0DUNHWLQJ \ ODV QXHYDV WHFQRORJtDV GH

Anuncio
5,&$5'2$1'5$'('('Ë$=
0DUNHWLQJ\ODVQXHYDVWHFQRORJtDVGHLQIRUPDFLyQDSOLFDGDVHQORVQHJRFLRV
0DUNHWLQJ\ODVQXHYDVWHFQRORJtDVGHLQIRUPDFLyQDSOLFDGDV
HQORVQHJRFLRV
0DUNHWLQJDQGQHZLQIRUPDWLRQWHFKQRORJLHVDSSOLHGLQEXVLQHVV
5LFDUGR$QGUDGH'tD]
$UWtFXORUHFLELGRHQRFWXEUHGHDUWtFXORDFHSWDGRHQHQHURGH
&LWDFLyQ GHO DUWtFXOR $QGUDGH 5 0DUNHWLQJ \ ODV QXHYDV WHFQRORJtDV GH LQIRUPDFLyQ
DSOLFDGDVHQORVQHJRFLRV,'5HYLVWDGH,QYHVWLJDFLRQHV
5HVXPHQ
/DV 6RFLHGDGHV GH FRPHUFLDOL]DFLyQ
LQWHUQDFLRQDO &, GH &~FXWD WLHQHQ FRPR
SURSyVLWRIRPHQWDUODH[SRUWDFLyQUHJLRQDO6LQ
HPEDUJRODVHPSUHVDVPDQWLHQHQODWUDGLFLyQGH
YHQGHU SUHIHULEOHPHQWH DO PHUFDGR GH
9HQH]XHODHOFXDOVHHQFXHQWUDHQXQDSURIXQGD
FULVLVHFRQyPLFDSROtWLFD\VRFLDODIHFWDQGRHO
ÀXMR FRPHUFLDO ELQDFLRQDO TXH SURPXHYH OD
DFWLYLGDG HFRQyPLFD LQIRUPDO SRU OR FXDO HV
LPSHULRVD OD QHFHVLGDG GH LGHQWL¿FDU QXHYRV
VHJPHQWRV GH PHUFDGR HQ SDtVHV GLVWLQWRV DO
PHQFLRQDGR(OREMHWLYRGHOHVWXGLRHVSURSRQHU
ODLPSOHPHQWDFLyQGHHVWUDWHJLDVGH(PDUNHWLQJ
\(FRPPHUFHHQHOVHFWRUFRPHUFLRH[WHULRU/D
LQYHVWLJDFLyQ GLVHxDGD WLHQH XQ HQIRTXH
SRVLWLYLVWD GH WLSR GHVFULSWLYR VH DERUGy XQD
PXHVWUD GH &, PHGLDQWH HO PpWRGR
PXHVWUHR SUREDELOtVWLFR DOHDWRULR VLPSOH SDUD
SREODFLyQ¿QLWDFRQXQPDUJHQGHHUURUGH\
XQ QLYHO GH FRQ¿DQ]D GH 6H DSOLFy XQ
IRUPXODULR FRPSXHVWR SRU SUHJXQWDV \ XQD
HQWUHYLVWD HVWUXFWXUDGD D SDUWLU GHO GLVHxR GH
SHU¿OHV VHJ~Q OD YDULDEOH HVWXGLDGD *HUHQFLD
S U R G X F W R S O D ] D S U H F L R S U R P R F L y Q \
WHFQRORJtD 3RU OR DQWHULRU ¢&XiO VHUtD HO
LPSDFWR HQ ODV YHQWDV GH ODV &, GH &~FXWD
PHGLDQWH OD LPSOHPHQWDFLyQ GH HVWUDWHJLDV GH
PHUFDGHRGLJLWDOHQHOPHUFDGRJOREDO"
3DODEUDVFODYH0HUFDGHRGLJLWDO&RPHUFLR
HOHFWUyQLFR0DUNHWLQJ&RPHUFLRLQWHUQDFLRQDO
7HFQRORJtDVGHLQIRUPDFLyQ
$UWtFXORGHWLSRHVWXGLRHPStULFRWLSRGHHQIRTXHFXDQWLWDWLYRUHVXOWDGRGHXQSUR\HFWRGHLQYHVWLJDFLyQFXOPLQDGR
SHUWHQHFLHQWHDOiUHDGHJHUHQFLDGHHPSUHVDVVXEiUHDGHPHUFDGHRGHVDUUROODGRHQHOJUXSRGHLQYHVWLJDFLyQ&RQ¿QHV\
IXH¿QDQFLDGRSRUOD8QLYHUVLGDG1DFLRQDO([SHULPHQWDOGHO7iFKLUD81(7GHODFLXGDGGH6DQ&ULVWyEDO9HQH]XHOD
'LUHFFLyQ$YHQLGD8QLYHUVLGDG6HFWRU3DUDPLOOR6DQ&ULVWyEDO9HQH]XHOD3%;)HFKDGHLQLFLR
GH)HEUHURGHIHFKDGHWHUPLQDFLyQGH0D\RGH
$GPLQLVWUDGRUGH1HJRFLRV8QLYHUVLGDGGH6DQ%XHQDYHQWXUD0DJLVWHUHQ*HUHQFLDGH(PSUHVDVPHQFLyQ0HUFDGHR
8QLYHUVLGDG1DFLRQDO([SHULPHQWDOGHO7iFKLUD'RFHQWHLQYHVWLJDGRUGHOJUXSR&RQ¿QHV8QLYHUVLGDGGH6DQWDQGHU
8'(6GHODFLXGDGGH%XFDUDPDQJD&RORPELD'LUHFFLyQ&DPSXV8QLYHUVLWDULR/DJRVGHO&DFLTXH&DOOH1R
3%;&RUUHRHOHFWUyQLFRLQVWLWXFLRQDOULDQGUDGH#PDLOXGHVHGXFR
,'5HYLVWDGH,QYHVWLJDFLRQHV,661
9ROXPHQ1~PHUR-XOLR'LFLHPEUHGHSS
5,&$5'2$1'5$'('('Ë$=
0DUNHWLQJ\ODVQXHYDVWHFQRORJtDVGHLQIRUPDFLyQDSOLFDGDVHQORVQHJRFLRV
$EVWUDFW
,QWHUQDWLRQDO PDUNHWLQJ VRFLHWLHV &, RI
&XFXWD DUH LQWHQGHG WR SURPRWH UHJLRQDO
H[SRUWDWLRQ +RZHYHU FRPSDQLHV PDLQWDLQ WKH
WUDGLWLRQRIVHOOLQJSUHIHUDEO\WRWKH9HQH]XHODQ
PDUNHW ZKLFK LV LQ D GHHS HFRQRPLF SROLWLFDO
DQGVRFLDOFULVLVDIIHFWLQJELQDWLRQDOWUDGHÀRZ
SURPRWLQJ LQIRUPDO HFRQRPLF DFWLYLW\ VR LW LV
LPSHUDWLYHWRLGHQWLI\QHZPDUNHWVHJPHQWVLQ
GLIIHUHQW FRXQWULHV RWKHU WKDQ WKH DERYH
PHQWLRQHG7KHDLPRIWKHVWXG\LVWRSURSRVHWKH
LPSOHPHQWDWLRQRIGLJLWDOPDUNHWLQJVWUDWHJLHVLQ
WKHH[WHUQDOWUDGHVHFWRU7KHGHVLJQHGUHVHDUFK
KDVDSRVLWLYLVWDSSURDFKLQDGHVFULSWLYHZD\D
VDPSOHRI&,ZDVDGGUHVVHGWKURXJKWKH
SUREDELOLW\VDPSOLQJPHWKRGVLPSOHUDQGRPIRU
¿QLWHSRSXODWLRQZLWKDPDUJLQRIHUURURI
DQGDFRQ¿GHQFHOHYHORI$IRUPFRPSRVHG
E\ TXHVWLRQV ZDV DSSOLHG DQG D VWUXFWXUHG
