3URWRFRORV$VLVWHQFLDOHVHQ2EVWHWULFLD

/HVLyQREVWpWULFDGHOHVItQWHUDQDO
3URWRFRORSXEOLFDGRHQVHSWLHPEUHGH
3URWRFRORFRQVHQVXDGRFRQOD6HFFLyQGH6XHOR3pOYLFRGHOD6(*2

2%-(7,92'(/35272&2/2'(),1,&,Ï1'(/$32%/$&,Ï1',$1$

(O SDUWR YDJLQDO HV XQ IDFWRU GHWHUPLQDQWH HQ OD SpUGLGD GH IXQFLRQDOLGDG GHO VXHOR
SpOYLFR/DVHVWUXFWXUDVGHVRSRUWHGHOVXHORSpOYLFRSXHGHQGDxDUVHSRUORVGHVJDUURV
OD GLVWHQVLyQ GH ORV P~VFXORV \ OD IDVFLD R SRU OD OHVLyQ GLVWDO GH ORV QHUYLRV (O SDUWR
YDJLQDOHVGHORVIDFWRUHVLPSOLFDGRVHQHOGHWHULRURGHOVXHORSHOYLDQRSRVLEOHPHQWHHO
PiV GHWHUPLQDQWH 3XHGH GDxDU ODV HVWUXFWXUDV GH VRSRUWH GHO VXHOR SpOYLFR SRU
WUDXPDWLVPRGLUHFWRGLVWHQVLyQGHODPXVFXODWXUDSHOYLDQDROHVLyQGLVWDOGHORVQHUYLRV
SHOYLDQRV /D UHDOL]DFLyQ GH FHViUHDV FRQ HO ILQ GH SUHVHUYDU D ODV PXMHUHV GH OD
GLVIXQFLyQVH[XDO\GHORVSUREOHPDVGHFRQWLQHQFLDQRHVWiWRWDOPHQWHUHIUHQGDGDSRUOD
HYLGHQFLDFLHQWtILFD

(OREMHWLYRSULQFLSDOGHHVWHSURWRFRORHVHOGHPHMRUDUHOGLDJQyVWLFR\WUDWDPLHQWRGH
ORV GHVJDUURV GHO HVItQWHU DQDO HQ HO SDUWR DVt FRPR HVWDEOHFHU SDXWDV SDUD HO
VHJXLPLHQWR \ FRQWURO GH ODV SDFLHQWHV FRQ OHVLRQHV GHO HVItQWHU DQDO GLDJQRVWLFDGDV \
WUDWDGDVHQHOSDUWR

6XSRQHFRPRDFWLYLGDGIXQGDPHQWDODUHDOL]DUODLGHQWLILFDFLyQ\FRUUHFWRGLDJQyVWLFRGH
ORV GHVJDUURV SHULQHDOHV TXH RFXUUHQ LQGHSHQGLHQWHPHQWH GHO WLSR GH SDUWR $XQTXH OD
LQFLGHQFLD VHD PD\RU HQ ORV SDUWRV LQVWUXPHQWDOHV OD PD\RU SURSRUFLyQ GH SDUWRV
HXWyFLFRVKDFHTXHHQQ~PHURVDEVROXWRVFDVLODPLWDGGHWRGRVORVGHVJDUURVGHHU\
ž JUDGR RFXUUDQ HQ PXMHUHV TXH KDQ WHQLGR XQ SDUWR YDJLQDO HXWyFLFR HV GHFLU HQ
SDUWRVGHEDMRULHVJRSDUDODVOHVLRQHVSHULQHDOHV

(Q HVWH SURWRFROR DGHPiV GHO GLDJQyVWLFR VH FRQWHPSOD OD VXWXUD GH ORV GHVJDUURV
SHULQHDOHV VX WUDWDPLHQWR SRVWHULRU \ VHJXLPLHQWR 6H DQDOL]DQ ODV PDQLREUDV
SUHYHQWLYDV GH GLFKRV GHVJDUURV \ ODV UHFRPHQGDFLRQHV VREUH ODV SRVLELOLGDGHV GH
SUHYHQFLyQGHOHVLRQHVUHFXUUHQWHVHQIXWXURVHPEDUD]RV

5(&20(1'$&,21(6 3$5$ /$ 35(9(1&,Ï1 35,0$5,$ '( /$6 /(6,21(6

3(5,1($/(6

/DV UHFRPHQGDFLRQHV SDUD OD SUHYHQFLyQ SULPDULD GH ORV GHVJDUURV SHULQHDOHV TXH VH
UHILHUHQ D OD SUiFWLFD REVWpWULFD VH EDVDQ HQ XQ QLYHO GH HYLGHQFLD OLPLWDGR \ VRQ ODV
VLJXLHQWHV

/DSURWHFFLyQGHOSHULQpFRQODILQDOLGDGGHDSURYHFKDUODHODVWLFLGDGGHOVXHORSpOYLFR\
ORJUDUODH[SXOVLyQGHODFDEH]DHQ Pi[LPDIOH[LyQHQWUHGRVFRQWUDFFLRQHVSURWHJHOD
LQWHJULGDGGHOSHULQp 1( ,,E% 


