Propuesta de Elementos Fundamentales para la elaboración de

(VWXGLR7pFQLFR1ƒ
3URSXHVWDGH(OHPHQWRV)XQGDPHQWDOHVSDUDOD
HODERUDFLyQGHXQD1XHYD3DXWD*HQHUDOGH
&DOLILFDFLyQ$FDGpPLFD
3UR\HFWR
$FWXDOL]DFLyQGHO6LVWHPDGH&DUUHUD$FDGpPLFDSDUDOD8QLYHUVLGDGGH&KLOH
'LUHFWRU
3URI0LJXHO$OOHQGH
3URI/XLV9DOODGDUHV
&RRUGLQDGRU
3DEOR'XDUWH
$QDOLVWD
-XDQ-RVp5LYDV
'DQLHOD0DXOpQ
-XOLR
Y
(VWD YHUVLyQ Y HV OD GHILQLWLYD 8QD YHUVLyQ SUHYLD YF IXH
SUHVHQWDGD DQWH HO 6HQDGR 8QLYHUVLWDULR \ HO &RQVHMR 8QLYHUVLWDULR ORV GtDV GH
DEULO \ GH MXQLR GH UHVSHFWLYDPHQWH (Q DPEDV LQVWDQFLDV VH UHFLELHURQ
FRPHQWDULRVGHSDUWHGHODVDXWRULGDGHVORVFXDOHVVLUYLHURQSDUDSHUIHFFLRQDUOD
YHUVLyQILQDOGHOGRFXPHQWR
&RQWHQLGR
*ORVDULR
$JUDGHFLPLHQWRV
5HVXPHQ(MHFXWLYR
3UHVHQWDFLyQ
,QWURGXFFLyQ
$QWHFHGHQWHV
3URFHVRGH&DOLILFDFLyQ
'HVFULSFLyQ
$QiOLVLV
3DXWD*HQHUDOGH&DOLILFDFLyQ
'HVFULSFLyQ
$QiOLVLV
$FFLRQHV
5HTXLVLWRV
3DXWDV(VSHFtILFDV
6tQWHVLV
3URGXFWLYLGDG'HFODUDGD
,QIRUPDFLyQ*HQHUDO
$FFLRQHV'HFODUDGDV
$FFLRQHVSRU7DUHD\-HUDUTXtD
$FFLRQHV3ULRULWDULDV\&RPSOHPHQWDULDV
&DOLGDGGHODV$FFLRQHV
5HVXOWDGRGHOSURFHVR
6tQWHVLV
3URSXHVWD
'HVFULSFLyQ
$FFLRQHV
5HTXLVLWRV
$SOLFDFLyQ3LORWR
0HWRGRORJtD
5HVXOWDGRV
6tQWHVLV
&RQFOXVLRQHV
5HIHUHQFLDV
ÌQGLFHGH7DEODV
7DEOD1~PHURGH$FFLRQHVDO$xRSRU7DUHD\-HUDUTXtD
7DEOD1~PHURGH$FFLRQHV3ULRULWDULDVDO$xRSRU-HUDUTXtD
7DEOD&DPSRVGH$FFLyQ,QIRUPDWLYRV
7DEOD&DPSRVGH$FFLyQ&XDOLWDWLYRV
7DEOD$FFLRQHVGHFODUDGDVSRU$FDGpPLFRVFRQ-RUQDGDGHKRUDV
7DEOD3URPHGLRGHDFFLRQHVGHFODUDGDVSRU$FDGpPLFR-&(
7DEOD&DPSRVGH&DOLGDGGHO)RUPXODULRGH&DOLILFDFLyQ
7DEOD'HFODUDFLyQHQ&DPSRVGH&DOLGDG
7DEOD$FDGpPLFRVVHJ~QFDOLILFDFLyQSHULRGR
7DEOD7DUHDV$FDGpPLFDV1XHYD3DXWDGH&DOLILFDFLyQ
7DEOD1~PHURGH$FFLRQHVHQSURPHGLRDQXDOSRU7DUHD
7DEOD3URSRUFLyQGH+RUDV'LUHFWDVSRUWLSRGHFODVHSDUD
3UHJUDGR3RVWJUDGR
7DEOD+RUDVGH'RFHQFLD'LUHFWDH,QGLUHFWDSRUWLSRGHFODVH
3UHJUDGR3RVWJUDGR
7DEOD5HTXLVLWRVGH&DOLGDGHQ3URPHGLR$QXDOSRU-HUDUTXtD
7DEOD3XQWDMHV1XHYD3DXWDGH&DOLILFDFLyQ
7DEOD3XQWDMHV1XHYD3DXWDGH&DOLILFDFLyQ
7DEOD5DQJRGH5HVXOWDGRVHVSHUDGRV
ÌQGLFHGH*UiILFRV
