Scribd Logo
Upload

Welcome to Scribd!

  • TX Depresivo

    Uploaded by

    Santiago Alzate
    19 views69 pages
    The document discusses the empirical support for behavioral activation (BA) as an approach for treating depression. BA is a brief, structured psychosocial approach that focuses directly on changing conduct to alleviate depression and prevent future relapses. It is based on the premise that problems individuals face and their behavioral responses decrease their ability to obtain positive reinforcements from their environment. The treatment aims to systematically increase activation so patients have more contact with rewarding experiences and better solve problems. Procedures focus directly on activation and processes that inhibit it, like avoidance and rumination, to increase pleasant or productive experiences and improve life context. BA is considered an important treatment for depression for two main reasons - its effectiveness is supported by recent empirical evidence and it is based on basic

    Original Description:

    Original Title

    Tx Depresivo

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document discusses the empirical support for behavioral activation (BA) as an approach for treating depression. BA is a brief, structured psychosocial approach that focuses directly on changing conduct to alleviate depression and prevent future relapses. It is based on the premise that problems individuals face and their behavioral responses decrease their ability to obtain positive reinforcements from their environment. The treatment aims to systematically increase activation so patients have more contact with rewarding experiences and better solve problems. Procedures focus directly on activation and processes that inhibit it, like avoidance and rumination, to increase pleasant or productive experiences and improve life context. BA is considered an important treatment for depression for two main reasons - its effectiveness is supported by recent empirical evidence and it is based on basic

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    19 views69 pages

    TX Depresivo

    Uploaded by

    Santiago Alzate
    The document discusses the empirical support for behavioral activation (BA) as an approach for treating depression. BA is a brief, structured psychosocial approach that focuses directly on changing conduct to alleviate depression and prevent future relapses. It is based on the premise that problems individuals face and their behavioral responses decrease their ability to obtain positive reinforcements from their environment. The treatment aims to systematically increase activation so patients have more contact with rewarding experiences and better solve problems. Procedures focus directly on activation and processes that inhibit it, like avoidance and rumination, to increase pleasant or productive experiences and improve life context. BA is considered an important treatment for depression for two main reasons - its effectiveness is supported by recent empirical evidence and it is based on basic

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 69

    

    (Q DxRV UHFLHQWHV VH KD JHQHUDGR XQ IXHUWH DSR\R HPStULFR SDUD OD DSUR[LPDFLyQ GH OD DFWLYDFLyQ
    FRQGXFWXDO %$  SDUD HO WUDWDPLHQWR GH OD GHSUHVLyQ FX\RV UHVXOWDGRV KDQ VLGR WDQ EXHQRV R PHMRUHV
    TXHORVREWHQLGRVFRQODWHUDSLDFRJQLWLYD\ORVPHGLFDPHQWRVDQWLGHSUHVLYRVLQFOXVRHQORVFDVRVPiV
    JUDYHVGHGHSUHVLyQ$XQTXHDSULPHUDYLVWDSDUHFHFRQWUDLQWXLWLYRHVWHWUDWDPLHQWRQRVHFRQFHQWUDHQ
    ODQRFLyQGH³VLPSOHPHQWHKD]OR´VLQRTXHDQDOL]DHQIRUPDH[KDXVWLYDODVUHODFLRQHVFRQWLQJHQWHVHQOD
    YLGD GHO SDFLHQWH HQ WRGR HO UDQJR GH FRQGXFWD FRJQLFLyQ \ DIHFWR TXH SXHGHQ HVWDU PDQWHQLHQGR OD
    GHSUHVLyQ &RPR WDO HVWH HQIRTXH LGLRJUiILFR QR SUHVFULEH XQ Q~PHUR HVWDEOHFLGR GH VHVLRQHV SDUD
    DOFDQ]DU FLHUWDV PHWDV VLQR TXH VH DGDSWD D ODV QHFHVLGDGHV GHO LQGLYLGXR FRQ GHSUHVLyQ (Q OD
    GHVFULSFLyQ GHWDOODGD \ PX\ KXPDQD GHO WUDWDPLHQWR GH ³0DUN´ ORV OHFWRUHV DGYHUWLUiQ WDPELpQ XQ
    HQIRTXH PX\ DFWXDOL]DGR GHO SDSHO TXH MXHJD OD UXPLDFLyQ HQ OD GHSUHVLyQ R OD SUHRFXSDFLyQ HQ OD
    DQVLHGDG  EiVLFDPHQWH FRPR XQD WpFQLFD GH HYLWDFLyQ /D LOXVWUDFLyQ GH ODV HVWUDWHJLDV WHUDSpXWLFDV
    FUHDWLYDV SDUD DFWLYDU D ORV SDFLHQWHV DXQDGD D OD QDWXUDOH]D DGDSWDEOH \ IOH[LEOH GH OD DFWLYDFLyQ
    FRQGXFWXDOVHUiQGHLQWHUpVSDUDWRGRVORVWHUDSHXWDVTXHWUDWDQHVWHSDGHFLPLHQWR\DTXHSXGLHUDVHU
    XQR GH ORV WUDWDPLHQWRV EDVDGRV HQ OD HYLGHQFLD SDUD OD GHSUHVLyQ PiV VHQFLOORV GH DSUHQGHU \ GH
    GLYXOJDU'+%
    
    
    /DDFWLYDFLyQFRQGXFWXDO %$ HVXQDDSUR[LPDFLyQSVLFRVRFLDOEUHYH\HVWUXFWXUDGDTXH
    WLHQH HO SURSyVLWR GH DOLYLDU OD GHSUHVLyQ \ SUHYHQLU ODV UHFDtGDV IXWXUDV HQIRFiQGRVH
    GLUHFWDPHQWH HQ HO FDPELR FRQGXFWXDO (O HQIRTXH VH EDVD HQ OD SUHPLVD GH TXH ORV
    SUREOHPDVTXHVXUJHQHQODYLGDGHLQGLYLGXRVYXOQHUDEOHV\VXVUHVSXHVWDVFRQGXFWXDOHV
    D GLFKRV SUREOHPDV GLVPLQX\HQ VX FDSDFLGDG SDUD REWHQHU UHIRU]DGRUHV SRVLWLYRV GH VX
    DPELHQWH (O WUDWDPLHQWR SUHWHQGH LQFUHPHQWDU OD DFWLYDFLyQ VLVWHPiWLFDPHQWH GH IRUPD
    WDO TXH D\XGH D ORV FOLHQWHV D WHQHU PD\RU FRQWDFWR FRQ ODV IXHQWHV GH UHFRPSHQVD \ D
    UHVROYHU ORV SUREOHPDV TXH VH OHV SUHVHQWHQ /RV SURFHGLPLHQWRV GHO WUDWDPLHQWR VH
    HQIRFDQ GLUHFWDPHQWH HQ OD DFWLYDFLyQ \ HQ ORV SURFHVRV TXH OD LQKLEHQ FRPR ODV

    
    FRQGXFWDV GH HYLWDFLyQ \ HVFDSH \ HO SHQVDPLHQWR UXPLDQWH SDUD LQFUHPHQWDU ODV
    H[SHULHQFLDV TXH VRQ SODFHQWHUDV R SURGXFWLYDV \ PHMRUDU HO FRQWH[WR GH YLGD 6H FUHH
    TXH OD DFWLYDFLyQ FRQGXFWXDO HV XQ WUDWDPLHQWR LPSRUWDQWH SDUD OD GHSUHVLyQ SRU GRV
    UD]RQHV SULQFLSDOHV 3ULPHUR VX HILFDFLD VH VXVWHQWD HQ HYLGHQFLD HPStULFD UHFLHQWH
    VHJXQGRVHIXQGDPHQWDHQSULQFLSLRVEiVLFRVGHIiFLOFRPSUHQVLyQ\XWLOL]DXQSHTXHxR
    FRQMXQWRGHSURFHGLPLHQWRVTXHVRQFODURV
    

    
    02'(/26&21'8&78$/(6'(/$'(35(6,Ï1

    &RQFHSWRVEiVLFRV
    3UiFWLFDPHQWHODSUHPLVDFHQWUDOGHWRGRVORVPRGHORVFRQGXFWXDOHVHVODVXSRVLFLyQGH
    TXH OD GHSUHVLyQ VH DVRFLD FRQ UHODFLRQHV SDUWLFXODUHV HQWUH FRQGXFWD \ DPELHQWH TXH
    HYROXFLRQDQDORODUJRGHOWLHPSRHQODYLGDGHXQDSHUVRQD
    (QHVRVPRGHORVFRQGXFWDHVXQFRQVWUXFWRPX\ DPSOLRTXHORLQFOX\HWRGRGHVGHGDUXQSDVHR
    KDVWDOORUDUODPXHUWHGHXQVHUTXHULGR/DVFRQGXFWDVSXHGHQGHOLPLWDUVHEDVWDQWHELHQ
    SHMDFRVWDUVHHQHOVRIiDYHUWHOHYLVLyQGHVSXpVGHODFHQD RSXHGHQVHUSDUWHGHXQ
    UHSHUWRULRPiVJHQHUDO SHMHYLWDUODUHLYLQGLFDFLyQGHODVSURSLDVQHFHVLGDGHV\GHVHRV
    HQLQWHUDFFLRQHVFRQIOLFWLYDV 
    $PELHQWHHVWDPELpQXQFRQVWUXFWRDPSOLRTXHVHFRQFLEHPHMRUFRPRORVHVFHQDULRV
    HQ TXH VXHOHQ RFXUULU ODV FRQGXFWDV \ FRPR ORV HVFHQDULRV HQ TXH ODV FRQGXFWDV
    HYROXFLRQDURQDOSDVRGHOWLHPSR/DQDWXUDOH]DWHPSRUDOGHORVDPELHQWHVHVFUXFLDOSDUD
    HQWHQGHU ODV DSUR[LPDFLRQHV FRQGXFWXDOHV D OD GHSUHVLyQ (V FRP~Q TXH ODV FRQGXFWDV
    TXHQRSDUHFHQWHQHUXQDIXQFLyQHQHODPELHQWHDFWXDOGHXQDSHUVRQDKD\DQFXPSOLGR
    XQDIXQFLyQPX\LPSRUWDQWHHQHOSDVDGR3RUFRQVLJXLHQWHFXDQGRORVSURIHVLRQDOHVVH
    SUHJXQWDQ D TXp VH GHEH TXH XQD SHUVRQD VH LQYROXFUH HQ FLHUWDV DFFLRQHV FRPR
    SHUPDQHFHU HQ XQ WUDEDMR TXH QR OR VDWLVIDFH VXHOH VHU QHFHVDULR FRQVLGHUDU FyPR
    HYROXFLRQDURQFRQHOWLHPSRHVRVUHSHUWRULRVSDUWLFXODUHV SHMODHYLWDFLyQGHSpUGLGDV
    SRWHQFLDOHV 
    3RU~OWLPRWRGRVORVPRGHORVFRQGXFWXDOHVGHODGHSUHVLyQHQIDWL]DQODLPSRUWDQFLDGH
    ODV UHODFLRQHV FRQWLQJHQWHV HQWUH ODV FRQGXFWDV \ ORV DPELHQWHV HQ TXH RFXUUHQ /DV
    UHODFLRQHV FRQWLQJHQWHV VRQ UHODFLRQHV GHO WLSR VLHQWRQFHV HQWUH DFWLYLGDGHV KXPDQDV \
    VXVFRQVHFXHQFLDVDPELHQWDOHV TXHVXHOHQVHULQWHUSHUVRQDOHV 3RUHMHPSORHVSUREDEOH
    TXHORVSURIHVLRQDOHVTXHWUDEDMDQGHQWURGHOPDUFRFRQGXFWXDOVHLQWHUHVHQPHQRVHQHO
    KHFKRGHTXHXQFOLHQWHGHSULPLGRFDGDPDxDQDVHTXHGDHQFDPDSUHRFXSiQGRVHSRU
    HMHPSORSRUHOIXWXURGHXQPDWULPRQLROOHQRGHSUREOHPDVTXHSRUODVFRQVHFXHQFLDVGH
    GLFKD FRQGXFWD ¢&XiO HV HO UHVXOWDGR" ¢(VR DXPHQWD R GLVPLQX\H OD GHSUHVLyQ GHO
    FOLHQWH" $O SHUPDQHFHU HQ FDPD ¢HO FOLHQWH HYLWD DOJR DYHUVLYR FRPR FRQIURQWDU DO
    FyQ\XJHSRUXQSUREOHPDHQHOPDWULPRQLRRLUDOWUDEDMR\HQIUHQWDUXQDSLODGHWDUHDV
    LQFRQFOXVDV" &RPSUHQGHU ODV UHODFLRQHV FRQWLQJHQWHV HV XQD FDUDFWHUtVWLFD FHQWUDO GH ORV
    PRGHORV FRQGXFWXDOHV GH OD GHSUHVLyQ \ XQD KDELOLGDG UHTXHULGD HQ ORV WHUDSHXWDV GH OD
    DFWLYDFLyQFRQGXFWXDO
    
    5DtFHVFRQGXFWXDOHVGHODDFWLYDFLyQFRQGXFWXDO
    (VRV FRQFHSWRV FRQGXFWXDOHV JHQHUDOHV IXHURQ GHVDUUROODGRV \ HODERUDGRV HQ PDUFRV
    FRQFHSWXDOHV \ WUDWDPLHQWRV HVSHFtILFRV SDUD OD GHSUHVLyQ SRU )HUVWHU    \
    /HZLQVRKQ \ FRODERUDGRUHV /HZLQVRKQ  /HZLQVRKQ $QWRQXFFLR 6WHLQPHW]
    %UHFNHQULGJH\7HUL/HZLQVRKQ%LJODQ\=HLVV /DVXSRVLFLyQSULQFLSDOGH
    )HUVWHU IXH TXH OD GHSUHVLyQ HV UHVXOWDGR GH XQD KLVWRULD GH DSUHQGL]DMH HQ TXH ODV

    
    DFFLRQHV GHO LQGLYLGXR QR REWLHQHQ UHIRU]DGRUHV SRVLWLYRV GHO DPELHQWH R HQ TXH ODV
    DFFLRQHV VRQ UHIRU]DGDV SRUTXH SHUPLWHQ TXH HO LQGLYLGXR HVFDSH GH XQD FRQGLFLyQ
    DYHUVLYD &RQ HO WLHPSR OD FRQGXFWD TXH SRU OR JHQHUDO SURGXFLUtD FRQVHFXHQFLDV
    SRVLWLYDVGHMDGHKDFHUOR3RUHMHPSORSRUPXFKDVUD]RQHVGLIHUHQWHVORVHVIXHU]RVGH
    XQD SHUVRQD SDUD HVWDEOHFHU UHODFLRQHV FHUFDQDV FRQ RWURV SXHGHQ OOHJDU D GHVDSDUHFHU
    SRUTXH QR UHFLEHQ UHIRU]DGRUHV SRVLWLYRV S HM HVIXHU]RV UHFtSURFRV SRU SDUWH GH ORV
    GHPiV 
    )HUVWHU    UD]RQy TXH HVWD GLVPLQXFLyQ HQ HO UHIRU]DPLHQWR SRVLWLYR
    FRQWLQJHQWH D OD UHVSXHVWD SURGXFH GRV FRQVHFXHQFLDV DGLFLRQDOHV TXH IDFLOLWDQ OD
    GHSUHVLyQ3ULPHURFXDQGRODJHQWHQRREWLHQHUHIRU]DGRUHVSRVLWLYRVSRUVXVHVIXHU]RV
    VXHOHFRQFHQWUDUVHHQUHVSRQGHUPiVDVXVHVWDGRVLQWHUQRVTXHDIXHQWHVSRWHQFLDOHVGH
    UHIRU]DPLHQWR SRVLWLYR HQ HO DPELHQWH H[WHUQR (VWD HV OD FOiVLFD ³LQWURVSHFFLyQ´ TXH
    VXHOHREVHUYDUVHHQODGHSUHVLyQ\TXHWLHQHVHQWLGRGHVGHXQDSHUVSHFWLYDFRQGXFWXDOVL
    ORV LQGLYLGXRV DSUHQGHQ TXH VX FRQGXFWD HV XQ SUHGLFWRU SRFR FRQILDEOH GH ODV
    FRQVHFXHQFLDV HQ VX DPELHQWH HV QDWXUDO TXH GHGLTXHQ PHQRV WLHPSR D DWHQGHU ODV
    FRQWLQJHQFLDVHQHVHDPELHQWH
    /D VHJXQGD FRQVHFXHQFLD GH OD GLVPLQXFLyQ HQ OD WDVD GH UHIRU]DPLHQWR SRVLWLYR
    REVHUYDGD SRU )HUVWHU    IXH OD GLVPLQXFLyQ GHO UHSHUWRULR GH FRQGXFWDV
    DGDSWDGDV GHO LQGLYLGXR (VWR WDPELpQ WLHQH VHQWLGR SRUTXH FDGD YH] VRQ PHQRV ODV
    FRQGXFWDV PDQWHQLGDV SRU UHIRU]DPLHQWR SRVLWLYR /RV LQGLYLGXRV SXHGHQ DGRSWDU
    UHSHUWRULRVH[WUHPDGDPHQWHSDVLYRV SHM³QRKDFHUQDGD´ SRUTXHVXVLQWHQWRVDFWLYRV
    GHLQYROXFUDUVHHQODYLGDQRVRQUHFRPSHQVDGRV
    )LQDOPHQWH )HUVWHU    REVHUYy TXH HO LQFUHPHQWR HQ ODV FRQVHFXHQFLDV
    DYHUVLYDV TXH VLJXHQ D OD FRQGXFWD SRU OR JHQHUDO OOHYDQ D ORV LQGLYLGXRV GHSULPLGRV D
    SUHRFXSDUVH SRU HO HVFDSH \ OD HYLWDFLyQ (Q HIHFWR VH GHGLFD PiV HQHUJtD D WUDWDU GH
    HYLWDU R HVFDSDU GH ODV FRQVHFXHQFLDV DYHUVLYDV TXH D WUDWDU GH REWHQHU UHIRU]DGRUHV
    SRVLWLYRVSRWHQFLDOHVHQHODPELHQWH
    (O PRGHOR FRQGXFWXDO GH OD GHSUHVLyQ SURSXHVWR SRU /HZLQVRKQ   HV FRPSDWLEOH
    FRQ PXFKDV GH ODV LGHDV SODQWHDGDV HQ HO DQiOLVLV FRQGXFWXDO GH OD GHSUHVLyQ GH )HUVWHU
      /HZLQVRKQ \ FRODERUDGRUHV WDPELpQ KLFLHURQ KLQFDSLp HQ OD LPSRUWDQFLD GHO
    UHIRU]DPLHQWRFRQWLQJHQWHDODUHVSXHVWD\FRQFHSWXDOL]DURQTXHVXWDVDHUDLQIOXHQFLDGD
    SRUWUHVIDFWRUHVHOQ~PHURGHHYHQWRVSRWHQFLDOPHQWHUHIRU]DQWHVSDUDXQLQGLYLGXROD
    GLVSRQLELOLGDGGHUHIRU]DPLHQWRHQHODPELHQWH\ODFRQGXFWDLQVWUXPHQWDOGHOLQGLYLGXR
    UHTXHULGDSDUDREWHQHUHOUHIRU]DPLHQWR/HZLQVRKQWDPELpQLGHQWLILFyODHYLWDFLyQVRFLDO
    FRPRXQDSDUWHFHQWUDOGHVXPRGHOR
    &DEH GHVWDFDU TXH /HZLQVRKQ 6XOOLYDQ \ *URVVFXS   GHVDUUROODURQ HO SULPHU
    WUDWDPLHQWR LQGHSHQGLHQWH GH RULHQWDFLyQ FRQGXFWXDO SDUD OD GHSUHVLyQ 0iV WDUGH
    /HZLQVRKQ +REHUPDQ 7HUL \ +DXW]LQJHU   SURSXVLHURQ XQ PRGHOR LQWHJUDGR TXH
    SUHWHQGtD H[SOLFDU OD QDWXUDOH]D LQWHUDFWLYD \ FRPSOHMD GH OD GHSUHVLyQ LQFOX\HQGR
    IDFWRUHV GLVSRVLFLRQDOHV FRPR OD FRJQLFLyQ FRQ IDFWRUHV DPELHQWDOHV (VWH PRGHOR QR
    KDFtDGHPDVLDGRpQIDVLVQLGDEDSULRULGDGDIDFWRUHVFRJQLWLYRVRDIDFWRUHVDPELHQWDOHV
    HQ OD HWLRORJtD \ PDQWHQLPLHQWR GH OD GHSUHVLyQ SUHWHQGtD H[SOLFDU OD FRPSOHMLGDG GHO

    
    SDGHFLPLHQWR/DLQYHVWLJDFLyQLQLFLDGDHQHOODERUDWRULRGH/HZLQVRKQIXHFRQWLQXDGDHQ
    HOWUDEDMRGHDQWLJXRVDOXPQRV\FROHJDVHQHVFHQDULRV\SREODFLRQHVGLYHUVDV 'LPLGMLDQ
    %DUUHUD0DUWHOO0XxR]\/HZLQVRKQ 
    %HFN5XVK6KDZ\(PHU\  WDPELpQIXHURQSLRQHURVHQHOWUDEDMRLQLFLDOGHOD
    DFWLYDFLyQ FRQGXFWXDO %HFN \ FRODERUDGRUHV LQFRUSRUDURQ DOJXQDV HVWUDWHJLDV GH OD
    DFWLYDFLyQ FRQGXFWXDO FRPR FRPSRQHQWHV FHQWUDOHV GH OD WHUDSLD FRJQLWLYD &7  SDUD OD
    GHSUHVLyQ FRQ OR FXDO FRQWULEX\HURQ D OD IRUPDOL]DFLyQ \ GLYXOJDFLyQ GH DOJXQDV GH ODV
    SULQFLSDOHV HVWUDWHJLDV GH OD DFWLYDFLyQ FRQGXFWXDO HQIDWL]DQGR OD LPSRUWDQFLD GH OD
    FRJQLFLyQHQODHWLRORJtD\WUDWDPLHQWRGHODGHSUHVLyQ
    
    $FWLYDFLyQFRQGXFWXDOFRQWHPSRUiQHD
    /RV WUDEDMRV GH )HUVWHU /HZLQVRKQ \ %HFN LQIOX\HURQ HQ IRUPD LPSRUWDQWH HQ HO
    GHVDUUROOR GH OD DFWLYDFLyQ FRQGXFWXDO FRQWHPSRUiQHD &RQWULEX\HURQ GH PDQHUD GLUHFWD
    HQODLQYHVWLJDFLyQLQLFLDO\HOGHVDUUROORFOtQLFRGHODDFWLYDFLyQFRQGXFWXDOGH-DFREVRQ\
    FRODERUDGRUHV -DFREVRQ 0DUWHOO \ 'LPLGMLDQ  0DUWHOO $GGLV \ -DFREVRQ 
    0DUWHOO 'LPLGMLDQ \ +HUPDQ'XQQ   6X WUDEDMR HVWDEOHFLy WDPELpQ HO FRQWH[WR
    SDUDRWURVLQYHVWLJDGRUHVFRPRHOHTXLSRGH/HMXH]+RSNR/H3DJH+RSNR\0F1HLO
     /HMXH] +RSNR $FLHUQR 'DXJKWHUV \ 3DJRWR   TXLHQHV DUWLFXODURQ XQD
    DSUR[LPDFLyQDODDFWLYDFLyQFRQGXFWXDOFX\RREMHWLYRWHyULFR\FOtQLFRFRQYHUJHHQHO
    FDPELR FRQGXFWXDO (VWD DSUR[LPDFLyQ HO WUDWDPLHQWR SRU DFWLYDFLyQ FRQGXFWXDO GH OD
    GHSUHVLyQKDVLGRDSR\DGDHQP~OWLSOHVHVWXGLRVUHDOL]DGRVSRUVXJUXSR SHM+RSNR
    /HMXH]/H3DJH+RSNR\0F1HLO 
    (Q UHODFLyQ FRQ HO PRGHOR FRQFHSWXDO GH OD GHSUHVLyQ OD FRQFHSWXDOL]DFLyQ DFWXDO VH
    DSR\D ILUPHPHQWH HQ OD LPSRUWDQFLD TXH ORV WUDEDMRV GH )HUVWHU    \ GH
    /HZLQVRKQ  DWULEX\HQDOFRQWH[WR\DFWLYLGDGSDUDHQWHQGHUODGHSUHVLyQ$XQTXH
    VHUHFRQRFHODSRVLEOHUHODFLyQFDXVDOGHODJHQpWLFDELRORJtD\RWURVIDFWRUHVGLVWDOHVFRQ
    ODGHSUHVLyQODVWHRUtDVFRQGXFWXDOHVDFWXDOHVVHHQIRFDQHQORVDVSHFWRVGHOFRQWH[WRGH
    ODYLGDGHXQDSHUVRQDTXHSXHGHQKDEHUGHVHQFDGHQDGRODGHSUHVLyQ\HQODVUHVSXHVWDV
    SDUWLFXODUHV D GLFKR FRQWH[WR TXH SXHGHQ HVWDU PDQWHQLHQGR HO SUREOHPD
    (VSHFtILFDPHQWH HO PRGHOR DVXPH TXH ODV SHUVRQDV VH GHSULPHQ HQWUH RWUDV UD]RQHV
    SRUTXHORVFDPELRVHQHOFRQWH[WRGHVXVYLGDVOHVRIUHFHQEDMRVQLYHOHVGHUHIRU]DPLHQWR
    SRVLWLYR \ DOWRV QLYHOHV GH FRQWURO DYHUVLYR /DV YLGDV TXH VRQ ³PHQRV JUDWLILFDQWHV´
    SXHGHQ GDU OXJDU D VHQWLPLHQWRV GH WULVWH]D \ HVWDGR GH iQLPR GHSUHVLYR &XDQGR ODV
    SHUVRQDV VH GHSULPHQ VXHOHQ DOHMDUVH GHO PXQGR \ VXV UXWLQDV EiVLFDV VH DOWHUDQ FRQ
    IDFLOLGDG$PERVSURFHVRVSXHGHQDXPHQWDUHOHVWDGRGHiQLPRGHSUHVLYR\GLILFXOWDUOD
    VROXFLyQ HILFD] GH ORV SUREOHPDV HQ OD YLGD GH OD SHUVRQD (Q HIHFWR HVRV SURFHVRV VH
    FRQVLGHUDQ FRQGXFWDV SUREOHPD VHFXQGDULDV SRUTXH FRQ IUHFXHQFLD LPSLGHQ TXH OD
    JHQWH  VHFRQHFWHFRQDVSHFWRVGHVXYLGDTXHSXHGHQPHMRUDUHOHVWDGRGHiQLPR\
     UHVXHOYDSUREOHPDVORTXHSXHGHGLVPLQXLUHOHVWUpV\PHMRUDUHOFRQWH[WRGHVXYLGD
    /DDSUR[LPDFLyQGHODDFWLYDFLyQFRQGXFWXDODODWHUDSLDDERUGDHVRVGRVIDFWRUHVTXH
    SXHGHQ HVWDU FRQWULEX\HQGR D OD GHSUHVLyQ ORV DVSHFWRV GH OD YLGD TXH QHFHVLWDQ VHU
    FDPELDGRV SDUD GLVPLQXLU OD GHSUHVLyQ \ ODV IRUPDV HQ TXH HO DOHMDPLHQWR GHO PXQGR

    
    SXHGH PDQWHQHU R LQFUHPHQWDU OD GHSUHVLyQ /D DFWLYDFLyQ FRQGXFWXDO ORJUD HVRV
    SURSyVLWRVSRUPHGLRGHXQDDFWLYDFLyQJXLDGDTXHFRQVLVWHHQHOXVRGHXQDVHULHGH
    HVWUDWHJLDVGHFDPELRFRQGXFWXDOTXHWHUDSHXWD\FOLHQWHGHVDUUROODQHQFRQMXQWRDSDUWLU
    GHO H[DPHQ FXLGDGRVR GH ODV DFWLYLGDGHV TXH VRQ UHIRU]DQWHV SRVLWLYDPHQWH SDUD XQ
    GHWHUPLQDGR FOLHQWH \ SRU HQGH SXHGHQ FRQWULEXLU D LQWHUUXPSLU ODV UHODFLRQHV TXH
    PDQWLHQHQ OD GHSUHVLyQ (O SXQWR GH OD DFWLYDFLyQ FRQGXFWXDO QR HV LQYROXFUDUVH HQ XQD
    PD\RU DFWLYDFLyQ DO D]DU R HQ DFWLYLGDGHV TXH ³HQ JHQHUDO´ VH FRQVLGHUDQ SODFHQWHUDV R
    TXH PHMRUDQ HO HVWDGR GH iQLPR S HM YHU XQD SHOtFXOD  PiV ELHQ ODV HVWUDWHJLDV GH
    DFWLYDFLyQ VRQ DOWDPHQWH LQGLYLGXDOL]DGDV \ DGDSWDGDV D OD PHGLGD (O SDSHO GHO
    WHUDSHXWD HQ OD DFWLYDFLyQ FRQGXFWXDO HV DFWXDU FRPR XQ HQWUHQDGRU PLHQWUDV HO FOLHQWH
    OOHYDDFDERODVHVWUDWHJLDVGHDFWLYDFLyQRIUHFHUD\XGDH[SHUWDHQHOHVWDEOHFLPLHQWRGH
    PHWDV DOFDQ]DEOHV GHVFRPSRQHU ODV WDUHDV GLItFLOHV HQ XQLGDGHV PDQHMDEOHV VROXFLRQDU
    ORVSUREOHPDVTXHVXUMDQ\PDQWHQHUODPRWLYDFLyQGXUDQWHHOSURFHVRGHFDPELR
    

    
    &217(;72(03Ë5,&2

    (OSULPHUHVWXGLRTXHUHYLYLyHOLQWHUpVHQXQHQIRTXHSXUDPHQWHFRQGXFWXDOSDUDWUDWDU
    ODGHSUHVLyQIXHUHDOL]DGRSRU-DFREVRQ\FRODERUDGRUHV  TXLHQHVSODQWHDURQXQD
    SUHJXQWDVHQFLOODDXQTXHSURYRFDWLYD¢(OFRPSRQHQWHFRQGXFWXDOGHODWHUDSLDFRJQLWLYD
    SRGUtDH[SOLFDUODHILFDFLDTXHpVWDKDGHPRVWUDGRHQHQVD\RVFOtQLFRVDQWHULRUHV"$GXOWRV
    FRQGHSUHVLyQPD\RUIXHURQDVLJQDGRVDOD]DUDXQDGHWUHVFRQGLFLRQHVGHWUDWDPLHQWR
    XQD TXH VyOR LQFOXtD DFWLYDFLyQ FRQGXFWXDO RWUD FRQ DFWLYDFLyQ FRQGXFWXDO PDV
    LQWHUYHQFLRQHVGLVHxDGDVSDUDPRGLILFDUORVSHQVDPLHQWRVDXWRPiWLFRV\XQDWHUFHUDFRQ
    HOSDTXHWHFRPSOHWRGHODWHUDSLDFRJQLWLYD
    /RV UHVXOWDGRV VXJHUtDQ TXH OD DFWLYDFLyQ FRQGXFWXDO HUD FRPSDUDEOH DO SDTXHWH
    FRPSOHWRGHODWHUDSLDFRJQLWLYDWDQWRHQODHILFDFLDDJXGD -DFREVRQHWDO FRPR
    HQ OD SUHYHQFLyQ GH UHFDtGDV OXHJR GH XQ SHULRGR GH VHJXLPLHQWR GH GRV DxRV *RUWQHU
    *ROODQ'REVRQ\-DFREVRQ 
    $ SDUWLU GH HVRV KDOOD]JRV OD DFWLYDFLyQ FRQGXFWXDO VH GHVDUUROOy HQ XQD LQWHUYHQFLyQ
    FRQGXFWXDO SOHQDPHQWH DUWLFXODGD TXH LQFOXtD ORV DVSHFWRV FRQGXFWXDOHV GH OD WHUDSLD
    FRJQLWLYD H LQFRUSRUDED HO WUDEDMR FRQGXFWXDO LQLFLDGR SRU )HUVWHU    \ SRU
    /HZLQVRKQ   TXH VH GHVFULELy DQWHV (VWH PRGHOR DPSOLDGR GH OD DFWLYDFLyQ
    FRQGXFWXDO VH SUHVHQWy HQ DUWtFXORV SXEOLFDGRV -DFREVRQ HW DO  0DUWHOO HW DO
       \ HQ PDQXDOHV GH DXWRD\XGD GLULJLGRV D ORV SDFLHQWHV $GGLV \ 0DUWHOO
      /D DFWLYDFLyQ FRQGXFWXDO IXH SUREDGD DGHPiV HQ XQ HQVD\R FOtQLFR DOHDWRUL]DGR
    FRQWURODGR FRQ SODFHER TXH FRPSDUy OD HILFDFLD DJXGD \ D ODUJR SOD]R GH OD WHUDSLD
    FRJQLWLYD \ HO XVR GH PHGLFDPHQWRV DQWLGHSUHVLYRV $'0  'RVFLHQWRV FXDUHQWD \ XQ
    SDFLHQWHV IXHURQ DVLJQDGRV DO D]DU D FRQGLFLRQHV GH DFWLYDFLyQ FRQGXFWXDO WHUDSLD
    FRJQLWLYDPHGLFDPHQWRVDQWLGHSUHVLYRVRSODFHER\VHXWLOL]yODVHYHULGDGFRPRYDULDEOH
    GH HVWUDWLILFDFLyQ GXUDQWH OD DOHDWRUL]DFLyQ /RV KDOOD]JRV VXJLULHURQ TXH OD DFWLYDFLyQ
    FRQGXFWXDOHVXQWUDWDPLHQWRVXPDPHQWHSURPHWHGRUSDUDODGHSUHVLyQ 'LPLGMLDQHWDO
     (OGHVHPSHxRGHORVSDFLHQWHVJUDYHPHQWHGHSULPLGRVIXHFRPSDUDEOHDOHVWiQGDU
    DFWXDOGHDWHQFLyQORVPHGLFDPHQWRVDQWLGHSUHVLYRV\GHPRVWUyPHMRUUHWHQFLyQ7DQWR
    OD DFWLYDFLyQ FRQGXFWXDO FRPR ORV PHGLFDPHQWRV DQWLGHSUHVLYRV IXHURQ VXSHULRUHV D OD
    WHUDSLDFRJQLWLYDHQWUHORVSDFLHQWHVFRQGHSUHVLyQPiVJUDYH$GHPiVORVUHVXOWDGRVGHO
    VHJXLPLHQWR LQGLFDQ TXH OD DFWLYDFLyQ FRQGXFWXDO SDUHFH WHQHU HIHFWRV GXUDGHURV
    SURPHWHGRUHV 'REVRQ HW DO   3RU ~OWLPR OD DFWLYDFLyQ FRQGXFWXDO SXHGH
    GHPRVWUDU XQD LPSRUWDQWH YHQWDMD HQ FXDQWR D VX UHQWDELOLGDG HQ FRPSDUDFLyQ FRQ
    PDQWHQHUDORVSDFLHQWHVFRQPHGLFDPHQWRV
    (VRV UHVXOWDGRV IXHURQ FRQJUXHQWHV FRQ ORV GH RWURV HVWXGLRV TXH VXJLHUHQ TXH ODV
    LQWHUYHQFLRQHV SRU DFWLYDFLyQ VRQ FRPSRQHQWHV SDUWLFXODUPHQWH LPSRUWDQWHV GH ORV
    WUDWDPLHQWRV FRJQLWLYRFRQGXFWXDOHV (Q XQ HVWXGLR FOiVLFR =HLVV /HZLQVRKQ \ 0XxR]
      UHSRUWDURQ UHVXOWDGRV FRPSDUDEOHV SDUD SDFLHQWHV GHSULPLGRV TXH UHFLELHURQ
    WUDWDPLHQWR HQIRFDGR HQ KDELOLGDGHV LQWHUSHUVRQDOHV DFWLYLGDGHV SODFHQWHUDV R FDPELR
    FRJQLWLYR $GHPiV 6FRJLQ -DPLVRQ \ *RFKQHDXU   QR HQFRQWUDURQ GLIHUHQFLDV HQ
    HO UHVXOWDGR HQWUH XQ WUDWDPLHQWR GH ELEOLRWHUDSLD FRJQLWLYD \ XQR GH ELEOLRWHUDSLD

    
    FRQGXFWXDOHQWUHDGXOWRVPD\RUHVFRQGHSUHVLyQOHYHDPRGHUDGD/DLPSRUWDQFLDGHODV
    HVWUDWHJLDV FRQGXFWXDOHV WDPELpQ KD VLGR UHSRUWDGD HQ RWURV HVWXGLRV HQ P~OWLSOHV
    FDWHJRUtDV GLDJQyVWLFDV S HM %RUNRYHF 1HZPDQ 3LQFXV \ /\WOH  )RD
    5RWKEDXP \ )XUU  *ORDJXHQ &RQWUDX[ &XFKHUDW \ %ODFNEXUQ   2WUDV
    LQYHVWLJDFLRQHV RULHQWDGDV DO SURFHVR WDPELpQ HQIDWL]DQ OD LPSRUWDQFLD GH ORV
    FRPSRQHQWHVGHDFWLYDFLyQFRQGXFWXDOGHODWHUDSLDFRJQLWLYD %HQQHW/HY\HWDO
    \ VXJLHUHQ OD SRVLELOLGDG GH UHVXOWDGRV QHJDWLYRV FXDQGR ORV WHUDSHXWDV VH HVIXHU]DQ HQ
    FDPELDUORVSHQVDPLHQWRVGHORVFOLHQWHVVREUHODVUHODFLRQHVLQWHUSHUVRQDOHVHQOXJDUGH
    FDPELDUODVUHODFLRQHVLQWHUSHUVRQDOHVUHDOHV +D\HV&DVWRQJXD\\*ROGIULHG 
    $GHPiVODDWHQFLyQLQLFLDOGH)HUVWHUHQODHYLWDFLyQWDPELpQKDVLGRVXEUD\DGDSRUORV
    WHUDSHXWDVFRQGXFWXDOHVFRQWHPSRUiQHRV(VSHFtILFDPHQWH/LQHKDQ  LQFRUSRUyHO
    XVRGHODDFFLyQRSXHVWDSDUDODWULVWH]DFRPRPHGLRGHHQIRFDUVHHQODGHSUHVLyQHQOD
    WHUDSLDGLDOpFWLFDFRQGXFWXDO3RUVXSDUWH+D\HV\FRODERUDGRUHV  HQIDWL]DURQHO
    SDSHOGHODHYLWDFLyQH[SHULHQFLDOHQHOGHVDUUROORGHXQDJUDQYDULHGDGGHSVLFRSDWRORJtDV
    \ HQ OD FRQFHSFLyQ GH OD WHUDSLD GH DFHSWDFLyQ \ FRPSURPLVR $&7 +D\HV 6WURVDKO \
    :LOVRQ   8Q HVWXGLR VREUH XQ SUHFXUVRU WHPSUDQR GH OD WHUDSLD GH DFHSWDFLyQ \
    FRPSURPLVRHQFRQWUyEHQHILFLRVVLJQLILFDWLYRVGHOWUDWDPLHQWRSDUDFOLHQWHVGHSULPLGRVHQ
    FRPSDUDFLyQFRQODWHUDSLDFRJQLWLYDHVWiQGDU =HWWOH\5DLQV 
    $OJXQRV HVWXGLRV SUHOLPLQDUHV VXJLHUHQ WDPELpQ TXH OD DFWLYDFLyQ GHO SDFLHQWH HV XQ
    HOHPHQWR LPSRUWDQWH GHO SURFHVR GH FDPELR (Q XQ HVWXGLR GH WUDWDPLHQWR FRQ XVR GH
    IiUPDFRV HQ TXH XQD FRQGLFLyQ HUD DXPHQWDGD FRQ LQWHUYHQFLRQHV GH DFWLYDFLyQ
    FRQGXFWXDO HO LQFUHPHQWR HQ ODV UHFRPSHQVDV DPELHQWDOHV REWHQLGDV GHVGH HO ODSVR
    SUHYLR KDVWD HO SHULRGR SRVWHULRU DO WUDWDPLHQWR VH DVRFLy FRQ OD GLVPLQXFLyQ HQ ORV
    VtQWRPDV GHSUHVLYRV \ GH DQVLHGDG SDUD GLFKRV SDFLHQWHV SHUR QR SDUD ORV TXH VyOR
    UHFLEtDQ HO WUDWDPLHQWR FRQ HO IiUPDFR 'DXJKWHUV HW DO   (Q XQ HVWXGLR GH OD
    WHUDSLD FRJQLWLYRFRQGXFWXDO &%7  SDUD OD GHSUHVLyQ LQFUHPHQWRV HQ OD DFWLYDFLyQ
    UHVSHFWR D OD OtQHD EDVH SUHGLMHURQ PHMRUtD HQ OD GHSUHVLyQ HQ HO SRVWUDWDPLHQWR
    &KULVWRSKHU-DFRE1HXKDXV1HDU\\)LROD 
    (OHQWXVLDVPRUHFLHQWHSRUODDFWLYDFLyQFRQGXFWXDOHVDOLPHQWDGRHQJUDQSDUWHSRUOD
    GLYXOJDFLyQ GH XQD LQWHUYHQFLyQ VHQFLOOD \ SDUVLPRQLRVD FRPR GLFKD DFWLYDFLyQ /D
    DSOLFDFLyQ GH GLFKR WUDWDPLHQWR HQ HVFHQDULRV QRYHGRVRV \ FRQ SREODFLRQHV GLYHUVDV KD
    VLGR WHPD GH DWHQFLyQ GH PXFKD LQYHVWLJDFLyQ UHFLHQWH PiV DGHODQWH HQFRQWUDUi XQD
    UHYLVLyQ GHWDOODGD GH YDULDEOHV GH HVFHQDULRV \ FOLHQWHV  /D WHFQRORJtD MXHJD XQ SDSHO
    FDGDYH]PiVLPSRUWDQWHHQODH[SDQVLyQGHODDFWLYDFLyQFRQGXFWXDO/DWHOHWHUDSLDSRU
    WHOpIRQR \ SRU PHGLR GH OD WHFQRORJtD GH YLGHRFRQIHUHQFLD KD GHPRVWUDGR HILFDFLD SDUD
    WUDWDU OD GHSUHVLyQ HQ DGROHVFHQWHV \ DQFLDQRV /D]]DUL (JDQ \ 5HHV  4XLMDQR HW
    DO DVtFRPRHQDGDSWDFLRQHVFRPSXWDUL]DGDVGHODDFWLYDFLyQFRQGXFWXDODWUDYpV
    GH,QWHUQHW 6SDWHV.DODWD2]HNL6WDQWRQ\3HWHUV6SHNHWDO9DQ
    9RRUKHVV HW DO  :DUPHUGDP 9DQ 6WUDWHQ 7ZLVN 5LSHU \ &XLMSHUV  
    )LQDOPHQWH HO XVR GH OD WHFQRORJtD WDPELpQ KD SHUPLWLGR HO PHMRUDPLHQWR GH QXHYRV
    PpWRGRV GH HQWUHQDPLHQWR $ SDUWLU GH GDWRV SLORWRV GH XQ SURJUDPD SUHOLPLQDU GH
    HQWUHQDPLHQWRFRPSXWDUL]DGRHQODDFWLYDFLyQFRQGXFWXDO +XEOH\:RRGFRFN'LPHII\

    
    'LPLGMLDQ HQ SUHQVD  HO JUXSR HVWi SUREDQGR HO XVR GH XQ SURJUDPD FRPSOHWDPHQWH
    GHVDUUROODGR GH WHUDSLD DVLVWLGD SRU FRPSXWDGRUD SDUD HQWUHQDU D WHUDSHXWDV HQ OD
    DFWLYDFLyQFRQGXFWXDO
    (Q UHVXPHQ OD LQYHVWLJDFLyQ VREUH OD DFWLYDFLyQ FRQGXFWXDO RIUHFH XQ VyOLGR FLPLHQWR
    SDUD VX DSOLFDFLyQ FOtQLFD HQ SDFLHQWHV GHSULPLGRV \ SDUD VX H[WHQVLyQ D QXHYDV
    SREODFLRQHV 'LPLGMLDQ HW DO   (VDV FRQFOXVLRQHV VRQ FRQJUXHQWHV FRQ RWURV
    PHWDDQiOLVLV TXH LQFRUSRUDQ GDWRV GH HQVD\RV FOtQLFRV GH PiV GH  HVWXGLRV &XLMSHUV
    YDQ6WUDWHQ\:DUPHUGDP(NHUV5LFKDUGV\*LOERG\0D]]XFFKHOOL.DQH
    \5HHV \FRQLPSRUWDQWHVGLUHFWULFHVGHWUDWDPLHQWR SHMGHO,QVWLWXWR1DFLRQDO
    GH6DOXG\([FHOHQFLD&OtQLFD 
    

    
    (9$/8$&,Ï1'('20,1,26',$*1Ï67,&26&/Ë1,&26<
    )81&,21$/(6

    /D DSOLFDFLyQ GH OD DFWLYDFLyQ FRQGXFWXDO VH IXQGDPHQWD HQ XQD H[KDXVWLYD HYDOXDFLyQ
    GLDJQyVWLFDFOtQLFD\IXQFLRQDO$OJXQDVGHHVDVDFWLYLGDGHVGHHYDOXDFLyQVHFRPSOHWDQ
    GH PDQHUD SUHYLD DO LQLFLR GH OD WHUDSLD PLHQWUDV TXH RWURV VH OOHYDQ D FDER GXUDQWH OD
    PLVPD
    (Q OD LQYHVWLJDFLyQ VREUH HO UHVXOWDGR GHO WUDWDPLHQWR VH XWLOL]y XQD VHULH GH
    LQVWUXPHQWRV GH HQWUHYLVWD GLDJQyVWLFD HVWUXFWXUDGD SDUD HYDOXDU ORV GLDJQyVWLFRV GHO
    0DQXDO 'LDJQyVWLFR \ (VWDGtVWLFR GH ORV 7UDVWRUQRV 0HQWDOHV '60  HQWUH HVWRV
    LQVWUXPHQWRV VH HQFXHQWUDQ OD (QWUHYLVWD &OtQLFD (VWUXFWXUDGD SDUD 7UDVWRUQRV GHO (MH ,
    GHO '60,9 6&,', )LUVW 6SLW]HU *LEERQ \ :LOOLDPV   \ OD (QWUHYLVWD &OtQLFD
    (VWUXFWXUDGD SDUD 7UDVWRUQRV GHO (MH ,, GHO '60,9 6&,',, )LUVW 6SLW]HU *LEERQV
    :LOOLDPV\%HQMDPLQ 7DPELpQVHHPSOHDURQLQVWUXPHQWRVSDUDPHGLUODJUDYHGDG
    GHODGHSUHVLyQFRPROD(VFDODGH(YDOXDFLyQGHOD'HSUHVLyQGH+DPLOWRQDSOLFDGDSRU
    HO FOtQLFR +'56 +DPLOWRQ   HO ,QYHQWDULR GH 'HSUHVLyQ GH %HFN,, FRPR
    DXWRUUHSRUWHGHOFOLHQWH %',,,%HFN6WHHU\%URZQ \OD(VFDODGH'HSUHVLyQ\
    &XHVWLRQDULR GH 6DOXG GHO 3DFLHQWH GH QXHYH UHDFWLYRV 3+4 .URHQNH 6SLW]HU \
    :LOOLDPV 
    (QODSUiFWLFDFOtQLFDKDELWXDOVHUHFRPLHQGDUHDOL]DUXQDHQWUHYLVWDGLDJQyVWLFDGHOtQHD
    EDVH DXQTXHSXHGHUHDOL]DUVHHQXQIRUPDWRPHQRVHVWUXFWXUDGRTXHHOGHODHQWUHYLVWD
    FRQEDVHHQODLQYHVWLJDFLyQ \VHFRQVLGHUDLPSRUWDQWHHOXVRFRQWLQXRGHXQLQVWUXPHQWR
    SDUD HYDOXDU OD JUDYHGDG GH OD GHSUHVLyQ 3RU OR JHQHUDO HO LQVWUXPHQWR GH PiV IiFLO
    DSOLFDFLyQHVXQLQVWUXPHQWRGHDXWRUUHSRUWH SHMHO,QYHQWDULRGH'HSUHVLyQGH%HFN
    ,, %HFN HW DO   $GHPiV YDULRV LQVWUXPHQWRV GH DXWRUUHSRUWH SXHGHQ VHU ~WLOHV
    SDUDHYDOXDUHOQLYHOGHDFWLYLGDGGHOSDFLHQWH\ODUHFRPSHQVDGLVSRQLEOHHQVXDPELHQWH
    9DULRV HVWXGLRV KDQ XWLOL]DGR OD (VFDOD GH $FWLYDFLyQ &RQGXFWXDO SDUD OD 'HSUHVLyQ
    %$'6.DQWHU0XOLFN%XVFK%HUOLQ\0DUWHOO.DQWHU5XVFK%XVFK\6HGLY\
     XQLQVWUXPHQWRGHUHDFWLYRVTXHPLGHFDPELRVRFXUULGRVGXUDQWHODDFWLYDFLyQ
    FRQGXFWXDO HQ ORV QLYHOHV GH DFWLYDFLyQ \ GH HYLWDFLyQ S HM :HLQVWRFN 0XQURH \
    0LOOHU /D(VFDODGH$FWLYDFLyQ&RQGXFWXDOSDUDOD'HSUHVLyQKDVLGRYDOLGDGDHQ
    HVSDxRO HXURSHR %DUUDFD 3pUH]ÈOYDUH] /R]DQR %OHGD   SHUVD 0RKDPPDGL \
    $PLUL   \ KRODQGpV 5DHV +RHV 9DQ *XFKW \ .DQWHU   5HFLHQWHPHQWH VH
    GHVDUUROOyXQDIRUPDEUHYHGHOD(VFDODGH$FWLYDFLyQ&RQGXFWXDOSDUDOD'HSUHVLyQ FRQ
    QXHYH UHDFWLYRV  HQ FRPSDUDFLyQ FRQ HO LQVWUXPHQWR RULJLQDO HVWD YHUVLyQ DEUHYLDGD
    GHPRVWUy HQ HO HVWXGLR GH YDOLGDFLyQ PHMRUHV SURSLHGDGHV SVLFRPpWULFDV EXHQD
    FRQVLVWHQFLDLQWHUQD\YDOLGH]SUHGLFWLYD 0DQRV.DQWHU\/XR 
    3RU RWUR ODGR VH KDQ GHVDUUROODGR FXHVWLRQDULRV GH DXWRUUHSRUWH SDUD PHGLU HO
    FRQVWUXFWR GH UHIRU]DPLHQWR SRVLWLYR FRQWLQJHQWH D OD UHVSXHVWD HQWUH ORV TXH VH
    HQFXHQWUDQ OD (VFDOD GH 2EVHUYDFLyQ GH 5HFRPSHQVD $PELHQWDO (526 $UPHQWR \
    +RSNR \HOËQGLFHGH3UREDELOLGDGGH5HFRPSHQVD 53,&DUYDOKRHWDO 
    $PERV LQVWUXPHQWRV VRQ EUHYHV \ HVWXGLRV SVLFRPpWULFRV LQLFLDOHV LQGLFDQ TXH VXV

