFHDOJXQD
RUJDQL]DFLyQTXHVHWUDQVIRUPDHQSRVLELOLGDGSDUDHOSUR\HFWRFRPRHMHPSORODGHSHQ
GHQFLDGHOJRELHUQRGHODFLXGDGSDUDODJXDUGHUtDHQ5HWLUR
/DJHVWLyQGHUHFXUVRVH[WHUQRVODVDOLDQ]DVRSUR\HFWRVFRQMXQWRVDEUHQHOSDQRUDPD
GHOJRELHUQRHVFRODUDWUDYHVDQGRPXURV\EDUUHUDVTXHRSHUDQHQORVLPEyOLFR\SRUHVR
SXHGHQWHQHULQFLGHQFLDHQORUHDO
1R VH WUDWD GH WHUULWRULRV IUDJPHQWDGRV FRPR RUJDQL]DFLRQHV VLQR GH HVSDFLRV SRU
GRQGHWUDQVLWDQORVSURFHVRVHQORVFXDOHVVHSODVPDODJHVWLyQHGXFDWLYD
/DHVFXHODWLHQHXQDIXQFLyQTXHFXPSOLU3DUDKDFHUORQHFHVLWDGHRWUDVRUJDQL]DFLR
QHV 5HTXLHUH GH RWURV /D HVFXHOD \ VXV RWURV GHEHUiQ RSHUDU HQ UHG HVWDEOHFLHQGR
DOLDQ]DV (V OD HVSHFLILFLGDG GH FDGD XQD GH ODV RUJDQL]DFLRQHV OR TXHVHPDQLIHVWDUiHQ
HVWDVDOLDQ]DVSDUDDSRUWDUFRPSOHPHQWDULDPHQWHHQHOSUR\HFWRHGXFDWLYR


6(*81'$3$57(02'(/23$5$$50$5

3LVWDVSDUDXQPRGHORGHJHVWLyQUHTXHULGR

+DEtDPRVFDUDFWHUL]DGRODHVFXHODLQYDGLGDFRPRDTXHOODHQTXHHOPHGLRHOFRQWH[WR
SHQHWUDFRQWDOIXHU]D\DPSOLWXGTXHQHXWUDOL]DODSURSLDLGHQWLGDGGHODRUJDQL]DFLyQ
(PSXMDGDDOSUHVHQWHVXHILFDFLDVHWUDGXFHHQODFDOLGDGGHODUHVLVWHQFLDHQQRGH
MDUVHFDHUIUHQWHDOHPEDWHGHOFRQWH[WR
&RQHOUHFRQRFLPLHQWRGHOHVIXHU]R\ORVORJURVHQHVDWHQVLyQGHVLJXDOFRQHOPHGLR
TXHKDFHQORVHGXFDGRUHVHQHVHDPELHQWHUHLWHUHPRVODHVFXHODVRODQRSXHGHUHVRO
YHUHVWHGLOHPDVRFLDO
(VHOFRQMXQWRGHXQDVRFLHGDG\XQSRGHUGHJRELHUQRTXHODUHSUHVHQWHHOTXHGLVH
xDUi \ DSOLFDUi ODV SROtWLFDV VRFLDOHV \ HFRQyPLFDV TXH JHQHUHQ FRQGLFLRQHV QHFHVDULDV
SDUD HO GHVDUUROOR GH XQD HGXFDFLyQ GH FDOLGDG GLVWULEXLGD HTXLWDWLYDPHQWH HQWUH WRGRV
ORVVHFWRUHVGHODVRFLHGDG
+D\XQDVRFLHGDGKD\XQSRGHUS~EOLFRTXHGHEHKDFHUVHFDUJR
6LQHPEDUJRODVHVFHQDVTXHDQDOL]DPRVQRVSURYHHQGHXQDRSRUWXQLGDGUHYLVDUOD
JHVWLyQHVFRODUGHXQDHVFXHODS~EOLFDTXHGLVSRQHGHPHMRUHVFRQGLFLRQHVLQVWLWXFLRQD
OHV\DQDOL]DUORVUHVXOWDGRVTXHVHJHQHUDQFXDQGRVHDSURYHFKDQGLFKDVGLVSRQLELOLGD
GHV7DOHVHOFDVRGHODHVFXHODXQLYHUVLWDULD
(QVD\HPRVXQLQYHQWDULRGHGLPHQVLRQHVTXHQRVD\XGHQDFDUDFWHUL]DUHOGLVHxRGH
WDORUJDQL]DFLyQDSDUWLUGHQXHVWURVSURSLRVFRPHQWDULRVHQODSULPHUDSDUWH

 (VREMHWRGHGHVHRGHORVMyYHQHVQRVRORSDUDLQJUHVDUVLQRSDUDSHUPDQHFHUHQ
HOOD
 +DGHILQLGRHOVHQWLGRODGLUHFFLRQDOLGDGGHODRUJDQL]DFLyQ\FXHQWDFRQXQSUR\HF
WRFRPRPDSDGHUXWDV
 (VH SUR\HFWR KD VLGR FRQVWUXLGR FRQ OD SDUWLFLSDFLyQ GH ORV P~OWLSOHV DFWRUHV GH OD
HVFXHOD


¢'yQGHHVWiODHVFXHOD"  