LQWHUYLHZ DV ZHOO $FFRUGLQJ WR WKH SUR¿OHV
G H V L J Q G H S H Q G L Q J R Q W K H Y D U L D E O H V
0DQDJHPHQWSURGXFWSODFHSULFHSURPRWLRQ
DQGWHFKQRORJ\7KHUHIRUHZKDWZRXOGEHWKH
LPSDFW RQ VDOHV RI WKH &,CV LQ &XFXWD E\
LPSOHPHQWLQJ (PDUNHWLQJ DQG (FRPPHUFH
VWUDWHJLHVLQWKHJOREDOPDUNHW"
.H\ZRUGV'LJLWDO0DUNHWLQJ(&RPPHUFH
0DUNHWLQJ,QWHUQDWLRQDOWUDGH,QIRUPDWLRQDQG
FRPPXQLFDWLRQ7HFKQRORJLHV
,QWURGXFFLyQ
/DV HPSUHVDV GHO PXQLFLSLR GH &~FXWD VH
FDUDFWHUL]DQSRUODYRFDFLyQWUDGLFLRQDODFHQWUDU
VX DFWLYLGDG HFRQyPLFD HQ HO VHFWRU FRPHUFLR
(VWDDFWLYLGDGHVWiHQIRFDGDKDFLDHOLQWHUFDPELR
FRPHUFLDO FRQ 9HQH]XHOD VLWXDFLyQ TXH VH
SUHVHQWD GHELGR D OD SRVLFLyQ JHRJUi¿FD GH
IURQWHUDORTXHSHUPLWHUHDOL]DUXQLQWHUFDPELR
FRPHUFLDO QDWXUDO FRQ HO SULQFLSDO VRFLR
HFRQyPLFR GHVGH KDFH GpFDGDV $ WUDYpV GH OD
LQYHVWLJDFLyQVHREVHUYy\DQDOL]yODVLWXDFLyQ
GHO LQWHUFDPELR ELQDFLRQDO SRU OR FXDO FDEH
GHVWDFDU TXH OD DFFLyQ GH PDUNHWLQJ OD FXDO
³FRQVLVWHHQXQSURFHVRDGPLQLVWUDWLYR\VRFLDO
JUDFLDVDOFXDOGHWHUPLQDGRVJUXSRVRLQGLYLGXRV
REWLHQHQORTXHQHFHVLWDQRGHVHDQDWUDYpVGHO
LQWHUFDPELRGHSURGXFWRVRVHUYLFLRV .RWOHU\
$UPVWURQJ FDUHFH GH XQ SURFHVR GH
JHVWLyQ RUJDQL]DGR \ IRUPDO SDUD GDU
FXPSOLPLHQWRDORVREMHWLYRVGHODRUJDQL]DFLyQ
6WDQWRQ(W]HO\:DONHUODVDFWLYLGDGHV
GHPHUFDGHRXVDGDVSRUODV&,VHUHVXPHHQHO
HVWDEOHFLPLHQWR GH XQ FDQDO GH GLVWULEXFLyQ
HOHPHQWDORULHQWDGRHQSUiFWLFDVWUDGLFLRQDOHV
\D TXH VH IXQGDPHQWD HQ OD LGHQWL¿FDFLyQ GH
HPSUHVDVHQ9HQH]XHOD\ORVHPSUHVDULRVWRPDQ
OD GHFLVLyQ GH UHDOL]DU YLDMHV GH QHJRFLR GH
PDQHUDItVLFDORFXDOHYLGHQFLDYDULRVIDFWRUHV
TXHOLPLWDQVXDOFDQFHFRPRORVDOWRVJDVWRVTXH
LPSOLFDQHOGHVDUUROORGHGLFKDVDFWLYLGDGHVORV
FRQWDFWRVFRQORVFRPSUDGRUHVSRWHQFLDOHVTXH
VHORJUDHVWDEOHFHUVRQGH¿FLHQWHVHQWpUPLQRV
GHDPSOLWXGHLPSDFWRIDFWRUHVFRPRHOWLHPSR
GDQFRPRUHVXOWDGRHVWUDWHJLDVSRFRHIHFWLYDV\
HOLQFXPSOLPLHQWRGHORVREMHWLYRVSURSXHVWRV
(Q FRQVHFXHQFLD \ GHELGR D TXH HO ÀXMR
FRPHUFLDOELODWHUDOVHHQFXHQWUDFRQVWDQWHPHQWH
DIHFWDGR SRU ODV SROtWLFDV FRPHUFLDOHV
LPSOHPHQWDGDV SRU SDUWH GHO JRELHUQR GH
9HQH]XHOD ODV FXDOHV VRQ VXVWHQWDGDV SRU
GLVFXUVRVSROtWLFRVDOLPHQWDGRVFRQVHQWLPLHQWRV
VRFLDOLVWDV \ HFRQyPLFRV XQLODWHUDOHV HQ
FRPSOHMDV GLVSXWDV \ GHVDFXHUGRV LQWHUQRV GH
,'5HYLVWDGH,QYHVWLJDFLRQHV,661
9ROXPHQ1~PHUR-XOLR'LFLHPEUHGHSS
5,&$5'2$1'5$'('('Ë$=
0DUNHWLQJ\ODVQXHYDVWHFQRORJtDVGHLQIRUPDFLyQDSOLFDGDVHQORVQHJRFLRV
HVWH SDtV VHJ~Q HO DUWtFXOR GH OD UHYLVWD GH OD
%%&GRQGHVHKDFHUHIHUHQFLDDOHIHFWRGHODV
UHODFLRQHVSROtWLFDV\VRFLDOHVVREUHHOLPSDFWR
GHODVUHODFLRQHVFRPHUFLDOHVHQWUH&RORPELD\
9HQH]XHODTXHHQFRQVHFXHQFLDKDJHQHUDGRHQ
ORV HPSUHVDULRV OD LPSHULRVD QHFHVLGDG GH
LGHQWL¿FDU QXHYRV QLFKRV GH PHUFDGR GRQGH
YHQGHUODSURGXFFLyQUHJLRQDO\QDFLRQDOFRPR
OR UDWL¿FD SRUWDIROLRFR D WUDYpV GH OD
VHJPHQWDFLyQ GHO PHUFDGR GH¿QLGD FRPR HO
SURFHGLPLHQWRGHGLYLGLUXQPHUFDGRHQGLVWLQWRV
VXEFRQMXQWRV GH FRQVXPLGRUHV TXH WLHQHQ
QHFHVLGDGHV R FDUDFWHUtVWLFDV FRPXQHV««
6KLIIPDQ \ .DQXN \ HIHFWLYDV
HVWUDWHJLDVGHFRPXQLFDFLyQGHPDUNHWLQJTXH
LQFOX\HDODSXEOLFLGDGSHURWDPELpQXQDVHULHGH
WpFQLFDV GH FRPXQLFDFLyQ UHODFLRQDGDV TXH VH
XWLOL]DQ HQ PDUNHWLQJ FRPR SURPRFLyQ GH
YHQWDV UHODFLRQHV S~EOLFDV UHVSXHVWD GLUHFWD
HYHQWRV\SDWURFLQLRHPSDTXH\YHQWDSHUVRQDO
:HOOV 0RULDUW\ \ %XUQHWW \ HO (
PDUNHWLQJ TXH WLHQH FRPR REMHWLYR OD
LQFRUSRUDFLyQ\XVRGHORVVLVWHPDV\WHFQRORJtDV
GH OD LQIRUPDFLyQ D OD SUiFWLFD GHO PDUNHWLQJ
0DUWt
$Vt PLVPR OD SODQL¿FDFLyQ GH PDUNHWLQJ
HQWHQGLGD FRPR HO SURFHVR HVWUXFWXUDGR GH