    
    SURSLHGDGHV SVLFRPpWULFDV VRQ SURPHWHGRUDV /RV FOtQLFRV TXH GHVHDQ DJUHJDU XQD
    PHGLGD QRPRWpWLFD GH DFWLYLGDGHV SODFHQWHUDV D OD HYDOXDFLyQ FRQGXFWXDO LGLRJUiILFD
    GHVFULWD FRQ PD\RU GHWDOOH PiV DGHODQWH  SXHGHQ XVDU HO 3URJUDPD GH (YHQWRV
    3ODFHQWHURV /HZLQVRKQ \ *UDI   (VRV LQVWUXPHQWRV VRQ KHUUDPLHQWDV FOtQLFDV GH
    XWLOLGDG TXH SXHGHQ DSOLFDUVH SHULyGLFDPHQWH GXUDQWH HO WUDWDPLHQWR SDUD HYDOXDU ODV
    PRGLILFDFLRQHV HQ DFWLYLGDG \ UHFRPSHQVD (Q HO WUDEDMR GH 0DQRV .DQWHU \ %XUVFK
     HQFRQWUDUiXQDUHYLVLyQFRPSOHWDGHORVLQVWUXPHQWRVGLVSRQLEOHV\ORVSUREOHPDV
    UHODFLRQDGRVFRQODPHGLFLyQGHOPRGHORGHDFWLYDFLyQFRQGXFWXDO
    'DGD OD LPSRUWDQFLD FUXFLDO GH OD FDSDFLGDG IXQFLRQDO HQ HO WUDWDPLHQWR SRU DFWLYDFLyQ
    FRQGXFWXDO HV LPSRUWDQWH UHFDEDU LQIRUPDFLyQ GHWDOODGD DFHUFDGHO LPSDFWR TXH WLHQH OD
    GHSUHVLyQGHOFOLHQWHHQVXHVWDWXVIXQFLRQDOHQP~OWLSOHViUHDVGHODYLGDFRPRHOFDPSR
    ODERUDO IDPLOLDU DFWLYLGDG VRFLDO \ DVt VXFHVLYDPHQWH (VDV iUHDV SXHGHQ HYDOXDUVH
    PHGLDQWHHQWUHYLVWDVFOtQLFDVRLQVWUXPHQWRVGHHYDOXDFLyQHVWDQGDUL]DGD SHMOD(VFDOD
    GH $MXVWH 6RFLDO >:HLVVPDQ \ %RWKZHOO @ \ OD )RUPD %UHYHGH  UHDFWLYRV GH OD
    (QFXHVWDGH6DOXGVREUH5HVXOWDGRV0pGLFRV>:DUH\6KHUERXUQH@ 
    

    
    &8562'(/75$7$0,(172

    $ GLIHUHQFLD GH ORV WUDWDPLHQWRV GLULJLGRV SRU SURWRFRORV OD DFWLYDFLyQ FRQGXFWXDO HV
    GLULJLGD SRU OD WHRUtD \ FRPR WDO VX DSOLFDFLyQ HV DOWDPHQWH LGLRJUiILFD $XQTXH QR VH
    UHTXLHUHTXHHOWUDWDPLHQWRVLJDXQIRUPDWRVHVLyQDVHVLyQpVWHVLJXHXQFXUVRJHQHUDOD
    OR ODUJR GHO WLHPSR TXH LQFOX\H ODV VLJXLHQWHV DFWLYLGDGHV TXH VH GHVFULEHQ FRQ PD\RU
    GHWDOOHDFRQWLQXDFLyQ
    
    ‡2ULHQWDFLyQDOWUDWDPLHQWR
    ‡'HVDUUROORGHODVPHWDVGHOWUDWDPLHQWR
    ‡,QGLYLGXDOL]DFLyQGHODDFWLYDFLyQ\GHORVREMHWLYRVGHSDUWLFLSDFLyQ
    ‡$SOLFDFLyQUHSHWLGDGHHVWUDWHJLDVGHDFWLYDFLyQPRWLYDFLyQ\VROXFLyQGHSUREOHPDVGH
    DFWLYDFLyQ
    ‡5HYLVLyQ\FRQVROLGDFLyQGHODVJDQDQFLDVGHOWUDWDPLHQWR
    
    2ULHQWDFLyQDOWUDWDPLHQWR
    /D DFWLYDFLyQ FRQGXFWXDO HPSLH]D EULQGDQGR RULHQWDFLyQ DO FOLHQWH UHVSHFWR FRQ HO
    WUDWDPLHQWR XQ SURFHVR TXH VXHOH VHU HO WHPD GH DWHQFLyQ HQ ODV GRV SULPHUDV VHVLRQHV
    /DV WDUHDV PiV LPSRUWDQWHV SRU FXPSOLU HQ HVWD IDVH LQLFLDO GHO WUDWDPLHQWR LQFOX\HQ OD
    GLVFXVLyQ GHO PRGHOR GH GHSUHVLyQ \ ODV SULQFLSDOHV HVWUDWHJLDV GH OD DFWLYDFLyQ
    FRQGXFWXDO H LQIRUPDU VREUH OD HVWUXFWXUD GHO WUDWDPLHQWR \ VREUH ORV UROHV \
    UHVSRQVDELOLGDGHVGHOFOLHQWH\HOWHUDSHXWD
    /DSUHVHQWDFLyQGHOPRGHORGHWUDWDPLHQWRLQFOX\HGHVFULELUODDSUR[LPDFLyQFRQGXFWXDO
    D OD GHSUHVLyQ \ HO SURFHVR GH FDPELR GXUDQWH HO WUDWDPLHQWR UHYLVDU ODV FRLQFLGHQFLDV
    HVSHFtILFDVGHOPRGHORFRQODVH[SHULHQFLDVGHOFOLHQWH\DOHQWDU\UHVSRQGHUDSUHJXQWDV
    \ SUHRFXSDFLRQHV UHODFLRQDGDV FRQ HO PRGHOR (O PRGHOR VH SUHVHQWD YHUEDOPHQWH HQ OD
    SULPHUD VHVLyQ \ HQ XQD EUHYH GHVFULSFLyQ HVFULWD TXH VH HQWUHJD DO FOLHQWH DO ILQDO GH OD
    PLVPD &DEH PHQFLRQDU TXH SDUD PXFKRV FOLHQWHV UHVXOWD ~WLO FRQWDU FRQ OD LOXVWUDFLyQ
    SUHVHQWDGDHQODILJXUDGXUDQWHODH[SRVLFLyQGHOPRGHOR(QHOHVWXGLRGHFDVRTXH
    VH SUHVHQWD PiV DGHODQWH VH LQFOX\H XQD WUDQVFULSFLyQ GHWDOODGD GH OD SUHVHQWDFLyQ GHO
    WUDWDPLHQWR\HQODWDEODVHUHVXPHQORVSXQWRVFODYHTXHGHEHQVHUDERUGDGRV
    
    7DEOD'LH]SXQWRVFODYHTXHGHEHQWRFDUVHGXUDQWHODSUHVHQWDFLyQGHOPRGHORGHWUDWDPLHQWR
    /DDFWLYDFLyQFRQGXFWXDOVHEDVDHQODLGHDGHTXHORVVXFHVRVHQVXYLGD\ODPDQHUDHQTXHUHVSRQGH
    DHOORVLQIOX\HQHQFyPRVHVLHQWH
    /DDFWLYDFLyQFRQGXFWXDODVXPHTXHXQDUD]yQSRUODTXHVHGHSULPHODJHQWHHVTXHVXYLGDOHVEULQGD
    PX\ SRFDV VDWLVIDFFLRQHV \ GHPDVLDGRV SUREOHPDV (Q RFDVLRQHV HV IiFLO LGHQWLILFDU ORV HVWUHVRUHV R
    SUREOHPDVRWUDVYHFHVHVRQRHVSRVLEOHSHURODUHFRPSHQVDGHODPELHQWHVLJXHVLHQGRLQDGHFXDGD
     &XDQGR HO FRQWH[WR GH QXHVWUD YLGD HV GLItFLO HV FRP~Q H[SHULPHQWDU VHQWLPLHQWRV GH WULVWH]D
    GHSUHVLyQGHViQLPRDQVLHGDGIDWLJDDJRWDPLHQWR\DVtVXFHVLYDPHQWH

    
    &XDQGR XQR VH VLHQWH DVt WDPELpQ HV FRP~Q UHDOL]DU R QR UHDOL]DU  DFFLRQHV SDUWLFXODUHV /D JHQWH
    VXHOHDOHMDUVHGHOPXQGRTXHODURGHD\ODVUXWLQDVEiVLFDVGHVXYLGDVHYHQDOWHUDGDV
    (VQRUPDO\FRPSUHQVLEOHTXHXQRVHDOHMHGHOPXQGRFXDQGRVHVLHQWHGHSULPLGR(OSUREOHPDHVTXH
    HVR SXHGH GDU OXJDU D HVSLUDOHV GHVFHQGHQWHV HQ FyPR VH VLHQWH S HM HQWUH PHQRV KDJD SHRU VH
    VLHQWH\HQWUHSHRUVHVLHQWDPHQRVKDFH 
    $FWXDU RQRDFWXDU GHHVDVPDQHUDVFRQWULEX\HDPDQWHQHUODGHSUHVLyQSRUTXHGLILFXOWDODVROXFLyQ
    HILFD] GH ORV SUREOHPDV HVWR LQLFLD RWUD HVSLUDO GHVFHQGHQWH HQ OD TXH OR TXH KDFH R GHMD GH KDFHU
    HQGXUHFHDXQPiVHOFRQWH[WRGHVXYLGDROHLPSLGHPHMRUDUOR
     (Q HVWH WUDWDPLHQWR YDPRV D WUDEDMDU MXQWRV SDUD HQIRFDUQRV HQ FRVDV HVSHFtILFDV TXH SXHGH KDFHU
    SDUDFDPELDUHVDVHVSLUDOHVGHVFHQGHQWHV\SDUDD\XGDUORDYROYHUVHPiVDFWLYR\FRPSURPHWLGRHQVX
    YLGD
     /D DFWLYDFLyQ FRQGXFWXDO QR VH WUDWD GH ³VROR KDFHUOR´ 6L VHQWLUVH PHMRU IXHUD DVt GH VHQFLOOR \D OR
    KDEUtDKHFKR3RGHPRVWUDEDMDUMXQWRVSDUDLGHQWLILFDUODVDFWLYLGDGHVTXHVHUtDQPiV~WLOHV\ORVSDVRV
    PiVSHTXHxRV \ PDQHMDEOHV TXH SXHGH GDU SDUDLQLFLDU 3XHGH FRQVLGHUDUPH FRPR XQ HQWUHQDGRU R
    DVHVRUHQHOSURFHVRGHFDPELR
    (QFDGDVHVLyQGHVDUUROODUHPRVSDVRVSUiFWLFRV\UHDOL]DEOHVTXHOHSHUPLWDQSDUWLFLSDUHQDFWLYLGDGHV
    TXHPHMRUHQVXHVWDGRGHiQLPR\UHVROYHUSUREOHPDVHVSHFtILFRV(QWUHVHVLRQHVXVWHGWUDEDMDUiHQ
    WDUHDVTXHYDPRVDHODERUDUMXQWRVHVDVWDUHDVVRQSDUWHHVHQFLDOGHODWHUDSLD\VHHQIRFDUiQHQOD
    UHFRQH[LyQRFRQVWUXFFLyQGHSDUWHVGHVXYLGDTXHLQFUHPHQWHQORVVHQWLPLHQWRVGHSODFHURORJUR\
    TXHORDFHUTXHQDPHWDVLPSRUWDQWHVGHVXYLGD
    /DDFWLYDFLyQ\ODSDUWLFLSDFLyQHVSHFtILFDVSXHGHQD\XGDUORDREWHQHUPiVUHFRPSHQVDV\DUHVROYHU
    GHIRUPDHIHFWLYDDOJXQRVSUREOHPDVGHVXYLGD(VSUREDEOHTXHFXDQGRHVWpDFWLYRFRPSURPHWLGR\
    UHVROYLHQGRSUREOHPDVHQIRUPDHILFD]DYDQFHKDFLDPHWDVLPSRUWDQWHV\VHVLHQWDPHMRU
    
    

    
    
    )LJXUD0RGHORGHWUDWDPLHQWRGHODDFWLYDFLyQFRQGXFWXDO
    
    (QODVHJXQGDVHVLyQWHUDSHXWD\FOLHQWHGLVFXWHQGHQXHYRHOPRGHORGHOWUDWDPLHQWR\
    ODV UHDFFLRQHV GHO FOLHQWH LQFOX\HQGR ODV SUHJXQWDV TXH KD\DQ VXUJLGR GHVSXpV GH OD
    SULPHUD VHVLyQ (V HVHQFLDO TXH HO WHUDSHXWD REWHQJD HO DFXHUGR GHO FOLHQWH FRQ ORV
    HOHPHQWRV EiVLFRV GHO WUDWDPLHQWR /D WHUDSLD IXQFLRQD PHMRU VL HO FOLHQWH DFHSWD \ HVWi
    FRQYHQFLGR GH OD OyJLFD GHO WUDWDPLHQWR \ OD FRQFHSWXDOL]DFLyQ GHO FDVR $GGLV \
    &DUSHQWHU (VUHFRPHQGDEOHTXHHOWHUDSHXWDQRLQWHQWHDYDQ]DUGHPDVLDGRUiSLGR
    VL HO FOLHQWH QR H[SUHVD VX DFXHUGR FRQ ORV SULQFLSLRV EiVLFRV GHO PRGHOR SRU OR TXH HV
    HVHQFLDO TXH HQ ODV VHVLRQHV LQLFLDOHV HO WHUDSHXWD DQLPH DO FOLHQWH D KDFHU SUHJXQWDV \
    REWHQJDLQIRUPDFLyQVREUHVXVGXGDV\SUHRFXSDFLRQHVSRWHQFLDOHV
    3RU HMHPSOR SDUD DOJXQRV FOLHQWHV UHVXOWD GLItFLO DFHSWDU OD LGHD GH TXH FDPELDU
    GLUHFWDPHQWH OD FRQGXFWD HV XQD IRUPD HILFD] GH WUDWDU OD GHSUHVLyQ (V FRP~Q TXH ORV
    FOLHQWHVHVWpQILUPHPHQWHFRPSURPHWLGRVFRQXQDH[SOLFDFLyQELROyJLFDGHVXGHSUHVLyQ
    1RHVUHFRPHQGDEOHTXHORVWHUDSHXWDVGHEDWDQHVWDSRVLFLyQPiVELHQSXHGHQH[SOLFDU
    TXHH[LVWHQPXFKDVIXHQWHVGHYXOQHUDELOLGDGSDUDODGHSUHVLyQ\TXHXQDGHODVIRUPDV
    HIHFWLYDVSDUDDOLYLDUODGHSUHVLyQFRQVLVWHHQFDPELDUORTXHXQRKDFH(QRFDVLRQHVORV
    FOLHQWHV FRQVLGHUDQ TXH HO pQIDVLV HQ HO FDPELR FRQGXFWXDO VLJQLILFD TXH WRGR OR TXH
    QHFHVLWDQ KDFHU SDUD TXH VX GHSUHVLyQ UHPLWD HV HMHUFLWDUVH PiV YHU PiV SHOtFXODV GDU
    PiVSDVHRV6LORVFOLHQWHVHQWLHQGHQGHHVWDIRUPDODDFWLYDFLyQFRQGXFWXDOQRVRUSUHQGH
    TXH VLHQWDQ TXH HO WUDWDPLHQWR LQYDOLGD VX JUDGR GH DQJXVWLD \ ODV GLILFXOWDGHV TXH
    HQIUHQWDQSDUDVXSHUDUODGHSUHVLyQ6HKDHQFRQWUDGRTXHHV~WLOKDEODUFRQORVFOLHQWHV
    VREUHGRVSXQWRV3ULPHURODFRQGXFWDWLHQHXQHIHFWRSRGHURVRHQHOHVWDGRGHiQLPR\
    OD JHQWH VXHOH QR HVWDU DO WDQWR GH HVWD UHODFLyQ VREUH WRGR FXDQGR HVWi GHSULPLGD 3RU
    HMHPSOR XQ FDPELR VXWLO HQ OD IRUPD HQ TXH XQR LQWHUDFW~D FRQ ORV PLHPEURV GH OD
    IDPLOLDTXL]iQROLEHUHDODSHUVRQDGHODGHSUHVLyQSHURSXHGHGLVPLQXLUODJUDYHGDGGHO
    HVWDGRGHiQLPRGHSUHVLYRHVWDEOHFLHQGRDVtODVFRQGLFLRQHVSDUDRWURVFDPELRVTXHHQ
    FRQMXQWRD\XGDUiQDUHYHUWLUODGHSUHVLyQ(OVHJXQGRSXQWRHVTXHHOFDPELRFRQGXFWXDO
    QR HV VHQFLOOR VL OR IXHUD WRGRV QRV FRPSRUWDUtDPRV WRGR HO WLHPSR H[DFWDPHQWH FRPR
    SHQVDPRVTXHGHEHPRVKDFHUOR £\QRVFRQVWDTXHQRHVHOFDVR &DPELDUODFRQGXFWD
    UHTXLHUH VDEHU TXp FDPELDU \ SDUD HVR HV QHFHVDULR TXH HQ OD WHUDSLD VH UHDOLFH XQ
    ³WUDEDMR GHWHFWLYHVFR´ VHULR \ VRVWHQLGR 8QD YH] PiV HO WHUDSHXWD SXHGH HQIDWL]DU VX
    SDSHO FRPR HQWUHQDGRU SDUD D\XGDU DO FOLHQWH D LGHQWLILFDU OR TXH GHEH FDPELDU \ OD
    PDQHUDGHKDFHUOR
    $GHPiV GH SUHVHQWDU \ GLVFXWLU HO PRGHOR GH WUDWDPLHQWR HV LPSRUWDQWH UHYLVDU
    PLQXFLRVDPHQWH VX HVWUXFWXUD \ ORV UROHV GHO WHUDSHXWD \ HO FOLHQWH (V QHFHVDULR KDFHU
    KLQFDSLpHQWUHVHOHPHQWRVFODYHODSUiFWLFDHQWUHVHVLRQHVODFRODERUDFLyQ\ODHVWUXFWXUD
    GHODVVHVLRQHV
    
     $O LQLFLR GHO WUDWDPLHQWR HV LPSRUWDQWH GHVWDFDU OD QDWXUDOH]D GH OD DFWLYDFLyQ
    FRQGXFWXDO \ SODQWHDU OD LPSRUWDQFLD GH OD SUiFWLFD HQWUH VHVLRQHV (O WHUDSHXWD

    
    HVWDEOHFHHOWRQR\ODVH[SHFWDWLYDVGHODWHUDSLDDOUHFDOFDUTXHODDFWLYDFLyQFRQGXFWXDO
    HV XQ WUDWDPLHQWR PX\ RULHQWDGR D OD DFFLyQ \ HQIRFDGR HQ HO SUREOHPD HQ TXH OD
    PD\RU SDUWH GHO ³WUDEDMR´ VH UHDOL]D HQWUH VHVLRQHV FXDQGR HO FOLHQWH OOHYD D FDER ORV
    SODQHV TXH HODERUy GXUDQWH OD VHVLyQ HQ FRQMXQWR FRQ HO WHUDSHXWD (Q ODV VHVLRQHV
    VLJXLHQWHV VH H[DPLQD OR TXH HO FOLHQWH DSUHQGLy VH GHVWDFDQ ODV FRQVHFXHQFLDV
    UHOHYDQWHV GH ODV DFWLYLGDGHV \ VH LGHQWLILFDQ ODV EDUUHUDV \ OD VROXFLyQ GH SUREOHPDV
    SDUD PD[LPL]DU OD SUREDELOLGDG GH p[LWR HQ LQWHQWRV IXWXURV /D DVLJQDFLyQ GH WDUHDV
    HPSLH]DHQODSULPHUDVHVLyQFXDQGRHOWHUDSHXWDSLGHDOFOLHQWHTXHOHDHOEUHYHIROOHWR
    HQTXHVHH[SRQHQODVLGHDVSULQFLSDOHVGHOHQIRTXHGHDFWLYDFLyQFRQGXFWXDO UHYLVHHO
    WUDEDMRGH0DUWHOOHWDO 
     7DPELpQ HV LPSRUWDQWH HQIDWL]DU TXH OD DFWLYDFLyQ FRQGXFWXDO HV XQD DSUR[LPDFLyQ
    FRODERUDWLYD D OD WHUDSLD HQ TXH WHUDSHXWD \ FOLHQWH WUDEDMDQ MXQWRV SDUD FXPSOLU ODV
    PHWDVGHOFOLHQWH
     (V FRQYHQLHQWH RULHQWDU D ORV FOLHQWHV VREUH OD QDWXUDOH]D HVWUXFWXUDGD GH FDGD VHVLyQ
    GH WUDWDPLHQWR $XQTXH ORV WHPDV HVSHFtILFRV GH DWHQFLyQ YDUtDQ HQWUH FOLHQWHV \ D OR
    ODUJRGHOWLHPSRFDGDVHVLyQVLJXHXQHVTXHPDJHQHUDOPX\VLPLODU(VSHFtILFDPHQWH
    LJXDOTXHHQODWHUDSLDFRJQLWLYDSDUDODGHSUHVLyQ %HFNHWDO DOLQLFLRGHFDGD
    VHVLyQWHUDSHXWD\FOLHQWHFRODERUDQHQHOHVWDEOHFLPLHQWRGHXQDDJHQGD(OSURSyVLWR
    GH OD DJHQGD HV RUJDQL]DU HO WLHPSR GH PDQHUD HILFD] \ JDUDQWL]DU TXH GXUDQWH ODV
    VHVLRQHVVHDERUGHQORVWHPDVPiVLPSRUWDQWHVSDUDHOFOLHQWH\DXPHQWDUDOPi[LPROD
    SUREDELOLGDG GH TXH pVWH DOFDQFH VXV PHWDV &RPR OD PHWD GHO WUDWDPLHQWR HV OD
    DFWLYDFLyQHQWUHPiVFRQWUROVHGpDOFOLHQWHSDUDHVWDEOHFHUODDJHQGDPHMRU$GHPiV
    GDGRHOSDSHOLQWHJUDOGHODVWDUHDVHQODDFWLYDFLyQFRQGXFWXDOODPD\RUSDUWHGHFDGD
    VHVLyQ VH GHGLFD D UHYLVDU OD WDUHD GH OD VHVLyQ DQWHULRU \ D DVLJQDU OD WDUHD SDUD OD
    VLJXLHQWH (O ILQDO GH FDGD VHVLyQ LQFOX\H SHGLU DO FOLHQWH TXH UHLWHUH HO ³PHQVDMH GH OD
    VHVLyQ SDUD OOHYDU D FDVD´ YHULILFDU TXH KD\D FRPSUHQGLGR FRQ FODULGDG OD WDUHD
    DVLJQDGD\UHYLVDUODKRUDSDUDODVLJXLHQWHVHVLyQSURJUDPDGD\FyPRSXHGHORFDOL]DUDO
    WHUDSHXWDHQFDVRGHVHUQHFHVDULRHQHOLQWHUPHGLR
    
    $ORFXSDUVHGHFDGDXQDGHHVDVWDUHDVHVSHFtILFDVHOWHUDSHXWDHVWDEOHFHVXFUHGLELOLGDG
    FRPR H[SHUWR TXH SXHGH D\XGDU DO FOLHQWH \ WUDQVPLWH XQD VHQVDFLyQ GH HVSHUDQ]D $O
    HVWDEOHFHU DO LQLFLR GHO WUDWDPLHQWR XQD EDVH ILUPH GH FRODERUDFLyQ FOLHQWH \ WHUDSHXWD
    SXHGHQHPSH]DUDWUDEDMDUMXQWRVSDUDDOFDQ]DUODVPHWDVGHOFOLHQWH
    
    'HVDUUROORGHODVPHWDVGHOWUDWDPLHQWR
    /D PHWD SULQFLSDO GH OD DFWLYDFLyQ FRQGXFWXDO HV D\XGDU D ORV FOLHQWHV D PRGLILFDU VX
    FRQGXFWD D ILQ GH LQFUHPHQWDU HO FRQWDFWR FRQ IXHQWHV GH UHIRU]DPLHQWR SRVLWLYR HQ VXV
    YLGDV 3RU OR JHQHUDO HVWH SURFHVR LPSOLFD DERUGDU SULPHUR ORV SDWURQHV EiVLFRV GH
    HYLWDFLyQ \ ODV iUHDV GH DOWHUDFLyQ GH OD UXWLQD \ VHJXQGR DERUGDU ODV PHWDV D FRUWR \
    ODUJR SOD]R (Q OD DFWLYDFLyQ FRQGXFWXDO HO WHUDSHXWD GHGLFD EXHQD SDUWH GHO WLHPSR D
    D\XGDUDORVFOLHQWHVDWHQHUPiVFRQVFLHQFLDGHVXVUHSHUWRULRVGHHVFDSH\HYLWDFLyQ\D
    SUDFWLFDU UHVSXHVWDV DFWLYDV GH DIURQWDPLHQWR OR TXH WDPELpQ VXHOH LPSOLFDU OD

    
    PRGLILFDFLyQGHODVUXWLQDVEiVLFDV SHMGHVXHxRDOLPHQWDFLyQ\FRQWDFWRVRFLDO (VWR
    SHUPLWH HVWDEOHFHU PHWDV D FRUWR SOD]R TXH HVSHFLILTXHQ ORJURV FRQFUHWRV TXH D\XGHQ D
    ORVFOLHQWHVDFDPELDUVXVLWXDFLyQGHYLGDHQXQDGLUHFFLyQPHQRVGHSULPHQWH(VFRP~Q
    TXHORVWHUDSHXWDVQRHVWpQVHJXURVGHFyPRVHFXHQFLDUORVREMHWLYRVGHOWUDWDPLHQWRSRU
    OR JHQHUDO DO SULQFLSLR HV PiV FRQYHQLHQWH FRQFHQWUDUVH HQ HO FDPELR FRQGXFWXDO TXH
    WHQJD OD PD\RU SUREDELOLGDG GH p[LWR OR TXH SXHGH EDVDUVH HQ OD IDFLOLGDG SDUD
    FRQVHJXLUOR R HO QLYHO GH LPSRUWDQFLD SDUD ORV YDORUHV \ SULRULGDGHV GHO FOLHQWH $OJXQRV
    HMHPSORV FRPXQHV LQFOX\HQ OLPSLDU OD FDVD SDVDU WLHPSR FRQ DPLJRV \ IDPLOLDUHV
    SURJUHVDU HQ JUDQ FDQWLGDG GH SDSHOHR TXH HO FOLHQWH KD SRVWHUJDGR KDFHU HMHUFLFLR FRQ
    PiVIUHFXHQFLDHQWUHRWURV$PHQXGRHVSRVLEOHSURJUDPDU\HVWUXFWXUDUODVFRQGXFWDV
    QHFHVDULDV SDUD SURJUHVDU HQ ODV PHWDV D FRUWR SOD]R GH IRUPD WDO TXH VXVWLWX\DQ D ODV
    UHVSXHVWDV LQDGDSWDGDV GH HYLWDFLyQ R UHWUDLPLHQWR (O WHUDSHXWD WUDEDMD FRQ HO FOLHQWH
    SDUDSURJUHVDUHQODVPHWDVGHFRUWRSOD]RLQGHSHQGLHQWHPHQWHGHFyPRVHVLHQWDpVWH
    (Q RWUDV SDODEUDV XQD GH ODV PHWDV SULQFLSDOHV GHO WHUDSHXWD HV D\XGDU DO FOLHQWH D
    FDPELDU HO SDWUyQ GH SHUPLWLU TXH VX FRQGXFWD VHD UHJLGD SRU VX HVWDGR GH iQLPR (O
    REMHWLYR HV SURJUHVDU HQ ODV PHWDV VLQ LPSRUWDU FyPR VH VLHQWD XQR HQ GHWHUPLQDGR
    PRPHQWR EDMR OD VXSRVLFLyQ GH TXH HO SURJUHVR HQ ODV PHWDV GH OD YLGD HV HQ Vt
    DQWLGHSUHVLYR (VWR HV XQ SXQWR FUXFLDO SRUTXH ORV FOLHQWHV VXHOHQ MX]JDU HO p[LWR GH XQ
    GHWHUPLQDGR FDPELR FRQGXFWXDO FRQ EDVH HQ FyPR ORV KDFH VHQWLU HQ HO PRPHQWR 3RU
    FRQVLJXLHQWHHVLPSRUWDQWHTXHHOWHUDSHXWDVHPDQWHQJDDOWDQWRGHODVFRQVHFXHQFLDVGH
    GLIHUHQWHVFRQGXFWDVHVSHFtILFDPHQWHHQORTXHUHVSHFWDDVLD\XGDQDOFOLHQWHDDYDQ]DU
    RDOFDQ]DUODVPHWDVGHOWUDWDPLHQWR
    8QD YH] TXH VH KDQ DERUGDGR ODV PHWDV GH FRUWR SOD]R UHODFLRQDGDV FRQ OD HYLWDFLyQ
    UHWUDLPLHQWR \ DOWHUDFLyQ GH UXWLQDV VH D\XGD D ORV FOLHQWHV D DERUGDU FLUFXQVWDQFLDV
    PD\RUHVGHVXYLGDTXHSXHGHQHVWDUUHODFLRQDGDVFRQODGHSUHVLyQ/DVPHWDVPD\RUHV
    VRQ DTXHOORV FDPELRV FX\R FXPSOLPLHQWR VH OOHYD WLHPSR SHUR TXH WLHQHQ HO SRWHQFLDO
    SDUD PRGLILFDU GH PDQHUD VXVWDQFLDO OD VLWXDFLyQ GH YLGD GH XQD SHUVRQD $OJXQRV
    HMHPSORV FRPXQHV LQFOX\HQ HQFRQWUDU XQ QXHYR WUDEDMR WHUPLQDU XQD UHODFLyQ
    DQJXVWLDQWH HPSH]DU XQD QXHYD UHODFLyQ R PXGDUVH D XQD QXHYD FLXGDG /D DFWLYDFLyQ
    FRQGXFWXDO HV ~WLO SDUD HQVHxDU \ DOHQWDU D ORV FOLHQWHV D VHJXLU DYDQ]DQGR KDFLD HVDV
    PHWDV DXQTXH VH UHTXLHUD WLHPSR SDUD DOFDQ]DUODV (Q HVHQFLD HQ OD DFWLYDFLyQ
    FRQGXFWXDO ORV FOLHQWHV DSUHQGHQ HVWUDWHJLDV EiVLFDV GH FDPELR TXH SXHGHQ XVDUVH SDUD
    DOFDQ]DUPHWDVGHFRUWR\ODUJRSOD]R
    
    ,QGLYLGXDOL]DUORVREMHWLYRVGHDFWLYDFLyQ\SDUWLFLSDFLyQ
    1R KD\ GRV SHUVRQDV LJXDOHV \ QLQJXQD SHUVRQD HV H[DFWDPHQWH OD PLVPD GH XQD
    VLWXDFLyQ D RWUD (Q HO FRQWH[WR GHO WUDWDPLHQWR GH OD GHSUHVLyQ HVWR VLJQLILFD TXH ODV
    HVWUDWHJLDV SDUWLFXODUHV GH DFWLYDFLyQ TXH IXQFLRQDQ SDUD XQD SHUVRQD TXL]i QR OR KDJDQ
    HQ RWUD \ TXH SXHGHQ IXQFLRQDU SDUD OD PLVPD SHUVRQD HQ DOJXQDV RFDVLRQHV SHUR QR
    VLHPSUH
    4XH ODV WUDQVDFFLRQHV HQWUH DFWLYLGDG \ DPELHQWH PRGLILTXHQ HO HVWDGR GH iQLPR GH
    DOJXLHQHQGLUHFFLyQSRVLWLYDRQHJDWLYDHVXQDFXHVWLyQHPStULFDFX\DUHVSXHVWDUHTXLHUH

    
    GH DWHQFLyQ \ HYDOXDFLyQ FXLGDGRVDV %XHQD SDUWH GH OD KDELOLGDG SDUD FRQGXFLU OD
    DFWLYDFLyQ FRQGXFWXDO GH PDQHUD FRPSHWHQWH HVWULED MXVWDPHQWH HQ HVWH WLSR GH H[DPHQ
    FXLGDGRVR (Q OD DFWLYDFLyQ FRQGXFWXDO VH FRQRFH D HVWH SURFHVR FRPR DQiOLVLV
    IXQFLRQDO FODYH SDUD LQGLYLGXDOL]DU ORV REMHWLYRV GH OD DFWLYDFLyQ \ HO FRUD]yQ GHO
    WUDWDPLHQWR (O DQiOLVLV IXQFLRQDO LPSOLFD LGHQWLILFDU ODV YDULDEOHV TXH PDQWLHQHQ OD
    GHSUHVLyQ \ TXH VRQ PiV VXVFHSWLEOHV DO FDPELR SDUD FDGD FOLHQWH (VWD FRPSUHQVLyQ
    HVWDEOHFH OD EDVH SDUD FRQFHSWXDOL]DU HO FDVR \ JXtD OD DSOLFDFLyQ LGLRJUiILFD GH ODV
    HVWUDWHJLDV HVSHFtILFDV GH DFWLYDFLyQ (Q JHQHUDO HO WHUDSHXWD GHEH ORJUDU TXH HO FOLHQWH
    SDUWLFLSHHQHOH[DPHQGHWDOODGRGHORVVLJXLHQWHVSXQWRV
    
    ‡¢4XpHVWiPDQWHQLHQGRODGHSUHVLyQ"
    ‡¢4XpVHLQWHUSRQHHQHOFDPLQRGHLQYROXFUDUVH\GLVIUXWDUODYLGD"
    ‡¢4XpFRQGXFWDVVRQEXHQRVFDQGLGDWRVSDUDPD[LPL]DUHOFDPELR"
    
    $XQTXHHOSURFHVRVXHQDVHQFLOORHQODSUiFWLFDSXHGHVHUFRPSOLFDGRWRGDYH]TXHSRU
    OR JHQHUDO QR VH HVWi DO WDQWR GH ODV FRQWLQJHQFLDV TXH FRQWURODQ OD FRQGXFWD 'DGD HVWD
    UHDOLGDGDOLQLFLRGHOWUDWDPLHQWRVHKDEOyH[SOtFLWDPHQWHVREUHODPHWD £\HOGHVDItR GH
    LGHQWLILFDUHVDVUHODFLRQHV
    (Q OD LGHQWLILFDFLyQ GH ODV FRQWLQJHQFLDV TXH FRQWURODQ OD FRQGXFWD H[LVWHQ GRV SDVRV
    FHQWUDOHV3ULPHURFOLHQWH\WHUDSHXWDGHEHQGHILQLUFRQFODULGDG\GHIRUPDHVSHFtILFDOD
    FRQGXFWD GH LQWHUpV OR TXH LPSOLFD HVSHFLILFDU OD IUHFXHQFLD GXUDFLyQ LQWHQVLGDG \
    HVFHQDULRGHODFRQGXFWD/DVFRQGXFWDVGHPD\RULQWHUpVVRQODVTXHVHUHODFLRQDQPiV
    HVWUHFKDPHQWH FRQ ORV FDPELRV HQ HO HVWDGR GH iQLPR $ ORV FOLHQWHV TXH HVWiQ
    IDPLOLDUL]DGRVFRQHOWUDWDPLHQWRDQWLGHSUHVLYRVHOHVH[SOLFDTXHVHGHVHDQLGHQWLILFDUORV
    LQJUHGLHQWHV GH XQ DQWLGHSUHVLYR FRQGXFWXDO TXH IXQFLRQH SDUD HOORV 3DUD ORJUDUOR HV
    QHFHVDULR HVSHFLILFDU ODV DFWLYLGDGHV TXH PDQWLHQHQ OD GHSUHVLyQ S HM ³DFWLYLGDGHV
    GHSUHVLYDV´  \ ODV TXH PHMRUDQ HO HVWDGR GH iQLPR \ HO IXQFLRQDPLHQWR S HM
    ³DFWLYLGDGHV SDUD OHYDQWDU HO iQLPR´  3RU HMHPSOR HQ HO FDVR GH XQ FOLHQWH VX
    H[SHULHQFLD GH GHSUHVLyQ HUD PDQWHQLGD \ H[DFHUEDGD SRU VX GLILFXOWDG SDUD UHDOL]DU ODV
    WDUHDV GRPpVWLFDV EiVLFDV (Q VX FDVR IXH LPSRUWDQWH HVSHFLILFDU ORV SUREOHPDV GH 
    OOHQDU \ FHUUDU ODV EROVDV GH EDVXUD \ GHMDUODV HQ OD ERGHJD HQ OXJDU GH OOHYDUODV DO
    FRQWHQHGRU ORFDOL]DGR GHWUiV GH OD FDVD GXUDQWH ODV VHLV VHPDQDV SDVDGDV \   UHFLELU
    IDFWXUDV SRU FRUUHR \ GHMDUODV VLQ DEULU HQ XQ DUFKLYHUR GHVGH FXDWUR PHVHV DQWHV (O
    WUDWDPLHQWR FRQ HVWH FOLHQWH HPSH]y FRQ XQD VHULH GH WDUHDV JUDGXDGDV SDUD FXPSOLU OD
    PHWD GH VDFDU OD EDVXUD (VWR VH LGHQWLILFy FRPR XQD DFWLYLGDG FRQ SRWHQFLDO GH
    ³OHYDQWDUOH HO iQLPR´ DXQTXH FLHUWDPHQWH QR HUD SODFHQWHUD  \ VH HOLJLy WHPD LQLFLDO GH
    DWHQFLyQ SRUTXH FOLHQWH \ WHUDSHXWD GHFLGLHURQ TXH SRGtD FXPSOLUVH FRQ PD\RU IDFLOLGDG
    TXHHOWHPDGHODVIDFWXUDVTXHSDUDHOFOLHQWHUHVXOWDEDPiVDEUXPDGRU
    6HJXQGR WHUDSHXWD \ FOLHQWH SXHGHQ HPSH]DU D LGHQWLILFDU ORV DQWHFHGHQWHV \
    FRQVHFXHQFLDV GH OD FRQGXFWD FRQ OD PHWD GH HVSHFLILFDU ODV YDULDEOHV TXH SURYRFDQ R
    UHIXHU]DQ OD GHSUHVLyQ (Q WpUPLQRV GHO PRGHOR GH OD DFWLYDFLyQ FRQGXFWXDO HVWR HV
    VLPLODUDLGHQWLILFDUODVUHODFLRQHVHQWUHFRQWH[WR\HVWDGRGHiQLPRHQWUHDFFLyQ\HVWDGR

    
    GHiQLPR\ODVHVSLUDOHVGHVFHQGHQWHVTXHPDQWLHQHQODGHSUHVLyQDORODUJRGHOWLHPSR
    (QWHQGHUORVSULQFLSLRVFRQGXFWXDOHVEiVLFRVVXHOHVHUGHJUDQYDORUSDUDLGHQWLILFDUHVDV
    UHODFLRQHV FRQWLQJHQWHV ¢4Xp VLJQLILFD HVR HQ WpUPLQRV SUiFWLFRV" (Q HO FDVR GH ORV
    FOLHQWHVGHSULPLGRVHVIUHFXHQWHREVHUYDUXQDVHULHGHUHODFLRQHVFRQWLQJHQWHV&RPRVH
    YLR ODV FRQWLQJHQFLDV GH UHIRU]DPLHQWR QHJDWLYR VXHOHQ VHU JHQHUDOL]DGDV
    5HIRU]DPLHQWR QHJDWLYR VLJQLILFD TXH OD SUREDELOLGDG GH TXH RFXUUD XQD FRQGXFWD HV
    LQFUHPHQWDGD SRU OD UHPRFLyQ GH DOJR HQ HO DPELHQWH SRU OR UHJXODU XQD FRQGLFLyQ
    DYHUVLYD /DV FRQWLQJHQFLDV GH UHIRU]DPLHQWR QHJDWLYR SXHGHQ VHU XQD SDUWH PX\
    DGDSWDGD GH OD FRQGXFWD KXPDQD $OJXQRV HMHPSORV GH OD XWLOLGDG GHO UHIRU]DPLHQWR
    QHJDWLYRVRQSRQHUVHXQDEULJRSDUDHYLWDUXQUHVIUtRGHWHQHUVHDQWHODVVHxDOHVGHDOWR
    SDUDHYLWDUXQDFFLGHQWH\VHUPiVDPDEOHGHORFRP~QFRQHOSDGUHGHVSXpVGHFKRFDU
    HOFDUURSDUDHYLWDUHOFDVWLJR6LQHPEDUJRFXDQGRXQLQGLYLGXRVHGHSULPHVXUHSHUWRULR
    FRQGXFWXDOSXHGHVHUGRPLQDGRSRUFRQGXFWDVGHHVFDSH\GHHYLWDFLyQTXHOHSHUPLWHQ
    HVFDSDU WHPSRUDOPHQWH GH VHQWLPLHQWRV GRORURVRV R GH VLWXDFLRQHV LQWHUSHUVRQDOHV
    GLItFLOHV $Vt PXFKDV FRQGXFWDV GH HYLWDFLyQ \ HVFDSH SXHGHQ HQWHQGHUVH FRPR
    UHVSXHVWDV VHFXQGDULDV GH DIURQWDPLHQWR HV GHFLU HVIXHU]RV SRU DIURQWDU OD H[SHULHQFLD
    GHSUHVLYD TXH SRU GHVJUDFLD OD HPSHRUDQ 3RU HMHPSOR XQD SHUVRQD SXHGH WUDWDU GH
    HVFDSDU GH ORV VHQWLPLHQWRV GH GHVHVSHUDQ]D \ IDWLJD WRPDQGR XQD ODUJD VLHVWD SRU OD
    WDUGH&RPRFRQVHFXHQFLDHVWRSRGUtDVDFDUWHPSRUDOPHQWHDODSHUVRQDGHXQFRQWH[WR
    DYHUVLYR SHUR WDPELpQ SXHGH LPSHGLUOH GDU ORV SDVRV QHFHVDULRV SDUD FDPELDU D XQ
    FRQWH[WRJHQHUDOPHQRVGHSUHVLYR KDFHUHMHUFLFLRPHWHUVROLFLWXGHVGHHPSOHROLPSLDUOD
    FDVDHQWUHRWUDV $EXVDUGHODVGURJDVGRUPLUHQH[FHVRPLUDUGHPDVLDGDWHOHYLVLyQ\
    ODLQDFWLYLGDGJHQHUDOVRQHMHPSORVFRPXQHVGHUHVSXHVWDVVHFXQGDULDVGHDIURQWDPLHQWR
    TXHSXHGHQVHUPDQWHQLGDVSRUHOUHIRU]DPLHQWRQHJDWLYR
    (VRVWLSRVGHFRQWLQJHQFLDVGHUHIRU]DPLHQWRQHJDWLYRVXHOHQVHUXQIDFWRUFHQWUDOTXH
    LPSLGH TXH OD JHQWH HQWUH HQ FRQWDFWR FRQ DPELHQWHV SRWHQFLDOPHQWH UHIRU]DQWHV TXH
    FRQWULEX\HQ D XQD YLGD PiV DGDSWDGD \ FRPSURPHWLGD 6H UHTXLHUH XQD HYDOXDFLyQ
    FXLGDGRVDSDUDLGHQWLILFDUODSUHVHQFLD\IRUPDGHRSHUDFLyQGHFRQWLQJHQFLDVHVSHFtILFDV
    GH UHIRU]DPLHQWR QHJDWLYR HQ OD YLGD GHO FOLHQWH /DV FRQWLQJHQFLDV GH UHIRU]DPLHQWR
    SRVLWLYR HQ TXH OD SUREDELOLGDG GH XQD FRQGXFWD DXPHQWD SRUTXH VH DVRFLD GH PDQHUD
    FRQWLQJHQWH FRQ FRQVHFXHQFLDV SRVLWLYDV WDPELpQ SXHGHQ VHU SUREOHPiWLFDV SDUD ORV
    FOLHQWHV3RUHMHPSORLUVHWHPSUDQRDODFDPDSXHGHUHFLELUUHIRU]DPLHQWRSRVLWLYRGHORV
    PLHPEURV GH OD IDPLOLD TXH RIUHFHQ HPSDWtD \ DSR\R 6L ELHQ DOJXQDV FRQGXFWDV FRPR
    FRPHU HQ H[FHVR R FRQVXPLU GURJDV  SXHGHQ SURSRUFLRQDU UHIRU]DPLHQWR SRVLWLYR
    LQPHGLDWR WDPELpQ DOHMDQ D OD SHUVRQD GH ODV PHWDV GH ODUJR SOD]R FRQWULEX\HQGR DVt D
    PDQWHQHUODGHSUHVLyQ
    ¢&yPRVHOOHYDDFDERHODQiOLVLVIXQFLRQDOHQODDFWLYDFLyQFRQGXFWXDO"(QHVWHFDVRHO
    WHUDSHXWD FXHQWD FRQ GRV DSR\RV SULQFLSDOHV HO PRGHOR GH OD DFWLYDFLyQ FRQGXFWXDO \ OD
    VXSHUYLVLyQ GH OD DFWLYLGDG 3ULPHUR HO PRGHOR GH DFWLYDFLyQ FRQGXFWXDO TXH VH HPSOHy
    SDUDRULHQWDUDORVFOLHQWHVDOLQLFLRGHOWUDWDPLHQWRSXHGHXVDUVHDORODUJRGHOPLVPRSDUD
    GLULJLUODHYDOXDFLyQGHVXFHVRVHVSHFtILFRVTXHVXUMDQHQODYLGDGHOFOLHQWHHVWRSHUPLWH
    LGHQWLILFDU UHODFLRQHV FODYH HQWUH OD DFWLYLGDG \ HO HVWDGR GH iQLPR 3RU HMHPSOR VL XQD

