La Produccion de Datos en La Investigaci

! "

#
$ %
&

'

( &
)
*+%
&
$
$+*,-.%

/0 !%1&

/ 2-*3 #
$ %
&

'

( & )

/$352'8&&,Ï1'('$726
(1/$
,19(67,*$&,Ï162&,$/
+(55$0,(17$6%È6,&$6
'(/$,19(67,*$&,Ï1
(1&,(1&,$662&,$/(6
-RVp0DUtD6HUELD

Ë1',&(
,1752'8&&,Ï1
&DStWXOR
352&(62 '( 352'8&&,Ï1 '( &212&,0,(172

&,(17Ë),&2
/DLQYHVWLJDFLyQFRPRSURFHVRPHWyGLFRGHSURGXFFLyQ
(O FRQRFLPLHQWR FLHQWtILFR FRPR SURGXFWR GH XQD DFWLYLGDG

VRFLDO
&RQRFLPLHQWRFLHQWtILFR\VDEHUFRWLGLDQR
&DStWXOR
,19(67,*$&,21(6&8$17,7$7,9$6<&8$/,7$7,9$6
3ODQRREMHWLYR\VXEMHWLYRGHODUHDOLGDGVRFLDO
)XQGDPHQWRVGHORVHVWXGLRVFXDQWLWDWLYRV\FXDOLWDWLYRV
5HIHUHQWHVHPStULFRVGHODLQYHVWLJDFLyQ
3HUVSHFWLYDVFXDQWLWDWLYDV\FXDOLWDWLYDV
7ULDQJXODFLyQ
&DStWXOR
352%/(0$'(,19(67,*$&,Ï1
&RQFHSFLRQHVVREUHHOLQLFLRGHOSURFHVRGHLQYHVWLJDFLyQ
&RQGLFLRQDQWHVGHOLQLFLRGHODLQYHVWLJDFLyQ

(OHVWDEOHFLPLHQWRGHOSUREOHPDGHLQYHVWLJDFLyQ
/DUHGDFFLyQGHOSUREOHPDGHLQYHVWLJDFLyQ
&DStWXOR
2%-(7,926'(,19(67,*$&,Ï1
/DIXQFLyQGHORVREMHWLYRVHQODLQYHVWLJDFLyQFLHQWtILFD
2EMHWLYRVJHQHUDOHV\HVSHFtILFRV
5HFRPHQGDFLRQHV \ HUURUHV IUHFXHQWHV HQ OD UHGDFFLyQ GH

REMHWLYRVGHLQYHVWLJDFLyQ
&DStWXOR
352'8&&,Ï1'(/0$5&27(Ï5,&2
5HYLVLyQGHDQWHFHGHQWHV
7HRUtD\FRQFHSWR
)XQFLRQHVGHOPDUFRWHyULFR
3DVRVSDUDHODERUDUHOPDUFRWHyULFR
&DStWXOR
(/$%25$&,Ï1'(+,3Ï7(6,6
/D XWLOL]DFLyQ GH KLSyWHVLV HQ OD LQYHVWLJDFLyQ FXDQWLWDWLYD \

FXDOLWDWLYD
/D HVWUXFWXUD GH OD KLSyWHVLV HQ OD LQYHVWLJDFLyQ FXDQWLWDWLYD
8QLYHUVRYDULDEOHV\YDORUHV
1LYHOHVGHPHGLFLyQGHODVYDULDEOHV

7LSRVGHKLSyWHVLV
&DStWXOR
',6(f26'(,19(67,*$&,Ï1
'LVHxRVH[SHULPHQWDOHV
&RQGLFLRQHVSDUDODLPSOHPHQWDFLyQGHXQH[SHULPHQWR
7LSRGHH[SHULPHQWRV
'LVHxRVQRH[SHULPHQWDOHVGHLQYHVWLJDFLyQ
&DStWXOR
7e&1,&$6'(08(675(2
8QLYHUVRFHQVR\PXHVWUD
0XHVWUHRFXDQWLWDWLYR
7LSRVGHPXHVWUDVSUREDELOtVWLFDV
7LSRVGHPXHVWUDVQRSUREDELOtVWLFDV
0XHVWUHRVFRPELQDGRV
0XHVWUHRFXDOLWDWLYR
(VWXGLRGHFDVRV
&DStWXOR
7e&1,&$6'((/$%25$&,Ï1'('$726
)XQFLyQGHORVLQVWUXPHQWRVGHHODERUDFLyQGHGDWRV
(QFXHVWD

(VFDODVGHSHUFHSFLyQ\GHDFWLWXG
(VFDODGH2VJRRGRGH'LIHUHQFLDO6HPiQWLFR
(VFDODGH/LNHUW
7pFQLFDGHREVHUYDFLyQ
/RVJUXSRVGHGLVFXVLyQ
/DWpFQLFDGHODHQWUHYLVWD
&DStWXOR
$1È/,6,6'(/26'$726
(O SURFHVDPLHQWR \ DQiOLVLV GHVFULSWLYR GH ORV GDWRV

FXDQWLWDWLYRV
0DWUL]GHGDWRV\WDEXODFLyQ
0HGLGDVGHUHVXPHQGHORVGDWRV
7DEXODGRVRFXDGURVGHLQIRUPDFLyQ
5HSUHVHQWDFLRQHVJUiILFDV
(ODQiOLVLVGHORVGDWRVFXDOLWDWLYRV
%,%/,2*5$)Ë$

³8QItVLFRHVXQWUR]RGHPDWHULDTXHLQYHVWLJDODPDWHULD
8QELyORJRHVXQWUR]RGHYLGDTXHLQYHVWLJDODYLGD
8QVRFLyORJRHVXQWUR]RGHVRFLHGDGTXHLQYHVWLJDODVRFLHGDG
7RGRVVRQHVSHMRVTXHHOXQLYHUVRVHSRQHHQVXFHQWUR´
-HV~V,EixH]

,1752'8&&,21
/D SUHVHQWH SXEOLFDFLyQ WLHQH OD SUHWHQVLyQ GH LQWURGXFLU D VXV

OHFWRUHV HQ DTXHOORV WHPDV EiVLFRV GHO TXHKDFHU PHWRGROyJLFR
HQWHQGLHQGRODPHWRGRORJtDFRPRDTXHOODUHIOH[LyQTXHYHUVDVREUH
ODV DSOLFDFLRQHV SRVLEOHV VREUH GLIHUHQWHV SUREOHPiWLFDV GH XQD
LQVWUXPHQWDFLyQ LQYHVWLJDWLYD EDVDGD HQ GLIHUHQWHV PpWRGRV GH
LQGDJDFLyQ\GHWpFQLFDVLQVWUXPHQWDOHVGHtQGROHFLHQWtILFDDWUDYpV
GH XQ PDWHULDO GH OHFWXUD VHQFLOOR \ DFFHVLEOH HQ XQ LQWHQWR GH
DSUR[LPDFLyQ D OD FRPSOHMLGDG LPSOLFDGD HQ HO TXHKDFHU GH ODV
FLHQFLDV VRFLDOHV (VWH OLEUR IXH SHQVDGR \ HODERUDGR SDUD VHU
XWLOL]DGR FRPR XQ DSR\R GLGiFWLFR WDQWR SDUD FODVHV WHyULFDV FRPR
SUiFWLFDVGXUDQWHHOGHVDUUROORGHXQFXDWULPHVWUHGHODVFODVHVGHOD
PDWHULD GH PHWRGRORJtD GH OD LQYHVWLJDFLyQ VRFLDO VX FRQWH[WR GH
HODERUDFLyQ KD VLGR HO iPELWR HGXFDWLYR XQLYHUVLWDULR SDUD DOXPQRV
XQLYHUVLWDULRVTXHOOHJDQDODFXUVDGDVLQQLQJ~QWLSRGHH[SHULHQFLDR
FRQRFLPLHQWRSUHYLRVREUHODWHPiWLFD3UHYLDPHQWHDODSUHSDUDFLyQ
GHHVWHPDWHULDOVHHPSOHDURQGXUDQWHODVFXUVDGDVGLYHUVRVWH[WRVGH
PHWRGRORJtD LQWHQWDQGR FXEULU ORV GLIHUHQWHV WHPDV H[LJLGRV SRU HO
SURJUDPDSHURGXUDQWHODGLQiPLFDGHODVFODVHVHQLQWHUDFFLyQFRQ
ORVDOXPQRVHVRVWH[WRVIXHURQREMHWRGHDQiOLVLV\GHUHYLVLyQFUtWLFD
GHSDUWHGHORVGRFHQWHV/DLQVXILFLHQFLDGHDOJXQRVWHPDVSXQWXDOHV
GH ORV WH[WRV GH PHWRGRORJtD FRPR SRU HMHPSOR OD IDOWD GH XQD
GHVFULSFLyQ GHWDOODGD GH OD IXQFLyQ GH ORV REMHWLYRV JHQHUDOHV \
HVSHFtILFRV\GHXQDH[SOLFDFLyQRSHUDWLYDVREUHVXHODERUDFLyQ\OD
UHYLVLyQ FUtWLFD GH RWURV FRQWHQLGRV FRPR HO HQIRTXH LGHDOLVWD GH
GLYHUVRVOLEURVGHPHWRGRORJtDVREUHHOLQLFLRGHXQDLQYHVWLJDFLyQR
ODFRQIXVLyQHQWUHWpFQLFDVGHUHJLVWUR\WLSRVGHGLVHxRVOOHYDURQD
SHQVDUHQODFRQYHQLHQFLDGHDUWLFXODUODOHFWXUDGHDxRVVREUHHVWRV
OLEURVFRQODVUHIOH[LRQHVODSUiFWLFDSURIHVLRQDOGHVXVDXWRUHV\ORV
FULWHULRV GHVDUUROODGRV SRU HOORV GXUDQWH ODV FODVHV HQ OD HODERUDFLyQ
GHO SUHVHQWH PDQXDO (O WUDEDMR iXOLFR GH ORV WHPDV D SDUWLU GH
GLIHUHQWHVWH[WRVWDPELpQSURYRFDEDHQORVDOXPQRVLQTXLHWXGHVTXH
QR VH UHVROYtDQ FRQ HO GHVDUUROOR GH ODV FODVHV OD FUtWLFD \ OD

UHIRUPXODFLyQ GH SDUWH GH ORV GRFHQWHV VREUH DOJXQRV GH HVRV
FRQWHQLGRV GH ORV WH[WRV GH PHWRGRORJtD XWLOL]DGRV SURPRYtD HQ ORV
DOXPQRV XQD VHQVDFLyQ GH FRQIXVLyQ \ GH FRQWUDULHGDG HOORV
VXJHUtDQ SHUPDQHQWHPHQWH TXH VH OHV EULQGDUD XQ WH[WR ~QLFR
FRKHUHQWH \KRPRJpQHRFRQUHVSHFWRDORVFULWHULRVFRQFHSWXDOHVGH
OD FiWHGUD HVWDV VLWXDFLRQHV LQFHQWLYDURQ XQ UHSODQWHR VREUH HO
PDWHULDO ELEOLRJUiILFR JHQHUDQGR TXH VH WRPDUD OD GHFLVLyQ GH
FRQIHFFLRQDU XQ PDWHULDO WHyULFR \ GH WUDEDMR iXOLFR TXH SUHVHQWDUD
FRQ FODULGDG HO HQIRTXH GH OD FiWHGUD HQ XQ LQWHQWR GH WHQHU XQ
UHVSDOGR WH[WXDO GH ODV FODVHV GHVGH VX OHFWXUD SDUD RSWLPL]DU OD
FRPSUHVLyQGHORVFRQFHSWRVLPSOLFDGRV\SDUDIDFLOLWDUHOHVWXGLRGH
ORVFXUVDQWHVGHODPDWHULD
(O SRVLFLRQDPLHQWR FHQWUDO GH HVWH WH[WR UDGLFD HQ SUHVHQWDU D OD
LQYHVWLJDFLyQ FLHQWtILFD FRPR XQ SURFHVR VRFLDO GH SURGXFFLyQ
FRJQLWLYDTXHLQYROXFUDHODFFLRQDU VRFLDOGHVXMHWRVKDELOLWDGRVSRU
RUJDQL]DFLRQHVHLQVWLWXFLRQHVDFDGpPLFDV\FLHQWtILFDVGHQWURGHXQ
FRQWH[WRSROtWLFRHFRQyPLFR\FXOWXUDOHVWHHQIRTXHVHHQFXHQWUDHQ
RSRVLFLyQ D FLHUWRV SODQWHRV PHWRGROyJLFRV TXH VH DVLHQWDQ HQ OD
UHSUHVHQWDFLyQ GH TXH ORV DFWRUHV LQYROXFUDGRV HQ ORV SURFHVRV GH
LQYHVWLJDFLyQWLHQHQXQDLQWHUYHQFLyQGHUHFROHFFLyQGHLQIRUPDFLyQ
GH UHDOLGDGHV TXH SUHH[LVWHQ HQ VX FRQILJXUDFLyQ DO DFFLRQDU
PHWRGROyJLFR /D PLUDGD LPSOLFDGD VREUH HO DFFLRQDU LQYHVWLJDWLYR
DTXt SURSXHVWD UHVDOWD OD LGHD GH TXH ORV GDWRV FLHQWtILFRV VRQ
SURGXFFLRQHVFDVLIDEULOHVGHXQDLQVWDQFLDGHLQYHVWLJDFLyQGHQWURGH
FLHUWDVFRQGLFLRQHVGHSURGXFFLyQSRUHOORVHSURFXUDTXHHOOHFWRU
GH HVWH OLEUR SXHGD FRPSUHQGHU QR VyOR ODV DSOLFDFLRQHV \ ODV
HVWUDWHJLDVSURYHQLHQWHVGHODLQWHUUHODFLyQHQWUHORVDVSHFWRVWHyULFRV
\ WpFQLFRV HQ HO HVWXGLR GH OR VRFLDO VLQR WDPELpQ TXH SXHGD
UHIOH[LRQDU VREUH ODV FRQGLFLRQHV FRQWH[WXDOHV LQVWLWXFLRQDOHV
HFRQyPLFDV \ SROtWLFDV TXH HVWiQ SUHVHQWHV FRPR SRVLELOLGDGHV \
OtPLWHVHQODVDFWLYLGDGHVGHLQYHVWLJDFLyQ(OSODQWHRHQFXHVWLyQVH
GLIHUHQFLD RWURV SXQWRV GH YLVWD PHWRGROyJLFRV TXH SODQWHDQ RWUD
QDWXUDOH]DGHODLQYHVWLJDFLyQFLHQWtILFDTXHSDUHFHUtDQGHVFRQRFHUOD

DFFLyQ GH ORV LQYHVWLJDGRUHV HQ OD IDFWXUD GH ORV GDWRV HPStULFRV
DEXQGDQ ORV OLEURV GH PHWRGRORJtD TXH VH RULHQWDQ EDMR HVWD LGHD
FHQWUDOTXHSODQWHDTXHHVWRVVRQUHFROHFWDGRVFRPRVLWXYLHVHQXQD
H[LVWHQFLD VHSDUDGD GH ODV GHFLVLRQHV \ ORV UHFRUWHV LQYHVWLJDWLYRV
XQDLPDJHQTXHHVDVLPLODEOHDODGHXQDFRVHFKDGHKRQJRVRIORUHV
GHQWUR GH XQD FDQDVWD QR VH SXHGH DILUPDU TXH ORV GDWRV HQ XQD
LQYHVWLJDFLyQVRQOHYDQWDGRVGHVGHXQFRQWH[WRHQHOTXH\DH[LVWHQ
FRPR WDOHV QHJDQGR TXH HQ VX KHFKXUD HQ VX FRQILJXUDFLyQ QR
KXELHVHXQDLQWHUYHQFLyQDFWLYDGHOLQYHVWLJDGRUHVPX\FRP~QTXH
³«ORV PDQXDOHV GH WpFQLFDV GH LQYHVWLJDFLyQ VRFLDO KDEODQ GH
UHFROHFFLyQGHGDWRV(OWpUPLQRHVXQDPHWiIRUDGHORVGLVSRVLWLYRV
GH SURGXFFLyQ HQ ODV VRFLHGDGHV SDOHROtWLFDV FXDQGR ODV ~QLFDV
RSHUDFLRQHVSURGXFWLYDVHUDQODUHFROHFFLyQ\ODFD]DGHGXFWLYDV(Q
UHDOLGDG VH WUDWD GH XQD YHUGDGHUD SURGXFFLyQ SURGXFFLyQ GH
GDWRV´,EDxH]
(VWH OLEUR VH WUDEDMy FRPR XQD VXHUWH GH PDQXDO GH DSUR[LPDFLyQ
LQLFLDODODWHPiWLFDTXH VHDERUGDHQODVLQYHVWLJDFLRQHVVHxDODQGR
VXV PpWRGRV \ VXV WpFQFLDV PiV FRQYHQFLRQDOHV SDUD EULQGDU XQ
VRSRUWHWH[WXDOGHODVFODVHVFRKHUHQWHFRQORVFULWHULRVFRQFHSWXDOHV
PHWRGROyJLFRV\SURFHGLPLHQWRVWpFQLFRVXWLOL]DGRVSRUORVGRFHQWHV
DFDUJRGHOGLFWDGRGHODPDWHULDFRQXQOHQJXDMHDFFHVLEOHKDFLDOD
FRPSUHQVLyQ GH DOXPQRV VLQ DFHUFDPLHQWRV SUHYLRV D ORV WHPDV
WUDWDGRV 8QD DPSOLD YDULHGDG GH OLEURV GH PHWRGRORJtD VH WRPDURQ
FRPRUHIHUHQFLDHQODHODERUDFLyQ\HQODRUJDQL]DFLyQGHHVWHWH[WR
DVtVH SURFHGLy LQLFLDOPHQWH DO DQiOLVLVGH XQD DPSOLDYDULHGDGGH
ORV PLVPRV \ VH WUDEDMDURQ DSUR[LPDFLRQHV GH WHPiWLFDV GH OLEURV
GLYHUVRV FRPR SXQWRV GH HQFODYH SDUD OD UHIOH[LyQ \ OD SRVWHULRU
HODERUDFLyQ GH ORV FDStWXORV GH HVWH PDQXDO &RQ UHVSHFWR D OD
HVWUXFWXUDFLyQ GH HVWH OLEUR VH SXGH VHxDODU TXH VH GLYLGH HQ GLH]
FDStWXORV HQ ORV TXH VH H[SRQH FRQFHSWXDOPHQWH ORV GLIHUHQWHV
PRPHQWRV TXH LQYROXFUDQ GHFLVLRQHV PHWRGROyJLFDV ORV FRQWHQLGRV
VH VXFHGHQ DUWLFXODGDPHQWH FRQ HO FURQRJUDPD GH ODV GLIHUHQWHV
FODVHV GH XQD FXUVDGD FXDWULPHVWUDO GH PHWRGRORJtD GH OD

LQYHVWLJDFLyQVRFLDO$OWpUPLQRGHFDGDFDStWXORVHSUHVHQWDXQDJXtD
GHSUHJXQWDVRULHQWDGDVDFDSWDUORHVHQFLDOHQWpUPLQRVFRQFHSWXDOHV
\ XQD VHULH GH DFWLYLGDGHV SUiFWLFDV TXH VH FRUUHVSRQGHQ FRQ ORV
WHPDVGHOFDStWXOR
(Q HO SULPHU FDStWXOR VH WUD]DQ ODV GLUHFWULFHV JHQHUDOHV VREUH ODV
FRQGLFLRQHVGHSURGXFFLyQGHODLQYHVWLJDFLyQFLHQWtILFDVHVHxDODOD
UHODFLyQFRQWH[WXDOGHOSURGXFWRUGHGDWRVFRQHOFDPSRFLHQWtILFRVH
HVWDEOHFH XQD FRPSDUDFLyQ \ OD YLQFXODFLyQ HQWUH HO FRQRFLPLHQWR
FRWLGLDQR \ HO FLHQWtILFR GHWHUPLQiQGRVH OD UHODFLyQ HQWUH VXMHWR
LQYHVWLJDGRU\REMHWRUHFRUWHGHODUHDOLGDGRHOUHIHUHQWHHPStULFR
PHGLDGDSRUSHUVSHFWLYDV\SRVWXUDVTXHUHPLWHQDOHVSDFLRVRFLDOHQ
HO TXH VH LQFOX\H HO FDPSR PHQFLRQDGR (Q HO VHJXQGR FDStWXOR VH
VHxDODQODVFDUDFWHUtVWLFDVGHORVHVWXGLRVFXDOLWDWLYRV\FXDQWLWDWLYRV
VH HVWDEOHFHQ ORV IXQGDPHQWRV GH FDGD XQR GH HOORV VXV
HVSHFLILFDFLRQHVWpFQLFDV\RUJDQL]DWLYDVVHSXQWXDOL]DXQDVHULH GH
FRPSDUDFLRQHVSDUDUHIRU]DUODFRPSUHQVLyQODVSRWHQFLDOLGDGHV\OD
DSOLFDELOLGDGGHFDGDPpWRGRILQDOPHQWHVHLQWURGXFHHOFRQFHSWRGH
WULDQJXODFLyQ \ VX WLSRORJtD SDUD HVWDEOHFHU FXDQGR SXHGH VHU
FRQVLGHUDUVHODFRQYHQLHQFLDGHDSOLFDUHVWDHVWUDWHJLDGHDUWLFXODFLyQ
WpFQLFD\PHWRGROyJLFD(QHOWHUFHUFDStWXORVHDERUGDXQWHPDVREUH
HOTXHQRH[LVWHXQFRQVHQVRHQORVWH[WRVGHPHWRGRORJtD\DTXHKD\
GLIHUHQWHV OHFWXUDV VREUH FyPR VH FRQVWLWX\H OD HWDSD LQLFLDO GHO
SURFHVRGHLQYHVWLJDFLyQ3DUDODSRVWXUDGHORVDXWRUHVGHHVWHOLEUR
VH H[SOLFD OD LPSRUWDQFLD FHQWUDO GHO FRQWH[WR \ GH OD GHPDQGD
LQVWLWXFLRQDOFRPRFRQGLFLRQHVGHHPHUJHQFLDGHODVLQYHVWLJDFLRQHV
D GLIHUHQFLD GH RWUDV SRVWXUDV VH SURSRQH XQ HQIRTXH TXH OLPLWD HO
SXQWR GH YLVWD LGHDOLVWD \ YROXQWDULVWD TXH FRQYHQFLRQDOPHQWH VH
HQFXHQWUDHQORVOLEURVGHPHWRGRORJtDGHVFULELHQGRFXiOHVVRQORV
SRVLEOHV SXQWRV GH SDUWLGD GH ODV LQYHVWLJDFLRQHV 6H SXQWXDOL]D OD
LPSRUWDQFLDGHOSUREOHPDFRPRSXQWRGHSDUWLGDIRUPDOGHOSURFHVR
GHLQYHVWLJDFLyQHQTXpFRQVLVWHHOPLVPR\ORVFULWHULRVTXHGHEHQ
WHQHUVHHQFXHQWDSDUDVXUHGDFFLyQ(QHOFXDUWRFDStWXORVHSUHVHQWD
HO WHPD GH ORV REMHWLYRV GH LQYHVWLJDFLyQ VX IXQFLyQ VXV

FDUDFWHUtVWLFDV\VXWLSRORJtDODUHODFLyQHQWUHORVREMHWLYRVJHQHUDOHV
\ HVSHFtILFRV ODV UHFRPHQGDFLRQHV EiVLFDV SDUD UHGDFWDUORV \
ILQDOPHQWH HO DQiOLVLV D WUDYpV GH HMHPSORV GH ORV HUURUHV PiV
FRPXQHV GHWHFWDGRV HQ OD SUiFWLFD iXOLFD \ HQ ODV HMHPSOLILFDFLRQHV
HQFRQWUDGDVHQRWURVWH[WRVGHPHWRGRORJtD
(Q HO TXLQWR FDStWXOR VH GHVWDFD OD LPSRUWDQFLD GHO PDUFR WHyULFR
FRPR HO HVTXHPD HVWUXFWXUDQWH YLWDO GHO TXHKDFHU LQYHVWLJDWLYR VH
VXEUD\DHOLQHOXGLEOHUHOHYDPLHQWRGHORVDQWHFHGHQWHVFRPRSUiFWLFD
SUHYLD D WRGD HVWUDWHJLD GH LQYHVWLJDFLyQ \ VX IRUPDOL]DFLyQ HQ
WpUPLQRV GH XQD HWDSD TXH VLUYH FRPR DQFODMH GH ODV GHFLVLRQHV
PHWRGROyJLFDV PDWHULDOL]DGDV HQ XQD FRPSOHMD UHG GH FRQFHSWRV
LQYROXFUDGRV\FRPRFRQGLFLyQGHSRVLELOLGDGSDUDODHODERUDFLyQGH
ORV GDWRV HPStULFRV 6H LQGLFDQ DOJXQRV HMHPSORV GH OD LQWHJUDFLyQ
HQWUH FRQFHSWRV VH HVWDEOHFHQ VXV IXQFLRQHV \ VH HQVHxDQ DOJXQDV
SDXWDV EiVLFDV SDUD VX HODERUDFLyQ \ RUJDQL]DFLyQ (Q HO VH[WR
FDStWXOR VH WUDEDMD OD GHILQLFLyQ GH FRQFHSWRV PX\ WUDEDMDGRV HQ OD
ELEOLRJUDItD VREUH PHWRGRORJtD ODV KLSyWHVLV HO XQLYHUVR ODV
YDULDEOHV VXV GLPHQVLRQHV VXV LQGLFDGRUHV \ ORV SRVLEOHV tQGLFHV D
VHU FRQVWLWXLGRV WRGRV HOORV SODQWHDGRV HQ VXV FDUDFWHUtVWLFDV
FHQWUDOHV \ FRQ VXV WLSRORJtDV GH XQD IRUPD DFFHVLEOH D XQ OHFWRU
SULQFLSLDQWH (Q HO VpSWLPR FDStWXOR VH GLIHUHQFLDQ ODV P~OWLSOHV
HVWUDWHJLDVGHDERUGDMH\GHWUDWDPLHQWRGHODVYDULDEOHVFRQUHVSHFWR
DORVGLIHUHQWHVGLVHxRVSDUDHQFDPLQDUHOWUDEDMRGHFDPSRSRVWHULRU
GLIHUHQFLDQGR DTXHOORV GLVHxRV H[SHULPHQWDOHV GH ORV QR
H[SHULPHQWDOHVVXFRQFHSWXDOL]DFLyQ\VXDSOLFDELOLGDGSUiFWLFD\ORV
WLSRV GH GLVHxR HVSHFtILFRV GLVSRQLEOHV SDUD HPSOHDU (Q HO RFWDYR
FDStWXOR VH GHILQH HO FRQFHSWR GH PXHVWUD HVWLSXODQGR ODV
FDUDFWHUtVWLFDVFHQWUDOHVGHODDFFLyQGHPXHVWUHRKDFLDGHWHUPLQDGRV
XQLYHUVR GH HVWXGLR LQGLFiQGRVH ODV GLIHUHQFLDV EiVLFDV HQWUH HO
PXHVWUHR HQ HVWXGLRV FXDQWLWDWLYRV \ FXDOLWDWLYRV \ VXV UHVSHFWLYDV
WLSRORJtDV VH DxDGH DO ILQDO HO WHPD GH ORV HVWXGLRV GH FDVRV
MXVWLILFiQGRVH VX LQFOXVLyQ GHQWUR GH HVWH FDStWXOR (Q HO QRYHQR
FDStWXOR VH GHVFULEHQ ODV SDUWLFXODULGDGHV GH ODV SULQFLSDOHV WpFQLFDV

FXDQWLWDWLYDV\FXDOLWDWLYDVGHHODERUDFLyQGHORVGDWRVDQDOL]iQGRODV
HQVXDUWLFXODFLyQFRQODVHWDSDVSUHYLDVGHOSURFHVRGHLQYHVWLJDFLyQ
WDPELpQVHLQGLFDQODVYHQWDMDV\GHVYHQWDMDVGHFDGDXQDGHHOODV\
VXV FRQGLFLRQHV GH DSOLFDELOLGDG (Q HO GpFLPR FDStWXOR VH SUHVHQWD
XQDVtQWHVLVOLPLWDGDHLQWURGXFWRULDGHORVUHFXUVRV\SURFHGLPLHQWRV
GH RUJDQL]DFLyQ GH ORV GDWRV VH VHxDODQ GLIHUHQWHV RSFLRQHV GH
UHSUHVHQWDFLyQJUiILFDVHLQGLFDQODVWpFQLFDVGHVtQWHVLV\GHDQiOLVLV
GH ORV GDWRV TXH VH HPSOHDQ PiV D PHQXGR HQ ORV HVWXGLRV
FXDQWLWDWLYRV \ DTXHOODV PRGDOLGDGHV GH WUDWDPLHQWR \ GH DQiOLVLV
DSOLFDEOHVDORVHVWXGLRVFXDOLWDWLYRV
3DUD FHUUDU HVWD LQWURGXFFLyQ VH FRQVLGHUD FRQYHQLHQWH VXEUD\DU TXH

OD LGHD UHFWRUD GHO SUHVHQWH WH[WR DERJD SRU XQD HSLVWHPRORJtD
PDOHDEOHDGDSWDEOHDODVSDUWLFXODULGDGHVGHORVGLIHUHQWHVFRQWH[WRV
\ REMHWRV GH LQYHVWLJDFLyQ GHVGH XQD PHWRGRORJtD SOXUDOLVWD TXH VH
DGHFXHDODFRQVWUXFFLyQGHORVGDWRVGHODUHDOLGDGVRFLDO WHQLHQGR
HQ FXHQWD HO FDUiFWHU FRQWH[WXDO VLHPSUH LQDFDEDGR \ SDUFLDO GH OD
LQYHVWLJDFLyQFLHQWtILFDSRUHOORHVTXHVHDFXHUGDFRQODDILUPDFLyQ
TXHHVWDEOHFHTXH³WDQWRODFRQWUDVWDFLyQHPStULFDGHORVKHFKRV
FRPRODLQWHUSUHWDFLyQ\DQiOLVLVGHORVGLVFXUVRVDXQTXHVHDEUHQR
DSXQWDQ D GLPHQVLRQHV ELHQ GLIHUHQFLDGDV GH OD UHDOLGDG VRFLDO
FRQVWLWX\HQ HQIRTXHV SDUFLDOHV \ YtDV HVWUHFKDV ±PiV ELHQ
GHVILODGHURVSDUDHODFFHVRDHVDPLVPDUHDOLGDGVRFLDO\VXSRQHQ
DQWH WRGR VLPSOHV FRQVWUXFFLRQHV PHWRGROyJLFDV HQ VX SURFHVR GH
DQiOLVLVLQFDSDFHVGHDEDUFDU\GHVHQWUDxDUSRUVtPLVPDVWRGDOD
LQWULQFDGDHLQVRQGDEOHGHQVLGDGUHDOGHORVSURFHVRVVRFLDOHV´2UWL
HQ*DUFtD)HUUDQGR,EixH]\$OYLUD

&DStWXOR
(O 352&(62 '( 352'8&&,Ï1 '(/

&212&,0,(172&,(17Ë),&2
7HPDVFODYHV
(OFRQRFLPLHQWRFLHQWtILFRFRPRSURGXFWRGHXQDDFWLYLGDGVRFLDO
&DUDFWHUtVWLFDVLQWUtQVHFDVGHOFRQRFLPLHQWRFLHQWtILFR
/DLQYHVWLJDFLyQFRPRSURFHVRPHWyGLFRGHIDEULFDFLyQGHGDWRV
(O FRQRFLPLHQWR GH OD YLGD GLDULD \ HO FRQRFLPLHQWR FLHQWtILFR VH
HQWUHWHMHQHQXQDGLQiPLFDVRFLDOGHQWURGHXQGHWHUPLQDGRFRQWH[WR
GRQGHORVIDFWRUHVSROtWLFRVHFRQyPLFRV\FXOWXUDOHVMXHJDQXQSDSHO
FHQWUDO \D TXH GLQDPL]DQ R LPSLGHQ OD LQWHUDFFLyQ HQWUH HVWRV GRV
WLSRV GH FRQRFLPLHQWRV (Q ODV VRFLHGDGHV FRQWHPSRUiQHDV HO
FRQRFLPLHQWR FLHQWtILFR HVWi SUHVHQWH HQ WRGRV ORV LQWHUVWLFLRV GH OD
YLGDFRWLGLDQDTXL]iVHQPXFKDVRFDVLRQHVSDVHGHIRUPDLQDGYHUWLGD
SDUD DTXHOORV TXH OR XWLOL]DQ \D TXH VH YD DVLPLODQGR DO VHQWLGR
FRP~QTXHRULHQWDODYLGDFRWLGLDQDGHVGHP~OWLSOHVIXHQWHVFLUFXOD
HVWH VDEHU TXH VH YD LQWHUQDOL]DQGR HQ ODV VXEMHWLYLGDGHV GH OD
SREODFLyQSRUHMHPSORDOFRQVXOWDUDXQPpGLFRSRUXQSUREOHPDGH
VDOXGDOVHJXLUODVLQGLFDFLRQHVGHSURIHVLRQDOHVGHODHGXFDFLyQSDUD
IRUWDOHFHUODHVWLPXODFLyQFRJQLWLYDGHORVKLMRVDOH[DPLQDUQRWDVGH
ODVHFFLyQGHHFRQRPtDSDUDWRPDUXQDGHFLVLyQGHLQYHUVLyQGHORV
DKRUURVDOOHHUXQDUWtFXORSHULRGtVWLFRTXHWRPDFRPRUHIHUHQFLDHO
DFFLRQDUFLHQWtILFRRDOUHYLVDUODHWLTXHWDGHXQDOLPHQWRGHQWURGHXQ
VXSHUPHUFDGR VH HVWi IUHQWH D HVWH SURFHVR GH DVLPLODFLyQ GH HVWH

VDEHUHQSDUWLFXODUSRUVXSXHVWRTXHH[SOtFLWDHLQWHQFLRQDOPHQWHVH
SXHGH DFFHGHU D HVWH WLSR GH VDEHUHV HQ DTXHOORV VRSRUWHV
FRQYHQFLRQDOHV FRPR HV HO FDVR GH OLEURV LQIRUPHV UHV~PHQHV R
QRWDVGHUHYLVWDVFLHQWtILFDV
/D SURGXFFLyQ GHO FRQRFLPLHQWR FLHQWtILFR VXSRQH XQ SURFHVR

RUJDQL]DFLRQDO FHQWUDGR HQ OD DSOLFDFLyQ GH XQ PpWRGR R FRQMXQWR
UDFLRQDOL]DGR FLHQWtILFDPHQWH GH SURFHGLPLHQWRV \ GH WpFQLFDV
UHJODPHQWDGDV TXH LPSOLFD XQ GHVSOLHJXH UXWLQDULR GH WUDEDMR
FRWLGLDQR GH SDUWH GH LQYHVWLJDGRUHV WpFQLFRV DVLVWHQWHV \
DFDGpPLFRV SRVLFLRQDGRV GHQWUR GH XQD UHG RUJDQL]DFLRQDO GHVGHOD
TXHPHWLFXORVDPHQWHLQWHQWDQUHDOL]DUVXVWDUHDVFRQGLILFXOWDGHVGH
YDULDGDtQGROHSUHVXSXHVWDULDVWpFQLFDVLQVWLWXFLRQDOHVSHUVRQDOHV
/RV LQYHVWLJDGRUHV \ ODV RUJDQL]DFLRQHV FLHQWtILFDV \ DFDGpPLFDV VH
VLW~DQHQFRQWH[WRVSDUWLFXODUHVTXH IXQFLRQDQFRPRFRQGLFLRQDQWHV
GH VXV DFWLYLGDGHV D SDUWLU GH VX UHODFLyQ FRQ DFWRUHV HVWDWDOHV
HPSUHVDULDOHV \ FRUSRUDWLYRV REWLHQHQ IDFLOLGDGHV SHUR WDPELpQ
OLPLWDFLRQHV HQ OD FRPSOHMD WDUHD GH HODERUDU VDEHUHV \ GHVDUUROODU
QXHYRVSURFHGLPLHQWRVPHWRGROyJLFRVFRQUHVSHFWRDFLHUWRVDVSHFWRV
GH OD UHDOLGDG VRFLDO D ILQ GH TXH SXHGDQ VHU YDOLGDGRV SRU WRGRV
DTXHOORV DFWRUHV IDFXOWDGRV SDUD GHWHUPLQDU OD FLHQWLILFLGDG GH ORV
PLVPRV
/DLQYHVWLJDFLyQFRPRSURFHVRPHWyGLFRGHSURGXFFLyQ
,QYHVWLJDU FLHQWtILFDPHQWH LPSOLFD HO GHVSOLHJXH GH XQD

LQWHQFLRQDOLGDG FRJQLWLYD \ GH OD DSOLFDFLyQ GH XQ DFFLRQDU
LQVWUXPHQWDO GH SDUWH GH ORV LQYHVWLJDGRUHV VREUH XQ DVSHFWR GH OD
UHDOLGDGVRFLDOTXHVHSUHWHQGHQLQGDJDUHVWHDFFLRQDUVHPDWHULDOL]D
D WUDYpVGHXQSURFHVRGHDSOLFDFLyQVLVWHPiWLFD \FRQWURODGDGHXQ
FRQMXQWR GH WpFQLFDV \ GH WHRUtDV YDOLGDGDV \ VHOHFFLRQDGDV VHJ~Q
FULWHULRV WHyULFRV \ PHWRGROyJLFRV IXQGDPHQWDGRV \ RULHQWDGRV SRU
PRGDOLGDGHVOHJLWLPDGDV\SUHHVWDEOHFLGDVGHHODERUDFLyQGHGDWRVGH
SDUWH GH OD FRPXQLGDG FLHQWtILFD VREUH UHDOLGDGHV GHILQLGDV FRQ
SUHFLVLyQ SRU HO LQYHVWLJDGRU /DV WDUHDV FRQVHFXHQWHV GH ODV

GHFLVLRQHVWRPDGDVSRUORVLQYHVWLJDGRUHVHQFDGDXQDGHHVWDVHWDSDV
VH HQPDUFDQ GHQWUR GH SDXWDV JHQHUDOHV GH WUDEDMR TXH RULHQWDQ OD
LQYHVWLJDFLyQ OD SURGXFFLyQ FLHQWtILFD HV HO UHVXOWDGR GH ODV
GHFLVLRQHVODVHVWUDWHJLDV\ODVWDUHDVFRJQLWLYDVGHORVLQYHVWLJDGRUHV
VREUH ODV GLIHUHQWHV GLPHQVLRQHV GH OD UHDOLGDG ItVLFD TXtPLFD
SVLFROyJLFD VRFLDO D SDUWLU GH XQ UHSHUWRULR GH LQVWUXPHQWDFLRQHV
WHyULFDV \ PHWRGROyJLFDV GLVSRQLEOHV HQ XQ GHWHUPLQDGR FRQWH[WR
KLVWyULFRGHVWLQDGRDODHODERUDFLyQGHHQXQFLDGRVFRQEDVHHPStULFD
HVWD SURGXFFLyQ VH PDWHULDOL]D GHQWUR GH XQD GLYLVLyQ VRFLDO GHO
FRQRFLPLHQWRRUJDQL]DGDHQGLVFLSOLQDVRHVSDFLRVHVSHFtILFRVGHQWUR
GHO FDPSR FLHQWtILFR TXH D VX YH] VH VXEGLYLGHQ HQ UDPDV R
VXEGLVFLSOLQDV FX\DV OtQHDV GLYLVRULDV VXHOHQ VHU DPELJXDV
JHQHUDQGR IRFRV GH GHEDWHV \ GLVSXWDV VREUH OD VREHUDQtD GH HVWRV
OtPLWHV
/D LQYHVWLJDFLyQ FLHQWtILFD HVXQD DFWLYLGDGVRPHWLGD D XQD VHULH GH

FRQGLFLRQHV GH SURGXFFLyQ HSLVWHPROyJLFDV \ PHWyGLFDV H[LJLGDV
FRPRYiOLGDVTXHWLHQHFRPRPHWDILQDOODJHQHUDFLyQGHLQIRUPDFLyQ
GHFDUiFWHUHPStULFRDSDUWLUGHOHVWXGLRGHIHQyPHQRVUHJLVWUDEOHVGH
ODUHDOLGDGVXGHVDUUROORUHVXOWDGHODPDWHULDOL]DFLyQGHXQSURFHVR
EDVDGRHQ XQD VHFXHQFLD GH GHFLVLRQHV \ GH DFWLYLGDGHV RUJDQL]DGD
HQHWDSDVDUWLFXODGDVHQWUHVtUHJLGDVSRUUHJODVH[SOtFLWDV\SUHFLVDV
GHULYDGDV GH ORV TXHKDFHUHV FLHQWtILFRV SUHYLRV HVWD LQGDJDFLyQ
FLHQWtILFD VLHPSUH LQYROXFUD OD XWLOL]DFLyQ GH DOJ~Q PpWRGR R
FRQMXQWRGH SURFHGLPLHQWRV \ GHWpFQLFDV DFHSWDEOHV SRU HO UHVWRGH
ORV DFWRUHV SURGXFWRUHV GH FRQRFLPLHQWR FLHQWtILFR /RV PpWRGRV
FLHQWtILFRV SXHGHQ VHU GHILQLGRV FRPR FRQMXQWRV RUJDQL]DGRV GH

+D\P~OWLSOHVFODVLILFDFLRQHVVREUHODVFLHQFLDVTXHUHVSRQGHQDGLIHUHQWHVFULWHULRV
XQDDSUR[LPDFLyQFOiVLFDDOWHPDGHHVWDWLSRORJtDODUHSUHVHQWDHOHVTXHPDGHO
HSLVWHPyORJR\ItVLFRDUJHQWLQR0DULR%XQJHTXLHQODVGLYLGHHQFLHQFLDVIRUPDOHV
PDWHPiWLFDOyJLFDDULWPpWLFDFLHQFLDVIiFWLFDVQDWXUDOHVItVLFDTXtPLFDELRORJtD\
VRFLDOHVVRFLRORJtDDQWURSRORJtDHFRQRPtDFLHQFLDSROtWLFDKLVWRULD

/DHSLVWHPRORJtDHVXQDUDPDGHODILORVRItDTXHDQDOL]D\UHIOH[LRQDVREUHORV
SULQFLSLRV\ORVIXQGDPHQWRVGHOFRQRFLPLHQWR

WHRUtDV SURFHGLPLHQWRV \ WpFQLFDV GH LQYHVWLJDFLyQ

LQVWUXPHQWDOL]DGRV HVWUDWpJLFDPHQWH GHQWUR GH XQD SODQLILFDFLyQ
LQWHQFLRQDO TXH VH GLVHxD SDUD SURGXFLU GDWRV FLHQWtILFRV ODV
GHFLVLRQHV \ ODV WDUHDV LQYROXFUDGDV HQ HVWH SODQHDPLHQWR VH
PDWHULDOL]DQ HQ XQD VHFXHQFLD GH HWDSDV FRQHFWDGDV HQWUH Vt TXH VH
GHULYDQ XQDV GH RWUDV WRGDV HOODV UHJLGDV SRU UHJODV H[SOtFLWDV \
SUHFLVDVTXH LQGLFDQTXHVHSXHGH\TXHQRVHSXHGH KDFHU HQFDGD
XQD GH HVDV IDVHV GH OD LQYHVWLJDFLyQ (O FRQFHSWR GH PHWRGRORJtD
LQYROXFUDHOHVWXGLRUHIOH[LYRVREUHODVHOHFFLyQ\ODMXVWLILFDFLyQGH
ODV DFFLRQHV LQYHVWLJDWLYDV VXSRQH XQD HYDOXDFLyQ VREUH ODV UHJODV
H[LJLGDVHQODXWLOL]DFLyQGHORVPpWRGRV\ODVWpFQLFDVHPSOHDGDVSRU
HOLQYHVWLJDGRUDSDUWLUGHXQDVHULHGHRSFLRQHV\DFRQYDOLGDGDVSRU
ORV DFWRUHV GHO FDPSR FLHQWtILFR FRQVHFXHQWHPHQWH VXSRQH XQD
UHIOH[LyQVREUHORVVXSXHVWRVVXE\DFHQWHVVREUHORVTXHVHEDVDQODV
DFFLRQHV LQYHVWLJDWLYDV OD HYDOXDFLyQ WpFQLFD GH ORV SURFHGLPLHQWRV
GLVSRQLEOHV \ OD GLVFXVLyQ IXQGDPHQWDGD DFHUFD GH ODV FXDOLGDGHV \
ODV GHELOLGDGHV GH ODV HVWUDWHJLDV GH LQGDJDFLyQ DGRSWDGDV /RV
FULWHULRV WpFQLFRV HPSOHDGRV \ ODV GHFLVLRQHV PHWRGROyJLFDV
DGRSWDGDVSRUORVLQYHVWLJDGRUHVHQFDGDFDVRHQSDUWLFXODUDWUDYLHVDQ
XQ SURFHVR GH DQiOLVLV \ HYDOXDFLyQ VXVWHQWDGR HQ OD H[SHULHQFLD
DFXPXODGD SRU HO PLVPR LQYHVWLJDGRU \ SRU ORV RWURV DFWRUHV
SRVLFLRQDGRVHQODVLQVWDQFLDVRUJDQL]DFLRQDOHVFLHQWtILFDV
(O SURGXFWR GH OD LQYHVWLJDFLyQ HV HO FRQRFLPLHQWR FLHQWtILFR HO
PLVPRVHSXHGHGHILQLUFRPRXQFRQMXQWRGHGDWRVDUWLFXODGRVHQWUH
Vt GLULJLGRV D GHVFULELU H[SOLFDU R FRPSUHQGHU XQD UHDOLGDG
HVSHFtILFD HVWH VDEHU VH FULVWDOL]D HQ WH[WRV RUDOHV \R HVFULWRV
DUWtFXORV SRQHQFLDV OLEURV TXH SUHVHQWDQ OD WDUHD FRJQLWLYD \
RUJDQL]DWLYD GH ORV LQYHVWLJDGRUHV D ILQ KDFHUOD DFFHVLEOH \
H[DPLQDEOHSDUDODUHFHSFLyQGHRWURVDFWRUHVSDUWLFLSHVGHOTXHKDFHU
FLHQWtILFRUHVXOWDGHXQDDUWLFXODFLyQHQWUHORVUHJLVWURVHPStULFRV\
ORVFRQFHSWRVSURYHQLHQWHVGHODVWHRUtDV\ORVFRQFHSWRVDGRSWDGRV
XWLOL]DGRV \ DVLPLODGRV HVWUDWpJLFDPHQWH FRPR YiOLGRV SRU HO
LQYHVWLJDGRUSDUDDERUGDUXQGHWHUPLQDGRWHPDGHLQYHVWLJDFLyQ/D

PDWHULDSULPDVREUHODTXHVHVRVWLHQHHVWHWLSRGHFRQRFLPLHQWRVRQ
ORVGDWRVFLHQWtILFRVHVWRVVHHVWUXFWXUDQPHGLDQWHODHODERUDFLyQGH
LQIRUPDFLyQLQWHJUDGDGHQWURGHXQGLVFXUVRTXHLQWHQWDUHVSRQGHUD
ODV LQTXLHWXGHV ODVSUHRFXSDFLRQHV \ ORVUHTXHULPLHQWRVTXHVXUJHQ
GH DTXHOODV LQVWLWXFLRQHV DERFDGDV D OD SURGXFFLyQ GH GDWRV
FLHQWtILFRV R GH ODV HVIHUDV HFRQyPLFDV R HVWDWDOHV UHSUHVHQWD HO
LQVXPR EiVLFR GHQWUR GHO LQIRUPH GH LQYHVWLJDFLyQ TXH GHEH VHU
LQWHJUDGR GHQWUR GH XQ UD]RQDPLHQWR HODERUDGR SRU HO LQYHVWLJDGRU
TXHYDOLGHORFRQFOXLGR
(O FRQRFLPLHQWR FLHQWtILFR HV HO SURGXFWR GH XQD DFWLYLGDG

LQWHQFLRQDOGHORTXHVHSRGUtDGHILQLUFRPRXQVXMHWRLQYHVWLJDGRU
HTXLSR GH LQYHVWLJDGRUHV R LQVWLWXFLRQHV DFDGpPLFDV R FLHQWtILFDV
TXH DSOLFD XQ FRQMXQWR GH SURFHGLPLHQWRV SUREDGRV \ OHJLWLPDGRV
FRPR ORV PiV DSURSLDGRV SDUD REWHQHU GLFKR SURGXFWR D WUDYpV GH
XQDGHOLPLWDFLyQRUHFRUWHSUHYLRGHODUHDOLGDGHOUHVXOWDGRGHHVWH
UHFRUWH VH SXHGH FDWHJRUL]DU FRPR XQ REMHWR OR TXH VH TXLHUH
LQYHVWLJDUDpVWHWDPELpQVHORGHQRPLQDFRPRHOUHIHUHQWHHPStULFR
GH OD LQYHVWLJDFLyQ /RV GDWRV FLHQWtILFRV LPSOLFDQ HO GHVDUUROOR GH
XQDWUDPDGHSUiFWLFDVLQWHUVXEMHWLYDVFRQVWLWXLGDSRUODVUHODFLRQHV
VRFLDOHVHQWUHORVDFWRUHVFLHQWtILFR\HQWUHpVWRV\ORVTXHQRORVRQ
FRQVROLGDGD HQ OD SURGXFFLyQ GH ORV LQYHVWLJDGRUHV FX\D DFFLyQ
SDVDGD \ SUHVHQWH HV GH LQHOXGLEOHFRQVXOWDSDUD TXLHQTXLHUDOOHYDU
DGHODQWHXQDLQYHVWLJDFLyQFLHQWtILFD VREUH XQ GHWHUPLQDGRWHPD (O
VDEHU FLHQWtILFR HQ &LHQFLDV 6RFLDOHV HV XQ FRQRFLPLHQWR
DXWRUUHIOH[LYR HODERUDGR SRU LQYHVWLJDGRUHV TXH GHEH VHU ULJXURVR
FRQILDEOH\SUHFLVRDILQGHVHUHYDOXDGR\FHUWLILFDGRFRPRWDOSRU
ORV PLHPEURV GHO FDPSR FLHQWtILFR SRU HOOR WLHQHQ TXH FLUFXODU
S~EOLFDPHQWH D ILQ GH SRGHU VHU H[DPLQDGRV WDQWDV YHFHV FRPR
UHVXOWHQHFHVDULRSDUDOHJLWLPDU\FRQILUPDUVXYDOLGH]RSDUDHIHFWXDU
UHYLVLRQHV \ PRGLILFDFLRQHVVXSHUDGRUDV /D UHODFLyQHQWUH HOVXMHWR
LQYHVWLJDGRU TXLHQHV SUHWHQGHQ FRQRFHU R FRPSUHQGHU GH IRUPD
FLHQWtILFDXQDVSHFWRGHODUHDOLGDG\HOREMHWRGHFRQRFLPLHQWRHO
UHFRUWHGHODUHDOLGDGTXHLQWHQFLRQDOPHQWHSURGXFHODLQYHVWLJDFLyQ

\ TXH GD FXHQWD GH OR TXH VH TXLHUH DQDOL]DU LPSOLFD XQD UHODFLyQ
GLQiPLFD FRQWH[WXDOL]DGD H KLVWyULFD $QWKRQ\ *LGGHQV
HVWDEOHFH TXH HQ HO FDVR SDUWLFXODU GH ODV &LHQFLDV 6RFLDOHV HO
LQYHVWLJDGRUHQVXDFWXDFLyQFLHQWtILFDHQOXJDUGHHQFRQWUDUVHHQXQ
YtQFXORVXMHWRREMHWRVHKDOODHQXQDUHODFLyQVXMHWRVXMHWR\DTXHHO
PXQGR TXH VH DERUGD OR VRFLDO HV XQD UHDOLGDG FRPSOHMD \D
SUHLQWHUSUHWDGD SRU VXV PLHPEURV TXLHQHV OD FRQILJXUDQ
FRWLGLDQDPHQWH D SDUWLU GH VXV SURSLDV LQWHUSUHWDFLRQHV ODV TXH
UHVXOWDQYLWDOHVDODKRUDGHHQWHQGHUFyPRVHHVWUXFWXUDQWDPELpQODV
REMHWLYDFLRQHVFRPRSRUHMHPSORODVLQVWLWXFLRQHVXRUJDQL]DFLRQHV
TXHSHUPLWHQODFRRUGLQDFLyQ\UHVROXFLyQGHODVQHFHVLGDGHVGLDULDV
GH ORV LQGLYLGXRV TXH VH FRQIRUPDQ FRPR ORV FRQWH[WRV GH VXV
DFFLRQHV/RVLQYHVWLJDGRUHVGHODV &LHQFLDV6RFLDOHVLQWHUSUHWDQODV
LQWHUSUHWDFLRQHVTXHORVDFWRUHVHQHOWUDQVFXUVRGHVXYLGDGLDULDOH
RWRUJDQDVXUHDOLGDGHVWRVDVXYH]SXHGHQDVXYH]DOLPHQWDUVHGH
ORVFRQRFLPLHQWRVSURGXFLGRVSRUORVDFWRUHVFLHQWtILFRVJHQHUiQGRVH
DOJR TXH *LGGHQV GHQRPLQD FRPR XQD ³GREOH KHUPHQpXWLFD´ XQD
IRUPD UHFXUVLYD XQD HVSHFLH GH ³&LQWD GH 0RHELXV´ HQWUH WLSRV GH
FRQRFLPLHQWR
/D DFWLWXG GH ORV DFWRUHV LQYROXFUDGRV HQ OD REWHQFLyQ GHO
FRQRFLPLHQWR FLHQWtILFR GHEH RUGHQDUVH KDFLD XQD YLVLyQ FUtWLFD GHO
PXQGR TXH DERUGDQ HQ FDOLGDG GH REMHWR GH FRQRFLPLHQWR SHUR
WDPELpQ GH Vt PLVPRV SRU HOOR VXV SURGXFWRV UHVXOWDQWH GH VXV
SUiFWLFDVFLHQWtILFDVVHRUJDQL]DQFRPRGLVFXUVRVWH[WRVHODERUDGRV
EDMR FLHUWDV UHJODV \ FRQ GHWHUPLQDGR OHQJXDMH SDUD FRPXQLFDU HO

³)UHQWHDOLQYHVWLJDGRUQRVHKDOODHQWRQFHVXQRWURGLVWLQWRVLQRXQRWURLJXDO
SHURWDPELpQGLVWLQWRDOTXHSXHGHFRPSUHQGHUSRUTXHDPERVFRPSDUWHQODPLVPD
KXPDQLGDG(VXQRFRQpORFRQHOOD\HQHVHVHUXQRUDGLFDODVXSHUDFLyQGHWRGD
GLVWDQFLDGHWRGRKLDWRGHWRGDVHSDUDFLyQORVTXHHQDOJ~QPRPHQWRVH
FRQVWLWX\HURQHQFRQGLFLyQGHODREMHWLYLGDGGHOFRQRFLPLHQWR(OGtDORJRTXHHQWDEOD
HVHLQYHVWLJDGRUFRQVWLWX\HDOPLVPRWLHPSRXQHQFXHQWURFRQVLJRPLVPR\XQD
DSHODFLyQDTXHHQHVHGLDORJRVXSURSLDFRPSUHQVLyQVHVXVSHQGDSDUDTXHHVHRWUR
VHPDQLILHVWH\H[SUHVHFRPRHVSHUDFRPRGHVHDVHUFRPSUHQGLGR´9DVLODFKLVGH
*LDOGLQR

VDEHUFLHQWtILFRTXHGHEHQVHUUHYLVDGRV\FRQWUDVWDGRVHQWUHVt/RV
GDWRV VH HODERUDQ FRPR UHVXOWDGR GH DFFLRQHV GH LQYHVWLJDFLyQ GH
SDUWH GH XQD LQVWDQFLD GH LQYHVWLJDFLyQ FRQIRUPDGD SRU
LQVWLWXFLRQHV LQYHVWLJDGRUHV DVLVWHQWHV WpFQLFRV DGPLQLVWUDWLYRV
LQVWUXPHQWDGDV D SDUWLU GH GHWHUPLQDGDV HVWUDWHJLDV PHWRGRORJtDV
TXH SRQHQ HQ DUWLFXODFLyQ FRQFHSWRV WHyULFRV \ UHJLVWURV HPStULFRV
GHQWURGHDUJXPHQWDFLRQHVTXHSDUWHQGHODFRVPRYLVLyQGHDTXHOORV
TXHSURGXFHQHVWHWLSRGHLQIRUPDFLyQDSDUWLUGHODHYDOXDFLyQGHVX
FRQILDELOLGDG HO FRQRFLPLHQWR JHQHUDGR UHSUHVHQWD XQ LQVXPR GH
UHIHUHQFLDGHQXHYRVSURFHVRVGHLQYHVWLJDFLyQGHWHUFHURVORVGDWRV
SURGXFLGRVSRUXQDLQYHVWLJDFLyQSXHGHQSDVDUDIRUPDUSDUWHGHORV
DQWHFHGHQWHVGHRWUDVLQYHVWLJDFLRQHVDVHUUHDOL]DGDV
3DUD TXH XQ FRQMXQWR GH PDWHULDO HPStULFR VHD FRQVLGHUDGR FRPR
FRQRFLPLHQWRFLHQWtILFRYiOLGRGHEHVXSHUDUXQDVHULHGHH[LJHQFLDV
FRPRDTXHOODVTXHHVWDEOHFHQODLQFRQYHQLHQFLDGHQR VHU FRQFLHQWH
VREUH FyPR LQIOX\HQ ORV LQWHUHVHV ORV SUHMXLFLRV OD LGHRORJtD \ ODV
YDORUDFLRQHV PRUDOHV GHO LQYHVWLJDGRU VREUH DTXHOOR TXH YD D
GHVFULELU \ DQDOL]DU FyPR HVWRV IDFWRUHV LQWHUYLHQHQ VREUH TXH VH
SUHWHQGHHVWXGLDURFRPRVHSURSRQHVXDERUGDMHSRGUtDHVWDEOHFHUVH
TXHHOFRQRFLPLHQWRSDUDVHUFRQVLGHUDGRFLHQWtILFRGHEHWHQHUFLHUWDV
FDUDFWHUtVWLFDV
x (PStULFR\SUHFLVRHVWRVLJQLILFDTXH HVWHWLSRGHFRQRFLPLHQWR
WLHQH TXH VHU HODERUDGR D SDUWLU GH DOJXQD WpFQLFD GH UHJLVWUR TXH
SHUPLWDFRUURERUDUDWUDYpVGHORVVHQWLGRVXQD KXHOODRXQVLJQRGH
VX H[LVWHQFLD $ GLIHUHQFLD GH RWURV FRQRFLPLHQWRV OD VLJQLILFDFLyQ
LPSOLFDGD HQ FDGD FRQFHSWR XWLOL]DGR SDUD VHU UHJLVWUDGR GHEH
IXQGDPHQWDUVH FRKHUHQWHPHQWH HQ XQD HVWUXFWXUD WHyULFD SUHVHQWDGD
SRUODLQYHVWLJDFLyQ
x 7UDQVLWRULR VROR ORV GRJPDV GH IH GH OD UHOLJLyQ VRQ HWHUQRV \
XQLYHUVDOHV HVWH WLSR FRQRFLPLHQWR QXQFD HV GHILQLWLYR VLHPSUH HV
SURYLVRULR (O FDUiFWHU HPStULFR \ YHULILFDEOH GHO FRQRFLPLHQWR
FLHQWtILFRSHUPLWHTXHSXHGD\GHEDVHUFULWLFDGRSDUDVXDVLPLODFLyQ

UHHPSOD]RRUHIRUPXODFLyQ
x &RPXQLFDEOH YHULILFDEOH \ S~EOLFR ORV GDWRV GHEHQ VHU
DQDOL]DGRV \ FRQWUDVWDGRV HPStULFDPHQWH HQ XQ SURFHVR GH UHYLVLyQ
LQWHUVXEMHWLYD GH WHUFHURV LQYHVWLJDGRUHV R DFDGpPLFRV QHFHVDULR
SDUD FRQVROLGDU VX YDOLGH] /D LQIRUPDFLyQ FLHQWtILFD WLHQH TXH VHU
SRWHQFLDOPHQWHWUDQVPLWLGDDODSREODFLyQHQJHQHUDOEDMRGLIHUHQWHV
IRUPDV GH GLVFXUVRV HQ FXDQWR D VX FRPSOHMLGDG ORV FRQRFLPLHQWRV
JHQHUDGRV QR GHEHQ VHU DSURYHFKDGRV VyOR SDUD TXLHQHV ORV
HODERUDURQ R OR GHPDQGDURQ VLQR TXH FRUUHVSRQGH KDFHUORV FLUFXODU
SDUDTXHRWURVDFWRUHVVRFLDOHVWDPELpQORVSXHGDQXWLOL]DUFULWLFDUR
SDUDTXHSXHGDQVHUHPSOHDGRVFRPRUHIHUHQFLDGHQXHYRVHVWXGLRV
(VWD GLYXOJDFLyQ GH ORV GDWRV HV QHFHVDULD QR VyOR SDUD HO DFFHVR
SRWHQFLDOGHODSREODFLyQDORVEHQHILFLRVGHOVDEHUVLQRWDPELpQSDUD
SHUPLWLU OD UHYLVLyQ FUtWLFD SRU SDUWH GH FROHJDV D ILQ GH GHVSOHJDU
GLVSRVLWLYRVGHFRQWUROGHODUHSHWLFLyQODWHUJLYHUVDFLyQRGHOIUDXGH
HQ HO FRQRFLPLHQWR HODERUDGR HVWRV SULQFLSLRV VRQ YLWDOHV SDUD TXH
RWURVFLHQWtILFRVWUDWHQGHXWLOL]DUORVUHVXOWDGRVGHODVLQYHVWLJDFLRQHV
R SDUD EDVDUVH HQ HOORV HQ IXWXURV HVWXGLRV /D H[LJHQFLD GH OD
FRPXQLFDFLyQS~EOLFD GHODVHODERUDFLRQHVGHOD DFWLYLGDGFLHQWtILFD
GHQWUR \ IXHUD GHO FDPSR FLHQWtILFR \ OD SRVLELOLGDG FRQVHFXHQWH GH
VXSHUYLVLyQ \ FUtWLFD UHVXOWD HVHQFLDO HQ OD UHSUHVHQWDFLyQ GH OD
UHDOLGDGGHVGH HOSXQWRGHYLVWDGHVXOHJLWLPDFLyQQRHVXQD PHUD
IXQFLyQ VHFXQGDULD IRUPDO GH GLYXOJDFLyQ SDUD FXPSOLPHQWDU OD
FRQGLFLyQS~EOLFDGHOFRQRFLPLHQWRFLHQWtILFR
/D SURGXFFLyQ GH FRQRFLPLHQWR FLHQWtILFR HV HO UHVXOWDGR GH XQ
SURFHVR TXH VH HVWUXFWXUD D WUDYpV GH OD DFXPXODFLyQ VLVWHPiWLFD \
RUJDQL]DGDGH³YHUGDGHV´SDUFLDOHVIUiJLOHVUHODWLYDVDXQFRQWH[WR
TXHVHFRQIRUPDSRUODVXSHUYLVLyQGHODVRUJDQL]DFLRQHVTXHGLUHFWD
H LQGLUHFWDPHQWH HVWiQ LQYROXFUDGDV HQ OD SURGXFFLyQ GH
LQYHVWLJDFLyQ FLHQWtILFD ODV FXDOHV RWRUJDQ YDOLGH] \ OHJLWLPDFLyQ D
HVRV VDEHUHV /DV PRGDOLGDGHV WHyULFDV \ WpFQLFDV TXH ORV
LQYHVWLJDGRUHV XWLOL]DQ SDUD HVWXGLDU ORV GLIHUHQWHV DVSHFWRV GH OD
UHDOLGDGVHPRGLILFDQGXUDQWHHOWUDQVFXUVRGHODDFWLYLGDGFLHQWtILFD

\D TXH VXUJHQ SURSXHVWDV WHyULFDV LQQRYDGRUDV SDUD HO DERUGDMH GH
QXHYDVSUREOHPiWLFDV\WpFQLFDVPiVSUHFLVDVTXHDPSOtDQHOHVSHFWUR
GH OR SRVLEOH HQ HO TXHKDFHU FLHQWtILFR WDPELpQ ODV WHPiWLFDV GH
LQWHUpV GHQWUR GH FDGD FLHQFLD YDQ VXIULHQGR PRGLILFDFLRQHV DVt
FRPRVXUJHQQXHYDViUHDVGHLQWHUpVELRWHFQRORJtDPHGLRDPELHQWH
HVWXGLR GH SREODFLRQHV GLVFULPLQDGDV QXHYDV IRUPDV GH
YXOQHUDELOLGDG VRFLDO WUDQVIRUPDFLyQ GH ORV FRQVXPRV FXOWXUDOHV
FLHUWDV WHPDV R HQIRTXHV HQWUDQ HQ FULVLV SRU HO GHVFUpGLWR GH ODV
WHRUtDVRODVHYLGHQFLDVHPStULFDV\VHGHVHFKDQFRPRUHIHUHQFLDGH
ODVLQYHVWLJDFLRQHVWDPELpQKD\WHPDVTXHGHMDQGHLQWHUHVDURTXH
GHMDQ GH VHU ~WLOHV SDUD TXLHQHV ILQDQFLDQ ODV LQYHVWLJDFLRQHV (O
VRVWHQLPLHQWR PDWHULDO GH ODV DFFLRQHV LQYHVWLJDWLYDV VXSRQH XQ
HQWUDPDGR GH UHODFLRQHV LQVWLWXFLRQDOHV TXH LPSOLFD XQD IDFLOLWDFLyQ
GHUHFXUVRVSDUDKDFHUSRVLEOHDODVPLVPDV\DODYH] XQD UHODFLyQ
UHVWULQJLGD\DTXHVXGLQiPLFDGHSHQGHGHODLQWHUUHODFLyQGHIDFWRUHV
HFRQyPLFRVVRFLDOHV\SROtWLFRVTXHGLUHFWDHLQGLUHFWDPHQWHUHVXOWDQ
HQIDFWRUHVFRQGLFLRQDQWHV
/RV HQXQFLDGRV FLHQWtILFRV UHTXLHUHQ SDUD VX OHJLWLPDFLyQ GH OD

FRPSUHQVLyQ LQWHUVXEMHWLYD D SDUWLU GH FULWHULRV HVWDQGDUL]DGRV \
YDOLGDGRV ODV FRQGLFLRQHV GH YDOLGDFLyQ GH OD SURGXFFLyQ FLHQWtILFD
H[LJHQ TXH ORV LQYHVWLJDGRUHV WRPHQ FRPR UHIHUHQFLD SDUD VXV
SUiFWLFDV SURIHVLRQDOHV XQ FRQMXQWR GH VDEHUHV FRPSDUWLGRV SRU HVD
FRPXQLGDG HSLVWpPLFD SDUD HO HPSOHR GH WHRUtDV UHFXUVRV
PHWRGROyJLFRV \ WpFQLFDV GHVWLQDGDV D UHIOH[LRQDU VREUH OD SURSLD
VXEMHWLYLGDG VREUH ORV SUHMXLFLRV ODV FUHHQFLDV \ ORV YDORUHV TXH
LQIOX\HQ HQ FDGD XQR GH HOORV SRU HO FRQWUDULR OD DXVHQFLD GH
UHIOH[LYLGDG LPSRVLELOLWD TXH VH FRQVWLWX\D XQD UHODFLyQ FRJQLWLYD
FUtWLFD FRQ ORV SURSLRV SURFHGHUHV \ FRQFHSWXDOL]DFLRQHV 1R HV
UHFRPHQGDEOH TXH HO LQYHVWLJDGRU SUHWHQGD R HQXQFLH OD REMHWLYLGDG
DEVROXWDGHVXTXHKDFHUQLODSHUVHFXFLyQGHODYHUGDGGHILQLWLYD\D
TXH WDQWR OD REMHWLYLGDG FRPR OD E~VTXHGD GH OD YHUGDG VRQ
SUHWHQVLRQHV FLHQWtILFDV GHO SDVDGR SDUHFH SDUDGyMLFR SHUR OD
QHJDFLyQGHODSHUVSHFWLYDSHUVRQDOLQVWLWXFLRQDOHLGHROyJLFDGHORV

LQYHVWLJDGRUHV GHWHULRUD ODV SUHWHQVLRQHV GH REMHWLYLGDG DVt ³«ODV

YDORUDFLRQHV\SUHIHUHQFLDVVXEMHWLYDVGHORVFLHQWtILFRVWLHQHTXHVHU
UHFRQRFLGDV FRPR OR TXH VRQ QR GLVLPXODGDV R SUHVHQWDGDV FRPR
REMHWLYDV!!FRQODSUHWHQVLyQGHVHUYDORUHVHWHUQRV!!3HUR
GHQWUR GH WDOHV OLPLWHV ODV HOHFFLRQHV LGHROyJLFDV!! GH ORV
FLHQWtILFRV SXHGHQ GHVHPSHxDU LQFOXVR XQ SDSHO SRVLWLYR SDUD OD
DFWLYLGDG FLHQWtILFD´ )HUQiQGH] %XH\ /RV FRQRFLPLHQWRV
FLHQWtILFRV QR GHEHQ FRQVLGHUDUVH LQPXWDEOHPHQWH YHUGDGHURV VX
YDOLGH] HQ XQ PRPHQWR GHWHUPLQDGR VXSRQH XQ SURFHVR VRFLDO GH
H[DPHQ\FUtWLFDFRQVWDQWHLPSOLFDXQSURFHVRFROHFWLYRDWUDYpVGHO
FXDOVHHVWDEOHFHODFHUWLILFDFLyQGHTXHVDEHUHVFLHQWtILFR\FXiOQR
ORHVDSDUWLUGHODDSOLFDFLyQGHFULWHULRVGHFRKHUHQFLDWHyULFD\GH
SUDJPDWLVPRIXQGDPHQWDOPHQWHHQWpUPLQRVGHODDSOLFDELOLGDGGHO
VDEHU FLHQWtILFR HQ OD UHVROXFLyQ GH FXHVWLRQHV SUREOHPiWLFDV HQ
GLIHUHQWHV yUGHQHV VRFLDOHV VREUH OD XWLOL]DFLyQ VXV UHVXOWDGRV FRQ
UHVSHFWR D HVWH WHPD HO VRFLyORJR QRUWHDPHULFDQR +RZDUG %HFNHU
DILUPDTXHOD³«FLHQFLDHPStULFDQRRIUHFHXQFRQRFLPLHQWR
GHILQLWLYR VLQR JUDGRV GH FUHGLELOLGDG \ SURFHGLPLHQWRV TXH ORV
YXHOYHQDFHSWDEOHV«´QRKDEUtDSRUORWDQWRUHJLVWURVGHGDWRVGH
KHFKRV HPStULFRV FRPR UHIOHMRV GH XQD UHDOLGDG GH IRUPD
LQFRQWUDVWDEOHQLYHUGDGHVSRUIXHUDGHXQDUHGFRQFHSWXDODSOLFDGDV
SRUTXLHQUHJLVWUDHVHDVSHFWRGHODUHDOLGDGTXHDVXYH]UHPLWHD
GHWHUPLQDGDVWHRUtDVGHUHIHUHQFLD\DOOXJDUGHpVWDVHQHOFRQWH[WR
GHYDOLGDFLyQGHOFDPSRFLHQWtILFR
/RVGDWRVFLHQWtILFRVVHFRQVWLWX\HQFRPRPRGDOLGDGHVHVSHFtILFDVGH
UHSUHVHQWDFLRQHV HOORV QR VRQ H[SUHVLRQHV GLUHFFLRQDGDV GH XQD
UHDOLGDG HPStULFD GH DFFHVR FULVWDOLQR H LQFRQWUDVWDEOH VLQR TXH VX
HODERUDFLyQ UHPLWH KDFLD RWUDV RUGHQDFLRQHV FRQFHSWXDOHV
VLJQLILFDWLYDV SUHH[LVWHQWHV HQ WpUPLQRV GH WHRUtDV \ GH FULWHULRV
SUDJPiWLFRVGHVHQWLGRSDUDVXDSOLFDELOLGDG*DGDPHU

+HVVH\+DUELESODQWHDQGHVGHODSHUVSHFWLYDKHUPHQpXWLFDGH+DQV*HRUJH
*DGDPHUTXHHQODHODERUDFLyQGHOFRQRFLPLHQWRQRH[LVWHXQDUHIHUHQFLDGHDQFODMHTXH
VHUHIHUHQFLHIXHUDGHOOHQJXDMHWRGRVLJQLILFDGRUHPLWHDOGLiORJR\DTXHODPHGLDFLyQ

(VSRVLEOHDVHYHUDUTXHWRGDDILUPDFLyQVREUHXQKHFKRGHWHUPLQDGR
³«SUHVXSRQHXQDWHRUtDTXHH[SOLFDTXHHQWLGDGHVVRQVXVFHSWLEOHV
GH GHVFULSFLyQ TXH FDUDFWHUtVWLFDV VRQ REVHUYDEOHV FXiOHV VyOR
SXHGHQ LQIHULUVH GH ODV REVHUYDEOHV \ GHPiV « QR KD\ KHFKRV
SXURV VyOR KHFKRV TXH DGTXLHUHQ VX VLJQLILFDGR HQ IXQFLyQ GH XQD
WHRUtDVXE\DFHQWH«WDOYH]H[LVWDXQDUHDOLGDG~OWLPDSHURWRGRV
ORV VHUHV KXPDQRV VRPRV IDOLEOHV \ SRGHPRV HTXLYRFDUQRV \ HVR
VLJQLILFD TXH HQ HO PXQGR UHDO HQ TXH YLYLPRV WRGRV ORV KHFKRV
SXHGHQ VHU GLVFXWLGRV « HQ OXJDU GH KHFKRV IXQGDPHQWDGRV SRU
XQD GHWHUPLQDGD HYLGHQFLD TXH ORV YXHOYH DFHSWDEOHV FRPR WDOHV
H[LVWHQKHFKRVIXQGDGRVVREUHXQDWHRUtDDFHSWDGRVFRPRWDOHVSRU
GHWHUPLQDGDV SHUVRQDV HQ OD PHGLGD HQ TXH OD HYLGHQFLD TXH ORV
VXVWHQWD KD VLGR UHFROHFWDGD GH PDQHUD DFHSWDEOH SDUD FLHUWD
FRPXQLGDGGHSURGXFWRUHV\XVXDULRV´%HFNHU
/DSURGXFFLyQWHyULFD\ODJHVWLyQGHORVGDWRVHPStULFRVUHVXOWDQWHV
³«QRUHIOHMDQLH[SUHVDODYHUGDGGHORVKHFKRVVXp[LWRVHEDVDHQ
ODFUHGLELOLGDGODHYDOXDFLyQGHRWURVODYHUGDGYDDVHUFDGDYH]
PiVXQDYHUGDGSRUFRQYHQFLyQ«ODVWHRUtDVQRFRPSLWHQSRUVX
YDORU GH YHUGDG ±HQ WDQWR DGHFXDFLyQ REMHWLYD VLQR SRU OD
OHJLWLPLGDGGHVXVFRQFOXVLRQHVVXVFRQVHFXHQFLDVVXVUHVXOWDGRV\
ODVHVWUDWHJLDVGHDFFLyQTXHGHHOODVVHGHULYDQ´0DUUDGL$UFKHQWL
\ 3LRYDQL (OSURGXFWRGH OD DFWLYLGDG FLHQWtILFD VH HQWUHOD]D
FRQ OD UHDOLGDG SRU LQWHUPHGLR GH XQ HQFDGHQDPLHQWR GH
DUWLFXODFLRQHVFRQFHSWXDOHVHQIRUPDGHDQFODMHVWHyULFRVSURSLRVGH
FDGD GLVFLSOLQD FLHQWtILFD DFHSWDGRV GHQWUR GH XQD UHG GH
LQWHUDFFLRQHV GH DFWRUHV FLHQWtILFRV TXLHQHV DXWHQWLFDQ R SRU HO
FRQWUDULR SRQHQ HQ WHOD GH MXLFLR OD FLUFXQVWDQFLDO YHUGDG GH ORV
HQXQFLDGRVFLHQWtILFRVFRPRHVWDEOHFLHURQHQXQWH[WRFOiVLFRGHOD
VRFLRORJtD %RXUGLHX &KDPERUHGRQ \ 3DVVHURQ (O RILFLR GHO

GHDTXpOHVLQHYLWDEOHHQHOREUDUKXPDQR(VWDFRQFHSFLyQQROOHYDUtDDXQUHVXOWDGR
DEVROXWDPHQWHUHODWLYR\VXEMHWLYRSRUTXHSRUPHGLRGHOGLiORJRVHHQWUHOD]DQORV
KRUL]RQWHVGHVHQWLGRGHVGHGRQGHVHIXQGDQDFXHUGRVGLQiPLFRVDFHUFDGHODV
GHILQLFLRQHVGHODUHDOLGDG

VRFLyORJRODUHDOLGDGQRKDEODSRUVt PLVPDQLSUHH[LVWHGHQWURGH
GHWHUPLQDGD FRQILJXUDFLyQ DMHQD D OD DFFLyQ GH ORV LQYHVWLJDGRUHV
TXLHQHV SDUD HYLWDU OD XWLOL]DFLyQ DFUtWLFD GHO OHQJXDMH FRWLGLDQR
GHEHQLQWHUURJDUVHLQWHQFLRQDOPHQWHGHVGHSDUiPHWURVWHyULFRVVREUH
ORVDVSHFWRVGHODPLVPDTXHOHUHVXOWDQGHLQWHUpVHVSHFtILFDPHQWH
DWUDYpVGHXQDHYDOXDFLyQUHIOH[LYDVREUHODVSRVLEOHVLQIOXHQFLDVGH
ODV LGHDV QDWXUDOL]DGDV GH OD YLGD GLDULD \ SRU PHGLR GHO HPSOHR GH
WpFQLFDV GH UXSWXUD GHVWLQDGDV D LQWHUURJDU OR TXH HVWi LQVWDODGR
VRFLDOPHQWH FRPR REYLRSRU HOVHQWLGR FRP~Q LPSOLFDGRVHQ HOXVR
GHOOHQJXDMHFRWLGLDQR
3RVLFLRQDGRV GHQWUR GHO GHEDWH HSLVWHPROyJLFR TXH WUDWD VREUH OD

QDWXUDOH]DGHOFRQRFLPLHQWRFLHQWtILFR0DU\+DVVH\0LFKDHO$UELE
HQVXOLEUR/DFRQVWUXFFLyQGHODUHDOLGDGDILUPDQTXHHOOHQJXDMHGH
OD SHUFHSFLyQ PLVPD VH HQFXHQWUD HVWUXFWXUDGR SRU LQWHUPHGLR GH
DQFODMHV WHyULFRV ORV FXDOHV SXHGHQ VHU GHVERUGDGRV SRU ODV
H[SHULHQFLDVQRDVLPLODEOHVDORVSDUiPHWURVGHORVPLVPRV\GHHVWD
IRUPDUHDOLPHQWDU\HQULTXHFHUORVOtPLWHVGHORUHJLVWUDEOHDWUDYpV
GHOOHQJXDMHREVHUYDFLRQDO+DVVH\$UELEVRVWLHQHQTXHHOSURJUHVR
LQVWUXPHQWDOGHODFLHQFLDUHVXOWDGHOLQFUHPHQWRGHODVSRVLELOLGDGHV
SUDJPiWLFDV GH FRQWURO \ GH SUHGLFFLyQ GH ORV DFRQWHFLPLHQWRV
HPStULFRV ³«HO FULWHULR SUDJPiWLFR SRU OR WDQWR HV HO FULWHULR GH
³YHUGDG´R³DFHSWDELOLGDG´TXHRSHUDHVSHFtILFDPHQWHHQODFLHQFLD
QDWXUDO 6L ELHQ HQ FLHUWR VHQWLGR SXHGH GHFLUVH TXH HO p[LWR
SUDJPiWLFR HV XQ FULWHULR SDUD WRGR OR TXH PHUHFH HO QRPEUH GH
FRQRFLPLHQWR « SXHGH FRQVLGHUDUVH HQWRQFHV FRPR HO FULWHULR
GHPDUFDGRU « VHJ~Q HO FXDO FRQVWUXLPRV HO PXQGR QDWXUDO
FLHQWtILFDPHQWH ³REMHWLYR´ DVt VLQ FDHU HO UHODWLYLVPR TXH SRGUtD
GHULYDUVH GH DTXHOODV SRVWXUDV TXH UHFKD]DQ GH SODQR OD SRVLELOLGDG
GH DFFHGHU GH IRUPD WUDQVSDUHQWH \ REMHWLYD D OD UHDOLGDG GHEH
UHFRQRFHUVH HQ HO FRQRFLPLHQWR FLHQWtILFR FLHUWRV FRQVWUHxLPLHQWRV
SUDJPiWLFRV UHVXOWDQWHV GH OD HYDOXDFLyQ VRFLDO GH VX XWLOLGDG R
FRKHUHQFLD SUREDGD SRU DTXHOORV DFWRUHV LQYROXFUDGRV GLUHFWD R
LQGLUHFWDPHQWH FRQ OD DFWLYLGDG FLHQWtILFR WpFQLFD (O HPSOHR GH

OHQJXDMH WHyULFR FRPR DQFODMH FRQFHSWXDO HQ XQD LQYHVWLJDFLyQ

FLHQWtILFDSRVLELOLWDXQHQFXDGUHRUGHQDGRGHORVUHJLVWURVHPStULFRV
SHUPLWLHQGR D OD YH] XQD UHDOLPHQWDFLyQ TXH ELHQ SXHGH IRUWDOHFHU
ORV SDUiPHWURV HPStULFRV H[LVWHQWHV R ELHQ SXHGH SRQHU HQ FULVLV OR
HVWDEOHFLGR DTXHOOR TXH HVWi GHQWUR GH ODV FRQYHQFLRQHV
WHUPLQROyJLFDV GH OD WHRUtD HPSOHDGD DVt ODV GLVUXSFLRQHV \ ORV
GHVYtRV FRQ OR LQVWLWXLGR FRQFHSWXDOPHQWH LPSOLFDQ HO
IXQFLRQDPLHQWR GH GLVSRVLWLYRV GH UHDOLPHQWDFLyQ R GH UHIUDFFLyQ
FRQFHSWXDO ODV DVLPLODFLRQHV GH OR UHJLVWUDGR SXHGHQ FRQILUPDU ODV
SDXWDV FRQFHSWXDOHV FRQYHQFLRQDOL]DGDV SHUR WDPELpQ SXHGHQ
SURGXFLUPRGLILFDFLRQHV\FRUUHFFLRQHV+HVVH\$UELE
/D FRQH[LyQ HQWUH ORV SUHGLFDGRV HPStULFRV JHQHUDGRV SRU OD

DFWLYLGDGFLHQWtILFD\ORVUHFXUVRVFRQFHSWXDOHV\WHyULFRVUHTXLHUHGH
XQD LQVWUXFFLyQ SUHYLD GHO SDWULPRQLR FRJQLWLYR DFXPXODGR HQ
SXEOLFDFLRQHVLQIRUPHV\OLEURVSDUDFRPSUHQGHUODDVRFLDFLyQGHXQ
UHJLVWURREVHUYDFLRQDOFRQVXDQFODMHWHyULFRSDUDHOORORVPLHPEURV
TXHSUHWHQGHQLQJUHVDUDOFDPSRFLHQWtILFRVRQLQVWUXLGRVSRUDFWRUHV
DFDGpPLFRV \D SRVLFLRQDGRV FRPR DJHQWHV VRFLDOL]DGRUHV GHQWUR GH
LQVWLWXFLRQHV KDELOLWDGDV PHGLDQWH XQ DGLHVWUDPLHQWR FRJQLWLYR \
FRPXQLFDFLRQDO DMXVWDGR D ORV GLVSRVLWLYRV GH YDOLGDFLyQ GH ODV
GLIHUHQWHVGLVFLSOLQDVFLHQWtILFDV/RVDFDGpPLFRV\ORVLQYHVWLJDGRUHV
DSUHQGHQ D XWLOL]DU ODV KHUUDPLHQWDV SURSLDV GH ODV SUiFWLFDV
FLHQWtILFDVGXUDQWHXQSURFHVRGHVRFLDOL]DFLyQLQLFLDOPHQWHGXUDQWH
JUDFLDV D OD HVFRODUL]DFLyQ XQLYHUVLWDULD \ FRQ SRVWHULRULGDG
PHGLDQWH SUiFWLFDV UHFXUUHQWHV GH LQYHVWLJDFLyQ H LQWHUFDPELR
FRPXQLFDFLRQDO FRQ ORV PDHVWURV \ ORV H[SHUWRV KDELOLWDGRV SRU HO
FDPSR FLHQWtILFR HQ FRQWH[WRV SURIHVLRQDOHV GH LQWHUDFFLyQ H
LQWHUSUHWDFLyQ SURSLRV GH ODV LQVWLWXFLRQHV DFDGpPLFDV \ GH ORV
RUJDQLVPRVFLHQWtILFRVSHUWLQHQWHV/RVSURIHVLRQDOHV GHODDFWLYLGDG
FLHQWtILFD VH SUHSDUDQ SDUD SHUFLELU \ SDUD UHJLVWUDU LQIRUPDFLyQ
GHQWURGHVXiPELWRGHSHUWLQHQFLDVREUHUHDOLGDGHVTXHSDUDHOOHJR
SHUVRQD QR H[SHUWD VRQ VROR UXLGR R VLQ VHQWLGR HV WUDYpV GH HVWD
IRUPDFLyQ DFDGpPLFD WpFQLFD \ SURIHVLRQDO TXH HO FLHQWtILFR SXHGH

YHU XQ RUGHQ R HQFRQWUDU XQ VHQWLGR HQ ODV PDQLIHVWDFLRQHV GH XQD
GHWHUPLQDGDUHDOLGDGFRPRDILUPy7KRPDV.XKQ³«DOPLUDU
HO FRQWRUQR GH XQ PDSD HO HVWXGLDQWH YH OtQHDV VREUH XQ SDSHO
PLHQWUDVTXHHOFDUWyJUDIRYHXQDIRWRJUDItDGHOWHUUHQR$OH[DPLQDU
XQD IRWRJUDItD GH FiPDUD GH EXUEXMDV HO HVWXGLDQWH YH OtQHDV
LQWHUUXPSLGDVTXHVHFRQIXQGHQPLHQWUDVTXHHOItVLFRXQUHJLVWURGH
VXFHVRV VXEQXFOHDUHV TXH OH VRQ IDPLOLDUHV 6ROR GHVSXpV GH FLHUWR
Q~PHUR GH HVDV WUDQVIRUPDFLRQHV GH OD YLVLyQ HO HVWXGLDQWH VH
FRQYLHUWH HQ KDELWDQWH GH ORV FLHQWtILFRV \ UHVSRQGH GH OD PLVPD
IRUPDTXHHOORV´
(OFRQRFLPLHQWRFLHQWtILFRFRPRSURGXFWRGHXQDDFWLYLGDG
VRFLDO
'HEH VXEUD\DUVH TXH ORV GDWRV FLHQWtILFRV QR VRQ WUDQVFULSFLRQHV

WUDQVSDUHQWHGHODUHDOLGDGHQIRFDGDQXQFDLQYROXFUDQXQUHIOHMRGH
OR UHDO QL OD UHDOLGDG PLVPD VRQ SURGXFWRV TXH FRQOOHYDQ XQD
VHOHFFLyQ \ XQ UHFRUWH TXH H[SUHVDQ LPSOtFLWDPHQWH XQD
LQWHQFLRQDOLGDG\XQDVHULHGHGHFLVLRQHVWHyULFDV\WpFQLFDVGHSDUWH
GHTXLHQLQYHVWLJDSRGUtDDILUPDUVHTXHQRH[LVWHQGDWRVFLHQWtILFRV
SXUDPHQWH HPStULFRV \D TXH pVWRV VH HQUDt]DQ GHQWUR GH
GHWHUPLQDGDVSHUVSHFWLYDVWHyULFDV\FRQFHSWXDOHVFRQVWLWX\HQGRXQD
WRWDOLGDGVRQHOSURGXFWRILQDOGHODDSOLFDFLyQGHXQDPHWRGRORJtD\
GH DQFODMHV WHyULFRV D SDUWLU GH XQD GHPDQGD GH FRQRFLPLHQWR
FRQVLGHUDU TXH OD LQIRUPDFLyQ VH UHFROHFWD LPSOLFD TXH HO GDWR \D
HVWi FRQVWLWXLGR HQ OD UHDOLGDG \ QR KD\ FRQFHSWXDOL]DFLyQ \
FRQVWUXFFLyQ DOJXQD HQ VX FRQILJXUDFLyQ *DUFtD )HUUDQGR HQ

(VWHHQIRTXHWRPDFRPRUHIHUHQFLDHOSODQWHRGH6DPDMDTXLHQDILUPDEDTXH
SDUDHQWHQGHUHOVHQWLGRGHODVSUiFWLFDVFLHQWtILFDVGHEtDWHQHUVHHQFRQVLGHUDFLyQVXV
FRQGLFLRQHVGHUHDOL]DFLyQTXHUHPLWHQDXQSURFHVRKLVWyULFRGRQGHORVORJURVGHOD
FXOWXUDHQJHQHUDO\GHODFLHQFLDHQSDUWLFXODUHUDQFHQWUDOHVLQGLFDEDTXHHVWDV
FRQGLFLRQHVVXSRQHQPHGLRVGHLQYHVWLJDFLyQTXH³«QRIORWDQHQHOYDFtRHVWiQ
LQVHUWRVHQFRQWH[WRVLQVWLWXFLRQDOHVQRUPDWLYRVSUHYLRVTXHULJHQORVLQWHUFDPELRV
LQWHOHFWXDOHV\TXHFRQGLFLRQDQODSURGXFFLyQFLUFXODFLyQ\FRQVXPRGHWDOHV
SURGXFWRVFLHQWtILFRV´

*DUFtD)HUUDQGR,EixH]\$OYLUDDILUPDTXHKDEUtDGRVPRGRV
GH FRQVLGHUDU OD REWHQFLyQ GH ORV GDWRV OD SURGXFFLyQ R OD
UHFROHFFLyQ HQ HO SULPHU FDVR HO LQYHVWLJDGRU DSOLFD DOJXQD WpFQLFD
GHUHJLVWUR SRUHMHPSORORVGDWRVVRQ FRQIHFFLRQDGRV DSDUWLUGHOD
DSOLFDFLyQ GH XQD HQFXHVWD \ HQ HO VHJXQGR FDVR XWLOL]D GDWRV \D
HODERUDGRVSRUWHUFHURVSRUHMHPSORXQLQYHVWLJDGRUSXHGHEDVDUVX
HVWXGLR HQ GDWRV SUHH[LVWHQHV FRPR UHJLVWURV FHQVDOHV R
DGPLQLVWUDWLYRV *DUFtD )HUUDQGR VHxDOD TXH HQ DPERV FDVRV ORV
GDWRV VRQ HO UHVXOWDGR GH DFFLRQHV GH FRQVWUXFFLyQ D SDUWLU GH OD
XWLOL]DFLyQ QHFHVDULD GH XQ HVTXHPD WHyULFR SUHYLR GHVGH GRQGH VH
GHULYDQ\DGTXLHUHQSHUWLQHQFLDORVFRQFHSWRVTXHVHDSOLFDUiQSDUDOD
HODERUDFLyQGHORVGDWRVHPStULFRV
(OFRQRFLPLHQWRFLHQWtILFRGHEHFRQFHELUVHFRPRXQSURGXFWRVRFLDO
PDQXIDFWXUDGRSDUD UREXVWHFHU OD FRPSUHQVLyQ GH HVWDDILUPDFLyQ
SRGUtD KDFHUVH XQD DQDORJtD HQWUH HO GHVDUUROOR SURFHVXDO GH OD
HVWUXFWXUD RUJDQL]DFLRQDO LPSOLFDGD HQ ODV DFWLYLGDGHV SURGXFWLYDV
GHO SURFHVR GH LQYHVWLJDFLyQ \ ODV TXH FDUDFWHUL]DQ D OD IDEULFDFLyQ
LQGXVWULDO R DUWHVDQDO GH XQ SURGXFWR FXDOTXLHUD FRQFUHWDGRV HQ
ELHQHV WDOHV FRPR WRUQLOORV R SUHQGDV GH YHVWLU DO FRPSDUDU HVWDV
DFWLYLGDGHV SXHGH YHULILFDUVH TXH UHVXOWDQ KRPyORJDV HQ WDQWR VH
EDVDQ HQ HO GHVSOLHJXH GH FDGHQDV GH LQWHUGHSHQGHQFLDV HQ
DFWLYLGDGHV GH FRQVWUXFFLyQ FROHFWLYDV 3RGUtD HVWDEOHFHUVH TXH HQ
DPERVSURFHVRVH[LVWHXQDVHULHGHHOHPHQWRVHQFRP~Q
1HFHVLGDGHV GHPDQGDV SUREOHPDV VRFLDOHV \ WLSR GH

UHTXHULPLHQWRVLQWHUHVHVGHRUJDQL]DFLRQHV
&RQGLFLRQHV GH SURGXFFLyQ UHFXUVRV SROtWLFRV HFRQyPLFRV
KXPDQRV \ WHPSRUDOHV GLVSRQLEOHV XQ FRQWH[WR VRFLRHFRQyPLFR \
JHRJUiILFR TXH OLPLWD \ KDELOLWD OD SURGXFFLyQ \ ORV UHVXOWDGRV
HVSHUDGRV
&RQWH[WR GH GHFLVLyQ IDFWRUHV HVWUXFWXUDOHV \ VXEMHWLYRV TXH
LQIOX\HQDODKRUDGHHQWHQGHUSRUTXHFLHUWDVGHPDQGDVVHFRQFUHWDQ
HQLQVWDQFLDVGHHODERUDFLyQ
)XHU]DGHWUDEDMRLQYHVWLJDGRUHV

2UJDQL]DFLyQWUDEDMRHVWUXFWXUDGR\FRRUGLQDGRSRUGLIHUHQWHV
LQVWDQFLDVRSHUVRQDV
7HFQRORJtDWpFQLFDVYDOLGDGDVSRUHOTXHKDFHUFLHQWtILFR
3URGXFWRFRQRFLPLHQWRFLHQWtILFR
$ WUDYpV GH OD FRPSDUDFLyQ HQWUH OD DFWLYLGDG FLHQWtILFD \ OD

PDQXIDFWXUDLQGXVWULDOVHLQWHQWD UHVDOWDUHOFDUiFWHU LQWUtQVHFDPHQWH
³DUWLILFLDO´GHODLQYHVWLJDFLyQWDQWRHQVXVSURFHGLPLHQWRVFRPRHQ
HO UHVXOWDGR REWHQLGR HO FRQRFLPLHQWR FLHQWtILFR OD DUWLILFLDOLGDG
DOXGLGD UHPLWH D UHIRU]DU OD YLVLyQ GH OD LQYHVWLJDFLyQ FRPR XQD
FUHDFLyQKXPDQDTXH QRSUHVXPH XQUHJLVWURREMHWLYRGHODVFRVDV
SUHWHQGHHYLGHQFLDUTXHODLQYHVWLJDFLyQSXHGHHQWHQGHUVHFRPRXQD
DFWLYLGDG TXH D~Q FRQ VXV FDUDFWHUtVWLFDV DGPLQLVWUDWLYDV \ WpFQLFDV
ULJXURVDV \ VXV H[LJHQFLDV HVSHFLDOHV VH KDOOD GHWHUPLQDGD SRU HO
FRQWH[WR ODV SDUWLFXODULGDGHV RUJDQL]DFLRQDOHV \ SHUVRQDOHV GH VX
PDWHULDOL]DFLyQGHVGHVXJpQHVLVKDVWDVXSUHVHQWDFLyQHQHOFDPSR
FLHQWtILFR/RVGDWRVHPStULFRVVREUHORTXHVHVRVWLHQHQHODQGDPLDMH
GH OD DFWLYLGDG FLHQWtILFD UHVXOWDQ GH XQD DFWLYLGDG SURGXFWLYD \
FUHDWLYD TXH VH QXWUH LQHYLWDEOHPHQWH GH WHRUtDV \ GH
FRQFHSWXDOL]DFLRQHV WDQWR HQ VX FRQILUPDFLyQ \ YDOLGDFLyQ FRPR HQ
VX UHYLVLyQ FUtWLFD \ VX SRVWHULRU UHIRUPXODFLyQ R GHVDFUHGLWDFLyQ
³«ORVKHFKRVPLVPRVVHFRQVWUX\HQ\UHFRQVWUX\HQDODVOX]GHODV
LQWHUSUHWDFLRQHV WHyULFDV ODV WHRUtDV QR VRQ PRGHORV FRQIURQWDGRV
FRQ HO REMHWR PHGLDQWH XQ HVTXHPD KLSRWpWLFRGHGXFWLYR VLQR
VLPSOHPHQWH ORV PRGRV R IRUPDV HQ TXH VRQ YLVWRV ORV KHFKRV
PLVPRV«´ )HUQiQGH] %XH\ $ILUPDU H[SOtFLWD R
LPSOtFLWDPHQWHTXHORVGDWRVVHSXHGHQUHFRJHURUHFROHFWDUVXSRQH
TXH ORV PLVPRV SUHH[LVWHQ QDWXUDOPHQWH DO DFFLRQDU GH OD
LQYHVWLJDFLyQ \ D OD WHRUL]DFLyQ HPSOHDGD SDUD SURGXFLUORV HVWD
FRQFHSFLyQ HV HUUyQHD \D TXH ORV GDWRV HODERUDGRV SRU ORV
LQYHVWLJDGRUHV VRQ LQVHSDUDEOHV GH ODV SHUVSHFWLYDV WHyULFDV TXH VH
HPSOHDQFRPRUHIHUHQFLDSDUDDQFODUORVFRQFHSWRV\GHODVWpFQLFDV
XWLOL]DGDV H LPSOLFDGDV HQ OD RSHUDWRULD GH GLVHxR GH DFFHVR \ GH
UHJLVWURGHODLQIRUPDFLyQ

/D LQYHVWLJDFLyQ FLHQWtILFD HV XQD DFWLYLGDG VRFLDO RSHUDGD GHVGH

LQLFLDWLYDV SHUVRQDOHV X RUJDQL]DFLRQDOHV PDWHULDOL]DGDV HQ
GHWHUPLQDGDV FRQGLFLRQHV GH SURGXFFLyQ HQUDL]DGDV D VX YH] HQ
XQ FRQWH[WR VRFLDO KLVWyULFR GLQDPL]DGR SRU IDFWRUHV HFRQyPLFRV
SROtWLFRV \ FXOWXUDOHV HV SRVLEOH DILUPDU TXH OD SURGXFFLyQ
LQYHVWLJDWLYDHVXQDDFWLYLGDGVRFLDOGHELGRD
¾ /DV FRQGLFLRQHV FRQWH[WXDOHV HQ ODV TXH VH JHQHUD HVD

SURGXFFLyQ ORV LQYHVWLJDGRUHV \ ODV RUJDQL]DFLRQHV DFDGpPLFDV \
FLHQWtILFDV HVWiQ GHQWUR GH XQ HQWUDPDGR VRFLDO HQ HO TXH LQFLGHQ
IDFWRUHVSROtWLFRVHFRQyPLFRVWHFQROyJLFRV\FXOWXUDOHVHVWRSXHGH
YHULILFDUVH SRU HMHPSOR DO DQDOL]DU OD FRQVWUXFFLyQ GH ODV DJHQGDV
WHPiWLFDVGH ORVLQVWLWXWRVQDFLRQDOHVGH HVWDGtVWLFD,%*(,1'(&
,1(FRPRHIHFWRGHODSUHVLyQGHRUJDQLVPRVLQWHUQDFLRQDOHVFRPR
81(6&2 2(, 2&'( R &(3$/ GHVGH HVWDV LQVWDQFLDV
VXSUDQDFLRQDOHV VH HVWDEOHFHQ GHILQLFLRQHV SROtWLFDV GH OD UHDOLGDG
VRFLDO\HFRQyPLFDVHLQFHQWLYDQGHWHUPLQDGDVOtQHDVGHLQGDJDFLyQ
\ VH SURPXHYHQ FULWHULRV GH QRUPDOL]DFLyQ GH OD LQIRUPDFLyQ TXH
FDGD RUJDQLVPR HVWDGtVWLFR QDFLRQDO GHEH DFHSWDU VL VH SUHWHQGH
DFFHGHU DO ILQDQFLDPLHQWR FUHGLWLFLR TXH RIUHFHQ \ D ORV YLDMHV
LQWHUQDFLRQDOHV HQ FDOLGDG GH H[SRVLWRUHV R DVLVWHQWHV D VXV
IXQFLRQDULRV \ VXV FXDGURV GLUHFWLYRV /D IRUPD HQ TXH XQ (VWDGR
RUJDQL]DHOSUHVXSXHVWRHQFLHQFLD\WpFQLFDIRQGRVSDUDVXHOGRVGH
LQYHVWLJDGRUHV DVLVWHQWHV \ EHFDULRV SURJUDPDV GH GHVDUUROOR
LQVXPRVOtQHDVGHGHVDUUROORGHEHFDVGHLQYHVWLJDFLyQXQLYHUVLWDULD
GHVFULEH ODV SULRULGDGHV TXH OD DFWLYLGDG FLHQWtILFD WLHQH SDUD OD
JHVWLyQ GH JRELHUQR \ ODV UHODFLRQHV GH IXHU]D GHO FDPSR SROtWLFR \
HFRQyPLFR
¾ /D SURGXFFLyQ GH WHRUtD H LQYHVWLJDFLRQHV DFXPXODGDV FRPR
UHVHUYRULRV GH FRQRFLPLHQWRV OD DFFLyQ GH XQ LQYHVWLJDGRU R GH XQ
HTXLSR GH LQYHVWLJDFLyQ LQYROXFUD OD ³SUHVHQFLD´ GH ODV SUiFWLFDV
FLHQWtILFDVSDVDGDVGHSRVLWDGDVHQWH[WRVWUDEDMRVGHLQYHVWLJDFLyQ\
H[SHULHQFLDV GH LQYHVWLJDGRUHV SURIHVLRQDOHV \ WHyULFRV TXH VH
XWLOL]DQ FRPR UHIHUHQFLD SDUD FULWLFDU R SDUD HQFXDGUDU OD SURSLD

LQYHVWLJDFLyQ 1R SXHGH JHQHUDUVH XQD LQYHVWLJDFLyQ VLQ XQ DQFODMH

WHyULFRPHWRGROyJLFRVLQODVUHIHUHQFLDVGHORWUDEDMDGRHQWpUPLQRV
GHLQYHVWLJDFLyQVREUHODWHPiWLFDHQFXHVWLyQSRURWURVHQHOSDVDGR
RHQODDFWXDOLGDG HVWD DFWLYLGDGYD D IXQFLRQDUFRPR XQDFROXPQD
YHUWHEUDO GH OD LQYHVWLJDFLyQ PDWHULDOL]DGD HQ FDOLGDG GH XQ PDUFR
WHyULFRRUHIHUHQFLDO
¾ /D DFFLyQ RUJDQL]DGD GH FROHJDV \ FRODERUDGRUHV WRGD
DFWLYLGDGLQYHVWLJDWLYDQHFHVLWDGHOIXQFLRQDPLHQWRGHXQDFRPSOHMD
\ GLYHUVLILFDGD RUJDQL]DFLyQ GHO WUDEDMR FLPHQWDGD HQ ODV WDUHDV
FRRUGLQDGDV GH P~OWLSOHV SHUVRQDV TXH GLUHFWD LQYHVWLJDGRUHV
SHUVRQDO GH FDPSR LQJUHVDGRUHV GH GDWRV HPSOHDGRV
DGPLQLVWUDWLYRVHLQGLUHFWDPHQWHSHUVRQDOLQIRUPiWLFRGHORJtVWLFD
\ GH PDQWHQLPLHQWR GH ODV LQVWDODFLRQHV HGLOLFLDV SDUWLFLSDQ GH OD
LQYHVWLJDFLyQ
/DV DFWLYLGDGHV FLHQWtILFDV VH GHVDUUROODQ GHQWUR GH HVFHQDULRV

GLQDPL]DGRVSRURUJDQL]DFLRQHVDFDGpPLFDV\FLHQWtILFDVFHQWURVGH
HVWXGLRV XQLYHUVLGDGHV DFDGHPLDV QDFLRQDOHV IXQGDFLRQHV UHGHV
LQVWLWXFLRQDOHVREVHUYDWRULRVSXEOLFDFLRQHVHVSHFLDOL]DGDVTXHDVX
YH]VHLQWHUUHODFLRQDQGLQiPLFDPHQWHFRQODRSLQLyQS~EOLFDDFWRUHV
HVWDWDOHV HPSUHVDULDOHV \ GHO WHUFHU VHFWRU ODV SRVLELOLGDGHV GH
LQYHVWLJDU GHSHQGHQ GH OD RULHQWDFLyQ TXH HVWDV LQVWDQFLDV
RUJDQL]DFLRQDOHVHVWDEOH]FDQHQWpUPLQRVGHGHFLVLRQHVFRQUHVSHFWR
DO GHVSOLHJXH GH UHFXUVRV \ GH GHILQLFLRQHV HQ ODV WHPiWLFDV GH
LQWHUpVODVFRQGLFLRQHVGHODSURGXFFLyQLQYHVWLJDWLYDSRVLELOLWDQ\D
OD YH] UHVWULQJHQ ORV DOFDQFHV GH OD HODERUDFLyQ GHO FRQRFLPLHQWR
FLHQWtILFR SHUPLWHQ PDWHULDOL]DU GHQWUR GH FLHUWDV YDULDFLRQHV
DTXHOODVLQWHQFLRQHVRGHPDQGDVRUJDQL]DFLRQDOHVTXHPRWRUL]DQODV
LQYHVWLJDFLRQHV HVWDV FRQGLFLRQHV LPSOLFDQ XQD VHULH GH UHFXUVRV
PDWHULDOHV EHFDV IRQGRV VDODULRV SUHVWDPRV \ VLPEyOLFRV
FHUWLILFDFLRQHV DFUHGLWDFLRQHV SXEOLFDFLRQHV SURFHGHQWHV GH
DTXHOORVFRQWH[WRVTXHVRQFHQWUDOHVHQODVSRVLELOLGDGHVGHDFFHVR\
GHSDUWLFLSDFLyQGHODFFLRQDULQYHVWLJDWLYR
7DQWR HO SRVLFLRQDPLHQWR SHUVRQDO FRPR LQVWLWXFLRQDO GHO

LQYHVWLJDGRU LPSOLFDQ GHWHUPLQDQWHV HQ VX DFFLRQDU FRPR SDUWH GH

XQD VRFLHGDG FRPR PLHPEUR GH XQD GHWHUPLQDGD RUJDQL]DFLyQ
FLHQWtILFDRDFDGpPLFD\FRPRSRUWDGRUGHGHWHUPLQDGDVWHRUtDVSRU
pO DFHSWDGDV UHTXLHUH GH XQD FRPSOHMD LQVWDQFLD GH UHIOH[LYLGDG
HMHUFLFLRLQWHOHFWXDOGH H[DPLQDUFUtWLFDPHQWHORTXHVHSLHQVDROR
TXH VH KDFH DO SODQHDU \ DO FRQFUHWDU XQD LQYHVWLJDFLyQ (O
LQYHVWLJDGRU GHEH UHYLVDU \ UHIOH[LRQDU FRPR VXV GHWHUPLQDQWHV
FUHHQFLDV H LQWHUHVHV SHUVRQDOHV H[LJHQFLDV LQVWLWXFLRQDOHV GHO
RUJDQLVPRGHSHUWHQHQFLDLQIOX\HQHQVXHODERUDFLyQGHORVGDWRV\D
TXHHVPX\SUREDEOHTXHVHLPSRQJDQFLHUWDVIRUPDVGHYHUODVFRVDV
HQ VX UHFRUWH GH OD UHDOLGDG D LQYHVWLJDU \ HQ VX HQIRTXH DO DFHSWDU
FLHUWDV WHRUtDV FRPR YiOLGDV DO GLVHxDU OD HVWUDWHJLD PHWRGROyJLFD
SRUHMHPSORDOFRQVWUXLUXQDKHUUDPLHQWDSDUDHODERUDUORVGDWRV\
DODQDOL]DUODLQIRUPDFLyQXQDYH]\DSURGXFLGD
(O WHPD GH OD pWLFD FLHQWtILFD HVWi DVRFLDGR D ODV FDUDFWHUtVWLFDV GHO
GDWR FLHQWtILFR HO FXPSOLPLHQWR GH OD PLVPD LPSOLFD XQD VHULH GH
FRPSURPLVRV PRUDOHV GLULJLGRV D HVWDEOHFHU OR DFHSWDEOH GH OR
LQFRUUHFWRHQODVSUiFWLFDV\GHFLVLRQHVFLHQWtILFDV\SURIHVLRQDOHVVX
SURGXFWR HO FRQRFLPLHQWR FLHQWtILFR QR SXHGH VHU REMHWR GH XQD
FRPHUFLDOL]DFLyQ QL VHU XQ LQVXPR GH HVWUDWHJLDV \ DFFLRQHV
PDQLSXODWLYDVGHRUJDQL]DFLRQHVSROtWLFDVRGHHQWLGDGHVFRUSRUDWLYDV
HPSUHVDULDOHV /DV SURIHVLRQHV VH HVWUXFWXUDQ D SDUWLU GH
XQVLVWHPDIRUPDOL]DGR GH H[LJHQFLDV pWLFDV TXH FLUFXQVFULEHQ ORV
OtPLWHV GH OR TXH HV OHJtWLPR KDFHU HQ FDGD iPELWR SURIHVLRQDO DVt
SRU HMHPSOR ORV PpGLFRV UHDOL]DQ HO -XUDPHQWR +LSRFUiWLFR TXH
LQVWDXUD SDUiPHWURV UHFWRUHV GH OD DFWLYLGDG HQ HO FDVR GH OD

³-XURSRU$SRORHO0pGLFR\(VFXODSLR\SRU+\JHLD\3DQDFHD\SRUWRGRVORVGLRVHV
\GLRVDVSRQLpQGRORVGHMXHFHVTXHHVWHPLMXUDPHQWRVHUiFXPSOLGRKDVWDGRQGHWHQJD
SRGHU\GLVFHUQLPLHQWR$DTXHOTXLHQPHHQVHxyHVWHDUWHOHHVWLPDUpORPLVPRTXHD
PLVSDGUHVpOSDUWLFLSDUiGHPLPDQGDPLHQWR\VLORGHVHDSDUWLFLSDUiGHPLVELHQHV
&RQVLGHUDUpVXGHVFHQGHQFLDFRPRPLVKHUPDQRVHQVHxiQGROHVHVWHDUWHVLQFREUDUOHV
QDGDVLHOORVGHVHDQDSUHQGHUOR,QVWUXLUpSRUSUHFHSWRSRUGLVFXUVR\HQWRGDVODV
RWUDVIRUPDVDPLVKLMRVDORVKLMRVGHOTXHPHHQVHxyDPt\DORVGLVFtSXORVXQLGRV
SRUMXUDPHQWR\HVWLSXODFLyQGHDFXHUGRFRQODOH\PpGLFD\QRDRWUDVSHUVRQDV

LQJHQLHUtD VH DGVFULEH D XQD JXtD pWLFD RULHQWDGD D OD VHJXULGDG

VDOXG \ ELHQHVWDU GHO S~EOLFR /D pWLFD FLHQWtILFD VH EDVD HQ OD
KRQHVWLGDG OD PRGHVWLD \ OD UHFWLWXG HQ WRGDV ODV GHFLVLRQHV \ ODV
DFFLRQHVOOHYDGDVDFDERHQODVGLIHUHQWHVHWDSDVGHODLQYHVWLJDFLyQ
FLHQWtILFD HVWDV H[LJHQFLDV VH DVRFLDQ FRQ HO UHTXLVLWR GH TXH OD
LQIRUPDFLyQHODERUDGDVHDGHFDUiFWHUS~EOLFR\TXHSRUORWDQWROD
SREODFLyQ UHFLED VXV EHQHILFLRV GH IRUPD GLUHFWD R LQGLUHFWD HVWH
UHTXHULPLHQWR SHUPLWH FDWHJRUL]DU D WRGDV ODV LQYHVWLJDFLRQHV
OOHYDGDV DGHODQWH SRU HPSUHVDV FRPR ODV LQGXVWULDV IDUPDFpXWLFDV
FRVPHWROyJLFDV GH PDUNHWLQJ SROtWLFR \ GH SXEOLFLGDG D~Q FXDQGR
KD\DQVLGROOHYDGDVDFDERFRQSURIHVLRQDOHVKDELOLWDGRV\SRUPHGLR
GH SURFHGLPLHQWRV PHWRGROyJLFRV YiOLGRV FRPR FRQRFLPLHQWRV QR
FLHQWtILFRV\DTXHVXVLQVXPRVLQIRUPDFLRQDOHVVRQSDUDHOSURYHFKR
SULYDGR RULHQWDGR DO OXFUR GH OD RUJDQL]DFLyQ SURGXFWRUD R
FRQWUDWDQWH
-XDQ 6DPDMD HVWDEOHFH TXH WRGR SURFHVR GH LQYHVWLJDFLyQ

FLHQWtILFD GHEH HQWHQGHUVH GHQWUR GH FLHUWDV ³«FRQGLFLRQHV GH
UHDOL]DFLyQ « TXH VRQ UHVXOWDGRV GH SURFHVRV DQWHULRUHV
SURGXFWRVGHODFXOWXUDJHQHUDO\GHORJURVFLHQWtILFRVDQWHULRUHV«
HVWRV PHGLRV QR IORWDQ HQ HO YDFtR HVWiQ LQVHUWRV HQ FRQWH[WRV
LQVWLWXFLRQDOHV QRUPDWLYRV SUHYLRV TXH ULJHQ ORV LQWHUFDPELRV
LQWHOHFWXDOHV \ TXH FRQGLFLRQDQ OD SURGXFFLyQ FLUFXODFLyQ \

/OHYDUpDGHODQWHHVHUpJLPHQHOFXDOGHDFXHUGRFRQPLSRGHU\GLVFHUQLPLHQWRVHUiHQ
EHQHILFLRGHORVHQIHUPRV\OHVDSDUWDUiGHOSHUMXLFLR\HOWHUURU$QDGLHGDUpXQD
GURJDPRUWDODXQFXDQGRPHVHDVROLFLWDGDQLGDUpFRQVHMRFRQHVWHILQ'HODPLVPD
PDQHUDQRGDUpDQLQJXQDPXMHUVXSRVLWRULRVGHVWUXFWRUHVPDQWHQGUpPLYLGD\PL
DUWHDOHMDGRGHODFXOSD1RRSHUDUpDQDGLHSRUFiOFXORVGHMDQGRHOFDPLQRDORVTXH
WUDEDMDQHQHVDSUiFWLFD$FXDOHVTXLHUFDVDTXHHQWUHLUpSRUHOEHQHILFLRGHORV
HQIHUPRVDEVWHQLpQGRPHGHWRGRHUURUYROXQWDULR\FRUUXSFLyQ\GHODVFLYLDFRQODV
PXMHUHVXKRPEUHVOLEUHVRHVFODYRV*XDUGDUpVLOHQFLRVREUHWRGRDTXHOORTXHHQPL
SURIHVLyQRIXHUDGHHOODRLJDRYHDHQODYLGDGHORVKRPEUHVTXHQRGHEDVHUS~EOLFR
PDQWHQLHQGRHVWDVFRVDVGHPDQHUDTXHQRVHSXHGDKDEODUGHHOODV$KRUDVLFXPSOR
HVWHMXUDPHQWR\QRORTXHEUDQWRTXHORVIUXWRVGHODYLGD\HODUWHVHDQPtRVTXHVHD
VLHPSUHKRQUDGRSRUWRGRVORVKRPEUHV\TXHORFRQWUDULRPHRFXUUDVLORTXHEUDQWR\
VR\SHUMXUR´

FRQVXPR GH WDOHV SURGXFWRV FLHQWtILFRV«´ SXQWXDOL]DQGR DGHPiV

TXH ODV FRQGLFLRQHV GH UHDOL]DFLyQ GH OD DFWLYLGDG FLHQWtILFD VH
FRQVWLWX\HQ FRPR OD VtQWHVLV GH ODV FRQGLFLRQHV HFRQyPLFDV ODV
FRQGLFLRQHVWpFQLFDV\ODVPHGLDFLRQHVMXUtGLFDVRLQVWLWXFLRQDOHVTXH
HQPDUFDQ OD SURGXFFLyQ GHO FRQRFLPLHQWR FLHQWtILFR GHQWUR GH XQ
RUGHQOHJDOQRUPDWLYRDQiORJDPHQWHDODDFWLYLGDGSURGXFWLYDGHOD
HVIHUDHFRQyPLFD ³«WRGRWUDEDMRFLHQWtILFRSUHVXSRQHODH[LVWHQFLD
GH FLHUWDVIXHU]DVSURGXFWLYDVHVGHFLUGHPHGLRVRGHWpFQFLDVGH
LQYHVWLJDFLyQ « H LJXDOPHQWH SUHVXSRQHQ FLHUWDV UHODFLRQHV
VRFLDOHV GH SURGXFFLyQ HV GHFLU FLHUWDV UHODFLRQHV MXUtGLFR
LQVWLWXFLRQDOHVTXHVRQODVTXHOHJLWLPDQODGLVSRVLFLyQ\FLUFXODFLyQ
GH WRGRV ORV HOHPHQWRV GHO SURFHVR GH LQYHVWLJDFLyQ \ OD GLUHFFLyQ
GHOSURFHVRPLVPR´
/D FLHQFLD FRPR DFWLYLGDG FROHFWLYD VH FRQVROLGD D WUDYpV GH XQ
KLVWyULFR SURFHVR LQWHUVXEMHWLYR GH SURGXFFLyQ \ GH FHUWLILFDFLyQ
HQWUH ORV DFWRUHV SDUWLFLSDQWHV GHO TXHKDFHU FLHQWtILFR ORV DFWRUHV
DFDGpPLFRV \ FLHQWtILFRV VH SRVLFLRQDQ GHQWUR GH RUJDQLVPRV H
LQVWLWXFLRQHV \ VH UHODFLRQDQ HQWUH Vt FRQIRUPDQGR HVSDFLRV GH
FRPSHWHQFLDLQWHUFDPELR \ GHEDWH HVWHHVSDFLR FRQVWLWXLGRSRU VXV
UHODFLRQHVSXHGHGHQRPLQDUVHFRPRFRPXQLGDGFLHQWtILFDRFDPSR
FLHQWtILFR %RXUGLHX GHVGH GRQGH VH JHQHUD XQ FRPSOHMR \
FRQIOLFWLYR SURFHVR GH OHJLWLPDFLyQ VREUH OR TXH VLJQLILFD ³OR
FLHQWtILFR´ \ VXV DOFDQFHV HSLVWHPROyJLFRV HV GHILQLGR ³«FRPR
VLVWHPD GH UHODFLRQHV REMHWLYDV HQWUH SRVLFLRQHV DGTXLULGDV HQ ODV
OXFKDVDQWHULRUHVHVHOOXJDUHVGHFLUHOHVSDFLRGHMXHJRGHXQD
OXFKD FRPSHWLWLYD TXH WLHQH SRU GHVDItRHVSHFtILFR HO PRQRSROLR GH
ODDXWRULGDG FLHQWtILFD LQVHSDUDEOHPHQWH GHILQLGD FRPR FDSDFLGDG
WpFQLFD \ FRPR SRGHU VRFLDO R VL VH SUHILHUH HO PRQRSROLR GH OD
FRPSHWHQFLD FLHQWtILFD TXH HV VRFLDOPHQWH UHFRQRFLGD D XQ DJHQWH
GHWHUPLQDGR HQWHQGLGD HQ HO VHQWLGR GH FDSDFLGDG GH KDEODU H
LQWHUYHQLU OHJtWLPDPHQWH HVGHFLU GH PDQHUD DXWRUL]DGD \ FRQ
DXWRULGDGHQPDWHULDFLHQWtILFD´(OFDPSRFLHQWtILFRIXQFLRQDFRPR
XQD HVSHFLHGH PLFURFRVPRV LQVHUWR HQ XQDVRFLHGDG HQ SDUWLFXODU

FRQIRUPDGRSRUDFWRUHVHLQVWLWXFLRQHVGHVRFLDOL]DFLyQGHYLJLODQFLD
\ GH FRQWURO DFDGHPLDV XQLYHUVLGDGHV RUJDQLVPRV HVWDWDOHV UHGHV
LQWHUGLVFLSOLQDULDV FHQWURV GH HVWXGLR H LQYHVWLJDFLyQ HVWUXFWXUDGDV
MHUiUTXLFDPHQWH UHVSDOGDGDV SRU QRUPDWLYDV GH UHJXODFLyQ GH OD
FRPSHWHQFLDSURIHVLRQDOTXHHVWDEOHFHQORVOtPLWHVODVDGHFXDFLRQHV
\ ODV SRVLELOLGDGHV GHO FRPSRUWDPLHQWR ³FLHQWtILFR´ D WUDYpV GH OD
QRFLyQGHFDPSRFLHQWtILFR
/D UHDOL]DFLyQ FLHQWtILFD GHEH HQWHQGHUVH SRU OR WDQWR FRPR HO
UHVXOWDGR GH XQ SURFHVR GLQiPLFR GH GLVSXWDV \ GH FRQVHQVRV HQWUH
DFWRUHV VRFLDOHV KDELOLWDGRV FRPR SURGXFWRUHV R HYDOXDGRUHV GH
WHUFHURV GHO FRQRFLPLHQWR FLHQWtILFR JHQHUDGR FDEH UHVDOWDU TXH ORV
PLVPRVVHHQFXHQWUDQKHWHURJpQHDPHQWHSRVLFLRQDGRVDSDUWLUGHOD
SRVHVLyQGHGLIHUHQFLDOHVUHFXUVRVGHUHFRQRFLPLHQWRDFDGpPLFRHQ
HO FDPSR FLHQWtILFR ORV DFXHUGRV TXH VRQ IRUMDGRV SRU ODV
LQVWLWXFLRQHV DFDGpPLFDV \ FLHQWtILFDV VREUH GHWHUPLQDGDV WHRUtDV
WpFQLFDV \ SURFHGLPLHQWRV OHJLWLPDQ VX YDOLGDFLyQ FRPR UHIHUHQFLDV
LQVWUXPHQWDOHVGHODFFLRQDUGHORVLQYHVWLJDGRUHV\GHVXVSURGXFWRV
HODERUDGRV FRQ SRVWHULRULGDG /D FHUWLILFDFLyQ GH ORV SURFHGHUHV
FLHQWtILFRVQRVXSRQHHOGHVDUUROORGHUHYLVLRQHVGHFDUiFWHUOLQHDO\
SDFtILFR \D TXH LQYROXFUD OD HPHUJHQFLD GH P~OWLSOHV PLUDGDV H
LQWHUHVHV FLHQWtILFRV \ H[WUD FLHQWtILFRV TXH QR QHFHVDULDPHQWH
FRQYHUJHQ\DFXHUGDQVREUHORVPpWRGRVRORVUHVXOWDGRVSURGXFLGRV
ODH[LVWHQFLDGHGLVSXWDVHQWUHORVDFWRUHVFLHQWtILFRVSXHGHRULJLQDUVH
WDQWR SRU GHVDFXHUGRV PHWRGROyJLFRV FRPR SRU HO HQWUHFUX]DPLHQWR
GH LQWHUHVHV SHUVRQDOHV H LQVWLWXFLRQDOHV HVWRV IDFWRUHV VXHOHQ HVWDU
LPSOtFLWRVHQODVFUtWLFDVTXHVHIRUPDOL]DQWpFQLFDPHQWH
%RXUGLHX VXEUD\D OD FRQIOLFWLYLGDG FRQVWLWXWLYD GHO TXHKDFHU

FLHQWtILFR DOHMiQGROR GH XQD FRQVLGHUDFLyQ QHXWUDO \ DSROtWLFD VX
SHUVSHFWLYD SHUPLWH UHFRQRFHUORFRPRXQHVSDFLRGHOXFKDVVXSRQH
OD FRQIURQWDFLyQ HQWUH LQWHUHVHV SDUWLFXODUHV \ JHQpULFRV D ORV
GLIHUHQWHV SRVLFLRQDPLHQWRV TXH VH SXHGHQ PDWHULDOL]DU QR VyOR HQ
WpUPLQRV GH UHJODV \ H[LJHQFLDV LQVWLWXFLRQDOHV VLQR WDPELpQ HQ XQD
VHULH GH UHTXHULPLHQWRV H LQWHUSHODFLRQHV LQIRUPDOHV (Q HO FDPSR

FLHQWtILFR DO LJXDO TXH HQ HO FDPSR HFRQyPLFR \ HQ HO SROtWLFR
WDPELpQ RSHUDQ UHODFLRQHV GH GHVLJXDOGDG GH MHUDUTXL]DFLyQ \ GH
GRPLQDFLyQDSDUWLUGHOD FRQIRUPDFLyQGHHVWUXFWXUDVMHUDUTXL]DGDV
TXH SHUPLWHQ HQWHQGHU FLHUWDV LPSRVLFLRQHV \ GHWHUPLQDGDV
UHVLVWHQFLDVVREUHORTXHHV³FLHQWtILFR´HQGHWHUPLQDGRPRPHQWRGH
OD KLVWRULD ODV SRVLFLRQHV GHVLJXDOHV GH ORV DFWRUHV FLHQWtILFRV \
ODVFXHVWLRQHV VREUH ODV TXH VH OLEUD OD OXFKD GH ORV DFWRUHV GH HVWH
FDPSR FLHQWtILFR VH GLULPHQ PiV RULHQWDGDV SRU HO FRQIOLFWR \ HO
GHEDWHHQWUHDFWRUHVFRQLQWHUHVHVDFDGpPLFRV\H[WUDDFDGpPLFRVTXH
SRUOD FRRSHUDFLyQ \ HO FRQVHQVR HQWUH DFWRUHVQHXWUDOHV DMHQRV DOD
GLPHQVLyQSROtWLFDGHVXDFFLRQDUODVSUiFWLFDVGHLQYHVWLJDFLyQTXH
UHVXOWDQ GH HVWDLQWHUDFFLyQ GHEHQ HQPDUFDUVH \ HQWHQGHUVH WDPELpQ
GHQWURGHXQFRQWH[WRVRFLDOPiVJHQHUDOLQIOXLGRSRUYDULRVIDFWRUHV
FRPRODSUHVHQFLDGHODVSROtWLFDVGHLQYHUVLyQFLHQWtILFD\HGXFDWLYD
HVWDWDOODYDORUDFLyQTXHODVRFLHGDGOHFRQILHUHDVXSURGXFFLyQORV
UHFXUVRVGLVSRQLEOHVTXHUHVXOWDQGHODVRUJDQL]DFLRQHVHFRQyPLFDV\
ORVLQWHUHVHVGHODVLQVWLWXFLRQHVVRFLDOHVSDUDSURGXFLUFRQRFLPLHQWR
FLHQWtILFR
/DV UHJODV WpFQLFDV PHWRGROyJLFDV TXH VH GHVDUUROODQ SDUD HODERUDU

ORV VDEHUHV \ VXV DFWLYLGDGHV FRQVHFXHQWHV VH GHEHQ YDOLGDU HQ
UHIHUHQFLD D FULWHULRV SUHHVWDEOHFLGRV SRU HO TXHKDFHU FLHQWtILFR
SUHH[LVWHQWHHVWRVFULWHULRVSXHGHQFDPELDUHQHOWLHPSR\DTXHVRQ
HO UHVXOWDGR GH XQD GLQiPLFD GH LQWHUUHODFLRQHV HQWUH DFWRUHV FX\DV
SUiFWLFDV JHQHUDQ WHQVLRQHV GHVDFXHUGRV WHyULFRV R PHWRGROyJLFRV
FRPSHWHQFLD SRU UHFXUVRV FHUWLILFDFLRQHV \ SRVLFLRQDPLHQWRV
LQVWLWXFLRQDOHV \ FRQVHQVRV FULWHULRV \ SURFHGLPLHQWRV YDOLGDGRV
HODERUDFLyQGHDUJXPHQWDFLRQHVXWLOL]DQGRXQYRFDEXODULRHVSHFtILFR
UHFRQRFLPLHQWR GH ORV DSRUWHV GH GLIHUHQWHV HVFXHODV \ DXWRUHV
OHJLWLPDFLyQ GH GHWHUPLQDGDV RUJDQL]DFLRQHV H LQVWLWXFLRQHV VREUH
HVRV FULWHULRV GH UHIHUHQFLD /RV FRQRFLPLHQWRV FLHQWtILFRV VRQ
HODERUDGRVFRPRFRQWHQLGRVVLJQLILFDWLYRVTXHSDUDVHUFRQVROLGDGRV
\FDWHJRUL]DGRVFRPRWDOHVUHTXLHUHQGHODDSOLFDFLyQGHFLHUWRVWLSRV
GH RUGHQDFLyQ \ GHOVRPHWLPLHQWRGHO DFFLRQDU TXH ORV JHQHUDQ FRQ

UHVSHFWRD FLHUWRVHVTXHPDVSURFHGLPHQWDOHVH[LJLGRVSRUODVUHJODV
GH MXHJR GHO FDPSR FLHQWtILFR ODV H[LJHQFLDV GH FRQWUDVWDFLyQ \ GH
FHUWLILFDFLyQ GH OD DFWLYLGDG SURFHGLPHQWDO \ GHO FRQRFLPLHQWR
FLHQWtILFR LQYROXFUDQ UHVWULFFLRQHV \ SURWRFRORV GH DGHFXDFLyQ
HPStULFD OHJLWLPDGDV SUHYLDPHQWH WDOHV FRPR OD SUHFLVLyQ HQ ODV
GHILQLFLRQHVFRQFHSWXDOHVHPSOHDGDV\VXIXQGDPHQWDFLyQFRQDOJ~Q
WLSR GH WHRUtD YDOLGDGD R OD IRUPDOL]DFLyQ GH ODV LQWHQFLRQHV
LQYHVWLJDWLYDVGHQWURGHXQSUR\HFWRHYDOXDEOHLQVWLWXFLRQDOPHQWH
/DVWDUHDVTXHVHGLQDPL]DQ\VHVXVWHQWDQHQHOFDPSRFLHQWtILFRVRQ
HIHFWLYL]DGDV D WUDYpV GH OD DUWLFXODFLyQ GH ODV SUiFWLFDV ORV DFWRUHV
VRFLDOHV LQYROXFUDGRV DFDGpPLFRV LQYHVWLJDGRUHV EHFDULRV
DX[LOLDUHV HGLWRULDOHV GRFHQWHV \ DXWRULGDGHV XQLYHUVLWDULDV
IXQFLRQDULRV HPSUHVDULRV PHGLRV GH FRPXQLFDFLyQ GH ODV
GHFLVLRQHV GH ODV LQVWLWXFLRQHV SRVLFLRQDGDV VRFLDOPHQWH FRPR
OHJLWLPDGRUDV GH OD SURGXFFLyQ FLHQWtILFD XQLYHUVLGDGHV FHQWURV GH
LQYHVWLJDFLyQ HPSUHVDV XQLGDGHV HVWDWDOHV DFDGHPLDV GHO
VRVWHQLPLHQWROHJLWLPDGRGHXQFRQMXQWRGHQRUPDV\SURFHGLPLHQWRV
YDOLGDGRVSRUHVWDVLQVWLWXFLRQHVUHJODVGHSUHVHQWDFLyQ\HYDOXDFLyQ
GH WUDEDMRV SUHVFULSFLRQHV WpFQLFDV GH UHJLVWUR GH GDWRV FRQFXUVRV
SDUD HO DFFHVR D FDUJRV RUJDQL]DFLRQDOHV \ GHO DFFHVR \
GLVSRQLELOLGDG D ORV UHFXUVRV PDWHULDOHV EHFDV VDODULRV VXEVLGLRV
TXH SRVLELOLWDQ \ DO PLVPR WLHPSR UHVWULQJHQ ORV OtPLWHV GH OR
SRVLEOH HQ HVWH WLSR GH DFWLYLGDG SRU HMHPSOR ORV UHFXUVRV R ORV
IRQGRV TXH ODV RUJDQL]DFLRQHV GLVSRQHQ LPSOLFDQ FLHUWDV H[LJHQFLDV
HQODVIRUPDGHLQYHVWLJDURHQHODERUGDMHGHGHWHUPLQDGRVHQIRTXHV
WHyULFRVHVWRHVSDUWH GHODVFRQGLFLRQHVGHSURGXFFLyQTXHSXHGHQ
RULHQWDU OD SURGXFFLyQ GH ODV LQYHVWLJDFLRQHV KDFLD FLHUWRV WHPDV HQ
OXJDUGHRWURV
$ ILQ GH HVSHFLILFDU HO WHPD GH ODV FRQWURYHUVLDV \ ORV GHEDWHV HQ
WRUQRDODLQYHVWLJDFLyQFLHQWtILFDHVSUHFLVRUHVDOWDUTXHHODFFLRQDU
GHVXVDFWRUHVHVWiLPSOLFDGDHQXQSRVLFLRQDPLHQWRLQLFLDOVLHPSUH
VH HQFXHQWUD HQPDUFDGD GHQWUR GH DOJXQD SHUVSHFWLYD HQ DOJXQRV
WH[WRV GH PHWRGRORJtD GH OD LQYHVWLJDFLyQ VXV DXWRUHV OHV FRORFDQ

LQFRUUHFWDPHQWH HO QRPEUH GH SDUDGLJPD FRQFHSWR LQYHQWDGR SRU

7KRPDV .XKQ OD FXDO FRQVLVWH HQ XQ HQIRTXH VXVWHQWDGR HQ
FRQMXQWRGHWHRUtDVFUHHQFLDVYDORUHVLQWHUHVHV\YLVLyQGHOPXQGR
LGHRORJtDLQWHUQDOL]DGD\FRPSDUWLGDFRPRYiOLGDSRUGHWHUPLQDGRV
FLHQWtILFRVHLQVWLWXFLRQHVODVSHUVSHFWLYDVVXSRQHQSRVLFLRQDPLHQWRV
FLHQWtILFRV HQ EDVH D WHRUtDV PpWRGRV \ WpFQLFDV FXDQGR XQD
LQVWDQFLD GH LQYHVWLJDFLyQ DGVFULEH D XQ GHWHUPLQDGR HQIRTXH HVWi
DFHSWDQGR ORV VXSXHVWRV TXH FRQVWLWX\HQ OD EDVH FRQFHSWXDO TXH
UHVSDOGD XQD GHWHUPLQDGD SRVWXUD GHO LQYHVWLJDGRU FRQVWLWX\HQ HO
HVTXHOHWR\IXQGDPHQWRGHODLQYHVWLJDFLyQDOLQWHQWDUGHVSOHJDUVX
DFWLYLGDG FRJQLWLYD VX HQXQFLDFLyQ \ VX H[SOLFLWDFLyQ IRUPDOL]DGD
GHQWUR GHO FXHUSR GH ORV WUDEDMRV DFDGpPLFRV \ FLHQWtILFRV SHUPLWH
TXHVXVOHFWRUHV\FUtWLFRVHQWLHQGDQGHVGHTXHSRVWXUDWHyULFD\EDMR
TXpFULWHULRVPHWRGROyJLFRVVHKL]RODLQYHVWLJDFLyQ
6HSRGUtDQHVWDEOHFHUWUHVSHUVSHFWLYDVRSDUDGLJPDVHQODVFLHQFLDV
VRFLDOHV VHJ~Q 9DVLODFKLV GH *LDOGLQR HOORV VHUtDQ HO
SDUDGLJPD SRVLWLYLVWD HO LQWHUSUHWDWLYR \ HO FUtWLFR HO SDUDGLJPD
SRVLWLYLVWD SURSRQH HVWXGLDU OD UHDOLGDG VRFLDO FRPR ³FRVDV´
VHSDUDGDV GHO VXMHWR TXH LQYHVWLJD FRQ HO PpWRGR GH ODV FLHQFLDV
QDWXUDOHV D ILQ GH PHGLU ODV PDQLIHVWDFLRQHV H[WHULRUHV GH ORV
IHQyPHQRV HO SDUDGLJPD LQWHUSUHWDWLYR GHEH QR VyOR GHVFULELU ODV
SRVLFLRQHV\FRQGXFWDVGHORVDFWRUHVVLQRTXHIXQGDPHQWDOPHQWHOH
FRUUHVSRQGH FRPSUHQGHU HO VHQWLGR TXH HVWRV OH DWULEX\HQ D VX
FRPSRUWDPLHQWR R TXH HVWiQ LPSOtFLWRV HQ VX DFFLRQDU HVWD
SHUVSHFWLYD FRPSUHQVLYD SDUWH GH OD DFFLyQ GHO LQGLYLGXR \ GH DOOt
DQDOL]D ODV LQWHUDFFLRQHV SDUD FRPSUHQGHU UHDOLGDGHV VRFLDOHV
VXSHULRUHVSURSRQHODHODERUDFLyQGHPpWRGRVSURSLRVGHODVFLHQFLDV

³¢<TXpVXFHGLyFRQORVSDUDGLJPDV".XKQUHFRQRFLyTXHHOWpUPLQRFRPRORV
SHUVRQDMHVGH3LUDQGHOORVHOHKDEtDHVFDSDGRGHODVPDQRV<VHKDEtDYDFLDGR
FRPSOHWDPHQWHGHVHQWLGR(QWRQFHVUHQXQFLyH[SOtFLWDPHQWHDVHJXLUXWLOL]iQGROR
$XQTXHGHYH]HQFXDQGRFHGtD\TXL]iFRQODQRVWDOJLDGHOKRPEUHPDGXURTXH
UHFXHUGDXQSHUGLGRDPRUMXYHQLOYROYtDDUHFRUGDU³ORTXHDOJXQDYH]OODPpXQ
SDUDGLJPD´*DHWD5

VRFLDOHVHOSDUDGLJPDFUtWLFRDQFODGRHQHOGHVDUUROORLQWHOHFWXDOGHO
PDWHULDOLVPRKLVWyULFRSURSRQHHQIRFDU \DQDOL]DUGLDOHFWDOPHQWHOR
VRFLDOHQWDQWRWRWDOLGDGHVKLVWyULFDVGHVGHODVFRQGLFLRQHVPDWHULDOHV
GH H[LVWHQFLD GH OD YLGD VRFLDO GHVGH HVWH HQIRTXH ODV FLHQFLDV
VRFLDOHVGHEHQFXPSOLUXQUROGHWUDQVIRUPDFLyQGHODUHDOLGDG3DUD
-HV~V ,EDxH] VRQ WUHV ODV SHUVSHFWLYDV GH OD LQYHVWLJDFLyQ
VRFLDOODSHUVSHFWLYDGLVWULEXWLYDFX\DDSOLFDFLyQPiVJHQHUDOHVOD
HQFXHVWDHVWDGtVWLFDXWLOL]DGDFRQUHVSHFWRDODGLPHQVLyQUHIHUHQFLDO
GHO FRPSRQHQWH VLPEyOLFR KDELOLWD GDU FXHQWD GH KHFKRV R GH
HVWUXFWXUDV HVSDFLRWHPSRUDOHV WUDQVOLQJtVWLFDV OD SHUVSHFWLYD
HVWUXFWXUDOVXVWpFQLFDVPiVXWLOL]DGDVVRQODHQWUHYLVWD\HOJUXSRGH
GLVFXVLyQHQHOODVHDSOLFDODGLPHQVLyQHVWUXFWXUDOGHOFRPSRQHQWH
GLVFXUVLYR SHUPLWH GHFLU GHO OHQJXDMH PHGLDQWH HO OHQJXDMH \ OD
SHUVSHFWLYD GLDOpFWLFD FX\D WpFQLFD PiV JHQHUDO HV HO VRFLRDQiOLVLV
TXHHPSOHDHOFRPSRQHQWHVHPLyWLFRSHUPLWHKDFHUFRQHOOHQJXDMH
HVWDV WUHV SHUVSHFWLYDV SRGUtDQ DVLPLODUVH D ORV WUHV SDUDGLJPDV \D
PHQFLRQDGRV OD GLVWULEXWLYD DO SRVLWLYLVPR OD HVWUXFWXUDO DO
LQWHUSUHWDWLYR\ODGLDOpFWLFDDOSDUDGLJPDFUtWLFR
7RGD SHUVSHFWLYD R SDUDGLJPD VH DVLHQWD VREUH GHWHUPLQDGRV

VXSXHVWRV HVWRV VH FRQVWLWX\HQ FRPR DILUPDFLRQHV GH FRPSOHMD
GHPRVWUDFLyQ\GHGLItFLOFRQWUDVWDFLyQHPStULFDUHSUHVHQWDQDTXHOODV
DVHUFLRQHVVREUHODQDWXUDOH]DGHORUHDOTXHQRVHSRQHQHQGLVFXVLyQ
GHQWUR GHO FXHUSR GH FDGD WHRUtD SRU HMHPSOR XQ VXSXHVWR GHO
OLEHUDOLVPRFRQMHWXUDTXHODVRFLHGDGHVODDJUHJDFLyQGHLQGLYLGXRV
HJRtVWDV TXH SUHWHQGHQ SHUPDQHQWHPHQWH VDWLVIDFHU VXV SURSLDV
QHFHVLGDGHV\REWHQHUYHQWDMDVIUHQWHDORVRWURVHQFDPELRGHVGHHO
SRVLWLYLVPRKD\XQDPLUDGDGLIHUHQWHOD VRFLHGDGIXQFLRQDUtDFRPR
XQDWRWDOLGDGRUJiQLFDORFXDOVXSRQHODH[LVWHQFLDGHXQDQDWXUDOH]D
VRFLDO HQ FDGD SHUVRQD DO SDUWLFLSDU GH XQD GHWHUPLQDGD VRFLHGDG \
XQD SUHGLVSRVLFLyQ D OD FRKHVLyQ VRFLDO /RV GLIHUHQWHV VXSXHVWRV
GLVSRQLEOHV HQ HO FDPSR FLHQWtILFR VRQ GH QDWXUDOH]D RQWROyJLFD
VXSRQH XQD GHILQLFLyQ GH OD QDWXUDOH]D GH OD UHDOLGDG
HSLVWHPROyJLFD VXSRQH XQD GHILQLFLyQ GH OD UHODFLyQ HQWUH HO

LQYHVWLJDGRU TXH EXVFD FRQRFHU \ OR TXH VH TXLHUH FRQRFHU \

PHWRGROyJLFD VXSRQH XQD GHILQLFLyQ GH ODV WpFQLFDV \
SURFHGLPLHQWRV PiV FRQYHQLHQWHV SDUD UHJLVWUDU OD UHDOLGDG /D
H[LVWHQFLD GH VXSXHVWRV HQ HO TXHKDFHU FLHQWtILFR GHQWUR GH FDGD
SHUVSHFWLYDGHEHHVWDUH[SOLFLWDGDSRUDTXHOORVTXHVHDGVFULEHQDOD
PLVPD HVWDV FRQFHSWXDOL]DFLRQHV IXHU]D SHUPLWHQ YLVLELOL]DU OD
LQFRQYHQLHQFLD GH VRVWHQHU HO FULWHULR GH YHUGDG DEVROXWD H
LPSHUHFHGHUD HQ OD YDOLGDFLyQ GHO FRQRFLPLHQWR FLHQWtILFR ODV
GLIHUHQWHV SHUVSHFWLYDV VH FRQVROLGDQ HQWUH ORV DFWRUHV FLHQWtILFRV \
DFDGpPLFRVTXHFRPSDUWHQVXVVXSXHVWRVDSDUWLUGHODGLVSRQLELOLGDG
GHGDWRVHPStULFRVUHJLVWUDGRVDWUDYpVGHPpWRGRVFLHQWtILFRV
(Q OD DFWXDOLGDG ODV UHJODV SURFHGLPHQWDOHV GHO DFFLRQDU FLHQWtILFR

HVWiQGLVSRQLEOHVSDUDORVHVWXGLDQWHV\SDUDWRGRDTXHOTXHVHLQLFLD
HQODDFWLYLGDGGHLQYHVWLJDFLyQEDMRHOVRSRUWHGHOLEURVPDQXDOHVR
SURWRFRORV GH SUR\HFWRV GH LQYHVWLJDFLyQ HOODV SRVLELOLWDQ OD
HVWUXFWXUDFLyQ GH VX GHVDUUROOR VH LQYROXFUDQ HQ ODV H[LJHQFLDV
IRUPDOHV QHFHVDULDV SDUD HO FXPSOLPLHQWR GH ODV DFWLYLGDGHV
FRJQLWLYDVVREUHDTXHOORTXHVHSUHWHQGHLQYHVWLJDUDVtSRUHMHPSOR
VH PDWHULDOL]DQ FRPR XQD VHULH GH UHTXHULPLHQWRV VREUH FyPR VH
GHEHQ UHGDFWDU ORV REMHWLYRV GH LQYHVWLJDFLyQ FRPR VH WLHQH TXH
LPSOHPHQWDU XQ WLSR HVSHFtILFR GH H[SHULPHQWR R FRPR VH GHEH
RUJDQL]DU WHPiWLFD \ FRQFHSWXDOPHQWH OD HODERUDFLyQ GH XQ
FXHVWLRQDULR D SDUWLU GH ORV REMHWLYRV GH LQYHVWLJDFLyQ /DV
DFWLYLGDGHV PHWRGROyJLFDV GHVDUUROODGDV FRPR UHVXOWDGR GH OD
DGRSFLyQUHIOH[LYDGHXQPpWRGRGHWHUPLQDGRDSDUWLUGHOUHFRUWHGH
XQ GHWHUPLQDGR DVSHFWR GH OD UHDOLGDG GHEHQ VHU VLVWHPiWLFDV \
FRQWURODGDV QR VH WLHQH TXH GHMDU QLQJXQD GHFLVLyQ OLEUDGD D OR
LPSUHYLVWRRDODFDVXDOLGDGODVPLVPDVGHEHQUHVSRQGHUDXQSODQD
XQD HVWUDWHJLD GHILQLGD FRQ SUHYLVLELOLGDG \ IXQGDPHQWDFLyQ SDUD
TXH SRVWHULRUPHQWH GLFKDV DFFLRQHV SXHGDQ VHU H[DPLQDGDV \
FULWLFDGDV SRU VXV PLVPRV SURGXFWRUHV \ SRU ORV GHPiV DFWRUHV GHO
FDPSR FLHQWtILFR (O UHTXLVLWR GH OD UHYLVLyQ LQWHUQD \ H[WHUQD HV
YLWDO SDUD OD SURGXFFLyQ FLHQWtILFD \D TXH ORV LQYHVWLJDGRUHV WLHQHQ

TXH DQDOL]DU FRQVWDQWHPHQWH VXV GHFLVLRQHV \ VXV DSOLFDFLRQHV

FRQVHFXHQWHVUHIOH[LRQDQGR QRVyOR VREUH ODDGHFXDFLyQFRQFHSWXDO
\WpFQLFDVLQRWDPELpQVREUHODSRVLEOHLQFLGHQFLDGHODVSUHIHUHQFLDV
SHUVRQDOHV\ORVMXLFLRVGHYDORUVREUHORTXHVHLQYHVWLJD
3URSRQLHQGR XQD DFWLWXG IOH[LEOH IUHQWH D OD DFWLYLGDG FLHQWtILFD

9DVLODFKLV GH *LDOGLQR H[SUHVD OD FRQYHQLHQFLD GH DGRSFLyQ
GH XQD HVWUDWHJLD UHIOH[LYD GH SDUWH GH ORV DFWRUHV FLHQWtILFRV TXH
GHQRPLQDUHIOH[LyQHSLVWHPROyJLFDPiVFRQYHQLHQWHGHXWLOL]DUFRQ
UHVSHFWR DO DERUGDMH FOiVLFR SURSXHVWR GHVGH OD HSLVWHPRORJtD
GLVFLSOLQD ILORVyILFD TXH VH LQWHUURJD VREUH ODV IRUPDV YiOLGDV \
IXQGDPHQWDGDVVREUHODJHQHUDFLyQGHFRQRFLPLHQWRFLHQWtILFRVREUH
ODUHDOLGDGTXHSXHGHVHUFRQRFLGDDQDOL]DQGRSDUDHOORORVVXSXHVWRV
TXH LQIOX\HQ OD SURGXFFLyQ GH ORV UHVXOWDGRV FRJQLWLYRV \D TXH
DTXHOOD HVWUDWHJLD SURSXHVWD LPSOLFDUtD XQD DFWLYLGDG UHQRYDGD
FUHDWLYD TXHSUHWHQGH QR DWDUVH D UtJLGRV IRUPDOLVPRVSRVLELOLWDQGR
OD SXHVWD HQ PDUFKD GH LQQRYDFLRQHV PHWRGROyJLFDV \ WpFQLFDV D
SDUWLU GH XQD UHDOLGDG VRFLDO HQ SHUPDQHQWH WUDQVIRUPDFLyQ

/DSRVWXUDFOiVLFDGHOHQIRTXHGHODHSLVWHPRORJtDFRPRXQDFFLRQDUGHGLVWLQFLyQ\GH
YHULILFDFLyQEDMRHVWDEOHVSULQFLSLRVGHYDOLGDFLyQFRJQLWLYDVREUHODGHFLVLyQ
PHWRGROyJLFDDSOLFDEOHORTXHVHTXLHUHLQYHVWLJDUREMHWR\HQVXSURGXFFLyQUHVXOWDQWH
HVUHODWLYL]DGDSRUHVWDSURSXHVWDGHUHIOH[LYLGDGHSLVWHPROyJLFDEULQGDQGRXQHQIRTXH
FHQWUDOSDUDYLVXDOL]DUFRPRHOSURGXFWRGHODDFWLYLGDGFLHQWtILFDQRHVXQDDFWLYLGDG
REMHWLYD\QHXWUDOQLDQLYHOWpFQLFRQLWHyULFR³«DOOODPDUPHWRGRORJtDFRPRD
PHQXGRVHKDFHDORTXHQRHVVLQRXQGHFiORJRGHSUHFHSWRVWHFQROyJLFRVVH
HVFDPRWHDODFXHVWLyQPHWRGROyJLFDSURSLDPHQWHGLFKDODGHODRSFLyQHQWUHODV
WpFQLFDVPpWULFDVRQRUHIHUHQWHVDODVLJQLILFDFLyQHSLVWHPROyJLFDGHOWUDWDPLHQWRTXH
ODVWpFQLFDVHVFRJLGDVKDFHQH[SHULPHQWDUDOREMHWR\DODVLJQLILFDFLyQWHyULFDGHORV
SUREOHPDVTXHVHTXLHUHQSODQWHDUDOFXDOVHODVDSOLFDQ«SRUHMHPSORXQDWpFQLFD
DSDUHQWHPHQWHWDQLUUHSURFKDEOHHLQHYLWDEOHFRPRHOPXHVWUHRDOD]DUSXHGHDQLTXLODU
FRPSOHWDPHQWHHOREMHWRGHODLQYHVWLJDFLyQFDGDYH]TXHHVWHREMHWRGHEHDOJRDOD
HVWUXFWXUDGHJUXSRVTXHHOPXHVWUHRDOD]DUWLHQHMXVWDPHQWHSRUUHVXOWDGRDQLTXLODU
«SXHGHYHUVHFyPRODWpFQLFDDSDUHQWHPHQWHPiVQHXWUDOFRQWLHQHXQDWHRUtD
LPSOtFLWDGHORVRFLDOODGHXQS~EOLFRFRQFHELGRFRPRXQDPDVDDWRPL]DGD´
%RXUGLHX&KDPERUHGRQ\3DVVHURQ

9DVLODFKLVDILUPDTXHORVLQYHVWLJDGRUHVGHODVFLHQFLDVVRFLDOHVQR
GHEHUtDQ HQFXDGUDU VX DFFLRQDU GHQWUR GH SDWURQHV UtJLGRV GH
HYDOXDFLyQ HSLVWpPLFD VLQR TXH D SDUWLU GH XQD UHIOH[LyQ
HSLVWHPROyJLFD SUHVHQWH HQ VX DFWLYLGDG KDELWXDO WHQGUtDQ TXH
RULHQWDUVH SRU ORV FiQRQHV SURSLRV GH ORV GLIHUHQWHV HQFXDGUHV
WHyULFRV\PHWRGROyJLFRVGHHVWRVWLSRVGHFLHQFLDVFRQUHVSHFWRDODV
SDUWLFXODULGDGHVGHTXHDTXHOORTXHKDVLGRGHOLPLWDGRFRPRREMHWR
SDUD VX LQYHVWLJDFLyQ D WUDYpV GH OD UHIOH[LyQ PHWRGROyJLFD VH
FRQIRUPD XQD OyJLFD TXH SRVLELOLWD HVWUXFWXUDU \ IXQGDPHQWDU ORV
SDVRVDVHJXLUHQODLQYHVWLJDFLyQ\DTXHSHUPLWHVXVWHQWDUQRVyOR
ODFRKHUHQFLDHQWUHODVGLIHUHQWHVHWDSDVGHOSURFHVRHQFXHVWLyQVLQR
TXH WDPELpQ HO HVWDEOHFLPLHQWR GH OD YDOLGH] GH OR TXH VH TXLHUH
LQYHVWLJDUODVOLPLWDFLRQHVPDWHULDOHV\ODVSRVLELOLGDGHVFRJQLWLYDVD
ODVTXHVHHQIUHQWDODLQWHQFLRQDOLGDGGHORVLQYHVWLJDGRUHV
+D\ GHEDWHV TXH QR VH ]DQMDQ GHELGR D TXH LPSOLFDQ SURGXFWRV GH
LQGDJDFLyQ HPStULFD TXH SDUWHQ GH VXSXHVWRV WHyULFRV GLIHUHQWHV OR
TXH FRQGXFH D TXH QR VH SURGX]FD DFXHUGR DOJXQR HVWR HV PX\
HYLGHQWHSRUHMHPSORHQODVFLHQFLDVHFRQyPLFDVFRQHO GLDJQyVWLFR
\ DQiOLVLV GH ORV SURFHVRV LQIODFLRQDULRV \D TXH DOJXQDV GH VXV
GLIHUHQWHV WHRUtDV FRPR HO NH\QHVLDQLVPR \ HO PRQHWDULVPR
FRQVWLWX\HQ SDQRUDPDV \ HYDOXDFLRQHV FRQFHSWXDOHV QR DVLPLODEOHV
HQWUHVt'HEHFRQVLGHUDUVHDODDFWLYLGDGFLHQWtILFDGHQWURGHOPDUFR
GH XQD GLVFXVLyQ HQWUH SXQWRV GH YLVWD H LQWHUHVHV HQWUH
LQYHVWLJDGRUHV HTXLSRV GH WUDEDMR \ RUJDQL]DFLRQHV FRQ
SRVLFLRQDPLHQWRVLQVWLWXFLRQDOHV\HSLVWHPROyJLFRVKHWHURJpQHRVSRU
HOOR³«ODSUiFWLFDGHODFLHQFLDGLVWDGHVHUXQiQLPH«HOUHFXUVR
DODFRPXQLGDGFLHQWtILFDFRPRiUELWUR\UHFRQRFHGRUGHODYHUGDG
FLHQWtILFD OD FRQWUDVWDFLyQ SRVLEOH FRQ OD HYLGHQFLD HPStULFD
GLVSRQLEOH HO MXHJR UHFLSURFR GH WHRUtD \ UHDOLGDG HQ OD
LQYHVWLJDFLyQ GH pVWD \ HQ OD FRQVWUXFFLyQ GH DTXpOOD OD H[FOXVLyQ
GHOLEHUDGD GH OD PDQLSXODFLyQ R HO HQJDxR OD UHQXQFLD D OD
MXVWLILFDFLyQDEVROXWDGHODYHUGDGHQFRQWUDGDHVWRV\RWURVPXFKRV
SULQFLSLRV « FRQVWLWX\HQ KR\ HQ GtD HOHPHQWRV SUiFWLFDPHQWH

LQGLVSXWDGRV GHO PpWRGR FLHQWtILFR « GH DKt TXH « KD\D TXH

HVFXFKDU FRQ HVFHSWLFLVPR ODV DSHODFLRQHV WDQ HQIiWLFDV FRPR
UXLGRVDV D XQ PpWRGR FLHQWtILFR ULJXURVR GHWDOODGR XQLYHUVDO \
PDQXDOL]DEOH WDO FRVD FLHUWDPHQWH QR H[LVWH´ %HOWUiQ HQ *DUFtD
)HUUDQGR,EDxH]\$OYLUD
7RGRV ORV VHUHV KXPDQRV FRQVWUX\HQ D OR ODUJR GH VX H[SHULHQFLD
LQGLYLGXDO \ VRFLDO XQ FRQMXQWR GH VDEHUHV HODERUDGRV GHVGH HO
VHQWLGR FRP~Q FRPSDUWLGR HQ OD FRH[LVWHQFLD FRQ ORV RWURV TXH VH
SXHGH GHQRPLQDU FRPR FRQRFLPLHQWR FRWLGLDQR HO PLVPR VH
FRQVWLWX\H \ VH HPSOHD GH IRUPD ³QDWXUDO´ \ ³HVSRQWiQHD´ HQ ODV
DFWLYLGDGHV GLDULDV GH ORV PLHPEURV GH OD VRFLHGDG FRPR JXtDV
SUDJPiWLFDV HQ HO PXQGR \ HQ ODV UHODFLRQHV FRQ ORV GHPiV VRQ
FRQRFLPLHQWRVTXHVHXVDQGLDULDPHQWHHQORVTXHKDFHUHVFRWLGLDQRV
\ SDUD OD FRPXQLFDFLyQ H LQWHUUHODFLyQ FRQ ORV GHPiV (O VDEHU
FRWLGLDQR TXH VH HODERUD GLDULDPHQWH HQ ODV H[SHULHQFLDV
LQGLYLGXDOHV VRFLDOHV H LQVWLWXFLRQDOHV VH H[SUHVD \ VH WUDQVPLWH D
WUDYpV GHO OHQJXDMH FRUULHQWH HVWH FRQMXQWR GH FRQRFLPLHQWRV \
YLYHQFLDV VH LQWHUQDOL]D GHVGH HO QDFLPLHQWR GH OD SHUVRQD FRPR
UHVXOWDGR GH ODV DFWLYLGDGHV GLDULDV GH OD PLVPD HQ ODV GLIHUHQWHV
HVIHUDV GH VX H[SHULHQFLD YLWDO HVWH VDEHU TXH XWLOL]D HQ OD YLGD
FRWLGLDQD VH DGTXLHUH \ VH UHSURGXFH PHGLDQWH OD H[SHULHQFLD
HVSRQWiQHD GHO YLYLU GLDULR KDELWXDOPHQWH VH FDUDFWHUL]D SRU HVWDU
GHVSURYLVWR GH XQD UHIOH[LYLGDG WHyULFD \ GH LQWHQFLRQDOHV DFFLRQHV
PHWyGLFDV SDUD VX HODERUDFLyQ \ FRQWUDVWDFLyQ HV PX\ H[WUDxR TXH
XQD SHUVRQD KDJD XVR GH WpFQLFDV IRUPDOHV GH UHJLVWUR GH OR
SHUFLELGR QL TXH OOHYH D FDER XQD DFXPXODFLyQ HVFULWD GH ODV
H[SHULHQFLDV YLYLGDV QL TXH FRQWHPSOH UHJXODUPHQWH XQD UHYLVLyQ
UHJXODU \ FUtWLFD GHO UHJLVWUR GH VX DFWXDFLyQ HV XQ WLSR GH
FRQRFLPLHQWRTXHVHSXHGHHQFRQWUDUUHSUHVHQWDGRHQJUDQPHGLGD
HQGLFKRVUHIUDQHV\VDEHUHVSRSXODUHVJHQHUDOPHQWHVHIRUPDFRPR
UHVXOWDGRGHODLQWHUQDOL]DFLyQGHFUHHQFLDVWUDGLFLRQHVHVWHUHRWLSRV
HPRFLRQHV \ SUHMXLFLRV TXH HQ XQ PRPHQWR KLVWyULFR GHWHUPLQDGR

FLUFXODQ VRFLDOPHQWH \ TXH HVWiQ D GLVSRQLELOLGDG GH ORV VXMHWRV GH

DFXHUGR D XQD VHULH GH IDFWRUHV WDOHV FRPR OD SRVLFLyQ VRFLDO ORV
UHFXUVRVPDWHULDOHVODLGLRVLQFUDVLDGHOKRJDUODHVFRODUL]DFLyQ\HO
GHVDUUROORFXOWXUDO
6HGHEHUHVDOWDUTXHQRH[LVWHXQVDEHUFRWLGLDQRKRPRJpQHRDWRGD
OD SREODFLyQ HVSHFLDOPHQWH HQ VRFLHGDGHV DOWDPHQWH IUDJPHQWDGDV
HQODVFXDOHVVHGLQDPL]DHQXQDVHULHGHFRQWUDVWHV\PDWLFHVDSDUWLU
GH ODV GLIHUHQFLDV VRFLRHFRQyPLFDV FXOWXUDOHV \ UHJLRQDOHV GH ORV
KDEODQWHV FRP~QPHQWH ORV WpUPLQRV ODV SDODEUDV \ ODV UHIHUHQFLDV
WHPiWLFDV TXH FRQIRUPDQ HO FRQRFLPLHQWR FRWLGLDQR VRQ GH XQ
HQWHQGLPLHQWR FDVL DXWRPiWLFR HQWUH ORV PLHPEURV GH XQD PLVPD
VRFLHGDGRHQGLIHUHQWHVHVIHUDVVRFLDOHVGHQWURGHGHODPLVPDHQHO
PDUFRGHODVFRQYHUVDFLRQHVGHWRGRVORVGtDVWDPELpQHVFLHUWRTXH
ORVFRQFHSWRVXWLOL]DGRVHQODFRWLGLDQHLGDGSXHGHQUHVXOWDUDPELJXRV
R FRQIXVRV GDQGR OXJDU HQ FLHUWDV FLUFXQVWDQFLDV SXQWXDOHV D
GHVFRQFLHUWRV HQ FXDQWR D VX VLJQLILFDFLyQ ORV WpUPLQRV HPSOHDGRV
HQ OD YLGD FRWLGLDQD SXHGHQ LQFOXVR KDVWD WHQHU VHQWLGRV GLIHUHQWHV
HQVXXVRSUiFWLFR HVWRHVDVt SRUTXH ORVKDEODQWHVQRVHVLHQWDQD
GHILQLU DQWHV GH XQD FRQYHUVDFLyQ ORV VLJQLILFDGRV H[DFWRV GH ORV
FRQFHSWRVFHQWUDOHVTXHVHYDQDDERUGDUGXUDQWHODPLVPD
8QD FDUDFWHUtVWLFD LPSRUWDQWH GH HVWH WLSR GH FRQRFLPLHQWR HV TXH
KDELWXDOPHQWH QR VH GHSRVLWD QL VH DFXPXOD HQ WH[WRV QR VH
HVSHFLILFD QLVH SUHFLVD H[SOtFLWDPHQWH VXVHQWLGRVLQRTXH HQJUDQ
PHGLGD FLUFXOD GH PDQHUD RUDO H LQIRUPDO D WUDYpV GH ORV YtQFXORV
VRFLDOHV SRU HMHPSOR D WUDYpV GH FRQVHMRV DQpFGRWDV R
LQWHUGLFFLRQHV HQWUH SDUHV PLHPEURV GH XQD RUJDQL]DFLyQ SDGUHV H
KLMRV R GHVFRQRFLGRV HQ OD YtD S~EOLFD $Vt FRPR DFRQWHFH HQ OD
DFWLYLGDGFLHQWtILFDHQODYLGDFRWLGLDQDVHQHFHVLWDODXWLOL]DFLyQGH
FRQFHSWRV LQWHJUDGRV HQ HVTXHPDV SDUD ³«YHU HO PXQGR «

8QDSDUHMDSXHGHDFRUGDUVREUHODLPSRUWDQFLDGHODILGHOLGDGHQHOYtQFXORDPRURVR\
GHVSXpVGHPXFKRVDxRVGHUHODFLyQXQRGHHOORVUHYHODFRQVXFRPSRUWDPLHQWRTXHHO
VLJQLILFDGRGHOFRQFHSWRHQFXHVWLyQQRHUDVLPLODUDOTXHHORWURPDQHMDED

FRQVLGHUHPRVHOIXQFLRQDPLHQWRGHORVPDUFRVDQDOtWLFRVHQODYLGD
FRWLGLDQD VHJ~Q YD WUDQVFXUULHQGR OD YLGD GH ODV SHUVRQDV pVWDV
FODVLILFDQ\FDUDFWHUL]DQODVFRVDVTXHORURGHDQ3RUHMHPSORVDEHQ
FyPRGLVWLQJXLUHQWUH³SHUVRQDVTXHHVWiQGHSLHHQXQDKDELWDFLyQ´
\ ³XQD ILHVWD´ SRUTXH FRPSUHQGHQ \ SXHGHQ XVDU HO WpUPLQR ILHVWD
«RWUDIRUPDGHGHVFULELUODFRPSUHQVLyQTXHWLHQHQODVSHUVRQDV
GHODVILHVWDVHVGHFLUTXHWLHQHXQPDUFRDQDOtWLFRLPSOtFLWRSDUDODV
ILHVWDV8QPDUFRDQDOtWLFRGHILQHXQDFDWHJRUtDGHIHQyPHQRVSRU
HMHPSOR ILHVWDV \ SURSRUFLRQD KHUUDPLHQWDV FRQFHSWXDOHV SDUD
GLIHUHQFLDU ORV IHQyPHQRV GHQWUR GH HVD FDWHJRUtD TXp HV OR TXH
KDFHXQDILHVWDPiVRPHQRVH[LWRVDPiVRPHQRVIRUPDOPiVHVWR\
PHQRV DTXHOOR \ YDORUDFLRQHV SDUHFLGDV (Q UHVXPHQ ORV PDUFRV
DQDOtWLFRVHVWUXFWXUDQODVLGHDVHQHVWH FDVRODLGHDGHXQDILHVWD´
5DJLQ
$ GLIHUHQFLD GH ORV FLHQWtILFRV OD JHQWH FRP~Q FRQRFH OD UHDOLGDG
HVSRQWiQHDPHQWHVLQDSOLFDUUHJODVRFULWHULRVH[SOtFLWRVGHGHILQLFLyQ
\DQiOLVLVJXLiQGRVHHQSDUWHSRUHPRFLRQHVLQWXLFLRQHVSUHMXLFLRV
\FUHHQFLDVDXQTXHWDPELpQSRUORVFRQRFLPLHQWRVFLHQWtILFRVEDMR
PRGDOLGDGHV GH YXOJDUL]DFLyQ R GH GLIXVLyQ JHQHUDOLVWD $XQTXH ODV
SUiFWLFDV VRFLDOHV \ SHUVRQDOHV FRWLGLDQDV TXH SHUPLWHQ OD
HODERUDFLyQGHXQDPLUDGDGHOVHQWLGRFRP~QVREUHOD³UHDOLGDG´VRQ
HMHFXWDGDV SRU WRGRV ORV VHUHV KXPDQRV VH SXHGHQ FRPSDUDU \
GLIHUHQFLDU D ORV LQYHVWLJDGRUHV \ ORV H[SHUWRV HQ HO TXHKDFHU
FLHQWtILFRGHODJHQWHFRP~QOHJRVFRPRSURGXFWRUHV\XVXDULRVGH
VDEHUHV WDQWR XQRV FRPR RWURV QR UHJLVWUDQ HPStULFDPHQWH OD

³/DVFUHHQFLDVFRPSDUWLGDVSRUXQDFRPXQLGDGVXHOHQVHULQPXQHVDFXDOTXLHU
HYLGHQFLDRDUJXPHQWRTXHODVFRQWUDGLJDVLPSOHPHQWHSRUTXHPXFKDVSHUVRQDVFRQ
ODVTXHVHHVWiHQXQDFRPXQLFDFLyQFHUFDQDODVFRPSDUWHQ6XFDUiFWHUFRPXQLWDULR
ODVKDFHDSDUHFHUFRPRVLGHELHUDQVHUFLHUWDVSDUWLFXODUPHQWHVLXQRFUHFLyFRQHOODV
GHVGHODWHPSUDQDLQIDQFLDHQXQJUXSRXQLGRHQHOTXHODFUHHQFLDVVHGDSRUVHQWDGD
«HOVHQWLPLHQWRGHTXHODFUHHQFLDHVFLHUWDSXHGHYROYHUVHFDVLLPSRVLEOHGH
HUUDGLFDUSXHGHSHUVLVWLUFRPRXQIXHUWHVHQWLPLHQWRLQFXVRVLVHKDOOHJDGRDOD
FRQFOXVLyQDXQQLYHOPiVUDFLRQDOGHTXHODFUHHQFLDHVIDOVD«´(OLDV\6FRWVRQ

UHDOLGDG GHVGH XQD SRVLFLyQ LQJHQXD WUDQVSDUHQWH R QHXWUDO DPERV

HPSOHDQ VXV FRQRFLPLHQWRV SUHYLRV SDUD JXLDUVH HQ VXV SUiFWLFDV
FRWLGLDQDV \ HQ OD WDUHD GH REWHQHU QXHYRV FRQRFLPLHQWRV
FRQVWLWXLGRVDWUDYpVGHVXH[SHULHQFLD YLWDO/DVH[LJHQFLDVHQFDGD
FDVRVRQPX\GLIHUHQWHVORVFLHQWtILFRV\DFDGpPLFRVGHEHQLQGDJDU
OD UHDOLGDG D WUDYpV GH OD DSOLFDFLyQ LQWHQFLRQDO DXWRFUtWLFD \
VLVWHPiWLFD GH WHRUtDV PpWRGRV \ WpFQLFDV \D FRPSUREDGDV \
OHJLWLPDGDV SRU ODV RUJDQL]DFLRQHV FLHQWtILFDV DGHPiV WLHQHQ TXH
YLVLELOL]DU\H[SOLFLWDUVXVSRVWXUDV\VXVHQIRTXHVDGRSWDGRVHQVXV
LQYHVWLJDFLRQHV (Q OD LQYHVWLJDFLyQ FLHQWtILFD D GLIHUHQFLD GH OD
DFWLYLGDGFRJQLWLYDGHODYLGDGLDULDORVFRQFHSWRV\ORVHVTXHPDVVH
GHEHQ LQWHJUDU GH IRUPD H[SOtFLWD \ IRUPDOL]DGDPHQWH D ILQ GH
HULJLUVH HQ XQD HVWUXFWXUD QHFHVDULD SDUD OD HODERUDFLyQGH ORV GDWRV
HPStULFRV
/DVHSDUDFLyQHQWUHHOFRQRFLPLHQWRFLHQWtILFR\HOVDEHUFRWLGLDQRQR
HV WDMDQWH QL DEVROXWD GHVGH OD LQYHVWLJDFLyQ FLHQWtILFD QR VH
GHVFRQRFH QL VH GHVFDUWD GH SODQR ORV VDEHUHV YXOJDUHV \D TXH D
PHQXGR ORV PLVPRV VH XWLOL]DQ FRPR SXQWRV GH SDUWLGD SDUD VX
TXHKDFHU SURIHVLRQDO FRPR OR WHVWLPRQLD HO XVR FLHQWtILFR GH ORV
VDEHUHV ERWiQLFRV DQFHVWUDOHV GH ORV SXHEORV RULJLQDULRV VREUH ORV
HIHFWRV PHGLFLQDOHV GH GHWHUPLQDGDV SODQWDV \ DUEXVWRV /RV

(QXQDHQWUHYLVWDUHDOL]DGDD/HOLD3RFKHWWLQRHVSHFLDOLVWDHQHWQRERWiQLFDVH
GHVFULEHXQDYDULDQWHGHFyPRVHSURGXFHHVWDUHODFLyQ
³±¢4XpVXFHGHFXDQGRODVSODQWDVPHGLFLQDOHVXVDGDVWUDGLFLRQDOPHQWHSRU
FRPXQLGDGHVQDWLYDVHQDOJ~QPRPHQWRFRPLHQ]DQDFRPHUFLDOL]DUVHHQODVGLHWpWLFDV
GHORVFHQWURVXUEDQRV"¢&yPRVHGDHVWHSDVDMHORVVDEHUHVRULJLQDULRVVHWUDQVPLWHQ"
±(OWHPDHVTXHPXFKDVYHFHVVRPRVQRVRWURVPLVPRVORVTXHORVWHUPLQDPRV
GLIXQGLHQGR(OWUDEDMRFLHQWtILFRGHYLVLELOL]DFLyQGHHVRVVDEHUHVORFDOHVOXHJRVH
GLIXQGHSRURWURViPELWRV\ODJHQWHVHWHUPLQDHQWHUDQGRRWDPELpQSRUWUDQVPLVLyQ
RUDOGHSXHEORHQSXHEOR3HURDKRUDQRUPDOPHQWHXQDSODQWDTXHVHHQFXHQWUDHQ
XQDGLHWpWLFD\HVWiGHPRGDODLQVWDODHOPHUFDGR&RQODTXLQXDORTXHYHtDPRVHVTXH
VHLQVWDOySRUTXHOD1$6$OD³GHVFXEUHÓDFRQYLHUWHHQXQSURGXFWRGHLPSRUWDQFLD
SDUDKDFHUOHDOLPHQWRVDORVDVWURQDXWDVSRUTXHFRQWLHQHPXFKDVSURWHtQDV(QWRQFHV
VDOHDOPHUFDGRYHQGLGRFRPRXQDOLPHQWRPX\LPSRUWDQWH\ODJHQWHORHPSLH]DD

DERUGDMHV GH ODV GLIHUHQWHV SUREOHPiWLFDV GH OD UHDOLGDG VRFLDO SRU
LQWHUPHGLR GH ODV DFWLYLGDGHV FLHQWtILFDV FRQVWLWX\HQ XQ SDQRUDPD
PX\GLYHUVRODLQYHVWLJDFLyQ\VXVUHVXOWDGRVSXHGHQKDOODUVHHQFDVL
WRGRV ORV WHPDV GH OD YLGD VRFLDO OR TXH SXHGH FRQVWDWDUVH HQ ORV
DUWtFXORVDOILQDOGHFDGDFDStWXOR/DVSHUVRQDVDFFHGHQDORVGDWRV
FLHQWtILFRVDWUDYpVGHODDVLVWHQFLDDLQVWLWXFLRQHVHVFRODUHVDSDUWLU
GHO FRQWDFWR FRQ IXHQWHV GH LQIRUPDFLyQ PHGLiWLFD DO H[SRQHUVH D
QRWLFLDV HQ UHYLVWDV SHULyGLFRV R SURJUDPDV GH WY WDPELpQ SRU
PHGLRGH OD FRQVXOWD FRQSURIHVLRQDOHV SURFHGHQWHV GH LQVWLWXFLRQHV
DFDGpPLFDV PpGLFRV DERJDGRV FRQWDGRUHV SVLFyORJRV HWF
JUDFLDV D WRGDV HVWDV H[SHULHQFLDV ORV LQGLYLGXRV SXHGHQ LQWHQWDU
HQFRQWUDU UHVSXHVWDV FRQILDEOHV SURFHGHQWHV GH OD GLYXOJDFLyQ GH OD
LQYHVWLJDFLyQ FLHQWtILFD D ODV QHFHVLGDGHV R ORV LQWHUURJDQWHV
JHQHUDGRV HQ HO YLYLU GLDULR (Q OD VRFLHGDG FRQWHPSRUiQHD ORV
FRQRFLPLHQWRV FLHQWtILFRV HVWiQ FDGD YH] PiV RPQLSUHVHQWHV HQ OD
YLGDGLDULDQRVyORIRUPDQSDUWHGHOXVRGHODWHFQRORJtDGHODVDOXG
GHO WUDQVSRUWH R GHO HQWUHWHQLPLHQWR VLQR TXH WDPELpQ IRUPDQ SDUWH
GHO VXVWHQWR GH VDEHUHV GH ORV UHSHUWRULRV GH UHFRPHQGDFLRQHV \ GH
FRQVHMRV HQ SHULyGLFRV SURJUDPDV WHOHYLVLYRV UHYLVWDV R
SXEOLFDFLRQHVTXHSXHGHQDGRSWDUIRUPDVGHQRWDVSHULRGtVWLFDVRGH
FRQVHMRVGHGLYXOJDFLyQSRSXODUHVQHFHVDULRUHVDOWDUTXHPiVDOOiGH
VXDXUDGHLQHIDELOLGDGGHODFLHQFLDSDUDHOVHQWLGRFRP~QWRGDVODV
GHFLVLRQHV HPSUHQGLGDV SRU ORV DFWRUHV FLHQWtILFRV SXHGHQ VHU
FRQWURYHUVLDOHVDOLJXDOTXHODVFRQFOXVLRQHVDODVTXHVHDUULEDQ

XWLOL]DUSHURWLHQHPXFKRPiVGHFLQFRPLODxRVGHXVRHQODUHJLyQDQGLQD&RQOD
TXLQXDHQSDUWLFXODU\FRQORVDPDUDQWRVKXERSUREOHPDVSRUTXHIXHURQDOLPHQWRV
QHJDGRVGHVGHOD&RQTXLVWD/RVHVSDxROHVKDEtDQSURKLELGRORVDPDUDQWRVFRPR
DOLPHQWRGHFDOLGDGSRUTXHHQ0p[LFRVHXVDEDQHQFHUHPRQLDVFRPRXQDRIUHQGDDXQ
'LRV(QORVVDFULILFLRVVHPROGHDEDQILJXUDVFRQKDULQDGHDPDUDQWR\VHWRPDEDQFRQ
ODVDQJUHGHOVDFULILFDGRSHURHUDXQDRIUHQGD<HVRVHWRPyFRPRXQDLGRODWUtD\
HQWRQFHVSURKLELHURQWRGDVODVVHPLOODV&XDQGR\RHPSHFpDYLDMDUDO1RUWHD
FRPLHQ]RVGHORVDxRVHUDPX\UDURFRQVHJXLUTXLQXDQRKDEtDHQORVPHUFDGRV<
KR\HQGtDKD\TXLQXDHQWRGDVSDUWHVVHSXVRGHPRGD3HURQRHVTXHOD1$6$OD
GHVFXEULyVLQRTXHVHDYLYDURQTXHHUDPX\~WLO\VHFRQYLUWLyHQXQERRP
DOLPHQWDULR´

(O FRQRFLPLHQWR FLHQWtILFR VH LQWHUUHODFLRQD FRPSOHMDPHQWH FRQ HO

VDEHU FRWLGLDQR DPERV WLSRV GH FRQRFLPLHQWR VH FRQVWLWX\HQ
DUWLFXODGDPHQWH GHQWUR GH XQ GHWHUPLQDGR FRQWH[WR QR FLUFXODQ
FRPR VDEHUHV DLVODGRV XQR GHO RWUR D WUDYpV GH ODV GHFLVLRQHV GH
SROtWLFDV HVWDWDOHV GH GHVDUUROOR GH OD HGXFDFLyQ S~EOLFD \ GH OD
LQYHVWLJDFLyQFLHQWtILFDVHDXWRQRPL]DODSURGXFFLyQFLHQWtILFDGHORV
LQWHUHVHV \ GH ODV GHPDQGDV GH LQIRUPDFLyQ GHO PHUFDGR \ GH ORV
LQWHUHVHVHPSUHVDULDOHV/RVVDEHUHVFLHQWtILFRVVHLQFRUSRUDQDOVDEHU
FRWLGLDQRHQWUHPH]FOiQGRVH\VRODSiQGRVHHQWUHVtFRQODVFUHHQFLDV
ORV HVWHUHRWLSRV \ ORV SUHMXLFLRV \D LQFRUSRUDGRV HQ OD VXEMHWLYLGDG
FRPR \D VH DILUPy JUDQ SDUWH GH HVWDV UHVSXHVWDV SXHGHQ HQWUDU HQ
IXHUWHFRQWUDGLFFLyQFRQODVFUHHQFLDVODVHPRFLRQHVODVWUDGLFLRQHV
ODV H[SHULHQFLDV SHUVRQDOHV R ORV SUHMXLFLRV H[LVWHQWHV HQ GLIHUHQWHV
VHFWRUHV GH OD VRFLHGDG ORV GDWRV FLHQWtILFRV SXHGHQ GHVPRQWDU R
GHVHVWDELOL]DUFUHHQFLDVRLGHDVDUUDLJDGDVFRPRORVTXHDWULEX\HQD
ORV LQPLJUDQWHV ORV SUREOHPDV GH GHVRFXSDFLyQ R GH LQVHJXULGDG \
FRQ HOOR ORV VHQWLPLHQWRV \ ODVYDORUDFLRQHVQHJDWLYDVUHVXOWDQWHVR
TXH FRQVLGHUDQ TXH HQ $UJHQWLQD KD\ XQ H[FHVR GH HPSOHDGRV
S~EOLFRV
/D SURGXFFLyQ FLHQWtILFD SODQWHD LQWHUSHODFLRQHV D FLHUWDV LGHDV \

FUHHQFLDV GHO VHQWLGR FRP~Q FRPR RFXUULy FXDQGR GHVGH ORV
RUJDQLVPRVHVWDWDOHVHQUHFLHQWHVLQYHVWLJDFLRQHVVHFRQFOX\yTXHOD

³'HDFXHUGRDGDWRVSURYLVWRVSRUOD$VRFLDFLyQ$UJHQWLQDGH3UHVXSXHVWR$6$3
KD\PLOORQHVGHWUDEDMDGRUHVHQHOSDtVFRQWHPSODQGRORVWUHVQLYHOHVGHJRELHUQR
QDFLRQDOSURYLQFLDOPXQLFLSDO(VGHFLUTXHKDFLDHOHPSOHRS~EOLFR
UHSUHVHQWDEDHOGHOWRWDOGHWUDEDMDGRUHV/DFLIUDHVWiDSHQDVSRUHQFLPDGHO
QLYHOSURPHGLRUHJLVWUDGRSRUORVSDtVHVGHOD2UJDQL]DFLyQSDUDOD&RRSHUDFLyQ\HO
'HVDUUROOR(FRQyPLFRV2&'(FROHFWLYRTXHDJUXSDDGHODVQDFLRQHVPiV
GHVDUUROODGDVGHOPXQGR(QHOSRUFHQWDMHGHHPSOHDGRVGHO(VWDGRHQUHODFLyQ
DOWRWDOGHWUDEDMDGRUHVHUDGHO´
KWWSZZZHOSDLVGLJLWDOFRPDUFRQWHQLGRHPSOHRSEOLFRHQODDUJHQWLQDXQD
FRPSDUDFLQFRQORVSDVHVGHODRFGH

$VLJQDFLyQ8QLYHUVDOSRU+LMRQRDIHFWDEDDODE~VTXHGDGHHPSOHR
R TXH VXV EHQHILFLDULDV QR LQFUHPHQWDQ VXV HPEDUD]RV FRPR
FRQVHFXHQFLD GH OD PLVPD (Q ORV HMHUFLFLRV GH HVWH PDQXDO VH
SXHGHQKDOODUQRWDVSHULRGtVWLFDVTXHFRQWLHQHQSUREOHPiWLFDV\GDWRV
TXH KDQ VLGR HODERUDGRV GHVGH OD LQYHVWLJDFLyQ FLHQWtILFD HOODV
VXSRQHQHMHPSORVGHWHPDVGHGLYHUVDtQGROHTXHVHKDFHQS~EOLFRV
SRU VX FLUFXODFLyQ SRU ORV PHGLRV GH FRPXQLFDFLyQ R HQ ODV UHGHV
VRFLDOHV HVWH SURFHVR DXPHQWD OD SRVLELOLGDG TXH ORV PLVPRV VH
LQFRUSRUHQ FRPR GDWRV GH OD UHDOLGDG HQ SHUVRQDV TXH DQWHV WHQtDQ
GHWHUPLQDGDV FUHHQFLDV R SUHMXLFLRV FRQWUDULRV VREUH OR H[SXHVWR HQ
HVDVQRWDVRSRVWHRV/RVDUWtFXORVVHOHFFLRQDGRVSUHVHQWDQWHPDVGH
QDWXUDOH]D PX\ GLIHUHQWHV SDUD KDFHU HYLGHQWH OD DPSOLWXG GH
LQFLGHQFLDGHODFLHQFLDKR\HQGtDVHSUHVHQWDQWHPDVYLQFXODGRVDO
XVR GHO SURSLR FXHUSR OD KLJLHQH SHUVRQDO ODV FRQGLFLRQHV
HFRQyPLFDV \ OD VHJXULGDG S~EOLFD HQ WRGRV HVRV DUWtFXORV VH
SUHVHQWD GDWRV FLHQWtILFRV TXH VRQ SRWHQFLDOPHQWH LQWHUQDOL]DEOHV
VLHQGRVXVFHSWLEOHVGHDVLPLODUVHHQQXHYDVRULHQWDFLRQHVGHOVHQWLGR
FRP~Q
/D SUHVHQFLD GH OD LQYHVWLJDFLyQ HQ YDULDGRV FDPSRV GH OD DFFLyQ
VRFLDO \ OD GLIXVLyQ D WUDYpV GH ORV PHGLRV GH FRPXQLFDFLyQ GH ORV
GDWRV FLHQWtILFRVSHUPLWHQ \ IDFLOLWDQVXLQFRUSRUDFLyQFRQGLYHUVRV
JUDGRV GH FRPSOHMLGDG HQ OD VXEMHWLYLGDG \ HQ ODV SUiFWLFDV
FRWLGLDQDV GH DPSOLRV VHFWRUHV GH OD SREODFLyQ HVWD DVLPLODFLyQ VH
SURGXFH GH IRUPD KHWHURJpQHD GHELGR D TXH QR OOHJD D WRGDV ODV
SHUVRQDV GH LJXDO PDQHUD \D TXH KD\ IDFWRUHV HQ OD SREODFLyQ TXH
SRVLELOLWDQ R GLILFXOWDQ HO DFFHVR D ORV PLVPRV ORV UHFXUVRV
VXEMHWLYRV SDUD LQWHUQDOL]DU HO FRQRFLPLHQWR FLHQWtILFR \ OD
PRWLYDFLyQSDUDHPSOHDUORVFRWLGLDQDPHQWHHVGHVLJXDOXQRGHHVWRV
UHFXUVRVSURYLHQHSRUHMHPSORGHOQLYHOHGXFDWLYRGHODVSHUVRQDVD

KWWSZZZFHSDORUJHVSXEOLFDFLRQHVDVLJQDFLRQXQLYHUVDOKLMRODSURWHFFLRQ
VRFLDOODDUJHQWLQDODVDWLVIDFFLRQ

KWWSZZZLQIRQHZVFRPQRWDGDWRVGHODDQVHVGHUULEDQHOPLWRGHOD

SDUWLU GH OD HVFRODUL]DFLyQ \ OR EULQGDGR SRU HO HQWRUQR IDPLOLDU (V
SRVLEOHTXHHOFRQRFLPLHQWRSURYHQLHQWHGHIXHQWHVFLHQWtILFDVSXHGD
VHU DVLPLODGR HQ OD YLGD FRWLGLDQD HQ WpUPLQRV GH QXHYDV SDXWDV GH
YLGD FRPR RFXUUH FRQ OD LQIRUPDFLyQ TXH VH HPSOHD SDUD KDFHU
GLHWDV SDUD VHJXLU XQD VHULH GH UHFRPHQGDFLRQHV PpGLFDV SDUD
SODQLILFDU OD UHSURGXFFLyQ GH VX YLGD ODERUDO R SDUD UHFLFODU ORV
UHVLGXRV TXH VH JHQHUDQ GLDULDPHQWH SXHGH PDWHULDOL]DUVH FRPR
SDUWH GH IXQGDPHQWRV \ SUHVFULSFLRQHV VREUH P~OWLSOHV \ YDULDGRV
WHPDV TXH YDQ GHVGH OD FRQYHQLHQFLD R QR GH EHEHU FDIp KDVWD OD
IRUPD HQ TXH VH SXHGH GLDJQRVWLFDU XQ FRPSRUWDPLHQWR SURSLR GH
FDUiFWHUDGLFWLYR6HSRGUtDDILUPDUTXHXQDFRQVHFXHQFLDSRVLWLYDGH
HVWH GHVSOD]DPLHQWR GHO VDEHU GHVGH ODV LQVWDQFLDV FLHQWtILFDV KDVWD
ODV SUiFWLFDV FRWLGLDQDV GH ODV SHUVRQDV OHJDV UDGLFD HQ TXH pVWDV VH
³PLFURSURIHVLRQDOL]DQ´FRQORFXDODXPHQWDQVXVSUREDELOLGDGHVGH
FRQWDU FRQ UHFXUVRV FRJQLWLYRV SDUD RSWLPL]DU OD VDWLVIDFFLyQ GH VXV
QHFHVLGDGHV\UHVROYHUFRQHILFLHQFLDORVSUREOHPDVGHODYLGDGLDULD
XQDGHULYDFLyQQHJDWLYDGHHVWHSURFHVRHVORTXHVHHQWLHQGHFRPROD
EDQDOL]DFLyQGHODFLHQFLDIHQyPHQRFDUDFWHUL]DGRSRUSUHVHQWDUDOD
DFWLYLGDG FLHQWtILFD FRPR XQ FRQMXQWR GH SUiFWLFDV GLYHUWLGDV \
DFFHVLEOHV VLQ HVIXHU]R D FXDOTXLHUD HQ ODV TXH VH GHVYLUW~D R VH
WHUJLYHUVDORVVDEHUHVFLHQWtILFRV
(O SURFHVR TXH IDFLOLWD HO DFFHVR DO FRQRFLPLHQWR FLHQWtILFR \ OD
SRVWHULRU LQWHUQDOL]DFLyQ LQFRUSRUDFLyQ VLJQLILFDWLYD HQ OD
VXEMHWLYLGDG HQ OD VXEMHWLYLGDG GH ORV DFWRUHV VRFLDOHV QR
SHUWHQHFLHQWHVDODVRUJDQL]DFLRQHVYLQFXODGDVDOTXHKDFHUFLHQWtILFR
QRVH PDWHULDOL]D GHPDQHUD DXWRPiWLFD QLGHSHQGH H[FOXVLYDPHQWH
GH OD YROXQWDG GH FDGD SHUVRQD VXSRQH OD FRQMXJDFLyQ KLVWyULFD GH
IDFWRUHV SROtWLFRV HFRQyPLFRV \ FXOWXUDOHV XQD VRFLHGDG FRQ EDMRV
QLYHOHV GH GHVLJXDOGDG XQ (VWDGR TXH UHDOL]D XQD IXHUWH LQYHUVLyQ
S~EOLFD HQ FLHQFLD \ HGXFDFLyQ \ XQD QHXWUDOL]DFLyQ GH ODV
LQVWLWXFLRQHV WUDGLFLRQDOHV DTXHOODV TXH IXQFLRQDQ HQ EDVH D
FUHHQFLDV QR UDFLRQDOHV \ XQD PRUDOLGDG FRQIURQWDGDV FRQ HO
FRQRFLPLHQWR FLHQWtILFR TXH KDELWXDOPHQWH REVWDFXOL]DQ HO VDEHU

FLHQWtILFR VRQ DOJXQDV GH ODV FRQGLFLRQHV QHFHVDULDV SDUD HO

IRUWDOHFLPLHQWR GH XQ FtUFXOR YLUWXRVR HQ OD HODERUDFLyQ OD
FLUFXODFLyQ \ OD LQFRUSRUDFLyQ GH HVWH WLSR GH VDEHUHV HQ OD
FRQIRUPDFLyQGHOVHQWLGRFRP~Q\HQODVSUiFWLFDVVRFLDOHVSDUDTXH
SXHGDUHGXQGDUHQXQDPHMRUFDOLGDGGHYLGDXQSHQVDPLHQWRFUtWLFR
GHODUHDOLGDG\XQDFRQYLYHQFLDVRFLDOHQULTXHFHGRUDSDUDWRGRVVXV
PLHPEURV
/DDUWLFXODFLyQGLQiPLFDTXHVHHVWDEOHFHHQWUHHOVDEHUFRWLGLDQR\HO
FRQRFLPLHQWR FLHQWtILFR GHSHQGH GH ODV RUJDQL]DFLyQ \ ORV IDFWRUHV
FR\XQWXUDOHV GHO FRQWH[WR KLVWyULFR VRFLDO SROtWLFR HFRQyPLFR \
FXOWXUDOHQODTXHHVWDUHODFLyQVHSURGXFHDVtSRUHMHPSORFXDQGRHO
PRGHOR HFRQyPLFR \ SROtWLFR VH HVWUXFWXUD D SDUWLU GHO UHWLUR R OD
UHGXFFLyQGHODDFFLyQGHO(VWDGR\ODFRQVHFXHQWHKHJHPRQL]DFLyQ
GHOPHUFDGRGHODVUHODFLRQHVVRFLDOHVDWUDYpVGHSULYDWL]DFLRQHV\
GHVLQYHUVLyQ S~EOLFD OD LQYHVWLJDFLyQ TXH VH GLQDPL]D HQ HVH
FRQWH[WR VH RULHQWD SRU ORV LQWHUHVHV HPSUHVDULDOHV \ FRUSRUDWLYRV
TXLHQHVVHDSURSLDQ\EHQHILFLDQGHIRUPDSULYDGDGHORVUHVXOWDGRV
GHVXLQYHUVLyQHQLQYHVWLJDFLyQODFRQVHFXHQFLDUHVXOWDQWHHVTXHHO
FRQRFLPLHQWR HODERUDGR HQ HVH FRQWH[WR VyOR VLUYH D LQWHUHVHV
VHFWRULDOHV \ VX FLUFXODFLyQVH FRQFUHWD DWUDYpVGH YtDVUHJXODGDV \
OLPLWDGDV SRU HVWRV LQWHUHVHV /DV GHVLJXDOGDGHV SURSLDV GH ODV
VRFLHGDGHV FDSLWDOLVWDV JHQHUDQ SURFHVRV GH IUDJPHQWDFLyQ GH
SUHFDULHGDG\GHH[FOXVLyQVRFLDOTXHLPSOLFDQTXHVHFWRUHVVRFLDOHV
PD\RULWDULRV GH OD SREODFLyQ QR SXHGDQ UHVROYHU SRU Vt PLVPRV VXV
QHFHVLGDGHVEiVLFDVVDOXGHGXFDFLyQVHJXULGDG\TXHQHFHVLWHQGH
ODSUHVHQFLDGHO(VWDGRSRUHOORODLQYHUVLyQHVWDWDOHQLQYHVWLJDFLyQ
\HQHGXFDFLyQVXSHULRUQRVyORDEUHRSRUWXQLGDGHVSDUDSREODFLRQHV
TXHWHQGUtDQGLILFXOWDGHVSDUDDFFHGHU \VRVWHQHU SRUVtPLVPDV XQD
FXUVDGDXQLYHUVLWDULDVLQRTXHWDPELpQODDFFLyQHVWDWDOHQUHODFLyQD
ODVDFWLYLGDGHVUHVXOWDQWHVGHOFDPSRFLHQWtILFRHVFHQWUDOSDUDTXHOD
PLVPDV VH RULHQWHQ \ VH FDQDOLFHQ QR H[FOXVLYDPHQWH SRU ORV
LQWHUHVHVPHUFDQWLOHVGHHPSUHVDV\GHFRUSRUDFLRQHVVLQRDSDUWLUGH
ODVRUJDQL]DFLRQHVTXHUHSUHVHQWDQHOLQWHUpVGHODFLXGDGDQtD\GHORV

LQWHUHVHV VRFLDOHV GH DPSOLDV FDSDV SREODFLRQDOHV TXH VH UHVXOWDQ

GHVIDYRUHFLGDVSRUODVUHODFLRQHVGHPHUFDGR
/RV UHVXOWDGRV GH OD LQYHVWLJDFLyQ FLHQWtILFD SXHGHQ XWLOL]DUVH SDUD

OHJLWLPDU R ELHQ SDUD FRQWUDSRQHUVH D ORV LQWHUHVHV \ HO SURFHGHU GH
ORVDFWRUHVSROtWLFRVRFRUSRUDWLYRVHOFRQRFLPLHQWRFLHQWtILFRSXHGH
VHURULHQWDGRDOHQFXEULPLHQWRGHORVLQWHUHVHVHPSUHVDULDOHV\DODV
FRQVHFXHQFLDV GH VXV DFWRV IUHQWH D OD RSLQLyQ S~EOLFD QDGD PiV
HYLGHQWH FRPR HMHPSOR HO FDVR MXGLFLDO GH 'HZD\QH -RKQVRQ D
%D\HU 0RQVDQWR HQ ((88 HO PLVPR SHUPLWLy YLVLELOL]DU D OD
RSLQLyQS~EOLFDODH[LVWHQFLDGHHQWUHFUX]DPLHQWRVGHLQWHUHVHVHQWUH
HPSUHVDV DFWRUHV FDPSR FLHQWtILFR \ IXQFLRQDULRV HVWDWDOHV
HQFDUJDGRVHQHVWHFDVRGHFRQWURODUODWR[LFLGDGGHOJOLIRVDWR(QOD
FDXVDMXGLFLDOWUDPLWDGDHQORVMX]JDGRVIHGHUDOHVHVWDGRXQLGHQVHVVH
DFXVy \ VH FRQGHQy D OD HPSUHVD %D\HU SRU UHDOL]DU SDJRV SDUD HO
GHVDUUROOR GH HVWXGLRV GLULJLGRV LQWHQFLRQDOPHQWH DO HVWDEOHFLPLHQWR
GH ODLQRFXLGDGGH HVRV SURGXFWRV VH SUREyTXH ORV PLVPRV IXHURQ
DYDODGRVSRUFLHQWtILFRVH[WHUQRVIXHUDGHWRGDpWLFDDFDGpPLFDOD
UHYLVWD6FLHQFHSXEOLFDFLyQSLODUGHOHVWDEOLVKPHQWFLHQWtILFRDILUPy
TXH VH SDJDEDQ KDVWD GyODUHV D ORV FLHQWtILFRV TXH
GHIHQGLHVHQHOXVRGHODJURWy[LFR\DTXHVHGHEtDQFRQWUDUUHVWDUODV
DFFLRQHVGHRWUDVLQVWLWXFLRQHVFRPRODVXQLYHUVLGDGHVTXHSUHVHQWDQ
UHJXODUPHQWH FRQFOXVLRQHV GH LQYHVWLJDFLRQHV TXH GHPXHVWUDQ ORV
LPSDFWRVWy[LFRVGHHVWRVSURGXFWRV
8QOLEURPX\LQWHUHVDQWHSDUDDQDOL]DUFyPRVHHQWUHWHMHQGHQWURGH
XQ GHWHUPLQDGR FRQWH[WR LQWHUDFFLRQHV H LQWHUHVHV HQWH DFWRUHV

KWWSVZZZEEFFRPPXQGRQRWLFLDV

³/RVGRFXPHQWRVUHYHODQTXHODHPSUHVDGHVDUUROOD³HVWXGLRV´TXHOXHJRVRQ
ILUPDGRVSRUFLHQWtILFRVH[WHUQRVIXHUDGHWRGDpWLFDDFDGpPLFDVHxDODTXHFRQWDED
FRQYtQFXORVFRQIXQFLRQDULRVTXHGHEtDQFRQWURODUODWR[LFLGDGGHOJOLIRVDWRGHOD
$JHQFLDGH3URWHFFLyQ$PELHQWDO±(3$SRUVXVVLJODVHQLQJOpV±\FRQILUPDTXH
GHQWURGHODPLVPD$JHQFLDKXERRSLQLRQHVGLYLGLGDVVREUHODVFRQVHFXHQFLDVHQOD
VDOXGGHODJURWy[LFR´KWWSZZZDQUHGRUJVSLSSKS"DUWLFOH

FLHQWtILFRV SROtWLFRV \ HPSUHVDULDOHV HV HO GH &DUOD *UDV \ 9DOHULD

+HUQiQGH] 5DGLRJUDItD GHO QXHYR FDPSR DUJHQWLQR DOOt ODV DXWRUDV
DQDOL]DQOD HPHUJHQFLD GHXQD QXHYD PDWUL] SURGXFWLYD D WUDYpV GHO
SURFHVR GH VRML]DFLyQ HQ QXHVWUR SDtV FRPR UHVXOWDGR GH OD
FRPELQDFLyQ GH IDFWRUHV QDWXUDOHV FRPR OD FRPSRVLFLyQ GH ORV
VXHORV IDFWRUHV SROtWLFRV FRPR OD GHVUHJXODFLyQ HVWDWDO GH OD
DFWLYLGDG HFRQyPLFD IDFWRUHV HFRQyPLFRV FRPR OD GHPDQGD
LQWHUQDFLRQDOGHJUDQRVODWUDVQDFLRQDOL]DFLyQ\ILQDQFLDUL]DFLyQGHO
FDSLWDO HQ HO iPELWR ORFDO \ IDFWRUHV SURYHQLHQWHV GHO FDPSR
FLHQWtILFR FRPR OD SUHVHQFLD GHO GHVDUUROOR FLHQWtILFR DSOLFDGR D
QXHYRV LQVXPRV DJUtFRODV TXH SURGXMHURQ QXHYDV UHQWDV GH
LQQRYDFLyQ *UDV \ +HUQiQGH] DILUPDQ TXH ODV HPSUHVDV
WUDVQDFLRQDOHV (7 LQYROXFUDGDV HQ HVWH SURFHVR QR VyOR UHDOL]DURQ
VXV SURSLRV GHVDUUROORV VLQR TXH WDPELpQ VH DSURYHFKDURQ GH
LQLFLDWLYDVJHQHUDGDVGHVGHHO(VWDGRJHQHUiQGRVHXQGHWHULRURHQOD
DXWRQRPtD GH OD FLHQFLD DVt ³«FXDQWR PiV VH YH DIHFWDGD OD
DXWRQRPtDLQWHOHFWXDOGHOFLHQWtILFRSRUORVLQWHUHVHVHFRQyPLFRVGH
ODV (7 SRU HMHPSOR FXDQGR H[SHUWRV GHVLJQDGRVSRULQVWDQFLDVGH
FRQWUROS~EOLFRSDUDHYDOXDUSURWRFRORVVRQWDPELpQILQDQFLDGRVSRU
ODV HPSUHVDV YtD SURJUDPDV GH YLQFXODFLyQ R WUDQVIHUHQFLD HQWUH
LQGXVWULD \ FLHQFLD R FXDQGR UHFRQRFLGRV H[ LQYHVWLJDGRUHV GHO
VHFWRUS~EOLFRVVRQFRQWUDWDGRVFRPRGLUHFWRUHVGHODERUDWRULRVGH
, ' GH FRPSDxtDV SULYDGDV PHQRV FRQILDQ]D RWRUJD OD
FLXGDGDQtD´DODFUHHQFLDGHTXHHODFFLRQDUFLHQWtILFRHVQHXWUDO\
REMHWLYR \D TXH VH GHYHOD HO HQWUDPDGR SROtWLFR GH LQWHUHVHV HQWUH
FRUSRUDFLRQHV \ FHQWURV GH LQYHVWLJDFLyQ HVWRV HVFHQDULRV
SUHVHQWDGRV FRPR HMHPSORV SHUPLWHQ UHDILUPDU OD LGHD TXH ODV
SUiFWLFDV LQYHVWLJDWLYDV \ VXV SURGXFWRV VRQ HPHUJHQWHV VRFLDOHV
GHQWURGHXQDKLVWRULFLGDGHQODTXHGHEHQVHUHYDOXDGDV\YDORUDGDV
(QXQDHQWUHYLVWD/HRQDUGR0ROHGRIXQGDGRUGHOVXSOHPHQWR)XWXUR
GH3DJLQDSODQWHDTXHODFRQWH[WXDOL]DFLyQGHODFLHQFLDHVYLWDO
SDUDVLWXDU\FRPSUHQGHUHODFFLRQDUGHORVDFWRUHVFLHQWtILFRV\DTXH
pVWRVItVLFRVELyORJRVSVLFyORJRVRVRFLyORJRVVRQVXMHWRVDQFODGRV

KLVWyULFDPHQWHDORVGHVDUUROORV\UHWURFHVRVRSHUDGRVHQHOFRQWH[WR
VRFLDO DVt DILUPD TXH ³«ORV JUDQGHV FLHQWtILFRV ORV JUDQGHV
GHVFXEULGRUHVHVWiQFRQVWUHxLGRVSRUVXpSRFDSRUTXHWUDEDMDQFRQ
KHUUDPLHQWDVTXHVRQVRFLDOHV(OWLSRTXHWUDEDMDHQXQODERUDWRULR
ORKDFHFRQKHUUDPLHQWDVTXHOHYLHQHQGHRWURODGR1RLQYHQWDXQ
PLFURVFRSLR \ VH SRQH D YHU ODV FRVDV OR FXDO KDUtD TXH VX WDUHD
IXHUDLQWHUPLQDEOHVLQRTXHHOPLFURVFRSLR\DOHYLHQHGDGRSRUHO
WUDEDMRGHVXV DQWHFHVRUHV 6L QR WXYLHUD HO PLFURVFRSLR QR SRGUtD
KDFHU HO WUDEDMR TXH KDFH \ OR PLVPR FRQ WRGRV ORV DSDUDWRV (O
GHVDUUROOR WHFQROyJLFR HV KLVWyULFR < XQ ILOyVRIR GH OD PLVPD
PDQHUD QR SXHGH GHMDU GH SHQVDU FXiO HV OD WHRUtD FRVPRJyQLFD
DFWXDOQRSXHGHSHQVDUHQFyPRHVHOPXQGRVLQRVDEHFyPRSLQWD
OD FLHQFLD HO PXQGR < pVDV VRQ KHUUDPLHQWDV VRFLDOHV (O WLSR TXH
LQYHVWLJDHO8QLYHUVRORKDFHFRQODVLGHDVGHODpSRFDSHURWDPELpQ
FRQORVSUHMXLFLRVGHODpSRFD$OJXQRVSUHMXLFLRVTXHVDEHTXHVRQ
SUHMXLFLRV\RWURVTXHVRQORVPiVOLPLWDQWHVTXHQRVDEHVLTXLHUD
TXHVRQSUHMXLFLRV´

KWWSZZZSDJLQDFRPDUGLDULRFLHQFLDKWPO

*XtDGHSUHJXQWDV
¢3RU TXp OD LQYHVWLJDFLyQ HV FRQVLGHUDGD XQD DFWLYLGDG VRFLDO"
-XVWLILTXHODUHVSXHVWD
'HVFULELU TXH HV HO VDEHU FRWLGLDQR \ FRPR VH HODERUD
(MHPSOLILFDU
&DUDFWHUL]DUHOFRQRFLPLHQWRFLHQWtILFR
¢4XpVLJQLILFDTXHODLQYHVWLJDFLyQVHGHVDUUROODFRPRXQSURFHVR"
¢&XiOHVVRQODVFRQGLFLRQHVGHVXSURGXFFLyQ"
(VWDEOHFHU VLPLOLWXGHV \ GLIHUHQFLDV HQWUH HO FRQRFLPLHQWR

FLHQWtILFR\HOVDEHUFRWLGLDQR
$WUDYpVGH HMHPSORVDQDOL]DU FyPR VHUHODFLRQDHOFRQRFLPLHQWR

FLHQWtILFR\HOFRWLGLDQR
([SOLFDU SRUTXH HQ WRGR SURFHVR GH LQYHVWLJDFLyQ VH DUWLFXOD XQ
VXMHWRXQREMHWR\XQSURGXFWR
¢&XiO HV OD LPSRUWDQFLD GHO FRQWH[WR \ FXiOHV VRQ ORV DFWRUHV
LQYROXFUDGRVHQODDFWLYLGDGLQYHVWLJDWLYD"
¢$TXpVHKDFHUHIHUHQFLDFXDQGRVHDILUPDTXHODLQYHVWLJDFLyQ
FLHQWtILFDVLHPSUHVHHQFXHQWUDHQPDUFDGDGHQWURGHXQDSHUVSHFWLYD"
([SOLFDU OD VLJXLHQWH DILUPDFLyQ ³/DV SHUVSHFWLYDV FRQWLHQHQ

VXSXHVWRVTXHVRQODEDVHTXHUHVSDOGDXQDGHWHUPLQDGDSRVWXUDGHO
LQYHVWLJDGRU´
0HWRGRORJtD \ PpWRGR FLHQWtILFR GHILQLU \ GHVDUUROODU FDGD XQR

GHHVWRVFRQFHSWRV

$&7,9,'$'
D ,GHQWLILFDU HQ HO DUWtFXOR GH 5DQG\ 6FKHNPDQ OD LQIOXHQFLD GHO
PHUFDGRHQODOHJLWLPDFLyQGHODSURGXFFLyQFLHQWtILFD
E(VWDEOHFHUHQHOUHSRUWDMHD(GXDUGR:RORYHOVN\TXHHQWLHQGHHO
HQWUHYLVWDGRSRUREMHWLYLGDGHQODFLHQFLD\FXiOHVODLPSRUWDQFLDTXH
OHRWRUJDDODGLYXOJDFLyQGHOFRQRFLPLHQWRFLHQWtILFR
F $QDOL]DU ORV HQIRTXHV GH 'LHJR *RORPEHN \ GH 'DQLHO %DUUDFR
VREUHODGLIXVLyQGHOFRQRFLPLHQWRFLHQWtILFR
325 48e 5(9,67$6 &202 µ1$785(¶ µ6&,(1&(¶ < µ&(//¶

+$&(1'$f2$/$&,(1&,$
5DQG\ 6FKHNPDQ HV ELyORJR HVWDGRXQLGHQVH +D JDQDGR HO 3UHPLR

1REHOGH0HGLFLQDHQ
6R\ FLHQWtILFR (O PtR HV XQ PXQGR SURIHVLRQDO HQ HO TXH VH ORJUDQ
JUDQGHV FRVDV SDUD OD KXPDQLGDG 3HUR HVWi GHVILJXUDGR SRU XQRV
LQFHQWLYRV LQDGHFXDGRV /RV VLVWHPDV LPSHUDQWHV GH OD UHSXWDFLyQ
SHUVRQDO \ HO DVFHQVR SURIHVLRQDO VLJQLILFDQ TXH ODV PD\RUHV
UHFRPSHQVDV D PHQXGR VRQ SDUD ORV WUDEDMRV PiV OODPDWLYRV QR
SDUD ORV PHMRUHV $TXHOORV GH QRVRWURV TXH UHVSRQGHPRV D HVWRV
LQFHQWLYRVHVWDPRVDFWXDQGRGHXQPRGRSHUIHFWDPHQWHOyJLFR ²\R
PLVPRKHDFWXDGRPRYLGRSRUHOORV²SHURQRVLHPSUHSRQLHQGRORV
LQWHUHVHVGHQXHVWUDSURIHVLyQSRUHQFLPDGHWRGRSRUQRKDEODUGH
ORV GH OD KXPDQLGDG \ OD VRFLHGDG 7RGRV VDEHPRV OR TXH ORV
LQFHQWLYRVGLVWRUVLRQDGRUHVKDQKHFKRDODVILQDQ]DV\ODEDQFD/RV
LQFHQWLYRV TXH VH RIUHFHQ D PLV FRPSDxHURV QR VRQ XQDV SULPDV
GHVFRPXQDOHV VLQR ODV UHFRPSHQVDV SURIHVLRQDOHV TXH FRQOOHYD HO
KHFKR GH SXEOLFDU HQ UHYLVWDV GH SUHVWLJLR SULQFLSDOPHQWH 1DWXUH
&HOO \ 6FLHQFH 6H VXSRQH TXH HVWDV SXEOLFDFLRQHV GH OXMR VRQ HO
SDUDGLJPDGHODFDOLGDGTXHSXEOLFDQVRORORVPHMRUHVWUDEDMRVGH
LQYHVWLJDFLyQ'DGRTXHORVFRPLWpVHQFDUJDGRVGHODILQDQFLDFLyQ\
ORV QRPEUDPLHQWRV VXHOHQ XVDU HO OXJDU GH SXEOLFDFLyQ FRPR

LQGLFDGRU GH OD FDOLGDG GH OD ODERU FLHQWtILFD HO DSDUHFHU HQ HVWDV
SXEOLFDFLRQHV VXHOH WUDHU FRQVLJR VXEYHQFLRQHV \ FiWHGUDV 3HUR OD
UHSXWDFLyQGHODVJUDQGHVUHYLVWDVVRORHVWiJDUDQWL]DGDKDVWDFLHUWR
SXQWR$XQTXHSXEOLFDQDUWtFXORVH[WUDRUGLQDULRVHVRQRHVOR~QLFR
TXH SXEOLFDQ 1L WDPSRFR VRQ ODV ~QLFDV TXH SXEOLFDQ
LQYHVWLJDFLRQHVVREUHVDOLHQWHV(VWDVUHYLVWDVSURPRFLRQDQGHIRUPD
DJUHVLYDVXVPDUFDVGHXQDPDQHUDTXHFRQGXFHPiVDODYHQWDGH
VXVFULSFLRQHVTXHDIRPHQWDUODVLQYHVWLJDFLRQHVPiVLPSRUWDQWHV$O
LJXDO TXH ORV GLVHxDGRUHV GH PRGD TXH FUHDQ EROVRV R WUDMHV GH
HGLFLyQ OLPLWDGD VDEHQ TXH OD HVFDVH] KDFH TXH DXPHQWH OD
GHPDQGD GH PRGR TXH UHVWULQJHQ DUWLILFLDOPHQWH HO Q~PHUR GH
DUWtFXORV TXH DFHSWDQ /XHJR HVWDV PDUFDV H[FOXVLYDV VH
FRPHUFLDOL]DQHPSOHDQGRXQDUGLGOODPDGR³IDFWRUGHLPSDFWR´XQD
SXQWXDFLyQRWRUJDGDDFDGDUHYLVWDTXHPLGHHOQ~PHURGHYHFHVTXH
ORV WUDEDMRV GH LQYHVWLJDFLyQ SRVWHULRUHV FLWDQ VXV DUWtFXORV /D
WHRUtD HV TXH ORV PHMRUHV DUWtFXORV VH FLWDQ FRQ PiV IUHFXHQFLD GH
PRGRTXHODVPHMRUHVSXEOLFDFLRQHVREWLHQHQODVSXQWXDFLRQHVPiV
DOWDV 3HUR VH WUDWD GH XQD PHGLGD WUHPHQGDPHQWH YLFLDGD TXH
SHUVLJXH DOJR TXH VH KD FRQYHUWLGR HQ XQ ILQ HQ Vt PLVPR \ HV WDQ
SHUMXGLFLDOSDUDODFLHQFLDFRPRODFXOWXUDGHODVSULPDVORHVSDUD
ODEDQFD
(V KDELWXDO \ PXFKDV UHYLVWDV OR IRPHQWDQ TXH XQD LQYHVWLJDFLyQ

VHD MX]JDGD DWHQGLHQGR DO IDFWRU GH LPSDFWR GH OD UHYLVWD TXH OD
S~EOLFD 3HUR FRPR OD SXQWXDFLyQ GH OD SXEOLFDFLyQ HV XQD PHGLD
GLFHSRFRGHODFDOLGDGGHFXDOTXLHULQYHVWLJDFLyQFRQFUHWD$GHPiV
ODVFLWDVHVWiQUHODFLRQDGDVFRQODFDOLGDGDYHFHVSHURQRVLHPSUH
8Q DUWtFXOR SXHGH VHU PX\ FLWDGR SRUTXH HV XQ EXHQ WUDEDMR
FLHQWtILFR R ELHQ SRUTXH HV OODPDWLYR SURYRFDGRU R HUUyQHR /RV
GLUHFWRUHVGHODVUHYLVWDVGHOXMRORVDEHQDVtTXHDFHSWDQDUWtFXORV
TXH WHQGUiQ PXFKD UHSHUFXVLyQSRUTXH HVWXGLDQWHPDV DWUDFWLYRVR
KDFHQ DILUPDFLRQHV TXH FXHVWLRQDQ LGHDV HVWDEOHFLGDV (VWR LQIOX\H
HQORVWUDEDMRVTXH UHDOL]DQORVFLHQWtILFRV&UHDEXUEXMDVHQWHPDV
GHPRGDHQORVTXHORVLQYHVWLJDGRUHVSXHGHQKDFHUODVDILUPDFLRQHV

DWUHYLGDV TXH HVWDV UHYLVWDVEXVFDQ SHURQRDQLPDD OOHYDU DFDER

RWUDV LQYHVWLJDFLRQHV LPSRUWDQWHV FRPR ORV HVWXGLRV VREUH OD
UHSOLFDFLyQ (Q FDVRV H[WUHPRV HO DWUDFWLYR GH ODV UHYLVWDV GH OXMR
SXHGHSURSLFLDUODVFKDSX]DV\FRQWULEXLUDODXPHQWRGHOQ~PHURGH
DUWtFXORV TXH VH UHWLUDQ SRU FRQWHQHU HUURUHV EiVLFRV R VHU
IUDXGXOHQWRV 6FLHQFH KD UHWLUDGR ~OWLPDPHQWH DUWtFXORV PX\
LPSDFWDQWHVTXHWUDWDEDQVREUHODFORQDFLyQGHHPEULRQHVKXPDQRV
ODUHODFLyQHQWUHHOWLUDUEDVXUD\ODYLROHQFLD\ORVSHUILOHVJHQpWLFRV
GH ORV FHQWHQDULRV < OR TXH TXL]i HV SHRU QR KD UHWLUDGR ODV
DILUPDFLRQHV GH TXH XQ PLFURRUJDQLVPR HV FDSD] GH XVDU DUVpQLFR
HQVX$'1HQOXJDUGHIyVIRURDSHVDUGHODDYDODQFKDGHFUtWLFDV
FLHQWtILFDV+D\XQDYtDPHMRUJUDFLDVDODQXHYDUHPHVDGHUHYLVWDV
GHOLEUHDFFHVRTXHVRQJUDWXLWDVSDUDFXDOTXLHUDTXHTXLHUDOHHUODV
\QRWLHQHQFDUDVVXVFULSFLRQHVTXHSURPRYHU1DFLGDVHQ,QWHUQHW
SXHGHQ DFHSWDU WRGRV ORV DUWtFXORV TXH FXPSODQ XQDV QRUPDV GH
FDOLGDGVLQWRSHVDUWLILFLDOHV0XFKDVHVWiQGLULJLGDVSRUFLHQWtILFRV
HQDFWLYRFDSDFHVGHFDOLEUDUHOYDORUGHORVDUWtFXORVVLQWHQHUHQ
FXHQWDODVFLWDV&RPRKHFRPSUREDGRGLULJLHQGRH/LIHXQDUHYLVWD
GH DFFHVR OLEUH ILQDQFLDGD SRU OD )XQGDFLyQ :HOOFRPH HO ,QVWLWXWR
0pGLFR +RZDUG +XJKHV \ OD 6RFLHGDG 0D[ 3ODQFN SXEOLFDQ
WUDEDMRVFLHQWtILFRVGHWDOODPXQGLDOFDGDVHPDQD
/RV SDWURFLQDGRUHV \ ODV XQLYHUVLGDGHV WDPELpQ WLHQHQ XQ SDSHO HQ

WRGRHVWR'HEHQGHFLUOHVDORVFRPLWpVTXHWRPDQGHFLVLRQHVVREUH
ODV VXEYHQFLRQHV \ ORV FDUJRV TXH QR MX]JXHQ ORV DUWtFXORV SRU HO
OXJDU GRQGH VH KDQ SXEOLFDGR /R TXH LPSRUWD HV OD FDOLGDG GH OD
ODERUFLHQWtILFDQRHOQRPEUHGHODUHYLVWD<ORPiVLPSRUWDQWHGH
WRGR ORV FLHQWtILFRV WHQHPRV TXH WRPDU PHGLGDV &RPR PXFKRV
LQYHVWLJDGRUHV GH p[LWR KH SXEOLFDGR HQ ODV UHYLVWDV GH UHQRPEUH
HQWUH RWUDV FRVDV ORV DUWtFXORV SRU ORV TXH PH KDQ FRQFHGLGR HO
3UHPLR1REHOGH0HGLFLQDTXHWHQGUpHOKRQRUGHUHFRJHUPDxDQD
3HUR\DQR$KRUDPHKHFRPSURPHWLGRFRQPLODERUDWRULRDHYLWDU
ODVUHYLVWDVGHOXMR\DQLPRDRWURVDKDFHUORPLVPR$OLJXDOTXH
:DOO 6WUHHW WLHQH TXH DFDEDU FRQ HO GRPLQLR GH OD FXOWXUD GH ODV

SULPDV TXH IRPHQWD XQRV ULHVJRV TXH VRQ UDFLRQDOHV SDUD ORV
LQGLYLGXRVSHURSHUMXGLFLDOHVSDUDHOVLVWHPDILQDQFLHURODFLHQFLD
GHEHOLEHUDUVHGHODWLUDQtDGHODVUHYLVWDVGHOXMR/DFRQVHFXHQFLD
VHUi XQD LQYHVWLJDFLyQ PHMRU TXH VLUYD PHMRU D OD FLHQFLD \ D OD
VRFLHGDG
KWWSVRFLHGDGHOSDLVFRPVRFLHGDGDFWXDOLGDG
BKWPO
/$ &,(1&,$ ,03/,&$ 81$ 5(/$&,Ï1 &21 /26 32'(5(6

32/Ë7,&26(,1'8675,$/(6
/RV FLHQWtILFRV QR SXHGHQ VHU ORV ~QLFRV TXH GHFLGDQ VREUH ODV
SROtWLFDVSDUDHOGHVDUUROORGHODFLHQFLDDILUPD:RORYHOVN\TXLHQ
GHVGH HVWD SHUVSHFWLYD GHVWDFD OD LPSRUWDQFLD GH OD GLYXOJDFLyQ
FLHQWtILFD (GXDUGR :RORYHOVN\ %LyORJR GLYXOJDGRU FLHQWtILFR H
LQYHVWLJDGRU VREUH HQVHxDQ]D GH OD FLHQFLD (O ELyORJR (GXDUGR
:RORYHOVN\GHILHQGHODFLHQFLDVXREMHWLYLGDGHLQFOXVRVXHQVHxDQ]D
LQVWUXPHQWDOSHURGLVFXWHIXHUWHPHQWHFRQODVYLVLRQHVFHOHEUDWRULDV
TXHSURSLFLDQXQDERQKRPtDGHODFLHQFLDDODFXDOHOS~EOLFROHJR
GHEHUtDUHQGLUVHFRPRDQWHXQWyWHP3ROHPLVWDGHIXVWHSHUROHMRV
GH OD SROpPLFD PHGLiWLFD PiV OLJDGD DO HVFiQGDOR OH LQWHUHVD
FRQIURQWDU LGHDV DQDOL]DU ORV JUDQGHV VXSXHVWRV VREUH ORV TXH VH
OHYDQWDHVHJUDQHGLILFLRTXHHVODFLHQFLDPRGHUQD3HURODFLHQFLD
FRPRSDUWHGHODFXOWXUDFRPRGHWHUPLQDQWHIXQGDPHQWDOGHOUXPER
TXH DVXPHQ QXHVWUDV VRFLHGDGHV FRQWHPSRUiQHDV OD FLHQFLD FRPR
DOJR TXH QR HV VyOR GH LQFXPEHQFLD GH ORV FLHQWtILFRV ³(O
FLHQWLILFLVPRHVXQDLOXVLyQSHOLJURVDWUDQVIRUPDU DODFLHQFLDFDVL
HQ XQ DFWR GH PDJLD UHOLJLRVD TXH SRGUtD UHVROYHU ORV JUDQGHV
SUREOHPDV TXH WHQHPRV HV SHOLJURVtVLPR´ VHQWHQFLD (Q HVWD
HQWUHYLVWDUHSDVDHOOXJDUGHODFLHQFLD\GHORVFLHQWtILFRVGHKR\\
GH D\HU HO URO GH OD GLYXOJDFLyQ FLHQWtILFD \ OD QHFHVLGDG GH
UHIOH[LRQDU\FXHVWLRQDUVXSXHVWRVVREUHORVTXHVHHULJHEXHQDSDUWH
GHO GHVDUUROOR GH QXHVWUDV PHGLFLQDV FRPSXWDGRUDV VPDUWSKRQHV
WHVW JHQpWLFRV SDUD SUHGHFLU HQIHUPHGDGHV \ GHPiV OLQGH]DV GH ODV

VRFLHGDGHVGHOWHUFHUPLOHQLR
±¢3RU TXp OH SDUHFH LPSRUWDQWH OD GLYXOJDFLyQ FLHQWtILFD TXH HO
S~EOLFROHJRRQRH[SHUWRVHSDDFHUFDGHODFLHQFLD"
±0H SDUHFH LPSRUWDQWH OD GLYXOJDFLyQ R HO ³FRQRFLPLHQWR S~EOLFR

VREUH OD FLHQFLD´ SRUTXH QR SXHGHQ GHFLGLU ~QLFDPHQWH ORV
FLHQWtILFRV VREUH ORV VHQWLGRV GHO GHVDUUROOR WHFQRFLHQWtILFR VyOR
SRUTXH WLHQHQ XQD SDUWH LPSRUWDQWH \ VLJQLILFDWLYD GHO VDEHU
DEVROXWDPHQWH QHFHVDULD SDUD GLVFXWLU KDFLD GyQGH YDPRV SHUR QR
VXILFLHQWH 4Xp YDPRV D KDFHU FRQ OD HQHUJtD QXFOHDU R FRQ ORV
RUJDQLVPRV WUDQVJpQLFRV QR OR SXHGH GHFLGLU ~QLFDPHQWH OD
FRPXQLGDGFLHQWtILFDTXHDGHPiVWDPSRFRHVDOJRKRPRJpQHR1R
WRGRV KDFHQ FLHQFLD FRQ OD PLVPD ILQDOLGDG R HO PLVPR VHQWLGR
DXQTXHWUDEDMHQHQHOPLVPRFDPSR)ULW]+DEHU\2WWR+DKQQRVRQ
OR PLVPR TXH 0D[ %RUQ ORV WUHV FLHQWtILFRV JDQDURQ HO 3UHPLR
1REHO 0D[ %RUQ HUD PX\ MRYHQFLWR \ VH QHJy D WUDEDMDU HQ OD
JXHUUDTXtPLFDTXLHUHGHFLUTXHXQRQRHVWiREOLJDGRDKDFHUOR/DV
SHUVSHFWLYDVFRQODVTXHORVFLHQWtILFRVWUDEDMDQVRQGLVWLQWDV\HVWR
WDPELpQKD\TXHGDUORDFRQRFHU&ODURTXHHVWRQRTXLHUHGHFLUTXH
HOHQXQFLDGRTXHGLFHTXHHO$'1SRUWDODLQIRUPDFLyQJHQpWLFDVHD
SROtWLFR /D FLHQFLD HV XQD DFWLYLGDG TXH LPSOLFD XQD RUJDQL]DFLyQ
LQVWLWXFLRQDO TXH LPSOLFD XQD UHODFLyQ FRQ ORV SRGHUHV SROtWLFRV H
LQGXVWULDOHVWRGRHVRKDFHDODYLGDGHOFLHQWtILFRQRVyORHOHVWDUHQ
HO ODERUDWRULR 4XH HO GHVDUUROOR WpFQLFRFLHQWtILFR SXHGH VHU
QHFHVDULRSDUDORJUDUVROXFLRQHVHVLQGLVFXWLEOHSHURHVHGHVDUUROOR
WpFQLFRFLHQWtILFRSXHGHVHUOHtGRGHGLIHUHQWHVPDQHUDV(QWRQFHVHV
XQULHVJRHQRUPHTXHFRORTXHPRVODLGHDGHTXHSRGHPRVVROXFLRQDU
HOSUREOHPDGHODH[FOXVLyQVRFLDOGHODGLVWULEXFLyQGHODULTXH]DR
GH OD HQHUJtD FRQ QXHYRV GHVDUUROORV WHFQRFLHQWtILFRV $XQTXH HV
FLHUWR TXH OD KLVWRULD PRGHUQD UHVROYLy PXFKRV SUREOHPDV FRQ
DYDQFHV WHFQROyJLFRV (QWRQFHV HVD LOXVLyQ QR HV XQD LOXVLyQ
GHVFDEHOODGD VXUJLGD GH OD LPDJLQDFLyQ WLHQH DOJ~Q DVLGHUR HQ OD
KLVWRULDPRGHUQD

±¢&yPROHSDUHFHTXHVHHVWiGLYXOJDQGRODFLHQFLDKR\"
±1R DFXHUGR FRQ OD PD\RUtD GH ODV FRVDV TXH VH KDFHQ HQ
GLYXOJDFLyQ FLHQWtILFD SRUTXH KD\ XQD SHUVSHFWLYD SXEOLFLWDULD
SURSDJDQGtVWLFDVLQSURPRYHUQLQJXQDUHIOH[LyQ/RTXHVHKDFHHV
SURYRFDUFDVLXQDFWRGHDGPLUDFLyQVREUHODFLHQFLDTXHGHSRUVt
HVXQDDFWLYLGDGPX\FRPSOHMDFRQVLJQLILFDGRVVRFLDOHV\SROtWLFRV
GLYHUVRV &RQ OR FXDO SDUD Pt QR VH WUDWD GH FUHDU XQ DFXHUGR D
PRGRGHHVSHFWiFXORHQHOTXHWRGRVORVHVSHFWDGRUHVDSODXGHQ0H
SDUHFH TXH pVD HV OD SHUVSHFWLYD KR\ GRPLQDQWH \ HQ HVH DVSHFWR
SXEOLFLWDULR VH WHUPLQD SURPRYLHQGR XQD IRUPD GH LJQRUDQFLD QR
XQD IRUPD GH VDEHU R FRQRFLPLHQWR 'H KHFKR FXDQGR KD\ WDQWD
SUHRFXSDFLyQ SRU OD JHQHUDFLyQ GH YRFDFLyQ KDFLD OD FLHQFLD
MXVWDPHQWH OD SHUVSHFWLYD SXEOLFLWDULD OD HURVLRQD SULPHUR SRUTXH
SODQWHD XQ SHUVSHFWLYD GH GLYHUWLPHQWR TXH QR HV FLHUWD SRUTXH HO
HVWXGLR UHTXLHUH PXFKDV YLUWXGHV \ XQD GH ODV FXHVWLRQHV TXH HVWi
DXVHQWH HV HO GLYHUWLPHQWR SXHGH H[LVWLU OD SDVLyQ HO LQWHUpV XQ
GHVHR SURIXQGR LQWHQVR XQ FRPSURPLVR LPSRUWDQWH FRQYLFFLyQ
SHUR QR HV HO GLYHUWLPHQWR OR TXH FRQYRFD 3HUR DGHPiV HQ HVD
SHUVSHFWLYD SXEOLFLWDULD SHUFLEt HQ PXFKDV REUDV \ UHDOL]DFLRQHV
PDOWUDWR KDFLD HO HVSHFWDGRU KDFLD HO RWUR FRQ TXLHQ GHEHUtD
GLDORJDU
±¢&yPRYHDFWXDOPHQWHHOWHPDGHODHQVHxDQ]DGHODFLHQFLDVHQOD
HVFXHOD"
±0H SDUHFH TXH XQD SULPHUD GLILFXOWDG HV TXH OD HQVHxDQ]D VLJXH
VLHQGR IXHUWHPHQWH LQVWUXPHQWDO (VWR QR TXLHUH GHFLU TXH OD
HQVHxDQ]DLQVWUXPHQWDOQRWHQJDYDORUORWLHQHSRUTXH\RQHFHVLWR
GH HVDV KHUUDPLHQWDV SHUR QR SXHGHQ VHU XQ ILQ HQ Vt PLVPR /D
FLHQFLD DSDUHFH WRWDOPHQWH GHVYLQFXODGD GHO GHYHQLU KLVWyULFR 'H
KHFKRHQODKLVWRULDTXHVHHVWXGLDHQODHVFXHODODFLHQFLDSDUHFH
WHQHUSRFRYDORUFRPRKHFKRKLVWyULFR(QORVFXUVRVGHFLHQFLDOD
FLHQFLDHVDWHPSRUDO\DHVSDFLDOpVHPHSDUHFHTXHHVHOSULQFLSDO
SUREOHPD /D FLHQFLD HQ HVH DIiQ GH REMHWLYLGDG HVWi SRFR

SUREOHPDWL]DGD SRFR SROLWL]DGD \ DKt HV GRQGH PXFKRV FKLFRV

TXHGDQ IXHUD GHO LQWHUpV 6H WUDWD GH UHYHUWLU HVR KDEODQGR GH OD
FLHQFLD HQ OD YLGD FRWLGLDQD DO HVWLOR GH ³¢VDEpV SRU TXp SDVD WDO
FRVDRSDVDWDORWUD"´\FUHRTXHHVRQRWLHQHQLQJXQDYLUWXGFUHR
TXH QR H[LVWH OD FLHQFLD HQ OD YLGD FRWLGLDQD -XVWDPHQWH KD\ TXH
VDOLU GHO iPELWR PiV RUGLQDULR SDUD FRQVWUXLU XQ iPELWR
H[WUDRUGLQDULRGHUHIOH[LyQKLVWyULFRSROtWLFDVREUHODFLHQFLD\HVWR
QRWLHQHTXHLPSOLFDUUHOHJDUHOVDEHULQVWUXPHQWDO6LYR\DKDEODU
GH JHQpWLFD HQ DOJ~Q PRPHQWR WHQJR TXH VDEHU KHFKRV
LQVWUXPHQWDOHVWHQJRTXHVDEHUTXpHVHO$'1FyPRHVWiHVFULWDOD
LQIRUPDFLyQJHQpWLFD1RSXHGRKDFHUXQDQiOLVLVGHORVVLJQLILFDGRV
GHODDFWLYLGDGFLHQWtILFDLPDJLQDQGRTXHORSXHGRVRVWHQHUGHVGHOD
LJQRUDQFLDGHHVWRVVDEHUHVLQVWUXPHQWDOHV3RGHUKDFHUXQFiOFXOR
HQ HO iPELWR GH OD ItVLFD WLHQH XQ YDORU OD PDWHPDWL]DFLyQ GH ORV
IHQyPHQRVQDWXUDOHVKDVLGRXQORJURLQWHOHFWXDOQRWDEOH\HVWRGHEH
SRGHUVHUGRPLQDGRHQODPHGLGDGHORSRVLEOHDXQTXHQRWRGRVOR
YDQ D ORJUDU \ pVWH HV HO RWUR SUREOHPD +R\ OD HVFXHOD WLHQH XQD
GLYHUVLGDGGHDOXPQRVTXHHVXQWHPDGLItFLOGHUHVROYHU,QFOXLUHV
FRPSOHMRSHURFUHRTXHHVXQDREOLJDFLyQODHVFXHODQRSXHGHVHU
H[FOX\HQWH/DLQFOXVLyQLPSOLFDSRQHUHQMXHJRSDUDWRGRVSHURQR
TXLHUHGHFLUTXHWRGRVORYDQDWRPDUVHUtDFDVLULGtFXORTXHWRGRV
WRPHQXQVDEHUHVSHFtILFRGHXQiUHD
±(OWpUPLQR³FLHQWtILFRÍXHDFXxDGRHQHOVLJOR;,;SHURUHFLpQVH
LPSXVRHQHOVLJOR;;+DVWDHVHPRPHQWRODGLVWDQFLDHQWUHH[SHUWRV
\QRH[SHUWRVQRHUDWDQDPSOLDFRPRORVHUtDDSDUWLUGHOVLJOR;;
1R VLHPSUH H[LVWLy SRU OR PHQRV QR GH OD PDQHUD HQ TXH VH
PDQLILHVWD DFWXDOPHQWH HVD HVSHFLH GH ³EUHFKD´ HQWUH FLHQWtILFRV \
S~EOLFR JHQHUDO ¢&XiO HV HO RULJHQ KLVWyULFR \ FXiOHV VRQ ORV XVRV
SROtWLFRVGHHVWDGLYLVLyQ"
±6WHSKHQ-D\*RXOGTXHHVXQELyORJRHYROXFLRQLVWDFUHRTXHXQR
GHORVPiVLQWHUHVDQWHVGLYXOJDGRUHVPRGHUQRVGLFHTXHFXDQGRpO
OHV GDED D VXV DOXPQRV (O RULJHQ GH ODV HVSHFLHV ORV DOXPQRV
GHVSXpVOHSHGtDQHO³HVFULWRDFDGpPLFR´GH'DUZLQSHURQRKDEtD

WDO HVFULWR (O RULJHQ GH ODV HVSHFLHV HV D OD YH] HO ³HVFULWR
DFDGpPLFR´\HOHVFULWRGLULJLGRDOJUDQS~EOLFR3HURSRUVXSXHVWR
TXH KD\ XQ PRPHQWR HQ HO TXH KD\ XQD SURIHVLRQDOL]DFLyQ GHO
GHVDUUROOR FLHQWtILFR HV GHFLU TXH HPSLH]D D VHU XQ WUDEDMR
UHPXQHUDGRVRVWHQLGRSRUHO(VWDGRRSRUHPSUHVDVHQWRQFHVHVWR
LPSOLFD XQ FLHUWR GHVDUUROOR LQVWLWXFLRQDO \ D VX YH] OD FLHQFLD
HPSLH]D D WHQHU XQ JUDQ GHVDUUROOR TXH UHTXLHUH GH JUDQGHV
LQYHUVLRQHV HFRQyPLFDV \ HO FLHQWtILFR SDVD D VHU XQ WUDEDMDGRU
SURIHVLRQDO TXH UHFLEH XQD UHPXQHUDFLyQ SUHPLRV WRGD XQD VHULH
GH UHFRQRFLPLHQWRV TXH KDFHQ D HVWH GHVDUUROORSURIHVLRQDO 3RUOR
WDQWRVHHPSLH]DDH[LJLUXQDFLHUWDOtQHDTXHJDUDQWLFHODHILFDFLD
GHHVHWUDEDMRHPSLH]DDVHUGLIHUHQWHHPSLH]DDKDEHUXQHVFULWR
TXHHVSURIHVLRQDOODFLHQFLDVHYXHOYHPiVDEVWUDFWDHQHOVHQWLGR
GHTXHVRQWHRUtDVTXHTXHGDQPHQRVYLQFXODGDVDFRQFHSWRVTXHVH
SXHGHQ GHVDUUROODU GHVGH RWUDV iUHDV GHO VDEHU R GHVGH HO SURSLR
GHYHQLU FRPR VXMHWR SHQVDQWH HQ OD FXOWXUD HQWRQFHV VH KDFH PiV
FRPSOHMRFRPSUHQGHU3RURWUDSDUWHODFLHQFLDWLHQHXQDH[SORVLyQ
HQ HO QLYHO GH FRQRFLPLHQWR TXH KDFH TXH LQFOXVR PH SXHGD
SUHJXQWDU¢FXiQWDELRORJtDVDEHXQELyORJR"
±¢<FXiOHVODUHVSXHVWDDHVDSUHJXQWD"
±/DUHVSXHVWDHVTXHSUREDEOHPHQWHVHSDSRFDELRORJtD3RUTXHXQ
ELyORJR VDEH PXFKR GH XQ FLHUWR FDPSR HQ HO FXDO pO WUDEDMD HQ
PXFKRVRWURVFDPSRVFRQRFHSRFRSRUVXSXHVWRTXHWLHQHXQEDJDMH
SRUHOFXDOOHUHVXOWDPiVIiFLODFFHGHUDHVHRWURFDPSR(QWRQFHV
WRGR HVH JUDQ GHVDUUROOR LQVWLWXFLRQDO FRPSOHMR OD DFWLYLGDG
FLHQWtILFD FRPR XQD DFWLYLGDG TXH UHTXLHUH JUDQGHV LQYHUVLRQHV
HFRQyPLFDVWRGRHVRKDJHQHUDGRHVWHDELVPRVLXQRTXLHUHHQWUH
XQD FRPXQLGDGWHFQRFLHQWtILFD FRPSOHMD FRQ HPSUHVDVLQGXVWULDV
XQLYHUVLGDGHV LQVWLWXWRV GH LQYHVWLJDFLyQ \ TXLHQHV QR HVWiQ
YLQFXODGRV D HVWR (V XQ SUREOHPD FODUDPHQWH PRGHUQR (VWR GD
RULJHQ DO ³GLYXOJDGRU´ DO SURIHVRU GH FLHQFLDV DO PDHVWUR GH
FLHQFLDV <R WRPDUtD OR TXH GLMR +HQUL $WODQ XQ PpGLFR \ ELyORJR
IUDQFpV TXH HV LQWHUHVDQWH SRUTXH HVR TXH DQWHV GHO VLJOR ;;

SRGtDPRV OODPDU GLYXOJDFLyQ FLHQWtILFD HUD FRPR XQD FXOWXUD

RUQDPHQWDO\HQDOJ~QSXQWRKR\HVXQSUREOHPDSROtWLFRGHORVPiV
UHOHYDQWHV < &DUO 6DJDQ GHFtD TXH HO JUDQ GHVDItR FLHQWtILFR GHO
VLJOR;;,YDDVHUHQWHQGHUORVVLJQLILFDGRVGHODFLHQFLD1RVpVLHV
HO~QLFRGHVDItRSRUTXHVHUtDXQSRFRHVWUHFKRGHFLUVHPHMDQWHFRVD
3HUR TXH OD FRPSUHQVLyQ S~EOLFD GH OD FLHQFLD HVWp HQ HO PLVPR
SODQRTXHHOGHVDUUROORFLHQWtILFRHVXQSODQWHRLQWHUHVDQWH(OJUDQ
SUREOHPDHVFRQIXQGLUTXHHVWDFRPSUHQVLyQS~EOLFDGHODFLHQFLDOD
GHEHUtDQ KDFHUORV FLHQWtILFRV 'HEHUtDQKDFHUOD ORV FLHQWtILFRV PiV
XQ PRQWyQ GH RWURV DFWRUHV GH RWURV FDPSRV TXH SUHRFXSDGRV
KDFHQ XQ HVIXHU]R SRU HQWHQGHU HVR *UDQ SDUWH GH OD GLYXOJDFLyQ
WLHQHODIXQFLyQGHXQLILFDUHQXQDYLVLyQGHOPXQGRDOJRTXHHQHO
VDEHU FLHQWtILFR HVWi GLVSHUVR HQ GLIHUHQWHV GLVFLSOLQDV \ pVH HV XQ
SUREOHPDSDUDODGLYXOJDFLyQ\HVLQWHUHVDQWHGLVFXWLUOR
±7RGDYtDHVWiEDVWDQWHGLIXQGLGDODLGHDGHXQD³FLHQFLDQHXWUDO´R
³FLHQFLD PDUWLOOR´ TXH SXHGH XVDUVH SDUD KDFHU HO ELHQ R HO PDO
¢&yPROHSDUHFHTXHVHSXHGHGLVFXWLUFRQHVWDLGHD"
±/D PHMRU IRUPD GH GLVFXWLU FRQ HVWD LGHD HV PLUDU OD KLVWRULD OD
KLVWRULD LPSLGH XVDU OD FLHQFLD FRPR FLHQFLD PDUWLOOR 'H KHFKR \R
HVFXFKpGHFLUTXHODFLHQFLDKDFHPHMRUHVDODVSHUVRQDVHVHOYLHMR
LGHDOGHTXHHOFRQRFLPLHQWRKDFHPHMRUHVDODVSHUVRQDV<RTXHUUtD
TXH IXHVH FLHUWR SHUR QR HV FLHUWR (O FRQRFLPLHQWR HQ ~OWLPD
LQVWDQFLDSRGUtDKDFHUPiVUHVSRQVDEOHDODSHUVRQDHQHOVHQWLGR
GHTXHQRSXHGHDGXFLULJQRUDQFLDHQORVDFWRVTXHFRPHWHSHURQR
ODKDFH PHMRUWRGD OD KLVWRULDGHVPLHQWH HVWR ,QFOXVRWHQLHQGR ODV
PHMRUHVLQWHQFLRQHV<RSRQJRVLHPSUHHOHMHPSORGHORVHXJHQLVWDV
DTXHOORVTXHSURPRYLHURQODPHMRUDJHQpWLFDGHODHVSHFLHKXPDQD
(VWR OR GLFH )UDQoRLV -DFRE XQ ELyORJR IUDQFpV TXH DVRFLDPRV OD
HXJHQHVLD FRQ HO QD]LVPR SHUR HV IDOVR 3URYLQR GH VHFWRUHV TXH
OODPDUtDPRV GH OD L]TXLHUGD SURJUHVLVWDV LQWHUHVDGRV SRU HO ELHQ
S~EOLFR GHVDUUROODGR HQ SDtVHV GHPRFUiWLFRV \ WHQtDQ ODV PHMRUHV
LQWHQFLRQHV SHUR QDGLH FUH\y TXH GHEtDQ KDEODU FRQ OD SREODFLyQ
TXHORVGHPiVDFWRUHVGHEtDQLQWHUYHQLUVLQRTXHHOELHQVHGHFLGtD

