La relación familia-escuela. La representación de un espacio

La relación familia-escuela. La representación de
un espacio compartido
Sandra Martínez Pérez
ADVERTIMENT. La consulta d’aquesta tesi queda condicionada a l’acceptació de les següents condicions d'ús: La difusió
d’aquesta tesi per mitjà del servei TDX (www.tdx.cat) i a través del Dipòsit Digital de la UB (diposit.ub.edu) ha estat
autoritzada pels titulars dels drets de propietat intel·lectual únicament per a usos privats emmarcats en activitats
d’investigació i docència. No s’autoritza la seva reproducció amb finalitats de lucre ni la seva difusió i posada a disposició
des d’un lloc aliè al servei TDX ni al Dipòsit Digital de la UB. No s’autoritza la presentació del seu contingut en una finestra
o marc aliè a TDX o al Dipòsit Digital de la UB (framing). Aquesta reserva de drets afecta tant al resum de presentació de
la tesi com als seus continguts. En la utilització o cita de parts de
la tesi és obligat indicar el nom de la persona autora.
ADVERTENCIA. La consulta de esta tesis queda condicionada a la aceptación de las siguientes condiciones de uso: La
difusión de esta tesis por medio del servicio TDR (www.tdx.cat) y a través del Repositorio Digital de la UB
(diposit.ub.edu) ha sido autorizada por los titulares de los derechos de propiedad intelectual únicamente para usos
privados enmarcados en actividades de investigación y docencia. No se autoriza su reproducción con finalidades de lucro
ni su difusión y puesta a disposición desde un sitio ajeno al servicio TDR o al Repositorio Digital de la UB. No se autoriza
la presentación de su contenido en una ventana o marco ajeno a TDR o al Repositorio Digital de la UB (framing). Esta
reserva de derechos afecta tanto al resumen de presentación de la tesis como a sus contenidos. En la utilización o cita de
partes de la tesis es obligado indicar el nombre de la persona autora.
WARNING. On having consulted this thesis you’re accepting the following use conditions: Spreading this thesis by the
TDX (www.tdx.cat) service and by the UB Digital Repository (diposit.ub.edu) has been authorized by the titular of the
intellectual property rights only for private uses placed in investigation and teaching activities. Reproduction with lucrative
aims is not authorized nor its spreading and availability from a site foreign to the TDX service or to the UB Digital
Repository. Introducing its content in a window or frame foreign to the TDX service or to the UB Digital Repository is not
authorized (framing). Those rights affect to the presentation summary of the thesis as well as to its contents. In the using or
citation of parts of the thesis it’s obliged to indicate the name of the author.
)DFXOWDGGH3HGDJRJ¯D
'HSDUWDPHQWRGH'LG£FWLFD\2UJDQL]DFLµQ(GXFDWLYD
3URJUDPDGH'RFWRUDGR
ಯ'LYHUVLGDG\&DPELRVHQ(GXFDFLµQ3RO¯WLFDV\3U£FWLFDVರ
%LHQLRದ
7¯WXORGHODWHVLV
ಯ/DUHODFLµQIDPLOLDದHVFXHOD
/DUHSUHVHQWDFLµQGHXQHVSDFLRFRPSDUWLGRರ
7HVLV'RFWRUDOSUHVHQWDGDSRU
6DQGUD0DUW¯QH]3«UH]
'LULJLGDSRU
'UD-XDQD0DU¯D6DQFKR*LO
3DUDRSWDUDOW¯WXORGH'RFWRUDSRUOD8QLYHUVLGDGGH%DUFHORQD
%DUFHORQD
$ WRGD PL IDPLOLD SDULHQWHV \ DPLJRV
SRU VX FRQVWDQWH OXFKD DSR\R FDUL³R
HVSHUD\FRPSUHQVLµQ
(VSHFLDOPHQWHDPLVSDGUHV&DUPHQ\
$OEHUWRSRUFRQILDUHQP¯
$-XDQ3DEORPLLQVSLUDFLµQ
ಯಹSRUTXHQDFHPRVSDUDSRFRWLHPSRSRUTXHGLVFXUUHYHOR]PHQWHFRQ
WDO UDSLGH] HVH HVSDFLR TXH VH QRV FRQFHGH TXH VL H[FHSWXDPRV D
XQRVFXDQWRVSRFRVODYLGDDEDQGRQDDORVGHP£VHQSOHQRGLVIUXWH<
QRVµORDQWHHVWDGHVJUDFLDFRP¼QVHJ¼QFUHHQVHODPHQWDODPDVD\
HO YXOJR LJQRUDQWH 1R WHQHPRV SRFR WLHPSR VLQR TXH SHUGHPRV
PXFKR /D YLGD HV OR EDVWDQWH ODUJD \ VH KD FRQFHGLGR HVWD DPSOLWXG
SDUDORJUDUFRVDPX\LQWHUHVDQWH&XDQGRVHQRVHVFDSDHQPHGLRGHO
OXMRFXDQGRQRVHGHGLFDDQDGDEXHQRHQODDQJXVWLDGHORV¼OWLPRV
PRPHQWRV SHUFLELPRV TXH VH PDUFKD OR TXH QR FRPSUHQGLPRV TXH
SDVDED$V¯HVQRUHFLELPRVXQDYLGDFRUWDVLQRTXHODKDFHPRVFRUWD
\ QR VRPRV SREUHV GH HOOD VLQR GHUURFKDGRUHV ಹ /D YLGD VL VDEHV
XVDUODHVODUJDರ
6«QHFD6REUHODEUHYHGDGGHODYLGD
1',&(*(1(5$/
$*5$'(&,0,(1726
,1752'8&&,•1
(6758&785$'(/,1)250(3/$17($0,(172'(/352%/(0$<2%-(7,926
35,0(5$3$57(0$5&27(•5,&2<3523•6,72'(/$,19(67,*$&,•1
&$378/2)$0,/,$6&$0%,26<',9(56,'$'
8QEUHYHUHFRUULGRKLVWµULFR
8QDDSUR[LPDFLµQDOFRQFHSWRGHIDPLOLD 'LYHUVLGDGGHVLJQLILFDGRVTX«VHHQWLHQGHSRUIDPLOLD" )XQFLRQHVGHODIDPLOLD
/DGLYHUVLGDGIDPLOLDUFDPELRV\WLSRORJ¯DV
$PRGRGHFRQFOXVLµQ
&$378/2/$(6&8(/$81/8*$5'($35(1',=$-(<5(/$&,•1
(VFXHODXQDDSUR[LPDFLµQP£VFRPSOHMD
8QDDSUR[LPDFLµQDOFRQFHSWRGHHVFXHOD 6HUGRFHQWHXQDSURIHVLµQFRPSOHMD
/DVIXQFLRQHVGHODHVFXHOD
/DVIDPLOLDVHQODHVFXHOD $PRGRGHFRQFOXVLµQ
&$378/2/$5(/$&,•1)$0,/,$ದ(6&8(/$
8QEUHYHUHFRUULGRKLVWµULFR
6HPHMDQ]DV\GLIHUHQFLDVHQWUHIDPLOLD\HVFXHOD
6HPHMDQ]DVHQWUHODVIXQFLRQHVGHODIDPLOLD\GHODHVFXHOD
,
'LIHUHQFLDVHQODVIXQFLRQHVIDPLOLDV\HVFXHODV
/DVUHODFLRQHVIDPLOLDV\HVFXHODVUHSHQVDQGRXQFDPELRQHFHVDULR
8QSDVRHQWUHHODQWHV\HOGHVSX«VHQODVPDQHUDVGHUHODFLRQDUVH
/RVVXMHWRV\VXVPLUDGDV
/DHVFXHODODPLUDGDGHORVGRFHQWHV
/RVQL³RVDOXPQRVHKLMRV8QDSLHGUDDQJXODU
/DPLUDGDGHODVIDPLOLDV\VXLPSOLFDFLµQ
&RODERUDFLµQದSDUWLFLSDFLµQದLPSOLFDFLµQ
&µPRSRGHUSDUWLFLSDU\FRODERUDU
(VWUDWHJLDV ದ UHFXUVRV SDUD OD SDUWLFLSDFLµQ ದ FRODERUDFLµQ H
LPSOLFDFLµQ
0HFDQLVPRV\HVSDFLRVSDUDFRPSDUWLUHQFXHQWURVHQWUHIDPLOLDV\HVFXHODV
$FWLWXGHVTXHIDYRUHFHQODVUHODFLRQHV
(VSDFLRVGHUHODFLµQ
0HFDQLVPRVHVWUDWHJLDV\W«FQLFDVHQEXVFDGHODVUHODFLRQHV
$PRGRGHFRQFOXVLµQ
6(*81'$3$57(0$5&20(72'2/•*,&2
&$378/2 )81'$0(17$&,•1 0(72'2/•*,&$ < ',6(“2 '( /$
,19(67,9$&,•1
/DPLUDGDGHODLQYHVWLJDGRUD
(OSRVLFLRQDPLHQWRGHODLQYHVWLJDGRUD
'LVH³R\HQIRTXHGHODLQYHVWLJDFLµQ
/DHOHFFLµQGHODPHWRGRORJ¯D
'HVFXEULHQGRXQFDPLQRODLQYHVWLJDFLµQGHFRUWHHWQRJU£ILFR
(VWXGLRVGHFDVR
/RVFDVRVLQYHVWLJDGRVODFRODERUDFLµQGHORVVXMHWRV
)DVHVGHODLQYHVWLJDFLµQ,QLFLDOHLQWHUPHGLD
)DVHLQLFLDOH[SORUDFLµQ\SURFHVRGHUHYLVLµQGHODELEOLRJUDI¯D
,,
)DVH LQWHUPHGLD WUDEDMR GH FDPSR ದ VXMHWRV SDUWLFLSDQWHV ದ HQWUDGD DO
HVFHQDULRದUHFRJLGDGHLQIRUPDFLµQ
,QVWUXPHQWRVHVWUDWHJLDV\IXHQWHVGHUHFRJLGDGHODLQIRUPDFLµQ
(QWUHYLVWDVHQSURIXQGLGDG
D'LVH³RGHODHQWUHYLVWD
/DREVHUYDFLµQQRSDUWLFLSDQWH
$Q£OLVLVGHGRFXPHQWRV
/DPLUDGDGHODLQYHVWLJDGRUDHOGLDULRGHFDPSR
$FFHVRDOHVFHQDULRODQHJRFLDFLµQ
)DVHILQDODQ£OLVLVGHORVGDWRVUHFRQVWUXFFLµQGHORVFDVRV\HODERUDFLµQGHO
LQIRUPHILQDO
(OSURFHVRGHUHFRQVWUXFFLµQ(OHQFDMHGHXQSX]OH
‹WLFDGHODLQYHVWLJDFLµQ
$PRGRGHFRQFOXVLµQ
&$378/2(175(%$67,'25(6/$92=(12))'(/$,19(67,*$'25$
0LPLUDGDFRPRLQYHVWLJDGRUD
(OHFFLRQHV \ WRPD GH GHFLVLRQHV ODERUHV GLI¯FLOHV GHVWUXFFLµQ GH FDS¯WXORV
¯QWHJURVಹYXHOWDDODHVFULWXUD
&RODERUDGRUHVದSURWDJRQLVWDVHOWU£QVLWRSRUORVHVFHQDULRV
'HVWUXLUSDUDFRQVWUXLUGHYXHOWDDODHVFULWXUD
4X«VHTXHGDHQHOWLQWHUR"
(VWDEOHFLHQGRUHODFLRQHVP£VDOO£GHODLQYHVWLJDFLµQ
$PRGRGHFRQFOXVLµQ
7(5&(5$3$57(5(&216758&&,•1'(/$,19(67,*$&,•1
&$378/2 (6&(1$5,2 25*$1,=$1'2 /$6 5(/$&,21(6 &21 /$
&2081,'$'</$6)$0,/,$6
(QEXVFDGHXQDQXHYDDYHQWXUDORVLQLFLRVಹXQWDQWRGHVRODGRU
$EULHQGRFDPLQRODDSUR[LPDFLµQDXQDUHDOLGDGQHJRFLDFLµQ\HQWUDGDHQHO
FHQWUR
'HODQDGDDODVUHODFLRQHVXQSULPHUHQFXHQWURFRQPLVSURWDJRQLVWDV
,,,
(OFHQWURHGXFDWLYR
/DVLWXDFLµQJHRJU£ILFD
(OFHQWUR4X«ORKDFHGLIHUHQWH"
/DPLUDGDSHGDJµJLFD
8QDHOHFFLµQ3RUTX«HVWDHVFXHOD\QRRWUD"
/DSRO¯WLFDGHOFHQWURHQFXDQWRDODVUHODFLRQHVIDPLOLDದHVFXHODXQDPLUDGDD
ORLQVWLWXFLRQDO
/RV GRFXPHQWRV GHO FHQWUR GH OD 3URJUDPDFLµQ *HQHUDO $QXDO DO
3UR\HFWR(GXFDWLYRGHFHQWUR
'HORVGRFXPHQWRVDODSU£FWLFD/DVPLUDGDVGHORVSURWDJRQLVWDV
&RODERUDFLµQದSDUWLFLSDFLµQದLPSOLFDFLµQ
/DVIRUWDOH]DVGHODVUHODFLRQHV
/DVGHELOLGDGHVGHODVUHODFLRQHV
8QDQXHYDPLUDGDHQWRUQRDODVUHODFLRQHV
$PRGRGHFRQFOXVLµQ
&$378/2 (6&(1$5,2 &(,3 ದ %$5&(/21$ /$ &216758&&,•1 '( 81
352<(&72'((6&8(/$&203$57,'2
(QEXVFDGHXQDQXHYDPLUDGDXQDHVFXHODDFRJHGRUD
+DFLHQGR FDPLQR GHVFXEULHQGR XQD UHDOLGDG QHJRFLDFLµQ \ HQWUDGD HQ HO
FHQWUR
8QHQFXHQWURFRPSDUWLGRGHODWHRU¯DDODSU£FWLFDGHXQDLPSOLFDFLµQ
(OFHQWURHGXFDWLYR
/RVDQWHFHGHQWHVGHXQDHVFXHODVLWXDFLµQ\XELFDFLµQ'HVFULSFLµQGHO
EDUULR
(OFHQWUR4X«ORKDFHGLIHUHQWH"
/DPLUDGDSHGDJµJLFD
7RPDQGRGHFLVLRQHVODHOHFFLµQGHHVWDHVFXHOD
/DSRO¯WLFDGHOFHQWURHQFXDQWRDODVUHODFLRQHVIDPLOLDದHVFXHODXQDPLUDGDD
ODLQVWLWXFLRQDO
/RV GRFXPHQWRV GHO FHQWUR GHO 3UR\HFWR (GXFDWLYR DO 3UR\HFWR GH
$XWRQRP¯DGHO&HQWUR
,9
'HORVGRFXPHQWRVDODSU£FWLFD/DVPLUDGDVGHORVSURWDJRQLVWDV
&RODERUDFLµQ SDUWLFLSDFLµQ H LPSOLFDFLµQ XQD PDQHUD GH FRPSDUWLU \
FRQMXJDUKRUDULRVHVSDFLRV\UHODFLRQHV
/DVIRUWDOH]DVGHODVUHODFLRQHV
/DVGHELOLGDGHVGHODVUHODFLRQHV
8QDQXHYDPLUDGD
$PRGRGHFRQFOXVLµQ
&$378/2 (6&(1$5,2 &(,3 ದ 5,32//(7 81 9,$-( $3$6,21$'2
(175(7(-,(1'2/$65(/$&,21(6
8QDQXHYDHVFXHODXQDH[SHULHQFLDHQULTXHFHGRUD\IRUPDWLYD
/DEUDQGR HO FDPLQR DFHUF£QGRPH D OD UHDOLGDG QHJRFLDFLµQ \ HQWUDGD HQ HO
FHQWUR
'HOLQWHU«VSRUODLQYHVWLJDFLµQDODSDUWLFLSDFLµQGHORVSURWDJRQLVWDV
(OFHQWURHGXFDWLYR
/DVLWXDFLµQGHOD«SRFDODKLVWRULDGHXQQDFLPLHQWR
(OFHQWURTX«ORKDFHGLIHUHQWH"
/DPLUDGDSHGDJµJLFD
/DHOHFFLµQGHODHVFXHODGHFLVLRQHVHLOXVLRQHV
/DSRO¯WLFDGHOFHQWURHQFXDQWRDODVUHODFLRQHVIDPLOLDದHVFXHODXQDPLUDGDD
ORLQVWLWXFLRQDO
7H[WRVFRQVHQWLGRVGRWDQGRGHVLJQLILFDGRVHOKDFHUGHFDGDG¯D
'HORVGRFXPHQWRVDODSU£FWLFD/DVPLUDGDVGHORVSURWDJRQLVWDV
8QDPLUDGDGHHQWHQGHUODVUHODFLRQHVFRODERUDQGR\SDUWLFLSDQGR
/DVIRUWDOH]DVGHODVUHODFLRQHV
/DVGHELOLGDGHVGHODVUHODFLRQHV
8QDQXHYDPLUDGD
$PRGRGHFRQFOXVLµQ
&$378/275(60,5$'$675(65($/,'$'(6819,$-($3$6,21$17(325
(/(175$0$'2'(/$65(/$&,21(6
5HVLWXDQGR D ODV HVFXHODV WUHV UHDOLGDGHV WUHV PDQHUDV GH HQWHQGHU ODV
UHODFLRQHV
9
/DYLVLELOLGDGGHODVUHODFLRQHVHQORVWUHVHVWXGLRVGHFDVRV
/DHVFXHODFRPRSXQWRGHSDUWLGD
8QHQWUDPDGRGHUHODFLRQHV
/D$VRFLDFLµQGH)DPLOLDVFRPRSXHQWHHQWUHHOODV\ODHVFXHOD
'LYHUVLGDG GH UHODFLRQHV D SDUWLU GH HVWUDWHJLDV \ PHFDQLVPRV GH
HVSDFLRVIRUPDOHV
'LYHUVLGDG GH UHODFLRQHV D SDUWLU GH HVWUDWHJLDV \ PHFDQLVPRV HQ
HVSDFLRVLQIRUPDOHV
&RODERUDFLµQ ದ SDUWLFLSDFLµQ H LPSOLFDFLµQ PDQHUDV GH HVWDEOHFHU
UHODFLRQHV
)RUWDOH]DVHQODVUHODFLRQHV
'HELOLGDGHVHQODVUHODFLRQHV
1XHYDVPLUDGDVQXHYDVSURSXHVWDVLQTXLHWXGHVSRUHQFRQWUDUHVSDFLRV
GH\SDUDODVUHODFLRQHV
3XQWRVGHHQFXHQWURV\SXQWRVGLVWLQWLYRVODVLQJXODULGDGGHFDGDFHQWUR
'LYHUVLGDGGHFHQWURVGLYHUVLGDGGHUHODFLRQHVQH[RVGHXQLµQ
/DKXHOODGLVWLQWLYDGHFDGDFHQWURHOVHUGLIHUHQWH
/RTXHHPHUJHGHORVWUHVHVWXGLRVGHFDVRV5HSHQVDUVHODVUHODFLRQHV
$PRGRGHFRQFOXVLµQ
&8$57$3$57(&21&/86,21(6/,0,7$&,21(6</1($6'($&78$&,•1
&$378/2&21&/86,21(6/,0,7$&,21(6 <35238(67$6'(/1($6'(
$&78$&,•1
5HIOH[LRQHVHQYR]DOWDSDVDGRSUHVHQWH\IXWXUR
/DLPSRUWDQFLDGHODVUHODFLRQHVHOVHQWLGRGHODVPLVPDV
/DYR]HQRIIXQFRPSDUWLUHQWUHSURIHVLRQDOHV
5HFDSLWXODQGRIDPLOLDV\HVFXHODVHQUHODFLµQ
/DVLQJXODULGDGGHFDGDFHQWUR
8QDDSUR[LPDFLµQDODVIDPLOLDVXQDWUDPDGHGLYHUVLGDG
0£V DOO£ GH ODV UHODFLRQHV PHFDQLVPRV IRUWDOH]DV \
GHELOLGDGHV
9,
&XHVWLRQDQGR PL SDSHO FRPR LQYHVWLJDGRUD OLPLWDFLRQHV GH OD SURSLD
LQYHVWLJDFLµQ
0LUDQGR DO IXWXUR SRVLEOHV SURSXHVWDV GH O¯QHDV GH DFWXDFLµQ \ QXHYDV
PLUDGDV
5()(5(1&,$6%,%/,2*5ƒ),&$6
$1(;26&'$GMXQWR
$QH[R&DUWDGHQHJRFLDFLµQ(QWUDGDDOHVFHQDULR
$QH[R(QWUHYLVWDVDORVSURWDJRQLVWDVGHORVWUHVHVFHQDULRV
$QH[R3DUULOODGHORVWUHVHVFHQDULRV
$QH[R0LUDGDVದYLYHQFLDV\H[SHULHQFLDVHQODVUHODFLRQHVIDPLOLDದHVFXHOD
$QH[R7RPDGHFRQWDFWRSULPHUDVLPSUHVLRQHVLQTXLHWXGHV\GHFHSFLRQHV
‘1',&('(),*85$6
)LJXUD 5HSUHVHQWDFLµQ JU£ILFD GH ORV DVSHFWRV WHµULFRV \ PHWRGROµJLFRV GH OD
LQYHVWLJDFLµQ
)LJXUD(VWUXFWXUDGHOLQIRUPHGHODLQYHVWLJDFLµQ
)LJXUD/DPXHVWUDGHOHVWXGLR
)LJXUD)DVHVದGHVDUUROORGHODLQYHVWLJDFLµQ
9,,
1',&('(7$%/$6
7DEOD1RFLRQHV\FRPSUHQVLRQHVVREUHODXQLGDGIDPLOLDU
7DEOD/RVFDPELRVHQODVRFLHGDG\VXVFRQVHFXHQFLDVHQODHVFXHOD
7DEOD0RGHORVGHUHODFLµQHVFXHODದIDPLOLDGH:LVH\7KRPEXUJ
7DEOD'LIHUHQFLDVHQWUHORVUROHVGHORVSDGUHV\ORVPDHVWURVSRU.DW]
7DEOD+RPHDQGVFKRROLGHRORJLHV6L[W\SHVRILQYROYHPHQW
7DEOD5HODFLµQIDPLOLD\SURIHVRUದWXWRUSRU/µSH]ದ%DUDMDV
7DEOD &RUUHVSRQGHQFLD HQWUH PHWRGRORJ¯D SUREOHPDV REMHWLYRV \ W«FQLFDV GH
REWHQFLµQGHODLQIRUPDFLµQ
7DEOD&DUDFWHU¯VWLFDVGHOHVWXGLRGHFDVR
7DEOD&DWHJRU¯DVHPHUJHQWHVGHODVHQWUHYLVWDV\FRQYHUVDFLRQHV
7DEOD&XHVWLRQHV«WLFDVHQHOSURFHVRGHODLQYHVWLJDFLµQFXDOLWDWLYD
7DEOD/DHOHFFLµQRDVLJQDFLµQGHODHVFXHOD
7DEOD,GHQWLILFDFLµQGHODGLYHUVLGDGHQODVUHODFLRQHVHQWUHIDPLOLDV\HVFXHODV
7DEOD/D$VRFLDFLµQGHIDPLOLDVFRPRSXHQWHHQWUHHOODV\ODHVFXHOD
7DEOD0HFDQLVPRVSDUDHVWDEOHFLPLHQWRGHUHODFLRQHVHQHVSDFLRVIRUPDOHV
7DEOD0HFDQLVPRVSDUDHVWDEOHFLPLHQWRGHUHODFLRQHVHQHVSDFLRVLQIRUPDOHV
7DEOD&RODERUDFLµQSDUWLFLSDFLµQHLPSOLFDFLµQ
7DEOD)RUWDOH]DVHQODVUHODFLRQHV
7DEOD'HELOLGDGHVHQODVUHODFLRQHV
7DEOD1XHYDVPLUDGDVQXHYDVSURSXHVWDVHQODVUHODFLRQHV
9,,,
$*5$'(&,0,(1726
(VWDWHVLVGRFWRUDOKDVLGRSRVLEOHQRVµORDORVHVIXHU]RVSHUVRQDOHVSURIHVLRQDOHV\
IRUPDWLYRV TXH KH LGR UHDOL]DQGR D OR ODUJR GH WRGR HVWH WLHPSR VLQR WDPEL«Q D OD
FRPSUHQVLµQ\ODDFWLWXGGHWRGDVDTXHOODVSHUVRQDVTXHPHKDQLGRDFRPSD³DQGRHQ
GLIHUHQWHV PRPHQWRV 8Q SURFHVR TXH HQFLHUUD PRPHQWRV GH UHIOH[LµQ GH
LQFHUWLGXPEUH GH H[SHULHQFLDV YLYHQFLDV H KLVWRULDV SHUVRQDOHV \ SURIHVLRQDOHV GH
VHQWLPLHQWRV \ GH DSUHQGL]DMHV $ WRGDV HVWDV SHUVRQDV TXH KDQ IRUPDGR SDUWH GH
HVWDDYHQWXUDOHVGR\ODVJUDFLDV\OHGHGLFRHVWHWUDEDMR
4XLVLHUD KDFHU XQD PHQFLµQ HVSHFLDO D DTXHOODV SHUVRQDV SRU VX DSR\R \ HVWLPD
LQFRQGLFLRQDOHV\DTXHVLQHOODVHVWDWHVLVQRKXELHUDVLGRSRVLEOH
$PLPDGUH&DUPHQ3«UH]HOODKDVLGRPLFRQVWDQWHDSR\RODTXHPHKDJXLDGRPL
FDPLQRODTXHPHKDGDGRWRGDVODVIXHU]DVQHFHVDULDVSDUDOXFKDUSRUORTXHTXHU¯D
\VLJRTXHULHQGRSRUTXHVLQHOOD\RQRVHU¯DORTXHVR\\ORTXHTXLHURVHU
$PLSDGUH$OEHUWR)UDQFLVFR0DUW¯QH]SRUHVWDUVLHPSUHDK¯\VHJXLUPLVSURJUHVRV
$PLGLUHFWRUDGHWHVLVOD'UD-XDQD0DU¯D6DQFKRHVSHFLDODJUDGHFLPLHQWR\FDUL³R
HOODIXH\HVPLSURIHVRUDPLJX¯DPLFRPSD³HUD\PLDPLJD(OODPHDEULµVXFRUD]µQ
\ODVSXHUWDVGHO(6%5,1$SRUVXDFRJLGD\RULHQWDFLRQHVHQWRGRPRPHQWR<DO'U
)HUQDQGR +HUQ£QGH] SRUTXH HQWUH DPERV PH DEULHURQ XQ HVSDFLR GRQGH DSUHQG¯
MXQWR DO JUXSR GH LQYHVWLJDFLµQ FRQVROLGDGR TXH HO WUDEDMR VH FRQVWUX\H GH IRUPD
FROHFWLYD \ OD FRQILDQ]D HV HO PRWRU GH FUHFLPLHQWR \ DSUHQGL]DMH *UDFLDV SRU FUHDU
HVWHFOLPDWDQF£OLGRHQWUHWRGRVORVPLHPEURVGHOJUXSR
,QGLVFXWLEOHPHQWH D ORV GLIHUHQWHV SURWDJRQLVWDV GH ORV WUHV HVWXGLRV GH FDVR &(,3
7HQHULIH &(,3 %DUFHORQD \ &(,3 5LSROOHW 6LQ HOORV VLQ VX SDUWLFLSDFLµQ VXV
DSRUWDFLRQHVYDORUDFLRQHVH[SHULHQFLDV\YLYHQFLDVHVWDLQYHVWLJDFLµQQRKXELHUDVLGR
SRVLEOH<HVSHFLDOPHQWHDOD'UD5RGULJRDO 'U$UHD\DO3URIHVRU6RXWRSRUVXV
LPSOLFDFLRQHVD\XGDV\FRPSURPLVRV*5$&,$6DFDGDXQRGHHOORV
$ORVFRPSD³HURVGH'RFWRUDGR\SURIHVRUHVGHO'2(SRUFRQILDUHQP¯SRUFRPSDUWLU
VXVFRQRFLPLHQWRVYLYHQFLDV\H[SHULHQFLDV\SRUKDFHUTXHHOHVSDFLRGHHQVH³DQ]D
ದDSUHQGL]DMHVHDXQHVSDFLRGHDPLVWDG\IRUPDFLµQ
$ 1¼ULD 5DMDGHOO %HJR³D 3LTX« $VXQFLµQ/µSH] \ 9LUJLQLD )HUUHU SRUVXVFRQVHMRV
VXV OHFWXUDV SRU VXV £QLPRV \ DOLHQWR SRU DSR\DUPH \ VXMHWDUPH HQ PRPHQWRV
FU¯WLFRV
$ /DLD \ D 0D[ GRV JUDQGHV SLODUHV SRU DJXDQWDUPH SRU UH¯U \ SRU OORUDU DQWHV
GXUDQWH\GHVSX«VSRUHVFXFKDUPHSRUJXLDUPH\SRUDFRPSD³DUPH
$ .DUOD \ D 5RVHU FRPSD³HUDV \ DPLJDV TXH KDQ HVWDGR SUHVHQWH HQ HVWH ODUJR
SURFHVR<KDQSDGHFLGRPLVFDPELRVGHKXPRUPLV£QLPRV\GHV£QLPRV
$ 3LODU &KLYHOHW XQD JUDQ GRFWRUD \ DPLJD TXH \DQR HVW£ HQWUHQRVRWURV SHURTXH
VLHPSUHPHHPSXMµDVHJXLUIRUP£QGRPH\GHVDUUROO£QGRPH(OODPHGHMµYRODU
$ ,VPDHO &RQFKL \ 0DUL &DUPHQ DPLJRV LQFRQGLFLRQDOHV TXH GHVGH HO SULPHU G¯D
DSRVWDURQ SRU PL &UH\HURQ HQ PLV SRVLELOLGDGHV FRPR SHUVRQD \ FRPR SURIHVLRQDO
'RQGH FRQYHUVDFLRQHV WUDV FRQYHUVDFLRQHV PH WUDQVPLW¯DQ HQHUJ¯DV \ IXHU]DV SDUD
QRDEDQGRQDU
$$OLFLD&LGSRUTXHVLHPSUHFRQILµ\FRQI¯DHQP¯FRPR6DQGUDHQVXWRWDOLGDG
$PLIDPLOLDDEXHORVW¯RVSULPRVಹ\DPLVWDGHVFHUFDQDV\OHMDQDVTXHDSHVDUGH
PLV LGDV \ YHQLGDV GH PLV YLDMHV GH PLV WUDEDMRV H LPSOLFDFLRQHV VLHPSUH PH KDQ
FRPSUHQGLGR
$WRGDVDTXHOODVSHUVRQDVTXHKDQHVWDGRDPLODGR\TXHKDQVXIULGRFRQPLJRWRGR
HVWHSURFHVRಹ
*5$&,$6
,1752'8&&,•1
ಯ/R TXH VRPRV QR HV RWUD FRVD TXH HO PRGR FRPR QRV FRPSUHQGHPRV HO
PRGRFRPRQRVFRPSUHQGHPRVHVDQ£ORJRDOPRGRFRPRFRQVWUXLPRVWH[WRV
VREUH QRVRWURV PLVPRV \ FµPR VRQ HVRV WH[WRV GHSHQGH GH VX UHODFLµQ FRQ
RWURVWH[WRV\GHORVGLVSRVLWLYRVVRFLDOHVHQORVTXHVHUHDOL]DODSURGXFFLµQ\
ODLQWHUSUHWDFLµQGHORVWH[WRVGHLGHQWLGDGರ/DUURVD +$&,(1'2&$0,120,,17(5‹6325(/7(0$
'HVGH KDFH XQRV D³RV PL FXULRVLGDG PLV JDQDV GH DSUHQGHU \ PL QHFHVLGDG GH
VDWLVIDFHU PL VHG GH DPSOLDU PL VDEHU VREUH TX« HVWDED VXFHGLHQGR HQWRUQR D ODV
UHODFLRQHV HQWUH ODV IDPLOLDV \ ODV HVFXHODV PH OOHYDURQ D LQGDJDU P£V GHWHQLGD \
SURIXQGDPHQWH HQ OD WHP£WLFD 7RGR HPSH]µ DQWHV GHO GRFWRUDGR SUHYLDPHQWH D
ILQDOL]DU OD FDUUHUD <R WUDEDMDED FRPR ಯSVLFRSHGDJRJDರ HQ XQ JDELQHWH GH DWHQFLµQ
VHQVRULDOPRWUL]\SVLFROµJLFDGRQGHFDGDG¯DPHUHODFLRQDEDQRVµORFRQORVQL³RV\
ODV QL³DV TXH SUHVHQWDEDQ DOJXQDV GLILFXOWDGHV GH DSUHQGL]DMH \ GHVDUUROOR TXH
DVLVW¯DQ D QXHVWUR FHQWUR SDUD VHU DWHQGLGRV VLQR WDPEL«Q FRQ VXV IDPLOLDV \ HQ
RFDVLRQHV FRQ ODV HVFXHODV 0L SDSHO FRPR SURIHVLRQDO VH HQWUHOD]DED FRQ PLV
YLYHQFLDVHOKHFKRGHWHQHUSULPRVHQHWDSDVLQIDQWLOHVದD³RVGHHGDGTXLHQHV
FRPHQ]DEDQVXVDQGDGXUDVSRUHOFHQWURHGXFDWLYRGRQGHVXVPDGUHVGHMDEDQDVXV
SHTXH³RV HQ PDQRV GH VXV PDHVWUDV PH KL]R UHIOH[LRQDU \ REVHUYDU
LQFRQVFLHQWHPHQWHFµPRVHOOHYDEDDFDERXQDUHODFLµQHQWUHPLIDPLOLD\ODHVFXHOD
)UDJPHQWR H[WUD¯GR GH %RO¯YDU $ 'RPLQJR - \ )HUQ£QGH] 0 /D LQYHVWLJDFLµQ ELRJU£ILFD ದ
QDUUDWLYDHQHGXFDFLµQರ&DSS0DGULG/D0XUDOOD
3RQJRODSDODEUDSVLFRSHGDJRJDHQWUHFRPLOODGR\DTXHWRGDY¯DQRHUDOLFHQFLDGD\PHHQFRQWUDEDHQ
XQHVSDFLRGHDSUHQGL]DMH\IRUPDFLµQFRQWLQXDKDFLHQGRTXHIXHUDSRVLEOHHOFRQWUDVWHHQWUHODWHRU¯D\
ODSU£FWLFD
Introducción
FµPR VH FRPXQLFDEDQ FµPR ORV SURJHQLWRUHV SRG¯DQ SDUWLFLSDU GHQWUR GH ODV
HVFXHODVVLWUDEDMDEDQGHPDQHUDFRQMXQWD\FRODERUDWLYDPHQWHODVPDHVWUDVFRQODV
IDPLOLDVHWF7RGRHVWHPDSDTXHIXLHVER]DQGRSRFRDSRFRPHFRQGXMRDPLSXQWR
GH SDUWLGD SDUD SRGHU LQLFLDU PLV DQGDGXUDV VREUH HO WHPD &DGD YH] P£V PH
LQWHUHVDED QR VµOR OD HYROXFLµQ HO GHVDUUROOR \ HO DSUHQGL]DMH GH ORV QL³RV \ GH ODV
QL³DVVLQRWDPEL«QFµPRIDPLOLDV\HVFXHODVSDUWLFLSDEDQ\FRODERUDEDQRQRHQOD
HGXFDFLµQGHVXVKLMRVKLMDV\DOXPQRVDOXPQDV\FµPRLEDQHQWUDPDQGRXQDUHGGH
UHODFLRQHV
'¯D D G¯D PH SUHJXQWDED ಯ6DQGUD TX« HVW£ SDVDQGR HQ QXHVWUD VRFLHGDG" SRU
TX«ODVHVFXHODVSHUFLEHQTXHODVIDPLOLDVGHOHJDQP£VUHVSRQVDELOLGDGHVHQHOODV"
FµPRVHVLHQWHHOSURIHVRUDGRGHQXHVWURVLVWHPDHGXFDWLYRDQWHHVWDSHUFHSFLµQ"
TX«HVW£RFXUULHQGRFRQODVIDPLOLDV"(VWDVSUHJXQWDVPHLEDQRULHQWDQGRKDFLDXQ
FDPLQRHOFDPLQRGHOVDEHU(OVDEHUHLQWHUSUHWDUXQDUHDOLGDGDSDUWLUGHOHVWXGLRGH
OD HVWDQFLD HQ HO FRQWH[WR \ GH FRQYLYLU G¯D D G¯D FRQ XQD UHDOLGDG HGXFDWLYD HQ
FDPELR/DVSUHJXQWDVTXHPHIRUPXO«DOSULQFLSLRIXHURQFUHFLHQGR\WRPDQGRIRUPD
FXHVWLRQHVTXHIDPLOLDV\GRFHQWHVVHUHDOL]DQFDGDG¯D
7HQLHQGR HQ FXHQWD HVWH SXQWR GH SDUWLGD HO LQWHU«VSRU HO WHPD VXUJLµDUD¯] GH PL
HVWDQFLD \ SHUWHQHQFLD D DPEDV LQVWLWXFLRQHV OD IDPLOLD \ OD HVFXHOD FRPR KLMD
VREULQD QLHWD DOXPQD FRPSD³HUD GRFHQWH \ FLXGDGDQD 3ULQFLSDOPHQWH GH ORV
FRPHQWDULRV TXH UHIOHMDEDQ \ GHF¯DQ QR VµOR ORV P£V FHUFDQRV D P¯ VLQR HQ ORV
FHQWURV HGXFDWLYRV \ HQ OD VRFLHGDG HQ V¯ 7RGRV HOORV PDQLIHVWDEDQ LGHDV
SHQVDPLHQWRVGXGDVLQTXLHWXGHVHLQFOXVRಯWµSLFRVರTXHLEDQFLUFXODQGRHQHOFHQWUR
Introducción
HGXFDWLYRVREUHODVIDPLOLDV\FµPRODVIDPLOLDVSHUFLE¯DQ\VHQW¯DQFX£OHVWHQ¯DQTXH
VHU ODV WDUHDV \ UHVSRQVDELOLGDGHV GHO SHUVRQDO GRFHQWH \ QR GRFHQWH GH OD HVFXHOD
8Q HMHPSOR GH DOJXQRV GH HVWRV WµSLFRV VHU¯D ಯHVWRV SDGUHV QR VH SUHRFXSDQ GH
QDGD R D HVWD IDPLOLD OH GD WRGR LJXDOರ HQ YR] GH GRFHQWHV ಯ/D HVFXHOD WLHQH OD
REOLJDFLµQGHHQVH³DUHGXFDUYDPRVGHWRGRHVWHSURIHVRUQRHQWLHQGHDPLKLMR D
QXHVWUDIDPLOLDರVHJ¼QODIDPLOLD([LVWLHQGRRWUDVIUDVHVHLGHDVTXHHWLTXHWDQDHVWD
LQVWLWXFLµQ OD IDPLOLDU FRPR GHVLQWHUHVDGD KDFLHQGR UHFDHU WRGR HO SHVR GH OD
UHVSRQVDELOLGDGHQODHVFXHOD$ODYH]TXHHQ RFDVLRQHVVHSLHQVDTXHODHVFXHOD
QR HVW£ SUHSDUDGD SDUD DIURQWDU ORV FDPELRV TXH HVWDPRV YLYLHQGR HQ ORV ¼OWLPRV
WLHPSRV
$ SDUWLU GH WRGDV HVWDV REVHUYDFLRQHV GHFLG¯ TXH FRPR SHUVRQD TXH KD YLYLGR \
FRQWLQ¼D YLYLHQGR HQ DPEDV LQVWLWXFLRQHV WHQ¯D TXH FRPHQ]DU D LQGDJDU GHVFXEULU
LQWHUSUHWDU TX« KD\ GH FLHUWR HQ WRGR HVWR VL WRGRV ORV DJHQWHV HGXFDWLYRV SDGUHV
PDGUHV DEXHORV W¯R GRFHQWHV SHUVRQDO QR GRFHQWHಹ OR SHUFLE¯DQ GH OD PLVPD
PDQHUDRQR3RUORWDQWRHQPLLQWHULRUSXGHQRWDUTXHDOJRVHPRY¯DTXHDSDUHF¯DHO
GHVDVRVLHJR \ HO PLHGR OD LQFHUWLGXPEUH HO LU P£V DOO£ HQ P¯ QDF¯D HO GHVHR SRU
DSUHQGHU SRU LQYHVWLJDU SRUDYHULJXDU TX«HVWDED RFXUULHQGR7RGRV HVWRVDVSHFWRV
PHOOHYDURQDLQLFLDUPHHQHVWDWHP£WLFDWDQGHOLFDGD\FRPSOHMDDODYH]SHURTXHDO
PLVPRWLHPSRPHKDFHVHQWLUELHQ\GLVIUXWDUGHODWDUHDTXHHVWR\GHVHPSH³DQGRHQ
HOFRUWRFDPLQRTXHKHHPSUHQGLGRVREUHHOHVWXGLRGHODUHODFLµQIDPLOLD\HVFXHOD\
P£V FRQFUHWDPHQWH HQ ODV SHUFHSFLRQHV \ UHSUHVHQWDFLRQHV TXH ODV HVFXHODV VH
KDFHQ\FUHDQVREUHODVIDPLOLDV\YLFHYHUVD
Introducción
3DUWLHQGRGHHVDVWHVLWXUDVPLLQYHVWLJDFLµQVHVXPDU¯DDOWUDEDMR\HVWXGLRTXHFDGD
XQRRGRVD³RV\HQGLIHUHQWHVOXJDUHVGH(VSD³D\(XURSDPDGUHVSDGUHVWXWRUHV
GRFHQWHV \ DFWRUHV HGXFDWLYRV LQWHUHVDGRV VH UH¼QHQ HQ MRUQDGDV FRQJUHVRV
VHPLQDULRVHWFRUJDQL]DGDVSRUOD&($3$&RQIHGHUDFLµQ(VSD³RODGH3DGUHVSRU
OD &21&$3$ &RQIHGHUDFLµQ &DWµOLFD GH $VRFLDFLRQHV GH 3DGUHV GH $OXPQRV \
3DGUHV GH )DPLOLD \ RWUDV HQWLGDGHV FRPR (51$3( (XURSHDQ 5HVHDUFK 1HWZRUN
$ERXW 3DUHQWV LQ (GXFDWLRQ $,)5() $VRFLDFLµQ ,QWHUQDFLRQDO GH )RUPDFLµQ H
,QYHVWLJDFLµQ HQ (GXFDFLµQ )DPLOLDU SDUD WUDEDMDU HQ HVWH WHPD HQ FXHVWLµQ \
FRQWLQXDUEXVFDQGRUHVSXHVWDVDRWURVPXFKRVLQWHUURJDQWHVVXUJLGRVHQODVRFLHGDG
DFWXDO
0,*5$1$9(1785$0,6,1,&,26
ಯ3HQVDU HQ OD KLVWRULD FRPR SRVLELOLGDG HV UHFRQRFHU OD HGXFDFLµQ FRPR
SRVLELOLGDG (V UHFRQRFHU TXH VL OD HGXFDFLµQ QR SXHGH KDFHUOR WRGR SXHGH
FRQVHJXLU DOJXQDV FRVDVಹ 8QR GH QXHVWURV UHWRV FRPR HGXFDGRUHV HV
GHVFXEULU TX« HV SRVLEOH KLVWµULFDPHQWH HQ HO VHQWLGR GH FRQWULEXLU D OD
WUDQVIRUPDFLµQ GHO PXQGR GDQGR OXJDU D XQ PXQGR TXH VHD P£V UHGRQGR
PHQRV DQJXORVR P£V KXPDQRರ 3DXOR )UHLUH 'L£ORJR &XOWXUD OHQJXDMH \
UD]D(Q*LURX[
3HURFX£OIXHHORULJHQGHHVWHWUDEDMR"3RUTX«KDFHUXQDLQYHVWLJDFLµQ\XQDWHVLV
GRFWRUDO"/DVYLYHQFLDVHOGHVHR\HOLQWHU«VGHFRQRFHUODVUHODFLRQHVHQWUHIDPLOLD\
HVFXHOD PH OOHYµ FRPR SHUVRQD \ FRPR SURIHVLRQDO D SODQWHDUPH XQD VHULH GH
LQWHUURJDQWHV\GHLQTXLHWXGHV(OFRPLHQ]RGHHVWDDQGDGXUDVHVLW¼DHQHOPRPHQWR
Introducción
TXHGHFLGR\VHPHEULQGDODRSRUWXQLGDGGHIRUPDUSDUWHGHXQJUXSRGHLQYHVWLJDFLµQ
FRQVROLGDGR (VEULQD DQWLJXDPHQWH ),17 VH PH RWRUJD XQD EHFD GH )RUPDFLµQ GH
3URIHVRUDGR 8QLYHUVLWDULR \ SDUWLFLSR HQ XQ SUR\HFWR GH LQYHVWLJDFLµQ VXEYHQFLRQDGR
SRUHO0LQLVWHULRDODYH]TXHUHDOL]RORVFXUVRVGHGRFWRUDGRHQHO'HSDUWDPHQWRGH
'LG£FWLFD\2UJDQL]DFLµQ(GXFDWLYDGHOD8QLYHUVLGDGGH%DUFHORQD)RUPDUSDUWHGH
WRGR HVWH FRQMXQWR PH SURSRUFLRQµ XQD VHULH GH DSUHQGL]DMHV GH FRQRFLPLHQWRV
WHµULFRV\SU£FWLFRV\HVSHFLDOPHQWHPHVLUYLµSDUDFRQRFHUGLIHUHQWHVPHWRGRORJ¯DV
LQVWUXPHQWRV GH UHFRJLGD GH LQIRUPDFLµQ \ DQ£OLVLV GH GDWRV SDUD DGHQWUDUPH HQ HO
DSDVLRQDQWHPXQGRGHPLLQYHVWLJDFLµQ
&RPHQF« D HODERUDU PLV SULPHUDV DSUR[LPDFLRQHV D GLEXMDU PLV SHQVDPLHQWRV PLV
LGHDVPLVLQTXLHWXGHVPLVGXGDVDSDUWLUGHORTXHGDEDHQFDGDXQDGHODVPDWHULDV
FDGD FRQRFLPLHQWR SHUFHSFLµQ SODQWHDPLHQWR HWF IXHURQ OOHYDGRV KDFLD PL IRFR GH
LQWHU«V KDFLHQGR TXH SRFR D SRFR IXHUD GHFLGLHQGR TX« HUD DTXHOOR TXH TXHU¯D
HVWXGLDU D SDUWLU GH XQD JUDQ E¼VTXHGD ELEOLRJU£ILFD VREUH HO WHPD HQ FXHVWLµQ (VWR
PH OOHYµ D GDUPH FXHQWD TXH P£V TXH FHUWH]DV OR TXH WHQ¯D HUDQ SUHJXQWDV
LQWHUURJDQWHV GXGDV 8QDV SUHJXQWDV TXH PH KLFLHURQ VHQWDUPH D UHIOH[LRQDU D
HVFULELU VREUH TX« HUD DTXHOOR TXH TXHU¯D PH LQWHUHVDED \ SRU OR WDQWR WHQ¯D TXH
GHILQLU\SUREOHPDWL]DU
*UXSRGH,QYHVWLJDFLµQ&RQVROLGDGR (6%5,1$6XEMHWLYLGDGHV\(QWRUQRV(GXFDWLYRV&RQWHPSRU£QHRV
$QWLJXR),17)RUPDFLµQH,QQRYDFLµQGH1XHYDV7HFQRORJ¯DV5HIHUHQFLD6*5
/RV HIHFWRV GH ORV FDPELRV VRFLDOHV \ SURIHVLRQDOHV HQ HO WUDEDMR \ OD YLGD GH ORV GRFHQWHV 6XEYHQFLRQDGRSRUHO0LQLVWHULRGH&LHQFLD\7HFQRORJ¯D3URJUDPDVHFWRULDOGHSURPRFLµQJHQHUDOGH
FRQRFLPLHQWR %62 8QLYHUVLGDG GH %DUFHORQD ದ 5HVSRQVDEOH -XDQD 0DU¯D
6DQFKR*LO
3URJUDPD GH GRFWRUDGR ಯ'LYHUVLGDG \ FDPELRV HQ HGXFDFLµQ SRO¯WLFDV \ SU£FWLFDVರ )DFXOWDG GH
3HGDJRJ¯D
Introducción
0H GDED FXHQWD TXH SDUD SRGHU HQWHQGHU PHMRU OD UHDOLGDG HGXFDWLYD TXH TXHU¯D
HVWXGLDU HUD QHFHVDULR SDUWLU GH ORV FDPELRV TXH VH HVWDEDQ GDQGR HQ QXHVWUD
VRFLHGDG FDPELRV VRFLDOHV HFRQµPLFRV OHJLVODWLYRV HWF 3DUD HOOR PLV SULPHURV
WUDEDMRV VH FHQWUDURQ HQ YHU FµPR OD IDPLOLD KD H[SHULPHQWDGR XQD JUDQ
WUDQVIRUPDFLµQ VRFLDO HVWUXFWXUDO\ GHUROHV KDFLHQGR TXH\D QR SRGDPRVKDEODU GH
XQ ¼QLFR ಯHVWLOR \ WLSRರ GH IDPLOLD VLQR GH XQD GLYHUVLGDG IDPLOLDU 7DPEL«Q FHQWU« PL
PLUDGD HQ DQDOL]DU FµPR OD HVFXHOD FRQWLQXDED SDUFLDOPHQWH VLHQGR OD PLVPD HQ
FXDQWR UROHV \ REMHWLYRV VH UHIHU¯DQ FRQVLGHUDQGR GHVGH PL LQRFHQFLD FRPR
LQYHVWLJDGRUD QRYHO TXH «VWD WHQ¯D TXHFDPELDU OOHJDQGRLQFOXVR D VHU FXHVWLRQDGD
3HQVDED TXH VL PH DSUR[LPDED D ODV FRQFHSFLRQHV HVWUXFWXUDV \ IXQFLRQHV VREUH
IDPLOLDV \ HVFXHODV PH D\XGDU¯D D VHJXLU DYDQ]DQGR \ D DFHUFDUPH D H[SORUDU
GHVFXEULUHLQWHUSUHWDUODWLSRORJ¯DGHUHODFLRQHVTXHVHHVWDEOHF¯DQHQWUHDPEDV
&RQVLGHUR TXH HO WHPD HOHJLGR FRPR IRFR GH HVWXGLR QR VµOR HV XQ KHFKR TXH PH
SUHRFXSD \ PH LQWHUHVD D P¯ VLQR WDPEL«Q WHQLHQGR HQ FXHQWD ODV RSLQLRQHV \ ODV
FRQFHSFLRQHVGHODVSHUVRQDVFRQODVTXHPHKHYLQFXODGRHVFXHODV\IDPLOLDVHVW£Q
LQWHUHVDGDVHQVDEHU\FRQRFHUFµPRVHHVWDEOHFHQ\HQWUHWHMHQODVUHODFLRQHVHQWUH
DPEDVLQVWLWXFLRQHV,QWHQWDQGRKDOODUFDPLQRVGHHQFXHQWURGHGL£ORJRGHHVFXFKD
TXHIDYRUH]FDQHOHVWDEOHFLPLHQWRGHUHODFLRQHVP£VIOXLGDVFRUGLDOHV\F£OLGDV\HQ
HO FDVR GH TXH H[LVWDQ HVRV OXJDUHV \ HVSDFLRV PHMRUDU RULHQWDU \ SRWHQFLDU GH
PDQHUDSRVLWLYDGLFKDVUHODFLRQHV
(6758&785$'(/,1)250(
/$,19(67,*$&,•1
3/$17($0,(172'(/352%/(0$<2%-(7,926'(/$0,60$
ಯ(O FRPSRUWDPLHQWR KXPDQR HVW£ SULQFLSDOPHQWH FRQVWLWXLGR SRU DFFLRQHV
VLHQGRFDUDFWHU¯VWLFDGHILQLWRULDGHODVPLVPDVSRVHHUXQVHQWLGRSDUDTXLHQHV
ODVUHDOL]DQ\HQFRQYHUWLUVHHQLQWHOLJLEOHVVµORHQODPHGLGDHQTXHVHFRQRFH
HO VHQWLGR TXH OH DWULEX\H HO DFWRU LQGLYLGXDOಹ /DV DFFLRQHV VRFLDOHV VµOR
SXHGHQ KDFHUVH LQWHOLJLEOHV SRU UHIHUHQFLD D ODV LQWHQFLRQHV GH ODV SHUVRQDV
TXH ODV HMHFXWDQ \ DO FRQWH[WR HQ HO TXH WLHQHQ OXJDUಹ /RV VLJQLILFDGRV VRQ
FUHDGRV FXHVWLRQDGRV \ PRGLILFDGRV GXUDQWH HO GHVDUUROOR GH ODV SU£FWLFDV
VRFLDOHVTXHODVSHUVRQDVUHDOL]DQರ6DQG¯Q
/DV GLIHUHQWHV WUDQVIRUPDFLRQHV VRFLDOHV FXOWXUDOHV HGXFDWLYDV OHJLVODWLYDV
HFRQµPLFDV TXH VH HVW£Q YLYLHQGR HQ ORV ¼OWLPRV D³RV HQ QXHVWUD VRFLHGDG HVW£Q
WHQLHQGRXQDFLHUWDUHSHUFXVLµQHQODVUHODFLRQHVTXHVHHVWDEOHFHQHQWUHODVIDPLOLDV
\ODVHVFXHODV/RVFDPELRVHQODVIXQFLRQHV\HQODHVWUXFWXUDLQWHUQD\H[WHUQDGHODV
IDPLOLDV ORV UROHV GRFHQWHV OD QXHYD PLUDGD KDFLD OD HVFXHOD ODV GLQ£PLFDV VRFLR
HFRQµPLFDV \ ODV GHPDQGDV GHO PHUFDGRODERUDO HVW£Q JHQHUDQGR GLVWLQWDV PDQHUDV
GH FRQVWUXLU Y¯QFXORV HQWUH DPEDV LQVWLWXFLRQHV (VWDV WUDQVIRUPDFLRQHV HVW£Q
H[LJLHQGR D OD FRPXQLGDG HGXFDWLYD SODQWHDUVH RWUDV SRVLFLRQHV TXH SXHGDQ GDU
UHVSXHVWDVDODVQXHYDVGHPDQGDVGHODVRFLHGDG\ODVQHFHVLGDGHVGHODVIDPLOLDVD
OD YH] TXH UHTXLHUHQ XQD UHLQWHUSUHWDFLµQ \ UHLQYHQFLµQ GH ODV UHODFLRQHV HQWUH ORV
GLIHUHQWHV PLHPEURV TXH FRPSRQHQ OD FRPXQLGDG HGXFDWLYD IDPLOLDV ದ GRFHQWHV ದ
SHUVRQDOQRGRFHQWHದDOXPQDGR
Estructura del informe
Propósitos y objetivos de la investigación
$ SDUWLU GH HVWDV SULPHUDV LQTXLHWXGHV \ PL LQWHU«V SRU HO WHPD HVER]DGRV HQ OD
LQWURGXFFLµQ \ SRU ORV FDPELRV GDGRV HQ ORV ¼OWLPRV D³RV GHFLG¯ FRPR SHUVRQD \
FRPR SURIHVLRQDO LQGDJDU FRQRFHU LQWHUSUHWDU GHVFULELU \ DQDOL]DU ORV WLSRV GH
UHODFLRQHVTXHVHHVWDEOHFHQHQWUHIDPLOLDV\HVFXHODV
(VWD LQTXLHWXG H LQWHU«V SDUHFHQ QR VµOR VHU P¯RV FRPR PLHPEUR GH XQD IDPLOLD \
FRPRSURIHVLRQDOVLQRWDPEL«QGHODVHVFXHODV\ODVIDPLOLDVTXHHVW£QLQWHUHVDGDVHQ
FRQRFHU \ VDEHU FµPR SXHGHQ HQWUHWHMHU VXV UHODFLRQHV SDUD KDOODU FDPLQRV GH
HQFXHQWUR GH GL£ORJR GH HVFXFKD DFWLYD GH WUDEDMRFRODERUDWLYR HWF 3RU HVR FDGD
D³R\HQGLIHUHQWHVOXJDUHVGH(VSD³D\GH(XURSDPDGUHVSDGUHVWXWRUHVOHJDOHV
GRFHQWHV LQYHVWLJDGRUHV \ DJHQWHVHGXFDWLYRVLQWHUHVDGRV VHUH¼QHQ HQ VHPLQDULRV
MRUQDGDV FRQJUHVRV SDUD WUDEDMDU HQ OD PHMRUD GH ODV UHODFLRQHV (51$3( &($3$$,)5()&203$66
3/$17($0,(172'(/352%/(0$,'(17,),&$&,•1<&21&5(&,•1
&XDQGRHOLQYHVWLJDGRUVHSURSRQHLGHQWLILFDUHOSUREOHPDGHHVWXGLR\ODGHILQLFLµQ\OD
GHOLPLWDFLµQGHORVREMHWLYRVQRSXHGHROYLGDUVHTXH«VWHUHIOHMDU£ODVLQWHQFLRQHVTXH
WLHQHDQWHXQDUHDOLGDGHGXFDWLYD\VRFLDO3RUORWDQWRHOSUREOHPDDLQYHVWLJDUSXHGH
VXUJLU QR VµOR FRPR XQD PHUD LQWHQFLµQ TXH VH KD SURSXHVWR HO LQYHVWLJDGRU FRPR
REMHWR GH HVWXGLR VLQR WDPEL«Q IUXWR GH XQ LQWHU«V R FXULRVLGDG TXH KD YHQLGR
REVHUYDQGR DFHUFD GH XQ IHQµPHQR VRFLDO TXH SXHGH VHU GHVFXELHUWR R TXH SXHGH
VHUXQUHWRSDUDODSU£FWLFDVRFLDO\HGXFDWLYD0D\NXW0RUHKRXVH$UQDO
%DUWRORP«
Estructura del informe
Propósitos y objetivos de la investigación
'HOLPLWDU HO SUREOHPD GH HVWXGLR QR HV XQD WDUHD QDGD VHQFLOOD FRPR LQYHVWLJDGRUD
VREUH WRGR VL OD PLUDGD VH GLULJH KDFLD ODV IDPLOLDV \ ODV HVFXHODV 6RQ PXFKRV ORV
SUREOHPDVTXHSRGU¯DQVHUREMHWRGHHVWXGLRSHURLQWHQWDUDEDUFDUORVWRGRVVHU¯DXQ
WUDEDMRPX\DPELFLRVRHLPSRVLEOHGHVHUDERUGDGRVHQXQDWHVLVGRFWRUDO(VSRUHOOR
TXHODSUHVHQWHLQYHVWLJDFLµQVHFHQWUDHQRFXSDUXQDSHTXH³DSDUFHODODVUHODFLRQHV
TXHVHHVWDEOHFHQHQWUHIDPLOLDV\HVFXHODV
&LHUWDVLQYHVWLJDFLRQHV\DXWRUHVKDQILMDGRP£VVXPLUDGDHQHVWXGLDUHLQGDJDUVREUH
OD IDPLOLD \ OD HVFXHOD FHQWU£QGRVH HQ D ODV GLVFRQWLQXLGDGHV \ FRQWLQXLGDGHV
H[LVWHQWHVHQWUHDPEDV/DFDVD&RVWD &DEUHUD)XQHV\%UXOOHW
E OD SDUWLFLSDFLµQ FRODERUDFLµQ H LPSOLFDFLµQ GH ODV IDPLOLDV HQ ODV LQVWLWXFLRQHV
HGXFDWLYDV /µSH] ದ %DUDMDV .³DOOLQVN\ *DUF¯D *DUHDX 6DZDW]N\&UR]LHU5HD\FODVFDUDFWHU¯VWLFDVGHFDGDLQVWLWXFLµQSDUD
SHUFLELU SRVLEOHV PRGHORV GH UHODFLµQ HQWUH IDPLOLD \ HVFXHOD 5RVHQWKDO <RXQJ
&KULVSHHOV 3«UH] 5DYQ G IDPLOLD \ HGXFDFLµQ R
IDPLOLD \ HVFXHOD 0XVLWX \ &DYD 0DUW¯ &RPHOODV )HLWR 7HQLHQGRHQFXHQWDHVWDVLQYHVWLJDFLRQHV\DSDUWLUGHXQDVHULHGHDVSHFWRVTXHQR
KDQHVWDGRWUDEDMDGRVHQSURIXQGLGDGFRQVLGHURQHFHVDULRGHILQLUFµPRODVIDPLOLDV\
ODV HVFXHODV SHUFLEHQ \ HVWDEOHFHQ XQ WLSR GH UHODFLµQ X RWUR D SDUWLU GH ODV
H[SHULHQFLDV FRQFHSFLRQHV \ UHSUHVHQWDFLRQHV GH DPEDV LQVWLWXFLRQHV \ TX«
PHFDQLVPRV\HVWUDWHJLDVGHVSOLHJDQSDUDHVWDEOHFHUGLFKDVUHODFLRQHV
Estructura del informe
Propósitos y objetivos de la investigación
$V¯SXHVODILQDOLGDGHVWDLQYHVWLJDFLµQHV
&RQRFHUGHVFULELUDQDOL]DUHLQWHUSUHWDUTX«WLSRVGHUHODFLRQHVVH
HVWDEOHFHQHQWUHODVIDPLOLDV\ODVHVFXHODV
<«VWDVHU£H[SORUDGDDWUDY«VGHORVVLJXLHQWHVLQWHUURJDQWHV
4X« VH HQWLHQGH SRU IDPLOLD" ([LVWH XQD ¼QLFD IDPLOLD R VH KDEOD GH
GLYHUVLGDG IDPLOLDU" 4X« FDPELRV HQ FXDQWR HVWUXFWXUD IXQFLRQHV UROHV KD
VXIULGR"
4X« VH HQWLHQGH SRU HVFXHOD" &X£O HV HO SDSHO \R ODV IXQFLRQHV TXH
GHVDUUROODKR\G¯DHVWDLQVWLWXFLµQ"
4X«WLSRORJ¯DVGHIDPLOLDVDVLVWHQDODHVFXHOD"
&µPRODIDPLOLDVHUHSUHVHQWDODHVFXHOD"FµPRHOFHQWURHGXFDWLYRSHUFLEH
DODVIDPLOLDVGHVXDOXPQDGR\VHODVUHSUHVHQWD"TX«UHODFLµQH[LVWHHQWUH
DPEDVUHSUHVHQWDFLRQHV"
4X« PHFDQLVPRV HVWUDWHJLDV W«FQLFDV SRQHQ HQ MXHJR ODV HVFXHODV SDUD
UHODFLRQDUVHFRQODVIDPLOLDV"
&X£OHVVRQODVIRUWDOH]DV\GHELOLGDGHVGHODVUHODFLRQHVTXHVHHVWDEOHFHQ"
&µPR VH SXHGH IDYRUHFHU DO HVWDEOHFLPLHQWR GH UHODFLRQHV SRVLWLYDV
FRUGLDOHVGHHQFXHQWURGHHVFXFKDDFWLYDHQWUHDPEDVLQVWLWXFLRQHV"
Estructura del informe
Propósitos y objetivos de la investigación
3DUD HOOR SUHWHQGR H[SORUDU DQDOL]DU H LQWHUSUHWDU TX« GHILQLFLRQHV \
FRQFHSWXDOL]DFLRQHVPDQLILHVWDQORVVXMHWRVSDUWLFLSDQWHVGHHVWDLQYHVWLJDFLµQHQWRUQR
D ODV IDPLOLDV \ ODV HVFXHODV ODV IXQFLRQHV \ UROHV GH FDGD XQD GH HOODV ORV
PHFDQLVPRV\ODVHVWUDWHJLDVTXHGHVSOLHJDQ\SRQHQHQMXHJRSDUDUHODFLRQDUVHGH
PDQHUDYLVLEOHHLQYLVLEOHODFRPXQLGDGHGXFDWLYD<FµPRHVWRVPHFDQLVPRVSXHGHQ
GHDOJXQDPDQHUDIRUWDOHFHU\RGHELOLWDUGLFKDVUHODFLRQHV
(QHVWDLQYHVWLJDFLµQQRVHSUHWHQGHLGHQWLILFDUODVFODYHV\ORVSRVLEOHVSULQFLSLRVGH
ODV ಯEXHQDV UHODFLRQHVರ \D TXH FDGD LQVWLWXFLµQ SRU VXV FDUDFWHU¯VWLFDV \
FLUFXQVWDQFLDVSDUWLFXODUHV\VLQJXODUHVHVWDEOHFHXQWLSRXRWURGHUHODFLRQHV(VSRU
HOOR TXH QR GHVHR ILQDOL]DU HVWD LQYHVWLJDFLµQ FRQ XQ VLPSOH OLVWDGR JHQHUDOL]DGR \