    
    FOLHQWH HPSLH]D D KDEODU HQ OD VHVLyQ GH TXH VH VLHQWH DIOLJLGD SRU XQD LQWHUDFFLyQ GLItFLO
    FRQVXKLMRHOWHUDSHXWDSXHGHVXJHULUHOXVRGHOPRGHORSDUDHQWHQGHUORVFRPSRQHQWHV
    GHODLQWHUDFFLyQ-XQWRVSXHGHQDQDOL]DU\DQRWDUTXpIXHFRQFUHWDPHQWHORTXHVXFHGLy
    SHM³0LKLMRGLMRTXHLEDDUHSUREDUPDWHPiWLFDV´ FyPRVHVLQWLyODFOLHQWH SHM
    ³0HVHQWtWULVWHSRUTXHQXHVWUDYLGDVLHPSUHKDVLGRGLItFLO\SRUTXHWHPRTXHQRSXHGD
    JUDGXDUVH´ \ORTXHKL]R SHM³'HMpODFHQDPHIXLDODKDELWDFLyQ\SHQVpTXHHVWR\
    IDOODQGR FRPR PDGUH´  (VRV FRPSRQHQWHV SXHGHQ UHODFLRQDUVH GHVSXpV SDUD LGHQWLILFDU
    ODHVSLUDOGHVFHQGHQWHTXHPDQWLHQHHOHVWDGRGHiQLPRQHJDWLYR SHMHODLVODPLHQWR\
    OD UXPLDFLyQ LQFUHPHQWDQ DQVLHGDG \ WULVWH]D  \ OD HVSLUDO GHVFHQGHQWH TXH LPSLGH OD
    VROXFLyQ HIHFWLYD GH SUREOHPDV S HM ³1R KDEOp GLUHFWDPHQWH FRQ pO \ VH HQRMy VDOLy
    FRQ VXV DPLJRV \ QR OOHJy D FDVD KDVWD GHVSXpV GH OD PHGLDQRFKH´  (VWH SURFHVR GH
    HYDOXDFLyQD\XGDDLGHQWLILFDUORVREMHWLYRVGHDFWLYDFLyQSDUDHVDVLWXDFLyQGLItFLO SHM
    JHQHUDU\SUDFWLFDUDOWHUQDWLYDVDODEDQGRQRGHODLQWHUDFFLyQ\ODUXPLDFLyQLGHQWLILFDU\
    GDUORVSDVRVSDUDUHVROYHUHOSUREOHPDGHOPDOGHVHPSHxRGHVXKLMRHQPDWHPiWLFDV 
    /DDSOLFDFLyQUHSHWLGDGHOPRGHORHQODVVHVLRQHV\FRPRWDUHDHQWUHODVPLVPDVWDPELpQ
    D\XGDUiDWHUDSHXWD\FOLHQWHDLGHQWLILFDUORVSDWURQHVGHDFFLyQLQDGDSWDGDHQOXJDUHV\
    PRPHQWRVGLVWLQWRV3RU~OWLPRHOXVRGHOPRGHORHQVHxDDOFOLHQWHXQPpWRGRSDUDJXLDU
    VXVDFFLRQHVPXFKRGHVSXpVGHTXHODWHUDSLDKD\DILQDOL]DGR
    6HJXQGRODVXSHUYLVLyQGHODDFWLYLGDGHQHOFRQWH[WRGHODYLGDFRWLGLDQDHVHOFRUD]yQ
    GHOSURFHVRGHHYDOXDFLyQHQODDFWLYDFLyQFRQGXFWXDO*UDFLDVDODVXSHUYLVLyQGHWDOODGD
    \FRQWLQXDGHODDFWLYLGDGTXHHOFOLHQWHUHDOL]DHQWUHVHVLRQHVWHUDSHXWD\FOLHQWHSXHGHQ
    WUDEDMDUMXQWRVSDUDOOHJDUDFRPSUHQGHUODVFXHVWLRQHVPHQFLRQDGDV'DGRHOSDSHOGHOD
    VXSHUYLVLyQ GH OD DFWLYLGDG HV LPSRUWDQWH TXH DO LQLFLR GHO WUDWDPLHQWR HO WHUDSHXWD
    SUHSDUHODVFRQGLFLRQHVTXHOHSHUPLWDQH[SOLFDUFRQFODULGDGODIRUPDGHKDFHUORGHILQLU
    HQ FRQMXQWR TXp GHEH VXSHUYLVDUVH \ FXiQGR KDFHUOR $GHPiV ORV WHUDSHXWDV GHEHQ
    UHYLVDU GH IRUPD FXLGDGRVD \ GLHVWUD OD VXSHUYLVLyQ GH ODV WDUHDV SDUD UHIRU]DU ORV
    HVIXHU]RVGHOFOLHQWHSDUDGHVDUUROODUODDFWLYDFLyQ\DVLJQDFLyQGHWDUHDVGHSDUWLFLSDFLyQ
    /RV WHUDSHXWDV SXHGHQ HOHJLU GLIHUHQWHV IRUPDWRV SDUD OD VXSHUYLVLyQ GH OD DFWLYLGDG
    FX\D IRUPD PiV EiVLFD LQFOX\H UHJLVWUDU OD FDOLILFDFLyQ GH XQD DFWLYLGDG \ XQ HVWDGR GH
    iQLPR FDGD KRUD GH YLJLOLD GHO FOLHQWH /RV WHUDSHXWDV WDPELpQ SXHGHQ GHFLGLU TXH ORV
    FOLHQWHV VXSHUYLVHQ HO GRPLQLR VHQWLGR GH ORJUR  R SODFHU GLVIUXWH  DVRFLDGR FRQ
    DFWLYLGDGHVHVSHFtILFDV3RUORJHQHUDOVHUHFRPLHQGDDORVFOLHQWHVUHJLVWUDULQIRUPDFLyQ
    VREUHODVDFWLYLGDGHVVXILFLHQWHSDUDLGHQWLILFDUORVYtQFXORVHQWUHORTXHHVWiQKDFLHQGR\
    FyPR VH HVWiQ VLQWLHQGR SHUR QR WDQWD TXH OD WDUHD UHVXOWH H[FHVLYDPHQWH HQJRUURVD
    7DPELpQ HV ~WLO LGHQWLILFDU ORV LQWHUYDORV GHO GtD HQ TXH HO FOLHQWH GHEH DQRWDU ODV
    REVHUYDFLRQHV SHMHQODPDxDQDGXUDQWHHODOPXHU]RODFHQDDQWHVGHLUDODFDPD 
    6L SDUD XQ FOLHQWH UHVXOWD GHPDVLDGR DJRWDGRU KDFHU UHJLVWURV FDGD KRUD SXHGHQ XVDUVH
    SURFHGLPLHQWRVGHPXHVWUHRGHWLHPSR(QGLFKRVSURFHGLPLHQWRVFOLHQWH\WHUDSHXWDVH
    SRQHQGHDFXHUGRFRQXQDFDQWLGDGHVSHFtILFDGHKRUDVHQTXHVHKDUiODVXSHUYLVLyQGH
    DFWLYLGDGHVGXUDQWHODVHPDQDHQWUHVHVLRQHV/RVSURFHGLPLHQWRVGHPXHVWUHRGHWLHPSR
    GHEHQ LQFOXLU GLYHUVDV VLWXDFLRQHV HQ TXH HO FOLHQWH IXQFLRQH GXUDQWH OD VHPDQD (Q
    JHQHUDOORVWHUDSHXWDVGHEHQDQLPDUDORVFOLHQWHVDUHDOL]DUODVDQRWDFLRQHVDLQWHUYDORV

    
    UHJXODUHVGXUDQWHHOGtD\VHOHVUHFRPLHQGDWUDEDMDUFRQORVFOLHQWHVHQHOGHVDUUROORGH
    SODQHV GH UHJLVWUR TXH DSURYHFKHQ ODV VHxDOHV \ ORV ULWPRV QDWXUDOHV HQ VXV YLGDV SDUD
    IDFLOLWDUHVDWDUHDUHJXODU
    /RVWHUDSHXWDV SXHGHQ RIUHFHUD ORV FOLHQWHVXQ 5HJLVWUR GH$FWLYLGDG VHPDQDO SDUDOD
    VXSHUYLVLyQ GH ODV WDUHDV ILJXUD   6LQ HPEDUJR FRPR VXHOH HQIDWL]DUVH HQ OD
    DFWLYDFLyQ FRQGXFWXDO OD IXQFLyQ GH OD FRQGXFWD HV PiV LPSRUWDQWH TXH VX IRUPD SRU
    FRQVLJXLHQWH HO FOLHQWH SXHGH UHKXLU OD VXSHUYLVLyQ HQ XQ 5HJLVWUR GH $FWLYLGDG SHUR
    VHQWLUVH FyPRGR XVDQGR FDOHQGDULRV SHUVRQDOHV WHOpIRQRV LQWHOLJHQWHV X RWURV PpWRGRV
    LGLRVLQFUiVLFRV GH UHJLVWUR (V DOWDPHQWH UHFRPHQGDEOH DGDSWDU OD VXSHUYLVLyQ GH ODV
    WDUHDVDXQIRUPDWRTXHVHDFRPSDWLEOHFRQODUXWLQDGLDULDGHOFOLHQWH3RUHMHPSORORV
    FOLHQWHVTXHSDVDQPXFKRWLHPSRHQVXFDUURSXHGHQPDQWHQHUVXVUHJLVWURVDUULEDGHOD
    YLVHUDSDUDRWURVSXHGHVHU~WLOPDQWHQHUORVVXMHWRVFRQFLQWDDGKHVLYDHQHOUHIULJHUDGRU
    RHOHVSHMRGHOEDxRSDUDRWURVSXHGHUHVXOWDU~WLOOOHYDUORVFRQVLJRHQXQEROVLOOREROVD
    PRFKLODRSRUWDIROLR
    

    
    
    )LJXUD5HJLVWURGH$FWLYLGDG SRUKRUD 
    
    &XDQGRXQFOLHQWHKDFRPSOHWDGRODVXSHUYLVLyQGHODDFWLYLGDGDVLJQDGDHVHVHQFLDOTXH

    
    HOWHUDSHXWDODUHYLVHHQGHWDOOH'HMDUGHUHYLVDUORVUHJLVWURVGHVXSHUYLVLyQGHDFWLYLGDG
    VLJQLILFD SHUGHU RSRUWXQLGDGHV SDUD UHIRU]DU OD FRQGXFWD GHO FOLHQWH \ SDUD GHVDUUROODU OD
    FRQFHSWXDOL]DFLyQ GHO FDVR %XHQD SDUWH GH OD DFWLYDFLyQ FRQGXFWXDO FRPSHWHQWH UDGLFD
    HQODUHYLVLyQGLHVWUDGHXQ5HJLVWURGH$FWLYLGDGFRPSOHWDGR¢$TXpSUHVWDDWHQFLyQHO
    WHUDSHXWD FRPSHWHQWH FXDQGR UHYLVD ORV UHJLVWURV" (Q JHQHUDO HV FRQYHQLHQWH TXH HO
    WHUDSHXWD SUHSDUH FRQ DQWLFLSDFLyQ ODV SUHJXQWDV SDUD OD FRQFHSWXDOL]DFLyQ GHO FDVR
    FXDQGR UHYLVH HO UHJLVWUR FRPSOHWDGR GH OD DFWLYLGDG (O WHUDSHXWD UHYLVD HO 5HJLVWUR GH
    $FWLYLGDGSDUDHQWHQGHUODVDFWLYLGDGHVODVUXWLQDV\HOFRQWH[WRGHODYLGDGHOFOLHQWH\
    SDUDHPSH]DUDLGHQWLILFDUORVSDWURQHVTXHSXHGHQHVWDUPDQWHQLHQGRRH[DFHUEDQGRXQ
    HVWDGRGHiQLPRGHSUHVLYR
    $ FRQWLQXDFLyQ VH SUHVHQWDQ ODV SUHJXQWDV HVSHFtILFDV TXH SXHGHQ XVDU ORV WHUDSHXWDV
    SDUDGLULJLUVXUHYLVLyQGHORVSURJUDPDVGHDFWLYLGDG
    
    ‡ ¢4Xp HVWDUtD KDFLHQGR HO FOLHQWH VL QR HVWXYLHUD GHSULPLGR WUDEDMDU PDQHMDU ODV
    UHVSRQVDELOLGDGHV GH OD IDPLOLD HMHUFLWDUVH VRFLDOL]DU UHDOL]DU DFWLYLGDGHV GH
    HVSDUFLPLHQWRFRPHUGRUPLUHQWUHRWUDV "
    ‡¢(OFOLHQWHHVWiSDUWLFLSDQGRHQXQDJUDQYDULHGDGGHDFWLYLGDGHVRODVKDGLVPLQXLGR"
    ‡¢&XiOHVODUHODFLyQHQWUHDFWLYLGDGHVHVSHFtILFDV\HVWDGRGHiQLPR"
    ‡¢&XiO HV OD UHODFLyQ HQWUH ORV FRQWH[WRV HVSHFtILFRV GH OD YLGD \ ORV SUREOHPDV FRQ HO
    HVWDGRGHiQLPR"
    ‡ ¢&yPR HVWiQ PDQWHQLHQGR R H[DFHUEDQGR OD GHSUHVLyQ OD HYLWDFLyQ \ HO UHWUDLPLHQWR"
    ¢4XpHVWiHYLWDQGRHOFOLHQWHRGHTXpVHHVWiDOHMDQGR"¢'HTXpPDQHUDVHVSHFtILFDV"
    ‡¢&XiOHVVRQODVDOWHUDFLRQHVGHODUXWLQD"
    ‡¢'yQGHVHKDSHUGLGRHOFRQWDFWRFRQORVUHIRU]DGRUHV"
    ‡¢([LVWHQGpILFLWHQODVKDELOLGDGHV\HVWUDWHJLDVGHDIURQWDPLHQWR"
    
    3DUD UHVSRQGHU HVDV SUHJXQWDV HV HVHQFLDO HQIRFDUVH HQ ODV SDUWHV GH OD DFWLYLGDG \ HO
    FRQWH[WRGHOFOLHQWHTXHFDPELDQ\ODVTXHVHPDQWLHQHQFRQVWDQWHVDORODUJRGHOWLHPSR
    1R HV LQXVXDO TXH ORV FOLHQWHV GHSULPLGRV LQIRUPHQ TXH VX HVWDGR GH iQLPR VLHPSUH HV
    GHSUHVLYR VLQ LPSRUWDU OR TXH HVWpQ KDFLHQGR R GyQGH OR HVWiQ KDFLHQGR 3XHGHQ
    GHVFULELU TXH VH VLHQWHQ ³DEXUULGRV´ WRGR HO WLHPSR R TXH TXL]i VX HVWDGR GH iQLPR
    FDPELD SHUR TXH HVRV FDPELRV VRQ PHQRUHV R LUUHOHYDQWHV 6LQ HPEDUJR XQD SUHPLVD
    FHQWUDOGHODDFWLYDFLyQFRQGXFWXDOHVTXHODYDULDELOLGDGHVWiHQWRGDVSDUWHVDXQTXHHQ
    RFDVLRQHVHVGLItFLOGHGHWHFWDU
    $GHPiV OD YDULDELOLGDG QR HV DOHDWRULD /DV YDULDFLRQHV HQ OD FRQGXFWD \ VXV
    HVFHQDULRVWLHQHQXQHIHFWRGLUHFWRVREUHHOHVWDGRGHiQLPRGHODSHUVRQD\FRPR
    WDO RIUHFHQ LQIRUPDFLyQ FUtWLFD VREUH ODV FRQWLQJHQFLDV FHQWUDOHV &XDQGR ORV FOLHQWHV
    UHSRUWDQ TXH VH VLHQWHQ GHSULPLGRV ³WRGR HO WLHPSR´ VH GHEH D TXH VX LQIRUPH
    UHWURVSHFWLYRGHVXHVWDGRGHiQLPRHVLQFRUUHFWRDTXHVXVUHSHUWRULRVFRQGXFWXDOHVVRQ
    H[WUHPDGDPHQWH UHGXFLGRV S HM SHUPDQHFHU WRGR HO GtD HQ FDPD  R TXH QR KDQ
    DSUHQGLGR D GLVFULPLQDU GLIHUHQFLDV VXWLOHV HQ HO HVWDGR GH iQLPR (VWH ~OWLPR SXQWR HV
    IXQGDPHQWDO 8QD GH ODV WDUHDV SULQFLSDOHV GH ORV WHUDSHXWDV HV D\XGDU D ORV FOLHQWHV D

    
    HQWHQGHUODHVWUHFKDUHODFLyQGHVXHVWDGRGHiQLPRFRQORTXHHVWiQKDFLHQGRGyQGHOR
    HVWiQ KDFLHQGR \ FRQ ODV FRQVHFXHQFLDV UHVXOWDQWHV (O WUDWDPLHQWR GH OD GHSUHVLyQ
    UHTXLHUH KDFHU XQD VHULH GH FDPELRV HVWUDWpJLFRV HQ FDGD XQR GH HVRV GRPLQLRV ORV
    FXDOHVWLHQHQIXQGDPHQWRHQODFRPSUHQVLyQGHODVUHODFLRQHVFRQWLQJHQWHVEiVLFDV
    
    $SOLFDFLyQUHSHWLGDGHHVWUDWHJLDVGHDFWLYDFLyQPRWLYDFLyQ\VROXFLyQGH
    SUREOHPDVGHDFWLYDFLyQ
    'DGDODQDWXUDOH]DLGLRJUiILFDGHODDFWLYDFLyQFRQGXFWXDOHOFXUVRGHOWUDWDPLHQWRSXHGH
    SDUHFHUPX\GLIHUHQWHSDUDGLYHUVRVFOLHQWHV$SHVDUGHHVWDGLYHUVLGDGPiVDGHODQWHVH
    UHYLVDQDOJXQRVPpWRGRVFRQGXFWXDOHVVHQFLOORVTXHVHXVDQFRQIUHFXHQFLD
    
    3URJUDPDFLyQGHODDFWLYLGDG\DXWRPRQLWRUHR
    (O WUDEDMR PiV LPSRUWDQWH GH OD WHUDSLD SRU DFWLYDFLyQ FRQGXFWXDO RFXUUH HQWUH ODV
    VHVLRQHV GH WUDWDPLHQWR (V LQXVXDO TXH ORV FOLHQWHV VDOJDQ GH XQD VHVLyQ VLQ DOJXQDV
    DFWLYLGDGHVHVSHFtILFDVFRQODVFXDOHVH[SHULPHQWDUGXUDQWHODVHPDQD3RUFRQVLJXLHQWH
    OD SURJUDPDFLyQ GH DFWLYLGDGHV \ OD VXSHUYLVLyQ GHO UHVXOWDGR VRQ ORV PpWRGRV HVWiQGDU
    HPSOHDGRVHQHOWUDWDPLHQWR$OILQDOGHFDGDVHVLyQHOFOLHQWHGHEHHQWHQGHUFRQFODULGDG
    ODDFWLYLGDGHVSHFtILFDDVLJQDGD\WHQHUXQDHVWUDWHJLDSUHFLVDSDUDOOHYDUODDFDERGXUDQWH
    ODVHPDQD LQFOX\HQGRXQSODQSDUDVXSHUDUSUREDEOHVREVWiFXORVDVXUHDOL]DFLyQ 
    /D SURJUDPDFLyQ HVSHFtILFD GH OD DFWLYLGDG HV XQD KHUUDPLHQWD ~WLO SDUD ORJUDU TXH HO
    FOLHQWH FRPSURPHWD ORV PRPHQWRV HQ TXH KDUi OD WDUHD &XDQGR OD WDUHD VH DQRWD SRU
    HVFULWR SDUD UHDOL]DUVH HQ XQ GtD \ KRUDULR SDUWLFXODU GH OD VHPDQD HO FOLHQWH FXHQWD FRQ
    XQ DSR\R H[WHUQR TXH OR PRWLYD D KDFHU HO FDPELR FRQGXFWXDO HV GHFLU WUDEDMDU GH
    ³DIXHUD KDFLD DGHQWUR´ HQ OXJDU GH KDFHUOR ³GH DGHQWUR KDFLD DIXHUD´  7DPELpQ HV
    IUHFXHQWHXWLOL]DUODSURJUDPDFLyQGHODDFWLYLGDGHQFOLHQWHVFRQDOWHUDFLRQHVLPSRUWDQWHV
    GHODUXWLQD/RVSURJUDPDVDSR\DQHOHVIXHU]RSRUGHVDUUROODU\VHJXLUUXWLQDVUHJXODUHV
    SDUDFRPHUWUDEDMDUGRUPLUHMHUFLWDUVH\PDQWHQHUHOFRQWDFWRVRFLDO
    'HSHQGLHQGR GH OD DFWLYLGDG HO FOLHQWH SXHGH QR SURJUDPDU HVSHFtILFDPHQWH OD KRUD
    VLQRUHJLVWUDUVXFRQFOXVLyQHQXQDELWiFRUDGLDULD
    8QDSDUWHFODYHGHODSURJUDPDFLyQIUHFXHQWHGHDFWLYLGDGHVLPSOLFDSUHVWDUFXLGDGRVD
    DWHQFLyQ DO PDQHMR GH FRQWLQJHQFLDV &RPR VDEHQ ELHQ ORV SVLFyORJRV VRFLDOHV ³/DV
    FRUUHODFLRQHVHQWUHLQWHQFLyQFRQGXFWDVRQPRGHVWDV«ODGpELOUHODFLyQHQWUHLQWHQFLyQ\
    FRQGXFWD VH GHEH HQ JUDQ PHGLGD D TXH OD JHQWH WLHQH EXHQDV LQWHQFLRQHV SHUR QR ORJUD
    FRQFUHWDUODV´ *ROOZLW]HHU  S   'DGD HVWD UHDOLGDG HV HVHQFLDO TXH ORV
    WHUDSHXWDV GH OD DFWLYDFLyQ FRQGXFWXDO SLHQVHQ FyPR SXHGHQ D\XGDU D ORV FOLHQWHV D
    HVWUXFWXUDUVXDPELHQWHSDUDPD[LPL]DUHOp[LWRHQODVWDUHDV\PHWDVGHOWUDWDPLHQWR
    8Q PpWRGR ~WLO SDUD HO PDQHMR GH FRQWLQJHQFLDV HV HO XVR GH XQ FRPSURPLVR S~EOLFR
    TXHKDJDPiVSUREDEOHHOFXPSOLPLHQWRGHODVWDUHDV /RFNH\/DWKDP $PHQXGR
    VH EXVFD OD SRVLELOLGDG GH LQFOXLU HQ ORV SODQHV GH DFWLYDFLyQ D DPLJRV FRPSDxHURV R
    IDPLOLDUHV3RUHMHPSORXQRGHQXHVWURVFOLHQWHVDSUHQGLyTXHFXDQGRVXGHSUHVLyQIXHVH
    PiV VHYHUD HUD HVHQFLDO TXH FDGD PDxDQD OH GLMHUD D VX HVSRVD FXiOHV HUDQ ODV WDUHDV

    
    SULQFLSDOHVTXHSUHWHQGtDUHDOL]DUHVHGtD3DUDpO³FXPSOLUVXSDODEUD´HUDXQUHIRU]DGRU
    HIHFWLYRTXHFRQWULEX\yDLQFUHPHQWDUVXDFWLYDFLyQ
    7DPELpQVHWUDEDMDFRQORVFOLHQWHVSDUDHVWUXFWXUDUVXVDPELHQWHVGHRWUDVIRUPDVTXH
    PHMRUHQODDFWLYDFLyQ$VtSDUDXQDFOLHQWHTXHWUDEDMDHQXQSODQGHHMHUFLFLRGXUDQWHOD
    VHPDQDSRQHUVHVXURSDGHSRUWLYDDQWHVGHVDOLUGHOWUDEDMRDOILQDOGHOGtDHVXQDSDUWH
    HVHQFLDOGHOSODQ
    3RU ~OWLPR ORV FOLHQWHV WDPELpQ SXHGHQ H[SHULPHQWDU FRQ HO XVR GH UHIRU]DGRUHV
    DUELWUDULRV SDUD WDUHDV HVSHFtILFDV GH FDPELR GH FRQGXFWD $XQTXH OD DFWLYDFLyQ
    FRQGXFWXDOHQIDWL]DHOLQFUHPHQWRGHOFRQWDFWRFRQUHIRU]DGRUHVQDWXUDOHVHQHOFRQWH[WR
    GHODSHUVRQDHQRFDVLRQHVSXHGHVHU~WLOHOXVRVHOHFWLYRGHUHIRU]DGRUHVDUELWUDULRV(O
    FOLHQWHTXHVHPHQFLRQySODQHyXQDFHQDHVSHFLDOFRQVXHVSRVDDOILQDOGHFDGDVHPDQD
    HQTXHKXELHVHFXPSOLGRODVWDUHDVGHDFWLYDFLyQODFOLHQWHTXHWUDEDMDEDHQHOSURJUDPD
    GHHMHUFLFLRVHFRPSUyXQDQXHYDFDPLVDSDUDHMHUFLFLRGHVSXpVGHTXHHPSH]yVXQXHYR
    SURJUDPD
    (Q RFDVLRQHV ORV WHUDSHXWDV SXHGHQ VXJHULU HO XVR GH FRQWLQJHQFLDV DYHUVLYDV SDUD
    IRPHQWDUHOFDPELRFRQGXFWXDOSRUHMHPSORXQFOLHQWHGHVFXEULyTXHOHHUD~WLODFHSWDU
    OODPDUDOWHUDSHXWDVLHVHGtDSODQHDEDTXHGDUVHHQFDPD\IDOWDUDOWUDEDMR2WURVFOLHQWHV
    HVFULEHQ FKHTXHV GH GRQDWLYR D ORV SURJUDPDV GH FDULGDG TXH PHQRV OHV JXVWDQ TXH
    OXHJR VRQ FDQMHDGRV VL QR FXPSOHQ FRQ ODV DFWLYLGDGHV SURJUDPDGDV :DWVRQ \ 7KDUS
      $ PHQXGR HO VROR KHFKR GH VXJHULU XQD FRQWLQJHQFLD DYHUVLYD HV VXILFLHQWH SDUD
    PRWLYDUHOFDPELR3RUHMHPSORHOFOLHQWHTXHKDEtDDFHSWDGROODPDUDVXWHUDSHXWDHQ
    HIHFWR OR OODPy WHPSUDQR XQ OXQHV SRU OD PDxDQD FXDQGR LED D OD PLWDG GHO PHQVDMH
    GLMR³(VWRHVULGtFXOR2OYtGHORPHYR\DWUDEDMDU´
    &XDQGR ORV FOLHQWHV KDFHQ OD SURJUDPDFLyQ GH DFWLYLGDGHV HV HVHQFLDO HODERUDU XQ
    FRPSRQHQWHGHVXSHUYLVLyQHQHOTXHSXHGDQUHJLVWUDUHOFRQWH[WR\ODVFRQVHFXHQFLDVGH
    OD DFWLYDFLyQ (VWR SURSRUFLRQD LQIRUPDFLyQ VREUH OD WDUHD HVSHFtILFD GH DFWLYDFLyQ \
    SHUPLWH OD SUiFWLFD UHJXODU \ FRQWLQXD GH OD LGHQWLILFDFLyQ GH ODV UHODFLRQHV FRQWLQJHQWHV
    HQWUH OD DFWLYLGDG \ HO HVWDGR GH iQLPR (V HVHQFLDO TXH HO WHUDSHXWD DQDOLFH HQ FDGD
    VHVLyQ OR TXH HO FOLHQWH DSUHQGLy GH ODV WDUHDV GH DFWLYDFLyQ \ DXWRPRQLWRUHR 7DPELpQ
    GHEH SURSRUFLRQDU UHWURDOLPHQWDFLyQ UHJXODU VREUH HO SURJUHVR \ GHVWDFDU ODV iUHDV GH
    PHMRUtDRVROXFLRQDUORVSUREOHPDVTXHSXHGDQKDEHUVXUJLGR
    (V HVHQFLDO TXH HO WHUDSHXWD QR HYLWH SUHJXQWDU SRU ODV WDUHDV LQFRPSOHWDV R QR
    UHDOL]DGDV (O WUDEDMR GHO WHUDSHXWD HQ OD DFWLYDFLyQ FRQGXFWXDO FRQVLVWH MXVWDPHQWH HQ
    SUHVWDU DWHQFLyQ D HVRV GRPLQLRV /D DWHQFLyQ UHSHWLGD \ SHUVLVWHQWH HQ XQ SHTXHxR
    FRQMXQWRGHWDUHDVGHDFWLYDFLyQDPHQXGRVHOOHYDEXHQDSDUWHGHOFXUVRGHOWUDWDPLHQWR
    3UHJXQWDU TXp LPSLGLy OD UHDOL]DFLyQ GH OD WDUHD SURSRUFLRQD D WHUDSHXWD \ FOLHQWH
    LQIRUPDFLyQ HVHQFLDO VREUH EDUUHUDV LPSRUWDQWHV \ SRVLEOHV HMHPSORV GH SDWURQHV GH
    HYLWDFLyQ(OSURSyVLWRGHGLFKDVGLVFXVLRQHVQRHVFDVWLJDURDYHUJRQ]DUDOFOLHQWHSRUOR
    TXH HV LPSRUWDQWH DSUR[LPDUVH D OD UHYLVLyQ GH ODV WDUHDV FRQ XQD DFWLWXG GLUHFWD \ QR
    FUtWLFD $O PLVPR WLHPSR SDUD HO FOLHQWH SXHGH UHVXOWDU DYHUVLYR GLVFXWLU ODV WDUHDV
    LQFRPSOHWDV R SDUFLDOPHQWH FRPSOHWDGDV OR TXH SXHGH IDFLOLWDU TXH KDJD OD WDUHD OD
    SUy[LPD YH] SRUTXH OD SRVLELOLGDG GH HVFDSDU GHO LQFyPRGR LQWHUURJDWRULR GHO WHUDSHXWD

    
    OH SURSRUFLRQD UHIRU]DPLHQWR QHJDWLYR  6L HVWR RFXUUH HQ IRUPD QDWXUDO QR HV XQ
    SUREOHPD \ GH KHFKR FRQWULEX\H DO SURJUHVR GHO WUDWDPLHQWR 6LQ HPEDUJR HO WHUDSHXWD
    QRGHEHUHFXUULUQXQFDDODYHUJHQ]DRODFUtWLFDDVtVHDGHIRUPDVXWLOSDUDPHMRUDUOD
    UHDOL]DFLyQGHODVWDUHDV
    
    $VLJQDFLyQGHWDUHDVJUDGXDGDV
    /DDVLJQDFLyQGHWDUHDVJUDGXDGDVTXHHVXQDSDUWHFHQWUDOGHODWHUDSLDFRJQLWLYDSDUDOD
    GHSUHVLyQ %HFN HWDO   WDPELpQ HV GLVWLQWLYD GH OD DFWLYDFLyQ FRQGXFWXDO \ SDUWH
    HVHQFLDO GH OD PD\RU SDUWH GH ORV HVIXHU]RV GH SURJUDPDFLyQ GH OD DFWLYLGDG 3RU
    FRQVLJXLHQWH HV LPSRUWDQWH TXH ORV WHUDSHXWDV D\XGHQ D ORV FOLHQWHV D VHSDUDU ODV
    FRQGXFWDV HQ XQLGDGHV HVSHFtILFDV DOFDQ]DEOHV SDUD IDFLOLWDU HO FDPELR FRQGXFWXDO
    H[LWRVR6DEHUFyPRGHVFRPSRQHU\JUDGXDUDSURSLDGDPHQWHODVWDUHDVHQXQDSURJUHVLyQ
    HVFDORQDGDTXHYD\DGHORVLPSOHDORFRPSOHMRUHTXLHUHTXHORVWHUDSHXWDVKDJDQXVRGH
    XQDJUDQYDULHGDGGHKDELOLGDGHVEiVLFDVGHDXWRPDQHMR\VROXFLyQGHSUREOHPDV
    3DUDHVWHILQWDPELpQHVLPSRUWDQWHTXHGXUDQWHHOWUDWDPLHQWRORVWHUDSHXWDVD\XGHQD
    ORV FOLHQWHV D DSUHQGHU HO PpWRGR GH JUDGXDFLyQ GH WDUHDV GH PRGR TXH XQD YH] TXH
    KD\DFRQFOXLGRODWHUDSLDSXHGDQDSOLFDUGLFKDKDELOLGDGDQXHYRVFRQWH[WRV\WDUHDV$O
    H[SOLFDUODKHUUDPLHQWDGHODDVLJQDFLyQGHWDUHDVJUDGXDGDVHVLPSRUWDQWHUHFRUGDUDORV
    FOLHQWHV TXH OD PHWD QR HV FXPSOLU WRGDV ODV SDUWHV GH OD DFWLYLGDG VLQR LQLFLDU ODV WDUHDV
    LPSRUWDQWHV DXPHQWDU OD DFWLYDFLyQ H LQWHUUXPSLU OD HYLWDFLyQ /RV WHUDSHXWDV WDPELpQ
    GHEHQ H[SOLFDU D ORV FOLHQWHV TXH GHVFRPSRQHU ODV WDUHDV FRQWULEX\H DO p[LWR FRQ ORV
    FRPSRQHQWHVGHODWDUHD\TXHHVDVH[SHULHQFLDVGHp[LWRDVXYH]UHIXHU]DQ\PRWLYDQHO
    WUDEDMRHQORVFRPSRQHQWHVVXFHVLYRVGHODWDUHDPD\RU
    (VPX\LPSRUWDQWHGHVFRPSRQHUODVWDUHDVGHIRUPDWDOTXHVHJDUDQWLFHHOp[LWRLQLFLDO
    6L ORV FOLHQWHV H[SHULPHQWDQ GLILFXOWDGHV FRQ ODV WDUHDV ORV WHUDSHXWDV GHEHQ UHYLVDU
    H[SOtFLWDPHQWH VL OD VHSDUDFLyQ \ JUDGXDFLyQ GH ORV FRPSRQHQWHV GH OD WDUHD IXH
    DGHFXDGD7DPELpQSXHGHSHGLUVHDORVFOLHQWHVTXHLPDJLQHQORVSDVRVLQYROXFUDGRVHQ
    XQD GHWHUPLQDGD WDUHD DQWHV GH LQWHQWDU UHDOL]DUOD IXHUD GH OD WHUDSLD \ TXH DQWLFLSHQ
    FXDOTXLHUREVWiFXORTXHSXGLHUDVXUJLU6LHVWHSURFHVRVXJLHUHTXHHOGRPLQLRGHFLHUWRV
    HOHPHQWRVSXHGHVHUGLItFLOWHUDSHXWD\FOLHQWHGHEHQGHVFRPSRQHUODWDUHDHQSDUWHVPiV
    SHTXHxDV\DOFDQ]DEOHV
    
    0RGLILFDFLyQGHODHYLWDFLyQ\VROXFLyQGHSUREOHPDV
    eVWH HV TXL]i XQR GH ORV DVSHFWRV PiV ULFRV \ YDULDGRV GH OD DFWLYDFLyQ FRQGXFWXDO
    &RPR VH PHQFLRQy DQWHV HV SRVLEOH TXH ORV FOLHQWHV HVWpQ DERUGDQGR OD HYLWDFLyQ GH
    WDUHDVFRQFUHWDVHQHOWUDEDMRRODFDVDODHYLWDFLyQGHHPRFLRQHVGRORURVDVFRPRGXHOR
    R WHPRU HYLWDFLyQ GHO FRQIOLFWR LQWHUSHUVRQDO \ DVt VXFHVLYDPHQWH /RV PpWRGRV
    HVSHFtILFRV TXH VH XWLOL]DQ SDUD DERUGDU HVDV iUHDV VH UHODFLRQDQ FRQ OD QDWXUDOH]D
    HVSHFtILFDGHODHYLWDFLyQ3RUHMHPSORDXQFOLHQWHTXHHYLWDODH[SHULHQFLDGHOGXHORSRU
    XQDUHODFLyQSHUGLGDVHOHD\XGDSDUDTXHFDGDGtDGHGLTXHWLHPSRDUHYLVDUIRWRJUDItDV
    GH OD DQWLJXD SDUHMD UHFRUGDU PRPHQWRV TXH FRPSDUWLHURQ HQWUH RWUDV $O FOLHQWH TXH
    HYLWDWDUHDVHQHOWUDEDMRVHOHSXHGHD\XGDUDGHVFRPSRQHUGLFKDVWDUHDVHODERUDUOLVWDV

    
    HVSHFtILFDV GH SHQGLHQWHV SHGLU D\XGD GH RWURV $O FOLHQWH TXH HYLWD HO FRQIOLFWR
    LQWHUSHUVRQDOVHOHSXHGHD\XGDUDSUDFWLFDUXQDFRPXQLFDFLyQDVHUWLYDHQMXHJRVGHUROHV
    UHDOL]DGRVHQODVVHVLRQHVDH[SHULPHQWDUGLVFXVLRQHVFRQDPLJRVDOOHYDUDXQIDPLOLDUD
    XQDVHVLyQGHWHUDSLDHQWUHRWUDV'LFKRORDQWHULRUGHQWURGHHVWHDPSOLRGRPLQLRXQD
    VHULHGHHVWUDWHJLDVEiVLFDVSXHGHQVHUGHXWLOLGDGHQODSODQHDFLyQGHOWUDWDPLHQWR
    3ULPHUR FXDQGR VH DERUGD OD HYLWDFLyQ HV HVHQFLDO SDUWLU GH XQD SRVWXUD GH
    FRODERUDFLyQ FRQ HO FOLHQWH (V LPSRUWDQWH HQWHQGHU \ FRPXQLFDU TXH VH FRPSUHQGH OD
    LQFRPRGLGDGGHOFOLHQWHHQXQDVLWXDFLyQSDUWLFXODUDORTXHOXHJRVLJXHDOJXQDDFFLyQSRU
    VX SDUWH SDUD WHUPLQDU OD H[SHULHQFLD DYHUVLYD /RV WHUDSHXWDV SXHGHQ HQIDWL]DU TXH VL
    ELHQODHYLWDFLyQFXPSOHXQDIXQFLyQGHDGDSWDFLyQHQHOFRUWRSOD]RDODODUJDVHYXHOYH
    SUREOHPiWLFD 'DGR TXH PXFKDV FRQGXFWDV GH HYLWDFLyQ HVWiQ FRQWURODGDV SRU ODV
    FRQWLQJHQFLDVLQPHGLDWDVHV~WLOUHLWHUDUODVFRQVHFXHQFLDVDODUJRSOD]RGHGHWHUPLQDGDV
    FRQGXFWDV SDUD UHVDOWDU HVRV SDWURQHV VXHOH VHU ~WLO UHJUHVDU DO PRGHOR GH DFWLYDFLyQ
    FRQGXFWXDO
    6HJXQGR ORV PpWRGRV EiVLFRV GH VROXFLyQ GH SUREOHPDV VH XVDQ FRQ IUHFXHQFLD SDUD
    DERUGDUODHYLWDFLyQ$XQTXHUDUDYH]VHHQVHxDQORVSDVRVGHVROXFLyQGHSUREOHPDVGH
    PDQHUDHVWUXFWXUDGD\IRUPDODERUGDUODHYLWDFLyQSRUORJHQHUDOLPSOLFDDYHULJXDUFyPR
    DFHUFDUVH \ UHVROYHU ORV SUREOHPDV 3RU FRQVLJXLHQWH HV HVHQFLDO TXH ORV WHUDSHXWDV
    PXHVWUHQ GLVSRVLFLyQ SDUD UHVROYHU SUREOHPDV UHODFLRQDGRV FRQ OD HYLWDFLyQ \ TXH
    WUDEDMHQ FRQ ORV FOLHQWHV SDUD JHQHUDU GLYHUVDV RSFLRQHV SDUD SRVLEOHV FRQGXFWDV
    DOWHUQDWLYDV GH DIURQWDPLHQWR /DV HVWUDWHJLDV GH VROXFLyQ GH SUREOHPDV LQFOX\HQ OD
    GHILQLFLyQ \ HYDOXDFLyQ GHO SUREOHPD JHQHUDU VROXFLRQHV DOWHUQDWLYDV PDQHMDU ODV
    FRQWLQJHQFLDV DPELHQWDOHV \ HQFRQWUDU OD VROXFLyQ FXDQGR VHD QHFHVDULR 'HEH VHxDODUVH
    TXH HO UHVWR GH ODV HVWUDWHJLDV EiVLFDV VH XVDQ WDPELpQ FRQ IUHFXHQFLD HQ DUDV GH OD
    PRGLILFDFLyQ GH OD HYLWDFLyQ \ OD VROXFLyQ GH SUREOHPDV SURJUDPDFLyQ \ VXSHUYLVLyQ GH
    DFWLYLGDGHVDVLJQDFLyQGHWDUHDVJUDGXDGDVHQWUHRWUDV 
    7HUFHUR SDUD D\XGDU D ORV FOLHQWHV D PDQWHQHU OD DWHQFLyQ HQ OD HYLWDFLyQ SXHGH
    HQVHxiUVHOHVHOXVRGHGLYHUVDVHVWUDWHJLDVPQHPyQLFDVODVFXDOHVSHUPLWHQRUJDQL]DUXQ
    PpWRGRGHUHYLVLyQ³¢&XiOHVODIXQFLyQGHODFRQGXFWDFXiOHVVRQVXVFRQVHFXHQFLDV"´
    6H XWLOL]D HO DFUyQLPR $&7,21 SDUD LGHQWLILFDU HO HQIRTXH JHQHUDO TXH VH SLGH D ORV
    FOLHQWHVTXHDGRSWHQ 0DUWHOOHWDO 
    
    ‡(YDOXDU $VVHVV ¢(VWDFRQGXFWDHVGHDSUR[LPDFLyQRGHHYLWDFLyQ"¢(VSUREDEOHTXH
    PHKDJDVHQWLUPHMRURSHRU"
    ‡ (OHJLU &KRRVH  (OHJLU HQWUH FRQWLQXDU FRQ HVWD FRQGXFWD LQFOXVR VL PH KDFH VHQWLU
    SHRURLQWHQWDUXQDQXHYDFRQGXFWD
    ‡,QWHQWDU 7U\ ,QWHQWDUODFRQGXFWDHOHJLGD
    ‡,QWHJUDU ,QWHJUDWH (VQHFHVDULRTXHFXDOTXLHUFRQGXFWDQXHYDUHFLEDXQDRSRUWXQLGDG
    MXVWDLQWHJUHHQWRQFHVXQDQXHYDFRQGXFWDHQXQDUXWLQDDQWHVGHHYDOXDUVLKDVLGR~WLO
    RQR
    ‡ 2EVHUYDU ORV UHVXOWDGRV 2EVHUYH WKH UHVXOW  3UHVWH PXFKD DWHQFLyQ \ VXSHUYLVH ORV
    HIHFWRVGHODQXHYDFRQGXFWD

    
    ‡ 1XQFD VH ULQGD 1HYHU JLYH XS  5HFXHUGH TXH KDFHU FDPELRV D PHQXGR UHTXLHUH
    HVIXHU]RVHLQWHQWRVUHSHWLGRV
    
    (Q HO FDVR GH ORV SDWURQHV FRQGXFWXDOHV FDUDFWHUL]DGRV SRU FRQGXFWDV GH HYLWDFLyQ ORV
    FOLHQWHV SXHGHQ XVDU HO DFUyQLPR TXH HQ OHQJXD LQJOHVD KDFH UHIHUHQFLD D HVWDU HQ XQD
    WUDPSD 75$3  0DUWHOOHWDO 
    
    ‡'HVHQFDGHQDQWH 7ULJJHU  3RU OR UHJXODU HV DOJR HQ HO DPELHQWH S HM VHU FULWLFDGR
    SRUHOHPSOHDGRU 
    ‡5HVSXHVWD 5HVSRQVH (VXQDUHDFFLyQHPRFLRQDO SHMVHQWLUYHUJHQ]DRFXOSD 
    ‡ 3DWUyQ GH HYLWDFLyQ $YRLGDQFH 3DWWHUQ  /DV FRQGXFWDV GH HYLWDFLyQ XVDGDV SDUD
    DIURQWDU OD UHVSXHVWD HPRFLRQDO S HM VDOLU WHPSUDQR GHO WUDEDMR TXHMDUVH FRQ ORV
    FRPSDxHURVVREUHHOGLVJXVWRFRQHOWUDEDMR 
    
    /RVWHUDSHXWDVSLGHQOXHJRDOFOLHQWHTXHVDOJDGHODWUDPSD 75$3 \UHJUHVHDOVHQGHUR
    75$& HVGHFLUVHOHSLGHTXHFRQHOPLVPRGHVHQFDGHQDQWH\ODVPLVPDVFRQGLFLRQHV
    GHUHVSXHVWDH[SHULPHQWHQFRQFRQGXFWDV³DOWHUQDWLYDVGHDIURQWDPLHQWR´
    
    (VWUDWHJLDVGHSDUWLFLSDFLyQ
    /DLQYHVWLJDFLyQKDGRFXPHQWDGRODIUHFXHQFLD\FRQVHFXHQFLDVQHJDWLYDVGHODFRQGXFWD
    UXPLDQWH HQWUH ODV SHUVRQDV FRQ GHSUHVLyQ 1ROHQ+RHNVHPD   (O HQIRTXH GH OD
    DFWLYDFLyQ FRQGXFWXDO FRQVLGHUD TXH OD UXPLDFLyQ HV XQD FRQGXFWD TXH FRQ IUHFXHQFLD
    LPSLGHTXHODJHQWHVHFRPSURPHWDSOHQDPHQWHFRQVXVDFWLYLGDGHV\VXVDPELHQWHV/RV
    WHUDSHXWDVGHODDFWLYDFLyQFRQGXFWXDOHVWiQDOHUWDVDORVUHSRUWHVGHUXPLDFLyQSRUSDUWH
    GHOFOLHQWH\VRQFXLGDGRVRVDOHYDOXDUVLODUXPLDFLyQHVXQSUREOHPDFXDQGRORVFOLHQWHV
    UHJUHVDQDODVHVLyQUHSRUWDQGRTXHXQDWDUHDGHDFWLYDFLyQ³QRIXQFLRQy´3RUHMHPSOR
    VL XQD FOLHQWH LQIRUPD TXH H[SHULPHQWy SRFD PHMRUtD HQ VX HVWDGR GH iQLPR PLHQWUDV
    MXJDED FRQ VX KLMR HQ HO SDUTXH HO WHUDSHXWD TXHUUi H[DPLQDU VL VyOR VH FRPSURPHWLy
    SDUFLDOPHQWHFRQ OD WDUHDGH MXJDU SRUTXHVX PHQWH HVWDEDHQIRFDGD HQ SUHJXQWDUVHSRU
    TXp VX DQWLJXD SDUHMD QR TXLVR FRQWLQXDU OD UHODFLyQ TXp GLFH HVR GH VX YDORU FRPR
    PXMHU\DVtVXFHVLYDPHQWH
    &XDQGR VH DERUGD OD UXPLDFLyQ HQ OD DFWLYDFLyQ FRQGXFWXDO H[LVWH PHQRV LQWHUpV HQ HO
    FRQWHQLGR SDUWLFXODU GH ORV SHQVDPLHQWRV UXPLDQWHV TXH HQ HO FRQWH[WR \ ODV
    FRQVHFXHQFLDV GH OD UXPLDFLyQ 3RU HMHPSOR DO WUDEDMDU FRQ XQ FOLHQWH TXH UXPLDED
    IUHFXHQWHPHQWH DFHUFD GH XQ HPSOHR TXH ODPHQWDED KDEHU UHFKD]DGR HO WHUDSHXWD OH
    SLGLyTXHH[DPLQDUDODVVLJXLHQWHVSUHJXQWDV¢4XpHVWDEDKDFLHQGRPLHQWUDVSHQVDEDHQ
    HO RWUR WUDEDMR" ¢4Xp WDQ LQYROXFUDGR HVWDED FRQ OD DFWLYLGDG GHO PRPHQWR \ FRQ VX
    HQWRUQR"¢4XpVXFHGLyGXUDQWH\GHVSXpVGHTXHSHQVDUDHQHORWURWUDEDMR"$OH[DPLQDU
    HVDV SUHJXQWDV WHUDSHXWD \ FOLHQWH LGHQWLILFDURQ TXH HUD PiV SUREDEOH TXH HO FOLHQWH
    UXPLDUD FXDQGR UHDOL]DED WDUHDV DYHUVLYDV HQ VX WUDEDMR DFWXDO OR TXH OH KDFtD VHQWLU
    PXFKDDQVLHGDGHVGHFLUODUXPLDFLyQUHFLEtDUHIRU]DPLHQWRQHJDWLYRSRUTXHGLVWUDtDDO
    FOLHQWH GH OD DQVLHGDG \ GLVPLQXtD VX FRQFHQWUDFLyQ HQ ODV WDUHDV DYHUVLYDV (Q OD