LQWHUQDPHQWH GHVGH HO SURSLR VDEHU FLHQWtILFR 1LQJXQD DFWLYLGDG

KXPDQDHVQHXWUDO&RQIXQGLPRVODFLHQFLDFRQXQDGHVFULSFLyQGH
IHQyPHQRV QDWXUDOHV /D FLHQFLD HQ VXV GHFLUHV SRUWD LPiJHQHV GHO
PXQGR/DWHFQRORJtDQRHVQHXWUD<RGHILHQGRODREMHWLYLGDGGHOD
FLHQFLDSHURQRHVODREMHWLYLGDGGH³\RVDFRXQDIRWRGHOPXQGRWDO
FXDO HV´ VLQR TXH VH WUDWD GH HQXQFLDGRV WHyULFRV \ GLVHxRV
LQVWUXPHQWDOHV \ WpFQLFRV TXH FRQ HO WLHPSR DGTXLHUHQ XQD YDOLGH]
TXH HVWi PiV DOOi GHO VXMHWR TXH OR HQXQFLD 3HUR GH WRGDV IRUPDV
VLHPSUHHVRHVWiLQPHUVRHQXQDPDWUL]SROtWLFRFXOWXUDO<RFUHRTXH
pVDHVXQDGHODVSHOHDVPiVVLJQLILFDWLYDVTXHKD\TXHGDUSRUTXH
OD FLHQFLDHVSHFWiFXOR HV XQD FLHQFLD TXH VH LPDJLQD QHXWUD \
REMHWLYD\ODLPDJLQDPHMRUDQGRDOPXQGRLPDJLQDDORVFLHQWtILFRV
FRPR PHMRUHV SHUVRQDV (V XQ HQXQFLDGR SHOLJURVR SDUD OD
GHPRFUDFLD GHFLU TXH ORV FLHQWtILFRV VRQ PHMRUHV SHUVRQDV SRU VHU
FLHQWtILFRVSRUTXHHVWRPHOOHYDUtDDXQJRELHUQRDULVWRFUiWLFRTXH
QRVJRELHUQHQORVPHMRUHV
KWWSZZZSDJLQDFRPDUGLDULRGLDORJRV
KWPO
³(1 $5*(17,1$ 6(*8,026 6,(1'2 (;&(6,9$0(17(

62/(01(6´
'LHJR *RORPEHN XQR GH ORV Pi[LPRV UHIHUHQWHV GH OD GLYXOJDFLyQ
FLHQWtILFD HQ HO SDtV (V GRFWRU HQ %LRORJtD \ SURSRQH XQD
FRPXQLFDFLyQ FLHQWtILFD DSWD SDUD WRGR S~EOLFR TXH LQFRUSRUH
KXPRULURQtD\DQLPDFLyQDSDUWLUGHODSXHVWDHQIXQFLRQDPLHQWR
GH QXHYRV IRUPDWRV 7RGR SDUD GHVSHUWDU YRFDFLRQHV SRUTXH ³OD
FLHQFLDD\XGDDIRUPDUPHMRUHVFLXGDGDQRVPHQRVSUHMXLFLRVRV´(O
S~EOLFR QR FRQVWLWX\H XQD PDVD KRPRJpQHD QL ORV FHUHEURV
UHFLSLHQWHVYDFtRVGHPDQHUDTXHORVPHQVDMHVQRVHGHEHQ³EDMDU´
QL³WUDGXFLU´SRUTXHODFLHQFLDQRHVWiHQHOFLHOR\HOOHQJXDMHQR
HVWi FLIUDGR (O HVFDVR HVSDFLR SDUD XQ SHULRGLVPR FLHQWtILFR TXH
KDFH PDODEDUHV SDUD FRPXQLFDU VLQ UHVLJQDU ULJXURVLGDG /D
QHFHVLGDG GH PiV FLHQWtILFRV TXH HPSXMHQ SDUD REWHQHU HO

UHFRQRFLPLHQWR HIHFWLYR GH VXV WDUHDV GLYXOJDWLYDV SRUTXH QDUUDU

VXV KDOOD]JRV \ DYDQFHV IRUPD SDUWH GH VX TXHKDFHU SURIHVLRQDO
&RPXQLFDU FRQ VHULHGDG SHUR VLQ VROHPQLGDG KH DOOt OD FXHVWLyQ
6REUHWRGRHVRRSLQD'LHJR*RORPEHNGRFWRUHQ%LRORJtD8%$H
LQYHVWLJDGRUVXSHULRUGH&RQLFHW
±+D\ YDULDV QRFLRQHV TXH GHILQHQ DO FRQFHSWR GH ³GLYXOJDFLyQ´

¢4XpGLUtDXVWHG"
±1XHVWUR FRP~Q DQWHFHVRU /HRQDUGR 0ROHGR UHFXSHUDUtD OD IUDVH

GHO FpOHEUH ,VDDF $VLPRY \ GLUtD TXH HV ³OD FRQWLQXDFLyQ GH ODV
FLHQFLDV SRU RWURV PHGLRV´ 3HUR DGHPiV HV SRVLEOH FRQWHVWDU DO
LQWHUURJDQWHGHYDULDVPDQHUDV/DGLYXOJDFLyQDWUDYpVGHVXUDt]
ODWLQDDSXQWDDLOXPLQDUDO³YXOJR´SXHEOR\VHXWLOL]DQPHWiIRUDV
PDOLQWHQFLRQDGDV FRPR ³EDMDU´ \ ³WUDGXFLU´ FRQWHQLGRV 6LQ
HPEDUJR GHVGH PL SHUVSHFWLYD OD GLYXOJDFLyQ WLHQH TXH YHU FRQ
KDOODU ORV DVSHFWRV GH OD FLHQFLD TXH SXHGHQ VHU FRPSDUWLGRV FRQ
WRGRWLSRGHS~EOLFR8QDYH]TXHHOULJRUFLHQWtILFRHVWiDVHJXUDGR
GHEHPRVORFDOL]DUORVIRUPDWRVDGHFXDGRVSDUDQDUUDU
±$VHJXUDUODULJXURVLGDGHVYLWDO
±7DOFXDO(VQHFHVDULRTXHODFLHQFLDTXHVHFRPXQLFDVHDFRUUHFWD
\ OXHJR KDFHUOR GH OD PHMRU PDQHUD SRVLEOH D WUDYpV GH OD WY OD
UDGLR HO WHDWUR R HO PHGLR TXH IXHUH (Q HVWH VHQWLGR HV PiV IiFLO
DKRUD TXH WHQHPRV XQD FDPDGD GH SHULRGLVWDV FLHQWtILFRV
SURIHVLRQDOHV ±TXH KDFH XQDV GpFDGDV QR KDEtD± \ PXFKRV
FLHQWtILFRVTXHVHHVWiQYROFDQGRDFRPXQLFDUSRUTXHVLHQWHQTXHHV
SDUWH GH VX SURIHVLyQ $TXt WHQHPRV XQ DVSHFWR LPSRUWDQWH TXH
FRQWULEX\HDDVHJXUDUHOULJRU
±(O VLVWHPD FLHQWtILFR SUHYp XQ UpJLPHQ HVWULFWR GH HYDOXDFLRQHV \

XQDHVWUXFWXUDPHULWRFUiWLFDTXHPXFKDVYHFHVSHUMXGLFDHOPRGRHQ
TXHVHFRPXQLFDODFLHQFLDHQODPHGLGDHQTXHQRWLHQHSXQWDMHQL
UHFLEHUHFRPSHQVD¢8VWHGTXpSLHQVD"

±&UHR TXH HO VLVWHPD FLHQWtILFR FRQ WRGDV ODV IDOHQFLDV H

LQHTXLGDGHVQRHVWiHQPDOFDPLQR/DHYDOXDFLyQSHUPDQHQWH\OD
UHYLVLyQ SRU SDUHV VRQ IXQGDPHQWDOHV (O SUREOHPD HV TXH QR VH
EULQGDGHPDVLDGRHVSDFLRDODGLYXOJDFLyQ'HHVWHPRGRVLELHQHV
FLHUWR TXH DOJXQRV LQIRUPHV GH &RQLFHW SRU HMHPSOR SHUPLWHQ OD
LQFOXVLyQGHOGHWDOOHGHHVDVDFWLYLGDGHVQRRWRUJDQSXQWDMH'HVGH
PL SHUVSHFWLYD YLVLWDU HVFXHODV SDUWLFLSDU HQ MRUQDGDV SDUD WRGR
S~EOLFR LU D SDQHOHV GHILQHQ WDPELpQ DO TXHKDFHU FLHQWtILFR
7UDGLFLRQDOPHQWHQXHVWURVSUyFHUHVGHODFLHQFLD±+RXVVD\/HORLU±
SHQVDEDQWRGRORFRQWUDULRTXHHOFLHQWtILFRVHGHEtDDVXFLHQFLD\D
OD FRPXQLFDFLyQ UHVWULQJLGD FRQ VXV SDUHV &XDOTXLHU RWUD FRVD
IRUPDED SDUWH GH OD DGPLQLVWUDFLyQ SULYDGD GHO WLHPSR OLEUH (Q
VtQWHVLV WHQHPRV TXH ORJUDU TXH DO LQWHULRU GHO VLVWHPD DFDGpPLFR
ODV DFWLYLGDGHV GH GLYXOJDFLyQ DGTXLHUDQ PiV SURWDJRQLVPR VLQ
GHMDUGHODGRODLQYHVWLJDFLyQSRUTXHSRUHVRQRVSDJDQ
±¢3RUTXpHVQHFHVDULRFRPXQLFDUODFLHQFLD"
±(O PRWLYR FDQyQLFR HV TXH OD FLHQFLD D\XGD D IRUPDU D PHMRUHV
FLXGDGDQRV(OSHQVDPLHQWRFLHQWtILFRKDFHTXHXQRHOLMDGHPDQHUD
PiV SUHFLVD WHQJD PHQRV SUHMXLFLRV \ FRWHMH PHMRU ODV DFFLRQHV
2WUD GH ODV UD]RQHV HV TXH FRQWDPRV FRQ XQ VLVWHPD FLHQWtILFR
SHTXHxR TXH QR HVWi KRPRJpQHDPHQWH GLVWULEXLGR FRQ OR FXDO OD
LQYHVWLJDFLyQ FLHQWtILFD WLHQH HO GHEHU GH IRPHQWDU YRFDFLRQHV 1R
FDEHGXGDTXHORVDGROHVFHQWHVQRVXHOHQWHQHUDODVFLHQFLDVHQWUH
VXVSULPHUDVRSFLRQHVDXQFXDQGRVHVLHQWDQDWUDtGRVSRUHOODV3RU
~OWLPR GHER GHFLU TXH PLUDU HO PXQGR FRQ RMRV FLHQWtILFRV HV
PiJLFRSRUHVRFXDQWRPiVFRPSUHQGDPRVGHTXpVHWUDWDPiVQRV
YDPRVDGLYHUWLU\PHMRUODYDPRVDSDVDU
KWWSVZZZSDJLQDFRPDUHQDUJHQWLQDVHJXLPRVVLHQGR
H[FHVLYDPHQWHVROHPQHV
³(/&212&,0,(17212(17,(1'('(&/$6(662&,$/(6´

'DQLHO %DUUDFR IXH GHFDQR GH OD )DFXOWDG GH 0DWHPiWLFD

$VWURQRPtD)tVLFD\&RPSXWDFLyQGHOD81&(VItVLFR\FXOWRUGH
XQ HFOHFWLFLVPR TXH OR OOHYy D LQFXUVLRQDU HQ ORV SUR\HFWRV PiV
GLYHUVRV$KRUDGLULJHXQSDUTXHWHPiWLFRHQVLQWRQtDFRQVXWDUHD
HQ OD GLIXVLyQ GH OD FLHQFLD $TXt UHIOH[LRQD VREUH ORV SURFHVRV GH
GHPRFUDWL]DFLyQ GHO FRQRFLPLHQWR \ FyPR FXOWLYDU HO SHQVDPLHQWR
FUtWLFR(QODDFWXDOLGDGHOItVLFR'DQLHO%DUUDFRSUHVLGHHOSUR\HFWR
3OD]D &LHOR \ 7LHUUD XQD LQLFLDWLYD GH OD 8QLYHUVLGDG 1DFLRQDO GH
&yUGRED \ HO JRELHUQR SURYLQFLDO FX\R REMHWLYR HV GLYXOJDU HO
FRQRFLPLHQWR FLHQWtILFR $XQTXH VLHPSUH HVWXYR OLJDGR DO PXQGR
DFDGpPLFR±IXHGHFDQRGHOD)DFXOWDGGH0DWHPiWLFD$VWURQRPtD
)tVLFD\&RPSXWDFLyQ)DPDIHQGRVRFDVLRQHV±VHGHVWDFDSRUXQ
HFOHFWLFLVPR FDVL QDWXUDO TXH OR HPSXMD D PHWHU VXV QDULFHV HQ
FDPSRVELHQGLYHUVRV
±$GHPiV GH OD LQYHVWLJDFLyQ HQ ItVLFD \ GH ORV HVWXGLRV VREUH OLWLR
GHVGHKDFHGLYXOJDFLyQFLHQWtILFD
±6t HV TXH GHVGH VLHPSUH PH LQWHUHVy SHQVDU HQ OD SRVLELOLGDG GH
GHPRFUDWL]DU ODV FRQGLFLRQHV GH DFFHVR \ SDUWLFLSDFLyQ HQ ODV
DFWLYLGDGHVFLHQWtILFDV/DLGHDGHFRQWDUFRQXQDHOLWHTXHSUHWHQGH
PDQHMDUOR WRGR \ TXH LOXPLQD FRQ VX FRQRFLPLHQWR DO UHVWR GHO
SXHEOR QR WLHQH PXFKR VHQWLGR 'H HVWH PRGR VL FXOWLYDPRV XQD
YLVLyQ UD]RQDEOH \ DPSOLD SDUD QXHVWUDV VRFLHGDGHV VH YXHOYH
IXQGDPHQWDO HO FRQWDFWR FRQ OD FLHQFLD SDUD OD HPHUJHQFLD GHO
SHQVDPLHQWRFUtWLFR
±¢4XpHVHOSHQVDPLHQWRFUtWLFR"
±(V DTXHOOR TXH IDFXOWD D ODV SHUVRQDV SDUD DGYHUWLU FyPR GH
PDQHUDSHUPDQHQWHVHGHVDUUROODQSURFHVRVGHPDQLSXODFLyQ(QOD
DFWXDOLGDGHVWDDFWLYLGDGKDSDVDGRDFRQVWLWXLUVHHQXQDFLHQFLDHO
PDUNHWLQJ +R\ HQ GtD VH WLHQHQ WDQWRV FRQRFLPLHQWRV GH ORV
FLXGDGDQRV D SDUWLU GHO ELJ GDWD TXH ORV PRGRV GH FRQWURO TXH VH
HMHUFHQVREUHODFLXGDGDQtDVHWRUQDQPX\SDOSDEOHV3RUHOORWHQHU

FRQRFLPLHQWR HTXLYDOH D JDQDU OLEHUWDG SRUTXH VH LQFUHPHQWDQ ODV

RSRUWXQLGDGHV \ ORV HVSDFLRV SDUD WRPDU GHFLVLRQHV 0H UHILHUR D
DSUHQGHUDUHYLVDUODVIXHQWHVDSHQVDUGHIRUPDOyJLFDDUHDOL]DU
FRPSDUDFLRQHV \ DQiOLVLV TXH FRQWULEX\HQ D FUHDU XQ MXLFLR
LQGHSHQGLHQWHHQODFLXGDGDQtD
±/RVHMHUFLFLRVGHPDQLSXODFLyQVXJLHUHQTXHHOFRQRFLPLHQWRHVXQD
IRUPDGHSRGHU
±(VWR\ GH DFXHUGR &XDQGR HO FRQRFLPLHQWR VH FRQFHQWUD HQ SRFDV
PDQRVVHFRQYLHUWHHQXQDDWULEXFLyQPLQRULWDULDHQFDPELRVLHVWi
GLOXLGRVHWUDQVIRUPDHQXQGHUHFKRPX\YDOLRVRUHSUHVHQWDGRHQOD
OLEHUWDGGHDFFLyQ\SHQVDPLHQWR
±¢4XpRWUDVUD]RQHVDGHPiVGHODOLEHUWDGMXVWLILFDQODQHFHVLGDG
GHFRPXQLFDUODFLHQFLD"
±9LYLPRVHQXQPXQGRFX\RIXWXURHVWHUULEOHPHQWHLQFLHUWRFRQXQD
YHORFLGDGGHFDPELRDSDEXOODQWH(QHVHKRUL]RQWH±TXHVHSDUHFHD
XQD FDMD QHJUD± VROR SRGHPRV LGHQWLILFDU SRFDV UHIHUHQFLDV (Q
HIHFWR HYLWDU VHU PDQLSXODGR DSUHQGHU D SHQVDU \ YDORUDU HO
FRQRFLPLHQWR VRQ DFFLRQHV PHGXODUHV TXH VH GHEHQ H[SORWDU /DV
PiTXLQDVQRVVXVWLWX\HQDFDGDSDVR\ORVSUR\HFWRVGHODVRFLHGDG
IXWXUDVHWRUQDQPHQRVSDOSDEOHV\GHILQLEOHV
KWWSVZZZSDJLQDFRPDUHOFRQRFLPLHQWRQRHQWLHQGH
GHFODVHVVRFLDOHV
$&7,9,'$'
D6HxDODU\IXQGDPHQWDUVLORVWHPDVSUHVHQWDGRVVRQYLDEOHVGHVHU
LQYHVWLJDGRV UHIRUPXODU ORV WHPDV LQYLDEOHV SDUD TXH SXHGHQ VHU
DFFHVLEOHVDVHULQYHVWLJDGRV
(OPDOXVRGHOWLHPSROLEUHGHSDUWHGHORVHVWXGLDQWHVVHFXQGDULRV
GHO*%$

/DSURGXFWLYLGDGGHORVREUHURVGHODLQGXVWULDWH[WLOGH&yUGRED
VHJ~QHOWDPDxRGHODRUJDQL]DFLyQ
(O SHUILO VRFLRGHPRJUiILFR GH ORV GHXGRUHV GH FUpGLWRV

KLSRWHFDULRVGHODEDQFDQDFLRQDO\H[WUDQMHUD
(O HTXLYRFDGR FRPSRUWDPLHQWR GH FRPSUD GH URSD GH ORV
FRQVXPLGRUHVGH6KRSSLQJ
/D DFWLWXG ILVFDO HJRtVWD GH ORV JUDQGHV JUXSRV HFRQyPLFRV HQ
$UJHQWLQD
,PDJHQGHODHGXFDFLyQSULYDGDHQSDGUHVGHQLxRVPHQRUHVGH
DxRVGH&$%$
5HODFLyQHQWUHODUHQWDELOLGDGDJUtFROD\ODVLWXDFLyQILVFDOGHORV
DUUHQGDWDULRVDJUtFRODVGHOD3URYLQFLDGH6DQWD)H
7LSRV GH HVWUXFWXUD RUJDQL]DFLRQDO GH ODV 3HTXHxDV \ 0HGLDQDV

,QGXVWULDVGHGHOD&LXGDGGH%V$V
/DVLQYHUVLRQHVGHORVFOLHQWHVEDQFDUL]DGRVHQ$UJHQWLQDSDUDHO
DxRSUy[LPR
/RVSXQWRVGHFRPSUDGHDOLPHQWRVSUHIHULGRVSRUORVUHVLGHQWHV
GHOFRXQWU\³/DV/DJDxDV´
/DLQFLGHQFLDGHODLQYHUVLyQHQLQIUDHVWUXFWXUDGHODXQLYHUVLGDG
S~EOLFDHQHOUHQGLPLHQWRDFDGpPLFRGHORVDOXPQRV
&DXVDVGHODYLROHQFLDHVFRODU
(IHFWRVGHOD*OREDOL]DFLyQHQODSREODFLyQDUJHQWLQD
(YDOXDFLyQ GH ORV DILOLDGRV VREUH OD SUHVWDFLyQ GH VDOXG GH VX
REUDVRFLDO

2SLQLyQ GH ORV HYDVRUHV ILVFDOHV VREUH OD OHJLWLPLGDG GH VX
FRPSRUWDPLHQWRILVFDO
E 3UHVHQWDU XQ HMHPSOR TXH HYLGHQFLH OD UHODFLyQ HQWUH HO
FRQRFLPLHQWRFLHQWtILFR\HOFRQRFLPLHQWRFRWLGLDQR([SOLFLWDUFRPR
VHFRQFUHWDHVWDUHODFLyQ
F $ SDUWLU GHO FRQFHSWR GH PpWRGR HOHJLU XQD DFWLYLGDG FRWLGLDQD
GRQGHVHDSOLTXHHVWDPRGDOLGDG\GHWDOOHHOSURFHVRHPSOHDGRSDUD
VXFRQFUHFLyQ
G 5HIOH[LRQDU DFHUFD GH GH ODV SRVLELOLGDGHV GH XWLOL]DFLyQ GH OD
LQYHVWLJDFLyQFLHQWtILFDHQVXSUiFWLFDSURIHVLRQDOSUHVHQWHRIXWXUD
$&7,9,'$'
(QORVVLJXLHQWHVGRVDUWtFXORVVHH[SRQHXQFDVRHQHOTXHVHGLVFXWH
ODUHODFLyQHQWUHFLHQFLD\SROtWLFDH[SOLFDUHQEDVHDORSODQWHDGRHQ
HOORV SRUTXH OD SURGXFFLyQ GH GDWRV SXHGH IXQFLRQDU FRPR XQD
SUiFWLFDGHFRQIOLFWR
(678',2'()81'$&,Ï162/5(9(/$48(/$32%5(=$(1
&+,/(683(5$5Ë$(/0È6'(/'2%/('(/$6&,)5$6
2),&,$/(6
(OHVWXGLR³3REUH]D\IUDJLOLGDGGHOPRGHORFKLOHQR´HQWUHJDFLIUDV
TXHVHGLVWDQFLDQEDVWDQWHGHODVDUURMDGRVSRU&DVHQODTXH
VLW~D HO tQGLFH GH SREUH]D HQ XQ (Q HO LQIRUPH DO QR
FRQVLGHUDU HQ HO tQGLFH ³HODOTXLOHU LPSXWDGR´ OD SREUH]D PXHVWUD
XQDFDUDPXFKRPiVFUXGDSHURWDPELpQPiVUHDOOOHJDQGRFDVLDO
XQPiVTXHODVFLIUDVRILFLDOHV(VWRVQ~PHURVVHJ~QORV
LQYHVWLJDGRUHV SRQHQ HQ MDTXH OD SUHPLVD GH TXH HO PRGHOR GH
PHUFDGR KD VDFDGR DO SDtV GH OD SREUH]D H[WUHPD ©+HPRV VLGR
FDSDFHV HQ XQ FRQWH[WR HFRQyPLFR LQWHUQDFLRQDO FRPSOHMR FRQ HO
SUHFLRGHOFREUHEDMRGHSRGHUGLVPLQXLUGHODOGH
DODSREUH]DHQ&KLOHªFRQHVWDIUDVHOD3UHVLGHQWD0LFKHOOH

%DFKHOHW DQXQFLy ORV UHVXOWDGRV GH OD (QFXHVWD GH &DUDFWHUL]DFLyQ

6RFLRHFRQyPLFD 1DFLRQDO &DVHQ (VWRV Q~PHURV KDQ VLGR
HYDOXDGRV FRPR XQD GH ODV SULQFLSDOHV YLFWRULDV GHO SHUtRGR
FRQFHUWDFLRQLVWD\DTXHHQODEDWDOODFRQWUDODSREUH]DHOPHUFDGR
KDEUtDKHFKRORVX\R\ODHVWDUtDJDQDQGR6HJ~QODHQFXHVWD&DVHQ
ORVtQGLFHVGHSREUH]DHQ&KLOHWXYLHURQODGLVPLQXFLyQPiVQRWRULD
HQWUHORVDxRV\FXDQGRVHEDMyGHXQDXQ
8QRGHORVHVOyJDQHVPiVFODURVFRQTXHVHGHVWDFDEDQORVp[LWRVHQ
OD PDWHULD SURYLQR GHO H[ 0DQGDWDULR 5LFDUGR /DJRV TXLHQ VDOLy
HOHFWR FRQ OD IUDVH ³&UHFHU FRQ LJXDOGDG´ %DMR VX PDQGDWR VH
LQIRUPyTXHODSREUH]DEDMyGHXQD\ODLQGLJHQFLDGH
D (VWDV EXHQDV FLIUDV SDUD XQ VHFWRU LPSRUWDQWH GHO PXQGR
HFRQyPLFR\SURGXFWLYRVHGHEHQDOPRGHORGHPHUFDGRLQVWDODGRHQ
&KLOH GHVGH OD GLFWDGXUD GH OD PDQR GH ORV &KLFDJR %R\V \
SURIXQGL]DGRHQORVDxRVGHGHPRFUDFLD
6LQHPEDUJRHOHVWXGLRGH)XQGDFLyQ6RO©3REUH]D\IUDJLOLGDGGHO
PRGHORFKLOHQRªUHDOL]DGRSRUORVLQYHVWLJDGRUHV*RQ]DOR'XUiQ\
0DUFR.UHPHUPDQHQWUHJDFLIUDVTXHVHGLVWDQFLDQEDVWDQWHGHODV
DUURMDGRVSRU&DVHQ(OLQIRUPHXWLOL]DODEDVHGHGDWRVS~EOLFDGH
ODHQFXHVWD&DVHQ\DOQRFRQVLGHUDU³ORVVXEVLGLRV\WUDQVIHUHQFLDV
TXH HQWUHJD HO (VWDGR´ ODSREUH]D VXEH GH XQ D PiV GHXQ
/DV FLIUDV UHDOHV \ PiV DODUPDQWHV SRU FLHUWR SURYLHQHQ GHO
FiOFXOR HQ HO tQGLFH GH SREUH]D TXH VH UHDOL]D VLQ VXPDUOH ³HO
DOTXLOHULPSXWDGR´HQFX\RFDVRODSREUH]DVHGLVSDUDDXQ
(VWRV Q~PHURV H[SOLFD .UHPHUPDQ VH FDOFXODQ VREUH OD EDVH GHO
³LQJUHVR DXWyQRPR´ HO FXDO HV UHFLELGR SRU ORV Q~FOHRV IDPLOLDUHV
GHELGRDVXWUDEDMRYDOHGHFLUXQLQJUHVRVXMHWRDODVYLFLVLWXGHVGHO
VLVWHPDGHPHUFDGR'HDFXHUGRDHVWHPRGHOR³SUiFWLFDPHQWHGH
FDGD FKLOHQRVDV QR FXHQWD FRQ ORV LQJUHVRV DXWyQRPRV SDUD
VXSHUDU OD OtQHD GH OD SREUH]D UHVSHFWLYD´ /D )XQGDFLyQ 6RO
DGHPiV UHDOL]y HO HMHUFLFLR GH PHGLU OD SREUH]D FRQVLGHUDQGR OD
&DQDVWD $OLPHQWDULD GH &DOLGDG &$& GHO 0LQVDO HQ YH] GH OD
&DQDVWD %iVLFD GH $OLPHQWRV ³$O FRQVLGHUDU OD SREUH]D SRU

LQJUHVRVDXWyQRPRV\OD&$&ODSREUH]DOOHJDUtDDOORTXH
HTXLYDOHDPLOORQHVGHSHUVRQDV´VHxDODHOHVWXGLRGH)XQGDFLyQ
6RO 6HJ~Q HO LQIRUPH ³HO REMHWLYR JHQHUDO GHO VLJXLHQWH HVWXGLR
FRQVLVWH HQ UHDOL]DUXQDQiOLVLVGH PLFURVLPXODFLRQHV P~OWLSOHV TXH
PLGD HO HIHFWR VREUH OD SREUH]D (Q RWUDV SDODEUDV VH WRPD FRPR
SXQWR GH SDUWLGD ORV GLIHUHQWHV VXSXHVWRV XWLOL]DGRV HQ HO FiOFXOR
RILFLDOGHODSREUH]DHQ&KLOH\VHSURFHGHDPRGLILFDUORVDQDOL]DQGR
ORVLPSDFWRV´(QSDODEUDVVLPSOHVVHUHVWDQODVD\XGDVVXEVLGLDGDV
SRU HO (VWDGR \D TXH SDUD ³PXFKDV GH ODV IDPLOLDV HV D SXQWD GH
VXEVLGLRVTXHVHSXHGHVXSHUDUODOtQHDGHSREUH]DTXH\DHVEDMD´
H[SOLFD .UHPHUPDQ $GHPiV VH RSWD SRU UHVWDU ³HO DOTXLOHU
LPSXWDGR´ TXH HV XQ PRQWR TXH VH DxDGH D ORV LQJUHVRV GH XQ
Q~FOHR IDPLOLDU HQ FDVR GH TXH OD SURSLHGDG TXH RFXSDQ VHD GH VX
SURSLHGDGRVHHVWpHQSURFHVRGHSDJRHOFXDOHVFDOFXODGRVREUHOD
EDVHGHOYDORUGHODUULHQGRHQKRJDUHVDOHGDxRV
6HJ~QHOHVWXGLR³HQHOFDVRGHXQDSHUVRQDVLQWUDEDMRTXHWLHQH
DxRV \ TXH HV GXHxR GH VX YLYLHQGD R VLJXH SDJiQGROD YtD
GLYLGHQGRV WHQGUi XQ LQJUHVR HTXLYDOHQWH D OR TXH VH SDJD HQ
DUULHQGR HQ HO OXJDU GRQGH YLYH (VWD SHUVRQD SXHGH VHU TXH
DFWXDOPHQWH QR WHQJD GLQHUR QL VLTXLHUD SDUD FRPHU SHUR HQ ODV
HQFXHVWDVDSDUHFHUiFRQXQLQJUHVRµSRUDOTXLOHULPSXWDGR¶\VLHVH
GLQHUR HV PD\RU DO PRQWR HVWDEOHFLGR SDUD OD OtQHD GH SREUH]D
FRUUHVSRQGLHQWHDODFRPSRVLFLyQGHOKRJDUVHFODVLILFDUiFRPRXQD
SHUVRQD µQR SREUH¶´ (Q HVWH FDVR VL XQD SHUVRQD JDQD PLO
SHVRV PHQVXDOHV \ YLYH HQXQD FDVD SURSLDDSDUHFHUi HQ OD&DVHQ
FRQPLOSHVRV³SRUTXHKD\PLOSHVRVTXHVHOHLPSXWDQ«
\ KDVWD SXHGHQ DSDUHFHU FRQ XQ LQJUHVR PtQLPR \ HVWDU VREUH OD
OtQHD GH OD SREUH]D´ H[SOLFD HO VRFLyORJR GH )XQGDFLyQ 6RO TXLHQ
DJUHJD TXH HVWD ³HV XQD PHWRGRORJtD TXH VH XWLOL]D D QLYHO
LQWHUQDFLRQDO´3DUDORVDXWRUHVGHOHVWXGLRHVLPSRUWDQWH GHVWDFDU
TXHHVWRVQ~PHURVQRVLJQLILFDQTXHHO³VHDLQFRUUHFWRVLQR
TXH QR UHIOHMD HO FDUiFWHU UHDO GH OD SREUH]D´ $GHPiV GHVFDUWDQ
TXHKD\DXQDPDQLSXODFLyQFRQILQHVSROtWLFRVSHURUHFRQRFHQTXH

SXHGH DIHFWDU DO SDtV WHQLHQGR HQ FXHQWD TXH HV D SDUWLU GH HVWDV
FLIUDV TXH VH GHILQH OD JUDQ PD\RUtD GH ODV SROtWLFDV S~EOLFDV GHO
SDtV³1RHVWDPRVGLFLHQGRTXHODPHWRGRORJtDHVWiPDODVLQRTXH
VRODPHQWHWHQLHQGRRWUDPLUDGDODYLUWXGVREUHHOPRGHORFKLOHQRHV
GLVWLQWD´ DJUHJDQ $GHPiV HQ ORV ~OWLPRV DxRV ORV PLVPRV
HVSHFLDOLVWDV GH OD &DVHQ KDQ DSXQWDGR D PHMRUDU OD PHWRGRORJtD
SDUDGHILQLUORVtQGLFHVGHSREUH]DLQFOX\HQGRHOtQGLFHGHSREUH]D
PXOWLGLPHQVLRQDO$GHPiVODHQFXHVWD&DVHQGHHVWDEOHFHXQD
GLVWLQFLyQ HQWUH OtQHDV GH SREUH]D HVWDEOHFLGDV VREUH OD EDVH GH OD
FDQWLGDG GH SHUVRQDV TXH KDELWDQ HO KRJDU 'H HVWD IRUPD HQ
KRJDUHV FRPSXHVWRV SRU XQD SHUVRQD OD OtQHD GH OD SREUH]D VH
GHWHUPLQDHQ\SREUH]DH[WUHPDHQHQWDQWRTXH
SDUD XQD FDVD GH FXDWUR SHUVRQDV OD OtQHD GH OD SREUH]D VH
GHWHUPLQDHQ\ODSREUH]DH[WUHPDHQ$VtKDVWD
OOHJDUDXQQ~FOHRGHVHLVSHUVRQDV
$GHPiVGHGHPRVWUDUXQDHFXDFLyQGLVWLQWDSDUDPHGLUHOtQGLFHGH
SREUH]DHQQXHVWURSDtVHOHVWXGLR³3REUH]D\IUDJLOLGDGGHOPRGHOR
FKLOHQR´WDPELpQEXVFDGHPRVWUDUXQD³HVSHFLDOIUDJLOLGDG´HQGRV
JUXSRV GH OD SREODFLyQ ORV DGXOWRV PD\RUHV \ ODV SHUVRQDV
SHUWHQHFLHQWHV D SXHEORV RULJLQDULRV (Q HO FDVR GH ORV DGXOWRV
PD\RUHVGHDxRV\PiVFDVLTXLQWXSOLFDQVXSREUH]DSDVDQGRGH
SREUH]DSRULQJUHVRVWRWDOHVD'DWRVTXHVDOWDQDUDt]
GH TXH SDUD HVWH VHJPHQWR GH ORV FKLOHQRV ³KD\ PXFKR VXEVLGLR \
SRUTXHKD\PXFKRDGXOWRPD\RUTXHWLHQHYLYLHQGDSURSLD´H[SOLFD
0DUFR .UHPHUPDQ (Q FXDQWR D ODV SHUVRQDV SHUWHQHFLHQWHV D
SXHEORV RULJLQDULRV SDVDQ GH XQ D XQ $GHPiV
WRPDQGRORVHxDODGRSRUOD&DVHQVRORHQOD$UDXFDQtDVHDOFDQ]D
XQDSREUH]DSRULQJUHVRVWRWDOHVSRUVREUHHOSHUR³FXDQGRVH
H[SORUDODPLVPDVLWXDFLyQVHJ~QLQJUHVRVDXWyQRPRVHQUHJLRQHV
VH DOFDQ]DQ QLYHOHV VREUH HO \ HQ VREUH HO &RTXLPER
/RV /DJRV /RV 5tRV 0DXOH %LREtR \ /D $UDXFDQtD´ GHILQH OD
HQFXHVWD /R TXH VLJQLILFD TXH ³VL W~ DSULHWDV XQ SRFR HO PRGHOR
FKLOHQR \ WUDWDV GH PHGLU FRQ HVWiQGDUHV XQ SRFR PiV DOWRV VH

GLVSDUDODSREUH]D´SUHFLVD.UHPHUPDQ
2WURSXQWRHQHOTXHKDFHKLQFDSLpHOHVWXGLRGH)XQGDFLyQ6ROHV
HQODJUDQFDQWLGDGGHSREODFLyQTXHFLUFXODDOUHGHGRUGHODVOtQHDV
GH SREUH]D ³(VWDU VREUH OD OtQHD R EDMR OD OtQHD HV PX\ WHQXH´
H[SOLFDHOVRFLyORJR3DUDFRPSUREDUHVWRHQODVHxDODGDIXQGDFLyQ
UHDOL]DURQ³PLFURVLPXODFLRQHVGHODOtQHDGHSREUH]D´(QWRQFHVHQ
HOHYHQWRTXHVHDXPHQWDUD³ODOtQHDHQVRORHQHOFDVRGHXQD
IDPLOLDGHSHUVRQDVHVWRVLJQLILFDUtDVXELUHOXPEUDOGH
D OD SREUH]D SRU LQJUHVRV WRWDOHV SDVDUtD GH D
DJUHJiQGRVHFDVLPLOSHUVRQDV´H[SOLFDHOHVWXGLR3RU
RWUDSDUWHVLODOtQHDSDVDUDDXQHQHOFDVRGHXQDIDPLOLDGH
SHUVRQDVHVWRVLJQLILFDUtDVXELUHOXPEUDOGHD
SRUORTXH³ODSREUH]DOOHJDUtDDORTXHHTXLYDOHD
SHUVRQDV (Q HO FDVR GH HVWD VLPXODFLyQ \ FRQVLGHUDQGR VROR ORV
LQJUHVRV DXWyQRPRV OD SREUH]D DOFDQ]DUtD XQ OR TXH
FRUUHVSRQGH D SHUVRQDV´ $ MXLFLR GH ORV DXWRUHV GHO
HVWXGLRORVGDWRVDUURMDGRVVLUYHQSDUDGHWHUPLQDUTXH³HOPRGHOR
FKLOHQRQRKDVLGRWDQH[LWRVRFRPRQRVFXHQWDQSRUTXHKD\PXFKRV
KRJDUHVHQ&KLOHTXHHVWiQEDMRXQDSREUH]DSURIXQGD´³+DEODPRV
GHODSREUH]DGHPHUFDGRSRUTXHHQXQPRGHORFRPRHOFKLOHQRHQ
HO TXH VH OH SRQHQ WRGDV ODV ILFKDV DO PHUFDGR VL OH VDFiUDPRV OD
D\XGDHVWDWDOHOPHUFDGRQRSRGUtDVDFDUDORVFKLOHQRVGHPDQHUD
PDVLYD GH OD SREUH]D´ VRVWLHQHQ 6HJ~Q )XQGDFLyQ 6RO VL D HVWDV
FLIUDV VH OH DxDGHQ tQGLFHV GH HQGHXGDPLHQWR TXH HV XQD GH ODV
SULQFLSDOHV PRFKLODV FRQ ODV TXH FDUJDQ ORV KRJDUHV HQ &KLOH \
DGHPiVGHHPSOHRUHDO±\QRSRUKRUD±SRGUtDQSURIXQGL]DUVHD~Q
PiV ODV FLIUDV GH SREUH]D HQ QXHVWUR SDtV (V SRU HVR TXH VH KDFH
LPSHUDQWHODQHFHVLGDGGH³XQGHEDWHGHIRQGRHQUHODFLyQFRQODV
FLIUDV´HQWUHJDGDVSRUVXHVWXGLR
KWWSZZZIXQGDFLRQVROFOHVWXGLRIXQGDFLRQVROUHYHODOD
SREUH]DFKLOHVXSHUDULDPDVGHOGREOHODVFLIUDVRILFLDOHV
(/ %$1&2 081',$/ $/7(5Ï /$ &$/,),&$&,Ï1 '( &+,/(

'85$17((/*2%,(512'(%$&+(/(7
(OHFRQRPLVWDMHIHGHORUJDQLVPR3DXO5RPHUSLGHGLVFXOSDVDOSDtV
VXGDPHULFDQR SRU ODV PDQLSXODFLRQHV TXH KDEUtDQ UHVSRQGLGR D
REMHWLYRVSROtWLFRV8QSURIXQGRLPSDFWRHQHOPXQGRGHODSROtWLFD\
OD HFRQRPtD FKLOHQD KD FDXVDGR OD SXEOLFDFLyQ GH7KH :DOO 6WUHHW
-RXUQDO:6-GHHVWHViEDGRHQODTXHHOHFRQRPLVWDMHIHGHO%DQFR
0XQGLDO 3DXO 5RPHU UHFRQRFH TXH OD RUJDQL]DFLyQ ILQDQFLHUD
DOWHUy VXUDQNLQJGH FRPSHWLWLYLGDG HPSUHVDULDO HQ GHVPHGUR GH
&KLOH \ HVSHFtILFDPHQWH GH 0LFKHOOH %DFKHOHW 6H WUDWD GH OD
PHGLFLyQ'RLQJ%XVLQHVVTXHPLGHODIDFLOLGDGSDUDKDFHUQHJRFLRV
HQSDtVHV&KLOHEDMyFRQVWDQWHPHQWHHQHOSULPHUPDQGDWRGHOD
VRFLDOLVWD VXELy HQ HO *RELHUQR GH GHUHFKD GH
6HEDVWLiQ 3LxHUD \ YROYLy D EDMDU FXDQGR OD PpGLFR
YROYLy DO SRGHU (Q HVWRV DxRV &KLOH KD IOXFWXDGR
HQWUH HO SXHVWR \ HO XQD YRODWLOLGDG FRQVLGHUDEOH /D
HODERUDFLyQ GHO HVWXGLR SRGUtD HVWDU ³SRWHQFLDOPHQWH FRQWDPLQDGD
SRU ODV PRWLYDFLRQHV SROtWLFDV GHO SHUVRQDO GHO %DQFR 0XQGLDO´
VHxDOD HO :6- ³4XLHUR GLVFXOSDUPH SHUVRQDOPHQWH FRQ &KLOH \
FXDOTXLHU RWUR SDtV GRQGH KD\DPRV WUDQVPLWLGR XQD LPSUHVLyQ
HTXLYRFDGD´LQGLFyHOHFRQRPLVWD
/D SUHVLGHQWD %DFKHOHW TXH HQ PDU]R SUy[LPR WHUPLQD VX VHJXQGR
PDQGDWR UHDFFLRQy GH LQPHGLDWR D WUDYpV GH 7ZLWWHU ³0X\
SUHRFXSDQWHORRFXUULGRFRQHOUDQNLQJGHFRPSHWLWLYLGDGGHO%DQFR
0XQGLDO0iVDOOiGHOLPSDFWRQHJDWLYRHQODXELFDFLyQGH&KLOHOD
DOWHUDFLyQ GDxD OD FUHGLELOLGDG GH XQD LQVWLWXFLyQ TXH GHEH FRQWDU
FRQ OD FRQILDQ]D GH OD FRPXQLGDG LQWHUQDFLRQDO´ HVFULELy OD
VRFLDOLVWD ³'DGD OD JUDYHGDG GH OR VXFHGLGR FRPR *RELHUQR
VROLFLWDUHPRV IRUPDOPHQWH DO %DQFR 0XQGLDO XQD FRPSOHWD
LQYHVWLJDFLyQ /RVUDQNLQJVTXH DGPLQLVWUDQ ODV LQVWLWXFLRQHV
LQWHUQDFLRQDOHV GHEHQ VHU FRQILDEOHV \D TXH LPSDFWDQ HQ OD
LQYHUVLyQ\HOGHVDUUROORGHORVSDtVHV´LQGLFy%DFKHOHWTXHIRUPD
SDUWH GHO VLVWHPD GH 1DFLRQHV 8QLGDV (QWUH \ OLGHUy
2180XMHUHVGHVGH1XHYD<RUN\DSDUWLUGHMXQLRHVWDUiDFDUJR

GHO SURJUDPD$OLDQ]D SDUD OD 6DOXG 0DWHUQD GHO 5HFLpQ 1DFLGR \

GHO 1LxRGH OD 2UJDQL]DFLyQ 0XQGLDOGH OD6DOXG HQ UHHPSOD]R GH
*UDFD0DFKHOYLXGDGH1HOVRQ0DQGHOD$GHPiVGHVGHKDFHXQRV
PHVHVVHFRQRFHTXHSDUWLFLSDUiHQXQQXHYRRUJDQLVPRPHGLDGRUGH
FRQIOLFWRVLQWHUQDFLRQDOHVGHOD218SDUDODTXHIXHFRQYRFDGDSRU
VXSUHVLGHQWH$QWyQLR*XWHUUHV
(OHPEDMDGRUGH&KLOHHQ(VWDGRV8QLGRV-XDQ*DEULHO9DOGpVHQ
ODVSUy[LPDVKRUDVVHGLULJLUiDODVHGH GHORUJDQLVPRSDUDUHXQLU
DQWHFHGHQWHV \ VROLFLWDU XQD LQYHVWLJDFLyQ VREUH HVWH FDVR (O
HFRQRPLVWDMHIHGHO%DQFR 0XQGLDOLQGLFy HQODSXEOLFDFLyQTXHVH
UHFDOFXODUiQORVtQGLFHVFKLOHQRVGHFRPSHWLWLYLGDGHPSUHVDULDOTXH
VH REWLHQH HQ EDVH D FLIUDV GH SDJRV GH LPSXHVWRV HILFDFLD GHO
SURFHVR GH TXLHEUD REWHQFLyQ GH SHUPLVRV GH HGLILFDFLyQ HQWUH
RWUDV5RPHUGLMRTXHVHFRUUHJLUiQDOPHQRVGHVGHDODIHFKD
HVGHFLUORVDxRVGHOVHJXQGR*RELHUQRGH%DFKHOHWHVSHFLDOPHQWH
SHUMXGLFDGR HQ HO'RLQJ %XVLQHVV (Q ORV ~OWLPRV FXDWUR DxRV OD
FDtGDGH&KLOHIXHSURYRFDGDFDVLHQVXWRWDOLGDGSRUTXHVHFDPELy
OD PHWRGRORJtD GH DQiOLVLV \ QR SRU FDPELRV HQ ODV PHGLGDV
SHUPDQHQWHVGHOHQWRUQRFRPHUFLDOGHOSDtVVHJ~QUHFRQRFLy5RPHU
³6REUH OD EDVH HQ ODV FRVDV TXH HVWiEDPRV PLGLHQGR DQWHV ODV
FRQGLFLRQHV FRPHUFLDOHV QR HPSHRUDURQ HQ &KLOH EDMR OD
$GPLQLVWUDFLyQGH%DFKHOHW´$PHQRVGHGRVPHVHVGHWHUPLQDUVX
PDQGDWR %DFKHOHW OOHYy DGHODQWH XQ *RELHUQR PDUFDGR SRU ODV
WUDQVIRUPDFLRQHV HVWUXFWXUDOHV \ D VX YH] SRU XQ FUHFLPLHQWR
HFRQyPLFR GLVFUHWRGH HQSURPHGLR 6XV FUtWLFRV DFXVDQ D OD
VRFLDOLVWD GH KDEHU JHQHUDGR LQHVWDELOLGDG FRQ UHIRUPDV PDO
LPSOHPHQWDGDV FRPR OD WULEXWDULD \ GH KDEHU GHMDGR GH ODGR HO
FUHFLPLHQWR HFRQyPLFR XQD GH ODV EDQGHUDV FRQ OD TXH IXH HOHFWR
3LxHUD SDUD HO SHUtRGR 3DUD ORV GHIHQVRUHV GH HVWD
$GPLQLVWUDFLyQ OD PDQLSXODFLyQ GHO'RLQJ %XVLQHVVSRGUtD KDEHU
FRQWULEXLGR GH PDQHUD VLJQLILFDWLYD D JHQHUDU XQ FOLPD GH
GHVFRQILDQ]D HFRQyPLFD \ HPSUHVDULDO (O PLQLVWUR GH (FRQRPtD
FKLOHQR -RUJH 5RGUtJXH] LQGLFy TXH OD DOWHUQDFLyQ GHOUDQNLQJ³HV

GH XQD LQPRUDOLGDG SRFDV YHFHV YLVWD´ ³(V XQ HVFiQGDOR GH
SURSRUFLRQHV SRUTXH OR TXH VHxDOD HV TXH KDEUtD VLGR PDQLSXODGD
SRU HO HFRQRPLVWD D FDUJR GH VX FRQVWUXFFLyQ $XJXVWR /ySH]
&ODURVSDUDKDFHUYHUXQGHWHULRURHFRQyPLFRGXUDQWHHO*RELHUQR
GH OD SUHVLGHQWD 0LFKHOOH %DFKHOHW FRQ LQWHQFLRQHV EiVLFDPHQWH
SROtWLFDV´
'HVSXpV GH OD HQWUHYLVWD GH 5RPHU HQ HO :6- HO %DQFR 0XQGLDO
DQXQFLyDWUDYpVGHXQFRPXQLFDGRTXHUHDOL]DUiXQDLQYHVWLJDFLyQ
SDUDDFODUDUORVKHFKRV³(QYLVWDGHODVSUHRFXSDFLRQHVH[SUHVDGDV
SRU QXHVWUR HFRQRPLVWD MHIH 3DXO 5RPHU HQ ORV PHGLRV \ QXHVWUR
FRPSURPLVRFRQODLQWHJULGDG\ODWUDQVSDUHQFLDOOHYDUHPRVDFDER
XQDUHYLVLyQH[WHUQDGHORVLQGLFDGRUHVFRUUHVSRQGLHQWHVD&KLOHHQ
HOLQIRUPH'RLQJ%XVLQHVV´(ORUJDQLVPRVLQHPEDUJRGHIHQGLyOD
LPSDUFLDOLGDG GH HVWD PHGLFLyQ HQ VXV DxRV GH H[LVWHQFLD \ OD
FDOLILFy FRPR ³XQD KHUUDPLHQWD LQYDOXDEOH SDUD ORV SDtVHV TXH
EXVFDQPHMRUDUVXFOLPDGHQHJRFLRVGDQGRVHJXLPLHQWRDPLOHVGH
UHIRUPDV´ (O HFRQRPLVWD EROLYLDQR $XJXVWR /ySH]&ODURV HO
H[SHUWRGHO%DQFR0XQGLDODFXVDGRGHODPDQLSXODFLyQUHVSRQGLyD
WUDYpV GH XQ FRUUHR HOHFWUyQLFR D%ORRPEHUJ\ VHxDOy TXH ODV
DFXVDFLRQHV GH PDQLSXODFLyQ SROtWLFD ³QR WLHQHQ PpULWR DOJXQR´
'HGLFDGRDODDFDGHPLDHQOD8QLYHUVLGDGGH*HRUJHWRZQHQPHGLR
GH XQ DxR VDEiWLFR GH OD RUJDQL]DFLyQ ILQDQFLHUD VHxDOy TXH OD
LQYHVWLJDFLyQ VH UHDOL]y ³HQ XQ FRQWH[WR GH WUDQVSDUHQFLD \
DSHUWXUD´
(OLQYHVWLJDGRULQGLFyTXHHOGHVFHQVRHQODVFODVLILFDFLRQHVGH&KLOH
VHGHELyDTXHRWURVSDtVHVFRPR0p[LFR\&RORPELDLQWHQVLILFDURQ
VXV HVIXHU]RV SRU DWUDHU LQYHUVLyQ H[WUDQMHUD (Q GHFODUDFLRQHV DO
SHULyGLFRFKLOHQR(O0HUFXULRGHVFDUWyFRQRFHUD3LxHUD\DSXQWyD
RWUD GH ODV UD]RQHV SDUD TXH &KLOH GHVFHQGLHUD HQ HOUDQNLQJ³/D
OHJLVODFLyQFKLOHQDWLHQHXQDVHULHGHFDUDFWHUtVWLFDVTXHLQFRUSRUDQ
YDULDV UHVWULFFLRQHV FRQWUD ODV PXMHUHV´ 'H DFXHUGR DO %DQFR
0XQGLDOSURIHVLRQDOHVOHVSURSRUFLRQDQGDWRVGHVGH&KLOHSDUD
OD FRQIHFFLyQ GHO'RLQJ %XVLQHVV $XQTXH 5RPHU DSXQWy GH

PDQLSXODFLRQHV HQ HO SURSLR RUJDQLVPR HQ HO SDtV VH FRPLHQ]D D
VRVSHFKDU GH OD HQWUHJD GH LQIRUPDFLyQ ³¢0DQLSXODFLyQ HQ
:DVKLQJWRQRHQODHQWUHJDGHGDWRVHQ&KLOH"/RSULPHURJUDYHOR
VHJXQGRJUDYtVLPR´HVFULELyHQ7ZLWWHU$QGUpV9HODVFRPLQLVWURGH
+DFLHQGDHQHOSULPHU*RELHUQRGH%DFKHOHW
KWWSVHOSDLVFRPHFRQRPLDDFWXDOLGDGB
KWPO
$&7,9,'$'
6HxDODU HQ HO VLJXLHQWH DUWtFXOR TXH DILUPDFLRQHV SURYLHQHQ GH

HVWXGLRVHPStULFRV
(/7$0$f2'(/$(035(6$,03257$
/D GLPHQVLyQ PHGLD GH ODV FRPSDxtDV HVSDxRODV HV PiV UHGXFLGD
TXHODGHRWURVSDtVHV/DVJUDQGHVFRPSDxtDVHVSDxRODVPLUDQGHW~
DW~DODVSULQFLSDOHVPXOWLQDFLRQDOHVGHOSODQHWD6LQHPEDUJRHVWRV
WUDQVDWOiQWLFRV VRQ DSHQDV XQD JRWD HQ HO RFpDQR HPSUHVDULDO GHO
SDtV GRQGH OD PLFURHPSUHVD HV HO PRGHOR VRFLHWDULR GRPLQDQWH
'LFKD DVLPHWUtD SURYRFD TXH OD GLPHQVLyQ PHGLD GH ORV JUXSRV
HVSDxROHVVHDEDVWDQWHLQIHULRUDODGHRWURVSDtVHVFRQXQJUDGRGH
GHVDUUROORVLPLODU(VWHKHFKRQRHVXQDFXHVWLyQEDODGtHOWDPDxR
LPSRUWD/DPD\RUtDGHORVH[SHUWRVFRQVXOWDGRVSDUDHVWHUHSRUWDMH
FUHHQTXHHOWHMLGRHPSUHVDULDOHVSDxROGHELGRDVXPHQRUFDOLEUH
HV PiV YXOQHUDEOH HQ PRPHQWRV GH FULVLV HFRQyPLFD \ SURSRQHQ
FDPELRVSDUDUHYHUWLU ODVLWXDFLyQ«/DSREODFLyQGHFRPSDxtDV
HQ (VSDxD KD SDVDGR GH PLOORQHV HQ D PLOORQHV HQ
VHJ~QHO 'LUHFWRULR &HQWUDO GH (PSUHVDV ',5&( (O GH
HQHURGH²~OWLPRVGDWRVGLVSRQLEOHV²PiVGHPLOORQHVGH
HPSUHVDVQRHPSOHDEDQDQLQJ~QDVDODULDGRHUDQVRFLHGDGHVGDGDV
GH DOWD SRU DXWyQRPRV RWUDV HO GHO WRWDO WHQtDQ
HQWUHXQR\GRVWUDEDMDGRUHVPLHQWUDVTXHORVJUXSRVFRQRPiV
DVDODULDGRV VROR VXPDEDQ 'H DFXHUGR FRQ ORV FiOFXORV GH

(XURVWDWHQ(VSDxDHOQ~PHURPHGLRGHWUDEDMDGRUHVSRUHPSUHVD
HUD GH HQ (VWD FLIUD VROR HV PHQRU HQ ,WDOLD FXDWUR
HPSOHDGRV\HVWiEDVWDQWHOHMRVGHOWDPDxRHPSUHVDULDOGH)UDQFLD
HPSOHDGRV 5HLQR 8QLGR WUDEDMDGRUHV \ $OHPDQLD
DVDODULDGRV
([LVWHQQRUPDVILVFDOHV\ODERUDOHVTXHGHVLQFHQWLYDQJDQDUWDPDxR
³6L (VSDxD WXYLHVH OD PLVPD HVWUXFWXUD HPSUHVDULDO TXH $OHPDQLD
ODSURGXFWLYLGDGGHQXHVWUDHFRQRPtDVHUtDXQPD\RU´DILUPD
<RODQGD )HUQiQGH] GLUHFWRUD WpFQLFD GHO SUR\HFWR GH PHGLDQD
HPSUHVDGHO&tUFXORGH(PSUHVDULRV(VWHRUJDQLVPRHQVXLQIRUPH
GHVXEUD\DODPD\RUYXOQHUDELOLGDGGHODVPLFURHPSUHVDVHQ
IDVHVGHFULVLV6HJ~QVXVHVWLPDFLRQHVVLHQ(VSDxDODGLVWULEXFLyQ
GHOHPSOHRGHODVHPSUHVDVSRUWDPDxRIXHVHVLPLODUDODGH5HLQR
8QLGR ²GRQGH FXDWUR GH FDGD FRPSDxtDV VRQ JUDQGHV²
³GXUDQWH OD FULVLV VH KXELHUDQ VDOYDGRFHWHULV SDULEXV PiV GH
SXHVWRV GH WUDEDMR´ 8Q SULPHU DQiOLVLV GHO WHMLGR
HPSUHVDULDO HVSDxRO OOHYD D OD FRQFOXVLyQ GH TXH HO WDPDxR GH ODV
FRPSDxtDV HV OD FRQVHFXHQFLD GLUHFWD GH WHQHU XQD HFRQRPtD
HQIRFDGD SULQFLSDOPHQWH DO VHFWRU VHUYLFLRV GRQGH GRPLQDQ ODV
VRFLHGDGHV GH GLPHQVLRQHV PX\ UHGXFLGDV (VWH VHJPHQWR GH
DFWLYLGDG H[FOXLGR HO FRPHUFLR DJOXWLQD DO GH ODV HPSUHVDV
HVSDxRODV6LQHPEDUJRORVH[SHUWRVFUHHQTXHHVWDH[SOLFDFLyQQR
HVVXILFLHQWHDODKRUDGHDQDOL]DUODVUD]RQHVGHODVXSUHPDFtDGHOD
PLFURHPSUHVDHQ(VSDxD³1RKD\XQ~QLFRIDFWRUTXHH[SOLTXHSRU
Vt VROR HO PHQRU WDPDxR HPSUHVDULDO GH QXHVWUR SDtV´ VHxDOD
$OPXGHQD 6HPXU JHUHQWH GHO ,QVWLWXWR GH (VWXGLRV (FRQyPLFRV
,(( ³6L WXYLpUDPRV TXH FLWDU ODV JUDQGHV FDXVDV GH HVWH
FRPSRUWDPLHQWRGHEHUtDPRVFLWDUIDFWRUHVFXOWXUDOHV\HFRQyPLFRV
HQWUH ORV TXH FDEH PHQFLRQDU OD HVFDVD FXOWXUD HPSUHQGHGRUD TXH
VLJXHH[LVWLHQGRHQ(VSDxDHOHVFDVRSRUFHQWDMHGHJDVWRHQ,'L
\ OD SRFD WUDGLFLyQ GH FRRSHUDFLyQ HPSUHVDULDO 7DPELpQ H[LVWHQ
IDFWRUHVILQDQFLHURVFRPRODH[FHVLYDGHSHQGHQFLDGHODVS\PHVGH
OD ILQDQFLDFLyQ EDQFDULD R IDFWRUHV LQVWLWXFLRQDOHV´ DxDGH 6HPXU

FRRUGLQDGRUD GHO OLEUR6LWXDFLyQ DFWXDO \ UHWRV GHO IXWXUR GH ODV

S\PHVHVSDxRODVSXEOLFDGRSRUHO,((
(O WDPDxR GH ODV HPSUHVDV HVWi YLQFXODGR D OD SURGXFWLYLGDG (Q
VHJ~Q OD (QFXHVWD ,QGXVWULDO GH (PSUHVDV HODERUDGD SRU HO
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD,1(ODSURGXFWLYLGDGWRWDOGHOD
LQGXVWULDPDQXIDFWXUHUDHVSDxRODIXHGHHXURV0LHQWUDVTXH
OD SURGXFWLYLGDG HQ OD PLFURHPSUHVD PHQRV GH HPSOHDGRV VH
VLWXyHQHXURVHQHOFDVRGHODVJUDQGHVFRUSRUDFLRQHV
R PiV DVDODULDGRV OD PHGLD DVFHQGLy D HXURV ³+D\ TXH
DVSLUDU SRU OR PHQRV D WHQHU XQ FROHFWLYR PiV LPSRUWDQWH GH
VRFLHGDGHV FRQ XQ WDPDxR HQWUH ORV \ ORV HPSOHDGRV´
FRPHQWD $OEHUWR GHO 3R]R HFRQRPLVWD GHO JDELQHWH WpFQLFR
FRQIHGHUDO GH 8*7 ³8QD HVWUXFWXUD VHVJDGD D OD PLFURHPSUHVD
JHQHUD JUDYHV SUREOHPDV HQ HO WHMLGR SURGXFWLYR (O WDPDxR HV XQ
IDFWRU FODYH SDUD LQYHUWLU 7HQHU FUpGLWR HQ EXHQDV FRQGLFLRQHV HV
FODYH \ FXDQGR PiV JUDQGH HV XQD FRPSDxtD PiV IiFLO \
JHQHUDOPHQWHHQPHMRUHVFRQGLFLRQHVHVVXDFFHVRDORVSUpVWDPRV
$GHPiV SDUD LQYHUWLU VH QHFHVLWDQ HFRQRPtDV GH HVFDOD JHQHUDU
VLQHUJLDV\HVRVRORVHORJUDFRQXQDGLPHQVLyQPD\RU´LQGLFD'HO
3R]R/DVHPSUHVDVLQGXVWULDOHVGHRPiVHPSOHDGRVVRQODVPiV
HQIRFDGDV D OD H[SRUWDFLyQ FRQ PiV GH XQ GH VX IDFWXUDFLyQ
GHVWLQDGDDOH[WHULRUVHJ~QORV~OWLPRVGDWRVGHO,1((QFDPELROD
PLFURHPSUHVDVRORGHVWLQDHOGHVXVYHQWDVDRWURVPHUFDGRV
PLHQWUDV TXH HQ ODV VRFLHGDGHV SHTXHxDV GH D PLHPEURV GH
SODQWLOOD OD H[SRUWDFLyQ VLJQLILFD HO GH OD FLIUD GH QHJRFLR
³'XUDQWH OD UHFHVLyQ ORV VHFWRUHV FRQ XQD PD\RU LQWHQVLGDG
H[SRUWDGRUD \ FRQ XQD PD\RU FRQFHQWUDFLyQ GH SXHVWRV GH WUDEDMR
PRVWUDURQ XQ PHMRU FRPSRUWDPLHQWR GHO HPSOHR´ GHVWDFD 2ULRO
$VSDFKV GLUHFWRU GH PDFURHFRQRPtD GH /D &DL[D 5HVHDUFK ³/D
LQWHUQDFLRQDOL]DFLyQKDVLGRGHJUDQD\XGDGXUDQWHODVSHRUHVIDVHV
GHODFULVLV(QHVWHVHQWLGRDFXDOTXLHUHFRQRPtDOHD\XGDHOKHFKR
GHWHQHUXQPD\RUQ~PHURGHFRPSDxtDVJUDQGHVSRUTXHHOWDPDxR
HV XQD FXHVWLyQ LPSRUWDQWHD OD KRUDGH H[SRUWDU´ VHJ~Q $VSDFKV

/D GLPHQVLyQ HPSUHVDULDO HVWi PX\ UHODFLRQDGD FRQ OD ORQJHYLGDG

GH ODV HPSUHVDV XQD FDUDFWHUtVWLFD PX\ GHVHDEOH VHJ~Q /D &DL[D
5HVHDUFK ³\D TXH QLYHOHV GH PDGXUH] PiV DOWRV FRQWULEX\HQ D
FRQVROLGDU OD FDSDFLGDG GH SURGXFFLyQ \ OD SHQHWUDFLyQ GHO
PHUFDGR´(QHVWHVHQWLGRGHHQWUHODVHPSUHVDVHVSDxRODVFRQR
PHQRVDVDODULDGRVVRORXQKDEtDFXPSOLGRPiVGHDxRVGH
DFXHUGR FRQ ORV GDWRV GHO ',5&( (Q FDPELR HQ ODV HPSUHVDV GH
PiVGHWUDEDMDGRUHVHVWDUDWLRDOFDQ]DEDHO
8QD YLVLyQDOWHUQDWLYD HQHO GHEDWHVREUH HO WDPDxR HPSUHVDULDOOD

SURSRUFLRQDQ SUHFLVDPHQWH GHVGH OD SDWURQDO GH ODV SHTXHxDV \
PHGLDQDV HPSUHVDV &HS\PH (O UHVSRQVDEOH GH HFRQRPtD GH HVWD
RUJDQL]DFLyQ &DUORV 5XL] VXJLHUH TXH VL HQ (VSDxD KD\ WDQWD
PLFURHPSUHVD HV SRUTXH HVWiQ HQIRFDGDV D XQ WLSR GH GHPDQGD
GRQGH VX GLPHQVLyQ TXL]i UHVXOWD ySWLPD SDUD VHU HILFLHQWH 6LQ
QHJDU TXH KD\D iPELWRV GRQGH HV QHFHVDULR PiV FDOLEUH 5XL]
DGYLHUWHGHTXHQRVHWUDWDGH³FUHFHUDORORFRFUHFHUSRUFUHFHU´
³/RTXHGHWHUPLQDODHVWUXFWXUDHPSUHVDULDOGHXQSDtVHVHOHQWRUQR
FRPSHWLWLYR\ODGHPDQGD(Q(VSDxDODGHPDQGDHVWiYROFDGDHQHO
VHFWRUVHUYLFLRV\GHFRQVXPRVREUHWRGRHQHOWXULVPR(VKDFLDHVH
QLFKR GRQGH HVWiQ YROFDGDV ODV HPSUHVDV \ SRU OR WDQWR HV OR TXH
GHWHUPLQD VX WDPDxR´ (O H[SHUWR GH &HS\PH VHxDOD TXH XQD
HPSUHVD GH WUDEDMDGRUHV HV PX\ SHTXHxD SDUD HO VHFWRU
LQGXVWULDOSHURQRHVDVtVLVHGHGLFDDOFRPHUFLRDOSRUPHQRU³/D
PD\RUGLILFXOWDGGHODVS\PHVHVHODFFHVRDODILQDQFLDFLyQ<TXLHQ
HVWi JHQHUDQGR HVWH GHEDWH HQ WRUQR DO WDPDxR VRQ SUHFLVDPHQWH
DTXHOODVHQWLGDGHVTXHOOHYDQDxRVGLFLHQGRTXHVLQRKD\SUpVWDPRV
HVSRUTXHQRKD\GHPDQGDVROYHQWHÚHFXHUGD5XL]
/DVFDUDFWHUtVWLFDVGHOPHUFDGRODERUDOORVGLODWDGRV\GLILFXOWRVRV
WUiPLWHV EXURFUiWLFRV OD QRUPDWLYD ILVFDO \ FRQWDEOH R XQD FLHUWD
LQVHJXULGDG MXUtGLFD HQ GHWHUPLQDGRV FDVRV WDPELpQ HQWRUSHFHQ HO
GHVDUUROOR FRUSRUDWLYR (Q HO iPELWR GH ODV SURSLDV HPSUHVDV ORV
H[SHUWRVHFKDQHQIDOWDXQDPD\RUDPELFLyQXQXVRPiVLQWHQVLYRGH
ODV QXHYDV WHFQRORJtDV \ XQD PD\RU DSXHVWD SRU OD LQQRYDFLyQ ³$

YHFHV OD GHFLVLyQ GH QR FUHFHU HV XQ WHPD IDPLOLDU´ UHFRQRFH
<RODQGD)HUQiQGH]³/DVHPSUHVDVIDPLOLDUHVQHFHVLWDQHVWUXFWXUD\
DVHVRUDPLHQWR(QHVWHVHQWLGRKDEUtDTXHDFWXDUHQODIRUPDFLyQGH
ORV GLUHFWLYRV \ HQ OD SURIHVLRQDOL]DFLyQ GH ODV HPSUHVDV 'H QDGD
YDOGUtDDSUREDUPHGLGDVSDUDTXH ODVVRFLHGDGHVJDQHQWDPDxRVL
ODV SHUVRQDV TXH GLULJHQ HVDV FRPSDxtDV QR HVWiQ SUHSDUDGDV´
DJUHJD OD GLUHFWLYD GHO &tUFXOR GH (PSUHVDULRV $OEHUWR 3R]R GH
8*7 WDPELpQ FRLQFLGH FRQ HVWD LGHD \ UHFXHUGD TXH VH HVWi
SURPRYLHQGR XQ WLSR GH HPSUHVDULR TXH WLHQH SRFR TXH YHU FRQ OR
TXH pO GHQRPLQD ³HPSUHVDULR FOiVLFR´ ³<D QR VH KDEOD GH
HPSUHVDULRV VLQR GH HPSUHQGHGRUHV 6H TXLHUH SURPRYHU OD ILJXUD
GHO HPSOHDGR SRU FXHQWD SURSLD \ DVLPLODU HVWD HVWUDWHJLD FRQ XQD
HVWUXFWXUDSURGXFWLYD ySWLPD FXDQGR QROR HV´ 'HO 3R]R UHFRQRFH
TXH ORV FRVWHV ODERUDOHV R ILVFDOHV VRQ XQ IDFWRU LPSRUWDQWH SDUD
TXHXQDHPSUHVDFUH]FDSHURVHxDODTXHODVSROtWLFDVS~EOLFDVSDUD
LQFHQWLYDU HO FUHFLPLHQWR QR GHEHQ GHVFDQVDU VROR HQ JDQFKRV
LPSRVLWLYRVRODERUDOHV³6RQHVWtPXORVDFRUWRSOD]R\SRUORWDQWR
YDQ D GDU OXJDU D HPSUHVDV GH SRFR UHFRUULGR TXH HQ FXDQWR VH
DSDJXHQ ORV HVWtPXORV FHUUDUiQ´ (O HFRQRPLVWD GH 8*7 UHFXHUGD
TXH KD\ RWUDV FXHVWLRQHV TXH WDPELpQ WUDEDQ XQD PD\RU GLPHQVLyQ
GHO WHMLGR HPSUHVDULDO ³8QD HV HO DFFHVR DO FUpGLWR \ OD RWUD HO
PHUFDGRHQHUJpWLFR(VSDxDWLHQHXQRGHORVFRVWHVHQHUJpWLFRVPiV
FDURVGH(XURSD´VXEUD\D«
KWWSVHFRQRPLDHOSDLVFRPHFRQRPLDDFWXDOLGDG
BKWPO
$&7,9,'$'
$QDOL]DUDSDUWLUGHORSODQWHDGRHQHVWHDUWtFXORFRPRVHUHODFLRQDQ
ODVFRQILJXUDFLRQHVLGHROyJLFDVFRQORVGDWRVHPStULFRVSDUDVRVWHQHU
XQDGHWHUPLQDGDGHILQLFLyQGHODUHDOLGDG
(&2120,67$6 $6(*85$1 48( (/ $80(172 '(/ *$672

3Ò%/,&212(6*(1(5$'25'(,1)/$&,Ï1

/D HPLVLyQ GH GLQHUR SDUD ILQDQFLDU HO JDVWR S~EOLFR QR HV
JHQHUDGRUDGHLQIODFLyQVRVWLHQHXQLQIRUPHGHO*UXSRGH(VWXGLRV
GH(FRQRPtD1DFLRQDO\3RSXODU*((1D3HQHOTXHVHSXQWXDOL]D
WDPELpQ TXH QR KD\ HYLGHQFLD HPStULFD GH HVR TXH SODQWHDQ ORV
HFRQRPLVWDV RUWRGR[RV /DV YLVLRQHV KHWHURGR[DV GH OD HFRQRPtD
VXHOHQDVRFLDUODLQIODFLyQDIDFWRUHVHVWUXFWXUDOHVGHODVHFRQRPtDV
SHULIpULFDV WDOHV FRPR HO SUHFLR GH ORV DOLPHQWRV H[SRUWDEOHV ORV
PHUFDGRVROLJRSyOLFRV \ OD SXMD GLVWULEXWLYD DILUPD HO WUDEDMR GHO
*((1D3 (Q FDPELR UHPDUFD TXH ORV HFRQRPLVWDV RUWRGR[RV \
RSRVLWRUHV VyOR SDUHFHQ VHxDODU D XQ FXOSDEOH GHO IHQyPHQR
LQIODFLRQDULR OD HPLVLyQ SDUD ILQDQFLDU HO H[FHVLYR JDVWR
S~EOLFR$VLPLVPR HO *((1D3 SXQWXDOL]y TXH HVWRV PLVPRV
DQDOLVWDV D SDUWLU GH OD GLIXVLyQ GH HVFHQDULRV VRPEUtRV VREUH HO
GHYHQLUGHODHFRQRPtDQDFLRQDO\PHGLDQWHGXGRVDVPHWRGRORJtDV
SDUD PHGLU OD YDULDFLyQ GH SUHFLRV EXVFDQ JHQHUDU H[SHFWDWLYDV
QHJDWLYDV HQ OD SREODFLyQ LQFHQWLYDQGR ORV FRPSRUWDPLHQWRV
HVSHFXODWLYRV 6LQ HPEDUJR VXEUD\D TXH DO DQDOL]DU OD HYROXFLyQ
GH ODV YDULDEOHV PRQHWDULDV \ ILVFDOHV HQ UHODFLyQ D ORV tQGLFHV GH
SUHFLRV LQFOX\HQGR ORV GH FRQVXOWRUDV SULYDGDV OD HYLGHQFLD
HPStULFD QR VH FRUUHVSRQGH FRQ ODV H[SOLFDFLRQHV RUWRGR[DV 'H
HVWDPDQHUDDGYLHUWHTXHODVPHGLGDVGHDMXVWHSODQWHDGDVGHVGHHO
HVWDEOLVKPHQW SDUD FRPEDWLU OD LQIODFLyQ DO RULHQWDUVH KDFLD
YDULDEOHV TXH QR JXDUGDQ XQD FRUUHODFLyQ FRQ OD YDULDFLyQ GH
SUHFLRV VROR SXHGHQ WUDHU FRPR UHVXOWDGR XQD UHGXFFLyQ GHO
FUHFLPLHQWR HO HPSOHR \ HO FRQVXPR GH ORV DUJHQWLQRV/D
RUWRGR[LD HFRQyPLFD SURSRQH FRQWUDHU OD HPLVLyQ PRQHWDULD
PHGLDQWH XQD UHGXFFLyQ GHO CH[FHVLYR JDVWR GHO *RELHUQRC DILUPD
HODQiOLVLV1RREVWDQWH\DOUHOHYDUSRUHMHPSORHOLPSDFWRGHORV
DGHODQWRVGHO%DQFR&HQWUDOHQHOQLYHOGHSUHFLRVVRVWLHQHTXHQR
H[LVWH UHODFLyQ HQWUH DPEDV YDULDEOHV LQFOXVLYH WRPDQGR GDWRV
SULYDGRV $Vt FRQFOX\H TXH OD HYLGHQFLD HPStULFD QR DYDOD OD
UHODFLyQ HQWUH ORV DGHODQWRV GHO %&5$ DO 7HVRUR \ OD YDULDFLyQ GH
SUHFLRV$OUHVSHFWRSXVRGHUHOLHYHTXHQRKD\FRUUHODFLyQHQWUH
DPEDVYDULDEOHV\SUHFLVyTXHHQ\

HOFUHFLPLHQWRGHORVDGHODQWRVWUDQVLWRULRVQRVLJXLyODGLUHFFLyQGH
ORVSUHFLRV(QHVHVHQWLGRGHDFXHUGRDODFRPSDUDFLyQUHDOL]DGD
SRUHOLQIRUPHPLHQWUDVHQODYDULDFLyQGHO,3&TXHHODERUDOD
FRQVXOWRUDGHOHFRQRPLVWD0LJXHO%HLQIXHGHSRUFLHQWRDQXDO
ORVDGHODQWRVWUDQVLWRULRVDO7HVRURFUHFLHURQSRUFLHQWR\DODxR
VLJXLHQWH HVDV YDULDFLRQHV IXHURQ \ SRU FLHQWR
UHVSHFWLYDPHQWH $VLPLVPR HQ HO GLQHUR JLUDGRSRU HO %&5$
VHLQFUHPHQWySRUFLHQWRDOWLHPSRTXHHO,3&%HLQORKL]RHQXQ
HQODPDVDGHGLQHURDO7HVRURWUHSySRUFLHQWR\VLQ
HPEDUJRODLQIODFLyQVHJ~QHVDFRQVXOWRUDIXHGH(QWDQWRHO
DxR SDVDGR FRQ XQ DXPHQWR GH SRU FLHQWR GH ORV DGHODQWRV OD
YDULDFLyQGHSUHFLRVVHJ~Q%HLQIXHGH
(O *((1D3 UHPDUFD TXH D SDUWLU GH HVWH GLDJQyVWLFR TXH QR VH
VXVWHQWD FRQ ORV GDWRV GH OD UHDOLGDG HO HVWDEOLVKPHQW HFRQyPLFR
SODQWHD FRPR VROXFLyQ XQD SURIXQGD UHGXFFLyQ GHO JDVWR S~EOLFR
([SOLFyTXHPHGLDQWHHVWDSROtWLFDDOFRQVHJXLUUHVXOWDGRVSRVLWLYRV
HQ ODV FXHQWDV S~EOLFDV VH KDUtD LQQHFHVDULR HO ILQDQFLDPLHQWR GHO
&HQWUDODOVHFWRUS~EOLFR\SRUWDQWRVHUHGXFLUtDODLQIODFLyQ6LQ
HPEDUJRLQGLFDTXHODVFXHQWDVS~EOLFDVDUJHQWLQDVVHHQFXHQWUDQ
HQ OtQHD FRQ ORV Q~PHURV UHJLRQDOHV \ HQ SHUVSHFWLYD KLVWyULFD
GHQRWDQXQHVFHQDULRGHVXVWHQWDELOLGDGILVFDO$OUHVSHFWRSUHFLVD
TXH HO GpILFLW ILVFDO DUJHQWLQR SDUD IXH GH SRU FLHQWR GHO
3URGXFWR ,QWHUQR %UXWR 3,% VLPLODU DO SURPHGLR GH OD UHJLyQ H
LQIHULRU DO H[KLELGR SRU SDtVHV FRPR 0p[LFR %UDVLO \ &RORPELD
3RURWURODGRVHxDODTXHVLVHFRPSDUDHOUHVXOWDGRSULPDULR\HO
ILVFDO SURPHGLR DUJHQWLQRV SDUD HO SHULRGR HQ UHODFLyQ
FRQ HO SURPHGLR ORV UHVXOWDGRV REWHQLGRV GXUDQWH OD
~OWLPDGpFDGDH[KLEHQXQDPHMRUDVXVWDQFLDOGHODVFXHQWDVS~EOLFDV
PRVWUDQGR OD VXVWHQWDELOLGDG LQWHUWHPSRUDO GH OD SROtWLFD ILVFDO GHO
JRELHUQR QDFLRQDO ,QGLFD TXH VL SDUD HO SULPHU SHUtRGR HO
UHVXOWDGR SULPDULR SURPHGLR IXH GH DSHQDV SRU FLHQWR GHO 3,%
LQFOX\HQGR ORV LQJUHVRV SRU SULYDWL]DFLRQHV HO UHVXOWDGR SULPDULR
SURPHGLR GH OD ~OWLPD GpFDGD IXH GHO RUGHQ GH SXQWRV GHO

3URGXFWR (Q FXDQWR DO UHVXOWDGR ILVFDO GHVSXpV GHO SDJR GH
LQWHUHVHV GH ODGHXGD HO LQIRUPHVXEUD\D TXH PLHQWUDV TXH HQ ORV
CVH UHJLVWUyXQ GpILFLW SURPHGLRGH SRU FLHQWRGHO 3,% SDUD
HO UHVXOWDGR ILVFDO IXH HTXLOLEUDGR VLHQGR GH GHO
3URGXFWR
KWWSZZZWHODPFRPDUQRWDVHFRQRPLVWDV
DVHJXUDQTXHHODXPHQWRGHOJDVWRSXEOLFRQRHVJHQHUDGRUGH
LQIODFLRQKWPO
$&7,9,'$'
$QDOL]DUDSDUWLUGHODOHFWXUDGHOVLJXLHQWHWH[WRFyPRVHHYLGHQFLD\
VH FRUUHODFLRQD OD SURGXFFLyQ FLHQWtILFD FRQ IDFWRUHV HFRQyPLFRV
SROtWLFRV\FXOWXUDOHV
0$3$'(/$,19(67,*$&,Ï1&,(17Ë),&$'(/081'2
6L ORV WHUULWRULRV GHOPXQGR IXHUDQ DVLJQDGRV GH DFXHUGR D OD

FDQWLGDGGHWUDEDMRVGHLQYHVWLJDFLyQFLHQWtILFDTXHVHSURGXFHQHQ
FDGD SDtVWHQGUtDXQ DVSHFWR EDVWDQWH H[WUDxR LUUHJXODU (O
KHPLVIHULRQRUWHVHUtDPXFKRPiVJUDQGHTXHHQODUHDOLGDG(OVXU
JOREDO LQFOX\HQGR ÈIULFD VH IXQGLUtD IXHUD GHO PDSD(VWD LPDJHQ
PXHVWUDXQ SXQWR GUDPiWLFR VREUH ODV FRPSOHMLGDGHV GH ODV
GHVLJXDOGDGHV PXQGLDOHV HQ OD SURGXFFLyQ GH FRQRFLPLHQWR \ HO
LQWHUFDPELR GH LQIRUPDFLyQ (QWRQFHV ¢TXp HVWi LPSXOVDQGR HVWD
GHVLJXDOGDG \ FyPR SXHGH FRUUHJLUVH" (O GLQHUR(O GLQHUR \ OD
WHFQRORJtD VRQ QHFHVDULRV SDUD SURGXFLU OD LQYHVWLJDFLyQ /D
LQYHVWLJDFLyQ \ HO GHVDUUROOR GH LQWHQVLGDG PHGLD HV GHFLU FXiQWR
GLQHURGHOSRUFHQWDMHGHO3,%VHGHVWLQDQSDUDLQYHVWLJDFLyQ(QORV
SDtVHVGHOD2&'(IXHGHOHQ6LQHPEDUJRSRFRVSDtVHV
HQGHVDUUROORKDEtDQGHVWLQDGRDLQYHVWLJDFLyQHO6LQVXILFLHQWHV
IRQGRVORVLQYHVWLJDGRUHVGHEHQGHGLFDUXQDJUDQSDUWHGHVXWLHPSR
HQ ODUHFDXGDFLyQ GH IRQGRVHQRUJDQL]DFLRQHV GH VXEYHQFLyQ IXHUD
GHVXVXQLYHUVLGDGHV(VWRVLJQLILFDPHQRVWLHPSRSDUDLQYHUWLUHQOD

SURSLDLQYHVWLJDFLyQ
&XDQGRVHWUDWDGHWHFQRORJtDHODQFKRGHEDQGDHVXQDQRUPDOLGDG
HQ HO 1RUWH JOREDO OR TXH IDFLOLWD OD FRQH[LyQ FRQ RWURV
LQYHVWLJDGRUHV ,QWHUQHW HV PXFKR PiV OHQWR \ PiV FDUR HQ ÈIULFD
SRU OR TXH OD FRODERUDFLyQ HQWUH ORV LQYHVWLJDGRUHV HV PiV
FRPSOLFDGDHQHOFRQWLQHQWHTXHSDUDORVLQYHVWLJDGRUHVGH((88
(XURSD\$VLD/DVUHYLVWDVFLHQWtILFDVTXHSXEOLFDQODLQYHVWLJDFLyQ
TXH GHILQHHVWHH[WUDxR PDSD QR VRQ QHXWUDOHV ORV FRPSURPLVR
HFRQyPLFRV\FRPHUFLDOHVKDFHQTXHORVQLYHOHVGHSDUWLFLSDFLyQHQ
HVWRVPHGLRVGHFRPXQLFDFLyQFLHQWtILFDVHDQGHVLJXDOHV8QHVWXGLR
GHFXDWURUHYLVWDVGHDOWRLPSDFWRHQFLHQFLDVVRFLDOHVHQFRQWUyTXH
HVWDV UHYLVWDV DWUDMHURQ D ORV DXWRUHV GH PXFKRV SDtVHV GHWRGR HO
PXQGR SHUR VXV OXJDUHV GHLQYHVWLJDFLyQ VH HQFXHQWUDQ
VLJQLILFDWLYDPHQWHHQ(XURSD\$PpULFDGHO1RUWH(VWRVXJLHUHTXH
ORVLQYHVWLJDGRUHVORFDOHVXWLOL]DUiQVXVHVFDVRVUHFXUVRVWpFQLFRV\
ILQDQFLHURV SDUD VHU SXEOLFDGR HQ UHYLVWDV GH DOWR LPSDFWRGH
iPELWRLQWHUQDFLRQDO HQ OXJDU GH LQYHUWLU HQ HO GHVDUUROOR GH OD
LQYHVWLJDFLyQORFDO
+D\ RWUR SUREOHPD FRQ HVWH PDSD ³/D LQYHVWLJDFLyQ LQYLVLEOH´ ODV
UHYLVWDV PLGH DUWtFXORV GH UHYLVWDV GH FLHQFLD FRPR OD ~QLFD
UHSUHVHQWDFLyQ GH ORV UHVXOWDGRVGH OD LQYHVWLJDFLyQ FLHQWtILFD 1R
WLHQH HQ FXHQWD RWURV SURGXFWRV \ IRUPDWRVFRPR PRQRJUDItDV
GRFXPHQWRV GH WUDEDMR LQIRUPHVWpFQLFRV \ SROtWLFRVUHSRUWV TXH
VRQ ORV SULQFLSDOHV PHFDQLVPRV GH FRPXQLFDFLyQ FLHQWtILFD HQ
iPELWRVFRPRODVFLHQFLDVVRFLDOHV\KXPDQLGDGHVJpQHURV$GHPiV
GHLQWHUSUHWDUHOWpUPLQRFLHQFLDFRPRFLHQFLDVSXUDV\DSOLFDGDV<
HVHQ HVWRVJpQHURV GRQGH PiV DPHQXGR SUHYDOHFHQ ODV iUHDV GH
LQYHVWLJDFLyQGHFXHVWLRQHVPiVLPSRUWDQWHV\XUJHQWHVHQORVSDtVHV
HQGHVDUUROOR 3RU OR TXH VHUtD FRQYHQLHQWH HVWDEOHFHU PHFDQLVPRV
GH GHPRVWUDU VX YDOtD \D VHD D WUDYpV GH QXHYDV PDQHUDV GH
HYDOXDFLyQFLHQWtILFDRGHQXHYDVPpWULFDVTXHYDORUHQHOLPSDFWR\
HO YDORU SDUDHO XVR \ UHXWLOL]DFLyQ GH HVWD LQYHVWLJDFLyQ (VWD
VLWXDFLyQPHMRUDUiJUDFLDVDODVSROtWLFDVGHDFFHVRDELHUWRTXHHQ

ODDFWXDOLGDGVHHVWiQGHVDUUROODQGRIXQGDPHQWDOPHQWHHQOD8QLyQ
(XURSHDHO5HLQR8QLGR\HQRWURVOXJDUHVGHOQRUWH(VWDVSROtWLFDV
DXPHQWDUiQ VXVWDQFLDOPHQWH HO YROXPHQ GH LQYHVWLJDFLyQ SDUD TXH
ORV HVWXGLRVRV \ OHFWRUHV GH WRGR HO PXQGRWHQJDQDFFHVR 3HURKD\
XQ SHOLJUR LUyQLFR HQ HVWD GLVSRQLELOLGDG PiV RPQLSUHVHQWH6L HO
PXQGR HQ GHVDUUROOR QR WLHQH SROtWLFDV QDFLRQDOHV \ UHJLRQDOHV
VLPLODUHV \ VL ORV UHFXUVRV QR HVWiQ GLVSRQLEOHV SDUD DSR\DU
DFWLYDPHQWHODGLIXVLyQDELHUWDHQHVWRVSDtVHVODLQYHVWLJDFLyQGHO
PXQGR HQ GHVDUUROOR VHUi D~Q PiV LQYLVLEOH 3DUDFRPHQ]DU D
FDPELDU HO PDSD VH UHTXHULUiQ YDULRV SDVRV (Q SULPHU OXJDU OD
PHMRUDGHODILQDQFLDFLyQ\ODLQIUDHVWUXFWXUDWHFQROyJLFD$OPLVPR
WLHPSR ODVSURSLDV SHUFHSFLRQHV GH OR TXH VH FRQVLGHUD³FLHQFLD´
GHEHQVHUDPSOLDGDVSDUDH[WHQGHUVHGHOPLVPRPRGRDODVFLHQFLDV
VRFLDOHV \ KXPDQLGDGHV 2WUR WHPD UHODFLRQDGR FRQ HVWH HV TXH
ORVUHVXOWDGRV GH OD LQYHVWLJDFLyQ VHDQUHFRQRFLGRV PiV DOOi GH ORV
OtPLWHV GHO DUWtFXOR 3RU RWUR ODGR ORV LQFHQWLYRV \ VLVWHPDV GH
UHFRPSHQVD QHFHVLWDQ VHU DMXVWDGRV SDUD DOHQWDU \ OHJLWLPDU
SUiFWLFDVFLHQWtILFDVPiVMXVWDVTXHVRQSRVLEOHVHQXQPXQGRGLJLWDO
HQ UHG < SRU ~OWLPR HO PRYLPLHQWR GH DFFHVR DELHUWR QHFHVLWD
DPSOLDU VX HQIRTXH GHVGH HO DFFHVR DO FRQRFLPLHQWR D OD SOHQD
SDUWLFLSDFLyQHQOD FUHDFLyQ GH FRQRFLPLHQWR \ HQ OD FRPXQLFDFLyQ
DFDGpPLFD
KWWSVXQLYHUVRDELHUWRRUJPDSDGHODLQYHVWLJDFLRQ
FLHQWLILFDGHOPXQGR

&DStWXOR
,19(67,*$&,21(6&8$17,7$7,9$6<
&8$/,7$7,9$6
7HPDVFODYHV
)XQGDPHQWRVHSLVWpPLFRVGHORVFXDOLWDWLYR\ORFXDQWLWDWLYR
3ODQRREMHWLYR\VXEMHWLYRGHODUHDOLGDGDLQYHVWLJDU
(VWUDWHJLDFXDQWLWDWLYD\FXDOLWDWLYDGHODLQYHVWLJDFLyQ
7ULDQJXODFLyQ
/DV LQYHVWLJDFLRQHV GH ODV FLHQFLDV VRFLDOHV GHELGR D OD QDWXUDOH]D

FRPSOHMD GH VX REMHWR GH HVWXGLR XQD UHDOLGDG VRFLDO FRQVWUXLGD
LQWHQFLRQDOHLQDGYHUWLGDPHQWHSRUVXVSDUWLFLSDQWHVFRQGLIHUHQFLDOHV
UHFXUVRV GHQWUR GH FLHUWDV FRQGLFLRQHV PDWHULDOHV SUHVHQWD
SDUWLFXODULGDGHV HQ VX DERUGDMH FRJQLWLYR \ VX FRQVHFXHQWH
DSOLFDELOLGDGLQVWUXPHQWDOGHVXVPpWRGRVGHLQYHVWLJDFLyQRULHQWDGDV
DDERUGDUODVGLIHUHQWHVSUREOHPiWLFDVSURSLDVGHFDGDGLPHQVLyQGHO
REUDU KXPDQR D SDUWLU GH XQD FRQVLGHUDFLyQ GH OR VRFLDO FRPR
DTXHOORTXHVHFRQGHQVDHQODLQWHUDFFLyQUHFXUVLYD\FRPSOHMDHQWUH
SRUXQODGRXQPXQGRH[WHUQR\REMHWLYRPDWHULDOL]DGRHQKHFKRV\
FRQGLFLRQHV PDWHULDOHV GH YLGD \ SRU HO RWUR XQ PXQGR LQWHULRU \
VXEMHWLYR FRQVWLWXLGR SRU ODV VLJQLILFDFLRQHV LPSOLFDGDV HQ OD
LQWHULRULGDG GH ORV VHUHV KXPDQRV (Q ODV LQYHVWLJDFLRQHV TXH VH
RULHQWDQ D UHJLVWUDU HPStULFDPHQWH OD GLPHQVLyQ REMHWLYD GHO REUDU
KXPDQRKHFKRVPDQLIHVWDFLRQHVFRQGLFLRQHVGHYLGDLQVWLWXFLRQHV
VH SUHWHQGH OD GHWHUPLQDFLyQ \ PHGLFLyQ GH ORV KHFKRV PpWRGR
FXDQWLWDWLYRHQFDPELRHQDTXHOODVLQYHVWLJDFLRQHVTXHVHGLULJHQD
OD GLPHQVLyQ GH OD UHDOLGDG VRFLDO OD SUHWHQVLyQ FRJQLWLYD UDGLFD HQ
FRPSUHQGHU ODV HVWUXFWXUDV VXEMHWLYDV GH ODV VLJQLILFDFLRQHV

LPSOLFDGDV HQ OD DFFLyQVRFLDO PpWRGR FXDOLWDWLYR /D FRPSOHMLGDG

GH OD LQYHVWLJDFLyQ GH OD UHDOLGDG VRFLDO UHTXLHUH GH KHWHURJpQHDV
DSUR[LPDFLRQHV LQVWUXPHQWDOHV \ FRJQLWLYDV FLHQWtILFDPHQWH YiOLGDV
SDUD VX DGHFXDGD \ FRKHUHQWH DSOLFDELOLGDG HQ FRKHUHQFLD FRQ HO
REMHWRDVHULQYHVWLJDGR
3ODQRREMHWLYR\VXEMHWLYRGHODUHDOLGDGVRFLDO
/DUHDOLGDGVRFLDOVHFRQVWUX\HDWUDYpVGHSURFHVRVVRFLDOHVPDFURV
SRU HMHPSOR D WUDYpV GH DFWLYLGDGHV RUJDQL]DFLRQDOHV H
LQVWLWXFLRQDOHV \ PLFURV SRU HMHPSOR D SDUWLU GH ODV SUiFWLFDV
FRWLGLDQDVJUXSRVHLQGLYLGXRVTXHVHGHVDUUROODQVLPXOWiQHDPHQWH
HQXQSODQRPDWHULDO\FRQFUHWRHMHPSORHOUHWLURGHORVGHSyVLWRVHQ
ORV EDQFRV HO GHVFHQVR HQ ORV LQJUHVRV \ HO FRQVXPR GH XQD
SREODFLyQODFRPSUDGHXQDGHWHUPLQDGDPDUFDGHURSD\DODYH]
HQ XQ SODQR VXEMHWLYR \ VLPEyOLFR HMHPSOR FUHHQFLDV GH ORV
GHSRVLWDQWHV EDQFDULRV RSLQLyQ \ SHUFHSFLyQ HPRFLRQDO GHO SURSLR
GHVFHQVR GHO VWDWXV HFRQyPLFR PRWLYDFLRQHV \ GHVHRV GH ORV
FRQVXPLGRUHV RULHQWDGRV SRU GHWHUPLQDGDV PDUFDV GHQWUR GH HVWRV
SURFHVRV GRQGH VH HQWUHOD]DQ OD SURGXFFLyQ VRFLDO GH REMHWLYLGDG \
VXEMHWLYLGDG ORV DFWRUHV VRFLDOHV GHVDUUROODQ VX DFFLyQ GHQWUR GH
PDUFRV GH VLJQLILFDGR FRQVWLWXLGRV SRU FLHUWDV FRQGLFLRQHV FXOWXUD
FOLPD HQWRUQR DPELHQWDO \ WHFQROyJLFR TXH LPSOLFDQ XQ PXQGR
VRFLDOKHUHGDGRGHVGHORKLVWyULFRSRUODSURGXFFLyQKXPDQDSUHYLD
\ XQ PXQGR QDWXUDO FRQVWLWXLGR LQGHSHQGLHQWHPHQWH GH VX
H[LVWHQFLDSHURPRGLILFDGRGHVGHHOPXQGRVRFLDOTXHFLUFXQVFULEHQ
ORVOtPLWHV\DODYH]SHUPLWHQODFDSDFLGDGGHWUDQVIRUPDFLyQGHOD
UHDOLGDGDSDUWLUGHVXVSUiFWLFDVVRFLDOHV
/DRUJDQL]DFLyQKLVWyULFDGHOREUDUKXPDQRQRLPSOLFDTXHHOVXMHWR
VRFLDO VHUHV KXPDQRV VXMHWDGRV D XQ RUGHQ VRFLDOKLVWyULFR QR VHD
WUDQVIRUPDGRU GHO PXQGR GRQGH YLYH OLPLWDGR SRU HO FRQWH[WR HO
VXMHWRSURGXFHGHVGHORFRQVFLHQWH\ORLQFRQVFLHQWHDFWLYDPHQWHVX
UHDOLGDGORVDFWRUHVVRFLDOHVQRRSHUDQVREUHHOYDFtRDSDUWLUGHXQD
YROXQWDG SHUVRQDO QR VRQ HQWLGDGHV DWRPL]DGDV DLVODGDV GHO PXQGR

GHORVRWURVVRQLQGLYLGXRVVRFLDOL]DGRVTXHVHHQFXHQWUDQGHQWURGH
XQD WUDPD LQWHUVXEMHWLYD LQVHUWD GHQWUR GH GHWHUPLQDGRV yUGHQHV
VRFLDOHV \ ODV RULHQWDFLRQHV GH VHQWLGR \ FRVPRYLVLRQHV TXH ORV
FRQVWLWX\HQ /DV OHFWXUDV GH OD UHDOLGDG UHPLWHQ D UHSHUWRULRV
GLVSRQLEOHVGHQWURGHyUGHQHVVRFLDOHVGRQGHFDGDLQGLYLGXRKDVLGR
VRFLDOL]DGR \ HQ ORV TXH VH KDOOD VLWXDGR SRU VXSXHVWR TXH HVWH
SRVLFLRQDPLHQWR HSLVWHPROyJLFR FRQGXFH D XQ SODQWHR TXH LPSOLFD
TXH GHWUiV GH FXDOTXLHU RUGHQ R IHQyPHQR VRFLDO VH HQFXHQWUDQ ORV
FRPSRUWDPLHQWRV GH LQGLYLGXRV VRFLDOL]DGRV FRQ LQWHUHVHV SURSLRV
SHUR FRQVWLWXLGRV DSDUWLU GH XQSURFHVRGH VRFLDOL]DFLyQ D SDUWLU GH
FLHUWRVVHQWLGRVRULHQWDGRVSRUHOFRQWH[WRVRFLDOHQHOTXHVHKDOODQ
LQPHUVRV SRU HOOR WRGD DFWLYLGDG VRFLDO WDQWR HQ VX RULHQWDFLyQ GH
VHQWLGRFRPR HQ VXFRQFUHFLyQ HVWi FRGHWHUPLQDGDSRU OD DFFLyQGH
ORVRWURVDWUDYpVGHP~OWLSOHVPRGDOLGDGHV/XFNPDQQ

/DLGHDGHXQDSHUVRQDTXHVHKDFHDVtPLVPDFDUHFHGHWRGRIXQGDPHQWR\GH
FXDOTXLHUOyJLFDQRH[LVWHQLQGLYLGXRVSUHVRFLDOHVHVGHFLUFDUHQWHVGHXQD
LPSUHJQDFLyQHQVXVXEMHWLYLGDGGHODVIRUPDVVRFLDOHVKLVWyULFDVHQODVTXHKD
SDUWLFLSDGRGHVGHVXQDFLPLHQWR³«QRH[LVWHXQSXQWRGHSDUWLGDGHODDGKHUHQFLD
VRFLDOGHOLQGLYLGXRQRH[LVWHXQ©SULQFLSLRª«HQODFXDOHOLQGLYLGXRFRPRXQVHU
OLEUHGHHQWUHOD]DPLHQWRVHQWUHGHVGHIXHUDSRUDVtGHFLUORHQODVRFLHGDGSDUDXQLUVH
SRVWHULRUPHQWHFRQRWUDVSHUVRQDVVLQRTXHDVtFRPRWLHQHTXHKDEHUSDGUHVSDUDTXH
HOQLxRYHQJDDOPXQGRDVtFRPRODPDGUHWLHQHTXHDOLPHQWDUDOQLxRSULPHURFRQVX
VDQJUH\OXHJRFRQODVVXVWDQFLDVQXWULWLYDVGHVXFXHUSRDVtHOVHUKXPDQRLQGLYLGXDO
HVWiVLHPSUH\FRPSOHWDPHQWHLQPHUVRHQUHODFLRQHVFRQRWURV\SRUFLHUWRHQ
UHODFLRQHVSRVHHGRUDVGHXQDHVWUXFWXUDPX\GHWHUPLQDGD\HVSHFtILFDGHVXJUXSR
KXPDQR(VGHODKLVWRULDGHVXVUHODFLRQHVVXVGHSHQGHQFLDV\QHFHVLGDGHV\HQXQ
FRQWH[WRPD\RUGHODKLVWRULDGHWRGRHOWHMLGRKXPDQRHQHOTXHFUHFH\YLYHGHGRQGH
HOVHUKXPDQRREWLHQHVXFDUiFWHULQGLYLGXDO(VWDKLVWRULDHVWHWHMLGRKXPDQRVH
KDFHQSUHVHQWHVHQHOLQGLYLGXR\VRQUHSUHVHQWDGRVSRUHOLQGLYLGXRWDQWRVLpVWHVH
HQFXHQWUDDFWXDOPHQWHUHODFLRQDGRFRQRWURVFRPRVLHVWiVRORWDQWRVLWUDEDMDHQXQD
JUDQFLXGDGFRPRVLVHHQFXHQWUDDPLONLOyPHWURVGHGLVWDQFLDGHVXVRFLHGDGFRPRXQ
QiXIUDJRHQXQDLVOD7DPELpQ5RELQVRQOOHYDHQVtPLVPRODLPSURQWDGHXQDVRFLHGDG
GHWHUPLQDGDGHXQSXHEOR\XQDFODVHVRFLDOGHWHUPLQDGRV$SDUWDGRGHWRGDUHODFLyQ
FRQDTXpOORVWDOFRPRVHHQFXHQWUDHQVXLVODVHFRPSRUWDWLHQHGHVHRV\XUGHSODQHV
GHDFXHUGRFRQORVSDWURQHVGHVXVRFLHGDGVXVGHVHRVSODQHVFRPSRUWDPLHQWRVVRQ
VHJ~QHVWRGLVWLQWRVDORVGH9LHUQHV\DOPLVPRWLHPSRODVQXHYDVFLUFXQVWDQFLDV
KDFHQTXHVHDGDSWHQHOXQRDORWUR\VHIRUPHQHOXQRDORWUR´(OLDV

(O PXQGR VRFLDO YLYHQFLDGR VXEMHWLYDPHQWH HV XQ PXQGR

SUHLQWHUSUHWDGRTXHDQWHFHGHDODH[LVWHQFLDLQGLYLGXDOODUHDOLGDGHV
SHUFLELGDSRULQWHUPHGLRGHOOHQJXDMHDSDUWLUGHVXRUJDQL]DFLyQHQ
FRQILJXUDFLRQHV LGHROyJLFDV HVTXHPDV FRQFHSWXDOHV \ FyGLJRV GH
FODVLILFDFLyQOLQJtVWLFRV\FXOWXUDOHVDPHQXGRHVWDVGLVSRVLFLRQHV
VH HQFXHQWUDQ QDWXUDOL]DGDV HQ ODV OHFWXUDV ³HVSRQWDQHDV´ GH OD
UHDOLGDG RSHUDQGR FRPR RUGHQDFLRQHV GH VHQWLGR LQYLVLEOHV D OD
FRQFLHQFLD SRU HOOR GHEH UHVDOWDUVH TXH HQ OtQHDV JHQHUDOHV OD
SUHVHQFLD GH ORV PLVPRV HQ HO IXQFLRQDPLHQWR GH OD SHUFHSFLyQ GH
FDGD SHUVRQD HV LQDGYHUWLGD SRU VX FDUiFWHU LUUHIOH[LYR %HUJHU \
/XFNPDQQ ORV PHQFLRQDGRV HVTXHPDV \ FyGLJRV VH
FRQVWLWX\HQHQODVVXEMHWLYLGDGHVGHORVLQGLYLGXRVHQUHODFLyQDVXV
SRVLFLRQHV VRFLDOHV QR FXDOTXLHU VLJQLILFDGR FLUFXOD SRU FXDOTXLHU
HVSDFLR VRFLDO \ D ORV HQWUDPDGRV GH VLJQLILFDGRV HQ ORV TXH
SDUWLFLSD FRPR DFWRUHV LQGLYLGXDOHV \ FROHFWLYRV SHUPLWLHQGR OD
SURGXFFLyQ \ OD UHSURGXFFLyQ GH VLJQLILFDGRV SRU OR FXDO HV
QHFHVDULRWHQHUHQFODURTXH³«ODVSDODEUDVQRVRQPHUDVHWLTXHWDV
YRFDOHV R DFFHVRULRV FRPXQLFDWLYRV 6RQ SURGXFWRV FROHFWLYRV GH
LQWHUDFFLyQ VRFLDO ,QVWUXPHQWRV HVHQFLDOHV D WUDYpV GH ORV FXDOHV
FRPSRQHPRV\DUWLFXODPRVQXHVWUDH[SHULHQFLD´+XJKHV
/D FRQIRUPDFLyQ GH ORV VLJQLILFDGRV GHEH FRPSUHQGHUVH FRPR XQ

SURFHVR FROHFWLYR TXH VH PDWHULDOL]D HQ XQ FRQWH[WR GRQGH DFW~DQ
DFWRUHV VRFLDOHV FRQ GHVLJXDOHV FDSDFLGDGHV SROtWLFDV FXOWXUDOHV
VRFLDOHV \ UHFXUVRV HFRQyPLFRV HVFRODUHV SDUD LQIOXHQFLDU HQ OD
FRQVWUXFFLyQGHORVVLJQLILFDGRVHQSRVGHVXVSURSLRVLQWHUHVHVHVWDV
HODERUDFLRQHV GH VHQWLGR VH FRQFUHWDQ \ VH RUJDQL]DQ FRQVWLWX\HQGR
VLVWHPDV LGHROyJLFRV SHUPHDEOHV D ODV GLQiPLFDV \ FRQIOLFWLYLGDGHV
GH OD VRFLHGDG /DV FRQILJXUDFLRQHV LGHROyJLFDV VRQ FRPSOHMRV GH
FRQRFLPLHQWRVFUHHQFLDVYDORUHVHLGHDOHVTXHRULHQWDQH[SHFWDWLYDV
DFWLWXGHV HPRFLRQHV \ FRPSRUWDPLHQWRV TXH UHVXOWDQ GH XQ
HQWUDPDGR VRFLDO FRQIOLFWLYR FRQ DFWRUHV TXH SRVHHQ GHVLJXDOHV
UHFXUVRVVHHVWDEOHFHQFRPRIRUPDVGHUHJXODFLyQVRFLDOILOWUDQGR\
QRUPDOL]DQGR OR TXH SXHGH VHU SHUFLELGR \ FRQFHSWXDOL]DGR ODV

IRUPDV LGHROyJLFDV VRQ XWLOL]DGDV GH IRUPD QR FRQFLHQWH SRU XQD
PXOWLSOLFLGDGGHDFWRUHVVRFLDOHVSDUDHQWHQGHU\H[SOLFDUVHODVFRVDV
TXHOHSDVDQRTXHLPDJLQDULDPHQWHOHSRGUtDQRFXUULU
$ SHVDU GH TXH OD SHUFHSFLyQ GH OR YLYLGR SDUHFLHUD IUXWR GH XQD
UHODFLyQQDWXUDO\GLUHFWDFRQHOHQWRUQRHOODHVFRQVHFXHQFLDGHXQD
FRQVWUXFFLyQVRFLDODXQTXHHOVXEVWUDWRELROyJLFRODVFDUDFWHUtVWLFDV
GHOFXHUSRKXPDQRLQFLGHHQORVFRPSRUWDPLHQWRVGHORVLQGLYLGXRV
ODUHDOLGDGYLYHQFLDGDSRUFDGDXQRGHORVPLHPEURVGHODVRFLHGDG
HV HO UHVXOWDGRGH XQ FRPSOHMRSURFHVRGH LQWHUDFFLyQVRFLDOTXH VH
GHQRPLQD SURFHVR GH VRFLDOL]DFLyQ %HUJHU \ /XFNPDQQ D
SDUWLUGHVXSDUWLFLSDFLyQHQHVWH SURFHVRHOVHUKXPDQRLQWHUQDOL]D
OHQJXDMHV \ SUiFWLFDV TXH OH SHUPLWH SHUFLELU \ SHQVDU HO PXQGR
FLUFXQGDQWHDWUDYpVGHGHWHUPLQDGDVIRUPDVLGHROyJLFDVDVtHODERUD
\RUJDQL]DXQVLVWHPDGHFUHHQFLDV\FDWHJRUtDVTXHVHFRQFUHWDQHQ
FRQWH[WRV VLWXDGRV GH H[SHULHQFLD $ WUDYpV GH SURFHVRV VRFLDOHV
FRPSOHMRVTXHVHHQPDUFDQHQXQDGHWHUPLQDGDGLPHQVLyQKLVWyULFD
HQFDGDVRFLHGDGVHFRQIRUPDQ\VHFRQGXFHQ³«LQFRQVFLHQWHPHQWH
DWUDYpVGHOOHQJXDMHJHQHUDQGRLGHRORJtDVVLVWHPDVGHFyGLJRVTXH
OH SUHH[LVWHQ \ D WUDYpV GH ORV FXDOHV VH DSURSLDQ VX LGHQWLGDG´
,EixH] HVWDV FRQILJXUDFLRQHV LGHROyJLFDV VH FRQVWLWX\HQ
VRFLDOPHQWH\RSHUDQFRPR³JXtDV´TXHRULHQWDQ\TXHSRVLELOLWDQD
ORV VXMHWRV VLWXDUVH GHQWUR GH XQD UHDOLGDG HVSHFtILFD
VLPXOWiQHDPHQWH YLDELOL]DQGR TXH HVD UHDOLGDG VH SURGX]FD \
UHSURGX]FDGHQWURGHGHWHUPLQDGDVRUGHQDFLRQHV7HQLHQGRHQFXHQWD
OD FRPSOHMLGDG LPSOLFDGD HQ HO UHJLVWUR GH OD UHDOLGDG VRFLDO \ HO
DFFLRQDUVREUHpVWDGHORVDFWRUHVLQYROXFUDGRVGHEHFRQWHPSODUVHOD
QHFHVLGDGGHHPSOHDUHVWUDWHJLDVGHLQYHVWLJDFLyQGLIHUHQFLDGDVDODV

³(OVLVWHPDLGHROyJLFRGHWHUPLQDODVUHSUHVHQWDFLRQHVGHORVRFLDOTXHWLHQHQORV
DFWRUHVSHURVXVOH\HVGHRUJDQL]DFLyQQRDSDUHFHQFRPRWDOHVDODVFRQFLHQFLDVGH
pVWRV/DVFDWHJRUtDVLGHROyJLFDVRUJDQL]DQHQIRUPDQDWXUDOODYLVLyQGHODVRFLHGDG
TXHWLHQHQORVLQGLYLGXRVSHURHOREVHUYDGRUSXHGHGHVFULELUVLVWHPiWLFDPHQWH
SURSLHGDGHVGHHVHFXHUSRGHUHSUHVHQWDFLRQHVGHODTXHORVDFWRUHVSRUGHILQLFLyQQR
WLHQHQQLQJXQDFRQFLHQFLD´9HUyQ

FRQYHQFLRQDOHV ODV KHUUDPLHQWDV \ ORV HQIRTXHV WHyULFRV GH OD

SHUVSHFWLYD FXDOLWDWLYD VRQ YiOLGDV SDUD FRPSUHQGHU ODV
VLJQLILFDFLRQHV TXH ODV SHUVRQDV OH RWRUJDQ D VXV LQLFLDWLYDV \ DO
PXQGR TXH OR URGHD SDUD GDU FXHQWD GH ODV PRWLYDFLRQHV
LQKLELFLRQHV \ FUHHQFLDV TXH VH HQFXHQWUDQ HQ HO OtPLWH GH OD
FRQFLHQFLD HQ HO REUDU FRWLGLDQR R SDUD FRQWUDVWDU ORV VHQWLGRV
FLUFXODQWHVGHQWURGHGHWHUPLQDGRVHVSDFLRVVRFLDOHV
&RQ OD XWLOL]DFLyQ GH ODV LQYHVWLJDFLRQHV FXDOLWDWLYDV VH SUHWHQGH

HVWDEOHFHU DSUR[LPDFLRQHV LQWHUSUHWDWLYDV VREUH ORV VHQWLGRV ODV
SHUFHSFLRQHVRORVDQFODMHVHPRFLRQDOHVTXHODVSREODFLRQHVHODERUDQ
FRWLGLDQDPHQWH HQ VXV FRQWH[WRV GH LQWHUDFFLyQ D WUDYpV GH XQD
DPSOLD JDPD GH WpFQLFDV GH UHJLVWUR GH GDWRV HVWH PpWRGR \ VXV
WpFQFLDV SRVLELOLWDQ DSUR[LPDFLRQHV KDFLD XQ DPSOLR UDQJR GH ODV
GLPHQVLRQHVGHODUHDOLGDGVXEMHWLYD(QODLQYHVWLJDFLyQFLHQWtILFDHQ
FLHQFLDVVRFLDOHVHOYtQFXORHQWUHHO6XMHWR\HO2EMHWRHVFRPSOHMR
\DTXHHO2EMHWRORTXHVHVXSRQHTXHHVXQDUHDOLGDGSDVLYDDVHU
LQYHVWLJDGD HV HQ UHDOLGDG XQ VXMHWR PLHPEUR DFWLYR GH XQD
VRFLHGDG FRPR HO LQYHVWLJDGRU DXQTXH HQ GHVLJXDOGDG GH
FRQGLFLRQHV \D TXH HV PHGLGR LQWHUURJDGR H[DPLQDGR SRU HO
LQYHVWLJDGRU RFRPRGLUtD %RXUGLHX³XQREMHWRTXHKDEOD´&XDQGR
HO LQYHVWLJDGRU VH HQIUHQWD D OD UHDOLGDG VRFLDO QR HVWi IUHQWH D XQD
WtSLFDVLWXDFLyQTXHYLQFXODDXQVXMHWRTXLHQLQYHVWLJD\XQREMHWR
HQWLGDG D VHU PHGLGD FRPR HV KDELWXDO HQ ODV FLHQFLDV GH OD
QDWXUDOH]D OD UHDOLGDG VRFLDO VXSRQH XQD QDWXUDOH]D GH FRPSOHMLGDG
GLIHUHQWH D OD H[LVWHQWH HQ ORV IHQyPHQRV ItVLFRV \ RUJiQLFRV HO
LQYHVWLJDGRU VRFLDO VLWXDGR HQ XQ GHWHUPLQDGR RUGHQ VRFLDO LQWHQWD
FRPSUHQGHUDRWURVVXMHWRVTXHVHHQFXHQWUDQWDPELpQSRVLFLRQDGRV
FRPR pO HQ XQD GHWHUPLQDGD VRFLHGDG SDUD HOOR XWLOL]D VXV SURSLDV
VLJQLILFDFLRQHVDILQGHHQFRQWUDUOHVHQWLGRDORTXHFRQVLGHUDFRPR
UHDOLGDG
'HWHUPLQDGDV LQIRUPDFLRQHV FXDQWLWDWLYDV VREUH OD UHDOLGDG VRFLDO

SXHGHQ EULQGDU XQ SDQRUDPD SDUD HQWHQGHU FLHUWDV GLQiPLFDV
REMHWLYDGDVGHORVIHQyPHQRVVRFLDOHVSHURDODYH]SXHGHQRVFXUHFHU

R QR VHU ~WLOHV SDUD FRPSUHQGHU ODV PRWLYDFLRQHV GH ORV DFWRUHV
LQYROXFUDGRV HQ HVWRV SURFHVRV HVWR VH QRWD FRQ FODULGDG HQ HO
SODQWHR GH OD UHYLVWD 1HZVZHHN VREUH HO FRQVXPR GH PDULKXDQD
³«HQ XQD UHFLHQWH HQFXHVWD UHDOL]DGD SRU *DOOXS LQGLFy TXH
DSUR[LPDGDPHQWH OD PLWDG GH ORV DOXPQRV HVWDGRXQLGHQVHV GH
HVFXHOD VXSHULRU KDQ SUREDGR OD PDULKXDQD \ XQ JUDQ Q~PHUR GH
HOORV OD XVD UHJXODUPHQWH +DFHQ HVWR FRQ HO ULHVJR GH HFKDU D
SHUGHUVXVFDUUHUDV\GHHVWDUHQODFiUFHOYDULRVDxRV¢3RUTXp"/D
LQYHVWLJDFLyQ FRQYHQFLRQDO DFHUFD GH OD QDWXUDOH]D GH OD
LQWR[LFDFLyQ FRQ PDULKXDQD QRV GLFH TXH ORV HIHFWRV SULPDULRV VRQ
XQOHYHLQFUHPHQWRHQHOULWPRFDUGLDFRHQURMHFLPLHQWRGHORVRMRV
DOJXQD GLILFXOWDG FRQ OD PHPRULD \ SHTXHxRV GHFUHPHQWRV HQ ODV
SUXHEDV SVLFRPRWRUDV FRPSOHMDV « XQ MRYHQ IXPDGRU GH
PDULKXDQD TXH HVFXFKH D XQ FLHQWtILFR R D XQ PHGLFR UHIHULUVH D
HVWRV KDOOD]JRV FRPR OD QDWXUDOH]D EiVLFD GH OD LQWR[LFDFLyQ GH
PDULKXDQD VLPSOHPHQWH VH UHLUi FRQ GHVSUHFLR \ UHIRU]DUi PiV VX
DFWLWXGDQWLFLHQWtILFD3DUDpOHVWiFODURTXHHOFLHQWtILFRQRWLHQHXQD
FRPSUHQVLyQUHDOGHORTXHHVLQWR[LFDUVHFRQPDULKXDQD´6FKZDUW]
\-DFREV
)XQGDPHQWRVGHODLQYHVWLJDFLyQFXDQWLWDWLYD\FXDOLWDWLYD
'HVGHTXHODFLHQFLDVHFRQYLUWLySURJUHVLYDPHQWHGHVGHSULQFLSLRV
GHO VLJOR ;,; HQ XQD IRUPD UHFRQRFLGD GH HQWHQGHU \ H[SOLFDU HO
PXQGRKDVWDODVSULPHUDVGpFDGDVGHOVLJOR;;ODDFWLYLGDGFLHQWtILFD
VH UHSUHVHQWDED VRFLDOPHQWH FRPR DTXHOOD SUiFWLFD FRJQLWLYD TXH
SRVHtDXQ~QLFRFDPLQRSDUDDFFHGHUDODYHUGDGHOPpWRGRFLHQWtILFR
HQ VLQJXODU XQ PRGHOR SURFHGLPHQWDO EDVDGR HQ XQ UHSHUWRULR GH
WpFQLFDV XWLOL]DGR SRU ODV FLHQFLDV QDWXUDOHV VH OR FRQVLGHUDED OD
~QLFD OD KHUUDPLHQWD FRQILDEOH \ YDOLGD GH DFFHVR DO FRQRFLPLHQWR
REMHWLYR GH OD UHDOLGDG 3ODQWHDU TXH VyOR H[LVWH XQ PpWRGR YiOLGR
SDUDLQYHVWLJDUHODSOLFDGRHQODVFLHQFLDVQDWXUDOHVUHSUHVHQWDXQD
YLVLyQ XQLODWHUDO QR SHUPLWH RWUD IRUPD GH FRQVLGHUDU OD DFWLYLGDG
FLHQWtILFD \ DQDFUyQLFD KR\ VXSHUDGD SRU ORV GHEDWHV GHVGH OD
HSLVWHPRORJtDGHOSHQVDPLHQWRFLHQWtILFRGHORVRFLDOTXHGHVFRQRFH

ORVGHVDUUROORVHSLVWpPLFRVWHyULFRV\PHWRGROyJLFRVTXHVHGLHURQD
SDUWLU GH OD VHJXQGD PLWDG GHO VLJOR ;; GpFDGDV GHVSXpV OD
SUHWHQVLyQGHODVRUJDQL]DFLRQHVFLHQWtILFDVGHXQLFLGDGPHWRGROyJLFD
HQ HO FULWHULR GH LQYHVWLJDFLyQ HQWUy HQ FULVLV (Q HO DQiOLVLV GH OD
UHDOLGDG VRFLDO GHVGH OD LQYHVWLJDFLyQ FLHQWtILFD D~Q KR\ VH
HQFXHQWUDQ SRVLFLRQDPLHQWRV LQVWLWXFLRQDOHV DFDGpPLFRV \
DUJXPHQWDFLRQHV HQ P~OWLSOHV WH[WRV PHWRGROyJLFRV TXH FRQVLGHUDQ
TXH VyOR H[LVWH XQD IRUPD GH DERUGDU HO HVWXGLR GH OR VRFLDO HVWRV
HQIRTXHVVHFDUDFWHUL]DQSRUDILUPDUTXHODSURGXFFLyQLQYHVWLJDWLYD
GHEHHVWDUJXLDGDSRUORVHVWULFWRVFiQRQHVSURSLRVGHOPpWRGRGHODV
FLHQFLDV QDWXUDOHV LQVWLWXLGRV HQ VXV EDVHV \ VXV VXSXHVWRV HQWUH
HOORVODQHXWUDOLGDGYDORUDWLYDGHOLQYHVWLJDGRUHOHVWDEOHFLPLHQWRGH
OH\HV JHQHUDOHV OD REVHUYDFLyQ DVpSWLFD OD PHGLFLyQ ULJXURVD OD
UHVXOWDQWHFXDQWLILFDFLyQGHODLQIRUPDFLyQ\ODHVWUXFWXUDFLyQGHVXV
SURFHGLPLHQWRV HQ XQD VHULH GH SDVRV SODQLILFDGRV SUHYLDPHQWH DO
WUDEDMRGHFDPSR
8QDUHIHUHQFLDGHHVWHSODQWHRGHILQLGRFRPRSRVLWLYLVWDORHQFDUQDOD
ILJXUD GH (PLOH 'XUNKHLP TXLHQ HQ SXEOLFD /DV
UHJODVGHO PpWRGRVRFLROyJLFR GRQGH IXQGDPHQWDED VX SURSXHVWDGH
HVWXGLDUORVRFLDOFRQULJRUFLHQWtILFRSURSRQLHQGRFRPRREMHWRGHOD
VRFLRORJtDDORVKHFKRVVRFLDOHV'XUNKHLPDVHYHUDEDTXHSRU
LQWHUPHGLRGHODLQYHVWLJDFLyQH[KDXVWLYDGHXQREMHWRGHILQLGRFRQ
SUHFLVLyQ \ HVSHFLILFDGR FRQ FODULGDG SRGtD HIHFWXDUVH XQ DQiOLVLV
FLHQWtILFR DILUPDED TXH WRGDV ODV FLHQFLDV GHEtDQ UHJLUVH SRU HO
HPSOHR GHO PRGHOR GH LQGDJDFLyQ SURSLR GH ODV FLHQFLDV QDWXUDOHV
FX\RV SDUiPHWURV PHWRGROyJLFRV GHVFDQVDEDQ HQ HO XVR GH
LQVWUXPHQWRVHVWDQGDUL]DGRVIXQGDGRVHQODREVHUYDFLyQHPStULFD\OD
PHGLFLyQ GHO REMHWR SRU HOOR LPSRUWDED VX PDQLIHVWDFLyQ H[WHULRU
YLVLEOH \ FXDQWLILFDEOH 'XUNKHLP FRQVLGHUDED TXH HO DQiOLVLV GH OD
HVSHFLILFLGDG\GHODFRPSOHMLGDGGHORVRFLDOQRSRGtDEDVDUVHHQHO
HVWXGLR GH OD VXEMHWLYLGDG GH ORV LQGLYLGXRV pVWRV QR SRGtDQ VHU HO
SXQWRGHSDUWLGDGHDQiOLVLVGHORVRFLDOORVKHFKRVVRFLDOHVGHEtDQ
VHUWUDWDGRVFRPRHOUHVWRGHODVFRVDVGHOPXQGRPDWHULDOGHVWDFDED

OD QHFHVLGDG GH HVWXGLDU OR VRFLDO GHVGH VXV PDQLIHVWDFLRQHV

H[WHULRUHV \ PHGLEOHV FRPR VL IXHUDQ HQWLGDGHV GHVSURYLVWDV GH
VLJQLILFDFLyQ SHUVRQDO SDUD HO LQYHVWLJDGRU TXLHQ QR GHEtD
LQYROXFUDUVH WHQLHQGR SRU HOOR TXH GHVFDUWDU DTXHOODV QRFLRQHV
SUHYLDVTXHHVWXYLHVHQSRUIXHUDGHOSHQVDPLHQWRFLHQWtILFRQLGHEtD
GHMDUVH LQIOXLUSRU VXV LQWHUHVHV RYDORUHV (O FLHQWtILFR GHEtD DFWXDU
LPSDUFLDOPHQWH WRPDQGR GLVWDQFLD HPRFLRQDO GH ORV REMHWRV GH
LQYHVWLJDFLyQ GHVGH HVWD SHUVSHFWLYD DO SURGXFLUVH XQ DOHMDPLHQWR
DIHFWLYR \ pWLFR HQWUH HO FLHQWtILFR \ VX REMHWR VH HYLWDEDQ DTXHOODV
DILUPDFLRQHV SURYHQLHQWHV GHO VHQWLGR FRP~Q ODV FUHHQFLDV R OD
HPRFLRQDOLGDG HO LQYHVWLJDGRU HVWDUtD REOLJDGR D VHU QHXWUDO DO
DQDOL]DU OD UHDOLGDG VRFLDO \ QR GHEtD FRQWDPLQDU VX SURGXFFLyQ
LQWHOHFWXDOFRQVXVLQWHUHVHVSDUWLFXODUHVVXVSUHIHUHQFLDVYDORUDWLYDV
R FRQ VXV HVWDGRV GH iQLPR 'HVGH HVWD SHUVSHFWLYD ORV

3RUHMHPSORHQXQRGHVXVWH[WRVIXQGDPHQWDOHVSURSRQHTXHSDUDHVWXGLDUHO
VXLFLGLRXQRGHORVIHQyPHQRVTXHSDUHFHDWRGDVOXFHVXQKHFKRLQGLYLGXDOSHURTXH
WDPELpQHVVRFLDOQRKD\TXHDERUGDUODVPDQLIHVWDFLRQHVGHODVVXEMHWLYLGDGHV
LQYROXFUDGDVVLQRTXHKD\TXHDQDOL]DUORDWUDYpVGHXQDPHGLGDHVWDGtVWLFDHVWDEOH
FRPRODWDVDGHVXLFLGLRVSHUPLWLHQGRDVtDWUDYpVGHpVWDTXHHOH[DPHQSXHGD
DEVWUDHUVHGHORSDUWLFXODU3DUDVXHQIRTXHODVRFLRORJtDWLHQHTXHSRGHUJHQHUDOL]DU
VREUHORSDUWLFXODUODFXDQWLILFDFLyQ\ODPHGLFLyQGHODVFRVDVVRFLDOHVVRQ
SURFHGLPLHQWRVLPSUHVFLQGLEOHVSDUDHVWDEOHFHUUHJXODULGDGHVTXHSXHGDQWUDWDUVH
HVWDGtVWLFDPHQWH'XUNKHLPHVWDEOHFHGHVGHXQHQIRTXHVRFLROyJLFRFRQWUDULDQGRDO
VHQWLGRFRP~QTXHODVFDXVDVGHOVXLFLGLRHVWiQIXHUDGHORVLQGLYLGXRVHOVXLFLGLR
FRPRDFFLyQLQGLYLGXDOGHEtDHVWXGLDUVHHQHOiPELWRGHODSVLFRORJtDSRUORFXDOOD
PLUDGDVRFLROyJLFDWHQGUtDTXHGLULJLUVHPiVDOOiGHODVSDUWLFXODULGDGHVRGHORVFDVRV
LQGLYLGXDOHVFRQFUHWRVFRPRDFRQWHFLPLHQWRVVXEMHWLYRVORVVXLFLGLRVQRSXHGHQVHU
DQDOL]DGRVVRFLROyJLFDPHQWH(OFRQMXQWRGHVXLFLGLRVUHYHODGRVSRUODHVWDGtVWLFD
SHUPLWHHVWXGLDUORVFRPRKHFKRVVRFLDOHV\SDUDUHYHODUVXQDWXUDOH]DVRFLDO3DUDVX
HQIRTXHODVRFLRORJtDWLHQHTXHSRGHUJHQHUDOL]DUVREUHORSDUWLFXODUODFXDQWLILFDFLyQ\
ODPHGLFLyQGHODVFRVDVVRFLDOHVVRQSURFHGLPLHQWRVLPSUHVFLQGLEOHVSDUDHVWDEOHFHU
UHJXODULGDGHVTXHSXHGDQWUDWDUVHHVWDGtVWLFDPHQWH

'XUNKHLPDILUPDTXHHOFLHQWtILFRGHEHHYLWDUTXH³«HQHOFXUVRGHVXV
GHPRVWUDFLRQHVVHSURKtEDUHVXHOWDPHQWHHOHPSOHRGHDTXHOORVFRQFHSWRVTXHVHKDQ
IRUPDGRIXHUDGHODFLHQFLD\SDUDQHFHVLGDGHVTXHQRWLHQHQQDGDGHFLHQWtILFDV(V
SUHFLVRTXHVHOLEHUHGHHVWDVIDOVDVSUXHEDVTXHGRPLQDQHOHVStULWXGHOYXOJR«OR
TXHKDFHDHVWDOLEHUDFLyQSDUWLFXODUPHQWHGLItFLO«HVTXHHOVHQWLPLHQWRTXHVHSRQH
PXFKDVYHFHVGHVXSDUWH1RVDSDVLRQDPRVHQHIHFWRSRUQXHVWUDVFUHHQFLDVSROtWLFDV

UHTXHULPLHQWRVGHOPpWRGRFLHQWtILFRTXHSUHWHQGHDVLPLODUORVRFLDOD
ORQDWXUDOGHOLPLWD\UHVWULQJHORTXHVHSXHGHLQYHVWLJDU\ORTXHQR
DVtSRUHMHPSORDTXHOORTXHQRSXHGHVHUPHGLGR\REVHUYDGRQRHV
SODXVLEOHGHVHULQYHVWLJDGRFLHQWtILFDPHQWH
8QHQIRTXHGLIHUHQWHSHURFRPSOHPHQWDULRDORHVWDEOHFLGRGHVGHHO
SRVLWLYLVPR HV OD GHQRPLQDGD FRPR SHUVSHFWLYD LQWHUSUHWDWLYD R
FRPSUHQVLYDSDUDODLQYHVWLJDFLyQHOHVWXGLR\HODERUGDMHDQDOtWLFR
GH FRPSUHQVLyQ GH OD UHDOLGDG TXH LQYROXFUD D ODV VXEMHWLYLGDGHV D
ODV SUiFWLFDV VRFLDOHV \ D ODV PDWHULDOL]DFLRQHV UHVXOWDQWHV GH ODV
DFFLRQHVLQWHQFLRQDOHV\QRSUHYLVWDVGHORVPLHPEURVGHODVRFLHGDG
VXSRQHXQD FRPSOHMLGDG GLIHUHQWH D OD TXH VH HQIUHQWDQ ODV FLHQFLDV
QDWXUDOHVSRUORFXDOHOPpWRGRDVHUDSOLFDGRQRGHEHUtDVHUVLPLODU
DO GH DTXHOODV FLHQFLDV /D UHIHUHQFLD LQWHOHFWXDO GH HVWD SHUVSHFWLYD
HVWi UHSUHVHQWDGD HQ HO SODQWHR GHO VRFLyORJR DOHPiQ 0D[ :HEHU
TXLHQ HVWDEOHFLy TXH OD DEVWUDFFLyQ DERUGDMH
FRJQRVFLWLYR GH OD UHDOLGDG D WUDYpV GH FRQFHSWRV \ WHRUtDV TXH HO
FLHQWtILFR QHFHVLWD OOHYDU DGHODQWH SDUD DSUR[LPDUVH D OD UHDOLGDG
HPStULFD LPSOLFD XQ GHWHUPLQDGR UHFRUWH GH OD PLVPD QHFHVDULD H
LQHYLWDEOHPHQWH FRLQFLGHQWH FRQ VXV FULWHULRV YDORUDWLYRV SDUD
:HEHUODUHDOLGDGHUDGHQDWXUDOH]DLQILQLWDHLQDERUGDEOHSDUDTXLHQ
SUHWHQGLHVH FRQRFHUOD LQWHJUDOPHQWH FDUHFLHQGR GHXQVHQWLGR IXHUD

\UHOLJLRVDV«ODVLGHDVTXHQRVKDFHPRVGHHOODVQRVVXE\XJDQORPLVPRTXHVXV
REMHWRV\DGTXLHUHQDVtXQDDXWRULGDGWDOTXHQRVRSRUWDQODFRQWUDGLFFLyQ7RGD
RSLQLyQTXHVHOHVRSRQJDHVFRQVLGHUDGDFRPRHQHPLJD´

GHOTXHORVKXPDQRVSXHGDQDWULEXLUOHHOVHQWLGRTXHORVLQGLYLGXRV
OH DVLJQDQ D OD UHDOLGDG HV FRQVHFXHQFLD GH SURFHVRV VXEMHWLYRV \
VRFLDOHV HQWUHOD]DGRV GHQWUR GH GHWHUPLQDGRV yUGHQHV YLWDOHV GHVGH
VXV LQWHUHVHV \ SHUVSHFWLYDV ODV SHUVRQDV LQFOXVLYH ORV DFWRUHV
FLHQWtILFRV HVWDEOHFHQ TXp HV OD UHDOLGDG SDUD HOORV R TXp HV OR
UHOHYDQWH GH OD PLVPD VRQ HOORV TXLHQHV UHFRUWDQ VHJPHQWRV \
IUDFFLRQHV GH HVD UHDOLGDG TXH FRQVLVWH HQ XQ IOXLU FDyWLFR H
LUUDFLRQDOGHSURFHVRV\HYHQWRVLQWUtQVHFDPHQWHLQGHILQLGRV$QWHOD
GLYHUVLGDGGHHVIHUDVVRFLDOHVHQORVTXHVHHULJHQLGHDOHVFUHHQFLDV\
YDORUHV GLVtPLOHV HO FLHQWtILFR GHEHUtD DGPLWLU VX LUUHGXFWLEOH
PXOWLSOLFLGDG GHVGH OD FLHQFLD HQ WDQWR VLVWHPD H[SHUWR \ HPStULFR
DSR\DGR HQ OD FRQILDELOLGDG WpFQLFD HVSHFLDOL]DGD QR VH SRGUtD
DILUPDUUDFLRQDOPHQWHFRPRVHGHEHYLYLUORTXHGHEHKDFHUVHRFXDO
HVODPRUDOLGDGPiVFRQYHQLHQWHGHVHJXLU
:HEHU FRQVLGHUDED TXH ORV LGHDOHV \ ODV FUHHQFLDV TXH JXtDQ ORV
SURFHVRVGHFRQVWUXFFLyQGHVHQWLGRVRQYLYHQFLDGRVFRPRVDJUDGRV
SDUDDTXHOORVTXHFRPSDUWHQXQDpSRFDFXOWXUDORXQDIRUPDGHYLGD
VH UHDILUPDQ HQ FRPSHWHQFLD FRQ RWURV FRPSDUWLGRV SRU RWUDV
SHUVRQDVTXHDVXYH]ORVFRQVLGHUDQVDJUDGRVSDUDHOORVHOSHQVDGRU
DOHPiQ SODQWHy QR HV SRVLEOH GHFLGLU VL XQD pWLFD HV SRVLWLYD R
QHJDWLYDRFXDOFUHHQFLDHVPHMRURSHRUSRUORFXDOHVLQDGPLVLEOH
TXHVHSXHGDIRUPXODUXQFULWHULRGHYDOLGH]XQLYHUVDO\DKLVWyULFR\D
TXH QR H[LVWH XQD WUDVFHQGHQFLD RQWROyJLFD GH ORV LGHDOHV \ ORV
YDORUHV &RPR QR H[LVWLUtD SDUD HVWD SHUVSHFWLYD XQD

³(OQ~PHUR\ODtQGROHGHODVFDXVDVTXHGHWHUPLQDURQFXDOTXLHUHYHQWRLQGLYLGXDO
VRQVLHPSUHLQILQLWRV\QDGDKD\HQODVFRVDVPLVPDVTXHLQGLTXHTXHSDUWHGHHOODV
GHEHVHUFRQVLGHUDGD(O~QLFRUHVXOWDGRGHFXDOTXLHULQWHQWRVHULRGHFRQRFHUOD
UHDOLGDGVLQSUHVXSXHVWRVVHUtDXQFDRVGHMXLFLRVGHH[LVWHQFLDDFHUFDGHLQQXPHUDEOHV
SHUFHSFLRQHVSDUWLFXODUHV«OR~QLFRTXHLQWURGXFHRUGHQHQHVWHFDRVHVOD
FLUFXQVWDQFLDGHTXHHQFDGDFDVRVyORXQDSDUWHGHODUHDOLGDGLQGLYLGXDOUHYLVWHSDUD
QRVRWURVLQWHUpV\VLJQLILFDFLyQSRUTXH~QLFDPHQWHHOODPXHVWUDUHODFLyQFRQODVLGHDV
GHYDORUFXOWXUDOHVFRQODVFXDOHVDERUGDPRVODUHDOLGDG«XQUHJUHVRFDXVDO
H[KDXVWLYRGHVGHFXDOTXLHUIHQyPHQRFRQFUHWRHQVXUHDOLGDGSOHQDQRVyORHV
LPSRVLEOHHQODSUiFWLFDVLQRVHQFLOODPHQWHGLVSDUDWDGR´:HEHU

SUHGHWHUPLQDFLyQ UDFLRQDO HQ HO IXQFLRQDPLHQWR GH OD UHDOLGDG TXH

FRQVLVWH HQ XQ IOXLU FDyWLFR H LUUDFLRQDO GH SURFHVRV \ HYHQWRV
LQWUtQVHFDPHQWH LQGHILQLGRV ORV DFWRUHV FLHQWtILFRV GHEHQ RUJDQL]DU
GHVGH XQD GHWHUPLQDGD SHUVSHFWLYD HO UHFRUWH GH OD UHDOLGDG TXH OH
UHVXOWD UHOHYDQWH VHJPHQWDQGR \ VHOHFFLRQDQGR HOHPHQWRV TXH
FRQVLGHUDQSHUWLQHQWHVDVXVREMHWLYRV
6HJ~QODySWLFDZHEHULDQDODFLHQFLDQRSRVHHQLORVLQVWUXPHQWRVQL
FULWHULRVHVWDQGDUL]DGRVPHGLEOHVRGHFDOFXODELOOLGDGSDUDGLVFHUQLU
VL XQD FRQVWHODFLyQ GH YDORUHV HV VXSHULRU D RWUD ORV YDORUHV QR
SXHGHQ YDOLGDUVH QL MXVWLILFDUVH FLHQWtILFDPHQWH VL SXHGH HVWDEOHFHU
ODV FRQVHFXHQFLDV IDFWLEOHV TXH UHVXOWDQ GH OD DSOLFDFLyQ GH FLHUWDV
GHFLVLRQHV R ODV FRQVHFXHQFLDV HQ WpUPLQRV GH ORV UHVXOWDGRV TXH
FLHUWRV YDORUHV R ILQHV WLHQHQ VREUH FRPSRUWDPLHQWRV R GHFLVLRQHV
HVSHFLILFDV SDUD HO HQIRTXH ZHEHULDQR OD FLHQFLD VyOR SXHGH
GHVFULELUORH[LVWHQWHHVWDEOHFLHQGRTXHUHDOLGDGHVVRQSRVLEOHVFRPR
FRQVHFXHQFLDGHFLHUWDVFRQGLFLRQHV\DSDUWLUGHFLHUWDVGHFLVLRQHVR
EDMRODLQIOXHQFLDGHFLHUWRVYDORUHV :HEHU SODQWHDEDTXHQRH[LVWH
SRVLELOLGDG GH FRQVDJUDU UDFLRQDOPHQWH R D WUDYpV GH WpFQLFDV
EDVDGDV HQOD FDOFXODELOLGDG XQDpWLFDXQLYHUVDORODVXSUHPDFtD GH
XQD FRQVWHODFLyQ GH YDORUHV H LGHDOHV SRU VREUH RWURV FRQVLGHUDED
TXH ORV LGHDOHV VRQ YLYHQFLDGRV FRPR VDJUDGRV SDUD DTXHOORV TXH
FRPSDUWHQ XQD pSRFD FXOWXUDO R XQD IRUPD GH YLGD HVWRV LGHDOHV VH
UHDILUPDQ HQ FRPSHWHQFLD FRQ RWURV FRPSDUWLGRV SRURWUDVSHUVRQDV
TXH D VX YH] ORV FRQVLGHUDQ VDJUDGRV SDUD HOORV QR KDEUtD XQ
SURJUHVR R FDPLQR KDFLD XQD pWLFD PHMRU R VXSHUDGRUD GH ODV
DQWHULRUHV$SDUWLUGHXQDSHUVSHFWLYDPXOWLFDXVDO:HEHUHVWDEOHFLy
TXHODVDEVWUDFFLRQHVPHGLDQWHHODERUGDMHGHODUHDOLGDGDWUDYpVGH
FRQFHSWRV \ WHRUtDV TXH HO FLHQWtILFR OOHYD DGHODQWH SDUD LQYHVWLJDU
HPStULFDPHQWH LPSOLFDQ UHFRUWHV TXH QHFHVDULD H LQHYLWDEOHPHQWH
FRLQFLGHQFRQVXVFULWHULRVYDORUDWLYRVHOFLHQWtILFRGHEHUtDFODULILFDU
D ORVGHPiV VXSRVWXUD LGHROyJLFD \ VXVYDORUHVD ILQ DFHUFDUVH D OD
REMHWLYLGDGHQVXSRVWXUDHQVXDFFLRQDUSURIHVLRQDODSDUWLUGHOVDEHU
FLHQWtILFR VH SXHGHQ DQDOL]DU FXiOHV VRQ ORV FRVWRV TXH LPSOLFDQ

GHWHUPLQDGDV GHFLVLRQHV VH SXHGH UHDOL]DU XQ DQiOLVLV WpFQLFR SDUD

GHILQLU HO JUDGR GH FRKHUHQFLD HQWUH XQ FRPSRUWDPLHQWR \
GHWHUPLQDGRV YDORUHV TXH VXSXHVWDPHQWH VLUYLHURQ FRPR JXtDV GH
DTXHO R VH SXHGH HYDOXDU FXiOHV VRQ ODV DFFLRQHV R ORV PHGLRV PiV
HILFLHQWHVRPiVFRKHUHQWHVHQUHODFLyQDXQILQ
/DSURSXHVWDHSLVWHPROyJLFDZHEHULDQDUDGLFDHQTXHORVIHQyPHQRV
VRFLDOHVVRQSOXULGLPHQVLRQDOHV\PXOWLFDXVDOHVGHVGHHVWDSURSXHVWD
HSLVWHPROyJLFD ORV IHQyPHQRV VRFLDOHV GHEHQ VHU FRQVLGHUDGRV
UHDOLGDGHV SOXULGLPHQVLRQDOHV TXH HPHUJHQ GH XQD PXOWLFDXVDOLGDG
GHIDFWRUHVTXHHVWiQSUHVHQWHVHQXQHYHQWRFXDOTXLHUDVLQTXHH[LVWD
XQSDUiPHWURQDWXUDOGHHYDOXDFLyQTXHSHUPLWDLQGLFDUTXHFDXVDHV
SULRULWDULD SDUD H[SOLFDU XQ IHQyPHQR ³«XQ UHJUHVR FDXVDO
H[KDXVWLYRGHVGHFXDOTXLHUIHQyPHQRFRQFUHWRHQVXUHDOLGDGSOHQD
QRVRORHVLPSRVLEOHHQODSUiFWLFDVLQRVHQFLOODPHQWHGLVSDUDWDGR´
:HEHUSRUHOORORVDQDOLVWDVVRFLDOHVGHEHQHQIRFDUVHGHVGH
P~OWLSOHV SHUVSHFWLYDV SDUD DOFDQ]DU XQD YLVLyQ PiV VDWLVIDFWRULD GH
OR TXH VH SUHWHQGH FRQRFHU HO FLHQWtILFR QR HV RPQLVFLHQWH QR
GLVSRQH GH ODV KHUUDPLHQWDV FRJQLWLYDV SDUD DEDUFDU FRJQLWLYDPHQWH
WRGDODUHDOLGDGHQWDQWRpVWDHVXQDLQDERUGDEOHVXFHVLyQFDyWLFDGH
DFRQWHFHUHV \ VXFHVRV SDUD DQDOL]DUORV ORV LQYHVWLJDGRUHV GHEHQ
HQIRFDUVH GHVGH P~OWLSOHV SHUVSHFWLYDV SDUD DVt DOFDQ]DU XQD YLVLyQ
PiVVDWLVIDFWRULDGHORTXHVHSUHWHQGHFRQRFHU
/D H[LVWHQFLD GH HVWDV SURSXHVWDV HSLVWHPROyJLFDV \ PHWRGROyJLFDV

SHUPLWHQFRQVLGHUDUTXHQRHVFRQYHQLHQWHGHWHUPLQDUDODDFWLYLGDG
FLHQWtILFDVREUHODUHDOLGDGVRFLDOEDMRODH[LJHQFLDGHUtJLGRVFULWHULRV
IRUPDOHV \ GH RULHQWDFLyQ FXDQWLILFDGRUD \D TXH VXSRQH XQD
HTXLYRFDFLyQ TXH UHVSRQGH D XQD FUHHQFLD EDVDGD HQ OD FHUWH]D GH
TXH DTXHOOR TXH QR HV PHGLEOH ³«TXH QR HV FXDQWLILFDEOH R
IRUPDOL]DEOHQRH[LVWH«IUHQWHDHVWDGHJUDGDFLyQGHOSHQVDPLHQWR
« KDEUtD TXH OHYDQWDU OD EDQGHUD GH XQ SHQVDPLHQWR
PXOWLGLPHQVLRQDOGHXQSHQVDPLHQWRTXHQRQLHJDODLPSRUWDQFLDGH
OD IRUPDOL]DFLyQ R FXDQWLILFDFLyQ VLQR TXH LQWHJUD WDOHV
SURFHGLPLHQWRVVLQWUDWDUGHFHUUDUHOPXQGRFRQHOORV´)HUQiQGH]

%XH\ 8Q HQIRTXH FHUUDGR VREUH ODV GLVSRQLELOLGDGHV \ ODV

SRWHQFLDOLGDGHV GH OD FLHQFLD REVWDFXOL]D ODV LQLFLDWLYDV FUHDWLYDV
GHVGH HO SODQR WpFQLFR PHWRGROyJLFR SDUDOL]DQGR TXH VH DERUGHQ
QXHYDV SUREOHPiWLFDV \ VH LPSOHPHQWHQ UHFXUVRV QRYHGRVRV SDUD
HVWXGLDUODV HV HQULTXHFHGRU SDUD HO GHVDUUROOR GH OD DFWLYLGDG
FLHQWtILFD TXH VH SODQWHHQ IRUPDV RULJLQDOHV GH DERUGDMH
PHWRGROyJLFR\WpFQLFRIUHQWHDQXHYDVSUREOHPiWLFDVSRUHMHPSORHO
HVWXGLR GH ODV UHGHV VRFLDOHV R SDUD UHYLVDU \ UHIRUPXODU WHPDV \D
DERUGDGRVFRPRODSREUH]D\ODGHVLJXDOGDGVRFLDO
3DUD HQWHQGHU ORV IXQGDPHQWRV GH OD DSOLFDFLyQ GH OD LQYHVWLJDFLyQ
VRFLDOFXDQWLWDWLYD\FXDOLWDWLYDHVSUHFLVRDFODUDUEUHYHPHQWHGHVGH
HO GHVDUUROOR WHyULFR GH ODV FLHQFLDV VRFLDOHV GHO ~OWLPR FXDUWR GH
VLJOR DOJXQDV LGHDVVREUH OD FRPSOHMLGDGGH DERUGDU HPStULFDPHQWH
ODUHDOLGDGVRFLDODORODUJRGHODV~OWLPDVGpFDGDVVHKDDVLVWLGRDO
GHVDUUROORGHWpFQLFDV\HVWUDWHJLDVGHLQYHVWLJDFLyQFRPRORVJUXSRV
GH GLVFXVLyQ R ORV PXHVWUHRV FXDOLWDWLYRV TXH IRUWDOHFHQ HO HVWXGLR
FLHQWtILFR GLYHUVLILFDGR HQ FXDQWR D OD XWLOL]DFLyQ GH PpWRGRV \
WpFQLFDVVREUHORVRFLDOORVHQIRTXHVHSLVWHPROyJLFRVDFWXDOHVVREUH
HOWUDEDMRFLHQWtILFRSODQWHDQTXHQRVRQORVSUREOHPDVORVTXHGHEHQ
VHU HQIRFDGRV \ VHOHFFLRQDGRV SDUD TXH VH SXHGDQ DGDSWDU D ODV
H[LJHQFLDV GH ORV SURFHGLPLHQWRV HVWDGtVWLFRV VLQR TXH ORV GLYHUVRV
PpWRGRV FLHQWtILFRV WDQWR ORV TXH SURYLHQHQ GH ODV FLHQFLDV GH OD
FXDQWLILFDFLyQGHOPXQGRGHORVREMHWRVFRPRORVSURFHGHQWHVGHODV
FLHQFLDV TXH VH VXPHUJHQ HQ HO PXQGR GH OR VXEMHWLYR GHEHQ HVWDU
GLVSRQLEOHVSDUDDMXVWDUVH\XWLOL]DUVHGHDFXHUGRDODVFRPSOHMLGDGHV
LPSOtFLWDVHQHOSUREOHPD
'HVGHHOSXQWRGHYLVWDLPSOLFDGRHQHVWHOLEURQRGHEHUtDSUHH[LVWLU
HQ ODV SUiFWLFDV GH LQYHVWLJDFLyQ XQD H[LJHQFLD HSLVWHPROyJLFD TXH
GHWHUPLQH TXH VH SXHGH FRQRFHU FLHQWtILFDPHQWH \ TXH QR GH
LPSRVLFLyQ GH XQD HVWUXFWXUD IRUPDO TXH VXSRQH XQD GHWHUPLQDGD
RUJDQL]DFLyQ GH UHJODV WHRUtDV \ WpFQLFDV \ GH FULWHULRV WpFQLFRV
HVWDQGDUL]DGRVFRPR~QLFDDSUR[LPDFLyQKDFLDWRGDVODVGLPHQVLRQHV
GH³ODUHDOLGDG´\DTXHGHHVWDPDQHUDVHLPSRVLELOLWDUtDHODERUGDMH

GHDTXHOORVWHPDVVREUHORVTXHQRVHSXHGHQHODERUDUPHGLFLRQHV\
FXDQWLILFDFLRQHV FRPR SRU HMHPSOR OD FRPSUHQVLyQ GH IHQyPHQRV
TXHVHFRQVWUX\HQGHVGHORSURIXQGRGHODVLJQLILFDFLyQVRFLDOFRPR
SRU HMHPSOR ODV LQKLELFLRQHV GH FLHUWDV FODVHV GH SHUVRQDV D
GHWHUPLQDGRV PHQVDMHV FRPXQLFDFLRQDOHV HO YtQFXOR HPRFLRQDO GH
ORVYRWDQWHVFRQXQFDQGLGDWRRODUHVLVWHQFLDDOFDPELRGHKiELWRVGH
DOLPHQWDFLyQ
3DUD SUHFLVDU HO WHPD GH OD GHWHUPLQDFLyQ GH ORV REMHWRV GH ODV
FLHQFLDV VRFLDOHV VH SXHGH HVWDEOHFHU XQD FODVLILFDFLyQ JHQHUDO
VLJXLHQGR OR SURSXHVWR SRU *LURX[ \ 7UHPEOD\ VHJ~Q WUHV
UHIHUHQWHVHPStULFRVDVSHFWRVGHODUHDOLGDGTXHSXHGHQUHJLVWUDUVHD
WUDYpVGHDOJ~QSURFHGLPLHQWRSHUFHSWLYRTXH HQODUHDOLGDG VRFLDO
VH KDOODQ HQWUHOD]DGRV LQWUtQVHFDPHQWH SHUR TXH SDUD VHU
LQYHVWLJDGRV VH ORV GLIHUHQFLD FRQFHSWXDOPHQWH /RV UHIHUHQWHV
SODQWHDGRVVRQORVFRPSRUWDPLHQWRVODVFRQGLFLRQHVREMHWLYDVGHOD
YLGDVRFLDO\ODVVLJQLILFDFLRQHV
x /RV FRPSRUWDPLHQWRV VXSRQHQ DFFLRQHV TXH H[WHULRUL]DQ ODV

LQWHQFLRQHV R VLJQLILFDFLRQHV GH ORV DFWRUHV VRFLDOHV PiV DOOi GHO
QLYHO GH FRQFLHQFLD TXH WHQJDQ DO HPSUHQGHUORV DO LQLFLDU XQ
PRYLPLHQWR XQ GHVSOD]DPLHQWR R DO QR UHDOL]DU QLQJXQR VH HVWi
IUHQWH D XQ FRPSRUWDPLHQWR UHJLVWUDEOH HQ PXFKRV FDVRV HOORV VH
SXHGHQ REVHUYDU GLUHFWDPHQWH FRPR SRU HMHPSOR ORV
GHVSOD]DPLHQWRVGHORVFRQVXPLGRUHVGHQWURGHXQVXSHUPHUFDGROD
PRYLOL]DFLyQ GH XQD IUDFFLyQ GH XQD DJUXSDFLyQ SROtWLFD HQ XQD
PDUFKDRODLQDFFLyQGHODVSHUVRQDVIUHQWHDXQKHFKRGHYLROHQFLD
HQ OD YtD S~EOLFD /RV FRPSRUWDPLHQWRV SXHGHQ QR VHU UHJLVWUDGRV
GLUHFWDPHQWH SRU WpFQLFDV GH HODERUDFLyQ GH GDWRV \D VHD SRUTXH
VXSRQHQ XQD DFFLyQ SDVDGD R GHELGR D TXH LPSOLFDQ DFWRV GH
LQWLPLGDG HQ WDOHV FDVRV VH ORV SXHGH UHJLVWUDU D WUDYpV GH OD
YHUEDOL]DFLyQ D WUDYpV GH SUHJXQWDV GH XQD HQFXHVWD R SRU
LQWHUPHGLR GH PHGLFLRQHV \ DQRWDFLRQHV DGPLQLVWUDWLYDV EDVHV

LQVWLWXFLRQDOHV GH GDWRV VRFLR GHPRJUiILFRV SRU HMHPSOR VL TXH

TXLHUH LQGDJDU D GHWHUPLQDGDV SREODFLRQHV VREUH FLHUWDV FRQGXFWDV
YLQFXODGDVDODLQWLPLGDGFRPRODFRPSUDGHDFFLRQHVHQODEROVDOD
FRQFXUUHQFLD\HOFRQVXPRHQORVVH[VKRSVRHOXVRGHGHWHUPLQDGR
IiUPDFRSDUDUHVROYHUDOJXQDGHILFLHQFLDItVLFDVHGHEHUiUHFXUULUDO
UHJLVWUR LQGLUHFWR SDUD HODERUDU GDWRV VREUH ORV PLVPRV HQ HVWRV
FDVRV HQ ORV TXH VH HVWi IUHQWH D UHJLVWURV LQGLUHFWRV GH ORV
FRPSRUWDPLHQWRV VH GHEH WHQHU SUHVHQWH OD FRPSOHMLGDG GH VX
QDWXUDOH]D FDSWDU XQ KHFKR REMHWLYR D WUDYpV GH OD VXEMHWLYLGDG
LPSOLFD WRPDU FRQVLGHUDFLRQHV LQWHUSUHWDWLYDV \ SUHFDXFLRQHV H[WUD
GHVGH OD LQVWDQFLD GH LQYHVWLJDFLyQ \D TXH ODV SHUVRQDV SXHGHQ
GLVWRUVLRQDUFRQRVLQLQWHQFLyQRHQFXEULUORVKHFKRVGHUHIHUHQFLD
DOVHULQWHUURJDGRVSRUHOORHVUHFRPHQGDEOHTXHHQODLQYHVWLJDFLyQ
VHDFODUHTXHORUHJLVWUDGRQRHVHOFRPSRUWDPLHQWRHQVtPLVPRVLQR
ORTXHODVSHUVRQDVGLFHQVREUHVXDFFLyQSDVDGDRSUHVHQWH
x /DV FRQGLFLRQHV REMHWLYDV GH OD YLGD VRFLDO VRQ ODV
FDUDFWHUtVWLFDVPDWHULDOHVGHORVDFWRUHVRGHOHQWRUQRItVLFRRQDWXUDO
HQHOTXHpVWRVVHSRVLFLRQDQHQHOHVSDFLRVRFLDOHVWDVFRQGLFLRQHV
FRQVWLWX\HQ ORV FRPSRQHQWHV PDWHULDOHV GHO PXQGR TXH KDQ VLGR
HODERUDGRV FRQ DOJXQD LQWHQFLRQDOLGDG R TXH SHUPLWHQ ODV YLYHQFLDV
TXHHPSOHDQORVDFWRUHVVRFLDOHVSDUDGHVHPSHxDUVHHQODYLGDVRFLDO
(OUHJLVWURGHHVWDVFRQGLFLRQHVQRVXSRQHODREMHWLYLGDGGHORVGDWRV
SURGXFLGRV \D TXH VHJ~Q FRPR VH ORV SUHVHQWH VHJ~Q FRPR VH ORV
YLQFXOH R VHJ~Q FRPR VH ORV DERUGH PHWRGROyJLFD \ WHyULFDPHQWH
SXHGHEULQGDUXQDGHWHUPLQDGDYLVLyQGHODVPLVPDVHVWDLQGDJDFLyQ
WLHQH FRPR UHVXOWDGR OD HODERUDFLyQ GH LQIRUPDFLyQ VREUH
FRQGLFLRQHV REMHWLYDV OD VLWXDFLyQ ODERUDO SHUR HVWR QR KDELOLWD D
VXSRQHU TXH ODGHVRFXSDFLyQ FRPR GDWR JHQHUDGR HVWp UHSUHVHQWDGR
REMHWLYDPHQWHSRUHVWHSURFHGHUFRQFHSWXDO\TXHUHIOHMHODUHDOLGDG
GHO KHFKR ODERUDO HQ FXHVWLyQ \D TXH VL VH SDUWH GHVGH RWURV
SDUiPHWURV FRQFHSWXDOHV \ PHWRGROyJLFRV SRU HMHPSOR TXH QR
LPSOLTXH TXH WUDEDMDU XQD KRUD D OD VHPDQD VXSRQJD HVWDU RFXSDGR
ODERUDOPHQWH ODV FLIUDV GH GHVRFXSDFLyQ VHUtDQ RWUDV 3DUD
HMHPSOLILFDU FyPR VH HQWUHOD]DQ ODV FLIUDV UHJLVWUDGDV FRPR XQ GDWR

HPStULFR GH ODV FRQGLFLRQHV REMHWLYDV GH OD UHDOLGDG VRFLDO FRQ
UHVSHFWR D XQD GHWHUPLQDGD FRQFHSFLyQ WHyULFD R LGHROyJLFD
LPSOLFDGDHQGLFKRUHJLVWURVHSXHGHSUHVHQWDUHOFDVRGHODPHGLFLyQ
GHO GHVHPSOHR TXH SXHGH UHVXOWDU HQ SDQRUDPDV GLVtPLOHV GH GDWRV
VHJ~Q FRPR VH OD DERUGH GHVGH HO SODQR WHyULFR \ PHWRGROyJLFR HO
FiOFXOR GHODGHVRFXSDFLyQWLHQHXQDHVWDQGDUL]DFLyQLQWHUQDFLRQDO
TXH GHSHQGH GH XQD LQVWUXPHQWDFLyQ VHFXHQFLDO GH ODV VLJXLHQWHV
SUHJXQWDV GHQWUR GH FXHVWLRQDULRV TXH VH KDQ YXHOWR FRQYHQFLRQDOHV
HQODPHGLFLyQGHHVWHWHPD
¾ 'XUDQWH OD VHPDQD SDVDGD ¢WUDEDMy SRU OR PHQRV XQD
KRUD"
¾ (Q HVD VHPDQD ¢KL]R DOJXQD FKDQJD DOJR SDUD YHQGHU
DIXHUD R D\XGy D XQ IDPLOLDU DPLJR HQ XQD FKDFUD R
QHJRFLR"
¾ (QHVDVHPDQD¢WHQtDWUDEDMRSHURHVWXYRGHOLFHQFLDSRU
YDFDFLRQHV R HQIHUPHGDG VXVSHQVLyQ FRQIOLFWR ODERUDO
HWF"
¾ (Q ODV ~OWLPDV VHPDQDV ¢HVWXYR EXVFDQGR WUDEDMR
FRQWHVWy DYLVRV FRQVXOWy DPLJRVSDULHQWHV SXVR FDUWHOHV
KL]RDOJRSDUDSRQHUVHSRUVXFXHQWD"
2EYLDPHQWH VL HO FULWHULR WHPSRUDO HO SHUtRGR GH UHIHUHQFLD IXHVH

KWWSZZZLORRUJLORVWDWILOHV'RFXPHQWVGHVFULSWLRQB85B63SGI

$ODLQ'HVURVLqUHVH[SOLFDTXHHQ(VWDGRV8QLGRVODIDOWDGHGHILQLFLyQXQtYRFD
GHOGHVHPSOHDGRHVWDOOyFRQHO&HQVRGHHQHVDRFDVLyQHOUHVXOWDGRFHQVDODUURMy
XQSULPHUFRQWHRGH³«PLOORQHVGHGHVHPSOHDGRV3HURODVFRQYHQFLRQHVGH
GHILQLFLyQ\UHFXHQWRGHHVWRVGHVHPSOHDGRVVRQFXHVWLRQDGDV\DOJXQRVDGHODQWDQTXH
HOYHUGDGHURQ~PHURHVWiFRPSUHQGLGRHQWUH\PLOORQHV$KRUDELHQHOGHVHPSOHR
QXQFDKDEtDVLGRFODUDPHQWHGHILQLGR\DQWHODXUJHQFLDODRILFLQDHOLJLyFRQYHQFLRQHV
UHVWULFWLYDVTXHH[FOXtDQDORVWUDEDMDGRUHVTXHD~QWHQtDQXQHPSOHRDXQTXHVXV
GHVSLGRV\DKDEtDQVLGRDQXQFLDGRV\DORVMyYHQHVTXHQXQFDKDEtDQWUDEDMDGR\
EXVFDEDQHPSOHR«¢4XpHVXQGHVHPSOHDGR"6LpVWHVHGHILQHFRPRXQDSHUVRQDVLQ
HPSOHRTXHEXVFDWUDEDMR\TXHHVWiGLVSRQLEOHLQPHGLDWDPHQWHFDGDXQDGHHVWDVWUHV
FRQGLFLRQHVUHVXOWDSUREOHPiWLFD\VHSUHVWDDGLVFXVLyQ\DTXHORVFDVRVGXGRVRV
SXHGHQVHUPXFKRV´

RWURODVFLIUDVUHVXOWDQWHVVHUtDQPX\GLIHUHQWHVVLSRUHMHPSORHQOD
SULPHUDSUHJXQWDHQOXJDUGHLQWHUURJDUFRQHOFULWHULRLPSOLFDGRVH
SUHJXQWDVH VL OD VHPDQD DQWHULRU WUDEDMy SRU OR PHQRV GLH] KRUDV HO
SRUFHQWDMHGHGHVRFXSDGRVFUHFHUtDQRWDEOHPHQWH
x (O WHUFHU UHIHUHQWH HPStULFR OR FRPSRQHQ ODV VLJQLILFDFLRQHV

HOODVVRQODVIRUPDVGHHQWHQGHUVHQWLU\UHSUHVHQWDUVXEMHWLYDPHQWH
OD UHDOLGDG GH SDUWH GH ORV VHUHV KXPDQRV VRQ HVWDGRV SHUFHSWLYRV
FRJQLWLYRV \ HPRFLRQDOHV GH OD VXEMHWLYLGDG TXH VH KDOODQ
LQWHULRUL]DGRV HQ OD SHUVRQDV \ TXH VRQ LQWHUSHODGRV SRU OD
LQYHVWLJDFLyQHQUHODFLyQKDFLDDOJ~QREMHWRRWHPD HVWD GLPHQVLyQ
VXEMHWLYDGHORVDFWRUHVVRFLDOHVVyORHVDFFHVLEOHDOUHJLVWURHPStULFR
VLVHPDQLILHVWDEDMRDOJ~QVRSRUWHH[SUHVLYRGHWLSRYHUEDOHVFULWRR
LFyQLFR'HVGHHOSXQWRGHYLVWDPHWRGROyJLFRODVVLJQLILFDFLRQHVVH
FRQVWLWX\HQ FRPR XQ REMHWR FXDOLWDWLYR SRU DQWRQRPDVLD SXHGHQ
PDWHULDOL]DUVH HQ H[SUHVLRQHV YHUEDOHV HQ WDQWR PDQLIHVWDFLRQHV
LQWHQFLRQDOHV GH OD VXEMHWLYLGDG HYLGHQFLDUVH D WUDYpV GH
FRPSRUWDPLHQWRV R ELHQ SXHGHQ H[LVWLU ODWHQWHV HQ OD VXEMHWLYLGDG
FRPR PRWLYDFLRQHV LQKLELFLRQHV R H[SHFWDWLYDV ODV FXDOHV VXSRQHQ
VHQWLGRV TXH SXHGHQ LPSOLFDU HOHPHQWRV TXH VH HQFXHQWUDQ HQ HO
OtPLWH GH OD FRQFLHQFLD GHO DFFLRQDU GH ORV DFWRUHV OD VXEMHWLYLGDG
LQVWDXUDGD SRU HVWDV VLJQLILFDFLRQHV VH LQVWLWX\HQ \ VH UHFRQVWLWX\HQ
GHQWUR GH XQ RUGHQ SDUWLFXODUL]DGR HQ XQD PXOWLSOLFLGDG GH
LQWHUDFFLRQHVVRFLDOHVVLWXDGDVGHQWURGHHVWUXFWXUDVLQVWLWXFLRQDOHV\
RUJDQL]DFLRQDOHV GH FDUiFWHU FXOWXUDO SROtWLFR \ HFRQyPLFR TXH
LQFLGHQ HQ VX GLQiPLFD SRVLELOLWDQGR \ D OD YH] OLPLWDQGR ODV
SRVLELOLGDGHV GH OD DFFLyQ VRFLDO TXH SXHGHQ HQWHQGHUVH FRPR
SURFHVRVRFLDOFRQWLQXRHQODTXHVHFRQVWUX\HQORVVLJQLILFDGRVODV
LGHQWLGDGHV\GHWHUPLQDGDVGHILQLFLRQHVGHODUHDOLGDGVRFLDO:RRGV
6HJ~Q 5XWK 9LH\WHV ODV VLJQLILFDFLRQHV FRQVLGHUDGDV FRPR
REMHWRGHLQYHVWLJDFLyQ SRVHHQORVVLJXLHQWHVDWULEXWRVTXH SDUD VHU
UHJLVWUDGRV SXHGDQ HODERUDUVH HQ VX DERUGDMH PHWRGROyJLFR HQ
FRQIOXHQFLDRGLIHUHQFLDGRVHQWUHVtHQ0HUOLQR
9 8Q SULPHU DWULEXWR HV OD GHQVLGDG VXEMHWLYD DO DERUGDU HVWH

WLSRGHREMHWRVHOLQYHVWLJDGRUSXHGHHQIUHQWDUVHDFLHUWDVUHVLVWHQFLDV
GH ODV VXEMHWLYLGDGHV TXHSUHWHQGHQ FRPSUHQGHUVH³«GHVGH OXHJRHO
JUDGR HQ TXH XQ DWULEXWR VH SUHVHQWD FRPR H[FHVLYDPHQWH tQWLPR
SDUDVHUFRPHQWDGRGLILHUHGHFXOWXUDHQFXOWXUD´HQODLQWHULRULGDG
GH OD SHUVRQD VH FRQVWLWX\HQ EDUUHUDV SDUD VX H[SOLFLWDFLyQ
HVSRQWiQHDVHDUUDLJDQ\VHFRQVROLGDQHQHOODUHSHUWRULRVGHVHQWLGR
GHFDUiFWHUFRJQLWLYR\HPRFLRQDOSURYHQLHQWHGHODVH[SHULHQFLDVGH
LQWLPLGDG \ GH YLYHQFLDV GH IXHUWH FDUJD DIHFWLYD HQ FDOLGDG GH
LOXVLRQHV DQVLHGDGHV PLHGRV H[SHFWDWLYDV R VLWXDFLRQHV GH IXHUWH
SUHVLyQ VRFLDO FRPR OD GLVFULPLQDFLyQ VXIULGD HQ OD LQIDQFLD ORV
SUHMXLFLRVVREUHGHWHUPLQDGRVWLSRVGHSHUVRQDRODVH[SHFWDWLYDVGH
DVFHQVRVRFLDO
9 8Q VHJXQGR DWULEXWR HV OD DEVWUDFFLyQ OD VLJQLILFDFLyQ GH OD
DFFLyQ VH FRQVWLWX\H HQ WDQWR RUGHQDFLRQHV GH HOHPHQWRV RULHQWDGRV
SRU OD VLJQLILFDFLyQ R SRU ODV YLYHQFLDV GH ORV VXMHWRV HQ WRUQR D
LGHDOHV R YDORUHV DEVWUDFWRV WDOHV FRPR OD LJXDOGDG OD OLEHUWDG OR
EXHQR\ORPDORORMXVWR\ORLQMXVWRSHURPDWHULDOL]DGRVDSDUWLUGH
FLHUWRVIDFWRUHVHVWUXFWXUDOHVHQFDGDSHUVRQDGHIRUPDSDUWLFXODUDVt
XQYDORUFRPRODMXVWLFLDSXHGHLPSOLFDUGLIHUHQWHV\KDVWDRSXHVWRV
VHQWLGRVHQGLIHUHQWHVDFWRUHVVRFLDOHV
9 8Q WHUFHU DWULEXWR HV OD FRPSOHMLGDG ORV VHQWLGRVLPSOLFDGRV
HQ OD LQWHQFLRQDOLGDG GHO REUDU VH FRQIRUPDQ HQ UHODFLyQ D ORV
YtQFXORV VRFLDOHV UHVXOWDQWHV GH XQ SURFHVR GH DVLPLODFLyQ GH
GHWHUPLQDGDV FRQYHQFLRQHV VRFLDOHV SHUR WDPELpQ GH SURFHVRV GH
WHQVLyQ GH FDUiFWHU LQHVWDEOH GHQWUR GH XQD GLQiPLFD WXUEXOHQWD H
LPSUHYLVLEOH ODV LQYHVWLJDFLRQHV SXHGHQ GLULJLUVH KDFLD OD
FRPSUHQVLyQ GH ORV HQWRUQRV HQ ORV TXH VH JHQHUDQ HVWRV VHQWLGRV
SRQLHQGR HO IRFR DOUHGHGRU GH ORV DPELHQWHV JUXSDOHV X
RUJDQL]DFLRQDOHVVRPHWLGRVDFDPELRVRHQODWRPDGHGHFLVLRQHVFRQ
UHVSHFWR D FLHUWDV H[SHFWDWLYDV R LQWHUHVHV FRPR VH FRQVWDWD HQ ORV
SURFHVRV GH GLVWULEXFLyQ GH UHFXUVRV PDWHULDOHV \ VLPEyOLFRV GHQWUR
GHXQDRUJDQL]DFLyQODERUDO
9 8QFXDUWRDWULEXWRHVODLQWROHUDELOLGDGVRFLDOVHUtDQDTXHOODV
VLJQLILFDFLRQHV TXH UHPLWHQ D DVSHFWRV UHVLVWLGRV HQ GHWHUPLQDGRV

HQWRUQRV VRFLDOHV WHPiWLFDV VXMHWDV D SUHVLRQHV SDUD VX

LQYLVLELOL]DFLyQ R GHVFUpGLWR FRPR DTXHOODV FDUDFWHUtVWLFDV TXH VXV
SRUWDGRUHVGHEHQRFXOWDURVREUHODVTXHVLHQWHQWHPRURYHUJHQ]D
FRPR ODV GLVFDSDFLGDGHV ItVLFDV HVWLJPDWL]DEOHV R DTXHOORV
FRPSRUWDPLHQWRVFDWDORJDGRVVRFLDOPHQWHFRPRLQPRUDOHVFRPRORV
YLFLRV
9 (O TXLQWR DWULEXWR HV OD SUHFDULHGDG OD VLJQLILFDFLyQ VH
SURGXFH WDPELpQ FRPR FRQVHFXHQFLD GH YtQFXORV VRFLDOHV
LQWHUPLWHQWHV LPSUHYLVLEOHV R GH EDMD HVWDELOLGDG HQ VX FRQWLQXLGDG
WHPSRUDO FRPR ORV TXH UHVXOWDQ GH PDQLIHVWDFLRQHV FROHFWLYDV R
JUXSDOHV FRPR ODV FRUULHQWHV GH RSLQLyQ S~EOLFD VREUH XQ WHPD
FR\XQWXUDO WDOHV FRPR ORV KHFKRV DFDHFLGRV GLDULDPHQWH \ TXH VRQ
YLVLELOL]DGRVHQODDJHQGDGHORVPHGLRVGHFRPXQLFDFLyQ
9 8Q VH[WR DWULEXWR HV OD VREUHGHWHUPLQDFLyQ VLPEyOLFD
LGHROyJLFD \R LPDJLQDULD VHUtDQ WRGDV DTXHOODV VLJQLILFDFLRQHV TXH
VH FRQVWLWX\HQ GH UHODFLRQHV R GH SUiFWLFDV FRQILJXUDGDV
YDORUDWLYDPHQWH SRU HO HMHUFLFLR GHO SRGHU LQVWLWXFLRQDO R FRPR HO
UHVXOWDGR GH ORV HVWHUHRWLSRV HO SUHVWLJLR ODV GLIHUHQFLDV VRFLDOHV R
UDFLDOHV FRPR ORV TXH VH DFUHGLWDQ HQ ODV DQVLHGDGHV R WHPRUHV
JHQHUDGRVPHGLiWLFDPHQWHFRQUHVSHFWRDXQWHPDHQSDUWLFXODU
0pWRGRVFXDQWLWDWLYRV\FXDOLWDWLYRV
(Q ORV HVWXGLRV DQFODGRV HQ XQ PpWRGR FXDQWLWDWLYD HO LQYHVWLJDGRU
DERUGDORVRFLDOWDOFRPRORUHFRPLHQGD'XUNKHLPHQ/DVUHJODVGHO
PpWRGRVRFLROyJLFRFRPRXQD³FRVD´DOJRH[WHUQRDODVXEMHWLYLGDG
GHO LQYHVWLJDGRU TXLHQ GHEH LQGDJDU ~QLFDPHQWH DTXHOODV
GLPHQVLRQHVPHGLEOHVGHODUHDOLGDGDHVWXGLDUODDSOLFDFLyQGHHVWD
SHUVSHFWLYD FXDQWLWDWLYD UHJLVWUD OR VRFLDO HQ XQD HVWULFWD UHODFLyQ
VXMHWRREMHWRHOREMHWRHVSDVLYR\DTXHQRLQFLGHFRQVXSUHVHQFLD
HQ ODV WUD\HFWRULDV GH ODV GHFLVLRQHV LQYHVWLJDWLYDV TXH HVWiQ
GHILQLGDV GH DQWHPDQR RSHUDQGR VREUH OR TXH HV SRVLEOH GH VHU
FXDQWLILFDGR \ ORV SUREOHPDV DFRUGHV D HVD SHUVSHFWLYD KD\ WHPDV
TXH VH SXHGHQ DERUGDU FRQ YDOLGH] \ RWURV TXH QR SDUD HVWRV
LQYHVWLJDGRUHV OR TXH QR VH SXHGH FXDQWLILFDU QR HV REMHWR GH

LQYHVWLJDFLyQ FLHQWtILFD (O UHJLVWUR GH ORV FRPSRUWDPLHQWRV ODV

RSLQLRQHVORVKHFKRV\ODVFRQGLFLRQHVREMHWLYDVVHDMXVWDQDOHPSOHR
GHODVWpFQLFDVFXDQWLWDWLYDVODVWpFQLFDVGLVSRQLEOHVSDUDORVHVWXGLRV
FXDQWLWDWLYRV GH UHJLVWUR GH GDWRV GH PXHVWUHR GH GLVHxR VRQ
HILFLHQWHVHQOD SURGXFFLyQGHGDWRVVREUHORVKHFKRVGH ODUHDOLGDG
VRFLDO QLYHO GH FRPSUDV PHQVXDOHV HQ FHQWURV GH YHQWD PLQRULVWDV
FDQWLGDG GH RSHUDFLRQHV EDQFDULDV FRQFXUUHQFLD PHQVXDO DO FLQH \
HQODVPDQLIHVWDFLRQHVUHIOH[LYDVGHORVVXMHWRVVRFLDOHVH[SUHVLRQHV
YHUEDOHV VREUH HO DXPHQWRGH SUHFLRV GH ORV SURGXFWRV DOLPHQWLFLRV
LQWHQFLyQGHYRWRUHFKD]RRDFHSWDFLyQVREUHPHQVDMHVFRPHUFLDOHV
/RV LQYHVWLJDGRUHV GH OR VRFLDO QR SXHGHQ FHxLUVH D XQD H[FOXVLYD
HVWUDWHJLD LQIOH[LEOH \ SRU HQGH \D DQDFUyQLFD TXH FRQVLGHUD
~QLFDPHQWH HO DVSHFWR PHGLEOH H[WHUQR \ R FRQFLHQWH GH ORV
IHQyPHQRV VRFLDOHV LJQRUDQGR HO SDSHO TXH MXHJDQ ODV
VLJQLILFDFLRQHV\ORVHOHPHQWRVGHODVXEMHWLYLGDGRUJDQL]DGDVFRPR
LGHRORJtDV PDWHULDOL]DGDV HQ ODV H[SUHVLRQHV YHUEDOHV \ HQ ODV
SUiFWLFDV VRFLDOHV SRU HOOR HV YLWDO TXH TXLHQ SUHWHQGD LQYHVWLJDU
SXHGDGLVSRQHUGHOHPSOHRGHP~OWLSOHVFDPLQRV\KHUUDPLHQWDVSDUD
DIURQWDUODLQWHUDFFLyQFRPSOHMDHLQWHUDFWLYDHQWUHODPDWHULDOLGDGGHO
PXQGR REMHWLYR \ OD VXEMHWLYLGDG GRQGH VH HIHFWLYL]DQ ODV
FRQILJXUDFLRQHVVRFLDOHVGHODUHDOLGDG(QODDFWXDOLGDGHQHOFDPSR
FLHQWtILFR H[LVWHQ SURSXHVWDV \ HVWUDWHJLDV PHWRGROyJLFDV YDULDGDV \
HVWR HV ELHQYHQLGR GHELGR D TXH ORV REMHWRV D LQYHVWLJDU HQ OD
UHDOLGDG VRFLDO VRQ KHWHURJpQHRV UHPLWHQ D XQD KHWHURJpQHD
FRPSOHMLGDGPDWHULDO\VLPEyOLFDSHURDXQDVtKR\HQGtDSHUVLVWHQ
HQIRTXHV DFDGpPLFRV FRQYHQFLGRV VREUH OD H[FOXVLYD YDOLGH] GHO
TXHKDFHUFXDQWLILFDEOHGHODLQYHVWLJDFLyQDVt³«GHDFXHUGRFRQOD
SUiFWLFDFRQYHQFLRQDOHOLQYHVWLJDGRUHVH[KRUWDGRDSHUVHYHUDUHQ
VX GLVHxR SUHVFULWR GH LQYHVWLJDFLyQ QR LPSRUWD FXiQ SREUHV VHDQ
ORV GDWRV 6L YDUtD VX iUHD DO HQIUHQWDUVH D HVWDV FRQWLQJHQFLDV
DQWLFLSDGDV ORV OHFWRUHV SXHGHQ RSLQDU TXH VXV KHFKRV KDQ VLGR
FRQWDPLQDGRVSRUVXYLRODFLyQSHUVRQDODODVUHJODVSUHFRQFHELGDVH
LPSHUVRQDOHV 'H HVWD PDQHUD HV FRQWURODGR SRU VXV UHJODV

LPSHUVRQDOHV \ QR WLHQH FRQWURO VREUH OD UHOHYDQFLD GH VXV GDWRV
LQFOXVRFXDQGRpOYHTXHVHKDH[WUDYLDGR´*ODVHU\6WUDXVV
(Q ODV LQYHVWLJDFLRQHV FXDQWLWDWLYDV HQ ORV SULPHURV SDVRV DQWHV GH
OOHYDUDGHODQWHHOUHJLVWURGHODLQIRUPDFLyQWUDEDMRGHFDPSRGHEH
VHU GHILQLGR ULJXURVDPHQWH HO XQLYHUVR D LQYHVWLJDU HVWDEOHFLHQGR D
TXLHQHV VH YD D LQYHVWLJDU \ ODV FDUDFWHUtVWLFDV R SURSLHGDGHV
GHILQLGDVFRQSUHFLVLyQFRQFHSWXDOYDULDEOHVSDUDHOORHVQHFHVDULR
FRQWDUFRQODSRVLELOLGDGWpFQLFDGHTXHpVWDVSXHGDQVHUUHJLVWUDGDV
HPStULFDPHQWH D SDUWLU GHO HPSOHR GH SURFHVRV WpFQLFRV TXH
WUDQVIRUPDQ HVWRV UHJLVWURV HPStULFRV HQ H[SUHVLRQHV QXPpULFDV
WUDVODGDEOHV KDFLD XQ HVSDFLR TXH GHEH FRQWHQHU OD WRWDOLGDG GH ORV
GDWRV PDWUL] GH GDWRV \ GHVGH GRQGH VH OH GHEHQ DSOLFDU
SURFHGLPLHQWRV HVWDGtVWLFRV SDUD TXH SXHGDQ VHU VLQWHWL]DGRV \
DQDOL]DGRV/RTXHVHGLFHHQHO³MXHJRGHSUHJXQWDV\UHVSXHVWDV´GH
XQD HQFXHVWD R HQ ORV KHFKRV PDUFDGRV D WUDYpV GH XQD SODQLOOD GH
FXDQWLILFDFLyQ GH XQD REVHUYDFLyQ VH FRQYLHUWHQ HQ yUGHQHV
QXPpULFRVGHGDWRVHQXQD HQFXHVWDODFDQWLGDGGH SUHJXQWDV \VXV
SRVLEOHV UHVSXHVWDV R HQ XQD SODQLOOD GH REVHUYDFLyQ ORV HVSDFLRV D
VHUFRPSOHWDGRVSURYLHQHQGHODVYDULDEOHVGHILQLGDVHQORVREMHWLYRV
\HQODVKLSyWHVLVSURSRVLFLyQVREUHORTXHVHSLHQVDHODERUDUHQOD
LQYHVWLJDFLyQ GHVDUUROODGR HQ HO FDStWXOR /RV UHJLVWURV GH HVRV
HVSDFLRV VH HODERUDQ FRPR LQVXPRV TXH VH FRQVWLWX\HQ HQ XQ
HQWUDPDGRLQIRUPDFLRQDOSUHYLVWRSDUDODFRQVWUXFFLyQGHXQDPDWUL]
GH GDWRV HVSDFLR FXDGULFXODGR D GRQGH VH WUDVODGDQ HVWRV UHJLVWURV
HPStULFRV SDUD TXH FRQ SRVWHULRULGDG VH UHDOLFH HO SURFHVDPLHQWR
HVWDGtVWLFRGHORVPLVPRVVXRUGHQDFLyQHQFXDGURV\JUiILFRV\VX
SRVWHULRUDQiOLVLV
/RVHVTXHPDVPHWRGROyJLFRVFXDQWLWDWLYRVVRQSRWHQWHVSDUDHODERUDU
LQIRUPDFLyQ VREUH OD H[WHQVLyQ GHOD RSLQLyQ RVREUH OD GHFODUDFLyQ
GH FRPSRUWDPLHQWRV SDVDGRV R SUHVHQWHV R GH SRVLEOHV DFFLRQHV
IXWXUDVSHURVRQOLPLWDGRVSDUDUHJLVWUDUODSURIXQGLGDGHOVHQWLGRGH
ODV VXEMHWLYLGDGHV \D TXH ODV UXWLQDV WpFQLFDV SODQLILFDGDV GH
DQWHPDQR LPSRVLELOLWDQ TXH ODV FRQWLQJHQFLDV R ODV GLIHUHQWHV

H[SUHVLRQHVGHODVXEMHWLYLGDGSXHGDQDVLPLODUVHFRPRLQIRUPDFLyQ
&RQ OD XWLOL]DFLyQ GH XQD WpFQLFD FXDQWLWDWLYD FRPR OD HQFXHVWD VH
DEUHQFLHUWDVSRVLELOLGDGHVGHTXHFLHUWDVVLJQLILFDFLRQHVGHOKDEODVH
SLHUGDQ FRPR UXLGR GXUDQWH OD DSOLFDFLyQ GH XQD HQFXHVWD XQD
UHVSXHVWDQRSUHYLVWDRXQDUHSUHJXQWDGHOHQFXHVWDGRTXHFDPELDHO
VHQWLGR GH OR TXH VH GLFH HV GHVHFKDGD R GHVYLDGD KDFLD XQD GH ODV
RSFLRQHV GH UHVSXHVWD GLVSRQLEOHV VDOYR TXH VH HVWp IUHQWH D XQD
SUXHED GH FXHVWLRQDULR HQ FDPELR FRQ HO HPSOHR GH XQD WpFQLFD
FXDOLWDWLYD FRPR OD HQWUHYLVWD HQ SURIXQGLGDG VH SXHGH DSURYHFKDU
OD HPHUJHQFLD GH OR HVSRQWiQHR HQ ORV GLVFXUVRV SDUD DXPHQWDU OD
LQIRUPDFLyQ TXH OH EULQGD HO KDEODQWH KDFLD DTXHO TXH UHJLVWUD VX
GLVFXUVR
/DVWpFQLFDVFXDQWLWDWLYDVVRQHILFLHQWHVHQHOHVWXGLRGHIHQyPHQRV
REVHUYDEOHV HVWDEOHV \ PHGLEOHV \ SUHFLVDPHQWH pVWDV QR VRQ ODV
SURSLHGDGHVTXHGHILQHQDORVXQLYHUVRVVLPEyOLFRV\PRWLYDFLRQDOHV
TXH VXE\DFHQ FRPR RULHQWDGRUHV GH ORV IXQGDPHQWRV VXEMHWLYRV GH
ORVFRPSRUWDPLHQWRVVRFLDOHVVRQ ³HVWDVUHODFLRQHVGHVHQWLGRGH
ODV YLYHQFLDV H LPiJHQHV VRFLDOHV GH ORV LQGLYLGXRV HQFXHVWDGRV ODV
TXH WLHQGHQ D HVFDSDU D ODV OLPLWDGtVLPDV SRVLELOLGDGHV GH
H[SORUDFLyQVLJQLILFDWLYDTXH DSRUWDQ ODV UHVSXHVWDV HVWHUHRWLSDGDV
D ODV SUHJXQWDV FRGLILFDGDV FX\D UtJLGD IRUPDOL]DFLyQ YLHQH D VHU
UHVWULFWLYDPHQWH GHWHUPLQDGD SRU HO SURSLR HQIRTXH IRUPDOL]DGR \
FXDQWLWDWLYRODDSUR[LPDFLyQFXDOLWDWLYDLQIRUPDORDELHUWDTXH
HQWUDxDOD UHODWLYDPHQWHOLEUH DXWRGHWHUPLQDFLyQ H[SUHVLYDGH ORV
VXMHWRV \ R JUXSRV SUHWHQGH FUHDU XQD VLWXDFLyQ GH DXWpQWLFD
FRPXQLFDFLyQ HV GHFLU XQD FRPXQLFDFLyQ PXOWLGLPHQVLRQDO
GLDOpFWLFD \ HYHQWXDOPHQWH FRQWUDGLFWRULD HQWUH HO LQYHVWLJDGRU \
HO LQGLYLGXR R JUXSR LQYHVWLJDGR³ 2UWL /DV LQIRUPDFLRQHV
VREUH ODV VXEMHWLYLGDGHV TXH VH SURGXFHQ JUDFLDV D OD HVWUDWHJLD GH
LQYHVWLJDFLyQ FXDOLWDWLYD SUHVHQWD XQD FRPSOHMLGDG GH QDWXUDOH]D
GLIHUHQWH D OD TXH SXHGH UHVXOWDU GH OD DSOLFDFLyQ GH WpFQLFDV
LPSHUVRQDOHV \ SUH FRQILJXUDGDV XWLOL]DGDV HQ OD PHWRGRORJtD
FXDQWLWDWLYD ODV WpFQLFDVGH UHJLVWUR FXDOLWDWLYDV VRQ SURPRWRUDV GH

OD HVSRQWDQHLGDG \ GH OD OLEHUWDG GH ORV KDEODQWHV FXDQGR OD
VXEMHWLYLGDGHVLQWHUSHODGDSRUWpFQLFDVFXDQWLWDWLYDVORVVLJQLILFDGRV
ODH[SUHVLyQGHODVPRWLYDFLRQHV\ODVFUHHQFLDVVHKRPRJHQL]DQ\VH
FRQGXFHQ GHQWUR GH XQD VHULH SUHILMDGD GH FDWHJRUtDV LPSXHVWDV SRU
TXLHQHV DSOLFDQ OD WpFQLFD DO UHVSRQGLHQWH FRPR RFXUUH FXDQGR VH
LQVWUXPHQWDODWpFQLFDGHODHQFXHVWD
6LJXLHQGRHOSODQWHRGH-HV~V,EixH]VHUtDSRVLEOHDILUPDUTXH

HOHVTXHPDGHODLQYHVWLJDFLyQFXDQWLWDWLYDHVFHUUDGR\UtJLGR\DTXH
QR DGPLWH UHIRUPXODFLRQHV HVWR LPSOLFD TXH QR KD\ OXJDU SDUD OR
LQHVSHUDGRFRPRXQDDFFLyQPiVGHHVWDHVWUDWHJLDHODQiOLVLVGHORV
GDWRV GH OD LQYHVWLJDFLyQ FXDQWLWDWLYD HV XQD HWDSD SUHILMDGDTXH VH
OOHYDDGHODQWHOXHJRGHODFRQVWUXFFLyQGHODLQIRUPDFLyQDWUDYpVGH
WpFQLFDV HVWDQGDUL]DGDV H LPSHUVRQDOHV FRPR VRQ ORV WHVWV ODV
HQFXHVWDV ODV HVFDODV GH SHUFHSFLyQ R ODV REVHUYDFLRQHV
IRUPDOL]DGDVGHDQWHPDQRHQXQDLQYHVWLJDFLyQFXDQWLWDWLYDVHVDEH
FXDQWD LQIRUPDFLyQ SRVLEOH SXHGH OOHJDU D UHJLVWUDUVH FRPR VH YD
PHGLU\VREUHTXpDVSHFWRVGHOIHQyPHQRVHIRFDOL]DUiHVWHUHJLVWUR
-HV~V ,EixH] HVWDEOHFH TXH HQ ORV HVTXHPDV FXDQWLWDWLYRV OD VXHUWH
HVWiHFKDGDDQWHVGHMXJDU\DTXHQRTXHGDQLQJ~QFDPLQRSDUDHO
D]DUQRVHSXHGHUHJLVWUDUSRUHMHPSORHQHOFDVRGHODVHQFXHVWDVGH
RSLQLyQDOJR PiV DOOi GHOD H[SUHVLyQGHO KDEOD IRUPDOL]DGD HQXQ
RUGHQGHSUHYLVWDVSUHJXQWDV\RSFLRQHVGHUHVSXHVWDDVtFXDQGRORV
HQFXHVWDGRUHVRSHUDQHQFDPSRGHEHQVHULQVWUXLGRVSDUDRSHUDUFRQ
FXHVWLRQDULR TXH VXSRQH OD UtJLGD IRUPDOL]DFLyQ HQ VX LQWHUDFFLyQ
YHUEDO FRQ ORV HQFXHVWDGRV TXH LPSOLFD TXH DTXHOOD LQIRUPDFLyQ
LPSUHYLVWD TXH QR KD VLGR FRQWHPSODGD HQ HO GLVHxR FRQFHSWXDO GHO
FXHVWLRQDULRVHSLHUGHFRPRUXLGR
(QODLQYHVWLJDFLyQFXDQWLWDWLYDVHUHTXLHUHHQODLQVWDQFLDLQLFLDOGHO
GHVSOLHJXH GH DFFLRQHV HVWUXFWXUDGDV \ SODQLILFDGDV HQ WRUQR D XQD
SUHFLVLyQLQLFLDOGHORTXHVHYDDTXHUHUPHGLUXQDGHODVFODYHVGH
VX HILFDFLD UDGLFD HQ OD FRUUHFWD RSHUDFLRQDOL]DFLyQ WHyULFD TXH
FRQVLVWH HQ OD H[SOLFLWDFLyQ HO VLJQLILFDGR WHyULFR \ WpFQLFD OD TXH
VXSRQH OD GHVFULSFLyQ GH TXp WpFQLFDV GH HODERUDFLyQ GH GDWRV VH

HVFRJHUiQ\FRPRVHXWLOL]DUiQTXHVHDSOLFDUiQHQODVYDULDEOHV\HQ
VXVGLPHQVLRQHV(OHQIRTXHFXDOLWDWLYRVHRULHQWDKDFLDXQDUHDOLGDG
TXH SRVHHXQD FRPSOHMLGDGGHGLIHUHQWHQDWXUDOH]D FRQIRUPDGD SRU
HOHPHQWRV PXFKDV YHFHV LQGHFLEOHVR QR FRQVFLHQWHV SDUD HO PLVPR
VXMHWR KDEODQWH WDOHV FRPR ODV PRWLYDFLRQHV ORV GHVHRV ODV
FUHHQFLDVRODVLQKLELFLRQHVGHFRQVXPLGRUHVDOXPQRVHPSOHDGRVR
FLXGDGDQRVDODFRQVWLWXLGDSRUORVKHFKRVGHO³PXQGRPHGLEOH´\
FRPR FRQVHFXHQFLD GH HOOR HO LQYHVWLJDGRU GHEH SODQLILFDU XQD
HVWUDWHJLD SDUD TXH VXV DFFLRQHV VHDQ SHUPHDEOHV D OR LQHVSHUDGR
SDUD TXH OD VXEMHWLYLGDG SXHGD VHU XELFDGD VH SRVLELOLWH VX
VXUJLPLHQWR\SXHGDVHUUHJLVWUDGD
(O PpWRGR FXDOLWDWLYR VH RULHQWD KDFLD OD FRPSUHQVLyQ GH ORV
H[SUHVLRQHV YHUEDOHV \ QR YHUEDOHV SHUVRQDOHV \ JUXSDOHV TXH ORV
VXMHWRV HQXQFLDQ \ WUDQVPLWHQ FRJQLWLYD \ HPRFLRQDOPHQWH HQ
FRQWH[WRV HVSRQWiQHRV FRPR RFXUUH HQ ORV SURFHVRV VRFLDOHV GH
FRQVWUXFFLyQGHORVGHVHRVSUHYLRVDODFWRLQGLYLGXDOGHOFRQVXPR
ODVHVWUDWHJLDV\WpFQLFDVFXDOLWDWLYDVHVWiQ DGDSWDGDVDUHJLVWUDUODV
GLPHQVLRQHVPiVSURIXQGDVGHODVVXEMHWLYLGDGHVGHVGHGRQGHVXUJHQ
ODVFUHHQFLDVGHVHRV\YDORUHVTXHVXE\DFHQDVXVSUiFWLFDVVRFLDOHV
/DV PDQLIHVWDFLRQHV ODWHQWHV QR FRQFLHQWHV GH ORV KDEODQWHV VH
HVFXUUHQ GHO LQWHQWR PHWRGROyJLFR FXDQWLILFDGRU GH UHJLVWUDUORV
QXPpULFDPHQWH \D TXH FRQ ORV GLVSRVLWLYRV SDUD OD PHGLFLyQ
FXDQWLWDWLYD GH OD VXEMHWLYLGDG OD LQIRUPDFLyQ TXH VH HODERUD VH
GLULJH KDFLD OR VXSHUILFLDO GH OD PLVPD HVWR HV OD RSLQLyQ \ D OR
VXPR ODV UD]RQHV TXH ODV SHUVRQDV HPSOHDQ LQWHQFLRQDOPHQWH
VHJ~Q$OIRQVR2UWLHQ*DUFtD)HUUDQGR,EDxH]\$OYLUDHQOD
LQYHVWLJDFLyQ FXDOLWDWLYD VH EDVD HQ OD HVSRQWDQHD H[SUHVLyQ GH ORV
KDEODQWHV ³«GH VXV LQWHUHVHV LQIRUPDWLYRV UHFXHUGR HVSRQWiQHR
FUHHQFLDV H[SHFWDWLYDV \ RULHQWDFLRQHV GH YDORU VREUH ODV

3DUD$OIRQVR2UWL³HOGLVFXUVRHVSRQWiQHR\UHODWLYDPHQWHOLEUHGHXQ
VXMHWRQRFRQVWUHxLGRSRUQLQJXQDFRQWH[WXDOL]DFLyQLPSXHVWDHVWRHVSRUQLQJ~Q
FXHVWLRQDULRVHUHVLVWHDVXIRUPDOL]DFLyQ\PXFKRPiVD~QDVXFXDQWLILFDFLyQ´

LQIRUPDFLRQHVUHFLELGDV\GHVHRVPRWLYDFLRQHVLQWHUQDVFRQVFLHQWHV

HLQFRQVFLHQWHV´
/D RULHQWDFLyQ FHQWUDO HQ ORV HVWXGLRV FXDOLWDWLYRV HVWi GLULJLGD DO
UHJLVWUR GH OD GLPHQVLyQ VLPEyOLFD \ PRWLYDFLRQDO GHO SURFHGHU
KXPDQR HVWD DFFLyQ LQYHVWLJDWLYD QR SXHGH FRQFUHWDUVH D WUDYpV GH
GLVSRVLWLYRVIRUPDOHV\HVWDQGDUL]DGRVLQVWUXPHQWDGDSRUHQFXHVWDV
WHVWVPXHVWUHRVSUREDELOtVWLFRVRDSDUWLUGHSUHHVWDEOHFLGRVSDWURQHV
GH PHGLFLyQ RUJDQL]DGD SRU PHGLGDV GH WHQGHQFLD FHQWUDO R GH
GLVSHUVLyQ VX HIHFWLYL]DFLyQ LPSOLFD XQD HVWUDWHJLD GH HOHYDGD
XWLOLGDG HQ HO LQWHQWR GH FRPSUHQGHU H LQWHUSUHWDU ODV FUHHQFLDV ODV
H[SHFWDWLYDVODVLPiJHQHVVRFLDOHVODVVLJQLILFDFLRQHV\ORVDVSHFWRV
HPRFLRQDOHV TXH RULHQWDQ \ FLPHQWDQ GHVGH OR SURIXQGR GH OD
VXEMHWLYLGDGORVFRPSRUWDPLHQWRVGHORVDFWRUHVVRFLDOHV'HELGRDO
UHFRUULGR LQFLHUWR TXH KDFH OD VXEMHWLYLGDG FXDQGR WLHQH TXH
H[SUHVDUVHHVWHLQFHUWLGXPEUHSDUWHGHXQKHFKRLQQHJDEOHTXHQLHO
PLVPR VXMHWR D VHU LQYHVWLJDGR HV SOHQDPHQWH FRQFLHQWH GH ODV
VLJQLILFDFLRQHV TXH OR FRQVWLWX\HQ LQGDJDU HVWD GLPHQVLyQ GH OD
UHDOLGDGVRFLDOPRWLYDTXHHOGLVHxRGHLQYHVWLJDFLyQFXDOLWDWLYRVHD
DELHUWR\DTXHDVtSXHGHSURGXFLULQIRUPDFLRQHVQRSUHFRQFHELGDVHQ
HOGLVHxRPHWRGROyJLFRSUHYLR
/D DFFLyQ GHO LQYHVWLJDGRU FXDOLWDWLYR VH LQVFULELUtD GHQWUR GH XQD
LQWHQFLRQDOLGDG PHWRGROyJLFD FRQFHSWXDOL]DGD FRPR WpFQLFD GH
EULFROHXURGHPRQWDMHFRQFHSWRTXHUHPLWHD/pYL6WUDXVV
ODFXDOVXSRQHXQ³WUDEDMRFRQUHWD]RVGHOPXQGR´DUWLFXODQGRXQD
HVWUDWHJLD EDVDGD HQ SUiFWLFDV GH DFRSODPLHQWR LQWHUSUHWDWLYR GH
IUDJPHQWRV GH OD UHDOLGDG ³«HQ HO PRQWDMH VH VXSHUSRQHQ R
\X[WDSRQHQPXFKDVLPiJHQHVGLIHUHQWHVSDUDFUHDUXQDLPDJHQ«
HO LQYHVWLJDGRU « TXH XWLOL]D HO PRQWDMH HV FRPR XQ WHMHGRU GH
FROFKDV R LPSURYLVDGRU GH MD]] (O WHMHGRU GH FROFKDV FRVH HGLWD \
SRQH SHGD]RV GH OD UHDOLGDG MXQWRV (VWH SURFHVR FUHD \ GD XQD
XQLGDG SVLFROyJLFD \ HPRFLRQDO ±XQ SDWUyQ D XQD H[SHULHQFLD
LQWHUSUHWDWLYD´'HQ]LQ\/LQFROQ/DLQWHQFLRQDOLGDGGHHVWD
HVWUDWHJLD UDGLFD HQ IDEULFDU XQ HVTXHPD FRPSUHQVLYR VHPHMDQWH DO

TXH UHDOL]D XQ DUWHVDQR WHMHGRU GH FROFKDV TXH XQH UHWD]RVWH[WRV
GHQWUR GH XQD VHFXHQFLD GH FRQFHSWXDOL]DFLRQHV TXH HQOD]DQ ODV
SDUWHV D XQ WRGR ORV UHWD]RV VH FRPSRQHQ GH DUJXPHQWDFLRQHV
SHUVSHFWLYDV GH WH[WRV WHyULFRV DUWtFXORV SHULRGtVWLFRV LQIRUPHV
PHGLiWLFRV OD DFFLyQ GH EULFROHXU FRPR WpFQLFD GH URPSHFDEH]DV
LPSOLFD FRQVWUXLU XQ DQGDPLDMH GH UHODWRV ³HYLGHQFLDV´ \ GLVFXUVRV
FRPRSLH]DVXQLGDVHQWDQWRQDUUDFLRQHVXQPROGHDPLHQWRWHyULFRHQ
UHODFLyQ D WHMLGR GH \X[WDSRVLFLyQ GH IUDJPHQWRV GH UHDOLGDGHV
FRQFUHWDV GHQWUR GH XQD VHFXHQFLD HVWUDWpJLFD \ DXWRUUHIOH[LYD
XWLOL]DQGR DTXHOORV PDWHULDOHV TXH FRQVLGHUH FRQYHQLHQWH D OD
HVWUXFWXUD \ GHVDUUROOR FRQFHSWXDO \ UHIOH[LYR GHVDUUROODQGR
HVWUDWHJLDVGHHQVDPEODGRDILQGHGDUFRKHUHQFLDDORH[SXHVWR
(O LQYHVWLJDGRU TXH DSOLFD HVWD OtQHD PHWRGROyJLFD ³«HV FDSD] GH
HMHFXWDUXQEXHQQ~PHURGHWDUHDVGLYHUVLILFDGDVSHURDGLIHUHQFLD
GHO LQJHQLHUR QR VXERUGLQD QLQJXQD GH HOODV D OD REWHQFLyQ GH
PDWHULDV SULPDV QL LQVWUXPHQWRV VX UHJOD GH MXHJR HV OD GH
DUUHJOiUVHODV VLHPSUH FRQ ³OR TXH XQR WHQJD XQ FRQMXQWR GH
PDWHULDOHVKHWHUyFOLWRVTXHQRHVWiQHQUHODFLyQFRQHOSUR\HFWR
GHOPRPHQWRUHVLGXRVGHFRQVWUXFFLRQHV\GHVWUXFFLRQHVDQWHULRUHV
(O FRQMXQWR GH ORV PHGLRV GHO EULFROHXU QR VH SXHGH GHILQLU SRU
WDQWRSRUXQSUR\HFWRVHGHILQLUtDSRUVXLQVWUXPHQWDOLGDG
ORV HOHPHQWRV VH UHFRJHQ R FRQVHUYDQ HQ UD]yQ GHO SULQFLSLR ³GH
DOJR KDEUiQ GH VHUYLU GH OD PLVPD PDQHUD ORV HOHPHQWRV GH
UHIOH[LyQPtWLFDVHVLW~DQVLHPSUHDPHGLRFDPLQRHQWUHSUHFHSWRV\
FRQFHSWRV´/HYL6WUDXVV(OSURFHGHUEULFROHXURGHFROODJH
VH FHQWUD HQ FRQVWUXLU XQD HVFHQLILFDFLyQ FRQ XQ UHSHUWRULR GH XQD
JUDQ YDULHGDG GH TXHKDFHUHV GH QDWXUDOH]D GLYHUVD HQVDPEODQGR
UHWD]RV UHPDQHQWHV R IUDJPHQWRV GH VHJXQGD PDQR ODV SDUWHV DO
WRGRUHVDOWDQGRFRQFHSWRV\UHODFLRQHVGHVLJQLILFDFLyQFRQUHVSHFWR
D ODV SUHWHQVLRQHV DUJXPHQWDWLYDV TXH SXHGH GHVFDQVDU WDQWR HQ OD
HODERUDFLyQ GH JUXSRV GH GLVFXVLyQ HQWUHYLVWDV X REVHUYDFLRQHV
FRPRWDPELpQFRQODDUWLFXODFLyQ\UHXWLOL]DFLyQGHODLQWHUSUHWDFLyQ
GH WH[WRV GH WHUFHURV GRFXPHQWDFLRQHV \ GHQWUR GH SURFHVRV GH

DXWRUUHIOH[LyQHLQWURVSHFFLyQ
/RVLQYHVWLJDGRUHVFXDOLWDWLYRVSXHGHQSDUWLUGHXQFRQFHSWRFHQWUDO
FRPR SRU HMHPSOR OD GLVFULPLQDFLyQ R GH XQD VHULH HMHV WHPiWLFRV
SRU HMHPSOR REVWiFXORV YLYHQFLDGRV DOUHGHGRU GH ODV SUiFWLFDV
HVFRODUHV\GHVGHDOOtHODERUDUUHJLVWURVGHUHDOLGDGHVVXEMHWLYDVSDUD
REWHQHU XQD FRPSUHQVLyQ HQ SURIXQGLGDG GH ODV PLVPDV VLHPSUH
FRQYHQFLGRV GH TXH OD UHDOLGDG QXQFD SXHGH VHU REMHWLYDPHQWH
SURGXFLGDHOLQLFLRGHODLQYHVWLJDFLyQFXDOLWDWLYDQRVXHOHSDUWLUGH
XQ PDUFR WHyULFR HVWUXFWXUDGR \ RSHUDFLRQDOL]DGR FRQFHSWXDOPHQWH
WDOFRPRVXFHGHHQODVLQYHVWLJDFLRQHVFXDQWLWDWLYDVVLQRTXHDSDUWLU
GHO SUREOHPD GH LQYHVWLJDFLyQ VH SURSRQH XQ DERUGDMH FRJQLWLYR GH
DPSOLRHVSHFWURGHFDUiFWHUIOH[LEOHFRQXQWHPDRFRQFHSWREiVLFR
TXHRULHQWDHOWUDEDMRFRQORVVXMHWRVDLQYHVWLJDUORVWpUPLQRVJXtDV
R VHQVLELOL]DGRUHV VH HQFXHQWUDQ FLUFXQVFULWRV D XQD VLJQLILFDFLyQ
WHyULFD LQLFLDO \ SRU OR WDQWR VX GHVDUUROOR GH VHQWLGR HV LQFLHUWR
FRPRHVTXHPDSUHGHWHUPLQDGR\DTXHVXVLJQLILFDFLyQUHVXOWDGHODV
VXEMHWLYLGDGHV LQWHUSHODGDV SRU OD LQYHVWLJDFLyQ SRU HMHPSOR
XWLOL]DQGR HQWUHYLVWDV SDUD FRPSUHQGHU ODV HVWUDWHJLDV \ ORV FiOFXORV
HPSOHDGRVHQODRULHQWDFLyQGHODVUHODFLRQHVVHQWLPHQWDOHVDWUDYpV
GH HVWD DFWLYLGDG FRQYHUVDFLRQDO FRQ ORV HQWUHYLVWDGRV SXHGHQ LU
FRQVWUX\pQGRVH FRQFHSWXDOL]DFLRQHV TXH QR KDQ VLGR
RSHUDFLRQDOL]DGDVSUHYLDPHQWHDOWUDEDMRGHFDPSRVLQRTXHUHVXOWDQ
GH OD SURGXFFLyQ GH GDWRV SRU HOOR ODV PLVPDV QR VH HQFXHQWUDQ
DMXVWDGDVGHDQWHPDQRDXQDGHWHUPLQDGDXWLOL]DFLyQHVSHFtILFD
/D HVWUDWHJLD FXDOLWDWLYD HV UHFXUVLYD \D TXH LPSOLFD XQ ³XQ LU \
YHQLU HQWUH ORV GDWRV \ OD WHRUtD \ GH pVWD D DTXHOORV TXH VXHOHQ
PRGLILFDU D OR ODUJR GH OD LQYHVWLJDFLyQ WDQWR ORV DVSHFWRV
FRQFHSWXDOHV FRPR ORV VXMHWRV GH OD LQYHVWLJDFLyQ /R TXH LPSRUWD
HQ HVWH FDVR HV TXH HO LQWHUURJDQWH RULJLQDO VHD OR VXILFLHQWHPHQWH
HVSHFtILFR \ VXV WpUPLQRV XQtYRFRV SDUD SRGHU LQGLFDU HO FDPLQR
SURYLVRULR OD LQIRUPDFLyQ FXDOLWDWLYD KDFH QHFHVDULR SDUD VX
UHFROHFFLyQ\DQiOLVLVXQDGHILQLFLyQFODUDGHOFRQWH[WRLQPHGLDWRGH
ODV XQLGDGHV REVHUYDGDV \ GH ORV FDVR D FRPSDUDU PDQWHQLHQGR

UHODWLYDPHQWH OD[D OD GHILQLFLyQ FRQFHSWXDO´ *DOODUW (O

SURFHVR LPSOLFDGR HQ OD LQYHVWLJDFLyQ FXDOLWDWLYD VH FDUDFWHUL]D SRU
XQDSRWHQFLDOUHYHUVLELOLGDGGHVXVDFFLRQHVDILQGHGHVDUUROODUXQD
HVWUDWHJLDTXHVHSXHGDDGDSWDUDORTXHHPHUMDGXUDQWHHOWUDEDMRGH
FDPSR VH UHGXFH DO PtQLPR OD LQWUXVLyQ GH LGHDV SUHYLDV \ GH
HVWUXFWXUDV FRQFHSWXDOHV VXE\DFHQWHV D WRGD LQYHVWLJDFLyQ GH HVWD
PDQHUD HOLQYHVWLJDGRUSXHGH QR SURIXQGL]DU HQ ODDSOLFDFLyQGH OD
WHRUtD \ VyOR PHURGHDU VREUH HOOD SDUD HYLWDU LQWHUSUHWDFLRQHV
DQWLFLSDGDVVREUHORTXHVHYDDUHJLVWUDU\DTXHPXFKRVFRQFHSWRVR
SHUVSHFWLYDV WHyULFDV GH UHIHUHQFLD LQLFLDO SXHGHQ VHU GHVSOD]DGDV R
UHYLVDGDVGXUDQWHHOWUDEDMRGHLQYHVWLJDFLyQ
(Q HVWD SHUVSHFWLYD HO DQiOLVLV GH ORV GDWRV QR HV XQD LQVWDQFLD
SUHGHWHUPLQDGD SXHGH R QR VHU XQD HWDSD SRVWHULRU D OD WpFQLFD
JUXSRV HQWUHYLVWDV REVHUYDFLyQ QR VLVWHPiWLFD \D TXH WDPELpQ
SXHGH HIHFWLYL]DUVH GXUDQWH OD FRQVWUXFFLyQ GH OD LQIRUPDFLyQ HO
LQYHVWLJDGRUSXHGHDGYHUWLUGXUDQWHHOWUDQVFXUVRGHODLQYHVWLJDFLyQ
VLWXDFLRQHV DQyPDODV R LQHVSHUDGDV \ UHYLVDU HQ FRQVHFXHQFLD ORV
SDUiPHWURVWHyULFRV\PHWRGROyJLFRVHPSOHDGRVKDVWDHVHPRPHQWR
LPSOHPHQWDQGRQXHYRVFULWHULRV\WpFQLFDVSDUDUHVROYHUORDFDHFLGR
R SDUD FRPSOHPHQWDU ORV GDWRV \D HODERUDGRV HV SRU HOOR TXH VH
DILUPDTXH HOGLVHxRFXDOLWDWLYRHVDELHUWRDORLPSUHGHFLEOHSRUTXH
OR UHJLVWUDGR \ FDSWDGR SRU HO LQYHVWLJDGRU VH LPSULPH HQ VX
VXEMHWLYDG \ UHDFWLYD QXHYDV UHIOH[LRQHV \ DOWHUDFLRQHV HQ OD
LQWHUSHODFLyQ IXWXUD QHFHVDULD SDUD HODERUDU QXHYRV GDWRV PiV
DMXVWDGRVDHVDVPRGLILFDFLRQHV ,EixH] 1RGHEHFRQFHELUVH
HO DERUGDMH FXDOLWDWLYR GH OD UHDOLGDG VRFLDO HQ WpUPLQRV GH XQD
HVWUDWHJLDTXHVLPSOHPHQWHSUHVHQWDODVGHVFULSFLRQHVTXHORVDFWRUHV
KDFHQGHVXVSXQWRVGHYLVWDGHVXVHPRFLRQHV\GHVXVFUHHQFLDVHO
LQYHVWLJDGRU GHEH LU PiV DOOi GH pVWDV HQ XQD WDUHD PHWyGLFD GH
FRPSDUDFLyQ DVLPLODFLyQ \ GLIHUHQFLDFLyQ GH ODV H[SHULHQFLDV
YLYHQFLDGDV \ GH ORV SXQWRV GH YLVWD GH ORV DFWRUHV LQWHUSHODGRV
GLVFXUVLYDPHQWHSRUHVRHVYLWDOTXHGHVSOLHJXHXQDDFFLyQDQDOtWLFD
QR VyOR GHVSXpV VLQR WDPELpQ GXUDQWH OD LQWHUDFFLyQ SRVLELOLWDQGR

TXHHOUHJLVWURGHODVVXEMHWLYLGDGHVHQHOWUDEDMRGHFDPSRVHVRODSH
FRQHODQiOLVLVGHORH[SUHVDGRSRUORVVXMHWRVLQYHVWLJDGRVGHIRUPD
VLPXOWiQHD SDUD LU WHQLHQGR HQ FXHQWD ORV DOFDQFHV GHO VHQWLGR
LPSOLFDGRHQODVPDQLIHVWDFLRQHVYHUEDOHVRHQHOSODQRJHVWXDODILQ
GHSRGHUGHWHFWDULQFRQVLVWHQFLDVRSDUDTXHDTXHOORVTXHVRQREMHWR
GH DQiOLVLV SXHGHQ UHIOH[LRQDU SURIXQGL]DU R HVSHFLILFDU VXV
H[SUHVLRQHV\SDUDTXHHODQDOLVWDSXHGHLUJHQHUDQGRFODVLILFDFLRQHV
WLSRORJtDVRUHYLVLRQHVGHHODERUDFLRQHVFRQFHSWXDOHVSUHYLDV
&RPRODLQYHVWLJDFLyQFXDOLWDWLYDHVXQSURFHVRPHWRGROyJLFRDELHUWR
DO D]DU \ D OR LQHVSHUDGR HQ VX DSDUHQWH GHELOLGDG UDGLFD VX PD\RU
SRGHUtR FRQ OD LQVWUXPHQWDOL]DFLyQ GH VXV SURFHGLPLHQWRV \ VXV
WpFQLFDV VH SXHGHQ HIHFWXDU OHFWXUDV HQ GLIHUHQWHV SODQRV GH OR
YHUEDOL]DGR UHJLVWUDQGRVHQWLGRVTXHYDQ PiVDOOiGHORH[SOLFLWDGR
HQ ODV H[SUHVLRQHV HQXQFLDGDV WRGR DTXHOOR TXH VH HVFDSDUtD \ VH
SHUGHUtD HQ HO UHJLVWUR GH GDWRV GH ORV HVWXGLRV HVWDQGDUL]DGRV /D
SHULFLDPHWRGROyJLFDFXDOLWDWLYDUHTXLHUHGHIOH[LELOLGDGLPSOLFDXQD
GHVWUH]D SDUD SRGHU DPROGDUVH D ORV LPSUHYLVWRV \ RSHUDU HQ OD
LQFHUWLGXPEUH GH OR TXH LUUXPSH HQ HO WUDEDMR GH FDPSR SRU HOOR
DOJXQDV HWDSDV GH LQYHVWLJDFLyQ FXDOLWDWLYD SXHGHQ FRQFUHWDUVH
VLPXOWiQHDPHQWH WDPELpQ HO LQYHVWLJDGRU SXHGH YROYHU DWUiV HQ
DOJXQD LQVWDQFLD \ UHIRUPXODU DOJ~Q SODQWHDPLHQWR ODV
PRGLILFDFLRQHV HQ ODV GHFLVLRQHV WiFWLFDV \ HQ OD DSOLFDFLyQ GH
WpFQLFDV TXH GHEHQ SRGHU KDFHUVH VREUH OD PDUFKD HQ HVWH WLSR GH
LQYHVWLJDFLyQ VRQ YLWDOHV VL VH SUHWHQGH FRQVWUXLU FOLPDV GH
GHVLQKLELFLyQ\GHHVSRQWDQHLGDGGXUDQWHHOUHJLVWURGHORVGDWRV/DV
HVWUDWHJLDV IOH[LEOHV GHO PpWRGR FXDOLWDWLYR SHUPLWHQ TXH OR
LPSUHYLVLEOH LQJUHVH FRPR XQ SOXV GH LQIRUPDFLyQ HQ OD
LQYHVWLJDFLyQ OD DFFLyQ LQYHVWLJDWLYD LQYROXFUDGD GHQWUR GH XQD
HVWUDWHJLD FXDOLWDWLYD VH GHVSOLHJD FRPR UHFXUVLYD LPSOLFDQGR OD
SRVLELOLGDG GH XQ LU \ YHQLU VREUH ODV DFFLRQHV DQWHULRUHV VREUH Vt
PLVPD PLHQWUDV VH HVWi GHVDUUROODQGR FRQFHSWXDOPHQWH \ DSOLFDQGR
HO LQVWUXPHQWR GH UHJLVWUR FXDOLWDWLYR SRU HMHPSOR D WUDYpV GH
HQWUHYLVWDV VLPXOWiQHDPHQWH VH YD DQDOL]DQGR H LQWHUSUHWDQGR OR

HODERUDGR VREUH OD VXEMHWLYLGDG GH DTXHOORV LPSOLFDGRV FRPR HO

REMHWRGHHVWXGLRGHILQLGRHQODLQYHVWLJDFLyQDILQGHFRQWLQXDUFRQ
ODFRQVWUXFFLyQGHILQLWLYDGHORVGDWRV
'XUDQWH OD UHDOL]DFLyQ GH XQD HQWUHYLVWD ODV H[SUHVLRQHV \ ODV

UHVSXHVWDVSURYHQLHQWHVGHODFRQYHUVDFLyQHQWDEODGD\RULHQWDGDGHO
HQWUHYLVWDGRU KDFLD XQ HQWUHYLVWDGR SXHGHQ UHSUHVHQWDU XQD
SODWDIRUPD SDUD OD UHRULHQWDFLyQ SRVWHULRU GH ODV SUHJXQWDV GHO
LQYHVWLJDGRUTXLHQGHEHHVFXFKDU\UHSURFHVDUORVSUy[LPRVSDVRVD
VHJXLUGXUDQWHODPLVPDHVSRUHVWDUD]yQTXHPLHQWUDVODLPSUHYLVWR
HQULTXHFH FRQ PiV LQIRUPDFLyQ HQ ORV HVWXGLRV FXDOLWDWLYRV OD
HVWUDWHJLD FXDOLWDWLYD SHUPLWH DEVRUEHU H LQFRUSRUDU ORV GDWRV
VRUSUHVLYRV\QRSODQLILFDGRVSRUHOLQYHVWLJDGRUHQORVFXDQWLWDWLYRV
HVRV GDWRV QR SUHYLVWRV VRQ UXLGR DO VHU GDWRV LPSHQVDGRV QR KD\
IRUPD DOJXQD GH TXH HO GLVHxR FXDQWLWDWLYR ORV UHJLVWUH \ SRU OR
WDQWRVRQGHVHFKDGRVSRUHMHPSORXQDUHVSXHVWDDQWHXQDSUHJXQWD
SUHFRGLILFDGD GH XQ FXHVWLRQDULR ³«QR D\XGD PXFKR SDUD
FRPSUHQGHU HO VHQWLGR TXH ORV DJHQWHV DWULEX\HQ D DOJXQDV
SRVLFLRQHV JHQpULFDV 3DUD HOOR VH UHTXLHUHQ HVWXGLRV GH WLSR
FXDOLWDWLYR GRQGH ORV DFWRUHV VRFLDOHV WHQJDQ OD SRVLELOLGDG GH
UD]RQDU DUJXPHQWDU \ GDU FRQWHQLGR FRQFUHWR D ORV GLVFXUVRV \ D
³IUDVHV KHFKDV´ TXH FLUFXODQ HQ WRGR FDPSR SURIHVLRQDO eVWH
GHEHUtDVHUHOFRPHWLGRGHRWURVHVWXGLRVFRQRWUDVFRQVWUXFFLRQHVGH
REMHWR \ RWUDV HVWUDWHJLDV PHWRGROyJLFRV´ 7HQWL )DQIDQL
PLHQWUDV TXH ODV WpFQLFDV GH FXDQWLILFDFLyQ GH OD UHDOLGDG FRPR OD
HQFXHVWDEXVFDQDFRWDU\RULHQWDUHOVHQWLGRGHORGLFKRDXQDVHULH
SUHYLVLEOH GHSUHJXQWDV\UHVSXHVWDVSUHHVWDEOHFLGDVRUJDQL]DGDVHQ
HO FXHUSR GH XQ FXHVWLRQDULR ODV KHUUDPLHQWDV FXDOLWDWLYDV SHUPLWHQ
WUDWDPLHQWRV DQDOtWLFRV GH YDULRV SODQRV GH OD VXEMHWLYLGDG TXH VH
UHYHODQ SRU HMHPSOR HQ OR H[SOtFLWR \ HQ OR LPSOtFLWR D WUDYpV GHO
UHJLVWURGHODVH[SUHVLRQHVYHUEDOHV\WDPELpQGHORVJHVWRVGH ORV
WRQRV GH OD YR] R GH ORV VLOHQFLRV DPSOLDQGR SRU FRQVLJXLHQWH ODV
SRVLELOLGDGHV GH OD LQWHUSUHWDFLyQ \ OD FRPSUHQVLyQ GH ODV DPSOLDV
FDSDV GH ORV VHQWLGRV FLUFXODQWHV GH ORV VXMHWRV HQ GHWHUPLQDGRV

HVSDFLRVVRFLDOHV
7ULDQJXODFLyQ
+D\SUREOHPiWLFDVPX\FRPSOHMDVSDUDHODERUGDMHLQYHVWLJDWLYRTXH
LPSOLFDQ IHQyPHQRV TXH UHTXLHUHQ SDUD VX FRPSUHQVLyQ GH OD
FREHUWXUD GH LQIRUPDFLyQ H[WHQVLYD FXDQWLILFDEOH \ H[WHQVLEOH D
XQLYHUVRVGHJUDQQ~PHURHLQWHQVLYDFRPSUHQVLEOHHQSURIXQGLGDG
GH VXEMHWLYLGDGHV \ UHODFLRQHV VRFLDOHV GHO REMHWR GH HVWXGLR
GHPDQGDQGR OD DUWLFXODFLyQ HQWUH ODV WpFQLFDV GH OD PHWRGRORJtD
FXDQWLWDWLYD \ OD FXDOLWDWLYD &XDQGR GHVGH OD LQVWDQFLD GH
LQYHVWLJDFLyQ VH GHFLGH DERUGDU FRJQLWLYDPHQWH OD FRPSOHMLGDG GH
HVWDV UHDOLGDGHV VH GHEHQ LPEULFDU GH PDQHUD FRRUGLQDGD \
IXQGDPHQWDGDGLIHUHQWHVPpWRGRV\KHUUDPLHQWDVGHLQYHVWLJDFLyQVH
HPSOHD HO WpUPLQR GH WULDQJXODFLyQ SDUD GHQRPLQDU D HVWH WLSR GH
HVWUDWHJLD GH LQWHUDFFLyQ PHWRGROyJLFD /D WULDQJXODFLyQ HV XQD
DFWLYLGDGGHDUWLFXODFLyQWpFQLFD\PHWRGROyJLFDTXHVXSRQHTXHODV
OyJLFDV GLIHUHQFLDOHV GH OD LQYHVWLJDFLyQ FXDQWLWDWLYD \ OD FXDOLWDWLYD
VHLQWHJUDQSDUDRIUHFHUXQPHMRUHQWHQGLPLHQWRGHXQIHQyPHQRTXH
HO TXH VH FRQVHJXLUtD D WUDYpV GH XQ DERUGDMH FRQ XQD VROD
RULHQWDFLyQ(OFRQFHSWRGHWULDQJXODFLyQVHGHULYDGHODJHRPHWUtD\
GHODQDYHJDFLyQGRQGHHVHPSOHDGRHQDFWLYLGDGHVTXHUHTXLHUHQGH
OD \X[WDSRVLFLyQ GH P~OWLSOHV SXQWRV GH UHIHUHQFLD SDUD OD
ORFDOL]DFLyQGHXQDSRVLFLyQRXQDGLVWDQFLDGHVFRQRFLGD
/D DSOLFDFLyQ HQ XQD LQYHVWLJDFLyQ GH HVWD DFFLyQ PHWRGROyJLFD GH
WULDQJXODFLyQ H[LJH TXH ORV LQYHVWLJDGRUHV HVSHFLILTXHQ \
IXQGDPHQWHQFRQSUHFLVLyQTXHGDWRVYDQDVHUSURGXFLGRVDWUDYpVGH
TXHWpFQLFDVFXDOLWDWLYDV\FXDOHVSRUKHUUDPLHQWDVFXDQWLWDWLYDV\HQ
TXpRUGHQVHYDQDDUWLFXODUSRUHMHPSORVLVHDERUGDODWHPiWLFDGH
ODVH[SHULHQFLDVGHGLVFULPLQDFLyQGHODSREODFLyQUHVLGHQWHHQYLOODV
VH GHEH UHIOH[LRQDU DFHUFD GH ORV SHOLJURV HSLVWHPROyJLFRV
SRWHQFLDOHV TXH LPSOLFD DSOLFDU SDUD VX HVWXGLR XQD VROD WpFQLFD GH
UHJLVWUR YDOHUVH VRODPHQWH GH XQ FXHVWLRQDULR HQ HVWH WLSRGHWHPDV
QRSHUPLWHXQDERUGDMHDGHFXDGRDODFRPSOHMLGDGGHOWHPD\DTXH

KD\ DVSHFWRV FXDQWLWDWLYRV GH OD GLVFULPLQDFLyQ FRPR OD

LGHQWLILFDFLyQGHDFWRUHVLQYROXFUDGRVODIUHFXHQFLDGHORVKHFKRVOD
RSLQLyQ GH GHWHUPLQDGD SREODFLyQ VREUH ORV KHFKRV SHUR KD\ RWURV
DVSHFWRVGHOWHPDPiVDGHFXDGRVSDUDXQHQIRTXHFXDOLWDWLYRFRPR
OD SURIXQGL]DFLyQ VREUH ORV VHQWLPLHQWRV \ ORV WHPRUHV DQWH HVWRV
KHFKRVYLYHQFLDGRV
3XHGH DILUPDUVH TXH OD HQFXHVWD FRPR XQD GH ODV SRVLELOLGDGHV
WpFQLFDVPiVXWLOL]DGDVUHSUHVHQWDXQDKHUUDPLHQWDPX\YDOLRVDSDUD
JHQHUDU GDWRV FRQILDEOHV \ YiOLGRV VREUH ODV FRQGLFLRQHV PDWHULDOHV
GHYLGDGHHVDSREODFLyQFRPRHODFFHVRDODHGXFDFLyQHOHPSOHR
OD SDUWLFLSDFLyQ VRFLDO HQ FDPELR SDUD HO DERUGDMH HQSURIXQGLGDG
GH OD WHPiWLFD GH OD GLVFULPLQDFLyQ UHTXLHUH GH XQ UHJLVWUR GH OD
SHUFHSFLyQGHODSREODFLyQVREUHHOWHPD\GHODDXWRGHILQLFLyQTXH
ORV UHVSRQGLHQWHV WHQJDQ GH HOOD DERUGDU OD GLVFULPLQDFLyQ FRPR
H[SHULHQFLD YLWDO VXSRQH OD QHFHVLGDG GH LQVWUXPHQWDU GLVSRVLWLYRV
SDUDFRQVWLWXLUXQDVHQVLELOLGDGHVSHFLDOHQWUHTXLHQSUHJXQWD\TXLHQ
UHVSRQGH SDUD TXH VH SURSLFLH D ILQGH FRQTXLVWDUXQD LQIRUPDFLyQ
YiOLGD XQ LQWHUFDPELR YHUEDO PiV VLPLODU D XQ GLiORJR TXH D XQ
LQWHUURJDWRULR DVt SRU HMHPSOR D WUDYpV GH XQ FXHVWLRQDULR FRQ
SRFDVSUHJXQWDV FHUUDGDV HO DERUGDMH GHO WHPD GH OD GLVFULPLQDFLyQ
SXHGH JHQHUDU LQIRUPDFLyQ VXSHUILFLDO GDWRV GH SRFD ULTXH]D SDUD
FRPSUHQGHUHVHWLSRGHH[SHULHQFLDV
7UDEDMDU PHWRGROyJLFDPHQWH FRQ ODV YLYHQFLDV ODV HPRFLRQHV \ ODV

SHUFHSFLRQHV GH XQDGHWHUPLQDGDSREODFLyQ FRPR REMHWRGH HVWXGLR
VXSRQH DGHQWUDUVH HQ XQ WHUUHQR GH OD VXEMHWLYLGDG DQFODGR HQ XQ
SODQRSURIXQGRGHODFRQFLHQFLDDGLIHUHQFLDGHORTXHRFXUUHFXDQGR
VHLQWHUSHODDXQDSHUVRQDDWUDYpVGHXQDHQFXHVWDVREUHWHPDVTXH
VH RULHQWDQ D UHJLVWUDU VX UHVSXHVWD VREUH KHFKRV X RSLQLRQHV VREUH
WySLFRV WDOHV FRPR OD HVFRODULGDG OD UHVLGHQFLD KDELWXDO ORV
PDWHULDOHV GHO WHFKR GH OD YLYLHQGD R OD LQWHQFLyQ GH YRWR OD
RSHUDWRULD SDUD DERUGDU HVWH WLSR GH LQIRUPDFLyQ SUHVHQWD RWUDV
H[LJHQFLDV \D TXH HO pQIDVLV VH GLULJH D UHJLVWUDU FRQ SUHFLVLyQ
FDUDFWHUtVWLFDV FRQFLHQWHV GH OD VXEMHWLYLGDG )UHQWH D SUREOHPiWLFDV

FRPSOHMDV HV UHFRPHQGDEOH UHIOH[LRQDU VREUH OD DGHFXDFLyQ \ OD

DSOLFDELOLGDG GH ORV DOFDQFHV \ FRPSDWLELOLGDG HQWUH ODV SRVLEOHV
WpFQLFDV D HPSOHDU \ HO REMHWR TXH VH TXLHUH LQYHVWLJDU DVt SRU
HMHPSORSDUDFRQRFHU\FRPSUHQGHUODVH[SHULHQFLDVGHFRQVXPRHQ
VXSHUPHUFDGRV GHDOJXQDSREODFLyQ HQSDUWLFXODU GHEHUtDDQDOL]DUVH
FXiOHVVRQODVYHQWDMDV\ODVGHVYHQWDMDVGHFDGDWpFQLFDGHUHJLVWUR
\DTXHODXWLOLGDGGHXQDLQWHUURJDFLyQDWUDYpVGHODDGPLQLVWUDFLyQ
XQLIRUPH GH XQ FXHVWLRQDULR SHUPLWH DOFDQ]DU XQD GHWHUPLQDGD
PLUDGD GHO IHQyPHQR HQ FXDQWR D OD H[WHQVLYLGDG GHO IHQyPHQR
QLYHOHV GH JDVWR PDUFDV SUHIHULGDV WLSRV GH SXQWRV GH YHQWD
SHULRGLFLGDG SHUR QR VH SXHGH FRPSUHQGHU ORV IDFWRUHV LPSXOVRUHV
GH OD VXEMHWLYLGDG OD PRWLYDFLyQ RORV SUHMXLFLRV LPSOLFDGRV HQ HVH
WLSRGHDFFLyQSRUHOORHQHVWRVFDVRVODDSOLFDFLyQGHXQDHVWUDWHJLD
GH WULDQJXODFLyQ GHEH FRQVLGHUDUVH FRPR XQD RSFLyQ YLWDO SDUD OD
HODERUDFLyQ GH XQ HVFHQDULR FRPSUHQVLEOH \ FRQILDEOH VREUH XQD
WHPiWLFDHQSDUWLFXODU
/DWULDQJXODFLyQFRPRHVWUDWHJLDGHXWLOL]DFLyQGHORVPpWRGRV\GH
ODVWpFQLFDVFXDOLWDWLYDV\FXDQWLWDWLYDVSXHGHSUHVHQWDUODVVLJXLHQWHV
PRGDOLGDGHVGHVHFXHQFLDFLyQHQVXDUWLFXODFLyQ
/D WULDQJXODFLyQ FRPR HVWUDWHJLD EDVDGD HQ OD DSOLFDFLyQ

\X[WDSXHVWDGHGLIHUHQWHVPpWRGRVFXDOLWDWLYR\FXDQWLWDWLYRVREUH
XQ PLVPR REMHWR GH LQYHVWLJDFLyQ SDUD JHQHUDU GRV FRQMXQWRV GH
GDWRV GLULJLGRV D FRQIRUPDU XQ PLVPR HQFXDGUH WHPiWLFR HQ GRV
SODQRVGHGDWRVVXSHUSXHVWRVHQHVWDRSHUDWRULD³«ORVGRVPpWRGRV
$ \ % VH RULHQWDQ DO FXPSOLPLHQWR GH XQ PLVPR SURSyVLWR GH
LQYHVWLJDFLyQ R GLFKR GH RWUR PRGR DPERV VH RUJDQL]DQ SDUD OD
FDSWXUDGHXQPLVPRREMHWRGHODUHDOLGDGVRFLDO&RQHVWDHVWUDWHJLD
VHSUHWHQGHDQWHWRGRUHIRU]DUODYDOLGH]GHORVUHVXOWDGRV&XDQGR
FRQGRVGLIHUHQWHVPpWRGRVREWHQHPRVXQDLGpQWLFDRVLPLODULPDJHQ
GH OD UHDOLGDG VRFLDO QXHVWUD FRQILDQ]D HQ OD YHUDFLGDG GH HVD
LPDJHQ VH LQFUHPHQWD (Q HVWH FDVR HO FRPSRQHQWH LQWHJUDGRU VH
EDVDHQODSRVLEOHFRQYHUJHQFLDRGLYHUJHQFLDGHORVUHVXOWDGRVTXH
VH REWLHQHQ GH FDGD PpWRGR \ QR FRPR HQ OD HVWUDWHJLD GH

FRPELQDFLyQ HQ VX HQODFH PHWRGROyJLFR )UHQWH DOD HVWUDWHJLDGH

FRPSOHPHQWDFLyQQRVHGHVHDWHQHUXQRVUHVXOWDGRVGLIHUHQWHVVLQR
FRQYHUJHQWHV (Q OD HVWUDWHJLD GH WULDQJXODFLyQ FXDQWR PiV
GLIHUHQWHV VHDQ ORV PpWRGRV TXH PXHVWUDQ LGpQWLFRV UHVXOWDGRV
PD\RU VHUi OD HYLGHQFLD GH VX YHUDFLGDG \ YLFHYHUVD´ %HULFDW

(OUHVXOWDGRGHHVWDHVWUDWHJLD VHGLUHFFLRQDDREWHQHUGRVLPiJHQHV
GLIHUHQWHVVREUHXQPLVPRSUREOHPDVXLQWHQFLRQDOLGDGQRVHGLULJH
D GLVSRQHU GH DJUHJDGRV FRPSOHPHQWDULRV QL D REWHQHU PLUDGDV GH
VXFHVLYD FRQILUPDFLyQ GH UHVXOWDGRV VLQR D JHQHUDU GRV
UHSUHVHQWDFLRQHV VLPXOWiQHDV \ HQIRFDGDV TXH SHUPLWDQ FRPSUHQGHU
ODV FRQILJXUDFLRQHV GH XQ PLVPR REMHWR $UUR\R 0HQpQGH] HQ
0HUOLQRSRUHMHPSORSDUDUHYHODUODVDFWLWXGHVKDFLDXQREMHWR
GHWHUPLQDGR OD GLVFULPLQDFLyQ KDFLD FLHUWR WLSR GH SHUVRQDV OD
YDORUDFLyQGHXQDPDUFDGHFRQVXPRRODDFWLWXGKDFLD XQDSHUVRQD
UHOHYDQWHFRPRXQGLULJHQWHSROtWLFRRXQIXQFLRQDULRHVWDWDOSXHGH
XWLOL]DUVHXQDWpFQLFDFXDOLWDWLYDFRPRODHQWUHYLVWDSDUDFRPSUHQGHU
ORV VHQWLGRV TXH VH FRQGHQVDQ \ VH FRQILJXUDQ HQ XQD DFWLWXG
GHWHUPLQDGD \ WDPELpQ SXHGH VLPXOWiQHDPHQWH DSOLFDUVH XQD
KHUUDPLHQWDFXDQWLWDWLYDFRPRHOWHVWGH/LNHUWWpFQLFDFXDQWLWDWLYD
SDUDHVWDEOHFHUODLQWHQVLGDG\ODGLUHFFLRQDOLGDGGHHVDDFWLWXGKDFLD
HVDSREODFLyQXREMHWR
/D DUWLFXODFLyQ SXHGH FRQFUHWDUVH FRPR XQD DSOLFDFLyQ

PHWRGROyJLFD GH FRPELQDFLyQ VXFHVLYD HPSOHDQGR
HQFDGHQDGDPHQWH ODV KHUUDPLHQWDV GH XQ PpWRGR FRPR DSR\R GHO
RWUR HVWD HVWUDWHJLD VH XWLOL]D SDUD FXEULU ODV GHELOLGDGHV R ORV
DOFDQFHVGHFDGDTXHSRVLELOLWDFDGDPpWRGRXWLOL]DQGRODVWpFQFLDVGH
XQR FRPR SDVR SUHYLR D OD DSOLFDFLyQ GHO RWUR FRPR FXDQGR VH
UHDOL]DQHQWUHYLVWDVSDUDUHILQDU\RUJDQL]DUORVWHPDVDLPSOHPHQWDU
SRVWHULRUPHQWH HQ XQD HQFXHVWD $ WUDYpV GH HVWD WiFWLFD GH
WULDQJXODFLyQVHREWLHQHXQDVHULHGHGDWRVJHQHUDGRVSRUXQRGHORV
PpWRGRVSHURFRQUHVSDOGRLQFUHPHQWDGRHQWpUPLQRVGHFRKHUHQFLD
\GHYDOLGH]DGLFLRQDOSRUHORWURPpWRGR³«VHEDVDHQODLGHDGH