HVWDQGDUL]DGRGHWLSRVGHUHODFLRQHVTXHVHHVWDEOHFHQHQWUHIDPLOLDV\HVFXHODV6LQR
TXHPHSURSRQJRHVWXGLDUODVUHODFLRQHVDWUDY«VGHODVYLYHQFLDVYRFHVH[SHULHQFLDV
\ FUHHQFLDV GH ORV VXMHWRV SDUWLFLSDQWHV HQ WUHV HVFHQDULRV WUHV HVFXHODV S¼EOLFDV
'RQGH ORV HOHPHQWRV VLJQLILFDWLYRV \ VXEMHWLYRV GH IDPLOLDV GRFHQWHV SHUVRQDO QR
GRFHQWHVHYLQFXODU£QFRQORVFRQWH[WXDOHVKLVWµULFRVFXOWXUDOHVSRO¯WLFRVSHUVRQDOHV
\H[SHULHQFLDOHVGHFDGDXQRGHHOORV
Estructura del informe
Propósitos y objetivos de la investigación
2%-(7,926'(/$,19(67,*$&,•1
7HQLHQGRHQFXHQWDODILQDOLGDGGHODLQYHVWLJDFLµQORVREMHWLYRVVHU¯DQ
5HYLVDU \ DQDOL]DU ODV O¯QHDV GH LQYHVWLJDFLµQ P£V LPSRUWDQWHV HQ WRUQR D OD
HYROXFLµQ GH OD IDPLOLD \ HQ HO FRQWH[WR HVFRODU \ VXV LPSOLFDFLRQHV HQ ODV
UHODFLRQHVTXHHVWDEOHFHQ
$QDOL]DU\UHSUHVHQWDUODVFRQFHSWXDOL]DFLRQHVGHODGLYHUVLGDGIDPLOLDU\GHOD
HVFXHOD
,GHQWLILFDU GHVFULELU DQDOL]DU H LQWHUSUHWDU HO SURFHVR GH FRQVWUXFFLµQ GH ODV
UHODFLRQHVHQWUHIDPLOLDV\HVFXHODVWLSRORJ¯DV\GLPHQVLRQHV
,GHQWLILFDUGHVFULELULQWHUSUHWDU\DQDOL]DUORVPHFDQLVPRV\ODVHVWUDWHJLDVTXH
GHVSOLHJDQODVHVFXHODVSDUDUHODFLRQDUVHFRQODVIDPLOLDV\YLFHYHUVD
'HWHFWDUDQDOL]DU\GHVFULELUODVIRUWDOH]DV\GHELOLGDGHVGHODVUHODFLRQHV
2IUHFHU VXJHUHQFLDV RULHQWDFLRQHV \ SRVLEOHV O¯QHDV GH DFFLRQHV SDUD
IDYRUHFHU ODV UHODFLRQHV HQWUH IDPLOLDV ದ HVFXHODV D SDUWLU GH ODV DFWXDOHV
GHPDQGDVVRFLRFXOWXUDOHV\HGXFDWLYDVGHORVFHQWURVHVFRODUHV
'H PDQHUD JU£ILFD VH SUHVHQWD HQ OD VLJXLHQWH ILJXUD ORV DVSHFWRV WHµULFRV \
PHWRGROµJLFRVGHODLQYHVWLJDFLµQ
Estructura del informe
Propósitos y objetivos de la investigación
0DUFRFRQFHSWXDO
&DS¯WXORV\
&RPSXHVWRSRU
)DPLOLD
(VFXHOD
5HODFLRQHV)DPLOLD(VFXHOD
2EMHWRGHHVWXGLR
HVFXHODV
&DS¯WXORV\
3RUTX«"
&RQTX«REMHWLYRV"
$Q£OLVLVHLQWHUSUHWDFLµQ
9LVLELOLGDGGHODVUHODFLRQHV
(QWUHYLVWDVHQSURIXQGLGDG
3DUDTX«"
2EVHUYDFLRQHV
/¯QHDVGHDFWXDFLµQ
&DS¯WXORV\
$Q£OLVLVGHGRFXPHQWRV
&DS¯WXORV\
)LJXUD5HSUHVHQWDFLµQJU£ILFDGHORVDVSHFWRVWHµULFRV\PHWRGROµJLFRVGHODLQYHVWLJDFLµQ
(Q GHILQLWLYD VH HVSHUD TXH HVWD LQYHVWLJDFLµQ SXHGD FRQWULEXLU D XQ PD\RU
FRQRFLPLHQWRGHODVUHODFLRQHVTXHVHHVWDEOHFHQHQWUHODVIDPLOLDV\ODVHVFXHODV\
SRU FRQVLJXLHQWH SRGHU DSRUWDU SRVLEOHV O¯QHDV GH DFWXDFLµQ SDUD IDYRUHFHU GH
PDQHUD SRVLWLYD \ FRUGLDO HVSDFLRV SDUD FUHDU GLFKDV UHODFLRQHV HQWUH DPEDV
LQVWLWXFLRQHV
Estructura del informe
Propósitos y objetivos de la investigación
(6758&785$'(/,1)250('(,19(67,*$&,•1
3DUD SRGHU GDU FXHQWD GH HVWH HVWXGLR VH KD FRQVLGHUDGR SHUWLQHQWH HVWUXFWXUDU HO
LQIRUPHGHLQYHVWLJDFLµQHQWRUQRDFXDWURSDUWHV
SULPHUDSDUWHEDMRHOW¯WXORP
PDUFRWHµULFRLQWHQWDUHFRJHUDQDOL]DU\VLQWHWL]DUORV
/DS
FRQFHSWRV FODYHV \ IXQGDPHQWDOHV GH OD LQYHVWLJDFLµQ D SDUWLU GH ODV DSRUWDFLRQHV
UHDOL]DGDV SRU ORV VXMHWRV FRODERUDGRUHV \ SDUW¯FLSHV GH HVWD LQYHVWLJDFLµQ \
FRQFUHWDPHQWH GH OD OLWHUDWXUD HVSHFLDOL]DGD HQ HO WHPD HQ FXHVWLµQ 3DUD HOOR HVWH
EORTXHFXHQWDFRQWUHVFDS¯WXORV
(QHOSULPHUR /DIDPLOLD&DPELRV\ 'LYHUVLGDGVHUHDOL]DXQDDSUR[LPDFLµQD
OD HYROXFLµQ FRQFHSWXDO VREUH ODGLYHUVLGDG IDPLOLDU ODVIXQFLRQHVIDPLOLDUHV \
ORV FDPELRV TXH HVWD LQVWLWXFLµQ KD LGR H[SHULPHQWDGR HQ ORV ¼OWLPRV D³RV
/OHY£QGRQRV D UHIOH[LRQDU VREUH OD FRPSOHMLGDG \ OD SOXUDOLGDG GH OD
FRQVWUXFFLµQGHODIDPLOLD
(OVHJXQGR/DHVFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQLQWHQWDDERUGDUXQD
DSUR[LPDFLµQDODFRQFHSWXDOL]DFLµQ\ODVIXQFLRQHVGHODLQVWLWXFLµQHGXFDWLYD
HOSDSHOGRFHQWH\HOOXJDUTXHRFXSDQODVIDPLOLDVGHQWURGH«VWD
(O WHUFHUR /D UHODFLµQ IDPLOLD ದ HVFXHOD FHQWUR OD PLUDGD HQ HO UHFRUULGR
KLVWµULFR GH ODV UHODFLRQHV HQWUH OD IDPLOLD \ OD HVFXHOD FRQWHPSODQGR ODV
VHPHMDQ]DV\GLIHUHQFLDVTXHVXUJHQHQWUHDPEDVLQVWLWXFLRQHV\H[SORUDQGR\
GHVFULELHQGR HO WLSR GH UHODFLRQHV TXH VH HVWDEOHFHQ D SDUWLU GH XQRV
PHFDQLVPRV\HVSDFLRVLQVWDXUDGRV
Estructura del informe
Propósitos y objetivos de la investigación
(QODDUWLFXODFLµQGHHVWRVWUHVFDS¯WXORVVHKDQFRQVLGHUDGRODVDSRUWDFLRQHVGH
GLIHUHQWHVDXWRUHV\HQRFDVLRQHVVHKDQSXHVWRHQSDUDOHORODVDSRUWDFLRQHVGH
ORVSURWDJRQLVWDVGHORVHVWXGLRVGHFDVRSDUDYLQFXODUORVVXSXHVWRVWHµULFRVFRQ
ODVH[SHULHQFLDV\YLYHQFLDVGHORVVXMHWRVFRODERUDGRUHV
D VHJXQGD SDUWH UHFRJH HO PDUFR PHWRGROµJLFR GH OD LQYHVWLJDFLµQ TXHGDQGR
/D
UHFRJLGRHQGRVFDS¯WXORV
(Q HO FDS¯WXOR DUJXPHQWR FX£OHV VRQ ORV FULWHULRV PHWRGROµJLFRV GH OD
LQYHVWLJDFLµQ HO HQIRTXH RQWROµJLFR \ HSLVWHPROµJLFR TXH PH KD OOHYDGR D
GHVFULELUFRPSUHQGHUHLQWHUSUHWDUXQDUHDOLGDGHGXFDWLYD7DPEL«QH[SOLFRORV
P«WRGRV \ HVWUDWHJLDV XWLOL]DGDV HQ OD LQYHVWLJDFLµQ KDFLHQGR H[SO¯FLWR HO
GHVDUUROOR \ ODV IDVHV GH OD PLVPD GRQGH VH GD D FRQRFHU HO SURFHVR GH
UHFRJLGD\DQ£OLVLVGDWRVHLQWHUSUHWDFLµQGHODLQIRUPDFLµQ
(OFDS¯WXORKDVLGRSHQVDGRFRQODILQDOLGDGGHSRGHUFRPSDUWLUFRQHOOHFWRU
ODVPLUDGDVORVSRVLFLRQDPLHQWRV\ODVGHFLVLRQHVTXHFRPRLQYHVWLJDGRUDKH
LGR WRPDQGR D OR ODUJR GH HVWH SURFHVR GH OHFWXUDV HVFULWXUD FRQVWUXFFLµQ
UHOHFWXUDV UHHVFULWXUDV GH UHSHQVDUPH \ GH GHVWUXLU SDUD UHFRQVWUXLU HVWH
LQIRUPH
/D WHUFHUD SDUWH UHFRQVWUXFFLµQ GH OD LQYHVWLJDFLµQ TXHGD GLYLGLGD HQ XQ WRWDO GH FDS¯WXORVVLHQGRORVWUHVSULPHURVODUHFRQVWUXFFLµQ\GHVFULSFLµQGHFDGDXQRGHORV
FDVRVHVWXGLDGRV
Estructura del informe
Propósitos y objetivos de la investigación
(OFDS¯WXORVH[WR(VFHQDULR&(,3ದ7HQHULIH2UJDQL]DQGRODVUHODFLRQHVFRQ
OD FRPXQLGDG HGXFDWLYD LQWHQWD GDU D FRQRFHU GHVGH XQD PLUDGD VLQJXODU ORV
WLSRVGHUHODFLRQHVTXH HVWDEOHFHQODVSHUVRQDVTXHFRPSRQHQODFRPXQLGDG
HGXFDWLYD GH HVWD HVFXHOD < FHQWUDQGR OD PLUDGD HQ HQWHQGHU TXH ODV
UHODFLRQHV TXHHPHUJHQ YLHQHQ PDUFDGDV SRU OD WUDQVPLVLµQ GH LQIRUPDFLµQ \
FµPRODVIDPLOLDVSXHGHQSDUWLFLSDUHQORVGLIHUHQWHVHVSDFLRVHVWDEOHFLGRVSRU
ODSURSLDHVFXHOD
(QHOV«SWLPRFDS¯WXOR (VFHQDULR&(,3ದ%DUFHORQD/DFRQVWUXFFLµQGHXQ
SUR\HFWR GH HVFXHOD FRPSDUWLGR UHFRQVWUX\R XQD PDQHUD GLIHUHQWH GH
UHODFLRQDUVHHOFHQWURHGXFDWLYR\ODVIDPLOLDV/DFRPXQLGDGHGXFDWLYDHVW£HQ
EXVFD GH DOWHUQDWLYDV \ QXHYDV SURSXHVWDV SDUD SURPRYHU ಯRWUDVರ UHODFLRQHV
HQWUHORVPLHPEURVTXHODVFRPSRQHQ
(Q HO FDS¯WXOR RFWDYR (VFHQDULR &(,3 ದ 5LSROOHW 8Q YLDMH DSDVLRQDGR
(QWUHWHMLHQGR ODV UHODFLRQHV DERUGD XQD PLUDGD GLIHUHQWH D ODV SUHVHQWDGDV
DQWHULRUPHQWH (Q «VWH VH UHFRQVWUX\H DOJXQDV H[SHULHQFLDV \ YLYHQFLDV TXH
QDFHQGHOGHVHRGHXQDFRPXQLGDGHGXFDWLYDTXHDSXHVWDSRUHOHQWUDPDGRGH
ODV UHODFLRQHV IRUPDOHV H LQIRUPDOHV HVWDEOHFLHQGR GLYHUVRV HQFXHQWURV HQ
ಯRWURVರHVSDFLRV
< HO QRYHQR 7UHV PLUDGDV WUHV UHDOLGDGHV 8Q YLDMH DSDVLRQDQWH SRU HO
HQWUDPDGRGHODVUHODFLRQHVLQWHQWDHQWUHWHMHUDPRGRGHLQIRUPHILQDOWRGDOD
LQIRUPDFLµQ UHFDEDGD HQ ORV WUHV HVWXGLRV GH FDVR GHVWDFDQGR DTXHOORV HMHV
Estructura del informe
Propósitos y objetivos de la investigación
WHP£WLFRV IUXWR GH VX DQ£OLVLV KDFLHQGR YLVLEOHV ODV UHODFLRQHV TXH VH
HVWDEOHFHQHQWUHIDPLOLDV\HVFXHODV
(Q OD FXDUWD SDUWH FRQFOXVLRQHV \ SURSXHVWDV GHVSX«V GH DQDOL]DU OD LQIRUPDFLµQ
REWHQLGD \ GH SUHVHQWDU ODV FDWHJRU¯DV \ HMHV WHP£WLFRV SUHVHQWR ODV FRQFOXVLRQHV ದ
UHIOH[LRQHVILQDOHVGHODLQYHVWLJDFLµQVHJXLGDVGHODVOLPLWDFLRQHVGHODPLVPD\SRU
FRQVLJXLHQWHVHRIUHFHQSRVLEOHVSURSXHVWDVGHIXWXUDVDFFLRQHVFX\RSURSµVLWRVHU¯D
PHMRUDUODVUHODFLRQHVHQWUHODVIDPLOLDV\ODVHVFXHODV<YLVOXPEUDUSUµ[LPDVO¯QHDV
GHLQYHVWLJDFLµQTXHVHSRGU¯DQSODQWHDUWUDVILQDOL]DUHVWHHVWXGLR
)LQDOPHQWH VH SUHVHQWD OD ELEOLRJUDI¯D FRQVXOWDGD \ ORV DQH[RV XWLOL]DGRV SDUD HO
GHVDUUROORGHHVWHHVWXGLR
$FRQWLQXDFLµQPXHVWURDWUDY«VGHODVLJXLHQWHILJXUDODHVWUXFWXUDGHOLQIRUPHGHOD
LQYHVWLJDFLµQ ಯ/D UHODFLµQ IDPLOLD ದ HVFXHOD OD UHSUHVHQWDFLµQ GH XQ HVSDFLR
FRPSDUWLGRರ
Estructura del informe
Propósitos y objetivos de la investigación
3$57(,
&$378/2,/$)$0,/,$&$0%,26<',9(56,'$'
&$378/2,,/$(6&8(/$81/8*$5'($35(1',=$-(<
5(/$&,•1
&$378/2,,,/$5(/$&,•1)$0,/,$ದ(6&8(/$
3$57(,,
&$378/2,9)81'$0(17$&,•10(72'2/•*,&$<',6(“2'(/$
,19(67,*$&,•1
&$378/29(175(%$67,'25(6/$92=(12))'(/$
,19(67,*$'25$
3$57(,,,
&$378/29,(6&(1$5,2&(,3ದ7(1(5,)(
&$378/29,,&(,3ದ%$5&(/21$
&$378/29,,,&(,3ದ5,32//(7
&$378/2,;75(60,5$'$675(65($/,'$'(6
3$57(,9
&$378/2;&21&/86,21(6/,0,7$&,21(6<35238(67$6'(
/1($6'($&78$&,•1
5()(5(1&,$6%,%/,2*5ƒ),&$6
$1(;26
1R TXLHUR DFDEDU HVWH DSDUWDGR VLQ LQYLWDU DO OHFWRU D GHMDUVH LPSUHJQDU SRU FDGD
SDODEUDSRUFDGDH[SHULHQFLD\HVSHFLDOPHQWHSRUHOPXQGRGHODVUHODFLRQHV
,3$57(0$5&27(•5,&2<3523•6,72'(/$,19(67,*$&,•1
,3$57(0$5&27(•5,&2<3523•6,72'(/$,19(67,*$&,•1
0$5&27(•5,&2<3523•6,72'(/$,19(67,*$&,•1
&DS¯WXOR
&DS¯WXOR)DPLOLDV&DPELRV\GLYHUVLGDG
)DPLOLDV&DPELRV\GLYHUVLGDG
)DPLOLDV&DPELRV\GLYHUVLGDG
&DS¯WXOR/DHVFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
&DS¯WXOR/DHVFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
&DS¯WXOR/DUHODFLµQIDPLOLD\HVFXHOD
&DS¯WXOR/DUHODFLµQIDPLOLD\HVFXHOD
&$378/2
)$0,/,$6&$0%,26<',9(56,'$'
ಯಯ/DIDPLOLDHVXQWRGR8QFRQFHSWRXQDPDQHUDGHRUJDQL]DUQRVTXHKDLGR
FDPELDQGR FRQ HO WLHPSR (V GHFLU DQWHV KDEODEDV GH IDPLOLD UHILUL«QGRWH
SXGLHUDVHUDSDGUHPDGUHKLMRRKLMRV\FRPRPXFKRLQFOX¯DVDORVDEXHORV
$KRUD \ FRQ HO WLHPSR KD FDPELDGR KD\ GLIHUHQWHV RSFLRQHV 'HVGH SDGUH
PDGUHHKLMRVKDVWDGRVPDGUHVGRVSDGUHVIDPLOLDVPRQRSDUHQWDOHVIDPLOLDV
VHSDUDGDVIDPLOLDVTXHVHKDQYXHOWRDHPSDUHMDUFRQQL³RVSRUORWDQWRKD\
UHODFLRQHV GLYHUVDV /D IDPLOLD VHULD HO HQWRUQR LQPHGLDWR GRQGH YLYH HO QL³R
ಹ /D IDPLOLD GHEHU¯D WHQHU JDQDV GH FRPSDUWLU FRQ ORV KLMRV DTXHOODV FRVDV
TXHGHILQHQVXPRGHORGHIDPLOLDVLQVHUXQDFRVDFHUUDGDVLQRDELHUWDರ'
&(,3%S
(Q HO SUHVHQWH FDS¯WXOR VH SUHVHQWD XQD DSUR[LPDFLµQ HQ FXDQWR D OD
FRQFHSWXDOL]DFLµQORVFDPELRV\ODGLYHUVLGDGIDPLOLDUVHUHILHUH1RVHWUDWDGHKDFHU
XQ HVWXGLR H[KDXVWLYR GH OD IDPLOLD SXHVWR TXH «VWH QR HV HO IRFR GH HVWD
LQYHVWLJDFLµQ 6LQR P£V ELHQ GH FRPSUHQGHU VX HYROXFLµQ ODV HVWUXFWXUDV ODV
FRPSRVLFLRQHV \ ODV WUDQVIRUPDFLRQHV SDUD SRGHU LQGDJDU HQ HO SUREOHPD GH HVWXGLR
GHHVWDWHVLVಯODVUHODFLRQHVTXHVHHVWDEOHFHQHQWUHIDPLOLD\HVFXHODರ
81%5(9(5(&255,'2+,67•5,&2
/DIDPLOLDFRPRLQVWLWXFLµQVRFLDOL]DGRUDKDVLGRREMHWRGHHVWXGLRDORODUJRGHORV
D³RVUHPRQW£QGRQRVDORV6LJORV;,;\;;$QWHVGHSRGHUH[SORUDUODFRPSOHMLGDGGH
ODGLYHUVLGDGIDPLOLDUH[LVWHQWHHQQXHVWURVG¯DVKHFRQVLGHUDGRSHUWLQHQWHUHDOL]DUXQ
EUHYHUHFRUULGRSRUORVHVWXGLRVGHODIDPLOLD\ODHYROXFLµQGH«VWD
1
9R]GHXQVXMHWRFRODERUDGRUGHHVWDLQYHVWLJDFLµQ''RFHQWH&(,3%&(,3GH%DUFHORQDSGH
ODSULPHUDHQWUHYLVWD
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
(Q HO VLJOR ;,; )UHXG $GOHU \ -XQJ EDMR OD WHRU¯D SVLFRDQDO¯WLFD UHDOL]DURQ
DSRUWDFLRQHV DO FDPSR IDPLOLDU DILUPDQGR FRPR OD IDPLOLD SXHGH LQIOXHQFLDU HQ HO
GHVDUUROORGHODSHUVRQDOLGDG\DIHFWLYLGDGGHFDGDXQRGHVXVPLHPEURV(QHO;;
FRQ%XUJHVVHQVXDUW¯FXOR 7KHIDPLO\DVDXQLW\RILQWHUDFWLQJSHUVRQDOLWLHVOD
FRQGXFWD GH OD IDPLOLD IXH HVWXGLDGD FµPR IHQµPHQR VRFLDO %XUJHVV EXVFDED GDU
VLJQLILFDGRDOFRQFHSWRGHIDPLOLDFRQVLGHU£QGRODFRPRDTXHOODXQDXQLGDGTXHWLHQH
SHUVRQDOLGDG SURSLD \ HV HO UHVXOWDGR GH OD LQWHUDFFLµQ GH ODV SHUVRQDOLGDGHV GH ORV
GLIHUHQWHV PLHPEURV TXH OD IRUPDQ P£V TXH GH XQ VLVWHPD OHJDO R FRQWUDFWXDO 3DUD
HOOR FRQVLGHUµ TXH FDGD IDPLOLD HVWDEOHF¯D VXV SURSLDV UHJODV VXV SURSLRV UROHV \
FRPR OD LQWHUDFFLµQ FRQ HO FRQWH[WR LED GRWDQGR GH SHUVRQDOLGDG D FDGD PLHPEUR
WHQLHQGR HQ FXHQWD ODV HWDSDV GH OD YLGD (Q :DOOHU HVWDEOHFLµ OD ಯ7HRU¯D GHO
'HVDUUROORGHOD)DPLOLDರHQHOODVHFRPLHQ]DDFRQILJXUDUORVGLIHUHQWHVHVWLORVGHYLGD
GHODIDPLOLDDORODUJRGHORVFLFORVHYROXWLYRVGHHVWDDJUXSDFLµQ9LQFXODGRVDHVWD
WHRU¯D VH HQFXHQWUDQ ORV WUDEDMRV GH 'XYDOO \ +LOO TXLHQHV LGHQWLILFDURQ HVWDGLRV+DYLJKXUVW\&DUPLFKDHO3DUD/HYL6WUDXVVODIDPLOLD
HUDFRQVLGHUDGDFRPRXQJUXSRVRFLDOFRQWUHVFDUDFWHU¯VWLFDVJHQHUDOHVWLHQHRULJHQ
HQ HO PDWULPRQLR HVW£ IRUPDGD SRU PDULGR HVSRVD H KLMRV \ ORV PLHPEURV HVW£Q
XQLGRVSRUOD]RVOHJDOHVGHUHFKRV\REOLJDFLRQHV
(QORVD³RV*RRGHRWRUJDDODIDPLOLDXQDVHULHGHFXDOLGDGHVWDOHVFRPR
TXH HV OD ಯ¼QLFDರ LQVWLWXFLµQ GHVDUUROODGD HQ WRGDV ODV VRFLHGDGHV ODV
/RV HVWDGLRV R HWDSDV GH OD YLGD IDPLOLDU SUHVHQWDGRV SRU 'XYDOO \ +LOO \ SHUWHQHFLHQWHV D OD
7HRU¯DGHO'HVDUUROORGHOD)DPLOLDVRQ(VWDEOHFLPLHQWRGHODIDPLOLDSDUHMDQRKD\KLMRV\HVW£Q
UHFL«QFDVDGRV&ULDQ]DದD³RVGHHGDGGHORVKLMRV(WDSDSUHHVFRODUದD³RV(WDSD
HVFRODUದD³RV(WDSDKLMRDGROHVFHQWHದD³RV(WDSDGHGLVSHUVLµQFXDQGRORVKLMRV
YDQ PDUFKDQGR GH FDVD &DVD YDF¯D VHJXQGD HWDSD GH OD SDUHMD KDVWD VX PXHUWH -XELODFLµQ
GHVGHORV(Q0DUW¯QH]5$
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
UHVSRQVDELOLGDGHV \ UROHV IDPLOLDUHV HQ V¯ QR SXHGHQ VHU DVXPLGDV SRU RWUDV
SHUVRQDV HV XQ HILFD] DJHQWH GH FRQWURO GH OD VRFLHGDG \ FXPSOH XQDV IXQFLRQHV
VRFLDOHV LQGHSHQGLHQWHV HQWUH HOODV < 0XUGRFN FRQVLGHUD D OD IDPLOLD FRPR
JUXSR TXH FRPSDUWH XQD UHVLGHQFLD \ FRRSHUD HQ OD HFRQRP¯D \ HQ OD UHSURGXFFLµQ
'XUDQWH OD G«FDGD GH VXUJLµ OD ಯ7HRU¯D GHO &RQIOLFWRರ :HEHU 2UWHJD
&ROODQJH )HUQ£QGH] ದ 0DUWRV HW DO GHVGH HVWD SHUVSHFWLYD OD
IDPLOLD SDVD SRU XQD VHULH GH WHQVLRQHV HQ FXDQWR D OD RUJDQL]DFLµQ IDPLOLDU
GLIHUHQFLDVHQWUHORVPLHPEURVODLQWHQVLGDGGHODFRPXQLFDFLµQVHUHILHUHJHQHUDQGR
FRQWUDGLFFLRQHV\FRQIOLFWRVHQWUHVXVPLHPEURV
$QWURSµORJRV\VRFLµORJRVFRPR(QJHOV0RUJDQ\:HVWHUPDUFNHQWUH
RWURVGHVDUUROODURQPRGHORVHYROXFLRQLVWDVUHODFLRQDGRVFRQODIDPLOLD\HVWDEOHFLHURQ
IRUPDV IDPLOLDUHV IXQGDPHQWDOHV OD IDPLOLD QXFOHDU OD IDPLOLD H[WHQVD \ OD IDPLOLD
FRPSXHVWD (QJHOV HQ VX OLEUR ಯ(O RULJHQ GH OD IDPLOLDರ \ 0RUJDQ HQ VX REUD ಯ/D
VRFLHGDGSULPLWLYDರHVWDEOHFHQXQDVHULHGHHWDSDVUHVSHFWRDODIDPLOLD (VWDGLRGH
SURPLVFXLGDG VH[XDO QR KD\ UHJXODFLRQHV FRQ\XJDOHV )DPLOLD FRQVDQJX¯QHD
SULPHUDPDQLIHVWDFLµQGHOLQFHVWR6HPDQWLHQHODSULPHUDHWDSDFRQORVKHUPDQRV\
KHUPDQDVQRFRQORVSDGUHVHKLMRV )DPLOLDSDQDO¼DDSDULFLµQGHOPDWULPRQLRSRU
JUXSRVHH[WLHQGHODSURKLELFLµQVH[XDOHQWUHORVKHUPDQRV )DPLOLDVLQGL£VPLFDHO
KRPEUHYLYHFRQXQDPXMHUDXQTXHHOKRPEUHWLHQHGHUHFKRGHPDQHUDRFDVLRQDOD
VHU LQILHO \ D OD SROLJDPLD )DPLOLD PRQRJ£PLFD HO KRPEUH SRVHH HO FRQWURO
HFRQµPLFR\GHODSURSLHGDGSULYDGD\WLHQHFRPRREMHWLYRSURFUHDUFRQHOSURSµVLWR
GHWHQHUKHUHGHURV*UDFLD\0XVLWX
+RHEHO\:HDYHUDSRUWDURQGRVFRQILJXUDFLRQHVP£VHOJUXSRPDWULOLQHDO\ODV
FRPXQDV3DUDHVWRVDXWRUHVHOJUXSRPDWULOLQHDOHVWDEDFRQVWLWXLGRSRUXQDPXMHUVX
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
KHUPDQR \ VX GHVFHQGHQFLD VLQ RPLWLU HO LQFHVWR < ODV FRPXQDV HUDQ XQLGDGHV
IDPLOLDUHV FRPSXHVWDV SRU YDULRV PLHPEURV D TXLHQHV XQHQ ORV VHQWLPLHQWRV ORV
YDORUHV\ODVJDQDQFLDVHFRQµPLFDV 3DUD*RXJKODIDPLOLDHUDYLVWDFRPRXQ
JUXSRTXHFRRSHUDEDHQODYLGDHFRQµPLFDHQODHGXFDFLµQ\FULDQ]DGHORVKLMRV<
6WRQHODHQWHQG¯DFRPRODIDPLOLDQXFOHDUGRPHVWLFDGDFHUUDGD
$ILQDOHVGHODG«FDGDGHORV\SULQFLSLRVGHORV%URQIHQEUHQQHU3DUNH
5ROOLQV 7RPDV %OXPHU \ 0HDW HQWUH RWURV
LQYHVWLJDGRUHVHVWXGLDQDODIDPLOLDEDMRODPLUDGDLQWHUDFFLRQLVWD(VGHFLUFHQWUDQVX
LQYHVWLJDFLµQHQODUHODFLµQH[LVWHQWHHQWUHHOGHVDUUROORKXPDQR\HOFRQWH[WR
(QHOD³R5DSSRUW5DSSRUWLGHQWLILFDURQIXHQWHVGHGLYHUVLGDGHQODVIDPLOLDV
RUJDQL]DFLµQLQWHUQDWUDEDMRGHQWURRIXHUDGHOKRJDUFXOWXUDFUHHQFLDVFRQGXFWDV
SRO¯WLFDVSHU¯RGRKLVWµULFRH[SHULHQFLDVGHODSHUVRQDHQHOWLHPSR\FRQWH[WRFLFOR
YLWDO VXFHVRV D OR ODUJR GH OD YLGD \ FODVH VRFLDO UHFXUVRV PDWHULDOHV \ VRFLDOHV
)XHQWHVTXHಯLQIOXHQFLDURQರ\TXHSRFRDSRFRLU¯DQGDQGRSDVRDORVFDPELRVHQOD
IRUPD HVWUXFWXUD RUJDQL]DFLµQ IXQFLRQHV K£ELWRV UROHV \ UHODFLRQHV GH ODV IDPLOLDV
GHKR\HQG¯D
(Q OD VLJXLHQWH WDEOD VH UHFRJH ODV QRFLRQHV \ FRPSUHQVLRQHV VREUH OD XQLGDG
IDPLOLDUTXHVHKDLGRH[SRQLHQGRDORODUJRGHHVWHDSDUWDGR
7(25$
&$5$&7(567,&$6
,GHQWLGDGIDPLOLDU\XQLGDGIDPLOLDU
)DPLOLD XQLGDGGHSHUVRQDOLGDGHVHQLQWHUDFFLµQ
)DPLOLD JUXSRVVRFLDOHV
$SUHQGL]DMHGHVLJQLILFDGRVGHFRPXQLFDFLµQHQWUHORVPLHPEURV
$8725(6
%OXPHU
+HUEHUWದ0HDG
5LW]HU
%XUJHVV
(Q0DUW¯QH]5$
6WRQHFRQVLGHUDEDDODIDPLOLDFRPRXQ ಯJUXSRYLQFXODGRSRUHVWUHFKRVOD]RVHPRFLRQDOHVFRQXQDOWR
JUDGRGHSULYDFLGDGGRP«VWLFD\SUHRFXSDGRSRUODFULDQ]DGHORVKLMRVರ(Q+HUUHUR\0XVLWX
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
,QWHUDFFLRQLVPR6LPEµOLFR
,QWHUDFFLRQHVSDGUHVದKLMRVQRUPDV\H[SHFWDWLYDVFRPSDUWLGDV
5ROHVIDPLOLDUHVVRFLDOL]DFLµQIDPLOLDU\IRUPDFLµQGHODLGHQWLGDG
7KRPDV
.XKQ
&KHDO
:DOOHU
)DPLOLD XQLGDGVRFLDOLQWHJUDGD
6LPPHO
0LHPEURV GH OD IDPLOLD EXVFD VX SURSLR LQWHU«V GLVWULEXFLµQ
6SHQFHU
+REEHV
GHVLJXDOGHSRGHU
7UHV £UHDV ORV FRQIOLFWRV HQWUH XQLGDGHV IDPLOLDUHV 7HRU¯DGHO&RQIOLFWR
FRQIOLFWRV HQWUH XQLGDGHV IDPLOLDUHV \ RWUDV HQWLGDGHV
LQVWLWXFLRQDOHV R GH RUJDQL]DFLµQ FRQIOLFWRV HQWUH LQVWLWXFLµQ
IDPLOLDU\RWUDVHVWUXFWXUDGHODVRFLHGDG
,QGLYLGXRFRPRXQLGDGGHHVWXGLRSDUDFRPSUHQGHUODIDPLOLD
0RWLYDFLµQGHORVLQGLYLGXRVHVHOSURSLREHQHILFLR
)DPLOLD
JUXSR VRFLDO GH ODUJD GXUDFLµQ Æ SURSRUFLRQD
UHFRPSHQVDVDWRGRVVXVPLHPEURV
6DWLVIDFFLµQ PDULWDO UHODFLRQDGD SRVLWLYDPHQWH FRQ OD UHODFLµQ
7HRU¯DGHO,QWHUFDPELR
GL£GLFD DWUDFFLµQ IRUWDOH]D GHOY¯QFXOR \ QHJDWLYDPHQWH HQ ORV
FRVWHVGHUHODFLµQWHQVLRQHV\FRQIOLFWRV
5HODFLµQDVLP«WULFDÆ'HVHTXLOLEULRVHQODGLVWULEXFLµQGHSRGHU\
6SUH\
)DUULQJWRQ&KHUWRN
:HEHU
%DWHVRQ
'RKHUW\
.OHLQ:KLWH
/HZLV6SDQLHU
6DEDWHOOL6KHGDQ
7KLEDXW.HOOH\
$GDPV
6PLWK
HQODWRPDGHGHFLVLRQHV
&DPELRVVLVWHP£WLFRVTXHH[SHULPHQWDODIDPLOLDDORODUJRGHORV
0DWWHVVLFK+LOO
HVWDGLRVGHOFLFORYLWDO
)RFR GH DWHQFLµQ GHVDUUROOR GH OD IDPLOLD FRPR JUXSR GH
LQGLYLGXRVHQLQWHUDFFLµQRUJDQL]DGRSRUQRUPDVVRFLDOHV
7HRU¯DGHO'HVDUUROOR)DPLOLDU
,QFRUSRUDGLPHQVLRQHVWHPSRUDOHKLVWµULFD
,PSRUWDQFLDGHOFRQWH[WRVRFLDO
7UDQVLFLRQHV GH XQ HVWDGLR D RWUR FDXVDGDV SRU SURFHVRV
LQGLYLGXDOHVIDPLOLDUHVVRFLDOHVVXFHVRVKLVWµULFRV\VXFHVLRQHV
ELROµJLFDVÆFDPELRVHQODFRPSRVLFLµQIDPLOLDU
5HODFLµQFRQODVGRVDQWHULRUHV
7RWDOLGDGGHODIDPLOLDP£VTXHHOLQGLYLGXRGHQWURGHOVLVWHPDÆ
5HODFLRQHVHQWUHVXVPLHPEURV
)DPLOLD
7HRU¯D
VLVWHPD MHU£UTXLFR FRPSXHVWR SRU VXEVLVWHPDV Æ
ORV
6LVWHPDV
)DPLOLD VLVWHPDÆ/¯PLWHVGHILQHQDOVLVWHPD\PDUFDHOSXQWR
GHFRQWDFWRFRQVXHQWRUQR
)DPLOLDUHV
%XUU
5RGJHUV
2OVRQ
&DUPLFKDHO
'XYDOO
$OGRXV
5DSSRUW5DSSRUW
%HUWDODQII\
6PLWK
%URGHULFN
0LQXFKLQ
&R[\3DOH\
SDWHUQRILOLDOPDULWDOಹ
GH
%URGHULFN
:KLWFKXUFK
&RQVWDQWLQH
*RWWPDQ
5HVSRQGH D WUHV FXHVWLRQHV FRPSUHQVLµQ GH SURFHVRV
IDPLOLDUHV FRPXQLFDFLµQ IXQFLRQDPLHQWR FRQIOLFWR LQWHJUDFLµQ
0LVKOHU:D[OHU
5HODFLµQ VLVWHPD FRQ RWURV VLVWHPDV &DPELRV HQ RWURV
5DXVK
VLVWHPDV
&RQWH[WRVRFLDOLQIOX\HHQODYLGDIDPLOLDU
)DPLOLD HFRVLVWHPD JUXSR HQ LQWHUDFFLµQ FRQ VX K£ELWDW Æ
(FRVLVWHPDIDPLOLDUFRPRVLVWHPDHQLQWHUDFFLµQFRQVXDPELHQWH
%XERO]
GHVDUUROOR HQ FRQWH[WR KDELWDELOLGDG VRFLDO DFRPRGDFLµQ
6RQWDJ
(FRORJ¯D
GHO
GHVDUUROOR
%URQIHQEUHQQHU
.HQQHWK
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
KXPDQR
LQGLYLGXRದDPELHQWHSHUVRQDV\FRQWH[WRV\FLFORYLWDO
%URQIHQEUHQQHU 'HVDUUROOR GH OD SHUVRQD HQ VLVWHPDV
PLFURVLVWHPDPHVRVLVWHPDH[RVLVWHPD\PDFURVLVWHPD
$QGUHZV
*DUEDULQR
6PLWK
6HKDEODGHIDPLOLDVFRQGLYHUVDVHVWUXFWXUDV\RU¯JHQHV
7DEOD1RFLRQHV\FRPSUHQVLRQHVVREUHODXQLGDGIDPLOLDU(ODERUDFLµQ\DGDSWDFLµQSURSLD
)LQDOPHQWH GHVGH PHGLDGRV GH ORV KDVWD OD DFWXDOLGDG \ GHVGH GLIHUHQWHV
GLVFLSOLQDV SVLFRORJ¯D VRFLRORJ¯D HGXFDFLµQ DQWURSRORJ¯D HQFRQWUDPRV D
LQYHVWLJDGRUHV SUHRFXSDGRV SRU OD HYROXFLµQ OD WUDQVIRUPDFLµQ \ H[LVWHQFLD GH OD
LQVWLWXFLµQIDPLOLDUFRPRHMHPSOR7KLHEDXW'H8VHOO)HUUHU\3LQLOORV
3DODFLRV \ 5RGULJR 0DUW¯QH] )ODTXHU (VWHLQRX 9DOGLYLD*DUFLD&DEUHUD)XQHV%UXOOHW
81$$352;,0$&,•1$/&21&(372'()$0,/,$
/DV UHFLHQWHV \ SURIXQGDV WUDQVIRUPDFLRQHV HFRQµPLFDV SRO¯WLFDV VRFLDOHV \
FXOWXUDOHV TXH HVW£Q WHQLHQGR OXJDU HQ ORV ¼OWLPRV D³RV HVW£Q SURGXFLHQGR FDPELRV
LPSRUWDQWHVHQODVGRVLQVWLWXFLRQHVHGXFDWLYDVSRUH[FHOHQFLDODIDPLOLD\ODHVFXHOD
OOHY£QGRQRV D UHSHQVDU ORV WHPDV UHODFLRQDGRV FRQ OD HGXFDFLµQ GH OD LQIDQFLD \ OD
DGROHVFHQFLD \ D DXPHQWDU QXHVWUD FRPSUHQVLµQ VREUH ODV WHQGHQFLDV GH GLFKDV
WUDQVIRUPDFLRQHVSDUDSRGHULQWHUYHQLUHQODVSU£FWLFDVHGXFDWLYDV
6HJ¼Q OD WHRU¯D GH %URQIHQEUHQQHU (O PLFURVLVWHPD KDFH UHIHUHQFLD D ODV UHODFLRQHV TXH
PDQWLHQHODSHUVRQDFRQVXHQWRUQRLQPHGLDWR/DIDPLOLDVHULDVXSULQFLSDOPLFURVLVWHPD2WURVLVWHPD
GHUHIHUHQFLDVHU¯DODHVFXHOD (OPHVRVLVWHPDVHUHILHUHDODVUHODFLRQHVHQWUHPLFURVLVWHPDVSRUOR
WDQWRVHU¯DODLQWHUUHODFLµQGHORVSULQFLSDOHVHVFHQDULRVHQHOTXHVHHQFXHQWUDODSHUVRQDSHMIDPLOLD
ದHVFXHOD (OH[RVLVWHPDILMDVXPLUDGDHQODH[WHQVLµQGHOPHVRVLVWHPDUHSUHVHQWDGRODVHVWUXFWXUDV
VRFLDOHV IRUPDOHV H LQIRUPDOHV SHM WUDEDMR OD YHFLQGDG < HO PDFURVLVWHPD VH FHQWUD HQ OD
UHSUHVHQWDFLµQ GH ORV YDORUHV FXOWXUDOHV ODV FUHHQFLDV \ ORV KHFKRV KLVWµULFRV 3RVWHULRUPHQWH HVWH
DXWRUHODERUµXQTXLQWRVLVWHPD HO FURQRVLVWHPDKDFLHQGRKLQFDSL«HQHOGHVDUUROORGHODSHUVRQDHQ
UHODFLµQDORVFDPELRV\FRQWLQXLGDGHVHQHOWLHPSRHQORVGLYHUVRVDPELHQWHVSRUORVFXDOHVWUDQVLWD
%URQIHQEUHQQHU\(Q*UDFLD\0XVLWX
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
(OFRQFHSWRGHIDPLOLDKDLGRHYROXFLRQDQGRDORODUJRGHODKLVWRULDORTXHKDOOHYDGR
D HODERUDU GLVWLQWDV WHRU¯DV FRPR VH KD LQGLFDGR HQ HO DSDUWDGR DQWHULRU /D
DSUR[LPDFLµQDODPLVPDHVFRPSOHMD\GLI¯FLOGHGHOLPLWDUSRUHOKHFKRGHTXHQRVH
SXHGH KDEODU GH XQ ¼QLFR WLSR GH IDPLOLD VLQR GH XQD GLYHUVLGDG GH QRFLRQHV \
FRPSUHQVLRQHVGHORTXHSXHGHVHUHQWHQGLGDFRPRXQLGDGIDPLOLDU\GHVGHGLVWLQWDV
SHUVSHFWLYDV \ SRVLFLRQDPLHQWR HQ HO HVWXGLRV GH OD PLVPD WDO FRPR VLQWHWL]DED OD
7DEOD'HDK¯TXHQRHVWHPRVDQWHXQIHQµPHQR¼QLFRVLQRDQWHP¼OWLSOHVIRUPDV
GHFRQFHELUDODIDPLOLD\GHGLIHUHQWHVIXQFLRQHV\HVWUXFWXUD
',9(56,'$''(6,*1,),&$'2648‹6((17,(1'("
8QD GH ODV SUREOHP£WLFDV D OD TXH QRV HQIUHQWDPRV HQ HO HVWXGLR GH OD IDPLOLD VH
HQFXHQWUDHQVXSURSLDFRQILJXUDFLµQ'LVWLQWRVLQYHVWLJDGRUHV*RXJK/HFOHUFT
%HUJHU\%HUJHU*ODVVQHU3DODFLRV\5RGULJR0XVLWX\$OODW
0DUW¯QH] $OEHUGL )ODTXHU 'DEDV KDQ LQWHQWDGR
DSUR[LPDUVH DO FRQFHSWR GH IDPLOLD D SDUWLU GH YDULRV HVWXGLRV UHDOL]DGRV VREUH OD
WHP£WLFD$OLJXDOTXHORVVXMHWRVFRODERUDGRUHVSDUWLFLSDQWHVHQPLLQYHVWLJDFLµQTXH
DSDUWLUGHVXVH[SHULHQFLDVYLYHQFLDV\FRQWH[WRVKDQGRWDGRGHVLJQLILFDGRDORTXH
HOORV HQWLHQGHQ SRU IDPLOLD 'H HVWH PRGR QR VµOR KDU« UHIHUHQFLD D ODV IRUPDV GH
HQWHQGHUODIDPLOLDDSDUWLUGHORVGLIHUHQWHVLQYHVWLJDGRUHV\HVWXGLRVH[LVWHQWHVVLQR
WDPEL«Q WHQGU« HQ FXHQWD ODV DSUR[LPDFLRQHV \ YLVLRQHV GH ODV SHUVRQDV TXH KDQ
SDUWLFLSDGRHQPLLQYHVWLJDFLµQ
'HVGH XQD SHUVSHFWLYD P£V DQWURSROµJLFD OD IDPLOLD VH SRGU¯D GHILQLU VHJ¼Q
)HUQ£QGH]5LHVJREDMRODXQLµQGHOPDWULPRQLR\ODILOLDFLµQFRPR
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
ಯ8QDHVWUXFWXUDGHSDSHOHV\UHODFLRQHVEDVDGDVHQORVOD]RVGHVDQJUHದ
FRQVDQJXLQLGDG\GHPDWULPRQLRದDILQLGDGTXHOLJDDORVKRPEUHVDODV
PXMHUHV\DORVQL³RVGHQWURGHXQDXQLGDGRUJDQL]DGDರ
/DSVLFRORJ¯DGHVGHXQDPLUDGDWUDGLFLRQDOKDFRQVLGHUDGRDODIDPLOLDFRPR
ಯ8QDJUXSDPLHQWRQXFOHDUFRPSXHVWRSRUXQKRPEUH\XQDPXMHUXQLGRV
HQPDWULPRQLRP£VORVKLMRVGH«VWRVರ5RGULJR\3DODFLRV
/D YLVLµQ TXH VH GHVSUHQGH GH ODV GLIHUHQWHV DSUR[LPDFLRQHV UHDOL]DGDV SRU HVWRV
DXWRUHV WRPDQ FRPR PRGHOR D OD IDPLOLD QXFOHDU WUDGLFLRQDO GHVFRQVLGHUDQGR OD
FUHFLHQWHGLYHUVLGDGIDPLOLDUODVQXHYDVHVWUXFWXUDV\VXVIXQFLRQDPLHQWRV
6L VH WLHQH HQ FXHQWD ORV FDPELRV SURGXFLGRV HQ ORV ¼OWLPRV D³RV UHVSHFWR D ODV
DJUXSDFLRQHVVRFLDOHVTXHSXHGHQOOHJDUDUHDOL]DUODVPLVPDVIXQFLRQHVTXHODIDPLOLD
WUDGLFLRQDO GHO PXQGR RFFLGHQWDO QR VµOR VH SXHGH YLVOXPEUDU XQD GLYHUVLGDG HQ VXV
IRUPDV \ HVWUXFWXUDV \ HQ VXV UHODFLRQHV VLQR WDPEL«Q XQD FUHFLHQWH IUDJLOLGDG H
LQHVWDELOLGDG GH ODV PLVPDV 0XVLWX \ $OODWW (VWHLQRX 9DOGLYLD &DEUHUD DW HO 7HQLHQGR SUHVHQWH HVWD GLYHUVLGDG $OEHUGL DUJXPHQWD
TXH
ಯ/D IDPLOLD HQ OD VRFLHGDG DFWXDO YLHQH GHILQLGD SRU OD GLYHUVLGDG \
WDPEL«Q SRU OD FRKHVLµQ \ OD VROLGDULGDG (O LQGLYLGXR WLHQH HQ PD\RU
PHGLGDTXHHQHOSDVDGRFDSDFLGDGGHHOHFFLµQHQFXDQWRDVXVIRUPDV
GH YLGD \ GH FRQYLYHQFLD 7DPEL«Q KDQ FDPELDGR ODV UHODFLRQHV
SHUVRQDOHV TXH FRQILJXUDQ OD IDPLOLD &DGD YH] VH H[LJH HQ HOODV XQ
PD\RUFRPSURPLVRHPRFLRQDO\XQDPD\RUVLQFHULGDGರ
(QHVWHVHQWLGR$OEHUGLVH³DODTXH
ಯ/DIDPLOLDHVW£IRUPDGDSRUGRVRP£VSHUVRQDVXQLGDVSRUHODIHFWRHO
PDWULPRQLR R OD ILOLDFLµQ TXH YLYHQ MXQWDV SRQHQ VXV UHFXUVRV
HFRQµPLFRV HQ FRP¼Q \ FRQVXPHQ FRQMXQWDPHQWH XQD VHULH GH ELHQHV
HQVXYLGDFRWLGLDQDರ
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
3RUORWDQWRKR\HQG¯DHVGLI¯FLOYLVOXPEUDUXQ¼QLFRPRGHORIDPLOLDUWDO\FRPRDILUPD
XQDPDHVWUDFRODERUDGRUDGHODLQYHVWLJDFLµQ
ಯ$FWXDOPHQWH GHILQLU XQ PRGHOR IDPLOLDU ¼QLFR PH HV LPSRVLEOH
(YLGHQWHPHQWHPHKDD\XGDGRPXFKRWUDEDMDUHQHVFXHODV\VREUHWRGR
VHUVHQVLEOHDORVGLIHUHQWHVPRGHORVIDPLOLDUHV'HILQLUDFWXDOPHQWHDOD
IDPLOLD\RODHQWHQGHU¯DFRPR XQDXQLµQGHSHUVRQDVGLIHUHQWHVP£VR
PHQRV SHUVRQDV WDPEL«Q FRQ GLIHUHQWHV WLSRORJ¯DV TXH VH KDFHQ FDUJR
GHXQQL³Rರ'&(,3SSದ
(VWD VLWXDFLµQ LPSOLFD XQ UHSODQWHDPLHQWR GH OR TXH VH YLHQH HQWHQGLHQGR HQ OD
VRFLHGDGHQJHQHUDO\ODHVFXHODHQSDUWLFXODUFRPRIDPLOLDDFRVWDGHQRD]RWDU\VHU
UHVSHWXRVRFRQODGLYHUVLGDGIDPLOLDU
3DUWLHQGR GH HVWD GLYHUVLGDG IDPLOLDU 5RGULJR \ 3DODFLRV UHDOL]DQ RWUD
GHILQLFLµQ GH IDPLOLD P£V FRPSOHMD \ DELHUWD TXH GH FDELGD D WRGR WLSR HVWUXFWXUD \
UHODFLRQHV
ಯ/D IDPLOLD HV OD XQLµQ GH SHUVRQDV TXH FRPSDUWHQ XQ SUR\HFWR YLWDO GH
H[LVWHQFLDHQFRP¼QTXHVHTXLHUHGXUDGHURHQHOTXHVHJHQHUDQIXHUWHV
VHQWLPLHQWRV GH SHUWHQHQFLD D GLFKR JUXSR H[LVWLHQGR XQ FRPSURPLVR
SHUVRQDO HQ VXV PLHPEURV \ VH HVWDEOHFHQ LQWHQVDV UHODFLRQHV GH
LQWLPLGDGUHFLSURFLGDG\GHSHQGHQFLDರ
6LWHQHPRVHQFXHQWDHOSRVLFLRQDPLHQWR\ODYLVLµQGHXQDIDPLOLDSDUWLFLSDQWHHQPL
LQYHVWLJDFLµQ VH SXHGH YLVOXPEUDU TXH VH SHUFLEH D OD IDPLOLD FRPR XQ OXJDU GH
HQFXHQWURV\UHODFLRQHV
ಯ/DIDPLOLDHVXQDLQVWLWXFLµQIXQGDPHQWDO$OJRLPSRUWDQW¯VLPRQHFHVDULD
FRPR VHUHV KXPDQRV SRUTXH VRPRV VHUHV VRFLDOHV 3HUR DGHP£V
QHFHVLWDPRV XQ F¯UFXOR DIHFWLYR \ XQ OXJDU WDPEL«Q SDUD FRPSDUWLU GH
HQFXHQWURGHLQWHUFDPELRGHWUDQVPLVLµQGHVHQWLPLHQWRVGHHGXFDFLµQ
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
HQ HO VHQWLGR P£V DPSOLR ಹ 8Q OXJDU GRQGH KD\D XQD UHODFLµQ XQD
FRPXQLFDFLµQXQDDIHFWLYLGDGTXHQRVHDVµORYLYLUEDMRXQPLVPRWHFKR
FRPSDUWLUOR FRPR XQ LQTXLOLQR ಹ (Q SULQFLSLR HV XQD LQVWLWXFLµQ
HVHQFLDO ಹ /D VRFLHGDG DFWXDO \D QR OH GD OD PLVPD LPSRUWDQFLD \
YDORUDFLµQTXHHQWLHPSRVSUHFHGHQWHV/DVIRUPDV\HVWLORVGHYLGDTXH
SULPDQDFWXDOPHQWHKHGRQLVPRPDWHULDOLVPRGHVPHGLGRSULPDF¯DGHOD
LQGLYLGXDOLGDGHWFQRD\XGDQDHOORರ)&(,3$SSದ
7DPEL«QVHSXHGHHQWHQGHUFRPRIDPLOLDWDO\FRPRVH³DODQ&DEUHUD)XQHV\%UXOOHW
ಯDTXHO JUXSR KXPDQR TXH DUWLFXOD UHODFLRQHV DIHFWLYDV \ GH VROLGDULGDG
HQWUH VH[RV \ JHQHUDFLRQHV SHUR WDPEL«Q UHODFLRQHV GH SRGHU \
GHVLJXDOGDGರ
2 FRPR OD FRQFLEH HO SHUVRQDO QR GRFHQWH GH XQD GH ODV HVFXHODV HQ OD TXH KH
UHDOL]DGRHOHVWXGLRGHFDPSR
ಯ3DUD P¯ OD IDPLOLD HV DTXHOOD SHUVRQD TXH HVW« FHUFDಹ GHO QL³R
(YLGHQWHPHQWHSDGUH\PDGUHVRQORVSLODUHVQR"3HUREXHQRWDPEL«Q
HQFXHQWURTXHHVPX\LPSRUWDQWHTXHKD\DVLFDEHODSRVLELOLGDGSXHV
XQ DEXHOR XQRV KHUPDQRV XQRV SULPRV HWF (VWR GHSHQGHU£ GH FDGD
IDPLOLDHVXQPRGHORGLIHUHQWHಹರ1'&(,3%S
'HHVWDPDQHUDVHSXHGHREVHUYDUFµPRODIDPLOLDHVFRQVLGHUDGDFRPRXQಯJUXSRರ
GH SHUVRQDV TXH FRPSDUWHQ OD]RV R QR GH VDQJUH Y¯QFXORV GH DIHFWR FRQWUDWRV
VRFLDOHV \ DGPLQLVWUDWLYRV GRQGH OD VRFLDOL]DFLµQ OD DXWRQRP¯D OD VXEVLVWHQFLD \ HO
HTXLOLEULR SHUVRQDO MXHJDQ XQ SDSHO LPSRUWDQWH 8Q H[SHUWR ದ DVHVRU FRODERUDGRU GH
XQD GH ODV HVFXHODV HQ OD TXH KH OOHYDGR D FDER HVWD LQYHVWLJDFLµQ FXDQGR VH OH
SUHJXQWµTX«HUDSDUD«OODIDPLOLDFµPRODGHILQLU¯DUHVSRQGLµ
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
ಯ/DIDPLOLDHVHOJUXSRKXPDQRLQWHJUDGRSRUPLHPEURVUHODFLRQDGRVSRU
Y¯QFXORV GH DIHFWR GH VDQJUH GH DGRSFLµQ GH FRQWUDWR VRFLDO GH
FRQWUDWR DGPLQLVWUDWLYR HQ HO TXH VH KDFH SRVLEOH OD VRFLDOL]DFLµQ OD
DXWRQRP¯D HO HTXLOLEULR HPRFLRQDO OD VXEVLVWHQFLD \ OD UHSURGXFFLµQ GH
SHUVRQDV $ WUDY«V GH HQFXHQWURV HIHFWLYRV FRQWDFWRV FRQWLQXRV
LQWHUDFFLRQHV FRPXQLFDWLYDV ULWXDOHV WDE¼V SURKLELFLRQHV VHFUHWRV \
VLOHQFLRV TXH KDFHQ SRVLEOH OD DGTXLVLFLµQ GH XQD HVWDELOLGDG SHUVRQDO
XQD FRKHVLµQ LQWHUQD \ XQDV SRVLELOLGDGHV GH SURJUHVR HYROXWLYR VHJ¼Q
ODVQHFHVLGDGHVSURIXQGDVGHFDGDXQRGHVXVPLHPEURVHQIXQFLµQGH
HOFLFORKLVWµULFRVRFLRHFRQµPLFRGHOFRQWH[WRHOFLFORHYROXWLYRLQGLYLGXDO
\HOFLFORYLWDOGHOSURSLRVLVWHPDIDPLOLDUTXHHVHOJUXSRರ(&(,3&
SSದ99$$
'HHVWDFRQFHSFLµQGHIDPLOLDH[WUD¯GDGH99$$HPHUJHQXQDVHULHGHFDUDFWHU¯VWLFDV
TXHFRQWULEX\HQDOFRQFHSWRGHIDPLOLDTXHVRQORVY¯QFXORVGHDIHFWRVTXHSXHGHQ
VHUSRUVDQJUHKLMRELROµJLFRRSRUDGRSFLµQ\HOFRQWUDWRVRFLDO
&RQWRGRODLQVWLWXFLµQIDPLOLDUHVW£H[SHULPHQWDQGRLPSRUWDQWHVWUDQVIRUPDFLRQHVTXH
KDQ LQIOXLGR QR VµOR HQ VX FRQFHSWXDOL]DFLµQ \ GHILQLFLµQ VLQR WDPEL«Q HQ VXV
IXQFLRQHVVXRUJDQL]DFLµQLQWHUQDHQVXHVWUXFWXUDHQVXVK£ELWRVHQVXVUHODFLRQHV
\HQORVUROHVGHFDGDXQRGHORVPLHPEURVTXHODFRPSRQHQ3RUHOOR\FRPRDILUPDQ
*µPH]ದ*UDQHOO\FRODERUDGRUHV
ಯ/DDXWRULGDGSDUHQWDOVµOLGDPHQWHHVWDEOHFLGDGXUDQWHVLJORVFRPRXQR
GHORVSLODUHVHGXFDWLYRVGHODIDPLOLDVHKDGHOLPLWDGR\HOSDVRDXQDV
QXHYDVIRUPDVGHUHODFLµQP£VGHPRFU£WLFDVQRVLHPSUHSXHGHKDFHUVH
(O VXMHWR FRODERUDGRU HV DVHVRU GH XQD GH ODV HVFXHODV GH HVWD LQYHVWLJDFLµQ (O G¯D TXH QRV
HQFRQWUDPRV HQ VX GHVSDFKR SDUD UHDOL]DU OD HQWUHYLVWD \ OH SUHJXQW« TX« HQWHQG¯D SRU IDPLOLD VH
GLULJLµDVXRUGHQDGRUDEULµHODUFKLYR\HPSH]µDOHHUORTXHHQWHQG¯DQRWURVDXWRUHV3RUHVRGLFKR
DVHVRUVHDGVFULEHDODGHILQLFLµQGHYDULRVDXWRUHV
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
VLQFULVLVFRQIOLFWRV\XQDFLHUWDGRVLVGHGHVRULHQWDFLµQWDQWRSRUSDUWH
GHORVSDGUHVFRPRGHORVKLMRVರ
'HHVWHPRGRSDUHFHVHUTXHODIDPLOLDHVW£HQXQSURFHVRGHUHFRQVWUXFFLµQ\DTXH
H[LVWHQ XQRV HOHPHQWRV TXH OH EULQGDQ QXHYRV VHQWLGRV \ UHVLJQLILFDFLRQHV FRPR
SXHGHQVHUHOPDWULPRQLR\ODVHSDUDFLµQRHOGLYRUFLRQRHVQHFHVDULRFDVDUVHSDUD
SRGHUKDEODUGHIDPLOLD\ORVKRJDUHVIRUPDGRVSXHGHQOOHJDUDVHSDUDUVH\YROYHUVHD
UHFRQVWLWXLU OD SUHVHQFLD GH XQR GH ORV SURJHQLWRUHV SDUDKDEODU GH IDPLOLD QR KDFH
IDOWDTXHHVW«QORVGRVVLQRODPDGUHRHOSDGUHFRQHOKLMRPHQRUGHHGDGPHHVWR\
UHILULHQGR D ODV IDPLOLDV PRQRSDUHQWDOHV HO SRGHU WHQHU KLMRV SRU Y¯DV DOWHUQDWLYDV
UHSURGXFFLµQ DVLVWLGD R DGRSFLµQ HO URO GH OD PXMHU \D QR HVW£ DO FXLGDGR GH VXV
KLMRVVLQRTXHVHKDOODLQFRUSRUDGDDOPXQGRODERUDOHOUROGHOKRPEUH\DQRHVOD
SULQFLSDO IXHQWH GH UHFXUVRV WDPEL«Q SXHGH GHGLFDUVH DO FXLGDGR GH ORV KLMRV \ GHO
KRJDUHQWUHRWURV
&DEUHUD )XQHV \ %UXOOHW UHDOL]DQ XQD DSUR[LPDFLµQ D OD LQVWLWXFLµQ
IDPLOLDUGHVGH
Š (O SXQWR GH YLVWD DQWURSROµJLFR VRFLDO \ MXU¯GLFR 3RU OR JHQHUDO FXDQGR XQD
SHUVRQDQDFHTXHGDLQVFULWDHQXQVLVWHPDGHSDUHQWHVFR+DVWDKDFHUHODWLYDPHQWH
SRFR HQ HO PXQGR RFFLGHQWDO ODV UHODFLRQHV GH DOLDQ]D GH ILOLDFLµQ \ GH DILQLGDG
HVWDEDQGHILQLGDVHQOROHJDOSRUXQFµGLJRGHIDPLOLDDELHUWDPHQWHSDWULDUFDO
(Q (VSD³D HQ FRQ OD SURPXOJDFLµQ GH OD &RQVWLWXFLµQ HPSH]µ D FDPELDU OD
IRUPDGHFRQFHELUODIDPLOLDOOHYDQGRDODPRGLILFDUHO&µGLJR&LYLOSRUODOH\
GH GH PD\R &RQ OD GHPRFUDFLD OD GLIHUHQFLD OHJDO HQWUH KRPEUHV \ PXMHUHV IXH
GHVDSDUHFLHQGR \D TXH VH GHIHQG¯D OD LJXDOGDG MXU¯GLFD HQWUH KRPEUH \ PXMHU HQ
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
WRGRVORV£PELWRVGHODYLGD\ODLGHDGHLJXDOGDGGHGHUHFKRVHQWUHORVKLMRVHKLMDV
&RPR\DVHVDEHKR\HQG¯DODPXMHUSXHGHWHQHUXQKLMRPHGLDQWHODUHSURGXFFLµQ
DVLVWLGD<XQDSDUHMDSXHGHGHFLGLUVLHOSULPHUDSHOOLGRGHVXVKLMRVVHU£HOGHOSDGUH
RHOGHODPDGUH
'HHVWHPRGRODIDPLOLDSXHGHVXUJLUPHGLDQWHGLIHUHQWHVWLSRVGHDJUXSDFLRQHV HV
GHFLU PHGLDQWH HO PDWULPRQLR R OD XQLµQ GH XQD SDUHMD VLQ HVWDU FDVDGRV
KHWHURVH[XDO \ KRPRVH[XDO SRU GHFLVLµQ GH FRQVWUXLU XQD UHODFLµQ PRQRSDUHQWDO
PHGLDQWH OD UHFRPSRVLFLµQ IDPLOLDU D FDXVD GH VHSDUDFLRQHV \ GLYRUFLRV R SRU
HQYLXGH]
Š (OSXQWRGHYLVWDSVLFRVRFLDO 6HFRQVLGHUDDODIDPLOLDFRPR ODLQVWLWXFLµQ E£VLFD
GHFULDQ]DGHODFULDWXUD\VRFLDOL]DFLµQGHODLQIDQFLD(VODHQFDUJDGDGHGRWDUGHOD
SULPHUDLGHQWLGDG LQGLYLGXDO \VRFLDO GH VXV KLMRV H KLMDV /DIDPLOLDHVYLVWDFRPRXQ
OXJDU GH DPRU GH DSUHQGL]DMH GH FXLGDGR \ ELHQHVWDU GH JDUDQW¯D IUHQWH D OD
SUHFDULHGDG \ GH SURWHFFLµQ IUHQWH D OD H[FOXVLµQ $XQTXH SRU GLIHUHQWHV PRWLYRV OD
IDPLOLDWDPEL«QSXHGHVHUXQOXJDUGHRSUHVLµQGHGHVLJXDOGDGGHDKRJRSVLFROµJLFR
GHYLROHQFLDFRQWUDHOP£VG«ELOOOHJDQGRDFDXVDUODH[FOXVLµQ\ODUXSWXUDGHOY¯QFXOR
VRFLDO
Š (OSXQWRGHYLVWDVRFLRHFRQµPLFR/DIDPLOLDFRPRLQVWLWXFLµQVHKDFDUDFWHUL]DGR
SRU VHU XQD XQLGDG GH SURGXFFLµQ \ UHSURGXFFLµQ VRFLDO ([LVWLHQGR XQD QHFHVLGDG
HFRQµPLFD SURPRYLGD SRU HO FRQVXPR \ OD GHFLVLµQ GH OD PXMHU D LQFRUSRUDUVH DO
PXQGRODERUDO\DVHDSRUSURPRYHUXQDFDUUHUDODERUDO\HQFRQWUDUXQHVSDFLRIXHUD
GHO KRJDU R SRU ODV QHFHVLGDGHV HFRQµPLFDV GH OD IDPLOLD 'H DK¯ OD LPSRUWDQFLD GH
FRQVLGHUDUODGLYHUVLGDGIDPLOLDUH[LVWHQWHHQQXHVWUDVRFLHGDGUHVSHFWRDVXDFFHVR
GHPDQHUDGHVLJXDODORVUHFXUVRVVRFLDOHVPDWHULDOHV\VLPEµOLFRV
