You are on page 1of 13

/$&,(1&,$</$7(&12/2*Ë$(1(/'(6$552//2)87852'($0e5,&$

/$7,1$
 -RUJH6iEDWR\1DWDOLR%RWDQD

,1752'8&,Ï1

/D VXSHUDFLyQ GHO VXEGHVDUUROOR GH $PpULFD /DWLQD UHVXOWDUi GH OD DFFLyQ VLPXOWiQHD GH
GLIHUHQWHVSROtWLFDV\HVWUDWHJLDV(QWRGRFDVR\FXDOHVTXLHUDVHDQORVFDPLQRVHOHJLGRVHO
DFFHVR D XQD VRFLHGDG PRGHUQD ± TXHHVXQRGHORVREMHWLYRVTXHVHSUHWHQGHQDOFDQ]DU
SRU HO GHVDUUROOR ± VXSRQH QHFHVDULDPHQWH XQD DFFLyQ GHFLVLYD HQ HO FDPSR GH OD
LQYHVWLJDFLyQ FLHQWtILFRWHFQROyJLFD /HQWDPHQWH $PpULFD /DWLQD FRPLHQ]D D DGTXLULU
FRQFLHQFLDGHHVWDQHFHVLGDG\GHHVWDFDUHQFLDOHQWDPHQWH\FDVLDUHJDxDGLHQWHVTXHGDQ
WRGDYtD PXFKRV IXQFLRQDULRV TXH FUHHQ TXH OD LQYHVWLJDFLyQ HV XQ OXMR SDUD ORV SDtVHV
GHVDUUROODGRV\PXFKRVHPSUHVDULRV TXHFLUFXQVFULEHQVXIXQFLyQDDGTXLULUSDWHQWHV\SDJDU
UR\DOWLHV 7RGRV DTXHOORV TXH DGRSWDQ HVWD DFWLWXG SDVLYD ROYLGDQ TXH OD QDFLyQ TXH
GHVFDUWHHVWDWDUHDFRUUHHOSHOLJURGHTXHGDUPDUJLQDGDGHODKLVWRULDLJQRUDQGRHOOHQJXDMH
GHORVSDtVHVFLHQWtILFDHWpFQLFDPHQWHPiVDYDQ]DGRV\RVWHQWDQGRORVYLHMRVDWULEXWRVGHOD
VREHUDQtD FRPR PHURV VtPERORV IRUPDOHV YLJHQWHV TXL]iV HQ XQ SDVDGR TXH
GHILQLWLYDPHQWHWHUPLQy

/D LQYHVWLJDFLyQ FLHQWtILFRWHFQROyJLFD HV XQD SRGHURVD KHUUDPLHQWD GH WUDQVIRUPDFLyQ GH
XQD VRFLHGDG /D FLHQFLD \ OD WpFQLFD VRQ GLQiPLFRV LQWHJUDQWHV GH OD WUDPD PLVPD GHO
GHVDUUROOR VRQ HIHFWR SHUR WDPELpQ FDXVD OR LPSXOVDQ SHUR WDPELpQ VHUHDOLPHQWDQGHpO
(VWRVFRQFHSWRVUHFLELHURQXQUHFRQRFLPLHQWRH[SOtFLWRHQOD&RQIHUHQFLDGH3XQWDGHO(VWH
HQDEULOGHHQGRQGHORVMHIHVGH(VWDGRGHODV5HS~EOLFDVGH$PpULFDFRQVDJUDURQHQ
VX FDVL WRWDOLGDG HO FDStWXOR 9 GH VX GHFODUDFLyQ D ORV SUREOHPDV GHO GHVDUUROOR FLHQWtILFR \
WHFQROyJLFR DILUPDQGR WH[WXDOPHQWH OR VLJXLHQWH (O DGHODQWR GH ORV FRQRFLPLHQWRV
FLHQWtILFRV \ WHFQROyJLFRV HVWi WUDQVIRUPDQGR OD HVWUXFWXUD HFRQyPLFD \ VRFLDO GH PXFKDV
QDFLRQHV /D FLHQFLD \ OD WHFQRORJtD RIUHFHQLQILQLWDV SRVLELOLGDGHV FRPR PHGLRV DOVHUYLFLR
GHOELHQHVWDUDTXHDVSLUDQORVSXHEORV3HURHQORVSDtVHVODWLQRDPHULFDQRVHVWHDFHUYRGHO
PXQGR PRGHUQR \ VX SRWHQFLDOLGDG GLVWDQ PXFKR GH DOFDQ]DU HO GHVDUUROOR \ QLYHO
UHTXHULGRV/DFLHQFLD\ODWHFQRORJtDVRQLQVWUXPHQWRVGHSURJUHVRSDUDOD$PpULFD/DWLQD
\QHFHVLWDQXQLPSXOVRVLQSUHFHGHQWHVHQHVWDKRUD

8QSODQWHRHQIXQFLyQGHORUGHQPXQGLDOSDUDHODxR

 &RQYLHQH FRPHQ]DUUHVXPLHQGRORVSULQFLSDOHVDUJXPHQWRVHQIDYRUGHODWHVLVGHTXH
HQ QXHVWURV SDtVHV \ WHQLHQGR HQ FXHQWD OD VLWXDFLyQ SUHVHQWH GHEHPRV UHDOL]DU
LQYHVWLJDFLyQFLHQWtILFRWHFQROyJLFDHQIRUPDVHULDVRVWHQLGD\SHUPDQHQWH(OORVVRQORV
VLJXLHQWHV

x /DDEVRUFLyQGHODVWHFQRORJtDVTXHWRGRSDtVGHEHQHFHVDULDPHQWHLPSRUWDUHVPiV
HILFLHQWH VL HO SDtV UHFHSWRU GLVSRQH GH XQD VyOLGD LQIUDHVWUXFWXUD FLHQWtILFR
WHFQROyJLFD(VWDLQIUDHVWUXFWXUD± TXHPiVDGHODQWHVHUiGHILQLGDFRQPiVSUHFLVLyQ
± VyOR SXHGH FUHDUVH PDQWHQHUVH \ SURJUHVDU D WUDYpV GH OD DFFLyQ SURSLD GH OD
LQYHVWLJDFLyQ

x (O XVR LQWHOLJHQWH GH ORV UHFXUVRV QDWXUDOHV GH ODVPDWHULDVSULPDV GH ODPDQRGH
REUD \ GHO FDSLWDO DVt FRPR ORV SUREOHPDV GH ODV HFRQRPLDV GH HVFDOD UHTXLHUHQ
LQYHVWLJDFLRQHVHVSHFtILFDVSDUDFDGDSDtV
x /DWUDQVIRUPDFLyQGHQXHVWUDVHFRQRPtDVSDUDVDWLVIDFHUODQHFHVLGDGLPSHULRVDGH
LQGXVWULDOL]DUQRV\H[SRUWDUSURGXFWRVPDQXIDFWXUDGRVVHUiWDQWRPiVH[LWRVDFXDQWR
PiVHOHYDGRVHDQXHVWURSRWHQFLDOFLHQWtILFRWHFQROyJLFR

x /D FLHQFLD \ OD WHFQRORJtD VRQ SURPRWRUHV FDWDOtWLFRV GHO FDPELR VRFLDO

 6LDQDOL]DPRVHOSUREOHPDQRVyORHQIXQFLyQGHODVQHFHVLGDGHVSUHVHQWHV VLQRHQOD
SHUVSHFWLYD GH XQ RUGHQ PXQGLDO SDUD HO DxR  OD QHFHVLGDG GH XQ YLJRURVR
GHVDUUROORFLHQWtILFRWHFQROyJLFRHQ$PpULFD/DWLQDUHVXOWDD~QPiVLPSHULRVD(QHIHFWR
ODWHVLVPiVLPSRUWDQWHGHODUHXQLyQGH&KLOHHVTXHXQRGHORVIDFWRUHVGHFLVLYRVTXH
SRGUiFRQGXFLUDODUHDOL]DFLyQGHXQQXHYRWLSRGHRUGHQPXQGLDOHQHODxRHVOD
YROXQWDGGHODVQDFLRQHVODWLQRDPHULFDQDVGHORJUDUXQDSOHQDSDUWLFLSDFLyQFRPRVXMHWRV
DFWLYRVHQHOGHVDUUROORVRFLDOSROtWLFR\FXOWXUDOGHOPXQGRGHOIXWXUR6HWUDWDSXHVGH
SURPRYHUQXHYDVUHODFLRQHVGHLJXDOGDGHQWUHODVQDFLRQHV\ODVUHJLRQHVGHPRGRWDO
TXH HO GHVDUUROOR GH ORV SDtVHV PDUJLQDGRV SHUPLWD XQD UHGHILQLFLyQ GH OD DFWXDO
GLVWULEXFLyQ GHO SRGHU HO ELHQHVWDU \ HO SUHVWLJLR HQ HO VHQR GH OD FRPXQLGDG
LQWHUQDFLRQDO $SOLFDQGR HVWDV LGHDV DO FDPSR GH OD FLHQFLD \ OD WHFQRORJtD UHVXOWD
HQWRQFHVTXH$PpULFD/DWLQDFRQHVFDVDLQWHUYHQFLyQHQHOSDVDGR\HQHOSUHVHQWHHQ
HOGHVDUUROORFLHQWtILFR\WHFQROyJLFRGHEHUiFDPELDUVXSDSHOSDVLYRGHHVSHFWDGRUSRU
HO DFWLYR GH SURWDJRQLVWD SURFXUDQGR FRQTXLVWDU OD Pi[LPD SDUWLFLSDFLyQ (Q HVWD
SHUVSHFWLYD HV LPSHUDWLYR TXH ODV QDFLRQHV ODWLQRDPHULFDQDV UHDOLFHQ XQ VXSUHPR
HVIXHU]R HQ FLHQFLD \ WHFQRORJtD DSR\DGDV SRU OD DVLVWHQFLD GH DTXHOORV SDtVHV TXH
FRPSDUWDQHVWDLGHDGHORUGHQPXQGLDOHQORVSUy[LPRVWUHLQWDDxRV