TXHHOUHVXOWDGRREWHQLGRHQXQDLQYHVWLJDFLyQTXHDSOLFDHOPpWRGR
$SXHGHSHUIHFFLRQDUODLPSOHPHQWDFLyQGHDOJ~QFRPSRQHQWHRIDVH
GH OD LQYHVWLJDFLyQ UHDOL]DGD FRQ HO PpWRGR % ORJUDQGR DVt
LQFUHPHQWDUODFDOLGDGGHORVUHVXOWDGRVDREWHQHUSRUHVWH~OWLPR(O
UHVXOWDGRGH$VHHPSOHDFRPRLQSXWSDUDSRWHQFLDU%FX\RRXWSXW
FRQVWLWX\H OD ILQDOLGDG GH OD LQYHVWLJDFLyQ (Q HVWH FDVR ORV
SURSyVLWRV GH $ \ % VRQ GLIHUHQWHV FRPR HQ OD HVWUDWHJLD GH OD
FRPSOHPHQWDFLyQ SHUR XQR GH HOORV VH LQWHJUD LQFRUSRUiQGRVH DO
RWUR ([LVWH SRU WDQWR XQ YtQFXOR PHWRGROyJLFR HQWUH DPERV XQD
HVWULFWD FRPELQDFLyQ GH PpWRGRV /DV IRUWDOH]DV GH XQ PpWRGR VRQ
XWLOL]DGDVSDUDFRPSHQVDUODVGHELOLGDGHVSURSLDVGHORWUR´%HULFDW
SRUHMHPSORVLVHYDDHPSOHDUODWpFQLFDGHHQFXHVWDPpWRGR
FXDQWLWDWLYR HV UHFRPHQGDEOH UHDOL]DU HQWUHYLVWDV VHPLHVWUXFWXUDGDV
SUHYLDPHQWH SDUD FRQVROLGDU R UHIRUPXODU ODV LGHDV SUHYLDV VREUH HO
WHPDULR \ HO QLYHO GH FRPSUHQVLELOLGDG GH ODV SUHJXQWDV GHO
FXHVWLRQDULRGHORVIXWXURVHQFXHVWDGRV
/D WULDQJXODFLyQ PiV FRPSOHMD VH SUHVHQWD FRQ OD HVWUDWHJLD GH
FRPSOHPHQWDFLyQ GLIHUHQFLDO TXH LPSOLFD XQD DSOLFDFLyQ FRQMXQWD
GHGLIHUHQWHVPpWRGRV\WpFQLFDVFHQWUDGDHQLQYHVWLJDUODVGLIHUHQWHV
GLPHQVLRQHV GH XQ IHQyPHQR GH QDWXUDOH]D KHWHURJpQHD HQ HVWRV
FDVRV HO UHVXOWDGR UHVXOWDUtD HQ LPiJHQHVGH ORV GLIHUHQWHV DVSHFWRV
GH XQ PLVPR REMHWR FRQ HVWD HVWUDWHJLD GH FRPSOHPHQWDFLyQ GH
PpWRGRV VH SUHWHQGH REWHQHU GRV UHSUHVHQWDFLRQHV GH GLIHUHQWH
QDWXUDOH]D GH XQD GHWHUPLQDGD UHDOLGDG VRFLDO ³«GDGR TXH FDGD
PpWRGRRIUHFHSRUVXSURSLDQDWXUDOH]DXQDLPDJHQGLVWLQWDGDGR
TXHFDGDXQRUHYHODDVSHFWRVGLIHUHQWHVSRGUHPRVDPSOLDUQXHVWUR
FRQRFLPLHQWR GH OD UHDOLGDG VRFLDO VL UHDOL]DPRV XQD LQYHVWLJDFLyQ
FRQ GRV HVWUXFWXUDV PHWRGROyJLFDV SDUDOHODV /D ILQDOLGDG GH HVWD
HVWUDWHJLD HV PHUDPHQWH DGLWLYD SXHV QR VH WUDWD WDQWR GH EXVFDU
FRQYHUJHQFLDQLFRQILUPDFLyQHQWUHORVUHVXOWDGRVFXDQWRGHFRQWDU
VLPXOWiQHDPHQWH FRQ GRV LPiJHQHV TXH HQULTXH]FDQ QXHVWUD
FRPSUHQVLyQGHORVKHFKRV(QVXQLYHOPtQLPRGHLQWHJUDFLyQHVWH
GLVHxR FRQGXFH D GRV LQIRUPHV GLVWLQWRV \ FRPSOHWDPHQWH

LQGHSHQGLHQWHV(QVXQLYHOPi[LPRVLODHVWUDWHJLDVHKDGLVHxDGR
FRQ HVH ILQ SXHGH GDU OXJDU D VtQWHVLV LQWHUSUHWDWLYDV TXH LQWHJUHQ
ORV UHVXOWDGRV SURFHGHQWHV GH FDGD PpWRGR«´ %HULFDW SRU
HMHPSOR SDUD HODERUDU XQ SDQRUDPD VREUH HO FRQVXPR GH XQD
GHWHUPLQDGDFDWHJRUtDGHSURGXFWRV GHORVFRQVXPLGRUHVGHXQJUDQ
Q~FOHR XUEDQR VH SRGUtD UHDOL]DU XQ PDSHR TXH FDUDFWHULFH HQ
H[WHQVLyQ DTXHOODV FDUDFWHUtVWLFDV GHPRJUiILFDV UHVLGHQFLDOHV
DVRFLDEOHVDOFRPSRUWDPLHQWRGHFRPSUDSRUHMHPSORDSDUWLUGHOD
REWHQFLyQ GH LQIRUPDFLyQ VRFLR GHPRJUiILFD GH FRQVXPLGRUHV
H[LVWHQWH HQ EDVHV GH GDWRV VHFXQGDULRV WpFQLFD FXDQWLWDWLYD \
VLPXOWiQHDPHQWH VH SRGUtD UHDOL]DU JUXSRV GH GLVFXVLyQ WpFQLFD
FXDOLWDWLYD FRQ ODV GLIHUHQWHV FDWHJRUtDV GH FRQVXPLGRUHV SDUD
HVWDEOHFHU ODV PRWLYDFLRQHV ODV UHVLVWHQFLDV \ ODV H[SHFWDWLYDV GH
FRQVXPRTXHVRVWLHQHQODFRQVWUXFFLyQGHVHQWLGRTXHRSHUDHQHVDV
PDQLIHVWDFLRQHVREMHWLYDVHQFDOLGDGGHFRPSRUWDPLHQWRV
3DUDHMHPSOLILFDUXQDGHODVSRVLEOHVPRGDOLGDGHVGHDSOLFDFLyQGHOD
HVWUDWHJLD GH WULDQJXODFLyQ VH H[SRQH D FRQWLQXDFLyQ XQ IUDJPHQWR
GHXQWUDEDMRGHLQYHVWLJDFLyQGRQGHVHMXVWLILFD\VHSUHFLVDFRPROD
DUWLFXODFLyQ PHWRGROyJLFD IXH DSOLFDGD HQ HVWH FDVR SDUWLFXODU HVWH
WUDEDMR WXYR FRPR REMHWLYR GH LQYHVWLJDFLyQ FRPSUHQGHU ODV
VLJQLILFDFLRQHVLQWHULRUL]DGDVSRUGRFHQWHVERQDHUHQVHVGH(*%\
DFHUFDGHODVSUiFWLFDVHVFRODUHV\ GH ORVDOXPQRVGHVXFRPXQLGDG
HGXFDWLYD
³(QHOSUHVHQWHHVWXGLRVHDERUGyXQDSUREOHPiWLFDSHUWHQHFLHQWHDO
³PXQGR VXEMHWLYR´ OR TXH KL]R LPSUHVFLQGLEOH OD XWLOL]DFLyQ GH
HVWUDWHJLDVPHWRGROyJLFDVIOH[LEOHVHQVXXVR\DUWLFXODFLyQ(VSRU
HOORTXHVHFRPSOHPHQWDURQORVGDWRVFXDQWLWDWLYRVSURYHQLHQWHVGH
XQ FXHVWLRQDULR DXWRDGPLQLVWUDGR GH GLVHxR IOH[LEOH FRQ DTXHOORV
RWURVTXH UHVXOWDURQGHODDSOLFDFLyQGHXQDWpFQLFDFXDOLWDWLYDHO
JUXSR GH GLVFXVLyQ HO FXDO UHJLVWUD FHQWUDOPHQWH DTXHOORV
VLJQLILFDGRV TXH IXQGDPHQWDQ ODV DFFLRQHV KXPDQDV \ SHUPLWHQ
HQWHQGHU OD FRQVWUXFFLyQ GH ³OD UHDOLGDG /R TXH VH SHUVLJXLy HQ
HVWDLQYHVWLJDFLyQIXHODFRQWUDVWDFLyQGHGDWRVGHRUtJHQHVGLYHUVRV

\ OD HPHUJHQFLD GH XQ SURFHVR GH UHIOH[LYLGDG GH ORV DFWRUHV
LQYROXFUDGRV $ SDUWLU GHO DFFHVR D OD PXOWLSOLFDFLyQ GH ODV
SHUVSHFWLYDV QR VyOR VH HVWDEOHFLy XQD UHG GH VLJQLILFDFLRQHV VLQR
TXH D SDUWLU GHO XVR HOiVWLFR GH XQD WpFQLFD FXDQWLWDWLYD GH
HODERUDFLyQGHGDWRVFXHVWLRQDULRVHSHVDURQFXDQWLWDWLYDPHQWHODV
UHVSXHVWDV REWHQLGDV LQWHQWDQGR FRQVHJXLU XQD LQIRUPDFLyQ PiV
LQWHJUDO \ FRPSUHQVLYD (Q FRQVHFXHQFLD VH GHFLGLy FRQVWUXLU OD
LQIRUPDFLyQ SRU PHGLRGHXQD WULDQJXODFLyQIOH[LEOHGHWpFQLFDVGH
FRQVWUXFFLyQ GH GDWRV XWLOL]DQGR GRV LQVWUXPHQWRV TXH SXHGHQ VHU
FRPSOHPHQWDULRVHQWUHVtXQRFXDQWLWDWLYRTXHWRPDODIRUPDGHXQ
FXHVWLRQDULRDXWRDGPLQLVWUDGR \RWUR FXDOLWDWLYR PHQFLRQDGR FRPR
JUXSRVGHGLVFXVLyQRPRWLYDFLRQDO
/D LQYHVWLJDFLyQ EDVy VX DQiOLVLV H[FOXVLYDPHQWH HQ GDWRV

SULPDULRV/RVGLVFXUVRVHVFRODUHVIXHURQSURYRFDGRV\UHJLVWUDGRVD
SDUWLU GH HQWUHYLVWDV FRPR LQVWDQFLD XWLOL]DGD SDUD JHQHUDU ODV
FDWHJRUtDVGHSUHJXQWDV\UHVSXHVWDVGHOFXHVWLRQDULRHQFXHVWDVFRQ
SUHJXQWDVDELHUWDV\JUXSRVGHGLVFXVLyQFRQGRFHQWHVGH(%*\
(QXQDHWDSDLQLFLDOVHOOHYDURQDFDERXQDVHULHGHHQWUHYLVWDV
FRQPDHVWUDVGH(*%\FRQHOILQH[FOXVLYRGHJHQHUDUWHPiWLFDV
FLUFXODQWHVHQODSUHRFXSDFLyQGHORVGRFHQWHVGH(*%\GHOR
UHJLVWUDGR HQ HVWD LQVWDQFLD VH H[WUDMHURQ ORV WHPDV TXH IRUPDURQ
SDUWH GH XQ FXHVWLRQDULR SLORWR TXH IXH OD EDVH GH OD SULPHUD
KHUUDPLHQWDSDUDODHODERUDFLyQGHGDWRV(OSULPHULQVWUXPHQWRVH
FRQFUHWyHQXQFXHVWLRQDULRDXWRDGPLQLVWUDGRDQyQLPRTXHDGTXLULy
VXFRQILJXUDFLyQSDUWLFXODUDSDUWLUGHOWLSRGHSUHJXQWDVXWLOL]DGDV
(Q HO FXHVWLRQDULR SUHGRPLQDURQ ODV SUHJXQWDV DELHUWDV HV GHFLU
DTXHOODV TXH QR WLHQHQ RSFLRQHV SUHGHWHUPLQDGDV (O FXHVWLRQDULR
IXH WUDWDGR GHVGH XQ FULWHULR QR FRQYHQFLRQDO FRQ UHVSHFWR DO XVR
FRQYHQFLRQDO GH HVWD KHUUDPLHQWD \D TXH HQ HVWH FDVR QR IXH
FRQFHELGD SDUD FHUUDU OD LQIRUPDFLyQ UtJLGDPHQWH VLQR TXH VH OD
HPSOHRSDUDSURGXFLUXQKDEODQRHVWHUHRWLSDGD$XQTXHDSULPHUD
YLVWD VH REWLHQHQ HQ ODV UHVSXHVWDV GH ORV GRFHQWHV GH ODV GLVWLQWDV
HVFXHODVGDWRVDSDUHQWHPHQWHGLVtPLOHVIXHSRVLEOHHQFRQWUDUFLHUWRV

SDWURQHV HQ FRP~Q (VWD E~VTXHGD QR WXYR HO SURSyVLWR GH
KRPRJHQHL]DU\VLPSOLILFDUODVVXWLOHVHLPSRUWDQWHVGLIHUHQFLDVTXH
FDUDFWHUL]DURQ ODV UHVSXHVWDV GH ORV PDHVWURV VLQR TXH SHUVLJXLy
HVWDEOHFHU SHUILOHV \ FRQFHSFLRQHV TXH VH FRPSDUWHQ SRU HO VyOR
KHFKRGHOOHYDUDFDERSUiFWLFDVHVFRODUHVFRPXQHVHQXQFRQWH[WR
VRFLRKLVWyULFRGHWHUPLQDGR(OVHJXQGRLQVWUXPHQWRXWLOL]DGRIXHXQ
GLVSRVLWLYR FXDOLWDWLYR FRQRFLGR FRPR JUXSR GH GLVFXVLyQ R
PRWLYDFLRQDO HQ HVWH FDVR VX LPSOHPHQWDFLyQ IXH FRQFUHWDGD FRQ
SRVWHULRULGDG D OD GHYROXFLyQ GH ORV UHVXOWDGRV FXDQWLWDWLYRV GH ORV
FXHVWLRQDULRVDODVHVFXHODV(VWDWpFQLFDVHHPSOHyDSDUWLUGHTXH
ORVPDHVWURVSXGLHURQOHHUORVUHVXOWDGRVGHOFXHVWLRQDULR/DWpFQLFD
GHJUXSRVGHGLVFXVLyQVHRUJDQL]ySRUPHGLRGHGRVJUXSRVXQRHQ
FDGD XQD GH ODV GRV UHJLRQHV TXH SDUWLFLSDURQ /RV GRFHQWHV TXH
LQWHJUDURQ ORV JUXSRV SHUWHQHFtDQ D ODV HVFXHODV TXH
FXPSOLPHQWDURQHOFXHVWLRQDULRDXWRDGPLQLVWUDGR/DKRPRJHQHLGDG
GHORVWHPDV\GHORVGLVFXUVRVVXUJLGRVHQDPEDVUHJLRQHVSHUPLWH
LQGLIHUHQFLDUHOWUDWDPLHQWRGHODLQIRUPDFLyQHPHUJHQWH
/DVHWDSDVWXYLHURQHOVLJXLHQWHRUGHQ
$(QHOLQLFLRVHUHDOL]DURQHQWUHYLVWDVFXDOLWDWLYDVDPDHVWURVOD
PXHVWUD VHUi HVWUDWpJLFD FRQ FULWHULRV GH VHOHFFLyQ JXLDGRV SRU
DQWLJHGDG GRFHQWH VLQGLFDOL]DFLyQ HWF /DV HQWUHYLVWDV VH
XWLOL]DURQ D ILQ GH FDSWDUORVFRQWHQLGRV\ ODVIRUPDVGH H[SUHVLyQ
TXHORVGRFHQWHVXWLOL]DQSDUDUHIHULUVHDVXVSUiFWLFDVGLDULDVHQORV
HVWDEOHFLPLHQWRV HVFRODUHV /RV WHPDV GH ODV HQWUHYLVWDV IXHURQ GH
FDUiFWHUJHQHUDOLQWHQWDQGRSURGXFLUXQGLVFXUVRTXHVHH[SUHVHOR
PiVOLEUHPHQWHSRVLEOH(OWHPDULRJXtDUHVXOWDQWHGHODVHQWUHYLVWDV
DORVGRFHQWHVIXHHOVLJXLHQWH
x 3ULQFLSDOHVREVWiFXORVGHODVSUiFWLFDVSHGDJyJLFDV
x &DUDFWHUL]DFLyQGHOFRQRFLPLHQWRHVFRODU\FLHQWtILFR
x 2UJDQL]DFLyQKDELWXDOGHODSURSXHVWDGLGiFWLFD
x $OWHUQDWLYDVTXHIRUPDQSDUWHGHODSURSXHVWDGLGiFWLFDKDELWXDO
0RGHORSHGDJyJLFRGLGiFWLFRHPSOHDGR

x 6LWXDFLRQHV GLGiFWLFDV SUR\HFWRV VHFXHQFLDV GH DFWLYLGDGHV

DFWLYLGDGHVDLVODGDVHWFSHUFLELGDVFRPRH[LWRVDV$UJXPHQWDFLyQ
'HVFULSFLyQ
x 6LWXDFLRQHV GLGiFWLFDV SUR\HFWRV VHFXHQFLDV GH DFWLYLGDGHV
DFWLYLGDGHV DLVODGDV HWF HYDOXDGDV FRPR SRFR IUXFWtIHUDV
$UJXPHQWDFLyQ'HVFULSFLyQ
x 2SLQLyQ VREUH HO WUDEDMR SRU 3UR\HFWRV 3DUWLFLSDFLyQ HQ
SUR\HFWRVHVFRODUHV'HVFULSFLyQGHHVWRVORVPLVPRV0RWLYRVGHQR
SDUWLFLSDFLyQHQORV3(,
x 7UD\HFWRULDGRFHQWH7LSRGHIRUPDFLyQ\H[SHULHQFLDHQODWDUHD
GRFHQWH
x ,PSRUWDQFLD GH OD IRUPDFLyQ GRFHQWH 'HVFULSFLyQ GH
H[SHULHQFLDVSDVDGDV\SUHVHQWHV
x 5HDOL]DFLyQ GH FDSDFLWDFLyQ GRFHQWH (YDOXDFLyQ GH ORV FXUVRV
UHFLELGRV7HPiWLFDVWUDEDMDGDVHQORVFXUVRV
x &DUDFWHUtVWLFDV GHO DOXPQDGR GH OD HVFXHOD \ ORV GHO DxR TXH
WLHQHDFDUJR
x 'HVFULSFLyQ GH ORV GRFHQWHV TXH WXYLHURQ \ WLHQHQ FRPR
FRPSDxHURV
x &DUDFWHUL]DFLyQGHORVDOXPQRVUHSLWHQWHV\H[LWRVRV([SOLFDFLyQ
GHODUHSLWHQFLD\GHOp[LWRHVFRODU
x $QiOLVLVGHORVFRQIOLFWRVHVFRODUHVLQVWLWXFLRQDOHV\iXOLFRV
x )XQFLRQDPLHQWRLGHDO\UHDOGHODVLQVWLWXFLRQHVHVFRODUHV
x &DUDFWHUL]DFLyQ GHO URO GRFHQWH $OFDQFHV GH OD WDUHD GHO
PDHVWUR
x /D UHODFLyQ HQWUH OD VXSHUYLVLyQ \ HO IXQFLRQDPLHQWR GH OD
HVFXHOD \ GH OD ODERU SHUVRQDO &RQFHSFLyQ GH ODV DXWRULGDGHV
HVFRODUHV
x $QiOLVLV GH OD UHODFLyQ VRFLHGDGIDPLOLD HVFXHOD 3DVDGR ±
SUHVHQWH±IXWXUR
%$SDUWLUGHODVHQWUHYLVWDVVHHODERUyXQFXHVWLRQDULRSLORWRFRQ
OD WRWDOLGDG GH SUHJXQWDV DELHUWDV \ VH OR SXVR D SUXHED HQ
GLIHUHQWHV HVFXHODV GHO SDUWLGR GH 0HUOR D SDUWLU GH ORV GDWRV

JHQHUDGRVVHUHYLVy\VHFRUULJLHURQORVFXHVWLRQDULRV
& 3RVWHULRUPHQWH VH FRQYRFy XQD UHXQLyQ FRQ ODV -HIDV GH
,QVSHFFLyQGHWRGDVODV5HJLRQHVSDUDH[SOLFDUOHHOSUR\HFWRGHODV
LQWHUHVDGDVVHKL]RXQDVHOHFFLyQGHGRV5HJLRQHV(GXFDWLYDVGHOD
SURYLQFLDPXHVWUDSRUFRQYHQLHQFLDFRQHOFULWHULRGHTXHODVGRV
UHJLRQHVLQWHUYLQLHQWHVIXHVHQXQDGHO&RQXUEDQR%RQDHUHQVH\RWUD
GHOLQWHULRUGHODSURYLQFLDGH%XHQRV$LUHV/DV-HIDVVHUHXQLHURQ
FRQODV,QVSHFWRUDVGHFDGDGLVWULWRDILQGHFRQYRFDUDODVHVFXHODV
TXHVHLQWHUHVDUDQHQSDUWLFLSDUDSDUWLUGHXQOLVWDGRGHHVFXHODV
GHHVWDVVHKL]RXQDHOHFFLyQGHGRFHHVFXHODVFRQHOFULWHULRGHTXH
VHDQ GH GLIHUHQWHV GLVWULWRV PXHVWUD SRU FRQYHQLHQFLD 'HQWUR GH
FDGD HVFXHOD UHVSRQGLHURQ DO FXHVWLRQDULR GHILQLWLYR WRGDV ODV
GRFHQWHVGH(*%\
' 8QD YH] DFRSLDGDV ODV UHVSXHVWDV GH ORV FXHVWLRQDULRV IXHURQ
VLVWHPDWL]DGDV \ DQDOL]DGDV \ VH GHYROYLHURQ D FDGD LQVWLWXFLyQ
HVFRODU D ILQ GH TXH ORV GRFHQWHV GXUDQWH ODV -RUQDGDV
,QVWLWXFLRQDOHVWUDEDMDVHQVREUHORVGDWRVSRUHOORVJHQHUDGRV
(3RVWHULRUPHQWHVHUHDOL]DURQJUXSRVGHGLVFXVLyQFRQPDHVWURV
GH ODV HVFXHODV LQWHUYLQLHQWHV (Q ORV JUXSRV VH WUDEDMy VREUH OR
DQDOL]DGR HQ FDGD HVFXHOD (VWD LQVWDQFLD EXVFR SURIXQGL]DU ODV
VLJQLILFDFLRQHV LPSOtFLWDV HQ ODV UHVSXHVWDV GHO FXHVWLRQDULR
UHWRPDQGRORVGLVFXUVRVGRFHQWHVGHVGHXQDSHUVSHFWLYDJUXSDOPiV
DELHUWD
)$QiOLVLVGHORVGDWRV6HUHDOL]yXQDLQWHUSUHWDFLyQGHORVGDWRV
EXVFDQGR DGHPiV OD FRQVWUXFFLyQ GH FDWHJRUtDV \ FRQFHSWRV
DQDOtWLFRV´6HUELD

*XtDGHSUHJXQWDV
([SOLFDU HQ TXp FRQVLVWHQ ORV SODQRV REMHWLYR \ VXEMHWLYR GH OD
UHDOLGDGVXVFHSWLEOHGHVHUDERUGDGDSRUODLQYHVWLJDFLyQFLHQWtILFD
¢4Xp VRQ ORV UHIHUHQWHV HPStULFRV GH OD LQYHVWLJDFLyQ \ FRPR
SXHGHQVHUDERUGDGRVGHVGHODHVWUDWHJLDFXDQWLWDWLYD\FXDOLWDWLYD"
&DUDFWHUL]DU \ FRPSDUDU HO HQIRTXH FXDQWLWDWLYR FRQ HO HQIRTXH

FXDOLWDWLYR
([SOLFDU TXH VLJQLILFD OD DILUPDFLyQ TXH LQGLFD TXH OD HVWUDWHJLD
FXDQWLWDWLYDHVUtJLGD\FHUUDGD\ODFXDOLWDWLYDDELHUWD\IOH[LEOH
(VWDEOHFHU\HMHPSOLILFDUHQTXpFRQVLVWHODWiFWLFDGHWULDQJXODFLyQ
(Q TXH VLWXDFLRQHV VH SXHGH HPSOHDU OD WULDQJXODFLyQ KDFLHQGR
KLQFDSLpHQORVVLJXLHQWHVWLSRV
D/DWULDQJXODFLyQFRPR\X[WDSRVLFLyQ
E/DWULDQJXODFLyQFRPRFRPELQDFLyQVXFHVLYD
F/DWULDQJXODFLyQFRPRFRPSOHPHQWDFLyQGLIHUHQFLDO

$&7,9,'$'
D 'HWHUPLQDU TXH VH LQYHVWLJD HQ FDGD HMHPSOR HVWDEOHFLHQGR

SRVWHULRUPHQWH VL VRQ DERUGDEOHV GHVGH XQ HQIRTXH FXDQWLWDWLYR R
FXDOLWDWLYR
/DV PXMHUHV HQ SRVLFLRQHV VHQLRU VH VLHQWHQ IUXVWUDGDV SRU ODV
EDUUHUDVTXHOHVLPSLGHQHODFFHVRDSXHVWRVJHUHQFLDOHV
&XDQGR HO WUDEDMDGRU SHUFLEH TXH KD\ XQD GLVFUHSDQFLD HQWUH
DTXHOORTXHOHKDVLGRSURPHWLGR\DTXHOORTXHREWLHQHH[SHULPHQWD
XQD UXSWXUD GH VX FRQWUDWR SVLFROyJLFR FRQ ORV FRQVLJXLHQWHV
VHQWLPLHQWRVGHHQRMR\GHFHSFLyQTXHODDFRPSDxDQ
$PD\RUFDQWLGDGGHGDWRVHLQGLFDGRUHVHQODPHGLFLyQGHFRVWRV
GH ODV HPSUHVDV PiV DFHUWDGD HV OD HYDOXDFLyQ GH OD SHUIRUPDQFH
RUJDQL]DFLRQDO
/DVHPSOHDGDVPXMHUHVVRQPiVSURSHQVDVDUHFKD]DUDOULHVJR\
WHPHURVDVGHOIUDFDVRTXHORVHPSOHDGRVYDURQHV
+D\ XQD WHQGHQFLD GH VXVWLWXFLyQ GH OD OHDOWDG GH ORV HPSOHDGRV
KDFLDODHPSUHVDSRUXQDSHJRPD\RUDVXSURSLDFDUUHUD\ELHQHVWDU
SURGXFWR GHO FDPELR HQ HO FRQWUDWR VRFLDO GH WUDEDMR \ GHO
UHVTXHEUDMDPLHQWR GHO FRQWH[WR LQVWLWXFLRQDO TXH SURWHJtD DO
HPSOHDGR\OHJDUDQWL]DEDHPSOHRGHSRUYLGD
/RVSURIHVLRQDOHVLQIRUPiWLFRVUHFLELGRVHQXQLYHUVLGDGHVS~EOLFDV
SUHILHUHQPD\RUWLHPSROLEUHTXHDXPHQWRVVDODULDOHV
(O LQFUHPHQWR GH ODV JDQDQFLDV GH ODV JUDQGHV HPSUHVDV HQ
$UJHQWLQDQRVHUHODFLRQDFRQXQDXPHQWRGHVXVUHLQYHUVLRQHV
/RVDOXPQRVYDURQHVGHOD81/XTXHQRSRVHHQXQHPSOHRHVWDEOH
WLHQHQ PD\RU DXVHQWLVPR TXH DTXHOORV DOXPQRV FRQ HVWDELOLGDG
ODERUDO

/DV DPDV GH FDVD GH 16( PHGLR EDMR GHO VHJXQGR FRUGyQ GHO
&RQXUEDQR%RQDHUHQVHFRQVXPHQVHJXQGDVPDUFDV\QRPDUFDVGH
DUWtFXORVGHOLPSLH]D
/RV HPSUHVDULRV DUJHQWLQRV FUHHQ TXH HO DXPHQWR GH VDODULRV
SHUMXGLFDODHVWDELOLGDGHFRQyPLFD
E$SDUWLUGHXQDUWtFXORTXHSUHVHQWHXQDSUREOHPiWLFDHODERUDUXQ
WHPD GH LQYHVWLJDFLyQ SODQWHDU TXH VH LQYHVWLJDUtD \ TXH PpWRGR
DSOLFDUtD)XQGDPHQWDUHOWHPD SODQWHDGR\HO PpWRGR FXDOLWDWLYRR
FXDQWLWDWLYRPiVFRQYHQLHQWHSDUDDSOLFDU
$&7,9,'$'
D$SDUWLUGHODOHFWXUDGHODUWtFXORLGHQWLILFDUHOSODQRVXEMHWLYR\HO
REMHWLYRGHOIHQyPHQRGH³VHUFODVHPHGLD´HQ$UJHQWLQD
E3ODQWHDUGRVWHPDVGHLQYHVWLJDFLyQFRQUHVSHFWRDWHPiWLFDXQR
FXDOLWDWLYR\RWURFXDQWLWDWLYR
48e (6 6(5 +2< '( &/$6( 0(',$ (1 /$ $5*(17,1$ <
&Ï026((032%5(&,Ï72'$/$3,5È0,'(62&,$/
8Q DQiOLVLV GHOLQVWLWXWR ,(5$/ PRVWUy TXH ODFODVH PHGLD WLHQHXQ

VDODULRGHFRQORTXHVXVLQJUHVRVVRQYHFHVPiVTXHHO
SURPHGLRGHORVTXHFDHQSRUGHEDMRGHODOtQHDGHSREUH]D'HOD
DPSOLD FODVH PHGLD DVFHQGHQWH \ SXMDQWH GHO VLJOR SDVDGRD XQ
HVWUDWRVRFLDOHPSREUHFLGR\TXHHPSOHDWRGDVODVKHUUDPLHQWDVDVX
DOFDQFHSDUDQRFDHUXQHVFDOyQPiVDEDMRHQODWHPLGD]RQDGHOD
SREUH]D'HOVXHxRGHODVYDFDFLRQHVHODXWRQXHYR\ODFDVDSURSLD
D ODV WHUFHUDV PDUFDV \ HO UHFRUWH GH JDVWRV SDUD VRVWHQHU ORV
LQWRFDEOHVODHGXFDFLyQSULYDGD\ODPHGLFLQDSUHSDJD¢4XpHVKR\
VHU GH FODVH PHGLD HQ OD $UJHQWLQD"(O GH ORV DUJHQWLQRV
FRQVLGHUDQ TXH SHUWHQHFHQ D OD FODVH PHGLD 3HUR VROR XQ
DSUR[LPDGDPHQWHHVWiLQFOXLGRWpFQLFDPHQWHGHQWURGHHVWHHVWUDWR
VRFLDOVHJ~QXQUHOHYDPLHQWRGHODFRQVXOWRUD:(QXQFRQWH[WRGH

SpUGLGD GHO SRGHU DGTXLVWLYR DXPHQWR GH OD SREUH]D GHVHPSOHR \

DOWtVLPRV QLYHOHV GH LQIODFLyQ ORV Q~PHURV \ ORV FRQVXPRV
UHSUHVHQWDWLYRVGHODFODVHPHGLDVHDFKLFDQVHQLYHODQKDFLDDEDMR
\ VH HPSREUHFHQ (VD FODVH PHGLD TXH VH PDQWLHQH KD EDMDGR
PXFKRVXQLYHO(QODGpFDGDGHOVHGHILQtDSRUODFDVDSURSLD\
DFFHGHUDYDFDFLRQHVXQDYH]DODxR+R\HVDFFHGHUDXQDSUHSDJD
FROHJLR SULYDGR DXWR WHFQRORJtD \ FRQHFWLYLGDG 3HUR EDMDU D XQ
FROHJLR GH PHQRU FDWHJRUtD XQ SODQ GH SUHSDJD PiV EDUDWR
PDQWHQHUVRORODFRQH[LyQD,QWHUQHW\QRHOFDEOHFRPRHVWUDWHJLDV
5HFRUWDUORSRVLEOHKDVWDTXHOOHJDDXQQLYHOLQVRVWHQLEOH/DFODVH
PHGLDEDMDVHKDWUDQVIRUPDGRHQORVQXHYRVSREUHV7RGREDMDXQ
HVFDOyQ H[SOLFD+RUDFLR /DUJKL HFRQRPLVWD GH OD FRQVXOWRUD
,QYHQyPLFD
'HDFXHUGRDORVGDWRVGHO,QGHFHQIHEUHURGHVHQHFHVLWDURQ
LQJUHVRVSRUIDPLOLDGHPiVGHSDUDQRVHUSREUH(VDOtQHD
SHUPLWH PDUFDU TXLHQHV HVWiQ GHQWUR \ TXLHQHV IXHUD SHUR QR
DOFDQ]DSDUDGHILQLUODSHUWHQHQFLDDODFODVHPHGLD8QDQiOLVLVGHO
LQVWLWXWR ,(5$/ GH OD )XQGDFLyQ 0HGLWHUUiQHD PRVWUy TXHOD FODVH
PHGLD KR\ WLHQH XQ VDODULR SURPHGLR GH FRQ OR TXH VXV
LQJUHVRV VRQ YHFHV PiV TXH ORV LQJUHVRV SURPHGLR GH ORV TXH
FDHQSRUGHEDMRGHODOtQHDGHSREUH]D(QODFRQIRUPDFLyQGHOD
SLUiPLGH QR KD\ JUDQGHV YDULDFLRQHV SHUR Vt YHPRV XQDQLYHODFLyQ
KDFLD DEDMR HQ OD FODVH PHGLD H[SOLFy*HUDUGR *DUFtD 2UR
HFRQRPLVWD GHO iUHD GH (PSOHR \ 3ROtWLFD 6RFLDO GH ,(5$/ <
GHVWDFy TXH GHVGH KDFH YDULRV DxRV HO FRHILFLHQWH GH *LQL ²TXHVH
XVDSDUDPHGLUODGHVLJXDOGDG²QRWLHQHSURJUHVRVVLJQLILFDWLYRV6X
UDQJRYDGHDFXDQGRPiVFHUFDGHPHQRVGHVLJXDOGDG\HQ
HO WHUFHU WULPHVWUH GH IXH GH FXDQGR KLVWyULFDPHQWH
HVWXYRVLHPSUHPiVFHUFDGHO
3DUD*XLOOHUPR 2OLYHWR WLWXODU GH OD FRQVXOWRUD :OD FODVH PHGLD

HVWi HQ HO $'1 GH OD DUJHQWLQLGDG (V XQD UHDOLGDG PX\ GLYHUVD
SHURFRQXQIDFWRU FRP~Q FRQFHSWXDO TXH XQHD FDVL WRGRVEDMRXQ
PLVPR SDUDJXDV \ TXH YXHOYH DOD VRFLHGDG DUJHQWLQD PX\ FUtWLFD

PX\GHPDQGDQWH\PX\DVSLUDFLRQDODGLIHUHQFLDGHRWURVSDtVHVGH
ODUHJLyQ%DMDUXQHVFDOyQSDUDXQDVRFLHGDGTXHTXLHUHLUVLHPSUH
SDUDDUULEDHVDOJRGLItFLOGHSURFHVDUH[SOLFy9HRXQDVRFLHGDG
PX\ SUDJPiWLFD VLQ SUHMXLFLRV \ GLVSXHVWD D H[WUHPDU VXV SDWURQHV
GH FRQVXPR OR TXHVHDQHFHVDULR SDUDSUHVHUYDU OR PiV SRVLEOH HO
SRGHUDGTXLVLWLYRTXHWLHQHHQODPDQR&RQXQDSpUGLGDGHGH
SRGHU DGTXLVLWLYR HQ VH YD D ODV VHJXQGDV PDUFDV D ORV
PD\RULVWDV D ORVRXWOHWV DJUHJy HO HVSHFLDOLVWD HQ FRQVXPR 'H
DFXHUGR D ORV UHOHYDPLHQWRV GH OD FRQVXOWRUD KD\ WUHV QLYHOHV TXH
YDQ GHVGH XQ SULPHU DQLOOR GH FRQVXPR SRVWHUJDEOH ELHQHV
GXUDEOHVFRQXQDFDtGDGHHQWUH\DILQHVGHODxRSDVDGR
D XQ VHJXQGR DQLOOR GH FRQVXPR QHFHVDULR SHUR DMXVWDEOH
DOLPHQWRV EHELGDV OLPSLH]D GRQGH QR KD\ XQD FDtGD YLROHQWD HQ
YROXPHQSHUR Vt HQHOWUDVSDVRDVHJXQGDV \ WHUFHUDV PDUFDV \XQ
WHUFHUDQLOORGHLQWRFDEOHVPLHQWUDVVHSXHGDTXHLQFOX\HFROHJLRV
FRQHFWLYLGDGWHOHIRQtDPyYLOH,QWHUQHW\WDULIDV
/D FODVH PHGLD GH DOJ~Q PRGR HVWi D OD GHIHQVLYD SHUR GDQGR OD
SHOHD 6RQ VREUHYLYLHQWHV GH PLO EDWDOODV/D JUDQ GLVWLQFLyQ OD
PDUFDODVLWXDFLyQGHOHPSOHR'RQGHKD\HPSOHRKD\KHUUDPLHQWDV
\ HVFXGRV UHVXPLy 2OLYHWR ¢&XiQWR FD\HURQ ORV LQJUHVRV GXUDQWH
HODxRSDVDGR"/DSpUGLGDGHOVDODULRUHDOHQIXHGHHQWUH
\ 7HQHPRV XQD HVWLPDFLyQ GH SDULWDULD SDUD GH
DSUR[LPDGDPHQWH(VRVLJQLILFDTXHHOVDODULRUHDOHQVH
YD D PDQWHQHU R D FDHU OHYHPHQWH *HQHUDOPHQWH HQ ORV DxRV
SRVGHYDOXDFLyQ KXER FDtGDV VLPLODUHV HQ HO SRGHU DGTXLVLWLYR
SHUROR TXH QR VH YD D YHU HVWH DxR HV XQD UHFXSHUDFLyQ FRPR
RFXUULyHQORVSHUtRGRVDQWHULRUHV(QODUHFXSHUDFLyQYDDVHU
PiV GLItFLO DUJXPHQWy-XDQ 6ROi HFRQRPLVWD GH OD FRQVXOWRUD
(O\SVLV3DUD TXH OD FODVH PHGLD SXHGD UHFXSHUDUVH VH GHEH
UHFXSHUDU HO VDODULR ²OD PD\RUtD GH ORV HFRQRPLVWDV FRLQFLGHQ HQ
TXHQRVHGDUiHQ²\IUHQDUVHODFDtGDGHOHPSOHR/DFODVH
PHGLDYDDWDUGDUHQUHFXSHUDUHOVDODULRHQWUHGRV\WUHVDxRVKD\
XQDGHVRFXSDFLyQPX\DOWDSDUDTXHORVVDODULRVYXHOYDQDJDQDUOHD

ODLQIODFLyQ1RYDDVHUHQ\WDPSRFRHQFRQXQSRFRGH
VXHUWHUHFLpQDSDUWLUGHGHVWDFy/DUJKL
KWWSVZZZLQIREDHFRPHFRQRPLDTXHHVVHUKR\GH
FODVHPHGLDHQODDUJHQWLQD\FRPRVHHPSREUHFLRWRGDOD
SLUDPLGHVRFLDO
$&7,9,'$'
8WLOL]DQGR ODV WHPiWLFDV GHO WH[WR UHDOL]DU HO SODQWHDPLHQWR GH GRV
LQYHVWLJDFLRQHV XQD TXH HPSOHH PHWRGRORJtD FXDQWLWDWLYD \ RWUD
FXDOLWDWLYD
0$5.(7,1* '( &2/25(6 9(1',(1'2 $ 75$9e6 '(/

&2/25'(/352'8&72
$EUDXQSDTXHWHGH0 0\FXHQWHORVFRQILWHV'HVFXEULUiTXHXQ
SRU FLHQWR VRQ D]XOHV SRU FLHQWR QDUDQMDV SRU FLHQWR
YHUGHV SRU FLHQWR PDUURQHV SRU FLHQWR DPDULOORV \ SRU
FLHQWRURMRV(VWRQRHVFDVXDOLGDGVLQRXQDGHFLVLyQFRQVFLHQWHGH
PDUNHWLQJ GH FRORUHV (O FRORU QR SDVD GHVDSHUFLELGR HQ QXHVWUDV
YLGDV 3RU HO FRQWUDULR QRV SURYRFD ODV PiV GLYHUVDV VHQVDFLRQHV
DOHJUtDPDOKXPRULQGLIHUHQFLDRHQHUJtD/RVQLxRVUHVSRQGHQDORV
HVWtPXORVGHFRORUPXFKRDQWHVGHUHFRQRFHUHODVSHFWRRIRUPDGH
ORVREMHWRVTXHORVURGHDQ/RVFRORUHVWDPELpQFRQOOHYDQXQDJUDQ
FDUJD GH VLJQLILFDGR HQ ODV GLVWLQWDV VRFLHGDGHV (Q OD FXOWXUD
RFFLGHQWDOSRUHMHPSORHOQHJURVXHOHDVRFLDUVHFRQODPXHUWH\HO
JULV FRQ OD WULVWH]D < GHVGH HO SXQWR GH YLVWD GHO PDUNHWLQJ ORV
FRORUHV LPSDFWDQ QRWDEOHPHQWH HQ QXHVWUDV GHFLVLRQHV GH FRPSUD
3HUR ¢TXp SRGHPRV VDEHU GH QXHVWURV FOLHQWHV VHJ~Q VX FRORU
SUHIHULGR" ¢&yPR XWLOL]DU HVWH FRQRFLPLHQWR SDUD GLVHxDU QXHVWUDV
PDUFDV \ SURGXFWRV" $OJXQDV LQYHVWLJDFLRQHV HQ FRORULPHWUtD OD
GLVFLSOLQDTXHVHRFXSDGHPHGLUORVFRORUHVVXJLHUHQODH[LVWHQFLD

KWWSZZZPDWHULDEL]FRPPE]HFRQRPLD\ILQDQ]DVQRWDYVS"QLG

GHYtQFXORVHQWUHHVWLORVGHSHUVRQDOLGDG\FRORUHVSUHIHULGRV6LELHQ
HVWDVUHODFLRQHVQRVH UHJLVWUDQ HQ WRGRVORV FDVRVSXHGHQ VHUXQD
EXHQD DSUR[LPDFLyQ SDUD FRQRFHU DO FOLHQWH \ WRPDU PHMRUHV
GHFLVLRQHVSXEOLFLWDULDV\GHGLVHxR
/RV FOLHQWHV TXH SUHILHUHQ HO URMR VRQ HQ JHQHUDO H[WURYHUWLGRV \
GLQiPLFRV 3RU VX UHODFLyQ FRQ OD HQHUJtD HVWH FRORU HV PX\
DGHFXDGR SDUD DQXQFLDU DXWRPyYLOHV PRWRFLFOHWDV EHELGDV
HQHUJpWLFDVMXHJRVGHSRUWHV\DFWLYLGDGHVGHULHVJR(OURMRWDPELpQ
HVPX\XWLOL]DGRHQSXEOLFLGDGSDUDSURYRFDUVHQWLPLHQWRVHUyWLFRV
ODELRVXxDV]DSDWRVYHVWLGRV4XLHQHVHOLJHQHODPDULOORWLHQGHQD
GLVIUXWDU GH ODV DFWLYLGDGHV LQWHOHFWXDOHV (VWH FRORUTXH WDPELpQ
LUUDGLD FDORU H LQVSLUDFLyQ HV PX\ XWLOL]DGR SDUD DQXQFLDU
QRYHGDGHVXRIHUWDV$TXHOORVTXHRSWDQSRUODVGLVWLQWDVWRQDOLGDGHV
GHO D]XO VXHOHQ VHU WUDQTXLORV \ PDQWHQHU EXHQ FRQWURO GH VXV
HPRFLRQHV(VWHHVDGHPiVHOFRORUIDYRULWRGHORVQLxRV\MyYHQHV
(V UHFRPHQGDEOH SDUD ELHQHV GH XVR KRJDUHxR FRPR SLQWXUD GH
SDUHGHVURSDGHFDPD\FRUWLQDV/RVTXHHOLJHQHOQDUDQMDVRQHQ
JHQHUDO MRYLDOHV (VWH HV HO FRORU GH OD DFFLyQ OD HIXVLYLGDG \ OD
JHQHURVLGDG(OQDUDQMDFtWULFRVHDVRFLDDODDOLPHQWDFLyQVDQD\DO
HVWtPXOR GHO DSHWLWR (V DGHFXDGR SDUD SURPRFLRQDU SURGXFWRV
DOLPHQWLFLRV \ MXJXHWHV /D SUHIHUHQFLD SRU HO YLROHWD PDQLILHVWD
JXVWRVDUWtVWLFRV\PtVWLFRUHOLJLRVRV(VPX\XWLOL]DGRHQODLQGXVWULD
GHO SHUIXPH IHPHQLQR 4XLHQHV SUHILHUHQ HO QHJUR VXHOHQ VHU
FRQVHUYDGRUHVDPDQWHVGHODHOHJDQFLD\ODGLVFUHFLyQ(VWtSLFRVX
XVRHQPXVHRVJDOHUtDVRFROHFFLRQHVGHIRWRVRQOLQH'HHVWDIRUPD
ODV SUHIHUHQFLDV GHILQHQ GLIHUHQWHV FOXVWHUV GH FOLHQWHV (O HVWXGLR
GH FRORULPHWUtD QRV SHUPLWH DFHUFDUQRV \ IRUWDOHFHU HO YtQFXOR GH
SHUWHQHQFLD FRQ HO VHJPHQWR REMHWLYR GHVHDGR (O FRORU HV XQ
FRPSRQHQWH IXQGDPHQWDO HQ HO UHFRQRFLPLHQWR GH XQD PDUFD SXHV
FUHD HPRFLRQHV\ DFWLYD OD PHPRULD $VtYHDPRVDOJXQRV HMHPSORV
GH HPSUHVDV TXH KDQ GHVDUUROODGR HVWUDWHJLDV GH PDUNHWLQJ GH
FRORUHV
0F'RQDOG
V 0F'RQDOG
V VH FRQHFWD FRQ ORV QLxRV HQ ORV WUHV

FRORUHV TXH PHMRU UHFRQRFHQ DPDULOOR URMR \ D]XO /RV FpOHEUHV

DUFRV GRUDGRV HVWiQ SODVPDGRV VREUH XQ IRQGR URMR /D YHVWLPHQWD
GHO SD\DVR 5RQDOG WLHQH UD\DV URMDV \ DPDULOODV (VWRV PLVPRV
FRORUHV GRPLQDQ HQ HO OD\RXW GH ORV ORFDOHV \ FRQWUDVWDQ FRQ ORV
XQLIRUPHV D]XOHV GH ORV HPSOHDGRV $ WUDYpV GH HVWD FXLGDGRVD
HOHFFLyQGHORVFRORUHV0F'RQDOG
VSUHWHQGHHVWLPXODUORVVHQWLGRV
GH ORV QLxRV GH WHPSUDQD HGDG <DKRR DOJXQRV HVSHFLDOLVWDV
FUHHQ TXH DO PHQRV HQ ORV SULPHURV WLHPSRV HO D]XO GHO SRUWDO GH
<DKRR IXH XQ DFLHUWR SXHV HV HO FRORU SUHIHULGR SRU ORV MyYHQHV
SULQFLSDOHVXVXDULRVGHOVHUYLFLR%DQFR*DOLFLDHQRFDVLRQHVOD
FRPELQDFLyQ GH FRORUHV HV XQD VROXFLyQ SDUD XQD DXGLHQFLD
PXOWLVHJPHQWDGD(VWHHVHOFDVRGHO%DQFR*DOLFLDGH$UJHQWLQD6X
QXHYRORJRFRPELQDODOXPLQRVLGDGGHOQDUDQMDFRQODVREULHGDGGHO
URMR YHKtFXOR GH OD KLVWRULD \ HO SUHVWLJLR (O QDUDQMD DWUDH OD
DWHQFLyQ \ HVWLPXOD HO HVStULWX SUR\HFWDQGR VHJXULGDG FDOLGH]
DOHJUtD LQGHSHQGHQFLD DFFLyQ \ PRWLYDFLyQ (V HO FRORU GH OD
HQHUJtD\GHODFRPSHWLWLYLGDG(OURMRTXH\DHVWDEDSUHVHQWHHQOD
PDUFD RULJLQDO UHSUHVHQWD OD KLVWRULD GHO EDQFR VX WUDGLFLyQ \
UHVSDOGR
(Q GHILQLWLYD ORV FRORUHV DFW~DQ FRPR YHKtFXORV TXH QRV FRQHFWDQ
FRQ OD HVHQFLD GH QXHVWUDV QHFHVLGDGHV \ QRV UHPLWHQ D SODQRV
EiVLFRV TXH HVFDSDQ DO XVR FRQVFLHQWH HQ OD HOHFFLyQ GHO SURGXFWR
/D FRPSRVLFLyQ GH ORV FRORUHV FXDQGR VH FRQVWUX\H LGHQWLGDG
FRUSRUDWLYD VH VXVWHQWD HQ ODV SURSLHGDGHV SVLFROyJLFDV TXH OD
FRWLGLDQHLGDG \ OD QDWXUDOH]D KXPDQD OH KDQ DVLJQDGR D XQ
GHWHUPLQDGR JUXSR DO TXH SUHWHQGHPRV FRQTXLVWDU SDUD YHQGHU
UHWHQHU\ILGHOL]DU
KWWSZZZPDWHULDEL]FRPPE]HFRQRPLD\ILQDQ]DVQRWDYVS"QLG

$&7,9,'$'
$QDOL]DU VL HO VLJXLHQWH IUDJPHQWR WH[WXDO VH FRUUHVSRQGH FRQ XQD

LQYHVWLJDFLyQFXDQWLWDWLYDRFXDOLWDWLYD-XVWLILFDU
³8QHMHPSORLQWHUHVDQWHGHOGLOHPDTXHLPSOLFDODVHOHFFLyQGHXQD
IDFKDGD DSURSLDGD HQWUH YDULDV GH HOODV LQVDWLVIDFWRULDV SXHGH
HQFRQWUDUVHHQODVRUJDQL]DFLRQHVPpGLFDVQRUWHDPHULFDQDVDFWXDOHV
HQ OR UHIHUHQWH D OD DGPLQLVWUDFLyQ GH DQHVWHVLD (Q DOJXQRV
KRVSLWDOHV OD DQHVWHVLD HV D~Q DGPLQLVWUDGD SRU HQIHUPHUDV SRU
GHWUiVGHODIDFKDGDTXHOHVHVOtFLWRH[KLELULQGHSHQGLHQWHPHQWHGH
ODV WDUHDV TXH UHDOL]DQ ²IDFKDGD TXH FRPSRUWD VXERUGLQDFLyQ
FHUHPRQLDODORVPpGLFRV\XQDSDJDUHODWLYDPHQWHEDMD²$ILQGH
HVWDEOHFHU OD DQHVWHVLRORJtD FRPR HVSHFLDOLGDG SDUD PpGLFRV
JUDGXDGRV ORV SURIHVLRQDOHV LQWHUHVDGRV KDQ WHQLGR TXH GHIHQGHU
FRQ HPSHxR OD LGHD GH TXH DGPLQLVWUDU DQHVWHVLD HV XQD WDUHD
VXILFLHQWHPHQWHFRPSOHMD\YLWDOFRPRSDUDMXVWLILFDUHQDTXHOORVTXH
OD UHDOL]DQ OD UHFRPSHQVD SURWRFRODU \ ILQDQFLHUD GDGD D ORV
PpGLFRV /D GLIHUHQFLD HQWUH OD IDFKDGD TXH PDQWLHQHQ ODV
HQIHUPHUDV\ODTXHPDQWLHQHQORVPpGLFRVHVJUDQGHPXFKDVFRVDV
DFHSWDEOHV SDUD DTXHOODV VRQ LQIUD GLJQLWDWHP SDUD HVWRV $OJXQDV
SHUVRQDVFRQHFWDGDVFRQODPHGLFLQDH[SHULPHQWDQODVHQVDFLyQGH
TXH SDUD OD WDUHD GH DGPLQLVWUDU DQHVWHVLD XQD HQIHUPHUD HVWi
©VXEFDOLILFDGDª\XQPpGLFR©VXSHUFDOLILFDGRªVLKXELHVHXQVWDWXV
LQWHUPHGLR HQWUH OD HQIHUPHUD \ HO PpGLFR HO SUREOHPD WHQGUtD
TXL]iV XQD VROXFLyQ PiV IiFLO 'HO PLVPR PRGR VL HO HMpUFLWR
FDQDGLHQVHKXELHVHFRQWDGRFRQXQUDQJRLQWHUPHGLRHQWUHWHQLHQWH\
FDSLWiQ GRV HVWUHOODV \ PHGLD HQOXJDUGH GRV RWUHV ORV FDSLWDQHV
GHOFXHUSRGHRGRQWRORJtDPXFKRVGHHOORVGHRULJHQpWQLFRLQIHULRU
SRGUtDQKDEHUUHFLELGRXQUDQJRTXL]iPiVDGHFXDGRDQWHORVRMRV
GHOHMpUFLWRTXHODVFDSLWDQtDVTXHUHDOPHQWHVHOHVGLR1RWHQJROD
LQWHQFLyQGHGHVWDFDUHOSXQWRGHYLVWDGHXQDRUJDQL]DFLyQIRUPDOR
GH XQD VRFLHGDG HO LQGLYLGXR HQ FXDQWR SRVHHGRU GH XQD VHULH
OLPLWDGD GH GRWDFLRQHV GH VLJQRV WDPELpQ GHEH UHDOL]DU LQIDXVWDV
HOHFFLRQHV$VtHQODFRPXQLGDGDJUtFRODHVWXGLDGDSRUHODXWRUORV
DQILWULRQHV FRQ IUHFXHQFLD VHxDODEDQ OD YLVLWD GH XQ DPLJR
RIUHFLpQGROH XQ WUDJR GH EHELGD IXHUWH XQ YDVR GH YLQR DOJXQD

PH]FOD FDVHUD R XQD WD]D GH Wp &XDQWR PD\RU HO UDQJR R VWDWXV
FHUHPRQLDO WHPSRUDULR GHO YLVLWDQWH PD\RU OD SUREDELOLGDG GH TXH
UHFLELHUDXQRIUHFLPLHQWRSUy[LPRDOH[WUHPRDOFRKyOLFRGHODJDPD
$KRUDELHQXQSUREOHPDDVRFLDGRFRQHVWDJDPDGHGRWDFLRQHVGH
VLJQRVHUDHOKHFKRGHTXHDOJXQRVDJULFXOWRUHVQRSRGtDQFRVWHDUVH
XQD ERWHOOD GH EHELGD IXHUWH GH PRGR TXH HO YLQR UHSUHVHQWDED HO
JHVWR PiV JHQHURVR TXH SRGtDQ UHDOL]DU 3HUR XQD GLILFXOWDG PiV
FRUULHQWHHUDTXL]iVHOKHFKRGHTXHFLHUWRVYLVLWDQWHVHQUD]yQGHVX
VWDWXVSHUPDQHQWH\WHPSRUDULRHQHVHPRPHQWRVXSHUDEDQHOUDQJR
GHXQDEHELGD\QRDOFDQ]DEDQHOGHODTXHVHJXtDLQPHGLDWDPHQWH
&RQIUHFXHQFLDH[LVWtDHOSHOLJURGHTXHHOYLVLWDQWHVHVLQWLHUDDOJR
DJUDYLDGRRSRUORFRQWUDULRGHTXHODFRVWRVD\OLPLWDGDGRWDFLyQ
GHVLJQRVGHODQILWULyQVHHPSOHDUDGH PDQHUD HUUyQHD (QQXHVWUD
FODVHPHGLDVHGDXQDVLWXDFLyQVLPLODUFXDQGRXQDDQILWULRQDWLHQH
TXHGHFLGLUVLKDGHXVDURQRODSODWHUtDEXHQDRTXpVHUiORPiV
DSURSLDGRSDUDOXFLUVXPHMRUWUDMHGHWDUGHRVXWUDMHGHQRFKHPiV
VHQFLOOR´*RIIPDQ
$&7,9,'$'
$QDOL]DU FXiO HV OD XWLOLGDG GH ODV LQYHVWLJDFLRQHV FXDOLWDWLYDV HQ HO
GLVHxR GH XQD FDPSDxD HOHFWRUDO \ VX FRPSOHPHQWDFLyQ FRQ ORV
HVWXGLRV FXDQWLWDWLYRV D SDUWLU GHO FDVR H[SXHVWR HQ HO VLJXLHQWH
DUWtFXOR
&$03$f$ (/(&725$/ /26 $/$50$17(6 )2&86 *52836

'('85È1%$5%$48(2%/,*$521$81*2/3('(7,0Ï1
0LHQWUDV QR PHMRUH ODHFRQRPtD HQ HVWD FDPSDxD HVH WHPD QRVH
WRFD $Vt GH FRQWXQGHQWH IXH OD UHFRPHQGDFLyQ GH -DLPH 'XUiQ
%DUEDHOSULQFLSDODVHVRUGHFRPXQLFDFLyQ\HVWUDWHJLDGHOJRELHUQR
GH &DPELHPRV &RUUtD OD SULPDYHUD GH \ HO *RELHUQR GHO
SUHVLGHQWH0DXULFLR0DFULSURQRVWLFDEDTXHDPiVWDUGDUHQPDU]R
OOHJDUtDODUHDFWLYDFLyQ\EDMDUtDODLQIODFLyQ/OHJyPDU]RHPSH]y
DEULO \ QR OOHJy OD UHDFWLYDFLyQ \ OD LQIODFLyQ VLJXLy VXELHQGR /D

UHFRPHQGDFLyQ GHO JXU~ HFXDWRULDQR HUD LPSRVLEOH GH FXPSOLU/DV

HQFXHVWDVGHWRGRVORVFRORUHVHVWDEDQPRVWUDQGRTXHODJHQWHGHOR
~QLFRTXHKDEODEDHUDGHHFRQRPtDGHORVSUHFLRVGHODUHFHVLyQ\
OD IDOWD GH WUDEDMR/DV SUHRFXSDFLRQHV HFRQyPLFDV QR VROR
GHVSOD]DURQ D OD FRUUXSFLyQ VLQR TXH WDPELpQ GHMDURQ DWUiV D OD
LQVHJXULGDG TXH JHQHUDOPHQWH OLGHUD OD WDEOD /D RSLQLyQ S~EOLFD
HVWi DQJXVWLDGD \ HQRMDGD SRU OD PDUFKD GH OD HFRQRPtD \ QR
DERUGDUHQODFDPSDxDVXPD\RUSUHRFXSDFLyQVHUtDSUHVHQWDUDXQ
JRELHUQR DLVODGR 3DUD FRPSOLFDU XQ SRFR PiV ODV FRVDV HO
3UHVLGHQWH VH DIHUUD D XQ SROpPLFR VORJDQ VDOLGR GHO SURSLR
ODERUDWRULRGHHVWUDWHJLDGH'XUiQ%DUED(VWHHVHOFDPLQR8QD
HQFXHVWDGH5LFDUGR5RXYLHUGHODVHPDQDSDVDGDPXHVWUDDOJRTXH
HV GH VLPSOH VHQWLGR FRP~QPiV GH GRV WHUFLRV UHFKD]D OD LGHD GH
TXHHVWHVHDHO~QLFRFDPLQRHFRQyPLFR\VRORHOODDSUXHED
(QPDU]RHO*RELHUQRGH&DPELHPRVKL]RXQLQJHQLRVRLQWHQWRSRU
HQFRQWUDUOHODYXHOWDDOGLOHPDGHQRWHQHUORJURVHFRQyPLFRVSDUD
PRVWUDU\DODYH]DFDWDUODGLUHFWLYDGH'XUiQ%DUEDGHPLUDUSDUD
RWUR ODGR HQ ODV FXHVWLRQHV HFRQyPLFDV /D LGHD HUD GHVWDFDU OD
REUDS~EOLFDDIDOWDGHSURJUHVRHFRQyPLFR\ODKHUUDPLHQWDIXHHO
FRPHQWDGR VSRW YLUDO TXH PXHVWUD LPiJHQHV GH DOJXQDV REUDV
PRQXPHQWDOHVFRPRODHOHYDFLyQGHODVYtDVGHOIHUURFDUULO0LWUHHQ
%HOJUDQRFRQORVLUUHSURGXFLEOHVFiQWLFRVGHFDQFKD00/3473
GH IRQGR /D LQWHQFLyQ HUD GHVSOD]DU HO IRFR GH OD FR\XQWXUD
HFRQyPLFD KDFLD REUDV GH LQIUDHVWUXFWXUD TXH HQ HO ODUJR SOD]R
WUDHUtDQ DOJ~Q UpGLWR HFRQyPLFR DXQTXH VHD LQGLUHFWR \ DVt
UHFRQTXLVWDU D SRU OR PHQRV DOJXQRV GH VXV SURSLRV YRWDQWHV
GHVHQFDQWDGRV R GLUHFWDPHQWH HQRMDGRV 3HUR PLHQWUDV HVWR
VXFHGtDORV HTXLSRV GH 'XUiQ %DUED \D HVWDEDQ GHVSOHJDQGR OD
PD\RU DYDQ]DGD WHUULWRULDO GH OD KLVWRULD HOHFWRUDO DUJHQWLQD SDUD
LQYHVWLJDU D IRQGR OD RSLQLyQ S~EOLFD FRQ PHGLR FHQWHQDU GH IRFXV
JURXSVHQWRGRHOWHUULWRULR/RVIRFXVJURXSV²HVDVSHTXHxDVPHVDV
GH GHEDWH GLULJLGR SRU HVSHFLDOLVWDV FRQ UHSUHVHQWDQWHV GH GLVWLQWRV
VHJPHQWRVVRFLDOHV²SHUPLWHQVRQGHDUHQGHWDOOHORVPDWLFHVTXHODV

HQFXHVWDVQRPXHVWUDQ¢&XiQVyOLGRHVHOMDPiVORYRWDUtDRHOOR
YRWpSHURQRORYXHOYRDKDFHU"/RVUHVXOWDGRVIXHURQDODUPDQWHV\
'XUiQ %DUEDOH KDEUtD GLFKR HQ OD FDUD D 0DFUL<R QR HQWLHQGR
QDGDGH HFRQRPtDSHURVLQREDMDVODLQIODFLyQ\QRVHUHDFWLYDOD
HFRQRPtD SURQWR SRGHPRV SHUGHU 7UDGXFLGR SDUD ORV PRUWDOHV
YROYHUtDDOSRGHU&ULVWLQD)HUQiQGH]GH.LUFKQHU
$OJXQRV DQDOLVWDV DUULHVJDURQ TXH HVH WUDVFHQGLGR HUD XQD WiFWLFD

GXUDQEDUELVWD PiV SDUD DVXVWDU D H[ YRWDQWHV GH &DPELHPRV
GHVHQFDQWDGRV \ TXH YXHOYDQ DO UHGLO 3HUR HO DQXQFLR GH TXH HO
SUy[LPRPLpUFROHVHO3UHVLGHQWHFRPXQLFDUtDXQDEDWHUtDGHPHGLGDV
SDOLDWLYDV SDUD OLPLWDU HO DO]D GH DOJXQRV SUHFLRV \ IRPHQWDU HO
FRQVXPRHQFLHUWRVVHFWRUHVQRVRORHVSURGXFWRGHODSUHVLyQGHORV
VRFLRV UDGLFDOHV GH &DPELHPRV OD JREHUQDGRUD 0DUtD (XJHQLD
9LGDO \ HO MHIHGH *RELHUQRSRUWHxR +RUDFLR 5RGUtJXH] /DUUHWD HV
IUXWRGHOLQTXLHWDQWHUHVXOWDGRGHORVIRFXVJURXSVGH'XUiQ%DUED
< OD GUDPiWLFD DGPLVLyQ GHO HFXDWRULDQR HQFLHUUD GRV GDWRV PX\
LPSRUWDQWHVSDUDHOIXWXURGHODFDPSDxDHOHFWRUDOSRUODUHHOHFFLyQ
GH0DXULFLR0DFULTXHDSRVWDUFRPRHVWUDWHJLDVRORDODJULHWDR
SRODUL]DFLyQFRQODH[3UHVLGHQWD\DQRDOFDQ]D/DRWUDJUDQQRWLFLD
HV TXH -DLPH 'XUiQ %DUED HQWHQGLy ILQDOPHQWH DOJR TXH YHQLPRV
VRVWHQLHQGR FRPR JUDYH HUURU HQ VX HVWUDWHJLD OD HFRQRPtD \ OD
SROtWLFDHVWiQHQ$UJHQWLQDtQWLPDPHQWHLPEULFDGRV(VWRHVXQGDWR
PX\LPSRUWDQWH(QVXHTXLSRGHDVHVRUHVIDOWDXQHFRQRPLVWD+R\
'XUiQ %DUED DVHVRUD HQ XQD FDPSDxD HOHFWRUDO TXH QR VH SXHGH
HVFLQGLU GH OD PDUFKD GH OD HFRQRPtD 0DFUL QR HV RSRVLWRU HV HO
SUHVLGHQWHGHXQSDtVFRQXQSUREOHPDHFRQyPLFRJUDYHFUyQLFR\
SUiFWLFDPHQWH~QLFRHQHOPXQGR\HVHOSULQFLSDOUHVSRQVDEOHGHQR
KDEHUORUHVXHOWRGXUDQWHVXPDQGDWR«
KWWSVZZZLQIREDHFRPRSLQLRQFDPSDQDHOHFWRUDOORV
DODUPDQWHVIRFXVJURXSVGHGXUDQEDUEDTXHREOLJDURQDXQJROSH
GHWLPRQ

&DStWXOR
352%/(0$'(,19(67,*$&,Ï1
7HPDVFODYHV
3ODQWHRVVREUHHOFRPLHQ]RGHODVLQYHVWLJDFLRQHV
(VWDEOHFLPLHQWRGHOWHPDGHLQYHVWLJDFLyQ
5HGDFFLyQGHOSUREOHPDGHLQYHVWLJDFLyQ
(O SURFHVR GH XQD LQYHVWLJDFLyQ WLHQH TXH SUHVHQWDUVH IRUPDOPHQWH

SDUD VHU FRQYDOLGDGR FRPR WDO GHQWUR GHO FDPSR FLHQWtILFR FRPR
iPELWR JHQHUDO \ GH ORV RUJDQLVPRV KDELOLWDQWHV R SURYHHGRUHV GHO
SUR\HFWR SDUD ORV OHFWRUHV GHO PLVPR HV FRQYHQLHQWH TXH SXHGDQ
DFFHGHUDOFRQWH[WR\DODVFRQGLFLRQHVSDUWLFXODUHVHQODVVHSODQWHD
ODLQYHVWLJDFLyQSRUHOORHOSUREOHPDGHLQYHVWLJDFLyQHVYLWDOHQpO
VH FRQGHQVDQ ORV IDFWRUHV FRQWH[WXDOHV ORV LQWHUHVHV \ OD
SUREOHPiWLFDLPSOLFDGD6LQQHJDUODLPSRUWDQFLDGHODFUHDWLYLGDG\
GHODLQWXLFLyQSHUVRQDOGHODLQVWDQFLDLQYHVWLJDGRUDVHGHEHVXEUD\DU
TXHSRQHUHOIRFRH[FOXVLYDPHQWHHQHVWRVIDFWRUHVSHUVRQDOHVVXSRQH
XQDPLUDGDLGHDOLVWD\GHVFRQWH[WXDOL]DGDGHODSURGXFFLyQFLHQWtILFD
GHOFDPSRVRFLDOSROtWLFRHFRQyPLFR\FLHQWtILFR\KDVWDVHSRGUtD
DYHQWXUDU XQWDQWR ³LQRFHQWH´ \D TXHHVWD FRQFHSFLyQLPSOLFD XQD
FRQVLGHUDFLyQVREUHHOTXHKDFHULQYHVWLJDWLYRTXHQRVHFRUUHVSRQGH
FRQODVFLUFXQVWDQFLDVGHSURGXFFLyQUHDOGHODFLHQFLD/DSURSXHVWD
GH HVWH WH[WR UDGLFD HQ TXH ODV LQYHVWLJDFLRQHV VXUJHQ GHVGH
SDUWLFXODUHV FRQGLFLRQHV GH SURGXFFLyQ \D VHD HQ FDOLGDG GH
QHFHVLGDGHV \ GHPDQGDV LQVWLWXFLRQDOHV R GH SURSXHVWDV EDVDGDV HQ
LQWHUHVHV SDUWLFXODUHV GH LQYHVWLJDGRUHV TXH VH HQFXHQWUDQ
SRVLFLRQDGRV GHQWUR GH GHWHUPLQDGDV RUJDQL]DFLRQHV TXH UHTXLHUHQ

GH HVWDV GHWHUPLQDGRV DSR\RV \R UHFXUVRV SDUD VX PDWHULDOL]DFLyQ

(V PX\ FRP~Q TXH OD PD\RUtD GH ODV LQYHVWLJDFLRQHV IXHUD GHO
iPELWR DFDGpPLFR UHVXOWHQ GHO SDWURFLQLR GH HPSUHVDV R GH OD
GLVSRQLELOLGDG GH EHFDV GH IXQGDFLRQHV X RUJDQLVPRV HVWDWDOHV TXH
FRQYRFDQ \ RULHQWDQ D ORV DFWRUHV GHO FDPSR FLHQWtILFR KDFLD
GHWHUPLQDGDVLQLFLDWLYDVPHWRGROyJLFDVWHPiWLFDVRKDFLDHODERUGDMH
GH FLHUWDV SREODFLRQHV HVSHFtILFDV D SDUWLU GH ORV LQWHUHVHV TXH HVDV
RUJDQL]DFLRQHVWLHQHQHQVXDJHQGDGHSUREOHPDVRQHFHVLGDGHV
&RPR \D VH HVWDEOHFLy HQ HO SULPHU FDStWXOR HO SURFHVR GH
SURGXFFLyQFLHQWtILFDLPSOLFDXQREMHWRGHWHUPLQDGRDVHULQYHVWLJDGR
\ OD DGRSFLyQ GH XQ PpWRGR GH SDUWH GH ORV LQYHVWLJDGRUHV OR TXH
LPSOLFDXQDVHULHGHGHFLVLRQHV\GHHVWUDWHJLDVWpFQLFDVTXHUHVXOWDQ
GH VXV UHIOH[LRQHV D SDUWLU GH VXV SUiFWLFDV SUHYLDV \ GH DTXHOORV
VDEHUHV WHyULFRV \ PHWRGROyJLFRV FRQVROLGDGRV HQ OD H[SHULHQFLD
SUHYLD XVXDOPHQWH ORV LQYHVWLJDGRUHV FRQItDQ HQ FLHUWDV
SHUVSHFWLYDVPpWRGRV\WpFQLFDV\DDGRSWDGDVSRUHOORVHQHOSDVDGR
SDUDLUGHVDUUROODQGRXQDSODQLILFDFLyQRUJDQL]DGDHQWpUPLQRVGHXQD
VHFXHQFLDGHHWDSDVTXHLPSOLFDQHQFDGDXQDGHHOODVGHFLVLRQHV\
HVWUDWHJLDV IXQGDPHQWDGDV VREUH VXV GLIHUHQWHV SRVLELOLGDGHV GH VHU
DGPLQLVWUDGDVHQJUDQPHGLGDODSXHVWDHQMXHJRGHHVWDVDFFLRQHV
UHVSRQGHQ D OD GLVSRQLELOLGDG HQ OD VHOHFFLyQ GH LQVWUXPHQWDFLRQHV
DSOLFDEOHVDOREMHWRGHLQYHVWLJDFLyQSDUDVXFRQVHFXHQWHUHJLVWURGH
GDWRV 5HDOL]DU XQD LQYHVWLJDFLyQ LQYROXFUD XQD VHULH RUGHQDGD GH
DFFLRQHVTXHUHVSRQGHQDGHWHUPLQDGRVLWLQHUDULRVPHWRGROyJLFRV\
WHyULFRV ORV DFWRUHV FLHQWtILFRV SXHGHQ DGRSWDU GLIHUHQWHV
FRQILJXUDFLRQHVPHWRGROyJLFDVVHJ~QODQDWXUDOH]DGHOREMHWR\GHODV
WpFQLFDVDVHUDSOLFDGDV(OSURFHVRGHLQYHVWLJDFLyQHVWUD]DGRHQORV
WH[WRV GH PHWRGRORJtD SRU VXV DXWRUHV GHVGH YDULDGDV SURSXHVWDV GH
PRGDOLGDGHV GH FODVLILFDFLyQ \ GH RUGHQDFLyQ GH VXV GLIHUHQWHV
HWDSDVTXHUHVSRQGHQDORVSDUWLFXODUHVFULWHULRVHSLVWHPROyJLFRVGH
VXVDXWRUHV6HSUHVHQWDQDFRQWLQXDFLyQDOJXQDVGHHVWDVYDULDQWHV
SURSXHVWDV HQ GLIHUHQWHV DXWRUHV HQ WH[WRV GH PHWRGRORJtD GH OD

LQYHVWLJDFLyQ\HQ~OWLPRWpUPLQRVHH[SRQHODFRQFHSFLyQDGRSWDGD
HQHVWHOLEURDILQGHDSUR[LPDUDORVOHFWRUHVTXHVHLQLFLDQHQHVWD
WHPiWLFD VX SURSXHVWD GH DERUGDMH GH OR TXH LPSOLFD XQ SURFHVR GH
LQYHVWLJDFLyQFLHQWtILFD
*LURX[ \ 7UHPEOD\ VHLV HWDSDV GH XQD LQYHVWLJDFLyQ VH

GHVSOLHJDQDSDUWLUGHXQDSUHJXQWDLQLFLDOTXHVHUHDOL]DSRUGHFLVLyQ
GHOLQYHVWLJDGRU\TXHILQDOL]DFRQODGLIXVLyQGHORVGDWRV
HWDSD(OHJLUXQDSUHJXQWDJHQHUDO
HWDSD(VWXGLDUODGRFXPHQWDFLyQ\HODERUDUODSUREOHPiWLFD
HWDSD(OHJLUXQPpWRGR
HWDSD5HFRSLODUORVGDWRV
HWDSD2UJDQL]DU\SURFHVDUORVGDWRV
HWDSD'LIXQGLUORVUHVXOWDGRV
5XWK6DXWX\VXVFRODERUDGRUHV6DXWX%RQLOR'DOOH\(OEHUW
PDWHULDOL]DQ XQD VXFHVLyQ GH HWDSDV TXH VH UHIHUHQFLDQ FRQ XQ
GHWHUPLQDGR DQFODMH WHyULFR DO TXH DGVFULEH OD LQVWDQFLD GH
LQYHVWLJDFLyQVHJ~QHVWHFULWHULRHOLQLFLRGHWRGDLQYHVWLJDFLyQSDUWH
GH ORV VDEHUHV \ GH ODV H[SHULHQFLDV SUHYLDV GHO LQYHVWLJDGRU TXH
GHVGH XQD DFFLyQ GH REVHUYDFLyQ GH OD UHDOLGDG VH IRUPXOD
LQWHUURJDQWHV
)RUPXODFLyQGHODSUHJXQWDJOREDO
)RUPXODFLyQGHSUHJXQWDVGHLQYHVWLJDFLyQHVSHFtILFDV
6HOHFFLyQ\GHILQLFLyQGHFRQFHSWRVVHQVLELOL]DGRUHV
6HOHFFLyQGHJUXSRVGHFDVRVFRQORVTXHVHLQWHQWDUiUHVSRQGHUODV
SUHJXQWDV

6HOHFFLyQGHORVPpWRGRVDSURSLDGRVSDUDUHVSRQGHUODVSUHJXQWDV
(YDOXDFLyQ \ UHIRUPXODFLyQ GH ODV SUHJXQWDV GH LQYHVWLJDFLyQ

HVSHFtILFDV
0RPHQWRGHSURGXFFLyQGHORVGDWRV
(YDOXDFLyQ \ UHIRUPXODFLyQ GH ODV SUHJXQWDV GH LQYHVWLJDFLyQ

HVSHFtILFDV
$QiOLVLVGHGDWRV
)RUPXODFLyQGHORVUHVXOWDGRV
(QVXOLEUR7RGRHVWHRUtD5XWK6DXWXSURSRQHODVVLJXLHQWHV

HWDSDVGHLQYHVWLJDFLyQ
7HPD R SUREOHPD D LQYHVWLJDU ¢&XiO HV HO LQWHUpV TXH WLHQH VX
LQYHVWLJDFLyQ" ¢&XiOHV VRQ ODV RULHQWDFLRQHV YDORUDWLYDV GHO JUXSR
GH WUDEDMR" 'HILQLU VX ILQDOLGDG (VWDEOHFHU ORV UHFXUVRV
GLVSRQLEOHV\FRVWRV
3HUVSHFWLYD WHyULFD 'HILQLU FXiOHV VRQ L ODV RULHQWDFLRQHV

SDUDGLJPiWLFDV GHO JUXSR TXH LQYHVWLJXH LL /DV WHRUtDV JHQHUDOHV
TXHLPSUHJQDQVXSHQVDPLHQWRLLL(QIXQFLyQGHHVDVRULHQWDFLRQHV
\ORVUHFXUVRVGLVSRQLEOHVDFRWDUODVHOHFFLyQGHWHRUtDVVXVWDQWLYDV
&RQWHQLGRV GHO PDUFR WHyULFR L 6XSXHVWRV DVXPLGRV FRPR
YHUGDGHURV LL 'HILQLU ORV FRQFHSWRV SURSRVLFLRQHV KLSyWHVLV LLL
0RGHORV H[SOtFLWRV R LPSOtFLWRV DFHUFD GH ODV UHODFLRQHV HQWUH
FRQFHSWRV SRVWXODGRV HQ ODV SURSRVLFLRQHV YtQFXORV HQWUH GRV
FRQFHSWRV VHQVLELOL]DGRUHV SDSHO GH ORV FRQFHSWRV HQ OD GHILQLFLyQ
GH OD SUREOHPiWLFD D LQYHVWLJDU LY +LSyWHVLV REVHUYDFLRQDOHV SDUD
OD VHOHFFLyQ GH OD SREODFLyQ FDVRV FRQVWUXFFLyQ GH LQVWUXPHQWRV
GHILQLFLyQGHODEDVHHPStULFD
2EMHWLYRVGHODLQYHVWLJDFLyQ2EMHWLYRJHQHUDOGHEHDEDUFDUORV

HVSHFtILFRV 2EMHWLYRV HVSHFtILFRV GHVSOLHJD HO FRQWHQLGR GHO

PDUFRWHyULFRGHEHFXPSOLUODVLJXLHQWHFRQGLFLyQWRGRORGLVFXWLGR
HQHOPDUFRWHyULFRGHEHHVWDUUHIOHMDGRHQORVREMHWLYRVHVSHFtILFRV
7RGRV ORV REMHWLYRV HVSHFtILFRV GHEHQ VHU GHULYDGRV GHO PDUFR
WHyULFR
0HWRGRORJtD (OHFFLyQGH XQ PpWRGRTXH D SDUWLU GH ORVREMHWLYRV

SHUPLWDUHVROYHUODVFXHVWLRQHVWHyULFDV\HPStULFDVTXHVHHQXQFLDQ
HQODVVLJXLHQWHVHWDSDV
&RQWH[WR KLVWyULFRJHRJUiILFR 'HILQLFLyQ GH OD SREODFLyQ

WHyULFDPHQWH SHUWLQHQWH D ORV REMHWLYRV 'HVFULSFLyQ GH OD EDVH
HPStULFD &ULWHULRV SDUD OD VHOHFFLyQ GH ORV FDVRV PXHVWUHR GH
XQLGDGHV
&RQVWUXFFLyQ GH ORV LQVWUXPHQWRV GH REVHUYDFLyQ PHGLFLyQ

(VWUDWHJLDVHPStULFDVGHDFHUFDPLHQWRDODUHDOLGDG&RQVWUXFFLyQ
GHODEDVHHPStULFDGHGDWRVFXDQWLWDWLYRV\FXDOLWDWLYRV
$QiOLVLV VLVWHPDWL]DFLyQ \ FRQFOXVLRQHV &RGLILFDFLyQ

FRQVWUXFFLyQ GH OD PDWUL] HVWDGtVWLFD GH SODQLOODV VLVWHPDWL]DFLyQ
PDQXDO R FRPSXWDUL]DGD GH GDWRV FXDOLWDWLYRV &XDGURV
HVWDGtVWLFDV UHV~PHQHV WLSRORJtDV SDWURQHV 'HVFULSFLyQ GH
DVRFLDFLRQHVSDXWDVHVWDGtVWLFDVSDWURQHVFRQVWHODFLRQHVYtQFXORV
VLWXDFLRQHV (QXQFLDFLyQ GH SURSRVLFLRQHV HPStULFDV
FRQVWUXFFLyQ HPStULFDGH FRQFHSWRV 3URSXHVWD GHDUWLFXODFLRQHV
GHSURSRVLFLRQHV\GHFRQFHSWRV,QIHUHQFLDVGHODVLPSOLFDFLRQHV
WHyULFDVGHODVFRQFOXVLRQHV
(Q XQ WH[WR FOiVLFR GH OD PHWRGRORJtD GH ODV FLHQFLDV VRFLDOHV VXV
DXWRUHV5HQDWH0D\QW].XUW+ROP\3HWHU+XEHUHQXQFLDQ
XQD VHULH GH SDVRV D VHJXLU SDUD GHVDUUROODU XQD LQYHVWLJDFLyQ
DFODUDQGRHQVXLQLFLRGHEHQH[SOLFLWDUVHODFRQILJXUDFLyQFRQFHSWXDO
DVRFLDGDDORTXHVHSUHWHQGHLQYHVWLJDUDGHPiVDILUPDQTXHHQODV

SUiFWLFDV LQYHVWLJDWLYDV HVWDV HWDSDV SXHGHQ UHVXOWDU UHYHUVLEOHV SDUD

VXUHIRUPXODFLyQ
3UHSDUDFLyQWHyULFDSUHIRUPXODFLyQFRQFHSWXDOGHOFDPSRGHORV
REMHWRV\IRUPXODFLyQGHORVSUREOHPDVGHODLQYHVWLJDFLyQ
(ODERUDFLyQ GHO SODQ \ GH ORV LQVWUXPHQWRV GH OD LQYHVWLJDFLyQ

GLVHxR GH OD LQYHVWLJDFLyQ GH ORV LQVWUXPHQWRV \ WpFQLFDV GH
HYDOXDFLyQFRQLQFOXVLyQGHODRSHUDFLRQDOL]DFLyQGHORVFRQFHSWRV
FHQWUDOHVGHWHUPLQDFLyQGHODPXHVWUDFRQVWUXFFLyQGHLQVWUXPHQWRV
SRUHMHPSORHVFDODVtQGLFHV\FXHVWLRQDULRV
(MHFXFLyQUHXQLyQGHOPDWHULDO
(YDOXDFLyQ RUGHQDFLyQ \ DQiOLVLV GH ORV GDWRV LQWHQWR GH

UHVSXHVWDGHORVLQWHUURJDQWHVGHODLQYHVWLJDFLyQ
&RQFOXVLRQHV WHyULFDV HVWDEOHFLPLHQWR GHO iPELWR GH YDOLGH] GH

ORVHQXQFLDGRVREWHQLGRVHQVXFDVRJHQHUDOL]DFLyQLQGLFDFLyQGHOD
UHODFLyQFRQODWHRUtDH[LVWHQWH
2WUD SURSXHVWDTXH HYLGHQFLD OD GLYHUVLGDG GH SRVWXUDV DOD KRUD GH
SODQHDU ORV SDVRV PHWRGROyJLFRV QHFHVDULRV SDUD PDWHULDOL]DU HO
SURFHVR GH LQYHVWLJDFLyQ HV OD TXH HODERUD &DUORV *RQ]iOH] 9LOODU
TXLHQ H[SUHVD TXH ORV SUR\HFWRV GH LQYHVWLJDFLyQ GHEHQ
UHPLWLU D XQ HVTXHPD GH DFFLRQHV TXH UHVSRQGHQ D XQ PRGHOR
VHFXHQFLDGRGHVLHWHHWDSDVTXHVHLQLFLDFRQXQSUREOHPD\DODYH]
FRQXQD KLSyWHVLVSRVWHULRUPHQWHVH LQLFLD XQDLQVWDQFLDGH DERUGDU
ORV DQWHFHGHQWHV \ ODV GHFLVLRQHV GH GLVHxR VH SODQWHDQ FRPR XQD
HWDSD SRVWHULRU D OD WHQWDWLYD GH FRQMHWXUDU \ SRVWHULRUPHQWH VH
SURSRQH OD DFFLyQ HQ OD TXH VH UHOYDQ ORV GDWRV SDUD VX SRVWHULRU
DQiOLVLV
DSODQWHDPLHQWRGHXQSUREOHPD\GHILQLFLyQGHODKLSyWHVLV
EDQWHFHGHQWHV\GLVHxRWHyULFR

F HVSHFLILFDFLyQ GHO GLVHxR PHWRGROyJLFR \ ODV WpFQLFDV

LPSOHPHQWDGDV
GGHVFULSFLyQGHODLQYHVWLJDFLyQ\DQiOLVLVGHORVGDWRV
HSUHVHQWDFLyQGHUHVXOWDGRV
IFRQFOXVLRQHVHLQWHUSUHWDFLyQ
JELEOLRJUDItDXWLOL]DGD´
3DUD ORV DXWRUHV +HUQiQGH] 6DPSLHUL &ROODGR \ 0pQGH] OD

LQYHVWLJDFLyQ FLHQWtILFD VXUJH FRQ XQD LGHD \ D SDUWLU GH DOOt ORV
LQYHVWLJDGRUHVGHVSOLHJDQXQDVHULHGHHWDSDVTXHSRVLELOLWDQOOHYHQD
FDER XQD SURJUDPDFLyQ RUJDQL]DGD GHVGH XQD LQWHQFLRQDOLGDG
FRJQLWLYD GHWHUPLQDGD SRU OD UHDOLGDG VRFLDO D HVWXGLDU D ILQ
FXPSOLPHQWDU XQD FRQMXQWR GH DFWLYLGDGHV WpFQLFDV \
SURFHGLPHQWDOHV FRKHUHQWHV HQWUH Vt TXH VH GHEHQ UHJLU SRU
HVWiQGDUHV SUHYLVLEOHV FULWHULRV IRUPDOHV \ H[LJHQFLDV WpFQLFDV SDUD
VXFRQFUHFLyQHQHOWUDQVFXUVRGHOWLHPSRHQODTXHVHOOHYHDFDEROD
LQYHVWLJDFLyQHVWRVDXWRUHVGLIHUHQFLDQODDSOLFDFLyQGHORVPpWRGRV
FXDQWLWDWLYRV\FXDOLWDWLYRVGHODLQYHVWLJDFLyQVRFLDOH[SXHVWRVHQHO
VLJXLHQWHFDStWXORFRQUHVSHFWRDODIRUPDHQTXHVHSURJUDPDQODV
GLIHUHQWHV HWDSDV GHO SURFHVR GH LQYHVWLJDFLyQ \ IRUPDOL]DGD
VHFXHQFLDUHVXOWDQWH(QFXDQWRDODVHFXHQFLDFLyQGHODLQYHVWLJDFLyQ
FXDQWLWDWLYD SURSXHVWD SRU HVWRV DXWRUHV HOORV SURSRQHQ GRV
VHFXHQFLDV VHJ~Q HO PpWRGR LPSOLFDGR HQ OD LQYHVWLJDFLyQ OD
VXFHVLyQLUUHYHUVLEOH\UtJLGDGHHWDSDVGHOSURFHVRGHLQYHVWLJDFLyQ
FXDQWLWDWLYD HQ HO TXH FDGD HWDSD VXSRQH HO FLHUUH HQ WpUPLQRV GH
GHILQLFLRQHVGHORLPSOLFDGRHQHOSDVRDQWHULRUHVGLIHUHQFLDGDGHOD
RUJDQL]DFLyQHQHWDSDVIOH[LEOHVHQODVTXHODVGHFLVLRQHV\DFFLRQHV
GHORVLQYHVWLJDGRUHVGHORVHVWXGLRVFXDOLWDWLYRVVRQUHFXUVLYDVHQWUH
Vt (O SURFHVR GH LQYHVWLJDFLyQ FXDQWLWDWLYD WHQGUtD VHJ~Q HVWRV
DXWRUHV TXH VHJXLU ORV VLJXLHQWHV SDVRV TXH VH LQLFLD FRQ OD
HPHUJHQFLDGHXQDLGHDGHSDUWHGHOLQYHVWLJDGRU

3DVR&RQFHELUODLGHDGHLQYHVWLJDFLyQ
3DVR3ODQWHDUHOSUREOHPDGHLQYHVWLJDFLyQ
3DVR(ODERUDUHOPDUFRWHyULFR
3DVR'HILQLUHOWLSRGHLQYHVWLJDFLyQ
3DVR(VWDEOHFHUODKLSyWHVLV
3DVR6HOHFFLRQDUHOGLVHxRGHLQYHVWLJDFLyQ
3DVR'HWHUPLQDUODSREODFLyQ\ODPXHVWUD
3DVR5HFROHFFLyQGHORVGDWRV
3DVR$QiOLVLVGHORVGDWRV
3DVR3UHVHQWDFLyQGHORVUHVXOWDGRV
'HEH GHVWDFDUVH TXH HVWRV DXWRUHV GLIHUHQFLDQ DFHUWDGDPHQWH OD

VXFHVLyQ GH HWDSDV HQ HO FDVR GHO SURFHVR GH LQYHVWLJDFLyQ HQ OD
LQYHVWLJDFLyQFXDQWLWDWLYDGHODFXDOLWDWLYDUHVDOWDQTXHHQHOSULPHU
FDVR ODV HWDSDV VRQ VHFXHQFLDOHV HVWR TXLHUH GHFLU TXH XQD HWDSD
VLJXH D OD RWUD QHFHVDULD H LUUHYHUVLEOHPHQWH HQFDGHQDGDV HQWUH Vt
XQD YH] TXH VH UHDOL]DQ ODV DFWLYLGDGHV GH XQD HWDSD QR VH SXHGH
FRQWUDGHFLU OR GHFLGLGR HQ OD PLVPD HQ OD VLJXLHQWH HWDSD HQ HO
SURFHVRGHLQYHVWLJDFLyQFXDOLWDWLYDHOHQFDGHQDPLHQWRGHODVHWDSDV
WLHQH XQ DUWLFXODFLyQ IOH[LEOH VH DMXVWDQ GXUDQWH WRGR HO SURFHVR GH
LQYHVWLJDFLyQ GH IRUPD UHYHUVLEOH SRU HMHPSOR VH SXHGHQ HMHFXWDU
DFWLYLGDGHVGHXQDHWDSDSDUDOHODPHQWHDODVFRUUHVSRQGLHQWHVDRWUD
HWDSDUHYLVDUOLWHUDWXUD\UHDOL]DUHQWUHYLVWDVRVHSXHGHFRQFUHWDUXQD
HWDSDSDUFLDOPHQWHUHYLVDUORSURGXFLGR\YROYHUDXQDDQWHULRUSDUD
UHFWLILFDURSURIXQGL]DUODVGHFLVLRQHV\DFFLRQHV\DSODQWHDGDVR\D
UHDOL]DGDVDILQGHJHQHUDUQXHYDVHODERUDFLRQHV\SHUVSHFWLYDVPiV
DMXVWDGDV D ODV H[SHULHQFLDV HQ FXHVWLyQ (O FXDGUR SUHVHQWDGR D
FRQWLQXDFLyQHODERUDGRSRU+HUQiQGH]6DPSLHUL&ROODGR\0pQGH]

ODV DFWLYLGDGHV GH ORV LQYHVWLJDGRUHV FXDOLWDWLYRV GHEHQ

FHQWUDOL]DUODSURJUDPDFLyQGHVXDFFLRQDUFRJQLWLYRQRHQWpUPLQRV
GHPRPHQWRVVXFHVLYRVVLQRFRPRXQDQGDPLDMHIOH[LEOHHQHOTXHVH
LQWHUVHFWDQODVLWXDFLyQGHHYDOXDFLyQ\GHUHIOH[LyQGXUDQWHWRGRHO
SURFHVR D ILQ GH DMXVWDU ODV UHIHUHQFLDV HPStULFDV \ OD FRQVHFXHQWH
UHFROHFFLyQ\DQiOLVLVGHGDWRV
,GHD3ODQWHDPLHQWRGHOSUREOHPD,QPHUVLyQHQHOFDPSR
(ODERUDFLyQGHOLQIRUPH
/LWHUDWXUDH[LVWHQWH&RQFHSFLyQGHOGLVHxR
,QWHUSUHWDFLyQGHORVUHVXOWDGRV
'HILQLFLyQDFFHVRPXHVWUDLQLFLDO
5HFROHFFLyQGHGDWRV
$QiOLVLVGHORVGDWRV
(Q ODV RSFLRQHVSUHVHQWDGDV VH FRQFLEH HO LQLFLRGH OD LQYHVWLJDFLyQ

FRQXQHQIRTXHLQGLYLGXDOLVWDHLGHDOLVWD\DTXHHQHOODVVHHQWLHQGH
TXH OD LQYHVWLJDFLyQ JHUPLQD FRPR XQ DFWR GH OD YROXQWDG \ OD
LQLFLDWLYD SHUVRQDO TXH GHSHQGH H[FOXVLYDPHQWH GH OD PRWLYDFLyQ

SHUVRQDODWUDYpVGHODHPHUJHQFLDGHXQDLGHDRXQDSUHJXQWDHQOD
FRQFLHQFLDGHOLQYHVWLJDGRU 6LQQHJDUODSUHVHQFLDGHODFUHDWLYLGDG
SHUVRQDO GH ORV TXH HPSUHQGHQ XQD DFFLyQ LQYHVWLJDWLYD HQ OD
PD\RUtDGHORVSUR\HFWRVGHLQYHVWLJDFLyQFLHQWtILFDVXLQLFLR\DHVWi
SUHGHWHUPLQDGR LQVWLWXFLRQDOPHQWH 3DUD FRPSOHPHQWDU \
IXQGDPHQWDUHVWDFUtWLFDDFRQWLQXDFLyQVH H[SRQHXQDIRUPXODFLyQ
GH ODV HWDSDV GHO SURFHVR GH LQYHVWLJDFLyQ DOWHUQDWLYD D ODV
SUHVHQWDGDVSUHYLDPHQWHODRUJDQL]DFLyQSURSXHVWDWLHQHODLQWHQFLyQ
GH UHSUHVHQWDU HO RUGHQDPLHQWR GH DTXHOODV DFFLRQHV YLWDOHV SDUD OD
HODERUDFLyQ\ODSUHVHQWDFLyQIRUPDOGHXQFRQYHQFLRQDOLQIRUPHGH
LQYHVWLJDFLyQ /D VHFXHQFLD SURSXHVWD GH HWDSDV LQYHVWLJDWLYDV VH
FRUUHVSRQGH D VX IRUPDOL]DFLyQ GHQWUR GH XQ SUR\HFWR GH
LQYHVWLJDFLyQ GHEH DFODUDUVH TXH HQ ODV LQYHVWLJDFLRQHV SXHGHQ
DMXVWDUVHVLHPSUHTXHORVFDPELRVHVWpQIXQGDPHQWDGRVHQGLUHFFLyQ
DREWHQHUFRKHUHQFLDSRUHMHPSORHQODSUiFWLFDVXHOHRFXUULUTXHODV
HWDSDV VH PDWHULDOLFHQ FDVL VLPXOWiQHDPHQWH FRPR RFXUUH SRU
HMHPSOR HQ ODV SULPHUDV FXDWUR HWDSDV HQ HO UHFRUULGR GH ORV
VLJXLHQWHV FDStWXORV GH HVWH OLEUR VH FDUDFWHUL]D GH IRUPD JHQHUDO
FDGDXQDGHODVHWDSDVGHOSURFHVRGHLQYHVWLJDFLyQ
7HPD
3UREOHPDGHLQYHVWLJDFLyQ
0DUFRWHyULFR
+LSyWHVLV
'LVHxRGHLQYHVWLJDFLyQ

6HDFXHUGDFRQODSURSXHVWDGHHQIRTXHGHOSURFHVRGHLQYHVWLJDFLyQFXDOLWDWLYRGH
+HUQiQGH]6DPSLHUL&ROODGR\0pQGH]FRQH[FHSFLyQGHVXFRQVLGHUDFLyQVREUHHO
LQLFLRGHODLQYHVWLJDFLyQ

0XHVWUHR
,QVWUXPHQWRVGHUHJLVWURGHGDWRV
&RGLILFDFLyQ\WDEXODFLyQGHODLQIRUPDFLyQ
7UDWDPLHQWRGHORVGDWRV
3UHVHQWDFLyQ\JUDILFDFLyQGHODLQIRUPDFLyQ
$QiOLVLVGHORVGDWRV
5HGDFFLyQGHOLQIRUPH
&RQFOXVLRQHV
(QHOFXDGURVLJXLHQWHVHERVTXHMDXQUHFRUULGRTXHYDPiVDOOiGHO
SURFHVR GH LQYHVWLJDFLyQ pVWH VH DFRWD HQ VXV HWDSDV SDUD TXH VH
IRUWDOH]FD OD LGHD DFHUFD GH FyPR VH LQWHJUD FRQ ODV DFWLYLGDGHV QR
LQYHVWLJDWLYDVTXHLPSOLFDQHOSRVLEOHWUDWDPLHQWRVREUHORSODQWHDGR
SUREOHPiWLFDPHQWH\VXGHOLPLWDFLyQFRQVHFXHQWH
'HPDQGDUHTXHULPLHQWR&RQWH[WR
3UREOHPD0pWRGRV'DWRV$QiOLVLV(YDOXDFLyQ
,QWHUYHQFLyQ

'LDJQyVWLFR 5HFRPHQGDFLRQHV
/D GHOLQHDFLyQ GH OD HWDSD LQLFLDO \ VX SURGXFWR UHVXOWDQWH HO
SUREOHPDGHLQYHVWLJDFLyQUHTXLHUHGHODSUHVHQFLD\ODDUWLFXODFLyQ

GH IDFWRUHV GLQDPL]DGRUHV SURYHQLHQWHV GHVGH OR LQVWLWXFLRQDO

SHUVSHFWLYDV FUHHQFLDV GH ODV RUJDQL]DFLRQHV LQYROXFUDGDV HQ OD
JHQHUDFLyQ \R HQOD PDWHULDOL]DFLyQGH OD LQYHVWLJDFLyQ \ GHVGHOR
SHUVRQDO YDORUHV UHSUHVHQWDFLRQHV \ FULWHULRV TXH HO LQYHVWLJDGRU
WLHQHDFHUFDGHFyPRHVHOIXQFLRQDPLHQWRGHODUHDOLGDG\GHOiPELWR
HVSHFtILFR D LQYHVWLJDU HVWRV IDFWRUHV LQWHUYHQGUiQ H[SOtFLWD R
LPSOtFLWDPHQWH HQ OD GHILQLFLyQ TXH HO LQYHVWLJDGRU KDJD GH HVH
UHFRUWH GH OD UHDOLGDG \D TXH QR VH SXHGH LQYHVWLJDU ³OD UHDOLGDG´
VLQR XQ OLPLWDGR DVSHFWR GH OD PLVPD TXH VH FRQVWLWXLUi HQ HO
SUREOHPD GH OD LQYHVWLJDFLyQ SRU HMHPSOR HVWXGLDU OD GLQiPLFD GH
XQD RUJDQL]DFLyQ HPSUHVDULDO QR SXHGH GHVFRQWH[WXDOL]DUVH GHO
HQWRUQR KLVWyULFR PDFURVRFLDO \ HFRQyPLFR OR FXDO VXSRQH OD
H[SOLFLWDFLyQ\OD DFHSWDFLyQGH ORVVXSXHVWRVTXH PDQHMDGRVSRUOD
LQVWDQFLD TXH OOHYDUi DGHODQWH OD LQGDJDFLyQ SDUD TXH SXHGD
SUHVHQWDUVH XQD MXVWLILFDFLyQ YDOLGD R GHEDWLEOH GH HVH UHFRUWH
LQYHVWLJDWLYR
/D FXHVWLyQ VREUH FyPR VXUJH XQD LQYHVWLJDFLyQ HVWi SUHVHQWH HQ
LQILQLGDGGHWH[WRVGHPHWRGRORJtDHQFDVLWRGRVHOORVVHSODQWHDTXH
HOSXQWRGHSDUWLGDUDGLFDHQXQDLGHDRLQWHUURJDQWHGHOLQYHVWLJDGRU
HO GLVSDUDGRU GH OD GHFLVLyQ LQYHVWLJDWLYD VH H[SOLFDUtD SRU PRWLYRV
SHUVRQDOHV GH XQ SURIHVLRQDO R GH XQ HTXLSR GH LQYHVWLJDFLyQ HVWD
FRVPRYLVLyQVREUHODJpQHVLVGHORVSUR\HFWRVGHLQYHVWLJDFLyQSXHGH
HQFDUQDUVHHQODDILUPDFLyQTXHLQGLFDTXHpVWRVVXUJHQGHXQD³LGHD
R XQD SUHJXQWD GH LQYHVWLJDFLyQ´ R GH OD VXPDWRULD HQWUH HO LQWHUpV
SHUVRQDO \ HO EDJDMH WHyULFR GLVSRQLEOH SRU HO LQYHVWLJDGRU 'HVGH
HVWD ySWLFD HO LQYHVWLJDGRU D SDUWLU GH VXV LQWHUHVHV HPSOHDQGR VX
FUHDWLYLGDG\FXULRVLGDGLQYHQWDRVHSODQWHDXQWHPDRXQDVHULHGH
LQWHUURJDQWHV QRYHGRVRV SDUD LQGDJDU SRU VXSXHVWR TXH ORV
GHVDUUROORVFLHQWtILFRVLPSOLFDQODSUHVHQFLDGHODLQLFLDWLYDSHUVRQDO
OD LQWXLFLyQ OD LPDJLQDFLyQ \ OD FUHDWLYLGDG LQYHVWLJDWLYD
HVSHFLDOPHQWHHQDTXHOORVFDVRVHQORVTXHVHSURGXFHXQDUXSWXUDR
XQ FXHVWLRQDPLHQWR GH ORV HVTXHPDV WHyULFRV R PHWRGROyJLFRV

FRQYHQFLRQDOHVSUHYDOHFLHQWHVHQGHWHUPLQDGRPRPHQWRHQHOFDPSR
FLHQWtILFR SHUR D~Q DTXHOODV LQLFLDWLYDV TXH VRQ LQQRYDGRUDV
UHTXLHUHQ GH XQ PDUFR RUJDQL]DFLRQDO GHVGH GRQGH HIHFWXDUODV \ GH
XQPtQLPRGHOHJLWLPDFLyQ
2WUR FDVR TXH SDUHFLHUD DMXVWDUVH D OD YLVLyQ LQGLYLGXDOLVWD GH OD
DFFLyQ LQYHVWLJDWLYD OR UHSUHVHQWD HO FDVR GH DOXPQR TXH SUHWHQGH
KDFHUXQDLQYHVWLJDFLyQFRQODILQDOLGDGGHDSUREDUXQDLQVWDQFLDGH
JUDGR R SRVJUDGR XQLYHUVLWDULR HQ HVWD VLWXDFLyQ HO SUREOHPD HV
VHOHFFLRQDGR \ HODERUDGR VH QHFHVLWD XQD FRQYDOLGDFLyQ GH OD
LQLFLDWLYD HQ FXHVWLyQ GH SDUWH GH ORV DFWRUHV DFDGpPLFRV \ GH ORV
SHULIpULFRVDODLQVWLWXFLyQXQLYHUVLWDULDHQODTXHVHLQVFULEHODDFFLyQ
GHHVHLQYHVWLJDGRUDOXPQR(QHOFDVRGHXQHVWXGLDQWHTXHQHFHVLWD
DSUREDUXQFLFORHGXFDWLYRFRQXQWUDEDMRGHLQYHVWLJDFLyQHQHVWD
VLWXDFLyQSXHGHQUHVXOWDU~WLOHVODVUHFRPHQGDFLRQHVGHGRFHQWHVRGH
LQYHVWLJDGRUHV HPEDUFDGRV HQ GHWHUPLQDGRV SUR\HFWRV GH
LQYHVWLJDFLyQTXHHQFRQWUDUiQFRQYHQLHQWHWHQHUDXQSDUWLFLSDQWHTXH
OR D\XGH D GHVDUUROODU XQD SDUWH HVSHFLILFD GH VXV WDUHDV HO
LQFRQYHQLHQWHV GH WUDEDMDU VREUH XQ WHPD \D GHVDUUROODGR SRU
LQLFLDWLYD GH RWURV VH VXSOH SRU OD HYLWDFLyQ GH REVWiFXORV
LGHQWLILFDEOHVSRUTXLHQHVYLHQHQWUDEDMDQGRGHVGHDQWHVFRQHOWHPD
6WUDXVV \ &RUELQ (O GHVHR SHUVRQDO GH XQ LQYHVWLJDGRU GH
FRQRFHU\FRPSUHQGHUXQDFLHUWDPDQLIHVWDFLyQGHODUHDOLGDGVRFLDOR
XQD SUREOHPiWLFD GH XQD SREODFLyQ HVSHFtILFD HYLGHQWHPHQWH SXHGH
LQFLGLUHQORTXHYDDLQYHVWLJDUSHURQRGHEHSHUGHUVHGHYLVWDTXH
HQ JUDQ FDQWLGDG GH FDVRV ORV LQYHVWLJDGRUHV DERUGDQ SUREOHPDV
VREUHORVTXHKD\GLVSRQLELOLGDGXRIHUWDGHUHFXUVRVPDWHULDOHVTXH
VRQYLWDOHVHQODUHSURGXFFLyQGHVXYLGDODERUDOORVUHTXHULPLHQWRV
GH RUJDQL]DFLRQHV GHO WHUFHU VHFWRU GH LQVWLWXFLRQHV DFDGpPLFDV GH
DFWRUHV HVWDWDOHV \ GH HQWLGDGHV HPSUHVDULDOHV VH FRQVWLWX\HQ HQ
IXHQWHV FDUGLQDOHV GH JHQHUDFLyQ UHFXUVRV SDUD HO ILQDQFLDPLHQWR \
DSR\R GH OD DFFLyQ LQYHVWLJDWLYD HVWDV VRQ LQVWDQFLDV TXH VXHOHQ
LQYHUWLU HQ LQYHVWLJDFLyQ \ FRPR GHPDQGDQWHV GH GDWRV SRQHQ D
GLVSRVLFLyQ YDULDGRV UHFXUVRV GLULJLGRV D VROYHQWDU OD DFFLyQ GH ORV

LQYHVWLJDGRUHV
(Q HVWH FDVR HQ SDUWLFXODU XQ HOHPHQWR FHQWUDO TXH LQIOX\H HQ OD
RULHQWDFLyQ WHPiWLFD GH ODV LQYHVWLJDFLRQHV OR UHSUHVHQWD OD
H[SHULHQFLD ODERUDO \ SHUVRQDO \D VHD SDUD SURIXQGL]DU VREUH XQ
HVWDGR GH VLWXDFLyQ LQFLHUWR FRPR SDUD DPSOLDU HO FDPSR GH
LQGDJDFLyQGHOR\DFRQRFLGR3LRYDQLHVWDEOHFHXQDVHULHGHIXHQWHV
GH RULHQWDFLyQ XQD GH ODV SULQFLSDOHV OD FRQVWLWX\H OD ELEOLRJUDItD \
ORVDQWHFHGHQWHVWHyULFRV\HPStULFRVHQWRUQRDGHWHUPLQDGDVDpUHDV
GHLQWHUpVWHPiWLFRUHODFLRQDGRVGLUHFWDHLQGLUHFWDPHQWHFRQORTXH
VH SUHWHQGH LQYHVWLJDU HVWRV DQWHFHGHQWHV VHJ~Q HO KLVWRULDO SUHYLR
SXHGH SUHVHQWDU YDULDQWHV ³«D YHFHV DSXQWD D XQ iUHD
UHODWLYDPHQWH LQH[SORUDGD R VXJLHUH XQ WySLFR TXH QHFHVLWD PD\RU
GHVDUUROOR 2WUDV YHFHVKD\ FRQWUDGLFFLRQHVR DPELJHGDGHV HQ ORV
HVWXGLRV \ HVFULWRV DFXPXODGRV /DV GLVFUHSDQFLDV LQGLFDQ OD
QHFHVLGDGGHXQ HVWXGLRTXHD\XGHDUHVROYHU HVWDVLQFHUWLGXPEUHV
2 FXDQGR XQ LQYHVWLJDGRU OHH VREUH XQ WHPD SXHGH pVWH VXJHULUOH
TXH VH QHFHVLWD XQ QXHYR HQIRTXH SDUD VROXFLRQDU XQ SUREOHPD
DQWLJXRTXH\DKD\DVLGRELHQHVWXGLDGRHQHOSDVDGRDOJRVREUHHO
iUHDSUREOHPiWLFD \ORVIHQyPHQRVDVRFLDGRV FRQ HOODVLJXH VLHQGR
HQJDxRVR \ HVH DOJR GH GHVFXEULUVH SRGUtD HPSOHDUVH SDUD
UHFRQVWUXLU OD FRPSUHQVLyQ GHO WHPD $GHPiV PLHQWUDV HVWi
UHYLVDQGR OD OLWHUDWXUD DO LQYHVWLJDGRU OH SXHGH OOHJDU GH VRUSUHVD
XQ KDOOD]JR GLVRQDQWH FRQ VX H[SHULHQFLD TXH OR SXHGH OOHYDU D XQ
HVWXGLR TXH EXVTXH UHVROYHUOR 3RU ~OWLPR OD OHFWXUD SXHGH
VLPSOHPHQWHHVWLPXODUODFXULRVLGDGVREUHXQWHPD(OPRPHQWRHQ
TXH XQR VHIRUPXOD OD SUHJXQWD SHUR ¢TXp WDO VL" \ HQFXHQWUD
TXHQRKD\UHVSXHVWDXQRWLHQHXQiUHDGHSUREOHPDV´HQ0DUUDGL
$UFKHQWL\3LRYDQLRWUDIXHQWHPHQFLRQDGDODFRQVWLWX\HQODV
FRQYRFDWRULDVLQVWLWXFLRQDOHVGHILQDQFLDPLHQWRDWUDYpVGHIRQGRV\
EHFDV GH LQYHVWLJDFLyQ GH XQLYHUVLGDGHV IXQGDFLRQHV X RUJDQLVPRV
HVWDWDOHV
&RQODILQDOLGDGHVSHFLILFDUODVDILUPDFLRQHV HQFRQWUDGDVDSDUWLUGH
ODUHYLVLyQGHODELEOLRJUDItDVREUHPHWRGRORJtDGHLQYHVWLJDFLyQFRQ

UHVSHFWRDOWHPDGHFyPRVHLQLFLDXQDLQYHVWLJDFLyQVHSUHVHQWDQD
FRQWLQXDFLyQIUDJPHQWRVGHDOJXQRVWH[WRVFRQORVTXHORVDXWRUHVGH
HVWH OLEUR QR FRLQFLGHQ HQ VX HQIRTXH VREUH FyPR VH GHVDUUROOD OD
SURSXHVWDVREUHHOSULPHUSDVRGHOSURFHVRGHXQDLQYHVWLJDFLyQHQ
HOORV KDELWXDOPHQWH VXV DXWRUHV VH UHILHUHQ D XQ LQYHVWLJDGRU HQ
VROLWDULRTXLHQGDFRPLHQ]RDXQDLQYHVWLJDFLyQDSDUWLU GHXQDLGHD
TXHVHOHRFXUUHRTXHGHXQDHVSHFLHGHYROXQWDULVPRSHUVRQDOSRU
HMHPSOR HQ HO WH[WR GH *LURX[ \ 7UHPEOD\ 0HWRGRORJtD GH ODV
&LHQFLDV +XPDQDV VH DILUPD TXH HO LQLFLR GH XQD
LQYHVWLJDFLyQ HV ³«OD HOHFFLyQ GH XQD SUHJXQWD JHQHUDO (Q OD
SUiFWLFD HVWR VH KDFH HQ HO WUDQVFXUVR GHO WLHPSR D PHGLGD TXH
HYROXFLRQD OD FDUUHUD GHO LQYHVWLJDGRU SURIHVLRQDO $ YHFHV HV OD
LQIOXHQFLD GH SURIHVRUHV OD TXH OR JXLDUi KDFLD XQ GHWHUPLQDGR
FDPSR GH LQYHVWLJDFLyQ 2WUDV VHUi OD KLVWRULD SHUVRQDO GH XQ
LQGLYLGXRORTXHORRULHQWDUiKDFLDWDORFXDOWHPD´
&LHUWDPHQWH ODV LQYHVWLJDFLRQHV LPSOLFDQ SUHJXQWDV SHUR HVWDV VH

JHQHUDQGHXQDGHWHUPLQDGDVLWXDFLyQRGHPDQGDLQVWLWXFLRQDOHQOD
TXH VH SRVLFLRQDQ ORV LQYHVWLJDGRUHV (Q HO OLEUR GH +HUQiQGH]
6DPSLHUL &ROODGR \ 0HQGH] VH DILUPD TXH ³«ODV
LQYHVWLJDFLRQHV VH RULJLQDQ SRU LGHDV VLQ LPSRUWDU TXH WLSR GH
SDUDGLJPD IXQGDPHQWH QXHVWUR HVWXGLR QL HO HQIRTXH TXH KDEUHPRV
GH VHJXLU 3DUD LQLFLDU XQD LQYHVWLJDFLyQ VLHPSUH VH QHFHVLWD XQD
LGHDWRGDYtDQRVHFRQRFHHOVXVWLWXWRGHXQDEXHQDLGHD/DVLGHDV
FRQVWLWX\HQHOSULPHUDFHUFDPLHQWRDODUHDOLGDGREMHWLYDTXHKDEUi
GH LQYHVWLJDUVH GHVGH OD SHUVSHFWLYD FXDQWLWDWLYD R D OD UHDOLGDG
VXEMHWLYDGHVGHODSHUVSHFWLYDFXDOLWDWLYD«DYHFHVODVLGHDVQRV
VRQSURSRUFLRQDGDVSRURWUDVSHUVRQDV\UHVSRQGHQDGHWHUPLQDGDV
QHFHVLGDGHV´ DQWH HVWD DILUPDFLyQ GHEH UHVDOWDUVH FRPR \D VH
DILUPy TXH ODV LGHDV GHO LQYHVWLJDGRU MXHJDQ XQ SDSHO FHQWUDO HQ OD
FRQFHSFLyQ GH XQD LQYHVWLJDFLyQ SHUR TXH HVWDV VH HQFXHQWUDQ
RULHQWDGDVVXEVXPLGDVRUHVWULQJLGDVSRUODVFRQGLFLRQHVGHOSURFHVR
GH SURGXFFLyQ LPSOLFDGR HQ HO SUR\HFWR GH LQYHVWLJDFLyQ
HVSHFLDOPHQWH DTXHOODV DVRFLDGDV DO ILQDQFLDPLHQWR \ DO SUHVWLJLR R

HVWDWXVLQVWLWXFLRQDO
6HJ~Q*RQ]iOH]9LOODU³«ODLQYHVWLJDFLyQVLHPSUHWLHQHVXV

FRPLHQ]RVHQXQDSUHJXQWDRHQXQSUREOHPDHVSHFtILFR\DVHDSDUD
OOHQDUXQDODJXQDGHOFRQRFLPLHQWRSDUDFRPSUREDUXQDKLSyWHVLVR
FRQWUDVWDUVLDOJXQDSURSRVLFLyQTXHHVJHQHUDOPHQWHDGPLWLGDHVHQ
HIHFWR VRVWHQLEOH WDPELpQ SDUD EXVFDU XQD VROXFLyQ DSURSLDGD D
FXHVWLRQHV GH tQGROH HFRQyPLFD VRFLDO SROtWLFD HWF´ HO DXWRU GH
HVWD DILUPDFLyQ DUJXPHQWD D IDYRU GH OD LOXPLQDFLyQ SHUVRQDO GHO
LQYHVWLJDGRUHQSRVGHOIXQFLRQDPLHQWRGHODSXUDFODULYLGHQFLDHVWR
HV OD HPHUJHQFLD GH XQD SUHJXQWD TXH VXUJH GH OD QDGD HQ OD
FRQFLHQFLDGHOLQYHVWLJDGRUHVWRQRHVSRVLEOHGHFRQVLGHUDU\DTXH
OR TXH VH FDWHJRUL]D FRP~QPHQWH FRPR ³LQWXLFLyQ FLHQWtILFD´ QR
SRGUtD HPHUJHU VLQ XQ FRQVROLGDGR UHSHUWRULR WHyULFR \ XQD
DFXPXODFLyQ GH H[SHULHQFLD SUHYLD GH DFWRU FLHQWtILFR VL VH SRGUtD
DILUPDU TXH SDUD JHQHUDU QXHYRV HQIRTXHV R WUDWDPLHQWRV
PHWRGROyJLFRVDSUREOHPDV\GHVDItRVHSLVWpPLFRVHVLPSUHVFLQGLEOH
ODSUHVHQFLDGHOD³LPDJLQDFLyQFLHQWtILFD´HQHOLQYHVWLJDGRURHQXQ
HTXLSR LQYHVWLJDGRUHV HVWD FDSDFLGDG LQWXLWLYD \ FUHDWLYD SHUPLWH
FRPSDUDU \ DVRFLDU FRQFHSWRV TXH QR WHQtDQ FRQH[LyQ SUHYLD
HQFRQWUDU DQDORJtDV FRQ SUREOHPDV GH RWUDV GLVFLSOLQDV FLHQWtILFDV
DQLPDUVH D HQMXLFLDU ODV UHJODV \ FULWLFDU ODV WHRUtDV H[LVWHQWHV &RQ
UHVSHFWR D OD DILUPDFLyQ GH *RQ]iOH] 9LOODU WDPELpQ HV SUHFLVR
DFODUDU TXH ODV LQYHVWLJDFLRQHV QXQFD VROXFLRQDQ SUREOHPD DOJXQR
VyOR SXHGH DSRUWDU LQVXPRV LQIRUPDFLRQDOHV SDUD VX SRVWHULRU
PRGLILFDFLyQTXHGHSHQGHGHXQDVHULHGHLQQXPHUDEOHVIDFWRUHVTXH
FRQGLFLRQDQODLQWHQFLRQDOLGDGGHVXUHVROXFLyQ
.LQJ .HRKDQH \ 9HUED LQGLFDQ TXH QR KD\ UHJODV

SUHHVWDEOHFLGDV SDUD LQLFLDU XQD LQYHVWLJDFLyQ HVWRV DXWRUHV
HQXPHUDQ FRPR IDFWRUHV GH RULJHQ GH XQD LQYHVWLJDFLyQ ODV UD]RQHV
SHUVRQDOHV ODV PRWLYDFLRQHV YLQFXODGDV DO JpQHUR R OD UD]D GHO
LQYHVWLJDGRU WDPELpQ HVWDEOHFHQ TXH SXHGHQ RULJLQDUVH SRU
LQFOLQDFLRQHV R YDORUHV SHUVRQDOHV SDUD HVWRV DXWRUHV ODV
H[SHULHQFLDVYDORUHV\ PRWLYDFLRQHVSHUVRQDOHVLPSOLFDQXQRGHORV

IDFWRUHV FHQWUDOHV TXH H[SOLFD OD HPHUJHQFLD \ OD GLUHFFLRQDOLGDGGH

XQD LQYHVWLJDFLyQ VH GHEH VXEUD\DU DQWH HVWD DILUPDFLyQ TXH FRPR
DFWLYLGDG FROHFWLYD OD LQYHVWLJDFLyQ VH SURPXHYH QR VyOR SRU
LQLFLDWLYDV \ DVSLUDFLRQHV SHUVRQDOHV VLQR IXQGDPHQWDOPHQWH SRU
LQWHQFLRQDOLGDGHV H LQWHUHVHV JUXSDOHV LQVWLWXFLRQDOHV X
RUJDQL]DFLRQDOHVGHFDUiFWHUSULYDGRRHVWDWDO$ILQGHFODULILFDUHVWD
DILUPDFLyQSXHGHUHVXOWDU~WLOODWUDQVFULSFLyQGHXQIUDJPHQWRGHXQ
DUWtFXOR GRQGH VX DXWRUD %HWLQD )UHLGLQ UHODWD FyPR VH LQLFLy VX
LQYHVWLJDFLyQ VREUH SRU TXp DOJXQDV SHUVRQDV GHFLGtDQ GRQDU VXV
yUJDQRV\RWUDVQRHVWHSDUHFHUtDDSULPHUDYLVWDVHUXQFDVRTXHVH
DMXVWDUtDDOHQIRTXHGHXQLQYHVWLJDGRUTXHVHOHHQFLHQGHXQDLGHD\
D SDUWLU GH DOOt LQLFLD XQD LQYHVWLJDFLyQ ³0LV SULPHUDV LGHDV H
LQWXLFLRQHV VREUH HO WHPD ODV FRQYHUVDFLRQHV FRQ DPLJRV OD
LQIRUPDFLyQ SHULRGtVWLFD QDFLRQDO H LQWHUQDFLRQDO REWHQLGD SRU
,QWHUQHW PH SHUPLWLHURQ HPSH]DU D SODQWHDU LQWHUURJDQWHV DPSOLRV
JHQHUDOHV SDUD XQD SURSXHVWD GH LQYHVWLJDFLyQ /D OHFWXUD GH OD
OHJLVODFLyQ YLJHQWH VREUH HO WHPD ODV HVWDGtVWLFDV QDFLRQDOHV H
LQWHUQDFLRQDOHV GH SURFXUDFLyQ \ DOJXQDV SULPHUDV HQWUHYLVWDV FRQ
DFWRUHV GHO VLVWHPD QDFLRQDO GH SURFXUDFLyQ GH yUJDQRV KLFLHURQ
SRVLEOH TXH FRQVWUX\HUD HO FRQWH[WR KLVWyULFRJHRJUiILFR R
GHVFULSFLyQ VLWXDFLRQDO GHO SUREOHPD HQ QXHVWUR SDtV 8QD YH]
UHDOL]DGRV HVWRV SULPHURV SDVRV UHDOLFp XQD H[KDXVWLYD \ DPSOLD
E~VTXHGD ELEOLRJUiILFD VREUH HO WHPD 6H PH SUHVHQWDEDQ GRV
GLILFXOWDGHV HQ HVWD LQVWDQFLD SRU XQ ODGR VH WUDWDED GH XQ WHPD
SRFRLQYHVWLJDGRHQHOiPELWRDFDGpPLFRVRFLROyJLFRORFDO\SRUHO
RWUR GH XQ WHPD FRPSOHMR FX\D LQGDJDFLyQ UHTXHUtD LQWHJUDU
WHyULFDPHQWHODVSUHRFXSDFLRQHV\GLVFXVLRQHVGHYDULDVGLVFLSOLQDV
GHQWURGHODVFLHQFLDVVRFLDOHV«GHERDFODUDUHQHVWHSXQWRTXH
DOQRSHUWHQHFHU\RDQLQJ~QRUJDQLVPRGHDFWLYLGDGGHWUDVSODQWHV\
DOWUDWDUVHGHXQWHPDQRYHGRVRWDPELpQSDUDPt\DTXHHVWDEDHQ
HVHPRPHQWRILQDOL]DQGRXQDLQYHVWLJDFLyQVREUHXQWHPDVXVWDQWLYR
GLVWLQWR PL FDSLWDO UHODFLRQDO DG KRF HUD SUiFWLFDPHQWH QXOR
&RQWDEDFRQPLSURSLRHQWXVLDVPRLQTXLHWXGLQWHOHFWXDO\FRQWRGR
HODSR\RGHPL'LUHFWRUD/RTXHQRIXHSRFR´HQ6DXWXHQ

ODVQRWDVGHOFDStWXORHQFXHVWLyQODDXWRUDLQGLFDTXHHVWHHVWXGLRHUD
SDUWH GH XQ SUR\HFWR GH 5XWK 6DXWX FRQ ILQDQFLDPLHQWR GHO
&21,&(7 \ 8%$&\7 OR TXH FRQWH[WXDOL]D ODV FRQGLFLRQHV GH
SURGXFFLyQ GH OD LQYHVWLJDFLyQ OR TXH GHVDFUHGLWD FXDOTXLHU OHFWXUD
GH LQLFLR GH ODV LQYHVWLJDFLRQHV GHVSURYLVWDV GH FXDOTXLHU LQMHUHQFLD
FRQWH[WXDO
/DV LQYHVWLJDFLRQHV SXHGHQ UHDOL]DUVH GH IRUPD LQGLYLGXDO R JUXSDO

HQ XQ HTXLSR GH WUDEDMR FRQIRUPDGR SRU LQYHVWLJDGRUHV EHFDULRV \
DX[LOLDUHV HQ HO SULPHU FDVR OD LQYHVWLJDFLyQ LPSOLFD XQ PD\RU
HVIXHU]R \ XQD UHVSRQVDELOLGDG DEVROXWD HQ ODV GHFLVLRQHV TXH HQ HO
FDVR GHO WUDEDMR JUXSDO HO WUDEDMR LQGLYLGXDO VXSRQH XQD GHVYHQWDMD
FRQUHVSHFWRDODFFHVR\DOFRVWHRGHORVUHFXUVRVORSRVLWLYRUDGLFD
HQTXHORVEHQHILFLRVVRQH[FOXVLYRVGHOKDFHGRULQYHVWLJDWLYRSRUVX
SDUWH ORV HVWXGLRV JUXSDOHV SUHVHQWDQ XQD VHULH GH YHQWDMDV HQ
FRPSDUDFLyQ FRQ ORV HVWXGLRV LQGLYLGXDOHV XQD GH HOODV HV TXH DO
WUDEDMDU HQ HTXLSR VH SXHGH FRQWDU FRQ PD\RUHV HVFDODV GH OR
LQYHVWLJDGRHVSRVLEOHDFFHGHU\WUDWDUDSREODFLRQHVPiVJHQHUDOHV
ORV DSR\RV \ ODV LQWHUFRQVXOWDV HQWUH ORV PLHPEURV GHO HTXLSR GH
LQYHVWLJDFLyQ SHUPLWHQ DYDQ]DU FRQ PD\RU VHJXULGDG HQ ODV
GHFLVLRQHVGHGLVHxRHLPSOHPHQWDFLyQGHODVWDUHDVGLDULDV\WDPELpQ
XQ GHVDUUROOR GH HVSHFLDOL]DFLRQHV GH ORV GLIHUHQWHV LQWHJUDQWHV GHO
HTXLSR SRVLELOLWD XQD PD\RU GLYHUVLGDG GH ORV DOFDQFHV WHPiWLFRV \
XQD LQWHJUDOLGDG VXSHULRU GH OD LQYHVWLJDFLyQ %OD[WHU +XJKHV \
7LJKW/DUHDOL]DFLyQGHXQDLQYHVWLJDFLyQFXDOTXLHUDUHTXLHUH
GHGHFLVLRQHV\DFWLYLGDGHVLQLFLDOHVGHORVLQYHVWLJDGRUHVSUHYLDVDO
UHJLVWUR GH ORV GDWRV OR TXH VH GHQRPLQD FRPR WUDEDMR GH FDPSR
HVWRV TXHKDFHUHV SUHOLPLQDUHV LPSOLFDQ GHFLVLRQHV SUHSDUDWLYDV GH
SODQHDPLHQWR \ GH GLDJQyVWLFR VREUH OR TXH VH TXLHUH LQYHVWLJDU R
VREUHORTXHVHKDGHPDQGDGRODVSULPHUDVWDUHDVTXHVHGHEHQOOHYDU
D FDER HQ XQD LQYHVWLJDFLyQ FRQVLVWHQ HQ OD UHYLVLyQ GH ORV
DQWHFHGHQWHVVREUHHOWHPDODHYDOXDFLyQGHUHFXUVRVGLVSRQLEOHV\OD
UHDOL]DFLyQ GH ORV FRQWDFWRV LQVWLWXFLRQDOHV \ SURIHVLRQDOHV
SHUWLQHQWHVDOWHPDGHLQYHVWLJDFLyQ

,GHQWLILFDU\GHILQLUXQSUREOHPDDERUGDEOHHQXQDLQYHVWLJDFLyQHVOD
SULPHUDHWDSDGHVGHHOSXQWRGHYLVWDIRUPDOSRUTXHVXSUHVHQFLDHQ
XQLQIRUPHGHLQYHVWLJDFLyQGHEHGLVSRQHUVHHQODVSULPHUDVSiJLQDV
GHO PLVPR HO SUREOHPD FRPR HWDSD IRUPDO GHO LQIRUPH GH
LQYHVWLJDFLyQLPSOLFDXQDFRQVWUXFFLyQGHOLQYHVWLJDGRUTXHFRQOOHYD
XQ³UHFRUWHLQWHQFLRQDOGHODUHDOLGDG´HVWRHVODLGHQWLILFDFLyQ\ OD
VHOHFFLyQ GH VLWXDFLRQHV \ GH WHPiWLFDV GHVGH ORV LQWHUHVHV R ODV
QHFHVLGDGHVGHVGHXQD GHWHUPLQDGDSHUVSHFWLYD VRFLDOLQVWLWXFLRQDO
RSHUVRQDO5HVXOWDQHFHVDULRGHVWDFDUTXHHVWDLGHQWLILFDFLyQGHXQD
VLWXDFLyQGHILQLGDFRPRSUREOHPiWLFDHPStULFD\VXGHILQLFLyQGHVGH
XQ HQIRTXH FLHQWtILFD QR HV XQ SURFHVR QHXWUDO GH KDOOD]JR GHO
LQYHVWLJDGRU VLQR TXH pVWH ³ILOWUD´ \ FRQVWUX\H VLWXDFLRQHV
SUREOHPiWLFDV EDMR GHWHUPLQDGDV FRQGLFLRQHV GH SURGXFFLyQ HVWH
ILOWUDGR RSHUD GHVGH OR SHUVRQDO HQ WDQWR ODV H[SHULHQFLDV
SURIHVLRQDOHVWHyULFDV\WpFQLFDVGHOLQYHVWLJDGRUVRQGHFLVLYDVSDUD
³YHU OR TXH RWURV QR YHQ´ \ WDPELpQ GHVGH OR FRQWH[WXDO FLHUWDV
WHPiWLFDV SUREOHPDV R HQIRTXHV VREUH OD UHDOLGDG SUHYDOHFHQ VREUH
RWURVDSDUWLUGHODVH[LJHQFLDVSODQWHDGDVFR\XQWXUDOPHQWHDSDUWLUGH
LQWHUHVHVHFRQyPLFRVSROtWLFRVVRFLDOHV\FRUSRUDWLYRV(OSUREOHPD
GHLQYHVWLJDFLyQHVXQDHWDSDFRQGLFLRQDGDSRUTXHORVLQYHVWLJDGRUHV
QR SXHGHQ HODERUDU VX SUR\HFWR GHVFRQRFLHQGR HO WUDEDMR WHyULFR
PHWRGROyJLFR \ WHPiWLFR TXH RWURV HVSHFLDOLVWDV LQYHVWLJDGRUHV \
SURIHVLRQDOHVUHDOL]DURQSUHYLDPHQWHVREUHODWHPiWLFDHQFXHVWLyQ
/RV LQYHVWLJDGRUHV VH KDOODQ VLWXDGRV HQ XQ FRQWH[WR VRFLDO H

LQVWLWXFLRQDOTXHFRQILJXUDODVFRQGLFLRQHVGHUHDOL]DFLyQ\DODYH]
GH GHOLPLWDFLyQ GH VX SURGXFFLyQ FLHQWtILFD /D HOHFFLyQ R OD
RULHQWDFLyQLQYHVWLJDWLYDKDFLDGHWHUPLQDGRVWHPDVHVWiFRQGLFLRQDGD
SRU IDFWRUHV GH YDULDGD tQGROH FRQWH[WXDOHV KLVWyULFDV SROtWLFDV
HFRQyPLFDV RUJDQL]DFLRQDOHV H LQGLYLGXDOHV OD VRFLDOL]DFLyQ
SHUVRQDO \ DFDGpPLFD JXVWRV WHPiWLFRV \ SUHIHUHQFLDV GH DXWRUHV \
OHFWXUDV ([LVWHQ XQD PXOWLSOLFLGDG GH IXHQWHV GH WHPDV GH
LQYHVWLJDFLyQTXHVLHPSUHHPHUJHQFRPRGHPDQGDVRQHFHVLGDGHVGH
DOJ~Q DFWRU LPSOLFDGR HQ HO FDPSR FLHQWtILFR QXQFD XQD

LQYHVWLJDFLyQ SXHGH VXUJLU SRUTXH Vt QL SRU OD PHUD FXULRVLGDG GHO
LQYHVWLJDGRU \D TXH GH HVD IRUPD OD LQYHVWLJDFLyQ FDUHFHUtD GH
IXQGDPHQWDFLyQ FLHQWtILFD WDOHV FRPR ODV UHFRPHQGDFLRQHV GH
GRFHQWHVLQYHVWLJDGRUHV\SURIHVLRQDOHVFRQH[SHULHQFLDVHQHOWHPD
LPSOLFDGR HQ OD LQYHVWLJDFLyQ OD GHPDQGD GH XQD RUJDQL]DFLyQ OD
FRQYRFDWRULD GH SURJUDPDV GH ILQDQFLDPLHQWR R GH EHFDV GH
LQYHVWLJDFLyQ GHQWUR GH XQ PDUFR LQVWLWXFLRQDO OD H[SHULHQFLD
SHUVRQDO OD OHFWXUD GH HQVD\RV WH[WRV GH RULHQWDFLyQ WHyULFD R GH
FRPSLODFLyQ GH WUDEDMRV FLHQWtILFRV 0DUUDGL $UFKHQWL \ 3LRYDQL

/D RULHQWDFLyQ \ OD GHOLPLWDFLyQ LPSOLFDGD HQ HO SUREOHPD SXHGH

SUHVHQWDUVH FRQVWLWXLGR GH DQWHPDQR D ORV LQYHVWLJDGRUHV TXLHQHV
GHEHQDSOLFDUVHDUHVROYHUODGHPDQGDFRJQLWLYDLPSOLFDGDHVWHHVHO
HVFHQDULRHQHOTXHODLQYHVWLJDFLyQVHPDWHULDOL]DEDMRXQDGHPDQGD
LQVWLWXFLRQDO RULHQWDGD SRU H[LJHQFLDV LQVWLWXFLRQDOHV D WUDYpV GH
RIHUWDV GH UHFXUVRV HQ IRUPDWR GH EHFDV R EDMR OtQHDV GH
ILQDQFLDPLHQWRGHSUR\HFWRVFRQWUDULDPHQWHHQDTXHOORVFDVRVHQORV
TXH ODLQYHVWLJDFLyQUHVXOWDSRU REUD GH OD LQLFLDWLYD SHUVRQDO GHXQ
LQYHVWLJDGRULQGLYLGXDOORVGHWHUPLQDQWHVWDPELpQSXHGHQRSHUDUEDMR
XQDVHULHGHFRQGLFLRQDQWHV\DTXHHOWUDEDMRGHEHVHUDFHSWDGRSRU
DOJXQDRUJDQL]DFLyQGHOFDPSRFLHQWtILFRTXHLQHYLWDEOHPHQWHWHQGUi
XQ SRVLFLRQDPLHQWR QR VyOR FRQ UHVSHFWR DO UHVWR GH ORV DFWRUHV
FLHQWtILFRV VLQR WDPELpQ FRQ DFWRUHV GH OD SROtWLFD \ GH OD HVIHUD
HFRQyPLFD
/DLQYHVWLJDFLyQHVXQSURFHVRTXHGHSHQGHSDUDVXPDWHULDOL]DFLyQ
GHGHWHUPLQDGDVFRQGLFLRQHVGHSURGXFFLyQFRQVWLWXLGDVSRUDTXHOORV
UHFXUVRVTXHSHUPLWHQODHODERUDFLyQGHOFRQRFLPLHQWRFLHQWtILFRXQ
FRPSRQHQWHFHQWUDOGHHVWDVFRQGLFLRQHVTXHVLUYHSDUDHQWHQGHUODV
SRVLELOLGDGHV GH FRQFUHFLyQ GH XQD GHWHUPLQDGD LQYHVWLJDFLyQ OR
UHSUHVHQWDQ ORV UHTXHULPLHQWRV PHWRGROyJLFRV \ WHyULFRV GH OD
FRPXQLGDGFLHQWtILFD RGHORVDFWRUHVGHOFDPSRFLHQWtILFR HQHVWDV
H[LJHQFLDV HVWi LPSOLFDGR HO FRQRFLPLHQWR FLHQWtILFR DFXPXODGR HQ
OLEURV LQYHVWLJDFLRQHV SUR\HFWRV R H[SHULHQFLDV SURIHVLRQDOHV \

GLVSRQLEOH VREUH HO iPELWR WHPiWLFR \ HPStULFR TXH VH SUHWHQGH

HVWXGLDUOHJLWLPDGRSRUODVRUJDQL]DFLRQHVDFDGpPLFDV\FLHQWtILFDV
/D GLQiPLFD GH OD FRPXQLGDG FLHQWtILFD SURPXHYH HQ SDUWH TXH
SUREOHPiWLFDV R WHPiWLFDV HVWiQ GH ³PRGD´ TXH HVWUDWHJLDV
PHWRGROyJLFDV \ KHUUDPLHQWDV WpFQLFDV KHJHPRQL]DQ HQ FLHUWR
PRPHQWRODSUiFWLFDFLHQWtILFD\TXHUHFXUVRVHFRQyPLFRVFRQIOX\HQ
FRPR RIHUWD GH GLVSRQLELOLGDG SDUD GHWHUPLQDGRV WHPDV GH
LQYHVWLJDFLyQRSDUDHVWXGLDUDFLHUWDVSREODFLRQHVRWURVIDFWRUHVTXH
IXQFLRQDQ FRPR FRQGLFLRQHV GH SURGXFFLyQ GH OD LQYHVWLJDFLyQ
FLHQWtILFDORFRQVWLWX\HQODVFR\XQWXUDV\ODVHVWUXFWXUDVGHQDWXUDOH]D
SROtWLFD HFRQyPLFD FXOWXUDO \ VRFLDO TXH LQWHUYLHQHQ HQ OD
SURGXFFLyQ GH GDWRV HPStULFRV HVWDV FRQGLFLRQHV KDELOLWDQ \ D OD
YH] OLPLWDQ HO VXUJLPLHQWR \ OD LPSOHPHQWDFLyQ GH GHWHUPLQDGRV
WHPDVGHLQYHVWLJDFLyQSRUHMHPSORHQ$PpULFD/DWLQDDPHGLDGRV
GHORVHQSOHQDYLJHQFLDGHORVPRGHORVHVWDWDOHVGHLQWHUYHQFLyQ
VRFLDO IRFDOL]DGD \ HQ FRKHUHQFLD FRQ HVWDV HVWUDWHJLDV GHVGH
RUJDQLVPRV LQWHUQDFLRQDOHV FRPR &(3$/ VH SURPRYLHURQ HVWXGLRV
VREUHQXHYDVSREODFLRQHVREMHWRVGHLQWHUpVFRPRORVGLVFDSDFLWDGRV
ORVSXHEORVRULJLQDULRVRORVDIURGHVFHQGLHQWHV
(O FRQWH[WR GH SURGXFFLyQ GH OD LQYHVWLJDFLyQ FRQILJXUD OD DFFLyQ
WDQWR HQ OD VLWXDFLyQ JUXSDO GH XQ HTXLSR GH LQYHVWLJDGRUHV
SHUWHQHFLHQWH D XQ LQVWLWXWR GH LQYHVWLJDFLyQ FRPR HQ HO FDVR GH XQ
HVWXGLDQWH GH JUDGR R SRVJUDGR TXH EXVFD UHDOL]DU XQD WHVLV HQ HO
SULPHU FDVR KDELWXDOPHQWH ODV FRQGLFLRQHV KDELOLWDQ UHFXUVRV TXH
IDFLOLWDQODLQYHVWLJDFLyQSHURVHUHVWULQJHHODFFLRQDUDSDUWLUGHORV
UHTXHULPLHQWRVGHODRUJDQL]DFLyQHQHOVHJXQGRFDVRHOLQYHVWLJDGRU
SULQFLSLDQWHSDUHFLHUDTXHWLHQHPiVOLEHUWDGHQODHOHFFLyQGHOWHPD
JHQHUDOPHQWH DERUGD WHPDV TXH OR SUHRFXSDQ R TXH VRQ DFWXDOHV
SHURDOFRQWDUFRQUHFXUVRVPiVUHVWULQJLGRVVXGHFLVLyQHVWiOLPLWDGD
ORV UHFXUVRV HVFDVRV \ HO SRVLFLRQDPLHQWR LQVWLWXFLRQDO GpELO SURSLR
GHXQHVWXGLDQWHXQLYHUVLWDULRFRPSOHML]DQODWDUHDGHVHOHFFLRQDUXQ
WHPDGHLQYHVWLJDFLyQDXQTXHSDUHFLHUDSRGHUHOHJLUFRQOLEHUWDGVX
WHPDGHLQYHVWLJDFLyQGHEHVRPHWHUVHDFLHUWDVUHVWULFFLRQHV

(OHVWDEOHFLPLHQWRGHOSUREOHPDGHLQYHVWLJDFLyQ
(Q WpUPLQRV JHQHUDOHV OD DSHUWXUD R LQLFLR GH XQD LQYHVWLJDFLyQ

LPSOLFDODLGHQWLILFDFLyQRODVHOHFFLyQGHXQGHWHUPLQDGRUHFRUWHGH
XQD UHDOLGDG TXH HV GHILQLGD FRPR SUREOHPiWLFD SRU SDUWH GH ORV
LQWHUHVHV GHO LQYHVWLJDGRU R GH DTXHOODV LQVWDQFLDV LQVWLWXFLRQDOHV X
RUJDQL]DFLRQDOHV TXH GHPDQGDQOD LQYHVWLJDFLyQ HVWD DFFLyQSXHGH
SUHVHQWDU YDULDQWHV HO SUREOHPD HOHJLGR FRPR SXQWR GH SDUWLGD
SXHGH RULJLQDUVH FRPR UHVXOWDGR GH PRWLYDFLyQ R GH XQ EHQHILFLR
SHUVRQDO XQ LQYHVWLJDGRU SXHGH DERUGDU XQD WHPiWLFD \ XQD
SUREOHPiWLFD UHVXOWDQWH DItQ D VXV WUDEDMRV SUHYLRV R SRU HO LQWHUpV
UHVXOWDQWHGHXQKHFKRGHVXLQIDQFLDRFRPRVXFHGHHQODPD\RUtD
GHORVFDVRVHQORVLQWHUHVHVGHWUiVGHXQUHTXHULPLHQWRRGHPDQGD
LQVWLWXFLRQDO X RUJDQL]DFLRQDO XQD IXQGDFLyQ HFRQyPLFD DSUXHED
FRQ PD\RU IDFLOLGDG LQYHVWLJDFLRQHV TXH SODQWHDQ SUREOHPDV TXH
UHVXOWDQ GH LQWHUpV DO SRVLFLRQDPLHQWR SROtWLFR \ HFRQyPLFR GHO
HVWDEOHFLPLHQWR HQ FXHVWLyQ 8QD YH] GHILQLGR HO SUREOHPD GHEH
LQLFLDUVH XQD E~VTXHGD GH DQWHFHGHQWHV LQYHVWLJDWLYRV SUHYLRV \ GH
ELEOLRJUDItD WHyULFD HVWD DFWLYLGDG VH VXHOH GHQRPLQDU FRPR
LQGDJDFLyQ GHO HVWDGR GHO DUWH /DV LQYHVWLJDFLRQHV LQYROXFUDQ OD
GHOLPLWDFLyQGH XQ SUREOHPD FRQFUHWR \ YLDEOH GH VHU HVWXGLDGR HO
UHIHUHQWHHPStULFRLPSOLFDGRGHEHVHUIDFWLEOHGHVHUUHJLVWUDGRHVWH
UHFRUWH VXSRQH OD GHILQLFLyQ GH XQ iUHD GH LQWHUpV FRQILJXUDGD FRQ
SUHFLVLyQVREUHORVDOFDQFHVGHODPLVPD(QHOFDVRTXHHOHVWXGLR
VHFRQFUHWHSRULQWHUPHGLRGHGHPDQGDVRUJDQL]DFLRQDOHVHPSUHVDV
(VWDGRIXQGDFLRQHVHOSUREOHPDVXHOHHVWDUUHFRUWDGRGHDQWHPDQR
R VXHOH WHQHU XQD RULHQWDFLyQ PiV R PHQRV DFRWDGD TXH UHVSRQGH D
ORVLQWHUHVHVGHORVGHPDQGDQWHV
/R TXH VH GHILQH FRPR SUREOHPiWLFR WDPELpQ GHSHQGH GH TXLpQ
LQWHUURJD D OD UHDOLGDG GH OD FDSDFLGDG \ GH OD KDELOLGDG SDUD
REVHUYDU \ UHIOH[LRQDU VREUH GLYHUVRV HVFHQDULRV KHFKRV R
VLWXDFLRQHVQRVyORGHILQLGDVFRPRGLVIXQFLRQDOHVSDUDDOJ~QDFWRUR
SDUDFLHUWDVRUJDQL]DFLRQHVGHPDQGDQWHVVLQRWDPELpQVREUHDTXHOODV
FLUFXQVWDQFLDV\FRQGLFLRQHV³RFXOWDV´FRPRQRUPDOHVSDUDODYLVLyQ

GHO VHQWLGR FRP~Q ([LVWHQ FLHUWRV UHFXUVRV FRPR OD SHUVSHFWLYD

WHyULFDODH[SHULHQFLD\ODGHVWUH]DGHODLQVWDQFLDLQYHVWLJDWLYDTXH
OHV SHUPLWHQ D ORV LQYHVWLJDGRUHV GHYHODU SUREOHPiWLFDV RFXOWDV R
HQFXELHUWDVSDUDHOUHVWRGHODVSHUVRQDVXQHMHPSORGHHVWHWLSRGH
DERUGDMHHVHOHVWXGLRGH3LHUUH%RXUGLHXVREUHHOIXQFLRQDPLHQWRGH
ODPDVFXOLQLGDGHQVXOLEUR/DGRPLQDFLyQPDVFXOLQDDQDOL]DFyPR
IXQFLRQD OD FRVPRYLVLyQ GRPLQDQWH FRQ XQD HVWUDWHJLD HQWUH OD
WHRUL]DFLyQ VRFLROyJLFD \ HO HQVD\R LQWHQWDQGR GHVPRQWDU OD
GLQiPLFDGHODVUHODFLRQHVGHJpQHURVUHFRQVWUX\HQGRHOSURFHVRGH
VX QDWXUDOL]DFLyQ LQWHUSHODQGR DO VHQWLGR FRP~Q \ OD H[SHULHQFLD
FRWLGLDQD /R TXH UHVXOWD SUREOHPiWLFR SDUD ORV JUXSRV GH SRGHU HQ
XQDGHWHUPLQDGDVRFLHGDGLQIOX\HQHQODVGHPDQGDVGHLQYHVWLJDFLyQ
RUJDQL]DFLRQDOHV\DPHQXGRDTXHOODVVLWXDFLRQHVRIHQyPHQRVTXH
YDQ HQ FRQWUD GH VXV LQWHUHVHV VH HQFXHQWUDQ LQYLVLELOL]DGDV GHO
HQMXLFLDPLHQWR FUtWLFR GH OD SREODFLyQ HVWD VLWXDFLyQ SXHGH
HMHPSOLILFDUVHFRQXQFDVRFRQFUHWRHQXQDLQYHVWLJDFLyQHQFDUJDGD
SRUODVDXWRULGDGHVGHXQDXQLYHUVLGDGFX\RSUREOHPDUDGLFDEDHQOD
FRPSUHQVLyQ GHO SUREOHPD GH OD GHVHUFLyQ GH ORV HVWXGLDQWHV
LQJUHVDQWHV VH OH FRQILy D XQD FiWHGUD GH HGXFDFLyQ XQ HVWXGLR
H[SORUDWRULRVREUHHOPLVPRpVWRVRUJDQL]DURQXQDLQYHVWLJDFLyQTXH
SXVRHOIRFRHQORVGRFHQWHV\HQVXVHVWUDWHJLDVGHHQVHxDQ]DORTXH
LPSOLFy TXH VH H[FHSWXDUD FXDOTXLHU UHVSRQVDELOLGDG LQVWLWXFLRQDO R
FRQWH[WXDOHQHOSUREOHPD
&XDQGRVHSUHVHQWDXQDVLWXDFLyQGHPD\RUOLEHUWDGGHSDUWHGHORV
LQYHVWLJDGRUHV SDUD SURSRQHU DXWyQRPDPHQWH XQD LQYHVWLJDFLyQ HO
UHFRUWH GHO WHPD SXHGH UHVXOWDU GH VXV LQWHUHVHV SHUVRQDOHV
LGHROyJLFRV R GH VX SHUWHQHQFLD LQVWLWXFLRQDO KD\ WHPiWLFDV HQ ODV
FXDOHV VH SXHGH FRQWDU FRQ HO FRQVHMR \ OD RULHQWDFLyQ GH
DFDGpPLFRV LQYHVWLJDGRUHV \ SURIHVLRQDOHV PiV H[SHULPHQWDGRV HQ
HOWHPD0iVDOOiGHTXHKD\DP~OWLSOHVSRVLEOHVWHPDVGHLQWHUpVOD
WHPiWLFD TXH VH VHOHFFLRQH R OD TXH VHD GHWHUPLQDGD SRU TXLHQHV
SDWURFLQHQRILQDQFLHQODLQYHVWLJDFLyQQRSXHGHGLULJLUVHVREUHiUHDV
GHO FRQRFLPLHQWR TXH VH FRQRFH GH PDQHUD VXSHUILFLDO SRU HOOR HV

UHFRPHQGDEOH TXH VH HVFRMDQ FXHVWLRQHV VREUH ODV TXH \D VH KD\D
HVWXGLDGR DXQTXH VHD VyOR GH IRUPDV WHyULFD %RRWK &RORPE \
:LOOLDPV VXJLHUHQ TXH FXDQGR HO LQYHVWLJDGRU DFW~D HQ ODV
FRQGLFLRQHV GH LQYHVWLJDFLyQ HVWXGLDQWLO VX E~VTXHGD GH SUREOHPDV
GHEHWHQHUHQFXHQWDXQDVHULHGHDFWLYLGDGHVLQHOXGLEOHVWDOHVFRPR
H[DPLQDUOLEURVGHWH[WRVGHXQFXUVRXQQLYHOPiVDGHODQWDGRTXHHO
TXH VH HVWp FXUVDQGR DVLVWLU D FODVHV R FRQIHUHQFLDV VREUH VX
GLVFLSOLQD H LQWHQWDU HQFRQWUDU HO HQIRTXH GH XQ WHPD VREUH HO TXH
HVWp HQ GHVDFXHUGR QR HQWLHQGD R VREUH HO TXH TXLHUH FRQRFHU FRQ
PiVSURIXQGLGDGUHYLVDUHQFLFORSHGLDV\OLEURVHVSHFLDOL]DGRVHQVX
GLVFLSOLQD SUHJXQWDU D GRFHQWHV R SURIHVLRQDOHV VREUH WHPDV
SROpPLFRVGHOiUHDGHVXLQWHUpVREXVFDUHQ,QWHUQHWDWUDYpVGHORV
FRPHQWDULRVGHODVQRWDVSXQWRVGHYLVWDSROpPLFRV
+HQUtTXH]\%DUULJDIRUPXODQGRVFRQFHSWRVLQWHUHVDQWHVSDUD

FRQFHELU ODVRSFLRQHV GH HODERUDFLyQ GHOREMHWRGH LQYHVWLJDFLyQ HO
REMHWRDUWHVDQDO\HOREMHWRSUHIDEULFDGRDSDUWLUGHHVWRVWpUPLQRVVH
SXHGH GDU FXHQWD GH OD GLVWLQFLyQ HQWUH HO WUDEDMR GH LQYHVWLJDFLyQ
UHDOL]DGR FRPR FRQVHFXHQFLD GH UHTXHULPLHQWRV LQVWLWXFLRQDOHV
HQPDUFDGRV HQ VDWLVIDFHU ODV QHFHVLGDGHV H LQWHUHVHV GH JUDQGHV
RUJDQL]DFLRQHV\DTXHOORVUHDOL]DGRVSRUXQHVWXGLDQWHRLQYHVWLJDGRU
TXH EXVFD LQYHVWLJDU SDUD DSUREDU XQD HWDSD HGXFDWLYD R SDUD
MXVWLILFDUHOWUDEDMRHQXQFDPSRDFDGpPLFRVHSXHGHFRQFHSWXDOL]DU
GHVGH HVWRV GRV WLSRV GH REMHWRV GH HVWXGLR ³«HO REMHWR DUWHVDQDO
YHUVXV HO REMHWR SUHIDEULFDGR (VWD GLVWLQFLyQ UHIOHMD HQ QXHVWUD
RSLQLyQ XQD GLIHUHQFLD IXQGDPHQWDO HQ HO TXHKDFHU GH OD
LQYHVWLJDFLyQVRFLDO\GLFHUHODFLyQFRQHORULJHQGHODVLQTXLHWXGHV
TXHLPSXOVDQODLQYHVWLJDFLyQQXHVWUDVRDMHQDV(OREMHWRDUWHVDQDO
HV DTXHO TXH QDFH GHVGH QXHVWURV SURSLRV LQWHUHVHV FLHQWtILFRV
FXDOTXLHUD TXH VHD HO RULJHQ GH HVWRV (O REMHWR SUHIDEULFDGR DO
FRQWUDULR HV HO REMHWR TXH QDFH GH ORV LQWHUHVHV GH RWURV DFWRUHV
VRFLDOHV FRPR VRQ RUJDQLVPRV JXEHUQDPHQWDOHV HPSUHVDV
RUJDQL]DFLRQHVVLQGLFDOHV\JUHPLDOHVRUJDQLVPRVILQDQFLDGRUHVGH
LQYHVWLJDFLyQ HWF \ FX\R HVWXGLR HV GHPDQGDGR D ORV FLHQWtILFRV

VRFLDOHV´+HQUtTXH]\%DUULJD
/RV UHFXUVRV PDWHULDOHV ILQDQFLDPLHQWR SHUVRQDO \ VLPEyOLFRV

SUHVWLJLR SDUD OOHYDU D FDER XQD LQYHVWLJDFLyQ SURYLHQH GH OD
YLQFXODFLyQ \ GHO SRVLFLRQDPLHQWR GHO LQYHVWLJDGRU FRQ UHODFLyQ D
DOJXQD RUJDQL]DFLyQ YDOLGDGD SRU HO FDPSR FLHQWtILFR HVWD
SHUWHQHQFLD SHUPLWH FRQWDU FRQ DFFHVRV LQVWLWXFLRQDOHV VRSRUWH
PRQHWDULR \ KXPDQRVSDUD OD HODERUDFLyQ GH REMHWRVGH HVWXGLRTXH
HVWDUtDQ YHGDGRV VL OD LQYHVWLJDFLyQ QR VH UHDOL]DVH IXHUD GHO
RUJDQLVPRHQFXHVWLyQUHDOL]DUXQDLQYHVWLJDFLyQGHVGHXQPLQLVWHULR
S~EOLFR R FRQ HO DYDO GH DOJXQD LQVWDQFLD LQWHUQDFLRQDO IDFLOLWD ODV
WDUHDVGHLQYHVWLJDFLyQ\DTXHVyORFRQODOHJLWLPDFLyQLQVWLWXFLRQDO
DXPHQWD OD SUREDELOLGDG GH TXH TXLHQHV VHDQ HVWXGLDGRV DFHSWHQ OD
SURSXHVWD GH SDUWLFLSDFLyQ HQ XQ SUR\HFWR GH LQYHVWLJDFLyQ /RV
UHFXUVRVILQDQFLHURVKXPDQRV\WHPSRUDOHVTXHVHGLVSRQJDQSDUDOD
LQYHVWLJDFLyQ\HOSRVLFLRQDPLHQWRRUJDQL]DFLRQDOGHODLQVWDQFLDGH
LQYHVWLJDFLyQSRVLELOLWDQTXHHODOFDQFHGHODWHPiWLFDWHQJDPD\RUR
PHQRU GHOLPLWDFLyQ XQ HVWXGLR GH DOFDQFH QDFLRQDO UHVXOWDUD PX\
GLILFXOWRVR SDUD XQ HVWXGLDQWH SHUR QR SDUD XQ HTXLSR GH
LQYHVWLJDFLyQTXHWUDEDMDSDUDXQRUJDQLVPRHVWDWDOGHQLYHOQDFLRQDO
/DVGHPDQGDVGHLQYHVWLJDFLyQSXHGHQVHUH[SOtFLWDVFRPRFXDQGR
XQDIXQGDFLyQXRUJDQLVPRHVWDWDOHQFDUJDXQGHWHUPLQDGRHVWXGLR\
SODQWHD OtQHDV GH LQYHVWLJDFLyQ \ HQFXDGUHV WHyULFRVGHWHUPLQDGRVR
ELHQLPSOtFLWDVHQORVFDVRVHQTXHFLHUWRVWHPDVRSUREOHPiWLFDVVRQ
GHILQLGRV SRU ORV SURSLRV LQYHVWLJDGRUHV FRPR LQWHUHVDQWHV R
DFHSWDEOHV \ RWURV FRPR GHVDFRQVHMDEOHV ODV VROLFLWXGHV GH
LQYHVWLJDFLRQHV FRQFUHWDGDV HQ WpUPLQRV GH UHTXHULPLHQWR
LQIRUPDFLRQDO SRU VXSXHVWR VHVJDQ \ RULHQWDQ OD LQYHVWLJDFLyQ
HQFXDGUDQGRQRVyORODWHPiWLFDVLQRWDPELpQODSHUVSHFWLYDWHyULFD
\ PHWRGROyJLFD GHO TXHKDFHU LQYHVWLJDWLYR 6HJ~Q ,JQDFLR 3RQV
GXUDQWH OD QHJRFLDFLyQ HQWUH HO HTXLSR GH LQYHVWLJDFLyQ \ OD
LQVWDQFLD GHPDQGDQWH GHEHQ FRQFUHWDUVH ODV SDUWLFXODULGDGHV GHO
SUREOHPDHQPDUFDGRHQXQGHWHUPLQDGRFRQWH[WRSDUWLFXODUL]DGRHQ
ODV VLWXDFLRQHV TXH UHTXLHUHQ OD LQYHVWLJDFLyQ SDUD HOOR GHEH

DFFHGHUVHDFRPRVHGLVWULEX\HRDIHFWDHOSUREOHPDLPSOLFDGRHQHO
SODQRSREODFLRQDOXRUJDQL]DFLRQDOVXKLVWRULFLGDGODVFRQGLFLRQHV
OD GLUHFFLRQDOLGDG SUHYLVWD \ HO FRVWR SUHYLVWR GH VX UHVROXFLyQ ORV
FRQRFLPLHQWRV SUHYLRV VREUH HO WHPD TXH HOHPHQWRV VRQ PiV
FRQYHQLHQWHVSDUDVHUDERUGDEOHVFRJQLWLYDPHQWHVXSULRULGDGVRFLDO
RLQVWLWXFLRQDO\FRQRWURVSUREOHPDVHVWiUHODFLRQDGRORVSOD]RVGH
HQWUHJD\ORVUHFXUVRVKXPDQRVWHPSRUDOHVPDWHULDOHV\ILQDQFLHURV
GLVSRQLEOHV SDUD VHU DERUGDGRV SRU OD LQYHVWLJDFLyQ 6HJ~Q 3RQV
OD GHPDQGD GH LQYHVWLJDFLyQ VH SXHGH SUHVHQWDU EDMR WUHV
YDULDQWHVTXH UHSUHVHQWDQGLIHUHQWHVIRUPDVGHQHJRFLDFLyQHQWUHOD
LQVWDQFLDGHGHPDQGD\ODLQVWDQFLDTXHFRQFUHWDODLQYHVWLJDFLyQOD
IRUPXODFLyQGHODGHPDQGDGHOHVWXGLRSXHGH
x HVSHFLILFDUVHHQXQFHxLGRSODQTXHVXSRQHXQDVHULHGHWDOODGD
GH SUHVFULSFLRQHV WpFQLFDV \ WHyULFDV HQ HVWH FDVR HO PDUJHQ GH
QHJRFLDFLyQ GH ORV LQYHVWLJDGRUHV GH LQVHUWDU VXV SURSLRV FULWHULRV
WHPiWLFRV\RSHUDWLYRVHVHVFDVR\DTXHODGHPDQGDSUHGHILQHTXH\
FRPRVHYDDFRQFUHWDUODLQYHVWLJDFLyQ
x SUHVHQWDU XQD VLWXDFLyQ PiV IOH[LEOH TXH OD DQWHULRU GRQGH OD
LQVWDQFLD GHPDQGDQWH VH H[LJH DERUGDU XQ WHPD HQ WpUPLQRV GH
REMHWLYRV ODV FRQGLFLRQHV HFRQyPLFDV \ GHMDQGR TXH HO HTXLSR GH
LQYHVWLJDFLyQ LQFLGD HQ OD SUHVHQWDFLyQ GH XQ SUR\HFWR SDUD VX
HYDOXDFLyQ
x FRQFUHWDUVH D SDUWLU GH XQD GHPDQGD RULHQWDGD SRU XQ WHPD
JHQHUDOTXHQRUHPLWHDH[LJHQFLDVSUHFLVDV\TXHSRUORWDQWRGHMD
XQPDUJHQDPSOLRGHOLEHUWDGSDUDGHIRUPDIOH[LEOHDSDUWLUVyORGH
XQDLQGLFDFLyQGHREMHWLYRVJHQHUDOHVDFXPSOLUVHGHILQDHOREMHWR\
ODPHWRGRORJtDDDSOLFDU
/DUHGDFFLyQGHOSUREOHPDGHLQYHVWLJDFLyQ
(O SUREOHPD GH XQD LQYHVWLJDFLyQ HV HO UHVXOWDGR GH XQD
LQWHQFLRQDOLGDG RUJDQL]DFLRQDO UHTXHULPLHQWR LQVWLWXFLRQDO R
SHUVRQDO TXH JHQHUD OD SURSXHVWD GH LQYHVWLJDFLyQ HO SURSyVLWR
HQFDUQD FRQFUHWDPHQWH OR TXH VH TXLHUH PRGLILFDU D SDUWLU GH ORV

GDWRV LQGLFD FXDO HV OD XWLOLGDG SRWHQFLDO GH OD LQYHVWLJDFLyQ FRQ
UHVSHFWR D OD GHPDQGD RUJDQL]DFLRQDO VRFLDO R LQVWLWXFLRQDO TXH
PRWLYRODQHFHVLGDGGHSURGXFLUGDWRV/DFRQVWUXFFLyQILQDOGHHVWH
SUREOHPD GHQWUR GH OD LQYHVWLJDFLyQ VH EDVD HQ XQ SURFHVR GH
GHPDUFDFLyQGHXQiPELWRSDUWLFXODUGHODUHDOLGDGTXHLPSOLFDXQD
VHOHFFLyQ R UHFRUWH GH HVD UHDOLGDG GHILQLGD FRPR SUREOHPiWLFD \
UHOHYDQWH GHVGH XQD GHWHUPLQDGD SHUVSHFWLYD WHyULFD VRFLDO \
WHPSRUDOODGHOLPLWDFLyQGHOWHPDDLQYHVWLJDUHVXQDHWDSDQHFHVDULD
HQWRGRSURFHVRGHHODERUDFLyQGHGDWRVHPStULFRV\DTXHHYLWDTXH
OD DPELJHGDG LQJUHVH HQ HO SURFHVR GH LQYHVWLJDFLyQ SODQWHDGR
KDFLHQGRLQYLDEOHVXFRQFUHFLyQ
/D FDQWLGDG \ FDOLGDG GH OD LQIRUPDFLyQ DQWHFHGHQWH TXH HO

LQYHVWLJDGRUREWHQJDRTXHKD\DSURGXFLGRHQHVWXGLRVSUHYLRVVREUH
HOWHPDUHGXQGDUiHQODSUHFLVLyQHQODSUHVHQWDFLyQIXQGDPHQWDFLyQ
HLPSOHPHQWDFLyQGHODLQYHVWLJDFLyQHVQHFHVDULRQRSHUGHUGHYLVWD
TXH ORV HVTXHPDV WHyULFRV HVWiQ SUHVHQWHV DQWHV GH TXH VH LQLFLH OD
DFWLYLGDG LQYHVWLJDWLYD \D TXH ORV LQYHVWLJDGRUHV SRUWDQ HQ VX
VXEMHWLYLGDG XQD HVWUXFWXUD FRJQLWLYD \ FXOWXUDO TXH RULHQWD VXV
SUiFWLFDV HQ ODV LQVWLWXFLRQHV FLHQWtILFDV \ TXH H[SOLFD VXV
LGHQWLILFDFLRQHVWHyULFDVTXHWDPELpQSXHGHQHVWDULPSOLFDGDVHQODV
RUJDQL]DFLRQHVGRQGHDTXHOORVWUDEDMDQHPSUHVDRUJDQLVPRHVWDWDO
RUJDQL]DFLyQVRFLDOXQLYHUVLGDG LQIOX\HQGR HQ OD VHOHFFLyQ \ HQ OR
TXH LQWHQFLRQDOPHQWH VH DGVFULEH WHyULFDPHQWHSRU HMHPSORHQ XQD
XQLYHUVLGDG SURHPSUHVDULDO VHUtD PX\ H[WUDxR TXH DFHSWHQ R TXH
RWRUJXHQXQDEHFDRDSR\RDXQWUDEDMRGHLQYHVWLJDFLyQHFRQyPLFD
GH FRUWH WHyULFR QHRPDU[LVWD HVWRV HVTXHPDV R UHSHUWRULRV WHyULFRV
VXE\DFHQWHV HQ ODV LQVWLWXFLRQHV X RUJDQLVPRV DVRFLDGRV DO VXVWHQWR
PDWHULDO SURPXHYHQ TXH ODV LQVWDQFLDV GH LQYHVWLJDFLyQ WHQJDQ XQD
GHWHUPLQDGD RULHQWDFLyQ DO HQIUHQWDUVH FRQ FLHUWDV GHPDQGDV R
UHTXHULPLHQWRV R DO LQWHUURJDU OD UHDOLGDG GHVGH XQD SHUVSHFWLYD
SHUVRQDORJUXSDOGHORVLQYHVWLJDGRUHV
(O SUREOHPD FRPR HWDSD LQLFLDO GHO SURFHVR GH LQYHVWLJDFLyQ

FRQVLVWHHQODH[SRVLFLyQGHOLQYHVWLJDGRUGHXQDVLWXDFLyQDQFODGDD

XQ FRQWH[WR GRQGH VH SUHVHQWDQ VLWXDFLRQHV TXH UHTXLHUHQ

SRWHQFLDOPHQWH GH OD HODERUDFLyQ GH GDWRV SDUD TXH VH ODV SXHGD
GHVFULELUFRQRFHUH[SOLFDURFRPSUHQGHUFRQPD\RUSURIXQGLGDG\
SDUDTXHVHJHQHUHFRQEDVDPHQWRHPStULFRYDOLGRODLOXPLQDFLyQGH
ODVFLUFXQVWDQFLDVSODQWHDGDVFRPRSUREOHPiWLFDV/DHODERUDFLyQGHO
SUREOHPD FRQVLVWH HQ XQD UHGDFFLyQ FRQFUHWD \ H[SOtFLWD GH KHFKRV
TXH HYLGHQFLHQ ODJXQDV GH LQIRUPDFLyQ XQ IXQFLRQDPLHQWR
LQHVSHUDGRRLQXVXDOGHVGHXQDGHWHUPLQDGDSHUVSHFWLYDGHVGHGRQGH
HO LQYHVWLJDGRU H[SOLFLWD VXV FRQGLFLRQDQWHV SHUVRQDOHV H
LQVWLWXFLRQDOHVHVWHSODQWHDPLHQWRGHOSUREOHPDTXHFRQVLVWHHQXQD
QDUUDFLyQ GH XQD VLWXDFLyQ LQLFLDO SUHYLD D OD LQYHVWLJDFLyQ TXH
LQYROXFUD D FRQWH[WRV \ DFWRUHV FRQFUHWRV TXH SUHVHQWDQ FLHUWDV
FRQWUDGLFFLRQHVRIXQFLRQDPLHQWRVLQFRKHUHQWHVRLPSUHYLVWRVGHVGH
GHWHUPLQDGRV SXQWRV GH YLVWD LQYROXFUDGRV HQ OD LQYHVWLJDFLyQ ORV
TXHUHDOL]DQODLQYHVWLJDFLyQRTXLHQHVGHPDQGDQODLQYHVWLJDFLyQ\
TXH SRU VXSXHVWR LPSOLFDQ QHFHVDULDPHQWH XQ GHVDItR D HVFODUHFHU
HQHOSODQRFRJQLWLYRSRUHVWDUD]yQGHVGHHOSODQRGHODUHFHSFLyQ
OD OHFWXUD GHO SUREOHPD GHEH JHQHUDU HQ HO OHFWRU XQD VHULH GH
LQWHUURJDQWHV GHEH OOHYDUOR D UHDOL]DUVH SUHJXQWDV TXH SXHGDQ VHU
UHVXHOWDV HPStULFDPHQWH HQ HO SODQR FRJQLWLYR VREUH OD VLWXDFLyQ
QDUUDGDHVWDVSUHJXQWDVGHLQYHVWLJDFLyQYDQVHUYLUSDUDJHQHUDUORV
REMHWLYRVGHLQYHVWLJDFLyQFDStWXOR
8Q HUURU HQ OD HODERUDFLyQ GHO SUREOHPD GH LQYHVWLJDFLyQ UDGLFD HQ
TXH QR SXHGH FRQWHQHU HQ Vt PLVPR ODV UHVSXHVWDV TXH GHEHUtD
JHQHUDU D QLYHO GHO FRQRFLPLHQWR \D TXH HVR QR MXVWLILFDUtD OD
HODERUDFLyQ GH SUHJXQWDV TXH OXHJR UHVXOWDUiQ ~WLOHV SDUD HVWDEOHFHU
ORV REMHWLYRV GH LQYHVWLJDFLyQ SRU HMHPSOR HQ XQ OLEUR GH
PHWRGRORJtDGHODLQYHVWLJDFLyQVXDXWRUSUHVHQWDXQHMHPSORTXHHV
XQSUREOHPDUHVXPLGR\DTXHHQVXPLVPRSODQWHRHVWiQVXVSURSLDV
UHVSXHVWDV FRJQLWLYDV ³/DV PHGLGDV HFRQyPLFDV DGRSWDGDV SRU HO
JRELHUQR FRORPELDQR GXUDQWH ORV ~OWLPRV FXDWUR DxRV KDQ
SHUMXGLFDGRODDFWLYLGDGHPSUHVDULDOGHELGRDTXHODVDOWDVWDVDVGH
LQWHUpV DQXDOUHSUHVHQWDQ XQDOWRFRVWRSDUD ODLQYHUVLyQOR

TXH KD OOHYDGR D TXH PXFKDV HPSUHVDV TXLHEUHQ \ SRU WDQWR VH
JHQHUH GHVHPSOHR GHFUHFLPLHQWR HFRQyPLFR \ FDRV ILQDQFLHUR´
%HUQDO7RUUHVVLSRUHMHPSORORTXHSUHWHQGHHVLQGDJDUOD
RSLQLyQGHORVHPSUHVDULRVHQHOSUREOHPDGHEHUtDHVWDUHQHOPLVPR
DOJ~QDQFODMHSUREOHPiWLFR\DOJXQDRULHQWDFLyQSDUWLFXODUKDFLDHVH
REMHWLYR FRJQLWLYR 2WUR HMHPSOR GH HVWH HUURU VH HQFXHQWUD HQ RWUD
SXEOLFDFLyQVREUHHOTXHKDFHUPHWRGROyJLFR³(Q&RORPELDODJUDQ
HPSUHVDSUHVHQWDXQDSODQHDFLyQGHILFLHQWH(VWDVLWXDFLyQHVUHIOHMR
GH GHILFLHQFLDV HQ OD SODQHDFLyQ D PHGLDQR \ ODUJR SOD]R \ GH OD
WRPD GH GHFLVLRQHV VREUH OD PDUFKD GH ORV DFRQWHFLPLHQWRV VLQ XQ
SUHYLR DQiOLVLV GH ODV YDULDEOHV LQWHUQDV \ H[WHUQDV TXH DIHFWDQ OD
GHFLVLyQ 7DO VLWXDFLyQ REHGHFH D IDFWRUHV FRPR OD IDOWD GH
FRQFLHQWL]DFLyQGHOSHUVRQDOGLUHFWLYRDFHUFDGHODLPSRUWDQFLDGHOD
IXQFLyQ SODQLILFDGRUD \ GH VX DSRUWH D ODV GHPiV IXQFLRQHV
DGPLQLVWUDWLYDVODWHQGHQFLDDODREWHQFLyQGHUHVXOWDGRVLQPHGLDWRV
ORTXHFUHDXQDPELHQWHGHLPSUHYLVLyQUHVSHFWRGHDFRQWHFLPLHQWRV
GLItFLOPHQWHSHUFHSWLEOHVHQHOSUHVHQWHODGLILFXOWDGHQODSUHYLVLyQ
GH HYHQWRV IXWXURV VREUH WRGR GH DTXHOORV HQ ORV TXH OD HPSUHVD
SXHGD WHQHU SRFD R QLQJXQD LQFLGHQFLD OD HVFDVH] GH SHUVRQDO
SUHSDUDGR SDUD GHVDUUROODU OD ODERU GH SODQHDFLyQ DFWLYLGDG TXH
UHTXLHUH HO FRQRFLPLHQWR WRWDO GH OD HPSUHVD \ VX PHGLR XQD JUDQ
YLVLyQ GH IXWXUR \ XQ DFHUWDGR MXLFLR VH SODQWHDQ PiV TXH WRGR
DFWLYLGDGHVGHSURGXFFLyQ\YHQWDVTXHVDWLVIDJDQODVQHFHVLGDGHV\D
FRQRFLGDV GHO PHUFDGR JHQHUDOPHQWH D FRUWR SOD]R 0HGLDQWH HO
GHVFRQRFLPLHQWR GH ORV PpWRGRV DSURSLDGRV SDUD WUDWDU ORV
SUREOHPDVGHSODQHDFLyQ\SUHYLVLyQVHGHVYLUW~DHOSDSHOGHODDOWD
GLUHFFLyQ HQ FXDQWR D OD GHGLFDFLyQ TXH UHTXLHUH OD SODQHDFLyQ
HVWUDWpJLFDORPiVLPSRUWDQWHSDUDODVXSHUYLYHQFLDGHODHPSUHVDD
ODUJRSOD]R´0pQGH]ÈOYDUH]HODXWRUVHSODQWHDSUHJXQWDV
GH LQYHVWLJDFLyQ WDOHV FRPR ¢4Xp LQFLGHQFLD WLHQH OD SODQHDFLyQ D
FRUWR SOD]R TXH FDUDFWHUL]D D OD JUDQ HPSUHVD" R ¢&XiOHV VRQ ORV
IDFWRUHVGHOHQWRUQRTXHODJUDQHPSUHVDWRPDFRPRUHIHUHQFLDHQVX
SURFHVR GH SODQHDFLyQ" TXH VH HQFXHQWUDQ UHVSRQGLGDV GHQWUR GHO
PLVPRSUREOHPD

2WURHUURUJUDYHHQHOSODQWHDPLHQWRGHOSUREOHPDHVDGVFULELUDXQD
SRVWXUDLGHROyJLFDVLQH[SOLFLWDUODWUDQVPLWLpQGROD\QDWXUDOL]iQGROD
GHQWUR GH OD UHGDFFLyQ GHO SUREOHPD FRPR VH SXHGH REVHUYDU HQ HO
VLJXLHQWH HMHPSOR GRQGH VX DXWRU GHEHUtD DGYHUWLU \ SRU OR WDQWR
H[SOLFLWDU TXH VX HQIRTXH VH DVRFLD D XQD SRVWXUD OLEHUDO
JOREDOL]DGRUD R WDPELpQ OODPDGD PHUFDGRFpQWULFD OD TXH XELFD XQD
FUtWLFD LPSOtFLWD KDFLD OD SUHVHQFLD GHO SRGHU SROtWLFR \ VLQGLFDO \
SURSRQH XQD YLVLyQ JHUHQFLDO HPSUHVDULDO SDUD UHVROYHU OD
RUJDQL]DFLyQGHOD YLGD VRFLDO³«HOSODQHWD7LHUUDSDUHFHKDEHUVH
FRQYHUWLGR HQ XQD SHTXHxD DOGHD HO DYDQFH GH OD JOREDOL]DFLyQ HV
XQD UHDOLGDG ORV LQGLYLGXRV \D QR VRQ FLXGDGDQRV GH XQD QDFLyQ
VLQR FLXGDGDQRV GHO PXQGR ORV VLVWHPDV GH FRPXQLFDFLyQ YtD
VDWpOLWH OD WHOHIRQtD FHOXODU ODV DXWRSLVWDV GH LQIRUPDFLyQ YtD
LQWHUQHWODILEUDySWLFD\ORVRUGHQDGRUHVHVWiQUHYROXFLRQDQGRORV
SURFHVRV GH FRQRFLPLHQWR (Q HO PXQGR GH OD SROtWLFD VH HVWiQ
URPSLHQGRORVSDUDGLJPDVEiVLFRVODVHVWUXFWXUDVGHSRGHUOLJDGDV
D JUDQGHV RUJDQL]DFLRQHV VRFLDOHV FRPR SDUWLGRV SROtWLFRV \
VLQGLFDWRVGHMDQSDVRDKRUDDORVFDQGLGDWRVOLEUHV\DODIXHU]DQR
HVWi HQ ORV SDUWLGRV SROtWLFRV DKRUD HVWi HQ ODV SHUVRQDV HQ VXV
FDUDFWHUtVWLFDVKXPDQDVLQGLYLGXDOHVSHUVRQDOHV«VHHVWiHQORV
DOERUHV GH OD HUD GH OD FUHDWLYLGDG OD HUD GHO FRQRFLPLHQWR /RV
SDtVHVTXH WHQJDQ ORV PHMRUHV FLHQWtILFRV XQLYHUVLGDGHV FHQWURVGH
LQYHVWLJDFLyQ\FHQWURVGHDOWDWHFQRORJtDVHUiQORVTXHGRPLQDUiQHO
PXQGR«ORVQHJRFLRVHVWiQHQIUHQWDQGRXQDSDUDGRMDSXHVWLHQH
RSRUWXQLGDGHV QXQFD YLVWDV SDUD DSURYHFKDU ORV QXHYRV PHUFDGRV
SHURpVWRVFDPELDQGHPDQHUDVXVWDQFLDOUHGXFLpQGRVHRKDFLpQGRVH
PiVFRPSHWLWLYRV/DDSHUWXUDGHORVPHUFDGRVPXQGLDOHVJHQHUDUi
XQD UHHVWUXFWXUDFLyQ HQ FDGD VHFWRU GH ORV QHJRFLRV RULHQWDGRV D
JDUDQWL]DU ODV VLJXLHQWHV HVWUDWHJLDV UDSLGH] EDMR PDUJHQ GH
JDQDQFLDSRUXQLGDGFDOLGDGHQORVSURGXFWRV\VHUYLFLRGLYHUVLGDG
GH SURGXFWRV GHVFXHQWRV FRPRGLGDG H LQQRYDFLyQ´ 0pQGH]
ÈOYDUH]

(Q XQ SULPHU PRPHQWR HO SUREOHPD GH LQYHVWLJDFLyQ VH SXHGH
PDWHULDOL]DU GH XQD IRUPD SUHOLPLQDU FRQ OD QDUUDFLyQ GH XQD
VLWXDFLyQ TXH VH FRUUHVSRQGH FRQ XQ FRQWH[WR GHWHUPLQDGR HVWD
UHGDFFLyQVHUiODPDWHULDSULPDQHFHVDULDSDUDGHILQLUODHWDSDLQLFLDO
GHQWUR GHO SURFHVR GH LQYHVWLJDFLyQ HVWD HODERUDFLyQ LQLFLDO GHO
SUREOHPD GHEHUi VHU DQDOL]DGD \ UHYLVDGD SRU HO LQYHVWLJDGRU SDUD
JHQHUDU OD FRQVWLWXFLyQ GHILQLWLYD GHO PLVPR VH GHEH YROYHU D
PHQFLRQDUTXHHVWHSUREOHPDSXHGHSURYHQLUHQFDOLGDGGHGHPDQGD
LQVWLWXFLRQDO R SXHGH VXUJLU GHO LQWHUpV FRQGLFLRQDGR
RUJDQL]DFLRQDOPHQWH GHO LQYHVWLJDGRU 8QD YH] SODQWHDGR HVWH
SUREOHPD SUHOLPLQDU TXHSXHGH FRQVLGHUDUVH FRPR XQ ERFHWR GHEH
SUHSDUDUVH OD E~VTXHGD GH OD LQIRUPDFLyQ GLVSRQLEOH HQ ORV
DQWHFHGHQWHVFLHQWtILFRVRSURIHVLRQDOHVVREUHHOWHPDLPSOLFDGRHQHO
SUREOHPiWLFD D DERUGDU FRPR FRQVHFXHQFLD GH OD QHFHVLGDG GH
FRPSRQHU HO SUREOHPD GHILQLWLYR HO LQYHVWLJDGRU GHEH LQLFLDU XQ
SURFHVR GH HYDOXDFLyQ GH OR HVER]DGR HQ HO SUREOHPD SUHOLPLQDU D
SDUWLU GH H[DPLQDU OD OLWHUDWXUD \ ORV DQWHFHGHQWHV VREUH HO WHPD
HVSHFtILFRSURSXHVWRHQODLQYHVWLJDFLyQHO UHVXOWDGR GH HVWD DFFLyQ
GHUHYLVLyQGHEHDYDQ]DUHQODGHILQLFLyQGHILQLWLYDGHOSUREOHPDGH
LQYHVWLJDFLyQODDFWLYLGDGGHGHSXUDFLyQGHOSUREOHPDOHSHUPLWLUiDO
LQYHVWLJDGRU IXQGDPHQWDU HO DFRWDPLHQWR WHPiWLFR WHPSRUDO \
HVSDFLDO GHO iUHD GH LQWHUpV \ GHO HQIRTXH PHWRGROyJLFR TXH VH
LPSOHPHQWDUi
5RJHU:LPPHU\-RVHSK'RPLQLFNDILUPDQTXHDXQTXHHQHO

FDVR GH ODV LQYHVWLJDFLRQHV HQ HO FDPSR GH OD FRPXQLFDFLyQ VRFLDO
KDELWXDOPHQWH HPHUJHQ GH XQD GHPDQGD GHO VHFWRU SULYDGR FRPR
QHFHVLGDGGHXQDRUJDQL]DFLyQKD\FDVRVFDVLVLHPSUHHQHOiPELWR
DFDGpPLFR HQ ORV TXH ORV LQYHVWLJDGRUHV WLHQHQ DXWRQRPtD HQ OD
HODERUDFLyQ GHO WHPDSUREOHPD SDUD HVFRJHU XQ WHPD HQ HVWDV
VLWXDFLRQHV ORV LQYHVWLJDGRUHV WLHQHQ XQD VHULH GH IXHQWHV GHVGH
GRQGHSUREOHPDWL]DUXQiUHDHQJHQHUDO\XQWHPDHQSDUWLFXODUORV
DXWRUHV HQ FXHVWLyQ VHxDODQ D ODV SXEOLFDFLRQHV FLHQWtILFDV \
SURIHVLRQDOHV ODV UHYLVWDV QR HVSHFLDOL]DGDV ORV UHSHUWRULRV GH

UHV~PHQHVGHDVRFLDFLRQHVSURIHVLRQDOHVODVVLWXDFLRQHVFRWLGLDQDVR
ORVEDQFRGHGDWRVSDUDFDOLEUDUHOWHPDSUREOHPDHOHJLGR:LPPHU\
'RPLQLFN SURSRQHQ SUHJXQWDV D VHU UHVSRQGLGDV SRU HO PLVPR
LQYHVWLJDGRUFRQSRVWHULRULGDGDODHOHFFLyQGHOPLVPR
x ¢(VXQWHPDGHPDVLDGRDPSOLR"
x ¢$GPLWHUHDOPHQWHLQYHVWLJDFLyQWLHQHXQDUHOHYDQFLDPiVDOOi
GHODFXULRVLGDG"
x ¢(VVXVFHSWLEOHGHDQiOLVLVGHGDWRVFRQILDEOH"
x 6HSXHGHH[WUDSRODUORVUHVXOWDGRVDRWURViPELWRVRFDVRV"
x ¢6XVFRVWHVVRQSRVLEOHVGHVREUHOOHYDUDSDUWLUGHORVUHFXUVRV
GLVSRQLEOHV"
x ¢([LVWH DOJ~Q ULHVJR SDUD ODV SHUVRQDV LPSOLFDGDV HQ OD
LQYHVWLJDFLyQ"
&RPRFRPSOHPHQWRGHHVWRVLQWHUURJDQWHVGHRULHQWDFLyQVHSRGUtDQ
HVWDEOHFHU GHWHUPLQDGRV FULWHULRV SDUD DSUHFLDU XQ SUREOHPD GH
LQYHVWLJDFLyQ +HUQiQGH] 6DPSLHUL &ROODGR \ 0HQGH]
H[SRQHQXQDVHULHGHSUHJXQWDVTXHVLUYHQFRPRJXtDGHHYDOXDFLyQ
GHOSUREOHPDFXDQWRPD\RUVHDHOQ~PHURGHUHVSXHVWDVTXHFRQWHVWH
ODSURSXHVWDRSURWRFRORSUHVHQWDGRPD\RU VHUi ODVROLGH]HQOD TXH
LQYHVWLJDFLyQDVLHQWHVXVEDVHVSDUDMXVWLILFDUVXUHDOL]DFLyQ$OJXQRV
GHORVFULWHULRVPiVUHOHYDQWHVVRQ
x &RQYHQLHQFLD ¢3DUD TXp VLUYH" ¢4Xp LQWHUpV VXE\DFH D OD

SURSXHVWD"
x 5HOHYDQFLDVRFLDO¢$TXLpQHVEHQHILFLDUi\GHTXpPDQHUD"
x ,PSOLFDFLRQHV SUiFWLFDV ¢$\XGD D UHVROYHU DOJ~Q SUREOHPD
SUiFWLFR" ¢3RGUiQ ODV FRQFOXVLRQHV WUDVODGDUVH D DFFLRQHV FRQFUHWDV
GHPRGLILFDFLyQ"
x 9DORU WHyULFR ¢6H ORJUDUi OOHQDU DOJ~Q KXHFR GH
FRQRFLPLHQWRV" ¢6H SRGUiQ JHQHUDOL]DU ORV UHVXOWDGRV" ¢/D
LQIRUPDFLyQTXHVHREWHQJDVHUYLUiFRPRSUXHEDGHDOJXQDWHRUtD"
x 8WLOLGDG PHWRGROyJLFD ¢$\XGD D FUHDU QXHYDV WpFQLFDV GH

HODERUDFLyQ \R DQiOLVLV GH GDWRV" ¢3HUPLWH OD GHILQLFLyQ GH XQ
FRQFHSWR YDULDEOH UHODFLyQ HQWUH YDULDEOHV LQGLFDGRUHV tQGLFHV"
¢(VWDEOHFH QXHYRV PRGRV GH HVWXGLDU PiV DGHFXDGDPHQWH XQD
SREODFLyQ"
+HUQiQGH] 6DPSLHUL &ROODGR \ 0HQGH] HVWDEOHFHQ TXH HO

LQYHVWLJDGRUDOVXPHUJLUVHHQODE~VTXHGDGHDQWHFHGHQWHVWHyULFRV\
HPStULFRV YLQFXODGRV DO SUREOHPD WUD]DGR SXHGH HQIUHQWDUVH D XQD
VHULH GH VLWXDFLRQHV WtSLFDV WySLFRV PX\ HVWUXFWXUDGRV HPStULFD \
WHyULFDPHQWH SUREOHPDV TXH \D IXHURQ LQYHVWLJDGRV FRQ DVLGXLGDG
SHURTXHVHHQFXHQWUDQSRFRHVWUXFWXUDGRVLQYHVWLJDFLRQHVUHDOL]DGDV
VREUHODWHPiWLFDLPSOtFLWDHQHOSUREOHPDSHURFRQSRFRVPDWHULDOHV
SXEOLFDGRV FRPR DQWHFHGHQWHV \ SRU ~OWLPR FXHVWLRQHV QR
LQYHVWLJDGDV R VROR DERUGDGDV GHVGH OD SUiFWLFD SURIHVLRQDO HVWDV
KHWHURJpQHDV VLWXDFLRQHV UHSUHVHQWDQ XQ DEDQLFR GH SRVLELOLGDGHV D
ODV TXH VH HQIUHQWD OD LQYHVWLJDFLyQ OD HYDOXDFLyQ GH VXV
SDUWLFXODULGDGHV LQIOXLUi HQ ODV GHFLVLRQHV TXH HO LQYHVWLJDGRU GHEH
IRUPDOL]DU HQ HO SODQWHDPLHQWR GHILQLWLYR GHO SUREOHPD OD
GHOLPLWDFLyQILQDOSHUPLWHHVSHFLILFDU\DMXVWDUHOSUREOHPDUHGDFWDGR
LQLFLDOPHQWHSDUDTXHSXHGDQGHVSOHJDUVHRSHUDFLRQHVGHSURGXFFLyQ
GH LQIRUPDFLyQ GH PDQHUD SUHFLVD \ OLPLWDGD D ILQ GH HYLWDU
FRQIXVLRQHV\DPELJHGDGHV6DPDMDDILUPDTXHSDUDTXHXQ
SUREOHPD GH FRQRFLPLHQWR VH WUDQVIRUPH HQ XQ SUREOHPD GH
LQYHVWLJDFLyQTXHSXHGDVHUDERUGDGRSRUODVKHUUDPLHQWDV\WpFQLFDV
FLHQWtILFDVGHEHQFXPSOLUVHXQDVHULHGHHWDSDV
³DFLUFXQVFULELUHOFDPSRGHOSUREOHPDGHFRQRFLPLHQWRGHTXHVH
WUDWD
EH[DPLQDU ODV UHVSXHVWDV R VLVWHPDV GH FUHHQFLDV GLVSRQLEOHV

PRVWUDQGR VXV OLPLWDFLRQHV SRU UHIHUHQFLD D ORV KHFKRV TXH GHEHQ
HVFODUHFHUHLJXDOPHQWH
FH[DPLQDUODV SRU UHIHUHQFLD D ORV FRQWH[WRV WHyULFRV \ D ODV

UHODFLRQHV GH FRPSDWLELOLGDG R LQFRPSDWLELOLGDG FRQ RWURV

FRQRFLPLHQWRVTXHVHHVWLPHELHQHVWDEOHFLGRV
GHVWDEOHFHU OD UHOHYDQFLD R OD LPSRUWDQFLD GHO SUREOHPD SRU

UHIHUHQFLD D ORV HVIXHU]RV R FRVWRV TXH LQYROXFUDUtD DVXPLUOR FRPR
SUREOHPDFLHQWtILFR\DOLPSDFWRHQHOFRQRFLPLHQWRHQODVWpFQLFDV
\RODUHDOLGDGPLVPDTXHVHHVSHUDREWHQHUFRQODLQYHVWLJDFLyQ´
(V UHFRPHQGDEOH TXH HQ HO SODQWHDPLHQWR SUREOHPD VH KDJDQ

H[SOtFLWRV ORV GHWHUPLQDQWHV GH OD LQYHVWLJDFLyQ WDOHV FRPR ORV
IDFWRUHV HSLVWHPROyJLFRV HO SUREOHPD GHEH SODQWHDU DOJR TXH VH
SXHGDLQYHVWLJDUGHVGHORVPpWRGRV\WpFQLFDVGLVSRQLEOHVSROtWLFRV
HOSUREOHPDVLHPSUHYDD HVER]DUXQDGHWHUPLQDGDFRVPRYLVLyQGH
OD VRFLHGDG \ GHO SRGHU HQ HO IXQFLRQDPLHQWR GH OD PLVPD
LQVWLWXFLRQDOHV HO SUREOHPD VLHPSUH VXSRQH TXH OD LQVWDQFLD GH
LQYHVWLJDFLyQVHPDWHULDOL]DGHVGHRHQUHODFLyQDDOJXQDLQVWLWXFLyQ
SRVLFLRQDGD HQ UHODFLyQ DO UHVWR GH ODV RUJDQL]DFLRQHV FLHQWtILFDV
HFRQyPLFRV HQ HO SUREOHPD HVWi LPSOLFDGR TXH ORV UHFXUVRV
PDWHULDOHV SDUD VX FRQFUHFLyQ HVWiQ GLVSRQLEOHV \ VXEMHWLYRV OD
LGHRORJtD GHO LQYHVWLJDGRU VH HQFXHQWUD SUHVHQWH DO UHGDFWDU HO
SUREOHPD (O IXQFLRQDPLHQWR GH HVWRV P~OWLSOHV IDFWRUHV HQ VX
FRPSOHMD \FR\XQWXUDOLQWHUUHODFLyQ SRVLELOLWDQ \ DODYH] UHFRUWDQ
ODV FRQGLFLRQHV GH HPHUJHQFLD GH OD SURGXFFLyQ FLHQWtILFD \ SRU OR
WDQWR FRQYHQGUtD KDFHUORV YLVLEOHV SDUD FRPSUHQGHU GHVGH GRQGH
SDUWHODLQVWDQFLDLQYHVWLJDGRUDDItQGHHYDOXDUODFRKHUHQFLDFRQHO
SURGXFWR D UHDOL]DU 'HVGH HO SXQWR GH YLVWD GH ORV OHFWRUHV GHO
LQIRUPH GH LQYHVWLJDFLyQ GHEHQ SRGHU DSUHFLDUVH D SDUWLU GHO
SUREOHPDSODQWHDGRHOSXQWRGHSDUWLGD\ORVIXQGDPHQWRVSUHVHQWHV
HQ OD FRQFUHFLyQ GH ORV FULWHULRV TXH VXVWHQWDQ ODV GHFLVLRQHV
PHWRGROyJLFDV \ WHyULFDV SRU HOOR VH GHEH WHQHU HQ FXHQWD OD
LQVWDQFLDGHUHFHSFLyQGHODSURGXFFLyQGHOWH[WRVHWLHQHTXHWHQHU
HQFODURTXHORVOHFWRUHVSXHGHQVHUXQS~EOLFRUHVWULQJLGRFXDQGROD
LQYHVWLJDFLyQ HVWi GLULJLGD D RWURV DFWRUHV GHO FDPSR SURIHVLRQDO \
DFDGpPLFRRSXHGHQLQYROXFUDUDOHFWRUHVPiVKHWHURJpQHRVFRPRHQ
HO FDVR TXH LPSOLTXH XQD OHFWXUD GH GLYXOJDFLyQ JHQHUDO /D
LQYHVWLJDFLyQ D VHU GLVHxDGD HQ WpUPLQRV WHyULFRV \ WpFQLFRV FRPR

FRQVHFXHQFLD GHO SODQWHDPLHQWR GHO SUREOHPD LPSOLFD XQD

JHQHUDFLyQ GH GDWRV TXH SXHGH VHU GHFLVLYD FRPR LQVXPR
LQIRUPDFLRQDOSDUDODUHVROXFLyQGHODSUREOHPiWLFDRGHPDQGDTXHOR
PRWRUL]D R SDUD XQ WUDWDPLHQWR HILFLHQWH GHO PLVPR SHUR GHEH
UHVDOWDUVH TXH OD ILQDOL]DFLyQ GH OD LQYHVWLJDFLyQ QR VXSRQH OD
WHUPLQDFLyQ GH HVWRV KHFKRV SUREOHPiWLFRV TXH IXQGDPHQWDQ OD
LQYHVWLJDFLyQJHQHUDUGDWRVVREUHODPRWLYDFLyQGHORVHVWXGLDQWHVR
GH ORV FRQVXPLGRUHV GH XQ SURGXFWRPDUFD QR LPSOLFD TXH DTXHOORV
HOHYHQVXUHQGLPLHQWRDFDGpPLFRRTXHpVWRVDXPHQWHQVXFRQVXPR
GHOSURGXFWRHQFXHVWLyQ
3DUD 6LHUUD %UDYR KD\ FLHUWDV UHJODV TXH GHEHQ WHQHUVH HQ
FXHQWD SDUD HO SODQWHDPLHQWR GHO SUREOHPD TXH IDFLOLWDQ HO
HVWDEOHFLPLHQWRGHSDUiPHWURVSDUDVXHODERUDFLyQSDUDHVWHDXWRUHO
SUREOHPDQRGHEHVHUDPELJXR\ QL PX\ YDVWRGHEHFRQFUHWDUVHGH
IRUPD WDO TXH UHVXOWH ELHQ FRQFUHWR \ FRPSUHQVLEOH GHEH HVWDU
UHGDFWDGR \ GHOLPLWDGR GH PDQHUD SUHFLVD /D FRQVWUXFFLyQ GH XQ
SUREOHPD GH LQYHVWLJDFLyQ GHEH UHVSHWDU XQD VHULH GH HVWULFWDV
UHVWULFFLRQHV HQ FXDQWR D VX HVFULWXUD DO HODERUDUOR HO LQYHVWLJDGRU
GHEH GHVFDUWDU HO XVR GH XQ OHQJXDMH DPELJXR ORV DFWRUHV \ KHFKRV
SUHVHQWDGRV HQ HVWD LQVWDQFLD GHEHQ VHU GHWDOODGRV FRQ SUHFLVLyQ \
GHEHVHUFRQWH[WXDOL]DGRVVXFRQIHFFLyQGHEHGHVFDUWDUODLQFOXVLyQ
GHMXLFLRVGHYDORURODSUHVHQFLDQRH[SOtFLWDGHFRQFHSWXDOL]DFLRQHV
WHyULFDV &RPR HO SULPHU SDVR GHO SURFHVR GH LQYHVWLJDFLyQ HO
SODQWHDPLHQWR GHXQSUREOHPD UHSUHVHQWD XQ HOHPHQWR FDUGLQDO SDUD
TXHODLQYHVWLJDFLyQVHDFRQVLGHUDGDYLDEOH\WHQJDXQDMXVWLILFDFLyQ
DGHFXDGD OD YLDELOLGDG HQ XQD LQYHVWLJDFLyQ HV OD UHVXOWDQWH GH OD
HYDOXDFLyQ TXH KDJD HO LQYHVWLJDGRU VREUH OD GLVSRQLELOLGDG GH
UHFXUVRVILQDQFLHURVKXPDQRV\PDWHULDOHVTXHSRVLELOLWDQHODOFDQFH
GHXQSUR\HFWRGHLQYHVWLJDFLyQORVOtPLWHVGHOWHPDDLQYHVWLJDU/D
MXVWLILFDFLyQ GH XQD LQYHVWLJDFLyQ FRQVLVWH HQ OD H[SOLFDFLyQ GHO
DOFDQFH GH VXV SURSyVLWRV GH ODV UD]RQHV FRJQLWLYDV VRFLDOHV R
HFRQyPLFDV TXH PRWLYDQ \ GDQ IXQGDPHQWR D OD LQYHVWLJDFLyQ (V
QHFHVDULR UHPDUFDU TXH OD IXQGDPHQWDFLyQ GH ODV LQYHVWLJDFLRQHV

UHPLWH GLUHFWDPHQWH DO FRQWH[WR SROtWLFR VRFLDO \ HFRQyPLFR TXH

KLVWyULFDPHQWH VLHQWD ODV EDVHV GH OD OHJLWLPDFLyQ GHO TXHKDFHU
FLHQWtILFR
$ FRQWLQXDFLyQ VH SUHVHQWDQ GRV HMHPSORV GH SUREOHPDV TXH VH

FRUUHVSRQGHQXQRFRQXQDLQYHVWLJDFLyQVREUHFRQGLFLRQHVGHYLGD\
H[SHULHQFLDVGHGLVFULPLQDFLyQGHSREODFLyQ7UDQV\HORWURVREUHHO
HQFXEULPLHQWRGHODVLGHQWLGDGHVSHUVRQDOHVHQHOiPELWRGHOWUDEDMR
(MHPSOR³/DVGHPDQGDVSUREOHPDVRQHFHVLGDGHVGHORVDFWRUHV
VHFWRUHV \ RUJDQL]DFLRQHV VRFLDOHV HQ PXFKDV RFDVLRQHV GHEHQ
FLUFXODU \ YLVLELOL]DUVH VRFLDOPHQWH SDUD WHQHU SRVLELOLGDGHV GH
WUDQVIRUPDUVHHQXQDFXHVWLyQ2V]ODN\2'RQQHOO\XELFDUVH
GHQWUR GH OD DJHQGD HVWDWDO TXH HVWDEOHFH ODV SULRULGDGHV SDUD OD
PDWHULDOL]DFLyQ GH GHWHUPLQDGDV SROtWLFDV S~EOLFDV /DV OHFWXUDV \
ORVDQiOLVLVVREUHODFRQIRUPDFLyQGHHVWDDJHQGDGHEHQGLVSRQHUVH
FRQWH[WXDOHKLVWyULFDPHQWHSDUDTXHVHSXHGDFRPSUHQGHUFRPRVH
FRQVWLWX\H\VHGLQDPL]DODPLVPDDYHFHVGHXQDIRUPDTXHKXELHUD
VLGR LPSHQVDEOH WLHPSR DWUiV /DV YDULDGDV \ FRPSOHMDV
SUREOHPiWLFDV UHVXOWDQWHV GHO JUDYtVLPR GpILFLW GH FLXGDGDQtD GH OD
SREODFLyQ TXH QR UHPLWHQ DO PRGHOR ELQDULR VH[XDO \ KHWHURVH[LVWD
YLHQHQ GH ODUJR WLHPSR DWUiV HQ FRQGLFLRQHV KLVWyULFDV GH IXHUWH
LQYLVLELOL]DFLyQ \ UHSUHVLyQ QR VROR GHVGH HO (VWDGR VLQR GH OD
VRFLHGDG FLYLO \ GHVGH GLIHUHQWHV RUJDQL]DFLRQHV H LQVWLWXFLRQHV (V
FRP~QTXHVHFRQFHSWXDOLFHDHVWDVSUREOHPiWLFDVFRPRSDUWHGHODV
³QXHYDV FRQIOLFWLYLGDGHV´ SHUR OR FLHUWR HV TXH GHVGH XQD
SHUVSHFWLYDKLVWyULFDQRWLHQHQDGDGHQRYHGRVDV
(Q OD DFWXDOLGDG OD YLGD SROtWLFD GH ORV PRYLPLHQWRV \ ODV
RUJDQL]DFLRQHVVRFLDOHVFRQILJXUDGDVDSDUWLUGHODUHLYLQGLFDFLyQGH
OD GLYHUVLGDG VH[XDO OHVELDQDV JD\V \ WUDQV \ GH OD GHIHQVD GH OD
DXWR LGHQWLGDG GH JpQHUR HQ VX FRPSOLFDGD UHODFLyQ FRQ HO (VWDGR
PDUFDQ XQD DJHQGD LPSHQVDGD H LQQRYDGRUD TXH FRQIOX\H HQ
GHEDWHV SDUODPHQWDULRV QDFLRQDOHV \ GHFLVLRQHV SROtWLFDV FUHDQGR
DVtXQPDUFRQRUPDWLYRQXHYRFDUDFWHUL]DGRSRUVXSHUPHDELOLGDGD

ODV GHPDQGDV GH ODV RUJDQL]DFLRQHV VRFLDOHV OD OH\ GH PDWULPRQLR
LJXDOLWDULR OH\ GH VDOXG PHQWDO OH\ GH PXHUWH GLJQD OH\ FRQWUD OD
YLROHQFLDGHJpQHUROH\GHUHSURGXFFLyQDVLVWLGDVRQDOJXQRVGHORV
FDVRV TXH HMHPSOLILFDQORDILUPDGR6LQHPEDUJR HVWD ³DPSOLDFLyQ
GHGHUHFKRV´FXHQWDFRQXQLPSRUWDQWHGHVDItRGHDSOLFDELOLGDGVRQ
OH\HVQXHYDVHQFRQWH[WRVVRFLDOHV\FXOWXUDOHVFRQVHUYDGRUHV\SDUD
VHU PiV SUHFLVRV VH HQIUHQWDQ D LQVWLWXFLRQHV YLFLDGDV GH
FRQQLYHQFLD\GHVSUHVWLJLRVREUHODPDWHULDTXHDERUGDQ/DOH\GH
LGHQWLGDGGHJpQHURQRVHHQFXHQWUDUHJODPHQWDGDHQORTXHDWDxHDO
DFFHVRDODVDOXGLQWHJUDOGHSHUVRQDVWUDQVODSVLTXLDWL]DFLyQHQODV
LQVWLWXFLRQHVPRQRYDOHQWHVVHFRQWUDSRQHDODOH\GHVDOXGPHQWDOOD
FRUUXSFLyQ FRUSRUDWLYD GH ODV REUDV VRFLDOHV REVWDFXOL]DQ HO
LPSOHPHQWRGHODOH\GHUHSURGXFFLyQDVLVWLGDODVSUiFWLFDVVRFLDOHV
\ FXOWXUDOHV SDWULDUFDOHV GH ORV DJHQWHV GH VHJXULGDG \ ORV
RSHUDGRUHV MXGLFLDOHV GHVHVWLPDQGR GHQXQFLDV VREUH YLROHQFLD GH
JpQHUR OD IDOWD GH DGRSFLyQ GH PHGLGDV VXILFLHQWHV SDUD OD
SURWHFFLyQ GH ODV PXMHUHV \ ODV FRPSOLFLGDGHV IUDWHUQDV GHMDQ
LPSXQHVQXPHURVDVGHQXQFLDVVRQGpILFLWVHQPDWHULDGHGHUHFKRVGH
FLXGDGDQtD
(Q HVWH FRQWH[WR GH DYDQFHV \ GH GHVDItRV HV TXH SUHVHQWDPRV XQD
H[SHULHQFLD HQULTXHFHGRUD VREUH FRPR RUJDQL]DFLRQHV VRFLDOHV \ HO
(VWDGRSXHGHQDUWLFXODUVHSDUDJHQHUDUQXHYDVFXHVWLRQHVWRPDQGR
HQ FXHQWD ODV GHILQLFLRQHV GH OD UHDOLGDG GH DTXHOORV TXH VXIUHQ
FRQGLFLRQHV GH YLGD GHVLJXDOHV \ SDGHFHQ GLVFULPLQDFLyQ HQ ORV
GLIHUHQWHViPELWRVGHODYLGDFRWLGLDQD(QPDUFDUHPRVHOYtQFXORGH
ORV PRYLPLHQWRV \ RUJDQL]DFLRQHV VRFLDOHV HQ WRUQR D OD OH\ GH
LGHQWLGDGGHJpQHUR/H\1GHPD\RGHLQpGLWDHQHO
PXQGR HQ DUWLFXODFLyQ FRQ HO SUR\HFWR GH OD (QFXHVWD VREUH
3REODFLyQ WUDQV HQ$UJHQWLQD ,1'(& ,QLFLDWLYDTXH UHVDOWD
OD LPSRUWDQFLD GH FRQWDU FRQ GDWRV RILFLDOHV TXH SHUPLWDQ WUDEDMDU
HQ SROtWLFDV GH HVWDGR VyOLGDV \ GXUDGHUDV 6LJXLHQGR HVWH SODQWHR
LQLFLDO QRV LQWHUHVD DERUGDU XQ DQiOLVLV VREUH ODV UHDOLGDGHV WUDQV
UHFRQRFLGDVKR\SRUHO(VWDGRHQLJXDOGDGGHGLJQLGDG\WUDWR\ODV

HVWUDWHJLDV SDUD OD JHQHUDFLyQ GH SROtWLFDV HIHFWLYDV´ 5XHGD \

6HUELD
(MHPSOR ³(O SUREOHPD TXH PRWRUL]y HVWH HVWXGLR VH PDQLIHVWy D
SDUWLU GH GLYHUVRV FRPHQWDULRV GH DOXPQRV TXH HVWDEOHFHQ
LGHQWLILFDFLRQHV FRQ HVWLORV GH YLGD QR FRQYHQFLRQDOHV HOORV
H[SUHVDEDQ TXH GHEHQ PRGLILFDU VX DVSHFWR VX DFWLWXG \ VXV
FRPSRUWDPLHQWRV DO WHQHU TXH WUDEDMDU GHQWUR GH JUDQGHV
RUJDQL]DFLRQHVIRUPDOHV(QHOGLDULR,QIREDHGHOGHVHWLHPEUHGH
VH SXEOLFy XQD QRWLFLD TXH GD FXHQWD GH XQD GH ODV
FRQVHFXHQFLDVGHHVWHSUREOHPD$OOtVHLQIRUPyTXHHQOD&LXGDGGH
&yUGRED VH FRQVXPy XQD FDPSDxD GHVWLQDGD D SHUVRQDV TXH
UHDOL]DURQ HQ DOJXQD HWDSD GH VX YLGD XQ WDWXDMH \ TXH
SRVWHULRUPHQWH VH DUUHSLQWLHURQ /D FDPSDxD RIUHFtD ERUUDU ORV
WDWXDMHVDWUDYpVGHODXWLOL]DFLyQGHXQVLVWHPDOiVHUHOFXDOHVWiHQ
FRQGLFLRQHVGHTXLWDUFXDOTXLHUWLSRGHLQVFULSFLyQTXHVHOX]FDHQOD
SLHO(VWDFDPSDxDVXUJLyHQHOPDUFRGHDPSOLDUODVFRQGLFLRQHVGH
LQFOXVLyQVRFLRODERUDOGHODSREODFLyQ\HVWXYRGHVWLQDGDDLQWHQWDU
HOLPLQDU SUREOHPDV TXH OHV VXUJHQ D ODV SHUVRQDV FXDQGR LQWHQWDQ
EXVFDU WUDEDMR \D TXH XQD GH ODV FDXVDV GH H[FOXVLyQ ODERUDO \
VRFLDOTXHFUHFLHURQHQORVUHJLVWURVVRQSUHFLVDPHQWHHVWDVPDUFDV
HQ OD SLHO 0iV DOOi GH HVWH GDWR HO WHPD TXH PRWLYy HVWD
LQYHVWLJDFLyQ SURYLHQH RULJLQDOPHQWH GH OD H[SHULHQFLD FRWLGLDQD \
GRFHQWH \ UHVSRQGH D LQTXLHWXGHV SHUVRQDOHV TXH VH
GHVHQFDGHQDURQ D SDUWLU GHO FRQWDFWR FRQ SHUVRQDV TXH HVWiQ
SRVLFLRQDGDV HQ OD VLWXDFLyQ TXH VH GHVFULEH HQ HO SUREOHPD /D
SUREOHPiWLFD LPSOLFD OD FRPSUHQVLyQ \ OD UHIOH[LyQ VREUH ORV
PHFDQLVPRV GH FRQWURO VRFLDO TXH ODV RUJDQL]DFLRQHV LQWHQWDQ
HVWDEOHFHU \ ODV UHVSXHVWDV TXH VXV LQWHJUDQWHV HODERUDQ SDUD
FRQVHUYDUVXLGHQWLGDGSHUVRQDO\VLPXOWiQHDPHQWHVXWUDEDMR
(OSUHVHQWHHVWXGLRVHHQPDUFyHQODSHUVSHFWLYDGHODLQYHVWLJDFLyQ
FXDOLWDWLYDIHQRPHQROyJLFD \ HVSHFtILFDPHQWH HQ HO FDPSR GH ORV
DQiOLVLV GH ORV VHQWLGRV GH OD DFFLyQ (O WHPD VH DQDOL]y GHVGH XQD
ULFD SHUVSHFWLYD WHyULFDSHUR FRQ HVFDVR UHVSDOGR HPStULFR'HVGH

HO SODQR WHyULFR VH KD WUDEDMDGR FRQ WH[WRV GH PLFURVRFLRORJtD
HVSHFLDOPHQWH FRQ ODV FDWHJRUtDV FRQFHSWXDOHV GH (UYLQJ *RIIPDQ
$ SHVDU GH TXH HV XQ WHPD HVFDVDPHQWH DERUGDGR GHVGH OD
SHUVSHFWLYD PHWRGROyJLFD \ HPStULFD VH KD HQFRQWUDGR XQ WUDEDMR
TXH HVWDEOHFH HO WHPD GHO HQFXEULPLHQWR GH OD LGHQWLGDG SHUR FRQ
UHODFLyQ D OD FRPXQLGDG 7RED \ VX SUHVHQWDFLyQ SHUVRQDO HQ ORV
HVSDFLRV XUEDQRV $GHPiV VH KDQ GHWHFWDGR WUDEDMRV GLJLWDOL]DGRV
TXHVHHQFXHQWUDQHQOD:HEVREUHHOWUDWDPLHQWRGHOHQFXEULPLHQWR
GH SHUVRQDV GH OD WHUFHUD HGDG DQWH HO HVWLJPD \ RWUR VREUH ODV
SURVWLWXWDV \ VX YLGD FRWLGLDQD TXH SXHGHQ VHU WRPDGRV FRPR
DQWHFHGHQWHV HQ HO WUDWDPLHQWR GH DOJXQDV FRQFHSWXDOL]DFLRQHV TXH
VHXWLOL]DUiQHQHVWHWUDEDMR
(ODERUGDMHGHODSUREOHPiWLFDLQYROXFUyXQSURFHVRGHFRPSUHQVLyQ
\ UHIOH[LyQ VREUH ODV PRGDOLGDGHV GH FRPSRUWDPLHQWR \
VLJQLILFDFLRQHV JHQHUDGDV D SDUWLU GH ORV PHFDQLVPRV GH FRQWURO
VRFLDO TXH ODV RUJDQL]DFLRQHV ODERUDOHV LQWHQWDQ HVWDEOHFHU FRQ
UHVSHFWR D VXV HPSOHDGRV 6H HVWXGLDURQ ODV UHVSXHVWDV GH
HQWUHYLVWDGRV TXH LGHQWLILFiQGRVH FRQ XQ HVWLOR GH YLGD QR
FRQYHQFLRQDO WXYLHURQ TXH WUDEDMDU HQ RUJDQL]DFLRQHV IRUPDOHV (O
DQiOLVLV LPSOLFy HO UHFRQRFLPLHQWR GH ORV DVSHFWRV FRJQLWLYRV
HPRFLRQDOHV\GHFRPSRUWDPLHQWRVLPSOLFDGRVHQODVHVWUDWHJLDVGH
SUHVHQWDFLyQGHVWLQDGDV D FRQVHUYDUODVLGHQWLILFDFLRQHVSHUVRQDOHV
\ VLPXOWiQHDPHQWH OD SHUPDQHQFLD HQ HO WUDEDMR 8QR GH ORV
LPSDFWRV SRWHQFLDOHV GH HVWD LQYHVWLJDFLyQ HVWi GLULJLGR D SURGXFLU
HVSDFLRV LQVWLWXFLRQDOHV H LQIRUPDOHV GH UHIOH[LyQ DFHUFD GH ODV
FRQVHFXHQFLDV\ODVPRGDOLGDGHVGHFRQWUROVRFLDODILQGHFRQFUHWDU
XQD FRPXQLFDFLyQ PiV HILFD] DO LQWHULRU GH GLIHUHQWHV
RUJDQL]DFLRQHV \ XQD FRPSUHQVLyQ GH SDUWH GH ORV VXMHWRV GH ORV
DOFDQFHV \ FRQVHFXHQFLDV ItVLFDV SVtTXLFDV \ HPRFLRQDOHV GH VXV
SURSLDV HVWUDWHJLDV LGHQWLWDULDV 2WUR LPSDFWR HVSHUDGR WLHQH TXH
YHU FRQ HO DXPHQWR HQ OD FRPSUHQVLyQ HPStULFD GH ODV WHRUtDV
XWLOL]DGDV\GHOFRQRFLPLHQWRH[LVWHQWHHQHOiUHDHVSHFtILFRGHHVWH
HVWXGLR´6HUELD

*XtDGHSUHJXQWDV
'HVFULELUHOLQLFLRGHODLQYHVWLJDFLyQVHJ~QODSHUVSHFWLYDGHHVWH
OLEURGLIHUHQFLiQGRODGHRWUDVSRVWXUDV
¢&yPR VH FRQVWLWX\H HO SUREOHPD GH LQYHVWLJDFLyQ" ¢&XiO HV VX
RULJHQ"
&RQ UHVSHFWR D OD GHPDQGD GH LQYHVWLJDFLyQ GLVWLQJXLU HQWUH

³REMHWRDUWHVDQDO´\³REMHWRSUHIDEULFDGR´
6HxDODUODVGLVWLQWDVHWDSDVHQOD PDWHULDOL]DFLyQGHOSUREOHPDGH
LQYHVWLJDFLyQ
(VWDEOHFHUODLPSRUWDQFLDGHODGHOLPLWDFLyQILQDOGHOSUREOHPDGH
LQYHVWLJDFLyQ
¢&yPRVHGHEHUHGDFWDUHOSUREOHPDGHLQYHVWLJDFLyQ"
¢&XiOHV VRQ ORV FULWHULRV SDUD DSUHFLDU XQ SUREOHPD GH
LQYHVWLJDFLyQ"

$&7,9,'$'
3URSRQHU XQ SUREOHPD GH LQYHVWLJDFLyQ UHODFLRQDGR DO WHPD GHO

DUWtFXORGHOLPLWDUOR\DQDOL]DUFXiOVHUtDODXWLOLGDGVRFLDOGHOPLVPR
/$62/('$'810$/&217(0325È1(2081',$/48((1
5(,1281,'2$+25$(6$68172'((67$'2
/D VROHGDG HV XQR GH ORV PDOHV TXH DFHFKD D OD VRFLHGDG
FRQWHPSRUiQHDDWDOSXQWRTXHHQ5HLQR8QLGRVHYROYLyXQDVXQWR
GH(VWDGR/DSULPHUDPLQLVWUDEULWiQLFD7KHUHVD0D\DQXQFLyHVWD
VHPDQDODFUHDFLyQGHXQ0LQLVWHULRGHOD6ROHGDG$OIUHQWHGHHVH
RUJDQLVPR IXH QRPEUDGD 7UDFH\ &URXFK TXLHQ GHEHUi OLGLDU FRQ
XQDSUREOHPiWLFDTXHDIHFWDDPLOORQHVGHSHUVRQDVHQHVHSDtVHO
GH OD SREODFLyQ WRWDO (VWR VXFHGH SDUDGyMLFDPHQWH HQ
WLHPSRV GH OD KLSHUFRQH[LyQ TXH SURSRUFLRQDQ LQWHUQHW \ ODV UHGHV
VRFLDOHV ,QIRUPHV SXEOLFDGRV HQ GDEDQ FXHQWD GH TXHOD
VROHGDGHVWDQSHUMXGLFLDOSDUDODVDOXGFRPRIXPDUFLJDUULOORVDO
GtD $XQTXH HVWH IHQyPHQR QR GLVWLQJXH HGDGHV ORV PiV DIHFWDGRV
VRQODVSHUVRQDV PD\RUHV6H HVWLPD TXH HQ ,QJODWHUUDOD PLWDG GH
ORVDQFLDQRVGH DxRV YLYHQVRORV OR TXH HTXLYDOH D XQRV
PLOORQHVGHSHUVRQDV0XFKRVGHHOORVGLFHQTXHSDVDQGtDVLQFOXVR
VHPDQDVVLQQLQJ~QWLSRGHLQWHUDFFLyQVRFLDO8QDGHODVDFFLRQHV
TXHSODQHDHQFDUDUHOJRELHUQREULWiQLFRHVGLVHxDUXQPpWRGRSDUD
PHGLUODVROHGDG\OXHJRGHILQLUDFFLRQHVHQFRQVHFXHQFLD
$&7,9,'$'
$SDUWLUGHODOHFWXUDGHOVLJXLHQWHDUWtFXORLGHQWLILFDU TXHDFWRUHVVH
LQYROXFUDQ HQ OD LQYHVWLJDFLyQ UHDOL]DGD \ FXiO VHUtD HO SUREOHPD
LPSOLFDGR

¢32548e/26-$321(6(67,(1(1&$'$9(=0(1266(;2"
(Q -DSyQ KD\ GHPDVLDGRV MyYHQHV YtUJHQHV \ HO JRELHUQR HVWi

SUHRFXSDGR/DSREODFLyQGH-DSyQHVODPiVYLHMDGHOPXQGR\OD
SHUVSHFWLYD HV TXH HO SUREOHPD VyOR YD D VHJXLU FUHFLHQGR D ORV
MyYHQHVQRVyORQRSDUHFHLQWHUHVDUOHVIRUPDUIDPLOLDQLVLTXLHUDOHV
OODPD OD DWHQFLyQ HO VH[R (Q XQD UHFLHQWH HQFXHVWDHO GH ORV
KRPEUHV \ HO GH ODV PXMHUHV TXH D~Q QR VH KDQ
FDVDGRGLMHURQVHU YtUJHQHV (VWD SURSRUFLyQ KD DXPHQWDGR FRQ
UHVSHFWRDODxRFXDQGRHOGHORVKRPEUHV\HOGH
ODVPXMHUHVGHFODUDURQQRKDEHUWHQLGRVXSULPHUDUHODFLyQVH[XDO
(QODFDPELDQWHVRFLHGDGMDSRQHVDORVMyYHQHVHVWiQSULRUL]DQGRVX
LQGHSHQGHQFLD \ WUDWDQ GH DOHMDUVH GH ORV SUREOHPDV TXH SXHGH
WUDHU XQD UHODFLyQ DPRURVD (QWUH DTXHOORV TXH D~Q QR KDQ
FRQWUDtGR PDWULPRQLR HO GH ORV KRPEUHV \ HO GH ODV
PXMHUHVQRWLHQHQSDUHMD'HQWURGHHVWHJUXSRHOGHORV
KRPEUHV \ HO GH ODV PXMHUHV QR GHVHDQ FRPHQ]DU XQD
UHODFLyQ tQWLPD HQ HVWRV PRPHQWRV (O HVWXGLR FXEULy XQ WRWDO GH
SHUVRQDV VROWHUDV \ SDUHMDV FDVDGDV GH WRGR HO SDtV
-DSRQHVHVKHWHURVH[XDOHVHQWUH\DxRVFRQIRUPDURQODPXHVWUD
DQDOL]DGDHQMXQLRGHSRUHO,QVWLWXWR1DFLRQDOGH,QYHVWLJDFLyQ
VREUH 3REODFLyQ \ 6HJXULGDG 6RFLDO (VWD HQFXHVWD VH DSOLFD FDGD
FLQFRDxRVGHVGH(QMXQLRGHXQDHQFXHVWDRILFLDOKDEtD
PRVWUDGR TXH PXFKRV YHLQWHDxHURV \ WUHLQWDxHURV MDSRQHVHV
FRQVLGHUDQ TXH ODV UHODFLRQHV URPiQWLFDV VRQ PROHVWDV VHJ~Q
UHILULyHOSHULyGLFR-DSDQ7LPHV7XOLS0D]XPGDUUHSRUWHUDJOREDO
GH VDOXG GH %%& LQYHVWLJy TXp KD\ GHWUiV GH HVWH UHFKD]R D OD
LQWLPLGDG /D UHVSXHVWD TXH VH HQFRQWUy HQWUH ORV MyYHQHV IXH
TXHWRGRV HVWDEDQ PX\ RFXSDGRV FRPR SDUD LQLFLDU XQ QRYLD]JR
+XJRGHDxRVSODQWHD&XDQGRWHFDVDVODPXMHUVHHQFDUJDGH
ODV ODERUHV GRPpVWLFDV PLHQWUDV TXH HO KRPEUH WLHQH TXH WUDEDMDU
IXHUD SDUD FRQVHJXLU HO VXVWHQWR IDPLOLDU (VD LGHD HVWi PX\
HQUDL]DGD HQ OD FXOWXUD MDSRQHVD /XHJR FRQILHVD TXH ODV
UHVSRQVDELOLGDGHVDVRFLDGDVDODYLGDIDPLOLDUDPHQD]DUtDQVXHVWLOR

GHYLGDDFWXDO«
(OLQFUHPHQWRGHYHLQWHDxHURVVLQSDUHMDUHVXOWDSUHRFXSDQWHSDUDOD
VRFLHGDGFRQODSREODFLyQPiVHQYHMHFLGDGHOPXQGR(VDHVODHGDG
HQ TXH VHJ~Q GLYHUVRV HVWXGLRV FLHQWtILFRV ODV PXMHUHV VRQ PiV
IpUWLOHV /D VLWXDFLyQ UHVXOWD WDQ DODUPDQWH TXH ORV HFRQRPLVWDV
+LURVKL<RVKLGD\0DVDKLUR,VKLJDNLGHOD8QLYHUVLGDGGH7RKRNX
FUHDURQ XQ UHORM GLJLWDO SDUD HVWLPDU HO GtD TXH ORV MDSRQHVHV VH
H[WLQJXLUiQ VL ODV FRVDV VLJXHQ FRPR YDQ SUR\HFWDQ TXH HO GH
DJRVWR GH VROR TXHGH XQ MDSRQpV YLYR /DV DXWRULGDGHV
MDSRQHVDV HVWiQ WUDWDQGR GH UHYHUWLU OD UiSLGD \ GHVFRQWURODGD
GLVPLQXFLyQGHODSREODFLyQMDSRQHVD8QDUHGXFFLyQGHR
SHUVRQDV SRU DxR VRQ ODV FLIUDV TXH PDQHMD HO ,QVWLWXWR
1DFLRQDO GH ,QYHVWLJDFLyQ VREUH 3REODFLyQ \ 6HJXULGDG 6RFLDO
6HJ~QH[SRQHHOSHULyGLFR-DSDQ7LPHVODDGPLQLVWUDFLyQGHOSULPHU
PLQLVWUR6KLQ]R $EHVH KD SURSXHVWRDXPHQWDU OD WDVDGH IHUWLOLGDG
GHODFWXDODXQHQ(OJRELHUQRKDRIUHFLGRLQFHQWLYRV
ILVFDOHVDSDUHMDVFDVDGDV\KDDPSOLDGRORVVHUYLFLRVGHFXLGDGRGH
QLxRVFRQHOILQGHHVWLPXODUODPDWHUQLGDG/D$VRFLDFLyQ-DSRQHVD
GH 3ODQLILFDFLyQ )DPLOLDU SXEOLFy UHFLHQWHPHQWH XQD HQFXHVWD
DSOLFDGD D SHUVRQDV HQWUH \ DxRV HQ OD TXH HO GH OD
PXHVWUDGLMRTXHQRKDEtDWHQLGRVH[RHQHO~OWLPRPHVVHJ~QLQGLFD
HOSHULyGLFREULWiQLFR7KH,QGHSHQGHQW(VWDSURSRUFLyQDXPHQWyHQ
XQFRQUHVSHFWRDGRVDxRVDWUiV7DQWRPXMHUHVFRPRKRPEUHV
DWULEX\HURQ HVWD IDOWD GH GHVHR VH[XDO DO GHVEDODQFH HQWUH VX YLGD
ODERUDO\VXYLGDSULYDGD(OFDQVDQFLRGHVSXpVGHODUJDVKRUDVGH
WUDEDMRDIHFWDDPXFKRVKRPEUHVTXLHQHVSXHGHQFXPSOLUDOUHGHGRU
GHXQDV KRUDVDODVHPDQD QDUUDOD UHSRUWHUD GH OD %%&7XOLS
0D]XPGDU 3RU RWUD SDUWH HO UHLQLFLR IDOOLGR GH ODV UHODFLRQHV
VH[XDOHV GHVSXpV GHO QDFLPLHQWR GHORV KLMRV HV XQR GH ORV IDFWRUHV
TXHPiVDIHFWDQDODVSDUHMDVFDVDGDV(QWUHTXLHQHVWRGDYtDQRVH
FDVDQODVSREUHVKDELOLGDGHVFRPXQLFDWLYDVXQDOLPLWDGDHGXFDFLyQ
VH[XDO OD SUHVLyQ VRFLDO \ HVFRODU HO WHPRU D UHFLELU XQD QHJDWLYD
SRUSDUWHGHOD RWUDSHUVRQDDGHPiVGHOSRFRWLHPSROLEUHGHOTXH

GLVSRQHQ SDUHFHQ UHIRU]DU HO FHOLEDWR GXUDQWH ODUJRV SHULRGRV GH

WLHPSR 2WUR HOHPHQWR D WHQHU HQ FXHQWD HV OD GLVSRQLELOLGDG GH
PpWRGRV DQWLFRQFHSWLYRV 6HJ~Q LOXVWUD 0D]XPGDU ODV SDVWLOODV
DQWLFRQFHSWLYDVKDQHVWDGRDODYHQWDHQ-DSyQVRORGHVGHILQDOHVGHO
VLJORSDVDGR\FRQWLQ~DQVLHQGRUHODWLYDPHQWHFRVWRVDV)HQyPHQRV
VLPLODUHVVHSXHGHQREVHUYDUHQRWUDVSDUWHVGHOPXQGRVREUHWRGR
HQ ORV SDtVHV LQGXVWULDOL]DGRV /D LQHVWDELOLGDG HFRQyPLFD SDUHFH
HVWDU DIHFWDQGR OD PDQHUD HQ TXH ODV JHQHUDFLRQHV PiV MyYHQHV
PDQHMDQ VX YLGD VH[XDO \ HODERUDQ VXV LGHDV VREUH HO PDWULPRQLR
3DUD HO MHIH GHO 'HSDUWDPHQWR GH ,QYHVWLJDFLyQ GH 'LQiPLFDV
3REODFLRQDOHV GHO ,QVWLWXWR )XWRVKL ,VKLL RWUR HOHPHQWR UHVXOWD
UHOHYDQWHDODKRUDGHH[DPLQDUODVDVSLUDFLRQHVGHORVHQFXHVWDGRV
TXLHQHV HQ VX PD\RUtD HVSHUDQ FDVDUVH HQ DOJ~Q PRPHQWR ,VKLL
GHFODUD DO-DSDQ 7LPHVTXH OD GLVWDQFLD HQWUH LGHDOHV \ UHDOLGDG
SRGUtD HVWDU GHVDQLPiQGRORV D OD KRUD GH EXVFDU LQWLPLGDG < GH
HVWH PRGR OD LQGXVWULD GH VXEVWLWXWRV GH UHODFLRQHV FRPSOHWD OD
GHVDOHQWDGRUDLPDJHQ
$ SHVDU GH TXH ODV UHODFLRQHV URPiQWLFDV QR VRQ SULRULGDG SDUD
PXFKRV MyYHQHVMDSRQHVHV ODV QHFHVLGDGHV HPRFLRQDOHVQRVLHPSUH
GHVDSDUHFHQ3DUDDOLYLDUODVHOPHUFDGRMDSRQpVRIUHFHXQDDPSOLD
JDPDGHRSFLRQHV 3RUHMHPSOR 0D]XPGDUH[SOLFD TXHFRQWUDWDUD
XQDSHUVRQDGHOVH[RRSXHVWRSDUDSDVHDU\FRQYHUVDUSRUXQUDWRVH
KDFRQYHUWLGRHQXQDSUiFWLFDUHODWLYDPHQWHFRP~Q(VWRUHVXOWDPX\
FRQYHQLHQWHSDUDTXLHQHV VHDVXVWDQDQWHODLGHDGHXQDUHODFLyQ
PiVLQWHQVD3DUDHOGLUHFWRUGHDXGLRYLVXDOHV+LURVKL.XURVDNLHQ
HO PXQGRUHDO WHQHU XQDSDUHMD HVWDEOHHV PX\ GLItFLO$ PHQXGR
IDOODPRV LQWHQWDQGR FRQVWUXLU XQD UHODFLyQ DPRURVD (Q XQD
VRFLHGDG FRPR HVWD GRQGH OD VREUHDEXQGDQFLD GH LPiJHQHV
VH[XDOL]DGDV FRQWUDVWD FRQ OD IDOWD GH DFWLYLGDG VH[XDO ORV
YLGHRVKHQWDLSRUQRJUDItD DQLPDGD VRQ XQ SURGXFWR PX\ SRSXODU
.XURVDNLORUHVXPHGHHVWHPRGRHOKHQWDLHVPX\H[LWRVRHQWUHORV
FRQVXPLGRUHVMDSRQHVHVSRUTXHHVPiVVLPEyOLFRHLUUHDO«
6HJ~QUHYHODODHQFXHVWDUHFLpQSXEOLFDGDHQFXDQWRDOHQWXVLDVPR

SRU OD YLGD HQ SDUHMD QR KD\ GLVFUHSDQFLDV GHPDVLDGR UHOHYDQWHV
HQWUH DPERV JpQHURV /D ~QLFD H[FHSFLyQ VHUtD TXL]iV OR TXH
HO-DSDQ 7LPHVGHILQH FRPRHO YLHMR SUREOHPD GH ODV GLIHUHQFLDV
HQWUHHOVLJQLILFDGRTXHKRPEUHV\PXMHUHVOHRWRUJDQDODSDODEUD
FRPSURPLVR
3HUR ORV WHVWLPRQLRV TXH YDULDV MyYHQHV MDSRQHVDV
RIUHFLHURQ D OD %%& DSXQWDQ D OD H[LVWHQFLD GH RWUD EUHFKD HQWUH
KRPEUHV\PXMHUHV$XQTXHODSURSRUFLyQGHPXMHUHVTXHKDQYXHOWR
D WUDEDMDU GHVSXpV GH WHQHU VX SULPHU KLMR HV VXSHULRU DO SRU
SULPHUD YH] HQ OD KLVWRULD GHO SDtV HO DPELHQWH ODERUDO MDSRQpV
FRQWLQ~DVLQVHUWRWDOPHQWHIDYRUDEOHSDUDODVPDGUHV
$&7,9,'$'
,QGLFDU \ IXQGDPHQWDU VL DOJXQR GH ORV VLJXLHQWHV SODQWHRV SRGUtD

FRQVWLWXLUVH HQ SUREOHPDV GH LQYHVWLJDFLyQ HQ HO FDVR TXH OD
UHVSXHVWDVHDQHJDWLYDUHHVWUXFWXUDUORSDUDTXHDVtORVHD
3ODQWHR
7KH 1HZ <RUN 7LPHVSXEOLFy HQ XQ DUWtFXOR FRQ HVWH
SURYRFDGRU WLWXODUTXH UHODFLRQDED OD KRPRIRELD \ OD
KRPRVH[XDOLGDG (O WH[WR H[SRQtD HO UHVXOWDGR GH YDULDV
LQYHVWLJDFLRQHV (YLGHQWHPHQWHQR WRGRV ORV KRPyIRERV VRQ
KRPRVH[XDOHV 6H SXHGH WHQHU DQWLSDWtD X RGLR KDFLD SHUVRQDV
GLIHUHQWHV SRU GLYHUVRV PRWLYRV SRU HGXFDFLyQ SRU FUHHQFLDV GH
FXDOTXLHU WLSR R SRU PLHGR 6LQ HPEDUJR HVWD DYHUVLyQ WDPELpQ
SXHGH HVWDU SURGXFLGD SRU OD UHSUHVLyQ TXH FLHUWDV SHUVRQDV KDFHQ
GHVXVSURSLRVGHVHRVFRPRGLUtD)UHXG(VMXVWRORTXHOHVVXFHGLy
DSHUVRQDOLGDGHVGHFLHUWDQRWRULHGDGS~EOLFD(Q(VWDGRV8QLGRVVH
KLFLHURQ IDPRVRV YDULRV OtGHUHV HYDQJpOLFRV\SROtWLFRV TXH WLOGDEDQ
DODKRPRVH[XDOLGDGGHSHFDGRRTXHDERJDEDQSRULQFOXLUODFRPR
GHOLWRGHRGLR (OSDVRGHOWLHPSRGHVFXEULyTXH TXLHQHVGHIHQGtDQ
HVWDV WHVLV KDEtDQ WHQLGR H[SHULHQFLDV FRQ SHUVRQDV GH VX PLVPR

VH[R
([LVWHQGLYHUVDVLQYHVWLJDFLRQHVTXHHYLGHQFLDQODFRUUHODFLyQHQWUH
KRPRIRELD\KRPRVH[XDOLGDG8QDGHHOODVIXHODSXEOLFDGDHQ
GHVSXpV GH DQDOL]DU HO FRPSRUWDPLHQWR GH MyYHQHV
HVWDGRXQLGHQVHV \ DOHPDQHV (Q HO HVWXGLR VH OHV SLGLy TXH
H[SUHVDUDQ VX WHQGHQFLD VH[XDO HQ XQD HVFDOD GH FHUR D GHVGH
KRPRVH[XDO D KHWHURVH[XDO 'HVSXpV UHDOL]DURQ XQ HMHUFLFLR GH
³DVRFLDFLyQ VHPiQWLFD´ TXH FRQVLVWH HQ FDWHJRUL]DU LPiJHQHV
UHODFLRQDGDVFRQODKRPRVH[XDOLGDGRODKHWHURVH[XDOLGDGPLHQWUDV
HO RUGHQDGRU PLGH HO WLHPSR GH UHDFFLyQ /RV LQYHVWLJDGRUHV
LQFOX\HURQODSDODEUD\RGHPDQHUDVXEOLPLQDO$SDUHFtDWDQVROR
PLOLVHJXQGRV SDUD TXH OD PHQWH FRQVFLHQWH QR UHSDUDUD HQ HOOD
6HJ~Q OD DVRFLDFLyQ VHPiQWLFD VL XQR FUHH TXH HV KRPRVH[XDO \
DQWHVKDDSDUHFLGRODSDODEUD\RKDFHXQDDVRFLDFLyQPiVUiSLGD
WDO \ FRPR PLGH HO RUGHQDGRU /RV UHVXOWDGRV FRQFOX\HURQ TXHPiV
GHO GH ORV SDUWLFLSDQWHV TXH H[SUHVDURQ TXH HUDQ
FRPSOHWDPHQWH KHWHURVH[XDOHV PRVWUDEDQ DOJXQD GLVFUHSDQFLD FRQ
VXV UHVSXHVWDV < OR PiV VRUSUHQGHQWH GLFKDV SHUVRQDV HUDQ PiV
SURFOLYHV D SURPXOJDU SROtWLFDV FRQWUD ORV KRPRVH[XDOHV R GH
LPSRQHU FDVWLJRV PiV VHYHURV DO FROHFWLYR SRU GHOLWRV PHQRUHV
&XDQGRORVLQYHVWLJDGRUHVSURIXQGL]DURQHQODHGXFDFLyQTXHKDEtDQ
UHFLELGRORVSDUWLFLSDQWHVFRPSUREDURQXQQH[RFRP~QTXLHQHVPiV
KDEtDQGLVFUHSDGRHQHOHMHUFLFLRKDEtDQFUHFLGRHQDPELHQWHVPX\
FRQWURODGRUHV FRQ SDGUHV PX\ EHOLJHUDQWHV FRQWUD OD
KRPRVH[XDOLGDG(Q\DVHUHDOL]yXQDLQYHVWLJDFLyQTXHPHGtD
ODH[FLWDFLyQGHKRPEUHVDWUDYpVGHOJURVRUGHVXSHQHPLHQWUDV
YLVLRQDEDQ YtGHRV GH VH[R HQWUH KHWHURVH[XDOHV \ HQWUH
KRPRVH[XDOHV /RV FRQVLGHUDGRV KRPyIRERV QHJDURQ TXH OHV
JXVWDUDQORVYtGHRVHQWUHSHUVRQDVGHOPLVPRVH[R6LQHPEDUJRVXV
SHQHV GHFtDQ RWUD FRVD VH KDEtDQ H[FLWDGR /DV LQYHVWLJDFLRQHV
DQWHULRUHV QR GHMDQ GH VHU FRQWURYHUWLGDV WDQWR SRU ORV PpWRGRV
VHOHFFLRQDGRV\ORVSRUFHQWDMHVVXJHULGRVFRPRSRUODQRUHSHWLFLyQ
GH ORV UHVXOWDGRV$Vt VH H[SRQH HQ XQ DUWtFXOR SXEOLFDGR HQ

TXH QR HQFRQWUy FRUUHODFLyQ HQWUH DYHUVLyQ \ WHQGHQFLDV

KRPRVH[XDOHV \ TXH KD VLGR LJXDOPHQWH UHEDWLGR 3DUHFH REYLR
LQVLVWLU HQ TXH QR WRGRV ORV KRPyIRERV VRQ KRPRVH[XDOHV SHUR HV
SRVLEOH TXH HQ DOJXQRV FDVRV Vt H[LVWD DOJXQD UHODFLyQ FRPR VH
GHGXFHGHYDULDVLQYHVWLJDFLRQHVFLHQWtILFDVRDOPHQRVGHDOJXQDV
GHFODUDFLRQHVGHSHUVRQDVTXHORKDQUHFRQRFLGR9DOHODSHQDVHU
PiV VLQFHUR FRQ XQR PLVPR \ FRPR VXJLHUH 5LFKDUG 5\DQ XQR GH
ORV LQYHVWLJDGRUHV GH OD 8QLYHUVLGDG GH 5RFKHVWHUGHVSHUWDU OD
FRPSDVLyQ KDFLD ORV SURSLRV LQWUDQVLJHQWHV 4XL]i KD\DQ YLYLGR HQ
DPELHQWHVPX\FRQWURODGRUHV\HVWpQOXFKDQGRFRQWUDXQDSDUWHGHVt
PLVPRV
KWWSVHOSDLVFRPHOSDLVODERUDWRULRBGHBIHOLFLGDG
BKWPO
3ODQWHR
(QHFRQRPtDVHGLFHTXHORVJXDSRV\JXDSDVWLHQHQXQD³SULPDGH
EHOOH]D´HVGHFLUYDQDJDQDUPiVVDODULRVSRUHOPHURKHFKRGHVHU
DWUDFWLYRV \ HQ HO WHUUHQR SROtWLFR WLHQHQ PiV SRVLELOLGDGHV GH VHU
HOHJLGRV< HVWR VHQFLOODPHQWH HV LQMXVWR SRUTXH FRPR GHPXHVWUD
+DPHUPHVKODEHOOH]DQRHVXQLQGLFDGRUQLGHWDOHQWRQLGHPD\RU
GHVHPSHxRQLGHPHMRUFDSDFLGDGGHWUDEDMRH[FHSWRHQXQSHTXHxR
SRUFHQWDMHGHSURIHVLRQHVGHFDUDDOS~EOLFR\QRSRUTXHHVWRVVHDQ
PHMRUHV VLQR SRUTXH ORV FOLHQWHV SUHILHUHQ TXH OHV DWLHQGDQ DOJXQD
SHUVRQD DWUDFWLYD 6LQ HPEDUJR D SHVDU GH TXH HO WUDEDMR GH XQ
DGPLQLVWUDWLYRMHIHSURIHVRU«HVLQGHSHQGLHQWHGHDVSHFWRItVLFRVX
VDODULR YD D YDULDU 6HJ~Q,ULV %RKQHW GH OD 8QLYHUVLGDG GH
+DUYDUGHQ(VWDGRV8QLGRVORVKRPEUHVPiVDSXHVWRVJDQDQXQ
PiVTXHODPHGLD6LQHPEDUJRORVPHQRVDWUDFWLYRVFREUDQXQ
PHQRV FRQWURODQGR HO LPSDFWR GH RWUDV YDULDEOHV (VWH HVWXGLR
UHDOL]DGR HQ 5HLQR 8QLGR FRQILUPD GDWRV VLPLODUHV &XULRVDPHQWH
HVWDVGLIHUHQFLDVWDPELpQH[LVWHQHQHOFDVRGHODVPXMHUHVSHURQR
VRQWDQDFXVDGDVDOPHQRVHQ2FFLGHQWH6LQHPEDUJRHQ2ULHQWHVH
SHQDOL]DPXFKRQRVHUDWUDFWLYR/RVKRPEUHVFKLQRVPHQRVDSXHVWRV