LQYHVWLJDFLyQ \ DQiOLVLV GH OD VLWXDFLyQ GH
PDUNHWLQJHOSODQWHDPLHQWR\MXVWL¿FDFLyQGHORV
REMHWLYRVGHPDUNHWLQJHVWUDWHJLDV\SURJUDPDV
\ODSXHVWDHQPDUFKDHYDOXDFLyQ\FRQWUROGHODV
DFWLYLGDGHVQHFHVDULDVSDUDORJUDUORVREMHWLYRV
:RRG VH UHTXLHUH HQWRQFHV YLVXDOL]DU
HVFHQDULRV HPSUHVDULDOHV RULHQWDGRV KDFLD OD
Q X H Y D H F R Q R P t D O D G L J L W D O L ] D F L y Q G H
LQIRUPDFLyQ\HQODUHVSHFWLYDLQIUDHVWUXFWXUDGH
ODV 7,& =\VPDQ \ :HEHU PHGLDQWH HO
GLVHxRHLPSOHPHQWDFLyQGHPRGHORVGHQHJRFLR
VRSRUWDGRV HQ LQWHUQHW < HQ HVH VHQWLGR ³/D
HFRQRPtDGLJLWDOHVHOQXHYRHQWRUQRHFRQyPLFR
HQHOTXHSUHGRPLQDHOXVRGHODVWHFQRORJtDVGH
OD LQIRUPDFLyQ \ OD FRPXQLFDFLyQ SDUD KDFHU
WUDQVDFFLRQHV GH QHJRFLRV HQWUH ORV DJHQWHV
HFRQyPLFRV´'XDUWH
(Q HVH VHQWLGR OD ZHE PDUFD ORV
SULQFLSLRVSDUDFUHDUXQDEDVHGHFRQRFLPLHQWRH
LQIRUPDFLyQVHPiQWLFD\FXDOLWDWLYD6HSUHWHQGH
FRQ HOOR DOPDFHQDU ODV SUHIHUHQFLDV GH ORV
XVXDULRV+HUQiQGH]\.VWHU
(Q HVWH RUGHQ GH LGHDV HO FRPHUFLR
HOHFWUyQLFR VH UH¿HUH D ORV LQWHUFDPELRV
PHGLDGRVSRUODWHFQRORJtDHQWUHGLYHUVDVSDUWHV
LQGLYLGXRVRUJDQL]DFLRQHVRDPERVDVtFRPR
ODV DFWLYLGDGHV HOHFWUyQLFDV GHQWUR \ HQWUH
RUJDQL]DFLRQHV TXH IDFLOLWDQ HVRV LQWHUFDPELRV
5D\SRUW \ -DZRUVN\ SRU OR FXDO HV
VLJQL¿FDWLYR H[SORUDU FyPR ORV PRGHORV GH
WUDQVDFFLRQHV GH FRPSUD \ YHQWD HVWiQ
FDPELDQGR \ FyPR ORV LQJUHVRV UHVXOWDQ
DIHFWDGRV DVt HO (FRPPHUFH HV SRU WDQWR XQD
I R U P D G H Y H Q W D H Q O D T X H Q R H [ L V W H
HVWDEOHFLPLHQWRItVLFRQLFRQWDFWRGLUHFWRHQWUH
YHQGHGRU \ FRPSUDGRU &UX] GH HVWD
PDQHUDVHORJUDUiGLVHxDUDGHFXDGDVHVWUDWHJLDV
GH PHUFDGHR \ DFFLRQHV GH (PDUNHWLQJ \
SXEOLFLGDG LQWHUDFWLYD GH¿QLGD FRPR WRGD
DFFLyQ SXEOLFLWDULD GHVDUUROODGD HQ PHGLRV
LQWHUDFWLYRV0DUWt
(Q WDO VHQWLGR GHWHUPLQDU ¢&XiO VHUtD HO
LPSDFWR HQ ODV YHQWDV GH ODV &, GH &~FXWD
PHGLDQWHODLPSOHPHQWDFLyQGHHVWUDWHJLDVGH(
PDUNHWLQJ"FRUUHVSRQGHDODSUHJXQWDFHQWUDOGH
OD LQYHVWLJDFLyQ OD FXDO D WUDYpV GH OD
HODERUDFLyQ GH OD SURSXHVWD GH LQYHVWLJDFLyQ
,'5HYLVWDGH,QYHVWLJDFLRQHV,661
9ROXPHQ1~PHUR-XOLR'LFLHPEUHGHSS
5,&$5'2$1'5$'('('Ë$=
0DUNHWLQJ\ODVQXHYDVWHFQRORJtDVGHLQIRUPDFLyQDSOLFDGDVHQORVQHJRFLRV
SHUPLWLUiHVWDEOHFHUHVFHQDULRVGHFRPXQLFDFLyQ
HIHFWLYD SDUD ODV GLIHUHQWHV HVWUDWHJLDV GH
PHUFDGHR\DVtORJUDUFRQWULEXLUFRQHOGHVDUUROOR
HFRQyPLFRUHJLRQDO
3RU OR DQWHULRU HO HVWXGLR VH UHDOL]y FRQ XQ
HQIRTXH FXDQWLWDWLYR GH WLSR H[SORUDWRULR \
GHVFULSWLYRODPXHVWUDXWLOL]DGDIXHGH&,
VHOHFFLRQDGDVGHIRUPDDOHDWRULDFRQXQPDUJHQ
GHHUURUGH\XQQLYHOGHFRQ¿DQ]DGHHQ
WDO VHQWLGR VH GLVHxy HO IRUPXODULR FRPSXHVWR
SRU SUHJXQWDV HQWUHJDGRV D ORV *HUHQWHV R
UHSUHVHQWDQWHV HQ FDGD &, \ XQD HQWUHYLVWD
HVWUXFWXUDGDFHUUDGDDSOLFDGDDXQIXQFLRQDULR
GH 352&2/20%,$ ORV LQVWUXPHQWRV IXHURQ
FRQVWUXLGRV D SDUWLU GHO GLVHxR GH VHLV SHU¿OHV
JHUHQFLDSURGXFWRSUHFLRSOD]DSURPRFLyQ\
WHFQRORJtD7,&V
0pWRGR
7LSRGHHVWXGLR
(O WLSR GH HVWXGLR XWLOL]DGR HV QR
H[SHULPHQWDO FRQ XQ GLVHxR GH LQYHVWLJDFLyQ
GHVFULSWLYR \ WUDQVYHUVDO EDMR XQ HQIRTXH
SRVLWLYLVWD /DV YDULDEOHV HVWXGLDGDV KDFHQ
UHIHUHQFLDDODJHUHQFLDODPH]FODGHPHUFDGHR
SURGXFWR SUHFLR SOD]D \ SURPRFLyQ OD
WHFQRORJtDGHLQIRUPDFLyQ\FRPXQLFDFLRQHVHQ
UHODFLyQFRQORVREMHWLYRVHVSHFt¿FRVSODQWHDGRV
HQHOHVWXGLR
3DUWLFLSDQWHV
(OGLVHxRGHODPXHVWUDLPSOHPHQWDGRHQOD
LQYHVWLJDFLyQHVSUREDELOtVWLFRDOHDWRULRVLPSOH
SDUDSREODFLyQ¿QLWDWRPDGRGHODEDVHGHGDWRV
HPLWLGDSRUOD&iPDUDGH&RPHUFLRGH&~FXWD
HQODFXDOVHOLVWDQODV&,OHJDOPHQWHFRQVWLWXLGDV
\FRQUHQRYDFLyQGHOUHJLVWURPHUFDQWLOSDUDHO
DxR HQ FRQVHFXHQFLD HO WDPDxR GH OD