/DFRQFOXVLyQDQWHULRUHVTXHGHEHPRVLQWHUYHQLUHQHOGHVDUUROORFLHQWtILFRWHFQROyJLFR/D
SUHJXQWD LQPHGLDWD HV ¢SRGHPRV DFDVR KDFHUOR" (VWH LQWHUURJDQWH QR VH UHILHUH D ORV
IRUPLGDEOHVREVWiFXORVTXHVRQREYLRV DWUDVRUHODWLYRDFWXDOIDOWDGHUHFXUVRVPDWHULDOHV\
KXPDQRV DXVHQFLD GH WUDGLFLyQ HWF  VLQR D OD SRVLELOLGDG PLVPD TXH GHULYD GH OD
QDWXUDOH]D LQWUtQVHFD GHO SURFHVR WHQLHQGR HQ FXHQWD OD VLWXDFLyQ DFWXDO GHO GHVDUUROOR
FLHQWtILFRWHFQROyJLFR \ VX SHUVSHFWLYD IXWXUD ¢HV SRVLEOH D~Q SUHYHU XQD LQWHUYHQFLyQ
LPSRUWDQWH" 8QD SULPHUD UHVSXHVWD VH HQFXHQWUD HQ ORV GLYHUVRV HVWXGLRV SURVSHFWLYRV
VREUHHOGHVDUUROORGHODFLHQFLD\ODWHFQRORJtDKDVWDHODxR 1RLPSRUWDDKRUDHOHJLU
HQWUHHOORVRHPLWLUMXLFLRVVREUHFXiOHVHOTXHWLHQHPiVSUREDELOLGDGHVGHp[LWR7RGRVHQ
SULQFLSLRKDQVLGRUHDOL]DGRVSRUJHQWHH[SHUWD\HVWiQEDVDGRVHQGLIHUHQWHVPHWRGRORJtDV
SOHQDPHQWHSODXVLEOHV/RTXHLPSRUWDVXEUD\DUHQHVRVHVWXGLRVHVTXHHOORVSUXHEDQDOJR
TXHGHEHUtDVHUWULYLDOSHURTXHODPD\RUSDUWHGHODJHQWHROYLGDTXHVLHQGRODFLHQFLD\OD
WpFQLFD DFWLYLGDGHV GLQiPLFDV HV PX\ IDFWLEOH TXH ORV DFRQWHFLPLHQWRV GH ODV SUy[LPDV
GpFDGDVVHDQPXFKRPiVHVSHFWDFXODUHV\UHYROXFLRQDULRVTXHORVTXHKDQRFXUULGRHQORV
~OWLPRVDxRV(QQXHVWURVSDtVHVHVFRP~QSHQVDUSRUHOKHFKRGHVHUHVSHFWDGRUHV\
QR SURWDJRQLVWDV TXH HVWDPRV YLYLHQGR HO PRPHQWR FXOPLQDQWH GH OD UHYROXFLyQ FLHQWtILFR
WHFQROyJLFD (OOR QR HV FLHUWR FRPR ELHQ OR SUXHEDQ ORV HVWXGLRV SURVSHFWLYRV TXH
GHPXHVWUDQTXHVRQSUHYLVLEOHVWUDQVIRUPDFLRQHVFLHQWtILFDVPXFKRPiVSURIXQGDVTXHODV
H[SHULPHQWDGDVKDVWDHOSUHVHQWH3RUORWDQWRGHEHPRVDGTXLULUFRQFLHQFLDGHTXHHVWDPRV
HQ PHGLR GH XQ SURFHVR \ QR HQ VX WpUPLQR ILQDO GH OR FXDO UHVXOWD TXH D~Q WHQHPRV
SRVLELOLGDGHVGHSDUWLFLSDFLyQ/DLQYHVWLJDFLyQFLHQWtILFRWHFQROyJLFDMDPiVVHGHWLHQH\HV
SUHFLVR UHFRUGDUOR MDPiV VH SRGUi GHWHQHU 1R H[LVWH ~OWLPR DFWR HQ HVWH SURFHVR \
VLHPSUHVHSXHGHOOHJDUDWLHPSRSRUTXHHQDOJXQDPHGLGDWRGRHVWiVLHPSUHFRPHQ]DQGR
\WRGROHSHUWHQHFH&RPRHOGH(LQVWHLQHOXQLYHUVRGHODLQYHVWLJDFLyQFLHQWtILFDHVILQLWR
SHUR VLQ OtPLWHV (O MXHJR HV DELHUWR HO SURWDJRQLVWD HV HO KRPEUH \ WRGRV WHQHPRV
RSRUWXQLGDGGHSDUWLFLSDUHQpO\HVWDVRSRUWXQLGDGHVVHUiQD~QPD\RUHVHQODPHGLGDTXH
DVtORHQWHQGDPRV\VHSDPRVPDUFKDUHQODGLUHFFLyQFRUUHFWD

8QDHVWUDWHJLDSDUDODLQQRYDFLyQ

 2EMHWLYRVHVWUDWpJLFRV

'HORDQWHULRUUHVXOWDHQSULPHUOXJDUTXHHQHOPDUFRGHODVFRQGLFLRQHVSURSXHVWDVSDUD
HODxRGHEHPRVSDUWLFLSDUHQHOGHVDUUROORFLHQWtILFRWHFQROyJLFR(QVHJXQGROXJDU\
SRUODQDWXUDOH]DPLVPDGHHVHSURFHVRSRGHPRVSDUWLFLSDUHQpO(OREMHWRGHHVWHWUDEDMR
HVSURSRQHUXQDHVWUDWHJLDTXHSHUPLWDKDFHUUHDOLGDGHVDSDUWLFLSDFLyQREOLJDWRULD\SRVLEOH
3DUDHOORFRPHQ]DUHPRVSRUGHILQLU FRQPD\RUSUHFLVLyQHOREMHFWLYRGHHVWDDFFLyQORJUDU
FDSDFLGDGWpFQLFRFLHQWtILFDGHGHFLVLyQSURSLDDWUDYpVGHODLQVHUFLyQGHOD FLHQFLD\GHOD
WpFQLFD HQ OD WUDPD PLVPD GHO SURFHVR GH GHVDUUROOR (V HYLGHQWH TXH HQ PD\RU R PHQRU
JUDGRQLQJXQRGHORVSDtVHVGH$PpULFD/DWLQDSRVHHKR\HVDFDSDFLGDGHVWDFDUHQFLDVH
SRQHGHPDQLILHVWRFDGDYH]TXHVHGHEHQWRPDUGHFLVLRQHVHQDTXHOORVSUREOHPDVGRQGH
ODV YDULDEOHV FLHQWtILFRWpFQLFDV VRQ GH JUDQ LPSRUWDQFLD VHDQ pVWRV GH QDWXUDOH]D SROtWLFD
SDFWR GH GHVQXFOHDUL]DFLyQ XVR GHO HVSDFLR SDUD ILQHV SDFtILFRV R PLOLWDUHV VLVWHPDV GH
WHOHFRPXQLFDFLyQ SRU VDWpOLWH  HFRQyPLFD DVLJQDFLyQ GH SULRULGDGHV HQ HO GHVDUUROOR
LQGXVWULDO LQWURGXFFLyQ GH QXHYRV SURFHVRV SURGXFWLYRV H[SRUWDFLyQ GH SURGXFWRV
PDQXIDFWXUDGRV  VRFLDO SODQLILFDFLyQ GH UHFXUVRV KXPDQRV \ PRGHUQL]DFLyQ GH OD
HQVHxDQ]DWHFQLILFDFLyQGHORVSURJUDPDVGHHQWUHQDPLHQWR \FDSDFLWDFLyQGHODPDQRGH
REUD HWF

$QDOLFHPRVDFRQWLQXDFLyQDOJXQRVGHORVHOHPHQWRVTXHPiVVHYLQFXODQFRQHOSUREOHPD
DVtSODQWHDGR

 /DLQIUDHVWUXFWXUDFLHQWtILFRWHFQROyJLFD

9LVWR FRPR XQ SURGXFWR VRFLDO KDFHU LQYHVWLJDFLyQ VXSRQH OD H[LVWHQFLD GH XQD
LQIUDHVWUXFWXUD FLHQWtILFRWHFQROyJLFD GHQRPLQDPRV DVt DO VLJXLHQWH FRPSOHMR GH HOHPHQWRV
DUWLFXODGRVHLQWHUUHODFLRQDGRVHQWUHVt
x (O VLVWHPD HGXFDWLYR TXH SURGXFH HQ OD FDOLGDG \ FDQWLGDG QHFHVDULDV ORV KRPEUHV
TXH SURWDJRQL]DQ OD LQYHVWLJDFLyQ FLHQWtILFRV WHFQyORJRV D\XGDQWHV DVLVWHQWHV
RSHUDULRVDGPLQLVWUDGRUHV

x /RVODERUDWRULRVLQVWLWXWRVFHQWURVSODQWDVSLORWR IRUPDGRVSRUKRPEUHVHTXLSRV\
HGLILFLRV GRQGHVHKDFHLQYHVWLJDFLyQ

x (OVLVWHPDLQVWLWXFLRQDOGHSODQLILFDFLyQGHSURPRFLyQGHFRRUGLQDFLyQ\GHHVWtPXOR
DODLQYHVWLJDFLyQ FRQVHMRVGHLQYHVWLJDFLyQDFDGHPLDVGHFLHQFLDVHWF 

x /RV PHFDQLVPRV MXUtGLFRDGPLQLVWUDWLYRV TXH UHJODQ HO IXQFLRQDPLHQWR GH ODV


LQVWLWXFLRQHV\DFWLYLGDGHVGHVFULSWDVHQD E \F 

x /RVUHFXUVRVHFRQyPLFRV\ILQDQFLHURVDSOLFDGRVDVXIXQFLRQDPLHQWR

/D FDOLGDG GH XQD LQIUDHVWUXFWXUD GDGD HVWi GHWHUPLQDGD SRU WRGRV \ FDGD XQR GH HVWRV
HOHPHQWRV \ SRU VX DUPRQLRVD \ SHUPDQHQWH WUDED]yQ 3RU HVWD UD]yQ OD GHELOLGDG GH OD
LQIUDHVWUXFWXUDFLHQWtILFRWHFQROyJLFDHQQXHVWURVSDtVHVSURYLHQHGHODDFFLyQVLPXOWiQHDGH
YDULRV IDFWRUHV QHJDWLYRV VLVWHPDV HGXFDWLYRV DQWLFXDGRV TXH HQ JHQHUDO QR SURGXFHQ
KRPEUHV FUHDWLYRV R ORV FRPEDWHQ PHFDQLVPRV MXUtGLFRDGPLQLVWUDWLYRV GH JUDQ ULJLGH]
LQHILFLHQWHV \ JHQHUDGRUHV GH XQD DWPyVIHUD EXURFUiWLFD SRFR SURSLFLD D OD DFWLYLGDG
FUHDGRUD UHFXUVRV HVFDVRV R PDO GLVWULEXLGRV ROYLGR SHUVLVWHQWH GH TXH OD FDOLGDG GH OD
LQYHVWLJDFLyQ UHVXOWDGH ODFDOLGDGGHORVLQYHVWLJDGRUHV UD]yQSRUODFXDOpVWRVGHEHQVHU
FHORVDPHQWH UHVSHWDGRV \ VX OLEHUWDG DFDGpPLFD SOHQDPHQWH JDUDQWL]DGD SODQLILFDFLyQ
LQH[LVWHQWH R GH QLYHO UXGLPHQWDULR LQFDSD] GH SUHFLVDU PHWDV R GHOLQHDU HVWUDWHJLDV
FRPSDWLEOHV FRQ OD OLEHUWDG DFDGpPLFD SURPRFLyQ \ HVWtPXOR IXHUWHPHQWH LPEXLGRV SRU HO
IDYRULWLVPRSROtWLFRRSRUUHODFLRQHVVRFLDOHVSDUWLFXODUtVWLFDVRSRUDFWLWXGHVFRQIRUPLVWDV
HVWUXFWXUDV DGPLQLVWUDWLYDV TXH GLILFXOWDQ OD FUHDFLyQ GH FXDGURV WpFQLFRV DX[LOLDUHV
LPSUHVFLQGLEOHV YLGULHURVSUR\HFWLVWDVWRUQHURVHOHFWUyQLFRVHWF UHPXQHUDFLRQHVTXHHQ
PXFKRV FDVRV LPSRVLELOLWDQ HO GHVHPSHxR IXOO WLPH GHO SHUVRQDO XQLYHUVLGDGHV
WUDGLFLRQDOHV GRQGH OD LQYHVWLJDFLyQ HV FRQVLGHUDGD FRPR XQD IXQFLyQ VHFXQGDULD
LQYHVWLJDFLyQ FDVL QXOD HQ HO VHFWRU SULYDGR \ PX\ GpELO HQ HO VHFWRU S~EOLFR OLJDGR D OD
SURGXFFLyQ HQHUJtDHOpFWULFDSHWUyOHRFDUEyQWHOHFRPXQLFDFLRQHVVLGHUXUJLDWUDQVSRUWHV
HWF  5HIRU]DU OD LQIUDHVWUXFWXUD VXSRQH SRU FRQVLJXLHQWH XQD DFFLyQ FRRUGLQDGD VREUH HO
FRQMXQWRGHORVHOHPHQWRVTXHODLQWHJUDQHQ IXQFLyQGHXQGLDJQyVWLFRSUHFLVRGHOHVWDGR
UHDOGHFDGDXQRGHHOORV\GHODVFLUFXQVWDQFLDVSURSLDVGHFDGDSDtV

/DLQQRYDFLyQ

1REDVWDVLQHPEDUJRFRQFRQVWUXLUXQDYLJRURVDLQIUDHVWUXFWXUDFLHQWtILFRWHFQROyJLFDSDUD
DVHJXUDU TXH XQ SDtV VHUi FDSD] GH LQFRUSRUDU OD FLHQFLD \ OD WpFQLFD D VX SURFHVVR GH
GHVDUUROOR HV PHQHVWHU DGHPiV WUDQVIHULU D OD UHDOLGDG ORV UHVXOWDGRVGHODLQYHVWLJDFLyQ
DFRSODU OD LQIUDHVWUXFWXUD FLHQWtILFRWHFQROyJLFD D OD HVWUXFWXUD SURGXFWLYD GH OD VRFLHGDG