    
    DFWLYDFLyQ FRQGXFWXDO ORV WHUDSHXWDV SXHGHQ SHGLU D ORV FOLHQWHV TXH UXPLDQ FRQ
    IUHFXHQFLDTXH³SUHVWHQDWHQFLyQDODH[SHULHQFLD´XQDSUiFWLFDHQTXHGHOLEHUDGDPHQWH
    VH FRQFHQWUDQ HQ OD DFWLYLGDG \ HQWRUQR DFWXDOHV 3RU HMHPSOR VH OHV SXHGH SHGLU TXH
    SRQJDQ WRGD VX DWHQFLyQ HQ ODV VHQVDFLRQHV ItVLFDV FRORUHV VRQLGRV RORUHV VDERUHV
    PRYLPLHQWRV ItVLFRV HQWUH RWURV  (VDV HVWUDWHJLDV VRQ VLPLODUHV D ODV SUiFWLFDV GH
    PLQGIXOQHVV DWHQFLyQ SOHQD  6HJDO :LOOLDPV \ 7HDVGDOH   \ WDPELpQ VRQ
    FRQJUXHQWHVFRQODHVWUDWHJLDFRQGXFWXDOGLDOpFWLFDGHOD³DFFLyQFRQWUDULDWRGRHOWLHPSR´
    /LQHKDQ 
    
    5HYLVLyQ\FRQVROLGDFLyQGHODVJDQDQFLDVGHOWUDWDPLHQWR
    $ PHGLGD TXH WHUDSHXWD \ FOLHQWH YDQ OOHJDQGR DO DFXHUGR GH TXH VH KD ORJUDGR XQD
    PHMRUtD VXILFLHQWH \ TXH SDUHFH LQGLFDGR FRQFOXLU HO WUDWDPLHQWR ODV VHVLRQHV UHVWDQWHV
    GHEHQ HQIRFDUVH HQ OD SUHYHQFLyQ GH ODV UHFDtGDV OR TXH HQ JUDQ PHGLGD LPSOLFD OD
    UHYLVLyQ \ FRQVROLGDFLyQ GH ODV JDQDQFLDV ORJUDGDV SRU HO FOLHQWH +DFLD HO ILQDO GH OD
    WHUDSLD HV SUXGHQWH FRQFHQWUDUVH HQ DQWLFLSDU ODV VLWXDFLRQHV GH OD YLGD GHO FOLHQWH TXH
    SXHGHQ GHVHQFDGHQDU VHQWLPLHQWRV \ FRQGXFWDV GHSUHVLYDV \ HQ JHQHUDU SODQHV SDUD
    DIURQWDUODV (V QHFHVDULR DQDOL]DU HQ GHWDOOH ORV VXFHVRV LQPLQHQWHV TXH SXHGHQ
    DQWLFLSDUVH FRPR GHVDItRV SDUD HO FOLHQWH S HM OD PXHUWH GH XQ SDGUH XQ FDPELR GH
    WUDEDMR  GH PRGR TXH pVWH SXHGD HVER]DU XQ SODQ GH DXWRD\XGD SDUD DFWLYDUVH IUHQWH DO
    HVWUHVRU 7DPELpQ HV PX\ LPSRUWDQWH UHYLVDU HO PRGHOR EiVLFR GH OD DFWLYDFLyQ
    FRQGXFWXDO\ORVPpWRGRVXVDGRVHQHOWUDWDPLHQWRSDUDJDUDQWL]DUTXHHOFOLHQWHVDOHGHOD
    WHUDSLDFRQXQDFRPSUHQVLyQVyOLGDGHFyPRDSOLFDUHVDVKHUUDPLHQWDVHQHOIXWXUR3RU
    HMHPSORORVWHUDSHXWDVSXHGHQUHYLVDUODVHVWUDWHJLDVXVDGDVSDUDLGHQWLILFDUODVUHODFLRQHV
    HQWUH OR TXH KDFHPRV \ FyPR QRV VHQWLPRV HVWDEOHFHU PHWDV HVSHFtILFDV \ FRQFUHWDV
    XVDUOD DVLJQDFLyQ GHWDUHDV JUDGXDGDV HLGHQWLILFDU \ GLULJLUVHD ORV SDWURQHVSULQFLSDOHV
    GH HYLWDFLyQ DGYHUWLU TXH XQR UXPLD PiV HQ HO WUDEDMR TXH HPSLH]D D QR GHYROYHU ODV
    OODPDGDVWHOHIyQLFDVDORVDPLJRVHQWUHRWUDV 
    
    (OHVFHQDULRGHODWHUDSLD
    /D LQYHVWLJDFLyQ LQLFLDO VREUH OD DFWLYDFLyQ FRQGXFWXDO VH FRQFHQWUy SULQFLSDOPHQWH HQ HO
    FRQWH[WR GH ORV HVFHQDULRV GH SVLFRWHUDSLD LQGLYLGXDO FRQ SDFLHQWHV DPEXODWRULRV VLQ
    HPEDUJR HQ OD DFWXDOLGDG DOJXQRV HVWXGLRV H[DPLQDQ VX XVR HQ XQD JUDQ YDULHGDG GH
    HVFHQDULRV \ PRGRV GH DSOLFDFLyQ 3RU HMHPSOR YDULRV JUXSRV KDQ HQFRQWUDGR IRUPDV
    FUHDWLYDV SDUD OOHYDU OD DFWLYDFLyQ FRQGXFWXDO D HVFHQDULRV IXHUD GH ODV FOtQLFDV
    HVSHFLDOL]DGDVHQODVDOXGPHQWDO(QVD\RVSUHOLPLQDUHVKDQGRFXPHQWDGRODSURPHVDGH
    HPSOHDU OD DFWLYDFLyQ FRQGXFWXDO SDUD WUDWDU D SDFLHQWHV DGXOWRV FRQ GHSUHVLyQ HQ
    DWHQFLyQSULPDULD *URV\+DUHQ8HEOHDFNHU:HLVEHUJ+DJJDUW\\0LOOHU 
    \(NHUV\FRODERUDGRUHVKDQFRQILUPDGRODSRVLELOLGDGGHTXHORVHVSHFLDOLVWDVDSUHQGDQ
    \ OOHYHQ D FDER OD DFWLYDFLyQ FRQGXFWXDO HQ HVFHQDULRV GH DWHQFLyQ SULPDULD (NHUV
    'DZVRQ \ %DLOH\  (NHUV 5LFKDUGV 0F0LOOLDQ %ODQG \ *LOGR\   'H LJXDO
    PRGR+RSNR\FRODERUDGRUHV  UHFLHQWHPHQWHUHDOL]DURQFRQp[LWRXQHQVD\RFRQ
    FRQWURO DOHDWRULR GH OD DFWLYDFLyQ FRQGXFWXDO HQ FOtQLFDV GH RQFRORJtD FRQ SDFLHQWHV

    
    GHSULPLGRV (Q OD DFWXDOLGDG 'LPLGMLDQ \ FRODERUDGRUHV OOHYDQ D FDER XQ HQVD\R FRQ
    FRQWURODOHDWRULRHQVLWLRVP~OWLSOHVSDUDSUREDUHOXVRGHODDFWLYDFLyQFRQGXFWXDOSDUDOD
    GHSUHVLyQ SUHQDWDO FRQ IRUPDV IOH[LEOHV GH DSOLFDFLyQ \ FRQ HQIHUPHUDV REVWpWULFDV \
    SURIHVLRQDOHV GH OD VDOXG FRQGXFWXDO FRPR FOtQLFRV GHO HVWXGLR /D WHUDSLD GH JUXSR
    SDUHFH VHU XQ IRUPDWR IDFWLEOH SDUD WUDWDU XQD JUDQ FDQWLGDG GH FOLHQWHV FRQ DFWLYDFLyQ
    FRQGXFWXDO +RXJKWRQ &XUUDQ \ 6D[RQ  3RUWHU 6SDWHV \ 6PLWKDP  
    7DPELpQ KD DXPHQWDGR HO LQWHUpV HQ LQWHJUDU OD DFWLYDFLyQ FRQGXFWXDO D HVFHQDULRV
    XQLYHUVLWDULRV S HM &XOOHQ 6SDWHV 3DJRWR \ 'RUDQ  *DZU\VLDN 1LFKRODV \
    +RSNR5H\QROGV0DF3KHUVRQ7XOO%DUXFK\/HMXH] 
    /D GXUDFLyQ GHO WUDWDPLHQWR IOXFW~D HQWUH  \  VHVLRQHV (Q OD GXUDFLyQ GHO
    WUDWDPLHQWR LQIOX\HQ IDFWRUHV FRPR OLPLWDFLRQHV GH UHFXUVRV GHO FOLHQWH UHHPEROVR GHO
    VHJXURHWFpWHUD(QHVWXGLRV\WUDEDMRFOtQLFRHVFRP~QSURJUDPDUHQWUHVHVLRQHVEUHYHV
    FRQWDFWRVWHOHIyQLFRVSDUDUHIRU]DUODFRQH[LyQLQWHUSHUVRQDOFRQHOWHUDSHXWDHQIDWL]DUOD
    LPSRUWDQFLD GH UHDOL]DU ODV WDUHDV HQWUH VHVLRQHV \ RIUHFHU XQD RSRUWXQLGDG GH DERUGDU
    SUHJXQWDVRSUREOHPDVFRQODVWDUHDVDVLJQDGDVHQWUHVHVLRQHV
    $XQTXHHVPiVFRP~QTXHODDFWLYDFLyQFRQGXFWXDOVHOOHYHDFDERHQODPRGDOLGDGGH
    WUDWDPLHQWRLQGLYLGXDOGXUDQWHHOWUDWDPLHQWRHVIUHFXHQWHODSDUWLFLSDFLyQHQODVVHVLRQHV
    GH SHUVRQDV DOOHJDGDV DO FOLHQWH /D GHFLVLyQ GH LQFOXLU D HVWDV SHUVRQDV VH GHULYD GHO
    DQiOLVLV IXQFLRQDO HV GHFLU VH IXQGDPHQWD HQ XQD EDVH LGLRJUiILFD (VWDV VHVLRQHV
    FRQMXQWDV SXHGHQ VHU ~WLOHV SDUD HYDOXDU ORV SDWURQHV TXH PDQWLHQHQ OD GHSUHVLyQ GHO
    FOLHQWHVLVHSURSRUFLRQDDOIDPLOLDULQIRUPDFLyQ\HGXFDFLyQVREUHHOHQIRTXH\ODOyJLFD
    GHO WUDWDPLHQWR \ VH JHQHUDQ RSRUWXQLGDGHV SDUD TXH HO FOLHQWH \ VX IDPLOLDU SUDFWLTXHQ
    QXHYDV FRQGXFWDV LQWHUSHUVRQDOHV FRQ OD UHWURDOLPHQWDFLyQ GLUHFWD H LQPHGLDWD GHO
    WHUDSHXWD
    
    &XDOLGDGHVGHOWHUDSHXWD
    (Q OD H[SHULHQFLD HV LPSRUWDQWH TXH HO WHUDSHXWD GH OD DFWLYDFLyQ FRQGXFWXDO OOHYH D VX
    WUDEDMR FOtQLFR XQD VHULH GH FXDOLGDGHV HVWUXFWXUDOHV \ HVWLOtVWLFDV %UHYHPHQWH OD
    QDWXUDOH]D HVWUXFWXUDGD GH OD DFWLYDFLyQ FRQGXFWXDO HV PDQWHQLGD SRU HO XVR GH DJHQGDV
    TXH JXtDQ ORV WHPDV GH DWHQFLyQ GH OD VHVLyQ DO LQLFLR GH FDGD XQD ORV WHUDSHXWDV
    LQYROXFUDQ D ORV FOLHQWHV HQ HO SURFHVR FRODERUDWLYR GH HVWDEOHFHU OD DJHQGD 3RU OR
    JHQHUDO LQFOX\H OD VXSHUYLVLyQ GHO SURJUHVR PHGLDQWH OD DSOLFDFLyQ GH XQ LQYHQWDULR GH
    GHSUHVLyQ SHMHO,QYHQWDULRGH'HSUHVLyQGH%HFN,,ROD(VFDODGH(YDOXDFLyQGHOD
    'HSUHVLyQ GH +DPLOWRQ  UHYLVLyQ GH OD WDUHD GLVFXVLyQ GH ORV SUREOHPDV REMHWLYR
    DVLJQDFLyQ GH OD QXHYD WDUHD \ XQ UHVXPHQ GH OD VHVLyQ $GHPiV OD HVWUXFWXUD WLHQH
    IXQGDPHQWR HQ HO ILUPH SURSyVLWR GH IRPHQWDU OD DFWLYDFLyQ 'HVGH XQ SXQWR GH YLVWD
    HVWLOtVWLFR ODV FXDOLGDGHV HVHQFLDOHV GHO WHUDSHXWD GH OD DFWLYDFLyQ FRQGXFWXDO LQFOX\HQ OD
    FDSDFLGDG SDUD HQIDWL]DU OD LPSRUWDQFLD GH OD FRODERUDFLyQ R GH DSUHQGHU MXQWRV FRPR
    HTXLSR HVWR SHUPLWH DO WHUDSHXWD HVWDU DWHQWR DO ULWPR FRQ TXH DSR\D OD FRODERUDFLyQ
    DFWLYDHLQWHUURJDDOFOLHQWHSDUDDVHJXUDUVHGHTXHHQWHQGLyODLQIRUPDFLyQSUHVHQWDGDHQ
    OD VHVLyQ S HM VREUH REMHWLYRV R LQWHUYHQFLRQHV HVSHFtILFDV HO PRGHOR JHQHUDO GH OD
    DFWLYDFLyQ FRQGXFWXDO X RWURV SXQWRV GH OD VHVLyQ ³SDUD OOHYDU D FDVD´  7RGDV ODV

    
    HVWUDWHJLDV GH OD DFWLYDFLyQ FRQGXFWXDO UHTXLHUHQ WDPELpQ OD KDELOLGDG EiVLFD GH VHU XQ
    EXHQ VROXFLRQDGRU GH SUREOHPDV /RV WHUDSHXWDV VH DSUR[LPDQ D ODV FXHVWLRQHV TXH
    VXUJHQ HQ HO SUREOHPD FRPR DVXQWRV TXH GHEHQ VHU UHVXHOWRV HVWR LPSOLFD TXH GHEHQ
    PRVWUDU FXULRVLGDG VREUH ORV IDFWRUHV TXH PDQWLHQHQ ORV SUREOHPDV \ KDELOLGDG SDUD
    JHQHUDU FRQGXFWDV DOWHUQDWLYDV PiV IXQFLRQDOHV 3DUD HVWH ILQ HV LPSRUWDQWH TXH VH
    VLHQWDQ FyPRGRV FRQ XQD IRUPD GH FRPXQLFDFLyQ GLUHFWD REMHWLYD \ QR FUtWLFD
    SDUWLFXODUPHQWH DQWH KHFKRV FRPR HO LQFXPSOLPLHQWR GH ORV SODQHV GH DFWLYDFLyQ
    DVLJQDGRV R OD LQDVLVWHQFLD D ODV VHVLRQHV SURJUDPDGDV /RV WHUDSHXWDV GHEHQ WDPELpQ
    HTXLOLEUDU XQ VHQWLPLHQWR JHQXLQR GH HPSDWtD \ FRPSUHQVLyQ DQWH HO VXIULPLHQWR \ ODV
    GLILFXOWDGHV GH VXV FOLHQWHV FRQ XQ FRPSURPLVR RSWLPLVWD \ WHQD] FRQ OD SRVLELOLGDG GH
    FDPELR (Q OD DFWLYDFLyQ FRQGXFWXDO ORV WHUDSHXWDV YDOLGDQ ODV GLILFXOWDGHV
    H[SHULPHQWDGDV SRU ORV FOLHQWHV \ EXVFDQ RFDVLRQHV SDUD DOHQWDU HO SURJUHVR LQFOXVR VL
    SDUHFHPtQLPR3RU~OWLPRFRPSUHQGHUORVSULQFLSLRV\FRQFHSWRVFRQGXFWXDOHVEiVLFRV
    D\XGD D ORV WHUDSHXWDV D FRQFHSWXDOL]DU ORV FDVRV GH DFXHUGR FRQ HO PRGHOR FRQGXFWXDO
    GHODGHSUHVLyQ\SUHVHQWDUDORVFOLHQWHVXQPDUFRFRKHUHQWH
    (ODFUyQLPR(3$19,( 'LPLGMLDQ FDSWXUDODVHVWUDWHJLDVHVWUXFWXUDO\HVWLOtVWLFD
    TXHUHTXLHUHHOWHUDSHXWDFRPSHWHQWHHQODDFWLYDFLyQJHQHUDOHQXQPQHPyQLFRGHIiFLO
    UHFXHUGR
    
    ‡(VWDEOHFH\FXPSOHXQDDJHQGD
    ‡3URPXHYHODDFWLYDFLyQ
    ‡$SUHQGHMXQWRFRQHOFOLHQWH
    ‡1RMX]JD
    ‡9DOLGD
    ‡,QFHQWLYD
    ‡([SUHVDFDOLGH]FRQQDWXUDOLGDG
    
    (QODLQYHVWLJDFLyQVREUHHOUHVXOWDGRGHOWUDWDPLHQWRVHXVyVXSHUYLVLyQFOtQLFDFRQWLQXD
    \ HTXLSRV GH FRQVXOWD SDUD D\XGDU D ORV WHUDSHXWDV D FXPSOLU \ SHUIHFFLRQDU ODV
    FXDOLGDGHV TXH VRQ LPSRUWDQWHV HQ VX WUDEDMR 3RU OR JHQHUDO ORV WHUDSHXWDV WLHQHQ
    UHXQLRQHV VHPDQDOHV GH XQD D GRV KRUDV /RV HTXLSRV ORV D\XGDQ D PHMRUDU VXV
    KDELOLGDGHV HQ HO XVR GH ODV HVWUDWHJLDV EiVLFDV GHO WUDWDPLHQWR FRQFHSWXDOL]DFLyQ GH ORV
    SODQHV GH WUDWDPLHQWR DQiOLVLV IXQFLRQDOHV JUDGXDFLyQ HILFD] GH WDUHDV HQWUH RWURV  (Q
    XQFRQWH[WRHQTXHVHSUHVWDDWHQFLyQDHVWUDWHJLDV\FDVRVHVSHFtILFRVHOHTXLSRUHIXHU]D
    DO WHUDSHXWD SRU H[KLELU FXDOLGDGHV FRPR HPSDWtD QR VHU FUtWLFR KDELOLGDG SDUD OD
    VROXFLyQ GH SUREOHPDV FXULRVLGDG \ SHUVLVWHQFLD \ RSWLPLVPR UHVSHFWR FRQ HO FDPELR
    $XQTXHQRVHKDVRPHWLGRHVWDKLSyWHVLVDSUXHEDHPStULFDVHVRVSHFKDTXHVLQHODSR\R
    GH XQ HTXLSR GH FRQVXOWD HILFD] D PXFKRV WHUDSHXWDV OHV UHVXOWDUtD GLItFLO PDQWHQHU HVDV
    FXDOLGDGHVVREUHWRGRVLWUDEDMDQFRQFOLHQWHVTXHHQIUHQWDQGHSUHVLyQJUDYHFRPSOLFDGD
    RFUyQLFD
    
    9DULDEOHVGHOFOLHQWH

    
    1XHVWUD LQYHVWLJDFLyQ VREUH HO UHVXOWDGR GHO WUDWDPLHQWR VXJLHUH TXH XQ FXUVR GH
    DFWLYDFLyQFRQGXFWXDOSHUPLWHTXHDGXOWRVGHSULPLGRVREWHQJDQEHQHILFLRFOtQLFRDJXGR\
    GXUDGHUR VH WLHQH OD LPSUHVLyQ FOtQLFD GH TXH HO FRPSURPLVR FRQ OD OyJLFD EiVLFD GHO
    WUDWDPLHQWR \ OD GLVSRVLFLyQ D FXPSOLU FRQ ODV WDUHDV DVLJQDGDV VRQ SUHGLFWRUHV
    LPSRUWDQWHV GHO UHVXOWDGR GH OD DFWLYDFLyQ FRQGXFWXDO $GHPiV HV LPSRUWDQWH DGYHUWLU
    TXH HQ OD LQYHVWLJDFLyQ VH XVy XQD VHULH GH FDUDFWHUtVWLFDV GHO FOLHQWH FRPR FULWHULRV GH
    H[FOXVLyQ3RUHMHPSORVLXQFOLHQWHPRVWUDEDXQDWHQGHQFLDVXLFLGDDJXGDDOJUDGRTXH
    VX ULHVJR QR SXGLHVH VHU PDQHMDGR HQ XQD FRQGLFLyQ DPEXODWRULD HUD UHIHULGR D XQ
    WUDWDPLHQWR PiV DJXGR H LQWHQVLYR $GHPiV VL XQ FOLHQWH WHQtD HO GLDJQyVWLFR GH XQ
    WUDVWRUQR FRPyUELGR TXH IXHVH PiV JUDYH \ QRWRULR DO JUDGR GH LQWHUIHULU FRQ HO IRFR
    SULQFLSDO GHO FOLHQWH  \ QHFHVLWDUD RWUR WUDWDPLHQWR FRQ EDVH HQ OD HYLGHQFLD S HM
    WUDVWRUQR REVHVLYRFRPSXOVLYR  WDPELpQ HUD UHIHULGR D XQ WUDWDPLHQWR HVSHFtILFR PiV
    DSURSLDGR7DPELpQHYDOXDPRVFXLGDGRVDPHQWHFXDOTXLHUSUREOHPDPpGLFRTXHSXGLHVH
    KDEHU FRQWULEXLGR D OD GHSUHVLyQ \ GH VHU QHFHVDULR UHIHULPRV D ORV FOLHQWHV SDUD TXH
    UHFLELHUDQGHPDQHUDFRQFXUUHQWHHOWUDWDPLHQWRPpGLFRDSURSLDGR
    /D LQYHVWLJDFLyQ FOtQLFD UHFLHQWH WDPELpQ GHVWDFD HO SRWHQFLDO GH OD DFWLYDFLyQ
    FRQGXFWXDO FRPR RSFLyQ GH WUDWDPLHQWR SDUD SDFLHQWHV GH WRGR HO FLFOR GH YLGD
    LQFOX\HQGRDGROHVFHQWHV 0F&DXOH\6FKORUHGW*XGPXQGVHQ0DUWHOO\'LPLGMLDQ
    5LWVFKHO5DPLUH]-RQHV\&UDLJKHDG5XJJLHUR0RUULV+RSNR\/HMXH]
    9DQ9RRUKHHVHWDO (VWHWUDEDMRFRLQFLGHFRQHOWUDEDMRDQWHULRUGH/HZLQVRKQ\
    FRODERUDGRUHV   TXH GLR OXJDU DO &XUVR SDUD $IURQWDU OD 'HSUHVLyQ GLULJLGR D
    DGROHVFHQWHV (VWH SURJUDPD GH WUDWDPLHQWR LQFOX\H SURJUDPDFLyQ GH DFWLYLGDGHV
    HQWUHQDPLHQWR GH UHODMDFLyQ HQWUHQDPLHQWR GH DVHUWLYLGDG \ KDELOLGDGHV VRFLDOHV \
    UHHVWUXFWXUDFLyQ FRJQLWLYD 6L ELHQ HV FLHUWR TXH OD LQFOXVLyQ GH OD UHHVWUXFWXUDFLyQ
    FRJQLWLYD HQ HO &XUVR SDUD $IURQWDU OD 'HSUHVLyQ FRORFD D HVWH SURJUDPD QR HQ HO iUHD
    HVSHFtILFDGHODDFWLYDFLyQFRQGXFWXDOVLQRHQHOiUHDPiVDPSOLDGHODWHUDSLDFRJQLWLYR
    FRQGXFWXDO HO FXUVR HQIDWL]D OD SURJUDPDFLyQ GH HYHQWRV SODFHQWHURV /D HYLGHQFLD
    WDPELpQ DSR\D HO XVR GH OD DFWLYDFLyQ FRQGXFWXDO HQ DGXOWRV PD\RUHV $FLHUQR HW DO
    0HHNV/RRQH\YDQ+DLWVPD\7HUL0HHNV7HULYDQ+DLWVPD\/RRQH\
     6QDUVNL HW DO  6RRG &LVHN =LPPHUPDQ =DOHVNL \ )LOOPRUH  7HUL
    /RJVGRP 8RPRWR \ 0F&XUU\   SDFLHQWHV GH RULJHQ pWQLFR GLYHUVR .DQWHU
    +XUWDGR5XVFK%XVFK\6DQWLDJR5LYHUD.DQWHU6DQWLDJR5LYHUD5XVFK%XVFK
    \ :HVW   SDFLHQWHV FRQ VtQWRPDV OtPLWH \ GH DQVLHGDG +RSNR /HMXH] \ +RSNR
    +RSNR6DQFKH]+RSNR'YLU\/HMXH] SDFLHQWHVFRQWUDVWRUQRSRUHVWUpV
    SRVWUDXPiWLFR -DNXSFDN HW DO  0XOLFN \ 1DXJOH  :DJQHU =DW]LFN
    *KHVTXLHUH \ -XUNRYLFK   FRQVXPLGRUHV GH GURJDV FRQ VtQWRPDV GHSUHVLYRV
    HOHYDGRV 'DXJKWHUVHWDO0DF3KHUVRQHWDO SDFLHQWHVFRQHVTXL]RIUHQLD
    0DLUV /RYHOO &DPSEHOO \ .HHOH\   SDFLHQWHV KRVSLWDOL]DGRV &XUUDQ /DZVRQ
    +RXJKWRQ\*RXUQD\+RSNR/HMXH]HWDO SDFLHQWHVFRQFiQFHU $UPHQWR
    \+RSNR+RSNR%HOO$UPHQWR+XOO\/HMXH]+RSNRHWDO \RWUDV
    FRQGLFLRQHVPpGLFDVFRPyUELGDVFRPRREHVLGDG 3DJRWR%RGHQORV6FKQHLGHU2OHQGVNL
    \6SDWHV \GLDEHWHV 6FKQHLGHUHWDO $XQTXHPXFKRVGHHVRVHVWXGLRVVRQ

    
    SUHOLPLQDUHV\UHSRUWDQGDWRVGHSHTXHxRVHQVD\RVDELHUWRVODDPSOLWXGGHHVWHWUDEDMR
    VXJLHUHODSRVLELOLGDGGHDGDSWDUODDFWLYDFLyQFRQGXFWXDOFRPRPDUFRSDUDHOWUDWDPLHQWR
    GHXQDJUDQYDULHGDGGHFOLHQWHVTXHOXFKDQFRQODGHSUHVLyQ\SUREOHPDVFRPyUELGRV
    

    
    (678',2'(&$62

    ,QIRUPDFLyQDQWHFHGHQWH
    (Q OD VLJXLHQWH VHFFLyQ VH SUHVHQWD HO WUDWDPLHQWR GH 0DUN XQ KRPEUH GH  DxRV FRQ
    XQD ODUJD KLVWRULD GH GHSUHVLyQ 0DUN UHFLELy  VHVLRQHV GH WUDWDPLHQWR GXUDQWH FXDWUR
    PHVHV /D GHVFULSFLyQ TXH DTXt VH SUHVHQWD SUHWHQGH LOXVWUDU OD LPSOHPHQWDFLyQ GH ORV
    SULQFLSLRV \ HVWUDWHJLDV FHQWUDOHV GH OD DFWLYDFLyQ FRQGXFWXDO /DV SULPHUDV VHVLRQHV VH
    GHVFULEHQHQPD\RUGHWDOOHSDUDRIUHFHUDOOHFWRULQIRUPDFLyQSUiFWLFDFRQFHUQLHQWHDORV
    SULQFLSLRV\HVWUDWHJLDVSULQFLSDOHV/DV~OWLPDVVHVLRQHVHQIDWL]DQXQIRFRWHPiWLFRSDUD
    HOFXDOVHDSOLFDQORVPLVPRVSULQFLSLRV
    (V LPSRUWDQWH GHVWDFDU GHVGH HO LQLFLR TXH OD GHVFULSFLyQ GH HVWH FDVR QR SUHWHQGH
    FRPXQLFDUXQFXUVRSUHVFULSWLYRGHWUDWDPLHQWR\TXHQRVHUHFRPLHQGDVHJXLUDOSLHGH
    ODOHWUDODVHFXHQFLDGHHVWUDWHJLDV/DDFWLYDFLyQFRQGXFWXDOHVXQWUDWDPLHQWRDOWDPHQWH
    LGLRJUiILFR HQ TXH OD HOHFFLyQ GH HVWUDWHJLDV HVSHFtILFDV GH DFWLYDFLyQ HV GLULJLGR SRU HO
    DQiOLVLV IXQFLRQDO GDGR OR DQWHULRU VH DOLHQWD DO OHFWRU D SUHVWDU DWHQFLyQ D OD IRUPD HQ
    TXH HO WHUDSHXWD FRQFHSWXDOL]D ORV SUREOHPDV GH 0DUN \ OOHYD D FDER ODV HVWUDWHJLDV GHO
    WUDWDPLHQWRHQHOFXUVRGHODWHUDSLD6HHVSHUDTXHHVWDLOXVWUDFLyQGHWDOODGDLQVSLUHDORV
    OHFWRUHV D DSOLFDU ORV SULQFLSLRV EiVLFRV \ ODV HVWUDWHJLDV FHQWUDOHV GH PDQHUD IOH[LEOH H
    LGLRJUiILFD
    0DUNEXVFyWUDWDPLHQWRDLQVWDQFLDVGHVXPpGLFRGHFDEHFHUD6XHSLVRGLRUHFLHQWHGH
    GHSUHVLyQ KDEtD GXUDGR DOUHGHGRU GH WUHV DxRV VLQ UHPLVLyQ 0DUN WDPELpQ WHQtD XQD
    KLVWRULD GH DEXVR GH DOFRKRO TXH KDEtD SURYRFDGR SUREOHPDV LPSRUWDQWHV TXH
    RFDVLRQDURQHOGLYRUFLRGHVXSULPHUPDWULPRQLRFXDQGRWHQtDSRFRPiVGHDxRVVLQ
    HPEDUJR ORV SUREOHPDV FRQ HO DOFRKRO QR HUDQ OD FDXVD GH SUHRFXSDFLyQ DFWXDO +DEtD
    HVWDGR HQ WHUDSLD SUHYLDPHQWH GXUDQWH VX VHSDUDFLyQ \ GLYRUFLR FXDWUR DxRV DQWHV 1R
    REVWDQWH 0DUN OD GHVFULELy FRPR GHVHVWUXFWXUDGD \ QR HQIRFDGD \ GLMR TXH GHMy GH
    DVLVWLUGHVSXpVGHXQDVFXDQWDVVHVLRQHV9LYtDVRORDXQTXHWHQtDODFXVWRGLDFRQMXQWDGH
    VXV GRV KLMDV DGROHVFHQWHV 0DUN \ VX H[ HVSRVD VH DOWHUQDEDQ FDGD GRV VHPDQDV HQ HO
    FXLGDGRGHODVKLMDV
    0DUN UHSRUWy TXH WHQtD SHULRGRV GH GHSUHVLyQ ³GHVGH TXH SRGtD UHFRUGDU´ (Q
    SDUWLFXODU UHFRUGy VX SULPHU HSLVRGLR GHSUHVLYR D ORV  DxRV SRFR GHVSXpV GH TXH VX
    SDGUH VH PDUFKy H LQWHUUXPSLy WRGR FRQWDFWR FRQ 0DUN \ VX IDPLOLD 'LMR TXH VLHPSUH
    KDEtDFUHtGRTXHHOPDWULPRQLRGHVXVSDGUHVHUDIHOL]\TXHHQHVHWLHPSRVHFXOSDED
    SRU OD SDUWLGD GH VX SDGUH &RPHQWy TXH VX PDGUH \ VXV KHUPDQRV PD\RUHV MDPiV
    GLVFXWtDQFRQVXSDGUH$OGHVFULELUVXHVWDGRGHiQLPRGXUDQWHODDGROHVFHQFLD\DGXOWH]
    GLMR ³7HQJR SHULRGRV HQ TXH SXHGR IXQFLRQDU ELHQ 9R\ D WUDEDMDU \ WRGR HVR SHUR HQ
    UHDOLGDG QXQFD VR\ IHOL]´ 6XV VtQWRPDV GHSUHVLYRV SULQFLSDOHV LQFOXtDQ HVWDGR GH iQLPR
    GHSUHVLYR SpUGLGD GHO SODFHU HQ FDVL WRGDV ODV DFWLYLGDGHV FXOSD H[FHVLYD IDWLJD
    GLILFXOWDGSDUDFRQFHQWUDUVH\HQRFDVLRQHVSHQVDPLHQWRVSDVLYRVGHPXHUWH
    0DUN KDEtD WHQLGR XQD UHG VRFLDO TXH JLUDED SULQFLSDOPHQWH DOUHGHGRU GH VX DQWHULRU
    PDWULPRQLR SHUR GHVGH VX VHSDUDFLyQ \ GLYRUFLR VH KDEtD DOHMDGR GH HVD UHG (Q OD
    DFWXDOLGDG HVWDED VROR OD PD\RU SDUWH GHO WLHPSR H[FHSWR FXDQGR FXLGDED GH VXV KLMDV

    
    0DUNWHQtDXQDOLFHQFLDWXUD\WUDEDMDEDFRPRFRQWDGRUSDUDXQDHPSUHVDPDQXIDFWXUHUD
    7DPELpQ HVFULEtD KLVWRULDV SDUD QLxRV \ DQWHV GH VX HSLVRGLR GHSUHVLYR PiV UHFLHQWH
    WUDEDMDEDHQXQDVHULHGHKLVWRULDVFRPRPLHPEURGHXQJUXSRORFDOGHHVFULWRUHV
    
    &RQFHSWXDOL]DFLyQGHOFDVR\UHVXPHQGHOWUDWDPLHQWR
    6H FRQFHSWXDOL]y TXH OD GHSUHVLyQ GH 0DUN VH KDEtD SUHVHQWDGR HQ HO FRQWH[WR GH VX
    GLYRUFLR \ ORV FDPELRV TXH VLJXLHURQ D HVH SURFHVR DGHPiV DOJXQDV YXOQHUDELOLGDGHV
    UHODFLRQDGDVFRQVXKLVWRULDSHUVRQDOWDPELpQIRUPDEDQXQFRQWH[WRSDUDVXH[SHULHQFLD
    DFWXDO 'HVSXpV GH VX GLYRUFLR 0DUN VXIULy XQ GXHOR LQWHQVR \ DQVLHGDG D OR TXH
    UHVSRQGLyFRQSDWURQHVGHHYLWDFLyQLQWHUSHUVRQDOTXHUHFLELHURQUHIRU]DPLHQWRQHJDWLYR
    SRU OD GLVPLQXFLyQ GHO GXHOR \ OD DQVLHGDG /H UHVXOWDED GLItFLO FRPSURPHWHUVH
    SOHQDPHQWHHQUHODFLRQHVVLJQLILFDWLYDV\HYLWDEDODLQWLPLGDGGHIRUPDVWDQWRPDQLILHVWDV
    S HM UHFKD]DQGR FRQWDFWRV VRFLDOHV  FRPR VXWLOHV S HM UXPLDQGR DFHUFD GH HUURUHV
    TXH FRPHWLy HQ HO SDVDGR GHMDQGR GH H[SUHVDU FRPSURPLVR FRQ OD UHODFLyQ \ OR TXH
    SHQVDED R VHQWtD VREUH YDULRV WHPDV GH PDQHUD UHJXODU  'XUDQWH HO WUDWDPLHQWR OD
    WHUDSHXWD\0DUNSODQWHDURQODKLSyWHVLVGHTXHODHYLWDFLyQGHUHODFLRQHVLQWHUSHUVRQDOHV
    FHUFDQDV HQ VX YLGD DGXOWD OH SHUPLWtDQ PDQWHQHU XQD GLVWDQFLD VXILFLHQWH SDUD QR VHQWLU
    ODV SpUGLGDV VXEVHFXHQWHV GH XQD IRUPD WDQ DJXGD FRPR OR TXH VLQWLy FXDQGR QLxR 6LQ
    HPEDUJRHVRVSDWURQHVGHHYLWDFLyQWDPELpQPDQWXYLHURQODGHSUHVLyQGH0DUNSRUTXH
    UHVWULQJtDQODUHFRPSHQVDTXHREWHQtDHQPXFKRVGHVXVFRQWH[WRVDFWXDOHV$OSULQFLSLR
    HOWUDWDPLHQWRVHHQIRFyHQLQFUHPHQWDUODDFWLYDFLyQ\DERUGDUPXFKRVGHORVSUREOHPDV
    VHFXQGDULRV \ DOWHUDFLRQHV GH UXWLQDV TXH KDEtDQ TXHGDGR HVWDEOHFLGRV (O WUDWDPLHQWR
    LQWHQWyUHYHUWLUODVHVSLUDOHVGHVFHQGHQWHVGHODGHSUHVLyQSRUPHGLRGHODSURJUDPDFLyQ\
    HVWUXFWXUDFLyQGHDFWLYLGDGHV$XQTXH0DUNDXPHQWyVXDFWLYDFLyQFRQUHODWLYDUDSLGH]
    VXHVWDGRGHiQLPRQRPHMRUyVLJQLILFDWLYDPHQWH(VWRFRQGXMRDFRQFHQWUDUODDWHQFLyQ
    HQVXUXPLDFLyQ\ODFRQWULEXFLyQGHpVWDDODHYLWDFLyQGHODLQWLPLGDGHQVXVUHODFLRQHV\
    HQH[SHULPHQWDUQXHYDVFRQGXFWDVGLVHxDGDVSDUDDFHUFDUD0DUNDVXPHWDGHWHQHUXQD
    UHODFLyQtQWLPDHVWUHFKD\VHQWLUVHPHMRU
    
    6HVLyQ
    /D SULPHUD VHVLyQ VH FRQFHQWUy HQ UHYLVDU ORV UHVXOWDGRV GHO SURFHVR GH HYDOXDFLyQ
    SUHVHQWDUHOPRGHORGHWUDWDPLHQWRDOHQWDUODVSUHJXQWDV\UHWURDOLPHQWDFLyQ\DGDSWDUHO
    PRGHORDODVH[SHULHQFLDVHVSHFtILFDVGH0DUN/DUHYLVLyQGHOSURFHVRGHHYDOXDFLyQSRU
    ORJHQHUDOHVEUHYHHQHVWDSDUWHGHODVHVLyQHOSURSyVLWRGHOWHUDSHXWDHVDVHJXUDUVHGH
    TXHFRPSUHQGHSOHQDPHQWHORVSUREOHPDVTXHSUHVHQWDHOFOLHQWHODKLVWRULDUHOHYDQWH\
    ODH[SHULHQFLDSUHYLDFRQDOJ~QWUDWDPLHQWRVLORKXER
    (OWHUDSHXWDWDPELpQUHYLVDVXIRUPXODFLyQGLDJQyVWLFDEiVLFDSDUDDVHJXUDVHGHTXHHO
    UHVXOWDGR GH OD HYDOXDFLyQ FRLQFLGD FRQ OD H[SHULHQFLD VXEMHWLYD GHO FOLHQWH GH VXV
    SUREOHPDV DFWXDOHV /D GLVFXVLyQ GHO WUDWDPLHQWR RFXSD OD PD\RU SDUWH GH ODV SULPHUDV
    VHVLRQHVSRUORJHQHUDO/DVLJXLHQWHWUDQVFULSFLyQRIUHFHXQHMHPSORGHODIRUPDHQTXH
    HOWHUDSHXWDSUHVHQWDHOPRGHORGHWUDWDPLHQWR\UHVSRQGHDSUHJXQWDVIUHFXHQWHVVREUHOD
    HWLRORJtD GH OD GHSUHVLyQ (VSHFtILFDPHQWH HO WHUDSHXWD SUHVHQWD OD LGHD GH TXH OD

    
    GHSUHVLyQVHWUDWDGHPDQHUDFRQGXFWXDOLQGHSHQGLHQWHPHQWHGHODHWLRORJtD
    
    7(5$3(87$ 3HUPtWDPH KDEODUOH XQ SRFR VREUH HO PRGHOR EiVLFR TXH JXtD OD
    DFWLYDFLyQFRQGXFWXDO/DSULPHUDLGHDHVTXHDPHQXGRRFXUUHQFRVDVHQODYLGDGHODV
    SHUVRQDVTXHOHVGLILFXOWDQFRQHFWDUVHFRQORVWLSRVGHH[SHULHQFLDTXHQRUPDOPHQWHODV
    D\XGDQDVHQWLUVHELHQ(VDVFRVDVSXHGHQVHUFDPELRVHYLGHQWHV\IiFLOHVGHGHWHFWDU
    FRPRSpUGLGDVLPSRUWDQWHVRDOWHUDFLRQHVHQODYLGDDXQTXHWDPELpQSXHGHQVHUFRVDV
    PHQRUHVFRPRHOWLSRGHVXFHVRVTXHORIDVWLGLDQXQSRFRSHURTXHVLJXHQSDVDQGRR
    TXH VH SUHVHQWDQ HQ JUDQ FDQWLGDG PiV R PHQRV DO PLVPR WLHPSR /D SDUWH PiV
    LPSRUWDQWH HV OD LGHD GH TXH HO HIHFWR GH HVRV VXFHVRV HV KDFHUOH PiV GLItFLO FRQHFWDU
    FRQ ORV WLSRV GH H[SHULHQFLD TXH WUDHUtDQ D VX YLGD XQ VHQWLGRGH SODFHU \ ORJUR \ TXH
    SRGUtDQKDFHUORVHQWLUPHMRU¢(VWRWLHQHVHQWLGRSDUDXVWHG"
    0$5. 'LUtD TXH HQ PL FDVR HV FLHUWR 'HILQLWLYDPHQWH PL GLYRUFLR IXH XQD GH ODV
    JUDQGHV3LHQVRTXHHVRGLVSDUyODVFRVDVSHURLQFOXVRDKRUDQRKD\PXFKRTXHPH
    D\XGH D VHQWLU PHMRU ,QFOXVR ODV FRVDV TXH FUHR TXH GHEHUtDQ D\XGDUPH QR OR KDFHQ
    (QHVWHSXQWRVHQFLOODPHQWHQRWHQJRODHQHUJtD
    7(5$3(87$ 6t H[DFWR (V PX\ QRUPDO VHQWLU PXFKDV FRVDV HQ HO FRQWH[WR GH HVRV
    VXFHVRV $ PHQXGR OR QRUPDO HV OD WULVWH]D R HO GXHOR SHUR WDPELpQ OR VRQ ORV
    VHQWLPLHQWRV GH IDWLJD \ OD VHQVDFLyQ GH QR WHQHU HQHUJtD R LQWHUpV HQ QDGD 7RGR HVR
    IRUPDSDUWHGHODH[SHULHQFLDGHODGHSUHVLyQ
    0$5.(VRODGHVFULEH
    7(5$3(87$ 9R\ D HPSOHDU HVWH GLDJUDPD SDUD GHVFULELU OD VLWXDFLyQ (Q HO SULPHU
    FtUFXOR SRGHPRV LQFOXLU DOJXQRV GH ORV VXFHVRV GH ORV TXH \D KDEODPRV FRPR HO
    GLYRUFLRHOKHFKRGHFRPSDUWLUODFXVWRGLDGHVXVKLMDV\VXPXGDQ]D/DVUHDFFLRQHV
    GHIDWLJD\IDOWDGHHQHUJtDTXHOHVLJXHQVRQPX\QRUPDOHV\ODVDQRWDUHPRVDTXtHQ
    HO VHJXQGR FtUFXOR $ PHQXGR HQFRQWUDPRV TXH OD JHQWH UHVSRQGH D HVRV FDPELRV
    WUDWDQGR GH DOHMDUORV GH VX YLGD (VH DOHMDPLHQWR HQ RFDVLRQHV RFXUUH GH PDQHUDV
    REYLDV FRPR SHUPDQHFHU HQ FDPD R UHSRUWDUVH HQIHUPR DO WUDEDMR R FDQFHODU
    FRPSURPLVRVVRFLDOHV\RWUDVYHFHVORKDFHGHIRUPDVPiVVXWLOHVFRPRFRQFHQWUDUVH
    PiVHQVXSHQVDPLHQWRTXHHQODVDFWLYLGDGHVTXHHVWiUHDOL]DQGR¢7LHQHHVRVHQWLGR
    SDUDXVWHG"
    0$5.6tSRUFRPSOHWR<RKDJRWRGDVHVDVFRVDV
    7(5$3(87$(VOyJLFRTXHXVWHGVHDOHMHFXDQGRVHVLHQWHWDQGHSULPLGR(OSUREOHPD
    HV TXH HVR PDQWLHQH D OD JHQWH HVWDQFDGD HQ OD GHSUHVLyQ \ HO DOHMDPLHQWR SXHGH
    FRQYHUWLUVH HQ XQ SUREOHPD SRU GHUHFKR SURSLR 'H PRGR TXH pVWD HV OD IOHFKD TXH
    YLQFXODORTXHKDFH\FyPRVHVLHQWHHQXQDHVSHFLHGHHVSLUDOGHVFHQGHQWH(QWUHPiV
    VH DOHMD R PiV TXHGD DWUDSDGR HQ VXV SHQVDPLHQWRV SHRU VH VLHQWH \ PHQRV HQHUJtD
    WLHQH
    0$5.6t(VRORUHVXPH
    7(5$3(87$ $GHPiV SDUD PXFKD JHQWH H[LVWH XQD VHJXQGD HVSLUDO GHVFHQGHQWH (V
    GHFLU OD DFWLYDFLyQ GH OD SULPHUD HVSLUDO GHVFHQGHQWH SURYRFD QXHYRV SUREOHPDV SRU
    HMHPSORTXHVXMHIHVHPROHVWHFRQXVWHGRTXHVXVDPLJRVGHMHQGHOODPDURSXHGH