FREUDQXQSRUGHEDMRGHODPHGLDIUHQWHDORVDWUDFWLYRVTXH
JDQDQ XQ PiV (Q HO FDVR GH ODV PXMHUHV ODV PiV DWUDFWLYDV
REWLHQHQ XQ PiV GH VDODULR IUHQWH D ODV SRFR DJUDFLDGDV TXH
OOHJDQ D FREUDU XQ PHQRV VLQ FRPHQWDULRV /RV SROtWLFRV
WDPELpQ WLHQHQ VX SULPD GH EHOOH]D 6HJ~Q %RKQHWVL VROR VH
PXHVWUDQ LPiJHQHV GH FDQGLGDWRV D REVHUYDGRUHV DOJXQRV GH HOORV
H[WUDQMHURVVHSXHGHSUHGHFLUTXLpQHVYDQDFRQVHJXLUVHUHOHJLGRV
DQDOL]DQGRVRORVXEHOOH]D$OPHQRVHVORTXHVHKDFRPSUREDGRHQ
)LQODQGLD$OHPDQLD)UDQFLD6XHFLD\5HLQR8QLGR¢3HURWRGRVRQ
YHQWDMDV SDUD ORV DWUDFWLYRV HQ HO WHUUHQR ODERUDO" 7DPELpQ ORV
JXDSRV WLHQHQ VXV ³SUREOHPLOODV´ DGHPiV GH OD HQYLGLD TXH
GHVSLHUWDQ D VX DOUHGHGRU VHJ~Q XQD LQYHVWLJDFLyQ UHDOL]DGD
SRU$QGUHRQL \ 3HWULH 6H OH SLGLy D XQD VHULH GH SDUWLFLSDQWHV TXH
HVFRJLHUDQ D FRPSDxHURV SDUD XQ HMHUFLFLR GH FRODERUDFLyQ (VWRV
VHOHFFLRQDURQ LQLFLDOPHQWH D ORV PiV DWUDFWLYRV 'HVSXpV GH GLFKR
HMHUFLFLRYDORUDURQHOJUDGRGHFRODERUDFLyQ\DTXtHVGRQGHYLQROD
VRUSUHVD7DQWRDJUDFLDGRVFRPRQRFRODERUDURQGHOPLVPRPRGR
6LQHPEDUJRHOUHVWRGHORVFRPSDxHURVSHQDOL]DURQDORVDWUDFWLYRV
SRU XQ VHQFLOOR PRWLYR WHQtDQ PiV H[SHFWDWLYDV SXHVWDV HQ HOORV \
SRUWDQWRVHHVSHUDEDTXHULQGLHUDQPiV
KWWSVHOSDLVFRPHOSDLVODERUDWRULRBGHBIHOLFLGDG
BKWPO
3ODQWHR
(QODFXDUWDWHPSRUDGDGHODVHULH3DUNVDQG5HFUHDWLRQ3DXO5XGG
LQWHUSUHWD D XQ DGLQHUDGR HPSUHVDULR OODPDGR %REE\ 1HZSRUW TXH
FRQWLHQGH SDUD HO FRQFHMR PXQLFLSDO SRUTXH HVWi EXVFDQGR
DOJRIiFLOTXH KDFHU 'XUDQWH XQ GHEDWH VH OH SUHJXQWD FyPR
DUUHJODUtDHOSXHEORDORTXHUHVSRQGH³1RWHQJRLGHD´$SHVDUGH
OD UHVSXHVWD HO S~EOLFR HQORTXHFH DQWH OD IUXVWUDFLyQ GH VX ULYDO
/HVOLH.QRSH(VJUDFLRVRSRUTXHQRVLGHQWLILFDPRVFRQODVLWXDFLyQ
7DUGH R WHPSUDQR WRGRV QRV HQFRQWUDPRV FRQ XQ %REE\ 1HZSRUW
¢3RU TXp VHU GH EXHQD FXQD SDUHFH KDFHU TXH OD JHQWH VH VLHQWD

FDOLILFDGDSDUDWDUHDVSDUDODVTXHWLHQHSRFDH[SHULHQFLD"(VWDHV
XQD GH ODV SUHJXQWDV TXH LQVSLUDURQXQ HVWXGLRSXEOLFDGR HO GH
PD\R HQ 7KH -RXUQDO RI 3HUVRQDOLW\ DQG 6RFLDO 3V\FKRORJ\ /RV
LQYHVWLJDGRUHV VXJLHUHQ TXH SDUWH GH OD UHVSXHVWD VH GHEH D OR TXH
HOORV OODPDURQ ³H[FHVR GH FRQILDQ]D´ (Q YDULRV H[SHULPHQWRV
GHVFXEULHURQTXHHUDPiVSUREDEOHTXHODVSHUVRQDVTXHSURYHQtDQ
GH XQD FODVH VRFLDO PiV HOHYDGD SHQVDUDQ TXH WHQtDQ PD\RUHV
FDSDFLGDGHVDXQFXDQGRODVSUXHEDVFRPSUREDUDQTXHSHUWHQHFtDQ
DO SURPHGLR /RV LQYHVWLJDGRUHV GHVFXEULHURQ TXH TXLHQHV QR
FRQRFtDQ D HVDV SHUVRQDV LQWHUSUHWDEDQ HVH H[FHVR GH FRQILDQ]D
LQPHUHFLGRFRPRFDSDFLGDG/RVKDOOD]JRVUHFDOFDURQRWUDIRUPDHQ
ODTXHODULTXH]DIDPLOLDU\ODHGXFDFLyQGHORVSDGUHV²GRVGHORV
PXFKRVIDFWRUHVXVDGRVSDUDHYDOXDUODFODVHVRFLDOHQHOHVWXGLR²
DIHFWDQ OD H[SHULHQFLD GH XQD SHUVRQD HQ VXV UHODFLRQHV FRQ ORV
GHPiV³&RQHVWDLQYHVWLJDFLyQDKRUDWHQHPRVPRWLYRVSDUDSHQVDU
TXH SURYHQLU GH XQD FODVH VRFLDO PiV DOWD FRQILHUH RWUD YHQWDMD
PiV´ GLMR -HVVLFD $ .HQQHG\ SURIHVRUD GH $GPLQLVWUDFLyQ GH OD
8QLYHUVLGDG 9DQGHUELOW TXLHQ QR SDUWLFLSy HQ HO HVWXGLR (VWXGLDU
ODVFODVHVVRFLDOHVWLHQHVXVEHPROHV3ULPHURHVWiODFXHVWLyQGHODV
GHILQLFLRQHV ³/D PD\RUtD GH OD JHQWH GLFH SHUWHQHFHU D OD FODVH
PHGLD´FRPHQWy3HWHU%HOPLFDWHGUiWLFRGHOD(VFXHODGH1HJRFLRV
'DUGHQGHOD8QLYHUVLGDGGH9LUJLQLD\SULQFLSDODXWRUGHOHVWXGLR
¢3HUR FyPR SXHGH VHU SRVLEOH" 1L ORV LQYHVWLJDGRUHV TXH VH
HVSHFLDOL]DQHQODVFODVHVVRFLDOHVFRQFXHUGDQIiFLOPHQWHHQHOSHVR
TXH KD\ TXH GDUOHV DO LQJUHVR OD ULTXH]D IDPLOLDU HO SUHVWLJLR
SURIHVLRQDO\RWURVIDFWRUHV
KWWSVZZZQ\WLPHVFRPHVH[FHVRGHFRQILDQ]D
FDSDFLGDG
3ODQWHR
3RU HVWRV GtDV WUDVFHQGLy TXH DOJXQRV FLHQWRV GH ORV SULQFLSDOHV
HPSUHVDULRVDUJHQWLQRVVHUHXQLHURQHQXQJUXSRGH:KDWVDSSSDUD
FRRUGLQDU DFFLRQHV HQ GHIHQVD ³GHO FDSLWDOLVPR´ 7DPELpQ TXH

0DXULFLR0DFULOHKL]ROOHJDUDOJUXSRXQDXGLRGHFRQJUDWXODFLyQ\
DOLHQWRTXHHQWXVLDVPyVREUHPDQHUDDORVSDUWLFLSDQWHV(OPHQVDMH
GH 0DFUL VH HQWLHQGH HQ WDQWR HO HQIRTXH GH HVWRV HPSUHVDULRV VH
HQFXHQWUDDEVROXWDPHQWHHQOtQHDFRQHOGLVFXUVRJXEHUQDPHQWDOGH
DFXVDU D VXV DGYHUVDULRV GH ³QR TXHUHU XQD VRFLHGDG FDSLWDOLVWD´
FRPR VL HO SHURQLVPR FRQWULQFDQWH DOJXQD YH] KXELHVH VLGR DOJR
GLVWLQWRDOFDSLWDOLVPRGLVFXUVRTXHOOHJyDOQLYHODEVXUGRGHDFXVDU
D XQR GH ORV OtGHUHV RSRVLWRUHV GH ³FRPXQLVWD´ XQ FRPXQLVWD TXH
DGHPiV \D IXH PLQLVWUR GH (FRQRPtD QR VRFLDOL]y ORV PHGLRV GH
SURGXFFLyQ \ QR GHMy GH SDJDU GHXGD DOJXQD SDUD GHFLUOR GH
PDQHUD HVTXHPiWLFD 6LQ HPEDUJR OR TXH HQ UHDOLGDG VRUSUHQGLy
IXHURQ ORV QRPEUHV GH PXFKRV GH ORV LQWHJUDQWHV GHO JUXSR GH
:KDWVDSS\DTXHVHWUDWDGHUHSUHVHQWDQWHVGHUDPDVLQGXVWULDOHV\
GHODDFWLYLGDGHFRQyPLFDDUUDVDGDVSRUHODFWXDOPRGHORUDPDVD
ODVTXHDGHPiVOHVLUiPXFKRSHRUVLVHSURGXMHVHXQHVFHQDULRGH
FRQWLQXLGDG
(QHOGHEDWHSROtWLFRVXHOHUHSUHQGHUVHDORVWUDEDMDGRUHVLQFOXLGRV
ORV VHFWRUHV PHGLRV SRU YRWDU HQ FRQWUD GH VXV LQWHUHVHV REMHWLYRV
1RVHKDFHORPLVPRFRQORVFDSLWDOLVWDVTXLHQHVVXHOHQPRVWUDUHO
PLVPRFRPSRUWDPLHQWRHOHFWRUDOLQFOXVRFRQXQJUDGRPXFKRPD\RU
GH LGHRORJL]DFLyQ 'LFKR GH RWUD PDQHUD ³OD SROtWLFD´ VXHOH
KDEODUOHV D ORV PiV SREUHV VREUH OD QHFHVLGDG GH WHQHU FRQFLHQFLD
FODUDHQODGHIHQVDGHVXVLQWHUHVHVREMHWLYRVSHURQRKDFHORPLVPR
FRQORVHPSUHVDULRVTXLHQHVSRUVXSRGHUUHODWLYRWLHQHQXQDPD\RU
FDSDFLGDG GH DFFLyQ HQ OD GHWHUPLQDFLyQ GHO UXPER HFRQyPLFR
$SDUHFH DTXt XQ FODUR GpILFLWGH OD FODVH SROtWLFDTXH HMHUFHFLHUWR
SDWHUQDOLVPR GLVFXUVLYR FRQ ORV WUDEDMDGRUHV SHUR TXH D ORV
HPSUHVDULRV OHV GLFH OR TXH TXLHUHQ HVFXFKDU (Q HVWD OtQHD VH
LQVFULEHHOJLURSROtWLFRGHOSUHVHQWHKDFLDXQD³JUDQPRGHUDFLyQ´
5HVWDHQWRQFHVODWDUHDSROtWLFDYDFDQWHSHQGLHQWHGHHGXFDUDORV
HPSUHVDULRV/DWDUHDHVLQGLVSHQVDEOHSRUTXHDXQTXHODDILUPDFLyQ
SDUH]FD H[WUDxD OD FODVH HPSUHVDULDO ORFDO UHSUHVHQWD HO SULQFLSDO
HVFROOR SDUD SRQHU HQ PDUFKD XQ YHUGDGHUR SURFHVR GH GHVDUUROOR

FDSLWDOLVWD /D FDSDFLGDG GH DOJXQRV HPSUHVDULRV SDUD RUJDQL]DU

XQD SRUFLyQ GH XQD UDPD GH OD SURGXFFLyQ GH QLQJXQD PDQHUD
UHVXOWD H[WHQVLYD D OD RUJDQL]DFLyQ GHO FRQMXQWR GH OD SURGXFFLyQ
FDSDFLGDG TXH FRUUHVSRQGH D OD PDFURHFRQRPtD GHO GHVDUUROOR (O
LQWHUpV LQGLYLGXDO GH FRUWR SOD]R OD SUHRFXSDFLyQ GH OD FODVH
HPSUHVDULD HV GLIHUHQWH DO LQWHUpV JHQHUDO GH ODUJR SOD]R OD
SUHRFXSDFLyQGHODFODVHSROtWLFD
/D SUHJXQWD HQWRQFHV HV SRU TXp ORV FDSLWDOLVWDV ORFDOHV VRQ XQ
HVFROOR SDUD HO GHVDUUROOR FDSLWDOLVWD 4XL]i VHD RFLRVR UHSHWLUOR
SHUR OR SULPHUR TXH GHEH GHFLUVH HV TXH HO DQiOLVLV HFRQyPLFR
H[FOX\H GH VXV KHUUDPHQWDO OD LQWHQFLRQDOLGDG GH ORV DFWRUHV 1R
H[LVWHQ SRU HMHPSOR HPSUHVDULRV PDORV \ WUDEDMDGRUHV EXHQRV R
HPSUHVDULRVLQPDFXODGRV\WUDEDMDGRUHVGHOLQFXHQWHV\PDILRVRV/R
TXH H[LVWH HV XQD OyJLFD HFRQyPLFD HQ HO FRPSRUWDPLHQWR GH FDGD
DFWRU \ HVD OyJLFD WLHQH FRPR SXQWR GH SDUWLGD FRPSRQHQWHV PX\
EiVLFRV ORV HPSUHVDULRV TXLHUHQ VRVWHQHU R LQFUHPHQWDU VXV
JDQDQFLDV \ ORV WUDEDMDGRUHV VX VDODULR /XHJR HVWD OyJLFD HV
XQLYHUVDO HV GHFLU RSHUD HQ WRGRV ORV SDtVHV GHO SODQHWD /RV
FDSLWDOLVWDV DUJHQWLQRV QR VLJXHQ XQD OyJLFD GLVWLQWD D OD GH ORV GH
FXDOTXLHURWURSDtV1RVRQPHMRUHVQLSHRUHVVRQHPSUHVDULRVTXH
TXLHUHQ VRVWHQHU R LQFUHPHQWDU ODV JDQDQFLDV \ HQ HVH FDPLQR VH
DGDSWDQ D ODV UHJODV GHO HQWRUQR TXH VRQ ODV RUJDQL]DGDV SRU HO
(VWDGR(VWDXQLYHUVDOLGDGH[FOX\HODVH[SOLFDFLRQHVSDUWLFXODULVWDV
SRU HMHPSOR OD TXH DWULEX\H OD IXJD GH FDSLWDOHV D OD ³UHWLFHQFLD
LQYHUVRUD´/DXQLYHUVDOLGDGHVWDPELpQXQUHTXLVLWRHSLVWHPROyJLFR
6LODHFRQRPtDHVXQDFLHQFLDVXVOH\HVVRQXQLYHUVDOHVQRKD\XQDV
OH\HV SDUD ORV ³UHWLFHQWHV´ FDSLWDOLVWDV DUJHQWLQRV \ RWUDV SRU
HMHPSORSDUDORV³DXVWHURV´FDSLWDOLVWDVMDSRQHVHV/RTXHIXQFLRQD
HQ WRGR WLHPSR \ OXJDU HV OD OyJLFD GHO FDSLWDO < HQ HVWD OyJLFD OD
HFRQRPtDSROtWLFDFOiVLFDDGYLUWLyXQDUHODFLyQFRQWUDGLFWRULDHQWUH
HOFDSLWDO\HOWUDEDMRHQWUHODJDQDQFLD\HOVDODULR6LQPHWHUVHHQ
FXHVWLRQHV WHyULFDV LQWULQFDGDV OD UHODFLyQ HQWUH HO FDSLWDO \ HO
WUDEDMRHVDEVROXWDPHQWHFRQWUDGLFWRULDHQODIRWRHQHOUHSDUWRGHO

H[FHGHQWHODJDQDQFLDVRORSXHGHDXPHQWDUHQGHWULPHQWRGHOVDODULR
\ YLFHYHUVD SHUR QR QHFHVDULDPHQWH HQ OD SHOtFXOD 6L OD HFRQRPtD
FUHFH VDODULRV \ JDQDQFLDV SXHGHQ DPERV DXPHQWDU (V OD IDPRVD
UHODFLyQ JDQDUJDQDU TXH GLR RULJHQ DO PLWR GH ODV EXUJXHVtDV
QDFLRQDOHVEDMRORVOODPDGRVHVWDGRVEHQHIDFWRUHVRGHELHQHVWDU/D
SULPHUD FRQFOXVLyQ HV TXH VLQ SHUGHU VX OyJLFD GH FDSLWDOLVWDV OD
E~VTXHGD GH JDQDQFLDV ORV FDSLWDOLVWDV GH XQ GHWHUPLQDGR SDtV
SXHGHQ WHQHU LQWHUHVHV FRLQFLGHQWHV FRQ ORV WUDEDMDGRUHV HQ HO
FUHFLPLHQWR GH ORV PHUFDGRV QDFLRQDOHV (VWD SHOtFXOD HV OD
UHVSXHVWD ³SROLFODVLVWD´ DO FODVLVPR GXUR GH OD IRWR GH OD OXFKD GH
FODVHV
(QHOFDSLWDOLVPRJOREDOODUHODFLyQJDQDUJDQDUIXQFLRQyEDVWDQWH
ELHQGXUDQWHODOODPDGD³pSRFDGHRURÓDVWUHVGpFDGDVSRVWHULRUHV
DOD6HJXQGD*XHUUD0XQGLDOSHURODYLUWXDODUPRQtDGHFODVHVVH
FRUWy FRQ HO ILQ GH ORV HVWDGRV EHQHIDFWRUHV \ HO VXUJLPLHQWR D
PHGLDGRV GH ORV ¶ GHO FDSLWDOLVPR QHROLEHUDO /R TXH VH REVHUYD
GHVGHHQWRQFHVHVXQHVWDQFDPLHQWRGHOLQJUHVRGHORVWUDEDMDGRUHV\
XQD FRQFHQWUDFLyQ GHO H[FHGHQWH JHQHUDGR HQ OD FODVH GH ORV
HPSUHVDULRV\GHQWURGHHOORVHQODF~VSLGHGHODSLUiPLGHHQHO
SRUFLHQWRPiVULFRGHODSREODFLyQHLQFOXVRHQHOWRSHGHO/RV
Q~PHURVTXHLOXVWUDQHVWRVSURFHVRVSRUHMHPSORHQ(VWDGRV8QLGRV
SXHGHQ HQFRQWUDUVH HQ WH[WRV FRPR (O FDSLWDO HQ HO VLJOR ;;, GH
7KRPDV 3LNHWW\ 1R HVWiQ HQ GLVFXVLyQ VRQ ODV WHQGHQFLDV GHO
FDSLWDOLVPR'HVFHQGLHQGRDODDOGHDODSUHJXQWDTXHVXUJHHVSRU
TXp ORV HPSUHVDULRV EHQHILFLDGRV SRU HO PRGHOR GH OD
LQGXVWULDOL]DFLyQ VXVWLWXWLYD GH LPSRUWDFLRQHV ,6, GH OD SRVJXHUUD
IXHURQORVPLVPRVTXHODIUHQDURQDSDUWLUGHPHGLDGRVGHORVµ\
KR\WUDEDMDQSDUDDEROLUUDPDVLQGXVWULDOHVFRPSOHWDV/DUHVSXHVWD
VLPSOH±ODFRPSOHMDGHPDQGDPXFKRPiVTXHXQDUWtFXOR±WLHQHGRV
SDUWHV /D SULPHUD HV ORFDO XQD YH] TXH ORV QXHYRV LQGXVWULDOHV
VXUJLGRVFRQOD,6,VHKLFLHURQIXHUWHV\PRQRSROL]DURQVXVPHUFDGRV
JUDFLDV D OD SURWHFFLyQ \ ORV VXEVLGLRV HVWDWDOHV GHFLGLHURQ TXH \D
HUD WLHPSR GH UHWLUDU OD HVFDOHUD /D VHJXQGD UHVSRQGH D OD

JOREDOL]DFLyQ GH OD SURGXFFLyQ \ D OD GLYLVLyQ LQWHUQDFLRQDO GHO

WUDEDMRTXHGHHOODUHVXOWD\DTXHSDUWHGHOJUDQHPSUHVDULDGRORFDO
UHSUHVHQWDDILUPDVTXHVyORVRQVXEVLGLDULDVGHPXOWLQDFLRQDOHV/R
DGPLUDEOH HQ WRGR FDVR HV TXH XQD SHTXHxD SRUFLyQ GH ORV
HPSUHVDULRVKD\DORJUDGRFRQYHQFHUDODPD\RUtDGHVXFODVHGHTXH
VXV LQWHUHVHV SDUWLFXODUHV VRQ ORV PLVPRV TXH ORV GHO FRQMXQWR (O
JUXHVR GH ORV FDSLWDOLVWDV ORFDOHV GHEHUtD DGYHUWLU TXH HO WLSR GH
FDSLWDOLVPRSURPRYLGRSRUHOPDFULVPRQRORVLQFOX\H
KWWSVZZZSDJLQDFRPDUTXHOOHYDDORVHPSUHVDULRV
DVXLFLGDUVH
$&7,9,'$'
$QDOL]DU HQ HO VLJXLHQWH DUWtFXOR FyPR VH HQWUHFUX]DQ ORV LQWHUHVHV
FLHQWtILFRV\HPSUHVDULDOHVVHxDODUTXHSUREOHPDVVHUtDQSURSLRVGH
ODVGLIHUHQWHVFLHQFLDVLPSOLFDGDV
¢(1*25'$1,*8$//265()5(6&266,1$=Ò&$5"
(O HIHFWR GH ODV EHELGDV FRQ HGXOFRUDQWHV JHQHUD FRQWURYHUVLD

FLHQWtILFD SHUR ORV UHIUHVFRV
OLJKW
R
]HUR
QR D\XGDQ HQ QDGD D
OOHYDU XQD DOLPHQWDFLyQ VDOXGDEOH 6HJXUR TXH D HVWDV DOWXUDV D
QDGLH OH VRUSUHQGH OD UHODFLyQ GLUHFWD HQWUH HO XVR GH EHELGDV
D]XFDUDGDV \ OD REHVLGDG 3HUR ODV EHELGDV TXH FRQWLHQHQ HVWH
LQJUHGLHQWHQRVRQPiVTXHXQDFWRUHQWUHWDQWRVGHODUHDOLGDGTXH
QRV KD WRFDGR YLYLU 8QR PiV SHUR GHVWDFDGR \D TXH OD
RPQLSUHVHQFLD GH HVWDV EHELGDV DFRPSDxDGD GH OD SXEOLFLGDG
FRQVWDQWHKDFHGHHVWDJDPDGHSURGXFWRVXQDFDEH]DYLVLEOHHQOD
OXFKD FRQWUD HO H[FHVR GH D]~FDU 6LQ LU PiV OHMRV DKt WHQHPRV ODV
PHGLGDV ILVFDOHV TXH GH XQ WLHPSR D HVWD SDUWH SODQWHDQ JUDYDU
FRQXQ LPSXHVWR HVSHFLDOODV EHELGDV D]XFDUDGDV 6LQ HPEDUJRXQ
UHFLHQWHPHWDDQiOLVLVWDPELpQDUURMDGXGDVVREUHDTXHOORVSURGXFWRV
HGXOFRUDGRV \VLQ D]~FDUTXH GH DOJXQD IRUPD VH SODQWHDQ FRPR
SDUWH GH OD VROXFLyQ \ FRQFOX\H TXH HO FRQVXPR GH EHELGDV

HGXOFRUDGDV Vt VLQ D]~FDU WDPELpQ HVWi UHODFLRQDGR FRQ HO

LQFUHPHQWR GHO ULHVJR GH SDGHFHU REHVLGDG /RV SULPHURV HQ WRPDU
FDUWDV HQ HO DVXQWR DQWH OD FUX]DGD DQWLD]~FDUKDQ VLGR ORV
IDEULFDQWHV 'XUDQWH ODV GRV ~OWLPDV GpFDGDV \ DFWXDOPHQWH OD
LQGXVWULD KD FHQWUDGR SDUWH GH VX SXEOLFLGDG HQ ODV VXSXHVWDV
YHQWDMDVGHFRQVXPLUUHIUHVFRVHQORVTXHVHVXVWLWX\HHOD]~FDUSRU
HGXOFRUDQWHVDFDOyULFRV%HELGDVFX\DGHQRPLQDFLyQFRPHUFLDOHVWi
DVRFLDGD D H[SUHVLRQHV FRPR ]HUR OLJKW VLQ HWFpWHUD (Q
UHDOLGDGQRHVTXHH[LVWDXQDERQGDGLPSOtFLWDHQVXQDWXUDOH]D\D
TXH VX UDVJR PiV GHVWDFDGR HV HO GH QR LQFRUSRUDU OD PDOGDG GHO
D]~FDUDxDGLGR3DUDTXHQRVHQWHQGDPRVXQDSHOtFXODQRSDVDGH
VHUPDODDVHUEXHQDVyORSRUSUHVFLQGLUGHXQRVSpVLPRVDFWRUHV(O
VXSXHVWR YDORU GH ODV EHELGDV FRQ HGXOFRUDQWHV VH FHQWUD HQ VX
DXVHQFLD GH FDORUtDV R DO PHQRV HQ WHQHU PXFKDV PHQRV TXH HO
SURGXFWR RULJLQDO $Vt VH OLPLWDUtD HO LQJUHVR GH FDORUtDV H[WUD
FRQRFLGDV FRPR
YDFtDV
\DVRFLDGDV GHVGH KDFH DxRV GH IRUPD
EDVWDQWH FRQFOX\HQWH FRQ HO ULHVJR GH SDGHFHU REHVLGDGMXQWR D
RWURV FRQGLFLRQDQWHV GHO HVWLOR GH YLGD $Vt TXH VREUH HO SDSHO
SUHVFLQGLUGH ODV FDORUtDVGH ORVUHIUHVFRV FRQ D]~FDU \VXVWLWXLUODV
SRUODVYHUVLRQHVHGXOFRUDGDVVRORSDUHFHWHQHUYHQWDMDV6REUHWRGR
SDUDXQDVRFLHGDGTXHKDVLGRHGXFDGDGHVGHVXQDFLPLHQWRFRQOD
H[SOLFDFLyQ GHOEDODQFH HQHUJpWLFR VH HQJRUGD FXDQGR VH LQJLHUHQ
PiV FDORUtDV TXH ODV TXH VH JDVWDQ \ D OD LQYHUVD VH DGHOJD]D
FXDQGR VH JDVWDQ PiV FDORUtDV TXH ODV TXH VH LQFRUSRUDQ FRQ ORV
DOLPHQWRV3DUHFtDVHQFLOOR3HURUHVXOWDTXHQRORHV
(Q ORV ~OWLPRV DxRV KDQ VLGR YDULRV ORV HVWXGLRV TXH FRQ GLYHUVD
PHWRGRORJtDVHKDQFHQWUDGRHQHVWXGLDUODUHODFLyQGHODVEHELGDV
D]XFDUDGDV FRQ XQD GH ODV YDULDEOHV TXH PiV REVHVLRQD D ORV
FRQVXPLGRUHV VX SHVR (O ~OWLPR GH HOORV HV6XJDU DQG DUWLILFLDOO\
VZHHWHQHGEHYHUDJHVOLQNHGWRREHVLW\DV\VWHPDWLFUHYLHZDQGPHWD
DQDO\VLV%HELGDV D]XFDUDGDV \ FRQ HGXOFRUDQWHV DUWLILFLDOHV \ VX
UHODFLyQFRQODREHVLGDGXQDUHYLVLyQVLVWHPiWLFD\PHWDDQiOLVLVHQ
FX\DV FRQFOXVLRQHV VH SXHGH OHHU FRQ SRFR JpQHUR GH GXGDV

³1XHVWUR HVWXGLR GHPRVWUy XQD DVRFLDFLyQ VLJQLILFDWLYD GH ORV

UHIUHVFRVFRQD]~FDU\GHDTXHOORVHGXOFRUDGRVFRQODREHVLGDG(VWH
KDOOD]JRDXPHQWDHOFRQRFLPLHQWRVREUHHOWHPD\SRQHGHUHOLHYHORV
QHJDWLYRV HIHFWRV FOtQLFRV WDQWR GH ODV EHELGDV FRQ D]~FDU FRPR GH
ODV HGXOFRUDGDV HQVX UHODFLyQ FRQ HO ULHVJRGHREHVLGDG´ $XQTXH
SDUHFH EDVWDQWH HORFXHQWH OR FLHUWR HV TXH HVWH HVWXGLR SUHVHQWD
FLHUWDV VRPEUDV GH LQFHUWLGXPEUH (PSH]DQGR SRU HO KHFKR GH TXH
WRGRV ORV HVWXGLRV TXH KDQ IRUPDGR SDUWH GH OD UHYLVLyQ VRQ GH
FDUiFWHU REVHUYDFLRQDO (V GHFLU VH FRQWUDVWD HO FRQVXPR WRWDO GH
UHIUHVFRVTXHKDFHXQDGHWHUPLQDGDSREODFLyQ\DVHDQFRQD]~FDUR
FRQ HGXOFRUDQWHV \ VH REVHUYD VXHVWDWXV SRQGHUDO /RV UHVXOWDGRV
GHGLFKRVHVWXGLRVFRQWUDVWDQTXHHOFRQVXPRGHUHIUHVFRVVHDQGHO
WLSR TXH VHDQ HV PD\RU HQ SHUVRQDV FRQ REHVLGDG /R FXDO QR HV
GHFLU PXFKR \D TXH HV SRVLEOH TXH HVWHPRV DQWH XQ FDVR WtSLFR
GHFDXVDOLGDGLQYHUVDODVSHUVRQDVFRQH[FHVRGHSHVRHOLJHQGDGDV
VXVFLUFXQVWDQFLDVUHIUHVFRVFRQHGXOFRUDQWHV«\QRHVTXHVHDQORV
UHIUHVFRV GH HVWD QDWXUDOH]D ORV TXH FDXVHQ VX REHVLGDG
/DPHQWDEOHPHQWH HVWD SXEOLFDFLyQ QR KDFH PHQFLyQ GH HVWD
SRVLELOLGDG HQ VX DSDUWDGR GH GLVFXVLyQ 7DPSRFR VH KDFH
GHPDVLDGR KLQFDSLp HQ TXH SDUD OOHJDU D VXV FRQFOXVLRQHV KD\DQ
WHQLGR HQ FXHQWD WDQ VROR WUHV DUWtFXORV ORV TXH FXPSOtDQ FRQ VXV
HVWULFWRVFULWHULRVGHVHOHFFLyQ
2WUR GH ORV DVSHFWRV QHJDWLYRV GHO DUWtFXOR PHQFLRQDGR HV TXH QR
KDFHUHIHUHQFLDDRWURVHVWXGLRV\DSXEOLFDGRVVREUHHOWHPD$XQTXH
QR FRQVLVWDQ HQ OD REVHUYDFLyQ GH OD UHODFLyQ HQWUH HO FRQVXPR GH
UHIUHVFRV FRQ HGXOFRUDQWHV \ OD LQFLGHQFLD GH OD REHVLGDG H[LVWHQ
RWUDVSXEOLFDFLRQHVTXHKDQDQDOL]DGRHOXVRGHHVWHWLSRGHEHELGDV
FRQ OD YDULDEOH µSHVR¶ FRQFUHWDPHQWH VREUH OD SRVLELOLGDG GH
DGHOJD]DU8QRGHORVPiVVRQDGRVIXH7KHHIIHFWVRIZDWHUDQGQRQ
QXWULWLYH VZHHWHQHG EHYHUDJHV RQ ZHLJKW ORVV GXULQJ D ZHHN
ZHLJKW ORVV WUHDWPHQW SURJUDP(O HIHFWR GHO DJXD \ GH ODV EHELGDV
HGXOFRUDGDVDFDOyULFDVVREUHODSpUGLGDGHSHVRHQXQSURJUDPDGH
SpUGLGD GH SHVR GH VHPDQDV FX\R UHVXOWDGR VXSRQJR

GHVFRQFHUWDUiDPXFKRV³/RVUHVXOWDGRVPXHVWUDQTXHHOFRQVXPR
GH DJXD QR HV PHMRU TXH HO GH ODV EHELGDV HGXOFRUDGDV SDUD OD
SpUGLGD GH SHVR HQ XQ SURJUDPD LQWHJUDO TXH LQFLGH VREUH HO
FRPSRUWDPLHQWR´/RPiVOODPDWLYRVLQHPEDUJROOHJyGRVDxRVPiV
WDUGH\DTXHSRVWHULRUPHQWHVHHYDO~RODSpUGLGDGHSHVR\HOSHVR
UHFXSHUDGR HQ XQ DxR HQWUH ORV TXH VROR EHEtDQ DJXD \ ORV TXH
LQFOXtDQ UHIUHVFRV HGXOFRUDGRV6XV UHVXOWDGRV ORVSXHGHV FRQVXOWDU
HQ7KH HIIHFWV RI ZDWHU DQG QRQQXWULWLYH VZHHWHQHG EHYHUDJHV RQ
ZHLJKWORVVDQGZHLJKWPDLQWHQDQFH$UDQGRPL]HGFOLQLFDOWULDO(O
HIHFWR GHO DJXD \ GH ODV EHELGDV HGXOFRUDGDV DFDOyULFDV VREUH OD
SpUGLGD \ PDQWHQLPLHQWR GHO SHVR XQ HQVD\R FOtQLFR DOHDWRUL]DGR
VXV FRQFOXVLRQHV IXHURQ GHPROHGRUDV ³/RV XVXDULRV KDELWXDOHV GH
EHELGDV FRQ HGXOFRUDQWHV DFDOyULFDV SHUGLHURQ PXFKR PiV SHVR \
PDQWXYLHURQGLFKDSpUGLGDGHIRUPDVLJQLILFDWLYDIUHQWHDDTXHOORVD
ORVTXHVHOHVSLGLyEHEHUVRORDJXD\GHMDUGHFRQVXPLUEHELGDVFRQ
HGXOFRUDQWHV (VWRVUHVXOWDGRVSURSRUFLRQDQXQDSR\R HQ HOXVRGH
HVWH WLSR GH EHELGDV D OD KRUD GH SHUGHU SHVR \ PDQWHQHU GLFKD
SpUGLGD´
$ SHVDU GH OD FRQFLHQ]XGD PHWRGRORJtD GH HVWRV HVWXGLRV KD\ DOJR
TXHSRQHXQDVRPEUDGHGXGDVREUHVXVFRQFOXVLRQHVDPERVIXHURQ
VXEYHQFLRQDGRVSRUOD$VRFLDFLyQ$PHULFDQDGH%HELGDV(VSRVLEOH
VRORSRVLEOHTXHVHGpHQHVWHFDVRXQDVLWXDFLyQVLPLODUDODGHHVWH
HVWXGLR FXDQGR VH SXVR GH UHOLHYH TXH ORV LQWHUHVHV HFRQyPLFRV
SXHGHQVHVJDUORVDQiOLVLVFLHQWtILFRVFXDQGRVHLQYHVWLJDODUHODFLyQ
HQWUH EHELGDV D]XFDUDGDV \ REHVLGDG &XDQGR KD\ XQ SRWHQFLDO
FRQIOLFWRGHLQWHUpVHFRQyPLFRVHTXLQWXSOLFDODSUREDELOLGDGGHTXH
ODV UHYLVLRQHV VLVWHPiWLFDV GHWHUPLQHQ TXH OD UHODFLyQ HQWUH HO
FRQVXPR GH UHIUHVFRV D]XFDUDGRV \ OD JDQDQFLD GH SHVR QR HV
FRQFOX\HQWH HQFRPSDUDFLyQ FRQDTXHOODVTXH FDUHFHQGH HVWH WLSR
GHFRQIOLFWRV(QODRWUDFDUDGHODPRQHGDHOHVWXGLRVLQFRQIOLFWRV
GH LQWHUpV GHFODUDGRV5HYLHZ RI WKH QXWULWLRQDO EHQHILWV DQG ULVNV
UHODWHG WR LQWHQVH VZHHWHQHUV5HYLVLyQ GH ORV EHQHILFLRV \ ULHVJRV
QXWULFLRQDOHV GH ORV HGXOFRUDQWHV FRQFOX\H ³/RV QXPHURVRV

HVWXGLRVGLVSRQLEOHVQRSURSRUFLRQDQSUXHEDVGHTXHHOFRQVXPRGH
HGXOFRUDQWHV DUWLILFLDOHV XVDGRV FRPR VXVWLWXWRV GHO D]~FDU DSRUWHQ
PD\RUHVEHQHILFLRVHQUHODFLyQDOFRQWUROGHOSHVRODUHJXODFLyQGH
ODJOXFRVDHQVDQJUHHQSDFLHQWHVGLDEpWLFRVQLDODLQFLGHQFLDGHOD
GLDEHWHV WLSR´ $GHPiVDSRVWLOODHQ VX WH[WRTXH ³QR VHGHEHUtD
UHFRPHQGDU HO XVR GH UHIUHVFRV D]XFDUDGRV QL GH EHELGDV
HGXOFRUDGDV DUWLILFLDOPHQWH FRPR VXVWLWXWRV GHO DJXD´ $O PLVPR
WLHPSR KD\ RWURV WUDEDMRV TXH KDQ VRSHVDGR OD XWLOLGDG GH ORV
HGXOFRUDQWHV DFDOyULFRV \D VHD GHQWUR GH ORV UHIUHVFRV R QR (O
HVWXGLR/RZFDORULHVZHHWHQHUVDQGERG\ZHLJKWDQGFRPSRVLWLRQD
PHWDDQDO\VLVRIUDQGRPL]HGFRQWUROOHGWULDOVDQGSURVSHFWLYHFRKRUW
VWXGLHV(GXOFRUDQWHVEDMRVHQFDORUtDV\VXUHODFLyQFRQHOSHVR\OD
FRPSRVLFLyQ FRUSRUDO XQ PHWDDQiOLVLV GH HQVD\RV FOtQLFRV
DOHDWRUL]DGRV\HVWXGLRVGHFRKRUWHVSURVSHFWLYRVGHWHUPLQDTXH³HO
XVRGHORVHGXOFRUDQWHVEDMRV HQFDORUtDVRIUHFH PRGHVWDVSpUGLGDV
GH SHVR \ SRU OR WDQWR SRGUtDQ VHU XQD KHUUDPLHQWD ~WLO HQ OD
FRQVHFXFLyQGHODSpUGLGDGHSHVR\VXPDQWHQLPLHQWRGHQWURGHXQD
HVWUDWHJLD JHQHUDO FRQ GLFKR ILQ´ 8QDV FRQFOXVLRQHV EDVWDQWH
VLPLODUHVDODVGHHVWHRWURHVWXGLR
7RPDU XQD GHFLVLyQ ~QLFD WDQ VLPSOH FRPR RSWDU SRU ORV
HGXOFRUDQWHVDFDOyULFRVIUHQWHDOD]~FDUHQORVUHIUHVFRVFRQHOILQGH
PRGLILFDUXQDFXHVWLyQFRPSOHMDDGHOJD]DURQRDXPHQWDUGHSHVR
QR VXHOH WHQHU UHVXOWDGRV LQPHGLDWRV /D REHVLGDG HV XQD
HQIHUPHGDGWUDVWRUQRVLWXDFLyQ TXpGDWH FRQ OR TXH PiV WH
FRQYHQ]D FRQ DPSOLDV LPSOLFDFLRQHV JHQpWLFDV PHWDEyOLFDV
VRFLDOHV \ FXOWXUDOHV 0iV DOOi GH OD FRQWURYHUVLD FLHQWtILFD SDUHFH
PiVTXHSUREDEOHTXHODPD\RUtDGHODSREODFLyQKD\DWUDVODGDGRD
ODVEHELGDVVLQD]~FDUHOFRQRFLGRFRPRHIHFWRKDOR(VWHIHQyPHQR
WLHQH OXJDU FXDQGR OD LQFOXVLyQ GH XQ HOHPHQWR FRQVLGHUDGR FRPR
VDOXGDEOH R FRPR HQ HVWH FDVR VLQ FDORUtDV LQIOX\H GH IRUPD
HUUyQHDDODKRUDGHSURPHGLDUFRQODQDWXUDOH]DPHQRVVDOXGDEOH
FDOyULFDGHOUHVWRGHFRPSRQHQWHVGHXQDLQJHVWD2WURVOROODPDQ
HIHFWR VDFDULQD \ OR FRQRFHV ³SyQJDPH XQD WRVWDGD WULSOH FRQ

PHUPHODGD \ PXFKD PDQWHTXLOOD \ XQ FDIp FRQ OHFKH GHVQDWDGD \

FRQFRQVDFDULQD´SDUDFDHUHQODIDODFLDSURPHGLDGRUD(QHOFDVR
GH KR\ VHUtD DOJR DVt FRPR WRPDUVH XQD EROVD GH SDQFKLWRV VDERU
EDUEDFRD XQD UDFLyQ GH HQVDODGLOOD \ GRV GH EUDYDV FRQ WUHV
UHIUHVFRVGHFROD]HURYLHQGRSRUODWHOHODILQDOGHOD&KDPSLRQV1R
WHHTXLYRTXHVODLQFOXVLyQGHUHIUHVFRVHQWXGLHWDKDELWXDOVHDQFRQ
RVLQD]~FDUQRD\XGDHQQDGDDDGRSWDUXQSDWUyQGHDOLPHQWDFLyQ
DGHFXDGRDOJRTXHGHFLGLGDPHQWHVtDIHFWDUiWDQWRDWXSHVRFRPRD
WXVDOXG
KWWSVHOFRPLGLVWDHOSDLVFRPHOFRPLGLVWDDUWLFXOR
BKWPO

&DStWXOR
2%-(7,926'(,19(67,*$&,Ï1
7HPDVFODYHV
)XQFLyQGHORVREMHWLYRV
(ODERUDFLyQGHREMHWLYRVGHLQYHVWLJDFLyQ
7LSRVGHREMHWLYRV
2EMHWLYRVJHQHUDOHV\REMHWLYRVHVSHFtILFRV
2EMHWLYRVSURSyVLWRV\SURFHGLPLHQWRV
(UURUHVPiVFRPXQHVHQODUHGDFFLyQGHORVREMHWLYRV
$ SDUWLU GH XQD GHPDQGD RUJDQL]DFLRQDO R GHVGH HO LQWHUpV GHO

LQYHVWLJDGRUOHJLWLPDGRSRUDOJXQDLQVWLWXFLyQDFDGpPLFDRFLHQWtILFD
TXHVH PDWHULDOL]DHQXQSUREOHPD GH LQYHVWLJDFLyQVHFDQDOL]DQODV
LQWHQFLRQDOLGDGHVGHUHVROYHU OD FDUHQFLDFRJQLWLYDLPSOLFDGD HQHVD
HWDSD LQLFLDO WRGD LQYHVWLJDFLyQ LQYROXFUD XQD GLUHFFLRQDOLGDG
UHIOH[LYD \ GHOLEHUDGD GHVGH OD LQVWDQFLD GH LQYHVWLJDFLyQ VXV
RSHUDGRUHV ORV LQYHVWLJDGRUHV GHEHQ FRPSUHQGHU KDFLD GyQGH VH
GLULJHQVXVHVIXHU]RV\FRQTXpFULWHULRVGHEHQWRPDUVXVGHFLVLRQHV
WHyULFDV\PHWRGROyJLFDVTXHVHYDQDFRQVROLGDUHQORVREMHWLYRVGH
LQYHVWLJDFLyQ /D HWDSD GH OD LQYHVWLJDFLyQ FHQWUDGD HQ OD
SUHVHQWDFLyQ GH ORV REMHWLYRV GH LQYHVWLJDFLyQ SHUPLWH HQWHQGHU VX
SXQWR GH SDUWLGD FRJQLWLYR OR FXDO HV YLWDO SDUD TXH HO SURSLR
LQYHVWLJDGRU DQDOLFH UHIOH[LYDPHQWH D SDUWLU GH ORV UHFXUVRV
GLVSRQLEOHV VREUH ODV HVWUDWHJLDV \ ODV GHFLVLRQHV D HPSOHDU SDUD
REWHQHUXQDFRKHUHQFLDHQWUHORTXHVHSURSXVR\ORTXHVHREWXYRHQ
WpUPLQRV GH GDWRV SURGXFLGRV /D SUHVHQFLD GH ORV REMHWLYRV GH
LQYHVWLJDFLyQ VXSRQH XQD HWDSD FODYH SDUD HO GHVDUUROOR GHO SURFHVR
GHRSHUDFLRQDOL]DFLyQGHODGLPHQVLyQFRQFHSWXDOKDFLDODGLPHQVLyQ

HPStULFD SRU HOOR HV FHQWUDO TXH ORV REMHWLYRV HVSHFtILFRV HVWpQ
HODERUDGRV FRKHUHQWHPHQWH FRQ HO REMHWLYR JHQHUDO LPSOLFDQGR XQ
QLYHOGHDEVWUDFFLyQFRQFHSWXDOPiVFHUFDQRDOUHJLVWURHPStULFR
/DIXQFLyQGHORVREMHWLYRVHQODLQYHVWLJDFLyQFLHQWtILFD
/RV REMHWLYRV GH LQYHVWLJDFLyQ LPSOLFDQ HO SODQWHDPLHQWR GH XQD

DFFLyQ FRJQLWLYD TXH HO LQYHVWLJDGRU YD D GHVDUUROODU GXUDQWH HO
SURFHVR LQYHVWLJDWLYR HVWD DFFLyQ GHEH VHU FRKHUHQWH FRQ OR
GHOLQHDGR HQ OD LQVWDQFLD SUHYLD HO SUREOHPD GH LQYHVWLJDFLyQ \D
TXHHQpVWHVHGHMDHQHYLGHQFLDODDXVHQFLDGHUHVSXHVWDVRODIDOWD
GH FRQRFLPLHQWR DQWH XQ HVFHQDULR SUREOHPiWLFR SODQWHDGR OD
SUHVHQFLDGHORVREMHWLYRVHQXQLQIRUPHRHQXQSUR\HFWRSHUPLWHD
VXOHFWRUHODFFHVRDOFRQRFLPLHQWRGHORVGDWRVTXHVHYDQDSURGXFLU
SURWRFROR R SUR\HFWR GH LQYHVWLJDFLyQ R TXH VH KDQ PDWHULDOL]DGR
LQIRUPHGHLQYHVWLJDFLyQORVPLVPRVHYLGHQFLDQODLQWHQFLRQDOLGDG
FRJQLWLYD GH OD LQVWDQFLD GH LQYHVWLJDFLyQ OD FXDO FRPR \D VH
PHQFLRQyVHHQFXHQWUDHQPDUFDGDSRUORVFRQGLFLRQDQWHVUHVXOWDQWHV
GHODVH[LJHQFLDVGHODVRUJDQL]DFLRQHVHLQVWLWXFLRQHVYLQFXODGDVDO
TXHKDFHUDFDGpPLFR\FLHQWtILFRSRUODSHUVSHFWLYDXWLOL]DGD\SRUOD
GHPDQGD LQVWLWXFLRQDO TXH HQFXDGUD HO VXUJLPLHQWR GH OD
LQYHVWLJDFLyQ
/RV REMHWLYRV GH LQYHVWLJDFLyQ VXSRQHQ XQD LQWHQFLRQDOLGDG \ XQD

GLUHFFLRQDOLGDG KDFLD OD HODERUDFLyQ GH GHWHUPLQDGRV GDWRV ORV
FXDOHV LPSOLFDQ OD GHWHUPLQDFLyQ GH XQ XQLYHUVR HOHPHQWRV ±
SREODFLyQ RUJDQL]DFLRQHV SURGXFWRV PHGLiWLFRV HWF GH DQFODMH
HPStULFR D LQYHVWLJDU \ OD GHILQLFLyQ GH FLHUWDV FDUDFWHUtVWLFDV R
SURSLHGDGHVGHOPLVPRTXHVHSUHWHQGHQLQGDJDUTXHHQORVHVWXGLRV
FXDQWLWDWLYRV VH ORV GHQRPLQD YDULDEOHV \ HQ ORV FXDOLWDWLYRV
FDWHJRUtDV FRQFHSWXDOHV R FRQFHSWRV VHQVLELOL]DGRUHV /RV REMHWLYRV
GHEHQ RULHQWDU VLQWHWL]DU \ PDWHULDOL]DU OD ILQDOLGDG FRJQLWLYD GH OD
LQYHVWLJDFLyQSRUHOORDSDUWLUGHODOHFWXUDGHORVREMHWLYRVGHXQD
SURSXHVWD R LQIRUPH GHLQYHVWLJDFLyQ VH SRGUtD OOHJDUDREWHQHU XQD
LGHD DSUR[LPDGD GH ORV GDWRV TXH VH SUHWHQGHQ FRQVWUXLU \ TXH

WHRUtDVPpWRGRV\WpFQLFDVVHSRGUtDQHPSOHDUSDUDVXFRQFUHFLyQVH
HODERUDQ FRPR FRQVHFXHQFLD SRU XQ ODGR GH OD SUREOHPiWLFD
SODQWHDGDSUHYLDPHQWHODFXDOLQLFLDHOSURFHVRGHLQYHVWLJDFLyQ\
SRUHORWURGHODHOHFFLyQWHyULFD\PHWRGROyJLFDSDUDDERUGDUODHQ
HOORV VH FRQFUHWDQ ODV LQWHQFLRQHV GH ORV LQYHVWLJDGRUHV \ ODV
GHWHUPLQDFLRQHV TXHVH PDWHULDOL]DQHQ HO WLSR GH LQYHVWLJDFLyQ TXH
VH SUHWHQGH FRQFUHWDU SRU HMHPSOR VL OD LQYHVWLJDFLyQ VHUi
FXDQWLWDWLYD H[SORUDWRULD GHVFULSWLYD FRUUHODFLRQDO FDXVDO R VL

/RVWLSRVGHLQYHVWLJDFLyQVHJ~Q+HUQiQGH]6DPSLHUL&ROODGR\0pQGH]VRQ
FXDWUR
([SORUDWRULDFXDQGRHOREMHWRGHLQYHVWLJDFLyQFDUHFHGHDQWHFHGHQWHVHOLQYHVWLJDGRU
VHHQFXHQWUDTXHQRKD\WHRUtDVQLLQYHVWLJDFLRQHVVREUHHOWHPDVHEXVFDH[DPLQDUXQ
SUREOHPDSRFRHVWXGLDGRVHSODQWHDHOHVWXGLRGHIHQyPHQRVQXHYRVRFRQXQHQIRTXH
QRWUDEDMDGRFRQDQWHULRULGDG(VWHWLSRGHHVWXGLRSXHGHVHUYLUSDUDIDPLOLDUL]DUVHFRQ
XQDWHPiWLFDSDUDTXHSRVWHULRUPHQWHVHSURIXQGLFHHQXQSRVWHULRUHVWXGLRGHVFULSWLYR
WDPELpQSXHGHXWLOL]DUVHSDUDSUREDUXQDLQQRYDFLyQFRQKHUUDPLHQWDVPHWRGROyJLFDV
SRFRSUREDGDV8QHMHPSORGHLQYHVWLJDFLyQH[SORUDWRULDXQDHVWXGLRHPStULFRVREUHODV
FDUDFWHUtVWLFDVVRFLRGHPRJUiILFDV\ODVFRQGLFLRQHVGHYLGDGHODSREODFLyQ7UDQV
WUDYHVWLVWUDQVH[XDOHVWUDQVJpQHURVVXSRQHXQDWHPiWLFDTXHHVGHFDUiFWHU
H[SORUDWRULRQRWDQWRFRQUHVSHFWRDODVYDULDEOHVTXH\DKDQVLGRPX\HVWXGLDGDVHQ
RWUDVSREODFLRQHVVLQRFRQUHODFLyQDOXQLYHUVR/DIDOWDGHDERUGDMHVLQYHVWLJDWLYRV
VREUHODVSHUVRQDV7UDQVOOHYDUtDDDGRSWDUXQDHVWUDWHJLDIOH[LEOHTXHSHUPLWDUHVROYHUHO
FRPSOHMRDFFHVRDODSREODFLyQ\HOUHJLVWURGHGDWRVSUHYLVWRV\QRSUHYLVWRV
'HVFULSWLYDFRQHVWHWLSRGHLQYHVWLJDFLyQVHSUHWHQGHHVWDEOHFHUODVFDUDFWHUtVWLFDVGH
XQXQLYHUVRGLIHUHQFLDQGRODVGLPHQVLRQHV\ODVYDULDFLRQHVGHXQDRPiVYDULDEOHVGHO
XQLYHUVRVLQKDFHUDVRFLDFLRQHVHQWUHORVYDORUHVTXHHOODVSUHVHQWHQ(MHPSORORV
FHQVRVGHSREODFLyQUHSUHVHQWDQSRUH[FHOHQFLDDORVHVWXGLRVGHVFULSWLYRV(QHOORVVH
GHVFULEHQSRUPHQRUL]DGDPHQWHYDULDEOHVWDOHVFRPRQLYHOHGXFDWLYRPLJUDFLRQHV
VLWXDFLyQODERUDOHWF
&RUUHODFLRQDOHVWRVHVWXGLRVSURFXUDQSRQHUHQUHODFLyQORVGDWRVGHPiVGHXQD
YDULDEOHDILQGHFRPSUREDUVLKD\DVRFLDFLyQHQWUHHOODVRHQWUHFDWHJRUtDVGHGRVRPiV
YDULDEOHV(MHPSORXQDLQYHVWLJDFLyQTXHSUHWHQGHDVRFLDUODVLWXDFLyQODERUDOGHORV
HVWXGLDQWHVGHXQLYHUVLGDGHVS~EOLFDV\VXUHQGLPLHQWRDFDGpPLFR
&DXVDORH[SOLFDWLYDHVWDVLQYHVWLJDFLRQHVVHHPSOHDQSDUDFRPSUREDUXQDSRVLEOH
UHODFLyQGHFDXVD\HIHFWRHQWUHGRVRPiVYDULDEOHV6XSRQHODGHPRVWUDFLyQSUHYLDGH
XQDDVRFLDFLyQSDUDTXHH[LVWDXQDFDXVDOLGDGGHEHH[LVWLUXQDFRUUHODFLyQHQWUHORV

VHUiFXDOLWDWLYD(VWDHWDSDGHOSURFHVRGHLQYHVWLJDFLyQHVFHQWUDO\D
TXH HYLGHQFLD HO UXPER GH OD SURSXHVWD GH LQYHVWLJDFLyQ GDQGR
FXHQWD HO JUDGR GH FRQH[LyQ HQWUH HO SUREOHPD \ ORV GDWRV TXH VH
SUHWHQGHQSURGXFLUODGHOLPLWDFLyQGHOSUR\HFWR\ODFRKHUHQFLDGHVX
SURGXFWR ILQDO VX SUHVHQFLD UHSUHVHQWD OD FRUUHVSRQGHQFLD HQWUH OD
LQWHQFLRQDOLGDG GH OD SURSXHVWD GH LQYHVWLJDFLyQ FRQ XQ HVWDGR GH
VLWXDFLyQ GH OD WHPiWLFD LPSOLFDGD ORV DQWHFHGHQWHV R ³HVWDGR GHO
DUWH´ SRU OR WDQWR ORV REMHWLYRV VRQ WDPELpQ HO UHVXOWDGR GH OD
E~VTXHGD SUHOLPLQDU GH LQYHVWLJDFLRQHV \D UHDOL]DGDV GH
SXEOLFDFLRQHV FLHQWtILFDV R GH RSLQLRQHV GH HVSHFLDOLVWDV TXH
SURIHVLRQDOPHQWH WUDEDMDURQ DQWHULRUPHQWH FRQ HO SUREOHPD HQ
FXHVWLyQ\FRQRFHQODWHPiWLFDGHVGHVXVSUiFWLFDVFRWLGLDQDV
/DV GLIHUHQWHV WpFQLFDV GH SURGXFFLyQ GH ORV GDWRV SULPDULRV WDOHV
FRPR HQFXHVWDV HQWUHYLVWDV REVHUYDFLyQ WHVW GH DFWLWXG JUXSRV GH
GLVFXVLyQ R OD UHXWLOL]DFLyQ GH GDWRV VHFXQGDULRV SHUPLWHQ UHJLVWUDU
ODV YDULDFLRQHV R ORV YDORUHV GH ODV YDULDEOHV LQYHVWLJDFLyQ
FXDQWLWDWLYD R ORV DOFDQFHV GH ODV FDWHJRUtDV FRQFHSWXDOHV
LQYHVWLJDFLyQ FXDOLWDWLYD LPSOLFDGDV HQ ORV REMHWLYRV GH
LQYHVWLJDFLyQ HVWDV WpFQLFDV GH UHJLVWUR FDStWXOR VH FRQVWLWX\HQ
FRPR KHUUDPLHQWDV TXH HVWiQ D GLVSRVLFLyQ GHO LQYHVWLJDGRU D SDUWLU
GH VX VDEHU WHyULFR \ GH XQ PDUFR PHWRGROyJLFR DGRSWDGR GHVGH
HVWRV FRQRFLPLHQWRV SUHYLRV HO LQYHVWLJDGRU GHEH GHFLGLU TXH
KHUUDPLHQWDVVRQODVPiVDGHFXDGDVSDUDREWHQHUORVGDWRVH[LJLGRV
SRU HO REMHWLYR GH LQYHVWLJDFLyQ (V LPSRUWDQWH UHVDOWDU TXH ORV
FRQFHSWRV XWLOL]DGRV SRU ORV LQYHVWLJDGRUHV GHQRPLQDGRV FRPR
YDULDEOHV HQ HO FDVR GH LQYHVWLJDFLRQHV FXDQWLWDWLYDV \ FDWHJRUtDV
FRQFHSWXDOHV HQ HO FDVR GH HVWXGLRV FXDOLWDWLYRV YHU FDStWXOR
FRQWHQLGRV HQ ORV REMHWLYRV GHEHQ HVWDU GHVDUUROODGRV D SDUWLU GH OD
SRVWXUD WHyULFD DGRSWDGD \ MXVWLILFDGRV FRQFHSWXDO \

YDORUHVGHPiVGHXQDYDULDEOHSDUDTXHSRVWHULRUPHQWHVHSXHGDYHULILFDUODUHODFLyQGH
FDXVD\HIHFWRHQWUHODVPLVPDV(MHPSORXQHVWXGLRTXHSUHWHQGHFRQRFHUVLKD\XQD
FDXVDOLGDGHQWUHODWUD\HFWRULDHGXFDWLYDGHORVDOXPQRVERQDHUHQVHVFRQUHVSHFWRDOD
WUD\HFWRULDHGXFDWLYDGHVXVSDGUHV

PHWRGROyJLFDPHQWHGHQWURGHOPDUFRWHyULFRYHUFDStWXORTXHVH

FRQVWUX\HDSDUWLUGHORVDQWHFHGHQWHVREWHQLGRVHQODHWDSDHQODTXH
VHUHYLVDQDQDOL]DQ\VHOHFFLRQDQORVDQWHFHGHQWHVGHOWHPD
6HSRGUtDHVWDEOHFHUXQD VHFXHQFLDHQODUHGDFFLyQGHORVREMHWLYRV
FRPR DFFLyQ SRVWHULRU D OD HODERUDFLyQ GHO SUREOHPD GH SDUWH GHO
LQYHVWLJDGRU R GHO UHTXHULPLHQWR LQVWLWXFLRQDO GH FRQFUHWDU XQD
GHWHUPLQDGD LQYHVWLJDFLyQ ORV LQYHVWLJDGRUHV GHEHQ SODQWHDUVH D
TXLHQHVYDQDHVWXGLDUXQLYHUVR\TXHFDUDFWHUtVWLFDVYDULDEOHVGH
HOORV UHVXOWDQ GH LQWHUpV D SDUWLU GH OR SODQWHDGR HQ HO SUREOHPD OD
DFFLyQFRQVHFXHQWHGHHVWHSURFHVRHVODHODERUDFLyQGHORVREMHWLYRV
GHLQYHVWLJDFLyQSUHOLPLQDUHVORVFXDOHVVHFRQFUHWDQSDUDRULHQWDUDO
LQYHVWLJDGRU HQ VX H[SORUDFLyQ GH ORV DQWHFHGHQWHV WHyULFRV
FRQFHSWXDOHV\PHWRGROyJLFRVGHODWHPiWLFDTXHVHSUHWHQGHDERUGDU
HQ OD LQVWDQFLD LQLFLDO GH OD LQYHVWLJDFLyQ (O GHVWLQR GH HVWRV
REMHWLYRV SUHHOLPLQDUHV HV VHU UHHPSOD]DGRV SRU ORV GHILQLWLYRV \D
TXH OXHJR GH UHYLVDU OR TXH VH GHQRPLQD HO ³HVWDGR GHO DUWH´
DQWHFHGHQWHV ELEOLRJUiILFRV VH ORV H[DPLQDQ \ VH HYDO~D OD
FRQYHQLHQFLD GH UDWLILFDUORV R PRGLILFDUORV SDUD DVt FRQFUHWDU ORV
REMHWLYRV GH LQYHVWLJDFLyQ GHILQLWLYRV TXH PDUFDUiQ OD GLUHFWUL]
GHILQLWLYDGHODWDUHDLQYHVWLJDWLYD
6LJXLHQGR XQ SODQWHR GH WLSRORJL]DFLyQ UHDOL]DGR SRU *XLOOHUPR

%ULRQHVVHSRGUtDQFODVLILFDUDORVREMHWLYRVGHLQYHVWLJDFLyQ
HQ
2EMHWLYRV GHVFULSWLYRV LPSOLFDQ XQD DFFLyQ GHVWLQDGD D

FDUDFWHUL]DU ODV SURSLHGDGHV R FDUDFWHUtVWLFDV GH XQ GHWHUPLQDGR
XQLYHUVR SRU HMHPSOR FRQRFHU OD RSLQLyQ GH ORV HPSUHVDULRV
3\0HVERQDHUHQVHVVREUHHOLPSDFWRGHODLQWHUYHQFLyQGHO(VWDGR
HQHODFFHVRDOFUpGLWR
2EMHWLYRVFODVLILFDWRULRVSUHWHQGHQRUGHQDUDORVHOHPHQWRVGHO
XQLYHUVR GHQWUR GH FDWHJRUtDV R JUXSDOLGDGHV VLJQLILFDWLYDV SDUD HO
HVWXGLR SRU HMHPSOR HVWDEOHFHU WLSRV GH FRQVXPLGRUHV GH QXHYDV
WHFQRORJtDV

(VWRV GRV WLSRV GH REMHWLYRV SXHGHQ HVWDU SUHVHQWHV HQ ODV
LQYHVWLJDFLRQHVGHVFULSWLYDV
x 2EMHWLYRVFRPSDUDWLYRVDWUDYpVGHHOORVVHSURSRQHFRPSDUDUD
GHWHUPLQDGRV VHFWRUHV GH XQD SREODFLyQ FRQ UHVSHFWR D XQD R PiV
FDUDFWHUtVWLFDV3RUHMHPSORFRQWUDVWDUODVPRGDOLGDGHVGHLQYHUVLyQ
HQWUHKRPEUHV\PXMHUHVEDQFDUL]DGRV
2EMHWLYRV FRUUHODFLyQDOHV VXSRQHQ XQD DFFLyQ FRJQLWLYD
GHVWLQDGD D UHODFLRQDU GRV R PiV YDULDEOHV GHO XQLYHUVR 3RU
HMHPSORLQGLFDUVLVHSUHVHQWDXQDDVRFLDFLyQHQWUHHOUHQGLPLHQWR
DFDGpPLFR\ODVLWXDFLyQODERUDOGHORVHVWXGLDQWHVGHOD81/X
/RV GRV WLSRV GH REMHWLYRV DQWHULRUHV SXHGHQ FRPSUHQGHUVH GHQWUR

ODVLQYHVWLJDFLRQHVFRUUHODFLyQDOHV
2EMHWLYRVH[SOLFDWLYRVRFDXVDOHVFRQHOORVVHEXVFDHVWDEOHFHU
UHODFLRQHV GH FDXVDOLGDG HQWUH FDUDFWHUtVWLFDV R SURSLHGDGHV GHO
XQLYHUVR D LQYHVWLJDU 3RU HMHPSOR GHWHUPLQDU HO LPSDFWR GH OD
DSHUWXUDGHODVLPSRUWDFLRQHVGHELHQHVGXUDEOHV\GHFRQVXPRHQOD
LQIODFLyQVHPHVWUDO
(VWRV GRV ~OWLPRV REMHWLYRV REYLDPHQWH VH FRUUHVSRQGHQ FRQ ORV

WLSRVGHLQYHVWLJDFLRQHVFDXVDOHVRH[SOLFDWLYDV
(OSODQWHDPLHQWRGHORVREMHWLYRVGHLQYHVWLJDFLyQGHILQLWLYRVLPSOLFD
TXHHOSURFHVRLQYHVWLJDWLYRHVWiHQFDPLQDGRIXQGDPHQWDGRWHyULFD
\FRQFHSWXDOPHQWHORFXDOOHSHUPLWHDOSHUVRQDOLQYROXFUDGRWUDEDMDU
VREUH ORV PLVPRV SDUD LQLFLDU HO SURFHVR GH RSHUDFLRQDOL]DFLyQ
DFWLYLGDGFHQWUDOTXHFRQVLVWHHQLUUHDOL]DQGRFRQH[LRQHVGHVHQWLGR
GHVGH ORV FRQFHSWRV DEVWUDFWRV TXH OXHJR VH PDWHULDOL]DUiQ \
IXQGDPHQWDUiQ HQ HO PDUFR WHyULFR KDVWD ORV GDWRV HPStULFRV D
FRQVWUXLUHOSDVRLQLFLDOGHHVWHSURFHVR LPSOLFDODUHGDFFLyQGHORV
REMHWLYRV JHQHUDOHV \ HVSHFtILFRV HOORV VH GLIHUHQFLDQ \ VH

FRPSOHPHQWDQHQWUHVtHQHOQLYHOGHRSHUDFLRQDOL]DFLyQGHORVGDWRV
TXH SUHWHQGH UHJLVWUDU OD LQYHVWLJDFLyQ /RV REMHWLYRV JHQHUDOHV
HQFDUQDQ HQ WpUPLQRV LQWHJUDOHV ORV WHPDV TXH VH SUHWHQGHQ
LQYHVWLJDU UHSUHVHQWDQ HO DOFDQFH Pi[LPR GH OR TXH VH TXLHUH
UHJLVWUDU GXUDQWH XQD LQYHVWLJDFLyQ HQ WpUPLQRV GH LQIRUPDFLyQ OR
FXDO FRQOOHYD LPSOLFDQFLDV GHFLVLYDV DFHUFD GHO PpWRGR \ GH ODV
WpFQLFDVGHUHJLVWUR\GHWUDWDPLHQWRGHORVGDWRVTXHVHXWLOL]DUiQHQ
ODV HWDSDV VLJXLHQWHV SRU HOOR HV YLWDO TXH HO REMHWLYR JHQHUDO VH
VHJPHQWHH[KDXVWLYDPHQWHSDUWLFXODUL]DQGRODWHPiWLFDLPSOLFDGDHQ
pVWH SDUD KDFHUOD PiV GLUHFFLRQDGD KDFLD VX RSHUDFLRQDOL]DFLyQ (O
SULPHU SDVR GH HVWH SURFHVR LPSOLFD OD VXEGLYLVLyQ GHO REMHWLYR
JHQHUDO HQ XQD VHULH GH REMHWLYRV HVSHFtILFRV HVWRV UHSUHVHQWDQ ODV
SDUWHV WHPiWLFDV GH XQD WRWDOLGDG LPSOLFDGD HQ HO REMHWLYR JHQHUDO
SDUDTXHVHPDWHULDOLFHHOSURFHVRGHRSHUDFLRQDOL]DFLyQTXHYDGHVGH
ORV FRQFHSWRV R FRQVWUXFWRV DEVWUDFWRV KDVWD ORV GDWRV HPStULFRV
FRQILJXUDGRV GHVGH DTXHOORV WpUPLQRV D SDUWLU GH DTXpO GHEHQ
UHGDFWDUVH DFWLYLGDGHV FRJQLWLYDV PiV FRQFUHWDV PiV HPStULFDV \
GHOLPLWDGDV SHUR FRKHUHQWHV HQWUH Vt FRQ UHVSHFWR DO PLVPR /D
FDQWLGDG GH REMHWLYRV HVSHFtILFRV TXH VH GHVSUHQGHQ GH XQ REMHWLYR
JHQHUDO HV D SULRUL XQD UHVROXFLyQ LQGHWHUPLQDGD QR KD\ XQD
FDQWLGDGSUHHVWDEOHFLGDGHREMHWLYRVHVSHFtILFRVDGLVSRQHUSRUFDGD
REMHWLYR JHQHUDO OD GHFLVLyQ REHGHFH D OD SURIXQGLGDG GH OD
LQYHVWLJDFLyQ OR FXDO D VX YH] UHVXOWD GH OD LQWHQFLyQ GHO
LQYHVWLJDGRUGHORVFRQGLFLRQDQWHVLQVWLWXFLRQDOHV\GHODWHPiWLFD\
GHORVUHFXUVRVTXHVH GLVSRQJD\D ODGHILQLFLyQFRQFHSWXDOGHODV
YDULDEOHV LPSOLFDGDV OR TXH UHVXOWD D VX YH] GHO PDUFR WHyULFR
FRQFHSWXDOHQHOTXHVHUHVSDOGDODLQYHVWLJDFLyQ
/RV REMHWLYRV HVSHFtILFRV FXPSOHQ OD IXQFLyQ GH FODULILFDU OD

LQWHQFLRQDOLGDG GH ORV LQYHVWLJDGRUHV \ H[SRQHU D VXV OHFWRUHV HO
LQLFLR GH OD RSHUDFLRQDOL]DFLyQ FRQFHSWXDO GH ODV FDUDFWHUtVWLFDV R
YDULDEOHV YHU FDStWXOR SXQWR GHO XQLYHUVR LPSOLFDGR HQ HO

$FWLYLGDGGHOLQYHVWLJDGRUTXHSUHWHQGHWUDQVSRQHUXQFRQFHSWRGHPDQHUD
IXQGDPHQWDGD\UHVSDOGDGDWHyULFDPHQWHGHVGHVXGHILQLFLyQWHyULFDKDFLDVXUHJLVWUR

REMHWLYR JHQHUDO HQ FDGD XQR GH HVWRV REMHWLYRV VH SUHVHQWDQ ODV
GLPHQVLRQHV R VXEYDULDEOHV TXH VH LQWHJUDQ HQ XQD WRWDOLGDG
WHPiWLFDUHSUHVHQWDGDSRUHOREMHWLYRJHQHUDODTXHOORVFRQWLHQHQODV
GLPHQVLRQHV GH ODV PLVPDV YDULDEOHV TXH VRQ FRQFHSWRV PHQRV
DEVWUDFWRV PiV FHUFDQRV DO UHJLVWUR HPStULFR UHVXOWD GH OD
SDUWLFXODUL]DFLyQ GH DOJ~Q FRQFHSWR R YDULDEOH TXH VH HQFXHQWUD
SODQWHDGDHQHOREMHWLYRJHQHUDOSRUHOORORVREMHWLYRVHVSHFtILFRVVH
HQFDX]DQ HQ OD PLVPD LQWHQFLRQDOLGDG FRJQLWLYD \ WHPiWLFD LQFOXLGD
HQ HO REMHWLYR JHQHUDO FDGD REMHWLYR HVSHFtILFR VH GLULJH D XQ QLYHO
PiVFRQFUHWRGHORSODQWHDGRHQHOREMHWLYRJHQHUDOSRUHMHPSORXQD
YDULDEOH FRPR FXOWXUD ILQDQFLHUD SXHGH WHQHU XQD VHULH GH
GLPHQVLRQHV R VXEYDULDEOHV WDOHV FRPR SODQLILFDFLyQ GHO DKRUUR
HVWUDWHJLDVGHLQYHUVLyQSUiFWLFDVGHFRQVXPR\WLSRVGHJDVWRVHQWUH
RWUDV HVWRV FRQFHSWRV PiV HVSHFtILFRV R VXEYDULDEOHV GHEHQ ILJXUDU
HQ FDGD XQR GH ORV REMHWLYRV HVSHFtILFRV TXH VH HQFXHQWUDQ
LPSOLFDGRV FRPR SDUWHV GH XQD WRWDOLGDG HQ ODV YDULDEOHV GHO
REMHWLYR JHQHUDO SDUD UHDILUPDU OD UHODFLyQ HQWUH REMHWLYR JHQHUDO \
HVSHFtILFRVVHSXHGHWUDWDUFRQRWURHMHPSORVLHQHOREMHWLYRJHQHUDO
VH SUR\HFWD JHQHUDU LQIRUPDFLyQ VREUH HO QLYHO VRFLRHFRQyPLFR GH
XQDGHWHUPLQDGDSREODFLyQFDGDREMHWLYRHVSHFtILFRGHEHUiSODQWHDU
DFFLRQHV FRJQLWLYDV VREUH FDGD XQD GH ODV GLPHQVLRQHV GHILQLGDV
FRQFHSWXDOPHQWH FRPR LQWHJUDQWHV GH OD YDULDEOH FRPR SRGUtD VHU
UHQWDVVLWXDFLyQODERUDOHVFRODUL]DFLyQ\SDWULPRQLR
&RPR FRQMXQWR GH DFWLYLGDGHV FRJQLWLYDV D FXPSOLU ORV REMHWLYRV

HVSHFtILFRV GHEHQ HODERUDUVH FRQ XQD Pi[LPD FRKHUHQFLD GH
LQFOXVLyQFRQUHVSHFWRDORSODQWHDGRHQHOREMHWLYRJHQHUDOSRUHVWD
UD]yQ HOORV QR GHEHQ FRQWHQHU YDULDEOHV GLIHUHQWHV D ODV TXH HVWiQ
SODQWHDGDV HQ ODV DFFLRQHV FRJQLWLYDV JHQHUDOHV &RPR \D VH

HPStULFR

/DVGLPHQVLRQHVRVXEYDULDEOHVVRQORVDVSHFWRVPiVFRQFUHWRVGHXQDYDULDEOHVRQ
FRPSRQHQWHVFRQFHSWXDOHVSDUWLFXODUHVPiVFHUFDQRVDOUHJLVWURHPStULFRTXHODYDULDEOH
GHODFXDOIRUPDQSDUWH

HVWDEOHFLy HQ XQ REMHWLYR JHQHUDO VH SUHVHQWDQ ODV YDULDEOHV \ HO
XQLYHUVRTXHVHTXLHUHLQYHVWLJDUORVREMHWLYRVHVSHFtILFRVQRGHEHQ
³GHVERUGDU´ HO SODQWHR GHO REMHWLYR JHQHUDO OR TXH VLJQLILFD TXH
pVWRV QR WLHQHQ TXH LU PiV DOOi GH OR TXH VH SUHWHQGH REWHQHU
FRJQLWLYDPHQWH FRQ HO REMHWLYR JHQHUDO ORV REMHWLYRV HVSHFtILFRV
QXQFD SXHGHQ LQYROXFUDU OD HODERUDFLyQ GH XQD RSHUDFLyQ OyJLFD
H[SORUDU GHVFULELU FRPSDUDU FRUUHODFLRQDU H[SOLFDU GH DOFDQFH
VXSHULRU D OD HVER]DGD HQ HO REMHWLYR JHQHUDO QL VH GHEHQ DJUHJDU
FRQFHSWRV TXH QR HVWpQ FRPSUHQGLGRV HQ DTXpO SRU HMHPSOR VL HO
REMHWLYRJHQHUDOHVGHVFULSWLYRQRVHSXHGHHVSHFLILFDUGHOPLVPRXQ
REMHWLYRHVSHFtILFRFRUUHODFLRQDORFDXVDO\DTXHHVWRLPSOLFDUtDXQ
SURFHGLPLHQWR SUREDWRULR GH XQ DOFDQFH GLIHUHQWH \D TXH OD
GHVFULSFLyQ QR LPSOLFD FRUUHODFLyQ R FDXVDOLGDG LQYHUVDPHQWH XQ
REMHWLYR JHQHUDO FDXVDO SXHGH FRQWHQHU DOJ~Q REMHWLYR HVSHFtILFR
GHVFULSWLYRRFRUUHODFLRQDO\DTXHODGHVFULSFLyQHVWiLPSOLFDGDHQOD
FDXVDOLGDG SDUD HMHPSOLILFDU HVWD DFFLyQ GH RSHUDFLRQDOL]DFLyQ VH
SXHGHSUHVHQWDUXQHVWXGLRVREUHORVHVWXGLDQWHVXQLYHUVLWDULRV HQHO
TXHVHHVWDEOHFLHURQFRUUHFWDPHQWHORVVLJXLHQWHVREMHWLYRVJHQHUDOHV
\HVSHFtILFRV
2EMHWLYRJHQHUDO
'HVFULELU ODV FRQGLFLRQHV GH YLGD \ ODV FDUDFWHUtVWLFDV VRFLR

GHPRJUiILFDV GH ORV HVWXGLDQWHV GH XQLYHUVLGDGHV S~EOLFDV GH OD
3URYLQFLDGH%V$V
2EMHWLYRVHVSHFtILFRV
&RQRFHU ODV FRQGLFLRQHV GH VDOXG HGXFDFLyQ YLYLHQGD RFXSDFLyQ

FDUDFWHUtVWLFDV GHO HQWRUQR \ VHJXULGDG VRFLDO GH ORV HVWXGLDQWHV GH
XQLYHUVLGDGHVS~EOLFDVGHOD3URYLQFLDGH%XHQRV$LUHV
'HWHUPLQDU OD FRPSRVLFLyQ GHO KRJDU ODV UHODFLRQHV IDPLOLDUHV \

DIHFWLYDV ODV PLJUDFLRQHV OD IHFXQGLGDG OD HGDG OD SDUWLFLSDFLyQ
VRFLDOODSHUWHQHQFLDDSXHEORVRULJLQDURV\RDIURGHVFHQGLHQWHVGH

ORVHVWXGLDQWHVGHXQLYHUVLGDGHVS~EOLFDVGHOD3URYLQFLDGH%V$V
(QHOVLJXLHQWHHMHPSORODYDULDEOH³ULHVJRVODERUDOHV´HVWiLPSOLFDGD
HQ HO REMHWLYR JHQHUDO \ VH GHVDJUHJD \ RSHUDFLRQDOL]D HQ ORV
REMHWLYRVHVSHFtILFRVDWUDYpVGHFRQFHSWRVPiVHPStULFRVTXHHQHO
HVWDEOHFLGR SRU HO REMHWLYR JHQHUDO TXH SUHVHQWD XQ PD\RU QLYHO GH
DEVWUDFFLyQ
2EMHWLYRJHQHUDO
,QGLFDU OD SUHVHQFLD GH ULHVJRV ODERUDOHV HQ ODV LQGXVWULDV

PHWDO~UJLFDVGHOSDUWLGRGH6DQ0DUWtQ
(VWDEOHFHU ORV ULHVJRV ODERUDOHV GH FDUiFWHU PHGLRDPELHQWDO GH ODV

LQGXVWULDVPHWDO~UJLFDVGHOSDUWLGRGH6DQ0DUWtQ
'HVFULELUORVULHVJRVODERUDOHVGHOOXJDUGHWUDEDMR\GHORVHTXLSRV
R PiTXLQDV TXH VH PDQLSXODQ GH ODV LQGXVWULDV PHWDO~UJLFDV GHO
SDUWLGRGH6DQ0DUWtQ
'HWHUPLQDU ORV ULHVJRV ODERUDOHV GH OD HUJRQRPtD \ GH IDFWRUHV

SVLFRVRFLDOHV GH ODV LQGXVWULDV PHWDO~UJLFDV GHO SDUWLGR GH 6DQ
0DUWtQ
(Q HO HMHPSOR SUHVHQWDGR D FRQWLQXDFLyQ OD YDULDEOH ³UHQGLPLHQWR

DFDGpPLFR´VHHVSHFLILFDHQODVVXEYDULDEOHVGXUDFLyQGHODFDUUHUD
FDOLILFDFLRQHV UHWHQFLyQ \ GHVHUFLyQ SUHVHQWHV HQ FDGD XQR GH ORV
FXDWURREMHWLYRVHVSHFtILFRV
2EMHWLYRJHQHUDO
$QDOL]DUHOUHQGLPLHQWRDFDGpPLFRGHORVDOXPQRVGHOD81/X

&DUDFWHUL]DU OD IUHFXHQFLD GH UHFXUVDGD GH ODV PDWHULDV GH ORV
DOXPQRVGHOD81/X
'HWHUPLQDUODVFDOLILFDFLRQHVGHORVDOXPQRVGHOD81/X
(VWDEOHFHUODGXUDFLyQGHHJUHVRGHORVDOXPQRVGHOD81/X
,QGLFDUODGHVHUFLyQGHORVDOXPQRVGHOD81/X
(QODLQYHVWLJDFLyQFXDQWLWDWLYDGHELGRDOFDUiFWHUUtJLGR\FHUUDGR
GHHVWHWLSRGHHVWXGLRVORVREMHWLYRVJHQHUDOHV\HVSHFtILFRVGHEHQ
H[SUHVDU FRQ SUHFLVLyQ ODV YDULDEOHV \ VX RSHUDFLRQDOL]DFLyQ HQ
VXEYDULDEOHV DGHPiV XQD YH] HVWDEOHFLGRV ORV REMHWLYRV QR VXIUHQ
PRGLILFDFLRQHVDWUDYpVGHODFRQFUHFLyQGHODVHWDSDVSRVWHULRUHV$
GLIHUHQFLD GH OD LQYHVWLJDFLyQ FXDQWLWDWLYD HQ OD FXDOLWDWLYD ORV
REMHWLYRV SXHGHQ HQXQFLDUVH FRQ XQD PD\RU DPELJHGDG R
DEVWUDFFLyQ SRU HO SURFHVR UHFXUVLYR HQWUH OD WHRUtD \ ORV GDWRV \D
TXH HQ HVWH WLSR GH HVWXGLRV VH HVWUXFWXUDQ D SDUWLU GH XQ GLVHxR
DELHUWR\IOH[LEOHORVREMHWLYRVGHODLQYHVWLJDFLyQFXDOLWDWLYDSXHGHQ
VHUUHYLVDGRV\PRGLILFDGRVGXUDQWHODHODERUDFLyQGHORVGDWRVHQHO
WUDEDMR GH FDPSR $ FRQWLQXDFLyQ VH SUHVHQWDQ GRV FRQMXQWRV GH
REMHWLYRVSHUWHQHFLHQWHVDLQYHVWLJDFLRQHVFXDOLWDWLYDV
³2EMHWLYRJHQHUDO
&RPSUHQGHU ODV VLJQLILFDFLRQHV TXH H[SUHVDQ GRFHQWHVERQDHUHQVHV

GH(*%\DFHUFDGHODVSUiFWLFDVODERUDOHV\GHORVDFWRUHVGH
VXFRPXQLGDGHVFRODU
,QGDJDUHQODVGHVFULSFLRQHVTXHPDHVWURVGH(*%\UHDOL]DQ
VREUHODVSUREOHPiWLFDVYLYHQFLDGDVHQVXWDUHDGLDULD
(VWDEOHFHUODVFRQFHSFLRQHVTXHORVGRFHQWHVWLHQHQKDFLDVtPLVPRV
\KDFLDORVDOXPQRVGHODFRPXQLGDGHGXFDWLYD

$QDOL]DUODV PDQLIHVWDFLRQHV TXHGRFHQWHV GH (*% \ UHDOL]DQ

DFHUFD GHO DOFDQFH \ ODV SRVLELOLGDGHV GH VXV DFFLRQHV HVFRODUHV´
6HUELD
³2EMHWLYRJHQHUDO
$QDOL]DU GHVGH XQD SHUVSHFWLYD LGHQWLWDULD ODV YLYHQFLDV \

H[SHULHQFLDVGHSHUVRQDVTXHHVWDEOHFHQLGHQWLILFDFLRQHVFRQHVWLORV
GHYLGDQRFRQYHQFLRQDOHVHQVXE~VTXHGDGHWUDEDMRDSDUWLUGHVX
SHUWHQHQFLDDRUJDQL]DFLRQHVODERUDOHVIRUPDOHV
5HJLVWUDU ODV SHUFHSFLRQHV TXH ODV SHUVRQDV TXH VH LGHQWLILFDQ FRQ
HVWLORV GH YLGD QR FRQYHQFLRQDOHV KDQ HVWDEOHFLGR D SDUWLU GH VXV
H[SHULHQFLDVODERUDOHVDFHUFDGHODVUHJXODFLRQHVLQVWLWXFLRQDOHVHQ
ODLPDJHQ\HQHOFRPSRUWDPLHQWR
(VWDEOHFHU ODV UHVSXHVWDV TXH HVWDV SHUVRQDV HODERUDURQ FRQ

UHVSHFWR D VX SUHVHQWDFLyQ SHUVRQDO DQWH ODV H[LJHQFLDV GH ODV
RUJDQL]DFLRQHVODERUDOHV
&RPSUHQGHU ODV VLJQLILFDFLRQHV TXH HVWDV SHUVRQDV HVWDEOHFLHURQ D

SDUWLU GH OD FRQWUDSRVLFLyQ HQWUH HO HVWLOR GH YLGD SURSLR \ HO
LPSXOVDGRSRUVXWUDEDMR´6HUELD
5HFRPHQGDFLRQHV \ HUURUHV IUHFXHQWHV HQ OD UHGDFFLyQ GH

/D UHGDFFLyQ GH ORV REMHWLYRV GHEH HIHFWXDUVH GH IRUPD FODUD \
SUHFLVD SDUD HOOR FRQYLHQH XWLOL]DU XQ OHQJXDMH OR PiV VHQFLOOR
SRVLEOH SDUD H[SRQHU ODV DFFLRQHV TXH VH SUHWHQGHQ UHDOL]DU SDUD
JHQHUDU OD LQIRUPDFLyQ SUHWHQGLGD LQGHIHFWLEOHPHQWH FRUUHVSRQGH
HPSUHQGHU OD HVFULWXUD GH ORV REMHWLYRV FRQ XQ YHUER TXH LQYROXFUH
XQDDFFLyQFRJQLWLYDDFXPSOLUHVWHYHUERHPSOHDGRHQHOLQLFLRGHOD
RUDFLyQ GHO REMHWLYR WLHQH FRPR IXQFLyQ HQXQFLDU ODV LQWHQFLRQHV

LQYHVWLJDWLYDV FDGDYHUERLPSOLFDUiXQDGHWHUPLQDGDRULHQWDFLyQHQ
OD FRQVWUXFFLyQ GHOREMHWRGHLQYHVWLJDFLyQ \ XQD GLVSRVLFLyQ HQODV
GHFLVLRQHV\HQODVDFFLRQHVPHWRGROyJLFDVHPSOHDGDVSDUDFRQVWUXLU
ORVGDWRVDOJXQRVGHORVYHUERVTXHVHXWLOL]DQPiVFRP~QPHQWHHQ
ORVWUDEDMRVGHLQYHVWLJDFLyQVRQORVVLJXLHQWHV
&RQRFHU(VWDEOHFHU,QGDJDU&RPSUHQGHU'HWHUPLQDU
'HVFULELU([SOLFDU$QDOL]DU&RPSDUDU,QGLFDU
6HxDODU&RPSDUDU([DPLQDU&DWHJRUL]DU,GHQWLILFDU
(V QHFHVDULR SDUD REWHQHU FODULGDG \ ULJRU HQ OD UHGDFFLyQ GH ORV
REMHWLYRVTXHDOHODERUDUVHORVREMHWLYRVGHLQYHVWLJDFLyQVHLQFOX\DQ
ODVYDULDEOHVTXHVHTXLHUHQUHJLVWUDU\ODGHPDUFDFLyQGHXQXQLYHUVR
GHWHUPLQDGR 8Q HUURU PX\ FRP~Q HQ OD UHGDFFLyQ GH REMHWLYRV
UDGLFDHQSODVPDUORVFRQXQDDPSOLWXGWDQHOHYDGDHQVXDOFDQFHTXH
UHVXOWD LPSRVLEOH GH FXPSOLPHQWDU DO QR LQFOXLU HO XQLYHUVR R ODV
YDULDEOHV VH LQFXUUH HQ HVWD HTXLYRFDFLyQ &RPR QR VH SXHGH
LQYHVWLJDU OD ³UHDOLGDG´ WRGD LQYHVWLJDFLyQ VXSRQH XQ UHFRUWH
QHFHVDULR GH OD PLVPD SRU HOOR OD GHOLPLWDFLyQ HV XQD DFWLYLGDG
FHQWUDOTXHGHEHFRQVXPDUHOLQYHVWLJDGRU\DTXHOHSRVLELOLWDWHQHU
XQHQFXDGUHIDFWLEOHGHOSUR\HFWRGHLQYHVWLJDFLyQHQXQGHWHUPLQDGR
FRQWH[WR \ HQ XQD GHWHUPLQDGD WHPSRUDOLGDG HO REMHWLYR GH
LQYHVWLJDFLyQGHEH FRQWHQHU ORV UHIHUHQWHV HPStULFRV \ ODV
FRRUGHQDGDV GH HVSDFLR \ WLHPSR FRQ UHVSHFWR D HVWD QHFHVDULD
GHOLPLWDFLyQ :DLQHUPDQ H[SOLFDTXH DOQRKDFHUORVH SURGXFH XQD
³«IRUPXODFLyQ GH XQ REMHWLYR WDQ DPSOLR TXH QR HV VXVFHSWLEOH GH
VHULQYHVWLJDGRGXUDQWHODYLGD~WLOGHXQLQGLYLGXR´:DLQHUPDQ\
6DXWXDWUDYpVGHORVGRVSUy[LPRVHMHPSORVGHREMHWLYRVGH

+D\LQYHVWLJDFLRQHVPiVRULHQWDGDVDODUHIOH[LyQWHyULFDTXHSXHGHQSUHVFLQGLUGH
XQDULJXURVDGHOLPLWDFLyQ\GHXQSUHFLVRDQFODMHHVSDFLRWHPSRUDO(VWXGLRVGHWLSR
H[SORUDWRULRRTXHEXVFDQGHVDUUROODURFRQWUDVWDUWHyULFDPHQWHFLHUWDVWHPiWLFDVFODYHV
SDUDOD&LHQFLDV6RFLDOHV

LQYHVWLJDFLyQVHH[SRQHHVWHHUURU
$QDOL]DUORVSURFHVRVGHPDUJLQDFLyQVRFLDO
(VWDEOHFHUODVFRQVHFXHQFLDVGHOGHVHPSOHR
8Q LQFRQYHQLHQWH PX\ FRP~Q DO FRQIHFFLRQDU REMHWLYRV GH

LQYHVWLJDFLyQHVUHGDFWDUORVGH IRUPD DPELJXDHPSOHDQGRWpUPLQRV
TXHHQVtPLVPRVQRSHUPLWHQGDUFXHQWDFRQH[DFWLWXGGHORVGDWRV
TXHVHSUHWHQGHQJHQHUDUHQODLQYHVWLJDFLyQDOQRSUHFLVDUVHHQORV
REMHWLYRV TXH WLSR GH GDWRV VH YDQ HODERUDU HQ OD LQYHVWLJDFLyQ
SURSXHVWD VH DEUHQ KRUL]RQWHV GH LQFHUWLGXPEUH DO OHFWRU DFHUFD GH
TXpWLSRGHHVWXGLRVHYDDUHDOL]DU:DLQHUPDQHVWDEOHFHTXHpVWHHV
HO ³«HUURU GH GHMDU D FDUJR GH OD UHDOLGDG OD HVSHFLILFDFLyQ GHO
REMHWLYR TXH VH KDEUi GH LQYHVWLJDU HQ HOOD´ :DLQHUPDQ \ 6DXWX
/RV HMHPSORV SUHVHQWDGRV D FRQWLQXDFLyQ H[KLEHQ HO HUURU
GHVFULSWRHQHOORVVHHPSOHDQWpUPLQRVPX\LQGHWHUPLQDGRVTXHQR
VLUYHQ SDUD RULHQWDU QL DO LQYHVWLJDGRU QL DO OHFWRU KDFLD GRQGH VH
GLULJHODLQWHQFLRQDOLGDGGHHODERUDFLyQGHORVGDWRVFRPRFXDQGRHQ
ORVREMHWLYRVVHSODQWHDTXHVHTXLHUHDERUGDUODVFDXVDVODVUD]RQHV
R ORV IDFWRUHV GHLQFLGHQFLD VREUH DOJXQDYDULDEOH GH IRUPD WDO TXH
QRLQGLFDQQDGDSUHFLVRDFHUFDGHODQDWXUDOH]DGHODYDULDEOHTXHVH
YDDLQYHVWLJDU\DTXHODVFDXVDVORVIDFWRUHVRODVUD]RQHV GHDOJR
SXHGHQVHULQILQLWDV\GH RUtJHQHVGLYHUVRVSXHGHQRULJLQDUVHHQOR
IDPLOLDUOR HFRQyPLFRORSROtWLFR OR PRWLYDFLRQDOORELROyJLFROR
GHPRJUiILFRHWF
$QDOL]DU ODV FDXVDV GHO DXPHQWR GHO GHVHPSOHR HQ OD SURYLQFLD GH
&yUGREDGXUDQWHHO~OWLPRWULPHVWUH
(VWDEOHFHU ODV UD]RQHV SRU ODV FXDOHV ORV DOXPQRV ERQDHUHQVHV GH
SULPDULD WLHQHQ XQ UHQGLPLHQWR VXSHULRU HQ OHQJXD TXH HQ
PDWHPiWLFD
6HxDODUORVIDFWRUHVTXHSURGXFHQODEDMDDXWRHVWLPDGHODDPDVGH
FDVDGHPiVGHDxRVGH16(PHGLRDOWRGH&$%$

2WUR HUURU UDGLFD HQ OD FRQIXVLyQ HQWUH SURSyVLWRV \ REMHWLYRV HO
TXHKDFHU LQYHVWLJDWLYR HV XQD ODERU FRJQLWLYD GHVWLQDGD D OD
HODERUDFLyQ GH GDWRV \ QXQFD HV XQD DFFLyQ GH PRGLILFDFLyQ R
WUDQVIRUPDFLyQ GH OD UHDOLGDG PiV DOOi GH TXH ORV GDWRV TXH VH
SURGX]FDQ SXHGDQ HPSOHDUVH SRVWHULRUPHQWH SDUD OD WUDQVIRUPDFLyQ
GHO HVFHQDULR FRQFHELGR HQ HO SUREOHPD :DLQHUPDQ
FDUDFWHUL]D D HVWH HUURU FRPR OD ³«FRQIXVLyQ HQWUH SURGXFFLyQ GH
FRQRFLPLHQWRVREUHODUHDOLGDG\HODERUDFLyQGHSROtWLFDV\RSODQHV
GHDFFLyQSDUDRSHUDUVREUHHOODRHQWUHREMHWLYRVGHLQYHVWLJDFLyQ\
SURSyVLWRVDODUJRSOD]R´
/RV REMHWLYRV QR GHEHQ DVLPLODUVH FRQ ORV SURSyVLWRV GH XQD
LQYHVWLJDFLyQ ORV FXDOHV LPSOLFDQ XQD DFFLyQ GH UHVROXFLyQ R
PRGLILFDFLyQRSHUDGDHQODUHDOLGDGGHODVLWXDFLyQSUHVHQWDGDHQHO
SUREOHPDSDUDODFXDOODLQYHVWLJDFLyQHVXQLQVXPRQHFHVDULRSHUR
QRVXILFLHQWHSDUDWUDQVIRUPDUHVDVFLUFXQVWDQFLDV\DTXHGHSHQGHGH
RWURVIDFWRUHVSRUHMHPSORXQDLQYHVWLJDFLyQSXHGHGHVHQWUDxDUORV
DVSHFWRV PRWLYDFLRQDOHV GH ORV DOXPQRV HQ HO UHQGLPLHQWR GH ODV
HYDOXDFLRQHVDFDGpPLFDV\QRSRUHOORpVWDVVHYDQDPRGLILFDUSDUD
TXp HVWR RFXUUD VH YDQ D UHTXHULU GH PHGLGDV R GH LQWHUYHQFLRQHV
LQVWLWXFLRQDOHV SDUD DMXVWDU PRGLILFDFLRQHV HQ ODV FRQGLFLRQHV GH
HVWXGLRRGHFXUVDGDSDUD TXHORVHVWXGLDQWHVHOHYHQVXPRWLYDFLyQ
/DUHGDFFLyQGHORVREMHWLYRV\HOHVWDEOHFLPLHQWRVGHORVSURSyVLWRV
SUHVHQWDQXQDVLPLOLWXGHQVXFRPSRVLFLyQ\DTXHHQDPERVFDVRV
VHLQLFLDODDFFLyQGHHVFULWXUDFRQXQYHUERTXHDOXGHDXQDDFWLYLGDG
D FXPSOLPHQWDU SHUR KD\ TXH WHQHU HQ FXHQWD TXH DO UHGDFWDU XQ
REMHWLYR GH LQYHVWLJDFLyQ OR TXH VLHPSUH VH YD D SODQWHDU HV XQD
DFFLyQFRJQLWLYDHQHOVLJXLHQWHHMHPSORVHH[SUHVDQSURSyVLWRVTXH
SXHGHQVHUFRQIXQGLGRVFRPRREMHWLYRV
0RWLYDU D ORV GRFHQWHV GH OD 3URYLQFLD GH %XHQRV $LUHV SDUD TXH
DMXVWHQ VX SURSXHVWD iXOLFD D SDUWLU GH ORV FULWHULRV FXUULFXODUHV
GDGRVSRUHOJRELHUQRSURYLQFLDO
(OHYDU HO UHQGLPLHQWR DFDGpPLFR GH ORV DOXPQRV GH ODV

XQLYHUVLGDGHVQDFLRQDOHVGHOD3URYLQFLDGH%V$V
1RGHEHDVLPLODUVHODDFFLyQFRJQLWLYDLPSOLFDGDHQORVREMHWLYRVGH
LQYHVWLJDFLyQ FRQ DTXHOODV WDUHDV SURFHGLPHQWDOHV YLQFXODGDV D OD
FRQFUHFLyQ GH ODV GLIHUHQWHV HWDSDV GHO SURFHVR GH LQYHVWLJDFLyQ
PDUFR WHyULFR PXHVWUHR WpFQLFDV GH HODERUDFLyQ GH GDWRV HVWDV
DFFLRQHV LPSOLFDQ OD DSOLFDFLyQ GH DFWLYLGDGHV LQVWUXPHQWDOHV
WpFQLFDVTXHGHEHOOHYDUDGHODQWHHOLQYHVWLJDGRUSDUDSRGHUDFFHGHU
DOUHIHUHQWHHPStULFR\ JHQHUDUGDWRVVREUH HOPLVPR /RVREMHWLYRV
VLHPSUH HVWDEOHFHQ TXH GDWRV VH YDQ D SURGXFLU \ QXQFD GHEHQ
UHSUHVHQWDU HO SODQWHDPLHQWR VREUH FyPR VH YDQ SURGXFLU HVWH HUURU
VXSRQHXQD³«FRQIXVLyQHQWUHREMHWLYRHVSHFtILFR\SDVRDUHFRUUHU
HQ HO GHVDUUROOR GH OD LQYHVWLJDFLyQ´ :DLQHUPDQ \ 6DXWX
XQDHTXLYRFDFLyQGHHVWDQDWXUDOH]DSXHGHKDOODUVHKDVWDHQDOJXQRV
OLEURVGHPHWRGRORJtDDFRQWLQXDFLyQVHSUHVHQWDXQHMHPSORGHHVWH
WLSR GH HUURU GHO OLEUR 0HWRGRORJtD GH OD LQYHVWLJDFLyQ SDUD
DGPLQLVWUDFLyQ \ HFRQRPtD GH %HUQDO 7RUUHV TXLHQ SODQWHD
GRVREMHWLYRVHVSHFtILFRVTXHHQUHDOLGDGVRQSDVRVSURFHGLPHQWDOHV
GHOSURFHVRGHLQYHVWLJDFLyQFRPRFRQIHFFLRQDUXQPDUFRWHyULFR\
UHDOL]DUXQDHQFXHVWD
³2EMHWLYRJHQHUDO
$QDOL]DU OD DFWLWXG GH ORV GLUHFWLYRV QDFLRQDOHV GH OD LQGXVWULD
PDQXIDFWXUHUD UHVSHFWR D OD LQQRYDFLyQ \ FUHDWLYLGDG HQ VXV
RUJDQL]DFLRQHV
(ODERUDU XQ PDUFR WHyULFR VREUH OD DFWLWXG GH ORV GLUHFWLYRV GH
HPSUHVDV UHVSHFWR D OD LQQRYDFLyQ \ FUHDWLYLGDG HQ ODV
RUJDQL]DFLRQHVSURGXFWLYD
'LVHxDUXQLQVWUXPHQWRGHPHGLFLyQGHDFWLWXGHVFRQVXVUHVSHFWLYDV
SUXHEDV GH YDOLGH] \ FRQILDELOLGDG SDUD DSOLFDUOR D OD SREODFLyQ
VHOHFFLRQDGD´%HUQDO7RUUHV

(QOLEURGH0pQGH]ÈOYDUH]WLWXODGRDVHFDV0HWRGRORJtDVH

SXHGHQREVHUYDUGRVHMHPSORV HQORVTXHHO DXWRU LQFXUUHHQVHQGDV
HTXLYRFDFLRQHVHQHOREMHWLYRJHQHUDOVHYHULILFDXQDFRQIXVLyQHQWUH
SURSyVLWR \ REMHWLYR HODERUDU SURSXHVWDV QR LQGLFD QLQJXQD DFFLyQ
FRJQLWLYD \ HQ HO REMHWLYR HVSHFtILFR VH WHUJLYHUVD OR TXH HV XQ
REMHWLYR\XQDDFFLyQSURFHGLPHQWDODQDOL]DUELEOLRJUDItD\HODERUDU
XQ PDUFR WHyULFR HVXQD GH ODV HWDSDV GHO SURFHVR GH LQYHVWLJDFLyQ
VXSRQH XQD DFFLyQ GH LQVWUXPHQWDFLyQ QHFHVDULD SDUD REWHQHU GDWRV
SHURQRVRQHQVtPLVPDXQDDFFLyQFRJQLWLYD
2EMHWLYRJHQHUDO
3URSRQHU HVWUDWHJLDV JHUHQFLDOHV \ DGPLQLVWUDWLYDV TXH SHUPLWDQ D

ODV HPSUHVDV DGRSWDU XQ VLVWHPD GH JHVWLyQ HILFLHQWH TXH ODV
FRQYLHUWDHQVRFLDOPHQWH UHVSRQVDEOHV\FRQWULEX\DQDOFUHFLPLHQWR
GHODVSHUVRQDVODVRFLHGDG\HOPHGLRDPELHQWHH[WHUQR
2EMHWLYRHVSHFtILFR
5HDOL]DU XQ DQiOLVLV FUtWLFR GH ORV DFHUFDPLHQWRV WHyULFRV \

FRQFHSWXDOHV VREUH OD pWLFD HPSUHVDULDO OD UHVSRQVDELOLGDG GH OD
HPSUHVD \ HO GHVDUUROOR VRVWHQLEOH D ILQ GH HODERUDU HO PDUFR GH
UHIHUHQFLDGHOSUR\HFWR0pQGH]ÈOYDUH]
2WURHUURUIUHFXHQWHHQODUHGDFFLyQGHREMHWLYRVGHLQYHVWLJDFLyQVH
SURGXFH FXDQGR ODV YDULDEOHV \ HO XQLYHUVR GHO REMHWLYR JHQHUDO VRQ
GLIHUHQWHV D ORV TXH HVWiQ FRQWHQLGRV HQ ORV HVSHFtILFRV D
FRQWLQXDFLyQ VH LOXVWUD HVWD HTXLYRFDFLyQ HQHO REMHWLYR JHQHUDOGHO
HMHPSOR VH SURSRQH DQDOL]DU HO ³FRQVXPR GH DOFRKRO´ HVWD YDULDEOH
QRYXHOYHDHVWDUSUHVHQWHHQORVREMHWLYRVHVSHFtILFRVHQHOSULPHU
REMHWLYRHVSHFtILFRVHFRQIXQGHODYDULDEOH³FRQVXPRGHDOFRKRO´FRQ
ODYDULDEOH³FRPSUDGHEHELGDVDOFRKyOLFDV´HQHOREMHWLYRHVSHFtILFR
VLJXLHQWH VH H[SRQH OD YDULDEOH ³QLYHO GH LQJUHVRV´ GH ODV SHUVRQDV
FRQVXPLGRUDVGHDOFRKROTXHQRVHHQFXHQWUDHQHOREMHWLYRJHQHUDO
DVLPLVPRVHFDPELDHOXQLYHUVR\DTXHHQHOREMHWLYRJHQHUDOHVOD

SREODFLyQ GH OD FLXGDG GH 5RVDULR \ HQ HO REMHWLYR HVSHFtILFR HV OD
SREODFLyQ URVDULQD TXH FRQVXPH EHELGDV DOFRKyOLFDV HQ HO ~OWLPR
REMHWLYR VH FDPELD QXHYDPHQWH HO XQLYHUVR DKRUD VH HVWXGLDUtD DO
(VWDGR\DODVHPSUHVDVSURGXFWRUDV\VHSUHVHQWDXQDQXHYDYDULDEOH
OD³SROtWLFDGHSUHFLRVGHEHELGDVDOFRKyOLFDV´
2EMHWLYR*HQHUDO
$QDOL]DU HO FRQVXPR GH DOFRKRO GH OD SREODFLyQ GH OD &LXGDG GH
5RVDULR
2EMHWLYRV(VSHFtILFRV
(VWXGLDU HO DXPHQWR GH OD FRPSUD GH EHELGDV DOFRKyOLFDV GH OD
&LXGDGGH5RVDULR
'HWHUPLQDU HO QLYHO GH LQJUHVRV GH ORV UHVLGHQWHV GH OD &LXGDG GH
5RVDULRTXHFRQVXPHQEHELGDVDOFRKyOLFDV
$QDOL]DUODSROtWLFDGHSUHFLRVFRQUHVSHFWRDODVEHELGDVDOFRKyOLFDV
HQOD&LXGDGGH5RVDULR
/D HTXLYRFDFLyQ SUHVHQWH HQ HO SUy[LPR HMHPSOR UDGLFD HQ TXH VH
DJUHJD HQ HO REMHWLYR HVSHFtILFR QXHYDV YDULDEOHV TXH QR HVWiQ
SUHVHQWHV HQ HO REMHWLYR JHQHUDO OD ³VLWXDFLyQ ODERUDO´ HV XQD
GLPHQVLyQ GHO ³QLYHO VRFLRHFRQyPLFR´ GH ORV DOXPQRV SHUR HO
³UHQGLPLHQWR DFDGpPLFR´ HVXQDYDULDEOHTXHQR HVWi LQFOXLGD HQ HO
REMHWLYRJHQHUDOQLHVXQDGLPHQVLyQGHODYDULDEOHHQFXHVWLyQ
2EMHWLYRJHQHUDO
&RQRFHUHOQLYHOVRFLRHFRQyPLFRGHORVHVWXGLDQWHVGHOD81/X
2EMHWLYRHVSHFtILFR
'HWHUPLQDU OD VLWXDFLyQ ODERUDO GH ORV DOXPQRV GH OD 81/X \ VX
UHQGLPLHQWRDFDGpPLFR

(O SUy[LPR HMHPSOR GD FXHQWD GH DOJXQRV HUURUHV TXH HYLGHQFLDQ
FRQIXVLRQHVYDULDGDVHOXQLYHUVRDSDUHFHHQHOREMHWLYRHVSHFtILFR\
QRHQHOJHQHUDODGHPiVHQpVWHVHSODQWHDFRPRXQDGHODVYDULDEOHV
D HVWXGLDU OD ³FRPSUD GH FLJDUULOORV´ \ HQ HO REMHWLYRHVSHFtILFR HVD
YDULDEOH HV UHHPSOD]DGD SRU XQD GLIHUHQWH TXH HV HO ³Q~PHUR GH
IXPDGRUHV´ HQ HO REMHWLYR HVSHFtILFR VH SODQWHD XQD DFFLyQ
LQYHVWLJDWLYD GLULJLGD D GHVFULELU YDULDEOHV FX\RV YDORUHV \D VH GDQ
SRUFRQRFLGRV³LQFUHPHQWRHQHOQ~PHURGHIXPDGRUHV´\³DXPHQWR
GHGHVRFXSDFLyQ´
2EMHWLYR*HQHUDO
(VWDEOHFHU OD UHODFLyQ HQWUH QLYHO GH LQJUHVR VLWXDFLyQ ODERUDO \

QLYHOGHFRPSUDGHFLJDUULOORVHQ&yUGRED
2EMHWLYR(VSHFLILFR
$QDOL]DU HO LQFUHPHQWR HQ HO Q~PHUR GH IXPDGRUHV HQ &yUGRED OD
YDULDFLyQGHOLQJUHVR\DXPHQWRGHGHVRFXSDFLyQ
(QODHODERUDFLyQGHORVREMHWLYRVHVSHFtILFRVQRVHGHEHFDPELDUR
HVSHFLILFDU HO XQLYHUVR HVWDEOHFLGR HQ HO REMHWLYR JHQHUDO
H[FOXVLYDPHQWHHQHVWRVREMHWLYRVVHHVSHFLILFDQODVYDULDEOHVHQpO
FRQWHQLGDV HQ ORV VLJXLHQWHV FDVRV VH H[SRQH HVWD HTXLYRFDFLyQ GH
GHOLPLWDUHOXQLYHUVRGHOREMHWLYRJHQHUDOHQHOREMHWLYRHVSHFtILFRHO
HUURU VH HQFXHQWUD HQ HO REMHWLYR HVSHFtILFR DOOt HQ OXJDU GH YROYHU
PiVHVSHFtILFDODVYDULDEOHV³SDWUyQGHFRQVXPRGHDJXDFRUULHQWH´R
³FRQGLFLRQHVGH VHJXULGDGODERUDO´ OR TXH VH UHFRUWD HV HOXQLYHUVR
GH FDGD FDVR GH OD SURYLQFLD DO PXQLFLSLR HQ HO SULPHUR \ GH OD
FLXGDGDOEDUULRHQHOVHJXQGRHMHPSOR
2EMHWLYRJHQHUDO
'HWHUPLQDUODVFRQGLFLRQHVGHVHJXULGDGODERUDOGHODV3<0(6GHOD
3URYLQFLDGH%V$V

2EMHWLYRHVSHFtILFR
'HVFULELU ODV FRQGLFLRQHV GH VHJXULGDG ODERUDO GH ODV 3<0(6 GHO
3DUWLGRGH/D0DWDQ]D
2EMHWLYRJHQHUDO
$QDOL]DUORVSDWURQHVGHXVRGHODJXDFRUULHQWHGHORVHQFDUJDGRVGH
HGLILFLRVGHOD&LXGDGGH%XHQRV$LUHV
2EMHWLYRHVSHFtILFR
(VWDEOHFHUORVSDWURQHVGHXVRGHDJXDFRUULHQWHGHORVHQFDUJDGRV
GHHGLILFLRVGHO%DUULRGH)ORUHV
(Q HO HMHPSOR VLJXLHQWH VH SODQWHD HQ HO REMHWLYR JHQHUDO XQD
SRWHQFLDO FDXVDOLGDG OD YDULDEOH ³H[SRUWDFLRQHV DUJHQWLQDV´ VH
GHVHPSHxD FRPR OD FDXVD GHO ³QLYHO GH UHFDXGDFLyQ ILVFDO´ HQ HO
SULPHU REMHWLYR HVSHFtILFR OD YDULDEOH ³H[SRUWDFLRQHVDUJHQWLQDV´HQ
OXJDUGHIXQFLRQDUFRPRFDXVDVHSRVLFLRQDFRPRFRQVHFXHQFLDGHOD
YDULDEOH³SUHFLRGHORVLQVXPRVLPSRUWDGRV´TXHQRHVWiSUHVHQWHHQ
HO REMHWLYR JHQHUDO HVWD VLWXDFLyQ GH LQFRKHUHQFLD VH UHSLWH HQ HO
VHJXQGR REMHWLYR HVSHFtILFR SHUR FRQ XQD QXHYD YDULDEOH
³DEDVWHFLPLHQWR GHO PHUFDGR ORFDO´ TXH VH SUHVHQWD FRPR IDFWRU GH
FDXVDOLGDGGHODYDULDEOH³H[SRUWDFLRQHVDUJHQWLQDV´
2EMHWLYRJHQHUDO
$QDOL]DU HO QLYHO GH UHFDXGDFLyQ ILVFDO TXH SURGXMR HO QLYHO GH ODV
H[SRUWDFLRQHVDUJHQWLQDVHQORVDxRV
'HWHUPLQDUODLQFLGHQFLDGHOSUHFLRGHORVLQVXPRVLPSRUWDGRVHQODV
H[SRUWDFLRQHVDUJHQWLQDVHQORVDxRV
$QDOL]DU VL HO DEDVWHFLPLHQWR GHO PHUFDGR ORFDO LQIOX\y VREUH OD

FDtGDGHODVH[SRUWDFLRQHVDUJHQWLQDVHQORVDxRV
(VPX\LPSRUWDQWHYHULILFDUDOUHGDFWDUREMHWLYRVTXHVHDQFRKHUHQWHV
HQWUHVtHQHOREMHWLYRJHQHUDOTXHVHSUHVHQWDDFRQWLQXDFLyQVH GD
SRU FRQRFLGDODH[SDQVLyQGHO³GHVHPSOHR´SHURHQSULPHUREMHWLYR
HVSHFtILFR VH SURSRQH LQGDJDU OR TXH \D VH GD SRU FRQRFLGR HQ HO
REMHWLYR JHQHUDO HQ HO ~OWLPR REMHWLYR HVSHFtILFR VH PRGLILFD HO
XQLYHUVR \D TXH HQ HO REMHWLYR JHQHUDO HV OD SREODFLyQ
HFRQyPLFDPHQWH DFWLYD \ HQ DTXHO HV OD SREODFLyQ TXH UHFXUUH D OD
DFWLYLGDGLOHJDO
2EMHWLYRJHQHUDO
$QDOL]DU OD UHODFLyQ HQWUH OD H[SDQVLyQ GHO GHVHPSOHR \ HO

FUHFLPLHQWRGHOGHOLWRHQODSREODFLyQHFRQyPLFDPHQWHDFWLYD
&RQRFHUODHYROXFLyQGHOGHVHPSOHR
(YDOXDU OD VLWXDFLyQ ODERUDO GH OD SREODFLyQ TXH UHFXUUH D OD
DFWLYLGDGLOHJDO

*XtDGHSUHJXQWDV
([SOLFDUTXpIXQFLyQFXPSOHQVRQORVREMHWLYRVGHLQYHVWLJDFLyQ
¢4Xp UHODFLyQ KD\ HQWUH HO SUREOHPD \ ORV REMHWLYRV GH
LQYHVWLJDFLyQ"
,QGLFDUHOSURFHVRTXHDQWHFHGHDODHODERUDFLyQGHORVREMHWLYRVGH
LQYHVWLJDFLyQGHILQLWLYRV
([SOLFDU TXH VRQ ORV REMHWLYRV JHQHUDOHV \ HVSHFtILFRV GH XQD
LQYHVWLJDFLyQ
¢&yPRVHUHODFLRQDQORVREMHWLYRVJHQHUDOHV\HVSHFtILFRV"
¢&yPRVHGHEHQUHGDFWDUORVREMHWLYRVGHLQYHVWLJDFLyQ
¢4XpVXSRQHHOSURSyVLWRGHODLQYHVWLJDFLyQHQTXHVHGLIHUHQFLD
GHOREMHWLYRGHLQYHVWLJDFLyQ"
(VWDEOHFHUODGLIHUHQFLDHQWUHXQREMHWLYR\XQSDVRSURFHGLPHQWDO
([SOLFDUODUHODFLyQHQWUH³SURSyVLWR´³REMHWLYRV´\³SUREOHPDGH
,QYHVWLJDFLyQ´
(QXPHUDU \ H[SOLFDU ORV HUURUHV PiV FRPXQHV DO UHGDFWDU


$&7,9,'$'
D ,QGLFDU TXp WLSR GH DFFLyQ FRJQLWLYD GHVFULSFLyQ FRUUHODFLyQ

FDXVDOLGDGVHSUHVHQWDHQHVWHLQIRUPHSHULRGtVWLFR
&8È/(6 621 /26 6(&725(6 (&21Ï0,&26 &21 0È6

75$%$-$'25(6(11(*52
&RQ XQ DSODVWDQWH SRU FLHQWRORV KRJDUHV FRQ VHUYLFLR

GRPpVWLFR VRQ HO VHFWRU TXH PHQRV UHJLVWUD D VXV WUDEDMDGRUDV HQ
WRGDODHFRQRPtDVHJ~QVXUJHGHXQLQIRUPHVREUHLQVXPRGHPDQR
GH REUD GHO ,QGHF /RV GDWRV SHUWHQHFHQ DO WULPHVWUH GH
$GHPiVGHODVWUDEDMDGRUDVGRPpVWLFDVXQRGHORVUXEURVGH
HPSOHR PiV IHPLQL]DGRV GH OD HFRQRPtD DUJHQWLQD HO WRS HQ
GRQGHPiVWUDEDMRHQQHJURKD\VRQ$JULFXOWXUD\JDQDGHUtDFRQXQ
\ HQOD &RQVWUXFFLyQ HQ GRQGH ORV WUDEDMDGRUHV QR
UHJLVWUDGRVVRQHOGHODIXHU]DGHWUDEDMR$QLYHOJHQHUDOHQ
WRGDODHFRQRPtDQDFLRQDOH[LVWLHURQHQWUHDEULO\MXQLR
SXHVWRV GH WUDEDMR /D GLIHUHQFLD GH HVWH LQIRUPH GH HPSOHR VHJ~Q
GHWDOOD HO RUJDQLVPR TXH FRQGXFH -RUJH 7RGHVFD HV TXH WLHQH HQ
FXHQWDQRVRODPHQWHODEDVHGHGDWRVHODERUDGDHQEDVHDORVGDWRV
GH OD VHJXULGDG VRFLDO HO 6,3$ VLQR WDPELpQ OD LQIRUPDFLyQ TXH
VXUJH GH OD (QFXHVWD 3HUPDQHQWH GH +RJDUHV'H DFXHUGR FRQ HO
LQIRUPHGH ORV PLOORQHV GH SXHVWRV GH WUDEDMRQR VH GHEH
FRQIXQGLUFRQSHUVRQDVHPSOHDGDV\DTXHXQDSHUVRQDSXHGHWHQHU
PiV GH XQ WUDEDMROD PD\RUtD VRQ DVDODULDGRV UHJLVWUDGRV
PLHQWUDVTXHXQIXHURQDVDODULDGRVQRUHJLVWUDGRV
HVGHFLULQIRUPDOHV\XQFXHQWDSURSLVWDV(QUHODFLyQDORV
FXHQWDSURSLVWDV ORV UXEURV HQ ORV TXH PiV WUDEDMDGRUHV
LQGHSHQGLHQWHV KD\ HV HQ &RPHUFLR &RQVWUXFFLyQ
\$JULFXOWXUD\JDQDGHUtD(QHO~QLFRVHFWRUHQ
HOTXHQRVHUHJLVWUDQWUDEDMDGRUDVFXHQWDSURSLVWDVHVHQHOVHUYLFLR
GRPpVWLFR
KWWSVZZZFURQLVWDFRPHFRQRPLDSROLWLFD&XDOHVVRQORVVHFWRUHV

HFRQRPLFRVFRQPDVWUDEDMDGRUHVHQQHJURKWPO
$&7,9,'$'
$SDUWLUGHOWH[WRGHOHVWDEOHFHU
D¢&XDOHVHOWHPDGHODLQYHVWLJDFLyQSUHVHQWDGD"
E¢&XiOHVVXXQLYHUVR\ODVYDULDEOHV"
F ¢&XDOHV SRGUtDQ KDEHU VLGR ORV REMHWLYRV GH LQYHVWLJDFLyQ \ VX

SURSyVLWR WRPDQGR HQ FXHQWD ODV FRQFOXVLRQHV GHO HVWXGLR"
5HGDFWDUORV
81 3$125$0$ 081',$/ '( /$ *(67,Ï1 '(/ &$0%,2

25*$1,=$&,21$/
(Q XQ SDVDGR QR PX\ OHMDQR ODV LQLFLDWLYDV GH JHVWLyQ GHO FDPELR
RUJDQL]DFLRQDO HUDQ UHODWLYDPHQWH GHVFRQRFLGDV \ PX\
LQFRPSUHQGLGDV HQ OD DOWD GLUHFFLyQ $Vt ODV HPSUHVDV VROtDQ
HQFDUDU JUDQGHV SURFHVRV GH WUDQVIRUPDFLyQ HVWUDWpJLFD VLQ
SODQLILFDU HQ SURIXQGLGDG VX LPSDFWR VREUH ODV SHUVRQDV 1R
REVWDQWH HQ ORV ~OWLPRV DxRV OD VLWXDFLyQ SDUHFH KDEHUVH
PRGLILFDGR6HJ~QXQDHQFXHVWDGH%RR] &RPSDQ\HQWUHDOWRV
HMHFXWLYRV TXH OLGHUDURQ SURJUDPDV GH WUDQVIRUPDFLyQ HQ
RUJDQL]DFLRQHVGHPiVGHHPSOHDGRVODDOWDGLUHFFLyQSDUHFH
HVWDU WRPDQGR FRQFLHQFLD GH OD QHFHVLGDG GH ODV LQLFLDWLYDV GH
FKDQJH PDQDJHPHQW SDUD DFRPSDxDU ORV SURFHVRV GH
WUDQVIRUPDFLyQ GHO QHJRFLR $ FRQWLQXDFLyQ ORV SULQFLSDOHV
UHVXOWDGRVGHODLQYHVWLJDFLyQ
¢3RU TXp FDPELDU" /DV UD]RQHV PiV FRPXQHV TXH OOHYDQ D ODV
HPSUHVDVDHQFDUDUSURJUDPDVGHWUDQVIRUPDFLyQGHOQHJRFLRVRQOD
QHFHVLGDG GH LQFUHPHQWDU OD SHUIRUPDQFH SRU FLHQWR OD
UHGXFFLyQGHFRVWRVSRUFLHQWR\HOGHVHRGHPHMRUDUHOVHUYLFLR
DOFOLHQWHSRUFLHQWR¢'HTXpPDQHUDD\XGDQODVLQLFLDWLYDVGH

JHVWLyQGHOFDPELR"8QSRUFLHQWRGHORVHQFXHVWDGRVVHxDOyTXH
ORVSURFHVRVGHWUDQVIRUPDFLyQGHOQHJRFLRIXHURQDFRPSDxDGRVGH
SURJUDPDVGHJHVWLyQGHOFDPELR<ORPiVVLJQLILFDWLYRHOSRU
FLHQWRGHVWDFyTXHGLFKDVLQLFLDWLYDVLPSDFWDURQSRVLWLYDPHQWHVREUH
ORV UHVXOWDGRV GH OD WUDQVIRUPDFLyQ 6LQ HPEDUJR OD PD\RUtD
UHFRQRFLyTXHORVUHVXOWDGRVKDEUtDQVLGRPHMRUHVVLORVSURJUDPDV
VH KXELHUDQ LPSOHPHQWDGR GHVGH XQD IDVH PiV WHPSUDQD GHO
SUR\HFWR 7RGR SURJUDPD GH WUDQVIRUPDFLyQ FRQOOHYD XQD VHULH GH
FDPELRV IXQGDPHQWDOHV HQ HO WUDEDMR GH ORV HPSOHDGRV QXHYRV
SURFHVRV QXHYDV HVWUXFWXUDV GH HTXLSRV QXHYDV KDELOLGDGHV \
FRPSRUWDPLHQWRV $Vt HV KDELWXDO HQFRQWUDU SHUVRQDV TXH VH
UHVLVWDQ 6HJ~Q OD HQFXHVWD OD UHVLVWHQFLD DO FDPELR SDUHFH YDULDU
VHJ~QHOFRQWH[WRJHRJUiILFRHOSXHVWRRFXSDGRHQODRUJDQL]DFLyQ\
HOWLSRGHWUDQVIRUPDFLyQ
/RV HPSOHDGRV GH OtQHD VRQ PiV UHVLVWHQWHV DO FDPELR TXH ORV
DOWRV HMHFXWLYRV 8QR GH FDGD GRV HPSOHDGRV PDQLIHVWDED FLHUWD
FODVHGHUHVLVWHQFLD(QWUHGLUHFWLYRVODSURSRUFLyQVHUHGXFtDDXQR
GHFDGDFXDWUR
/RV DOWRV HMHFXWLYRV GH 1RUWHDPpULFD VRQ PiV IDYRUDEOHV DO

FDPELRTXHORVGH$VLD\(XURSD/RVPDQGRVPHGLRVHXURSHRVVRQ
PiVUHVLVWHQWHVTXHORVDVLiWLFRV\QRUWHDPHULFDQRV
/RV WUDEDMDGRUHV GH OtQHD VH PXHVWUDQ VLJQLILFDWLYDPHQWH PiV

SURFOLYHVDFDPELDUFXDQGRODWUDQVIRUPDFLyQDSXQWDDPHMRUDUORV
SURFHVRVGHLQQRYDFLyQGHSURGXFWRV\VHUYLFLRV
6L ELHQ VH KDQ KHFKR QRWDEOHV SURJUHVRV ODV RUJDQL]DFLRQHV D~Q
WLHQHQJUDQGHVRSRUWXQLGDGHVGHPHMRUDUVXVSURJUDPDVGHJHVWLyQ
GHO FDPELR /D DFWLWXG GH ORV OtGHUHV HV FUXFLDO SDUD YHQFHU ODV
UHVLVWHQFLDVLQVSLUDQGRDORVHPSOHDGRVDDGRSWDUQXHYDVIRUPDVGH
KDFHU ODV FRVDV \ PRWLYDUORV D DGTXLULU QXHYDV KDELOLGDGHV \
SUDFWLFDU QXHYRV FRPSRUWDPLHQWRV /RV GHSDUWDPHQWRV GH UHFXUVRV
KXPDQRV SRU VX SDUWH SXHGHQ FXPSOLU XQ URO LPSRUWDQWH D WUDYpV

GHO PHMRUDPLHQWR GH VXV SURJUDPDV GH IRUPDFLyQ \ GHVDUUROOR \ HO

XVRHVWUDWpJLFRGHOUHFOXWDPLHQWR\ODVUHFRPSHQVDV(QGHILQLWLYDOD
HQFXHVWD LQGLFD TXH HVWiQ OOHJDQGR D VX ILQ ORV GtDV HQ TXH HO
FKDQJHPDQDJHPHQWHUDXQFRQFHSWRHVFDVDPHQWHFRPSUHQGLGR\
SUDFWLFDGR HQWUH DOWRV GLUHFWLYRV /D PD\RUtD \D KD WRPDGR
FRQFLHQFLDGHODQHFHVLGDGGHDFRPSDxDUODVWUDQVIRUPDFLRQHVFRQ
LQLFLDWLYDVGHJHVWLyQGHOFDPELRTXHORJUHQYHQFHUODVUHVLVWHQFLDV\
FRQVLJDQPiVUiSLGDPHQWHODVDSWLWXGHV\DFWLWXGHVGHVHDGDV$KRUD
ORV SULQFLSDOHV GHVDItRV FRQVLVWHQ HQ SHUIHFFLRQDU HO GLVHxR GH ORV
SURJUDPDV LPSOHPHQWDUORV HQ XQD IDVH PiV WHPSUDQD \ FRQWURODU
PHMRUODHMHFXFLyQSDUDTXHODWUDQVIRUPDFLyQGHOQHJRFLRVHUHDOLFH
FRQHOPHQRULPSDFWRVREUHODVSHUVRQDV
KWWSZZZPDWHULDEL]FRPPE]FDSLWDOKXPDQRQRWDYVS"QLG
$&7,9,'$'
,QGLFDU VL ORV REMHWLYRV HVSHFtILFRV VRQ FRUUHFWRV FRQ UHVSHFWR D ORV
REMHWLYRVJHQHUDOHV
2EMHWLYR*HQHUDO
&RQRFHUODVFRQGLFLRQHVGHVHJXULGDGODERUDOGHODVHPSUHVDVWH[WLOHV
GH*%$
&RQRFHUFXiOHVVRQODVFRQGLFLRQHVQHJDWLYDV\SRVLWLYDVVHJ~Q
ODSHUFHSFLyQGHORVWUDEDMDGRUHVWH[WLOHVGH*%$
(VWDEOHFHU VL H[LVWH UHODFLyQ HQWUH ODV FRQGLFLRQHV GH VHJXULGDG
ODERUDO\HOWDPDxRGHOHVWDEOHFLPLHQWR
'HVFULELUHOFOLPDODERUDOHQODVHPSUHVDVWH[WLOHVGH*%$
2EMHWLYR*HQHUDO

$QDOL]DUODLPDJHQGHODV21*VGHVDOXGHQODSREODFLyQGHOSULPHU
\VHJXQGRFRUGyQGHO&RQXUEDQR%RQDHUHQVH
&RQIHFFLRQDUXQDHQFXHVWDGHVWLQDGDDLQGDJDUODLPDJHQGHODV
21*V GH VDOXG GHO SULPHU \ VHJXQGR FRUGyQ GHO &RQXUEDQR
%RQDHUHQVH
'HVFULELU ODV DFWLYLGDGHV GH ODV 21*V GH VDOXG GHO SULPHU \
VHJXQGRFRUGyQGHO&RQXUEDQR%RQDHUHQVH
(VWDEOHFHU ORV UHFXUVRV TXH HO (VWDGR 1DFLRQDO OH SURYHH D ODV
21*V GH VDOXG GHO SULPHU \ VHJXQGR FRUGyQ GHO &RQXUEDQR
%RQDHUHQVH
2EMHWLYR*HQHUDO
,QGDJDUODRSLQLyQGHORVXVXDULRVGHOWUDQVSRUWHIHUURYLDULRVREUHHO
IXQFLRQDPLHQWRGHOVHUYLFLRGHORVWUHQHVPHWURSROLWDQRV
(VWDEOHFHU OD UHODFLyQ HQWUH HO VHUYLFLR GH ORV WUHQHV
PHWURSROLWDQRV\ODRSLQLyQGHVXVXVXDULRV
&RQRFHU OD HILFLHQFLD KRUDULD HQ HO VHUYLFLR GH ORV WUHQHV
PHWURSROLWDQRV
&RQWULEXLUDOPHMRUDPLHQWRGHOVHUYLFLRGHWUHQHVPHWURSROLWDQRV
$&7,9,'$'
$QDOL]DUODFRKHUHQFLDHQWUHORVREMHWLYRVJHQHUDOHV\HVSHFtILFRVGH
OD(19
(O ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFD \ &HQVRV ,1'(& HQ WDQWR

yUJDQR UHFWRU GH ODV HVWDGtVWLFDV RILFLDOHV GH DFXHUGR D OD /H\
KDEULQGDGRVXFRODERUDFLyQDO0LQLVWHULR GH6HJXULGDGGH
OD1DFLyQ061DWUDYpVGHOD'LUHFFLyQ1DFLRQDOGH(VWDGtVWLFDV
GH &RQGLFLRQHV GH 9LGD SDUD LPSOHPHQWDU XQ HVWXGLR SREODFLRQDO
VREUH YLFWLPL]DFLyQ /D (QFXHVWD 1DFLRQDO GH 9LFWLPL]DFLyQ (19
VHUHDOL]yHQODVORFDOLGDGHVXUEDQDVGH\PiVKDELWDQWHV
GH WRGR HO WHUULWRULR QDFLRQDO HQWUH ORV PHVHV GH PDU]R \ MXQLR GH
SHUtRGRGXUDQWH HO FXDOVH YLVLWDURQ PiVGH YLYLHQGDV
SDUWLFXODUHV (O RSHUDWLYR GH FDPSR VH UHDOL]y HQWUH ORV PHVHV GH
PDU]R \ MXQLR GHO FRUULHQWH DxR /D SREODFLyQ EDMR HVWXGLR GH OD
(19 VRQ ORV KRJDUHV GH ODV ORFDOLGDGHV XUEDQDV \ VXV
KDELWDQWHVGHDxRV\PiV
/RVREMHWLYRVJHQHUDOHVGHOD(19VRQ
3URGXFLU LQGLFDGRUHV FRPSDUDEOHV D QLYHO QDFLRQDO \ SURYLQFLDO

VREUHODSUHYDOHQFLDHLQFLGHQFLDGHOLFWLYDGXUDQWHHODxRFDOHQGDULR
SUHYLRDODUHDOL]DFLyQGHODHQFXHVWD
,GHQWLILFDU ODV PHGLGDV GH VHJXULGDG DGRSWDGDV SRU OD SREODFLyQ

SDUDODSUHYHQFLyQGHOGHOLWR
5HFDEDU LQIRUPDFLyQ VREUH ODV FDUDFWHUtVWLFDV GHO GHOLWR \ HO

FRQWH[WRGHODYLFWLPL]DFLyQ
6RQGHDU OD SHUFHSFLyQ GH LQVHJXULGDG GHO GHVHPSHxR GH ODV

IXHU]DVGHVHJXULGDGGHODVLQVWLWXFLRQHVMXGLFLDOHV\GHODDVLVWHQFLD
DODVSHUVRQDVYLFWLPL]DGDV
/RVREMHWLYRVHVSHFtILFRVVRQ
'HWHUPLQDU ODV FDUDFWHUtVWLFDV VRFLRGHPRJUiILFDV \

VRFLRHFRQyPLFDVGHODSREODFLyQYLFWLPL]DGD
'HVFULELU ODV FDUDFWHUtVWLFDV HVSHFtILFDV GH ORV GLVWLQWRV WLSRV GH

GHOLWR

(VWLPDUOD³FLIUDQHJUD´GHGHOLWRVHLQGDJDUVREUHORVPRWLYRVSRU
ORVFXDOHVQRVHGHQXQFLDQ
,QGDJDU DFHUFD GH ODV H[SHULHQFLDV GH OD SREODFLyQ FRQ ODV
LQVWLWXFLRQHVGHVHJXULGDG\MXVWLFLD
0HGLUODSHUFHSFLyQGHODSREODFLyQVREUHODVHJXULGDGGHOOXJDU
GRQGHYLYHQ\GRQGHUHDOL]DQVXVDFWLYLGDGHV
([DPLQDUODVPHGLGDVGHVHJXULGDGTXHDGRSWDQORVKRJDUHVSDUD
SUHYHQLU VHU YtFWLPDV GH XQ GHOLWR \ HVWLPDU VX LPSDFWR VREUH OD
SUREDELOLGDGGHVHUYtFWLPDGHXQKHFKRGHOLFWLYR
KWWSZZZLQGHFJRYDUXSORDGVLQIRUPHVGHSUHQVDHQYBBB
SGI
$&7,9,'$'
$ 'HWHUPLQDU HO XQLYHUVR ODV YDULDEOHV \ HO WLSR GH REMHWLYRV GH
FDGDFDVR
'HWHUPLQDU OD IUHFXHQFLD PHQVXDO GH FRPSUD GH EHELGDV

DOFRKyOLFDVGHORVKRJDUHVGHQLYHOVRFLRHFRQyPLFRDOWRGHOD&$
%V$V
(VWDEOHFHU VL HO QLYHO GH LQYHUVLyQ HQ WHFQRORJtD GH ODV HPSUHVDV
PHWDO~UJLFDVQDFLRQDOHVLQFLGHHQVXSURGXFWLYLGDG
$QDOL]DU VL ORV HPSUHVDULRV DUJHQWLQRV FUHHQ TXH HO DXPHQWR GH
VDODULRVSHUMXGLFDHOFUHFLPLHQWRHFRQyPLFR
&RQRFHU VL ORV HPSOHDGRV GH OtQHD GH ODV HPSUHVDV DXWRPRWULFHV
DUJHQWLQDV VRQ PiV UHVLVWHQWHV DO FDPELR TXH VXV DOWRV HMHFXWLYRV
FXDQGRODHPSUHVDDSOLFDUHHVWUXFWXUDFLRQHVWUDGLFLRQDOHVTXHFXDQGR
HPSOHDUHHVWUXFWXUDFLRQHVQRFRQYHQFLRQDOHV
(VWDEOHFHU VL HO FRQRFLPLHQWR GH ODV FRQGLFLRQHV GH VHJXULGDG

ODERUDOSRUSDUWHGHORVRSHUDULRVGHODLQGXVWULDPHWDOPHFiQLFDGHOD
SURYLQFLD GH %XHQRV $LUHV UHGXFH OD FDQWLGDG GH DFFLGHQWHV GH
WUDEDMR
%6HxDODUVLORVREMHWLYRVSODQWHDGRVVRQFRUUHFWRV
,QYHVWLJDU OD RSLQLyQ GH ORV SHTXHxRV DKRUULVWDV GHO %DQFR
3URYLQFLDDFHUFDGHOVHUYLFLRGHOEDQFR
5HDOL]DU XQD HQFXHVWD D ORV SHTXHxRV DKRUULVWDV GHO %DQFR

3URYLQFLD
(OHYDUODFDUWHUDGHFOLHQWHVGHO%DQFR3URYLQFLD
& 8WLOL]DQGR ORV HMHPSORV GH OD DFWLYLGDG UHGDFWDU XQ REMHWLYR
JHQHUDO\DOPHQRVGRVREMHWLYRVHVSHFtILFRVSRUFDGDHMHPSOR

&DStWXOR
352'8&&,Ï1'(/0$5&27(Ï5,&2
7HPDVFODYHV
7HRUtD\FRQFHSWR
(OUHJLVWURGHORVKHFKRVGHODVFRQGLFLRQHVREMHWLYDVGHYLGDGHODV
SUiFWLFDV VRFLDOHV R GH ODV VXEMHWLYLGDGHV HQ OD DFWLYLGDG GH ODV
FLHQFLDV VRFLDOHV VH LQVWLWX\H D SDUWLU GH OD LPSOLFDFLyQ SRU SDUWH GH
ORVLQYHVWLJDGRUHVGHGHWHUPLQDGDVFRQFHSWXDOL]DFLRQHVWHyULFDVSRU
HOOR HV YLWDO WHQHU VLHPSUH SUHVHQWH TXH ORV GDWRV FLHQWtILFRV VRQ
HVWUXFWXUDGRVGHVGHODVWHRUtDV\GHORVFRQFHSWRVTXHVHGHULYDQGH
HOODVODVWHRUtDVVRQFRQVWLWXWLYDVGHODLQIRUPDFLyQSURGXFLGDSRUHO
LQYHVWLJDGRU QR VRQ HVWUXFWXUDV FRQFHSWXDOHV VHSDUDGDV FRQ ODV TXH
FRQWUDVWDU ODV HYLGHQFLDV HPStULFDV TXH VH JHQHUDQ VLQR TXH VH
HQUDt]DQ LQWUtQVHFDPHQWH HQ HO GLVSRVLWLYR GHO UHJLVWUR \ HQ HO
DQiOLVLVGHORVGDWRV\DTXHVXVHQXQFLDGRVGHEHQVHUHPStULFDPHQWH
FRQWUDVWDEOHV /DV WHRUtDV VH EDVDQ HQ D[LRPDV HVWR HV HQXQFLDGRV
DVXPLGRVTXHQRVRQGHGXFLEOHVGHQWURGHOPDUFRGHODPLVPDWHRUtD
ORVSRVWXODGRVFRQVHFXHQWHVDpVWRV UHPLWHQDGHWHUPLQDGRViPELWRV
GH YDOLGH] \ VH SUR\HFWDQ VREUH SULQFLSLRV \ SDUWLFXODULGDGHV TXH
HVWiQSHQGLHQWHVGHFRPSUREDFLyQHPStULFD0D\QW]+ROP\+XEHU
/D DGRSFLyQ GH GHWHUPLQDGDV WHRUtDV OH SRVLELOLWD DO
LQYHVWLJDGRU FRQWDU FRQ HO UHVSDOGR GH XQ PDUFR DQDOtWLFR R WHyULFR
GHVGHGRQGHMXVWLILFDUVXVGHFLVLRQHVFRQFHSWXDOHV\ PHWRGROyJLFDV
WDO FRPR VH SODQWHy HQ HO SULPHU FDStWXOR DO WHQHU TXH GHILQLU
FRQFHSWXDO \ RSHUDFLRQDOPHQWH ODV YDULDEOHV LPSOLFDGDV HQ ORV

REMHWLYRVGHLQYHVWLJDFLyQ VHGHEH UHPLWLUDODVHOHFFLyQGH DQFODMHV

WHyULFRV SURYHQLHQWHV GH ORV DQWHFHGHQWHV UHOHYDGRV HVWRV GHEHQ
FRQIRUPDUVH D SDUWLU GH GHWHUPLQDGRV FULWHULRV RUJDQL]DWLYRV GHQWUR
GHXQPDUFRDQDOtWLFRHVWRVHQWUDPDGRVWHyULFRVOHSHUPLWHQ³YHU´DO
LQYHVWLJDGRU FRVDV TXH SDUD RWURV VRQ LQYLVLEOHV HOORV HQFDX]DQ VX
SHUFHSFLyQ\OHVSHUPLWHGLVWLQJXLU\DQDOL]DUDVSHFWRVGHWHUPLQDGRV
GHODUHDOLGDGVRFLDO
+DEUtD TXH VXEUD\DU TXH QLQJXQD DFFLyQ LQYHVWLJDWLYD HPHUJH GH OD
QDGDRGHOYDFtRFRQFHSWXDOSDUDLQLFLDUXQDLQYHVWLJDFLyQFLHQWtILFD
VH GHEH SURFHGHU GHVGH DOJ~Q SXQWR GH SDUWLGD WHyULFR \
PHWRGROyJLFR DXQTXH HQ FLHUWR PRPHQWR VH WRPH GLVWDQFLD R VH
UHIRUPXOHQ FRQFHSWRV R WpFQLFDV LPSOLFDGDV GH ODV PLVPDV D
VXVWHQWDU \ IXQGDPHQWDU FRQFHSWXDOPHQWH ORV UHJLVWURV HPStULFRV
SUHWHQGLGRV KDVWD HO FRQRFLPLHQWR GH OD YLGD FRWLGLDQD VH KDOOD
FRQILJXUDGRGH QRFLRQHV HLGHDVTXH GLUHFFLRQDQ OD PLUDGDVREUH OD
UHDOLGDG VLQ LGHDV R FRQFHSWRV QR KD\ IRUPD GH RUJDQL]DU OD
SHUFHSFLyQGHODVFRVDVWDQWRHQODSURGXFFLyQFLHQWtILFDFRPRHQOD
UHDOL]DFLyQFRJQLWLYDGHODYLGDFRWLGLDQD(VFRP~QHQFRQWUDUHQORV
OLEURV GH PHWRGRORJtD FXDOLWDWLYD OD SUHVHQWDFLyQ GH FRUULHQWHV GH
LQYHVWLJDFLyQ TXH WLHQHQ FRPR PHWD JHQHUDU WHRUtD \ FRQFHSWRV D
SDUWLU GH ORV UHJLVWURV GH GDWRV WHRUtD IXQGDPHQWDGD GHVGH XQ
SURFHVRLQGXFWLYRKDEUtDTXHDFODUDUTXHWDPELpQHQHVWDVSURSXHVWDV
ORVLQYHVWLJDGRUHV SDUWHQ GH XQDEDVH WHyULFD VREUHQWHQGLGD DXQTXH
WRPDQXQDDFWLWXGGHJUDQIOH[LELOLGDG\GLVWDQFLDPLHQWRH[SOtFLWRGH
FXDOTXLHU FRQFHSWXDOL]DFLyQ SUHYLD SRU HOOR PiV DOOi TXH ORV
LQYHVWLJDGRUHV FXDOLWDWLYRV UHLYLQGLTXHQ XQ DFFLRQDU LQYHVWLJDWLYR
UHIOH[LYR LQGXFWLYR \ FRQVWUXFWRU GH WHRUtD \ FRQFHSWRV HOOR ³«QR
VXSRQH TXH ORV GDWRV VLPSOHPHQWH HVWiQ D OD HVSHUD GH VHU
GHVFXELHUWRV HQ HO PXQGR H[WHULRU QL TXH ORV SURFHGLPLHQWRV
PHWRGROyJLFRVFRUULMDQODVYLVLRQHVOLPLWDGDVGHOPXQGRHQHVWXGLR
1LWDPSRFRVXSRQHTXHORVREVHUYDGRUHVLPSDUFLDOHVLQJUHVHQHQOD
HVFHQDGHODLQYHVWLJDFLyQVLQXQPDUFRGHUHIHUHQFLDLQWHUSUHWDWLYR

HQFDPELRORTXHORVREVHUYDGRUHVYHQ\HVFXFKDQGHSHQGHQGHVXV
PDUFRV LQWHUSUHWDWLYRV DQWHULRUHV ELRJUDItDV H LQWHUHVHV DVt FRPR
WDPELpQ GHO FRQWH[WR GH LQYHVWLJDFLyQ VXV UHODFLRQHV FRQ ORV
SDUWLFLSDQWHV ODV H[SHULHQFLDV GHO FDPSR FRQFUHWDV \ ORV PRGRV GH
JHQHUDU\UHJLVWUDUORVPDWHULDOHVHPStULFRV«QXHVWUDVFDWHJRUtDV
FRQFHSWXDOHV VXUJHQ D WUDYpV GH QXHVWUDV LQWHUSUHWDFLRQHV GH ORV
GDWRV HQ OXJDU GH HPDQDU GH HOORV R GH QXHVWUDV SUiFWLFDV
PHWRGROyJLFDV « QXHVWURV DQiOLVLV WHyULFRV VRQ UHSUHVHQWDFLRQHV
LQWHUSUHWDWLYDV GH XQD UHDOLGDG \ QR LQIRUPHV REMHWLYRV GH HOOD´
&KDUPD]HQ'DQ]LQ\/LQFROQ
(VUHFRPHQGDEOHTXHHQODLQYHVWLJDFLyQVHH[SRQJDQORVFRQFHSWRV\
VH HYLGHQFLHQ ORV VXSXHVWRV TXH VH HPSOHDQ SDUD HVWUXFWXUDU OD
DUPD]yQ WHyULFD \ OD HVWUDWHJLD PHWRGROyJLFD GHFLGLGD $OGULJH \
/HYLQHHMHPSOLILFDQFRQHOFDVRWRPDGRGHOD(QFXHVWDVREUH
0RYLOLGDG UHDOL]DGD SRU OD 8QLYHUVLGDG GH 1RWWLQJKDP HVWD LGHD
HOORV DILUPDQ TXH GHWUiV GH WRGR UHJLVWUR HPStULFR VXE\DFHQ
VXSXHVWRV TXH UHPLWHQ D XQD GHWHUPLQDGD WHRUtD OD HQFXHVWD HQ
FXHVWLyQ³«VHEDVDHQXQFRQMXQWRGHSUHPLVDVGHFDUiFWHUWHyULFR
$OSUHJXQWDUSRUODGLUHFFLyQGHORVGRPLFLOLRVHOQ~PHURGHFRFKHV
SRUXQLGDGIDPLOLDU\ORVSDWURQHVGHWUDEDMRVHSDUWHGHOVXSXHVWR
GH TXH OD VHOHFFLyQ GH XQ PRGR GH WUDQVSRUWH HV XQD HOHFFLyQ
HVHQFLDOPHQWH UDFLRQDOEDVDGD HQ JUDQ PHGLGD HQODV HYDOXDFLRQHV
LQGLYLGXDOHVGHWLHPSRFRVWHV\SUHIHUHQFLDV6LQHPEDUJRFDEUtDOD
SRVLELOLGDGGHTXHODHOHFFLyQGHOPRGRGHWUDQVSRUWHVHEDVDUDHQ
FRQVLGHUDFLRQHVGHFRUWHPX\GLVWLQWRPHQRVOLJDGDVDOFiOFXOR8QD
SUHIHUHQFLD SRU OD XWLOL]DFLyQ GHO FRFKH SDUWLFXODU SRGUtD VHU XQ
UHIOHMR DO PHQRV HQ SDUWH GH XQ GHVHR GH PD\RU SULYDFLGDG \ GH
SULPDU OD VHQVDFLyQ GH LQYXOQHUDELOLGDG TXH DOJXQRV LQGLYLGXRV
DVRFLDQDOKHFKRGHYLDMDUHQDXWRPyYLO´
/D HODERUDFLyQ GHO PDUFR WHyULFR HV HO UHVXOWDGR GH XQ SURFHVR GH
LQPHUVLyQGHOLQYHVWLJDGRUHQHOFRQRFLPLHQWRH[LVWHQWH\GLVSRQLEOH
TXH VH YLQFXOD GLUHFWD R LQGLUHFWDPHQWH FRQ HO SUREOHPD GH
LQYHVWLJDFLyQHODERUDGRHVXQDHWDSDTXHVHGHEHLQWHJUDUFRPRSDUWH

GHO LQIRUPH GH OD LQYHVWLJDFLyQ \D TXH SUHVHQWD SRU XQ ODGR XQ
SDQRUDPD GH OR TXH VH FRQRFH VREUH HO WHPD \ SRU HO RWUR RSHUD
FRPR IXQGDPHQWR GH ODV GHFLVLRQHV FRQFHSWXDOHV PHWRGROyJLFDV \
WpFQLFDV TXH VH GHVSOHJDUDQ GXUDQWH HO SURFHVR GH LQYHVWLJDFLyQ (O
PDUFR WHyULFRVH FRQIHFFLRQD D SDUWLU GH ODV DFWLYLGDGHV LQLFLDOHVGH
WRGRSURFHVRGHLQGDJDFLyQODE~VTXHGDGHORVDQWHFHGHQWHVWHyULFRV
\PHWRGROyJLFRVVXVWHQWDGDHQHOWUDEDMRGHLQGDJDUOHHUDQDOL]DU\
GLVWLQJXLU HO PDWHULDO H[LVWHQWH TXH HVWp YLQFXODGR DO WHPD GH
LQYHVWLJDFLyQ
3DUD UHDOL]DU HO PDUFR WHyULFR VH GHEH OOHYDU DGHODQWH XQD WDUHD
PLQXFLRVD \ UHFXUVLYD GH FDWDORJDFLyQ GH DQWHFHGHQWHV \ GH
RUGHQDPLHQWR GH OD FRQVXOWD HQ VRSRUWHV HVFULWRV TXH VHUiQ XQD
UHIHUHQFLD FRQWLQXD HQ OD VHOHFFLyQ GH DTXHOOD ELEOLRJUDItD \ GH ORV
FRQFHSWRV TXH VH HPSOHDUiQ HQ VX HODERUDFLyQ ODV DFWLYLGDGHV GH
OHFWXUD VHOHFFLyQ ILFKDGR RUJDQL]DFLyQ \ VtQWHVLV GHO PDWHULDO
WHyULFR D VHU XWLOL]DGR ³«GHEH FRQVLJQDU SDUD FDGD REUD ORV
REMHWLYRV HVSHFtILFRV GHO HVWXGLR \ ORV FRQFHSWRV \ SURSRVLFLRQHV
WHyULFDVLGHQWLILFDGDVSRUDXWRUHV\REUDVTXHORVVXVWHQWDQ1RHV
QHFHVDULR FRSLDU DXQTXH Vt OHHU WRGRV ORV FRQFHSWRV HV VXILFLHQWH
FRQ LQGLFDU HQ QXHVWUD ILFKD OD XELFDFLyQ GH ODV GHILQLFLRQHV \ ORV
FRQWHQLGRVGHODUWtFXORROLEUR6tHVPX\LPSRUWDQWHHVWDEOHFHUFyPR
VH UHODFLRQDQ ORV FRQFHSWRV HQWUH Vt HVWR SHUPLWH FRQRFHU TXp
HOHPHQWRV SULYLOHJLD HO DXWRU \ FyPR DERUGD HO WHPD TXH QRVRWURV
FRQRFHPRVHPStULFDPHQWHDWUDYpVGHODGHVFULSFLyQGHODVLWXDFLyQ
/RV FRQFHSWRV \ SURSRVLFLRQHV DUWLFXODGRV GHVHPERFDQ HQ OD
FRQVWUXFFLyQGHOREMHWLYRGHLQYHVWLJDFLyQ(VWDFRQVWUXFFLyQHVXQD
DEVWUDFFLyQPRGHODGDGHODGHVFULSFLyQGH ODVLWXDFLyQ1RWRGDOD
ELEOLRJUDItDHVSHFLDOL]DGDVHUiILQDOPHQWHXWLOL]DGDSRUQRVRWURV6L
OD E~VTXHGD \ HO ILFKDGR KDQ VLGR VLVWHPiWLFRV QRV HQFRQWUDUHPRV
FRQ XQ FRQMXQWR GH ILFKDV TXH FRQWLHQHQ XQ UHVXPHQ GH PDUFRV
WHyULFRV \ GH REMHWLYRV GH LQYHVWLJDFLyQ 'HEHPRV SURFHGHU D
VHOHFFLRQDUH[FOXVLYDPHQWHDTXHOORVTXHUHVSRQGHQDQXHVWURLQWHUpV
D OD LQYHVWLJDFLyQ TXH QRV RFXSD R TXH SHQVDPRV HV SHUWLQHQWH

UHDOL]DU´6DXWX
/D OHFWXUD GH FLHUWRV WH[WRV FODYHV GHEH UHSHWLUVH HQ GLIHUHQWHV
PRPHQWRV GHO SURFHVR GH LQYHVWLJDFLyQ \D TXH VXV LGHDV \
FRQFHSWRVSULQFLSDOHVSXHGHQVHUUHLQWHUSUHWDGRVDSDUWLUGHODOHFWXUD
GHQXHYRVWH[WRVHVWDUHYLVLyQVLUYHSDUDUHYLVDUGHVFDUWDURUHILQDU
ODVFRQFHSWXDOL]DFLRQHVTXHVHHPSOHDQSDUDRUJDQL]DU\UHVSDOGDUOD
RSHUDFLRQDOL]DFLyQ GH ODV DFWLYLGDGHV LQYHVWLJDWLYDV /D UHYLVLyQ
H[KDXVWLYD GH ORV PDWHULDOHV ELEOLRJUiILFRV \ GH GLYHUVDV IXHQWHV GH
GDWRV VH FRPSOHPHQWD FRQ OD FRQVXOWD D SURIHVLRQDOHV TXH GHVGH VX
SUiFWLFDWHQJDQH[SHULHQFLDVFRQODWHPiWLFDORVPDUFRVDQDOtWLFRV\
ODVWHRUtDVLQYROXFUDGDVHQODHODERUDFLyQGHOPDUFRWHyULFRYLQFXODQ
DODLQYHVWLJDFLyQHQSDUWLFXODUFRQXQDUHGVRFLDOGHDFWRUHVTXHKDQ
WHQLGR LQWHQFLRQHV LQWHUHVHV \ H[SHULHQFLDV VLPLODUHV HVWDV
DFWLYLGDGHV GH LQGDJDFLyQ VH GHQRPLQDQ ³HVWDGR GHO DUWH´ HVWDV VH
HPSOHDQSDUDUHYLVDUODSHUWLQHQFLDGHORGHOLQHDGRHQHOSUREOHPD\
HQ ORV REMHWLYRV GH LQYHVWLJDFLyQ SUHHOLPLQDUHV D ILQ GH UHGHILQLUORV
FRQFOX\HQWHPHQWH (O SURGXFWR GH OD UHYLVLyQ GH DQWHFHGHQWHV VH
XWLOL]DHQJUDGRYDULDEOHVLODE~VTXHGDIXHHILFLHQWHODPD\RUtDGHOR
UHOHYDGRVHFRQVWLWX\HFRPRODPDWHULDSULPDSDUDODHODERUDFLyQGHO
PDUFRWHyULFR\DTXHDOJXQRVPDWHULDOHVGHFRQVXOWDVRQGHVFDUWDGRV
XQD YH] TXH VH HQIRFD OD LQYHVWLJDFLyQ HQ HO FXPSOLPLHQWR GH ORV
REMHWLYRVGHILQLWLYRVHOPDWHULDOGHORVDQWHFHGHQWHVUHOHYDGRSRUHO
LQYHVWLJDGRU SXHGH SUHVHQWDU XQD VHULH GH YDULDQWHV ODV WHPiWLFDV
SXHGHQ SUHVHQWDU UHIHUHQFLDV VLVWHPDWL]DGDV \ GHVDUUROODGDV
FRKHUHQWHPHQWHSXHGHQSUHVHQWDUHQIRTXHVGLVtPLOHVSXHGHQEDVDUVH
HQ OD SURGXFFLyQ GH GDWRV HPStULFRV UHOHYDGRV SRU RWURV
LQYHVWLJDGRUHVHQGLIHUHQWHVFLUFXQVWDQFLDVWHPSRUDOHV\HVSDFLDOHVR
ELHQ SXHGH VHU XQ WHPD QRYHGRVR FRQ HVFDVRV DQWHFHGHQWHV OD
PXOWLSOLFLGDG GH VLWXDFLRQHV TXH SXHGHQ VXUJLU HQ HVWD LQVWDQFLD VH
SXHGHQUHVXPLUHQXQDVHULHGHRSFLRQHVWtSLFDV
³4XHH[LVWHXQDWHRUtDFRPSOHWDPHQWHGHVDUUROODGDFRQDEXQGDQWH
HYLGHQFLD HPStULFD
\ TXH VH DSOLFD D QXHVWUR SUREOHPD GH
LQYHVWLJDFLyQ

4XH KD\ YDULDV WHRUtDV TXH VH DSOLFDQ D QXHVWUR SUREOHPD GH
LQYHVWLJDFLyQ
4XHKD\SLH]DV\WUR]RVGHWHRUtDFRQDSR\RHPStULFRPRGHUDGRR
OLPLWDGR TXH VXJLHUHQ YDULDEOHV SRWHQFLDOPHQWH LPSRUWDQWHV \ TXH
VHDSOLFDQDQXHVWURSUREOHPDGHLQYHVWLJDFLyQ
4XHKD\GHVFXEULPLHQWRVLQWHUHVDQWHVSHURSDUFLDOHVVLQOOHJDUD
DMXVWDUVHDXQDWHRUtD
4XH VyOR H[LVWHQ JXtDV D~Q QR HVWXGLDGDV H LGHDV YDJDPHQWH

UHODFLRQDGDV FRQ HO SUREOHPD GH LQYHVWLJDFLyQ´ +HUQDQGH]
6DPSLHUL&ROODGR\0HQGH]
(VWDV YDULDQWHV SRVLEOHV WHQGUiQ GHULYDFLRQHV HQ OD HVWUDWHJLD GH

LQYHVWLJDFLyQ D GHVDUUROODU DVt SRU HMHPSOR OD DXVHQFLD GH
DQWHFHGHQWHV LPSOLFDUi HO DERUGDMH GH XQ HVWXGLR GH FDUiFWHU
H[SORUDWRULRHQHVWHWLSRGHVLWXDFLRQHVHODSR\RWHyULFRVHUiGpELO
FRPR FRQVHFXHQFLD DO LQYHVWLJDGRU HQ HVWRV FDVRV OH FRQYLHQH
DVXPLU DFFLRQHV FRQFHSWXDOHV H LQYHVWLJDWLYDV FRQ JUDQ SUHFDXFLyQ
HQ FDPELR OD DEXQGDQFLD GH DQWHFHGHQWHV SHUPLWH FRQWDU FRQ XQ
UHVSDOGRTXHHYLWDTXHODLQYHVWLJDFLyQVHGHVHQIRTXHRTXHGXUDQWH
ODPLVPDVHFRPHQWDQHUURUHVGHHVWUDWHJLDSHURDODYH]VXSRQHOD
FRPSOHMLGDG GH VHOHFFLRQDU HO PDWHULDO \ GHFLGLU FXiO HV HO HQIRTXH
PiVSHUWLQHQWH
(O LQYHVWLJDGRU GHEHUtD D SDUWLU GH VXV FULWHULRV \ GHVGH VX

SRVLFLRQDPLHQWR GHQWUR GH OD LQVWLWXFLyQ X RUJDQL]DFLyQ D OD TXH
SHUWHQHFH GHFLGLU GH PDQHUD IXQGDPHQWDGD TXH RWUDV WHRUtDV \
FRQFHSWRV H[LVWHQWHV VREUH HO WHPD QR VH HPSOHDUiQ HQ HO PDUFR
WHyULFR SRU FRQVLGHUDUORV LQFRQYHQLHQWHV R SRFR FRKHUHQWHV FRQ OD
SURSXHVWDGHLQYHVWLJDFLyQSRUHMHPSORXQDLQYHVWLJDFLyQTXHWRPH
ODWHRUtDPDU[LVWDFRPRUHIHUHQFLDWHyULFDSDUDDQDOL]DUODGLQiPLFD
GHO (VWDGRQDFLyQ QR SXHGH FRQVLGHUDU FRQFHSWXDOPHQWH DO DSDUDWR
HVWDWDOFRPRXQiUELWURQHXWUDOIUHQWHDXQDPXOWLSOLFLGDGGHLQWHUHVHV

LQGLYLGXDOHV FRPR VL OR KDUtD XQ SODQWHR WHyULFR DILUPDGR HQ OD
GRFWULQDOLEHUDO
7HRUtD\FRQFHSWR
&RPR \D VH PHQFLRQy HO PDUFR WHyULFR HV XQD HWDSD FHQWUDO GHO
SURFHVRGHLQYHVWLJDFLyQTXH FRQWLHQHODH[SRVLFLyQ\HODQiOLVLVGH
ODVWHRUtDVTXHVXVWHQWDUiQODLQYHVWLJDFLyQHOVLJQLILFDGRGHOWpUPLQR
WHRUtD WLHQH YDULDGDV DFHSFLRQHV HQ HVWH WH[WR VH GHILQH FRPR
FRQMXQWRV GH FRQFHSWRV LQWHUUHODFLRQDGRV SURSRVLFLRQHV DUWLFXODGDV
OyJLFDPHQWHGHGXFLEOHVHQWUHVtTXHRIUHFHQXQDYLVLyQVLVWHPiWLFDH
LQWHJUDO GH XQD GHWHUPLQDGD UHDOLGDG OD ILQDOLGDG GH HVWDV
HQXQFLDFLRQHV \ SURSRVLFLRQHV FRQVLVWH HQ GHVFULELU H[SOLFDU \
SUHGHFLU ODV GLQiPLFDV TXH HQ HVD UHDOLGDG VH SURGXFHQ ³«ORV
FRQFHSWRV «QR VRQ VRODPHQWH LGHDV HVSHFXODFLRQHV RFXHVWLRQHV
GH GHILQLFLyQ «VRQ JHQHUDOL]DFLRQHV HPStULFDV TXH QHFHVLWDQVHU
SXHVWDV D SUXHED \ UHILQDGDV D SDUWLU GH ORV UHVXOWDGRV GH OD
LQYHVWLJDFLyQ HPStULFD HV GHFLU GHO FRQRFLPLHQWR GHO PXQGR´
%HFNHU /DV WHRUtDV LPSOLFDQ OD DUWLFXODFLyQ FRKHUHQWH GH
DUJXPHQWRV OyJLFDPHQWH YHUWHEUDGRV D SDUWLU GH FRQFHSWRV TXH VH
UHILHUHQ D XQ IHQyPHQRGHWHUPLQDGR R D XQ FRQMXQWR GH IHQyPHQRV
HQSDUWLFXODUORVFRQFHSWRVVRQHODERUDFLRQHVDEVWUDFWDV\HVSHFtILFDV
GH VLJQLILFDGR VREUH XQ GHWHUPLQDGR DVSHFWR GH OD UHDOLGDG TXH
SRVLELOLWD DEVWUDHU HO PLVPR EDMR XQD GHILQLFLyQ \ ODV FDWHJRUtDV
VXSRQHQ FRQFHSWRV LQWHJUDGRV HQ XQ VLVWHPD FODVLILFDWRULR \
GLIHUHQFLDGRTXHLQWHJUDQXQDWHRUtDLPSOLFDQGRpVWDODFRKHVLyQGH
LGHDV JHQHUDOHV HQ FDOLGDG GH FRQFHSWRV \ FDWHJRUtDV TXH SXHGHQ
DSOLFDUVHSDUDGHVFULELURDQDOL]DUPXFKRVFDVRVFRQFUHWRVGHIRUPD
HPStULFD HOORV GHEHQ HVWDU DUWLFXODGRV HQWUH Vt FRKHUHQWHPHQWH
GHQWUR GH OD SHUVSHFWLYD WHyULFD \ PHWRGROyJLFD VHOHFFLRQDGD
FRQIRUPDQGR XQD WRWDOLGDG TXH OXHJR MXVWLILFDUi ODV SUiFWLFDV GHO
FLHQWtILFR
/RV FRQFHSWRV TXH IRUPDQ SDUWH GH ODV WHRUtDV FRQIRUPDQ XQ
HQWUDPDGR FRKHUHQWH HQ WRUQR D VXSXHVWRV TXH QR VRQ IiFLOPHQWH

YHULILFDEOHV OODPDGRV VXSXHVWRV EiVLFRV VXE\DFHQWHV UHSUHVHQWDQ

DILUPDFLRQHV DGPLWLGDV SRU DQGDPLDMH WHyULFR HQ FDOLGDG GH SLODUHV
GHOPLVPRVRQVXSXHVWRVGHELGRDQRVRQYLDEOHVGHVHUGHPRVWUDGRV
HPStULFDPHQWHVRQEiVLFRVSRUTXHHVWiQHQODVEDVHVGHOUHVSDOGRGH
ODWHRUtD\VRQVXE\DFHQWHVSRUTXHQRVHKDFHQH[SOtFLWRVQRSRUXQD
LQWHQFLRQDOLGDG GH TXLHQ ORV HPSOHD \D TXH HVWiQ WDQ WiFLWRV TXH
UHVXOWDQSDUWH GHOVHQWLGRFRP~QGH OD WHRUtD SRUHMHPSOR OD WHRUtD
HFRQyPLFDGHQRPLQDGDOLEHUDOLVPRSUHVHQWDXQDVHULHGHVXSXHVWRV\
YDORUHVGHUHIHUHQFLDSDUDODHGLILFDFLyQGHVXDQGDPLDMHWHyULFRDVt
SDUD HO SHQVDPLHQWR OLEHUDO OD VRFLHGDG HV FRQFHELGD FRPR XQD
DJUHJDFLyQ GH LQGLYLGXRV ORV YtQFXORV VRFLDOHV UHVXOWDQ GH OD
LQWHQFLyQGHFDGDLQGLYLGXRGHVDFDUSURYHFKRGHORWURSRUORWDQWR
VH SUHVHQWD XQ &RQWUDWR 6RFLDO ,QGLYLGXDOL]DGR HO KRPEUH HV
FRQVLGHUDGRFRPRXQVHUOLEUHDXWyQRPRLQGLYLGXDOUDFLRQDOFRPR
DTXHOTXHYDDHVWDUPRWLYDGRDVDFDUHOPD\RUSURYHFKRGHODVFRVDV
HOYDORUVXSUHPRSDUDHVWDGRFWULQDHVODOLEHUWDGHQWHQGLHQGRDHVWD
FRPR OD DXVHQFLD GH REVWiFXORV R UHJODV SDUD OOHYDU DGHODQWH OD
DFWLYLGDGHFRQyPLFD(OiPELWRQDWXUDOHQHOTXHVHGHVDUUROODQHVHO
PHUFDGR GHILQLGR FRPR XQ PHFDQLVPR DXWRUUHJXODGR FRQIRUPDGR
SRU XQ FRQMXQWR GH WUDQVDFFLRQHV ELODWHUDOHV GH RIHUWD \ GHPDQGD
HQWUHLQGLYLGXRVLJXDOPHQWHLQIRUPDGRVHLQFDSDFHVGHFRQWURODUORV
SUHFLRVGHORVELHQHV\VHUYLFLRVDOOtORVVXMHWRVWLHQHQLJXDOGDGGH
RSRUWXQLGDGHVSDUDFRPSHWLUHQWUHHOORVSRUORVOXJDUHVGHSULYLOHJLR
R ORV ELHQHV OLPLWDGRV TXH OD VRFLHGDG RIUHFH HO UHVXOWDGR HV OD
SULPDFtD GH ORV PiV DSWRV R GH DTXHOORV TXH GLVSRQHQ GH PD\RU
FDSDFLGDG GH VDFULILFLR \ YROXQWDG XQ VXSXHVWR FHQWUDO GH HVWD
FRQFHSFLyQ GH OD YLGD FRQ UHVSHFWR D ORV VHUHV KXPDQRV HV OD
GHVLJXDOGDGQDWXUDO\HOHJRtVPRLQILQLWRFRPRPRWRUHVGHOSURJUHVR
VRFLDO
/DVWHRUtDVVRQFRQVWUXFFLRQHVFRQFHSWXDOHV EDMRFULWHULRVH[SOtFLWRV
GHRUGHQDPLHQWRSUHVHQWDQGLYHUVDVSURSLHGDGHVTXHDOVHUXWLOL]DGDV
\DQDOL]DGDVSXHGHQHPSOD]DUVHGHQWURGHGHWHUPLQDGDVGLPHQVLRQHV
GHODUHDOLGDGVXXWLOL]DFLyQSXHGHFRQFUHWDUVHFRQGLIHUHQWHVQLYHOHV

GHDEVWUDFFLyQ\JHQHUDOLGDG/RVFRQFHSWRVPiVDEVWUDFWRVSHUPLWHQ
XQD PD\RU DSOLFDELOLGDG HQ GLIHUHQWHV FDVRV SDUWLFXODUHV SHUR DO
HQFRQWUDUVH PiV GLVWDQFLDGRV GH ORV GDWRV HPStULFRV UHTXLHUHQ GH
FRQFHSWRVPiVFRQFUHWRVPiVFHUFDQRVDOUHJLVWURHPStULFR6WUDXVV
\ &RUELQ SRU HMHPSOR HO FRQFHSWR GH HVWLJPD GH (UYLQJ
*RIIPDQ HV XQ FRQFHSWR DEVWUDFWR \D TXH SXHGH
DSOLFDUVHDP~OWLSOHVUHDOLGDGHVVRFLDOHVHOPLVPRDOXGHDXQDWULEXWR
GHVYDORUL]DGR GHQWUR GH XQD LQWHUDFFLyQ VRFLDO D SDUWLU GH ODYLVLyQ
TXHVHHVWDEOHFHHQODSUHVHQWDFLyQGHODSHUVRQDDOHVWDUDQWHRWURV
ORV VtPERORV GH HVWLJPD R VHD ³«DTXHOORV VLJQRV HVSHFLDOPHQWH
HIHFWLYRV SDUD OODPDU OD DWHQFLyQ VREUH XQD GHJUDGDQWH
LQFRQJUXHQFLDGHODLGHQWLGDG\FDSDFHVGHTXHEUDUORTXHGHRWUR
PRGR VHUtD XQD LPDJHQ WRWDOPHQWH FRKHUHQWH GLVPLQX\HQGR GH WDO
VXHUWH QXHVWUD YDORUL]DFLyQ GHO LQGLYLGXR«´ *RIIPDQ VH
FRQWUDSRQHQ D ORV VtPERORV GH SUHVWLJLR D WUDYpV OD LQIRUPDFLyQ
VRFLDOWUDQVPLWLGDHVWRVUHFODPDQSUHVWLJLRKRQRURSRVLFLyQGHFODVH
GHVHDGD
(O WpUPLQR HVWLJPD TXH ³D YHFHV UHFLEH WDPELpQ HO QRPEUH GH
GHIHFWR IDOOD R GHVYHQWDMD´ HV XWLOL]DGR SDUD KDFHU UHIHUHQFLD D XQ
DWULEXWR SURIXQGDPHQWH GHVDFUHGLWDGRU SHUR VLHPSUH WHQLHQGR HQ
FXHQWD ³OR TXH HQ UHDOLGDG VH QHFHVLWD HV XQ OHQJXDMH GH
UHODFLRQHV QR GH DWULEXWRV´ *RIIPDQ 8Q VLJQR TXH
HVWLJPDWL]DQHJDWLYDPHQWHDXQDSHUVRQDHQXQFRQWH[WRSXHGHVHU
VLJQRGH ODQRUPDOLGDG RGH FXDOLGDGHVYDORUDGDVSRVLWLYDPHQWH HQ
RWUR FRQWH[WR HVWH FRQFHSWR WLHQH XQ JUDQ DOFDQFH \D TXH SXHGH
DSOLFDUVHDXQLYHUVRV\FRQWH[WRVPX\GLVtPLOHVSXHGHDQDOL]DUVHHQ

(VWLJPDWL]DGR\QRUPDOVRQFDWHJRUtDVSRODUHVGHLGHQWLGDGVRFLDOYLUWXDOTXH
LPSOLFDQGHPDUFDFLRQHVQRGHOWRGRFODUDV\DTXHHOOtPLWHGHVXHIHFWLYL]DFLyQ
GHSHQGHUiGHORVHQWRUQRV\GHODVH[LJHQFLDVGHLQJUHVR\SHUPDQHQFLDTXHDOOtVH
KD\DQFRQGHQVDGR/RVFULWHULRVLPSOtFLWRVHQORVPLVPRVVRQFRQVWUXFFLRQHVVRFLDOHV
KLVWyULFDVSXHGHQYDULDUHQHOWLHPSRXQDREYLHGDGORGHVYLDGRGHD\HUSXHGHVHUOR
QRUPDOKR\

ODV UHODFLRQHV ODERUDOHV GHQWUR GH XQD RUJDQL]DFLyQ R HQ OD YLGD
FRWLGLDQD GH ODV SHUVRQDV FRQ DOJXQD FDSDFLGDG GLIHUHQWH FRQ VX
XWLOL]DFLyQ VH LQWHQWD GDU FXHQWD GH FyPR VH FRQFUHWDQ ODV
SHUFHSFLRQHVVRFLDOHVQHJDWLYDVKDFLDGHWHUPLQDGDVFDUDFWHUtVWLFDVGH
ODVSHUVRQDV SRU HOOR HV FHQWUDOHQOD WHRUL]DFLyQGH HVWH VRFLyORJR
QRUWHDPHULFDQR VREUH OD SUHVHQWDFLyQ GH OD SHUVRQD HQ OD YLGD
FRWLGLDQD
*RIIPDQHVWDEOHFHXQDGHULYDFLyQFRQFHSWXDOPiVFRQFUHWDDO

HVSHFLILFDUOR HQ WUHV FDWHJRUtDV GH HVWLJPD D /DV GLVWLQWDV
GHIRUPDFLRQHV ItVLFDV E /RV GHIHFWRV GHO FDUiFWHU GHO LQGLYLGXR
IDOWDGHYROXQWDGSDVLRQHVWLUiQLFDVRDQWLQDWXUDOHVFUHHQFLDVUtJLGDV
\ IDOVDV GHVKRQHVWLGDG \ F (VWLJPDV WULYLDOHV GH OD UD]D QDFLyQ \
UHOLJLyQ VXVFHSWLEOHV GH VHU WUDQVPLWLGRV SRU KHUHQFLD \ FRQWDPLQDU
SRULJXDODWRGRVORVPLHPEURVGHXQDIDPLOLD$VXYH]HOFRQFHSWR
HVWLJPD GHQWUR GH OD WHRUL]DFLyQ JRIIPDQLDQD VH DUWLFXOD FRQ RWUR
FRQFHSWRFHQWUDOGHODPLVPDHOGHHQFXEULPLHQWRHOFXDOVHSURGXFH
FXDQGR DOJXLHQ HV FRQVFLHQWH GH TXH HV SRUWDGRU GH DOJ~Q WLSR GH
VLJQRVGHHVWLJPD\FRPRPDQHUDGHHQIUHQWDUHOPRGRHQFRPRORV
GHPiV OR YDQ D WUDWDU SRU HOOR LQWHQWD RFXOWDU R KDFHU SDVDU
GHVDSHUFLELGRV HVRV VLJQRV /D DSDULHQFLD GH QRUPDOLGDG HV
JUDWLILFDQWH SHUPLWH DFFHGHU D ODV LQWHUDFFLRQHV VLQ TXH ORV RWURV OR
SUHMX]JXHQ SHUR DSUHQGHU D HQFXEULUVH QR HV FXDOLGDG LQWUtQVHFD HV
XQSURFHVRGXUDQWHHOFXDOODSHUVRQDYDDSUHQGLHQGRDSDUWLUGHORV
UHFXUVRV TXH GLVSRQJD D GLVSRQHU \ PDQLSXODU ORV UHFXUVRV GH
RFXOWDFLyQ(OSURFHVRGHHQFXEULPLHQWRTXHOOHYDDORFXOWDPLHQWRGH
VLJQRVGHVDFUHGLWDEOHVSDVDSRUXQDVHULHGHIDVHVFRQRFHURLQWXLUHO
SXQWR GH YLVWD GH ³ORV QRUPDOHV´ \ FRQRFHU SRUTXH pO HVWi
GHVFDOLILFDGR D SDUWLU GH DTXt VH GD XQD GLYLVLyQ HVSDFLDO HQ HO
HQFXEULPLHQWR OXJDUHV SURKLELGRV R LQDFFHVLEOHV GH ORV FXDOHV VL
LQJUHVD VHUi H[SXOVDGR OXJDUHV HQ TXH VHUi REMHWR GH FRUUHFFLyQ R
GHVFRUWHVtD\OXJDUHVHQORVTXHQRQHFHVLWDRFXOWDUVH UHWLUR DVX
YH] HO HQFXEULPLHQWR VH UHODFLRQD FRQ HO HQPDVFDUDPLHQWR HO
LQGLYLGXR HQ HVWH FDVR HV GHVDFUHGLWDGR HQ OXJDU GH GHVDFUHGLWDEOH

HQFXEULPLHQWR
/DSHUVRQDHVWLJPDWL]DGDHVFRQVFLHQWHGHODSRUWDFLyQGHVXVVLJQRV
GHHVWLJPDSHURHVWRVVRQFRQRFLGRVSRUORVRWURVDSHVDUGHORFXDO
LQWHQWDSDUWLFLSDUHQODPD\RUPHGLGDSRVLEOHHQODLQWHUDFFLyQ\SDUD
HOOR SURFXUDUi UHGXFLU ORV HVWHUHRWLSRV DVRFLDGRV D XQ HVWLJPD
UHVWULQJLU OD H[KLELFLyQ GH ORV GHIHFWRV PiV LGHQWLILFDWLYRV WpFQLFDV
DVLPLODWLYDV\RUJDQL]DUVLWXDFLRQHVVRFLDOHVHQODVTXHORVVLJQRVGH
HVWLJPDUHGX]FDQVXHIHFWRFRQYHQFLRQDODHVDVLWXDFLyQDSHVDUGH
ODVGLIHUHQFLDVHQWUHDPEDVHVWUDWHJLDVWDQWRHOGHVDFUHGLWDGRFRPRHO
GHVDFUHGLWDEOH HPSOHDQ WpFQLFDV VLPLODUHV SDUD OOHYDU DGHODQWH VXV
REMHWLYRV\DTXH HOHQPDVFDUDPLHQWRHVXQDWpFQLFDTXHHVVLPLODU
HQ VX IRUPD GH HMHFXWDUVH DO HQFXEULPLHQWR XVDGR SRU TXLHQ RFXOWD
XQHVWLJPDHOGHVDFUHGLWDEOH\SXHGHVHUOH~WLODOGHVDFUHGLWDGRSDUD
DPRUWLJXDU HO WUDWR IUHQWH D TXLHQHV OR FRQRFHQ 6HJ~Q *RIIPDQ
WDQWR HO HQFXEULPLHQWR FRPR HO HQPDVFDUDPLHQWR VRQ SDUWH
GHO DUWH GHO PDQHMR GH OD LPSUHVLyQ SHUPLWLHQGR HO FRQWURO
HVWUDWpJLFRVREUHODSURSLDLPDJHQ\VREUHODLPSUHVLyQTXHVHJHQHUD
HQ ORV GHPiV DOJXQDV GH ODV PRGDOLGDGHV FRQVLVWHQ HQ WRPDU
HVWUDWpJLFDPHQWHGLIHUHQWHVWLSRVGHGLVWDQFLDHVSDFLDO\WHPSRUDOX
RUJDQL]DUODLQWHUDFFLyQGHQWURGHHVTXHPDVTXHGLVLPXOHQRIDFLOLWHQ
HOWUDWRFRQORVRWURV
3DUD HYLGHQFLDU OD FRUUHVSRQGHQFLD GHQWUR GH XQD WHRUtD HQWUH

VXSXHVWRVFRQFHSWRV\DQFODMHVHPStULFRVVHSUHVHQWDHODERUGDMHGH
ODUDFLRQDOLGDGVHJ~QHOVRFLyORJRDOHPiQ0D[:HEHU
TXLHQ VHQWy ODV EDVHV WHyULFDV GH OD VRFLRORJtD SDUD DQDOL]DU HVWH
IHQyPHQR HO VRFLyORJR DOHPiQ FRQVLGHUDED TXH HO DFFHVR D OD
FRPSUHQVLyQ GH OD UHDOLGDG VRFLDO GHEtD SDUWLU GH XQD GHWHUPLQDGD
SHUVSHFWLYD VLHPSUH UHODWLYD GHVGH OD TXH VH SRGtD HPSUHQGHU XQD
DFFLyQ GH UHFRUWH OLPLWDFLyQ \ RUGHQDFLyQ GHO FDRV TXH LPSOLFD ODV
PDQLIHVWDFLRQHV LOLPLWDGDV H LQFRQPHQVXUDEOHV GH OD UHDOLGDG 3DUD
:HEHU OD VRFLHGDG HUD XQ FRQFHSWR TXH QR UHPLWtD D XQD
H[LVWHQFLDHPStULFDREVHUYDEOH\DTXHFRQVLGHUDEDTXHpVWDVRORHUD
XQD FDWHJRUL]DFLyQ IUXWR GH XQ SURFHVR WHyULFR GH DEVWUDFFLyQ GH

P~OWLSOHV SDUWLFXODULGDGHV DILUPDED TXH SDUD OD VRFLRORJtD OD

UHDOLGDGVRFLDO QR SRGtD VHU FRPSUHQGLGD SUHVFLQGLHQGR GH DTXHOORV
TXH OH GDQ H[LVWHQFLD FRQFUHWD D SHVDU GH TXH VX VRFLRORJtD WXYR
FRPRSXQWRGHSDUWLGDHODFWXDULQGLYLGXDOUHFKD]yGHSODQRTXHORV
IHQyPHQRV VRFLDOHV VH SRGtDQ H[SOLFDU GHVGH XQD SHUVSHFWLYD
SVLFROyJLFDUHIXWy³«VLQHTXtYRFRVODLGHDGHTXHODVLQVWLWXFLRQHV
VRFLDOHV SXHGHQ GHGXFLUVH HQ VHQWLGR H[SOLFDWLYR GH
JHQHUDOL]DFLRQHV SVLFROyJLFDV 3XHVWR TXH OD YLGD KXPDQD VH
FRQILJXUD SULQFLSDOPHQWH SRU LQIOXMRV VRFLRFXOWXUDOHV GH KHFKR HV
PiV SUREDEOH TXH OD VRFLRORJtD WHQJD TXH DSRUWDU PiV FRVDV D OD
SVLFRORJtDTXHpVWDDODVRFLRORJtD´*LGGHQV:HEHU
GLVWLQJXLyODVDFFLRQHVDVHFDVGHODVDFFLRQHVVRFLDOHVODVFXDOHVVH
GHILQHQSRUTXHVXRULHQWDFLyQVHGLULJHKDFLDODDFFLyQGHORVRWURVOD
DFFLyQ VRFLDO VXSRQH XQ HQWUDPDGR FRPSOHMR GHELGR D TXH QR VyOR
LPSOLFDXQVHQWLGRVXEMHWLYR³«VLQRWDPELpQLQWHUVXEMHWLYR\DTXH
QRSXHGRDWULEXLUXQVHQWLGRDPLSURSLDDFFLyQVLQRWRPRHQFXHQWD
ODUHVSXHVWDTXHPHHQFXHQWURHQFRQGLFLRQHVGHSUHYHHUSRUSDUWH
GH ORV RWURV (VWD SUHYLVLyQ HVWDUi PiV R PHQRV IXQGDGD VH
YHULILFDUi PiV R PHQRV DSURSLDGDPHQWH SHUR VLQ HOOD PL DFFLyQ
FDUHFHGHVHQWLGR´%RXGRQ\%RXUULFDXG
(O HVTXHPD FRQFHSWXDO GH OD DFFLyQ VRFLDO SURSXHVWR SRU :HEHU D
SDUWLU GH XQD WpFQLFD GH HODERUDFLyQ GH WLSRV LGHDOHV HVWDED EDVDGR
HQ FXDWUR WLSRV UHJXODUHV GH FRPSRUWDPLHQWR RULHQWDGR VRFLDOPHQWH
TXH VXSRQtDQ PRGHORV FRQFHSWXDOHV QR HPStULFRV SHUR TXH HUDQ
XWLOL]DEOHV SDUD DQDOL]DU FDVRV KLVWyULFRV R SDUWLFXODUHV GH OD YLGD
VRFLDO'RVDFFLRQHVVRFLDOHVIXHURQWLSLILFDGDVFRPRUDFLRQDOHVFRQ
UHODFLyQ D ILQHV \ FRQ UHODFLyQ D YDORUHV \ ODV RWUDV GRV FRPR QR
UDFLRQDOHVDIHFWLYD\WUDGLFLRQDO/RVGRVWLSRVGHDFFLRQHVVRFLDOHV
UDFLRQDOHV LQYROXFUDQ SURFHVRV GH DQiOLVLV \ GH HYDOXDFLyQ HQ OD
FRQILJXUDFLyQ GHO VHQWLGR TXH RULHQWD DO DFWRU HQ YLVWDV D VX
FRPSRUWDPLHQWR HQ FDPELR ODV DFFLRQHV QR UDFLRQDOHV VHUtDQ
DTXHOODV FDUDFWHUL]DGDV SRU VX DXVHQFLD GH UHIOH[LYLGDG HQ VX
VLJQLILFDFLyQ LQWHQFLRQDO FDUHFHQ GH SURFHVRV PHQWDOHV GH FiOFXOR

UD]RQDPLHQWR \ HYDOXDFLyQ HO LQGLYLGXR DFW~D PRWLYDGR SRU XQD

WUDGLFLyQ FRVWXPEUHV YDORUHV R LGHDOHV DFHSWDGRV LUUHIOH[LYDPHQWH
R SRU XQ HPSXMH HPRFLRQDO TXH OH LPSLGH OD HYDOXDFLyQ GHO
FRPSRUWDPLHQWR PiV DGHFXDGR GH DFXHUGR D ORV ILQHV TXH TXLHUH
FXPSOLPHQWDU R HQ UHODFLyQ DO HVWDEOHFLPLHQWR GH ODV SRVLEOHV
FRQVHFXHQFLDVGHVXVDFWRV
/DVDFFLRQHVVRFLDOHVUDFLRQDOHV IXHURQ FODVLILFDGDV HQWUH ODVTXH VH

RULHQWDQ SRU HO FXPSOLPLHQWR GH ILQHV \ ODV TXH VH RULHQWDQ HQ VX
FRKHUHQFLD FRQ UHVSHFWR D GHWHUPLQDGRV YDORUHV DPERV WLSRV GH
DFFLRQHV WLHQHQ HQ FRP~Q OD DSOLFDFLyQ GH SULQFLSLRV HYDOXDWLYRV \
UHIOH[LYRV FRPR LQVWDQFLD SUHYLD D OD FRQFUHFLyQ GH OD DFFLyQ PiV
DOOiTXHXQDVHRULHQWHDOFXPSOLPLHQWRGHXQDILQDOLGDGHQYLVLWDVD
PHGLRV \ FRQVHFXHQFLDV \ OD RWUD GLULJLGD D FXPSOLPHQWDU OD
FRKHUHQFLD GH XQ YDORU R LGHDO LQWHUQDOL]DGR /RV WLSRV GH DFFLyQ
VRFLDO VRQ GLVWLQJXLEOHV \ DLVODEOHV FRQFHSWXDOPHQWH HQ OD WLSRORJtD
ZHEHULDQDSHURFRPRELHQH[SUHVDQ%HUJHU\/XFNPDQQHQ
OD YLGD GLDULD VH FRQFUHWDQ GHQWUR GH VHFXHQFLDV GH DFFLRQHV
HQWUHOD]DGDV OD RSHUDFLyQ PHWRGROyJLFD LPSOLFDGD HQ ORV WLSRV
LGHDOHV GH DFFLyQ VRFLDO VXSRQH XQ UHFRUWH DQDOtWLFR GH OD UHDOLGDG
SDUDFRQFHSWXDOL]DU\HQWHQGHUODUHDOLGDGDSDUWLUGHODGHFLVLyQGHO
LQYHVWLJDGRU SRU HOOR HVWD FRQVWUXFFLyQ WHyULFD VH GHEH HQWHQGHU
FRPRXQDPRGDOLGDGGHVLPSOLILFDFLyQGHODFRPSOHMLGDGLPSOLFDGD

:HEHUFRQVLGHUDEDTXHORUDFLRQDORLUUDFLRQDOHUDXQDFXHVWLyQGHHQIRTXH\DTXHQR
KD\XQDVXVWDQFLDGHORUDFLRQDOVLQRTXHODUDFLRQDOLGDGDWULEXLGDDXQFRPSRUWDPLHQWR
VLHPSUHLPSOLFDXQDUHODFLyQGHSHUVSHFWLYD$GYHUWtDTXHORTXHSDUDXQVXMHWRTXH
RULHQWDVXDFFLyQ\SDUWLFLSDGHORUGHQHFRQyPLFRSXHGHVHUUDFLRQDOFRPRHOFiOFXOROD
SURGXFWLYLGDG\ODHILFLHQFLDSXHGHVHUFRQVLGHUDGRSRUXQLQGLYLGXRLQPHUVRHQXQD
FRVPRYLVLyQUHOLJLRVDFRPRLUUDFLRQDOSDUDpVWHODGHGLFDFLyQYLWDOGHODH[LVWHQFLD
KXPDQDHQIRFDGDDODDFXPXODFLyQGHELHQHVPDWHULDOHVSXHGHVHUH[LVWHQFLDOPHQWH
SDUDHVWHSXQWRGHYLVWDXQGHVSURSyVLWR$ODLQYHUVDXQJHUHQWHGHXQDJUDQHPSUHVD
SXHGHFUHHUTXHHOFRPSRUWDPLHQWRGHXQDSHUVRQDTXHPHGLWDJUDQSDUWHGHVXWLHPSR
HVDOJRGHPHQFLDO

/DV IXQFLRQHV TXH GHEH FXPSOLU XQ PDUFR WHyULFR GHQWUR GH XQD
LQYHVWLJDFLyQVRQODVVLJXLHQWHV
x 3UHYLHQH GH HUURUHV FRPHWLGRV HQ HVWXGLRV SUHYLRV &RQVXOWDU

VREUHODVH[SHULHQFLDVGHRWURVLQYHVWLJDGRUHVDGYLHUWHDOLQYHVWLJDGRU
VREUH ORV REVWiFXORV TXH SXHGHQ HQFRQWUDUVH DO TXHUHU UHDOL]DU XQD
LQYHVWLJDFLyQ IDFLOLWDQGR OD UHIOH[LyQ GH QXHYDV HVWUDWHJLDV
PHWRGROyJLFDV +D\ SURFHGLPLHQWRV GH DFFHVR D GHWHUPLQDGRV
XQLYHUVRV\WpFQLFDVGHPX\SUREDGDHILFDFLDHQHOUHJLVWURGHFLHUWDV
YDULDEOHVDODVTXHVyORVHSXHGHDFFHGHUDSDUWLUGHODUHYLVLyQFUtWLFD
GH ORV WUDEDMRV GH RWURV LQYHVWLJDGRUHV TXH IXQFLRQDQ FRPR
RULHQWDGRUHVGHODLQYHVWLJDFLyQ
x 2ULHQWD FyPR GHEH UHDOL]DUVH OD LQYHVWLJDFLyQ 3URYHH GH ORV
FRQFHSWRVTXHFRQGXFLUiQDODHODERUDFLyQGHODVKLSyWHVLVDSDUWLUGH
ORVREMHWLYRVGHLQYHVWLJDFLyQ\FyPRFRQVHFXHQFLDGHHOORFRQVWULxH
HOXVRGHXQDVHULHGHSRVLEOHVWpFQLFDVDVHUHPSOHDGDVSDUDSURGXFLU
GDWRV(OPDUFRWHyULFR D\XGDDSXQWXDOL]DUORVSDVRVDVHJXLUHQHO
SURFHVRGHRSHUDFLRQDOL]DFLyQPiVHVSHFtILFDPHQWHHQODGHILQLFLyQ
FRQFHSWXDO\RSHUDFLRQDOGHODVYDULDEOHVDLQYHVWLJDU
x 3URYHH XQ PDUFR GH UHIHUHQFLD SDUD DQDOL]DU ORV UHVXOWDGRV
$PSOtDHOKRUL]RQWHGHOLQYHVWLJDGRUSDUDTXHVHFHQWUHHQHOWHPD\
QR VH GHVYtH GHO SODQWHR RULJLQDO ,PSLGH TXH HO LQYHVWLJDGRU VH
GHVRULHQWHTXHVHGLILFXOWHVXDQiOLVLV\TXHVHUHJLVWUHQGDWRVLQ~WLOHV
TXH KDFHQPiVFRVWRVDODLQYHVWLJDFLyQ/DVWHRUtDV DGRSWDGDVSRUHO
LQYHVWLJDGRUEULQGDQKHUUDPLHQWDVFRQFHSWXDOHVSDUDUHJLVWUDUFLHUWRV
IHQyPHQRVSHURDOPLVPRWLHPSRFLxHQHODOFDQFHGHORTXHVHTXLHUH
HVWXGLDU
x 'RFXPHQWD \ IXQGDPHQWD OD QHFHVLGDG GH KDFHU HO HVWXGLR (O
SDQRUDPD WHyULFR \ PHWRGROyJLFR SUHVHQWDGR HQ HVWD HWDSD YD D
HYLGHQFLDU HO VRSRUWH WpFQLFR \ FRQFHSWXDO TXH MXVWLILFD HO GHYHQLU
SODQWHDGR SRU OD LQYHVWLJDFLyQ HV HQ HVWD LQVWDQFLD GRQGH VH UHYHOD
TXHHOWHPD\DKDVLGRDERUGDGRSRURWURVLQYHVWLJDGRUHVGHPDQHUD

VLPLODU RELHQ TXH HO SODQWHDPLHQWR FDUHFH GH SURIXQGL]DFLyQR TXH

\DVHKDLQYHVWLJDGRSHURGHVGHXQDSHUVSHFWLYDGLIHUHQWH
x 3HUPLWH OD VXSHUYLVLyQ DQDOtWLFD GH WHUFHURV VREUH HO UHVSDOGR
WHyULFR GH OD LQYHVWLJDFLyQ &RPR ODV LQWHQFLRQHV LQYHVWLJDWLYDV VH
H[SUHVDQ HQ IRUPD HVFULWD \ H[SOtFLWD HO PDUFR WHyULFR IXQFLRQD
FRPRXQGRFXPHQWRTXHSXHGHVHUVRPHWLGRDODFUtWLFD\TXHSXHGH
VHU UHIRUPXODGR FRPSOHPHQWDGR \ PHMRUDGR 8QD UHJOD EiVLFD GHO
FDPSR FLHQWtILFR HV OD SRVLELOLGDG GH TXH ORV WUDEDMRV SXHGDQ VHU
FULWLFDGRV UHYLVDGRV R SURIXQGL]DGRV SRU HOOR HO PDUFR WHyULFR
LPSOLFDODHWDSDGHODLQYHVWLJDFLyQGRQGHVHIXQGDPHQWDODDFWLYLGDG
LQYHVWLJDWLYD
x ,PSRVLELOLWD TXH SDVHQ LQDGYHUWLGRV DOJXQRV DVSHFWRV VXWLOHV TXH
QRSXHGHQVHUFDSWDGRVDSDUWLUGHOVHQWLGRFRP~QRGHODH[SHULHQFLD
FRWLGLDQD0XFKRVIHQyPHQRVVyORSXHGHQVHUSHUFLELGRVDSDUWLUGH
KDEHU LQWHUQDOL]DGR GHWHUPLQDGRV FRQFHSWRV \ WHRUtDV SRU HMHPSOR
GLVWLQJXLUDQRPDOtDVVXWLOPHQWHPDQLIHVWDGDVHQHOIXQFLRQDPLHQWRGH
XQD RUJDQL]DFLyQ FRPR OD TXH VH PDQLILHVWD HQ OD FRPXQLFDFLyQ
IRUPDOHLQIRUPDOGHVXVPLHPEURVYDDGHSHQGHUHQJUDQPHGLGDGHO
EDJDMHWHyULFR\SURIHVLRQDOGHOLQYHVWLJDGRUSDUDGHWHFWDUODV
x +DFH KRPRJpQHR HO OHQJXDMH WpFQLFR HPSOHDGR XQLILFD ORV
FULWHULRV \ ORV FRQFHSWRV EiVLFRV GH TXLHQHV SDUWLFLSDQ HQ OD
LQYHVWLJDFLyQ (O PDQHMR WHyULFR GH XQD WHPiWLFD SHUPLWH TXH HO
LQYHVWLJDGRU QR LQFXUUD HQ FRQWUDGLFFLRQHV FRQFHSWXDOHV TXH
HQPDUDxHQHOSODQWHDPLHQWRGHODLQYHVWLJDFLyQ\YXHOYDQFRQIXVDOD
OHFWXUDGHVXVGHFLVLRQHVPHWRGROyJLFDVSRUHMHPSORHOHPSOHRGHO
FRQFHSWRGHSOXVYDOtDQRSRGUtDVHULQFOXLGRHQXQHVWXGLRHFRQyPLFR
TXH GHVFRQR]FD HO FRQFHSWR GH FODVH VRFLDO \ QR DFXHUGH FRQ ORV
OLQHDPLHQWRVEiVLFRVGHOPDU[LVPR
3DUD PDWHULDOL]DU FRQ HILFLHQFLD HVWD LQVWDQFLD YLWDO GH UHVSDOGR

FRQFHSWXDO GH OD LQYHVWLJDFLyQ HV UHFRPHQGDEOH HODERUDU XQ PDUFR
WHyULFR RUJDQL]DGR HQ WpUPLQRV GH XQD VHFXHQFLD PiV R PHQRV

IOH[LEOHGHDFXHUGRDOWLSRGHLQYHVWLJDFLyQ\DOPpWRGRDHPSOHDU
GHDFFLRQHVYLQFXODGDVHQWUHVt/DUHYLVLyQGHODOLWHUDWXUDYLQFXODGD
GLUHFWDHLQGLUHFWDPHQWHDOSUREOHPDGHLQYHVWLJDFLyQVXSRQHXQSDVR
LQLFLDO HVWD DFWLYLGDG FRQVLVWH HQ GHVFXEULU FRQVXOWDU DQDOL]DU \
HYDOXDUODXWLOLGDGGHOPDWHULDOREWHQLGR/DE~VTXHGDGHOPDWHULDOVH
SXGH EDVDU HQ WUHV WLSRV GH IXHQWHV SULPDULDV GDWRV GH SULPHUD
PDQRTXHUHVXOWDQGHODDFFLyQGLUHFWDGHORVLQYHVWLJDGRUHVDSDUWLU
GH OD DSOLFDFLyQ GH DOJXQD WpFQLFD GH UHJLVWUR GH GDWRV FRPR OD
REVHUYDFLyQ OD HQFXHVWD R OD HQWUHYLVWD VHFXQGDULDV LQIRUPDFLyQ
SUHH[LVWHQWH TXH SXHGH RULJLQDUVH HQ UHJLVWURV DGPLQLVWUDWLYRV R
FRPHUFLDOHV HQ FDOLGDG GH OLVWDV FRPSLODFLRQHV R UHV~PHQHV GH
IXHQWHV SULPDULDV \ WHUFLDULDV EDVDGR HQ GRFXPHQWRV GRQGH KD\
UHJLVWUDGRV \ VLVWHPDWL]DGRV XQD VHULH GH UHIHUHQFLDV D WH[WRV TXH
FRPSHQGLDQRUJDQL]DGDPHQWHIXHQWHVVHFXQGDULDV
(VYLWDOJHQHUDUHOPDUFRWHyULFRGHDFXHUGRDXQDWHRUtDRSDUWHVGH
WHRUtDVTXHQRVHDQFRQWUDGLFWRULDVHQWUHVtSDUDHOORVHUHFRPLHQGD
HODERUDUXQtQGLFHTXHUHJLVWUHHORUGHQHOHJLGRSDUDTXHDXQJROSH
GHYLVWDVHSXHGDHYDOXDUODFRKHUHQFLDGHORHODERUDGRXQDGHFLVLyQ
LPSUHVFLQGLEOHHQHVWDHWDSDGHODLQYHVWLJDFLyQHVODDGRSFLyQGHXQD
WHRUtD R HO GHVDUUROOR GH UHIHUHQFLDV WHyULFDV FRPR UHVSDOGR
FRQFHSWXDO GHO FDPLQR D VHJXLU HVWD GHFLVLyQ LPSOLFD UHYLVDU OLEURV
GH WH[WRV FRQVXOWDU FRQ HVSHFLDOLVWDV \ SURIHVLRQDOHV LQGDJDU HQ
IXHQWHV GH LQIRUPDFLyQ SULPDULD \ VHFXQGDULD HO UHVXOWDGR GH HVWD
E~VTXHGD SHUPLWH HO SDVR VLJXLHQWH TXH UDGLFD HQ VHOHFFLRQDU OD
ELEOLRJUDItDPiVLPSRUWDQWHHLQLFLDUXQSURFHVRGHOHFWXUD$SDUWLU
GHHVWDOHFWXUDVHGHEHQFRQIHFFLRQDUHQILFKDV\RUHV~PHQHVHQORV
FXDOHVVHLQFOX\DQORVDVSHFWRVFHQWUDOHVGHFDGDWH[WRVHxDODQGRORV
DXWRUHVPiVUHOHYDQWHVTXHWLHQHQUHODFLyQGLUHFWDFRQHOREMHWLYRGH
LQYHVWLJDFLyQ HV DFRQVHMDEOH RUGHQDU HO PDWHULDO FRQ DOJ~Q FULWHULR
OyJLFR \ H[SOLFLWR iUHDV WHPiWLFDV FURQROyJLFR GH OR JHQHUDO D OR
HVSHFtILFR HWF VH UHFRPLHQGD WRPDU ODV ILFKDV GH OHFWXUD R ORV
UHV~PHQHV \ HQVDPEODU VXV UHVXOWDGRV GH WDO IRUPD TXH TXHGH ELHQ
UHGDFWDGR TXH HO WH[WR VHD FRQVLVWHQWH \ KRPRJpQHR 1R VH GHEH

ROYLGDUODXWLOL]DFLyQGHFRPLOODV\VHGHEHVHxDODUODVIXHQWHVGHFLWD
D SLH GH SiJLQD R GH FRPHQWDULRV DGLFLRQDOHV KD\ TXH VHOHFFLRQDU
DTXHOORVWpUPLQRVTXHYDQDHPSOHDUVHHQHOWUDEDMRKDFHUXQDOLVWD
GH HOORV GHILQLU \ DUWLFXODU FDGD FRQFHSWR D VHU HPSOHDGR SRU
HMHPSOR HQ XQD LQYHVWLJDFLyQ VREUH ODV YLYHQFLDV \ H[SHULHQFLDV GH
SHUVRQDV TXH HVWDEOHFHQ LGHQWLILFDFLRQHV FRQ HVWLORV GH YLGD QR
FRQYHQFLRQDOHVHQVXE~VTXHGDGHWUDEDMR\DSDUWLUGHVXSHUWHQHQFLD
DRUJDQL]DFLRQHVODERUDOHVIRUPDOHV6HUELDVHWUDEDMyFRQXQD
VHULH GH FDWHJRUtDV FRQFHSWXDOHV KHUUDPLHQWDV PHWRGROyJLFDV TXH
UHHPSOD]DQ HO XVR GH YDULDEOHV HQ OD LQYHVWLJDFLyQ FXDOLWDWLYD TXH
RULHQWDURQ OD SURGXFFLyQ GH ORV GDWRV QHFHVDULRV SDUD DERUGDU OD
WHPiWLFDSODQWHDGD
/DVFDWHJRUtDVFRQFHSWXDOHVHPSOHDGDVHQHVWHWUDEDMRIXHURQHVWLORV
GH YLGD FRQILJXUDFLRQHV VXEMHWLYDV HVWDEOHFLGDV HQ OD HVIHUD
YDORUDWLYDODHVIHUDPRWLYDFLRQDO\FRQQDWLYDGHODSHUVRQDDSDUWLU
GH OD LGHQWLILFDFLyQ FRQ FLHUWRV UHIHUHQWHV VRFLDOHV FUHHQFLDV
FRQVLVWHQ HQ UHSUHVHQWDFLRQHV \ UHVSXHVWDV TXH VH GLULJHQ KDFLD XQ
REMHWRGHWHUPLQDGRVHJ~Q'DOOHUDODFUHHQFLDHVXQGLVFXUVR
TXHGHEHVHUYHURVtPLOGHWHUPLQDXQHVWDGRGLVSRVLFLRQDOHPRFLRQDO
DFWLWXGLQDO\FRJQLWLYR\UHSUHVHQWDXQHQWUDPDGRDUJXPHQWDWLYRTXH
VH WUDGXFH HQ SVHXGR UD]RQHV H[SHFWDWLYDV DUJXPHQWDFLRQHV R
MXVWLILFDFLRQHV PDQHMR GH ODV LPSUHVLRQHV VRQ DFWLYLGDGHV
GHVWLQDGDVDFRQWURODUODIRUPDHQFyPRORVRWURVQRVSHUFLEHQ\GHOD
FRQVLJXLHQWH HYDOXDFLyQ TXH KDFHQ GH OD IDFKDGD SHUVRQDO VHJ~Q
*RIIPDQLPSOLFDQXQDVHULHGH³«DWULEXWRVTXHGHEHQWHQHU
QHFHVDULDPHQWH HO DFWXDQWH SDUD UHDOL]DU HQ IRUPD VDWLVIDFWRULD OD
SXHVWD HQ HVFHQD GH VX SHUVRQDMH´ HVWRV DWULEXWRV SXHGHQ VHU
FRQFHSWXDOHV \ YHUEDOHV QR YHUEDOHV FRQGXFWDOHV \ FRQWH[WXDOHV \
FRQWURO VRFLDO HV OD DSOLFDFLyQ GH ODV UHJODV \ UHJXODFLRQHV VRFLDOHV
TXH VHHVWUXFWXUDQDILQGHPRGHOL]DU ODVXEMHWLYLGDGFRQUHVSHFWRD
FLHUWDVPHWDVYDORUHVRILQHV
$FRQWLQXDFLyQVH SUHVHQWDXQUHVXPHQGHXQPDUFRWHyULFRGHXQD
LQYHVWLJDFLyQVREUHLQGLFDGRUHVFXOWXUDOHVHODERUDGRHVSHFtILFDPHQWH

SDUD VX SXEOLFDFLyQ HQ IRUPD GH DUWtFXOR SDUD XQD UHYLVWD FLHQWtILFD
6HUELD\%RVLVLRHVWHPDUFRWHyULFRH[KLEtDKDVWDODIHFKDGH
VX HODERUDFLyQ XQ FDUiFWHU H[SORUDWRULR GHELGR D OD IDOWD GH
DQWHFHGHQWHV FRQVLVWHQWHV \ HVWDEOHV HQ HO WLHPSR GHQWUR GHO FDPSR
FXOWXUDOGHXQUHOHYDPLHQWRGHSDUWHGHO(VWDGRGHOFDPSRFXOWXUDOGH
XQWHUULWRULRQDFLRQDO
³(QHODxROD81(6&2FRQYRFyOD&RQIHUHQFLD0XQGLDO
GH3ROtWLFDV&XOWXUDOHVTXHHQWHQGLyDODFXOWXUDFRPRHOFRQMXQWR
GH UDVJRV GLVWLQWLYRV GH XQD SREODFLyQ HOHPHQWRV HVSLULWXDOHV \
PDWHULDOHV LQWHOHFWXDOHV \ DIHFWLYRV TXH FDUDFWHUL]DQ D XQ JUXSR
KXPDQRHQXQDpSRFD\OXJDUHVSHFtILFR5HWRPDQGRHVWDGHILQLFLyQ
TXHLQFOX\HHQODFXOWXUDORVXQLYHUVRVVLPEyOLFRVPRGRVGHYLGD
FUHHQFLDV YDORUHV \ WUDGLFLRQHV GH XQD VRFLHGDG HO SUHVHQWH
SUR\HFWR WRPD D OD UHDOLGDG FXOWXUDO FRPR XQ HPHUJHQWH TXH VH
FRQVWUX\H D WUDYpV GH SURFHVRV VRFLDOHV PDFURV \ PLFURV (VWRV
SURFHVRV VH GHVDUUROODQ VLPXOWiQHDPHQWH HQ XQ SODQR PDWHULDO \
FRQFUHWR ODV SURGXFFLRQHV DUWtVWLFDV OD VDQFLyQ OHJLVODWLYD OD
FRQFHQWUDFLyQ GH ORV PHGLRV HO GHVFHQVR HQ ORV LQJUHVRV \ HO
FRQVXPRGHXQDSREODFLyQODFRPSUDGHXQDGHWHUPLQDGDPDUFDGH
URSD\HQXQSODQRVXEMHWLYR\VLPEyOLFRSRUHMHPSORFUHHQFLDVGH
OR UHOHYDQWH HQ OD UHDOL]DFLyQ DXGLRYLVXDO SOiVWLFD R PXVLFDO ODV
RSLQLRQHVVREUHORTXHGHEHVHUSUHVHUYDGRODSHUFHSFLyQHPRFLRQDO
GHO SURSLR GHVFHQVR HQ HO FRQVXPR FXOWXUDO ODV PRWLYDFLRQHV \
GHVHRVGHORVVXMHWRVDSURGXFLUHQXQPHUFDGRVLPEyOLFRUHVWULFWLYR
/D LQYHVWLJDFLyQ VREUH OD HVWUXFWXUD FXOWXUDO DUJHQWLQD LPSOLFD
FRPR\DVHKDPHQFLRQDGRDERUGDUXQFDPSRFRPSOHMR\DTXHSRU
XQODGRHOHVWDGRGHODUWHQRVUHYHODODIDOWDGHXQDWHRUtDJHQHUDO
GHODFXOWXUDTXHKHJHPRQLFH\OHJLWLPHXQXQtYRFRXVRFRQFHSWXDO\
PHWRGROyJLFR GH FRQRFHU \ FRPSUHQGHU HO FDPSR FXOWXUDO /D
SUHVHQWDFLyQ GH ODV GHILQLFLRQHV PHWRGROyJLFDV \ GH ORV VXSXHVWRV
VXE\DFHQWHV GHO SUR\HFWR TXH D FRQWLQXDFLyQ VH FRQFUHWD HV GH
LPSUHVFLQGLEOHOHFWXUDDQWHVGHHQWUDUGHOOHQRHQODUHYLVLyQGHHVWD
SURGXFFLyQSXHVVyORDVtVHSRGUiQFRPSUHQGHUORVIXQGDPHQWRV\

ODOHJLWLPLGDGGHODVHVWUDWHJLDVPHWRGROyJLFDVOOHYDGDVDFDER
$XQTXH ODV SROtWLFDV FXOWXUDOHV QDFHQ HQ OD PRGHUQLGDG FRQ OD
IRUPDFLyQ GH ORV (VWDGRVQDFLyQ EDMR HO URSDMH GH SROtWLFDV
HGXFDWLYDVHVSURPHGLDQGRHOVLJOR;;FXDQGRHOUHLQDQWH(VWDGRGH
%LHQHVWDU .H\QHVLDQR IRUPDOL]D \ FRQVROLGD GHQWUR GH VX DFFLyQ OD
LQWHUYHQFLyQ HQ HO FDPSR FXOWXUDO D WUDYpV GH SROtWLFDV S~EOLFDV
HVSHFtILFDVRGHODHODERUDFLyQGHGHWHUPLQDGRVPDUFRVUHJXODWRULRV
VREUHORVSURFHVRVFXOWXUDOHV$SDUWLUGHDOOtVXUJHODQHFHVLGDGGH
FRQWDU FRQ UHJLVWURV TXH GHQ XQ PDUFR GH FRQWURO HILFLHQFLD \
HYDOXDFLyQ GH ODV SROtWLFDV FXOWXUDOHV (VWH LQWHUpV UHFLpQ VH
YLVLELOL]DFRQPiVIXHU]DDSDUWLUGHODGpFDGDGHUHXQLyQ
81(6&2 +HOVLQNL $ SDUWLU GH DOOt HO HVWXGLR VREUH OD
HVSHFLILFLGDG GH OD GLQiPLFD GH OR FXOWXUDO LUi SURJUHVLYDPHQWH
FRQFUHWiQGRVH HQ GHEDWHV D~Q DELHUWRV D OD GLVFXVLyQ DFHUFD GH
FyPR HODERUDU UHJLVWURV TXH SXHGDQ GDU FXHQWD GH OD FRPSOHMLGDG
GHO FDPSR HQ FXHVWLyQ (O HVIXHU]R VH SRQGUi GHVGH ODV
RUJDQL]DFLRQHV HVWDWDOHV \ VXSUDHVWDWDOHV HQ LQWHQWDU HVWDEOHFHU
UHIHUHQWHVDQiORJRVDORVTXHVHPDQHMDQHQODHYDOXDFLyQGHOFDPSR
SURGXFWLYRILQDQFLHUR HVWR HV HO HVWDEOHFLPLHQWR GH XQD
LQIRUPDFLyQSUHFLVDFXDQWLILFDEOHVREUHORVJDVWRVODLQYHUVLyQ\HO
FRQVXPRGHORVELHQHVFXOWXUDOHV/DGLVFXVLyQJLUDUiHQWRUQRDOD
GLILFXOWDG GH GHILQLU FULWHULRV HVWDEOHV SDUD OD PHGLFLyQ \ OD
FRQIRUPDFLyQ GH LQGLFDGRUHV FXOWXUDOHV (O JUDQ GpILFLW GH HVWH
FDPSR VHJ~Q HVWD SHUVSHFWLYD OR FRQVWLWX\H OD IDOWD GH PRGHORV
WHyULFRVGHVDUUROODGRVXQtYRFRV\SRUHQGHFRPSDUDEOHV
³/RV SUREOHPDV GH PHGLGD HVWiQ VROXFLRQDGRV HQ ODV HVWDGtVWLFDV

HFRQyPLFDV(OGLQHURHVXQHOHPHQWRXQLILFDGRU1RSDVDORPLVPR
HQ ODV HVWDGtVWLFDV VRFLRFXOWXUDOHV GRQGH VH HQWUD PiV HQ OD
YDORUDFLyQVXEMHWLYDFyPRPHGLUODFDOLGDGGHXQDREUDGHDUWHGH
XQD ySHUD GH XQ FRQFLHUWR GRQGH KD\ XQ FRPSRQHQWH LGHROyJLFR
TXH KD\ TXH HOLPLQDU \ GRWDU GH DOWHUQDWLYDV PiV REMHWLYDV SDUD
SRGHU FDWDORJDU R PHGLU OD FXOWXUD 6LQ HPEDUJR VLJXH VLHQGR OD
YDORUDFLyQ FXDQWLWDWLYD HO SXQWDO GH DQiOLVLV GH OD FXOWXUD´

&DUUDVFR
/RVIDFWRUHVTXHLQFLGHQHQODREVWDFXOL]DFLyQGHODHODERUDFLyQGH
SDWURQHVHVWDGtVWLFRVFRQILDEOHVKRPRJpQHRV\WUDQVUHJLRQDOHVVRQ
P~OWLSOHV(QWUHHOORVVHSXHGHPHQFLRQDUHOUHODWLYRLQWHUpVGHORV
JRELHUQRV \ VXV LQVWLWXFLRQHV GH FRQWDU FRQ UHFXUVRV HFRQyPLFRV
HVSHFtILFRV SDUD HO HVWXGLR \ OD JHQHUDFLyQ GH GDWRV FXOWXUDOHV OD
GHELOLGDG\IDOWDGHLQWHJUDFLyQGHORVHVSDFLRVFXOWXUDOHVGHGHEDWH
VREUHHODQiOLVLVGHOFDPSRFXOWXUDOODKHWHURJHQHLGDGHQORVPRGRV
GHHODERUDFLyQFLUFXODFLyQ\FRQVXPRGHODVDFWLYLGDGHVFXOWXUDOHV
\ SRU ~OWLPR HO HVFDVR GHVDUUROOR GH OD SURGXFFLyQ FXOWXUDO FRPR
VHFWRUHFRQyPLFRDXWyQRPR
(V QHFHVDULR UHPDUFDU TXH OD E~VTXHGD GH FXDQWLILFDFLyQ GH OD
UHDOLGDGFXOWXUDOGHXQWHUULWRULRRUHJLyQVHEDVDHQODWHRUtDGHORV
LQGLFDGRUHV OD FXDO HV GH ODUJD WUDGLFLyQ HQ OD PHWRGRORJtD GH
RULHQWDFLyQ FXDQWLWDWLYD (VWD RULHQWDFLyQ VXSRQH XQD DGKHVLyQ
IXHUWH KDFLD OR LQVWLWXLGR HQ HO FDPSR GH DQiOLVLV SUHVXPH SDUD VX
HMHUFLFLR \ SDUD OD SURGXFFLyQ GH LQIRUPDFLyQ GH UtJLGRV
SURFHGLPLHQWRV GH HVWDQGDUL]DFLyQ \ FRGLILFDFLyQ /D DSOLFDFLyQ GH
HVWD WHRUtD ³«HV LPSHQVDEOH IXHUD GH XQD DGPLQLVWUDFLyQ HVWDWDO
FHQWUDOL]DGD « OD FDUDFWHUtVWLFD SULQFLSDO GH OD WHRUtD GH ORV
LQGLFDGRUHVFRQVLVWHHQTXHHVWiLPSRVLELOLWDGDSDUDWUDWDUFRQWRGD
FDWHJRUtD TXH HVFDSH D WRGR XQ DSDUDWR GH LQWHJUDFLyQ HVWDGtVWLFD
TXHKDGHSUHH[LVWLUOH´'iYLOD(VWHHQIRTXHHFRQRPLFLVWDVH
KDFH PiV UHOHYDQWH D SDUWLU GH OD FULVLV GHO (%. HQ OD GpFDGD GH
SRU OD QHFHVLGDG GH UHFRUWDU \ KDFHU ³HILFLHQWH´ OD DFFLyQ
HVWDWDO/DPHGLFLyQ\HYDOXDFLyQGHOJDVWRVRFLDOVHKDFHSULRULWDULD
HQORVQDFLHQWHVHVWDGRVQHROLEHUDOHV
³$PHGLDGRVGHORVDxRVRFKHQWDHO(VWDGR\ODVFROHFWLYLGDGHV
WHUULWRULDOHV QR VROR HQIUHQWDQ D XQD FULVLV GHO JDVWR S~EOLFR VLQR
TXHDOPLVPRWLHPSRVHOHVDVLJQDQLPSRUWDQWHVUROHVFDGDYH]PiV
DPSOLRVFRPRLQLFLDGRUHVHLPSXOVRUHVGHODJHVWLyQORVSRGHUHV
S~EOLFRVHVWiQHQWRQFHVREOLJDGRVFDGDYH]PiVDUDFLRQDOL]DUVXV

RSFLRQHV SUHVXSXHVWDULDV /RV KRPEUHV SROtWLFRV GHEHQ H[SOLFDU ODV

GHFLVLRQHV DGRSWDGDV D VXV HOHFWRUHV ORV UHVSRQVDEOHV FXOWXUDOHV
GHEHQ QHJRFLDU VXV ILQDQFLDPLHQWRV DQWH ODV DXWRULGDGHV HOHFWDV \
ORV SURGXFWRUHV GH SUR\HFWRV DQWH ORV UHVSRQVDEOHV FXOWXUDOHV´
7KpYHQLQ
$ SHVDU GH HVWR HV QHFHVDULR VHxDODU OD LQQHJDEOH LPSRUWDQFLD GH
WRPDU FRPR XQ DPSOLR GHELGR D TXH KD\ XQD SDUFLDOL]DFLyQ HQ HO
HQIRTXH DO UHVWULQJLU ORV HVWXGLRV D OR FXDQWLWDWLYR H LPSRUWDQWH
SXQWR GH UHIHUHQFLD HO 0DUFR GH ODV (VWDGtVWLFDV &XOWXUDOHV GH OD
81(6&2(VWHRUJDQLVPRHVWDEOHFHXQHVTXHPDGHGLH]FDWHJRUtDV
FXOWXUDOHVSDWULPRQLRFXOWXUDOWH[WRVLPSUHVRV\OLWHUDWXUDP~VLFD
DUWHVHVFpQLFDVDUWHVSOiVWLFDVFLQH\IRWRJUDItDUDGLR\WHOHYLVLyQ
DFWLYLGDGHV VRFLRFXOWXUDOHV GHSRUWHV \ MXHJRV QDWXUDOH]D \ PHGLR
DPELHQWH(VWDVFDWHJRUtDVLPSOLFDQDFWLYLGDGHVLQVWLWXFLRQDOHVHQVX
LQWHULRUTXHHVWiQGHWHUPLQDGDVSRUODVTXHVHFRQVLGHUDQIXQFLRQHV
FXOWXUDOHV &UHDFLyQSURGXFFLyQ 7UDQVPLVLyQ GLIXVLyQ
5HFHSFLyQFRQVXPR &RQVHUYDFLyQ 3DUWLFLSDFLyQ (V
QHFHVDULR UHVDOWDU TXH HO SUR\HFWR ³(VWUXFWXUD &XOWXUDO GH OD
$UJHQWLQD´ LPSOLFy HO DERUGDMH GH ODV SULPHUDV RFKR FDWHJRUtDV
FXOWXUDOHV DUWLFXODGDV D ODV FLQFR IXQFLRQHV FXOWXUDOHV VH GHEH
VHxDODUTXHHOFRQRFLPLHQWRGHODIXQFLyQGHUHFHSFLyQFRQVXPRVH
FRQFUHWDUiSDUFLDOPHQWH
8QDUHIHUHQFLDDWHQHUHQFXHQWDVRQODVWDUHDVHQOD&((DSDUWLU
GHODxR\DTXHDWUDYpVGHXQDUHVROXFLyQGHO&RQVHMR(XURSHR
DFHUFD GH OD SURPRFLyQ GH ODV HVWDGtVWLFDV GH FXOWXUD VH LQWHQWDQ
HVWDEOHFHU FULWHULRV FRPXQHV HQ OD UHJLyQ D ILQ GH TXH VH SXHGDQ
HODERUDU FLHUWRV LQGLFDGRUHV HVWDEOHV \ XQLIRUPHV TXH SHUPLWDQ
FRPSDUDUODVUHODFLRQHVFXOWXUDOHV&RPRSDVRLQLFLDOVHFUHDHQ
HO RUJDQLVPR GHQRPLQDGR *UXSR GH 2ULHQWDFLyQ (VSHFtILFR
/(* FX\D WDUHD VHUi OD GH DYDQ]DU HQ HVWH IXWXUR VLVWHPD GH
LQIRUPDFLyQ/RVREMHWLYRVGHHVWHJUXSRKDQVLGRGHILQLUXQWURQFR
FRP~Q HQ ORV FDPSRV GH DFWLYLGDGHV FRQVLGHUDGRV XQiQLPHPHQWH
FRPRFXOWXUDOHVUHDOL]DUXQDFODVLILFDFLyQGHDFWLYLGDGHVFXOWXUDOHV

LQVSLUDGD HQ HO PDUFR GH HVWDGtVWLFDV FXOWXUDOHV GHILQLGR SRU OD
81(6&2 PHMRUDU \ HODERUDU ODV HVWDGtVWLFDV FXOWXUDOHV
DSURYHFKDQGR ODV HQFXHVWDV H[LVWHQWHV \ GHILQLU YDULDEOHV H
LQGLFDGRUHV TXH SHUPLWDQ GHVFULELU OD RIHUWD \ OD GHPDQGD GH ODV
GLVWLQWDV DFWLYLGDGHV FXOWXUDOHV +DQ WUDEDMDGR PHWRGROyJLFDPHQWH
FRQ GRV HQIRTXHV FRPSOHPHQWDULRV XQ HQIRTXH JHQHUDO SDUD
DERUGDU ORV WHPDV WUDQVYHUVDOHV ORV TXH UHYLVWHQ HVSHFLDO
LPSRUWDQFLD SDUD OD SROtWLFD FXOWXUDO ±HPSOHR ILQDQFLDFLyQ \
SUiFWLFDV FXOWXUDOHV± \ XQ HQIRTXH LQVWLWXFLRQDO TXH SUHWHQGH
GHVFULELUODVLQVWLWXFLRQHVGHVGHGLYHUVRVSXQWRVGHYLVWD\HODERUDU
HVWDGtVWLFDV VREUH HOODV VREUH ORV ELHQHV \ VHUYLFLRV TXH HOODV
SURGXFHQ \ VREUH HO S~EOLFR FRQVXPLGRU GH ELHQHV \ VHUYLFLRV
FXOWXUDOHV 2WUR DQWHFHGHQWH GH UHIHUHQFLD OR FRQVWLWX\H HO SUR\HFWR
GHO0LQLVWHULRGH&XOWXUDGH(VSDxDHQHODxRGHQRPLQDGR³/D
&XOWXUD HQ &LIUDV´ HO FXDO HVWXYR GHVWLQDGR D HVWDEOHFHU FLIUDV
GHVFULSWLYDV GH OD FXOWXUD HVSDxROD D ILQ GH UHDOL]DU PRGHORV GH
IXQFLRQDPLHQWR IXWXURV 6H HVWDEOHFHQ H[FOXVLYDPHQWH FULWHULRV
FXDQWLWDWLYRV GH H[SOLFDFLyQ GH ORV KHFKRV \ SURFHVRV FXOWXUDOHV OD
LQIRUPDFLyQ HV VXPDPHQWH GHWDOODGD &RPR HVWH WUDEDMR KD VLGR
UHFXUUHQWH VH SXHGH FRQVWDWDU OR GLFKR SUHVHQWDQGR DOJXQRV GH ORV
LQGLFDGRUHVGHXQRGHORVWHPDVGHOLQIRUPHGH
/LEUR
&RQWHQLGRQRWDVH[SOLFDWLYDV\IXHQWHVGHLQIRUPDFLyQ
(YROXFLyQGHORVDJHQWHVHGLWRUHVFRQDFWLYLGDG
$JHQWHVHGLWRUHVFRQDFWLYLGDGSRUQDWXUDOH]DMXUtGLFD
$JHQWHVHGLWRUHVFRQDFWLYLGDG\VXSURGXFFLyQGHOLEURVVHJ~Q
HOYROXPHQGHSURGXFFLyQ
$JHQWHV HGLWRUHV FRQDFWLYLGDG\ VXSURGXFFLyQ GH OLEURV SRU

FRPXQLGDGDXWyQRPD

(YROXFLyQGHODHGLFLyQGHOLEURV\RWURVVRSRUWHVLQVFULSWRVHQ
HO,6%1
(YROXFLyQ GH ORV OLEURV LQVFULWRV HQ HO ,6%1 SRU FRPXQLGDG
DXWyQRPD
&DUDFWHUtVWLFDVGHODHGLFLyQGHOLEURVLQVFULWRVHQHO,6%1SRU
FRPXQLGDGDXWyQRPD
&DUDFWHUtVWLFDVGHODHGLFLyQGHOLEURVLQVFULWRVHQHO,6%1SRU
VXEVHFWRUHV
(YROXFLyQGHOLEURVPXOWLPHGLDSRUVXEVHFWRUHV
7LSRORJtDGHORVOLEURVPXOWLPHGLDSRUVXEVHFWRUHV
7tWXORV\HMHPSODUHVSRUFDWHJRUtDVGHWHPDVGHOD81(6&2
/LEURVLQVFULWRVHQHO,6%1VHJ~QSUHFLR
(YROXFLyQ GH ORV OLEURV LQVFULWRV HQ HO ,6%1 SRU OHQJXD GH
SXEOLFDFLyQ\OHQJXDWUDGXFLGD
3RURWURODGRVHSXHGHQPHQFLRQDUFRPRRWURUHIHUHQWHIXQGDPHQWDO
GHO SUR\HFWR ORV 6LVWHPDV 1DFLRQDOHV GH ,QIRUPDFLyQ &XOWXUDO
SURPRYLGRV SRU OD 2UJDQL]DFLyQ GH (VWDGRV ,EHURDPHULFDQRV SDUD
OD(GXFDFLyQOD&LHQFLD\OD&XOWXUD\OD&DUWRJUDItD&XOWXUDOGHOD
5HS~EOLFD GH &KLOH (VWD ~OWLPD GHPDQGy XQD ODERU GH WUHV
DxRVSRUSDUWHGHXQLPSRUWDQWHHTXLSRGHLQYHVWLJDFLyQGHORV
FXDOHV HO SULPHUR IXH LQVXPLGR HQ ORV SUREOHPDV GH RUGHQ
PHWRGROyJLFR SXHV HO SUR\HFWR LQWHQWy LU PiV DOOi GH ORV KDVWD HO
PRPHQWR FRQYHQFLRQDOHV UHJLVWURV FXDQWLWDWLYRV GH LQGLFDGRUHV
FXOWXUDOHV $XQ DVt HO PiV UHFLHQWH 0DSD GHO &DPSR &XOWXUDO HQ
&KLOH1RVRWURVORVFKLOHQRVXQGHVDItRFXOWXUDOOOHYDGRDFDERSRU
HO3URJUDPDGHODV1DFLRQHV8QLGDVSDUDHO'HVDUUROORUHJLVWUDODV
ODJXQDV GH LQIRUPDFLyQ GH OD &DUWRJUDItD TXH SUy[LPDPHQWH VHUi

HGLWDGD HQ XQD YHUVLyQ FRUUHJLGD \ DPSOLDGD (Q WDO VHQWLGR HV
QHFHVDULRUHVDOWDUTXHODLQIRUPDFLyQUHOHYDGD\DQDOL]DGDHQHVWH
SUR\HFWR TXH HV GH PHQRU GXUDFLyQ TXH HO HVWXGLR FLWDGR HQ HO
SiUUDIR DQWHULRU \ TXH SRVHH UHFXUVRV PDWHULDOHV OLPLWDGRV SDUD OR
TXH LPSOLFD XQ UHOHYDPLHQWR QDFLRQDO TXH SUHWHQGH REWHQHU
H[KDXVWLYLGDG HQ ORV GDWRV WHQGUi XQD VLJQLILFDFLyQ VLPEyOLFD SRU
VHU HO SULPHU LQWHQWR GH VLVWHPDWL]DU OD VLWXDFLyQ GH OD FXOWXUD HQ
WRGDVODVUHJLRQHVGHOSDtV(VWHREMHWLYRVHDUWLFXODDOSURSyVLWR
GHFRQWDUFRQVDEHUHV~WLOHVSDUDXQDHYDOXDFLyQSUHOLPLQDUGH
ODVIRUWDOH]DV\GHELOLGDGHVGHODHVWUXFWXUDFXOWXUDOGHOSDtVDSDUWLU
GHXQDKHUUDPLHQWDTXHSXHGDVHUHPSOHDGDHQODLGHQWLILFDFLyQGH
ODV QHFHVLGDGHV \ SRWHQFLDOLGDGHV GH LQYHUVLRQHV HQ HO VHFWRU (O
LQWHQWR GH ERVTXHMDU XQ FXDGUR TXH DXQTXH SDUFLDO FRQWHQJD
GLIHUHQWHV SHUVSHFWLYDV VREUH HO FDPSR FXOWXUDO GHO SDtV QR SRGUi
GHVYLDUODVFUtWLFDVSRUHOFDUiFWHULQFRPSOHWR\QRH[KDXVWLYR
GHODPLUDGDUHVXOWDQWHDSDUWLUGHODLQIRUPDFLyQVLVWHPDWL]DGD´

*XtDGHSUHJXQWDV
([SOLFDU OD LPSRUWDQFLD GHO PDUFR WHyULFR GHQWUR GHO SURFHVR GH
LQYHVWLJDFLyQ
¢&XiOHVVRQODVIXQFLRQHVGHOPDUFRWHyULFR"
6HxDODUORVSDVRVSDUDHODERUDUXQPDUFRWHyULFR
¢&XiOHV VRQ ODV YDULDQWHV GHO PDWHULDO UHOHYDGR HQ OD HODERUDFLyQ
GHOSUREOHPD"
¢4Xp DFFLRQHV GHEH VH GHEHQ OOHYDU D FDER SDUD UHOHYDU ORV
DQWHFHGHQWHVVREUHXQWHPD"
£(VSRVLEOHTXHXQDLQYHVWLJDFLyQFDUH]FDGHIXQGDPHQWRVWHyULFRV
SUHYLRV")XQGDPHQWDU

$&7,9,'$'
6HxDODUORVFRQFHSWRVFHQWUDOHV\VHFXQGDULRVGHOWHPDSODQWHDGRHQ
HVWHDUWtFXOR
(/%$1&2081',$/3,'($$0e5,&$/$7,1$)257$/(&(5
/$65('(6'(3527(&&,Ï162&,$/$17(/$&5,6,6
(ORUJDQLVPRPXOWLODWHUDODGYLHUWH TXHORVFLFORVGHGHVDFHOHUDFLyQ
HFRQyPLFD JROSHDQ FRQ PiV IXHU]D D ORV VHFWRUHV PiV SREUHV (Q
³WLHPSRVGHVDILDQWHV´SDUDODHFRQRPtDODWLQRDPHULFDQDORVSDtVHV
GH OD UHJLyQ GHEHQ SUHVWDU HVSHFLDO DWHQFLyQ D ORV PiV SREUHV (V
LPSUHVFLQGLEOH TXH ORV *RELHUQRV LPSXOVHQ SODQHV GH SURWHFFLyQ
VRFLDO TXH DWHPSHUHQ HO LPSDFWR GH OD GHVDFHOHUDFLyQ GH ORV
LQGLFDGRUHV \ SHUPLWDQ VRVWHQHU HQ HO WLHPSR HO WHUUHQR JDQDGR
GXUDQWHORVSHUtRGRVGHERQDQ]DHQODOXFKDFRQWUDODSREUH]D(VWDV
VRQODVFRQFOXVLRQHVGHO~OWLPRLQIRUPHVHPHVWUDOUHJLRQDOGHO%DQFR
0XQGLDO %0 WLWXODGR¢&yPR DIHFWD HO FLFOR HFRQyPLFR D ORV
LQGLFDGRUHV VRFLDOHV HQ $PpULFD /DWLQD \ HO &DULEH" &XDQGR ORV
VXHxRV HQIUHQWDQ OD UHDOLGDG\SUHVHQWDGR D ILQDOHV GH OD VHPDQD
SDVDGD (O HVFHQDULR HFRQyPLFR QR HV DOHQWDGRU SDUD $PpULFD
/DWLQD\HOGHVDItRGHODSREUH]DDXPHQWDVHJ~QHO%DQFR0XQGLDO
³/DVH[SHFWDWLYDVLQLFLDOHVGHFUHFLPLHQWRHQQRVHFXPSOLHURQ
\ ODV SUR\HFFLRQHV SDUD VH KDQ GHWHULRUDGR /D UHJLyQ FUHFLy
HQ/DVSULQFLSDOHVUD]RQHVGHHVWHGpELOFUHFLPLHQWRHQ
VRQXQD FRQWUDFFLyQ GH HQ $UJHQWLQDOD OHQWD
UHFXSHUDFLyQ GH%UDVLOOXHJR GH OD UHFHVLyQ GH \ HO
FUHFLPLHQWRDQpPLFRGH0p[LFRGHELGRDODLQFHUWLGXPEUHSROtWLFD\
HOFRODSVRGHODHFRQRPtDYHQH]RODQD´GLFHHO%DQFR0XQGLDOTXH
DGYLHUWH TXH ³HO HVFDVR FUHFLPLHQWR HFRQyPLFR HVWi WHQLHQGR XQ
LPSDFWR SUHGHFLEOH HQ ORV LQGLFDGRUHV VRFLDOHV´ 6L QR VH WRPD HQ
FXHQWD D 9HQH]XHOD HO FDVR PiV GUDPiWLFR KD VLGR %UDVLO TXH
³H[SHULPHQWy XQ DXPHQWR GH OD SREUH]D PRQHWDULD GH
DSUR[LPDGDPHQWHWUHVSXQWRVHQWUH\´(OGDWREUDVLOHxR
HVHVSHFLDOPHQWHUHOHYDQWHSRUTXHHOSDtVUHSUHVHQWDXQWHUFLRGHOD

SREODFLyQ GH OD UHJLyQ /D SREUH]D SRU OR WDQWR GHEH HVWDU HQ OD
DJHQGD SROtWLFD \ HFRQyPLFD GH ORV JRELHUQRV GRQGH ORV SODQHV GH
FRQWHQFLyQ QR DEXQGDQ ³/RV SURJUDPDV VRFLDOHV TXH D\XGDQ D
DEVRUEHU HO LPSDFWR GH ODV FULVLV HFRQyPLFDV VRQ FRPXQHV HQ ORV
SDtVHVGHVDUUROODGRVSHURQRHVWiQORVXILFLHQWHPHQWHH[WHQGLGRVHQ
HVWDSDUWHGHOPXQGR´GLMR&DUORV9pJKHFRQRPLVWDMHIHGHO%DQFR
0XQGLDO SDUD $PpULFD /DWLQD \ HO &DULEH ³(VWD HV XQD DJHQGD
VRFLDO SHQGLHQWH HQ OD UHJLyQ SDUD DVHJXUDU TXH DTXHOORV TXH
UHFLHQWHPHQWH HVFDSDURQ GH OD SREUH]DQR GHQ QLQJ~Q SDVRDWUiV´
DJUHJD 9pJK VH UHILHUH DVt D ORV PLOORQHV GH ODWLQRDPHULFDQRV TXH
VDOLHURQ GH OD SREUH]D GXUDQWH OD OODPDGD 'pFDGD GH 2UR GH ODV
PDWHULDV SULPDV XQD HWDSD GRQGH ORV LQGLFDGRUHV
VRFLDOHV PHMRUDURQ QRWDEOHPHQWH /D SREUH]D PRQHWDULD PHGLGD
VREUHODEDVHGHXQLQJUHVRGHGyODUHVGLDULRVSDVyGHO
HQDHQ/DSUHJXQWDTXHVHKDFHDKRUDHO%DQFR
0XQGLDO HV ³¢4Xp SURSRUFLyQ GH OD FDtGD IXH SHUPDQHQWH \ TXp
SURSRUFLyQ IXH WUDQVLWRULD"´³/D LPSRUWDQFLD UHODWLYD GH OD
UHGXFFLyQ SHUPDQHQWH IUHQWH D OD UHGXFFLyQ WHPSRUDULD GH OD
SREUH]D WLHQH LPSOLFDFLRQHV FUXFLDOHV SDUD PHGLU OD YHUGDGHUD
PDJQLWXG GH OD FDtGD HQ OD SREUH]D \ TXp WDQ GXUDGHUD VHUi \ ODV
SROtWLFDV S~EOLFDV TXH SXHGHQ LPSOHPHQWDUVH SDUD ORJUDU FDtGDV
SHUPDQHQWHV HQ OD SREUH]D HQ OXJDU GH WHPSRUDULDV´ GLFH HO
LQIRUPH(O%0SRQHHVSHFLDODWHQFLyQHQTXHXQFRPEDWHVHULRGHOD
SREUH]D QHFHVLWD GH PHGLFLRQHV FRPSDUDEOHV /RV DQDOLVWDV TXH
FHOHEUDQ ODV EDMDGDV GH OD SREUH]D GXUDQWH ODV IDVHV HFRQyPLFDV
H[SDQVLYDV ³REWHQGUtDQ FRQFOXVLRQHV PX\ GLVWLQWDV VL HYDOXDUDQ HO
FDPELRHQODSREUH]DGXUDQWHXQFLFORHFRQyPLFRFRPSOHWRHVGHFLU
DXJH\UHFHVLyQ´GLFHHOLQIRUPH³/DLPSRUWDQFLDGHOFRPSRQHQWH
FtFOLFR HQ ORV LQGLFDGRUHV VRFLDOHV VH PDJQLILFD HQ HO FDVR GH ORV
PHUFDGRV HPHUJHQWHV VXMHWRV D JUDQGHVVKRFNVH[WHUQRV 7RGRV
HVWRVVKRFNVVRQ GH QDWXUDOH]D FtFOLFD SRU OR TXH WHQGHUiQ D
DPSOLILFDUORVFLFORVHFRQyPLFRVGHORVPHUFDGRVHPHUJHQWHV\DVX
YH] ORV FRPSRQHQWHV WUDQVLWRULRV GH ORV LQGLFDGRUHV VRFLDOHV´
DJUHJD HO %DQFR 0XQGLDO 3RU HVR LQVLVWH HQ TXH VRQ QHFHVDULDV

SROtWLFDVGLVWULEXWLYDVGHODUJRDOLHQWR(O%DQFRUHFRQRFHFRQWRGR
TXHGXUDQWHOD'pFDGDGH2UR$PpULFD/DWLQDKDDYDQ]DGRPXFKR
HQHVHVHQWLGR
/RV *RELHUQRV GH L]TXLHUGD TXH GRPLQDURQ OD SROtWLFD UHJLRQDO