*UiILFR,GHQWLILFDFLyQGH5RO3RU-HUDUTXtD
*UiILFR3URPHGLR$QXDOGH$FFLRQHV3ULRULWDULDV\&RPSOHPHQWDULDV
GHFODUDGDV
ÌQGLFHGH,OXVWUDFLRQHV
,OXVWUDFLyQ2UJDQLJUDPDGH3URFHVRGH&DOLILFDFLyQ
,OXVWUDFLyQ3DXWDGH&DOLILFDFLyQ
,OXVWUDFLyQ$FFLRQHV3ULRULWDULDV\&RPSOHPHQWDULDVSRU7DUHD
*ORVDULR
$FWLYLGDG R 7DUHD 0RGDOLGDG HQ TXH ORV DFDGpPLFRV VH YLQFXODQ FRQ OD
8QLYHUVLGDG (O UHQGLPLHQWR \ GHVHPSHxR GHO DFDGpPLFR HQ GLFKDV DFWLYLGDGHV
HVORTXHVHHYDO~DHQHO3URFHVRGH&DOLILFDFLyQ>(VWXGLR7pFQLFR1ƒSiJ@
6H FRQVLGHUD DFWLYLGDGHV DFDGpPLFDV ODV VLJXLHQWHV 'RFHQFLD GH 3UHJUDGR
'RFHQFLD GH 3RVWJUDGR ,QYHVWLJDFLyQ &UHDFLyQ $UWtVWLFD ([WHQVLyQ 8QLYHUVLWDULD
([WHQVLyQ8QLYHUVLWDULD3HUIHFFLRQDPLHQWR$FDGpPLFR$GPLQLVWUDFLyQ\'LUHFFLyQ
$FDGpPLFDV 3UHVWDFLyQ GH 6HUYLFLRV \ $VLVWHQFLD 3URIHVLRQDO 2WUDV $FWLYLGDGHV
GHOÉPELWR$FDGpPLFR5*&I$$UWƒ
-HUDUTXtD R 5DQJR 0RGDOLGDG HQ TXH VH RUJDQL]DQ ODV WUHV FDWHJRUtDV
DFDGpPLFDV TXH H[LVWHQ HQ OD 8QLYHUVLGDG /D &DWHJRUtD $FDGpPLFD 2UGLQDULD
SRVHHFLQFRUDQJRVFRQVHFXWLYRV$\XGDQWH,QVWUXFWRU3URIHVRU$VLVWHQWH3URIHVRU
$VRFLDGR 3URIHVRU 7LWXODU /D &DWHJRUtD $FDGpPLFD 'RFHQWH SRU WUHV 3URIHVRU
$VLVWHQWH GH 'RFHQFLD 3URIHVRU $VRFLDGR GH 'RFHQFLD \ 3URIHVRU 7LWXODU GH
'RFHQFLD 0LHQWUDV TXH OD &DWHJRUtD $FDGpPLFD $GMXQWD SRVHH GRV UDQJRV
,QVWUXFWRU $GMXQWR \ 3URIHVRU $GMXQWR $ FDGD XQD GH HVWDV MHUDUTXtDV
FRUUHVSRQGHQ XQ FRQMXQWR GH WDUHDV HVSHFtILFDV HQ IXQFLyQ GH ODV FXDOHV VRQ
HYDOXDGRV5*&$$UW
$FFLyQ &DGD XQR GH ORV SURGXFWRV R PDQLIHVWDFLRQHV GH OD DFWLYLGDG
DFDGpPLFD3XHGHVHUXQFXUVRXQSUR\HFWRXQDSXEOLFDFLyQXQDGLYXOJDFLyQ
XQDREUDXQDSDWHQWHXQDDVLVWHQFLDHWF
5HTXLVLWR1~PHURGHDFFLRQHVH[LJLGDVDORVDVDFDGpPLFRVDVGHDFXHUGRDOD
MHUDUTXtD \ WLSR GH MRUQDGD TXH SRVHHQ 3HUPLWHQ FDOLILFDU HQ ORV QLYHOHV %XHQR
5HJXODUH,QVXILFLHQWHDILQGHHYDOXDUODSHUPDQHQFLDGHORVDVDFDGpPLFRVDV
HQOD8QLYHUVLGDG3DXWD*HQHUDOGH&DOLILFDFLyQ$FDGpPLFD
&DPSR GH ,QIRUPDFLyQ 7LSRV GH LQIRUPDFLyQ UHFRJLGRV \ DOPDFHQDGRV SRU ORV
GLVWLQWRV LQVWUXPHQWRV \ VRSRUWHV GH OD 8QLYHUVLGDG TXH VH LGHQWLILFDQ FRQ XQ