387
6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3žGHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[
6H UHFRPLHQGD UHDOL]DU OD HSLVLRWRPtD GH IRUPD UHVWULFWLYD SUHIHUHQWHPHQWH
PHGLRODWHUDOFRQXQiQJXORVXILFLHQWHTXHSHUPLWDDOHMDUVHGHOHVItQWHUDQDO 1( ,,D% 

(QHOFDVRGHWHQHUODQHFHVLGDGDEUHYLDUHOH[SXOVLYR\SRGHUHOHJLUHOWLSRGHWRFXUJLD
HVSUHIHULEOHHOXVRGHODYHQWRVDDOGHOIyUFHSVSDUDHYLWDUOHVLRQHVGHOHVItQWHU 1( ,,E
% 

$&7,9,'$'$5($/,=$5

&ODVLILFDFLyQ\WHUPLQRORJtD

/D FODVLILFDFLyQ GHVFULWD SRU 6XOWDQ \ DFHSWDGD SRU HO 5R\DO &ROOHJH GH 2EVWHWULFLD \
*LQHFRORJtD 5&2* FODVLILFDORVGHVJDUURVSHULQHDOHVHQFXDWURJUDGRVVXEGLYLGLHQGRHO
HUJUDGRHQWUHVVXEJUXSRVFRPRVHPXHVWUDHQODWDEOD

7DEODQž&ODVLILFDFLyQGHORVGHVJDUURVSHULQHDOHV 5&2*
žJUDGR /HVLyQGHODSLHOSHULQHDO
žJUDGR /HVLyQGHORVP~VFXORVGHOSHULQp QRGHOHVItQWHU
D /HVLyQGHOHVItQWHUH[WHUQR
žJUDGR E /HVLyQGHOHVItQWHUH[WHUQR!
F /HVLyQGHOHVItQWHUH[WHUQRHLQWHUQR
žJUDGR /HVLyQGHOHVItQWHUDQDO\ODPXFRVD

(QOD)LJXUDVHPXHVWUDHOHVTXHPDDQDWyPLFRGHORVHVItQWHUHVLQWHUQR\H[WHUQRGH
ORVGHVJDUURVGHžJUDGR\GHORVGLIHUHQWHVVXEWLSRVGHGHVJDUURVGHHUJUDGR

(VWDFODVLILFDFLyQDGLIHUHQFLDGHODDQWHULRUDSRUWDXQYDORUSURQyVWLFRGHOGHVJDUUR/RV
GHVJDUURVGHJUDGRFSUHVHQWDQHO GREOH GH ULHVJRGH GHVHQFDGHQDU XQD LQFRQWLQHQFLD
DQDOTXHORVE\DVXYH]HVWRVHOGREOHTXHORVD 1( ,,E 

(Q HO FDVR GH GXGD FRQ UHVSHFWR DO JUDGR GH GHVJDUUR D y E  VH GHEH RSWDU SRU OD
JUDGXDFLyQVXSHULRU

([LVWHQ OHVLRQHV TXH QR SXHGHQ HQFXDGUDUVH HQ OD FODVLILFDFLyQ 6HUtD HO FDVR GH XQD
OHVLyQ GH OD PXFRVD UHFWDO FRQ LQWHJULGDG GHO HVItQWHU DQDO LQWHUQR \ H[WHUQR TXH HV
LPSRUWDQWHUHSDUDUFRUUHFWDPHQWH\DTXHSXHGHFRQGLFLRQDUFRPSOLFDFLRQHVWDOHVFRPR
ItVWXODVUHFWRYDJLQDOHV


388
6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3žGHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[
 )LJXUD(VTXHPDDQDWyPLFRGHORVHVItQWHUHVLQWHUQR\H[WHUQRGHORVGHVJDUURV
GHžJUDGR\GHORVGLIHUHQWHVVXEWLSRVGHGHVJDUURVGHHU JUDGR

,GHQWLILFDFLyQGHORVGHVJDUURVSHULQHDOHVSRVSDUWR

/RVGHVJDUURVSHULQHDOHVHVWiQLQIUDGLDJQRVWLFDGRV3DUDLGHQWLILFDUORVFRUUHFWDPHQWHVH
GHEHGHVHJXLUXQDVLVWHPiWLFDGHH[SORUDFLyQVLHQGRSUHFLVR

x 3RVLFLyQGHOLWRWRPtD
x %XHQDIXHQWHGHOX]
x $VHSVLDFRQWLQXDGXUDQWHHOSURFHGLPLHQWR
x $QDOJHVLDDGHFXDGD

(QORVGHVJDUURVGHžJUDGRHVLPSRUWDQWHGLDJQRVWLFDUODH[LVWHQFLDGHXQDOHVLyQTXH
DIHFWHDOP~VFXORHOHYDGRUGHODQR6HGHEHREMHWLYDUODVROXFLyQGHFRQWLQXLGDGGHVXV
ILEUDV \ OD SUHVHQFLD GH JUDVD HQWUH HOODV /D SUHVHQFLD GH GLFKD JUDVD HV HO VLJQR TXH
PHMRULGHQWLILFDVXURWXUD