&RQYLHQH DKRUD LQWURGXFLU HO FRQFHSWR GH LQQRYDFLyQ FRQ HO FXDO GHVLJQDUHPRV OD
LQFRUSRUDFLyQGHOFRQRFLPLHQWR± SURSULRRDMHQR± FRQHOREMHWRGHJHQHUDURPRGLILFDUXQ
SURFHVR SURGXFWLYR (V SRU FLHUWR XQ FRQFHSWR GLVWLQWR DO GH LQYHVWLJDFLyQ HO FRQRFLPLHQWR
WUDQVIHULGR SXHGH VHU HO UHVXOWDGR ± GLUHFWR R LQGLUHFWR ± GH OD LQYHVWLJDFLyQ SHUR SXHGH
UHVXOWDUWDPELpQGHXQDREVHUYDFLyQIRUWXLWDXQGHVFXEULPLHQWRLQHVSHUDGRXQDLQWXLFLyQD
FLHQWtILFD XQD FRQH[LyQ DOHDWRULD GH KHFKRV GLVSHUVRV 0LHQWUDV VREUH HO WHPD GH OD
LQYHVWLJDFLyQVHFRQRFHORVXILFLHQWHSDUDVDEHUORTXHVHGHEH\ORTXHQRVHGHEHKDFHU
SDUD WHQHU p[LWR DFHUFD GHO SURFHVR GH LQQRYDFLyQ HQ FDPELRHVSRFR ORTXHVHFRQRFH
LQWHUYLHQHQ HQ pO XQD FDQWLGDG GH IDFWRUHV FX\R SDSHO HVSHFtILFR H LQWHUUHODFLyQ VH
GHVFRQRFHQHOHPHQWRVGHQDWXUDOH]DWDQGLVSDUFRPRODHVWUXFWXUDHFRQyPLFRILQDQFLHUDGH
OD VRFLHGDG \ GH ODV HPSUHVDV OD PRYLOLGDG VRFLDO OD WUDGLFLyQ ODV FDUDFWHUtVWLFDV GH ORV
JUXSRV GLULJHQWHV HOVLVWHPDGHYDORUHVGHODVRFLHGDGODVQHFHVLGDGHVFRQFUHWDVHQXQD
VLWXDFLyQ GHWHUPLQDGD ORV PHFDQLVPRV GH FRPHUFLDOL]DFLyQ &DGD SDtV HQ SDUWLFXODU \
GHQWURGHpOFDGDVHFWRU\FDGDHPSUHVDGHEHHVWXGLDUFXLGDGRVDPHQWHHOSRUTXp\HOFyPR
GH OD LQQRYDFLyQ WUDWDQGR GH GHVFXEULU VXV PHFDQLVPRV SDUD LPSXOVDUORV HQ OD GLUHFFLyQ
FRUUHFWD+D\SDtVHVTXHKDQVLGRPX\H[LWRVRVHQODLQQRYDFLyQPLHQWUDVTXHRWURV± FRQ
LJXDO R PHMRU LQIUDHVWUXFWXUD FLHQWtILFRWHFQROyJLFD ± OR KDQ VLGR PHQRV (V LOXVWUDWLYR
FRPSDUDU *UDQ %UHWDxD \ -DSyQ PLHQWUDV TXH HQ OD SULPHUD GH HVWDV QDFLRQHV OD
LQYHVWLJDFLyQKDDOFDQ]DGRXQDOWRQLYHOGHFUHDWLYLGDG± KDVWDHOH[WUHPRGHVHUHOSDtVGHO
PXQGRFRQPiVSUHPLRV1REHOSHUFDSLWD± ODLQQRYDFLyQKDVLGRUHODWLYDPHQWHSREUHSRU
UD]RQHV DSDUHQWHPHQWH GHULYDGDV GH OD HVWUXFWXUD HPSUHVDULD D OD FXDO YDULRV DXWRUHV
DWULEX\HQ OD PD\RU UHVSRQVDELOLGDG HQ HO GHWHULRUR GH OD SRVLFLyQ LQGXVWULDO EULWiQLFD HQ HO
-DSyQHQFDPELRGRQGHODLQYHVWLJDFLyQDXQTXHGHH[FHOHQWHQLYHOHVLQIHULRUDODGH*UDQ
%UHWDxD ODLQQRYDFLyQKDVXSHUDGRDSDUHQWHPHQWHODGHWRGRVORVSDtVHVGHOPXQGR

/DV IXHQWHV LPSXOVRUDV GH OD LQQRYDFLyQ VRQ HQWUH RWUDV OD JXHUUD UHDO R SRWHQFLDO ODV
QHFHVLGDGHVGHOPHUFDGRODVXVWLWXFLyQGHLPSRUWDFLRQHVODHVFDVH]GHPDWHULDVSULPDVOD
PD\RURPHQRUGLVSRQLELOLGDGGHPDQRGHREUDFDOLILFDGD\ODRSWLPL]DFLyQGHODLQYHUVLyQ
/RVREVWiFXORVPiVLPSRUWDQWHVTXHVHDO]DQIUHQWHDODLQQRYDFLyQVRQGHFDUiFWHUVRFLR
FXOWXUDO HOSUHGRPLQLRGHDFWLWXGHVUXWLQDULDVODIDOWDGHDJUHVLYLGDGHPSUHVDULDOHOWHPRUD
OD DFFLyQ VLQGLFDO  HFRQyPLFR OD H[LVWHQFLD GH PHUFDGRV PRQRSROL]DGRV R DOWDPHQWH
SURWHJLGRVGHUtJLGRVPHFDQLVPRVGHFRPHUFLDOL]DFLyQGHHVWUXFWXUDVDUWLILFLDOHVGHSUHFLRV
\ GH FRVWRV  ILQDQFLHUR OD HVFDVH] GH FDSLWDOHV \ OD IDOWD GH RSWLPL]DFLyQ GH ORV UHFXUVRV
H[LVWHQWHV  SROtWLFR UHIHULGR HQWUHRWURVIDFWRUHVDOUpJLPHQLPSRVLWLYRODOHJLVODFLyQVREUH
SDWHQWHV ODV OH\HV GH WUDEDMR ODV OH\HV GH IRPHQWR LQGXVWULDO  \ FLHQWtILFR UHODFLRQDGR
EiVLFDPHQWHFRQXQDLQIUDHVWUXFWXUDFLHQWtILFRWHFQROyJLFDGpELORLQH[LVWHQWH 6XSHUDUHVWRV
REVWiFXORV FRQVWLWX\H XQD WDUHD YDVWD \ FRPSOHMD FRQ ULHVJRV \ FRQIOLFWRV PXFKDV YHFHV
LPSUHYLVLEOHV\TXHWUDVFLHQGH± HOFDVREULWiQLFRDVtORGHPXHVWUD± HOPHURGHVDUUROORGHOD
LQYHVWLJDFLyQFLHQWtILFRWHFQROyJLFD

, /D LQVHUFLyQ GH OD FLHQFLD \ GH OD WHFQRORJtD HQ OD WUDPD GHO GHVDUUROOR
ODWLQRDPHULFDQR

(QIRFDGDFRPRXQSURFHVRSROtWLFRFRQVFLHQWHODDFFLyQGHLQVHUWDUODFLHQFLD\ODWHFQRORJtD
HQ OD WUDPD PLVPD GHO GHVDUUROOR VLJQLILFD VDEHU GyQGH \ FyPR LQQRYDU /D H[SHULHQFLD
KLVWyULFDGHPXHVWUDTXHHVWHSURFHVRSROtWLFRFRQVWLWX\HHOUHVXOWDGRGHODDFFLyQP~OWLSOH\
FRRUGLQDGD GH WUHV HOHPHQWRV IXQGDPHQWDOHV HQ HO GHVDUUROOR GH ODV VRFLHGDGHV
FRQWHPSRUiQHDV HO JRELHUQR OD HVWUXFWXUD SURGXFWLYD \ OD LQIUDHVWUXFWXUD FLHQWtILFR
WHFQROyJLFD3RGHPRVLPDJLQDUTXHHQWUHHVWRVWUHVHOHPHQWRVVHHVWDEOHFHXQVLVWHPDGH
UHODFLRQHVTXHVHUHSUHVHQWDUtDSRUODILJXUDJHRPpWULFDGHXQWULiQJXORHQGRQGHFDGDXQR
GHHOORVRFXSDUtDORVYpUWLFHVUHVSHFWLYRV

 (O WULiQJXOR GH UHODFLRQHV HQWUH JRELHUQR FLHQFLDWHFQRORJtD \ HVWUXFWXUD


SURGXFWLYD

/D H[LVWHQFLD KLVWyULFD GH HVWH WULiQJXOR GH UHODFLRQHV FLHQWtILFRWHFQROyJLFDV KD VLGR
VXILFLHQWHPHQWH H[SOLFLWDGD SRU HFRQRPLVWDV VRFLyORJRV H KLVWRULDGRUHV PRWLYR SRU HO FXDO
FUHHPRV LQQHFHVDULR UHLYLQGLFDU OD RULJLQDOLGDG GH HVWH HQIRTXH (O SURFHVR SRU HO FXDO VH
HVWUXFWXUD WDO VLVWHPD GH UHODFLRQHV HQ XQD VRFLHGDG HVWi FODUDPHQWH LOXVWUDGR SRU OD
H[SHULHQFLD GH ORV (VWDGRV 8QLGRV (Q HVWH FDVR OD JXHUUD HQWHQGLGD FRPR XQ IDFWRU
GHVHQFDGHQDQWHGHOSURFHVRKDMXJDGRXQSDSHOGHFLVLYR+DVWDODVHJXQGDJXHUUDPXQGLDO
HQ HIHFWR OD LQQRYDFLyQ IXH HO UHVXOWDGR GH GLYHUVDV FDXVDV SULQFLSDOPHQWH GH OD DFFLyQ
UHFtSURFDGHODVIXHU]DVGHOPHUFDGR\GHDFRQWHFLPLHQWRVEpOLFRVFRPRODLQFLGHQFLDGHOD
*XHUUD GH 6HFHVLyQ HQ ORV HVWDGRV LQGXVWULDOHV GHO QRUWH \ HQ PXFKR PHQRU JUDGR OD
3ULPHUD*XHUUD0XQGLDO'XUDQWHODGpFDGDGHOHOJRELHUQRDFW~DVREUHODLQIUDHVWUXFWXUD
FLHQWtILFRWHFQROyJLFD\ODHVWUXFWXUDSURGXFWLYDLQGXVWULDOHQXQD HVFDODPXFKRPD\RUGHOR
TXHKDEtDRFXUULGRDQWHULRUPHQWHFRQYLUWLpQGRVHHQHOSURPRWRUPiVLPSRUWDQWHGHOSURFHVR
GHLQQRYDFLyQ/RVp[LWRVHVSHFWDFXODUHVREWHQLGRVSRUODDSOLFDFLyQGHOLEHUDGD\FRQVFLHQWH
GH OD FLHQFLD \ GH OD WpFQLFD DYLyQ D UHDFFLyQ UDGDU ERPED DWyPLFD HWF  \ OD QXHYD
VLWXDFLyQ SURYRFDGD SRU OD JXHUUD IUtD FRQWULEX\HURQ D TXH HO JRELHUQR FRQWLQXDUD
GHVHPSHxDQGR XQ SDSHO GHFLVLYR FRPR LPSXOVRU GH ODV UHODFLRQHV TXH FRQILJXUDQ QXHVWUD
LPDJHQGHOWULiQJXOR