QRPEUHRHWLTXHWD\FRQXQQ~PHUR\RXQDOHWUD([LVWHQWUHVWLSRVSULQFLSDOHVGH
FDPSRV&DPSRV$ELHUWRVRGHWH[WRFRUWRROLEUH7tWXORGH$FFLyQD1RPEUH
GH ,QVWDQFLD6RSRUWH D HWF FDPSRV FRQ FDWHJRUtDV FHUUDGDV GH FDUiFWHU
LQIRUPDWLYRÉUHDGH&RQRFLPLHQWRD3DtVGH,QVWDQFLD6RSRUWH DHWF\
FDPSRV FRQ FDWHJRUtDV FXDOLWDWLYDV (VWDGR 'LVFLSOLQDULHGDG G 5RO I
HWF &DGD XQR HVWi FRPSXHVWR SRU FDWHJRUtDV GH LQIRUPDFLyQ TXH
FRUUHVSRQGHQDFDGDXQDGHODVRSFLRQHVGHUHVSXHVWDTXHVHSXHGHQGDUDXQ
FDPSRGHLQIRUPDFLyQRFXDOTXLHUDGHORVQRPEUHVRHWLTXHWDVTXHHVWHDGRSWH
>(VWXGLR7pFQLFR1ƒSiJ@
$JUDGHFLPLHQWRV
4XHUHPRVDJUDGHFHUHVSHFLDOPHQWHDODVDXWRULGDGHVTXHLQWHJUDURQHLQWHJUDQ
OD &RPLVLyQ 6XSHULRU GH &DOLILFDFLyQ $FDGpPLFD GHELGR D VX LPSRUWDQWH
FRQWULEXFLyQ SDUD OD HODERUDFLyQ \ PHMRUD GH OD SURSXHVWD TXH VH SUHVHQWD HQ
HVWHHVWXGLR DOD 3URI 5RVD 'HYpV D OD 6U 0DUtD (OHQD 7URQFRVR DO 3URI (QULTXH
0DWWKH\DOD3URI&HFLOLD$OEDODDOD3URI$QD0DUtD*DUFtDDOD3URI(YJHQLD
6SRGLQH DO 3URI (GXDUGR 7KRPDV DO 3URI -RVp /XLV $ULDV D OD 3URI &HFLOLD
&RGGRX D OD 3URI &DUPHQ 5RPHUR DO 3URI 3DEOR 5XL]7DJOH DO 3URI (GXDUGR
&DUUDVFRDO3URI(GXDUGR$FXxDDO3URI6HUJLR-DUDDO3URI(QULTXH&DVWHOOyQD
OD3URI0DUtD&HFLOLD5RMDVDO3URIÉOYDUR9DOHQFLD\DO3URI3DXOLQR9DUDV
7DPELpQ DJUDGHFHPRV D ORV LQWHJUDQWHV GHO &RQVHMR GH (YDOXDFLyQ 3URI
&ULVWyEDO+RO]DSIHO3URI&HFLOLD+LGDOJR3URI)HUQDQGR/XQG3URI/XLV9DOODGDUHV
\ 3URI 0DQXHO $QWRQLR *DUUHWyQ \ D ORV H[ LQWHJUDQWHV 3URI 5LFDUGR 8DX\ 3URI
:DOWHU 6iQFKH] 3URI $QGUpV :HLQWUDXE 3URI 6HUJLR /DYDQGHUR \ 3URI *RQ]DOR
'tD]FX\RVYDOLRVRVDSRUWHVSHUPLWLHURQODPHMRUDSHUPDQHQWHGHOHVWXGLR
)LQDOPHQWH DJUDGHFHPRV D ORV VHxRUHV -RVp 2UWL] -XDQ 3DEOR 'XVVHUW %HQMDPtQ
6iH] -XDQ 3DEOR 3LQLOOD 6HEDVWLiQ 9DOODGDUHV *XLOOHUPR -DUSD &DPLOD %DUUD]D \
'DQLHO &DVWLOOR SRU VXV YDOLRVRV DSRUWHV WpFQLFRV \ D ODV VHxRUDV (VWHU +XHUWD
'DQLHOD *RQ]iOH] \ &DUROLQD $ULDV SRU VX FRQVWDQWH ODERU FRPXQLFDWLYD \
DGPLQLVWUDWLYDWUDEDMRLQGLVSHQVDEOHSDUDHOEXHQGHVDUUROORGHHVWHSUR\HFWR
5HVXPHQ(MHFXWLYR
(O VLJXLHQWH LQIRUPH SUHVHQWD OD SURSXHVWD GH HOHPHQWRV IXQGDPHQWDOHV SDUD OD