3DUDTXHODH[SORUDFLyQSHULQHDOVHDSUHFLVDVHUHFRPLHQGDUHDOL]DUGHIRUPDVLVWHPiWLFD
XQWDFWRUHFWDOFRQHOGHGRtQGLFH\XQDSDOSDFLyQGLJLWDOGHODPDVDGHOHVItQWHUHQWUHHO
GHGR DORMDGR HQ HO UHFWR \ HO SXOJDU TXH H[SORUD HO SHULQp (Q HVWD H[SORUDFLyQ HO
GHVSOD]DPLHQWRKDFLDHOFXHUSRGHOSHULQpGHOGHGRtQGLFHSHUPLWHXQDPHMRUH[SRVLFLyQ
GHOD]RQDOHVLRQDGD'HEHPRVUHFRUGDUTXHHOFRORUGHOHVItQWHUH[WHUQRHVVLPLODUDOD
FDUQH URMD FRPR SXHGH VHU OD FDUQH GH WHUQHUD  PLHQWUDV TXH HO HVItQWHU LQWHUQR
UHFXHUGD D OD FDUQH EODQFD FRPR SXHGH VHU OD FDUQH GH SROOR  /D LGHQWLILFDFLyQ GHO
GHVJDUURGHOHVItQWHUH[WHUQRVLHPSUHHVPiVIiFLOTXHODGHOLQWHUQRDXQTXHHQDOJXQDV
RFDVLRQHV HOGHVJDUURFRPSOHWRGHOHVItQWHU H[WHUQRSXHGHUHWUDHUVH\VH GHEH ORFDOL]DU
SDUDVXFRUUHFWDVXWXUD

6H KD HYLGHQFLDGR TXH FXDQGR XQ HTXLSR REVWpWULFR PHMRUD VX HQWUHQDPLHQWR HQ HO
GLDJQyVWLFRGHORVGHVJDUURVSHULQHDOHVSRVSDUWRDXPHQWDVLJQLILFDWLYDPHQWHHOQ~PHUR

389
6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3žGHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[
GHORVGHVJDUURVGLDJQRVWLFDGRV(VWHKHFKRSRQHGHPDQLILHVWRODH[LVWHQFLDGHOHVLRQHV
TXHSDVDQVLQGLDJQRVWLFDUSRUODIDOWDGHODGLHVWUDPLHQWRGLDJQyVWLFR 1( ,,, 

3RU HOOR GH FDUD D OD SUHYHQFLyQ GH OD LQFRQWLQHQFLD DQDO \ FRQ HO ILQ GH FRQVHJXLU OD
PD\RU HILFDFLD GH HVWH SURWRFROR VH FRQVLGHUD IXQGDPHQWDO OD IRUPDFLyQ GH FXDOTXLHU
SURIHVLRQDOTXHDVLVWDSDUWRVHQODLGHQWLILFDFLyQGHHVWDVOHVLRQHV/DUHSDUDFLyQGHHVWH
WLSRGHOHVLRQHVHVFRPSHWHQFLDGHOREVWHWUD

5(3$5$&,Ï1'(/$6/(6,21(63(5,1($/(63263$572 7DEOD

7e&1,&$'(68785$

'HVJDUURV GH ž JUDGR 'HEHQ GH VXWXUDUVH ORV ERUGHV GH OD SLHO TXH SHUPDQHFHQ
VHSDUDGRVQRVLHQGRQHFHVDULRVXWXUDUVLORVERUGHVHVWiQMXQWRV\VLQVDQJUDGRDFWLYR

6HKDHYLGHQFLDGRTXHODVXWXUDFRQWLQXDLQWUDGpUPLFDGHODSLHOFRQGLFLRQDPHQRVGRORU
HQ ORV SULPHURV  GtDV WUDV OD UHSDUDFLyQ 6LQ HPEDUJR D ODUJR SOD]R QR VH KDQ
HQFRQWUDGR GLIHUHQFLDV HQWUH ORV UHVXOWDGRV GH OD VXWXUD FRQ SXQWRV VXHOWRV \ OD
LQWUDGpUPLFD

'HVJDUURV GH ž JUDGR /D UHSDUDFLyQ GHEH LQLFLDUVH HQ ORV SODQRV SURIXQGRV KDVWD
OOHJDUDORVPiVVXSHUILFLDOHVFRQHOREMHWRGHHYLWDUHVSDFLRVPXHUWRV/DVXWXUDSXHGH
UHDOL]DUVH FRQ SXQWRV VXHOWRV R FRQ VXWXUD FRQWLQXD 1R VH KDQ HQFRQWUDGR GLIHUHQFLDV
VLJQLILFDWLYDVHQWUHORVUHVXOWDGRVIXQFLRQDOHV\HVWpWLFRVGHDPEDV