LPSXOVDURQ SURJUDPDV GH D\XGD TXH DKRUD KDQ ORJUDGR DWHPSHUDU
HO LPSDFWR GH OD FULVLV (O PiV QRWDEOH IXH HO SURJUDPD %ROVD
)DPLOLD HQ %UDVLO TXH FRQGLFLRQy OD D\XGD DO FXPSOLPLHQWR GH
FLHUWRVFULWHULRVGHVDOXG\HGXFDFLyQTXHTXHGDURQHQPDQRVGHORV
EHQHILFLDULRV 6LQ HPEDUJR HO HMHPSOR QR FXQGH HQ WRGD OD UHJLyQ
³(Q WLHPSRV GHVDILDQWHV SDUD OD HFRQRPtD HV PiV LPSRUWDQWH TXH
QXQFD TXH ORV SDtVHV KDJDQ ODV UHIRUPDV QHFHVDULDV SDUD LPSXOVDU
XQFUHFLPLHQWRVRVWHQLEOHHLQFOXVLYR1RSRGHPRVGDUSRUVHQWDGRV
ORV ORJURV UHFLHQWHV HQ OD UHGXFFLyQ GH OD SREUH]D \ GHEHPRV
UHGREODU ORV HVIXHU]RV SDUD FRQVROLGDUORV \ DSURYHFKDUORV´ GLMR
$[HOYDQ7URWVHQEXUJYLFHSUHVLGHQWHGHO%0SDUD$PpULFD/DWLQD\
HO&DULEH6HWUDWDHQFXDOTXLHUFDVRGHTXHHQWLHPSRVGHERQDQ]D
ORV SDtVHV SXHGDQ ³FRQWURODU GH DOJXQD IRUPD ORV HIHFWRV FtFOLFRV
VREUH OD SREUH]D DQWHV GH FHOHEUDU FXDOTXLHU ORJUR FRPR
SHUPDQHQWH´ (O GHVDItR VH WRUQD HVSHFLDOPHQWH FRPSOHMR FXDQGR
DUUHFLDODWRUPHQWD
KWWSVHOSDLVFRPHFRQRPLDDFWXDOLGDGB
KWPO
$&7,9,'$'
$ SDUWLU GH OD OHFWXUD GHO VLJXLHQWH DUWtFXOR HODERUDU XQ REMHWLYR GH
LQYHVWLJDFLyQ FRKHUHQWH FRQ HO WHPD \ SODQWHDU TXH HVWUDWHJLD GH
E~VTXHGDGHDQWHFHGHQWHVSURSRQGUtDSDUDUHDOL]DUXQPDUFRWHyULFR
'Ï/$5 +20(%$1.,1* < &212&,0,(1726 %È6,&26 $6Ë

0$1(-$1686),1$1=$6/26$5*(17,126
8Q HVWXGLR GH *RRJOH UHYHOD TXH ORV XVXDULRV GH SURGXFWRV
ILQDQFLHURV GLJLWDOHV HQ HO SDtV HVWiQ SHQGLHQWHV GHO GyODU HQWUDQ

VHJXLGRDOKRPHEDQNLQJ\OHVIDOWDQFRQRFLPLHQWRVEiVLFRV6HJ~QXQ
HVWXGLRGH*RRJOHVREUHFyPRPDQHMDQVXVILQDQ]DVSHUVRQDOHVORV
DUJHQWLQRVFKHTXHDQODFRWL]DFLyQGHOGyODUPiVTXHHOFOLPDHQWUDQ
DOKRPHEDQNLQJHQWUH\YHFHVSRUPHV\HQWUHVXVSULQFLSDOHV
E~VTXHGDV HVWiQ FyPR KDFHU XQD WUDQVIHUHQFLD EDQFDULD FyPR
VDFDUXQ &%8 \FyPR FRPSUDU FRQWDUMHWDGH FUpGLWR (Q
ODVFRQVXOWDVDVRFLDGDVDODVPRQHGDVH[WUDQMHUDVVHLQFUHPHQWDURQ
XQ\HOGyODUIXHODHVWUHOODFRQPLOUDVWUHRVGLDULRV2WUR
SURGXFWRILQDQFLHURFX\RLQWHUpVVXELyIXHHOSOD]RILMRHQWUHHQHUR\
PD\R GH HO WpUPLQR VH FRQYLUWLy HQ OD VHJXQGD RSFLyQ GH
LQYHUVLyQ PiV EXVFDGD \ OD GH PD\RU FUHFLPLHQWR UHVSHFWR DO DxR
SDVDGR6ROR HQ PD\R VH OR UDVWUHy PLO YHFHV 6LQ HPEDUJR
DXQTXH OD DOWD LQIODFLyQ LPSXOVD D ORV XVXDULRV D LQIRUPDUVH SDUD
UHVJXDUGDUVXVDKRUURVHOLQIRUPHUHYHODTXHORVDUJHQWLQRVFDUHFHQ
GH FRQRFLPLHQWRV ILQDQFLHURV EiVLFRV (V TXH GHQWUR GH ODV
E~VTXHGDV PiV IUHFXHQWHV VH GHVWDFDQ&yPR KDFHU XQD
WUDQVIHUHQFLD EDQFDULD&yPR VDFDU XQ &%8\ &yPR FRPSUDU
FRQ WDUMHWD GH FUpGLWR $GHPiV HO HVWXGLR GHPXHVWUD TXH ORV
DKRUULVWDVHLQYHUVRUHVGHOSDtVGHVFRQItDQGHORVEDQFRVDODKRUD
GHWRPDUGHFLVLRQHVHOEXVFDLQIRUPDFLyQHQVXFtUFXORtQWLPR
/DWHQGHQFLDVHGDLQFOXVRHQORVLQYHUVRUHVPiVIUHFXHQWHVVLELHQ
HODFXGHDXQDHQWLGDGEDQFDULDSDUDWRPDUGHFLVLRQHVFDVL
GH FDGD DVHJXUDDSR\DUVH HQ IDPLOLD R DPLJRV D OD KRUD GH
LQYHUWLU
KWWSVZZZPLQXWRXQRFRPQRWDVGRODUKRPHEDQNLQJ\
FRQRFLPLHQWRVEDVLFRVDVLPDQHMDQVXVILQDQ]DVORVDUJHQWLQRV
$&7,9,'$'
$ SDUWLU GH OD OHFWXUD GHO VLJXLHQWH WH[WR SODQWHDU XQ SUREOHPD GH
LQYHVWLJDFLyQ \ HVWDEOHFHU FXiOHV VHUtDQ SRVLEOHV IXHQWHV GH
LQGDJDFLyQ SUHOLPLQDU GH WH[WRV \ GH FRQVXOWDV SURIHVLRQDOHV PiV
DGHFXDGDVSDUDFRQVWLWXLUXQPDUFRWHyULFR

³5HFLpQ KDFLD DSDUHFLHURQ ODV IRWRJUDItDV GH SULPHUD

FRPXQLyQ\ODVIRWRJUDItDVGHEDXWLVPRVRQWRGDYtDPiVUHFLHQWHV\
PiVUDUDV'HVGHKDFHDOJXQRVDxRVORVFDPSHVLQRVDSURYHFKDQD
ORV IRWyJUDIRV TXH OOHJDQ GXUDQWH ORV FRPLFLRV SDUD KDFHUVH
IRWRJUDILDU FRQ VXV DQLPDOHV SHUR VRQ OD H[FHSFLyQ 3DUD ORV
EDXWLVPRVFX\DVFHUHPRQLDVVRQVLHPSUHPiVtQWLPDV\UH~QHQVyOR
DORVSDULHQWHVSUy[LPRVODIRWRJUDItDHVH[FHSFLRQDO6LQHPEDUJR
ODSULPHUDFRPXQLyQHVXQDRFDVLyQSDUDTXHPXFKDVPXMHUHVKDJDQ
IRWRJUDILDU D VXV KLMRV OD PDGUH TXH DFW~D DVt JDQD FDGD YH] PiV
DSUREDFLyQ D PHGLGD TXH FUHFH OD LPSRUWDQFLD VRFLDO GH ORV QLxRV
(QODDQWLJXDVRFLHGDGHOQLxRQRHUDHOFHQWURGHODVPLUDGDVFRPR
RFXUUHKR\/DVJUDQGHVILHVWDV\ODVFHUHPRQLDVGHODYLGDDOGHDQD
HUDQVREUHWRGRDVXQWRVGHDGXOWRV\VyORDSDUWLUGHODVILHVWDV
GH ORV QLxRV OD 1DYLGDG R OD SULPHUD FRPXQLyQ SRU HMHPSOR KDQ
JDQDGRLPSRUWDQFLD$PHGLGDTXHODVRFLHGDGOHVRWRUJDPiVOXJDU
D ORV QLxRV \ DO PLVPR WLHPSR D OD PXMHU HQ FXDQWR PDGUH OD
FRVWXPEUHGHKDFHUORVIRWRJUDILDUVHUHIXHU]D(QODFROHFFLyQGHXQ
SHTXHxRFDPSHVLQRGHORVFDVHUtRV%0ORVUHWUDWRVGHORVQLxRV
FRQVWLWX\HQODPLWDGGHODVIRWRJUDItDVSRVWHULRUHVDPLHQWUDV
TXH HQ OD FROHFFLyQ DQWHULRU D HVWiQ SUiFWLFDPHQWH DXVHQWHV
VyORKD\WUHVIRWRV$QWDxRVHIRWRJUDILDEDVREUHWRGRDORVDGXOWRV
HQ VHJXQGR OXJDU D ORV JUXSRV IDPLOLDUHV TXH UHXQtDQ D SDGUHV H
KLMRV\H[FHSFLRQDOPHQWHDORVQLxRVVRORV+R\RFXUUHDODLQYHUVD
/DIRWRJUDItDGHORVQLxRVVHDGPLWHHQJUDQSDUWHSRUTXHWLHQHXQD
IXQFLyQ VRFLDO /D GLYLVLyQGHO WUDEDMR HQWUHORV VH[RV FRQILHUH DOD
PXMHU OD WDUHD GH PDQWHQHU ODV UHODFLRQHV FRQ ORV PLHPEURV GHO
JUXSR TXH YLYHQ OHMRV \ HQ SULPHU OXJDU FRQ VX SURSLD IDPLOLD
&RPRODFDUWD²\PHMRUTXHODFDUWD²ODIRWRJUDItDGHVHPSHxDHO
SDSHOGHSRQHUQRVSHUPDQHQWHPHQWHDOGtDGHODYLGDGHORVRWURV(V
FRVWXPEUH OOHYDU D ORV QLxRV DO PHQRV XQD YH] \ VL VH SXHGH
SHULyGLFDPHQWHFRQORVIDPLOLDUHVTXHUHVLGHQ IXHUD GH ODDOGHD \
HQ SULPHU OXJDU D OD FDVD GH OD DEXHOD PDWHUQD FXDQGR OD PDGUH
YLHQHGHRWURVLWLR(VODPXMHUTXLHQLQVSLUDHVRVGHVSOD]DPLHQWRV\
ORVOOHYDDFDERDYHFHVVLQVXPDULGR/RVHQYtRVGHIRWRVWLHQHQOD

PLVPD IXQFLyQ D WUDYpV GH OD IRWR VH SUHVHQWD DO UHFLpQ OOHJDGR DO
FRQMXQWRGHOJUXSRTXHGHEHUHFRQRFHUOR%RXUGLHX
$&7,9,'$'
(VWDEOHFHU FXiOHV VRQ ORV FRQFHSWRV FHQWUDOHV SODQWHDGRV HQ HVWD

SUREOHPiWLFDHLQGLFDUFRPRVRQSUHFLVDGRVLQGDJDUVLHVSRVLEOHTXH
ORVPLVPRVVHDQGHILQLGRVGHVGHRWUDFRQFHSFLyQ
,1)250$/
&DGDVHPDQDVHSXEOLFDQQRWLFLDVYLQFXODGDVFRQVREUHH[SORWDFLyQ
LQIRUPDOLGDG \ SUHFDULHGDG ODERUDO (V XQ WHPD TXH ILJXUD HQ OD
DJHQGD LQIRUPDWLYD DXQTXH DOJXQRV OH GDQ PiV LPSRUWDQFLD TXH
RWURV +DFH SRFR VH FRQRFLy TXH HO 5HJLVWUR 1DFLRQDO GH
7UDEDMDGRUHV\(PSOHDGRUHV$JUDULRVUHOHYyDSUR[LPDGDPHQWH
HPSUHVDVFRQXQDILVFDOL]DFLyQGHWUDEDMDGRUHVHQWUHIHEUHUR
GH\HQHURSDVDGR(OUHVXOWDGRIXHTXHHQHOSRUFLHQWRGH
ORV RSHUDWLYRV VH HQFRQWUDURQ QLxDV QLxRV \ DGROHVFHQWHV
WUDEDMDQGR $\HU VH FRQRFLy XQ RSHUDWLYR HQ 0HQGR]D HQ GRFH
JDOSRQHVFODQGHVWLQRVGHHPSDTXHGHDMRFRQWUDEDMDGRUHVQR
UHJLVWUDGRV (O 0LQLVWHULR GH 7UDEDMR MXQWR D OD $),3 \ WDPELpQ
$5%$ HQ OD SURYLQFLD GH %XHQRV $LUHV UHDOL]DQ SHULyGLFDV
LQVSHFFLRQHV HQ ORFDOHV FRPHUFLDOHV SDUD GHWHFWDU HPSOHDGRV QR
UHJLVWUDGRV,QFOXVRDYDQ]DQFDXVDVMXGLFLDOHVFRPRODTXHWLHQHGH
SURWDJRQLVWDVDGLUHFWLYRVGH.RVLXNR&KHHN\\3RUWVDLGFLWDGRVD
GHFODUDFLyQ LQGDJDWRULD HQ WULEXQDOHV DFXVDGRV GH FRQWUDWDU XQ
WDOOHUFODQGHVWLQR\FRODERUDUDVtFRQODUHGXFFLyQDODVHUYLGXPEUH
(O GLVFXUVR SROtWLFDPHQWH FRUUHFWR H[SUHVD SUHRFXSDFLyQ SRU HO
HPSOHRQRUHJLVWUDGR\UHFODPDLQLFLDWLYDVSDUDFRPEDWLUOR$ILQHV
GHODxRSDVDGR7UDEDMRSUHVHQWyXQDVHULHGHPHGLGDVHQWUHRWUDV
IRUWDOHFHU OD ILVFDOL]DFLyQ \ FUHDU XQ UHJLVWUR GH HPSOHDGRUHV
LQIUDFWRUHV $GHPiV GH HVD DWHQFLyQ RILFLDO VH UHTXLHUHQ FDPELRV
FXOWXUDOHVUHODFLRQDGRVFRQHOJUDGRGHWROHUDQFLDFROHFWLYDUHVSHFWR
GH OD LQIRUPDOLGDG OD SUHFDULHGDG ODERUDO \ OD GHVLJXDOGDG 8Q

DVSHFWR HVHQFLDO FXDQGR VH DERUGD HVWD SUREOHPiWLFD HV GHILQLU GH
TXpVHWUDWDHOHPSOHRLQIRUPDO7HQHUXQDUDGLRJUDItDSUHFLVDSDUD
LQWHUYHQLU FRQ PiV FODULGDG (V OR TXH RIUHFH XQD UHFLHQWH
LQYHVWLJDFLyQ GH OD 2UJDQL]DFLyQ ,QWHUQDFLRQDO GHO 7UDEDMR 2,7
(VFULWR SRU ORV H[SHUWRV GH HVD LQVWLWXFLyQ HQ OD $UJHQWLQD )DELR
%HUWUDQRX HVSHFLDOLVWD HQ PHUFDGR GH WUDEDMR \ /XLV &DVDQRYD
IXQFLRQDULR WpFQLFR GH DSR\R DO SURJUDPD GH WUDEDMR GHFHQWH OD
LQWURGXFFLyQ GHVWDFD TXH UHGXFLU OD LQIRUPDOLGDG ODERUDO FRQWLQ~D
VLHQGRXQRGHORVPD\RUHVGHVDItRVSDUDORVSDtVHVGHODUHJLyQ
PLOORQHV GH SHUVRQDV FRQWLQ~DQ WUDEDMDQGR HQ HVDV FRQGLFLRQHV HQ
VX PD\RUtD SHUWHQHFLHQWHV D ORV JUXSRV GH SREODFLyQ PiV
YXOQHUDEOHV
(OGRFXPHQWR,QIRUPDOLGDGODERUDOHQ$UJHQWLQDVHJPHQWRVFUtWLFRV
\ SROtWLFDV SDUD OD IRUPDOL]DFLyQ GH %HUWUDQRX \ &DVDQRYD GHILQH
TXH ³OD HFRQRPtD LQIRUPDO VH FDUDFWHUL]D SRU XQ DJXGR GpILFLW GH
WUDEDMR GHFHQWH \ XQ SRUFHQWDMH GHVSURSRUFLRQDGR GH WUDEDMDGRUHV
SREUHV´ 'HWDOOD VXV FRQVHFXHQFLDV SDUD ORV WUDEDMDGRUHV \ VXV
IDPLOLDV\WDPELpQSDUDODVHPSUHVDV\ODVRFLHGDGHQJHQHUDO'LFH
TXH HO HPSOHR LQIRUPDO GLILFXOWD HO UHFRQRFLPLHQWR GH GHUHFKRV
ODERUDOHV \ HVWi DVRFLDGR FRQ OD SREUH]D HQ VXV GLYHUVDV
GLPHQVLRQHV TXH ORV WUDEDMDGRUHV LQIRUPDOHV JHQHUDOPHQWH QR
FXHQWDQ FRQ OD SURWHFFLyQ QHFHVDULD IUHQWH D ORV GLYHUVRV ULHVJRV
VRFLDOHVFRPRSXHGHQVHUORVDFFLGHQWHVODERUDOHVHOGHVHPSOHROD
SREUH]D HQ OD YHMH] HQWUH RWURV TXH SDUD DOJXQDV HPSUHVDV OD
LQIRUPDOLGDG SXHGH VLJQLILFDU RSHUDU FRQ EDMRV QLYHOHV GH
SURGXFWLYLGDG FRQ OLPLWDGDV FDSDFLGDGHV GH H[SDQVLyQ PLHQWUDV
TXHSDUDRWUDVTXHRSHUDQGHQWURGHODIRUPDOLGDGSXHGHVLJQLILFDU
HQIUHQWDU XQD FRPSHWHQFLD LQMXVWD \ TXH D QLYHO PiV DJUHJDGR OD
LQIRUPDOLGDGODERUDODIHFWDDODHTXLGDGODHILFLHQFLDODFDSDFLGDG
GHO(VWDGRSDUDUHFDXGDUUHFXUVRVHODOFDQFHGHODVHJXULGDGVRFLDO
OD SURGXFWLYLGDG \ HO FUHFLPLHQWR ³7RGRV HVWRV PRWLYRV KDFHQ
QHFHVDULR HO DERUGDMH LQWHJUDO GHO IHQyPHQR FRQ HO ILQ GH GLVHxDU
SROtWLFDVS~EOLFDVHILFDFHV´DFRQVHMD

/RV GRV H[SHUWRVGHOD 2,7UHFXHUGDQTXH ODFRQFHSWXDOL]DFLyQGHO

WpUPLQR ³LQIRUPDOLGDG´ KD FDPELDGR GHVGH TXH IXH LQWURGXFLGR D
SULQFLSLRV GH OD GpFDGD GH ,QLFLDOPHQWH VH DVRFLDED FRQ HO
HPSOHRSRUFXHQWDSURSLDGHVXEVLVWHQFLDPLHQWUDVTXHDFWXDOPHQWH
VHUHILHUHDXQDDPSOLDJDPDGHRFXSDFLRQHVWDQWRHQODHFRQRPtD
IRUPDO FRPR HQ OD LQIRUPDO ³(O GHVDUUROOR KLVWyULFR GH HVWDV
YLVLRQHVVREUHODLQIRUPDOLGDGKDLQWHQWDGRDEDUFDUGLVWLQWDVDULVWDV
GH XQ IHQyPHQR FRPSOHMR \ PXOWLGLPHQVLRQDO´ LQGLFDQ VHxDODQGR
TXH ³HQ OD DFWXDOLGDG VH SRQGHUDQ GLVWLQWDV SDUWLFXODULGDGHV TXH
GLILFXOWDQHODOFDQFHGHODVSROtWLFDVS~EOLFDV\ODVSRVLELOLGDGHVGH
UHGXFLU VX H[WHQVLyQ´ (QWUH HVWDV FDUDFWHUtVWLFDV PHQFLRQDQ OD
SHUVLVWHQFLD GHO IHQyPHQR LQFOXVR HQ HWDSDV GH FUHFLPLHQWR
HFRQyPLFR \ GH JHQHUDFLyQ GH HPSOHR OD YLQFXODFLyQ HQWUH ORV
VHFWRUHV IRUPDO H LQIRUPDO OD SUHVHQFLD GH HPSOHR LQIRUPDO HQ OD
HFRQRPtDIRUPDO\ODJUDQYDULHGDGGHRFXSDFLRQHVVREUHODVTXHVH
H[WLHQGH OD LQIRUPDOLGDG ³3RGUtD GHFLUVH TXH DO SUHVHQWH H[LVWH
FRQVHQVRHQTXHSDUDUHGXFLUODH[WHQVLyQGHODHFRQRPtDLQIRUPDO
HV QHFHVDULR XQ HQIRTXH GH SROtWLFDV LQWHJUDO TXH SXHGD DEDUFDU
WRGDVODVFDUDFWHUtVWLFDVGHHVWHIHQyPHQR´H[SOLFDQ3UHFLVDQTXH
ODSUHFDULHGDGODERUDOHVXQFRQFHSWRPiVDPSOLRTXHHOGHHPSOHR
QR UHJLVWUDGR VLHQGR HVWH ~OWLPR XQD GH VXV SULQFLSDOHV
PDQLIHVWDFLRQHV3HURODSUHFDULHGDGWLHQHRWUDVGLPHQVLRQHVFRPR
OD WHPSRUDOLGDG GH ORV HPSOHRV \ FRQWUDWRV OD IRUPD GH
GHWHUPLQDFLyQ GH VDODULRV ODV FRQGLFLRQHV ODERUDOHV OD SURWHFFLyQ
OHJDO UHIHULGD D GHVSLGRV LQMXVWRV ODV SUiFWLFDV ODERUDOHV QR
DFHSWDEOHVODIDOWDGHSURWHFFLyQGHODVHJXULGDGVRFLDO\ORVEDMRV
LQJUHVRV
%HUWUDQRX \ &DVDQRYD HYDO~DQ TXH OD LQIRUPDOLGDG ODERUDO VH KD

FRQYHUWLGRHQXQIHQyPHQRVRFLRHFRQyPLFRTXHUHYLVWHXQDJUDYHGDG
\XQDH[WHQVLyQPiVTXHVLJQLILFDWLYDVGHVGHKDFHYDULDVGpFDGDV\
DIHFWD HQ OD DFWXDOLGDG D FXDWUR GH FDGD GLH] WUDEDMDGRUHV (O
SUREOHPD HV PiV HOHYDGR HQWUH ORV WUDEDMDGRUHV LQGHSHQGLHQWHV
GRQGH OD LQFLGHQFLD HV FHUFDQD DO SRU FLHQWR TXH HQWUH ORV

WUDEDMDGRUHV DVDODULDGRV GRQGH VH XELFD HQ HO ³'H KHFKR VL
ELHQVHKDUHJLVWUDGRXQDLPSRUWDQWHUHYHUVLyQHQORVDxRVHO
WUDEDMRLQIRUPDOFRQVWLWX\HODSULQFLSDOIXHQWHGHHPSOHRSUHFDULRHQ
HOSDtV´DILUPDQ
(O HPSOHR DVDODULDGR QR UHJLVWUDGR HV HO TXH QR UHDOL]D
FRQWULEXFLRQHV D OD VHJXULGDG VRFLDO (Q OD LQYHVWLJDFLyQ VH HVWLPy
TXH OD PD\RU FDQWLGDG GH WUDEDMDGRUHV LQIRUPDOHV VH HQFXHQWUD HQ
RFXSDFLRQHV HQ UHODFLyQ GH GHSHQGHQFLD HQ XQLGDGHV IRUPDOHV
FHUFD GH XQ WHUFLR GHO WRWDO OXHJR FRQWLQ~DQ HQ RUGHQ GH
LPSRUWDQFLDORVWUDEDMDGRUHVSRUFXHQWDSURSLD\ORVDVDODULDGRVHQ
KRJDUHV \ HQ XQLGDGHV SURGXFWLYDV LQIRUPDOHV 'HVWDFD TXH OD
SUREOHPiWLFD GH OD LQIRUPDOLGDG ODERUDO VH SUHVHQWD FRPR XQD
FDUDFWHUtVWLFDHVWUXFWXUDOGHOPHUFDGRGHWUDEDMRHQOD$UJHQWLQD\D
TXH VH UHJLVWUDQ LQFUHPHQWRV GH ORV QR UHJLVWUDGRV WDQWR HQ IDVHV
UHFHVLYDV FRPR H[SDQVLYDV /D WDVD GH HPSOHR DVDODULDGR QR
UHJLVWUDGR SUHVHQWD XQD WHQGHQFLD FUHFLHQWH GHVGH PHGLDGRV GH OD
GpFDGDGHKDVWDSULQFLSLRVGHORVDxRV5HFLpQDSDUWLUGH
FRPLHQ]D D UHYHUWLUVH HVD WHQGHQFLD +DVWD HO LPSDFWR
ORFDO GH OD FULVLV ILQDQFLHUD LQWHUQDFLRQDO HQ HO HPSOHR
DVDODULDGR QR UHJLVWUDGR VH UHGXMR DxR D DxR 'HVGH HQWRQFHV
SUHVHQWD XQ OLJHUR DPHVHWDPLHQWR HQ WRUQR GHO SRU FLHQWR GHO
WRWDOGHORVDVDODULDGRVFRPRVHREVHUYDHQHOJUiILFRDGMXQWR/DV
SULQFLSDOHVFDtGDVFRUUHVSRQGHQDORVVHFWRUHVGHVHUYLFLRVVRFLDOHV
\ GH VDOXG HO FRPHUFLR OD FRQVWUXFFLyQ \ OD LQGXVWULD
PDQXIDFWXUHUD$OFXDUWRWULPHVWUHGHHOVHFWRUTXHFRQFHQWUD
HOPD\RUSRUFHQWDMHHVHOVHUYLFLRGRPpVWLFRGRQGHGHVHPSHxDQVXV
WDUHDV FHUFD GH XQR GH FDGD FXDWUR DVDODULDGRV QR UHJLVWUDGRV
/XHJRVLJXHQHOFRPHUFLRODLQGXVWULD\ODFRQVWUXFFLyQ$SHVDUGH
OD QRWDEOH UHGXFFLyQ GHO HPSOHR LQIRUPDO HQ HVWDEOHFLPLHQWRV GH
PHQRV GH SHUVRQDV VLJXH FRQFHQWUDQGR HO SRU FLHQWR GHO
WRWDO
KWWSVZZZSDJLQDFRPDUGLDULRHFRQRPLD
KWPO

&DStWXOR
+,327(6,6<9$5,$%/(6
7HPDVFODYHV
/D XWLOL]DFLyQ GH KLSyWHVLV HQ OD LQYHVWLJDFLyQ FXDQWLWDWLYD \

FXDOLWDWLYD
/DHVWUXFWXUDGHODKLSyWHVLV
&RPSRQHQWHVGHODVYDULDEOHV
'HILQLFLyQFRQFHSWXDO\RSHUDFLRQDOGHODVYDULDEOHV
8QLGDGGHDQiOLVLVGLPHQVLRQHVRVXEYDULDEOHVHLQGLFDGRUHV
&RQ SRVWHULRULGDG D OD HODERUDFLyQ GH ORV REMHWLYRV JHQHUDOHV \

HVSHFtILFRV HQ FLHUWDV LQYHVWLJDFLRQHV VH SODQWHD OD KLSyWHVLV KD\
LQYHVWLJDFLRQHV GRQGH QR KD\ KLSyWHVLV HOODV VH GHULYDQ GHO
SUREOHPD \ VH FRQVWLWX\HQ FRPR UHIXHU]R GH ORV REMHWLYRV GH
LQYHVWLJDFLyQ HQ WpUPLQRV GH RULHQWDU OD LQWHQFLRQDOLGDG FRJQLWLYD \
PHWRGROyJLFDGHODDFFLyQGHOLQYHVWLJDGRULPSOLFDQODH[SOLFLWDFLyQ
GH OD FUHHQFLD IXQGDPHQWDGD \ VXVWHQWDGD WHyULFDPHQWH GHO
LQYHVWLJDGRUVREUHODUHDOLGDGTXHORVGDWRVUHVSDOGDUiQVXSRQHXQD
UHVSXHVWDWHQWDWLYDDORVLQWHUURJDQWHVTXHTXHGDURQSODQWHDGRVHQOD
HWDSD GHO SUREOHPD QR HV XQD VLPSOH HVSHFXODFLyQ VLQR TXH VX
SODQWHRGHEHHVWDUMXVWLILFDGRGHGXFWLYDPHQWHGHOPDUFRWHyULFR\GH
ODV LQYHVWLJDFLRQHV HPStULFDV SUHYLDV VREUH HO WHPD LPSOLFDGR /DV
KLSyWHVLVVRQHODERUDFLRQHVTXHVHUHDOL]DQSRUORVLQYHVWLJDGRUHVHQ
UHIHUHQFLD D XQ iPELWR SDUWLFXODU GH OD UHDOLGDG TXH UHVXOWD GH VX
LQWHUpVFRJQLWLYRGHEHQVHUFRQFHSWXDOL]DGDVFRQODPD\RUSUHFLVLyQ
SRVLEOH HQ WpUPLQRV FRQFHSWXDOHV \ UHJLVWUDEOHV GHEH H[KLELU OD
SRVLELOLGDG FHUWHUD GH TXH VXV FRPSRQHQWHV UHVXOWHQ HPStULFDPHQWH

UHJLVWUDEOHV OD KLSyWHVLV GHEH JXDUGDU Pi[LPD FRQH[LyQ FRQ ORV

REMHWLYRV GH LQYHVWLJDFLyQ LPSOLFDQGR XQ FRKHUHQWH HQODFH
RUJDQL]DGR HQWUH OR WHyULFR \ OR HPStULFR D SDUWLU GH VXV GLIHUHQWHV
FRPSRQHQWHV XQLYHUVR YDULDEOHV GLPHQVLRQHV H LQGLFDGRUHV HVWRV
HOHPHQWRV UHVXOWDQ GHO SURFHVR GH RSHUDFLRQDO LQVFULSWR HQ WRGD
LQYHVWLJDFLyQ
/DXWLOL]DFLyQ GH KLSyWHVLV HQODLQYHVWLJDFLyQFXDQWLWDWLYD\

FXDOLWDWLYD
&RQSRVWHULRULGDGDOSODQWHDPLHQWRGHORVREMHWLYRV\DODFRQIHFFLyQ
GHOPDUFRWHyULFRHVUHFRPHQGDEOHSUHVHQWDUXQDKLSyWHVLVGHWUDEDMR
TXH JXLDUi OD SURGXFFLyQ GH ORV GDWRV FRQ XQD RULHQWDFLyQ
GHWHUPLQDGD TXLHQ OR SODQWHD GHEH PDQWHQHU FLHUWDV SDXWDV GH
HVWUXFWXUDFLyQHQVXUHGDFFLyQODVKLSyWHVLVVHFRQIHFFLRQDQSRUORV
LQYHVWLJDGRUHVGHIRUPDFRKHUHQWHFRQORH[SXHVWRHQHOSUREOHPD\
HQ ORV REMHWLYRV VH HQXQFLD GH IRUPD WDO TXH SXHGD VHU FRQWUDVWDGD
HPStULFDPHQWH /D KLSyWHVLV HV XQD FRQMHWXUD GH ORV LQYHVWLJDGRUHV
TXH VH FRQVWLWX\H FRPR XQD SRWHQFLDO UHVSXHVWD D ODV H[LJHQFLDV
FRJQLWLYDV LPSOLFDGDV HQ ORV REMHWLYRV GH LQYHVWLJDFLyQ VX
HODERUDFLyQ GHEH GHULYDUVH GH ORV FRQFHSWRV H[SXHVWRV \
GHVDUUROODGRV HQ HO PDUFR WHyULFR HVWRV FRQFHSWRV UHSUHVHQWDQ OD
PDWHULD SULPD GH OD KLSyWHVLV \D TXH HO LQYHVWLJDGRU GHEH
FRQILJXUDUORV EDMR OD IRUPD GH YDULDEOHV HVWXGLRV FXDQWLWDWLYRV R
FDWHJRUtDVFRQFHSWXDOHVHVWXGLRVFXDOLWDWLYRV
(O LQYHVWLJDGRU DO IRUPXODU OD KLSyWHVLV SRVHH XQD GHWHUPLQDGD

FUHHQFLDRULHQWDGDKDFLDVXIXWXUDUDWLILFDFLyQDSDUWLUGHOUHJLVWURGH
ORV GDWRV HVWD DILUPDFLyQ KLSRWpWLFD GHEH UHVXOWDU YHURVtPLO DXQTXH
DTXpO QR HVWp WRWDOPHQWH VHJXUR GH SRGHU FRPSUREDUOD \D TXH VX
DILUPDFLyQ KLSRWpWLFD FXHQWD FRQ HO UHVSDOGR FRQFHSWXDO \ ORV
DQWHFHGHQWHV LQFOXLGRV HQ HO PDUFR WHyULFR HODERUDGR /D KLSyWHVLV
TXH VXSRQH XQD SUHVXQFLyQ TXH PDQHMDQ ORV LQYHVWLJDGRUHV ELHQ
SXHGHIRUPDOL]DUVHGHQWURGHOWUDEDMRSUHVHQWDGRDVXVOHFWRUHVRELHQ
VHUSHQVDGDHQWpUPLQRVGHLQWXLFLRQHV\H[LVWLULQIRUPDOPHQWHHQOD

VXEMHWLYLGDG GHO LQYHVWLJDGRU SHUR HQ DPERV FDVRV OD KLSyWHVLV

IXQFLRQD FRPR XQ JXtD SDUD VX SURSLD WDUHD TXH SURIXQGL]D \
GLUHFFLRQD OR SODQWHDGR HQ ORV REMHWLYRV GH LQYHVWLJDFLyQ /D
KLSyWHVLVVH UHGDFWD FRPR XQD DILUPDFLyQ EDVDGD HQUHIHUHQFLD D XQ
GHWHUPLQDGRXQLYHUVR\DORVFRQFHSWRVLQFOXLGRVHQHOPDUFRWHyULFR
TXH VH SUHWHQGHQ PDWHULDOL]DU FRPR GDWRV HPStULFRV SDUD OD
FRPSRVLFLyQGHODKLSyWHVLVVHUHFRPLHQGDHYLWDUHOXVRGHWpUPLQRV
DPELJXRV QR GHEHQ LQFOXLUVH MXLFLRV GH YDORU QL DSUHFLDFLRQHV
VXEMHWLYDV R GH HYDOXDFLyQ PRUDO GHVGH HO PDUFR WHyULFR HO
LQYHVWLJDGRU GHEH IXQGDPHQWDU \ KDFHU YLVLEOHV FRQ SUHFLVLyQ ORV
VLJQLILFDGRVFRQFHSWXDOHVGHVXVFRPSRQHQWHV\ODIRUPDDWUDYpVODV
GHFLVLRQHVGHGLVHxR \ GH VHOHFFLyQGH WpFQLFDV HQTXH VH SUHWHQGH
RSHUDFLRQDOL]DUORVSDUDPDWHULDOL]DUVXUHJLVWURHQWpUPLQRVGHGDWRV
/DVKLSyWHVLVSXHGHQHODERUDUVHDSDUWLUGHODVFRQFOXVLRQHVGHRWUDV
LQYHVWLJDFLRQHVHQODPHGLGDHQTXHHOODVHVWpQSODQWHDGDVGHIRUPD
JHQHUDO \ SRU HOOR SXHGHQ SRVWHULRUPHQWH DSOLFDUVH FRQ VXV
UHIRUPXODFLRQHVDGLVtPLOHVFRQWH[WRVHPStULFRVSRUHMHPSORXQDGH
ODV FRQFOXVLRQHV GHO HVWXGLR VREUH GHVLJXDOGDG VRFLDO GH OD
SXEOLFDFLyQ'HHS6RXWKGH'DYLV*DUGQHU\*DUGQHU%HFNHU
VREUH OD ORFDOLGDG GH 1DWFKH] GH 0LVLVLSt HQ HVWDEOHFLy TXH
³«ORVLQGLYLGXRVWLHQGHQDUHSUHVHQWDUVHFRQPHQRUFODULGDGDORV
JUXSRV GH FODVH SRU HQFLPD GHO VX\R TXH DTXHOORV VLWXDGRV SRU
GHEDMR \ WLHQGHQ D PLQLPL]DU ODV GLIHUHQFLDV VRFLDOHV HQWUH HOORV \
TXLHQHVHVWiQSRUHQFLPD´HVWDDILUPDFLyQSRGUtDHQXQFLDUVHFRPR
KLSyWHVLV GH P~OWLSOHV LQYHVWLJDFLRQHV SDUD DQDOL]DU D RWUDV
SREODFLRQHVVLWXDGDVHQWLHPSRV\OXJDUHVGLYHUVRV
(Q HO FDVR GH ODV LQYHVWLJDFLRQHV GH RULHQWDFLyQ FXDQWLWDWLYD OD
KLSyWHVLVWLHQHTXHVHUVXVFHSWLEOHGHVHUYHULILFDGDHPStULFDPHQWHD
WUDYpV GH OD PHGLFLyQ \ HO WUDWDPLHQWR HVWDGtVWLFR GH ORV GDWRV
HODERUDGRV GHSULPHUD PDQRRSRUPHGLRGH IXHQWHVVHFXQGDULDVHO
LQYHVWLJDGRU GHEH FRQVWUXLU XQ DUPD]yQ FRQFHSWXDO TXH SXHGD
GHULYDUVH HQ FRQFHSWRV PiV FHUFDQRV DO UHJLVWUR GH OD UHDOLGDG
HPStULFD SRU pO GHILQLGD /DV LQYHVWLJDFLRQHV FXDOLWDWLYDV ODV

FXDQWLWDWLYDV H[SORUDWRULDV R ORV HVWXGLRV GH FDUiFWHU GHVFULSWLYR

SXHGHQ FDUHFHU GH KLSyWHVLV \D TXH HQ HVWH WLSR GH LQDJDFLRQHV ODV
HVWUDWHJLDV GH UHJLVWUR QR WLHQHQ TXH FHxLUVH QHFHVDULDPHQWH DO
FXPSOLPLHQWRGHSUHHVWDEOHFLGDVSDXWDVRGHGHWHUPLQDGRVUHFRUULGRV
FRQFHSWXDOHV/DVKLSyWHVLVHQODVLQYHVWLJDFLRQHVFXDOLWDWLYDVWLHQHQ
XQ SDSHO GLIHUHQWH DO TXH MXHJDQ HQ ORV HVWXGLRV FXDQWLWDWLYRV
SDUWLFXODUPHQWH GHELGR DTXH HO GLVHxR GH OD LQGDJDFLyQ FXDOLWDWLYD
HVIOH[LEOH\DELHUWRDODFDSWXUDQRVyORGHORTXHFRJQLWLYDPHQWHVH
SURSRQH R VH FRQVLGHUD LQLFLDOPHQWH VLQR WDPELpQ GH DTXHOOR TXH
UHVXOWHLPSUHYLVWRDODPLUDGDGHOLQYHVWLJDGRU
(Q OD LQYHVWLJDFLyQ FXDOLWDWLYD ODV KLSyWHVLV SUHVHQWDQ GLIHUHQWHV

QLYHOHV GHDEVWUDFFLyQ FRPRHMHPSORSXHGH PHQFLRQDUVHD +RZDUG
%HFNHUHQVXHVWXGLR VREUHODGHVYLDFLyQVRFLDO HQODGpFDGD
GHO PDWHULDOL]DGR HQ VX OLEUR 2XWVLGHUV HVWH VRFLyORJR HPSOHy
KLSyWHVLV GH GLIHUHQWHV QLYHOHV GH DEVWUDFFLyQ SDUD DQDOL]DU ODV
LQWHUDFFLRQHV FRPSRUWDPLHQWRV \ ODV VXEMHWLYLGDGHV SURSLDV GH HVWD
FDWHJRUtD VRFLDO DVt VX WUDEDMR VH JXLy SRU XQD KLSyWHVLV TXH
VHQWHQFLDED TXH ³«OD GHVYLDFLyQ QR HV VLPSOHPHQWH XQD FXDOLGDG
SUHVHQWH HQ GHWHUPLQDGRV WLSRV GH FRPSRUWDPLHQWRV \ DXVHQWHV HQ
RWURVVLQRTXHHVPiVELHQHOSURGXFWRGHXQSURFHVRTXHLQYROXFUD
ODUHVSXHVWDGHORVRWURV(OPLVPRFRPSRUWDPLHQWRSXHGHFRQVWLWXLU
HQ XQ GHWHUPLQDGR PRPHQWR XQD LQIUDFFLyQ D OD QRUPD \ HQ RWUR
PRPHQWR QR SXHGH VHU XQD LQIUDFFLyQ VL HV FRPHWLGR SRU
GHWHUPLQDGD SHUVRQD \ SRU RWUD QR \ DOJXQDV QRUPDV SXHGHQ
YLRODGDVFRQLPSXQLGDG\RWUDVQR(QUHVXPLGDVFXHQWDVHOKHFKR
GHTXHXQDFWRVHDGHVYLDGRRQRGHSHQGHHQSDUWHGHODQDWXUDOH]D
GHO DFWR HQ Vt YDOH GHFLU VL YLROD QR XQD QRUPD \ HQ SDUWH GH OD
UHVSXHVWD GH ORV GHPiV«´ %HFNHU DJUHJy D HVWD KLSyWHVLV RWUD
FRPSOHPHQWDULD TXH HVWDEOHFtD TXH OD FDSDFLGDG GH HODERUDU H
LPSRQHU ODV UHJODV UHVXOWD GH ORV UHFXUVRV GH SRGHU GLIHUHQFLDOHV
GHQWUR GHO SURFHVR SROtWLFR GH OD VRFLHGDG SRVWHULRUPHQWH HQOD]D
HVWD KLSyWHVLV FRQ RWUDV PiV FHUFDQDV D ORV FDVRV HPStULFRV FRQ ORV
TXH WUDEDMD FRQVXPLGRUHV GH PDULKXDQD \ P~VLFRV GH VDORQHV GH

EDLOH&RPRFULWHULRGHFRQWUDVWDFLyQDWUDYpVGHODVWpFQLFDVGHOD
HQWUHYLVWD \ GH OD REVHUYDFLyQ SDUWLFLSDQWH %HFNHU H[LJtD ³«TXH
WRGRVORVFDVRVUHXQLGRVHQHVWDLQYHVWLJDFLyQFRQILUPHQODKLSyWHVLV
'H HQFRQWUDUVH XQ FDVR TXH QR OR KDJD OD LQYHVWLJDFLyQ GHEH
FDPELDU VX KLSyWHVLV SRU XQD TXH SXHGD FRQWHQHU WDPELpQ HO FDVR
TXHYLQRDGHPRVWUDUODIDOVHGDGGHODSULPHUD´
/DHVWUXFWXUDGHODKLSyWHVLVHQODLQYHVWLJDFLyQFXDQWLWDWLYD
8QLYHUVRYDULDEOHV\YDORUHV
/DQHFHVLGDGGHXWLOL]DUFRQFHSWRVUHJLVWUDEOHVGHILQLGRVFRQFODULGDG
\ TXH SXHGDQ VHU HVWDEOHFLGRV D WUDYpV GH DOJXQD WpFQLFD GH
HODERUDFLyQ GH GDWRV TXH KDJDQ UHIHUHQFLD D ODV FDUDFWHUtVWLFDV
REMHWLYDV R VXEMHWLYDV GH XQ XQLYHUVR HPStULFR GHWHUPLQDGR GH OD
UHDOLGDGVRFLDOHVXQUHTXHULPLHQWRWDQWRGHORVHVWXGLRVFXDOLWDWLYRV
FRPR GH ORV FXDQWLWDWLYRV SHUR DPERV SUHVHQWDQ GLIHUHQWHV
H[LJHQFLDV (Q ODV LQYHVWLJDFLRQHV FXDOLWDWLYDV QR VH XWLOL]DQ
YDULDEOHV VH WUDEDMD IOH[LEOHPHQWH FRQ FRQFHSWRV JXtDV R FRQ
FRQFHSWRV VHQVLELOL]DGRUHV +HUEHUW %OXPHU VRFLyORJR
HVWDGRXQLGHQVH DILUPDED TXH ORV PLVPRV GHEHQ VHU FRQVLGHUDGRV
FRPR ³WpUPLQRV RULHQWDGRUHV´ HQ FRPSDUDFLyQ FRQ HO
IXQFLRQDPLHQWRFRQFHSWXDOGHXQDYDULDEOHHOORVSXHGHQVHUGHILQLGRV
FRQPHQRVSUHFLVLyQ\HVSHFLILFDFLyQWpFQLFDPHQWHVHHPSOHDQFRPR
XQDUHIHUHQFLDPDOHDEOHHQHOKRUL]RQWHVHPiQWLFRTXHHOLQYHVWLJDGRU
GHEH FRQVWUXLU SDUD DFHUFDUVH D LQGDJDU OD UHDOLGDG VXEMHWLYD TXH VH
TXLHUHFRPSUHQGHU/RVFRQFHSWRVJXtDVRVHQVLELOL]DGRUHVSUHVHQWDQ
XQDGHILQLFLyQPHQRVUHVWULFWLYDVXIXHUWHHVWiHQRULHQWDU\VXJHULUDO
LQYHVWLJDGRUGRQGHPLUDUHQTXHDVSHFWRVVHGHEHSUHVWDUDWHQFLyQR
UHJLVWUDUVH %OXPHU GLIHUHQFLy D pVWRV GH ORV FRQFHSWRV GHILQLWLYRV
TXH VH SXHGHQ DVLPLODU D OR TXH VH HQWLHQGH FRPR YDULDEOH TXH
WLHQHQ HQ VX FRQVWLWXFLyQ OD LPSOLFDFLyQ GH XQD GHWHUPLQDFLyQ R OD
SUHVFULSFLyQGHXVRFHQWUDGDHQXQDGHILQLFLyQSUHFLVD\HVWDEOHGHVX
VLJQLILFDGR /RV DOFDQFHV GHO VHQWLGR GH FDGD FDWHJRUtD VH YD
HODERUDQGR GXUDQWH HO SURFHVR GH LQYHVWLJDFLyQ VRQ FRQFHSWRV TXH
IXQFLRQDQ FRPR GLVSRVLWLYRV DELHUWRV GH XVR IOH[LEOH TXH VH

WHUPLQDQ GH FHUUDU HQ HO DOFDQFH GH VX VLJQLILFDGR TXH VH HODERUD
GXUDQWHODDFFLyQLQYHVWLJDWLYD\DTXHORVFRQFHSWRVVHQVLELOL]DGRUHV
VH UHJLVWUDQ \ VH DQDOL]DQ HQ UHIHUHQFLDFRQORVVHQWLGRV HPHUJHQWHV
GHODDFFLyQ\GHODLQWHUDFFLyQGHORVDFWRUHVVRFLDOHVHQFRQWH[WRV
FRQFUHWRVQDWXUDOHVRSURYRFDGRVSRUODSUHVHQFLDGHXQLQYHVWLJDGRU
/D LQVWUXPHQWDFLyQ FRQFHSWXDO GH ORV FRQFHSWRV JXtDV R

VHQVLELOL]DGRUHV LPSOLFD XQD PLUDGD JHQHUDO TXH SRVLELOLWD
³DSUHKHQGHU´ VHQWLGRV QR SUHYLVWRV FRPR KHUUDPLHQWD DQDOtWLFD
³«XQFRQFHSWRGHILQLWLYRVHUHILHUHSUHFLVDPHQWHDORTXHHVFRP~Q
DXQDFODVHGHREMHWRVSDUDORFXDOUHFXUUHDXQDGHILQLFLyQFODUDHQ
WpUPLQRV GH DWULEXWRV R GH XQ HVWiQGDU GH HYDOXDFLyQ ILMR « HO
FRQFHSWR JXtD FDUHFH GH HVD HVSHFLILFDFLyQ GH ORV DWULEXWRV R
HVWiQGDUHV ILMRV \ HQ FRQVHFXHQFLD QR OH SHUPLWH DO TXH OR XVD
DERUGDUGLUHFWDPHQWHHOFDVRFRQFUHWR\VXFRQWHQLGRUHOHYDQWH(Q
OXJDU GH HOOR DTXHO TXH XVD XQ FRQFHSWR JXtD WLHQH XQ VHQWLGR
JHQHUDO DFHUFD GH ODV UHIHUHQFLDV \ ORV FULWHULRV D ORV TXH SXHGH
UHFXUULUFXDQGRVHDSUR[LPDDORVFDVRVHPStULFRV0LHQWUDVTXHORV
FRQFHSWRV GHILQLWLYRV SURSRUFLRQDQ SUHVFULSFLRQHVDFHUFDGHORTXH
GHEH REVHUYDUVH ORV FRQFHSWRV JXtDV VLPSOHPHQWH VXJLHUHQ
GLUHFFLRQHVHQODVTXHGHEHPLUDU´%OXPHUFLWDGRHQ5DJLQ
1RHVORPLVPRUHJLVWUDUGDWRVVREUHODVYLYHQFLDVGHGLVFULPLQDFLyQ
GH XQD SREODFLyQ GHWHUPLQDGD VL VRQ HQIRFDGDV EDMR HO IRUPDWR GH
YDULDEOH R FRPR FRQFHSWR VHQVLELOL]DGRU HQ HO SULPHU FDVR SRU
HMHPSOR D WUDYpV GH XQD HQFXHVWD GHEH GHILQLUVH LQLFLDOPHQWH FRQ
SUHFLVLyQVXFRQFHSWXDOL]DFLyQGHVGHHOPDUFRWHyULFRHVSHFLILFDQGR
GHVGHDQWHVGHKDFHUHOWUDEDMRGHFDPSRODVGLPHQVLRQHVTXHGHEHQ
GHULYDUVH HQ XQD VHULH SUHILMDGD GH SUHJXQWDV HQ FDPELR HQ HO
VHJXQGRFDVRSRUHMHPSORVLVHLQGDJDUtDDWUDYpVGHXQDHQWUHYLVWD
VH SXHGH SUHVHQWDU HO WHPD DQWH ORV GLIHUHQWHV HQWUHYLVWDGRV FRQ
HVFDVDV UHVWULFFLRQHV VREUH OR TXH pVWH GHEH H[SUHVDU GXUDQWH OD
PLVPD PRWLYiQGROR KDFLD XQD LQWHUSHODFLyQ IOH[LEOH GH OD
VXEMHWLYLGDGTXHSXHGHGHULYDUKDFLDH[SHULHQFLDVRFDWHJRUL]DFLRQHV
LPSUHYLVWDV SDUD HO LQYHVWLJDGRU SRU HOOR HQ HVWRV FDVRV TXL]iV

VXUMDQ iPELWRV \ WHPiWLFDV GH H[SHULHQFLDV GLVFULPLQDWRULDV R GH

PRGDOLGDGHV H[SUHVLYDV HQ FXDQWR D OD UHYHODFLyQ GH DFWLWXGHV \
VLJQLILFDFLRQHV HPRFLRQDOHV D DSRUWDU GH OD UHPHPRUDFLyQ GH ODV
PLVPDVTXHHOLQYHVWLJDGRUQRWHQtDHQFRQVLGHUDFLyQ
(Q OD LQYHVWLJDFLyQ FXDQWLWDWLYD VH HPSOHDQ FRQFHSWRV GH

YHULILFDELOLGDG HPStULFD TXH VRQ GHQRPLQDGRV HQ OD MHUJD
PHWRGROyJLFDFRPRYDULDEOHVHVWRVVHFRQVWLWX\HQDSDUWLUGHOPDUFR
WHyULFR DGRSWDGR SRU ORV LQYHVWLJDGRUHV VX XWLOL]DFLyQ SRVLELOLWD HO
UHJLVWUR GH XQD GHWHUPLQDGD FDUDFWHUtVWLFD R SURSLHGDG TXH SXHGHQ
DGRSWDU XQD VHULH GH YDULDFLRQHV PHGLEOHV DSOLFDEOHV D XQ
GHWHUPLQDGR XQLYHUVR (O VLJQLILFDGR GH XQD YDULDEOH VXSRQH OD
H[SOLFLWDFLyQ GH XQ FRQFHSWR WHyULFR GHILQLFLyQ FRQFHSWXDO TXH VH
GHILQH D SDUWLU GH XQ GHWDOODGR \ IXQGDPHQWDGR SURFHVR GH
HVSHFLILFDFLyQGHILQLFLyQRSHUDFLRQDOXRSHUDFLRQDOL]DFLyQSDUDTXH
VXVYDULDFLRQHVRYDORUHVSXHGDQVHUUHJLVWUDGRVWRGRHVWHSURFHVRHQ
HVWH WLSR GH LQYHVWLJDFLyQ VH UHDOL]D DQWHV GHO WUDEDMR GH FDPSR
LQVWDQFLD GRQGH VH UHJLVWUDQ ORV GDWRV 6HJ~Q 6DPDMD ORV
GDWRVVRQFRQVWUXFFLRQHVFRPSOHMDVTXHSRVHHQXQDHVWUXFWXUDLQWHUQD
LQYDULDEOH\DTXHFRQWLHQHFRPSRQHQWHVHVWUXFWXUDOHVTXHGHEHQHVWDU
SUHVHQWHVLQYDULDEOHPHQWHHQWRGRVORVFDVRVSDUWLFXODUHVSDUD6LHUUD
%UDYRHOORVVRQXQLYHUVRYDULDEOHVGLPHQVLRQHV\YDORUHV
(Q OD WHPiWLFD PHWRGROyJLFD HO XQLYHUVR HV FRQVLGHUDGR FRPR XQ
FRQMXQWR GH HOHPHQWRV SHUVRQDV JUXSRV RUJDQL]DFLRQHV REMHWRV
DFWLYLGDGHVRDFRQWHFLPLHQWRVGHOLPLWDGRVSRUHOLQYHVWLJDGRUVREUH
HOTXHVHSUHWHQGHUHJLVWUDUDOJXQDVGHVXVFDUDFWHUtVWLFDVYDULDEOHV
TXH LQWHUHVDQ DO HVWXGLR GHO TXH IRUPDQ SDUWH HO XQLYHUVR
GHWHUPLQDGR SRU OD LQYHVWLJDFLyQ LPSOLFD XQ UHFRUWH GH OD UHDOLGDG
HVWiFRPSXHVWRGHXQLGDGHVGHDQiOLVLVFDGDXQDGHHOODVUHSUHVHQWD
HOHOHPHQWRFHOXODUVREUHHOTXHVHHIHFW~DHODQiOLVLVDSDUWLUGHORV
GDWRVUHJLVWUDGRVHVWDVXQLGDGHVVHSXHGHQFODVLILFDUHQLQGLYLGXDOHV
\ FROHFWLYDV SRU HMHPSOR VL HO XQLYHUVR GH XQ HVWXGLR VRQ ODV
HVFXHODV S~EOLFDV GH *%$ OD XQLGDG GH DQiOLVLV HV FDGD
HVWDEOHFLPLHQWRHVFRODUGHHVHWHUULWRULR

6HJ~Q 6LHUUD %UDYR ODV XQLGDGHV GH DQiOLVLV VH SXHGHQ
VXEGLYLGLUHQ
x FDWHJRUtDV FRQMXQWR GH HOHPHQWRV VLQ HVWUXFWXUD GH

YLQFXODFLyQ VRFLDO SRU HMHPSOR ORV YRWDQWHV GH XQ SDUWLGR SROtWLFR
ORVFRQVXPLGRUHVGHXQDGHWHUPLQDGDPDUFDORVIDQVGHIDFHERRNGH
$PLJDFKR
x VLVWHPDV HOHPHQWRV YLQFXODGRV SRU UHODFLRQHV IRUPDOHV R
VHFXQGDULDV SRU HMHPSOR ODV 3<0(6 GH *UDQ %XHQRV $LUHV ORV
FOXEHVGHSRUWLYRVDVRFLDGRVDXQDIHGHUDFLyQ
x JUXSRV HOHPHQWRV YLQFXODGRV SRU UHODFLRQHV SULPDULDV R
VHFXQGDULDV SRU HMHPSOR ORV GRFHQWHV GH XQ HVWDEOHFLPLHQWR ODV
DFWLYLVWDV GH XQD RUJDQL]DFLyQ VRFLDO ORV PLHPEURV GHO FOXE GH
5HQDXOW
/DV XQLGDGHV HQ FXHVWLyQ WDPELpQ VH SXHGHQ FODVLILFDU HQ XQLGDGHV
LQGLYLGXDOHVRFROHFWLYDV
x XQLGDGHV LQGLYLGXDOHV VRQ ORV HOHPHQWRV TXH QR SHUPLWHQ

QLQJXQD GHVDJUHJDFLyQ HQ VX LQWHULRU 3RU HMHPSOR ODV SHUVRQDV
UDGLFDGDV HQ XQ GHWHUPLQDGR WHUULWRULR HVWXGLDQWHV GH XQD
XQLYHUVLGDGSXEOLFLGDGHVWHOHYLVLYDVGHXQDGHWHUPLQDGDFDWHJRUtDGH
SURGXFWRRVHUYLFLRJDVHRVDVVHJXURVDXWRPRWRUHVJRORVLQDV
x XQLGDGHVFROHFWLYDVLPSOLFDQXQDDJUHJDGRGHHOHPHQWRVTXH
HVWiQ FRPSXHVWRV SRU RWURV PHQRUHV FRPR SRU HMHPSOR IDPLOLDV
HQVDPEODGDV SDGUHV IDPLOLDUHV KLMRV HPSUHVDV PHWDO~UJLFDV
REUHURV SDWURQHV VXSHUYLVRUHV KRVSLWDOHV PpGLFRV HQIHUPHUDV
SDFLHQWHVRFiPDUDVGHFRPHUFLRFRPHUFLDQWHVHPSOHDGRV
+D\ LQYHVWLJDFLRQHV HQ ODV TXH VH GHEH GLVWLQJXLU HO FRQFHSWR GH
XQLGDGHVGHDQiOLVLVGHOFRQFHSWRGHXQLGDGHVGHUHJLVWURDPHQXGR
VRQFRLQFLGHQWHVpVWH~OWLPRWpUPLQRVHUHILHUHDDTXHOORVHOHPHQWRV
HPStULFRV VREUH ORV FXDOHV VH DSOLFD OD WpFQLFD GH HODERUDFLyQ GH
GDWRVFDStWXORHVWRVHSURGXFHFXDQGRSRUDOJ~QPRWLYRTXLHQHV
ODXQLGDGGHDQiOLVLVQRSXHGHEULQGDUODLQIRUPDFLyQTXHVHQHFHVLWD

UHJLVWUDUSRUHMHPSORHQXQHVWXGLRVREUHFRPSRUWDPLHQWRVO~GLFRV
GH QLxRV PHQRUHV GH GRV DxRV HOORV VHUiQ ODV XQLGDGHV GH DQiOLVLV
SHUR ODV XQLGDGHV GH UHJLVWUR TXLHQHV SHUPLWHQ TXH VH UHJLVWUHQ
GDWRV SRGUtDQ VHU ORV HQFDUJDGRV GH HVWDU FRQ ORV PHQRUHV GXUDQWH
VXVMXHJRVSDGUHVPDHVWUDVRDEXHODV
/DV YDULDEOHV VRQ FDUDFWHUtVWLFDV DWULEXWRV R SURSLHGDGHV HPStULFDV

TXHSXHGHQSUHVHQWDUGLIHUHQWHVYDULDFLRQHVRYDORUHVFRQUHVSHFWRD
XQ GHWHUPLQDGR XQLYHUVR HOODV SXHGHQ SUHVHQWDU XQ YDORU QXPpULFR
FXDQGRpVWDHVFXDQWLWDWLYDFRPRHVHOFDVRGHODFDQWLGDGGHDxRV
GHDQWLJHGDGGHXQDRUJDQL]DFLyQRXQDGLIHUHQFLDFLyQFRQFHSWXDO
GH OD PLVPD FXDQGR OD YDULDEOH HV QRPLQDO X RUGLQDO FRPR SRU
HMHPSORODQDFLRQDOLGDGRODFLXGDGGHUHVLGHQFLDGHXQDSREODFLyQ
6HJ~Q /D]DUVIHOG HO WUDEDMR IXQGDPHQWDO GHO LQYHVWLJDGRU
SDUD UHJLVWUDU GDWRV GH ODV YDULDEOHV GHVFDQVD HQ XQ SURFHVR GH
RSHUDFLRQDOL]DFLyQ TXH RSHUD HQ GLIHUHQWHV QLYHOHV FRQFHSWXDOHV \
PHWRGROyJLFRV HVWH SURFHVR FRQVLVWH HQ WUDGXFLU \ WUDVODGDU XQ
FRQFHSWRGHILQLGRWHyULFDPHQWHKDFLDXQDVHULHGHGDWRVHPStULFRVD
WUDYpVGHHVWHSURFHVRVHSUHWHQGHFRQFUHWDUXQSDVDMHOyJLFRGHVGHOR
GHILQLGRFRQFHSWXDOPHQWHKDVWDODHODERUDFLyQGHORVGDWRVHPStULFRV
DSDUWLUGHOWUDEDMRGHFDPSRLPSOLFDQGRXQSURFHVRTXHGHEHLUGH
ORDEVWUDFWRFRQFHSWRWHyULFRDORFRQFUHWRHPStULFRVRVWHQLGRHQ
XQD VHULH GH DFFLRQHV IXQGDPHQWDGDV FRQFHSWXDOPHQWH TXH GHEHQ
DUWLFXODUVH FRQ GHWHUPLQDGDV RSFLRQHV WpFQLFDV GH UHJLVWUR GH GDWRV
(O LQLFLR GH HVWH SURFHVR GH RSHUDFLRQDOL]DFLyQ FRQVLVWH HQ OD
HQXQFLDFLyQ GHO VLJQLILFDGR GHO FRQFHSWRYDULDEOH TXH VH TXLHUH
UHJLVWUDU TXH SXHGH HVWDU FRQYHQFLRQDOPHQWH DFHSWDGD GHVGH OR
WHyULFR XQD GHILQLFLyQ IXQGDPHQWDGD GHEH HVWDU FRQWHQLGD HQ HO
PDUFR WHyULFR R SXHGH HODERUDUVH GHVGH OD LQYHVWLJDFLyQ HQ ODV
LQYHVWLJDFLRQHV FXDOLWDWLYDV SXHGHQ JHQHUDUVH WHRUtDV \ FRQFHSWRV
LQGXFWLYDPHQWHDSDUWLUGHOWUDEDMRGHLQYHVWLJDFLyQ
/DYDULDEOHHVXQWpUPLQRTXHVHGHULYDGHXQDHVWUXFWXUDFRQFHSWXDO
HODERUDGD RUJDQL]DGD \ UHVSDOGDG SRU XQ PDUFR WHyULFR HODERUDGR
SRU RV LQYHVWLJDGRUHV HOORV GHEHQ RSHUDU GHVGH OR DEVWUDFWR GHO

FRQFHSWR KDFLD OR FRQFUHWR SDUD TXH HO pVWH VHD VXVFHSWLEOH GH VHU
UHJLVWUDGR HPStULFDPHQWH SDUD REWHQHU XQ UHJLVWUR HPStULFR GH OD
YDULDFLyQSRVLEOHHOFRQFHSWRWUDQVIRUPDGRHQYDULDEOHGHEHSRVHHU
XQD GHILQLFLyQ WHyULFD \ XQD GHILQLFLyQ RSHUDFLRQDO VH GLFH TXH HO
FRQFHSWRIXHRSHUDFLRQDOL]DGRDUWLFXODGDVFRKHUHQWHPHQWHHQWUHVt
/D GHILQLFLyQ WHyULFD HV HOVLJQLILFDGRFRQFHSWXDO GH OD YDULDEOH HQ
UHODFLyQDORHVWDEOHFLGRSRUHOLQYHVWLJDGRUHQHOPDUFRWHyULFRHVWD
GHILQLFLyQVXSRQHHQXQFLDUHOFRQFHSWRLPSOLFDGRFRQRWURVWpUPLQRV
TXHGHOLPLWHQHQFXDGUHQ\H[SOLFLWHQVXVLJQLILFDGRODH[SRVLFLyQGH
HVWH WLSR GH GHILQLFLyQ SRVLELOLWD GHVSHMDU ODV VLJQLILFDFLRQHV
DOWHUQDWLYDVTXHSXHGHQHVWDUFRQWHQLGDVHQHOFRQFHSWR\DVtDILUPDU
FRQ SUHFLVLyQ GHVGH TXH SRVLFLyQ WHyULFD OD LQYHVWLJDFLyQ YD D
HVSHFLILFDU OR TXH TXLHUH UHJLVWUDU %ODORFN LQGLFD TXH OD
GHILQLFLyQWHyULFDUHVXHOYHVXVHQWLGRDSDUWLUGHRWURVFRQFHSWRVTXH
VH GDQSRU HQWHQGLGRV ³«VHWRPDUtDQ FLHUWRV FRQFHSWRV VLQ GHILQLU
SULPDULRV\WRGRVORVGHPiVVHGHILQLUtDQHQWpUPLQRVGHDTXHOORV
(Q OD JHRPHWUtD HXFOLGLDQD SRU HMHPSOR ORV FRQFHSWRV GH SXQWR \
UHFWD SXHGHQ WRPDUVH VLQ GHILQLU SXGLHQGR OXHJR GHILQLUVH ODV
QRFLRQHV GH iQJXOR WULDQJXOR R UHFWiQJXOR HQ IXQFLyQ GH DTXHOORV
WpUPLQRV3HVHDTXHODHOHFFLyQGHFRQFHSWRVQRGHILQLGRVHVKDVWD
FLHUWR SXQWR DUELWUDULD HO KHFKR GH TXH WHQJDQ TXH H[LVWLU VLHPSUH
DOJXQRV FRQFHSWRV SULPHURV R SULPDULRV UHVXOWD GH OD QHFHVLGDG
LQKHUHQWH GH GHILQLU ORV FRQFHSWRV WHyULFRV HQ WpUPLQRV XQRV GH
RWURV´ /D GHILQLFLyQ RSHUDFLRQDO FRQVLVWH HQ HO HVWDEOHFLPLHQWR
GHWDOODGRGH ODV RSHUDFLRQHVR DFWLYLGDGHV GH DSOLFDFLyQ GH WpFQLFDV
TXHSURSRQHHOLQYHVWLJDGRUSDUDUHJLVWUDUODYDULDEOHHOLQYHVWLJDGRU
GHEH DUJXPHQWDU \ MXVWLILFDU PHWRGROyJLFDPHQWH TXH ODV WpFQLFDV GH
HODERUDFLyQGHGDWRVTXHSUHWHQGHHPSOHDUSDUD UHJLVWUDUODYDULDEOH
JXDUGD XQD UHODFLyQ OyJLFD FRQ HO VLJQLILFDGR GH OD GHILQLFLyQ
FRQFHSWXDO \ FRQ OD SUHFLVLyQ VXILFLHQWH SDUD TXH ³«WRGDV ODV
SHUVRQDV TXH VH VLUYDQ GHO SURFHGLPLHQWR OOHJXHQ D ORV PLVPRV
UHVXOWDGRV´%ODORFN
&RQUHVSHFWRDODDUWLFXODFLyQHQWUHHVWRVGRVWLSRVGHGHILQLFLRQHVVH

SUHVHQWD HO VLJXLHQWH HMHPSOR SDUD LQGDJDU VREUH OD YDULDEOH

³HVWUXFWXUD RUJDQL]DFLRQDO´ VH SRGUtD XWLOL]DU FRPR UHIHUHQFLD OD
GHILQLFLyQ FRQFHSWXDO GH .DVW \ 5RVHQ]ZHLJ TXLHQHV OD
GHILQHQ FRPR HO FRQMXQWR GH HOHPHQWRV PDWHULDOHV \ VLPEyOLFRV
DUWLFXODGRVHQWUHVtTXHSHUPLWHQODFRQVROLGDFLyQGHXQPDUFRHQHO
TXH VH GHVDUUROOD XQD RUJDQL]DFLyQ HV XQD PRGDOLGDG HVWDEOH GH
JHQHUDUGLVWULEXLU\RUGHQDUODVDFWLYLGDGHVGHVXVPLHPEURVGHQWUR
GH OD PLVPD /D HVWUXFWXUD FRPR FRQFHSWR VXSRQH XQ SDWUyQ
HVWDEOHFLGR GH UHODFLRQHV HQWUH ORV FRPSRQHQWHV R SDUWHV GH OD
RUJDQL]DFLyQ HVWDEOHFH FRPR ODV WDUHDV VRQ GLYLGLGDV DJUXSDGDV
FRRUGLQDGDV \ FRQWURODGDV SDUD OD PDWHULDOL]DFLyQ GH PHWDV \
REMHWLYRV(OFRQFHSWRGHHVWUXFWXUDRUJDQL]DFLRQDOFRPSUHQGHWDQWR
OD HVWUXFWXUD IRUPDO TXH LQFOX\H WRGR OR TXH HVWi SUHYLVWR HQ OD
RUJDQL]DFLyQ FRPR OD HVWUXFWXUD LQIRUPDO TXH VXUJH GH OD
LQWHUDFFLyQ HQWUH ORV PLHPEURV GH OD RUJDQL]DFLyQ \ FRQ HO PHGLR
H[WHUQRDHOODDPEDVVXPLQLVWUDQODPDWHULDOL]DFLyQGHODHVWUXFWXUD
WRWDO GH OD RUJDQL]DFLyQ SDUD FRQFUHWDUOD GHILQLFLyQRSHUDFLRQDO GH
HVWH FRQFHSWR KDEUtD TXH LQGLFDU TXH OD HVWUXFWXUD GH XQD
RUJDQL]DFLyQFRPRVLVWHPDVRFLDO QRHVYLVLEOHGHODPLVPDPDQHUD
HQ TXH VH PDQLILHVWD HQ XQ VLVWHPD ELROyJLFR R PHFiQLFR SRU OR
WDQWRHVWDYDULDEOHQRSXHGHVHUREVHUYDGDGLUHFWDPHQWHSHURSXHGH
LQIHULUVH VXV FDUDFWHUtVWLFDV GH ORV KHFKRV LQVWLWXFLRQDOL]DGRV GH ORV
SURFHGLPLHQWRVJUXSDOHV \ GHVGHHOFRPSRUWDPLHQWRGHOSHUVRQDOGH
OD RUJDQL]DFLyQ WRGRV HOORV HOHPHQWRV TXH SXHGHQ VHU UHJLVWUDGRV D
WUDYpV P~OWLSOHV RSHUDFLRQHV GH LQYHVWLJDFLyQ D SDUWLU GH WpFQLFDV
WDOHV FRPR HQFXHVWDV HQWUHYLVWDV IXHQWHV VHFXQGDULDV GH GDWRV X
REVHUYDFLyQ
(V FRQYHQLHQWH GLVWLQJXLU HQWUH ODV YDULDEOHV VLPSOHV \ ODV YDULDEOHV

FRPSOHMDV SDUD LQLFLDU HO SURFHVR GH RSHUDFLRQDOL]DFLyQ
DGHFXDGDPHQWH HQWUH HO FRQFHSWR \ HO GDWR HPStULFR ODV YDULDEOHV
VLPSOHVVHUHJLVWUDQGLUHFWDPHQWHDSDUWLUGHXQDGHILQLFLyQWHyULFD\
RSHUDFLRQDOQRHVWiQFRPSXHVWDVGHRWURVFRQFHSWRVHQHOLQWHULRUGH
VXVLJQLILFDFLyQTXHVHDQQHFHVDULRVGHGHVJORVDUFRPRSRUHMHPSOR

HO OXJDU GH QDFLPLHQWR \ OD HGDG GH XQD GHWHUPLQDGD SREODFLyQ OD
FDQWLGDG GH SLH]DV SURGXFLGDV SRU XQD PDTXLQDULD HO SURPHGLR GH
QRWDVHVFRODUHVGHXQGLVWULWRHVFRODUODSRVHVLyQGHDXWRPyYLOGHORV
KDELWDQWHV GH JUDQGHV XUEHV UHDOL]DFLyQ GH FXUVRV GH FDSDFLWDFLyQ
ODERUDO GH SHUVRQDV GHVHPSOHDGDV HWF ODV GHQRPLQDGDV YDULDEOHV
FRPSOHMDV R PXOWLGLPHQVLRQDOHV VH FRPSRQHQ GH RWURV FRQFHSWRV
TXH OD FRQVWLWX\HQ HQ HO LQWHULRU GH VX VLJQLILFDGR HVWRV FRQFHSWRV
VRQGHQRPLQDGRVFRPRVXEYDULDEOHVRGLPHQVLRQHVGHODYDULDEOH\
TXHGHEHQVHUGLIHUHQFLDGRVFRQFHSWXDO\RSHUDFLRQDOPHQWHSRUHOOR
QR VH SXHGHQ UHJLVWUDU R PHGLU GLUHFWDPHQWH UHTXLHUHQ VHU
GLPHQVLRQDGDV HQ ORV FRPSRQHQWHV FRQFHSWXDOHV TXH OD FRQIRUPDQ
FRPR RFXUUH SRU HMHPSOR FRQ HO QLYHO VRFLRHFRQyPLFR R FRQ ODV
FRQGLFLRQHV GH YLGD GH ORV UHVLGHQWHV GH XQD SURYLQFLD FRQ OD
PRWLYDFLyQODERUDOGHORVWUDEDMDGRUHVGHXQVHFWRUGHODHFRQRPtDR
FRQ OD DOIDEHWL]DFLyQ MXUtGLFD GH FLHUWR VXEJUXSR GH OD SREODFLyQ
WRGDV HOODV VRQ YDULDEOHV TXH SUHFLVDQ GH XQD HVSHFLILFDFLyQ GH VXV
GLPHQVLRQHV(QRFDVLRQHVVHJ~QHOHQIRTXHGHODLQYHVWLJDFLyQODV
YDULDEOHV VLPSOHV SXHGHQ IRUPDU SDUWH GH XQD YDULDEOH FRPSOHMD
FRPRVXEYDULDEOHVRGLPHQVLRQHVSRUHMHPSORXQDYDULDEOHVLPSOH
FRPR³~OWLPRDxRRJUDGRDSUREDGR´GHODHVFRODULGDGSXHGHVHUXQD
SDUWH FRQVWLWXWLYD GH XQD YDULDEOH FRPSOHMD FRPR HO ³FDSLWDO
HGXFDWLYR´ &XDQGR OD YDULDEOH HV FRPSOHMD R PXOWLGLPHQVLRQDO OD
HWDSDGHODRSHUDFLRQDOL]DFLyQVHFHQWUDHQGLIHUHQFLDUORVFRQFHSWRV
PiV HVSHFtILFRV TXH VH GHULYDQ GH HOOD TXH GHQRPLQDQ FRPR
VXEYDULDEOHV R GLPHQVLRQHV pVWDV UHSUHVHQWDQ ORV HOHPHQWRV
FRQFHSWXDOHV HQ ORV TXH VH SDUWLFXODUL]D OD YDULDEOH FRQIRUPDQGR
HQWUH HOODV D OD YDULDEOH GH OD FXDO IRUPDQ SDUWH HQ XQ QLYHO PiV
FRQFUHWRPiVFHUFDQDVDOUHJLVWURHPStULFR6DPDMDGHILQHD
OD GLPHQVLyQ FRPR ³«XQ DVSHFWR SDUFLDO GH OD YDULDEOH R
SUHGLFDGR TXH HV UHODWLYDPHQWH LQGHSHQGLHQWH GH RWURV DVSHFWRV \
TXHHQFRQMXQWRFRQVWLWX\HQVXVHQWLGRWRWDO«HOVHQWLGRWRWDOGH
ODYDULDEOHHVWiGDGRSRUODFRQMXQFLyQGHWRGDVVXVGLPHQVLRQHV\
FDGDXQDGHHVWDVGLPHQVLRQHVVH FRPSRUWDFRPRXQD YDULDEOHFRQ
VXV SURSLRV YDORUHV (O YDORU ILQDO GH OD YDULDEOH FRPSOHWD HV XQD

UHVXOWDQWHGHOFRQMXQWRGHORVYDORUHVGHODVGLPHQVLRQHV´
3RGUtD GHILQLUVH D ODV GLPHQVLRQHV FRPR DTXHOODV FDUDFWHUtVWLFDV R

SURSLHGDGHVLQKHUHQWHVDODFRQVWLWXFLyQGHXQDYDULDEOHFRPSOHMDOD
TXHUHVXOWDFRPRFRQVHFXHQFLDGHXQHQVDPEOHGHHVWRVFRPSRQHQWHV
FRQFHSWXDOHVGHPD\RUDSUR[LPDFLyQDOUHJLVWURHPStULFR\GHPHQRU
DEVWUDFFLyQ WHyULFD HVWDV GLPHQVLRQHV VRQ ORV DVSHFWRV PiV
HVSHFtILFRV TXH OD LQWHJUDQ GH HOODV VH GHGXFH FRKHUHQWHPHQWH HO
VLJQLILFDGR GHO FRQFHSWRYDULDEOH SUHVHQWH HQ HO PDUFR WHyULFR \
DSXQWDQDGDUFXHQWDSRUPHQRUL]DGD\HPStULFDPHQWHGHORVDOFDQFHV
GHFDGDXQRGHVXVPDQLIHVWDFLRQHV1RVHSXHGHGHILQLUGHDQWHPDQR
OD FDQWLGDG GH GLPHQVLRQHV R VXEYDULDEOHV HQ ODV TXH VH GHEH
HVSHFLILFDU XQD YDULDEOH GHSHQGHUi GHO DQFODMH WHyULFR \ GH ODV
GHFLVLRQHV GH OD LQVWDQFLD LQYHVWLJDWLYD IUHQWH D pVWH SRU HOOR DO QR
H[LVWLU UHJODV SUHGHWHUPLQDGDV SDUD GHILQLU ODV GLPHQVLRQHV GH XQD
YDULDEOH GHEH DVLPLODUVH OD PLVPD D XQD GHWHUPLQDGD WHRUtD \ HO
UHIHUHQWH HPStULFR SDUWLFXODU HQ OD TXH VH YD D GHVDUUROODU OD
LQYHVWLJDFLyQ\DSDUWLUGHDOOtFXHQWDODLQWXLFLyQORVDQWHFHGHQWHV
HPStULFRV ODV H[SHULHQFLDV SUHYLDV GHO LQYHVWLJDGRU ORV UHFXUVRV
GLVSRQLEOHV SDUD OD SURIXQGL]DFLyQ GHO HVWXGLR \ OD SRVLELOLGDG GH
UHJLVWUDU HPStULFDPHQWH HVDV GLPHQVLRQHV HODERUDGDV LQLFLiQGRVH OD
GHPDUFDFLyQGHORVFRPSRQHQWHVWHPiWLFRVGHODYDULDEOH*RQ]iOH]
%Oi]TXH]HQ*DUFtD)HUUDQGR0,EixH]-\$OYLUD)
3DXO /D]DUVIHOG H[SOLFD OD FRPSOHMLGDG GH HVWD DFWLYLGDG GH

FRQFHSWXDOL]DFLyQ HMHPSOLILFDQGR FRQ OD YDULDEOH ³UHQGLPLHQWR
ODERUDO´ GH XQ HTXLSR GH REUHURV ³«VXSRQJDPRV DGHPiV TXH DO
DERUGDU HVWH HVWXGLR VyOR SRVHHPRV XQD LGHD EDVWDQWH YDJD GH OR
TXH HV XQ UHQGLPLHQWR VDWLVIDFWRULR ¢4Xp VLJQLILFD SXHV HVWD
H[SUHVLyQ"¢4XpWLSRGHUHQGLPLHQWRHVSUHIHULEOH"¢(OGHXQREUHUR
TXHWUDEDMDDSULVD\HVWURSHDXQQ~PHURHOHYDGRGHSLH]DVRHOGH
XQREUHUROHQWRSHURVHJXUR"(QDOJXQRVFDVRV\GHDFXHUGRFRQHO
WLSR GH SURGXFWRV IDEULFDGRV SXHGH DGPLWLUVH XQ UHQGLPLHQWR
PHGLRFUH FRPSHQVDGR SRU XQD WDVD GH GHVSHUGLFLRV UHGXFLGD HV
SRFRSUREDEOHVLQHPEDUJRTXHOOHYDQGR HVWHUD]RQDPLHQWRKDVWD

HO H[WHUQR VH MX]JXH RSRUWXQR HOLPLQDU WRWDOPHQWH ORV ULHVJRV GH
HUURUDGRSWDQGRXQDVFDGHQDVH[FHVLYDPHQWHGpELOHV7RGRHOORQRV
FRQGXFH D DQDOL]DU OD QRFLyQ GH UHQGLPLHQWR \ D GHWHUPLQDU VXV
GLYHUVRV FRPSRQWHV YHORFLGDG GH WUDEDMR FXDOLGDG GHO SURGXFWR
UHQWDELOLGDG GH ORV LQVWUXPHQWRV GH SURGXFFLyQ´ /D]DUVIHOG \
%RXGRQD
(O SURFHGLPLHQWR VLJXLHQWH HQ HVWH SURFHVR GH RSHUDFLRQDOL]DFLyQ

UDGLFDHQXQDVHULHGHGHFLVLRQHVGHOLQYHVWLJDGRUSDUDTXHFDGDXQD
GHODVVXEYDULDEOHVRGLPHQVLRQHVGHFDGDYDULDEOHLQYROXFUDGDHQOD
KLSyWHVLV R HQ ORV REMHWLYRV GH LQYHVWLJDFLyQ SXHGD VHU UHJLVWUDGD
SDUDHOORGHEHVHUHVSHFLILFDGDHQLQGLFDGRUHVHVWRVVHFRQVWLWX\HQ
FRPR XQ SDUiPHWURTXH HQOD]DORFRQFHSWXDO\ORHPStULFR6DPDMD
ORV HQWLHQGH FRPR ³«DOJ~Q WLSR GH SURFHGLPLHQWR TXH VH
DSOLTXHDDOJXQDGLPHQVLyQGHODYDULDEOHSDUDHVWDEOHFHUTXpYDORU
GH HOOD OH FRUUHVSRQGH D XQD XQLGDG GH DQiOLVLV GHWHUPLQDGD´ ORV
LQGLFDGRUHV VRQ FRQFHSWXDOL]DFLRQHV TXH IXQFLRQDQ HQ HTXLYDOHQFLD
FRQ SDUiPHWURV HPStULFRV EDVDGRV HQ DOJXQD WpFQLFD GH UHJLVWUR
H[LVWHQWH \ OHJLWLPDGD SRU HO FDPSR FLHQWtILFR 0D\QW] +ROP \
+XEQHU(OLQYHVWLJDGRUHQEDVHDXQDIXQGDPHQWDFLyQWHyULFD
\PHWRGROyJLFDDVRFLDXQDYDULDEOHRODGLPHQVLyQGHXQDYDULDEOHD
XQD GHWHUPLQDGD WpFQLFD GH UHJLVWUR GHVGH OD TXH VH REWLHQH OD
PHGLFLyQ GH ORV YDORUHV R OD GHWHUPLQDFLyQ GH ODV YDULDFLRQHV GH
GLFKDV YDULDEOHV R GLPHQVLRQHV TXH VH SUHWHQGHQ HVWXGLDU HQ HVWH
VHJXQGR FDVR FRPR ORV LQGLFDGRUHV VH XWLOL]DQ SDUD UHJLVWUDU ORV
SRVLEOHV YDORUHV R YDULDFLRQHV GH FDGD XQD GH ODV VXEYDULDEOHV R
GLPHQVLRQHV GH OD YDULDEOH HOORV QR RSHUDQ DLVODGRV GH OD YDULDEOH
ORVYDORUHVR YDULDFLRQHV GHO LQGLFDGRU UHVXOWDQWHV GH XQDRSHUDFLyQ
GHUHJLVWURQRGDQFXHQWDGHQDGDSRUVtPLVPRVVHFRQVWLWX\HQFRPR
LQGLFDGRUHV D SDUWLU GH XQD SHUWHQHQFLD FRKHUHQWH \ IXQGDPHQWDGD
WHyULFDPHQWH FRQ UHVSHFWR D XQD YDULDEOH SRU HOOR HO LQYHVWLJDGRU
GHEH MXVWLILFDU WHyULFD \ PHWRGROyJLFDPHQWH HVWD UHODFLyQ GH
LQGLFDFLyQ HQWUH OR FRQFHSWXDO OD YDULDEOH \ OR HPStULFR HO
LQGLFDGRU SRU HMHPSOR XQD GH ODV GLPHQVLRQHV GH OD YDULDEOH

³HVFRODULGDG´ HV HO ³Pi[LPR QLYHO HVFRODU DOFDQ]DGR´ \ GRV

LQGLFDGRUHVSRVLEOHVDOWHUQDWLYRVGHHVDPLVPDGLPHQVLyQSXHGHQVHU
WUDEDMDGRFRPRGDWRSULPDULRDSDUWLUGHXQDSUHJXQWDFRQRSFLRQHV
SUHGHWHUPLQDGDV GH UHVSXHVWDV GH XQ FXHVWLRQDULR R FRPR GDWR
VHFXQGDULRJUDFLDVDOUHJLVWURGHORVYDORUHVGHHVDLQIRUPDFLyQGHVGH
XQUHJLVWURDGPLQLVWUDWLYRTXHORFRQWLHQH
8QD FODVLILFDFLyQ GH ORV LQGLFDGRUHV ORV GLIHUHQFLD HQ REMHWLYRV \

VXEMHWLYRVORVSULPHURVVHEDVDQHQUHJLVWURVH[WHUQRVDODXQLGDGGH
DQiOLVLV SRU HMHPSOR HO QLYHO HGXFDWLYR GH XQD GHWHUPLQDGD
SREODFLyQLPSOLFDXQGDWRPiVDOOiGHOHVWDGRVXEMHWLYRGHODPLVPD
HQ WDQWR ORV SURFHGLPLHQWRV GH UHJLVWUR DGPLQLVWUDWLYRV LQYROXFUDQ
XQD REMHWLYDFLyQ HQ FDPELR ORV VHJXQGRV VXSRQHQ SHUFHSFLRQHV R
MXLFLRV GHO LQIRUPDQWH SRU HMHPSOR HO JUDGR GH FRQIRUPLGDG DQWH
XQDWDUHDUHDOL]DGDRHOQLYHOVDWLVIDFFLyQDQWHXQVHUYLFLRS~EOLFRR
DQWH OD VLWXDFLyQ GHO SDtV 2WUR FULWHULR GH FODVLILFDFLyQ GH ORV
LQGLFDGRUHV ORV GLYLGH HQ REVHUYDFLRQDOHV VL OR LQGLFDGR \ HO
LQGLFDGRU VRQ REVHUYDEOHV FRPR RFXUUH HQ HO FDVR GHO KXPR FRPR
LQGLFDGRUGHOIXHJRHLQIHUHQFLDOHVVLORLQGLFDGRHVQRREVHUYDEOHR
ODWHQWH FRPR SRU HMHPSOR SRQHUVH FRORUDGR REVHUYDEOH FRPR
LQGLFDGRUGHVHQWLUYHUJHQ]DQRREVHUYDEOH
0iV DOOi TXH XQ LQGLFDGRU VH H[SUHVH EDMR OD IRUPD GH PHGLGDV
HVWDGtVWLFDVQRGHEHFRQIXQGtUVHODVFRQHOODV\DTXHVLQTXHWHQJDQ
XQ HQODFH FRQFHSWXDO VyOR VRQ XQD SRWHQFLDO PDWHULD SULPD SDUD
FRQVWLWXLUORODVH[SUHVLRQHVQXPpULFDVGHORVLQGLFDGRUHVGHEHQHVWDU
DUWLFXODGRV FRQ XQ FDUiFWHU FRKHUHQWH FRPSUHQVLEOH \ HVSHFtILFR
GHQWURGHODVFRQFHSWXDOL]DFLRQHVFHQWUDOHVGHOPDUFRWHyULFRTXHVH
HPSOHDQ FRPR ODV YDULDEOHV \ ODV GLPHQVLRQHV GH OD LQYHVWLJDFLyQ
/RV LQGLFDGRUHV QR VXHOHQ VHU H[FOXVLYRV GH XQD YDULDEOH R
VXEYDULDEOH QL VXHOHQ GDU FXHQWD GH OD LQIRUPDFLyQ GH IRUPD
FRPSOHWDSDUDGHODPLVPD\DTXHHQPXFKRVFDVRVVHQHFHVLWDQGH
XQDVHULHGHLQGLFDGRUHVSDUDGDUFXHQWDGHXQDGHWHUPLQDGDYDULDEOH
R GLPHQVLyQ WRGR LQGLFDGRU UHTXLHUH GH XQD GHILQLFLyQ SUHFLVD VH
DVLHQWD HQ IyUPXOD GH VHU FDOFXODGR \ GHEH H[SOLFLWDU VX IXHQWH GH

GDWRV SDUD TXH HQ VX OHFWXUD VHD FRPSUHQVLEOH HO DOFDQFH GH VXV
UHVXOWDGRV /RVLQGLFDGRUHVSRVLELOLWDQ XELFDU HO UHJLVWUR GHO YDORU R
GH OD YDULDFLyQ GHO HVTXHPD FODVLILFDWRULR LPSOLFDGR HQ FDGD
GLPHQVLyQGHFDGDYDULDEOHVHQFDGDXQDGHODVXQLGDGHVGHDQiOLVLV
HV HQ HVWH RUGHQDPLHQWR GRQGH HO LQGLFDGRU \ OR LQGLFDGR HVWiQ
XQLGRV GH PDQHUD IXQGDPHQWDGD SRU XQD UHODFLyQ HPStULFD OD
UHODFLyQ TXH XQH HO FRQFHSWR FRQ OD SRVLELOLGDG GH UHJLVWUDUOR \
WHyULFD OD UHODFLyQ TXH XQH HO FRQFHSWR FRQ HO PDUFR WHyULFR
HODERUDGR
/DYDOLGH]GHOLQGLFDGRUVHSURGXFHVLKD\XQDDGHFXDGD\MXVWLILFDGD
FRUUHVSRQGHQFLD HQWUH OD FRQFHSWXDOL]DFLyQ \ OD RSHUDFLRQDOL]DFLyQ
GH OD YDULDEOH FXDQGR OD GHILQLFLyQ RSHUDFLRQDO FXEUH WRGRV ORV
DVSHFWRV UHJLVWUDEOHV SUHVHQWHV HQ OD GHILQLFLyQ FRQFHSWXDO 3DXO
/D]DUIHOG DILUPDED TXH OD YDOLGH] HQWUH FDGD LQGLFDGRU \ FDGD
GLPHQVLyQGHODYDULDEOHDODTXHUHPLWHVHFRQVWLWX\H³«HQWpUPLQRV
GHSUREDELOLGDG\QRGHFHUWH]DHVDEVROXWDPHQWHQHFHVDULRXWLOL]DU
HQODPHGLGDGHORSRVLEOHXQJUDQQ~PHURGHLQGLFDGRUHV«ORV
LQJUHVRV VRQ FRQVLGHUDGRV PXFKDV YHFHV FRPR XQ LQGLFDGRU GH OD
FRPSHWHQFLDSURIHVLRQDOSHURVLVyORQRVEDVDPRVHQHVWHLQGLFDGRU
FDVLWRGRVORVKRPEUHVGHQHJRFLRVUHVXOWDUiQPiVFRPSHWHQWHVTXH
ORV FLHQWtILFRV PiV HPLQHQWHV OD GHWHUPLQDFLyQ GH ORV FULWHULRV
TXH OLPLWDQ OD HOHFFLyQ GH ORV LQGLFDGRUHV FRQVWLWX\H XQ SUREOHPD
GHOLFDGR ¢+D\ TXH FRQVLGHUDUORV FRPR SDUWHV LQWHJUDQWHV GHO
FRQFHSWRRELHQFRPRIHQyPHQRVLQGHSHQGLHQWHVRH[WHULRUHVDpVWH"
6L HODERUDPRV XQD OLVWD GH ORV LQGLFDGRUHV GH OD ³LQWHJUDFLyQ´ GH
XQD FRPXQLGDG ¢GHEHPRV FRQVLGHUDU TXH OD WDVD GH FULPLQDOLGDG
IRUPD SDUWH GHO FRQFHSWR GH LQWHJUDFLyQ R ELHQ GHEHPRV
FRQVLGHUDUODFRPRXQIDFWRUH[WHULRUVXVFHSWLEOHGHVHUGHWHUPLQDGR
DSDUWLUGHODPHGLGDGHLQWHJUDFLyQ"«SRGHPRVH[FOXLUODVWDVDV
GH FULPLQDOLGDG GH OD UHSUHVHQWDFLyQ GH XQ FHQWUR XUEDQR
©LQWHJUDGRªSHURHVSRVLEOHTXHODH[SHULHQFLDUHYHOHXQDHVWUHFKD
UHODFLyQ HQWUH GLFKDV WDVDV \ HO JUDGR GH LQWHJUDFLyQ HQ WDO FDVR
SRGUtDQ VHU XWLOL]DGDV FRPR PHGLGDV GH OD LQWHJUDFLyQ FXDQGR ORV

GDWRVUHODWLYRVDORVLQGLFDGRUHVTXHFRUUHVSRQGHQH[DFWDPHQWHDOD
QRFLyQ QR HVWpQ D QXHVWUR DOFDQFH 6LQ HPEDUJR HV QHFHVDULR
UHDOL]DU XQD VHULH GH ©HVWXGLRV GH YDOLGDFLyQ TXH GHPXHVWUHQ OD
H[LVWHQFLDGHFRUUHODFLRQHVHVWUHFKDVHQWUHODWDVDGHFULPLQDOLGDG\
ORV GHPiV LQGLFDGRUHV GH OD LQWHJUDFLyQ (V SUHFLVR DGHPiV
GHWHUPLQDUWRGRVORVIDFWRUHVTXHHYHQWXDOPHQWHSXHGHQPRGLILFDU
OD WDVD GH FULPLQDOLGDG LQYDOLGDQGR GH HVWH PRGR ODV PHGLGDV
EDVDGDV HQ pVWD SDUD HOOR SRGHPRV HOHJLU HQWUH XQ FRQWURO GH ORV
IDFWRUHV HQ FXHVWLyQ R OD XWLOL]DFLyQ GH XQ Q~PHUR GH LQGLFDGRUHV
VXILFLHQWHPHQWH HOHYDGRSDUD FRPSHQVDUORV HIHFWRV QRFLYRVGH XQR
GHHOORV´%RXGRQ\/D]DUIHOG(QXQDYDULDEOHVLPSOHFRPR
ODHGDGGHVGHHOLQGLFDGRUVHJHQHUDGLUHFWDPHQWHXQYDORUTXHSRGUi
VHUHOUHVXOWDGRGH XQDSUHJXQWDGHXQFXHVWLRQDULRR GH XQUHJLVWUR
DGPLQLVWUDWLYRHQHOTXHILJXUHODIHFKDGHQDFLPLHQWRGHODSREODFLyQ
TXH FRQIRUPDHOXQLYHUVR HQXQD YDULDEOH FRPSOHMDORVLQGLFDGRUHV
VHFRQVWLWX\HQFRPRXQDVHULHGHSOXUDOLGDGHVTXHGDQFXHQWDGHODV
YDULDFLRQHV R GH ORV YDORUHV GH FDGD GLPHQVLyQ R VXEYDULDEOH
KDFLpQGRVH QHFHVDULR SRU HOOR XQ SURFHVR SRVWHULRU GRQGH HO
LQYHVWLJDGRU GHILQH GH PDQHUD IXQGDPHQWDGD OD SHUWLQHQFLD GH ORV
UHVXOWDGRV GH FDGD LQGLFDGRU FRQ FDGD GLPHQVLyQ HQ VX LQWHJUDFLyQ
FRKHUHQWHSDUDGDUFXHQWDGHODVYDULDFLRQHVRYDORUHVGHODYDULDEOH
/D DUWLFXODFLyQ HQWUH YDULDEOH GLPHQVLRQHV H LQGLFDGRUHV SXHGH

HMHPSOLILFDUVH D FRQWLQXDFLyQ FRQ XQ FDVR GH OD HVWDGtVWLFD
LQWHUQDFLRQDO ORV RUJDQLVPRV PXOWLQDFLRQDOHV LQYROXFUDGRV HQ HO
PRQLWRUHRDHVFDODJOREDOGHORVGDWRVSURGXFLGRVHQORVSDtVHV\HQ
ODV UHJLRQHV FRPR ODV 1DFLRQHV 8QLGDV R &(3$/ HVWDEOHFHQ
UHFRPHQGDFLRQHVGHHYDOXDFLyQ\GHFRPSDUDFLyQGHGDWRVDSDUWLUGH
XQD VHULH GH LQIRUPHV VXVWHQWDGRV HQ ,QGLFDGRUHV GH 'HVDUUROOR
+XPDQRRFRPRHOTXHVHSXQWXDOL]DDFRQWLQXDFLyQOD2ILFLQDGH
ODV1DFLRQHV8QLGDVFRQWUDOD'URJD\HO'HOLWRDWUDYpVGHO0DQXDO

KWWSZZZDUXQGSRUJFRQWHQWDUJHQWLQDHVKRPHRSHUDWLRQVSURMHFWVKXPDQBGHYHORS
PHQWKWPO

GH LQVWUXFFLRQHV KD HVWDEOHFLGR HQWUH RWUDV FRVDV XQ OLVWDGR GH
SDUiPHWURVLQWHUQDFLRQDOHVSDUDODHYDOXDFLyQGHOVLVWHPDGHMXVWLFLD
SHQDO HQ EDVH D OD FRQIHFFLyQ GH LQGLFDGRUHV GH PHGLFLyQ GH
GHVHPSHxR HVWH RUJDQLVPR DGYLHUWH TXH ORV LQGLFDGRUHV TXH
SUHWHQGHQPHGLUODHILFDFLDVLHPSUHRIUHFHQUHVXOWDGRVDSUR[LPDGRV
SRUORFXDOORVPLVPRVGHEHQDMXVWDUVHHLQWHUSUHWDUVHFRQUHVSHFWRD
RWURVLQGLFDGRUHV\DODLQIRUPDFLyQGHOFRQWH[WRFDGDGLPHQVLyQGH
OD HYDOXDFLyQGH ODHILFDFLDGHOVLVWHPDUHPLWH DODVDFFLRQHVGHORV
GLIHUHQWHVDFWRUHVLQYROXFUDGRVHQODGLQiPLFDGHOPLVPR
(ILFDFLDGHOVHUYLFLRSROLFLDO
x 3RUFHQWDMHGHGHOLWRVHVFODUHFLGRVSRUODSROLFtDGHWRGRVORV
KHFKRV GHOLFWLYRV SXHVWRV HQ VX FRQRFLPLHQWR GHOLWRV
FRPXQLFDGRV
x 1~PHURGHGHOLWRVH[FOXLGDVODVLQIUDFFLRQHVGHWUiQVLWRSRU
HOWRWDOGHHIHFWLYRVDXWRUL]DGRV
x 3RUFHQWDMH GHGHOLWRV HVFODUHFLGRV SRU FDWHJRUtDVGH GHOLWRV

x 3URSRUFLyQGHGHOLWRVTXHKDQGDGROXJDUDLPSXWDFLRQHV
x 1~PHUR GH OODPDGDV UHFLELGDV \ UHVSRQGLGDV SRU RUGHQ GH
SULRULGDG
x 7LHPSRGHUHVSXHVWDDORVGLIHUHQWHVWLSRVGHOODPDGDV
x 1~PHUR GH TXHMDV GH PDOD FRQGXFWD \ HO Q~PHUR GH TXHMDV
MXVWLILFDGDV

KWWSVZZZXQRGFRUJGRFXPHQWVMXVWLFHDQGSULVRQ
UHIRUPFULPHSUHYHQWLRQ&ULPLQDOB-XVWLFHB,QIRUPDWLRQB6SDQLVKSGI

(OLQIRUPHDGYLHUWHTXHHVWHLQGLFDGRUSXHGHVHUSRFRILDEOHSRUODVYDULDFLRQHV
H[LVWHQWHVHQODVPRGDOLGDGHVGHGHQXQFLDGHORVGHOLWRVORTXHODSROLFtDHQWLHQGHSRU
³GHOLWRHVFODUHFLGR´SRUHMHPSORVHKDQKHFKRODVLPSXWDFLRQHVVHKDQDELHUWR
GLOLJHQFLDVVHKDLGHQWLILFDGRDODXWRUGHORVKHFKRVVHKDQUHXQLGRVXILFLHQWHVSUXHEDV
FRPRSDUDJDUDQWL]DUXQDVHQWHQFLDFRQGHQDWRULDKDKDELGRXQDFRQIHVLyQHWFRSRUHO
KHFKRGHVLVHKDQLQFOXLGRWRGRVORVGHOLWRVRVRORDOJXQRVSRUHMHPSORVRORGHOLWRV
YLROHQWRV

x 1~PHURGHLQFLGHQWHVRGHQXQFLDVGHFRUUXSFLyQSROLFLDOTXH
VHKD\DQSXHVWRHQFRQRFLPLHQWRGHODVDXWRULGDGHV
x 3HUFHSFLyQ FLXGDGDQD GHO VLVWHPD GH MXVWLFLD HILFDFLD
LQWHJULGDG UHVSRQVDELOLGDG FRUUXSFLyQ FDSDFLGDG GH
UHVSXHVWDHWF
(ILFDFLDGHOD)LVFDOtD
x 1~PHURPHGLRGHFDVRVSRUILVFDOHV
x 1~PHURPHGLRGHFDVRVDSHODGRVSRUILVFDOHV
x 1~PHURDQXDOGHFDVRVUHVXHOWRVSRUILVFDOHV
x 1~PHUR GH FDVRV HQ TXH VH KDQ LQLFLDGR SURFHGLPLHQWRV TXH
OXHJRVHKDQDEDQGRQDGRRLQWHUUXPSLGR
x 3URSRUFLyQ DQXDO GH FDVRV HQ ORV TXH ORV LPSXWDGRV VH
GHFODUDQFXOSDEOHV
x 3URSRUFLyQDQXDOGHFDVRVOOHYDGRVDORVWULEXQDOHV
x 3URSRUFLyQ DQXDO GH FDVRV HQ TXH VH GLFWy XQD VHQWHQFLD
FRQGHQDWRULD
x 3URSRUFLyQ GH FDVRV OOHYDGRV D ORV WULEXQDOHV HQ ORV TXH HO
LPSXWDGRUHVXOWyDEVXHOWR
x 1~PHUR DQXDO GH FDVRV HQ TXH OD VHQWHQFLD FRQGHQDWRULD
GLFWDGDUHVXOWyHUUyQHD
x 3URSRUFLyQ GH FDVRV TXH TXHGDURQ H[FOXLGRV GHO SURFHVR GH
MXVWLFLD SHQDO IRUPDO \ ORV PLVPRV LQGLFDGRUHV UHIHULGRV
HVSHFtILFDPHQWHDORVGHOLQFXHQWHVPHQRUHVGHHGDG
x &RVWR PHGLR SRU SURFHVR MXGLFLDO GXUDQWH GHWHUPLQDGR
SHUtRGRGHWLHPSRQRUPDOPHQWHXQDxR
(ILFDFLDGHORV7ULEXQDOHV
x 1~PHURPHGLRGHFDVRVSRUMXHFHV
x 3OD]R PHGLR WUDQVFXUULGR KDVWD OD FRQFOXVLyQ GH XQ SURFHVR
SHQDO
x 1~PHURPHGLRGHSURFHVRVSRUDxR
x 1~PHURPHGLRGHSURFHVRVSRUMXHFHV
x 'XUDFLyQPHGLDGHXQMXLFLRHOFRVWRPHGLRSRUFDVR

x 7LHPSR PHGLR GH SHUPDQHQFLD GH ORV LPSXWDGRV HQ SULVLyQ

SUHYHQWLYDHQHVSHUDGHMXLFLR
x 1~PHUR GH DVXQWRV LQVFULWRV HQ HO UHJLVWUR GHO WULEXQDO HQ
HVSHUDGHVHUSURFHVDGR
(ILFDFLDGHO6LVWHPD3HQLWHQFLDULR
x 5HODFLyQUHFOXVRVQ~PHURRILFLDOGHFDPDVSRUHMHPSORFRPR
PHGLGDGHOKDFLQDPLHQWRHQODVFiUFHOHV
x 1~PHUR PHGLR GH UHFOXVRV SRU JXDUGLD FDUFHODULR HQ XQD
LQVWLWXFLyQ
x &RVWRPHGLRGHODHVWDQFLDHQSULVLyQSRUUHFOXVR
x 1~PHURGHIXJDV
x 1~PHUR GH GHOLQFXHQWHV TXH IDOOHFHQ HQ SULVLyQ HQ
GHWHUPLQDGRSHUtRGRGHWLHPSR
x 1~PHURGHTXHMDVUHFLELGDVSRUHOGHIHQVRUGHOSXHEORRSRU
ODV RUJDQL]DFLRQHV GHIHQVRUDV GH ORV GHUHFKRV KXPDQRV
UHVSHFWR GH OD FRQGXFWD LQGHELGD GH ORV IXQFLRQDULRV GH
SULVLRQHV
x 1~PHURGHUHFOXVRVTXHVHEHQHILFLDQGHOUpJLPHQGHOLEHUWDG
FRQGLFLRQDO
x 3URSRUFLyQ GH GHOLQFXHQWHV D ORV TXH VH OHV KD LPSXHVWR XQD
SHQD GH OLEHUWDG YLJLODGD TXH KD\D FRQFOXLGR
VDWLVIDFWRULDPHQWHHOSHUtRGRHVWLSXODGR
x 3URSRUFLyQ GH UHFOXVRV TXH VH KD\DQ DFRJLGR DO UpJLPHQ GH
OLEHUWDG EDMR SDODEUD X RWUD IRUPD GH OLEHUWDG FRQGLFLRQDO \
TXHKD\DQFXPSOLGRODVHQWHQFLDHWF
x 3RUFHQWDMHGHUHFOXVRVTXHWUDVVXSXHVWDHQOLEHUWDGFRPHWHQ
RWURGHOLWRWDVDGHUHFOXVRVUHLQFLGHQWHV
-XVWLFLDGH0HQRUHVEDVDGRVHQHOUHVSHWRGHORVGHUHFKRV
x 1~PHUR GH PHQRUHV DUUHVWDGRV GXUDQWH XQ SHUtRGR GH
PHVHVSRUFDGDPHQRUHV
x 1~PHUR GH PHQRUHV SULYDGRV GH OLEHUWDG SRU FDGD
PHQRUHV

x 1~PHUR GH PHQRUHV HQ SULVLyQ SUHYHQWLYD SRU FDGD

PHQRUHV
x 'XUDFLyQGHODSULVLyQSUHYHQWLYDGHORVPHQRUHVDQWHVGHOD
VHQWHQFLD
x 1~PHUR GH PHQRUHV IDOOHFLGRV HQ SULYDFLyQ GH OLEHUWDG
GXUDQWH XQ SHUtRGR GH PHVHV SRU FDGD PHQRUHV
GHWHQLGRV
x 3RUFHQWDMH GH PHQRUHV SULYDGRV GH OLEHUWDG TXH QR HVWiQ
FRPSOHWDPHQWHVHSDUDGRVGHORVDGXOWRV
x 3RUFHQWDMHGHPHQRUHVSULYDGRVGHOLEHUWDGTXHKDQUHFLELGR
ODYLVLWDGHVXVSDGUHVWXWRUHVRDOJ~QPLHPEURGHODIDPLOLD
DGXOWR R TXH KDQ YLVLWDGR D HVDV SHUVRQDV D OR ODUJR GH ORV
WUHV~OWLPRVPHVHV
x 3RUFHQWDMH GH PHQRUHV FRQGHQDGRV D SHQDV SULYDWLYDV GH
OLEHUWDG
x 3RUFHQWDMH GH PHQRUHV FX\R FDVR KD\D VLGR UHPLWLGR R TXH
XQDYH]FRQGHQDGRVVHEHQHILFLDQGHXQDVDQFLyQVXVWLWXWLYD
x 3RUFHQWDMH GH PHQRUHV SXHVWRV HQ OLEHUWDG REMHWR GH XQ
VHJXLPLHQWR
8Q HUURU FRP~Q HQ HVWD LQVWDQFLD GH OD LQYHVWLJDFLyQ VH SURGXFH
FXDQGRODRSHUDFLRQDOL]DFLyQ\ODJHQHUDFLyQGHLQGLFDGRUHVVyORGDQ
FXHQWD SDUFLDOPHQWH GH ODV SRVLEOHV YDULDFLRQHV GH XQD YDULDEOH HQ
HVWDVLWXDFLyQODVGLPHQVLRQHV\ORVLQGLFDGRUHVJHQHUDGRVWLHQHQXQ
DOFDQFHPHQRUDOVLJQLILFDGRH[SOLFLWDGRHQODGHILQLFLyQFRQFHSWXDO
GH OD YDULDEOH OR TXH WLHQH FRPR FRQVHFXHQFLD TXH ORV DOFDQFHV GH
VHQWLGRLPSOLFDGRVHQODGHILQLFLyQFRQFHSWXDOGHODYDULDEOHQRHVWiQ
FXELHUWRV HQ VX WRWDOLGDG SRU ODV GLPHQVLRQHV \ SRU ORV LQGLFDGRUHV
SURSXHVWRV HVWHWLSRGH HTXLYRFDFLyQ PHWRGROyJLFDGHLQVXILFLHQFLD
HQODFRPSOHWLWXGGHODLQIRUPDFLyQGHODYDULDEOHSODQWHDGDVHSXHGH
HMHPSOLILFDUVH FRQ GRV FDVRV XQR FXDQGR VH TXLHUH PHGLU HO QLYHO
VRFLRHFRQyPLFRXWLOL]DQGRFRPR~QLFDGLPHQVLyQODVLWXDFLyQODERUDO
\ RWUR FXDQGR D SDUWLU GH XQD GHILQLFLyQ GH FDOLGDG GH YLGD
PXOWLGLPHQVLRQDO FDOLGDG GH YLGD PDWHULDO FXOWXUDO VRFLDO

DPELHQWDO ~QLFDPHQWH VH UHFXUUHQ D GLPHQVLRQHV H LQGLFDGRUHV TXH

FRQVLJQDQ H[FOXVLYDPHQWH D OD FDOLGDG GH YLGD PDWHULDO 2WUR HUURU
FRP~Q VH SUHVHQWD FXDQGR HQWUH ODV GHILQLFLRQHV FRQFHSWXDOHV \
RSHUDFLRQDOHVKD\XQDLQFRKHUHQFLD\FRPRFRQVHFXHQFLDGHHOORVH
LQFOX\HQGLPHQVLRQHVHLQGLFDGRUHVTXHQRFRQVWLWX\HQDODYDULDEOHD
LQYHVWLJDUSRUHMHPSORVLVHLQGDJD VREUH HOFRQVXPRFXOWXUDO SDUD
LQGLFDUHOQLYHOVRFLRHFRQyPLFRVHHVWiIUHQWHDHVWHWLSRGHHUURU\D
TXH HO FRQVXPR FXOWXUDO HVWi UHODFLRQDGR FRQ HO QLYHO
VRFLRHFRQyPLFRSHURQRHVFRQVWLWX\HLQWUtQVHFDPHQWHDHVDYDULDEOH
(O ~OWLPR SDVR GHO SURFHVR GH RSHUDFLRQDOL]DFLyQ FRQVLVWH HQ HO
UHJLVWURHPStULFRGHODVYDULDFLRQHVRGHORVYDORUHVGHODYDULDEOH
HQODLQYHVWLJDFLyQFXDQWLWDWLYDHVWRVFRQVWLWX\HQFRPRXQDUHIHUHQFLD
QXPpULFD GH OD FRQFHSWXDOL]DFLyQ LPSOLFDGD HQ OD YDULDEOH SRU
HMHPSORVLpVWDHVLQJUHVRPHQVXDOODERUDOHOYDORUQXPpULFRSXHGH
UHVXOWDU GH XQD UHVSXHVWD GH ORV HQFXHVWDGRV D XQD SUHJXQWD GH XQ
FXHVWLRQDULR R GH XQ UHJLVWUR GH XQD EDVH GH GDWRV GDWRV
VHFXQGDULRVWDPELpQVLVHTXLHUHUHJLVWUDUODFDQWLGDGGHDFFLGHQWHV
ODERUDOHVPHQVXDOHVRODFDQWLGDGGHDxRVGHDQWLJHGDGHQHOWUDEDMR
VH SRGUtD UHJLVWUDU HO YDORU GH OD YDULDEOH GH DFXHUGR D ORV
SURFHGLPLHQWRV GH UHJLVWUR GLVSRQLEOHV R D EDVHV GH GDWRV
DGPLQLVWUDWLYRV/DYDULDFLyQGHXQDYDULDEOHHVODGLIHUHQFLDFLyQGH
ODVFDWHJRUtDVQRFXDQWLWDWLYDVSRVLEOHVGHUHJLVWURGHOD PLVPDSRU
HMHPSORVLODYDULDEOHHVSRVHVLyQGHREUDVRFLDOODYDULDFLyQSRVLEOH
VHUi VL OD SHUVRQD WLHQH R QR WLHQH REUD VRFLDO VL OD YDULDEOH HV
Pi[LPRQLYHOGHHVFRODULGDGDOFDQ]DGRODVYDULDFLRQHVUHVXOWDUiQGH
ORV FLFORV HVFRODUHV TXH SXHGH UHDOL]DU OD SREODFLyQ VL VH LQGDJD
VREUHLQJUHVRPHQVXDOHQXQDHPSUHVDVHUiQODVYDULDFLRQHVSRVLEOHV
ORVYDORUHVQXPpULFRVH[SUHVDGRVHQGHWHUPLQDGDXQLGDGPRQHWDULD
8QSDVRDOWHUQDWLYRD ODSUHVHQWDFLyQGHGDWRVREWHQLGRVDSDUWLUGH
ORVLQGLFDGRUHVORUHSUHVHQWDQORVtQGLFHVVXHODERUDFLyQUHSUHVHQWD
XQLQWHQWRGHLUPiVDOOiGHOHPSOHRGHLQGLFDGRUHVpVWRVQRVLHPSUH
VH OOHJDQ D HODERUDU HQ JUDQ FDQWLGDG GH LQYHVWLJDFLRQHV ODV
LQIRUPDFLRQHVTXHVHSUHVHQWDQVHEDVDQHQORVYDORUHVTXHUHVXOWDQ

GHODDSOLFDFLyQGHORVLQGLFDGRUHV(OtQGLFHHVXQYDORUUHVXPHQGH
RWURV YDORUHV GH GLYHUVRV LQGLFDGRUHV GH ODV GLPHQVLRQHV GH XQD
PLVPDYDULDEOHHVLQGLFDWLYRGHOQLYHOGHPDQLIHVWDFLyQHPStULFDGH
XQD YDULDEOH FRQ UHVSHFWR D XQ GHWHUPLQDGR XQLYHUVR VH HULJH SDUD
UHFRQVWUXLU DILQGH EULQGDUXQYDORUXQLILFDGRGH ODPLVPDGHVSXpV
GHKDEHUVLGRGHVJORVDGDHQGLPHQVLRQHVHOtQGLFHHVHOUHVXOWDGRGH
OD DJUXSDFLyQ GH YDULRV LQGLFDGRUHV GH XQD R YDULDV GLPHQVLRQHV D
WUDYpV GHO PLVPR VH VLQWHWL]D HQ XQD FLIUD GHQWUR GH XQ UDQJR GH
YDORUHV R YDULDFLRQHV HO QLYHO QXPpULFR GH XQD YDULDEOH
PXOWLGLPHQVLRQDO /RV tQGLFHV VLVWHPDWL]DQ \ FRQGHQVDQ ODV
FDUDFWHUtVWLFDVD PHGLU GH XQD YDULDEOH LQWHQWDQGR UHXQLUORVYDORUHV
GH ORV GLVWLQWRV LQGLFDGRUHV HQ XQ VyOR YDORU VH FRQVWUX\HQ
SRVWHULRUPHQWH D OD GHWHUPLQDFLyQ GH ORV LQGLFDGRUHV FHUUDQGR HO
SURFHVR GH RSHUDFLRQDOL]DFLyQ HVWR HV HO SDVDMH VHFXHQFLDO GHO
FRQFHSWRDOGDWR
0LHQWUDV TXH FRQ OD XWLOL]DFLyQ GH ORV LQGLFDGRUHV HO LQYHVWLJDGRU
SUHWHQGHFRQFUHWDUHPStULFDPHQWHDWUDYpVGHXQUHJLVWURORVYDORUHV
R HO DOFDQFH GHO VLJQLILFDGR GH XQ FRQFHSWR DEVWUDFWR D WUDYpV GH
WpUPLQRV PiV HVSHFtILFRV HQ WDQWR HOHPHQWRV DFFHVLEOHV D VHU
PHQVXUDEOHVFRQORVtQGLFHVVHEXVFDSURGXFLUXQYDORUGHVtQWHVLVGH
XQD PXOWLSOLFLGDG GH LQGLFDGRUHV SDUD GDU FXHQWD GH XQ SDQRUDPD
JOREDOGHODYDULDEOHDSDUWLUGHHVWDVGLPHQVLRQHV\ORVLQGLFDGRUHV
LPSOLFDGRV XQ HMHPSOR FOiVLFR GHO iPELWR HVFRODU ³«OR TXH
OODPDPRVXQDFDOLILFDFLyQGH H[DPHQ HVGHKHFKRXQ tQGLFH TXHVH
REWLHQH DJUXSDQGR WRGRV ORV UHVXOWDGRV GH WRGDV ODV SUHJXQWDV TXH
FRPSUHQGH HO H[DPHQ XQ tQGLFH FX\D IXQFLyQ HV GDU XQD LPDJHQ
JHQHUDO GHO GHVHPSHxR GHO DOXPQR 9HDPRV DKRUD RWUR HMHPSOR GH
GDWRFRQVWUXLGRORVIDPRVRVtQGLFHV3%,SURGXFWREUXWRLQWHUQRGH

6HJ~Q%DUDQJHU³«HOUHVXOWDGRGHXQDUHGXFFLyQQXPpULFDHVXQtQGLFH«
FRQVLVWHHVHQFLDOPHQWHHQODUHGXFFLyQGHXQHVSDFLRGHSURSLHGDGHV1RH[LVWHSRUOR
GHPiVQLQJXQDPDJLDHQODJHQHUDFLyQGHOtQGLFHHVQXHVWUDFDSDFLGDGLPDJLQDWLYDOD
TXHQRVSHUPLWHLQWURGXFLUXQDLGHDPiVJHQHUDOSDUDVXEVXPLUHQHOOD«ÝDORUHVGH
GLYHUVRVLQGLFDGRUHV

ORV TXH KDEODQ VLQ FHVDU ORV HFRQRPLVWDV´ *LURX[ \ 7UHPEOD\

'LPHQVLyQ,QGLFDGRUYDORUHV
9DULDEOHËQGLFH
6HJXLGDPHQWH VH SUHVHQWDQ XQD VHULH GH HMHPSORV TXH HYLGHQFLDQ

GLIHUHQWHV DUWLFXODFLRQHV HQWUH YDULDEOH GLPHQVLRQHV H LQGLFDGRUHV
HQ HO SULPHUR GH ORV FDVRV VH GHVSOLHJD XQD YDULDEOH VLPSOH \
XQLGLPHQVLRQDO RULJHQ GH ORV LQJUHVRV HQ OD TXH FRQ XQ LQGLFDGRU
DOFDQ]DSDUDFXPSOLUVXIXQFLyQGHUHIHUHQFLDHPStULFDGHODYDULDEOH
HQFXHVWLyQ
9DULDEOH
7,32'(,1*5(626
,QGLFDGRU
2ULJHQ GH ORV LQJUHVRV UHOHYDGR D WUDYpV GH XQD SUHJXQWD GH XQ
FXHVWLRQDULR
9DULDFLRQHVGHODYDULDEOH
x %HQHILFLRGHOFDSLWDO

x 5HQWDV
x +RQRUDULRV
x 6XHOGRV
x 2WUDVUHWULEXFLRQHV
$OWUDEDMDUFRQYDULDEOHVPXOWLGLPHQVLRQDOHVVRQDTXHOODVTXHSRVHH
YDULDV GLPHQVLRQHV HV QHFHVDULR HPSOHDU SRU OR PHQRV WDQWRV
LQGLFDGRUHVFRPRGLPHQVLRQHVSRVHDODYDULDEOH
(MHPSOR
9DULDEOH
*5$'2'('(6$552//2,1'8675,$/
'LPHQVLyQ
&DUDFWHUtVWLFDVGHOSDUTXHLQGXVWULDO
,QGLFDGRUHV
x &DQWLGDG GH HVWDEOHFLPLHQWRV IDEULOHV UHJLVWURV

DGPLQLVWUDWLYRV
x /RFDOL]DFLyQ \ UHODFLyQ HQWUH ORV HVWDEOHFLPLHQWRV IDEULOHV
UHJLVWURVDGPLQLVWUDWLYRV
x ,QIUDHVWUXFWXUD GHO SDUTXH LQGXVWULDO UHJLVWURV
DGPLQLVWUDWLYRV
x $FFHVRVDOSDUTXHREVHUYDFLyQ
'LPHQVLyQ
5HQWDELOLGDGGHODVHPSUHVDVIDEULOHV
,QGLFDGRUHV
x ,QJUHVRVREWHQLGRVUHJLVWURVDGPLQLVWUDWLYRV

x &DQWLGDGGHFDSLWDOLQYHUWLGRUHJLVWURVDGPLQLVWUDWLYRV
x 7LHPSR WUDQVFXUULGR GHVGH TXH VH UHDOL]y OD LQYHUVLyQ
'LPHQVLyQ
&RQVXPRHQHUJpWLFRGHORVHVWDEOHFLPLHQWRVIDEULOHV
,QGLFDGRUHV
x &DQWLGDG .ZK GH FRQVXPR VHPHVWUDO UHJLVWURV

DGPLQLVWUDWLYRV
x 'LVSRVLWLYRV GH JHQHUDFLyQ HOpFWULFD XWLOL]DGRV UHJLVWURV
DGPLQLVWUDWLYRV
'LPHQVLyQ
,QYHUVLyQGHODVHPSUHVDVIDEULOHV
,QGLFDGRUHV
x %LHQHV PRQHWDULRV GLVSXHVWRV SRU ODV HPSUHVDV SDUD HO

IXQFLRQDPLHQWRGHVXSURGXFFLyQUHJLVWURVDGPLQLVWUDWLYRV
x 5HFXUVRV KXPDQRV H[LVWHQWHV HQ ODV XQLGDGHV IDEULOHV
x %LHQHVPRQHWDULRVGHVWLQDGRVDODUHQRYDFLyQGHORVELHQHVGH
FDSLWDOUHJLVWURVDGPLQLVWUDWLYRV
'LPHQVLyQ
([SRUWDFLyQGHODVRUJDQL]DFLRQHVIDEULOHV
,QGLFDGRUHV
x &DQWLGDG GH LQJUHVRV REWHQLGRV SRU YHQWD GH ELHQHV DO

PHUFDGRH[WUDQMHURUHJLVWURVDGPLQLVWUDWLYRV
x 3OD]RV GH HQWUHJD \ SDJRV D WUDYpV GH FRQWUDWRV GH

H[SRUWDFLyQUHJLVWURVDGPLQLVWUDWLYRV
'LPHQVLyQ
'HVDUUROOR ORFDO GH FLHQFLD \ WHFQRORJtD DSOLFDGDV DO GHVDUUROOR

IDEULO
,QGLFDGRUHV
x 9tQFXORV GH ORV HVWDEOHFLPLHQWRV IDEULOHV FRQ RUJDQL]DFLRQHV

UHODFLRQDGDV FRQ OD LQYHVWLJDFLyQ OD FLHQFLD \ OD WHFQRORJtD
HQFXHVWD
x ,QYHUVLyQ GH ODV HPSUHVDV IDEULOHV HQ GHVDUUROOR FLHQWtILFR \
WpFQLFRHQFXHVWD
x $FFHVRDOPHUFDGRGHFDSLWDOHV
x $FFHVRDFUpGLWRVHQFXHVWD
x 7DVD GH LQWHUpV GH FUpGLWRV REWHQLGRV UHJLVWURV
DGPLQLVWUDWLYRV
(MHPSOR
9DULDEOH
&21',&,21(6'(6(*85,'$''(/$6,1'8675,$6
'LPHQVLyQ
&RQGLFLRQHVGHVHJXULGDGGHORVWUDEDMDGRUHV
,QGLFDGRUHV
x 3UHVHQFLD GH SHUWUHFKRV \ DWXHQGRV GH SURWHFFLyQ

REVHUYDFLyQ
x 1LYHO GH FRQRFLPLHQWR GH FRQGLFLRQHVGHVHJXULGDG tWHPVHQ
IRUPDGHSUHJXQWDVHQXQDHQFXHVWD
'LPHQVLyQ

&RQGLFLRQHVGHVHJXULGDGORFDOIDEULO
,QGLFDGRUHV
x 0DWHULDOHVFRQTXHHVWiFRQVWUXLGRREVHUYDFLyQ
x 1~PHURGHSXHUWDVGHVDOLGDREVHUYDFLyQ
x 1~PHUR\WLSRGHYHQWDQDVREVHUYDFLyQ
'LPHQVLyQ
&RQGLFLRQHVGHVHJXULGDGPDTXLQDULDV
,QGLFDGRUHV
x 7LSRVGHSURWHFFLyQGHPiTXLQDV\PRWRUHVREVHUYDFLyQ
x (VSHFLDOL]DFLyQ GHO SHUVRQDO TXH ODV PDQHMD SUHJXQWDV GH
XQDHQFXHVWD
x 6LVWHPDVGHHQWUHQDPLHQWRSUHJXQWDVGHXQDHQFXHVWD
'LPHQVLyQ
&RQGLFLRQHVGHVHJXULGDGLQVWDODFLRQHVDFFHVRULDV
,QGLFDGRUHV
x 7LSRGHLOXPLQDFLyQREVHUYDFLyQ
x $FFHVRDODYDWRULRVREVHUYDFLyQ
x ,QVWDODFLyQHOpFWULFDREVHUYDFLyQ
x ([WLQWRUHVGHLQFHQGLRREVHUYDFLyQ
x 9HQWLODFLyQREVHUYDFLyQ
2WURV HMHPSORV GH RSHUDFLRQDOL]DFLyQ GH XQD YDULDEOH HQ VXV

GLPHQVLRQHVHLQGLFDGRUHVUHVXOWDGH ODDFFLyQGHO RUJDQLVPRUHFWRU
GHODVHVWDGtVWLFDVS~EOLFDVGH$UJHQWLQDHO,1'(&ODYDULDEOHHQ

KWWSVZZZLQGHFJRYDUXSORDGVLQIRUPHVGHSUHQVDLQWHUQHWBB&%$)&SGI

FXHVWLyQHVHODFFHVRDLQWHUQHWTXHVHRUJDQL]DHQGRVGLPHQVLRQHV
DFFHVR ILMRV LPSOLFDQ DTXHOODV FRQH[LRQHV WUDGLFLRQDOHV D LQWHUQHW
FRPRODVFRQH[LRQHVSRUUHGHVWHOHIyQLFDVRSHUDGRUHVGHFDEOHUHGHV
GH ILEUD ySWLFD DO KRJDU H LQDOiPEULFDV ILMDV \ DFFHVRV PyYLOHV
VXSRQHQ ODV FRQH[LRQHV PHGLDQWH GLVSRVLWLYRV SRUWiWLOHV \
RSHUDGRUHVGHUHGHVGHFHOXODUHVFRQVXVUHVSHFWLYRVLQGLFDGRUHV
$FFHVRDLQWHUQHWPyYLO
x $FFHVRV D LQWHUQHW PyYLO SRU FDWHJRUtD ILMR \ UHVLGHQFLDO \

SHUtRGR
x $FFHVRDLQWHUQHWPyYLOSRUFDWHJRUtD\HVWUDWRGHODHPSUHVD
SURYHHGRUD
x $FFHVRDLQWHUQHWPyYLOSRUSURYLQFLD
$FFHVRDLQWHUQHWILMR
x $FFHVRV D LQWHUQHW ILMR SRU FDWHJRUtD ILMR \ UHVLGHQFLDO \

SHUtRGR
x $FFHVR D LQWHUQHW ILMR SRU FDWHJRUtD \ HVWUDWR GH OD HPSUHVD
SURYHHGRUD
x $FFHVRDLQWHUQHWILMRSRUSURYLQFLD
2WUDGLPHQVLRQDOL]DFLyQGHXQDYDULDEOHWUDEDMDGDHQHO,1'(&HVOD
FRUUHVSRQGLHQWHDYHQWDVDFRQVXPLGRUHVDWUDYpVGH OD(QFXHVWDGH
6XSHUPHUFDGRV \ OD (QFXHVWD GH $XWRVHUYLFLRV 0D\RULVWDV WLHQHQ
FRPRSULQFLSDOREMHWLYRPHGLUODHYROXFLyQPHQVXDOGHODVYHQWDVD
ORV FRQVXPLGRUHV ILQDOHV D WUDYpV GH DPERV FDQDOHV GH
FRPHUFLDOL]DFLyQ \ SURYHHU LQIRUPDFLyQ HVWDGtVWLFD FRQWLQXD SDUD HO
DQiOLVLVGHFR\XQWXUD
9HQWDVHQVXSHUPHUFDGRV

KWWSVZZZLQGHFJRYDUXSORDGVLQIRUPHVGHSUHQVDVXSHUBB%%)(SGI

x 9HQWDVWRWDOHVDSUHFLRVFRUULHQWHV
x 9HQWDVWRWDOHVSRUFDQDOGHYHQWD
x 9HQWDVWRWDOHVSRUJUXSRVGHDUWtFXORV
x 9HQWDVWRWDOHVSRUPHGLRGHSDJR
x 9HQWDVWRWDOHVSRUWDPDxRVHJ~QVXSHUILFLH
9HQWDVHQDXWRVHUYLFLRV0D\RULVWDV
x 9HQWDVWRWDOHVDSUHFLRVFRUULHQWHV
x 9HQWDVWRWDOHVSRUFDQDOGHYHQWD
x 9HQWDVWRWDOHVSRUJUXSRVGHDUWtFXORV
x 9HQWDVWRWDOHVSRUPHGLRGHSDJR
x 9HQWDVWRWDOHVSRUWDPDxRVHJ~QVXSHUILFLH
/DV YDULDFLRQHV R YDORUHV GH OD YDULDEOH GHEHQ FXPSOLU FRQ GRV
FRQGLFLRQHV VHU H[KDXVWLYDV \ PXWXDPHQWH H[FOX\HQWHV HQWUH Vt OD
H[KDXVWLYLGDG H[LJH TXH ORV YDORUHV R YDULDFLRQHV GH OD YDULDEOH
FXEUDQWRGDVODVSRVLELOLGDGHVGHUHJLVWURGHODPLVPDSRUHMHPSOR
VLODYDULDEOHHVHOQLYHOGHHVFRODULGDGGHXQDSREODFLyQFRUUHVSRQGH
FRQWHPSODUVH WRGRV ORV QLYHOHV SRVLEOHV GH UHFRUULGR HGXFDWLYR DVt
GHEHUtDQ ILJXUDU ORV VLJXLHQWHV QLYHOHV GH HVFRODULGDG IRUPDO VLQ
LQVWUXFFLyQ SULPDULR VHFXQGDULR WHUFLDULR XQLYHUVLWDULR SRVJUDGR
VL DOJXQR GH HOORV QR HVWXYLHUD FRQWHPSODGR HVWD UHJOD GH
H[KDXVWLYLGDGQRVHFXPSOLUtD
/D PXWXD H[FOXVLyQ HQWUH ODV RSFLRQHV GH OD YDULDEOH VXSRQH TXH HO
UHJLVWURGHXQDGHODVYDULDFLRQHVGHVFDUWDHOSRVLEOHUHJLVWURGHOUHVWR
GHODVGHPiVRSFLRQHVSRUHMHPSORVLVHTXLVLHUDUHJLVWUDUODHGDGGH
ORVYRWDQWHVVHSRGUtDQFRQVWUXLUODVVLJXLHQWHVGLIHUHQFLDFLRQHVHQWUH
\DxRVHQWUH\DxRVHQWH\DxRVHQWUH\
DxRVPiVGHDxRVOD HODERUDFLyQHQGHHVWDVFDWHJRUtDVSHUPLWH
TXHVHH[FOX\DQPXWXDPHQWHDOVHUUHJLVWUDGDVFRPRGDWRV\DTXHXQ
HQFXHVWDGR DO VHxDODU XQD GH ODV UHVSXHVWDV ODV RWUDV TXHGDQ

GHVFDUWDGDV +D\ H[FHSFLRQHV GH HVWD FRQGLFLyQ GH H[FOXVLyQ GH

FDWHJRUtDV FRPR RFXUUH FXDQGR ODV YDULDFLRQHV GH OD YDULDEOH
SRVLELOLWDQ PiV GH XQD SRVLELOLGDG GH UHJLVWUR SRU HMHPSOR VL VH
SUHWHQGLHUD HVWDEOHFHU HO WLSR GH LQYHUVLRQHV UHDOL]DGDV HQ HO ~OWLPR
DxR SRU SDUWH GH XQD FDUWHUD GH FOLHQWHV ODV SRVLEOHV RSFLRQHV GH
UHVSXHVWD R UHJLVWUR QR VH DQXODQ HQWUH Vt GHELGR D TXH SXHGHQ VHU
FRPSOHPHQWDULDVRVLPXOWiQHDV\DTXHODVDOWHUQDWLYDVGHLQYHUVLRQHV
GXUDQWHHOSHULRGRGHXQDxRSXHGHQVHUP~OWLSOHV\FRPSXHVWDV/RV
WLSRV GH YDULDEOHV VH FRQILJXUDQ SRU DFFLyQ GHO LQYHVWLJDGRU SDUD
WUDEDMDUODVHVWDGtVWLFDPHQWHDSDUWLUGHVXQLYHOGHPHGLFLyQXQDYH]
ILQDOL]DGR HO WUDEDMR GH FDPSR \ FRQ HO UHJLVWUR GH ORV GDWRV /DV
YDULDEOHVVHFDWHJRUL]DQGHODVLJXLHQWHPDQHUD
x 1RPLQDOHVHQHVWDVYDULDEOHVVXVYDULDFLRQHVVHFODVLILFDQHQ
GRVRPiVFDWHJRUtDVVHSXHGHHVWDEOHFHUH[FOXVLYDPHQWHGLVWLQFLyQ
HQWUHHOODVKD\GLIHUHQFLDVGHHOHPHQWRVGHVGHHOSXQWRGHYLVWDGHOD
SRVHVLyQGHGHWHUPLQDGDVFDUDFWHUtVWLFDVQRKD\MHUDUTXtDVHQWUHODV
FDWHJRUtDV R YDULDFLRQHV VyOR SUHVHQWDQ GLIHUHQFLDV HQ OD YDULDEOH
³«D FDGD XQD GH ODV FDWHJRUtDV VH OH DVLJQDQ DWULEXWRV GLIHUHQWHV
TXH SXHGHQ VHU WDQWR QRPEUHV FRPR Q~PHURV $KRUD ELHQ VL
DVLJQDPRVQ~PHURVSRUHMHPSOR\VRORSXHGHQLQWHUSUHWDU
FRPR TXH VRQ GLIHUHQWHV HQWUH Vt HVWR HV TXH VLQ TXH VH
SXHGD DILUPDU TXH XQR HV VXSHULRU D RWUR \ SRU WDQWR VLQ TXH VH
SXHGD RUGHQDU´ *DUFtD )HUUDQGR $ VX YH] SXHGHQ VHU
GLFRWyPLFDV FXDQGR SRVHHQ GRV YDULDFLRQHV R FDWHJRUtDV SRU
HMHPSOR VH[R YDUyQPXMHU SRVHVLyQ GH DXWRPyYLO SRVHH
DXWRPyYLO VLQR DOIDEHWL]DFLyQ VDEH OHHU \ HVFULELU VLQR R
FDWHJyULFDV FXDQGR SUHVHQWDQ PiV GH GRV YDULDFLRQHV R FDWHJRUtDV
FRPRSRUHMHPSORUHOLJLyQQDFLRQDOLGDGRHVWDGRFLYLO $HVWH WLSR
GHYDULDEOHQRVHOHSXHGHQDSOLFDU RSHUDFLRQHVDULWPpWLFDV FRPROD
VXPDUHVWDPXOWLSOLFDFLyQ\GLYLVLyQGHVXVYDORUHV
x 2UGLQDOHVHVWHWLSRGHYDULDEOHVHRUGHQDHQFDWHJRUtDVVHJ~Q
HO JUDGR HQ TXH SRVHHQ XQD GHWHUPLQDGD FDUDFWHUtVWLFD R SURSLHGDG
QR EULQGDQ LQIRUPDFLyQ VREUH ODV PDJQLWXGHV UHDOHV TXH GLIHUHQFLDV

ODV FDWHJRUtDV RUGHQDGDV ORV Q~PHURV GH FDGD FDWHJRUtD QR VRQ
YDORUHVFXDQWLWDWLYRVVyORGHILQHQSRVLFLRQHVRMHUDUTXtD$HVWHWLSR
GH YDULDEOHV WDPSRFR VH OH SXHGH DSOLFDU RSHUDFLRQHV DULWPpWLFDV
VXPD UHVWD PXOWLSOLFDFLyQ \ GLYLVLyQ HQWUH HVWDV FDWHJRUtDV R
YDULDFLRQHV VyOR VH HVWDEOHFH GLVWLQFLyQ \ RUGHQ FRPR VH SUHVHQWD
SRUHMHPSORFRQORVUROHVLQVWLWXFLRQDOHVGHQWURGHXQDRUJDQL]DFLyQ
FRQ OD FDOLILFDFLyQ GH JHVWLyQ GH XQ VHUYLFLR R FRQ HO SUHVWLJLR
SURIHVLRQDOGHXQDUDPDGHODDFWLYLGDGHFRQyPLFD
x 'HLQWHUYDORVDGHPiVGHXQRUGHQHQODVYDULDFLRQHVGHHVWDV
YDULDEOHVVHSUHFLVDQODVGLVWDQFLDVH[DFWDVHQWUHODVFDWHJRUtDV6HOH
DVLJQD D XQD GH ODV FDWHJRUtDV XQ YDORU ³FHUR´ \ D SDUWLU GH pVWH VH
FRQVWUX\H XQD HVFDOD XQLIRUPH D SDUWLU GHO HVWDEOHFLPLHQWR
FRQYHQFLRQDOGHVXVXQLGDGHVGHPHGLGD/RVYDORUHVGHHVWHWLSRGH
YDULDEOH LQGLFDQ GLVWLQFLyQ RUGHQ \ GLVWDQFLD ³«OD DVLJQDFLyQ GH
Q~PHURVDODVGLIHUHQWHVFDWHJRUtDVGHORVREMHWRVRDFRQWHFLPLHQWRV
HVWDQSUHFLVDTXHSRGHPRVFRQRFHUFXiQDPSOLRVVRQORVLQWHUYDORV
GLVWDQFLDVHQWUHWRGRVORVREMHWRVGHODHVFDOD/RTXHFDUDFWHUL]DD
XQDHVFDODGHLQWHUYDORHVODH[LVWHQFLDGHXQDXQLGDGGHPHGLFLyQ
FRP~Q\FRQVWDQWHTXHSHUPLWHDVLJQDUXQQ~PHURUHDODWRGRVORV
SDUHVGHREMHWRVGHOFRQMXQWRRUGHQDGR(QXQDHVFDODGHLQWHUYDOR
HO SXQWR FHUR \ OD XQLGDG GH PHGLFLyQ VRQ DUELWUDULRV«´ *DUFtD
)HUUDQGR VH OH SXHGHQ DSOLFDU WRGR WLSR GH RSHUDFLRQHV
DULWPpWLFDVVXPDUHVWDPXOWLSOLFDFLyQ\GLYLVLyQHMHPSORVGHHVWH
WLSR GH YDULDEOH OR FRQVWLWX\HQ OD WHPSHUDWXUD HO FRHILFLHQWH GH
LQWHOLJHQFLDODSUHGLVSRVLFLyQDOULHVJRRODDFWLWXGSXQWXDGDKDFLDXQ
GHWHUPLQDGRWHPD
x 'HUD]yQODGLIHUHQFLDFRQHODQWHULRUWLSRGHYDULDEOHHVTXH
VX YDORU ³FHUR´ HV UHDO HVWR LPSOLFD TXH KD\ XQ SXQWR HQ OD HVFDOD
GRQGH QR H[LVWH HVD SURSLHGDG ³«VyOR HV DUELWUDULD OD XQLGDG GH
PHGLGD QRDVt HOSXQWR FHUR«´ *DUFtD)HUUDQGR HMHPSORV
GHHVWDYDULDEOHSRGUtDQVHUODFDQWLGDGGHKLMRVVDODULRPHQVXDOHQ
GHWHUPLQDGD PRQHGD OD DQWLJHGDG ODERUDO HQ DxRV OD
SURGXFWLYLGDG IDEULO FDQWLGDG GH SLH]DV OD YHQWD PHQVXDO GH
SURGXFWRVRODVKRUDVGLDULDVGHH[SRVLFLyQDOD79

7LSRVGHKLSyWHVLV
/DVKLSyWHVLVVHSXHGHQFODVLILFDUHQGHVFULSWLYDVFRUUHODFLyQDOHVGH
GLIHUHQFLD GH JUXSR \ FDXVDOHV R H[SOLFDWLYDV VHJ~Q FXiOHV VHDQ ORV
REMHWLYRV GH LQYHVWLJDFLyQ SRU HOOR HV SUHFLVR VXEUD\DU TXH GHEH
KDEHUXQDPi[LPDFRKHUHQFLDHQWUHHOREMHWLYRJHQHUDO\ODKLSyWHVLV
SRUHMHPSORVLHOREMHWLYRHVGHVFULSWLYRWDPELpQORWHQGUiTXHVHUOD
KLSyWHVLV 6HJXLGDPHQWH VH SUHVHQWDQFDUDFWHUtVWLFDV GH FDGDWLSRGH
KLSyWHVLV
'HVFULSWLYDVVRQKLSyWHVLVTXHUHVSRQGHQDODQHFHVLGDGGHSUHFLVDU
R HQXPHUDU SURSLHGDGHV R FDUDFWHUtVWLFDV FRPR SRU HMHPSOR OD
VLWXDFLyQODERUDOODVRSLQLRQHVODVDFWLWXGHVRHOQLYHOHVFRODUGHXQ
GHWHUPLQDGR XQLYHUVR 6RQ DILUPDFLRQHV TXH VH UHILHUHQ D XQD
UHJXODULGDG HPStULFD GH OD TXH VH HVSHUD FRPSUREDU GHWHUPLQDGRV
YDORUHV GH ODV YDULDEOHV TXH VH YDQ D UHJLVWUDU HQ XQ GHWHUPLQDGR
FRQWH[WR D WUDYpV GH HOODV HO LQYHVWLJDGRU LQWHQWD UHVROYHU XQD
DXVHQFLD FRJQLWLYD GH FDUiFWHUGHVFULSWLYR (MHPSORV GH HVWHWLSR GH
KLSyWHVLVVHH[SRQHQDFRQWLQXDFLyQ
/RV HPSUHVDULRV GHO VHFWRU WH[WLO RSLQDQ TXH OD FDtGD HQ VX
SURGXFFLyQVHGHEHDODIDOWDGHPDQRGHREUDFDOLILFDGDGHELGRDVX
LGHRORJtDOLEHUDO
/RVFRORUHVDFW~DQFRPRYHKtFXORVTXHQRVFRQHFWDQFRQODHVHQFLD
GHQXHVWUDVQHFHVLGDGHV\QRVUHPLWHQDSODQRVEiVLFRVTXHHVFDSDQ
DOXVRFRQVFLHQWHHQODHOHFFLyQGHOSURGXFWR
/RV SURIHVLRQDOHV LQIRUPiWLFRV UHFLELGRV HQ XQLYHUVLGDGHV S~EOLFDV

SUHILHUHQPD\RUWLHPSROLEUHTXHDXPHQWRVVDODULDOHV
&RQXUEDQR %RQDHUHQVH FRQVXPHQ VHJXQGDV PDUFDV GH DUWtFXORV GH
OLPSLH]D

SHUMXGLFDODHVWDELOLGDGHFRQyPLFD
&RUUHODFLyQDOHV FRQ HVWDV KLSyWHVLV VH SUHWHQGH FRPSUREDU

HPStULFDPHQWHODUHODFLyQDVRFLDFLyQYLQFXODFLyQFRUUHODFLyQHQWUH
ORV YDORUHV R YDULDFLRQHV GH GRV R PiV YDULDEOHV HV LPSRUWDQWH
UHVDOWDUTXHODFRUUHODFLyQHQWUHYDULDEOHVQRLPSOLFDTXHHVWpQHQXQD
UHODFLyQGHFDXVD\HIHFWRFRQHVWDKLSyWHVLVVyORVHFRQMHWXUDTXHD
PHGLGDTXHYDUtDQORVYDORUHVGHXQDGHODVYDULDEOHVFRQWUROHQODV
WDUHDV ORV YDORUHV GH OD RWUD YDULDEOH WDPELpQ YDULDUiQ DXWRHVWLPD
ODERUDO 6H SUHVHQWDQ VHJXLGDPHQWH FLQFR HMHPSORV GH HVWDV
KLSyWHVLV
/D LQFRUSRUDFLyQ GH OD PXMHU HQ HO PXQGR ODERUDO VH YLQFXOD DO
DXPHQWR HQ OD FRPSUD GH SURGXFWRV FRPHVWLEOHV OLVWRV R GH UiSLGD
SUHSDUDFLyQ
/DDILOLDFLyQVLQGLFDOGHORVREUHURVGHODFRQVWUXFFLyQVHDVRFLDD
XQDDFWLWXGGHH[LJHQFLDGHVHJXULGDGODERUDO
/RV LQFHQWLYRV HFRQyPLFRV VRQ PiV HILFLHQWHV HQ WpUPLQRV GH

SURGXFWLYLGDG \ QLYHO GH SUHVHQWLVPR TXH ORV LQFHQWLYRV PRUDOHV HQ
ORV WUDEDMDGRUHV GH PiV GH DxRV GH DQWLJHGDG TXH HQ ORV
WUDEDMDGRUHVGHDxRVRPHQRVGHDQWLJHGDG
(O QLYHO HGXFDWLYR GH ORV WUDEDMDGRUHV HVWi DVRFLDGR D VX

SDUWLFLSDFLyQVLQGLFDO
'LIHUHQFLD GH JUXSR HV XQD DILUPDFLyQ KLSRWpWLFD TXH VXSRQH TXH
H[LVWHQ GLIHUHQFLDV HQWUH GRV R PiV JUXSRV FRPSDUDEOHV TXH
FRQIRUPDQ XQD XQLGDG FRPR XQLYHUVR SRU HMHPSOR HVWXGLDQWHV
XQLYHUVLWDULRV SHUR TXH FRQ UHVSHFWR D FLHUWD YDULDEOH VH GLVWLQJXHQ
HQWUHVtVHFWRUGHJHVWLyQHVWRHVVLVRQGHXQLYHUVLGDGHVSULYDGDVR
S~EOLFDV SDUD YHULILFDU VL HVD GLVFUHSDQFLD VH DVRFLD D GLVLPLOHV

YDORUHVGHRWUDYDULDEOHUHQGLPLHQWRDFDGpPLFR&LQFRHMHPSORVGH

HVWHWLSRGHKLSyWHVLVVHSUHVHQWDQDFRQWLQXDFLyQ
/RVDOXPQRVYDURQHVTXHQRSRVHHQXQHPSOHRHVWDEOHWLHQHQPD\RU
DXVHQWLVPRTXHDTXHOORVDOXPQRVFRQHVWDELOLGDGODERUDO
/RVHPSOHDGRVGHOtQHDGHODVHPSUHVDVDXWRPRWULFHVDUJHQWLQDVVRQ
PiVUHVLVWHQWHVDOFDPELRTXHVXVDOWRVHMHFXWLYRVFXDQGRODHPSUHVD
DSOLFD UHHVWUXFWXUDFLRQHV WUDGLFLRQDOHV TXH FXDQGR HPSOHD
UHHVWUXFWXUDFLRQHVQRFRQYHQFLRQDOHV
/RVDOXPQRVGHHVFXHODVHVWDWDOHVSUHVHQWDQUHQGLPLHQWRVHVFRODUHV
GLIHUHQFLDOHVFRQUHVSHFWRDORVDOXPQRVGHHVFXHODVSULYDGDV
/DVPXMHUHVSUHILHUHQLQYHUVLRQHVILQDQFLHUDVPiVSUXGHQWHVTXHORV
YDURQHV
/DV SHTXHxDV HPSUHVDV FRQVWUXFWRUDV SUHVHQWDQ PD\RU HODVWLFLGDG

HQODVGHFLVLRQHVTXHODVJUDQGHVHPSUHVDVFRQVWUXFWRUDV
&DXVDOHV D WUDYpV GH HVWDV KLSyWHVLV QR VyOR VH EXVFD H[SOLFDU XQD
FRUUHODFLyQHQWUHYDULDEOHVVLQRFyPRHVWiQDVRFLDGDVODVPLVPDVHQ
XQD GHWHUPLQDGD GLUHFFLRQDOLGDG GH FDXVD \ HIHFWR HQ HVWH WLSR GH
KLSyWHVLVVHHVWDEOHFHODFRUUHODFLyQ\HOVHQWLGRGHHVWDDVRFLDFLyQR
FDXVDOLGDG ODVYDULDFLRQHV HQXQDYDULDEOHDXPHQWRGHOD GHPDQGD
GH ELHQHV SULPDULRV TXH VRQ FDXVD QHFHVDULD SDUD TXH RFXUUDQ
YDULDFLRQHV HQ OD RWUD YDULDEOH GHVDUUROOR GH OD LQYHUVLyQ HQ
WHFQRORJtD /D YDULDEOH TXH VH SODQWHD FRPR OD FDXVD GH ODV
YDULDFLRQHV HQ OD RWUD YDULDEOH VH OD GHQRPLQD LQGHSHQGLHQWH OD
YDULDEOHTXHUHJLVWUDHOHIHFWRGHODVYDULDFLRQHVHQODLQGHSHQGLHQWH
RTXHVXIUHODVFRQVHFXHQFLDVHVODYDULDEOHGHSHQGLHQWH
/DV KLSyWHVLV FDXVDOHV SXHGHQ VHU ELYDULDGDV FRQWHQHU VROR GRV

YDULDEOHV XQD LQGHSHQGLHQWH \ XQD GHSHQGLHQWH R PXOWLYDULDGDV
GHQWURGHODVPXOWLYDULDGDVH[LVWHQWUHVVXEWLSRV

XQDLQGHSHQGLHQWH\YDULDVGHSHQGLHQWHV
YDULDVLQGHSHQGLHQWHV\XQDGHSHQGLHQWH
YDULDVLQGHSHQGLHQWHV\YDULDVGHSHQGLHQWHV
=HWWHUEHUJHVWDEOHFHFULWHULRVGHFODVLILFDFLyQGHODVUHODFLRQHV

GHFDXVDOLGDGHQODVKLSyWHVLVHVWDUHODFLyQGHFDXVDOLGDGSXHGHVHU
x 5HYHUVLEOH VL DXPHQWD OD LQWHUDFFLyQ HQ XQ JUXSR GH WUDEDMR
DXPHQWD VX LQWLPLGDG \ VL DXPHQWD VX LQWLPLGDG DXPHQWD VX
LQWHUDFFLyQRLUUHYHUVLEOHVLHOWDPDxRGHXQDRUJDQL]DFLyQVHHOHYD
VH SURGXFH XQD EXURFUDWL]DFLyQ GH VXV YtQFXORV SHUR VL HQ XQD
RUJDQL]DFLyQ KD\ XQD EXURFUDWL]DFLyQ GH VXV YtQFXORV QR VH SXHGH
HVWDEOHFHUQLQJXQDFRQFOXVLyQVREUHHOWDPDxRGHODPLVPD
x 'HWHUPLQLVWD VL DXPHQWD OD PRWLYDFLyQ ODERUDO GH ORV
WUDEDMDGRUHV HQWRQFHV VLHPSUH DXPHQWD OD SURGXFWLYLGDG GH ORV
PLVPRV R HVWRFiVWLFD VL HO (VWDGR GHVPHUFDQWLOL]D ORV VHUYLFLRV
VRFLDOHV EiVLFRV HQWRQFHV SUREDEOHPHQWH VH GLQDPLFH OD PRYLOLGDG
VRFLDO
x 'H VHFXHQFLD VL HO (VWDGR GHVUHJXOD OD HFRQRPtD
LQGLVFULPLQDGDPHQWH HQWRQFHV PiV WDUGH VH GHVLQGXVWULDOL]DUi OD
HFRQRPtD GHO SDtV R FRH[LVWHQWH VL KD\ XQ HOHYDGR QLYHO GH
PRYLOLGDG VRFLDO HQWRQFHV WDPELpQ KD\ UHVLVWHQFLD GH OD FODVH
WUDEDMDGRUDHQDFHSWDULGHRORJtDVUDGLFDOHV
x 1HFHVDULD VL KD\ LQFHQWLYRV PRUDOHV HQ OD RUJDQL]DFLyQ
ODERUDO EULQGDGRV SHUVRQDOPHQWH SRU ODV DXWRULGDGHV GH PD\RU
UHFRQRFLPLHQWRSHURVRORVLHVEULQGDGRSRUHVWDVSHUVRQDVHQWRQFHV
KD\ XQD DXPHQWR HQ OD FRKHVLyQ GH ORV WUDEDMDGRUHV KDFLD OD
RUJDQL]DFLyQRVXVWLWXLEOH VLKD\ XQD UHFHVLyQHFRQyPLFD HQWRQFHV
VHSURGXFHXQFRPSRUWDPLHQWRFRQVHUYDGRUGHORVDKRUULVWDVSHURVL
KD\UXPRUHVRUJDQL]DGRVDWUDYpVGHORVPHGLRVGHFRPXQLFDFLyQGH
FULVLV HFRQyPLFD HQWRQFHV WDPELpQ VH SURGXFH XQ FRPSRUWDPLHQWR
FRQVHUYDGRUGHORVDKRUULVWDV

(MHPSORVGHKLSyWHVLVFDXVDOHV
/D VREUHFDUJD ODERUDO HQ ODV HPSUHVDV GH VHUYLFLRV GH FRPLGD
UiSLGD VH DPRUWLJXD D SDUWLU GH GHFLVLRQHV GH HVWUDWHJLDV GH
UHGLVWULEXFLyQGHWDUHDV
(O HVWUpV FDXVDGR SRU HO WUDEDMR UXWLQDULR VH UHGXFH D WUDYpV GHO
HQULTXHFLPLHQWRGHODVWDUHDV\DVHJXUDQGRTXHWRGRVORVHPSOHDGRV
WHQJDQFLHUWRFRQWUROVREUHHOODV
&DSDFLWDU D ORV MHIHV HQ KDELOLGDGHV GH OLGHUD]JR \ PDQHMR GH

HTXLSRVHOHYDODPRWLYDFLyQODERUDOGHORVHPSOHDGRV
/RVQLYHOHVGHFRQRFLPLHQWRVGHKLVWRULDDUJHQWLQDGHORVDOXPQRVGH
OD 81/X LQIOX\HQ HQ HO LQWHUpV VREUH OD VLWXDFLyQ VRFLRSROtWLFD GHO
SDtV
/DV HPSUHVDV DJURLQGXVWULDOHV GH OD SURYLQFLD GH &yUGRED

PDQWLHQHQ XQD HOHYDGD SURGXFFLyQ GHELGR DO XVR GH WHFQRORJtD
LPSRUWDGD

*XtDGHSUHJXQWDV
¢4Xp VRQ ODV KLSyWHVLV \ FXiO HV VX IXQFLyQ GHQWUR GH OD
LQYHVWLJDFLyQ"
¢(QTXpFDVRVHVSRVLEOHQRXWLOL]DUKLSyWHVLV"
'HILQLUORVFRQFHSWRV8QLYHUVR8QLGDGGH$QiOLVLV\8QLGDGGH
5HJLVWUR
¢&XiOHVVRQORVFRPSRQHQWHVHVWUXFWXUDOHVGHXQDKLSyWHVLV"
¢&yPRVHFODVLILFDQODVKLSyWHVLV"(MHPSOLILFDU
(VWDEOHFHU HO VLJQLILFDGR GH OD GHILQLFLyQ WHyULFD \ GHILQLFLyQ

RSHUDFLRQDOGHODVYDULDEOHV(MHPSOLILFDU
'LIHUHQFLDU ODV YDULDEOHV VLPSOHV GH ODV YDULDEOHV FRPSOHMDV

(MHPSOLILFDU
'HILQLU\H[SOLFDUORVVLJXLHQWHVFRQFHSWRV
'LPHQVLRQHVGHODYDULDEOH,QGLFDGRUHVGHODYDULDEOHËQGLFHV
¢&XiOHV VRQ ORV WLSRV GH YDULDEOH" 'HVDUUROODU FDGD XQD \
HMHPSOLILFDU
¢&XiO HV OD UHODFLyQ TXH VH HVWDEOHFH HQWUH ORV REMHWLYRV \ OD
KLSyWHVLV"

$&7,9,'$'
3ODQWHDU XQD LQYHVWLJDFLyQ XWLOL]DQGR FRPR UHIHUHQFLD HO WH[WR

SUHVHQWDGRDFRQWLQXDFLyQHVWHSODQWHDPLHQWRGHEHFRQWHQHU
7HPD
3UREOHPD
2EMHWLYRVGHLQYHVWLJDFLyQ
3URSyVLWR
8QLYHUVR
9DULDEOHV
7LSRGHLQYHVWLJDFLyQ
+LSyWHVLV
813/$125*$1,=$&,21$/3$5$$7$&$5/$6&$86$6'(/
(675e6/$%25$/
(O SDUDGLJPD FOiVLFR VREUH HO HVWUpV VXSRQH XQD DSUR[LPDFLyQ

LQGLYLGXDO HO HVWUpV HV XQD SDWRORJtD GH ORV LQGLYLGXRV \ SRU OR
WDQWR GHEH VHU JHVWLRQDGR SRU FDGD SHUVRQD 1R REVWDQWH HVWH
HQIRTXH KD VLGR VHYHUDPHQWH FULWLFDGR HQ ORV ~OWLPRV DxRV SRU
FRQVLGHUDU DO VXMHWR GHVGH XQD SHUVSHFWLYD GHVFRQWH[WXDOL]DGD
GHVSROLWL]DGD \ DKLVWyULFD /DV H[SHULHQFLDV VXEMHWLYDV GH HVWUpV QR
SXHGHQ FRPSUHQGHUVH FRUUHFWDPHQWH VL VH VHSDUD DO VXMHWR GH VX
FRQWH[WR\QRVHORFRQFLEHFRPRFDSD]GHLQIOXLUVREUHpO3RUHVR
OD XQLGDG GH DQiOLVLV GHEH VHU HO JUXSR (V XQD UHDOLGDG TXH ORV
WUDEDMDGRUHV HQ VLWXDFLyQ GH EXUQRXW VH FRQFHQWUDQ HQ
GHWHUPLQDGDV XQLGDGHV GH WUDEDMR HQ OXJDU GH GLVWULEXLUVH
DOHDWRULDPHQWH HQWUH WRGRV ORV HTXLSRV (O LQYHVWLJDGRU 5REHUW
*ROHPELHZVNL SRU HMHPSOR FRQVWDWy TXH VL XQD SHUVRQD HQ XQ

HTXLSRHVWDED³TXHPDGD´HUDPiVSUREDEOHTXHHOUHVWRGHOHTXLSR
WDPELpQ OR HVWXYLHUD 'HVGH HVWD SHUVSHFWLYD HO VLJXLHQWH SURFHVR
HVFDORQDGR EULQGD DOJXQRV OLQHDPLHQWRV SDUD TXH OD HPSUHVD
HODERUHXQSODQGHSUHYHQFLyQGHOHVWUpVGHVXVHPSOHDGRV
(QSULPHUOXJDUHVQHFHVDULRWUDEDMDUHQORVGLVWLQWRVQLYHOHVGHOD
HPSUHVD HQ OD FRQFLHQWL]DFLyQ DFHUFD GH ODV FDXVDV GHO HVWUpV
7RGRVGHVGHHO&(2KDVWDHOHPSOHDGRGHOtQHDGHEHQFRPSUHQGHU
TXH HO HVWUpV ODERUDO HV XQ JUDYH SUREOHPD \ TXH OD RUJDQL]DFLyQ
WLHQHODUHVSRQVDELOLGDGGHWRPDUPHGLGDVSDUDVROXFLRQDUOR/XHJR
HV QHFHVDULR UHDOL]DU XQ DQiOLVLV GHWDOODGR GH ODV FRQGLFLRQHV GH
WUDEDMR \ ODV FDUDFWHUtVWLFDV LQGLYLGXDOHV GH ORV JUXSRV GH ULHVJR D
WUDYpVGHHQFXHVWDV\HQWUHYLVWDV(OREMHWLYRFRQVLVWHHQGHWHFWDUODV
FDXVDVGHHVWUpV¢HVSRUHOJUDGRGHH[LJHQFLDGHODWDUHD"¢6HGHEH
DO HVFDVR JUDGR GH SDUWLFLSDFLyQ \ FRQWURO TXH VH EULQGD DO
HPSOHDGR" ¢(O HVWUpV VXUJH GH XQ SREUH PDQHMR GH ODV UHODFLRQHV
LQWHUSHUVRQDOHV" ¢6H GHEH D ODV HVFDVDV SHUVSHFWLYDV GH GHVDUUROOR
SURIHVLRQDO"¢(VODMRUQDGDODERUDOGHPDVLDGRH[WHQVD"¢(OVDODULR
HVGHPDVLDGREDMR"
8QD YH] GHWHFWDGDV ODV FDXVDV RUJDQL]DFLRQDOHV GHO HVWUpV HV

QHFHVDULR FRQVWUXLU SODQHV GH DFFLyQ SDUD PLWLJDUODV 'HVGH OXHJR
FDGD HPSUHVD GHEHUi HQFRQWUDU ODV VROXFLRQHV D VXV SUREOHPDV
HVSHFtILFRV 6LQ HPEDUJR DOJXQDV SRVLEOHV PHGLGDV VRQ ODV
VLJXLHQWHV
/D VREUHFDUJD ODERUDO SXHGH DOLYLDQDUVH UHGLVWULEX\HQGR WDUHDV

HQWUHORVPLHPEURVGHOHTXLSRRFRQWUDWDQGRQXHYRVWUDEDMDGRUHV
(OHVWUpVFDXVDGRSRUHOWUDEDMRUXWLQDULRSXHGHUHGXFLUVHDWUDYpV
GHO HQULTXHFLPLHQWR GH ODV WDUHDV \ DVHJXUDQGR TXH WRGRV ORV
HPSOHDGRVWHQJDQFLHUWRFRQWUROVREUHHOODV
6LORVHPSOHDGRVVLHQWHQTXHFDUHFHQGHDSR\RGHODRUJDQL]DFLyQ
HV LPSRUWDQWH FDSDFLWDU D ORV MHIHV HQ KDELOLGDGHV GH OLGHUD]JR \

PDQHMRGHHTXLSRV
8QD FDXVD IUHFXHQWH GH HVWUpV HV OD SHUFHSFLyQ SRU SDUWH GHO
HPSOHDGRGHFLHUWDDPELJHGDGGHODWDUHDRGHODPELHQWHODERUDO
(VWR SXHGH UHGXFLUVH EULQGDQGR GHVFULSFLRQHVGHOWUDEDMR \ ILMDQGR
UHJODVFODUDV
8QD YH] HVWDEOHFLGR XQ SODQ GH DFFLyQ SDUD PLWLJDU ODV FDXVDV GH
HVWUpV OOHJD OD KRUD GH HMHFXWDUOR 3DUD HVWR HV QHFHVDULR EXVFDU
VSRQVRUVKLS\DSR\RGHODDOWDGLUHFFLyQDVtFRPRHOFRPSURPLVR
GH WRGRV ORV WUDEDMDGRUHV LQYROXFUDGRV )LQDOPHQWH HV QHFHVDULR
HYDOXDU VL OD LQWHUYHQFLyQ KD VLGR HIHFWLYD SDUD DOFDQ]DU VXV
REMHWLYRV ¢&XiO HV OD UHODFLyQ FRVWREHQHILFLR" ¢&XiO KD VLGR HO
LPSDFWR ILQDQFLHUR" ¢7XYR HO SODQ HIHFWRV LQHVSHUDGRV" (Q EDVH D
HVWH DQiOLVLV OD HPSUHVD SRGUi UHILQDU HO SODQ SDUD XQ PHMRU
FXPSOLPLHQWRGHVXVREMHWLYRV(QGHILQLWLYDHOHVWUpVODERUDOLPSRQH
XQDWHUULEOHFDUJDVREUHHOELHQHVWDUGHFDGDWUDEDMDGRULQGLYLGXDO
6LQHPEDUJRQRVHWUDWDGHXQDSDWRORJtDGHFDGDSHUVRQDVLQRXQ
UHVXOWDGR GH FLHUWRV HVTXHPDV \ SUiFWLFDV RUJDQL]DFLRQDOHV 3RU OR
WDQWR FRQ XQ SODQ ELHQ GLVHxDGR \ HMHFXWDGR ODV HPSUHVDV SXHGHQ
UHPRYHU PXFKDV GH ODV FDXVDV GH HVWUpV \ FUHDU FRQGLFLRQHV
ODERUDOHVySWLPDVTXHGHVDWHQHOSRWHQFLDOGHVXVWUDEDMDGRUHV
$&7,9,'$'
([WUDHU GHO WH[WR WUHV YDULDEOHV \ FRQVWUXLU ODV GLPHQVLRQHV TXH

SHUPLWLUtDQODRSHUDFLRQDOL]DFLyQGHODVPLVPDV
3Ï1*$6((1/Ë1($&21/$027,9$&,Ï1
0XFKRVVRVWLHQHQTXHHOWDOHQWRGHORVWUDEDMDGRUHVHVHVHQFLDOSDUD
HOp[LWRGHXQDHPSUHVD6HJ~Q2OLYHU*RWWVFKDOJ\0DXULFLR=ROOR
GHO,16($'HVWRHVIDOVR/RTXHLPSRUWDQRHVTXHORVHPSOHDGRV
WHQJDQWDOHQWRVLQRTXHORSRQJDQDOVHUYLFLRGHODFRPSDxtD<HVWR

QR HV WDUHD VHQFLOOD (Q ORV ~OWLPRV DxRV HQWUH DFDGpPLFRV \
HMHFXWLYRV VH GLVSDUy HO LQWHUpV GHO JHUHQFLDPLHQWR GH UHFXUVRV
KXPDQRV FRPR IXHQWH GH YHQWDMDV FRPSHWLWLYDV /D FDUUHUD SRU HO
WDOHQWR VH H[DFHUED OD PDWHULD JULV HVFDVHD 6L FXHVWD WDQWR
FRQVHJXLUOR ¢SRU TXp QR DSURYHFKDUOR DO Pi[LPR" 6L ORV
WUDEDMDGRUHV QR HVWiQ PRWLYDGRV SRU ORV ILQHV HVWUDWpJLFRV GH OD
FRUSRUDFLyQ ¢GH TXp VLUYH WHQHU D ORV PHMRUHV" 6HJ~Q 2OLYHU
*RWWVFKDOJ \ 0DXUL]LR =ROOR GHO ,16($' HO DOLQHDPLHQWR FRQ ORV
LQWHUHVHVGHODRUJDQL]DFLyQHVHOGHWHUPLQDQWHFUXFLDOGHOJUDGRHQ
TXHODVILUPDVSXHGHQUHDOL]DUDOPi[LPRVXUHQGLPLHQWRSRWHQFLDO
/D SUHJXQWD IXQGDPHQWDO HV ¢&yPR PRWLYDU DO Pi[LPR D ORV
HPSOHDGRV" 3HUR SDUD UHVSRQGHUOD DQWHV KD\ TXH DERUGDU RWURV
LQWHUURJDQWHV PiV EiVLFRV ¢3RU TXp WUDEDMD OD JHQWH" ¢4Xp HV OR
TXH EXVFD HQ VX WUDEDMR" < OD UHVSXHVWD HV PXFKDV FRVDV (Q
SULQFLSLR ORV SVLFyORJRV VRFLDOHV GLVWLQJXHQ HQWUH WUHV IDFWRUHV
EiVLFRV
/DPRWLYDFLyQH[WUtQVHFDVHUHILHUHDODYROXQWDGGHREWHQHUXQD
UHFRPSHQVD SRU HO WUDEDMR \D VHD PRQHWDULD R HQ IRUPD GH
UHFRQRFLPLHQWR
/D PRWLYDFLyQ KHGRQLVWD LQWUtQVHFD LQFOX\H HO DWUDFWLYR PLVPR

GHOSXHVWR\HOSRWHQFLDOGHFUHFLPLHQWR
/D PRWLYDFLyQ QRUPDWLYD LQWUtQVHFD SURYLHQH GH XQD VLQFHUD

FUHHQFLDHQORVREMHWLYRVGHODRUJDQL]DFLyQ
7RPHHVWRVWUHVIDFWRUHVPpWDORVHQXQDOLFXDGRUD\REWHQGUiXQVHU
KXPDQR3DUDDOJXQRVODPRWLYDFLyQSULQFLSDOSURYLHQHGHOVDODULR
3DUD RWURV GHO SRWHQFLDO GH FUHFLPLHQWR /R TXH LQWHUHVD SDUD
GLVHxDU XQD HVWUDWHJLD GH PRWLYDFLyQ SHUIHFWD HV TXp IDFWRU DFW~D
PiV SRGHURVDPHQWH VREUH ORV GLVWLQWRV WUDEDMDGRUHV 6L HO
DOLQHDPLHQWRGHORV LQWHUHVHVGHORVHPSOHDGRVFRQORVREMHWLYRVGH
ODILUPDHVWDQLPSRUWDQWH¢SRUTXpWDQSRFDVHPSUHVDVORDSOLFDQ"
6LQ GXGDV SRUTXH HV XQ HMHUFLFLR PX\ FRPSOLFDGR GH HMHFXWDU

DGYLHUWHQ*RWWVFKDOJ\=ROOR6HUHTXLHUHXQDQiOLVLVSRUPHQRUL]DGR
GHODVGLVWLQWDVFDUDFWHUtVWLFDVGHODRUJDQL]DFLyQ\GHORVSHUILOHVGH
PRWLYDFLyQGHVXVHPSOHDGRVDGHPiVGHODFDSDFLGDGGHDMXVWDUORV
LQFHQWLYRV /RV ULHVJRV VXHOHQ VHU DOWRV /RV GLVWLQWRV WLSRV GH
LQFHQWLYRVSXHGHQLQWHUIHULUVHPXWXDPHQWH,QFRUSRUDUXQVLVWHPDGH
FDVWLJRV SRU EDMR UHQGLPLHQWR SXHGH UHVXOWDU LQFRKHUHQWH FRQ ODV
LQWHQFLRQHV GH IRPHQWDU HO FRPSURPLVR FRQ OD FXOWXUD FRUSRUDWLYD
6HJ~Q HVWRV LQYHVWLJDGRUHV GH ,16($' XQD SROtWLFD H[LWRVD GH
PRWLYDFLyQ SRU DOLQHDPLHQWR GH LQWHUHVHV SXHGH VHU IXHQWH GH XQD
YHQWDMDFRPSHWLWLYDLQLPLWDEOH
$&7,9,'$'
(VWDEOHFHUODVGLPHQVLRQHVGHODVVLJXLHQWHVYDULDEOHV
8QLYHUVR9DULDEOHV'LPHQVLRQHV
&OLHQWHV,QYHUVLRQHVEDQFDULDV
(VWXGLDQWHV$FWLWXGSROtWLFD
(PSUHVDV,QFHQWLYRVODERUDOHV
*HUHQFLD9LROHQFLDODERUDO
8VXDULRV(YDOXDFLyQVREUHHOVHUYLFLR
0DWULPRQLRV2SLQLyQVREUHODPRQRJDPLD
-HIHVGHIDPLOLD3DUWLFLSDFLyQVRFLDO
(TXLSRFRPHUFLDO$FWLYLGDGHVGHDWHQFLyQ

$&7,9,'$'
,QGLFDUHOXQLYHUVRODVYDULDEOHV\HOWLSRGHREMHWLYRVGHFDGDFDVR
WUDQVIRUPDUORVREMHWLYRVHQKLSyWHVLV

DOFRKyOLFDV GH ORV KRJDUHV GH QLYHO VRFLRHFRQyPLFR DOWR GH OD
&$%$
$QDOL]DU VL ORV HPSUHVDULRV DUJHQWLQRV FUHHQ TXH HO DXPHQWR GH
VDODULRVSHUMXGLFDHOFUHFLPLHQWRHFRQyPLFR
&RQRFHU VL ORV HPSOHDGRV GH OtQHD GH ODV HPSUHVDV DXWRPRWULFHV
DUJHQWLQDV VRQ PiV UHVLVWHQWHV DO FDPELR TXH VXV DOWRV HMHFXWLYRV
FXDQGRODHPSUHVDDSOLFDUHHVWUXFWXUDFLRQHVWUDGLFLRQDOHVTXHFXDQGR
HPSOHDUHHVWUXFWXUDFLRQHVQRFRQYHQFLRQDOHV
(VWDEOHFHU VL HO FRQRFLPLHQWR GH ODV FRQGLFLRQHV GH VHJXULGDG

ODERUDOSRUSDUWHGHORVRSHUDULRVGHODLQGXVWULDPHWDOPHFiQLFDGHOD
SURYLQFLD GH %XHQRV $LUHV UHGXFH OD FDQWLGDG GH DFFLGHQWHV GH
WUDEDMR
$&7,9,'$'
(VWDEOHFHU ODV YDULDEOHV \ HO XQLYHUVR GH ODV VLJXLHQWHV KLSyWHVLV

HVWDEOHFHU D TXp WLSR GH KLSyWHVLV VH FRUUHVSRQGH FX \ D
FRQWLQXDFLyQUHGDFWDUODVHQIRUPDGHREMHWLYRV
(O OLGHUD]JR PDVFXOLQR VH FRQVWUX\H VREUH OD FRPSHWLWLYLGDG OD
UDFLRQDOLGDG\HOXVRGHODMHUDUTXtDHOHVWLORIHPHQLQRGHOLGHUD]JR
SRU HO FRQWUDULR VH EDVD HQ OD GLPHQVLyQ UHODFLRQDO OD HPSDWtD OD
HPRFLyQ\ODFRODERUDFLyQ
/DV PXMHUHV HQ SRVLFLRQHV VHQLRU VH VLHQWHQ IUXVWUDGDV SRU ODV

EDUUHUDVTXHOHVLPSLGHQHODFFHVRDSXHVWRVJHUHQFLDOHV
(O PHUFDGR ODERUDO HVSDxRO KD FDPELDGR HQ ORV DxRV
UHHVWUXFWXUDFLyQ GH HPSUHVDV UHFRUWHV GH SODQWLOOD FRQWUDWDFLRQHV
WHPSRUDOHVDOWDPRYLOLGDGGHORVHPSOHDGRV\IXHUWHVPRYLPLHQWRV
PLJUDWRULRV GH WUDEDMDGRUHV DWUDYpV GH ODV IURQWHUDVGHELGR D HVWRV
IHQyPHQRVORVHPSOHDGRV\DQRJXDUGDQXQDOHDOWDGLQTXHEUDQWDEOH
KDFLD OD FRPSDxtD VLQR TXH VH RULHQWDQ D PD[LPL]DU HO YDORU GH VX
SURSLDFDUUHUDSURIHVLRQDO
&XDQGR HO WUDEDMDGRU SHUFLEH TXH KD\ XQD GLVFUHSDQFLD HQWUH
DTXHOORTXHOHKDVLGRSURPHWLGR\DTXHOORTXHREWLHQHH[SHULPHQWD
XQD UXSWXUD GH VX FRQWUDWR SVLFROyJLFR FRQ ORV FRQVLJXLHQWHV
VHQWLPLHQWRVGHHQRMR\GHFHSFLyQTXHODDFRPSDxDQ
(O HVFDVR GHVDUUROOR GH XQD FXOWXUD GHO HTXLOLEULR WUDEDMRWLHPSR
OLEUH WHUPLQD LPSDFWDQGR QHJDWLYDPHQWH VREUH ODV HPSUHVDV EDMR OD
IRUPDGHGHVPRWLYDFLyQDXVHQWLVPRHVFDVDFUHDWLYLGDG\PDOFOLPD
RUJDQL]DFLRQDO $ VX YH] HVWRV IDFWRUHV WHUPLQDQ DIHFWDQGR HO
FRPSURPLVR GHO HPSOHDGR HO SUHVWLJLR LQVWLWXFLRQDO \ OD
SURGXFWLYLGDGGHODFRPSDxtD
&XDQGRORVHPSOHDGRVYHQTXHORVJHUHQWHVVHTXHGDQHQODRILFLQD
KDVWDTXHODVYHODVQRDUGDQFUHHQTXHHVDHVODIRUPDGHSURVSHUDU
HQHOHVFDODIyQFRUSRUDWLYR
$PD\RUFDQWLGDGGHGDWRVHLQGLFDGRUHVHQODPHGLFLyQGHFRVWRV
GH ODV HPSUHVDV PiV DFHUWDGD HV OD HYDOXDFLyQ GH OD SHUIRUPDQFH
RUJDQL]DFLRQDO
'LVFULPLQDFLyQ\SUHVLRQHVIDPLOLDUHVVRQIDFWRUHVTXHH[SOLFDQOD
EDMD SDUWLFLSDFLyQ GH PXMHUHV HQ ORV PiV DOWRV SXHVWRV GH ODV
SLUiPLGHVFRUSRUDWLYDV
/DV HPSOHDGDV PXMHUHV VRQ PiV UHVLVWHQWHV D OOHYDU D FDER

FRPSRUWDPLHQWRV GH ULHVJR \ PiV WHPHURVDV GHO IUDFDVR TXH ORV

HPSOHDGRVYDURQHV
/DWHQGHQFLDGHVXVWLWXFLyQGHODOHDOWDGGHORVHPSOHDGRVKDFLD
ODHPSUHVDSRUXQDSHJRPD\RUDVXSURSLDFDUUHUD\ELHQHVWDUHVHO
SURGXFWR GHO FDPELR HQ HO FRQWUDWR VRFLDO GH WUDEDMR \ GHO
UHVTXHEUDMDPLHQWR GHO FRQWH[WR LQVWLWXFLRQDO TXH SURWHJtD DO
HPSOHDGR\OHJDUDQWL]DEDHPSOHRGHSRUYLGD
&XDQGRODPRWLYDFLyQDOFRPHQ]DUXQQXHYRHPSOHRGHFOLQDWUDV
ORV SULPHURV VHLV PHVHV \ FRQWLQ~D VX GHUUXPEH HQ ORV DxRV
SRVWHULRUHVVHGHEHXQDFRQIOLFWLYDUHODFLyQFRQORVMHIHV
/RV SURIHVLRQDOHV LQIRUPiWLFRV UHFLELGRV HQ XQLYHUVLGDGHV

S~EOLFDVSUHILHUHQPD\RUWLHPSROLEUHTXHDXPHQWRVVDODULDOHV
/RV DOXPQRV YDURQHV TXH QR SRVHHQ XQ HPSOHR HVWDEOH WLHQHQ
PD\RUDXVHQWLVPRTXHDTXHOORVDOXPQRVFRQHVWDELOLGDGODERUDO
&RQXUEDQR %RQDHUHQVH FRQVXPHQ VHJXQGDV PDUFDV GH DUWtFXORV GH
OLPSLH]D
$&7,9,'$'
5HGDFWDU HPSOHDQGR HO WH[WRV WUHV KLSyWHVLV GHVFULSWLYDV WUHV

FRUUHODFLRQDOHV\WUHVFDXVDOHVHQFDGDFDVRVHxDODUHOXQLYHUVR\ODV
YDULDEOHV
32548e(6)81'$0(17$/9,9,50È6&(5&$'(/75$%$-2
8Q HVWXGLR EULWiQLFR DQDOL]y HO FRPSRUWDPLHQWR GH PLO

WUDEDMDGRUHV\OOHJyDXQDFRQFOXVLyQIXQGDPHQWDOORVWUDVODGRVVXV
WLHPSRV\ORVVDODULRVPRGLILFDQODVDWLVIDFFLyQODERUDO

(O YLDMH TXH RFDVLRQD LU \ YROYHU GH WUDEDMDU DJUDYD HO FDQVDQFLR
GLDULR &XDQWR PiV FHUFD VH YLYD GHO OXJDU ItVLFR DO TXH VH GHEH
FRQFXUULUWRGRVORVGtDVPHQRVHVWUHVDQWHVHUiSDUDHVHWUDEDMDGRU
TXHGHEHOLGLDUFRQHOWUiQVLWRRFRQODFRPELQDFLyQGHOWUDQVSRUWH
S~EOLFR SDUD OOHJDU KDVWD DOOt 6HJ~Q XQQXHYR HVWXGLRGH OD
8QLYHUVLGDG GH %ULVWRO HQ ,QJODWHUUD D OD KRUD GH PHGLU OD
VDWLVIDFFLyQ ODERUDO VH SXHGH WUD]DU OD VLJXLHQWH FRPSDUDFLyQ XQ
YLDMH DGLFLRQDO GLDULR GH PLQXWRV HTXLYDOH D XQ UHFRUWH VDODULDO
GHO SRU FLHQWR /DV LQYHVWLJDFLRQHV H[DPLQDURQ ORV LPSDFWRV GH
ORVGHVSOD]DPLHQWRVGLDULRVSDUDWUDEDMDUHQHOELHQHVWDUGHPiVGH
PLO HPSOHDGRV HQ ,QJODWHUUD GXUDQWH XQ SHUtRGR GH FLQFR DxRV
'HVFXEULHURQ TXH FDGD PLQXWR H[WUD GH WLHPSR GH YLDMH UHGXMR OD
VDWLVIDFFLyQWDQWRODERUDOFRPRGHWLHPSROLEUH(QFRQWUDULRVLHO
WLHPSRVHDFUHFHQWDEDDXPHQWDEDOD WHQVLyQ\ HPSHRUDED ODVDOXG
PHQWDO
(OHVWXGLRHQFRQWUyTXHORVTXHFDPLQDQRYDQHQELFLFOHWDDOWUDEDMR
QRLQIRUPDQUHGXFFLRQHVHQODVDWLVIDFFLyQGHOWLHPSRGHRFLRGHOD
PLVPD PDQHUD TXH RWURV SDVDMHURV LQFOXVR FRQ OD PLVPD GXUDFLyQ
GH YLDMH $TXHOORV TXH YLDMDQ HQ FROHFWLYR VLHQWHQ ORV LPSDFWRV
QHJDWLYRV GH XQ WLHPSR GH YLDMH PiV SURORQJDGR FRQ PXFKD PiV
IXHU]D TXH ORV XVXDULRV GH RWURV WUDQVSRUWHV /RV YLDMHV GH ODUJD
GXUDFLyQSRUWUHQDGTXLHUHQPHQRVWHQVLyQTXHDTXHOORVTXHYLDMDQ
PHQRVWLHPSR/DVDWLVIDFFLyQODERUDOGHODVPXMHUHVVHUHGXFHPiV
SRUWLHPSRVGHYLDMHPiVODUJRVTXHORVGHORVKRPEUHV8QRGHFDGD
VLHWH YLDMHURV SDVD DO PHQRV GRV KRUDV SRU GtD YLDMDQGR KDFLD \
GHVGH HO WUDEDMR (O GRFWRU.LURQ &KDWWHUMHH SURIHVRU DVRFLDGR GH
FRPSRUWDPLHQWRHLQYHVWLJDGRUSULQFLSDOGHOHVWXGLRGLMR6LELHQVH
HQFRQWUDURQWLHPSRVGHYLDMHPiVODUJRVSDUDUHGXFLUODVDWLVIDFFLyQ
ODERUDO WDPELpQ HVWi FODUR TXH ODV SHUVRQDV UHDOL]DQ
GHVSOD]DPLHQWRVPiVODUJRVHQSDUWHSDUDDXPHQWDUVXVJDQDQFLDV
OR TXH D VX YH] PHMRUD OD VDWLVIDFFLyQ ODERUDO (VWR SODQWHD
SUHJXQWDV LQWHUHVDQWHV VREUH VL HO LQJUHVR DGLFLRQDO DVRFLDGR FRQ
YLDMHV GLDULRV PiV ODUJRV FRPSHQVD SRU FRPSOHWR ORV DVSHFWRV

QHJDWLYRV GHO YLDMH DO WUDEDMR DJUHJy HO SURIHVRU /RV UHVXOWDGRV
LQGLFDQTXHORVYLDMHVPiVODUJRVDOWUDEDMRWLHQHQHIHFWRVDGYHUVRV
GH ELHQHVWDU VXEMHWLYR SDUWLFXODUPHQWH D WUDYpV GH OD SpUGLGD GH
WLHPSROLEUH/RVLQYHVWLJDGRUHVXWLOL]DURQGDWRVGHOD6RFLHGDGGH
&RPSUHQVLyQ 8QGHUVWDQGLQJ 6RFLHW\ XQ HVWXGLR TXH HQFXHVWD D
KRJDUHV SRU DxR SDUD H[DPLQDU FyPR ORV FDPELRV HQ HO
ELHQHVWDU VXEMHWLYR VH UHODFLRQDEDQ FRQ ODV FLUFXQVWDQFLDV
FDPELDQWHV GHO WUDEDMR GLDULR /D LQYHVWLJDFLyQ ILQDQFLDGD SRU HO
&RQVHMR GH ,QYHVWLJDFLyQ (FRQyPLFD \ 6RFLDO PRVWUy TXH WUDEDMDU
GHVGHFDVDFDPLQDUDOWUDEDMR\ORVYLDMHVPiVFRUWRVDXPHQWDQOD
VDWLVIDFFLyQ ODERUDO 8Q KDOOD]JR TXH QR DQWLFLSDPRV GHO WRGR DO
FRPLHQ]R GHO HVWXGLR HV HO YtQFXOR FODUR HQWUH ORV YLDMHV GH PD\RU
GXUDFLyQ HO PRGR GH GHVSOD]DPLHQWR \ OD VDWLVIDFFLyQ ODERUDO
DJUHJy&KDWWHUMHH
KWWSVZZZLQIREDHFRPWHQGHQFLDVSRUTXHHV
IXQGDPHQWDOYLYLUPDVFHUFDGHOWUDEDMR
$&7,9,'$'
(MHUFLFLRV GH LGHQWLILFDFLyQ GH YDULDEOHV FDWHJRUtDV \ QLYHOHV GH

PHGLFLyQ
D 'HILQLU OD FDWHJRUL]DFLyQ GH FDGD YDULDEOH HVWDEOHFLHQGR HO QLYHO

GHPHGLFLyQFRUUHVSRQGLHQWHSDUDFDGDXQDGHHOOD
6H[R
1DFLRQDOLGDG
(VWDGRFLYLO
,QJUHVR
1LYHOGH(GXFDFLyQ
*UDGRGH3DUWLFLSDFLyQ3ROtWLFD

&DQWLGDGGH+LMRV
*UXSReWQLFRGH3HUWHQHQFLD
&DQWLGDGGHREUHURVSRUHVWDEOHFLPLHQWR
7HQHQFLDGHOD7LHUUD
7DPDxRGHODVILQFDVH[SUHVDGRHQKD
1LYHOGH3URGXFWLYLGDG
E3URSRQHUHMHPSORVGHYDULDEOHVFX\RVQLYHOHVGHPHGLFLyQVHDQ
1RPLQDOHV
2UGLQDOHV
,QWHUYDODUHV
F 'DU XQ HMHPSOR GH XQD YDULDEOH GH LQWHUYDORV H LQGLFDU FRPR
SRGUtDWUDQVIRUPDUVHHQXQDYDULDEOHRUGLQDO\OXHJRHQQRPLQDO
$&7,9,'$'
,QGLFDU HO XQLYHUVR \ ODV YDULDEOHV GH FDGD FDVR 7UDQVIRUPDU ORV
REMHWLYRV HQ KLSyWHVLV UHVSHWDQGR HO WLSR GH REMHWLYRV GHVFULSWLYR
FRUUHODFLRQDORFDXVDO

DOFRKyOLFDV \ ODV PDUFDV PiV FRPSUDGDV SRU ORV KRJDUHV GH QLYHO
VRFLRHFRQyPLFRDOWRGHOD&$%V$V
$QDOL]DUODVFUHHQFLDVGHORVHPSUHVDULRVVREUHODVFRQVHFXHQFLDV
GHODXPHQWRGHVDODULRV

(VWDEOHFHU VL HO WLSR GH HVWUXFWXUDV EXURFUiWLFDV DXPHQWD HO
UHQGLPLHQWR ODERUDO GH ORV HPSOHDGRV GHO VHFWRU GH
WHOHFRPXQLFDFLRQHV
$QDOL]DUVLODVHPSUHVDVDJURLQGXVWULDOHVGHODSURYLQFLDGH6DOWD
PDQWLHQHQ XQD HOHYDGD SURGXFFLyQ GHELGR DO XVR GH WHFQRORJtD
LPSRUWDGD
'HWHUPLQDUVLODRSLQLyQGHORVHPSUHVDULRVGHOVHFWRUWH[WLOVREUH
ODFDtGDHQVXSURGXFFLyQVHYLQFXODDOQLYHOGHLQYHUVLyQUHDOL]DGR

&DStWXOR
7,326'(',6(f26'(,19(67,*$&,Ï1
7HPDVFODYHV
'LVHxRVH[SHULPHQWDOHV\QRH[SHULPHQWDOHV
0DQLSXODFLyQ\PHGLFLyQGHYDULDEOHV
9DOLGH]LQWHUQD\H[WHUQD
7LSRVGHGLVHxRH[SHULPHQWDOHV
7LSRVGHGLVHxRQRH[SHULPHQWDOHV
(O GLVHxR GH LQYHVWLJDFLyQ UHSUHVHQWD XQD HWDSD GHO SURFHVR GH
LQYHVWLJDFLyQHQODTXHVHUHVXHOYHFRPRWUDEDMDUHPStULFDPHQWHODV
YDULDEOHV GH DFXHUGR DO WLSR GH KLSyWHVLV R GH REMHWLYRV GH
LQYHVWLJDFLyQ SURSXHVWRV HQ ODV HWDSDV DQWHULRUHV 'LVHxDU HQ HO
DFFLRQDU LQYHVWLJDWLYR VLJQLILFD WRPDU GHFLVLRQHV HVWUDWpJLFDV FRQ
UHVSHFWR D ODV WpFQLFDV GH UHJLVWUR \ VHOHFFLRQDU GH HQWUH HOODV
GHWHUPLQDGDVDFWLYLGDGHV\ KHUUDPLHQWDVSDUDFRQFUHWDU ORVGDWRV HQ
HO WUDEDMR GH FDPSR GHQWUR GH XQD VHFXHQFLD RUJDQL]DWLYD
IXQGDPHQWDGD SDUD SURGXFLU OR SURSXHVWR HQ ORV REMHWLYRV GH
LQYHVWLJDFLyQ HVWDV GHFLVLRQHV LPSOLFDQ XQ FDPLQR D VHJXLU XQD
HVWUDWHJLDHQEDVHDXQSODQTXHWLHQHTXHVHUGHILQLGRGHDFXHUGRD
FULWHULRVWHPSRUDOHV\HVSDFLDOGLULJLGRVDFXPSOLUFRQORVREMHWLYRV
GHLQYHVWLJDFLyQ/DVHOHFFLyQGHOWLSRGHGLVHxRSRUHOLQYHVWLJDGRU
GHSHQGHGHXQDVHULHGHIDFWRUHVWDOHVFRPRORVUHFXUVRVPDWHULDOHV\
WHPSRUDOHV GLVSRQLEOHV HO WLSR GH KLSyWHVLV D FRPSUREDU ODV
FDUDFWHUtVWLFDVGHODVYDULDEOHV\GHVXVGLPHQVLRQHV\ODSHFXOLDULGDG
GHOXQLYHUVRDHVWXGLDU(QHVWHFDStWXORVHGHVDUUROODUiQORVGLVHxRV
PiV FRQYHQFLRQDOHV GH ORV HVWXGLRV FXDQWLWDWLYRV \D TXH HQ ODV
LQYHVWLJDFLRQHV FXDOLWDWLYDV D GLIHUHQFLD GH ODV FXDQWLWDWLYDV ODV
DFFLRQHV GH GLVHxR VH EDVDQ HQ GHFLVLRQHV \ DFFLRQHV TXH VH YDQ

UHDOL]DQGR VLPXOWiQHDPHQWH GXUDQWH HO WUDEDMR GH UHJLVWUR GH ORV

GDWRV SRU OR TXH VH KDFH GLItFLO HVWDEOHFHU WDUHDV SUHGHILQLGDV
SUHYLDPHQWH DO UHJLVWUR GH ORV GDWRV SRU HOOR HQ HVWH FDStWXOR VH
DERUGDUiQODVWDUHDV\ ODV RSFLRQHVGHGLVHxRGHQWURGHORVHVWXGLRV
FXDQWLWDWLYRV ORV FXDOHV VH SXHGHQ GLYLGLU HQ H[SHULPHQWDOHV \ QR
H[SHULPHQWDOHV
'LVHxRVH[SHULPHQWDOHV
/RV GLVHxRV H[SHULPHQWDOHV WDPELpQ OODPDGRV H[SHULPHQWRV VH

HPSOHDQH[FOXVLYDPHQWHFXDQGRHOHVWXGLRHVH[SOLFDWLYRRFDXVDO
DXQTXHQRHQWRGRVORVHVWXGLRVFDXVDOHVSXHGHDSOLFDUVHHVWHWLSRGH
GLVHxR /RV GLVHxRV H[SHULPHQWDOHV SUHWHQGHQ SUREDU UHODFLRQHV GH
FDXVD\HIHFWRDWUDYpVGHHOORVVHTXLHUHGHWHUPLQDUVLXQDYDULDEOH
LQGHSHQGLHQWH FDXVDHVWLPXOR PRGLILFD D XQD YDULDEOH GHSHQGLHQWH
HIHFWRUHVSXHVWD (O H[SHULPHQWR VXSRQH OD LQWHUYHQFLyQ GHO
LQYHVWLJDGRU HQ XQ GHWHUPLQDGR FRQWH[WR QDWXUDO R DUWLILFLDO
LQWHQWDQGR FRPSUREDU XQD UHODFLyQ GH FDXVDOLGDG HQWUH XQ HVWtPXOR
TXH LPSOLFD OD PDQLSXODFLyQ GH XQD YDULDEOH LQGHSHQGLHQWH \ HO
UHJLVWUR GH XQD SRVLEOH UHVSXHVWD DQWH HO PLVPR TXH VXSRQH OD
PHGLFLyQ GH XQD YDULDEOH GHSHQGLHQWH FRQ UHVSHFWR D XQ VXMHWR
H[SHULPHQWDO FRQMXQWR GH SHUVRQDV SDUWLFLSDQWHV GHO H[SHULPHQWR
TXH UHSUHVHQWD DO XQLYHUVR GHO HVWXGLR (Q OD YLGD FRWLGLDQD D
PHQXGR ODV SHUVRQDV UHDOL]DQ DFWLYLGDGHV DVLPLODEOHV D OD
H[SHULPHQWDFLyQ FXDQGR XQD SHUVRQD SUXHED XQDGHWHUPLQDGD GLHWD
SDUDEDMDUGHSHVRRFXDQGRDOJXLHQGHFLGHPRGLILFDUVXDVSHFWRSDUD
YHUVLSURGXFHHQVXMHIHXQDPHMRUSUHGLVSRVLFLyQKDFLDVXSHUVRQD
HVWiOOHYDQGRDFDERDFWLYLGDGHVSURSLDVGHORVH[SHULPHQWRVDXQTXH
VLQODULJXURVLGDGTXHVHOHVH[LJHDORVPLVPRVFRPRSDUWH GHXQD
DFWLYLGDGFLHQWtILFD
&RQGLFLRQHVSDUDODLPSOHPHQWDFLyQGHXQH[SHULPHQWR
3DUD TXH VH SXHGD UHDOL]DU XQ H[SHULPHQWR GHEHQ FXPSOLUVH FXDWUR
FRQGLFLRQHV

/D SUHVHQFLD GH XQD YDULDEOH LQGHSHQGLHQWH TXH SXHGD VHU
PDQLSXODGD SRU HO LQYHVWLJDGRU SDUD TXH VH SXHGD UHDOL]DU XQ
H[SHULPHQWRGHEHKDEHUXQDYDULDEOHLQGHSHQGLHQWHHQHOHVWXGLRTXH
SXHGD VHU PDQHMDGD HVWR VLJQLILFD TXH HO LQYHVWLJDGRU
LQWHQFLRQDOPHQWHSXHGHKDFHUYDULDUODVYDULDFLRQHVGHHVWDYDULDEOH
/DPDQLSXODFLyQSXHGHVHUSRUSUHVHQFLDRDXVHQFLDGHODYDULDEOHR
SXHGH GDUVH SRU OD DSOLFDFLyQ GH GLIHUHQWHV JUDGRV R QLYHOHV GH OD
PLVPDHQORVJUXSRVH[SHULPHQWDOHV8QJUXSRJUXSRH[SHULPHQWDO
VH H[SRQH D OD YDULDEOH LQGHSHQGLHQWH WDPELpQ GHQRPLQDGR
WUDWDPLHQWR H[SHULPHQWDO PLHQWUDV TXH HO RWUR QR JUXSR FRQWURO
XQD YDULDQWH GH HVWD PRGDOLGDG FRQVLVWH HQ OD H[SRVLFLyQ D FDGD
JUXSRGHXQDYDULDFLyQGLIHUHQWHGHODYDULDEOHLQGHSHQGLHQWH 6LHQ
ORV JUXSRV GH VXMHWRV H[SHULPHQWDOHV ODV FRQGLFLRQHV IXHURQ
KRPRJpQHDV H[FHSWR OD H[SRVLFLyQ D ODV YDULDFLRQHV GH OD YDULDEOH
LQGHSHQGLHQWHHVDFHUWDGRSHQVDUTXHODVGLIHUHQFLDVUHVXOWDQWHVHQWUH
ORV JUXSRV TXH VH GHEH YHULILFDU HQ ORV UHJLVWURV D OD YDULDEOH
GHSHQGLHQWH HV HO UHVXOWDGR GH OD LPSOHPHQWDFLyQ GHO HVWtPXOR SRU
HMHPSORVLVHTXLVLHUDFRPSUREDUVLODGHVDJUHJDFLyQGHORVGDWRVHQ
OD PHGLFLyQ GH FRVWRV GH ODV HPSUHVDV SURGXFH XQD DFHUWDGD
HYDOXDFLyQ GH OD SHUIRUPDQFH RUJDQL]DFLRQDO SRGUtD PDQLSXODUVH OD
GHVDJUHJDFLyQGHORVGDWRVHQWpUPLQRVGHSUHVHQFLDDXVHQFLDDVtHQ
XQDRUJDQL]DFLyQVHUHDOL]DODPLVPD\HQODRWUDQRRELHQSRGUtDQ
HVWDEOHFHUVHQLYHOHVGHGHVDJUHJDFLyQ\DSOLFDUHQFDGDRUJDQL]DFLyQ
XQ QLYHO GLIHUHQWH SDUD FRPSUREDU VX LPSDFWR HQ OD HYDOXDFLyQ
RUJDQL]DFLRQDO
(OUHJLVWURGHXQDYDULDEOHGHSHQGLHQWHODYDULDEOHGHSHQGLHQWH
HVUHJLVWUDGDRPHGLGDSDUDTXHVHSXHGDQYHULILFDUORVUHVXOWDGRVGH
OD DSOLFDFLyQ GH XQ HVWtPXOR YDULDEOH LQGHSHQGLHQWH OD YDULDEOH
GHSHQGLHQWHHVODFDUDFWHUtVWLFDTXHVHVXSRQH TXHVHPRGLILFDHQHO
H[SHULPHQWR SRU OD LQFLGHQFLD GH OD YDULDEOH LQGHSHQGLHQWH &XDQGR
ODYDULDEOHGHSHQGLHQWHVHUHJLVWUDDQWHVGHOHVWtPXORVHODGHQRPLQD
SUHSUXHED FXDQGR VH OD UHJLVWUD GHVSXpV GHO HVWtPXOR VH OD OODPD
SRVWSUXHED HVWDV PHGLFLRQHV VRQ PX\ ~WLOHV SRUTXH SHUPLWHQ

FRQRFHU \ FRPSDUDU HO HVWDGR GH OD YDULDEOH GHSHQGLHQWH DQWHV \

GHVSXpVGHPDQLSXODUODYDULDEOHLQGHSHQGLHQWH &RQUHVSHFWRDHVWD
VHJXQGD FRQGLFLyQ GH ORV H[SHULPHQWRV HO XVR GH WpFQLFDV
HVWDGtVWLFDVHQHOUHJLVWURGHOVXSXHVWRHIHFWRGHOHVWtPXORSRVLELOLWD
FRQILUPDU R UHFKD]DU TXH D WUDYpV GHO SURFHGLPLHQWR HPSOHDGR VH
FRPSUXHED R QR OD UHODFLyQ GH FDXVDOLGDG (O KHFKR GH DSOLFDU
UHFXUVRV HVWDGtVWLFRV HV XQD FRQGLFLyQ QHFHVDULD SHUR QR VXILFLHQWH
SDUDTXHHOGLVHxRVHDYiOLGR\FRQILDEOH\DTXHVLHOH[SHULPHQWRQR
HVWi ELHQ RUJDQL]DGR SDUD JDUDQWL]DU VX FRKHUHQFLD \ FRQWURO OR TXH
DUURMHODPHGLFLyQQRWHQGUiYDOLGH](QJUDQPHGLGDHOWULXQIRGHXQ
H[SHULPHQWRGHSHQGHUiGHOQLYHOGHYDOLGH]FRQILDELOLGDG\SUHFLVLyQ
FRQTXH PLGDGLFKD YDULDFLyQ8QRGHODVFRQGLFLRQHVQHFHVDULDV
SDUD TXH OD PHGLFLyQ GH OD SRVLEOH YDULDFLyQ GH OD YDULDEOH
GHSHQGLHQWHVHDYiOLGD\FRQILDEOH HVODUHGXFFLyQGHORVHUURUHVGH
PHGLFLyQ/DDSOLFDFLyQGHODWpFQLFDHQFXHVWLyQGHEHUHDOL]DUVHHQ
FRQGLFLRQHV VLPLODUHV SDUD WRGRV ORV JUXSRV TXH LQWHUYLHQHQ HQ HVWH
WLSRGHGLVHxRHQFDVRGHTXHVHTXLHUDQKDFHUYDULRVUHJLVWURVGHOD
YDULDEOHGHSHQGLHQWHODWpFQLFD\ODVFRQGLFLRQHVGHDSOLFDFLyQGHEHQ
VHUVLPLODUHVGHEHPDQWHQHUVHODPLVPDSDUDTXHORVGDWRVVHSXHGDQ
FRPSDUDUHQWUHHOORVVLSRUHMHPSORODSUHSUXHEDVHUHJLVWUyDWUDYpV
GHXQDHQFXHVWDRDWUDYpVGHXQDWpFQLFDGHREVHUYDFLyQHVWDVGHEHQ
VHUH[DFWDPHQWHLJXDOHVHQODPHGLFLyQGHODSRVWSUXHED
,PSOHPHQWDFLyQGH DFWLYLGDGHVGHVWLQDGDVDFRQVWLWXLUOD YDOLGH]

LQWHUQD VREUH HO H[SHULPHQWR GHEHQ UHDOL]DUVH RSHUDFLRQHV GH
FRQWURO SDUD TXH VH WHQJD OD FHUWH]D TXH ORV UHVXOWDGRV KDOODGRV VH
GHEDQVRODPHQWHDODLQIOXHQFLDGHOYDULDEOHLQGHSHQGLHQWHHVWtPXOR
VREUH OD YDULDEOH GHSHQGLHQWH /D YDOLGH] LQWHUQD LPSOLFD TXH ODV
YDULDEOHV GHO HVWXGLR VH FRPSUREDUiQ VLQ LQWHUIHUHQFLDV GH RWURV
IDFWRUHV TXH SXHGHQ LQIOXLU HQ OD YDULDEOH GHSHQGLHQWH HYLWDQGR HO
HIHFWRGHODVOODPDGDVYDULDEOHVH[WUDxDVSDUDHOORHOLQYHVWLJDGRU

/DVYDULDEOHVH[WUDxDVVRQDTXHOORVIDFWRUHVDMHQRVDORVFRQWHPSODGRVHQORV
REMHWLYRVGHLQYHVWLJDFLyQHVWDVSXHGHQLQIOXLULQDGYHUWLGDPHQWHHQODUHODFLyQGH
FDXVDOLGDGHQWUHODVYDULDEOHVTXHIRUPDQSDUWHGHODLQYHVWLJDFLyQ3RUHMHPSORVLVH

GHEHUHDOL]DUDFWLYLGDGHVGHFRQWUROVREUHODVFRQGLFLRQHV\ODSRVLEOH
LQIOXHQFLDGHYDULDEOHVH[WUDxDVODVTXHSXHGHQSURGXFLUXQHIHFWRQR
GHVHDGR FRQWDPLQDQWH GH OD UHODFLyQ GH FDXVDOLGDG TXH VH TXLHUH
SUREDU ODV YDULDEOHV H[WUDxDV QR SXHGHQ LQIOXLU HQ OD LQYHVWLJDFLyQ
GHEHQVHUQHXWUDOL]DGDVSRUODRUJDQL]DFLyQGHOH[SHULPHQWRPiVDOOi
GHHVWDDILUPDFLyQTXHDSXQWDDORGHVHDEOHGHEHUHFRQRFHUVHTXHODV
WDUHDV SDUD GHWHFWDU YDULDEOHV H[WUDxDV HV XQD WUDEDMR FRPSOHMR \D
TXH DOJXQDV GH HOODV SXHGHQ SDVDU GHVDSHUFLELGDV SDUD HO
LQYHVWLJDGRUSRUHOORXQIDFWRUIXQGDPHQWDOHVODH[SHULHQFLDGHpVWH
HQ OD WHPiWLFD \ HQ OD UHDOL]DFLyQ GH H[SHULPHQWRV ³«WRGR
H[SHULPHQWR HV LPSHUIHFWR /R TXH SXHGH ORJUDU XQD OLVWD GH
YHULILFDFLyQ GH FULWHULRV GH YDOLGH] HV TXH HO H[SHULPHQWDGRU WHQJD
PiV FRQFLHQFLD GH ODV LPSHUIHFFLRQHV UHVLGXDOHV TXH LPSOLFD VX
GLVHxRSDUDSRGHUGHWHUPLQDUHQORVSXQWRVSHUWLQHQWHVODVGLVWLQWDV
LQWHUSUHWDFLRQHV GH ORV GDWRV 3RU VXSXHVWR TXH GHEHUtD GLVHxDU HO
PHMRU H[SHULPHQWR TXH OD VLWXDFLyQ SHUPLWLHUD \ EXVFDU FRQ HO
PD\RU HPSHxR ORV ODERUDWRULRV DUWLILFLDOHV \ QDWXUDOHV TXH
RIUHFLHUDQ ODV PHMRUHV RSRUWXQLGDGHV GH FRQWURO´ &DPSEHOO \
6WDQOH\
(OSURFHVRGHPHGLFLyQSXHGHSUHVHQWDUGLYHUVRVLQFRQYHQLHQWHVTXH
JHQHUHQ HUURUHV TXH LQYDOLGHQ OD PHGLFLyQ GHELGR D OD DSOLFDFLyQ
HUUyQHD GHO PpWRGR QR VH XWLOL]D OD WpFQLFD DGHFXDGD D OR TXH
UHTXLHUHUHJLVWUDUSRU HMHPSORVHDSOLFDXQD HQFXHVWDSDUDUHJLVWUDU
ODV PRWLYDFLRQHV GH FRQVXPR FRPR FRQVHFXHQFLD GH FDUHFHU GH
SUHFLVLyQHQORVLQVWUXPHQWRVHODERUDGRVVHHPSOHDXQDHQFXHVWDFRQ
SUREOHPDV GH UHGDFFLyQ WDPELpQ SXHGHQ VXUJLU FRPSOLFDFLRQHV
FRPRSURGXFWRGHODVFDUDFWHUtVWLFDVGHODVXEMHWLYLGDGGHTXLHQGHEH
UHJLVWUDU ODV SHUVRQDV WLHQHQ SRFD IRUPDFLyQ HQ OD DSOLFDFLyQ GH OD
PHGLFLyQ \ SRU OD SUHVHQFLD GH GHWHUPLQDGRV IDFWRUHV DPELHQWDOHV

TXLVLHUDFRPSUREDUODH[LVWHQFLDGHFDXVDOLGDGHQWUHXQWLSRGHHQVHxDQ]D\HO
UHQGLPLHQWRHQORVH[iPHQHVHQDOXPQRVXQLYHUVLWDULRVHOKRUDULRGHODFODVHHOGRFHQWH
HODXODSXHGHQJHQHUDUGLVWRUVLRQHVLQIOXLUHQODUHODFLyQGHFDXVDOLGDGTXHVHTXLHUH
SUREDU

FRQGLFLRQHV GHO OXJDU HQ GRQGH VH GHVDUUROOD HO H[SHULPHQWR SRU
HMHPSORVLVHTXLVLHUDFRPSUREDUVLODFDSDFLWDFLyQODERUDOGHQWURGHO
KRUDULRGHWUDEDMRJHQHUDXQDDFWLWXGPiVSRVLWLYDHQORVHPSOHDGRV
TXH FXDQGRODFDSDFLWDFLyQVHUHDOL]D HQKRUDULRVH[WUDODERUDOHVVH
GHEH WHQHU HQ FXHQWD TXH VH GHEH HPSOHDU XQD WpFQLFD GH PHGLFLyQ
DGHFXDGDDORTXHVHTXLHUHUHJLVWUDUHQHVWHFDVRXQWHVWGH/LNHUWGH
PHGLFLyQGHDFWLWXGHVRGHXQDWpFQLFDGHREVHUYDFLyQ
(Q WRGR H[SHULPHQWR H[LVWHQ SRWHQFLDOHV IXHQWHV GH LQYDOLGDFLyQ

LQWHUQD
0DGXUDFLyQ GH ORV SDUWLFLSDQWHV OD GXUDFLyQ GHO H[SHULPHQWR

SXHGHLPSOLFDUTXH ORVSDUWLFLSDQWHVVXIUDQFDPELRVTXH DIHFWHQORV
UHVXOWDGRV DVt ODV DOWHUDFLRQHV TXH RFXUUDQ HQ ORV VXMHWRV
H[SHULPHQWDOHV QR SXHGHQ VHU FRQVLGHUDGRV YiOLGDV SRUTXH XQD
YDULDEOH H[WUDxD FRPR HV OD PDGXUDFLyQ GH ORV SDUWLFLSDQWHV QR VH
FRQWUROy
,QDGHFXDGDSUHSDUDFLyQGHORVLQYHVWLJDGRUHVVLODVSHUVRQDVTXH
UHDOL]DQ ORV UHJLVWURV QR WLHQHQ XQD DGHFXDGD SUHSDUDFLyQ WpFQLFD
SUHYLD ODV PHGLFLRQHV QR WHQGUiQ YDOLGH] \D TXH FRQ VX
FRPSRUWDPLHQWR SXHGHQ LQWURGXFLU VHVJRV HQ OD IRUPD HQ FyPR VH
FRQFUHWD HO HVWtPXOR DVt FRPR WDPELpQ HQ HO UHJLVWUR GH OD YDULDEOH
GHSHQGLHQWH 5REHUW 5RVHQWKDO HQ FRPSUREy D WUDYpV GH XQD
VHULH GH H[SHULPHQWRV ODV GHIRUPDFLRQHV TXH SRGtDQ SURGXFLU
TXLHQHV OOHYDEDQ D FDER ORV H[SHULPHQWRV HQ ORV UHVXOWDGRV TXH
REWHQtDQ
&DPELRV HQ ORV LQVWUXPHQWRV R PpWRGRV GH PHGLFLyQ VL D XQRV

VXMHWRVVHORVPLGHFRQXQLQVWUXPHQWR\DRWURVVXMHWRVVHORVPLGHQ
FRQRWURVORVGDWRVUHVXOWDQWHVQRSRGUiQVHUFRPSDUDGRV
,PSOHPHQWDFLyQ GHVLJXDO GH ODV KHUUDPLHQWDV GH UHJLVWUR GHEHQ

SURFXUDUVHORVPLVPRVSURWRFRORVSURFHGLPLHQWRVHVWDQGDUL]DGRVHQ
ODDGPLQLVWUDFLyQGHODVPHGLFLRQHV6HGHEHQVHJXLUODVDFWLYLGDGHV

HVWDEOHFLGDV SDUD OD PHGLFLyQ GH ODV YDULDEOHV HQ WRGRV ORV VXMHWRV
FRQDOWRJUDGRGHULJXURVLGDG
0RUWDOLGDG H[SHULPHQWDO HV IXQGDPHQWDO GHVWLQDU DFFLRQHV SDUD

HYLWDUTXHORVLQWHJUDQWHVGHORVJUXSRVQRDEDQGRQHQHOH[SHULPHQWR
HVWHKHFKRVHGHQRPLQDPXHUWHH[SHULPHQWDO
([LVWHQ XQD VHULH GH SURFHGLPLHQWRV SDUD REWHQHU FRQWURO R YDOLGH]

LQWHUQDGHOH[SHULPHQWR
D 0DQWHQHU FRQVWDQWHV ODV FRQGLFLRQHV GH DSOLFDFLyQ GHO

H[SHULPHQWRGXUDQWHHOH[SHULPHQWRVHGHEHWHQHUHQFXHQWDTXHODV
LQVWUXFFLRQHV SDUD WRGRV ORV JUXSRV GHEHQ VHU VLPLODUHV 7RGRV ORV
VXMHWRV H[SHULPHQWDOHV GHEHQ H[SRQHUVH DO HVWtPXOR D VXV
YDULDFLRQHVRDVXDXVHQFLDHQFRQGLFLRQHVVHPHMDQWHVGHVFDUWDQGR
OD SRVLELOLGDG GH TXH ODV YDULDFLRQHV GHO FRQWH[WR LQIOX\D HQ OD
YDULDEOHGHSHQGLHQWH6LVHTXLHUHFRPSUREDUFRPRXQDPRGDOLGDGGH
FODVH RULHQWDGD D OD H[SRVLFLyQ WHyULFD R PiV RULHQWDGD D OD
HMHUFLWDFLyQSUiFWLFD DIHFWD HO UHQGLPLHQWR HQORV H[iPHQHVGHEHUtD
HPSOHDUVH FRQ HO PLVPR GRFHQWH \ FRQ XQD VLPLODU ORFDOL]DFLyQ
WHPSRUDOFXUVDGDVHQKRUDULRVHTXLYDOHQWHV\HVSDFLDOFRQDXODV\
PRELOLDULRVVHPHMDQWHV
E )RUPDFLyQ GH XQ JUXSR GH FRQWURO R GH JUXSRV GH

FRPSDUDFLyQXQDUHJODQHFHVDULDSDUDSRGHUYHULILFDUHOHIHFWRGHO
HVWtPXORHQODYDULDEOHGHSHQGLHQWHHVODVHOHFFLyQGHYDULRVJUXSRV
GHFRPSDUDFLyQGRVFRPRPtQLPRDODSUHVHQFLDGHXQJUXSRDOTXH
QRVHORH[SRQHDOHVWtPXORDHVWHVHGHQRPLQDJUXSRGHFRQWURO HO
PLVPR GHEHUi SRVHHU ODV PLVPDV FDUDFWHUtVWLFDV GHO JUXSR
H[SHULPHQWDO6HVXSRQHTXHODVYDULDEOHVH[WUDxDVVHGHVHQYROYHUiQ
HTXLYDOHQWHPHQWH HQ DPERV JUXSRV \ TXH ODV GLIHUHQFLDV HQWUH ORV
UHVXOWDGRV UHJLVWUDGRV VH SRGUiQ LPSXWDU H[FOXVLYDPHQWH D OD
SUHVHQFLDGHODYDULDEOHLQGHSHQGLHQWHTXHDFWXDUiVyORHQHOJUXSR
H[SHULPHQWDO SRU HMHPSOR VH SXHGH HVWXGLDU HO UHQGLPLHQWR
DFDGpPLFRGHGRVJUXSRVGHHVWXGLDQWHVXQRVRPHWLGRDXQHVWtPXOR

GHXQDFXUVDGDH[WUDGHOHFWXUD\UHGDFFLyQGHWH[WRV\HORWURFRPR
JUXSR GH FRQWURO DO TXH VH OR VLJXH HQ VX UHQGLPLHQWR SHUR VLQ
H[SRQHUOR DOHVWtPXOR8QDYDULDQWHSDUDHOFRQWUROGHOH[SHULPHQWR
UDGLFD HQ OD FRQVWLWXFLyQ GH JUXSRV GH FRPSDUDFLyQ SDUD SUREDU
GLIHUHQWHV YDULDQWHV GHO HVWtPXOR HQ HVWH FDVR VRQ WRGRV JUXSRV
H[SHULPHQWDOHV VRPHWLGRV FDGD XQR D GLIHUHQWHV YDULDFLRQHV GH OD
YDULDEOH LQGHSHQGLHQWH SRU HMHPSOR XQ JUXSR GH HVWXGLDQWHV VH
H[SRQHQ D FODVHV WHyULFDV \ DO RWUR D WHyULFRSUiFWLFDV \ OXHJR VH
HYDO~D HO UHQGLPLHQWR HQ OD PDWHULD D WUDYpV GH H[iPHQHV /RV
UHVXOWDGRVGHODPHGLFLyQGHODYDULDEOHGHSHQGLHQWH HQFDGDXQRGH
HOORVSHUPLWHQFRPSDUDUVLODVYDULDFLRQHVHQHOHVWtPXORSURGXMHURQ
FRQVHFXHQFLDVUHOHYDQWHV
F(TXLYDOHQFLDVJUXSDOHVDOPRPHQWRGHLQLFLDUXQH[SHULPHQWRVH
GHEH JDUDQWL]DU XQD HTXLYDOHQFLD LQLFLDO XQD VLPLOLWXG QR HQWUH ORV
LQGLYLGXRVVLQRHQUHIHUHQFLDDODVFDUDFWHUtVWLFDVJUXSDOHV6HSXHGH
RUJDQL]DU OD FRQVWLWXFLyQ KRPRJpQHD GH ORV PLVPRV D WUDYpV GH OD
DOHDWRUL]DFLyQ OD FXDO FRQVLVWH HQ HOHJLU SRU PHGLRV D]DURVRV D ODV
SHUVRQDV SDUD OD FRQIRUPDFLyQ GH ORV JUXSRV R D WUDYpV GHO
HPSDUHMDPLHQWR HVWD DFWLYLGDG HVXQD PDQHUD GH LJXDODU ORV JUXSRV
RUGHQDQGRVXVLQWHJUDQWHVGHPD\RUDPHQRURYLFHYHUVDGHDFXHUGR
DXQDFDUDFWHUtVWLFDRYDULDEOHGHHPSDUHMDPLHQWR\DVtDVLJQDUORVHQ
RUGHQDORVJUXSRV6LVHWLHQHQGRVJUXSRVHOSULPHURSHUWHQHFHUiDO
JUXSRHOVHJXQGRVHFRUUHVSRQGHUiDOJUXSR\HOWHUFHURDOJUXSR
\ DVt VXFHVLYDPHQWH 6LJXLHQGR FRQ HO HMHPSOR DQWHULRU VHUtD
UHFRPHQGDEOH DVLJQDU ORV DOXPQRV D ORV FXUVRV D WUDYpV GH XQD
VHOHFFLyQDOHDWRULDRWRPDQGRXQDYDULDEOHGHHPSDUHMDPLHQWRFRPR
SRGUtDVHUHOSURPHGLRGHQRWDVRODFDQWLGDGGHPDWHULDVDSUREDGDV
4XHVHSURFXUHOD YDOLGH]H[WHUQDGHOH[SHULPHQWRHVWHWLSRGH
YDOLGH]VHUHILHUHDOJUDGRGHJHQHUDOL]DFLyQGH ORVUHVXOWDGRVGHXQ
H[SHULPHQWR D VLWXDFLRQHV QR H[SHULPHQWDOHV \ D RWURV VXMHWRV \
SREODFLRQHV/DUHSOLFDFLyQGHOH[SHULPHQWRSRURWURVLQYHVWLJDGRUHV
HQRWUDVLQVWDQFLDVGHLQYHVWLJDFLyQFRQRWURVVXMHWRVH[SHULPHQWDOHV
SHUPLWH DXPHQWDU HVWH WLSR GH YDOLGH] HVWD FDSDFLGDG GH

WUDQVIHULELOLGDGGHORVGDWRVJHQHUDGRVSRUHOH[SHULPHQWRODYDOLGH]
H[WHUQD VH PDWHULDOL]D FXDQGR ORV GDWRV UHVXOWDQWHV FRQ ORV VXMHWRV
H[SHULPHQWDOHV SXHGHQ VHU WUDVODGDGRV DO XQLYHUVR TXH VH TXLHUH
HVWXGLDU6LODVFRQGLFLRQHVHQODTXHVHGHVDUUROODHOH[SHULPHQWRVH
DOHMDQGHODH[SHULHQFLDUHDOHQODTXHHOXQLYHUVRYDDH[SRQHUVHDO
HVWtPXOR SXHGH TXH ORV HIHFWRV FRPSUREDGRV HQ OD LQVWDQFLD GH
LQYHVWLJDFLyQ QR VHD UHSOLFDEOH HQ OD UHDOLGDG SRU HMHPSOR VL SDUD
XQDLQYHVWLJDFLyQGHPHUFDGRVHFRQYRFDQDJUXSRVGHFRQVXPLGRUHV
GHXQDGHWHUPLQDGDPDUFDGHFHUYH]DSDUDKDEODUVREUHODSXEOLFLGDG
GH HVD PDUFD \ VRQ LQYLWDGRV SRU OD HPSUHVD D RILFLQDV FpQWULFDV D
H[SRQHUVHDODQXHYDFDPSDxDFRPXQLFDFLRQDOHOHIHFWRTXHVHTXLHUH
UHJLVWUDU HQ PDWHULD GH LPDJHQ GH PDUFD SXHGH QR VHU WUDVODGDEOH D
ORVFRQVXPLGRUHVTXHYHUiQODSXEOLFLGDGHQHOHQWRUQRGHVXKRJDU
\DTXHFXDQGRHOFRQVXPLGRUYHDORVVSRWVSXEOLFLWDULRVORKDUiHQXQ
FRQWH[WRGLIHUHQWHDOGHOVXMHWRH[SHULPHQWDOORVJUXSRVFRQYRFDGRV
SRUODHPSUHVDTXHSXHGHLQIOXLUHQVXDWHQFLyQVXSHUFHSFLyQ\VX
DFWLWXGKDFLDODPDUFD
3DUD DERUGDU HO WHPD GH OR TXH QR HVWi SHUPLWLGR KDFHU HQ XQ
H[SHULPHQWR HV QHFHVDULR UHFRUGDU XQFDVR PX\ FpOHEUHTXH H[SRQH
ORVOtPLWHVGLIXVRV\SROpPLFRVHQWUHOROtFLWR\ORYHGDGRHQHVWHWLSR
GHGLVHxRVHQODGpFDGDGHOHOSVLFyORJRQRUWHDPHULFDQR6WDQOH\
0LOJUDPGLVHxyXQH[SHULPHQWRTXHSUHWHQGLyGHWHUPLQDUORTXHVH
GHQRPLQDFRPROD³REHGLHQFLDGHELGD´HVWRHVVLSHUVRQDVFRPXQHV
\ QRUPDOHV SRGtDQ HQ FLHUWDV FRQGLFLRQHV OOHYDU D FDER DFWRV GH
VDOYDMLVPR\FUXHOGDGFRQWUDRWUDVSHUVRQDVGHVFRQRFLGDVDSDUWLUGH
ODH[LVWHQFLDGHXQDILJXUDGHDXWRULGDG(OH[SHULPHQWRSUHVHQWDEDD
ORV SDUWLFLSDQWHV R VXMHWRV H[SHULPHQWDOHV TXLHQHV QR VDEtDQ TXH
HOORVHUDQHOREMHWRGHODSUXHEDXQDPiTXLQDTXHGHEtDQPDQHMDUD
SDUWLUGHODVLQGLFDFLRQHVGHXQ³PDHVWUR´DXWRULGDGFRQXQDVHULH
GH PDQGRV TXH VXSXHVWDPHQWH SRGtDQ SURGXFLU FKRTXHV HOpFWULFRV
TXH HQ IRUPD JUDGXDO GHVGH HO H[WUHPR GH XQD KDELWDFLyQ KDFLD OD
KDELWDFLyQ FRQWLJXD UHFLEtD XQ GHVFRQRFLGR WDPELpQ SDUWLFLSDQWH
YROXQWDULRHQVXFXHUSRVLFRQWHVWDEDHUUyQHDPHQWHDOJXQDSUHJXQWD

GH XQD VHULH TXH OH UHDOL]DEDQ SUHYLDPHQWH VH OH H[SOLFDED D ORV
VXMHWRV H[SHULPHQWDOHV TXLHQHV PDQHMDUtDQ HVH GLVSRVLWLYR HOpFWULFR
SDUD DGPLQLVWUDU ODV GHVFDUJDV TXH HUDQ SDUWH GH XQ HVWXGLR TXH
EXVFDED FRPSUREDU TXH ORV VHUHV KXPDQRV DSUHQGHQ PHMRU \ PiV
UiSLGRPHGLDQWHXQFDVWLJRFRUSRUDO6HOHVDILUPDEDTXHORVJROSHV
HOpFWULFRV HUDQ GRORURVRV D PHGLGD TXH VH XWLOL]DED PD\RU YROWDMH
SHURTXHQRVHFRUUtDQLQJ~QULHVJRGHPXHUWHDQWHVGHHPSUHQGHUHO
H[SHULPHQWR VH OHV SDJDED \ VH OHV DFODUDED TXH FXDQGR GHVHDVHQ
SRGtDQ DEDQGRQDU HO H[SHULPHQWR VLQ QLQJ~Q WLSR GH SUREOHPD /RV
SDUWLFLSDQWHVTXHVHGHVHPSHxDEDQFRPRORVDOXPQRVHUDQFyPSOLFHV
TXH DFWXDEDQ FRPR ORV VXSXHVWRV VXMHWRV H[SHULPHQWDOHV HOORV
UHFLEtDQORVFKRTXHVTXHHQUHDOLGDGQRH[LVWtDQ SRU ORTXHGHEtDQ
DFWXDU D PHGLGD TXH HO YROWDMH VXSXHVWDPHQWH LED VXELHQGR
TXHMiQGRVHGHOGRORUVHORVVXMHWDEDQDXQDHVSHFLHGHVLOODHOpFWULFD
\VHOHVFRORFDEDQXQRVHOHFWURGRV7HQtDQTXHDSUHQGHUVHXQDOLVWD
GH SDODEUDV GHVSXpV HO PDHVWUR OH LED GLFLHQGR ORV WpUPLQRV GH
HVWDOLVWD\HODOXPQRGHEtDUHFRUGDUFXiOHVODTXHLEDDVRFLDGDVL
IDOODEDHOPDHVWUROHGDEDXQDVXSXHVWDGHVFDUJDFXDQGROOHJDED
D XQ GHWHUPLQDGR QLYHO HO HVWXGLDQWH H[SUHVDED TXH QR TXHUtD
SDUWLFLSDUTXHVHQWtDGRORUHVHQHOSHFKR\TXHFUHtDTXHDOJRDQGDED
PDO H[LJLHQGR GHWHQHU HO H[SHULPHQWR HVWR HUD HVFXFKDGR SRU HO
PDHVWUR\SRUHOHQFDUJDGRGHLPSOHPHQWDUHOFDVWLJRTXLHQDQWHOD
SUHVHQFLD GH OD ILJXUD GH DXWRULGDG GHO ³PDHVWUR´ DFDWDED FRQWLQXDU
FRQ ODV GHVFDUJDV HOpFWULFDV TXH DTXpO RUGHQDED PiV DOOi GH VX
FRQVLGHUDFLyQSHUVRQDO
7LSRGHH[SHULPHQWRV
$FRQWLQXDFLyQVHSUHVHQWDQWUHVWLSRORJtDVGHGLVHxRVH[SHULPHQWDOHV
TXHSXHGHQDUWLFXODUVHHQWUHVt8QDSULPHUDWLSRORJtDSURYLHQHGHXQ
WH[WRFOiVLFRGH&DPSEHOO\6WDQOH\TXLHQHVLGHQWLILFDURQWUHV
FDWHJRUtDVJHQHUDOHVGHGLVHxRVH[SHULPHQWDOHV
([SHULPHQWRV SXURV SDUD VX FXPSOLPLHQWR VRQ QHFHVDULDV ODV

VLJXLHQWHVFRQGLFLRQHVHQSULPHUOXJDUODFRQVWLWXFLyQGHORVJUXSRV

DWUDYpVGHOD]DURHPSDUHMDPLHQWR\HQVHJXQGROXJDUODIRUPDFLyQ
GHJUXSRVGHFRPSDUDFLyQRGHFRQWURO
&XDVLH[SHULPHQWRV OD DVLJQDFLyQ GH ORV SDUWLFLSDQWHV D ORV

JUXSRV VH HIHFWLYL]D HQ HO PDUFR GH XQD VLWXDFLyQ UHDO ORV JUXSRV
HVWiQIRUPDGRVGHDQWHPDQRDODSXHVWDHQSUiFWLFDGHOH[SHULPHQWR
(VWRVGLVHxRVVHXWLOL]DQFXDQGRQRHVSRVLEOHDVLJQDUORVVXMHWRVHQ
IRUPD DOHDWRULD D ORV JUXSRV TXH UHFLELUiQ ORV WUDWDPLHQWRV
H[SHULPHQWDOHV
3UHH[SHULPHQWRVHVWRVVRQXQDFODVHGHGLVHxRVH[SHULPHQWDOHV
PX\ UXGLPHQWDULRV \D TXH VH FDUDFWHUL]DQ SRU XQ JUDGR PtQLPR GH
YDOLGH] H[WHUQD H LQWHUQD 1R SRVHHQ JUXSR FRQWURO QL GH
FRPSDUDFLyQQRVRQDGHFXDGRVSDUDHOHVWDEOHFLPLHQWRGHUHODFLRQHV
H[SOLFDWLYDVHQWUHXQDYDULDEOHLQGHSHQGLHQWH\RWUDGHSHQGLHQWH6H
HPSOHDQ HQ HVWDGLRV H[SORUDWRULRV GH H[SHULPHQWRV YHUGDGHURV \ VX
LQWHUSUHWDFLyQ HV PX\ FDXWHORVD GHELGR D OD LQYDOLGH] WDQWR LQWHUQD
FRPRH[WHUQDTXHSUHVHQWDQ
8QD VHJXQGD WLSRORJtD TXH SUHVHQWDQ ORV GLVHxRV H[SHULPHQWDOHV

UHVXOWDQ FRPR FRQVHFXHQFLD GH VX DSOLFDFLyQ HQ XQ GHWHUPLQDGR
FRQWH[WRFRQHVWHFULWHULRORVH[SHULPHQWRVSXHGHQVHUGHFDPSRR
GHODERUDWRULR
/RV H[SHULPHQWRV GH ODERUDWRULR VH UHDOL]DQ HQ FRQGLFLRQHV

HVSHFLDOHVDUWLILFLDOHVTXHLQWHQWDQPDQWHQHUODKRPRJHQHLGDG\ HO
FRQWURO HQ WRGRV ORV JUXSRV SDUD HOOR ORV VXMHWRV H[SHULPHQWDOHV
GHEHQ VRPHWHUVH D FRQGLFLRQHV QR QDWXUDOHV GLIHUHQWHV D ODV GH VX
YLGDFRWLGLDQD(VWHWLSRGHH[SHULPHQWRVWLHQHXQDHOHYDGDYDOLGH]
LQWHUQDSRUTXHLQWHQWDFRQWURODUODVSRVLEOHVLQIOXHQFLDVGHYDULDEOHV
H[WUDxDV DO PLVPR SHUR WLHQHQ XQD YDOLGH] H[WHUQD TXH GHEH VHU
DQDOL]DGD \D TXH OD DUWLILFLDOLGDG GHO H[SHULPHQWR SXHGH QR VHU
WUDVODGDEOHDOXQLYHUVRHQVXYLGDFRWLGLDQD
/RV H[SHULPHQWRV GH FDPSR VH OOHYDQ D FDER VLQ DOWHUDU OD YLGD

GLDULDGHORVVXMHWRVH[SHULPHQWDOHVpVWRVVHH[SRQHQDOHVWtPXORVLQ
DOWHUDUVXFRWLGLDQHLGDGSRUHOORWLHQHQXQDHOHYDGDYDOLGH]H[WHUQD\
GpELO YDOLGH] LQWHUQD 8Q H[SHULPHQWR GH FDPSR SXHGH
HMHPSOLILFDUVH HQ OD RUJDQL]DFLyQ GH XQ HVWXGLR HQ FXDWUR FLXGDGHV
GH VLPLODUHV FDUDFWHUtVWLFDV VRFLRGHPRJUiILFDV \ HFRQyPLFDV
GHVWLQDGRDSUREDUVLHOODQ]DPLHQWRGHXQDFDPSDxDFRPXQLFDFLRQDO
FRQ FRQWHQLGRV LQIRUPDWLYRV \ UDFLRQDOHV UHGXFH ORV DFFLGHQWHV GH
WUiQVLWRFRQPD\RULQWHQVLGDGTXHXQDFDPSDxDEDVDGDHQFRQWHQLGRV
HPRFLRQDOHV 6H SXHGHQ UHDOL]DU PHGLFLRQHV SUHYLDV GH OD YDULDEOH
GHSHQGLHQWHFDQWLGDGGHDFFLGHQWHVSDUDOXHJRSUHVHQWDUHOHVWtPXOR
ODFDPSDxDFRQVXVGRVYDULDQWHVDWUDYpVGHPHGLRVORFDOHVMXQWRD
SXEOLFLGDG JUiILFD \ SRVWHULRUPHQWH YXHOYH D UHJLVWUDU OD YDULDEOH
GHSHQGLHQWH \ FRPSDUD ORV UHVXOWDGRV HQWUH FLXGDGHV \ HQWUH OD
SUHSUXHED\ODSRVWSUXHED8QGLVHxRH[SHULPHQWDOGHFDPSRQXQFD
SXHGH VHU XQ H[SHULPHQWR SXUR \D TXH HQ HVWH WLSRGH H[SHULPHQWR
ORVJUXSRVSXHGHQIRUPDUVHSRUDFFLyQGHOLQYHVWLJDGRU
/DHOHFFLyQHQWUHXQGLVHxRGHODERUDWRULRRXQRGHFDPSRGHSHQGH
GHODPELHQWHQDWXUDODUWLILFLDOHQHOFXDOVHTXLHUDOOHYDUDFDERXQ
H[SHULPHQWRWDPELpQREHGHFHGHORVREMHWLYRVGHODLQYHVWLJDFLyQD
ORV UHFXUVRV FRQ ORV TXH VH FXHQWH \ D ODV YHQWDMDV \ GHVYHQWDMDV
SUHVHQWDGDV DQWHULRUPHQWH 8QD YHQWDMD GH ORV H[SHULPHQWRV GH
ODERUDWRULR HVWi HQ TXH SHUPLWHQ XQ PD\RU FRQWURO GHO LQYHVWLJDGRU
VREUHHOHQWRUQRGHOH[SHULPHQWRFRQHODLVODPLHQWRGHODVYDULDEOHV
LQYROXFUDGDVDTXHOODVSUHVHQWHVHQORVREMHWLYRV\RHQODVKLSyWHVLV
DILQGHREVWDFXOL]DUODLQFLGHQFLDGHYDULDEOHVH[WUDxDVDTXHOODVQR
FRQWHPSODGDVHQODLQYHVWLJDFLyQHQFDPELRFRQHOH[SHULPHQWRGH
FDPSRODVDFWLYLGDGHVGHFRQWUROTXHVHSXHGHQUHDOL]DUVRQPHQRUHV
TXHHQHOGHODERUDWRULRORTXHLQYROXFUDXQDPD\RULQFHUWLGXPEUH
\D TXH VH SXHGHQ SUHVHQWDU LQIOXHQFLDV QR SUHYLVWDV YDULDEOHV

/RVDOXPQRVTXHQROH\HURQVREUHHVWHWLSRGHH[SHULPHQWR\GHEHQUHVSRQGHUVREUH
pOHQXQH[DPHQVXHOHQHVFULELUTXHVRQDTXpOORVH[SHULPHQWRVTXHVHUHDOL]DQDODLUH
OLEUH

H[WUDxDV DO H[SHULPHQWR FRQ PD\RU IDFLOLGDG GHELGR D TXH QR VH
FRQWUROD HO HQWRUQR GRQGH VH GHVDUUROOD HO H[SHULPHQWR 8QD
GHVYHQWDMD GH ORV H[SHULPHQWRV GH ODERUDWRULR HV VX EDMD YDOLGH]
H[WHUQDGHELGRDTXHORVVXMHWRVH[SHULPHQWDOHVFRQRFHQRSHUFLEHQ
TXHSDUWLFLSDQGHXQH[SHULPHQWRFRQORFXDOVHUHGXFHHOHIHFWRGH
OD QDWXUDOL]DFLyQ GH OD SUHVHQFLD GHO HVWtPXOR VREUH HOORV /RV
H[SHULPHQWRV GH FDPSR WLHQHQ PD\RU YDOLGH] H[WHUQD TXH DTXpOORV
\D TXH HV FRP~Q TXH VXV SDUWLFLSDQWHV QR VRQ FRQFLHQWHV GH VX
SDUWLFLSDFLyQGHOHVWXGLR\SRUORWDQWRUHVSRQGHQFRQHVSRQWDQHLGDG
8QDWHUFHUDWLSRORJtDGHGLVHxRVH[SHULPHQWDOHVORVFDWHJRUL]DVHJ~Q
ODV FDUDFWHUtVWLFDV GHO WLSR GH PDQLSXODFLyQ GH PHGLFLyQ GH ODV
YDULDEOHV GHSHQGLHQWHV GHWHUPLQDQGR DVt FRPR VH GHEHQ
LPSOHPHQWDU
&RQ SRVWSUXHED \ JUXSR GH FRPSDUDFLyQ R GH FRQWURO QR VH
KDFH XQD PHGLFLyQ SUHYLD FXDQGR QR VH SXHGH FRPSXWDU OD YDULDEOH
GHSHQGLHQWH DQWHV GHO HVWtPXOR SRU HMHPSOR VL VH SUHWHQGH HYDOXDU
GLIHUHQWHV PHWRGRORJtDV GH HQVHxDQ]D HVWtPXOR VREUH HO
FRQRFLPLHQWR GH ORV FRQWHQLGRV WHyULFRSUiFWLFRV GH XQD DVLJQDWXUD
UHVSXHVWDQRVHSRGUiKDFHUXQDHYDOXDFLyQSUHYLD\DTXHDQWHVGH
EULQGDU ODV FODVHV HO DOXPQR QR VDEH QDGD VREUH OD DVLJQDWXUD 2WUR
HMHPSORSXHGHSUHVHQWDUVHFXDQGRVHTXLHUHFRQRFHUVLXQDFDPSDxD
SXEOLFLWDULD GH XQD QXHYD PDUFD WHQGUi HIHFWRV HQ OD DFWLWXG GH
FRPSUDGHODPLVPD
&RQ SUHSUXHEDSRVWSUXHED \ JUXSR FRQWURO VL HV SRVLEOH

VLHPSUH HV UHFRPHQGDEOH PHGLU OD YDULDEOH GHSHQGLHQWH DQWHV GH
DSOLFDU OD PDQLSXODFLyQ GH OD YDULDEOH LQGHSHQGLHQWH SDUD SRGHU
FRPSDUDU VXVYDORUHVHQWUHORVJUXSRVSDUWLFLSDQWHVGHOH[SHULPHQWR
DQWHV\GHVSXpVGHOHVWtPXORSRUHMHPSORVLVHTXLVLHUDFRPSUREDUOD
SRVLEOH LQIOXHQFLD GH XQ SURJUDPD GH FDSDFLWDFLyQ ODERUDO VREUH OD
SURGXFWLYLGDGVHUtDUHFRPHQGDEOHWHQHUXQUHJLVWURSUHYLRDOHVWtPXOR
GHODYDULDEOHGHSHQGLHQWH