PXHVWUD HTXLYDOH D Q &, XELFDGDV HQ OD
F L X G D G G H 6 D Q - R V p G H & ~ F X W D H Q H O
GHSDUWDPHQWR GH 1RUWH GH 6DQWDQGHU HVWDV
HPSUHVDV VH FDUDFWHUL]DQ GHEHQ HQ HVHQFLD
IRPHQWDU ODV H[SRUWDFLRQHV GH SURGXFWRV GH
RULJHQHQQDFLRQDO\SRVWHULRUPHQWHLGHQWL¿FDU\
VHOHFFLRQDU QXHYRV QLFKRV GH PHUFDGR SDUD
FRPHUFLDOL]DU ORV SURGXFWRV HQ XQ FRQWH[WR
JOREDO/RDQWHULRUFRUUHVSRQGHFRQODVSROtWLFDV
GHLQFHQWLYRVODVH[SRUWDFLRQHVUHDOL]DGRSRUHO
*RELHUQRGH&RORPELDSDUDTXHGHHVWDPDQHUD
ORVSURGXFWRUHVORFDOHVUHJLRQDOHV\QDFLRQDOHV
FRQFHQWUHQ VX DFWLYLGDG D OD SURGXFFLyQ
PLHQWUDVTXHODFRPHUFLDOL]DFLyQVHGHOHJXHGH
IRUPDHVWUDWpJLFDDODVRUJDQL]DFLRQHVREMHWRGH
HVWXGLR 2WUD FDUDFWHUtVWLFD GHPRJUi¿FD GH ODV
&,HVWXGLDGDVHVTXHVRQPLFURHPSUHVDVHQWUH
\HPSOHDGRVFRQXQDOWRJUDGRGHFRQWUROGH
ODV RSHUDFLRQHV FRPHUFLDOHV \ DGPLQLVWUDWLYDV
SRU SDUWH GHO 'HSDUWDPHQWR GH ,PSXHVWRV \
$GXDQDV1DFLRQDOHV',$1
0DWHULDOHVHLQVWUXPHQWRV
(QWUH ORV PDWHULDOHV XWLOL]DGRV HQ OD
LQYHVWLJDFLyQ OD UHFRSLODFLyQ GH ORV GDWRV VH
REWXYRDSDUWLUGHGRVLQVWUXPHQWRVHQHOPRGHOR
GH HQFXHVWD HO SULPHUR XQ IRUPXODULR
FRPSXHVWRSRUFXDUHQWD\FLQFRSUHJXQWDV
HQWUH GHPRJUi¿FDV GLFRWyPLFDV DELHUWDV \
FHUUDGDVLQFOX\HQGRHOPpWRGRGHHYDOXDFLRQHV
VXPDULDVRHVFDODGH/LNHUWSDUDHVSHFL¿FDUHO
QLYHOGHDFXHUGRRGHVDFXHUGRGHORVHQFXHVWDGRV
D SDUWLU OD XQD GHFODUDFLyQ HQ FDGD SUHJXQWD
GLFKRIRUPXODULRVHGLVHxyDSDUWLUGHXQFXDGUR
GH HVWUXFWXUDFLyQ \ VLVWHPDWL]DFLyQ GH ODV
YDULDEOHVGHOHVWXGLR(QHVWHVHQWLGRHOVHJXQGR
LQVWUXPHQWR XWLOL]DGR FRUUHVSRQGH D XQD
,'5HYLVWDGH,QYHVWLJDFLRQHV,661
9ROXPHQ1~PHUR-XOLR'LFLHPEUHGHSS
5,&$5'2$1'5$'('('Ë$=
0DUNHWLQJ\ODVQXHYDVWHFQRORJtDVGHLQIRUPDFLyQDSOLFDGDVHQORVQHJRFLRV
HQWUHYLVWDHVWUXFWXUDGD\FHUUDGDFRQVWLWXLGDSRU
GRFHSUHJXQWDVDSOLFDGDDXQDIXQFLRQDULD
F R Q F D UJ R G L U H F W L Y R G H O D , Q V W L W X F L y Q
352&2/20%,$
(QFXHVWD
(ODQiOLVLVGHODVYDULDEOHVVHUHDOL]yDSDUWLU
GHODHODERUDFLyQGHODHVWUXFWXUD GLVHxDGDSRU
ODVGLPHQVLRQHVVHJ~QHOSHU¿OGHODJHVWLyQGHO
SURFHVRDGPLQLVWUDWLYRHOFXDOVHGH¿QHFRPRHO
SURFHVR GH SODQL¿FDU RUJDQL]DU GLULJLU \
FRQWURODU DFWLYLGDGHV GH ORV PLHPEURV GH OD
RUJDQL]DFLyQ \ HO HPSOHR GH WRGRV ORV GHPiV
UHFXUVRV RUJDQL]DFLRQDOHV FRQ HO SURSyVLWR GH
DOFDQ]DU ODV PHWDV HVWDEOHFLGDV SRU OD
RUJDQL]DFLyQ6WRQHU)UHHPDQ\*LOEHUW\
ODVIXQFLRQHVGHODPH]FODGHPHUFDGHRGHVFULWDV
FRPR ODV FXDWUR YDULDEOHV TXH XQD FRPSDxtD
SXHGH FRQWURODUSDUD VDWLVIDFHUODV QHFHVLGDGHV
GH XQ JUXSR REMHWLYR GHO PHUFDGR SURGXFWR
SOD]D SUHFLR \ SURPRFLyQ VHJ~Q 0F&DUWK\
\ W H F Q R O R J t D G H L Q I R U P D F L y Q \
FRPXQLFDFLRQHVFRPRVHHVWDEOHFHHQODWDEOD
7DEOD(VWUXFWXUDGHGLPHQVLyQGHODVYDULDEOHVGHJHVWLyQDGPLQLVWUDWLYDGHPHUFDGHRGHODV&,
(6758&785$'(',0(16,21'(/$69$5,$%/(6'(*(67,Ï1$'0,1,675$7,9$'(
0(5&$'(2'(/$&,'(&Ò&87$
9$5,$%/(
,167580(172
',0(16,Ï1
'(,19(67,*$&,Ï1
3(5),/'(*(67,Ï1
$'0,1,675$7,9$
*(5(1&,$
, Q V W U X P H Q W R G H *HVWLyQ$GPLQLVWUDWLYD
L Q Y H V W L J D F L y Q 6 R F L H G D G H V G H
& R P H U F L D O L ] D F L y Q
,QWHUQDFLRQDO&,
3 O D Q H D F L y Q
HVWUDWpJLFD
( V W U X F W X U D
RUJDQL]DFLRQDO
0 R G H O R G H
&RPXQLFDFLyQ
) L O R V R I t D G H O D
JHUHQFLD
$FWLYLGDGHFRQyPLFD
7 D P D x R G H O D
HPSUHVD
*HVWLyQGHPDUNHWLQJ
7DOHQWR+XPDQR
352'8&72
, Q V W U X P H Q W R G H *HVWLyQ GH 0DUNHWLQJ
L Q Y H V W L J D F L y Q (VWUDWpJLFR
6 R F L H G D G H V G H
& R P H U F L D O L ] D F L y Q
,QWHUQDFLRQDO&,
3URGXFWR
0DUFD
6HUYLFLR
9HQWDV
,'5HYLVWDGH,QYHVWLJDFLRQHV,661
9ROXPHQ1~PHUR-XOLR'LFLHPEUHGHSS