&RPR \D VH KD FLWDGR HV LPSRUWDQWH LGHQWLILFDU ODV OHVLRQHV GHO P~VFXOR HOHYDGRU GHO
DQR PHGLDQWH OD SDOSDFLyQ GH ODV SDUHGHV ODWHUDOHV SDUD VX FRUUHFWD VXWXUD +D\ TXH
UHFRUGDU TXH ORV FDERV VHJPHQWDGRV VH VXHOHQ UHWUDHU SRU OR TXH VH GHEHQ EXVFDU
'HEHQXQLUVHPHGLDQWHSXQWRVVXHOWRVRVXWXUDFRQWLQXDORVJUXSRVGHILEUDVVHSDUDGRV
SRUJUDVD TXH HVHOHOHPHQWRGLDJQyVWLFRTXHLGHQWLILFDODURWXUDGHOP~VFXORHOHYDGRU
GHO DQR  KDVWD REWHQHU VX FRQWLQXLGDG \ OD VXSHUSRVLFLyQ GHO WHMLGR PXVFXODU VREUH OD
JUDVD

'HVJDUURVGHžJUDGR/DVXWXUDGHOHVItQWHULQWHUQRKDGHUHDOL]DUVHFRPSOHWDPHQWH
\ GH IRUPD LQGHSHQGLHQWH GH OD GHO HVItQWHU H[WHUQR $PEDV GHEHQ VHU VXWXUDV VLQ
WHQVLyQ/DUHSDUDFLyQGHOHVItQWHUDQDOLQWHUQRQRSXHGHUHDOL]DUVHGHIRUPDVHFXQGDULD

/DUHSDUDFLyQGHOHVItQWHUH[WHUQRSXHGHOOHYDUVHDFDERPHGLDQWHGRVWpFQLFDVGHVXWXUD
GLIHUHQWHV OD VXWXUD WpUPLQRWHUPLQDO ³HQG WR HQG´  R HO VRODSDPLHQWR ³RYHUODS´
)LJXUD (QORVGHVJDUURVSDUFLDOHVSRUODVFDUDFWHUtVWLFDVGHORVPLVPRVUHVXOWDGLItFLO
OD SUiFWLFD GHO VRODSDPLHQWR (O LQWHQWR GH UHSDUDFLyQ GHO HVItQWHU LQWHUQR PHGLDQWH OD
WpFQLFDGHOVRODSDPLHQWRD~QHVPiVGLItFLOTXHHQHOHVItQWHUH[WHUQRSRUHOORVHUHDOL]D
KDELWXDOPHQWHODVXWXUDWpUPLQRWHUPLQDODHVWHQLYHO

6H KD GH LQWHQWDU VXWXUDU HO HVItQWHU GH IRUPD TXH XQD YH] UHSDUDGR WHQJD OD PLVPD
DQFKXUD HQ WRGR VX SHUtPHWUR \D TXH VH KD GHPRVWUDGR XQD UHODFLyQ GLUHFWD HQWUH OD
ORQJLWXG GHO FDQDO HVILQWHULDQR TXH VH FRQVLJXH FRQ OD VXWXUD \ HO JUDGR GH FRQWLQHQFLD
DQDO

8QD GHPRUD HQ OD UHSDUDFLyQ GHO HVItQWHU DQDO LQIHULRU D  KRUDV QR HPSHRUD ORV
UHVXOWDGRVIXQFLRQDOHV


390
6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3žGHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[
 )LJXUD7pFQLFDVGHUHSDUDFLyQGHOHVItQWHUH[WHUQR

6XWXUDWpUPLQRWHUPLQDO

6XWXUD³RYHUODS´

'HVJDUURVGHžJUDGR/DUHSDUDFLyQGHEHLQLFLDUVHFRQODVXWXUDGHODPXFRVDUHFWDO
6HGHEHVXWXUDUFRQSXQWRVVXHOWRVTXHGDQGRHOQXGRHQODOX]LQWHVWLQDO(VWDSUiFWLFD
VH UHDOL]D FRQ OD ILQDOLGDG GH HYLWDU OD PD\RU UHDEVRUFLyQ GHO PDWHULDO GH VXWXUD
FRQGLFLRQDGDSRUORVQXGRVTXHTXHGDQHQWHUUDGRV7DPELpQHVYiOLGDODVXWXUDFRQWLQXD
LQWUDPXFRVD\DTXHHOQLYHOGHUHDEVRUFLyQGHOPDWHULDOVHUtDVHPHMDQWHDODQWHULRU

0DWHULDOGHVXWXUD

x /DV VXWXUDVGHORVGHVJDUURVGHž \žJUDGRVH GHEHQ GH UHDOL]DU FRQ SROLJODFWLQD

GHUHDEVRUFLyQUiSLGDSRUVXVPHMRUHVUHVXOWDGRVDFRUWR\ODUJRSOD]R

x /DV VXWXUDV GH ORV HVItQWHUHV LQWHUQR \ H[WHUQR VH GHEHQ UHDOL]DU FRQ PDWHULDO
PRQRILODPHQWR DEVRUELEOH GH ODUJD GXUDFLyQ FRPR SXHGH VHU OD SROLGLD[RQD ILQD GH
FRQODLQWHQFLRQDOLGDGGHPLQLPL]DUORVULHVJRVGHLQIHFFLyQ1RREVWDQWHHQXQ
HVWXGLR DOHDWRUL]DGR QR VH KDQ HQFRQWUDGR GLIHUHQFLDV HQWUH OD SROLGLD[RQD \ OD
SROLJODFWLQD