    
    LPSHGLUOH UHVROYHU DOJXQRV GH ORV SUREOHPDV TXH GLVSDUDURQ DO SULQFLSLR OD GHSUHVLyQ
    (QWRQFHV OD PHWD ~OWLPD GH QXHVWUR WUDEDMR MXQWRV HV GHVFXEULU QXHYDV DFFLRQHV TXH
    SXHGD HPSUHQGHU DTXt VHxDODQGR HO WHUFHU FtUFXOR GHO GLDJUDPD  TXH SXHGDQ
    D\XGDUORDUHYHUWLUHVWDHVSLUDOGHVFHQGHQWH(VQHFHVDULRTXHDYHULJHPRVMXQWRVTXp
    DFWLYLGDGHV SXHGHQ WHQHU XQ HIHFWR SRVLWLYR HQ VX HVWDGR GH iQLPR SDUD D\XGDUOR D
    FRPSURPHWHUVHFRQGLFKDVDFWLYLGDGHV7DPELpQGHEHPRVGHVFXEULUFyPRUHVROYHUORV
    SUREOHPDV TXH OH JHQHUDQ HVWUpV R LQVDWLVIDFFLyQ ¢/H SDUHFH TXH HVR VH DMXVWD D VX
    H[SHULHQFLD" ¢7LHQH SUHJXQWDV VREUH OR TXH KH GLFKR" ¢3DUWHV TXH VHDQ DGHFXDGDV R
    LQDGHFXDGDV"
    0$5.(QWLHQGRORTXHGLFH\FUHRTXHHQSDUWHHVDGHFXDGRSHURQRHQWLHQGRSRUTXp
    HVWR\ WDQ GHSULPLGR 4XLHUR GHFLU RWUDV SHUVRQDV YLYHQ FRVDV HVWUHVDQWHV \ SDUHFHQ
    IXQFLRQDU2WUDVSHUVRQDVVHGLYRUFLDQRWLHQHQHPSOHRVHVSDQWRVRV\VLJXHQDGHODQWH
    £9HQJD \D PH GLYRUFLp KDFH FXDWUR DxRV &UHR TXH OD GHSUHVLyQ HVWi SUHVHQWH HQ PL
    IDPLOLD0LKHUPDQRPD\RUKDHVWDGRGHSULPLGRGHVGHVLHPSUH\DYHFHVPHSUHJXQWR
    VLPLSDSiHVWDEDGHSULPLGRFXDQGRVHPDUFKy+D\YHFHVHQTXHQRSXHGRLGHQWLILFDU
    QDGDTXHKD\DRFXUULGRHQPLYLGD4XLHURGHFLUQXQFDVR\UHDOPHQWHIHOL]\OXHJRHV
    FRPRVLKXELHUDXQLQWHUUXSWRUHQPLFHUHEUR\HVWXYLHUDGHUHJUHVRHQHVHKR\RRVFXUR
    GHQXHYR¢(QTXpFRLQFLGHHVRFRQORTXHXVWHGPHGLFH"
    7(5$3(87$(VDHVXQDH[FHOHQWHSUHJXQWD&XDQGRKDEORGHODGHSUHVLyQPHUHILHURD
    TXH DOJXQDV SHUVRQDV VRQ PiV YXOQHUDEOHV TXH RWUDV \ XQR SXHGH VHU YXOQHUDEOH D OD
    GHSUHVLyQ GH GLVWLQWDV IRUPDV SRU OD JHQpWLFD OD ELRORJtD R ODV H[SHULHQFLDV HQ VX
    KLVWRULD 'H KHFKR SRGHPRV DJUHJDU DOJXQDV GH ODV FRVDV TXH PHQFLRQD DO SULPHU
    FtUFXOR FRPR SDUWH GH VX FRQWH[WR (VFULEH HQ KLVWRULD IDPLOLDU  /R TXH HVWH
    WUDWDPLHQWRHQIDWL]DHVTXHHVSRVLEOHFDPELDUODGHSUHVLyQKDFLHQGRPRGLILFDFLRQHVHQ
    ORTXHXVWHGKDFH
    0$5.(VRWLHQHVHQWLGRSDUDPt8QDSDUWHGHORTXHGLFHGHILQLWLYDPHQWHHVDSURSLDGR
    SDUDPtODSDUWHUHODFLRQDGDFRQDOHMDUPHPiV'HILQLWLYDPHQWHORKDJR(QRFDVLRQHV
    QRKDEORFRQQDGLHQLVDOJRGHODFDPDGXUDQWHWRGDODVHPDQD6pTXHHVRORHPSHRUD
    WRGRSHURD~QDVtORKDJR&XDQGRPHVLHQWRDVtPHSDUHFHTXHQRSXHGRKDFHURWUD
    FRVD
    
    0LHQWUDV OD WHUDSHXWD UHVSRQGH D HVDV SUHJXQWDV FRPXQHV SUHWHQGH QRUPDOL]DU ODV
    UHVSXHVWDV GH HYLWDFLyQ D OD GHSUHVLyQ (V HVHQFLDO TXH HO FOLHQWH YHD DO WHUDSHXWD FRPR
    DOJXLHQ TXH HQWLHQGH \ VLHQWH VLQFHUD HPSDWtD SRU VX SUREOHPD (O WHUDSHXWD GHEH
    FRPXQLFDUOHDOFOLHQWHTXHVXVFRQGXFWDVWLHQHQVHQWLGRDXQTXHDODODUJDQROHVHDQGH
    D\XGD (VR KDFH PiV SUREDEOH TXH HO FOLHQWH YHD DO WHUDSHXWD FRPR XQ DOLDGR HQ HO
    SURFHVR GH FDPELR \ QR FRPR DOJXLHQ TXH VLPSOLILFD ODV FRVDV R QR HQWLHQGH HO GHVDItR
    TXH VXSRQH KDFHU ORV FDPELRV /D WHUDSHXWD WDPELpQ UHFDOFy OD LPSRUWDQFLD GH OD
    DFWLYLGDG JXLDGD \ GHVWDFy VX SDSHO FRPR H[SHUWD \ OD QHFHVLGDG GH XQD HYDOXDFLyQ
    FXLGDGRVD6XEUD\yODGLIHUHQFLDHQWUHODVWDUHDVFRQEDVHHQXQDFRPSUHQVLyQVXSHUILFLDO
    GH OD GHSUHVLyQ \ ODV TXH VRQ JXLDGDV SRU XQ DQiOLVLV IXQFLRQDO XQ DVSHFWR FODYH GHO
    WUDWDPLHQWRDOTXHUHJUHVDUiODWHUDSHXWDHQPXFKDVRFDVLRQHV

    
    7(5$3(87$ 6RQ PX\ EXHQDV REVHUYDFLRQHV \ HQ YHUGDG FRLQFLGHQ FRQ OR TXH KH
    DGYHUWLGR WDPELpQ SDUD PXFKD JHQWH 0XFKD JHQWH H[SHULPHQWD TXH SXHGH VHQWLUVH
    SHRUFXDQGRHPSLH]DDDFWLYDUVH\DLQYROXFUDUVH(OSUREOHPDFRQHODOHMDPLHQWRROD
    HYLWDFLyQ HV TXH VL ELHQ SURSRUFLRQDQ FLHUWR DOLYLR HQ HO FRUWR SOD]R D OD ODUJD HVD
    HVSLUDOGHVFHQGHQWHORPDQWLHQHDWUDSDGRHQODGHSUHVLyQ
    0$5.(VRWLHQHPXFKRVHQWLGRSDUDPt6LPSOHPHQWHQRTXLHURKDFHUQDGD3UHSDUDU
    OD FRPLGD PH FDQVD (O VRQLGR GH ORV FXELHUWRV VREUH ORV SODWRV PH LUULWD (V XQ SRFR
    ORFRSHUROR~QLFRTXHTXLHURHVDUUDVWUDUPHKDVWDXQKR\RDSDJDUODOX]HQPLFDEH]D
    \KDFHUTXHWRGRGHVDSDUH]FD/XHJRWHUPLQRVLQWLpQGRPHSHRUFXDQGRPHTXHGRHQOD
    FDPD 7DPELpQ VROtD EHEHU <R VDEtD TXH HVR OR HPSHRUDUtD WRGR \D QR OR KDJR
    PXFKRSHURHQHOPRPHQWRPHD\XGDEDDXQTXH\RVDEtDTXHHQUHDOLGDGQRORKDFtD
    6XSRQJRTXHPHVHQWtDPHMRUSRUXQWLHPSR\HVRHUDVXILFLHQWH
    7(5$3(87$ 6t H[DFWDPHQWH /D HYLWDFLyQ HV XQD UHVSXHVWD SHUIHFWDPHQWH QDWXUDO
    3HURSRUGHVJUDFLDORTXHVXFHGHHVTXHXVWHGQRHVWiHQFRQWDFWRFRQWRGDVODVFRVDV
    TXHSXHGHQEULQGDUOHSODFHU\XQVHQWLGRGHORJUR\TXHQRVHFRPSURPHWHHQUHVROYHU
    ORVSUREOHPDVTXHOHRFDVLRQDQHVWUpV
    0$5.0HHVWiKDEODQGRGHODVGRVHVSLUDOHVGHVFHQGHQWHV¢YHUGDG"/RHQWLHQGRSHUR
    WRGRPHSDUHFHGHPDVLDGRDEUXPDGRU(OVRORKHFKRGHSHQVDUHQHOOR«
    7(5$3(87$ 6t OR Vp $TXt HV GRQGH HQWUR \R (V LPSRUWDQWH HQIDWL]DU TXH HVWH
    WUDWDPLHQWR QR VH WUDWD GH TXH OH GLJD TXH GHEHUtD ³KDFHU PiV´ HQ JHQHUDO (Q
    RFDVLRQHV OH GLJR D OD JHQWH TXH pVWD QR HV OD DSUR[LPDFLyQ D OD WHUDSLD HQ TXH FDGD
    VHPDQDOHGLJR³VyORKD]OR´(VSUREDEOHTXHKD\DUHFLELGRUHWURDOLPHQWDFLyQFRPRHVD
    GHRWUDVSHUVRQDVHQVXYLGD\TXHLQFOXVRXVWHGVHGLJDDOJRVLPLODU
    0$5.6tODDFXVDFLyQHVFLHUWD
    7(5$3(87$ 0L VXSRVLFLyQ HV TXH VL HVWR IXHUD VHQFLOOR GH GHVFXEULU XVWHG \D OR
    KDEUtDKHFKR(VXQWUDWDPLHQWRVLPSOHSHURHVRQRVLJQLILFDTXHVHDVHQFLOOR/DUD]yQ
    SRU OD TXH XVWHG HVWi DTXt KR\ HV TXH QR UHVXOWD IiFLO \ TXH HV DKt GRQGH HQWUD PL
    H[SHULHQFLD 8QD SDUWH LPSRUWDQWH GH HVWH WUDWDPLHQWR HV OD LGHD GH OD DFWLYDFLyQ
    JXLDGD (VWR VLJQLILFD TXH XVWHG \ \R WUDEDMDUHPRV MXQWRV HQ LGHQWLILFDU IRUPDV
    HVSHFtILFDV HQ TXH SXHGD H[SHULPHQWDU FRQ OD DFWLYDFLyQ 0L H[SHULHQFLD UDGLFD HQ
    DYHULJXDUSULPHURTXpOXJDUHVSXHGHQVHUGHPiVD\XGDSDUDLQFUHPHQWDUVXDFWLYDFLyQ
    \FRPSURPLVR\VHJXQGRTXpSDVRVSHTXHxRV\PDQHMDEOHVSXHGHGDUSDUDHPSH]DU
    3XHGH FRQVLGHUDUPH FRPR XQD HQWUHQDGRUD R XQD SHUVRQD TXH OR DVHVRUDUi HQ HO
    SURFHVR GH FDPELR 9DPRV D WUDEDMDU MXQWRV FRPR HTXLSR HQ SHTXHxRV SDVRV SDUD
    UHFRUUHUWRGRHOFDPLQR¢4XpOHSDUHFH"
    0$5./DLGHDVXHQDELHQ6XSRQJRTXHYDOHODSHQDLQWHQWDUOR
    7(5$3(87$ 0H JXVWDUtD SHGLUOH TXH OHD XQ SHTXHxR IROOHWR VREUH HVWH WUDWDPLHQWR
    HQWUHHVWHPRPHQWR\ODSUy[LPDRFDVLyQHQTXHQRVHQFRQWUHPRV$KtHQFRQWUDUiPiV
    LQIRUPDFLyQ
    /D SUy[LPD YH] TXH QRV UHXQDPRV KDEODUHPRV PiV DFHUFD GH FyPR SRQHU HQ SUiFWLFD
    HVWDVLGHDV
    

    
    (Q OD VHVLyQ LQLFLDO OD WHUDSHXWD HPSH]y D LQIRUPDU D 0DUN VREUH HO PRGHOR GH
    WUDWDPLHQWR\ D LQYROXFUDUORDFWLYDPHQWH HQ VXOyJLFD /H GLRLQIRUPDFLyQ DFHUFD GHVXV
    UHVSHFWLYRV UROHV HQ HO WUDWDPLHQWR \ OH DVLJQy OD SULPHUD WDUHD OHHU HO IROOHWR VREUH OD
    OyJLFD GHO WUDWDPLHQWR  (VDV WDUHDV FUXFLDOHV GH OD SULPHUD VHVLyQ SUHSDUDQ ODV
    FRQGLFLRQHVSDUDXQDGLVFXVLyQDGLFLRQDOHQODVHJXQGDVHVLyQ
    
    6HVLyQ
    (QODVHJXQGDVHVLyQODWHUDSHXWDKDFHXQVHJXLPLHQWRFXLGDGRVRGHXQDVHULHGHWDUHDV
    GH RULHQWDFLyQ FODYHV HQWUH ODV TXH VH HQFXHQWUDQ DVHJXUDUVH GH TXH 0DUN HVWi GH
    DFXHUGR FRQ HO PRGHOR EiVLFR GH WUDWDPLHQWR \ H[SOLFDU OD HVWUXFWXUD GH OD WHUDSLD /D
    WHUDSHXWDDWLHQGHDHVRVWHPDVDOGDULQLFLRDODVHVLyQ
    
    7(5$3(87$0HDOHJUDYHUOR0DUN
    0$5.*UDFLDVHVEXHQRHVWDUGHUHJUHVR
    7(5$3(87$ (V JHQLDO 6DEH FXDQGR SHQVDED HQ QXHVWUD ~OWLPD VHVLyQ PH GL FXHQWD
    GH TXH KD\ XQ SDU GH SXQWRV TXH TXLHUR HQIDWL]DU 8QR GH HOORV HV TXH pVWD HV XQD
    DSUR[LPDFLyQ D OD WHUDSLD TXH LPSOLFD JUDQ FRODERUDFLyQ \ XQD UHODWLYD HVWUXFWXUD 'H
    PRGRTXHFDGDYH]TXHQRVUHXQDPRVHPSH]DUHPRVSRUHVWDEOHFHUXQDDJHQGDSDUDOD
    VHVLyQ\ORKDUHPRVHQFRODERUDFLyQ'HKHFKRFRQHOWLHPSRXVWHGDVXPLUiFDGDYH]
    PiV OD WDUHD GH HVWDEOHFHU OD DJHQGD DXQTXH DO SULQFLSLR HV SRVLEOH TXH \R WHQJD PiV
    TXH GHFLU DO UHVSHFWR /D LGHD HV TXH \R VR\ H[SHUWD HQ FyPR VXSHUDU OD GHSUHVLyQ \
    XVWHGHVH[SHUWRHQVtPLVPR\HQVXYLGD\HQODVFRVDVTXHVRQRQRGHD\XGD
    0$5.(VRPHSDUHFHUD]RQDEOH
    7(5$3(87$([FHOHQWH(QWRQFHVHQORTXHWRFDDODDJHQGDGHHVWHGtDWHQJRXQSDU
    GH FRVDV 0H JXVWDUtD KDEODU PiV DFHUFD GHO HQIRTXH GHO WUDWDPLHQWR \ VX UHDFFLyQ DO
    PLVPR \ WDPELpQ VREUH FyPR OOHYDPRV D OD SUiFWLFD DOJXQDV GH ODV LGHDV ¢+D\ DOJR
    TXHXVWHGTXLHUDTXHDERUGHPRVKR\"
    0$5. 1R HVR PH SDUHFH ELHQ /Ht HO IROOHWR \ GH YHUGDG WRFy ILEUDV VHQVLEOHV
    3DUHFHUtDTXHORHVFULELHURQSDUDPtEiVLFDPHQWHSHQVp³*UDFLDVD'LRVTXHDOJXLHQOR
    HQWHQGLy´
    7(5$3(87$ (VWXSHQGR &UHR TXH XQD GH ODV LGHDV SULQFLSDOHV GHO PRGHOR HV TXH
    VXFHGHQ FRVDV TXH GHVHQFDGHQDQ XQ HVWDGR GH iQLPR GHSUHVLYR \ TXH OXHJR OD JHQWH
    KDFHRGHMDGHKDFHUFRVDVORTXHHPSHRUDODGHSUHVLyQ(QVXFDVRHQWLHQGRTXHHO
    SULQFLSDOGHVHQFDGHQDQWHIXHVXGLYRUFLR\TXHHVRRFXUULyHQHOFRQWH[WRGHVXKLVWRULD
    GHSpUGLGDVLPSRUWDQWHVRFXUULGDVHQODIDPLOLDHQTXHFUHFLy
    0$5. 6t ODV GRV FRVDV VRQ YHUGDGHUDV 5HGXMH PXFKR PLV DFWLYLGDGHV SRU HMHPSOR
    GHMp GH HMHUFLWDUPH \ GH KDFHU FRVDV FRQ OD JHQWH LQFOXVR FRQ PLV KLMDV 6ROtDPRV
    SUHSDUDU JUDQGHV FHQDV MXQWRV \ DKRUD LQFOXVR RUJDQL]DUPH SDUD RUGHQDU XQD SL]]D
    VXSRQH XQ HVIXHU]R < HQ HO WUDEDMR VXFHGH DOJR SDUHFLGR (VWR\ IXQFLRQDQGR DO
    PtQLPR\KRQHVWDPHQWHPXFKDVYHFHVQLVLTXLHUDHVRKDJR
    7(5$3(87$/RVp3XHGHVHUPX\GLItFLOVHJXLUKDFLHQGRODVFRVDVTXHORPDQWHQGUiQ

    
    IXQFLRQDQGRELHQ\DTXtHVGRQGHHQWUDODWHUDSLD$SDUWLUGHOD~OWLPDVHVLyQ\GHOR
    TXH OH\y ¢TXp HQWHQGLy GH OR TXH KDUHPRV DTXt \ GH FyPR YR\ D VHUOH GH D\XGD" 6L
    WXYLHUDTXHFRQWDUOHDXQDPLJRORTXHYDPRVDKDFHUHQHVWDWHUDSLD¢TXpOHGLUtD"
    0$5.6XSRQJRTXHOHGLUtDTXHYDPRVDSUHFLVDUODVDFWLYLGDGHVTXHPHSURSRUFLRQDQ
    DOJ~Q SODFHU R TXH PH D\XGDQ D VHQWLU TXH HVWR\ PDQHMDQGR ELHQ ODV FRVDV /XHJR
    DYHULJXDUHPRVFyPRORJUDUTXHPHLQYROXFUHPiVHQDOJXQDVGHHVDVFRVDV
    7(5$3(87$6tHQJUDQPHGLGDVHWUDWDGHHVR(QRFDVLRQHVRFXUUHQFRVDVHQODYLGD
    GH OD JHQWH TXH HVWiQ FRPSOHWDPHQWH IXHUD GH VX FRQWURO \ TXH GHVHQFDGHQDQ OD
    GHSUHVLyQ \ OR TXH OODPDPRV FRQGXFWDV SUREOHPD VHFXQGDULDV OD PDQWLHQHQ R OD
    HPSHRUDQ &RPR XVWHG GLFH VRQ ODV FRQGXFWDV TXH LPSOLFDQ DOHMDPLHQWR R HYLWDFLyQ
    FRPRGHMDUGHUHDOL]DUDFWLYLGDGHVGLYHUWLGDVFRQVXVKLMDVRUHWUDHUVHHQHOWUDEDMR<
    HQHVRVFDVRVWUDEDMDPRVHQODVFRQGXFWDVSUREOHPDVHFXQGDULDV\HVRHVHOFHQWURGH
    OD WHUDSLD 2WUDV YHFHV HV QHFHVDULR DERUGDU SUREOHPDV PiV JUDQGHV GH VX YLGD TXH
    SXHGHQ UHODFLRQDUVH FRQ OR TXH OR KDFH YXOQHUDEOH D OD GHSUHVLyQ (Q HVRV FDVRV OD
    WHUDSLD LQYROXFUD DERUGDU GLUHFWDPHQWH ODV FRQGXFWDV SUREOHPD VHFXQGDULDV \ WUDEDMDU
    GLUHFWDPHQWH HQ ORV SUREOHPDV GHVSXpV GH OR FXDO KDEUHPRV DOODQDGR HO FDPLQR SDUD
    UHVROYHUDOJXQRVSUREOHPDVPDQWHQLpQGRORDFWLYDGR\FRPSURPHWLGR
    0$5.(VHSDUHFHVHUPLFDVRSRUTXHVpTXHWXYHPXFKRVSUREOHPDVUHODFLRQDGRVFRQ
    'LDQDTXHIXHURQSDUWHGHQXHVWURGLYRUFLRTXHQRKDQPHMRUDGR
    7(5$3(87$6tKDEODUHPRVPiVDPHGLGDTXHVHSDPRVTXpGLVSDUyVXGHSUHVLyQ(Q
    JHQHUDO VDEHPRV DKRUD TXH IXH HO GLYRUFLR 3HUR D PHGLGD TXH HPSHFHPRV D VHJXLU
    GtD D GtD VX HVWDGR GH iQLPR \ VXV DFWLYLGDGHV YHUHPRV FyPR VH HOHYD \ GHFDH
    7UDEDMDUHPRV MXQWRV SDUD YHU HVR FRQ FXLGDGR SUHJXQWiQGRQRV TXp OR GLVSDUy FyPR
    UHVSRQGLyDOKHFKRGHTXHVXHVWDGRGHiQLPROOHJDUDDHVHSXQWR\VLKDEUtDVLGR~WLO
    TXHLQWHQWDUDDOJRGLIHUHQWH
    
    /DWHUDSHXWDDILUPyGRVYHFHVTXHSRUORJHQHUDOHVXQVXFHVRFRQWH[WXDOORTXHGLVSDUD
    OD GHSUHVLyQ DXQTXH DQWHV UHFRQRFLy TXH YDULDV FRVDV SXHGHQ FRQWULEXLU D OD
    YXOQHUDELOLGDG eVWH HV XQ SXQWR VXWLO DXQTXH LPSRUWDQWH SRUTXH HQ RFDVLRQHV ORV
    FOLHQWHV FUHHQ TXH VX GHSUHVLyQ ³VDOLy GH OD QDGD´ R TXH HV ³ELROyJLFD´ \ QR SXHGH
    PRGLILFDUVH SRU PHGLRV FRQGXFWXDOHV $O HQIDWL]DU XQ DQWHFHGHQWH DPELHQWDO S HM OD
    SpUGLGDGHUHIRU]DPLHQWRSRVLWLYR ODWHUDSHXWDSODQWHDODLGHDGHTXHHQOXJDUGHTXHOD
    GHSUHVLyQ HVWp FRPSOHWDPHQWH IXHUD GHO FRQWURO GH ORV SDFLHQWHV VX UHVSXHVWD GHSUHVLYD
    WLHQH VHQWLGR \ OR PiV LPSRUWDQWH TXH HV SRVLEOH KDFHU FDPELRV FRQGXFWXDOHV SDUD
    UHFXSHUDU R HVWDEOHFHU QXHYRV UHIRU]DGRUHV HQ VXV YLGDV $GHPiV OD WHUDSHXWD VLJXLy
    HQIDWL]DQGR OD LPSRUWDQFLD GH VXSHUYLVDU \ HYDOXDU FRQ FXLGDGR ODV UHODFLRQHV HQWUH HO
    HVWDGRGHiQLPRODDFWLYLGDG\HOFRQWH[WRFRPRXQDSDUWHFODYHGHOGLVHxRHIHFWLYRGH
    ORV SODQHV GH FDPELR FRQGXFWXDO /D WHUDSHXWD FRQVWUX\H OXHJR VREUH HVWH FLPLHQWR D
    PHGLGD TXH DYDQ]D DO RWUR WHPD GH DWHQFLyQ GH OD VHJXQGD VHVLyQ HO LQLFLR GH OD
    VXSHUYLVLyQ GH OD DFWLYLGDG $TXt OD WHUDSHXWD OH H[SOLFD D 0DUN SRU TXp HV LPSRUWDQWH
    VXSHUYLVDUODDFWLYLGDGHPSLH]DDHQVHxDUOHFyPROOHQDUHO5HJLVWURGH$FWLYLGDG ILJXUD
     \ORUHODFLRQDGLUHFWDPHQWHFRQDOJXQDVGHVXVH[SHULHQFLDVUHFLHQWHV

    
    

    
    )LJXUD0XHVWUDGHO5HJLVWURGH$FWLYLGDGFRPSOHWDGR FDGDKRUD  DVLJQDGRHOOXQHV
    \UHYLVDGRHOPDUWHV 

    
    
    7(5$3(87$ 8QD GH ODV SULQFLSDOHV KHUUDPLHQWDV TXH XVDPRV HQ HVWD WHUDSLD HV HO
    OODPDGR5HJLVWURGH$FWLYLGDG(VWHHVXQHMHPSOR OHSDVDD0DUNHOUHJLVWUR &RPR
    SXHGH YHU LQFOX\H FXDGURV SDUD FDGD KRUD GHO GtD 0H JXVWDUtD TXH OR XVH SDUD
    HPSH]DUDUHJLVWUDUVXDFWLYLGDG\VXHVWDGRGHiQLPR%iVLFDPHQWHHVXQDPDQHUDGH
    GDU VHJXLPLHQWR D FyPR SDVD VX WLHPSR GXUDQWH HO GtD \ FyPR VH VLHQWH 4XHUHPRV
    VDEHUTXpKDFHFDGDKRUD\GtDDGtD4XpFRVDVORD\XGDQDVHQWLUVHPHMRU\FXiOHVOR
    KDFHQ VHQWLUVH SHRU 8VWHG \ \R YDPRV D UHYLVDU MXQWRV HVRV UHJLVWURV FRQ PXFKR
    FXLGDGR HQIRFiQGRQRV HQ FyPR SDVD VX WLHPSR \ FyPR VH VLHQWH (Q RFDVLRQHV HO
    5HJLVWUR GH $FWLYLGDG QRV GLFH GH LQPHGLDWR GyQGH GHEHQ KDFHUVH FDPELRV \ RWUDV
    YHFHVGHEHPRVUHYLVDUORGXUDQWHXQSDUGHVHPDQDV
    0$5.0X\ELHQ
    7(5$3(87$ ¢+D\ DOJR TXH KD\D HVWDGR KDFLHQGR GHVGH TXH HPSH]y D VHQWLUVH
    GHSULPLGRTXHVHDGLIHUHQWHGHORTXHKDFHQRUPDOPHQWH"
    7(5$3(87$ 6t KDJR PHQRV HMHUFLFLR YHR PiV WHOHYLVLyQ \ GHGLFR PXFKR WLHPSR D
    SHQVDUHQWRGRHVR(VXQDORFXUD
    7(5$3(87$1RHVQLQJXQDORFXUDSHURHVWR\GHDFXHUGRHQTXHQROHD\XGDPXFKR
    <HVPX\GLItFLO\HVDHVODUD]yQSRUODTXHHVWiDTXt3RGHPRVHPSH]DUDUHVROYHU
    HVWR MXQWRV (V JHQLDO TXH \D HVWXYLHUD DO WDQWR GH HVRV SDWURQHV \ VRQ EXHQRV
    HMHPSORV GH FyPR EXVFDU FRQFUHWDPHQWH OR TXH HVWi KDFLHQGR (VWD WHUDSLD SUHWHQGH
    KDFHUORPiVFRQVFLHQWHGHODIRUPDHQTXHVXHVWDGRGHiQLPRHVVXWLOPHQWHDIHFWDGR
    GH XQD DFWLYLGDG D RWUD H LQFUHPHQWDU ODV TXH VHDQ PiV JUDWLILFDQWHV (V FRPR VL
    HVWXYLpVHPRVHQXQDPLVLyQGHWHFWLYHVFDSDUDLGHQWLILFDUODVDFWLYLGDGHVTXHVRQFRPR
    DOWLEDMRVHQVXYLGDODVTXHHVWiQUHODFLRQDGDVFRQVHQWLUVHPHMRU\ODVTXHQRORHVWiQ
    0$5. 7LHQH VHQWLGR (QWRQFHV ¢GHER DQRWDUOR WRGR" ¢'H YHUGDG TXLHUH TXH OR KDJD
    FDGDKRUD"
    7(5$3(87$eVWDHVODGLUHFWUL]TXH\RXWLOL]R4XLHURTXHODJHQWHUHJLVWUHVXDFWLYLGDG
    FRQ OD IUHFXHQFLD VXILFLHQWH SDUD QR WHQHU TXH GHSHQGHU GH OD PHPRULD (O SUREOHPD
    FRQ OD PHPRULD FXDQGR XQR HVWi GHSULPLGR HV TXH OD GHSUHVLyQ SXHGH DGRUPHFHU R
    VHVJDU OD FRQVFLHQFLD 'H PRGR TXH QR WLHQH TXH KDFHUOR FDGD KRUD £'HEHPRV VHU
    UHDOLVWDV DFHUFD GHO UHVWR GH VX YLGD 3HUR SXHGH SUREDU KDFHUOR FDGD WUHV R FXDWUR
    KRUDV$DOJXQDVSHUVRQDVOHVJXVWDKDFHUHOUHJLVWURGXUDQWHHOGHVD\XQRHODOPXHU]R
    ODFHQD\DQWHVGHPHWHUVHDODFDPD
    0$5.&UHRTXHHVRSXHGHIXQFLRQDUSDUDPt
    7(5$3(87$ 9HDPRV DKRUD OR TXH GHEH DQRWDU $QRWD VX DFWLYLGDG HQ FDGD EORTXH \
    OXHJR DQRWD WDPELpQ HQ FDGD EORTXH XQD FDOLILFDFLyQ GH VX HVWDGR GH iQLPR TXH YD\D
    GHD7RPHPRVFRPRHMHPSORHOGtDGHKR\¢4XpHVWDEDKDFLHQGRHQODVKRUDV
    DQWHVGHYHQLUDTXt"
    0$5.(VWDEDHQHOWUDEDMR
    7(5$3(87$0X\ELHQHVWXSHQGR¢4XpKDFtDHQHOWUDEDMR"
    0$5. /H HVWDED HQVHxDQGR D XQD QXHYD HPSOHDGD FyPR XVDU QXHVWUR VLVWHPD GH
    FyPSXWR (VR IXH UHDOPHQWH IUXVWUDQWH SRUTXH HOOD QR HQWHQGtD \ \R QR WHQJR PXFKD

    
    SDFLHQFLD
    7(5$3(87$ (V XQD JUDQ LQIRUPDFLyQ SDUD HO UHJLVWUR ¢3RU TXp QR HVFULEH
    ³WUDEDMDQGRHQVHxDQGR D OD QXHYD HPSOHDGD´ $KRUD TXLHUR TXH UHJLVWUH VX HVWDGR GH
    iQLPR HQ XQD HVFDOD GH  D  YHDPRV HQWRQFHV VL SRGHPRV REWHQHU DOJXQDV DQFODV
    DTXt ¢4Xp VHUtD SDUD XVWHG XQ HVWDGR GH iQLPR ´" 3RGHPRV VHJXLUOR HQ FXDOTXLHU
    IRUPD TXH VHD PiV ~WLO SDUD XVWHG GH PRGR TXH SRGUtDPRV FRQVLGHUDU TXH  VHUtD
    VHQWLUVH UHDOPHQWH ELHQ VLQ GHSUHVLyQ QL WULVWH]D DOJXQD 'H VHU DVt FRQVLGHUDUtDPRV
    HQWRQFHV TXH  FRUUHVSRQGH D ORV PRPHQWRV HQ TXH VH VLHQWH PX\ PDO OR SHRU TXH
    SXHGHVHQWLU&UHRTXHVHUtD~WLOSHQVDUHQDOJXQDVDFWLYLGDGHVTXHVHXELTXHQHQRHQ
    HO SXQWR PHGLR GRQGH QR VH VLHQWH GHO WRGR ELHQ SHUR WDPSRFR VH VLHQWH
    SDUWLFXODUPHQWHPDO¢4XpDFWLYLGDGHVSRGUtDQDVRFLDUVHFRQFDGDXQD"
    
    /DWHUDSHXWD\0DUNWUDEDMDURQOXHJRMXQWRVSDUDLGHQWLILFDUDFWLYLGDGHVDVRFLDGDVFRQORV
    SXQWRVEDMRPHGLR\DOWRGHODHVFDOD$OJXQRVFOLHQWHVSUHILHUHQXVDUHOH[WUHPREDMRGH
    OD HVFDOD SDUD LQGLFDU XQ HVWDGR GH iQLPR QHJDWLYR PLHQWUDV TXH RWURV FRPR 0DUN
    SUHILHUHQDQFODUHOH[WUHPREDMRDXQHVWDGRGHiQLPRSRVLWLYR ³UHDOPHQWHEXHQR´SDUD
    0DUN  3HUPLWLU HVD IOH[LELOLGDG SXHGH VHU ~WLO VLHPSUH TXH WHUDSHXWD \ FOLHQWH WHQJDQ
    FODUR TXp DQFODV VH XVDUiQ FXDQGR HO FOLHQWH KDJD HQ FDVD OD VXSHUYLVLyQ 'HEH
    PHQFLRQDUVH WDPELpQ TXH ORV WHUDSHXWDV SXHGHQ SHGLU D ORV FOLHQWHV TXH FDOLILTXHQ RWUDV
    GLPHQVLRQHV FRPR HO JUDGR HQ TXH ODV DFWLYLGDGHV VH DVRFLDURQ FRQ GRPLQLR \ SODFHU
    %HFNHWDO   R OD VHQVDFLyQ GH VHU SURWHJLGR R PHUPDGR 6HJDO HWDO   /D
    FDOLILFDFLyQ GH HVWDV GLPHQVLRQHV SXHGH VXVWLWXLU R FRPSOHPHQWDU D OD FDOLILFDFLyQ GHO
    HVWDGR GH iQLPR $ PHQXGR VH LQLFLD SLGLHQGR D ORV FOLHQWHV TXH UHJLVWUHQ ODV
    FDOLILFDFLRQHV GHO HVWDGR GH iQLPR SRUTXH SDUD PXFKRV HV XQ SXQWR GH SDUWLGD PiV
    VHQFLOOR SRUTXH H[LJH PHQRV GLVFULPLQDFLyQ GH OD H[SHULHQFLD VXEMHWLYD DGHPiV OD
    FDOLILFDFLyQ GHO HVWDGR GH iQLPR SURSRUFLRQD LQIRUPDFLyQ HVHQFLDO VREUH SRVLEOHV
    DFWLYLGDGHVDQWLGHSUHVLYDV3DUDDOJXQRVFOLHQWHVHV~WLOFRQVWUXLUVREUHHVWRHQVHxiQGRORV
    D GLVWLQJXLU HQWUH GRPLQLR \ SODFHU \ FyPR SXHGHQ DPEDV FRVDV VHU ~WLOHV HQ OD
    UHJXODFLyQ GHO HVWDGR GH iQLPR (Q HO FDVR GH TXH VH FDOLILTXH HO HVWDGR GH iQLPR R OD
    GLPHQVLyQ GH GRPLQLRSODFHU HV LPSRUWDQWH UHYLVDU FRQ FXLGDGR HO PpWRGR \ OD HVFDOD
    TXH VH GHVHD XVH HO FOLHQWH $ RWURV FOLHQWHV OHV UHVXOWD ~WLO OD GLPHQVLyQ GH SUWHFFLyQ R
    PHUPDSDUDLGHQWLILFDUDFWLYLGDGHVTXHVRQDQWLGHSUHVLYDV
    
    7(5$3(87$ 'DGD HVWD HVFDOD ¢FXiO VHUtD OD FDOLILFDFLyQ GH VX HVWDGR GH iQLPR SDUD
    ODVGRVKRUDVGH³WUDEDMR´GHHVWHGtD"
    0$5.3UREDEOHPHQWHXQ
    7(5$3(87$([DFWDPHQWH$KRUDELHQHQRFDVLRQHVVXFHGHTXHODJHQWHQRDQRWDHVWR
    SRUTXHSLHQVD³1RHVWDEDKDFLHQGRQDGD´(VLPSRUWDQWHGDUVHFXHQWDGHTXHDXQTXH
    QRHVWXYLHUDUHDOL]DQGRQLQJXQDDFWLYLGDGWDPELpQTXHUHPRVVDEHUOR
    0$5.¢$TXpVHUHILHUH"
    7(5$3(87$ %XHQR FXDQGR OD JHQWH SLHQVD HQ ³DFWLYLGDGHV´ VXHOH UHIHULUVH D FRVDV
    FRPR ³LU D OD WLHQGD´ ³YHU XQD SHOtFXOD´ ³UHFRJHU D PL KLMR HQ OD HVFXHOD´ 3HUR

    
    QRVRWURVFRQFHELPRVDODDFWLYLGDGGHPDQHUDPiVDPSOLD3RGUtDHVWDUFRQGXFLHQGRD
    FDVD GH 'LDQD R FRQYHUVDQGR SRU WHOpIRQR FRQ DOJXLHQ R LQFOXVR HVWDU DFRVWDGR HQ
    FDPDGHGLFDQGRHOWLHPSRDSHQVDUHQ'LDQD
    0$5.(VRVHUtDQHQYHUGDGPXFKRVGtDV
    7(5$3(87$6t\XVWHGGHEHDQRWDUOR(VDVVRQDOJXQDVGHODVFRVDVPiVLPSRUWDQWHV
    (Q FLHUWR VHQWLGR HQWUH PiV GHWDOOH PHMRU 4XHUHPRV HPSH]DU D DGYHUWLU FDPELRV
    VXWLOHV 'HVHDPRV EDVDUQRV HQ HVDV RFDVLRQHV HQ TXH VH VLHQWH XQ SRFR PHMRU \
    TXHUHPRVDYHULJXDUFXiOHVHOSUREOHPDFXDQGRVHVLHQWHSHRU
    0$5.&UHRTXH\DHQWLHQGR
    7(5$3(87$£(VWXSHQGR/DJHQWHVXHOHSHQVDUTXHHVWRSDUHFHGHPDVLDGRVLPSOH\
    DVt HV 6XHQD VLPSOH SHUR HQ OD SUiFWLFD QR OR HV WDQWR $O SULQFLSLR SXHGH VHU GLItFLO
    KDFHUORREVHUYDUGHWHQLGDPHQWHWRGDVVXVDFWLYLGDGHV\GHVFXEULUFyPRVHUHODFLRQDVX
    HVWDGRGHiQLPRFRQHOODV6HUHTXLHUHKDELOLGDG\WUDEDMRGXURGHDPEDVSDUWHV¢+D\
    DOJR TXH SRGDPRV DQWLFLSDU TXH SXHGH LQWHUSRQHUVH HQ VX WDUHD GH VXSHUYLVLyQ HVWD
    VHPDQD"
    
    /DWHUDSHXWDWHUPLQyODVHVLyQDQDOL]DQGRFRQ0DUNODVEDUUHUDVSRWHQFLDOHVSDUDKDFHUOD
    WDUHD DQLPiQGROR D KDFHU FRQWDFWR SRU WHOpIRQR GH VXUJLU DOJXQD GXGD \ RIUHFLpQGROH
    iQLPRVREUHODSUREDELOLGDGGHTXHSRGUtDD\XGDUOR
    6HVLyQ
    &RPRVHPHQFLRQyXQDGHODVFRPSHWHQFLDVTXHGHEHSRVHHUHOWHUDSHXWDHVODKDELOLGDG
    SDUDUHYLVDUXQ5HJLVWURGH$FWLYLGDG\UHFRJHULQIRUPDFLyQTXHUHVXOWH~WLOSDUDDGDSWDU
    ODV HVWUDWHJLDV GH DFWLYDFLyQ \ FRPSURPLVR /D WHUFHUD VHVLyQ VH FRQFHQWUD HQ UHYLVDU HO
    5HJLVWUR GH $FWLYLGDG GH 0DUN ILJXUD   \ HQ XVDU OD LQIRUPDFLyQ UHFDEDGD FRPR
    WUDPSROtQSDUDXQDHYDOXDFLyQPiVGHWDOODGDGHFRQGXFWDVSUREOHPiWLFDVFODYH8QDYH]
    PiV HQ HVDV SULPHUDV VHVLRQHV HO LQWHUpV GHO WHUDSHXWD VH FHQWUD HQ DXPHQWDU OD
    DFWLYDFLyQHQODViUHDVTXHPHMRUHQHOHVWDGRGHiQLPRGH0DUNHVWHWUDEDMRHVWDEOHFHUi
    HOFLPLHQWRSDUDHOWUDEDMRSRVWHULRUSDUDODPRGLILFDFLyQGHODHYLWDFLyQ\ODVROXFLyQGH
    SUREOHPDV
    
    7(5$3(87$¢5HYLVDPRVVX5HJLVWURGH$FWLYLGDG"
    0$5.0X\ELHQ (QWUHJDHOUHJLVWURDOWHUDSHXWD 
    7(5$3(87$¢3RUTXpQRPHJXtD"¢4XpDSUHQGLy" /HUHJUHVDHOUHJLVWURD0DUN 
    0$5.1RHVWR\VHJXURVLHVWRHVORTXHXVWHGWHQtDHQPHQWH(PSHFpHOGtDGHVSXpV
    GH QXHVWUD ~OWLPD VHVLyQ (VH GtD IXL DO WUDEDMR SHUR PH VHQWtD WDQ PDO TXH VDOt
    WHPSUDQR\UHJUHVpDFDVD(VWXYHKDFLHQGRDOJXQDVFKDSX]DVSRUODFDVDKDVWDODFHQD
    7RGRHOGtD\KDVWDHVHPRPHQWRPHVHQWtUHDOPHQWHGHFDtGRFDOLILTXpPLHVWDGRGH
    iQLPRFRQXQ3UHSDUpODFHQDORTXHPHKL]RVHQWLUXQSRFRPHMRU0HHQFDQWDED
    FRFLQDU SDUD 'LDQD \ SDUD Pt \ HQ RFDVLRQHV SUHSDUiEDPRV JUDQGHV IHVWLQHV FRQ ODV
    QLxDV 3HUR GHVGH HO GLYRUFLR KD\ RFDVLRQHV HQ TXH DJDUUR XQD EROVD GH SDSDV R DOJR
    DVt R HQ XQD EXHQD QRFKH SXHGR RUGHQDU XQD SL]]D 0LHQWUDV FRFLQDED PH VHQWt XQ
    SRFRPHMRUDOUHGHGRUGHXQ

    
    7(5$3(87$ (VR HV IDQWiVWLFR +L]R XQ H[FHOHQWH WUDEDMR HQ HVWR +L]R HO UHJLVWUR
    H[DFWDPHQWHFRPRORKDEODPRVDQRWDQGRVXVDFWLYLGDGHV\ODFDOLILFDFLyQGHVXHVWDGR
    GH iQLPR\ WRGD HVWD LQIRUPDFLyQ HV GH JUDQ XWLOLGDG (Q XQ PLQXWR OH KDUp DOJXQDV
    SUHJXQWDVPiVVREUHFLHUWDVSDUWHVHVSHFtILFDVGHOGtDSHURSRUDKRUDGHMHTXHPHKDJD
    XQDLGHDJHQHUDOGHODVFRVDV
    
    1RWHTXHODWHUDSHXWDWLHQHFXLGDGRGHUHIRU]DUORVHVIXHU]RVGHOFOLHQWHDOLQLFLRGHHVWH
    SURFHVR GH UHYLVLyQ $ PHQXGR ORV FOLHQWHV QR HVWiQ VHJXURV GH FyPR OOHQDU HO UHJLVWUR
    QRHVLQXVXDOTXHUHJUHVHQFRQUHJLVWURVOOHQRVSDUFLDOPHQWHRHQIRUPDLQDSURSLDGD(Q
    GLFKRV FDVRV ORV WHUDSHXWDV GHEHQ HTXLOLEUDU OD QHFHVLGDG GH EULQGDU UHWURDOLPHQWDFLyQ
    FRUUHFWLYD\UHIRU]DUORVHVIXHU]RVGHOFOLHQWH/RVHUURUHVIUHFXHQWHVLQFOX\HQDQRWDUODV
    DFWLYLGDGHV GH PDQHUD PX\ JHQHUDO S HM ³HQ HO WUDEDMR´ SRU VHLV KRUDV  RPLWLU HO
    UHJLVWUR GH ODV FDOLILFDFLRQHV GHO HVWDGR GH iQLPR R QR KDFHU HO UHJLVWUR SRUTXH ³QR
    HVWDEDQKDFLHQGRQDGD´(QWDOHVFDVRVHOWHUDSHXWDGHEHDERUGDUHVRVSUREOHPDVGHXQD
    IRUPDGLUHFWD\REMHWLYD
    
    7(5$3(87$¢4XpVXFHGLyGHVSXpVGHTXHSUHSDUyODFHQD"
    0$5. %XHQR GHVSXpV GH FHQDU HPSHFp D YHU WHOHYLVLyQ \ D SDUWLU GH DKt WRGR VH
    GHUUXPEy 0H VHQWp \ YL WHOHYLVLyQ KDVWD ODV  GH OD PDxDQD 6XSRQJR TXH HVR
    D\XGy D VDFDU GH PL PHQWH ODV SUHRFXSDFLRQHV VREUH HO WUDEDMR \ D TXH PH VLQWLHUD
    WHUULEOHUHVSHFWRD'LDQDSHURHQUHDOLGDGHVWXYHGHSULPLGRWRGRHOWLHPSR'HKHFKR
    FDOLILTXpFRQPLHVWDGRGHiQLPR
    7(5$3(87$ (VD HV XQD LQIRUPDFLyQ YHUGDGHUDPHQWH LPSRUWDQWH 9HR TXH OD QRFKH
    VLJXLHQWHWDPELpQVHTXHGyYLHQGRWHOHYLVLyQKDVWDOD$0(QVXFDVR¢HVWRVXHOH
    VXFHGHUHQPXFKDVQRFKHVRVHWUDWDGHGRVH[FHSFLRQHV"
    0$5. 0H JXVWDUtD TXH IXHUDQ H[FHSFLRQHV SHUR QR PiV ELHQ HVD KD VLGR OD UHJOD <
    OXHJRUHVXOWDTXHQRPHSXHGRGHVSHUWDUSRUODPDxDQD%XHQRVXSRQJRTXHORKDJR
    SHUR PH TXHGR WLUDGR HQ OD FDPD +H OOHJDGR DO WUDEDMR PX\ WDUGH \ DOJXQRV GtDV PH
    UHSRUWRHQIHUPR
    7(5$3(87$ (QWRQFHV XVDUHPRV HVWH UHJLVWUR SDUD GHWHFWDU ORV WHPDV GH DFWLYLGDGHV
    HVSHFtILFDVTXHSXHGDQD\XGDUORDVHQWLUVHELHQ\ORVTXHSXHGHQHVWDUFRQWULEX\HQGRD
    VXGHSUHVLyQFRPRFRPHQWDPRVOD~OWLPDYH]ODVDFWLYLGDGHVTXH³HOHYDQ´R³EDMDQ´
    VXHVWDGRGHiQLPR0HSDUHFHTXHKD\DOJXQDVTXHSRGUtDQVHULPSRUWDQWHV&UHRTXH
    YHU WHOHYLVLyQ \ GRUPLUVH WDUGH HV XQD JUDQGH \ ODV RWUDV GRV VRQ FRFLQDU \ FyPR VH
    GHVHPSHxDHQHOWUDEDMR
    0$5.3LHQVRTXHYHUWHOHYLVLyQHVXQDUHDOPHQWHJUDQGH
    
    1RWH DTXt TXH HO WHUDSHXWD LGHQWLILFy DOJXQDV iUHDV DPSOLDV TXH SDUHFHQ HVWDU
    UHODFLRQDGDV FRQ HO PDQWHQLPLHQWR GH OD GHSUHVLyQ GHO FOLHQWH (Q OD DFWLYDFLyQ
    FRQGXFWXDOHO WHUDSHXWD WDPELpQHVWi DOHUWD DODV DOWHUDFLRQHVHQODV UXWLQDV QRUPDOHVGHO
    FOLHQWH HQ HO FDVR GH 0DUN ODV UXWLQDV GH DOLPHQWDFLyQ \ VXHxR SDUHFHQ KDEHU VLGR
    VLJQLILFDWLYDPHQWH DOWHUDGDV (O WHUDSHXWD WUDEDMD OXHJR HQ FRODERUDFLyQ FRQ 0DUN SDUD

    
    HQIRFDUVHHQXQiUHDHVSHFtILFDSDUDXQDPD\RUHYDOXDFLyQ\VROXFLyQGHSUREOHPDV HV
    GHFLU YHU WHOHYLVLyQ SRU OD QRFKH  (Q HVWH SXQWR OD WHUDSHXWD HPSLH]D HO SURFHVR PiV
    H[SOtFLWRGHODQiOLVLVIXQFLRQDO
    