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
Š (O SXQWR GH YLVWD PDFURVRFLROµJLFR \ PLFURVRFLROµJLFR /D IDPLOLD FRPR
UHSURGXFWRUDGHODVGHVLJXDOGDGHVSXHVWRTXHFDGDSHUVRQDVHUHODFLRQDDWUDY«VGH
VXIDPLOLDFRQXQDFODVHVRFLDOFRQXQRVHVWLORVGHYLGD\FRQXQRVUROHVGHJ«QHUR\
HGDG 3HUR VL VH REVHUYD GHVGH OD PLFURVRFLRORJ¯D OD IDPLOLD VHU¯DXQ HVSDFLRVRFLDO
GRQGHFDGDXQROXFKDRQHJRFLDFRQHOILQGH FRQVHUYDURWUDQVIRUPDUODVUHODFLRQHV
GHSRGHUTXHVHFUHDQHQVXVHQR
Š (OSXQWRGHYLVWDHWQRJU£ILFR(VWDYLVLµQDSRUWDFRQRFLPLHQWRVVREUHODGLYHUVLGDG
GH IRUPDV \ UHODFLRQHV IDPLOLDUHV /D GLYHUVLGDG GH IRUPDV IDPLOLDUHV YHUVXV OD
XQLIRUPLGDG GHO PRGHOR IDPLOLDU KHJHPµQLFR FRQVLGHUDGR FRPR HO ¼QLFR OHJ¯WLPR HQ
QXHVWURSDVDGR/DVSU£FWLFDVGHOG¯DDG¯DYHQGU£QPDUFDGDVSRUODRUJDQL]DFLµQGH
ODYLGDVRFLDO4XL]£VSRUHVWHPRWLYRVHU¯DLPSRUWDQWHFRQRFHUPHMRUODVVLWXDFLRQHV
\ FRQGLFLRQHV GH YLGD GH ODV IDPLOLDV \ VXV QHFHVLGDGHV \D TXH GH HVWD IRUPD VH
SRGU¯D SURPRYHU SRO¯WLFDV TXH DPLQRUDVHQ ODV GHVLJXDOGDGHV \ UHIRU]DVHQ HO Y¯QFXOR
VRFLDOGHORVDGXOWRV\GHODVFULDWXUDVTXHODVIRUPDQ
Š (OSXQWRGHYLVWDVRFLRSRO¯WLFR/DIDPLOLDFRPRLQVWLWXFLµQTXHGDDUWLFXODGDFRQHO
HVWDGR PHGLDQWH ODV OH\HV TXH UHJXODQ ODV UHODFLRQHV GH SDUHQWHVFR ORV GHUHFKRV \
REOLJDFLRQHV GH VXV PLHPEURV ODV SRO¯WLFDV IDPLOLDUHV ODV SRO¯WLFDV GH LQIDQFLD \ ODV
SRO¯WLFDVGLULJLGDVDGDUDSR\RDODJHQWHPD\RUGHSHQGLHQWH
7HQLHQGR SUHVHQWH ORV GLIHUHQWHV SXQWRV GH YLVWD GHVFULWRV \ ODV WHQGHQFLDV
GHPRJU£ILFDV HQ (VSD³D $UUR\R H ,1( VH SRGU¯D GHFLU TXH QXHVWUR VLVWHPD
IDPLOLDUVHKDYLVWRLQIOXLGRSRU
/DLQFRUSRUDFLµQGHODPXMHUDOPXQGRODERUDOKRPEUH\PXMHUSXHGHQWUDEDMDU
IXHUDGHOKRJDUIDPLOLDU
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
/DGLYLVLµQGHODVWDUHDVGHOKRJDU
/DEDMDWDVDGHPDWULPRQLRV\HODXPHQWRGHVHSDUDFLRQHV\GLYRUFLRV
(O DXPHQWR GH ODV SDUHMDVGH KHFKR GH ODVIDPLOLDVPRQRSDUHQWDOHV\ GHODV
IDPLOLDVUHFRQVWLWXLGDV
8QDGLVPLQXFLµQGHOQ¼PHURGHKLMRVKLMDV
$XPHQWRGHODHVSHUDQ]DGHYLGDSDUDODVSHUVRQDVGHODWHUFHUDHGDG
8QDPD\RUWHQGHQFLDDUHYLVDUODVSRO¯WLFDVIDPLOLDUHV
8Q LQFUHPHQWR GH IDPLOLDV TXH SURFHGHQ GH RWUDV FXOWXUDV \ VRFLHGDGHV
GLVWLQWDVDODQXHVWUD
)81&,21(6<68%6,67(0$6'(/$)$0,/,$
/D IDPLOLD WUDGLFLRQDOPHQWH WHQ¯D FRPR IXQFLRQHV HVWDEOHFLGDV \ DWULEXLGDV OD
SURGXFWLYDSURWHFWRUDOHJDOHFRQµPLFDHGXFDWLYDDIHFWLYD\GHFRQWURO6LQHPEDUJR
ODV GRV IXQFLRQHV SULPRUGLDOHV GH HVWD LQVWLWXFLµQ HUDQ ODV GH VXSHUYLYHQFLD \
VRFLDOL]DFLµQ0XVLWX\$OODWW5RGULJR5HKHU)ODTXHU
$SHVDUGHODVLPSRUWDQWHVWUDQVIRUPDFLRQHVH[SHULPHQWDGDVODIDPLOLDKDFRQWLQXDGR
DVXPLHQGR \ GHVDUUROODQGR PXFKDV GH ODV IXQFLRQHV WUDGLFLRQDOHV 3RU HVR ORV
FDPELRV TXH VH HVW£Q SURGXFLHQGR HQ QXHVWUD VRFLHGDG QR VµOR DIHFWDQ D OD
FRPSRVLFLµQIDPLOLDUVLQRWDPEL«QDOIXQFLRQDPLHQWRGHODVIDPLOLDVDVXVGLQ£PLFDV
UROHV \ SRVLFLRQDPLHQWRV GRQGH SRGHPRV HQFRQWUDU FLHUWDV PRGLILFDFLRQHV HQ ORV
VXEVLVWHPDVIDPLOLDUHVLGHQWLILFDGRVSRUDXWRUHVFRPR9DOGLYLD
6HJ¼QODDXWRUDXQDGHODVFRQVHFXHQFLDVHGXFDWLYDVLPSRUWDQWHVGHORVFDPELRVHQ
ODVIXQFLRQHVGHVHPSH³DGDVSRUODVIDPLOLDVHVWDU¯DUHODFLRQDGDFRQHOFRQWH[WRHQHO
TXH FRQYLYHQ \ VH PXHYHQ ORV QL³RV ORV DGROHVFHQWHV \ ORV MµYHQHV (VWD DXWRUD
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
DILUPDTXHODVYLYHQFLDVSHUVRQDOHVODVH[SHULHQFLDV\HODSUHQGL]DMHVHU£QGLIHUHQWHV
VHJ¼QHOWLSRGHIDPLOLDHQHOTXHXQRVHYHDLQPHUVR$QWHHOORQRVµORQRVSRGHPRV
HQFRQWUDUFRQXQDGLYHUVLGDGHQODHVWUXFWXUDIDPLOLDUFRPRVHKDGHVFULWRHQO¯QHDV
DQWHULRUHVVLQRWDPEL«QFRQTXHORVYDORUHV\ODHGXFDFLµQHQV¯YDU¯DQQRVµORGHELGR
DHVWDVQXHYDVFRQILJXUDFLRQHVIDPLOLDUHVVLQRWDPEL«QSRUODJUDQGLYHUVLGDGTXHKD\
GHQWURGHFDGDXQDGHHOODV3RUHMHPSORQLQJXQDIDPLOLDLQGHSHQGLHQWHPHQWHGHOD
FRPSRVLFLµQTXHWHQJDQRHGXFDU£\HQVH³DU£DVXVKLMRVHKLMDVGHODPLVPDIRUPD
SXHVWRTXHQLORVDSUHQGL]DMHVQLODVH[SHULHQFLDVYLYLGDVVHU£QLG«QWLFDVHQWUHODXQD
\ OD RWUD 3RU WDQWR ODV IXQFLRQHV GH OD IDPLOLD YHQGU£Q PDUFDGD VHJ¼Q VX
FRPSRVLFLµQHVWUXFWXUDVYDORUHVYLVLRQHVFXOWXUD\UROHVDVXPLGRVSRUORVPLHPEURV
TXHODFRPSRQHQ
9DOGLYLD LGHQWLILFD XQD VHULH GH DJUXSDPLHQWRV IDPLOLDUHV GH ORV VXEVLVWHPDV
TXHODFRPSRQH
(QHOVXEVLVWHPDFRQ\XJDO 'HQWURGHHVWHVXEVLVWHPDORVSDSHOHVTXHGHVHPSH³DQ
HO KRPEUH \ OD PXMHU HQ HO KRJDU VRQ GLIHUHQWHV DO LJXDO TXH WDPEL«Q OR VRQ ODV
UHODFLRQHVFRQ\XJDOHV(QHOFDVRGHODVIDPLOLDVPRQRSDUHQWDOHVRKRPRSDUHQWDOHV
VH WLHQGHQ D SHQVDU TXH H[LVWH XQD IDOWD GH UHIHUHQFLD R GH PRGHOR FDUHQFLD GH XQ
PRGHORI¯VLFRTXHGHVHPSH³HHOSDSHOGHOKRPEUHRGHODPXMHUTXHSXHGHDIHFWDU
HQHOGHVDUUROOR\HGXFDFLµQGHOSURSLRKLMRKLMD
(QHOVXEVLVWHPDSDUHQWDO /DVIXQFLRQHVWUDGLFLRQDOHVGHQWURGHODVIDPLOLDVWDPEL«Q
KDQ LGR YDULDQGR \D QR QRV HQFRQWUDPRVTXHHO KRPEUH UHSUHVHQWH OD DXWRULGDG SRU
VHUHOSDGUHQLODPXMHUHODPRU\ODWHUQXUDSRUVHUPDGUHVLQRP£VELHQTXHHVWDV
IXQFLRQHVVHHVW£QUHSHQVDQGR\UHFRQVWUX\HQGRFRQHOILQGHHGXFDUDORVKLMRV\D
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
ODV KLMDV GH IRUPD TXH VH WLHQGD DO PHQRV HQ ODV FRPXQLGDGHV RFFLGHQWDOHV D XQD
HGXFDFLµQP£VLJXDOLWDULDHQWUHWRGRVORVKLMRVTXHFRPSRQHQGLFKDIDPLOLDVHKDEOD
GHLJXDOGDGGHRSRUWXQLGDGHVGHFRHGXFDFLµQ
(QHOVXEVLVWHPDIUDWHUQDO (Q«SRFDVDQWHULRUHVODVIDPLOLDVHVWDEDQFRPSXHVWDSRU
QXPHURVRVPLHPEURVVHVRO¯DWHQHUP£VKLMRVGHORVTXHHQODDFWXDOLGDGVHWLHQHQ\
WRGRV HOORV FRQYLY¯DQ EDMR HO PLVPR KRJDU H[LVW¯D OD QHFHVLGDG GH FRPSDUWLU GH
VRFLDOL]DFLµQ HQWUH KHUPDQRV SHUR \ DKRUD" (O PDSD IDPLOLDU TXH SRGHPRV KDOODU
HVW£ FRPSXHVWR SRU XQ GHVFHQVR GH FULDWXUDV OOHJDQGR D WHQHU HQWUH XQD R GRV SRU
Q¼FOHR IDPLOLDU \ HQ RFDVLRQHV QLQJXQR WDO FRPR PXHVWUDQ HQ HO FDVR HVSD³RO ODV
HVWDG¯VWLFDV,1(
(QHOVXEVLVWHPDILOLDO (VWHVXEVLVWHPDHVGHVFULWRSRU9DOGLYLDFRPRXQDDOWHUDFLµQ
\DTXHHOQL³RQL³DSDVDDVHUXQLJXDOHQWUHORVSDGUHV\DVHUFRQVLGHUDGRXQDPLJR
DPLJDHQWUHORVDGXOWRVFRQORVHIHFWRVTXHWRGRHVWRFRQOOHYDSDUDODHGXFDFLµQGH
QL³RVQL³DVDGROHVFHQWHV\MµYHQHV
(VWRV FDPELRV HQ ORV VXEVLVWHPDV IDPLOLDUHV PHQFLRQDGRV SRU 9DOGLYLD D OD YH]
LQIOX\HQHQODVSDXWDVHGXFDWLYDV\HQORVYDORUHVTXHVHHVW£WUDVPLWLHQGRDORVP£V
SHTXH³RV D ORV DGROHVFHQWHV \ D ORV DGXOWRV < HQ GHILQLWLYD HQ ODV IXQFLRQHV
IDPLOLDUHV
3DUD )ODTXHU DOJXQDV GH ODV IXQFLRQHV VRFLDOHV E£VLFDV GH OD IDPLOLD TXH
VLHPSUH HVWDU£Q SUHVHQWHV VRQ OD WUDQVPLVLµQ GH YDORUHV R OD VRFLDOL]DFLµQ GH ORV
QL³RV$³DGLHQGR3DODFLRV\0RUHQRTXHRWUDGHODVIXQFLRQHVGHODIDPLOLDHV
OD VXSHUYLYHQFLD HQWHQGLGD FRPR ORV SULPHURV FXLGDGRV \ SURWHFFLµQ GHO PHQRU
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
GXUDQWH VXV SULPHURV D³RV GH YLGD 2WURV DXWRUHV D³DGHQ OD IXQFLµQ HGXFDWLYD
DXQTXHHQORV¼OWLPRVD³RVODHVFXHODHVW£FRUUHVSRQVDELOL]£QGRVHGH«VWD
&RPRHMHPSORXQGRFHQWHGHPLLQYHVWLJDFLµQH[SRQHTXHODVIXQFLRQHVGHODIDPLOLD
VHU¯DQ
ಯ'DU HGXFDFLµQ GDU YDORUHV GDU XQ EXHQ HMHPSOR \ DFRJHU D WRGRV ORV
PLHPEURV GH VXV IDPLOLDV ELHQ &RQ FDUL³R SRU VXSXHVWR \ FRQ
HGXFDFLµQರ'&(,3$S
3DUD 5RGULJR \ 3DODFLRV DOJXQDV GH ODV IXQFLRQHV DSDUWH GH ODV \D
PHQFLRQDGDV VHU¯DQ HVWDEOHFHU HVFHQDULRV GRQGH VH SURGXMHUD XQ ELHQHVWDU
SVLFROµJLFR XQDV UHODFLRQHV GH DSR\R GRQGH VH SURSLFLDUD OD WRPD GH GHFLVLRQHV \
DIURQWDUUHWRV\WHQHUUHVSRQVDELOLGDGHVODHVWLPXODFLµQHLQWHUDFFLµQFRQHOHQWRUQR\
ODDSHUWXUDDRWURVFRQWH[WRVHGXFDWLYRV
)XQFLRQHVTXHUHFRJHQDOJXQRVGHORVDFWRUHVFRODERUDGRUHVGHORVHVWXGLRVGHFDVR
ಯ/DIXQFLµQGHODIDPLOLDFUHRTXHHVPX\SDUHFLGDDODGHODHVFXHODROD
GH OD HVFXHOD D OD GH OD IDPLOLD SHUR FRQ XQ SOXV DIHFWLYR HQ OD IDPLOLD
ಹ6HU¯DFXEULUVXVQHFHVLGDGHVFXDQGRHVXQEHE«\DFRPSD³DUFRQ
UHVSHWRWRGRVXSURFHVRFRPRVHUKXPDQR2WUDIXQFLµQVHULDHOGLVIUXWH
HOGLVIUXWDUVHPXWXDPHQWHರ)&(,3&SSದ
ಯ(QFDUJDUVH GH ODV FULDWXUDV GH VXV KLMRV (Q HO VHQWLGR GH GDUOH XQD
HGXFDFLµQXQDHVWDELOLGDGHPRFLRQDOಹGDUGHFRPHUರ1'&(,3&S
3DUDOHODPHQWHDHVWDVIXQFLRQHVORVVXMHWRVSDUWLFLSDQWHVHQHVWDWHVLVD³DGHQWDOHV
FRPRD\XGDUDFRJHUTXHUHUKDEODUOOHJDUDDFXHUGRVSURWHJHUHQWUHRWUDV
ಯ&XLGDUHGXFDUD\XGDUDWXKLMRDTXHVHXELTXHHQHOHQWRUQRHQHOTXH
HVW£ರ)&(,3$S
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
ಯ(O SDSHO GH OD IDPLOLD HV TXHUHU HGXFDUಹ $ YHU TXHUHU QR HV PLPDU
0LPDU HV XQD FRVD \ TXHUHU HV RWUD PX\ GLIHUHQWH ಹ 6REUH WRGR HV
HGXFDUKDEODUFRQVHQVROOHJDUDDFXHUGRVಹ/DIDPLOLDWHD\XGDU£HQ
ORTXHSXHGDರ1'&(,3%S
ಯ8QD GH ODVIXQFLRQHV GH OD IDPLOLD HV SURWHJHU 'HQWUR GH OD SURWHFFLµQ
HVW£ODHVWLPDFLµQ&XDQGRGLJRSURWHJHUTXLHURGHFLUTXHUHUHVFXFKDU
DFRPSD³DU HWF 7DPEL«Q TXH OD IDPLOLD SURSRUFLRQH D ORV KLMRV XQRV
UHFXUVRV SDUD HQIUHQWDUVH D ODV GLILFXOWDGHV FRQODV TXH VH HQFRQWUDUDQ
3RQHU O¯PLWHV IDYRUHFHU HO UHVSHWR SRU ORV RWURV \ SRU ODV FRVDV
$FRPSD³DUDWXKLMRHQVXSURFHVRರ'&(,3%SSದELV
7RGDV HVWDV IXQFLRQHV VRFLDOHV HGXFDWLYDV SURWHFWRUDV DIHFWLYDV HFRQµPLFDV VRQ
DWULEXLGDVHQVXFRQMXQWRDODVIDPLOLDV
/$',9(56,'$')$0,/,$5&$0%,267(1'(1&,$6<7,32/2*$6
/DVWUDQVIRUPDFLRQHVVRFLDOHVSURGXFWLYLGDGHFRQµPLFDPRYLOLGDGJHRJU£ILFDWUDEDMR
DMHQRDODLQVWLWXFLµQIDPLOLDU\WUDEDMRIHPHQLQRH[WUDGRP«VWLFR5HKHU$OEHUWL
)ODTXHU \ ORV FDPELRV GHPRJU£ILFRV HGDG ORQJHYLGDG IHUWLOLGDG \
FRPSRVLFLµQ GHO KRJDU 0XVLWX \ $OODWW KDQ OOHYDGR D OD GLYHUVLILFDFLµQ GH ODV
IRUPDV ODV UHODFLRQHV \ ODV GLQ£PLFDV IDPLOLDUHV WDO \ FRPR DUJXPHQWDQ &DEUHUD
)XQHV\%UXOOHWದ/DVWHQGHQFLDVSDUDODVGLQ£PLFDVGHIRUPDFLµQGH
IDPLOLDVVHJ¼QHVWDVDXWRUDV\WHQLHQGRSUHVHQWHRWURVHVWXGLRVGHO,1(
\\$UUR\RHWDOVHU¯DQ
Š /DV EDMDV WDVDV GH IHFXQGLGDG ,QFUHPHQWR GH OD HGDG GH DFFHVR GH IRUPD
YROXQWDULD DODPDWHUQLGDG SRU SDUWHGH ODVPXMHUHV GHELGR DTXH TXLHUHQ DOFDQ]DU
XQ FLHUWR JUDGR GH «[LWR SURIHVLRQDO R XQD HVWDELOLGDG HFRQµPLFD %XUJXLªUH HW DO
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
-XQWRDXQDXPHQWRQRWDEOHGHQDFLPLHQWRVIXHUDGHOPDWULPRQLRSDUHMDVGH
KHFKR IDPLOLDV PRQRSDUHQWDOHV ,QGLFDGRUHV TXH QRV OOHYDQ FRPR DILUPDQ ODV
DXWRUDVDFRQVLGHUDUODLPSRUWDQFLDGHODVSRO¯WLFDVIDPLOLDUHV\PX\HVSHFLDOPHQWH
GHODVOODPDGDVSRO¯WLFDVGHFRQFLOLDFLµQGHODYLGDIDPLOLDU\ODYLGDSURIHVLRQDOTXH
LPSOLFDHOWUDVSDVRGHWLHPSRGHWUDEDMRDWLHPSRGHFXLGDGRVPHGLDQWHSHUPLVRV
ODERUDOHV \ VHUYLFLRV GH DWHQFLµQ D OD SULPHUD LQIDQFLD SRU PHGLR GH RWUDV
LQVWLWXFLRQHVHGXFDWLYDVFRPRVRQSRUHMHPSORODVHVFXHODV
Š /D GLVPLQXFLµQ QRWDEOH GHO WDPD³R GH ORV KRJDUHV +D\ XQD WHQGHQFLD JHQHUDO D
TXH ORV PHQRUHV YLYDQ FDGD YH] P£V HQ KRJDUHV FRQ PHQRV PLHPEURV \ GH
PDQHUD XVXDO VLQ KHUPDQRV R KHUPDQDV VLHQGR LQIUHFXHQWH ODV IDPLOLDV
QXPHURVDV
Š (OUHWUDVRHQODHGDGPHGLDGHOSULPHUPDWULPRQLRHOKRPEUHVHFDVDHQWRUQRDORV
\ODVPXMHUHVDORV([LVWLHQGRXQDXPHQWRQRWDEOHGHODVSDUHMDVGHKHFKR
HQWRGRVORVJUXSRVGHHGDG
Š (OLQFUHPHQWRVXVWDQFLDOGHODVVHSDUDFLRQHVGLYRUFLRV\VHSDUDFLRQHVGHKHFKR
Š (O DXPHQWR QRWDEOH GH KRJDUHV PRQRSDUHQWDOHV HQFDEH]DGRV SRU PDGUHV R SRU
SDGUHVFRQKLMRVKLMDVPHQRUHV
Š (O HQYHMHFLPLHQWR GH OD SREODFLµQ ,QFUHPHQWR GH OD HVSHUDQ]D GH YLGD GH ODV
SHUVRQDVPD\RUHV
(VWDV ¼OWLPDV FXDWUR WHQGHQFLDV FRLQFLGHQ FRQ OD FODVLILFDFLµQ UHDOL]DGD SRU &DEUHUD
)XQHV\%UXOOHWDODKRUDGHDERUGDUODVIDPLOLDVGHVGHODVFLHQFLDVVRFLDOHV
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
*µPH] ದ *UDQHOO \ FROV VH³DODQ RWUDV WHQGHQFLDV HVWUXFWXUDOHV HQ
QXHVWURVLVWHPDIDPLOLDUTXHLQFOX\HQODVGHULYDGDVGHOFRQWH[WRVRFLRHFRQµPLFRWDOHV
FRPR
Š (O DXPHQWR GH ODV IRUPDV IDPLOLDUHV QR FRQYHQFLRQDOHV IDPLOLDV PRQRSDUHQWDOHV
KRPRSDUHQWDOHVUHFRQVWXWLGDV
Š (ODXPHQWRPX\QRWDEOHGHODVSDUHMDVGHKHFKRHQWRGRVORVJUXSRVGHHGDG
Š (OLQFUHPHQWRFRQWLQXDGRGHORVQLYHOHVGHHVWXGLRVGHORVSURJHQLWRUHVVXSHULRUHV
XQLYHUVLWDULRV SHUR PDQWHQLPLHQWR GH LPSRUWDQWHV GHVLJXDOGDGHV IRUPDWLYDV HQWUH
HOORV H[LVWHQFLD GH FDVRV GRQGH OD PXMHU WLHQH XQ QLYHO DFDG«PLFR VXSHULRU DO GHO
KRPEUHRYLFHYHUVD
Š (O FUHFLPLHQWR FRQWLQXDGR GH OD DFWLYLGDG ODERUDO IHPHQLQD DVRFLDGD D XQD
GLVPLQXFLµQGHODVDPDVGHFDVDHQH[FOXVLYD$FRPSD³DGDGHOQLYHOGHIRUPDFLµQ
GH OD PXMHU &RPELQDFLµQ GH SDSHOHV ದ UROHV PXMHU FRPSD³HUD PDGUH \
ಯDVDODULDGDರ
Š (OPDQWHQLPLHQWRGHXQDIXHUWHGLYLVLµQVH[XDOGHOWUDEDMRHQORVKRJDUHV
Š /D FULVLV GH OD DXWRULGDG SDWULDUFDO HQ ODV IDPLOLDV \ QHFHVLGDG GH FRQVWUXLU XQD
DXWRULGDGSDUHQWDOGHPRFU£WLFD
Š /DWUDQVIRUPDFLµQGHODVVROLGDULGDGHVHQWUHODIDPLOLDH[WHQVD
Š /DSHUVLVWHQFLDGHOIHQµPHQRGHODSREUH]DLQIDQWLO
Š /DDVHTXLELOLGDGDODYLYLHQGDGHELGRDXQPHUFDGRODERUDOLQHVWDEOHVXHOGRVEDMRV
SRO¯WLFDVKLSRWHFDULDVGHVIDYRUDEOHV
(Q ODV WHQGHQFLDV HVWUXFWXUDOHV SUHVHQWDGDV SRU HVWRV DXWRUHV VH SXHGH YLVOXPEUDU
FLHUWRVFDPELRV GHVGH XQD SHUVSHFWLYDKLVWµULFD SRGU¯DQ HQWHQGHUVHFRPRSRVLWLYRV
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
HO DXPHQWR GH OD LJXDOGDG HQWUH VH[RV XQ LQFUHPHQWR GHO GHVHR GH WHQHU KLMRV \ OD
UHVSRQVDELOLGDG TXH HVWR FRQOOHYD \ OD HVSHUDQ]D GH YLGD SDUD ODV SHUVRQDV GH OD
WHUFHUDHGDG$V¯PLVPRODVQXHYDVDJUXSDFLRQHVIDPLOLDUHVHVW£QDGRSWDQGRQXHYRV
HVTXHPDV SDUD VX IXQFLRQDPLHQWR FRWLGLDQR FRQ HO ILQ GH VHU FDSDFHV GH DVXPLU
IXQFLRQHV QHFHVLGDGHV UROHV \ FDPELRV TXH VH GDQ HQ QXHVWUD VRFLHGDG \ GH
UHFRQVWUXLUVXQXHYRVLJQLILFDGR
$SHVDUGHODVWUDQVIRUPDFLRQHVTXHKDQWHQLGROXJDUHQODVHVWUXFWXUDVIDPLOLDUHVHQ
ODDFWXDOLGDGFDGDXQRGHORVPLHPEURVTXHFRPSRQHQODIDPLOLDGHVHPSH³DVXSURSLR
SDSHO VDELHQGR FX£OHV VRQ VXV IXQFLRQHV \ VX SRVLFLRQDPLHQWR GHQWUR GH HOOD
,QGLVWLQWDPHQWHVLH[LVWHQGRVKRPEUHVGRVPXMHUHVFRQR VLQFULDWXUDVXQDPXMHU\
VX KLMR \R KLMD R IDPLOLDV VHSDUDGDV TXH KDQ UHKHFKR VXV YLGDV MXQWR D VXV QXHYDV
SDUHMDV'HDK¯TXHKR\HQG¯DVHSXHGDKDOODUXQDGLYHUVLGDGHQODIRUPDGHFRQFHELU
ODV IDPLOLDV TXH FRKDELWDQ EDMR XQD PLVPD VRFLHGDG (VWXGLRV FHQWUDGRV HQ HVWD
WHP£WLFD KDQ UHYHODGR TXH VH SXHGH OOHJDU D LGHQWLILFDU KDVWD VHVHQWD WLSRORJ¯DV GH
HVWUXFWXUDV IDPLOLDUHV 0XVLWX \ $OODWW )ODTXHU *UDFLD \ 0XVLWX 0XVLWX\&DYD7HUUDGHOODVTXHGDQGRUHDJUXSDGDVFRPR
/D IDPLOLD H[WHQVD &RPSXHVWD SRU ORV PLHPEURV GH XQD PLVPD JHQHUDFLµQ \ VXV
FµQ\XJHV H KLMRV TXH D OD YH] FRQYLYHQ FRQ GLVWLQWDV JHQHUDFLRQHV DEXHORV W¯RV
SULPRVHWF
/DIDPLOLDWURQFDO $TXHOOD IRUPDGDSRU SDGUHV H KLMRV GRQGHXQRGH HOORV VHFDVD\
FRQWLQXD YLYLHQGR FRQ VXV SURJHQLWRUHV 6H WUDWD GH XQD WLSRORJ¯D FDVL LQH[LVWHQWH HQ
QXHVWUDVRFLHGDGVLHQGRVXEVWLWXLGDSRUODIDPLOLDQXFOHDU
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
/DV IDPLOLDV QXFOHDUHV WUDGLFLRQDOHV (VWH WLSR GH IDPLOLDV HVW£ FRPSXHVWR SRU
KRPEUH PXMHU H KLMRV 6H FRQVLGHUD HO WLSR GH IDPLOLD P£V IUHFXHQWH HQ (XURSD D
SHVDUGHVHUSHUFLELGDFRPRHO¼QLFRWLSR$XQTXHHVW£LGHDGHVHUODW¯SLFDROD¼QLFD
FDGD G¯D YD SHUGLHQGR P£V IXQGDPHQWRV GHMDQGR HVSDFLRV D ODV RWUDV
FRQILJXUDFLRQHV
/D FRKDELWDFLµQ 6H WUDWD GH OD FRQYLYHQFLD GH XQD SDUHMD HQWHQGLGD HQ HVWH FDVR
FRPR KRPEUH \ PXMHU XQLGRV SRU OD]RV DIHFWLYRV SHUR VLQ HO Y¯QFXOR OHJDO GHO
PDWULPRQLR 6RQ ODV GHQRPLQDGDV ಯSDUHMDV GH KHFKRರ TXH WDPEL«Q FRQVWLWX\HQ VX
SURSLDIDPLOLDHQODTXHSXHGHQWHQHURQRKLMRV$YHFHVHVWDFRQYLYHQFLDVHSODQWHD
FRPRXQDHWDSDGHWUDQVLFLµQSUHYLDDOPDWULPRQLR
/RVKRJDUHVXQLSHUVRQDOHV6HWUDWDGHKRJDUHVIRUPDGRVSRUXQDVRODSHUVRQD(VW£Q
FUHFLHQGR FDGD YH] P£V HQ QXHVWUD VRFLHGDG 9LYLU VROR D GLIHUHQWHV HGDGHV VH
FRUUHVSRQGHFRQSRVLFLRQHVIDPLOLDUHVGLIHUHQWHVORVMµYHQHVSRUVHUVROWHURVHLQFOXVR
SRU TXHUHU LQGHSHQGL]DUVH GH VXV SURSLRV SDGUHV ORV DGXOWRV SRU HVWDU
VHSDUDGRVGLYRUFLDGRV \ ORV DQFLDQRV SRU VHU YLXGRV R QR WHQHU XQD IDPLOLD GRQGH
VHDQDFRJLGRV
/DV IDPLOLDV PRQRSDUHQWDOHV 6XHOHQ GHILQLUVH FRPR DTX«OODV FRQVWLWXLGDV SRU XQ
SDGUHRXQDPDGUHTXHQRYLYHHQSDUHMDPDGUHRSDGUHVROWHURYLXGRRVHSDUDGR
3XHGHYLYLURQRFRQRWUDVSHUVRQDVKHUPDQRVSDGUHVDEXHORVDPLJRVಹ\YLYHDO
PHQRVFRQXQKLMRPHQRUGHGLHFLRFKRD³RV
/DV IDPLOLDV UHFRQVWLWXLGDV /DV IDPLOLDV UHFRQVWLWXLGDV FRUUHVSRQGH DO WHUFHU WLSR GH
IDPLOLDVP£VIUHFXHQWHVHQORVSD¯VHVGHOD8QLµQ(XURSHD6HUHILHUHDODIDPLOLDTXH
URWD GHVSX«V GH XQ GLYRUFLR R GHVHVWUXFWXUDGDVHUHKDFH FRQ HO SDGUHRPDGUHTXH
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
WLHQHDVXFDUJRORVKLMRV\VXQXHYDSDUHMD6RQIDPLOLDVHQODVTXHHOPDWULPRQLRVH
SXHGHOOHJDUDGDURSRUORFRQWUDULRSXHGHQYLYLUFRPRSDUHMDVGHKHFKR
/DV IDPLOLDV KRPRVH[XDOHV )DPLOLDV IRUPDGDV SRU GRV PXMHUHV R GRV KRPEUHV TXH
YLYHQHQSDUHMDFDVDGDVRQRFRQRVLQKLMRV
/DVIDPLOLDVGHFDUUHUDGXDO 6RQDTXHOODVTXHEDVDQVXVPRWLYDFLRQHVHQXQDPH]FOD
GH LGHDOLVPR \ HQ HO GHVHR GH DXWRUUHDOL]DFLµQ (VWR VLJQLILFD TXH HQ XQ PRPHQWR
GDGR XQRGH ORVPLHPEURV SXHGHGHMDU VXWUDEDMRSRUTXH HO VHJXQGR LQJUHVR QR HV
HVHQFLDO\QHFHVDULRSDUDHOVRVWHQLPLHQWRIDPLOLDU
/DIDPLOLD/$7/LYLQJ$SDUWWRJHWKHU6HWUDWDGHXQDSDUHMDFRQLQWHUHVHVFRPXQHV
TXH DFXHUGDQ FµPR \ FXDQGR FRPSDUWHQ HO WLHPSR FRQ OLEHUWDG \ DXWRQRP¯D <
FRQYLYHQMXQWRVHQHOPLVPRKRJDU
-XVW:RPHQ8QKRJDUGRQGHVµORFRQYLYHQPXMHUHVFRQ\VLQFULDWXUDVHVWDEOHFLHQGR
FLHUWDV QRUPDV GH FRQYLYHQFLD FRPSDUWLHQGR XQ WLHPSR SDUD FRQYHUVDU HYLWDQGR
GLVFXVLRQHVGHRUGHQ\OLPSLH]DRUJDQL]£QGRVHSDUDWHQHUP£VWLHPSROLEUHEDMRXQD
UHGVROLGDULD6LH[LVWHQPHQRUHVKD\XQDGLYHUVLGDGGHUHIHUHQWHV\HVSDFLRV
/DGLYHUVLGDGIDPLOLDUTXHVHDSUHFLDHQODVHVFXHODVTXHKDQVLGRHVWXGLDGDVHQPL
LQYHVWLJDFLµQ 1R VµOR VH REVHUYDQ GLIHUHQWHV WLSRORJ¯DV HQ FXDQWR D OD HVWUXFWXUD \
FRPSRVLFLµQLQWHUQDGHODIDPLOLDVLQRWDPEL«QHQFXDQWRDVXHVWDWXVVRFLDOFXOWXUDO\
HFRQµPLFR GH ODV IDPLOLDV 7DO \ FRPR SUHVHQWDQ ORV PLHPEURV GH ODV IDPLOLDV ORV
GRFHQWHV\HOSHUVRQDOQRGRFHQWHFRODERUDGRUHVGHHVWDLQYHVWLJDFLµQ
ಯ+D\ XQ SRFR GH WRGR (Q FXDQWR D OR TXH HV OD HVWUXFWXUDIDPLOLDU KD\
IDPLOLDV TXH YLYHQ \ TXH HVW£Q VHSDUDGRV ORV SDGUHV ಹ WHQHPRV QL³RV
TXHYLYHQXQDVHPDQDFRQVXSDGUH\ODQXHYDIDPLOLDFUHDGDSRU«VWH\
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
RWUD VHPDQD FRQ VX PDGUH \ OD QXHYD IDPLOLD FUHDGD SRU «VWD /XHJR
WHQHPRV ODV IDPLOLDV ಯQRUPDOHVರ TXH VRQ OD GH WRGD OD YLGD (VW£Q ODV
IDPLOLDVGHPDGUHVROWHUDTXHPXFKDVYHFHVYLYHQFRQORVQRYLRVGHOD
PDGUHಹ7DPEL«QWHQHPRVXQDDOXPQDHUDKLMDDGRSWDGDSRUPDGUH
VROWHUD QR TXH IXHUD KLMD GH PDGUH VROWHUD VLQR DGRSWDGD SRU PDGUH
VROWHUD
(QFXDQWRDFRQGLFLµQHFRQµPLFDKD\QL³RVGHWRGDFRQGLFLµQ(VGHFLU
KD\ QL³RV TXH VX QLYHO HFRQµPLFR HV EDVWDQWH EDMR \ OXHJR KD\ QL³RV
TXHWLHQHQXQQLYHOHFRQµPLFREDVWDQWHDOWR
7DPEL«Q WHQHPRV IDPLOLDV LQPLJUDQWHV WHQHPRV LQPLJUDQWHV £UDEHV \
WHQHPRVLQPLJUDQWHVVXUDPHULFDQRVರ'&(,3$SSದ
ಯ<RFUHRTXHYDULDGRFRPRWLSRVGHIDPLOLDKD\HQODFLXGDGಹ<RFUHR
TXH OD PD\RU¯D HV XQ WLSR GH IDPLOLD GH SDGUH PDGUH H KLMRV TXH YLYHQ
WRGRVMXQWRVಹ&UHRTXHKD\WRGRWLSRGHIDPLOLD<RHVWR\VHSDUDGD
YLYR FRQ $OED <R FUHR TXH QR KD\ XQ WLSR GH IDPLOLD HVSHF¯ILFRರ )
&(,3&S
ಯ(QODHVFXHODKD\XQSRFRGHWRGRVHSDUDGDVPRQRSDUHQWDOHVIDPLOLDV
GRQGH XQR GH ORV SDGUHV YLYHQ FRQ OD QXHYD SDUHMD \ FRQ ORV KLMRV GH
«VWDIDPLOLDVGHPDGUHVVRODVರ1'&(,3%S
&RPRVHSXHGHREVHUYDU\VHKDYHQLGRDUJXPHQWDQGRDORODUJRGHHVWHFDS¯WXORODV
GLIHUHQFLDV GHPRJU£ILFDV HFRQµPLFDV \ ODV FRQGLFLRQHV GHO KRJDU VRQ YDULDEOHV TXH
KDQLQIOXHQFLDGRHQHOGHVDUUROOR\IRUPDFLµQGHODIDPLOLD
/DSHUFHSFLµQ\ODDFHSWDFLµQGHODVQXHYDVHVWUXFWXUDVIDPLOLDUHVHQQXHVWURSD¯VVH
KDQFRQILJXUDGRVHJ¼Q&DEUHUD)XQHV\%UXOOHWPHGLDQWHFXDWURY¯DV
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
(OPHMRUFRQRFLPLHQWRTXHWHQHPRVGHODGLYHUVLGDGGHODH[SHULHQFLDIDPLOLDU
HQORVGLVWLQWRVSD¯VHVHXURSHRV
/RVFDPELRVHQUHODFLµQDODDOLDQ]D\ODILOLDFLµQTXHFRPSDUWLPRVFRQHOUHVWR
GHORVSD¯VHVRFFLGHQWDOHV
/DVGLVWLQWDVIRUPDVGHRUJDQL]DFLµQGHODVIDPLOLDVTXHSURFHGHQGHFXOWXUDV
GHWUDGLFLµQGLVWLQWDDODMXGHRFULVWLDQD
/DV IDPLOLDV IRUPDGDV SRU SDUHMDV PL[WDV HQ HO VHQWLGR GH TXH FDGD FµQ\XJH
SURFHGHGHXQDVRFLHGDG\XQDFXOWXUDGLVWLQWD
'H HVWD PDQHUD VH DSUHFLD FµPR ODV HVWUXFWXUDV IDPLOLDUHV QR VRQ HVW£WLFDV QL VH
PDQWLHQHQ HQ HO WUDQVFXUVR GHO WLHPSR VLQR P£V ELHQ VH FDUDFWHUL]DQ SRU VHU
GLQ£PLFDV YDULDQGR HQ VX FRPSRVLFLµQ LQFRUSRUDFLµQ GH XQ QXHYR PLHPEUR
QDFLPLHQWRV SDUHMDV UXSWXUDV DGRSFLRQHV GHIXQFLRQHVಹ \ HQ VX HYROXFLµQ \
WUDQVIRUPDFLµQGHFDGDPLHPEURFRPSURPLVRVFRODERUDFLRQHVUHVSRQVDELOLGDGHVಹ
(VWHLQRX7HUUDGHOODV
$02'2'(&21&/86,•1
8QDGHODVHYLGHQFLDVTXHUHFRJHHVWHFDS¯WXORHVTXHODIDPLOLDVLJXHVLHQGRHOSULPHU
PDUFR VRFLDO GH GHVDUUROOR FULDQ]D \ VRFLDOL]DFLµQ GH OD SHUVRQD FRQWULEX\HQGR D OD
FRQVWUXFFLµQGHVXSULPHUDLGHQWLGDGLQGLYLGXDO\VRFLDO$GHP£VORVFDPELRVOHJDOHV
SRO¯WLFRV VRFLDOHV FXOWXUDOHV HFRQµPLFRV \ HGXFDWLYRV YLYLGRV HQ ORV ¼OWLPRV D³RV
KDQLGRWUDQVIRUPDQGRODVUHODFLRQHVIDPLOLDUHV\SHUVRQDOHVVXVIRUPDVHVWUXFWXUDV
IXQFLRQHV HVWUXFWXUDV \ UROHV /OHY£QGRQRV D QR SRGHU KDEODU GH XQ ¼QLFR PRGHOR
IDPLOLDUVLQRDGDUFDELGDDXQDGLYHUVLGDGGHHVWUXFWXUDVIDPLOLDUHVH[WHQVDQXFOHDU
&DS¯WXOR
)DPLOLDV&DPELRV\'LYHUVLGDG
PRQRSDUHQWDO UHFRQVWLWXLGDVಹ SURSLFLDGDV SRU XQD VHULH GH WHQGHQFLDV
VRFLRHFRQµPLFDV EDMD WDVD GH IHFXQGLGDG LQFUHPHQWR GH VHSDUDFLRQHV GLYRUFLRV
DGRSFLRQHV DXPHQWR GH OD HGDG GH PDWHUQLGDG GHO PDWULPRQLR DXPHQWR GH OD
HVSHUDQ]DGHYLGD\HOGHVFHQVRGHODWDVDGHQDWDOLGDG
7HQLHQGR HQ FXHQWD HVWDV WUDQVIRUPDFLRQHV \ GLQ£PLFDV IDPLOLDUHV 7HUUDGHOODV
VH³DODTXH
ಯ(OFRQFHSWRDFWXDOGHIDPLOLDGHIDPLOLDVVHWLHQHTXHFDUDFWHUL]DUSRUOD
YROXQWDG\HOFRPSURPLVRGHVXVPLHPEURVGHYLYLUMXQWRVGHKDFHUORFRQ
XQ SUR\HFWR GH YLGD TXH TXLHUH VHU SHUGXUDEOH HQ HO WLHPSR SRU ORV
Y¯QFXORV DIHFWLYRV TXH XQHQ D ORV GLIHUHQWHV PLHPEURV \ SRU HO
HVWDEOHFLPLHQWRGHXQDVUHODFLRQHVGHUHFLSURFLGDG\GHSHQGHQFLDHQWUH
WRGDVODVSHUVRQDVTXHODLQWHJUDQರ
+DVWDDTX¯HOUHFRUULGRSRUODVGLIHUHQWHVPRGDOLGDGHVGHIDPLOLDVTXHFRH[LVWHQHQOD
DFWXDOLGDG8QDGLYHUVLGDGTXHWLHQHLPSOLFDFLRQHVHQVXUHODFLµQFRQODHVFXHOD
&$378/2
/$(6&8(/$81/8*$5'($35(1',=$-(<5(/$&,•1
ಯ/DVHVFXHODVGHEHQVHUOXJDUHVGRQGHORVHVWXGLDQWHVVHDQDSUHQGLFHVGHXQD
IRUPDGHYLYLUದGHSHQVDUGHVHQWLU\GHDFWXDUದDOJRಹTXHKDEU£VLGR\D
SUDFWLFDGRSRUORVDGXOWRVGHODFRPXQLGDGHVFRODU
8QD YH] TXH HVWR VH DFHSWD VH VLJXH TXH TXLHQHV VRQ UHVSRQVDEOHV GH OD
HGXFDFLµQ KDQ GH VHU HGXFDGRV GH DFXHUGR FRQ ORV PLVPRV SULQFLSLRV
'LI¯FLOPHQWH SRGHPRV HVSHUDU TXH ORV PDHVWURV GHVDUUROOHQ HVDV DFWLWXGHV HQ
VXVFODVHVSDUDTXHORVDOXPQRVODVDGTXLHUDQWDPEL«QVLORVPDHVWURVQRKDQ
VLGR IRUPDGRV HQ XQDV H[SHULHQFLDV VLPLODUHVರ :HOOV HQ /DFDVD
/DHVFXHODFRPRLQVWLWXFLµQHGXFDWLYD\VRFLDOL]DGRUDQRVHKDTXHGDGRDOPDUJHQGH
ORV FDPELRV TXH VH HVW£Q YLYLHQGR HQ ORV¼OWLPRV WLHPSRV HQ QXHVWUDVRFLHGDG 3DUD
RWRUJDU XQ VHQWLGR DO SUHVHQWH FDS¯WXOR PH YHR HQ OD QHFHVLGDG GH SUHVHQWDU XQD
EUHYHDSUR[LPDFLµQDODQRFLµQGHHVFXHODDORVFDPELRVTXHKDH[SHULPHQWDGR\D
VXV IXQFLRQHV UHFXSHUDQGR DXWRUHV H LQYHVWLJDFLRQHV TXH KDQ WUDEDMDGR HQ HVWD
WHP£WLFDDODYH]TXHLQFRUSRURODVYRFHVGHDOJXQRVVXMHWRVTXHKDQSDUWLFLSDGRHQ
ORV HVWXGLRV GH FDVR GH HVWD LQYHVWLJDFLµQ (O FDS¯WXOR QR WUDWD GH UHDOL]DU XQ
H[KDXVWLYR DQ£OLVLV UHVSHFWR D OD HVFXHOD \D TXH QR HV HO REMHWR GH HVWXGLR GH HVWD
LQYHVWLJDFLµQVLQRTXHDSDUWLUGHXQDDSUR[LPDFLµQDODQRFLµQGHHVFXHODVHDERUGD
HO WHPD GH OOHJDGDUHODFLµQ \ SDUWLFLSDFLµQ GH ODV IDPLOLDV HQ ORV FHQWURV HGXFDWLYRV
FRPRHMHGHXQLµQDOFDS¯WXOR
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
(6&8(/$81$$352;,0$&,•10ƒ6&203/(-$
/D HVFXHOD DO LJXDO TXH OD IDPLOLD WDPEL«Q VH HQFXHQWUD HQ XQ SURIXQGRSURFHVRGH
WUDQVIRUPDFLµQ ORV YLHMRV SDWURQHV HGXFDWLYRV FRQVLGHUDGRV FRPR ¼QLFRV \
XQLYHUVDOHVQRVRQVXILFLHQWHVSDUDHGXFDUDODSREODFLµQDFWXDO6HREVHUYDTXHVH
FRPLHQ]DDWDPEDOHDUHOSLODUHQHOTXHVHDVHQWDEDODDXWRULGDGGHORVGRFHQWHVTXH
HVW£Q FDPELDQGR ORV FULWHULRV HVWDEOHFLGRV HQ ORV FHQWURV HGXFDWLYRV \ TXH HO
SURIHVRUDGRQRVHVLHQWHSUHSDUDGRSDUDDVXPLUODWRWDOLGDGGHVXVUHVSRQVDELOLGDGHV
'RFHQWHV \ HVFXHOD WLHQHQ HO UHWR GH UHVSRQGHU D ODV QHFHVLGDGHV TXH SUHVHQWD OD
VRFLHGDG\DODGLYHUVLGDGIDPLOLDU0DUW¯QH]FRQODTXHVHHQFXHQWUDQDODYH]
TXHSUHSDUDQDORVQL³RV\ORVMµYHQHVSDUDWRPDUGHFLVLRQHV\VDEHUHQIUHQWDUVHDODV
VLWXDFLRQHV TXH OHV LU£Q VXUJLHQGR D OR ODUJR GH VXV YLGDV &RPHOODV (O
SHQVDPLHQWR SHGDJµJLFR KD YLVWR D OD HVFXHOD FRPR XQ OXJDU GH HQVH³DQ]D \
DSUHQGL]DMH (Q WRUQR DO D³R ODV LGHDV UHYROXFLRQDULDV GHO 0D\R )UDQF«V VH
FHQWUDEDQHQOLEHUDUHOGHVHRGHDSUHQGHU(QODDFWXDOLGDGQRVµORODHVFXHODYLHQH
PDUFDGDSRUHVHGHVHRGHDSUHQGHUVLQRWDPEL«QSRUHOGHVHRGHHQVH³DU
ಯ3RGHPRV GHFLU ದ FRQ XQD IµUPXODVLPSOLVWD SHURHVSHUR TXH QRIDOVD TXHHQHOHQODHVFXHODVHOXFKµSDUDVDOYDUPDQWHQHUYLYR\OLEHUDUHO
GHVHRGHDSUHQGHUPLHQWUDVTXHKR\OXFKDPRVSDUDGHYROYHUOHODYLGDDO
DQWLJXRGHVHRGHHQVH³DUರ0XUDUR
/RVFDPELRVUHODFLRQDOHVSRO¯WLFRVFXOWXUDOHV\HFRQµPLFRVHQORVGLIHUHQWHVVLVWHPDV
VRFLDOHVH[SHULPHQWDGRVHQORV¼OWLPRVD³RVHQQXHVWUDVRFLHGDGHVW£QLQIOXHQFLDQGR
HQHOFRQMXQWRGHVXVLQVWLWXFLRQHVHQWUHHOODVODHVFXHODDIHFWDQGRDODHGXFDFLµQ\
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
DO PXQGR HVFRODU 7RGR HVWH SURFHVR GH DFHOHUDFLµQ \ WUDQVIRUPDFLµQ KD OOHYDGR D
UHIOH[LRQDU \ UHSHQVDU VREUH ODV ILQDOLGDGHV \ ODV IXQFLRQHV TXH WLHQH TXH DVXPLU OD
HVFXHOD DSRUWDQGR XQD VHULH GH FRQVHFXHQFLDV HQ QXHVWUR VLVWHPD HGXFDWLYR TXH
EDV£QGRPH HQ 'RPªQHFK \ $U¢QHJD UHSUHVHQWR FRPR VLJXH HQ OD VLJXLHQWH
WDEOD
&$0%,2662&,('$'
'
&216(&8(1&,$6(6&8(/$
'HOHJDFLµQHQODHVFXHODGHFLHUWDVIXQFLRQHVGHODIDPLOLD
,QFRUSRUDFLµQGHODPXMHUDOPXQGR
&DPELRHQODVIXQFLRQHVGHOSURIHVRUDGR
9DORUHVIDPLOLDUHVFDPELDQWHVTXHLQIOX\HQHQHOFRPSRUWDPLHQWR
ODERUDO FDPELRV HQ ORV PRGHORV
IDPLOLDUHV\HQODHVWUXFWXUDIDPLOLDU
GHOQL³RHQHODXOD
1XHYRVOHQJXDMHVÆ$OIDEHWL]DFLµQ
)RUPDFLµQGHOSURIHVRUDGR
1XHYDV PHWRGRORJ¯DV \ FDPELRV HQ HO SURFHVR GH HQVH³DQ]D \
DSUHQGL]DMH
*HQHUDOL]DFLµQ GH ODV 7HFQRORJ¯DV
GHOD,QIRUPDFLµQ\&RPXQLFDFLµQ
)OH[LELOLGDGGHORVLWLQHUDULRVHGXFDWLYRVGHODOXPQDGR
0RWLYDFLµQGHODOXPQDGRSRUDSUHQGHU
&RQFHSFLµQGHOHQWRUQRFRPRUHFXUVRHGXFDWLYR
0HFDQLVPRFRPXQLFDFLµQ\FRRSHUDFLµQSURIHVRUDGRHVFXHODV\
DOXPQDGR
,QFRUSRUDFLµQ GH QXHYRV HOHPHQWRV HQ OD FXOWXUD DFDG«PLFD GH
ODVHVFXHODV
3UHVHQFLD GH ORV PHGLRV GH
3«UGLGD GHO SHVR HVSHF¯ILFR GH DSUHQGL]DMHV HVFRODUHV R
DFDG«PLFRV
FRPXQLFDFLµQ FRPR GLIXVRUHV GHO
FRQRFLPLHQWR\GHPRGHORVGHYLGD
$SDULFLµQ GH QXHYRV OHQJXDMHV D WUDY«V GH ORV YLGHRMXHJRV OD
/RVDXWRUHVVHHVW£QUHILULHQGRDTXHDWUDY«VGHORVPHGLRVGHFRPXQLFDFLµQORVQL³RV\ORVMµYHQHV
UHFLEHQ XQD JUDQ FDQWLGDG GH LQIRUPDFLµQ HQ IRUPD GH KHFKRV SURFHGLPLHQWRV \ YDORUHV GH PDQHUD
SDVLYD\VLQXQDSURJUDPDFLµQQLSODQLILFDFLµQLQIOX\HQGRHQVXKDFHUFRWLGLDQRVLQSUHYLDUHIOH[LµQ
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
WHOHYLVLµQGHVGHHOPXQGRDXGLRYLVXDO
,QFRUSRUDFLµQGHQXHYDVFXOWXUDV
1XHYRV WUDEDMRV FRPSDUWLGRV FRQ RWURV SD¯VHV D WUDY«V GH ODV
QXHYDVWHFQRORJ¯DV
,QWHUQDOL]DFLµQ GH ORV SURFHVRV
FXOWXUDOHV\VRFLDOHV
5HSODQWHDPLHQWRGHOFXUU¯FXOXP
1XHYDV SURJUDPDFLRQHV HQWRUQR D HMHV WUDQVYHUVDOHV FRPR OD
VROLGDULGDGODWROHUDQFLDÆ(VFXHODGHPRFU£WLFDSOXUDOLQFOXVLYD
(ODOXPQDGRSUHVHQWDXQGRPLQLRGHODWHFQRORJ¯DDFFHVRGLUHFWR
DORVPHGLRVDXGLRYLVXDOHVYLYHQHQIDPLOLDVPX\GLIHUHQFLDGDV
GLVIUXWDQ GH XQ QLYHO GH YLGD GLIHUHQWH D ORV TXH WXYLHURQ VXV
IDPLOLDVÆ&LXGDQ¯DFU¯WLFD\FRQVXPLGRUDUHVSRQVDEOH
&DPELRV HQ OD FXOWXUD \ HQ ORV
1XHYRV YDORUHV TXH WLHQGHQ D KRPRJHQHL]DU FRQGXFWDV Æ
PRGHORV GH FRPSRUWDPLHQWR GH OD
1XHYDV IRUPDV \ HVWLORV GH YLGD WUDQVPLWLGRV SRU ORV PHGLRV
LQIDQFLD\ODMXYHQWXG
DXGLRYLVXDOHV
'HVYDORUL]DFLµQGHOUROVRFLDOGHODHVFXHOD
1XHYRV OHQJXDMHV \ SREUH UHVSXHVWD SRU SDUWH GH OD HVFXHOD Æ
0XOWLDOIDEHPLVPR\PXOWLPRGDO
8QLYHUVDOL]DFLµQ GH OD HGXFDFLµQ \
ODV
QXHYDV
QHFHVLGDGHV
GH
1HFHVLGDG GH XQD IRUPDFLµQ SHUPDQHQWH HQ GLIHUHQWHV £PELWRV
FRQRFLPLHQWRV GLG£FWLFDV UHIOH[LRQHV GH OD SU£FWLFD GLDULD
IRUPDFLµQ GH XQD VRFLHGDG HQ
PDWHULDOHVUHFXUVRV
FRQWLQXR\DFHOHUDGRFDPELR
0XOWLSOLFDFLµQ \ GLVSHUVLµQ GH
HQWLGDGHVHLQVWLWXFLRQHVTXHWLHQHQ
1HFHVLGDG GH FUHDU XQ WLHPSR GH FRRUGLQDFLµQ FRQ RWUDV
LQVWLWXFLRQHVHGXFDFLµQQRIRUPDO
XQDIXQFLµQHGXFDWLYD
&RODERUDFLµQ HQDFWLYLGDGHVFRQMXQWDV Æ &RUHVSRQVDELOLGDG HQ
ODHGXFDFLµQ
7DEOD /RV FDPELRV HQ OD VRFLHGDG \ VXV FRQVHFXHQFLDV HQ OD HVFXHOD 'RPªQHFK \ $U¢QHJD 5HFRQVWUXFFLµQSURSLD
6LWXDQGRHVWDVFDUDFWHU¯VWLFDVHQHOQXHYRFRQWH[WRVRFLDO\HVFRODUVHFRQVLGHUDTXH
HOGHVDI¯RGHODHVFXHODHV DWHQGHUDODGLYHUVLGDGTXHWLHQHDQWHV¯SDUWLHQGRGHOD
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
KHWHURJHQHLGDG \ QR GH OD KRPRJHQHLGDG FRPR VH YHQ¯D KDFLHQGR KDVWD KDFH XQRV
D³RV3DUWLHQGRGHHVHQXHYRFRQWH[WRVHKDSODQWHDGRODQHFHVLGDGGHUHSHQVDUODV
UHSUHVHQWDFLRQHVTXHHOSHUVRQDOGRFHQWHVHKDFHDFHUFDGHODVIDPLOLDV4XL]£VGH
HVWD PDQHUD \ D SDUWLU GH HVDV QXHYDV UHSUHVHQWDFLRQHV SXHGH TXH ODV UHODFLRQHV
HQWUHIDPLOLDV\HVFXHODVPHMRUHQEXVFDQGRREMHWLYRV\SXQWRVHQFRP¼QTXHRULHQWHQ
\JX¯HQVXVSU£FWLFDVHGXFDWLYDVFRQHOILQGHEHQHILFLDUHOGHVDUUROORGHOSURSLRQL³R
/DHVFXHODVHKDYHQLGRFRQVLGHUDQGRFRPRXQDLQVWLWXFLµQTXHSRWHQFLD\GHVDUUROOD
ODVFDSDFLGDGHV\KDELOLGDGHVGHQL³RV\DGROHVFHQWHDILUPDQGR*DUGQHU
TXH
ಯ/DV HVFXHODV VRQ LQVWLWXFLRQHV TXH SRQHQ XQRMXQWR D RWUR D LQGLYLGXRV
TXHQRVHFRQRFHQHQWUHV¯SDUDWUDEDMDUHQODERUHVTXHSDUHFHQP£VR
PHQRV DOHMDGDV HQ UHODFLµQ FRQ HO IXQFLRQDPLHQWR GHO UHVWR GH OD
VRFLHGDG ಹ /RV PDHVWURVWLHQHQ TXH WUDEDMDU WDPEL«Q FRQ SUREOHPDV
GH WLSR FRJQLWLYR TXH DFRVDQ D VXV DOXPQRV SUREOHPDV TXH
DSDUHQWHPHQWH QR HVW£V UHODFLRQDGRV FRQ OD PLVLµQ S¼EOLFD GH ODV
HVFXHODV SHUR VLQ HPEDUJR SXHGHQ SDUDOL]DU XQD FODVH WDQ HILFD]PHQWH
FRPRORKDU¯DXQDHSLGHPLDRXQLQFHQGLRರ
3RU FRQVLJXLHQWH ODV HVFXHODV QHFHVLWDQ UHGHILQLU VX QDUUDWLYD \ VX SUR\HFWR HQ XQ
PXQGRFDUDFWHUL]DGRWDO\FRPRDUJXPHQWD+DUJUHDYHVSRU
ಯ/D GHVDSDULFLµQ GH ODV FHUWLGXPEUHV LGHROµJLFDV GHO SDVDGR ORV
IXQGDPHQWRVPRUDOHVDSDUHQWHPHQWHILUPHVVREUHORVTXHVHDVHQWDEDOD
HGXFDFLµQ \ FRQIRUPH D ORV FXDOHV OD JHQWH FRQVWUX¯D VXV YLGDV \
PDQWHQ¯DVXVGHEHUHV\REOLJDFLRQHVರ
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
'H HVWD PDQHUD QR VH SXHGH VHJXLU DFWXDQGR FRPR VL ORV FDPELRV VRFLRFXOWXUDOHV
SRO¯WLFRV\HGXFDWLYRVQRH[LVWLHUDQ6HFRQVLGHUDQHFHVDULRDIURQWDUORVQXHYRVUHWRV
GLYHUVLGDG \ HVWUXFWXUD IDPLOLDU LQWHUFXOWXUDOLGDG QXHYDV WHFQRORJ¯DV IOXMRV
HFRQµPLFRV HO FRQWH[WR GHO PRPHQWR HWF GH OD VRFLHGDG GHO 6 ;;, SDUD UHGHILQLU
GLFKDQDUUDWLYD\HOSUR\HFWRVRFLRHGXFDWLYR%HQOORFK)HX6HOODUªV
$V¯SXHVODSURIHVLµQGRFHQWHSDUHFHWHQHUTXHDVXPLUXQFDU£FWHUUHODFLRQDOFXOWXUDO
FRQWH[WXDO \ FRPXQLWDULR HVWDEOHFLHQGR XQ Y¯QFXOR GH XQLµQ QR VµOR FRQ ORV SURSLRV
FRPSD³HURV TXH FRQIRUPDQ OD HVFXHOD VLQR WDPEL«Q FRQ WRGDV ODV SHUVRQDV
YLQFXODGDVDODFRPXQLGDGIDPLOLDV DOXPQDGRSHUVRQDO QR GRFHQWH \SRUTXHQR HO
EDUULR (O GRFHQWH VH HQIUHQWD D XQD SOXUDOLGDG GH WDUHDV D GHVDUUROODU QHFHVLWDQGR
SDUWLFLSDU GH IRUPD DFWLYD \ FU¯WLFD HQ VXFRQWH[WR\ WHQLHQGRHQ FXHQWD ODGLYHUVLGDG
H[LVWHQWHGHQWURGHVXDOXPQDGR&RPRFRQVHFXHQFLDGHORVFDPELRV\GHORVQXHYRV
UHWRVTXHVHOHSUHVHQWDQDODLQVWLWXFLµQHVFRODUHOSURIHVRUDGRKDLGRPRGLILFDQGR\
UHGHILQLHQGRVXVIXQFLRQHVHGXFDWLYDV\VRFLDOHV
ಯಹHOSULPHU\P£VLPSRUWDQWHPRYLPLHQWRGHWUDQVIRUPDFLµQGHOPXQGR
WDPEL«Q GHO PXQGR GH OD HVFXHOD HV OD WUDQVIRUPDFLµQ GH QXHVWUD
UHODFLµQFRQ«OPRGLILFDQGRPHQWDO\VLPEµOLFDGHOPRGRGHSHQVDUOR\
UHSUHVHQWDUORDSDUWLUGHQRVRWUDVPLVPDVTXHQRVFRQVLHQWHPLUDUKDFLD
«O\OHHUODUHDOLGDGHQSURIXQGLGDGGHDFWXDUHQXQKRUL]RQWHGHVHQWLGR
GLYHUVR P£V OLEUH \ P£V JUDQGH GHO TXH HVW£ GHOLQHDGR SRU OD SRO¯WLFD
HVFRODU RILFLDO SRU ORV FµGLJRV DGPLQLVWUDWLYRV ದ EXURFU£WLFRV SRU HO
VLVWHPDGHVDEHUHVHVSHFLDOL]DGRVVREUHODHGXFDFLµQರ$QQD0l3LXVVL
6LF
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
7DO\FRPRH[SUHVDHVWDDXWRUDHOSULPHUSDVRSDUDODWUDQVIRUPDFLµQGHOPXQGRGHOD
HVFXHODHVODWUDQVIRUPDFLµQGHQXHVWUDUHODFLµQFRQ«O(VWRVXSRQHQHFHVDULDPHQWH
YHU UHFRQRFHU \ QRPEUDU OR TXH FUHD VHQWLGR HGXFDWLYR UHDO OR TXH FUHD DXW«QWLFDV
UHVSXHVWDV HQ ODV SU£FWLFDV FRQFUHWDV /D WUDVIRUPDFLµQ GH QXHVWUD UHODFLµQ FRQ HO
PXQGR GH OD HVFXHOD SDVD WDPEL«Q SRU WDQWR FRQ URPSHU OD GHSHQGHQFLD PHQWDO \
VLPEµOLFDUHVSHFWRGHRUGHQDGPLQLVWUDWLYRRGHORVSURJUDPDVLQVWLWXFLRQDOHVFRPRVL
IXHUDQ ORV TXH GHWHUPLQDU¯DQ HO SURFHVR FRUUHFWR SRU HO TXH GHEH VHU SHQVDGD OD
DGHFXDFLµQGHODVSU£FWLFDVDODUHDOLGDGFRQFUHWD\DODVQHFHVLGDGHVHGXFDWLYDV
$V¯GHHVWDPDQHUD\FRPRDUJXPHQWD3«UH]GH/DUD
ಯ6HWUDWDGHXQDPLUDGDDODQHFHVDULDUHIRUPDGHODHVFXHODTXHSDUWDGH
ODH[SHULHQFLDFRWLGLDQDGHORVGHVHRVUHDOHVGHDTXHOORV\DTXHOODVTXH
YLYHQ HQ HO G¯D D G¯D GH OD HVFXHOD HVFDSDQGR D ODV LPSRVLFLRQHV
EXURFU£WLFDV \ QRUPDWLYL]DQWHV \ DFWLYDQGR HQ VX OXJDU ODV HQHUJ¯DV ORV
VHQWLPLHQWRV \ OD FDSDFLGDG GH MXLFLR GH TXLHQHV YLYHQ OD UHODFLµQ
GRFHQWH6XSRQHSRUWDQWRSDUWLUGHODFDSDFLGDGFUHDWLYDGHPDHVWURV\
PDHVWUDV GH QL³RV \ QL³DV P£V TXH GH DTXHOOR TXH QRV YLHQH GDGR
GHVGHIXHUDSUHFRQVWLWXLGR\VDQFLRQDGRFRPRXQLYHUVDO
'HVGH HVWD SHUVSHFWLYD OR TXH VH VLW¼D HQ HO FHQWUR GH ORV SURFHVRV
HGXFDWLYRVHVODUHODFLµQODUHODFLµQHQWUHODVSHUVRQDVGHFDUQH\KXHVR
LPSOLFDGDVHQGLFKRVSURFHVRV\ODUHODFLµQGHFDGDXQDGHHOODVFRQHO
VDEHUTXHVHSUHWHQGHWUDQVPLWLUHQWUHJHQHUDFLRQHVರ