x /DVXWXUDGHODPXFRVDUHFWDOGHEHUHDOL]DUVHFRQSROLJODFWLQD

3URILOD[LVDQWLELyWLFD

/D DGPLQLVWUDFLyQ VLVWHPiWLFD GH XQD ~QLFD GRVLV LQWUDYHQRVD GH XQD FHIDORVSRULQD GH
VHJXQGD JHQHUDFLyQ DQWHV GH OD UHSDUDFLyQ GHO GHVJDUUR GH HVItQWHU DQDO LQWUDSDUWR HV
UHFRPHQGDEOHSDUDODSUHYHQFLyQGHODLQIHFFLyQGHODKHULGDSHULQHDO 1( ,E$ 


391
6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3žGHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[
 7DEOD3URWRFRORGHUHSDUDFLyQGHORVGHVJDUURVGHOHVItQWHUDQDO

 (O GHVJDUUR KD GH VHU UHSDUDGR SRU XQ HVSHFLDOLVWD FRQ H[SHULHQFLD HQ
UHSDUDFLyQ GH GHVJDUURV GHO HVItQWHU DQDO R SRU XQ UHVLGHQWH EDMR
VXSHUYLVLyQGHOH[SHUWR
 $QHVWHVLDUHJLRQDORJHQHUDO
 /RV GHVJDUURV D VH UHSDUDQ FRQ WpFQLFD WpUPLQRWHUPLQDO VXWXUDQGR
FRQSROLGLD[RQD
 /RV GHVJDUURV E VH UHSDUDQ FRQ WpFQLFD WpUPLQRWHUPLQDO R
VRODSDPLHQWR  VL HO HVItQWHU H[WHUQR HVWi FRPSOHWDPHQWH URWR R VH
VHSDUDQODVILEUDVUHVWDQWHVTXHSXHGDQTXHGDU
 6L HO HVItQWHU LQWHUQR HVWi URWR F  R HO GHVJDUUR HV GH ž JUDGR VH
UHSDUDFRQySXQWRVGHFROFKRQHURFRQSROLGLD[RQD
 /D PXFRVD DQDO VH UHSDUD FRQ SXQWRV VXHOWRV GH SROLJODFWLQD  FRQ
ORVQXGRVKDFLDODOX]UHFWDO
 6H GD XQD GRVLV GH DQWLELyWLFR HQ HO PRPHQWR GH OD UHSDUDFLyQ GHO
HVItQWHU\VHFRQWLQ~DGtDVWUDVHOSDUWR FHIXUR[LPD\PHWURQLGD]RO 
 6H SUHVFULEH ODFWXORVD  PO GRV YHFHV DO GtD GXUDQWH  GtDV
DVHJXUiQGRVHGHTXHODVKHFHVVHDQEODQGDV
 6HJXLPLHQWRHQHOSRVSDUWR

&21752/ < 6(*8,0,(172 '( /$6 08-(5(6 &21 '(6*$5526 3(5,1($/(6

)LJXUD

3RVRSHUDWRULRLQPHGLDWR(QHOSRVRSHUDWRULRLQPHGLDWRODVUHFRPHQGDFLRQHVVRQ

x 8VRGHDQWLELyWLFRVGHDPSOLRHVSHFWUR6HFRQVLGHUDUHFRPHQGDEOHSURORQJDUHO
WUDWDPLHQWRFRQFHIDORVSRULQDVGXUDQWHXQRVGtDVWUDV HOSDUWR GtDV \FXEULUOD
SRVLEOH LQIHFFLyQ SRU DQDHURELRV FRQ XQD SDXWD DGLFLRQDO GH PHWURQLGD]RO FRQ OD
ILQDOLGDGGHUHGXFLUHOULHVJRGHLQIHFFLyQGHODKHULGD\ODGHKLVFHQFLD 1( ,9& 

x 8VRGHOD[DQWHV6HUHFRPLHQGDODDGPLQLVWUDFLyQGHODFWXORVD\XQDGLHWDOD[DQWH
HQ HO SRVSDUWR SDUD IDFLOLWDU OD GHIHFDFLyQ \ HYLWDU OD GHKLVFHQFLD GH OD VXWXUD TXH
SXHGHQFRQGLFLRQDUODVKHFHVFRPSDFWDV 1( ,E$ 

x (V UHFRPHQGDEOH LQIRUPDU D ODV PXMHUHV TXH KDQ WHQLGR XQ GHVJDUUR GH HVItQWHU
DQDO\H[SOLFDUFRQODPi[LPDFODULGDGHOWLSRGHOHVLyQODVSDXWDVGHVHJXLPLHQWR\
ORVSRVLEOHVVtQWRPDV 1( ,9& 


392
6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3žGHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[
 )LJXUD&RQWURO\VHJXLPLHQWRGHODVPXMHUHVFRQGHVJDUURVSHULQHDOHV