 6'XVFKDW]N\\$%LUJLQFRPS


 (OSUR\HFWRSODQWHDXQSHUILOGHHJUHVDGRHQWpUPLQRGHVXMHWRDOXPQR\FLXGDGDQR
TXH FRQWHPSOD ODV GHPDQGDV H[WHUQDV GH XQ PHUFDGR ODERUDO SHUR QR UHQXQFLD D
YDORUHVVRVWHQLGRVSRUODRUJDQL]DFLyQ
 +D\FRQVLVWHQFLDHQWUHVXGLVFXUVRS~EOLFR\VXPRGHORGHJHVWLyQ
 'LVHxD\GHVDUUROODHVWUDWHJLDVSDUDGHVSOHJDUHOSUR\HFWRSHGDJyJLFRLQVWLWXFLRQDO
\DGPLQLVWUDWLYDPHQWH
 +DGHVDUUROODGRIRUPDVGHJRELHUQRTXHJDUDQWL]DQODSDODEUDGHOFROHFWLYRVLQGH
FOLQDUODVGLIHUHQWHVUHVSRQVDELOLGDGHVGHFDGDURODFFRXQWDELOLW\
 /DXQLGDGEiVLFDGHWUDEDMRHVHOHTXLSR
 7UDEDMDVXUHODFLyQFRQHOFRQWH[WRDFRSOiQGRVHGLQiPLFDPHQWH
3XHGHH[KLELUUHVXOWDGRVODHYDOXDFLyQHVXQUHFXUVRGHODJHVWLyQ
7LHQHOXJDUQRVyORSDUDORVDOXPQRVVLQRSDUDORVHTXLSRVGRFHQWHV
/DHPRFLRQDOLGDGIXQGDQWHHQODRUJDQL]DFLyQHVODFRQILDQ]D
+D\SUHVXSXHVWR\VRVWpQ
6HDUWLFXODDFWLYDPHQWHFRQORVVLVWHPDVHQORVTXHHVWiLQFOXLGRHQHVWHFDVR
OD8QLYHUVLGDG
5HIOH[LRQD\DSUHQGHFRQWLQXDPHQWH
3RVHHXQXPEUDOGHUHFXUVRVPtQLPRVSDUDVXIXQFLRQDPLHQWR
(VWHXPEUDOGHEHUtDLQWHJUDUODVUHPXQHUDFLRQHVGHVXVUHFXUVRVKXPDQRVOD
PHQWDEOHPHQWHHVpVWHMXVWDPHQWHHOUDVJRTXHQRDSDUHFHHQQLQJXQDGHODV
HVFHQDVWDPSRFRHQpVWD
(VS~EOLFD\JUDWXLWD

¢/DXQLYHUVLWDULDHVHOSDUDGLJPDGHJHVWLyQUHTXHULGD"
3RUFLHUWRTXHQR
7RGRSDUDGLJPDVHVLW~DHQHOOXJDUGHSDWUyQPRGHOR\SRUORWDQWRLQH[LVWHQWH
HQODUHDOLGDG
6LQHPEDUJRWRGRSDUDGLJPDIXQFLRQDFRPRSXQWRGHUHIHUHQFLD
9ROYDPRVDQXHVWURSULPHUSXQWRGHSDUWLGDQXHVWURDQiOLVLVSDUWHGHODRUJDQL
]DFLyQ SUHVXQWD OD FXDO HVWi SODQWHDGD WDO FRPR OD YH QXHVWUR UHODWRU HO GLUHFWLYR
GH/DXQLYHUVLWDULD&RPRYHtDPRVHVWHUHODWRQRHVODRUJDQL]DFLyQH[LVWHQWHTXH
VXUJLUtDVyORGHXQDLQGDJDFLyQVLVWHPiWLFD
(QVHJXQGDLQVWDQFLD\UHWRPDQGRD/DSDVVDGHHQVXFRQFHSWRGHFDSDFLGDGGH
SURYRFDFLyQ¢KD\DOJRPiVSURYRFDGRUTXHWRPDUFRPRSXQWRGHRULHQWDFLyQDOJR
TXH\DHVWiRFXUULHQGRDQXHVWURDOUHGHGRU\QRTXHGDUVHDWUDSDGRHQXQSDUDGLJ
PD"
5HWRPDQGRODSRVLFLyQGHDILUPDFLyQVHUtDPiVVHQFLOORHQFRQWUDUORVDJXMHURV
ODV IDOODV D WRGD RUJDQL]DFLyQ VXV LQFRQJUXHQFLDV \ SXQWRV GpELOHV (OHJLPRV HQ
FDPELRUHVFDWDUS~EOLFDPHQWHVXVSUHVXQWRVORJURV\IRUWDOH]DV
1XHVWURUHODWRUGH/DXQLYHUVLWDULDQRVKDEODGHHVFXHODGLIHUHQWHHQWpUPLQRVGHH[FHS
FLRQDOLGDGGDGRTXHGHSHQGHGHXQVLVWHPDTXHVXSHUYLVDVyORGRVHVFXHODVTXHFXHQ
WDQFRQUHFXUVRVGHXQHQWHDFDGpPLFRFRPROD8QLYHUVLGDGHQWUHRWUDVFDUDFWHUtVWLFDV

1RVSUHJXQWDPRV¢SRUTXpXQVLVWHPDTXHFRQWLHQHSRFDVHVFXHODVSDUDVXVXSHUYLVLyQ
TXHSRVHHUHFXUVRVSDUDVXJHVWLyQWHQGUiTXHVHUH[FHSFLRQDOIUHQWHDODQRUPD\QR
ODUHJODGHJRELHUQRSDUDFRQWDUFRQHVFXHODVLQWHJUDGDVGHJHVWLyQUHTXHULGD"



¢'yQGHHVWiODHVFXHOD"