/D H[SHULHQFLD KLVWyULFD SHUPLWH SXHV LQGXFLU HVWD LPDJHQ VLPSOLILFDGD GH ODV UHODFLRQHV
HQWUHJRELHUQRFLHQFLDWHFQRORJtD\HVWUXFWXUDSURGXFWLYD6LQHPEDUJRODH[SRVLFLyQGHHVWH
VLVWHPDGHUHODFLRQHVQRSUHWHQGHWiQVRORLQWHUSUHWDUXQDUHDOLGDGHQIXQFLyQGHXQPRGHOR
DQDOtWLFR GHILQLGR GH DQWHPDQR VLQR DGHPiV GHPRVWUDU TXH OD H[LVWHQFLD GHO WULiQJXOR
FLHQWtILFRWHFQROyJLFR DVHJXUD OD FDSDFLGDG UDFLRQDO GH XQD VRFLHGDG SDUD VDEHU GyQGH \
FyPR LQQRYDU \ TXH SRU OR WDQWR ORV VXFHVLYRV DFWRV WHQGLHQWHV D HVWDEOHFHUOR SHUPLWLUiQ
DOFDQ]DUORVREMHWLYRVHVWUDWpJLFRVSURSXHVWRVDQWHULRUPHQWH
$QDOLFHPRV D FRQWLQXDFLyQ GH PRGR PiV SUHFLVR ODV FDUDFWHUtVWLFDV GH FDGD XQR GH ORV
YpUWLFHV

(OYpUWLFHLQIUDHVWUXFWXUDFLHQWtILFRWHFQROyJLFD\DKDVLGRGHILQLGRSUHYLDPHQWH'HILQLUHPRV
HO YpUWLFHHVWUXFWXUD SURGXFWLYD HQ XQ VHQWLGR JHQHUDO FRPR HO FRQMXQWR GH VHFWRUHV
SURGXFWLYRV TXH SURYHH ORV ELHQHV \ VHUYLFLRV TXH GHPDQGD XQD GHWHUPLQDGD VRFLHGDG (O
YpUWLFHJRELHUQR SRU VX SDUWH FRPSUHQGH HO FRQMXQWR GH UROHV LQVWLWXFLRQDOHV TXH WLHQHQ
FRPRREMHWLYRIRUPXODUSROtWLFDV\PRYLOL]DUUHFXUVRVGH\KDFLDORVYpUWLFHVGHODHVWUXFWXUD
SURGXFWLYD\GHODLQIUDHVWUXFWXUDFLHQWtILFRWHFQROyJLFDDWUDYpVVHHQWLHQGHGHORVSURFHVRV
OHJLVODWLYR \ DGPLQLVWUDWLYR /RV YpUWLFHV HVWiQ FDUDFWHUL]DGRV GHVGH HO SXQWR GH YLVWD
IXQFLRQDO OR FXDO SHUPLWH XELFDU FRUUHFWDPHQWH HQ HO YpUWLFH FRUUHVSRQGLHQWH D PXFKRV
VHFWRUHV GH DFWLYLGDGTXHSRUVXQDWXUDOH]DSRGUtDQFUHDUFRQIXVLyQDVtSRUHMHPSORXQD
HPSUHVDSURSLHGDGGHO(VWDGRTXHSURGXFHDFHURSHUWHQHFHDOYpUWLFHHVWUXFWXUDSURGXFWLYD
\ QR DO YpUWLFHJRELHUQR SHVH D TXH VX FRQWURO HVWi HQ PDQRV GHO JRELHUQR \ GHO PLVPR
PRGR XQ ODERUDWRULR GH LQYHVWLJDFLRQHV SURSLHGDG GH XQD HPSUHVD SULYDGD SHUWHQHFH DO
YpUWLFHLQIUDHVWUXFWXUDFLHQWtILFRWHFQROyJLFD\QRDOYpUWLFHHVWUXFWXUDSURGXFWLYD

&RPR SRGHPRV REVHUYDU FDGD YpUWLFH FRQVWLWX\H XQ FHQWUR GH FRQYHUJHQFLD GH P~OWLSOHV
LQVWLWXFLRQHV XQLGDGHV GH GHFLVLyQ \ GH SURGXFFLyQ DFWLYLGDGHV HWF PRWLYR SRU HO FXDO
HVWDUtDPRV HQ FRQGLFLRQHV GHDILUPDUTXHODVUHODFLRQHVTXHFRQILJXUDQHOWULiQJXORWLHQHQ
WDPELpQ P~OWLSOHV GLPHQVLRQHV SXGLHQGR HQ FRQVHFXHQFLD VHOHFFLRQDU ODV TXH D QXHVWUR
HQWHQGHUUHVXOWDQPiVLPSRUWDQWHVSDUDSUHFLVDUHOSXQWRGHYLVWDDGRSWDGR'HHVWHPRGRHO
WULiQJXORVHGHILQLUtDSRUODVUHODFLRQHVTXHVHHVWDEOHFHQGHQWURGHFDGDYpUWLFHDODVTXH
GHQRPLQDUHPRVLQWUDUUHODFLRQHVSRUODVUHODFLRQHVTXHVHHVWDEOHFHQHQWUHORVWUHVYpUWLFHV
GHOWULiQJXORDODVTXHLGHQWLILFDUHPRVFRPRLQWHUUHODFLRQHV\HQILQSRUODVUHODFLRQHVTXH
VH HVWDEOHFHQ HQWUH HO WULiQJXOR FRQVWLWXLGR R ELHQ HQWUH FDGD XQR GH ORV YpUWLFHV FRQ HO
FRQWRUQRH[WHUQRGHOHVSDFLRHQHOFXDOVHVLW~DQDODVTXHOODPDUHPRVH[WUDUUHODFLRQHV

,QWUDUUHODFLRQHVGHQWURGHFDGDYpUWLFH

/DVUHODFLRQHVTXHVHHVWDEOHFHQGHQWURGHFDGDYpUWLFHWLHQHQFRPRREMHWLYREiVLFRHOGH
WUDQVIRUPDU D HVWRV FHQWURV GH FRQYHUJHQFLD HQ FHQWURV FDSDFHV GH JHQHUDU LQFRUSRUDU \
WUDQVIRUPDUGHPDQGDVHQXQSURGXFWRILQDOTXHHVODLQQRYDFLyQFLHQWtILFRWHFQROyJLFD'HWDO
PRGR ODV GLIHUHQWHV UHODFLRQHV TXH LQWHJUDQ FDGD YpUWLFH GHEHQ HVWUXFWXUDUVH FRQ YLVWD D
JDUDQWL]DU XQD GHWHUPLQDGD FDSDFLGDG (VWD FDSDFLGDG SDUD JHQHUDU LQFRUSRUDU R
WUDQVIRUPDUGHPDQGDVHVXQDFXDOLGDGTXHKLSRWpWLFDPHQWHDWULEXLPRVDORVVXMHWRVTXHVH
VLW~DQHQFDGDXQRGHORVYpUWLFHV\OyJLFDPHQWHWHQGUiXQDFRQQRWDFLyQSDUWLFXODUVHJ~QVHD
HOYpUWLFHFRQVLGHUDGR

(O YpUWLFHJRELHUQR \D OR KHPRV YLVWR WLHQH FRPR REMHWLYR HO GH IRUPXODU H LPSOHPHQWDU
SROtWLFDV HQ HO iPELWR FLHQWtILFRWHFQROyJLFR HOOR UHTXLHUH OD FDSDFLGDG SDUD UHDOL]DU XQD
DFFLyQ GHOLEHUDGD HQ HVWH FDPSR SDUD IRUPXODU XQ FXHUSR GH GRFWULQD GH SULQFLSLRV \ GH
HVWUDWHJLD FDSD] GH ILMDU PHWDV SRVLEOHV FX\R ORJUR GHSHQGH GH XQD VHULH GH GHFLVLRQHV
SROtWLFDV GH OD DVLJQDFLyQ GH UHFXUVRV \ GH OD SURJUDPDFLyQ FLHQWtILFRWHFQROyJLFD (Q
WpUPLQRV JHQHUDOHVHVWD DFFLyQ GH JRELHUQR QR VH UHDOL]D HQ $PpULFD /DWLQD TXL]i VHD
SRVLEOH GLVFHUQLU XQ HVIXHU]R FXDQGR VH WUDWD GH LPDJLQDU GRFWULQDV \ SULQFLSLRV JHQHUDOHV
TXH GHEHUtDQ VHU UHDOL]DGRV HQ HVWH WHUUHQR SHUR HV UHDOPHQWH GLItFLO FRPSUREDU OD
FDSDFLGDGJXEHUQDPHQWDOSDUDWUDGXFLUORVHQKHFKRVHILFLHQWHV

/DFXDOLGDGTXHDVLJQDPRVDORVVXMHWRVTXHDFW~DQHQHOYpUWLFHLQIUDHVWUXFWXUDFLHQWtILFR
WHFQROyJLFDHVODFDSDFLGDGFUHDGRUD(OODUHVXOWDGHXQDWULEXWRHVHQFLDOGHODLQYHVWLJDFLyQ
FLHQWtILFD (V FLHUWR TXH HO H[WUDRUGLQDULR GHVDUUROOR GH OD FLHQFLD KD WUDQVIRUPDGR ORV
PRGHVWRV ODERUDWRULRV GH SUHJXHUUD± GRQGH VLQ HPEDUJR VH SURGXMHURQ ORV DYDQFHV
IXQGDPHQWDOHVGHODItVLFDGHHVWHVLJOR± HQYHUGDGHUDVIiEULFDVGHFRQRFLPLHQWRFRQWRGROR
TXH HVWR LPSOLFD HQ PDWHULD GH UHFXUVRV SHUR QR HV PHQRV FLHUWR TXH OD LQYHVWLJDFLyQ KD
VLGRHV\VHUiXQSURGXFWRGHODLQWHOLJHQFLDKXPDQD1RFDEH GXGDTXHHOWUDEDMRHQHTXLSR
\FRQUHFXUVRVDEXQGDQWHVDXPHQWDODHILFLHQFLD\SXHGHTXHHVWLPXOHODFUHDFLyQ±DXQTXH
PXFKDVYHFHVODLQKLEHSHURHVPX\GLItFLOTXHODSURGX]FDODFUHDFLyQHVXQDFWRVLQJXODU
GH XQD PHQWH VLQJXODU DTXHOORV TXH YLYHQ HO HVSHMLVPR GH ORV HTXLSRV FRVWRVRV ORV
LQVWUXPHQWRVVRILVWLFDGRV\ORVHGLILFLRVPX\IXQFLRQDOHVLJQRUDQODYHUGDGFDSLWDOGHTXHOD
FDSDFLGDGFUHDGRUDHVODYLUWXGHVHQFLDOGHODLQYHVWLJDFLyQ8QFLHQWtILFRPHGLRFUHSURGXFLUi
LGHDVPHGLRFUHV\VLVHVXPDQFLHQWtILFRVPHGLRFUHVODVLGHDVFRQWLQXDUiQVLHQGRPHGLRFUHV
SRUPiVGLQHURTXHVHORVLQ\HFWH3RUHOORVHKDGLFKRFRQUD]yQTXHXQODERUDWRULRQRYDOH
WDQWRSRUODVGLPHQVLRQHVGHOHGLILFLRTXHRFXSDQLSRUORVUHFXUVRVHQHTXLSRHLQVWUXPHQWDO
TXHSRVHDVLQRSRUODFDOLGDG\ODFDQWLGDGGHLQWHOLJHQFLDGHORVKRPEUHVTXHORLQWHJUDQ

3RU~OWLPRHOREMHWLYREiVLFRGHODHVWUXFWXUDSURGXFWLYDVHUiJDUDQWL]DGRSRUODFDSDFLGDG
HPSUHVDULDOS~EOLFDRSULYDGDTXHHQHVWHFDVRODGHILQLUHPRVVLJXLHQGRODVFOiVLFDVLGHDV
GHVDUUROODGDV SRU 6FKXPSHWHU FRPR DTXHOOD IXQFLyQ TXH FRQVLVWH HQ UHIRUPDU R
UHYROXFLRQDU HO VLVWHPD GH SURGXFFLyQ H[SORWDQGR XQ LQYHQWR R GH PDQHUD PiV JHQHUDO
XQD SRVLELOLGDG WpFQLFD QR H[SHULPHQWDGD SDUD SURGXFLU XQD PHUFDQFtD QXHYD R XQD
PHUFDQFtDDQWLJXDSRUXQPpWRGRQXHYRSDUDDEULUXQDQRYDIXHQWHGHSURYLVLyQGHPDWHULDV
SULPDVRXQDQXHYDVDOLGDSDUDORVSURGXFWRVSDUDUHRUJDQL]DUXQDLQGXVWULDHWF