'HHVWHPRGRHGXFDUHQODHVFXHODHVSRGHUFUHDUHVSDFLRVGHUHODFLµQHQWUHGRFHQWH
\GLVFHQWHHQWUHSURIHVRUDGR\IDPLOLDVGRQGHVHHVWLPXOHHOGHVDUUROORLQWHJUDOGHOD
(Q&RQWUHUDV-(QSULPHUDSHUVRQDOLEHUDUHOGHVHRGHHGXFDUSSದ
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
SHUVRQDSRWHQFLHVXVFDSDFLGDGHV\KDELOLGDGHVXQOXJDUGRQGHD\XGHDGHVFXEULUDO
RWUR\DVDEHUYLYLUHQFRPXQLGDG
81$$352;,0$&,•1$/&21&(372'((6&8(/$
&RPR\DVHKDPDQLIHVWDGRDORODUJRGHHVWDVO¯QHDVODHVFXHODFRQVWLWX\HXQDGHODV
LQVWLWXFLRQHVP£VLPSRUWDQWHGHQXHVWUDVRFLHGDGDSRUWDQGR\IDFLOLWDQGRDOQL³RXQRV
FRQRFLPLHQWRVYDORUHVKDELOLGDGHV\FRPSHWHQFLDVFRQHOILQGHFRQRFHU\DGDSWDUVH
DO PXQGR HQ HO TXH YLYH FRPR FRPSDUWH XQ PLHPEUR GH XQD GH ODV IDPLOLDV
SDUWLFLSDQWHVHQHVWDLQYHVWLJDFLµQ
ಯ6HU¯D HO OXJDU GRQGH ORV QL³RV YLYHQ XQD HWDSD GH OD YLGD \ KDFHQ XQ
SURFHVR GH FUHFLPLHQWR PDGXUDWLYR D WRGRV ORV QLYHOHV R VHD I¯VLFR
DIHFWLYR HPRFLRQDO GH FRQRFLPLHQWR \ FRQ XQRV DGXOWRV TXH
DFRPSD³DQ HVRV SURFHVRV 3DUD P¯ OD HVFXHOD QR WLHQH TXH VHU XQD
UHSHWLFLµQ GH PRGHORV VLQR GH SRVLELOLGDG GH FUHDU 'H UHVSHWDU
SURFHVRVGHHVFXFKDUVREUHWRGRGHUHVSHWRರ)&(,3&S
/D HVFXHOD FRPR LQVWLWXFLµQ HGXFDWLYD QR VH SXHGH GHILQLU VLQ WHQHU HQ FXHQWD VX
FRQWH[WRVRFLRFXOWXUDO\DTXH«VWDUHIOHMDODVRFLHGDGGRQGHHVW£LQVHUWDGD\UHSHUFXWH
HQHOOD3RUFRQVLJXLHQWHODHVFXHODQRHVVµORHOOXJDUI¯VLFRGRQGHHOQL³RDSUHQGHQL
WDPSRFR XQD P£TXLQD GH HQVH³DU \ DSUHQGHU 0HLULHX VLQR XQ OXJDU GH
UHODFLRQHV\GHFRQWLQXDFLµQGHODFXOWXUDTXHIRUPDSDUWHFRPRXQPLHPEURGHXQD
IDPLOLD\XQGRFHQWHFRODERUDGRUHVGHHVWDLQYHVWLJDFLµQH[SXVLHURQ
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
ಯ,QGHSHQGLHQWHPHQWH GHO HVSDFLR I¯VLFR HV HO £PELWR HQ HO ORV QL³RV \
QL³DVGHVGHODHWDSDLQIDQWLOHVWDEOHFHQXQDVHULHGHUHODFLRQHVGLVWLQWDV
D ODV TXH WLHQHQ HQ ODV IDPLOLDV UHSUHVHQWDQGR XQD FRQWLQXDFLµQ HQ OD
FXOWXUDGHODTXHIRUPDQSDUWH(VHOHVSDFLRFRPSOHPHQWDULRDODIDPLOLD
HQ OD VRFLDOL]DFLµQ HGXFDFLµQ \ FRQWLQXDFLµQ GH OD FXOWXUD FRQ WRGR OR
TXHLPSOLFDQRUPDVFRVWXPEUHVUHODFLRQHVHWF(VPXFKRP£VTXHHO
HVSDFLR RUJDQL]DWLYR GRQGH VH GDQ SURFHVRV GH HQVH³DQ]DDSUHQGL]DMH
HQWUHSURIHVRUDGR\DOXPQDGRರ)&(,3$SSELV\ELV
ಯ/DHVFXHODHVXQOXJDUGHUHODFLµQ3RGU¯DGHFLUTXHWDPEL«QHVXQOXJDU
GH DSUHQGL]DMH 0H SDUHFH TXH OR TXH OD PDQWLHQH FRPR HOHPHQWR
GLIHUHQFLDGRUHVTXHHVVRFLDOಹ/DHVFXHODVREUHWRGRKDGHHMHUFHU
DOWHULGDG FRQVLGHUDU OR SURSLR \ OR GH ORV RWURV (VWH GXDOLVPR TXH HV
GLI¯FLO GH OOHYDU HQ OD SU£FWLFD ಹ OD HVFXHOD OD IRUPDQ ORV QL³RV SHUR
WDPEL«Q ORV DGXOWRV TXH ORV DFRPSD³DQ TXLHUR GHFLU ORV PDHVWURV ORV
SDGUHV ODV PDGUHV ODV IDPLOLDV ಹ /D HVFXHOD SRU V¯ VROD QR SXHGH
H[LVWLUODHVFXHODQHFHVLWDLQWHUDFFLRQDUFRQHOH[WHULRUರ'&(,3&SS
ದ
$V¯ SXHV OD ಯLGHQWLGDGರ GH OD HVFXHOD YLHQH PDUFDGD FRPR GHF¯D 6DQWRV *XHUUD
SRUVXPDQHUDGHHQWHQGHUODUHDOLGDG(VGHFLUODHVFXHODHODERUDVXSURSLD
FXOWXUD WUDQVPLWLHQGR QRUPDV FUHHQFLDV YDORUHV FRQ HO SURSµVLWR GH UHJXODU HO
FRPSRUWDPLHQWR GH ODVSHUVRQDV TXH ODFRPSRQHQ 'H HVWDPDQHUDVH FRQYLHUWH HQ
ಯXQDFRPXQLGDGFU¯WLFDರWDO\FRPRGHILQHQ6DUUDGR\)HUQ£QGH]ದ'¯D]
,GHD DFX³DGD SRU 6DQWRV *XHUUD &RPXQLGDG FU¯WLFD HQWHQGLGD FRPR XQD FRPXQLGDG GH
FRQVWUXFFLµQGHDSUHQGL]DMHGHFRPSDUWLUHQWUHWRGDVODVSHUVRQDVTXHODIRUPDQ
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
ಯ/DHVFXHODVHFRQYLHUWHHQXQDRUJDQL]DFLµQHGXFDWLYDTXHGLVSRQJDGH
SHUVRQDOLGDGSURSLDGHUDVJRVGLIHUHQFLDOHV\GLIHUHQFLDGRVGHXQHVWLOR
\XQWDODQWHGLVWLQWLYRVDV¯FRPRGHUHIHUHQWHVSVLFRSHGDJµJLFRVFODURV\
FRKHUHQWHV\GHXQDSHUVHYHUDQWHDFWLWXGGHDFWXDOL]DFLµQGHODWDUHDD
ILQGHSURSRQHUY¯DVGHDERUGDMHGHORVIHQµPHQRVHGXFDWLYRV\KXPDQRV
HQHQWRUQRVTXHPLWLJXHQODUHDFWLYLGDGHLQWHQVLILTXHQODSURDFWLYLGDG\OD
LQWHUGHSHQGHQFLDFUHDWLYDGHWRGRVORVDJHQWHVLPSOLFDGRVರ
3DUWLHQGR GH HVWD FRPXQLGDG FU¯WLFD OD HVFXHOD FRPR LQVWLWXFLµQ HGXFDWLYD \
VRFLDOL]DGRUD QR VH SXHGH FRQFHELU ¼QLFDPHQWH FRPR XQ OXJDU GRQGH ORV DOXPQRV
DSUHQGHQFRQRFLPLHQWRVKDELOLGDGHV\YDORUHVVLQRFRPRXQHVSDFLRGHFUHFLPLHQWR
SHUVRQDO GH FRQYLYHQFLD FX\D ILQDOLGDG VHD SRGHU DWHQGHU D ODV GLIHUHQWHV
QHFHVLGDGHVGHVXDOXPQDGR&DEDOOHUR
6L VH FRQFLEH HO FHQWUR HGXFDWLYR FµPR XQ PHGLR GH DSUHQGL]DMH GH FRQRFLPLHQWRV
FRPR PDQLILHVWD XQ PLHPEUR GHO FROHFWLYR GHO SHUVRQDO QR GRFHQWH GH XQR GH ORV
FHQWURVHVWXGLDGRVHQHVWDLQYHVWLJDFLµQODHVFXHODHVYLVWDFRPRXQOXJDUHQHOTXH
VHHQVH³DQXQRVVDEHUHV
ಯ8Q PHGLR GH DSUHQGL]DMH GH ORV DOXPQRV QXQFD HGXFDFLµQ 2 VHD
QXQFDಹ HGXFDFLµQ V¯ SHUR QDGD P£V TXH D QLYHO GH OR TXH SXHGHV
DSUHQGHU SHUR HGXFDU OR TXH HV OD FDVD ಹ /RV QL³RV YLHQHQ D FRJHU
XQRVFRQRFLPLHQWRVODHGXFDFLµQODUHFLEHQHQODFDVD(QWRQFHVSDUDP¯
HVXQPHGLRGHFRJHUFRQRFLPLHQWRSDUDSRGHUOOHJDUDDOJRHQHOIXWXURರ
1'&(,3$S
6L VH FRQFLEH FRPR XQ HVSDFLR LQWHJUDO \ JOREDOL]DGRU GRQGH QR VµOR VH HQVH³DQ
FRQRFLPLHQWRV \ VDEHUHV VLQR KDELOLGDGHV FDSDFLGDGHV YDORUHV GHVWUH]DV \ GH XQ
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
FRPSDUWLUODHVFXHODSRGU¯DFRQVLGHUDUVHFRPRH[SUHVDXQPLHPEURGHXQDIDPLOLDGH
HVWDLQYHVWLJDFLµQFRPR
ಯ(V XQ OXJDU GRQGH ORV QL³RV \ QL³DV YDQ D DSUHQGHU D IRUPDUVH D
FUHFHUDYLYLUಹ(VXQFRQMXQWRGHFRVDV3RUTXHDSDUWHGHTXHYLHQHQ\
DSUHQGHQ FRQRFLPLHQWRV HQWUH FRPLOODV WDPEL«Q DSUHQGHQ D IRUPDUVH
FRPRXQDSHUVRQD(VXQOXJDUPX\LPSRUWDQWHHQGRQGHORVQL³RVSDVDQ
PXFKDVKRUDVರ)&(,3&S
6LVHSDUWHGHXQDSHUVSHFWLYDJOREDOL]DGRUDODHVFXHODGHO6;;,WHQGU¯DTXHVHUWDO
\FRPRPDQLILHVWDXQRGHORVGRFHQWHVSDUWLFLSDQWHVHQHVWDLQYHVWLJDFLµQ
ಯLQWHJUDGRUD HVFXHOD LQFOXVLYD HVFXHOD GHO 6 ;;, ಹ 5RPSHGRUD \
UHYROXFLRQDULDXQOXJDUGHWUDQVIRUPDFLRQHVಹ8QPRWRUGHFDPELRVLQ
WHQHUODUHVSRQVDELOLGDGGHPRWRUGHFDPELRರ'&(,3%SS
(VWR VLJQLILFDU¯D FRQVLGHUDUOD FRPR XQ HVSDFLR GRQGH VH UH¼QHQ GLYHUVDV SHUVRQDV
FRQ GLIHUHQWHV VDEHUHV H[SHULHQFLDV \ YLYHQFLDV TXH FRPSDUWHQ HQ XQRV WLHPSRV \
FRQWH[WRV GHWHUPLQDGRV XQ OXJDU TXH SRWHQFLD ODV FDSDFLGDGHV GH FDGD VXMHWR \ OH
D\XGDDGHVDUUROODUVHFRPRSHUVRQDHQWRGDVVXVIDFHWDV\HVWDEOHFLHQGRUHODFLRQHV
FRQORVRWURV
6(5'2&(17(81$352)(6,•1&203/(-$$0%,*8$
$O LJXDO TXH HQ HO FDS¯WXOR DQWHULRU FXDQGR VH KDEODED GH GLYHUVLGDG IDPLOLDU HQ HO
SUHVHQWH WDPEL«Q VH WLHQH TXH PHQFLRQDU OD SOXUDOLGDG GH OR TXH VH FRQFLEH FRPR
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
GRFHQWH/DVSHUVRQDVTXHWUDEDMDQHQHOFHQWURHGXFDWLYRVRQGLYHUVDVQRVHSXHGH
HQFRQWUDU XQ ¼QLFR PRGHOR GH PDHVWUR OR TXH VH SXHGH YLVOXPEUDU VRQ GLIHUHQWHV
HVSHFLDOL]DFLRQHVSRVLFLRQDPLHQWRVDFWLWXGHV\ODH[SHULHQFLDTXHWLHQHFDGDXQRGH
HOORV &DGD GRFHQWH WLHQH XQD PDQHUD GH KDFHU \ GH DFWXDU TXH GHSHQGHU£Q GH OD
FRQFHSFLµQ TXH WHQJD VREUH OD HQVH³DQ]D \ OD ILQDOLGDG GH OD PLVPD \ HO OXJDU TXH
RFXSDGHQWURGHODLQVWLWXFLµQ
3RU HOOR WDO \ FRPR GHVFULEHQ 'RPªQHFK \ $U¢QHJD QRV SRGHPRV HQFRQWUDU
FRQGLIHUHQWHVPDQHUDVGHDFWXDUGHOGRFHQWH
/RVTXHGDQP£VLPSRUWDQFLDDORVFRQRFLPLHQWRVGHWLSRIDFWXDO\GHFODUDWLYR\
VRQ WUDQVPLWLGRV GH PDQHUD LQIRUPDWLYD (V GHFLU ORV DOXPQRV VRQ PHURV
UHSHWLGRUHV GH ORV PLVPRV \ HQ RFDVLRQHV ORJUDQ GLVWLQWRV QLYHOHV GH
FRPSUHQVLµQ&RPRFRQWUDSRVLFLµQHVW£HOGRFHQWHTXHVHFHQWUDHQHOSURFHVR
GHDSUHQGL]DMH\HQIRPHQWDUODGRWDFLµQGHVHQWLGR\QRWDQWRHQHOFRQWHQLGR
$TXHOORV TXH GHFLGHQ ODV DFFLRQHV SHGDJµJLFDV GH VXV DOXPQRV SDUD TXH
«VWRV ODV HMHFXWHQ < ORV TXH ORV LPSOLFDQ HQ VX RUJDQL]DFLµQ SODQLILFDFLµQ \
GHVDUUROORGHODVDFWLYLGDGHV
/RV TXH SULRUL]DQ FRQFHSWRV \ PDWHULDOHV FHUUDGRV QR GDQGR OXJDU D OD
LQGDJDFLµQ\ODSDUWLFLSDFLµQ<ORVTXHFRQVLGHUDQTXHHODSUHQGL]DMHHVIUXWR
GH OD H[SHULPHQWDFLµQ GHO GHVFXEULPLHQWR GH OD UHVROXFLµQ GH SUREOHPDV GH
0H HVWR\ UHILULHQGR D VL HO GRFHQWH IRUPD SDUWH GH XQD SODQWLOOD ILMD OD HVWDELOLGDG \ OD SOD]D HQ XQD
HVFXHOD R SRU VL HO FRQWUDULR HV LQWHULQR \ YD SDVDQGR GH FHQWUR HQ FHQWUR D OR ODUJR GHO D³R GH ODV
FRQGLFLRQHV VRFLRODERUDOHV GH VX IRUPDFLµQ GH VX H[SHULHQFLD GH VX FDSDFLGDG SDUD DSUHQGHU OD
PRWLYDFLµQ\HQWXVLDVPR\VXVJDQDVGHKDFHUGHLPSOLFDUVH
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
PDQHUD FRPSDUWLGD IDYRUHFLHQGR HO DSUHQGL]DMH FRRSHUDWLYR \ HO WUDEDMR HQ
HTXLSR
$TXHOORVTXHVHFHQWUDQHQODDGTXLVLFLµQGHFRQRFLPLHQWRVWHQLHQGRHQFXHQWD
ODHYROXFLµQSHUVRQDO\VRFLDOGHODOXPQDGRSHURQRODVIRUPDVGHDSUHQGL]DMH
SRU LQWHUDFFLµQ 6LQ HPEDUJR RWURV FRQVLGHUDQ OD LPSRUWDQFLD GH OD FU¯WLFD H
LQLFLDWLYDGHODOXPQDGR\ODVUHODFLRQHVTXHHVWDEOHFHQFRQODVRWUDVSHUVRQDV
<ORVGRFHQWHVTXHLPSDUWHQFRQRFLPLHQWRVSDUWLHQGRGHVXFULWHULRSHUVRQDO\
TXHVHORVWUDQVPLWHQDORVDOXPQRVSDUDTXHORVDGTXLHUDQWDOFXDO\ORVTXH
SODQWHDQLQWHUURJDQWHVGXGDVHLQLFLDQHOSURFHVRGHDSUHQGL]DMHDSDUWLUGHODV
H[SHULHQFLDV
(QHVWHVHQWLGR&RRNVRQ\6KXEHGHILHQGHQODDXWRQRP¯DGHOGRFHQWHSRUTXH
VLHQGR DXWµQRPRV SXHGHQ GDU OXJDU D WUDQVIRUPDFLRQHV HGXFDWLYDV \ D XQD ಯQXHYDರ
FXOWXUDGHODSUHQGL]DMH
ಯಹ OD DXWRQRP¯D GHO SURIHVRU HV OD FODYH SDUD FUHDU XQD SURIHVLµQ
TXHVHDFDSD]GHWUDQVIRUPDUODHVFXHOD\GHUHFUHDUXQDFXOWXUDGHO
DSUHQGL]DMH 3DUD JDQDUVH HO UHVSHWR TXH UHTXLHUH HO HVWDWXV
SURIHVLRQDOORVSURIHVRUHVGHEHQH[LJLUP£VGHV¯PLVPRV\DVXPLUHO
SDSHO HQ OD UHIRUPD GH ORV FHQWURV HGXFDWLYRVರ &RRNVRQ \ 6KXEH
6L VH WLHQH HQ FXHQWD ODV GLIHUHQWHV IRUPDV GH VHU GRFHQWH \ GH HQWHQGHU OD WDUHD
GRFHQWH\ODFRPELQDFLµQGHODVPLVPDVVHREVHUYDTXHHOGRFHQWHQRVµORWLHQHXQD
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
¼QLFDIXQFLµQODGHHQVH³DUVLQRTXHVXSURIHVLµQHVGHXQDJUDQFRPSOHMLGDG3RUOR
WDQWR SDUWLHQGR GH ODV FDPELRV \ WLHPSRV DFWXDOHV HO SURIHVLRQDO GH OD HGXFDFLµQ
QHFHVLWDU¯D WHQHU XQD PHQWH DELHUWD \ XQD DFWLWXG SRVLWLYD FDSD] GH PDQWHQHU XQD
FRQGXFWDELGLUHFFLRQDOKDFLDVXVDOXPQRVHVGHFLUQRVµOROHVHQVH³DVLQRTXHSXHGH
DSUHQGHU GH HOORV \ FRPSUHQGHUORV VHU XQD SHUVRQD FRPSURPHWLGD FRQ OD VRFLHGDG
SDUWLFLSDWLYD\FDSD]GHFUHDUHVSDFLRVGHFRPXQLFDFLµQDFWLYDGLVSXHVWDDDSUHQGHU
VHUFU¯WLFR\FRODERUDGRUFRQWRGDODFRPXQLGDGHGXFDWLYD(QHVWDO¯QHDPDHVWURHV
FRPRDILUPDQ3LTX«&RPDV\/RUHQ]R
ಯ$TXHO TXH HV FDSD] GH DWHQGHU ORV SUREOHPDV GHGLFDUOHV WLHPSR
HVFXFKDU \ QRUPDOL]DU ODV VLWXDFLRQHV DWHQGLHQGR OD GLYHUVLGDG
HVFXFKDQGRODRSLQLµQGHWRGDVODVSHUVRQDVSODQLILFDQGRODVDFWLYLGDGHV
\HQWHQGLHQGRTXHODVVROXFLRQHVWLHQHQTXHVHUGHPXWXRDFXHUGRHQWUH
WRGRVORVTXHLQWHUYLHQHQHQHODFWRHGXFDWLYRರ
'H HVWH PRGR HO PDHVWUR HV DTXHO TXH MXQWR DO SHUVRQDO QR GRFHQWH ODV IDPLOLDV \
DOXPQDGR LQWHQWD IDYRUHFHU HO SURFHVR HGXFDWLYR HVWDEOHFHU XQDV UHODFLRQHV \
DWHQGHUDODVGHPDQGDV\QHFHVLGDGHVTXHVHOHSUHVHQWDG¯DDG¯DHQVXFRQWH[WRHQ
VXHVFXHOD
/$6)81&,21(6'(/$(6&8(/$
/DV IXQFLRQHVGH ODHVFXHODQRVH SXHGHQ DQDOL]DU LQGHSHQGLHQWHPHQWH GHO FRQWH[WR
HQ ODTXHVH KDOODXELFDGD \DTXH OD LQVWLWXFLµQ HGXFDWLYD UHSUHVHQWD HO UHIOHMR GH OD
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
VRFLHGDGHQODTXHHVW£ಯLQVHUWDGDರ$GHP£VWDO\FRPRDILUPD3RVWPDQKD\
TXHWHQHUHQFXHQWDTXH
ಯ/DHVFXHODQRHVOD¼QLFDHGXFDGRUDHGXFDQWDPEL«QRWURVDJHQWHVGHO
HQWRUQR /D SRO¯WLFD \ OD WHOHYLVLµQ WDPEL«Q HGXFDQ OD SULPHUD HQVH³D
FLQLVPR\ODVHJXQGDFRQVXPLVPRರ
(QHVWHVHQWLGRODHVFXHODQRHVXQDLQVWLWXFLµQFHUUDGDHQV¯PLVPDVLQRXQHVSDFLR
DOVHUYLFLRGHODFRPXQLGDG\XQOXJDUGHHQFXHQWURV\UHODFLRQHV(QHOLQIRUPH'HORUV
VH UHFRJ¯DQ FXDWUR HOHPHQWRV IXQGDPHQWDOHV HQ UHODFLµQ D OD IXQFLµQ GH OD
HVFXHODD $SUHQGHUDFRQRFHUVHUHILHUHDODDGTXLVLFLµQGHWRGDVODVKHUUDPLHQWDV
SDUD OD FRPSUHQVLµQ E $SUHQGHU D KDFHU HO SURSµVLWR HVW£ HQ SRGHU DFWXDU HQ HO
HQWRUQRF $SUHQGHUDYLYLUMXQWRVSDUWLFLSDU\FRODERUDUHQWRGDVODVDFWLYLGDGHV\G
$SUHQGHUDVHUFRPELQDFLµQHLQWHJUDFLµQGHORVWUHVDSUHQGL]DMHVDQWHULRUHVKDFHU
FRQRFHU\YLYLUMXQWRV
(VWRVFXDWURSLODUHVE£VLFRVGHODHGXFDFLµQSXHGHQTXHGDUUHFRJLGRVHQODSRVLFLµQ
PDQLIHVWDGDHQODHQWUHYLVWDPDQWHQLGDFRQXQDGRFHQWHFRODERUDGRUDHQHVWHHVWXGLR
ಯ(O SULQFLSDO REMHWLYR HV KDFHU SHUVRQDV (VH HV PL REMHWLYR SULQFLSDO
&RQRFLPLHQWRV FUHR TXH ORV FRQRFLPLHQWRV VLHPSUH VH SXHGHQ DGTXLULU
HQ XQ WLHPSR SXHV P£V R PHQRV FRUWR R P£V R PHQRV PHGLDQR QR
ODUJR 7RGR HO TXH WHQJD FDSDFLGDG GH HVWXGLR SXHGH FRQVHJXLU ORV
FRQRFLPLHQWRV FXDQGR VH OR SURSRQJD ಹ PL REMHWLYR SULQFLSDO VHU
SHUVRQD7HQHUXQUHVSHWRTXHHVW£LQFOXLGRGHQWURGHVHUSHUVRQDSRU
VXVHPHMDQWHDFHSWDUDWRGRHOPXQGRFRQWRGRVORVGHIHFWRVYLUWXGHVH
3RVWPDQ)LGHOಬHGXFDFLµ8QDUHGHILQLFLµGHOYDORUGHOಬHVFROD 9LF(XPR([WUD¯GRGH%HQOORFK
0)HX0l7L6HOODUªV5&RPIHUHVFRODGHWRWVLSHUDWRWV%DUFHORQD$05RVD6HQVDW
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
LGHRORJ¯DFRORUUD]DHWF«WHUD(VRFUHRTXHHVPLREMHWLYRರ'&(,3
$S
7HQLHQGR SUHVHQWH HVWD YLVLµQ VH SRGU¯D GHFLU TXH ODV IXQFLRQHV VRFLDOHV GH OD
HVFXHODVRQWDO\FRPRDUJXPHQWD&DUERQHOO\7HQWLODWUDQVPLVLµQ
GHO FRQRFLPLHQWR OD LQFXOFDFLµQ GH YDORUHV QRUPDV K£ELWRV DFWLWXGHV OD
SUHSDUDFLµQ SDUD HO WUDEDMR OD IRUPDFLµQ GH IXWXURVFLXGDGDQRV OD LJXDOGDG GH
RSRUWXQLGDGHV\FXVWRGLD\UHWHQFLµQHQODLQFRUSRUDFLµQDOPXQGRODERUDO
7DO\FRPRDILUPDXQPLHPEURGHXQDGHODVIDPLOLDVSDUW¯FLSHVGHHVWDLQYHVWLJDFLµQ\
HQJOREDQGRODVIXQFLRQHVVRFLDOHVTXHWLHQHTXHDVXPLUODHVFXHODSDUDHOOD
ಯ/DIXQFLµQGHODHVFXHODHVHQVH³DU(QVH³DUHQWRGRVORVVHQWLGRVHQ
HGXFDFLµQHQIRUPDVGHHVWXGLRಹHQWRGRರ)&(,3$S
*LPHQR6DFULVW£QUHVXPHHQFLQFRFDUDFWHU¯VWLFDVSULQFLSDOHVHOSUR\HFWRVRFLDO
TXH GHVGH VX SHUVSHFWLYD WHQGU¯D TXH DVXPLU OD HVFXHOD REOLJDWRULD GH QXHVWUD
VRFLHGDG SRQLHQGR HQ GL£ORJR VXV DSRUWDFLRQHV FRQ ODV YRFHV GH ORV VXMHWRV
FRODERUDGRUHVHQORVWUHVHVWXGLRVGHFDVRGHHVWDLQYHVWLJDFLµQ
/D HVFXHOD REOLJDWRULD FRPR IXQGDPHQWR GH OD GHPRFUDFLD 7RGR HO PXQGR
WLHQH GHUHFKR D XQD HGXFDFLµQ FRPR PHGLR SDUD XQD SOHQD LQWHJUDFLµQ HQ OD
VRFLHGDG'HDK¯ODLPSRUWDQFLDGHWUDEDMDUDVSHFWRVFRPRODSDUWLFLSDFLµQOD
DXWRQRP¯DSHUVRQDOHOVHQWLGRFU¯WLFR\XQDHGXFDFLµQPRUDO\F¯YLFD
/DHVFXHODWLHQHTXHSRVLELOLWDUHOFUHFLPLHQWRGHODSHUVRQDOLGDGGHODOXPQDGR
/D HVFXHOD WLHQH TXH SRWHQFLDU \ RSWLPL]DU ODV FDSDFLGDGHV GH VXV DOXPQRV
UHVSHFWDQGRODVGLIHUHQWHVLQWHOLJHQFLDV\ULWPRVGHDSUHQGL]DMH
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
&RPR PDQLILHVWDQ GRV PLHPEURV GH ODV IDPLOLDV HQWUHYLVWDGDV HQ HVWD
LQYHVWLJDFLµQ
ಯ5HVSHWDU HO ULWPR GH DSUHQGL]DMH UHVSHWDU D ODV SHUVRQDV FRQ VXV
FXDOLGDGHVKDELOLGDGHVಹರ)&(,3&S
ಯ$FRPSD³DUORV HQ HO FUHFLPLHQWR $GTXLULU XQRV FRQRFLPLHQWRVರ )
&(,3&S
/DHVFXHODFRPRPHGLRSDUDGLIXQGLUHLQFUHPHQWDUHOFRQRFLPLHQWR\ODFXOWXUD
/D SHUVRQD WLHQH TXH DGTXLULU XQ VDEHU \ XQ FRQRFLPLHQWR (O VDEHU GH XQD
SHUVRQDQRUHVLGH¼QLFD\H[FOXVLYDPHQWHHQOD DGTXLVLFLµQGHOFRQRFLPLHQWR
VLQR HQ HO GHVDUUROOR GH OD LQWHOLJHQFLD FHQWU£QGRVH HQ OR LQWHOHFWXDO \ HQ OR
HPRFLRQDO\UHODFLRQDOGHODSHUVRQD
&RPR H[SRQH DPRGRGH HMHPSOR XQR GH ORV GRFHQWHV SDUWLFLSDQWHV HQ XQR
GHORVHVWXGLRVGHFDVR
ಯ/D HVFXHOD WLHQH GRV REMHWLYRV PX\ LPSRUWDQWHV OD HVFXHOD WLHQH TXH
D\XGDU\WLHQHTXHDFRPSD³DUDKDFHUFUHFHUDODVSHUVRQDV3HUVRQDV
TXH YLYLU£Q HQ HO 6 ;;, 3RU OR WDQWR WLHQH TXH VHU XQD HVFXHOD GHO 6
;;,QRSRGHPRVHVWDUFRQP«WRGRVGHOVLJOR;,;/DHVFXHODWLHQHTXH
WUDEDMDU DVSHFWRV TXH KDVWD DKRUD QR VH KDE¯D SODQWHDGR QXQFD &RPR
SRUHMHPSORDVXPLUORVFDPELRVDVSHFWRVGHUHVSRQVDELOLGDGQROOHQDU
GH FRQRFLPLHQWRV D ORV QL³RV TXH HV EDMR PL SXQWR GH YLVWD OR TXH
SUHWHQG¯D KDFHU DQWHV OD HVFXHOD 6LQR TXH OD HVFXHOD WLHQH TXH VREUH
WRGR KDFHU DSUHQGHU D DSUHQGHU TXH ORV QL³RV VH VHSDQ SRQHU HQ HO
OXJDU GHO RWUR HO UHVSHWR SHQVDU TXH SXHGHQ GDU VX RSLQLµQ FRPR
SHUVRQDರ'&(,3%S
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
/DHVFXHODFRPRIDYRUHFHGRUDHQODLQVHUFLµQGHODVSHUVRQDVHQHOPXQGR(O
DOXPQDGR IRUPD SDUWH GH XQD GHWHUPLQDGD UHDOLGDG \ XQD VRFLHGDG /D
IRUPDFLµQE£VLFDTXHUHFLEHGXUDQWHODVSULPHUDVHWDSDVUHSHUFXWHHQDTXHOOR
TXHHODOXPQRHVW£DSUHQGLHQGR\HQVXIXWXURHQHOPXQGRODERUDO/DHVFXHOD
SURSRUFLRQD DO QL³R \ DO MRYHQ QR VµOR XQRV FRQRFLPLHQWRV VLQR XQDV
KDELOLGDGHV GHVWUH]DV \ YDORUHV SDUD JDUDQWL]DU XQD SOHQD LQVHUFLµQ \
SDUWLFLSDFLµQHQODVRFLHGDG
&RPRH[SUHVDXQRGHORVGRFHQWHVHQWUHYLVWDGRVHQHVWDLQYHVWLJDFLµQ
ಯ/D HVFXHOD FRPR LQVWLWXFLµQ WHQGU¯D TXH DSUR[LPDU HV GHFLU TXH
SHUPLWLHUD DO LQIDQWH FRQVWUXLU XQD LGHD FUHDWLYD R XQD FRPSUHQVLµQ GHO
PXQGRGHVGHHOSXQWRGHYLVWDFUHDWLYRಹ8QJUDQREMHWLYRVHULDKDFHU
TXH ORV QL³RV \ QL³DV TXH SDVDQ XQRV D³RV HQ OD HVFXHOD SXGLHUDQ
SODQWHDUVH SUHJXQWDV VREUH HO PXQGR +DFHU SHUVRQDV TXH GH DOJXQD
PDQHUD SXGLHUDQ VDEHU R SXGLHUDQ WHQHU LQWHU«V R GHVHR SRU FRQRFHU \
SRUORWDQWRFUHDULQLFLDWLYDVQXHYDVWRPDUGHFLVLRQHVTXHOHVOOHYHDXQD
GHWHUPLQDGDGLUHFFLµQGHODYLGDXQDGHWHUPLQDGDPDQHUDGHYLYLURXQD
GHWHUPLQDGD PDQHUD GH WUDEDMDU 2WUR REMHWLYR VHU¯D SHUPLWLU D TXH HO
LQIDQWH WXYLHUD DFFHVR D OD FXOWXUD WHQHU UHFXUVRV \ PHFDQLVPRV
FXOWXUDOHVTXHOHSHUPLWDQHQWHQGHU\UHVSHWDUDODVRWUDVSHUVRQDV\TXH
OHSHUPLWDQWHQHUHOHPHQWRVFRPRODOHFWXUDODHVFULWXUDSDUDDFFHGHUD
GLIHUHQWHVSUR\HFWRVರ'&(,3&SSದ
/D HVFXHOD WLHQH FRPR IXQFLµQ OD FXVWRGLD GH ORV VXMHWRV P£V MµYHQHV GH OD
VRFLHGDG 'DGRV ORV ¼OWLPRV FDPELRV TXH KD LGR H[SHULPHQWDQGR OD VRFLHGDG
ODLQVHUFLµQGHODPXMHUDOPXQGRODERUDOIOH[LELOLGDGGHOPHUFDGRGHWUDEDMR
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
ORVKRUDULRVODERUDOHVHWFODHVFXHODVHKDYLVWRREOLJDGDDDEULUVXVKRUDULRV
\GLPHQVLRQHVFRPHGRUHVDFWLYLGDGHVH[WUDHVFRODUHVKRUDVGHDFRJLGD
3DUD XQ PLHPEUR GH XQD GH ODV IDPLOLDV GH HVWD LQYHVWLJDFLµQ OD HVFXHOD D
SDUWHGHDEULUVXVVHUYLFLRV\HVSDFLRVHVYLVWDFRPRXQVHJXQGRKRJDUGRQGH
ODFULDWXUDSDVDPXFKDVKRUDVDOG¯D\HVWDEOHFHFLHUWDVUHODFLRQHVFRQHOUHVWR
GHODVSHUVRQDVTXHFRQIRUPDQODFRPXQLGDGHGXFDWLYD
ಯ/D HVFXHOD HV XQ OXJDU GRQGH VH SXHGH DSUHQGHU WLUDU KDFLD GHODQWH
WHQHU XQRV FRQRFLPLHQWRV VDEHU FRPXQLFDUVH FRQ OD JHQWHಹ (V FRPR
XQD VHJXQGD FDVD 0L KLMD YLHQH FRQWHQWD WLHQH JDQDV GH YHQLU DTX¯
SRUTXH VH HQFXHQWUD FRPR HQ FDVD \ HVW£ FRQ VXV DPLJRV (VW£ HQ
UHODFLµQ FRQ ORV PDHVWURVಹ VH TXHGD DO FRPHGRU WLHQH XQ UDWR SDUD
MXJDU WDPEL«Q (V FRPR VX VHJXQGD FDVD 'H KHFKR VRQ PXFKDV ODV
KRUDVTXHHVW£DTX¯\ORVPHMRUHVD³RVGHVXYLGD/DHVFXHODODYHR
FRPRXQSLODUP£VGHQXHVWUDYLGDರ)&(,3%S
(Q HVWH PLVPR VHQWLGR \ SDUWLHQGR GHO DQ£OLVLV GH &DUERQHOO \ *DUF¯D VH
GHVSUHQGHTXHODHVFXHODSRGU¯DWHQHUXQDGREOHIXQFLµQODSULPHUDOD VRFLDOL]DFLµQ
GH ODVFULDWXUDV \ OD VHJXQGD OD IRUPDFLµQDSUHQGL]DMH\DGTXLVLFLµQ GH ORV YDORUHV
PRUDOHV\GHK£ELWRV'LPHQVLRQHVTXHFRUURERUDQODPD\RU¯DGHORVLPSOLFDGRVHQORV
HVWXGLRVGHFDVRGHHVWDLQYHVWLJDFLµQ
ಯ/DHVFXHODWLHQHGRVIXQFLRQHVODIXQFLµQGHODVRFLDELOLGDGDK¯WHQGU¯D
TXHFRODERUDUPXFKRODVIDPLOLD7UDQVPLWLUFRQWHQLGRV\ODRWUDFUHDUDO
DOXPQR TXH VH LQFRUSRUH \ TXH VHD VRFLDEOH TXH VHSD YLYLU HQ XQD
VRFLHGDGರ'&(,3$SSದ
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
7HQLHQGR HQ FXHQWD HVWD GREOH IXQFLµQ OD HVFXHOD FRPR LQVWLWXFLµQ HGXFDWLYD SRGU¯D
FRQVLGHUDUHOVLJXLHQWHREMHWLYRIRPHQWDUODSDUWLFLSDFLµQFRRSHUDFLµQ\FRODERUDFLµQ
GHO DOXPQDGR \ GH WRGD OD FRPXQLGDG HGXFDWLYD IDPLOLDV GRFHQWHV SHUVRQDO QR
GRFHQWHHOEDUULRಹ0RQGUDJµQ\7ULJXHURV
$V¯ SXHV HO REMHWLYR GH OD DFFLµQ HGXFDWLYDVHU¯DGRWDU DO DOXPQDGR GH XQD VHULH GH
FRQRFLPLHQWRVSDUDHQWHQGHUVHDV¯PLVPRHOFRQWH[WRHQHOTXHYLYHSDUWLFLSDUHQ«O
FRPSUHQGHU OD VRFLHGDG TXH KDELWD VXVSDXWDV VXVFRQGXFWDV\PDQHUDVGH KDFHU
7RGRV HVWRV DSUHQGL]DMHV SHUPLWLU£Q DO DOXPQDGR DOFDQ]DU XQ QLYHO GH PDGXUH] DO
PLVPRWLHPSRTXHDGTXLULU£XQDVHULHGHFRPSHWHQFLDVFRQHOSURSµVLWRGHDFWXDUFRQ
UHVSRQVDELOLGDG \ VHQWLGR VRFLDO HQ VX FRQWH[WR \ HQWRUQR 'RPªQHFK \ $U¢QHJD
&RPHOODV
(QGHILQLWLYDODVIXQFLRQHVGHODHVFXHODVHU¯DQODVRFLDOL]DFLµQGHOQL³RP£VDOO£GHO
FRQWH[WRIDPLOLDU\ODDGTXLVLFLµQGHXQDVHULHGHFRQRFLPLHQWRV\FRPSHWHQFLDV
/$6)$0,/,$6(1/$6(6&8(/$6
7HQLHQGRHQFXHQWDODGLYHUVLGDGIDPLOLDUTXHH[LVWHHQQXHVWUDVRFLHGDGDERUGDGDHQ
HOFDS¯WXORDQWHULRUODVIDPLOLDVTXHGHFLGHQVHUSDGUHV\PDGUHVVHVXHOHQFXHVWLRQDU
\ SUHRFXSDU SRU OD HGXFDFLµQ GH VXV KLMRV TX« HGXFDFLµQ OH SXHGHQ EULQGDU" TX«
FHQWUR HGXFDWLYR SXHGHQ HOHJLU" (Q (VSD³D HQ OD &RQVWLWXFLµQ GH VH OH
UHFRQRFHDODIDPLOLDODUHVSRQVDELOLGDGHLQWHU«VSRUODHGXFDFLµQGHVXVKLMRV\HO
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
GHUHFKR D SRGHU SDUWLFLSDU HQ OD JHVWLµQ GH OD PLVPD &RQ OD /2&( HQ HO
DUW¯FXOR VH UHFRJH TXH ORV SDGUHV WLHQHQ GHUHFKR D HVFRJHU HO FHQWUR GH PDQHUD
OLEUH \ D SDUWLFLSDU HQ HO FRQWURO \ JHVWLµQ GHO PLVPR /R PLVPR VXFHGH FRQ OD /2(
\ OD /(& TXH HVWLSXODQ HO GHUHFKR GH ODV IDPLOLDV D SDUWLFLSDU HQ HO
SURFHVRHGXFDWLYR(QODSU£FWLFDVHJ¼Q3«UH]ದ'¯D]5RGU¯JXH]\6£QFKH]OD
HOHFFLµQGHODHVFXHODSRUSDUWHGHODVIDPLOLDVVHULJHSRUORVVLJXLHQWHVFULWHULRVOD
FHUFDQ¯DDOGRPLFLOLRODQRHOHFFLµQVLQRTXHHVOD$GPLQLVWUDFLµQHGXFDWLYDODTXH
DVLJQD HO FHQWUR HO KHFKR GH TXH GH SHTXH³R XQR GH ORV PLHPEURV IXH D HVD
HVFXHOD OD FDOLGDG GH OD HGXFDFLµQ \ HO FRQRFLPLHQWR \ OD ILORVRI¯D GHO SUR\HFWR
HGXFDWLYRHOFOLPDದDPELHQWHGHOFHQWURHOKHFKRGHTXHODIDPLOLDWUDEDMHHQOD
HVFXHOD
(VWRV FULWHULRV GH VHOHFFLµQ GHO FHQWUR HGXFDWLYR H[SXHVWRV SRU ORV DXWRUHV '¯D]
5RGU¯JXH] \ 6£QFKH] ORV FRQWUDVWDU« FRQ OR TXH RFXUUH HQ OD SU£FWLFD GH ORV
FDVRVHVWXGLDGRVHQHVWDLQYHVWLJDFLµQ$PRGRGHHMHPSORDOJXQRVGHHVWRVFULWHULRV
TXHGDQUHFRJLGRVHQIRUPDGHYRFHVSRUSDUWHGHDOJXQRVPLHPEURVGHODVIDPLOLDV
GRWDQGRGHVHQWLGRODVDSRUWDFLRQHVGHGLFKRVDXWRUHV
3RUFRQRFLPLHQWRGHODLQVWLWXFLµQ\HOGHVHRGHTXHVXVFULDWXUDVYD\DQDODHVFXHOD
S¼EOLFD
ಯ1RVRWURV WHQ¯DPRV PX\ FODUR TXH TXHU¯DPRV XQD HVFXHOD S¼EOLFD (Q
SULQFLSLRQXHVWUDRSFLµQHUDWLUDUKDFLDXQDHVFXHODS¼EOLFD $TX¯HQHO
EDUULRVHQWLPRVKDEODUPX\ELHQGHHOOD)&(,3%S
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
3RU HO SUR\HFWR HGXFDWLYR OD SRVLELOLGDG GH WUDEDMDU \ DSUHQGHU GH PDQHUD
DOWHUQDWLYDPHGLDQWHWDOOHUHVDPELHQWHV
ಯ(VWDHVFXHODFXDQGRKLFHODSUHLQVFULSFLµQGHPLKLMDQLVLTXLHUDHVWDED
ಹ QR VDE¯DPRV FRPR LED D VHU ಹ &XDQGR QRV SUHVHQWDURQ HO
SUR\HFWRVDE¯DTXHLEDDVHUXQDHGXFDFLµQGLVWLQWD<RQXQFDPHKDE¯D
SODQWHDGR TXH KDE¯D HGXFDFLRQHV GLIHUHQWHV ಹ $ PL PH HQFDQWµ
SRUTXH\RSHQVDEDTXHDP¯PHKXELHUDJXVWDGRHVWXGLDUDV¯ಹWUDEDMDU
HQDPELHQWHVORYH¯DPXFKRP£VPRWLYDGRSDUDDSUHQGHUರ)&(,3&
S
3RUGHVLJQDFLµQGHOD$GPLQLVWUDFLµQSRUHOSURSLR'HSDUWDPHQWRGH(GXFDFLµQ
ಯ3OOHJµDHVWDHVFXHOD SRUTXHIXHXQFDPELRGHGRPLFLOLR9LY¯DPRVHQ+<
HQWRQFHVQRVWUDVODGDPRVDTX¯D%DUFHORQDRWUDYH]\FODURPHSLOOµHQHOPHV
GH -XOLR TXH ODV PDWULFXODV \D HVWDEDQ (QWRQFHV PH IXL D (GXFDFLµQ \ HV
FXULRVRSRUTXH\RYLYRHQ6-03XVHORVWUHVTXHWHQJRP£VFHUTXLWD‹VWH
QLORSXVH<PHWRFµDTX¯$V¯IXHರ)&(,3%S
3RUODFHUFDQ¯DDOGRPLFLOLR\ROXJDUGHWUDEDMRGHXQPLHPEURGHODIDPLOLD
ಯ/OHJµDO&(,3%SRUTXHEXHQR\RYLYRFHUFDDXQTXHQRHVXQFROHJLR
TXH PH FRUUHVSRQGH SRU ]RQD SHUR HV HO FROHJLR TXH HVWDU SRU OD ]RQD
GHOWUDEDMRGHVXSDGUHರ)&(,3$S
ಯಹ(QSULQFLSLRIXHSRUFHUFDQ¯DDOFHQWURGHWUDEDMRಹVLQROOHJDD
VHU SRUTXH HO EDUHPR GH DGPLVLµQ GH DOXPQRV FRQWHPSODED XQD
SXQWXDFLµQ HVSHF¯ILFD SDUD HO FDVR GH ORV SDGUHV TXH WUDEDMDEDQ HQ OD
]RQD GH LQIOXHQFLD GHO FROHJLR FRPR TXLHUD TXH QRVRWURV QR YLYLPRV
GHQWURGHHVD]RQDGLI¯FLOPHQWHODQL³DKXELHUDSRGLGRHQWUDUHQ«Oರ)
&(,3$SS\
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
(QHO PRPHQWR TXH XQD IDPLOLD HVFRJH \ GHFLGH HO FHQWURHGXFDWLYR DO TXH OOHYDU£ D
VXV KLMRV R WLHQH XQD HVFXHOD SUµ[LPD DO GRPLFLOLR «VWD \D IRUPDU£ SDUWH GLUHFWD R
LQGLUHFWDPHQWH GH OD HVFXHOD \ HVWDEOHFHU£XQWLSR GH UHODFLµQ FRPR VH DUJXPHQWDU
HQHOFDS¯WXORTXHQDFHU£FRPRY¯QFXORTXHODVXQHKLMRದDOXPQR$ODYH]TXHODV
IDPLOLDV DO VHU PLHPEURV GH OD FRPXQLGDG HGXFDWLYD SXHGHQ HMHUFHU GLIHUHQWHV
IXQFLRQHV GHQWUR GH ODV HVFXHODV GHVGH XQ PDUFR FRODERUDWLYR FRPR VH³DODQ
'RPªQHFK\$U¢QHJD
/DV IDPLOLDV FRUUHVSRQVDEOHV GHO SURFHVR HGXFDWLYR GHO DOXPQDGR /RV
FRQVWDQWHV FDPELRV H[SHULPHQWDGRV HQ ORV ¼OWLPRV D³RV KDQ OOHYDGR D ODV
IDPLOLDV D GHOHJDU GH PDQHUD SURJUHVLYD HQ ODV HVFXHODV DOJXQDV GH VXV
IXQFLRQHV /D FRPSOHMLGDG GH KRUDULRV R HO PDOHVWDU GH DOJXQRV PDHVWURV HQ
DVXPLU RWUDV UHVSRQVDELOLGDGHV P£V DOO£ GH ODV PHUDPHQWH DFDG«PLFDV \ HO
LQWHU«V GH ODV IDPLOLDV HQ FRODERUDU \ SDUWLFLSDU HQ HO FHQWUR HGXFDWLYR KDQ
OOHYDGR D HVWDEOHFHU XQRV UROHV FRQ HO SURSµVLWR GH KDFHU FRUUHVSRQVDEOHV D
HVFXHODV\IDPLOLDV
/DSDUWLFLSDFLµQHQORVµUJDQRV\DVRFLDFLRQHVGHOFHQWUR/DVIDPLOLDVWLHQHQHO
GHUHFKRGHSRGHUSDUWLFLSDUHQODSODQLILFDFLµQRUJDQL]DFLµQ\FRQWUROVRFLDOGHO
IXQFLRQDPLHQWRGHOFHQWUR3HURVXSDUWLFLSDFLµQHLPSOLFDFLµQGHSHQGHU£GHOD
IOH[LELOLGDG \ ಯFUHDWLYLGDGರ GH ODV GLIHUHQWHV SDUWHV LPSOLFDGDV 'RV SRVLEOHV
QLYHOHVGHDFWXDFLµQGHODVIDPLOLDVHQODVHVFXHODVVHU¯DQ
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
6X SDUWLFLSDFLµQ HQ HO &RQVHMR (VFRODU 6H WUDWD GH XQD SDUWLFLSDFLµQ
GLUHFWD TXH YHQGU£ UHJXODGD SRU HO VLVWHPD GH UHSUHVHQWDWLYLGDG GH OD
$VRFLDFLµQGH0DGUHV\3DGUHVGHORV$OXPQRV$03$GHOFHQWUR
6XFRODERUDFLµQDWUDY«VGHOD $03$HQFXHVWLRQHVGHIXQFLRQDPLHQWRGHO
FHQWUR RUJDQL]DFLµQ GH DFWLYLGDGHV FRQMXQWDV \ H[WUDHVFRODUHV GH HVWD
PDQHUD OD HVFXHOD VH DEUH D OD FRPXQLGDG DO EDUULR /D $03$ WDPEL«Q
PDQWLHQH XQD UHODFLµQ FRQ HO FODXVWUR GH SURIHVRUHV FRQ HO SURSµVLWR GH
FUHDUXQDPELHQWHSDUWLFLSDWLYRFRODERUDWLYR\GHWUDEDMR
)RUPDFLµQ GH ODV IDPLOLDV /DV IDPLOLDV UHFLELHURQ XQ WLSR GH HGXFDFLµQ
GLIHUHQWH D OD GH VXV KLMRV GH DK¯ OD QHFHVLGDG GH SRGHU LQWHUFDPELDU VXV
YLVLRQHV \ H[SHFWDWLYDV UHVSHFWR D OD HGXFDFLµQ GH ORV QL³RV SDUD SRGHU
UHVSRQGHU D VXV GHPDQGDV \ QHFHVLGDGHV (VWH HVSDFLR GH LQWHUFDPELR GH
H[SHFWDWLYDV LQWHUHVHV H LQTXLHWXGHV WDPEL«Q SXHGH VHUYLU SDUD FRQVHQVXDU
WHPDVHGXFDWLYRVHQWUHORVGRFHQWHV\ODVIDPLOLDV$OJXQRVFHQWURVHGXFDWLYRV
KDQFUHDGRFRPRUHFXUVRGHIRUPDFLµQGHODVIDPLOLDVODVHVFXHODVGHSDGUHV
\PDGUHV
(O FRQMXQWR GH DXWRUHV HVWXGLDGRV UHFRPLHQGD TXH OD HVFXHOD HVW« DELHUWD D ODV
IDPLOLDV SURSRUFLRQ£QGROHV OD RSRUWXQLGDG GH TXH IRUPHQ SDUWH GH OD FRPXQLGDG
HGXFDWLYD QR VµOR SRU OD DVLVWHQFLD GH VXV KLMRV DO FHQWUR VLQR WDPEL«Q SRUTXH
HQFXHQWUDQ HQ «O ODV LQIUDHVWUXFWXUDV ORV UHFXUVRV \ FDQDOHV QHFHVDULRV SDUD VX
SDUWLFLSDFLµQHLPSOLFDFLµQHQODHGXFDFLµQ\DSUHQGL]DMHGHVXVKLMRV
&DS¯WXOR/D(VFXHOD8QOXJDUGHDSUHQGL]DMH\UHODFLµQ
$02'2'(&21&/86,•1
$ OD HVFXHOD FRPR LQVWLWXFLµQ HGXFDWLYD \ VRFLDO VH OH SUHVHQWD GH IRUPD FDGD YH]
P£V DFXFLDQWH HO GHVDI¯R GH WHQHU HQ FXHQWD ODV QHFHVLGDGHV \ GHPDQGDV GH OD
VRFLHGDG\ODVIDPLOLDVHQUHODFLµQDODSUHSDUDFLµQGHODVFULDWXUDVSDUDTXHSXHGDQ
VHJXLUDFWXDQGRSDUWLFLSDQGRHLQWHUYLQLHQGRHQHOPXQGRHQHOTXHYLYHQ\OHVWRFDU£
YLYLU6XVGRVIXQFLRQHVE£VLFDVVRQOD VRFLDOL]DFLµQGHVXDOXPQDGR\OD WUDQVPLVLµQ
GHFRQRFLPLHQWRVFDSDFLGDGHVKDELOLGDGHVGHVWUH]DVDFWLWXGHV\YDORUHV
0£VDOO£GHHVWDVGRVIXQFLRQHVODHVFXHODDVXPHRWUDUHVSRQVDELOLGDGGHELGRDORV
FDPELRV YLYLGRV HQ ORV ¼OWLPRV D³RV OD ಯFXVWRGLDರ ORV QL³RV FRPR UHVSXHVWD D OD
GLYHUVLGDG\ODVQHFHVLGDGHVGHODIDPLOLDFX\RVPLHPEURVVHYHQREOLJDGRVDWUDEDMDU
IXHUDGHOKRJDU\FX\RVKRUDULRVVRQLQFRPSDWLEOHV
6L VH SDUWH GH XQD VRFLHGDG FDUDFWHUL]DGD SRU ODLQFHUWLGXPEUH \ ODFRPSOHMLGDG SRU
ODV FRQVWDQWHV WUDQVIRUPDFLRQHV GH ORV SDWURQHV HGXFDWLYRV OD HVFXHOD FRPR
LQVWLWXFLµQVRFLRHGXFDWLYDQRSRGU¯DSUHVHQWDUVHFRPRXQSUR\HFWR¼QLFR\U¯JLGRVLQR
P£VELHQFRPRXQHVSDFLRDELHUWRDOHQWRUQRLQFOXVLYRFU¯WLFR\SDUWLFLSDWLYRSDUDWRGD
VXFRPXQLGDG
&$378/2
/$5(/$&,•1)$0,/,$(6&8(/$
ಯ/DIDPLOLDWLHQHODUHVSRQVDELOLGDGGLUHFWDGHDVHJXUDUODFULDQ]D\HGXFDFLµQ
GHORVKLMRVHQHOPDUFRGHODFRPXQLGDGHOEDUULR\ODFLXGDG/DHVFXHODHVOD
LQVWLWXFLµQ TXH FRPSDUWH FRQ ODV IDPLOLDV HVWD HGXFDFLµQ \ FULDQ]D
HVSHFLDOPHQWH KR\ G¯D FXDQGR OD HVFRODUL]DFLµQ VH LQLFLD \D HQ OD SHTXH³D
LQIDQFLDರ&DEUHUD)XQHV\%UXOOHW
(Q OD ¼OWLPD G«FDGD VH KDQ HODERUDGR GLVWLQWRV WUDEDMRV VREUH ODV UHODFLRQHV HQWUH
IDPLOLD \ HVFXHOD FRQFUHWDPHQWH FHQWUDGRV HQ HO WLSR GH SDUWLFLSDFLµQ TXH KDQ
HVWDEOHFLGR ODV IDPLOLDV HQ \ FRQ ORV FHQWURV HGXFDWLYRV (Q HVWHFDS¯WXOR VH UHFRJH
SDUWH GH ODV LQYHVWLJDFLRQHV TXH KDQ VLGR OOHYDGDV D FDER LQWHUFDODQGR VXV
DSRUWDFLRQHV FRQ ODV YRFHV GH GLIHUHQWHV LQIRUPDQWHV TXH KDQ SDUWLFLSDGR HQ ORV
HVWXGLRVGHFDVR(OSURSµVLWRGHHVWHFDS¯WXORHVHVER]DUFX£OHVVRQORVPHFDQLVPRV
ODVW«FQLFDV\ODVHVWUDWHJLDVTXHGHVSOLHJDODHVFXHODFRQFUHWDPHQWHHOSURIHVRUDGR
SDUDHVWDEOHFHUXQWLSRXRWURGHUHODFLµQFRQODVIDPLOLDVGHVXDOXPQDGR
81%5(9(5(&255,'2+,67•5,&2
$ OR ODUJR GH OD KLVWRULD IDPLOLDV \ HVFXHODV KDQ LGR HVWDEOHFLHQGR OD]RV GH XQLµQ \
PDQHUDV GLVWLQWDV GH UHODFLRQDUVH GHVGH OD QR H[LVWHQFLD GH OD UHODFLµQ \D TXH HO
(VWDGRHUDHOUHVSRQVDEOHGHODWUDQVPLVLµQGHOFRQRFLPLHQWRKDVWDODSDUWLFLSDFLµQGH
ODVIDPLOLDVHQPRPHQWRVSXQWXDOHVWDOHVFRPRHOIHVWLYDOGHILQDOGHFXUVRQRWDVHWF
(VWH ¼OWLPR PRGHOR GH UHODFLµQ KD VLGR HO TXH P£V KD SHUGXUDGR D OR ODUJR GH OD
Capítulo 3
La relación familia – escuela
KLVWRULD2WUDPDQHUDPHQRVKDELWXDOGHUHODFLRQDUVHODVIDPLOLDVFRQODVHVFXHODVHV
PHGLDQWH GLVWLQWDV IRUPDV GH FRODERUDFLµQ SDUWLFLSDFLµQ H LPSOLFDFLµQ WDOHV FRPR
YLVLWDVDOFHQWURD\XGDVHQFODVHHQODVDFWLYLGDGHVHQODFUHDFLµQGHUHFXUVRVHWF
,QYHVWLJDGRUHVFRPR /\QFK \ 3LPORWW *RUGRQ4XHLUR] (SVWHLQ
%URQIUHQEUHQQHU 0RQQLHU \ 3RXUWRLV 0RQWDQGRQ
3HUUHQRXG&RPHDX\6DORPRQ0DUW¯QH]*RQ]£OH]
/DFDVD 'DEDV *DUF¯D %DFHWH )RUHVW \ *DUF¯D %DFHWH
KDQWUDEDMDGRHQHOWHPDGHODVUHODFLRQHVIDPLOLDV\HVFXHODVEDMRGLIHUHQWHV
SHUVSHFWLYDV \ SRVLFLRQDPLHQWRV 8QRV GHILHQGHQ TXH OD ODERU UHDOL]DGD SRU ODV
IDPLOLDV HQ ORV FHQWURV GD OXJDU D HIHFWRV SRVLWLYRV HQ HO UHQGLPLHQWR HVFRODU \ HO
FRPSRUWDPLHQWR VRFLDO GHO DOXPQDGR RWURV MXVWLILFDQ OD QHFHVLGDG GH XQD EXHQD
SODQLILFDFLµQ GH OD DFWLYLGDG FRODERUDWLYD OD GXUDFLµQ \ OD ILQDOLGDG HGXFDWLYD GH OD
PLVPD SDUD FRQVHJXLU HO «[LWR HVFRODU 7DPEL«Q KD\ LQYHVWLJDFLRQHV TXH SRQHQ HO
«QIDVLV HQ OD DSHUWXUD GH OD HVFXHODD VXHQWRUQR HQ ODVFRQGXFWDVGH ODVIDPLOLDV\
FµPR«VWDVSXHGHQJHQHUDUFLHUWDVDFWLWXGHVHQORVQL³RV\HQDWHQGHUHOUHQGLPLHQWR
HVFRODURLQFOXVRORVWLSRVGHFRODERUDFLµQSDUWLFLSDFLµQ\FRRSHUDFLµQHQWUHIDPLOLDV
\ GRFHQWHV ,QGHSHQGLHQWHPHQWH GH ORV GLIHUHQWHV SRVLFLRQDPLHQWRV \ SHUVSHFWLYDV
WRPDGDVODIDPLOLD\ODHVFXHODVRQFRQVLGHUDGDVFRPRORVGRVSLODUHVIXQGDPHQWDOHV
VREUH ODV FXDOHV VH FRQVWUX\H HO SURFHVR HGXFDWLYR /DV IXQFLRQHV TXH UHDOL]DQ VRQ
FRPSOHPHQWDULDVGHDK¯ODLPSRUWDQFLDGHTXHWUDEDMHQMXQWDV
.³DOOLQVN\ OOHJµ D LGHQWLILFDU FXDWUR PRPHQWRV GLIHUHQWHV HQ FXDQWR D OD
HYROXFLµQGHODUHODFLµQIDPLOLDದHVFXHOD
Capítulo 3
La relación familia – escuela
/D LQVWDXUDFLµQ GH OD (VFXHOD 3¼EOLFD $TX¯ ODV IDPLOLDV QR HVWDEOHF¯DQ XQD
UHODFLµQGLUHFWDFRQODHVFXHOD/RVQL³RVDVLVW¯DQD«VWD\HUDHO(VWDGRTXLHQ
WHQ¯DODUHVSRQVDELOLGDGGHWUDQVPLWLUORVFRQRFLPLHQWRV
3RVWHULRUPHQWH OD HVFXHOD VH DEULµ D ODV IDPLOLDV (VWH WLSR GH DSHUWXUD VH
GDU¯D HQ FLUFXQVWDQFLDV PX\ SXQWXDOHV ILHVWDV HVFRODUHV QRWDV HQWUHJD GH
SUHPLRV HWF (VWD WLSRORJ¯D GH UHODFLµQ KD SHUGXUDGR D OR ODUJR GH QXHVWURV
G¯DV OOHYDQGR D HVWDEOHFHU XQD GLYLVLµQ GH WDUHDV HQWUH DPEDV LQVWLWXFLRQHV
7DO \ FRPR DUJXPHQWDED 0DULHW \ SDUDIUDVHDQGR D .³DOOLQVN\ OD
HVFXHODHUDODHQFDUJDGDGHODLQVWUXFFLµQ\ODIDPLOLDGHODHGXFDFLµQ3RUOR
WDQWROHVFRUUHVSRQG¯DDODVIDPLOLDVWUDQVPLWLUORVYDORUHVGHXQDJHQHUDFLµQD
RWUD VLHQGR «VWH XQR GH ORV PRWLYRV SRU HO TXH ODV PXMHUHV DFFHGLHUDQ P£V
WDUGHDODHVFRODULGDG\DTXHVXUROHUDHOGHVHUPDGUH\DPDGHFDVD
'HVSX«V YHQGU¯D OD HWDSD GH OD FRODERUDFLµQ <D HQ ORV D³RV OD HVFXHOD
SHG¯DD\XGDDODVIDPLOLDVHQGLYHUVDVDFWLYLGDGHVGHFODVHHWF(QHVWDIRUPD
GHHQWHQGHUODUHODFLµQODLQVWLWXFLµQHVFRODUHUDTXLHQPDQWHQ¯DHOSRGHUVREUH
ODVIDPLOLDV\DTXHHUDHOODTXLHQGLFWDPLQDEDODVDFFLRQHVDUHDOL]DU3RXUWRLV
\'HVPHW6LHQORVD³RVVHDSRVWDEDSRUODLQWHUYHQFLµQHQORV
VHRSWDEDSRUODLQIRUPDFLµQ6WDFH\
(O ¼OWLPR PRGHOR LGHQWLILFDGR FRQVLVWH HQ OD SDUWLFLSDFLµQ EDVDGD HQ XQD
FRRSHUDFLµQ UHDO GHO WUDEDMR HQWUH HVFXHODV \ IDPLOLDV $TX¯ VH KDOODQ
DQWHFHVRUHVFRPR&RXVLQHW'HFURO\'HZH\)UHLQHW:DOORQ0RQWHVVRULTXH
Capítulo 3
La relación familia – escuela
DSRVWDEDQSRUODQHFHVLGDGGHHVWDEOHFHUUHODFLRQHVUHJXODUHVHQWUHIDPLOLDV\
HVFXHODFRPRಯHOHPHQWRSDUDKDFHUGHHOODXQDH[SUHVLµQGHODYLGDರ
&HQWU£QGRQRV HQ HVWH ¼OWLPR PRGHOR GH UHODFLµQ GH SDUWLFLSDFLµQ H LPSOLFDFLµQ GH
FRRSHUDFLµQUHDOHQWUHHVFXHOD\IDPLOLDVHREVHUYDTXHODVSU£FWLFDV\ODVDFFLRQHV
HQWUHDPEDVLQVWLWXFLRQHVSUHVHQWDQP¼OWLSOHV\YDULDGDVFDUDFWHU¯VWLFDV\SXHGHQGDU
SLH D QXHYDV \ FUHDWLYDV IRUPDV GH UHODFLRQDUVH HQWUHYLVWDV IRUPDOHV LQIRUPHV
UHXQLRQHV$03$6YLVLWDVDGRPLFLOLRFDIHWHU¯DVDOLGDVWDOOHUHVHWF/RLPSRUWDQWH
VHU£ FRPR OD HVFXHOD HQFXHQWUD GLYHUVRV PHFDQLVPRV HVWUDWHJLDV \ FDQDOHV SDUD
HVWDEOHFHUUHODFLRQHVIOXLGDVFRUGLDOHV\ಯSRVLWLYDVರFRQODVIDPLOLDV
3DUDHOORVHU£QHFHVDULRSDUWLUGHOUHVSHWRODHVFXFKDODFRQILDQ]DODFRPXQLFDFLµQ\
HOHQWHQGLPLHQWRHQWUHWRGDVODVSHUVRQDVTXHFRPSRQHQODFRPXQLGDGHGXFDWLYD
6(0(-$1=$6<',)(5(1&,$6(175()$0,/,$6<(6&8(/$
'HVGH XQD SHUVSHFWLYD VLVW«PLFD IDPLOLDV \ HVFXHODV VRQ FRQVLGHUDGDV FRPR
VLVWHPDV DELHUWRV TXH QHFHVLWDQ PDQWHQHU XQ HTXLOLEUR HQ XQ HQWRUQR FDPELDQWH
