La cuestión fundamental: ¿en qué entidades digitales se concreta la

/DFXHVWLyQIXQGDPHQWDO¢HQTXpHQWLGDGHVGLJLWDOHVVHFRQFUHWDODPHPRULDGHO
IXWXUR"
/XFLDQD'XUDQWL
)XHQWH$UFKLYL&RPSXWHU'HUHFKRVGHWUDGXFFLyQFHGLGRVSRUODDXWRUD
7UDGXFFLyQ$OHMDQGUR'HOJDGR*yPH]
/DIUDJLOLGDGItVLFDGHORVVRSRUWHVGLJLWDOHVODREVROHVFHQFLDGHODWHFQRORJtD\ODH[SHULHQFLD
LQWHUDFWLYDGH,QWHQHWKDFHQGLItFLOODFRQVHUYDFLyQDODUJRSOD]RGHODPHPRULDGHOIXWXURSHUR
QRWDQWRFRPRHOPRGRHQHOTXHQRVRWURVPLVPRVODFRQFHSWXDOL]DPRV1RHVH[DFWRSHQVDU
HQ OD PHPRULD GLJLWDO FRPR ³LQPDWHULDO´ SRUTXH OR TXH HV LQPDWHULDO QR WLHQH QHFHVLGDG GH
FRQVHUYDFLyQHO WLHPSR QR SXHGH GDxDUOR $XQTXH KD\D PX\ SRFD PDWHULDOLGDG VL QR
FRQVHUYDPRV OD PHPRULD GLJLWDO HQ DOJXQD IRUPD PDWHULDO QR OD FRQVHUYDPRV GH QLQJXQD
PDQHUD3HURODVIRUPDVPDWHULDOHVQRGXUDQODVFLQWDVVHGHVLPDQWDQODVOiPLQDVGHO&'VH
FRUURPSHQ ODV UHGHV VH GHVYDQHFHQ HQ OD QDGD HO KDUGZDUH \ HO VRIWZDUH IDOODQ \ OD
REVROHVFHQFLD WHFQROyJLFD KDFH OD DFFHVLELOLGDG D OR ODUJR GHO WLHPSR LPSRVLEOH /D SDUDGRMD
PiVGLItFLOGHDFHSWDUHVTXHORVSURFHVRVPLVPRVGHFRQVHUYDFLyQGHYLHQHQIXHQWHGHSHOLJUR
SDUD WRGR DTXHOOR TXH WUDWDPRV GH FRQVHUYDU \ TXH ORV FXVWRGLRV GH OD PHPRULD GLJLWDO D
PHQXGR KDQ VLGR OD SULPHUD FDXVD GH VX FRUUXSFLyQ 0XFKR VH KD SHUGLGR \D OR TXH VH KD
SHUGLGR QR VH SXHGH UHFXSHUDU ORV SUREOHPDV SUHVHQWDGRV SRU OD PHPRULD GLJLWDO QR VH KDQ
UHVXHOWRSHURVHVLJXHSURGXFLHQGRFDGDYH]PiV\ODVLWXDFLyQGHYLHQHFDGDGtDSHRU
(O PRWLYR SRU HO TXH WRGDYtD FUHHPRV HQ OD SRVLELOLGDG GH FRQVHUYDU QXHVWUR SDWULPRQLR
FXOWXUDO HQ IRUPD GLJLWDO HV TXH HVWi FUHFLHQGR XQD QXHYD JHQHUDFLyQ GH SURGXFWRUHV \
FRQVHUYDGRUHV FRQ XQD SHUVSHFWLYD IUHVFD FRQRFLPLHQWRV QXHYRV \ XQ QXHYR FRQWH[WR SDUD
OD VHULH GH SUREOHPDV \ H[SHULHQFLDV KHUHGDGRV GH QXHVWUD JHQHUDFLyQ (VWD QXHYD
JHQHUDFLyQHQSDODEUDVGHOHVFULWRU%UXFH6WHUOLQJFRQVLGHUDODREVROHVFHQFLD³LQQRYDFLyQDOD
LQYHUVD´\ QXHVWUR IXWXUR HV VX SDVDGR /RV PLHPEURV GH HVWD QXHYD JHQHUDFLyQ ±DUWLVWDV
GH WRGRV ORV JpQHURV FLHQWtILFRV LQIRUPiWLFRV LQJHQLHURV HOHFWUyQLFRV ELEOLRWHFDULRV \
DUFKLYHURV VH KDQ XQLGR D ORV PLHPEURV GH OD YLHMD JHQHUDFLyQ SDUD UHVROYHU ORV SUREOHPDV
TXH HVWD ~OWLPD KD SULPHUR FUHDGR \ GHVSXpV LGHQWLILFDGR HQ XQ SUR\HFWR GH LQYHVWLJDFLyQ
LQWHUQDFLRQDO \ PXOWLGLVFLSOLQDU TXH SRU SULPHUD YH] UH~QH D ORV SURGXFWRUHV GH OD PHPRULD