,QWHUUHODFLRQHVHQWUHORVWUHVYpUWLFHV

$SDUWLUGHODJUDQUHYROXFLyQFLHQWtILFRWHFQROyJLFDGHODVHJXQGDPLWDGGHOVLJOR;;HV
LPSRVLEOHLPDJLQDUXQHVIXHU]RVRVWHQLGR\FRQVWDQWHHQFLHQFLD\WHFQRORJtDVLQWHQHUHQ
FXHQWDXQSUHVXSXHVWREiVLFRTXHODJHQHUDFLyQGHXQDFDSDFLGDGGHGHFLVLyQSURSLDHQ
HVWHFDPSRHVHOUHVXOWDGRGHXQSURFHVRGHOLEHUDGRGHLQWHUUHODFLRQHVHQWUHHOYpUWLFH
JRELHUQR HO YpUWLFHLQIUDHVWUXFWXUD FLHQWtILFRWHFQROyJLFD \ HO YpUWLFH±HVWUXFWXUD
SURGXFWLYD (VWH SURFHVR VH HVWDEOHFH D WUDYpV GHO IOXMR GH GHPDQGDV TXH FLUFXODQ HQ
VHQWLGR YHUWLFDO LQWHUUHODFLRQHV UHFtSURFDV HQWUH HO YpUWLFHJRELHUQR \ ORV YpUWLFHV
LQIUDHVWUXFWXUD FLHQWtILFRWHFQROyJLFD \ HVWUXFWXUD SURGXFWLYD  \ HQ VHQWLGR KRUL]RQWDO
LQWHUUHODFLRQHV UHFtSURFDV HQWUH ORV YpUWLFHVLQIUDHVWUXFWXUD FLHQWtILFRWHFQROyJLFD \
HVWUXFWXUDSURGXFWLYD /DILJXUDJHRPpWULFDVHUtDHQWRQFHVODVLJXLHQWH

/DVLQWHUUHODFLRQHVHQVHQWLGRYHUWLFDOPHUHFHQDQDOL]DUVHHQODSHUVSHFWLYDGHODDFFLyQ
JXEHUQDPHQWDO &RQ UHVSHFWR D OD LQWHUUHODFLyQ JRELHUQRLQIUDHVWUXFWXUD FLHQWtILFR
WHFQROyJLFDFRQYLHQHVHxDODUTXHHOYpUWLFHGHODLQIUDHVWUXFWXUDGHSHQGHYLWDOPHQWHGH
ODDFFLyQGHOLEHUDGDGHOJRELHUQRHQWHQGLGDHQXQVHQWLGRPX\DPSOLRVREUHWRGRHQOR
TXH VH UHILHUH D OD DVLJQDFLyQ GH UHFXUVRV 3HUR MXQWR D HVWH DVSHFWR HFRQyPLFRGHOD
FXHVWLyQ HO YpUWLFHJRELHUQR MXHJD WDPELpQ HO SDSHO GH FHQWUR LPSXOVRU GH GHPDQGDV
KDFLDODLQIUDHVWUXFWXUDFLHQWtILFRWHFQROyJLFDGHPDQGDVTXHSRURXWUDSDUWHSXHGHQVHU
LQFRUSRUDGDV WUDQVIRUPDGDV R ELHQ HOLPLQDGDV HQ IXQFLyQ GH XQ DFWR TXH JHQHUD XQD
FRQWUDGHPDQGD GH UHHPSOD]R (Q HVWRV FDVRV SRVLEOHV HQWUH RWURV HO YpUWLFH
LQIUDHVWUXFWXUD FLHQWtILFRWHFQROyJLFD VDWLVIDFH HVWDV GHPDQGDV \ SURSRQH GHVDUUROORV
RULJLQDOHV8QHMHPSORQRWDEOHGHHVWHSURFHVRGHLQWHUUHODFLyQORFRQVWLWX\HHOGHVDUUROOR
GHODERPEDDWyPLFDFX\DLGHDRULJLQDOQDFHHQODLQIUDHVWUXFWXUD FDSDFLGDGFUHDGRUD \
HO JRELHUQR DVXPH OD QHFHVLGDG GH WUDGXFLUOD HQ KHFKR HILFLHQWH SODQWHDQGR XQD
GHPDQGD H[SOtFLWD \ DVLJQDQGR ORV UHFXUVRV QHFHVDULRV SDUD ORJUDU XQD UHVSXHVWD
FDSDFLGDG GH UHDOL]DU XQD DFFLyQ GHOLEHUDGD HQ HVWD PDWHULD SRU PHGLR GH GHFLVLRQHV
SROtWLFDV  /D GLILFXOWDG PD\RU UHVLGH HQ HO PRGR FyPR VH FRQFHELUi OD IRUPXODFLyQ GH
SURJUDPDV XQD YH] WRPDGD OD GHFLVLyQ SROtWLFD 1R FRQYLHQH ROYLGDUOR XQD FRUUHFWD
IRUPXODFLyQGHXQDSROtWLFDFLHQWtILFRWHFQROyJLFDH[LJHTXHHQHOSURFHVRGHJHQHUDFLyQ
GHGHPDQGDVHQORVyUJDQRVJXEHUQDPHQWDOHVVHWHQJDQHQFXHQWDODVRSLQLRQHVGHORV
VXMHWRVTXHFRPSRQHQODLQIUDHVWUXFWXUDFLHQWtILFRWHFQROyJLFD\DXQTXHDOJXQRVGHHOORV
WHQJDQ DVLJQDGDV IXQFLRQHV GH LPSRUWDQFLD HQ HVWRV yUJDQRV GH SURJUDPDFLyQ

/D LQWHUUHODFLyQ JRELHUQRHVWUXFWXUD SURGXFWLYD GHSHQGH IXQGDPHQWDOPHQWH GH OD


FDSDFLGDGGHGLVFHUQLPLHQWRGHDPERVYpUWLFHVDFHUFDGHOXVRSRVLEOHGHOFRQRFLPLHQWR
H[LVWHQWH SDUD LQFRUSRUDUOR D QXHYRV VLVWHPDV GH SURGXFFLyQ +LVWyULFDPHQWH OD
FDSDFLGDGHPSUHVDULDOFRQWULEX\yDJHQHUDUXQDLQIUDHVWUXFWXUDFLHQWtILFRWHFQROyJLFDFRQ
HO GHVDUUROOR SRU HMHPSOR GH ODERUDWRULRV GH LQYHVWLJDFLyQ DGVFULSWRV D OD HVWUXFWXUD
SURGXFWLYD $ WUDYpV GH HVWH VHFWRU SXHGH LQVHUWDUVH \ GH KHFKR VH LQVHUWD OD DFFLyQ
JXEHUQDPHQWDO JHQHUDQGR GHPDQGDV \ DIHFWDQGR UHFXUVRV D FLHUWRV VHFWRUHV GH OD
HVWUXFWXUDSURGXFWLYDVHOHFFLRQDGRVGHDFXHUGRFRQGLIHUHQWHVFULWHULRVHQWUHORVFXDOHV
ORV HVWUDWpJLFRV VRQ VXPDPHQWH LPSRUWDQWHV &RQYLHQH QR FRQIXQGLU ORV QLYHOHV GH
DQiOLVLV HV HYLGHQWH TXH HO YpUWLFHJRELHUQR VH UHODFLRQD FRQ HO YpUWLFHHVWUXFWXUD
SURGXFWLYD PHGLDQWH XQD DFFLyQ VREUH OD LQIUDHVWUXFWXUD FLHQWtILFRWHFQROyJLFD SHUR
PLHQWUDV HQ HVWH FDVR HO PRWLYR GH OD GHPDQGD \ GH OD DVLJQDFLyQ GH UHFXUVRV VH
UHODFLRQD GLUHFWDPHQWH FRQ OD HVWUXFWXUD SURGXFWLYD HQ HO FDVR GH XQD LQWHUUHODFLyQ
GLUHFWDFRQODLQIUDHVWUXFWXUDFLHQWtILFRWHFQROyJLFDSXHGHSURGXFLUVHMXQWRDHVWHSULPHU
DVSHFWR XQD UHODFLyQ LQGLUHFWD SRU OD YtD SRU HMHPSOR GH ODV LQWHUUHODFLRQHV GH WLSR
KRUL]RQWDOTXHDQDOL]DUHPRVDFRQWLQXDFLyQ

/DV LQWHUUHODFLRQHV GH WLSR KRUL]RQWDO VRQ ODV PiV FRPSOHMDV GH HVWDEOHFHU VDOYR HQ HO
FDVR \D VHxDODGR GRQGH OD LQIUDHVWUXFWXUD FLHQWtILFRWHFQROyJLFD HVWi DGVFULSWD D OD
HVWUXFWXUD SURGXFWLYD GHSHQGLHQGR GLUHFWDPHQWH GH ODV HPSUHVDV &XDQGR VH WUDWD GH
DFWLYLGDGHV GLIHUHQFLDGDV QR VyOR GH DFXHUGR FRQ VX IXQFLyQ VLQR WDPELpQ GH DFXHUGR
FRQ VX SRVLFLyQ LQVWLWXFLRQDO SRU HMHPSOR XQD HPSUHVD TXH QR UHDOL]D DFWLYLGDGHV GH
LQYHVWLJDFLyQ IUHQWH D XQD LQVWLWXFLyQ FRQVDJUDGD H[FOXVLYDPHQWH D WDUHDV FLHQWtILFDV 
XQR GH ORV PpWRGRV PiV DGHFXDGRV SDUD GHVEUR]DU HO FDPLQR SRU GRQGH FLUFXOHQ ODV
GHPDQGDV UHFtSURFDV SDUHFH VHU HO GH OD PRYLOLGDG RFXSDFLRQDO R WUDQVIHUHQFLD
UHFtSURFDGHOSHUVRQDOKXPDQRGHXQRDRXWURYpUWLFH6LVHDFHSWDODKLSyWHVLVGHTXH
ORV VXMHWRV GH DPERV YpUWLFHV FXHQWDQ FRQ XQD FDSDFLGDG FUHDGRUD \ XQD FDSDFLGDG
HPSUHVDULDO ODV YtDV GH FRPXQLFDFLyQ HVWDUiQ QHFHVDULDPHQWH DELHUWDV SHUR Vt HQ
FDPELR VH YLVOXPEUD ±WDO FRPR RFXUUH HQ $PpULFD /DWLQDTXH DPEDV FXDOLGDGHV VRQ
PXFKDVYHFHVLQH[LVWHQWHVHQORVVXMHWRVGHXQR\RXWURYpUWLFHHOSHOLJURGHOHQFLHUUR\
GHO GLiORJR GH VRUGRV HQWUH HPSUHVDULRV \ FLHQWtILFRV VH SUHVHQWD FRPR XQ REVWiFXOR
PXFKDVYHFHVLQVXSHUDEOH

5HODFLRQHVFRQHOFRQWRUQRH[WHUQRRH[WUDUUHODFLRQHV

+DVWD HO PRPHQWR QRV KHPRV RFXSDGR GH LQWUDUUHODFLRQHV \ GH LQWHUUHODFLRQHV SHUR
FRQYHQJDPRVTXHODVVRFLHGDGHVQRYLYHQDLVODGDVTXHGHVGHHOHVSDFLRTXHFLUFXQGD
QXHVWUD LPDJHQ GHO WULiQJXOR VH HVWDEOHFHQ UHODFLRQHV KDFLD HO H[WHULRU \ TXH LQFOXVLYH
HVDV UHODFLRQHV SXHGHQ WHQHU FDUDFWHUtVWLFDV GLIHUHQWHV VHJ~Q SURYHQJDQ GH YpUWLFHV
GHVFRQHFWDGRVRLQWHJUDGRVHQXQVLVWHPDLQWHUQRGHUHODFLRQHV