'HVJDUURHUžJUDGR

&RQWUROVHPDQDV
&XHVWLRQDULRGHVtQWRPDV
5HHGXFDFLyQPXVFXODWXUDVXHORSpOYLFR

$VLQWRPiWLFD 6LQWRPiWLFD/HYH 6LQWRPiWLFD*UDYH

(VWXGLRGLDJQyVWLFR
&RQWURODODxR &RQWUROPHVHV
GHODLQFRQWLQHQFLDDQDO

8QLGDG6XHOR3pOYLFR &RORSURFWyORJR
3UXHEDVFRPSOHPHQWDULDV
‡ (FRJUDItD
‡ 0DQRPHWUtD

6HJXLPLHQWRHQHOSXHUSHULR\FRQWUROHVSRVWHULRUHV

(VUHFRPHQGDEOHUHDOL]DUXQVHJXLPLHQWR\FRQWUROGHORVVtQWRPDVDQRUHFWDOHVWDQWRHQ
HOSXHUSHULRFRPR D ODUJR SOD]R  DxR  GH ODV PXMHUHV FRQ GHVJDUURV GHO HVItQWHU DQDO
1( ,E  6H KD FRQILUPDGR TXH WUDV OD FRUUHFWD UHSDUDFLyQ GHO HVItQWHU H[WHUQR HO 
GHODVPXMHUHVSHUPDQHFHQDVLQWRPiWLFDVDODxR/RVVtQWRPDVPiVIUHFXHQWHVVRQ
ODLQFRQWLQHQFLDGHJDVHV\ODXUJHQFLDGHIHFDWRULD

1R H[LVWHQ HVWXGLRV SURVSHFWLYRV UDQGRPL]DGRV TXH SHUPLWDQ UHFRPHQGDU XQDV

DFWLYLGDGHV HVSHFtILFDV \ XQDV SDXWDV GH VHJXLPLHQWR GH HVWDV SDFLHQWHV FRQ GHVJDUURV
GHO HVItQWHU DQDO /DV UHFRPHQGDFLRQHV TXH VH LQFOX\HQ D FRQWLQXDFLyQ WLHQHQ SRU WDQWR
XQQLYHOGHHYLGHQFLD,9 1( ,9& 

&RQWUROHQHOSXHUSHULR SRUHOREVWHWUDJLQHFyORJRRODPDWURQD /DYDORUDFLyQGHOD

PXMHUFRQOHVLyQGHOHVItQWHUDQDOVHKDGHFHQWUDUHQ

x 'HWHFFLyQ GH ORV VtQWRPDV GH LQFRQWLQHQFLD DQDO SUHJXQWDQGR GLUHFWDPHQWH VL

WLHQHHVFDSHVGHJDVHVRKHFHV VyOLGDVROtTXLGDV RXUJHQFLDGHIHFDWRULD/RVGDWRV
DLQYHVWLJDUVRQ

 ¢7LHQHSpUGLGDLQYROXQWDULDGHKHFHVVyOLGDV"
 ¢7LHQHSpUGLGDLQYROXQWDULDGHKHFHVOtTXLGDV"
 ¢7LHQHSpUGLGDLQYROXQWDULDGHJDVHV"
 ¢7LHQHXQGHVHRLUUHIUHQDEOHGHJDQDVGHGHIHFDUFRQWHPRUGHSUHVHQWDUSpUGLGD
LQYROXQWDULDGHODVKHFHV"
 ¢7LHQHGRORUDOGHIHFDU"


393
6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3žGHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[
x 5HFRPHQGDU OD UHDOL]DFLyQ GH HMHUFLFLRV GH OD PXVFXODWXUD GHO VXHOR SpOYLFR D
SDUWLU GH ODV  VHPDQDV GH OD OHVLyQ /DV SDFLHQWHV TXH SUHVHQWDQ OHVLyQ GHO
HVItQWHUDQDOH[WHUQRREWLHQHQEHQHILFLRFRQHVWDPHGLGD

6L OD PXMHU HVWi DVLQWRPiWLFD VH OH LQGLFDUi TXH HQ FDVR GH DSDULFLyQ GH VtQWRPDV
DFXGDDFRQWURO6HUtDUHFRPHQGDEOHRIUHFHUDODSDFLHQWHXQDYLVLWDGHFRQWURODODxR

6L OD PXMHU WLHQH VtQWRPDV GH LQFRQWLQHQFLD DQDO SHUVLVWHQWHV YHU ODV SUHJXQWDV
DQWHVFLWDGDV 

x 6L OD VLQWRPDWRORJtD HV OHYH \ OD PXMHU QR HVWi PX\ DIHFWDGD SRU VX SUREOHPD VH
UHFRPLHQGD SURJUDPDU XQD YLVLWD GH VHJXLPLHQWR D ORV  PHVHV GDGR TXH HQ ORV
HVWXGLRV FRQ VHJXLPLHQWR VH KD REVHUYDGR TXH KD\ XQ QLYHO FRQVLGHUDEOH GH FDVRV
TXHHYROXFLRQDQIDYRUDEOHPHQWHKDFLDODUHVROXFLyQGHORVVtQWRPDVHQORVSULPHURV
VHLVPHVHVSRVSDUWR

x 6LODVLQWRPDWRORJtDHVJUDYHRDIHFWDGHIRUPDLPSRUWDQWHODFDOLGDGGHYLGDGHODV
SDFLHQWHV HV DFRQVHMDEOH TXH VHD UHPLWLGD D XQD 8QLGDG HVSHFLDOL]DGD HQ SDWRORJtD
GHO VXHOR SpOYLFR FRQ XQ HTXLSR PXOWLGLVFLSOLQDU TXH FXHQWH FRQ XQ FRORSURFWyORJR
/DDFWLYLGDGDUHDOL]DUHQHVWD8QLGDGGHEHUtDVHU