HODERUDFLyQ GH XQD QXHYD 3DXWD *HQHUDO GH &DOLILFDFLyQ $FDGpPLFD OD FXDO
HPHUJHDSDUWLUGHODQiOLVLVGHOD3DXWDGH&DOLILFDFLyQYLJHQWHGHVX,QVWUXFWLYR\
GHO DQiOLVLV GH OD 3URGXFWLYLGDG 'HFODUDGD SRU ORVDV DFDGpPLFRVDV HQWUH ORV
DxRV\5HVSRQGHDGHPiVDXQDVHULHGHHVWXGLRVVREUHHO3URFHVRGH
&DOLILFDFLyQ HODERUDGRV SRU &RQVHMR GH (YDOXDFLyQ TXH H[SOLFDQ \ MXVWLILFDQ OD
HODERUDFLyQGHXQQXHYRLQVWUXPHQWR
(O WUDEDMR LGHQWLILFD FLHUWDV GHILFLHQFLDV GHO DFWXDO 3URFHVR GH &DOLILFDFLyQ
SUHVHQWDUHODFLRQDGDVSULQFLSDOPHQWHFRQVXVLQVWUXPHQWRV(QHOFDVRSDUWLFXODU
GHOD3DXWDGH&DOLILFDFLyQVHREVHUYDXQDIDOWDGHSUHFLVLyQ\HVSHFLILFLGDGGH
ORV UHTXLVLWRV FRQWHQLGRV HQ HOOD TXH OD FRQYLHUWHQ HQ XQ LQVWUXPHQWR SRFR
HIHFWLYRSDUDGHWHUPLQDUODFDOLGDGGHOGHVHPSHxRDFDGpPLFR
/D QHFHVLGDG GH PRGLILFDU HO LQVWUXPHQWR SDUD VXEVDQDU HVWDV GHILFLHQFLDV VH
IXQGDPHQWDDGHPiVHQORVUHVXOWDGRVGHODQiOLVLVGHODSURGXFWLYLGDGGHFODUDGD
SRU ORVDV DFDGpPLFRV GH DFXHUGR DO FXDO TXHGD HQ HYLGHQFLD OD DOWD
KHWHURJHQHLGDG \ OD IDOWD GH LQIRUPDFLyQ SUHFLVD GH ODV GLVWLQWDV DFFLRQHV
UHDOL]DGDVHQHVSHFLDOHQUHODFLyQDVXFDOLGDG
'HHVWDIRUPDODSURSXHVWDGHHOHPHQWRVIXQGDPHQWDOHVSDUDODHODERUDFLyQGH
XQD QXHYD 3DXWD GH &DOLILFDFLyQ FRQWHPSOD XQD VHULH GH PRGLILFDFLRQHV DO
DFWXDO LQVWUXPHQWR FRQ PLUDV D OD PHMRUD GH OD YDORUDFLyQ GHO GHVHPSHxR GH
ORVDVDFDGpPLFRVDVSURFXUDQGRDGHPiVODFRKHUHQFLDHQWUHORVSURFHVRVGH
&DOLILFDFLyQ\GH(YDOXDFLyQ$FDGpPLFD&RQHOORVHEXVFDXQD3DXWDPiVFODUD
\SUHFLVDSHURDODYH]PiVIOH[LEOHTXHSHUPLWDHQIRFDUODODERUDFDGpPLFDHQ
ODV $FFLRQHV 3ULRULWDULDV GH OD 8QLYHUVLGDG SUHFLVDQGR FRQ PD\RU GHWDOOH ORV
UHTXLVLWRVGLIHUHQFLDGRVSRU-HUDUTXtD\&DWHJRUtD\GLIHUHQFLDQGRFODUDPHQWHODV
H[LJHQFLDVHQWpUPLQRVFXDOLWDWLYRV
/DSURSXHVWDIXHSUHVHQWDGDDOD&RPLVLyQ6XSHULRUGH&DOLILFDFLyQ$FDGpPLFDD
ILQHV GH FX\RVLQWHJUDQWHVYDORUDURQSRVLWLYDPHQWHVXV OtQHDV JHQHUDOHV 'H
HVWHPRGRGXUDQWHHODxRVHHVSHUDWUDEDMDUHQODHODERUDFLyQFRQMXQWDGH
XQDSURSXHVWDGH1XHYD3DXWDTXHVHHVSHUDYDOLGDUHQDSOLFDFLyQSLORWRSDUD
LPSOHPHQWDUOD FRPR PDUFKD EODQFD HQ HO SURFHVR \ HQ UpJLPHQ HQ ORV
SURFHVRVSRVWHULRUHV