(QXQDVRFLHGDGGRQGHIXQFLRQDHOWULiQJXORGHUHODFLRQHVODVDSHUWXUDVTXHVHUHDOLFHQ
KDFLD HO H[WHULRU HQ PDWHULD GH H[SRUWDFLyQ GH FLHQFLD \ GH WHFQRORJtD RULJLQDO R GH
DGDSWDFLyQGHWHFQRORJtDLPSRUWDGDSURGXFHQEHQHILFLRVUHDOHV\DVHDDFRUWRRDODUJR
SOD]R /DV H[SHULHQFLDV KLVWyULFDV GHPXHVWUDQ TXH ODV VRFLHGDGHV TXH KDQ ORJUDGR
LQWHJUDU HO WULiQJXOR FLHQWtILFRWHFQROyJLFR GLVSRQHQ GH XQD FDSDFLGDG GH FUHDFLyQ \ GH
UHVSXHVWDIUHQWHDRWURVWULiQJXORVGHUHODFLRQHVH[WHUQRVDODVPLVPDV0X\GLVWLQWD HV
OD VLWXDFLyQ FXDQGR ODV H[WUDUUHODFLRQHV WLHQHQ OXJDU HQWUH YpUWLFHV GLVSHUVRV QR
LQWHUUHODFLRQDGRVHQWUHVt \XQWULiQJXORFLHQWtILFRWHFQROyJLFRSOHQDPHQWHLQWHJUDGR(V
pVWH XQR GH ORV SUREOHPDV FHQWUDOHV TXH GHEHQ UHVROYHU ODV VRFLHGDGHV
ODWLQRDPHULFDQDV\DTXHHQQXHVWURFRQWLQHQWHVHKDQSURGXFLGRGHVDUUROORVSDUFLDOHVGH
ORV YpUWLFHV GH OD EDVH GHO WULiQJXOR TXH PDQLILHVWDQ XQD WHQGHQFLD FDGD GtD PiV
PDUFDGD D YLQFXODUVH LQGHSHQGLHQWHPHQWH FRQ ORV WULiQJXORV GH UHODFLRQHV FLHQWtILFR
WHFQROyJLFDV GH ODV VRFLHGDGHV DOWDPHQWH GHVDUUROODGDV /D GHVFULSFLyQ GH HVWH KHFKR
H[SOLFDUtD HQ SDUWH XQ VLQQ~PHUR GH SUREOHPDV PXFKDV YHFHV SUHVHQWDGRV HQ IRUPD
DLVODGD SHUR TXHVLQ OXJDU DGXGDVHVWiQ tQWLPDPDQWH YLQFXODGRV %DVWH FRQHQXQFLDU
XQR GH ORV PiV LPSRUWDQWHV (Q $PpULFD /DWLQD HO p[RGR GH WDOHQWRV HV OD WtSLFD
FRQVHFXHQFLDGHODIDOWDGHLQWHUUHODFLRQHVHQWUHODLQIUDHVWUXFWXUDFLHQWtILFRWHFQROyJLFD
OD HVWUXFWXUD SURGXFWLYD \ HO JRELHUQR 3RU HVWD UD]yQ ORV FLHQWtILFRV IRUPDGRV HQ
QXHVWUDVVRFLHGDGHVIDOWRVGHLQFHQWLYRVVHUHODFLRQDQFRQXQDLQIUDHVWUXFWXUDFLHQWtILFR
WHFQROyJLFD GHO H[WHULRU 3HUR DO DFWXDU DVt HO FLHQWtILFR TXH HPLJUD KDFLD ORV JUDQGHV
FHQWURV GH ORV SDtVHV LQGXVWULDOHV VH LQWHJUD HQ XQ WULiQJXOR GH UHODFLRQHV SOHQDPHQWH
FDSDFLWDGR SDUD VDWLVIDFHU ODV GHPDQGDV TXH SODQWHD VX WDUHD HVSHFtILFD 0LHQWUDV HQ
QXHVWUDVVRFLHGDGHVHOFLHQWtILFRVHHQFXHQWUDGHVYLQFXODGR\DLVODGRIUHQWHDOJRELHUQR\
D OD HVWUXFWXUD SURGXFWLYD HQ HO QXHYR OXJDU GH WUDEDMR DO FXDO OR FRQGX FH VX H[LOLR
FXOWXUDO HVWi DXWRPiWLFDPHQWH DPSDUDGR SRU LQVWLWXFLRQHV R FHQWURV GH LQYHVWLJDFLyQ
TXHDVXYH]VHHQFXHQWUDQLQVHUWRVHQHOVLVWHPDGHUHODFLRQHVTXHKHPRVH[SOLFLWDGR

+DFLDHOHVWDEOHFLPLHQWRGHQXHYRVVLVWHPDVGHUHODFLRQHVFLHQWtILFRWHFQROyJLFDVHQ
$PpULFD/DWLQD

(VWDUiSLGDGHVFULSFLyQGHODVFDUDFWHUtVWLFDV\GHORVGLIHUHQWHVWLSRVGHUHODFLRQHVTXHVH
HVWDEOHFHQHQHOWULiQJXORFLHQWtILFRWHFQROyJLFRQRVSHUPLWHUHFRQRFHUXQKHFKR\SODQWHDU
XQD QHFHVLGDG TXH HQ $PpULFD /DWLQD QR H[LVWH XQ VLVWHPD GH UHODFLRQHV FRPR HO TXH
KHPRV GLVHxDGR QL WDPSRFR KD\ FRQFLHQFLD DFHUFD GH OD QHFHVLGDG LPSRVWHUJDEOH GH
HVWDEOHFHUOR

2EVHUYDPRV HQWRQFHV TXH OD SXHVWD HQ PDUFKD GHO SURFHVR TXH SHUPLWLUi D QXHVWUDV
QDFLRQHV DOFDQ]DU XQD FDSDFLGDG GH GHFLVLyQ SURSLD HQ HO iPELWR FLHQWtILFRWHFQROyJLFR
SODQWHDXQDGREOHH[LJHQFLDFUHDUSRUXQDSDUWHXQDFRQFLHQFLDJOREDOSDUDTXHQXHVWUDV
VRFLHGDGHVDVXPDQHVWHSUREOHPDHQVXVGLPHQVLRQHVUHDOHV\DFWXDUHILFD]PHQWHSRUOD
RXWUD VREUH DTXHOORV VHFWRUHV HQ ORV FXDOHV VH SRGUtDQ RSWLPL]DU ORV UHFXVURV HVFDVRV HQ
IXQFLyQ GHO VLVWHPD GH UHODFLRQHV SHUVHJXLGR $PEDV H[LJHQFLDV HVWiQ SURIXQGDPHQWH
YLQFXODGDV

(QODVQDFLRQHVODWLQRDPHULFDQDVQRH[LVWHQWULiQJXORVGHUHODFLRQHVHQODVRFLHGDGJOREDO
DXQORVSDtVHVPiVGHVDUUROODGRVGHODUHJLyQQRKDQORJUDGRHVWDEOHFHUXQVLVWHPDJOREDO
GHUHODFLRQHVHQWUHJRELHUQRFLHQFLDWHFQRORJtD\HVWUXFWXUDSURGXFWLYD$QWHHVWHKHFKROD
HOHFFLyQGHFDPLQRVTXHURPSDQFRQHOFtUFXORYLFLRVRGHGHSHQGHQFLD±IDOWDGHLQQRYDFLyQ
VHQWLPLHQWR GH LQFDSDFLGDG HVWi GHWHUPLQDGD SRU OD LGHQWLILFDFLyQ GH DTXHOORV VHFWRUHV HQ
ORVTXHVHSRGUtDLPSODQWDUHOWULiQJXORGHUHODFLRQHVSURSXHVWR/DHOHFFLyQGHXQDYtDGH
DFFLyQTXH\HQJDHQFXHQWDHVWHSUHVXSXHVWRQRVLQGLFDTXHODHVWUDWHJLDDGHFXDGDHVOD
GH HVWDEOHFHU VLVWHPDV GH UHODFLRQHV FLHQWtILFRWHFQROyJLFDV HQ XQLGDGHV OLPLWDGDV FRPR
LQVWLWXFLRQHV SDUWLFXODUHV R ELHQ FRQJORPHUDGRV LQGXVWULDOHV S~EOLFRV R SULYDGRV TXH
SXHGDQVHUYLUGHPRGHORVSDUDLPSODQWDUQXHYRVWULiQJXORVFRPGLPHQVLRQHVPiVDPSOLDV

7DOFRPRORKHPRVLQGLFDGRDODQDOL]DUODVUHODFLRQHVHQWUHHOYpUWLFHJRELHUQR\HOYpUWLFH
HVWUXFWXUDSURGXFWLYDFRUUHVSRQGHDOVHFWRUJXEHUQDPHQWDOIRUPXODUXQDSROtWLFDWHQGLHQWHD
DFRSODUODLQIUDHVWUXFWXUDFLHQWtILFRWHFQROyJLFDDOSURFHVRGHSURGXFFLyQ\DVHDFUHDQGRORV
FHQWURVTXHDVtORSHUPLWDQRUHODFLRQDQGRORVFHQWURV\DH[LVWHQWHV

7HQLHQGRHQFXHQWDHOFDUiFWHUPL[WRGHODVHFRQRPtDVODWLQRDPHULFDQDVHQGRQGHHOVHFWRU
S~EOLFR HV SDUWH LPSRUWDQWH GH OD HVWUXFWXUD SURGXFWLYD HO YpUWLFHJRELHUQR WHQGUtD HQ VXV
PDQRV XQ FDPSR GH H[SHULHQFLD VXPDPHQWH LQWHUHVDQWH SRU OD YtD GH OD LPSODQWDFLyQ GH
WULiQJXORVGHUHODFLRQHVFLHQWtILFRWHFQROyJLFDVHQDOJXQRGHORVJUDQGHVFRQJORPHUDGRVTXH
FRPSRQHQHOVHFWRUS~EOLFR\DVHDHQORVVHFWRUHVGHODLQIUDHVWUXFWXUDRELHQHQDOJXQRV
VHFWRUHVGHODHVWUXFWXUDSURGXFWLYDLQGXVWULDO