    7(5$3(87$ 0X\ ELHQ ¢SRU TXp QR HPSH]DPRV DTXt" $FODUHPRV SULPHUR TXH HO
    SUREOHPDVHGHEHDTXHQRSDUHFHVHUHQJHQHUDOYHUWHOHYLVLyQ
    0$5. (VR HV YHUGDG 1RUPDOPHQWH YHtD SRFR OD WHOHYLVLyQ GLJDPRV XQD KRUD 3HUR
    DKRUD TXH OR SLHQVR HQ HVH PRPHQWR HVWDED PiV FRPSURPHWLGR FRQ PL HVFULWXUD
    (QWRQFHV QRUPDOPHQWH YHtD WHOHYLVLyQ PiV R PHQRV KDVWD ODV  30 \ OXHJR OD
    DSDJDED\HVFULEtDRWUDKRUD2VLWHQtDDODVQLxDVYHtDPRVMXQWRVXQSURJUDPD\OXHJR
    DSDJiEDPRVODWHOHYLVLyQSDUDOHHURMXJDUDOJRRVyORSDVDUHOUDWRMXQWRVRTXL]i\R
    KDFtDXQDOODPDGDWHOHIyQLFDRDOJRDVt
    7(5$3(87$ (QWRQFHV HVWR HV GLIHUHQWH SDUD XVWHG (O SUREOHPD HV TXH QR DSDJD OD
    WHOHYLVLyQDODV30\VHTXHGDYLpQGRODRWUDVFXDWURDFLQFRKRUDV
    0$5.6tHVHHVHOSUREOHPD
    7(5$3(87$¢+DFHHVWRWRGDVODVQRFKHVGHODVHPDQDRVyORODVQRFKHVGHWUDEDMR"
    0$5. 2GLR DGPLWLUOR SHUR VRQ FDVL WRGDV ODV QRFKHV QR VLHPSUH WDQ WDUGH SHUR FDVL
    VLHPSUHPiVWDUGHGHORTXHPHFRQYLHQH
    +DVWD HVWH SXQWR OD WHUDSHXWD ORJUy GHILQLU HO SUREOHPD HQ WpUPLQRV HVSHFtILFRV \
    FRQGXFWXDOHV &RQ XQD FRPSUHQVLyQ FODUD \ PXWXD GHO SUREOHPD WHUDSHXWD \ FOLHQWH
    SXHGHQ HPSH]DU D FRQVLGHUDU ODV FRQWLQJHQFLDV TXH SXHGHQ HVWDU PDQWHQLHQGR HO
    SUREOHPD\ORTXHSRGUtDVHUVXVFHSWLEOHDFDPELDU
    
    7(5$3(87$ 3UREDEOHPHQWH GHEHUtDPRV EXVFDU TXp HV OR TXH LPSLGH TXH DSDJXH OD
    WHOHYLVLyQ\DTXHQRSDUHFHWHQHUXQJUDQHIHFWRHQVXHVWDGRGHiQLPR¢4XpFUHHTXH
    VXFHGHUtDVLDKRUDDSDJDUDODWHOHYLVLyQDODV30"
    0$5.3HQVpHQDSDJDUODDQRFKHSHURQRORKLFHSRUTXHQRTXHUtDSHQVDUHQWRGRHVWH
    DVXQWR
    7(5$3(87$ ¢3RU ³WRGR HVWH DVXQWR´ VH UHILHUH DO GLYRUFLR \ D ODV SUHVLRQHV HQ HO
    WUDEDMR"
    0$5.6tDODVGRVFRVDV
    7(5$3(87$ (QWRQFHV ¢HVR HV OR TXH HVWi HYLWDQGR DFWLYDPHQWH \ OD WHOHYLVLyQ OH
    D\XGDDGLVWUDHUVH"
    0$5. 6t HQ HVWH PRPHQWR QR WHQJR OD OXFLGH] SDUD HPSH]DU D HVFULELU 1R SXHGR
    FRQFHQWUDUPH\QRHVWR\LQWHUHVDGR
    7(5$3(87$&UHRTXHWLHQHODLGHDFRUUHFWDHQWpUPLQRVGHGLVWUDFFLyQHOSUREOHPDHV
    TXHVHGLVWUDHFRQDOJRTXHQROHSURFXUDPXFKRSODFHUQLORJUR
    0$5. < PLHQWUDV WDQWR OD FDVD HV XQ GHVDVWUH QR KH SDJDGR PLV IDFWXUDV HQ PHVHV
    \«
    7(5$3(87$ 6t HVR WLHQH VHQWLGR (V OD VHJXQGD HVSLUDO GHVFHQGHQWH GH OD TXH
    KDEODPRV¢4XpOHSDUHFHVLWUDEDMDPRVMXQWRVHQHOSUREOHPDGHYHUWHOHYLVLyQ"/XHJR
    SRGHPRV HQIUHQWDU DOJXQDV GH ODV RWUDV FRVDV TXH HVWi SODQWHDQGR 3RGUtD VHU VHQFLOOR

    
    UHVROYHU HO SUREOHPD GH OD WHOHYLVLyQ SHUR VXSRQJR TXH KD\ DOJR PiV TXH GHEHPRV
    HQWHQGHUDOUHVSHFWR
    
    $GYLHUWD OD IDFLOLGDG FRQ TXH HO FOLHQWH SXHGH TXHGDU DEUXPDGR \ GHVHVSHUDQ]DGR HQ
    UHVSXHVWDDODPLUtDGDGHSUREOHPDVHQVXYLGD/DWHUDSHXWDHVWiDOHUWDDHVWDSRVLELOLGDG
    GXUDQWHODVVHVLRQHV\WLHQHHOFXLGDGRGHUHJUHVDUDOPRGHORGHODDFWLYDFLyQFRQGXFWXDO
    SDUD HQWHQGHU OD H[SHULHQFLD GHO FOLHQWH \ UHRULHQWDUOR DO SUREOHPD TXH ORV RFXSD
    $GHPiVWDPELpQPXHVWUDXQDJXGRLQWHUpVHQODV³SHTXHxHFHV´GHODFRQGXFWDFRWLGLDQD
    GHO FOLHQWH HQ SDUWLFXODU VL GLFKD FRQGXFWD VH UHODFLRQD FRQ HO HVWDGR GH iQLPR (VWH
    GHWDOODGR QLYHO GH LQWHUpV HV FUXFLDO \ WLHQH XQ GREOH SURSyVLWR 3ULPHUR GLFKDV
    GLVFXVLRQHV JXtDQ OD HOHFFLyQ GH ORV REMHWLYRV GH DFWLYDFLyQ \ OD DVLJQDFLyQ GH WDUHDV
    HVSHFtILFDV VHJXQGR VH SUHWHQGH TXH HVDV GLVFXVLRQHV HQVHxHQ D 0DUN D DGRSWDU XQ
    LQWHUpVVLPLODU\TXHHPSLHFHDDGYHUWLUSDWURQHVTXHVRQGHPD\RURPHQRUXWLOLGDGSDUD
    VDOLUGHODGHSUHVLyQ
    7(5$3(87$ 7UDWHPRV GH HQWHQGHU PHMRU OR TXH VXFHGH FRQ OD WHOHYLVLyQ ¢1R KD
    OOHJDGRDSHQVDUTXHWDOYH]HVWDUtDPHMRUVLDSDJDUDODWHOHYLVLyQ"
    0$5. 3RU OR JHQHUDO SLHQVR ³'HEHUtD LUPH D OD FDPD´ 3HUR Vp TXH VL PH YR\ D OD
    FDPD PH TXHGDUp GHVSLHUWR SHQVDQGR HQ OR TXH 'LDQD HVWi KDFLHQGR \ HQ OR PXFKR
    TXHYR\DRGLDULUDOWUDEDMRHOVLJXLHQWHGtD(QWRQFHVSLHQVRTXHSRGUtDYHUWHOHYLVLyQ
    7(5$3(87$¢<TXpVXFHGHHQODFDPD"¢6HDFXHVWDDUXPLDUDFHUFDGH'LDQDRGHODV
    FRVDVTXHKDKHFKRRQRKDKHFKRHQHOWUDEDMR"
    0$5.&RPRVLHPSUH
    
    (QHVWDWUDQVFULSFLyQODWHUDSHXWDLGHQWLILFyHIHFWLYDPHQWHXQDVHULHGHUHODFLRQHVFODYH
    9HUWHOHYLVLyQSRUODQRFKHVHDVRFLDFRQ  XQHVWDGRGHiQLPRGHWHULRUDGR  XQPDO
    GHVHPSHxR HQ HO WUDEDMR \   XQ SURFHVR GH UHIRU]DPLHQWR QHJDWLYR HQ TXH HO DIHFWR
    QHJDWLYR HVSHFtILFDPHQWH HO GXHOR \ OD DQVLHGDG  HV SRWHQFLDOPHQWH GLVPLQXLGR FXDQGR
    HO FOLHQWH YH WHOHYLVLyQ /D WHUDSHXWD OR KL]R GH PDQHUD FRODERUDWLYD \ QR FUtWLFD \ HO
    FOLHQWHHVWXYRGHDFXHUGR(QHVWHSXQWRWHUDSHXWD\FOLHQWHH[DPLQDQH[SOtFLWDPHQWHOD
    KLSyWHVLV VREUH OD UHODFLyQ HQWUH OD WHOHYLVLyQ \ HO HVWDGR GH iQLPR $ SDUWLU GH HVWD
    FRPSUHQVLyQSXHGHQFRQVLGHUDUOXHJRSRVLEOHVHVWUDWHJLDVGHDFWLYDFLyQ
    
    7(5$3(87$0HSUHJXQWRVLSDUWHGHORTXHVXFHGHHVTXHYHUWHOHYLVLyQHV~WLOHQHO
    FRUWR SOD]R SRUTXH DOHMD VX PHQWH GH ORV WHPDV TXH HVWiQ YLQFXODGRV FRQ PXFKD
    WULVWH]DSRWHQFLDO\DQVLHGDGVREUHHOIXWXUR
    0$5.6tHVRHVFLHUWR
    7(5$3(87$3HURODSDUWHGLItFLOHVTXHDXQTXHIXQFLRQDHQHOFRUWRSOD]RDODODUJD
    HV OD PLVPD HVSLUDO GHVFHQGHQWH R FtUFXOR YLFLRVR SRUTXH YHU WHOHYLVLyQ QR OH EULQGD
    SODFHU\OHLPSLGHUHDOL]DUDFWLYLGDGHVTXHDQWHVH[SHULPHQWDED\ORSUHGLVSRQHDWHQHU
    SUREOHPDVHQHOWUDEDMR
    0$5. 6t H[DFWDPHQWH (V XQD ORFXUD OR Vp SHUR HV XQD IRUPD PX\ IiFLO GH HVFDSDU
    FXDQGRPHVLHQWRDEDWLGRDOILQDOGHOGtD

    
    7(5$3(87$£$EVROXWDPHQWH'HEHPRVHQWRQFHVWHQHUORHQFXHQWDFXDQGRSHQVHPRV
    HQORVFDPELRVTXHKD\SRUKDFHU(VWR\SHQVDQGRTXHSRGUtDLQWHQWDULUVHDODFDPDD
    SHVDU GH HVR \ TXH SRGUtDPRV WUDEDMDU HQ OD UXPLDFLyQ 2 VL VH YD D PDQWHQHU
    GHVSLHUWRSRGUtDKDFHUFRVDVPHMRUHVTXHYHUWHOHYLVLyQ¢4XpRSFLyQOHSDUHFHPHMRU"
    
    (O WHUDSHXWD SUHVWD DWHQFLyQ D OD IXQFLyQ GLVWUDFFLyQ  GH OD FRQGXFWD SUREOHPD YHU
    WHOHYLVLyQ PLHQWUDVLQLFLDODFRODERUDFLyQSDUDODVROXFLyQGHSUREOHPDV
    0$5.3UREDEOHPHQWHHQFRQWUHPRVRWUDVFRVDVPHMRUHVTXHODWHOHYLVLyQ6ROtDLUDXQ
    JUXSR GH OHFWXUD XQD YH] D OD VHPDQD (VWDED IRUPDGR SRU RWURV HVFULWRUHV \ KDEtD
    DOJXQDV SHUVRQDV TXH PH DJUDGDEDQ PXFKR FXDQGR KDFtD HVR WDPELpQ OHtD SRU ODV
    WDUGHV
    7(5$3(87$0X\ELHQ¢OHSDUHFHTXHODOHFWXUDHVXQDIRUPDPiVSURSLFLDSDUDTXH
    HPSLHFHDHVFULELUGHQXHYRHQOXJDUGHVDOWDUDODHVFULWXUD"
    0$5.6tQRKD\IRUPDHQTXHSXHGDHVFULELUDKRUD0HTXHGDUtDYLHQGRODSiJLQDHQ
    EODQFRVLQWLpQGRPHFRPRXQHVW~SLGR
    7(5$3(87$0X\ELHQHVRWLHQHVHQWLGR¢&XiQGRHPSH]DPRVFRQHVWR"8QDRSFLyQ
    HVTXHVHSRQJDFRPROtPLWHODV30SDUDODWHOHYLVLyQ\SRGUtDHOHJLUXQOLEURTXH
    TXLVLHUDOHHU
    0$5.(VXQDEXHQDLGHD(VPiVXQDFXHVWLyQGHTXHORKDJD
    
    (V PX\ LPSRUWDQWH TXH HO WHUDSHXWD QR WUDWH VXSHUILFLDOPHQWH FRPHQWDULRV FRPR HO
    HQXQFLDGRILQDOGH0DUN&XDQGRORVFOLHQWHVH[SUHVDQGXGDVDFHUFDGHVLLPSOHPHQWDUiQ
    XQD HVWUDWHJLD GH DFWLYDFLyQ R OD IRUPD HQ TXH OR KDUiQ HV HVHQFLDO SUHVWDUOHV PXFKD
    DWHQFLyQ 7DPELpQ HV ~WLO TXH HO WHUDSHXWD HVWp DWHQWR D GHFODUDFLRQHV FRPR ³/R ~QLFR
    TXHGHERKDFHUHVREOLJDUPHDKDFHUOR´\DTXHSRUORJHQHUDOLQGLFDQTXHHOWHUDSHXWD\
    HOFOLHQWHQRKDQLGHQWLILFDGRDGHFXDGDPHQWHODVFRQWLQJHQFLDVTXHFRQWURODQODFRQGXFWD
    (QODH[SHULHQFLDHVSRFRSUREDEOHTXHODVRODIXHU]DGHYROXQWDGWHQJDPXFKRp[LWR\
    HVDVVHxDOHVVXJLHUHQTXHVHUHTXLHUHGHPD\RUHYDOXDFLyQFRPRLOXVWUDODWHUDSHXWD
    
    7(5$3(87$ (QWRQFHV QHFHVLWDPRV HVWDU VHJXURV GH TXH QRV UHIHULPRV DO SUREOHPD
    UHDOHQOXJDUGHVyORGHFLU³%XHQRXVWHGYDDKDFHUHVWR´\GHMDUORDKt¢4XpWLSRGH
    OHFWRUHVXVWHG"¢(VDOJXLHQTXHGHYHUGDGSXHGHLQYROXFUDUVHFRQXQOLEUR"
    0$5. 0H LQYROXFUR GH YHUGDG 'H KHFKR VL \D OR HPSHFp VXHOR SHQVDU PXFKR HQ HO
    OLEURGXUDQWHHOGtD
    7(5$3(87$3HURHVGLItFLOORJUDUTXHORKDJD
    0$5.6tHVFXHVWLyQGHHPSH]DU
    7(5$3(87$(VEXHQRVDEHUOR(QWRQFHVGHEHPRVHQFRQWUDUODPDQHUDGHLQWHUHVDUOR
    HQHOOLEURSDUDTXHDOOOHJDUODV30OHUHVXOWHPiVIiFLODSDJDUODWHOHYLVLyQ
    0$5.(VRORKDUtDPiVIiFLO
    7(5$3(87$4XpWDOVLDOVDOLUGHQXHVWUDVHVLyQSDVDDFRPSUDUXQOLEUR\HPSLH]DD
    OHHUORHQHOFDIpGHODOLEUHUtD
    0$5.&ODURHVWiMXVWRHQHOFDPLQRGHUHJUHVR3XHGRKDFHUOR

    
    7(5$3(87$0DUNSLHQVRTXHHOWUXFRGHWRGRHVWRHVDYHULJXDUTXpSXHGHD\XGDUORD
    DYDQ]DUKDFLDODVFRVDVTXHSXHGHQVHUEHQpILFDVSDUDVXHVWDGRGHiQLPR<HVRHVOR
    TXH UHVXOWD UHDOPHQWH GLItFLO ORJUDU TXH YXHOYD D KDFHU ODV FRVDV TXH VROtD GLVIUXWDU
    MXVWR DKRUD HQ TXH QR WLHQH LQWHUpV HQ HOODV &XDQGR VH VLHQWH ELHQ SXHGH GDU SRU
    VHQWDGRTXHHVIiFLOKDFHUFRVDVFRPROHHUSDVDUWLHPSRFRQDPLJRVRFRQVXVKLMDVH
    LQFOXVRHVFULELU&XDQGRQRVHVLHQWHELHQUHDOPHQWHVHGDFXHQWD(OSUREOHPDHVTXH
    VH HQFXHQWUD GH QXHYR HQ HVWH FtUFXOR YLFLRVR (QWUH PiV WLHPSR GHMH GH KDFHU ODV
    FRVDV SHRU VH VLHQWH \ PHQRV TXLHUH KDFHUODV 'HEHPRV HQFRQWUDU FyPR D\XGDUOR D
    HPSH]DUDKDFHUDOJXQDVGHODVFRVDVTXHOHGDUiQSODFHUGHQXHYR
    
    /DWHUDSHXWDUHFRQRFHDQWHHOFOLHQWHTXHVHUiGLItFLOLQLFLDUODQXHYDFRQGXFWDGHELGRDO
    HVWDGR GH iQLPR SHUR TXH HQ FXDOTXLHU IRUPD HV QHFHVDULR KDFHUOR 0XFKDV YHFHV ORV
    FOLHQWHV VH DSUR[LPDQ D VX GHSUHVLyQ ³GH DGHQWUR KDFLD DIXHUD´ R GH XQD IRUPD
    GHSHQGLHQWHGHOHVWDGRGHiQLPRHVGHFLUHVSHUDQSDVLYDPHQWHTXHPHMRUHVXHVWDGRGH
    iQLPR DQWHV GH KDFHU FDPELRV FRQGXFWXDOHV (Q OD DFWLYDFLyQ FRQGXFWXDO ORV WHUDSHXWDV
    HQVHxDQDORVFOLHQWHVTXHFXDQGRVHVLHQWHQGHVDQLPDGRVQRSXHGHQSHUPLWLUVHHVSHUDUD
    TXH PHMRUH VX HVWDGR GH iQLPR SDUD LQLFLDUORV /D PHWD HV DFWLYDUVH FXDQGR VH VLHQWHQ
    GHSULPLGRV SRU PX\ GLItFLO TXH HVR VHD  $XPHQWDU OD DFWLYDFLyQ D OD ODUJD PHMRUDUi HO
    HVWDGRGHiQLPRDXQTXHQRVHDGHLQPHGLDWRHLQWHUUXPSLUiORVSDWURQHVGHSUREOHPDV
    VHFXQGDULRV FUHDGRV SRU HO DOHMDPLHQWR \ OD HYLWDFLyQ $ERUGDU OD FRQGXFWD GHSHQGLHQWH
    GHO HVWDGR GH iQLPR R FRPSDUDU OD DSUR[LPDFLyQ GH DIXHUD KDFLD DGHQWUR FRQ OD GH
    DGHQWUR KDFLD DIXHUD  HV XQ SXQWR GHOLFDGR HQ OD WHUDSLD HQ TXH VH UHTXLHUH PXFKD
    HPSDWtDSRUODH[SHULHQFLDGHVHQWLUVHGHSULPLGR
    
    (OWHUDSHXWDGHEHHTXLOLEUDUFRQGHVWUH]DHOLQFHQWLYRGHODDFFLyQFRQODYDOLGDFLyQGHOD
    GLILFXOWDG SDUD DFWLYDUVH FXDQGR VH HVWi GHSULPLGR $GHPiV SDUD DSR\DU HO SURFHVR GH
    FDPELRHVHVHQFLDOLQFHQWLYDULQFOXVRORVPHQRUHVLQGLFLRVGHLQFUHPHQWRHQODDFWLYDFLyQ
    DPHQXGRFRQHOXVRGHHORJLRVVLJQLILFDWLYRV 
    
    0$5. 6t OR Vp %XHQD SDUWH GHO WLHPSR Vp OR TXH GHER KDFHU SHUR QR WHQJR LGHD GH
    FyPRREOLJDUPHDKDFHUOR+HGHMDGRGHKDFHUPXFKDVFRVDVFRPRFXDOTXLHUDFWLYLGDG
    VRFLDO SRU ODV WDUGHV QL LQWHQWR KDFHU SODQHV &RPR OH FRPHQWp GXUDQWH FDVL XQ DxR
    DVLVWt FDGD MXHYHV DO JUXSR GH HVFULWXUD SHUR OXHJR PH GLMH ³1R HVWR\ HVFULELHQGR
    7RGR HVWH DVXQWR GHO GLYRUFLR PH HVWi DQLTXLODQGR ¢&XiO HV HO FDVR GH LU" 1R WHQJR
    QDGDTXHDJUHJDU´3HURHVFLHUWRTXHFXDQGRLEDREWHQtDPXFKDVFRVDV3HURDKRUDQR
    HVWR\LQWHUHVDGR
    7(5$3(87$ 6t H[DFWDPHQWH \ HV DTXt GRQGH YDPRV D WUDEDMDU MXQWRV 4XLHUR
    UHJUHVDU D ORV FRQWDFWRV VRFLDOHV \ D ODV UXWLQDV DOUHGHGRU GH OD HVFULWXUD SHUR
    TXHGpPRQRVXQSRFRPiVFRQODOHFWXUD\ODWHOHYLVLyQQRFWXUQD¢OHSDUHFHELHQ"
    0$5.6tHVRWLHQHVHQWLGR
    7(5$3(87$ 3HQVHPRV GH QXHYR HQ HO SODQ SDUD HVWH OLEUR ¢+D\ DOJR TXH SXGLHUD
    SUHVHQWDUVHHQWUHHVWHOXJDU\ODOLEUHUtDTXHSXGLHVHHVWURSHDUHOSODQ"

    
    
    (QHVWHSXQWRODWHUDSHXWD\0DUNGHGLFDQHOUHVWRGHODVHVLyQDKDEODUGHFLHUWRVOLEURV
    TXHSRGUtDFRPSUDU\TXHPD[LPL]DUtDQVXFRPSURPLVR\DQDOL]DQSRVLEOHVEDUUHUDVTXH
    SRGUtDQDOHMDUORGHOSODQWUD]DGR7DPELpQFRQWLQ~DQODUHYLVLyQGHO5HJLVWURGH$FWLYLGDG
    SDUD LGHQWLILFDU RWURV SUREOHPDV LPSRUWDQWHV FRPR OD UXPLDFLyQ HQ HO WUDEDMR HO
    DOHMDPLHQWRGHODVUHGHVVRFLDOHV\ODVDOWHUDFLRQHVGHODVUXWLQDVTXHDQWHVOHSURFXUDEDQ
    SODFHU SHMFRFLQDUKDFHUHMHUFLFLR (QFDGDFDVRODWHUDSHXWDXVDXQPpWRGRVLPLODU
    DO TXH HPSOHy FRQ HO SUREOHPD GH YHU OD WHOHYLVLyQ GHILQLU HO SUREOHPD LGHQWLILFDU ORV
    DQWHFHGHQWHV \ ODV FRQVHFXHQFLDV \ YHULILFDU ODV KLSyWHVLV VREUH OD UHODFLyQ HQWUH OD
    DFWLYLGDG \ HO HVWDGR GH iQLPR /D WHUDSHXWD UHJUHVD D PHQXGR DO PRGHOR JHQHUDO GH OD
    DFWLYDFLyQ FRQGXFWXDO SDUD H[SOLFDU ODV DVRFLDFLRQHV HQWUH ODV DFWLYLGDGHV \ HO HVWDGR GH
    iQLPR(QFDGDFDVRWUDEDMDQMXQWRVSDUDLGHQWLILFDUORVEODQFRVPiVSURPHWHGRUHVSDUD
    ODDFWLYDFLyQ
    /D WHUDSHXWD VLJXH HQIDWL]DQGR TXH HV SRFR SUREDEOH TXH OD VLPSOH GHFLVLyQ GH
    ³REOLJDUPHDKDFHUOR´VHDXQDHVWUDWHJLDGHDFWLYDFLyQTXHIXQFLRQHSDUD0DUN\TXHHV
    HVHQFLDO OLJDU HO SODQ GH DFWLYDFLyQ FRQ XQD FODUD FRPSUHQVLyQ GH OD IXQFLyQ GH ODV
    FRQGXFWDVSUREOHPiWLFDV/DWHUDSHXWDFRPELQDHOLQWHUURJDWRULRJHQWLOFRQODVUHIHUHQFLDV
    DO PRGHOR GH DFWLYDFLyQ FRQGXFWXDO SDUD OD YDOLGDFLyQ VLVWHPiWLFD GH ODV IXQFLRQHV GHO
    UHWUDLPLHQWR \ OD HYLWDFLyQ \ OD UHYLVLyQ GH ODV SRVLEOHV EDUUHUDV D ORV SODQHV GH
    DFWLYDFLyQ8QDVSHFWRPX\LPSRUWDQWHIXHHOKHFKRGHTXHODWHUDSHXWDOHUHLWHUyD0DUN
    OD SRVLELOLGDG GH TXH HO FXPSOLPLHQWR GH ODV WDUHDV DVLJQDGDV QR SURGXMHUD DOLYLR
    LQPHGLDWR
    ³'XUDQWH HVWD VHPDQD VHUi PX\ EXHQR YHU HO HIHFWR GH HVDV FRVDV HQ VX HVWDGR GH
    iQLPR ,QFOXVR VL VyOR WLHQHQ XQ SHTXHxR HIHFWR SRVLWLYR VDEUHPRV TXH HVWDPRV HQ HO
    FDPLQR FRUUHFWR 3HUR GHEH WHQHU HQ FXHQWD TXH TXL]i QR WHQJDQ XQ HIHFWR SRVLWLYR
    LQPHGLDWR HQ VX HVWDGR GH iQLPR (V SRVLEOH TXH HO KHFKR GH TXH ORJUH KDFHUOR VHD HO
    p[LWR HQ Vt \ TXH WDO YH] GHED KDFHUOR SRU FLHUWR WLHPSR DQWHV GH HPSH]DU D VHQWLUVH
    PHMRU 6LQ HPEDUJR SLHQVR TXH SDUWH GH HVWR D\XGDUi D PHMRUDU XQ SRFR VX HVWDGR GH
    iQLPRLQFOXVRHQHOFRUWRSOD]R´
    3DUDFRQFOXLUODVHVLyQODWHUDSHXWD\0DUNUHYLVDURQODVWDUHDVDVLJQDGDVTXHLQFOXtDQ
    FRPSUDUXQOLEURQXHYRHPSH]DUDOHHUORHQHOFDIp\DSDJDUFDGDQRFKHODWHOHYLVLyQD
    ODV 30 SDUDSRQHUVH D OHHU$GHPiV DFRUGDURQ TXH0DUN UHJUHVDUtD XQDOODPDGD
    WHOHIyQLFD D XQD DQWLJXD DPLJD 0DU\ TXLHQ YLYtD HQ VX YHFLQGDULR \ KDEtD LQWHQWDGR
    HQWUDUHQFRQWDFWRFRQpOUHFLHQWHPHQWH
    6HVLyQ
    0DUNOOHJyDODFXDUWDVHVLyQFRQSRFDPHMRUtDHQODVHYHULGDGGHVXGHSUHVLyQ'LMRTXH
    KDEtD DXPHQWDGR VX FRQWDFWR VRFLDO SHUR TXH QR VH VHQWtD PHMRU 7DPELpQ KDEtD
    GHPRUDGRODWDUHDGHFRPSUDUHOOLEUR\KDEtDVHJXLGRYLHQGRWHOHYLVLyQKDVWDWDUGHSRUOD
    QRFKH /D WHUDSHXWD DERUGy DPERV SUREOHPDV GH XQD IRUPD GLUHFWD \ REMHWLYD FRQ
    FXULRVLGDGHLQWHUpV
    
    0$5. )XH XQ ILQ GH VHPDQD PX\ PDOR /ODPp D 0DU\ \ WHUPLQp SRU DVLVWLU D XQD

    
    HVSHFLH GH ILHVWD GH FyFWHO TXH KDEtD RUJDQL]DGR HQ OD SLVFLQD FRPXQLWDULD 0H VHQWtD
    XQWDQWRDWXUGLGRSHURSHQVpTXHPHKDUtDELHQVDOLU(VWDEDSHQVDQGRHQFXiOVHUtDHO
    WHPDGHFRQYHUVDFLyQ\HQORPXFKRTXHPHJXVWDEDQDGDU
    
    'HKHFKRIXLVDOYDYLGDVHQODXQLYHUVLGDGGXUDQWHORVYHUDQRV3HURFUHRTXHGHVSXpVGH
    LUPHVHQWtSHRU6XSRQJRTXHKXERPRPHQWRVGLYHUWLGRVSHURPHVHQWtDPX\IUXVWUDGR
    SRUWRGR(OUHVWRGHOILQGHVHPDQDPHTXHGpHQFHUUDGRHQPLGHSDUWDPHQWR
    
    7(5$3(87$¢6HUtDEXHQRDQRWDUHVRHQODDJHQGD"¢+DFHUFRVDVTXHVROtDGLVIUXWDU\
    QRGLVIUXWDUODV"
    0$5.6HJXUR
    7(5$3(87$<WDPELpQTXLHURDVHJXUDUPHGHTXHUHYLVHPRVFyPROHIXHFRQHOOLEUR
    FRQWUDODWHOHYLVLyQ¢'HTXpTXLHUHKDEODUSULPHUR"¢'HODOODPDGDD0DU\\ODILHVWDR
    GHODWHOHYLVLyQ"
    0$5. 6XSRQJR TXH SRGHPRV YHU SULPHUR OR GH OD WHOHYLVLyQ $SHQDV KR\ FRPSUp HO
    OLEUR (O YLHUQHV HVWXYH HQ OD ILHVWD SRU OR TXH QR OOHJXp D FDVD \ D PL FDPD KDVWD
    PHGLDQRFKH
    7(5$3(87$¢9LRWHOHYLVLyQHQWRQFHV"
    0$5. 1R FUHR TXH HVWDED GHPDVLDGR FDQVDGR SRU KDEHU HVWDGR IXHUD WRGD OD QRFKH
    PHTXHGpGRUPLGRHQFXDQWRUHJUHVp
    7(5$3(87$¢<TXpSDVyHOViEDGR\ODQRFKHSDVDGD"
    0$5./RQRUPDO(VWXYHGHVSLHUWRKDVWDWDUGHODVGRVQRFKHV
    
    'DGD OD LPSRUWDQFLD GH DWHQGHU GH PDQHUD VLVWHPiWLFD \ UHJXODU HO FXPSOLPLHQWR GH ODV
    WDUHDV OD WHUDSHXWD HYDOXy HQ HVWH SXQWR TXp LPSLGLy TXH 0DUN FRPSOHWDUD OD WDUHD
    DQWHULRU
    
    7(5$3(87$ 0H DOHJUD TXH FRPSUDUD HO OLEUR £(V HVWXSHQGR 3HUR WDPELpQ VLHQWR
    FXULRVLGDGSRUVDEHUTXHOHLPSLGLyKDFHUORDQWHV5HFXHUGRTXHLEDDFRPSUDUORDOVDOLU
    GHODVHVLyQODVHPDQDSDVDGD¢(VFRUUHFWR"
    0$5. 6t DVt HV SHUR FXDQGR VDOt DOJXLHQ PH OODPy GHO WUDEDMR SDUD UHFRUGDUPH XQD
    UHXQLyQ GH PRGR TXH QR WHQtD WDQWR WLHPSR FRPR SHQVDED 3HUR SHQVp TXH SRGUtD
    KDFHUOR GHVSXpV GHO WUDEDMR \ OXHJR HQ OD WDUGH SHQVp ³/R KDUp HO ILQ GH VHPDQD
    SRUTXHWHQGUpPiVWLHPSR´1RORVp
    7(5$3(87$ 6L UHJUHVDUD DO PRPHQWR HQ TXH VDOLy GH OD VHVLyQ FXDQGR UHFLELy OD
    OODPDGDWHOHIyQLFDGHOWUDEDMR¢KDEtDDOJXQDRWUDFRVDTXHSXGLHUDHVWURSHDUHOSODQ"
    0$5. 1R HVR IXH OR TXH RFXUULy 0H VHQWtD EDVWDQWH RSWLPLVWD UHVSHFWR FRQ HO OLEUR
    /R TXH SDVy IXH TXH QR WHQtD WDQWR WLHPSR FRPR SHQVDED \ WXYH TXH UHJUHVDU DO
    WUDEDMR
    7(5$3(87$0X\ELHQHVEXHQRVDEHUOR(QWRQFHVVXSODQHUDFRQVHJXLUHOOLEURHOILQ
    GHVHPDQD\DFDEDGHFRPSUDUORKR\¢(OILQGHVHPDQDSHQVyHQLUDFRPSUDUORROD
    LGHDYROYLyDVXUJLUKR\"

    
    0$5. /R KLFH SHUR PH VHQWtD WDQ PDO GHVSXpV GH OD ILHVWD TXH QR SXGH REOLJDUPH D
    KDFHUOR
    7(5$3(87$ 3DUHFH TXH VH VHQWtD UHDOPHQWH GHSULPLGR ¢5HFXHUGD HO GLDJUDPD TXH
    XVDPRV HQ OD SULPHUD VHVLyQ SDUD HQWHQGHU HO SDQRUDPD FRPSOHWR GH OD GHSUHVLyQ"
    3LHQVRTXHHVRWDPELpQHQFDMDDTXt
    0$5.¢<HVRSRUTXp"
    7(5$3(87$6LFRQVLGHUDPRVTXHODILHVWDHVORTXHVXFHGLyOXHJRVHVLQWLyUHDOPHQWH
    GHSULPLGR\GHVDQLPDGR¢FRUUHFWR" 6DFDHOPRGHOR\HVFULEHHQHVWDVLWXDFLyQ 
    0$5.'HILQLWLYDPHQWH
    7(5$3(87$ < XVWHG VH DOHMy SDUD TXHGDUVH HQ FDVD WRGR HO ILQ GH VHPDQD \ VLQ
    FRPSUDUHOOLEUR6XSRQJRTXHHVRDOLPHQWyWRGDYtDPiVVXGHVDOLHQWR¢(VFRUUHFWR"
    0$5. 7RWDOPHQWH 3HQVp FLHORV QL VLTXLHUD SXHGR KDFHU DOJR WDQ VLPSOH FRPR
    FRPSUDUXQPDOGLWROLEUR
    7(5$3(87$$VtHVDKtHVGRQGHVHSRQHHQPRYLPLHQWRODHVSLUDOGHVFHQGHQWH
    0$5.$VtIXHH[DFWDPHQWH4XHUtDKDFHUPHQRV\PHQRV\PHVHQWtDFDGDYH]SHRU
    7(5$3(87$ (V JHQLDO TXH SXHGD YHU OD FRQH[LyQ HQWUH WRGDV HVDV FRVDV 6LHQWR
    FXULRVLGDGSRUVDEHUFyPRORJUyREOLJDUVHDFRPSUDUHOOLEURKR\¢6HVLHQWHPHMRURHV
    RWUDFRVD"
    0$5. 1R PH VLHQWR WDQ PDO \ GDGR TXH \D HVWDED IXHUD UHVXOWy PiV VHQFLOOR LU D
    EXVFDU HO OLEUR $GHPiV VDEtD TXH tEDPRV D UHXQLUQRV \ TXH SUREDEOHPHQWH PH
    SUHJXQWDUtDSRUHOOLEUR
    7(5$3(87$ £(V HVWXSHQGR VDEHUOR (QWRQFHV VDEHPRV TXH GHEHPRV FRQWLQXDU HO
    VHJXLPLHQWRGHHVDVFRVDVSRUTXHOHD\XGDKDFHUODV
    0$5. 5LHQGR XQ SRFR  &LHUWR QR HV TXH KD\D GLVIUXWDGR DO LPDJLQDU TXH PH
    OODPDEDQDORUGHQSHURVXSRQJRTXHPHD\XGy
    7(5$3(87$<VDOLUGHODFDVDSDUDFRPSUDUHOOLEURHVWHILQGHVHPDQDHUDPXFKRPiV
    GLItFLOTXHVDOLUHVWDPDxDQDSRUTXHGHKHFKR\DKDEtDVDOLGRSDUDLUDOWUDEDMR(VWDU
    \DIXHUDOHKL]RPiVIiFLOFXPSOLUODWDUHD
    0$5.&RUUHFWR(VHWLSRGHFRVDVSDUHFHRFXUULUPXFKR~OWLPDPHQWH
    7(5$3(87$ (QWRQFHV XQD VROXFLyQ VHUtD QR HVSHUDU KDVWD HO ILQ GH VHPDQD FXDQGR
    WHQJD TXH UHDOL]DU XQD WDUHD HVSHFtILFD SRUTXH SDUHFH TXH HVH HV SDUD XVWHG XQ
    PRPHQWRFRPSOLFDGRSDUDFXPSOLUODVWDUHDV7DPELpQSRGUtDPRVRUJDQL]DUXQVLVWHPD
    GHFRQWDFWRVWHOHIyQLFRVFXDQGRVHVLHQWDSDUWLFXODUPHQWHGHSULPLGR\DTXHSDUHFHTXH
    HV ~WLO VDEHU TXH KDUHPRV HO VHJXLPLHQWR GH HVDV WDUHDV HQ QXHVWUDV UHXQLRQHV 6LQ
    HPEDUJR OD RWUD FXHVWLyQ HV DYHULJXDU TXp IXH OR TXH OR GHSULPLy WDQWR HVWH ILQ GH
    VHPDQD\TXpSRGHPRVKDFHUDOUHVSHFWR
    0$5.3LHQVRTXHHVODFRVDPiVJUDQGH
    7(5$3(87$ ¢+DEODPRV XQ SRFR VREUH OD ILHVWD \ HO ILQ GH VHPDQD SDUD WUDWDU GH
    DYHULJXDUTXpSXHGHVHUGHPiVD\XGD"¢4XpOHSDUHFH"<WDPELpQQRVDVHJXUDUHPRV
    GHUHJUHVDUDOWHPDGHODWHOHYLVLyQ\HOSODQGHOHFWXUD
    0$5.0X\ELHQ0HJXVWDUtDQRVHQWLUPHWDQPDOFRPRPHKHHVWDGRVLQWLHQGR
    7(5$3(87$¢3RUTXpQROHHFKDPRVXQYLVWD]RDVX5HJLVWURGH$FWLYLGDG" 5HYLVDQ

    
    HOUHJLVWUR  3DUHFH TXH ODV FDOLILFDFLRQHV GH VX HVWDGR GH iQLPR IXHURQ PRGHUDGDV HO
    MXHYHV\HOYLHUQHVGHVSXpVGHTXHQRVUHXQLPRV/XHJRVHHOHYDURQ \KDVWD HO
    YLHUQHVHQODILHVWD\HOUHVWRGHOILQGHVHPDQD
    0$5.+RQHVWDPHQWHQRHVWR\VHJXURGHTXHHVWRVHDSDUDPt0HSDUHFHTXHKLFHXQ
    EXHQLQWHQWRDOOODPDUD0DU\HLUDODILHVWD1RTXHUtDKDFHUORSHURORKLFH\GHVSXpV
    PHVHQWtSHRU
    &XDQGR ORV FOLHQWHV UHSRUWDQ TXH HVWiQ LQFUHPHQWDQGR OD DFWLYDFLyQ \ TXH VX HVWDGR GH
    iQLPRQRPHMRUDHVLPSRUWDQWHHYDOXDUXQDVHULHGHSRVLEOHVH[SOLFDFLRQHV3ULPHURORV
    WHUDSHXWDV SXHGHQ FRQVLGHUDU VL ODV WDUHDV GH DFWLYDFLyQ IXHURQ GHPDVLDGR DPELFLRVDV \
    QR LQFOX\HURQ XQD JUDGXDFLyQ H[LWRVD (Q WDOHV FDVRV HV LPSRUWDQWH TXH UHFRQR]FDQ OD
    UHVSRQVDELOLGDG\TXHUHFRPLHQGHQXQDWDUHDFRQEDVHHQFRPSRQHQWHVPiVSHTXHxRVGH
    ODPLVPD6HJXQGRORVWHUDSHXWDVGHEHQFRQVLGHUDUVLHODQiOLVLVIXQFLRQDOIXHFRUUHFWR
    ¢(V SRVLEOH TXH HVWpQ DFWLYDQGR DO FOLHQWH HQ XQ GRPLQLR TXH PX\ SUREDEOHPHQWH QR
    JHQHUH PHMRUtDV HQ HO HVWDGR GH iQLPR" 7HUFHUR ORV WHUDSHXWDV GHEHQ FRQVLGHUDU VL HO
    SHQVDPLHQWR UXPLDQWH HVWi LQWHUILULHQGR FRQ OD DFWLYDFLyQ (Q HVRV FDVRV ORV FOLHQWHV VH
    LQYROXFUDQ ³ItVLFDPHQWH´ HQ ODV WDUHDV GH DFWLYDFLyQ SHUR ³PHQWDOPHQWH´ SHUPDQHFHQ
    GHVFRQHFWDGRV GH VX FRQWH[WR \ HV PHQRV SUREDEOH TXH WHQJDQ OD RSRUWXQLGDG GH
    H[SHULPHQWDU OD UHFRPSHQVD &XDUWR HV SRVLEOH TXH DXQTXH OD DFWLYDFLyQ QR PHMRUH GH
    LQPHGLDWR HO HVWDGR GH iQLPR VH HVWp HQ HO ³FDPLQR FRUUHFWR´ SRUTXH ORV FOLHQWHV HVWiQ
    GDQGRSDVRVDFWLYRVSDUDUHVROYHUORVSUREOHPDV\DERUGDUPHWDVLPSRUWDQWHVHQVXYLGD
    (Q HO FDVR GH 0DUN OD WHUDSHXWD GHFLGLy LQGDJDU SULPHUR OD SRVLELOLGDG GH TXH OD
    UXPLDFLyQ HVWXYLHVH LQWHUILULHQGR FRQ OD DFWLYDFLyQ GHELGR D ORV FRPHQWDULRV TXH KDEtD
    KHFKRHOFOLHQWHHQVHVLRQHVDQWHULRUHVUHVSHFWRFRQVXUXPLDFLyQIUHFXHQWHVREUH'LDQD\
    VXGLYRUFLR
    
    7(5$3(87$&UHRTXHSRGUtDPRVH[SORUDUMXQWRVORTXHSDVDEDSRUVXPHQWHPLHQWUDV
    HVWDEDHQODILHVWD¢4XpSDVDEDSRUVXPHQWHFXDQGRKDEODEDFRQRWUDVSHUVRQDVFHUFD
    GHODSLVFLQDRPLHQWUDVQDGDED"
    0$5.8VWHGVDEHUHFXHUGRTXHORVPRPHQWRVDJUDGDEOHVGHODILHVWDVHGLHURQFXDQGR
    PH ]DPEXOOt HQ HO DJXD (O VRQLGR GHO DJXD VDOSLFDQGR VX IUHVFXUD HO VLOHQFLR EDMR HO
    DJXDWRGRHVRIXHJHQLDO(VWDPELpQORTXHPHHQFDQWDEDGHODQDWDFLyQ3HURODRWUD
    SDUWH FUHR TXH PHQWDOPHQWH HVWDED YHULILFDQGR (VWDED FRQ PXFKD JHQWH TXH PH
    DJUDGD0DU\HVJHQLDO\WRGDVXIDPLOLDKDEtDOOHJDGRGHYLVLWDGHOD&RVWD(VWH1RORV
    KDEtD YLVWR HQ DxRV \ GH YHUGDG GLVIUXWR PXFKR FRQ WRGRV HOORV 6RQ SHUVRQDV
    IDQWiVWLFDV3HURHQUHDOLGDGHVRQRLPSRUWDED\RQRHVWDEDDKt
    7(5$3(87$¢(VWDEDSHQVDQGRHQ'LDQDRHQVXUHODFLyQFRQHOOD"
    0$5.6tEiVLFDPHQWHIXHHVR
    7(5$3(87$¢/DVRWUDVSHUVRQDVFRQYHUVDEDQFRQXVWHG"
    0$5.6t\\RKDEODEDFRQHOORV4XLHURGHFLUSRGtDHVFXFKDUODVSDODEUDVTXHVDOtDQ
    GHPLERFDSHUR\RQRHVWDEDDKt
    7(5$3(87$ (QWRQFHV HQ HO UHJLVWUR FDOLILFy OD ILHVWD FRQ XQ  3HUR VL WXYLpVHPRV
    TXH VHSDUDU HVDV GLVWLQWDV SLH]DV OD QDWDFLyQ FXDQGR HVWDED FRPSOHWDPHQWH

    
    FRPSURPHWLGR FRQ OD DFWLYLGDG \ OD SOiWLFD FXDQGR VX PHQWH HVWDED HQ RWUR ODGR¢TXp
    FDOLILFDFLyQOHGDUtDDFDGDXQD"
    0$5./DQDWDFLyQ«IXHEXHQD6XSRQJRTXHVHUtDXQVLHTXLYDOHDVHQWLUVHELHQ
    4XLHURGHFLUTXHQRORERUUyWRGR3HURODSOiWLFD«HVRIXHWHUULEOHXQ
    
    /D WHUDSHXWD SXGR LGHQWLILFDU FRQ p[LWR HO SUREOHPD TXH LQWHUIHUtD FRQ ORV EHQHILFLRV
    SRWHQFLDOHV GH OD DFWLYDFLyQ &RQWLQXy OD HYDOXDFLyQ GH OD QDWXUDOH]D \ HO DOFDQFH GHO
    SUREOHPD
    
    7(5$3(87$ (VWR\ WUDWDQGR GH FRPSUREDU VL ORV PRPHQWRV TXH PiV GLVIUXWD VRQ
    DTXHOORV HQ TXH HVWi DFWLYDPHQWH FRPSURPHWLGR FRQ XQD DFWLYLGDG TXH UHTXLHUH FLHUWD
    DWHQFLyQ
    0$5.6tHVRHVYHUGDG
    7(5$3(87$ ¢(V XQ SUREOHPD TXH WDPELpQ LQWHUILHUH FRQ VX HVWDGR GH iQLPR \ VX
    GHVHPSHxRGHODVWDUHDVHQHOWUDEDMR"
    0$5.6tH[DFWDPHQWH/OHJRDPLRILFLQD\SDUHFHTXHHOWLHPSRYROy3DVDQODVKRUDV
    \ QR KH KHFKR XQD PDOGLWD FRVD (VWXYH GLYDJDQGR XQD \ RWUD YH] HQ ODV FRVDV TXH
    VXFHGLHURQFRQ'LDQDORTXHGLMHORTXHSXGHKDEHUGLFKR£(VHVSDQWRVR
    7(5$3(87$ %LHQ DKRUD VDEHPRV TXH pVWH HV XQ SUREOHPD LPSRUWDQWH TXH GHEHPRV
    DERUGDU/HHVWiLPSLGLHQGRGLVIUXWDUORVPRPHQWRVTXHSRGUtDQPHMRUDUVXHVWDGRGH
    iQLPR\WDPELpQHVWiLQWHUILULHQGRFRQVXGHVHPSHxRHQHOWUDEDMR¢3RGHPRVGHGLFDU
    XQSRFRPiVGHWLHPSRDORTXHVXFHGLyHQODILHVWD"
    0$5.(VWiELHQ
    7(5$3(87$ 6L QR HVWXYLHUD SHQVDQGR HQ WRGDV HVDV FRVDV ¢FyPR VH VHQWLUtD
    QRUPDOPHQWH DO SODWLFDU FRQ OD IDPLOLD GH 0DU\" ¢4Xp GLIHUHQFLD YHUtD \R HQWUH HVRV
    PRPHQWRV\ORTXHSRGUtDKDEHUREVHUYDGRHOYLHUQHV"
    0$5.(VWDUtDKDEODQGRFRQWRGRV\QRPHVHQWLUtDWDQPDO
    7(5$3(87$6tHVRHVFRUUHFWR/RTXHHQUHDOLGDGPHFDXVDFXULRVLGDGHV¢TXpKDUtD
    XVWHGGHPDQHUDGLIHUHQWHVLQRVHVLQWLHUDWDQPDO"¢/HVKDUtDPiVSUHJXQWDV"¢+DUtD
    PiVFRQWDFWRYLVXDO"¢5HVSRQGHUtDGHPDQHUDGLVWLQWD"
    0$5.6tWRGDVHVDVFRVDV6HUtDPiVDFWLYRHQODFRQYHUVDFLyQ
    7(5$3(87$(QWRQFHVHVWDUtDPiVFRPSURPHWLGR
    0$5. 6t PiV FRPSURPHWLGR &RQ PHQRV VHQVDFLyQ GH PROHVWLD XVWHG VDEH HVH
    VHQWLPLHQWRGH³HVWRDSHVWD´
    