%UXFH 6WHUOLQJ ³'LJLWDO 'HFD\´ FRQIHUHQFLD LQDXJXUDO SUHVHQWDGD HQ ³3UHVHUYLQJ WKH ,PPDWHULDO D
&RQIHUHQFH RQ 9DULDEOH 0HGLD ³ 1HZ <RUN 0DUFK HQ $ODLQ 'HSRFDV -RQ ,SSROLWR \ &DLWOLQ
-RQHV HGV 3HUPDQHQFH 7KURXJK &KDQJH 7KH 9DULDEOH 0HGLD $SSURDFK 1HZ <RUN DQG 0RQWUHDO
*XJJHQKHLP0XVHXP3XE\7KH'DQLHO/DQJORLV)RXQGDWLRQIRU$UW6FLHQFHDQG7HFKQRORJ\
GLJLWDO FRQ ORV H[SHUWRV HQ WHFQRORJtD \ FRQVHUYDFLyQ HQ XQ HVIXHU]R VLQ SUHFHGHQWHV TXH
GHVDItDWHRUtDV\PpWRGRVUHFRQRFLGRV\FRQFHSWRVDILUPDGRV,QWHU3$5(6
(O DOFDQFH GH ,QWHU3$5(6 HV GHVDUUROODU FRQRFLPLHQWRV WHyULFRV \ PHWRGROyJLFRV SDUD OD
FRQVHUYDFLyQSHUPDQHQWHGHGRFXPHQWRVGLJLWDOHVDXWpQWLFRV\HVWUDWHJLDV\QRUPDVFDSDFHV
GH DVHJXUDU WDO FRQVHUYDFLyQ /D SULPHUD IDVH GH HVWH SUR\HFWR GH LQYHVWLJDFLyQ OODPDGD
,QWHU3$5(6 KD SURGXFLGR PpWRGRV \ SURFHGLPLHQWRV SDUD OD VHOHFFLyQ \ FRQVHUYDFLyQ GH
GRFXPHQWRV GLJLWDOHV \ PRGHORV TXH UHSUHVHQWDQ ODV DFWLYLGDGHV \ UHVSRQVDELOLGDGHV
UHODFLRQDGDV SULQFLSLRV \ FULWHULRV SDUD HO GHVDUUROOR GH RULHQWDFLRQHV HVWUDWHJLDV \ QRUPDV
UHODWLYDV D OD FUHDFLyQ HO PDQWHQLPLHQWR \ OD FRQVHUYDFLyQ GH HQWLGDGHV GLJLWDOHV TXH VHDQ
ILDEOHV \ H[DFWDV \ GH ODV TXH VH SXHGD GHPRVWUDU VX DXWHQWLFLGDG D OR ODUJR GHO WLHPSR
FRQFHSWRV SULQFLSLRV H LQVWUXPHQWRV GH DQiOLVLV SDUD HO HVWXGLR GH QXHYRV WLSRV GH
GRFXPHQWRV GLJLWDOHV \ SDUD HO GHVDUUROOR GH QXHYRV UHTXLVLWRV \ PpWRGRV FXDQGR VHD
QHFHVDULR \ UHTXLVLWRV GH DXWHQWLFLGDG GH ORV GRFXPHQWRV GLJLWDOHV WDQWR SDUD TXLHQHV ORV
SURGXFHQ \ PDQWLHQHQ FRPR SDUD TXLHQHV ORV FRQVHUYDQ S HM PHWDGDWRV SULYLOHJLRV GH
DFFHVRHWF
(QWUH ORV FRQFHSWRV IXQGDPHQWDOHV GHILQLGRV SRU,QWHU3$5(6HVWiHOGHGRFXPHQWRGLJLWDO
7DOFRQFHSWRVHUHILHUHQRREVWDQWHDORVGRFXPHQWRVFUHDGRV\PDQWHQLGRVHQEDVHVGHGDWRV
\VLVWHPDVGHJHVWLyQGHGRFXPHQWRVFX\DVFDUDFWHUtVWLFDVHVHQFLDOHVVRQXQDIRUPDItVLFD\
XQFRQWHQLGRLQPXWDEOH\FX\DDXWHQWLFLGDGVHEDVDHQODLGHQWLGDGGHDWULEXWRVLQDOWHUDEOHV\
HQ OD LQWHJULGDG GH XQ PHQVDMH TXH QR SXHGH FDPELDUVH (Q HVWRV ~OWLPRV DxRV ODV QXHYDV
WHFQRORJtDV GLJLWDOHV KDQ FUHDGR GRFXPHQWRV PX\ GLIHUHQWHV GH ORV H[DPLQDGRV SRU
,QWHU3$5(6 GRFXPHQWRV GLQiPLFRV ³H[SHULHQFLDOHV´ H LQWHUDFWLYRV FX\D IRUPD HV IOXLGD \
FX\RFRQWHQLGRFDPELDFRQWLQXDPHQWH
/RVGRFXPHQWRVGLQiPLFRVVRQGRFXPHQWRVFX\RFRQWHQLGRGHSHQGHGHORVGDWRVPDQWHQLGRV
HQ EDVHV GH GDWRV TXH SXHGHQ WHQHU PXFKDV PDQLIHVWDFLRQHV GLIHUHQWHV (O PD\RU UHWR SDUD