'RZOLQJ \ 2VERUQH VH³DODEDQ TXH DPEDV LQVWLWXFLRQHV QR WHQGU¯DQ TXH
FRQVLGHUDUVHFRPRHQWLGDGHVVHSDUDGDV\DTXHHOQL³RHVW£LQVHUWDGRHQDPEDVVLQR
TXHHVWRVGRVVLVWHPDVVLHPSUHHVW£QHQFRQVWDQWHLQWHUDFFLµQ
Capítulo 3
La relación familia – escuela
6(0(-$1=$6 (175( /$6 )81&,21(6 '( /$ )$0,/,$ < /$6 '( /$
(6&8(/$
'RP¯QJXH]\)HUQ£QGH]VH³DODURQTXHODVVHPHMDQ]DVTXHSRGU¯DQFRPSDUWLU
IDPLOLDV\HVFXHODVSDUDJHQHUDUXQFOLPDGHHQWHQGLPLHQWRFRPSUHQVLµQ\HVFXFKD
VRQTXH
-
)DPLOLDV \ HVFXHODV SHUFLEDQ TXH H[LVWHQ GLIHUHQWHV FXOWXUDV HQ XQ HVSDFLR
GHWHUPLQDGR
-
$PEDVEXVFDQXQRVREMHWLYRVJHQHUDOHVLQWHQWDGRHVWDEOHFHUXQFµGLJRPRUDO
XQDVQRUPDVGHFRQGXFWDVYDORUHVSULQFLSLRV\FDSDFLGDGHVGHVHDEOHV
-
/DVGRVFRLQFLGHQHQODILQDOLGDGHGXFDWLYDTXHHVODGHSURPRYHUHOGHVDUUROOR
LQWHJUDOGHQL³RV\QL³DV
-
$VXPHQODIXQFLµQGHFXLGDU\SURWHJHUDQL³RV\QL³DV
'HVGH XQD SHUVSHFWLYD VLVW«PLFD GRQGH HO FDPELR GH XQR GH ORV VLVWHPDV SXHGH
JHQHUDU FDPELRV HQ HO RWUR &DJLJDO SXQWXDOL]D TXH HO GRFHQWH SXHGH
IDFLOLWDUODFRODERUDFLµQGHODVIDPLOLDVVLWLHQHHQFXHQWDTXH
-
/DV IDPLOLDV VRQ ODV SHUVRQDVTXHPHMRU FRQRFHQDORV QL³RV \ «VWDV SXHGHQ
VHU XQ JUDQ UHFXUVR GH LQIRUPDFLµQ SDUDHO GRFHQWH 6HSRGU¯DFUHDU DOLDQ]DV
GH H[SHUWRV SDUWLHQGR GH OD HVFXFKD DFWLYD \ EXVFDQGR HO WLHPSR \ HO
PRPHQWRGHHQFXHQWURP£VDOO£GHORVHVWDEOHFLGRVSRUODLQVWLWXFLµQ
Capítulo 3
-
La relación familia – escuela
&XDQGRVHGHWHFWDXQಯSUREOHPDರHQHOPHQRUFRQYLHQHQRFXOSDELOL]DUDXQD
GHODVSDUWHVQLPDQLIHVWDUTXHHVFDXVDGHVLQREXVFDUPHMRUDVHQHOQL³R
-
6H FRQVLGHUD QHFHVDULR SDUWLU VLQ XQ SRVLFLRQDPLHQWR SUHYLR \D TXH GH HVWD
PDQHUD VH SURPXHYH DFWLWXGHV GH UHVSHWR \ GH FRQILDQ]D (YLWDQGR
FRQIURQWDFLRQHV\OXFKDGHSRGHU
6LQ HPEDUJR VRQ PXFKDV ODV GLIHUHQFLDV \ GLVFRQWLQXLGDGHV TXH VH YLYHQ \ SHUFLEHQ
HQWUH DPEDV /D IDOWD GH FRPSUHQVLµQ FRPXQLFDFLµQ FOLPD \ HQWHQGLPLHQWR SXHGHQ
GLILFXOWDU HO HVWDEOHFLPLHQWR GH UHODFLRQHV FRUGLDOHV GH IOXLGH] SRVLWLYDV \
ELGLUHFFLRQDOHVHQWUHHVFXHODV\IDPLOLDV
',)(5(1&,$6(1/$6)81&,21(6)$0,/,$6<(6&8(/$6
6L 'RP¯QJXH] \ )HUQ£QGH] VH³DODURQ ORV HOHPHQWRV TXH SRGU¯DQ PDUFDU ODV
VHPHMDQ]DV HQWUH DPEDV LQVWLWXFLRQHV WDPEL«Q VH³DODQ FX£OHV VRQ ORV TXH
GHWHUPLQDQ ODV GLIHUHQFLDV HQ FXDQWR D IXQFLRQHV RUJDQL]DFLµQ HVSDFLRWHPSRUDO \
SDUWLFLSDQWHVIDPLOLDVGRFHQWHV\SHUVRQDOQRGRFHQWH(VWRVHOHPHQWRVVHU¯DQ
-
(QUHODFLµQDO VLVWHPDGHDFWLYLGDGHVODIDPLOLDVHFHQWUDHQKDFHUSRVLEOHODV
GH OD YLGD FRWLGLDQD GHO QL³R PLHQWUDV TXH OD HVFXHOD IRFDOL]D OD PLUDGD HQ
DFWLYLGDGHVGLVH³DGDV\SODQLILFDGDVHQIXQFLµQGHORVREMHWLYRVHGXFDWLYRV
-
5HVSHFWR DO VLVWHPD GH UHODFLRQHV VH SHUFLEH TXH HO QL³R HVWDEOHFH XQD
UHODFLµQ P£V HVWDEOH \ GXUDGHUD FRQ DOJ¼Q PLHPEUR GH OD IDPLOLD \ TXH «VWD
UHVSRQGHLQPHGLDWDPHQWHDODGHPDQGDGHOQL³R6LQHPEDUJRHQODHVFXHOD
Capítulo 3
La relación familia – escuela
OD LQWHUDFFLµQ QL³R ದ GRFHQWH VXHOH VHU PHQRU DXQTXH V¯ TXH IDYRUHFH HO
DSUHQGL]DMHVRFLDO\ODVQRUPDVGHFRQYLYHQFLDGHJUXSR
-
(Q FXDQWR D OD FRPXQLFDFLµQ \ HO DSUHQGL]DMH HQ OD IDPLOLD VH SURGXFH SRU
REVHUYDFLµQ H LPLWDFLµQ GHO FRPSRUWDPLHQWR GHO DGXOWR < HQ OD HVFXHOD VH
EDVD HQ HO LQWHUFDPELR YHUEDO DPSOLDQGR HO YRFDEXODULR \ OD HVWUXFWXUD GHO
GLVFXUVR
-
5HIHUHQWH D OD XQLGDG GH OR FRJQLWLYR \ OR DIHFWLYR ORV DSUHQGL]DMHV \ ODV
LQWHUDFFLRQHVTXHVHHVWDEOHFHQHQODVIDPLOLDVSRVHHQXQDFDUJDP£VDIHFWLYD
(Q OD HVFXHOD OD HQVH³DQ]D QR VLHPSUH VH SHUVRQDOL]D \ ORV DVSHFWRV P£V
DIHFWLYRVHLQWHOHFWXDOHVQRHVW£QFRQWLQXDPHQWHLQWHUUHODFLRQDGRV
3DUD 'RZOLQJ OD IDPLOLD \ OD HVFXHOD VXHOHQ DGRSWDU WUHV SRVWXUDV FXDQGR VH
SHUFLEHTXHKD\XQSUREOHPDHQHOUHQGLPLHQWRHVFRODUGHOQL³RFHQWUDQGRVXPLUDGD
HQODFRQGXFWDHQHODSUHQGL]DMHRHQORHPRFLRQDO
-
/D SULPHUD FXDQGR OD IDPLOLD FRQVLGHUD TXH OD UHVSRQVDELOLGDG GH ORV
SUREOHPDVTXHSUHVHQWDHOQL³RHVGHODHVFXHOD3RUORWDQWRHVSHUDTXHVHD
HOGRFHQWHTXLHQOOHYHDFDERXQDVHULHGHDFWXDFLRQHVFRQHOILQGHTXHHOQL³R
QRSUHVHQWHP£VಯSUREOHPDVರ
-
/DVHJXQGDHVDODLQYHUVD6HSDUWHGHODFRQFHSFLµQGHTXHORVಯSUREOHPDVರ
TXH SUHVHQWD HO QL³R VRQ GHELGRV DO FRQWH[WR IDPLOLDU \ OD HVFXHOD QR SXHGH
KDFHUQDGDUHVSHFWRDHOOR
Capítulo 3
-
La relación familia – escuela
< HQ OD WHUFHUD DPEDV IDPLOLDV \ HVFXHODV FRQVLGHUDQ TXH HO ಯSUREOHPDರ
VXE\DFH HQ HO QL³R GHELGR D XQ SUREOHPD GH SHUVRQDOLGDG GH FDU£FWHU GH
FRPSRUWDPLHQWR HWF \ FRQVLGHUDQ TXH ODV LQWHUYHQFLRQHV WHQGU¯DQ TXH VHU
LQGLYLGXDOHV
0LHQWUDVTXHODVGRVSULPHUDVSRVWXUDVGDQOXJDUDXQHVWDEOHFLPLHQWRGHUHODFLRQHV
DVLP«WULFDV GH SRGHU HQ HVWD ¼OWLPD ODV IDPLOLDV \ OD HVFXHOD WUDEDMDQ GH PDQHUD
FRQMXQWDGDQGRSDVRDODHVFXFKDHOUHVSHWR\ODFRPSUHQVLµQ
$SHVDUGHORVFDPELRVH[SHULPHQWDGRVSRUDPEDVLQVWLWXFLRQHV\HOGHVHRHLQWHU«V
GH TXH KD\D XQ DFHUFDPLHQWR HQWUH HOODV D SDUWLU GH OD FRODERUDFLµQ SDUWLFLSDFLµQ H
LPSOLFDFLµQ HV HYLGHQWH TXH D¼Q FRQWLQ¼D H[LVWLHQGR FLHUWDV GLVFRQWLQXLGDGHV HQWUH
IDPLOLDV\HVFXHODV0DFKDUJRFHQWUDEDVXPLUDGDHQWUHVSRVLEOHVFDXVDVTXH
GLILFXOWDEDQODVUHODFLRQHVFRQHOFRQWH[WRHGXFDWLYRODGLVFUHSDQFLDHQORVREMHWLYRV
\H[SHFWDWLYDVGHODVIDPLOLDV\ODHVFXHODGHVWDFDQGRODFRPSOHMLGDGGHODHGXFDFLµQ
\ OD YDULHGDG GH LQWHUHVHV OD DXVHQFLD GH PRGHORV TXH FDQDOLFHQ WRGRV ORV
HVIXHU]RV RULHQWDGRV D OD PHMRUD GH OD DFFLµQ HGXFDWLYD SDUD GDU FDELGD D OD
SDUWLFLSDFLµQ \ FRODERUDFLµQ GH WRGD OD FRPXQLGDG HGXFDWLYD \ ODV DFWLWXGHV GH
LQWUDQVLJHQFLD GH DPEDV SDUWHV GDQGR OXJDU D FHORV VXVSLFDFLD FXOSDELOLGDGPXWXD
SURWDJRQLVPRHWF
(Q ORV HVWXGLRV UHDOL]DGRV SRU 3D\QH ODV EDUUHUDV P£V FRPXQHV TXH
GLILFXOWDEDQODVUHODFLRQHV\SRUORWDQWRODFRRSHUDFLµQIDPLOLDದHVFXHODHUDQODVTXH
VH HQFRQWUDEDQ HQ ODV £UHDV GH OD FRPXQLFDFLµQ GH OD FXOWXUD \ GH ORVVHQWLPLHQWRV
SHUVRQDOHV 6H FRQVLGHUD TXH OD FRPXQLFDFLµQ VH KDFH GLI¯FLO FXDQGR ORV KRUDULRV
Capítulo 3
La relación familia – escuela
HVFRODUHVQRFRQFLOLDQFRQORVKRUDULRVIDPLOLDUHVFXDQGRODVUHXQLRQHVGHHVFXHOD\
SRVLEOHVHYHQWRVQRFDVDQFRQORVWLHPSRVyUHDOHVರGHODVIDPLOLDV2FXDQGRHOFHQWUR
HGXFDWLYR QR WLHQH HQ FXHQWD OD GLYHUVLGDG IDPLOLDU \ FXOWXUDO TXH VH GD HQ «O
GLILFXOWDQGR OD SDUWLFLSDFLµQ GH GLIHUHQWHV FXOWXUDV HQ DFWLYLGDGHV HVFRODUHV SRUTXH
KD\DXQDWHQGHQFLDKDFLDODVFRVWXPEUHVP£VWUDGLFLRQDOHV
/DFDVDGHVWDFµWDPEL«QFLHUWDVGLIHUHQFLDVHQWUHIDPLOLD\HVFXHODODHOHFFLµQ
HLQFRUSRUDFLµQGHOQL³RDODHVFXHODSDVDQGRDV¯GHXQQ¼FOHRUHGXFLGRDXQJUXSR
PXFKRP£VDPSOLRHOKRJDUHVW£PDUFDGRSRUXQDFLHUWDLQIRUPDOLGDGXQDSUHQGL]DMH
P£VQDWXUDO\UHDOPLHQWUDVTXHODHVFXHODHVXQFRQWH[WRGHIRUPDOLGDGH[LVWLHQGRXQ
KRUDULRXQDVDFWLYLGDGHVOOHYDQGRDFDERXQDSUHQGL]DMHGHOLEHUDGR\FRQVFLHQWH$O
LJXDOTXH'RP¯QJXH]\)HUQ£QGH]SDUD/DFDVDODH[SUHVLµQRUDOHVHOPHGLR
IXQGDPHQWDOHQHOKRJDUPLHQWUDVTXHHQODHVFXHODVHGDQRWURVFµGLJRVOLQJ¾¯VWLFRV
UHODFLRQDGRVFRQODDGTXLVLFLµQGHODOHFWRHVFULWXUD
3DUD&DJLJDODOJXQRVGHORVDVSHFWRVTXHSXHGHQGLILFXOWDUHOHQFXHQWUR
HQWUHIDPLOLDV\GRFHQWHVVHU¯DQ
-
/D RUJDQL]DFLµQ MHU£UTXLFD GH DPERV VLVWHPDV (Q OD HVFXHOD FXDQGR HO
GRFHQWHVHHQWUHYLVWDFRQODVIDPLOLDVGHDOJXQDPDQHUDSHUFLEHTXHWLHQHOD
PD\RU DXWRULGDG GHO DXOD PLHQWUDV TXH ODV IDPLOLDV VRQ ODV TXH WLHQHQ PD\RU
DXWRULGDG VREUH HO KLMR(V LPSRUWDQW¯VLPR HO UHVSHWRPXWXR \ ODFDSDFLGDGGH
OOHJDUDDFXHUGRV
Capítulo 3
-
La relación familia – escuela
/DVಯUHJODVರ(QODPD\RU¯DGHODVRFDVLRQHVH[LVWHXQDGLVSDULGDGGHಯQRUPDVರ
HQWUH IDPLOLDV \ HVFXHODV $PEDV SRGU¯DQ HVWDEOHFHU FLHUWDV QRUPDV SDUD XQD
PHMRUFRQYLYHQFLD\HQWHQGLPLHQWR
-
/RV VLVWHPDV GH FUHHQFLDV \ OD FXOWXUD 'RFHQWHV \ IDPLOLDUHV SXHGHQ DFWXDU
GHVGH XQD VHULH GH HVWHUHRWLSRV PDODV SHUFHSFLRQHV H LQWHUSUHWDFLRQHV TXH
GLILFXOWDQODVUHODFLRQHVIOXLGDV\FRUGLDOHVHQWUHDPEDV3RUHOORVHFRQVLGHUD
QHFHVDULRURPSHUFRQORVHVWHUHRWLSRV\GHVFDUWDUODLGHDGHTXHODVIDPLOLDVQR
VH LQWHUHVDQ SRU OD HVFXHOD \ OD HGXFDFLµQ GH VXV KLMRV (VWXGLRV UHDOL]DGRV
GHPXHVWUDQ TXH ODV IDPLOLDV PDQWLHQHQ GLIHUHQWHV IRUPDV GH UHODFLµQ FRQ ORV
GRFHQWHV 'XUQLQJ &RPR DILUPDED 3HUUHQRXG SDGUHV \
PDHVWURVTXLHUHQHQSULQFLSLRHOELHQGHOQL³R3HURQRWLHQHQVLHPSUHODPLVPD
LPDJHQ
3DUWLHQGRGHODVDSRUWDFLRQHVDQWHULRUHV\GHOWUDEDMRGH3«UH]ODVGLIHUHQFLDV
HQWUHIDPLOLD\HVFXHODVHSXHGHUHVXPLUHQ
)$0,/,$
(6&8(/$
Š
*UXSRUHGXFLGR
Š
*UXSRDPSOLR
Š
7LHPSRV\HVSDFLRVIOH[LEOHV
Š
7LHPSRV\HVSDFLRVRUJDQL]DGRV
Š
([SUHVLµQE£VLFDPHQWHRUDO
Š
([SUHVLµQHVFULWD
Š
$SUHQGL]DMHQDWXUDO
Š
$SUHQGL]DMHIRUPDO
Š
&RQWH[WRUHDO
Š
&RQWH[WRLQVWLWXFLRQDO
Š
$FWLYLGDGHVIXQFLRQDOHVGHDSOLFDFLµQVHJXUD Š
$FWLYLGDGHV GHOLEHUDGDV GH DSOLFDFLµQ VµOR
HLQPHGLDWD
SUREDEOH\GLIHULGD
Š
&XUU¯FXOXPHGXFDWLYRLPSO¯FLWR
Š
&XUU¯FXOXPHGXFDWLYRH[SO¯FLWR
Capítulo 3
La relación familia – escuela
6LJXLHQGR FRQ ODV GLVFUHSDQFLDV \ GLVFRQWLQXLGDGHV XQ HVWXGLR UHDOL]DGR SRU
+HUQ£QGH] \ 6DQFKR HQ WRUQR DO FOLPD HQ ORV FHQWURV HGXFDWLYRV VH³DOD TXH
XQRGHORVFDPELRVH[SHULPHQWDGRVSRUHOSURIHVRUDGR\TXHDIHFWDDVXSURIHVLµQHV
OD ಯQR LPSOLFDFLµQರ GH ODV IDPLOLDV HQ OD HGXFDFLµQ GH VXV KLMRV /RV GRFHQWHV
SDUWLFLSDQWHV HQ HVWD LQYHVWLJDFLµQ VHSRVLFLRQDURQ IUHQWH DHVWHFDPELR GHVGH HO
UHFRQRFLPLHQWR GH OD SURSLD SHUSOHMLGDG GH ODV IDPLOLDV GRFHQWHV FRQVFLHQWHV GH ODV
GLILFXOWDGHVGHODVIDPLOLDVGHVGHHOUHSURFKHIDOWDGHVLQWRQ¯DFRQODVIDPLOLDV\
GHVGHODFRPSOLFLGDG\ODFRODERUDFLµQE¼VTXHGDGHOFRQWDFWRODFRRSHUDFLµQ\OD
SDUWLFLSDFLµQGHODVIDPLOLDVHQXQSUR\HFWRHGXFDWLYRFRPSDUWLGR
7HQLHQGR HQ FXHQWD ORV HVWXGLRV VH³DODGRV SDUHFH TXH ORV HOHPHQWRV TXH SRGU¯DQ
GLILFXOWDURIDYRUHFHUXQDPD\RUFRQH[LµQHQWUHODIDPLOLD\ODHVFXHODVHU¯DQ
-
'HVGH OD HVFXHOD OD ILORVRI¯D GH OD SDUWLFLSDFLµQ VH WLHQH FODUR TX« TXLHUH
GHFLU SDUWLFLSDU HQ OD HVFXHOD" 1R WRGRV ORV LQWHJUDQWHV GH OD FRPXQLGDG
HGXFDWLYD SHUFLEHQ GH OD PLVPD PDQHUD OD SDUWLFLSDFLµQ $OJXQDV GH ODV
DFWLWXGHV TXH GLILFXOWDQ OD SDUWLFLSDFLµQ VRQ D OD WHUULWRULDOLGDG KD\ XQD
WHQGHQFLDDVHQWLUVHFXHVWLRQDGRVREVHUYDGRVHLQYDGLGRVEODDXWRFRQILDQ]D
HQODFRPSHWHQFLDODSRFDH[SHULHQFLDSRUIDOWDGHOSURIHVRUDGRFVHJXULGDG
HQ HO URO GHO H[SHUWR \G XVR GHO OHQJXDMHDFDG«PLFR 7DPEL«Q VHFRQVLGHUD
FRPRLQFRQYHQLHQWHDODKRUDGHLQWHUDFWXDUFRQODVIDPLOLDVODIDOWDGHWLHPSR\
ODV GHPDQGDV EXURFU£WLFDV \ GH SODQLILFDFLµQ GH OD HVFXHOD < SRU VXSXHVWR
ODV KDELOLGDGHV GH ORV GRFHQWHV HV GHFLU HQ SULQFLSLR QDGLH OHV SUHSDUD SDUD
Capítulo 3
La relación familia – escuela
FRPHQ]DU D HVWDEOHFHU FRQWDFWRV \ UHODFLRQDUVH FRQ ODV IDPLOLDV GH VX
DOXPQDGR
-
'HVGH OD IDPLOLD OD FRQIURQWDFLµQ HO FRODERUDFLRQLVPR HV GHFLU FXDQGR
DOJXQDV IDPLOLDV PXHVWUDQ H[FHVLYD FRODERUDFLµQ SRU VX SDUWH 2WUDV GH ODV
GLVFRQWLQXLGDGHVGHLQWHUDFFLµQPDQLIHVWDGDVSRUODVIDPLOLDVVHU¯DQODIDOWDGH
KDELOLGDGHV SDUD OD FRPXQLFDFLµQ OD GHVLQIRUPDFLµQ OD SRFD FDSDFLGDG GH
DFFHVR \ OD GLILFXOWDG SDUD FRPSUHQGHU OD GRFXPHQWDFLµQ W«FQLFD OD QR
LQWHJUDFLµQHQHOFRQWH[WRHVFRODUIDOWDGHDFXHUGRVHWF
/$6 5(/$&,21(6 )$0,/,$6 ದ (6&8(/$6 5(3(16$1'2 81 &$0%,2
1(&(6$5,2
([LVWHQGLIHUHQWHVHVWXGLRVSHUVSHFWLYDV\SURSXHVWDVTXHVHFHQWUDQHQSURPRYHUXQ
FDPELR HQ ODV UHODFLRQHV HQWUH ODV IDPLOLDV \ OD HVFXHOD /RV P¼OWLSOHV DFWRUHV TXH
SDUWLFLSDQ HQ HO SURFHVR HGXFDWLYR GHVHPSH³DQ GLVWLQWRV UROHV DGRSWDQGR GLYHUVRV
PRGHORV GH UHODFLµQ HQWUH HOORV 'DEDV DUJXPHQWD OR LQWHUHVDQWH TXH
VHU¯D TXH DPEDV LQVWLWXFLRQHV HQFRQWUDUD QXHYDV SRVLELOLGDGHV GH FRQH[LµQ GH
HVWDEOHFHUUHGHVHQWUHHOODV
Capítulo 3
La relación familia – escuela
81 3$62 (175( (/ $17(6 < (/ '(638‹6 (1 /$6 0$1(5$6 '(
5(/$&,21$56(
:LVH\7KRUQEXUJGHVFULELHURQVHLVPRGHORVGHUHODFLµQGHWLSRELGLPHQVLRQDO
YHU WDEOD (Q HO SULPHU PRGHOR OD IDPLOLD HUD OD ¼QLFD IXHQWH GH HGXFDFLµQ (Q HO
VHJXQGRHOKRJDUHUDYLVWRFRPRODSULQFLSDOIXHQWHGHHGXFDFLµQSHURQHFHVLWDEDOD
D\XGD GH OD HVFXHOD SDUD HVWDU DO VHUYLFLR GH OD VRFLHGDG $O WHUFHU PRGHOR OR
OODPDU¯DQ HO GH ಯSDUWHQDULDGRರ DPEDV LQVWLWXFLRQHV HUDQ FRQVLGHUDGDV FRPR
LQIOXHQFLDVVRFLDOL]DQWHVOHJ¯WLPDVVXJLULHQGRODH[LVWHQFLDGHXQDUHODFLµQGHWUDEDMR
FRRSHUDWLYR (Q HO FXDUWR PRGHOR OD HVFXHOD VH FRQVWLWX¯D FRPR DJHQWH \ P£[LPD
UHVSRQVDEOHGHODHGXFDFLµQ(QHVWHPRGHORODVIDPLOLDVTXHGDEDQDOPDUJHQGHODV
GHFLVLRQHV HGXFDWLYDV (Q HO SHQ¼OWLPR PRGHOR OD HVFXHOD HUD YLVWDFRPR XQ DJHQWH
H[FOXVLYR\OD¼QLFDUHVSRQVDEOHGHODHGXFDFLµQIRUPDO\ODIDPLOLDHUDTXLHQWRPDED
ODGHFLVLµQGHVLDFHSWDEDRUHFKD]DEDORTXHODHVFXHODOHVSRGU¯DRIUHFHU<HOVH[WR
PRGHORYHQ¯DPDUFDGRSRUODHQWUDGDGHRWURDJHQWHODFRPXQLGDGGLIHUHQWHDOKRJDU
\DOFHQWURHGXFDWLYR
0RGHOR
,
'LQ£PLFDGHOPRGHOR
)DPLOLDDJHQWHH[FOXVLYR
,, )DPLOLD
DJHQWH
SULPDULR
)DPLOLD
\ )DPLOLD„(VFXHOD
7RPDGHGHFLVLµQ
,PSOHPHQWDGRU
)DPLOLD
)DPLOLD
)DPLOLD
(VFXHOD
$PERV
$PERV
(VFXHOD
(VFXHOD
HVFXHODDJHQWHVHFXQGDULR
,,, 3DWHUQDULDGRIDPLOLDHVFXHOD
)DPLOLD„
(VFXHODƒ
,9 (VFXHODDJHQWHSULPDULR
)DPLOLD
ƒ
(VFXHOD
Capítulo 3
La relación familia – escuela
9 (VFXHODDJHQWHH[FOXVLYR
(VFXHOD
9, 2WURDJHQWH
)DPLOLDRWURDJHQWH
(VFXHOD
(VFXHOD
2WUR
(VFXHOD
ƒ
RHVFXHODGRPLQDQWH
7DEOD0RGHORVGHUHODFLµQHVFXHODದIDPLOLDGH:LVH\7KRUQEXUJ
6L SDUWLPRV GH OD QHFHVLGDG GH HVWDEOHFHU UHODFLRQHV HILFDFHV HQWUH DPEDV
LQVWLWXFLRQHV VH SRGU¯D FUHDU XQ PRGHOR ELGLUHFFLRQDO FX\DV FDUDFWHU¯VWLFDV VHU¯DQ HO
PXWXR UHVSHWR GHOLQHDU HO WLSR GH DFWXDFLRQHV \ IXQFLRQHV TXH GHEHU¯DQ GH
GHVHPSH³DU FDGD PLHPEUR WRPDU GHFLVLRQHV FRQVHQVXDGDV \ HVWDEOHFHU HO WLSR GH
HVWUXFWXUDV\PHFDQLVPRVSDUDTXHHVWDUHODFLµQSXHGDIXQFLRQDU
&RQHOILQGHSRGHUHQWHQGHUODVUHODFLRQHVTXHVHGDQHQWUHIDPLOLDV\HVFXHODV.DW]
UHDOL]µ XQ HVWXGLR EDV£QGRVH HQ ORV UROHV DSHJR DIHFWR UDFLRQDOLGDG
HVSRQWDQHLGDG SDUFLDOLGDG \ UHVSRQVDELOLGDG TXH GHVHPSH³DEDQ ORV SDGUHV \ ORV
PDHVWURVYHUWDEODFRQHOSURSµVLWRGHSRGHUHVWDEOHFHUHOWLSRGHSDUWLFLSDFLµQTXH
VH SRG¯D REVHUYDU HQWUH DPERV VHJXLGR GHO JUDGR GH IOXLGH] \ VDWLVIDFFLµQ GH
LPSOLFDFLµQHQODVUHODFLRQHVHQWUHIDPLOLDV\HVFXHODV
5ROHV
3DGUHV
0DHVWURV
)XQFLRQHV
9DVWRDEDQLFRGHIXQFLRQHV
&RPSHWHQFLDVHVSHF¯ILFDV
$IHFWR
,QIOXHQFLD DIHFWLYD LPSRUWDQWH $QVLHGDG \ ,QIOXHQFLD DIHFWLYD PHQRV ¯QWLPD WHQVLµQHQODVLWXDFLµQGHDSUHQGL]DMH
DUWLILFLDOLGDG
&RPSRUWDPLHQWR
SHUPDQHQWH
SDFLHQWH
FRPSUHQVLYRHQVLWXDFLµQDSUHQGL]DMH
$SHJR
,QFRQGLFLRQDO
'HVDSHJRµSWLPR
5DFLRQDOLGDG
,UUDFLRQDOLGDGµSWLPD
5DFLRQDOLGDGµSWLPD
(VSRQWDQHLGDG
(VSRQWDQHLGDGµSWLPD
$FWLYLGDGHVSUHGHWHUPLQDGDV
\
Capítulo 3
3DUFLDOLGDG
5HVSRQVDELOLGDG
La relación familia – escuela
'HIHQVRUHV GH ODV QHFHVLGDGHV GHO QL³R 1L³R
PLHPEUR
GH
XQ
JUXSR
3DUWLFXODULVPR
8QLYHUVDOLVPR
%¼VTXHGDGHOELHQHVWDUGHXQVRORQL³R
%¼VTXHGD GHO ELHQHVWDU GH WRGRV
0DQWHQHUODXQLGDGGHJUXSR
7DEOD'LIHUHQFLDVHQWUHORVUROHVGHORVSDGUHV\ORVPDHVWURVSRU.DW]
3RVWHULRUPHQWH %DVWLDQL HQWHQG¯D HO FDPSR GH ODV UHODFLRQHV FDVD ದ HVFXHOD
GHVGH WUHV SHUVSHFWLYDV GLIHUHQWHV GHVGH XQD H[WHQVD WUDGLFLµQ GH LQYHVWLJDFLµQ
GRQGH H[LVW¯D XQ DUUDLJDGR FRQWH[WR EDVDGR HQ OD LGHRORJ¯D GH LJXDOGDG GH
RSRUWXQLGDGHV GHVGH XQD UHWµULFD EDVDGD HQ XQ FUHFLPLHQWR GHO LQWHU«V SRU OD
HGXFDFLµQ\SRUODFUHHQFLDHQVXVYDORUHVHQODTXHODSURIHVLµQGRFHQWHVHUHGHILQ¯D
GHVGHXQD DFWXDOSU£FWLFDHQWUHHVFXHODVGRFHQWHVIDPLOLDV\DOXPQRVYDORUDQGR
ORVSXQWRVGHYLVWDGHFDGDXQRGHHOORV\ODFRPXQLFDFLµQFRQWDFWR\FRPSURPLVRGH
IDPLOLDV \ HVFXHODV /DV LQYHVWLJDFLRQHV VREUH ODV UHODFLRQHV IDPLOLDV \ HVFXHODV GH
%DVWLDQLOOHYDURQDHVWDEOHFHUFXDWURSHUVSHFWLYDVGLIHUHQWHVEDVDGDVHQYHUWDEOD
FRPSHQVDFLµQFRPXQLFDFLµQUHVSRQVDELOLGDG\SDUWLFLSDFLµQ(OPRGHOREDVDGRHQOD
FRPSHQVDFLµQ FHQWUD VX PLUDGD HQ OD LQWHUYHQFLµQ GH OD IDPLOLD WRPDQGR PHGLGDV
FRPSHQVDWRULDV \ GH GLVFULPLQDFLµQ SRVLWLYD \ HQ EXVFD GH OD LJXDOGDG GH
RSRUWXQLGDGHV (O GH FRPXQLFDFLµQ HQWUH GRFHQWHV IDPLOLDV \ DOXPQDGR GHVWDFD OD
UDFLRQDOLGDG FRPR EDVH GH OD FRQGXFWD VRFLDO HO SURIHVRUDGR FRPXQLFD GH IRUPD
H[SO¯FLWD VXV SURSµVLWRV HGXFDWLYRV (Q OD WHUFHUD PLUDGD OD GH UHVSRQVDELOLGDG
HVFXHODV\IDPLOLDVWUDEDMDQFRQDJHQWHVH[WHUQRVGHOVLVWHPDHGXFDWLYRSDUDDGTXLULU
FLHUWDV UHVSRQVDELOLGDGHV HQ OD HGXFDFLµQ VLHQGR HO GRFHQWH TXLHQ UHVSRQGH GH ORV
UHVXOWDGRV GHO SURFHVR HGXFDWLYR GHO DOXPQDGR 'HVGH OD SHUVSHFWLYD GH OD
(Q.³DOOLQVN\
Capítulo 3
La relación familia – escuela
SDUWLFLSDFLµQ ODV IDPLOLDV VRQ YLVWDV FRPR HGXFDGRUDV \ HVW£Q LPSOLFDGDV HQ OD
HGXFDFLµQGHODVFULDWXUDVSRUORWDQWRH[LVWHXQDUHODFLµQ\SDUWLFLSDFLµQUHDOGHODV
IDPLOLDV
6FKRRO)DPLO\
&KDUDFWHULVWLFV
6WUDWHJLHV\NNH\VSROLFLHV
,QYROYHPHQW
(QYLURQPHQWDOLVP DQG VRFLDO &RPSHQVDWRU\ DQG SRVLWLYHV $VVLVW
HQJLQHHULQJ
GLVFULPLQDWRU\PHDVXUHV
,GHRORJ\RIHTXDORSSRUWXQLW\
)DPLO\LQWHUYHQWLRQ
IDPLOLHV
ZLWK
SDUHQWLQJ VNLOOV IDPLO\
&RPSHQVDWLRQ
VXSSRUWಹ $VVLVW VFKRROV
LQ XQGHUVWDQGLQJ IDPLOLHVಬ
EDFNJURXQGVFXOWXUHVಹ
&RQVHQVXVSROLWLFV
(QKDQFHGSURIHVVLRQDOLVP
&RPPXQLFDWH
&RPPXQLFDWLRQ
5DWLRQDOLW\ DV WKH EDVLV RI 7KHಯJRRGSUDFWLFHರPRGHORI
IDPLOLHV
VRFLDOEHKDYLRXU
HGXFDWLRQDOFKDQJH
ZLWK
DERXW
VFKRRO
SURJUDPV DQG VWXGHQW
SURJUHVV &UHDWH WZR ದ
ZD\
FRPPXQLFDWLRQ
FKDQQHOVIDPLO\ದVFKRRO
&RQVXPHULVP
LQWHUHVWV ,GHQWLI\LQJ
ULJKWVDQGUHVSRQVLELOLWLHV
5HVSRQVLELOLW\
DQG
PHHWLQJ $FWLYLWLHV DQG VFKHGXOHV
FXVWRPHUQHHGVDQGZLVKHV
$FFRXQWDELOLW\
WR LQYROYH IDPLOLHV DV
YROXQWHHUV
0RQHWDULVW
HFRQRPLF
DQG :RUNLQJ
VRFLDOSROLFLHV
ZLWK
H[WHUQDO
DQG
DV
DXGLHQFHVDWWKHVFKRRO
DXGLHQFHV
,QYROYH IDPLOLHV ZLWK WKHLU
FKLOGUHQ
LQ
OHDUQLQJ
DFDGHPLF
DW
KRPHಹ
(QFRXUDJH WHDFKHUV WR
GHVLJQ KRPHZRUN WKDW
HQDEOHVVWXGHQWVWRVKDUH
DQG GLVFXVV LQWHUHVWLQJ
WDVNV
3DUWLFLSDWRU\ GHPRFUDF\ DQW 3DUHQWDO
LQYROYHPHQW
DW 'HFLVLRQV
KRPHDQGDWVFKRRO
WKHಯ2SHQ6RFLHW\ರ
3DUWLFLSDWLRQ
VKDUHGUHVSRQVLELOLW\
DV
HGXFDWRUV
&RPPXQLW\ HGXFDWLRQ DQG
IDPLOLHV
DV
SDUWLFLSDQWV
LQ
VFKRRO
GHFLVLRQV
JRYHUQDQFH
DQGDGYRFDF\DFWLYLWLHV
GHYHORSPHQW
&ROODERUDWLQJ
ZLWK
'HYROYHG SRZHU DQG 3DUHQWV
LQFOXGH
PDNLQJ
WKH
3DUWQHUVKLS
EHWZHHQ
&RRUGLQDWHUHFRXUVHVDQG
HTXDOV
FRPPXQLW\
VHUYLFHV
IRU
VWXGHQWV
VFKRRO
IDPLO\
ZLWK
Capítulo 3
La relación familia – escuela
-
3OXUDOLVPDQGGLYHUVLW\
FRPPXQLW\JURXSV
7DEOD+RPHDQGVFKRROLGHRORJLHV%DVWLDQL6L[W\SHVRILQYROYHPHQW(SVWHLQHWDO
&KULVSHHOV HQWHQG¯D OD UHODFLµQ IDPLOLD ದHVFXHOD\ FRPXQLGDG EDVDGD HQ XQD
FRODERUDFLµQ HQ OD TXH ODV IDPLOLDV OD FRPXQLGDG HO SURIHVRUDGR \ HO SHUVRQDO QR
GRFHQWHSRGU¯DQSDUWLFLSDUHQODFDVDHQODFRPXQLGDGHQHOFHQWURHGXFDWLYR\HQODV
DFWLYLGDGHVFRQHOSURSµVLWRGHD\XGDU\IDYRUHFHUGHPDQHUDGLUHFWDHQHOSURFHVRGH
DSUHQGL]DMH\GHVDUUROORGHODOXPQDGR
3DUD 3«UH] OD UHODFLµQ HQWUH IDPLOLD \ HVFXHOD VH SXHGH HQWHQGHU D SDUWLU GH
GRVPRGHORVGLIHUHQWHVFRQVWUXFWLYLVWD\VLVW«PLFR
-
(Q HO FRQVWUXFWLYLVWD H[LVWH XQD UHODFLµQ HQWUH GRFHQWH \ DOXPQDGR \ HQWUH
IDPLOLD H KLMRV $PEDV LQVWLWXFLRQHV FRPSDUWHQ DO QL³R TXH KDFH GH Y¯QFXOR
HQWUH HOODV (Q HVWHPRGHOR SRUORWDQWR QR VH SXHGHKDEODU GH XQD UHODFLµQ
GLUHFWD HQWUH GRFHQWHV \ IDPLOLDV \D TXH IDOWDU¯D HVWH OD]R GH XQLµQ HQWUH
DPERVFRQWH[WRV
-
(QHOVLVW«PLFRDGLIHUHQFLDGHODQWHULRUWLHQHLQWHJUDGDVDODVIDPLOLDV\«VWDV
VDEHQ\SHUFLEHQTXHIRUPDQSDUWHGHODLQVWLWXFLµQHVFRODU3RUORWDQWRH[LVWH
XQDUHODFLµQGLUHFWDHQWUHIDPLOLDV\HVFXHOD
$V¯ SXHV \ DSR\£QGRPH HQ SDODEUDV GH &RVWD \ WHQLHQGR HQ FXHQWD HO
PRGHORVLVW«PLFRSDUDKDEODUGHXQDIOXLGDUHODFLµQHQWUHIDPLOLDV\HVFXHODVP£VDOO£
GHODSDUWLFLSDFLµQODFRODERUDFLµQ\ODLPSOLFDFLµQVHWHQGU¯DQTXHGDUXQIDFWRUFODYH
\YLWDOGHWRGDUHODFLµQFRPRHVODFRQILDQ]D
Capítulo 3
La relación familia – escuela
ಯ&RQVWUXLU \ GHVDUUROODU XQD UHODFLµQ GH PXWXD FRQILDQ]D GHEHU¯D VHU XQ
REMHWLYRFRP¼Q\SULRULWDULRರ
/2668-(726<6860,5$'$6
/D HVFXHOD \ OD IDPLOLD VH HVW£Q UHSODQWHDQGR RWURV HVSDFLRV PHFDQLVPRV \
HVWUDWHJLDV SDUD HVWDEOHFHU UHODFLRQHV HQWUH DPEDV 'LYHUVRV HVWXGLRV UHDOL]DGRV
(SVWHLQ *DUF¯D &KHFD 3RXUWRLV \ 'HVPHW 0RQWDQGRQ \
5DYQ PDQLILHVWDQ TXH ORV GLYHUVRV DFWRUHV GH OD FRPXQLGDG HGXFDWLYD
VRQSLH]DVHVHQFLDOHVSDUDSURPRYHU\FRQVROLGDUODFRODERUDFLµQ\ODSDUWLFLSDFLµQGH
WRGRVVXVPLHPEURVGHVGHGLIHUHQWHVQLYHOHVGHLPSOLFDFLµQHQODVHVFXHODV
/$(6&8(/$/$0,5$'$'(/26'2&(17(6
(SVWHLQVH³DOµVHLV£UHDVGHFRRSHUDFLµQFRQODVIDPLOLDVFRQHOSURSµVLWRGH
TXHODVHVFXHODVSURPRYLHUDQ\FRQVROLGDUDQODSDUWLFLSDFLµQGHDTXHOODVWHQLHQGRHQ
FXHQWDODGLYHUVLGDGGHODVPLVPDV\DWHQGLHQGRGLIHUHQWHVSRVLELOLGDGHV
-
/DHVFXHODFRPRXQDIXHQWHGHD\XGDSDUDODVIDPLOLDVFRQHOILQGHTXH«VWDV
SXGLHUDQFXPSOLUFRQVXVREOLJDFLRQHVE£VLFDVHQUHODFLµQFRQVXVKLMRV
-
/DIDPLOLDFRPRIXHQWHGHD\XGDDOFHQWURHVFRODUFRQHOSURSµVLWRGHTXH«VWH
SXHGD DWHQGHU VXV REOLJDFLRQHV E£VLFDV FRQ UHVSHFWR D VX DOXPQDGR \ VXV
IDPLOLDV
Capítulo 3
La relación familia – escuela
-
/DFRODERUDFLµQGHODVIDPLOLDVHQODVHVFXHODV
-
/D LPSOLFDFLµQ GH ODV IDPLOLDV HQ ODV DFWLYLGDGHV GH DSUHQGL]DMH QR HQ HO
FHQWURVLQRHQFDVD
-
/DSDUWLFLSDFLµQGHODVIDPLOLDVHQORVµUJDQRVGHJHVWLµQ\GHFLVLµQGHOFHQWUR
FRQVHMRHVFRODU
-
/D FRQH[LµQ \ OD FRRUGLQDFLµQ GH WRGD OD FRPXQLGDG HGXFDWLYD FRQ RWUDV
HQWLGDGHVFRPXQLWDULDV
$V¯ SXHV ORV GRFHQWHV D SDUWH GH YHODU SRU OD HGXFDFLµQ LQWHJUDO GH VXV DOXPQRV
WLHQHQDQWHV¯XQDWDUHDFRPSOHMDHOFµPRUHODFLRQDUVHFRQODVIDPLOLDVHLQWHJUDUODV
HQ ODV HVFXHODV (Q HVWXGLRV UHDOL]DGRV SRU 3RXUWRLV \ 'HVPHW \ 0RQWDQGRQ
FLHUWRQ¼PHURGHSURIHVRUDGRPDQWHQ¯DXQDLPDJHQQHJDWLYDGHOUROHGXFDWLYR
GHODVIDPLOLDVOOHJDQGRDDILUPDUTXHODVOLPLWDFLRQHVGH«VWDVSRG¯DQLQWHUIHULUHQVXV
KLMRV0RQWDQGRQUHDOL]DXQDFODVLILFDFLµQGHODWLSRORJ¯DGHGRFHQWHVVHJ¼QVXHVWLOR
GHSU£FWLFDHQUHODFLµQDODVIDPLOLDVDHO PLQLPDOLVWDUHDOL]DHOP¯QLPRFRQWDFWRFRQ
ODIDPLOLDXQDUHXQLµQ\FRPRPXFKRXQDHQWUHYLVWDLQGLYLGXDOEHOSROLYDOHQWHUHDOL]D
XQD VHULH GH HQFXHQWURV IRUPDOHV H LQIRUPDOHV FRQ ODV IDPLOLDV \D VHDQ JUXSDOHV R
LQGLYLGXDOHV H[LVWH XQ DOWR ¯QGLFH GH FRODERUDFLµQ F HO LQGLYLGXDOLVWD SUHILHUH
HQFXHQWURV SDUWLFXODUHV VLQ FRQFHGHU LPSRUWDQFLD D ODV DFWLYLGDGHV JUXSDOHV HQ
SULQFLSLR SDUHFH H[LVWLU XQD FLHUWD FRRUGLQDFLµQ HQWUH OD IDPLOLD \ OD HVFXHOD \ G HO
LQIRUPDODTXHOTXHUHDOL]DFRQWDFWRVGHPDQHUDSHULµGLFDFRQODVIDPLOLDVGHPDQHUD
LQIRUPDOVDOLGDVFHQDVILHVWDVSRUORWDQWRVHYHPXFKRFRQHOODVSHURVLQOOHJDUD
ILMDUHQWUHYLVWDV
Capítulo 3
La relación familia – escuela
/261,“26$/80126(+,-2681$3,('5$$1*8/$5
3DUD 0RQWDQGRQ ORV QL³RV VRQ OD ಯSLH]Dರ FODYH HQ HO HQWUDPDGR GH OD
UHODFLRQHVHQWUHODIDPLOLD\ODHVFXHODVLQHOORVQRKDEU¯DQQH[RVGHXQLµQRGHVXQLµQ
HQWUH DPEDV LQVWLWXFLRQHV (OORV PDQLILHVWDQ TXH OD UHODFLµQ TXH HVWDEOHFHQ VXV
IDPLOLDVFRQVXHVFXHODHVLPSRUWDQWHGDQGROXJDUDXQVHQWLPLHQWRGHSHUWHQHQFLDDO
FHQWURGHVWDFDQGRHOWUDEDMRFRODERUDWLYR\FRPSDUWLGR(OQL³RFRPRSHUVRQD\FRPR
SLHGUDDQJXODUTXHWUDQVLWDHQWUHDPEDVSXHGHVHUYLVWRFRPRQ¼FOHRGHXQLµQHQWUH
OD IDPLOLD \ OD HVFXHOD \ FRPR XQ DJHQWH DFWLYR TXH SXHGH SDUWLFLSDU HQ WRGRV ORV
QLYHOHV GHO FHQWUR HGXFDWLYR \D TXH «O WLHQH GHUHFKR D HMHUFHU VX ಯFDSDFLGDGರ GH
SDUWLFLSDFLµQVXVSRVLELOLGDGHV\GHVHRVHQODFRPXQLGDG6£QFKH]GH+RUFDMR
/$0,5$'$'(/$6)$0,/,$6<68,03/,&$&,•1
/DV IDPLOLDV VH LQWHUHVDQ HQ GLVWLQWDV PHGLGDV SRU ODHGXFDFLµQ \ HVFRODUL]DFLµQ GH
VXV KLMRV DXQTXH QR WRGDV SHUFLEHQ OD HVFXHOD GH OD PLVPD PDQHUD OOHJDQGR D
DGRSWDU XQ WLSR GH SHUILO VHJ¼Q HO FRQWDFWR TXH PDQWHQJDQ FRQ HO SURIHVRUDGR GH
FRODERUDGRUDHQODWDUHDHGXFDWLYDGHSURWHFWRUDGHMXH]DDQVLRVDSRUORVUHVXOWDGRV
GHVXVKLMRVLQGLIHUHQWHVDOFHQWURHVFRODUGHVRULHQWDGDVGHDSR\RVRSRUWH*DUF¯D
&KHFD (VWRV SHUILOHV \ PDQHUDV GH UHODFLRQDUVH GHSHQGHU£Q GH ODV
Capítulo 3
La relación familia – escuela
H[SHFWDWLYDV TXH ODV IDPLOLDV WHQJDQ UHVSHFWR D VXV KLMRV \ ODV SHUFHSFLRQHV \
H[SHULHQFLDVTXHKD\DQYLYLGRHQODVSULPHUDVWRPDGHFRQWDFWRFRQODVHVFXHODV
(QSD¯VHVHXURSHRVFRPRSRUHMHPSOR'LQDPDUFDODSDUWLFLSDFLµQGHODVIDPLOLDVHQ
OD HVFXHOD HV REOLJDWRULD DVXPLHQGR \ WHQLHQGR DPSOLDV UHVSRQVDELOLGDGHV HQ OD
PLVPD
ಯ,Q 'HQPDUN SDUHQWV EHDU SULPH OHJDO UHVSRQVLELOLW\ IRU WKH HGXFDWLRQ RI
WKHLULQGLYLGXDOFKLOG3DUHQWVPD\HGXFDWHWKHLUFKLOGDWKRPHRULQSULYDWH
VFKRROV SURYLGHG WKDW VXFK HGXFDWLRQ DELGHV E\ PLQLVWHULDO UXOHV
FRQFHUQLQJHGXFDWLRQಹ
6LQFH 'DQLVK SDUHQWV KDYHKDGD OHJDO ULJKW WREH UHSUHVHQWHG RQ
WKHVFKRROERDUGRIWKHLUFKLOGಬVVFKRRODQGUHFHQWO\SDUHQWVಬFRXQFLOVZHUH
UHTXLUHGE\ODZDWDOOHGXFDWLRQDODQGFDULQJLQVWLWXWLRQV(YHU\VFKRROVLV
REOLJDWHGWRKDYHDVFKRROERDUGLQZKLFKSDUHQWVಬUHSUHVHQWDWLYHVPDNH
XS D PDMRULW\ ಹ ,Q WKH %DVLF 6FKRRO /DZ GHFODUHG WKDW VFKRROV
VKRXOGFRRSHUDWHZLWKDOOSDUHQWVFRQFHUQLQJWKHWDVNVRIVFKRROVXFKDV
RIIHULQJ SRVVLELOLWLHV IRU SXSLOV WR DFTXLUH NQRZOHGJH VNLOOV HWFರ 5DYQ
3DUDSRGHUOOHJDUDHVWHHVWDGLRGHLPSOLFDFLµQ\GHUHVSRQVDELOLGDGWDQWRGHHVFXHODV
FRPRGHIDPLOLDVSURSXHVWRSRU5DYQQXHVWUDVRFLHGDGWHQGU¯DTXHUHDOL]DUXQ
FDPELRGHPHQWDOLGDGHQWRGRVORVVHFWRUHVUHFRJL«QGRVHHQODOHJLVODFLµQHGXFDWLYD
QR FRPR XQ GHUHFKR \ GHEHU D OD SDUWLFLSDFLµQ VLQR FRPR XQ HOHPHQWR GH OD YLGD
FRWLGLDQDIDFLOLWDQGRODIRUPDFLµQGHGRFHQWHV\IDPLOLDVSURPRYLHQGRODFRRSHUDFLµQ
GHWRGRVHQUHODFLµQDODVWDUHDVHGXFDWLYDFRPRHQODDGTXLVLFLµQGHFRPSHWHQFLDV
KDELOLGDGHVFRQRFLPLHQWRV\YDORUHV
Capítulo 3
La relación familia – escuela
&2/$%25$&,•1ದ3$57,&,3$&,•1ದ,03/,&$&,•1
ಯ/D SDUWLFLSDFLµQ GH ORV SDGUHV \ PDGUHV HV QHFHVDULR HQWHQGHUOD FRPR
XQD LPSOLFDFLµQ FRPSURPHWLGD YROXQWDULD \ UHVSRQVDEOH SDUD FRDG\XYDU
DODGHWHUPLQDFLµQ\WRPDGHGHFLVLRQHVVREUHREMHWLYRVGHODLQVWLWXFLµQ
HVFRODU FRQWULEX\HQGR \ FRPSDUWLHQGR FRQ HOOD D VX ORJUR (Q HVWH
VHQWLGR SDUWLFLSDU \ GHVHQYROYHU OD SURSLD FDSDFLGDG GH DVXPLU XQRV
SULQFLSLRV HGXFDWLYRV 6X LPSOLFDFLµQ SUHVHQWD XQ FDU£FWHU VRFLDO SXHV
HMHUFHQ XQ GHUHFKR \ XQ GHEHU FRPR FLXGDGDQRV 3RVHH XQ FDU£FWHU
LQVWUXPHQWDO SRU OR TXH HV LPSRUWDQWH TXH HVW«Q HQ WRGR PRPHQWR
LQIRUPDGRV GH ORV DVXQWRV FRQFHUQLHQWHV D OD HGXFDFLµQ GH VXV KLMRV H
KLMDVರ%DV\3«UH]GH*X]P£Q
$ ILQDOHV GHO SDVDGR VLJOR IXHURQ G£QGRVH XQD VHULH GH FDPELRV HQ ODV UHODFLRQHV
HQWUHODIDPLOLD\ODHVFXHOD/DVUHVSRQVDELOLGDGHVTXHDPEDVWHQ¯DQHQODDFWXDOLGDG
KDQ LGR WUDQVIRUP£QGRVH (Q DOJXQRV FDVRV IDPLOLDUHV \ GRFHQWHV HPSH]DURQ D
SHUVHJXLUREMHWLYRVLQGHSHQGLHQWHVOOHJDQGRLQFOXVRDHVWDEOHFHUXQDVUHODFLRQHVTXH
HUDQ FDUDFWHUL]DGDV SRU HO FRQIOLFWR R SRU OD LQWUXVLµQ 0DQDDQ %ODFNZHOO +HQU\ 3RVWHULRUPHQWH HVWD YLVLµQ LQGLYLGXDOLVWD TXH PDQWHQ¯DQ IDPLOLD \
HVFXHOD IXH FDPELDQGR KDFLD XQD FRQFHSFLµQ GH UHVSRQVDELOLGDG FRPSDUWLGD
UHGHILQLHQGRGHHVWDPDQHUDVXVUHODFLRQHV\SDVDQGRGHOFRQIOLFWRDODFRODERUDFLµQ
2OLYD\3DODFLRV
6HHQWHQG¯DTXHODSDUWLFLSDFLµQGHODVIDPLOLDVHQORVFHQWURVHGXFDWLYRVSDUHF¯DWHQHU
XQDV UHSHUFXVLRQHV SRVLWLYDV WDOHV FRPR PHMRU UHQGLPLHQWR HVFRODU PD\RU
DXWRHVWLPD PHMRUDV HQ ODV UHODFLRQHV IDPLOLDV ದ HVFXHODV SURPRYLHQGR DFWLWXGHV
Capítulo 3
La relación familia – escuela
SRVLWLYDV GH ODV IDPLOLDV KDFLD HO FHQWUR \ FRQVLGHUDQGR TXH HO SURIHVRUDGR P£V
FRPSHWHQWHHVDTXHOTXHWUDEDMDFRQODVIDPLOLDV3LQHDXOW
7HQLHQGR HQ FXHQWD ODV SUHPLVDV GH 3LQHDXOW \ RWURV DXWRUHV OD SDUWLFLSDFLµQ GH ODV
IDPLOLDV HQ OD HVFXHOD SXHGH DSRUWDU XQD VHULH GH EHQHILFLRV 0DUW¯QH] .³DOOLQVN\ \ *DUF¯D%DFHWH D ORV HVWXGLDQWHV D ORV GRFHQWHV \ D ODV
IDPLOLDV
-
3DUD ORV HVWXGLDQWHV PHMRU UHQGLPLHQWR HVFRODU PHMRUHV QRWDV DFWLWXGHV
IDYRUDEOHVKDFLDODVWDUHDVHVFRODUHVSDUWLFLSDFLµQHQODVDFWLYLGDGHVGHDXOD
PHQRUWDVDVGHDEDQGRQR\IUDFDVRHVFRODUHWF
-
3DUDORV GRFHQWHVODVIDPLOLDVUHFRQRFHQODVKDELOLGDGHVLQWHUSHUVRQDOHV\GH
HQVH³DQ]D PD\RU VDWLVIDFFLµQ SRU OD SURIHVLµQ PD\RU FRPSURPLVR FRQ OD
LQVWLWXFLµQHWF
-
3DUD ODV IDPLOLDV YDORUDQ P£V VX SDSHO HQ OD HGXFDFLµQ PD\RU PRWLYDFLµQ
PHMRUDHQODFRPXQLFDFLµQFRQVXVKLMRVGHVDUUROORGHKDELOLGDGHVSRVLWLYDVGH
SDWHUQLGDGVHQWLGRGHODDXWRHILFDFLDHWF
3DUWLHQGR GH OD UHVSRQVDELOLGDG FRPSDUWLGD KDFLD OD SDUWLFLSDFLµQ FRODERUDFLµQ H
LPSOLFDFLµQ GH ODV IDPLOLDV HQ ORV FHQWURV HGXFDWLYRV QR SRGHPRV REYLDU TXH
GHSHQGLHQGR GH OD FRQFHSFLµQ TXH WHQJD FDGD PLHPEUR GH OD FRPXQLGDG HGXFDWLYD
UHVSHFWRDTX«HQWLHQGHSRUSDUWLFLSDUದFRODERUDUದLPSOLFDULQIOXLU£HQHOJUDGRHQTXH
Capítulo 3
La relación familia – escuela
ODVIDPLOLDVSDUWLFLSHQ\HQHOJUDGRGHTXHHOSURIHVRUDGRSRWHQFLHGLFKDSDUWLFLSDFLµQ
'HOD*XDUGLD
(QHVWDWHVLVGRFWRUDOVHKDFUH¯GRFRQYHQLHQWHUHFRJHUODVFRQFHSFLRQHVTXHWLHQHQ
ORVVXMHWRVSDUWLFLSDQWHVUHVSHFWRDTX«HQWLHQGHQ\TX«VLJQLILFDSDUWLFLSDUದFRODERUDU
HLPSOLFDUVHHQODHVFXHOD\DTXHHVWDVFRQFHSFLRQHVD\XGDU£QDHVWDEOHFHUXQWLSR
GH UHODFLµQ X RWUR HQWUH IDPLOLDV \ FHQWUR HVFRODU \ D GHVSOHJDU XQD VHULH GH
PHFDQLVPRVHVWUDWHJLDV\W«FQLFDVFRPRY¯QFXORVHQWUHDPEDVLQVWLWXFLRQHV
6RQ QXPHURVRV ORV DXWRUHV 6£QFKH] GH +RUFDMR *LQHU GH *UDGR 5HTXHMR&DQWHUR\6£QFKH]$ORQVR)HUQ£QGH](QJXLWDTXHKDQ
GHILQLGRHOFRQFHSWRSDUWLFLSDU(QFRQFUHWRSDUD6DQWRV*XHUUDSDUWLFLSDUHV
ಯ8QDDFFLµQVRFLDOTXHFRQVLVWHHQLQWHUYHQLUGHXQDIRUPDDFWLYDHQODV
GHFLVLRQHV\DFFLRQHVUHODFLRQDGDVFRQODSODQLILFDFLµQODDFWXDFLµQ\OD
HYDOXDFLµQGHODDFWLYLGDGTXHVHGHVDUUROODHQHOFHQWUR\HQHODXODರ
$QDOL]DQGRHVWDGHILQLFLµQVHREVHUYDTXHSDUD6DQWRV*XHUUDVHU¯DQWUHVORVUDVJRV
TXH GHILQHQ OD SDUWLFLSDFLµQ HGXFDWLYD WHQHU OD LQIRUPDFLµQ QHFHVDULD SDUD VHU
SURWDJRQLVWD GH ODV DFFLRQHV \ GHFLVLRQHV IRUPDU SDUWH GH XQ SUR\HFWR \ OD
UHIHUHQFLDDYDORUHVVRFLDOHVORVFXDOHVORVSDUWLFLSDQWHVUHDOL]DQVXLQWHUYHQFLµQ
'HOD*XDUGLDHQWLHQGHSRUSDUWLFLSDFLµQHGXFDWLYD
ಯ/D SDUWLFLSDFLµQ HGXFDWLYD HV HQ GHILQLWLYD TXH WRGRV ORV LQWHJUDQWHV
WRPHQ SDUWH DFWLYD HQ FDGD XQD GH ODV GLVWLQWDV IDVHV TXH DIHFWDQ DO
(Q'HOD*XDUGLD5
Capítulo 3
La relación familia – escuela
IXQFLRQDPLHQWR GH ODV FRPXQLGDGHV HGXFDWLYDV GHVGH VX FRQVWLWXFLµQ
LQLFLDOSDVDQGRSRUVXHVWUXFWXUDFLµQODWRPDGHGHFLVLRQHVODSXHVWDHQ
SU£FWLFD GH ODV PLVPDV \ OD YDORUDFLµQ GH ORV UHVXOWDGRV DVXPLHQGR
SDUWH GHO SRGHU R HO HMHUFLFLR GHO PLVPR \ TXH LPSOLFD OD LQWHJUDFLµQ
FROHFWLYD HQ XQ SURFHVR GH FRODERUDFLµQ GHVGH XQD GREOH GLPHQVLµQ
FRPRPHGLRSURFHVRGHDSUHQGL]DMH\FRPRILQREMHWLYRHGXFDWLYRರ
/DQRFLµQGHSDUWLFLSDFLµQTXHPDQHMD'HOD*XDUGLDHVODGHXQSURFHVRGRQGHWRGDV
ODV SHUVRQDV SXHGDQ LQWHUYHQLU GH PDQHUD UHDO \ GLUHFWD GRQGH SXHGDQ WRPDU
GHFLVLRQHV EXVFDU DOWHUQDWLYDV \ HMHUFHU P£V DOO£ GHO YRWR HQ GLIHUHQWHV DFWLYLGDGHV
GHOFHQWUR
3RUORWDQWRKD\GLIHUHQWHVY¯DVSDUDODSDUWLFLSDFLµQLQGLYLGXDOJUXSDOGHQWUR\IXHUD
GHOFHQWURWDO\FRPRVHSXHGHREVHUYDUHQODVLJXLHQWHYR]UHFRJLGDGHXQPLHPEUR
GHXQDGHODVIDPLOLDVSDUWLFLSDQWHHQXQRGHORVHVWXGLRVGHFDVRGHPLLQYHVWLJDFLµQ
ಯ+D\ PXFKDV PDQHUDV GH SDUWLFLSDU SXHGH VHU GH PDQHUD LQGLYLGXDO
FRPRKHFRODERUDGR\RFRQPLSURIHVRUDRFRQRWUDVPDGUHVRFROHFWLYD
D WUDY«V GHO $03$ 'H PDQHUD LQVWLWXFLRQDOL]DGD FRPR VRQ ODV GRV
UHXQLRQHV PHQVXDOHV HQ OD WXWRU¯DV R GH PDQHUD YROXQWDULD FXDQGR
KDEORFRQODSURIHVRUDIXHUDRLQFOXVRGHQWURGHOFHQWUR3DUWLFLSDUHQOD
RUJDQL]DFLµQGHOFHQWURDXODHQHODSUHQGL]DMHGHORVQL³RV\QL³DVSRU
HMHPSORHQFDVDKDFLHQGRODWDUHDRHQDFWLYLGDGHVFRPSOHPHQWDULDVGHO
FHQWUR R GHO DXOD ,QGHSHQGLHQWHPHQWH GH FRPR VHD OD SDUWLFLSDFLµQ
UHTXLHUHGHODLLPSOLFDFLµQ\HOFRPSURPLVRGHODVSDUWHV
ಹ /D SDUWLFLSDFLµQ HV HO FRPSURPLVR GH YDULDV SDUWHV SRU XQ REMHWLYR
FRP¼Q(QHVWHFDVRODVSDUWHVVHU¯DODFRPXQLGDG\HOREMHWLYRHGXFDU
DQL³RV\QL³DVSDUDODYLGDDXWµQRPDHQODVRFLHGDGರ)&(,3$ S
ELV
Capítulo 3
La relación familia – escuela
'HVGHHOSXQWRGHYLVWDHGXFDWLYRSRO¯WLFR\VRFLDOVHFRQVLGHUDQHFHVDULRTXHHQWUH
IDPLOLDV\HVFXHODVVHHVWDEOH]FDXQDGHILQLFLµQVREUHTXHVLJQLILFDಯSDUWLFLSDUರFRQHO
SURSµVLWR GH HVWDEOHFHUSXHQWHV GH XQLµQ \ SXQWRVGH HQFXHQWUR PHGLDQWHHO GL£ORJR
HQWUHDPEDV /D LGHD GH SDUWLFLSDFLµQ TXHVHTXLHUH FRQVHJXLU QR WLHQH TXH VXSRQHU
XQDFDUJD SDUD QLQJXQD GH ODV GRV LQVWLWXFLRQHV QL WDPSRFR XQDLPSRVLFLµQ VLQR XQ
GHUHFKR\XQGHEHUFRPR\DVHUHFRJHHQHOSUH£PEXORGHODOHJLVODFLµQDFWXDO/2(
ಯ/DV IDPLOLDV KDEU£Q GH FRODERUDU HVWUHFKDPHQWH \ GHEHU£Q
FRPSURPHWHUVHFRQHOWUDEDMRFRWLGLDQRGHVXVKLMRV\FRQODYLGDGHORV
FHQWURVGRFHQWHVರ
'H HVWD PDQHUD OD SDUWLFLSDFLµQ GH ODV IDPLOLDV YHQGU£ GDGD D SDUWLU GH VX
FRODERUDFLµQHQHOFRQVHMRHVFRODUODUHFHSFLµQGHLQIRUPDFLµQSRUSDUWHGHODHVFXHOD
\VXLQWHUYHQFLµQHQHO$03$
.³DOOLQVN\DSRUWDTXH
ಯ/DYHUGDGHUDSDUWLFLSDFLµQGHPRFU£WLFDLQFOX\HDWRGRVORVVHFWRUHVGHOD
SREODFLµQ SRU OR TXH HV QHFHVDULR HVIRU]DUVH SDUD LQWHJUDU D ORV P£V
GHVIDYRUHFLGRV HFRQµPLFD \ FXOWXUDOPHQWH TXH VRQ ORV TXH SUHVHQWDQ
P£V UHWLFHQFLDV SDUWLHQGR GH OD SUHPLVD TXH WRGRV ORV SDGUHV HVW£Q
LQWHUHVDGRVHQODHGXFDFLµQGHVXVKLMRV/DSDUWLFLSDFLµQQRVHLPSRQH
VHFRQTXLVWD([LVWHQPXOWLSOLFLGDGGHIRUPDVSDUD LPSOLFDUDORVSDGUHV
(V QHFHVDULR HQFRQWUDU ODV Y¯DV GH SDUWLFLSDFLµQ DGHFXDGDV SDUD FDGD
IDPLOLDFDGDPDHVWURFDGDHVFXHODFDGDQL³Rಹ4XL]£VSRUHVWHPRWLYR
OD HVFXHOD VROD QR SXHGH DIURQWDU ORV SUREOHPDV \ H[LJHQFLDV TXH
SODQWHD OD HGXFDFLµQ HQ OD DFWXDOLGDG (O YHUGDGHUR GL£ORJR HQWUH OD
VRFLHGDG\ODHVFXHODVHHVWDEOHFHU£HOG¯DTXH«VWDDFHSWHWUDVSDVDUVXV
Capítulo 3
La relación familia – escuela
SXHUWDV \ HQFRQWUDUVH FRQ VXV LQWHUORFXWRUHV FRWLGLDQRV HQ VX SURSLR
WHUUHQR 7RGD OD FRPXQLGDG HGXFDWLYD GHEH WRPDU FRQFLHQFLD GH OD
LPSRUWDQFLD GHO HQWRUQR VRFLDO FXOWXUDO HFRQµPLFR \ QDWXUDO GH ORV
DOXPQRVರ
/\RQVHWDO\ /µSH]ದ%DUDMDVH[SRQHQWUHVQLYHOHVGHLPSOLFDFLµQGHODV