    (QODSDUWHSUHFHGHQWHGHODVHVLyQODWHUDSHXWDHPSH]yDGHILQLUFRQGXFWXDOPHQWHORTXH
    KDFH 0DUN HQ ODV LQWHUDFFLRQHV LQWHUSHUVRQDOHV FXDQGR QR VH VLHQWH GHSULPLGR /D
    HVSHFLILFDFLyQ FXLGDGRVD GH HVDV FRQGXFWDV HV XQ SDVR LPSRUWDQWH HQ HO GHVDUUROOR GH
    DOJXQRVSODQHVSDUDPRGLILFDUODIRUPDHQTXH0DUNVHDFHUFDDVLWXDFLRQHVVLPLODUHV
    
    7(5$3(87$ ¢&UHH TXH VH VHQWLUtD PHMRU VL SXGLHUD SUDFWLFDU FXDQGR QR VH VLQWLHUD
    GHSULPLGRXQDSOiWLFDPiVSDUHFLGDDFRPRVXHOHKDEODUFRQHVDJHQWH"

    
    0$5.1RORVp
    7(5$3(87$ 0H SDUHFH TXH OD FODYH HV ILMDUVH HQ OR TXH KDFH HQ UHVSXHVWD D OD
    UXPLDFLyQ \ YHU VL HVR D\XGD R QR D VX HVWDGR GH iQLPR \ TXH OXHJR HPSHFHPRV D
    H[SORUDU TXp QHFHVLWD KDFHU GH PDQHUD GLIHUHQWH 3DUHFH TXH OR TXH XVWHG KDFtD HQ OD
    ILHVWDFXDQGRVXHVWDGRGHiQLPRHUDPHMRUHUDHVWDUPiVFRPSURPHWLGR
    0$5.(VYHUGDG3HURFXDQGRPHVLHQWRDVtQRWHQJRPXFKRTXHGHFLU
    7(5$3(87$6tFXDQGRHVWiGHSULPLGRHVWiPiVFDOODGR\UHWUDtGR
    0$5.6tSRUTXHHVGRORURVR9HRDORVSDGUHVGH0DU\\SLHQVR³+DQHVWDGRFDVDGRV
    GXUDQWHDxRV3XGHKDEHUWHQLGRHVRFRQ'LDQD´/XHJRHPSLH]RDSHQVDUTXHHOOD
    HVWiFRQDOJXLHQPiV<DSDUWLUGHDKtWRGRHVFXHVWDDEDMR
    7(5$3(87$ (VR HV DEVROXWDPHQWH FRUUHFWR +D\ PXFKR GRORU DKt < OR TXH VXFHGLy
    IXHTXHHQUHVSXHVWDDHVHGRORUXVWHGGLVPLQX\yODDFWLYLGDGHQVXYLGD(QWRQFHVQR
    VyOR VLHQWH HO GRORU SRU HO UHFXHUGR GH OD SpUGLGD VLQR TXH QR KD\ PXFKR PiV TXH
    RFXUUD HQ VX YLGD ( LQFOXVR FXDQGR KDFH FRVDV QR VH FRPSURPHWH PXFKR SRUTXH
    VLHQWH PXFKR GRORU &UHR TXH QHFHVLWDPRV TXH UHJUHVH D KDFHU ODV FRVDV TXH KDFtD
    DQWHVGHODUXSWXUDHLQFOXVRDQWHVGHTXHHVWXYLHUDQMXQWRV(VQHFHVDULRTXHUHJUHVHD
    VXOtQHDEDVH\XQDYH]TXHORKD\DPRVORJUDGRSRGHPRVDYHULJXDUFyPRKDFHUTXH
    VHVLHQWDDXQPHMRU
    0$5.6XHQDELHQ
    7(5$3(87$ 6p TXH HVWi SHQVDQGR TXH HVWR HV FRPR XQD TXLPHUD SHUR SRGHPRV
    GHVFXEULU FyPR ORJUDUOR /D FODYH HV LGHQWLILFDU DOJXQRV SDVRV FRQFUHWRV TXH SXHGD
    PDQHMDU \ TXH OR D\XGHQ D FRPSURPHWHUVH PiV FXDQGR UHDOLFH DOJXQDV GH HVDV
    DFWLYLGDGHVFRPRLUDODILHVWD7LHQHUD]yQ(VPX\GLItFLOKDFHUORFXDQGRQRVHVLHQWH
    ELHQSHURHVDVFRQGXFWDVVRQHQSDUWHODUD]yQGHTXHHQHOSDVDGRGLVIUXWDUDPiVHVDV
    RFDVLRQHV 6DEHPRV TXH HQ HO SDVDGR OH JXVWDED HVWDU FRQ 0DU\ \ VX IDPLOLD \
    VDEHPRVTXHOHJXVWDEDPXFKRQDGDUFXDQGRVXPHQWHHVWDEDWRWDOPHQWHSUHVHQWHHQOD
    DFWLYLGDG(QWRQFHVHOWUXFRQRHVVyOROODPDUDVXVDPLJRVFRPRORKL]RWDQELHQFRQ
    0DU\ VLQR WDPELpQ LU D OD UHXQLyQ H LQWHUDFWXDU GH YHUGDG HQ OXJDU GH VyOR HVWDU
    SUHVHQWH HQ OD ILHVWD 3DUD ODV RFDVLRQHV HQ TXH VH GHVFXEUH UHWUDtGR HQ VXV
    SHQVDPLHQWRV QHFHVLWDPRV GHVDUUROODU HVWUDWHJLDV HVSHFtILFDV TXH OR D\XGHQ D QR
    KDFHUORWDQWR¢3XHGHSHQVDUHQDOJRTXHQRVD\XGHDORJUDUOR"
    0$5.1RORVp$OSDUHFHUHQHVRVGtDVQRWHQJRPXFKRTXHGHFLU
    7(5$3(87$6pTXHHVGLItFLO+D\PXFKDVFRVDVTXHSRGUtDLQWHQWDUFRPRKDFHUPiV
    SUHJXQWDV \ OXHJR SUHVWDU PXFKD DWHQFLyQ D ODV UHVSXHVWDV 2 SRGUtD FRQFHQWUDUVH HQ
    DOJR PiV HVSHFtILFR FRPR OD YR] R OD H[SUHVLyQ IDFLDO SDUD LPSHGLU TXH VX PHQWH
    GLYDJXH(QRFDVLRQHVIXQFLRQDHOVyORKHFKRGHGDUVHFXHQWDGHTXHHPSH]yDGLYDJDU
    \UHVSLUDUSURIXQGRSDUDUHHQIRFDUVHHQVXPHWDHQHVHPRPHQWR
    0$5.6XSRQJRTXHSXHGRLQWHQWDUOR0LPHQWHSDUHFHPDQWHQHUVHDODGHULYD
    7(5$3(87$ /R Vp 'H PRGR TXH VX WUDEDMR VHUi SUDFWLFDU HVWDU PiV YLJLODQWH GHO
    PRPHQWR HQ TXH VXFHGD SRUTXH VXFHGHUi (QWUH PiV VH SHUFDWH GH TXH HVWi
    GLYDJDQGRPiVSXHGHSUDFWLFDUYROYHUDFRQFHQWUDUVHHQVXDPLJR¢6XPHQWHGLYDJD
    FXDQGRHVWiDTXt"

    
    0$5.6XSRQJRTXHXQSRFR
    7(5$3(87$ ¢3RU TXp QR OR LQWHQWDPRV DTXt" 9DPRV D HOHJLU DOJR HQ OR TXH SXHGD
    FRQFHQWUDUVH\OXHJRSXHGHSUDFWLFDUORDTXt
    0$5.0X\ELHQ¢4XpGHERKDFHU"
    7(5$3(87$ 9R\ D FURQRPHWUDU QXHVWUD FRQYHUVDFLyQ GXUDQWH ORV VLJXLHQWHV FLQFR
    PLQXWRV4XLHURTXHSUDFWLTXHLQYROXFUDUVH SRUFRPSOHWRHQQXHVWUDGLVFXVLyQ3XHGR
    VXSRQHUTXHVXPHQWHYDDHPSH]DUDGLYDJDUHQHVSHFLDOVLKDEODPRVGHFRVDVTXHOH
    UHFXHUGDQ D 'LDQD 'H PRGR TXH GHEHPRV HOHJLU DOJR HQ OR TXH SXHGD FRQFHQWUDUVH
    SDUD TXH UHJUHVH VX DWHQFLyQ D QXHVWUD FRQYHUVDFLyQ ¢4Xp OH SDUHFH HO VRQLGR GH PL
    YR] FRPR FDPELRV HQ HO WRQR OD IRUPD HQ TXH DUWLFXOR ODV SDODEUDV HO ULWPR GH PL
    FRQYHUVDFLyQ"
    0$5.3XHGRLQWHQWDUOR
    7(5$3(87$ *HQLDO (QWRQFHV YDPRV D KDEODU GH DOJXQDV RSFLRQHV GH FRQWDFWRV
    VRFLDOHVTXHSRGUtDKDFHUHVWHILQGHVHPDQD
    
    $PERV FRQWLQXDURQ OD GLVFXVLyQ GXUDQWH ORV VLJXLHQWHV PLQXWRV PRPHQWR HQ TXH OD
    WHUDSHXWD LQWHUUXPSLy OD FRQYHUVDFLyQ SDUD SHGLU D 0DUN UHWURDOLPHQWDFLyQ VREUH VX
    H[SHULHQFLD
    
    7(5$3(87$¢4XpDGYLUWLy"
    0$5.1RORVpTXL]iTXHXVWHGKDEODEDHQYR]EDMD
    7(5$3(87$ ¢4Xp WDQ LQYROXFUDGR HVWDED HQ QXHVWUD GLVFXVLyQ" ¢3RU TXp QR PH GD
    XQDFDOLILFDFLyQHQTXHVHDQDGDLQYROXFUDGR\WRWDOPHQWHLQYROXFUDGR"
    0$5. 6XSRQJR TXH SRGUtD VHU  1R IXH WDQ GLItFLO DTXt SRUTXH HVWDED UHDOPHQWH
    FRQFHQWUDGR6XSRQJRTXHHPSHFpDSHQVDUXQSRFRHQ'LDQDFXDQGRKDEOiEDPRVGH
    PL OODPDGD D 0DU\ 5HFRUGp TXH GHEtD SUHVWDU DWHQFLyQ D VX YR] \ VXSRQJR TXH
    SDUHFtDPX\LQWHUHVDGD0HUHVXOWyGLItFLOSHUGHUPHHQPLVSHQVDPLHQWRVFXDQGRXVWHG
    SDUHFtDSUHVWDUWDQWDDWHQFLyQDORTXHKDEOiEDPRV
    7(5$3(87$(VDIXHPLLPSUHVLyQWDPELpQTXHVXFRPSURPLVRIXHHQJHQHUDODOWR\
    TXHDSDUHQWHPHQWHUHHQIRFyVXDWHQFLyQXQSDUGHYHFHV£(VIDQWiVWLFR
    0$5. 6t SHUR IXH XQ SRFR H[WUDxR 4XLHUR GHFLU SRU OR JHQHUDO OD JHQWH QR HVWi WDQ
    FRQFHQWUDGDFXDQGRKDEODGHFRVDVXVXDOHV
    7(5$3(87$(VRHVPX\FLHUWR<RSRGUtDHVWDUSUHVWDQGRPiVDWHQFLyQDORTXHXVWHG
    KDFtD\GHFtDGHORTXHVXHOHQKDFHURWUDVSHUVRQDVHQODVLQWHUDFFLRQHVVRFLDOHVWtSLFDV
    < HQ JHQHUDO HVWR SXHGH SDUHFHU PX\ DUWLILFLDO 6LQ HPEDUJR FUHR TXH XQD YH] TXH
    ORJUH LQYROXFUDUVH PiV HQ ODV LQWHUDFFLRQHV VRFLDOHV QR VHUi QHFHVDULR FRQFHQWUDUVH
    WDQWR9ROYHUiDGDUVHGHPDQHUDDXWRPiWLFD
    0$5.(VRWLHQHVHQWLGR
    
    /D WHUDSHXWD JHQHUy DVt XQD HVWUDWHJLD SDUD EORTXHDU OD HYLWDFLyQ OD UXPLDFLyQ
    VXVWLWX\pQGROD SRU XQD QXHYD FRQGXFWD FRQVLVWHQWH HQ DWHQGHU D OD H[SHULHQFLD GLUHFWD H
    LQPHGLDWD $XQTXH HQ HVWH FDVR 0DUN H[SHULPHQWy FRQ GLULJLU VX DWHQFLyQ D HVWtPXORV

    
    LQWHUSHUVRQDOHV WDPELpQ SXHGH LQGLFDUVH D ORV FOLHQWHV TXH SUHVWHQ DWHQFLyQ D RWURV
    DVSHFWRVGHORVHVWtPXORVVHQVRULDOHVFRPRYLVWDVRORUHVHQWUHRWURV/DLPSRUWDQFLDGHO
    UHSDVR FRQGXFWXDO GHQWUR GH OD VHVLyQ HVWULED HQ TXH SHUPLWH TXH HO FOLHQWH SUDFWLTXH \
    UHFLED UHWURDOLPHQWDFLyQ GLUHFWD GHO WHUDSHXWD GRV FRQGLFLRQHV TXH LQFUHPHQWDQ OD
    SUREDELOLGDGGHp[LWRIXHUDGHODVHVLyQ/DWHUDSHXWDUHJUHVDOXHJRDODWDUHDGHUHYLVDUOD
    WDUHDHVSHFtILFD\GHVDUUROODUWDUHDVFRQGXFWXDOHVSDUDODVLJXLHQWHVHVLyQ
    
    7(5$3(87$ 5HJUHVHPRV D VX GHFLVLyQ GH QR VDOLU WRGR HO ILQ GHVHPDQD ¢/H SDUHFH
    TXHVDOLUDFRPSUDUHOOLEURHUDGHPDVLDGRGLItFLO"¢([LVWHDOJRPiVVHQFLOORTXHSXGLHUD
    KDFHUSDUDD\XGDUORDLQYROXFUDUVHXQSRFRPiVHVWHILQGHVHPDQD"
    0$5.1RHVWR\VHJXUR¢4XpWDQGLItFLOSXHGHVHUVDOLU\FRPSUDUXQOLEUR"
    7(5$3(87$ 0X\ GLItFLO FXDQGR XQR HVWi YHUGDGHUDPHQWH GHSULPLGR 3HQVHPRV HQ
    SDVRV PiV SHTXHxRV 6L SXHGH GDU XQ SDVR PiV SHTXHxR \ REWHQHU XQ SRFR GH
    UHIRU]DPLHQWRSRUHOORHQWRQFHVVHKDUiPiVVHQFLOORDYDQ]DUKDFLDVXPHWD
    
    /D WHUDSHXWD \ HO FOLHQWH FRQWLQXDURQ HQ HVD GLUHFFLyQ FRQ OD DVLJQDFLyQ GH OD WDUHD
    JUDGXDGD 'DGR TXH 0DUN GLVIUXWDED DQWHV GH OD VRFLDOL]DFLyQ SXGR LGHDU FRQ OD
    WHUDSHXWD XQ SODQ SDUD HVH ILQ GH VHPDQD TXH HPSH]DUtD SRU UHJUHVDU DOJXQDV OODPDGDV
    WHOHIyQLFDV GH VXV DPLJRV H LQYLWDU D 0DU\ D DOPRU]DU 'XUDQWH HO DOPXHU]R VH
    FRQFHQWUDUtD HVSHFtILFDPHQWH HQ SUHVWDU DWHQFLyQ D VX FRQYHUVDFLyQ /D WHUDSHXWD
    WDPELpQSODQWHyODSRVLELOLGDGGHQDGDUFRPRHMHUFLFLRGHDFWLYLGDG0DUNGLMRTXHFUHtD
    TXHVXSODWR\DHVWDEDOOHQRFRQODVWDUHDVTXHKDEtDQGHVDUUROODGR\GHFLGLHURQSRVSRQHU
    ODGLVFXVLyQGHODQDWDFLyQ/DWHUDSHXWDXVyOXHJRORVPRPHQWRVILQDOHVGHODVHVLyQSDUD
    UHYLVDUODWDUHDDOHQWDUHOSURJUHVRYDOLGDUODGLILFXOWDGGHOFDPELR\UHIRU]DUHOPRGHOR
    EiVLFRGHOWUDWDPLHQWR
    6HVLyQ
    $OLQLFLRGHODVHVLyQ0DUNUHSRUWyTXHVXHVWDGRGHiQLPRKDEtDPHMRUDGR\ODWHUDSHXWD
    OR LQFOX\y FRPR XQ HOHPHQWR GH OD DJHQGD 6X GLVFXVLyQ SHUPLWLy TXH OD WHUDSHXWD
    HQIDWL]DUD XQ SXQWR LPSRUWDQWH DFHUFD GH PDQWHQHU ODV QXHYDV FRQGXFWDV HQ UXWLQDV
    VLVWHPiWLFDV \ UHJXODUHV (Q HVWD VHVLyQ OD WHUDSHXWD VLJXLy HQIDWL]DQGR HO SDWUyQ GH
    FRQWDFWRVVRFLDOHV\HYDOXDQGRIDFWRUHVTXHLQFUHPHQWDEDQODYXOQHUDELOLGDGGH0DUNDOD
    H[DFHUEDFLyQGHOHVWDGRGHiQLPRFXDQGRHVWDEDVROR
    
    7(5$3(87$ ¢3RGHPRV WUDWDU GH HQWHQGHU FRQ PiV GHWDOOH D TXp VH GHEH TXH VH HVWp
    VLQWLHQGRPHMRU"
    0$5.&UHRTXHHOSODQGHOHFWXUDHVWiD\XGDQGR7HUPLQpHOOLEUR
    7(5$3(87$£*HQLDO(QWRQFHVHVSUREDEOHTXHQHFHVLWHRWUROLEUR
    0$5. 5LHQGR  6XSRQJR TXH HV YHUGDG ¢1R FUHH TXH HO SULPHUR KD\D UHVXHOWR HO
    SUREOHPD"
    7(5$3(87$ 5LHQGR £&RPRPHJXVWDUtDTXHIXHUDHOFDVR3HUR\DHQVHULR0DUN
    PH SDUHFH TXH HVD HV XQD SUHJXQWD PX\ LPSRUWDQWH &XDQGR XQR HPSLH]D D VHQWLUVH
    PHMRU VH SUHVHQWD OD WHQWDFLyQ GH DOHMDUVH GH DOJXQDV GH ODV FRVDV TXH QRV HVWiQ

    
    D\XGDQGR 7LHQH VHQWLGR SRUTXH KDFHU HVRV FDPELRV UHTXLHUH PXFKR HVIXHU]R OR Vp
    3HURHVPX\LPSRUWDQWHPDQWHQHUODVUXWLQDV
    0$5. (V YHUGDG (Q UHDOLGDG SLHQVR TXH OR KH KHFKR EDVWDQWH ELHQ HVWD VHPDQD +H
    ORJUDGRKDFHUFRQWDFWRFRQRWUDVSHUVRQDV
    7(5$3(87$(VRHVIDQWiVWLFR
    0$5. < 0DU\ PH OODPy GH QXHYR (QWRQFHV VXSRQJR TXH QR KLFH OR TXH KDEtDPRV
    KDEODGR HQ WpUPLQRV GH OODPDUOD SHUR OD LQYLWp D DOPRU]DU FXDQGR PH OODPy (Q
    UHDOLGDG QR TXHUtD KDFHUOR SRUTXH PH VHQWtD GHSULPLGR FXDQGR OODPy DFDEDED GH
    UHFLELU XQD FDUWD GHO DERJDGR DFHUFD GH DOJXQD QXHYD FXHVWLyQ PRQHWDULD FRQ 'LDQD
    3HUR LQYLWp D 0DU\ \ OOHYp WDPELpQ D ODV QLxDV &UHR TXH OR GLVIUXWDURQ PXFKR 0H
    FRQFHQWUp HQ KDFHUOH PXFKDV SUHJXQWDV GXUDQWH HO DOPXHU]R \ FUHR TXH HVR WDPELpQ
    IXHGHD\XGD
    7(5$3(87$0DUN£GHILQLWLYDPHQWHWXYRPiVFRQWDFWRVRFLDOHQORV~OWLPRVGtDV(VWi
    KDFLHQGR JUDQ SDUWH GH HVWH WUDWDPLHQWR TXH FRQVLVWH HQ DFWXDU GH DFXHUGR FRQ ODV
    PHWDV \ SODQHV TXH SODQWHDPRV DTXt HQ OXJDU GH VHU GLULJLGR SRU FyPR VH VLHQWH HQ HO
    PRPHQWR
    0$5./RLQWHQWp
    7(5$3(87$£/RORJUy+DEOyGHDOPRU]DUFRQXQFRPSDxHURGHOWUDEDMR¢/RKL]R"
    0$5./RKLFH
    7(5$3(87$£+L]RPXFKtVLPR(VRHVJHQLDO0X\ELHQTXL]iHVWpHPSXMDQGRQXHVWUD
    VXHUWHSHUR¢TXpRSLQDGHDJUHJDUODQDWDFLyQDQXHVWUDDJHQGD"
    0$5.6DEtDTXHPHORLEDDSUHJXQWDUGHQXHYR
    7(5$3(87$ 5LHQGR 0HFRQRFHPX\ELHQ¢4XpSLHQVDDOUHVSHFWR"
    0$5. 3UREDEOHPHQWH VHD XQD EXHQD LGHD (Q UHDOLGDG ODV QLxDV TXLHUHQ WRPDU XQD
    FODVHGHQDWDFLyQORVILQHVGHVHPDQD\RSRGUtDOOHYDUODV\DOPLVPRWLHPSRQDGDUXQ
    SRFRHQODRWUDSLVFLQD
    7(5$3(87$ £)DQWiVWLFR ¢/DV WHQGUi FRQ XVWHG HVWH ILQ GH VHPDQD" ¢3RGHPRV
    SURJUDPDUORSDUDHVWHILQGHVHPDQD"
    0$5.6tPHSDUHFHTXHVHUtDGHD\XGD
    7(5$3(87$ 0DUN ¢FRQVLGHUD TXH YROYHU D KDFHU FRQWDFWR FRQ OD JHQWH \ DOJXQDV GH
    HVDV DFWLYLGDGHV FRPR OD OHFWXUD HVWiQ UHODFLRQDGDV FRQ OD PHMRUtD HQ VX HVWDGR GH
    iQLPR"
    0$5. 6t GHILQLWLYDPHQWH HVR WLHQH PXFKR TXH YHU 7RGDYtD QR HVWR\ VHJXUR GH TXH
    WRGRHVWRQRVOOHYHDOYHUGDGHURSUREOHPDSHURWLHQHUD]yQHQTXHD\XGD
    7(5$3(87$(QWRQFHVGHEHPRVKDEODUWDPELpQGHHVR$QWHVGHTXHSDVHPRVDHVR
    ¢KD\RWUDFRVDTXHFRQVLGHUHTXHHVWiFRQWULEX\HQGRDVXHVWDGRGHiQLPRSRVLWLYRR
    HVSULQFLSDOPHQWHHOKHFKRGHWHQHUPiVFRQWDFWRVRFLDOTXHSDUDXVWHGHVUHIRU]DQWH"
    0$5.(VHOFRQWDFWRVRFLDO\HOKHFKRGHWUDWDUGHGLVWUDHUPHFRQODOHFWXUD
    7(5$3(87$ £(V HVWXSHQGR < WDPELpQ XQ EXHQ UHFRUGDWRULR +DEODUHPRV XQ SRFR
    VREUHHORWUROLEUR\VREUHFyPRPDQWHQHUHVHSURJUDPD
    
    (QHVWHSXQWRODWHUDSHXWD\0DUNVHFRQFHQWUDURQHQGHVDUUROODUXQSODQHVSHFtILFRSDUD

    
    HOHJLU\FRPSUDUXQQXHYROLEURDILQGHFRQWLQXDUODUXWLQDGHODOHFWXUD$FRQWLQXDFLyQ
    UHVSRQGLy ORV FRPHQWDULRV GH 0DUN VREUH VL ODV LQWHUYHQFLRQHV HVWiQ DERUGDQGR ODV
    FXHVWLRQHVPiVLPSRUWDQWHV
    
    7(5$3(87$ 5HVSHFWR FRQ OR TXH PHQFLRQy DQWHV VREUH HO YHUGDGHUR SUREOHPD«
    7HQJRFXULRVLGDGSRUVDEHUDTXpVHUHIHUtD
    0$5. 6XSRQJR TXH WRGDYtD SLHQVR PXFKR HQ 'LDQD &UHR TXH KD\ XQD SDUWH GH Pt
    TXHGHEHGHMDUODLUSHURWRGDYtDQRORORJUR+HSHQVDGRPHKHSUHJXQWDGR³¢+DEUi
    DOJXQDRSRUWXQLGDGSDUDQRVRWURV"¢4XpIXHORTXHKLFHTXHORDUUXLQyWRGR"´<OXHJR
    HPSLH]RDSHQVDU³¢(VWRHVWRGRORTXHWHQJRKR\DOPRU]DUFRQJHQWHOHHUVRORSRUOD
    QRFKH"´8VWHGVDEHHOWLSRGHFRVDVHQTXHQRVKHPRVHVWDGRHQIRFDQGR«1RORVp
    ¢(QUHDOLGDGHVRYDDDUUHJODUDOJR"
    7(5$3(87$ 0DUN Vp TXH SDUHFH TXH WRGR HVWR HQ UHDOLGDG QR HVWi OOHJDQGR DO
    YHUGDGHURSUREOHPDHQWpUPLQRVGHORTXHSLHQVDVREUH'LDQD\HVWR\GHDFXHUGRHQ
    TXH HV PX\ LPSRUWDQWH KDEODU GH HVR $O PLVPR WLHPSR QR TXLHUR TXH SHUGDPRV GH
    YLVWDHOKHFKRGHTXHHVDVRWUDVFRVDVKDFHQXQDGLIHUHQFLDHQRUPH(VLPSRUWDQWHTXH
    XVWHGYXHOYDDFRQHFWDUVHFRQODVFRVDVTXHPDQWHQtDQDIORWHVXHVWDGRGHiQLPRDQWHV
    GHHPSH]DUDDIURQWDUDOJXQRVGHORVSUREOHPDVSDVDGRV\ORVTXHWRGDYtDVHSUHVHQWDQ
    FRQ'LDQD$GHPiVSLHQVRTXHDYHULJXDUHPRVTXHH[LVWHQDOJXQRVSDWURQHVVLPLODUHV
    SRUORTXHTXL]iODVIRUPDVHQTXHVHKDDOHMDGRGHRWUDJHQWHGHVGHTXHVHGHSULPLy
    WLHQHQDOJXQDUHODFLyQFRQORTXHVXFHGLyFRQ'LDQD
    0$5.(VRHVFLHUWRVXSRQJRTXHQRHVWiQGHOWRGRVHSDUDGDV
    7(5$3(87$¢0HHVWiGLFLHQGRTXHDKRUDHVPRPHQWRGHHPSH]DUDHQIRFDUQXHVWUR
    WLHPSRPiVGLUHFWDPHQWHHQHVRVWHPDV"
    0$5. $Vt OR FUHR 7DO YH] \R WHQJR PD\RU FRQVFLHQFLD GH HOOR SRUTXH PH VLHQWR XQ
    SRFR PHMRU 6XSRQJR TXH PH SUHJXQWR PiV D PHQXGR ³¢(VWR HV WRGR OR TXH KD\
    DKRUD"´'HVHUDVtPHSDUHFHTXHHVRVHUtDXQDPDOGLWDYLGDVROLWDULD
    
    /D WHUDSHXWD \ 0DUN WHUPLQDURQ OD VHVLyQ UHYLVDQGR ODV WDUHDV DVLJQDGDV $GHPiV
    HVWXYLHURQ GH DFXHUGR HQ TXH OD VLJXLHQWH VHVLyQ SODQHDUtDQ XQ UHJUHVR D ODV SUHJXQWDV
    LPSRUWDQWHVGH0DUN
    
    6HVLRQHVD
    (QODVLJXLHQWHVHULHGHVHVLRQHVODWHUDSHXWD\0DUNUHJUHVDURQDODSUHJXQWDTXHKL]RHO
    FOLHQWHHQODTXLQWDVHVLyQ(QVHVLRQHVUHSHWLGDVUHSRUWyPHMRUtDVHQVXHVWDGRGHiQLPR
    UHODFLRQDGDV FRQ HO SURJUHVR HQ ORV SUR\HFWRV SDUD FDVD HO HMHUFLFLR \ D TXH KDEtD
    DXPHQWDGR VXV FRQWDFWRV VRFLDOHV HQ FtUFXORV FDVXDOHV \ GH DPLJRV (VDV iUHDV GH
    SURJUHVR VH UHIOHMDURQ VLVWHPiWLFDPHQWH HQ VXV IRUPDWRV GH 5HJLVWUR GH $FWLYLGDG TXH
    DKRUD VH GLULJtDQ HVSHFtILFDPHQWH D ODV iUHDV GH SDUWLFLSDFLyQ VRFLDO OHFWXUD \ QDWDFLyQ
    ILJXUD   (VWD YHUVLyQ GHO 5HJLVWUR GH $FWLYLGDG SXHGH FRQVLGHUDUVH FXDQGR ORV
    REMHWLYRVGHODDFWLYDFLyQVRQFODURV\ELHQGHVDUUROODGRV\QRVHUHTXLHUHODLQIRUPDFLyQ
    GHWDOODGD REWHQLGD D WUDYpV GH OD VXSHUYLVLyQ KRUD D KRUD 7DPELpQ SXHGH XVDUVH HQ

    
    FOLHQWHVDTXLHQHVOHVUHVXOWDGLItFLOHO5HJLVWURGH$FWLYLGDGPiVGHWDOODGR
    

    
    )LJXUD0XHVWUDGHXQ5HJLVWURGH$FWLYLGDGFRPSOHWDGR GLDULDPHQWH 
    
    ,QFOXVR HQ ODV iUHDV FODUDV GH PHMRUtD HQ OD DFWLYDFLyQ \ HO HVWDGR GH iQLPR 0DUN
    LQIRUPy TXH VX HVWDGR GH iQLPR HUD YXOQHUDEOH D VX WHQGHQFLD D UXPLDU IUHFXHQWHPHQWH
    FRQ VX H[ HVSRVD ,JXDO D OR TXH KLFLHURQ HQ UHODFLyQ FRQ YHU WHOHYLVLyQ \ OD UXPLDFLyQ
    GXUDQWH ODV LQWHUDFFLRQHV VRFLDOHV GHVDUUROODURQ DOJXQDV KLSyWHVLV LQLFLDOHV VREUH ODV
    FRQVHFXHQFLDVGHODUXPLDFLyQGH0DUNUHODFLRQDGDFRQVXH[HVSRVD
    
    7(5$3(87$¢6HUiSRVLEOHTXHODUXPLDFLyQVHDHQVtPLVPDXQDIRUPDGHHYLWDFLyQ"
    (V FRPR VL VX PHQWH VH TXHGDUD SHJDGD HQ XQ IRUPDWR GH UHJLVWUR URWR 1R GHMD GH
    UHFRUGDU OR TXH KL]R PDO OR TXH SRGUtD KDEHU KHFKR \ XQR GH ORV HIHFWRV HV TXH HQ
    UHDOLGDG HVWi HYLWDQGR ODV HPRFLRQHV GRORURVDV UHODFLRQDGDV FRQ OD SpUGLGD GH OD
    UHODFLyQ\WDOYH]WDPELpQHYLWDODSRVLELOLGDGGHH[SORUDUQXHYDVUHODFLRQHV
    0$5. 3DUHFH TXH QR SXHGR WROHUDU OD SpUGLGD (V OR TXH QR SXHGR DFHSWDU TXH HVWp
    SHUGLGD6LJRSHQVDQGRTXHTXL]iH[LVWHDOJXQDIRUPDGHUHFXSHUDUODDXQTXHVpTXHQR
    OD KD\ 1L VLTXLHUD SRGHPRV FRPXQLFDUQRV HQ UHODFLyQ FRQ OD DWHQFLyQ PpGLFD GH ODV
    QLxDVVLQXQDERJDGR
    7(5$3(87$(QWRQFHVHQFLHUWRVHQWLGRODUXPLDFLyQSXHGHVHUXQDIRUPDGHHYLWDUHO
    GXHOR\ODWULVWH]D0HSUHJXQWRVLSDUWHGHHVWRYLHQHGHORTXHDSUHQGLyVREUHFyPR
    DIURQWDU ODV SpUGLGDV LPSRUWDQWHV GHVSXpV GH TXH VX SDSi VH IXH 3DUHFH TXH QDGLH
    KDEOy GH HVR \ TXH XVWHG TXHGy DWUDSDGR HQ HO SHQVDPLHQWR GH TXH SXGR VHU
    UHVSRQVDEOH0HSUHJXQWRVLHVGLItFLOVDEHUTXpKDFHUHPRFLRQDOPHQWHMXVWRDKRUD
    0$5.3RUVXSXHVWRTXHWLHQHUD]yQUHVSHFWRDORTXHVXFHGLyFXDQGR\RHUDQLxR
    7(5$3(87$(QWRQFHVSRGUtDPRVH[SHULPHQWDUFRQODSRVLELOLGDGGHGHGLFDUWLHPSRD
    ODWULVWH]D\ODSpUGLGD
    0$5.1RORVp3HQVDUHQHOOD\HQORTXHSHUGtPHSDUHFHDEUXPDGRU/R~QLFRTXH
    TXLHURHVWHUPLQDUFRQHVR\VHJXLUDGHODQWH
    7(5$3(87$ /R Vp £([DFWDPHQWH (O SUREOHPD HV TXH DO SDUHFHU OD UXPLDFLyQ OH
    LPSLGHDYDQ]DU(QOXJDUGHDYDQ]DUDRWUDVUHODFLRQHVXRWUDVRFXSDFLRQHVHQVXYLGD

    
    VXPHQWHVLJXHUHFRUGDQGRORTXHVXFHGLy\ORTXHQRVXFHGLyFRQ'LDQD
    0$5.1RVpVLHVWR\OLVWRSDUDRWUDVUHODFLRQHV
    7(5$3(87$(QWRQFHV¢SLHQVDTXHVLQRUXPLDUDWDQWRVHQWLUtDPiVWHPRU"
    0$5. &XDQGR SLHQVR HQ LQLFLDU RWUD UHODFLyQ« 8VWHG VDEH SLHQVR TXH GH KHFKR KD\
    XQDSHUVRQDHQHOWUDEDMRTXHHVWiLQWHUHVDGDHQVDOLUFRQPLJRSHURHVDKDVLGRSDUWH
    GH OD UD]yQ SRU OD TXH PH KH DEVWHQLGR GH KDFHU FRVDV FRQ HOOD (OOD PH LQYLWy D
    DOPRU]DU XQ SDU GH YHFHV (V VROR TXH QR TXLHUR HVWDU GH YXHOWD HQ HO PLVPR OXJDU
    GHQWUR GH GRV DxRV 1R SXHGR SDVDU SRU WRGR GH QXHYR \ WDPSRFR TXLHUR H[SRQHU D
    PLVKLMDV
    7(5$3(87$(QWRQFHVHVSRVLEOHTXHODUXPLDFLyQWHQJDHOHIHFWRGHPDQWHQHUDUD\D
    WDQWR ORV VHQWLPLHQWRV GH SpUGLGD UHODFLRQDGRV FRQ 'LDQD FRPR ORV WHPRUHV SRU
    SpUGLGDVIXWXUDV
    
    /D WHUDSHXWD WDPELpQ HQIDWL]y OD LPSRUWDQFLD GH FRQWLQXDU ORV SODQHV GH DFWLYDFLyQ
    GHVDUUROODGRV HQ VHVLRQHV DQWHULRUHV SDUD PDQWHQHU ODV UXWLQDV DGDSWDGDV \ PHMRUDU HO
    HVWDGRGHiQLPR(QSDUWLFXODUGHVWDFDURQODQHFHVLGDGGHSUHVWDUDWHQFLyQVLVWHPiWLFDDO
    FRQWDFWRVRFLDOHOHMHUFLFLR\ODOHFWXUD$GHPiVGLVFXWLHURQFRQPD\RUGHWDOOHHOUHJUHVR
    GH 0DUN DO JUXSR GH HVFULWRUHV HPSH]DQGR SRU GHVFRPSRQHU OD WDUHD PD\RU HQ SLH]DV
    TXH SXGLHUD PDQHMDU (O WUDEDMR HQ HVRV REMHWLYRV FRQVWLWX\H OD PD\RU SDUWH GH OD SDUWH
    LQWHUPHGLD GHO WUDWDPLHQWR &RQIRUPH 0DUN HPSH]y D DERUGDU PiV GLUHFWDPHQWH VXV
    VHQWLPLHQWRVGHSpUGLGD\FRQWLQXyVXWUDEDMRHQORVFRQWDFWRVVRFLDOHVHOHMHUFLFLR\D
    OLPLWDUHOWLHPSRTXHYHWHOHYLVLyQWDPELpQHPSH]yDH[SUHVDULQWHUpVHQVDOLUGHQXHYR
    FRQDOJXLHQ
    
    6HVLRQHVD
    (QHVWDSDUWHGHOWUDWDPLHQWRDPERVHPSH]DURQDDERUGDUGLUHFWDPHQWHODSHUVSHFWLYDGH
    TXH 0DUN GHVDUUROODUD QXHYDV UHODFLRQHV tQWLPDV HVSHFtILFDPHQWH FRQ XQD PXMHU GH VX
    WUDEDMR KDFLD OD TXH VH VHQWtD DWUDtGR ([SORUDURQ TXp QHFHVLWDED KDFHU 0DUN SDUD
    DSUR[LPDUVH D HPSH]DU XQD QXHYD UHODFLyQ HQ OXJDU GH HYLWDU VX PLHGR \ OD WHUDSHXWD
    SURSXVRODKLSyWHVLVGHTXHHOHVWLORGHUXPLDFLyQGH0DUNKDEtDHYLWDGRTXHDSUHQGLHUD
    GH VXV SDWURQHV GH DFFLyQ HQ UHODFLRQHV SDVDGDV /D WHUDSHXWD XVy HO DFUyQLPR
    75$375$& SDUD D\XGDU D 0DUN D UHFRQRFHU ODV FRQGLFLRQHV HQ TXH VX HYLWDFLyQ HUD
    SUREDEOH ODWUDPSDR75$3 SDUDOXHJRLQYROXFUDUVHHQXQDFRQGXFWDGHDIURQWDPLHQWR
    PiVDGDSWDGDTXHORUHJUHVDUDDOVHQGHUR 75$& 3RUHMHPSOR0DUNGLMRTXHFXDQGR
    YHtDDODPXMHUHQHOWUDEDMR GHVHQFDGHQDQWH HPSH]DEDDVHQWLUVHQHUYLRVR UHVSXHVWD
    \ QR KDEODED FRQ HOOD R UHVWULQJtD VX FRQYHUVDFLyQ D WHPDV VXSHUILFLDOHV GHO WUDEDMR HO
    SDWUyQ GH HYLWDFLyQ  6X DOWHUQDWLYD GH DIURQWDPLHQWR HQ ODV PLVPDV FRQGLFLRQHV
    LPSOLFDED SUHJXQWDUOH VL OH JXVWDUtD WRPDU XQ FDIp /DV VHVLRQHV VH HQIRFDURQ OXHJR HQ
    H[DPLQDUHQGHWDOOHORTXH0DUNSRGUtDDSUHQGHUGHVXDQWHULRUPDWULPRQLRTXHSXGLHUD
    VHU~WLOSDUDODVUHODFLRQHVIXWXUDV(OVLJXLHQWHGLiORJRRIUHFHXQHMHPSORGHORVWHPDVGH
    DWHQFLyQHQTXHVHHQIRFDURQODVVHVLRQHV
    

    
    0$5. 8QD GH ODV FRVDV TXH VXFHGtD PXFKR FRQ 'LDQD HV TXH QXQFD VHQWt HVWDU
    UHDOPHQWH SUHVHQWH FRQ HOOD R FRQ ODV QLxDV (UD FRPR VL HVWXYLHUDQ MXQWDV HQ HVWH
    SHTXHxR PXQGR \ GH DOJXQD PDQHUD \R VLHPSUH HVWDED HQ HO H[WHULRU $ PHQXGR
    SHQVDEDTXHGHEHUtDSRQHUPHPiVHQHOFHQWURGHFLUPiVORTXHSHQVDEDSHURQROR
    KLFH1XQFDORKLFH
    7(5$3(87$¢(VROHFDXVDEDFRQIOLFWRVFRQHOOD"
    0$5.6tSRUVXSXHVWR)XHXQDGHODVFRVDVTXHGLMRFXDQGRWHUPLQyODVFRVDV(VWDU
    HQHOH[WHULRUHVXQDFRVDPX\JUDQGHSDUDPt
    7(5$3(87$ (VSHFtILFDPHQWH ¢TXp LQYROXFUD HVWDU HQ HO H[WHULRU" ¢&yPR SRGUtD \R
    VDEHUTXHORHVWiKDFLHQGR"
    0$5. 6LPSOHPHQWH QR HVWR\ GLVSXHVWR D KDEODU GH FRVDV (OOD VLHPSUH GLMR TXH HUD
    FRPR VL HQ UHDOLGDG \R QR HVWXYLHUD GHQWUR R IXHUD GH QDGD FRPR VL WRGR HO WLHPSR
    HVWXYLHUDHQODFHUFD
    7(5$3(87$¢3XHGHSHQVDUHQXQHMHPSORHVSHFtILFRHQTXHHVRIXHUDXQSUREOHPD"
    0$5. %XHQR D PL PDGUH \ D PLV KHUPDQRV QXQFD OHV DJUDGy PXFKR 'LDQD SHUR QR
    KLFHPXFKRSDUDGHIHQGHUODDQWHHOORVVyORGHMpTXHODVFRVDVVHGHVDUUROODUiQ«
    7(5$3(87$ (QWRQFHV ¢HVR SXGR VHU XQD WUDPSD 75$3  FRQ HOOD" ¢IXH XQ
    GHVHQFDGHQDQWH TXH XVWHG SHQVDUD TXH HOOD TXHUtD DOJR GH XVWHG HQ WpUPLQRV GH VX
    FRPSURPLVR"
    0$5.6tHVRIXHSRUTXHWHUPLQpSRUVHQWLUPHUHDOPHQWHDEUXPDGRSRUHVR
    7(5$3(87$<HOSDWUyQGHHYLWDFLyQIXHHOUHWUDLPLHQWR
    0$5.(VRKLFH6LPSOHPHQWHUHWURFHGt\GHMpTXHHOODPDQHMDUDWRGDODHVFHQDFRQPL
    IDPLOLD
    7(5$3(87$(QWRQFHVFRQVXFRPSDxHUDVLDKRUDWXYLHUDTXHWRPDUSRVLFLyQFRQHOOD
    ¢FyPRVHUtD"¢&XiOVHUtDODDOWHUQDWLYDGHDIURQWDPLHQWR"
    0$5.1RWHQJRLGHD
    7(5$3(87$¢&UHHTXHHVXQGHVHQFDGHQDQWHVLPLODU"
    0$5. 4XL]i SRUTXH FUHR TXH HOOD VH HVWi SUHJXQWDQGR TXp SDVD FRQPLJR 6L HVWR\
    LQWHUHVDGRRQR
    7(5$3(87$¢+DVLGRFODURFRQHOODUHVSHFWRDVLHVWiLQWHUHVDGRHQVDOLUFRQHOOD"
    0$5. 1R GHO WRGR +DEODPRV D PHQXGR HQ HO WUDEDMR SHUR QR SXHGR GHFLU TXH HQ
    UHDOLGDGOHKD\DGLFKRJUDQFRVD
    7(5$3(87$¢/HJXVWDUtDLQYLWDUODDVDOLU"
    0$5.6tVXSRQJRTXHPHJXVWDUtD
    7(5$3(87$ ¢3RU TXp QR SHQVDPRV HQ DOJXQDV FRVDV HVSHFtILFDV TXH SXGLHUD GHFLU
    FRPRDOWHUQDWLYDVDUHWLUDUVH\SUDFWLFDPRVDOJXQDVGHHOODV"
    
    (Q HVDV VHVLRQHV OD WHUDSHXWD \ 0DUN GHILQLHURQ HQ WpUPLQRV PX\ HVSHFtILFRV \
    FRQFUHWRV ORV WLSRV GH FRQGXFWDV DVRFLDGDV FRQ OD GLVPLQXFLyQ GH OD VDWLVIDFFLyQ \
    FDOLGDGGHVXSULPHUPDWULPRQLR3RUHMHPSORODVLJXLHQWHSUHJXQWDGHODWHUDSHXWDSDUD
    0DUN HV XQD SUHJXQWD FHQWUDO TXH VH SODQWHD UHSHWLGDPHQWH HQ HO FXUVR GH OD DFWLYDFLyQ
    FRQGXFWXDO ³¢(VSHFtILFDPHQWH TXp LPSOLFD HVWDU HQ HO H[WHULRU" ¢$ TXp VH SDUHFH"

    
    ¢&yPRSRGUtD\RVDEHUVLHVWiKDFLHQGRHVR"´/DWHUDSHXWDHQIDWL]DODLGHQWLILFDFLyQGH
    FRQGXFWDVFODUDVHVSHFtILFDV\REVHUYDEOHVDODQDOL]DUODVFRQGXFWDV\GHILQLUODVPHWDV
    /XHJRODWHUDSHXWD\0DUNWUDEDMDURQHQODLGHQWLILFDFLyQGHHVWUDWHJLDVHVSHFtILFDVTXH
    pO SXGLHUD XVDU SDUD SUDFWLFDU FRQGXFWDV DOWHUQDWLYDV DO EXVFDU XQD UHODFLyQ IXWXUD
    6LJXLHURQXVDQGRHOPDUFR75$375$&SDUDH[DPLQDUVLWXDFLRQHVTXHSXGLHUDQVXUJLU\
    ODUHVSXHVWDGH0DUN\SDUDRULHQWDUORKDFLDXQDDSUR[LPDFLyQPiVFRPSURPHWLGDDODV
    UHODFLRQHV LQWHUSHUVRQDOHV tQWLPDV &XDQGR 0DUN HPSH]y D VDOLU FRQ XQD QXHYD SDUHMD
    WXYLHURQ XQD JUDQ RSRUWXQLGDG GH UHYLVDU \ SHUIHFFLRQDU ODV HVWUDWHJLDV PHGLDQWH ODV
    WDUHDV GH DFWLYDFLyQ TXH SUHWHQGtDQ D\XGDUOR D VHU GLUHFWR \ HVWDU SUHVHQWH HQ ODV
    LQWHUDFFLRQHVtQWLPDV
    