VX FRQVHUYDFLyQ \ SDUD HO PDQWHQLPLHQWR GH VX DXWHQWLFLGDG FRQVLVWH HQ OD FDSDFLGDG SDUD
PDQWHQHUXQDWUD]DFRPSOHWDGHVXVFDPELRV
(O WpUPLQR ³H[SHULHQFLDO´ GHILQH XQ REMHWR GLJLWDO FX\D HVHQFLD YD PiV DOOi GH ORV ELWV TXH OR
FRQVWLWX\HQHLQFRUSRUDHOFRPSRUWDPLHQWRGHOVLVWHPDHQHOTXHUHVLGH(OPD\RUUHWRSDUDVX
FRQVHUYDFLyQ \ SDUD HO PDQWHQLPLHQWR GH VX DXWHQWLFLGDG FRQVLVWH HQ PDQWHQHU HO HQWRUQR
GLJLWDOHQHOTXHHOXVXDULRWLHQHODH[SHULHQFLDGHWDOREMHWR
8Q GRFXPHQWR LQWHUDFWLYR HV XQ REMHWR GLJLWDO HQ HO TXH WRGD LQWHUYHQFLyQ SRU SDUWH GH XQ
XVXDULRFDXVDXQDUHVSXHVWDRXQFDPELRHQHOFRQWHQLGR(OPD\RUUHWRSDUDVXFRQVHUYDFLyQ
\SDUDHOPDQWHQLPLHQWRGHVXDXWHQWLFLGDGFRQVLVWHHQODFDSDFLGDGSDUDPDQWHQHUWDQWRXQ
WUD]DGRFRPSOHWRGHORVDGMXQWRV\FDPELRVFRPRGHODIXQFLRQDOLGDGTXHORVKDGHWHUPLQDGR
/DFUHFLHQWHSURGXFFLyQGHHVWRVGRFXPHQWRVHQWRGDVODVHVIHUDVGHDFWLYLGDGKDGDGRRULJHQ
DODVHJXQGDIDVHGH,QWHU3$5(6FX\RDOFDQFHHVJDUDQWL]DUTXHODPHPRULDGLJLWDOSURGXFLGD
HQ VLVWHPDV GLQiPLFRV ³H[SHULHQFLDOHV´ H LQWHUDFWLYRV SXHGH JHQHUDUVH GH IRUPD H[DFWD \
ILDEOH \ PDQWHQHUVH \ FRQVHUYDUVH HQ IRUPD DXWpQWLFD D SHVDU GH OD REVROHVFHQFLD GH OD
WHFQRORJtD\ODIUDJLOLGDGGHORVVRSRUWHVGLJLWDOHV
,QWHU3$5(6 VH KD SODQWHDGR GHVGH HO FRPLHQ]R HO SUREOHPD GH UHIRUPXODU HO FRQFHSWR GH
GRFXPHQWRGLJLWDODODOX]GHODQXHYDUHDOLGDGSUHVHQWDGDSRUORVSURGXFWRVGHODVWHFQRORJtDV
PiV UHFLHQWHV 1DWXUDOPHQWH WDO GHILQLFLyQ VH UHILHUH DO GRFXPHQWR FRUULHQWH YLYR D OD
HQWLGDG TXH GHEH FRQYHUWLUVH HQ REMHWR GH FRQVHUYDFLyQ SHUPDQHQWH /D SULPHUD KLSyWHVLV
DYDQ]DGDKDVLGRODGHVXEVWLWXLUODHVWDELOLGDG\ODILMH]DFRPRFDUDFWHUtVWLFDVHVHQFLDOHVGHO
GRFXPHQWRGLJLWDODFWLYRSRUODFDSDFLGDGGHOVLVWHPDTXHORFRQWLHQHGHUDVWUHDU\FRQVHUYDU
WRGRFDPELRV~ELWRGHOGRFXPHQWR(QRWUDVSDODEUDVHO~QLFRREMHWRItVLFRHLQPXWDEOHHQHO
VLVWHPDHOHFWUyQLFRVHUtDHOUHJLVWURGHWRGDVODVDFFLRQHVFRQVXPDGDVVREUHHOREMHWRIOXLGR
/D HQWLGDG GRFXPHQWDO D FRQVHUYDU D OR ODUJR GHO WLHPSR VHUtD OD ~OWLPD YHUVLyQ GHO REMHWR
GLQiPLFR FRQHFWDGD FRQ OD GRFXPHQWDFLyQ GH ORV FDPELRV /D VHJXQGD KLSyWHVLV HV DTXHOOD
TXH FRQVLGHUD FDGD XQD GH ODV HQWLGDGHV GLJLWDOHV FRPR H[LVWHQWHV HQ GRV HVWDGRV GLVWLQWRV
FRPRGRFXPHQWRLQILHULHQHOFXUVRGHVXYLGD\FRPRGRFXPHQWRFRPSOHWRVyORFXDQGRHV
XVDGR/DFRQVHUYDFLyQDORODUJRGHOWLHPSRUHTXHULUtDODHVWDELOL]DFLyQ\HODUFKLYRGHWRGDV
ODVYHUVLRQHVXWLOL]DGDV$PEDVKLSyWHVLVUHTXLHUHQTXHVHGHILQDQQXHYRVSDUiPHWURVSDUDHO