IDPLOLDVHQHOFRQWH[WRHVFRODU
-
/D LPSOLFDFLµQ YLVWD FRPR FRODERUDFLµQ /DV DFWLYLGDGHV TXH SUHVHQWDQ OD
HVFXHODVRQJHQHUDOHVSDUDWRGDVODVIDPLOLDV\VHSXHGHQGHVDUUROODUHQWRGDV
ODVFODVHV
-
/D LPSOLFDFLµQ FRPR UHVSRQVDELOL]DFLµQ /D UHVSRQVDELOLGDG TXH DVXPHQ ODV
IDPLOLDVDODKRUDGHSDUWLFLSDUGHPDQHUDGLUHFWDHQODVDFWLYLGDGHVGHODXOD
-
/DLPSOLFDFLµQFRPR FRJHVWLµQ6HKDEODGHXQSURFHVRGHLPSOLFDFLµQPXFKR
P£VSURIXQGR\VHDVXPHQUHVSRQVDELOLGDGHVGHDFFLµQUHF¯SURFD
&RPR VH KD YHQLGR H[SRQLHQGR OD SDUWLFLSDFLµQ GH ODV IDPLOLDV HQ OD HVFXHOD SXHGH
VHU HQWHQGLGD D SDUWLU GH GRV SHUVSHFWLYDV ದ SRVLFLRQDPLHQWRV GHVGH OD GH
FRODERUDFLµQ\RGHVGHODGHFRGHFLVLµQ&KULVSHHOV&ROHPDQ\)HLWR
3DUD XQR GH ORV VXMHWRV HQWUHYLVWDGRV HQ PL LQYHVWLJDFLµQ OD SDUWLFLSDFLµQ HV
FRODERUDFLµQDODYH]TXHLPSOLFDFLµQ
Capítulo 3
La relación familia – escuela
ಯ&RODERUDFLµQSDUWLFLSDWLYDHVLPSOLFDFLµQGHODEXHQDPDUFKDGHOFHQWUR
SHURVHWUDWDGHTXHXQLQWHU«VVLQFHURSRUORTXHSDVDHQHO&HQWURVH
WUDGX]FD HQ XQD FRODERUDFLµQ \ GLVSRVLFLµQ D SDUWLFLSDU ಹ
FRODERUDFLµQ HQ HO VHQWLGR GH GLVSRVLFLµQ IDYRUDEOH KDFLDಹ &UHR TXH OD
FRODERUDFLµQ HV IXQGDPHQWDO 6LHPSUH KD GH VHU FRQVWUXFWLYD \ TXH QR
GHEHGHMDUGHVHUFU¯WLFD/DSDUWLFLSDFLµQHV,PSOLFDFLµQLQWHUHVDGDHQOD
EXHQDPDUFKDGHOFHQWURಹ&U¯WLFRHVTXHXQRSXHGDGDUVXRSLQLµQGH
DTXHOODVFRVDVTXHQROHVSDUHFHELHQTXHQRHVW£IXQFLRQDQGRDOJR\OR
FRQWUDULR3RUTXHODFU¯WLFD\RWDPEL«QODHQWLHQGRGHVGHXQHVSDFLRGH
FRQVWUXFWLYRರ)&(,3$S
/DSDUWLFLSDFLµQLPSOLFDFRODERUDFLµQDFWLYDGHWRGRVORVDJHQWHVTXHIRUPDQSDUWHGH
ODFRPXQLGDGHGXFDWLYDFX\DILQDOLGDGHVYHODUSRUHOEXHQIXQFLRQDPLHQWRGHOFHQWUR
\HOGHVDUUROOR¯QWHJURGHVXDOXPQDGR
&•0232'(53$57,&,3$5<&2/$%25$5
3DUD SDUWLFLSDU HQ OD HVFXHOD ODV IDPLOLDV \ ORV FRPSRQHQWHV GH OD FRPXQLGDG
HGXFDWLYDKDQGHUHXQLUXQDVHULHGHFRQGLFLRQHVFRPRTXHUHUSDUWLFLSDUPRWLYDFLµQ
VDEHU SDUWLFLSDU IRUPDFLµQ \ SRGHU SDUWLFLSDU RUJDQL]DFLµQ SDUWLFLSDWLYD 'H OD
*XDUGLD.³DOOLQVN\(OSULQFLSDOUHTXLVLWRSDUDSDUWLFLSDUHQODHVFXHODHV
OD PRWLYDFLµQ GH ODV SHUVRQDV TXH SDUWH GHO LQWHU«V VXEMHWLYR H LGHROµJLFR \ XQD
VDWLVIDFFLµQVRFLRದDIHFWLYD/DIRUPDFLµQSDUDODWDUHDODFRPXQLFDFLµQ\ODFRKHVLµQ
\ SDUD HO IXQFLRQDPLHQWR RUJDQL]DWLYR HV RWUR GH ORV HOHPHQWRV FODYHV < SDUD OD
RUJDQL]DFLµQ SDUWLFLSDWLYD WHQGU¯DPRV TXH EXVFDU XQRV FDQDOHV \ XQRV PHFDQLVPRV
GH SDUWLFLSDFLµQ P£V SUHFLVRV HQ RWUDV SDODEUDV WRPDU FRQFLHQFLD GH TXH VH GHVHD
Capítulo 3
La relación familia – escuela
SDUWLFLSDU SDUD FDPELDU DOJR \ OD SDUWLFLSDFLµQ HV XQ SURFHVR GLQ£PLFR \ GLDO«FWLFR
0DUFKLRQL
(QHVWHVHQWLGRXQDPDGUHFRODERUDGRUDHQPLLQYHVWLJDFLµQUHODFLRQµSDUWLFLSDFLµQH
LPSOLFDFLµQGLUHFWDPHQWHFRQPRWLYDFLµQ
ಯ3DUDP¯SDUWLFLSDURLPSOLFDUVHSULPHURHVXQDPRWLYDFLµQTXH\RWHQJR
3DUDP¯HV\RSDUWLFLSR\SDUDP¯HVXQRUJXOORGHSDUWLFLSDUSHURQRXQ
RUJXOOR GH HVWDU RUJXOORVDಹ GH HVWDU VDWLVIHFKD GH KDFHU DOJR SRU HO
FROHJLRSRUKDFHUDOJRSRUODQL³Dರ)&(,3&S
3DUWLHQGRGHTXHUHUVDEHU\SRGHUSDUWLFLSDUOD&($3$&RQIHGHUDFLµQ(VSD³RODGH
$VRFLDFLRQHV GH 3DGUHV GH $OXPQRV HVWDEOHFLµ XQD VHULH GH FULWHULRV SDUD
SURPRYHUODSDUWLFLSDFLµQGHODVIDPLOLDVGHXQDPDQHUDHIHFWLYD(VWRVFULWHULRVVRQ
DWRPDUFRQFLHQFLDGHORVGLIHUHQWHVSXQWRVGHYLVWDEDFHSWDUTXHH[LVWHQREMHWLYRV
FRPXQHV F DSUHQGHU D WUDEDMDU MXQWRV DVXPLU TXH ODV IDPLOLDV SXHGHQ DSRUWDU VXV
KDELOLGDGHV\FDSDFLGDGHVGHVWDEOHFHUFRPRP«WRGRGHWUDEDMRTXHODVGHFLVLRQHV
VH WRPDQ HQWUH WRGD OD FRPXQLGDG HGXFDWLYD H DSUHQGHU D SODQLILFDU \ GLVH³DU ODV
O¯QHDVGHWUDEDMRIGHPRVWUDUXQDFDSDFLGDGGHGL£ORJR\HVFXFKDDFWLYDJDGRSWDU\
DVXPLU FRPSURPLVRV K YDORUDU ODV LGHDV H LQLFLDWLYDV GH ORV GHP£V L UHVROYHU
FRQIOLFWRVMLQWHUYHQLUHQODJHVWLµQGHOFHQWUR\HQODVDFWLYLGDGHVGHODV$VRFLDFLRQHV
GH)DPLOLDNYDORUDUORVUHFXUVRVKXPDQRVHQWUHRWURV
1RVHWUDWDGHFXHVWLRQDUODIRUPDFLµQODKDELOLGDGODFDSDFLGDGGHORVSURIHVLRQDOHV
VLQRP£VELHQGHTXHFDGDXQRVHSDHVWDUHQVXSDSHOVDEHUKDVWDGRQGHHVFDSD]
GHOOHJDU\VROLFLWDUD\XGDGHORWURFXDQGRVHDQHFHVDULR\FRQYHQLHQWHSDUDODPHMRUD
GHODHGXFDFLµQGHORVQL³RV/DSDUWLFLSDFLµQGHODVIDPLOLDVHQODHVFXHOD
Capítulo 3
La relación familia – escuela
ಯQR LPSOLFD OD S«UGLGD GH DXWRULGDG GHO PDHVWUR \ PDHVWUD IDFWRU TXH
DFW¼D HQ GHWULPHQWR GH OD FDOLGDG HGXFDWLYD (V QHFHVDULR GHILQLU \
GHOLPLWDUORVUROHVGHFDGDXQRGHORVDFWRUHVSDUDQRFUHDUREVW£FXORVಹ
/D SDUWLFLSDFLµQ GHPRFU£WLFD GH ORV SDGUHV \ PDGUHV HQ OD HVFXHOD
UHTXLHUH XQ FDPELR HQ ODV DFWLWXGHV GH OD FRPXQLGDG HGXFDWLYD \ OD
WUDQVIRUPDFLµQGHVXVSU£FWLFDVKDELWXDOHVರ.³DOOLQVN\
3DUHFH TXH HV XQ UHTXLVLWR LQGLVSHQVDEOH HQWHQGHU TXH QR VH SXHGH VHSDUDU OD YLGD
GHOQL³RGHODHVFXHOD\GHOKRJDU\TXHSRUORWDQWRODFRODERUDFLµQHQWUHIDPLOLDV\
HVFXHODHVXQDQHFHVLGDGGRQGHDPEDVLQVWLWXFLRQHVILMDQVXVPLUDGDVHQPHMRUDUOD
FRPXQLFDFLµQ HQWUH HOODV \ UHIOH[LRQDQ VREUH ORV LQVWUXPHQWRV GH ಯLQWHUFDPELR GH
LQIRUPDFLµQರ HQWUH HOODV $V¯ SXHV VH DSXHVWD SRU XQDV UHODFLRQHV EDVDGDV HQ OD
UHFLSURFLGDG\PXWXDOLGDG*DUF¯D%DFHWH
(675$7(*,$6
ದ
5(&85626
3$5$
/$
3$57,&,3$&,•1
ದ
&2/$%25$&,•1(,03/,&$&,•1
$OJXQDVGHODVHVWUDWHJLDVTXHVHHVW£QGHVDUUROODQGRFRPRPHGLRSDUDIDYRUHFHUOD
SDUWLFLSDFLµQGHODVIDPLOLDVHQODVHVFXHODV5RVHQWKDO<RXQJVRQ
-
(QY¯R GH QRWDV SRU SDUWH GH OD HVFXHOD SURSRQLHQGR FXHVWLRQHV TXH SXHGDQ
VHU GH LQWHU«V SDUD ODV IDPLOLDV WHPDV QHFHVLGDGHV GLILFXOWDGHV OD
RUJDQL]DFLµQ GH XQ HQFXHQWUR ( LQFOXVR UHDOL]DFLµQ GH FRQIHUHQFLDV FRPR
RSRUWXQLGDGGHFRQH[LµQ
Capítulo 3
-
La relación familia – escuela
,QYLWDU D ODV IDPLOLDV D SDVHDU SRU OD HVFXHOD HQ PRPHQWRV SXQWXDOHV
DEUL«QGROHV ODV SXHUWDV SDUD FRODERUDU FRQ ORV GRFHQWHV HQ OD UHDOL]DFLµQ GH
DOJXQDDFWLYLGDGದSUR\HFWRPXUDOHVFROODJHVIRWRVHWF
-
*UDEDUDOJXQDVGHODVVHVLRQHVGHFODVH\GHVSX«VHQVH³£UVHODVDODVIDPLOLDV
VXJLULHQGR GHEHUHV \ UHFRPHQGDFLRQHV GH DSR\R DO HVWXGLR W«FQLFDV GH
HVWXGLROHFWXUDVSURJUDPDVSHO¯FXODVYLGHRMXHJRVHWFFRQHOSURSµVLWRGH
SRGHUHVWLPXODUODVUHODFLRQHVIDPLOLDVದHVFXHOD
-
)DPLOLDV\GRFHQWHVHQLQWHUDFFLµQODUHODFLµQHQWUHDPEDVVHFRQVLGHUDFRPR
HO Y¯QFXOR P£V LPSRUWDQWH HQWUH HVFXHOD \ FDVD (Q HO FRQWH[WR HVFRODU VH
SRGU¯DQ GDU HVSDFLRV FRPR WDOOHUHV GRQGH ODV IDPLOLDV SXHGDQ YDORUDU OD
FDOLGDG GH ODV HVFXHODV UHDOL]DU H[FXUVLRQHV LQYLWDU D ODV IDPLOLDV D UHDOL]DU
SUHVHQWDFLRQHV DVLJQDFLµQ GH FRPLW«V UHFRQRFLPLHQWR GH ODV IDPLOLD HQ ODV
DVDPEOHDVHWF
-
(O HQY¯R GH WDUHDV SDUD FDVD FDGD VHPDQD PHGLDQWH XQD FDUWD (VWD FDUWD
SRGU¯DLQFOXLUXQDUHYLVLµQGHODVDFWLYLGDGHVGHODVHPDQD\VXJHULUUHIRU]DUHO
FRQRFLPLHQWRHQFDVD
7KH6WDWH%RDUGRI(GXFDWLRQUHFRQRFHTXHODVHVFXHODVSXHGHQD\XGDUDTXH
VHHVWDEOH]FDQXQDVUHODFLRQHVVXVWDQWLYDV\HIHFWLYDVFRQODVIDPLOLDV\SRUORWDQWR
HQFRQWUDU HVSDFLRV SDUD OD FRODERUDFLµQ \ SDUWLFLSDFLµQ GH ODV PLPDV 3DUD HOOR
UHFRPLHQGDGHVDUUROODUXQRVSURJUDPDVVLJXLHQGRVHLVQLYHOHV
Capítulo 3
-
La relación familia – escuela
(O IDPLOLDU SURPRYHU \ GDU VRSRUWH D ODV KDELOLGDGHV GH ODV IDPLOLDV SDUD
IRPHQWDUHODSUHQGL]DMHGHOQL³R
-
(OGH FRPXQLFDFLµQSURPRYHUXQDFRPXQLFDFLµQELGLUHFFLRQDOGHPDQHUDFODUD
HQWUHODHVFXHOD\ODIDPLOLDHQUHODFLµQDOSURJUHVRGHOQL³R
-
(O YROXQWDULDGRLPSOLFDUDODVIDPLOLDVHQODLQVWLWXFLµQ\TXHKDJDQGHVRSRUWH
HQODVGLIHUHQWHV£UHDVGHQWUR\IXHUDGHODHVFXHOD
-
(ODSUHQGL]DMHHQFDVDLPSOLFDUDODVIDPLOLDVHQDFWLYLGDGHVGHDSUHQGL]DMHHQ
FDVD LQFOX\HQGR WDUHDV LQWHUDFWLYDV \ RWUDV GHO FXUU¯FXOXP R HQ DFWLYLGDGHV
HQULTXHFHGRUDV
-
/D WRPDGHGHFLVLRQHVSURPRYHUODVRSRUWXQLGDGHVGHWRGDVODVIDPLOLDVSDUD
GHVDUUROODU\IRUWDOHFHUVXOLGHUD]JRHQODVGHFLVLRQHVGHODHVFXHOD
-
/DFRODERUDFLµQFRQODFRPXQLGDGODFRPXQLGDGRIUHFHUHFXUVRVDODVIDPLOLDV
DODHVFXHOD\DORVQL³RV
/DV$03$6$VRFLDFLRQHVGH0DGUHV\3DGUHVGH$OXPQRVRDKRUD$)$$VRFLDFLµQ
GH)DPLOLDVGH$OXPQRVHVODY¯DGHSDUWLFLSDFLµQGLUHFWDGHODVIDPLOLDV8QDGHODV
IXQFLRQHVHVODGHFRODERUDUGHPDQHUDFROHFWLYD\RUJDQL]DGDFRQODHVFXHOD&XDQGR
OD$03$FRODERUDFRQODHVFXHODHQDFWLYLGDGHVGHPHMRUDODVIDPLOLDVSDUWLFLSDQP£V
HQ ODV FRQIHUHQFLDV FXUVRV WDOOHUHV OOHJDQ D SDUWLFLSDU HQ HO SURJUDPD R SODQ GH
WUDEDMR GHO GRFHQWH \ HQ HO SUR\HFWR HGXFDWLYR HWF $GHP£V «VWD FRQWULEX\H D
ILQDQFLDUFLHUWDVDFWLYLGDGHVGHODHVFXHODIDYRUHFLHQGR\FRQVLGHU£QGRVHFRPR
Capítulo 3
La relación familia – escuela
ಯ8Q YDOLRVR DJHQWH PHGLDGRU FRQ HO FRQMXQWR GH OD FRPXQLGDG HVFRODU
SDUDIRUWDOHFHUODFRKHVLµQVRFLDOSDUDDFHSWDU\FRPSUHQGHUORVUHWRVGH
ODHVFRODULGDGFRQWHPSRU£QHDFRPRSRUHMHPSORODLQWHQVLGDGDFWXDOGH
ORV SURFHVRVPLJUDWRULRV ಹ HO SDSHO GH ODV DVRFLDFLRQHV GH PDGUHV \
SDGUHV HV XQ FRPSRQHQWH LQGLVSHQVDEOH HQ OD UHFRQVWUXFFLµQ FRQVWDQWH
GHODFRKHVLµQ\GHODFDOLGDGSHGDJµJLFDರ&ROOHW\7RUW
6LQHPEDUJRFRPRPDQLILHVWDXQPLHPEURGHXQDGHODVIDPLOLDVSDUWLFLSDQWHVHQHVWD
LQYHVWLJDFLµQ GH WHVLV OD $03$ QR VLHPSUH DWLHQGH D ODV VLWXDFLRQHV SHUVRQDOHV GH
FDGDIDPLOLD\QRVLHPSUHKDFHGHQH[RGHXQLµQHQWUHODIDPLOLD\HOFHQWUR
ಯ(O$03$QRDWLHQGHSHWLFLRQHVSDUWLFXODUHVDQLYHOGHDXODDPLSDUHFHU
OD $VRFLDFLµQ HVW£ DO VHUYLFLR GHO FHQWUR HQ WRGRV ORV QLYHOHV LQFOXVR
FXDQGRGHEHDWHQGHUXQDSHWLFLµQSDUWLFXODUGHXQDIDPLOLDಹ(O$03$
HVHOHVSDFLRSRUHOTXHGHPDQHUDRUJDQL]DGD\FROHFWLYDODVIDPLOLDV
SXHGHQYHUVHUHSUHVHQWDGDVHQHOFHQWURWDPEL«QVXVDSRUWDFLRQHVVXV
H[SHULHQFLDV SDUWLFXODULGDGHV GH LJXDO PRGR TXH VXFHGH FRQ HO
SURIHVRUDGR\HODOXPQDGR(O$03$GHEHVHUXQQH[RGHXQLµQSHURQR
LQWHUPHGLDULR
1LQJXQR GH ORV GRV &HQWUR \ $03$ VH WRPDQ PXFKDV PROHVWLDV HQ
WHPDV TXH YD\DQ P£V DOO£ GH ILQDQFLDU SUR\HFWRV R PDWHULDO GHO &HQWUR
1LQJXQR GH ORV GRV VH WRPD PXFKDV PROHVWLDV HQ ORV LQWHUHVHV GH ODV
IDPLOLDV ಹ (V FRPSOLFDGR GH H[SOLFDU SHUR VL HO &HQWUR QR DEUH ODV
SXHUWDVDODVIDPLOLDV\HVWRIRUPDSDUWHGHODSRO¯WLFDHQVXVSUR\HFWRV
ORV SDGUHV \ PDGUHV WDPSRFR DFXGLU£Q FXDQGR HO $03$ OHV UHFODPH
SXHVWRTXHHVI£FLODVRFLDU$03$\&HQWURFRPRDOJRLQGLYLVLEOHGHEHU¯D
VHU DV¯ (VWD FRQFOXVLµQ OD KH VDFDGR GHVSX«V GH D³RV FRODERUDQGR
FRQHO$03$ರ)&(,3$SSELV
Capítulo 3
La relación familia – escuela
'HVGHODPLUDGDGHXQGRFHQWHVHFRQVLGHUDTXHHO$03$SDUWLFLSD\FRODERUDFRQHO
FHQWUR HQ OD SODQLILFDFLµQ \ GHVDUUROOR GH DFWLYLGDGHV H[WUDHVFRODUHV MXQWR FRQ ODV
ILHVWDVTXHVHUHDOL]DQHQODHVFXHOD\FLHUWDVFXRWDVFRPRHODXWRFDU6LQHVWDEOHFHU
\GDUSDVRDRWURWLSRGHUHODFLRQHV
ಯ(O$03$SDUWLFLSD\FRODERUDEDVWDQWHFRQHOFROHJLR7LHQHQDFWLYLGDGHV
H[WUDHVFRODUHV SRU ODV WDUGHV GH D $GHP£V WLHQH RWUR VHUYLFLR HO
VHUYLFLRGHSHUPDQHQFLD/ROODPDPRVDV¯SRUTXHGHVGHODVVLHWH\PHGLD
GHODPD³DQDKDVWDODVQXHYHDWHQGHPRVDQL³RVಹ&RODERUDWDPEL«QHQ
ODV ILHVWDV TXH KDFHPRV HQ HO FROHJLR SRU HMHPSOR DKRUD HQ OD GH
1DYLGDG FRODERUD KDFLHQGR HO £UERO (O $03$ FRODERUD SDJDQGR ODV
JXDJXDVGHODVH[FXUVLRQHVGHORVQL³RVರ'&(,3$SS
(VHYLGHQWHTXHODVOH\HVPDUFDQODVQRUPDVHVWDEOHFLHQGRHVSDFLRVIRUPDOHVSDUDOD
SDUWLFLSDFLµQGHODVIDPLOLDVSHURWDPEL«QH[LVWHQORVLQIRUPDOHVSDUDODFRRSHUDFLµQ
HVWDEOHFLHQGR RSRUWXQLGDGHV SDUD UHODFLRQDUVH IDPLOLDUHV GRFHQWH \ SHUVRQDO QR
GRFHQWH$OJXQRVGHHVWRVHVSDFLRVVRQODUHDOL]DFLµQGHDFWLYLGDGHVSURPRYLGDVSRU
HOSURIHVRUDGR\OD$03$HQHOFHQWURORVGRPLQJRVDUUHJODU\HTXLSDUDUORVHQWRUQRV
GHODHVFXHODORVILQHVGHVHPDQDODRUJDQL]DFLµQGHYLVLWDVDIDPLOLDVUHFL«QOOHJDGDV
DQXHVWURSD¯VSRUSDUWHGHODVRWUDVIDPLOLDVHWF&ROOHW\7RUW
5HFXSHUDQGRODVYRFHVGHGLVWLQWRVPLHPEURVGHIDPLOLDV\GRFHQWHVSDUWLFLSDQWHVHQ
ORV HVWXGLRV GH FDVRV GH HVWD LQYHVWLJDFLµQ 6H REVHUYD TXH OD $03$ D SDUWH GH
JHVWLRQDU ORV UHFLERV DFWLYLGDGHV H[WUDHVFRODUHV \ ORV VHUYLFLRV WDPEL«Q HV OD
HQFDUJDGDGHSURPRYHUHQFXHQWURVFXOWXUDOHV\GDUVRSRUWHDLQLFLDWLYDVGHODHVFXHOD
ಯ/D$03$KDFHPXFKDVFRVDVJHVWLRQDUORVUHFLERVSRUHMHPSORORVGH
OD SLVFLQD 6L VH WLHQH TXH KDEODU FRQ DOJ¼Q SDGUH SRUTXH WLHQH XQD
Capítulo 3
La relación familia – escuela
VLWXDFLµQ HVSHFLDO 0LUDU GH KDEODU FRQ OD DVLVWHQWD VRFLDOಹ 6L ODV
PDHVWUDV QHFHVLWDQ DOJXQD FRODERUDFLµQ I¯VLFD SDUD KDFHU DOJXQD
DFWLYLGDG HQ OD HVFXHOD 6L VH WLHQH TXH FRPSUDU DOJXQD FRVDಹರ )
&(,3&S
ಯ/$ $03$ OR TXH VL KDFH GH DOJXQD PDQHUD HV JHVWLRQDU GHWHUPLQDGRV
DVSHFWRVORVVHUYLFLRVTXHVHGHULYDQDODHVFXHODFRPRSRUHMHPSOROD
DFRJLGDGHODVPD³DQDVDODVK\GHODVWDUGHV(OFRPHGRUHOFDVDO
GHYHUDQRಹ7DPEL«QUHDOL]DQXQDODERURDOPHQRV\RODYHRTXHHV
OD GH GDU VRSRUWH D ODV GLIHUHQWHV LQLFLDWLYDV GH OD HVFXHOD SDUD TXH WLUH
KDFLDGHODQWHರ'&(,3&S
ಯ/$ $03$ KDFH DOJXQD DFWLYLGDG GH WLSR FXOWXUDO FRPR SRU HMHPSOR
SDUWLFLSD HQ HO G¯D GHO FDUQDYDO 6H UH¼QHQ SHULµGLFDPHQWH \ RUJDQL]DQ
FKDUODVGHLQWHU«VSHGDJµJLFRRGHFRQWHQLGRQXWULFLRQDORGLHW«WLFRರ'
&(,3%S
0LHQWUDV ORV HVSDFLRV \ FDPLQRV IRUPDOHV TXH SUHVHQWD OD HVFXHOD VHDQ SRFR
DFRJHGRUHV ODV IDPLOLDV QR YHU£Q ORV FDQDOHV \ PHFDQLVPRV TXH ODV PRWLYHQ D VX
SDUWLFLSDFLµQ \ FRODERUDFLµQ 'H DK¯ TXH DOJXQRV FHQWURV HVW«Q DSRVWDQGR SRU ORV
HVSDFLRV \ UHODFLRQHV LQIRUPDOHV FRQ HO ILQ GH DXPHQWDU OD FDOLGDG GH ODV UHODFLRQHV
HQWUHDPEDVLQVWLWXFLRQHVDODYH]TXHODSDUWLFLSDFLµQFRODERUDFLµQHLPSOLFDFLµQGH
ODV IDPLOLDV (Q HO ¼OWLPR HS¯JUDIH GH HVWH FDS¯WXOR VH UHFRJHQ FLHUWRV HVSDFLRV GH
HQFXHQWUR PHFDQLVPRV \ HVWUDWHJLDV SDUD IDYRUHFHU XQDV UHODFLRQHV P£V DPEOHV \
FRUGLDOHV
Capítulo 3
La relación familia – escuela
0(&$1,6026 < (63$&,26 3$5$ &203$57,5 (1&8(1752 (175(
)$0,/,$6<(&8(/$6
ಯ'XUDQWHPXFKRWLHPSRVHSHQVµGHPDQHUDXQWDQWRLGHDOL]DGDTXHOD
SDUWLFLSDFLµQGHODVIDPLOLDVDWUDY«VGHODV$03$ORVFRQVHMRVHVFRODUHV
\RWURVPHFDQLVPRVGHUHSUHVHQWDFLµQLEDDHQFDUULODUDGHFXDGDPHQWHHO
FUµQLFR GHVHQFXHQWUR HQWUH HVWRV GRV DJHQWHV HGXFDWLYRV /D PHUD
SDUWLFLSDFLµQ HQ OD HVFXHOD FRPR HQ RWURV HVSDFLRV GH GHPRFUDFLD
IRUPDOHVQHFHVDULDSHURLQVXILFLHQWHರ3DUHOODGD
&RPRVHKDDUJXPHQWDGRKR\HQG¯DQRKDEODPRVGHXQ¼QLFRPRGHORIDPLOLDUVLQR
GH GLYHUVLGDG IDPLOLDU R FRQWH[WRVIDPLOLDUHV <SRU FRQVLJXLHQWH QR VHSXHGHKDEODU
GH XQ WLSR GH UHODFLµQ HQ FRQFUHWR \ XQ ¼QLFR HVSDFLR SDUD HVWDEOHFHUOD VLQR GH
GLVWLQWDV PDQHUDV GH UHODFLRQDUVH 3DUD HOOR \ FRPR DILUPD 3DUHOODGD VH
QHFHVLWDSDUWLUGHXQDVSUHPLVDVE£VLFDVSDUDSODQWHDUQRVFRPRHGXFDGRUHVFXDOTXLHU
WLSRGHSUR[LPLGDGFRQWDFWR\GL£ORJRFRQODVIDPLOLDV‹VWDVVRQVHJ¼QHVWHDXWRU
/D HVFXHOD FRPR LQVWLWXFLµQ HGXFDWLYD \ VRFLDOL]DGRUD WLHQH XQ SDSHO
IXQGDPHQWDO HQ HO GHVDUUROOR GH ORV DSUHQGL]DMHV GHO DOXPQDGR 3HUR OD
PD\RU¯DGHODVYHFHVORVGRFHQWHVVHKDQSRVLFLRQDGRHQXQWLSRGHGLG£FWLFD
R PHWRGRORJ¯D TXH SXHGH OOHJDU D GLILFXOWDU HVWH SDSHO (Q HVWH FRQWH[WR OD
SHUVSHFWLYD VLVW«PLFD SRVLELOLWD FRPSDUWLU ORV GLIHUHQWHV SXQWRV GH YLVWDV
UHFXUVRV\HVIXHU]RVSDUDSRGHUHQWDEODUXQWUDEDMRFRPSDUWLGRFRQODVIDPLOLDV
\XQGL£ORJREDVDGRHQODHVFXFKDDFWLYD
/D HVFXHOD H[LVWH SRU GLIHUHQWHV PRWLYRV SHUR VREUH WRGR SRUTXH UHVSRQGH D
XQD QHFHVLGDG VRFLDO TXH D OR ODUJR GH ORV D³RV KD LGR FDPELDQGR ([LVWH
Capítulo 3
La relación familia – escuela
SRUTXH ODV IDPLOLDV OD YHQ FRPR OXJDU GH DSUHQGL]DMH \ FUHFLPLHQWR SDUD VXV
KLMRV
1RKD\TXHSHUGHUGHYLVWDTXHQRSRGHPRVQLTXHUHPRVFDPELDUDODVIDPLOLDV
\ QR VRQ VXVWLWXLEOHV $V¯ SXHV ODV IDPLOLDV HVW£Q DQWHV TXH OD HVFXHOD \ HVH
RUGHQHVWDEOHFLGRQRVHSXHGHFDPELDU
3DUWLHQGRGHHVWDVSUHPLVDV\WHQLHQGRHQFXHQWDODVGHPDQGDVGHOPHUFDGRODERUDO\
ODVSUHVLRQHVHFRQµPLFDVVHVDEHTXHODVIDPLOLDVQRSXHGHQLPSOLFDUVHSDUWLFLSDU\
FRODERUDU FRPR OHV JXVWDU¯DQ SHUR FRPR HGXFDGRUHV GRFHQWHV \ GHVGH HO VLVWHPD
HGXFDWLYR SRGHPRV HVWDEOHFHU XQD DXW«QWLFD UHODFLµQ EDVDGD HQ OD FRPXQLFDFLµQ
IDFLOLWDQGR GLIHUHQWHV QLYHOHV GH LPSOLFDFLµQ H LQWHUDFFLµQ SDUD OOHJDU D XQD DXW«QWLFD
FRRSHUDFLµQ
$&7,78'(648()$925(&(1/$65(/$&,21(6
&XDQGR VH KDEOD GH UHODFLµQ VH GD SRU VHQWDGR TXH H[LVWH XQ Y¯QFXOR GH XQD
LQVWLWXFLµQFRQODRWUD3HURWDPEL«QVHSXHGHKDEODUGHUHODFLµQVLQTXHHVHY¯QFXOR
H[LVWDHVGHFLUTXHODVIDPLOLDVQRSDUWLFLSHQFRODERUHQVHLPSOLTXHQ\FRRSHUHQGH
PDQHUD GLUHFWD FRQ HO FHQWUR HGXFDWLYR SRU ORV PRWLYRV TXH VHD IDOWD GH WLHPSR GH
LQIRUPDFLµQHWF(VDಯQRರUHODFLµQHVWDEOHFH\GHILQHXQWLSRGHUHODFLRQHVTXHVHGD
HQWUHDPEDV
(Q HVWH DSDUWDGR VH UHFRJHQ FXDWUR JUDQGHV DFWLWXGHV TXH IDYRUHFHQ HO
HVWDEOHFLPLHQWR GH UHODFLRQHV FRUGLDOHV DPDEOHV \ IDYRUHFHGRUDV HQWUH IDPLOLDV \
Capítulo 3
La relación familia – escuela
HVFXHODV (VWDV FXDWUR DFWLWXGHV VRQ OD HVFXFKD DFWLYD \ ELGLUHFFLRQDO HO
UHFRQRFLPLHQWRODFRQILDQ]D\ODJUDWLWXG3DUHOODGD\5DYQ
-
/D HVFXFKD DFWLYD VH FDUDFWHUL]D SRU UHFRJHU DTXHOOR TXH ODV RWUDV SHUVRQDV
LQWHQWDQ WUDQVPLWLU VLQ TXH ODV SURSLDV H[SHFWDWLYDV \ SUR\HFFLRQHV LQWHUILHUDQ
GHPDQHUDQHJDWLYDHQHVWDWUDQVPLVLµQ
-
(O UHFRQRFLPLHQWR /D LPSRUWDQFLD GH UHFRQRFHU DO RWUR FRPR DUJXPHQWD
0DWXUDQD GH SRVLFLRQDUVH \ SRQHUVH HQ HO OXJDU GHO RWUR VLQ OOHJDU D
FXHVWLRQDUVHFµPRHV\VLQMX]JDUOR$TX¯HVWDU£ODFODYHGHTXHORVGRFHQWHV
SXHGDQ HQWHQGHU D ODV IDPLOLDV \ YLFHYHUVD 'HVGH HVWD PLUDGD \
SRVLFLRQDPLHQWR VH SRGU£Q HQFRQWUDU ODV Y¯DV GH HQFXHQWUR HQWUH IDPLOLDV \
HVFXHODV\DV¯IDYRUHFHUVXVUHODFLRQHV
-
/DFRQILDQ]D7RGDUHODFLµQVHEDVDHQODFRQILDQ]DHQHORWUR<QRFDHUHQHO
HUURU GH SHQVDU HQ VLWXDFLRQHVGLI¯FLOHVRFRPSOHMDV HO RWURQR SXHGHD\XGDU
7DQWRGRFHQWHVFRPRIDPLOLDVGLVSRQHQGHDOJXQRVUHFXUVRVSDUDHQIUHQWDUVHD
FXDOTXLHUUHWR
-
/DJUDWLWXG(VWDDFWLWXGYDOLJDGDDODDQWHULRU/RVGRFHQWHVVXHOHQDJUDGHFHU
DODVIDPLOLDVODFRQILDQ]DTXHKDQGHSRVLWDGRVREUHHOORVHQHOPRPHQWRTXH
VXV KLMRV DVLVWHQ D OD HVFXHOD $O LJXDO TXH ODV IDPLOLDV VXHOHQ TXHGDU
DJUDGHFLGDV SRU OD DWHQFLµQ \ GHGLFDFLµQ TXH ORV GRFHQWHV UHDOL]DQ VREUH ORV
QL³RV
Capítulo 3
La relación familia – escuela
$V¯ODUHODFLµQHQWUHIDPLOLD\HVFXHODVVHU£FRRSHUDWLYD\FRPSOHPHQWDULDVLHPSUH\
FXDQGRH[LVWDXQUHFRQRFLPLHQWRPXWXRXQDFRPXQLFDFLµQHQWUHDPEDVDSDUWLUGH
XQGL£ORJRXQUHFRQRFLPLHQWRGHODVFRPSHWHQFLDVHGXFDWLYDVGHFDGDXQDGHHOODV
HVWDEOHFLHQGRO¯PLWHVGHDFWXDFLµQ\YDORUDQGR\UHVSHFWDQGRHOWUDEDMRGHORWUR\VX
LPSOLFDFLµQ HQ OD HGXFDFLµQ OD HGXFDFLµQ YLVWD FRPR XQ SURFHVR FRQWLQXR \ QR VµOR
GHSHQGH GH OD HVFXHOD R GH OD IDPLOLD VLQR GH DPEDV WUDEDMR FRPSDUWLGR &RVWD
(63$&,26'(5(/$&,•1
/DHVFXHODDQWHODVGHPDQGDV\ORVFDPELRVGHODVRFLHGDGDVXPHPDQWHQHUFLHUWRV
FRQWDFWRV FRQ ODV IDPLOLDV D WUDY«V GH XQRV HVSDFLRV GH UHODFLµQ /µSH] ದ %DUDMDV
\&RVWDVH³DODURQFLQFRHVSDFLRVIRUPDOHV\FRQFUHWRVGHUHODFLµQODV
HQWUHYLVWDV FRQ ORV WXWRUHV OD UHXQLµQ FRQ ODV IDPLOLDV HO FRQVHMR HVFRODU ODV
UHXQLRQHVGHIDPLOLDV\HVFXHOD\ODV$03$6
-
/DV HQWUHYLVWDV FRQ ORV WXWRUHV (O SULQFLSDO REMHWLYR GH HVWH HQFXHQWUR HV
FRPSDUWLUHLQWHUFDPELDUODLQIRUPDFLµQUHIHUHQWHDOQL³RFµPRVHUHODFLRQDHQ
DPERV FRQWH[WRV SDUD SRGHU HQWHQGHUOR ¯QWHJUDPHQWH \ FRQRFHU FX£OHV VRQ
ORVREMHWLYRVHGXFDWLYRV/DVHQWUHYLVWDVSXHGHQUHDOL]DUVHDSULQFLSLRGHFXUVR
R GH PDQHUD SXQWXDO FRQ HO SURSµVLWR GH OOHJDU D DFXHUGRV FRQFUHWRV \
PDQHUDVFRPXQHVGHDFWXDUDQWHVFLHUWDVFRPSOHMLGDGHV
Capítulo 3
-
La relación familia – escuela
/D UHXQLµQ FRQ ODV IDPLOLDV (O REMHWLYR SULPRUGLDO GH HVWH HVSDFLR HV GDU D
FRQRFHUDODVIDPLOLDVODRUJDQL]DFLµQODVILQDOLGDGHV\HOSURJUDPDGHOFXUVR
(VXQEXHQOXJDUSDUDTXHODVIDPLOLDVSXHGDQPDQLIHVWDUFXDOTXLHULQTXLHWXG\
GXGD
-
(O FRQVHMR HVFRODU (V XQ µUJDQR LQWHUQR GH JHVWLµQ GRQGH VH WRPDQ ODV
PD\RU¯D GH ODV GHFLVLRQHV LPSRUWDQWHV GHO FHQWUR HGXFDWLYR ‹VWH HVSDFLR
SXHGHSURSRUFLRQDUDOOHYDUDFDERUHIOH[LRQHVFRQMXQWDVLQWHUFDPELDULGHDV\
FRQVHQVXDU REMHWLYRV (VWH µUJDQR SRGU¯D RIUHFHU OD RSRUWXQLGDG GH FRQRFHU
P£V D ODV IDPLOLDV \ IRPHQWDU XQ FOLPD GH XQD FRQILDQ]D \ GH WUDEDMR
FRRSHUDWLYR
-
/DV UHXQLRQHV GH ODV IDPLOLDV \ OD HVFXHOD 6RQ XQD RSRUWXQLGDG FODUD SDUD
EXVFDUHVSDFLRVDOWHUQDWLYRVGHHQFXHQWURSRUHMHPSORHQXQDFDIHWHU¯DGRQGH
ODFRQYHUVDFLµQSRGU¯DJLUDUHQWRUQRDDVSHFWRVHGXFDWLYRVHVWDEOHFHUFULWHULRV
FRPXQHV YDORUHV K£ELWRV GH FRQGXFWD O¯PLWHV OD LQIOXHQFLDV GH ODV
WHFQRORJ¯DV\ORVPHGLRVGHFRPXQLFDFLµQHWF
-
$ WUDY«V GH ODV $03$6 ([SOLFDGDV HQ HO HS¯JUDIH DQWHULRU (Q HVWH WLSR GH
DVRFLDFLRQHV OD UHODFLµQ HQWUH IDPLOLDV \ HVFXHODV VXHOHQ VHU P£V IOXLGDV \
SURGXFWLYDVFXDQGRGLFKDDVRFLDFLµQHVW£FRQVROLGDGD\ODSDUWLFLSDFLµQGHODV
IDPLOLDVHVDOWD
(Q OD SU£FWLFD ORV HVSDFLRV GH UHODFLµQ GH WLSR IRUPDO WDO \ FRPR DUJXPHQWD XQ
GRFHQWH FRODERUDGRU HQ HVWD LQYHVWLJDFLµQ VHU¯DQ ORV PDUFDGRV SURSLDPHQWH SRU HO
'HSDUWDPHQWRGH(GXFDFLµQದOD$GPLQLVWUDFLµQHGXFDWLYD
Capítulo 3
La relación familia – escuela
ಯ/DVIRUPDOHVVRQODVTXHPDQWHQHPRVHQFXPSOLPLHQWRGHODQRUPDWLYD
TXH WH GLFH TXH WLHQHV TXH SURSRQHU R WHQHU WDQWDV KRUDV D OD VHPDQD
SDUDUHXQLUWHFRQORVSDGUHV/RVSDGUHVSLGHQFLWDVHPLUDQWXOLEURGH
YLVLWDVHVHG¯Dರ'&(,3$SELV
$GHP£V GH ORV FLQFR HVSDFLRV GH HQFXHQWUR H[SOLFLWDGRV DQWHULRUPHQWH VH SRGU¯DQ
KDOODURWURVIRUPDOHVHLQIRUPDOHVFRPRODVWXWRU¯DVDORODUJRGHOFXUVRFUHDFLµQGH
DVDPEOHDV GH WDOOHUHV GH FRQIHUHQFLDV VDOLGDV LQIRUPDOHV GXUDQWH ORV ILQHV GH
VHPDQD HWF WDO \ FRPR SURSRQH XQ PLHPEUR GH XQD IDPLOLD SDUWLFLSDQWH HQ ORV
HVWXGLRVGHFDVRV
ಯ1RVRWURVWHQHPRVODVWHUWXOLDV\HOWDOOHUGHFRFLQD(QODVWHUWXOLDVYLHQH
XQH[SHUWRGHODXQLYHUVLGDGVRPRVXQDVGRFH\«OVDFDXQWHPD\OXHJR
KDFHPRV XQ WUDEDMR 1R OR SRGHPRV FRQWDU IXHUD ಹ VRQ FRVDV
SHUVRQDOHV GH FDGD XQD 6RQ FDGD G¯DV SUHSDUDPRV FDI« W« OR
SUHSDUDPRVWRGRPX\FµPRGRVHSRQHXQDYHOD\KDEODPRVಹ/XHJR
KD\ XQ WDOOHU GH FRFLQD TXH HO WDOOHU HVW£ VXEYHQFLRQDGR SRU HO
$\XQWDPLHQWR SRU HO 3ODQ GH HQWRUQR HQWRQFHV YLHQHQ PDGUHV ಹ
7HQHPRVQXHVWUDFRFLQDKDFHQFRPLGDVHOHVKDFHQIRWRVVHFRSLDOD
UHFHWDSDUDKDFHUXQOLEUR$KLQFOXVRWHQHPRVFLQHHQIDPLOLDಹ(UD
YHQLUFRJHUXQ'9'\OXHJRFRPHQWDUORFRQORVSDGUHV/RTXHSDVDHV
TXHHOKRUDULRFODURHVWDUGHರ)&(,3&S\
'HHVWDPDQHUDVHHVWDU¯DGDQGROXJDUDRWURVHVSDFLRVGHHQFXHQWURVHQWUHIDPLOLDV\
FHQWURHGXFDWLYR
Capítulo 3
La relación familia – escuela
0(&$1,6026 ದ (675$7(*,$6 < 7‹&1,&$6 (1 %86&$ '( /$6
5(/$&,21(6
7HQLHQGR HQ FXHQWD ORV GLIHUHQWHV HVSDFLRV GH UHODFLµQ HQWUH IDPLOLDV \ HVFXHODV
IRUPDOHV \ QR IRUPDOHV DOJXQDV GH ODV HVWUDWHJLDV TXH VH SRQHQ HQ SU£FWLFD SDUD
UHDOL]DU HQFXHQWURV P£V DWUDFWLYRV \ DPLVWRVRV \ GH GL£ORJR \ GHEDWH VHU¯DQ FRPR
DILUPD 3D\QH DTXHOODV TXH DSRVWDVHQ SRU IRUPDU HQ KDELOLGDGHV
LQWHUSHUVRQDOHV DO SHUVRQDO GRFHQWH \ QR GRFHQWH GH OD FRPXQLGDG HGXFDWLYD
5HDOL]DQGR SHTXH³RV JUXSRV \ HQFXHQWURV SDUD EULQGDU D ODV IDPLOLDV ODV
RSRUWXQLGDGHV GH SRGHU FRQWULEXLU D OD WRPD GH GHFLVLRQHV GH PDQHUD FRODERUDWLYD
KDELHQGR XQ OXJDU GH HVFXFKD \ FRQILGHQFLD SRU SDUWH GHO SHUVRQDO 7DO \ FRPR VH
SXHGHREVHUYDUHQODDSUHFLDFLµQGHXQPLHPEURGHXQDGHODVIDPLOLDVTXHSDUWLFLSµ
HQXQDGHODVHVFXHODVGRQGHVHOOHYµDFDERSDUWHGHODLQYHVWLJDFLµQ
ಯಹODHVFXHODFRQORVSDGUHVP£VDOO£GHODVFLWDVFRQFUHWDVTXHWLHQHQ
VXSHULRFLGDG\HOKHFKRGHTXHWHOOHJDDOSULQFLSLRHQXQDUHXQLµQWHOD
GDQXQDFLUFXODUDEXQGDQWHFRQWRGRVORVWHO«IRQRVOODPDGDVSURIHVRUHV
GHOFHQWURKRUDULRDORODUJRGHWRGRHOD³RTXHYDVDGLVSRQHUಹ/D
OLEUHGLVSRVLFLµQGH ORV FDUJRVGLUHFWLYRVHQFXDOTXLHUPRPHQWRTXHORV
YHDVVLHPSUHKDQVLGRPX\DFFHVLEOHVಹ/ODPDUSRUWHO«IRQRVLVXUJH
XQSUREOHPDಹ+D\XQDDJHQGDTXHHVELGLUHFFLRQDOHOPDHVWURDQRWD
FXDOTXLHUREVHUYDFLµQTXHWHQJDTXHKDFHUGHOQL³RHQFRQFUHWR\VHOR
SRQHHQODDJHQGD(QWRQFHVORVSDGUHVVHVXSRQHTXHWLHQHQTXHHVWDU
DWHQWRV D HVD DJHQGD \ OH SXHGH FRQWHVWDU HQ OD PLVPD DJHQGD DO
UHTXHULPLHQWR VXSRQLHQGR TXH HV XQD SUHJXQWD TXH VH SXHGH FRQWHVWDU
SRUHVFULWRರ)&(,3$S
Capítulo 3
La relación familia – escuela
/µSH] ದ %DUDMDV HVWDEOHFH XQ FRQMXQWR GH SRVLEOHV HVWUDWHJLDV\PHFDQLVPRV
TXH LGHQWLILFDQ OD UHODFLµQ IDPLOLD ದ HVFXHOD YHU WDEOD FRQFUHWDPHQWH GHVGH OD
SRVWXUDGHOSURIHVRUWXWRUDSDUWLUGHGRVµSWLFDVGLIHUHQWHVFX\DFRQFUHFLµQ\VHQWLGR
GHSHQGHU£QVLVHVLW¼DQEDMRXQDPLUDGDLQIRUPDWLYDRP£VELHQSDUWLFLSDWLYD
5(/$&,•1)$0,/,$6ದದ352)(62578725
'(6'(/$,1)250$&,•1
'(6'(/$3$57,&,3$&,•1
Š 5HXQLRQHVJUXSDOHV
Š ,QFRUSRUDFLµQHQODFODVH
Š &DUWHOGHDQXQFLRV
Š )LHVWDV
Š &DUWDVWHO«IRQRQRWDV
Š 7DOOHUHV
Š (QWUHYLVWDVSHUVRQDOHV
Š 6DOLGDV\H[FXUVLRQHV
Š &XHVWLRQDULRV
Š ([SRVLFLRQHV
Š
0LGLDULRದDJHQGDHVFRODU
Š %ROHW¯QGHHYDOXDFLµQ
7DEOD5HODFLµQIDPLOLD\SURIHVRUWXWRUSRU/µSH]%DUDMDV
%DMRODPLUDGDLQIRUPDWLYDODUHODFLµQTXHVHHVWDEOHFHHVGHFDU£FWHUXQLGLUHFFLRQDO
HVGHFLU GHVGH ODHVFXHODDODVIDPLOLDV FRQ OD ILQDOLGDG GH REWHQHU GDU DFRQRFHU\
WUDQVPLWLU DOJXQD LQIRUPDFLµQ FRQFUHWD VREUH HO FHQWUR HVFRODU R GHO DOXPQR HQ
SDUWLFXODU /DV UHXQLRQHV JUXSDOHV R HQWUHYLVWDV LQGLYLGXDOHV FRQ ODV IDPLOLDV VXHOHQ
WHQHU XQ FDU£FWHU LQIRUPDWLYR SURJUDPDFLµQ DQXDO GHO FXUVR R VHJXLPLHQWR GHO QL³R
&XDQGR ODV IDPLOLDV QR SXHGHQ DVLVWLU SRU SUREOHPDV GH KRUDULRV R SRU RWUDV
FLUFXQVWDQFLDVDOJXQDVHVFXHODVRSWDQSRUHQYLDUXQD FDUWDXVDQGRXQOHQJXDMHFODUR
\FRQFLVRHLQFOXVROODPDUSRUWHO«IRQR(VHOHMHPSORDSRUWDGRSRUXQPLHPEURGHXQD
GHODVIDPLOLDVSDUWLFLSDQWHVHQHVWDLQYHVWLJDFLµQ
ಯ/D HVFXHOD LQIRUPD Y¯D FLUFXODUHV /DV YLVLWDV GH SDGUHV GXUDQWH HVWH
FXUVRVRQORVSULPHURV\WHUFHURVPDUWHVGHFDGDPHVKD\XQDUHXQLµQ
$³DGRDOOLVWDGRODDJHQGDHVFRODUFRPRUHFXUVRLQIRUPDWLYRHVFXHODದIDPLOLDದHVFXHOD
Capítulo 3
La relación familia – escuela
SDUDSDGUHVDSULQFLSLRGHFXUVR/DYLVLWDGHSDGUHVHVUHDOPHQWHSDUD
WUDWDUFXHVWLRQHVVREUHFµPRYDQORVQL³RVTX«HVW£QKDFLHQGRHVWRQR
PHJXVWDರ)&(,3$S
/RV LQIRUPHVEROHWLQHVGHHYDOXDFLµQHVRWURGHORVUHFXUVRVTXHODHVFXHODRIUHFHD
ODVIDPLOLDVSDUDLQIRUPDUOHVVREUHODHYROXFLµQDYDQFH\SURJUHVRGHVXVKLMRVWDO\
FRPRVHUHFRJHQHQODVVLJXLHQWHVYRFHVGHXQDPDGUHGHIDPLOLD\XQGRFHQWH
ಯ1RV GDQ XQ LQIRUPH FµPR YD OD QL³D \ QR VRODPHQWH HQ HO WHPD
HGXFDWLYRVLQRVLHVW£P£VFRQWHQWDVLHVW£PHQRVFRQWHQWDVLHVW£P£V
PRWLYDGDVLSXHGHWHQHUDOJRಹ2VHDTXHQRHVVRODPHQWHHGXFDWLYR
VLQRWDPEL«QWHPDVGHFDU£FWHUTX«SUREOHPDVSXHGHQWHQHUರ)&(,3
&S
ಯ/RV LQIRUPHV HV XQD QDUUDWLYD VREUH HO QL³R R OD QL³D HQ FXHVWLµQ GH
FµPR QRVRWURV OR \ OD YHPRV HQ OD HVFXHOD LQWHQWD VHU OR P£V
FRQVWUXFWLYRSRVLEOH(VXQHVFULWRTXHV¯TXHWLHQHXQHVTXHPDSHURHO
UHGDFWRHVGLIHUHQWHSDUDFDGDQL³RDGHP£VDGHP£VFDGDPDHVWURWLHQH
VXHVWLORರ'&(,3&S
2WUD KHUUDPLHQWD SDUD PDQWHQHU FRQWDFWR GHVGH OD HVFXHOD FRQ ODV IDPLOLDV HV PL
GLDULRR DJHQGDHVFRODU'LDULRFRPRFXDGHUQRTXHOOHYDQORVQL³RVFDVDದHVFXHODದ
FDVDFRQHOSURSµVLWRGHTXHWDQWRODIDPLOLDFRPRHOGRFHQWHDQRWHQGHIRUPDEUHYH
DTXHOORTXH OHV UHVXOWHP£V LPSRUWDQWH \ VLJQLILFDWLYR GHO QL³R D OR ODUJR GHO G¯D R HQ
XQD VLWXDFLµQ SDUWLFXODU (Q DOJXQRV FHQWURV HGXFDWLYRV OD DJHQGD UHDOL]DU OD PLVPD
IXQFLµQTXHHOGLDULR$SDUWHGHFRQVLGHUDUVHFRPRXQUHFXUVRGHFDU£FWHULQIRUPDWLYR
HVWD HVWUDWHJLD SXHGH YHUVH FRPR XQD PDQHUD GH LPSOLFDU \ KDFHU SDUW¯FLSHV D ODV
IDPLOLDV H[SOLFDQGR PRPHQWRV DQHFGµWLFRV H[SHULHQFLDV HQ GLIHUHQWHV FRQWH[WRV
Capítulo 3
La relación familia – escuela
FRPRPDQLILHVWD HO VLJXLHQWH GRFHQWH SDUWLFLSDQWHHQ XQRGH ORV HVWXGLRV GH FDVR GH
HVWDLQYHVWLJDFLµQ
ಯ+D\XQDOLEUHWDGHFRPXQLFDFLµQFRQIRUPDWRVGLIHUHQWHV/DGHORP£V
SHTXH³R WLHQH XQ IRUPDWR P£V VHQFLOOR HV XQD OLEUHWD TXH HO QL³R
SHUVRQDOL]D HQ OD SRUWDGD DV¯ ORV DGXOWRV WLHQHQ UHIHUHQFLD GH OD HGDG
(VWD OLEUHWD UHFRJH DQ«FGRWDV TXH YD VXFHGLHQGR WDQWR HQ OD HVFXHOD
FRPRHQFDVD/DVIDPLOLDVWHHQJDQFKDQFRVDVTXHKDQKHFKRGXUDQWH
HOILQGHVHPDQDH[SOLF£QGRORFRQDOJXQDIRWRRUHGDFFLµQGHGRQGHKDQ
LGRDOJXQDDQ«FGRWDGLYHUWLGDTXHOHVSDVDDORVKLMRV/RVP£VJUDQGHV
GHFLGHQ OD HVWUXFWXUD GH OD OLEUHWD ‹VWD WLHQH XQRV DSDUWDGRV SDUD
HVFULELU GHVGH OD HVFXHOD SDUD HVFULELU HQ FDVD RWUR DSDUWDGR GH
GLUHFFLRQHVWHO«IRQRVGHWRGRVORVQL³RVGHFDOHQGDULRGHFXPSOHD³RV
ಹ+D\XQDLPSOLFDFLµQFRQVWUXFFLµQ(VWDOLEUHWDFDGDG¯DVHODOOHYDQ
DFDVD\FDGDPD³DQDYXHOYH'&(,3&SS
$GHP£VGHODVIRUPDVGHFRPXQLFDFLµQ\UHODFLµQHQWUHODVIDPLOLDV\ODHVFXHODTXH
VHKDQLGRSUHVHQWDQGRDORODUJRGHHVWDVO¯QHDVH[LVWHQXQDVHULHGHDFWLYLGDGHV\
UHFXUVRV TXH GDQ D ODV IDPLOLDV XQ SDSHO \ XQD LPSOLFDFLµQ PXFKR P£V UHOHYDQWHV
$OJXQDV GH HVWRV PHFDQLVPRV PHQFLRQDGRV SRU IDPLOLDV GRFHQWHV \ SHUVRQDO QR
GRFHQWHV GH HVWD LQYHVWLJDFLµQ VRQ H[SRVLFLRQHV OD HQWUDGD DO DXOD ODV VDOLGDV \
H[FXUVLRQHVORVWDOOHUHVHWF
ಯ/D HQWUDGD DO DXODPHSDUHFHPX\ SRVLWLYR4XH KD\D OD SRVLELOLGDG GH
FRPSDUWLU SUR\HFWRV WUDEDMRV WDUHDV GH TXH ORV SDGUHV HQWUHQ HQ OD
HVFXHODHQODFODVHDFRPSD³DQGRRQRDORVQL³RV\DORVPDHVWURVಹರ
1'&(,3%SSದ
Capítulo 3
La relación familia – escuela
ಯ0RQWDUH[FXUVLRQHVHVSRU£GLFDVGXUDQWHHOFXUVRಹKLFLPRVXQDVDOLGD
DO0RQWVHQ\RWUDD&ROOVHUROD5HFXHUGRKDEHUPRQWDGRWUHVH[FXUVLRQHV
FRQJHQWHGHODHVFXHOD\FRQXQ«[LWRWRWDOರ)&(,3%SSದ
ಯ+LFLPRVMXHJRVPDWHP£WLFRV7UDEDMDQGRFRQMXQWDPHQWHYLPRVFµPRVH
VHQW¯DQ HOORV FRPR VH SRG¯DQ VHQWLU VXV KLMRV ಹ 6H YLR PXFKR OD
FRODERUDFLµQ 'RQGH ORV SDGUHV KDE¯DQ D\XGDGR D SHQVDU HFKDU XQD
PDQRಹ YH¯DV XQD FRPSOLFLGDG HQ ORV SDGUHV 6LHPSUH KH GLFKR TXH
SDGUHV \ PDHVWURV VRPRV FµPSOLFHV GH OD HGXFDFLµQ QRV WHQHPRV TXH
VHQWLUFµPSOLFHVXQRHQHPLJRVರ'&(,3%S
/DUHODFLµQIDPLOLD\HVFXHODKDVLGRVLHPSUHSODQWHDGDGHXQDIRUPDLQVWLWXFLRQDOSDUD
ORV GLIHUHQWHV PLHPEURV TXH FRPSRQHQ DPEDV LQVWLWXFLRQHV DXQTXH HVH
SODQWHDPLHQWR IRUPDO QR VH KD FRQVLGHUDGR GHO WRGR VXILFLHQWH (V SRU HOOR TXH ODV
HVFXHODV FRQ OD FRODERUDFLµQ SDUWLFLSDFLµQ H LPSOLFDFLµQ GH ODV IDPLOLDV VH HVW£Q
UHSODQWHDQGR Y¯DV DOWHUQDWLYDV \ HVFHQDULRV IRUPDOHV H LQIRUPDOHV GH UHODFLµQ
ELGLUHFFLRQDO PXFKR P£V GLQ£PLFRV \ DVHTXLEOHV SDUD WRGDV DTXHOODV SHUVRQDV
LPSOLFDGDV HQ OD WDUHD HGXFDWLYD \ DV¯ SRGHU UHDOL]DU XQ WUDEDMR FRPSDUWLGR GH
FRRSHUDFLµQ\FRUUHVSRQVDELOLGDG
/DQHFHVLGDGGHEXVFDUY¯DVDOWHUQDWLYDVGHIRUPDVGHHQFXHQWUR\GHSDUWLFLSDFLµQKD
OOHYDGR D ORV GLIHUHQWHV PLHPEURV GH OD FRPXQLGDG HGXFDWLYD D PRGLILFDU VXV
UHODFLRQHVHQWUHODHVFXHOD\ODIDPLOLD6RQGLYHUVRVORVDFWRUHVTXHLQWHUYLHQHQHQODV
UHODFLRQHVTXHVHHVWDEOHFHQHQWUHDPEDVLQVWLWXFLRQHV'HDK¯ODLPSRUWDQFLDGHTXH
GRFHQWHV \ IDPLOLDV SDUW¯FLSHV HQ HO SURFHVR HGXFDWLYR UHSLHQVHQ VXV IRUPDV GH
UHODFLµQ\ODVFRQFHSFLRQHVDUTXHW¯SLFDVTXHVHKD\DQHVER]DGR'DEDV
Capítulo 3
La relación familia – escuela
$02'2'(&21&/86,•1
/RVGLYHUVRVFDPELRVYLYLGRVHQQXHVWUDVRFLHGDGHQORV¼OWLPRVD³RVVRQHOHPHQWRV
LQGLFDWLYRV GH ODV WUDQVIRUPDFLRQHV GDGDV HQ ODV UHODFLRQHV HVWDEOHFLGDV KDVWD HO
PRPHQWR HQWUH IDPLOLD \ HVFXHOD 3RVLEOHPHQWH SRU HVWH PRWLYR HV GH JUDQ
LPSRUWDQFLDTXHODHVFXHODFRPRDJHQWHVRFLDOL]DGRUGHODVFULDWXUDVWHQJDSUHVHQWH
ODVQXHYDVQHFHVLGDGHVGHODVIDPLOLDV
/DHVFXHOD\FRQFUHWDPHQWHHOSURIHVRUDGRHVODHQFDUJDGDGHFRQVWUXLUXQDUHODFLµQ
FRQ OD IDPLOLD /RV HVIXHU]RV TXH ORV FHQWURV HGXFDWLYRV HVW£Q UHDOL]DQGR SDUD
UHHVWUXFWXUDU HO FRQWH[WR GHO DSUHQGL]DMH HVFRODU RIUHFHQ XQD ULFD \ YDOLRVD
RSRUWXQLGDG SDUD UHSHQVDU \ UHHVWUXFWXUDU ODV UHODFLRQHV IDPLOLDV ದ HVFXHODV \
FRPXQLGDG
&RPR PDQLIHVWDEDQ *DUHDX \ 6DZDW]N\ ODV IDPLOLDV \ ODV HVFXHODV OOHJDQ D
FRPSDUWLUXQDVUHVSRQVDELOLGDGHVHQHOSURFHVRHGXFDWLYRGHORVQL³RV\DHVWDEOHFHU
WLSRVGHUHODFLRQHVTXHJDUDQWL]DQHOGHVDUUROORLQWHJUDOGHORVPLVPRV/RVGRFHQWHV
VH YHQ HQ OD QHFHVLGDG GH URPSHU WRGR WLSR GH REVW£FXOR \ GLVFRQWLQXLGDGHV HQ ODV
UHODFLRQHV FRQRFHU \ FRPSUHQGHU ODV GLQ£PLFDV IDPLOLDUHV \ OD RUJDQL]DFLµQ GH ODV
HVFXHODV SDUD SRGHU FUHDU FDQDOHV \ Y¯DV GH FRPXQLFDFLµQ \ GLVH³DU QXHYDV
HVWUDWHJLDV FRRSHUDWLYDV GH SDUWLFLSDFLµQ FRODERUDFLµQ H LPSOLFDFLµQ GH ODV IDPLOLDV
HQHOFRQWH[WRHVFRODU
Capítulo 3
La relación familia – escuela
6XEVDQDQGR ODV IUDFWXUDV GH FRPXQLFDFLµQ TXH VH KD\DQ SRGLGR FUHDU \ SRVLEOHV
HVWHUHRWLSRV FUHDGRV SRU SHUFHSFLRQHV \ FRQFHSFLRQHV SUHHVWDEOHFLGDV HQWUH DPEDV
LQVWLWXFLRQHV VHU£ SRVLEOH UHFRQVWUXLU HVSDFLRV GH HQFXHQWUR \ FDQDOHV GH
FRPXQLFDFLµQ EDVDGRV HQ HO GL£ORJR OD HVFXFKD \ OD FRPSUHQVLµQ HQWUH IDPLOLDV \
HVFXHODV SDUD SRGHU OOHYDU D FDER XQD YHUGDGHUD IUXFW¯IHUD \ FRUGLDO SDUWLFLSDFLµQ
FRODERUDFLµQ H LPSOLFDFLµQ GH ODV IDPLOLDV \ GH WRGRV ORV PLHPEURV GH OD FRPXQLGDG
HGXFDWLYD
,QYLWRDOOHFWRUDDGHQWUDUVHHQHOUHFRUULGRGHWUHVFDVRVGLIHUHQWHVFDS¯WXORV\
GRQGHSRGU£REVHUYDUODVGLYHUVLGDGHVGHUHODFLRQHVTXHVHHVWDEOHFHQHQFDGDXQD
GH HOODV VXV FRQWURYHUVLDV \ VXV IRUWDOH]DV GHVGH ODV GLIHUHQWHV PLUDGDV \
FRQFHSFLRQHVGHORVVXMHWRVSDUWLFLSDQWHVHQHVWDLQYHVWLJDFLµQ
,,3$57(0$5&20(72'2/•*,&2
57(0$5&20(72'2/•*,&2
,,3$57(0$5&20(72'2/•*,&2
&DS¯WXOR )XQGDPHQWDFLµQ PHWRGROµJLFD \ GLVH³R GH OD
LQYHVWLJDFLµQ
LQYHVWLJDFLµQ
&DS¯WXOR (QWUH EDVWLGRUHV /D YR] HQ RII GH OD
LQYHVWLJDGRUD
LQYHVWLJDGRUD
&$378/2
)81'$0(17$&,•10(72'2/•*,&$<',6(“2'(/$,19(67,*$&,•1
ಯ'HVGH HO SXQWR GH YLVWD IHQRPHQROµJLFR LQYHVWLJDU HV VLHPSUH FXHVWLRQDU HO
PRGR HQTXHH[SHULPHQWDPRVHOPXQGRTXHUHUFRQRFHUHOPXQGRHQHOTXH
YLYLPRV HQ QXHVWUD FDOLGDG GH VHUHV KXPDQRV < SXHVWR TXH ಯFRQRFHUರ HO
PXQGR HV HVHQFLDOPHQWH ಯHVWDUರ HQ HO PXQGR GH XQD GHWHUPLQDGD PDQHUD HO
DFWR GH LQYHVWLJDU ದ FXHVWLRQDU WHRUL]DU HV HO DFWR LQWHQFLRQDO GH XQLUQRV DO
PXQGR GH VHU SDUWH GH «O GH XQ PRGR P£V SOHQR R PHMRU D¼Q GH
ಯFRQYHUWLUQRVರ HQ HO PXQGR PLVPRಹ /D LQYHVWLJDFLµQ HV XQ DFWR GH
SUHRFXSDFLµQ TXHUHPRV FRQRFHU DTXHOOR TXH HV P£V LQWU¯QVHFR DO VHUರ 9DQ
0DQHQ
(QHVWH FDS¯WXOR DERUGR ODV GHFLVLRQHV RQWROµJLFDV HSLVWHPROµJLFDV \ PHWRGROµJLFDV
GH OD LQYHVWLJDFLµQ VLWX£QGRPH HQ XQ SRVLFLRQDPLHQWR FRQVWUXFFLRQLVWD 8QD