&XDWUR JUXSRV GH 6RORPRQ HVWH WLSR GH GLVHxR FUHDGR SRU HO
LQYHVWLJDGRU 6RORPRQ VXSRQH OD DUWLFXODFLyQ \ RUJDQL]DFLyQ GH
FXDWUR JUXSRV GRV JUXSRV H[SHULPHQWDOHV XQR FRQ SUHSUXHED \ HO
RWURVLQSUHSUXHED\GRVJUXSRVGHFRQWUROXQRFRQSUHSUXHED\HO
RWURVLQSUHSUXHED(OREMHWLYRGHHVWHWLSRGHGLVHxRHVDQDOL]DUOD
SRVLEOHLQIOXHQFLDTXHSXHGDWHQHUODPHGLFLyQSUHYLDGHODYDULDEOH
GHSHQGLHQWH SUHSUXHED VREUH OD PHGLFLyQ SRVWHULRU SRVWSUXHEDDO
HVWtPXOR &RQ OD XWLOL]DFLyQ GH ORV FXDWUR JUXSRV GH 6RORPRQ VH
SXHGH HYDOXDU OD SRVLEOH LQIOXHQFLD GH OD SUHSUXHED VREUH OD
SRVWSUXHED \D TXH KD\ VLWXDFLRQHV GRQGH OD DGPLQLVWUDFLyQ GH OD
SUHSUXHED SXHGH DIHFWDU D OD PHGLFLyQ LPSOLFDGD HQ OD SRVWSUXHED
SRU HMHPSOR HVWH WLSR GH GLVHxR SRGUtD DSOLFDUVH HQ XQ HVWXGLR TXH
LQWHQWH FRPSUREDU ORV HIHFWRV GH XQD FDPSDxD FRPXQLFDFLRQDO GH
FRQFLHQWL]DFLyQVREUHODVYHQWDMDVGHOXVRGHOFLQWXUyQGHVHJXULGDG
SDUDFRQGXFLUVHUtDUHFRPHQGDEOHUHJLVWUDUDQWHVGHODH[SRVLFLyQD
ORV PHQVDMHV HO QLYHO GH FRQFLHQFLD GH ORV VXMHWRV H[SHULPHQWDOHV
VREUHODXWLOLGDGHOHPSOHRGHOFLQWXUyQGHVHJXULGDGHVSUREDEOHTXH
HOUHJLVWURSUHYLRPRWRULFHHQODVXEMHWLYLGDGGHORVSDUWLFLSDQWHVXQD
LQIOXHQFLDTXHORVKDJDPiVSHUPHDEOHVDODLQIOXHQFLDGHOHVWtPXOR
GHVYLUWXDQGRODHYDOXDFLyQGHODSRWHQFLDGHOPLVPR
'H VHULHV FURQROyJLFDV P~OWLSOHV FXDQGR VH HVWi LQWHUHVDGR HQ
PHGLUORVHIHFWRVDODUJRSOD]RVHHPSOHDQORVGLVHxRVH[SHULPHQWDOHV
FURQROyJLFRV 'HWHUPLQDGRV HVWXGLRV UHTXLHUHQ GH UHSHWLFLRQHV GHO
HVWtPXOR \ YDULDV PHGLFLRQHVSDUD FRPSUREDU OD SRVLEOH UHODFLyQGH
FDXVDOLGDG R SDUD VDEHU FXiQGR VH SURGXFHQ R GHVDSDUHFHQ ORV
HIHFWRV HQ HVWRV FDVRV H HIHFW~DQ PHGLFLRQHV UHSHWLGDV OXHJR GH
DSOLFDUHOHVWtPXORODVPHGLFLRQHVUHSHWLGDVWDPELpQVHSXHGHQOOHYDU
D FDER DQWHV GH OD PDQLSXODFLyQ GH OD YDULDEOH LQGHSHQGLHQWH SRU
HMHPSOR VL VH TXLVLHUD FRPSUREDU OD LQIOXHQFLD GH XQ GHWHUPLQDGR
FDPELRRUJDQL]DFLRQDO RGHXQWLSRHVSHFtILFRGHLQFHQWLYR VREUHOD
DFWLWXG GH FRKHVLyQ GH ORV PLHPEURV GH OD RUJDQL]DFLyQ SRGUtD
HPSOHDUVH HVWH WLSR GH GLVHxR \D TXH ODV FRQVHFXHQFLDV GH HVH
HVWtPXORQRSXHGHQJHQHUDUVHGHXQPRPHQWRSDUDRWUR

)DFWRULDOHV VRQ XQ WLSR GH GLVHxRV GRQGH VH SRVHHQ GRV R PiV
YDULDEOHV LQGHSHQGLHQWHV GHEH FRQWHQHU SRU OR PHQRV XQD GH HOODV
PDQLSXODEOH PiV DOOi GH OD FDQWLGDG GH YDULDEOHV GHSHQGLHQWHV /D
FDQWLGDG GH JUXSRV SDUD UHDOL]DU HVWH GLVHxR VH GHWHUPLQD SRU HO
Q~PHURGHYDULDEOHVLQGHSHQGLHQWHV\HOQ~PHURGHQLYHOHVGH FDGD
XQD GH HOODV 6L VH SUHVHQWD XQ GLVHxR [ TXLHUH GHFLU TXH VH
HPSOHDQGRVYDULDEOHVLQGHSHQGLHQWHVFRQGRVQLYHOHVGHYDULDFLyQ
FDGDXQDXQGLVHxR[TXLHUHGHFLUTXHVHHPSOHDUiQWUHVWLSRV
GH YDULDEOHV LQGHSHQGLHQWHV FRQ WUHV FDWHJRUtDV R QLYHOHV GH
YDULDFLyQHOQ~PHURGHJUXSRVQHFHVDULRVSDUDFDGDGLVHxRIDFWRULDO
VH FDOFXOD PXOWLSOLFDQGR ORV Q~PHURV TXH OR FRPSRQHQ SDUD XQ
GLVHxR [ HO WRWDO GH JUXSRV H[SHULPHQWDOHV GHEH VHU SDUD XQ
GLVHxR [ [ HO WRWDO GH JUXSRV VHUi (O GLVHxR IDFWRULDO
SHUPLWH TXH HO LQYHVWLJDGRU SXHGD HYDOXDU ORV HIHFWRV GH FDGD
YDULDEOHLQGHSHQGLHQWHVREUHODGHSHQGLHQWHSRUVHSDUDGRDGHPiVGH
HYDOXDU ORV HIHFWRV GH ODV YDULDEOHV LQGHSHQGLHQWHV FRQMXQWDPHQWH
8Q HMHPSOR GH HVWH WLSR GH GLVHxR SRGUtD TXHUHU HVWDEOHFHU VL HO
FRPSURPLVR FRQ OD WDUHD GH ORV LQWHJUDQWHV GHQWUR GH XQD
RUJDQL]DFLyQ YDULDEOH GHSHQGLHQWH YDUtD VL KD\ JUDWLILFDFLRQHV
PDWHULDOHV R VLPEyOLFDV YDULDEOH LQGHSHQGLHQWH PDQLSXODEOH \ VL
HVWDLQIOXHQFLDYDUtDGHDFXHUGRDODDQWLJHGDGGHLQJUHVRGHQWURGH
ODRUJDQL]DFLyQYDULDEOHLQGHSHQGLHQWHQRPDQLSXODEOH
'LVHxRVQRH[SHULPHQWDOHVGHLQYHVWLJDFLyQ
(VWH WLSR GH GLVHxRV VH SXHGH DSOLFDU D WRGR WLSR GH LQYHVWLJDFLyQ
HVSHFtILFDPHQWH VH UHDOL]D HQ ORV HVWXGLRV HQ ORV TXH QR KD\
SRVLELOLGDG GH PDQLSXODFLyQ GH ODV YDULDEOHV GH OD LQYHVWLJDFLyQ HO
FXDOSXHGHVHUH[SORUDWRULRGHVFULSWLYRFRUUHODFLRQDORFDXVDO HQ
HVWRV FDVRV HO LQYHVWLJDGRU ~QLFDPHQWH UHJLVWUD ORV GDWRV QHFHVDULRV
SDUD FXPSOLPHQWDU ORV REMHWLYRV GH LQYHVWLJDFLyQ /RV GLVHxRV QR
H[SHULPHQWDOHVVHGLYLGHQHQ
7UDQVHFFLRQDOHV R WUDQVYHUVDOHV HVWH GLVHxR LPSOLFD TXH VH

UHJLVWUDQ GDWRV HQ XQ PRPHQWR ~QLFR 3XHGHQ VXEGLYLGLUVH D VX

YH]HQGLVHxRVWUDQVHFFLRQDOHVGHVFULSWLYRVORVFXDOHVFRQVLVWHQHQ
PHGLU ODV YDULDEOHV GH XQD SREODFLyQ JUXSRV R LQVWLWXFLRQHV \
SURSRUFLRQDU VX GHVFULSFLyQ ORV GLVHxRV WUDQVHFFLRQDOHV
FRUUHODFLRQDOHV \ FDXVDOHV HVWRV GLVHxRV SUHWHQGHQ HVWDEOHFHU
FRUUHODFLRQHVHQWUHGRVRPiVYDULDEOHVHQXQPRPHQWRGHWHUPLQDGR
RGHWHUPLQDUODUHODFLyQHQWpUPLQRV GHFDXVDOLGDGSRUHMHPSORXQ
GLVHxRWUDQVHFFLRQDOGHVFULSWLYRSRGUtDHQFDPLQDUVHDFDUDFWHUL]DUOD
VLWXDFLyQODERUDOGHORVDOXPQRVTXHDVLVWHQDXQLYHUVLGDGHVS~EOLFDV
XQRFRUUHODFLRQDOVHLQWHUHVDUtDHQFRPSDUDUODVLWXDFLyQODERUDOHQWUH
HVWXGLDQWHV GH XQLYHUVLGDGHV S~EOLFDV \ SULYDGDV 8Q GLVHxR
WUDQVHFFLRQDOFDXVDOSRGUtDGHWHUPLQDUVLHOQLYHOVRFLRHFRQyPLFRGH
ORVDOXPQRVLQFLGHHQVXUHQGLPLHQWRDFDGpPLFR
/RQJLWXGLQDOHV FXDQGR HO LQWHUpV GH OD LQYHVWLJDFLyQ UDGLFD HQ
DQDOL]DUFyPRHYROXFLRQDQGHWHUPLQDGDVYDULDEOHVGHXQHVWDEOHFLGR
XQLYHUVRDWUDYpVGHOWLHPSRVHXWLOL]DHVWHWLSRGHGLVHxRVHUHJLVWUDQ
ORV GDWRV HQ GHWHUPLQDGRV SXQWRV R SHUtRGRV WHPSRUDOHV
HVSHFLILFDGRVSRUDOJ~QFULWHULRGHWHUPLQDGRSRUHOLQYHVWLJDGRUSDUD
SRGHUKDFHUFRPSDUDFLRQHVFRQUHVSHFWRDOFDPELRHQHVRVSHUtRGRV
/RV GLVHxRV ORQJLWXGLQDOHV SUHVHQWDQ OD YHQWDMD GH EULQGDU
LQIRUPDFLyQ VREUHODV YDULDEOHV D WUDYpVGHO WLHPSR 6XHOHQVHU PiV
FRVWRVRV GH VRVWHQHU TXH ORV GLVHxRV WUDQVYHUVDOHV (VWH WLSR GH
GLVHxRVSUHVHQWDXQDWLSRORJtD
'LVHxRV ORQJLWXGLQDOHV GH WHQGHQFLD ORV GLVHxRV GH WHQGHQFLD VRQ

DTXHOORVTXHDQDOL]DQFDPELRVDWUDYpVGHOWLHPSRGHXQDSREODFLyQ
HQ JHQHUDO OD DSOLFDFLyQ VH GLULJH KDFLD HVD SREODFLyQ PiV DOOi GH
TXH TXLHQHV SDUWLFLSHQ GHO HVWXGLR QR VHDQ H[DFWDPHQWH ODV PLVPDV
SHUVRQDV JUXSRV X RUJDQL]DFLRQHV /RV HVWXGLRV LQWHUFHQVDOHV
DTXHOORV TXH FRPSDUDQ FLHUWDV YDULDEOHV D SDUWLU GH ORV GDWRV GH
GLIHUHQWHVFHQVRVGHXQPLVPRSDtVUHSUHVHQWDQXQFODURHMHPSORGH
HVWHWLSRGHGLVHxR
'LVHxRV ORQJLWXGLQDOHV GH HYROXFLyQ GH JUXSR R GH FRKRUWH D

WUDYpVGHHVWHWLSRGHGLVHxRVHSXHGHQDQDOL]DUFDPELRVDWUDYpVGHO

WLHPSR GH VXESREODFLRQHV R JUXSRV HVSHFtILFRV TXLHQHV YDQ D VHU

HVWXGLDGRV GHEHQ WHQHU ODV FDUDFWHUtVWLFDV TXH ORV KDFHQ HVWDU
LQFOXLGRV HQ HVD VXESREODFLyQ OR TXH LQWHUHVD VRQ ODV
WUDQVIRUPDFLRQHVTXHRSHUDQDWUDYpVGHOWLHPSRHQHVWHVXEFRQMXQWR
SRUHMHPSORHQXQHVWXGLRTXHSUHWHQGDFDUDFWHUL]DUFDGDFLQFRDxRV
HO WDPDxR \ OD GLQiPLFD RUJDQL]DFLRQDO GH ODV 21*V RULHQWDGDV DO
WHPDGHODVDOXGGHODSURYLQFLDGH%XHQRV$LUHVHQFDGDPRPHQWR
GHUHJLVWURODV21*VQRYDQDVHU H[DFWDPHQWHODVPLVPDVVLQTXH
SRUHOORVHDLQYiOLGDODLQYHVWLJDFLyQ
'LVHxRVORQJLWXGLQDOHVGHSDQHOHQHVWHWLSRGHGLVHxRORQJLWXGLQDO
ORV LQWHJUDQWHV SDUWLFLSDQ HQ XQ JUXSR FRPSURPHWLpQGRVH VX
SHUPDQHQFLD HQ HO PLVPR SDQHO SRU HOOR HQ FDGD PRPHQWR GHO
HVWXGLR GHEHQ VHU ORV PLVPRV FRQ HO SDQHO FRQVWLWXLGR DGHPiV GH
HVWDU DO WDQWR GH ORV FDPELRV JUXSDOHV VH SXHGHQ WHQHU GDWRV GH ORV
FDPELRV LQGLYLGXDOHV (VWH GLVHxR HV PX\ FRPSOHMR GH VRVWHQHU \D
TXH VL OD PRWLYDFLyQ HQ SDUWLFLSDU GHO SDQHO QR HV PX\ HOHYDGD VH
SXHGHQ H[SHULPHQWDU GHVHUFLRQHV \ GLOXLUVH DVt ODV YHQWDMDV GHO
PLVPR 3RU HMHPSOR ORV HVWXGLRV VREUH DXGLHQFLDV GH 79 VXHOHQ
HPSOHDU SDQHOHV SDUD HO VHJXLPLHQWR GH ORV UDWLQJV GH HPLVRUDV \
SURJUDPDV

*XtDGHSUHJXQWDV
6HxDODU \ H[SOLFDU ODV FXDWUR FRQGLFLRQHV TXH VH SUHFLVDQ SDUD
UHDOL]DUXQGLVHxRH[SHULPHQWDO
$QDOL]DUODUHODFLyQHQWUHODYDOLGH]LQWHUQD\H[WHUQD
&DUDFWHUL]DU ORV WLSRV GH GLVHxRV H[SHULPHQWDOHV HQ VXV WUHV
WLSRORJtDV
&RPSDUDUORVGLVHxRVH[SHULPHQWDOHVGHORVQRH[SHULPHQWDOHV
'HVFULELU ORV WLSRV GH GLVHxRV QR H[SHULPHQWDOHV HQ IRUPD GH
FXDGUR
¢$WUDYpVGHGRVHMHPSORVH[SOLFDUTXpVRQORVH[SHULPHQWRVGH
FDPSR\GHODERUDWRULR"

$&7,9,'$'
$QDOL]DU\HVWDEOHFHUTXpWLSRVGHH[SHULPHQWRVVHHPSOHDURQHQODV
LQYHVWLJDFLRQHVPHQFLRQDGDVHQHOVLJXLHQWHDUWtFXOR'HVFULELUFRPR
VHGHVDUUROODURQHVWDEOHFLHQGRHOXQLYHUVR\ODVYDULDEOHV
(/ 35(&,2 '( 81 )È50$&2 $*5$9$ 686 ()(&726

6(&81'$5,26$6Ë)81&,21$(/()(&7212&(%2
(VWH HIHFWR OOHYD D VHQWLU GRORU DXQTXH HO WUDWDPLHQWR QR WHQJD
QLQJ~QSULQFLSLRDFWLYR(QXQH[SHULPHQWRFRQKRPEUHV
GHPRVWUy FyPR QRV HQJDxD HO FHUHEUR 7RGRV VXIUtDQ
XQDHQIHUPHGDG FRURQDULD\ D WRGRV VH OHV WUDWy FRQ HO
EHWDEORTXHDQWH $WHQRORO 8Q WHUFLR GH HOORV QR VDEtDQ TXp HVWDEDQ
WRPDQGR$RWURWHUFLROHVGLMHURQHOQRPEUHGHOIiUPDFR\SDUDTXp
VHUYtD$OWHUFHUJUXSROHVFRQIHVDURQTXHSRGtDQWHQHUSUREOHPDVGH
HUHFFLyQ 6ROR XQR GH ORV SULPHURV \ FLQFR GHO VHJXQGR JUXSR
WXYLHURQ GLVIXQFLyQ HUpFWLO 3HURXQ WHUFLR GH ORV TXH VDEtDQ TXp
HIHFWRVHFXQGDULRSRGtDWHQHUHOIiUPDFRDFDEDURQVXIULpQGROR/R
OODPDQ HIHFWR QRFHER HO UHYHUVR GHO SODFHER 1RFHER VH UHILHUH D
FXDOTXLHU HIHFWR QHJDWLYR IUXWR GH XQ WUDWDPLHQWR VLPXODGR 3XHGH
VHU HO HPSHRUDPLHQWR GH XQ VtQWRPD R OD DSDULFLyQ GH HIHFWRV
VHFXQGDULRVH[SOLFDODLQYHVWLJDGRUDGHOD&OtQLFD8QLYHUVLWDULDGH
+DPEXUJR(SSHQGRUI $OHPDQLD $OH[DQGUD 7LQQHUPDQQ
$XQTXHSRUFDGDLQYHVWLJDFLyQVREUHHVWHIHQyPHQRKD\VREUH
HOHIHFWRSODFHERDGHPiVGHDJUDYDUHOHVWDGRGHPXFKRVHQIHUPRV
HOHIHFWRQRFHERHVWiHQWRUSHFLHQGREXHQDSDUWHGHODLQYHVWLJDFLyQ\
SODQWHDGLOHPDVHQODSUiFWLFDPpGLFD
-XQWRDXQJUXSRGHFROHJDV7LQQHUPDQQKDFRPSUREDGRTXHXQRGH
ORVIDFWRUHVTXHSXHGHQIDYRUHFHUODDSDULFLyQGHHIHFWRVQRFHERHV
HOSUHFLRGHOWUDWDPLHQWR(QORVHVWXGLRVVREUHSODFHERVHKDYLVWR
TXH FXDQWR PiV FDUD HV XQD PHGLFDFLyQ PD\RU HIHFWR SODFHER OR
TXH VXJLHUH TXH HQ OD PHQWH GH ODV SHUVRQDV HO PHGLFDPHQWR FDUR
DSDUHFHFRPRPiVSRWHQWHTXHHOEDUDWR/RPLVPRSDUHFHVXFHGHU

FRQ HO HIHFWR QRFHER 3HQVDPRV TXH OD JHQWH FUHH TXH XQ SRWHQWH
IiUPDFR WDPELpQ HV PiV IXHUWH D OD KRUD GH WHQHU HIHFWRV
VHFXQGDULRV H[SOLFD OD LQYHVWLJDGRUD JHUPDQD 3DUD FRPSUREDUOR
GLVHxDURQ GRV FDMDV SDUD XQD FUHPD FRQWUD OD GHUPDWLWLV DWySLFD
8QDGHODVFDMDVODGHFRORUQDUDQMDGDEDXQDLPDJHQPiVFXWUH
GHO PHGLFDPHQWR TXH OD D]XO FRQ XQ GLVHxR PiV FXLGDGR
&RQILUPDURQ HVWDLPSUHVLyQ FRQXQFHQWHQDUGHSHUVRQDVDMHQDVDO
H[SHULPHQWR/DPD\RUtDVXSXVRTXHODD]XOHUDPiVFDUD'HQWURGH
ODVFDMDVFRORFDURQXQWXERGHFUHPDHLQLFLDURQHOHQVD\RGHOQXHYR
PHGLFDPHQWR
'LYLGLHURQ D SHUVRQDV HQ GRV JUXSRV $ XQR OH DSOLFDURQ HQ HO
DQWHEUD]RODFUHPDGHODFDMDQDUDQMD\DORWURODGHODFDMDD]XO
7DPELpQ OHV SXVLHURQ XQD WHUFHUD FUHPD FRPR FRQWURO GHO
H[SHULPHQWR $O SULPHU JUXSR OH GLMHURQ TXH LEDQ D SUREDU XQD
YHUVLyQEDUDWDGHOIiUPDFR\DOVHJXQGRODGHJDPDDOWD%XVFDEDQ
UHIRU]DU OD LPSUHVLyQ TXH RIUHFtDQ ODV FDMDV (Q DPERV FDVRV
WDPELpQ OHV GLMHURQ TXH HO SURGXFWR OHV SURYRFDUtD XQD TXHPD]yQ
TXHSRGUtDVHUGRORURVD/DFUHPDVHODDSOLFDURQHQXQSDUFKH(Q
UHDOLGDG HO GRORU GH OD TXHPDGXUD OR SURYRFy HO SDUFKH ODV WUHV
FUHPDV HUDQ OD PLVPD VXVWDQFLD VLQ QLQJ~Q SULQFLSLR DFWLYR 6LQ
HPEDUJR FRPR PXHVWUDQ ORV UHVXOWDGRV GH VX HVWXGLR SXEOLFDGRV
HQ6FLHQFHORVYROXQWDULRVDORVTXHVHOHVDSOLFyODFUHPDGHODFDMD
D]XOGLMHURQVHQWLUPXFKRPiVGRORU<HVRTXHODWHPSHUDWXUDIXHOD
PLVPDSDUDWRGRV
/RV HVWXGLRV VREUH QRFHER GHPXHVWUDQ TXH XQ VtQWRPD SXHGH VHU
DPSOLILFDGRRHPSHRUDGRSRUODVH[SHFWDWLYDVQHJDWLYDVFRPHQWDOD
SURIHVRUDGHOD 8QLYHUVLGDGGH 0DU\ODQG (( 88 H LQYHVWLJDGRUD
GHORVIHQyPHQRVSODFHER\QRFHER/XDQD&ROORFDQRUHODFLRQDGD
FRQHVWDLQYHVWLJDFLyQ3RUHMHPSORORVSDUWLFLSDQWHVHQXQHVWXGLR
SXHGHQ VHQWLU XQ GRORU LQVRSRUWDEOH FXDQGR HOORV H[SHULPHQWDQ XQ
HVWtPXOR SDUD HO TXH KDQ VLGR FRQGLFLRQDGRV SDUD TXH FUHDQ TXH
VHUi H[WUHPDGDPHQWH GRORURVR DXQTXH HO HVWtPXOR KD\D VLGR
SURJUDPDGRSDUDSURYRFDUXQQLYHOPHGLRGHGRORU3XHGHSDUHFHU

XQWUXFRGHODPHQWHSHURDKRUDVDEHPRVTXHLQWHUYLHQHXQVLVWHPD
SVLFRQHXURELROyJLFR GH PRGXODFLyQ GHO GRORU TXH FRQHFWD ODV
H[SHFWDWLYDV GH OD SHUVRQD GH XQ DOLYLR R HPSHRUDPLHQWR GHO GRORU
FRQODOLEHUDFLyQREORTXHRGHRSLRLGHVHQGyJHQRVDxDGH
/DLQYHVWLJDFLyQGH7LQQHUPDQQPXHVWUDFyPRVXFHGHHVWHSURFHVRD
QLYHO QHXUROyJLFR $O PLVPR WLHPSR TXH VH GHVDUUROODED HO HQVD\R
UHJLVWUDURQ OD DFWLYLGDG FHUHEUDO GH ORV SDUWLFLSDQWHV (O FyUWH[
SUHIURQWDO GRQGH VHFUHHTXHJHQHUDPRVODV H[SHFWDWLYDV QHJDWLYDV
DIHFWyDUHJLRQHVFHUHEUDOHVPiVSURIXQGDVFRPRHOWDOORFHUHEUDOH
LQFOXVRODPpGXODHVSLQDO7RGRHOVLVWHPDSULQFLSDOGHOGRORUVHYLR
DFWLYDGRSRUHOYDORUTXHORVVXMHWRVGDEDQDODVFUHPDV0iVD~Q
ODFRPXQLFDFLyQHQWUHHVWDVUHJLRQHVIXHPRGXODGDSRUHOSUHFLRGH
ODPHGLFDFLyQDxDGH
/DVUHVSXHVWDVSODFHER\QRFHERVRQPX\FRPXQHVHQHOFRQWH[WRGH
ORV HQVD\RV FOtQLFRV UHFXHUGD &ROORFD (O SUREOHPD HV TXH HVWiQ
DIHFWDQGR D OD SURSLD LQYHVWLJDFLyQ PpGLFD (Q ORV ~OWLPRV FLQFR
DxRV PiV GH HQVD\RV FOtQLFRV HQ PHGLFLQD GHO GRORU QR KDQ
FRQVHJXLGRHQFRQWUDUQXHYRVWUDWDPLHQWRVSRUTXHHOSULQFLSLRDFWLYR
QR PHMRUDED ORV UHVXOWDGRV GHO SODFHER GH FRQWURO GHVYHOD (VR
VXSRQH PXFKR GLQHUR < VH SUHJXQWD VL QR VHUtD PHMRU DSUHQGHU D
DSURYHFKDUHOSRGHUGHHVWRVHIHFWRV&RPSUHQGHUHOHIHFWRSODFHER
SRGUtD D\XGDUQRV D UHGXFLU HO FUHFLHQWH JDVWR VDQLWDULR \ FRPEDWLU
SUREOHPDVVLVWpPLFRVFRPRHODEXVRHQODSUHVFULSFLyQGHRSLRLGHV\
ODDGLFFLyQWHUPLQDODLQYHVWLJDGRUDLWDOLDQD
3HURORVHIHFWRVQRFHERSODQWHDQRWURGLOHPDHOGHLQIRUPDURQRDO
SDFLHQWH VREUH ORV SRVLEOHV HIHFWRV GHO WUDWDPLHQWR (Q PD\R
SDVDGR7KH/DQFHWSXEOLFyHOPD\RUHVWXGLRUHDOL]DGRKDVWDODIHFKD
VREUHHOHIHFWRQRFHER$PiVGHSHUVRQDVOHVDGPLQLVWUDURQ
GXUDQWH WUHV DxRV $WRUYDVWDWLQ XVDGR SDUD UHEDMDU HO FROHVWHURO HQ
SHUVRQDVFRQULHVJRFRURQDULRVLQVDEHUORTXHHVWDEDQWRPDQGR$O
FDERGHHVHWLHPSRDPERVJUXSRVWXYLHURQHOPLVPRSRUFHQWDMHGH
GHELOLGDG\GRORUPXVFXODUXQRGHVXVSRVLEOHVHIHFWRVVHFXQGDULRV

(Q XQD VHJXQGD IDVH GH GRV DxRV OHV UHYHODURQ HO QRPEUH GHO
IiUPDFR ORV FDVRV GH GRORUHV PXVFXODUHV VXELHURQ XQ (O
SUREOHPDHVTXHHOSDFLHQWHWLHQHGHUHFKRDVDEHUTXpHVWiWRPDQGR
DXQTXHHVRUHGX]FDODHILFDFLDGHOWUDWDPLHQWRRDJUDYHVXVHIHFWRV
VHFXQGDULRV
KWWSVHOSDLVFRPHOSDLVFLHQFLDBKW
PO
$&7,9,'$'
D ,QGLFDU ODV FRQGLFLRQHV GH FRQWURO D ODV TXH VH VRPHWHQ ORV
SDUWLFLSDQWHVGHH[SHULPHQWRVPHQFLRQDGRVHQHOVLJXLHQWHDUWtFXOR
E $QDOL]DUVLVHFXPSOHQODVFRQGLFLRQHVpWLFDVGHODFLHQFLDHQHVWH
WLSRGHHVWXGLRV
F ¢4XpMXVWLILFDFLRQHVVXEMHWLYDVHODERUDQHVWRVSDUWLFLSDQWHV"
+$%/$1 /$6 3(5621$6 48( 358(%$1 /26 18(926

0(',&$0(17267(621$5È/248(',&(1
+D\ XQ FROHFWLYR GH HPSOHDGRV TXH YLYHQ GH SDUWLFLSDU HQ HQVD\RV
FOtQLFRVGHIDVH,6XVLGHDVVRQLJXDOHVTXHODVGHORVHPSUHQGHGRUHV
\ORVWUDEDMDGRUHVGHOFRQRFLPLHQWR6DEHPRVTXHORVPHGLFDPHQWRV
DQWHVGHDSUREDUVHSDUDVXYHQWD\FRQVXPRKDQGHSDVDUFRQp[LWR
XQD VHULH GH SUXHEDV 6RPRV FRQVFLHQWHV DGHPiV GH TXH SDUD
FRQWDUFRQWRGDVODVJDUDQWtDVKDQGHH[SHULPHQWDUVHHQKXPDQRV
SHURFRQRFHPRVPX\SRFRVREUHODVSHUVRQDVTXHVHVRPHWHQDHVRV
WHVW (O HVWXGLR
,
P VWLOO D KXVWOHU HQWUHSUHQHXULDO UHVSRQVHV WR
SUHFDULW\E\SDUWLFLSDQWVLQSKDVH,FOLQLFDOWULDOV
UHDOL]DGRSRUORV
LQYHVWLJDGRUHV GH OD 8QLYHUVLW\ RI 1RUWK &DUROLQD HQ &KDSHO
+LOO7RULQ0RQDKDQ'HSDUWDPHQWR GH &RPXQLFDFLyQ \-LOO $
)LVKHU'HSDUWDPHQWRGH0HGLFLQDVRFLDO\ &HQWURGH%LRpWLFDKD
DQDOL]DGRODVSHUVSHFWLYDVYLWDOHVORVVHQWLPLHQWRV\ODVLGHDVGHODV
SHUVRQDVTXHSDUWLFLSDQHQHQVD\RVFOtQLFRVGHIDVH,HQORV((88
6HWUDWDGH³YROXQWDULRVVDQRVTXHH[SHULPHQWDQHQVXVFXHUSRVORV

HIHFWRVGHORVIiUPDFRVDFDPELRGHXQDUHPXQHUDFLyQTXHYDGHVGH
GyODUHV SRU XQD HQWUHYLVWD GH VHOHFFLyQ KDVWD SDUD XQ
HVWXGLR ODUJR (Q DOJXQRV FDVRV H[FHSFLRQDOHV SXHGHQ OOHJDU D
JDQDU GyODUHV SRU WUHV PHVHVGH H[SHULPHQWR 'XUDQWH HO
WLHPSRTXHGXUDHOHQVD\RFOtQLFRUHQXQFLDQDWRGRFRQWDFWRFRQHO
H[WHULRU \ ORV WHOpIRQRV PyYLOHV OHV VRQ UHTXLVDGRV 6L VRQ
VHOHFFLRQDGRVVRQFRQILQDGRVHQXQDFOtQLFDGXUDQWHWRGRHOHVWXGLR
TXH YD GH SRFRV GtDV D SRFDV VHPDQDV GRQGH VH VRPHWHQ D OD
GRVLILFDFLyQ UHTXHULGD GHO IiUPDFR D XQD YLGD GHKRUDULR
HVWUXFWXUDGR ODV FRPLGDV \ HO WLHPSR GH VXHxR VRQ WDPELpQ
UHJXODGRV\UHQXQFLDQDWRGRFRQWDFWRFRQHOH[WHULRUORVWHOpIRQRV
PyYLOHVOHVVRQUHTXLVDGRV+DQGHVRPHWHUVHDODVSUXHEDVSUHFLVDV
H[WUDFFLRQHV GH VDQJUH SXQFLRQHV OXPEDUHV UHFRJLGD GH KHFHV
HQWUH RWUDV \ HVWiQ H[SXHVWRV D ORV HIHFWRV VHFXQGDULRV TXH YDQ
GHVGHSUREOHPDVFDUGLRYDVFXODUHVSDUiOLVLVGHOVXHxRFRQSHVDGLOODV
YtYLGDVGRORUHVGHFDEH]DLQFRQWLQHQFLDGHELOLWDPLHQWRGHOVLVWHPD
LQPXQROyJLFR\HQORVFDVRVPHQRVDIRUWXQDGRVODPXHUWH
/D LQGXVWULD GH HQVD\RV FOtQLFRV TXH VHJ~Q DVHJXUDQ 0RQDKDQ \

)LVKHU VH KD KHFKR PDVLYD HQ ORV ~OWLPRV WLHPSRV VH FRPSRQH GH
GLYHUVDV RUJDQL]DFLRQHV TXH YHQGHQ VXV VHUYLFLRV D OD LQGXVWULD
IDUPDFpXWLFD 0XFKDV GH HVWDV HPSUHVDV OODPDGDV
FRQWUDFW
UHVHDUFK RUJDQL]DWLRQV
&52 VH KDQ HVSHFLDOL]DGR HQ
ODH[SRUWDFLyQ JOREDOGH ORV PRGHORV HVWDGRXQLGHQVHV GH HQVD\RV
FOtQLFRV OR TXH KD OOHYDGR D XQD LPSRUWDQWH H[SDQVLyQ GH ORV
HVWXGLRVUHDOL]DGRVHQ((88\HQ(XURSDRFFLGHQWDOSHURWDPELpQ
HQORVSDtVHVHQGHVDUUROOR$SHVDUGHHOOR((88FRQWLQ~DVLHQGR
HO SDtV HQ TXH PiV HQVD\RV HQ IDVH , VH UHDOL]DQ 6RQ LQGLYLGXRV
VDQRV TXH SDUWLFLSDQ GH XQD PDQHUD DFWLYD \ FRPSURPHWLGD HQ ORV
HQVD\RV\TXHKDQKHFKRGHHVWDYtDGHLQJUHVRVXQPRGRGHYLGD/D
PD\RUtD GH ORV YROXQWDULRV TXH SDUWLFLSDQ HQ ORV HVWXGLRV VRQ
SHUVRQDV VXEHPSOHDGDV TXH SURYLHQHQ GH PLQRUtDV pWQLFDV /D
PRWLYDFLyQ HFRQyPLFD HV HYLGHQWH HQ HVWDV FRED\DV KXPDQDV SHUR
QRHVOD~QLFD$OJXQRVSDUWLFLSDQWHVTXHQRWLHQHQSRVLELOLGDGHVGH

DIURQWDU JDVWRV VDQLWDULRV GHFLGHQ IRUPDU SDUWH GH ODV

LQYHVWLJDFLRQHVFRPRXQPRGRGHPHMRUDUVXVDOXG\RWURVORKDFHQ
SRUTXHHVHOFDPLQRSDUDSUREDUXQPHGLFDPHQWRH[SHULPHQWDOSDUD
XQDHQIHUPHGDGJUDYH6LQHPEDUJRODPD\RUtDGHHOORVDVHJXUDQ
0RQDKDQ \ )LVKHU VRQ LQGLYLGXRV VDQRV TXH SDUWLFLSDQ GH XQD
PDQHUD DFWLYD \ FRPSURPHWLGD \ TXH KDQ KHFKR GH HVWD YtD GH
LQJUHVRVXQPRGRGHYLGD3DUDHOORWUDWDQGHPDQWHQHUVXFXHUSR
HQ IRUPD HQ ORV SHULRGRV HQWUH XQ H[SHULPHQWR \ RWUR DSOLFDQ ODV
SDXWDV GH
ODYDGR
TXH OHV PDUFDQ \ WUDWDQ GH EXVFDU WUDEDMR
DFWLYDPHQWHDPHQXGRUHDOL]DQGRODUJRVYLDMHVSDUDVHUUHFOXWDGRV
HQQXHYDVLQYHVWLJDFLRQHV
/DPD\RUtDGHHOORVPXHVWUDQXQDWHQGHQFLDPX\H[SOtFLWDDDGRSWDU
LGHQWLGDGHVHPSUHVDULDOHVGHQWUR\IXHUDGHODFOtQLFD(QWLHQGHQVX
SDUWLFLSDFLyQHQORVHQVD\RVFRPRXQPHGLRSDUDDOFDQ]DUXQILQ\
YHQ ORV HIHFWRV VREUH VX FXHUSR FRPRXQD LQYHUVLyQSDUD DSR\DU
ILQDQFLHUDPHQWH VXV SUR\HFWRV GH QHJRFLR 6X YLVLyQ GHO PXQGR VH
DGDSWD WDPELpQ D HVWD SHUVSHFWLYD SRU OR TXH VXHOHQ FULWLFDU D ODV
SHUVRQDVTXHVHJDVWDQHOGLQHURREWHQLGRHQELHQHVGHFRQVXPRHQ
OXJDU GH LQYHUWLUORV HQ RSRUWXQLGDGHV GH QHJRFLR TXH OHV SXHGDQ
IDFLOLWDUXQDYLGDPHMRU³(VWRVHVWXGLRVKDQVLGRXQUHJDORGHOFLHOR
SDUD Pt SRUTXH HQ HO PXQGR DFWXDO VL WLHQHV DxRV \ QHFHVLWDV
GLQHUR¢TXpKDFHV"´+D\GLIHUHQFLDVLQHPEDUJRHQWUHSDtVHV$Vt
DOJXQDV&52DEULHURQVXFOtQLFDHQOD,QGLDDOODGRGHORVGLVWULWRV
GH%RPED\TXHHVWDEDQVXIULHQGRHOSDURFRQPiVYLUXOHQFLD\DTXH
HUD XQ HQWRUQR LGyQHR SDUD HQFRQWUDU YROXQWDULRV (Q 1XHYD
=HODQGD KDEtD PXFKRV HVWXGLDQWHV TXH EXVFDEDQ SRU HVWH
PHGLRLQJUHVRV H[WUD SDUD FRPSUDUVH XQD PRWR XQD FiPDUD XQD
WDEOD GHVXUIRSDUDSDJDUVH XQDVHPDQD GH YDFDFLRQHV (Q((88
WDPELpQVHGDEDQHVWDVVLWXDFLRQHVSHURORTXHOHVVHSDUDEDGHRWUDV
H[SHULHQFLDV HV HO JUXSR QXPHURVR GH SDUWLFLSDQWHV HQ ORV HVWXGLRV
TXH KDQ KHFKR GH HVWH LQJUHVR VX PHGLR GH YLGD HQ SDUWH SRU ORV
LQJUHVRVTXHSURSRUFLRQDHQSDUWHSRUODIOH[LELOLGDGODERUDOTXHOHV
SURFXUD

(VWRV YROXQWDULRV VDQRV PRYLOL]DQ HQ VXV GLVFXUVRV QDUUDWLYDV

HPSUHVDULDOHV WLHQHQ XQD YLVLyQ HVSHUDQ]DGRUD GHO IXWXUR VH
SHUFLEHQ FRQ XQD LGHQWLGDG FODUD \ YHQ HQ HVWD RSFLyQ XQ
UHIRU]DPLHQWR GH VX DXWRQRPtD /DV FRQGLFLRQHV HVWUXFWXUDOHV OHV
PDUFDQ \D VHD SRU VX HGDG SRUTXH FDUHFHQ GH WLWXODFLyQ
XQLYHUVLWDULDRSRUTXHFXHQWDQFRQDQWHFHGHQWHVSHQDOHV\HVROLPLWD
PXFKR VXV SRVLELOLGDGHV ODERUDOHV FRPR DVHJXUD XQR GH ORV
HQWUHYLVWDGRVHVWRVHVWXGLRVKDQVLGRFRPRXQUHJDORGHOFLHORSDUD
PtSRUTXHTXLHURGHFLUHQHOPXQGRDFWXDO\DVDEHVVLWLHQHV
DxRV \ QHFHVLWDV GLQHUR ¢TXp KDFHV" SDUWLFLSDQWH & YDUyQ
EODQFR 6LQ HPEDUJR HQ OXJDU GH VHxDODU ODV GLILFXOWDGHV
HVWUXFWXUDOHV R GH YLYLU VX VLWXDFLyQ GHVGH XQD SHUVSHFWLYD
YHUJRQ]DQWH SHUFLEHQ VX SDUWLFLSDFLyQ HQ HVWRV HVWXGLRV FRPR XQ
PRGRSURDFWLYRGHFRQVHJXLUUHFXUVRVSDUDODEUDUVHXQPHMRUIXWXUR
2WURKDELWXDOGHORVHQVD\RVFOtQLFRVVHxDOy³<RVR\HO&(2GHPL
HPSUHVD«QRHVWR\XWLOL]DQGRHVWHGLQHURSDUDFRPSUDUXQRVJUDPRV
GH HVWR \ XQ NLOR GH OR RWUR \ WUDSLFKHDU FRQ HOOR 7DPSRFR SDUD
GHUURFKDUOR FRQ XQD FKLFD \ TXH OXHJR WRGR VH DFDEH \ TXHGDUPH
VROR 9R\ D LQYHUWLUOR HQ PLV QHJRFLRV 4XLHUR PRQWDU PL SURSLD
HPSUHVD GH JHVWLyQ PL SURSLR VHOOR XQ VHOOR GLVFRJUiILFR
LQGHSHQGLHQWH<OXHJRFRQORTXHJDQHWHQHUPLSURSLDHPSUHVDGH
VHJXULGDG PL SURSLR EDU PL SURSLR FOXE (VH HV PL VXHxR 4XLHUR
VHUGXHxRGHXQFOXE(VDHVPLSHUVRQDOLGDG´SDUWLFLSDQWH)
YDUyQKLVSDQR(VWDLGHQWLGDGFRPREXVFDYLGDVDVHJXUDQ0RQDKDQ
\)LVKHUHVFODYHSDUDHQWHQGHUDODVSHUVRQDVTXHIRUPDQSDUWHGH
HVWRVHVWXGLRV0HSRGUtDVGHMDUHQPHGLRGHOGHVLHUWRGHO6iKDUD\
VL DOOt KD\ WUHV SXHEORV WHQ SRU VHJXUR TXH FRQVHJXLUp DOJR GH
GLQHUR´ SDUWLFLSDQWH ) YDUyQ QHJUR /D H[SHULHQFLD GH OD
FDOOH FRPR SDVR SUHYLR R FRPR XQD IRUPD GLVWLQWD GH
HPSUHQGLPLHQWRHVWiPX\SUHVHQWHHQVXVFRQYHUVDFLRQHV7RGDYtD
VR\ XQ EXVFDYLGDV \D VDEHV« VROR TXH DKRUD OR HVWR\ GLULJLHQGR
KDFLD DOJR OHJDO´ SDUWLFLSDQWH ) YDUyQ EODQFR (VWH WLSR GH
KDELOLGDGHV TXH VH FHQWUDQ HQ VX FDSDFLGDG GH HQFRQWUDU

RSRUWXQLGDGHV \ REWHQHU YHQWDMDV FRPSHWLWLYDV HQ HFRQRPtDV

IRUPDOHV R LQIRUPDOHV HV OR TXH GHILQH VX PHQWDOLGDG 0L SODQ HV
LQYHQWDUFRVDV\REWHQHUSDWHQWHV\FRVDVSRUHOHVWLOR<DKRUDWHQJR
HO GLQHUR SDUD KDFHU HVR ¢3LOODV OR TXH WH GLJR" 'HVGH VX
SHUVSHFWLYD OR TXH OHV IDOWD VRQ ORV UHFXUVRV SDUD SRGHU OOHYDU D
FDER VXV VXHxRV WLHQHQ ODV
VNLOOV
QHFHVDULDV VROR OHV HV SUHFLVR
SRGHUGHVDUUROODUODV³(ODxRTXHYLHQHHVWDUpJDQDQGRPXFKRPiV
GLQHUR FRQ PL QHJRFLR (Q HVWH PRPHQWR HVWR\ HQ HO SURFHVR GH
FRQVWUXFFLyQGHODFOLHQWHODFRPRWHKHGLFKRHLQFOXVRDSURYHFKR
FXDQGRHVWR\HQORVHVWXGLRVFOtQLFRVSDUDFRQRFHUJHQWH/HVGR\PL
WDUMHWD GH YLVLWD<R GR\ PLV WDUMHWDV GH YLVLWD D WRGR HO PXQGR
¢1HFHVLWDVOLPSLDUWXFDVD"¢5HIRUPDUOD"¢3ODQLILFDUXQHYHQWR"/R
TXHVHD´SDUWLFLSDQWH)YDUyQQHJUR
8Q KRPEUH TXH HVWi LQWHQWDQGR KDFHU GLQHUR FRPSUDQGR FDVDV

UHIRUPiQGRODV\DOTXLOiQGRODVDVHJXUD³6LDOJXLHQQRVHKDFHULFR
SDUWLFLSDQGRHQHVWRV HVWXGLRVGXUDQWH DxRVHVTXH HV WRQWR<R
WHQJRJUDQGHVLGHDV0LSODQHVLQYHQWDUFRVDV\REWHQHUSDWHQWHV\
FRVDVSRUHOHVWLOR<DKRUDWHQJRHOGLQHURSDUDKDFHUHVR¢3LOODVOR
TXHWHGLJR"´SDUWLFLSDQWH)YDUyQQHJUR2WUDSHUVRQDTXH
WDPELpQHVWiPHWLGDHQHOQHJRFLRLQPRELOLDULRH[SUHVDEDHVWDVLGHDV
GH XQD PDQHUD PiV VXDYH ³+H YLVWR D JHQWH TXH VH KD IXQGLGR HO
GLQHUR \ YD\D WHQtDQ XQD JUDQ RSRUWXQLGDG SDUD VDOLU DGHODQWH \
KDFHUUHDOPHQWHDOJRFRQpO&RPRQRTXLHURVHUPRUDOL]DQWHQROHV
GLJRQDGDSHURSLHQVRHQPt\QRTXLHURVHUXQDGHHVDVSHUVRQDV´
SDUWLFLSDQWH ) YDUyQ QHJUR (Q HO VHFWRU GHO FRQRFLPLHQWR
KDFHQLJXDOHODERUDQHVWUDWHJLDVSDUDVHUPiVHPSOHDEOHV\WUDWDQ
GHHQFRQWUDURSRUWXQLGDGHVFRPRORVEXVFDYLGDV(VOODPDWLYRTXH
HQ VXV DUJXPHQWRV VXE\D]FD XQD pWLFD HPSUHVDULDO TXH OHV SHUPLWH
YHU HO VDFULILFLR SHUVRQDO \ VX H[SRVLFLyQ D VLWXDFLRQHV
SRWHQFLDOPHQWH SHOLJURVDV FRPR LQYHUVLRQHV LQWHOLJHQWHV FRPR
SXQWRV GH DSR\R KDFLD XQD YLGD PiV VDWLVIDFWRULD \ PiV HVWDEOH
HFRQyPLFDPHQWH 3HUR OR HV PiV D~Q TXHPRYLOLFHQ VX FUHDWLYLGDG
VXV KDELOLGDGHV SHUVRQDOHV \ VX VHQWLGR GH OD LGHQWLGDGGH PDQHUDV

PX\SDUHFLGDVDODVTXHWLHQHQOXJDUHQVHFWRUHVFRPRODVLQGXVWULDV
FUHDWLYDVRODVGHOFRQRFLPLHQWRDVHJXUDQORVDXWRUHV
/RV SDUWLFLSDQWHV HQ ORV HVWXGLRV FOtQLFRV DIURQWDQ XQ HVFHQDULR

GLItFLO FRQ HVFDVDV RSRUWXQLGDGHV \ FRQ XQ DOWR JUDGR GH
DXWRH[SORWDFLyQDSDUWLUGHODFRQVWUXFFLyQGHXQDLGHQWLGDGDFWLYD
GHODHVSHUDQ]DHQTXHORVHVIXHU]RVSUHVHQWHVJHQHUHQEHQHILFLRVGH
GLVWLQWRWLSRHQHOIXWXUR\GHOELHQHVWDULQWHULRUTXHOHVSURFXUDHVWDU
SHOHDQGR SRU OR TXH FRQVLGHUDQ VX VXHxR /RV SUHFDULRV GHO VHFWRU
FUHDWLYR \ GH OD HFRQRPtD GHO FRQRFLPLHQWR KDFHQ OR PLVPR
HQWUHQDQ \ UHIXHU]DQ VXV FDSDFLGDGHV HODERUDQGR HVWUDWHJLDV SDUD
VHU PiV HPSOHDEOHV WUDWDQ GH HQFRQWUDU VXV RSRUWXQLGDGHV VH YHQ
FRPR SDUWLFLSDQWHV DFWLYRV HQ XQ PXQGR HQ HO TXH FDGD FXDO GHEH
EXVFDUVH OD YLGD \ SUHFLVDPHQWH SRU HOOR VH SHUFLEHQ FRPR PiV
FDSDFLWDGRV SDUD VHJXLU DGHODQWH \ DOFDQ]DU FLHUWR JUDGR GH p[LWR
TXHODPD\RUtDGHVXVFRPSHWLGRUHV(VSHFXOLDUTXHODVVLWXDFLRQHV
HVWUXFWXUDOHV QR DSDUH]FDQ HQ DEVROXWR HQ ORV GLVFXUVRV GH ORV
HPSOHDGRVGHHVWRVVHFWRUHVDOJRTXHVXVWLWX\HQSRUXQDFRQILDQ]D
FUHFLHQWHHQVXVKDELOLGDGHVHPSUHQGHGRUDV
KWWSVZZZHOFRQILGHQFLDOFRPDOPDFRUD]RQYLGD
KDEODQODVSHUVRQDVTXHSUXHEDQORVQXHYRVPHGLFDPHQWRVWH
VRQDUDORTXHGLFHQB
$&7,9,'$'
$QDOL]DUODH[SHULHQFLDUHODWDGDHQHODUWtFXOR\SURSRQHUTXHWLSRGH
GLVHxR H[SHULPHQWDOPiV DGHFXDGRSDUD FRPSUREDU ODYHUDFLGDGGHO
(IHFWR+DZWKRUQH
¢48e(6(/()(&72+$:7+251("
¢3RU TXp UD]yQ DXPHQWDPRV QXHVWUR UHQGLPLHQWR FXDQGR QRV

REVHUYDQWUDEDMDU"
$ YHFHV FXDQGR XQ JUXSR OOHYD D FDER XQD LQYHVWLJDFLyQ GRQGH VH

HYDO~D HO UHQGLPLHQWR GH ORV SDUWLFLSDQWHV HQ XQD WDUHD HVWRV OR
KDFHQSRUHQFLPDGHORTXHHVKDELWXDOHQHOORV(VWRQRHVGHELGRD
XQ WDOHQWR LQQDWR UHFLpQ GHVFXELHUWR VLQR D OR TXH ORV FLHQWtILFRV
OODPDQ
HIHFWR +DZWKRUQH
(VWH HIHFWR GHVFXELHUWR FDVL SRU
DFFLGHQWHSRU(OWRQ0D\RKDFHPiVGHDxRVSDUHFHPDQLIHVWDUVH
HVSHFLDOPHQWH HQ VLWXDFLRQHV GH LQYHVWLJDFLyQ 7H H[SOLFDPRV
EUHYHPHQWH VX KLVWRULD \ ODV GLIHUHQWHV LQWHUSUHWDFLRQHV TXH KD
UHFLELGR
( 0D\R SVLFyORJR LQGXVWULDO DXVWULDFR OOHYy D FDER HQWUH \

XQDVHULHGHH[SHULPHQWRVHQODIDFWRUtD+DZWKRUQHFRQHOILQ
GH LQYHVWLJDU OD UHODFLyQ HQWUH ODV FRQGLFLRQHV OXPtQLFDV \ OD
SURGXFWLYLGDGGHVXVHPSOHDGRV(QODIDVHLQLFLDOGHOHVWXGLR0D\R
GLYLGLy D ORV WUDEDMDGRUHV HQ GRV JUXSRV XQR WUDEDMy EDMR ODV
PLVPDV FRQGLFLRQHV OXPtQLFDV \ HO RWUR EDMR XQD OX] TXH ORV
H[SHULPHQWDGRUHVLEDQDSDJDQGRSRFRDSRFR'HIRUPDFRQWUDULDD
OR HVSHUDGR DPERV JUXSRV LQFUHPHQWDURQ VX UHQGLPLHQWR
SDXODWLQDPHQWH (VWH KHFKR LQHVSHUDGR PRWLYy D 0D\R SDUD VHJXLU
HYDOXDQGR ODV UHODFLRQHV HQWUH HO UHQGLPLHQWR \ RWUDV YDULDEOHV
ItVLFDVFRPRDTXHOODVTXHSURGXMHUDQFDQVDQFLR\PRQRWRQtDHQORV
WUDEDMDGRUHV 'H QXHYR VH KDOOy TXH DXQTXH ORV FDPELRV
LQWURGXFLGRVIXHVHQDSULRULSHUMXGLFLDOHVHOUHQGLPLHQWRPHMRUDED
/RPiVVRUSUHQGHQWHGHOHVWXGLRIXHTXHLQFOXVRHQODVHWDSDVHQODV
TXH ODV FRQGLFLRQHV HUDQ PHQRV IDYRUDEOHV QR VH SURGXMR XQD
GLVPLQXFLyQGHODSURGXFFLyQFRPRHVWDEDSUHYLVWRORTXHSRQtDGH
PDQLILHVWR OD LQIOXHQFLD GH YDULDEOHV GLVWLQWDV D ODV FRQVLGHUDGDV
UHOHYDQWHVHQXQSULPHUPRPHQWRSRUORVLQYHVWLJDGRUHVFRPRODGH
ORVIDFWRUHVVRFLDOHVHQODH[SOLFDFLyQGHODSURGXFWLYLGDG(OJUXSR
GH 0D\R FRQFOX\y TXH HVWR VH GHEtD D OD SURSLD VLWXDFLyQ GH
LQYHVWLJDFLyQ\SRUODSUHVHQFLDGHH[SHULPHQWDGRUHVIHQyPHQRTXH
HQ UHFLELy HO QRPEUH GH ³HIHFWR +DZWKRUQH´ HQ KRQRU D ODV
LQVWDODFLRQHV GRQGH VH OOHYDURQ D FDER ODV LQYHVWLJDFLRQHV 6LQ
HPEDUJRORVWUDEDMDGRUHVRSLQDURQGHIRUPDGLVWLQWD3DUDHOORVHO
IDFWRUTXHPiVSHVRWXYRHQHOFRQWLQXRLQFUHPHQWRGHOUHQGLPLHQWR

IXH OD PHMRUD GH ODV UHODFLRQHV SHUVRQDOHV HQWUH WUDEDMDGRUHV \ OD
GLUHFFLyQ $O SDUHFHU FRQ iQLPR GH SURPRYHU OD FRODERUDFLyQ ORV
H[SHULPHQWDGRUHV FUHDURQ XQ FOLPD FiOLGR GRQGH VH SUHVWDED XQD
HVSHFLDO DWHQFLyQ D ODV GHPDQGDV GH ORV WUDEDMDGRUHV \ HVWRV VH
VLQWLHURQ HVFXFKDGRV (VWD VXJHUHQFLD VH FRQYLUWLy HQ FRQFOXVLyQ \
VLUYLy FRPR EDVH DxRV GHVSXpV SDUD XQD QXHYD FRUULHQWH HQ OD
DGPLQLVWUDFLyQ\GLUHFFLyQGHHPSUHVDVTXHSRQGUtDHOpQIDVLVHQODV
UHODFLRQHV KXPDQDV \ SURQWR VXVWLWXLUtD D OD FRUULHQWH TXH
HQIDWL]DED OD HILFLHQFLD \ OD SURGXFWLYLGDG D WUDYpV GHO HVWXGLR
FLHQWtILFR
(Q JHQHUDO OD GHILQLFLyQ PRGHUQD PiV DFHSWDGD GHVFULEH HO HIHFWR
+DZWKRUQHGHODVLJXLHQWHIRUPDHOHIHFWR+DZWKRUQHHVODPHMRUD
GHORVUHVXOWDGRVVLPSOHPHQWHSRUIRUPDUSDUWHGHXQDLQYHVWLJDFLyQ
R HO DXPHQWR GHO UHQGLPLHQWR GHELGR D OD LQWURGXFFLyQ GH XQ
GHWHUPLQDGRFDPELRHQXQHVWXGLR/RVSVLFyORJRVVRFLDOHVSURSRQHQ
TXH ORV VXMHWRV DO GDUVH FXHQWD GH TXH HVWiQ VLHQGR REVHUYDGRV
JHQHUDQFUHHQFLDVDFHUFDGHORTXHORVH[SHULPHQWDGRUHVHVSHUDQGH
HOORV 0RWLYDGRV SRU OD FRQIRUPLGDG \ OD GHVHDELOLGDG VRFLDO ORV
LQGLYLGXRV FDPELDQ VX FRPSRUWDPLHQWRSDUD DOLQHDUOR FRQ HVWDV
FUHHQFLDV 5HVXOWD LPSRVLEOH GDU XQD UHVSXHVWD SUHFLVD VREUH VXV
PHFDQLVPRV SXHV FDGD GLVFLSOLQD KD WRPDGR HO QRPEUH GH ³HIHFWR
+DZWKRUQH´ SDUD GHVFULELU IHQyPHQRV GLIHUHQWHV \ SRU OR WDQWR
SURSRQHQH[SOLFDFLRQHVGLIHUHQWHV'HELGRDHVWRVXVLJQLILFDGRKD
LGRPXWDQGRHLQYHVWLJDUHOHIHFWRKDVLGRFRQIXVR\SRFRULJXURVR
'HODVP~OWLSOHVGHILQLFLRQHVSURSXHVWDVSRUORVSVLFyORJRVVRFLDOHV
VHH[WUDHQVHLVFDUDFWHUtVWLFDVTXHVRQSURSLDVGHODVVLWXDFLRQHVHQ
ODVTXHRFXUUHHOHIHFWR+DZWKRUQH
x 1RYHGDGGHODVLWXDFLyQ
x $UWLILFLDOLGDGGHODVLWXDFLyQ
x &DPELRVLQWURGXFLGRVHQHOH[SHULPHQWR
x &UHHQFLD GHO WUDEDMDGRU GH TXH OD VLWXDFLyQ HV EHQHILFLRVD
SDUDpO

x &RQFLHQFLD GH HVWDU VLHQGR HVWXGLDGR X REVHUYDGR SRU XQ

HYDOXDGRU
x 5HGXFFLyQGHODEXUULPLHQWRGHOWUDEDMDGRU
)UHFXHQWHPHQWH ORV LQYHVWLJDGRUHV HVWDEOHFHQ XQD EXHQD UHODFLyQ

FRQORVVXMHWRVFRQHOILQGHTXHHVWRVFRODERUHQFRQHOORV'HHVWD
IRUPDHO H[SHULPHQWDGRU SXHGH HVWDU LQWURGXFLHQGR FDPELRV HQ HO
FRPSRUWDPLHQWR D WUDYpV GH OD FUHDFLyQ GH XQ FOLPD FiOLGR\ XQ
HQWRUQR GRQGH ODV TXHMDV \ VXJHUHQFLDV GH ORV WUDEDMDGRUHV VRQ
HVFXFKDGDV
(QFRQWH[WRGHLQYHVWLJDFLyQVHOODPDHIHFWR+DZWKRUQHDFXDOTXLHU
DOWHUDFLyQ HQ HO FRPSRUWDPLHQWR FRPR FRQVHFXHQFLD GH VX
REVHUYDFLyQRHVWXGLR3RUHVWRDOJXQRVDXWRUHVVHxDODQTXHVHWUDWD
GH XQD LQWHUSUHWDFLyQ D SRVWHULRUL GH UHVXOWDGRV LQHVSHUDGRV
HVSHFLDOPHQWH FXDQGR HVWRV VRQ FRQWUDULRV D OD KLSyWHVLV LQLFLDO
,QFOXVR ODV LQYHVWLJDFLRQHV RULJLQDOHV GH 0D\R KDQ VLGR SXHVWDV HQ
GXGD \ REMHWR GH FUtWLFD QXPHURVDV YHFHV 6H KDQ RIUHFLGR
LQWHUSUHWDFLRQHVDOWHUQDWLYDV DODXPHQWRGHO UHQGLPLHQWRTXHKDFHQ
WDPEDOHDUORVFLPLHQWRVGHODLQYHVWLJDFLyQ3RUHMHPSORHOFHVHGH
ODHVWULFWDVXSHUYLVLyQGHORVHPSUHVDULRVUHFLELUDWHQFLyQSRVLWLYD
OD LQWURGXFFLyQ GH SDXVDV SDUD HO GHVFDQVR R OD SRVLELOLGDG GH
SHUGHU HO HPSOHR SHUFLELGD VRQ H[SOLFDFLRQHV DOWHUQDWLYDV D ODV
SURSXHVWDV RULJLQDOPHQWH SRU 0D\R \ VXV FRODERUDGRUHV /RV
H[SHULPHQWRV UHFLELHURQ DGHPiV RWUDV FUtWLFDV QHJDWLYDV D VX
GLVHxR ORV H[SHUWRV TXH WUDEDMDURQ QR WHQtDQ IRUPDFLyQ
LQYHVWLJDGRUD\ORVUHVXOWDGRVQRVHFRQWUDVWDURQGHIRUPDVXILFLHQWH
+R\HQGtDODPD\RUSDUWHGHLQYHVWLJDFLyQGHGLFDGDDODYDOLGDFLyQ
GHOHIHFWR+DZWKRUQHFRQFOX\HTXHQRH[LVWHVXILFLHQWHHYLGHQFLDTXH
UHVSDOGHVXH[LVWHQFLD$VtXQFRQFHSWRTXHGXUDQWHDxRVKDVHUYLGR
GHFKLYRH[SLDWRULRHQODOLWHUDWXUDFLHQWtILFDHVSUREDEOHTXHQRVHD
PiVTXHHOUHIOHMRGHXQVHVJRHQODLQWHUSUHWDFLyQGHORVUHVXOWDGRV
GpFDGDVDWUiV
KWWSVSVLFRORJLD\PHQWHFRPVRFLDOHIHFWRKDZWKRUQH

$&7,9,'$'
D,QGLFDUHOXQLYHUVRODVYDULDEOHV\HOWLSRGHKLSyWHVLVHVWDEOHFHU
D FRQWLQXDFLyQ HO WLSR GH GLVHxR TXH SXHGH DSOLFDUVH D FDGD FDVR
-XVWLILFDU
(OSUHFLRGHODEHELGDDOFRKyOLFD³DPQHVLDOtTXLGD´GHWHUPLQDHO
QLYHO GH FRPSUD GH ORV MyYHQHV YDURQHV GH FODVH PHGLD GHO
FRQXUEDQR
/D LQYHUVLyQ HQ WHFQRORJtD GH ODV HPSUHVDV PHWDO~UJLFDV

QDFLRQDOHVLQFLGHHQVXSURGXFWLYLGDG
SHUMXGLFDHOFUHFLPLHQWRHFRQyPLFR
/RVHPSOHDGRVGH OtQHDGH ODVHPSUHVDVDXWRPRWULFHVDUJHQWLQDV

VRQ PiV UHVLVWHQWHV DO FDPELR TXH VXV DOWRV HMHFXWLYRV FXDQGR OD
HPSUHVD DSOLFD UHHVWUXFWXUDFLRQHV WUDGLFLRQDOHV TXH FXDQGR HPSOHD
/D LPSOHPHQWDFLyQ GH SURJUDPDV GH FDSDFLWDFLyQ VREUH ODV

FRQGLFLRQHV GH VHJXULGDG ODERUDO D ORV RSHUDULRV GH OD LQGXVWULD
PHWDOPHFiQLFD GH OD SURYLQFLD GH %V $V UHGXFH OD FDQWLGDG GH
DFFLGHQWHVGHWUDEDMR
E,QGLFDUHOWLSRGHGLVHxRPiVDGHFXDGRSDUDDSOLFDUHQORV
VLJXLHQWHVFDVRV)XQGDPHQWDU
/RVHPSOHDGRVGHOtQHDGHODVHPSUHVDVDXWRPRWULFHVDUJHQWLQDV
VRQPiVUHVLVWHQWHVDOFDPELRTXHVXVDOWRVHMHFXWLYRVFXDQGROD
HPSUHVDDSOLFDUHHVWUXFWXUDFLRQHVWUDGLFLRQDOHVTXHFXDQGRHPSOHD
/DFDSDFLWDFLyQVREUHFRQGLFLRQHVGHVHJXULGDGODERUDOHQOD
LQGXVWULDPHWDOPHFiQLFDGHODSURYLQFLDGH%XHQRV$LUHVUHGXFHOD

FDQWLGDGGHDFFLGHQWHVGHWUDEDMR
F3ODQWHDUXQGLVHxRQRH[SHULPHQWDOORQJLWXGLQDOGHSDQHO
(VWDEOHFHUODKLSyWHVLV\ODIRUPDHQTXHVHFRQFUHWDUtD
$&7,9,'$'
$QDOL]DUFRPRXQDOHFWXUDGHORVGDWRVGHGLVHxRVQRH[SHULPHQWDOHV
ORQJLWXGLQDOHV SXHGHQ XWLOL]DUVH FRQ ILQHV GH SURSDJDQGR GH XQD
FDPSDxDSROtWLFD
'$7260$1,38/$'263$5$+$&(5&$03$f$
,QYHVWLJDGRUHV \ H[ IXQFLRQDULRV DGYLUWLHURQ TXH OD EDMD GH OD

PRUWDOLGDGVHYLHQHUHJLVWUDQGRGHVGH7DPELpQH[SOLFDURQTXH
ORV GDWRV DQXQFLDGRV QR HVWiQ FRQVROLGDGRV $FDGpPLFRV \ H[
IXQFLRQDULRV GH 6DOXG GH OD JHVWLyQ NLUFKQHULVWD DGYLUWLHURQ TXH OD
JREHUQDGRUD 0DUtD (XJHQLD 9LGDO PDQLSXOy OD SUHVHQWDFLyQ GH ORV
GDWRV VREUH PRUWDOLGDG LQIDQWLO DMXVWiQGROD D ORV WLHPSRV GH OD
FDPSDxD HOHFWRUDO 3RU XQ ODGR VHxDODURQ TXH OD QRWLFLD IXH
DQXQFLDGD FRPR XQ VXFHVR H[WUDRUGLQDULR FXDQGR HQ UHDOLGDG OD
PRUWDOLGDGLQIDQWLOYLHQHEDMDQGRHQGHORV~OWLPRVDxRV2WUD
GHODVREMHFLRQHVHVTXHODHVWDGtVWLFDGDGDDFRQRFHUD~QQRHVWiQ
FRQVROLGDGD \D TXH IDOWD TXH HO (VWDGR QDFLRQDO HVWDEOH]FD HO
Q~PHUR GH ORV UHFLpQ QDFLGRV GH OD SURYLQFLD GH %XHQRV $LUHV TXH
IDOOHFLHURQ WUDV VHU WUDVODGDGRV D KRVSLWDOHV GH OD &DSLWDO )HGHUDO
(QHVWHVHQWLGRDGYLUWLHURQTXHQRHVGHEXHQDSUiFWLFDHQWpUPLQRV
GH LQIRUPDFLyQ S~EOLFD GDU D FRQRFHU HO UHJLVWUR VLQ KDEHU KHFKR
HVWHFOHDULQJ
/D JREHUQDGRUD ERQDHUHQVH 0DUtD (XJHQLD 9LGDO DQXQFLy TXH OD

SURYLQFLDWXYRHQXQtQGLFHGHPRUWDOLGDGLQIDQWLOGHSXQWRV
SRU PLO QDFLGRV YLYRV HO PiV EDMR HQ OD KLVWRULD HQ HO GLVWULWR
DVHJXUy3DUD9LGDOODEDMDTXHIXHGHSXQWRVUHVSHFWRGHODxR
DQWHULRU VH GHEH D ³SROtWLFDV VRVWHQLGDV H LQWHJUDGDV´ TXH OH
DWULEX\yDVXSURSLRJRELHUQR³6LHPSUHHVXQDEXHQDQRWLFLDTXHOD

PRUWDOLGDG LQIDQWLO EDMH SHUR GHVGH KDFH PXFKR TXH OD PRUWDOLGDG
LQIDQWLO WRGRV ORV DxRV WLHQGH D OD EDMD VDOYR TXH KD\D GHVDVWUHV
HSLGHPLROyJLFRV±H[SOLFyHOH[PLQLVWURGH6DOXG'DQLHO*ROODQ±(O
WHPDHVFRQTXpYHORFLGDGVHYDUHGXFLHQGR(QHVWHVHQWLGRODFDtGD
GDGD D FRQRFHU SRU OD JREHUQDFLyQ HV PXFKR PHQRU GH OR TXH VH
EDMyHQFXDQGRWXYLPRVXQGHVFHQVRGHOHQODSURYLQFLD\
GHO D QLYHO QDFLRQDO IXH QHXWUR (Q \ KXER
UHGXFFLyQSHURDXQDYHORFLGDGPHQRUGHODTXHYHQtDPRVWHQLHQGR
HQ´2WURH[SHUWRTXHDGYLUWLyVREUHXQDLQWHUSUHWDFLyQIRU]DGD
GH ORV GDWRV IXH HO LQYHVWLJDGRU 5REHUWR 6DOYDUH]]D H[ WLWXODU GHO
&RQLFHW ³9LGDO PDQLSXOD ODV FLIUDV VREUH PRUWDOLGDG LQIDQWLO 6L VH
WRPDHOSHUtRGRDODGLVPLQXFLyQHQODSURYLQFLDIXHGH
SRU FLHQWRSRUDxR 'XUDQWH OD JHVWLyQ 0DFUL HO GHVFHQVRIXH
SRUFLHQWR DQXDO(VGHFLUVHPDQWLHQHODPLVPDHYROXFLyQGH
ORV ~OWLPRV DxRV´ REVHUYy (Q OD PLVPD OtQHD HO SROLWyORJR $QG\
7RZDJUHJyTXHODEDMDHQODPRUWDOLGDGLQIDQWLOHV³XQGDWRTXHHV
WHQGHQFLD VHFXODU HQ FDVL WRGR HO PXQGR \ TXH HQ OD SURYLQFLD TXH
JRELHUQD9LGDOVHKDYHULILFDGRHQGHORV~OWLPRVDxRV´7RZ
ORJUDILFyFRQXQFXDGURVREUHODHYROXFLyQGHHVWHLQGLFDGRUGHVGH
HQHOTXHVHYHODQtWLGDWHQGHQFLDDOGHVFHQVR*ROODQTXHIXH
WLWXODUGHODFDUWHUDGH6DOXGGXUDQWHHO~OWLPRDxRGHODSUHVLGHQFLD
GH&ULVWLQD.LUFKQHUUHPDUFySRURWUDSDUWHTXH³QRHVGHEXHQD
SUiFWLFD GLIXQGLU UHJLVWURV QR FRQVROLGDGRV HQ WpUPLQRV GH
LQIRUPDFLyQS~EOLFD´
³0HWRGROyJLFDPHQWHQRFRUUHVSRQGH1RVRWURVVLHPSUHGHFLPRVTXH
ORV Q~PHURV VH FRQVROLGDQ FXDQGR HO 0LQLVWHULR GH 6DOXG QDFLRQDO
HVWDEOHFH GH GyQGH VRQ RULJLQDULRV ORV FKLFRV TXH PXULHURQ HQ ORV
KRVSLWDOHVGHODFLXGDGGH%XHQRV$LUHVUHFLpQHQHVHPRPHQWRVH
SXHGHVDEHUODFLIUDILQDOGHODFDQWLGDGGHIDOOHFLGRVQDFLGRVHQOD
SURYLQFLD 1RUPDOPHQWH OD 1DFLyQ GDED D FRQRFHU HO Q~PHUR HQ
DJRVWR SHUR DKRUD QR VDEHPRV SRU TXp OR HVWi KDFLHQGR HQ
GLFLHPEUHGHFDGDDxRYHQFLGR´3DUD*ROODQKXERXQDQHFHVLGDG
GH WLSR HOHFWRUDO HQ OD FRPXQLFDFLyQ GH OD HVWDGtVWLFD QR

FRQVROLGDGD³7RPDURQODGHFLVLyQGHQRHVSHUDUDGLFLHPEUHKDEUi
FRQVLGHUDGR TXH SDUD GLFLHPEUH OD HVWDGtVWLFD FLHUWD \D QR OHV
VHUYtD´
KWWSVZZZSDJLQDFRPDUGDWRVPDQLSXODGRVSDUD
KDFHUFDPSDQD
$&7,9,'$'
3ODQWHDU XQD LQYHVWLJDFLyQ HQ IRUPDWR GH KLSyWHVLV GH GLVHxR

H[SHULPHQWDO \ XQD GH GLVHxR QR H[SHULPHQWDO VHxDODQGR HO
WUDWDPLHQWRGHODVYDULDEOHVHQFDGDFDVR
/$6 %$7$//$6 325 (/ $,5( $&21',&,21$'2 < 686

()(&726(1/$352'8&7,9,'$''(/$608-(5(6
(V XQD YHUGDG XQLYHUVDOPHQWH UHFRQRFLGD ²R SRU OR PHQRV

DPSOLDPHQWH GLVFXWLGD HQ UHGHV VRFLDOHV² TXH XQD PXMHU TXH
WUDEDMDHQXQDRILFLQDQHFHVLWDXQVXpWHU(ODLUHDFRQGLFLRQDGRGH
ODV RILFLQDV D PHQXGR VH ILMD D XQD WHPSHUDWXUD TXH ODV PXMHUHV
FRQVLGHUDQ FRPR IUtD DO GHEDWH TXH SURYRFD VH OH FRQRFH FRPR OD
%DWDOODGHO7HUPRVWDWR8QHVWXGLRLQFOXVRLQGLFDTXHGHELGRDTXH
ODVPXMHUHVWLHQHQXQPHWDEROLVPRPiVOHQWRODIyUPXODSDUDILMDUOD
WHPSHUDWXUD HQ ORV OXJDUHV GH WUDEDMR TXH IXH GHVDUUROODGD KDFH
GpFDGDV D SDUWLU GH OD FRPRGLGDG GH ORV KRPEUHV SRGUtD
VREUHHVWLPDU OD SURGXFFLyQ GH FDORU GHO FXHUSR IHPHQLQR HQ XQ
SRU FLHQWR 1R REVWDQWH XQD SUHJXQWD TXH QR KD VLGR KHFKD FRQ
PXFKDIUHFXHQFLDHVVLODWHPSHUDWXUDDIHFWDODSURGXFWLYLGDGGHORV
KRPEUHV \ GH ODV PXMHUHV GH PDQHUD GLIHUHQWH (QXQ
HVWXGLRSXEOLFDGR HO GH PD\R HQ OD UHYLVWD 3/26 2QH
LQYHVWLJDGRUHV LQIRUPDURQ TXH D WHPSHUDWXUDV PiV IUtDV ORV
KRPEUHV REWHQtDQ PHMRUHV SXQWXDFLRQHV TXH ODV PXMHUHV HQ
HYDOXDFLRQHVYHUEDOHV\GHDULWPpWLFD6LQHPEDUJRDPHGLGDTXHOD
KDELWDFLyQVHYROYtDPiVFiOLGDODVSXQWXDFLRQHVGHODVPXMHUHVVH
HOHYDEDQ VLJQLILFDWLYDPHQWH /RV KDOOD]JRV UHTXLHUHQ PD\RU

FRQILUPDFLyQ HQ XQD YDULHGDG GH FRQGLFLRQHV SHUR DSRUWDQ D XQD

UHFRQVLGHUDFLyQ FLHQWtILFD GH ORV HVSDFLRV HQ ORV TXH WUDEDMDPRV \
HVWXGLDPRV TXH HQ RFDVLRQHV KDQ VLGR GLVHxDGRV FRQ XQ FRQMXQWR
OLPLWDGRGHUHTXHULPLHQWRVItVLFRVHQPHQWH
/RV LQYHVWLJDGRUHV VROLFLWDURQ D PiV GH TXLQLHQWRV HVWXGLDQWHV

XQLYHUVLWDULRVTXHVHVRPHWLHUDQDHYDOXDFLRQHVGXUDQWHXQDKRUDHQ
KDELWDFLRQHV FRQ WHPSHUDWXUDV TXH RVFLODEDQ GH ORV D ORV
JUDGRV &HOVLXV /RV HVWXGLDQWHV UHDOL]DURQ WDQWRV SUREOHPDV
DULWPpWLFRVVLPSOHVVLQODD\XGDGHXQDFDOFXODGRUDFRPROHVIXHUD
SRVLEOH \ GHEtDQ UHDFRPRGDU XQ FRQMXQWR GH OHWUDV SDUD IRUPDU
WDQWDVSDODEUDVFRPRSXGLHUDQFRQXQOtPLWHGHWLHPSR7DPELpQVH
OHV SLGLy TXH UHVROYLHUDQ XQD VHULH GH SUREOHPDV GH OyJLFD
HQJDxRVRV/D WHPSHUDWXUD QR WXYR HIHFWR HQ ODV SXQWXDFLRQHV
FXDQGR IXHURQ FRQVLGHUDGDV HQ JUXSR 6LQ HPEDUJR FXDQGR ORV
LQYHVWLJDGRUHV VHSDUDURQ ORV GDWRV HQWUH VXMHWRV PDVFXOLQRV \
IHPHQLQRV VXUJLy XQ SDWUyQ HYLGHQWH /DV SXQWXDFLRQHV HQ ORV
SUREOHPDV OyJLFRV QR YDULDURQ D PHGLGD TXH ODV WHPSHUDWXUDV
FDPELDURQ SHUR Vt OR KLFLHURQ ODV GH ODV HYDOXDFLRQHV YHUEDOHV \
DULWPpWLFDV³6LODVWHPSHUDWXUDVHVWiQIUtDVORVKRPEUHVVRQPXFKR
PHMRUHV TXH ODV PXMHUHV´ GLMR $JQH .DMDFNDLWH XQD LQYHVWLJDGRUD
GH HFRQRPtD GHO FRPSRUWDPLHQWR HQ HO &HQWUR GH 6RFLRORJtD :=%
%HUOtQHQ$OHPDQLD\XQDGHORVDXWRUHVGHOHVWXGLR³$VtTXHH[LVWH
HVWDEUHFKDGHJpQHURV´.DMDFNDLWHDJUHJy³6LQHPEDUJRFXDQGR
OD WHPSHUDWXUD VH HOHYD OD EUHFKD GH JpQHUR GHVDSDUHFH´ HQ OD
SUXHED GH DULWPpWLFD \ ODV PXMHUHV VXSHUDQ D ORV KRPEUHV HQ OD
HYDOXDFLyQ YHUEDO 3RU FDGD LQFUHPHQWR GH XQ JUDGR &HOVLXV ORV
SXQWDMHVHQDULWPpWLFDGHODVPXMHUHVDXPHQWDURQXQSRUFLHQWR
(VD GLIHUHQFLD SXHGH SDUHFHU SHTXHxD SHUR VH VXPD ³&XDQGR OD
WHPSHUDWXUDVHHQFRQWUDEDSRUGHEDMRGHORVJUDGRV&HOVLXVODV
PXMHUHV UHVROYLHURQ HQ SURPHGLR HMHUFLFLRV DULWPpWLFRV
FRUUHFWDPHQWH´ GLMR .DMDFNDLWH ³< FXDQGR OD WHPSHUDWXUD HVWDED
SRUHQFLPDGHORVJUDGRV&HOVLXVODVPXMHUHVUHVROYLHURQ´
$JUHJy³(VRUHSUHVHQWDXQGHVHPSHxRIHPHQLQRTXHDXPHQWyHQXQ

SRUFLHQWR´¢/RVKDOOD]JRVVLJQLILFDQTXHH[LVWHXQDWHPSHUDWXUD
LGHDO HQ OD TXH ODV KDELOLGDGHV GH ORV KRPEUHV \ ODV PXMHUHV HVWiQ
PiV R PHQRV DO PLVPR QLYHO" (VD HV XQD HVSHFXODFLyQ GHPDVLDGR
JUDQGH SDUD XQ HVWXGLR TXH H[SXVR D ODV SHUVRQDV D HVDV
WHPSHUDWXUDV GXUDQWH VROR XQD KRUD GLMR .DMDFNDLWH ³1R WLHQHV
PXFKRWLHPSRSDUDVHQWLUWHPROHVWR´GLMRHOOD(VWDPRVHQQXHVWURV
OXJDUHV GH WUDEDMR R VDORQHV GH FODVH GXUDQWH SHULRGRV PiV ODUJRV
TXHHVH\ORVUHVXOWDGRVSXHGHQVHUGLIHUHQWHVGXUDQWHHOWUDQVFXUVR
GHYDULDVKRUDVRXQDMRUQDGDFRPSOHWDXQDSUHJXQWDTXHHVWXGLRV
IXWXURV GHEHQ DERUGDU /RV LQYHVWLJDGRUHV QR QRWDURQ XQ GHWDOOH
LQWHUHVDQWH HQ ORV UHVXOWDGRV GH DULWPpWLFD $ PHGLGD TXH OD
WHPSHUDWXUD VH HOHYy ORV SXQWDMHV GH ODV PXMHUHV DXPHQWDURQ QR
VROR SRUTXH VX SRUFHQWDMH PHMRUy VLQR SRUTXH LQFUHPHQWDURQ HO
Q~PHUR GH SUREOHPDV TXH HVWDEDQ UHVROYLHQGR ¢$ TXp VH GHEHUtD
HVR"³/DVPXMHUHVVHVLHQWHQPHMRUFXDQGRODVWHPSHUDWXUDVVRQPiV
FiOLGDV DVt TXH SXHGHQ KDFHU XQ PD\RU HVIXHU]R´ HVSHFXOy
.DMDFNDLWH ³(QXQEXHQGtDLQWHQWDUiVPiV FRVDV (QXQ PDOGtD
LQWHQWDUiVPHQRV´
KWWSVZZZQ\WLPHVFRPHVWHPSHUDWXUDPXMHUHV\
KRPEUHV
$&7,9,'$'
$QDOL]DU OD QHFHVLGDG GH OOHYDU DGHODQWH GLVHxRV H[SHULPHQWDOHV GH

VHULHVFURQROyJLFDVFRQUHVSHFWRDOFDVRSUHVHQWDGRHQHODUWtFXOR
(678',2 08(675$ 48( 48Ë0,&26 '( 3527(&725(6

62/$5(66(0(7(1$/$6$1*5(
/DLQGXVWULDGHORVSURWHFWRUHVVRODUHVHVHQRUPHSDUWLFXODUPHQWHHQ
ORV~OWLPRVDxRVHVWDLQGXVWULDKDFUHFLGRGHVSXpVGHTXHVHGLHUDD
FRQRFHU HYLGHQFLD GH TXH ORV UD\RV XOWUDYLROHWDV SXHGHQ SURGXFLU
FiQFHU(Q WLHPSRV UHFLHQWHV HO KiELWR GH XVDU SURWHFWRUHV VRODUHV
VyORHQODSOD\DVHKDH[WHQGLGRDODVFLXGDGHVFRQXQDHVSHFLHGH

SiQLFRPRGHUQRH[WHQGLGRWDPELpQQRVyORSRUFXHVWLRQHVGHVDOXG
VLQR SRU FXHVWLRQHV HVWpWLFDV (Q XQ QXHYR HVWXGLRUHDOL]DGR HQ
(VWDGRV 8QLGRV VH LQYHVWLJy FyPR LQWHUDFW~DQ ORV TXtPLFRV
IRWRSURWHFWRUHVTXHHPSOHDQHVWRVSURGXFWRV/RVUHVXOWDGRVVRQXQ
WDQWRSUHRFXSDQWHVSXHVPXHVWUDQTXHHVWRVTXtPLFRVHQWUDQDOIOXMR
VDQJXtQHR(VWRQRVLJQLILFDTXHVHDQGDxLQRV6LPSOHPHQWHSRUHO
PRPHQWR QR VH VDEH VL OR VRQ SXHV SDUD HO HVWXGLR VyOR VH DQDOL]y
TXH WDQ SHUPHDEOHV HUDQ 8Q QXHYR HVWXGLR GHEHUi LQYHVWLJDU VX
WR[LFLGDG R OD SRVLELOLGDG GH TXH HVWRV TXtPLFRV VHDQ
FDQFHUtJHQRV*HQHUDOPHQWH VH FUHtD TXH SRU VHU HPSOHDGDV HQ OD
VXSHUILFLH GH OD SLHO HVWDV VXVWDQFLDV QR HQWUDEDQ D OD FLUFXODFLyQ
SHUR QR HV DVt 6H LQILOWUDQ D QLYHOHV TXH VXSHUDQ HO XPEUDO GH
WR[LFRORJtD TXH WLHQH OD )'$ 'HVSXpV GH GtDV GH XVDUORV ODV
SHUVRQDV VHJXtDQ SUHVHQWDQGR VXVWDQFLDV FRPR DYREHQ]RQD
R[LEHQ]RQDRFWRFULOHQR\RWUDV3RUHOPRPHQWRODVLWXDFLyQPHWHHQ
XQDVXHUWHGHDSULHWRDOFRQVXPLGRUSXHVVHVDEHTXHHOH[FHVRGH
UD\RV XOWUDYLROHWD SURGXFH FiQFHU SHUR TXL]i WDPELpQ HO UHPHGLR
WHQJDHIHFWRVQHJDWLYRV
KWWSVSLMDPDVXUIFRPHVWXGLRBPXHVWUDBTXHBTXLPLFRVBGHB
SURWHFWRUHVBVRODUHVBVHBPHWHQBDBODBVDQJUH
$&7,9,'$'
$QDOL]DUHVWHFDVRGHFRQVHFXHQFLDVQREXVFDGDVGHODLQYHVWLJDFLyQ
FLHQWtILFDXWLOL]DQGRORVFRQFHSWRVGHHVWHFDStWXOR
(/9,$*5$685*,Ï325(5525
(Q HO FXUVR GH VX YLGD XQ VHU KXPDQR LQJLHUH DSUR[LPDGDPHQWH
WDEOHWDVVyORHQHOFDVRGHIiUPDFRVUHFHWDGRVSRUHOPpGLFR
(Q SURPHGLR XQD SHUVRQD WRPD XQ FXUVR GH DQWLELyWLFRV FDGD GRV
DxRV \ PLOHV GH FDOPDQWHV (Q HO FDVR GH SHUVRQDV GH DxRV HO
SURPHGLRHVGHFLQFRWDEOHWDVDOGtD3HURD~QFXDQGRSDUHFHUtDTXH
QR VH SXHGH YLYLU VLQ HOORV ¢FXiQWR VDEHPRV GH ORV IiUPDFRV TXH

WRPDPRV" $XQTXH VHUtD EXHQR SHQVDU TXH ORV PHGLFDPHQWRV VRQ

FUHDGRV FRQ XQ ILQ FODUR FRQIUHFXHQFLD QR VH WUDWD GH XQ SURFHVR
WDQ GHOLEHUDGR 6HJ~Q XQD LQYHVWLJDFLyQ GHO SURJUDPD VREUH WHPDV
FLHQWtILFRVGHOD%%&+RUL]RQLQFOXVRHO9LDJUDODGURJDTXHPiVVH
YHQGHHQHOPXQGRQRHVXVDGDFRQHOSURSyVLWRRULJLQDO&RPHQ]y
RULJLQDOPHQWHSDUDHOWUDWDPLHQWRGHDQJLQDGHSHFKRXQSUREOHPD
FDUGtDFR TXH DIHFWD ORV YDVRV VDQJXtQHRV TXH OOHYDQ OD VDQJUH DO
FRUD]yQ /D FRPSDxtD IDUPDFpXWLFD 3IL]HU EXVFDED HQ UHDOLGDG XQ
IiUPDFR TXH SHUPLWLHUD UHODMDU HVWRV YDVRV SHUR ODV SUXHEDV QR
DUURMDURQ UHVXOWDGRV SRVLWLYRV 3IL]HU HVWDED D SXQWR GH DEDQGRQDU
ODV SUXHEDV FXDQGR ORV YROXQWDULRV TXH VH VRPHWLHURQ D pVWDV
FRPHQ]DURQ D UHSRUWDU XQ HIHFWR VHFXQGDULR LQXVXDO PXFKDV
HUHFFLRQHV &KULV :D\PDQ XQR GH ORV FLHQWtILFRV GH OD HPSUHVD
HVWXYRDFDUJRGHLQYHVWLJDUTXpSDVDED:D\PDQFUHyXQKRPEUH
PRGHOR HQ HO ODERUDWRULR HQ XQD VHULH GH SUREHWDV FRORFy
VXVWDQFLDV LQHUWHV \ WHMLGR GHO SHQH GH XQ KRPEUH LPSRWHQWH &DGD
SRUFLyQ GH WHMLGR HVWDED FRQHFWDGR D XQD FDMD TXH DFWLYDGD
PHGLDQWH XQ LQWHUUXSWRU HQYLDED XQ LPSXOVR HOpFWULFR /D SULPHUD
YH]TXHKL]R HVWRQR SDVyQDGDSHURXQD YH]TXHDJUHJy 9LDJUDD
ODVSUREHWDVTXHFRQWHQtDQORVWHMLGRVORVYDVRVVDQJXtQHRVHQpVWRV
VHUHODMDEDQFRPRVXFHGHFRQXQKRPEUHFXDQGRWLHQHXQDHUHFFLyQ
/R LQWHUHVDQWH GH HVWR HV TXH OD FDSDFLGDG GH HUHFFLyQ VH
UHVWDXUDED $Vt TXH HVWiEDPRV IUHQWH D DOJR PX\ HVSHFLDO VHxDOD
&KULV :D\PDQ $QWHV GHO ODQ]DPLHQWR GH 9LDJUD HQ QR KDEtD
WUDWDPLHQWRRUDOSDUDODLPSRWHQFLD$KRUDJUDFLDVDXQIUDFDVDGR
WUDWDPLHQWR SDUD OD DQJLQD GH SHFKR ORV KRPEUHV WLHQHQ RWUDV
RSFLRQHV9LDJUDHVXQDGHODVGURJDVPiVUHFHWDGDVGHOPXQGR
/DV GURJDV VRQ VRPHWLGDV D ULJXURVDV SUXHEDV DQWHV GH VHU

FRPHUFLDOL]DGDV SHUR HQ UHDOLGDG OD SUXHED UHDO VyOR FRPLHQ]D
FXDQGR XQ Q~PHUR FRQVLGHUDEOH GH SHUVRQDV ODV LQJLHUH 3DWULFN
9DOODQFH GH OD HPSUHVD *OD[R 6PLWKNOLQH VHxDOD TXH HQ PXFKRV
FDVRV XQR DSUHQGH GH ODV GURJDV WDQWR FRPR VDEtD DQWHV GH VHU
ODQ]DGD (VWR QR HV PHQRV FLHUWR HQ HO FDVR GH 0HWK\OSKHQLGDWH

FRP~QPHQWHFRQRFLGDFRPR5LWDOLQXQPHGLFDPHQWRTXHVLUYHSDUD
WUDWDUHOVtQGURPHGHKLSHUDFWLYLGDG\IDOWDGHDWHQFLyQ(VWDGURJD
IXHGLVHxDGDRULJLQDOPHQWHSDUDWUDWDUODGHSUHVLyQHQDGXOWRVSHUR
WDPELpQ VLUYH SDUD PHMRUDU OD FRQFHQWUDFLyQ \ OD FDSDFLGDG
FRJQLWLYD/RVFLHQWtILFRVVHxDODQTXHHQHOFDVRGHHVWHIiUPDFRD~Q
KR\HQGtDVHHVWiQHQFRQWUDQGRQXHYRVXVRV
KWWSVZZZEEFFRPPXQGRFLHQFLDBWHFQRORJLDB
BYLDJUDBGURJDVBPHV

&DStWXOR
7e&1,&$6'(08(675(2
7HPDVFODYHV
0XHVWUHRFXDQWLWDWLYR\FXDOLWDWLYR
7LSRVGHPXHVWUDVSUREDELOtVWLFDV\QRSUREDELOtVWLFDV
8QLGDGGHPXHVWUHR\XQLGDGGHUHJLVWUR
5HSUHVHQWDWLYLGDGHQHOPXHVWUHRFXDOLWDWLYR
7LSRVGHPXHVWUDVFXDOLWDWLYDV
(QHVWDHWDSDGHOSURFHVRGHLQYHVWLJDFLyQORVLQYHVWLJDGRUHVGHEHQ
UHVROYHU D SDUWLU GH OR H[LJLGR SRU HO WLSR LQYHVWLJDFLyQ SODQWHDGR \
SRUODVFDUDFWHUtVWLFDVLPSOLFDGDVHQORVREMHWLYRV\WDPELpQSRUORV
UHFXUVRV GLVSRQLEOHV FRPR VH SURSRQHQ DFFHGHU DO XQLYHUVR SDUD
OOHYDUDGHODQWHHOWUDEDMRGHFDPSR\UHJLVWUDUORVGDWRVSUHWHQGLGRV
GH IRUPD FRKHUHQWH FRQ OD DSOLFDFLyQ GH XQ PpWRGR FXDQWLWDWLYR R
FXDOLWDWLYR\VXVGLIHUHQWHVFULWHULRVGHUHSUHVHQWDWLYLGDG(OUHJLVWUR
GHORVGDWRVGHWRGRVORVHOHPHQWRVGHXQXQLYHUVRVXSRQHXQDWDUHD
FHQVDO HQ FDVR GH TXH HVWR QR VH SXHGD KDFHU SRU VXV FRVWRV
LPSOLFDGRV R SRUTXH HO LQYHVWLJDGRU HYDO~D VX LQFRQYHQLHQFLD FRQ
UHVSHFWR DO WLSR GH HVWXGLR D OOHYDU DGHODQWH HO PLVPR GHEH DSOLFDU
DOJXQDWpFQLFDGHPXHVWUHRODVTXHLPSOLFDQTXHVHWRPDDXQDSDUWH
PXHVWUD GH XQD WRWDOLGDG XQLYHUVR \ VREUH HOOD VH DSOLFD DOJXQD
WpFQLFDGHHODERUDFLyQGHGDWRVSDUDGHVSXpVJHQHUDOL]DUORVPLVPRV
FRQUHVSHFWRDHVDWRWDOLGDG
/DV GLIHUHQWHV RSFLRQHV GH PXHVWUDV UHVSRQGHQ D FULWHULRV

LQFRPSDUDEOHV GH YDOLGH] \ GH FDSDFLGDG GH JHQHUDOL]DFLyQ FRQ

UHVSHFWRDOXQLYHUVRSRUHMHPSORQRVHSXHGHHYDOXDUFRQXQFULWHULR
GH PXHVWUHR SDUD HVWXGLRV FXDQWLWDWLYRV ODV GHFLVLRQHV PXHVWUDOHV
GHFLGLGDV HQ XQD LQYHVWLJDFLyQ FXDOLWDWLYD HQ FDGD FDVR ORV
LQYHVWLJDGRUHVGHEHQGHFLGLUHOPXHVWUHR PiVFRQYHQLHQWHHQWUHXQD
DPSOLD JDPD GH RSFLRQHV TXH SUHVHQWDQ FDGD XQD VXV YHQWDMDV \
GHVYHQWDMDVPiVDGHFXDGRDODVSDUWLFXODULGDGHVGHVXHVWXGLR\GHEH
IXQGDPHQWDUWpFQLFD\SUDJPiWLFDPHQWHVXVGHFLVLRQHV
(OFRQFHSWRGHXQLYHUVRHQWRGDLQYHVWLJDFLyQHVFHQWUDO\DTXHFRQ
pO FDWHJRUL]DPRV DO FRQMXQWR GH HOHPHQWRV D VHU HVWXGLDGRV HQ
DOJXQDV GH VXV FDUDFWHUtVWLFDV R SURSLHGDGHV SRU HOOR VX GHILQLFLyQ
GHEHUHDOL]DUVHGHIRUPDSUHFLVDGHWDOPDQHUDTXHVHDSHUIHFWDPHQWH
LGHQWLILFDEOH HQ OD UHDOLGDG \ VH HYLWH OD FRQIXVLyQ FRQ RWURV
HOHPHQWRV VLPLODUHV LGHQWLILFDU TXLpQHV XQLYHUVR VHUiQ DQDOL]DGRV
HQVXVFDUDFWHUtVWLFDVYDULDEOHVREHGHFHDXQDHODERUDFLyQFODUDGHO
SUREOHPD D LQYHVWLJDU \ DO HVWDEOHFLPLHQWR GH ORV REMHWLYRV GH OD
LQYHVWLJDFLyQ FRKHUHQWHPHQWH HQ DUWLFXODFLyQ FRQ XQ HVTXHPD
PHWRGROyJLFR\WHyULFR$WRGRLQYHVWLJDGRUOHLQWHUHVDSRGHUJHQHUDU
DILUPDFLRQHVJHQHUDOL]DEOHVDODSREODFLyQREMHWRGHVXHVWXGLRSHUR
QR VLHPSUH OH UHVXOWD SRVLEOH DQDOL]DU HO XQLYHUVR HQ VX WRWDOLGDG D
YHFHVHOJUDQWDPDxRGHHVWHKDFHPX\GLItFLOTXHVHSXHGDUHDOL]DU
HO UHJLVWUR VREUH WRGDV ODV XQLGDGHV HQ RWUDV RFDVLRQHV HO XQLYHUVR
SXHGHVHULQGHWHUPLQDEOH\HQHVHFDVRDOGHVFRQRFHUVXPDJQLWXG
VHKDFHLPSRVLEOHFRQRFHUODWRWDOLGDGGHHOHPHQWRVTXHFRQWLHQHSRU
HOOR HO DFFHVR DO UHOHYDPLHQWR GH ORV HOHPHQWRV GHO XQLYHUVR
SURSXHVWR SRU OD LQYHVWLJDFLyQ UHTXLHUH XQD HYDOXDFLyQ SUHYLD GH OD
LQVWDQFLDGHLQYHVWLJDFLyQGHODQDWXUDOH]DGHORVREMHWLYRV\GHOWLSR
GH LQYHVWLJDFLyQ LPSOLFDGRV HQ WpUPLQRV GH OD XWLOL]DFLyQ GH ODV
GLIHUHQWHV RSFLRQHV WpFQLFDV GH PXHVWUHR &XDQGR D WUDYpV GH OD
LQYHVWLJDFLyQ VH JHQHUDQ GDWRV GH FDGD XQR GH ORV HOHPHQWRV GHO
XQLYHUVR GHWHUPLQDGR HQ OD LQYHVWLJDFLyQ VH OOHYD D FDER XQ FHQVR
UHJLVWURGHODWRWDOLGDGGHORVHOHPHQWRVGHXQXQLYHUVRHQFDPELR

DO KDFHUVH XQ UHJLVWUR GH XQD SDUWH R VXEFRQMXQWR GHO XQLYHUVR VH
HPSOHDXQDPXHVWUD
/D DFFLyQ GH FHQVDU DO XQLYHUVR GH HVWXGLR LPSOLFD REYLDPHQWH XQD
DFFLyQGHUHFRUWHSUHYLD\GHGHILQLFLyQGHODQDWXUDOH]DGHpVWHDVt
HQHOFHQVDGRGHSHUVRQDVHQVLWXDFLyQGHFDOOHODVGHILQLFLRQHVVREUH
TXH LPSOLFD XQD SHUVRQD HQ HVD FRQGLFLyQ YD D GHWHUPLQDU ORV
UHVXOWDGRVILQDOHVGHOUHJLVWURDUHDOL]DUHQHOFDVRTXHVHSUHVHQWDHQ
OD&LXGDG$XWyQRPDGH%XHQRV$LUHVODGLVSDULGDGHQODVFLIUDVHQWUH
HO UHJLVWUR TXH VH UHDOL]D GHVGH OD HVIHUD JXEHUQDPHQWDO \ HO TXH VH
HIHFWLYL]D SRU HO UHOHYDPLHQWR FHQVDO GH RUJDQL]DFLRQHV VRFLDOHV HQ
SDUWLFLSDURQ PiV GH WUHLQWD RUJDQL]DFLRQHV MXQWR FRQ HO DSR\R
GHO 0LQLVWHULR 3XEOLFR GH OD 'HIHQVD HO FRQVHMR GH 2UJDQL]DFLRQHV
6RFLDOHV GH OD 'HIHQVRUtD GHO 3XHEOR \ OD 3UHVLGHQFLD GH OD
$XGLWRULD *HQHUDO WRGDV HOODV RUJDQL]DFLRQHV GH OD &LXGDG VH
H[SOLFDSRUVXVGLIHUHQWHVGHILQLFLRQHVGHODXQLGDGGHDQiOLVLVDVHU
FHQVDGD HO 2EVHUYDWRULR GHO 'HUHFKR OR H[SOLFD FODUDPHQWH
³«GHVGH FDVL WRGRV DxRV HO JRELHUQR SRUWHxR UHDOL]D XQ
FRQWHR VXSHUILFLDO (Q HO *&%$ GLMR TXH KDEtD XQDV
SHUVRQDVHQVLWXDFLyQGHFDOOHFDVLORPLVPRTXHHQHO\
5HFLHQWHPHQWH SXEOLFy ORV UHVXOWDGRV GHO UHOHYDPLHQWR UHDOL]DGR HQ
DEULOGHGRQGHUHFRQRFHTXHDXPHQWyHQUHODFLyQFRQHODxR
DQWHULRUSHURLJXDOPHQWHVRORFRQWySHUVRQDVHQFDOOHHIHFWLYD
QR FRQWDELOL]D SDUDGRUHV QL KRJDUHV (VWR GHVFRQRFH OD /H\
GHSHUVRQDV HQ VLWXDFLyQGH FDOOH TXH HQWLHQGHTXHXQDSHUVRQDHQ
VLWXDFLyQ GH FDOOH HV DTXHOOD TXH YLYH HQ IRUPD HIHFWLYD HQ OD FDOOH
SHURWDPELpQDTXHOODTXHHVWiHQULHVJRGHWHUPLQDUYLYLHQGRHQOD
FDOOH SHUVRQDV FRQ VHQWHQFLD GH GHVDORMR SHUVRQDV TXH YLYHQ HQ
KRWHOHV EDMR HO VXEVLGLR KDELWDFLRQDO RWRUJDGR SRU HO 'HFUHWR
TXLHQHV GXHUPHQ HQ DVHQWDPLHQWRV SHUVRQDV LQVWLWXFLRQDOL]DGDV HQ
FiUFHOHV KRVSLWDOHV JHQHUDOHV \ KRVSLWDOHV GH VDOXG PHQWDO FRQ
SRVLELOLGDGGHHJUHVR/DLQYLVLELOL]DFLyQGHODSUREOHPiWLFD\HOQR
UHFRQRFLPLHQWRGHODGHILQLFLyQDPSOLDGHORVVXMHWRVGHGHUHFKRGH
OD OH\ PRWLYy TXH HQ HO VH GHQXQFLH DO *&%$ HQ

UHODFLyQDODYHUDFLGDGGHOGDWRUHJLVWUDGR\IXHREOLJDGRDUHDOL]DU
XQ UHOHYDPLHQWR DQXDO HQ FRQMXQWR FRQ ODV RUJDQL]DFLRQHV GH OD
VRFLHGDGFLYLO TXHYHQLPRVDERUGDQGRODSUREOHPiWLFD H[SHUWRVHQ
ODWHPiWLFD\SHUVRQDVHQVLWXDFLyQGHFDOOHRULHVJRTXHHVORTXH
HVWDEOHFH OD OH\´ (Q ORV FHQVRV QDFLRQDOHV TXH HQ FDGD SDtV VH
UHDOL]DQFDGDGLH]DxRVSRUORVRUJDQLVPRVHVWDWDOHVSHUWLQHQWHVDHVD
WDUHDWDPELpQRSHUDXQDFXHVWLyQGHGHILQLFLRQHVGHORVXQLYHUVRVD
UHJLVWUDUXQDJUDQGLIHUHQFLDHQWUHHOORVVHHVWDEOHFHHQWUHORVFHQVRV
GH KHFKR \ ORV GH GHUHFKR HQ ORV SULPHURV VH WRPDQ HQ FXHQWD D
WRGDV DTXHOODV SHUVRQDV TXH HVWiQ SUHVHQWHV HQ HO PRPHQWR GHO
UHOHYDPLHQWR FHQVDO ³«HQ JHQHUDO VH DVXPH FRPR OXJDU GH
HQXPHUDFLyQ³HQHOTXHSDVDURQODQRFKHGHUHIHUHQFLDGHOFHQVR´
(QODPRGDOLGDGGHFHQVRGHGHUHFKRORVLQGLYLGXRVVHHQXPHUDQHQ
VX OXJDUGH UHVLGHQFLDKDELWXDO DXQTXH QRVHHQFXHQWUHQ SUHVHQWHV
HQpOHQHOPRPHQWRGHOUHOHYDPLHQWR´DPEDVPRGDOLGDGHVWLHQHQ
VXV YHQWDMDV \ GHVYHQWDMDV SRU OR FXDO HQ FDGD SDtV VH GHFLGH
VRSHVDQGRODVPLVPDV\GHFLGLHQGRSRUXQDGHHVWDVPRGDOLGDGHV

KWWSVREVHUYDWRULRFLXGDGRUJ"V QRWLFLD Q

KWWSVUHSRVLWRULRFHSDORUJELWVWUHDPKDQGOH6BHVSGI

(Q $UJHQWLQD ORV FHQVRV PiV UHOHYDQWHV VH OOHYDQ DGHODQWH ORV VLJXLHQWHV RSHUDWLYRV
FHQVDOHVTXHVHJ~QHVWHRUJDQLVPRWLHQHQXQDVHULHGHFDUDFWHUtVWLFDV
&HQVR GH 3REODFLyQ +RJDUHV \ 9LYLHQGDV VX REMHWLYR FHQWUDO UDGLFD HQ GHWHUPLQDU OD
FDQWLGDGODVFDUDFWHUtVWLFDV\ODGLVWULEXFLyQJHRJUiILFDGHODSREODFLyQGHORVKRJDUHV\
GH ODV YLYLHQGDV HVWDV WUHV VH FRQVWLWX\HQ FRPR ODV XQLGDGHV DQiOLVLV GHO RSHUDWLYR
FHQVDO 6X LPSOHPHQWDFLyQ OD UHDOL]D HO ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFD \ &HQVRV
,1'(&\ODV'LUHFFLRQHV3URYLQFLDOHVGH(VWDGtVWLFD
&HQVR (FRQyPLFR VX REMHWLYR HV PHGLU \ FDUDFWHUL]DU ODV DFWLYLGDGHV HFRQyPLFDV
LQGXVWULDOHVFRPHUFLDOHVPLQHUDVILQDQFLHUDV\GHSUHVWDFLyQGHVHUYLFLRVSHUVRQDOHV\
HPSUHVDULDOHVHQWRGRHOSDtVUHDOL]DGDVFRQRVLQILQHVGHOXFUR/DXQLGDGGHDQiOLVLV
HV HO ORFDO HO FXDO HV GHILQLGR FRPR DTXHO HVSDFLR DLVODGR R VHSDUDGR GH RWURV
FRQVWUXLGRRXWLOL]DGRSDUDUHDOL]DUDFWLYLGDGHVHFRQyPLFDV(VUHDOL]DGRSRUHO,QVWLWXWR
1DFLRQDO GH (VWDGtVWLFDV \ &HQVRV ,1'(& \ ODV 'LUHFFLRQHV 3URYLQFLDOHV GH
(VWDGtVWLFD

$GLIHUHQFLDGHODWDUHDGHDFFHVRFHQVDOODXWLOL]DFLyQGHXQDDFFLyQ
GH PXHVWUHR LPSOLFD OD XWLOL]DFLyQ GH XQD WpFQLFD GH VHOHFFLyQ GH
HOHPHQWRV GH XQ XQLYHUVR TXH VH DSOLFD FRPR XQD HVWUDWHJLD GH
HFRQRPtD GH HVIXHU]R GH WLHPSR \ GH GLQHUR SDUD SRGHU UHDOL]DU OD
LQYHVWLJDFLyQ \ JHQHUDOL]DU ORV GDWRV REWHQLGRV XQD PXHVWUD HV OD
SDUWHGHXQWRGRHVWHVHJPHQWRVXSRQHHOUHFRUWHGHXQFRQMXQWRGH
XQD SREODFLyQR XQLYHUVR TXH WLHQH TXH VHU UHSUHVHQWDWLYR GHEH VHU
DQiORJD GH HVD WRWDOLGDG HVWR VLJQLILFD TXH VXV FDUDFWHUtVWLFDV
SULQFLSDOHVVRQVLPLODUHVDODVGHOXQLYHUVRTXHVHTXLHUHUHSUHVHQWDU
SDUDTXHORVUHVXOWDGRVREWHQLGRVGHODPXHVWUDVHSXHGDQJHQHUDOL]DU
GH OR SDUWLFXODU KDFLD OR JHQHUDO SDUD SRGHU HYDOXDU OD
UHSUHVHQWDWLYLGDG GH XQD PXHVWUD VH GHEH WHQHU FRPR FRQGLFLyQ
QHFHVDULD DXQTXH QR VXILFLHQWH LQIRUPDFLyQ VREUH HO XQLYHUVR D
FRPSDUDU5HDOL]DUXQDLQYHVWLJDFLyQHPSOHDQGRXQDPXHVWUDJHQHUD
XQDKRUURGHUHFXUVRVTXHSHUPLWHODUHXWLOL]DFLyQGHORVPLVPRVSRU
HMHPSORHQEHQHILFLRGHODFDSDFLWDFLyQ\GHODDPSOLDFLyQGHWDUHDV
GHOSHUVRQDODGPLQLVWUDWLYRLQYROXFUDGRHQODORJtVWLFDSDUDTXHVXV
DFWLYLGDGHVVHDQPiVHILFLHQWHV\VHGHVDUUROOHQFRQPD\RULQWHQVLGDG
HQHOFRQWUROGHOWUDEDMRGHFDPSR\HQHOSURFHVDPLHQWRGHORVGDWRV
WDPELpQSRVLELOLWDHVWXGLDUXQLYHUVRVLPSRVLEOHVGHVHUFHQVDGRV\D
VHDSRUVXPDJQLWXGRSRUHOGHVFRQRFLPLHQWRGHOWDPDxRUHDOGHORV
PLVPRV

&HQVR$JURSHFXDULRVXILQDOLGDGHVSURGXFLUGDWRVFXDQWLWDWLYRV\FXDOLWDWLYRVVREUHOD
HVWUXFWXUD GHO VHFWRU DJURSHFXDULR UHJLVWUDQGR D WRGDV ODV H[SORWDFLRQHV DJURSHFXDULDV
GHO SDtV \ DFWXDOL]DQGR VXV SDGURQHV 6X XQLGDG GH DQiOLVLV HV OD H[SORWDFLyQ
DJURSHFXDULD ($3 GHILQLGD FRPR DTXHOOD XQLGDG GH RUJDQL]DFLyQ GH OD SURGXFFLyQ
GHGLFDGDDELHQHVDJUtFRODVSHFXDULRVRIRUHVWDOHVGHVWLQDGRVDOPHUFDGR6XHMHFXFLyQ
HV UHVSRQVDELOLGDG GHO ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFDV \ &HQVRV ,1'(& \ GH ODV
'LUHFFLRQHV3URYLQFLDOHVGH(VWDGtVWLFD
&HQVR'RFHQWHHO0LQLVWHULRGH(GXFDFLyQGHOD1DFLyQUHDOL]DHVWHFHQVRVXREMHWLYR
VHGLULJHDJHQHUDULQIRUPDFLyQVREUHDVSHFWRVVRFLRGHPRJUiILFRVVRFLRHFRQyPLFRV\
VREUHODVPRGDOLGDGHVGHLQVHUFLyQODERUDOHLQVWLWXFLRQDOGHODVSHUVRQDVTXHWUDEDMDQHQ
HO VLVWHPD HGXFDWLYR /D XQLGDG GH DQiOLVLV VRQ ORV GRFHQWHV GHO VLVWHPD HVFRODU GH
HVWDEOHFLPLHQWRVHGXFDWLYRVS~EOLFRV\SULYDGRVHQWRGRVVXVQLYHOHV

/DOLPLWDFLyQSULQFLSDOHQHOHPSOHRGHOPXHVWUHR WLHQHTXHYHUFRQ
ODFRPSOHMLGDGTXHLPSOLFDPDQHMDUHVWDWpFQLFDGHVHOHFFLyQ\DTXH
VH UHTXLHUH GRPLQDU FRQFHSWXDOPHQWH ODV GLYHUVDV RSFLRQHV GH
PXHVWUHR\VXVGLYHUVDVDSOLFDELOLGDGHVSDUDXWLOL]DUHILFD]PHQWHHVWD
WpFQLFD HOHJLUXQDPRGDOLGDGGHPXHVWUHRGHSHQGHGH ORVREMHWLYRV
GHOHVWXGLRVLODLQYHVWLJDFLyQHVH[SORUDWRULDODH[LJHQFLDGHXWLOL]DU
XQD GHWHUPLQDGD PXHVWUD VHUi PHQRU TXH VL OD LQYHVWLJDFLyQ HV
FDXVDO GHO HVTXHPD WHyULFR VL HO HVWXGLR HV FXDOLWDWLYR HPSOHDUi
RSFLRQHV GH PXHVWUD GLIHUHQWHV D VL HV FXDQWLWDWLYR GH ODV
SRVLELOLGDGHVRFRQGLFLRQHVGHUHDOL]DFLyQGHODLQYHVWLJDFLyQFRQWDU
FRQ UHFXUVRV HFRQyPLFRV DEXQGDQWHV SHUPLWH HOHJLU HQWUH PD\RUHV
RSFLRQHV PXHVWUDOHV \ GH OD FRQWULEXFLyQ TXH VH SLHQVD KDFHU FRQ
GLFKR HVWXGLR VL VH SUHWHQGH JHQHUDOL]DU HVWDGtVWLFDPHQWH R
WHyULFDPHQWH KDFLD XQD GHWHUPLQDGD SREODFLyQ ODV RSFLRQHV GH
PXHVWUDVHUiQGLVtPLOHV
(V QHFHVDULR DQWHV GH DYDQ]DU FRQ OD GHVFULSFLyQ GH ORV WLSRV GH
PXHVWUHR DFODUDU DOJXQDV FRQVLGHUDFLRQHV FRQ UHVSHFWR D HVWH WHPD
DQWHULRUPHQWHVHSUHFLVyHOFRQFHSWRGHXQLGDGHVGHDQiOLVLVFDStWXOR
GHEH WDPELpQ GHILQLUVH HO FRQFHSWR GH XQLGDGHV GH PXHVWUHR
HVWH FRQFHSWR GD FXHQWD GH ORV FRPSRQHQWHV HOHPHQWDOHV VREUH ORV
TXHVHUHDOL]DUiODPXHVWUD(QP~OWLSOHVLQYHVWLJDFLRQHVODVXQLGDGHV
GHDQiOLVLV\ODV XQLGDGHVGHPXHVWUHRFRLQFLGHQSRUHMHPSORVLVH
SUHWHQGH LQYHVWLJDU ODV PRGDOLGDGHV GH HVWXGLR GH ORV LQVFULSWRV DO
H[DPHQGHLQJUHVRDXQDXQLYHUVLGDGORVLQVFULSWRVVRQODVXQLGDGHV
GH DQiOLVLV \ WDPELpQ VRQ ODV XQLGDGHV GH PXHVWUHR (Q RWUDV
RFDVLRQHVQRFRLQFLGHQODVXQLGDGHVGHPXHVWUHRSXHGHQFRQWHQHUD
ODVXQLGDGHVGHDQiOLVLVRSHUiQGRVHODVHOHFFLyQPXHVWUDOVREUHHVWRV
HOHPHQWRVSRUHMHPSORHQXQDLQYHVWLJDFLyQGHVRQGHRHOHFWRUDOODV
XQLGDGHVGHDQiOLVLVVRQODSREODFLyQHQHGDGGHYRWDU\ODVXQLGDGHV
GH PXHVWUHR VRQ ODV PDQ]DQDVGRQGH VH XELFDQODV YLYLHQGDV HQODV
TXH UHVLGHQ HVWDV XQLGDGHV GH DQiOLVLV D SDUWLU GH OD VHOHFFLyQ
PXHVWUDOGHODVPDQ]DQDVVHDFFHGHDODVHOHFFLyQGHODVYLYLHQGDV\
GHHOODVDODSREODFLyQHQHGDGGHYRWDUXQLGDGHVGHDQiOLVLV+DEUtD

TXHVHxDODUWDPELpQTXHODVXQLGDGHVGHUHJLVWUR SXHGHQFRLQFLGLUR
QRFRQODVXQLGDGHVGHDQiOLVLV\ODVGHPXHVWUHRXQHMHPSORGHQR
FRLQFLGHQFLDVHUtDXQHVWXGLRGRQGHODVXQLGDGHVGHDQiOLVLVVRQQLxRV
GHDxRVGHHGDGODXQLGDGGHPXHVWUHRVHUtDHOKRJDUGHOQLxR\OD
XQLGDG GH UHJLVWUR OD PDGUH GHO QLxR TXLHQ UHVSRQGHUtD VREUH HO
PLVPR
0XHVWUHRFXDQWLWDWLYR
$ WUDYpV GH ODV PXHVWUDV HQ ODV LQYHVWLJDFLRQHV FXDQWLWDWLYDV VH

UHJLVWUDFXDQWLILFDGDPHQWHHQHOODVSDUDH[WUDSRODUVXVFDUDFWHUtVWLFDV
YDULDEOHVDOXQLYHUVRTXHVHSUHWHQGHHVWXGLDUVHSXHGHQFODVLILFDU
HQSUREDELOtVWLFDVRQRSUREDELOtVWLFDV/DVPXHVWUDVSUREDELOtVWLFDV
R DOHDWRULDV WLHQHQ FRPR UHTXLVLWR TXH WRGRV \ FDGD XQR GH ORV
HOHPHQWRV GHO XQLYHUVR WHQJD OD PLVPD SUREDELOLGDG GH VHU
VHOHFFLRQDGRVSDUDIRUPDUSDUWHGHODPXHVWUDFRQLQGHSHQGHQFLDGH
FXDOTXLHU VHVJR R LQWHQFLRQDOLGDG SDUD TXH VH HIHFWLYLFH HVWD
FRQGLFLyQ VH GHEHQ HPSOHDU GLVSRVLWLYRV DOHDWRULRV R GH D]DU
WyPERODWDEODVHWFFRPRFRQGLFLyQQHFHVDULDSDUDGHWHUPLQDUTXp
HOHPHQWRVGHOXQLYHUVRIRUPDUiQSDUWHGHODPXHVWUDHOXVRGHOD]DU
HVXQUHTXLVLWRQHFHVDULRSHURQRVXILFLHQWHSDUDTXHHOPXHVWUHRVHD
SUREDELOtVWLFR \D TXH SRU HMHPSOR HQ XQ VRQGHR TXH SUHWHQGD
UHJLVWUDURSLQLRQHVGHORVKDELWDQWHVGHXQDFLXGDGXWLOL]DQGRODJXtD
WHOHIyQLFDFRPROLVWDGRSDUDVHOHFFLRQDUDOD]DUQ~PHURVWHOHIyQLFRV
QR UHVXOWDUi HQ XQ PXHVWUHR SUREDELOtVWLFR \D TXH ODV SHUVRQDV TXH
QR WHQJDQWHOpIRQRR TXHQR HVWpQ UHJLVWUDGDV HQOD JXtD QRKDEUtDQ
WHQGLyQLQJXQDSUREDELOLGDGGHIRUPDUSDUWHGHODPXHVWUD
(QODVLQYHVWLJDFLRQHVHQODVTXHORVGDWRVGHEHQWHQHUXQDSUHFLVLyQ
HOHYDGD FRPR FXDQGR VH UHDOL]DQ HVWXGLRV GH SREODFLyQ SDUD
LPSOHPHQWDU SROtWLFDV S~EOLFDVGHVWLQDGDV D UHYHUWLU DOJ~Q GpILFLWHQ
ODFDOLGDGGHYLGDODULJXURVLGDGHQODVHOHFFLyQ SUREDELOtVWLFDGHOD
PXHVWUD \ HO WDPDxR GH OD PLVPD HV XQ UHTXLVLWR FHQWUDO (Q HO
PXHVWUHRSUREDELOtVWLFRHOWDPDxRPXHVWUDOFDQWLGDGGHHOHPHQWRV
GHO XQLYHUVR SUHVHQWHV HQ OD PXHVWUD GHSHQGH GH OD ILQDOLGDG GH OD

LQYHVWLJDFLyQ\GHORVUHFXUVRVGLVSRQLEOHVSDUDOOHYDUODDGHODQWHQR
VHSXHGHHVWDEOHFHUXQDFDQWLGDGSUHGHWHUPLQDGDHVHUUyQHRSODQWHDU
XQ SRUFHQWDMH SUHGHWHUPLQDGR GH PXHVWUHR XQ R GH OD
SREODFLyQ SRU HOOR HO WDPDxR GH OD PXHVWUD VH GHEH DQDOL]DU \
HMHFXWDU FRQWHPSODQGR P~OWLSOHV IDFWRUHV SRU VX FRPSOHMLGDG VH
HQFRPLHQGDTXHVXUHDOL]DFLyQTXHGHDFDUJRGHXQHVSHFLDOLVWDHQHO
WHPD
3DUD DSOLFDU XQ PXHVWUHR SUREDELOtVWLFR D XQ XQLYHUVR LQILQLWR

FXDQGRVXQ~PHURVXSHUDORVHOHPHQWRVVHHVWDEOHFHGHVGH
HOFRQRFLPLHQWRGHODHVWDGtVWLFDTXHXQDPXHVWUDDOHDWRULDGHHQWUH
\FDVRVVXSRQHXQWDPDxRDGHFXDGRSDUDTXHODPLVPD
JXDUGH XQD UHODFLyQ GH UHSUHVHQWDWLYLGDG PiV DOOi GH ORV GRV PLO
FDVRV OD UHSUHVHQWDWLYLGDG VHUi VLPLODU DXQTXH FRQ FRVWRV WLHPSR
SHUVRQDOGLQHURFUHFLHQWHVODSUHFLVLyQGHXQDPXHVWUDDOHDWRULDQR
VHRSWLPL]DDSDUWLUGHFLHUWRQ~PHURFRQHODXPHQWRSURJUHVLYRGH
VX WDPDxR DO VXSHUDU FLHUWR XPEUDO QXPpULFR D PHGLGD TXH HO
Q~PHURGHODPXHVWUDVHKDFHPD\RUQRDXPHQWDVXUHSUHVHQWDWLYLGDG
SURSRUFLRQDOPHQWH ³«SRU OD OH\ GH OD UHJXODULGDG HVWDGtVWLFD VH
VDEH TXH D SDUWLU GH GHWHUPLQDGR Q~PHUR GH HOHPHQWRV GH OD
PXHVWUD ODV IUHFXHQFLDV WLHQGHQ D HVWDELOL]DUVH (OOR TXLHUH GHFLU
TXH D SDUWLU GH HVH Q~PHUR HO DXPHQWR GH QXHYRV HOHPHQWRV D OD
PXHVWUD QR DXPHQWD R DXPHQWD PX\ SRFR OD ILDELOLGDG GH ODV
HVWLPDFLRQHV 'LFKR GH RWUR PRGR ODV HVWLPDFLRQHV UHDOL]DGDV D
SDUWLUGHPXHVWUDVPX\SHTXHxDVVHGHVYtDQFRQVLGHUDEOHPHQWHGHOD
UHDOLGDGSURGXFLpQGRVHXQDMXVWHFDGDYH]PD\RUDPHGLGDTXHVH
DxDGHQQXHYRVHOHPHQWRVDODPXHVWUD(VWRWLHQHXQOtPLWHDSDUWLU
GHO FXDO OD PHMRUD GH ODV HVWLPDFLRQHV UHDOL]DGDV H[LJLUtDQ XQ
DXPHQWR GHVSURSRUFLRQDO GHO Q~PHUR GH HOHPHQWRV GH OD PXHVWUD
6LHQGR DVt HO SUREOHPD UDGLFD HQ GHWHUPLQDU HO WDPDxR GH OD
PXHVWUD GH WDO IRUPD TXH SRU XQD SDUWH RIUH]FD OD VXILFLHQWH
ILDELOLGDG SDUD ORV REMHWLYRV GH OD LQYHVWLJDFLyQ \ SRU RWUD QR
VXSRQJD XQ DXPHQWR LQQHFHVDULR GH ORV FRVWHV \ GHO WLHPSR GH
UHDOL]DFLyQ´5RGUtJXH]2VXQDHQ*DUFtD)HUUDQGR,EDxH]\$OYLUD

7LSRVGHPXHVWUDVSUREDELOtVWLFDV
/RV WLSRV GH PXHVWUHR SUREDELOtVWLFR VRQ ORV TXH VH SUHVHQWDQ
VHJXLGDPHQWH
$]DU VLPSOH HVWD RSFLyQ UHSUHVHQWD XQD GH ODV PXHVWUDV
SUREDELOtVWLFDV PiV VHQFLOODV GH UHDOL]DU FRQ VXV H[LJHQFLDV \
REVWiFXORV D YHFHV LQVDOYDEOHV FRPR WRGD PXHVWUD SUREDELOtVWLFD VH
FDUDFWHUL]DSRUTXHFDGDXQLGDGWLHQHODPLVPDSUREDELOLGDGFRQRFLGD
GH VHU LQFOXLGD HQ OD PXHVWUD D WUDYpV GH XQD GHWHUPLQDFLyQ GH
VHOHFFLyQ DOHDWRULD RGH D]DU HQXQD VRODHWDSD VREUH XQOLVWDGRTXH
FRQWHQJD WRGDV ODV XQLGDGHV GHO XQLYHUVR D PXHVWUHDU DTXt VX
H[LJHQFLD/D FRQGLFLyQ QHFHVDULD SDUD LQVWUXPHQWDUOD HV SRVHHU XQ
OLVWDGR TXH FRQWHQJD WRGRV ORV HOHPHQWRV GHO XQLYHUVR OR TXH VH
GHQRPLQD FRPR HO PDUFR PXHVWUDO SRU HMHPSOR VL VH TXLHUH
LQYHVWLJDU D ORV HVWXGLDQWHV GH XQD XQLYHUVLGDG HV PX\ IDFWLEOH TXH
pVWRV VH HQFXHQWUHQ LQFOXLGRV HPSDGURQDGRV HQ XQD OLVWD GH OD

-DFLQWR5RGUtJXH]2VXQDH[SOLFDFRQFODULGDGODLPSRUWDQFLDGHFRQWDUFRQXQ
PDUFRPXHVWUDODFWXDOL]DGRSDUDLPSOHPHQWDUXQDPXHVWUDSUREDELOtVWLFD³«HQOD
PHGLGDHQTXHHOFRQRFLPLHQWRGHGLFKRPDUFRVHDPiVSHUIHFWRVHUHGXFLUiQHQ
SULPHUOXJDUORVVHVJRVTXHVHSRGUtDQLQWURGXFLUSRUVXGHVFRQRFLPLHQWR'RV
HMHPSORVYDQDSRQHUGHUHOLHYHODLPSRUWDQFLDGHOPDUFRSDUDODUHDOL]DFLyQGHO
PXHVWUHR6HSLHQVDUHDOL]DUXQDPXHVWUDDKRJDUHVHQHOPXQLFLSLR;\SDUDVX
VHOHFFLyQVHYDDXWLOL]DUODOLVWDGHKRJDUHVFRQIHFFLRQDGDDUDt]GHO3DGUyQGH
&RPRHVWDPRVHQ\OD]RQDGHHVWXGLRHVGHLQPLJUDFLyQTXLHUHGHFLUTXHWRGDV
ODVIDPLOLDVTXHKDQOOHJDGRDOPXQLFLSLRGHVSXpVGHO~OWLPRSDGUyQQRHQWUDQHQOD
PXHVWUDQRIRUPDQSDUWHGHOPDUFRGHOHVWXGLR(VWRVLJQLILFDTXHVHHVWi
LQWURGXFLHQGRXQVHVJRHQODPXHVWUDSRUGHVFRQRFLPLHQWRGHOPDUFRWDQWRPD\RU
FXDQWRHOYROXPHQVHDPiVHOHYDGR6XSRQJDPRVDKRUDTXHVHTXLHUHUHDOL]DUXQD
HQFXHVWDDPpGLFRVXWLOL]DQGRXQDPXHVWUDUHSUHVHQWDWLYDGHORVPLVPRV$FRWDGRHO
XQLYHUVRPpGLFRVHQDFWLYRHVSHFLDOLVWDVGHFRUD]yQODGLILFXOWDGHVWULEDHQHO
FRQRFLPLHQWRGHOPDUFRPXHVWUDOGHOTXHVHYDDH[WUDHUODPXHVWUD6LGHVSXpVGH
PXFKDVLQGDJDFLRQHVQRVHFRQVLJXLHUDXQOLVWDGRGHORVPpGLFRVGHODHVSHFLDOLGDGR
pVWHIXHUDPX\GHIHFWXRVRGLItFLOPHQWHODPXHVWUDSRGUtDVHUUHSUHVHQWDWLYDGHO
FROHFWLYRSRUIDOWDGHFREHUWXUDGHOPLVPR´

LQVWLWXFLyQ VREUH HO TXH SXHGD DSOLFDUVH DOHDWRULDPHQWH OD VHOHFFLyQ

QHFHVDULD SDUD FXPSOLPHQWDU HVWH WLSR GH PXHVWUD SRGUtD RFXUULU VL
ORV FRPSRQHQWHV GHO XQLYHUVR GH HVWXGLR IXHVHQ ORV DOXPQRV
JUDGXDGRVGHODXQLYHUVLGDGHQOXJDUGHORVDFWLYRVWDPELpQVHSRGUtD
REWHQHU DOJ~Q OLVWDGR DGPLQLVWUDWLYR SHUR pVWH SRGUtD FRQWHQHU
LQIRUPDFLyQ GHVDFWXDOL]DGD D H[FHSFLyQ GH TXH OD XQLYHUVLGDG
UHJXODUPHQWH VH WRPDUD HO WUDEDMR GH UHQRYDU HVH OLVWDGR OR TXH
REVWDFXOL]DUtD HO FRQWDFWR FRQ FDGD JUDGXDGR VHOHFFLRQDGR FRQ OR
FXDO KDEUtD TXH SHQVDU HQ XWLOL]DU RWUR WLSR GH PXHVWUD 3DUD OOHYDU
DGHODQWHHVWHPXHVWUHRVHGHWHUPLQDSULPHURHOQ~PHURRWDPDxRTXH
FRQIRUPDUi OD PXHVWUD OXHJR VH HQXPHUD R HVFULEH HO QRPEUH GH
WRGRV ORV HOHPHQWRV R XQLGDGHV TXH FRPSRQHQ HO XQLYHUVR
SRVWHULRUPHQWH VH FRORFDQ WRGRV ORV Q~PHURV HQ XQ UHFLSLHQWH \
ILQDOPHQWH VH H[WUDHQ WDQWRV SDSHOHV FRPR VH HVWDEOHFLy HO Q~PHUR
GH OD PXHVWUD HVWH DFFLRQDU SXHGH FRQFUHWDUVH WDPELpQ GH IRUPD
DXWRPDWL]DGD D WUDYpV GH SURJUDPDV LQIRUPiWLFRV \ OLVWDGRV
GLJLWDOL]DGRV 5RGUtJXH] 2VXQD UHFRPLHQGD DSOLFDU HVWH WLSR
GHPXHVWUHRFXDQGRORVXQLYHUVRVLPSOLFDGRVHQODLQYHVWLJDFLyQVRQ
SHTXHxDV\HVSHFtILFDVSREODFLRQHVRVXSRQHQXQDUHGXFLGDFDQWLGDG
GH RUJDQL]DFLRQHV HQWHUDPHQWH LGHQWLILFDEOHV HQ HO FDVR GH JUDQGHV
SREODFLRQHVVHGLILFXOWDODSRVLELOLGDGGHREWHQHUXQOLVWDGRGHWRGRV
ORVHOHPHQWRVGHOXQLYHUVR
(VWUDWLILFDGR HVWH WLSR GH PXHVWUHR VH HPSOHD FXDQGR HO
LQYHVWLJDGRU FRQRFH TXH ORV HOHPHQWRV GHO XQLYHUVR TXH TXLHUH
HVWXGLDU SUHVHQWDQ FDUDFWHUtVWLFDV GLVtPLOHV TXH SXHGHQ VHU
LPSRUWDQWHVSDUDODHYDOXDFLyQ\HODQiOLVLVGHORV(OWpUPLQRGHHVWH
WLSRGHPXHVWUDSURYLHQHGHODSDODEUDHVWUDWRTXHVLJQLILFDFODVHVR
VXEFRQMXQWRVKHWHURJpQHRVGHQWURGHXQFRQMXQWRPD\RUVHFRQFUHWD
XWLOL]DQGR ODV FDUDFWHUtVWLFDV TXH KDFH KHWHURJpQHD D OD SREODFLyQ
VXEGLYLGLpQGROD HQ HVWUDWRV R VXEJUXSRV TXH UHSUHVHQWDQ HVD
YDULDELOLGDG R GLVWULEXFLyQ GLIHUHQFLDO FRQRFLGD ³«OD
HVWUDWLILFDFLyQFRQVLVWHHQXQDWLSLILFDFLyQGHOXQLYHUVRHQXQQ~PHUR
UHGXFLGR GH FDWHJRUtDV GH WDOIRUPD TXHFDGD XQDGH HOODVUH~QDD

ODVXQLGDGHVTXHDOPHPRVHQGHWHUPLQDGRVDVSHFWRVVHDQVLPLODUHV
HQWUHVt\GLVWLQWDVGHOUHVWR«ORLPSRUWDQWHHVXWLOL]DUFULWHULRVGH
HVWUDWLILFDFLyQ TXH VH DFHUTXHQ OR PiV SRVLEOH D OD WLSLILFDFLyQ«´
5RGUtJXH] 2VXQD HQ *DUFtD )HUUDQGR ,EixH] \ $OYLUD HQ
FXHVWLyQ/DPXHVWUDHVWUDWLILFDGDGHEHFRQWHQHUDWRGRVORVHVWUDWRV
HQODTXH VHGLYLGH HOXQLYHUVR GHQWURGHFDGD HVWUDWRVHUHDOL]D XQ
PXHVWUHR DO D]DU VLPpWULFR DO WDPDxR GH FDGD HVWUDWR HO Q~PHUR GH
HOHPHQWRV TXH VH WRPD HQ FDGD HVWUDWR VH GHWHUPLQD
SURSRUFLRQDOPHQWH VHJ~Q OD FDQWLGDG GH XQLGDGHV TXH LQWHJUD FDGD
HVWUDWR\HQEDVHDODWRWDOLGDGGHODSREODFLyQPXHVWUDO
3DUD UHDOL]DU HVWD PXHVWUD SULPHUR VH HVWDEOHFH XQ FULWHULR GH
HVWUDWLILFDFLyQSRUHOFXDOVHFRQVLGHUDKHWHURJpQHRDOXQLYHUVRDVt
VH OR VXEGLYLGH HQ VHJPHQWRV R HVWUDWRV FDGD VXEGLYLVLyQ R HVWUDWR
GHOXQLYHUVRGHEHVHUKRPRJpQHRGHQWURGHVtPLVPR\KHWHURJpQHR
HQ UHODFLyQ D ORV RWURV HVWUDWRV HVWH FULWHULR QR VH HOLJH
DUELWUDULDPHQWHVLQR VH IXQGDPHQWD HQ FRKHUHQFLDFRQORVREMHWLYRV
GH LQYHVWLJDFLyQ SRU HMHPSOR VL VH SUHWHQGLHVH LQGDJDU HO
UHQGLPLHQWRHVFRODU\HOXQLYHUVRIXHVHQODVHVFXHODVGHOD&LXGDGGH
%XHQRV $LUHV FRQYHQGUtD HVWUDWLILFDUODV HQ FXDWUR ]RQDV
VRFLRHFRQyPLFDVODVHVFXHODVGHFDGD]RQDSUHVHQWDQFDUDFWHUtVWLFDV
GLIHUHQWHV GHO UHVWR OD FDQWLGDG GH HVFXHODV S~EOLFDV \ SULYDGDV HQ
FDGD iUHD SXHGH SUHVHQWDU JUDQGHV GLIHUHQFLDV D SDUWLU GH OD
HVWUDWLILFDFLyQ SRU ]RQDV VH OLVWDQ ODV HVFXHODV GH FDGD ]RQD \ VH
SURFHGH DO PXHVWUHR GH FDGD ]RQD SRU VHSDUDGR 2WUR HMHPSOR GH
HVWUDWLILFDFLyQ PXHVWUDO SURFHGH GHO HVWXGLR VREUH WUDEDMDGRUHV GH
,EHULD 5RGUtJXH] 2VXQD HQ HO TXH ORV GLIHUHQFLy HQ HVWUDWRV
KRPRJpQHRV D SDUWLU GH VX VXEGLYLVLyQ GH DFXHUGR D ORV SXHVWRV GH
WUDEDMRSURYHQLHQWHGHOFDWiORJRGHODHPSUHVDDVtVHORVWUDEDMDGRUHV
IXHURQ HVWDWLILFDGRV HQ GLUHFWLYRV \ WpFQLFRV GH JUDGR VXSHULRU
WpFQLFRV GH JUDGR PHGLR \ WpFQLFRV DX[LOLDUHV DGPLQLVWUDWLYRV
HVSHFLDOLVWDV \ VHUYLFLRV DX[LOLDUHV SLORWRV \ RSHUDGRUHV GH UDGLR \
DX[LOLDUHVGHYXHOR
5RGUtJXH]2VXQD UHFRPLHQGDTXHODFDQWLGDGGHHVWUDWRVVHD

OR PiV UHGXFLGD SRVLEOH \ TXH VH WRPH FRPR FULWHULR GH
IUDFFLRQDPLHQWR PiV FRQYHQLHQWH XQD VXEGLYLVLyQ HVSDFLDO SRU
HMHPSOR ³«FRPXQLGDGHV DXWyQRPDV SURYLQFLDV PXQLFLSLRV
HWFpWHUDRDVXEGLYLVLRQHVLQKHUHQWHVDOXQLYHUVRHQHVWXGLR$VtHO
XQLYHUVR GH DOXPQRV GH XQLYHUVLGDG VH SXHGH HVWUDWLILFDU SRU
XQLYHUVLGDGHV IDFXOWDGHV HVSHFLDOLGDGHV FXUVRV HWFpWHUD D ORV
SURIHVRUHV GH (*% SRU WLSR GH HQVHxDQ]D ±S~EOLFD R SULYDGD
FRPXQLGDGHVDXWyQRPDVWDPDxRGHOFHQWURHWFpWHUD(QHVWRVFDVRV
WDPELpQ HV SRVLEOH FRQWURODU HO Q~PHUR GH HVWUDWRV VLHQGR HO
LQYHVWLJDGRU HO TXH WLHQH TXH GHFLGLU«´ TXH FULWHULRV YD D DSOLFDU
³«SDUD HVWUDWLILFDU \ HO Q~PHUR GH HVWUDWRV UHVXOWDQWHV (Q
FXDOTXLHUD GH ORV FDVRV \ FRPR QRUPD JHQHUDO KD\ TXH GHMDU HQ
FODUR TXH OD HVWUDWLILFDFLyQ WLHQH XQ OtPLWH \ TXH LQFOXVR
RSHUDWLYDPHQWH OD PXOWLSOLFDFLyQ H[FHVLYD GH HVWUDWRV SXHGH
FRPSOLFDU«ÓDUHSUHVHQWDWLYLGDGGHODPXHVWUDFRQORTXHVHFRUUH
HOULHVJRGHTXHKD\DHVWUDWRVVXEUHSUHVHQWDGRVRFDVLYDFLRV
5DFLPRV R FRQJORPHUDGRV HVWH WLSR GH PXHVWUHR VH XWLOL]D

FXDQGRQRVHGLVSRQHGHXQPDUFRPXHVWUDOGHWDOODGRFRPSXHVWRSRU
XQ OLVWDGR TXH FRQWHQJD D WRGRV ORV HOHPHQWRV GH OD SREODFLyQ R
FXDQGR QR VH FRQRFH FRQ SUHFLVLyQ HO WDPDxR SREODFLRQDO OR TXH
RULJLQD TXH QR VH SXHGD HQXPHUDU D WRGRV ORV FRPSRQHQWHV TXH
FRQIRUPDQHOXQLYHUVR(VWDPXHVWUDVHGHQRPLQDDVtGHELGRDTXHOD
VHOHFFLyQHQOXJDUGHRULHQWDUVHDHVFRJHUODVXQLGDGHVGHDQiOLVLVR
HOHPHQWRV GHO XQLYHUVR VH EDVD HQ OD VHOHFFLyQ DO D]DU GH XQD
GHWHUPLQDGD FDQWLGDG GH VXEJUXSRV R GH FRQMXQWRV GH XQLGDGHV
GHQWURGHORVFXDOHVVHKDOODQODVXQLGDGHVGHDQiOLVLV DORVTXHVH
OODPD FRQJORPHUDGRV ³«ODV XQLGDGHV KRVSLWDODULDV ORV
GHSDUWDPHQWRV XQLYHUVLWDULRV XQD FDMD GH SURGXFWRV WHUPLQDGRV
FRQVWLWX\HQ HMHPSORV GH FRQJORPHUDGRV QDWXUDOHV´ 5RGUtJXH]
2VXQD 6H UHTXLHUH SDUD VX DSOLFDFLyQ XQ OLVWDGR GH ORV
FRQJORPHUDGRV TXH FRQWLHQHQ HQ VX LQWHULRU D ODV XQLGDGHV GH
DQiOLVLVSRUHOORFRPRVHVHOHFFLRQDQSRUXQSURFHGLPLHQWRDOHDWRULR
DORVFRQJORPHUDGRVODVXQLGDGHVGHPXHVWUHRQXQFDFRLQFLGHQFRQ

ODV XQLGDGHV GH DQiOLVLV \D TXH pVWDV VH HQFXHQWUDQ FRQWHQLGDV
GHQWURGHORVFRQJORPHUDGRVODXQLGDGTXHVHVHOHFFLRQDQRVRQORV
LQGLYLGXRVVLQRORVHQWRUQRVDGPLQLVWUDWLYRVRORVKiELWDWVHVSDFLDOHV
GRQGH pVWRV UHVLGHQ GH IRUPD SHUPDQHQWH R VH XELFDQ
WUDQVLWRULDPHQWH
(Q HVWH PXHVWUHR ORV TXH VH H[WUDHQ DO D]DU \ VH VHOHFFLRQDQ VRQ
DOJXQRV FRQJORPHUDGRV FRQIRUPDQGR XQD SULPHUD PXHVWUD
SRVWHULRUPHQWH R VH UHOHYD D WRGDV ODV XQLGDGHV GH ORV
FRQJORPHUDGRVVHOHFFLRQDGRVRGHQWURGHFDGDGHHOORVVHSURFHGHD
OD VHOHFFLyQ GH ODV XQLGDGHV PHQRUHV TXH LQWHJUDUiQ PXHVWUDV PiV
HVSHFtILFDVGHDFXHUGRFRQDOJ~QRWURPpWRGRDOHDWRULRQRDOHDWRULR
R ELHQ VH LQWHJUDQ WRGRV ORV HOHPHQWRV GH ORV FRQJORPHUDGRV
VHOHFFLRQDGRV,JXDOTXHHQHOPXHVWUHRHVWUDWLILFDGRHQHVWHWLSRGH
PXHVWUD KDELWXDOPHQWH ORV VXEFRQMXQWRV GH VHJPHQWDFLyQ GHO
XQLYHUVR SXHGHQ FRUUHVSRQGHUVH FRQ VXEGLYLVLRQHV HVSDFLRV R
DJUXSDFLRQHV FRQJORPHUDGRV TXH WLHQHQ XQD H[LVWHQFLD SUHYLD D OD
LQYHVWLJDFLyQ WDOHV FRPR HVFXHODV SXQWRV GH YHQWD FHQWURV
VDQLWDULRV LQGXVWULDV PDQ]DQDV GH XQ FHQWUR XUEDQR R EORTXHV GH
YLYLHQGD HOODV VHUiQ ODV XQLGDGHV PXHVWUDOHV D GLIHUHQFLD GH OD
HVWUDWLILFDFLyQ TXH SUHWHQGH TXH GHQWUR GH FDGD VXEGLYLVLyQ KD\D
KRPRJHQHLGDG HQ HVWH PXHVWUHR VH EXVFD XQD GLIHUHQFLDFLyQ TXH
RSHUHSRUODFRQWUDULDTXHFDGDFRQJORPHUDGRSRVHDXQDGLYHUVLGDG
VLPLODU D OD TXH VH SUHVHQWD HQWUH ORV FRQJORPHUDGRV ³«HQ OD
HVWUDWLILFDFLyQVHEXVFDTXHH[LVWDKRPRJHQHLGDGHQORVHVWUDWRV(Q
HO PXHVWUHR SRU FRQJORPHUDGRV VH EXVFD WRGR OR FRQWUDULR
KHWHURJHQHLGDG DO LQWHULRU GH FDGD HVWUDWR \ KRPRJHQHLGDG HQWUH
HVWUDWRV6HEXVFDGHDOJXQDIRUPDTXHFDGDFRQJORPHUDGRVHDXQD
UHSUHVHQWDFLyQ D HVFDOD UHGXFLGD GHO XQLYHUVR « HQ HO PXHVWUHR
SRU FRQJORPHUDGRV VyOR DOJXQRV GH pVWRV IRUPDQ SDUWH GH OD
PXHVWUD PLHQWUDV TXH HQ HO HVWUDWLILFDGR KD\ HQ OD PXHVWUD DOJ~Q
HOHPHQWRGHFDGDXQRGHORVHVWUDWRV´5RGUtJXH]2VXQDHQ*DUFtD
)HUUDQGR,EixH]\$OYLUD
(VWHWLSRGHPXHVWUDSXHGHDSOLFDUVHHQXQDHYDOXDFLyQGHSDFNDJLQJ

VHOHFFLRQDQGR FRQJORPHUDGRV GH SDOOHWV TXH FRQWHQJDQ GHQWUR GH

HOORVHPSDTXHVWDPELpQHQXQDLQYHVWLJDFLyQTXHSUHWHQGDUHJLVWUDU
OD LQWHQFLyQ GH YRWR HQ XQ GHWHUPLQDGR PXQLFLSLR SRGUi DSOLFDUVH
HVWHWLSRGHPXHVWUHRSDUDORFXDOVHVXEGLYLGLUiWRGRHOWHUULWRULRHQ
FXHVWLyQ HQ FRQMXQWRV GH PDQ]DQDV FDGD FRQMXQWR VH FRQVWLWXLUi
FRPR XQ FRQJORPHUDGR OD VHOHFFLyQ DOHDWRULD VH DSOLFD VREUH HO
FRQMXQWR GH FRQJORPHUDGRV GH ORV FXDOHV XQRV LQJUHVDUDQ D OD
PXHVWUD\RWURVTXHGDUDQDIXHUDHVWRQRDIHFWDDODUHSUHVHQWDWLYLGDG
GHODPXHVWUD\DTXHORVFRQJORPHUDGRVVRQKHWHURJpQHRVGHQWURGH
Vt PLVPRV \ KRPRJpQHRV HQWUH Vt \ VH VXSRQH TXH ORV VHJPHQWRV
LQJUHVDQWHVVRQVLPLODUHVDORVTXHQRVHLQFRUSRUDURQ
7LSRVGHPXHVWUDVQRSUREDELOtVWLFDV
(Q ODV PXHVWUDV QR SUREDELOtVWLFDV OD HOHFFLyQ GH ORV HOHPHQWRV GHO
XQLYHUVR QR GHSHQGH GH OD SUREDELOLGDG HVWDGtVWLFD FRQFUHWDGD D
WUDYpV GH XQ SURFHGLPLHQWR DOHDWRULR VLQR HQ GHFLVLRQHV EDVDGDV HQ
DOJ~Q FULWHULR QR HVWDGtVWLFR ILMDGR SRU HO LQYHVWLJDGRU HVWH WLSR GH
PXHVWUHR FDUHFH GH XQ IXQGDPHQWR DEVWUDFWR \ WHyULFR HQ OD
UHSUHVHQWDWLYLGDG GH OD PXHVWUD FRQ UHVSHFWR DO XQLYHUVR VX
JHQHUDOL]DFLyQ FDUHFH GHO UHVSDOGR HVWDGtVWLFR \ SRU OR WDQWR VH
GHVFRQRFHVXPDUJHQHUURU\VXQLYHOGHFRQILDQ]D6XHPSOHRHQODV
LQYHVWLJDFLRQHVFXDQWLWDWLYDVHVFRQYHQLHQWHFXDQGRVHTXLHUHUHDOL]DU
XQ HVWXGLR H[SORUDWRULR R GH DSUR[LPDFLyQ D XQ WHPD SDUD XQD
SRVWHULRULQGDJDFLyQWDPELpQVLVHGLVSRQHQGHHVFDVRVUHFXUVRVRVL
VHTXLHUHFRQWDFWDUDXQDSREODFLyQGHGLItFLODFFHVRRGHWHFFLyQ/DV
PXHVWUDV QR SUREDELOtVWLFDV VH SXHGHQ FODVLILFDU HQ ORV VLJXLHQWHV
WLSRV
9ROXQWDULDVVHHODERUDHQYLUWXGGHODVLPSOHSUHVHQWDFLyQGHOD
LQYHVWLJDFLyQ \ OD FRQVHFXHQWH YROXQWDG DFWLYD GH ODV SHUVRQDV
LQWHUHVDGDV D SDUWLFLSDU GH OD PLVPD VX UHSUHVHQWDWLYLGDG HV PX\
EDMDVyORVLUYHSDUDXQSULPHUDFHUFDPLHQWRDXQWHPDSRUHMHPSOR
VH SXHGH FRQFUHWDU D WUDYpV GH WHOpIRQRV D ORV TXH ORV LQWHUHVDGRV
SXHGHQOODPDUHQSURJUDPDVGHWHOHYLVLyQRGHUDGLRSDUDYRWDUXQD

GH HQWUH YDULDV RSFLRQHV WDPELpQ HQ HO DXWRFRPSOHWDPLHQWR GH XQD
HQFXHVWDSRUFRUUHRRSRULQWHUPHGLRGHXQDSiJLQDGH,QWHUQHW
&DVXDOHV R DFFHVLEOHV VH VHOHFFLRQD HOHPHQWRV GHO XQLYHUVR FRQ

FULWHULRV EDVDGRV HQ OD IDFLOLGDG GH DFFHVR D OD SREODFLyQ SHUR VLQ
VHJXLU FULWHULRV HVWDGtVWLFRV R WHyULFRV HVWULFWRV GH VHOHFFLyQ OD
PXHVWUDVHUiHVFRJLGDHQIXQFLyQGHODVSRVLELOLGDGHVGHIiFLODFFHVR
DODSREODFLyQGHLQWHUpVSRUHMHPSORFXDQGRHQXQDHQFXHVWDDORV
XVXDULRV GHO VHUYLFLR GH VXEWH VH DERUGD D ORV SDVDMHURV HQ ODV
HVWDFLRQHV TXH FDVXDOPHQWH HVWiQ HQ HVD HVWDFLyQ HQ HVH KRUDULR R
FXDQGRVHHQFXHVWDDDOXPQRVGHXQDXQLYHUVLGDGHQODSXHUWDGHVX
HVWDEOHFLPLHQWRHGXFDWLYRVHHVWiIUHQWHDHVWHWLSRGHPXHVWUHR
3RU FXRWDV HVWD PXHVWUD LPSOLFD XQD SUHGHWHUPLQDFLyQ GH ODV
FDUDFWHUtVWLFDVTXHODPLVPDGHEHWHQHUVLPLODUHVDODVGHOXQLYHUVR
HQ HVWXGLR SDUD HOOR VH FRQIRUPD OD PLVPD FRQVLGHUDQGR DOJXQRV
DWULEXWRVRSURSLHGDGHVGHOXQLYHUVRUHOHYDQWHV \DFRQRFLGRVHQVXV
PDJQLWXGHVSRUHOLQYHVWLJDGRUWDOHVFRPRHOVH[RODHGDGHOOXJDU
GH UHVLGHQFLD KDELWXDO X RWUD FDUDFWHUtVWLFD PHQRV FRQYHQFLRQDO D
WRGRWLSRGHHVWXGLRSREODFLRQDOFRPRVHUtDHOWLSRGHFDUUHUDFXUVDGD
HQXQDXQLYHUVLGDG3DUDSRGHUUHDOL]DUHVWHWLSRGHPXHVWUHRHOSDVR
LQLFLDO FRQVLVWH HQ FRQRFHU OD PDJQLWXG GH HVWDV SURSLHGDGHV SDUD
UHSURGXFLUODVHQODPXHVWUDOXHJRVHILMDODFDQWLGDGRFXRWDTXHGHEH
LQFOXLUVHFRQODVFDUDFWHUtVWLFDVHQFXHVWLyQ\VHVHOHFFLRQDORVFDVRV
FRUUHVSRQGLHQWHV SDUD FRPSOHWDU OD FXRWD FDUDFWHUtVWLFD TXH HV
VLPLODU HQ HO XQLYHUVR \ HQ OD PXHVWUD (Q VX HODERUDFLyQ SUHYLD
SXHGHFRPELQDUVHPiVGHXQFULWHULRGHFXRWDFRPRSXHGHGDUVHFRQ
HO XVR FRQMXQWR GH VH[R \ HGDG FRPR UHIHUHQFLDV GH FRPSDUDFLyQ
HQWUHODPXHVWUD\HOXQLYHUVR(QODVHQFXHVWDVGHRSLQLyQS~EOLFDR
GH PHUFDGRWHFQLD VH XWLOL]D HVWH WLSR GH PXHVWUHR SDUD FRQVXPDU
HVWXGLRV TXH UHTXLHUHQ GH UiSLGRV UHVXOWDGRV FRQMXQWDPHQWH FRQ
LQWHQWR GH KRPRJHQHL]DU FLHUWDV FDUDFWHUtVWLFDV GH OD PXHVWUD FRQ HO
XQLYHUVRDVtXQDPXHVWUDSXHGHSUHVHQWDUXQDFXRWDGHKRPEUHV
\PXMHUHVFDGDVLHOXQLYHUVRWLHQHXQDFRQIRUPDFLyQGH
GHKRPEUHV\GHPXMHUHVHQODSREODFLyQREMHWRGHHVWXGLR(O

HMHPSORGH PXHVWUHR QR SUREDELOtVWLFR H[SXHVWR D FRQWLQXDFLyQ HVWi

H[WUDtGR GH XQ HVWXGLR LQWHUQDFLRQDO GH OD FRQVXOWRUD 1LHOVHQ 19
1<6( 1/61 VREUH HVWLORV GH YLGD HQ HVWH FDVR HO PXHVWUHR
LQLFLDO VH FRUUHVSRQGH DO WLSR YROXQWDULD DXQTXH SRVWHULRUPHQWH ORV
HOHPHQWRVPXHVWUDOHVVHRUJDQL]DURQSRUFXRWDV
³(O(VWXGLR1LHOVHQ*OREDOVREUH$FWLWXGHV*HQHUDFLRQDOHVVHOOHYy
D FDER HQWUH HO GH IHEUHUR \ GH PDU]R GH \ HQFXHVWy D
PiVGHFRQVXPLGRUHVRQOLQHHQSDtVHVDWUDYpVGH$VLD
3DFtILFR (XURSD /DWLQRDPpULFD 0HGLR 2ULHQWHÈIULFD \
1RUWHDPpULFD /D PXHVWUD LQFOX\H D XVXDULRV GH ,QWHUQHW TXH
DFRUGDURQSDUWLFLSDU HQ HO HVWXGLR \SUHVHQWD FXRWDVEDVDGDV HQOD
HGDG \ HO VH[R SDUD FDGD SDtV $VLPLVPR OD PXHVWUD KD VLGR
SRQGHUDGD SDUD VHU UHSUHVHQWDWLYD GH ORV FRQVXPLGRUHV GH ,QWHUQHW
SRU SDtV 'HELGR D TXH OD PXHVWUD HVWi FRQIRUPDGD SRU DTXHOODV
SHUVRQDV TXH GHVHDQ SDUWLFLSDU QR VH SXHGH FDOFXODU HO HUURU
HVWLPDGR GH PXHVWUHR WHyULFR 6LQ HPEDUJR XQD PXHVWUD
SUREDELOtVWLFDGHWDPDxRHTXLYDOHQWHWHQGUtDXQPDUJHQGHHUURUGH
DQLYHOJOREDO(O(VWXGLRGH1LHOVHQVHEDVD~QLFDPHQWHHQHO
FRPSRUWDPLHQWRGHORVSDUWLFLSDQWHVFRQDFFHVRD,QWHUQHWFX\DWDVD
GHSHQHWUDFLyQYDUtDGHSDtVDSDtV1LHOVHQXVDXQHVWiQGDUPtQLPR
GHUHSRUWHGHOGHSHQHWUDFLyQGH,QWHUQHWRXQDSREODFLyQGH
PLOORQHVSDUDODLQFOXVLyQHQHOHVWXGLR´
0XHVWUHRVFRPELQDGRV
(V SRVLEOH OD FRPELQDFLyQ GH GLIHUHQWHV SURFHGLPLHQWRV PXHVWUDOHV

HO PXHVWUHR SROLHWiSLFR HV XQD HVWUDWHJLD TXH FRQWLHQH YDULD
LQVWDQFLDV R HWDSDV GH PXHVWUHR ODV HWDSDV SXHGHQ VHU WRGDV
SUREDELOtVWLFDV WRGDV QR SUREDELOtVWLFDV R ELHQ SXHGHQ FRPELQDUVH
8Q PXHVWUHRSROLHWiSLFR XWLOL]D PiV GH XQD HWDSDGH VHOHFFLyQ SDUD
FRQIRUPDU OD PXHVWUD LQLFLDOPHQWH VH VHOHFFLRQDQ ODV XQLGDGHV GH
PXHVWUHR GH PD\RU WDPDxR TXH VH OODPDQ XQLGDGHV GH PXHVWUHR
SULPDULRV 368V SULPDU\ VDPSOLQJ XQLWV HQ OD HWDSD SRVWHULRU VH
HVFRJHQ ODV XQLGDGHV GH PXHVWUHR PiV SHTXHxDV GHQRPLQDGDV

XQLGDGHVGHPXHVWUHRVHFXQGDULDV668VVHFRQGDU\VDPSOLQJXQLWV
6L VH SUHWHQGLHVH LQYHVWLJDU RSHUDULRV IDEULOHV HQWRQFHV ORV 368V
SXHGHQ VHU ODV IiEULFDV \ ORV 668V ORV RSHUDULRV GHQWUR GH ODV
IiEULFDV VHOHFFLRQDGDV 6L HO REMHWR HV LQYHVWLJDU HVWDEOHFLPLHQWRV
HVFRODUHV HQWRQFHV ORV 368V SXHGHQ VHU ]RQDV JHRJUiILFDV \ ORV
668V ODV HVFXHODV TXH VH KDOODQ GHQWUR GH ODV ]RQDV VHOHFFLRQDGDV
+D\ HVWXGLRV TXH HPSOHDQ XQ PXHVWUHR FRPELQDGR TXH FRQVLVWH HQ
XQD DUWLFXODFLyQ GH PXHVWUHR SUREDELOtVWLFR FRQ QR SUREDELOtVWLFR
HVWDDUWLFXODFLyQVHSUHVHQWDFRQGRVYDULDQWHV
x 0XHVWUHR VHPLSUREDELOtVWLFR VXSHULRU HQ HVWH WLSR GH

PXHVWUHR VH VHOHFFLRQD D WUDYpV GHO D]DU XQ VHJPHQWR GH QLYHO
VXSHULRUDODVXQLGDGHVGHDQiOLVLVTXHODVFRQWHQJDQSRUHMHPSORVH
VRUWHDQ JUXSRV GH FXDGUDV VL OD XQLGDG GH DQiOLVLV HV OD YLYLHQGD
FXUVRV HVFRODUHV VL OD XQLGDG GH DQiOLVLV HV HO DOXPQR FHQWURV
FRPHUFLDOHVVLODXQLGDGGHDQiOLVLVHVHOSXQWRGHYHQWD SHURQRVH
HPSOHDHVWHWLSRGHVHOHFFLyQDOHDWRULDSDUDORVHOHPHQWRVGHQWURGH
pODVtSRUHMHPSOR VH SXHGH OXHJRGHHOHJLUDOHDWRULDPHQWHJUXSRV
GH FXDGUDV GH XQ PDSD GH XQ HQWRUQR XUEDQR FRQIRUPDGR SRU OD
WRWDOLGDG GH PDQ]DQDV SHUPLWLU DO HQFXHVWDGRU OD OLEHUWDG GH
GLVFULPLQDFLyQ GH ODV YLYLHQGDV GHQWUR GH ODV PDQ]DQDV
VHOHFFLRQDGDV
x 0XHVWUHRVHPLSUREDELOtVWLFRLQIHULRUVH UHDOL]DKDFLHQGROR
FRQWDULRDOPXHVWUHRVHPLSUREDELOtVWLFRVXSHULRUVHKDFHXQDSULPHUD
VHOHFFLyQFRQFULWHULRVQRDOHDWRULRVGHOVHJPHQWRGHXQPD\RUQLYHO
GH DJUHJDFLyQ \ GHVSXpV VH HPSOHD XQ GLVSRVLWLYR GH D]DU SDUD OD
VHOHFFLyQ GH XQ PHQRU QLYHO GH DJUHJDFLyQ GH ORV HOHPHQWRV TXH
FRPSRQHQ D HVH VHJPHQWR SRU HMHPSOR VH SXHGHQ VHOHFFLRQDU
GHWHUPLQDGDV HVFXHODV TXH VHDQ ODV PiV WUDGLFLRQDOHV VLPLODUHV R
GLVtPLOHV HQWUH Vt GH XQD GHWHUPLQDGD FLXGDG \ OXHJR VH XVD HO D]DU
SDUD VHOHFFLRQDU ORV FXUVRV GH ORV HVWDEOHFLPLHQWRV HOHJLGRV
SUHYLDPHQWH
$ILQGHH[SRQHUXQFDVRFRQFUHWRGHHPSOHRSROLHWiSLFRGHWpFQLFDV

PXHVWUDOHV VH SXHGH HMHPSOLILFDU FRQ XQ HVWXGLR UHDOL]DGR SRU HO
LQVWLWXWR GH HVWDGtVWLFDV GH &RORPELD (O '$1( 'HSDUWDPHQWR
$GPLQLVWUDWLYR1DFLRQDOGH(VWDGtVWLFDGH&RORPELDUHDOL]yOD*UDQ
(QFXHVWD ,QWHJUDGDGH +RJDUHV*(,+ TXHSURGXMR LQIRUPDFLyQGH
GLIHUHQWHVGHVDJUHJDFLRQHVWHUULWRULDOHVDQLYHOQDFLRQDOXUEDQRUXUDO
\ SDUD ODV SULQFLSDOHV FLXGDGHV \ iUHDV PHWURSROLWDQDV (O XQLYHUVR
SDUDOD*(,+IXHODSREODFLyQUHVLGHQWHHQWRGRHOWHUULWRULRQDFLRQDO
VHLQVWUXPHQWyDWUDYpVGHXQDHQFXHVWDSRUPXHVWUHRSUREDELOtVWLFR
PXOWLHWiSLFR HVWUDWLILFDGR GH FRQJORPHUDGRV GHVLJXDOHV \
DXWRSRQGHUDGR $QWHV GHO PXHVWUHR VH KL]R XQD HVWUDWLILFDFLyQ XQR
GH ORV HVWUDWRV HVWXYR FRPSXHVWR SRU ODV FLXGDGHV \ VXV iUHDV
PHWURSROLWDQDV \ HO RWUR HVWUDWR HVWXYR FRQVWLWXLGR SRU HO UHVWR GHO
SDtVXUEDQR\HOUXUDO(QXQDSULPHUDHWDSDVHRUJDQL]DURQODViUHDV
JHRJUiILFDV VHJ~Q SULQFLSLRV FDUWRJUiILFRV WRPDQGR HQ FXHQWD ORV
GDWRVJHRJUiILFRVVRFLRHFRQyPLFRVGHXUEDQL]DFLyQGHODHVWUXFWXUD
XUEDQRUXUDO\GHODVQHFHVLGDGHVEiVLFDVLQVDWLVIHFKDV1%,(QXQD
VHJXQGD HWDSD VH HOLJLHURQ DOHDWRULDPHQWH ODV 860 8QLGDGHV
6HFXQGDULDV GH 0XHVWUHRTXH IXHURQ UHJLRQHVR iUHDVGH PXHVWUHR
PiV SHTXHxDV (Q OD ~OWLPD HWDSD VH HOLJLHURQ DO D]DU OD 870
8QLGDGHV7HUFLDULDVGH0XHVWUHRHVGHFLUODVPDQ]DQDV(QHOFDVR
GHO VHJXQGR HVWUDWR VH XWLOL]y XQD 830 8QLGDG 3ULPDULD GH
0XHVWUHRTXHIXHURQORVPXQLFLSLRVGHKDELWDQWHVRPiVORV
PXQLFLSLRV FRQ PHQRV KDELWDQWHV VH FRPELQDURQ FRQ RWURV SDUD
DOFDQ]DU HO QLYHO GH KDELWDQWHV /D SULPHUD HWDSD IXH HVFRJHU
DOHDWRULDPHQWH ODV 830 HQ OD VHJXQGD HWDSD VH HOLJLHURQ ODV
PDQ]DQDV HQ ODV ]RQDV XUEDQDV \ OD 860 HQ ODV UXUDOHV \
ILQDOPHQWHHQODWHUFHUDHWDSDVHVHOHFFLRQDURQORV870
0XHVWUHRFXDOLWDWLYR
(OSURFHGLPLHQWRGHPXHVWUHRHQORVHVWXGLRVFXDOLWDWLYRVQRGHEHUtD

KWWSZZZFXQGLQDPDUFDJRYFRZFPFRQQHFWHIIHHGEDDD
GHFEIPHWRGRORJLDBJUDQBHQFXHVWD*(,+SGI"02' $-3(5(6 &9,' N];
:Z;Z

HQFXDGUDUVH HQ OD WLSRORJtD PXHVWUDO FOiVLFD SUHVHQWDGD

DQWHULRUPHQWH SURYHQLHQWH GH ORV HVWXGLRV FXDQWLWDWLYRV SDUD HO
DERUGDMH GH ODV VXEMHWLYLGDGHV \ VXV SDXWDV GH RUJDQL]DFLyQ HQ
LGHRORJtDVORVPXHVWUHRVFXDQWLWDWLYRVSUHSODQLILFDGRVFHUUDGRVDOR
LPSUHYLVWR UHVXOWDQ LQFRQYHQLHQWHV \D TXH HO LQYHVWLJDGRU TXH
DERUGDXQHVWXGLRFXDOLWDWLYRQHFHVLWDVXPHUJLUVHHQODSUREOHPiWLFD
SULPHUR D SDUWLU GH XQD FRPSUHQVLyQ WHyULFD \ HPStULFD SUHYLD GHO
VXMHWR \ GHO WHPD HQ HVWXGLR \ GHVSXpV GHVGH HO WUDEDMR GH FDPSR
SDUD SRGHU UHDOL]DU OD PXHVWUD HO WUDEDMR GH FDPSR OH SHUPLWLUi
REWHQHU ODV FRQGLFLRQHV SDUD XQD DFHUWDGD LQWHUSUHWDFLyQ GH OR
HVWXGLDGR /D PXHVWUD FXDOLWDWLYD DERUGD GHVGH OD SURIXQGLGDG ODV
FDUDFWHUtVWLFDVGHODFDOLGDGGHODVUHDOLGDGHVVXEMHWLYDVUHODWLYL]DQGR
OD LPSRUWDQFLD GH VX JHQHUDOL]DFLyQ FXDQWLILFDEOH \ H[WHQVLYD /RV
FULWHULRV GH VHOHFFLyQ VH GLIHUHQFLDQ GH ODV PXHVWUDV FXDQWLWDWLYDV
³DVt FRPR HQ OD LQYHVWLJDFLyQ FXDQWLWDWLYD OD SUREDELOLGDG GH
VHOHFFLyQ GH FDGD XQLGDG GHEH HVWDUGHWHUPLQDGD FRQ SUHFLVLyQ HQ
ODLQYHVWLJDFLyQFXDOLWDWLYDHVWHDVSHFWRHVUHODWLYDPHQWHLQGLIHUHQWH
\DTXHHQ~OWLPDLQVWDQFLDODVHOHFFLyQGHORVSDUWLFLSDQWHVDFWXDQWHV
HV XQ SUREOHPD GH HQIRTXH FXDQWR PiV HQIRFDGD HVWp OD VHOHFFLyQ
PiV GHILQLGD VHUi OD LQIRUPDFLyQ TXH REWHQJDPRV 6H WUDWD GH XQD
PXHVWUD HVWUXFWXUDO QR HVWDGtVWLFD HV GHFLU FRQ HO GLVHxR KD\ TXH
ORFDOL]DU\VDWXUDUHOHVSDFLRVLPEyOLFRHOHVSDFLRGLVFXUVLYRVREUH
HOWHPDDLQYHVWLJDU´'iYLOD
(O PXHVWUHR FXDOLWDWLYR UHVSRQGH D ODV H[LJHQFLDV GH OD HVWUDWHJLD

UHFXUVLYD GH SURGXFFLyQ GH GDWRV FXDOLWDWLYRV HOOD LPSOLFD TXH HO
LQYHVWLJDGRU YD DYDQ]DQGR FRQ FLHUWR QLYHO GH LQFHUWLGXPEUH
FRQIRUPH D OD LQIRUPDFLyQ TXH SURGXFH \ DQDOL]D \ DVt YD
GHFLGLHQGR ORV SUy[LPRV SDVRV D VHJXLU SRU OR TXH QR VH SXHGH
HVWDEOHFHU GH DQWHPDQR FXDQWDV HQWUHYLVWDV JUXSRV X REVHUYDFLRQHV
GHEHQ DJUHJDUVH KDVWD TXH VH SURGX]FD OD VDWXUDFLyQ WHyULFD GH OD
PXHVWUD HO OODPDGR ³SXQWR GH OD UHGXQGDQFLD´ SDUD HVWLSXODU HO
WDPDxRGHODPXHVWUDHQXQDLQYHVWLJDFLyQFXDOLWDWLYD QRH[LVWH XQD
UHJODQLKD\XQFULWHULRSUHH[LVWHQWHR QLXQQ~PHURSXQWXDOTXHVH

SRGUtD XWLOL]DU FRPR SDUiPHWUR GH VHOHFFLyQ GXUDQWH HO WUDEDMR GH
FDPSR HO LQYHVWLJDGRU FXDOLWDWLYR YD DQDOL]DQGR \ GLVSRQLHQGR D
SDUWLU GH OR SUHYLVLEOH \ OR QR SUHYLVWR ORV DOFDQFHV D TXLHQHV \ D
FXiQWRV GH OD VHOHFFLyQ GH ORV HOHPHQWRV GHOXQLYHUVR TXH WRPDUDQ
SDUWHGHODLQYHVWLJDFLyQ(QODVPXHVWUDVDWUDYpVGHSURFHGLPLHQWRV
GH VHOHFFLyQ DOHDWRULD ORV LQGLYLGXRV VRQ H[WUDtGRV GH VX UHG GH
UHODFLRQHVFRWLGLDQDV SRUHMHPSORSDUD VHULQWHUURJDGRVDWUDYpVGH
XQ FXHVWLRQDULR TXH KDELWXDOPHQWH HQVRPEUHFH HO FRQWH[WR
UHIHUHQFLDO \ SRVLFLRQDO GH OD FRPXQLFDFLyQ TXH VH SURFXUD
HVWDEOHFHU HQ FDPELR FRQ OD PXHVWUD FXDOLWDWLYD VH SRVLELOLWD D
WUDYpV GH OD UHSURGXFFLyQGH ODVKDEODV FLUFXODQWHV HQODV UHODFLRQHV
FRQFUHWDVRDSDUWLUGHODFRPSUHQVLyQGHORVGLVFXUVRVGHORVVXMHWRV
TXH RFXSDQ SRVLFLRQHV GLIHUHQFLDOHV HQ ODV HVWUXFWXUDV VRFLDOHV OD
UHFRQVWUXFFLyQHLQWHUSUHWDFLyQGHODVGLQiPLFDVGHODVSUiFWLFDV\GH
ODV KDEODV GH ORV VXMHWRV DSUR[LPDGDV D VX UHG YLQFXODU
FRQILJXUDGRUDGHPRWLYDFLRQHVGLVFXUVRV\RSLQLRQHV
(O FRQFHSWR GH UHSUHVHQWDWLYLGDG VXE\DFHQWH HQ ODV PXHVWUDV

FXDOLWDWLYDVLPSOLFDQRODUHSURGXFFLyQHQFDQWLGDG\H[WHQVLYLGDGGH
FLHUWDV FDUDFWHUtVWLFDV SREODFLRQDOHV VLQR OD UHFRQVWUXFFLyQ GH ODV
YLYHQFLDV\VHQWLGRVDVRFLDGRVDFLHUWDVLQVWDQFLDVPLFURVRFLDOHVOD
UHSUHVHQWDWLYLGDG GH HVWDV PXHVWUDV QR UDGLFD HQ OD FDQWLGDG
H[WHQVLYDV GH ODV PLVPDV VLQR HQ OD FRQVWUXFFLyQ GH ODV SRVLEOHV
FRQILJXUDFLRQHV VXEMHWLYDV YDORUHVFUHHQFLDVPRWLYDFLRQHV GH ORV
VXMHWRV FRQ UHVSHFWR D XQ REMHWR R IHQyPHQR GHWHUPLQDGR VH
SUHWHQGHDWUDYpVGHODHODERUDFLyQGHHMHVRWLSRORJtDVGLVFXUVLYDV
OD UHSUHVHQWDFLyQ VRFLRHVWUXFWXUDO GH ORV VHQWLGRV FLUFXODQWHV HQ XQ
GHWHUPLQDGR XQLYHUVR \ FRQ UHODFLyQ DO WHPD D LQYHVWLJDU (O
FRQRFLPLHQWR GH SHUILOHV VRFLRGHPRJUiILFRV R XQD SUHFRPSUHQVLyQ
FXOWXUDO\VLPEyOLFDGHODVFDUDFWHUtVWLFDVGHOXQLYHUVRFRQUHVSHFWRDO
WHPD TXH VH YD LQYHVWLJDU SXHGHQ FRQVWLWXLUVH HQ HOHPHQWRV GH JUDQ
YDORU\DTXH SHUPLWHQHQULTXHFHUORVFULWHULRVGHRULHQWDFLyQHQORV
PXHVWUHRV FXDOLWDWLYRV HVWRV VDEHUHV IXQFLRQDQ FRPR LQVXPRV
RULHQWDGRUHV HQ OD HODERUDFLyQ GH ODV FDWHJRUtDV SREODFLRQDOHV TXH

VHUYLUiQ FRPR FULWHULRV LQLFLDOHV GHO PXHVWUHR FXDOLWDWLYR SRU

HMHPSORHQHVWXGLRVVREUHSUREOHPiWLFDVXQLYHUVLWDULDVODSREODFLyQ
HVWXGLDQWLO VH SXHGH GLVWLQJXLU SRU FDUUHUD R FDQWLGDG GH PDWHULDV
FXUVDGDV DOOt ORV FULWHULRV FOiVLFRV FRPR VH[R HGDG R QLYHO VRFLR
HFRQyPLFR QR VH SUHVHQWDQ FRPR ORV SULQFLSDOHV FULWHULRV GH
GLIHUHQFLDFLyQ TXH VL OR VHUiQ VL HO HVWXGLR HV VREUH SUiFWLFDV
DVRFLDGDVDOXVRRFRPSUDGHDXWRPyYLOHV
(Q OD HWDSD LQLFLDO GH OD LQYHVWLJDFLyQ FXDOLWDWLYD OD GHFLVLyQ GH
PXHVWUHRVHRULHQWDSRUFULWHULRVQRIRUPDOHVRSUHHVWDEOHFLGRVGHOD
LQVWDQFLDLQYHVWLJDWLYDXQDRSFLyQHVWUDWpJLFDSXHGHLQLFLDUVHEDMRXQ
FULWHULRGHVDWXUDFLyQGLVFXUVLYDRFXUUHFXDQGRORVGLVFXUVRVTXHVH
UHJLVWUDQGHMDQGHDSRUWDULQIRUPDFLyQQXHYD\VLJQLILFDWLYDRSHUDGR
D SDUWLU GH ORV FDVRV GH SHUVRQDV TXH LPSOLTXHQ XQD SRWHQFLDO
SRODUL]DFLyQ GHO XQLYHUVR HQ UHODFLyQ DO WHPD SDUD DVt FDSWXUDU VXV
VLJQLILFDFLRQHVH[WUHPDV$SDUWLUGHODFRPSUHQVLyQGHORVGLVFXUVRV
TXH H[SUHVDQ SHUVSHFWLYDV GLIHUHQFLDOHV GHQWUR GH XQ HVSDFLR VRFLDO
HQ HO FDVR \D PHQFLRQDGR OD XQLYHUVLGDG VH SXHGHQ VHOHFFLRQDU
DTXHOORV TXH GHVGH SRVLFLRQHV GLIHUHQWHV UHYHOHQ ORV FRQIOLFWRV
FRQVWLWXWLYRV GH HVH HVSDFLR FRPR VH VHOHFFLRQDQ D ORV LQWHJUDQWHV
DGHFXDGRV SDUD OD PXHVWUD ³«HV XQ SUREOHPD GH HQIRTXH FXDQWR
PiVHQIRFDGDHVWpODVHOHFFLyQPiVGHILQLGDVHUiODLQIRUPDFLyQTXH
REWHQJDPRV SHUR D~Q XQD VHOHFFLyQ PX\ GHVHQIRFDGD SURSRUFLRQD
DOJXQD LQIRUPDFLyQ /RV VHFWRUHV GHO HVSDFLRWLHPSR VRFLDO GH ORV
TXH H[WUDHPRVORVKDEODQWHV IXQFLRQDQFRPRSHUVSHFWLYDV XQDV
SHUVSHFWLYDVSHUPLWHQXQDYLVLyQGLIHUHQWHGHRWUDVSHURQRVHSXHGH
GHFLUTXHPHMRUQLSHRUQRVHWUDWDGHRUGHQDUODVSHUVSHFWLYDVVLQR
GHVHOHFFLRQDUODVFRQYLVWDVDODSRVLEOHLQWHJUDFLyQGHWRGDVHOODVHQ
XQD SHUVSHFWLYD PiV WRWDOL]DGRUD´ ,EixH] 7DPELpQ SXHGH
LPSRUWDU SDUD OD VHOHFFLyQ LQLFLDO GH ODV PXHVWUDV FXDOLWDWLYDV HO
KHFKR GH TXH ORV VXMHWRV KD\DQ WHQLGR DOJXQD H[SHULHQFLD VREUH HO
WHPD TXH VH TXLHUD LQYHVWLJDU R TXH WHQJDQ XQ YtQFXOR GHWHUPLQDGR
GH LGHQWLILFDFLyQ FRQVXPR FRQ HO SURGXFWRPDUFD HQ FXHVWLyQ HQ
HVWHFDVRVHSHUVLJXHODFRPSUHQVLyQ\ODUHFRQVWUXFFLyQGHGLVFXUVRV

FDUDFWHUtVWLFRVGHXQDJUXSDOLGDGRGHFLHUWDVSHUVRQDOLGDGHVWtSLFDVR
HMHPSODUHV HQ UHODFLyQ D XQ WHPD OD FRPSUHQVLyQ GHO GLVFXUVR GHO
FRQVXPLGRUFRPSXOVLYR(OPXHVWUHRFRQVLVWLUiHQXQDVHULHOLPLWDGD
GHHQWUHYLVWDVRJUXSRVGHKDEODQWHVH[WUHPRVVLUYHQSDUDFRQWDUFRQ
ORVUDVJRVRFRQGXFWDVOtPLWHVGHXQDFODVHRJUXSRHMHPSODUHVVH
XWLOL]DQSDUDYLVXDOL]DUFLHUWDVFDUDFWHUtVWLFDV\DFRQRFLGDVRWtSLFRV
SHUPLWHQODGHVFULSFLyQGHORVUDVJRVGHORVVXMHWRVPiVUHSHWLGRVGH
XQD SREODFLyQ FDUDFWHUL]DGD SRU XQD KRPRJHQHLGDG LQWHUQD HQ
UHODFLyQDFLHUWDVSUiFWLFDVVRFLDOHV(OWLSR\HOQ~PHURGHKDEODQWHV
HOHJLGRVGHEHHVWDUHQUHIHUHQFLDDODVPRGDOLGDGHVGHODFRQVWUXFFLyQ
GHORVGLVFXUVRVHQWpUPLQRVVRFLDOHV\FXOWXUDOPHQWHVLVHLQYHVWLJD
ODFRPSUD\XVRGHODXWRPyYLOVHGHEHUiSDUWLUGHODFRPSUHQVLyQGH
OD H[LVWHQFLD GH XQ GLVFXUVR PDVFXOLQR \ XQR IHPHQLQR GH PD\RU
GHELOLGDGFRQUHVSHFWRDOSULPHURTXHVHUYLUiQFRPRFULWHULRVSDUDHO
LQLFLRGHODVHOHFFLyQPXHVWUDO
(GJDU 0RUtQ H[SOLFD HQ VX OLEUR 6RFLRORJtD FXiOHV IXHURQ ORV
FULWHULRV PXHVWUDOHV DSOLFDGRV HQ XQD LQYHVWLJDFLyQ UHDOL]DGD HQ OD
FRPXQLGDG GH 3OR]pYHW OD PXHVWUD IXH OOHYDGD D FDER GXUDQWH HO
WUDEDMR GH FDPSR UHVSHWDQGR ODV GLIHUHQWHV LGLRVLQFUDVLDV
FRPXQLFDFLRQDOHV GH OD SREODFLyQ \ ORV SUREOHPDV TXH IXHUDQ
VXUJLHQGR HQ HO WHUUHQR ³HO FULWHULR GH HOHFFLyQ QR IXH OD
UHSUHVHQWDWLYLGDGGHODPHGLDFRPRHQHOPpWRGRGHODVFXRWDVRGH
ODH[WUDFFLyQDOD]DUVLQRGHODVLJQLILFDFLyQPi[LPD%XVFiEDPRV
ORV FDVRV H[WUHPRV TXH SHUPLWLHUDQ OD FRQVWLWXFLyQ GH SRORV GH
RSRVLFLyQ WLSROyJLFRV MyYHQHVYLHMRV PRGHUQLVWDVWUDGLFLRQDOLVWDV
XUEDQRVUXUDOHV %XVFiEDPRV ORV VXMHWRV TXH YLYLHUDQ PiV
SURIXQGDPHQWHORVFRQIOLFWRVFUXFLDOHVORVOtGHUHVORVTXH
VH GHVYLDEDQ ORV SDVLYRV ORV UHEHOGHV \ QDWXUDOPHQWH ODV
SHUVRQDOLGDGHV FODYH ORV TXH RFXSDEDQ SRVLFLRQHV VRFLDOPHQWH
HVWUDWpJLFDV \ ODV SHUVRQDOLGDGHV HQFUXFLMDGD HQ HO FHQWUR GH
P~OWLSOHVFRPXQLFDFLRQHV´0RUtQ
2WURHMHPSORGHPXHVWUHRFXDOLWDWLYRVHHQFXHQWUDHQODLQYHVWLJDFLyQ
H[SXHVWD SRU %RXUGLHX HQ HO OLEUR /D PLVHULD GHO PXQGR DOOt HO

VRFLyORJRIUDQFpV H[SOLFyHQXQRGHVXVFDStWXORV FyPRDSOLFDUXQ

FULWHULR GH PXHVWUHR FXDOLWDWLYR TXH FRQWUDGLFH XQ UHTXLVLWR
PHWRGROyJLFR FOiVLFR GH GLVWDQFLDPLHQWR R GH QR UHODFLyQ HQWUH
LQYHVWLJDGRU \ UHVSRQGLHQWH OD GHFLVLyQ FHQWUDO IXH QR SRQHU DO
HQWUHYLVWDGR HQ XQD VLWXDFLyQ GH DUWLILFLDOLGDG HQ XQ MXHJR GH
SUHJXQWDUHVSXHVWD GRQGH OD YLROHQFLD VLPEyOLFD SXHGD KDFHUVH
SUHVHQWH HQ ORV MXHJRV GH OHQJXDMH HQWUH ORV SDUWtFLSHV GH OD
LQYHVWLJDFLyQ\DTXHORTXHVHGLFH\FRPRVHGLFHYDDGHSHQGHUGH
OD HVWUXFWXUDGH OD UHODFLyQREMHWLYD HQWUHHQWUHYLVWDGRUHQWUHYLVWDGR
(O VRFLyORJR IUDQFpV SURSXVR D ORV HQWUHYLVWDGRUHV HO FXPSOLPLHQWR
GHYDULDVFRQGLFLRQHVVREUHODDFWXDFLyQGHORVKDEODQWHV\VREUHOD
VHOHFFLyQ GH ORV HQWUHYLVWDGRV FRQ UHVSHFWR D OD SULPHUD FRQGLFLyQ
%RXUGLHXH[SOLFyFRPRSHUVLJXLyXQDE~VTXHGDGHFLHUWDHPSDWtDHQ
OD VLWXDFLyQ GH KDEOD ³«LQWHQWDPRV XQD UHODFLyQ GH HVFXFKD
DFWLYD\PHWyGLFDWDQDOHMDGDGHOPHURODLVVH]IDLUHGHODHQWUHYLVWD
QR GLUHFWLYD FRPR GHO GLULJLVPR GHO FXHVWLRQDULR 3RVWXUD TXH
DVRFLD OD GLVSRQLELOLGDG WRWDO FRQ UHVSHFWR D OD SHUVRQD
LQWHUURJDGD HO VRPHWLPLHQWR D OD VLQJXODULGDG GH VX SHUVRQD
SDUWLFXODU TXH SXHGH FRQGXFLU SRU XQD HVSHFLH GH PLPHWLVPR
FRQWURODGR D DGRSWDU VX OHQJXDMH \ DEUD]DU VXV SXQWRV GH YLVWD
VHQWLPLHQWRV \ SHQVDPLHQWRV FRQ OD FRQVWUXFFLyQ PHWyGLFD
IRUWDOHFLGD FRQ HO FRQRFLPLHQWR GH ODV FRQGLFLRQHV REMHWLYDV
FRPXQHV D WRGD XQD FDWHJRUtD FXDQGR HO LQWHUURJDGRU HVWi
VRFLDOPHQWHPX\SUy[LPRDTXLHQLQWHUURJDVHFRQVWDWDTXH
TXHGDDVHJXUDGRXQDFXHUGRLQPHGLDWRUHVSHFWRGHORVSUHVXSXHVWRV
FRQFHUQLHQWHV D ORV FRQWHQLGRV \ ODV IRUPDV GH FRPXQLFDFLyQ´
%RXUGLHX$ILQGHFXPSOLPHQWDUODE~VTXHGDGHSUR[LPLGDG
FRQWUDGLFLHQGR ODV FOiVLFDV UHFRPHQGDFLRQHV PHWRGROyJLFDV
SURYHQLHQWHV GH OD SHUVSHFWLYD FXDQWLWDWLYD ORV FULWHULRV GH OD
VHOHFFLyQ GH ORV HQWUHYLVWDGRV GH HVWH HVWXGLR VH EDVDURQ HQ OD
FHUFDQtD\HQODIDPLOLDULGDGHQWUHHOHQWUHYLVWDGRU\HOHQWUHYLVWDGR
HVWDVFRQGLFLRQHVDVHJXUDURQHOLQWHUFDPELRFRPXQLFDFLRQDOGHVHDGR
QR HVWUXFWXUDGR QL SRU IDFWRUHV GH VWDWXV VRFLDO R FXOWXUDO QL SRU ODV
LQKLELFLRQHV TXH HO HQWUHYLVWDGR SXGLHVH VHQWLU HQ XQ FRQWH[WR

GLVFXUVLYR DOLHQDGR HVWR HV D SDUWLU GH WHPDV \ REMHWLYRV LPSXHVWRV

HQXQDUHODFLyQGHLQWHUURJDFLyQ
(V SRVLEOH HQXPHUDU XQD VHULH GH IRUPDV PXpVWUDOHV DSOLFDGDV HQ
GLYHUVRV HVWXGLRV FXDOLWDWLYRV TXH QR VRQ H[KDXVWLYDV FRPR
WLSRORJtD \D TXH HQ ORV WH[WRV GH PHWRGRORJtD FXDOLWDWLYD VH
SUHVHQWDQXQDYDVWDGLYHUVLGDGGHSURSXHVWDVWLSROyJLFDV
0XHVWUHR LQWHQFLRQDO HVWH WLSR GH PXHVWUHR H[LJH XQ FLHUWR
FRQRFLPLHQWR \ FRPSUHQVLyQ GH ODV VXEMHWLYLGDGHV GHO XQLYHUVR D
HVWXGLDU \ GHO FRQWH[WR HQ HO TXH HVWRV VH VLW~DQ 6X RSHUDWLYLGDG
UHVLGHHQTXHHOLQYHVWLJDGRUHVFRJHSUHPHGLWDGDPHQWH\QRDOD]DU
DOJXQDV FDWHJRUtDV TXH pO FRQVLGHUD WtSLFDV R ILHOHV D VX HQIRTXH
RULHQWDGR SRU VXV REMHWLYRV GH LQYHVWLJDFLyQ DVt VH VHOHFFLRQD
LQWHQFLRQDOPHQWH D SHUVRQDV TXH SUHVHQWHQ FLHUWDV SDUWLFXODULGDGHV
HVSHFtILFDVUHOHYDQWHVSDUDHOHVWXGLRFRPRSRUHMHPSORSXHGHGDUVH
HQ XQD LQYHVWLJDFLyQ VREUH ODV IRUPDV GH HVWLJPDWL]DFLyQ SRU
GLYHUVLGDGVH[XDOHQODTXHVHSXHGHQVHOHFFLRQDUSHUVRQDVWUDQVTXH
KD\DQFRPSOHWDGRHVWXGLRVVXSHULRUHVSDUDDERUGDUODVIRUPDVVXWLOHV
GH OD GLVFULPLQDFLyQ HQ HO iPELWR HVFRODU /RV WUHV PXHVWUHRV
SUHVHQWDGRVDFRQWLQXDFLyQSRGUtDQVHUDVLPLODGRVFRPRYDULDFLRQHV
GHHVWHWLSRGHPXHVWUHR
0XHVWUHR KHWHURJpQHR SDUD FRQFUHWDU HVWD PXHVWUD HO

LQYHVWLJDGRU GHEH FRQRFHU ODV YDULDFLRQHV SRVLEOHV GHO XQLYHUVR \ D
SDUWLU GH DOOt HOLJH ODV XQLGDGHV SDUWLFXODUHV TXH FRQVLGHUD TXH OR
UHSUHVHQWDQHQVXPi[LPDYDULDFLyQDILQGHPRVWUDUODFRPSOHMLGDG
HQ FXHVWLyQ \ HYLGHQFLDU VXV SDWURQHV GH IXQFLRQDPLHQWR SRU
HMHPSORDOHVWXGLDUDHPSOHDGRVS~EOLFRVGHGHWHUPLQDGRRUJDQLVPR
HVWDWDO VH VHOHFFLRQD D SHUVRQDV GH GLYHUVD SRVLFLyQ GHQWUR GH OD
RUJDQL]DFLyQ GH GLIHUHQWH DQWLJHGDG GH SHUWHQHQFLD VLQGLFDO GH
HGDG \ GH VH[R GLYHUVR WDPELpQ SXHGH DSOLFDUVH D RUJDQL]DFLRQHV
SDUD LQYHVWLJDU SUREOHPiWLFDV HGXFDWLYDV VH SXHGHQ HOHJLU HVFXHODV
GHO FHQWUR \ GH OD SHULIHULD LQFOXVR VH SXHGH DxDGLU RWUR FULWHULR GH
GLIHUHQFLDFLyQS~EOLFDV\SULYDGDVGHXQGHWHUPLQDGRGLVWULWR

0XHVWUHRGHFDVRVH[WUHPRVDGLIHUHQFLDGHOWLSRGHPXHVWUHR
DQWHULRUDTXtVRORLQWHUHVDQORVVXMHWRVTXHSRUDOJXQDFDUDFWHUtVWLFD
SDUWLFXODU VH HQFXHQWUDQ HQ VLWXDFLRQHV IXHUD OR FRQYHQFLRQDO R TXH
UHDOL]DQ DFWLYLGDGHV GLIHUHQWHV DO UHVWR GH VXV SDUHV HQ XQ HQWRUQR
VRFLDOVHXWLOL]DHQODUHDOL]DFLyQGHHVWXGLRVVREUHFDVRVHVSHFLDOHVR
VLWXDFLRQHVIXHUDGHOD³QRUPDOLGDG´RH[WUDxDVDOVHQWLGRFRP~QSRU
HMHPSOR SDUD LQYHVWLJDU D DTXHOODV SHUVRQDV TXH WHQLHQGR
GLVSRQLELOLGDGGHUHFXUVRVHFRQyPLFRVGHFLGHQYLYLUVLQDFFHVRDORV
UHFXUVRV KDELWDFLRQDOHV FRQYHQFLRQDOHV R D P~VLFRV TXH HQ SOHQR
p[LWRGHFLGHQUHWLUDUVHRDGRSWDUXQSRVLFLRQDPLHQWRPDUJLQDO
0XHVWUHRKRPRJpQHRFXDQGRVHEXVFDIRFDOL]DUXQIHQyPHQR
HQ SDUWLFXODU HO LQYHVWLJDGRU VHOHFFLRQD XQLGDGHV TXH SRVHHQ
FDUDFWHUtVWLFDV VLPLODUHV FRPR SRU HMHPSOR RUJDQL]DFLRQHV TXH
VXUJLHURQ HQ XQ GHWHUPLQDGR PRPHQWR KLVWyULFR HQ XQD UHJLyQ
SHUVRQDV TXH KD\DQ YLYLGR XQD VLWXDFLyQ HQ FRP~Q FRPR SRU
HMHPSOR P~VLFRV GH XQD UHJLyQ JHRJUiILFD TXH IXHUDQ SDUWH GH
DOJXQDPRYLGDDUWtVWLFDTXHKD\DVLGRSDUWLFLSHFRPRODSVLFRGHOLDR
HOSXQN
0XHVWUHR WHyULFR HVWD PRGDOLGDG XWLOL]D OD VHOHFFLyQ GH FDVRV
SDUDHVWUXFWXUDUXQDWHRUtDVHHPSOHDFXDQGRVHSUHWHQGHDPSOLDUHO
DOFDQFH FRQFHSWXDO R FXDQGR VH TXLHUH FRQVWUXLU XQD WHRUtD PiV
DFDEDGDRUHILQDGD(OFULWHULRGHVHOHFFLyQGHORVSDUWLFLSDQWHVGHOD
PXHVWUD QR HV QXPpULFR VLQR TXH YD D HVWDU GDGR SRU OD UHOHYDQFLD
WHyULFD\FRQFHSWXDOTXHFRQVLGHUDHOLQYHVWLJDGRUVXILQDOLGDGQRVH
GLULJH D OD FDSWDFLyQGHWRGDVODVYDULDFLRQHV SRVLEOHV HQ ODVTXH VH
PDQLIHVWDUtDSRWHQFLDOPHQWHHOIHQyPHQRDHVWXGLDUVLQRSURFXUDUXQ
GHVDUUROOR \ XQD SURIXQGL]DFLyQ GH ODV FDWHJRUtDV FRQFHSWXDOHV FRQ
ODV TXH VH LQLFLD OD LQYHVWLJDFLyQ 6HJ~Q *ODVHU \ 6WUDXVV TXLHQHV
FRQFHSWXDOL]DURQDHVWHWLSRGHPXHVWUHRHQHVWHWLSRGHPXHVWUHRHQ
FDGDUHOHYDPLHQWRVHDQDOL]DQORVGDWRV\GHVGHDOOtVHGHFLGHFRPR
FRQWLQXDU D SDUWLU GH ORV FRQFHSWRV TXH VH YDQ HODERUDQGR GH VHU
FRQVLGHUDGRQHFHVDULRVHVHOHFFLRQDQQXHYRVFDVRVDHVWXGLDUVHJ~Q
VXSRWHQFLDOSDUDD\XGDUDUHILQDURH[SDQGLUORVFRQFHSWRV\WHRUtDV

\D GHVDUUROODGDV UHFLpQ DO ILQDOL]DU OD LQYHVWLJDFLyQ VH WLHQH HO
WDPDxR GH OD PXHVWUD ORV SDUWLFLSDQWHV GH OD PXHVWUD ³«QR WLHQHQ
SRU TXp VHU GHILQLGRV SUHYLDPHQWH \D TXH UHFRUGDPRV TXH QR VH
FRPSDUDQSREODFLRQHVVLQRFDUDFWHUtVWLFDVGHFUHDFLyQGHLGHDVTXH
D VX YH] GHOLPLWDQ SDWURQHV FRPSRUWDPHQWDOHV \ DFWLWXGLQDOHV (O
DQiOLVLVVHJXtDSRUORVFULWHULRVGHOPXHVWUHRWHyULFR\ORVQLYHOHVGH
VDWXUDFLyQWHyULFDGHODVFDWHJRUtDVORTXHSHUPLWHGHFLGLUFXiQGR
TXLpQ \ TXp WLSR GH VLWXDFLRQHV LQWHUHVD UDVWUHDU 'H HVWH PRGR OD
FXHVWLyQ FODYH VHUtD VDEHU TXp HV OR TXH GLIHUHQFLD HO LQFLGHQWH GHO
FDVR $ GH ORV LQFLGHQWHV HQFRQWUDGRV HQ HO UHVWR GH ORV FDVRV´
&DUUHUR 6RULDQR \ 7ULQLGDG &RPR HMHPSOR GH HVWH WLSR GH
PXHVWUHRVHSXHGHPHQFLRQDUDXQHVWXGLRVREUHORVHVWLORVGHYLGDGH
SHUVRQDV HQ VLWXDFLyQ GH SURVWLWXFLyQ HQ HO TXH VH VHOHFFLRQD
LQLFLDOPHQWHFLHUWRFRUWHGHODSREODFLyQHQFXHVWLyQPXMHUHVMyYHQHV
TXH WUDEDMDQSRU VXFXHQWD FRPRSULQFLSDODFWLYLGDG D SDUWLUGHHVWD
GLIHUHQFLDFLyQ VH SURFXUD KDFHU HPHUJHU FRQFHSWRV D WUDYpV GH ODV
HQWUHYLVWDV SDUD OXHJR SDVDU D RWUR WLSR GH SREODFLyQ SRU HMHPSOR
DTXHOODV TXH OR KDFHQ RFDVLRQDOPHQWH R ODV TXHWUDEDMDQ HQ XQ FOXE
QRFWXUQR D ILQ GH DQDOL]DU \ FRPSDUDU ORV FRQFHSWRV HODERUDGRV HQ
FDGD SREODFLyQ PD[LPL]DQGR \ PLQLPL]DQGR ODV GLIHUHQFLDV \
VLPLOLWXGHVSDUDLUUHILQDQGRORVFRQFHSWRV\ODGLPHQVLyQWHyULFDTXH
IXHVHHPHUJLHQGRGHORVGDWRVHPStULFRV
0XHVWUHR HQFDGHQDGR GH ³%ROD GH QLHYH´ R SRU FDGHQDV

UHIHUHQFLDOHVHVWHPXHVWUHRVHOOHYDDFDERFXDQGRTXLHQHVUHDOL]DQ
OD LQYHVWLJDFLyQGHEHQHVWXGLDUDXQDSREODFLyQGHGLItFLODFFHVROD
LGHD FHQWUDO HV TXH HO DFFHVR D FDGD LQGLYLGXR GH HVWD SREODFLyQ HQ
SDUWLFXODUSXHGHVHUXQD³SXHUWDGHHQWUDGD´SDUDFRQWDFWDUDRWURVGH
VLPLODUHV FDUDFWHUtVWLFDV D ORV LQGLYLGXRV TXH VRQ FRQWDFWDGRV
LQLFLDOPHQWHVH OHVSLGH TXH DFHUTXHQLQIRUPDFLyQSDUD HODFFHVRD
RWUDVSHUVRQDVGHVLPLODUHVFDUDFWHUtVWLFDV/DSUHPLVDEiVLFDHVTXH
FDGD LQWHJUDQWH GHO XQLYHUVR HQ FXHVWLyQ SXHGH UHIHUHQFLDU D RWURV
LQGLYLGXRVGHHVWDSREODFLyQORVFXDOHVDOVHUHVFRJLGRVUHIHUHQFLDQD
RWURV JHQHUDQGR XQLQFUHPHQWR GHO DFFHVR DORV PLHPEURVGH HVWRV

XQLYHUVRV GH GLItFLO DFFHVR R YLVLELOLGDG HO VXSXHVWR VXE\DFHQWH GH

HVWHPXHVWUHRUDGLFDHQTXHORVPLHPEURVGHODSREODFLyQHVFRQGLGD
QRYLYHQHQFRPSOHWRDLVODPLHQWRXRFXOWDPLHQWRHVGHFLUWLHQHQSRU
OR PHQRV XQD ³UHG VRFLDO´ FRQ OD FXDO HV SRVLEOH FRQWDFWDUORV (VWH
WLSRGHPXHVWUHRFRLQFLGHFRQHOTXHVHGHQRPLQDFRPRPXHVWUHRGH
SREODFLRQHV RFXOWDV VX SURFHVR GH DFFHVR \ VHOHFFLyQ ³«KD GH
RUJDQL]DUVHVHJ~QODWpFQLFDGHERODGHQLHYHSRUODVUHGHVVRFLDOHV
QDWXUDOHV (V D WUDYpV GH DPLJRV SDULHQWHV FRQWDFWRV SHUVRQDOHV \
FRQRFLGRV FRPR DFFHGHPRV D FDSWXUDU ORV DFWRUHV REMHWR GH OD
LQYHVWLJDFLyQ´6LHUUD3DUDHMHPSOLILFDUHVWHWLSRGHPXHVWUHR
SXHGH FLWDUVH QXHYDPHQWH HO HVWXGLR GH OD GHVYLDFLyQ GH +RZDUG
%HFNHUVREUHFRQVXPLGRUHVGHPDULKXDQDHOVRFLyORJRUHODWD
HO LQLFLR GHO DFFHVR D OD SREODFLyQ REMHWR ³«PLV SULPHUDV
HQWUHYLVWDVIXHURQDSHUVRQDVTXHKDEtDFRQRFLGRHQHOQHJRFLRGHOD
P~VLFD /HV SHGt TXH PH SXVLHUDQ HQ FRQWDFWR FRQ RWURV
FRQVXPLGRUHVTXHHVWXYLHVHQGLVSXHVWRVDFRPSDUWLUVXVH[SHULHQFLDV
FRQPLJR « OD PXHVWUD QR HV SRU VXSXHVWR DOHDWRULD HQ QLQJ~Q
VHQWLGRUHDOL]DUXQPXHVWUHRDOHDWRULRVHUtDLPSRVLEOH\DTXHQDGLH
FRQRFHODQDWXUDOH]DGHOXQLYHUVRHQHOTXHGHEHUtDKDFHUVH´
2WURVHMHPSORVGHVXXWLOL]DFLyQSDUDLQYHVWLJDUDSHUVRQDVTXHSDUD
SRGHU DFFHGHU D XQ WUDEDMR IRUPDO HQFXEUHQ VHxDV GH SRVLEOH
GHVDFUHGLWDFLyQ GH VX LGHQWLGDG SHUVRQDO TXH UHPLWHQ D OD
SHUWHQHQFLD GH DOJXQD LGHQWLILFDFLyQ FXOWXUDO HVSHFtILFD WDPELpQ
SXHGH DSOLFDUVH SDUD HO HVWXGLR GH SHUVRQDV FRQ FRPSRUWDPLHQWRV
GHILQLGRV VRFLDOPHQWH FRPR YHUJRQ]DQWHV FRPR HV HO FDVR GH ORV
MXJDGRUHVFRPSXOVLYRVORVWD[LER\VRORVHYDVRUHVILVFDOHV
(VWXGLRGHFDVRV
(O HVWXGLR GH FDVRV DQDOL]D XQ REMHWR GH HVWXGLR HQ FRQWH[WR SDUD
HOORVHHPSOHDQYDULDGDVIXHQWHVGHUHJLVWURSULPDULDV\VHFXQGDULDV
FXDQWLWDWLYDV\RFXDOLWDWLYDVHPSOHDGDVVXFHVLYDRVLPXOWiQHDPHQWH
VX XWLOL]DFLyQ UDGLFD HQ OD GHVFULSFLyQ \ OD FRPSUHQVLyQ GH ODV
SDUWLFXODULGDGHV GHO FDVR HQ FXHVWLyQ GHWHUPLQDQGR FRPR VH

GHVHPSHxDQ ORV HOHPHQWRV TXH OR FRQVWLWX\HQ \ ODV UHODFLRQHV TXH

HQWUHHOORVVHGLQDPL]DQ6HGHQRPLQDFDVRVDODVVLWXDFLRQHVVXMHWRV
R HQWLGDGHV VRFLDOHV SDUWLFXODUHV TXH UHYLVWHQ XQ LQWHUpV HVSHFtILFR
VREUDODVSDUWLFXODULGDGHVTXHHQHOORVVHPDWHULDOL]DQ(OHVWXGLRGH
FDVRV SXGH FLUFXQVFULELUVH WDQWR D XQ VyOR FDVR FRPR D XQD
PXOWLSOLFLGDG GH FDVRV SXHGH HVWDU FRPSXHVWD SRU XQD XQLGDG GH
DQiOLVLV VLQJXODU R WHQHU YDULDV XQLGDGHV GH DQiOLVLV HQ DUWLFXODFLyQ
PXWXD /RV FDVRV SXHGHQ VHU VLPSOHV R FRPSOHMRV SXHGHQ WHQHU XQ
GLVHxRVLQFUyQLFRRGLDFUyQLFRSXHGHQLQYROXFUDUXQDVLQJXODULGDGR
D XQ HQWUDPDGR FROHFWLYR ³«ODV XQLGDGHV GH DQiOLVLV SXHGHQ VHU
WLSRVGHVXMHWRV±HPSOHDGRVHQIHUPRVGHFiQFHUGHSXOPyQPDGUHV
GH KLMRV DGROHVFHQWHV GLVWULEXLGRUHV RUJDQL]DFLRQHV ±SULYDGDV
S~EOLFDV REMHWRV ±XWHQVLOLRV FRPSXWDGRUDV YHVWLGRV DOLPHQWRV
WUDQVJpQLFRV SURGXFWRV HQYDVHV GRFXPHQWRV SODQHV GH QHJRFLRV
DFWDVGHUHXQLRQHVGLVFXUVRVFRPHUFLDOHVSXEOLFLWDULRVRXQVXFHVR
SXQWXDO FRPR OD JXHUUD GH ,UDN R HO SURFHVR GH FHUWLILFDFLyQ ,62
GH XQD 3\0H /R LPSRUWDQWH HV TXH OD HOHFFLyQ GHO REMHWRQR
HVWp VXSHGLWDGD D OD GLVSRQLELOLGDG GH OD HYLGHQFLD ±VyOR KD\ XQD
3\0HTXHDEUHVXVSXHUWDDOLQYHVWLJDGRURpVWHQRWLHQHWLHPSRGH
YLVLWDU RWUDV VLQR D ODV FDUDFWHUtVWLFDV HPEOHPiWLFDV GHO FDVR´
9LH\WHVHQ0HUOLQR/DXQLGDGGHDQiOLVLVGHHVWDHVWUDWHJLD
SXHGHQVHULQGLYLGXRVJUXSRVXRUJDQL]DFLRQHVODHPSUHVD6LDP'L
7HOODXQFROHFWLYRDUWtVWLFRRXQDOXPQRRSDFLHQWHKHUUDPLHQWDVR
SURGXFWRVHODERUDGRVHLPSOHPHQWDGRVOD$8+RHO3ODQWUDEDMDUR
GHWHUPLQDGDV WHUULWRULDOLGDGHV XQ SXHEOR FLXGDG R UHJLyQ
GHWHUPLQDGD
/DXWLOLGDGGHVXDSOLFDFLyQUDGLFDHQFRPSUHQGHUHOFDVRHQFXHVWLyQ
VLQODH[LJHQFLDGHTXHHVWHDQiOLVLVWLHQHTXHVHUYLUSDUDFRPSUHQGHU
RWURV FDVRV SRU HOOR ³«OD SULPHUD REOLJDFLyQ HV FRPSUHQGHU HVWH
FDVR(QXQHVWXGLRLQWUtQVHFRHOFDVRHVWiSUHVHOHFFLRQDGR(QXQ
HVWXGLR LQVWUXPHQWDO DOJXQRV FDVRV VHUYLUiQ PHMRU TXH RWURV
$OJXQDV YHFHV XQ FDVR
WtSLFR
IXQFLRQD ELHQ SHUR D PHQXGR RWUR

SRFR KDELWXDO UHVXOWD LOXVWUDWLYR GH FLUFXQVWDQFLDV TXH SDVDQ

GHVDSHUFLELGDVHQORVFDVRVWtSLFRV¢&yPRVHGHEHQVHOHFFLRQDUORV
FDVRV"(OSULPHUFULWHULRGHEHVHUODPi[LPDUHQWDELOLGDGGHDTXHOOR
TXH DSUHQGHPRV 8QD YH] HVWDEOHFLGRV ORV REMHWLYRV ¢TXp FDVRV
SXHGHQOOHYDUQRVDODFRPSUHQVLyQDORVDVHUWRVTXL]iLQFOXVRDOD
PRGLILFDFLyQGHODVJHQHUDOL]DFLRQHV"(OWLHPSRGHTXHGLVSRQHPRV
SDUD HO WUDEDMR GH FDPSR \ OD SRVLELOLGDG GH DFFHVR DO PLVPR VRQ
FDVL VLHPSUH OLPLWDGRV 6L HV SRVLEOH GHEHPRV HVFRJHU FDVRV TXH
VHDQ IiFLOHV GH DERUGDU \ GRQGH QXHVWUDV LQGDJDFLRQHV VHDQ ELHQ
DFRJLGDV TXL]i DTXHOORV HQ ORV TXH VH SXHGD LGHQWLILFDU XQ SRVLEOH
LQIRUPDGRU \ TXH FXHQWHQ FRQ DFWRUHV ODV SHUVRQDV HVWXGLDGDV
GLVSXHVWRVDGDUVXRSLQLyQVREUHGHWHUPLQDGRVPDWHULDOHVHQVXFLR
1DWXUDOPHQWH KD\ TXH FRQVLGHUDU FRQ DWHQFLyQ OD XQLFLGDG \ ORV
FRQWH[WRV GH ODV VHOHFFLRQHV DOWHUQDWLYDV SXHV SXHGHQ D\XGDU R
OLPLWDUORTXHDSUHQGDPRV´6WDNH
8QHVWXGLRGHFDVRVSXHGHVHUDERUGDGRSDUDVXFRQFUHFLyQFRQXQD
PHWRGRORJtD FXDQWLWDWLYD XQD FXDOLWDWLYD R D WUDYpV GH XQD
WULDQJXODFLyQ SDUD FRQFUHWDUOR VH SXHGH XWLOL]DU XQD YDULHGDG GH
WpFQLFDVGH UHJLVWURGH GDWRV VXLPSOHPHQWDFLyQ HVSRVLEOH D WUDYpV
GH XQ GLVHxR GLDFUyQLFR R VLQFUyQLFR $ERUGDU XQ HVWXGLR GH FDVRV
³«QRHVXQDHOHFFLyQPHWRGROyJLFDVLQRXQDHOHFFLyQGHTXpKDGH
HVWXGLDUVH « PHGLDQWH FXDOTXLHU PpWRGR HOHJLPRV HVWXGLDU HO
FDVR´ 6WDNH HQ 'DQ]LQ \ /LQFROQ HV QHFHVDULR DFODUDU TXH
PiVDOOiGH HVWDDILUPDFLyQWDPSRFRVHORSRGUiFDWDORJDU FRPRXQ
WLSR GH PXHVWUHR /RV HVWXGLRV GH FDVRV UHSUHVHQWDQ XQ GHVDItR GH
HQFXDGUHPHWRGROyJLFR\DTXHHQRFDVLRQHVVHORSUHVHQWDFRPRXQ
PpWRGRHQRWUDVFRPRXQGLVHxRRWDPELpQFRPRXQDPRGDOLGDGGH
HVWUDWHJLD\VHOHFFLyQGHDFFHVRXQXQLYHUVRGHWHUPLQDGROD~OWLPD
RSFLyQ SDUHFHUtD OD PiV DFHUWDGD \D TXH OR TXH GLIHUHQFLD
HVWULFWDPHQWHDHVWHSODQWHRHVXQDGHFLVLyQHQVXDFFHVRDOXQLYHUVR
DLQYHVWLJDUHVWDDSOLFDFLyQWpFQLFDVXSRQGUtDXQDERUGDMHTXHQRVH
EDVDHQQLQJ~QFULWHULRSURSLRGHODVPXHVWUDVSUREDELOtVWLFDV\DTXH
SUHYDOHFH OD GHFLVLyQ GHO LQYHVWLJDGRU FRQ UHVSHFWR D GHWHUPLQDGD
UHDOLGDG HV PX\ UHFRPHQGDEOH SDUD LQYHVWLJDGRUHV TXH WUDEDMDQ GH

IRUPD LQGLYLGXDO \D TXH OD HVFDOD GH WUDEDMR VH DMXVWD D ODV
SRVLELOLGDGHV \ D ORV UHFXUVRV FRQ ORV TXH pVWRV KDELWXDOPHQWH
FXHQWDQ%HOO1pOLGD$UFKHQWL0DUUDGL$UFKHQWL\3LRYDQL
HVWDEOHFHTXHHOHVWXGLRGHFDVRVHVXQDHVWUDWHJLDGHDERUGDMH
FRQODTXHVHSUHWHQGHDQDOL]DUPXFKDVYDULDEOHVFRQFHQWUDGDVHQXQD
VRODXQLGDGRHQPX\SRFRVFDVRVTXHSXHGHVHUVLQFUyQLFRDQiOLVLV
GH XQ FDVR HQ XQ FRUWH GH WLHPSR GHWHUPLQDGR R GLDFUyQLFR
DERUGDMH GH XQ FDVR HQ GLIHUHQWHV PRPHQWRV R VXFHVLYRV FDVRV
VLQFUyQLFRVHQXQDOtQHDGHWLHPSRDILQGHFRPSDUDUORVHQWUHVt
*ORULD 3pUH] 6HUUDQR HVWDEOHFH TXH HO HVWXGLR GH FDVR VH
FDUDFWHUL]D SRU RULHQWDUVH KDFLD XQ HQIRTXH LGHRJUiILFR GHVWLQDGR D
GHVFULELU \ DQDOL]DU LQGXFWLYDPHQWH ORV VLJQLILFDGRV \ ODV
PDQLIHVWDFLRQHV REMHWLYDV GH XQD UHDOLGDG VLQJXODU SDUD YHULILFDU R
SURGXFLUWHRUtD&RQHOHVWXGLRGHFDVRVVHEXVFDODSDUWLFXODUL]DFLyQ
QR OD JHQHUDOL]DFLyQ VH SUHWHQGH UHYHODU \ DQDOL]DU VLWXDFLRQHV
SXQWXDOHV UHDOLGDGHV RUJDQL]DFLRQDOHV R SHUVRQDOHV ~QLFDV 3pUH]
6HUUDQR HVWDEOHFH WUHV WLSRV GH HVWXGLR GH FDVRV ORV GHVFULSWLYRV
HYLGHQFLDODVFDUDFWHUtVWLFDVGHWDOODGDVGHORVIHQyPHQRVHVWXGLDGRV
VLQ SUHWHQGHU JHQHUDOL]DU QL DILUPDU KLSyWHVLV DOJXQD ORV
LQWHUSUHWDWLYRV GHVDUUROODQ FDWHJRUtDV FRQFHSWXDOHV TXH SDUWHQ GH
GHVFULSFLRQHVGHQVDV\ULFDVHQGHWDOOHVHQVLQWRQtDFRQSUHVXSXHVWRV
WHyULFRV SUHYLRV DO HVWXGLR \ ORV HYDOXDWLYRV WLHQHQ SRU ILQDOLGDG
H[SOLFDU FRQMHWXUDU \ DSUHFLDU ORV GDWRV D ILQ GH HPLWLU XQ MXLFLR
YDORUDWLYRVREUHHOFDVRHQFXHVWLyQ
6WDNH SODQWHD RWUD WLSRORJtD GH HVWXGLRV GH FDVR HO LQWUtQVHFR HO
LQVWUXPHQWDO \ HO P~OWLSOH R FROHFWLYR HQ HO LQWUtQVHFR HO
LQYHVWLJDGRU QR SUHWHQGH TXH D WUDYpV GH VX HMHFXFLyQ VH UHYHOH
DOJXQD FRQFHSWXDOL]DFLyQ JHQpULFD R TXH VH HODERUHQ FRQVWUXFWRV
DEVWUDFWRV OR TXH OR JXtD HV XQ LQWHUpV LQWUtQVHFR HQ ODV
SDUWLFXODULGDGHVGHOFDVRHOSURSyVLWRHVJHQHUDUGDWRVGHVFULSWLYRV
HQHOLQVWUXPHQWDOHOFDVRHVSHULIpULFR\DTXHORTXHVHEXVFDHV
PRGHODU XQD JHQHUDOL]DFLyQ \ XQD FRPSUHQVLyQ TXH YD PiV DOOi GH
ORV FRQWH[WRV \ GH ODV DFWLYLGDGHV LPSOLFDGDV HQ HO HVWXGLR VX

ILQDOLGDG UDGLFD HQ DQDOL]DU XQ DVSHFWR WHyULFR GHO FXDO HO FDVR
SDUWLFXODU HV FLUFXQVWDQFLDO ORV FDVRV IXQFLRQDQ FRPR SDUD DOFDQ]DU
FLHUWRVILQHVFRQFHSWXDOHVHOP~OWLSOHRFROHFWLYRHVXQDGHULYDFLyQ
GHO VHJXQGR \D TXH LPSOLFD OD LQGDJDFLyQ GH YDULRV FDVRV
SDUWLFXODUHV TXH SXHGD FRQVROLGDUVH WHyULFDPHQWH FRQ XQ DOFDQFH
PD\RU D OR HODERUDGR HQ FDGD XQR GH HOORV VH EXVFD H[DPLQDU XQ
WHPD R FXHVWLyQ D SDUWLU GHO HVWXGLR LQWHQVLYR GH YDULRV FDVRV HVWH
WLSR HVWXGLR GH FDVRV SXHGH SURSRUFLRQDU OD YtD SDUD FRQVROLGDU
SDWURQHV LQWHUSUHWDWLYRV JHQHUDOHV GH FRQRFLPLHQWR SDUD
SRVWHULRUPHQWH DSOLFDU D FDVRV SDUWLFXODUHV ³«VL XQ SDWUyQ DPSOLR
SXHGHDSOLFDUVHDPXFKRVFDVRVHQWRQFHVSXHGHTXHVHDSURGXFWRGH
XQD FDXVD VXE\DFHQWH TXH SRGUtD LQIHULUVH GH HVH SDWUyQ PiV
JHQHUDO´5DJLQ
(OHVWXGLRGHFDVRSXHGHLQYROXFUDUHOHPSOHRGHP~OWLSOHVWpFQLFDV
GH UHJLVWUR GH GDWRV FRPR HQWUHYLVWDV REVHUYDFLRQHV VRQGHRV GH
RSLQLyQGDWRVDGPLQLVWUDWLYRVTXHSXHGHQLPSOLFDUXQDWULDQJXODFLyQ
GHWpFQLFDV\GHPpWRGRV(OHPSOHRGHIXHQWHVGHGDWRVQRLPSOLFD
HQ HO HVWXGLR GH FDVRV XQD VHFXHQFLD OLQHDO \D TXH VH OR VXHOH LU
GHILQLHQGR GXUDQWH HO WUDEDMR GH FDPSR HQ XQ GLVHxR DELHUWR \
IOH[LEOH /D HODERUDFLyQ GH GDWRV \ OD UHYLVLyQ GH OD LQIRUPDFLyQ
GLVSRQLEOH SRU REUD GH WHUFHURV VRQ DFWLYLGDGHV TXH VH FRQFUHWDQ D
SDUWLUGHXQDVHULHSUHGHILQLGDGHFDWHJRUtDVFRQFHSWXDOHV SUHFLVDGDV
SRUORVREMHWLYRVTXHHVWDEOHFHQORVLQYHVWLJDGRUHVODVFDWHJRUtDVHQ
FXHVWLyQVHXWLOL]DQFRQXQJUDGRGHIOH[LELOLGDGSDUDTXHSXHGDQVHU
UHYLVDGDV R UHIRUPXODGDV HQ HO FDVR GH TXH OD LQYHVWLJDFLyQ OR
PHUH]FDGHQWURGHXQSURFHVRUHFXUVLYR
/D HOHFFLyQ GHO FDVR UHVSRQGH D ORV FULWHULRV GHO LQYHVWLJDGRU TXLHQ
HYDO~D VX FRQYHQLHQFLD 5XWK 9LH\WHV 0HUOLQR DILUPD TXH
³«HOFDVRSXHGHVHUFRQVWUXLGRSRUHOLQYHVWLJDGRUFRPRXQDIRUPD
GHRUJDQL]DFLyQTXHHPHUJHGHODLQYHVWLJDFLyQPLVPD2SXHGHVHU
XQ REMHWR GHILQLGR SRU IURQWHUDV SUHH[LVWHQWHV WDOHV FRPR XQD
HVFXHOD XQ DXOD XQ SURJUDPD 7DPELpQ SXHGH VHU GHULYDGR GH ORV
FRQVWUXFWRV WHyULFRV LGHDV \ FRQFHSWRV TXH HPHUJHQ GHO HVWXGLR GH

LQVWDQFLDV R DFRQWHFLPLHQWRV VLPLODUHV « XQ FDVR SXHGH VHU XQD

FRQYHQFLyQ SUHGHILQLGR SRU DFXHUGRV \ FRQVHQVRV VRFLDOHV TXH
VHxDODQ VX LPSRUWDQFLD´ 8Q LQWHUURJDQWH HQ OD DSOLFDFLyQ GH HVWD
HVWUDWHJLDTXHHVH[WHQVLEOHDGHWHUPLQDGDVPRGDOLGDGHVGHPXHVWUHR
GHLQYHVWLJDFLyQFXDOLWDWLYDUHPLWHDGHWHUPLQDUFXiOHVHOQ~PHURGH
FDVRV FRQYHQLHQWHV SDUD DSOLFDU OD UHVSXHVWD VHJ~Q ORV PDWHULDOHV
PHWRGROyJLFRV LQGLFDQ TXH HVWR GHSHQGH GH ORV REMHWLYRV GH
LQYHVWLJDFLyQ ORV UHFXUVRV FRQ ORV TXH VH FXHQWD HO FRQRFLPLHQWR
H[LVWHQWH GHO WHPD \ GH OD HYDOXDFLyQ UHDOL]DGD VREUH OR TXH VH
REWLHQHDWUDYpVGHODLQFRUSRUDFLyQGHFDVRVDGLFLRQDOHV
/DHODERUDFLyQGHWHRUtDVRORVUHFKD]RV\ODVUHIRUPXODFLRQHVGHODV
H[LVWHQWHV VRQ SRVLEOHV SRU OD SUHVHQWDFLyQ GH FDVRV H[DPLQDGRV
GHWDOODGD \ SURIXQGDPHQWH ORV HVWXGLRV VREUH FDVRV HVSHFtILFRV \
DWtSLFRVVRQGHJUDQXWLOLGDGDWUDYpVGHVXLQWHUSUHWDFLyQVHSXHGHQ
UHDOL]DU FRPSDUDFLRQHV FRQ RWURV FDVRV GLIHUHQWHV \ HQULTXHFHU ODV
RSFLRQHVGHDQiOLVLVGHODUHDOLGDG³«PXFKRVFLHQWtILFRVVRFLDOHVVH
RFXSDQ GH DFRQWHFLPLHQWRV KLVWyULFRV LPSRUWDQWHV FRPR OD
5HYROXFLyQ IUDQFHVD R HO PRYLPLHQWR SRU ORV GHUHFKRV FLYLOHV 1RV
SUHRFXSDQ HVWH WLSR GH DFRQWHFLPLHQWRV \ VX LQWHUSUHWDFLyQ SRU
HMHPSORFyPRFD\yHO,PSHULRURPDQRRODKLVWRULDGHODHVFODYLWXG
GHELGR D OD UHOHYDQFLD TXH WLHQHQ TXH WLHQHQ HVWRV DFRQWHFLPLHQWRV
SDUDFRPSUHQGHUQXHVWUDVLWXDFLyQDFWXDOHVGHFLUFyPROOHJDPRVD
HVWDUGRQGHHVWDPRV´5DJLQ
/RV HVWXGLRV GH FDVRV SUHVHQWDQ YHQWDMDV \ GHVYHQWDMDV HQWUH VXV

YHQWDMDV VH GHVWDFD OD SRVLELOLGDG GH FRQVWUXLU GDWRV HQ SURIXQGLGDG
GHIRUPDKROtVWLFDFRQUHVSHFWRDVLWXDFLRQHV\DFWRUHVGHQWURGHVXV
FRQWH[WR R D SDUWLU GH HVWXGLRV SUHYLRV WDPELpQ VX XWLOLGDG VH
SUHVHQWD FRPR XQD DSUR[LPDFLyQ LQLFLDO D EDMD HVFDOD GH XQD
IHQyPHQR PiV JHQHUDO SHUPLWH WDPELpQ HO GHVDUUROOR FUHDWLYR GH
HVWUDWHJLDV GH LQYHVWLJDFLyQ HV DGHFXDGR SDUD HVWXGLRV TXH FXHQWDQ
FRQ UHFXUVRV OLPLWDGRV SXHGH KDELOLWDU OD SURGXFFLyQ GH GDWRV FRQ
FDUDFWHUtVWLFDV FRPSOHMDV R VXE\DFHQWHV GH ORV IHQyPHQRV TXH QR
HPHUJHUtDQDODOX]GHQRKDEpUVHORVHODERUDGRVGHIRUPDLQWHQVLYD\

KROtVWLFD3RUHMHPSORODFRQWH[WXDOL]DFLyQHQODFRPSUHQVLyQGHXQ
IXQFLRQDPLHQWRVLVWHPiWLFRFRPRHOGHODVSUiFWLFDVFRQWDEOHVGHQWUR
GH XQD RUJDQL]DFLyQ SXHGH HQFRQWUDU HQ HVWH WLSR GH HVWXGLRV XQD
KHUUDPLHQWD TXH RIUHFH XQD PLUDGD DFRWDGD SHUR KROtVWLFD VREUH ORV
SURFHVRV HQ FXHVWLyQ 1DQF\ $UpYDOR *DOLQGR \ )DELiQ 4XLQFKH
0DUWLQGHOD8QLYHUVLGDG1DFLRQDOGH&RORPELDVXEUD\DQODXWLOLGDG
GH ORV HVWXGLRV GH FDVRV HQ OD LQYHVWLJDFLyQ VREUH WHPiWLFDV GH ODV
FLHQFLDV GH OD FRQWDELOLGDG HVSHFtILFDPHQWH HQ OD FRQWDELOLGDG
ILQDQFLHUDODFXDO³«YDPiVDOOiGHODVQRUPDV«\VXVLPSDFWRV
GLUHFWRV HVWiQ HQ OD FRWLGLDQLGDG GH OD RUJDQL]DFLyQ HQ OD
SUHSDUDFLyQ GH LQIRUPHV GH SUHVXSXHVWRV HQ OD SUiFWLFD GH OD
SURIHVLyQ HQ VX YLVLyQ GH PXQGR \ HQ VX UHODFLRQDPLHQWR FRQ ORV
GHPiV 9LQFXODGR D HVWR HO (VWXGLR GH &DVR SXHGH DSRUWDU DO
GHVDUUROOR GLVFLSOLQDU DVt FRPR SURIHVLRQDO GH OD DXGLWRUtD HQ OD
PHGLGD HQ TXH SXHGH OOHYDU D WUDEDMRV PiV FRPSUHQVLYRV GHO
FRQWH[WR HQ HO FXDO GHWHUPLQDGD SUiFWLFD GHELGD R QR VH OOHYD D
FDER´
(VWXGLRV UHDOL]DGRV VREUH OD FRRSHUDWLYD OiFWHD 6DQFRU SDUD

LQYHVWLJDU FRPR LPSDFWy OD LQWHJUDFLyQ UHJLRQDO GHO 0HUFRVXU HQ HO
VHFWRUFRRSHUDWLYRRVREUHHO3DUWLGRGH3HUJDPLQRSDUDHVWDEOHFHU
OD LQWHUDFFLyQ HQWUH OD FOLPDWRORJtD \ OD DFWLYLGDG SURGXFWLYD VRQ
HMHPSORV GH OD DSOLFDELOLGDG GH HVWD DSUR[LPDFLyQ WpFQLFD &RQ
UHVSHFWR D ODV GHVYHQWDMDV R FUtWLFDV GH VX LPSOHPHQWDFLyQ SRGUtDQ
PHQFLRQDUVH HO VHVJR R OD LQIOXHQFLD GHO LQYHVWLJDGRU \D TXH pVWH
GHFLGHORVFULWHULRVGHVHOHFFLyQGHOFDVRDHVWXGLDU\VHLQYROXFUDDO
VXPHUJLUVH HQ HO IHQyPHQR SXHGH TXHGDU LPSOLFDGR DO FRQVWUXLU HO

KWWSVZZZUHVHDUFKJDWHQHWSXEOLFDWLRQB,PSRUWDQFLDBGHOBHVWXGLRBGHBFDV
RBHQBFRQWDELOLGDG

KWWSVZZZ\XPSXFRPHVGRFXPHQWYLHZHVWXGLRGHFDVRVDQFRU
IDFXOWDGGHFLHQFLDVHFRQRPLFDV

KWWSZZZFDPELRJOREDORUJHQVRLQIRUPHVDQKR$UJHQWLQD&DS(678',
2'(&$623(5*$0,12SGI

PDUFR WHyULFR \ DO HYDOXDU \ VHOHFFLRQDU ODV GLVWLQWDV IXHQWHV GH

LQIRUPDFLyQ HVWDEOHFLHQGR ORV FRQWRUQRV GH OD LQYHVWLJDFLyQ FRQ
FULWHULRV SRFR HYDOXDEOHV GHEH DGYHUWLUVH TXH HVWDV FUtWLFDV SRGUtDQ
DSOLFDUVH D RWURV HVWXGLRV \ OD UHVSXHVWD VHUtD VLPLODU OD LQVWDQFLD
LQYHVWLJDWLYD VLHPSUH HVWi SUHVHQWH HQ WpUPLQRV GH GHFLVLRQHV \
VHOHFFLyQGH FULWHULRVWpFQLFRVSRUORTXHKDFH FRQILDEOH\YDOLGRHO
TXHKDFHU GHO LQYHVWLJDGRU HV VX FRKHUHQFLD WHyULFD \ PHWRGROyJLFD
TXHVyORSXHGHHYDOXDUVHHQVXH[SOLFLWDFLyQ2WUDFUtWLFDSURYLQHGH
DTXHOORV TXH FRQVLGHUDQ TXH LQYHVWLJDU FLHQWtILFDPHQWH VyOR SXHGH
HIHFWLYL]DUVH FRQ PXHVWUHRV SUREDELOtVWLFRV \ SUXHEDV GH KLSyWHVLV
HOORV VRQ TXLHQHV DSXQWDQ D OD IDOWD GH JHQHUDOL]DFLyQ \ GH
UHSUHVHQWDWLYLGDGGHORVHVWXGLRVGHFDVRVODUpSOLFDDHVWDFUtWLFDHV
FRP~Q D FXDOTXLHU GHIHQVD GH ORV HVWXGLRV FXDOLWDWLYRV pVWRV QR
SUHWHQGHQXQD JHQHUDOL]DFLyQGH H[WHQVLYLGDGGH VXVGDWRV VLQR DOD
HODERUDFLyQGHFRQFHSWXDOL]DFLRQHV\WHRUL]DFLRQHVWUDQVIHULEOHVD OD
UHFRQVWUXFFLyQGHUHDOLGDGHVVXEMHWLYDV

*XtDGHSUHJXQWDV
¢'HILQLUTXHHVHOXQLYHUVRHQXQDLQYHVWLJDFLyQ"
([SOLFDUHQTXpVHGLIHUHQFLDODPXHVWUDGHOFHQVR
'HVDUUROODUHOFRQFHSWRGHPXHVWUHRSUREDELOtVWLFR
'HILQLU\HMHPSOLILFDUORVVLJXLHQWHVWLSRVGHPXHVWUDD]DUVLPSOH
HVWUDWLILFDGR\SRUFRQJORPHUDGR
¢&XiQGRHVFRQYHQLHQWHHPSOHDUODVPXHVWUDVQRSUREDELOLVWDV"
'HILQLU \ HMHPSOLILFDU ORV VLJXLHQWHV WLSRV GH PXHVWUD PXHVWUDV

YROXQWDULDVDFFHVLEOHV\SRUFXRWDV
&DUDFWHUL]DUDODVPXHVWUDVFXDOLWDWLYDV\DQDOL]DUVXDSOLFDELOLGDG
(MHPSOLILFDUFDGDXQDGHODVPXHVWUDVFXDOLWDWLYDV
$QDOL]DU HO FRQFHSWR GH UHSUHVHQWDWLYLGDG SDUD ODV PXHVWUDV

FXDOLWDWLYDV
([SOLFDU TXH VRQ ORV HVWXGLRV GH FDVRV GHILQLHQGR VX
DSOLFDELOLGDG\XWLOLGDG

$&7,9,'$'
3ODQWHDUXQREMHWLYRGHLQYHVWLJDFLyQDSDUWLUGHOHFWXUDGHOVLJXLHQWH
WH[WR H LQGLFDU TXH PXHVWUD VHUtD OD PiV DGHFXDGDV SDUD OOHYDU
DGHODQWHODLQYHVWLJDFLyQSODQWHDGD-XVWLILFDU
/$ (6&8(/$ 12 (6 &$3$= '( 0(-25$5 /$ &/$6( 62&,$/
'(/$/8012
/DEUHFKDHQHOGHVHPSHxRDFDGpPLFRGHXQRVHVWXGLDQWHV\RWURVVH
DEUH D ORV GLH] DxRV VHJ~Q OD 2&'( /D PLWDG GH ORV HVWXGLDQWHV
HVSDxROHVGHFODVHVSREUHVVHFRQFHQWUDHQHVFXHODVGHFRQGLFLRQHV
GHSDXSHUDGDV$HVWHUHVSHFWR(VSDxDVHHQFXHQWUDPX\FHUFDGHOD
PHGLDGHOD2&'(\HVWD³VHJUHJDFLyQ´HVXQDGHODVFODYHV
TXH GLILFXOWDQ HO SURJUHVR VRFLDO SRUTXH HVRV DOXPQRV DUUDVWUDUiQ
GXUDQWHDxRVXQSHRUUHQGLPLHQWRHVFRODU/DHVFXHODQRFXPSOHGH
HVWH PRGR OD IXQFLyQ FODYH GH SURSRUFLRQDU XQD YHQWDQD GH
RSRUWXQLGDGSDUDQLxRVGHWRGRVORVRUtJHQHVHFRQyPLFRV\VRFLDOHV
DGYLHUWH OD2UJDQL]DFLyQ SDUD OD &RRSHUDFLyQ \ HO 'HVDUUROOR
(FRQyPLFRVHQ HO HVWXGLR(TXLGDG HQ OD (GXFDFLyQ VXSHUDU ODV
EDUUHUDVDODPRYLOLGDGVRFLDOSXEOLFDGRHVWHPDUWHV
³/D HVFXHOD QR HVWi VLUYLHQGR GH FRQWUDSHVR D ODV GHVLJXDOGDGHV

HFRQyPLFDV TXH VXIUHQ ODV IDPLOLDV´ ODPHQWD HO UHVSRQVDEOH GHO
LQIRUPH GH OD 2&'( \ DQDOLVWD GH 3,6$ 'DQLHO 6DOLQDV HQ
FRQYHUVDFLyQFRQHVWHGLDULRHQ3DUtV6HJ~QHOLQIRUPHSUHVHQWDGR
HQ/RQGUHV³KD\XQDIXHUWHUHODFLyQHQWUHHOSHUILOVRFLRHFRQyPLFR
GHODHVFXHOD\HOGHVHPSHxRGHODOXPQRHVWXGLDQWHVTXHDFXGHQD
HVFXHODVFRQUHFXUVRVPDWHULDOHVEXHQRVSURIHVRUHV\GHDOXPQDGR
GH FODVHV DFRPRGDGDV REWLHQHQ PHMRUHV UHVXOWDGRV HQ 3,6$´ 'H
SURPHGLRDOXPQRVGHVIDYRUHFLGRVTXHDFXGHQDHVFXHODVGHPD\RU
QLYHOVRFLRHFRQyPLFRORJUDURQXQDSXQWXDFLyQSXQWRVVXSHULRU²
HTXLYDOHQWHDPiVGHGRVDxRV\PHGLRGHHVFRODUL]DFLyQ²TXHODGH
DTXHOORV TXH YDQ D HVFXHODV GHVIDYRUHFLGDV 3RU HVR FRQFOX\H HO
LQIRUPH ³ORV HVWXGLDQWHV GHVIDYRUHFLGRV TXH DFXGHQ D HVFXHODV

GHVIDYRUHFLGDV VXIUHQ D SULRUL XQD GHVYHQWDMD GREOH´ 8QD

FRQVWDWDFLyQSUHRFXSDQWHVREUHWRGRSRUTXHWDOFRPRGHVWDFDHQHO
LQIRUPHHOGLUHFWRUGH(GXFDFLyQGHOD2&'($QGUHDV6FKOHLFKHU
³ORVQLxRVGHIDPLOLDVSREUHVDPHQXGRVRORWLHQHQXQDRSRUWXQLGDG
HQ OD YLGD \ HVD HVXQD EXHQD HVFXHOD TXH OHV Gp OD SRVLELOLGDG GH
GHVDUUROODUVXSRWHQFLDO´
(VWXGLDQWHV GHVIDYRUHFLGRV SHUR HPRFLRQDOPHQWH UHVLOLHQWHV TXH VH

VREUHSRQHQ D ODV GLILFXOWDGHV WLHQGHQ DO PHQRV D WHQHU XQ
UHQGLPLHQWRDFDGpPLFRPHMRU6LQHPEDUJRHQ(VSDxDPiVGHO
GH HVWRV DOXPQRV QR VRQ QL VRFLDO QL HPRFLRQDOPHQWH UHVLOLHQWHV
IUHQWHDODPHGLDGHGHOD2&'(ORTXHKDFHTXHVHVLHQWDQ
PHQRV LQWHJUDGRV HQ OD HVFXHOD $GHPiV HO HVWXGLR TXH FRPSDUD
GDWRV GHO LQIRUPH 3,6$ \ ODQ]D RWUD DGYHUWHQFLD OD
EUHFKDGHGHVHPSHxRDFDGpPLFRVHHPSLH]DDDEULUDORVGLH]DxRV
GH HGDG DQWHV GH OR TXH VH SHQVDED ³/DV GHVLJXDOGDGHV HQ
HGXFDFLyQ QR VH RULJLQDQ GH XQ GtD SDUD RWUR VLQR TXH HPSLH]DQ
GHVGH PX\ WHPSUDQR \ VH YDQ DFXPXODQGR D OR ODUJR GHO WLHPSR´
H[SOLFD 6DOLQDV ³/D GLIHUHQFLD VRFLRHFRQyPLFD \D HV GH XQD
PDJQLWXGEDVWDQWHJUDQGHDORVGLH]DxRVVLJXHFUHFLHQGRDORV\
WRGDYtDFUHFHXQSRFRPiVGHVSXpVGHORVDxRV´
(O LQIRUPH FRQVWDWD HQ HVWH VHQWLGR TXH PiV GH GRV WHUFLRV GH OD
EUHFKD GH GHVHPSHxR DFDGpPLFR REVHUYDGR HQ HVWXGLDQWHV GH
DxRV\RWURVGRVWHUFLRVGHODEUHFKDHQWUHORVMyYHQHVGHDxRV
³\DVHYHtDHQORVQLxRVGHGLH]DxRV´³6HKDQORJUDGRPX\SRFRV
DYDQFHVSDUDDFDEDUFRQODVEDUUHUDVGHODPRYLOLGDGVRFLDO\GDUOH
DWRGRVORVQLxRVXQDRSRUWXQLGDGLJXDOGHWHQHUp[LWR´HQODYLGD
FULWLFy 6FKOHLFKHU HQ /RQGUHV (O UHVSRQVDEOH GH (GXFDFLyQ GH OD
2&'( UHFODPy ³PiV LQYHUVLRQHV SDUD D\XGDU D ORV HVWXGLDQWHV
GHVIDYRUHFLGRV´'HVGH3DUtVHODXWRUGHOLQIRUPHFRLQFLGH\DSXQWD
D RWUDV FODYHV ³)RFDOL]DU´ PHMRU ORV HVIXHU]RV \ VREUH WRGR
³LQWHUYHQLU OR DQWHV SRVLEOH´ 6H WUDWD VHxDOD GH ³JDUDQWL]DU QR
VROR DFFHVR D OD HGXFDFLyQ LQIDQWLO VLQR TXH HVWD VHD GH EXHQD
FDOLGDG´ 7DPELpQ VH GHEH DVHJXUDU TXH ODV HVFXHODV SULPDULDV \

VHFXQGDULDV D ODV TXH DFFHGHQ ORV HVWXGLDQWHV PiV YXOQHUDEOHV

³WHQJDQ ORV VXILFLHQWHV UHFXUVRV \WHQJDQ SURIHVRUHV GH
FDOLILFDFLRQHV \ SUHSDUDFLyQ FRPSDUDEOHVD ORV TXH HQVHxDQ HQ
HVFXHODV TXH UHFLEHQ D HVWXGLDQWHV GH FODVH PiV SULYLOHJLDGD´ /DV
HVFXHODVGHVIDYRUHFLGDVVRQDTXHOODVTXHHVWiQHQHOPiVEDMR
GH OD HVFDOD VRFLRHFRQyPLFD HQWUH ODV HVFXHODV GH XQ SDtV /DV
HVFXHODV IDYRUHFLGDV VH VLW~DQ HQ HO PiV DOWR GH HVFDOD 3DUD
PHGLU HO QLYHO VRFLRHFRQyPLFR GH ORV HVWXGLDQWHV 3,6$ WLHQH XQ
tQGLFHEDVDGRHQODIRUPDFLyQ\RFXSDFLyQGHORVSDGUHVDVtFRPR
ORV ELHQHV PDWHULDOHV GLVSRQLEOHV HQ HO KRJDU (O QLYHO
VRFLRHFRQyPLFR GH XQD HVFXHOD HV HO SURPHGLR GHO QLYHO
VRFLRHFRQyPLFRGHVXVHVWXGLDQWHV(OLQIRUPHGHOD2&'(FRQVWDWD
TXH KR\ SRU KR\ ³QLQJ~Q SDtV GHO PXQGR SXHGH DILUPDU TXH KD
DFDEDGRFRQHVWDVGHVLJXDOGDGHVHQODHGXFDFLyQ´/RTXHQRTXLHUH
GHFLUVXEUD\D6DOLQDVTXHVHDDOJRLPSRVLEOH³(OQLYHOGHHTXLGDG
R LQHTXLGDG HQ HGXFDFLyQ QR HV DOJR TXH HVWp ILMR VLQR TXH HV
PRGLILFDEOH´ VRVWLHQH &ODYH HV OD YROXQWDG GH ORV (VWDGRV SDUD
FDPELDUODVLWXDFLyQSRUTXHUHFXHUGD³ORTXHVtHVWiPX\FODURHV
TXH ODV SROtWLFDV \ ODV SUiFWLFDV GH ORV SDtVHV HQ HGXFDFLyQ SXHGHQ
KDFHUXQDGLIHUHQFLD´
KWWSVHOSDLVFRPVRFLHGDGDFWXDOLGDGB
KWPO
$&7,9,'$'
5HGDFWDUGRVREMHWLYRVJHQHUDOHVDSDUWLUGHODOHFWXUDGHOVLJXLHQWH
WH[WRXQRGRQGHVHDFRQYHQLHQWHXWLOL]DUXQPXHVWUHRHVWUDWLILFDGR\
RWURGRQGHVHSXHGDDSOLFDUXQPXHVWUHRGH³ERODGHQLHYH´
(/0,('2$/'(63,'25('8&(/$6%$-$6325'(35(6,Ï1
/DHQIHUPHGDGVHKDDJUDYDGRSRUODSUHFDUL]DFLyQGHOHPSOHR\OD
FULVLV HFRQyPLFD 8QD GH FDGD VHLV SHUVRQDV KD WHQLGR WLHQH R
WHQGUiFRPRPtQLPRXQHSLVRGLRGHSUHVLYRDORODUJRGHVXYLGD$O