/RFLHUWRHVTXHPXFKRVVHFWRUHVHVWUDWpJLFRV± VLGHUXUJLDSHWUyOHRSURGXFFLyQGHHQHUJtD
±HVWiQWRWDORSDUFLDOPHQWHFRQWURODGRVSRUHO(VWDGR'HQWURGHHVWRVVHFWRUHVVHSRGUtDQ
LPSODQWDU \ GLIHUHQFLDU GHVGH HO SXQWR GH YLVWD IXQFLRQDO ORV YpUWLFHV GH OD HVWUXFWXUD
SURGXFWLYD \ GH OD LQIUDHVWUXFWXUD FLHQWtILFRWHFQROyJLFD TXH DSR\DGRV SRU OD DFFLyQ GHO
YpUWLFHJRELHUQR LQWHUUHODFLRQDUtDQ VXV UHVSHFWLYDV GHPDQGDV FRQ HO REMHWR GH SURGXFLU OD
LQQRYDFLyQ(OVHFWRUS~EOLFRGHODVQDFLRQHVODWLQRDPHULFDQDVFRQWDUtDHQHVWHVHQWLGRFRQ
XQDSRVLELOLGDGUHDOGHPRGHUQL]DFLyQ,OXVWUHPRVEUHYHPHQWHHVWHSXQWRGHYLVWDPHGLDQWH
XQ HMHPSOR FRQFUHWR 6L VHOHFFLRQDPRV GHQWUR GHO VHFWRU S~EOLFR HO GHO SHWUyOHR
FRPSUREDPRV HQ SULPHU OXJDU XQD VHULH GH SUHUUHTXLVLWRV HFRQyPLFRILQDQFLHURV JUDQ
SRWHQFLDOLGDG HFRQyPLFD GH ODV HPSUHVDV HVWDWDOHV PHUFDGR IXHUWHPHQWH FRQWURODGR SRU
HVWDV HPSUHVDV HQ OD PD\RUtD GH ORV SDtVHV UHODFLRQHV GLUHFWDV FRQ XQD LQGXVWULD EiVLFD
FRPR HV OD SHWURTXtPLFD H LQGLUHFWDV FRQ HO VHFWRU GH OD LQGXVWULD HOHFWURPHFiQLFD
PHWDO~UJLFD /D PRYLOL]DFLyQ GH OD LQIUDHVWUXFWXUD FLHQWtILFRWHFQROyJLFD FRQ UHVSHFWR D OD
LQGXVWULD GHO SHWUyOHR HVWi UHODFLRQDGD HQ SULPHU WpUPLQR FRQ VXV DVSHFWRV WUDGLFLRQDOHV
FRPRODSURGXFFLyQGHJDVROLQDODRSWLPL]DFLyQGHODVWDUHDVH[WUDFWLYDVRHOPHMRUDPLHQWR
GH ORV DFHLWHV OXEULFDQWHV (PSHUR ODV LQYHVWLJDFLRQHV QR VH DJRWDQ HQ HVWRV FDPSRV \D
TXH WDPELpQ LQWHUYLHQHQ ODV TXH VH UHDOLFHQ WHQLHQGR FRPR KRUL]RQWH HO GHVDUUROOR GH OD
LQGXVWULD SHWURTXtPLFD R ELHQDTXHOODVTXHWHQJDQSRUREMHWR ORJUDUXQDFRSOHHILFLHQWHGH
ORV LQVXPRV TXH SURYLHQHQ GHO VHFWRU HOHFWURPHFiQLFRPHWDO~UJLFR ERPEDV EDUUHQRV
WXERVYiOYXODVLQVWUXPHQWDO

¢&yPR VH UHODFLRQDUtD OD LQIUDHVWUXFWXUD FLHQWtILFRWHFQROyJLFD FRQ OD HVWUXFWXUD SURGXFWLYD
GHO SHWUyOHR" 6XSRQJDPRV TXH XQ RUJDQLVPR GH SODQLILFDFLyQ ORFDOL]DGR HQ HO YpUWLFH
JRELHUQRJHQHUDXQDGHPDQGDFRQFUHWDPRWLYDGDSRUODVLWXDFLyQHQODEDODQ]DGHSDJRV
TXH H[LJH XQ DXPHQWR VXEVWDQFLDO HQ OD SURGXFFLyQ GH SHWUyOHRV OLYLDQRV 6XSRQJDPRV
DGHPiV TXH OD WUDGXFFLyQ GH HVWD GHPDQGD H[LJLUi HO GHVDUUROOR GH QXHYRV PpWRGRV GH
H[SORWDFLyQ SRWHQFLDOPHQWH DSWRV SDUD OD SURGXFFLyQ GH SHWUyOHRV OLYLDQRV TXH QR VH
SRGUtDQ UHDOL]DU FRQ ODV WHFQRORJtDV GLVSRQLEOHV HQ HVH PRPHQWR 6L OD GHPDQGD FLUFXOD
H[FOXVLYDPHQWHSRUHOODGRJRELHUQRHVWUXFWXUDSURGXFWLYDHVIDFWLEOHTXHQRVHREWHQJDQODV
UHVSXHVWDV SUHYLVWDV HQ HO SODQ SHUR VL HQ FDPELR OD GHPDQGD VH GLULJH WDPELpQ D OD
LQIUDHVWUXFWXUD FLHQWtILFRWHFQROyJLFD JHQHUDQGR GH HVWH PRGR HO GLiORJR FRQ OD HVWUXFWXUD
SURGXFWLYD HV IDFWLEOH TXH VH DEUDQ GLVWLQWDV DOWHUQDWLYDV GH UHVSXHVWD FRPR SXHGHQ VHU
HQWUH RWUDV OD DGDSWDFLyQ GH XQD WHFQRORJtD VLPLODU \D HQ IXQFLRQDPLHQWR HQ RWUDV
VRFLHGDGHV RHOGHVDUUROORGHXQDWHFQRORJtDRULJLQDO$Vt FRPRUHSUHVHQWDPRVHOSURFHVR
HQ VHQWLGR YHUWLFDO HV GHFLU RULJLQDGR HQ HO YpUWLFHJRELHUQR SRGHPRV DGRSWDU HO FDPLQR
LQYHUVR HLPDJLQDUTXHHQDOJ~Q VHFWRUGHODLQIUDHVWUXFWXUD FLHQWtILFRWHFQROyJLFDVXUJH OD
SRVLELOLGDG GH GHVDUUROODU XQ SROtPHUR FRP QXHYDV SURSLHGDGHV FRPR UHVXOWDGR GH
LQYHVWLJDFLRQHV EiVLFDV DSDUHQWHPHQWH SRFR YLQFXODGDV D OD LQGXVWULD SHWURTXtPLFD 6LQ
WULiQJXORGHUHODFLRQHVHVPX\IDFWLEOHTXHHVWDGHPDQGDSHUPDQH]FDHQHVWDGRODWHQWHVLQ
WUDQVIRUPDFLyQLQGXVWULDOHQHOSDtVGHRULJHQRTXL]iFRQSRVLELOLGDGHVGHWUDQVIRUPDFLyQ
HQ SDtVHV FRQ WULiQJXORV WHFQROyJLFRV VyOLGDPHQWH LPSODQWDGRV HQ OD PHGLGD HQ TXH HVH
VHFWRUGHODLQIUDHVWUXFWXUDHVWDEOH]FDFRQHOORVUHODFLRQHVH[WHUQDV/DJUDQRSRUWXQLGDGGH
TXHHVWDGHPDQGDODWHQWHVHWUDQVIRUPHHQPDQLILHVWDUDGLFDHQODVSRVLELOLGDGHVTXHWHQJD
HVWHJUXSRGHFLHQWtILFRVGHLQWHUUHODFLRQDUVHFRQODHVWUXFWXUDSURGXFWLYDJUDFLDVDODDFFLyQ
GHO JRELHUQR TXH HVWDEOHFH FDQDOHV GH FRPXQLFDFLyQ SDUD TXH HO QXHYR FRQRFLPLHQWR VH
LQFRUSRUHDOSURFHVRSURGXFWLYRJHQHUDQGRDVtODLQQRYDFLyQ

/DVGLILFXOWDGHVTXHSODQWHDQHVWRVHMHPSORVQRSXHGHQUHVROYHUVHFRQVROXFLRQHVSDUFLDOHV
FRPR OD SXHVWD HQ PDUFKD GH ODERUDWRULRV GH LQYHVWLJDFLyQ DGVFULSWRV D ODV HPSUHVDV
HVWDWDOHV $XQTXH HVWD WDUHD HV VXPDPHQWH LPSRUWDQWH OD FODYH GHO p[LWR UDGLFDUtD HQ OD
PRYLOL]DFLyQGHLQWHOLJHQFLDVHQGLVWLQWRVVHFWRUHVGHODLQIUDHVWUXFWXUDFLHQWtILFRWHFQROyJLFD
PRWLYDGDV SRU ORV REMHWLYRV GH XQD SROtWLFD WHFQROyJLFD FRQ UHVSHFWR DO SHWUyOHR 6H KDFH
LPSUHVFLQGLEOHHQFRQVHFXHQFLDPRYLOL]DUDODXQLYHUVLGDGUHODFLRQiQGRODFRQODHVWUXFWXUD
SURGXFWLYD \ DSURYHFKDQGR DO Pi[LPR ODV WUDGLFLRQHV \D H[LVWHQWHV FRPR SXHGHQ VHU SRU
HMHPSOR ODV FDUUHUDV GH LQJHQLHURV GH SHWUyOHR 0RYLOL]DQGR LQWHOLJHQFLDV \ YROXQWDGHV HO
WULiQJXORVHFWRULDODFWXDUtDFRPRXQSRORGHLQFRUSRUDFLyQGHLQYHVWLJDGRUHVTXHHQPXFKRV
VHQWLGRVHVWiQDOLHQDGRVGHQXHVWUDVUHDOLGDGHVQDFLRQDOHVRWRUJDQGRXQVHQWLGRVRFLDODOD
H[LVWHQFLD GHO LQGLYLGXR \ JDUDQWL]DQGR HO GHVDUUROOR GH VX YRFDFLyQ 9DOJD HVWH HMHPSOR
FRPR PRGHOR SRUTXH QR FDEH GXGD TXH HVWD HVWUDWHJLD HV SOHQDPHQWH DSOLFDEOH D RWURV
VHFWRUHVS~EOLFRVGHODHVWUXFWXUDSURGXFWLYDFRPRORVGHHQHUJtDHOpFWULFDFRPXQLFDFLRQHV
WUDQVSRUWHVHWF

$WRGDVOXFHVHVWDHVWUDWHJLDSDUDODLPSODQWDFLyQGHWULiQJXORVFLHQWtILFRWHFQROyJLFRVHQHO
VHFWRU S~EOLFR QR HV H[FOXVLYD \ UHVXOWD LQVXILFLHQWH VL QR YD DFRPSDxDGD GH XQ HVIXHU]R
VRVWHQLGR SDUD LPSODQWDU QXHYRV VLVWHPDV GH UHODFLRQHV HQ HO VHFWRU SULYDGR 6LQ GXGD
DOJXQDODVUHIOH[LRQHVTXHQRVKDVXJHULGRHOHMHPSORDQWHULRUVRQSOHQDPHQWHDSOLFDEOHVD
HVWH VHFWRU \ GH KHFKR PXFKDV H[SHULHQFLDVHQPDUFKDSXHGHQVHUYLUGHQ~FOHRVLQLFLDOHV
SDUD HO GHVDUUROOR GH WULiQJXORV FLHQWtILFRWHFQROyJLFRV 6L WRPDPRV HO HMHPSOR GHO VHFWRU
DJUtFROD XQ LQWHQWR H[LWRVR OR FRQVWLWX\H HO ,QVWLWXWR 1DFLRQDO GH 7HFQRORJtD $JURSHFXDULD
,17$ HQ$UJHQWLQDIXQGDGRHQ\TXHFRQWLQ~DVREUHQXHYDVEDVHVODVWDUHDVGHORV
ODERUDWRULRV\SODQWDVH[SHULPHQWDOHVGHO0LQLVWHULRGH$JULFXOWXUDTXHGDWDQGHSULQFLSLRVGH
VLJOR (O ,17$ KD VLGR FUHDGR \ HVWi GLUHFWDPHQWH ILQDQFLDGR SRU HO YpUWLFHJRELHUQR SRU
PHGLR GHO SUHVXSXHVWR GH OD 6HFUHWDUtD GH (VWDGR GH $JULFXOWXUD \ *DQDGHUtD &RPR WDO
HVWDLQVWLWXFLyQFRUUHVSRQGHDODLQIUDHVWUXFWXUDFLHQWtILFRWHFQROyJLFD\VXIXQFLyQHVSHFtILFD
HV OD GH HVWDEOHFHU UHODFLRQHV KRUL]RQWDOHV FRQ OD HVWUXFWXUD SURGXFWLYD GHO VHFWRU
DJURSHFXDULR PHGLDQWH OD LQYHVWLJDFLyQ SXUD \ GH DSOLFDFLyQ JHQHUDO OD H[SHULPHQWDFLyQ
UHJLRQDO\ODHGXFDFLyQ\ODGLYXOJDFLyQ