 9DORUDFLyQGHORVVtQWRPDVDQRUHFWDOHV\RWURVVtQWRPDVXURJLQHFROyJLFRV
 ([SORUDFLyQSpOYLFDTXHLQFOX\DODYDORUDFLyQGHOWRQRHQUHSRVR\GHODFDSDFLGDG
FRQWUiFWLOGHOHVItQWHUDQDO
 (FRJUDItDHQGRDQDORSHULQHDOSDUDYDORUDUODLQWHJULGDGGHOHVItQWHUDQDO
 0DQRPHWUtDDQRUHFWDOSDUDYDORUDUODIXQFLRQDOLGDG

6HJ~QHOUHVXOWDGRGHODVSUXHEDVGLDJQyVWLFDVHOWUDWDPLHQWRSXHGHVHUFRQVHUYDGRUR
TXLU~UJLFR /D PD\RU SDUWH GH HVWDV SDFLHQWHV SRGUiQ EHQHILFLDUVH GHO WUDWDPLHQWR
FRQVHUYDGRU FRQ ELRIHHGEDFN DQDO 6ROR XQ Q~PHUR PX\ OLPLWDGR GH SDFLHQWHV
SUHFLVDUiQXQDUHSDUDFLyQVHFXQGDULDGHOHVItQWHUH[WHUQR

(/3$572'(638e6'(81'(6*$552'(/(6)Ë17(5$1$/

(QJHQHUDOODVPXMHUHVTXHKDQWHQLGRXQGHVJDUURGHOHVItQWHUDQDOFXDQGRVHSODQWHDQ
RWUR HPEDUD]R VX SUHRFXSDFLyQ VH FHQWUD HQ OD SRVLELOLGDG GH TXH HVWD OHVLyQ SXHGD
UHSHWLUVH \ TXH DSDUH]FDQ R VH DJUDYHQ ORV VtQWRPDV GH LQFRQWLQHQFLD DQDO 3RU HOOR
VXHOHQVROLFLWDUXQDUHFRPHQGDFLyQVREUHODIRUPDLGHDOGHWHUPLQDUHOSDUWRSDUDHYLWDU
HQ OD PHGLGD GH OR SRVLEOH HVWRV GRV SUREOHPDV (VWD UHFRPHQGDFLyQ ~QLFDPHQWH VH
SXHGH KDFHU FRQVLGHUDQGR OD PD\RU PRUELOLGDG H LQFOXVR PRUWDOLGDG DVRFLDGD D OD
FHViUHD

$OQRGLVSRQHUGHGDWRVVXILFLHQWHVTXHSHUPLWDQEDVDUODVUHFRPHQGDFLRQHVHQXQQLYHO
DOWRGHHYLGHQFLD\HQEDVHDORVSRFRVHVWXGLRVFRQVHJXLPLHQWRTXHSXHGHQDSRUWDUOX]
SDUDODWRPDGHHVWDGHFLVLyQSRGUtDPRVUHVXPLUTXHGHVSXpVGHXQGHVJDUURGHHUy
žJUDGRVLODPXMHUTXHGDJHVWDQWHVHKDQGHWHQHUHQFXHQWDORVVLJXLHQWHVSXQWRV

x 6L OD PXMHU HVWi DVLQWRPiWLFD \ PDQWLHQH OD FRQWLQHQFLD VH SXGH UHFRPHQGDU XQ
SDUWR YDJLQDO(OULHVJRGHUHSHWLURWUDOHVLyQGHHUyžJUDGR RVFLODGHO
/D LQFRQWLQHQFLD DQDO GHELGD DO HPEDUD]R QR VH PRGLILFD SRU OD UHDOL]DFLyQ GH XQD
FHViUHD (Q HO FDVR GH SHVRV IHWDOHV HVWLPDGRV VXSHULRUHV D  J HO ULHVJR GH
OHVLyQDXPHQWDGHODO

x 6L OD PXMHU SUHVHQWD LQFRQWLQHQFLD DQDO GHEHPRV LQIRUPDU D OD SDFLHQWH TXH HO
HPEDUD]RSXHGHDXPHQWDUODLQWHQVLGDGGHODVLQWRPDWRORJtD1RKD\ HYLGHQFLDTXH