5,&$5'2$1'5$'('('Ë$=
0DUNHWLQJ\ODVQXHYDVWHFQRORJtDVGHLQIRUPDFLyQDSOLFDGDVHQORVQHJRFLRV
9$5,$%/(
,167580(172
',0(16,Ï1
'(,19(67,*$&,Ï1
3(5),/'(*(67,Ï1
$'0,1,675$7,9$
3 5 2 0 2 & , Ï 1 1 L Q V W U X P H Q W R G H *HVWLyQ GH 0DUNHWLQJ 7 p F Q L F D V G H
&2081,&$&,Ï
L Q Y H V W L J D F L y Q (VWUDWpJLFR
3URPRFLyQ
6 R F L H G D G H V G H
3XEOLFLGDG
& R P H U F L D O L ] D F L y Q
,QWHUQDFLRQDO&,
35(&,2
, Q V W U X P H Q W R G H *HVWLyQ GH 0DUNHWLQJ (VWDEOHFLPLHQWR GHO
L Q Y H V W L J D F L y Q (VWUDWpJLFR
SUHFLR
6 R F L H G D G H V G H
& R P H U F L D O L ] D F L y Q
,QWHUQDFLRQDO&,
3/$=$',675,%8&, , Q V W U X P H Q W R G H *HVWLyQ GH 0DUNHWLQJ 0HUFDGR
Ï1
L Q Y H V W L J D F L y Q (VWUDWpJLFR
6 H J P H Q W R V G H O
6 R F L H G D G H V G H
PHUFDGR
& R P H U F L D O L ] D F L y Q
7DUJHW
,QWHUQDFLRQDO&,
7(&12/2*Ë$7,&
V , Q V W U X P H Q W R G H 6RIWZDUH
&,,167580(172 L Q Y H V W L J D F L y Q +DUGZDUH
6 R F L H G D G H V G H
,QWHUQHW
& R P H U F L D O L ] D F L y Q
,QWHUQDFLRQDO&,
7 U D Q V I H U H Q F L D
HOHFWUyQLFD
3DJRHOHFWUyQLFR
6 R I W Z D U H
HVSHFLDOL]DGR
,QWHUQHW
,QWUDQHW
([WUDQHW
+DUGZDUH(TXLSRV
6LWLR ZHE FRPHUFLDO
7LHQGDYLUWXDO
(EXVLQHV
&RPHUFLRHOHFWUyQLFR
(PDUNHWLQJ
7(&12/2*Ë$7,&
V , Q V W U X P H Q W R G H )RPHQWR
3 5 2 ( ; 3 2 5 7 L Q Y H V W L J D F L y Q ( Q W U H Y L V W D
352(;3257
&RPHUFLRHOHFWUyQLFR
(EXVLQHVV
(PDUNHWLQJ
, Q Y H V W L J D F L y Q G H
PHUFDGRV
,'5HYLVWDGH,QYHVWLJDFLRQHV,661
9ROXPHQ1~PHUR-XOLR'LFLHPEUHGHSS
5,&$5'2$1'5$'('('Ë$=
0DUNHWLQJ\ODVQXHYDVWHFQRORJtDVGHLQIRUPDFLyQDSOLFDGDVHQORVQHJRFLRV
9$5,$%/(
,167580(172
',0(16,Ï1
'(,19(67,*$&,Ï1
3(5),/'(*(67,Ï1
$'0,1,675$7,9$
, Q W H U D F F L y Q 5 H O D F L y Q \
3URH[SRUW&,
F R P X Q L F D F L y Q
3URH[SRUW&,
&DSDFLWDFLyQ
&RPHUFLRHOHFWUyQLFR
(EXVLQHVV
(PDUNHWLQJ
, Q Y H V W L J D F L y Q G H
PHUFDGRV
&RPHUFLRHOHFWUyQLFR
(EXVLQHVV
(PDUNHWLQJ
, Q Y H V W L J D F L y Q G H
P H U F D G R V
)XHQWH(ODERUDFLyQSURSLD
2EVHUYDFLyQQDWXUDO
$ WUDYpV GH YLVLWDV GH FDPSR VH UHDOL]y HO
UHFRQRFLPLHQWR GH ODV LQVWDODFLRQHV GH ODV &,
XELFDGDVHQODFLXGDGGH6DQ-RVpGH&~FXWDFRQ
HO¿QGHFRQRFHUODLQIUDHVWUXFWXUDHQODFXDOVH
GHVDUUROOD OD DFWLYLGDGHV FRPHUFLDO GH ODV
HPSUHVDVREMHWRGHOHVWXGLRGHHVWDPDQHUDHO
LQYHVWLJDGRUWXYRODRSRUWXQLGDGGHLQWHUDFWXDU
GHPDQHUDLQIRUPDOFRQORVGLUHFWLYRV\JHUHQWHV
HQFDUJDGRV GH OD DGPLQLVWUDFLyQ GH FDGD
QHJRFLR\SHUPLWLyHVWDEOHFHUODVUXWDVSDUDOD
DSOLFDFLyQ GHO LQVWUXPHQWR GLULJLGR D ODV
HPSUHVDVHQFXHVWDGDV
3URFHGLPLHQWR
(OHVWXGLRORJUyLGHQWL¿FDUODVFDUDFWHUtVWLFDV
GH ODV 6RFLHGDGHV GH &RPHUFLDOL]DFLyQ
,QWHUQDFLRQDOGH&~FXWD1RUWHGH6DQWDQGHUHQ
UHODFLyQFRQVXVRSHUDFLRQHVFRPHUFLDOHVIUHQWH
DOXVR\DSOLFDFLyQGHHVWUDWHJLDVGHPHUFDGHR
GH¿QLGDVFRPRSODQHVTXHHVSHFL¿FDQHOLPSDFWR
TXHXQDFRPSDxtDHVSHUDDOFDQ]DUHQFXDQWRDOD
GHPDQGDGHXQSURGXFWRRXQDOtQHDGHSURGXFWR
GHQWUR GH XQ GHWHUPLQDGR PHUFDGR REMHWLYR
*XLOWLQDQ3DXO\0DGGHQ VRSRUWDGDV
HQ SODWDIRUPDV WHFQROyJLFDV LQWHUQHW \ OD ZHE
DVt FRPR WDPELpQ DFWLYLGDGHV GH (
0DUNHWLQJ \ OD XWLOL]DFLyQ GHO PRGHOR GH
FRPHUFLRHOHFWUyQLFRHOFXDOUH~QHDYHQGHGRUHV
\FRPSUDGRUHVHQXQHVSDFLRYLUWXDOGHIRUPD
TXH\DQRKD\HQFXHQWURHQODVWLHQGDVQLHQODV
YLWULQDV /DV SiJLQDV GH DPD]RQFRP \
PHUFDGROLEUHFRPVRQSUXHEDVGHODUHQWDELOLGDG
GH HVWH PRGHOR GH QHJRFLRV HQ HVH VHQWLGR
PHGLDQWHHOGLVHxR\DSOLFDFLyQGHODHQWUHYLVWD
GLULJLGDDXQIXQFLRQDULRGH352&2/20%,$
IXHSRVLEOHDQDOL]DUHOWLSRGHIRUPDFLyQDSR\R
ORJtVWLFR \ DVHVRUtDV WpFQLFDV TXH SUHVWD OD
,QVWLWXFLyQ D ODV &, SDUD IRPHQWDU ORV