FRQFHSWRGHFRPSOHWLWXGHQHOFRQWH[WRGHODFRQVHUYDFLyQ
/D SULPHUD KLSyWHVLV HV IiFLO GH UHDOL]DU \ \D VH HVWi UHDOL]DQGR SRU HMHPSOR HQ HO VLVWHPD
HOHFWUyQLFR GH UHJLVWUR GH HVWXGLDQWHV GH OD 8QLYHUVLGDG GH %ULWLVK &ROXPELD SHUR QR HV ~WLO
SDUD HO XVR \ OD LQWHOLJLELOLGDG GHO GRFXPHQWR D OR ODUJR GHO WLHPSR /D VHJXQGD KLSyWHVLV HV
FRQFHSWXDOPHQWHYiOLGDVyORPLHQWUDVHOGRFXPHQWRVLJXHH[LVWLHQGRHQHOHQWRUQRWHFQROyJLFR
RULJLQDO \ HV SUiFWLFDPHQWH LUUHDOL]DEOH SRUTXH UHTXHULUtD TXH WRGRV ORV XVXDULRV FUHDUDQ XQ
GRFXPHQWR QR QHFHVDULR GH OD DFWLYLGDG VyOR D HIHFWRV GH FRQVHUYDFLyQ D ODUJR SOD]R
&RQVLJXLHQWHPHQWH VH KDQ GHVDUUROODGR RWUDV KLSyWHVLV (VWDV VH GHULYDQ GH ORV KHFKRV
REVHUYDGRV HQ HO FRQWH[WR GH ORV HVWXGLRV GH FDVR \ SUHWHQGHQ UHVROYHU GRV VHULHV GH
SUREOHPDVORVTXHFRQFLHUQHQDODUHODFLyQH[LVWHQWHHQWUHORVGLYHUVRVFRPSRQHQWHVGLJLWDOHV
TXHFRQVWLWX\HQHOGRFXPHQWRGLQiPLFRH[SHULHQFLDOHLQWHUDFWLYR\HQWUHHVWRVFRPSRQHQWHV
\ RWUDV HQWLGDGHV QR GLJLWDOHV SHUR TXH IRUPDQ SDUWH GHO GRFXPHQWR \ ORV UHODWLYRV D OD
LGHQWLILFDFLyQ GH ORV OtPLWHV GHO GRFXPHQWR D ORV HIHFWRV GH FRQVHUYDU WRGRV ORV GRFXPHQWRV
GH WDO PRGR TXH VX H[DFWLWXG ILDELOLGDG \ DXWHQWLFLGDG SXHGDQ TXHGDU DVHJXUDGDV (VWDV
KLSyWHVLV VH EDVDQ HQ HO KHFKR GH TXH HO ~QLFR PRGR GH FRQVHUYDU XQ GRFXPHQWR GLJLWDO HV
FRQVHUYDU OD FDSDFLGDG GH UHSURGXFLUOR FRPR FRSLD DXWpQWLFD \ HQ OD FRQYLFFLyQ GH TXH HV
QHFHVDULR FUHDU XQD HVWUDWHJLD JHQHUDO H LQWHUQDFLRQDO SDUD OD FRQVHUYDFLyQ GH OD PHPRULD
GLJLWDOTXHLQFOX\DWRGDVODVIRUPDVGHFRQRFLPLHQWR
/DLQVSLUDFLyQSDUDODVQXHYDVKLSyWHVLVVHGHULYDGHODREVHUYDFLyQGHOFRPSRUWDPLHQWRGHORV
GRFXPHQWRV GLJLWDOHV JHQHUDGRV HQ HO FXUVR GH OD DFWLYLGDG DUWtVWLFD /DV FDUDFWHUtVWLFDV
SULQFLSDOHV GH ORV GRFXPHQWRV SURGXFLGRV SRU ODV GLYHUVDV DUWHV VRQ VX FDSDFLGDG GH
HYROXFLyQ VX FDXVDOLGDG VX LQWHUDFWLYLGDG R GHSHQGHQFLD SRU IRUPD \ FRQWHQLGR GH IDFWRUHV
H[WHUQRV \ ODFHQWUDOLGDGGHPRYLPLHQWR\FRORU(OGLOHPDIXQGDPHQWDOHVVLFRQVHUYDUORVR
SRU HO FRQWUDULR PDQWHQHUORV YLYRV &RQVHUYDUORV FRPSRUWD HOHJLU HQWUH ILMDUORV HQ XQD IRUPD
GHILQLWLYD HQ XQ DFWR ~QLFR \ ILQDO GH LQWHUSUHWDFLyQ \ UHSUHVHQWDFLyQ R WUDWDUORV FRPR XQD
SDUWLWXUDXQGRFXPHQWRDELHUWRDODSRVLELOLGDGGHIXWXUDVUHLWHUDFLRQHV
(Q HO SULPHU FDVR OD FRQVHUYDFLyQ HQ IRUPD ILMD HV QHFHVDULR FRQVHUYDU ORV FRPSRQHQWHV