394
6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3žGHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[
 OD YtD GH SDUWR LQIOX\D HQ OD HYROXFLyQ SRVWHULRU 6HUtD DFRQVHMDEOH GLIHULU OD FLUXJtD
VHFXQGDULD GHO HVItQWHU KDVWD HO ILQDO GHO GHVHR UHSURGXFWLYR VLHPSUH TXH QR DIHFWH
VX FDOLGDG GH YLGD /D GHFLVLyQ ILQDO GHEHUtD WRPDUOD OD PXMHU WUDV XQD LQIRUPDFLyQ
GHWDOODGD\GHDFXHUGRDVXVSUHIHUHQFLDV

x (QORVFDVRVHQTXHODJHVWDQWHKD\DSUHVHQWDGRXQDLQFRQWLQHQFLDDQDOSRVSDUWR\VH
KD\D UHDOL]DGR XQD FLUXJtD HQ XQ VHJXQGR WLHPSR FRQ p[LWR VH GHEH DFRQVHMDU OD
FHViUHD

%,%/,2*5$)Ë$ YHU OD UHYLVLyQ HIHFWXDGD SRU OD 6HFFLyQ GH 6XHOR 3pOYLFR H LQFOXLGD
GHQWURGHORVSURWRFRORVGHGLFKD6HFFLyQ

/RV3URWRFRORV$VLVWHQFLDOHVGHOD6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
SUHWHQGHQ FRQWULEXLU DO EXHQ TXHKDFHU SURIHVLRQDO GH WRGRV ORV JLQHFyORJRV
HVSHFLDOPHQWH ORV PiV DOHMDGRV GH ORV JUDQGHV KRVSLWDOHV \ FOtQLFDV
XQLYHUVLWDULDV 3UHVHQWDQ PpWRGRV \ WpFQLFDV GH DWHQFLyQ FOtQLFD DFHSWDGDV \
XWLOL]DGDV SRU HVSHFLDOLVWDV HQ FDGD WHPD (VWRV SURWRFRORV QR GHEHQ
LQWHUSUHWDUVHGHIRUPDUtJLGDQLH[FOX\HQWHVLQRTXHGHEHQVHUYLUGHJXtDSDUDOD
DWHQFLyQ LQGLYLGXDOL]DGD D ODV SDFLHQWHV 1R DJRWDQ WRGDV ODV SRVLELOLGDGHV QL
SUHWHQGHQ VXVWLWXLU D ORV SURWRFRORV \D H[LVWHQWHV HQ GHSDUWDPHQWRV \ VHUYLFLRV
KRVSLWDODULRV

&ODVLILFDFLyQGHODVUHFRPHQGDFLRQHV
HQIXQFLyQGHOQLYHOGHHYLGHQFLD 1( GLVSRQLEOH
/DHYLGHQFLDFLHQWtILFDSURFHGHDSDUWLUGHPHWDDQiOLVLVGHHQVD\RVFOtQLFRV
,D
FRQWURODGRV\DOHDWRUL]DGRV
/DHYLGHQFLDFLHQWtILFDSURFHGHGHDOPHQRVXQHQVD\RFOtQLFRFRQWURODGR\
,E
DOHDWRUL]DGR
/D HYLGHQFLD FLHQWtILFD SURFHGH GH DO PHQRV XQ HVWXGLR SURVSHFWLYR
,,D
FRQWURODGRELHQGLVHxDGR\VLQDOHDWRUL]DU
,, /D HYLGHQFLD FLHQWtILFD SURFHGH GH DO PHQRV XQ HVWXGLR FDVL H[SHULPHQWDO
E ELHQGLVHxDGR
/DHYLGHQFLDFLHQWtILFDSURFHGHGHHVWXGLRVGHVFULSWLYRVQRH[SHULPHQWDOHV
,,, ELHQ GLVHxDGRV FRPR HVWXGLRV FRPSDUDWLYRV GH FRUUHODFLyQ R GH FDVRV \
FRQWUROHV
/DHYLGHQFLDFLHQWtILFDSURFHGHGHGRFXPHQWRVXRSLQLRQHVGHH[SHUWRV\R
,9
H[SHULHQFLDVFOtQLFDVGHDXWRULGDGHVGHSUHVWLJLR

*UDGRVGHUHFRPHQGDFLyQ
([LVWH EXHQD HYLGHQFLD HQ EDVH D OD LQYHVWLJDFLyQ SDUD DSR\DU OD
$
UHFRPHQGDFLyQ 5HFRJHORVQLYHOHVGHHYLGHQFLDFLHQWtILFD,D\,E
([LVWH PRGHUDGD HYLGHQFLD HQ EDVH D OD LQYHVWLJDFLyQ SDUD DSR\DU OD
%
UHFRPHQGDFLyQ 5HFRJHORVQLYHOHVGHHYLGHQFLDFLHQWtILFD,,D,,E\,,,
/D UHFRPHQGDFLyQ VH EDVD HQ OD RSLQLyQ GH H[SHUWRV R HQ XQ SDQHO GH
&
FRQVHQVR 5HFRJHHOQLYHOGHHYLGHQFLD,9


395
6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD
3žGHOD+DEDQD%DMR  0DGULG(PDLOVHJR#VHJRHV_7HO_)D[