    6HVLRQHVD
    3DUDODVHVLyQODWHUDSHXWD\0DUNDFRUGDURQTXHKDEtDQFRQFOXLGRODPD\RUSDUWHGHO
    WUDEDMRGHFRPSUHQGHU\UHVROYHUORVSUREOHPDVGHODGHSUHVLyQGH0DUNHQWpUPLQRVGHO
    FRQWH[WR ~QLFR GH VX YLGD \ ORV SDWURQHV GH UHVSXHVWD GH HYLWDFLyQ TXH PDQWHQtDQ VX
    GHSUHVLyQ0DUNVHDFWLYyFRQp[LWRHQUHODFLyQFRQVXVFRQGXFWDVSUREOHPDVHFXQGDULDV
    SHMLQFUHPHQWyODOHFWXUDHOHMHUFLFLRORVFRQWDFWRVVRFLDOHV\ORVSUR\HFWRVDOUHGHGRU
    GHODFDVD\GLVPLQX\yHOWLHPSRTXHYHtDWHOHYLVLyQ \HPSH]yDGDUORVSDVRVKDFLDOD
    VROXFLyQ GH ORV SUREOHPDV GH GXHOR \ WHPRU D OD LQWLPLGDG D WUDYpV GHO LQLFLR GH XQD
    QXHYDUHODFLyQ
    3RU FRQVLJXLHQWH ODV ~OWLPDV VHVLRQHV GHO WUDWDPLHQWR VH HQIRFDURQ HQ OD UHYLVLyQ \
    FRQVROLGDFLyQ GH ORV WHPDV \ PpWRGRV XVDGRV HQ OD WHUDSLD (Q FRQFUHWR OD WHUDSHXWD \
    0DUNUHFRQRFLHURQODLPSRUWDQFLDGHFRQWLQXDUODSUiFWLFDGHVXVQXHYDVKDELOLGDGHVSDUD
    EORTXHDUODUXPLDFLyQSUHVWDQGRDWHQFLyQDPHWDVLQPHGLDWDV\DVXH[SHULHQFLDGLUHFWDH
    LQPHGLDWD\SDUDVHUPiVGLUHFWR\H[SUHVLYRFRQVXQXHYDSDUHMD$GHPiVWHUDSHXWD\
    FOLHQWH KLFLHURQ XQD UHYLVLyQ FXLGDGRVD GH FyPR 0DUN KDEtD DSUHQGLGR D XVDU SRU Vt
    PLVPRORVIXQGDPHQWRVGHODDFWLYDFLyQFRQGXFWXDO-XQWRVUHYLVDURQFyPRSRGUtDVDEHU
    TXH HPSH]DED D VHQWLUVH GHSULPLGR R D LQYROXFUDUVH HQ XQ SDWUyQ GH UHVSXHVWD GH
    HYLWDFLyQ
    7DPELpQ UHYLVDURQ SDVRV HVSHFtILFRV TXH SRGUtD GDU SDUD HPSH]DU D VXSHUYLVDU VX
    HVWDGR GH iQLPR \ VXV DFWLYLGDGHV \ D JHQHUDU FRQGXFWDV DOWHUQDWLYDV GH DIURQWDPLHQWR
    SDUDUHVROYHUSUREOHPDV7DPELpQLGHQWLILFDURQDOJXQDVFRQGXFWDVDOWHUQDWLYDVHVSHFtILFDV
    TXHHUDQH[FHSFLRQDOPHQWH~WLOHVSDUDURPSHUHOFtUFXORYLFLRVRGHODGHSUHVLyQHYLWDFLyQ
    \ DOHMDPLHQWR HVDV FRQGXFWDV DQWLGHSUHVLYDV LQFOXtDQ SRU HMHPSOR KDFHU HMHUFLFLR
    OODPDUDXQDPLJR\OHHU0DUNGLMRTXHVHVHQWtDELHQHTXLSDGRFRQHVDVKHUUDPLHQWDV\
    ODVRSRUWXQLGDGHVTXHKDEtDWHQLGRGHSUDFWLFDUODVHQODWHUDSLD7DPELpQLQIRUPyVHQWLUVH
    DQLPDGR SRU ORV FDPELRV SRVLWLYRV TXH \D KDEtD ORJUDGR HQ VX YLGD 7HUPLQy HO
    WUDWDPLHQWR H[SUHVDQGR RSWLPLVPR UHVSHFWR FRQ VX IXWXUR \ DJUDGHFLy FiOLGDPHQWH D OD
    WHUDSHXWDSRUHOWUDEDMRTXHKLFLHURQMXQWRV&RQHOWLHPSR0DUNPDQWXYRODVJDQDQFLDV
    TXHREWXYRHQHOWUDWDPLHQWR(VWDEOHFLyXQDQXHYDUHODFLyQFRQXQDPXMHU\HQHOFXUVR
    GHODxRVLJXLHQWHVHFRPSURPHWLHURQeOVLJXLySUDFWLFDQGRPXFKDVGHODVKDELOLGDGHVTXH
    KDEtDDSUHQGLGRHQODWHUDSLDHQHOFRQWH[WRGHHVWDQXHYDUHODFLyQFRQVXVKLMDV\FRQ

    
    VXVFRPSDxHURV\DPLJRV
    
    5HVXPHQGHOFDVR
    (O FXUVR GHO WUDWDPLHQWR FRQ 0DUN RIUHFH XQ HMHPSOR GH PXFKRV GH ORV SULQFLSLRV \
    HVWUDWHJLDV SULQFLSDOHV GH OD DFWLYDFLyQ FRQGXFWXDO (O WUDWDPLHQWR VH GHULYy GHO DQiOLVLV
    IXQFLRQDOFXLGDGRVR\FRQWLQXRGHORVSUREOHPDVFODYHTXH0DUNSUHVHQWDEDORTXHDVX
    YH] SHUPLWLy TXH OD WHUDSHXWD GHVDUUROODUD OD FRQFHSWXDOL]DFLyQ GHO FDVR (VWH WUDEDMR VH
    UHDOL]y HQ FRODERUDFLyQ FRQ 0DUN GXUDQWH ODV VHVLRQHV \ WDPELpQ IXH WHPD FRQWLQXR GH
    DWHQFLyQ HQ ODV UHXQLRQHV GHO HTXLSR GH FRQVXOWD FOtQLFD GHO TXH IRUPDED SDUWH OD
    WHUDSHXWDGH0DUN'XUDQWHHOWUDWDPLHQWRODWHUDSHXWDXWLOL]yXQDYDULHGDGGHHVWUDWHJLDV
    HVSHFtILFDVLQFOX\HQGRHOHVWDEOHFLPLHQWRGHPHWDVDXWRPRQLWRUHRDVLJQDFLyQGHWDUHDV
    JUDGXDGDV VROXFLyQ GH SUREOHPDV UHSDVR FRQGXFWXDO \ DWHQFLyQ D OD H[SHULHQFLD
    7DPELpQDERUGyXQDVHULHGHREMHWLYRVLPSRUWDQWHVGHOWUDWDPLHQWRTXHVHREVHUYDQFRQ
    IUHFXHQFLD HQ OD DFWLYDFLyQ FRQGXFWXDO HQWUH ORV TXH VH HQFXHQWUDQ OD HYLWDFLyQ
    LQWHUSHUVRQDOODUXPLDFLyQ\ODDOWHUDFLyQGHODUXWLQD
    (QJHQHUDOODWHUDSHXWDWUDEDMyFRPRHQWUHQDGRUDGXUDQWHODWHUDSLDD\XGDQGRD0DUN
    DLQLFLDUSDVRVHVSHFtILFRVGHVROXFLyQGHSUREOHPDVSDUDVXSHUDUSDWURQHVGHHYLWDFLyQ\
    FRPSURPHWHUVH HQ DFWLYLGDGHV 7DPELpQ OH HQVHxy D 0DUN D LGHQWLILFDU ODV UHODFLRQHV
    HQWUHDFWLYLGDG\HVWDGRGHiQLPRGHPRGRTXHSXGLHUDQDSUHQGHUMXQWRVGyQGHHQIRFDU
    HOWLHPSR\ODDWHQFLyQ8WLOL]yHVWUDWHJLDV(3$19,(GHQWURGHFDGDVHVLyQPDQWXYROD
    HVWUXFWXUD GH FDGD VHVLyQ \ HO FXUVR JHQHUDO GHO WUDWDPLHQWR FRQ DWHQFLyQ VRVWHQLGD HQ
    DSUHQGHU\HPSUHQGHUDFFLyQMXQWRV0DQWXYRXQDDSUR[LPDFLyQREMHWLYDQRFUtWLFD\GH
    VROXFLyQ GH SUREOHPDV KDFLD HO UHWR GH WUDWDU OD GHSUHVLyQ \ ODV GLILFXOWDGHV VXUJLGDV
    GXUDQWHODWHUDSLDGH0DUNUHVSRQGLHQGRFRQFDOLGH]iQLPR\FRPSUHQVLyQ'HPDQHUD
    VLVWHPiWLFD VH EDVy HQ HO PRGHOR GH OD DFWLYDFLyQ FRQGXFWXDO UHFRQRFLHQGR OD GLILFXOWDG
    GHFDPELDUFXDQGRVHHVWiGHSULPLGR\ODLPSRUWDQFLDGHODDFFLyQHQHVSHFLDOFXDQGRHO
    HVWDGR GH iQLPR HV EDMR 5HJUHVy GH PDQHUD UHJXODU \ SHUVLVWHQWH DO IRFR GH DFWLYDFLyQ
    GHORVREMHWLYRVGHFDPELRVHOHFFLRQDGRV\WUDEDMyHQHTXLSRFRQ0DUNSDUDD\XGDUORD
    DSUHQGHUFyPRFRQVWUXLUXQDYLGDTXHIXHVHULFD\JUDWLILFDQWH
    

    
    &21&/86,Ï1

    (QHVWHFDStWXORVHSUHVHQWDQODEDVHFRQFHSWXDO\ORVGHWDOOHVSUiFWLFRVUHTXHULGRVSDUD
    XVDU OD DFWLYDFLyQ FRQGXFWXDO FRQ FOLHQWHV GHSULPLGRV /D DFWLYDFLyQ FRQGXFWXDO TXH
    HYROXFLRQy GH ORV FLPLHQWRV HVWDEOHFLGRV SRU HO WUDEDMR GH )HUVWHU /HZLQVRKQ \ %HFN
    GHVWDFD OD LPSRUWDQFLD GH OD DWHQFLyQ GLUHFWD \ VRVWHQLGD HQ HO FDPELR FRQGXFWXDO /D
    DFWLYDFLyQFRQGXFWXDOSUHWHQGHD\XGDUDORVFOLHQWHVDWRUQDUVHDFWLYRV\FRPSURPHWLGRV
    HQVXVYLGDVGHIRUPDTXHGLVPLQX\DQODGHSUHVLyQDFWXDO\D\XGHQDSUHYHQLUHSLVRGLRV
    IXWXURV (Q OD DFWLYDFLyQ FRQGXFWXDO ORV WHUDSHXWDV D\XGDQ D FOLHQWHV GHSULPLGRV D
    LQFUHPHQWDU ODV DFWLYLGDGHV TXH OHV SURSRUFLRQDQ PD\RU UHFRPSHQVD \ D UHVROYHU
    SUREOHPDV LPSRUWDQWHV 7DQWR OD LQYHVWLJDFLyQ GH UHVXOWDGRV FRPR RWUDV OtQHDV
    FRQYHUJHQWHV GH LQGDJDFLyQ HPStULFD VXJLHUHQ TXH OD DFWLYDFLyQ FRQGXFWXDO HV XQ
    WUDWDPLHQWR SRWHQFLDOPHQWH HILFD] SDUD OD GHSUHVLyQ 'LPLGMLDQ HW DO   /D
    LQYHVWLJDFLyQ IXWXUD H[DPLQDUi FRQ PD\RU GHWDOOH HO SURFHVR GH FDPELR HQ OD DFWLYDFLyQ
    FRQGXFWXDO\ODIDFLOLGDGFRQTXHHVWHHQIRTXHSXHGHVHUOOHYDGRDXQDJUDQYDULHGDGGH
    HVFHQDULRVGHODSUiFWLFDFOtQLFD
    

    
    5()(5(1&,$6

    $FLHUQR55KHLQJROG$$PVWDGWHU$.XUHQW-$PHOOD(5HVQLFN+HWDO  %HKDYLRUDODFWLYDWLRQ


    DQG WKHUDSHXWLF H[SRVXUH IRU EHUHDYHPHQW LQ ROGHU DGXOWV $PHULFDQ -RXUQDO RI +RVSLFH DQG 3DOOLDWLYH
    0HGLFLQH  ±
    $GGLV0( &DUSHQWHU.0  7KHWUHDWPHQWUDWLRQDOHLQFRJQLWLYHEHKDYLRUDOWKHUDS\3V\FKRORJLFDO
    PHFKDQLVPVDQGFOLQLFDOJXLGHOLQHV&RJQLWLYHDQG%HKDYLRUDO3UDFWLFH  ±
    $GGLV0( 0DUWHOO&5  2YHUFRPLQJGHSUHVVLRQRQHVWHSDWDWLPH7KHQHZEHKDYLRUDODFWLYDWLRQ
    DSSURDFKWRJHWWLQJ\RXUOLIHEDFN2DNODQG&$1HZ+DUELQJHU
    $PHULFDQ 3V\FKLDWULF $VVRFLDWLRQ   'LDJQRVWLF DQG VWDWLVWLFDO PDQXDO RI PHQWDO GLVRUGHUV WK HG 
    $UOLQJWRQ9$$XWKRU
    $UPHQWR 0 ( $  +RSNR ' 5   7KH (QYLURQPHQWDO 5HZDUG 2EVHUYDWLRQ 6FDOH (526 
    'HYHORSPHQWYDOLGLW\DQGUHOLDELOLW\%HKDYLRU7KHUDS\±
    $UPHQWR 0 ( $  +RSNR ' 5   %HKDYLRUDO DFWLYDWLRQ RI D EUHDVW FDQFHU SDWLHQW ZLWK FRH[LVWHQW
    PDMRUGHSUHVVLRQDQGJHQHUDOL]HGDQ[LHW\GLVRUGHU&OLQLFDO&DVH6WXGLHV  ±
    %DUUDFD - 3pUH]ÈOYDUH] 0  /R]DQR %OHGD - +   $YRLGDQFH DQG DFWLYDWLRQ DV NH\V WR GHSUHVVLRQ
    $GDSWDWLRQ RI WKH %HKDYLRUDO $FWLYDWLRQ IRU 'HSUHVVLRQ 6FDOH LQ D 6SDQLVK VDPSOH 6SDQLVK -RXUQDO RI
    3V\FKRORJ\  ±
    %HFN$75XVK$-6KDZ%) (PHU\*  &RJQLWLYHWKHUDS\RIGHSUHVVLRQ1HZ<RUN*XLOIRUG
    3UHVV
    %HFN $ 7 6WHHU 5 $  %URZQ * .   0DQXDO IRU WKH %',,, 6DQ $QWRQLR 7; 3V\FKRORJLFDO
    &RUSRUDWLRQ
    %HQQHWW/HY\ - %XWOHU * )HQQHOO 0 +DFNPDQ $ 0XHOOHU 0  :HVWEURRN '   2[IRUG JXLGH WR
    EHKDYLRXUDOH[SHULPHQWVLQFRJQLWLYHWKHUDS\2[IRUG8.2[IRUG8QLYHUVLW\3UHVV
    %RUNRYHF 7 ' 1HZPDQ 0 * 3LQFXV $ /  /\WOH 5   $ FRPSRQHQW DQDO\VLV RI FRJQLWLYH
    EHKDYLRUDO WKHUDS\ IRU JHQHUDOL]HG DQ[LHW\ GLVRUGHU DQG WKH UROH RI LQWHUSHUVRQDO SUREOHPV -RXUQDO RI
    &RQVXOWLQJDQG&OLQLFDO3V\FKRORJ\±
    &DUYDOKR - 3 *DZU\VLDN 0 - +HOOPXWK - & 0F1XOW\ . 0DJLGVRQ - ) /HMXH] & : HW DO  
    7KH UHZDUG SUREDELOLW\ LQGH[ GHVLJQ DQG YDOLGDWLRQ RI D VFDOH PHDVXULQJ DFFHVV WR HQYLURQPHQWDO UHZDUG
    %HKDYLRU7KHUDS\  ±
    &KULVWRSKHU06-DFRE./1HXKDXV(&1HDU\7- )LROD/$  &RJQLWLYHDQGEHKDYLRUDO
    FKDQJHVUHODWHGWRV\PSWRPLPSURYHPHQWDPRQJSDWLHQWVZLWKDPRRGGLVRUGHUUHFHLYLQJLQWHQVLYHFRJQLWLYH
    EHKDYLRUDOWKHUDS\-RXUQDORI3V\FKLDWULF3UDFWLFH  ±
    &XLMSHUV 3 YDQ 6WUDWHQ $  :DUPHUGDP /   %HKDYLRUDO DFWLYDWLRQ WUHDWPHQWV RI GHSUHVVLRQ $
    PHWDDQDO\VLV&OLQLFDO3V\FKRORJ\5HYLHZ±
    &XOOHQ - 0 6SDWHV & 5 3DJRWR 6 /  'RUDQ 1   %HKDYLRUDO DFWLYDWLRQ WUHDWPHQW IRU PDMRU
    GHSUHVVLYHGLVRUGHU$SLORWLQYHVWLJDWLRQ%HKDYLRU$QDO\VW7RGD\±
    &XUUDQ - /DZVRQ 3 +RXJKWRQ 6  *RXUQD\ .   ,PSOHPHQWLQJ EHKDYLRXUDO DFWLYDWLRQ LQ LQSDWLHQW
    SV\FKLDWULFZDUGV-RXUQDORI0HQWDO+HDOWK7UDLQLQJ(GXFDWLRQDQG3UDFWLFH  ±
    'DXJKWHUV 6 % %UDXQ $ 5 6DUJHDQW 0 1 5H\QROGV ( . +RSNR ' 5 %ODQFR & HW DO  
    (IIHFWLYHQHVV RI D EULHI EHKDYLRUDO WUHDWPHQW IRU LQQHUFLW\ LOOLFLW GUXJ XVHUV ZLWK HOHYDWHG GHSUHVVLYH
    V\PSWRPV7KH/LIH(QKDQFHPHQW7UHDWPHQWIRU6XEVWDQFH8VH /(76$FW -RXUQDORI&OLQLFDO3V\FKLDWU\
      ±
    'LPLGMLDQ6 -XO\ %HKDYLRUDODFWLYDWLRQ:RUNVKRSSUHVHQWDWLRQDW6DQJDWK*RD,QGLD
    'LPLGMLDQ 6 %DUUHUD 0 -U 0DUWHOO & 0XxR] 5 )  /HZLQVRKQ 3 0   7KH RULJLQV DQG FXUUHQW
    VWDWXVRIEHKDYLRUDODFWLYDWLRQWUHDWPHQWVIRUGHSUHVVLRQ$QQXDO5HYLHZRI&OLQLFDO3V\FKRORJ\±
    'LPLGMLDQ 6 +ROORQ 6 ' 'REVRQ . 6 6FKPDOLQJ . % .RKOHQEHUJ 5 - $GGLV 0 HW DO  
    5DQGRPL]HG WULDO RI EHKDYLRUDO DFWLYDWLRQ FRJQLWLYH WKHUDS\ DQG DQWLGHSUHVVDQW PHGLFDWLRQ LQ WKH DFXWH
    WUHDWPHQWRIDGXOWVZLWKPDMRUGHSUHVVLRQ-RXUQDORI&RQVXOWLQJDQG&OLQLFDO3V\FKRORJ\±
    'REVRQ . 6 +ROORQ 6 ' 'LPLGMLDQ 6 6FKPDOLQJ . % .RKOHQEHUJ 5 - *DOORS 5 HW DO  
    5DQGRPL]HGWULDORIEHKDYLRUDODFWLYDWLRQFRJQLWLYHWKHUDS\DQGDQWLGHSUHVVDQWPHGLFDWLRQLQWKHSUHYHQWLRQRI

    
    UHODSVHDQGUHFXUUHQFHLQPDMRUGHSUHVVLRQ-RXUQDORI&RQVXOWLQJDQG&OLQLFDO3V\FKRORJ\  ±
    (NHUV ' 0 'DZVRQ 0 6  %DLOH\ (   'LVVHPLQDWLRQ RI EHKDYLRXUDO DFWLYDWLRQ IRU GHSUHVVLRQ WR
    PHQWDO KHDOWK QXUVHV WUDLQLQJ HYDOXDWLRQ DQG EHQFKPDUNHG FOLQLFDO RXWFRPHV -RXUQDO RI 3V\FKLDWULF DQG
    0HQWDO+HDOWK1XUVLQJ  ±
    (NHUV ' 5LFKDUGV '  *LOERG\ 6   $ PHWDDQDO\VLV RI UDQGRPL]HG WULDOV RI EHKDYLRXUDO WUHDWPHQW RI
    GHSUHVVLRQ3V\FKRORJLFDO0HGLFLQH  ±
    (NHUV ' 5LFKDUGV ' 0F0LOODQ ' %ODQG - 0  *LOERG\ 6   %HKDYLRXUDO DFWLYDWLRQ GHOLYHUHG E\
    WKHQRQVSHFLDOLVW3KDVH,,UDQGRPLVHGFRQWUROOHGWULDO%ULWLVK-RXUQDORI3V\FKLDWU\  ±
    )HUVWHU&%  $IXQFWLRQDODQDO\VLVRIGHSUHVVLRQ$PHULFDQ3V\FKRORJLVW±
    )HUVWHU & %   $ IXQFWLRQDO DQDO\VLV RI EHKDYLRU WKHUDS\ ,Q / 3 5HKP (G  %HKDYLRU WKHUDS\ IRU
    GHSUHVVLRQ3UHVHQWVWDWXVDQGIXWXUHGLUHFWLRQV SS± 1HZ<RUN$FDGHPLF3UHVV
    )LUVW 0 % 6SLW]HU 5 / *LEERQ 0  :LOOLDPV - % :   8VHU¶V JXLGH IRU WKH 6WUXFWXUHG &OLQLFDO
    ,QWHUYLHZIRU'60,9$[LV,'LVRUGHUV:DVKLQJWRQ'&$PHULFDQ3V\FKLDWULF3UHVV
    )LUVW 0 % 6SLW]HU 5 / *LEERQV 0 :LOOLDPV - % :  %HQMDPLQ /   8VHU¶V JXLGH IRU WKH
    6WUXFWXUHG &OLQLFDO ,QWHUYLHZ IRU '60,9 $[LV ,, 3HUVRQDOLW\ 'LVRUGHUV 6&,',,  1HZ <RUN %LRPHWULFV
    5HVHDUFK'HSDUWPHQW1HZ<RUN6WDWH3V\FKLDWULF,QVWLWXWH
    )RD(%5RWKEDXP%2 )XUU-0  $XJPHQWLQJH[SRVXUHWKHUDS\ZLWKRWKHU&%7SURFHGXUHV
    3V\FKLDWULF$QQDOV±
    *DZU\VLDN01LFKRODV& +RSNR'5  %HKDYLRUDODFWLYDWLRQIRUPRGHUDWHO\GHSUHVVHGXQLYHUVLW\
    VWXGHQWV5DQGRPL]HGFRQWUROOHGWULDO-RXUQDORI&RXQVHOLQJ3V\FKRORJ\  ±
    *ORDJXHQ9&RWWUDX[-&XFKHUDW0 %ODFNEXUQ,0  $PHWDDQDO\VLVRIWKHHIIHFWVRIFRJQLWLYH
    WKHUDS\LQGHSUHVVHGSDWLHQWV-RXUQDORI$IIHFWLYH'LVRUGHUV±
    *ROOZLW]HU 3 0   ,PSOHPHQWDWLRQ LQWHQWLRQV 6WURQJ HIIHFWV RI VLPSOH SODQV $PHULFDQ 3V\FKRORJLVW 
    ±
    *RUWQHU ( 7 *ROODQ - . 'REVRQ . 6  -DFREVRQ 1 6   &RJQLWLYHEHKDYLRUDO WUHDWPHQW IRU
    GHSUHVVLRQ5HODSVHSUHYHQWLRQ-RXUQDORI&RQVXOWLQJDQG&OLQLFDO3V\FKRORJ\±
    *URV') +DUHQ:%  2SHQWULDORIEULHIEHKDYLRUDODFWLYDWLRQSV\FKRWKHUDS\IRUGHSUHVVLRQLQDQ
    LQWHJUDWHG9HWHUDQV$IIDLUVSULPDU\FDUHVHWWLQJ3ULPDU\&DUH&RPSDQLRQWR&16'LVRUGHUV  
    +DPLOWRQ 0 $   $ UDWLQJ VFDOH IRU GHSUHVVLRQ -RXUQDO RI 1HXURORJ\ 1HXURVXUJHU\ DQG 3V\FKLDWU\ 
    ±
    +D\HV$0&DVWRQJXD\/* *ROGIULHG05  (IIHFWLYHQHVVRIWDUJHWLQJWKHYXOQHUDELOLW\IDFWRUV
    RIGHSUHVVLRQLQFRJQLWLYHWKHUDS\-RXUQDORI&RQVXOWLQJDQG&OLQLFDO3V\FKRORJ\  ±
    +D\HV 6 & 6WURVDKO . '  :LOVRQ . *   $FFHSWDQFH DQG FRPPLWPHQW WKHUDS\ $Q H[SHULHQWLDO
    DSSURDFKWREHKDYLRUFKDQJH1HZ<RUN*XLOIRUG3UHVV
    +RSNR ' 5 $UPHQWR 0 ( $ 5REHUWVRQ 6 5\ED 0 0 &DUYDOKR - 3 &ROPDQ / . HW DO  
    %ULHIEHKDYLRUDODFWLYDWLRQDQGSUREOHPVROYLQJWKHUDS\IRUGHSUHVVHGEUHDVWFDQFHUSDWLHQWV5DQGRPL]HGWULDO
    -RXUQDORI&RQVXOWLQJDQG&OLQLFDO3V\FKRORJ\  ±
    +RSNR ' 5 %HOO - / $UPHQWR 0 ( $ +XQW 0 .  /HMXH] & :   %HKDYLRU WKHUDS\ IRU
    GHSUHVVHGFDQFHUSDWLHQWVLQSULPDU\FDUH3V\FKRWKHUDS\  ±
    +RSNR ' 5 /HMXH] & :  +RSNR 6 '   %HKDYLRUDO DFWLYDWLRQ DV DQ LQWHUYHQWLRQ IRU FRH[LVWHQW
    GHSUHVVLYHDQGDQ[LHW\V\PSWRPV&OLQLFDO&DVH6WXGLHV  ±
    +RSNR'5/HMXH]&:/H3DJH-3+RSNR6' 0F1HLO':  $EULHIEHKDYLRUDODFWLYDWLRQ
    WUHDWPHQW IRU GHSUHVVLRQ $ UDQGRPL]HG SLORW WULDO ZLWKLQ DQ LQSDWLHQW SV\FKLDWULF KRVSLWDO %HKDYLRU
    0RGLILFDWLRQ±
    +RSNR ' 5 6DQFKH] / +RSNR 6 ' 'YLU 6  /HMXH] & :   %HKDYLRUDO DFWLYDWLRQ DQG WKH
    SUHYHQWLRQ RI VXLFLGDO EHKDYLRUV LQ SDWLHQWV ZLWK ERUGHUOLQH SHUVRQDOLW\ GLVRUGHU -RXUQDO RI 3HUVRQDOLW\
    'LVRUGHUV  ±
    +RXJKWRQ 6 &XUUDQ -  6D[RQ '   $Q XQFRQWUROOHG HYDOXDWLRQ RI JURXS EHKDYLRXUDO DFWLYDWLRQ IRU
    GHSUHVVLRQ%HKDYLRXUDODQG&RJQLWLYH3V\FKRWKHUDS\  ±
    +XEOH\6:RRGFRFN($'LPHII/$ 'LPLGMLDQ6 LQSUHVV 'LVVHPLQDWLQJEHKDYLRXUDODFWLYDWLRQIRU
    GHSUHVVLRQYLDRQOLQHWUDLQLQJ3UHOLPLQDU\VWHSV%HKDYLRXUDODQG&RJQLWLYH3V\FKRWKHUDS\
    -DFREVRQ 1 6 'REVRQ . 6 7UXD[ 3 $ $GGLV 0 ( .RHUQHU . *ROODQ - . HW DO   $

    
    FRPSRQHQW DQDO\VLV RI FRJQLWLYHEHKDYLRUDO WUHDWPHQW IRU GHSUHVVLRQ -RXUQDO RI &RQVXOWLQJ DQG &OLQLFDO
    3V\FKRORJ\±
    -DFREVRQ160DUWHOO&5 'LPLGMLDQ6  %HKDYLRUDODFWLYDWLRQWUHDWPHQWIRUGHSUHVVLRQ5HWXUQLQJ
    WRFRQWH[WXDOURRWV&OLQLFDO3V\FKRORJ\6FLHQFHDQG3UDFWLFH±
    -DNXSFDN 0 5REHUWV / - 0DUWHOO & 0XOLFN 3 0LFKDHO 6 5HHG 5 HW DO   $ SLORW VWXG\ RI
    EHKDYLRUDODFWLYDWLRQIRUYHWHUDQVZLWKSRVWWUDXPDWLFVWUHVVGLVRUGHU-RXUQDORI7UDXPDWLF6WUHVV   ±
    
    .DQWHU-:+XUWDGR*'5XVFK/&%XVFK$0 6DQWLDJR5LYHUD$  %HKDYLRUDODFWLYDWLRQ
    IRU/DWLQRVZLWKGHSUHVVLRQ&OLQLFDO&DVH6WXGLHV  ±
    .DQWHU - : 0XOLFN 3 %XVFK $ 0 %HUOLQ . 6  0DUWHOO &   7KH %HKDYLRUDO $FWLYDWLRQ IRU
    'HSUHVVLRQ 6FDOH %$'6  3V\FKRPHWULF SURSHUWLHV DQG IDFWRU VWUXFWXUH -RXUQDO RI 3V\FKRSDWKRORJ\ DQG
    %HKDYLRUDO$VVHVVPHQW  ±
    .DQWHU - : 5XVFK / & %XVFK $ 0  6HGLY\ 6 .   9DOLGDWLRQ RI WKH %HKDYLRUDO $FWLYDWLRQ IRU
    'HSUHVVLRQ 6FDOH %$'6  LQ D FRPPXQLW\ VDPSOH ZLWK HOHYDWHG GHSUHVVLYH V\PSWRPV -RXUQDO RI
    3V\FKRSDWKRORJ\DQG%HKDYLRUDO$VVHVVPHQW  ±
    .DQWHU - : 6DQWLDJR5LYHUD $ / 5XVFK / & %XVFK 0  :HVW 3   ,QLWLDO RXWFRPHV RI D
    FXOWXUDOO\DGDSWHGEHKDYLRUDODFWLYDWLRQIRU/DWLQDVGLDJQRVHGZLWKGHSUHVVLRQDWDFRPPXQLW\FOLQLF%HKDYLRU
    0RGLILFDWLRQ  ±
    .URHQNH . 6SLW]HU 5  :LOOLDPV -   7KH 3+4 9DOLGLW\ RI D EULHI GHSUHVVLRQ VHYHULW\ PHDVXUH
    -RXUQDORI*HQHUDO,QWHUQDO0HGLFLQH±
    /D]]DUL & (JDQ 6 -  5HHV & 6   %HKDYLRUDO DFWLYDWLRQ WUHDWPHQW IRU GHSUHVVLRQ LQ ROGHU DGXOWV
    GHOLYHUHGYLDYLGHRFRQIHUHQFLQJ$SLORWVWXG\&RJQLWLYHDQG%HKDYLRUDO3UDFWLFH  ±
    /HMXH] & : +RSNR ' 5 $FLHUQR 5 'DXJKWHUV 6 %  3DJRWR 6 /   7HQ \HDU UHYLVLRQ RI WKH
    EULHIEHKDYLRUDODFWLYDWLRQWUHDWPHQWIRUGHSUHVVLRQ5HYLVHGWUHDWPHQWPDQXDO%HKDYLRU 0RGLILFDWLRQ   
    ±
    /HMXH]&:+RSNR'5/H3DJH-3+RSNR6' 0F1HLO':  $EULHIEHKDYLRUDODFWLYDWLRQ
    WUHDWPHQWIRUGHSUHVVLRQ&RJQLWLYHDQG%HKDYLRUDO3UDFWLFH  ±
    /HZLQVRKQ 3 0   $ EHKDYLRUDO DSSURDFK WR GHSUHVVLRQ ,Q 5 0 )ULHGPDQ  0 0 .DW] (GV  7KH
    SV\FKRORJ\RIGHSUHVVLRQ&RQWHPSRUDU\WKHRU\DQGUHVHDUFK SS± 1HZ<RUN:LOH\
    /HZLQVRKQ 3 0 $QWRQXFFLR ' 2 6WHLQPHW] %UHFNHQULGJH -  7HUL /   7KH &RSLQJ ZLWK
    'HSUHVVLRQ&RXUVH$SV\FKRHGXFDWLRQDOLQWHUYHQWLRQIRUXQLSRODUGHSUHVVLRQ(XJHQH25&DVWDOLD
    /HZLQVRKQ30%LJODQ$ =HLVV$6  %HKDYLRUDOWUHDWPHQWRIGHSUHVVLRQ,Q32'DYLGVRQ (G 
    7KHEHKDYLRUDOPDQDJHPHQWRIDQ[LHW\GHSUHVVLRQDQGSDLQ SS± 1HZ<RUN%UXQQHU0D]HO
    /HZLQVRKQ 3 0  *UDI 0   3OHDVDQW DFWLYLWLHV DQG GHSUHVVLRQ -RXUQDO RI &RQVXOWLQJ DQG &OLQLFDO
    3V\FKRORJ\±
    /HZLQVRKQ 3 0 +REHUPDQ + 7HUL / +DXW]LQJHU 0   $Q LQWHJUDWLYH WKHRU\ RI GHSUHVVLRQ ,Q 6
    5HLVV 5%RRW]LQ (GV 7KHRUHWLFDOLVVXHVLQEHKDYLRUWKHUDS\ SS± 1HZ<RUN$FDGHPLF3UHVV
    /HZLQVRKQ 3 0 6XOOLYDQ - 0  *URVVFXS 6 -   &KDQJLQJ UHLQIRUFLQJ HYHQWV $Q DSSURDFK WR WKH
    WUHDWPHQWRIGHSUHVVLRQ3V\FKRWKHUDS\7KHRU\5HVHDUFK3UDFWLFHDQG7UDLQLQJ±
    /LQHKDQ 0 0   &RJQLWLYHEHKDYLRUDO WUHDWPHQW RI ERUGHUOLQH SHUVRQDOLW\ GLVRUGHU 1HZ <RUN *XLOIRUG
    3UHVV
    /RFNH($ /DWKDP*3  %XLOGLQJDSUDFWLFDOO\XVHIXOWKHRU\RIJRDOVHWWLQJDQGWDVNPRWLYDWLRQ$
    \HDURG\VVH\$PHULFDQ3V\FKRORJLVW±
    0DF3KHUVRQ / 7XOO 0 7 0DWXVLHZLF] $ . 5RGPDQ 6 6WURQJ ' 5 .DKOHU & : HW DO  
    5DQGRPL]HG FRQWUROOHG WULDO RI EHKDYLRUDO DFWLYDWLRQ VPRNLQJ FHVVDWLRQ WUHDWPHQW IRU VPRNHUV ZLWK HOHYDWHG
    GHSUHVVLYHV\PSWRPV-RXUQDORI&RQVXOWLQJDQG&OLQLFDO3V\FKRORJ\  ±
    0DLUV + /RYHOO . &DPSEHOO 0  .HHOH\ 3   'HYHORSPHQW DQG SLORW LQYHVWLJDWLRQ RI EHKDYLRUDO
    DFWLYDWLRQIRUQHJDWLYHV\PSWRPV%HKDYLRU0RGLILFDWLRQ  ±
    0DQRV5&.DQWHU-: %XVFK$0  $FULWLFDOUHYLHZRIDVVHVVPHQWVWUDWHJLHVWRPHDVXUHWKH
    EHKDYLRUDODFWLYDWLRQPRGHORIGHSUHVVLRQ&OLQLFDO3V\FKRORJ\5HYLHZ±
    0DQRV 5 & .DQWHU - :  /XR :   7KH %HKDYLRUDO $FWLYDWLRQ IRU 'HSUHVVLRQ 6FDOH±6KRUW )RUP
    'HYHORSPHQWDQGYDOLGDWLRQ%HKDYLRU7KHUDS\  ±

    
    0DUWHOO&5$GGLV0( -DFREVRQ16  'HSUHVVLRQLQFRQWH[W6WUDWHJLHVIRUJXLGHGDFWLRQ 1HZ
    <RUN1RUWRQ
    0DUWHOO & 5 'LPLGMLDQ 6  +HUPDQ'XQQ 5   %HKDYLRUDO DFWLYDWLRQ IRU GHSUHVVLRQ $ FOLQLFLDQ¶V
    JXLGH*XLOIRUG3UHVV
    0D]]XFFKHOOL 7 .DQH 5  5HHV &   %HKDYLRUDO DFWLYDWLRQ WUHDWPHQW RI GHSUHVVLRQ LQ DGXOWV $
    PHWDDQDO\VLVDQGUHYLHZ&OLQLFDO3V\FKRORJ\6FLHQFHDQG3UDFWLFH±
    0F&DXOH\ ( 6FKORUHGW . *XGPXQGVHQ * 0DUWHOO &  'LPLGMLDQ 6   ([SDQGLQJ EHKDYLRUDO
    DFWLYDWLRQ WR GHSUHVVHG DGROHVFHQWV /HVVRQV OHDUQHG LQ WUHDWPHQW GHYHORSPHQW &RJQLWLYH DQG %HKDYLRUDO
    3UDFWLFH  ±
    0HHNV 6 /RRQH\ 6 : 9DQ +DLWVPD .  7HUL /   %($&7,9 $ VWDIIDVVLVWHG EHKDYLRUDO
    LQWHUYHQWLRQIRUGHSUHVVLRQLQQXUVLQJKRPHV7KH*HURQWRORJLVW  ±
    0HHNV 6 7HUL / 9DQ +DLWVPD .  /RRQH\ 6   ,QFUHDVLQJ SOHDVDQW HYHQWV LQ WKH 1XUVLQJ +RPH
    &ROODERUDWLYH%HKDYLRUDO7UHDWPHQWIRU'HSUHVVLRQ&OLQLFDO&DVH6WXGLHV  ±
    0RKDPPDGL $  $PLUL 0   %HKDYLRUDO $FWLYDWLRQ IRU 'HSUHVVLRQ 6FDOH 3V\FKRPHWULF SURSHUWLHV DQG
    FRQILUPDWRU\ IDFWRU DQDO\VLV IRU 3HUVLDQ YHUVLRQ ,UDQLDQ -RXUQDO RI 3V\FKLDWU\ DQG &OLQLFDO 3V\FKRORJ\ 
    ±
    0XOLFN 3 6  1DXJOH $ (   %HKDYLRUDO DFWLYDWLRQ IRU FRPRUELG 376' DQG PDMRU GHSUHVVLRQ $ FDVH
    VWXG\&RJQLWLYHDQG%HKDYLRUDO3UDFWLFH  ±
    1DWLRQDO ,QVWLWXWH RI +HDOWK DQG &OLQLFDO ([FHOOHQFH   'HSUHVVLRQ 7KH WUHDWPHQW DQG PDQDJHPHQW RI
    GHSUHVVLRQLQDGXOWV/RQGRQ$XWKRU
    1ROHQ+RHNVHPD 6   7KH UROH RI UXPLQDWLRQ LQ GHSUHVVLYH GLVRUGHUV DQG PL[HG DQ[LHW\GHSUHVVLYH
    V\PSWRPV-RXUQDORI$EQRUPDO3V\FKRORJ\±
    3DJRWR 6 %RGHQORV - 6 6FKQHLGHU . / 2OHQG]NL %  6SDWHV & 5   ,QLWLDO LQYHVWLJDWLRQ RI
    EHKDYLRUDO DFWLYDWLRQ WKHUDS\ IRU FRPRUELG PDMRU GHSUHVVLYH GLVRUGHU DQG REHVLW\ 3V\FKRWKHUDS\ 7KHRU\
    5HVHDUFKDQG3UDFWLFH±
    3RUWHU - ) 6SDWHV & 5  6PLWKDP 6   %HKDYLRUDO DFWLYDWLRQ JURXS WKHUDS\ LQ SXEOLF PHQWDO KHDOWK
    VHWWLQJV$SLORWLQYHVWLJDWLRQ3URIHVVLRQDO3V\FKRORJ\5HVHDUFKDQG3UDFWLFH  ±
    4XLMDQR / 0 6WDQOH\ 0 $ 3HWHUVHQ 1 - &DVDGR % / 6WHLQEHUJ ( + &XOO\ - $ HW DO  
    +HDOWK\ ,'($6 $ GHSUHVVLRQ LQWHUYHQWLRQ GHOLYHUHG E\ FRPPXQLW\EDVHG FDVH PDQDJHUV VHUYLQJ ROGHU DGXOWV
    -RXUQDORI$SSOLHG*HURQWRORJ\  ±
    5DHV ) +RHV ' 9DQ *XFKW '  .DQWHU - :   7KH 'XWFK YHUVLRQ RI WKH EHKDYLRUDO DFWLYDWLRQ IRU
    GHSUHVVLRQ VFDOH %$'6  3V\FKRPHWULF SURSHUWLHV DQG IDFWRU VWUXFWXUH -RXUQDO RI %HKDYLRU 7KHUDS\ DQG
    ([SHULPHQWDO3V\FKLDWU\±
    5H\QROGV ( . 0DF3KHUVRQ / 7XOO 0 7 %DUXFK ' (  /HMXH] & :   ,QWHJUDWLRQ RI WKH EULHI
    EHKDYLRUDO DFWLYDWLRQ WUHDWPHQW IRU GHSUHVVLRQ %$7'  LQWR D FROOHJH RULHQWDWLRQ SURJUDP 'HSUHVVLRQ DQG
    DOFRKRORXWFRPHV-RXUQDORI&RXQVHOLQJ3V\FKRORJ\  ±
    5LWVFKHO/$5DPLUH]&/-RQHV0 &UDLJKHDG(  %HKDYLRUDODFWLYDWLRQIRUGHSUHVVHGWHHQV$
    SLORWVWXG\&RJQLWLYHDQG%HKDYLRUDO3UDFWLFH  ±
    5XJJLHUR . - 0RUULV 7 / +RSNR ' 5  /HMXH] & :   $SSOLFDWLRQ RI EHKDYLRUDO DFWLYDWLRQ
    WUHDWPHQWIRUGHSUHVVLRQWRDQDGROHVFHQWZLWKDKLVWRU\RIFKLOGPDOWUHDWPHQW&OLQLFDO&DVH6WXGLHV   ±
    
    6FKQHLGHU./3DJRWR6/+DQGVFKLQ%3DQ]D(%DNNH6/LX4HWDO  'HVLJQDQGPHWKRGV
    IRU D SLORW UDQGRPL]HG FOLQLFDO WULDO LQYROYLQJ H[HUFLVH DQG EHKDYLRUDO DFWLYDWLRQ WR WUHDW FRPRUELG W\SH 
    GLDEHWHVDQGPDMRUGHSUHVVLYHGLVRUGHU0HQWDO+HDOWKDQG3K\VLFDO$FWLYLW\  ±
    6FRJLQ)-DPLVRQ& *RFKQHDXU.  &RPSDUDWLYHHIILFDF\RIFRJQLWLYHDQGEHKDYLRUDOELEOLRWKHUDS\
    IRU PLOGO\ DQG PRGHUDWHO\ GHSUHVVHG ROGHU DGXOWV -RXUQDO RI &RQVXOWLQJ DQG &OLQLFDO 3V\FKRORJ\  ±
    
    6HJDO = 9 :LOOLDPV - 0 *  7HDVGDOH - '   0LQGIXOQHVVEDVHG FRJQLWLYH WKHUDS\ IRU GHSUHVVLRQ
    1HZ<RUN*XLOIRUG3UHVV
    6QDUVNL 0 6FRJLQ ) 'L1DSROL ( 3UHVQHOO $ 0F$OSLQH -  0DUFLQDN -   7KH HIIHFWV RI
    EHKDYLRUDODFWLYDWLRQWKHUDS\ZLWKLQSDWLHQWJHULDWULFSV\FKLDWU\SDWLHQWV%HKDYLRU7KHUDS\  ±
    6RRG - 5 &LVHN ( =LPPHUPDQ - =DOHVNL ( +  )LOOPRUH + +   7UHDWPHQW RI GHSUHVVLYH

    
    V\PSWRPV GXULQJ VKRUWWHUP UHKDELOLWDWLRQ $Q DWWHPSWHG UHSOLFDWLRQ RI WKH '285 SURMHFW 5HKDELOLWDWLRQ
    3V\FKRORJ\  ±
    6SDWHV & 5 .DODWD $ + 2]HNL 6 6WDQWRQ & (  3HWHUV 6   ,QLWLDO RSHQ WULDO RI D FRPSXWHUL]HG
    EHKDYLRUDODFWLYDWLRQWUHDWPHQWIRUGHSUHVVLRQ%HKDYLRU0RGLILFDWLRQ  ±
    6SHN 9 &XLMSHUV 3 , 0 1\NOLFHN , 5LSHU + .H\]HU -  3RS 9   ,QWHUQHWEDVHG FRJQLWLYH
    EHKDYLRXU WKHUDS\ IRU V\PSWRPV RI GHSUHVVLRQ DQG DQ[LHW\ $ PHWDDQDO\VLV 3V\FKRORJLFDO 0HGLFLQH   
    ±
    6SHN9&XLMSHUV31\NOLFHN,6PLWV15LSHU+.H\]HU-HWDO  2QH\HDUIROORZXSUHVXOWVRID
    UDQGRPL]HGFRQWUROOHGFOLQLFDOWULDORQLQWHUQHWEDVHGFRJQLWLYHEHKDYLRXUDOWKHUDS\IRUVXEWKUHVKROGGHSUHVVLRQ
    LQSHRSOHRYHU\HDUV3V\FKRORJLFDO0HGLFLQH  ±
    7HUL//RJVGRQ5*8RPRWR- 0F&XUU\60  %HKDYLRUDOWUHDWPHQWRIGHSUHVVLRQLQGHPHQWLD
    SDWLHQWV$FRQWUROOHGFOLQLFDOWULDO-RXUQDOVRI*HURQWRORJ\3V\FKRORJLFDO6FLHQFHV±
    8HEHODFNHU/$:HLVEHUJ5%+DJJDUW\5 0LOOHU:  $GDSWHGEHKDYLRUWKHUDS\IRUSHUVLVWHQWO\
    GHSUHVVHGSULPDU\FDUHSDWLHQWV$QRSHQWULDO%HKDYLRU0RGLILFDWLRQ  ±
    9DQ9RRUKHHV%:)RJHO-5HLQHFNH0$*ODGVWRQH76WXDUW6*ROODQ-HWDO  5DQGRPL]HG
    FOLQLFDO WULDO RI DQ LQWHUQHWEDVHG GHSUHVVLRQ SUHYHQWLRQ SURJUDP IRU DGROHVFHQWV 3URMHFW &$7&+,7  LQ
    SULPDU\FDUHZHHNRXWFRPHV-RXUQDORI'HYHORSPHQWDODQG%HKDYLRUDO3HGLDWULFV  ±
    :DJQHU $ : =DW]LFN ' ) *KHVTXLHUH $  -XUNRYLFK * -   %HKDYLRUDO DFWLYDWLRQ DV DQ HDUO\
    LQWHUYHQWLRQ IRU SRVWWUDXPDWLF VWUHVV GLVRUGHU DQG GHSUHVVLRQ DPRQJ SK\VLFDOO\ LQMXUHG WUDXPD VXUYLYRUV
    &RJQLWLYHDQG%HKDYLRUDO3UDFWLFH  ±
    :DUH-( 6KHUERXUQH&'  7KH026,WHP6KRUW)RUP+HDOWK6XUYH\ 6) ,&RQFHSWXDO
    IUDPHZRUNDQGLWHPVHOHFWLRQ0HGLFDO&DUH±
    :DUPHUGDP/9DQ6WUDWHQ$7ZLVN-5LSHU+ &XLMSHUV3  ,QWHUQHWEDVHGWUHDWPHQWIRUDGXOWV
    ZLWKGHSUHVVLYHV\PSWRPV5DQGRPL]HGFRQWUROOHGWULDO-RXUQDORI0HGLFDO,QWHUQHW5HVHDUFKH
    :DWVRQ'/ 7KDUS5*  6HOIGLUHFWHGEHKDYLRU%HOPRQW&$:DGVZRUWK7KRPVRQ/HDUQLQJ
    :HLQVWRFN / 0 0XQURH 0 .  0LOOHU , :   %HKDYLRUDO DFWLYDWLRQ IRU WKH WUHDWPHQW RI DW\SLFDO
    GHSUHVVLRQ$SLORWRSHQWULDO%HKDYLRU0RGLILFDWLRQ  ±
    :HLVVPDQ 0 0  %RWKZHOO 6   $VVHVVPHQW RI VRFLDO DGMXVWPHQW E\ SDWLHQW VHOIUHSRUW $UFKLYHV RI
    *HQHUDO3V\FKLDWU\  ±
    =HLVV $ 0 /HZLQVRKQ 3 0  0XxR] 5 )   1RQVSHFLILF LPSURYHPHQW HIIHFWV LQ GHSUHVVLRQ XVLQJ
    LQWHUSHUVRQDO VNLOOV WUDLQLQJ SOHDVDQW DFWLYLW\ VFKHGXOHV RU FRJQLWLYH WUDLQLQJ -RXUQDO RI &RQVXOWLQJ DQG
    &OLQLFDO3V\FKRORJ\±
    =HWWOH5' 5DLQV-&  *URXSFRJQLWLYHDQGFRQWH[WXDOWKHUDSLHVLQWUHDWPHQWRIGHSUHVVLRQ-RXUQDO
    RI&OLQLFDO3V\FKRORJ\  ±

    

    You might also like