LQYHVWLJDFLµQ TXH VH FHQWUD HQ WUHV HVWXGLRV GH FDVR GH FDU£FWHU HWQRJU£ILFR WUHV
HVFXHODV S¼EOLFDV FRQ VXV VLQJXODULGDGHV \ VXV LQIRUPDQWHV ,QGLFDQGR ODV IDVHV
FODYHV GH HVWH HVWXGLR H[SORUDFLµQ H LQLFLRV OD HQWUDGD DO FDPSR \ UHFRJLGD GH OD
LQIRUPDFLµQ \ SRU ¼OWLPR OD VDOLGD GHO FDPSR OD UHFRQVWUXFFLµQ GH ORV FDVRV \ OD
HODERUDFLµQ GHO LQIRUPH ILQDO PRVWUDQGR ORV LQVWUXPHQWRV HVWUDWHJLDV \ IXHQWHV GH
UHFRJLGDGHLQIRUPDFLµQHQWUHYLVWDREVHUYDFLµQDQ£OLVLVGHGRFXPHQWR\HOGLDULRGH
FDPSR 3DUD FRQFOXLU KDEODQGR GH OD LPSRUWDQFLD GH OD HQWUDGD DO HVFHQDULR \ GH OD
«WLFDGHODLQYHVWLJDFLµQ
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
/$0,5$'$'(/$,19(67,*$'25$
&XDQGRXQLQYHVWLJDGRUVHSODQWHDOOHYDUDFDERXQHVWXGLRVHDGHOWLSRTXHVHDVX
PLUDGD YHQGU£ PDUFDGD SRU VXV H[SHULHQFLDV YLYHQFLDV \ FRQRFLPLHQWRV TXH GH
DOJXQD PDQHUD UHSHUFXWLU£Q D OR ODUJR GH OD LQYHVWLJDFLµQ $ OD KRUD GH GHFLGLUVH HO
DERUGDMHGHXQWHPDHQSDUWLFXODUHOFµPRVHKDU£ODLGHQWLILFDFLµQGHXQSUREOHPDHO
GHVDUUROORGHOPLVPRORVUHVXOWDGRV\ODHODERUDFLµQGHFRQFOXVLRQHVGHSHQGHU£QQR
VµOR GHO SRVLFLRQDPLHQWR TXH DGRSWH FRPR LQYHVWLJDGRU VLQR GH VX PLUDGD FRPR
SHUVRQDGHVXಯFRQVWUXFFLµQರFRPRVXMHWRGHVXSURSLDVXEMHWLYLGDGSHURVREUHWRGR
GH VXV KLVWRULDV SHUVRQDOHV \ H[SHULHQFLDV GH DSUHQGL]DMH 6H SRGU¯D GHFLU TXH WRGD
LQYHVWLJDFLµQ SHUWHQHFH D XQ SHU¯RGR FXOWXUD OXJDU \ WLHPSR \ HV HO UHVXOWDGR GH
LQWHUSUHWDFLRQHV\SHUFHSFLRQHVSHURFRQFUHWDPHQWHGHXQDKLVWRULDSHUVRQDO\¼QLFD
6LJXLHQGR D 0HGLQD VHU¯D YLWDO XQD YH] FRQWH[WXDOL]DGR HO SUREOHPD HQ
UHODFLµQ D ORV IXQGDPHQWRV WHµULFRV \ D OD SURSLD ELRJUDI¯D FRPR VXMHWRV LQYHVWLJDGRUHVQRROYLGDUTXH
ಯ+DFHU LQWHOLJLEOH HO SUREOHPD GH LQYHVWLJDFLµQ HV QDUUDU VX SURFHVR
KDFLHQGRDXGLEOHODYR]GHOLQYHVWLJDGRU/DSUHJXQWDTXHWRGRSUREOHPD
GHLQYHVWLJDFLµQFRQWLHQHHVIUXWRVLHPSUHGHXQDH[SHULHQFLDGLDORJDQWH
\ UHVXOWDGR GH XQD HVFXFKD GH V¯ WRGD LQYHVWLJDFLµQ SDUWH GH XQ VXMHWR
KLVWµULFR(VGHFLUGHWU£VGHWRGDWHRU¯DKD\XQDELRJUDI¯Dರ
$V¯ FRQ HO HQWUHWHMLGR GH LQWHUHVHV HPRFLRQHV GHVHRV LQTXLHWXGHV VXSXHVWRV
LQWHUSUHWDFLRQHV REVHUYDFLRQHV FRPSUHQG¯ TXH FDGD UHDOLGDG HGXFDWLYD HUD VLQJXODU
GLIHUHQWH\SDUWLFXODU+HFKRTXHPHOOHYµFRPRVHH[SOLFDP£VDGHODQWHDHVWXGLDU
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
WUHVUHDOLGDGHV GLVWLQWDVEDMR XQ PLVPRWHPD ODVUHODFLRQHVTXHVHHVWDEOHFHQHQWUH
IDPLOLDV\HVFXHOD<TXHFRQODD\XGDGHOJUXSRGHLQYHVWLJDFLµQ\GHPLGLUHFWRUDGH
WHVLVFRPHQF«DODEUDUHOSURSLRFDPLQRGHOVDEHU&RPSUHQGLHQGRTXHHOSURFHVRGH
LQYHVWLJDFLµQ QR HUD OLQHDO OOHY£QGRPH D UHGHILQLU HO SUREOHPD \ ORV LQWHUURJDQWHV D
LQYHVWLJDUDPHGLGDTXHPHLEDDGHQWUDQGRHQHOHVWXGLRGHFDPSRUHVSHFWDQGRORV
WLHPSRV\ODVQHFHVLGDGHVGHORVVXMHWRVFRODERUDGRUHV\SDUW¯FLSHVGHHVWHHVWXGLR
(/326,&,21$0,(172'(/$,19(67,*$'25$
6H SXHGH GHILQLU XQ SRVLFLRQDPLHQWR FRPR HO HVWDGR R FRQGLFLµQ TXH XQD SHUVRQD
DGRSWDHQXQPRPHQWRGHWHUPLQDGRHVSHFLDOPHQWHHQUHODFLµQFRQRWUDVSHUVRQDVR
FRVDV 0D\NXW \ 0RUHKRXVH (VWH SRVLFLRQDPLHQWR GHQRPLQDGR SRU HVWRV
DXWRUHV FRPR ಯLQGHZHOOLQJರ DSXQWD GH PDQHUD P£V OLWHUDO D YLYLU HQWUH \ GHQWUR
5HILUL«QGRVHDFµPRVHSHUFLEH\VHUHSUHVHQWDORVIHQµPHQRVGHOHVWXGLR\DOಯFOLPDರ
HVWDEOHFLGR HQWUH HO LQYHVWLJDGRU \ HO LQYHVWLJDGR (V GHFLU TXH XQR VHD FDSD] GH
SRQHUVHHQ HO OXJDU GHO RWURGXUDQWH XQWLHPSRGHWHUPLQDGR OOHJDQGRDHQWHQGHUOR\
FRPSUHQGHUORTXHHVW£GLFLHQGRGHVGHXQDSRVLFLµQHPS£WLFDSHURQRFRPSDVLYD'H
HVWH PRGR HO REMHWLYR SULQFLSDO GH HVWH SRVLFLRQDPLHQWR HV LGHQWLILFDU R GHILQLU XQD
VLWXDFLµQ'HDK¯TXHDXWRUHVFRPR3DWWRQLQWHUSHOHDOLQYHVWLJDGRUGLFL«QGROH
ಯ(QWUDHQHOPXQGR2EVHUYD\SUHJ¼QWDWHH[SHULPHQWD\UHIOH[LRQD3DUD
HQWHQGHU HO PXQGR GHEHV IRUPDU SDUWH GH «O \ D OD YH] PDQWHQHUWH
DSDUWDGR GH «O XQD SDUWH GH \ DSDUWDGR GH 9H SXHV \ YXHOYH SDUD
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
FRQWDUPH TX« KDV YLVWR \ R¯GR TX« KDV DSUHQGLGR \ TX« KDV OOHJDGR D
FRPSUHQGHU3DWWRQ
< DKRUD DGHODQWH 6DO \ SUHJXQWD ,QWHUURJD \ HVFXFKD (O PXQGR
HPSLH]D D DEULUWH VXV SXHUWDV &DGD SHUVRQD D OD TXH SUHJXQWHV SXHGH
OOHYDUWHDXQDQXHYDSDUWHGHOPXQGR3DUDDTXHOODSHUVRQDGHVHRVDGH
SUHJXQWDU\HVFXFKDUHOPXQGRVHU£VLHPSUHQXHYR4XLHQSUHJXQWDFRQ
KDELOLGDG \ HVFXFKD FRQ DWHQFLµQ VDEHFµPR SHQHWUDU HQ OD H[SHULHQFLD
GHRWUDSHUVRQDರ3DWWRQ
&RPRLQYHVWLJDGRUDORTXHSUHWHQGRHVDFHUFDUPHDXQDUHDOLGDGHGXFDWLYDGRQGHODV
YRFHV\SRVWXUDVGHORVVXMHWRVVRQLPSRUWDQWHV\QHFHVDULDVSDUDPLHVWXGLR\GRQGH
ODVSHUVRQDVHVW£QHQFRQVWDQWHLQWHUDFFLµQFRQHVDUHDOLGDGFRPSOHMD\FDPELDQWH
$V¯SXHVSDUWLHQGRGHHVWDPLUDGDLQYHVWLJDUQRVµORVHWUDWDGHDGRSWDUXQDSRVWXUD
VLQR GH XQD DFFLµQ GRQGH OD FRPSUHQVLµQ \ HO FRQRFLPLHQWR HQWUDQ HQ MXHJR XQD
DFFLµQ HQ OD FXDO OD UHIOH[LµQ \ OD DXWRUUHIOH[LµQ VRQ QHFHVDULDV \ FRQVWDQWHV
SHUPLWLHQGR GHVFULELU LQWHUSUHWDU \ FRPSUHQGHU ORV IHQµPHQRV HGXFDWLYRV TXH KD\ D
QXHVWURDOUHGHGRUDSDUWLUGHORVYDORUHVORVVHQWLGRV\ORVVLJQLILFDGRVTXHOHRWRUJDQ
ODV SHUVRQDV LPSOLFDGDV +DFHU LQYHVWLJDFLµQ VH FRQVLGHUD WDO \ FRPR VH³DOD $UQDO
ಯFRPR XQ SURFHVR DFWLYR VLVWHP£WLFR \ ULJXURVR GH LQGDJDFLµQ GLULJLGD
HQHOFXDOVHWRPDQGHFLVLRQHVVREUHHOTXHHVLQYHVWLJDEOHPLHQWUDVVH
HVW£HQHOFDPSRREMHWRGHHVWXGLRರ
(Q 0D\NXW 3 \ 0RUHKRXVH 5 ,QYHVWLJDFLµQ FXDOLWDWLYD XQD JX¯D SU£FWLFD \ ILORVµILFD
%DUFHORQD+XUWDGRS
,E¯G
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
,QYHVWLJDU DGHP£V VLJQLILFD LPSOLFDUVH HQ XQ SURFHVR GH LQGDJDFLµQ GRQGH
LQWHUYLHQHQRWUDVSHUVRQDVFUHDQGRHVSDFLRVSDUDFRPSDUWLUH[SHULHQFLDV\YLYHQFLDV
GHVGHXQOXJDUGHHVFXFKDDFWLYDGHIRUPDFLµQ\GHDSUHQGL]GHHVDUHDOLGDGTXHVH
HVW£ FRQRFLHQGR DQDOL]DQGR H LQWHUSUHWDQGR HV DQWH WRGR \ OR FRQVLGHUR FRPR XQ
SURFHVR GH WUDQVIRUPDFLµQ HQ V¯ PLVPR 'H HVWD PDQHUD HV LPSRUWDQWH HO
UHFRQRFLPLHQWRGHORWUR\TXH\RPLVPDPHUHFRQR]FDFRPRVXMHWRHLQYHVWLJDGRUDHQ
FRQVWDQWHLQWHUDFFLµQ
(Q GHILQLWLYD HO SRVLFLRQDPLHQWR SRU HO TXH KH RSWDGR DQWH HO HVWXGLR HV XQ
SRVLFLRQDPLHQWR FRQVWUXFFLRQLVWD GH HVFXFKD DFWLYD GH FRPSUHQVLµQ GH
HQWHQGLPLHQWR GH DGTXLVLFLµQ GH FRQRFLPLHQWRV GH DQ£OLVLV GH GHVFULSFLµQ H
LQWHUSUHWDFLµQGHXQDUHDOLGDGTXHDGTXLHUHVLJQLILFDGRV:RUWKDP-DFNVRQ
(VWH SURFHGHU HVW£ YLQFXODGR FRQ PL H[SHULHQFLD FRQ PL YLYHQFLD FRQ PL KLVWRULD
SHUVRQDO\PLVFRQRFLPLHQWRV\DSUHQGL]DMHVDODYH]TXHFRQORVVLJQLILFDGRV\FRQ
ODV YRFHV GH ORV VXMHWRV SDUW¯FLSHV GHO HVWXGLR (VWD LQWHUUHODFLµQ PH FRQGXFLU£ D XQ
FLHUWR JUDGR GH VXEMHWLYLGDG XQD LPSOLFDFLµQ D XQ HVWDU GHQWUR \ IXHUD GH OR TXH
RFXUUHDXQUHFRUGDUPLSDVDGR\PLSUHVHQWHSDUDSRGHUHQWUHOD]DUORTXHODVRWUDV
SHUVRQDVKDQVHQWLGRFRQORTXH\RKHYLYLGRTXHGHVHPERFDU£HQXQDUHIOH[LµQSDUD
SRGHUHQWHQGHUPHMRUXQDUHDOLGDGHGXFDWLYDFRPSOHMDHPHUJHQWH\GHLQWHU«VSDUDOD
FRPXQLGDGHGXFDWLYD
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
',6(“2<(1)248('(/$,19(67,*$&,•1
(OHQIRTXHHSLVWHPROµJLFR\PHWRGROµJLFRHOHJLGRHQODSUHVHQWHLQYHVWLJDFLµQHVW£
RULHQWDGR D FRQRFHU FRPSUHQGHU GHVFULELU H LQWHUSUHWDU XQD UHDOLGDG HGXFDWLYD /DV
GHFLVLRQHV PHWRGROµJLFDV UHVSRQGHQ D WUHV FULWHULRV HO SUREOHPD GH HVWXGLR ORV
LQWHUHVHVFRPRLQYHVWLJDGRUD\ORVVXSXHVWRVWHµULFRV\HSLVWHPROµJLFRVHQORVTXHVH
VXVWHQWD OD SURSLD LQYHVWLJDFLµQ 7UHV FRPSRQHQWHV FRKHUHQWHV HQWUH V¯ GRQGH HO
SUREOHPD GH HVWXGLR HVW£ HQ UHODFLµQ FRQ HO P«WRGR VHOHFFLRQDGR OD SHUVSHFWLYD
HSLVWHPROµJLFD DGRSWDGD \ FRQ OD LQWHUSUHWDFLµQ \ FRPSUHQVLµQ GH ORV VLJQLILFDGRV
H[SUHVDGRV\FRQVWUXLGRVSRUORVVXMHWRVSDUWLFLSDQWHVGHHVWDLQYHVWLJDFLµQ
'HVGH HVWD µSWLFD FRPR LQYHVWLJDGRUD \ EDMR HO SDUDJXDV GHO FRQVWUXFFLRQLVPR KH
LQWHQWDGR OOHJDU D OD FRPSUHQVLµQ H LQWHUSUHWDFLµQ GH OD FRQVWUXFFLµQ GH VLJQLILFDGRV
LQWHUUHODFLRQDQGR ODV YRFHVGH ORVVXMHWRVIDPLOLDV GRFHQWHV SHUVRQDO QR GRFHQWH\
DOXPQDGRFRQPLVREVHUYDFLRQHVDQ£OLVLVHLQWHUSUHWDFLRQHVDSDUWLUGHODYLYHQFLDOD
HVFXFKD \ OD LQWHUDFFLµQ WULDQJXODFLµQ FRQ OD ELEOLRJUDI¯D 3RU OR WDQWR SRGU¯D GHFLU
TXHPLLQWHQFLµQHVFRPSUHQGHUGHVFULELUHLQWHUSUHWDUODVDFFLRQHVODVSHUFHSFLRQHV
GH ODV SHUVRQDV XQD UHDOLGDG HGXFDWLYD FX\D LQYHVWLJDFLµQ WDO \ FRPR DUJXPHQWD
$UQDXV
ಯಹ FRQWHPSOHODSUREOHP£WLFD \ OD FRPSOHMLGDG GH OD UHDOLGDG ODVYRFHV
GHODVSHUVRQDVSURWDJRQLVWDVORVP«WRGRVGHLQYHVWLJDFLµQ\HOOHQJXDMH
DGHFXDGRVHOFRPSURPLVRFRQODVSHUVRQDVLQYHVWLJDGDVHWFSUHVXSRQH
XQD PLUDGD HSLVWHPROµJLFD GHWHUPLQDGD 3UHVXSRQH XQD PLUDGD FRQ HO
LQWHQWR GH WUDVSDVDU OD HVWUHFKH] GH OD YLVLµQ GH OD FLHQFLD \ GH OD
LQYHVWLJDFLµQSRVLWLYLVWDರ
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
'HHVWDPDQHUDFRQVWUXLUHOSUREOHPDGHHVWXGLRVHFRQVLGHUDXQDWDUHDFRPSOHMD\D
TXH VXUJH GH OD ಯQHFHVLGDGರ GH SUREOHPDWL]DU XQD UHDOLGDG ಯ'HVFULELU FRQRFHU H
LQWHUSUHWDU HO WLSR GH UHODFLRQHV TXH VH HVWDEOHFHQ HQWUH IDPLOLDV \ HVFXHODರ 8QD
UHDOLGDGTXHHVW£HQUHFRQVWUXFFLµQHQPRYLPLHQWRVLHPSUHFDPELDQWHSURGXFWRGH
XQHQWUDPDGRGHDFFLRQHVGHKHFKRVGHSHQVDPLHQWRVGHLQTXLHWXGHVGHLQWHUHVHV
GHVHQWLGRV\VLJQLILFDGRV3RUORWDQWRODUHDOLGDGHVKRO¯VWLFDP¼OWLSOHUHFRQVWUXLGD
GLYHUJHQWH6DQG¯Q'DGRTXHFRPRDILUPDQ6DQFKR\RWURV
ಯ/D LQYHVWLJDFLµQ HGXFDWLYD QRV OOHYD D FRQVLGHUDU TXH OD ILQDOLGDG GH OD
LQYHVWLJDFLµQ DGHP£V GH DXPHQWDU HO VDEHU \ SURIXQGL]DU HQ OD
FRPSUHQVLµQ GH ORV IHQµPHQRV HGXFDWLYRV HV GHWHFWDU ODV VLWXDFLRQHV
SUREOHP£WLFDV\SURSRQHUVXJHUHQFLDVSDUDODDFFLµQರ
(O SURSµVLWR GH HVWD LQYHVWLJDFLµQ HV FRQWULEXLU D HQWHQGHU ORV HOHPHQWRV TXH
FRQILJXUDQ XQD GHWHUPLQDGD FXOWXUD HQ HVWH FDVR OD FXOWXUD GH OD HVFXHOD DQWH ODV
UHODFLRQHV FRQ ODV IDPLOLDV 3DUD SRGHU FRQRFHU GHVFULELU H LQWHUSUHWDU ODV UHODFLRQHV
HQWUH DPEDV LQVWLWXFLRQHV IDPLOLD\ HVFXHOD PH YHR HQ OD QHFHVLGDGGH SHUPDQHFHU
HQORVFHQWURVHGXFDWLYRVUHDOL]DUREVHUYDFLRQHVHQWUHYLVWDVFRQYHUVDFLRQHVDQ£OLVLV
GH GRFXPHQWRV \ UHJLVWURV \ QRWDV GH FDPSR WDO \ FRPR VH GHWDOOD HQ SRVWHULRUHV
DSDUWDGRVGHOSUHVHQWHFDS¯WXOR
/$(/(&&,•1'(/$0(72'2/2*$
/DV SRVLFLRQHV HSLVWHPROµJLFDV TXH LQWHQWDQ VXSHUDU ODV SHUVSHFWLYDV SRVLWLYLVWDV GH
LQYHVWLJDFLµQHVW£QPDUFDGDVSRUGRVFRQFHSFLRQHVWHµULFDVIUXWRGHODVRFLRORJ¯D\OD
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
ILORVRI¯D OD IHQRPHQRORJ¯D \ OD KHUPHQ«XWLFD 6H HQWLHQGH FRPR IHQRPHQRORJ¯D ಯOD
FLHQFLD GH ORV IHQµPHQRVರ SDUD +XVVHUO OD IHQRPHQRORJ¯D HV
ಯXQD GLVFLSOLQD TXH VH RFXSD GH GHVFULELU FµPR VH FRQVWLWX\H HO PXQGR \ FµPR VH
H[SHULPHQWD D WUDY«V GH DFWRV FRQVFLHQWHVರ (V GHFLU VLHPSUH SUHJXQWD R LQWHQWD
SUHJXQWDUVREUHFX£OHVODಯYHUGDGHUDರQDWXUDOH]DRHOಯYHUGDGHURರVLJQLILFDGRGHDOJR
3RUORWDQWRODIHQRPHQROµJLFDHQWLHQGHORVIHQµPHQRVVRFLDOHVGHVGHODSHUVSHFWLYD
GH ODV SHUVRQDV VH FHQWUD HQ ORV DVSHFWRV VXEMHWLYRV VLQ SRGHU HYLWDU TXH HO
LQYHVWLJDGRU SUR\HFWH VX VXEMHWLYLGDG HQ HO SURFHVR GH OD LQYHVWLJDFLµQ3RU VXSDUWH
HQ OD KHUPHQ«XWLFD OD SHUVRQD HVW£ GHQWUR GH XQD PLUDGD FXOWXUDO \ SRU OR WDQWR
LQWHQWDFRPSUHQGHUORVIHQµPHQRVGHQWURGHVXSURSLRFRQWH[WR\HQGHILQLWLYDGHVGH
VXVLQWHUSUHWDFLRQHVVXEMHWLYDV(VGHFLUODKHUPHQ«XWLFDFRQVLVWHHQODWHRU¯D\HQOD
SU£FWLFDGHODLQWHUSUHWDFLµQ
'HVGH HVWD SHUVSHFWLYD OD UHDOLGDG VH FRQVWLWX\H FRQ KHFKRV REVHUYDEOHV
VLJQLILFDGRVV¯PERORVHLQWHUSUHWDFLRQHVTXHYDFRQVWUX\HQGRHOVXMHWRHQHOFRQWH[WR
HQ HO TXH HVW£ (V SRU HOOR TXH OD LQYHVWLJDFLµQ FRQVWUXFFLRQLVWD VH FDUDFWHUL]D SRU
WHQHUHQFXHQWDDOVXMHWRHQEDVHDVXVLGHDV\VLJQLILFDGRV$XWRUHVFRPR /LQFROQ\
*XED 7D\ORU \ %RJGDQ &RKHQ \ 0DQQLRQ \ 6WDNH GHILHQGHQTXHHOHQIRTXHLQWHUSUHWDWLYRVHFDUDFWHUL]DSRU
6HU XQ SURFHVR GHGXFWLYR ದ LQGXFWLYR (O LQYHVWLJDGRU HQ VX HQWUDGD HQ HO
FDPSRSDUWHGHXQRVVXSXHVWRVSUHYLRVGHODWHRU¯D\GHVXH[SHULHQFLDFRPR
&LWDGRHQ9DQ0DQHQ0
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
LQYHVWLJDGRU TXH VH SXHGHQ LU PRGLILFDQGR D PHGLGD TXH YD REWHQLHQGR
LQIRUPDFLµQGHODUHDOLGDG
6HU KRO¯VWLFR (V GHFLU HO IHQµPHQR VH HVWXGLD FRPR XQ WRGR GH PDQHUD
LQWHJUDO
6HULQWHUDFWLYR\KXPDQLVWD/RVVXMHWRVVHUHODFLRQDQHQWUHV¯\HQXQFRQWH[WR
HQXQSURFHVRGHLQWHUDFFLµQPXWXDHLQWHUDFWLYD
6HU XQD LQYHVWLJDFLµQ GH FDU£FWHU LGHRJU£ILFR HV GHFLU LQWHUHVDGD SRU ORV
VLJQLILFDGRV GH ORV VXMHWRV \ QR SUHWHQGH JHQHUDOL]DU R FHQWUDOL]DU ORV
UHVXOWDGRV
6HU FRQWH[WXDOL]DGD \ DELHUWD ,QWHQWD FRPSUHQGHU H LQWHUSUHWDU ORV KHFKRV \
DFFLRQHVGHORVVXMHWRVGHVGHXQFRQWH[WRFXOWXUDOWHPSRUDOSRO¯WLFRVRFLDO\
HFRQµPLFR
7HQLHQGRHQFXHQWDODUHODFLµQHVWDEOHFLGDHQWUHREMHWRVXSXHVWRVWHµULFRVದSU£FWLFRV
\ OD H[SHULHQFLD GHO SURSLR LQYHVWLJDGRU SDUD 0DUVKDOO \ 5RVVPDQ H[LVWH
XQDFRUUHVSRQGHQFLDHQWUHPHWRGRORJ¯DVSUREOHPDVREMHWLYRV\W«FQLFDVGHREWHQFLµQ
GHODLQIRUPDFLµQFRPRVHPXHVWUDHQODWDEOD
0HWRGRORJ¯D
3UREOHPD
2EMHWLYR
5HODFLµQ
YDULDEOHV
FDXVDOLGDG" 4X« FRQWUDVWDU
(PS¯ULFR$QDO¯WLFD
RFXUULU£"
QLYHO
HQWUH 'HVFULELU
,QYHVWLJDFLµQ
SUHGHFLU ([SHULPHQWDO
GH YHULILFDUMXVWLILFDU
&XDVL
PRGHORV H[SHULPHQWDO
4X« WHµULFRV([SOLFDU
2EWHQFLµQGHLQIRUPDFLµQ
7HVWV
HQFXHVWDV
FXHVWLRQDULRV
REVHUYDFLµQ
VLVWHP£WLFD
([SRVWIDFWR
DOFDQ]DU£"
(Q 'HO 5LQFµQ ' $UQDO - /DWRUUH $ \ 6DQV $ 7«FQLFDV GH LQYHVWLJDFLµQ HQ FLHQFLDV
VRFLDOHV0DGULG'<.,1621S
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
4XL«QHV VH YHU£Q
DIHFWDGRV"
(Q
TX«VHQWLGR"
3HUFHSFLRQHV"
'HVFXEULUJHQHUDU
9LYHQFLDV"
&RPSUHQVLµQ
&µPR HQWLHQGHQ IHQµPHQR ,GHQWLILFDU ,QYHVWLJDFLµQ
'RFXPHQWRV
HO VLJQLILFDGR GHO YDULDEOHVLPSRUWDQWHV IHQRPHQROµJLFD
SHUVRQDOHV
&RQVWUXFFLRQLVWD
IHQµPHQR
ORV SDUD
(VWXGLRGHFDVRV
GHO (WQRJUDI¯D
2EVHUYDFLµQSDUWLFLSDQWH
(QWUHYLVWDHQSURIXQGLGDG
RILFLDOHV
\
JHQHUDU
SDUWLFLSDQWHV
KLSµWHVLVDFRQWUDVWDU
LPSOLFDGRV"HWF
HQ
QXHYDV
LQYHVWLJDFLRQHV
([SOLFDU
ORV
HOHPHQWRV
TXH
FDXVDQHOIHQµPHQR
&µPR RSWLPL]DU" 7UDQVIRUPDU
,QYHVWLJDFLµQ
2EVHUYDFLµQSDUWLFLSDQWH
4X«
DFFLµQ
(QWUHYLVWDHQSURIXQGLGDG
6RFLRFU¯WLFD
&µPR WUDQVIRUPDU HPDQFLSDU
,QYHVWLJDFLµQ
'RFXPHQWRV
ODUHDOLGDG"
FRRSHUDWLYD
SHUVRQDOHV
FDPELRV" FRQFLHQFLDU
SHUIHFFLRQDU
RILFLDOHV
\
RSWLPL]DULQQRYDU
(V
SURJUDPD"
'HVGH
ODV
PHWRGRORJ¯DV
HILFD]
HO 9DORUDU R HQMXLFLDU OD 4X« DSOLFDFLµQ
WUHV SURJUDPD HV P£V SURJUDPD
GH
XQ
\
VXV
&XDOTXLHUD GH ODV W«FQLFDV
PHQFLRQDGDV
HILFD]" 6H UHDOL]D HIHFWRV
OD DSOLFDFLµQ GHO
SURJUDPD VHJ¼Q HO
SODQSUHYLVWR"
7DEOD&RUUHVSRQGHQFLDHQWUHPHWRGRORJ¯DSUREOHPDVREMHWLYRV\W«FQLFDVGHREWHQFLµQGHODLQIRUPDFLµQ0DUVKDOO
\5RVVPDQ99$$
'HVWDFDQGRHQQDUDQMDPLSRVLFLRQDPLHQWRRQWROµJLFR\HSLVWHPROµJLFR
'(6&8%5,(1'2 81 &$0,12 /$ ,19(67,*$&,•1 '( &257(
(712*5ƒ),&2
/D HWQRJUDI¯D FRPR PRGDOLGDG GH LQYHVWLJDFLµQ HQ ODV FLHQFLDV VRFLDOHV \
SDUWLFXODUPHQWHGHODDQWURSRORJ¯DVHUHILHUHFRPRDUJXPHQWD6DQG¯QD
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
ಯ8QSURFHVRGHLQYHVWLJDFLµQSRUHOTXHVHDSUHQGHHOPRGRGHYLGDGH
DOJ¼QJUXSRFRPRDOSURGXFWRGHHVDLQYHVWLJDFLµQXQHVFULWRHWQRJU£ILFR
RUHWUDWRGHHVHPRGRGHYLGDರ
2ELHQFRPRODGHILQLHURQ:RRGV*HHUW]*RHW]\/H&RPSWH\
*ROGEDUW\+XVWOHUFRPRXQPRGRGHYLGDGHXQDUD]DRXQJUXSRGHLQGLYLGXRV
H LQFOXVR FRPR OD GHVFULSFLµQ R UHFRQVWUXFFLµQ GH XQRV HVFHQDULRV \R JUXSRV
FXOWXUDOHV (V SRU HOOR TXH DO HWQµJUDIROHLQWHUHVDFRPSUHQGHU ORHVSHF¯ILFR FRQ HO
SURSµVLWR GH HQWHQGHU D ORV VXMHWRV LPSOLFDGRV \ D VX HQWRUQR 3HUR HV FLHUWR TXH HO
WUDEDMRHWQRJU£ILFRYDP£VDOO£TXHXQDPHUDGHVFULSFLµQGHORDFRQWHFLGRLPSOLFDSRU
SDUWH GHO LQYHVWLJDGRU XQD FDSDFLGDG UHIOH[LYD GHO WUDEDMR GH FDPSR \ XQD
LQWHUSUHWDFLµQ GH ORV GDWRV UHFRJLGRV GH OD UHDOLGDG TXH VH HVWXGLD /D HWQRJUDI¯D
RIUHFHXQDSOXUDOLGDGGHSHUVSHFWLYDVGDQGROXJDUDXQDVHULHGHHQIRTXHVGHQWURGH
ORTXHVHU¯DODGLVFLSOLQDHWQRJU£ILFDSDVDQGRSRUOD HWQRJUDI¯DWUDGLFLRQDOFHQWUDGDHQ
REVHUYDFLµQ \ GHVFULSFLµQ KRO¯VWLFD GH ORV SDWURQHV FXOWXUDOHV 0HDG %RDV
0DOLQRZVN\ OD VHPLµWLFD FXOWXUDO *HHUW] OD HWQRFLHQFLD R DQWURSRORJ¯D FRJQLWLYD
GHVDUUROODGD SRU 6SUDGOH\ OD HWQRJUDI¯D GH OD FRPXQLFDFLµQ GH (ULFNVRQ R OD
PLFURHWQRJUDI¯DFRPRPXHVWUDGHODKHWHURJHQHLGDGGHODPLVPD6DQG¯Q
(VSRUHOORTXHSDUWLHQGRGHOSUREOHPDGHLQYHVWLJDFLµQ\GHPLVಯFRQFHSFLRQHVರFRPR
LQYHVWLJDGRUD VH FRQVLGHUD SHUWLQHQWH UHDOL]DU XQ HVWXGLR LQWHUSUHWDWLYR GH FRUWH
HWQRJU£ILFR 6LQ SHUGHU GH YLVWD TXH WRGD LQYHVWLJDFLµQ HWQRJU£ILFD SDUWH GH XQ
UHIHUHQWH WHµULFR ದ FRQFHSWXDO \ GH XQD SUHJXQWD WHµULFD TXH KDU£ GH JX¯D DO
(O«QIDVLVHQFXUVLYDHVP¯RSDUDUHVDOWDUODLPSRUWDQFLDGHODVGHILQLFLRQHVUHDOL]DGDVSRUORVDXWRUHV
:RRGV*RHW]\/H&RPSWH*HHUW]*ROGEDUW\+XVWOHU
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
ಯHWQµJUDIRರ D OR ODUJR GH OD LQYHVWLJDFLµQ \ TXH OH D\XGDU£ D LU WRPDQGR GHFLVLRQHV
VREUHTXL«QRTXL«QHVEXVFDU\GµQGHREVHUYDU&RQHOILQGHORJUDUXQDFRPSUHQVLµQ
GHPDQHUDKRO¯VWLFDGHODVUHODFLRQHVTXHVHHVWDEOHFHQHQWUHIDPLOLDV\HVFXHODV\
QRDWHQGLHQGR¼QLFD\H[FOXVLYDPHQWHDGHWHUPLQDQWHVFXOWXUDOHVFRPRVHSURSRQHOD
DQWURSRORJ¯D \ OD HWQRJUDI¯D HGXFDWLYD 'H HVWH PRGR OD LQYHVWLJDFLµQ VH FDUDFWHUL]D
SRU PL SHUPDQHQFLD HQ WUHV FHQWURV HGXFDWLYRV GH LQIDQWLO \ SULPDULD \ OD
UHFRQVWUXFFLµQ GH HVWRV WUHV HVWXGLRV GH FDVR FRQ VXV FRUUHVSRQGLHQWHV LQIRUPDQWHV
IDPLOLDVGRFHQWHVSHUVRQDOQRGRFHQWH\DOXPQDGRTXHPHKDQD\XGDGRDHQWHQGHU
ODVFDUDFWHU¯VWLFDVGHHVDFXOWXUDHQJHQHUDOVXSUR\HFWRGHHVFXHOD\ODVUHODFLRQHV
TXH VH HVWDEOHFHQ HQWUH WRGD OD FRPXQLGDG HGXFDWLYD HQ SDUWLFXODU (VWDEOHFLHQGR
SDUDOHODPHQWH XQD GHVFULSFLµQ \ DQ£OLVLV GH ODV HVWUXFWXUDV VLJQLILFDWLYDV OOHYDQGR D
LQWHUSUHWDU ODV DFFLRQHV VLJQLILFDGRV H[SOLFDFLRQHV GDGDV HQ FDGD XQR GH ORV
HVFHQDULRV
7HQLHQGR HQ FXHQWD WRGDV HVWDV FDUDFWHU¯VWLFDV OD HWQRJUDI¯D VH FHQWUD HQ ODV
LQWHUSUHWDFLRQHV TXH UHDOL]DQ ORV VXMHWRV TXH IRUPDQ SDUWH GH XQD SU£FWLFD VRFLDO
GHWHUPLQDGD$WNLQVRQ\+DPPHUVOH\
3DUWLHQGR GH HVWDV SUHPLVDV \ WHQLHQGR HQ FXHQWD D ORV UHIHUHQWHV GH HVWH HQIRTXH
:RRGV *RHW] \ /H&RPSWH *HHUW] :LOFR[ $WNLQVRQ \
+DPPHUVOH\ %DUWRORP« HW DO &RO£V HO VLJXLHQWH WUDEDMR VH
FDUDFWHUL]DSRU
/D SHUPDQHQFLD HQ WUHV HVFXHODV S¼EOLFDV GH LQIDQWLO \ SULPDULD GXUDQWH XQ
SHU¯RGR GH WLHPSR UD]RQDEOH \ SURORQJDGR SDUD FRQRFHU \ FRPSUHQGHU HO
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
VLJQLILFDGRTXHIDPLOLDVGRFHQWHVSHUVRQDOQRGRFHQWH\DOXPQDGRRWRUJDQD
ODV UHODFLRQHV TXH VH HVWDEOHFHQ HQWUH HOODV D WUDY«V GH HQWUHYLVWDV HQ
SURIXQGLGDG
/DREVHUYDFLµQGLUHFWDGHHVSDFLRVIRUPDOHVHLQIRUPDOHV
6HU \R FRPR LQYHVWLJDGRUD HO SULQFLSDO LQVWUXPHQWR GH UHFRJLGD GH OD
LQIRUPDFLµQDWUDY«VGHDQRWDFLRQHVHQFXHQWURV\GLDULRVUHIOH[LYRV
/DLQGDJDFLµQFRPSUHQVLµQHLQWHUSUHWDFLµQGHODVDFFLRQHV\VLJQLILFDGRVGH
ORVVXMHWRVSDUWLFLSDQWHVGHODLQYHVWLJDFLµQ
/D UHODFLµQ HQWUH OD LQGXFFLµQ \ GHGXFFLµQ OD REVHUYDFLµQ \ OD UHIOH[LµQ HV
GHFLU HO FRQVWDQWH GL£ORJR HQWUH LQYHVWLJDGRUD \ VXMHWRV ದ FRQWH[WRV
LQYHVWLJDGRV \ PDUFR FRQFHSWXDO (Q GHILQLWLYD OD WULDQJXODFLµQ FRPR SURFHVR
HVHQFLDOSDUDODYDOLGDFLµQGHORVGDWRV
/DGHVFULSFLµQDQ£OLVLV\FRQVWUXFFLµQGHXQDUHDOLGDGHGXFDWLYD3RUORWDQWR
OD FRQVWUXFFLµQ GH QXHYRV FRQRFLPLHQWRVDSDUWLU GH XQDGHVFULSFLµQ DQDO¯WLFD
GHODVUHDOLGDGHVFRWLGLDQDV
7RGDV HVWDV FDUDFWHU¯VWLFDV PH OOHYDURQ D XWLOL]DU FRPR P«WRGR GH LQYHVWLJDFLµQ HO
HVWXGLRGHFDVRV
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
(678',26'(&$62
3DUD OOHYDU D FDER HVWD LQYHVWLJDFLµQ GHQWUR GH OD SHUVSHFWLYD RQWROµJLFD \
HSLVWHPROµJLFD VH³DODGD VH FRQVLGHUµ SHUWLQHQWH UHDOL]DU HVWXGLRV GH FDVR ‹VWH
P«WRGR HV FRQVLGHUDGR FRPR XQ WLSR GH LQYHVWLJDFLµQ SDUWLFXODU LQWHQVD \ HQ
SURIXQGLGDGTXHSHUPLWHDOLQYHVWLJDGRUGHVFULELU\FRPSUHQGHUFRQFRPSOHMLGDGXQD
FLHUWDUHDOLGDGHGXFDWLYDKDFLHQGRSRVLEOHODUHFRJLGDGHORVGLIHUHQWHVDUJXPHQWRVGH
ODV SHUVRQDV LPSOLFDGDV HQ HVWD UHDOLGDG 6DQFKR \ FRODERUDGRUHV DUJXPHQWDQ
ಯ(O HVWXGLR GH FDVRV SUHWHQGH PRVWUDU OD FRPSOHMLGDG GH ORV KHFKRV
PHGLDQWH XQD FRQIURQWDFLµQ GH SXQWRV GH YLVWD PHGLDQWH XQ UHFRUULGR
VLPLODU DO TXH UHFRUUH HO HWQµJUDIR TXH VH DFHUFD D ORV VLJQLILFDGRV GHO
RWUR \ FRQVWUX\H XQ UHODWR GH ODV YRFHV \ ODV H[SHULHQFLDV TXH KD
UHFRJLGRರ
(QHVWDLQYHVWLJDFLµQHOHVWXGLRGHFDVRVHVW£PDUFDGRSRUHOLQWHU«VHQUHDOL]DUXQD
GHVFULSFLµQ GHWDOODGD XQD FRPSUHQVLµQ \ XQ DQ£OLVLV GH XQD UHDOLGDG HGXFDWLYD
FRPSOHMD 'HVGH HVWD FRQFHSFLµQ GH ORV IHQµPHQRV ORV HVWXGLRV GH FDVR VH
FDUDFWHUL]DQ SRU VHU KHXU¯VWLFRV GHVFULSWLYRV SDUWLFXODULVWD EDV£QGRVH HQ HO
UD]RQDPLHQWRLQGXFWLYR\DTXHXWLOL]D\PDQHMDGLYHUVDVIXHQWHVGHUHFRJLGDGHGDWRV
3«UH]6HUUDQR(VWHP«WRGRSHUPLWHFHQWUDUVHHQXQFDVRFRQFUHWROOHYDQGRDO
LQYHVWLJDGRU D LGHQWLILFDU ORV SURFHVRV LQWHUDFWLYRV TXH OR FRPSRQHQ /DWRUUH HW DO
(Q OD WDEOD LQWHQWR UHFRJHU ODV FDUDFWHU¯VWLFDV TXH GLIHUHQWHV DXWRUHV KDQ
DWULEXLGRDOHVWXGLRGHFDVRV
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
6$1&+2\&RO
+(/067$'7(
5
:,/621
*8%$<
67$.(
/,1&2/1
+2$*/,1<
27526
67$5.
7255$1&(
6H XVD SDUD 3DUWLFXODULVWD
'HVFULSFLµQ
PHMRUDU
GHQVD
DUUHJODU
R
OD
,QGXFWLYR
/RQJLWXGLQDO
/RV UHVXOWDGRV &XDOLWDWLYR
VRQKLSµWHVLV
SURIXQGLGDG
+RO¯VWLFRV
)RUPDWR
WLSR
ORVPRWLYRV
+HXU¯VWLFR
'HVFULSFLµQ GH KRO¯VWLFR
WHPDVFODYH
(PHUJHQ
3XHGH
VXJHULU FDWHJRU¯DV
VROXFLRQHV
$UURMD
\ VLJQLILFDGRV
'LQ£PLFR
(VSHF¯ILFR
HQ
SUREOHP£WLFDV
SDUWHV &RQVWUXFFLµQGH
\
FRQYHUVDFLµQ
VLWXDFLRQHV
ODV
LQWHUHVDGDV
'HVFULSWLYR
YLYRV
$SOLFDEOH
GDWRV
HQODVLWXDFLµQ
(O GLVH³R HV
IOH[LEOH
HQ
0XOWLSOLFLGDG GH 'HVFULSFLµQ GH
+RO¯VWLFR
)XQGDPHQWDFLµQ
SU£FWLFD
(VWXGLR
(VSHFLILFLGDG
\
HMHVWHP£WLFRVD
PHGLGD TXH YDV
VLJQLILFDGRV
DQDOL]DQGR
&RQVWUX\H VREUH
FRQRFLPLHQWR
W£FLWR
7DEOD&DUDFWHU¯VWLFDVGHOHVWXGLRGHFDVRV
$SHVDUGHODLPSRUWDQFLD\UHOHYDQFLDTXHWLHQHHOHVWXGLRGHFDVRVSDUDHOSUHVHQWH
WUDEDMR VLWX£QGRPH HQ ODV FDUDFWHU¯VWLFDV SUHVHQWDGDV SRU 6DQFKR \ FRODERUDGRUHV
6WDUN \ 7RUUDQFH VLQ ROYLGDU D 6WDNH DOJXQRV DXWRUHV VH
PXHVWUDQUHWLFHQWHVDHVWHP«WRGRUHPDUFDQGRTXH SXHGHSUHVHQWDU LQFRQYHQLHQWHV
(VWHHVHOFDVRGH&DPSEHOOTXHFRQVLGHUDHVWDHVWUDWHJLDFRPRXQDGHODVIRUPDV
P£V LPSHUIHFWDV GH KDFHU LQYHVWLJDFLµQ 8QD GH ODV FU¯WLFDV TXH KD UHFLELGR HV HO
KHFKRGHDERUGDUXQD¼QLFDUHDOLGDG\GHQRSRGHUJHQHUDOL]DUOD3HURHVDK¯GRQGH
UHVLGH OR SHFXOLDU GH HVWH P«WRGR /D SHFXOLDULGDG GH FDGD FDVR KDFH TXH HO OHFWRU
(Q0DUW¯QH]6*
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
LQWHQWHHVWDEOHFHUFRQH[LµQHQWUHVXSURSLDH[SHULHQFLD\ORVDVSHFWRVP£VUHOHYDQWHV
\ GHWDOODGRV HQ HO HVWXGLR GH FDVRV SDUD TXH SXHGD VHU DSOLFDGR D VX FRQWH[WR HQ
FRQFUHWR 3RU HVR HO HVWXGLR GH FDVR SXHGH VHU VLQJXODU \ HQWUD³DU XQD JUDQ
FRPSOHMLGDGFRPRDUJXPHQWDED$ORQVR
ಯ/DLQYHVWLJDFLµQVHFHQWUDU¯DHQXQHVWXGLRGHFDVRಹ&RQVLGHU«TXHಯOR
VLQJXODUರQRGHE¯DSUHVHQWDULQFRPSDWLELOLGDGHVFRQODFRPSOHMLGDG1RVH
WUDWDED GH XQ WHPD GH DPELFLµQ R PRGHVWLD FRQVLGHU« TXH ODV
FDUDFWHU¯VWLFDV GHO IHQµPHQRH[LJ¯DQ DSRVWDU SRU ODSURIXQGLGDGIUHQWHD
ODFDQWLGDGರ
/D LQWHQFLµQ GH HVWD LQYHVWLJDFLµQ QR HV HVWXGLDU XQD UHDOLGDG SDUD UHDOL]DU
SRVWHULRUPHQWHXQDJHQHUDOL]DFLµQGHORVUHVXOWDGRVREWHQLGRVVLQRP£VELHQFRQRFHU
GHVFULELU LQWHUSUHWDU \ FRPSUHQGHU ODV UHODFLRQHV TXH HVWDEOHFHQ IDPLOLDV \ HVFXHODV
HQ XQ FRQWH[WR HGXFDWLYR SDUWLFXODU WUHV LQVWLWXFLRQHV HGXFDWLYDV S¼EOLFDV GH
(GXFDFLµQ ,QIDQWLO \ 3ULPDULD /D LQYHVWLJDFLµQ TXH VH SURSRQH HV GH FDU£FWHU
SDUWLFXODULVWD FRPR ELHQ GLFH 6WDNH VH WUDWD GH XQ HVWXGLR LQVWUXPHQWDO
FROHFWLYRGHFDVRVFRQODLQWHQFLRQDOLGDGGHFRQVHJXLUXQDPD\RUFRPSUHQVLµQ\XQ
DSUHQGL]DMHGHFDGDXQRGHHOORV6LHQGRDVXYH]GHVFULSWLYR\KHXU¯VWLFR'HVFULSWLYR
SRUTXH VH UHDOL]D XQD UHSUHVHQWDFLµQ GHQVD \ ULFD GH HOHPHQWRV GHO SUREOHPD GH
HVWXGLR\KHXU¯VWLFRSRUTXHODPLUDGDVHIRFDOL]DHQXQDUHDOLGDGFRQFUHWDFRQHOILQGH
FRQVWUXLUQXHYRVVLJQLILFDGRV6LJXLHQGRD6WDNHದ
ಯ(O HVWXGLR GH FDVRV QR HV XQD RSFLµQ PHWRGROµJLFD VLQR XQD HOHFFLµQ
VREUH HO REMHWR D HVWXGLDU &RPR IRUPD GH LQYHVWLJDFLµQ HO HVWXGLR GH
FDVRVVHGHILQHSRUVXLQWHU«VHQFDVRVSDUWLFXODUHVQRSRUP«WRGRVGH
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
LQYHVWLJDFLµQ XVDGRVಹ (O HVWXGLR GH FDVRV HV WDQWR HO SURFHVR GH
LQGDJDFLµQDFHUFDGHOFDVRFRPRHOSURGXFWRGHQXHVWUDLQGDJDFLµQರ
$V¯SXHVH[LVWHQGLIHUHQWHVHVWXGLRVGHFDVRHQIXQFLµQGHOIRFRGHODLQYHVWLJDFLµQR
LQFOXVR HO WLSR GH LQIRUPH TXH VH TXLHUD UHDOL]DU /D LQYHVWLJDFLµQ FRPR \D VH KD
FLWDGRDQWHULRUPHQWHVHFHQWUDHQHOHVWXGLRGHFDVRVP¼OWLSOHGHFRUWHHWQRJU£ILFR/D
HOHFFLµQ GH FRQHFWDU HWQRJUDI¯D \ ORV HVWXGLRV GH FDVRV KD VLGR LQWHQFLRQDGD \ QR
DOHDWRULD \D TXH OD SULPHUD VH FRQVLGHUD FRPR XQD IRUPD DXQTXH QR OD ¼QLFD GH
DERUGDU OD VHJXQGD &DOYR HVWDEOHFLHQGR XQD JUDQ FRPSDWLELOLGDG HQ ORV
REMHWLYRV PHWRGROµJLFRV \ WHµULFRV GH DPEDV PLUDGDV GH DQDOL]DU ORV SURFHVRV
VRFLDOHV/RVHVWXGLRVGHFDVRYDQGHODFRQFUHFLµQDORHVWUXFWXUDOVLQSUHWHQGHUFDHU
HQODJHQHUDOL]DFLµQFRQWUDVWDQGRORFRWLGLDQR\SDUWLFXODUFRQHVTXHPDVRVLVWHPDV
WHµULFRV GH UHIHUHQFLD $ OD YH] TXH WUDEDMDU FDVRV FRQFUHWRV TXH SHUWHQHFHQ D XQD
PLVPD UHDOLGDG VRFLDO GDQ SLH D UHDOL]DU XQD E¼VTXHGD GH VLPLOLWXGHV \
SDUWLFXODULGDGHVHQWUHORVFRQWH[WRVFRPRVHYLVXDOL]DU£HQHOFDS¯WXOR
/26&$626,19(67,*$'26/$&2/$%25$&,•1'(/2668-(726
&RPR VH KD VH³DODGR OD LQYHVWLJDFLµQ FRQVWD GH XQ HVWXGLR GH FDVRV P¼OWLSOHV LQVWLWXFLRQHVHGXFDWLYDV\ORVVXMHWRVTXHODVFRPSRQHQIDPLOLDVGRFHQWHVSHUVRQDO
QRGRFHQWH\DOXPQDGR/DVHVFXHODVFRPRVHKDVH³DODGRSUHYLDPHQWHVRQS¼EOLFDV
DEDUFDQGRDFULDWXUDVGHDD³RV(QWU«HQFRQWDFWRFRQGRVGHORVWUHVFHQWURVD
WUDY«V GH XQD SHUVRQD YLQFXODGD DO ,QVWLWXWR GH &LHQFLDV GH OD (GXFDFLµQ GH OD
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
8QLYHUVLGDGGH%DUFHORQD<HOWHUFHURPHGLDQWHXQSURIHVRUGHOD8QLYHUVLGDGGH/D
/DJXQD
(O SULQFLSDO FULWHULR GH OD HOHFFLµQ LQWHQFLRQDO GH ORV FHQWURV IXH TXH VH WUDWDVH GH
HVFXHODVS¼EOLFDVSHURWHQLHQGRHQFXHQWDXQRVUHTXLVLWRVDFXPSOLU
&HQWURVGH(GXFDFLµQ,QIDQWLO\3ULPDULD
&RQXQDGLYHUVLGDGGHUHODFLRQHV
<XQSUR\HFWRHGXFDWLYRGLIHUHQWH
(V GHFLU WDO \ FRPR GHQRPLQDQ *RHW] \ /H&RPSWH VH KD UHDOL]DGR XQD
VHOHFFLµQ EDVDGD HQ FULWHULRV \ HQ W«UPLQRV GH 3DWWRQ XQ PXHVWUHR
LQWHQFLRQDGR HVWDEOHFLHQGR TX« FDUDFWHU¯VWLFDV GHEHU¯DQ UHXQLU FDGD LQVWLWXFLµQ \ ORV
VXMHWRVSDUWLFLSDQWHVHQODLQYHVWLJDFLµQ
3RU OR WDQWR OD ಯPXHVWUDರ HVFHQDULRV \ SURWDJRQLVWDV GHO HVWXGLR TXHGDU¯D
UHSUHVHQWDGDGHODVLJXLHQWHPDQHUD)LJXUD
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
7HQHULIH
%DUFHORQD
5LSROOHW
&(,3$
&(,3%
&(,3&
VXMHWRV
VXMHWRV
VXMHWRV
IDPLOLDV
IDPLOLDV
IDPLOLDV
1R'RFHQWH
1R'RFHQWH
1R'RFHQWH
GRFHQWHV
GRFHQWHV
GRFHQWHV
$OXPQRVDV
$OXPQRVDV
$OXPQRVDV
([SHUWR
([SHUWR
7«FQLFDVದ,QVWUXPHQWRVGHUHFRJLGDGHLQIRUPDFLµQ
(QWUHYLVWDVHQSURIXQGLGDG
(VFULWRVSHUVRQDOHV
2EVHUYDFLµQQRSDUWLFLSDQWH
/DHOHFFLµQGHFDGDVXMHWRSDUWLFLSDQWHHQHVWDLQYHVWLJDFLµQYLQRGDGDSRUODSHUVRQD
GHFRQWDFWRGHOFHQWURTXHHQORVWUHVIXHURQPLHPEURVGHOHTXLSRGLUHFWLYRGLUHFWRUD
MHID GH HVWXGLRV R VHFUHWDULD DFDG«PLFD (O PRWLYR SULQFLSDO IXH GHELGR D TXH HOODV
FRQRF¯DQPHMRUDODVIDPLOLDVGHVXVDOXPQRVGHHVWHPRGRPHSURSRUFLRQDU¯DQXQD
GLYHUVLGDG IDPLOLDU \ QR XQ SDWUµQ R PRGHOR D VHJXLU HQ FRQFUHWR 7DPEL«Q PH
IDFLOLWDU¯DQ HO FRQWDFWR FRQ GLIHUHQWHV GRFHQWHV \ SHUVRQDO QR GRFHQWH FRQVHUMHV
FXLGDGRUHVUHVSRQVDEOHVGHOFRPHGRUVHFUHWDULDDGPLQLVWUDWLYDಹ
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
8QDYH]LGHQWLILFDGRVORVWUHVFHQWURVHGXFDWLYRV\ORVSRVLEOHVVXMHWRV SDUWLFLSDQWHV
SURFHG¯DUHFRJHUODLQIRUPDFLµQPHGLDQWHHQWUHYLVWDVHQSURIXQGLGDGREVHUYDFLRQHV\
DQ£OLVLVGHGRFXPHQWRVWDQWRSHUVRQDOHVFRPRRILFLDOHV
)LQDOPHQWHHQODSRVWHULRUUHFRQVWUXFFLµQGHORVWUHVFDVRVQRVHSUHWHQGHJHQHUDOL]DU
ORV UHVXOWDGRV GH OD LQYHVWLJDFLµQ D RWUDV UHDOLGDGHV HGXFDWLYDV SHUR V¯ GHVFULELU H
LQWHUSUHWDU OD SHFXOLDULGDG GH FDGD XQD GH HOODV \ HQFRQWUDU SXQWRV GH XQLµQ \ GH
GHVXQLµQHQFXDQWRDOWHPDGHODVUHODFLRQHVVHUHILHUHFRPRVHYLHQHDUJXPHQWDQGR
DORODUJRGHHVWDVO¯QHDV
)$6(6'(/$,19(67,*$&,•1,1,&,$/(,17(50(',$
/D SUHVHQWH LQYHVWLJDFLµQ HVW£ RUJDQL]DGD HQ WUHV IDVHV R PRPHQWRV FODYHV ELHQ
GHILQLGRV)LJXUD(QODSULPHUDIDVHVHHODERUDODDSUR[LPDFLµQDOPDUFRWHµULFRVH
GLVH³D\RUJDQL]DORVLQVWUXPHQWRV\HVWUDWHJLDVGHUHFRJLGDGHODLQIRUPDFLµQ(QOD
VHJXQGDVHLGHQWLILFDODVWUHVLQVWLWXFLRQHVHGXFDWLYDVVHFRQWDFWDFRQHOODVVHOOHYD
DFDERHODFFHVRDOHVFHQDULRODUHFRJLGD\ORVSULPHURVDQ£OLVLVGHODLQIRUPDFLµQ<
OD¼OWLPDVHUHDOL]DORVDQ£OLVLVODUHFRQVWUXFFLµQ\ODLQWHUSUHWDFLµQGHORVGDWRV\OD
HODERUDFLµQGHOLQIRUPHGHLQYHVWLJDFLµQ
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
l)DVH([SORUDFLµQ\SURFHVRGHUHYLVLµQGHODOLWHUDWXUD
3ULPHUD FRQILJXUDFLµQ GHO PDUFR WHµULFR Æ &ULWHULRV
GHE¼VTXHGD\UHJLVWURGHIXHQWHVGRFXPHQWDOHV
/HFWXUD\DQ£OLVLVGHODELEOLRJUDI¯DVHOHFFLRQDGD
l)DVH7UDEDMRGHFDPSR
6XMHWRVSDUWLFLSDQWHV
HVFXHODV
(QWUDGDDOHVFHQDULR
5HFRJLGDGHLQIRUPDFLµQ
,QVWUXPHQWRVW«FQLFDV
l)DVH$Q£OLVLVHLQWHUSUHWDFLµQGHORVGDWRV
5HFRQVWUXFFLµQGHORVFDVRV
(ODERUDFLµQGHOLQIRUPHGHODLQYHVWLJDFLµQ
)LJXUD)DVHVದGHVDUUROORGHODLQYHVWLJDFLµQ
(Q ORV VLJXLHQWHV DSDUWDGRV VH GHVDUUROOD P£V GHWHQLGDPHQWH FDGD XQD GH HVWDV
IDVHVHWDSDVTXHFRQFXHUGDQFRQORVFDS¯WXORVGHHVWDWHVLVGRFWRUDO
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
)$6( ,1,&,$/ (;3/25$&,•1 < 352&(62 '( 5(9,6,•1 '( /$
%,%/,2*5$),$
(VWD SULPHUD IDVH VH FDUDFWHUL]D SRU VHU GLQ£PLFD SRU VHU XQ SURFHVR YLYR \
FDPELDQWH 'HILQLHQGR ORV FULWHULRV GH E¼VTXHGD ELEOLRJU£ILFD DERUGDQGR ORV
FRQFHSWRV FODYHV DSUR[LPDFLRQHV D OD IDPLOLD D OD HVFXHOD FRODERUDFLµQ
SDUWLFLSDFLµQ OD UHODFLµQ HQWUH DPEDV LQVWLWXFLRQHV PHFDQLVPRV \ HVSDFLRV TXH
JXLDU¯DQDXQDUHYLVLµQDQ£OLVLV\UHFRQVWUXFFLµQGHODPLVPD
8QDYH]REWHQLGDVODVGLIHUHQWHVIXHQWHVELEOLRJU£ILFDVHQWRUQRDODIDPLOLDHVFXHODV\
ODV UHODFLRQHV HQWUH DPEDV LQVWLWXFLRQHV OOHY« D FDER XQD OHFWXUD SURIXQGD GH FDGD
XQD GH HOODV UHDOL]DQGR XQD UHYLVLµQ GH ODV PLVPDV H[WUD\HQGR ODV WHVLWXUDV P£V
UHOHYDQWHVSDUDHOSRVWHULRUWUDEDMRTXHVHWHQGU¯DTXHUHDOL]DUHQODVRWUDVIDVHVGHOD
WHVLVGRFWRUDO2EVHUYDQGRODJUDQGLYHUVLGDGGHWHRU¯DV\SRVLFLRQDPLHQWR\P«WRGRV
XWLOL]DGRV SRU ORV GLIHUHQWHV LQYHVWLJDGRUHV /D PD\RU¯D GH OD ELEOLRJUDI¯D REWHQLGD
HVWDED UHODFLRQDGD FRQ IDPLOLDV \ HVFXHODV IDPLOLD \ HGXFDFLµQ IDPLOLDV \
SDUWLFLSDFLµQ VLHQGR P£V ಯOLPLWDGDVರ OD WHP£WLFD \ ODV LQYHVWLJDFLRQHV \ HVWXGLRV
HQWRUQRDORVWLSRVGHUHODFLRQHVTXHHVWDEOHFHQDPEDVLQVWLWXFLRQHVVRFLRHGXFDWLYDV
)$6( ,17(50(',$ 75$%$-2 '( &$032 ದ 68-(726 3$57,&,3$17(6 (175$'$$/(6&(1$5,2ದ5(&2*,'$'(,1)250$&,•1
/D IDVH LQWHUPHGLD VH FDUDFWHUL]D SRU VHU OD P£V ODUJD \ GH LQWHQVD DFWLYLGDG
OOHY£QGRPH D WRPDU GLIHUHQWHV GHFLVLRQHV \ UHDOL]DQGR GLIHUHQWHV DFFLRQHV GH
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
UHFRQVWUXFFLµQ\DSUHQGL]DMH3RUXQODGRVHPHRIUHFLµODRSRUWXQLGDGGHGLVIUXWDUGH
XQD HVWDQFLD GH IRUPDFLµQ HQ RWUD &RPXQLGDG $XWµQRPD 7HQHULIH GXUDQWH WUHV
PHVHV \ FRQVLGHU« SHUWLQHQWH SRGHU DYDQ]DU HQ HO WUDEDMR GH FDPSR GH DK¯ OD
QHFHVLGDGGHSRGHUFRQWDFWDUFRQXQDHVFXHODS¼EOLFD\VHJXLUFRQHOGHVDUUROORGHOD
SURSLDLQYHVWLJDFLµQ3RURWURODVGHFLVLRQHVTXHIXLWRPDQGRWXYLHURQTXHYHUFRQHO
HQULTXHFLPLHQWR GH FRQRFHU WUHV HVFXHODV S¼EOLFDV HVSD³RODV FRQ VXV GLIHUHQWHV
PLUDGDV SRVLFLRQHV \ SRO¯WLFDV OD LGHQWLILFDFLµQ ORV VXMHWRV SDUWLFLSDQWHV IDPLOLDV
GRFHQWHV SHUVRQDO QR GRFHQWH \ DOXPQDGR OD HQWUDGD DO HVFHQDULR FDUWD GH
QHJRFLDFLµQ OD UHFRJLGD GH LQIRUPDFLµQ PHGLDQWH GLIHUHQWHV LQVWUXPHQWRV \
HVWUDWHJLDV OD HODERUDFLµQ GHO ಯJXLµQರ GH OD HQWUHYLVWD HQ SURIXQGLGDG \ HO SULPHU
DQ£OLVLV \ FDWHJRUL]DFLµQ GH ORV GDWRV REWHQLGRV (ODERUDQGR GH HVWD PDQHUD XQ
SURFHVRGHGHGXFFLµQHLQGXFFLµQHQFRQVWDQWHGL£ORJRHQWUHODWHRU¯D\ODSU£FWLFDHV
GHFLUHQWUHHOPDUFRWHµULFR\ODHQWUDGD\SHUPDQHQFLDHQHOFDPSR
,167580(1726 (675$7(*,$6 < )8(17(6 '( 5(&2*,'$ '( /$
,1)250$&,•1
(QHOWUDEDMRGHFDPSRVHRSWµSRUXWLOL]DUGLYHUVDVW«FQLFDV\HVWUDWHJLDVGHUHFRJLGD
GH LQIRUPDFLµQ 3DUD SRGHU FRQRFHU \ GHVFULELU ORV PHFDQLVPRV HVSDFLRV H
LQVWUXPHQWRVWDQWRIRUPDOHVFRPRLQIRUPDOHVTXHVHXWLOL]DQSDUDFRQVWLWXLUXQWLSRGH
UHODFLµQ X RWUR GHFLG¯ OOHYDU D FDER HQWUHYLVWDV HQ SURIXQGLGDG IDPLOLDV GRFHQWHV
9HUDQH[R
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
SHUVRQDOQRGRFHQWHREVHUYDFLµQQRSDUWLFLSDQWH\DQ£OLVLVGHGRFXPHQWRVRILFLDOHV
QRRILFLDOHV\HVFULWRVSHUVRQDOHV
(175(9,67$6(1352)81','$'
/D HQWUHYLVWD VH FRQVLGHUD FRPR XQDGH ODVHVWUDWHJLDVP£VXWLOL]DGDV SDUD REWHQHU
LQIRUPDFLµQ <D TXH SHUPLWH SRU XQ ODGR H[SORUDU DFRQWHFLPLHQWRV \ DVSHFWRV
VXEMHWLYRV GH ODV SHUVRQDV FUHHQFLDV DFWLWXGHV YDORUHV HWF \ SRU RWUR LQWHUSUHWDU
FRPSRUWDPLHQWRV FRQVWLWX\HQGR GH HVWD PDQHUD XQD IXHQWH GH VLJQLILFDGRV (Q OD
HQWUHYLVWDHOLQYHVWLJDGRUHVXQDFWRUIXQGDPHQWDOHQODREWHQFLµQGHODLQIRUPDFLµQ\
DGHP£V UHTXLHUH XQD UHODFLµQ SHUVRQDO FDUD D FDUD HQWUH HO LQYHVWLJDGRU \
FRODERUDGRU LQYHVWLJDGR 'H HVWH PRGR OD HQWUHYLVWD DSRUWD D OD PHWRGRORJ¯D
FRQVWUXFFLRQLVWDXQDSURIXQGLGDGGHWDOOH\SHUVSHFWLYDVGHORVHQWUHYLVWDGRVKDFLHQGR
SRVLEOH OD LQWHUSUHWDFLµQ GH ORV VLJQLILFDGRV GH ODV DFFLRQHV .HUOLQJHU Del
Rincón, Arnal, Latorre y Sans, 1995; Jovchelovitch & Bauer, 2002).