(MHPSORV GH H[SHULHQFLDV HQ PDUFKD TXH LQWHQWDQ HVWDEOHFHU WULiQJXORV FLHQWtILFR
WHFQROyJLFRV FRQ OD LQGXVWULD PDQXIDFWXUHUD GHO VHFWRU SULYDGR VRQ HQWUH RWURV ORV TXH
SURSRUFLRQD HO ,QVWLWXWR GH 3HVTXLVDV 7HFQROyJLFDV GH 6DQ 3DEOR HO ,QVWLWXWR 0H[LFDQR GH
,QYHVWLJDFLRQHV 7HFQROyJLFDV \ HO 6HUYLFLR GH $VLVWHQFLD 7pFQLFD GH OD ,QGXVWULD 6$7,  HQ
$UJHQWLQD (VWDV LQVWLWXFLRQHV WLHQHQ RUtJHQHV HVWUXFWXUDV \ IXHQWHV GH ILQDQFLDFLyQ
GLIHUHQWHVSHURHVWiQOLJDGDVSRUXQREMHWLYRVLPLODUFRPRHVHOGHHVWDEOHFHULQWHUUHODFLRQHV
FRQ HO VHFWRU PDQXIDFWXUHUR &RQ PD\RU R PHQRU p[LWR HVWRV FHQWURV GH OD LQIUDHVWUXFWXUD
FLHQWtILFRWHFQROyJLFD KDQ ORJUDGR HVWDEOHFHU UHODFLRQHV KRUL]RQWDOHV FRQ OD HVWUXFWXUD
SURGXFWLYDDXQTXHHQODDFWXDOLGDGDIURQWDQODHWDSDPiVGLItFLOODGHLQFUHPHQWDUDODYH]
VXFDSDFLGDGFUHDGRUD\ODIOXLGH]GHORVYtQFXORVFRQHOVHFWRU PDQXIDFWXUHUR

&RPR VXUJH GH OR H[SXHVWR OD SXHVWD HQ PDUFKD GH HVWH SURFHVR H[LJH GLVWLQJXLU ORV
GLIHUHQWHV iPELWRV HQ ORV TXH VH LPSODQWDUiQ R IRUWDOHFHUiQ ORV WULiQJXORV FLHQWtILFR
WHFQROyJLFRV (O SXQWR GH SDUWLGD TXH KHPRV VHOHFFLRQDGR RWRUJD SULRULGDG DO iPELWR
VHFWRULDO HQWHQGLGR FRPR HO PDUFR PiV HILFD] \ PiV UHDOLVWD SDUD FUHDU PRGHORV TXH
SRVWHULRUPHQWHSXHGDQVHUDSOLFDGRVDOiPELWRQDFLRQDORDOiPELWRUHJLRQDO(VWHVHUtDXQR
GHORVFDPLQRVTXHSXHGDQFRQGXFLUDOSURFHVRGHLQWHJUDFLyQHQ$PpULFD/DWLQDDWUDYpV
GHVXVGLIHUHQWHVH[SUHVLRQHVDODHWDSDGHODVUHDOL]DFLRQHVHIHFWLYDV(QHOWHUUHQRGHOD
FLHQFLD\GHODWHFQRORJtDODLQFRPXQLFDFLyQHQHOiPELWRUHJLRQDOQRGHSHQGHWDQWRGHXQ
QR TXHUHU YLQFXODUVH FRPR GH OD DXVHQFLD GH WULiQJXORV VHFWRULDOHV HQ ORV iPELWRV
QDFLRQDOHVVLQORVFXDOHVQRHVSRVLEOHSURGXFLULQQRYDFLyQQLHQFRQVHFXHQFLDORJUDUXQD
FRPXQLFDFLyQUHDOGHH[SHULHQFLDVREMHWLYDV

+HPRV DILUPDGR TXH OD LQQRYDFLyQ HV HO SURGXFWR GH XQ VLVWHPD GH UHODFLRQHV HQWUH
JRELHUQRLQIUDHVWUXFWXUDFLHQWtILFRWHFQROyJLFD\HVWUXFWXUDSURGXFWLYDFXDQGRHVWRVYpUWLFHV
HVWiQ UHVSHFWLYDPHQWH FDOLILFDGRV SRU OD FDSDFLGDG SDUD UHDOL]DU XQD DFFLyQ GHOLEHUDGD HQ
HVWH WHUUHQR SRU OD FDSDFLGDG FUHDGRUD \ SRU OD FDSDFLGDG HPSUHVDULDO 5RPSHU FRQ ORV
REVWiFXORV TXH LPSLGHQ OD H[SUHVLyQ GH HVWDV FDSDFLGDGHV QR HV WDUHD GH XQ GtD SRUTXH
HOORVVHHQFXHQWUDQHQODUDt]PLVPDGHQXHVWURVLVWHPDFXOWXUDOHQORVYDORUHVDFWLWXGHV\
FUHHQFLDVTXHRULHQWDQHOFRPSRUWDPLHQWRGHORVVXMHWRVKLSRWpWLFDPHQWHXELFDGRVHQFDGD
XQR GH ORV YpUWLFHV < VLQ HPEDUJR HOOR VH KDFH LPSUHVFLQGLEOH 3RUTXH GH QDGD YDOH
RUJDQL]DU HVWUXFWXUDV IRUPDOHV VL QR VH DFRPSDxD GH XQ HIHFWLYR GHVDUUROOR RUJiQLFR GH
QXHYRV YDORUHV \ DFWLWXGHV FDSDFHV GH SRQHU HQ PDUFKD ORV SURFHVRV \ UHODFLRQHV TXH
KHPRV GLVHxDGR &UHDU FRQFLHQFLD GH HOOR HV HO REMHWLYR IXQGDPHQWDO TXH SHUVLJXH HVWH
WUDEDMR

127$6

-25*(6È%$72VHGHVHPSHxDFRPRJHUHQWHGHOD&RPLVLyQ1DFLRQDOGH(QHUJtD$WyPLFD
$UJHQWLQD 1$7$/,2%27$1$HVLQYHVWLJDGRUGHO,QVWLWXWRSDUDOD,QWHJUDFLyQGH$PpULFD
/DWLQD (VWH WUDEDMR IXH SUHVHQWDGR D 7KH :RUOG2UGHU 0RGHOV &RQIHUHQFH UHDOL]DGD HQ
%HOODJLR,WDOLDHQWUHHO\HOGHVHWLHPEUHGHSRUORVGRFWRUHV*867$92/$*26
\+25$&,2*2'2<GHO*UXSR/DWLQRDPHULFDQR

6H WUDWD GH OD 3ULPHUD 5HXQLyQGHO&RPLWpGH 3DWURFLQLR\3ROtWLFDGHO(VWXGLR 3URVSHFWLYR


VREUH$PpULFD/DWLQD\HO2UGHQ0XQGLDOHQOD'pFDGDGHTXHWXYROXJDUHQ6DQWLDJR
GH&KLOHHQQRYLHPEUHGH

5HVXOWD LQQHFHVDULR DILUPDU TXH VH WUDWD GH XQ FXDGUR GHVFULSWLYR GH ODV WHQGHQFLDV
JHQHUDOHV GH OD VLWXDFLyQ GH $PpULFD /DWLQD HQ HVWD PDWHULD \ TXH SRU OR WDQWR HOOR QR
VLJQLILFD GHVFRQRFHU ODV H[FHSFLRQHV TXH VH SXHGHQ SUHVHQWDU HQ FDGD XQR GH ORV SXQWRV
LQGLFDGRV

/DELEOLRJUDItDDPHULFDQDTXHKDH[SOLFLWDGRHVWHSUREOHPDHVYDVWD$WtWXORLOXVWUDWLYRQRV
EDVWDFRQFLWDUGRVREUDVLPSRUWDQWHVUHFLHQWHPHQWHDSDUHFLGDV(6:2<7,16.,3URILOH
RIWKH86(FRQRP\HQGRQGHFRQYLHQHFRQVXOWDUHOFDS;9,,7KH$PHULFDQ(FRQRP\LQ
DQ$JHRI6FLHQFHDQG7HFKQRORJ\\ODREUDGH-.*$/%5$,7+7KH1HZ,QGXVWULDO6WDWH
%RVWRQ  TXH HVWi FRQVDJUDGD D H[SOLFLWDU OD FRQFHQWUDFLyQ GH HVWH VLVWHPD GH
UHODFLRQHVHQORTXHHODXWRUOODPDODWHFQRHVWUXFWXUD

&UHHPRVLQQHFHVDULRFRUURERUDUHVWDGHVFULSFLyQVXFLQWDFRQFLIUDV\FXDGURVFRPSDUDWLYRV
DFHUFD GH OD DFFLyQ GHO *RELHUQR )HGHUDO GH ORV ((88 HQ HVWH WHUUHQR 8QD VtQWHVLV
VXPDPHQWH LOXVWUDWLYD SXHGH HQFRQWUDUVH HQ OD REUD GH ( 6 :2<7,16., \D FLWDGD

9HU HQ HVWH VHQWLGR 0 +$/7< &$55(5( 3ROtWLFD \ SODQLILFDFLyQ FLHQWtILFD \ WHFQROyJLFD
8QLGDG GH 'HVDUUROOR 7HFQROyJLFR 'HSDUWDPHQWR GH $VXQWRV&LHQWtILFRV 8QLyQ
3DQDPHULFDQD
- $ 6&+803(7(5 &DSLWDOLVPR VRFLDOLVPR \ GHPRFUDFLD 0DGULG  S 

(V HQ HVWH WHUUHQR WDO FRPR OR KHPRV DSXQWDGR GRQGH OD H[SHULHQFLD QRUWHDPHULFDQD KD
VLGRPiVIHFXQGD&RQDQWHULRULGDGDODSXHVWDHQIXQFLRQDPLHQWRGHOWULiQJXORDQLYHOGHOD
VRFLHGDG JOREDO VH HVWDEOHFLHURQ HQ ORV ((88 WULiQJXORV GH UHODFLRQHV FRQ UHVSHFWR DO
VHFWRU SULYDGR DJUtFROD D WUDYpV GH OD DFFLyQ GHO JRELHUQR TXH ILQDQFLy HO VLVWHPD
XQLYHUVLWDULR±HVFXHODV\IDFXOWDGHVDJUtFRODVHOTXHDVXYH]VHUHODFLRQyFRQODHVWUXFWXUD
SURGXFWLYD DJURSHFXDULD REWHQLHQGR ORV UHVXOWDGRV HFRQyPLFRV SRU WRGRV FRQRFLGRV

(OGHOSUHVXSXHVWRGHO,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGH6DQ3DEORSURYLHQHGH
IXHQWHV RILFLDOHV \ HO  FRUUHVSRQGH D DSRUWHV SULYDGRV (Q HO ,QVWLWXWR 0H[LFDQR GH
,QYHVWLJDFLRQHV7HFQROyJLFDVHOGHVXSUHVXSXHVWRSURYLHQHGHIRQGRVVHPLRILFLDOHV\
HO  GH RUJDQLVPRV SDUWLFXODUHV (O 6$7, FRQVWLWX\H XQ VHUYLFLR HVSHFLDOL]DGR GHO
'HSDUWDPHQWRGH0HWDOXUJLDGHOD&RPLVLyQ1DFLRQDOGH(QHUJtD$WyPLFDGH$UJHQWLQD9HU
HQ HVWH VHQWLGR HO LQIRUPH SUHOLPLQDU GH ORV ,QVWLWXWRV GH ,QYHVWLJDFLyQ 7HFQROyJLFD HQ OD
$PpULFD /DWLQD 8QLGDG GH 'HVDUUROOR 7HFQROyJLFR 'HSDUWDPHQWR GH $VXQWRV &LHQWtILFRV
8QLyQ 3DQDPHULFDQD  \ $ )217(6 \ 0 +$/7< &$55(5( &DUDFWHUtVWLFDV GH ORV
,QVWLWXWRV /DWLQRDPHULFDQRV GH ,QYHVWLJDFLyQ 7HFQROyJLFD 'HSDUWDPHQWR GH $VXQWRV
&LHQWtILFRV8QLyQ3DQDPHULFDQD

1RVUHIHULPRVVREUHWRGRDOSURFHVRGHVXEUHJLRQDOL]DFLyQDFWXDOPHQWHHQPDUFKD&XHQFD
GHO3ODWD0HUFDGR&RP~Q&HQWURDPHULFDQR*UXSR$QGLQRHWF

You might also like