PHQRV HQ OR TXH UHVSHFWD D ORV SDtVHV RFFLGHQWDOHV VHJ~Q ODV
HVWLPDFLRQHVGHOD206$GHPiVODLQPHQVDPD\RUtDGHHOORVHQXQ
HVWiQ R HVWDUiQ HQ HGDG GH WUDEDMDU < OR TXH HV PiV JUDYH
GHQWUR GH HVWDIUDQMD HOSDGHFHUi HVWD HQIHUPHGDG XQDYH]DO
DxR FRQ XQD GXUDFLyQ PHGLD GH GtDV SRU HSLVRGLR
SHUMXGLFDQGR VX UHQGLPLHQWR ODERUDO 6HHVWLPDTXH OD GHSUHVLyQOH
FXHVWDDOD8(HQWRUQRDPLOORQHVGHHXURVSULQFLSDOPHQWH
GHELGRDOLPSDFWRHQODSURGXFWLYLGDG³$XQTXHODGHSUHVLyQVHKD\D
EDQDOL]DGR HV XQD HQIHUPHGDG JUDYH TXH KD\ TXH WUDWDU´ H[SOLFy
D\HU HO SURIHVRU -HUyQLPR 6DL] MHIH GH VHUYLFLR GH 3VLTXLDWUtD GHO
+RVSLWDO 5DPyQ \ &DMDO GH 0DGULG GXUDQWH OD SUHVHQWDFLyQ
GHO,QIRUPHGHH[SHUWRVSDUDXQPHMRUDERUGDMHGHODGHSUHVLyQHQHO
iPELWR GHO WUDEDMRHODERUDGR SRU XQ JUXSR GH H[SHUWRV HQ
FRODERUDFLyQFRQODILUPDGDQHVD/XQGEHFN
³8QRGHORVSUREOHPDVHVTXHODGHSUHVLyQKDSHUGLGRVLJQLILFDGR\
FXDOTXLHUDGHVXVVtQWRPDVSDUHFHDVRFLDUVHFRQODHQIHUPHGDGDOD
OLJHUDVLQGDUOHODLPSRUWDQFLDTXHPHUHFH´SURVLJXLyHOSURIHVRU
3HUR HVWH SDGHFLPLHQWR HV PX\ FRPSOHMR \ FRPR WDO WLHQH
FRQVHFXHQFLDVHQGLIHUHQWHVHVWUDWRVGHOGtDDGtD³$IHFWDDOSURSLR
LQGLYLGXRDODIDPLOLDDOHQWRUQRODERUDODVXVFRPSDxHURV\DOD
SURSLD HPSUHVD´1R VROR WLHQH UHSHUFXVLyQ HQ OD YLWDOLGDG OD
HQHUJtD \ HO iQLPR GHO HQIHUPR 7DPELpQ DIHFWD D ODV FRQRFLGDV
FRPRFDSDFLGDGHVFRJQLWLYDV³DTXHOODVTXHKDFHQUHIHUHQFLDDWRGD
ODDFWLYLGDGPHQWDOFRPRODDWHQFLyQODPHPRULDODFDSDFLGDGGH
FRQFHQWUDFLyQODHMHFXFLyQGHODVWDUHDVHODSUHQGL]DMHRODWRPDGH
GHFLVLRQHV´ FRQWLQXy OD GRFWRUD 0DUJDOLGD *LOL GHFDQD GH OD
)DFXOWDG GH 0HGLFLQD GH OD 8QLYHUVLGDG GH ODV ,VODV %DOHDUHV /D
GHSUHVLyQHQGHILQLWLYDWLHQHXQLPSDFWRGLUHFWRHQODSURGXFWLYLGDG
GH ORV WUDEDMDGRUHV ³\ DXQTXH HYLGHQWHPHQWH HVWD QR HV OD
FRQVHFXHQFLDPiVJUDYHQRGHMDGHVHULPSRUWDQWHÚHFRQRFLy6DL]
HVHOSRUFHQWDMHGHHQIHUPRVDORVTXHOHVLQYDGHHOGHViQLPR\
ODWULVWH]D

GHHOORVVXIUHGHIRUPDKDELWXDOODSpUGLGDGHPHPRULD
HV OD FLIUD GH HQIHUPRV TXH WLHQH SUREOHPDV HQ OD WRPD GH
GHFLVLRQHVHQVXGtDDGtD
GHFDGDUHFRQRFHQWHQHUSUREOHPDVGHFRQFHQWUDFLyQ
6RQPXFKDVODVFDXVDVGHHVWDHQIHUPHGDGUHFRUGDURQORVH[SHUWRV
SHUR XQD GH HOODV KD VLGR OD H[FOXVLyQ GHO PHUFDGR ODERUDO ³TXH
SRWHQFLD HO HVWLJPD GHO SDFLHQWH OD PHUPD HFRQyPLFD \ UHEDMD VX
DXWRHVWLPD´ DSXQWy 6DL] 6LQ HPEDUJR FRQWLQXy HQ ORV ~OWLPRV
DxRVDFDXVDGHODFULVLVHQHOWUDEDMRGHOPLHGRDVHUGHVSHGLGR\
GHODSUHFDUL]DFLyQGHOHPSOHRKDVXUJLGRXQDQXHYDGLPHQVLyQGH
HVWH WUDVWRUQR ³+D DXPHQWDGR HO SUHVHQWLVPR HV GHFLU HO Q~PHUR
GH SHUVRQDV TXH WUDEDMDQ SRU PLHGR D SHGLU OD EDMD \ TXH
HYLGHQWHPHQWHQRGHVHPSHxDQVXIXQFLyQFRPRVLHVWXYLHVHQVDQRV´
(VWRUHGXQGDDGHPiVGHHQODSURSLDVDOXGGHORVSURIHVLRQDOHV\D
TXH FHUFD GH OD PLWDG GH ORV HQIHUPRV QR OOHJDQ D VHU WUDWDGRV
FRUUHFWDPHQWH SRU HVWDV UD]RQHV HQ XQ FRVWH PLOORQDULR SDUD ODV
RUJDQL]DFLRQHV
6ROXFLRQDUHVWDSUREOHPiWLFD³HVWiHQPDQRVGHOD$GPLQLVWUDFLyQ
GH ODV HPSUHVDV \ GH ORV GLUHFWLYRV SHUR HVWR D~Q QR HV XQD
SULRULGDG SHVH D TXH VH WUDWD GH XQD HQIHUPHGDG FRQ WUDWDPLHQWR
TXHHQWpUPLQRVGHUHQWDELOLGDGVXSRQHPHQRVJDVWRTXHVXVFRVWHV
LQGLUHFWRV´ 6LUYD FRPR GDWR TXH XQ SDFLHQWH FRQ XQD UHVSXHVWD
LQDGHFXDGDVXSRQHXQFRVWHGHFDVLHOGREOHFRPSDUDGRFRQRWURHQ
UHPLVLyQ WDQWR HQ FLIUDV GLUHFWDV HXURV IUHQWH D HXURV
FRPR HQ FRVWHV GHULYDGRV GH OD SpUGLGD GH SURGXFWLYLGDG
HXURV FRQWUD HXURV 3HUR ODV HPSUHVDV QR HVWiQ SUHSDUDGDV
SDUD KDFHUIUHQWHDHVWDSUREOHPiWLFD ³$O SUHVHQWLVPR RFDVLRQDGR
SRU OD SUHFDUL]DFLyQ GHO WUDEDMRVH OH VXPD HO HVWLJPD TXH URGHD D
WRGDODHQIHUPHGDGXQSUHMXLFLRTXHOOHYDDKDFHUFUHHUDOHQIHUPR
TXHpOWLHQHODFXOSDGHVXVLWXDFLyQÚHFRUGyHOSURIHVRU3RUHVD
UD]yQ DSXQWy ODV FRPSDxtDV GHEHQ WHQHU SUHYLVWRV SODQHV GH

DFWXDFLyQ SDUD LGHQWLILFDU ORV VtQWRPDV \ FRPEDWLUORV DVt FRPR

FRQWDU FRQ ORV SURIHVLRQDOHV DGHFXDGRV ³6RQ FUXFLDOHV OD
IRUPDFLyQ SDUD TXH HO DIHFWDGR FRQR]FD ORV VtQWRPDV \ SXHGD
GHWHFWDU OD HQIHUPHGDG \ OD FRQILDQ]D SDUD TXH VH VLHQWD FRQ OD
FDSDFLGDG GH SRGHUFRQWDUOR HQVXWUDEDMR´ 3RUDKRUDQR H[LVWHQ
SURJUDPDVQDFLRQDOHVHIHFWLYRVGHVWLQDGRVDPHMRUDUHOSUREOHPDGH
ODGHSUHVLyQ HQ HO HQWRUQR ODERUDO $OJR TXHGHEHUtD FDPELDU ³(Q
(XURSDVHKDQGLVHxDGR\DSOLFDGRDOJXQRVHQYDULDVHPSUHVDVFRQ
UHVXOWDGRV SRVLWLYRV (O REMHWLYR HV SURPRYHU OD VDOXG PHQWDO \
DSR\DU D ORV WUDEDMDGRUHV FXDQGR SXHGDQ HVWDU HQ VLWXDFLyQ GH
ULHVJR´ H[SOLFy OD GRFWRUD 0DUJDOLGD *LOL (VWR UHTXLHUH QR
REVWDQWH GH XQ HVIXHU]R LPSRUWDQWH ³WDQWR HFRQyPLFR FRPR
IRUPDWLYRDVt FRPRFRQWLQXR HQ HO WLHPSR DOJR GLItFLOGHLPDJLQDU
GXUDQWH ORV ~OWLPRV DxRV GH FULVLV´ FULWLFy $OJXQDV PHGLGDV HVWiQ
UHODFLRQDGDV FRQ HO FDPELR GH PHQWDOLGDG SDUD TXH HO HQIHUPR
SXHGD KDEODU GH VX VLWXDFLyQ VLQ PLHGR DVt FRPR WHQGHU KDFLD OD
IOH[LELOLGDG ³6HUtD EXHQR TXH SRU HMHPSOR WUDV XQD EDMD SRU
GHSUHVLyQHOWUDEDMDGRUYROYLHVHDVXSXHVWR\DVXODERUGHIRUPD
JUDGXDOSRFRDSRFRVLQWHQHUTXHKDFHUIUHQWHGHJROSHDWRGDVVXV
WDUHDVKDELWXDOHV´
KWWSVFLQFRGLDVHOSDLVFRPFLQFRGLDVVHQWLGRV
BKWPO
$&7,9,'$'
,QGLFDU HO WLSR GH PXHVWUHR PiV DGHFXDGR SDUD DSOLFDU HQ ORV
VLJXLHQWHVFDVRV)XQGDPHQWDU
D /RV HPSOHDGRV GH OtQHDGH ODVHPSUHVDV DXWRPRWULFHV DUJHQWLQDV

VRQ PiV UHVLVWHQWHV DO FDPELR TXH VXV DOWRV HMHFXWLYRV FXDQGR OD
HPSUHVD DSOLFD UHHVWUXFWXUDFLRQHV WUDGLFLRQDOHV TXH FXDQGR HPSOHD
E /D FDSDFLWDFLyQ VREUH FRQGLFLRQHV GH VHJXULGDG ODERUDO HQ OD

LQGXVWULD PHWDOPHFiQLFD GH OD SURYLQFLD GH &yUGRED UHGXFH OD

FDQWLGDGGHDFFLGHQWHVGHWUDEDMRHQHVHVHFWRU
F (Q $UJHQWLQD ORV HVWXGLDQWHV GH XQLYHUVLGDGHV SULYDGDV WLHQHQ

PD\RU SUHVHQWLVPR HQ ODV FODVHV TXH ORV HVWXGLDQWHV GH ODV
XQLYHUVLGDGHVS~EOLFDV
G /RV LQYHUVRUHV H[WUDQMHURV FUHHQ TXH HO FDQMH GH OD GHXGD
DUJHQWLQDSHUPLWLUiEDMDUODVWDVDVGHLQWHUpVEDQFDULDV\DXPHQWDUODV
LQYHUVLRQHVSURGXFWLYDVHQHOSDtV
$&7,9,'$'
(VWDEOHFHUODXQLGDGGHDQiOLVLVODXQLGDGGHUHJLVWUR\ODXQLGDGGH
PXHVWUHRGHOD(19
$VSHFWRVPHWRGROyJLFRV
'LVHxRPHWRGROyJLFR
3REODFLyQ REMHWLYR SHUVRQDV GH DxRV R PiV UHVLGHQWHV HQ

YLYLHQGDVSDUWLFXODUHVGHODVORFDOLGDGHVGH\ PiVKDELWDQWHV
GH OD 5HS~EOLFD $UJHQWLQD 3DUD OD (QFXHVWD 1DFLRQDO GH
9LFWLPL]DFLyQ VH WXYR FRPR REMHWLYR GDU HVWLPDFLRQHV SDUD HO
GRPLQLRQDFLRQDO\SDUDODVGLYLVLRQHVSROtWLFDVFRPSXHVWDVSRU
ODVSURYLQFLDV\OD&LXGDG$XWyQRPDGH%XHQRV$LUHV
/D (QFXHVWD 1DFLRQDO GH 9LFWLPL]DFLyQ XWLOL]y FRPR EDVH GH
VHOHFFLyQ SDUD ODV YLYLHQGDV SDUWLFXODUHV TXH OD FRPSRQHQ OD
0XHVWUD 0DHVWUD 8UEDQD GH 9LYLHQGDV GH OD 5HS~EOLFD $UJHQWLQD
00895$XQDPXHVWUDSUREDELOtVWLFDHVWUDWLILFDGDFRPSXHVWDSRU
GRVHWDSDVGHVHOHFFLyQ3DUDODPXHVWUDGHILQLWLYDGHOD(19
VH HPSOHDURQ GRV HWDSDV PiV XQD FRUUHVSRQGLHQWH D OD VHOHFFLyQ
SUREDELOtVWLFD GH VHJPHQWRV GH FLQFR YLYLHQGDV SDUWLFXODUHV
FRQWLJXDV \ RWUD FRUUHVSRQGLHQWH DOD VHOHFFLyQ GH XQD SHUVRQDGH
DxRV R PiV HQ FDGD KRJDU GH ODV YLYLHQGDV VHOHFFLRQDGDV TXH

FRQVWLWX\yODFXDUWDHWDSDGHVHOHFFLyQ\GDRULJHQDODPXHVWUDGH
SHUVRQDVGHILQLWLYD/DPXHVWUDVHOHFFLRQDGDSDUDOD(19 IXH
GHYLYLHQGDVHQODVORFDOLGDGHVGH\PiVKDELWDQWHVGH
OD 5HS~EOLFD $UJHQWLQD (O WDPDxR UHVXOWy GH DFRWDU ORV QLYHOHV
HVSHUDGRV GHO HUURU PXHVWUDO SDUD ORV SULQFLSDOHV LQGLFDGRUHV R
WDVDVDSXEOLFDUDQLYHOQDFLRQDO\VREUHORVGRPLQLRVGHHVWLPDFLyQ
GHILQLGRV \ HO SUHVXSXHVWR GLVSRQLEOH SDUD OD UHDOL]DFLyQ GH OD
HQFXHVWD
/D FDSWDFLyQ GH GDWRV GH OD (19 VH UHDOL]y PHGLDQWH XQ
GLVSRVLWLYRGLJLWDO WDEOHW FRQXQDSOLFDWLYRGLVHxDGR SDUD HVWH ILQ
/D UHFROHFFLyQ GLJLWDO GH GDWRV SUHVHQWD YHQWDMDV HQ FRPSDUDFLyQ
FRQ OD UHFROHFFLyQ HQ SDSHO SULQFLSDOPHQWH OD LQFRUSRUDFLyQ GH
FRQVLVWHQFLDV DO PRPHQWR GHO UHOHYDPLHQWR OD HOLPLQDFLyQ GHO
SURFHVR GH LQJUHVR OD GLVSRQLELOLGDG GH OD LQIRUPDFLyQ SDUD HO
HTXLSRGHDQiOLVLVODIDFLOLWDFLyQGHOWUDEDMRHQiUHDVDOHMDGDVGHODV
ORFDOLGDGHV HQ ODV TXH WLHQHQ VHGH ODV 'LUHFFLRQHV 3URYLQFLDOHV GH
(VWDGtVWLFD OD PHMRUD GHO PRQLWRUHR GHO WUDEDMR GH FDPSR \ HO
DYDQFH GHO RSHUDWLYR (Q FRQMXQWR HVWR SHUPLWH PHMRUDU
VXVWDQFLDOPHQWH OD FDOLGDG GHO GDWR \D TXH VH UHGXFHQ HO HUURU
KXPDQRODVDPELJHGDGHVDOPRPHQWRGHLQWHUSUHWDUODVSUHJXQWDV
SRU SDUWH GH ORV HQFXHVWDGRV \ VH SURYHH GH XQD KHUUDPLHQWD TXH
IDFLOLWD HO FRQWURO \ OD FRUUHFFLyQ GH HUURUHV \D TXH DJLOL]D OD
FRPXQLFDFLyQ HQWUH HO SHUVRQDO HQ FDPSR HO SHUVRQDO HQ ODV
'LUHFFLRQHV 3URYLQFLDOHV GH (VWDGtVWLFD \ HO HTXLSR FHQWUDO GHO
,1'(&
&XHVWLRQDULR
3DUD FXPSOLU FRQ ORV REMHWLYRV GHO UHOHYDPLHQWR VH GLVHxy XQ
FXHVWLRQDULRGLYLGLGRHQGRVEORTXHVHOEORTXHGHOKRJDU\HOEORTXH
LQGLYLGXDO(OEORTXHGHOKRJDUGHEHVHUUHVSRQGLGRSRUHOMHIHDGH
FDGD KRJDU HQFRQWUDGR HQ ODV YLYLHQGDV VHOHFFLRQDGDV R HQ VX
GHIHFWR SRU XQ PLHPEUR GHO KRJDU FX\D HGDG QR VHD LQIHULRU D
DxRV(OLQIRUPDQWHUHVSRQGHVREUHORVFRPSRQHQWHVGHOKRJDU\ODV

FDUDFWHUtVWLFDV GH OD YLYLHQGD \ GHO KRJDU OXHJR GH OR FXDO OD
DSOLFDFLyQ GLJLWDO SDUD OD UHFROHFFLyQ GH GDWRV VHOHFFLRQD DO D]DU
XQD GH ODV SHUVRQDV GH DxRV R PiV GHO KRJDU SDUD FRQWHVWDU HO
EORTXH LQGLYLGXDO (O EORTXH LQGLYLGXDO GHEH VHU UHVSRQGLGR SRU OD
SHUVRQD GH DxRV R PiV TXH KD\D VLGR VHOHFFLRQDGD
DOHDWRULDPHQWH DO ILQDOL]DU HO EORTXH DQWHULRU (Q HVWH EORTXH VH
LQGDJDVREUHODSHUFHSFLyQGHVHJXULGDGODVPHGLGDVGHVHJXULGDG
DGRSWDGDVSRUHOKRJDU\HOHQWUHYLVWDGRHOGHVHPSHxRGHODVIXHU]DV
GH VHJXULGDG OD RFXUUHQFLD GH GHOLWRV FRQWUD HO KRJDU \ FRQWUD ODV
SHUVRQDV\ODVFDUDFWHUtVWLFDVGHOD~OWLPDYLFWLPL]DFLyQVXIULGDSRU
FDGDWLSRGHGHOLWR
KWWSZZZLQGHFJRYDUXSORDGVLQIRUPHVGHSUHQVDHQYBBB
SGI
$&7,9,'$'
3DUDFDGDXQRGHORVFDVRVTXHVHSUHVHQWDQDFRQWLQXDFLyQ
$ (VSHFLILFDU FXiO VHUtD HO XQLYHUVR VHOHFFLRQDU \ GHVFULELU HO WLSR

GH PXHVWUD TXH FRQVLGHUD SHUWLQHQWH DSOLFDU \ MXVWLILFDU GLFKD
VHOHFFLyQ
%,QGLFDUFyPRVHUtDHOSURFHGLPLHQWRGHVHOHFFLyQ
& $O ILQDOL]DU HO HMHUFLFLR DQWHULRU SURSRQHU XQ REMHWLYR GH
LQYHVWLJDFLyQ SDUD HO TXH VH UHTXLHUD WUDEDMDU FRQ XQD PXHVWUD SRU
FRQJORPHUDGRV \ GHVFULELU HO SURFHVR GH VHOHFFLyQ KDVWD OOHJDU D OD
XQLGDGGHPXHVWUHRILQDO
'HVGH OD 6HFUHWDUtD GH 'HVDUUROOR 6RFLDO TXLHUHQ FRQRFHU ODV
FRQIRUPDFLyQGHOKRJDU\HOQLYHOHVFRODUGHORVMHIHVGHKRJDUDOTXH
SHUWHQHFHQORVMyYHQHVTXHSDUWLFLSDQGHORVWDOOHUHVGHFDSDFLWDFLyQ
ODERUDO TXH VH RUJDQL]DQ GHVGH HVD VHFUHWDULD VH FXHQWD FRQ HO
UHJLVWURGHODVSHUVRQDVTXHSDUWLFLSDQGHpVWRVGHVGHHODxRDOD
IHFKD

8QHTXLSRGHLQYHVWLJDFLyQGHOD)DFXOWDGGH&LHQFLDV6RFLDOHVGH
OD 8%$ HVWi UHDOL]DQGR XQD LQGDJDFLyQ TXH WLHQH FRPR REMHWLYR
FRQRFHU HO SHUILO VRFLRHFRQyPLFR GH ORV DOXPQRV TXH DFWXDOPHQWH
HVWiQFXUVDQGRODVGLVWLQWDVFDUUHUDVGHOD)DFXOWDG
'HVGHHO6HUYLFLRGH3HGLDWUtDGHWUHVKRVSLWDOHVVHHVWiUHDOL]DQGR
XQD LQYHVWLJDFLyQ FRQ HO REMHWLYR GH FRQRFHU ORV DQWHFHGHQWHV
VDQLWDULRV GH ODV IDPLOLDV D ODV TXH SHUWHQHFHQ ORV QLxRV TXH KDQ
FRQFXUULGRFRQGLYHUVDVHQIHUPHGDGHVGXUDQWHORVDxRV
SDUDDWHQGHUVHHQFDGDXQRGHHVRVWUHVFHQWURVKRVSLWDODULRV
(O&HQWUR,QWHJUDOGHOD0XMHUHQHOTXHVHFXHQWDFRQXQUHJLVWUR
GHSHUVRQDVTXHFRQVXOWDQHQHVHVHUYLFLRUHDOL]DXQDLQYHVWLJDFLyQ
FRQ HO REMHWLYR GH FRPSUHQGHU OD DFWLWXG KDFLD OD DJUHVLyQ ItVLFD \
YHUEDO GH ODV PXMHUHV TXH KDQ GHQXQFLDGR SDGHFHU YLROHQFLD HQ ODV
GLIHUHQWHVFRQVXOWDV
/D 6HFUHWDUtD GH 'HUHFKRV +XPDQRV SUHFLVD FRQRFHU ODV

FRQGLFLRQHVPDWHULDOHV\GHUpJLPHQGHWHQHQFLDGHODVYLYLHQGDVGH
ORVKRJDUHVUHVLGHQWHVHQOD&LXGDG$XWyQRPDGH%XHQRV$LUHVQR
VH FXHQWD FRQ XQ OLVWDGR GH KRJDUHV /D &LXGDG VH GLYLGH HQ
FRPXQDV TXH DEDUFDQ XQR R PiV EDUULRV HVWRV VH GLYLGHQ HQ
IUDFFLRQHVWHUULWRULDOHVFRQVWLWXLGDVSRUPDQ]DQDV
$&7,9,'$'
3UHVHQWDU XQ HMHPSOR UHGDFWDU XQD KLSyWHVLV GRQGH VHD

FRQYHQLHQWHDSOLFDUXQPXHVWUHRHVWUDWLILFDGR
,QGLFDU HO WLSR GH PXHVWUHR PiV DGHFXDGR SDUD DSOLFDU ORV
VLJXLHQWHVFDVRV)XQGDPHQWDUODGHFLVLyQ
D/DFDQWLGDG\GHVDJUHJDFLyQGHORVGDWRVHQODPHGLFLyQGHFRVWRV
SURGXFHXQDDFHUWDGDHYDOXDFLyQGHODSHUIRUPDQFHRUJDQL]DFLRQDO
HQODVHPSUHVDVLQIRUPiWLFDVGHODUHJLyQGH&X\R

E /DV SHUVRQDV WUDQV TXH WLHQHQ REUD VRFLDO FRQVLGHUDQ TXH HO
DFFHVR D OD PLVPD OH UHVXOWD PX\ YDOLRVD SDUD HO FXLGDGR GH VX
VDOXG
F /RV HPSUHVDULRV GHO VHFWRU WH[WLO FUHHQ TXH OD FDtGD GH VX
SURGXFFLyQ VH GHEH D OD IDOWD GH PDQR GH REUD FDOLILFDGD \ D OD
DSHUWXUDGHODVLPSRUWDFLRQHV

&DStWXOR
7e&1,&$6'((/$%25$&,Ï1'('$726
7HPDVFODYHV
(QFXHVWD&XHVWLRQDULR7LSRVGHSUHJXQWDV
7HVWGH/LNHUW
(VFDODGHGLIHUHQFLDOVHPiQWLFR
2EVHUYDFLyQ7LSRVGHREVHUYDFLyQ
(QWUHYLVWDV7LSRVHQWUHYLVWDV
*UXSRVGHGLVFXVLyQ
(O SUHVHQWH FDStWXOR H[SRQH ODV SULQFLSDOHV WpFQLFDV GH UHJLVWUR GH
GDWRVSULPDULRVRVHDDTXHOORVFRQVWUXLGRV\YHUWHEUDGRVDSDUWLUGH
OD DFFLyQ GLUHFWD GHO LQYHVWLJDGRU HQ OR TXH FRQYHQFLRQDOPHQWH VH
FRQFHSWXDOL]D FRPR HO ³WUDEDMR GH FDPSR´ GH OD LQYHVWLJDFLyQ /DV
WpFQFLDV VH RUJDQL]DQ HQ HO FDStWXOR VHJ~Q VHDQ DSOLFDEOHV D XQ
PpWRGR FXDQWLWDWLYR R FXDOLWDWLYR PRVWUDQGR HO REMHWR GH
DSOLFDELOLGDG GH FDGD XQD VXV YHQWDMDV \ GHVYHQWDMDV HQ VX
IXQFLRQDOLGDG VXV WLSRORJtDV \ ODV UHFRPHQGDFLRQHV PiV FRPXQHV
SDUDVXSUHSDUDFLyQ\VXDSOLFDFLyQ&RPR\DVHH[SOLFyHQFDStWXORV
DQWHULRUHV HO FULWHULR YHUWHEUDO GH HVWH OLEUR DFXHUGD FRQ DTXHOODV
FRQFHSFLRQHV TXH DILUPDQ TXH ODV FDUDFWHUtVWLFDV GH OD UHDOLGDG
XQLYHUVR \ YDULDEOHVFDWHJRUtDV FRQFHSWXDOHV QR HVWiQ DIXHUD GH OD
VXEMHWLYLGDG GHO LQYHVWLJDGRU HVSHUDQGR VHU UHFROHFWDGDV \ TXH
FRQVLGHUDQ TXH HO GDWR HV XQD FRQVWUXFFLyQ UHVXOWDQWH GH XQD
LQYHVWLJDFLyQDMXVWDGDFRQWHRUtDVHVTXHPDVFRQFHSWXDOHV\HQIRTXHV
HSLVWHPROyJLFRV OHJLWLPDGRV FR\XQWXUDOPHQWH SRU HO FDPSR
FLHQWtILFR GHQWURGHFLHUWDV FRQGLFLRQHVGH SURGXFFLyQSRU HOOR QR
VH XWLOL]D HO WpUPLQR ³WpFQLFDV GH UHFROHFFLyQ GH GDWRV´ FRPR HV

KDELWXDO HQFRQWUDU HQ FDVL WRGRV ORV OLEURV GH PHWRGRORJtD GH OD
LQYHVWLJDFLyQ VLQR TXH VH VXEUD\D OD LGHD GH OD SURGXFFLyQ GH ORV
GDWRV 7DQWR HQ ORV OLEURV TXH VH HQIRFDQ HQ OD LQYHVWLJDFLyQ
FXDQWLWDWLYD FRPR HQ OD FXDOLWDWLYD ORV DXWRUHV VH UHILHUHQ
KDELWXDOPHQWHDODVWpFQLFDVGHUHFROHFFLyQGHODLQIRUPDFLyQFRPR
VLORVGDWRVUHDOLGDGSUHH[LVWLHUDQ\HVWXYLHUDQIXHUDGHOLQYHVWLJDGRU
HVSHUDQGR VHU FDSWXUDGRV \D TXH OD LGHD GH UHFROHFFLyQ VXSRQH OD
H[LVWHQFLDGHUHDOLGDGHVTXHSXHGHQVHUUDGLRJUDILDGDVRUHSURGXFLGDV
ILHOPHQWH SRU DOJXQD DFFLyQ REMHWLYD GH ORV LQYHVWLJDGRUHV &RQ
UHVSHFWR D HVWD FRQVLGHUDFLyQ VH GHEH UHVDOWDU TXH HQ ORV WH[WRV
PHWRGROyJLFRVVREUHHVWXGLRVFXDOLWDWLYRVHVPiVFRP~QHOLQWHQWRGH
KDFHU HYLGHQWH OD ³FRQVWUXFFLyQ GHO GDWR´ DXQTXH
FRQWUDGLFWRULDPHQWHFXDQGRVHUHILHUHQDODVWpFQLFDVGHHODERUDFLyQ
GHGDWRVVLJDQKDEODQGRGHODUHFROHFFLyQ
)XQFLyQGHORVLQVWUXPHQWRVGHHODERUDFLyQGHGDWRV
/RV GDWRV HQ XQD LQYHVWLJDFLyQ SXHGHQ HODERUDUVH SRU OD DFFLyQ
GLUHFWD GHO WUDEDMR PHWRGROyJLFR \ WpFQLFR GH ORV LQYHVWLJDGRUHV
JHQHUDQGR DVt GDWRV SULPDULRV RWUD SRVLELOLGDG HV TXH DTXHOORV
HPSOHHQ LQIRUPDFLyQ SUHH[LVWHQWH GDWRV VHFXQGDULRV XWLOL]DQGR
WH[WRV LPiJHQHV UHJLVWURV DGPLQLVWUDWLYRV PDWHULDOHV DXGLRYLVXDOHV
R GDWRV HVWDGtVWLFRV SURGXFLGRV SRU XQD LQVWDQFLD DGPLQLVWUDWLYD
HVWDWDORSULYDGDXRWURRUJDQLVPRGHLQYHVWLJDFLyQHQHVWRVFDVRV
TXLHQHPSOHDUHJLVWURV\D FRQIHFFLRQDGRVGHEH H[DPLQDUORVUHYLVDU
VXFRQILDEOLGDG\SHUWLQHQFLD\SRVWHULRUPHQWHUHHODERUDUORVDSDUWLU
GHXQHQIRTXHDQDOtWLFRQRYHGRVRRTXHSHUPLWDQXHYRVDSRUWHVFRQ
UHVSHFWRDODLQIRUPDFLyQRULJLQDOSRUHMHPSORSDUDOOHYDUDGHODQWH
XQ HVWXGLR LQWHJUDOGHO GHVDUUROOR GH OD HGXFDFLyQ S~EOLFD \ SULYDGD
HQXQGHWHUPLQDGRWHUULWRULRGHOSDtVVHSXHGHQXWLOL]DUORVGDWRVTXH
SURGXFH DQXDOPHQWH HO 0LQLVWHULR GH (GXFDFLyQ UHJXODUPHQWH HVWH
RUJDQLVPRHVWDWDOSXEOLFDHQVXSiJLQDZHEGDWRVDSURYHFKDEOHVSDUD
FXDOTXLHU XVXDULR TXH TXLHUD HQFDX]DUORV KDFLD HO FXPSOLPLHQWR GH
VXV SDUWLFXODUHV REMHWLYRV GH LQYHVWLJDFLyQ VH GHEH WHQHU HQ FXHQWD
TXHHVWRVGDWRVGHEHQFRQVLGHUDUVHFRPRSULPDULRVHQODHODERUDFLyQ

GH HVWD DGPLQLVWUDFLyQ JXEHUQDPHQWDO SHUR VRQ GDWRV VHFXQGDULRV

SDUD DTXHOORV TXH ORV HPSOHHQ SRVWHULRUPHQWH (Q HVWH FDStWXOR VH
SUHVHQWDUiQODVWpFQLFDVPiVXWLOL]DGDVSDUDSURGXFLUGDWRVSULPDULRV
WDQWR HQ OD DSOLFDFLyQ GHO PpWRGR FXDQWLWDWLYR FRPR FRQ HO
FXDOLWDWLYR D SDUWLU GH ORV REMHWLYRV GH LQYHVWLJDFLyQ \ HQ VX
DUWLFXODFLyQ FRQFHSWXDO \ PHWRGROyJLFD FRQ HO PDUFR WHyULFR ORV
HQIRTXHVFXDQWLWDWLYRV\FXDOLWDWLYRV GHVDUUROODGRVHQHOFDStWXOR
VH GHEHQ PDWHULDOL]DU HQ GHWHUPLQDGDV WpFQLFDV GH HODERUDFLyQ GH
GDWRVFRKHUHQWHVFRQVXVDOFDQFHVHSLVWHPROyJLFRV\PHWRGROyJLFRV\
FRQ UHVSHFWR DO REMHWR GH LQYHVWLJDFLyQ SUHFLVDGR HQ ORV REMHWLYRV
VHJXLGDPHQWH VH H[SRQHQ YDULDV WpFQLFDV GH HODERUDFLyQ GH GDWRV
DOJXQDV GH HOODV FXDQWLWDWLYDV RWUDV FXDOLWDWLYDV \ XQD FRPR OD
WpFQLFD GH OD REVHUYDFLyQ TXH VH SXHGH DSOLFDU WDQWR HQ WUDEDMRV
FXDQWLWDWLYRVFRPRFXDOLWDWLYRV
'HVGHORVWH[WRVFOiVLFRVGHPHWRGRORJtDVHSUHVHQWDQSXQWRVGHYLVWD
VREUH HVWDV WpFQLFDV FRQ UHVSHFWR D VX JUDGR GH IRUPDOL]DFLyQ \ GH
VLVWHPDWL]DFLyQ HQ VX FRQVWUXFFLyQ FRPR XQ SURGXFWR GHULYDGR D
SDUWLU GH FULWHULRV UtJLGRV \ GH XQ SODQ GHWDOODGR \ H[SOtFLWR FRQ OD
LQWHQFLyQGHSHUPLWLUODFODVLILFDFLyQ\HORUGHQDPLHQWRGHORVGDWRV
GHDFXHUGRDORSUHYLVWRHQODVKLSyWHVLV\YDULDEOHVSUHILMDGDVHQODV
HWDSDV LQLFLDOHV GH OD LQYHVWLJDFLyQ &RPR HMHPSOR GH ORV SDVRV D
VHJXLUHQHVWHWLSRGHSODQWHRVHH[SRQHQORDUHFRPHQGDFLRQHVGHORV
DXWRUHV +HUQiQGH] 6DPSLHUL )HUQiQGH] &ROODGR \ %DSWLVWD /XFLR

³/LVWDUODVYDULDEOHVTXHVHSUHWHQGHPHGLUXREVHUYDU
5HYLVDU VX GHILQLFLyQ FRQFHSWXDO FRPSUHQGHU \ H[SOLFLWDU VX

VLJQLILFDGR
$QDOL]DU FyPR KDQ VLGR GHILQLGDV RSHUDFLRQDOPHQWH HVWR HV FRQ

TXHLQVWUXPHQWRV\GH TXpPDQHUDVHORVHPSOHDURQSDUDPHGLUODV
YDULDEOHVGHLQWHUpVODVYDULDEOHVHQRWUDVRFDVLRQHV

'HFLGLU HO R ORV LQVWUXPHQWRV TXH KD\DQ VLGR IDYRUHFLGRV HQ OD
FRPSDUDFLyQ OOHYDGD D FDER HQ HO SDVR DQWHULRU \ DGDSWDUORV DO
FRQWH[WRSDUWLFXODUGHODLQYHVWLJDFLyQ
6HxDODU HO QLYHO GH PHGLFLyQ QRPLQDORUGLQDOGH LQWHUYDORGH

UD]yQGHFDGDLQGLFDGRU\GHODVYDULDEOHVTXHORVFRQWLHQHQ
([SOLFLWDU OD IRUPD HQ TXH VH KDEUiQ GH FRGLILFDU ORV GDWRV HQ
FDGDLQGLFDGRU\HQFDGDYDULDEOH
$SOLFDFLyQ GH XQD SUXHED SLORWR GHO LQVWUXPHQWR GH PHGLFLyQ

DSOLFDGR D SHUVRQDV FRQ FDUDFWHUtVWLFDV VHPHMDQWHV D ODV GHO
XQLYHUVR
$SDUWLUGHOSDVRDQWHULRUHOLQVWUXPHQWRVHPRGLILFDVHDMXVWD\
VHPHMRUD´
(VWDV SDXWDV GH SODQLILFDFLyQ GH FDUiFWHU UtJLGR VH DMXVWDQ D OD
DSOLFDFLyQ GH ODV WpFQLFDV FXDQWLWDWLYDV SDUD ³UHFRJHU´ ORV GDWRV OD
HVWUDWHJLDFXDQWLWDWLYDVHFDUDFWHUL]DSRUXQUHFRUULGRSUHSODQLILFDGR
OR TXH LQVHQVLELOL]D DO LQYHVWLJDGRU HQ OD FRPSUHQVLyQ GH OR QR
UDFLRQDO GH ODV VXEMHWLYLGDGHV GHVGH RWUR FULWHULR GLIHUHQFLDO DO
H[SXHVWR HO TXH JXtD D OD PHWRGRORJtD FXDOLWDWLYD ODV WpFQLFDV GH
UHJLVWUR GDWRV GHEHQ VHU XWLOL]DGDV GH IRUPD IOH[LEOH \D TXH VX
HPSOHRUtJLGRHVLQVXILFLHQWHSDUDDERUGDUODVFRPSOHMLGDGHVSURSLDV
GHODFRPSUHQVLyQGHODVVXEMHWLYLGDGHVTXHUHULPSRQHUXQUtJLGR\
XQtYRFR FULWHULR PHWRGROyJLFR PXWLOD HO SHQVDPLHQWR \ OD UHIOH[LyQ
LPSOtFLWDHQWRGDLQYHVWLJDFLyQ(QODVLQYHVWLJDFLRQHVFXDOLWDWLYDVVH
XWLOL]DQ ODV WpFQLFDV GH UHJLVWUR SDUD DFFHGHU D ORV VHQWLGRV GH ORV
VXMHWRV SDUD KDFHU HPHUJHU \ UHJLVWUDU ORV VLJQLILFDGRV TXH VH
HQFXHQWUDQYLQFXODGRVFRQODVSUiFWLFDVVRFLDOHVODVGLPHQVLRQHVGH
OD VXEMHWLYLGDG ODWHQWH \ ORV yUGHQHV GH VHQWLGR UHVXOWDQWHV GH OD
LQWHUVXEMHWLYLGDG
7RGRV ORV LQVWUXPHQWRV GH HODERUDFLyQ GH GDWRV WLHQHQ TXH FXPSOLU
FRQGRVH[LJHQFLDVFRQILDELOLGDG\YDOLGH]WDQWRVHDXQLQVWUXPHQWR

FXDOLWDWLYRFRPRFXDQWLWDWLYRVLHPSUHGHEHVHUHYDOXDGRFUtWLFDPHQWH
SDUDFDOLILFDUFRPRFRQILDEOH\YiOLGR/DYDOLGH]HVXQWpUPLQRTXH
DOXGHDODMXVWHHQWUHHOLQVWUXPHQWRHODERUDGR\HOFRQFHSWRYDULDEOH
RSHUDFLRQDOL]DGRLQGLFDVLXQDSUHJXQWDRXQDJULOODGHREVHUYDFLyQ
SRVLELOLWD UHJLVWUDU OR TXH SUHVXPH DERUGDU VXSRQH XQD ILGHOLGDG
HQWUHODLQIRUPDFLyQ\ODGHILQLFLyQFRQFHSWXDOTXHOHGLRRULJHQSRU
OR FXDO XQD GHILFLHQWH FRQFHSWXDOL]DFLyQ GH OD YDULDEOH R GH OD
FDWHJRUtDDQDOtWLFDSXHGHRSHUDUFRPRXQDFDWDUDWDGHLQYDOLGDFLyQ
(O GDWR UHDOL]DGR GHEH VHU HQ ~OWLPD LQVWDQFLD FUHtEOH SRU DTXHOORV
TXH HYDO~DQ VX OHJLWLPLGDG HQ FRUUHVSRQGHQFLD FRQ HO REMHWR GH
HVWXGLRTXHWLHQHFRPRUHIHUHQFLDSRUHMHPSORVLHQHOREMHWLYRGH
LQYHVWLJDFLyQVHHVWDEOHFHHODERUGDMHGHXQDGHWHUPLQDGDPRWLYDFLyQ
\VHHPSOHDXQLQVWUXPHQWRFRPRODHQFXHVWDORVGDWRVTXH VHYDQD
JHQHUDU QR VHUiQ VREUH OD PRWLYDFLyQ VLQR D OR VXPR VREUH OD
RSLQLyQ GH HVH XQLYHUVR HQ FXHVWLyQ 2WUD IXHQWH GH LQYDOLGDFLyQ
SXHGH SURYHQLU QR VyOR GH XQD PDOD RUJDQL]DFLyQ H
LQVWUXPHQWDOL]DFLyQ GH OD WpFQLFD GH UHJLVWUR VLQR WDPELpQ GH VX
GHILFLHQWH DSOLFDFLyQ HQ HO WUDEDMR GH FDPSR /D FRQILDELOLGDG HV OD
FDSDFLGDG GH XQ SURFHGLPLHQWR GH JHQHUDU GDWRV GH IRUPD HVWDEOH
HVWRTXLHUHGHFLUTXHHQWRGRVORVUHJLVWURVORVUHVXOWDGRVGHEHQVHU
VLPLODUHVGHQWURGHXQDVGHWHUPLQDGDVFLUFXQVWDQFLDVKRPyORJDVXQ
LQVWUXPHQWRTXHQRHVILDEOHWDPSRFRHVYiOLGRSHURXQLQVWUXPHQWR
ILDEOH QR WLHQH TXH VHU QHFHVDULDPHQWH YiOLGR WDPELpQ \D TXH
DXQTXHVHJHQHUDVHQVLPLODUHVGDWRVHQWRGDVODVRFDVLRQHVSXHGHTXH
QRVHUHJLVWUHORTXHVHGHEHUHJLVWUDU
(QFXHVWD
(V XQD WpFQLFD GH UHJLVWUR FXDQWLWDWLYD PX\ GLIXQGLGD TXH VH XWLOL]D
SDUD PHGLU FDUDFWHUtVWLFDV GHODVSHUVRQDV HGDG HVWDGR FLYLO QLYHO
HVFRODU HWF RSLQLRQHV LQWHQFLRQHV SUHIHUHQFLDV \ H[SUHVLRQHV
YHUEDOHVGHKHFKRVSUHVHQWHVRSDVDGRV(VXQDWpFQLFDPX\SRSXODU
VXHPSOHRHVPX\FRP~QHQWRGRWLSRGHLQYHVWLJDFLRQHV\DTXHVX
FDPSRGHDSOLFDFLyQHVYDVWRDXQTXHGHEHWHQHUVHHQFXHQWDFXiOHV

VRQ VXV DOFDQFHV \ SRVLELOLGDGHV GH XVR /D HQFXHVWD FRQVLVWH HQ OD
FRQFUHFLyQ HVWDQGDUL]DGD \ IRUPDO GH XQD VHULH GH SUHJXQWDV \
RSFLRQHV GH UHVSXHVWDV D WUDYpV GH XQ LQVWUXPHQWR GHQRPLQDGR
FXHVWLRQDULR HVWD KHUUDPLHQWD VH FRQIRUPD FRPR UHVXOWDGR GH OD
RSHUDFLRQDOL]DFLyQ GH ODV GLIHUHQWHV YDULDEOHV R GLPHQVLRQHV TXH VH
TXLHUHQ UHJLVWUDU HQ OD LQYHVWLJDFLyQ 3RU LQWHUPHGLR GH OD HQFXHVWD
FRQ VXV SUHJXQWDV \ VXV UHVSXHVWDV SUHILMDGDV VH SURFXUD
HVTXHPDWL]DU ODV H[SUHVLRQHV YHUEDOHV GHO UHVSRQGLHQWH LQWHQWDQGR
DMXVWDUXQHVTXHPDGHIRUPDVOLQJtVWLFDV\FRQWHQLGRVFXHVWLRQDULR
FRQUHVSHFWRDODVVXEMHWLYLGDGHVLQWHUSHODGDV
/D XWLOL]DFLyQ GH HVWD WpFQLFD GHEH VHU SUHFLVD \ FRKHUHQWH QR HV
DSOLFDEOH DFXDOTXLHU REMHWR GH LQYHVWLJDFLyQ HV XQGLVSRVLWLYR TXH
LQHYLWDEOHPHQWHURPSHFRQODQDWXUDOLGDG\ODHVSRQWDQHLGDGGHXQD
FRQYHUVDFLyQ FRQ OR FXDO FRPR FUtWLFD VH SRGUtD HVWDEOHFHU TXH
LPSRVLELOLWD HO DFFHVR D OD IDEXODFLyQ D OD LPDJLQDFLyQ \ D OD
GHVLQKLELFLyQHQODVUHVSXHVWDVSRUORFXDOHVXQDKHUUDPLHQWDYiOLGD
SDUDDERUGDUFLHUWRVWHPDVHVSHFtILFRVHLQYiOLGDSDUDRWURVSRUHOOR
³HV DEVXUGR SODQWHDU FXHVWLRQDULRV FHUUDGRV VREUH SUREOHPDV HQ
ORV TXH OD YHUGDGHUD DFWLWXG HVFDSD D OD FRQFLHQFLD FODUD GHO
LQWHUURJDGR HQ ORV TXH OD UHVSXHVWDV VRQ QRUPDOPHQWH
UDFLRQDOL]DGRUDV R MXVWLILFDGRUDV ,JXDOPHQWH ODV UHVSXHVWDV
SUHHVWDEOHFLGDV VRQ LQFDSDFHV GH FDSWDU OD PRWLYDFLyQ SURIXQGD HQ
PX\ QXPHURVRV WHUUHQRV $Vt D OD SUHJXQWD ¢SRU TXp YD XVWHG DO
FLQH"ORVHVTXHPDVGHUHVSXHVWDVWDOHVFRPRSDUDGLYHUWLUPHSDUD
DSUHQGHU SDUD SDVDU OD WDUGH HWF VRQ LQFDSDFHV GH FDSWDU OD
PRWLYDFLyQSURIXQGD\ODPRWLYDFLyQYHUGDGHUD´0RUtQ
6LELHQODWpFQLFDGHODHQFXHVWDHVGHJUDQXWLOLGDGKD\TXHWHQHUHQ
FXHQWDRWUDVHULHGHSUREOHPDVTXHODH[SHULHQFLDFRQILUPDUHVSHFWRD
ORVVLJXLHQWHVSXQWRV
/RV VXMHWRV HQFXHVWDGRV VRQ LQFDSDFHV D PHQXGR GH UHFRUGDU

GDWRV VREUH HOORV PLVPRV R VXV DFWLYLGDGHV \D VHD SRU IDOORV GH
PHPRULDQHUYLRVLVPRSRUYHUVHLQFOXLGRHQXQDLQYHVWLJDFLyQRSRU

ODFRQIXVLyQVREUHORTXHVHSUHJXQWD
&LHUWRV HQFXHVWDGRV VH VLHQWHQ DYHUJRQ]DGRV GH VX IDOWD GH
FRQRFLPLHQWRGHDOJXQRVWHPDV\HQOXJDUGHDGPLWLUORWLHQGHQDGDU
UHVSXHVWDVTXHOHVSHUPLWDQ³TXHGDUELHQ´
4XLHQHV UHVSRQGHQ SXHGHQ HQJDxDU SUHPHGLWDGDPHQWH DO

HQFXHVWDGRU FRQ UHVSXHVWDV IDOVDV VLQ TXH VH SXHGD KDFHU QDGD FRQ
ODV FRQWHVWDFLRQHV GH TXLHQHV PLHQWHQ D VDELHQGDV \D TXH TXLHQ
LQWHUURJDGHEHDMXVWDUVHDOFXPSOLPLHQWRGHOFXHVWLRQDULR
/RV HQFXHVWDGRV WLHQGHQ D GDU FRQWHVWDFLRQHV GHVRUGHQDGDV D

SUHJXQWDVVHQFLOODVSRUHOPHURKHFKRGHTXH³VHLPDJLQDQ´FXiOVHUi
HOSURSyVLWRGHOHVWXGLR\ORTXHHVWiKDFLHQGRHOLQYHVWLJDGRU
/D HQFXHVWD D YHFHV VH KDFH DUGXD SRU OD LQFDSDFLGDG GH ORV
HQFXHVWDGRVGHH[SRQHUVXVYHUGDGHURVVHQWLPLHQWRVSHUFHSFLRQHVR
FUHHQFLDVQRSRUTXHQRORVWHQJDQVLQRSRUTXHOHVFXHVWDRUGHQDUORV
PHQWDOPHQWH\H[SUHVDUORVHQSDODEUDV
(Q RFDVLRQHV ODV SHUVRQDV SXHGHQ QHJDUVH D UHFLELU D

HQWUHYLVWDGRUHVGHVFRQRFLGRVRDKDEODUGHFXHVWLRQHVTXHFRQVLGHUDQ
SULYDGDV
3DUD RUJDQL]DU XQD HQFXHVWD KD\ FXDWUR RSFLRQHV QLQJXQD HV OD
PHMRUODGHFLVLyQUHTXLHUHGHXQEXHQHQWHQGLPLHQWRGHODVYHQWDMDV
\GHVYHQWDMDVGHFDGDXQRGHHOORVVXHOHFFLyQSDUDFDGDSUR\HFWR
GHSHQGHGHFXiORIUHFHODPHMRUFRPELQDFLyQGH YDULRVIDFWRUHVORV
UHFXUVRV TXH VH GLVSRQJDQ OD FRPSDWLELOLGDG FRQ ORV REMHWLYRV GH
HVWXGLR\ODYLDELOLGDGGHDSOLFDUDOJ~QWLSRGHHQFXHVWD
(QFXHVWDSHUVRQDOR³FDUDDFDUD´HVWHWLSRGHHQFXHVWDVSUHVHQWD
ODVYHQWDMDV\ODVGLILFXOWDGHVGHWRGDVLWXDFLyQYLQFXODUHQODTXHORV
IDFWRUHVGHGLVWRUVLyQRGHJHQHUDFLyQGHFRQILDQ]DVHPXOWLSOLFDQ/D
UHJXODULGDGUHTXHULGDHVWRVLJQLILFDTXHHOFXHVWLRQDULRVHDGPLQLVWUH
D FDGD SHUVRQD GH PDQHUD XQLIRUPH HQ WRGD HQFXHVWD SHUVRQDO HV

PiV GLItFLO GH FXPSOLU SRU OR TXH VH QHFHVLWD GH XQ SHUVRQDO GH
WUDEDMRGHFDPSRPX\FDSDFLWDGR\GHLQYHVWLJDGRUHVTXHFRQR]FDQ
ODV SRVLEOHV LQIOXHQFLDV GH ORV PLVPRV \ GH ORV FRQWH[WRV GH
PDWHULDOL]DFLyQ GH OD HQFXHVWD VREUH ORV UHVSRQGLHQWHV ([LVWHQ GRV
PRGDOLGDGHV EiVLFDV HQ HVWH WLSR GH HQFXHVWD HVWUXFWXUDGD H VHPL
HVWUXFWXUDGD HQOD HQFXHVWD HVWUXFWXUDGD FXHQWD FRQXQFXHVWLRQDULR
GRQGHODVSUHJXQWDVHVWiQUtJLGD\SUHYLDPHQWHILMDGDVVHSODQWHDQHQ
HO RUGHQ SUHHVWDEOHFLGR FRQ HVFDVD OLEHUWDG GH DFFLyQ SDUD ORV
HQWUHYLVWDGRUHV HQ OD VHPL HVWUXFWXUDGD VH SUHVHQWDQ HQ FDPELR
SUHJXQWDV GH XQ VHQWLGR PiV JHQHUDO OR TXH LPSOLFD SDUD ORV
HQFXHVWDGRUHV PD\RU LQWHUYHQFLyQ SURSLD D OD KRUD GH DxDGLU
SUHJXQWDV TXH VLUYDQ SDUD REWHQHU OD LQIRUPDFLyQ GHVHDGD HVWHWLSR
GHFXHVWLRQDULRHVDSOLFDEOHHQHVWXGLRVH[SORUDWRULRVRHQLQVWDQFLDV
GH SUXHED GH FXHVWLRQDULR DFFLyQ DQWHULRU D OD DSOLFDFLyQ GH OD
HQFXHVWD/DV HVWUXFWXUDGDVVRQVHQFLOODVGH WDEXODU\DQDOL]DU SHUR
QRORJUDQODSURIXQGLGDG\JOREDOLGDGGHODVVHPLHVWUXFWXUDGDV(Q
VHQWLGR LQYHUVR ODV VHPL HVWUXFWXUDGDV IDFLOLWDQ OD FRQVHFXFLyQ GH
GHWDOOHV SHUR FRQVXPHQ PXFKR PiV WLHPSR \ VRQ PX\ GLItFLOHV GH
DQDOL]DU\KRPRJHQHL]DU
(QFXHVWDV SRU WHOpIRQRRQ OLQH HVWH WLSR GH HQFXHVWD SUHVHQWD

YHQWDMDV HFRQyPLFDV \ PD\RUHV FRPRGLGDGHV GH UHDOL]DFLyQ \ GH
FRQWUROGHOWUDEDMRTXHODDQWHULRU\DTXHVHSXHGHUHDOL]DUGHVGHXQ
OXJDU GRQGH VH UH~QHQ \ VH VXSHUYLVDQ D ORV HQFXHVWDGRUHV \ QR
UHTXLHUH JDVWRV GH WLHPSR GH WUDVODGR /DV HQFXHVWDV WHOHIyQLFDV
SXHGHQ R QR UHDOL]DUVH GH IRUPD DXWRPDWL]DGD D WUDYpV GH
GLVSRVLWLYRV GH UHJLVWUR GH JUDEDFLRQHV HQ HO FDVR GH FRQWDU FRQ
HQFXHVWDGRUHVDOLJXDOTXHHQODVSHUVRQDOHVVHQHFHVLWDQFRQWUDWDUD
XQ HTXLSR HQWUHQDGR GH SHUVRQDV SDUD KDFHU YHUEDOPHQWH ODV
SUHJXQWDV\JUDEDURDQRWDUODVUHVSXHVWDV/DVHQFXHVWDVWHOHIyQLFDV
QR SHUPLWHQ HO GRPLQLR GH OD VLWXDFLyQ GH HQFXHVWD GH SDUWH GHO
HQFXHVWDGRU \D TXH HO HQFXHVWDGR SXHGH WHUPLQDU OD HQFXHVWD FRQ
PHQRV GLILFXOWDGHV FROJDU HO WHOpIRQR HQ FRPSDUDFLyQ FRQ OD
HQFXHVWD TXH VH UHDOL]D SHUVRQDOPHQWH VX WDVD GH QR UHVSXHVWD HV

PD\RU TXH HQ ODV HQFXHVWDV FDUD D FDUD WDPELpQ HQFXHQWUDQ

OLPLWDFLRQHV FRQ OD FDQWLGDG GH SUHJXQWDV HV FRQYHQLHQWH TXH HO
FXHVWLRQDULRQRVHDH[WHQVR\FRQHOWLSRGHSUHJXQWDVDSODQWHDUODV
SUHJXQWDVFRQPXFKDVRSFLRQHVGHUHVSXHVWDVRQLQYLDEOHVGHKDFHU
(QODVHQFXHVWDVRQOLQHODVGLILFXOWDGHVGHUHWHQFLyQGHOD DWHQFLyQ
VRQ D~Q PD\RUHV SRU OR TXH VH UHFRPLHQGD TXH HQ HVWH FDVR FRPR
FRQ ODV HQFXHVWDV WHOHIyQLFDV ORV FXHVWLRQDULRV \ ODV RSFLRQHV GH
UHVSXHVWDVHDQDFRWDGDV
(QFXHVWD DXWR DGPLQLVWUDGD ODV HQFXHVWDV DXWR DGPLQLVWUDGDV

SXHGHQVHULQGLYLGXDOHVRJUXSDOHVODVHQFXHVWDVLQGLYLGXDOHVSXHGHQ
VHUSRU,QWHUQHWRSRUFRUUHRWUDGLFLRQDOUHTXLHUHQFXHVWLRQDULRVTXH
KDQGHVHUDXWRVFXPSOLPHQWDGRVSRUHOHQFXHVWDGR/DSRSXODULGDG
GH HVWH SURFHGLPLHQWR VH EDVD HQ OD FHUWH]D GH REWHQFLyQ GH XQ
UD]RQDEOHFRQMXQWRGHGDWRVSRUXQPtQLPRFRVWHGHWLHPSR\GLQHUR
HVWH WLSR GH LQYHVWLJDFLyQ VH XWLOL]D PD\RUPHQWH HQ HVWXGLRV GH
HMHFXWLYRV PpGLFRV DOXPQRV R FRQVXPLGRUHV HQ ORV TXH ORV
LQIRUPDQWHV WLHQHQ EDVWDQWH LQWHUpV HQ ORV SURGXFWRV TXH VH HVWiQ
HVWXGLDQGR /D DXWRFXPSOLPHQWDFLyQ HQ JUXSR VH GHVDUUROOD FXDQGR
VHUH~QHDXQJUXSRGHDSHUVRQDVSUHYLRUHFOXWDPLHQWRSRUXQD
HPSUHVD GH VHUYLFLRV DX[LOLDUHV \ VH OHV HQWUHJD XQ FXHVWLRQDULR
LQGLYLGXDO D FDGD XQR /D VHVLyQ SXHGH RUJDQL]DUVH HQ XQ OXJDU GH
FRQWDFWRKDELWXDOSHURORPiVQRUPDOHVTXHVHDHQODVLQVWDODFLRQHV
GH XQD HPSUHVD HVSHFLDOL]DGD GH VHUYLFLRV GH LQYHVWLJDFLyQ R HQ XQ
VDOyQ GH KRWHO HO HQFDUJDGR GH GLULJLU HO FXPSOLPLHQWR GH OD
HQFXHVWDV SXHGH TXH OHD HQ YR] DOWD ODV SUHJXQWDV R DTXHOODV TXH
SXHGDQSUHVHQWDUGXGDVHQVXFRPSUHQVLyQSDUDWRGRVORVDVLVWHQWHV
HVWRD\XGDDODVSHUVRQDVGHPHQRUQLYHOFXOWXUDODHQWHQGHUFyPRVH
GHEH UHVSRQGHU HO FXHVWLRQDULR /D PHMRU VROXFLyQ SDUD TXH OD
HQFXHVWD DGPLQLVWUDGD VH FXPSOD HILFLHQWHPHQWH GHVFDQVD HQ TXH
YDULRV UHVSRQVDEOHV GH OD DGPLQLVWUDFLyQ GH OD HQFXHVWD HVWpQ
SUHVHQWHV \ SXHGDQ LU UHVROYLHQGR ORV SUREOHPDV R LQWHUURJDQWHV
SDUWLFXODUHVGHORVHQFXHVWDGRVVLQQHFHVLGDGGHPROHVWDUDORVGHPiV
SDUWLFLSDQWHV

(OFXHVWLRQDULR
(O FXHVWLRQDULR HV XQ LQVWUXPHQWR FRQVWLWXLGR SRU XQ FRQMXQWR GH
SUHJXQWDV DUWLFXODGDV HQWUH Vt GLULJLGDV D UHJLVWUDU ODV UHVSXHVWDV GH
ORV HQFXHVWDGRV SDUD DVt ORJUD OD REWHQFLyQ GH GDWRV VREUH ODV
YDULDEOHV SUHVHQWHV HQ ORV REMHWLYRV GH LQYHVWLJDFLyQ \ HQ OD
GHILQLFLyQFRQFHSWXDO\RSHUDFLRQDOTXHMXVWLILFDQODVGLPHQVLRQHVGH
DTXHOODV 8Q FXHVWLRQDULR GHEH FXPSOLU GRV LQWHQFLRQHV EiVLFDV
WUDGXFLU ORV REMHWLYRV GHO SUR\HFWR GH LQYHVWLJDFLyQ HQ SUHJXQWDV
HVSHFtILFDV PRWLYDU DOHQFXHVWDGRSDUDTXHFRRSHUH \VXPLQLVWUH
ODLQIRUPDFLyQFRUUHFWD
&RQ UHVSHFWR DO WDPDxR GHO FXHVWLRQDULR HVWR HV VX H[WHQVLyQ VX
FDQWLGDGGHSUHJXQWDVGHSHQGHGHXQDJUDQYDULHGDGGHIDFWRUHV
x HOSUHVXSXHVWRGLVSRQLEOHPD\RUSUHVXSXHVWRSXHGHIDFLOLWDUOD
SURIXQGL]DFLyQ GH OD LQGDJDFLyQ \ SRU HQGH OD FDQWLGDG GH
SUHJXQWDV
x HOSURSyVLWR\REMHWLYRVGHODLQYHVWLJDFLyQ
x OD FDQWLGDG GH YDULDEOHV \ GLPHQVLRQHV TXH FRQWHQJD OD
LQYHVWLJDFLyQ FXiQWRV PiV WHPDV YDULDEOHV \ VXEWHPDV
GLPHQVLRQHVRVXEYDULDEOHVFRQWHQJDHOHVWXGLRPiVFDQWLGDG
GHSUHJXQWDVGHEHUiWHQHUHOFXHVWLRQDULR
x ODHGDGGHODVSHUVRQDVVXVFHSWLEOHVGHVHUHQWUHYLVWDGDV
x HO WLSR GH HQFXHVWD HVWR HV VL OD HQFXHVWD HV WHOHIyQLFD
SHUVRQDORDXWRDGPLQLVWUDGD
x HOWLSR\FRPSOHMLGDGGHODVSUHJXQWDVLQFOXLGDV
x ODViUHDVJHRJUiILFDVGRQGHVHUHDOL]DUiHOVRQGHR
x HOWLSRGHORFDOL]DFLyQHQTXHVHKDUiQODVHQWUHYLVWDV
x ODpSRFDGHODxRODKRUDGHOGtD
x HOWLSRGHHQFXHVWDGRUSURIHVLRQDORQRYDWR\
x HOVXSXHVWRLQWHUpVGHORVUHVSRQGLHQWHVVREUHHOWHPDFXDQWR
PiV LQWHUpV PD\RU SUREDELOLGDG GH TXH FRQWHVWHQ PiV
SUHJXQWDV

/D H[WHQVLyQ GHO FXHVWLRQDULR HV GH YLWDO LPSRUWDQFLD HQ FXDOTXLHU
WLSRGHHQFXHVWD\DTXHJXDUGDXQDHVWUHFKDUHODFLyQFRQHOtQGLFHGH
ILQDOL]DFLyQ¢&XiQWDVSUHJXQWDVKDFHQIDOWDSDUDPHGLUXQDYDULDEOH"
(Q RFDVLRQHV VyOR EDVWD XQD SUHJXQWD SDUD SURGXFLU OD LQIRUPDFLyQ
QHFHVDULD SRU HMHPSOR SDUD PHGLU HO QLYHO GH HVFRODULGDG GH XQD
PXHVWUD DOFDQ]DU FRQ SUHJXQWDU ¢+DVWD TXp DxR HVFRODU FXUVy" R
¢FXiO HV VX JUDGR Pi[LPR GH HVWXGLRV" (Q RWUDV VLWXDFLRQHV HV
QHFHVDULRHODERUDUYDULDVSUHJXQWDVDILQGHYHULILFDUODFRQVLVWHQFLD
GH ODV UHVSXHVWDV SRU HMHPSOR HO QLYHO HFRQyPLFR SXHGH PHGLUVH
SUHJXQWDQGR VREUH ODV SURSLHGDGHV ODV LQYHUVLRQHV \ OD VLWXDFLyQ
ODERUDOTXHRFXSDODSULQFLSDOIXHQWHGHLQJUHVRVGHODIDPLOLD6LXQD
SUHJXQWD HVVXILFLHQWH QRHVQHFHVDULRLQFOXLU PiVORVFXHVWLRQDULRV
ODUJRVFDXVDQIDWLJD\EDMRtQGLFHGHFXPSOLPHQWDFLyQ
(Q OD PD\RUtD GH ORV FDVRV OD H[WHQVLyQ ILQDO GHO FXHVWLRQDULR VH
HVWDEOHFHSRUHQVD\R\HUURUDWUDYpVGHORTXHVHGHQRPLQDSUXHED
GHFXHVWLRQDULRHVWDVHUHDOL]DDXQDFDQWLGDGUHGXFLGDGHOXQLYHUVR
FRQ OD H[FOXVLYD ILQDOLGDG GH FRPSUREDU VL ODV SUHJXQWDV VRQ
HQWHQGLEOHV D ORV HQFXHVWDGRV \ TXH VX WDPDxR UHVXOWH GHPDVLDGR
DJRWDGRU 8Q FXHVWLRQDULR TXH QR HV ILQDOL]DGR SRU XQ SRUFHQWDMH
VLJQLILFDWLYDPHQWH GH ORV HQFXHVWDGRV VH OR FRQVLGHUD GHPDVLDGR
ODUJR
7LSRVGHSUHJXQWDV
(QORVFXHVWLRQDULRVSXHGHQLQFOXLUVHGRVWLSRVEiVLFRVGHSUHJXQWDV
GHUHVSXHVWDDELHUWD\FHUUDGD/DVSUHJXQWDVGHUHVSXHVWDFHUUDGD
FRQWLHQHQ RSFLRQHV TXH KDQ VLGR FRQVWUXLGDV DQWHV GHO WUDEDMR GH
FDPSR VH OH SUHVHQWDQ D ORV HQFXHVWDGRV ODV SRVLELOLGDGHV GH
UHVSXHVWD \ HOORVGHEHQOLPLWDUVH D VHOHFFLRQDU VREUH pVWDV (QHVWDV
SUHJXQWDV³FHUUDGDVÓDVFDWHJRUtDVGHUHVSXHVWDVRQGHILQLGDVDSULRUL
SRU HO LQYHVWLJDGRU \ VH OH GHVSOLHJDQ DO UHVSRQGLHQWH TXLHQ GHEH
HOHJLU OD DOWHUQDWLYD TXH GHVFULED PiV DGHFXDGDPHQWH VX UHVSXHVWD
HVWDPRGDOLGDGJR]DGHJUDQSRSXODULGDGGDGDODPD\RUXQLIRUPLGDG
GHUHVSXHVWDTXHSURSRUFLRQDHOWLHPSRTXHDKRUUDSDUDFRGLILFDUODV

UHVSXHVWDV GH FDGD HQFXHVWDGR \ DVt SURFHVDUODV FRQ FHOHULGDG \

VHQFLOOH]HQVXFXDQWLILFDFLyQ\DQiOLVLVSRVWHULRU(OWLSRPiVVLPSOH
GH SUHJXQWD FHUUDGD HV HO TXH RIHUWD XQD UHVSXHVWD GLFRWyPLFD
XVXDOPHQWHGHOWLSR³GHDFXHUGRHQGHVDFXHUGR´R³VtQR´
¢5HFXHUGDKDEHUYLVWRDOJXQDSURPRFLyQGH%LGX&ROD"
6L1R
¢(VWi8GDIDYRURHQFRQWUDGHODXPHQWRHQODVWDULIDVS~EOLFDV"
$IDYRU(QFRQWUD
2WURWLSRGHSUHJXQWDVFHUUDGDVVRQODVGHQRPLQDGDVGH DOWHUQDWLYDV
P~OWLSOHVFXHQWDQFRQPiVGHGRVRSFLRQHVGHUHVSXHVWD\SHUPLWHQ
TXHHOHQFXHVWDGRSXHGDHVFRJHUSRUXQDRSFLyQHQWUHYDULDVHQHVWH
WLSRGHSUHJXQWDVVHKDQGHLQFOXLUWRGDVODVUHVSXHVWDVSRVLEOHVTXH
SXHGDQ VXUJLU GHQWUR GH OtPLWHV UD]RQDEOHV QR VH GHEHQ LQFOXLU
GHPDVLDGDV RSFLRQHV SRUTXH SXHGHQ GHVRULHQWDU OD UHVSXHVWD R
UHWUDVDU OD GXUDFLyQ GH OD ILQDOL]DFLyQ GHO FXHVWLRQDULR VX YHQWDMD
UDGLFD HQ TXH DO KDEHU PiV RSFLRQHV HO HQFXHVWDGR SXHGH KDOODU HQ
pVWDVPD\RUFRUUHVSRQGHQFLDFRQVXSHQVDPLHQWRDQWHORSUHWHQGLGR
HQODSUHJXQWD6XPD\RULQFRQYHQLHQWHHVTXHDOJXQDVRSFLRQHVGH
UHVSXHVWDVLPSRUWDQWHVSDUDHOHQFXHVWDGRSXHGHQQRHVWDULQFOXLGDV
XQD PDQHUD GHVROYHQWDUHVWHSUREOHPD FRQVLVWH HQDxDGLUODRSFLyQ
³RWURV´VHJXLGDGHXQDOtQHDHQEODQFRSDUDTXHHOHQFXHVWDGRWHQJD
RFDVLyQGHH[SUHVDUVXSURSLDLGHDHQHVHFDVRODRSFLyQ³RWURV´HV
DQDOL]DGDFRPRXQDSUHJXQWDDELHUWDFRQVXFRUUHVSRQGLHQWHDQiOLVLV
GHFRQWHQLGR\FRQXQDSRVFRGLILFDFLyQGHODVFDWHJRUtDVHPHUJHQWHV
(QORVVLJXLHQWHVHMHPSORVVHSUHVHQWDQGRVYDULDQWHVXQDHQODTXH
VyOR VH GHEH HOHJLU XQD RSFLyQ \ RWUD GRQGH HO UHVSRQGLHQWH SXHGH
HVWDEOHFHUYDULDVRSFLRQHVGHUHVSXHVWDVLDVtORQHFHVLWDSDUDVHQWLUVH
VDWLVIHFKRFRQORTXHTXLHUHUHVSRQGHU

¢6HxDOH FXiO FRQVLGHUD 8G OD SULQFLSDO SULRULGDG GHO SUy[LPR

JRELHUQR"
0DQWHQHUODHVWDELOLGDG
*HQHUDUHPSOHR
$FDEDUFRQODFRUUXSFLyQ
'LVPLQXLUODSREUH]D
0HMRUDUODHGXFDFLyQ
0HMRUDUODVDOXG
0HMRUDUORVVDODULRV
2WUR
¢&XiOHVGHODVVLJXLHQWHVVLWXDFLRQHVVRQODVLPSRUWDQWHVSDUD8G"
,QHVWDELOLGDGHFRQyPLFD
'HVHPSOHR
%DMRVVDODULRV
,QVHJXULGDG
0DODFDOLGDGGHODHGXFDFLyQ
&DOLGDG\FRVWRGHORVVHUYLFLRVGHVDOXG
&RUUXSFLyQHQHOJRELHUQR
&RVWR\FDOLGDGGHORVVHUYLFLRVS~EOLFRV
2WUR

(QHVWH~OWLPRHMHPSORDOJXQRVUHVSRQGLHQWHVSXHGHQOOHJDUDPDUFDU
HQWUH XQD \ QXHYH RSFLRQHV \D TXH ODV FDWHJRUtDV QR VRQ
PXWXDPHQWH H[FOX\HQWHV (Q RWUDV RFDVLRQHV FRPR HO SUy[LPR
HMHPSORHOUHVSRQGLHQWHWLHQHTXHMHUDUTXL]DURSFLRQHVODWpFQLFDGH
OD RUGHQDFLyQ MHUiUTXLFD UHVXOWD DSURSLDGD FXDQGR HO HTXLSR GH LQ
YHVWLJDFLyQ SUHWHQGH DYHULJXDU OD SHUFHSFLyQ UHODWLYD GH ORV
HQFXHVWDGRVHQWUHYDULRVFRQFHSWRVRHOHPHQWRV
$ FRQWLQXDFLyQ VH PHQFLRQDQ XQD VHULH GH RILFLRV R SURIHVLRQHV

2UGpQHORV SRU IDYRU HQ WpUPLQRV GH VX SUHVWLJLR FRQFHGLHQGR XQR
D OD DFWLYLGDG GH PD\RU SUHVWLJLR GRV D OD VHJXQGD \ DVt
VXFHVLYDPHQWH
%DQTXHUR'HQWLVWD$ERJDGR2ILFLDOGHSROLFtD
0pGLFR3ROtWLFR%LEOLRWHFDULR0DHVWUR
/DV SUHJXQWDV GHUHVSXHVWDDELHUWDVROLFLWDQDOLQWHUURJDGRTXHVH

H[SUHVH FRQ VXV SURSLDV SDODEUDV \ QR GHOLPLWDQ GH DQWHPDQR ODV
SRVLELOLGDGHVGHUHVSXHVWDVHUHFRPLHQGDXWLOL]DUODVFXDQGRVHGHVHD
DPSOLDUODUHVSXHVWDFRPRFRPSOHPHQWRGHXQDSUHJXQWDFHUUDGDGHO
PLVPR FXHVWLRQDULR R FXDQGR VH GHVFRQRFHQ ODV SRVLEOHV UHVSXHVWDV
GH ORV HQFXHVWDGRV /DV SUHJXQWDV GH UHVSXHVWD DELHUWDV UHVXOWDQ GH
HVSHFLDO XWLOLGDG HQ ORV FXHVWLRQDULRV GH HQVD\R SUHYLR FXDQGR ORV
LQYHVWLJDGRUHV QR WLHQHQ XQD LGHD GHILQLWLYD VREUH HO WLSR GH
UHVSXHVWDV TXH SRGUtDQ REWHQHUVH OD SRVLELOLGDG GH TXH ORV HQ
FXHVWDGRV FRQWHVWHQ HVSRQWiQHDPHQWH D\XGDUi OXHJR D VHOHFFLRQDU
ODVPiVQRPEUDGDVFRQHOILQGHHODERUDUODVFDWHJRUtDVGHUHVSXHVWDV
P~OWLSOHV HQ HO FXHVWLRQDULR GHILQLWLYR 6X XWLOL]DFLyQ HV
UHFRPHQGDEOH FXDQGR VH TXLHUH HODERUDU LQIRUPDFLyQ QR VyOR GH OR
GHQRWDGR HQ OD UHVSXHVWD ORV FRQWHQLGRV VLQR FXDQGR VH EXVFD
VRQGHDU VREUH OR FRQQRWDGR GHO WHPD ODV IRUPDV GH H[SUHVLyQ R HO
WLSRGHSDODEUDVHPSOHDGDVODH[SUHVLyQGHVHQYXHOWDGHOHQFXHVWDGR
DQWHODSUHJXQWDSRVLELOLWDTXHVHSXHGDDQDOL]DUFRQQRWDGDPHQWHORV
VLJQLILFDGRVUHODFLRQDGRVFRQORTXHVHH[SUHVD

/DV SUHJXQWDV DELHUWDV IDFLOLWDQ XQD OLEHUWDG GH UHVSXHVWD \ OD

SRVLELOLGDG GH XQD H[SRVLFLyQ GH PD\RU SURIXQGLGDG TXH FRQ XQD
SUHJXQWDGHRSFLyQFHUUDGDDOWLHPSRTXHSHUPLWHQLQGDJDUVREUHHO
FyPR \ HO SRUTXp GH ODV PDQLIHVWDFLRQHV GH ORV HQFXHVWDGRV GLFKD
IOH[LELOLGDG SDUD FRPSUREDU R VHJXLU HO UD]RQDPLHQWR GH XQ DVXQWR
SRVLELOLWD OD UHFRSLODFLyQ GH LQIRUPDFLyQ VREUH ORV VHQWLPLHQWRV \
PRWLYDFLRQHVVXE\DFHQWHVDODVUHVSXHVWDVFRQHVWHWLSRGHSUHJXQWDV
VH SXHGHQ REWHQHU UHVSXHVWDV QR SUHYLVWDV SDUD OD HODERUDFLyQ ILQDO
GHOFXHVWLRQDULRORTXHIDFLOLWDODFRQIHFFLyQGHQXHYDVFDWHJRUtDVGH
UHVSXHVWDV(QHOFDVRGHTXHODVSUHJXQWDVDELHUWDVSHUPDQH]FDQHQ
HOFXHVWLRQDULRGHILQLWLYRODVSDODEUDVTXHXWLOL]DQORVUHVSRQGLHQWHV
SXHGHQGDULQGLFDFLyQGHVLJQLILFDGRVDGLFLRQDOHV\HQULTXHFHUDVtHO
DQiOLVLV SRVWHULRU &RPR SURWRWLSRV GH HVWH WLSR GH SUHJXQWDV VH
SUHVHQWDWUHVHMHPSORVHQODVTXHHOHQFXHVWDGRWLHQHWRWDOOLEHUWDGGH
UHVSRQGHU\HOHQFXHVWDGRUGHEHILHOPHQWHUHJLVWUDUORTXHGLJD
¢&XiO HV HO SULQFLSDO REVWiFXOR TXH HQFXHQWUD HQ VX SUiFWLFD
SHGDJyJLFD"
¢4XpVLJQLILFDSDUD8GODILGHOLGDGGHQWURGHODSDUHMD"
¢&yPRGHVFULELUtDVDORVFKLFRVTXHUHSLWHQHODxR"
(O SULQFLSDO LQFRQYHQLHQWH TXH DFRPSDxD D ODV SUHJXQWDV FRQ

UHVSXHVWDDELHUWDVHVHOWLHPSRTXHFRQVXPHDOLQYHVWLJDGRUWDQWRHQ
HO UHJLVWUR GH OD LQIRUPDFLyQ FRPR HQ VX DQiOLVLV SRVWHULRU OD
GHQRPLQDGD SRVW FDWHJRUL]DFLyQ GH ODV UHVSXHVWDV (VWDV SUHJXQWDV
H[LJHQ TXH ORV HQWUHYLVWDGRUHV JDVWHQ EDVWDQWH WLHPSR DQRWDQGR
ILHOPHQWHORTXHPDQLILHVWDHOHQFXHVWDGR$OH[LVWLUJUDQYDULHGDGGH
GHFODUDFLRQHV SRVLEOHV SRVWHULRUPHQWH DO WUDEDMR GH FDPSR VH KDFH
QHFHVDULR XQD OHFWXUD SRUPHQRUL]DGD \ XQ DQiOLVLV H[KDXVWLYR GHO
PDWHULDOREWHQLGREXVFDQGRSDWURQHVGHUHVSXHVWDHQWUHODVGLYHUVDV
FRQWHVWDFLRQHV \ SRVW FDWHJRUL]DQGR D FDGD XQD GH HVWDV GHQWUR GH
FDWHJRUtDPiVJHQHUDOHVSDUDWUDQVIRUPDUODVHQGDWRVTXHSXHGDQVHU
FRGLILFDGRV\WDEXODGRV

(Q VtQWHVLV HO XVR GH SUHJXQWDV FHUUDGDV R DELHUWDV REHGHFH D

GLIHUHQWHVQHFHVLGDGHV\REMHWLYRVGHLQYHVWLJDFLyQ$OJXQDVYHFHVVH
LQFOX\HQ VRODPHQWH SUHJXQWDV ³FHUUDGDV´ FXDQGR ORV WHPDV VRQ
FRQFHSWXDOPHQWH PX\ FRQYHQFLRQDOHV R HVWiQ SUHYLDPHQWH PX\
WUDEDMDGRVGHVGHXQDSUXHEDGHFXHVWLRQDULRRWUDVYHFHV~QLFDPHQWH
SUHJXQWDV ³DELHUWDV´ FXDQGR OD LQYHVWLJDFLyQ HV H[SORUDWRULD \
QHFHVLWD FDSWDU ORV WpUPLQRV R FRQFHSWRV TXH HPSOHDQ ORV
HQFXHVWDGRV \ HQ FLHUWRV FDVRV DPERV WLSRV GH SUHJXQWDV GH IRUPD
VHSDUDGD R DUWLFXODGDV HQWUH Vt FXDQGR VH TXLHUH VLVWHPDWL]DU ODV
UHVSXHVWDV\DODYH]SURIXQGL]DUVREUHODVPLVPDV
3DXWDVJHQHUDOHVHQODUHGDFFLyQGHODVSUHJXQWDVGHOFXHVWLRQDULR
(O FXHVWLRQDULR GHEH RUJDQL]DUVH VLJXLHQGR XQD VHFXHQFLD OyJLFD

SDUWLHQGRGHORJHQpULFR\GHVHPERFDQGRHQORHVSHFtILFRVHFXHQFLD
GHHPEXGRRGHVGHORSDUWLFXODUKDFLDORPiVJHQHUDOVHFXHQFLDGH
HPEXGR LQYHUWLGR /RV H[SHUWRV VXHOHQ LQFOXLU XQ SDU GH SUHJXQWDV
³GH FDOHQWDPLHQWR´ SDUD LU SUHSDUDQGR DO HQFXHVWDGR \ VLWXDU VX
SHQVDPLHQWRHQWRUQRDOWHPDGLFKDVSUHJXQWDVSUHOLPLQDUHVWDPELpQ
SXHGHQ VHUYLU SDUD FUHDU PRWLYDFLyQ H LQWHUpV GH FRQWLQXDU
UHVSRQGLHQGRODVSUHJXQWDVGHOFXHVWLRQDULR
(VDFRQVHMDEOHTXHORVWHPDVFRPXQHVHVWpQMXQWRVHQODVGLIHUHQWHV
VHFFLRQHV GHO FXHVWLRQDULR SRU HMHPSOR ORV WHPDV TXH DOXGHQ D ODV
FRQGLFLRQHV GH OD YLYLHQGD D OD VLWXDFLyQ ODERUDO D OD VLWXDFLyQ
HGXFDWLYDGHOUHVSRQGLHQWHGHOKRJDUQRGHEHQHVWDUHQWUHPH]FODGRV
(V PX\ LPSRUWDQWH WHQHU HQ FXHQWD DOJXQDV UHFRPHQGDFLRQHV
JHQHUDOHVSDUDODUHGDFFLyQGHODVSUHJXQWDVGHOFXHVWLRQDULR
x 5HGDFWDU ODV SUHJXQWDV GH IRUPD VHQFLOOD OD FODULGDG HQ OD
UHGDFFLyQGHODVSUHJXQWDVHVXQUHTXLVLWRH[LJLGRHQWRGRVORVWH[WRV
GH PHWRGRORJtD HVWR REOLJD D HYLWDU SDODEUDV VRILVWLFDGDV R HVSH
FLDOL]DGDV R HO XVR GH XQ OHQJXDMH DIHFWDGR ODV SUHJXQWDV SRU OR
WDQWRKDQGHUHGDFWDUVHQRHQIRUPDSHUIHFWDRPX\DUWLILFLDOVLQRHQ
XQ OHQJXDMH FRORTXLDO VLQ WHFQLFLVPRV R MHUJDV FLHQWtILFDV (O WHPD

GHO DMXVWH GH OD UHGDFFLyQ GH OD SUHJXQWD FRQ UHVSHFWR D OD
FRPSUHQVLELOLGDG SUHYLVWD GH ORV UHFHSWRUHV VXSRQH XQ WHPD PX\
FRPSOHMR \D TXH ODV HQFXHVWDV VXHOHQ DSOLFDUVH D XQD SREODFLyQ
KHWHURJpQHDHQFXDQWRDOOHQJXDMH\HQFXDQWRDOQLYHOVRFLRFXOWXUDO
ORLQLQWHOLJLEOHRORYXOJDUHQHOOHQJXDMHGHSHQGHGHOHVSDFLRVRFLDO
GRQGHVHIRFDOLFHODLQYHVWLJDFLyQHQJHQHUDOVDOYRTXHVHKDJDXQD
LQYHVWLJDFLyQ SDUD XQD VXESREODFLyQ HVSHFLDO TXH PDQHMH
FRQFHSWXDOL]DFLRQHV WpFQLFDV R PX\ HVSHFtILFDV HQ VX OHQJXDMH
FRWLGLDQRFRPRSRUHMHPSORORVPpGLFRVRWUDEDMDGRUHVWpFQLFRVHO
QLYHO GH YRFDEXODULR PiV DGHFXDGR GHEHUtD VHU HO HPSOHDGR HQ HO
KDEODFRUULHQWHGHHVDSREODFLyQ
x (YLWDU ODV SUHJXQWDV \ FDWHJRUtDV GH UHVSXHVWDV H[WHQVDV DO
LQWHQWDU VHUSUHFLVRV \ HYLWDU OD DPELJHGDG VH FDH D YHFHV HQ XQD
UHGDFFLyQODUJD\FRPSOLFDGDSRUHOFRQWUDULRTXLHQUHVSRQGHVXHOH
DQGDUFRQSULVDSRUDFDEDUHOFXHVWLRQDULR\QROHJXVWDSHUGHUWLHPSR
HQFRPSUHQGHUFRUUHFWDPHQWHODLQWHQFLyQGHTXLHQUHGDFWyODIUDVH
HV SRU HOOR TXH VH UHFRPLHQGD ODV IUDVHV FRUWDV \ FRQFLVDV TXH QR
DGPLWDQPDODVLQWHUSUHWDFLRQHV
x 5HFRUGDU ORV REMHWLYRV GH OD LQYHVWLJDFLyQ HV LPSRUWDQWH TXH
HQ HO FXHVWLRQDULR VyOR VH LQFOX\DQ SUHJXQWDV GLUHFWDPHQWH
UHODFLRQDGDVFRQHOWHPDTXHVHTXLHUHLQYHVWLJDUSRUHMHPSORVLHO
WLSR GH SURIHVLyQ IXHUD XQD FXHVWLyQ LUUHOHYDQWH SDUD HO DQiOLVLV QR
KD\SRUTXHSUHJXQWDUOR
x 1R KDFHU SUHJXQWDV GH GREOH FXHUSR HV DTXHOOD SUHJXQWD TXH
FRQWLHQHHQUHDOLGDGGRVRPiVFXHVWLRQHVHQHOPLVPRPRPHQWRHQ
TXHODFRQMXQFLyQ³\´DSDUH]FDHQODUHGDFFLyQKDEUtDTXHUHYLVDUOD
UHGDFFLyQ SDUD YHU VL KD\ PiV GH XQD SUHJXQWD SODQWHDGD 8QD
LOXVWUDFLyQ GH HVWR VHUtD OR VLJXLHQWH (O SURJUDPD &DIp )DVKLRQ HV
GLYHUWLGR\SLFDQWH¢HVWiXVWHGGHDFXHUGRRHQGHVDFXHUGR"&RPR
XQ SURJUDPD SXHGH VHU GLYHUWLGR SHUR QR QHFHVDULDPHQWH DOXGLU DO
VH[RTXLHQFRQWHVWDSXHGHHVWDUGHDFXHUGRFRQODVHJXQGDSDUWHGH
ODSUHJXQWDSHURQRQHFHVDULDPHQWHFRQODSULPHUDSRUORTXHKDEUtD
TXHGLYLGLUHQGRVSDUWHVGLIHUHQWHVODUHGDFFLyQDQWHULRU
x 3UHVFLQGLU GH ORV WpUPLQRV VHVJDGRV R UHFDUJDGRV

HPRFLRQDOPHQWHHQODSUHJXQWD(QVXWLHPSROLEUH¢VXHOHXVWHGOHHU
OLEURV R VLPSOHPHQWH YH WHOHYLVLyQ" OD SDODEUD VLPSOHPHQWH
LQWURGXFH XQ VHVJR HYLGHQWH HQ IDYRU GH OD OHFWXUD GH OLEURV DO
LQVLQXDUTXHQRHVWDQLPSRUWDQWHORVHJXQGR
x (YLWDU ODV SUHJXQWDV GLULJLGDV DTXHOODV TXH LPSOtFLWDPHQWH
VXJLHUHQODUHVSXHVWDRFRQWLHQHQXQDSUHPLVDRFXOWD3RUHMHPSORVL
VH SUHJXQWD ¢&RPR OD PD\RUtD GH ORV SRUWHxRV OHH XVWHG XQ
SHULyGLFRWRGRVORVGtDV"HQHVWHFDVRVHVXJLHUHDOHQFXHVWDGRTXH
GHEH UHVSRQGHU TXH Vt R GH OR FRQWUDULR FRUUH HO ULHVJR GH QR VHU
FRQVLGHUDGRFRPRODPD\RUtDGHORVSRUWHxRV
x 1R KDFHU SUHJXQWDV TXH VROLFLWHQ XQD LQIRUPDFLyQ PX\
PLQXFLRVD OD SUHJXQWD (Q ORV ~OWLPRV GtDV ¢FXiQWDV KRUDV GH
WHOHYLVLyQ YLR XVWHG FRQ VX IDPLOLD" HV LOXVRULD SXHV SRFRV
HQFXHVWDGRV VHUtDQ FDSDFHV GH UHFRUGDU \ FRQWDELOL]DU HQ HVD
H[LJHQFLDGHWLHPSR
x (YDGLU ODV SUHJXQWDV HPEDUD]RVDV HQ DOJXQDV HQFXHVWDV VH
QHFHVLWD REWHQHU LQIRUPDFLyQ GH QDWXUDOH]D FRQILGHQFLDO R SULYDGD
SHURHOSODQWHDPLHQWRGLUHFWRGHODVXQWRSRGUtDFDXVDUYHUJHQ]D\HQ
HVH FDVR ORV HQFXHVWDGRV WHQGHUtDQ D QR UHVSRQGHU FRQ VLQFHULGDG
3UHJXQWDUVLQDQHVWHVLD¢$FRVWXPEUDFRQVXPLUDOJ~QWLSRGHEHELGD
DOFRKyOLFD" WLHQGH D SURYRFDU UHFKD]R R D PHQWLU (V PHMRU
SUHJXQWDU ¢$OJXQR GH VXV DPLJRV DFRVWXPEUD FRQVXPLU DOJ~Q WLSR
GH EHELGD DOFRKyOLFD" \ GHVSXpV XWLOL]DU SUHJXQWDV VXWLOHV TXH
LQGLUHFWDPHQWH LQGLTXHQ VL OD SHUVRQD DFRVWXPEUD D FRQVXPLU HVWH
WLSR GH EHELGDV /DV FDWHJRUtDV SURSXHVWDV GHEHQ VHU OR
VXILFLHQWHPHQWHDPSOLDVFRPRSDUDSHUPLWLUFLHUWDSULYDFLGDGSHUROR
VXILFLHQWHPHQWH UHGXFLGDV FRPR SDUD IDFLOLWDU HO DQiOLVLV HVWDGtVWLFR
2WURVFDPSRVVHQVLEOHV GHDERUGDU DWUDYpVGHXQDHQFXHVWD VRQODV
UHODFLRQHVVH[XDOHVORVSUREOHPDVGHVDOXGHOFRQVXPRGHGURJDVOD
UHOLJLyQRODVSUiFWLFDVFRPHUFLDOHVHQODVTXHSRUHQFLPDGHWRGR
KD\TXHWHQHUHVSHFLDOFXLGDGRVLHPSUHTXHVHDSRVLEOHGHDVHJXUDU
DOHQWUHYLVWDGRODFRQILGHQFLDOLGDG\VXDQRQLPDWR
/RV GDWRV VRFLRGHPRJUiILFRV ODV SUHJXQWDV SHUVRQDOHV \ FLHUWRV

WHPDVGHOLFDGRVVHVXHOHQGHMDUSDUDHOILQDOGHOFXHVWLRQDULRDILQGH
SHUPLWLU TXH HO HQFXHVWDGRU KD\D HVWDEOHFLGR XQD UHODFLyQ GH
FRQILDQ]D FRQ HO HQFXHVWDGR +D\ H[FHSFLRQHV FRQ UHVSHFWR D OD
LQIRUPDFLyQVREUHHGDG\VH[RFXDQGRGHEHQSODQWHDUVHDOSULQFLSLR
GHOFXHVWLRQDULRSDUDVHOHFFLRQDUTXLHQHVHQWUDQGHQWURGHOXQLYHUVRD
HQFXHVWDU\TXLpQHVQRGHEHQUHVSRQGHUODVSUHJXQWDVGHODHQFXHVWD
(VFDODVGHSHUFHSFLyQ\GHDFWLWXG
&XDQGR ORV LQYHVWLJDGRUHV SUHWHQGHQ DERUGDU FXDQWLWDWLYDPHQWH

REMHWRV GH HVWXGLR TXH UHTXLHUHQ GHO UHJLVWUR FRPSOHMR GH DTXHOODV
YDULDEOHVVXE\DFHQWHVHQODVXEMHWLYLGDGFRPRODVDFWLWXGHVRGHEDMD
UHIOH[LYLGDGHQVXPDWHULDOL]DFLyQFRWLGLDQDFRPRODVSHUFHSFLRQHV\
ORV SRVLFLRQDPLHQWRV VXEMHWLYRV UHVSHFWR D WHPDV RUJDQL]DFLRQHV R
SHUVRQDV VH SXHGH XWLOL]DU HO UHFXUVR GH ODV HVFDODV HVWRV VRQ
GLVSRVLWLYRVTXHVHKDQHODERUDGR\HPSOHDGRHQODV~OWLPDVGpFDGDV
SDUD REWHQHU XQD PHGLFLyQ VLVWHPDWL]DGD GH HVWDV UHDOLGDGHV HOORV
VRQ FDSDFHV GH PHGLU OD FRPSOHMLGDG GH OD YDULDEOH QR VyOR FRQ
UHVSHFWR D VX PDQLIHVWDFLyQ JOREDO VLQR WDPELpQ D VXV GLPHQVLRQHV
FRQVWLWXWLYDV
/DVHVFDODVVRQLQVWUXPHQWRVSDUDUHJLVWUDUFXDQWLWDWLYDPHQWHRSDUD
DSUR[LPDUVH VREUH HOHPHQWRV GH OD VXEMHWLYLGDG HVWRV LQVWUXPHQWRV
VHXWLOL]DQ DPHQXGR GHQWURGHXQFXHVWLRQDULRRFRPSOHPHQWDQGR
OD LQIRUPDFLyQ GH pVWH VH HPSOHDQ FXDQGR VH SHUVLJXH OD PHGLFLyQ
DVLJQDFLyQGHYDORUHVQXPpULFRV\HVFDODFLyQMHUDUTXL]DFLyQHQOD
UHVSXHVWDGHORVDWULEXWRVGHXQREMHWR(MXQDPDUFDRSURGXFWR
GHXQDSHUVRQD(MXQFDQGLGDWRSROtWLFRRIXQFLRQDULRQDFLRQDOGH
XQD LQVWLWXFLyQ (M XQD XQLYHUVLGDG R HPSUHVD R GH XQ IHQyPHQR
VRFLDO(MXQFRPSRUWDPLHQWRGHFRQVXPRVREUHORVTXHVHTXLHUD
HVWDEOHFHU OD SHUFHSFLyQ R OD DFWLWXG TXH GHWHUPLQDGDV SHUVRQDV
WLHQHQKDFLDHOORV$OJXQDVGHODVHVFDODVPiVXWLOL]DGDVVRQODVTXH
VHRULHQWDQDPHGLUODSHUFHSFLyQ\ODDFWLWXG

(VFDODGH/LNHUW
3HUJHxDGD SRU HOSVLFyORJR 5HQVLV /LNHUW HQ HVWHLQVWUXPHQWR

SUHWHQGH PHGLU ODV DFWLWXGHV GH ORV LQGLYLGXRV DQWH XQ UHIHUHQWH
WHPiWLFR /D DFWLWXG VH SXHGH GHILQLU FRPR XQ HVWDGR PHQWDO
FRJQLWLYR \ HPRWLYR TXH SUHGLVSRQH DO LQGLYLGXR \ D ORV JUXSRV
VRFLDOHVDDFWXDUSHQVDU\VHQWLUHQUHODFLyQDXQREMHWRRWHPDODV
DFWLWXGHV VRQ SUHGLVSRVLFLRQHV LQWHULRUHV GHO VXMHWR GH EDMR QLYHO GH
FRQFLHQFLD TXH VH FRPSRQHQ GH WUHV GLPHQVLRQHV GLVWLQJXLEOHV
DQDOtWLFDPHQWHSHURTXHHQODUHDOLGDGVXEMHWLYDIXQFLRQDQGHIRUPD
HQWUHOD]DGD
D 'LPHQVLyQ FRJQLWLYD VH GHULYD GHO FRQRFLPLHQWR \ OD

LQIRUPDFLyQTXHODSHUVRQDWLHQHVREUHXQDHQWLGDGGHUHIHUHQFLD/RV
REMHWRV VREUH ORV TXH VH SRVHH PHQRU JUDGR GH LQIRUPDFLyQ
LPSOLFDUiQXQQLYHOGHDFWLWXGPiVGpELO\YLFHYHUVD
E'LPHQVLyQHPRFLRQDOUHPLWHDODVYLYHQFLDVDIHFWLYDVGHFDUiFWHU
SVLFRILVLROyJLFRTXHHOLQGLYLGXRSURGXFHDQWHORVREMHWRVGHLQWHUpV
GH OD LQYHVWLJDFLyQ /DV DFWLWXGHV VREUH FRVDV VREUH ODV TXH VH KDQ
WHQLGRH[SHULHQFLDV GLUHFWDV VXSRQGUiQ PD\RU IXHU]D HPRFLRQDO TXH
DTXHOODVFRQODVTXHVHWXYRXQDYLQFXODFLyQLQGLUHFWD
F'LPHQVLyQFRQGXFWXDOUHVXOWDGHODWHQGHQFLDDFRPSRUWDUVHDQWH
ORVREMHWRVHQFXHVWLyQTXHVHYLQFXODFRQODVRWUDVGRVGLPHQVLRQHV
GHODDFWLWXG
/DV DFWLWXGHV VRQ FRQIRUPDGDV HQ OD VXEMHWLYLGDG D SDUWLU GH OD
H[SHULHQFLD LQGLYLGXDO \ VRFLDO TXH OD SHUVRQD DWUDYLHVD HQ VX YLGD
FRWLGLDQD \ HQ VX GHSHQGHQFLD FRQ ORV PHGLRV GH FRPXQLFDFLyQ
HVWiQUHODFLRQDGDV VXE\DFHQWHPHQWH FRQ HO FRPSRUWDPLHQWRTXHVH
PDQWLHQHHQUHODFLyQDORVGLIHUHQWHVWHPDVDOVHUVyORXQLQGLFDGRU
GH OD FRQGXFWD \ QR OD FRQGXFWD HQ Vt ODV DFWLWXGHV SXHGHQ VHU
XWLOL]DGDV SDUD HYDOXDU \ DQWLFLSDU FRQ FLHUWD SUREDELOLGDG ODV
DFFLRQHVIXWXUDV GHODVSHUVRQDV HVSRU HOORTXH ODV PHGLFLRQHVGH

DFWLWXGHVGHEHQLQWHUSUHWDUVHFRPR³VtQWRPDV´\QRFRPRORVKHFKRV
HQ Vt PLVPRV /DV DFWLWXGHV WLHQHQ GRV SURSLHGDGHV EiVLFDV XQD
GLUHFFLyQSRVLWLYDRQHJDWLYD\XQDLQWHQVLGDGHOHYDGDREDMDFRQ
UHVSHFWR D XQ WHPD X REMHWR HVWDV SURSLHGDGHV IRUPDQ SDUWH GH OD
HODERUDFLyQ GH HVWH LQVWUXPHQWR GH PHGLFLyQ (O WHVW GH /LNHUW
FRQVLVWHHQXQDHVWUXFWXUDGHDILUPDFLRQHVHQQHJDWLYR\HQSRVLWLYR
FRQUHVSHFWRDODVGLIHUHQWHVGLPHQVLRQHVGHOWHPDDLQYHVWLJDUDQWH
ODVTXHORVUHVSRQGLHQWHVGHEHQGHFODUDUGLIHUHQWHVJUDGRVGHDFXHUGR
R GHVDFXHUGR FDGD RSFLyQ GH UHVSXHVWD WLHQH DVLJQDGR XQ YDORU
QXPpULFR FDGD YDORU UHVXOWD GH OD LQWHQVLGDG \ OD GLUHFFLyQ TXH
VXSRQH FDGD RSFLyQ GH UHVSXHVWD \ WRGDV ODV UHVSXHVWDV GH FDGD
HQWUHYLVWDGR VH VXPDQ VHJ~Q HO YDORU QXPpULFR DVLJQDGR SDUD
SURGXFLU OD SXQWXDFLyQ ILQDO GH FDGD VXMHWR VH VXJLHUH FRPR HQ HO
FDVRGHODHVFDODGHGLIHUHQFLDOVHPiQWLFRTXHHVWDVDILUPDFLRQHVVH
HODERUHQDSDUWLUGHXQWUDEDMRFXDOLWDWLYRKHFKRFRQDQWHULRULGDG
$OFRQVWUXLUXQDHVFDOD/LNHUWGHEHDVHJXUDVHTXHODVDILUPDFLRQHV\
ODVDOWHUQDWLYDVGHUHVSXHVWDVHDQFRPSUHQGLGDVSRUORVVXMHWRVDORV
TXHVHOHVDSOLFDUi\TXHpVWRVWHQGUiQODFDSDFLGDGGHGLVFULPLQDFLyQ
UHTXHULGD SDUD LPSOHPHQWDU HVWH LQVWUXPHQWR VH OH SUHVHQWD DO
UHVSRQGLHQWHXQFRQMXQWRGHtWHPVHQIRUPDGHDILUPDFLRQHVRMXLFLRV
DQWH ORV FXDOHV VH SLGH OD UHDFFLyQ GH ORV VXMHWRV D ORV TXH VH OHV
DGPLQLVWUD 8QDV VH UHGDFWDQ HQ IRUPD DILUPDWLYD R IDYRUDEOH \
RWUDV HQ SURSRVLFLyQ QHJDWLYD R GHVIDYRUDEOH OD GLUHFFLyQ GH ODV
DVHYHUDFLRQHV HV PX\ LPSRUWDQWH SDUD VDEHU FyPR VH YDORUDQ \
FRGLILFDQODVDOWHUQDWLYDVGHUHVSXHVWDODDILUPDFLyQSRVLWLYDH[SUHVD
TXHVHFDOLILFDIDYRUDEOHPHQWHDOREMHWRGHDFWLWXG\FXDQWRPiVGH
DFXHUGR HVWpQ ORV VXMHWRV FRQ OD HQXQFLDFLyQ VX DFWLWXG HV PiV
IDYRUDEOH VL OD DILUPDFLyQ HV QHJDWLYD VLJQLILFD TXH FDOLILFD
GHVIDYRUDEOHPHQWH DO REMHWR GH DFWLWXG \ FXDQWR PiV GH DFXHUGR
HVWpQORVVXMHWRVFRQODDVHYHUDFLyQVXDFWLWXGHVPHQRVIDYRUDEOHR
VHDPiVGHVIDYRUDEOH/DVDILUPDFLRQHVFDOLILFDQDOREMHWRGHDFWLWXG
TXH VH HVWi PLGLHQGR GHEHQ H[SUHVDU VyOR XQD UHODFLyQ OyJLFD \ HV
UHFRPHQGDEOHTXHQRH[FHGDQGHDSUR[LPDGDPHQWHSDODEUDV/DV

DOWHUQDWLYDV GH UHVSXHVWD R SXQWRV GH OD HVFDOD VRQ FLQFR H LQGLFDQ
FXiQWR VH HVWi GH DFXHUGR R HQ GHVDFXHUGR FRQ OD DVHYHUDFLyQ
FRUUHVSRQGLHQWH PX\ GH DFXHUGR GH DFXHUGR QL GH DFXHUGR QL HQ
GHVDFXHUGRHQGHVDFXHUGRPX\HQGHVDFXHUGR D FDGDXQDGHHOODV
VHOHDVLJQDXQYDORUQXPpULFR\VyORSXHGHPDUFDUVHXQDRSFLyQVH
FRQVLGHUD XQ GDWR LQYiOLGR D TXLHQ PDUTXH GRV R PiV RSFLRQHV
([LVWHQ GLVWLQWDV FRPELQDFLRQHV GH DOWHUQDWLYDV \ SXHGHQ FRORFDUVH
WDQWR KRUL]RQWDOPHQWH FRPR YHUWLFDOPHQWH HV PX\ LPSRUWDQWH WHQHU
HQFXHQWDTXHHOQ~PHURGHFDWHJRUtDVGHUHVSXHVWDGHEHVHUHOPLVPR
SDUDWRGDVODVDILUPDFLRQHV
+DEUtDGRVSURFHGLPLHQWRVFHQWUDOHVSDUDDSOLFDUXQDHVFDOD/LNHUWHO
SULPHUR HV GH PDQHUD DXWRDGPLQLVWUDGD VH OH HQWUHJD OD HVFDOD DO
UHVSRQGLHQWH\pVWHPDUFDUHVSHFWRDQWHFDGDDILUPDFLyQODFDWHJRUtD
TXHPHMRUGHVFULEHVXUHDFFLyQRUHVSXHVWDODVHJXQGDRSFLyQHVGH
IRUPD SHUVRQDO XQ HQWUHYLVWDGRU OHH ODV DILUPDFLRQHV \ ODV
DOWHUQDWLYDVGHUHVSXHVWDDOVXMHWR\DQRWDORTXHpVWHUHVSRQGD6HOH
SUHVHQWD FDGD DILUPDFLyQ DO VXMHWR \ VH OH SLGH TXH H[WHUQH VX
UHDFFLyQHOLJLHQGRXQRGHORVFLQFRSXQWRVGHODHVFDODDVtHOVXMHWR
REWLHQH XQD SXQWXDFLyQ UHVSHFWR GH FDGD DILUPDFLyQ \ DO ILQDO VH
REWLHQH VX SXQWXDFLyQ WRWDO VXPDQGR ODV SXQWXDFLRQHV REWHQLGDV HQ
UHODFLyQ D WRGDV ODV DILUPDFLRQHV 6H FRGLILFDQ ODV UHVSXHVWDV
FRQVHFXHQWHPHQWHGHPDQHUDTXHXQDSXQWXDFLyQILQDODOWDLQGLFDUi
XQIXHUWHJUDGRGHODDFWLWXGH[DPLQDGDXQDSXQWXDFLyQVHFRQVLGHUD
DOWDREDMDVHJ~QHOQ~PHURGHtWHPVRDILUPDFLRQHVSRUHMHPSORVL
VRQ ODV DILUPDFLRQHV OD SXQWXDFLyQ PtQLPD SRVLEOH HV
\ OD Pi[LPD HV GH
6L SRU HMHPSOR XQD SHUVRQD REWXYR SXQWRV VX DFWLWXG KDFLD HO
REMHWRPHGLGRHVPiVELHQVXPDPHQWHGHVIDYRUDEOHPLHQWUDVTXHVL
REWXYLHUD SXQWRV VX DFWLWXG SRGUtD FDOLILFDUVH FRPR VXPDPHQWH
IDYRUDEOH 7DPELpQ VH SXHGH FDOLILFDU HO SURPHGLR REWHQLGR HQ OD
HVFDOD PHGLDQWH OD IyUPXOD 3717 SXQWXDFLyQ WRWDO GH OD HVFDOD
GLYLGLGDSRUHOQ~PHURGHDILUPDFLRQHV\HQWRQFHVODSXQWXDFLyQVH
DQDOL]DUi HQ HO FRQWLQXR 6H DQDOL]DQ ODV UHVSXHVWDV \ VH

VHOHFFLRQDQ SDUD OD HVFDOD GHILQLWLYD DTXHOODV IUDVHV TXH FRQ PD\RU
QLWLGH] GLIHUHQFLDQ ODV SXQWXDFLRQHV PiV DOWDV GH ODV PiV EDMDV 8Q
HMHPSOR GH XQD SODQLOOD TXH FRQWLHQH XQ WHVW GH DFWLWXG /LNHUW VH
SUHVHQWDVHJXLGDPHQWH
$FRQWLQXDFLyQVHOHSUHVHQWDQIUDVHVVREUHODVTXHGHEHPRVWUDUVX
DFXHUGRRGHVDFXHUGR
(OGHVDUUROORGHODPLQHUtDHQODUHJLyQYDDSHUPLWLUHOGHVDUUROOR
HFRQyPLFRGHODSREODFLyQ
Ɉ0X\GHDFXHUGRɈ'HDFXHUGRɈ1LDFXHUGRQLGHVDFXHUGRɈ(Q
GHVDFXHUGRɈ0X\HQGHVDFXHUGR
/DDFWLYLGDGPLQHUDHVPX\SHUMXGLFLDOSRUODFRQWDPLQDFLyQGHOD
UHJLyQ
(OJRELHUQRSURYLQFLDOYDDFRQWURODUORVQLYHOHVGHFRQWDPLQDFLyQ
GHORVSUR\HFWRVPLQHURV
/D DFWLYLGDG PLQHUD FRQWURODGD \ UHVSRQVDEOH QR SURGXFH

SUREOHPDVJUDYHVGHVDOXGHQODSREODFLyQ
(OWUDEDMRTXHYDDJHQHUDUODDFWLYLGDGPLQHUDHQODUHJLyQHVGH
FRUWDGXUDFLyQ

/D DFWLYLGDG PLQHUD QR VyOR JHQHUD SXHVWRV GH WUDEDMR HQ OD
HPSUHVDVLQRTXHDGHPiVSURGXFHWUDEDMRIXHUDGHODHPSUHVD
/DH[SORWDFLyQPLQHUDHQOD]RQDSURGXFHODIDOWDGHDJXD
$ORVJUXSRVHFRORJLVWDVQROHLPSRUWDQORVEHQHILFLRVTXHSURGXFH
ODH[SORWDFLyQPLQHUD
/D HPSUHVD PLQHUD WLHQH XQD FRPXQLFDFLyQ GHILFLHQWH FRQ OD
SREODFLyQ
/DSREODFLyQGHODUHJLyQDSR\DPD\RULWDULDPHQWHHOGHVDUUROOR
GHODH[SORWDFLyQPLQHUDHQODUHJLyQ
(VFDODGH2VJRRGRGH'LIHUHQFLDO6HPiQWLFR
(V XQD WpFQLFD FUHDGD HQ SRU &KDUOHV ( 2VJRRG \ VXV
FRODERUDGRUHVSDUDVXDSOLFDFLyQHQHOFDPSRGHODSVLFRORJtDKR\VH
DSURYHFKDHQP~OWLSOHViPELWRVGHHVWXGLR2VJRRGSUHWHQGtDDSOLFDU
HVWH SURFHGLPLHQWR SDUD UHJLVWUDU OD SHUFHSFLyQ DQWH GHWHUPLQDGR
WHPD X REMHWR GH SDUWH GH XQD SREODFLyQ HQ SDUWLFXODU SDUD DVt
DSUR[LPDUVH FXDQWLWDWLYDPHQWH D ORV VLJQLILFDGRV FRQQRWDWLYRV TXH

ORVLQGLYLGXRVOHGDEDQDODVFRVDVGHVXHQWRUQRSRULQWHUPHGLRGHOD
SHUFHSFLyQ GH VXV FDUDFWHUtVWLFDV 7DPELpQ HV OODPDGD HVFDOD GH
GLIHUHQFLDO VHPiQWLFR D WUDYpV GH HOOD VH EXVFD PHGLU FRPR ODV
SHUVRQDV SHUFLEHQ ODV GLIHUHQWHV FDUDFWHUtVWLFDV GH XQ GHWHUPLQDGR
REMHWRRWHPD2VJRRGHVWDEOHFLyTXHODSHUFHSFLyQVHSXHGHUHJLVWUDU
VREUHXQFRQWLQXRELSRODUHQFX\RVH[WUHPRVVHSRVLFLRQDQDGMHWLYRV
RSXHVWRVFRQUHVSHFWRDOREMHWRGH UHIHUHQFLD GHODVXEMHWLYLGDGTXH
LQWHUHVD D OD LQYHVWLJDFLyQ /D HVFDOD VH FRQVWUX\H OLVWDQGR ORV
DWULEXWRV PiV YDORUDGRV GH HVWH REMHWR DVLJQiQGROH D FDGD XQR GH
HOORVXQSDUGHDGMHWLYRVELSRODUHVVHHODERUDXQDHVFDODHQWUHHVWRV
WpUPLQRV RSXHVWRV GRQGH HO UHVSRQGLHQWH GHEH VHOHFFLRQDU HO SXQWR
HQ HVH HVSDFLR TXH UHSUHVHQWD OD GLUHFFLyQ \ OD LQWHQVLGDG GH VXV
SHUFHSFLyQ SRU HMHPSOR VL OD SHUFHSFLyQ VREUH HO REMHWR D PHGLU
IXHVHXQDXWRPyYLOVHSRGUtDFRQVWLWXLUODVVLJXLHQWHVHVFDODV
$XWRPyYLO6LDP'L7HOOD
$WULEXWRVSHUFLELGRVDPHGLU\VXVDGMHWLYRVELSRODUHV
3UHFLR
&RVWRVR%DUDWR
&RQVXPRGHFRPEXVWLEOH
*DVWDGRU(FRQyPLFR
6HJXULGDG
6HJXUR,QVHJXUR
(VWpWLFDH[WHULRU
/LQGR)HR
/DV HVFDODV SXHGHQ FRQWDU FRQ XQ SDU GH GRFHQDV GH DGMHWLYRV HV
UHFRPHQGDEOHTXHODVFDUDFWHUtVWLFDVRORVDWULEXWRVDVHULQFOXLGRVVH

FRQVWUX\DQ GHVGH XQ HVWXGLR FXDOLWDWLYR SUHYLR \D TXH ODV SHUVRQDV
YDORUDQGLIHUHQFLDOPHQWHORVDWULEXWRVGHXQDPDUFDSURGXFWRRGHXQ
FDQGLGDWR SROtWLFR VHJ~Q VXV FDUDFWHUtVWLFDV GHPRJUiILFDV FXOWXUDOHV
\ VRFLRHFRQyPLFDV VH WRUQD QHFHVDULR DFHUFDUVH SUHYLDPHQWH D OD
VXEMHWLYLGDG GHO XQLYHUVR D LQYHVWLJDU 3RU HMHPSOR ORV DWULEXWRV
SHUFLELGRV\YDORUDGRVGHORVDXWRPyYLOHVGHEDMRSUHFLRTXHWLHQHQ
VXV FRQVXPLGRUHV QR VH UHJLVWUDQ GH OD PLVPD IRUPD HQ OD
VXEMHWLYLGDGGHORVFRQVXPLGRUHVGHDXWRPyYLOHVGHDOWRJDPD
&RQUHVSHFWRDODVXPDWRULDGHORVSXQWDMHVLPSOLFDGRVFDGDPDUFDHQ
HO HVSDFLR GH OD HVFDOD UHDOL]DGD SRU HO UHVSRQGLHQWH LPSOLFD XQ
SXQWDMHTXHSXHGHVXPDUVHDOUHVWRGHORVVHxDODPLHQWRVHQORVGHPiV
DWULEXWRV HVWDEOHFLHQGR XQD QXPHUDFLyQ TXH VLQWHWLFH HO SXQWDMH GH
FDGDXQRWDPELpQSXHGHQUHDOL]DUVHSXQWDMHVDSDUWLUGHORVSXQWDMHV
GHFDGDDWULEXWRGHGLIHUHQWHVSDUWLFLSDQWHGHODLQYHVWLJDFLyQ
7pFQLFDGHREVHUYDFLyQ
/DREVHUYDFLyQFRQVLVWHHQXQDWpFQLFDGHUHJLVWURGHORVGDWRVTXHVH
GHILQH SRU HO HPSOHR VLVWHPiWLFR GHO VHQWLGR GH OD YLVWD LPSOLFD XQ
SURFHGLPLHQWR TXH VH UHDOL]D LQYDULDEOHPHQWH HQ OD YLGD FRWLGLDQD
SHUR HQ HVWH WLSR GH XWLOL]DFLyQ OD PLVPD QR VH SRGUtD GHQRPLQDU
FRPRFLHQWtILFD\DTXHQRVHFRQFUHWDDSDUWLUGHUHJODV\REMHWLYRV
SUHFLVRV FDUHFH GH XQ FDUiFWHU VLVWHPiWLFR \ QR SRVHH FRQWUROHV QL
PHFDQLVPRV GH UHYLVLyQ VREUH OR TXH VH REVHUYD (Q HO TXHKDFHU
FLHQWtILFR OD REVHUYDFLyQ SXHGH VHU ~WLO FXDQGR VH TXLHUHQ FRQRFHU
KHFKRVRVLWXDFLRQHVS~EOLFDVRFLUFXQVFULSWDVDDOJ~QiPELWRDOFXDO
HO REVHUYDGRU SXHGD DFFHGHU SRU HMHPSOR PHGLDQWH HVWH
SURFHGLPLHQWRHVSRVLEOHFRQRFHUKiELWRVGHFRQVXPRUHOHYDUIRUPDV
GH FRPSRUWDPLHQWR SROtWLFR FRQRFHU DVSHFWRV GH OD FRQGXFWD
PDQLILHVWD GH ODV SHUVRQDV REVHUYDGDV KiELWRV GH YHVWLPHQWD GH
FRQFXUUHQFLDDOXJDUHVS~EOLFRVGHWUDWRVRFLDOHWF /DREVHUYDFLyQ
QXQFD VH GHEH UHJLVWUDU GHVGH OD SXUD HVSRQWDQHLGDG R HO VHQWLGR
FRP~Q UHTXLHUH GH XQD WHRUL]DFLyQ SUHYLD \ GH XQD VLVWHPDWLFLGDG
FRQVHFXHQWHFRQHVWDSDUDSRGHUOOHJDUDRIUHFHUUHVXOWDGRVULJXURVRV

ILDEOHV\YiOLGRV8QDYH]SODQWHDGRVORVREMHWLYRVDDOFDQ]DUSXHGH
UHVXOWDU GH Pi[LPR LQWHUpVOOHYDU D FDERXQSHUtRGR GH REVHUYDFLyQ
SUHOLPLQDU TXH D\XGDUi D IRUPXODU ODV KLSyWHVLV GH WUDEDMR \
FRQVROLGDQGRORTXHVHHVSHUDREVHUYDUHQHOSURFHVRGHILQLWLYR/DV
DFFLRQHV SULQFLSDOHV SDUD HIHFWLYL]DU HVWH SURFHGLPLHQWR
REVHUYDFLRQDO VRQ HO HQFXDGUH HQ FRRUGHQDGDV GHO OXJDU WLHPSR \
VLWXDFLyQHOOLVWDGRGHYDULDEOHV\FDWHJRUtDVTXHLQWHUHVDQREVHUYDU
FRQ VXV XQLGDGHV GH DQiOLVLV \ GH PHGLGD FRUUHVSRQGLHQWHV HO
XQLYHUVR VREUH HO TXH VH YD D OOHYDU D FDER GLFKD REVHUYDFLyQ HO
PpWRGRGHPXHVWUHRGHUHJLVWURGHODVFRQGXFWDV\ODIRUPDHQTXHVH
DSOLFDUiODWpFQLFDGHUHJLVWURGHGDWRVPiVDGHFXDGDOiSL]\SDSHO
YtGHRHWF3DUDDVHJXUDUILDELOLGDGHQHOSURFHGLPLHQWRGHEHWHQHUVH
HQFXHQWDGRV DFFLRQHV EiVLFDV HQHVWD HWDSDGHOSURFHVR HQSULPHU
OXJDU GHGLFDU DOJ~Q WLHPSR DO ³HQWUHQDPLHQWR´ HQ HO GLItFLO DUWH GH
UHJLVWUDUGDWRVPHGLDQWHREVHUYDFLyQVLVWHPiWLFD\HQVHJXQGROXJDU
GHWHQHUVHFXDQGRVHGLVSRQHGHXQDFDQWLGDGVXILFLHQWHGHGDWRV/D
WpFQLFDGHREVHUYDFLyQ WLHQH XQDVHULHGHOLPLWDFLRQHV\GHVYHQWDMDV
HQVXXWLOL]DFLyQ
9HQWDMDV
x 3HUPLWH SHUFLELU IRUPDV GH FRQGXFWD TXH HQ RFDVLRQHV QR VRQ
GHPDVLDGRUHOHYDQWHSDUDORVVXMHWRVREVHUYDGRV
x 3XHGH FDSDU VLWXDFLRQHV HQ ODV TXH OD HYDOXDFLyQ VROR SXHGH
UHDOL]DUVHPHGLDQWHREVHUYDFLyQ
x 1R VH QHFHVLWD OD FRODERUDFLyQ DFWLYD GHO VXMHWR LPSOLFDGR VH
SXHGHSUHVFLQGLUFRPSOHWDPHQWHGHVXFRRSHUDFLyQSDUDOOHYDUDFDER
HO HVWXGLR 3RVLELOLWD OD SUR[LPLGDG DO FRPSRUWDPLHQWR HVSRQWiQHR
GHOVXMHWR
/LPLWDFLRQHV
x (Q RFDVLRQHV HV GLItFLO TXH XQD FRQGXFWD VH SUHVHQWH HQ HO
PRPHQWRHQTXHVHGHFLGHREVHUYDU

x /D REVHUYDFLyQ HV GLItFLO SRU OD SUHVHQFLD GH IDFWRUHV GH ORV
REVHUYDGRV R GHO FRQWH[WR GH REVHUYDFLyQ TXH QR VH KDQ SRGLGR
FRQWURODU
x /DVFRQGXFWDVDREVHUYDUDOJXQDVYHFHVHVWiQFRQGLFLRQDGDVDOD
GXUDFLyQ GH ODV PLVPDV R SRUTXH H[LVWHQ DFRQWHFLPLHQWRV TXH
GLILFXOWDQODREVHUYDFLyQ
x 1R WRGRV ORV DFRQWHFLPLHQWRV VRQ REVHUYDEOHV R SXHGHQ RIUHFHU
FLHUWDUHVLVWHQFLDDODSUHVHQFLDGHOREVHUYDGRU
7LSRVREVHUYDFLyQ
6HJ~Q 0LFKDHO $QJURVLQR 'HQ]LQ \ /LQFROQ OD REVHUYDFLyQ

SXHGHVHUGHVFULSWLYDHQODFXDOHOREVHUYDGRUGHWDOOD\UHJLVWUDWRGR
WLSR GH SRUPHQRUHV GH XQ FRQWH[WR FRQ OD PHQRU
SUHFRQFHSWXDOL]DFLyQSRVLEOHFRPRSRUHMHPSORHQXQHVWXGLRVREUH
ORV FRPSRUWDPLHQWRV GH MXHJRV GH QLxRV PHQRUHV GH FLQFR DxRV
SXHGH VHU IRFDOL]DGD DTXt HO REVHUYDGRU VH FLxH D FLHUWRV DVSHFWRV
TXH FRQVLGHUD SUHYLDPHQWH SHUWLQHQWHV FRQFHQWUiQGRVH HQ UHJLVWUDU
PDQLIHVWDFLRQHVJUXSDOHVRLQGLYLGXDOHVDSDUWLUGHFLHUWRVFRQFHSWRV
SUHVHQWHV FRPR ORV UHFRUULGRV GH ORV FRQVXPLGRUHV HQ SXQWRV GH
YHQWD R OD SDUWLFLSDFLyQ GH ORV DOXPQRV HQ FODVH \ ILQDOPHQWH OD
REVHUYDFLyQ SXHGH VHU VHOHFWLYD HQ OD TXH VyOR LQWHUHVDQ FLHUWDV
IRUPDVGH DFWLYLGDGHVRPDQLIHVWDFLRQHVFRPRORVFRPSRUWDPLHQWRV
GH UHFKD]R GH SURGXFWRV HQ ODV JyQGRODV R ODV DFFLRQHV GH
GHVRUJDQL]DFLyQGHODFODVHRGHGHVDItRDODDXWRULGDG6HSUHVHQWDD
FRQWLQXDFLyQ XQD WLSRORJtD GH ODV SRVLEOHV PRGDOLGDGHV GH
REVHUYDFLyQ
1R SDUWLFLSDQWH HO REVHUYDGRU QR FRPSDUWH ODV SUiFWLFDV R ORV
FRPSRUWDPLHQWRV GH DTXHOORV JUXSRV R SHUVRQDV TXH REVHUYD 3DUD
HYLWDU LQKLELFLRQHV R DOWHUDFLRQHV HQ OD FRQGXFWD GH ORV VXMHWRV
REVHUYDGRVHOREVHUYDGRUGHEHWUDWDUGHSDVDUORPiVGHVDSHUFLELGR
SRVLEOH DFWXDQGR GH WDO PDQHUD TXH QR DSDUH]FD FRPR XQ VXMHWR
DFWLYR DQWH ORV REVHUYDGRV 6L VH REWLHQH HVWR PHGLDQWH XQ
FRPSRUWDPLHQWRGLVFUHWR\FXLGDGRVRFRQIXQGLpQGRVHFRQHOS~EOLFR

HQ JHQHUDO VH HYLWD TXH OD DWHQFLyQ UHFDLJD VREUH HO PLVPR GH HVWD
IRUPDKD\PD\RUHVSRVLELOLGDGHVGHORJUDUREVHUYDFLRQHVFRQILDEOHV
\GHEXHQDFDOLGDG
3DUWLFLSDQWH RWUD YDULDQWH SDUD TXH ODV SHUVRQDV QR VH VLHQWDQ
REVHUYDGDVVHEDVDHQXQSULQFLSLRRSXHVWRDODQWHULRUHQHVWHFDVR
HOREVHUYDGRUHQOXJDUGHSDVDUGHVDSHUFLELGRWUDWDGHLQWHJUDUVHDOD
DFFLyQ GH ORV REVHUYDGRV GH SDUWLFLSDU HQ HOOD FRPR VL IXHVH XQ
PLHPEUR PiVGHOJUXSRTXHODOOHYDDFDER /DSDUWLFLSDFLyQSXHGH
VHU DFWLYD HO REVHUYDGRU PD[LPL]D VX SDUWLFLSDFLyQ \ VH LQWHJUD HQ
ODVDFWLYLGDGHVGHORVRWURVDFWRUHVFRPRSDUWHGHODVVLWXDFLRQHVTXH
VHSURGXFHQRSDVLYDHOREVHUYDGRULQWHUDFW~DORPHQRV SRVLEOHHQ
ODV DFWLYLGDGHV GH ORV VXMHWRV REVHUYDGRV /D REVHUYDFLyQ
SDUWLFLSDQWH SUHVHQWD GRV JUDQGHV SHOLJURV TXH XQ H[FHVLYR
FRPSURPLVRDGRSWDGRSRUHOREVHUYDGRUIUHQWHDOJUXSRSXHGDOOHJDU
DSURYRFDUXQDLGHQWLILFDFLyQWDQLQWHQVDTXHVHDOWHUHVXUHJLVWUR\VH
GLVWRUVLRQH VX SHUFHSFLyQ R TXH HO REVHUYDGRU DFHSWH GHQWUR GHO
JUXSR LQYHVWLJDGR XQD VROD GH ODV SRVLFLRQHV SRVLEOHV SRU OR FXDO
FLUFXQVFULEH VX SRVLELOLGDG GH FDSWDU R HQWHQGHU RWUDV DFWLYLGDGHV R
H[SUHVLRQHVGHSRWHQFLDOLQWHUpVSDUDODLQYHVWLJDFLyQ
$ELHUWDHOREVHUYDGRUDQXQFLDVXSRVLFLyQFRPRREVHUYDGRUDORV
TXH YDQ D VHU REVHUYDGRV SXHGH R QR GHWDOODU TXH FRQWHQLGRV
FRPSRQHQ VX DFWLYLGDG GH UHJLVWUR SHUR ORV HVWRV FRQRFHQ OD
LQWHQFLRQDOLGDG GHO LQYHVWLJDGRU \ HQ HO FDVR TXH HO SHGLGR VHD
DFHSWDGRRWRUJDQVXFRQIRUPLGDGGHIRUPDUSDUWHGHXQDLQVWDQFLDGH
LQYHVWLJDFLyQ\DVHDFRQHOREVHUYDGRUFRQXQUROSDUWLFLSDQWHRQR
SDUWLFLSDQWH
(QFXELHUWD ORV REVHUYDGRV QR VDEHQ TXH IRUPDQ SDUWH GH XQD
LQVWDQFLD GH LQYHVWLJDFLyQ 3DUD HOOR VH HPSOHDQ D PHQXGR YLGULRV
SRODUL]DGRVJUDEDGRUHVILOPDGRUDV\RWURVDSDUDWRVTXHUHSUHVHQWDQ
RSFLRQHV GH JUDQ YDORU HQ HO HVWXGLR GHO FRPSRUWDPLHQWR KXPDQR
SRU OD SUHFLVLyQ \ DPSOLWXG GH VXV UHJLVWURV \ SRU OD FRQILDQ]D TXH
SUHVWDQ DO LQYHVWLJDGRU 6H SUHVHQWDQ HQ HVWH WLSR GH REVHUYDFLyQ

FLHUWRV SHOLJURV pWLFRV \D TXH ORV REVHUYDGRV QR VDEHQ TXH HVWiQ
IRUPDQGR SDUWH GH XQ REMHWR GH LQYHVWLJDFLyQ VLQ HPEDUJR KD\
VLWXDFLRQHV HQ ODV TXH OD DSOLFDFLyQ GH HVWD WpFQLFD HVWi MXVWLILFDGD
PHWRGROyJLFD \ pWLFDPHQWH FRPR DILUPDQ MXVWDPHQWH 7D\ORU \
%RJGDQ ³GHSHQGH GH OR TXH VH HVWXGLH \ GH OR TXH VH
SUHWHQGD KDFHU FRQ ORV UHVXOWDGRV 3XHVWR TXH PHQRV SUREDEOH TXH
ORVJUXSRVSRGHURVRVGHQXHVWUDVRFLHGDGDXWRULFHQHODFFHVRGHORV
LQYHVWLJDGRUHV OD LQYHVWLJDFLyQ HQ FLHQFLDV VRFLDOHV WLHQGH D
FRQFHQWUDUVHHQORVTXHQRWLHQHQSRGHU&RQWDPRVFRQPXFKRVPiV
HVWXGLRV VREUH WUDEDMDGRUHV TXH VREUH JHUHQWHV GH FRUSRUDFLRQHV
PiV VREUH SREUHV \ GHVYLDGRV TXH VREUH SROtWLFRV \ MXHFHV /RV
LQYHVWLJDGRUHV H[SRQHQ ODV IDOWDV GH ORV GpELOHV PLHQWUDV TXH ORV
SRGHURVRVSHUPDQHFHQLQWRFDGRV´
(VWRV FXDWUR WLSRV GH REVHUYDFLyQ SXHGHQ DGDSWDUVH D RWUD WLSRORJtD

TXHORVFRPELQD
x 3DUWLFLSDQWH HQFXELHUWD PXFKDV HPSUHVDV HPSOHDQ XQ ³FOLHQWH

PLVWHULRVR´ XQ REVHUYDGRU HQFXELHUWR TXH SUHWHQGH HYDOXDU OD
SUHVWDFLyQGHORVVHUYLFLRVTXHSUHVWDGLFKDHPSUHVD
x 3DUWLFLSDQWH DELHUWD ORV HWQyJUDIRV WRPDQ SDUWH GH ODV
DFWLYLGDGHV GH OD FXOWXUD D OD TXH HVWXGLDQ \ H[SOLFLWDQ VX URO D HVD
FRPXQLGDG
x 1R SDUWLFLSDQWH HQFXELHUWD KD\ HVWXGLRV TXH REVHUYDQ GHVGH
XQDFiPDUD*HVHOO
x 1R SDUWLFLSDQWH DELHUWD VH UHJLVWUD OD GLQiPLFD GH FODVHV
HVFRODUHVH[SOLFLWDQGRVXUROGHREVHUYDGRUSHURQRWRPDQGRSDUWHGH
ODVDFWLYLGDGHVGHORVREVHUYDGRV
3DUWLFLSDQWH
$ELHUWD(QFXELHUWD
1RSDUWLFLSDQWH

6HJXLGDPHQWH VH SUHVHQWD XQ HMHPSOR GH +RZDUG %HFNHU HQ
VXHVWXGLRGHODGpFDGDGHOVREUHODGHVYLDFLyQVREUHORVP~VLFRV
TXHDQLPDEDQVDORQHVGHEDLOHHQ(VWDGRV8QLGRVHQVXUHODWRVREUH
OD WpFQLFD GH UHJLVWUR OD REVHUYDFLyQ HQ FRPSOHPHQWDFLyQ FRQ
HQWUHYLVWDVDSOLFDGDSXHGHFRQFOXLUVHTXHHVGLItFLOHQFXDGUDUODHQOD
WLSRORJtD DQWHULRU OR TXH HYLGHQFLD OD FRPSOHMLGDG \ OD IOH[LELOLGDG
TXH VH QHFHVLWD SDUD VX XWLOL]DFLyQ GH HVWDV KHUUDPLHQWDV GXUDQWH HO
WUDEDMRGHFDPSR
³(O PDWHULDO SDUD HVWH HVWXGLR VH UHFRJLy SRU REVHUYDFLyQ

SDUWLFLSDQWH FRPSDUWLHQGR FRQ ORV P~VLFRV XQD YDULHGDG GH
VLWXDFLRQHV GH VX YLGD ODERUDO \ SHUVRQDO &XDQGR UHDOLFp HVWD
LQYHVWLJDFLyQ KDFtD YDULRV DxRV TXH WUDEDMDED FRPR SLDQLVWD
SURIHVLRQDO\TXHSDUWLFLSDEDDFWLYDPHQWHGHODPELHQWHGHODP~VLFD
HQ &KLFDJR« WUDEDMp FRQ PXFKDVRUTXHVWDVGLIHUHQWHV\GHO PiV
GLYHUVR WLSR WRPDED QRWD GHWDOODGD GH WRGR OR TXH VXFHGtD D PL
DOUHGHGRUFXDQGRHVWDEDFRQRWURVP~VLFR/DPD\RUtDQRVDEtDTXH
\RUHDOL]DEDHQWRQFHVXQDLQYHVWLJDFLyQVREUHORVP~VLFRV5DUDYH]
ODVHQWUHYLVWDVIXHURQIRUPDOHVPiVELHQPHGHGLFDEDDHVFXFKDU\
UHJLVWUDU ODV FKDUODV KDELWXDOHV TXH VH GDQ HQWUH ORV P~VLFRV /D
PD\RUtDGHPLVREVHUYDFLRQHVIXHURQUHDOL]DGDVHQHOWUDEDMRPLVPR
LQFOXVRVREUHHOHVFHQDULRPLHQWUDVWRFiEDPRV´
/DV PRGDOLGDGHV GH UHJLVWUR HQ HO XVR GH HVWD WpFQLFD SUHVHQWD OD
VLJXLHQWHWLSRORJtD
D 5HJLVWUR IRUPDOR HVWUXFWXUDGRKD\ XQD HVWUXFWXUD GH UHJLVWUR

SODQLOOD GRQGH YROFDU OR REVHUYDGR FRQ PD\RU R PHQRU QLYHO GH
GHWDOOHHOREVHUYDGRUHPSOHDHVWDKHUUDPLHQWDSDUDJXLDUVXWUDEDMR\
YROFDU VXV DQRWDFLRQHV *DUFtD )HUUDQGR *DUFtD )HUUDQGR ,EixH] \
$OYLUD FLWD HQ XQ WH[WR VREUH OD WpFQLFD GH REVHUYDFLyQ D
5REHUW %DOHV \ VX SURSXHVWD FOiVLFD SDUD VLVWHPDWL]DU ODV
REVHUYDFLRQHV GH ODV IUHFXHQFLDV GH UHSHWLFLyQ GH ODV DFFLRQHV GH
JUXSDOLGDGHV UHGXFLGDV HQ WRUQR D GRFH FDWHJRUtDV (YLGHQFLD
VROLGDULGDG0DQLILHVWDHVWDUGLVWHQGLGR6DEHDUPRQL]DU+DFH

UHFRPHQGDFLRQHV R VXJHUHQFLDV ([SUHVD VX RSLQLyQ %ULQGD

RULHQWDFLRQHV5HTXLHUHRULHQWDFLRQHV6ROLFLWDRSLQLRQHV3LGH
DVHVRUDPLHQWR 1R DVLHQWH 0DQLILHVWD WHQVLyQ 5HYHOD
KRVWLOLGDG *DUFtD )HUUDQGR UHFRQRFH OD XWLOLGDG GH HVWH HVTXHPD
VHxDODQGR HO SUREOHPD GH OD YDOLGH] GH OD LQWHUSUHWDFLyQ TXH OH
RWRUJXHHOREVHUYDGRUDFDGDFDWHJRUtD2WURFULWHULRSDUDDSOLFDUHVWH
WLSRGHREVHUYDFLyQVHFODVLILFDHQWpUPLQRVGH
x 5HJLVWUR )RFDO VH REVHUYD D XQ ~QLFR LQGLYLGXR R ³VXMHWR

IRFDO´ FRQMXQWR HVSHFLDO GH LQGLYLGXRV GXUDQWH XQD FDQWLGDG GH
WLHPSRHVWDEOHFLGR\VHUHJLVWUDQWRGDVODVFDWHJRUtDVGHFRQGXFWDGH
DFXHUGR D ORV FyGLJRV GH REVHUYDFLyQ GLVHxDGRV D SULRUL (V PHMRU
DSOLFDUOR FXDQGR VH TXLHUH REVHUYDU OD FRQGXFWD GH LQGLYLGXRV
HVSHFtILFRV TXH SHUWHQHFHQ D JUXSRV PiV R PHQRV QXPHURVRV
HMHPSORODFRPXQLFDFLyQYHUEDO\FRUSRUDOGHQLxRVFDWDORJDGRVSRU
ODPDHVWUDFRPRSUREOHPiWLFRV
x 5HJLVWUR GH %DUULGR VXSRQH TXH D LQWHUYDORV UHJXODUHV VH
FHQVD R H[SORUD OD FRQGXFWD GH WRGR XQ JUXSR GH LQGLYLGXRV
UHJLVWUiQGRVH OD TXH FDGD XQR GH HOORV HVWi HPLWLHQGR HQ HVH
PRPHQWR$XQTXHHOWLHPSRGHGLFDGRDUHJLVWUDUODFRQGXFWDGHFDGD
LQGLYLGXR HQ SDUWLFXODU GHEHUtD VHU tQILPR XQ PXHVWUHR GH EDUULGR
SXHGHOOHYDUYDULRVPLQXWRVHQIXQFLyQGHOWDPDxRWRWDOGHOJUXSRGH
ORTXHVHHVWpREVHUYDQGR\GHODFDQWLGDGGHLQIRUPDFLyQTXHKD\D
TXHUHFRJHUDFHUFDGHFDGDXQRGHVXVPLHPEURVSRUHMHPSORDVtVH
SXHGHUHJLVWUDUHOSULQFLSLR\ HOILQDOGHOSHUtRGRGHREVHUYDFLyQOD
GLVSRVLFLyQItVLFDHVSDFLDOGHWRGRV\ GHFDGDXQRGHORVVXMHWRVGHO
JUXSRGHWUDEDMDGRUHVHQXQDPELHQWHODERUDO
x 5HJLVWUR GH &RQGXFWD VXSRQH REVHUYDU DO JUXSR HQ VX
FRQMXQWR UHJLVWUDQGR FDGD YH] TXH VH SURGXFH XQD GH ODV FDWHJRUtDV
GH FRQGXFWD GHO LQWHUpV GH OD LQYHVWLJDFLyQ HV ~WLO SDUD HVWXGLDU
FRPSRUWDPLHQWRV TXH VH GDQ FRQ HVFDVD IUHFXHQFLD HMHPSOR
GLVFXVLRQHV TXH VXSRQJDQ HO OHYDQWDPLHQWR GH OD YR] GXUDQWH
UHXQLRQHVGHWUDEDMR

E 5HJLVWUR LQIRUPDO R QR HVWUXFWXUDGR HO REVHUYDGRU WLHQH

OLQHDPLHQWRVJHQHUDOHV HQ VXWDUHD GHWHUPLQDGD SRUORVREMHWLYRV GH
LQYHVWLJDFLyQ SHUR VX UHJLVWUR WLHQH JUDQ OLEHUWDG SDUD WUDEDMDU GH
IRUPD HVSRQWiQHD \ QDWXUDO HV PX\ ~WLO HQ HVWXGLRV SUHOLPLQDUHV R
SDUD UHJLVWUDU VXFHVRV TXH DSDUHFHQ LQHVSHUDGDPHQWH 1R H[LVWH
QLQJXQD OLPLWDFLyQ VREUH OR TXH VH UHJLVWUD R FXiQGR VH UHJLVWUD HO
REVHUYDGRU DQRWD WRGR OR TXH HV YLVLEOH GH DFXHUGR D OR HVWDEOHFLGR
FRPR UHOHYDQWH SRU ORV REMHWLYRV GH LQYHVWLJDFLyQ SRU HMHPSOR HO
HVWXGLR GHO FOLPD ODERUDO HQ GHWHUPLQDGDV XQLGDGHV IDEULOHV 8Q
HMHPSOR GH XQ FOiVLFR GH ODV FLHQFLDV VRFLDOHV OR UHSUHVHQWDQ ORV
UHJLVWURV REVHUYDFLRQDOHV GH (UYLQJ *RIIPDQ VREUH OD
FLUFXODFLyQ SHDWRQDO HQ HVWH IUDJPHQWR VH SXHGH HYLGHQFLDU OD
LQWHQFLRQDOLGDGGHOVRFLyORJR QRUWHDPHULFDQR GH UHJLVWUDU \ DQDOL]DU
FRPSRUWDPLHQWRV GHVGH XQD SHUVSHFWLYD GLVWDQFLDGD GH DTXHOODV
DFWLYLGDGHV TXH VXHOHQ VHU SDVDGDV SRU DOWR HQ OD YLGD FRWLGLDQD D
WUDYpVGHXQDREVHUYDFLyQQRSDUWLFLSDQWHHQFXELHUWD\SRUPHGLRGH
XQDPRGDOLGDGQRIRUPDOL]DGDGHREVHUYDFLyQGHFDUiFWHUQDWXUDOLVWD
³«HQODVFDOOHVGHOFHQWURGHODVFLXGDGHVGHORV(VWDGRV8QLGRVOD
FLUFXODFLyQ FDOOHMHUD WLHQGH D GLYLGLUVH HQ GRV JUXSRV TXH YDQ HQ
GLUHFFLRQHV RSXHVWDV /D OtQHD GLYLVRULD VH HQFXHQWUD
DSUR[LPDGDPHQWH HQ HO FHQWUR GH OD DFHUD SHUR HVWi VRPHWLGD D
FDPELRV PRPHQWiQHRV SDUD DMXVWDUVH D ORV DPRQWRQDPLHQWRV
UHSHQWLQRV GH SHUVRQDV TXH YDQ HQ XQD VROD GLUHFFLyQ \ D
GHVSOD]DPLHQWRV D SOD]RV PiV ODUJRV FDXVDGRV SRU OD WHQGHQFLD D
TXHDODVKRUDVGHHQWUDGD\VDOLGDGHOWUDEDMRKD\DPXFKtVLPDJHQWH
TXHYDHQXQDGLUHFFLyQSRUODPDxDQD\HQODRSXHVWDSRUODWDUGH
$OLJXDOTXHRFXUUHFRQODFLUFXODFLyQSRUFDUUHWHUDHOJUXSRTXHYD
HQODPLVPDGLUHFFLyQTXHXQRWLHQGHDHVWDUiODGHUHFKDGHODOtQHD
GLYLVRULD6LQHPEDUJRORVSHDWRQHVGHXQRXRWURJUXSRTXHGHVHDQ
LU PiV UiSLGR VH DFHUFDQ D YHFHV DO ERUGLOOR \ ORJUDQ LQWURGXFLUVH
HQWUHODVGRVFRUULHQWHV/DSDUWHGHGHQWURGHODFDOOHWLHQGHDVHUOD
PiVOHQWDGHELGRTXL]iVDODREVWUXFFLyQTXHSURGXFHQORVTXHYDQ
GH HVFDSDUDWHV \ ORV TXH HQWUDQ \ VDOHQ GH ORV HGLILFLRV $SDUWH GH
HVWDVFRQVLGHUDFLRQHVODIRUPDFLyQGHFDUULOHVGHQWURGHOJUXSRGH

OD GHUHFKD R GH OD L]TXLHUGD QR VXHOH VHU PX\ PDUFDGD DXQTXH
FXDQGR XQD SHUVRQD FDPELD PRPHQWiQHDPHQWH GH FDUULO SDUD
IDFLOLWDUODFLUFXODFLyQDSDUHQWHPHQWHORPiVSUREDEOHHVTXHYXHOYD
DHQWUDUHQHOFDUULODQWHULRUHQFXDQWRKDSDVDGRODLQWHUIHUHQFLD´
/RVJUXSRVGHGLVFXVLyQ
(Q HO PDUFR GH OD LQYHVWLJDFLyQ FXDOLWDWLYD XQD GH ODV WpFQLFDV GH
FRQVWUXFFLyQ GH GDWRV PiV VLJQLILFDWLYDV OD FRQVWLWX\H HO JUXSR GH
GLVFXVLyQ HVWD WpFQLFD FXDOLWDWLYD WLHQH FRPR PHWD KDFHU HPHUJHU H
LQWHUSUHWDUORVVHQWLGRVVRFLDOHVTXHFLUFXODQHQORVGLIHUHQWHVVXMHWRV
VRFLDOHVVREUHXQWHPDPDUFDLQVWLWXFLyQRSHUVRQDSHUPLWHDERUGDU
\FRPSUHQGHUODGLPHQVLyQODWHQWHGHODVXEMHWLYLGDGDWUDYpVGHHOOD
VH SXHGH WUDEDMDU HQ OD LQWHUSUHWDFLyQ GHO VHQWLGR TXH VXE\DFH D ORV
GLVFXUVRV TXH HPHUJHQ D SDUWLU GH XQ WUDEDMR FRQYHUVDFLRQDO JUXSDO
FRQWURODGR 6XHOH VHU XWLOL]DGD HQ OD LQYHVWLJDFLyQ HQ FRPXQLFDFLyQ
SDUD ODV LQVWDQFLDV H[SORUDWRULDV HQ HO SUHWHVWHR GH GLIHUHQWHV VSRWV
SXEOLFLWDULRV D ILQ GH REWHQHU FRQGLFLRQHV GH SURGXFFLyQ SDUD HO
DUPDGRGHXQDSLH]DFRPXQLFDWLYDRHQODJHQHUDFLyQGHGDWRVSDUD
FRPSUHQGHU HO SRVLFLRQDPLHQWRLPDJHQ HQ ODV VXEMHWLYLGDGHV GH XQ
SURGXFWRPDUFDRGHFDQGLGDWRVSROtWLFRV(OSULQFLSDOLQWHUpVGHHVWD
WpFQLFD GH JUXSRV HV ORJUDU XQD FRPSUHQVLyQ DVRFLDGD D
FRQRFLPLHQWRVDFWLWXGHVVHQWLPLHQWRVFUHHQFLDV\H[SHULHQFLDVTXH
QR VHUtD SRVLEOH GH REWHQHU FRQ VXILFLHQWH SURIXQGLGDG PHGLDQWH
RWUDVWpFQLFDVWUDGLFLRQDOHVWDOHVFRPRSRUHMHPSORODREVHUYDFLyQR
ODHQFXHVWD
&RQWUDSXHVWD FRQ OD WpFQLFD WUDGLFLRQDO GH OD REVHUYDFLyQ FLHQWtILFD

HVWH GLVSRVLWLYR JUXSDO SHUPLWH DO LQYHVWLJDGRU REWHQHU XQD
LQIRUPDFLyQHVSHFtILFD\FROHFWLYDHQXQFRUWRSHUtRGRGHWLHPSROD
PHWRGRORJtDGHODREVHUYDFLyQWLHQGHDGHSHQGHUPiVGHOGHVDUUROOR
GH ORV DFRQWHFLPLHQWRV HQ FDPELR HQ HO JUXSR GH GLVFXVLyQ HO
LQYHVWLJDGRUUHFUHDJHQHUDRSUHFLSLWDXQDGLQiPLFDDOGHVDUUROODUXQ
JXLyQ GH GLVFXVLyQ D SDUWLU GH ODV WHPiWLFDV R Q~FOHRV GH VHQWLGR
&RPSDUDGDFRQODHQWUHYLVWDFXDOLWDWLYDODFXDOWLHQHFRPRREMHWLYR

REWHQHULQIRUPDFLyQLQGLYLGXDOL]DGDDFHUFDGHDFWLWXGHVFUHHQFLDV\
VHQWLPLHQWRV OD WpFQLFD GH ORV JUXSRV GH GLVFXVLyQ SRVLELOLWD OD
REWHQFLyQ GH GLVFXUVRV VREUH SURFHVRV HPRFLRQDOHV \ DFWLWXGLQDOHV
GHQWURGHXQFRQWH[WRVRFLDO\GHXQDGHWHUPLQDGDJUXSDOLGDGRGHXQ
VHJPHQWR HVSHFtILFR GHO PHUFDGR (Q FRPSDUDFLyQ FRQ RWURV
LQVWUXPHQWRVGHHODERUDFLyQGHGDWRVVXXWLOLGDGSDUWLFXODUUDGLFDHQ
³«H[SORUDUFDUDFWHUtVWLFDV\GLQiPLFDVJUXSDOHVUHVSHFWRGHIXHU]DV
FRQVWLWXWLYDVVLJQLILFDWLYDVHQODFRQVWUXFFLyQGHVLJQLILFDGR\HQOD
SUiFWLFD GH OD YLGD VRFLDO $GHPiV « KDQ SHUPLWLGR D ORV
LQYHVWLJDGRUHV H[SORUDU OD QDWXUDOH]D \ ORV HIHFWRV GHO GLVFXUVR
VRFLDOHQGHVDUUROORHQIRUPDVTXHQRVRQSRVLEOHVSRUPHGLRGHODV
HQWUHYLVWDV R ODV REVHUYDFLRQHV LQGLYLGXDOHV /DV HQWUHYLVWDV
LQGLYLGXDOHV HOLPLQDQ OD GLQiPLFD LQWHUDFFLRQDO FUtWLFD TXH
FRQVWLWX\HJUDQSDUWHGHODSUiFWLFDVRFLDO\ODFUHDFLyQFROHFWLYDGH
VLJQLILFDGR´.DPEHUHOLV\'LPLWULDGLVHQ'HQ]LQ\/LQFROQ
(VWD WpFQLFD HV KRPyORJD D OD WpFQLFD GH IRFXV JURXS TXL]iV PiV
FRQRFLGD PHGLiWLFDPHQWH DPEDV HVWiQ FRQIRUPDGDV SRU XQ Q~PHUR
OLPLWDGRGHSDUWLFLSDQWHVTXHGXUDQWHXQSHUtRGRDFRWDGRGHOWLHPSR
\ FRQ OD JXtD GH XQ PRQLWRU TXH SURSRQH WHPDV GH LQWHUpV VH
SURPXHYHQ ODV H[SUHVLRQHV YHUEDOHV GHO JUXSR DQWH HVRV WHPDV VX
RULJHQORVGLIHUHQFLD\DTXH³«HO*'DSDUHFHFRQSRVWHULRULGDG
\XQLGRDXQDVyOLGDMXVWLILFDFLyQWHyULFDTXHQRWXYRQLKDOOHJDGRD
WHQHU HO IRFXV JURXS « HO IRFXV JURXS RULJLQDULDPHQWH OODPDGR
WDPELpQHQWUHYLVWDHQJUXSRRHQWUHYLVWDVSURIXQGDVGHJUXSRJURXS
GHSWKLQWHUYLHZHVHQFLHUWDIRUPDHOUHVXOWDGRGHXQDWiFWLFDHQOD
PDQHUDGHDSOLFDUODHQWUHYLVWDLQGLYLGXDOODFXDOFRQVLVWLySULPHUR
HQ SRQHU HODFHQWR HQ ODVLPSOLILFDFLyQ GH OD SUHJXQWD JUXSDO SDUD
SRVWHULRUPHQWH SRQHUOR HQ OD LQWHUDFFLyQ TXH HQWDEODQ ORV
FRPSRQHQWHVGHOJUXSRIDFLOLWDQGRDVtODDSOLFDFLyQGHODHQWUHYLVWD
\VREUHWRGRVXXWLOLGDGHPStULFDSDUDREWHQHUJUDQLQIRUPDFLyQHQ
XQUHGXFLGRHVSDFLRGHWLHPSR\HFRQRPtDGHHVIXHU]R/DWHQGHQFLD
SRU WDQWR KD VLGR GH XQD FUHFLHQWH DSHUWXUD KDFLD OR JUXSDO
HVSHFLDOPHQWH KDFLHQGR OD HQWUHYLVWD PXFKR PHQRV GLUHFWLYD \ PiV

QDWXUDO GH OR TXH HQ XQ SULQFLSLR OR HUD VX DQWHFHGHQWH GLUHFWR OD
HQWUHYLVWDLQGLYLGXDOHVWUXFWXUDGD3RUHOFRQWUDULRHO*'VXUJH\
HYROXFLRQDHQXQFRQWH[WRFRPHUFLDOYLQFXODGRDODLQYHVWLJDFLyQGH
PHUFDGRV \ GHO FRQVXPR HVSHFLDOPHQWH FRPR UXSWXUD \ FUtWLFD
WHyULFDGHOHQIRTXHFXDQWLWDWLYR\ODSRSXODUHQFXHVWDGHRSLQLyQ«
HQFXDOTXLHUFDVRDPEDVWHQGHQFLDVVHKDQLGRDSUR[LPDQGRKDVWD
HO SXQWR GH VRODSDUVH HQ OD SUiFWLFD VLQ SRU HOOR FRPSURPHWHU R
LQYDOLGDUORTXHKDVXSXHVWRXQJUDQHVIXHU]RWHyULFRSRUMXVWLILFDUHO
* ' \ VX LGHQWLGDG IUHQWH D RWUDV WpFQLFDV JUXSDOHV´ *XWLpUUH]
%ULWR
-HV~V,EixH]VHxDODTXHHOJUXSRGH GLVFXVLyQHVVLPXODGR\

PDQLSXODEOHHVVLPXODGRSRUTXHVRORLPDJLQDULDPHQWHVHFRQVWLWX\H
FRPRXQJUXSRUHDO\DXWyQRPRJUXSRVXMHWRODHIHFWLYLGDGGHHVWD
WpFQLFD UHVLGH HQ TXH ORV VXMHWRV FRQYRFDGRV VH PRWLYHQ \ FUHDQ
GXUDQWH OD GLQiPLFD GH WUDEDMR TXH HVWiQ IRUPDQGR SDUWH GH XQD
IRUPDFLyQ JUXSDO ROYLGiQGRVH TXH HQ UHDOLGDG VRQ XQ JUXSR GH
WUDEDMR JUXSRREMHWR HVWRV JUXSRV QR VRQ WDO QL DQWHV QL GHVSXpV
GHODGLVFXVLyQHVXQJUXSRDUWLILFLDOTXHHPSLH]D \WHUPLQDFRQOD
FRQYHUVDFLyQ VRVWHQLGD FRQ OD UHXQLyQ VX H[LVWHQFLD VH UHGXFH D OD
VLWXDFLyQGHVHUREMHWRGHHVWXGLRGHXQDLQYHVWLJDFLyQVXGLQiPLFD
VH RULHQWD D SURGXFLU DOJR \ H[LVWH SRU \ SDUD HVH REMHWLYR /D
FRQGLFLyQQHFHVDULDGHHVWDWpFQLFDHVODFUHDFLyQGHXQDPRWLYDFLyQ
TXHSURPXHYDTXHHQORVPLHPEURVGHOJUXSRVHSURGX]FDQSURFHVRV
GHLGHQWLILFDFLyQ\GHSUR\HFFLyQHQWUHVtSDUDODPDWHULDOL]DFLyQGH
XQD OLEHUDFLyQ GH ODV LQKLELFLRQHV \ XQ GHVERUGH GH ODV
UDFLRQDOL]DFLRQHV
(OJUXSRGHGLVFXVLyQVHPDQWLHQH\HV~WLOHQODPHGLGDHQTXHVLJD
SURGXFLHQGR XQ GLVFXUVR SDUD HOOR VH UHTXLHUH GH OD FRQFUHFLyQ GH
SURFHVRVGLVFXUVLYRVGHLQWHUDFFLyQGLVFXVLyQSDUDODHODERUDFLyQGH
FRQVHQVRV JUXSDOHV DFHUFD GH ODV WHPiWLFDV SURSXHVWDV SRU HO
LQYHVWLJDGRU/DSUHWHQVLyQHQHOXVRGHHVWDWpFQLFDUDGLFDSURGXFLU
XQDGLDOpFWLFDFRQYHUVDFLRQDOHQHOJUXSRSHUPLWLHQGRTXHORVVXMHWRV
LQWHUDFW~HQ LQWHUFDPELHQ H LQIOX\DQ XQRV VREUH RWURV GXUDQWH OD

GLVFXVLyQ HVWD LQWHUDFFLyQ SHUPLWH TXH HVWD PRGDOLGDG JUXSDO VH

FRQYLHUWD HQ XQ LQWHUFDPELR HPRFLRQDO GH H[SHULHQFLDV \D TXH
KDELWXDOPHQWHFXDQGRXQVXMHWRSHUFLEHTXHVXLQWHUORFXWRUWLHQHXQD
H[SHULHQFLD R XQD YLYHQFLD VLPLODU R FRQRFLPLHQWRV VREUH HO WHPD
UHDFFLRQDSRVLWLYDPHQWHHVWDVLWXDFLyQFRPXQLFDFLRQDOUHWURDOLPHQWD
VXLQWHUpVSRUHOWHPD
&RQUHVSHFWRDODQiOLVLVVHSXGHGHFLUTXHDWUDYpVGHOGLVFXUVRTXHVH
YD HQWUHWHMLHQGR SRU OD SDUWLFLSDFLyQ GH ORV PLHPEURV GHO JUXSR VH
SXHGH YHULILFDU VL ORV PLVPRV FRLQFLGHQ R GLILHUHQ HQ HO VHQWLGR
DVLJQDGRDXQDVHFXHQFLDOLQJtVWLFDVREUHXQWHPDHQSDUWLFXODUSRU
HMHPSORDWUDYpVGHODSURYRFDFLyQGHIDQWDVtDVVREUHODVGLYHUVLRQHV
DVRFLDGDV D XQD PDUFD GHWHUPLQDGD 6H SXHGHQ LQWHUSUHWDU ODV
YDORUDFLRQHV TXH ORV VXMHWRV KDFHQ GHO REMHWR VREUH HO FXDO VH ORV
LQWHUSHOD SHUR WDPELpQ GH VX SURSLR GLVFXUVR R GHO GLVFXUVR GH ORV
LQWHUORFXWRUHV WDPELpQ VH SXHGH UHJLVWUDU FRPR VH GHVWDFDQ
VHOHFFLRQDQ X RPLWHQ FLHUWDV WHPiWLFDV FRQ DILUPDFLRQHV URWXQGDV
GXGDVRGHVHRVWDOYH]SRUVXHUWHTXL]iVRDWUDYpVGHPRGDOLGDGHV
DSUHFLDWLYDV OR IHOL] OR ~WLO OR EXHQR OR DJUDGDEOH (O JUXSR GH
GLVFXVLyQ QR VH FRQVWUX\H HQ QLQJ~Q FDVR EDMR XQD GLQiPLFD GH
VXPD GH RSLQLRQHV LQGLYLGXDOHV SRU HO FRQWUDULR VH LQWHQWDQ FUHDU
FRQGLFLRQHV GH OLEHUDFLyQ GHO KDEOD LQFLWDQGR D ORV SDUWLFLSDQWHV D
H[SUHVDU FRPSDUWLU \ GLVFXWLU VXV SHQVDPLHQWRV RSLQLRQHV \
VHQWLPLHQWRV GH PDQHUD TXH UHVXHOYDQ VXV GLIHUHQFLDV DUWLFXOHQ
FRQVHQVRV GLVFXUVLYRV \ SURIXQGLFHQ VXV DUJXPHQWRV 1R WRGRV ORV
SDUWLFLSDQWHVGDQUHVSXHVWDDWRGDVODVSUHJXQWDVSHURVtWRGRVWLHQHQ
ODSRVLELOLGDGGHKDFHUORLQFOXVRVRQLQYLWDGRVVXWLOPHQWHDFRQFUHWDU
HQUHVSXHVWDVXDSUREDFLyQRGHVDSUREDFLyQGHODRSLQLyQGHRWURV
(OSURFHVRRSHUDFLRQDOGHXQJUXSRGHGLVFXVLyQ
(QODFRPSRVLFLyQGHOJUXSRVHGHEHDUWLFXODUODKRPRJHQHLGDG \OD
KHWHURJHQHLGDG HQWUH ORV LQWHJUDQWHV HO HVWDEOHFLPLHQWR GH TXLpQHV
FRPSRQGUiQ ORV JUXSRV HV XQ WHPD GH GHOLFDGD FRQVWUXFFLyQ FDGD
WHPiWLFD SDUWLFXODUL]D ORV FULWHULRV GH PRUIRORJtD JUXSDO D DSOLFDU

³«ORV JUXSRV « KD GH FRPELQDU PtQLPRV GH KHWHURJHQHLGDG \

KRPRJHQHLGDG0tQLPRVGHKRPRJHQHLGDGSDUDPDQWHQHUODVLPHWUtD
GH OD UHODFLyQ GH ORV FRPSRQHQWHV GHO JUXSR 0tQLPR GH
KHWHURJHQHLGDG SDUD DVHJXUDU OD GLIHUHQFLD QHFHVDULD HQ WRGR
SURFHVR GH KDEOD (O OtPLWH GH OD KHWHURJHQHLGDG OR FRQVWLWX\H ODV
UHODFLRQHVGHH[FOXVLyQODEDUUDTXHVHSDUDDORVDJHQWHVVRFLDOHV
8Q JUXSR GHPDVLDGR KRPRJpQHR SRU VX SDUWH SURGXFH XQ WH[WR
LGLRWD ±HQ HO VHQWLGR OLWHUDO 3XHV ODV KDEODV GH FDGD XQR GH ORV
DFWXDQWHVQRVHYHQFRQIURQWDGDVDODVGLIHUHQFLDVGHRWUDVKDEODV´
'HOJDGR \ *XWLHUUH] SRU HMHPSOR VL HV XQD LQYHVWLJDFLyQ
VREUH FRQVXPR GH EHELGDV DOFRKyOLFDV ORV JUXSRV GHEHUtDQ
VHJPHQWDUVH SRU HGDG \ VH[R \D TXH HVWD SUiFWLFD VH KDOOD VH[XDGD
FXOWXUDOPHQWH \ GLIHUHQFLDGD HWDULDPHQWH HQ XQ HVWXGLR VREUH
H[SHFWDWLYDV SURIHVLRQDOHV GH HVWXGLDQWHV XQLYHUVLWDULRV HO VH[R HV
PHQRV UHOHYDQWH FRPR FULWHULR GH GLIHUHQFLDFLyQ SHUR Vt OR HV OD
FDUUHUDGHFXUVDGD
8QHOHPHQWRTXHGLVWLQJXHDORVJUXSRVGHGLVFXVLyQHVODSUHVHQFLD\
DFFLyQGHXQPRGHUDGRURSUHFHSWRUFRQKDELOLGDGSDUDGHVDUUROODUOD
WpFQLFD JUXSDO TXLHQ GHEH RFXSDUVH QR VyOR GH PDQWHQHU D ORV
PLHPEURV GH ORV JUXSRV DWHQWRV \ FRQFHQWUDGRV VLQR WDPELpQ
PDQWHQHU HO KLOR FHQWUDO GH OD GLVFXVLyQ H LQWHUYHQLU SDUD TXH FDGD
PLHPEUR GHO JUXSR SDUWLFLSH HQ OD GLVFXVLyQ (O PRQLWRU EXVFD TXH
ORVLQWHJUDQWHVGHOJUXSRVHH[SUHVHQGHXQDPDQHUDORPiVOLEHUDGD
SRVLEOH D ILQ GH EXVFDU FRQVHQVRV GLVFXUVLYRV SDUD HQWHQGHU ORV
HQWUDPDGRVGLVFXUVLYRVTXHVHJHQHUDQVRFLDOPHQWHFRQUHVSHFWRDXQ
WHPD GH LQWHUpV SDUD OD LQYHVWLJDFLyQ 6H GLIHUHQFLD GH XQD
FRQYHUVDFLyQ FRWLGLDQD SRUTXH HO PRQLWRU SODQWHD SUHYLDPHQWH ODV
WHPiWLFDV\VLHVHOFDVRHOWySLFRQRVHGDSRUDJRWDGRUHWRUQDQGR
QXHYDPHQWHXQD\RWUDYH]\DTXHLQWHUHVDFDSWDUHQSURIXQGLGDGORV
GLYHUVRV SXQWRV GH YLVWD VREUH HO DVXQWR GLVFXWLGR (VWH PRQLWRU R
PRGHUDGRU WLHQH TXH FXPSOLU XQD VHULH GH WDUHDV HQ OD DSOLFDFLyQ
DGHFXDGDGHHVWDWpFQLFD'HOJDGR\*XWLHUUH]
x (OPRGHUDGRUHVWLPXODODSURGXFFLyQGHOGLVFXUVR\PRGHUDOD

UHODFLyQHQWUHORVLQWHJUDQWHVGHOJUXSRSDUDHYLWDUODDSDULFLyQGHXQ
SDUWLFLSDQWHTXHPRQRSROLFHRVHDXVHQWHGHODGLVFXVLyQ
x 'XUDQWHODUHXQLyQHOPRGHUDGRUQHFHVLWDSURPRYHUHOGHEDWH
SODQWHDQGRSUHJXQWDVSDUDHVWLPXODUODSDUWLFLSDFLyQGHPDQGDQGR\
GHVDILDQGR D ORV SDUWLFLSDQWHV FRQ HO REMHWLYR GH VDFDU D IORWH ODV
GLIHUHQFLDV \ SDUD FRQWUDGHFLU ODV GLIHUHQWHV RSLQLRQHV TXH VXUJHQ
VREUHHOWHPDHQGLVFXVLyQ
x 'HEH VHU HO PRWRU GHO JUXSR VRVWHQLHQGR ODV UHODFLRQHV GH
LJXDOGDG DO LQWHULRU GHO JUXSR SRU HMHPSOR FRQ UHVSHFWR DO
VXUJLPLHQWRGHXQOtGHUHOPRGHUDGRUGHEHFRQWURODUOR\QRDFDOODUOR
VDOYRTXHHVWHVHSRQJDHQFRQWUDGHOJUXSR
x 7LHQH TXH HQFXDGUDU HO GLVFXUVR QHFHVLWD LPSHGLU TXH ODV
KDEODV VH GLVSDUHQ D FDPSRV VHPiQWLFRV \ UHFRUULGRV DMHQRV DO
SUHYLVWR
x 'HEH VHxDODU FRQWUDGLFFLRQHV SURIXQGL]DQGR H LQWHUSUHWDQGR
SDUDDEULUDWHPDVFRQHFWDGRV
(VFRQGLFLyQQHFHVDULDTXHHOPRGHUDGRUSXHGDFUHDUXQDPELHQWHGH
FRPXQLFDFLyQHQWUHORVSDUWLFLSDQWHVTXHOHVSHUPLWDFRQYHUVDUHQWUH
Vt KDFHU SUHJXQWDV H[SUHVDU GXGDV \ RSLQLRQHV HO GHVDItR GH HVWD
WpFQLFD UDGLFD HQ FyPR ORJUDU SHVH DO OLPLWDGR FRQWURO VREUH OD
LQWHUDFFLyQ PDQWHQHU HO KLOR FRQGXFWRU VREUH OD WHPiWLFD \ TXH OD
HODERUDFLyQ FRQFHSWXDO \ RSHUDWLYD QR VHD GHVERUGDGD SRU IDFWRUHV
LGHROyJLFRV SROtWLFRV R H[LVWHQFLDOHV GH DOJXQRV SDUWLFLSDQWHV /D
GLQiPLFDGHORVJUXSRVGHGLVFXVLyQSXHGHLQKLELUDDOJXQDVSHUVRQDV
DH[SUHVDUXQDDILUPDFLyQRUHODWDUXQDH[SHULHQFLDHQWDOHVFDVRVOD
HVWUDWHJLDVHUtDFRPELQDUODFRQXQDHQWUHYLVWDSHUVRQDOSRVWHULRUFRQ
HO XVR GH WDUMHWDV R FRQ YLGHRV LOXVWUDWLYRV TXH SHUPLWDQ URPSHU HO
KLHOR
/DGXUDFLyQGHODUHXQLyQSRUORJHQHUDO HVHQWUHXQD \GRVKRUDV

HVWRGHSHQGHGHORVREMHWLYRVGHODLQYHVWLJDFLyQ\GHODPRWLYDFLyQ
GHOJUXSRFRQUHVSHFWRDOWHPDDWUDWDU+D\TXHSODQHDUHOGHVDUUROOR
GHOJUXSRGHGLVFXVLyQHQXQWLHPSRQRPD\RUDGRVKRUDV\DTXH

GHVSXpV GH HVWH WLHPSR WDQWR ORV SDUWLFLSDQWHV FRPR HO PRQLWRU
SXHGHQFRPHQ]DUDGLVWUDHUVHXQPtQLPRGHXQDKRUDGHGXUDFLyQ
WDPSRFR HV UHFRPHQGDEOH SRUTXH HO SURFHVR UHTXLHUH XQ FLHUWR
WLHPSRSDUDODVGLQiPLFDVGHODDSHUWXUD\GHFLHUUH(VDFRQVHMDEOH
TXHODSDUWLFLSDFLyQGHSHUVRQDVHQXQJUXSRVHDHQWUHVHLV\GRFHGH
HVWDPDQHUDVHHYLWDTXHVXUMDQVXEJUXSRV\VHJDUDQWL]DWDPELpQVX
DGHFXDGR IXQFLRQDPLHQWR HYLWDQGR JUXSRV QXPHURVRV HQ GRQGH VH
GLVSHUVHQ ODV KDEODV \ HO GHVRUGHQ SXHGD VXUJLU +D\ XQD VHPLyWLFD
LPSOLFDXQVLJQLILFDGRGHWHUPLQDGRDORVSDUWLFLSDQWHVGHOJUXSRGHO
OXJDU GH UHXQLyQ OD VLJQLILFDFLyQ GHO HVSDFLR GHSHQGHUi GH ODV
FDUDFWHUtVWLFDV GHO XQLYHUVR SDUWLFLSDQWH PiV DOOi GH HVWR OD
ORFDOL]DFLyQ GHEH VHU OR PiV QHXWUD SRVLEOH FRQ UHVSHFWR D ODV
VXEMHWLYLGDGHVLQYROXFUDGDV
6HUHFRPLHQGDQVLWLRVTXH QRVHDQDVRFLDGRVFRQORVLQYHVWLJDGRUHV
QL FRQ ORV VXMHWRV GHO FRQIOLFWR R FRQ OD VLWXDFLyQ SUREOHPD GH
GLVFXVLyQVHDFRQVHMDXWLOL]DUiPELWRVTXHVRFLDOPHQWHQRLQKLEDQQL
GHVLQFHQWLYHQ OD HVSRQWDQHLGDG \ OD SDUWLFLSDFLyQ GH ORV LQWHJUDQWHV
GHOJUXSR/RVSDUWLFLSDQWHVQHFHVLWDQVHQWLUVHHQFRQILDQ]DXQRVFRQ
RWURV HQIRFiQGRVH HPRFLRQDOPHQWH HQ VXV VLPLODUHV FDUDFWHUtVWLFDV
SUiFWLFDV R QLYHOHV GH FRQRFLPLHQWR VREUH GHWHUPLQDGR WHPD /DV
FDUDFWHUtVWLFDV ItVLFDV GHO VDOyQ GHEHQ HVWDU GHVSRMDGDV SDUD FUHDU OD
VHQVDFLyQ GH FRRSHUDFLyQ \ IDPLOLDULGDG (V SRVLWLYR SDUD HO
GHVDUUROOR GH OD WpFQLFD HQ HO VDOyQ GH UHXQLyQ ORV SDUWLFLSDQWHV
URGHHQDOPRGHUDGRU6LHOHTXLSRGHLQYHVWLJDGRUHVHVWiSUHVHQWHQR
GHEHLQWHUIHULUSDUDTXHVXSUHVHQFLDVHDORPiVGLVFUHWDSRVLEOH
/DWpFQLFDGHODHQWUHYLVWD
/DHQWUHYLVWDSUHVHQWDXQDIXQFLyQPHWRGROyJLFDEiVLFD\DH[SOLFDGD
HQ HO SiUUDIR DQWHULRU \ RWUDV GHULYDGDV GH pVWD HV XQD WpFQLFD
FRPELQDEOH FRQ RWUDV WpFQLFDV FRPR OD HQFXHVWD HO DQiOLVLV GH
GRFXPHQWRV ORV JUXSRV GH GLVFXVLyQ OD REVHUYDFLyQ R DOJXQD RWUD
WpFQLFD FXDQWLWDWLYD /D HQWUHYLVWD FXDOLWDWLYD SXHGH IXQFLRQDU FRPR
FRPSOHPHQWR SUHYLR VLPXOWiQHR R SRVWHULRU GH SURFHGLPLHQWRV

FXDQWLWDWLYRV SRU HMHPSOR SXHGH FXPSOLU XQD IXQFLyQ DX[LOLDU

SUHSDUDWRULD R LQVWUXPHQWDO TXH SHUPLWD IRUPXODU FDWHJRUtDV SDUD HO
FXHVWLRQDULRGHHQFXHVWDVRSDUDXQDJXtDGHREVHUYDFLyQVLVWHPiWLFD
(OREMHWRGHDQiOLVLVGHODHQWUHYLVWDFXDOLWDWLYDHVHOKDEODHOWUDEDMR
GHUHJLVWURVHRULHQWDHQUHYHODUODE~VTXHGDGHORVXE\DFHQWHGHOR
HPRFLRQDO LQVFULSWR HQ OD H[SUHVLyQ FRPXQLFDWLYD HVWD WpFQLFD
SHUPLWH GHVFULELU H LQWHUSUHWDU DVSHFWRV GH OD UHDOLGDG TXH QR VRQ
GLUHFWDPHQWH REVHUYDEOHV FRPR OR VRQ ORV VHQWLPLHQWRV ODV
LQWHQFLRQHV ORV SHQVDPLHQWRV ORV DFRQWHFLPLHQWRV GHO SDVDGR
HOHPHQWRVWRGRVHOORVTXHVyORSHUPDQHFHQHQODPHQWHGHOVXMHWRHO
HQWUHYLVWDGRU GHEH PDQHMDU HO DUWH GH OHHU DQWLFLSDGDPHQWH DO
KDEODQWH \ GHEH SRGHU FRQWURODU HO FRQWH[WR GH LQWHUDFFLyQ GH OD
HQWUHYLVWD
/D HQWUHYLVWD HV XQ GLVSRVLWLYR GH FRQVWUXFFLyQ GH GDWRV TXH XWLOL]D
XQR GH ORV UHFXUVRV FRPXQLFDWLYRV EiVLFRV GH OD YLGD FRWLGLDQD OD
FRQYHUVDFLyQ SUiFWLFD YLWDO SDUD OD SURGXFFLyQ \ OD UHSURGXFFLyQ
VRFLDOHQWRGRWLSRGHVRFLHGDGHVODFRQYHUVDFLyQLPSOLFDXQSURFHVR
LQIRUPDO\DELHUWRGHLQWHUFDPELRGLDOyJLFRTXHVXSRQHODH[LVWHQFLD
GH WUHV HOHPHQWRV ODV SHUVRQDV OD VLWXDFLyQ \ ODV UHJODV GH
LQWHUDFFLyQ ODV PLVPDV HQ VX PD\RUtD QR VH LQVWDXUDQ GH PRGR
YLVLEOHHLQWHQFLRQDOVLQRTXHVRQSUHVXSXHVWDV\HVWDEOHFLGDVSRUHO
KHFKRGHFRPSDUWLUSDXWDVFXOWXUDOHV/DKDELOLGDGGHORVKDEODQWHV
VH GHVDUUROOD FRQ YDULDGD GHVWUH]D HQ HO PDUFR QDWXUDO GH OD YLGD
VRFLDO HVWD GHVWUH]D FRQVLVWH QR VyOR HQ OD FDSDFLGDG GH H[SUHVLyQ
YHUEDO VLQR TXH DGHPiV UHTXLHUH GH SDUWH GH ORV KDEODQWHV GHO
PDQHMR GH OD VLWXDFLyQ \ GHO HQWRUQR GH OD LQWHUDFFLyQ GH OD
HODERUDFLyQ GH XQ DFXHUGR FRPXQLFDWLYR HQWUH ORV KDEODQWHV GHO
UHJLVWUR\ GH OD UHIOH[LyQVREUHOD FRPXQLFDFLyQYHUEDO\QRYHUEDO
HVWH FRPSURPLVR VXSRQH TXH HQ WRGD FRQYHUVDFLyQ VH LQVWDXUD XQ
DFXHUGR SUHYLR HQWUH ORV KDEODQWHV TXH SXHGH VHU H[SOtFLWR R
LPSOtFLWR\TXHELHQSXHGHQRVRVWHQHUVHGXUDQWHWRGRHOHQFXHQWUR
/DHQWUHYLVWDHVVLPLODUSHURGLIHUHQWHDODFRQYHUVDFLyQHOFRQWUDWR
FRPXQLFDWLYR UHJODV SRVLELOLGDGHV OLPLWDFLRQHV \ FRPSURPLVRV GH

ORV KDEODQWHV SUHVHQWH HQ WRGD FRQYHUVDFLyQ FRWLGLDQD R FLHQWtILFD

HV QHFHVDULR SDUD HO GHVDUUROOR GH HVWD WpFQLFD \D TXH HVWi
GHWHUPLQDGR SRU ORV REMHWLYRV GHILQLGRV SRU ORV LQWHUHVHV GHO
LQYHVWLJDGRU\DODYH]LPSOLFDODFRQVWLWXFLyQGHXQPDUFRGHKDEOD
VLQREVWiFXORVQLFRQIOLFWRVHQWUHORVKDEODQWHVODQHFHVLGDGGHFUHDU
HQHOHQWUHYLVWDGRXQDGLVSRVLFLyQLQWHQFLRQDODOWUDEDMRFRPXQLFDWLYR
GHEH ERUUDUVH SDUD TXH VH H[SUHVH GH OD IRUPD PiV HVSRQWiQHD
SRVLEOH PHGLDQWH OD FUHDFLyQGHXQHQWRUQRPRWLYDGRU $WUDYpVGH
HVWD WpFQLFD VH GHEH SURGXFLU XQ VLPXODFUR FRQYHUVDFLRQDO OD
FRQYHUVDFLyQ JHQHUDGDGHQWURGH OD DSOLFDFLyQ GH HVWD WpFQLFD HVXQ
DFWR GH PDQLSXODFLyQ GH SDUWH GHO HQWUHYLVWDGRU SDUD REWHQHU
FRQILDQ]D\XQDOLEUHH[SUHVLYLGDGGHOHQWUHYLVWDGRHVWHGHEHSHUFLELU
HOLQWHUFDPELRFRQHOHQWUHYLVWDGRUFRPRXQDFRQYHUVDFLyQQDWXUDOHO
FXPSOLPLHQWR GH HVWD VLPXODFLyQ SHUPLWH HO GHYHQLU GH XQ KDEOD
GHVLQKLELGD ODQDWXUDOLGDGSURGXFLGDKDFHSRVLEOHODHPHUJHQFLDQR
VRORGHODGLPHQVLyQUHIHUHQFLDOGHORH[SUHVDGRVLQRWDPELpQGHWRGR
DTXHOORTXHSXHGHHVWDUHQFXELHUWRSDUDHOPLVPRKDEODQWH
7LSRVGHHQWUHYLVWDVFXDOLWDWLYDV
/D XWLOL]DFLyQ GH XQ WLSR X RWUR GH HQWUHYLVWD GHSHQGHUi GH ORV
REMHWLYRVGHODLQYHVWLJDFLyQ
(QWUHYLVWD OLEUH HV XQD WpFQLFD GH ILQDOLGDG H[SORUDWRULD R GH

GLDJQyVWLFR HQGRQGH VHEXVFD XQD DSUR[LPDFLyQ SUHYLD D FXDOTXLHU
IHQyPHQR R SUREOHPD VH XWLOL]D FXDQGR QR VH GLVSRQH GH XQ
FRQRFLPLHQWRVXILFLHQWHGHOREMHWR(OHQWUHYLVWDGRUGHEHSURYRFDUOD
OLEHUWDG GH LPSURYLVDFLyQ HQ ODV UHVSXHVWDV EXVFDQGR OD
HVSRQWDQHLGDG GHO HQWUHYLVWDGR QR GHEH SDUWLU GH SUHVXSXHVWRV R
SUHMXLFLRV (O HQWUHYLVWDGRU QR SXHGH LQGXFLU R LQIOXHQFLDU GHVGH HO
SXQWRGHYLVWDGHOFRQWHQLGRSHURVtGHEHJXLDUODHQWUHYLVWDDXQTXH
QR SODQLILTXH ODV FXHVWLRQHV D WUDWDU GH DQWHPDQR GHEH FRQGXFLU HO
KDEODKDFLDFLHUWRVWySLFRVSUHYLVWRVKDELWXDOPHQWHVyORVHYDWLFLQD
HODERUGDMHGHORVWHPDVGHVGHXQDSHUVSHFWLYDPX\JHQHUDO

(QWUHYLVWDHQSURIXQGLGDGHVXQDWpFQLFD GHDPSOLRHVSHFWUR \D

TXH SXHGH WHQHU XQD ILQDOLGDG H[SORUDWRULD R GH FRQWUDVWDFLyQ GH
FRUWH GLDJQyVWLFRRWHUDSpXWLFRGHVFULSWLYD RHYDOXDWLYD 6HWUDWD GH
FRPSUHQGHU DO HQWUHYLVWDGR D WUDYpV GH ODV SHUVSHFWLYDV ODV
GHVFULSFLRQHV ODV H[SOLFDFLRQHV R ODV HYDOXDFLRQHV TXH RIUHFH D
SDUWLU GH VX SURSLD H[SHULHQFLD HQ VXV SURSLDV SDODEUDV (O
SURWDJRQLVWDHVHOHQWUHYLVWDGRTXLHQHVHQIRFDGRSRUHOHQWUHYLVWDGRU
KDFLDXQGHWHUPLQDGRWHPDGHLQWHUpVSDUDODLQYHVWLJDFLyQHVSRUHVR
TXH WDPELpQ VH GHQRPLQD ³FHQWUDGD´ SRU HMHPSOR HO WHPD SXHGH
WHQHUTXHYHUFRQKDEHUYLYLGRXQDGHWHUPLQDGDH[SHULHQFLDRKDEHU
SDUWLFLSDGR GH XQD GHWHUPLQDGD RUJDQL]DFLyQ *HQHUDOPHQWH HV QR
GLUHFWLYD SRUTXH HV HVFDVDPHQWH SODQLILFDGD R GLULJLGD SRU HO
HQWUHYLVWDGRUSHURSXHGHSRVHHUXQJXLyQWHPiWLFRTXHFRQILJXUHHO
FRQWRUQRGHORTXHVHYDDH[SUHVDUHVGLUHFWLYDVLVHDGPLQLVWUDQVXV
FRQWHQLGRV\VHODRULHQWDVLQSHUWXUEDFLRQHVQLLQWHUUXSFLRQHV
(QWUHYLVWDVHPLHVWUXFWXUDGDHVWiEDVDGDHQXQUHSHUWRULRGHWHPDV
TXHRUJDQL]DQODLQWHUDFFLyQODVFXDOHVSXHGHQFDPELDUVHHOLPLQDUVH
RLQFOXLUVHRWUDV(OFRQMXQWRGHWHPDVHVDELHUWR\GHUHVSXHVWDOLEUH
HV XQD HQWUHYLVWD FHQWUDGD HQ HO WHPD D HVWXGLDU HQ VXV DVSHFWRV
HVSHFtILFRV R VXEWHPDV ORV FXDOHV \D HVWiQ GHWHUPLQDGRV HQ OD
LQWHQFLyQLQYHVWLJDWLYD SRUHOOR HV PiV GLUHFWLYDFRQ UHVSHFWRDODV
RWUDV GRV PRGDOLGDGHV (O HQWUHYLVWDGRU WLHQH SDXWDGR DERUGDU ORV
WHPDVHVSHFtILFRVDXQTXHQRHQXQRUGHQVHFXHQFLDOUtJLGRQLDWUDYpV
GHSUHJXQWDVHVWDQGDUL]DGDVQLVXLHUDpOFRQRFHHQTXHPRPHQWRVHUi
DGHFXDGRDERUGDUFDGDWHPDHQSDUWLFXODU
)DVHVHQODUHDOL]DFLyQGHXQDHQWUHYLVWDFXDOLWDWLYD
3UHSDUDFLyQ GH OD HQWUHYLVWD HQ OD LQVWDQFLD SUHSDUDWRULD VH

DFRQVHMD UHDOL]DU XQ JXLyQ DFHUFD GH ODV iUHDV GH LQGDJDFLRQHV
SULQFLSDOHV \ VHFXQGDULDV VL HO WLSRGH HQWUHYLVWD DVt ORUHTXLHUH 6H
UHFRPLHQGD WHQHU XQ FRQWDFWR SUHOLPLQDU FRQ HO HQWUHYLVWDGR SDUD
URPSHUHOKLHORSDUDREWHQHUXQDHPSDWtDSDUDTXHQRVHLQFRPRGH\
HVWp GLVSXHVWR HPRFLRQDOPHQWH SDUD UHDOL]DU OD HQWUHYLVWD GHEH

EULQGDUVH DO HQWUHYLVWDGR XQD GHVFULSFLyQ JHQHUDO GHO REMHWLYR GH OD
LQYHVWLJDFLyQDXQTXHODLQIRUPDFLyQILQHVGHODLQYHVWLJDFLyQWLSR
GHHQWUHYLVWDRQ~PHURGHHOODVWLHPSRTXHOHKDGHGHGLFDUHWFQR
WLHQHSRUTXHVHUPX\GHWDOODGDGHEHVHUYLUSDUDTXHVHKDJDXQDLGHD
DSUR[LPDGDGHORTXHVHHVSHUDGHVXSDUWLFLSDFLyQ8QDSDXWDDWHQHU
HQ FXHQWD HV HO HVSDFLR D VHU OOHYDGD D FDER OD HQWUHYLVWD ³«VDOYR
TXHHQHOSURFHVRGHUHFOXWDPLHQWRVHREVHUYHFRQWRGDFODULGDGTXH
HOHQWUHYLVWDGRQRGHVHDVHUpOTXHGHILQDHOOXJDUGHODHQWUHYLVWDVH
GHEHUi WUDWDU VLHPSUH GH UHDOL]DUOD HQ HO HQWRUQR GH DTXpO « HO
FRQRFLPLHQWR GH VX HQWRUQR GH VX PRGDOLGDG GH LQWHUDFFLyQ FRQ
RWURV TXH FLUFXOHQ HQ HO PRPHQWR GH OD HQWUHYLVWD HQWUH RWURV
DVSHFWRVOHGDUiHOHQWUHYLVWDGRUXQDSRVLELOLGDGGHXQDFHUFDPLHQWR
PiV LQWHJUDO DO FRQWH[WR GH YLGD GHO HQWUHYLVWDGR \ QR VROR DO
FRQWH[WR GH OD HQXQFLDFLyQ GXUDQWH HO SURFHVR GH OD HQWUHYLVWD´
0HUOLQR$
&RPLHQ]R GH OD HQWUHYLVWD OD LQWURGXFFLyQ GHEH LQFOXLU XQ JXLyQ
TXH GLVSRQH HO HQWUHYLVWDGRU DFHUFD GH ODV iUHDV GH LQGDJDFLyQ
DUJXPHQWRVGHWUDQVLFLyQGHXQRVWHPDVDRWURVSUHJXQWDVJHQpULFDV
UHFXUVRV H[SUHVLYRV R DVSHFWRV WHPiWLFRV TXH VLUYDQ GH PRWLYDGRU
SDUD HOHQWUHYLVWDGR(VGHWHUPLQDQWHODHOHFFLyQGHOOXJDU ItVLFR VH
GHEHHYDOXDUODVHOHFFLyQGHXQHVSDFLRSDUDTXHQRVHGLILFXOWH\VH
PRWLYHFRQQDWXUDOLGDGHOGHVDUUROORGHODHQWUHYLVWD(OHQWUHYLVWDGRU
GHEHFDOLEUDUODVHQVLELOLGDGHOLQWHUpVRODQRYHGDGGHOWHPDSDUDHO
VXMHWRHQWUHYHUODSHUVRQDOLGDGGHOVXMHWR\SRUORWDQWR WLHQHTXH
DGHFXDUHOHQIRTXHHOWRQR\HOHVWLORFRQTXHGHEHDERUGDUOHHQVX
DSUR[LPDFLyQ
'HVDUUROOR GH OD HQWUHYLVWD HQ ODV HQWUHYLVWDV DELHUWDV QR HV
FRQYHQLHQWH FRPHQ]DU FRQ SUHJXQWDV GLUHFWDV \ SUHFLVDV HGDG
IRUPDFLyQHGXFDWLYDQLYHOVRFLRHFRQyPLFRHWFVLQRTXHVHGHEHQ
HPSUHQGHU ORV WHPDV FRQ SUHJXQWDV R FRPHQWDULRV QHXWURV TXH
GLVPLQX\DQ OD DQVLHGDG R QHUYLRVLVPR GHO VXMHWR \ TXH SHUPLWDQ OD
FRQVWUXFFLyQGHXQFOLPDGHFRQILDQ]D(VSRVLWLYRHOFRQRFLPLHQWR\
OD DSOLFDFLyQ GH FLHUWDV WiFWLFDV GH SDUWH GHO HQWUHYLVWDGRU SDUD

UHJXODUL]DU\DVHJXUDUODEXHQDPDUFKDGHODHQWUHYLVWDHVWDVWiFWLFDV
FRQYHQFLRQDOHV FRQVWLWX\HQ IRUPDV GH UHJXODFLyQ GHO SURFHVR
FRPXQLFDFLRQDO VRQ RULHQWDFLRQHV TXH VH GHEHQ XWLOL]DU GH IRUPD
IOH[LEOHDGDSWDGDVDFDGDFLUFXQVWDQFLD/DVPiVLPSRUWDQWHVVRQ
x 7iFWLFDV UHODWLYDV D ORV FRQWHQLGRV \ OD IRUPXODFLyQ GH OD

SUHJXQWD HO HQWUHYLVWDGRU GHEH LQTXLULU DO HQWUHYLVWDGR SDUD TXH VH
H[SOD\H HQVXVUHIHUHQFLDVDPSOLDQGRORVVLJQLILFDGRVLPSOtFLWRVHQ
VXV UHVSXHVWDV SDUD QR WHQHU IDOVDV LQWHUSUHWDFLRQHV HO HQWUHYLVWDGR
3DUD FDSWDU HO VLVWHPD GH UHSUHVHQWDFLRQHV VH GHEHQ HIHFWXDU
SUHJXQWDV FRPSDUDWLYDV FRQGLFLRQDOHV R KLSRWpWLFDV SUHJXQWDV
UHODWLYDV D ODV FDXVDV \ ORV ILQHV SUHJXQWDV TXH YHUVHQ VREUH ORV
HIHFWRV H[SORUDFLyQ R SUHJXQWDV VREUH HYDOXDFLyQ REMHWLYRV
LQWHQFLRQHV GHVHRV \ YDORUHV (Q FDGD FDVR FRQYLHQH TXH HO VXMHWR
XELTXHXQPDUFRWHPSRUDOSDVDGRSUHVHQWHRIXWXURVXVUHVSXHVWDV
x 7iFWLFD GHO IOXMR FRQWLQXR HO GLVFXUVR VH FRQVWUX\H HQ HO
FXUVRGHODLQWHUDFFLyQ\QRVHHQFXHQWUDSUHILMDGR(OHQWUHYLVWDGRU
GHEHWUDWDUGHDGDSWDUFDGDQXHYDSUHJXQWDDODUHVSXHVWDTXHDFDED
GH GDUOH HO VXMHWR FRQ HO REMHWR GH SURIXQGL]DU \ GH FRPSUHQGHU
PHMRUHVWHDVXYH]WUDWDGHHODERUDUXQDUHVSXHVWDTXHVHDMXVWHD
FDGDQXHYDSUHJXQWD
x 7iFWLFD GHO UHIXHU]R FRQWULEX\H D TXH OD LQWHUDFFLyQ VHD
FRQWLQXD\GHULWPRFRQVWDQWH,(OUHIXHU]RGHODHVFXFKDDFWLYDHO
VXMHWR GHEH SHUFLELU TXH VH OH SUHVWD DWHQFLyQ VH OH HVFXFKD VH OH
DWLHQGH\QRVHORLQWHUUXPSHLQFOXVRDXQTXHVHHVWpHQGHVDFXHUGR
FRQ XQD DFWLWXG WHUDSpXWLFD DWHQFLyQ IORWDQWH ,, (O UHIXHU]R GH OD
PLUDGD DFWLYD FRQWDFWR RFXODU HQWUH ORV DFWRUHV SDUD GHPRVWUDU
DWHQFLyQ ,,, (O UHIXHU]R HVSHFXODU GHO HQWUHYLVWDGR VH SURGXFH XQ
UHIOHMR XQD WUDQVIHUHQFLD HQ WpUPLQRV SVLFRDQDOtWLFRV TXH OR
WUDQTXLOL]D \ DQLPD D FRQWLQXDU HQ VXV PDQLIHVWDFLRQHV ,9 (O
UHIXHU]RSRUHOUHFRQRFLPLHQWRH[SUHVRGHOYDORUGHODVUHVSXHVWDVHO
HQWUHYLVWDGRULQLFLDVXWXUQRGHSDODEUDFRQXQDFDOLILFDFLyQSRVLWLYD
KHFKD SRU HO HQWUHYLVWDGR HV PX\ UHOHYDQWH HV PX\ VLJQLILFDWLYR
HWF

x 7iFWLFD GHO FDPELR VH HIHFWLYL]D XQD UHRULHQWDFLyQ DQWH XQD

SURSRVLFLyQ LQHVSHUDGD GH WHPDV GHO HQWUHYLVWDGR GHEH KDEHU XQ
PDQHMR GH OD VLWXDFLyQ SRU SDUWH GHO HQWUHYLVWDGRU SDUD HQFDX]DU HO
IOXMRGHOLQWHUFDPELR
x 7iFWLFD GHOVLOHQFLR HO HQWUHYLVWDGRGHVDUUROOD XQD DFWLWXG GH
GHIHQVD SVLFROyJLFD TXH FRQVLVWH HQ KDEODU DQWH HO VLOHQFLR GHO
HQWUHYLVWDGRU3RURWUDSDUWHVLHOHQWUHYLVWDGRQRDFLHUWDDUHVSRQGHU
VHODSXHGHD\XGDUDYHQFHUHOVLOHQFLRFRQXQDSUHJXQWDGHDSR\RR
UHIXHU]R
x 7iFWLFDFRPELQDGDGHODFXULRVLGDGVHWUDWDGHPRVWUDUVHXQ
SRFR LQJHQXR GHVLQIRUPDGR VRUSUHQGLGR R DGPLUDGR SRU OD
LPSRUWDQFLDRVLQJXODULGDGGHODVUHVSXHVWDV
x 7iFWLFD GH UHFDSLWXODFLyQ WiFWLFD TXH HVWUXFWXUD OD
LQWHUDFFLyQ\OD RULHQWDKDFLDVXILQDOVLUYHSDUD FHUUDU FDStWXORVGH
FRQWHQLGRV 6H WUDWD GH XQD UHIRUPXODFLyQ R UHRULHQWDFLyQ GHO
GLVFXUVRHQVXIRUPD\FRQWHQLGRSRUSDUWHGHOHQWUHYLVWDGRU
x 7iFWLFDVUHODWLYDVDODVPRGDOLGDGHVGH UHJLVWURHOUHJLVWUR
VH UHDOL]D VLHPSUH FRQ HO SHUPLVR GHO HQWUHYLVWDGR (O HQWUHYLVWDGRU
GHEH DQRWDU R JUDEDU ODV UHVSXHVWDV FLQWD R YLGHR SDUD UHFRJHU ORV
DVSHFWRVQRYHUEDOHVGHODVH[SUHVLRQHVGHOHQWUHYLVWDGRHQFDVRGH
QHJDFLyQGHUHJLVWURDXGLRYLVXDOSRUSDUWHGHOHQWUHYLVWDGRVHGHEHUi
WUDQVFULELUODHQWUHYLVWD
(V LQWHUHVDQWH WHQHU HQ FXHQWD OD SURSXHVWD GH UHJLVWURV QR
FRQYHQFLRQDOHVGHGDWRVGHQWURGHODHQWUHYLVWDVXJHULGDVSRU&DVVHWWL
\'L&KLR
7HUPLQDFLyQGHIUDVHVHVWUXFWXUDGDVDPELJXDPHQWH
/DKLVWRULHWDTXH SUHVHQWD D GRVSHUVRQDMHVKDEODQGRXQRGH
ORV FXDOHV FRQWLHQH HQ VX JORER XQD IUDVH HO HQWUHYLVWDGR GHEH
FRPSOHWDUODUHVSXHVWDGHORWURSHUVRQDMH
$VRFLDFLyQGHSDODEUDVGHOKDEODQWHOLEUHRJXLDGDHQUHODFLyQ
DOWHPDGHLQWHUpV
$VRFLDFLyQGHLPiJHQHV

,PDJLQDFLyQYLVXDO6HOHSLGHDOUHVSRQGLHQWHTXHDSDUWLUGH
XQD LPDJHQ Gp VLJQLILFDGR JHQpULFR R XQD LQWHUSUHWDFLyQ GH OD
VLWXDFLyQ\TXHDSDUWLUGHHOODHODERUHXQDKLVWRULD
(O GLEXMR $TXt GHEH HO HQWUHYLVWDGR GLEXMDU VREUH XQ WHPD
GHWHUPLQDGR D ILQ GH SRGHU DQDOL]DUODV FRQQRWDFLRQHV JUiILFDV \
VLPEyOLFDVHQUHODFLyQDOWHPDHQFXHVWLyQ
7RGDVHVWDVDFWLYLGDGHVGHQWURGHXQPDUFRUHODWLYRGHFRQILDQ]D\

HVSRQWDQHLGDG SURYRFDQ SVLFRDIHFWLYDPHQWH DO KDEODQWH SDUD TXH D
SDUWLUGHORH[SUHVDGRVHREWHQJDQORVGDWRVTXHSHUPLWDQHODQiOLVLV
GH OD IXVLyQ HQWUH OR LPDJLQDULR \ OR UHDO FRQFUHWDGD HQ ODV
VXEMHWLYLGDGHV HQ YLQFXODFLyQ D XQ WHPD X REMHWR GHWHUPLQDGR (O
HPSOHRGHWpFQLFDVTXHSURYRTXHQHOKDEODOLEHUDGDHVFHQWUDO³HO
DQiOLVLV SUR\HFWLYR FDEH ~QLFDPHQWH VL SUHYLDPHQWH VH KDFHQ
SUHJXQWDV DELHUWDV EXVFDQGR DYHULJXDU TXp SLHQVDQ ORV
SDUWLFLSDQWHVVREUHORVSHUVRQDMHVTXH FRPSUDQXQSURGXFWRDTXH
OXJDUHVYDQFyPRYLVWHQRGHTXHKDEODQ´3HUH6ROHU
&LHUUHGHODHQWUHYLVWDVHJ~QHOWLSRGHHQWUHYLVWDVHUHTXLHUHPiVR
PHQRV WLHPSR SDUD VX HIHFWLYL]DFLyQ OD HQWUHYLVWD VHPLHVWUXFWXUDGD
VXSRQH XQ GHVJDVWH SVtTXLFR VXSHULRU SDUD HO HQWUHYLVWDGR 8QD
GXUDFLyQGHPiVGHYHLQWHPLQXWRVSXHGHUHVXOWDUFRQWUDSURGXFHQWH
ODGXUDFLyQGHODHQWUHYLVWDDELHUWDQRVHILMDGHDQWHPDQRVLQRTXHVH
WHUPLQDFXDQGRODLQIRUPDFLyQHVUHGXQGDQWHHOLQYHVWLJDGRUGHFLGH
GH DFXHUGR D ORV ILQHVTXH SHUVLJXH OD ILQDOL]DFLyQGHOD HQWUHYLVWD
SDUD OD HQWUHYLVWD HQ SURIXQGLGDG VH UHTXLHUH XQ WLHPSR PiV
SURORQJDGR SXHGH OOHYDU HQWUH XQD \ FXDWUR KRUDV (O PRGR GH
ILQDOL]DUGHEHWHQHUXQFDUiFWHUGHDJUDGHFLPLHQWRDOHQWUHYLVWDGRSRU
VXFRODERUDFLyQVHGHEHUHFRQRFHUVXFRODERUDFLyQSURPHWLHQGRTXH
VLORGHVHDSRGUiVHU LQIRUPDGR VREUHORVUHVXOWDGRV GHOHVWXGLR /D
DSOLFDFLyQ GH OD HQWUHYLVWD HQWUDxD SRWHQFLDOHV GLVWRUVLRQHV HQ ORV
GDWRV D SURGXFLU DOJXQRV GH HVWRV HIHFWRV QR GHVHDGRV SURYHQLHQWHV
GHOHQWUHYLVWDGRHVWRVVHSXHGHQUHVXPLUHQORVVLJXLHQWHV
x 9LRODFLyQ GH OD Pi[LPD GH FDQWLGDG TXH VX FRQWULEXFLyQ QR

VHDWRGRORLQIRUPDWLYDTXHUHTXLHUDHOSURSyVLWRGHODHQWUHYLVWD\D
VHDSRUTXHQRFRQRFHHOWHPDSRUTXHHVXQWHPDVHQVLEOHRSRUTXH
DSHQDVVHGLVSRQHGHGDWRV4XHVXFRQWULEXFLyQVHDPiVLQIRUPDWLYD
GH OR QHFHVDULR (O LQYHVWLJDGRU GHEH SODQWHDUVH VL OR TXH GLFH HV
LUUHOHYDQWHDORVSURSyVLWRVGHODLQYHVWLJDFLyQSRUPX\LQIRUPDWLYR
TXHVHD
x 9LRODFLyQ D OD Pi[LPD GH FDOLGDG TXH VX FRQWULEXFLyQ VHD
IDOVDGHPRGRTXHVHDFRQFLHQWHTXHVDEH\H[SUHVDHVIDOVRRTXHVX
FRQWULEXFLyQQRVHDYHUGDGHUDGHPRGRTXHDILUPHDOJRVLQRORVDEH
FLHUWDPHQWH (O LQYHVWLJDGRU GHEH GDUVH FXHQWD GH OD VLQFHULGDG GHO
HQWUHYLVWDGR D WUDYpV GH UHSUHJXQWDV \ GH REVHUYDU HO OHQJXDMH
FRUSRUDOGHOHQWUHYLVWDGR
x 9LRODFLyQ GH OD Pi[LPD GH PDQHUD R PRGDOLGDG FODULGDG
RUGHQ FRQFLVLyQ HO HQWUHYLVWDGRU WLHQH TXH UHDOL]DU SUHJXQWDV TXH
UHVWDXUHQODFODULGDGHORUGHQ\ODSUHFLVLyQGHODVUHVSXHVWDV'HEH
FRQVWDWDUFXiOHVHOHVWLORFRPXQLFDWLYR\ODFRPSHWHQFLDOLQJtVWLFD
GHOHQWUHYLVWDGR
/RVHIHFWRVQHJDWLYRVSURGXFLGRVSRUHOHQWUHYLVWDGRUFRQVLVWHQHQ
x (OHIHFWRKDORHQHOLQLFLRHYDOXDUVLHOHQWUHYLVWDGRUVHKDGHMDGR
LQIOXHQFLDU SRU DOJ~Q UDVJR R FRQGXFWD H[WUHPD GHVDUUROODGD SRU
HOHQWUHYLVWDGRTXHSHUWXUEDODHFXDQLPLGDGGHOLQYHVWLJDGRU
x (OHIHFWRGHODSUHFRQFHSFLyQGHOHVWHUHRWLSR\GHODSUR\HFFLyQ\
H[SHFWDWLYD HQ HO GHVDUUROOR GH OD HQWUHYLVWD FRQVLVWH HQ ODV
YDORUDFLRQHVGHOHQWUHYLVWDGRUVREUHHOSHUILOGHOVXMHWRRUHVSHFWR
DOWHPDGHUHIHUHQFLD
x (O HIHFWR GH LQPHGLDWH] HQ HO ILQDO GH OD HQWUHYLVWD SXHGH
SURGXFLUVH XQD WHQGHQFLD D KDFHU PiV PHPRUDEOH OR TXH VRORHV
PiVUHFRUGDEOHSRUKDEHUVHSURGXFLGRHQ~OWLPROXJDU
$ILQGHVXSHUDUHVWRVSRVLEOHVHIHFWRVQHJDWLYRVHOHQWUHYLVWDGRUGHEH
FHUFLRUDUVHTXHVHFXPSODQODVVLJXLHQWHVUHFRPHQGDFLRQHV
9 (IHFWXDU ODV PLVPDV SUHJXQWDV SHUR FRQ GLVWLQWD IRUPXODFLyQ

HQGLYHUVRVPRPHQWRVGHODHQWUHYLVWD
9 &RPSDUDU ODV GLYHUVDV PDQLIHVWDFLRQHV GHO HQWUHYLVWDGR VREUH
HOPLVPRWHPD
9 &RQWUDVWDU OD LQIRUPDFLyQ SUHYLDPHQWH \ SRVWHULRUPHQWH D OD
HQWUHYLVWDFRQGRFXPHQWRVRIXHQWHVGHGDWRVDX[LOLDUHVFRPRFHQVRV
DUFKLYRVRUHJLVWURVRILFLDOHV
9 (YLWDU RWURV REVWiFXORV FRPR ODV EDUUHUDV SVLFRVRFLDOHV TXH
DIHFWDQ DO HQWUHYLVWDGR HQ HO SURFHVR FRPXQLFDFLRQDO HO DSXUR GH
WLHPSRODDPHQD]DDOHJRODDXWRFHQVXUDVRFLDO\SVLFROyJLFDGHOD
LQWHUDFFLyQHOPDOHVWDUTXHUHSUHVHQWDYLYLUH[SHULHQFLDVWUDXPiWLFDV
HOROYLGRODFRQIXVLyQFURQROyJLFDHWF

*XtDGHSUHJXQWDV
¢4XHUHJLVWUDFDGDLQVWUXPHQWRGHHODERUDFLyQGHGDWRV"
¢&XiOHV VRQ ORV WLSRV GH WLSRV GH HQFXHVWD" 6HxDODU YHQWDMDV \
GHVYHQWDMDVGHFDGDXQR
¢'HTXpIDFWRUHVGHSHQGHHOWDPDxRGHXQFXHVWLRQDULR"
6HxDODU ODV SULQFLSDOHV UHFRPHQGDFLRQHV SDUD HODERUDU XQ

FXHVWLRQDULR
6HxDODUFXiOHVVRQORVWLSRVGHREVHUYDFLyQ(MHPSOLILFDU
&DUDFWHUL]DUODWpFQLFDGHJUXSRVGHGLVFXVLyQ3UHFLVDUVXDQiOLVLV
\HOSURFHVRRSHUDFLRQDOGHpVWH
¢&XiOHVHOUROGHOPRGHUDGRUHQXQJUXSRGHGLVFXVLyQ"
¢&XiQGRVHHPSOHDODHQWUHYLVWDFXDOLWDWLYD"([SOLFDUORVWLSRVGH
HQWUHYLVWD\ODVIDVHVGHODPLVPD
6HxDODUORVHIHFWRVQHJDWLYRVTXHSXHGHQLQWURGXFLUHOHQWUHYLVWDGR
\HOHQWUHYLVWDGRU
¢&yPRVHHODERUDHOWHVWGH/LNHUW"(MHPSOLILFDU
¢&yPR VH HODERUD OD HVFDOD GH GLIHUHQFLDO VHPiQWLFR"

(MHPSOLILFDU

$&7,9,'$'
(ODERUDU GRV SUHJXQWDV GH FDGD XQR GH ORV VLJXLHQWHV WLSRV D
&HUUDGDV FRQ UHVSXHVWD GLFRWyPLFD E &HUUDGDV FRQ YDULDV
DOWHUQDWLYDV H[FOX\HQWHV GH UHVSXHVWD F &HUUDGDV FRQ UHVSXHVWD
P~OWLSOH G &HUUDGDV FRQ MHUDUTXL]DFLyQ GH RSFLRQHV H $ELHUWDV I
$ELHUWDVFRPSOHPHQWDQGRFRQXQDFHUUDGDJ$ELHUWDVQXPpULFDV
$&7,9,'$'
3URSRQHUXQDREVHUYDFLyQGHXQDDFWLYLGDGGHODYLGDFRWLGLDQDHQOD
TXH VH LQYROXFUHQ ODV DFFLRQHV GH WHUFHURV D WUDYpV GH XQ UHJLVWUR
LQIRUPDO(VWDEOHFHUORVFULWHULRVTXHJXLDUtDQHVDREVHUYDFLyQ
$&7,9,'$'
D'HWHUPLQDUTXHLQVWUXPHQWRGHHODERUDFLyQGHGDWRVDSOLFDUtDSDUD
LQYHVWLJDUODWHPiWLFDSODQWHDGDHQHOWH[WR
E$FRQWLQXDFLyQFRQVWUXLUXQDSODQLOODGRQGHVHUHJLVWUHQORVGDWRV
GHOWHPDHQFXHVWLyQ
F)LQDOPHQWH HVWDEOHFHU FRPR RUJDQL]DUtD OD PDWUL] GH GDWRV SDUD
YROFDUODLQIRUPDFLyQGHODSODQLOOD
/$ &$51( (6 'e%,/ &219,57,(1'2 $ /26 &/,(17(6 (1

&2035$'25(6&2038/6,926
/RV FRPSUDGRUHV FRPSXOVLYRV KDFHQ ODV GHOLFLDV GH ORV UHWDLOHUV

¢&yPR DWDFDU HO UDFLRFLQLR GHO FRQVXPLGRU SDUD FRQYHUWLUOR HQ XQ
VHU LUUDFLRQDO TXH QR SXHGH SDUDU GH FRPSUDU" 8Q FRQVXPLGRU
UDFLRQDOHVDTXHOTXHLQJUHVDDOHVWDEOHFLPLHQWRFRPSUDHODUWtFXOR
TXH KDEtD LGR D EXVFDU SDJD \ VH YD 3HUR ¢FXiQWRV H[KLEHQ HVWD
FRQGXFWDDORODUJRGHVXH[SHULHQFLDGHFRPSUD"/RPiVKDELWXDOHV
TXH XQR LQJUHVH DO HVWDEOHFLPLHQWR FRQ XQD OLVWD GH FRPSUDV SHUR
TXHVDOJD FRQ PiVELHQHV GH ORVTXH KDEtD SODQHDGR DGTXLULU ¢'H
TXp GHSHQGH OD FDQWLGDGH[WUDGH DUWtFXORV" (QJUDQ PHGLGDGHOD
KDELOLGDGGHOUHWDLOHUSDUDDOLPHQWDUORVLPSXOVRVFRQVXPLVWDVGHVXV

FOLHQWHV8QDLQYHVWLJDFLyQGH6WDQIRUG*UDGXDWH6FKRRORI%XVLQHVV
QRVRIUHFHXQYLDMHDODVHQWUDxDVGHODPHQWHGHOFRQVXPLGRUSDUD
GHVFXEULU DTXHOOD FDUDFWHUtVWLFD TXH QRV KDFH YXOQHUDEOHV D ODV
FRPSUDVFRPSXOVLYDV %iVLFDPHQWHDGYLHUWHQORVLQYHVWLJDGRUHVOD
H[SHULHQFLD GH FRPSUD HV XQ SURFHVR TXH VH GHVHQYXHOYH HQ GRV
HWDSDV(QXQSULPHUPRPHQWRHOFRQVXPLGRUDQDOL]DUDFLRQDOPHQWH
ORV FRVWRV \ EHQHILFLRV GH XQD FRPSUD SDUWLFXODU ¢0H VLUYH HVWH
DUWtFXOR"¢/RQHFHVLWRUHDOPHQWH"¢4XpSURGXFWRDOWHUQDWLYRSRGUtD
FRPSUDUFRQHVWHGLQHUR"1RREVWDQWHHQXQVHJXQGRPRPHQWRHO
SHQVDPLHQWR UDFLRQDO EDMD OD JXDUGLD \ HO FDUULWR GH FRPSUDV VH
FRQYLHUWH HQ DPR \ VHxRU 'HVGH OXHJR OD FRPSXOVLyQ UDUD YH]
DOFDQ]DH[WUHPRVSDWROyJLFRVHLUUHIUHQDEOHV([LVWHQFLHUWRVIDFWRUHV
TXHFRQWUDUUHVWDQHOIUHQHVtFRQVXPLVWD\GHYXHOYHQDOFOLHQWHDVXV
FDEDOHV<XQRGHHVWRVIDFWRUHVHVODSHUFHSFLyQVREUHODQDWXUDOH]D
GHOSULPHUDUWtFXORFDUJDGRHQHOFDUULWR6LGHVGHODSHUVSHFWLYDGHO
FOLHQWH DTXHO SULPHU DUWtFXOR HUD GH SULPHUD QHFHVLGDG OD
LUUDFLRQDOLGDG WLHQH YtD OLEUH SDUD GHVHQFDGHQDU XQD VHJXLGLOOD GH
FRPSUDV FRPSXOVLYDV 3RU HO FRQWUDULR VL HO DUWtFXOR HV SHUFLELGR
FRPR GH OXMR HO IDFWRU FXOSD HQIUtD ORV LPSXOVRV LUUDFLRQDOHV
$KRUDELHQHVWRVIDFWRUHVVRQIXQGDPHQWDOHVHQHOVXSHUPHUFDGLVPR
\ RWURV UXEURV GH UHWDLO SDUD ORJUDU XQD ySWLPD RUJDQL]DFLyQ
HVSDFLDO GHO HVWDEOHFLPLHQWR HV GHFLU XQD RUJDQL]DFLyQ TXH
PD[LPLFH ORV LPSXOVRV FRQVXPLVWDV 6HJ~Q ORV LQYHVWLJDGRUHV GH
6WDQIRUGORVDUWtFXORVGHSULPHUDQHFHVLGDGORVDFHOHUDGRUHVGHOD
FRPSXOVLyQGHEHUtDQVHUORVSULPHURVTXHHOFRQVXPLGRUHQFXHQWUH
DO LQJUHVDU DO HVWDEOHFLPLHQWR /RV ELHQHV GH OXMR HQIULDGRUHV GH
LPSXOVRV SRU HO FRQWUDULR GHEHUtDQ XELFDUVH HQ HO IRQGR $Vt HO
FOLHQWHLQJUHVDDOVXSHUPHUFDGR\FRPLHQ]DDFDUJDUORVDUWtFXORVGH
SULPHUDQHFHVLGDGTXHIRUPDEDQSDUWHGHVXOLVWDGHFRPSUDV&DGD
QXHYR ELHQ QHFHVDULR YD UHFDOHQWDQGR HO LPSXOVR FRQVXPLVWD
3URJUHVLYDPHQWHHOFOLHQWHGHEHUtDLUDYDQ]DQGRKDFLDXQD]RQDFRQ
DUWtFXORVGHVHJXQGDQHFHVLGDG<ILQDOPHQWHDOFDQ]DUHOVHFWRUGH
ORV ELHQHV GH OXMR 'H HVWD IRUPD HO WHPLGR IDFWRU FXOSD UHFLpQ
DSDUHFHFXDQGRHOFOLHQWH\DKDOOHQDGRVXFDUULWR\VHGLULJHTXL]i

DOJRDYHUJRQ]DGRKDFLDODVFDMDV
$&7,9,'$'
,QGLFDU TXH WpFQLFDV VXVWHQWDQ HVWD HVWUDWHJLD DSOLFDEOH DO PDUNHWLQJ

FRPHUFLDO\SROtWLFR
&$03$f$6 (/(&725$/(6 0,&527$5*(7,1* <

'(6,*8$/'$'32/Ë7,&$
/DVFDPSDxDVHOHFWRUDOHVHQ(VSDxDVHULJHQSRUXQDVFRQGLFLRQHV
SROtWLFDVHLQVWLWXFLRQDOHVTXHWLHQHQSRFRTXHYHUFRQHOPDUFRHQHO
TXHVHGHVDUUROODQODVHOHFFLRQHVQRUWHDPHULFDQDV6LQHPEDUJROD
PHFiQLFD \ HO REMHWLYR GH ODV FDPSDxDV HV OR EDVWDQWH HOHPHQWDO
³FRQYHQFHDOHOHFWRUDGRGHTXHWHYRWH\DORVTXHQRWHYDQDYRWDU
GHTXHVHDEVWHQJDQ´FRPRSDUDTXHODVQXHYDVLGHDV\PRGHORVGH
FRPXQLFDFLyQ SROtWLFD VH SXHGDQ PRYHU FRQ FLHUWD IOXLGH] HQWUH
SDtVHV (OPLFURWDUJHWLQJHV OD ~OWLPD GH HVWDV LQQRYDFLRQHV \
DXQTXHKDUHFLELGRFLHUWDDWHQFLyQHQODSUHQVDODGHVFULSFLyQTXH
VHKDFHHQORVPHGLRVVXHOHHVWDUFHJDGDSRUXQDIDVFLQDFLyQSRUHO
DSDUDWDMH WHFQROyJLFR TXH QR GD PXFKR PDUJHQ SDUD XQ DQiOLVLV
FUtWLFR
(OPLFURWDUJHWLQJH[SORWD ODV HVWUDWHJLDV LQWHQVLYDV HQ GDWRV SDUD

GLULJLUVHDORVLQGLYLGXRV PiV UHDFWLYRVDO FRQWDFWRSRUSDUWHGHOD
FDPSDxDTXL]iVLQFOXVRSHUVRQDOL]DQGRHOPHQVDMHFRQORVWHPDVGHO
SURJUDPD HOHFWRUDO TXH PiV OH LQWHUHVDQ DO YRWDQWH /DV YHQWDMDV
SXHGHQ YHUVH FRQ PiV FODULGDG VL OR FRPSDUDPRV FRQ HO UHSHUWRULR
GH HVWUDWHJLDV TXH HVWiQ DO DOFDQFH GH XQD FDPSDxD WUDGLFLRQDO
DQXQFLRVHQWHOHYLVLyQFDUWHOHVPDLOLQJVPtWLQHV(OLQFRQYHQLHQWH
TXH FRPSDUWHQ WRGRV HVWRV PpWRGRV HV TXH QR GLVFULPLQDQ \ TXH
WUDQVPLWHQ ORV PLVPRV PHQVDMHV D WRGRV ORV YRWDQWHV
LQGHSHQGLHQWHPHQWH GH VXV LQWHUHVHV $GHPiV OD FDPSDxD
GHVSHUGLFLDPXFKRVUHFXUVRVHQLQWHQWDUFRQYHQFHUDYRWDQWHVDORV
TXHHVLQ~WLOGLULJLUVHEXHQDSDUWHGHODDXGLHQFLD\DWLHQHGHFLGLGR

YRWDU D RWUR SDUWLGR \ RWURV \D HV VHJXUR TXH DSR\DUiQ DO QXHVWUR
FDQGLGDWR LQGHSHQGLHQWHPHQWH GH OR TXH KDJDPRV 3RU WDQWR OD
FDPSDxDVHUtDPXFKRPiVHILFLHQWHHQVXDVLJQDFLyQGHUHFXUVRVVL
SXGLHVHFHQWUDUVXDWHQFLyQHQORVLQGLYLGXRVTXHVRQPiVSURSHQVRV
DFDPELDUHOYRWRVLVRQFRQWDFWDGRVHLJQRUDUDWRGRVORVGHPiV\
REWHQGUtDPiVDWHQFLyQVLSXGLHVHSUHVHQWDUDFDGDYRWDQWHFRQODV
DUHDVGHOSURJUDPDSROtWLFRTXHPiVOHSUHRFXSDQ3RUVXSXHVWRODV
FDPSDxDVOOHYDQGpFDGDVKDFLHQGRVHJPHQWDFLyQGHOHOHFWRUDGR/R
TXHKDFDPELDGRHQ(VWDGRV8QLGRVHQORV~OWLPRVGLH]DxRVKDVLGR
OD HVFDOD DKRUD HV SRVLEOH VHJPHQWDU D WRGR HO HOHFWRUDGR OD
FDSDFLGDG GH SHUVRQDOL]DFLyQ ORV VHJPHQWRV VRQ PXFKR PiV
HVSHFtILFRV \ VX LQWHJUDFLyQ HQ OD PDTXLQDULD GH FDPSDxD OD
LQIRUPDFLyQ HVWi FHQWUDOL]DGD \ VH DFWXDOL]D HQ WLHPSR UHDO /D
FHQWUDOL]DFLyQGHORVGDWRVSURYHQLHQWHVGHODVDFFLRQHVHQHOFDPSR
IXVLRQDGRV FRQ GDWRV LQGLYLGXDOHV GH HQFXHVWD \ EDVHV GH GDWRV
FRPHUFLDOHV HV DGHPiV OR TXH SHUPLWH GHVDUUROODUPRGHORV
SUHGLFWLYRVGH OD SUREDELOLGDG FRQ OD TXH XQ LQGLYLGXR YD D YRWDU
EHKDYLRUVFRUHVTXHSHUPLWHQGLULJLUHVIXHU]RVGHPRYLOL]DFLyQGH
TXH YRWH GH XQ GHWHUPLQDGR PRGR R GH TXH GRQH GLQHUR VXSSRUW
VFRUHV\GHTXHFDPELHVXYRWRVLODFDPSDxDVHGLULJHDpORHOOD
SHUVXDVVLRQ VFRUHV 1R VROR HVR HVWRVVFRUHVSXHGHQ WDPELpQ
HVWLPDUVHSDUDFXDOTXLHULQGLYLGXRLQFOXVRVLODFDPSDxDWRGDYtDQR
VHKDGLULJLGRDpO
3HUR PiV DOOi GH OD VRILVWLFDFLyQ WHFQROyJLFD TXH QR HV WDQWD OD
LQIUDHVWUXFWXUD \ OD WpFQLFD QHFHVDULD SDUD XQD FDPSDxD
GHPLFURWDUJHWLQJHVVHQFLOOD \ EDUDWD OR TXH QRV LQWHUHVD VRQ ODV
FRQVHFXHQFLDV SROtWLFDV GH HVWDV SUiFWLFDV WDQWR R PiV TXH VX
HIHFWLYLGDG (V IiFLO DUJXPHQWDU TXH H[LVWH XQ ODGR SRVLWLYR HQ HVWH
WLSR GH HVWUDWHJLDV VL SHQVDPRV GHVGH HO ELHQHVWDU GHO YRWDQWH $O
GLULJLUVH FRQ OD SDUWH GHO SURJUDPD HOHFWRUDO TXH PiV DIHFWD DO
YRWDQWHVHDXPHQWDVXLQWHUpVSROtWLFR\DTXHDKRUDODFDPSDxDOH
DIHFWD GH PDQHUD PiV GLUHFWD \ SRU WDQWR OR LQYROXFUD HQ ODV
HOHFFLRQHVFRQPXFKDPiVQDWXUDOLGDG(VRDGHPiVSXHGHLPSDFWDU

HQVXLPSOLFDFLyQSROtWLFDDPiVODUJRSOD]R6LQHPEDUJRWDPELpQ
KD\ XQODGR RVFXURHQ HVWDV WpFQLFDV (Q HO IRQGR ORV PRGHORV
SUHGLFWLYRV QR KDFHQ PiV TXH VHxDODU D ODV FDPSDxDV D ORV
LQGLYLGXRV TXH WLHQHQ XQD PD\RU SUREDELOLGDG GH DSR\DU R GRQDU
GLQHUR3HURHVRQRHVPiVTXHVHxDODUTXpJUXSRVRFLDOHVPiVIiFLO
GH PRYLOL]DU 'DGR TXH ORV FLXGDGDQRV PiV LQYROXFUDGRV
SROtWLFDPHQWH VRQ ORV TXH WLHQHQ XQD PD\RU SURSHQVLGDG D YRWDU
LQFOXVR HQ OD DXVHQFLD GH FDPSDxD OR TXH KDFHQ ODV FDPSDxDV
PLFURGLULJLGDVHVGHMDUGHPRYLOL]DUDORVJUXSRVFRQPHQRULQWHUpV
SRU OD SROtWLFD TXH VRQ ORV PLVPRV TXH KDELWXDOPHQWH HVWiQ
LQIUDUUHSUHVHQWDGRVHQORVSURFHVRVSROtWLFRVHQJHQHUDO\FRQHVR
DXPHQWDQ OD GHVLJXDOGDG HQ OD UHSUHVHQWDFLyQ (Q SDUWLFXODU HV
SUREDEOHTXHDOPHQRVHQHOFDVRGH(VWDGRV8QLGRVODVHVWUDWHJLDV
GHPLFURWDUJHWLQJOOHYHQDODVXUQDVDFLXGDGDQRVEODQFRVHGXFDGRV
\ PHMRU SRVLFLRQDGRV HFRQyPLFDPHQWH TXH OD PHGLD \ WDO YH]
WDPELpQFRQSRVLFLRQHVLGHROyJLFDPHQWHPiVH[WUHPDV3RUWDQWRORV
PRGHORV SUHGLFWLYRV DFHQW~DQ ORV UDVJRV TXH \D HVWiQ GHWUiV GHO
VHVJR GH SDUWLFLSDFLyQ HOHFWRUDO WUDGLFLRQDO SHUPLWLHQGR D ODV
FDPSDxDVVXVHVIXHU]RVKDFLDORVJUXSRVTXH\DHVWiQPiVFHUFDQRV
DODSDUWLFLSDFLyQSROtWLFDFRQYHQFLRQDO
'H KHFKR WDO \ FRPR PXHVWUDQ(QRV )RZOHU \ 9DYUHN LQFOXVR ODV

HVWUDWHJLDVJHQHUDOHV\QRPLFURGLULJLGDVGH*279JHWRXWWKHYRWH
FRQYHQFHU D OD JHQWH TXH YD\D D YRWDU SURGXFHQ HO PLVPR WLSR GH
UHVXOWDGRV(VGHFLUFXDQGRODVFDPSDxDVUHDOL]DQH[SHULPHQWRVGH
FDPSR SDUD HVFRJHU ODV HVWUDWHJLDV GH FRQWDFWR PiV HIHFWLYDV ORV
UHVXOWDGRV WLHQGHQ D VHVJDU HQ IDYRU GH PpWRGRV GLULJLGRV D ORV
JUXSRV TXH \D WHQtDQ XQD PD\RUSUREDELOLGDG VXE\DFHQWH GH YRWDU
3RU GHFLUOR GH RWUR PRGR ORV HIHFWRV GH ORV GLIHUHQWHV PpWRGRV GH
FRQWDFWR RFXOWDQ HQUHDOLGDGXQDDOWDKHWHURJHQHLGDG HQ ODTXHORV
JUXSRVPiVVREUHSUHVHQWDGRVHQHOSURFHVRSROtWLFRVRQWDPELpQORV
TXH PiV FRQWULEX\HQ D ORV UHVXOWDGRV TXH VRQ REVHUYDGRV SRU ORV
DQDOLVWDV GH FDPSDxD FXDQGR UHFLEHQ ORV GDWRV GH ORV JUXSRV GH
FRQWURO\WUDWDPLHQWR(VSRVLEOHTXHHODXPHQWRHQODHILFLHQFLDGHO

JDVWR TXH YLHQH FRQ ODV HVWUDWHJLDV SHUVRQDOL]DGDV GH FRQWDFWR

GXUDQWH ODV FDPSDxDV HOHFWRUDOHV HVWp FRQWULEX\HQGR D OD
IUDJPHQWDFLyQ GHO HOHFWRUDGR \ DFDEHQ WHQLHQGR HIHFWRV QHJDWLYRV
SDUDODUHSUHVHQWDFLyQSROtWLFD(QVXLQWHQWRSRUPHMRUDUHODFFHVR
D OD LQIRUPDFLyQ SROtWLFD \ GH PRYLOL]DU VHOHFWLYDPHQWH SDUD QR
GHVSHUGLFLDU UHFXUVRV ODV FDPSDxDV TXL]iV HVWpQ FRQWULEX\HQGR D
DFHQWXDUHOPHFDQLVPRTXHOOHYDDXQRVJUXSRVDQRLQYROXFUDUVHHQ
HO SURFHVR HOHFWRUDO \ D VHU H[FOXLGRV GH OD SDUWLFLSDFLyQ SROtWLFD
$XQTXH LQHYLWDEOH ODV HVWUDWHJLDV GHPLFURWDUJHWLQJVRQ WDO YH] XQ
HMHPSORGHFyPRORVLQFHQWLYRVGHODVFDPSDxDVHOHFWRUDOHVQRHVWiQ
DOLQHDGRVFRQODVQHFHVLGDGHVVRFLDOHV
KWWSVSROLWLNRQHVFDPSDQDVHOHFWRUDOHV
PLFURWDUJHWLQJ\GHVLJXDOGDGSROLWLFD
$&7,9,'$'
$QDOL]DUHQHVWHFDVRFRPRLPSDFWDQHQORVGDWRVHQGHEDWHODIRUPD
HQTXHVHLQVWUXPHQWyHOGLVSRVLWLYRGHHQFXHVWD
387,1 %$-$%$ (1 /26 621'(26 $6Ë 48( 6( &$0%,Ï /$
(1&8(67$)81&,21Ï
7UDVODFUtWLFDGHO.UHPOLQODHPSUHVDHVWDWDOXVyXQQXHYRPpWRGR
OD FRQILDQ]D HQ HO SUHVLGHQWH SDVy GHO DO <
FXDQGR9ODGtPLU3XWLQVHGHVSHUWyWRGRKDEtDPHMRUDGR/DVHPDQD
SDVDGD HO SUHVLGHQWH GH 5XVLD DOFDQ]y VX SXQWXDFLyQ PiV EDMD HQ
FRQILDQ]D GH OD FLXGDGDQtD7UDV GH PHVHV FD\HQGR HQ SLFDGRXQ
VRQGHR GHO HQFXHVWDGRU HVWDWDO UXVR 97V,20 PRVWUy TXH VROR HO
GHORVUXVRVGHFtDQFRQILDUHQ3XWLQ(OMXHYHVHOSRUWDYR]GHO
.UHPOLQ 'PLWUL 3HVNRY YLVLEOHPHQWH PROHVWR SLGLy DFODUDFLRQHV D
ORVVRFLyORJRV(OVRQGHRGLMR³QRIXHFRQVLVWHQWH´97V,20WRPy
QRWD 9HLQWLFXDWUR KRUDV GHVSXpV KL]R S~EOLFD XQD QXHYD HQFXHVWD
VHJ~QODFXDOHOGHORVUXVRVFRQItDQHQ3XWLQ(QXQDQRFKH
HOOtGHUUXVRTXHH[SHULPHQWDEDHOGHVFRQWHQWRGHODFLXGDGDQtDSRU

ODVLWXDFLyQHFRQyPLFDVXELyFDVLSXQWRVSRUFHQWXDOHV0iVTXH
FRFLQDUODHQFXHVWDODHQWLGDGHVWDWDOGHFLGLyGLUHFWDPHQWHFDPELDU
OD UHFHWD XVy XQD SUHJXQWD UDGLFDOPHQWH GLVWLQWD < IXQFLRQy
'XUDQWHDxRVHO&HQWURSDUDHO(VWXGLRGHOD2SLQLyQ3~EOLFDGH
WRGD 5XVLD 97V,20 KDEtD SHGLGR D OD FLXGDGDQtD TXH QRPEUDVH
ORV SROtWLFRV HQ ORV TXH FRQItDQ 6LQ SLVWDV 7UDV ODV FUtWLFDV GHO
.UHPOLQ TXH QR VH H[SOLFDED SRU TXp OD FRQILDQ]DHQ 3XWLQKDEtD
GHFUHFLGR PLHQWUDV TXH OD DSUREDFLyQ VH PDQWHQtD PHGLDQDPHQWH
DOWD PXFKR SDUD ORV HVWiQGDUHV RFFLGHQWDOHV GH KHFKR OD
HQFXHVWDGRUD PRGLILFy HO VLVWHPD \ ODQ]y XQD QXHYD SUHJXQWD HVWD
YH]FRQUHVSXHVWDFHUUDGD³¢&RQItDXVWHGHQHOSUHVLGHQWH3XWLQ"6t
RQR´/DQXHYDSUHJXQWDIXH³FRQWRGDSUREDELOLGDG´XQDUHDFFLyQ
DOWRTXHGHDWHQFLyQGHO.UHPOLQDQDOL]D'HQLV9RONRYVXEGLUHFWRU
GHO&HQWUR/HYDGDXQUHSXWDGRLQVWLWXWRGHPHGLFLyQGHODRSLQLyQ
S~EOLFDLQGHSHQGLHQWH(OH[SHUWRVRVWLHQHTXHQRWLHQHQDGDGHPDOR
KDFHUXQDQXHYDSUHJXQWDSHURDOHUWDGHTXHORVUHVXOWDGRVQRVRQ\
QR VHUiQ FRPSDUDEOHV ³1R HV OD PD\RU FDtGD GH FRQILDQ]D HQ HO
SUHVLGHQWHKDKDELGREDMDGDVPiVDJXGDVDQWHVSHURVXSRQJRTXH
SDUDHO.UHPOLQHQFRQWUDUVHFRQORVWLWXODUHVGHTXHµVRORXQ
GH ORV UXVRV FRQItD HQ 3XWLQ¶ HV GLItFLO´ VHxDOD SRU WHOpIRQR (O
GLUHFWRU GH OD HQFXHVWDGRUD HVWDWDO 9DOHU\ )\RGRURY VH HVFXGy HQ
TXHWDOYH]ODIyUPXODDQWHULRU±ODSUHJXQWDDELHUWD\VLQSLVWDV²HUD
³H[WUHPDGDPHQWHJHQHUDO´$VHJXUyTXHQRYDQDGHMDUGHKDFHUOD
SHURTXHODQXHYDFXHVWLyQHVXQEXHQFRPSOHPHQWR(O.UHPOLQVH
PRVWUy VDWLVIHFKR FRQ ORVQXHYRVGDWRV$XQTXH HOSRUWDYR] 3HVNRY
UHFDOFyTXHVLVXUJtDQQXHYDVGXGDV³FLHUWDPHQWHÓDVSODQWHDUtD
KWWSVHOSDLVFRPLQWHUQDFLRQDODFWXDOLGDG
BKWPO
$&7,9,'$'
'HWHFWDUODVWpFQLFDVGHUHJLVWURGHGDWRVPHQFLRQDGDVHQHODUWtFXOR
FHQWUDOHV GXUDQWH OD FDPSDxD HOHFWRUDO VHxDODQGR ODV XWLOLGDGHV GH
FDGDXQDGHHOODVHQHVWHFDPSRGHLQYHVWLJDFLyQ

6,1 &$1','$726 35(6,'(1&,$/(6 '(),1,'26 /$6

(1&8(67$66(08/7,3/,&$1(,1)/8<(1
/DVHQFDUJDQSROtWLFRV\HPSUHVDV3XHGHQOOHJDUDFRVWDUKDVWD
PLO GyODUHV /D XWLOL]DFLyQ FRPR KHUUDPLHQWD GH DQiOLVLV R GH
SURSDJDQGD HOHFWRUDO $ WUHV PHVHV GH OD HOHFFLyQ OD FRQVWDQWH
FLUFXODFLyQGHHQFXHVWDVFDOLHQWDODSUHFDPSDxD$GLDULRVXUJHXQ
QXHYRHVFHQDULR\KDVWDSXHGHQFLUFXODUGRVWUHV \FXDWURVRQGHRV
GLVWLQWRV HQ FXHVWLyQ GH KRUDV &DGD QXHYR Q~PHUR KDFH VRQDU ORV
FHOXODUHV GH IXQFLRQDULRV GLULJHQWHV GH OD RSRVLFLyQ \ HPSUHVDULRV
TXH LQPHGLDWDPHQWH YLUDOL]DQ ORV HVWXGLRV TXH VH UHSOLFDQ HQ ORV
GLVWLQWRV PHGLRV ¢6LUYHQ ORV DQiOLVLV FRQ WDQWRV PHVHV GH
DQWLFLSDFLyQ" ¢7LHQHQ FDSDFLGDG SUHGLFWLYD" ¢&XiO HV VX XWLOLGDG"
³6LODVHOHFFLRQHVSUHVLGHQFLDOHVIXHUDQKR\¢3RUTXLpQYRWDUtD"´
HV OD SUHJXQWD TXH REVHVLRQD SRU HVWDU KRUDV 6LQ HPEDUJR ORV
DQDOLVWDV DVHJXUDQ TXH KR\ QR VH GHEH SRQHU HO IRFR HQ HVWR ³/RV
FDQGLGDWRV OR TXH PiV PLUDQ HV OR ~QLFR TXH QR VLUYH TXH HV FXiO
VHUtDVXLQWHQFLyQGHYRWR1RWLHQHQLQJ~QVHQWLGRYHUHVWRDWDQWRV
PHVHV GH OD HOHFFLyQ $KRUD OR TXH VH PLUD HV OD LQIRUPDFLyQ TXH
VXUJH VREUH HQ TXp VHJPHQWR VH HV PiV FRQRFLGR TXp TXLHUHQ ORV
YRWDQWHV D ORV TXH VH EXVFD OOHJDU TXp YRWDURQ DQWHV´ H[SOLFD
0DULHO )RUQRQL GH 0DQDJPHQW )LW (VWD FRQVXOWRUD PDQWLHQH HQ
UHVHUYD ORV Q~PHURV HOHFWRUDOHV TXH OH HQFDUJDQ HPSUHVDV \
SUHFDQGLGDWRV ³1R HVWDPRV SXEOLFDQGR GDWRV SRUTXH KDFHUOR
VLJQLILFD DUPDU UHYXHOR VLQ VHQWLGR (VRV HVFHQDULRV KR\ QR WLHQHQ
QLQJ~QDVLGHURFXDQGRQLVLTXLHUDVHVDEHTXLpQHVVRQORVFDQGLGDWRV
\ QL VLTXLHUD VH VDEH FyPR YDQ D HVWDU FRQIRUPDGRV ORV HVSDFLRV´
GLFH)RUQRQL
3DUDORV~OWLPRVFRPLFLRVSUHVLGHQFLDOHVGHFXDQGROD&iPDUD
1DFLRQDO(OHFWRUDOLQWLPyDODVHPSUHVDVDUHJLVWUDUVH\DSUHVHQWDU
LQIRUPDFLyQ VREUH OD FDQWLGDG GH PHGLFLRQHV TXH UHDOL]DQ SDUD
TXLpQ ORV KDFH \ FXiQWR FXHVWDQ KDEtD FRQVXOWRUDV LQVFULSWDV
+R\KD\UHJLVWUDGDVGHODVFXDOHVVRQSRFDVODVTXHFXPSOHQFRQ
WRGRVORVGDWRVVROLFLWDGRV³6LODVFDQGLGDWXUDVQRHVWiQGHILQLGDV