FRQRFLPLHQWRV\HOXVRGHLQWHUQHW\DSOLFDFLRQHV
GHPHUFDGHRGLJLWDO
,'5HYLVWDGH,QYHVWLJDFLRQHV,661
9ROXPHQ1~PHUR-XOLR'LFLHPEUHGHSS
5,&$5'2$1'5$'('('Ë$=
0DUNHWLQJ\ODVQXHYDVWHFQRORJtDVGHLQIRUPDFLyQDSOLFDGDVHQORVQHJRFLRV
5HVXOWDGRV
6HJ~QORVUHVXOWDGRVREWHQLGRVSDUDHOSHU¿O
JHUHQFLD HO GH ODV &, HQFXHVWDGDV OD
PLVLyQHVWiGH¿QLGDFRQXQDRULHQWDFLyQKDFLDOD
H[SRUWDFLyQ H LPSRUWDFLyQ GH SURGXFWRV \
VHUYLFLRV SRU HO FRQWUDULR FDEH QRWDU TXH OD
YLVLyQ HPSUHVDULDO GH HVWDV RUJDQL]DFLRQHV HV
PtQLPDGHVGHHOSXQWRGHYLVWDIRUPDOORFXDO
VLJQL¿FDODDXVHQFLDGHXQSURFHVRGHSODQHDFLyQ
HVWUXFWXUDGR \ IRUPDOPHQWH FRQVWLWXLGR
VLWXDFLyQ TXH UDWL¿FD OD HVFDVD JHVWLyQ
DGPLQLVWUDWLYDSRUSDUWHGHORVHPSUHVDULRVGHO
VHFWRU OR FXDO HV FRQJUXHQWH FRQ HO SUREOHPD
SODQWHDGRGDGRTXHODDFWXDOFULVLVHFRQyPLFD
GHO VHFWRU DIHFWD GH PDQHUD GLUHFWD OD
SURGXFWLYLGDGGHODUHJLyQ7RPDQGRHQFXHQWD
TXH WUDGLFLRQDOPHQWH ODV YHQWDV VH KDQ YHQLGR
UHDOL]DQGRDOPHUFDGRGH9HQH]XHOD\TXHHQHVWH
PRPHQWRHOLQWHUFDPELRFRPHUFLDOHQWUHORVGRV
SDtVHV VH HQFXHQWUD HQ XQD GLVPLQXFLyQ
DFHOHUDGDORVHPSUHVDULRVQRHVWiQSUHSDUDGRV
SDUD GLULJLU VXV HVIXHU]RV FRPHUFLDOHV KDFLD
QXHYRVQLFKRVGHPHUFDGRHQGLVWLQWDSRVLFLyQ
JHRJUi¿FDFRPRVHPXHVWUDHQHOJUi¿FR
*Ui¿FR3HU¿OJHUHQFLD
)XHQWH(ODERUDFLyQSURSLD
(QHVHVHQWLGRVHSUHJXQWyDODV&,HVWXGLDGDV
SRU OD DFWLYLGDG HFRQyPLFD GH OD HPSUHVD HO
FRQWHVWyH[SRUWDFLyQHOUHDOL]DQ
DFWLYLGDGHVGHLPSRUWDFLyQ\H[SRUWDFLyQ
/RVUHVXOWDGRVREWHQLGRVHQHOSHU¿O3URGXFWR
UHYHODQTXHHOGHELHQHVFRPHUFLDOL]DGRV
SRUODV&,FRUUHVSRQGHQDGLIHUHQWHVPDUFDVOD
R S H U D F L y Q F R P H U F L D O F D U H F H G H X Q D
HVSHFLDOL]DFLyQGHFDWHJRUtDVVLHQGRORVWH[WLOHV
\FRQIHFFLyQORVPiVGLQiPLFRVFRQXQ
HO PDQL¿HVWDQ UHDOL]DU DFWLYLGDGHV GH
SRVWYHQWDDWUDYpVGHFRUUHRHOHFWUyQLFRDXQTXH
HO QLYHO GH YHQWDV D WUDYpV GH LQWHUQHW SDUD HO
HVPtQLPR
,'5HYLVWDGH,QYHVWLJDFLRQHV,661
9ROXPHQ1~PHUR-XOLR'LFLHPEUHGHSS
5,&$5'2$1'5$'('('Ë$=
0DUNHWLQJ\ODVQXHYDVWHFQRORJtDVGHLQIRUPDFLyQDSOLFDGDVHQORVQHJRFLRV
*Ui¿FR3HU¿OSURGXFWR
)XHQWH(ODERUDFLyQSURSLD
6HLGHQWL¿FyXQDDOWDGLVSHUVLyQHQORVSURGXFWRV
FRPHUFLDOL]DGRVKDFLD9HQH]XHODSRUSDUWHGHODV
&,VLHQGRORVGHPD\RUSDUWLFLSDFLyQORVWH[WLOHV
\ FRQIHFFLyQ FRQ HO DOLPHQWRV HO
ODDUFLOODHOPLQHUtDPDTXLQDULD
\HTXLSRV\WHFQRORJtDFRQXQ
(QORUHIHUHQWHDOSHU¿OSURPRFLyQHOGH
ODV &, UHDOL]DQ DOJ~Q WLSR GH LQYHUVLyQ
SXEOLFLWDULDDWUDYpVGHPHGLRVGLJLWDOHVTXHQR
VyORWUDQVIRUPDUDGLFDOPHQWHFRQFHSWRVFOiVLFRV
FRPRHOGHFDPSDxDRIRUPDWRSXEOLFLWDULRVLQR
TXHWUDQVIRUPDVLJQL¿FDWLYDPHQWHHOSURSLRURO
GHOUHFHSWRUGHORVPHQVDMHVSXEOLFLWDULRV0DUWt
VLQHPEDUJRHOGHODVHPSUHVDV
QXQFDKDQHVWDEOHFLGRDOJ~QWLSRGHWpFQLFDGH
SURPRFLyQPHGLDQWHPHGLRVGLJLWDOHVORFXDOVH
SXHGH FRQ¿UPDU GDGR TXH HO GH ORV
HQFXHVWDGRV PDQL¿HVWD TXH QXQFD KDQ
LPSOHPHQWDGR GHVFXHQWRV HQ ORV SURGXFWRV D
WUDYpVGHPHGLRVGLJLWDOHV
*Ui¿FR3HU¿OSURPRFLyQ
)XHQWH(ODERUDFLyQSURSLD
,'5HYLVWDGH,QYHVWLJDFLRQHV,661
9ROXPHQ1~PHUR-XOLR'LFLHPEUHGHSS
5,&$5'2$1'5$'('('Ë$=
0DUNHWLQJ\ODVQXHYDVWHFQRORJtDVGHLQIRUPDFLyQDSOLFDGDVHQORVQHJRFLRV
(QHOJUi¿FRVHSXHGHREVHUYDUORVKDOOD]JRV
HQFRQWUDGRV HQ HO SHU¿O SOD]D \ SUHFLR ORV
UHVXOWDGRVPiVUHSUHVHQWDWLYRVKDFHQUHIHUHQFLD
D OD WpFQLFD PHGLDQWH OD FXDO ODV HPSUHVDV
HVWDEOHFHQORVSUHFLRVGHYHQWDHQHVHVHQWLGRHO
ORKDFHQDSDUWLUGHFRPSDUDFLRQHVGH
SUHFLRV GH OD FRPSHWHQFLD HQ HO PHUFDGR DVt
WDPELpQ OD ORJtVWLFD GH GLVWULEXFLyQ VH UHDOL]D
GHVGH&~FXWDKDFLD9HQH]XHOD\DTXHHO
GH ODV YHQWDV UHDOL]DGDV VRQ GLVWULEXLGDV HQ
9HQH]XHOD
*Ui¿FR3HU¿OSUHFLR\SOD]D
)XHQWH(ODERUDFLyQSURSLD