ItVLFRVGHOGRFXPHQWRDUWtVWLFRFRPRLQVWDODFLRQHVPiTXLQDVVRIWZDUHSURSLHWDULRLPiJHQHV
GH XVR HQ ,QWHUQHW \ XQ YLGHR GH ODV LQWHUDFFLRQHV GH ODV GLYHUVDV SDUWHV 3HUR FDSWXUDU ORV
GLYHUVRVFRPSRQHQWHVLPSOLFDSHUGHUODFDXVDOLGDGGHOWUDEDMRPLHQWUDVTXHILMDUODVLPiJHQHV
GHVXFRPSRUWDPLHQWR\GHODVLQWHUDFFLRQHVHQWUHVXVFRPSRQHQWHV\HQWUHpVWRV\HOXVXDULR
FRPSRUWD OD SpUGLGD GH OD GLQDPLFLGDG \ GH OD H[SHULHQFLD DUWtVWLFD (Q HO VHJXQGR FDVR OD
FRQVHUYDFLyQGHODVLQVWUXFFLRQHVSDUDSHUPLWLUIXWXUDVUHLWHUDFLRQHVHODFWRLQWHUSUHWDWLYRVH
GHMD DO XVXDULR GH OD PHPRULD DUWtVWLFD HO HMHFXWDQWH DFHSWDQGR HO KHFKR GH TXH WRGR DFWR
GDUi FRPR UHVXOWDGR XQ WUDEDMR GLVWLQWR DXQTXH VLHPSUH LGHQWLILFDEOH (Q DPERV FDVRV OD
FRQVHUYDFLyQ UHTXLHUH XQD HVWUDWHJLD TXH DGPLWD IUDJPHQWRV \ WUD]DV PLJUDFLyQ HPXODFLyQ
UHSURGXFFLyQ\UHXQLILFDFLyQ
8QD LQLFLDWLYD TXH HMHPSOLILFD WRGR OR GLFKR HV XQ SUR\HFWR OODPDGR 5KL]RPH $UW%DVH FX\R
DOFDQFH HV OD FRQVHUYDFLyQ GH GRFXPHQWRV DUWtVWLFRV GLJLWDOHV XWLOL]DQGR SDODEUDV FODYH H
LQIRUPDFLyQ WpFQLFD UHODWLYD D FDGD WUDEDMR TXH HVWi FRQVLGHUDGR FRPR XQ FRQMXQWR GH
FRPSRQHQWHVGLYHUVRV(VWHSUR\HFWRKDDFXxDGRGRVFRQFHSWRVUHODWLYRVDODFRQVHUYDFLyQHO
FRQFHSWRGHREMHWRDUWtVWLFRFRQH[R\HOGHREMHWRDUWtVWLFRFORQDGR(OREMHWRDUWtVWLFRFRQH[R
LQFOX\H OD GHVFULSFLyQ GHO WUDEDMR \ GH VXV FRPSRQHQWHV XQ WKXPEQDLO GHO WUDEDMR SDODEUDV
FODYH \ PHWDGDWRV XQ HQODFH DO WUDEDMR PLVPR HQ IRUPD GH GLUHFFLyQ GH ,QWHUQHW 85/ OD
ELRJUDItDGHODUWLVWD\VXFHUWLILFDFLyQGHTXHHOFRQMXQWRGHWRGDVHVWDVSDUWHVFRUUHVSRQGHD
VXWUDEDMRRFRQVWLWX\HXQDUHSUHVHQWDFLyQDGHFXDGD(OREMHWRDUWtVWLFRFORQDGRLQFOX\HMXQWR
FRQWRGRHVWRXQDFRSLDDXWpQWLFDGHOWUDEDMRFRQVHUYDGDHQHOVHYLGRUGHOSUR\HFWR
(O SUR\HFWR 5KL]RPH $UW%DVH DSRUWD OX] D OD FXHVWLyQ PiV LPSRUWDQWH SUHVHQWDGD D OD
FRQVHUYDFLyQ GH REMHWRV DUWtVWLFRV GLJLWDOHV OD GH OD LQWHQFLyQ DUWtVWLFD 7RGRV ORV TXH VH KDQ
RFXSDGR GH OD FRQVHUYDFLyQ D OR ODUJR GHO WLHPSR GH OD SURGXFFLyQ DUWtVWLFD HQ IRUPD GLJLWDO
KDQLGHQWLILFDGRHVWHSUREOHPD$IDOWDGHODSRVLELOLGDGGHVHJXLUWUDVODGDQGRKDFLDHOIXWXUR
HO GRFXPHQWR GLJLWDO LQWDFWR PDQWHQLHQGR WDQWR VX IRUPD FRPR VX FRPSRUWDPLHQWR VyOR
TXHGD OD RSFLyQ GH WUDWDU GH FDSWXUDU OD HVHQFLD GHO GRFXPHQWR 3HUR HVWR VLJQLILFD TXH HO
DXWRU \R HO SURGXFWRU GHEHQ GHYHQLU SDUWH DFWLYD GHO DFWR GH FRQVHUYDFLyQ \ H[SUHVDU GH
IRUPD H[SOtFLWD \ FRQVHUYDEOH HQ IRUPD DXWpQWLFD FXiO HV OD HVHQFLD GH VX WUDEDMR &DSWXUDU