ODV HQFXHVWDV VRQ UHODWLYDV 6LUYHQ SDUD YHU WHQGHQFLDV \ HO FOLPD
VRFLDO SHURKD\ TXH WRPDUORVGDWRV FRQ PXFKR FXLGDGRSRUTXH OD
RSLQLyQS~EOLFDHVLQHVWDEOH\QRVHSXHGHGDUSRUVHQWDGRQDGD/D
HQFXHVWD QR SUHGLFH GHVFULEH < HO HUURU HV WRPDUODV FRPR XQD
YHUGDG UHYHODGD 6RQ SDUD KDFHU DQiOLVLV \ QR GHEHQ VHU XWLOL]DGDV
FRPRXQDFDUUHUDGHFDEDOOR´H[SOLFDHOFRQVXOWRU&DUORV)DUDGH
&DUORV)DUD $VRFLDGRV5HFRQRFHTXHPXFKDVYHFHVORVGLULJHQWHV
KDFHQ XQD ³XWLOL]DFLyQ SXEOLFLWDULD GHO GDWR´ (O SROLWyORJR 6HUJLR
%HUHQV]WHLQ DFODUD ³/RV VRQGHRV WLHQHQ XQD DOWD FDSDFLGDG GH
GLDJQyVWLFR SHUR QXOD FDSDFLGDG SUHGLFWLYD H[FHSWR FXDQGR IDOWD
PX\ SRFR SDUD ODV HOHFFLRQHV´ 8QVRQGHR QDFLRQDO GH PiV GH PLO
FDVRV\KDVWDGRVPLOFXHVWDHQWUHPLO\PLOGyODUHVPLHQWUDV
TXHXQHVWXGLRGHFDVRVSDUDXQLQWHQGHQWHVDOHFHUFDGHPLO
GyODUHV$GHPiVORVGLULJHQWHVHQFDUJDQIRFXVJURXS(VWRVDQiOLVLV
FXDOLWDWLYRVUHFOXWDQHQWUHRFKR\GLH]SHUVRQDV\VRQPXFKDVYHFHV
PRGHUDGRV SRU SVLFyORJDV TXH EXVFDQ FRQRFHU HQ SURIXQGLGDG OR
TXH JHQHUDQ HQ ORV FLXGDGDQRV GHWHUPLQDGRV SRVWXODQWHV 3XHGHQ
FRVWDU PLO GyODUHV ³1R TXHUHPRV VDEHU TXLpQ YD D JDQDU OD
HOHFFLyQVLQRLQWHUSUHWDUFXiOHVHOFOLPDGHRSLQLyQLPSHUDQWHSDUD
HQWHQGHUFXiOSXHGHVHUODGLQiPLFD/RVQ~PHURVGHODFRQVXOWRUD
,VRQRPtD YROYLHURQ D HVWDU HQ HO FHQWUR GH OD HVFHQD (Q DEULO OD
GLIHUHQFLDGHQXHYHSXQWRVHQWUH&ULVWLQD.LUFKQHU\0DXULFLR0DFUL
HQ XQ SRVLEOH HVFHQDULR GH EDORWDMH DOHUWDURQ D GLULJHQWHV GHO
RILFLDOLVPR TXH OD VHxDODURQ FRPR OD FXOSDEOH GH DOWHUDU D ORV
PHUFDGRV \ SURYRFDU PRYLPLHQWRV EUXVFRV HQ ORV PHUFDGRV /D
PLVPD HQFXHVWD YHLQWH GtDV GHVSXpV VHxDOy TXH OD VHQDGRUD GH
8QLGDG &LXGDGDQD EDMy HQ LQWHQFLyQ GH YRWR \ DKRUD HVWi D VyOR
FXDWURSXQWRVGHOSUHVLGHQWH
(QHO,QVWLWXWR3DWULDE~QNHUNLUFKQHULVWDGHVFUHHQGHHVWDHQFXHVWD
\ GH ORV GLVWLQWRV VRQGHRV TXH FLUFXODQ 6REUH OD ILOWUDFLyQ GH ORV
GDWRV GH ,VRQRPtD DVHJXUDQ TXH IXH OD SURSLD &DVD 5RVDGD OD
LQWHUHVDGDHQTXHORVQ~PHURVVHFRQR]FDQHQORVGtDVSUHYLRVHQORV
TXH HO PLQLVWUR GH +DFLHQGD 1LFROiV 'XMRYQH QHJRFLDED FRQ HO

)RQGR 0RQHWDULR ,QWHUQDFLRQDO SRQHUOH ILQ D OD UHVWULFFLyQ GHO

%DQFR &HQWUDO GH QR LQWHUYHQLU HQ OD ]RQD GH OD EDQGD FDPELDULD
LPSXHVWD SDUD OD FRWL]DFLyQ GHO GyODU ³)XHURQ FRQ OD HQFXHVWD
DPLJDDGHFLUGpMHQQRVKDFHUDOJRTXHPLUHQTXHVHYLHQHHOFXFRVL
OD HFRQRPtD QR IXQFLRQD $KRUD TXH OR FRQVLJXLHURQ ORV Q~PHURV
FDPELDURQ´GLFHXQKRPEUHFHUFDQRD&ULVWLQD.LUFKQHU
KWWSVZZZSHUILOFRPQRWLFLDVSROLWLFDVLQFDQGLGDWRV
SUHVLGHQFLDOHVGHILQLGRVODVHQFXHVWDVVHPXOWLSOLFDQH
LQIOX\HQSKWPO
$&7,9,'$'
(QOD3UXHED3LORWRUHDOL]DGDHQHO0XQLFLSLRGH/D0DWDQ]DSDUDOD
3ULPHUD (QFXHVWD VREUH 3REODFLyQ 7UDQV 7UDYHVWLV
7UDQVH[XDOHV 7UDQVJpQHURV \ +RPEUHV 7UDQV UHDOL]DGD SRU HO
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD\&HQVRV\HO,1$',VHSURSXVLHURQ
ORVVLJXLHQWHVREMHWLYRV
x 'HVFULELU ODV FRQGLFLRQHV GH YLGD \ ODV FDUDFWHUtVWLFDV

VRFLRGHPRJUiILFDVGHOFRQMXQWRGHSHUVRQDV7UDQV
x ,QGDJDU DFHUFD GH ODV H[SHULHQFLDV GH GLVFULPLQDFLyQ
DOIDEHWL]DFLyQMXUtGLFD\HODFFHVRDODMXVWLFLDGHODSREODFLyQ
7UDQV
3DUD FXPSOLPHQWDUORV VH HODERUy XQ FXHVWLRQDULR TXH VH SUHVHQWD D

FRQWLQXDFLyQ$QDOL]DUFRQUHVSHFWRDpVWH VLVHUHDOL]yXQDFRUUHFWD
RSHUDFLRQDOL]DFLyQ GH ODV YDULDEOHV LPSOLFDGDV HQ ORV REMHWLYRV GH
LQYHVWLJDFLyQ HVWR HV VL ODV SUHJXQWDV GHO PLVPR VH FRUUHVSRQGHQ
FRQORVEORTXHVWHPiWLFRV\VXVUHVSHFWLYDVSUHJXQWDV

$&7,9,'$'
$QDOL]DU VL OD HODERUDFLyQ GH OD JXtD GH REVHUYDFLyQ HVWi RULHQWDGD
FRUUHFWDPHQWH D ILQ GH DQDOL]DU OD DFFLyQ GH OD HQFXHVWDGRUD \ ODV
HQFXHVWDGDV
$ *8Ë$ '( 2%6(59$&,Ï1 '(/ &8(67,21$5,2 GH OD

358(%$ 3,/272 '( /$ (1&8(67$ 62%5(
32%/$&,Ï1 75$16 75$9(67,6 75$16(;8$/(6
75$16*e1(526<+20%5(675$16
6HGHRSHUDWLYD
1RPEUHGHODHQFXHVWDGRUD
1RPEUHGHODREVHUYDGRUD
)HFKDGHODHQWUHYLVWD
+RUDGH,QLFLR
+RUDGH)LQDOL]DFLyQ

&RQVLJQHDTXtHOKRUDULR
GHFRPLHQ]R\GHILQDOL]DFLyQ
GHODHQFXHVWD

7LHPSRWRWDO
$63(&726$2%6(59$5(172'$6/$6(175(9,67$6
'LILFXOWDGHVGHODHQFXHVWDGRUD
1RLQGDJDFXDQGRFRUUHVSRQGH
,QGXFHUHVSXHVWDVDOHQWUHYLVWDGR
2PLWHSUHJXQWDV
1ROHHODVSUHJXQWDVOLWHUDOPHQWH5HIRUPXODUHJLVWUDUFyPR
1RDSOLFDFRUUHFWDPHQWHORVSDVHV\ODVIOHFKDV
1RWLHQHHQFXHQWDODVLQGLFDFLRQHVJULVDGDV

0DQLILHVWD SUREOHPDV GH FRPSUHQVLyQ VREUH FRQFHSWRV GHO

&XHVWLRQDULR
'LILFXOWDGHVGHODHQFXHVWDGRD
'HVFRQRFHORVPRWLYRVGHODHQWUHYLVWD
0DQLILHVWD SUREOHPDV GH FRPSUHQVLyQ VREUH FRQFHSWRV GHO
&XHVWLRQDULR
0XHVWUD UHWLFHQFLD R LQFRPRGLGDG SDUD EULQGDU GHWHUPLQDGD
LQIRUPDFLyQ
5HODFLyQHQWUHODHQFXHVWDGRUD\ODSHUVRQDHQFXHVWDGD
9tQFXORHQWUHODHQFXHVWDGRUD\SHUVRQDHQFXHVWDGD
5HFHSWLYLGDGGHODSHUVRQDHQFXHVWDGD
5HDOL]DFLyQGHODHQFXHVWD
¢([LVWHQGLILFXOWDGHVSDUDUHDOL]DUODHQFXHVWD"'HVFULEDFXiOHV
(Q FDVR GH TXH OD HQFXHVWD QR SXHGD UHDOL]DUVH GHWDOOH ODV UD]RQHV
DXVHQFLDVLQDYLVRUHFKD]RSDUFLDORWRWDORWUDV
¢/D HQFXHVWDGRUD UHDOL]D FRUUHFWDPHQWH OD SUHVHQWDFLyQ" (Q FDVR

QHJDWLYRLQGLTXHFXiOHVVRQORVLQFRQYHQLHQWHVTXHVHSUHVHQWDQ
,'(17,'$'<5(/$&,21(6,17(53(5621$/(6
¢&XiOHVVXQRPEUH"
¢/D SHUVRQD HQFXHVWDGD SUHVHQWD GXGDV SDUD UHVSRQGHU" (Q FDVR

DILUPDWLYR GHVFULED FXDOHV ¢+DFH DOXVLyQ DO '1, GRQGH FRQVWD VX
QRPEUHIRUPDO"
¢4XLpQHVVRQODVSHUVRQDVFRQODVTXH8GYLYH"

¢/DHQFXHVWDGRUDUHVSHWDHOSURFHGLPLHQWRSDUDUHJLVWUDUODUHVSXHVWD
DHVWDSUHJXQWDHVFXFKDODUHVSXHVWDFRPSOHWD\OXHJRDQRWD"
¢6X LGHQWLGDG HV 7UDYHVWL 7UDQVH[XDO 7UDQVJpQHUR +RPEUH

7UDQV0XMHU7UDQV,QWHUVH[XRWUD"
¢6XUJHQFRPHQWDULRVGXGDVRUHDFFLRQHVGHDOJ~QWLSRSRUSDUWHGHOD
SHUVRQDHQFXHVWDGD"
¢$TXpHGDGH[SUHVyVRFLDOPHQWHHVWDLGHQWLGDG"
¢/D HQFXHVWDGD UHFXHUGD GLFKD HGDG" ¢6XUJHQ FRPHQWDULRV DO

UHVSHFWR"
3RUVXLGHQWLGDG7UDQV¢YLYLyH[SHULHQFLDVGHGLVFULPLQDFLyQSRU
SDUWH GH« 3RU VX LGHQWLGDG 7UDQV ¢YLYLy H[SHULHQFLDV GH
GLVFULPLQDFLyQHQODYtDS~EOLFDSRUSDUWHGHSHUVRQDVGHVFRQRFLGDV"
¢/D SHUVRQD HQFXHVWDGD DGPLWH FRQ IDFLOLGDG KDEHU YLYLGR

H[SHULHQFLDV GH GLVFULPLQDFLyQ SRU VX LGHQWLGDG 7UDQV" ¢5HDOL]D
FRPHQWDULRVVREUHDOJ~QDVSHFWRHQSDUWLFXODU"
6$/8'
¢5HDOL]DRUHDOL]yDOJ~QWUDWDPLHQWRGHKRUPRQL]DFLyQ"
¢/D SHUVRQD HQFXHVWDGD UHDOL]D FRPHQWDULRV" ¢([SOLFD R PDQLILHVWD

GXGDVUHVSHFWRDODSUHJXQWD"¢0XHVWUDUHWLFHQFLDSDUDUHVSRQGHU"
¢(VWHWUDWDPLHQWRHVWiRHVWXYREDMRFRQWUROPpGLFR"

¢+L]RDOJXQDPRGLILFDFLyQHQVXFXHUSR"

¢6HUHDOL]yLPSODQWHVRSUyWHVLVPDPDULDV"

¢/DUHDOL]yHQ«

¢6HLQ\HFWyVLOLFRQDVXRWUROtTXLGRHQFDGHUDPDPDVRJO~WHRV"
¢/D SHUVRQD HQFXHVWDGD UHDOL]D FRPHQWDULRV"¢([SOLFD R PDQLILHVWD

3RUVXLGHQWLGDG7UDQV¢'HFLGLyUHDOL]DUH[WUDFFLyQGHPDPDV"
¢5HDOL]D FRPHQWDULRV DSRUWHV D OD SUHJXQWD GXGDV TXH DPHULWHQ

PRGLILFDUHOVLVWHPDGHFDWHJRUL]DFLyQGHODSUHJXQWD"
¢/DUHDOL]yHQ«¢/DSHUVRQDHQFXHVWDGDUHDOL]DFRPHQWDULRV"
¢([SOLFD R PDQLILHVWD GXGDV UHVSHFWR D OD SUHJXQWD" ¢0XHVWUD

UHWLFHQFLDSDUDUHVSRQGHU"
¢5HDOL]yFDPELRGHVH[R"

¢(VWDPRGLILFDFLyQIXHUHDOL]DGDHQ«

¢'yQGHUHDOL]yHVWDPRGLILFDFLyQ«


3RUUD]RQHVHFRQyPLFDV¢KD\DOJXQDPRGLILFDFLyQFRUSRUDOTXH
QRSXGRUHDOL]DU"

+DELWXDOPHQWHFXDQGRWLHQHXQSUREOHPDGHVDOXGRVLHQWHDOJ~Q
PDOHVWDU¢FRQVXOWDHQ«

GXGDV UHVSHFWR D OD SUHJXQWD" ¢0XHVWUD UHWLFHQFLD SDUD UHVSRQGHU"
2EVHUYHVLODHQFXHVWDGRUDOHHWRGDVODVRSFLRQHVGHUHVSXHVWD
3RUVXLGHQWLGDG7UDQV¢YLYLyH[SHULHQFLDVGHGLVFULPLQDFLyQSRU
SDUWH GH« ¢/D SHUVRQD HQFXHVWDGD UHDOL]D FRPHQWDULRV" ¢([SOLFD R
PDQLILHVWD GXGDV UHVSHFWR D OD SUHJXQWD" ¢0XHVWUD UHWLFHQFLD SDUD
UHVSRQGHU" 2EVHUYH VL OD HQFXHVWDGRUD OHH WRGDV ODV RSFLRQHV GH
UHVSXHVWD
/D GLVFULPLQDFLyQ SRU VX LGHQWLGDG 7UDQV ¢SURYRFy TXH XVWHG

WXYLHUDTXH«"¢/DSHUVRQDHQFXHVWDGDUHDOL]DFRPHQWDULRV"¢([SOLFD
RPDQLILHVWDGXGDVUHVSHFWRDOD SUHJXQWD"¢0XHVWUD UHWLFHQFLDSDUD
UHVSRQGHU" 2EVHUYH VL OD HQFXHVWDGRUD OHH WRGDV ODV RSFLRQHV GH
UHVSXHVWD
$/)$%(7,=$&,Ï1-85Ë',&$
¢&RQRFH VL H[LVWHQ OH\HV QRUPDWLYDV TXH SURWHMDQ GH OD

GLVFULPLQDFLyQ"¢5HFLELyLQIRUPDFLyQVREUHOD/H\GH,GHQWLGDG
GH*pQHUR"¢5HFLELyRULHQWDFLyQMXUtGLFDVREUHGLVFULPLQDFLyQR
KHFKRVGHYLROHQFLD"

&RQRFH RUJDQL]DFLRQHV TXH SURWHMDQ GH OD GLVFULPLQDFLyQ"

¢5HDOL]yDOJXQDGHQXQFLDRUHFODPRDQWHHVWDVRUJDQL]DFLRQHV"
¢2EWXYRXQDUHVSXHVWDVDWLVIDFWRULD"

% ,1)250( 62%5( /$6 2%6(59$&,21(6 12

3$57,&,3$17(6
(Q HO PDUFR GH OD 3UXHED 3LORWR VH UHDOL]DURQ \ DQDOL]DURQ
2EVHUYDFLRQHV 1R 3DUWLFLSDQWHV 213 (O SUHVHQWH LQIRUPH FRQVWD
GH XQD SULPHU SDUWH TXH GHVFULEH HO ³&RQWH[WR GH ODV HQWUHYLVWDV´
HODERUDGRHQEDVHDREVHUYDFLRQHVJHQHUDOHVYROFDGDVSRUORV213
DOILQDOGHODV³*XtDVGH2EVHUYDFLyQGHO&XHVWLRQDULR´\RSLQLRQHV
YHUEDOHVGHORVGLIHUHQWHVREVHUYDGRUHVTXHIXHURQUHVFDWDGDVSDUDOD
HODERUDFLyQ GHO SUHVHQWH ,QIRUPH D ORV ILQHV GH DSRUWDU LQVXPRV GH
XWLOLGDG < XQD VHJXQGD SDUWH GRQGH VH GHWDOODQ ODV REVHUYDFLRQHV
PiVLPSRUWDQWHVVHOHFFLRQDGDVTXHIXHURQYROFDGDVHQODV³*XtDVGH
2EVHUYDFLyQ GHO &XHVWLRQDULR´ SRU ORV 2EVHUYDGRUHV 1R
3DUWLFLSDQWHV /DV REVHUYDFLRQHV VHOHFFLRQDGDV SRU VX LPSRUWDQFLD
IXHURQ YROFDGDV HQ HVWH ,QIRUPH WDO FRPR DSDUHFHQ HVFULWDV HQ ODV
*XtDV/RVDVSHFWRVDREVHUYDUGHWDOODGRVHQOD*XtDVHFRUUHVSRQGHQ
FRQ ODV SUHJXQWDV GHO &XHVWLRQDULR \ XQ SXQWR GH REVHUYDFLRQHV
JHQHUDOHV TXH FRQVWD DO ILQDO GHO PLVPR $ VX YH] DO ILQDO GH FDGD
%ORTXH WHPiWLFR VH UHDOL]D XQD EUHYH VtQWHVLV HQ ORV FDVRV TXH
FRUUHVSRQGD
(9$/8$&,Ï1 '( /26 &20321(17(6 '(/ 75$%$-2 '(

&$032
D6HGHV5(*,Ï1&HQWURGH6DOXG'U'RPLQJR5RFD12UR

9HUGH9LUUH\GHO3LQRHOOXJDUHUDODRILFLQDGHOD$VLVWHQWH6RFLDO
HQ HO &HQWUR GH 6DOXG 6H WUDWD GH XQ HVSDFLR SHTXHxR SHUR PX\
DGHFXDGR \D TXH FXDQGR VH KDFtDQ ODV HQWUHYLVWDV HO SHUVRQDO
6XSHUYLVRUHQFXHVWDGRUDVVDOtDKDFLDXQVDOyQDPSOLRGHHVSHUDGHO
S~EOLFR(OOXJDUPX\IUHFXHQWDGRSRUODFRPXQLGDGORFDOGRQGHHO
WUDWR HUD PX\ FRUGLDO \ VH REVHUYDEDQ DILFKHV GH OD 3UXHED HQ ORV
OXJDUHVPiVGHVWDFDGRVLQFOX\HQGRHOGDWRHVFULWRDPDQRDFHUFDGH
OD RILFLQD GH DWHQFLyQ GH OD (QFXHVWD 5(*,Ï1 &HQWUR GH
$WHQFLyQ /RFDO ± 0LQLVWHULR GH 'HVDUUROOR 6RFLDO *UHJRULR GH
/DIHUUHUHHVWDRILFLQDWUDEDMDDELHUWDDOS~EOLFRGHVGHODVKDVWD
ODV KV GH OXQHV D MXHYHV (V XQ OXJDU PX\ DGHFXDGR SDUD OD
DWHQFLyQDOS~EOLFRGHIRUPDSHUVRQDOL]DGDDSDUWLUGHODVKVEDMDQ
ODSHUVLDQD\ODVHGHTXHGDGLVSRQLEOHSDUDODVHQFXHVWDVFXHQWDFRQ
ER[HV \ OD SRVLELOLGDG GH XVDU LQWHUQHW \ XQ WHOpIRQR GH OtQHD
5(*,Ï1 &HQWUR GH VDOXG *LRYLQD]]R ,VLGUR &DVDQRYD HO OXJDU
ItVLFRUHVXOWyDGHFXDGRVHYHULILFyEXHQDSUHGLVSRVLFLyQGHOSHUVRQDO
GHO OXJDU SDUD FRQ HO HTXLSR GH OD HQFXHVWD 6H REVHUYy PXFKR
PRYLPLHQWRGHSHUVRQDOGHOHVWDEOHFLPLHQWR\SDFLHQWHVTXHYHQtDQD
EXVFDUDO'LUHFWRURVHFUHWDULDVLWXDFLyQDHVWXGLDUHQXQDVLWXDFLyQ
GHRSHUDWLYRGHILQLWLYRGDGRTXHQRSHUPLWLUtDHOFOLPDGHHQWUHYLVWD
SDUDXQDSREODFLyQWDQSDUWLFXODUFRPRSDUDTXHODHQWUHYLVWDGDRVH
H[SOD\DUDWRWDOPHQWH$GHPiVGHHVWDVWUHVVHGHVSODQLILFDGDVGHVGH
HOPRPHQWRTXHFRPHQ]yHORSHUDWLYRIXHURQVXUJLHQGRRWURVOXJDUHV
SRVLEOHV SDUD OD UHDOL]DFLyQ GH ODV HQWUHYLVWDV /DV HQWUHYLVWDGDVRV
SURSXVLHURQ VXV GRPLFLOLRV SDUWLFXODUHV HQ OXJDU GH ODV VHGHV SDUD
VHU HQWUHYLVWDGDVRV /RV PRWLYRV HVJULPLGRV HQ DOJXQRV FDVRV HUDQ
TXH QR GHVHDEDQ VHU HQWUHYLVWDGRV SRU HQFXHVWDGRUDVHV 7UDQV
RUJDQL]DGRVHQDJUXSDFLRQHVPRWLYRSRUHOFXDOQRDVLVWtDQDODVHGH
(Q OD VHGH ORV HQFXHVWDGRUHV SHUWHQHFtDQ D RUJDQL]DFLRQHV (Q OD
PD\RUtDGH ORV FDVRV ODV UHIHUHQWHV TXH SURSRQtDQ VHU HQWUHYLVWDGDV
HQ VXV FDVDV KDFtDQ OD YH] GH UHFOXWDGRUDV GH SHUVRQDV 7UDQV TXH
DFHSWDEDQ VHU HQWUHYLVWDGDV (Q DOJXQRV FDVRV OD DQILWULRQD \ ODV
LQYLWDGDV VH KDFtDQ FDUJR GH OD FRODFLyQ GXUDQWH HO HYHQWR (Q
DOJXQRVFDVRVMXQWDURQGLQHUR\FRPSUDURQJDOOHWLWDVEHELGDVTXH

WDPELpQFRQYLGDURQDODVHQFXHVWDGRUDVHVREVHUYDGRUDVUHV
E (QFXHVWDGRUDV OD UHDOL]DFLyQ GH ODV HQFXHVWDV IXH HYDOXDGD GH

PDQHUD FRUUHFWD SRU ODV HQFXHVWDGRUDV 6H REVHUYDQ SUREOHPDV GH
LPSXQWXDOLGDG JHQHUDOL]DGD D HQFXHVWDGRUHV \ HQFXHVWDGDV 6H
FRQVWDWDQ DOJXQDV VLWXDFLRQHV YLQFXODGDV DO URO GH ODV HQFXHVWDGRUDV
HQ FXDQWR D OD E~VTXHGD GH FDQGLGDWDV D VHU HQFXHVWDGDV 6H KDEtD
FRQYHQLGR HQWUH OD RUJDQL]DFLyQ GHO RSHUDWLYR \ ODVORV
HQFXHVWDGRUDVUHV 7UDQV TXH HVWDVRV GHEtDQ FRQYRFDU D VXV
FRQWDFWRVDPLJDVFRQRFLGDVSDUDVHUHQWUHYLVWDGDVRV(QODSUiFWLFD
ODFRQVLJQDVHFXPSOLyHQDOJXQRVFDVRV\HQRWURVQRHVWRGLROXJDU
DTXHODVVXSHUYLVRUDVWXYLHUDQTXHUHFRUGDUDODVHQFXHVWDGRUDVHVOD
FRQVLJQD HQIDWL]DQGR TXH GHEtDQ KDEHU FRQFUHWDGR PiV FRQWDFWRV
/DVHQFXHVWDGRUDVWHQtDQDVXGLVSRVLFLyQLQVXPRVSDUDTXHSXGLHUDQ
FRQFHUWDUODVHQFXHVWDVGXUDQWHHOUHOHYDPLHQWRVHOHVRWRUJyWDUMHWDV
WHOHIyQLFDV SDUD UHIRU]DU ORV FRQWDFWRV VH GLVSXVLHURQ GH YHKtFXORV
SDUDFRQFUHWDUODSRVLELOLGDGGHLUDOGRPLFLOLRGHODVHQWUHYLVWDGDV\
D~QDVtIXHGLItFLOHOUHOHYDPLHQWR/DVHQFXHVWDGRUDVQRFXHQWDQFRQ
XQRUGHQHVWDEOHFLGRSDUDOODPDUDVXVFRQWDFWRVDVHUHQFXHVWDGDVRV
FXHVWDFRPSUHQGHUFXiOHVHQWUHYLVWDVHUDQSRVLEOHVSHURSHQGLHQWHV\
SRU TXp PRWLYR \ FXiO HUD HO PRGR PiV GLUHFWR \ HIHFWLYR GH
FRQFHUWDU OD HQWUHYLVWD 'H ODV REVHUYDFLRQHV VH SXGLHURQ FDSWDU
DOJXQRVSRVLEOHVPRWLYRVHVJULPLGRVSRUODVHQFXHVWDGRUDVHV7UDQV
UHVSHFWRDODDXVHQFLDGHFDQGLGDWDVRVSDUDVHUHQFXHVWDGDVRVHQODV
VHGHV
³ODSHUVRQDTXHVHHQFXHVWyUHFLpQQRKXELHVHWHQLGRLQFRQYHQLHQWHV
GH TXH \R OD HQWUHYLVWDUD VLQ HPEDUJR OD HQFXHVWDGRUD ³[´ TXLVR
HQWUHYLVWDUODHOOD´
³TXH WUDEDMDQ WRGD OD QRFKH \ GXHUPHQ GH GtD UD]yQ SRU OD FXDO
UHVXOWDED XQD LQFRPRGLGDG WHQHU TXH WUDVODGDUVH SDUD VHU
HQFXHVWDGDDXQDVHGH´
³TXHPXFKDVYHFHVQRHVWiQHQFRQGLFLRQHVGHJDVWDUXQYLiWLFRSDUD

DVLVWLUDODVHGHSDUDVHUHQWUHYLVWDGDVRV´
³QR GHVHDEDQ VHU HQWUHYLVWDGDVRV SRU HQFXHVWDGRUDV 7UDQV TXH

HVWXYLHUDQRUJDQL]DGRVHQDOJXQDDJUXSDFLyQ´
F (QFXHVWDGDVRV VH HYLGHQFLy XQD VLWXDFLyQ QRYHGRVD PXFKDV

FDQGLGDWDV D VHU HQFXHVWDGDV PDQLIHVWDURQ TXH QR GHVHDEDQ VHU
HQWUHYLVWDGDV SRU HQFXHVWDGRUDVUHV TXH SHUWHQHFLHUDQ D
RUJDQL]DFLRQHV 7UDQV GH DFXHUGR D OR SODQLILFDGR (Q LPSRUWDQWH
Q~PHUR GH FDVRV HVWD FRQGLFLyQ VH WUDGXMR HQ DFFLyQ PXFKDV
HQFXHVWDGDVRV QR UHVSRQGLHURQ DO OODPDGR GH VXV HQFXHVWDGRUDV
FRQRFLGDVRVSHURVtDFHSWDURQVHUHQWUHYLVWDGDVSRUHQFXHVWDGRUDVHV
7UDQVSRUHMHPSORGHO,1$',RGHO,1'(&HQVXGRPLFLOLRRHOGH
XQD DPLJD RWUDV QR DVLVWLHURQ D ODV VHGHV SRUTXH OHV UHVXOWDED
LQFyPRGR WUDVODGDUVH 3RU XQD UD]yQ X RWUD VXUJLy XQD PRGDOLGDG
HVSRQWiQHDGHFRQFUHFLyQGHHQWUHYLVWDFLHUWDVFDQGLGDWDVLQWHUHVDGDV
HQ VHU HQFXHVWDGDV FRQYRFDURQ D VXV FRQWDFWRV \ RIUHFLHURQ VXV
GRPLFLOLRV FRPR VHGH GH HQFXHQWUR (O Q~PHUR GH HQFXHVWDV
UHDOL]DGDV HQ HO PDUFR GH HVWD PRGDOLGDG GH FRQYRFDWRULD IXH
VXSHULRUDOUHDOL]DGRDODVHQFXHVWDGDVTXHVHWUDVODGDURQDODVVHGHV
G5HFXUVRVKXPDQRVYtQFXORVLQWHUSHUVRQDOHVFRPSUREDQGRTXHHQ
HOWLHPSRTXHWUDQVFXUULyHOWUDEDMRVHJHQHUDURQLPSRUWDQWHVOD]RVGH
VROLGDULGDGFRPSDxHULVPR\EXHQFOLPD GHWUDEDMR\OD PD\RUtDGH
ORV LQWHJUDQWHV WRPDURQ HO SUR\HFWR FRPR SURSLR (Q SDUDOHOR VH
GHVWDFD OD UHVRQDQFLD VLVWHPiWLFDGH DOJXQDV FXHVWLRQHVGH ULYDOLGDG
JHQHUDGDV D SDUWLU GH SHUWHQHFHU D XQD X RWUD RUJDQL]DFLyQ VRFLDO
5HVRQyGHPDQHUDFRWLGLDQDODIUDVH³HVWRVRDTXHOORVHVWiQSHOHDGRV
FRQ«R ³QR PH GHMR HQWUHYLVWDU FRQ DOJXLHQ GH WDO R FXDO
RUJDQL]DFLyQ´ R ³SRU DOJXLHQ TXH QR SHUWHQH]FD D QLQJXQD
RUJDQL]DFLyQ´3DUDXQDSXHVWDQDFLRQDOHVWDVVLWXDFLRQHVUHTXLHUHQ
XQWUDEDMRIRFDOL]DGRFRQHOILQGHPRULJHUDUODVHQRUPHVGLIHUHQFLDV
SRUHOKHFKRGHSHUWHQHFHUDWDORFXDODJUXSDFLyQ
I ,QVXPRV PDWHULDOHV FDGD HQFXHVWDGRUD WLHQH VX FDUSHWD FRQ ORV

FXHVWLRQDULRV\ORVHOHPHQWRVQHFHVDULRVSDUDUHDOL]DUODHQWUHYLVWDVH
REVHUYDURQ FRPHQWDULRV UHVSHFWR DO LPSRUWH TXH GLVSRQtDQ ODV
HQFXHVWDGRUDV SDUD UHDOL]DU ORV OODPDGRV GH FRQWDFWR UHVXOWDED XQ
WDQWROLPLWDGR6HWUDWDGHXQDSREODFLyQTXHHQVXPD\RUtDDVLVWHDOD
MRUQDGD ODERUDO FRPR HQFXHVWDGRUDVHV GHVSXpV GH XQD MRUQDGD GH
WUDEDMRQRFWXUQRSHUVRQDVFX\RSRGHUDGTXLVLWLYRHVVXPDPHQWHEDMR
SDUD UHDOL]DU FRPSUDV GH FRPLGD D VX FDUJR GXUDQWH HO GtD HQ WDO
VHQWLGRYDORUDQVREUHPDQHUDFRQWDUFRQFRODFLRQHV\DOPXHU]RIXHUWH
\DOLPHQWLFLR
J 0RYLOLGDG OD SULRULGDG IXH QR SHUGHU ODV RSRUWXQLGDGHV GH

HQWUHYLVWD 'HELGR D OD QHFHVLGDG GH WUDVODGDUVH D EXVFDU D ODV
HQFXHVWDGDVRV VH QHFHVLWy GH PD\RU PRYLOLGDG HQ FDPSR
UHFXUULHQGR DO VHUYLFLR GH UHPLVHV /D GLYHUVLGDG GH GHVWLQRV TXH
IXHURQ VXUJLHQGR VHJ~Q ORV UHTXHULPLHQWRV JHQHUy TXH VH XWLOL]DUDQ
UHPLVHV FRQWUDWDGRV GHVGH HO ,1'(& \ PyYLOHV DSRUWDGRV SRU HO
,1$',GHVGHFDGDXQDGHODVVHGHVKDFLDORVGRPLFLOLRVSDUWLFXODUHV
GHODV7UDQVGHDFXHUGRDODVFLUFXQVWDQFLDVGHFDPSRORVWLHPSRVGH
FRQWUDWDFLyQ GH ORV UHPLVHV IXHURQ GLYHUVRV VH UHDOL]DURQ YLDMHV
SXQWXDOHVKDFLDXQGHVWLQRV³[´\RWURVTXHGXUDURQWRGDODMRUQDGD
LQFOX\HQGR ORV WLHPSRV GH HVSHUD ³HQ DOJ~Q FDVR VXFHGLy TXH HO
UHPLVVHSHUGLyGHELGRDTXHODHQFXHVWDGRUDQLHOFKRIHUFRQRFtDQ
OD]RQD´$QWHODVLWXDFLyQLQHVSHUDGDGHWHQHUTXHVDOLUGHODVVHGHV
D ORV GRPLFLOLRV SDUD OD FRQFUHFLyQ GH ODV HQWUHYLVWDV VH REVHUYy
FRQRFLPLHQWR GHO WHUUHQR /DV HQFXHVWDGRUDV SRU H[SHULHQFLDV
SHUVRQDOHV FRQRFtDQ OD ]RQD DO GHWDOOH HVWR D\XGy D JXLDU D ORV
FKRIHUHV HQ WHUUHQR FRQ ODV FDOOHV SDUD OOHJDU D ORV OXJDUHV
FRUUHVSRQGLHQWHV
K 'LIXVLyQSXEOLFLGDG HQ ODV VHGHV VH REVHUYy OD H[LVWHQFLD GH

SXEOLFLGDG JUiILFD /D FRQYRFDWRULD VH KL]R D WUDYpV GH ODV
HQFXHVWDGRUDVQLQJXQD PDQLIHVWyKDEHUDVLVWLGRD ODVHGHSRUKDEHU
YLVWRSXEOLFLGDGJUiILFDRKDEHUHVFXFKDGRDOJ~QFRPHQWDULRVREUHOD
HQFXHVWDHQXQPHGLRGHFRPXQLFDFLyQ

*8Ë$'(2%6(59$&,Ï1'(/&8(67,21$5,2
6HGLHURQGLIHUHQWHVVLWXDFLRQHVUHVSHFWRDODKRUDDFRUGDGD\ODKRUD
TXHHIHFWLYDPHQWHVHUHDOL]yOD HQFXHVWD/RVDFXHUGRVTXHVXSRQHQ
VLQFURQL]DFLyQ GH KRUDULRV HV XQ HOHPHQWR D WHQHU HQ FXHQWD \ GH
VXPD LPSRUWDQFLD GDGR TXH VH WUDWD GH XQD SREODFLyQ TXH SRU VXV
FRQGLFLRQHV GH YLGD HQ JHQHUDO WLHQH ULWPRV PX\ GLIHUHQWHV D ORV
PDQHMDGRV SRU XQD LQVWLWXFLyQ VXPDGR HO WUDEDMR QRFWXUQR TXH
SRVHHQ HQ VX PD\RUtD JHQHUDQGR FRPR FRQVHFXHQFLD GLILFXOWDGHV
SDUD HO FXPSOLPLHQWR GXUDQWH HO GtD HVWD FDUDFWHUtVWLFD GH ODV
HQFXHVWDGRUDV \ ODV HQFXHVWDGDV LPSDFWy HQ OD WpFQLFD GH
UHFOXWDPLHQWR SUHYLVWD \D TXH VH QHFHVLWy IOH[LELOL]DU ODV HQFXHVWDV
FRQFHUWDGDVPXFKDVHVSRQWiQHDVFRQORFXDOODKRUDDFRUGDGDSDUD
ODHQFXHVWDVHPRGLILFyGHELGRDGLIHUHQWHVVLWXDFLRQHV
7LHPSRWRWDOGHHQWUHYLVWDHOWLHPSRSURPHGLRGHHQFXHVWDIXHGH
PLQXWRV HV WLHPSR LQVXPLGR SRU OD HQWUHYLVWD QR SUHVHQWy
LQFRQYHQLHQWHV FRQ HO WLHPSR WRWDO GH HQFXHVWD /DV PD\RUHV
GLILFXOWDGHVVHHQFRQWUDURQHQWRUQRDODVFLUFXQVWDQFLDVTXHURGHDQD
OD UHDOL]DFLyQ GH OD HQFXHVWD SRU HMHPSOR FXDQGR ODV HQFXHVWDGDV
HVWiQ HQ XQ OXJDU GH WUDEDMR \ OD HQFXHVWD VH LQWHUUXPSH WRGR HO
WLHPSRRFXDQGRVHMXQWDQHVSRQWiQHDPHQWHDXQFRQMXQWRGHPXFKDV
SHUVRQDV \ ODV HQFXHVWDGRUDV WLHQHQ TXH DSXUDUVH SDUD SRGHU
FRQFUHWDUWRGDVODVHQFXHVWDV
([LVWHQFLD GH GLILFXOWDGHV SDUD UHDOL]DU OD HQWUHYLVWD HQ FXDQWR D OD
UHDOL]DFLyQGHODVHQFXHVWDVODGLILFXOWDGPD\RUVHSURGXMRHQORTXH
DWDxHDODFRQFHUWDFLyQGHODVPLVPDV&XDQGRHVWDVIXHURQUHDOL]DGDV
GHPDQHUDHVSRQWiQHDRIXHUDGHVHGHSURJUDPDGDVXUJLHURQDOJXQRV
LQFRQYHQLHQWHVFRPRORVGHWDOODGRV(QJHQHUDOVHREVHUYDUHWLFHQFLD
SRUSDUWHGHODVHQFXHVWDGDVSDUDDVLVWLUFRPRHQFXHVWDGDDODVVHGHV
SUHILHUHQ VHU HQFXHVWDGDV HQ VX GRPLFLOLR R HO GH DOJ~Q GRPLFLOLR
SDUWLFXODU GH JHQWH FRQRFLGD (Q DOJXQRV FDVRV ODV HQFXHVWDGDV
H[SXVLHURQFRPRFRQGLFLyQSDUDVHUHQFXHVWDGDVTXHODHQFXHVWDGRUD
QR SHUWHQHFLHUD D QLQJXQD RUJDQL]DFLyQ 7UDQV (Q XQ FDVR OD

HQFXHVWDGDHVWDEDHQVLOODGHUXHGDV\DGHPiVWHQtDOLPLWDFLRQHVHQHO
KDEODSRUORWDQWRVXPDGUHWUDGXFtDORTXHVXKLMDFRQVXOHQJXDMH
WUDWDED GH GHFLU 8QD HQFXHVWD VH OOHYy D FDER HQ XQ PD[L NLRVFR
GHODQWHGHODGXHxDTXHDWHQGtDJHQHUyTXHODHQWUHYLVWDGDHVWXYLHUD
XQ SRFR LQKLELGD \ QHUYLRVD SDUD UHVSRQGHU \ PX\ DSXUDGD SRU
WHUPLQDU GDQGR UHVSXHVWDV GH PDQHUD FRPSXOVLYD OXHJR GH FDGD
SUHJXQWD 6H SURGXMR XQD GHPDQGD GH SHUVRQDV 7UDQV HQ XQ
FRPHGRUHVSHUDQGRSDUDVHUHQWUHYLVWDV\HQXQDKDELWDFLyQFRQWLJXD
ODV GRV HQFXHVWDGRUDV UHDOL]DQGR ODV HQFXHVWDV OD DQILWULRQD GH OD
FDVDTXHWDPELpQHUD7UDQVOHVSUHSDUyXQDFRODFLyQSDUDVREUHOOHYDU
ODHVSHUDSDVDGDODKRUD\PHGLDGHHQWUHYLVWDVVHWRUQyPX\GLItFLO
HO UHOHYDPLHQWR GDGR HO LPSRUWDQWH EXOOLFLR GH QR KDEHU VLGR WDQ
H[SHULPHQWDGDV DPEDV HQFXHVWDGRUDV VH KXELHUD FRPSOLFDGR
PXFKtVLPR OD ODERU /DV HQFXHVWDGRUDV WUDWDEDQ GH QR SHUGHU HO
SRGHUGHFRQFHQWUDFLyQ\ODYHORFLGDGSDUDHQFXHVWDU\ORORJUDURQ
%ORTXHVWHPiWLFRV
,'(17,'$'<5(/$&,21(6,17(53(5621$/(6
1RPEUH"
(QDOJXQRVFDVRVODUHVSXHVWDIXHLQPHGLDWD\VHUHVSRQGLyWHQLHQGR
HQFXHQWDVXLGHQWLGDGDFWXDOHQRWURVFDVRVVHUHVSRQGLyHOQRPEUH
VHJ~QHOVH[RGHQDFLPLHQWRHMHPSORXQYDUyQ7UDQVTXHGHFODUDVX
QRPEUHIHPHQLQR+XERDOJ~QFDVRGRQGH ODHQWUHYLVWDGDSUHJXQWy
³¢PLQRPEUHSRVWDSRVWD"ÓDHQFXHVWDGRUDOHGLMRTXHQRHQWRQFHV
UHVSRQGLy ³7LQD´ HQ RWURV FDVRV SUHJXQWDURQ ¢³PL YHUGDGHUR
QRPEUH"ÓDHQFXHVWDGRUDSURSRQHODUHVSXHVWD³¢WXQRPEUHHV³[´
QR"´ UHILULpQGRVH D VX QRPEUH DFWXDO OD HQFXHVWDGD SUHJXQWy VL
GHEtD GDU HO QRPEUH FRPSOHWR IXH FRUUHFWDPHQWH UHVXHOWR SRU OD
HQFXHVWDGRUD/DHQFXHVWDGDFRQIXQGHWUDQVIRUPLVPRKRPEUHWUDQV
PXMHU WUDQV OD HQFXHVWDGD H[SOLFD \ VH UHJLVWUD PXMHU WUDQV OD
HQWUHYLVWDGD VRQUtH \ UHVSRQGH ³WUDYHVWL´ HQWUHYLVWDGD UHVSRQGH
³WUDYHVWL QR WUDQVH[XDO´ (Q OtQHDV JHQHUDOHV QR VH YHULILFDQ

LQFRQYHQLHQWHV FXDQGR ODV HQFXHVWDGDV \ HQFXHVWDGRUDV VH FRQRFHQ

HQWUHVt
¢4XLpQHVVRQODVSHUVRQDVFRQODVTXHXVWHGYLYH"
6XUJH XQD VLWXDFLyQ OD HQWUHYLVWDGD SLGH TXH D VX KLMD OD UHJLVWUH
FRPR³KLMDELROyJLFDÓDHQFXHVWDGRUDSULPHURDQRWDWRGRORTXHOH
GLMR OD HQWUHYLVWDGD \ OXHJR VH GD FXHQWD TXH QR UHVSHWy HO RUGHQ
SUHYLVWRERUUD\SLGHTXHOHGLJDODVSHUVRQDVHQHORUGHQTXHHOODOH
VROLFLWH OD HQWUHYLVWDGRUD QR VDEtD VL FRQVLJQDU ODV SHUVRQDV TXH
YLYtDQHQODVFDVDVYHFLQDVGDGRTXHWLHQHQXQSDWLRHQFRP~QGHQWUR
GH XQD PLVPD HQWUDGD R VL VH UHIHUtD D ODV TXH FRQYLYtDQ FRQ OD
HQWUHYLVWDGDODHQFXHVWDGRUDUHSUHJXQWD³¢XVWHGYLYHVROD"´
¢6X LGHQWLGDG HV 7UDYHVWL 7UDQVH[XDO 7UDQVJpQHUR +RPEUH

7UDQV0XMHU7UDQV,QWHUVH[XRWUD"
6HSURGXMHURQXQDVHULHGHFDVRV
8Q HQFXHVWDGD UHVSRQGLy HQ IRUPD WH[WXDO ³WUDYHVWL FRQ EDQGHUD

,1$',´ GXGD PXFKR HQ UHVSRQGHU OXHJR OH SUHJXQWD D VXSDUHMD \
FRQWHVWD ³FKLFR WUDQV´ 8QD HQFXHVWDGD GLMR FRQVLGHUDUVH PXMHU OD
HQFXHVWDGRUD UHSUHJXQWy PiV SDXVDGR \ FRQWHVWy ³WUDYHVWL
HQWRQFHV´ OD HQFXHVWDGD HVFXFKD ODV RSFLRQHV \ OXHJR UHVSRQGH
³WUDQVIRUPLVWDÓDHQFXHVWDGDHVFXFKDODVRSFLRQHV\OXHJRUHVSRQGH
³WUDYHVWLGHVGHVLHPSUH´(QDOJXQRVFDVRVVHREVHUYDQGXGDVSHUR
ILQDOPHQWH UHVSRQGH SRU HMHPSOR ³KRPEUH 7UDQV´ HQ RWUR FDVR
H[SUHVy³FKLFR7UDQV´³£<RSLHQVRTXHVR\7UDQV´
¢$ TXp HGDG H[SUHVy VRFLDOPHQWH HVWD LGHQWLGDG" 3RU VX

LGHQWLGDG7UDQV¢YLYLyH[SHULHQFLDVGHGLVFULPLQDFLyQSRUSDUWHGH«
(QJHQHUDOQRKD\SUREOHPDVHQODGHFODUDFLyQHQODVSUHJXQWDV
3RUVXLGHQWLGDG7UDQV¢YLYLyH[SHULHQFLDVGHGLVFULPLQDFLyQHQOD
YtDS~EOLFDSRUSDUWHGHSHUVRQDVGHVFRQRFLGDV"

6HREVHUYDURQH[SUHVLRQHVVREUHH[SHULHQFLDVGHGLVFULPLQDFLyQHQOD
YtDS~EOLFD³FXDQGRHUDPiVFKLFD´
2EVHUYDFLRQHV JHQHUDOHV GHO %ORTXH VH REVHUYD WRWDO FODULGDG \

GHVHRV GH FRQIHVDU OD VLWXDFLyQ GH GLVFULPLQDFLyQ SHUPDQHQWH QR
REVWDQWH VH YHULILFDQ VLWXDFLRQHV GH SXGRU 6H FRQVLGHUD GH
LPSRUWDQFLD PDQWHQHU VLHPSUH HVSDFLRV GH SULYDFLGDG HQ OD PHGLGD
GH OR SRVLEOH SDUD TXH ODV UHVSXHVWDV D HVWDV SUHJXQWDV VHDQ
UHVSRQGLGDVFRQWUDQTXLOLGDG
6$/8'
¢5HDOL]DRUHDOL]yDOJ~QWUDWDPLHQWRGHKRUPRQL]DFLyQ"¢(VWH
WUDWDPLHQWR HVWi R HVWXYR EDMR FRQWURO PpGLFR" ¢+L]R DOJXQD
PRGLILFDFLyQ HQ VX FXHUSR" ¢6H UHDOL]y LPSODQWHV R SUyWHVLV
PDPDULDV"
+XERFDVRVGHFRQIXVLyQGHSUyWHVLVFRQLQ\HFFLyQGHVLOLFRQDVODV
HQFXHVWDGDV DO SHUFLELU OD GXGD DFODUDQ (Q OtQHDV JHQHUDOHV QR
SUHVHQWDQSUREOHPDVGHFRPSUHQVLyQ
¢/DUHDOL]yHQ«
(Q OD SUHJXQWD DQWHULRU OD HQFXHVWDGD FRQIXQGH LPSODQWH R SUyWHVLV

PDPDULD(QHVWDDOQRSRGHUXELFDUVHHQQLQJXQDFDWHJRUtDKRVSLWDO
S~EOLFRRSULYDGRVHDFODUDODVLWXDFLyQ
¢6HLQ\HFWyVLOLFRQDVXRWUROtTXLGRHQFDGHUDPDPDVRJO~WHRV"
1RVHSUHVHQWDURQLQFRQYHQLHQWHVDOUHVSRQGHU
3RUVXLGHQWLGDG7UDQV¢'HFLGLyUHDOL]DUH[WUDFFLyQGHPDPDV"
(QODVPXMHUHV7UDQVVHYHULILFDFLHUWDVRUSUHVDIUHQWHDODSUHJXQWD
/DHQFXHVWDGRUDOHDFODUDTXHODSUHJXQWDHVWXYRSHQVDGDSDUDHOFDVR
GHKRPEUHV7UDQV

¢/DUHDOL]yHQ«
¢5HDOL]yFDPELRGHVH[R"¢(VWDPRGLILFDFLyQIXHUHDOL]DGD
HQ«¢'yQGHUHDOL]yHVWDPRGLILFDFLyQ«
3RUUD]RQHVHFRQyPLFDV¢KD\DOJXQDPRGLILFDFLyQFRUSRUDOTXH
QRSXGRUHDOL]DU"
(QOtQHDVJHQHUDOHVQRSUHVHQWDQSUREOHPDVGHFRPSUHQVLyQ
+DELWXDOPHQWHFXDQGRWLHQHXQSUREOHPDGHVDOXGRVLHQWHDOJ~Q
PDOHVWDU ¢FRQVXOWD HQ« /D GLVFULPLQDFLyQ SRU VX LGHQWLGDG
7UDQV¢SURYRFyTXHXVWHGWXYLHUDTXH«
(QJHQHUDOQRVHSUHVHQWDQLQFRQYHQLHQWHV
2EVHUYDFLRQHV JHQHUDOHV GHO %ORTXH D GLIHUHQFLD GH OR TXH VXFHGH

FRQ RWUDV WHPiWLFDV HQ HVWH EORTXH PiV DOOi GH DOJXQDV FXHVWLRQHV
SXQWXDOHV VH YHULILFD HO EXHQ PDQHMR GH WHPD SRU SDUWH GH ODV
HQFXHVWDGDV\SRUHQGHPD\RUVROWXUDHQODVUHVSXHVWDV2EYLDPHQWH
KD\FDVRVHQORVTXHVHYHULILFDSXGRU\YHUJHQ]DSHURUHVSRQGHQ
HQ JHQHUDO VLQ LQFRQYHQLHQWHV FXiOHV VRQ ODV PRGLILFDFLRQHV HQ ORV
FDVRVHQORVTXHVtKXELHURQ

&DStWXOR
(/$1È/,6,6'(/26'$726
7HPDVFODYHV
3URFHVDPLHQWR\DQiOLVLVGHVFULSWLYRGHGDWRVFXDQWLWDWLYRV
&RGLILFDFLyQ\WDEXODFLyQ
0DWUL]GHGDWRV
7DEODVGHIUHFXHQFLD
$QiOLVLVGHGDWRVFXDOLWDWLYRV
8QD YH] ILQDOL]DGR HO WUDEDMR GH FDPSR HVSHFLDOPHQWH HQ ODV
LQYHVWLJDFLRQHV FXDQWLWDWLYDV \D TXH HQ ODV FXDOLWDWLYDV HVWD
DUWLFXODFLyQ SXHGH VHU UHFXUVLYD ORV UHJLVWURV GHEHQ VHU
VLVWHPDWL]DGRV \ WUDVODGDGRV D VRSRUWHV GLJLWDOHV SDUD XQD
RSWLPL]DFLyQ GH VX WUDWDPLHQWR \ SRVWHULRU DQiOLVLV /DV DFWLYLGDGHV
TXH SURVLJXHQ D OD DSOLFDFLyQ GH DOJXQD WpFQLFD GH HODERUDFLyQ GH
GDWRVFXDQWLWDWLYRVUDGLFDQHQHOWUDWDPLHQWRGHORVPLVPRVSDUDTXH
SXHGDQ VHU RUJDQL]DGRV VLVWHPDWL]DGRV \ DQDOL]DGRV FRQ ODV
KHUUDPLHQWDV HVWDGtVWLFDV GLVSRQLEOHV D ILQ GH UHVSRQGHU D ORV
REMHWLYRV GH LQYHVWLJDFLyQ SURSXHVWRV &RQVXPDGDV ODV WDUHDV GH
PHGLFLyQ TXH HQ Vt PLVPDV QR SHUPLWHQ VDEHU QDGD DFHUFD GHO
FXPSOLPLHQWR GH ORV REMHWLYRV HO LQYHVWLJDGRU GHEH UHDOL]DU
DFWLYLGDGHV GH DFRSLR GH ORV GDWRV GHVWLQDGDV D UHYLVDU RUGHQDU \
DJUXSDU HVH FRQMXQWR GH UHJLVWURV HVWDV DFWLYLGDGHV VH GHQRPLQDQ
FRPRODHWDSDGHOSURFHVDPLHQWRGHORVGDWRV/DDFWLYLGDGVLJXLHQWH
DOSURFHVDPLHQWRHVODTXHVHFRUUHVSRQGHFRQHODQiOLVLVGHORVGDWRV
HVWDLQVWDQFLDWLHQHFRPRILQDOLGDGMXVWLILFDUODYDOLGH]GHORVYDORUHV
SURYHQLHQWHVGHODVSURSLHGDGHVYDULDEOHVGHOXQLYHUVRLQYHVWLJDGR

GHQWURGHXQDUJXPHQWRJHQHUDOTXHUHVSRQGDDFXPSOLPHQWDUFRQOR
SURSXHVWR HQ ORV REMHWLYRV GH LQYHVWLJDFLyQ (Q HO FDVR GH ORV
HVWXGLRV FXDOLWDWLYRV ORV GDWRV TXH VH YDQ UHJLVWUDQGR SXHGHQ LU
VLHQGRDQDOL]DGRV\WUDEDMDGRVSDUDODVVLJXLHQWHVMRUQDGDVGHWUDEDMR
GHFDPSRQRKDEUtDSRUORWDQWRXQDVHSDUDFLyQHQWUHORVUHJLVWURV
GHORVGDWRV\HOWUDWDPLHQWRDQDOtWLFRGHORVPLVPRV
(O SURFHVDPLHQWR \ DQiOLVLV GHVFULSWLYR GH ORV GDWRV

FXDQWLWDWLYRV
,QLFLDOPHQWHVHSUHVHQWDQORVYDORUHVRYDULDFLRQHVGHODVYDULDEOHVD
SDUWLU GH OD RUJDQL]DFLyQ GHFLGLGD SRU HO LQYHVWLJDGRU SDUD TXH VX
YLVXDOL]DFLyQ VHD FODUD \ VHQFLOOD D WUDYpV GH WDEODV FXDGURV \
JUiILFRV SRVWHULRUPHQWH VL ORV REMHWLYRV LPSOLFDQ FRUUHODFLyQ R
FDXVDOLGDG VH JHQHUDQ DQiOLVLV HVWDGtVWLFRV PiV FRPSOHMRV SDUD
UHODFLRQDU ORV YDORUHV GH ODV YDULDEOHV \ ILQDOPHQWH VH JHQHUDQ
QDUUDFLRQHVSDUDHQPDUFDUODLQIRUPDFLyQHQVXDVSHFWRGHVFULSWLYR
FRUUHODFLRQDO R FDXVDO \ VH DUWLFXODQ ORV GDWRV GHQWUR GH HVWD
H[SRVLFLyQ JHQHUDO TXH SUHVHQWDQ D ORV GDWRV FRPR ODV HYLGHQFLDV
H[LJLGDV SRU HO SUREOHPD \ ORV REMHWLYRV GH LQYHVWLJDFLyQ \ VL OD
KXELHVHHQODKLSyWHVLV/RVGDWRVHODERUDGRVDWUDYpVGHODVWpFQLFDV
GH UHJLVWUR GHEHQ FRQWHQHU XQD FRGLILFDFLyQ SUHYLD R SRVWHULRU DO
WUDEDMRGHFDPSRTXHSHUPLWDHOWUDVODGRGHFDGDUHVSXHVWDRUHJLVWUR
KDFLDXQDEDVHGHGDWRVHQGRQGHVHDFXPXODQGHPDQHUDRUJDQL]DGD
WRGDODLQIRUPDFLyQ
/DFRGLILFDFLyQHVXQDDFWLYLGDGTXHWLHQHSRUILQDOLGDGWUDQVIRUPDU
GDWRV QR QXPpULFRV HQ UHJLVWURV FXDQWLWDWLYRV WRGRV ORV GDWRV
FRGLILFDGRVGHFDGDSUHJXQWDGHFDGDFXHVWLRQDULRRGHFDGDKRMDGH
REVHUYDFLyQ VH WUDVODGDQ D OD PDWUL] GH GDWRV D FDGD FDWHJRUtD GH
UHVSXHVWDV GH XQ FXHVWLRQDULR R GH PDUFDV GH XQD SODQLOOD GH
REVHUYDFLyQ OH FRUUHVSRQGH XQ FyGLJR SDUWLFXODU XQ Q~PHUR R OHWUD
GLIHUHQWHTXHVHUYLUiSDUDDJUXSDUWUDVGHVtDWRGDVODVUHVSXHVWDVX
REVHUYDFLRQHV TXH VHDQ LGpQWLFDV R TXH DO PHQRV DSDUH]FDQ FRPR
HTXLYDOHQWHV SRVWHULRUPHQWH VH HQXPHUD FDGD XQR GH ORV UHJLVWURV

FRGLILFDGRV TXH SXHGHQ SURYHQLU SRU HMHPSOR GH FXHVWLRQDULRV R

SODQLOODV GH REVHUYDFLyQ FRQ OR TXH TXHGDUi VLQWHWL]DGD OD
LQIRUPDFLyQ TXH FRQWLHQH FDGD XQLGDG GH UHJLVWUR /D SULPHUD WDUHD
SDUD FXPSOLPHQWDU OR DQWHGLFKR VXSRQH XQD GLYLVLyQ GH OD
LQIRUPDFLyQ D SDUWLU GH FULWHULRV SUHHVWDEOHFLGRV VHSDUDQGR OD
LQIRUPDFLyQ TXH \D HVWD FRGLILFDGD UHVSXHVWD X REVHUYDFLyQ
UHJLVWUDGDHQXQLQVWUXPHQWRTXHWHQJDXQVtPERORSUHDVLJQDGRGHOD
TXHVHHQFXHQWUDVLQFRGLILFDUFRPRSRUHMHPSORODSURYHQLHQWHGH
XQD SUHJXQWD DELHUWD GH XQ FXHVWLRQDULR /RV GDWRV QXPpULFRV \ ORV
FRGLILFDGRV VH WDEXODUiQ \ VH SURFHVDUiQ OXHJR SDUD SUHVHQWDUORV \
DQDOL]DUORV GH PDQHUD SUHFLVD \ DVLPLODEOH ORV GDWRV TXH QR WHQJDQ
FRGLILFDFLyQGHEHUiQVHUOHtGRVVLVWHPDWL]DGRV\FDWHJRUL]DGRVDILQ
GH TXH VH OHV SXHGDQ DJUHJDU XQ FyGLJR SDUD TXH SRVWHULRUPHQWH
SXHGDQVHUDQDOL]DGRVHVWHHVXQFDVRPX\FRP~QHQODVUHVSXHVWDV
SURYHQLHQWHVGHSUHJXQWDVDELHUWDVGHXQFXHVWLRQDULR
(OHPSOHRGHODHVWDGtVWLFDHVLQGLVSHQVDEOHSDUDHOWUDWDPLHQWR\HO
DQiOLVLVGHORVGDWRVFXDQWLWDWLYRVUHSUHVHQWDXQFRQMXQWRGHVDEHUHV
GH FDUiFWHU FLHQWtILFR TXH IXQFLRQD GH IRUPD WUDQVYHUVDO D PXFKDV
FLHQFLDV VXSRQH XQ FRQMXQWR GH FRQRFLPLHQWRV SURFHGLPLHQWRV \
WpFQLFDVTXHSRVLELOLWDDSDUWLUGHODPHGLFLyQ\FXDQWLILFDFLyQGHOD
UHDOLGDGHODMXVWHODGHVFULSFLyQ\ODLQIHUHQFLDHQODSURGXFFLyQGH
XQFRQMXQWRGHGDWRV/DHVWDGtVWLFDSHUPLWHODFRQFUHFLyQHVWDEOHGH
SURFHGLPLHQWRV GH VtQWHVLV \ DQiOLVLV GH OD LQIRUPDFLyQ D ILQ GH
VLPSOLILFDU VLQWHWL]DU \ FRQIURQWDU ORV GDWRV GH FDGD YDULDEOH
SRVLELOLWD OD FRUUHODFLyQ HQWUH ORV YDORUHV DVRFLDFLyQ GH GRV R PiV
YDULDEOHV \ HQ ORV FDVRV GH HVWXGLRV PiV FRPSOHMRV SRVLELOLWD OD
UHDOL]DFLyQ GH LQIHUHQFLDV /DV HVWDGtVWLFDV VH FODVLILFDQ HQ
GHVFULSWLYDVHLQIHUHQFLDOHVODHVWDGtVWLFDGHVFULSWLYDVHHPSOHDSDUD
JHQHUDU XQD UHSUHVHQWDFLyQ QXPpULFD GH XQ XQLYHUVR HQ SDUWLFXODU
HVWH WLSR GH HVWDGtVWLFD LPSOLFD OD H[LVWHQFLD GH XQ FRQMXQWR GH
QRUPDV\SURFHGLPLHQWRVTXHSHUPLWHQFXPSOLU ODVVLJXLHQWHVWDUHDV
HVSHFtILFDV
x 3UHVHQWDUORVGDWRVRUJDQL]DGRVDWUDYpVGHJUiILFRV\GHWDEODV

GHIUHFXHQFLDV
x (ODERUDU ODV PHGLGDV GH WHQGHQFLD FHQWUDO PHGLGDV GH
GLVSHUVLyQGHSRVLFLyQ\SDUDGDUIRUPDDORVGDWRV
x &UX]DUODLQIRUPDFLyQHQWUHYDULDEOHV
x &RQIHFFLRQDUODWLSLILFDFLyQGHORVGDWRVGHODVYDULDEOHV
/DHVWDGtVWLFDLQIHUHQFLDOVHXWLOL]DSDUDRUJDQL]DUSDWURQHVGHGDWRV
FRPSOHMRV \ HODERUDU LQIHUHQFLDV DFHUFD GH XQLYHUVRV LQYHVWLJDGRV
RULHQWD ORV GDWRV JHQHUDGRV SDUD FRQIRUPDU PRGHORV LQIHUHQFLDV \
SUHGLFFLRQHV DVRFLDGDV D ORV IHQyPHQRV HQ D HVWXGLDU VH GLYLGH
HQHVWDGtVWLFDSDUDPpWULFD\HVWDGtVWLFDQRSDUDPpWULFD
0DWUL]GHGDWRV\WDEXODFLyQ
/DDFFLyQFRPSOHPHQWDULDDOUHJLVWURGHORVGDWRVDWUDYpVGHDOJXQR
GH VXV LQVWUXPHQWRV FXDQWLWDWLYRV LPSOLFD OD FRQIHFFLyQ GH XQ
HVSDFLR TXH GHQRPLQD PDWUL] GH GDWRV KDFLD GRQGH WUDVODGDU ODV
PDUFDV UHDOL]DGDV SRU ORV LQYHVWLJDGRUHV D SDUWLU GHO WUDEDMR GH
FDPSR OD PDWUL] GH GDWRV HV XQ HVSDFLR GLDJUDPDGR SRU HO
LQYHVWLJDGRU HQ UHODFLyQ DO FXPSOLPLHQWR GH ORV REMHWLYRV GH
LQYHVWLJDFLyQ D HOOD VH WUDVODGDQ WRGRV ORV UHJLVWURV GHQWUR GH XQD
FDQWLGDG GHWHUPLQDGD GH Q~PHUR GH ILODV XQLGDGHV GH UHJLVWUR \R
DQiOLVLV\GHXQGHWHUPLQDGRQ~PHURGHFROXPQDVYDULDEOHV8QD
PDWUL]GHGDWRVFRPSOHWDGHUHJLVWURVQRKDEODSRUVtPLVPDVyORVRQ
VtPERORVDVHQWDGRVHQXQHVSDFLRFXDGULFXODGRSRUHOORHVQHFHVDULR
TXH HO LQYHVWLJDGRU DSOLTXH VREUH HOOD SURFHGLPLHQWRV HVWDGtVWLFRV
GHWHUPLQDGRV SRU ODV QHFHVLGDGHV DQDOtWLFDV UHVXOWDQWHV GH ORV
REMHWLYRVGHLQYHVWLJDFLyQSDUDDQDOL]DUODLQIRUPDFLyQDUWLFXOiQGROD
FRQORHODERUDGRHQHOPDUFRWHyULFR8QDYH]UHDOL]DGDHVWDDFFLyQ
RUJDQL]DWLYDVHHYDO~DQ\VHHPSOHDQSURFHGLPLHQWRVHVWDGtVWLFRVGH
DFXHUGR DO UHTXHULPLHQWR FRQILJXUDGR HQ FRKHUHQFLD FRQ HO WLSR GH
YDULDEOHV HO QLYHO GH PHGLFLyQ GH ODV YDULDEOHV FRQGLFLRQD OD
QDWXUDOH]D GH VX HYDOXDFLyQ VL OD YDULDEOH HV QRPLQDO WHQGUi
RSHUDFLRQHVGLIHUHQWHVDXQDYDULDEOHGHUD]yQ\HOWLSRGHREMHWLYRV
TXHWLHQHODLQYHVWLJDFLyQ$SDUWLUGHTXHVHWUDQVSRUWDQORVGDWRV\

VHFRPSOHWDQORVHVSDFLRVGHILODV\FROXPQDVGHODPDWUL]VHUHDOL]D
GH DFXHUGR D OR SUHHVWDEOHFLGR SRU HO LQYHVWLJDGRU OD DFWLYLGDG GH
WDEXODFLyQ SDUD FRQVWUXLU FXDGURV \ WDEODV HVWDGtVWLFDV
GHWHUPLQiQGRVH ODV RSHUDFLRQHV UHTXHULGDV SDUD FXPSOLPHQWDU OR
H[LJLGRSRUORVREMHWLYRVGHVFULSFLyQFRUUHODFLyQFDXVDOLGDGWDOHV
FRPR ODV PHGLGDV GH WHQGHQFLD FHQWUDO GH GLVSHUVLyQ R GH
FRUUHODFLyQ TXH OH VHDQ SUHFLVDV VHJXLGDPHQWH VH SUHVHQWD XQ
HMHPSORPX\DFRWDGRGHXQDPDWUL]GHGDWRVHQODVFROXPQDVILJXUD
FDGDSUHJXQWD\HQFDGDILODFDGDSHUVRQDHQFXHVWDGD
&DVR 3UHJXQWD 3UHJXQWD 3UHJXQWD 3UHJXQWD 3UHJXQWD

/DV DFWLYLGDGHV GH WDEXODGR VRQ DFFLRQHV TXH OOHYD DGHODQWH HO
LQYHVWLJDGRUGHVWLQDGDVDFRQFHQWUDUWUDVODGDU\RUJDQL]DUFDGDGDWR
GHVGH OD PDWUL] GH GDWRV KDFLD FXDGURV \ WDEODV TXH SUHVHQWDQ ORV
UHJLVWURVGHDFXHUGRDFLHUWDVSDXWDVSUHHVWDEOHFLGDV/DLQIRUPDFLyQ
PDWHULDOL]DGDHQHVWRVHVSDFLRVGHSUHVHQWDFLyQGHORVGDWRVFXDGURV
\ WDEODV UHVSRQGH D FULWHULRV FRKHUHQWHV ODV QHFHVLGDGHV GH
FXPSOLPHQWDUORH[LJLGRSRUORVREMHWLYRVGHLQYHVWLJDFLyQSDUDHOOR
OD LQVWDQFLD LQYHVWLJDWLYD GHEH FXPSOLPHQWDU XQ SURJUDPD
HVTXHPDWL]DGR HQ JUDQ PHGLGD HVWDEOHFLGR SUHYLDPHQWH DO WUDEDMR
GH FDPSR TXH VH GHQRPLQD FRPR XQ SODQ GH WDEXODGR (O SODQ GH
WDEXODFLyQ LPSOLFD OD LPSOHPHQWDFLyQ GH XQD VHFXHQFLD GH
DFWLYLGDGHV TXH VXSRQH OD FODVLILFDFLyQ \ HO RUGHQDPLHQWR GH ORV
GDWRV HQWRUQRD WDEODV FXDGURV \ JUiILFRV TXH VRQ FRQYHQLHQWHVGH
GHVSOHJDU VHJ~Q ORV REMHWLYRV GH LQYHVWLJDFLyQ VH UHFRPLHQGD TXH
HVWHSODQVHHODERUHSUHYLDPHQWHDOWUDEDMRGHFDPSRSDUDUHIRU]DUHO

SURFHVR GH RSHUDFLRQDOL]DFLyQ HQ WpUPLQRV GH FRKHUHQFLD HQWUH ORV

REMHWLYRVGHLQYHVWLJDFLyQ\ODHODERUDFLyQGHODWpFQLFDGHUHJLVWURD
HPSOHDU D SDUWLU GH HVWDV DFFLRQHV VH HVWDEOHFH TXH LQIRUPDFLyQ VH
GHEH GHVWDFDU VL ORV GDWRV GHEHQ VHU R QR WUDQVIRUPDGRV HQ
SRUFHQWDMHVVLKD\FUXFHVGHYDULDEOHVVLpVWHGHEHWHQHUXQDOyJLFD
VLFRUUHVSRQGHUHDOL]DUIyUPXODVGHDVRFLDFLyQDSDUWLUGHHPSOHRGHO
WLSRGHYDULDEOHVXWLOL]DGDV
8Q SODQ GH WDEXODFLyQ GHEHUtD LQFOXLU XQD IXQGDPHQWDFLyQ VREUH OD
IRUPD HQ TXH VH SUHWHQGH RUJDQL]DU OD SUHVHQWDFLyQ GH ORV GDWRV
GHWHUPLQDQGR HO QLYHO GH PHGLFLyQ GH ODV YDULDEOHV D VHU DQDOL]DGDV
LQGLYLGXDOPHQWHRSUHVHQWDGDVHQFXDGURVRJUiILFRVFRQYLHQHTXHVH
DQDOLFHQORVFXDGURV\ORVJUiILFRVTXHVHHPSOHDUDQVHJ~QHOQ~PHUR
GH ODV YDULDEOHV TXH GHEDQ H[KLELUVH \ VL ORV REMHWLYRV DVt OR
UHTXLHUHQFUX]DUORVGDWRVGHODVYDULDEOHV/DWDEXODFLyQRUJDQL]DGD
FRPR XQD HVWUDWHJLD LQWHJUDO WDPELpQ H[LJH HO HVWDEOHFLPLHQWR \ OD
IXQGDPHQWDFLyQGHODVWpFQLFDVHVWDGtVWLFDVDGHFXDGDVSDUDUHVSRQGHU
DORVREMHWLYRVGHFDGDYDULDEOH\SRU~OWLPRHOVHxDODPLHQWRGHXQ
OLVWDGRGHORVFXDGURV\JUiILFRVTXHVHGHEHUiQGHVSOHJDU
/RV PpWRGRV GH UHVXPHQ GH GDWRV VH XWLOL]DQ SDUD VLPSOLILFDU VX
SUHVHQWDFLyQ\VXOHFWXUDSRUPHGLRGHHOORVVHGHVFULEHQORVYDORUHV
R ODV SXQWXDFLRQHV REWHQLGDV SDUD FDGD FDWHJRUtD GH OD YDULDEOH ORV
YDORUHV TXH SUHVHQWDQ ODV YDULDEOHV HQ FDGD XQLGDG GH DQiOLVLV VH
UHVXPHQHQXQDWDEODGRQGHVHHYLGHQFLD\FRPSDUDODLQIRUPDFLyQ
HVWD IRUPD VHQFLOOD GH SUHVHQWDU OD GLVSRVLFLyQ GH ORV GDWRV VH
GHQRPLQDGLVWULEXFLyQGHIUHFXHQFLDV/DGLVWULEXFLyQGHIUHFXHQFLDV
LPSOLFD HO WRWDO GH ORV UHJLVWURV REWHQLGRV HQ XQD YDULDEOH HQ XQD
FROXPQD VH LQVFULEHQ ODV FDWHJRUtDV GH FDGD YDULDEOH \ HQ OD RWUD
FROXPQD VH LQGLFD ORV YDORUHV R IUHFXHQFLDV FRQ TXH SUHVHQWD FDGD
FDWHJRUtD HV XQ FRQMXQWR GH SXQWXDFLRQHV RUGHQDGDV HQ VXV
UHVSHFWLYDVFDWHJRUtDV

(Q RFDVLRQHV HV QHFHVDULR GHELGR D VX FDQWLGDG UHDJUXSDU ODV

FDWHJRUtDV HQ LQWHUYDORV HV FRQYHQLHQWH HPSH]DU FRQ LQWHUYDORV GH
PDJQLWXGHV UHGXFLGDV SXHGHQ FRPSOHWDUVH FRQ OD SUHVHQWDFLyQ GH
ODV IUHFXHQFLDV UHODWLYDV \ FRQ ODV IUHFXHQFLDV DFXPXODGDV /D
GLVWULEXFLyQGHIUHFXHQFLDVVHFRQVWLWX\HSDUDSRGHUVHUSUHVHQWDGDHQ
XQIRUPDWRGHWDEODODVWDEODVGHIUHFXHQFLDVFRQWLHQHQORVGDWRVGH
XQDYDULDEOHGHIRUPDHVWUXFWXUDGDVHJ~QDOJ~QFULWHULRGHRUGHQVH
RUJDQL]DQHQFROXPQDVHQODGHODL]TXLHUGDVHFRORFDQODVFDWHJRUtDV
GHODYDULDEOHVFRQWLJXDPHQWHDODFROXPQDGHODL]TXLHUGDVHSXHGH
SRQHU OD FDQWLGDG GH YHFHV OD IUHFXHQFLD TXH VH UHSLWLy FDGD
FDWHJRUtD GH OD YDULDEOH HVWD FROXPQD SUHVHQWD ODV IUHFXHQFLDV
DEVROXWD \ D VX GHUHFKD VH SXHGH XELFDU OD WHUFHUD FROXPQD TXH
FRQWLHQHODVIUHFXHQFLDVUHODWLYDVHOODVVRQHOUHVXOWDGRGHGLYLGLUOD
IUHFXHQFLD VLPSOH GH XQ YDORU R FDWHJRUtD SRU OD IUHFXHQFLD WRWDO
PXOWLSOLFDGRSRURVHDHOSRUFHQWDMHGHFDVRVHQFDGDFDWHJRUtD
GHOWRWDOGHFDVRVHVWDVIUHFXHQFLDVSHUPLWHQHVWLPDUHOSHVR
UHODWLYR R OD SURSRUFLyQ GHQWUR GHO WRGR TXH RFXSD FDGD FDWHJRUtD
DGHPiV SXHGH SUHVHQWDUVH XQD FROXPQD FRQ ODV IUHFXHQFLDV
DFXPXODGDVTXHVRQODVXPDGHODVIUHFXHQFLDVRUGLQDULDVGHXQYDORU
RFDWHJRUtDGHODYDULDEOHFRQODVIUHFXHQFLDVRUGLQDULDVGHWRGRVORV
YDORUHVRFDWHJRUtDVDQWHULRUHVGHHVDYDULDEOH'RVHMHPSORVGHWDEOD
GHIUHFXHQFLDVSUHVHQWDGRVDFRQWLQXDFLyQ
&DQWLGDGGHHPSUHVDVSRURULJHQGHOFDSLWDO7RWDOSDtV$xR
2ULJHQGHOFDSLWDO &DQWLGDGGHHPSUHVDV
7RWDO
1DFLRQDO
&RQSDUWLFLSDFLyQH[WUDQMHUD
)XHQWH,1'(&(QFXHVWD1DFLRQDOD*UDQGHV(PSUHVDV(1*(

3REODFLyQQDFLGDHQ$UJHQWLQDHQ3URYLQFLDGH%V$V
&DWHJRUtDV 3REODFLyQ $FXPXODGR

6t
1R
7RWDO
)XHQWH&HQVR1DFLRQDOGH3REODFLyQ+RJDUHV\9LYLHQGDV,1'(&
/DVFLIUDVTXHVHSUHVHQWDQHQHVWRVWLSRVGHWDEODVGHEHQVHUFODUDV
HQ VX OHFWXUD SRU HOOR VH UHFRPLHQGD TXH FXDQGR HV SRVLEOH VH
UHGRQGHHQVXVFLIUDVSRUHMHPSORFRQUHVSHFWRDHVWDUDIDYRURHQ
FRQWUD GH XQD GHWHUPLQDGD PHGLGD GH JRELHUQR DO QR UHGRQGHDU HO
GDWR VH FRQIXQGH DO OHFWRU HVWDEOHFLHQGR TXH KD\ GH OD
SREODFLyQ TXH HVWi D IDYRU \ XQ TXH HVWi HQ FRQWUD PiV
VHQFLOORHVDILUPDU TXHHOHVWiDIDYRU \XQHQFRQWUD$O
SUHVHQWDUXQDWDEODTXHPXHVWUDXQDSUHJXQWDGHHOHFFLyQP~OWLSOHOD
EDVHGHOSRUFHQWDMHVHUiVLHPSUHHOWRWDOGHSHUVRQDVTXHUHVSRQGHQ\
QRHOWRWDOGHUHVSXHVWDVH[LVWHQWHV
$ ODV YDULDEOHV FXDQWLWDWLYDV FRQWLQXDV PHGLGDV HQ QLYHO GH

LQWHUYDORV R GH UD]yQ VH OH SXHGHQ DSOLFDU XQ PD\RU Q~PHUR GH
WpFQLFDV HVWDGtVWLFDV D ILQ GH SURIXQGL]DU OD GHVFULSFLyQ GHO
FRPSRUWDPLHQWRGHODVYDULDEOHV/DVPHGLGDVGHQRUPDOL]DFLyQGHOD
LQIRUPDFLyQ SHUPLWHQ KRPRJHQHL]DU GDWRV GLYHUVRV ORV
SURFHGLPLHQWRV HVWDGtVWLFRV TXH VH DSOLFDQ YXHOYHQ FRPSDUDEOHV
LQIRUPDFLRQHV GLYHUVDV ODV PHGLGDV PiV HPSOHDGDV VRQ ODV
VLJXLHQWHV
3URSRUFLRQHV HOODV VH GHILQHQ FRPR HO Q~PHUR GH FDVRV GH OD
FDWHJRUtD TXH LQWHUHVD FRPSDUDU GLYLGLGR HQWUH HO Q~PHUR WRWDO GH
FDVRV/DVXPDGHODVSURSRUFLRQHVEULQGDFRPRUHVXOWDGRODXQLGDG
GHO FRQMXQWR HO YDORU GH OD SURSRUFLyQ QR SXHGH VHU PD\RU TXH OD
XQLGDG/DSURSRUFLyQIDFLOLWDGHVFULELUHOQ~PHURGHUHVSXHVWDVFRQ
GHWHUPLQDGD FDUDFWHUtVWLFD HQ UHODFLyQ DO WRWDO GH ODV UHVSXHVWDV SRU

HMHPSOR D SDUWLU GHO &HQVR GH $UJHQWLQD VH SXHGH HVWDEOHFHU
TXH KD\ HQ HO SDtV PiV PXMHUHV TXH KRPEUHV FRQWUD
HVWDEOHFLHQGR XQD SURSRUFLyQ TXH LQGLFD TXH SRU FDGD
PXMHUKD\YDURQHV
3RUFHQWDMHV VRQ ODV SURSRUFLRQHV PXOWLSOLFDGDV SRU FLHQ HV XQD

PDQHUD GH H[SUHVDU XQ Q~PHUR FRPR XQD IUDFFLyQ TXH WLHQH HO
Q~PHUR FRPR GHQRPLQDGRU VREUH HVWD EDVH VH SRVLELOLWD OD
FRPSDUDFLyQ GH ORV GDWRV SRU HMHPSOR GH SREODFLRQHV R XQLGDGHV
RUJDQL]DFLRQDOHVGHVLJXDOHVHQFXDQWRDVXWDPDxRSURYH\HQGRXQD
EDVHHQFRP~QGHELGRDODDEVWUDFFLyQLPSOLFDGD³«DOVHUYLUQRVGH
ORV SRUFHQWDMHV QRUPDOL]DPRV HQ UHODFLyQ FRQ HO YROXPHQ
FDOFXODQGR HO Q~PHUR GH LQGLYLGXRV TXH KDEUtD HQ XQD FDWHJRUtD
GHWHUPLQDGD VL HO WRWDO GH ORV FDVRV IXHUD SHUPDQHFLHQGR
LQDOWHUDGDODSURSRUFLyQ HQ FDGD FDWHJRUtD<FRPRTXLHUDTXHODV
SURSRUFLRQHV VXPDGDV GDQ OD XQLGDG HV REYLR TXH ORV SRUFHQWDMHV
VXPDUiQ D PHQRV TXH ODV FDWHJRUtDV QR VHDQ PXWXDPHQWH
H[FOXVLYDVRH[KDXVWLYDV´%ODORFN
8QDOLPLWDFLyQHQHOXVRGHORVSRUFHQWDMHVUDGLFDHQHOQ~PHURGHODV
IUHFXHQFLDV FXDQGR OD FLIUD GH ODV PLVPDV VRQ PX\ EDMDV SXHGH
OOHYDU D JHQHUDOL]DFLRQHV LQDGHFXDGDV SDUD HYLWDU HVWD VLWXDFLyQ VH
UHFRPLHQGD HQ OD SUHVHQWDFLyQ GH ORV GDWRV LQFOXLU OD IUHFXHQFLD GH
FDGD FDWHJRUtD GH UHVSXHVWD HQ XQD FROXPQD SDUDOHOD D OD GH ORV
SRUFHQWDMHV
(OFXDGURTXHVHSUHVHQWDDFRQWLQXDFLyQSHUPLWHREVHUYDUORVGDWRV
WUDEDMDGRV FRPR SRUFHQWDMHV VREUH ORV DOXPQRV XQLYHUVLWDULRV GH
$UJHQWLQDGHFDUUHUDVGHSUHJUDGRJUDGR\SRVJUDGRVHJ~QVHFWRUGH
JHVWLyQGXUDQWHHOSHUtRGR±

6HFWRUGH
$xR $xR
JHVWLyQ
7RWDO

8QLYHUVLGDGHV
$OXPQRVGH HVWDWDOHV
SUHJUDGR\JUDGR 8QLYHUVLGDGHV
SULYDGDV
7RWDO

8QLYHUVLGDGHV
$OXPQRVGH HVWDWDOHV
SRVJUDGR 8QLYHUVLGDGHV
SULYDGDV
)XHQWH ,1'(& 'LUHFFLyQ GH (VWDGtVWLFDV 6HFWRULDOHV HQ EDVH D GDWRV GHO
$QXDULR (VWDGtVWLFR \ GH OD 6HFUHWDUtD GH 3ROtWLFDV
8QLYHUVLWDULDVGHO0LQLVWHULRGH(GXFDFLyQGHOD1DFLyQ
5D]RQHV VH UHILHUHQ D FDQWLGDGHV SHUWHQHFLHQWHV D FDWHJRUtDV

VHSDUDGDV\GLIHUHQWHVVHXWLOL]DFXDQGRHOLQWHUpVVHFHQWUDHQXQRR
YDULRV SDUHV GH FDWHJRUtDV HV XQD UHODFLyQ HQWUH FDWHJRUtDV D
GLIHUHQFLD GH OD SURSRUFLyQ OD UD]yQ SXHGH SUHVHQWDU XQ YDORU
VXSHULRU D OD XQLGDG SRU HMHPSORVH SXHGH HVWDEOHFHU SDUD VDEHU OD
UHODFLyQ HQWUH HO Q~PHUR GH XQLGDGHV SURGXFWLYDV TXH SRVHHQ
GHOHJDGRV VLQGLFDOHV GH DTXHOODV TXH QR ORV WLHQHQ 6L HQ XQD
GHWHUPLQDGD UHJLyQ KD\ TXH QR SRVHHQ GHOHJDGRV \ TXH OR
WLHQHQVHSXHGHGHFLUTXHKD\XQDUD]yQGHFXDWURDXQRHQWUHHVWRV
GRV WLSRV GH XQLGDGHV SURGXFWLYDV VL HQ XQD ORFDOLGDG GH
SHUVRQDVKD\YLYLHQGDVVHSXHGHGHFLUTXHKD\SRUYLYLHQGD
SHUVRQDV
³/DVSURSRUFLRQHV \ ORVSRUFHQWDMHVVRQ XQ WLSR HVSHFLDO GH UD]yQ

HQGRQGHHOGHQRPLQDGRUHVHOQ~PHURWRWDOGHFDVRV\HOQXPHUDGRU
XQDIUDFFLyQGDGDGHGLFKRQ~PHURHQHOFDVRGHODSURSRUFLyQ\
HVDPLVPDIUDFFLyQGHOQ~PHURPXOWLSOLFDGDSRUHQHOFDVRGHO

SRUFHQWDMH 3HUR D GLIHUHQFLD GH OD SURSRUFLyQ OD UD]yQ SXHGH VHU
PD\RUTXHODXQLGDG«ODVUD]RQHVVHVXHOHQH[SUHVDUWDPELpQHQ
WpUPLQRV GH FXDOTXLHU EDVH « FXDQGR VH XWLOL]DQ EDVHV PD\RUHV
TXH WDOHV FRPR R XQ PLOOyQ WHQHPRV ODV WDVDV
TXH VRQRWUR WLSR GH UD]yQ /DV WDVDV VH HPSOHDQ FXDQGR HO XVRGH
SRUFHQWDMHVDUURMDQ~PHURVGHFLPDOHV´*DUFtD)HUUDQGR
7DVDV SXHGH HQWHQGHUVH FRPR OD IUHFXHQFLD UHODWLYD HQWUH FLHUWRV

WLSRVGHDFRQWHFLPLHQWRVFRQUHVSHFWRDODSREODFLyQPHGLDH[LVWHQWH
GXUDQWH XQ WLHPSR GHWHUPLQDGR HV XQ FRQFHSWR VLPLODU DO GH
SURSRUFLyQ HVWDEOHFH XQD UHODFLyQ HQWUH HO Q~PHUR GH FDVRV
IUHFXHQFLDV R YDORUHV GH XQD FDWHJRUtD \ HO Q~PHUR WRWDO GH
REVHUYDFLRQHVPXOWLSOLFDGDSRUXQP~OWLSORGHGLH]SRU HMHPSOROD
WDVDGHGHVHPSOHRVHFRQVWUX\HDSDUWLUGHODSURSRUFLyQGHSHUVRQDV
TXHEXVFDQWUDEDMR\TXHHVWiQHQFRQGLFLRQHVOHJDOHVGHKDFHUORSHUR
QR HQFXHQWUDQ XQ SXHVWR GH WUDEDMR VH KDOOD GLYLGLHQGR ORV
GHVHPSOHDGRVHQWUHODSREODFLyQDFWLYD
³/DVWDVDVWDPELpQVHXWLOL]DQDEXQGDQWHPHQWHHQGHPRJUDItD\HQ
JHQHUDO FXDQGR VH TXLHUH GLVSRQHU GH LQGLFDGRUHV VHQFLOORV
UHIHUHQWHVDODSREODFLyQJHQHUDO$VtXQDWDVDEUXWDGHQDWDOLGDGGH
SRUVLJQLILFDTXHVHKDSURGXFLGRQDFLPLHQWRVSRUFDGD
KDELWDQWHV´*DUFtD)HUUDQGR
/DVGHQRPLQDGDVPHGLGDVGHWHQGHQFLDFHQWUDOSHUPLWHQHYLGHQFLDU
HOJUDGRGHKRPRJHQHLGDGHQODGLVWULEXFLyQGHODSXQWXDFLyQGHXQD
YDULDEOH H[SUHVDQ ORV YDORUHV PHGLRV R FHQWUDOHV ODV SULQFLSDOHV
PHGLGDVGHSRVLFLyQVRQODVPHGLGDVGHWHQGHQFLDFHQWUDO
0RGR R PRGD VRQ ODV FDWHJRUtDV R SXQWXDFLRQHV TXH RFXUUHQ FRQ

PD\RU IUHFXHQFLD GH ORV SXQWRV HQ XQD GLVWULEXFLyQ UHSUHVHQWDQORV
YDORUHVPiVUHSHWLGRV'HVFXEUHQTXHKD\GHWtSLFRHQORVGDWRVFXDO
HV OD FDWHJRUtD R HO YDORU GH XQD YDULDEOH TXH SRVHH OD PD\RU
IUHFXHQFLD DEVROXWD SXHGHQ H[LVWLU GLVWULEXFLRQHV XQLPRGDOHV
FXDQGR KD\ XQD FDWHJRUtD FRQ XQD IUHFXHQFLD PD\RU TXH HO UHVWR

ELPRGDOHV FXDQGR VH SUHVHQWDQ GRV FDWHJRUtDV FRQ ODV PiV DOWDV
IUHFXHQFLDV \ SOXULPRGDOHV FXDQGRKD\ PiV GH GRV FDWHJRUtDV FRQ
ORVYDORUHVPiVHOHYDGRVGHIUHFXHQFLDV6LODYDULDEOHHVGLVFUHWDOD
PRGD HV YDORU TXH PiV VH UHSLWH VL OD YDULDEOH HV FRQWLQXD \ OD
GLVWULEXFLyQYLHQHGDGDHQLQWHUYDORVGHFODVHDJUXSDGRVODIyUPXOD
WRPDHQFXHQWDORVVLJXLHQWHVYDORUHVH[WUHPRLQIHULRUGHOLQWHUYDOR
TXH FRQWLHQH OD PRGD OD DPSOLWXG GHO LQWHUYDOR OD IUHFXHQFLD
DEVROXWD GHO LQWHUYDOR DQWHULRU OD IUHFXHQFLD DEVROXWD GHO LQWHUYDOR
SRVWHULRU
0HGLDQDHVHOYDORUTXHGLYLGHDODGLVWULEXFLyQSRUODPLWDG
HVHOYDORUTXHGLYLGHHOWRWDOGHORVGDWRVHQGRVPLWDGHVHVHOFDVR
LQWHUPHGLR GH XQD VHULH UHIOHMD OD SRVLFLyQ LQWHUPHGLD GH OD
GLVWULEXFLyQQRHVDIHFWDGDSRUORVFDVRVH[WUHPRV(VUHFRPHQGDEOH
DSOLFDUOD FXDQGR OD GLVWULEXFLyQ GH IUHFXHQFLDV HV LUUHJXODU \D TXH
VyORXWLOL]DHOYDORUGHOFDVRPHGLR
0HGLDRSURPHGLRHVODPHGLGDGHWHQGHQFLDFHQWUDOPiVXWLOL]DGD\
SXHGH GHILQLUVH FRPR HO SURPHGLR DULWPpWLFR GH OD GLVWULEXFLyQ
LPSOLFDODVXPDGHWRGRVORVYDORUHVGLYLGLGDSRUHOQ~PHURGHFDVRV
HVVHQVLEOHDORVFDVRVH[WUHPRVHVPiVHVWDEOHSDUDFRPSDUDFLRQHV
TXH OD PHGLDQD (V XQD PHGLGD GH XVR FRQYHQLHQWH FXDQGR ODV
GLVWULEXFLRQHV GH IUHFXHQFLDV VRQ QRUPDOHV R VLPpWULFDV FRQ
IUHFXHQFLDV PHGLD \ GHVYLDFLRQHV HTXLYDOHQWHV HVXQD PHGLGD TXH
XWLOL]D PiV LQIRUPDFLyQ \D TXH SDUD FDOFXODUOD VH YDOH GHWRGRV ORV
GDWRV
7DPELpQVHSXHGHQXWLOL]DUORVVLJXLHQWHVSURFHGLPLHQWRVGHPHGLGD
\GHSRVLFLRQDPLHQWR
&HQWLOHV HV HO YDORU GH OD GLVWULEXFLyQ RUGHQDGD EDMR HO FXDO VH
HQFXHQWUDGHWHUPLQDGRSRUFHQWDMHGHFDVRV³«SRUHMHPSORHOFHQWLO
VLJQLILFD TXH HV HO SXQWR EDMR HO FXDO HVWiQ HO GH ODV
SXQWXDFLRQHV(QODVSUiFWLFDVHKDEODGHSHUFHQWLOHVSHUFHQWLO
SHUFHQWLO´*RQ]DOYR

&XDUWLOHV PHGLGD GH SXQWXDFLyQ UHODWLYD TXH GLYLGH OD VHULH GH
YDORUHVHQFXDWURSDUWHVHVHOYDORUGHODYDULDEOHTXHGHMDDQWHULRUHV
RLJXDOHVDpOODV1SDUWHVGHODVREVHUYDFLRQHV
'HFLOHVHVHOYDORUGHODYDULDEOHTXHGHMDLQIHULRUHVRLJXDOHVDpOODV
1FDGDLPSOLFDODGLYLVLyQGHORVYDORUHVHQGLH]LQWHUYDORV
GHLJXDOIUHFXHQFLD
/DVPHGLGDVGHGLVSHUVLyQLQGLFDQHOJUDGRGHKHWHURJHQHLGDGGHORV
GDWRV UHYHODQ FyPR HVWiQ GLVHPLQDGRV ORV YDORUHV REWHQLGRV DVt
FRPRODVPHGLGDVGHWHQGHQFLDFHQWUDOVRQ ORVYDORUHVGHUHIHUHQFLD
TXH SXHGHQ RSHUDU FRPR UHVXPHQ R FHQWUDOL]DFLyQ HQ XQD
GLVWULEXFLyQGHYDORUHVGHXQDYDULDEOHODVPHGLGDVGHODYDULDELOLGDG
VRQLQWHUYDORVGHVLJQDQGLVWDQFLDVHQWUHORVGLIHUHQWHVYDORUHVGHXQD
PHGLFLyQ
5DQJR R UHFRUULGR LQGLFD OD DPSOLWXG GH OD YDULDEOH OD GLIHUHQFLD
HQWUHHOYDORUPi[LPR\HOYDORUPtQLPRFXDQWRPD\RUVHDHOUDQJR
PD\RUVHUiODGLVSHUVLyQGHORVGDWRVGHXQDGLVWULEXFLyQ
'HVYLDFLyQ HVWiQGDU HV HO SURPHGLR GH GHVYLDFLyQ GH ODV

SXQWXDFLRQHV FRQ UHVSHFWR D OD PHGLD HVWD PHGLGD HV H[SUHVDGD HQ
ODV XQLGDGHV RULJLQDOHV GH PHGLFLyQ GH OD GLVWULEXFLyQ VH LQWHUSUHWD
HQ UHODFLyQ D OD PHGLD FXDQWR PD\RU HV OD GLVSHUVLyQ GH ORV GDWRV
DOUHGHGRUGHODPHGLDPD\RUHVODGHVYLDFLyQHVWiQGDUODGHVYLDFLyQ
HVWiQGDUUHSUHVHQWDODVGHVYLDFLRQHVSURPHGLDGDVGHWRGRVORVYDORUHV
HQ UHODFLyQ D OD PHGLD $ PD\RU GLVSHUVLyQ UHVSHFWR D OD PHGLD
PD\RUVHUiODGHVYLDFLyQHVWiQGDUVHWRPDODGHVYLDFLyQGHODPDUFD
FRQUHVSHFWRDODPHGLDVHFXDGUDFDGDGLIHUHQFLD\VHOHVXPDQORV
UHVXOWDGRV GLYLGLPRV HQWUH HO Q~PHUR GH FDVRV \ VH H[WUDH OD UDt]
FXDGUDGD
9DULDQ]D HV OD GHVYLDFLyQ HVWiQGDU HOHYDGD DO FXDGUDGR SHUPLWH

GHVFULELUHOJUDGRGHKHWHURJHQHLGDGXKRPRJHQHLGDGGHORVYDORUHV
HQWRUQRDODPHGLDDPHQRUYDULDQ]DORVYDORUHVVHHQFXHQWUDQPX\

FHUFDGHODPHGLDDPD\RUYDULDQ]DH[LVWHXQDPD\RUGLVSHUVLyQGH
YDORUHV HQ UHODFLyQ DO SURPHGLR OD YDULDQ]D HV HO FXDGUDGR GH OD
GHVYLDFLyQHVWiQGDU3XHGHXWLOL]DUVH SDUDYHULILFDUGLIHUHQFLDVHQWUH
PHGLDV GH GRV R PiV PXHVWUDV GH HVWDV SDUWHQ P~OWLSOHV SUXHEDV
HVWDGtVWLFDV
$PSOLWXGLQWHUFXDUWtOHVODGLIHUHQFLDHQWUHHOSHUFHQWLO\R
HQWUHHOFXDUWLO\HOUHFRJHHOGHODGLVWULEXFLyQHQWRUQRDOD
PHGLDQDLPSOLFDXQFRQWUDVWHHQWUHODPDUFDPiVDOWD\ODPiVEDMD
7DEXODGRVRFXDGURVGHLQIRUPDFLyQ
/DV WDEXODFLRQHV FUX]DGDV SXHGHQ VHU GH GREOH R WULSOH HQWUDGD

GHSHQGLHQGR GH OD FDQWLGDG GH YDULDEOHV TXH VH TXLHUDQ DUWLFXODU
DQDOtWLFDPHQWH HO GLVHxR GH HVWH WLSR GH WDEOD HVWDEOHFH
FRQYHQFLRQDOPHQWH TXH OD YDULDEOH VXSXHVWDPHQWH LQGHSHQGLHQWH VH
FRORFD HQ VHQWLGR KRUL]RQWDO OD DSDUHQWH YDULDEOH GHSHQGLHQWH VH
XELFD HQ IRUPD YHUWLFDO &RQ ORV FXDGURV TXH SRVHHQ WUHV R PiV
YDULDEOHV VH HPSOHD HO FULWHULR TXH LQGLFD FRORFDU D OD YDULDEOH
GHSHQGLHQWH HQ OD DEVFLVD YHUWLFDO \ ODV LQGHSHQGLHQWHV R
LQWHUYLQLHQWHV HQ OD KRUL]RQWDO QR HV UHFRPHQGDEOH SUHVHQWDU OD
LQIRUPDFLyQHQFXDGURVGHPiVGHWUHVHQWUDGDV\DTXHHODQiOLVLV\
ODYLVXDOL]DFLyQGHODVWDEODVVHFRPSOHML]D (QORVFXDGURVGHGREOH
HQWUDGD VH SUHVHQWD OD LQIRUPDFLyQ FUX]DGD HQWUH ODV YDULDEOHV
SHUPLWLHQGRREVHUYDUGRVWLSRVGHGDWRVDOPLVPRWLHPSR\SHUPLWH
WHQHUXQDSULPHUDDSUR[LPDFLyQVREUHODUHODFLyQHQWUHODVYDULDEOHV

3RUFHQWDMHV GH SREODFLyQ SRU FRQGLFLyQ PLJUDWRULD VHJ~Q SURYLQFLD GH

UHVLGHQFLD7RWDOGHOSDtV$xRV\
&RQGLFLyQPLJUDWRULD
3URYLQFLDGH 0LJUDQWHV 0LJUDQWHVGHRWURV
0LJUDQWHVLQWHUQRV
UHVLGHQFLD OLPtWURIHV\GH3HU~ SDtVHV

7RWDOGHOSDtV
&$GH%V$V
%XHQRV$LUHV
&DWDPDUFD
&KDFR
&KXEXW
&yUGRED
&RUULHQWHV
(QWUH5tRV
)RUPRVD
-XMX\
/D3DPSD
/D5LRMD
0HQGR]D
0LVLRQHV
1HXTXpQ
5tR1HJUR
6DOWD
6DQ-XDQ
6DQ/XLV
6DQWD&UX]
6DQWD)H
6DQWLDJRGHO
(VWHUR
7LHUUDGHO)XHJR
$QWiUWLGDH,VODV
GHO$WOiQWLFR6XU
7XFXPiQ
)XHQWH,1'(&'LUHFFLyQGH(VWDGtVWLFDV6HFWRULDOHV&HQVRV\

(Q ORV FXDGURV GH WULSOH HQWUDGD VH RUJDQL]D OD SUHVHQWDFLyQ GH ORV
GDWRVGHWUHVYDULDEOHVDOPLVPRWLHPSRSDUDTXHVXVOHFWRUHVSXHGDQ
FRPSDUDUODLQIRUPDFLyQSUHVHQWDGD(QHOFXDGURVLJXLHQWHVHSXHGH
YLVXDOL]DUODVWUHVYDULDEOHVJUDGRDFDGpPLFRVHFWRUGHJHVWLyQ\DxRV
GHOUHJLVWURHQWpUPLQRVUHODWLYRV\DEVROXWRV
$OXPQRVXQLYHUVLWDULRVGHFDUUHUDVGHSUHJUDGRJUDGR\SRVJUDGRVHJ~QVHFWRU
GHJHVWLyQ7RWDOGHOSDtV$xRV
$xR $xR
6HFWRUGH
JHVWLyQ $OXPQRV $OXPQRV

$OXPQRV 7RWDO
GH
SUHJUDGR \ (VWDWDO
JUDGR
3ULYDGD

$OXPQRV 7RWDO
GH
SRVJUDGR (VWDWDO
3ULYDGD
)XHQWH ,1'(& 'LUHFFLyQ GH (VWDGtVWLFDV 6HFWRULDOHV HQ EDVH D GDWRV GH OD
6HFUHWDUtDGH3ROtWLFDV8QLYHUVLWDULDVGHO0LQLVWHULRGH(GXFDFLyQGHOD1DFLyQ
9DULDFLyQSRUFHQWXDOGHDOXPQRVGHSRVJUDGRSRUJUDGRDFDGpPLFRVHJ~QVHFWRU
GHJHVWLyQ$xRV7RWDOGHOSDtV
6HFWRUGHJHVWLyQ
*UDGR 3~EOLFD 3ULYDGD
DFDGpPLFR $xRV $xRV
9DULDFLyQ 9DULDFLyQ

'RFWRUDGR
0DHVWUtD
(VSHFLDOLGDG
7RWDO
)XHQWH'1,&HQEDVHD638'HSDUWDPHQWRGH,QIRUPDFLyQ8QLYHUVLWDULD

(Q HO FXDGUR VREUH ORV HJUHVDGRV GH SUHJUDGR \ JUDGR VH SXHGHQ
REVHUYDU ORV GDWRV GLIHUHQFLDGRV SRU VHFWRU GH JHVWLyQ S~EOLFR \
SULYDGR HQ ODV SULPHUDV GRV FROXPQDV VH KDFH UHIHUHQFLD D XQD
WHPSRUDOLGDG FRQ UHVSHFWR DO SRUFHQWDMH GH HJUHVDGRV VHJ~Q ORV
PHQFLRQDGRV VHFWRUHV \ HQ OD WHUFHU FROXPQD VH SUHVHQWD XQD
LQIRUPDFLyQ OD WDVD GH FUHFLPLHQWR PHGLD DQXDO TXH VH GHVHPSHxD
FRPR XQ DQFODMH GH VHJXQGR RUGHQ \D TXH SDUD VX UHDOL]DFLyQ HO
LQYHVWLJDGRUWRPDFRPRLQVXPRVSDUDVXHODERUDFLyQORVGDWRVGHODV
GRVSULPHUDVFROXPQDVTXHIXQFLRQDQFRPRGDWRVGHSULPHURUGHQ
(JUHVDGRVXQLYHUVLWDULRVGHFDUUHUDVGHSUHJUDGR\JUDGRVHJ~QVHFWRUGHJHVWLyQ
\WDVDGHFUHFLPLHQWRPHGLRDQXDO7RWDOGHOSDtV$xRV\
$xR 7DVDGH
DxR DxR FUHFLPLHQWR
6HFWRUGH PHGLDDQXDO
JHVWLyQ
(JUHVDGRV (JUHVDGRV
$xRV

7RWDO

(VWDWDO
3ULYDGD
)XHQWH ,1'(& 'LUHFFLyQ GH (VWDGtVWLFDV 6HFWRULDOHV HQ EDVH D GDWRV

VXPLQLVWUDGRV GH OD 6HFUHWDUtD GH 3ROtWLFDV 8QLYHUVLWDULDV 0LQLVWHULR GH
(GXFDFLyQGHOD1DFLyQ
5HSUHVHQWDFLRQHVJUiILFDV
+DELWXDOPHQWH OD LQIRUPDFLyQ GH XQD LQYHVWLJDFLyQ FXDQWLWDWLYD VH

UHVSDOGD DGHPiV GH ORV WDEXODGRV HQ JUiILFRV TXH FRPSOHPHQWDQ D
DTXHOORVHQHOUHVXPHQGHORUHDOL]DGR/DVUHSUHVHQWDFLRQHVJUiILFDV
VHXWLOL]DQSDUDFRQGHQVDUHQXQDLPDJHQORVGDWRVHODERUDGRVHQXQD
WDEODHVWDGtVWLFD$WUDYpVGHHOODVVHUHVDOWDQODVLJQLILFDQFLDGHORV
YDORUHVGHODVYDULDEOHVLPSOLFDGDVHQODLQYHVWLJDFLyQ/DVRSFLRQHV
GHH[SRVLFLyQJUDILFDVRQPX\YDULDGDV

'LDJUDPDVGHEDUUD
(OGLDJUDPD GH EDUUDVRJUiILFR GH EDUUDV HV XQDPRGDOLGDG SDUD

SUHVHQWDU JUiILFDPHQWH ORV YDORUHV GHODV YDULDEOHV (VWi IRUPDGR
SRUEDUUDVUHFWDQJXODUHV FX\D DOWXUD HV SURSRUFLRQDO D OD IUHFXHQFLD
GH FDGD XQR GH ORV YDORUHV GH OD YDULDEOH /DV EDUUDV SXHGHQ
VHUKRUL]RQWDOHV R YHUWLFDOHV VHJ~Q VL ORV YDORUHV GH ODYDULDEOHVH
UHIOHMDQHQHOHMHKRUL]RQWDORYHUWLFDO7RGDVODVEDUUDVGHEHQWHQHU
HOPLVPRDQFKR\QRGHEHQVXSHUSRQHUVHODVXQDVFRQODVRWUDV/DV
EDUUDV SXHGHQ VHU UHFWDQJXODUHV FLOtQGULFDV R HQ FRQR /DV
SULQFLSDOHVFDUDFWHUtVWLFDVGHOGLDJUDPDGHEDUUDVVRQ
(QHOHMHGHDEVFLVDVVHFRORFDQODVFXDOLGDGHVGHODYDULDEOH
(Q HOHMH GH RUGHQDGDVVH FRORFDQ ODV EDUUDV SURSRUFLRQDOHV D
ODIUHFXHQFLDUHODWLYDRDEVROXWDGHOGDWR
$OXPQRVXQLYHUVLWDULRVGHFDUUHUDVGHSUHJUDGR\JUDGRVHJ~QVHFWRUGHJHVWLyQ
7RWDOGHOSDtV$xRV\
ϭϮϬ͕Ϭ
ϭϬϬ͕Ϭ
ϭϰ͕ϱ
Ϯϭ͕ϱ
ϴϬ͕Ϭ hŶŝǀĞƌƐŝĚĂĚĞƐ
ƉƌŝǀĂĚĂƐ
ϲϬ͕Ϭ
ϴϱ͕ϱ hŶŝǀĞƌƐŝĚĂĚĞƐ
ϰϬ͕Ϭ
ϳϴ͕ϱ ĞƐƚĂƚĂůĞƐ
ϮϬ͕Ϭ
Ϭ͕Ϭ
ŹŽϮϬϬϯ
ŹŽϮϬϭϯ
ůƵŵŶŽƐƵŶŝǀĞƌƐŝƚĂƌŝŽƐ
$QXDULR (VWDGtVWLFR GH OD 6HFUHWDUtD GH 3ROtWLFDV 8QLYHUVLWDULDV GHO
0LQLVWHULRGH(GXFDFLyQGHOD1DFLyQ

&DUJRVGH,QYHVWLJDGRUHVGHGLFDGRVD,'SRUFDGDKDELWDQWHV7RWDOGHO
SDtV$xRV
ϮϬϬ͕Ϭ
ϭϱϬ͕Ϭ
ϭϬϬ͕Ϭ
ϱϬ͕Ϭ
Ϭ͕Ϭ
ĂŹŽϮϬϬϭ
ĂŹŽϮϬϬϮ
ĂŹŽϮϬϬϯ
ĂŹŽϮϬϬϰ
ĂŹŽϮϬϬϱ
ĂŹŽϮϬϬϲ
ĂŹŽϮϬϬϳ
ĂŹŽϮϬϬϴ
ĂŹŽϮϬϬϵ
ĂŹŽϮϬϭϬ
ĂŹŽϮϬϭϭ
ĂŹŽϮϬϭϮ
ĂŹŽϮϬϭϯ
ĂƌŐŽƐĚĞ/ŶǀĞƐƚŝŐĂĚŽƌĞƐĚĞĚŝĐĂĚŽƐĂ/н͕ƉŽƌĐĂĚĂϭϬϬϬϬϬ
ŚĂďŝƚĂŶƚĞƐ͘

)XHQWH,1'(&'LUHFFLyQGH(VWDGtVWLFDV6HFWRULDOHV
$OXPQRV XQLYHUVLWDULRVGH FDUUHUDV GH SRVJUDGR VHJ~Q VHFWRU GH JHVWLyQ \ WDVD
GHFUHFLPLHQWRPHGLDDQXDOSRUVHFWRU7RWDOGHOSDtV$xRV
Ϯϯ͕ϭ ϭϴ͕ϯ
WƌŝǀĂĚĂƐ
ϳϲ͕ϵ ϴϭ͕ϳ
ƐƚĂƚĂůĞƐ
ŹŽϮϬϬϲ ŹŽϮϬϭϱ
ůƵŵŶŽƐƉŽƐŐƌĂĚŽ

)XHQWH ,1'(& 'LUHFFLyQ GH (VWDGtVWLFDV 6HFWRULDOHV HQ EDVH D GDWRV GH OD
6HFUHWDUtDGH3ROtWLFDV8QLYHUVLWDULDVGHO0LQLVWHULRGH(GXFDFLyQGHOD1DFLyQ

$OXPQRV HQ HGXFDFLyQ FRP~Q SRU QLYHO GH HQVHxDQ]D 7RWDO GHO SDtV $xRV

ϭϬϬй
ϵϬй
^ƵƉĞƌŝŽƌŶŽ
ϴϬй ƵŶŝǀĞƌƐŝƚĂƌŝŽ
ϳϬй
ϲϬй ^ĞĐƵŶĚĂƌŝŽ
;ĐŝĐůŽ
ϱϬй ŽƌŝĞŶƚĂĚŽͿ
ϰϬй ^ĞĐƵŶĚĂƌŝŽ
;ĐŝĐůŽ
ϯϬй
ďĄƐŝĐŽͿ
ϮϬй
/ŶŝĐŝĂů
ϭϬй
Ϭй
ĂŹŽϮϬϬϳ ĂŹŽϮϬϬϴ ĂŹŽϮϬϬϵ ĂŹŽϮϬϭϬ ĂŹŽϮϬϭϭ ĂŹŽϮϬϭϮ ĂŹŽϮϬϭϯ

)XHQWH'LUHFFLyQGH(VWDGtVWLFDV6HFWRULDOHVHQEDVHD5HOHYDPLHQWRV$QXDOHV
'LQLHH0LQLVWHULRGH(GXFDFLyQGHOD1DFLyQ
+LVWRJUDPDV
/RV KLVWRJUDPDV VRQ UHSUHVHQWDFLRQHV JUiILFDV TXH VH SDUHFHQ D ORV

JUiILFRVGHEDUUDVDPEDVGLVSRVLFLRQHVXWLOL]DQEDUUDVKRUL]RQWDOHVR
YHUWLFDOHV SDUD UHSUHVHQWDU ORV YDORUHV GH ORV GDWRV ODV EDUUDV GHO
KLVWRJUDPD VH SUHVHQWDQ XQLGDV \ QR VHSDUDGDV FRPR HQ ODV
UHSUHVHQWDFLRQHVGHEDUUD/DDOWXUDGHXQDEDUUDVHFRUUHVSRQGHFRQ
OD IUHFXHQFLD UHODWLYD GH OD FDQWLGDG GH GDWRV TXH KD\ HQ XQD
FDWHJRUtDHVWRVWLSRVGHJUiILFRVVRQGLIHUHQWHVGHORVGHEDUUDSRUHO
QLYHO GH PHGLGDV GH ORV GDWRV ORV JUiILFRV GH EDUUDV VRQ XWLOL]DGRV
SDUD ODV YDULDEOHV GH QLYHO QRPLQDO X RUGLQDO ORV KLVWRJUDPDV VRQ
DSOLFDEOHVWRGRWLSRGHQLYHOGHPHGLFLyQGHODVYDULDEOHV

%UHFKD JHQHUDFLRQDO GH OD WDVD GH DQDOIDEHWLVPR GH OD SREODFLyQ GH DxRV \
PiV7RWDOSDtV&HQVRV
ϭϳ͕ϱ
ϭϰ͕Ϯ
ĞŶƐŽϭϵϲϬ
ϭϬ͕ϲ
ĞŶƐŽϭϵϳϬ
ϳ͕Ϭ ĞŶƐŽϭϵϴϬ
ĞŶƐŽϭϵϵϭ
ϱ͕Ϯ
ĞŶƐŽϮϬϬϭ
ϯ͕ϱ
ĞŶƐŽϮϬϭϬ
ƌĞĐŚĂŐĞŶĞƌĂĐŝŽŶĂů
)XHQWH ,1'(& 'LUHFFLyQ GH (VWDGtVWLFDV 6HFWRULDOHV VREUH SURFHVDPLHQWRV GH

ORV&HQVRV1DFLRQDOHV
3ROtJRQRVGHIUHFXHQFLD
/RV SROtJRQRV GH IUHFXHQFLD VH XWLOL]DQ SDUD UHSUHVHQWDU YDORUHV GH
YDULDEOHV FXDQWLWDWLYDV HV XQ WLSR GH JUiILFR FUHDGR D SDUWLU GH XQ
KLVWRJUDPDGHIUHFXHQFLDSXHGHHPSHODUVHFRQIUHFXHQFLDVDEVROXWDV
RUHODWLYDV(OSROtJRQRGHIUHFXHQFLDVHUHDOL]DXQLHQGRORVSXQWRVGH
PD\RUDOWXUDGHFDGDXQDGHODVFROXPQDVGHOKLVWRJUDPDXWLOL]DQGR
VLHPSUHFROXPQDVGHWLSRYHUWLFDOQXQFDGHEHGHMDUVHHVSDFLRVHQWUH
XQDV \ RWUDV FROXPQDV /RV SROtJRQRV GH IUHFXHQFLD VH VXHOHQ XVDU
FXDQGR VH SUHWHQGH UHWUDWDU YDULDV GLVWULEXFLRQHV GLVWLQWDV R OD
FODVLILFDFLyQFUX]DGDGHXQDYDULDEOHFXDQWLWDWLYDFRQWLQXD

7DVDGHDQDOIDEHWLVPR GHODSREODFLyQ GHDxRV \ PiVSRU JUXSRGHHGDG \

EUHFKDJHQHUDFLRQDO7RWDOGHOSDtV&HQVRV
ϮϮ͕ϵ
ĞŶƐŽ
ϭϴ͕ϯ ϭϵϲϬ
ĞŶƐŽ
ϭϱ͕ϰ ϭϵϳϬ
ϭϯ͕ϰ ϭϯ͕ϲ ĞŶƐŽ
ϭϮ͕ϳ ϭϵϴϬ
ϭϭ͕ϰ
ϭϬ͕ϯ ĞŶƐŽ
ϵ͕ϱ ϵ͕ϯ ϭϵϵϭ
ϴ͕Ϯ ϴ͕ϰ ϴ͕ϲ
ϳ͕Ϯ ϳ͕ϳ ĞŶƐŽ
ϲ͕ϵ ϲ͕ϲ
ϲ ϲ͕ϭ ϱ͕ϵ ϱ͕ϴ ϲ͕Ϯ ϮϬϬϭ
ϱ͕ϰ ϱ͕ϰ ϱ͕ϰ ϱ͕ϰ
ϱ͕Ϯ ϱ͕ϲ ϱ͕Ϯ
ϰ͕ϲ ϱ
ϰ͕ϳ ϰ͕ϱ ϰ͕ϵ ϰ͕ϴ ϰ͕ϱ
ϰ͕ϭ ϰ͕ϯ ϯ͕ϵ ϰ͕ϭ ϰ͕Ϭ ϰ͕ϯ ĞŶƐŽ
ϯ ϯ͕Ϯ ϯ͕ϰ ϯ͕Ϯ ϯ͕ϱ
Ϯ͕ϴ Ϯ͕ϲ ϯ͕Ϭ ϮϬϭϬ
ϭ͕ϵ Ϯ͕ϯ Ϯ͕ϭ ϭ͕ϵ Ϯ͕ϰ
ϭ͕ϲ ϭ͕Ϯ ϭ͕ϯ
ϭ͕ϭ ϭ͕ϲ
ϭ͕Ϯ ϭ͕ϯ ϭ͕ϲ
ϭ͕Ϭ ϭ͕Ϭ
ϭϱͲϭϵ ϮϬͲϮϰ ϮϱͲϮϵ ϯϬͲϯϰ ϯϱͲϯϵ ϰϬͲϰϰ ϰϱͲϰϵ ϱϬͲϱϰ ϱϱͲϱϵ ϲϬͲϲϰϲϱǇŵĄƐ

)XHQWH ,1'(& 'LUHFFLyQ GH (VWDGtVWLFDV 6HFWRULDOHV VREUH SURFHVDPLHQWRV GH

ORV&HQVRV1DFLRQDOHV
7DVD GH DVLVWHQFLD HVFRODU GH OD SREODFLyQ GH D DxRV SRU JUXSR GH HGDG
VHJ~QTXLQWLOGHLQJUHVRSHUFiSLWDIDPLOLDU$xRV\
ϴ͕ϱ
ϳ͕ϳ
ϱ͕ϭ
ϯ͕Ϯ ϲĂϭϭ
Ϯ͕ϰ Ϯ͕ϲ Ϯ͕ϭ
ϭ͕ϵ
Ϭ͕ϴ ϭ͕Ϯ ϭϮĂϭϳ
ͲϬ͕ϯ Ϭ͕ϭ Ϭ͕Ϭ
dŽƚĂů /ƋƵŝŶƚŝů //ƋƵŝŶƚŝů ///ƋƵŝŶƚŝů /sƋƵŝŶƚŝů sƋƵŝŶƚŝů ϭϴĂϮϰ
ͲϮ͕ϯ ͲϮ͕ϯ
Ͳϰ͕ϯ Ͳϰ͕Ϭ
Ͳϱ͕ϰ
)XHQWH,1'(&'LUHFFLyQGH(VWDGtVWLFDV6HFWRULDOHVHQEDVHDOD(3+

3REODFLyQ GH DxRV \ PiV FRQ QLYHO XQLYHUVLWDULR FRPSOHWR &HQVRV
\
ϭ͘ϳϬϰ͘ϵϲϲ
ϭ͘ϭϰϮ͘ϭϱϭ
ϳϯϴ͘Ϭϳϱ
ϰϲϯ͘ϵϯϵ
ĐĞŶƐŽϭϵϴϬ ĐĞŶƐŽϭϵϵϭ ĐĞŶƐŽϮϬϬϭ ĐĞŶƐŽϮϬϭϬ
)XHQWH ,1'(& 'LUHFFLyQ GH (VWDGtVWLFDV 6HFWRULDOHV HQ EDVH D LQIRUPDFLyQ

GHULYDGD GH ORV &HQVRV 1DFLRQDOHV GH 3REODFLyQ +RJDUHV \ 9LYLHQGDV GH ORV
DxRV\
*UiILFRVFLUFXODUHV
(VWH WLSR GH UHSUHVHQWDFLyQ JUiILFD VH HPSOHD SDUD PRVWUDU ODV
YDULDFLRQHV GH XQD YDULDEOH GHQWUR GH XQD VXSHUILFLH GH TXH
UHSUHVHQWDDOGHORVYDORUHVGHEHWHQHUDOPHQRVORVYDORUHVGH
GRV FDWHJRUtDV R YDULDFLRQHV /RV JUiILFRV FLUFXODUHV SUHVHQWDQ XQD
VHULHGHYDULDQWHV

KWWSVWHFKQHWPLFURVRIWFRPHVHVOLEUDU\FFY VTODVS[

x &tUFXOR VHFFLRQDGR JUiILFR FLUFXODU FX\RV VHJPHQWRV HVWiQ

VHSDUDGRVGHOFHQWURGHOFtUFXOR$GHPiVGHOJUiILFRFLUFXODU
VHFFLRQDGR HQ HO TXH WRGRV ORV VHJPHQWRV HVWiQ VHSDUDGRV
WDPELpQSXHGHFUHDUXQJUiILFRGHVHJPHQWRVHFFLRQDGRHQHO
TXHKD\XQVRORVHJPHQWRVHSDUDGR
x $QLOORVJUiILFRFLUFXODUFRQXQHVSDFLRDELHUWRHQHOFHQWUR
x $QLOOR VHFFLRQDGR JUiILFR GH DQLOORV GRQGH WRGRV ORV
VHJPHQWRVHVWiQVHSDUDGRVGHOFHQWURGHODQLOOR
x &LUFXODU'JUiILFR FLUFXODUDO TXHVH KDDSOLFDGRXQ HVWLOR
'
x &tUFXORVHFFLRQDGR'JUiILFRFLUFXODUVHFFLRQDGRDOTXHVH
KDDSOLFDGRXQHVWLOR'
'LVWULEXFLyQSRUFHQWXDOGHDOXPQRVXQLYHUVLWDULRVSRUUHJLyQ7RWDOGHOSDtV$xR

ϯ͕ϵ
ϵ͕ϱ ŵĞƚƌŽƉŽůŝƚĂŶĂ
ϱ͕Ϯ
ϰϬ͕Ϯ ďŽŶĂĞƌĞŶƐĞ
ϭϭ͕ϭ ĐĞŶƚƌŽͲŽĞƐƚĞ
ĐĞŶƚƌŽͲĞƐƚĞ
ϭϴ͕ϳ ŶŽƌĞƐƚĞ
ϭϭ͕ϰ
ŶŽƌŽĞƐƚĞ
ƐƵƌ

$OXPQRV XQLYHUVLWDULRV GH FDUUHUDV GH SRVJUDGR VHJ~Q VHFWRU GH JHVWLyQ 7RWDO
GHOSDtV$xR
ůƵŵŶŽƐƉŽƐŐƌĂĚŽ͘ŹŽϮϬϭϱ
ϭϴ͕ϯ
ƐƚĂƚĂůĞƐ
WƌŝǀĂĚĂƐ
ϴϭ͕ϳ
*UiILFRVUDGLDOHV
7DPELpQ OODPDGRV JUiILFRV GH DUDxD VH XWLOL]DQ FRPR UHFXUVR GH
FRPSDUDFLyQ LQWHJUDQGR ORV YDORUHV HQ FRUUHVSRQGHQFLD FRQ HMHV
GLIHUHQWHV SDUD PRVWUDU XQ SHTXHxR FRQMXQWR GH GDWRV FRQ XQD
GLPHQVLyQ \ DO PHQRV WUHVFROXPQDVGHPHGLFLRQHV HV FRQYHQLHQWH
VXHPSOHRVLVHSUHWHQGHUHSUHVHQWDUYLVXDOPHQWHYDULDEOHVHQWUHVR
PiV HMHV GH PHGLFLyQ FRQ GLVWLQWDV HVFDODV (VWH WLSR GH JUiILFRV
WLHQHQ XQ HMH VHSDUDGR SDUD FDGD FDWHJRUtD TXH VH H[WLHQGH KDFLD
DIXHUD GHVGH HO FHQWUR HO YDORU GH FDGD YDORU GH ORV GDWRV VH
PDQLILHVWDHQVXFRUUHVSRQGLHQWHHMH

&DUJRVGHLQYHVWLJDGRUHVGHMRUQDGDFRPSOHWD\SDUFLDOGHGLFDGRVD,'VHJ~Q
JUDGRDFDGpPLFRDOFDQ]DGR\WLSRGHHQWLGDG7RWDOSDtV$xR
hŶŝǀĞƌƐŝĚĂĚĞƐ
ƉƷďůŝĐĂƐ
ϵϬ͕Ϭ
ϴϬ͕Ϭ
ϳϬ͕Ϭ
ϲϬ͕Ϭ
ϱϬ͕Ϭ
ϰϬ͕Ϭ
ϯϬ͕Ϭ
ϮϬ͕Ϭ
KƌŐĂŶŝƐŵŽƐ ϭϬ͕Ϭ hŶŝǀĞƌƐŝĚĂĚĞƐ
Ϭ͕Ϭ
ƉƷďůŝĐŽƐ ƉƌŝǀĂĚĂƐ
hŶŝǀĞƌƐŝƚĂƌŝŽ
DĂĞƐƚƌşĂ
ŽĐƚŽƌĂĚŽ
ŵƉƌĞƐĂƐ
KƚƌŽƐ;ΎͿ
)XHQWH 'LUHFFLyQ GH (VWDGtVWLFDV 6HFWRULDOHV ,1'(& HQ EDVH D OD HODERUDFLyQ
GHO0LQLVWHULRGH&LHQFLDDSDUWLUGHGDWRVGHO5HOHYDPLHQWRDQXDOGHHQWLGDGHV
TXHUHDOL]DQ$FWLYLGDGHV&LHQWtILFDV\7HFQROyJLFDV
$ FRQWLQXDFLyQ VH SUHVHQWD XQD WDEOD TXH FRQWLHQH OD LQIRUPDFLyQ

VREUHHODFFHVRUHVLGHQFLDODOVHUYLFLRGH,QWHUQHWHQQXHVWURSDtVHQ
GRQGHVHYHULILFDQGRVFRVDVHQSULPHUOXJDUDSDUWLUGHODFROXPQD
GHOPHGLRHOLQFUHPHQWRGHVGHHODxRHQDGHODQWHGHODFFHVRD
HVWH VHUYLFLR \ HQVHJXQGR OXJDU FRQ ORV GDWRVGH OD FROXPQD GH OD
GHUHFKDHODXPHQWRSURJUHVLYRKDVWDHODxR\SRVWHULRUPHQWH
ODEDMDHQORVQLYHOHVGHFUHFLPLHQWR
/RV GRV JUiILFRV UDGLDOHV H[SXHVWRV XQR D FRQWLQXDFLyQ GHO RWUR

SHUPLWHQ XQD YLVXDOL]DFLyQ GH HVWH FRPSRUWDPLHQWR VRFLDO HQ
WpUPLQRV GH FUHFLPLHQWR SRUFHQWXDO LQWHUDQXDO \ GH FDQWLGDG GH
KRJDUHV FRQ DFFHVR D LQWHUQHW SRU DxR HQ FDOLGDG GH IUHFXHQFLDV

DEVROXWDV
&UHFLPLHQWRSRUFHQWXDO LQWHUDQXDO GH DFFHVRV UHVLGHQFLDOHVD ,QWHUQHW 7RWDO GHO

SDtV$xRV
ĂŹŽϮϬϬϮ
ϲϬй
ĂŹŽϮϬϭϲ ĂŹŽϮϬϬϯ
ϱϬй
ĂŹŽϮϬϭϱ ϰϬй ĂŹŽϮϬϬϰ

ϯϬй
ϮϬй
ĂŹŽϮϬϭϰ ϭϬй ĂŹŽϮϬϬϱ
Ϭй
ͲϭϬй
ĂŹŽϮϬϭϯ ĂŹŽϮϬϬϲ
ƌĞĐŝŵŝĞŶƚŽ
ƉŽƌĐĞŶƚƵĂů
ŝŶƚĞƌĂŶƵĂů
ĂŹŽϮϬϭϮ ĂŹŽϮϬϬϳ
ĂŹŽϮϬϭϭ ĂŹŽϮϬϬϴ
ĂŹŽϮϬϭϬ ĂŹŽϮϬϬϵ

$FFHVRVUHVLGHQFLDOHVDLQWHUQHW7RWDOGHOSDtV$xRV
ĂŹŽϮϬϬϭ
ϭϴ͘ϬϬϬ͘ϬϬϬ
ĂŹŽϮϬϭϲ ĂŹŽϮϬϬϮ
ϭϲ͘ϬϬϬ͘ϬϬϬ
ϭϰ͘ϬϬϬ͘ϬϬϬ
ĂŹŽϮϬϭϱ ĂŹŽϮϬϬϯ
ϭϮ͘ϬϬϬ͘ϬϬϬ
ϭϬ͘ϬϬϬ͘ϬϬϬ
ϴ͘ϬϬϬ͘ϬϬϬ
ĂŹŽϮϬϭϰ ĂŹŽϮϬϬϰ
ϲ͘ϬϬϬ͘ϬϬϬ
ϰ͘ϬϬϬ͘ϬϬϬ
Ϯ͘ϬϬϬ͘ϬϬϬ
ĂŹŽϮϬϭϯ Ϭ ĂŹŽϮϬϬϱ ĐĐĞƐŽƐ
ƌĞƐŝĚĞŶĐŝĂůĞƐ
ĂŝŶƚĞƌŶĞƚ
ĂŹŽϮϬϭϮ ĂŹŽϮϬϬϲ
ĂŹŽϮϬϭϭ ĂŹŽϮϬϬϳ
ĂŹŽϮϬϭϬ ĂŹŽϮϬϬϴ
ĂŹŽϮϬϬϵ


&UHFLPLHQWR SRUFHQWXDO LQWHUDQXDO \ WRWDO GH DFFHVRV UHVLGHQFLDOHV D

LQWHUQHW7RWDOGHOSDtV$xRVD
$xRV $FFHVRVUHVLGHQFLDOHV &UHFLPLHQWRSRUFHQWXDOLQWHUDQXDO

(ODQiOLVLVGHORVGDWRVFXDOLWDWLYRV
(O HQIRTXH FXDOLWDWLYR VH RULHQWD KDFLD HO GHVDUUROOR GH XQD
FRPSUHQVLyQ HQ SURIXQGLGDG GH ODV FUHHQFLDV PRWLYDFLRQHV
SUHMXLFLRV R LQKLELFLRQHV VXE\DFHQWHV D FLHUWRV FRPSRUWDPLHQWRV \
HVFHQDULRV VRFLDOHV /D UHDOLGDG VXEMHWLYD D FRPSUHQGHU HQ ODV
LQYHVWLJDFLRQHV FXDOLWDWLYDV LPSOLFD OD SURGXFFLyQ DQDOtWLFD GHO
LQYHVWLJDGRU VREUH OD SHUVSHFWLYD GH DFWRUHV VRFLDOHV SRVLFLRQDGRV
VRFLDO RUJDQL]DFLRQDO R LQVWLWXFLRQDOPHQWH (Q OD IDVH LQLFLDO GH OD
LQWHUSUHWDFLyQVHXWLOL]DHOPDWHULDOUHVXOWDQWHGHODSURYRFDFLyQGHXQ
GLVFXUVR VRFLDO HO FXDO VH GHVDUUROOD HQ RULHQWDFLyQ D FDWHJRUtDV
FRQFHSWXDOHV LQLFLDOHV R ³FRQFHSWRV JXtDV´ YHU FDStWXOR ORV
FRQFHSWRVHODERUDGRVSRUHOLQYHVWLJDGRUSDUWHQGHODVH[SUHVLRQHVGH
VXMHWRVTXHVHIRUPXODQHQXQFRQWH[WRGHVLPXODFLyQODHQXQFLDFLyQ

VLHPSUH VH SURGXFH SRU DFFLyQ GH OD LQYHVWLJDFLyQ TXH VH
WUDQVIRUPDQGHELGRDTXHVRQFRQWUDVWDGRVDSDUWLUGHODFRPSDUDFLyQ
GHORVGLVFXUVRVHQWUHVt\VRQDUWLFXODGRVFRQODWHRUtDHPSOHDGDHQ
ODWDUHDLQYHVWLJDWLYD
(Q OXJDU GH GHWHUPLQDU OD LQIRUPDFLyQ D SDUWLU GH YDULDEOHV

SUHGHILQLGDVIRUPDOPHQWHHQODVHWDSDVSUHYLDVDODHODERUDFLyQGHOD
LQIRUPDFLyQ HQ OD LQYHVWLJDFLyQ FXDOLWDWLYD ORV GDWRV VH YDQ
FRQVWUX\HQGRDSDUWLUGHODVFDWHJRUtDVFRQFHSWXDOHVRORVFRQFHSWRV
VHQVLELOL]DGRUHVYHUFDStWXORTXHVHJHQHUDQGHVGHHOGLVFXUVRGH
ORVDFWRUHVGXUDQWHHOWUDEDMRGHFDPSRHVWRVFRQFHSWRVGHOLPLWDQOD
JHQHUDFLyQGHFDPSRVVHPiQWLFRVHOKRUL]RQWHGHVHQWLGRRULHQWDGR
GHVGH ORV FRPSRUWDPLHQWRV GH ORV FRQGXFWRUHV GH DXWRV GHSRUWLYRV
WHQGUi XQD FRQILJXUDFLyQ GLVtPLO GH RWUR TXH VH RULHQWH KDFLD ODV
VLJQLILFDFLRQHVGHORVFRQGXFWRUHVGHYHKtFXORVIDPLOLDUHVORVWHPDV
GHDSUR[LPDFLyQDORVQ~FOHRVEiVLFRVGHVHQWLGRGHORVFRQGXFWRUHV
GHDXWRPyYLOHVHQJHQHUDOVHUiQFRPXQHV\GLIHUHQWHV TXHILMDQORV
FRQWRUQRV GH OR UHOHYDQWH RULHQWDGRV SRU ORV REMHWLYRV GH
LQYHVWLJDFLyQ HQ OD SURGXFFLyQ GLVFXUVLYD GH OD SREODFLyQ D
LQYHVWLJDU
(O DQiOLVLV FXDOLWDWLYR SUHWHQGH FRPSUHQGHU LQWHJUDOPHQWH OD

FRQILJXUDFLyQHQODTXHVHHPSOD]DQVRFLDOPHQWHORVDFWRUHV\HVSRU
OR WDQWR XQD E~VTXHGD KROtVWLFD GHO VHQWLGR VLQ QHJDU HO SODQWHR
SHUVRQDO GH FDGD XQR GH HOORV VH IXQGDPHQWD HQ XQ PpWRGR TXH VH
OOHYD DGHODQWH D WUDYpV GH XQD FRPSDUDFLyQ \ XQD GLIHUHQFLDFLyQ
VLVWHPiWLFD\FRQVWDQWHHQWUHORVGDWRVHPHUJHQWHV(ODQiOLVLVGHORV
GDWRV FXDOLWDWLYRV HV XQ SURFHVR GLQiPLFR \ FUHDWLYR VH UHILQDQ
FRQWLQXDPHQWH ODV LQWHUSUHWDFLRQHV ORV LQYHVWLJDGRUHV DQDOL]DQ \
FRGLILFDQ VXV SURSLRV GDWRV QR H[LVWH XQD GLYLVLyQ HQWUH TXLHQHV
UHJLVWUDQORVGDWRV\ORVFRGLILFDGRUHVODVFDWHJRUtDVLQLFLDOHVVHYDQ
DILQDQGR \ UHIRUPXODQGR KDVWD OD FRQIRUPDFLyQ WLSRORJtDV R
FRQFHSWRV WHyULFRV TXH GHVFULEDQ R H[SOLTXHQ ODV VLJQLILFDFLRQHV GH
ORV VXMHWRV HQ VXV PDUFRV GH VHQWLGR 'XUDQWH XQ SURFHVR GH LGD \
YXHOWD VREUH ORV GDWRV HO LQYHVWLJDGRU GHEH EXVFDU OD VDWXUDFLyQ \

UHGXQGDQFLDGHODVH[SUHVLRQHVSURYRFDGDVFRQUHVSHFWRDORVWHPDV
GH LQWHUpV D ILQ GH HODERUDU GHVFULSFLRQHV \ JHQHUDOL]DFLRQHV FDGD
YH]PiVDEVWUDFWDVDSDUWLUGHODVLQWHUSUHWDFLRQHVVREUHORVGLVFXUVRV
SURGXFLGRV /DV FDWHJRUtDV TXH VH HODERUDQ GHVGH HO DQiOLVLV VH

$PRGRGHHMHPSORVHWUDQVFULEHDFRQWLQXDFLyQODLQVWDQFLDGHDQiOLVLVGHXQ
SURWRFRORGHLQYHVWLJDFLyQFXDOLWDWLYD
³/DVHQWUHYLVWDVVHUiQJUDEDGDV\ODVJUDEDFLRQHVVHUiQWUDQVFULWDVDOSLpGHODOHWUD
SRUORVHQWUHYLVWDGRUHV\UHYLVDGDVSRUORVVXSHUYLVRUHVGHOHVWXGLRSDUDDVHJXUDUOD
H[DFWLWXG/DVWUDQVFULSFLRQHVVHKDUiQHQHOSURJUDPDGHSURFHVDGRUGHWH[WR
0LFURVRIW:RUG\HODQiOLVLVVHUHDOL]DUiXWLOL]DQGRXQVRIWZDUHSDUDDQiOLVLV
FXDOLWDWLYR/D236OHSURSRUFLRQDUiDFDGDHTXLSRGHLQYHVWLJDFLyQHOVRIWZDUH\
DVLVWHQFLDWpFQLFDGHFyPRXVDUOR&DGDHTXLSRGHLQYHVWLJDFLyQWHQGUiVXSURSLDIRUPD
GHDQDOL]DUORVGDWRVFXDOLWDWLYRVVLQHPEDUJRVHVHJXLUiQHQJHQHUDOORVSDVRV
DQDOtWLFRVGHVFULWRVSRU0LOHV\+XEHUPDQ'DUOHFyGLJRVDORVDSXQWHVGHODV
HQWUHYLVWDV\WUDQVFULSFLRQHV$QRWDUODVUHIOH[LRQHVXRWURVFRPHQWDULRVHQORV
PiUJHQHV%XVFDUHQHVWRVPDWHULDOHVSDUDLGHQWLILFDUIUDVHVVLPLODUHVUHODFLRQHV
HQWUHODVYDULDEOHVSDWURQHVWHPDVGLIHUHQFLDVPDUFDGDVHQWUHVXEJUXSRV\
VHFXHQFLDVFRPXQHV$LVODUHVWRVSDWURQHV\SURFHVRVIDFWRUHVFRPXQHV\GLIHUHQFLDV
\OOHYDUODVDOFDPSRHQODSUy[LPDHWDSDGHUHFROHFFLyQGHGDWRV(ODERUDFLyQ
JUDGXDOGHXQSHTXHxRFRQMXQWRGHJHQHUDOL]DFLRQHVTXHFXEUHQODVLQFRQVLVWHQFLDV
SHUFLELGDVHQODEDVHGHGDWRV
(OSURFHVRGHDQiOLVLVGHGDWRVFXDOLWDWLYRVFRQVLVWHGHODUHFROHFFLyQGHGDWRV
UHGXFFLyQ\WUDQVIRUPDFLyQ/DUHGXFFLyQGHGDWRVHVHOSURFHVRGHVHOHFFLRQDU
HQIRFDUVLPSOLILFDU\WUDQVIRUPDUORVGDWRVGHODVWUDQVFULSFLRQHV/DVHJXQGDIDVHGHO
DQiOLVLVHVODUHSUHVHQWDFLyQGHORVGDWRV(VWRFRQVLVWHHQWUDEDMDUSDUDGHVDUUROODUXQ
PRQWDMHGHLQIRUPDFLyQRUJDQL]DGD\FRPSULPLGDTXHSHUPLWDVDFDUFRQFOXVLRQHV/D
IRUPDPiVIUHFXHQWHGHUHSUHVHQWDUGDWRVHQXQDQiOLVLVFXDOLWDWLYRKDVLGRHQWH[WR
SURORQJDGRTXHKDFHPX\FRPSOLFDGRHOWUDEDMRFRQORVGDWRV5HFLHQWHPHQWHORV
LQYHVWLJDGRUHVFXDOLWDWLYRVKDQHQFRQWUDGRTXHHVPiVHILFLHQWHUHSUHVHQWDUORVGDWRVHQ
IRUPDGHPDWULFHVJUiILFRVFXDGURV\UHGHV(VWRHVDQiORJRDODVIUHFXHQFLDV\
GLDJUDPDVGHGLVSHUVLyQTXHVHXVDQHQHODQiOLVLVFXDQWLWDWLYR/DIDVHILQDOGHO
DQiOLVLVFRQVLVWHHQVDFDUFRQFOXVLRQHV\YHULILFDU
/DVFRQFOXVLRQHVVHVDFDQDWUDYpVGHXQDFDQWLGDGGHWiFWLFDVTXHLQFOX\HQKDFHU
FRQWUDVWHV\FRPSDUDFLRQHVLQFOXVLyQGHDVSHFWRVSDUWLFXODUHVHQJHQHUDOLGDGHVKDFHU
QRWDUODVUHODFLRQHVHQWUHODVYDULDEOHV\HQFRQWUDUYDULDEOHVLQWHUSXHVWDV/DV
FRQFOXVLRQHVGHEHQYHULILFDUVHHOLPLQDQGRODVUHODFLRQHVIDOVDVH[DPLQDQGRODV
H[SOLFDFLRQHVULYDOHV\REWHQLHQGRUHWURDOLPHQWDFLyQGHORVLQIRUPDQWHV´

HPSOHDQSDUDLOXPLQDUUDVJRVGHORVHVFHQDULRVGHODVRUJDQL]DFLRQHV
R GH ODV SHUVRQDV LQYHVWLJDGDV SDUD TXH VH IDFLOLWH OD FRPSUHQVLyQ
HVWH HQIRTXH VXEUD\D HO DQiOLVLV VREUH HO KDEOD LQGLYLGXDO R VRFLDO
GHQWURGHXQFRQWH[WRHQHOTXHIXHURQFRQVWLWXLGRVORVVLJQLILFDGRV
LQWHUQDOL]DGRV
/RV LQYHVWLJDGRUHV TXH HPSOHDQ UHFXUVRV GH OD PHWRGRORJtD

FXDOLWDWLYD LQWHQWDQ YLQFXODU OR VXEMHWLYR FRQ ORV FRQWH[WRV PDFUR
VRFLDOHV GH XELFDFLyQ GH HVD VXEMHWLYLGDG SDUD OOHJDU D ORV VHQWLGRV
LQWHUQDOL]DGRVHQORVDFWRUHVVRFLDOHVVHJ~Q3HUH6ROHUKDEUtD
XQD VHULH GH RSFLRQHV D OD KRUD GH WUDEDMDU \ DQDOL]DU ORV GDWRV
FXDOLWDWLYRV JHQHUDGRV D WUDYpV WpFQLFDV FRPR ORV JUXSRV GH
GLVFXVLyQ R ODV HQWUHYLVWDV FXDOLWDWLYDV TXH KD\ TXH FRQVLGHUDUODV
GHVGHXQFULWHULRDGDSWDEOHDODSUREOHPiWLFDHQFXHVWLyQ(ODQiOLVLV
FXDOLWDWLYR WLHQH XQ EDMR QLYHO GH IRUPDOL]DFLyQ SRU OR TXH SXHGH
DFRQWHFHU TXH DO HODERUDU ORV GDWRV ODV FDWHJRUtDV VH VXSHUSRQJDQ
³«\ HQ DOJXQRV FDVRV VH FRPSOHPHQWDQ XQRV FRQ RWURV DVt SRU
HMHPSOR VXHOH VXFHGHU TXH ORV DWULEXWRV GH XQ SURGXFWR VH
FRUUHVSRQGDQFRQODVPRWLYDFLRQHV(VWRQRGHEHSUHRFXSDUQRV\D
TXHSRUXQODGRHODQiOLVLVGHPRWLYDFLRQHVQRVKDEUiVHUYLGRSDUD
HQWHQGHUDQLYHOUDFLRQDORHPRFLRQDOSRUTXpHOFRQVXPLGRUFRPSUD
XQ GHWHUPLQDGR SURGXFWR \ SRU RWUR WHQGUHPRV XQD OLVWD GH
DWULEXWRV TXH VDEHPRV VRQ ORV TXH HO FRQVXPLGRU YDORUD \ TXH SRU
WDQWRSRGUiQVHUXWLOL]DGRVHQXQSDFNRHQYDVHHQXQDFDPSDxDR
HQ FXDOTXLHU PDWHULDO´ 3HUH 6ROHU GH HVWD PDQHUD OLVWD XQD
VHULH GH RSFLRQHV D OD KRUD GH HOHJLU HO WLSR GH DQiOLVLV GH GDWRV
HODERUDGRV D SDUWLU GH OD VXEMHWLYLGDG TXH PiV VH DGHFXHQ D ORV

³HVHOSURSLRLQYHVWLJDGRUHORSHUDGRURDJHQWHGHWRWDOL]DFLyQ±ELRJUiILFDH
KLVWyULFDPHQWHVLWXDGRTXHVHSRQHHQUHODFLyQHODQiOLVLVGHODVLWXDFLyQPLFUR
GLVFXVLyQGHJUXSRRHQWUHYLVWDLQGLYLGXDODELHUWDFRQODVLWXDFLyQPDFURVRFLHGDGHV
RFODVHVRFLDOGHSHUWHQHQFLDGHORVJUXSRVRLQGLYLGXRVDUWLFXOiQGRODHQXQDPLVPD
UHSUHVHQWDFLyQ5D]yQSRUODFXDOODVWpFQLFDVFXDOLWDWLYDVVXHOHQVHUFRQVLGHUDGDV
FRPRIDOWDVGHILDELOLGDGSRUORVVRFLyORJRV\HMHFXWLYRVGHPHQWDOLGDGDQDOtWLFR
SRVLWLYLVWD´*DOODUW

$QiOLVLV GH WHPDV HV OD PiV XWLOL]DGD \ VH XELFD HQ HO QLYHO
VXSHUILFLDOGHOGLVFXUVRHVXQDWpFQLFDTXHUHPLWHDOQLYHOUHIHUHQFLDO
GH OD FRPXQLFDFLyQ SHUPLWH OD HQXPHUDFLyQ \ OD HOXFLGDFLyQ GHO
VHQWLGR GH ORV DFWRUHV VRFLDOHV VREUH DTXHOORV WHPDV TXH VH
LQYHVWLJDQ HV XQD HVWUDWHJLD DQDOtWLFD TXH VH IRFDOL]D \ VH
FLUFXQVFULEHVREUHHOORVSDUDVXSRVWHULRUDQiOLVLV\ VXFRQWUDVWDFLyQ
FRQ HO DQiOLVLV GHO PDUFR GH UHIHUHQFLD LQPHGLDWR \ HO FRQWH[WR
JHQHUDO /RV WHPDV SXHGHQ H[SUHVDUVH D WUDYpV GH IRUPDV YDULDGDV
WDOHVFRPRDUJXPHQWDFLRQHVGLFKRVREURPDVHVWiQSUHVHQWHVHQHO
UHJLVWURGXUDQWHWRGRHOWUDQVFXUVRGHODGLQiPLFDSXHGHQHPHUJHUHQ
XQ PRPHQWR GHWHUPLQDGR GHVDSDUHFHU \ YROYHU D UHVXUJLU
HQFDGHQDGRVDRWURVWHPDV

(QXQDLQYHVWLJDFLyQVREUHODVFUHHQFLDVGHORVGRFHQWHVGH(*%XQRGHORVWHPDV
GHDERUGDMHIXH
³)XQFLRQHVGHODLQVWLWXFLyQHVFRODU
/DHVFXHODHVFDOLILFDGDSRUORVGRFHQWHVFRPRDVLVWHQFLDOLVWD6HODREVHUYD
GHVSUHVWLJLDGD\GHVERUGDGDHQVXVIXQFLRQHVSHGDJyJLFDVODVWDUHDVTXHVHGHEHQ
UHDOL]DUGHQWURGHHOODUHVXOWDQGHVDMXVWDGDVDOHMHUFLFLRGHOUROGRFHQWH/RVSUREOHPDV
PHQFLRQDGRVTXHVHFRQGHQVDQHQODLQVWLWXFLyQSURYLHQHQGHOHQWRUQRH[WUDHVFRODU
VLWXDFLyQVRFLRHFRQyPLFDFDUDFWHUtVWLFDVGHODVIDPLOLDVQXHYDVH[LJHQFLDVIDOWDGH
DSR\RGH³ORVGHDUULED´&RPRFRQVHFXHQFLDDOGLDORJDUOOHJDQDODFRQFOXVLyQTXH
ODHVFXHODVHHVWiYDFLDQGRGHFRQWHQLGRV
([SRQHQDQpFGRWDVTXHWUDVOXFHQODVSUHRFXSDFLRQHVVREUHORTXHKR\HVWiQYLYLHQGRHQ
ODVHVFXHODV$SDUWLUGHHVWDVUHIOH[LRQDQDFHUFDGHODQHXWUDOL]DFLyQGHODWDUHD
HVSHFtILFDPHQWHHGXFDWLYDRSLQDQTXHHVWDVLWXDFLyQGDOXJDUDOGHVERUGHGHOTXHKDFHU
LQVWLWXFLRQDOSRUODSUHVHQFLDGHQXHYRVFRQIOLFWRVSHURWDPELpQSRUODVHQVDFLyQGH
TXHODVHVWUDWHJLDVGLGiFWLFDVLQWHUQDOL]DGDVSRUFDGDPDHVWURUHVXOWDQLQHILFDFHV
5HVDOWDQHQUHODFLyQFRQODLQVWLWXFLyQHVFRODUODGLIHUHQFLDFRQHOSDVDGRHQXQD
FRQWUDVWDFLyQWHPSRUDOTXHGLVWLQJXH\YDORUL]DDODHVFXHOD³GHDQWHV´$FDPELROD
HVFXHOD³GHDKRUD´HVGHVGHHVWDYLVLyQXQOXJDUGHGHVHQFXHQWURV\GHHVIXHU]RVQR
UHFRQRFLGRV´6HUELD

$QiOLVLVGHDFWLWXGHVODVDFWLWXGHVVRQSUHYLDVDODVPRWLYDFLRQHVH
LPSOLFDQ XQD SUHGLVSRVLFLyQ KDFLD HO SUHVHQWH VXE\DFHQWH HQ ORV
FRPSRUWDPLHQWRVSHQVDPLHQWR\VHQWLPLHQWRVGHORVDFWRUHVVRFLDOHV
(V IXQGDPHQWDO FRQRFHUODV GHVGH VX FRPSRQHQWH FRJQLWLYR LGHDV \
FUHHQFLDV FRPR HPRFLRQDO HPRFLRQHV SRVLWLYDV R QHJDWLYDV FRQ
UHVSHFWRDODPDUFDSURGXFWRIHQyPHQRVRFLDO\FRQDWLYRDFFLRQHV
RDFWXDFLyQFRQUHVSHFWRDODPDUFDSURGXFWRIHQyPHQRVRFLDO6X
DQiOLVLV FRQGXFH DO FRQRFLPLHQWR GH XQ PDUFR UHIHUHQFLDO PiV
SURIXQGR GHO LQGLYLGXR R JUXSR FRQ UHVSHFWR D OD WHPiWLFD GH
DERUGDMH VX GLUHFFLRQDOLGDG SRVLWLYD R QHJDWLYD OD HYDOXDFLyQ GHO
WHPD HQ FXHVWLyQ HO VLVWHPD GH YDORUHV LPSOtFLWR \ OD LQWHQVLGDG GH
HVWDGLUHFFLRQDOLGDGSRVLELOLWDQODLQWHUSUHWDFLyQGHODVXEMHWLYLGDG\
OD FRQGXFWD GH ORV VXMHWRV /DV DFWLWXGHV WUDEDMDGDV EDMR XQ PpWRGR
FXDOLWDWLYR SXHGHQ VHU YLVLELOL]DGDV HQ HO GLVFXUVR EDMR OD IRUPD GH
FRPHQWDULRV IUDVHV KHFKDV UHIUDQHV R MXVWLILFDFLRQHV RULHQWDGDV
SRVLWLYDPHQWHRQHJDWLYDPHQWHKDFLDGHWHUPLQDGRVWHPDV
(ODERUDFLyQ GH WLSRORJtDV VH XWLOL]D FRQ OD PHWD GH DQDOL]DU
VLVWHPiWLFDPHQWH LQWHQFLRQHV \ IRUPDV GH REUDU GH IRUPD LQWHJUDGD
HQPRGHORVDEVWUDFWRVGHHVWDUHQHOPXQGR/DPXOWLGLPHQVLRQDOLGDG
GH ORV IHQyPHQRV VRFLDOHV GHEH VHU DQDOL]DGD SRU PHGLR GH
RSHUDFLRQHV PHWRGROyJLFDV TXH SHUPLWDQ TXH OD FRPSOHMLGDG SXHGD
UHGXFLUVH D WUDYpV GH OD HODERUDFLyQ GH WLSRV R PRGHORV FRPR XQD
IRUPD GH DSUR[LPDFLyQ D WUDYpV GH WDUHDV GH RUGHQDPLHQWR
VLPSOLILFDFLyQ \ FRQWUDFFLyQ GH GLFKD PXOWLGLPHQVLRQDOLGDG HVWD
SURSXHVWD DQDOtWLFD WLHQH XQD UHIHUHQFLD LQHOXGLEOH HQ 0D[ :HEHU
TXLHQ HODERUy WLSRV GH LGHDOHV GH OD DFFLyQ VRFLDO \ GH OD
GRPLQDFLyQFRQSOHQDYLJHQFLDLQWHOHFWXDOVXSURFHGHUDQDOtWLFRIXH
DSDUWLUGHODDJUHJDFLyQGHFDWHJRUtDVLGHDOHVFRQVWUXLGDVDSDUWLUGHO
UHDOFHXQLODWHUDOGHXQRRDOJXQRVSXQWRVGHYLVWD\SRUODVXEVXQFLyQ
GHQXPHURVDFDQWLGDGGHKHFKRV\IHQyPHQRVHVSHFtILFRV /RVWLSRV
LGHDOHV VXSRQHQ XQD UHGXFFLyQ LQWHQFLRQDO GH OD FRPSOHMLGDG GH OD
UHDOLGDG D WUDYpV GH OD HODERUDFLyQ GH HVFDVRV WLSRV TXH VH
GLIHUHQFLHQ QHWDPHQWH XQR GH RWUR VLQ TXH KD\D SRVLELOLGDG GH TXH

VXVFDUDFWHUtVWLFDVVHVXSHUSRQJDQODVPLVPDVGHEHQHVWDULQWHJUDGDV
FRQFRKHUHQFLDHQHOLQWHULRUGHFDGDWLSRORVFDVRVHPStULFRVTXHVH
DQDOL]DQ FRQ HVWD WpFQLFD LQFOX\HQ FRQ GLIHUHQWHV YDULDELOLGDGHV ORV
HOHPHQWRVGHFDGDWLSRLGHDOHQWpUPLQRVGHSUREDELOLGDG /RVWLSRV
LPSOLFDQ OD FRQVWUXFFLyQ HPStULFD \ WHyULFD GH FLHUWDV IRUPDV GH
FRPSRUWDPLHQWRGHSRVHVLyQGHYDORUHV\FUHHQFLDVYLQFXODGDVHQWUH
Vt \ TXH GDQ OXJDU D HVWUXFWXUDV GH DFFLyQ FRQ UHVSHFWR D XQD
GLPHQVLyQGHODUHDOLGDGODFRPSUDGHPDUFDVHOXVRGHODXWRPyYLO
HOUHFKD]RKDFLDFLHUWRVJUXSRVVRFLDOHV
:HEHU HVWDEOHFLy TXH ORV WLSRV LGHDOHV IXQFLRQDQ FRPR

FRQFHSWRV OtPLWHV HVWULFWDPHQWH LGHDOHV FRQ ORV TXH VH FRQWUDVWD \
FRPSDUD OD UHDOLGDG SDUD DFODUDU GHWHUPLQDGRV DVSHFWRV UHIHULGRV D
VXVPDQLIHVWDFLRQHVHPStULFDVODVWLSRORJtDVSRVLELOLWDQWHQGHU XQ
SXHQWHHQWUHODJHQHUDOL]DFLyQ\ODSDUWLFXODUL]DFLyQGHORUHDODSDUWLU
GHFULWHULRVGHRUGHQDPLHQWR\FODVLILFDFLyQSDUDPRGHOL]DU\UHGXFLU
OD FRPSOHMLGDG VRFLDO XQ WLSR LGHDO QR QHFHVLWDOLPLWDUVH D DFHQWXDU
DVSHFWRVGHODUHDOLGDGSXHGHWDPELpQSRVWXODUSURFHVRVGHGHVDUUROOR
HLQFRUSRUDUORVDOHVTXHPDWHyULFRODHGLILFDFLyQGHXQHVTXHPDGH
WLSRVLGHDOHVGHXQFRQFHSWRGHWHUPLQDGRQRUHSUHVHQWDXQILQHQVt
PLVPR VLQR TXH VXSRQH XQ SURFHGLPLHQWR TXH LPSOLFD XQD
DEVWUDFFLyQGHODUHDOLGDGFRQFUHWDHKLVWyULFDSDUDFODVLILFDURUGHQDU
GLVWLQJXLU\DQDOL]DUXQPXQGRVRFLDOFRQVWLWXLGRSRUORLUUHSHWLEOHGH
VXFHVRVLQDEDUFDEOHV /DVFRQFHSWXDOL]DFLRQHVTXH:HEHUGHVDUUROOy
HQIRUPDGHWLSRVLGHDOHVQRWHQtDQODLQWHQFLyQGHIXQFLRQDUFRPRXQ
UHIOHMR GH OD UHDOLGDG IXHURQ SURSXHVWDV FRPR HVTXHPDV TXH
LQYROXFUDEDQ XQD VHULH GH DEVWUDFFLRQHV SDUD JXLDU OD FRPSDUDFLyQ
HQWUHODUHDOLGDGHPStULFD\ODFRQFHSWXDOL]DFLyQHQFXHVWLyQ
8QDWLSRORJtDSUHVHQWDGDSRU +RZDUG%HFNHU FRQUHVSHFWRD

OD FRQGXFWD GHVYLDGD VH FRQVWLWX\H FRPR UHVXOWDGR GH XQD
FRPELQDFLyQHQWUHHODFWR\ODSHUFHSFLyQGHOPLVPR

&RPSRUWDPLHQWR &RPSRUWDPLHQWR

REHGLHQWH TXHURPSHODUHJOD
3HUFLELGRFRPR
)DOVDDFXVDFLyQ 'HVYLDGRSXUR
GHVYLDFLyQ
1RSHUFLELGRFRPR
&RQIRUPH 'HVYLDGRVHFUHWR
GHVYLDFLyQ
$QiOLVLVGHPRWLYDFLRQHVLQGDJDHOGHYHODPLHQWRGHODVLQIOXHQFLDV
R ODV LGHQWLILFDFLRQHV DIHFWLYDV SURIXQGDV ODWHQWHV \ PiV R PHQRV
UHSULPLGDV OLJDGDV DO XQLYHUVR VLPEyOLFR TXH ORV VXMHWRV HVWDEOHFHQ
FRQ XQD WHPiWLFD H[SHULHQFLDVGHYLGDRXQD PDUFDSURGXFWRR FRQ
UHIHUHQFLD DXQD ILJXUD HQSDUWLFXODU SHUPLWHQ FRQILJXUDU ODLPDJHQ
SHUFLELGDHQSURIXQGLGDGGHOREMHWRRIHQyPHQRHQFXHVWLyQDSDUWLU
GHOGHYHODPLHQWRGHORVIDFWRUHVTXHQRVRQFRQVFLHQWHV\TXHQRVRQ
IiFLOPHQWH PDQLIHVWDEOHV GH OD VXEMHWLYLGDG /DV PRWLYDFLRQHV VRQ
IXHU]DV HPRFLRQDOHV VXE\DFHQWHV D OD FRQFLHQFLD TXH VH GLULJHQ DO
IXWXUR VRQ WHQGHQFLDV TXH GH IRUPD ODWHQWH LPSXOVDQ DO VXMHWR OD
IRUPD HQ SURFHVD OD LQIRUPDFLyQ OH YLHQH GHO DPELHQWH \ VX
FRQVHFXHQWHDFFLyQDOLJXDOTXHODVDFWLWXGHVFRQODVFXDOHVVHKDOODQ
IXHUWHPHQWH OLJDGDV VH YDQ FRQIRUPDQGR D SDUWLU GH OD H[SHULHQFLD
FROHFWLYDHLQGLYLGXDOGHORVDFWRUHVVRFLDOHV 'HVGHODVQHFHVLGDGHV
GHO PDUNHWLQJ FRPHUFLDO \ SROtWLFR HV YLWDO OD FRPSUHQVLyQ GH ODV
PRWLYDFLRQHV GH ORV FRQVXPLGRUHVFLXGDGDQRV HQ ORV SURFHVRV GH
VHOHFFLyQ \ SURFHVDPLHQWR GH OD LQIRUPDFLyQ HQ OD WRPD GH
GHFLVLRQHV \ HQ ORV FRPSRUWDPLHQWRV GH FRQVXPRYRWDFLyQ OD
PRWLYDFLyQHVXQHOHPHQWRLQGLVSHQVDEOHSDUDORVUHVSRQVDEOHVHQHO
GLVHxR GH OD FRPXQLFDFLyQ FRUSRUDWLYD \ HQ OD IDEULFDFLyQ GH
PDUFDVFDQGLGDWRV HQ WDQWR HO DFFHVR D VX FRPSUHQVLyQ OHV SHUPLWH
GHOLQHDU ORV SODQHV GLULJLGRV D SRVLFLRQDU \ DSUR[LPDU FRJQLWLYD \
HPRFLRQDOPHQWH VX RIHUWD VLQWRQL]DQGR FRQ ODV H[SHFWDWLYDV GH ORV
GLIHUHQWHV VHJPHQWRV GHO PHUFDGR SDUD TXH VXV PLHPEURV VH
LQYROXFUHQHPRFLRQDOPHQWH(QODLQYHVWLJDFLyQFRPHUFLDOHVXQWLSR
GHDQiOLVLVPX\XWLOL]DGR\DTXH³«HQXQSURGXFWRGHEHQDQDOL]DUVH
WRGDVODV PRWLYDFLRQHV SRU PiVLUUHOHYDQWHVTXH HVWDVSDUH]FDQGH

ODVPiVDODVPHQRVLPSRUWDQWHV3DUDHOORHVSUHFLVRDGHQWUDUVHHQ
HO WHUUHQR SVLFROyJLFR GHO FRQVXPLGRU HQ FRQFHSWRV WDOHV FRPR
DPRU HVSHUDQ]D GRORU LOXVLRQHV IUXVWUDFLRQHV p[LWR ÒQLFDPHQWH
HVWD FRPSUHQVLyQ LOXPLQD OD FRQGXFWD GHO FRQVXPLGRU HO SRUTXp
FRPSUD GH XQD GHWHUPLQDGD PDQHUD \ QR GH RWUD TXp OH DJUDGD R
GHVDJUDGDFyPROHJXVWDUtDTXHIXHVHXQSURGXFWRRPDUFD´ 3HUH
6ROHU
$QiOLVLV GH ORV DWULEXWRV GHO SURGXFWR PDUFD LQVWLWXFLyQ VH

XWLOL]DSDUD HVWDEOHFHU ODVYHQWDMDVWDQJLEOHVHLQWDQJLEOHV SHUFLELGDV
GHVGH OD VLJQLILFDWLYLGDG GHO VXMHWR FRQ UHVSHFWR D OD PDUFD
FDQGLGDWR SURGXFWR LQVWLWXFLyQ SDUD GLVWLQJXLU DTXHOODV TXH OHV
JHQHUDQVDWLVIDFFLRQHV\TXHVRQXWLOL]DGDVFRPRFULWHULRVVXEMHWLYRV
UDFLRQDOHV \ HPRFLRQDOHV GH HOHFFLyQ &RQVLVWH HQ UHDOL]DU XQD
GHILQLFLyQ GH ORV DWULEXWRV REMHWLYRV GHO SURGXFWR PDUFD
SUHGRPLQDQWHV HQ OD SHUFHSFLyQ GH ORV VXMHWRV GH GHWHUPLQDGR
HVSDFLRVRFLDOSDUDFRQIRUPDUXQPDSHRGHORVVHQWLGRVVREUHDOJ~Q
UHIHUHQWH HQ SDUWLFXODU 7RGR DWULEXWR HVWi GHWHUPLQDGR SRU ODV
FUHHQFLDV X RSLQLRQHV TXH WLHQH HO FRQVXPLGRUYRWDQWH GHO REMHWR
UHIHUHQFLDO SRU OR WDQWR HV UHFRPHQGDEOH TXH ODV FDWHJRUtDV
SURSXHVWDV FRPR DWULEXWRV VH GHILQDQ VHPiQWLFD \ SUDJPiWLFDPHQWH
GHVGHORVVLJQLILFDGRVTXHHPHUJHQGHORVKDEODQWHVHQHOFDVRGHODV
HVWUDWHJLDV FRPHUFLDOHV SXHGHQ HVSHFLILFDUVH HQ XQD VHULH GH
IDFWRUHV
x 1~FOHR &RPSUHQGH DTXHOODV SURSLHGDGHV ItVLFDV TXtPLFDV \

WpFQLFDV GHO SURGXFWR TXH OR KDFHQ DSWR SDUD GHWHUPLQDGDV
IXQFLRQHV\XVRV
x &DOLGDG9DORUDFLyQGHORVHOHPHQWRVTXHFRPSRQHQHOQ~FOHRHQ
UD]yQGHXQRVHVWiQGDUHVTXHGHEHQDSUHFLDURPHGLUODVFXDOLGDGHV
\SHUPLWHQVHUFRPSDUDWLYRVFRQODFRPSHWHQFLD

KWWSPHUFDGRIDFHVXFEORJVSRWFRPDUFDUDFWHULVWLFDV\DWULEXWRVGHO
SURGXFWRKWPO

x 3UHFLR9DORU~OWLPRGHDGTXLVLFLyQ(VWHDWULEXWRKDDGTXLULGRXQ
IXHUWHSURWDJRQLVPRHQODFRPHUFLDOL]DFLyQDFWXDOGHORVSURGXFWRV\
VHUYLFLRV
x (QYDVH(OHPHQWRGHSURWHFFLyQGHOTXHHVWiGRWDGRHOSURGXFWR\
TXHWLHQHMXQWRDOGLVHxRXQJUDQYDORUSURPRFLRQDO\GHLPDJHQ
x 'LVHxR IRUPD \ WDPDxR 3HUPLWHQ HQ PD\RU R PHQRU JUDGR OD
LGHQWLILFDFLyQGHOSURGXFWRRODHPSUHVD\JHQHUDOPHQWHFRQILJXUDQ
ODSURSLDSHUVRQDOLGDGGHOPLVPR
x 0DUFDQRPEUHV\H[SUHVLRQHVJUiILFDV)DFLOLWDQODLGHQWLILFDFLyQ
GHOSURGXFWR\SHUPLWHQVXUHFXHUGRDVRFLDGRDXQRXRWURDWULEXWR
+R\HQGtDHVXQRGHORVSULQFLSDOHVDFWLYRVGHODVHPSUHVDV
x 6HUYLFLR &RQMXQWR GH YDORUHV DxDGLGRV D XQ SURGXFWR TXH QRV
SHUPLWH SRGHU PDUFDU ODV GLIHUHQFLDV UHVSHFWR D ORV GHPiV KR\ HQ
GtD HV OR TXH PiV YDORUD HO PHUFDGR GH DKt VX GHVDUUROOR DWUDYpV
GHOGHQRPLQDGRPDUNHWLQJGHSHUFHSFLRQHV
x ,PDJHQGHOSURGXFWR2SLQLyQJOREDOTXHVHFUHDHQODPHQWHGHO
FRQVXPLGRUVHJ~QODLQIRUPDFLyQUHFLELGDGLUHFWDRLQGLUHFWDPHQWH
VREUHHOSURGXFWR
x ,PDJHQ GH OD HPSUHVD 2SLQLyQ JOREDO DUUDLJDGD HQ OD PHPRULD
GHOPHUFDGRTXHLQWHUYLHQHSRVLWLYDRQHJDWLYDPHQWHHQORVFULWHULRV
\DFWLWXGHVGHOFRQVXPLGRUKDFLDORVSURGXFWRV8QDEXHQDLPDJHQ
GHHPSUHVDDYDODHQSULQFLSLRDORVSURGXFWRVGHQXHYDFUHDFLyQ
DVt FRPR XQD EXHQD LPDJHQ GH PDUFD FRQVROLGD D OD HPSUHVD \ DO
UHVWRGHORVSURGXFWRVGHODPLVPD
$QiOLVLVGHDWULEXFLyQ\IUHFXHQFLDFHQWUDODDWHQFLyQHQHOJUXSR
GH DWULEXWRV TXH HO JUXSR R HO LQGLYLGXR PHQFLRQD PiV
IUHFXHQWHPHQWH ³«HO DQiOLVLV REMHWLYR GH ODV PLVPDV H[SUHVD OD
LPSRUWDQFLD GHO SURGXFWR REMHWR GHO DQiOLVLV GHO SURGXFWR
FRPSHWLWLYR GH ORV LQFRQYHQLHQWHV GHO SURGXFWR GH VXV YHQWDMDV
HWF´ 3HUH 6ROHU 6H FRQFUHWD HIHFWXDQGR XQ UHFXHQWR
YDORUDWLYR SRVLWLYR R QHJDWLYR GH ODV YHFHV TXH ORV DGMHWLYRV
DSDUHFHQ \ HQ HO PDUFR GH OD IUDVH GH FRQWH[WXDOL]DFLyQ WDPELpQ
SXHGHQ HVWDEOHFHUVH TXH FRQH[LRQHV VXEMHWLYDV UHDOL]D HO VXMHWR FRQ

RWURVHOHPHQWRVGHODUHDOLGDG
$QiOLVLV VHPiQWLFR WLHQH FLHUWDV LPSOLFDQFLDV HQ HO WHUUHQR

VLPEyOLFR LQWHQWD GHWHFWDU OD LPSRUWDQFLD \ HO VLJQLILFDGR GH ODV
SDODEUDV FLUFXODQWHV HQ OD HQWUHYLVWD R HQ ORV JUXSRV GHQWUR GH XQ
FRQWH[WR JOREDO VRFLRFXOWXUDO LPSOLFD HO GHVFXEULPLHQWR GH ORV
FRQWHQLGRV VLPEyOLFRV HQ OD VXEMHWLYLGDG HVWXGLDGD HQ
FRUUHVSRQGHQFLDFRQDQFODMHVGHFODVHGHHVWLORVGHYLGDGHHGDGR
GHVH[RVHH[SOtFLWDODSHUVSHFWLYDGHORVVXMHWRVHQHOPDUFRGHVX
GLVFXUVR JOREDO HVWH WLSR GH DQiOLVLV ³FRQVLVWH HQ UHODFLRQDU SRU
DVRFLDFLyQ ORV KHFKRV \ ORV DUJXPHQWRV R UD]RQHV TXH GHILHQGH HO
HQWUHYLVWDGR SDUD DVt SURIXQGL]DU PHMRU HQ ODV SHUFHSFLRQHV GH OR
VRFLDO TXH HVWUXFWXUD VX FRPSRUWDPLHQWR FRPR VXMHWR EXVFD
HVWDEOHFHUFDGHQDVDVRFLDWLYDVGHVLJQLILFDQWHV\FDPSRVVHPiQWLFRV
HQ HO SURFHVR GH FRQVWUXFFLyQ GHO VHQWLGR´ 3HUH 6ROHU VH
LQWHQWDVDWXUDUHOVHQWLGRGHORVFRQFHSWRVFLUFXODQWHVHQORVHVSDFLRV
VRFLDOHV ³(Q FXDOTXLHU GLVFXUVR R WH[WR XQD PLVPD SDODEUD SXHGH
WHQHU VLJQLILFDGRV GLVWLQWRV 3RU WDQWR FXDQGR VH KDEOD GH
FRPRGLGDG LQFRPRGLGDG VHJXULGDGR LQVHJXULGDGVH GHEHDFODUDU
VXVLJQLILFDGRGHQWURGHOFRQWH[WR1RVHWUDWD~QLFDPHQWHGHGHILQLU
XQDSDODEUDVLQRGHYHUFyPRHVWDPLVPDSDODEUDLQWHUDFFLRQDFRQ
ORV RWURV HOHPHQWRV GHO OHQJXDMH \ GH UHIHUHQFLD´ *DOODUW
8QD PLVPD SDODEUD SXHGH UHYHVWLUVLJQLILFDFLRQHVYDULDGDVVHJ~Q OD
LQVWDQFLD PLFUR VRFLDO GH HQXQFLDFLyQ \ GH DFXHUGR D ODV
FDUDFWHUtVWLFDVHVWUXFWXUDOHVGHORVVXMHWRVSRUHMHPSORXQFRQFHSWR
FRPRHOGHILGHOLGDGRHOFRPSURPLVRYDULDUiGHDFXHUGRDORVFRUWHV
GHHGDG\GHVH[RGHORVKDEODQWHV

(QXQDLQYHVWLJDFLyQVREUHUHSUHVHQWDFLRQHVHVFRODUHVODVSDODEUDVFODYHVDQDOL]DGDV\
VHOHFFLRQDGDVGHOGLVFXUVRGHORVGRFHQWHVIXHURQ
³5HSLWHQFLDVLWXDFLyQTXHVHSURGXFHFRPRUHVXOWDGRGHXQDVHULHGHFRQGLFLRQHV
H[WUDHVFRODUHVFRPRODVFRQGLFLRQHVVRFLRHFRQyPLFDV\ODFUHFLHQWHIDOWDGHPRWLYDFLyQ
\PDGXUH]GHORVDOXPQRV
6LVWHPDHVFRODUHVWUXFWXUDMHUiUTXLFDGHDXWRULGDG(QHOGLVFXUVRGRFHQWHVH

$QiOLVLV GH KiELWRV \ HVWLORV GH YLGD ORV KiELWRV LPSOLFDQ XQD
UHSHWLFLyQ SRFR FRQVFLHQWH GH XQD DFFLyQ VRQ GLItFLOHV GH FDPELDU
LPSOLFDQUXWLQDV\ULWXDOHVFRWLGLDQRVOLJDGRVDFLHUWRViPELWRVGHOD
YLGDFRWLGLDQDORVDQiOLVLVVREUHHVWLORVGHYLGDVHGLULJHQDFRQRFHU
FRPR VH SDUDQ IUHQWH DO PXQGR \ TXH KDFHQ ORV FRQVXPLGRUHV R
YRWDQWHVGHXQGHWHUPLQDGRVHJPHQWRDILFLRQHVYDORUDFLRQHVHWFD
SDUWLU GH ORV YDORUHV ODV FRQYLFFLRQHV ODV DFWLWXGHV \ ORV
FRPSRUWDPLHQWRV GH FRQVXPR VLPEyOLFR \ PDWHULDO (O FRQFHSWR GH
HVWLORGHYLGDIXHLQWURGXFLGRSRUSULPHUDYH]HQODGpFDGDGHOSRU
$OIUHG $GOHU D ILQ GH LQWHJUDU HQ XQ FRQFHSWR OD DUWLFXODFLyQ GH
LGHDOHVLQWHUHVHV \ FUHHQFLDV HQ WpUPLQRV GH SDWURQHV FRKHUHQWHV GH
FRQGXFWD/RVHVWLORVGHYLGDSXHGHQUHVSRQGHUDFULWHULRVGHJpQHUR
VRFLRHFRQyPLFRVJHQHUDFLRQDOHV\FXOWXUDOHV $SOLFDQGRXQPpWRGR

HQFXHQWUDPHWDIRUL]DGDHVSDFLDOPHQWHSRUXQ³DUULED´\XQ³DEDMR´(QHOQLYHO
LQIHULRUHVWiQORVDOXPQRVVREUHHOORVHOGRFHQWH\HOGLUHFWRUVREUHHVWRVVHVLW~DQORV
VXSHUYLVRUHV\SRVWHULRUPHQWHVHWRUQDPX\LPSUHFLVDODPHQFLyQGHORVQLYHOHV
³VXSHULRUHV´GHDXWRULGDG
0RWLYDFLyQSUHGLVSRVLFLyQGHODOXPQRDLQWHUHVDUVHHLQFRUSRUDUORVFRQWHQLGRV\ODV
DFWLWXGHVQHFHVDULDVSDUDHOORJURGHORVREMHWLYRVHVFRODUHV
$SR\RIDPLOLDUFRQMXQWRGHDFWLYLGDGHVIDPLOLDUHVGHDVLVWHQFLDFRQWURO\JXtDVREUH
ODVWDUHDVGHODOXPQR6HODVYLVXDOL]DFRPRLQGLVSHQVDEOHVSDUDTXHHOQLxRHVWp
PRWLYDGR\QRIUDFDVH
)RUPDFLyQGRFHQWHLQWHUQDOL]DFLyQGHFRQWHQLGRV\DFWLWXGHVWUDQVPLWLGDVSRUORV
LQVWLWXWRVWHUFLDULRVTXHHQVXUHODFLyQFRQODVSUiFWLFDVHVFRODUHVHYDO~DQFRPRSRFR
DSOLFDEOHV\GHVDFWXDOL]DGRV
6XSHULRUHVSHUVRQDVTXHGHEHQFXPSOLUHOUROGHVXSHUYLVDU\DFRPSDxDUDOGRFHQWH
/DUHIHUHQFLDHVSHUVRQDOL]DGDFXDQGRVHKDEODGHOGLUHFWRURGHOLQVSHFWRU/RVQLYHOHV
GHDXWRULGDGTXHYDQ³PiVDOOi´GHHVWRVFDUJRVVRQDEVWUDFWDPHQWHPHQFLRQDGRV
,GHQWLGDGGRFHQWHVHQWLGRGHSHUWHQHQFLDDXQDHQWLGDGFROHFWLYDPD\RUGH
GHWHUPLQDGDVFDUDFWHUtVWLFDVVREUHODFXDOODLGHQWLGDGSHUVRQDO\SURIHVLRQDOVH
DXWRUUHIHUHQFLD0DQLILHVWDQVREUHODHQWLGDGHQFXHVWLyQXQGHWHULRURVREUH³HOVHU
GRFHQWH´TXHDWULEX\HQDODIDOWDGHDSR\RVRFLDOHLQVWLWXFLRQDOQHFHVDULDV´6HUELD

FXDOLWDWLYR SXHGH FDSWDUVH OD ULTXH]D GH ODV YLYHQFLDV DVRFLDGRV D

GLIHUHQWHV HVWLORV GH YLGD TXH VXSRQHQ XQD FRQFHSWXDOL]DFLyQ GHO
LQYHVWLJDGRU D SDUWLU GHO PDWHULDO GHO WUDEDMR GH FDPSR 3DUD OD
GHVFULSFLyQFXDQWLWDWLYDUHSUHVHQWDWLYDHQH[WHQVLyQGHORVHVWLORVGH
YLGD GH XQD SREODFLyQ VH VXHOHQ XWLOL]DU H[WHQVDV HQFXHVWDV HV
UHFRPHQGDEOHTXHHVWXGLRVFXDOLWDWLYRVSUHYLRVSHUPLWDQODUHGDFFLyQ
\ODHVWUXFWXUDFLyQGHOFXHVWLRQDULRSRUHMHPSORDWUDYpVGHO(VWXGLR
*OREDO 1LHOVHQ VREUH ORV (VWLORV GH 9LGD *HQHUDFLRQDOHV 7KH
1LHOVHQ *OREDO *HQHUDWLRQDO /LIHVW\OHV 6XUYH\ VH HQFXHVWy D
SHUVRQDV EDMR XQD PRGDOLGDG RQOLQH HQ SDtVHV FRQ HO
REMHWLYR GH FRPSUHQGHU FyPR GLILHUHQ ORV VHQWLPLHQWRV GHO
FRQVXPLGRU D QLYHO JOREDO D WUDYpV GH ODV HWDSDV GH OD YLGD VXV
FRQFOXVLRQHVSXGLHURQGHMDUHQWUHYHUODVGLIHUHQFLDVHQORVHVWLORVGH
YLGDDSDUWLUGHXQFULWHULRJHQHUDFLRQDO
9,(-260,72618(9$65($/,'$'(6
/269$/25(675$',&,21$/(6WDOHVFRPRFDVDUVHWHQHUKLMRV\
FRPSUDU XQD FDVD VRQ D~Q UHOHYDQWHV SDUD PXFKRV GH ORV
SDUWLFLSDQWHVSHUWHQHFLHQWHVDOD*HQHUDFLyQ=\0LOOHQLDO²D~QVL
QRVRQVXVSULRULGDGHVSULQFLSDOHV
&8$1'2 6( 75$7$ '( &21&(5 /$6 127,&,$6 WDQWR OD 79
FRPRORVPRWRUHVGHE~VTXHGDHQ,QWHUQHWVRQPX\DWUDFWLYRVWDQWR
SDUD MyYHQHV FRPR SDUD PD\RUHV 1R HV VRUSUHVD TXH ORV ~OWLPRV
SUHILHUDQIXHQWHVWUDGLFLRQDOHVFRPRPHGLRVLPSUHVRV\UDGLR
/26 -Ï9(1(6 (67È1 $/7$0(17( &21(&7$'26 SHUR QRVRQ

ORV ~QLFRV D TXLHQHV OD WHFQRORJtD GLVWUDH 'H KHFKR ORV %DE\
%RRPHUVVRQORVPiVSURSHQVRVDDGPLWLUTXHVXVFRPLGDVQRHVWiQ
OLEUHVGHODWHFQRORJtD

KWWSVZZZQLHOVHQFRPFRQWHQWGDPQLHOVHQJOREDOODWDPGRFVUHSRUWV(VWLORVGH
9LGD*HQHUDFLRQDOHVSGI

/$796,*8(6,(1'2/$$&7,9,'$''(2&,2)$925,7$HQWUH
ORVSDUWLFLSDQWHVGHWRGDVODVHGDGHVSHURODOHFWXUDHVWDPELpQXQD
DFWLYLGDG SULRULWDULD ±D~Q HQWUH PLHPEURV GH OD *HQHUDFLyQ = \
0LOOHQLDOV 'H KHFKR ORV HQFXHVWDGRV PiV MyYHQHV GLHURQ D OD
OHFWXUD PD\RU SUHIHUHQFLD TXH D SUDFWLFDU YLGHRMXHJRV RQOLQH R D
UHYLVDU VXV UHGHV VRFLDOHV HQWUH ODV DFWLYLGDGHV TXH SUHILHUHQ
SUDFWLFDUHQVXWLHPSROLEUH
/$/($/7$'$/75$%$-238('(6(5&26$'(/3$6$'2/RV
0LOOHQQLDOV VRQ FDVL YHFHV PiV SURSHQVRV D GHMDU XQ WUDEDMR
GHVSXpVGHGRVDxRVGHVSXpVGHFLQFRDxRV\PXHVWUDQODPLWDG
GHODSUREDELOLGDGGHSHUPDQHFHUHQHOPLVPRGHVSXpVGHDxRV
HQ FRPSDUDFLyQ FRQ ORV HQFXHVWDGRV GH OD *HQHUDFLyQ ; \ %DE\
%RRPHUV
/$'(8'$(681+(&+2'(/$9,'$SDUDPiVGHGHFDGD
SDUWLFLSDQWHV GHWRGDVODV HGDGHVLQFOX\HQGRD PiV GHOD PLWDG GH
SHUVRQDV HQFXHVWDGDV GH OD *HQHUDFLyQ ; \ %DE\ %RRPHU /RV
FRQVXPLGRUHV PD\RUHV YLJLODQ PiV FXLGDGRVDPHQWH VXV JDVWRV \
OLPLWDQ VXV FRPSUDV HQ WDQWR TXH ORV SDUWLFLSDQWHV PiV MyYHQHV
DERUGDQHVWHSXQWRFRQSHUVSHFWLYDGHODUJRSOD]R
$QiOLVLV GH OD FRPXQLFDFLyQ QR YHUEDO UHJLVWUD ODV FRQQRWDFLRQHV

GHVGH ORV VLJQRV GH FRPXQLFDFLyQ QR YHUEDO VH WRPD HQ FXHQWD
HOHPHQWRV WDOHV FRPR ORV JHVWRV ORV PRYLPLHQWRV ODV PLUDGDV ORV
WRQRVGHODYR]HWFTXHVHFRPSOHPHQWDQSURIXQGL]DQRFRQWUDGLFHQ
FRQ OR H[SUHVDGR YHUEDOPHQWH HQ HO SODQR GH OR GHQRWDGR /D
FRPXQLFDFLyQ QR YHUEDO VHJ~Q -HV~V ,EixH] VH SXHGH
FODVLILFDUHQSURVyGLFDTXHVHFRQVWUX\HGHVGHODVYDULDFLRQHVHQHO
WRQRODLQWHQVLGDG\DFHQWXDFLyQGHODVSDODEUDV\VtODEDV NLQpVLFD

³HOFRPSRUWDPLHQWRQRYHUEDOSURSRUFLRQDODLQIRUPDFLyQPiVYDOLRVDFXDQGRQR
SRGHPRVFRQILDUHQORTXHVHQRVGLFHFRQSDODEUDVVHDSRUTXHTXLHQKDEODVHSURSRQH
LQWHQFLRQDOPHQWHHQJDxDUQRVRSRUTXHKDEORTXHDGRRUHSULPLGRODLQIRUPDFLyQTXH
GHVHDPRVFRQRFHU´(NPDQ\)ULHVHQ

TXH VH HODERUD D SDUWLU GH ORV JHVWRV PRYLPLHQWRV \ PtPLFDV GH OD
FDUD \ HO UHVWRGHO FXHUSR \ SUR[pPLFD OD FXDO VH REWLHQH GHVGH ODV
YDULDFLRQHVHQORVPRYLPLHQWRVGHDFHUFDPLHQWR\GLVWDQFLDPLHQWRHQ
HOFXHUSRGHORVLQWHUORFXWRUHV3DUDLPSOHPHQWDUHVWHWLSRGHDQiOLVLV
SRUHMHPSOR³FHQWUDGRHQXQSURGXFWRGHFRQVXPRVHUHFRPLHQGD
FHxLUVH ~QLFDPHQWH D JHVWRV LQHTXtYRFRV WDOHV FRPR PRVWUDU
GHVDFXHUGR R LQFUHGXOLGDG PDQLIHVWDU FDQVDQFLR DSUREDFLyQ R
GHVDSUREDFLyQPRVWUDUXQDDFWLWXGQRFRODERUDGRUDPDQWHQHUVHHQ
VLOHQFLR \ RWUDV PDQLIHVWDFLRQHV TXH QR VH SUHVWHQ D FRQIXVLyQ´
3HUH6ROHU
$QiOLVLV SUR\HFWLYR VH GLULJH D OD FDSWXUD GH ODV SUR\HFFLRQHV

DUTXHWtSLFDV R ODV FRQQRWDFLRQHV HQFDUQDGDV FRPR FRPSOHMRV
FRKHUHQWHV GH VLJQLILFDGR VRFLDO HQ RULHQWDFLyQ KDFLD XQD
PDUFDSURGXFWRIHQyPHQR VRFLDO GHQWUR GH XQ FRQWH[WR GH DFFLyQ
GHWHUPLQDGR SDUWH GHO VXSXHVWR GH TXH WRGR DFWR H[SUHVLyQ R
UHVSXHVWD GH ORV KDEODQWHV RULHQWD OD FRPSUHQVLyQ GHO WLSR GH
SHUVRQDOLGDG ODV H[SUHVLRQHV FUHHQFLDV JHVWRV HPRFLRQHV R
VLOHQFLRV LPSOLFDQ OD YLVLELOLGDG GH FLHUWD HVWUXFWXUD HQ OD IRUPD GH
VHU GH ORV VXMHWRV VRFLDOHV HVWH WLSR GH DQiOLVLV VH SXHGH KDFHU VL
GHQWUR GH OD WpFQLFD FXDOLWDWLYD XWLOL]DGD VH LQFOX\H DOJ~Q WLSR GH
FRQVLJQDGHIDEXODFLyQFRPRODVTXHVHGLULJHQDTXHHOHQWUHYLVWDGR
WHUPLQHGHFRPSOHWDUXQDIUDVHDTXHH[SRQJDXQDQDUUDFLyQGHXQD
VLWXDFLyQLPDJLQDULDRFLHUUHXQDKLVWRULDLQFRPSOHWDRWUDVFRQVLJQDV
HVSHFtILFDV SXHGHQ RULHQWDUVH D OD H[SUHVLyQ VREUH WHUFHURV FRQ
UHVSHFWR DO WHPD HQ FXHVWLyQ R WDPELpQ D XWLOL]DU LPiJHQHV R
IRWRJUDItDVVREUHODVTXHVHSLGHUHDOL]DUXQDQDUUDFLyQRGHVFULSFLyQ

*XtDGHSUHJXQWDV
(QXPHUDU ORV SDVRV FHQWUDOHV SDUD OOHYDU DGHODQWH HO DQiOLVLV GH
GDWRVFXDQWLWDWLYRV
'HILQLUORVFRQFHSWRVGHFRGLILFDFLyQ\WDEXODFLyQ
([SOLFDU OD LPSRUWDQFLD GH OD PDWUL] GH GDWRV SDUD HO DQiOLVLV
FXDQWLWDWLYR
(VWDEOHFHUTXHVRQORVFXDGURVGHGREOH\WULSOHHQWUDGD
&DUDFWHUL]DUODVPHGLGDVGHUHV~PHQHVGHGDWRV
¢4XpVRQODVWDEODVGHIUHFXHQFLD\FXiOHVVXXWLOLGDG"
¢,GHQWLILFDUFXiOHVVRQORVWLSRVGHDQiOLVLVFXDOLWDWLYRV"
,QGLFDUORVWLSRVGHJUiILFRVSDUDYLVXDOL]DUODLQIRUPDFLyQGHORV
GDWRVFXDQWLWDWLYRV

$&7,9,'$'
D (ODERUDU XQD SURSXHVWD GH PDWUL] GH GDWRV SDUD SRVLELOLWDU OD
WDEXODFLyQ GHO FXHVWLRQDULR SUHVHQWH HQ OD DFWLYLGDG GHO FDStWXOR
DQWHULRU
E3ODQWHDUXQSODQGHWDEXODGRVFRQWDEODVGHGREOHHQWUDGD\

GHWULSOHDSDUWLUGHGLFKRFXHVWLRQDULR
$&7,9,'$'
$SDUWLUGHORHODERUDGRHQODDFWLYLGDGGHOFDStWXORHVWDEOHFHUHO
WLSR GH GLVHxR GH PXHVWUHR \ ORV DQiOLVLV TXH VH SRGUtDQ UHDOL]DU
VREUH ODV YDULDEOHV LQYROXFUDGDV HQ ORV REMHWLYRV HVWDEOHFLGRV HQ
GLFKDDFWLYLGDG
$&7,9,'$'
,QGLFDUODVYDULDEOHVLPSOLFDGDVHQFDGDFXDGUR\MXVWLILFDUTXpWLSRGHJUiILFRVH
SRGUtD DSOLFDU SDUD HYLGHQFLDU OD LQIRUPDFLyQ GH FDGD XQR GH ORV VLJXLHQWHV
FXDGURV
&XDGURD
3HUFHSFLyQGHLQVHJXULGDGVHJ~QVH[RMHIHGHOKRJDU7RWDOGHOSDtV$xR
&DPLQDQGRVRORDFHUFDGHGRQGHYLYH
6H[R 0X\
0X\VHJXUR 6HJXUR ,QVHJXUR LQVHJXUR
7RWDO
9DUyQ

0XMHU
)XHQWH,1'(&'LUHFFLyQGH(VWDGtVWLFDV6HFWRULDOHVDSDUWLUGHGDWRVGHOD
(QFXHVWD 1DFLRQDOGH9LFWLPL]DFLyQ

&XDGURE
7DVDGHQRGHQXQFLDSRUWLSRGHGHOLWR7RWDOGHOSDtV$xR

7LSRGHGHOLWR 7DVDGHQRGHQXQFLD

'HOLWRVFRQWUDHOKRJDU

5RERRKXUWRGHYHKtFXORV\
DXWRSDUWHV
+XUWRGHDXWRSDUWHV
5RERRKXUWRGHPRWRFLFOHWDR
FLFORPRWRU
5RERRKXUWRGHDXWRPyYLO
FDPLRQHWDRFDPLyQ
5RERRKXUWRHQYLYLHQGD
6HFXHVWUR
'HOLWRVFRQWUDODSHUVRQD
9LROHQWRV
2IHQVDVH[XDO
$PHQD]D
$JUHVLyQItVLFD
5RERFRQYLROHQFLD
1RYLROHQWRV
6RERUQRSDVLYR
(VWDIDRIUDXGH
+XUWRSHUVRQDO
)UDXGHEDQFDULR
)XHQWH(QFXHVWD1DFLRQDOGH9LFWLPL]DFLyQ,1'(&

&XDGURF
3REODFLyQGHQLYHOHGXFDWLYRLQLFLDOSRUXVRGHFRPSXWDGRUD
VHJ~QOHFWRHVFULWXUD7RWDOSDtV

6DEHOHHU\
8WLOL]DFRPSXWDGRUD HVFULELU 7RWDO
6t 1R
6t
1R
7RWDO
)XHQWH,1'(&&HQVR1DFLRQDOGH3REODFLyQ+RJDUHV\
9LYLHQGDV
&XDGURG
3RUFHQWDMHGHLQYHVWLJDGRUHVGHMRUQDGDFRPSOHWD\SDUFLDO
GHGLFDGRVD,'VHJ~QJUDGRDFDGpPLFR\JpQHUR$xR

*HQHUR
*UDGRDFDGpPLFR
9DUyQ 0XMHU 7RWDO
7RWDO
8QLYHUVLWDULR

0DHVWUtD
'RFWRUDGR
2WURV

)XHQWH'LUHFFLyQGH(VWDGtVWLFDV6HFWRULDOHV,1'(&HQEDVHDOD
HODERUDFLyQGHO0LQLVWHULRGH&LHQFLDDSDUWLUGHGDWRVGHO
UHOHYDPLHQWRDQXDOGHHQWLGDGHVTXHUHDOL]DQ$FWLYLGDGHV
&LHQWtILFDV\7HFQROyJLFDV

$&7,9,'$'
$QDOL]DU TXp WLSR GH DQiOLVLV FXDOLWDWLYR VH KDEUtD DSOLFDGR HQ OD
LQYHVWLJDFLyQ SUHVHQWDGD HQ HO VLJXLHQWH DUWtFXOR SURSRQHU RWUR WLSR
GHDQiOLVLVFXDOLWDWLYRSDUDFRPSOHPHQWDUDODSOLFDGR
([LVWHQ PXFKDV FODVLILFDFLRQHV GLIHUHQWHV VREUH ORV WXULVWDV (Q PLV

E~VTXHGDV ELEOLRJUiILFDV KH KDOODGR YDULDV 8QD GH HOODV HV OD
SURSXHVWDSRU9DOHQH6PLWKHQVXFOiVLFR+RVWVDQG*XHVWVXQRGH
ORVOLEURVIXQGDFLRQDOHVGHODDQWURSRORJtDGHOWXULVPR
3DUD6PLWKORVWXULVWDVSXHGHQVHUGLYLGLGRVHQ
([SORUDGRUHV6HWUDWDGHXQSHTXHxRQ~PHURGHSHUVRQDVTXHQR
GHVHDVHULGHQWLILFDGRFRPRWXULVWDVTXHVHLQYROXFUDQDFWLYDPHQWH
FRQHOHQWRUQR\ODSREODFLyQORFDO\SUHILHUHQYLVLWDUOXJDUHVSRFR
H[SORUDGRV3RUORJHQHUDODFHSWDQPRGLILFDUVXHVWLORGHYLGDSDUD
DGDSWDUODDOHQWRUQRORFDO
7XULVWDVGHHOLWHWDPELpQOOHJDQDORVGHVWLQRVHQJUXSRVSHTXHxRV
\ VH DGDSWDQ D ODV FRQGLFLRQHV ORFDOHV GH YLGD SHUR GH PDQHUD
WHPSRUDO'HPDQGDQDOJXQDVLQVWDODFLRQHVPiVFyPRGDV
7XULVWDV ©RIIEHDWª 6H WUDWD GH DTXHOORV WXULVWDV TXH JXVWDQ GH
VDOLUGHODVUXWDVWXUtVWLFDVPiVWUDGLFLRQDOHV\DFHUFDUVHDOXJDUHV
SRFR YLVLWDGRV \D TXH YDORUDQ FRQRFHU QXHYRV OXJDUHV (Q JXtDV
FRPR OD /RQHO\ 3ODQHW ODV UHFRPHQGDFLRQHV DJUXSDGDV EDMR ORV
WtWXORV ©2II WKH EHDWHQ WUDFNª VH GLULJHQ D HVWH WLSR GH WXULVWD
LQGHSHQGLHQWH
7XULVWDVLQXVXDOHV&RPSUDQWRXUVRSDTXHWHVGHYLDMHVSHURSDUD
YLVLWDU JUXSRV pWQLFRV GHWHUPLQDGRV \ REVHUYDU ©FXOWXUDV
DXWpQWLFDVª$SHVDUGHHVWHLQWHUpVGHPDQGDQFRPRGLGDGHVXVXDOHV
HQ ORV SDtVHV PiV GHVDUUROODGRV \ QR FRUUHU ULHVJRV HQ HVWD
LQWHUDFFLyQ

7XULVWDV PDVLYRV LQFLSLHQWHV 8QD FRUULHQWH GH WXULVWDV QR

GHPDVLDGRLPSRUWDQWHHQQ~PHURSHURTXH\DGHPDQGDGHPDQHUD
DELHUWDFRPRGLGDGHVHVWiQGDUHQORVSDtVHVPiVGHVDUUROODGRV
7XULVWDVPDVLYRV'HPDQGDQGH PDQHUDDELHUWDFRPRGLGDGHVTXH
WLHQHQ HQ VXV SDtVHV GH RULJHQ \ HVSHUDQ TXH ORV HPSOHDGRV GH
KRWHOHV\UHVWDXUDQWHVORVDWLHQGDQHQVXSURSLRLGLRPD
7XULVWDVGHFKDUWHUV/OHJDQHQWRXUVFRPSUDGRVSRUSRFRWLHPSR
SUiFWLFDPHQWH QR WLHQHQ PD\RU FRQWDFWR FRQ ORV QDWLYRV ORFDOHV \
GHPDQGDQSUHVWDFLRQHVGHDOWDFDOLGDG
KWWSVZZZEORJGHYLDMHVFRPDUWLSRORJLDVGHWXULVWDV

%,%/,2*5$)Ë$
ÈOYDUH]*D\RX-XJHUVRQ-/&yPRKDFHULQYHVWLJDFLyQFXDOLWDWLYD
)XQGDPHQWRV\PHWRGRORJtD(G3DLGyV0p[LFR
$OYLUD0DUWtQ)/DHQFXHVWDXQDSHUVSHFWLYDJHQHUDOPHWRGROyJLFD
(G&,60DGULG
$UUR\R 0HQpQGH] 0 \ 6iGDED 5RGUtJXH] , 0HWRGRORJtD GH OD

LQYHVWLJDFLyQ VRFLDO 7pFQLFDV LQQRYDGRUDV \ VX DSOLFDFLyQ (G
6tQWHVLV0DGULG
%HFNHU + 0DQXDO GH HVFULWXUD SDUD FLHQWtILFRV VRFLDOHV FyPR

HPSH]DU\WHUPLQDUXQDWHVLVXQOLEURRXQDUWtFXOR(G6LJOR;;,
0DGULG
%HFNHU + 2XWVLGHUV +DFLD XQD VRFLRORJtD GH OD GHVYLDFLyQ (G
6LJOR;;,%V$V
%HFNHU + 3DUD KDEODU GH OD VRFLHGDG /D VRFLRORJtD QR EDVWD (G
6LJOR;;,%V$V
%HFNHU+7UXFRVGHORILFLR(G6LJOR;;,%V$V
%HOO - &yPR KDFHU WX SULPHU WUDEDMR GH LQYHVWLJDFLyQ *XtD SDUD
LQYHVWLJDGRUHV HQ HGXFDFLyQ \ FLHQFLDV VRFLDOHV (G *HGLVD
%DUFHORQD
%HOPRQWH 1LHWR 0 (QVHxDU D LQYHVWLJDU 2ULHQWDFLRQHV SUiFWLFDV

(G0HQVDMHUR%LOEDR
%HULFDW(/DLQWHJUDFLyQGHORVPpWRGRVFXDQWLWDWLYR\FXDOLWDWLYRHQ
ODLQYHVWLJDFLyQVRFLDO(G$ULHO%DUFHORQD
%HUJHU3\/XFNPDQQ7/DFRQVWUXFFLyQVRFLDOGHODUHDOLGDG(G
$PRUURUWX%V$V

%HUJHU 3 \ /XFNPDQQ 7 0RGHUQLGDG SOXUDOLVPR \ FULVLV GH

VHQWLGR(G3DLGyV%DUFHORQD
%HUQDO 7RUUHV & 0HWRGRORJtD GH OD LQYHVWLJDFLyQ SDUD

DGPLQLVWUDFLyQ\HFRQRPtD(G3UHQWLFH+DOO%RJRWi
%ODORFN + ,QWURGXFFLyQ D OD LQYHVWLJDFLyQ VRFLDO (G $PRUURUWX

%V$V
%OD[WHU/+XJKHV&\7LJKW0&yPRVHKDFHXQDLQYHVWLJDFLyQ
(G*HGLVD%DUFHORQD
%OXPHU+(OLQWHUDFFLRQLVPRVLPEyOLFR3HUVSHFWLYD\PpWRGR(G
+RUD6$%V$V
%OXPHU + \ 0XJQ\ * 3VLFRORJtD VRFLDO 0RGHORVGH LQWHUDFFLyQ

(G&HQWUR(GLWRUGH$PpULFD/DWLQD%V$V
%RRWK:&RORPE*\:LOOLDPV-&RPRFRQYHUWLUVHHQXQDKiELO
LQYHVWLJDGRU(G*HGLVD%DUFHORQD
%RVLVLR : \ 6HUELD - 0 6LVWHPDV GH ,QIRUPDFLyQ &XOWXUDO GH

DUJHQWLQD $VSHFWRV PHWRGROyJLFRV GHO FDVR 0DSD &XOWXUDO GH
$UJHQWLQD 5HYLVWD +RORJUDPiWLFD )DFXOWDG GH &LHQFLDV 6RFLDOHV
81/=$xR,,,1~PHUR9%V$V
%RXGRQ 5 \ /D]DUVIHOG 0HWRGRORJtD GH ODV FLHQFLDV VRFLDOHV

9ROXPHQ,&RQFHSWRVHtQGLFHV(G/DLD%DUFHORQDD
%RXGRQ 5 \ /D]DUVIHOG 0HWRGRORJtD GH ODV FLHQFLDV VRFLDOHV

9ROXPHQ,,(G/DLD%DUFHORQDE
%RXGRQ 5 &KD]HO ) \ /D]DUVIHOG 0HWRGRORJtD GH ODV FLHQFLDV

VRFLDOHV9ROXPHQ,,,(G/DLD%DUFHORQDF
%RXUGLHX 3 &KDPERUHGRQ - & \ 3DVVHURQ - & (O RILFLR GHO
VRFLyORJR 3UHVXSXHVWRV HSLVWHPROyJLFRV (G 6LJOR ;;, %V $V

%RXUGLHX 3 (O VHQWLGR VRFLDO GHO JXVWR (OHPHQWRV SDUD XQD
VRFLRORJtDGHOJXVWR6LJOR;;,%V$V
%RXUGLHX 3 /D GRPLQDFLyQ PDVFXOLQD (G $QDJUDPD %DUFHORQD

%RXUGLHX3/DPLVHULDGHOPXQGR(G7DXUXV0p[LFR
%RXUGLHX3/RVXVRVVRFLDOHVGHODFLHQFLD(G1XHYD9LVLyQ%V
$V
%ULRQHV * 0HWRGRORJtD GH OD LQYHVWLJDFLyQ FXDQWLWDWLYD HQ ODV

FLHQFLDVVRFLDOHV(G,&)(63URJUDPDGHHVSHFLDOL]DFLyQHQWHRUtD
PpWRGRV\WpFQLFDVGHLQYHVWLJDFLyQVRFLDO%RJRWi
%ULRQHV*0pWRGRV\WpFQLFDVGHLQYHVWLJDFLyQ(G7ULOODV0p[LFR

&DPSEHOO ' \ 6WDQOH\ - 'LVHxRV H[SHULPHQWDOHV \

FXDVLH[SHULPHQWDOHV HQ LQYHVWLJDFLyQ HGXFDWLYD (G $PRUURUWX %V
$V
&DPSEHOO ' \ 6WDQOH\ - 'LVHxRV H[SHULPHQWDOHV \

FXDVLH[SHULPHQWDOHV HQ OD LQYHVWLJDFLyQ VRFLDO (G $PRUURUWX %V
$V
&DVHWWL ) \ 'L &KLR ) $QiOLVLV GH OD WHOHYLVLyQ (G 3DLGyV
%DUFHORQD
&DUUHUR 9 6RULDQR 5 \ 7ULQLGDG $ 7HRUtD IXQGDPHQWDGD

*URXQGHG WKHRU\ (O GHVDUUROOR GH WHRUtD GHVGH OD JHQHUDOL]DFLyQ
FRQFHSWXDO(G&,60DGULG
&HD '$QFRQD 0 $ 0HWRGRORJtD FXDQWLWDWLYD HVWUDWHJLDV \

WpFQLFDVGHLQYHVWLJDFLyQVRFLDO(G6tQWHVLV0DGULG

&KLFDQR GH &RHOKR 5 (YDOXDFLyQ \ JHVWLyQ GH OD FDOLGDG GH
SUR\HFWRVGHLQYHVWLJDFLyQ(G'XQNHQ%V$V
&KLWDUURQL+(OHPHQWRVEiVLFRVGHPXHVWUHRDOHDWRULR(G,',&62
%V$V
&RQGH)\*XWLpUUH]GHOÈODPR$QiOLVLVVRFLROyJLFRGHOVLVWHPDGH
GLVFXUVRV(G&,60DGULG
'DOOHUD2&RPXQLFDFLyQ\FUHHQFLDV(G)XQGDFLyQ8QLYHUVLGDGD
'LVWDQFLD+HUQDQGDULDV%V$V
'HOJDGR - 0 \ *XWLpUUH] - FRRUGLQDGRUHV 0pWRGRV \ WpFQLFDV

FXDOLWDWLYDV GH LQYHVWLJDFLyQ HQ FLHQFLDV VRFLDOHV (G 6tQWHVLV
0DGULG
'HQ]LQ1\/LQFROQ<0DQXDOGHLQYHVWLJDFLyQFXDOLWDWLYD9RO
(OFDPSRGHODLQYHVWLJDFLyQFXDOLWDWLYD(G*HGLVD%DUFHORQD
D
3DUDGLJPDV\SHUVSHFWLYDVHQGLVSXWD(G*HGLVD%V$VE
(VWUDWHJLDVLQYHVWLJDFLyQFXDOLWDWLYD(G*HGLVD%V$V
0pWRGRVGHUHFROHFFLyQ\DQiOLVLVGHGDWRV(G*HGLVD%V$V
'H 6RX]D 0LQD\R \ RWURV RUJ (YDOXDFLyQ SRU WULDQJXODFLyQ GH

PpWRGRV(G/XJDU%V$V
'HVURVLqUHV $ /D SROtWLFD GH ORV JUDQGHV Q~PHURV (G 0HOXVLQD
%DUFHORQD
'tD] GH 5DGD 9 0DQXDO GH WUDEDMR GH FDPSR HQ OD HQFXHVWD (G
&,60DGULG

'LHWHULFK + 1XHYDJXtD SDUD OD LQYHVWLJDFLyQ FLHQWtILFD (G $ULHO

0p[LFR
'XUNKHLP((OVXLFLGLR(G&HQWUR(GLWRUGH$PpULFD/DWLQD%V
$V
'XUNKHLP ( /DV UHJODV GHO PpWRGR VRFLROyJLFR (G 0RUDWD

0DGULG
'XYHUJHU 0 0pWRGRV GH ODV &LHQFLDV 6RFLDOHV (G $ULHO

%DUFHORQD
(NPDQ 3 \ )ULHVHQ : HQ 9HUyQ ( FRRUGLQDGRUHV /HQJXDMH \

&RPXQLFDFLyQVRFLDO(G1XHYD9LVLyQ%V$V
(OLDV 1 &RPSURPLVR \ GLVWDQFLDPLHQWR (G 3HQtQVXOD %DUFHORQD

(OLDV1\6FRWVRQ-(VWDEOHFLGRV\PDUJLQDGRV8QDLQYHVWLJDFLyQ
VRFLROyJLFDVREUHSUREOHPDVFRPXQLWDULRV(G)&(%V$V
)DVVLR $ \ 3DVFXDO / $SXQWHV SDUD GHVDUUROODU XQD LQYHVWLJDFLyQ

HQ HO FDPSR GH OD DGPLQLVWUDFLyQ \ HO DQiOLVLV RUJDQL]DFLRQDO (G
(8'(%$%V$V
)HUQiQGH] %XH\ ) /D LOXVLyQ GHO PpWRGR (G &UtWLFD %DUFHORQD

)OLFN 8 ,QWURGXFFLyQ D OD LQYHVWLJDFLyQ FXDOLWDWLYD (G 0RUDWD

0DGULG
)UDQFpV *DUFtD ) $ODPLQRV &KLFD $ 3HQDOYD 9HUG~ & \

6DQWDFUHX )HUQiQGH] 2 (O SURFHVR GH PHGLFLyQ GH OD UHDOLGDG
VRFLDOODLQYHVWLJDFLyQDWUDYpVGHHQFXHVWDV(G3<'/26&XHQFD

*DGDPHU+*9HUGDG\PpWRGR,(G6tJXHPH6DODPDQFD

*DGDPHU+*9HUGDG\PpWRGR,,(G6tJXHPH6DODPDQFD
*DHWD 5 /RV SDUDGLJPDV TXH \D QR VRQ 3iJLQD %V $V
KWWSZZZSDJLQDFRPDUGLDULRVXSOHPHQWRVIXWXUR
KWPO
*DLWiQ0R\D-$\3LxXHO5DLJDGD-/7pFQLFDVGH,QYHVWLJDFLyQ
HQ&RPXQLFDFLyQ6RFLDO(G6tQWHVLV0DGULG
*DQGtD & FRPSLODGRUD 0HWRGRORJtDV GH OD LQYHVWLJDFLyQ

(VWUDWHJLDVGHLQGDJDFLyQ,(G(VWXGLRV6RFLROyJLFRV%V$V
*DOODUW 0 )RUQL ) \ 9DVLODFKLV GH *LDOGLQR , 0pWRGRV

FXDOLWDWLYRV,,/DSUiFWLFDGHODLQYHVWLJDFLyQ(G&HQWUR(GLWRUGH
$PpULFD/DWLQD%V$V
*DOWXQJ - 7HRUtD \ 0pWRGR GH OD ,QYHVWLJDFLyQ 6RFLDO (G

(8'(%$%V$V
*DUFtD )HUUDQGR0 ,QWURGXFFLyQDOD HVWDGtVWLFDHQVRFLRORJtD(G

$OLDQ]D0DGULG
*DUFtD )HUUDQGR 0 ,EixH] - \ $OYLUD ) FRPSLODGRUHV (O

DQiOLVLVGHODUHDOLGDGVRFLDO(G$OLDQ]D0DGULG
*DUFtD)HUUDQGR06REUHHOPpWRGR3UREOHPDVGHODLQYHVWLJDFLyQ
HPStULFDHQVRFLRORJtD(G&,60DGULG
*LGGHQV $ /DV QXHYDV UHJODV GHO PpWRGR VRFLROyJLFR (G

$PRUURUWX%V$V
*LURX[ 6 \ 7UHPEOD\ * 0HWRGRORJtD GH ODV &LHQFLDV +XPDQDV

(G)&(0p[LFR
*ODVHU%\$6WUDXVV7KHGLVFRYHU\RIJURXQGHG WKHRU\
VWUDWHJLHV IRU TXDOLWDWLYH UHVHDUFK (G $OGLQH 3XEOLVKLQJ &RPSDQ\
1HZ<RUN

*RIIPDQ((VWLJPD(G$PRUURUWX%V$V
*RIIPDQ(/DSUHVHQWDFLyQGHODSHUVRQDHQODYLGDFRWLGLDQD(G
$PRUURUWX%V$V
*RIIPDQ(5HODFLRQHVHQS~EOLFR0LFURHVWXGLRVGHORUGHQS~EOLFR
(G$OLDQ]D0DGULG
*RQ]iOH] 9LOODU & 'LVHxRV GH LQYHVWLJDFLyQ (G 810 3RVDGDV

*RQ]DOYR * 'LFFLRQDULR GH PHWRGRORJtD HVWDGtVWLFD (G 0RUDWD

0DGULG
*UDV & \ +HUQiQGH] 9 5DGLRJUDItD GHO QXHYR FDPSR DUJHQWLQR

'HO WHUUDWHQLHQHQWH DO HPSUHVDULR WUDVQDFLRQDO (G 6LJOR ;;, %V
$V
*XEHU5(OVDOYDMHPHWURSROLWDQR(G3DLGyV%V$V
*XEHU5/DHWQRJUDItD(G1RUPD%V$V
*XWLHUUH] %ULWRV - 'LQiPLFD GHO JUXSR GH GLVFXVLyQ (G &,6
0DGULG
+HQUtTXH] * \ %DUULJD 2 /D SUHVHQWDFLyQ GHO REMHWR GH HVWXGLR
5HYLVWD &LQWD GH 0RHELR )DFXOWDG GH &LHQFLDV 6RFLDOHV
8QLYHUVLGDGGH&KLOH6DQWLDJRGH&KLOH
+HUQiQGH]6DPSLHUL5&ROODGR&\0pQGH]/0HWRGRORJtDGHOD
LQYHVWLJDFLyQVRFLDO(G0F*UDZ+LOO0p[LFR
+HVVH 0 \ $UELE 0 /D FRQVWUXFFLyQ GH OD UHDOLGDG (VTXHPDV
FUHHQFLDV\FRQVHQVRV(G3URPHWHR%V$V
+XJKHV 5 1DPEDW HQ %DWPDQ %ODFN DQG :KLWH 9RO (G (&&
%DUFHORQD

+\PDQ + /D]DUIHOG 3 6HLVHO + 6RURNLQ 3 \ &RVHU / /D
LQYHVWLJDFLyQ VRFLDO (G &HQWUR (GLWRU GH $PpULFD /DWLQD %V $V

,EixH] - (O UHJUHVR GHO VXMHWR /D LQYHVWLJDFLyQ VRFLDO GH VHJXQGR
RUGHQ(G6LJOR;;,0DGULG
,EixH]-0iVDOOiGHODVRFLRORJtD(G6LJOR;;,0DGULG
.DVW()\5RVHQ]ZHLJ(-$GPLQLVWUDFLyQHQODVRUJDQL]DFLRQHV
(G0F*UDZ+LOO86$
.XKQ76/DHVWUXFWXUDGHODVUHYROXFLRQHVFLHQWtILFDV(G)&(
%V$V
.LQJ * .HRKDQH 5 \ 9HUED 6 (O GLVHxR GH OD LQYHVWLJDFLyQ
VRFLDO(G$OLDQ]D0DGULG
0D\HU6FKRQEHUJHU 9 \ &XNLHU . %LJ GDWD (G 7XUQHU 1RHPD

0DGULG
0D\QW]5+ROP .+XEQHU3 ,QWURGXFFLyQDORVPpWRGRVGH OD

VRFLRORJtDHPStULFD(G$OLDQ]D0DGULG
0DUUDGL $ $UFKHQWL 1 \ 3LRYDQL - 0HWRGRORJtD GH ODV &LHQFLDV
6RFLDOHV(G(0(&(%V$V
0DUWtQH]5XL]+0HWRGRORJtDGHODLQYHVWLJDFLyQ(G&(1*$*(
0p[LFR
0HMtD1DYDUUHWH-3HUVSHFWLYDGHOD,QYHVWLJDFLyQ6RFLDOGH6HJXQGR
2UGHQ&LQWDGH0RHELR16DQWLDJRGH&KLOH
0pQGH] ÈOYDUH] & ( 0HWRGRORJtD *XtD SDUD HODERUDU GLVHxRV GH
LQYHVWLJDFLyQ HQ FLHQFLDV HFRQyPLFDV FRQWDEOHV \ DGPLQLVWUDWLYDV
(G0F*UDZ±+LOO,QWHUDPHULFDQD%RJRWi

0HUOLQR $ FRRUGLQDGRU ,QYHVWLJDFLyQ &XDOLWDWLYD HQ &LHQFLDV

6RFLDOHV(G&HQJDJH/HDUQLQJ$UJHQWLQD%V$V
0RUD\$UDXMR0FRPSLODGRU(VWDGtVWLFD\6RFLRORJtD(G1XHYD

9LVLyQ%V$V
0RUtQ(6RFLRORJtD(G7HFQRV%DUFHORQD
/pYL6WUDXVV&(OSHQVDPLHQWRVDOYDMH(G)&(%RJRWi
/XFNPDQQ 7 &RQRFLPLHQWR \ VRFLHGDG (QVD\RV VREUH DFFLyQ

UHOLJLyQ\FRPXQLFDFLyQ(G7URWWD0DGULG
3DGXD - 7pFQLFDV GH LQYHVWLJDFLyQ VRFLDO DSOLFDGDV D ODV FLHQFLDV

VRFLDOHV(G)&(0p[LFR
3DUGLQDV ) 0HWRGRORJtD \ WpFQLFDV GH LQYHVWLJDFLyQ HQ FLHQFLDV

VRFLDOHV(G6LJOR;;,0p[LFR
3pUH]6HUUDQR*,QYHVWLJDFLyQFXDOLWDWLYD0pWRGRV\WpFQLFDV(G
)XQGDFLyQ8QLYHUVLGDGD'LVWDQFLD+HUQDQGDULDV%V$V
3pUH] 6HUUDQR * ,QYHVWLJDFLyQ FXDOLWDWLYD 5HWRV H LQWHUURJDQWHV

(G/D0XUDOOD0DGULG
3RQV , 3URJUDPDFLyQ GH OD LQYHVWLJDFLyQ VRFLDO (G &HQWUR GH
,QYHVWLJDFLRQHV6RFLROyJLFDV0DGULG
3RSH-,QYHVWLJDFLyQGHPHUFDGRV(G1RUPD%RJRWi
5DJLQ &K & /D FRQVWUXFFLyQ GH OD LQYHVWLJDFLyQ VRFLDO (G 6LJOR
GHO+RPEUH(GLWRUHV%RJRWi
5RGUtJXH] *RPH] * *LO )ORUHV - \ *DUFtD -LPpQH] (

0HWRGRORJtD GH OD LQYHVWLJDFLyQ FXDOLWDWLYD (G $OMLEH 0iODJD

5RGUtJXH]2VXQD-0pWRGRVGHPXHVWUHR(G&,60DGULG
5RGUtJXH]2VXQD-0pWRGRVGHPXHVWUHR&DVRV3UiFWLFRV(G&,6
0DGULG
5RMDV 6RULDQR 5 *XtD SDUD UHDOL]DU LQYHVWLJDFLRQHV VRFLDOHV (G

3OD]D\9DOGH]0p[LFR
5XHGD $ \ 6HUELD - 0 (O WUDVIRQGR GH OD VHJXULGDG S~EOLFD
5HYLVWD'HEDWH3~EOLFR1&DUUHUDGHWUDEDMR6RFLDO8%$%V$V

5XL]2ODEXHQD-,0HWRGRORJtDGHODLQYHVWLJDFLyQFXDOLWDWLYD(G
8QLYHUVLGDG'H'HXVWR%LOEDR
6DELQR&&RPRKDFHUXQDWHVLV(G/XPHQ%V$V
6DELQR&(OSURFHVRGHLQYHVWLJDFLyQ(G/XPHQ%V$V
6DLQ]((OSOXUDOLVPRPHWRGROyJLFRHQODLQYHVWLJDFLyQVRFLDO(G
&HQWUR GH 3XEOLFDFLRQHV GH OD 8QLYHUVLGDG GH *UDQDGD *UDQDGD

6iQFKH] 6DQWD%iUEDUD ( \ *DUFtD 0DUWtQH] - 0 $QiOLVLV GH ODV
PRWLYDFLRQHV SDUD OD SDUWLFLSDFLyQ HQ OD FRPXQLGDG (G &HQWUR GH
3XEOLFDFLRQHVGHOD8QLYHUVLGDGGH*UDQDGD*UDQDGD
6DPDMD - (SLVWHPRORJtD \ PHWRGRORJtD (G (8'(%$ %V $V

6DXWX5%RQLOR3'DOOH3\(OEHUW5 0DQXDOGHPHWRGRORJtD
(G&/$&62%V$V
6DXWX57RGRHVWHRUtD(G/XPLHUH%V$V
6FZDUW] + \ -DFREV - 6RFLRORJtD FXDOLWDWLYD 0pWRGR SDUD OD

UHFRQVWUXFFLyQGHODUHDOLGDG(G7ULOODV0p[LFR

6HUELD-0(OGLVIUD]HQHOWUDEDMR(GLWRULDO$FDGpPLFD(VSDxROD
,6%1
6HUELD - 0 0LUDGDV HVFRODUHV 8Q HVWXGLR H[SORUDWRULR VREUH OD
VXEMHWLYLGDG GRFHQWH (GLWRULDO $FDGpPLFD (VSDxROD ,6%1

6LHUUD %UDYR 5 7pFQLFDV GH ,QYHVWLJDFLyQ 6RFLDO (G 3DUDQLQIR

0DGULG
6LHUUD ) HQ *DOLQGR &iFHUHV - FRRUGLQDGRU 7pFQLFDV GH

LQYHVWLJDFLyQ HQ VRFLHGDG FXOWXUD \ FRPXQLFDFLyQ (G $GGLVRQ
:HVOH\/RQJPDQ0p[LFR
6ROHU3/DLQYHVWLJDFLyQFXDOLWDWLYDHQPDUNHWLQJ\SXEOLFLGDG(G
3DLGyV%DUFHORQD
6RURNLQ 3 /D]DUVIHOG 3 \ RWURV /D LQYHVWLJDFLyQ VRFLDO (G

&HQWURHGLWRUGH$PpULFD/DWLQD%V$V
6WDNH5(,QYHVWLJDFLyQFRQHVWXGLRGHFDVRV(G0RUDWD0DGULG

6WUDXVV $ \ &RUELQ - %DVHV GH OD LQYHVWLJDFLyQ FXDOLWDWLYD

7pFQLFDV\SURFHGLPLHQWRVSDUD GHVDUUROODU OD WHRUtDIXQGDPHQWDGD
(G8QLYHUVLGDGGH$QWLRTXLD$QWLRTXLD
7D\ORU 6 \ %RJGDQ 5 ,QWURGXFFLyQ D ORV PpWRGRV FXDOLWDWLYRV GH

LQYHVWLJDFLyQ(G3DLGyV%DUFHORQD
9DOOHV 0 7pFQLFDV FXDOLWDWLYDV GH LQYHVWLJDFLyQ VRFLDO 5HIOH[LyQ

PHWRGROyJLFD\SUiFWLFDSURIHVLRQDO(G6tQWHVLV0DGULG
9DVLODFKLV GH *LDOGLQR , FRRUG (VWUDWHJLDV GH LQYHVWLJDFLyQ

FXDOLWDWLYD(G*HGLVD%DUFHORQD
9DVLODFKLV GH *LDOGLQR , 0pWRGRV FXDOLWDWLYRV , /RV SUREOHPDV

WHyULFRHSLVWHPROyJLFRV (G &HQWUR (GLWRU GH $PpULFD /DWLQD %V

$V
9DVLODFKLV GH *LDOGLQR , 3REUHV SREUH]D LGHQWLGDG \

UHSUHVHQWDFLRQHVVRFLDOHV(G*HGLVD%DUFHORQD
9DVLODFKLV GH *LDOGLQR , /RV IXQGDPHQWRV RQWROyJLFRV \

HSLVWHPROyJLFRV GH OD LQYHVWLJDFLyQ FXDOLWDWLYD )RUXP 4XDOLWDWLYH
6RFLDO 5HVHDUFK 9RO 1 KWWSZZZTXDOLWDWLYH
UHVHDUFKQHWLQGH[SKSITVDUWLFOHYLHZ
9HUyQ ( /HQJXDMH \ FRPXQLFDFLyQ VRFLDO (G 1XHYD 9LVLyQ %V

$V
9HUyQ(/DVHPLRVLVVRFLDO(G*HGLVD0p[LFR
9LOORUR/&UHHUVDEHUFRQRFHU(G6LJOR;;,0p[LFR
:DLQHUPDQ & \ 6DXWX 5 /D WUDVWLHQGD GH OD LQYHVWLJDFLyQ (G
/XPLHUH%V$V
:HEHU0(FRQRPtD\VRFLHGDG(G)&(0p[LFR
:HEHU 0 (QVD\RV VREUH PHWRGRORJtD VRFLROyJLFD (G $PRUURUWX

%V$V
:LPPHU5\'RPLQLFN-/DLQYHVWLJDFLyQFLHQWtILFDGHORVPHGLRV
GHFRPXQLFDFLyQ(G%RVFK%DUFHORQD
:RRGV3,QYHVWLJDUHODUWHGHODHQVHxDQ]D(G3DLGyV%DUFHORQD

=HWWHUEHUJ + 7HRUtD \ YHULILFDFLyQ VRFLROyJLFD (G 1XHYD 9LVLyQ

%V$V

Buy your books fast and straightforward online - at one of world’s
fastest growing online book stores! Environmentally sound due to
Print-on-Demand technologies.
Buy your books online at
www.morebooks.shop
¡Compre sus libros rápido y directo en internet, en una de las
librerías en línea con mayor crecimiento en el mundo! Producción
que protege el medio ambiente a través de las tecnologías de
impresión bajo demanda.
Compre sus libros online en
www.morebooks.shop
KS OmniScriptum Publishing
Brivibas gatve 197
LV-1039 Riga, Latvia info@omniscriptum.com
Telefax: +371 686 204 55 www.omniscriptum.com

La Produccion de Datos en La Investigaci

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

La Produccion de Datos en La Investigaci

Uploaded by

Copyright:

Available Formats



        

   

   

352&(62 '( 352'8&&,Ï1 '( &212&,0,(172

 (O FRQRFLPLHQWR FLHQWtILFR FRPR SURGXFWR GH XQD DFWLYLGDG

 5HFRPHQGDFLRQHV \ HUURUHV IUHFXHQWHV HQ OD UHGDFFLyQ GH

 /D XWLOL]DFLyQ GH KLSyWHVLV HQ OD LQYHVWLJDFLyQ FXDQWLWDWLYD \

 (O SURFHVDPLHQWR \ DQiOLVLV GHVFULSWLYR GH ORV GDWRV

/D SUHVHQWH SXEOLFDFLyQ WLHQH OD SUHWHQVLyQ GH LQWURGXFLU D VXV

3DUD FHUUDU HVWD LQWURGXFFLyQ VH FRQVLGHUD FRQYHQLHQWH VXEUD\DU TXH

(O 352&(62 '( 352'8&&,Ï1 '(/

/D SURGXFFLyQ GHO FRQRFLPLHQWR FLHQWtILFR VXSRQH XQ SURFHVR

,QYHVWLJDU FLHQWtILFDPHQWH LPSOLFD HO GHVSOLHJXH GH XQD

/D LQYHVWLJDFLyQ FLHQWtILFD HVXQD DFWLYLGDGVRPHWLGD D XQD VHULH GH

WHRUtDV SURFHGLPLHQWRV \ WpFQLFDV GH LQYHVWLJDFLyQ

(O FRQRFLPLHQWR FLHQWtILFR HV HO SURGXFWR GH XQD DFWLYLGDG

/RV HQXQFLDGRV FLHQWtILFRV UHTXLHUHQ SDUD VX OHJLWLPDFLyQ GH OD

LQYHVWLJDGRUHV GHWHULRUD ODV SUHWHQVLRQHV GH REMHWLYLGDG DVt ³«ODV

3RVLFLRQDGRV GHQWUR GHO GHEDWH HSLVWHPROyJLFR TXH WUDWD VREUH OD

OHQJXDMH WHyULFR FRPR DQFODMH FRQFHSWXDO HQ XQD LQYHVWLJDFLyQ

/D FRQH[LyQ HQWUH ORV SUHGLFDGRV HPStULFRV JHQHUDGRV SRU OD

'HEH VXEUD\DUVH TXH ORV GDWRV FLHQWtILFRV QR VRQ WUDQVFULSFLRQHV

 1HFHVLGDGHV GHPDQGDV SUREOHPDV VRFLDOHV \ WLSR GH

$ WUDYpV GH OD FRPSDUDFLyQ HQWUH OD DFWLYLGDG FLHQWtILFD \ OD

/D LQYHVWLJDFLyQ FLHQWtILFD HV XQD DFWLYLGDG VRFLDO RSHUDGD GHVGH

¾ /DV FRQGLFLRQHV FRQWH[WXDOHV HQ ODV TXH VH JHQHUD HVD

LQYHVWLJDFLyQ 1R SXHGH JHQHUDUVH XQD LQYHVWLJDFLyQ VLQ XQ DQFODMH

/DV DFWLYLGDGHV FLHQWtILFDV VH GHVDUUROODQ GHQWUR GH HVFHQDULRV

7DQWR HO SRVLFLRQDPLHQWR SHUVRQDO FRPR LQVWLWXFLRQDO GHO

LQYHVWLJDGRU LPSOLFDQ GHWHUPLQDQWHV HQ VX DFFLRQDU FRPR SDUWH GH

LQJHQLHUtD VH DGVFULEH D XQD JXtD pWLFD RULHQWDGD D OD VHJXULGDG

-XDQ 6DPDMD  HVWDEOHFH TXH WRGR SURFHVR GH LQYHVWLJDFLyQ

FRQVXPR GH WDOHV SURGXFWRV FLHQWtILFRV«´ SXQWXDOL]DQGR DGHPiV

%RXUGLHX  VXEUD\D OD FRQIOLFWLYLGDG FRQVWLWXWLYD GHO TXHKDFHU

/DV UHJODV WpFQLFDV PHWRGROyJLFDV TXH VH GHVDUUROODQ SDUD HODERUDU

LQFRUUHFWDPHQWH HO QRPEUH GH SDUDGLJPD FRQFHSWR LQYHQWDGR SRU

7RGD SHUVSHFWLYD R SDUDGLJPD VH DVLHQWD VREUH GHWHUPLQDGRV

LQYHVWLJDGRU TXH EXVFD FRQRFHU \ OR TXH VH TXLHUH FRQRFHU \

(Q OD DFWXDOLGDG ODV UHJODV SURFHGLPHQWDOHV GHO DFFLRQDU FLHQWtILFR

TXH DQDOL]DU FRQVWDQWHPHQWH VXV GHFLVLRQHV \ VXV DSOLFDFLRQHV

3URSRQLHQGR XQD DFWLWXG IOH[LEOH IUHQWH D OD DFWLYLGDG FLHQWtILFD

LQGLVSXWDGRV GHO PpWRGR FLHQWtILFR « GH DKt TXH « KD\D TXH

FLUFXODQ VRFLDOPHQWH \ TXH HVWiQ D GLVSRQLELOLGDG GH ORV VXMHWRV GH

UHDOLGDG GHVGH XQD SRVLFLyQ LQJHQXD WUDQVSDUHQWH R QHXWUDO DPERV

(O FRQRFLPLHQWR FLHQWtILFR VH LQWHUUHODFLRQD FRPSOHMDPHQWH FRQ HO

/D SURGXFFLyQ FLHQWtILFD SODQWHD LQWHUSHODFLRQHV D FLHUWDV LGHDV \

FLHQWtILFR VRQ DOJXQDV GH ODV FRQGLFLRQHV QHFHVDULDV SDUD HO

LQWHUHVHV VRFLDOHV GH DPSOLDV FDSDV SREODFLRQDOHV TXH VH UHVXOWDQ

/RV UHVXOWDGRV GH OD LQYHVWLJDFLyQ FLHQWtILFD SXHGHQ XWLOL]DUVH SDUD

FLHQWtILFRV SROtWLFRV \ HPSUHVDULDOHV HV HO GH &DUOD *UDV \ 9DOHULD

 (VWDEOHFHU VLPLOLWXGHV \ GLIHUHQFLDV HQWUH HO FRQRFLPLHQWR

$WUDYpVGH HMHPSORVDQDOL]DU FyPR VHUHODFLRQDHOFRQRFLPLHQWR

 ([SOLFDU OD VLJXLHQWH DILUPDFLyQ ³/DV SHUVSHFWLYDV FRQWLHQHQ

 0HWRGRORJtD \ PpWRGR FLHQWtILFR GHILQLU \ GHVDUUROODU FDGD XQR

325 48e 5(9,67$6 &202 µ1$785(¶ µ6&,(1&(¶ < µ&(//¶

5DQG\ 6FKHNPDQ HV ELyORJR HVWDGRXQLGHQVH +D JDQDGR HO 3UHPLR

(V KDELWXDO \ PXFKDV UHYLVWDV OR IRPHQWDQ TXH XQD LQYHVWLJDFLyQ

DWUHYLGDV TXH HVWDV UHYLVWDVEXVFDQ SHURQRDQLPDD OOHYDU DFDER

/RV SDWURFLQDGRUHV \ ODV XQLYHUVLGDGHV WDPELpQ WLHQHQ XQ SDSHO HQ

/$ &,(1&,$ ,03/,&$ 81$ 5(/$&,Ï1 &21 /26 32'(5(6

±0H SDUHFH LPSRUWDQWH OD GLYXOJDFLyQ R HO ³FRQRFLPLHQWR S~EOLFR

SUREOHPDWL]DGD SRFR SROLWL]DGD \ DKt HV GRQGH PXFKRV FKLFRV

SRGtDPRV OODPDU GLYXOJDFLyQ FLHQWtILFD HUD FRPR XQD FXOWXUD

(O FRQRFLPLHQWR FLHQWtILFR FRPR SURGXFWR GH XQD DFWLYLGDG

5HFRPHQGDFLRQHV \ HUURUHV IUHFXHQWHV HQ OD UHGDFFLyQ GH

/D XWLOL]DFLyQ GH KLSyWHVLV HQ OD LQYHVWLJDFLyQ FXDQWLWDWLYD \

(O SURFHVDPLHQWR \ DQiOLVLV GHVFULSWLYR GH ORV GDWRV

WHRUtDV SURFHGLPLHQWRV \ WpFQLFDV GH LQYHVWLJDFLyQ

LQYHVWLJDGRUHV GHWHULRUD ODV SUHWHQVLRQHV GH REMHWLYLGDG DVt ³«ODV

1HFHVLGDGHV GHPDQGDV SUREOHPDV VRFLDOHV \ WLSR GH

LQYHVWLJDFLyQ 1R SXHGH JHQHUDUVH XQD LQYHVWLJDFLyQ VLQ XQ DQFODMH

LQJHQLHUtD VH DGVFULEH D XQD JXtD pWLFD RULHQWDGD D OD VHJXULGDG

-XDQ 6DPDMD HVWDEOHFH TXH WRGR SURFHVR GH LQYHVWLJDFLyQ

FRQVXPR GH WDOHV SURGXFWRV FLHQWtILFRV«´ SXQWXDOL]DQGR DGHPiV

%RXUGLHX VXEUD\D OD FRQIOLFWLYLGDG FRQVWLWXWLYD GHO TXHKDFHU

LQFRUUHFWDPHQWH HO QRPEUH GH SDUDGLJPD FRQFHSWR LQYHQWDGR SRU

(Q OD DFWXDOLGDG ODV UHJODV SURFHGLPHQWDOHV GHO DFFLRQDU FLHQWtILFR

3URSRQLHQGR XQD DFWLWXG IOH[LEOH IUHQWH D OD DFWLYLGDG FLHQWtILFD

UHDOLGDG GHVGH XQD SRVLFLyQ LQJHQXD WUDQVSDUHQWH R QHXWUDO DPERV

FLHQWtILFRV SROtWLFRV \ HPSUHVDULDOHV HV HO GH &DUOD *UDV \ 9DOHULD

(VWDEOHFHU VLPLOLWXGHV \ GLIHUHQFLDV HQWUH HO FRQRFLPLHQWR

$WUDYpVGH HMHPSORVDQDOL]DU FyPR VHUHODFLRQDHOFRQRFLPLHQWR

([SOLFDU OD VLJXLHQWH DILUPDFLyQ ³/DV SHUVSHFWLYDV FRQWLHQHQ

0HWRGRORJtD \ PpWRGR FLHQWtILFR GHILQLU \ GHVDUUROODU FDGD XQR

325 48e 5(9,67$6 &202 µ1$785(¶ µ6&,(1&(¶ < µ&(//¶

5DQG\ 6FKHNPDQ HV ELyORJR HVWDGRXQLGHQVH +D JDQDGR HO 3UHPLR

(V KDELWXDO \ PXFKDV UHYLVWDV OR IRPHQWDQ TXH XQD LQYHVWLJDFLyQ

DWUHYLGDV TXH HVWDV UHYLVWDVEXVFDQ SHURQRDQLPDD OOHYDU DFDER

±0H SDUHFH LPSRUWDQWH OD GLYXOJDFLyQ R HO ³FRQRFLPLHQWR S~EOLFR

SUREOHPDWL]DGD SRFR SROLWL]DGD \ DKt HV GRQGH PXFKRV FKLFRV

LQWHUQDPHQWH GHVGH HO SURSLR VDEHU FLHQWtILFR 1LQJXQD DFWLYLGDG

³(1 $5(17,1$ 6(8,026 6,(1'2 (;&(6,9$0(17(

UHFRQRFLPLHQWR HIHFWLYR GH VXV WDUHDV GLYXOJDWLYDV SRUTXH QDUUDU

±+D\ YDULDV QRFLRQHV TXH GHILQHQ DO FRQFHSWR GH ³GLYXOJDFLyQ´

±1XHVWUR FRP~Q DQWHFHVRU /HRQDUGR 0ROHGR UHFXSHUDUtD OD IUDVH

±&UHR TXH HO VLVWHPD FLHQWtILFR FRQ WRGDV ODV IDOHQFLDV H

'DQLHO %DUUDFR IXH GHFDQR GH OD )DFXOWDG GH 0DWHPiWLFD

FRQRFLPLHQWR HTXLYDOH D JDQDU OLEHUWDG SRUTXH VH LQFUHPHQWDQ ODV

(O SHUILO VRFLRGHPRJUiILFR GH ORV GHXGRUHV GH FUpGLWRV

7LSRV GH HVWUXFWXUD RUJDQL]DFLRQDO GH ODV 3HTXHxDV \ 0HGLDQDV

GHO SURJUDPD$OLDQ]D SDUD OD 6DOXG 0DWHUQD GHO 5HFLpQ 1DFLGR \

(&2120,67$6 $6(85$1 48( (/ $80(172 '(/ $672

/DV LQYHVWLJDFLRQHV GH ODV FLHQFLDV VRFLDOHV GHELGR D OD QDWXUDOH]D

LPSOLFDGDV HQ OD DFFLyQVRFLDO PpWRGR FXDOLWDWLYR /D FRPSOHMLGDG

FRQYHQFLRQDOHV ODV KHUUDPLHQWDV \ ORV HQIRTXHV WHyULFRV GH OD

SUHGHWHUPLQDFLyQ UDFLRQDO HQ HO IXQFLRQDPLHQWR GH OD UHDOLGDG TXH

GHWHUPLQDGDV GHFLVLRQHV VH SXHGH UHDOL]DU XQ DQiOLVLV WpFQLFR SDUD

%XH\ 8Q HQIRTXH FHUUDGR VREUH ODV GLVSRQLELOLGDGHV \ ODV

LQVWLWXFLRQDOHV GH GDWRV VRFLR GHPRJUiILFRV SRU HMHPSOR VL TXH

x (O WHUFHU UHIHUHQWH HPStULFR OR FRPSRQHQ ODV VLJQLILFDFLRQHV

HQWRUQRV VRFLDOHV WHPiWLFDV VXMHWDV D SUHVLRQHV SDUD VX

LQYHVWLJDFLyQ FLHQWtILFD (O UHJLVWUR GH ORV FRPSRUWDPLHQWRV ODV

6LJXLHQGRHOSODQWHRGH-HV~V,EixH]VHUtDSRVLEOHDILUPDUTXH

LQIRUPDFLRQHVUHFLELGDV\GHVHRVPRWLYDFLRQHVLQWHUQDVFRQVFLHQWHV

UHODWLYDPHQWH OD[D OD GHILQLFLyQ FRQFHSWXDO´ *DOODUW (O

7UDEDMDU PHWRGROyJLFDPHQWH FRQ ODV YLYHQFLDV ODV HPRFLRQHV \ ODV

/D WULDQJXODFLyQ FRPR HVWUDWHJLD EDVDGD HQ OD DSOLFDFLyQ

FRPELQDFLyQ HQ VX HQODFH PHWRGROyJLFR )UHQWH DOD HVWUDWHJLDGH

/D DUWLFXODFLyQ SXHGH FRQFUHWDUVH FRPR XQD DSOLFDFLyQ

/D LQYHVWLJDFLyQ EDVy VX DQiOLVLV H[FOXVLYDPHQWH HQ GDWRV

x 6LWXDFLRQHV GLGiFWLFDV SUR\HFWRV VHFXHQFLDV GH DFWLYLGDGHV

&DUDFWHUL]DU \ FRPSDUDU HO HQIRTXH FXDQWLWDWLYR FRQ HO HQIRTXH

D 'HWHUPLQDU TXH VH LQYHVWLJD HQ FDGD HMHPSOR HVWDEOHFLHQGR

SpUGLGD GHO SRGHU DGTXLVWLYR DXPHQWR GH OD SREUH]D GHVHPSOHR \

3DUD*XLOOHUPR 2OLYHWR WLWXODU GH OD FRQVXOWRUD :OD FODVH PHGLD

0$5.(7,1* '( &2/25(6 9(1',(1'2 $ 75$9e6 '(/

FRORUHV TXH PHMRU UHFRQRFHQ DPDULOOR URMR \ D]XO /RV FpOHEUHV

&$03$f$ (/(&725$/ /26 $/$50$17(6 )2&86 *52836

UHFRPHQGDFLyQ GHO JXU~ HFXDWRULDQR HUD LPSRVLEOH GH FXPSOLU/DV

GH HVWDV GHWHUPLQDGRV DSR\RV \R UHFXUVRV SDUD VX PDWHULDOL]DFLyQ

*LURX[ \ 7UHPEOD\ VHLV HWDSDV GH XQD LQYHVWLJDFLyQ VH

(QVXOLEUR7RGRHVWHRUtD5XWK6DXWXSURSRQHODVVLJXLHQWHV

3HUVSHFWLYD WHyULFD 'HILQLU FXiOHV VRQ L ODV RULHQWDFLRQHV

HVSHFtILFRV 2EMHWLYRV HVSHFtILFRV GHVSOLHJD HO FRQWHQLGR GHO

0HWRGRORJtD (OHFFLyQGH XQ PpWRGRTXH D SDUWLU GH ORVREMHWLYRV

&RQWH[WR KLVWyULFRJHRJUiILFR 'HILQLFLyQ GH OD SREODFLyQ