(OSHU¿OWHFQROyJLFR7,&VDVRFLDGRDOXVRGH
ORVPHGLRVGLJLWDOHVSRUSDUWHGHODV&,HQODV
RSHUDFLRQHV FRPHUFLDOHV \ VX UHODFLyQ FRQ ORV
FOLHQWHVPXHVWUDORVVLJXLHQWHVUHVXOWDGRVSDUD
HO GH OD PXHVWUD ODV WUDQVDFFLRQHV
GLJLWDOHV VRQ QDGD VHJXUDV PLHQWUDV TXH HO
RSLQDQTXHVRQVHJXUDVORFXDOSHUPLWH
HVWDEOHFHUTXHH[LVWHLQWHUpVHQORVHPSUHVDULRV
HQ DFHUFDUVH D ORV PHGLRV GLJLWDOHV DXQTXH HV
DOWR HO QLYHO GH GHVFRQ¿DQ]D HV FLHUWR TXH
WDPELpQVHSHUFLEHTXHHVWHWLSRGHWUDQVDFFLRQHV
SXHGHQVHUVHJXUDV(ORSLQDQRKDEHU
UHDOL]DGR QLQJ~Q WLSR GH SDJR HOHFWUyQLFR
UHODFLRQDGR FRQ FRPSUDV R YHQWDV HQ LQWHUQHW
SRU HO GHVFRQRFLPLHQWR GH OD WHFQRORJtD
GHVFRQ¿DQ]DHQODVHJXULGDGHOHFWUyQLFDGHGDWRV
\SUH¿HUHQXVDUORVPHGLRVWUDGLFLRQDOHVSDUDWDO
¿Q
,'5HYLVWDGH,QYHVWLJDFLRQHV,661
9ROXPHQ1~PHUR-XOLR'LFLHPEUHGHSS
5,&$5'2$1'5$'('('Ë$=
0DUNHWLQJ\ODVQXHYDVWHFQRORJtDVGHLQIRUPDFLyQDSOLFDGDVHQORVQHJRFLRV
*Ui¿FR3HU¿O7HFQRORJtDGHLQIRUPDFLyQ\FRPXQLFDFLyQ
)XHQWH(ODERUDFLyQSURSLD
(O JUi¿FR H[SRQH RWUDV FDUDFWHUtVWLFDV \
UHVXOWDGRVUHIHUHQWHVDOSHU¿O7,&VVHSUHJXQWy
DORVHQFXHVWDGRVVLODHPSUHVDFXHQWDFRQDOJXQD
SDUWLFLSDFLyQHQHOPHUFDGRYLUWXDODWUDYpVGH
XQDWLHQGDYLUWXDORSiJLQDZHEFRPHUFLDOSDUD
HOODUHVSXHVWDIXHQHJDWLYDHOUHVWDQWH
GH OD PXHVWUD WLHQHQ GHVFRQRFLPLHQWR GH HVWRV
FRQFHSWRVGHOPRGHORGHQHJRFLRVHQHOPHUFDGR
YLUWXDO3DUDHORSLQDQ\ UHFRQRFHQOD
LPSRUWDQFLDGHPDQWHQHUDOJ~QWLSRGHFRQWDFWR
FRQ ORV FOLHQWHV D WUDYpV GH ORV PHGLRV
HOHFWUyQLFRV \D TXH IDFLOLWD OD FRPXQLFDFLyQ
GLUHFWDFRQHOPHUFDGRREMHWLYR
*Ui¿FR3HU¿O7HFQRORJtDGHLQIRUPDFLyQ\FRPXQLFDFLyQ
)XHQWH(ODERUDFLyQSURSLD
,'5HYLVWDGH,QYHVWLJDFLRQHV,661
9ROXPHQ1~PHUR-XOLR'LFLHPEUHGHSS
5,&$5'2$1'5$'('('Ë$=
0DUNHWLQJ\ODVQXHYDVWHFQRORJtDVGHLQIRUPDFLyQDSOLFDGDVHQORVQHJRFLRV
3RU RWUD SDUWH SDUD DQDOL]DU OD UHODFLyQ GH
352&2/20%,$HQORVSURFHVRVGHIRUPDFLyQ
DVHVRUtD\FDSDFLWDFLyQHQODLPSOHPHQWDFLyQGH
ODV 7,& DSOLFDGDV SRU ODV HPSUHVDV REMHWR GHO
HVWXGLR ORV UHVXOWDGRV IXHURQ FRQWHPSODGRV
GHQWURGHOSHU¿O7,&V\SDUDHOGHODV
&, HV QHFHVDULR IRPHQWDU HO FRPHUFLR
HOHFWUyQLFR \ OD FRPXQLFDFLyQ HQWUH OD
,QVWLWXFLyQ\ODV&,SDUDHOHVPtQLPD
&RPHQWDULRV
(ODQiOLVLVUHDOL]DGRDWUDYpVGHODVYDULDEOHV
HVWXGLDGDV GHWHUPLQy TXH HIHFWLYDPHQWH HVWH
WLSRGHRUJDQL]DFLRQHVPDQWLHQHODRSHUDFLyQGHO
QHJRFLRPHGLDQWHSUiFWLFDVDGPLQLVWUDWLYDV\GH
PHUFDGHRQHWDPHQWHHPStULFDVVLQFRQWHPSODU
ORV SULQFLSLRV IXQGDPHQWDOHV GH SODQHDFLyQ
RUJDQL]DFLyQGLUHFFLyQ\FRQWUROODJHVWLyQVH
HQIRFDEiVLFDPHQWHHQODORJtVWLFDGHWUDQVSRUWH
GH OD PHUFDQFtD YHQGLGD OD HODERUDFLyQ \
SUHVHQWDFLyQGHORVGRFXPHQWRVOHJDOHVH[LJLGRV
SRU HO 'HSDUWDPHQWR GH ,PSXHVWRV \$GXDQDV
1DFLRQDOHV',$1GHRWUDSDUWHHVLQH[LVWHQWH
OD ¿ORVRItD GH PDUNHWLQJ HQ OD JHVWLyQ \
SUR\HFFLyQFRPHUFLDOVLWXDFLyQTXHDJXGL]DOD
FULVLVHQODTXHVHHQFXHQWUDHOVHFWRU\ODUHJLyQ
IUHQWH D LQGLFDGRUHV FRPR SURGXFWLYLGDG \
UHQWDELOLGDGTXHDGHPiVDFHOHUDORVGHVFHQVRV
HQ ORV tQGLFHV GH HPSOHR GH OD FLXGDG (V
SUHRFXSDQWHREVHUYDUTXHGXUDQWHHOGHVDUUROOR
GH OD LQYHVWLJDFLyQ OD DJXGD FULVLV DIHFWy
GLUHFWDPHQWH HO SURFHVR GH UHFROHFFLyQ GH OD
LQIRUPDFLyQHQHOWUDEDMRGHFDPSR\DTXHVH
SUHVHQWy XQ FLHUUH PDVLYR \ JUDGXDO GH HVWDV
HPSUHVDV SRU OR FXDO VH LGHQWL¿Fy JUDQ
LQHVWDELOLGDGGDGDVODVFLUFXQVWDQFLDV
(Q FRQVHFXHQFLD VH SXHGH FRQFOXLU TXH VH
GHEH YLQFXODU PiV ,QVWLWXFLRQHV S~EOLFDV \
S U L Y D G D V S D U D I R P H Q W D U H O F R P H U F L R
LQWHUQDFLRQDO FRPR 352&2/20%,$ OD
&iPDUD GH &RPHUFLR GH &~FXWD )HQDOFR HWF
0HGLDQWHHOGLVHxRGHSURJUDPDVGHFDSDFLWDFLyQ
\DVHVRUtDHPSUHVDULDO\WHPDVUHODFLRQDGRVFRQ