GHVSXpV WDO HVHQFLD SXHGH UHTXHULU HO XVR VLPXOWiQHR R HVWUDWLILFDGR GH XQD GLYHUVLGDG GH
HVWUDWHJLDVUHFLELUHOGLVFRGXURGHODXWRUPLJUDUHOFyGLJRGHOSURJUDPDHPXODUHOVRIWZDUH
XWLOL]DU VRIWZDUH REVROHWR VREUH XQD QXHYD SODWDIRUPD R UHLQWHUSUHWDU HVWR HV UHFUHDU HO
GRFXPHQWRHQXQQXHYRHQWRUQRWHFQROyJLFR(VWiFODURSRUORVHVWXGLRVGHFDVRTXHSDUDORV
DXWRUHV\SURGXFWRUHVGHDUWHGLJLWDOODDFFHVLELOLGDGDORODUJRGHOWLHPSRHVPiVLPSRUWDQWH
TXHODH[DFWLWXGGHORTXHVHFRQVHUYD\ODDXWHQWLFLGDGVHPDQWLHQHPHGLDQWHVXLPSOLFDFLyQ
SHUVRQDOHQODGHFLVLyQGHFyPRGHEHUHFUHDUVHHOGRFXPHQWRHQHOIXWXUR
(OFDVRGHOSUR\HFWR5KL]RPH$UW%DVHD\XGDDJHQHUDOL]DUGRVDVSHFWRVGHODFRQVHUYDFLyQGH
ORV WUDEDMRV DUWtVWLFRV TXH KDFHQ XVR GH WHFQRORJtD GLJLWDO HO PpWRGR GH FRQVHUYDFLyQ \ VX
REMHWR3RUORTXHUHVSHFWDDOPpWRGRGHFRQVHUYDFLyQpVWHGHSHQGHGHOUHVXOWDGRGHVHDGRVL
ORTXHTXHUHPRVHV
•
0RVWUDU HO WUDEDMR WDO \ FRPR IXH YLVWR SRU DTXHOORV TXH KDQ LQWHUDFWXDGR FRQ pO
FXDQGRIXHFUHDGR
•
0RVWUDU OD GRFXPHQWDFLyQ GHO WUDEDMR \ GH OD LQWHUDFFLyQ FRQ ORV HVSHFWDGRUHV WDO \
FRPRHUDQFXDQGRHOWUDEDMRIXHFUHDGR
•
0RVWUDUORVGLYHUVRVFRPSRQHQWHVGHOWUDEDMRR
•
5HLQVWDODUUHFUHDURUHHMHFXWDUHOWUDEDMR
/D SULPHUD RSFLyQ QR HV SRVLEOH OD VHJXQGD \ OD WHUFHUD VRQ SODXVLEOHV \ OD FXDUWD HV
UHDOL]DEOHVLVHTXLHUHLQYHUWLUXQDJUDQFDQWLGDGGHUHFXUVRVHQXQREMHWRGLJLWDO/XHJRVLVH
HOLJHQ OD VHJXQGD \ OD WHUFHUD RSFLyQ HO REMHWR GH OD FRQVHUYDFLyQ HVWi FRQVWLWXtGR SRU XQD
GLYHUVLGDGGHFRPSRQHQWHV
•
/RVGRFXPHQWRVLPSOLFDGRVHQODSODQLILFDFLyQGHXQWUDEDMRSHMVNHWFKHV
•
/RV GRFXPHQWRV LPSOLFDGRV HQ OD FUHDFLyQ GH XQ WUDEDMR KDUGZDUH \ SURJUDPD \
FyGLJRGHVRIWZDUH
•
/RVGRFXPHQWRVFUHDGRVSRUORVSDUWLFLSDQWHVHQHOFXUVRGHODHMHFXFLyQGHXQWUDEDMR
SHMLPiJHQHVJUiILFRVWH[WRVGLJLWDOHV
•
/RV GRFXPHQWRV TXH WUDWDQ GH FDSWXUDU ODV SULQFLSDOHV SDUWHV GH XQ WUDEDMR S HM
FRSLDVGHYDULRVFRPSRQHQWHVVLQJOHFKDQQHOYLGHRIHHGV\
•
/RV GRFXPHQWRV TXH WUDWDQ GH ³GRFXPHQWDU´ HO WUDEDMR S HM HQWUHYLVWDV YLGHRV
IRWRJUDItDVQRWLFLHURVHPDLOVGHORVSDUWLFLSDQWHV
(VWDKLSyWHVLVHVSUHVHQWDGDSRU+RZDUG%HVVHUXQLQYHVWLJDGRUGH,QWHU3$5(6LPSOLFDGRHQHOHVWXGLR
GH FDVR ³(OHFWURQLF &DIp ,QWHUQDWLRQDO´ HQ XQ DUWtFXOR HQ OD 85/ LSEHVVHUBHPJSGI WLWXODGR
1DWXUDOPHQWH QLQJXQR GH HVWRV FRPSRQHQWHV FRQVWLWX\H HQ Vt HO WUDEDMR DUWtVWLFR FRPSOHWR
SHUR WRGRV MXQWRV D\XGDQ D FDSWXUDU OD HVHQFLD VL pVWH UHVXOWD HO ~QLFR PRGR GH SURWHJHU
QXHVWUDPHPRULDGLJLWDO
(QRWUDVSDODEUDVWDO\FRPRVLHQWHQORVDXWRUHVPLVPRVFRQVHUYDUORVGRFXPHQWRVDUWtVWLFRV
GLJLWDOHVVLJQLILFDGDUSUHIHUHQFLDDODDFFHVLELOLGDGFRQWLQXDGDPHGLDQWHODGRFXPHQWDFLyQ\
ODPLJUDFLyQDQWHVTXHDODH[DFWLWXGTXHUHTXHULUtDHPXODFLyQ\UHFUHDFLyQVLQVDFULILFDUHO
HVStULWXGHODDXWHQWLFLGDGORTXHVLJQLILFDVLQUHQXQFLDUDODLGHQWLGDGGHOWUDEDMRFXDQGRHV
LPSRVLEOHPDQWHQHUODLQWHJULGDG$OPDQWHQLPLHQWRGHWDOLGHQWLGDGFRQWULEX\HODLPSOLFDFLyQ
GHODXWRUSURGXFWRUHQHODFWRGHFRQVHUYDFLyQ
,QWHU3$5(6 KD YLVWR XQ FODUR SDUDOHOLVPR HQWUH ORV SUREOHPDV SUHVHQWDGRV SRU OD
FRQVHUYDFLyQ D ODUJR SOD]R GH ORV GRFXPHQWRV TXH UHVXOWDQ GH OD DFWLYLGDG DUWtVWLFD \ ORV
SUHVHQWDGRV SRU ORV GRFXPHQWRV TXH UHVXOWDQ GH OD DFWLYLGDG GHO HJRYHUQPHQW &RPR ORV
GRFXPHQWRVDUWtVWLFRVORVJXEHUQDWLYRVTXHVHSURGXFHQXWLOL]DQGRODFDSDFLGDGLQWHUDFWLYDGH
,QWHUQHWVHGLVWULEX\HQHQDSOLFDFLRQHVGLYHUVDVWLHQHQXQDIRUPDIOXLGDVLQOtPLWHVGHILQLGRV
UHIOHMDQ WRGR XQ DVXQWR HQ OXJDU GH XQ DFWR \ GHSHQGHQ HQ FXDQWR D VX FRQWHQLGR GH OD
LQWHUDFFLyQGHODDGPLQLVWUDFLyQFRQHOXVXDULR3RUHVRWDPELpQSDUDHOORVGHEHPRVGHILQLUHO
DOFDQFHGHODFRQVHUYDFLyQORVOtPLWHVGHODVHQWLGDGHVGLJLWDOHVTXHFRQVWLWX\HQHOREMHWRGH
ODDFWLYLGDGGHFRQVHUYDFLyQODHVHQFLDGHWDOHQWLGDGHVWRHVHOJUDGRDFHSWDEOHGHFDPELR
\ ORV FRPSRQHQWHV LQWHOHFWXDOHV \ GLJLWDOHV D FRQVHUYDU HQ IRUPD ILMD PiV TXH FRPR
GHVFULSFLyQ \ GRFXPHQWDFLyQ 3RU DxDGLGXUD HVWi FODUR TXH ORV PHWDGDWRV GHO GRFXPHQWR
UHODWLYRVDVXLGHQWLGDGHLQWHJULGDGGHYLHQHQSDUWHFRQVWLWXWLYDGHOGRFXPHQWRPLVPR
(VWH HVFHQDULR FRPSRUWD WDQWR OD LPSOLFDFLyQ GHO SURGXFWRU HQ OD GHILQLFLyQ GH ORV OtPLWHV GHO
GRFXPHQWRGHVXHVHQFLD\GHVXIRUPDGHFRQVHUYDFLyQFRPRXQpQIDVLVHQODGHVFULSFLyQ\
GRFXPHQWDFLyQFRPRSRVLEOHVUHSUHVHQWDQWHVGHORTXHQRHVSOHQDPHQWHFRQVHUYDEOHHVWRHV
ODLQWHUDFFLyQODFRQH[LyQ\ODIXQFLRQDOLGDG
(VWD KLSyWHVLV SXHGH SDUHFHU UHYROXFLRQDULD D TXLHQHV QR KDQ REVHUYDGR OD HYROXFLyQ GHO
GRFXPHQWRDORODUJRGHORVVLJORVWDO\FRPRVHPDQLILHVWDHQQXHVWURVDUFKLYRV3HURQROR
HV %DVWD SHQVDU HQ ODV LPEUHYLDWXUDV GH ORV QRWDULRV PHGLHYDOHV 6L FRQVLGHUDPRV OD
SRVLELOLGDGGHFRQVHUYDUORVGRFXPHQWRVGHOHJRYHUQPHQWFRPRORVQRWDULRVFRQVHUYDEDQODV
LPEUHYLDWXUDH HVWR HV ORV GDWRV UHODWLYRV D FDGD DFWR SRU XQD SDUWH \ ODV IyUPXODV \
IRUPDWRV DSOLFDEOHV SRU RWUD SHUR FRQ XQD FODUD FRQH[LyQ SURSRUFLRQDGD SRU HO FRQWH[WR