PDUNHWLQJ\PHGLRVGLJLWDOHVDVtFRPRWDPELpQ
HQ(EXVLQHVVHOFXDOVHUH¿HUHDWRGRHOKDUGZDUH
\VRIWZDUH\FRQRFLPLHQWRVREUHFRPSXWDGRUHV
TXH RIUHFHQ XQD SODWDIRUPD SDUD TXH ORV
QHJRFLRV:HOOV0RULDUWL\%XUQHWW
3RUORDQWHULRUHVIXQGDPHQWDOSUHSDUDUDORV
HPSUHVDULRV HQ HO XVR GH HVWDV WpFQLFDV GH
LQWHUFDPELRDWUDYpVGHLQWHUQHW\ODZHETXH
DFWXDOPHQWHQRHQFXHQWUDQHVWHDSR\R\HOXVRGH
ORVPHGLRVGHSDJRHOHFWUyQLFRORVFXDOHV³VHKD
FDWDORJDGR FRPR XQD IRUPD GH H[WLQJXLU ODV
REOLJDFLRQHV &RQVLVWH HQ OD VDWLVIDFFLyQ
HMHFXFLyQ R FXPSOLPLHQWR GH OD SUHVHQWDFLyQ
GHELGDSRUHOGHXGRUTXHSXHGHVHUGHGDUKDFHUR
QRKDFHU´5RMDV
$JUDGHFLPLHQWRV
$JUDGH]FRHQSULPHUDLQVWDQFLDD'LRV SRU
FRQFHGHUPH VDOXG \ YLWDOLGDG SDUD FXOPLQDU
H[LWRVDPHQWHHVWDPHWDSURSXHVWDDPLIDPLOLD
PLPDGUH)ORUGH0DUtD(OHQD'tD]GH$QGUDGH\
PL SDGUH +HUQDQGR $QGUDGH %DUULRV SRU VX
DSR\R LQFRQGLFLRQDO D PLV KLMRV 0DULDQD \
'LHJR $OHMDQGUR SRU HO WLHPSR TXH GHMH GH
GHGLFDUOHVSRUVXFRPSUHQVLyQ\SDFLHQFLDXQ
DJUDGHFLPLHQWR HVSHFLDO D ORV HPSUHVDULRV
GLUHFWLYRVGHOD6RFLHGDGHVGH&RPHUFLDOL]DFLyQ
,QWHUQDFLRQDO&,GH&~FXWD1RUWHGH6DQWDQGHU
SRU OD DPDEOH FRQWULEXFLyQ DO GHVDUUROOR GH OD
,'5HYLVWDGH,QYHVWLJDFLRQHV,661
9ROXPHQ1~PHUR-XOLR'LFLHPEUHGHSS
5,&$5'2$1'5$'('('Ë$=
0DUNHWLQJ\ODVQXHYDVWHFQRORJtDVGHLQIRUPDFLyQDSOLFDGDVHQORVQHJRFLRV
SUHVHQWH LQYHVWLJDFLyQ PHGLDQWH OD GHGLFDFLyQ
GHO WLHPSR QHFHVDULR SDUD UHVROYHU FDGD
F X H V W L R Q D U L R \ G H P i V S H U V R Q D V T X H
FRQWULEX\HURQDOGHVDUUROORGHODLQYHVWLJDFLyQ
3HU~YROQ~P
)OyUH]5RMDV0//DUHYHUVLyQGHO
SDJR GHQWUR GHO FRQWH[WR GHO FRPHUFLR
HOHFWUyQLFR \ VXV LPSOLFDFLRQHV SUiFWLFDV HQ HO
UpJLPHQMXUtGLFRFRORPELDQR
5HIHUHQFLDV
+HUQiQGH] $ .VWHU , %UDQG
LPSDFWRQSXUFKDVLQJLQWHQWLRQ$QDSSURDFKLQ
YLUWXDOVRFLDO
0F&DUWK\(-%DVLF0DUNHWLQJ$
0DQDJHULDO$SSURDFK+RPHZRRG,/5LFKDUG
',UZLQ
*XLOWLQDQ-0DGGHQ73DXO*
* H U H Q F L D G H 0 D U N H W L Q J H V W U D W H J L D V \
SURJUDPDV%RJRWi0F*UDZ+LOO
+HUQiQGH]0&¢4XpOHHVSHUDDO
FRPHUFLR FRORPERYHQH]RODQR HQ HO "
3RUWDIROLR
.RWOHU 3 $UPVWURQJ * )XQGDPHQWRV GH 0DUNHWLQJ 0p[LFR 3UHQWLFH
+DOO
%ULWLVK %URDGFDVWLQJ &RUSRUDWLRQ GH
IHEUHUR GH &RUSRUDFLyQ %ULWiQLFD GH
5DGLRGLIXVLyQ%%&081'25HFXSHUDGRHO
G H - X Q L R G H G H
KWWSQHZVEEFFRXNKLVSDQLVKEXVLQHVVQHZV
LGBVWP
0DUWt 3DUUHxR - 0DUNHWLQJ \
SXEOLFLGDGHQLQWHUQHW%RJRWi(GLFLRQHVGHOD
8
%XUN:RRG0*yPH]%RUMD0
(O SODQ GH PDUNHWLQJ JXtD GH UHIHUHQFLD
(GLWRULDO$OKDPEUD6$
5D\SRUW - -DZRUVNL % (
& R P P H U F H 0 p [ L F R 0 F J U D Z + L O O
,QWHUDPHULFDQDGH0p[LFR
&UX] +HUUDGyQ $ 0DUNHWLQJ
HOHFWUyQLFR SDUD 3<0(6 FyPR YHQGHU
SURPRFLRQDU \ SRVLFLRQDUVH HQ LQWHUQHW 0p[LFR5$0$(GLWRULDO
6FKLIIPDQ / .DQXN / &RPSRUWDPLHQWR GHO FRQVXPLGRU 0p[LFR
3HDUVRQ(GXFDWLRQ
'HSDUWDPHQWR 1DFLRQDO GH 3ODQHDFLyQ
$JHQGD,QWHUQDSDUDOD3URGXFWLYLGDG\
OD &RPSHWLWLYLGDG %RJRWi '13$JHQGD
,QWHUQD
'XDUWH &XHYD ) (FRQRPtD GLJLWDO
VLWLRVZHE\3<0(6GHOVHFWRUDUWHVDQtDVHQHO
6WDQWRQ:(W]HO0:DONHU%
)XQGDPHQWRV GH PDUNHWLQJ 0p[LFR ')
0F*UDZ+LOO,QWHUDPHULFDQD
6WRQHU-*LOEHUW')UHHPDQ(
$GPLQLVWUDFLyQ 0p[LFR 3UHQWLFH +DOO
+LVSDQRDPHULFDQD6$
,'5HYLVWDGH,QYHVWLJDFLRQHV,661
9ROXPHQ1~PHUR-XOLR'LFLHPEUHGHSS
5,&$5'2$1'5$'('('Ë$=
0DUNHWLQJ\ODVQXHYDVWHFQRORJtDVGHLQIRUPDFLyQDSOLFDGDVHQORVQHJRFLRV
:HOOV:%XUQHWW-0RULDUW\6
3XEOLFLGDG SULQFLSLRV \
SUiFWLFD3HDUVRQ(GXFDFLyQ
(FRQyPLFRV(FRQ3DSHUV5HFXSHUDGRHOGH
0 D \ R G H G H
KWWSHFRQSDSHUVUHSHFRUJSDSHUFGOXFEULHTW
][JTQKWP
=\VPDQ-:HEHU6GHGH
( F R Q 3 D S H U V ( V F U L W R V
,'5HYLVWDGH,QYHVWLJDFLRQHV,661
9ROXPHQ1~PHUR-XOLR'LFLHPEUHGHSS
Descargar