SURFHGLPHQWDO VH SXHGH LGHQWLILFDU XQD FRUUHVSRQGHQFLD HQWUH ODV LQVWUXFFLRQHV
SURSRUFLRQDGDV SRU XQ SURGXFWRU PRGHUQR SDUD UHFUHDU VXV GRFXPHQWRV FRQ LQIRUPDFLRQHV
³,QWHU3$5(6 DQG WKH (OHFWURQLF &DIp ,QWHUQDWLRQDO $JLQJ 5HFRUGV IURP 7HFKQRORJ\%DVHG $UWLVWLF
$FWLYLWLHV´S
UHODWLYDVDODIRUPD\DODIXQFLRQDOLGDGRULJLQDOHVGHFDGDWLSRGHGRFXPHQWR\HOIRUPXODULR
QRWDULDO /D FHUWLILFDFLyQ GHO SURGXFWRU TXH GHFODUD TXH OD HVHQFLD GH XQ GRFXPHQWR HVWi
SURWHJLGD SRU XQ PpWRGR HVSHFtILFR GH FRQVHUYDFLyQ VH FRQYHUWLUtD HQ HO IXQGDPHQWR GH VX
ILDELOLGDG \ DXWHQWLFLGDG \ HO GRFXPHQWR ILDEOH \DXWpQWLFR SRGUtD FRQFHELUVHGHQXHYRFRPR
XQDHQWLGDGTXHWLHQHXQDIRUPDILMD\XQFRQWHQLGRLQPXWDEOHFX\DIRUPDLQWHUDFWLYD\FX\R
FRQWHQLGRIOXLGRH[LVWHQWRGDYtDHQSRWHQFLDSHURTXHSXHGHTXHQRWHQJDTXHPDQLIHVWDUVH
GHQXHYR(VWD~OWLPDVLWXDFLyQHVHQWHUDPHQWHGHSHQGLHQWHGHOQLYHOGHFRQILDQ]DDVLJQDGRDO
FXVWRGLRGHOGRFXPHQWRHODUFKLYHURVLVHTXLHUHVLWDOFRQILDQ]DDOFDQ]DUDDODDVLJQDGDDORV
QRWDULRV WDUGRPHGLHYDOHV \ HVWXYLHUD GH LJXDO PRGR IXQGDPHQWDGD SRGUtDPRV GHFLU TXH
KHPRV UHVXHOWR HO SUREOHPD GHO IXWXUR GH OD PHPRULD GLJLWDO /D QRFLyQ GH SHUPDQHQFLD
YHQGUtDSRUWDQWRDFRLQFLGLUFRQODFDSDFLGDGSRWHQFLDOSDUDFUHDUXQDUHSURGXFFLyQSHUIHFWD
< VH WUDWDUtD GH KHFKR GH XQD SURSLD \ YHUGDGHUD UHSURGXFFLyQ SRUTXH OD FRUUHVSRQGHQFLD
HQWUH OD LPEUHYLDWXUD \ OD IRUPD KLSRWpWLFD GH FRQVHUYDFLyQ GHO GRFXPHQWR LQWHUDFWLYR GHO H
JRYHUQPHQW TXH KH VXJHULGR QR HV FRPSOHWD /D LPEUHYLDWXUD HUD GH KHFKR XQD PLQXWD
PLHQWUDV TXH HO GRFXPHQWR TXH QRVRWURV WHUPLQDUHPRV FRQVHUYDQGR VHUtD XQ H[WUDFWR GHO
RULJLQDO R PHMRU GH OD FRSLD HQ IRUPD GH RULJLQDO VL VRPRV DIRUWXQDGRV GH OR FRQWUDULR
LPLWDWLYDRVLPSOHGHOGRFXPHQWRLQWHUDFWLYR3HURQLQJ~QSDUDOHOLVPRHVPiVSHUIHFWRGHOR
TXH PH DOHJUR SRUTXH HQFXHQWUR PXFKR PiV H[DFWR \ TXH UHVSRQGH PHMRU DO HVStULWX GH
QXHVWUR WLHPSR FRQVHUYDU ORV GRFXPHQWRV GHO JRELHUQR FRPR LQWHUSUHWDFLRQHV FUHDWLYDV TXH
FRPRH[WUDFWRVOHJDOHV
&RPR VH KD YLVWR ODV KLSyWHVLV GH FRQVHUYDFLyQ DYDQ]DGDV \ HVWXGLDGDV SRU ,QWHU3$5(6 \
HQFXUVRGHSUXHEDVRQP~OWLSOHV\DYHFHVPiVTXHDYHQWXUDGDV3HURHVWDHVODQDWXUDOH]D
GHODLQYHVWLJDFLyQPXOWLGLVFLSOLQDUHLQWHUQDFLRQDOVXFDSDFLGDGSDUDYHU\PRVWUDUHOSDVDGR
HQ FRQWH[WRV VLHPSUH QXHYRV \ SDUD LQWHUHVDU DVt D ODV QXHYDV JHQHUDFLRQHV \ ODV QXHYDV
GLVFLSOLQDVHQHOIXWXURGHQXHVWUDPHPRULD
/DGLUHFFLyQGHOVLWLRZHEGH,QWHU3$5(6HVZZZLQWHUSDUHVRUJ