'HQWUR GH OD GLYHUVLGDG GH PRGDOLGDGHV \ FULWHULRV H[LVWHQWHV PH GHFDQW« SRU OD
HQWUHYLVWD HQ SURIXQGLGDG GH HVWUXFWXUD DELHUWD IOH[LEOH \ GLQ£PLFD HV GHFLU IRUPXO«
ODVPLVPDVRFDVLODVPLVPDVSUHJXQWDVDELHUWDVSDUDWRGRVORVSDUWLFLSDQWHVFRQHO
SURSµVLWR GH QR FUHDU XQ LQWHUFDPELR U¯JLGR \ IRUPDO GH SUHJXQWDV \ UHVSXHVWDV
6LHQGRHOLQYHVWLJDGRUHOLQVWUXPHQWRGHODLQYHVWLJDFLµQ\QRHOSURWRFRORRIRUPXODULR
3RGU¯DYDULDUUHFRQGXFLHQGRIRUPXODQGRRWUDVSUHJXQWDVGHLQWHU«VHQIXQFLµQGHODSHUVRQDTXHWHQ¯D
GHODQWHGHODVQHFHVLGDGHVGHOSURSLRVXMHWRLQYHVWLJDGRRGHODVLWXDFLµQGHOPRPHQWR
9HUDQH[R(QWUHYLVWDVDORVSURWDJRQLVWDV
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
GHHQWUHYLVWD(QSDODEUDVGH7D\ORU\%RJGDQVHHQWLHQGHSRUHQWUHYLVWD
HQSURIXQGLGDG
ಯ5HLWHUDGRV HQFXHQWURV FDUD D FDUD HQWUH HO LQYHVWLJDGRU \ ORV
LQIRUPDQWHV HQFXHQWURV «VWRV GLULJLGRV KDFLD OD FRPSUHVLµQ GH ODV
SHUVSHFWLYDV TXH WLHQHQ ORV LQIRUPDQWHV UHVSHFWR GH VXV YLGDV
H[SHULHQFLDV R VLWXDFLRQHV WDO FRPR ODV H[SUHVDQ FRQ VXV SURSLDV
SDODEUDVರ
(Q GHILQLWLYD FRQ OD HQWUHYLVWD HQ SURIXQGLGDG VH SUHWHQGH DKRQGDU HQ HO PXQGR
ಯLQWHULRUರ GH ORV VXMHWRV FRQ HO ILQ GH FRPSUHQGHU PHMRU VXV DFFLRQHV VXV
H[SHULHQFLDVVXVSDXWDV\SU£FWLFDVHGXFDWLYDV\VRFLDOHV$XQTXHVHFRUUHHOULHVJR
GHTXHODSHUVRQDSDUWLFLSDQWHHVW£WDQಯLQPHUVDರHQVXFRQWH[WRHQVXVSHUFHSFLRQHV
\FRQFHSFLRQHVTXHODVFRQVLGHUHWDQREYLDV\QRODVH[SOLFLWHRELHQTXHVHRPLWDQR
UHFUHHQ VLWXDFLRQHV PRPHQWRV FRQ HO SURSµVLWR GH SRGHU VDWLVIDFHU DO SURSLR
LQYHVWLJDGRU\DORVREMHWLYRVGHODLQYHVWLJDFLµQ+XEHUPDQ
3DUDQRಯFDHUHQHOULHVJRರFRQVLGHU«QHFHVDULRODXWLOL]DFLµQGHGLYHUVDVHVWUDWHJLDV\
W«FQLFDV GH UHFRJLGD GH UHFRJLGD GH LQIRUPDFLµQ \ OD WULDQJXODFLµQ GH ORV GDWRV
REWHQLGRV FRPR VH SRGU£ REVHUYDU HQ HO FDS¯WXOR SDUD SRGHU REWHQHU GH HVWD
PDQHUDXQDDSUR[LPDFLµQDODUHDOLGDG\DORVVXMHWRVGHGLFKDLQYHVWLJDFLµQ
D',6(“2'(/$(175(9,67$
(OಯJXLµQರGHHQWUHYLVWDSUHVHQWDGRDODVHVFXHODVDODKRUDGHDERUGDUODLQYHVWLJDFLµQ
IXHHQXQSULQFLSLRXQSURFHVRGHHODERUDFLµQ\GHUHGLVH³RFRQVWDQWH<DTXHSDUW¯D
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
GH VXSXHVWRV \ SUHJXQWDV LQLFLDOHV TXH SRGU¯DQ UHFRQGXFLUPH FRPR LQYHVWLJDGRUD D
UHFRJHUFLHUWDLQIRUPDFLµQSDUDSRGHUFRQRFHU\FRPSUHQGHUODUHDOLGDGGHFDGDXQD
GH HOODV $ PHGLGD TXH PL HVWDQFLD HQ HO FDPSR VH LED SURORQJDQGR \ PH LED
HQWUHYLVWDQGR FRQ ORV VXMHWRV SDUWLFLSDQWHV GH HVWH HVWXGLR VXUJLHURQ QXHYDV
SUHJXQWDV\VHUHFRQGXMHURQRWUDV
(QXQDSULPHUDHQWUHYLVWD\VXFRUUHVSRQGLHQWHWUDQVFULSFLµQSHUFLE¯ODQHFHVLGDGGH
FRPSOHPHQWDU OD LQIRUPDFLµQ KHFKR TXH PH OOHYµ D IRUPXODU RWUDV FXHVWLRQHV TXH
D\XGDU¯DQ D GRWDU GH VLJQLILFDGRV D OD LQYHVWLJDFLµQ )LQDOPHQWH HO FRQWHQLGR GH ODV
HQWUHYLVWDVPDQWHQLGDVTXHGµFRQILJXUDGRWDO\FRPRVHPXHVWUDDFRQWLQXDFLµQ
7LSRVGHSUHJXQWDVUHDOL]DGDVDORVSDUWLFLSDQWHV &µPROOHJDVWHDHVWDHVFXHOD"3RUTX««VWD\QRRWUD"
&X£OHVWXSDSHOGHQWURGHODHVFXHOD"
4X«HVSDUDWLODHVFXHOD"&X£OHVVRQODVIXQFLRQHV\RREMHWLYRVGHODHVFXHOD"
4X«HVSDUDWLODIDPLOLD"&µPRODGHILQLU¯DV"&X£OHVVRQVXVIXQFLRQHV"
4X«WLSRVGHIDPLOLDVDVLVWHQDHVWDHVFXHOD"
4X«WLSRVGHUHODFLRQHVVHHVWDEOHFHHQWUHIDPLOLDV\HVFXHOD"
4X« UHFXUVRV PHFDQLVPRV HVWUDWHJLDV W«FQLFDV KDFH VHUYLU OD HVFXHOD SDUD
UHODFLRQDUVHFRQODVIDPLOLDV"<YLFHYHUVD"
&X£OHVFRQVLGHUDVTXHVRQORVSXQWRVIXHUWHVGHODVUHODFLRQHVIDPLOLDVದHVFXHODV"
<ORVSXQWRVG«ELOHVGHGLFKDUHODFLRQHV"
&µPR VH SXHGH IDYRUHFHU D HVWDEOHFHU UHODFLRQHV FRUGLDOHV IDYRUDEOHV SRVLWLYDV
HQWUHIDPLOLD\HVFXHOD"
9HUDQH[R
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
(O OXJDU SDUD OOHYDU D FDER ODV HQWUHYLVWDV HQWUH GRFHQWHV SHUVRQDO QR GRFHQWHV \
IDPLOLDV HUD HQ JHQHUDO HO FHQWUR HGXFDWLYR GHO FXDO IRUPDEDQ SDUWH \ DVLVW¯DQ VXV
KLMRV\VXVDOXPQRV([FHSFLRQDOPHQWHPHHQFRQWU«FRQWUHVFDVRVSDUWLFXODUHVTXH
GHELGR D VXV QHFHVLGDGHV GHPDQGDV \ IDOWD GH WLHPSR VH UHDOL]DURQ IXHUD GH OD
LQVWLWXFLµQHVFRODUHQGRVGHHOORVODVHQWUHYLVWDVVHUHDOL]DURQHQHOOXJDUGHWUDEDMR
GH ODV IDPLOLDV \ HO WHUFHUR HQ XQ UHVWDXUDQWH PLHQWUDV FHQ£EDPRV \D TXH HUD HO
¼QLFRPRPHQWRGHOFXDOGLVSRQ¯DODPDGUH
$QWHVGHUHDOL]DUODVHQWUHYLVWDVDFDGDXQRGHPLVVXMHWRVOHVSUHJXQWDEDTXHVLOHV
SRG¯D JUDEDU SDUD DVHJXUDUPH GH HVWD PDQHUD SRGHU UHFRJHU OD LQIRUPDFLµQ FRQ
WRGD ILGHOLGDG 7RGRV DFHSWDURQ D VHU JUDEDGRV $ FDPELR PH FRPSURPHW¯ D
WUDQVFULELUFDGDHQWUHYLVWDFRQXQGREOHREMHWLYR
(Q UHODFLµQ D ORV VXMHWRV FRPR PXHVWUD GH TXH HOORV HUDQ SDUW¯FLSHV GH OD
LQYHVWLJDFLµQ(VGHFLUODLQYHVWLJDGRUDQROOHJDDOOXJDUUHDOL]DODHQWUHYLVWD\
VHPDUFKDVLQRTXHFRPSDUWH\DGHP£VRWRUJDODRSRUWXQLGDGGHFDPELDUGH
FRPSOHPHQWDUHWF
(Q UHODFLµQ D OD SURSLD LQYHVWLJDFLµQ SDUD SURFHGHU D VX DQ£OLVLV \ SRGHU
FRPHQ]DUDLQWHUSUHWDUODLQIRUPDFLµQREWHQLGD
$OPLVPRWLHPSRTXHLEDJUDEDQGRLEDFRJLHQGRQRWDVGHPDQHUDHVSRU£GLFDGHOR
TXHHVWDEDRFXUULHQGRGHOFRQWH[WRGHODVLWXDFLµQFRQHOILQGHSRGHUFRPSOHPHQWDU
OR TXH OD RWUD SHUVRQD HVWDED FRPSDUWLHQGR FRQPLJR ELHQ SDUD IRUPXODU RWUDV
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
SUHJXQWDV R SDUD WULDQJXODU OD LQIRUPDFLµQ D OD KRUD GHO SRVWHULRU DQ£OLVLV H
LQWHUSUHWDFLµQ
/$2%6(59$&,•1123$57,&,3$17(
/D REVHUYDFLµQ VH FDUDFWHUL]D SRU VHU OD HVWUDWHJLD P£V XVXDO HQ OD UHFRJLGD GH
LQIRUPDFLµQHQORVHVWXGLRVGHFDU£FWHUHWQRJU£ILFR*RHW]\/H&RPSWH-RQHV\
6RPHNK(OREMHWLYRIXQGDPHQWDOGHODREVHUYDFLµQHVODGHVFULSFLµQGHJUXSRV
VRFLDOHV \R HVFHQDV FXOWXUDOHV PHGLDQWH OD YLYHQFLD GH ODV H[SHULHQFLDV GH ODV
SHUVRQDVLPSOLFDGDVHQXQJUXSRRLQVWLWXFLµQ:RRGV/DVFDUDFWHU¯VWLFDVP£V
QRWRULDVGHODREVHUYDFLµQVHJ¼Q'HO5LQFµQ$UQDO/DWRUUH\6DQVVRQDVH
WUDWDGHXQSURFHVRDELHUWR\IOH[LEOHGRQGHHOSUREOHPDDSHVDUGHHVWDUಯGHILQLGRರDO
SULQFLSLRVHYDUHGHILQLHQGRDSDUWLUGHODLQIRUPDFLµQTXHVHUHFRJHEODLQIRUPDFLµQ
TXHVHUHFRJHVHUHDOL]DGHPDQHUDHVSRQW£QHD\QDWXUDOHQXQFRQWH[WRVRFLDOFHQ
ORVLQIRUPHVVHUHFRJHQGHWDOOHVGHVFULSWLYRVVXILFLHQWHVSDUDFRORFDUDOOHFWRUDQWHOR
VXFHGLGR G UHFRJH ODV SHUVSHFWLYDV GH ODV SHUVRQDV LPSOLFDGDV SDUD DV¯ SRGHU
FRPSDUWLUORVIHQµPHQRVDSRUWDGRVSRUORVDFWRUHVDXQUHODWRGHVXFRQWH[WRVRFLDOH
SXHGHRULHQWDUDJHQHUDUFRQFHSWRVJHQHUDOL]DFLRQHV\WHRU¯DVDSDUWLUGHODUHDOLGDG\
FRQRFLPLHQWRWHµULFRದSU£FWLFR
3DUD HOOR FRQ HO SURSµVLWR GH REWHQHU LQIRUPDFLµQ GH ODV WUHV UHDOLGDGHV HGXFDWLYDV
VHOHFFLRQDGDV RSW« SRU OOHYDU D FDER XQD REVHUYDFLµQ HQ OD PRGDOLGDG GH QR
SDUWLFLSDQWH HQ HVSDFLRV IRUPDOHV UHXQLRQHV DFRJLGDV D ODV IDPLOLDV VHVLRQHV
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
IRUPDWLYDV$03$HLQIRUPDOHVODVHQWUDGDV\ODVVDOLGDVORVWDOOHUHVFRQODVIDPLOLDV
ORVG¯DVHVSHFLDOHV&RQODILQDOLGDGGHPRVWUDUPHUHVSHWXRVDDODVFDUDFWHU¯VWLFDV\
FRQGLFLRQHV GH ORV FRQWH[WRV TXH TXHU¯D HVWXGLDU /D REVHUYDFLµQ QR SDUWLFLSDQWH HV
HQWHQGLGD FRPR DTXHO SURFHVR GH UHFRJLGD GH LQIRUPDFLµQ HQ HO FXDO HO LQYHVWLJDGRU
FRPSOHWDPLQXFLRVD \ VLVWHP£WLFDPHQWH OD UHDOLGDG GRQGH HVW£ LQPHUVRVLQOOHJDUOD D
LQWHUIHULU3RUORWDQWRHOSDSHOGHOLQYHVWLJDGRUHVREVHUYDUHQXQVHJXQGRSODQRVLQ
LQWHUYHQLU VLQ GLVWRUVLRQDU OD UHDOLGDG \ VLQ SURYRFDU VLWXDFLRQHV GH LQWHU«V SDUD OD
SURSLD LQYHVWLJDFLµQ (Q GHILQLWLYD HO IRFR GH OD REVHUYDFLµQ UHVLGH HQ OD
HVSRQWDQHLGDG \ QDWXUDOLGDG GH ODV VLWXDFLRQHV REVHUYDGDV WDO\ FRPRH[SUHVD5X¯]
ಯ(Q OD REVHUYDFLµQ SULPD OD QDWXUDOLGDG \ OD LQPHGLDWH] FRQ WRGD VX
FRPSOHMLGDGVREUHODFODULGDG\ODPDQLSXODFLµQFRQWRGDVXDUWLILFLDOLGDG
VLPSOLILFDGRUDರ
&RPRLQYHVWLJDGRUDODVREVHUYDFLRQHVUHDOL]DGDVHQODVWUHVLQVWLWXFLRQHVHGXFDWLYDV
IXHURQGHXQSHU¯RGRDSULRULGLI¯FLOGHGHWHUPLQDUSDUDODUHFRJLGDGHLQIRUPDFLµQ\D
TXH VLHPSUH PH KH PRVWUDGR UHVSHWXRVD FRQ ORV WLHPSRV ODV VLWXDFLRQHV ODV
FLUFXQVWDQFLDV\ODVQHFHVLGDGHVGHODVSHUVRQDV0LSUHVHQFLDHQODVHVFXHODVHUDGH
LQYHVWLJDGRUDHQWUHYLVWDGRUD\REVHUYDGRUDGHORVHVSDFLRVIRUPDOHVHLQIRUPDOHVFRQ
HOILQGHFRQRFHUHOWLSRRWLSRVGHUHODFLRQHVTXHVHGDEDQHQWUHIDPLOLDV\HVFXHODV
SHUR QR FRPR HVSHFLDOLVWD HQ OD WHP£WLFD HQ FXHVWLµQ 3DUD HOOR ORV VXMHWRV
SDUWLFLSDQWHV GH PL LQYHVWLJDFLµQ HVWDEDQ LQIRUPDGRV GH PL SDSHO GHQWUR GH ODV
LQVWLWXFLRQHV
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
3DUWLHQGR GH WRGDV HVWDV SUHPLVDV PL REVHUYDFLµQ VHU¯D DELHUWD \ VLQ FDWHJRU¯DV
SUHILMDGDV\DTXHGHHVWDPDQHUDSRGU¯DREWHQHUGHVFULSFLRQHVP£VGHWDOODGDVGHORV
IHQµPHQRVREVHUYDGRVUHOHYDQWHVSDUDORVREMHWLYRVGHODLQYHVWLJDFLµQ(VWHSURFHVR
GHREVHUYDFLµQFRQWDU¯DFRQORVVLJXLHQWHVSDVRV
/DUHFRJLGDGHGDWRVLU¯DFHQWUDGDDOFRQWH[WR\DVXVSURWDJRQLVWDVREVHUYDU\
FRQRFHUXQDUHDOLGDGHGXFDWLYDFRQFUHWD
/DUHFRJLGDGHDFWRVVLWXDFLRQHVFRQGXFWDVGHORVVXMHWRVGRFHQWHVSHUVRQDO
QRGRFHQWH\IDPLOLDVTXHVHKDOODQHQHVSDFLRVIRUPDOHVHLQIRUPDOHV
(O UHJLVWUR GH WLSRV GH UHODFLRQHV HVWDEOHFLGDV HQWUH IDPLOLDV \ HVFXHODV HV
GHFLUGHDFFLRQHV\FRQGXFWDVUHOHYDQWHVSDUDHOHVWXGLR
/DVREVHUYDFLRQHVIXHURQUHJLVWUDGDVHQXQFXDGHUQRGHQRWDVGRQGHGHVFULELU¯DODV
VLWXDFLRQHV REVHUYDGDV H LQFOXLU¯D DQRWDFLRQHV UHODFLRQDGDV FRQ G¯D KRUD \ OXJDU
GXGDVHLQTXLHWXGHVFRQHOGLDULRGHFDPSRGHODLQYHVWLJDGRUD\ODYLQFXODFLµQFRQHO
PDUFR WHµULFR GHO HVWXGLR 3RU OR WDQWR VHJ¼Q DUJXPHQWD 3DWWRQ UHODFLRQDU \
WULDQJXODUODVQRWDVWRPDGDVFRQRWUDVIXHQWHVWHµULFDV
$1ƒ/,6,6'('2&80(1726
2WUDGHODVHVWUDWHJLDVXWLOL]DGDVMXQWRDODHQWUHYLVWDHQSURIXQGLGDG\ODREVHUYDFLµQ
QRSDUWLFLSDQWHSDUDODUHFRJLGDGHLQIRUPDFLµQHVHODQ£OLVLVGHGRFXPHQWRV$XWRUHV
FRPR7D\ORU\%RJGDQ:RRGV\/DWRUUHDILUPDQTXHHVWHWLSRGH
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
HVWUDWHJLD\DYLHQHGDGDSRUXQDSODQLILFDFLµQ\XQDDFWLYLGDGVLVWHP£WLFDEDVDGDHQOD
GHWDOODGDUHYLVLµQGHGRFXPHQWRVRILFLDOHV\SHUVRQDOHVFRQHOSURSµVLWRGHFRQVHJXLU
OD LQIRUPDFLµQ QHFHVDULD SDUD UHVSRQGHU D ODV FXHVWLRQHV \ REMHWLYRV GH OD
LQYHVWLJDFLµQ \ FRPSUHQGHU ORV SURFHVRV RUJDQL]DWLYRV \ ODV SHUVSHFWLYDV GH ODV
SHUVRQDVLPSOLFDGDV
3DUD HO SUHVHQWH HVWXGLR UHFXUU¯ D GRV WLSRV GH GRFXPHQWRV TXH SRVWHULRUPHQWH
VHUYLU¯DQSDUDODUHFRQVWUXFFLµQHODQ£OLVLVHLQWHUSUHWDFLµQGHORVFDVRV
'RFXPHQWRV RILFLDOHV S¼EOLFRV R QR GHO FHQWUR (O 3UR\HFWR (GXFDWLYR GH
&HQWUR 3(& (O 3UR\HFWR &XUULFXODU GH &HQWUR 3&& (O 5HJODPHQWR GH
5«JLPHQ ,QWHULRU 55, 3URJUDPDFLµQ *HQHUDO $QXDO 3*$ (O 3UR\HFWR GH
$XWRQRP¯D GH &HQWUR 3$& GRFXPHQWRV HQ UHODFLµQ D MRUQDGDV DUW¯FXORV
FDUWDV FLUFXODUHV IRWRJUDI¯DVಹ SDUD SRGHU VHU FRQWUDVWDGRV SRVWHULRUPHQWH
FRQ ODV GDWRV HPHUJHQWHV GH ODV HQWUHYLVWDV HO GLDULR GH FDPSR \ ODV
REVHUYDFLRQHV
(VWHWLSRGHGRFXPHQWDFLµQPHD\XGDU£DFRPSUHQGHUHOOXJDU\HOSDSHOTXH
MXHJDQFDGDPLHPEURGHODFRPXQLGDGHGXFDWLYD\FRPRHQHOODVHUHFRJHR
QRORVPHFDQLVPRVHVWUDWHJLDV\W«FQLFDVGHUHODFLµQHVFXHODದIDPLOLDV
'RFXPHQWRV SHUVRQDOHV 6H WUDWDQ GH GRFXPHQWRV QDWXUDOHV HV GHFLU GH
HVFULWRV UHGDFWDGRV SRU ORV SURSLRV VXMHWRV HQ UHODFLµQ DO WHPD HQ FXHVWLµQ \
TXHFRPSOHPHQWDQODLQIRUPDFLµQGHODVRWUDVHVWUDWHJLDV
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
/$0,5$'$'(/$,19(67,*$'25$(/',$5,2'(&$032
(OGLDULRGHFDPSRHVFRQVLGHUDGRFRPRXQDKHUUDPLHQWDQHFHVDULD\IXQGDPHQWDOQR
VµOR SDUD HO SURSLR LQYHVWLJDGRU VLQR WDPEL«Q SDUD OD SURSLD LQYHVWLJDFLµQ <D TXH D
SDUWLU GH «O VH UHWRPD PXFKD GH OD LQIRUPDFLµQ REWHQLGD HV GHFLU YHQGU¯D D VHU XQ
GRFXPHQWRSHUVRQDOWDO\FRPRDXWRUHVORGHQRPLQDQ(Q«OVHSXHGHDSXQWDUFRPR
PDWL]DQ &ODQGLQLQ &RQQHOO\ \ 0DUW¯QH] QR VµOR OR TXH VH HVW£
REVHUYDQGR\ODVUHIOH[LRQHVTXHHPHUJHQGHODPLVPDREVHUYDFLµQGLDULRGHFDPSR
VLQR WDPEL«Q ODVSUHRFXSDFLRQHV ODVUHIOH[LRQHV ODV GXGDV ORVVHQWLPLHQWRV FLHUWDV
FXHVWLRQHV TXH OH VXVFLWDQ D OD LQYHVWLJDGRUD \ D OD SHUVRQD LQYHVWLJDGD GLDULR GH
LQYHVWLJDFLµQ\DTXHHQWUDHQMXHJRODSDUWHP£VSHUVRQDO8QGLDULRGHLQYHVWLJDFLµQ
ELHQ GHWDOODGR HV XQ LQVWUXPHQWR GH JUDQ UHOHYDQFLD SDUD HO SURFHVR GH UHFRJLGD \
DQ£OLVLVGHGDWRV
(Q GHILQLWLYD HQ PL GLDULR UHFRJ¯ REVHUYDFLRQHV UHIOH[LRQHV LQWHUSUHWDFLRQHV PH IXL
UHIRUPXODQGR DOJXQDV SUHJXQWDV SODVPDQGR PLV SULPHUDV LPSUHVLRQHV LQTXLHWXGHV
PLPDQHUDLQLFLDOGHFRQFHELUOD LQYHVWLJDFLµQORVSUREOHPDVTXHLEDQDSDUHFLHQGRD
PHGLGD TXH PH LED DGHQWUDQGR HQ HO SURSLR HVWXGLR ORV HUURUHV FRPHWLGRVಹ (Q ILQ
PLVHPRFLRQHVPLVFDPLQRV\PLSURFHVR\HYROXFLµQSHUVRQDO\FRPRLQYHVWLJDGRUD
&RPR HMHPSOR GH ODV DQRWDFLRQHV HQ HO GLDULR GH FDPSR HQ XQ SULPHU PRPHQWR OD
LQFHUWLGXPEUH \ OD QR DFHSWDFLµQ GH IRUPDU SDUWH GH GLFKD LQYHVWLJDFLµQ (O PRWLYR
SULQFLSDOGHODQHJDFLµQDSDUWLFLSDUHQHOHVWXGLRIXHGHELGRDTXHD³RVWUDVD³RVORV
LQYHVWLJDGRUHV\DOXPQRVHQSU£FWLFDVSDVDEDQSRUVXLQVWLWXFLµQFRQIHV£QGROHTXHOHV
GHYROYHU¯DODLQIRUPDFLµQUHFRJLGDTXHKDU¯DQDOJ¼QLQIRUPH\QXQFDUHVXOWµVHUDV¯
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
3RU OR WDQWR FRQ HOOR YLQLHURQ ODV SULPHUDV GHFHSFLRQHV \ ODV SULPHUDV GXGDV SRU
FRQWLQXDUಹ
ಯ(QRFWXEUHPHOODPµ0$SDUDTXHPHSXVLHUDHQFRQWDFWRFRQ56
\D TXH «O VHU¯D OD SHUVRQD UHVSRQVDEOH GH KDFHU GH Y¯QFXOR HQWUH OD
HVFXHOD\\R$OG¯DVLJXLHQWHOROODP«D¼QQRKDE¯DWHQLGRODRSRUWXQLGDG
GH KDEODU FRQ OD GLUHFWRUDಹ /OHJµ PL SULPHUD FLWD FRQ HO FROHJLR PH
SUHVHQW« PH DFHUTX« D OD VHFUHWDULD \ QR KDE¯D QDGLH ILQDOPHQWH YL D
XQDVH³RUDHQXQGHVSDFKR\OHSUHJXQW«SRUODMHIDGHHVWXGLR‹VWDPH
FRQWHVWµ TXH QR HVWDED \ TXH WHQ¯D TXH HVSHUDU $SURYHFK« HO WLHPSR
SDUD FRQVXOWDU ORV WDEORQHV GH DQXQFLR SDUD OHHU XQ EUHYH UHVXPHQ GHO
3(&ಹ$OFDERGHXQRVPLQXWRVOOHJµQRVSUHVHQWDPRV\HQWUDPRVHQ
VX GHVSDFKR /H IDFLOLW« OD KRMD GH QHJRFLDFLµQ ILUPDGD OH SUHVHQW« PL
LQYHVWLJDFLµQOHIDFLOLW«HOQ¼PHURGHPLPµYLOSDUDREWHQHUXQDUHVSXHVWD
VREUHVLSDUWLFLSDU¯DQRQRಹ7UHVG¯DVGHVSX«VUHFLERODOODPDGDGHO
FROHJLR OD MHID GH HVWXGLR PH FRPHQWD TXH KDEOµ FRQ OD GLUHFWRUD \ PH
GLMRQRQRVLQWHUHVDWXLQYHVWLJDFLµQORVLHQWR'HVSX«VGHHVWRVG¯DV
GH HVSHUD \ WUDV REWHQHU HVWD UHVSXHVWD PH GHUUXPE« (PSHF« D
FXHVWLRQDUPHಹ9XHOWDDHPSH]DUರ'LDULRGHFDPSR
2WUDVGHODVSUHRFXSDFLRQHVHLQWHUURJDQWHVTXHVHPHDEULHURQIXHURQUHODFLRQDGDV
DOSRGHUSRQHUILQDODHVWDQFLDHQHOHVFHQDULR\WHQHUTXHWRPDUODGHFLVLµQGHTXH
WRGDODLQIRUPDFLµQTXHWHQ¯DUHFRJLGDHUDVXILFLHQWHSDUDSRGHUUHFRQVWUXLUHOFDVR
ಯ'HVSX«VGHODODUJDPD³DQDOOHJRDOPHGLRG¯DDODHVFXHODOODPRDOD
SXHUWDHQWURHQHOFROHJLR\PHHQFXHQWURFRQ'\'TXHPHFRPHQWDQ
TXH'PHHVW£HVSHUDQGR/DVDOXGR\HQEUHYHQRVSRQHPRVDUHDOL]DU
OD HQWUHYLVWD 1DGD P£V HPSH]DU PH GLFH TXH YD KDEODU GHVGH HOOD OR
TXH HOOD VDEH GH VX H[SHULHQFLD <R OH GLJR GH HVR VH WUDWD GH TXH
FDGDXQDKDEOHGHORTXHDFRQWHFHGHORTXHKDYLYLGRGHVGHVXSURSLD
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
H[SHULHQFLD\YLYHQFLD6XPLUDGDGHYH]HQFXDQGRVHILMDEDHQODP¯D
FRQ YR] GXOFH \ PRVWU£QGRVH WUDQTXLOD KDF¯D TXH PH UHODMDUD OD
HVFXFKDUD GHVGH HO UHVSHWRಹ /D HQWUHYLVWD LED VLHQGR IOXLGD &XDQGR
DFDEDPRV DFRUGDPRV TXH FRPR HUD ILQDO GH WULPHVWUH \ GH FXUVR D OD
YXHOWDGHODVPHUHFLGDVYDFDFLRQHVQRVYROYHU¯DPRVDUHHQFRQWUDUಹ1RV
GHVSHGLPRV GHVH£QGRQRV XQDV PX\ EXHQDV YDFDFLRQHVಹ 0H YR\
SHQVDQGR TXH HUD XQD O£VWLPD TXH GHVSX«V GH WRGR HO FXUVR HVFRODU
KDE¯D VLGR LPSRVLEOH HQWUHYLVWDU D WRGDV ODV SHUVRQDV SURSXHVWDV HQ XQ
LQLFLR 7HQ¯D OD VHQVDFLµQ GH TXH PH LED \ TXH GH DOJXQD PDQHUD
TXHGDU¯DFHUUDGDODUHFRJLGDGHLQIRUPDFLµQರ'LDULRGHFDPSR
/DVQRWDVGHFDPSRದGLDULRGHFDPSRHVXQDGHODVHVWUDWHJLDVP£VXWLOL]DGDVHQOD
PHWRGRORJ¯D FRQVWUXFFLRQLVWD 6H WUDWD GH XQD IRUPD QDUUDWLYRGHVFULSWLYD GH UHODWDU
REVHUYDFLRQHV UHIOH[LRQHV \ UHDFFLRQHV VREUH OR SHUFLELGR HQ PL FDVR WRGR OR TXH
HQYXHOYHDODVUHODFLRQHVIDPLOLD\HVFXHOD(QHVWDVQRWDFLRQHVVHLQFOX\HFRPRVH
KD SRGLGR OHHU HQ PLV LQWHUYHQFLRQHV DQWHULRUHV FRPHQWDULRV LQWHUSUHWDWLYRV EDVDGRV
HQPLVSHUFHSFLRQHVPLVYLYHQFLDV\PLVH[SHULHQFLDV
$&&(62$/(6&(1$5,2/$1(*2&,$&,•1
(ODFFHVRDOHVFHQDULRHVGHFLUDOFDPSRHVFRQVLGHUDGRFRPRXQSURFHVRGHQWURGH
ODLQYHVWLJDFLµQLPSRUWDQWH\GHJUDQUHOHYDQFLD(OFµPR HOFX£QGRHOSRUTX«GHOD
HQWUDGD WLHQHQ TXH VHU HODERUDGRV \ HVWXGLDGRV SUHYLDPHQWH /D LQYHVWLJDGRUD QR
SXHGHLQWURGXFLUVHHQHOHVFHQDULRVLQRKDಯSDFWDGRರFRQDQWHULRULGDGTXL«QHVTX«
HVORTXHUHDOL]DU£REMHWLYRV\ILQDOLGDGHVGHVXLQYHVWLJDFLµQGXUDQWHFXDQWRWLHPSR
DSUR[LPDGRFX£OVHU£VXSDSHO\HOSDSHOTXHMXJDU£QODVSHUVRQDVLPSOLFDGDVFµPR
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
VHU£ WUDWDGD OD LQIRUPDFLµQ REWHQLGD D SDUWLU GH ODV GLIHUHQWHV W«FQLFDV \ P«WRGRV
HPSOHDGRV GXUDQWH VX HVWDQFLD HQ HO HVFHQDULR TX« UHFLELU£ D FDPELR \ TXL«QHV
SDUWLFLSDU£QHQODLQYHVWLJDFLµQ
(ULFNVRQ DILUPDED TXH HO DFFHVR DO FDPSR UHTXLHUH WDFWR \ GLSORPDFLD VLQ
ROYLGDUTXHHVWDPRVWUDEDMDQGRFRQSHUVRQDV\QRFRQREMHWRV3RUHOORODHGXFDFLµQ
\HOVDEHUKDFHU\HOVDEHUHVWDUMXHJDQXQSDSHOGHYLWDOLPSRUWDQFLD$V¯HOFµPRXQR
DFFHGHTXL«QVHU£ODSHUVRQDTXHQRVSHUPLWHQXHVWUDHQWUDGD\ODSHUPDQHQFLDHQ
XQFHQWURRLQVWLWXFLµQ\DVHDHVFRODUIDPLOLDUHWFVRQFXHVWLRQHVREMHWRGHDQ£OLVLV
3DUD'HO5LQFµQHVLPSRUWDQWHUHDOL]DUXQFRQWDFWRSUHYLRSDUDOOHYDUDFDEROD
HQWUDGD \ DFFHVR DO HVFHQDULR «VWH SXHGH VHU LQIRUPDO XWLOL]DU UHGHV GH UHODFLRQHV
SHUVRQDOHV R IRUPDO DFHUFDPLHQWR PHGLDQWH FDQDOHV RILFLDOHV \ SURIHVLRQDOHV \
UHDOL]DUVH PHGLDQWH XQ HVFULWR OD FDUWD GH QHJRFLDFLµQ R GH IRUPD SHUVRQDO < D
FRQWLQXDFLµQWHQHUHQFXHQWDFµPRVHQHJRFLDU£HODFFHVRFRQWDFWRDODVSHUVRQDV
TXHIRUPDUDQSDUWHGHODLQYHVWLJDFLµQ
(QHOPRPHQWRGHODFFHVRDOHVFHQDULRHOLQYHVWLJDGRUWLHQHTXHDGHFXDUXQDVHULHGH
HVWUDWHJLDVGHHQWUDGDWHQLHQGRSUHVHQWHODVFDUDFWHU¯VWLFDVGHORVPLVPRVHVFHQDULRV
$OJXQDV GH HVWDV FDUDFWHU¯VWLFDV VHJ¼Q 'HO 5LQFµQ \ FRODERUDGRUHV VRQ OD
YLVLELOLGDGGHOHVFHQDULRHQWHQGLGDFRPRODLQIRUPDFLµQGLVSRQLEOHVREUHHOPLVPROD
DFFHVLELOLGDG JUDGR GH QHJRFLDFLµQ SDUD OD HVWUDGD DO HVFHQDULR \ ODV SRVLELOLGDGHV
TXHWLHQHORVSDUWLFLSDQWHVDODKRUDGHDVXPLUUROHV\ODV SRO¯WLFDVR JUDGRVGHSRGHU
ODV SRVLFLRQHV TXH RFXSD FDGD VXMHWR HQ OD LQYHVWLJDFLµQ &RQ UHVSHFWR D ODV
9HUDQH[R&DUWDGHQHJRFLDFLµQ(QWUDGDDOHVFHQDULR
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
HVWUDWHJLDV GH HQWUDGD DO HVFHQDULR VHU¯D LQWHUHVDQWH TXH HO LQYHVWLJDGRU OOHYDUD D
FDER XQ FRQWDFWR SUHYLR FRPR VH KD FLWDGR HQ O¯QHDV DQWHULRUHV FRQ ODV SHUVRQDV
LPSOLFDGDV SRUTXH GH HVWD PDQHUD SRGU£ RSWDU SRU HO SODQWHDPLHQWR GH XQDV
HVWUDWHJLDV GH DFFHVR ‹VWDV SRGU¯DQ VHU DELHUWDGLUHFWD HO LQYHVWLJDGRU VROLFLWD
SHUPLVR SDUD OOHYDU D FDER VX HVWXGLR SRU OR WDQWR VH SODQWHDQ PHQRV SUREOHPDV
«WLFRV\ODHVWUDWHJLD HQFXELHUWDHOLQYHVWLJDGRUUHDOL]DXQSDSHOGHWHUPLQDGR7RGR
HOORFRQGXFLU£DHVWDEOHFHUXQDFRUUHFWDHVWDQFLDHQHOHVFHQDULRSDUDSURFHGHUDXQD
IDYRUDEOHUHFRJLGDGHLQIRUPDFLµQ
3DUDDFFHGHUDFDGDXQDGHODVHVFXHODVWXYHTXHUHDOL]DUXQDOODPDGDFRQWDFWDUFRQ
OD GLUHFWRUD R SHUVRQD UHVSRQVDEOH SUHVHQWDUPH SRU WHO«IRQR UHVXPLU OD ILQDOLGDG H
LQWHQFLµQGHODLQYHVWLJDFLµQ\DFRUGDUXQG¯DGHHQFXHQWUR(QODSULPHUDUHXQLµQ\D
VHOHSUHVHQWµODFDUWDGHQHJRFLDFLµQILUPDGDSRUODSURSLDLQYHVWLJDGRUDGRQGHVH
UHFRJ¯D ORV REMHWLYRV GH OD LQYHVWLJDFLµQ OD PHWRGRORJ¯D D VHJXLU SDUD UHFRJHU OD
LQIRUPDFLµQ HQWUHYLVWDV R D GRFHQWHV SHUVRQDO QR GRFHQWH IDPLOLDV \ QL³RV
DOJ¼QHVFULWRSHUVRQDOREVHUYDFLµQQRSDUWLFLSDQWH\DQ£OLVLVGHGRFXPHQWRV\TX«VH
HVSHUDED GH FDGD SHUVRQD SDUW¯FLSH HQ HOOD $O PLVPR WLHPSR TXH VH JDUDQWL]µ OD
P£[LPDGLVFUHFLµQ\WRWDOFRQILGHQFLDOLGDG5HVSHFWRDOWLHPSRHQHOHVFHQDULRQRIXH
SDFWDGR\FHUUDGR\DTXHGHSHQGHU¯DGHODLQIRUPDFLµQTXHVHIXHUDUHFRJLHQGR\HO
HVWXGLR IXHUD DYDQ]DQGR SHUR SULQFLSDOPHQWH GH ODV QHFHVLGDGHV \ WLHPSRV GH ODV
SHUVRQDVTXHTXHU¯DQFRODERUDU(QHVDSULPHUDUHXQLµQHOFHQWURVHFRPSURPHWLµD
SURSRUFLRQDUPHDGRFHQWHVIDPLOLDVDOXPQRV\SHUVRQDOQRGRFHQWH\GHMDUPHWRGDOD
GRFXPHQWDFLµQQHFHVDULDSDUDHODQ£OLVLVGHODPLVPD
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
&DEHPDQLIHVWDUTXHODVWUHVLQVWLWXFLRQHVUHVSRQGLHURQIDYRUDEOHPHQWHDPLSHWLFLµQ
GH SDUWLFLSDU HQ OD LQYHVWLJDFLµQ SURSRUFLRQ£QGRPH WRGD OD D\XGD QHFHVDULD
PRVWU£QGRVH UHVSHWXRVDV LQWHUHVDGDV SRU OD WHP£WLFD HQ FXHVWLµQ < UHFRQRFLHQGR
TXH VH OHV SUHVHQWDED DQWH HOODV OD RSRUWXQLGDG GH FRQRFHU DQDOL]DU RULHQWDU \
PHMRUDUODVUHODFLRQHVTXHVHHVWDEOHFHQHQWUHIDPLOLDV\HVFXHODVGHVGHODVYRFHVGH
FDGDಯFROHFWLYRರGHODFRPXQLGDGHGXFDWLYD
8QDYH]REWHQLGDODLQIRUPDFLµQSHUWLQHQWHSDUDHOHVWXGLRODUHWLUDGDGHOHVFHQDULRVH
UHDOL]µGHPDQHUDSURJUHVLYDLQIRUPDQGRDFDGDVXMHWRSDUWLFLSDQWH\DPHGLGDTXH
VHLEDUHDOL]DQGRORVSULPHURVDQ£OLVLVGHORVGDWRVREWHQLGRV
)$6(),1$/$1ƒ/,6,6'(/26'$7265(&21678&&,•1'(/26&$626<
(/$%25$&,•1'(/,1)250(),1$/
/D¼OWLPDHWDSDGHODLQYHVWLJDFLµQVHFHQWUDHQHODQ£OLVLVGHORVGDWRVREWHQLGRV\OD
UHFRQVWUXFFLµQGHORVWUHVHVFHQDULRVFRQHOSURSµVLWRGHHODERUDUHOLQIRUPHILQDO0H
JXVWDU¯D SRQHU HO «QIDVLV HQ TXH HO DQ£OLVLV GH OD LQIRUPDFLµQ QR UHVSRQGH D XQ
SURFHVROLQHDOVLQRDXQSURFHVRFRQWLQXRHLQWHJUDGRHQWRGDVODVIDVHVGHOHVWXGLR
GRQGHHOGL£ORJRHQWUHORREVHUYDGRLQYHVWLJDGR\ODLQYHVWLJDGRUDHQWUDHQMXHJR
(Q OD IDVH GH DQ£OLVLV WUDV OD UHDOL]DFLµQ GH ODV HQWUHYLVWDV \ VXV WUDQVFULSFLRQHV VH
SURFHGLµ D LGHQWLILFDU ORV WHPDV HPHUJHQWHV GH OD LQIRUPDFLµQ REWHQLGD $ SULRUL QR
WUDEDM«FRQFDWHJRU¯DVVLQRP£VELHQ«VWDVIXHURQHPHUJLHQGRGHODVHQWUHYLVWDV\VXV
SRVWHULRU WUDQVFULSFLµQ \ DQ£OLVLV FRPR VXFHGH FRQ WRGR HWQµJUDIR FRQVWUXFFLRQLVWD
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
)DXELRQ0DUFXV3RVWHULRUPHQWHHVWHSURFHVRGHLGHQWLILFDFLµQPHOOHYDU¯D
D DERUGDU ORV WUHV FDVRV GHVGH XQD SHUVSHFWLYD LQWU¯QVHFD SDUWLFXODU \ GHVGH OD
SHUVSHFWLYDWUDQVYHUVDO/D SULPHUDSHUVSHFWLYDLQWHQWDGHVFULELU \ FRQVWUXLU FDGDXQR
GH ORVHVFHQDULRV SDUWLU GH ORV VLJQLILFDGRVFRQFHSFLRQHV \ FUHHQFLDVGHORVVXMHWRV
SDUWLFLSDQWHVHQFDGDXQRGHHOORV/DVHJXQGDLQWHQWDHQWUHOD]DUORVWUHVFDVRVSDUD
YHU TX« HPHUJH DFHUFD GH ODV IRUWDOH]DV \ GHELOLGDGHV HQ FXDQWR D ODV UHODFLRQHV
IDPLOLDV\HVFXHODVVHUHILHUH
7RGDHVWDDUJXPHQWDFLµQPHOOHYDDSHUFLELUTXHODHODERUDFLµQGHOLQIRUPHILQDOGHORV
UHVXOWDGRVHVXQPRPHQWRFODYH\HVHQFLDOGHODQ£OLVLVGHODLQIRUPDFLµQ(VSRUHOOR
TXH HO GHVDUUROOR GHO PLVPR VH FDUDFWHUL]D SRU XQ SURFHVR GH HVFULWXUD OHFWXUD
UHFRQVWUXFFLµQ UHHVFULWXUD UHSHQVDU \ UHIOH[LµQ GH OD LQIRUPDFLµQ GHVGH GLYHUVDV
PDQHUDV GH UHSUHVHQWDFLµQ WHQLHQGR HQ FXHQWD ODV FRQFHSFLRQHV YRFHV \
H[SHULHQFLDVQRVµORGHORVOHFWRUHVVLQRWDPEL«QFRQPLSURSLRHVWLORQDUUDWLYRFRPR
LQYHVWLJDGRUD
/D UHFRQVWUXFFLµQ GH WRGR HO SURFHVR GH LQYHVWLJDFLµQ DQ£OLVLV \ HODERUDFLµQ GHO
LQIRUPHILQDOVHUHFRJHHQHODSDUWDGRಯ(OSURFHVRGHUHFRQVWUXFFLµQHOHQFDMHGHXQ
SX]OHರGHOSUHVHQWHFDS¯WXOR
(/352&(62'(5(&216758&&,•1(/(1&$-('(8138==/(
ಯ7KHFRQVWUXFWLRQLVWHWKQRJUDSKHULVGUDZQWRVHWWLQJVDVVFHQHVLQZKLFK
UHDOLW\FRQVWUXFWLRQ ZRUN LV WDNLQJ SODFH 7KHUH KDV ORQJ EHHQ GHEDWH
FRQFHUQLQJWKHUHODWLYHDGYDQWDJHVDQGGLVDGYDQWDJHVRIಯQDWXUDOರYHUVXV
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
ಯFRQWULYHGರ RU ಯSURYRNHGರ GDWD ಹ $OWKRXJK QDWXUDOO\ RFFXUULQJ WDON DQG
LQWHUDFWLRQ PD\ EH ZLGHO\ SUHIHUUHG LQ SULQFLSOH WKHUH LV QR UHDVRQ WR
H[FOXGH ಯSURYRNHGರ FRPPXQLFDWLRQಧDV ORQJ DV DQDO\VLV IRFXVHV RQ WKH
GLVFXUVLYHZRUNEHLQJGRQHLQWKHWDONWKDWKDVEHHQHOLFLWHGLQRQHZD\RU
DQRWKHUರ+ROVWHLQ*XEULXP
'HVSX«V GH KDEHU REWHQLGR WRGD OD LQIRUPDFLµQ TXH SUHFLVDED SDUD OOHYDU D FDER PL
HVWXGLR PHGLDQWH ODV HQWUHYLVWDV FRQYHUVDFLRQHV REVHUYDFLRQHV GLDULR GH FDPSR
DQ£OLVLV GH GRFXPHQWRV LQWHUQRV DSDUHFLHURQ QXHYRV LQWHUURJDQWHV TX« KDFHU FRQ
WRGRV ORV GDWRV TXH GLVSRQJR" FµPR PRVWUDUORV" FµPR DQDOL]DUORV" TX« SDVRV
WHQJR TXH VHJXLU" FµPR UHFRQVWUXLU WRGD OD LQIRUPDFLµQ TXH GLVSRQJR" ,QFµJQLWDV
TXH SRFR D SRFR IXL GHVSHMDQGR D PHGLGD TXH PH LED DGHQWUDQGR HQ HO SURFHVR GH
DQ£OLVLV\TXH-RYFKHORYLWFK%DXHUPHRULHQWDURQSDUDLQLFLDUODDQGDGXUD
ಯ7KH ILUVW VWHS LQ WKH DQDO\VLV RI QDUUDWLYHV LV WR UHGXFH WKH GDWD E\
WUDQVFULELQJ WKH UHFRUGHG LQWHUYLHZV 7KH OHYHO RI GHWDLO RI WKH
WUDQVFULSWLRQV GHSHQGV RQ WKH DLPV RI WKH VWXG\ +RZ IDU WUDQVFULSWLRQ
LQYROYHVHOHPHQWVEH\RQGWKHPHUHZRUGVXVHGYDULHVDFFRUGLQJWRZKDW
LVUHTXLUHGIRUWKHUHVHDUFKರ
8QD YH] WUDQVFULWDV ODV HQWUHYLVWDV \ ODV FRQYHUVDFLRQHV PDQWHQLGDV FRQ ORV VXMHWRV
SDUWLFLSDQWHV VH OHV IXH GHYXHOWD SDUD VX UHYLVLµQ \ DSUREDFLµQ $OJXQRV GH HOORV
RSWDURQ SRU PRGLILFDU DOJXQRV GDWRV D³DGLU RWURV UHDOL]DU XQ VHJXQGR \ WHUFHU
HQFXHQWUR FRQ HO ILQ GH DFODUHFHU \ FRPSOHWDU OD LQIRUPDFLµQ IDFLOLWDGD HQ QXHVWUD
SULPHUDWRPD GH FRQWDFWR 3DUD LGHQWLILFDU D ORV SURWDJRQLVWDV GH ORV WUHV HVFHQDULRV
SRUORVFXDOHVWUDQVLW«SDUDOOHYDUDFDERODLQYHVWLJDFLµQOHVSURSRUFLRQ«XQDVVLJODV
LQGLFDQGRSHUVRQDSDUWLFLSDQWH\HVFXHOD<HQODUHFRQVWUXFFLµQGHORVFDVRVFXDQGR
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
UHFXSHURODVYRFHVGHORVDFWRUHVSDUDGLDORJDUUHIOH[LRQDUGHVFULELU\UHFRQVWUXLUXQD
UHDOLGDGHGXFDWLYDDSDUWHGHHVWRVGDWRVGHLGHQWLILFDFLµQWDPEL«QVHOHSURSRUFLRQD
DO OHFWRU OD S£JLQD GH GRQGH VH KD H[WUD¯GR OD FLWD OD LGHD DFRUGH FRQ HO GLVFXUVR
HVFULWRGHOPRPHQWR$PRGRGHHMHPSOR
)
)&(,3%SÆ))DPLOLD&(,3%(VFHQDULR&(,3ದ%DUFHORQDS
GHODSULPHUDHQWUHYLVWD
(
(&(,3$SÆ3HUVRQD([SHUWD&(,3$(VFHQDULR&(,3ದ7HQHULIH
SGHODSULPHUDHQWUHYLVWD
'
'&(,3&SELVÆ'RFHQWH&(,3&(VFHQDULR&(,3ದ5LSROOHWSGH
ODVHJXQGDHQWUHYLVWD
1'Æ3HUVRQDOQRGRFHQWH
7UDV ODDSUREDFLµQ GH FDGD HQWUHYLVWD\ FRQYHUVDFLµQPDQWHQLGD \ VXSRVWHULRU ILOWUR
SURFHG¯ DO DQ£OLVLV GH ORV GDWRV 3DUD HOOR \ FRQ OD ILQDOLGDG GH QR SHUGHU OD ULTXH]D
TXH PH SRG¯D SURSRUFLRQDU FDGD SDODEUD FDGD IUDVH FDGD S£UUDIR PH GHFOLQ« SRU
OOHYDU D FDER XQ SURFHGLPLHQWR PDQXDO (V GHFLU OHFWXUDV HQ SURIXQGLGDG GH FDGD
WH[WR FRQ O£SLFHV GH FRORUHV SDUD GHWHFWDU \ VXEUD\DU SRVLEOHV FDWHJRU¯DV TXH
HPHUJ¯DQ GH ODV HQWUHYLVWDV \ DVLJQDUOH XQ FRORU D FDGD XQR GH HOORV SDUD TXH ORV
LGHQWLILFDUDDORODUJRGHHVWHSULPHUSURFHVRGHಯFDWHJRUL]DFLµQರ'HHVWDPDQHUDODV
FDWHJRU¯DV \ HMHV WHP£WLFRV WDEOD TXH UHVXOWDURQ GH HVWH DQ£OLVLV \ VXV
FRUUHVSRQGLHQWHVFRORUHVVHU¯DQ
12
3DUDYHUFµPRVHKDLGHQWLILFDGRFDGDFDWHJRU¯D\HOXVRGHORVFRORUHVFRQVXOWDU$QH[RHQWUHYLVWDVD
ORVSURWDJRQLVWDV
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
(-(67(0ƒ7,&26&$7(*25$6
6
&2/25$6,*1$'2
&DWHJRU¯D)$0,/,$&RQFHSWXDOL]DFLµQ
6XEFDWHJRU¯D)XQFLRQHVGHODIDPLOLD
7LSRORJ¯DGHODIDPLOLD
$PDULOOR
&DWHJRU¯D(6&8(/$&RQFHSWXDOL]DFLµQ
6XEFDWHJRU¯D)XQFLRQHVREMHWLYRV
9HUGH
&DWHJRU¯D 5(/$&,21(6 )$0,/,$6 ದ (6&8(/$6
7LSRORJ¯DPHFDQLVPRVHVWUDWHJLDVW«FQLFDVಹ
5RMR
6XEFDWHJRU¯D SDUWLFLSDFLµQ FRODERUDFLµQ H
LPSOLFDFLµQ
&DWHJRU¯D)RUWDOH]DVHQODVUHODFLRQHV
5RVDIXFVLD
&DWHJRU¯D'HELOLGDGHVHQODVUHODFLRQHV
9LROHWDದ3¼USXUD
&DWHJRU¯D 0HMRUDVQXHYRV PHFDQLVPRV \SRO¯WLFDV
*ULV
SDUDIRPHQWDUODVUHODFLRQHV
&DWHJRU¯D 9DORUDFLRQHV SHUFHSFLRQHV \ RSLQLRQHV
9HUGHD]XODGR
VREUHODVUHODFLRQHV
&DWHJRU¯D/OHJDGDDODHVFXHOD
$]XORVFXUR
&DWHJRU¯D7UD\HFWRULDSRUHOWHPDHQFXHVWLµQ
0DUUµQ
&DWHJRU¯D 3UR\HFWR HGXFDWLYR ದ VRFLDO GH OD
$]XOFODULWR
HVFXHODGHVFULSFLµQGHODHVFXHOD
&DWHJRU¯D&RQWH[WRVRFLRದKLVWµULFRGHOD«SRFD
9HUGH.LZL
7DEOD&DWHJRU¯DVHPHUJHQWHVGHODVHQWUHYLVWDV\FRQYHUVDFLRQHV
&RQVHFXWLYDPHQWHDHVWHSULPHUDQ£OLVLVVHRUJDQL]µWRGDODLQIRUPDFLµQUHOHYDQWHHQ
UHODFLµQ D ODV FDWHJRU¯DV HQ WUHV SDUULOODV XQD SDUULOOD SDUD FDGD HVFHQDULR
,QVWUXPHQWR TXH SRVWHULRUPHQWH PH VHUYLU¯D SDUD LGHQWLILFDU XQD VHULH GH HMHV
WHP£WLFRVODUHODFLµQIDPLOLD ದHVFXHODPHFDQLVPRVIRUPDOHVHLQIRUPDOHV RUDOHV\
&RQVXOWDU$QH[RSDUDYHUODVSDUULOODVGHFDGDHVFHQDULR
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
HVFULWRVFRODERUDFLµQದSDUWLFLSDFLµQದLPSOLFDFLµQIRUWDOH]DVGHELOLGDGHV\PHMRUDV\
DV¯ UHFXSHUDU ODV YRFHV GH ORV SURWDJRQLVWDV GH FDGD FHQWUR HGXFDWLYR \ SRGHU
UHFRQVWUXLUORVWUHVHVWXGLRVGHFDVRV\HOLQIRUPHILQDOGHODLQYHVWLJDFLµQ
‹7,&$'(/$,19(67,*$&,•1
/D«WLFDHQLQYHVWLJDFLµQMXHJDXQSDSHOPX\LPSRUWDQWH&XDQGRVHUHDOL]DQHVWXGLRV
FXDOLWDWLYRV VXSRQH VLHPSUH SRU SDUWH GHO LQYHVWLJDGRU XQD LQWHUDFFLµQ XQ FRQWDFWR
XQ GL£ORJR XQD SUHVHQFLD \ XQD UHODFLµQ FRQ ODV SHUVRQDV TXH VRQ SDUW¯FLSHV GH VX
HVWXGLR(OHQIRTXHFXDOLWDWLYRGHLQYHVWLJDFLµQFRPRELHQDILUPD6DQG¯Q
ಯFRQVWUX\H XQ FRPSOHMR FRQWH[WR GHUHODFLRQHVFRPSURPLVRVFRQIOLFWRV
FRODERUDFLRQHV HVFXFKD HWF TXH VXSRQHQ XQ QLYHO DGLFLRQDO GH
FRQVLGHUDFLRQHV «WLFDV TXH DSDUHFHQ HQ WURQR D ODV LQWHQFLRQHV GH ORV
DJHQWHV ORV ILQHV TXH SHUVLJXHQ ORV UHVXOWDGRV TXH GH IRUPD
LQWHQFLRQDGDRQRVHSURGXFHQ\ORVGHVHRV\YDORUHVGHODSHUVRQDರ
3HURFµPRWLHQHQTXHVHUDERUGDGDVODVFXHVWLRQHV«WLFDVHQLQYHVWLJDFLµQ VRFLDO"
6RQPXFKRVORVDXWRUHVTXHKDQWUDEDMDGRHVWHWHPDHQHOTXHVHLQFOX\HQWDQWRDODV
SHUVRQDVLQYROXFUDGDVHQHOSURFHVRGHLQYHVWLJDFLµQFRPRSRUODFRPXQLGDGFLHQW¯ILFD
\ OD VRFLHGDG HQ JHQHUDO /DV FXHVWLRQHV «WLFDV HQ HO SURFHVR GH OD LQYHVWLJDFLµQ
SXHGHQTXHGDUUHVXPLGDVHQODWDEODFHQWU£QGRPHSRVWHULRUPHQWHHQODVLGHDVGH
3XQFK\&KULVWLDQV
&RQVXOWDU$QH[Rಯ0LUDGDVದYLYHQFLDV\H[SHULHQFLDVHQODVUHODFLRQHVIDPLOLDದHVFXHODಹರ
(Q6DQG¯Q,QYHVWLJDFLµQFXDOLWDWLYDHQHGXFDFLµQIXQGDPHQWRV\WUDGLFLRQHV S
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
&XHVWLRQHV«WLFDVHQHOSURFHVRGHODLQYHVWLJDFLµQVVRFLDO
/HLQR.LOSL\7XRPDOD
+RXVH 'H\KOHHWDO
3XQFK
&KULVWLDQV
,GHQWLILFDFLµQGHOSUREOHPD
5HVSHWRPXWXR
1DWXUDOH]DGHODV
&RQVHQWLPLHQWRLQIRUPDGR
DHVWXGLDU
1RFRHUFLµQ\QR
UHODFLRQHV
(QJD³RIUDXGH
(OHFFLµQGHP«WRGRV\
PDQLSXODFLµQ
&UXFHGHIURQWHUDV
3ULYDFLGDG\
GLVH³RGHLQYHVWLJDFLµQ
$SR\RKDFLDORVYDORUHV
5ROGHOLQYHVWLJDGRU
FRQILGHQFLDOLGDG
5HFRJLGD\SURFHVDPLHQWR
GHPRFU£WLFRV\ODV
,QWHUFDPELRGH
&UHGLELOLGDG
GHODLQIRUPDFLµQ
LQVWLWXFLRQHV
LQIRUPDFLµQ
&RQILDQ]D\WUDLFLµQ
3XEOLFDFLµQGHUHVXOWDGRV
([SORWDFLµQHIHFWRVGHO
5HVSRQVDELOLGDGFLHQW¯ILFD
LQYHVWLJDGRUVREUHOD
\ILQGHODLQYHVWLJDFLµQ
FRPXQLGDG
&RQILGHQFLDOLGDG
5HFXUVLYLGDGGHOSURFHVR
GHLQYHVWLJDFLµQ
7DEOD&XHVWLRQHV«WLFDVHQHOSURFHVRGHODLQYHVWLJDFLµQ([WUD¯GDGH6DQG¯Q
&RQUHVSHFWRDO FRQVHQWLPLHQWRLQIRUPDGRVHWUDWDGHXQFµGLJR«WLFRTXHLPSOLFDTXH
ODVSHUVRQDVTXHSDUWLFLSDQHQODLQYHVWLJDFLµQWLHQHQHOಯGHUHFKRರGHHVWDULQIRUPDGRV
GHTXHVRQಯVXMHWRVರGHHVWXGLRGHEHQGHDFHSWDUGHIRUPDYROXQWDULDVXSDUWLFLSDFLµQ
VLQFRHUFLµQI¯VLFDQLSVLFROµJLFDWDPEL«QGHEHQHVW£QLQIRUPDGRVVREUHTX«FRQVLVWH
ODLQYHVWLJDFLµQ\FX£OHVSXHGHQVHUODVSRVLEOHVFRQVHFXHQFLDVGHODPLVPD\SRUOR
WDQWRXQFRPSURPLVRKDFLDODDXWRQRP¯DLQGLYLGXDO
/D SULYDFLGDG \ FRQILGHQFLDOLGDG (Q WRGD LQYHVWLJDFLµQ HGXFDWLYD ORV VXMHWRV
SDUWLFLSDQWHVSXHGHQRSWDUSRUVHUDQµQLPRVXWLOL]DUSVHXGµQLPRVHLQFOXVRQHJDUVHD
TXH FLHUWD LQIRUPDFLµQ REWHQLGD VHD XWLOL]DGD \D TXH FRPR FRQVHFXHQFLD D GHVYHODU
VXLGHQWLGDGOHVSXHGHOOHYDUDVHQWLUVHLQFµPRGRVHLQFOXVRKHULGRV\UHFRQRFLGRVSRU
ODV SHUVRQDV GH VX DOUHGHGRU 3RU OR WDQWR HQ WRGR HVWXGLR VH GHEH LQVLVWLU HQ OD
VHJXULGDG \ SURWHFFLµQ GH OD LGHQWLGDG GH ODV SHUVRQDV FRODERUDGRUDV GH OD
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
LQYHVWLJDFLµQ(VSRUHOORTXHHQHVWDLQYHVWLJDFLµQDORVVXMHWRVSDUWLFLSDQWHVQRVH
OHV LGHQWLILFD SRU VX QRPEUH VLQR SRU XQDVFODYHV SRU HMHPSOR' &(,3 $ 6HJ¼Q
6DQG¯Q OD FRQILGHQFLDOLGDG GH OD LQIRUPDFLµQ REWHQLGD HV HO SULQFLSDO
SURFHGLPLHQWR SDUD JDUDQWL]DU OD SULYDFLGDG \ OD LQWLPLGDG GH ODV PLVPDV < HQ
GHILQLWLYD QLQJ¼Q REMHWLYR DFDG«PLFR ದ LQYHVWLJDWLYR VH SXHGH SULRUL]DU VREUH HO
ELHQHVWDU GH ODV SHUVRQDV 'H DK¯ TXH HVWH DSDUWDGR VH UHFRMD HQ HO GRFXPHQWR GH
QHJRFLDFLµQ
(Q UHODFLµQ FRQ OD HVWDQFLD HQ HO FDPSR FRQVLGHUDGD FRPR RWUD GH ODV FXHVWLRQHV
«WLFDV VH SRGU¯D DILUPDU TXH SDUD LQJUHVDU HQ HO FDPSR HO LQYHVWLJDGRU WLHQH TXH
WRPDU XQD VHULH GH GHFLVLRQHV SU£FWLFDV TXH JXLDU£Q VX SURFHVR GH QHJRFLDFLµQ \
HVWDQFLDHQHOFRQWH[WRHVFRJLGR(OSULQFLSDOSUREOHPDFRQHOTXHVHSXHGHHQFRQWUDU
HVW£ HQ FµPR DFFHGHU D ODV IXHQWHV GH LQIRUPDFLµQ \ D ODV SHUVRQDV TXH OH SXHGDQ
JDUDQWL]DU VX HQWUDGD DO FDPSR (VWD FXHVWLµQ «WLFD TXHGD UHFRJLGD HQ HO DSDUWDGR
DQWHULRU
< SRU ¼OWLPR RWUDV GRV FXHVWLRQHV «WLFDV GH JUDQ UHOHYDQFLD VRQ OD FRQILDQ]D \ HO
HQJD³RRIUDXGH(OLQYHVWLJDGRUKDGHVHUFDSD]GHಯJDQDUVHರODFRQILDQ]DGHODRWUD
SHUVRQD \D TXH GH HVWD PDQHUD OD LQYHVWLJDFLµQ VHU£ PXFKR P£V IOXLGD \ IUXFW¯IHUD
SDUDDPEDVSDUWHVSXHVWRTXHVHSRQHHQMXHJRODUHODFLµQFRQHORWURODLQWHUDFFLµQ
\XQIHHGEDFNSRVLWLYR3RUHOFRQWUDULRQRHVFRQYHQLHQWH\EDMRPLSXQWRGHYLVWD
FRPR «WLFD HQ LQYHVWLJDFLµQ OOHYDU D FDER HO HQJD³R FRPR HVWUDWHJLD D VHJXLU SDUD
VRQVDFDU OD LQIRUPDFLµQ TXH HO SURSLR LQYHVWLJDGRU GHVHD HVFXFKDU X REWHQHU 6R\
0HHVWR\UHILULHQGRDTXHHV'RFHQWHGHXQDGHODVWUHVHVFXHODVOD$
&DS¯WXOR)XQGDPHQWDFLµQ0HWRGROµJLFD\'LVH³RGHODLQYHVWLJDFLµQ
SDUWLGDULD TXH GHVGH HO SULQFLSLR VH WLHQHQ TXH SDFWDU ODV DFFLRQHV \ SDVRV D VHJXLU
HQWUH LQYHVWLJDGRU H LQYHVWLJDGR SDUD TXH SRVWHULRUPHQWH QR H[LVWD XQ IUDXGH \ XQD
WUDLFLµQKDFLDWRGDVODVSHUVRQDVSDUWLFLSDQWHVHQODLQYHVWLJDFLµQ
$02'2'(&21&/86,•1
3DUD OOHYDU D FDER HVWD LQYHVWLJDFLµQ KH RSWDGR SRU XQ SRVLFLRQDPLHQWR
FRQVWUXFFLRQLVWD \ XQ GHVSOLHJXH PHWRGROµJLFR FRQFUHWDGR HQ OD UHDOL]DFLµQ GH WUHV
HVWXGLRVGHFDVRWUHVHVFXHODVS¼EOLFDVGH(GXFDFLµQ,QIDQWLO\3ULPDULD3DUDREWHQHU
OD LQIRUPDFLµQ \ SRGHUOD DQDOL]DUOD SRVWHULRUPHQWH KH UHDOL]DGR HQWUHYLVWDV \
FRQYHUVDFLRQHV REVHUYDFLRQHV QR SDUWLFLSDQWHV DQ£OLVLV GH GRFXPHQWRV RILFLDOHV \
SHUVRQDOHV \ PL GLDULR GH FDPSR $ OR ODUJR GHO FDS¯WXOR KH VH³DODGR HQ FDGD
PRPHQWR PL WU£QVLWR SRU ODV WUHV IDVHV GH OD LQYHVWLJDFLµQ OD GH H[SORUDFLµQ \
SURFHVRGHUHYLVLµQGHODELEOLRJUDI¯DODHQWUDGDODSHUPDQHQFLDHQHOFDPSRVXV
HVFHQDULRV\ORVSURWDJRQLVWDVGHORVPLVPRV\ODGHDQ£OLVLV\UHFRQVWUXFFLµQGH
ORVWUHVFDVRVDSDUWLUGHFDWHJRU¯DV\HMHVWHP£WLFRVIDPLOLDHVFXHODPHFDQLVPRV\
HVSDFLRV IRUWDOH]DV \ GHELOLGDGHVಹ VLQ ROYLGDU PL PLUDGD FRPR LQYHVWLJDGRUD \ OD
«WLFDHQODLQYHVWLJDFLµQ
&$378/2
(175(%$67,'25(6/$92=(12))'(/$,19(67,*$'25$
ಯ(O GHVDSUHQGL]DMH R GHVFRQVWUXFFLµQ HV XQ SURFHVR GH LQYHUVLµQ GH ORV
KRUL]RQWHV GH VLJQLILFDGR TXH FDGD VXMHWR KD VHGLPHQWDGR HQ RFDVLRQHV GH
IRUPD DFU¯WLFD GXUDQWH VX WUD\HFWRULD IRUPDWLYD \ SURIHVLRQDO ,PSOLFD H[DPLQDU
FU¯WLFDPHQWH HO PDUFR FRQFHSWXDO TXH HVWUXFWXUD QXHVWUD SHUFHSFLµQ GH OD
UHDOLGDG \ QXHVWUR PRGR GH LQWHUSUHWDU HO PXQGR 'HVDSUHQGHU HV HMHUFLWDU OD
VRVSHFKD VREUH DTXHOOR TXH VH QRV PXHVWUD FRPR DSDUHQWHPHQWH OµJLFR YHUGDGHUR\FRKHUHQWH3DUDHOORHVQHFHVDULRTXHQRVLQWHUURJXHPRVDFHUFD
GHODVIXHU]DVTXHGHWHUPLQDQORVO¯PLWHVGHORTXHQRVRWURVSRGHPRVSHQVDU
VDEHU \ FRQRFHU 6H WUDWD GH VXVSHQGHU OD HYLGHQFLD GH QXHVWURV PRGRV
KDELWXDOHV GH SHQVDU \ GHVFULELU QXHVWUDV SU£FWLFDV SURIHVLRQDOHVರ -RV« /XLV
0HGLQD
6L HQ HO FDS¯WXOR DQWHULRU PH FHQWU« P£V HQ OD PHWRGRORJ¯D \ HO GLVH³R GH OD
LQYHVWLJDFLµQ HQ «VWH LQWHQWR UHFRJHU DTXHOODV PLUDGDV SRVLFLRQDPLHQWRV \
GHFLVLRQHV TXH WXYH TXH LU WRPDQGR D OR ODUJR GHO GLVH³R \ GHVDUUROOR GH OD
LQYHVWLJDFLµQFRPSDUWLHQGRFRQHOOHFWRUHOGL£ORJRTXHKHLGRHODERUDQGR8QSURFHVR
HQHOTXHPHKHLGRUHSRVLFLRQDQGR\UHFRQVWUX\HQGRQRVµORFRPRLQYHVWLJDGRUDVLQR
FRPRSHUVRQD
0,0,5$'$&202,19(67,*$'25$
&RPR \D DUJXPHQW« HQ HO FDS¯WXOR DQWHULRU PL PLUDGD FRPR LQYHVWLJDGRUD YHQGU£
PDUFDGDSRUYLYHQFLDVH[SHULHQFLDVTXHVLQTXHUHUUHSHUFXWLU£QHQHOGHVDUUROORGHOD
LQYHVWLJDFLµQ 0L UHODFLµQ FRQ XQ OXJDU \ XQ WLHPSR FRQFUHWR VHU£ HO UHVXOWDGR GH
&DS¯WXOR(QWUHEDVWLGRUHVODYR]HQRIIGHODLQYHVWLJDGRUD
SHUFHSFLRQHVHLQWHUSUHWDFLRQHVGHXQFDVRSDUWLFXODUHVSHFLDO\¼QLFR5HFXSHUDQGR
OD SUHPLVD GH 'HQ]LQ XQD GHFLVLµQ PHWRGROµJLFD LPSOLFD XQD PDQHUD GH
SRVLFLRQDUVH \ FRPSUHQGHU HO FRQRFLPLHQWR $O KDFHUOR LQWHQWR DSUR[LPDUPH \ GDU D
FRQRFHU DTXHOORVSRVWXODGRVTXHPH KDQ OOHYDGR D ORV HVWXGLRV GH FDVRV GHVGH XQD
SRVLFLµQUHIOH[LYD6K¸Q
9DQ0DQHQDILUPDTXH SHQVDU\VHQWLU FRJQLFLµQ\HPRFLµQ DFFLµQ\UHIOH[LµQ
VH LQWHJUDQ HQ XQ ¼QLFR SURFHVR FRQ OD ILQDOLGDG GH FRPSUHQGHU \ WUDQVIRUPDU ODV
SU£FWLFDVHGXFDWLYDV(QPLFDVRFRQRFHUHLQWHUSUHWDUWUHVUHDOLGDGHVHGXFDWLYDV
7RPDQGRODVDSRUWDFLRQHVGH&RFKUDQದ6PLWK\/\WOH
ಯ/D LQGDJDFLµQ FRPR DFWLWXG SHUPLWH XQD FRPSUHQVLµQ P£V HVWUHFKD GH
ODVUHODFLRQHVHQWUHHOFRQRFLPLHQWR\ODSU£FWLFDDV¯FRPRVREUHHOPRGR
HQTXHODLQGDJDFLµQSURGXFHLQIRUPDFLµQVHUHODFLRQDFRQODSU£FWLFDಹರ
0H OOHYDQ D DGRSWDU HVD LQGDJDFLµQ FRPR XQD DFWLWXG FRPR XQD SRVLFLµQ TXH WRPR
FRPRSHUVRQDSHURVREUHWRGRFRPRLQYHVWLJDGRUD
(/(&&,21(6<720$'('(&,6,21(6/$%25(6',)&,/(6GHVWUXFFLµQGH
FDS¯WXORV¯QWHJURVಹYXHOWDDODHVFULWXUD
ಯಹHOFRQRFLPLHQWRQRVHWUDQVPLWHVLQRTXHVHFRQVWUX\HHQODUHODFLµQTXH
OD SURSLD UHODFLµQ \D HV FRQVWUXFFLµQ GH FRQRFLPLHQWR \ TXH QR VH SXHGH
VHSDUDU HO FRQRFLPLHQWR GH OD UHODFLµQ SRUTXH HQWRQFHV OD YLGD FDUHFH GH
VHQWLGR\FDUHFHGHVHQWLGRHODSUHQGHUDYLYLUTXHHVXQDSDUWHIXQGDPHQWDO
&DS¯WXOR(QWUHEDVWLGRUHVODYR]HQRIIGHODLQYHVWLJDGRUD
GH OR TXH WLHQHQ TXH DSUHQGHU ODV QL³DV \ ORV QL³RVರ 0DULVD GHO &DUPHQ
0DUW¯Q
/DV GHFLVLRQHV TXH IXL WRPDQGR D OR ODUJR GH PL DQGDGXUD FRPR LQYHVWLJDGRUD PH
SODQWHDURQ JUDQGHV LQWHUURJDQWHV PDOHVWDUHV \ GXGDV SRU GµQGH HPSH]DU" SRU
GµQGHFRQWLQXDU"TX«PRVWUDU\TX«GHMDU",QWHUURJDQWHVUHODFLRQDGRVFRQOD«WLFDHQ
ODLQYHVWLJDFLµQTXHVHSRQHQHQMXHJRFXDQGRVHUHFRQVWUX\HQORVFDVRV&RPRVHKD
SRGLGR REVHUYDU HQ HO FDS¯WXOR DQWHULRU HVFRJHU ORV FRODERUDGRUHV \ ORV FHQWURV
HGXFDWLYRVQRIXHXQDWDUHDQDGDI£FLOKHFKRTXHYXHOYRDUHFXSHUDUDWUDY«VGHODV
VLJXLHQWHVSUHJXQWDV4X«HVFXHODRHVFXHODV"TXL«QHVVHU¯DQPLVFRODERUDGRUHV"
FµPRHVWXGLDU¯DODVUHODFLRQHVHQWUHODVIDPLOLDV\ODHVFXHOD"<FµPRHVWDEOHFHU¯D
FRQ HOORV XQD UHODFLµQ GHVGH PL SRVLFLµQ FRPR LQYHVWLJDGRUD" )XH HQWRQFHV FXDQGR
PH GL FXHQWD TXH DQGDED DOJR SHUGLGD \ TXH UHTXHU¯D GH WRGD D\XGD TXH IXHUD
SUHFLVD(VSRUHOORTXHWXYHTXHSRQHUPHHQFRQWDFWRFRQYDULDVSHUVRQDVFRPRVH
UHFRJHHQORVFDS¯WXORVUHIHUHQWHVDORVWUHVHVFHQDULRVSUHVHQWDGRV7RPDUXQDXRWUD
GHFLVLµQLEDDKDFHUTXHPLWUDEDMRIXHUDSRUXQFDPLQRRSRURWUR
(VDVGHFLVLRQHVTXHYDPRVWRPDQGRHOTX«\HOFµPRGHDOJXQDPDQHUDFRQIRUPDQ
XQ FULWHULR HVHQFLDO GH OD SRVLFLµQ ಯUHIOH[LYDರ TXHYR\DVXPLHQGR R TXHEXVFR DVXPLU
HQHVWDLQYHVWLJDFLµQ/DSURSXHVWDLQLFLDOIXHUHDOL]DUXQ¼QLFRHVWXGLRGHFDVRSHUR
SRVWHULRUPHQWH VH PH EULQGDED OD RSRUWXQLGDG GH SRGHU WUDQVLWDU SRU WUHV HVFHQDULRV
GLIHUHQWHVWUHVPLUDGDV\WUHVPDQHUDVGHHVWDEOHFHUUHODFLRQHVHVFXHODV\IDPLOLDV<
SRU OR WDQWR WUHV SURFHGHUHV GH FRQVWUXLU FRQRFLPLHQWR D SDUWLU GH OD LGHQWLILFDFLµQ
GHVFULSFLµQ DQ£OLVLV \ FRPSUHQVLµQ GH WUHV HVFXHODV WRWDOPHQWH GLIHUHQWHV 'H HVWH
&LWDH[WUD¯GDGHXQDSUHVHQWDFLµQRUDOGH(OGD$UDQGD
&DS¯WXOR(QWUHEDVWLGRUHVODYR]HQRIIGHODLQYHVWLJDGRUD
PRGRHVWDEDGDQGRSDVRDHVWDEOHFHUUHODFLRQHVDODUJRSOD]RHQWUHLQYHVWLJDGRUD\
FRODERUDGRUHV GRQGH ODV GHVFULSFLRQHV VHU¯DQ HVSHF¯ILFDV GDQGR OXJDU D FDVRV
VLQJXODUHV/DUUD¯Q&UHXV
&2/$%25$'25(6 ದ 3527$*21,67$6 (/ 75ƒ16,72 325 /26
(6&(1$5,26
8QD YH] HQ HO FDPSR HQ PL FDVR HQ ODV HVFXHODV PH HQIUHQW« D OD GLI¯FLO WDUHD GH
FµPROOHJDUKDVWDORVFRODERUDGRUHV\SDUWLFLSDQWHVGHODLQYHVWLJDFLµQ3DUDOHODPHQWH
PH VXUJLµ OD GXGD GH FµPR HVWDEOHFHU UHODFLRQHV FRQ ODV SHUVRQDV TXH IRUPDU¯DQ
SDUWH GH ORV HVWXGLRV GH FDVR )OLFN VH³DOD OD LPSRUWDQFLD GH HVWDEOHFHU XQD
SRVWXUDದSHUVSHFWLYDFRPRLQYHVWLJDGRUD\DTXHGHSHQGLHQGRGHFµPRVHQHJRFLHOD
HQWUDGDDOFDPSRVXHVWDQFLDHQ«O\ODPDQHUDGHPRYHUQRVHQ«OTXHQRVOOHYDU£D
FRQMXJDU FRQ HO UHVWR GH SHUVRQDV TXH OR FRQIRUPDQ GHVGH XQD PLUDGD H[WHUQD \
H[WUD³D R GHVGH XQD PLUDGD IDPLOLDU \ FHUFDQD 6LQ HPEDUJR &ODQGLQLQ &RQHOO\
HQIDWL]DQ HQ OD LGHD GH TXH ODV FLUFXQVWDQFLDV \ IDFWRUHV H[WHUQRV D QXHVWUR
FRQWURO VRQ HOHPHQWRV FODYHV TXH SXHGHQ OOHJDU D FRQGLFLRQDU OD LQYHVWLJDFLµQ (Q OD
HWDSDGHQHJRFLDFLµQ\HQWUDGDDOFDPSRQRUPDOPHQWHVXHOHVHUXQDHWDSDTXHYLHQH
PDUFDGD SRU GHFLVLRQHV \ FDPELRV \D TXH HV HQWRQFHV FXDQGR VH HPSLH]DQ D
FRQFUHWDU FLHUWRV DFXHUGRV W£FLWRV \ D OD YH] H[SO¯FLWRV TXH PH OOHYDU£Q FRPR
LQYHVWLJDGRUD D HVWDEOHFHU FLHUWDV UHODFLRQHV FRQ PLV FRODERUDGRUHV +HFKR TXH
LPSOLFD D PRYHUVH HQWUH HO QH[R GH XQLµQ \ ORV O¯PLWHV \ ODV GLVWDQFLDV TXH KD\ TXH
PDUFDUHQWUHLQYHVWLJDGRUD\FRODERUDGRUHV
&DS¯WXOR(QWUHEDVWLGRUHVODYR]HQRIIGHODLQYHVWLJDGRUD
$ PHGLGD TXH LED DYDQ]DQGR PH IXL GDQGR FXHQWD TXH SDUD FRQRFHU GHVFULELU H
LQWHUSUHWDUHOWLSRGHUHODFLRQHVTXHHVWDEOHFHQIDPLOLDV\HVFXHODVHUDQHFHVDULRFUHDU
Y¯QFXORV D ODUJR SOD]R FRQ ORV SURWDJRQLVWDV GH HVWD LQYHVWLJDFLµQ EDVDGRV HQ OD
HVFXFKD \ OD FRQILDQ]D 'HVGH HVWD SRVWXUD VHPHSODQWHDU¯DXQ QXHYR LQWHUURJDQWH
FRQGLFLRQDQWHHQPLLQYHVWLJDFLµQHOWLHPSR/DQHFHVLGDGGHUHVSHWDU\DGDSWDUVHD
ODVFLUFXQVWDQFLDVGHFDGDSDUWLFLSDQWHGHFDGDPRPHQWR\GHFDGDFRQWH[WR(QHVH
SUHFLVRLQVWDQWHPHGLFXHQWDGHTXHHVWDEDDQWHXQSURFHVROHQWRSHURHQULTXHFHGRU
8Q SURFHVR GRQGH HO WLHPSR LED WUDQVFXUULHQGR HQWUH FRQYHUVDFLRQHV HQWUHYLVWDV
DQRWDFLRQHV \ REVHUYDFLRQHV (VRV HQFXHQWURV FRQ ORV FRODERUDGRUHV HUDQ LQWHQVRV
GHPXFKDLQIRUPDFLµQUHFRJLGDGHH[SHULHQFLDV\YLYHQFLDVHQFRQWH[WRVHVSHF¯ILFRV
XQ FDPLQDU TXHQXQFD SDUHF¯D WHQHUILQ 8QUHJLVWUDU WUDQVFULELU \ GHYROYHU WRGDV ODV
H[SHULHQFLDV TXH QRV OOHYDED D DPEDV SDUWHV LQYHVWLJDGRUD ದ FRODERUDGRUD D
QXHYDV FRPSOHPHQWDFLRQHV \ SRU OR WDQWR D QXHYDV FLWDV UHXQLRQHV \
FRQYHUVDFLRQHV
(VH LU \ YHQLU SRU ORV GLIHUHQWHV HVFHQDULRV KDF¯DQ TXH PLV FXDGHUQRV HVWXYLHVHQ
OOHQRVGHULFDVHYLGHQFLDVTXHFRPRLQYHVWLJDGRUDSDUHF¯DQHFHVLWDUWHQHU
(QSDODEUDV P£V W«FQLFDV D OR ODUJR GH PL HVFULWR QR XWLOL]R HO W«UPLQRಯPXHVWUDರ \D
TXHGHVGHPLSXQWRGHYLVWDORFRQFLERFRPRXQFRQFHSWRGXURIU¯RLQVXVWDQFLDOVLQR
P£VELHQXVRODVSDODEUDVSHUVRQDVVXMHWRVFRODERUDGRUHVRLQFOXVRSURWDJRQLVWDVR
DFWRUHVSRUTXHVLQRKXELHVHVLGRDV¯HVWDLQYHVWLJDFLµQQRWHQGU¯DVHQWLGR
&DS¯WXOR(QWUHEDVWLGRUHVODYR]HQRIIGHODLQYHVWLJDGRUD
'(6758,53$5$5(&216758,5'(98(/7$$/$(6&5,785$
ಯ0HGLDQWH OD QDUUDWLYD FRQVWUXLPRV UHFRQVWUXLPRV HQ FLHUWR VHQWLGR KDVWD
UHLQYHQWDUQRV QXHVWURD\HU \ QXHVWURPD³DQD/D PHPRULD\ ODLPDJLQDFLµQ
VHIXQGHQHQHVWHSURFHVRರ%UXQHU
&XDQGR HVFULELPRV UHODWDPRV OR VXFHGLGR DSRUWDQGR QXHVWUD PLUDGD QXHVWUDV
LQWHUSUHWDFLRQHV YLYHQFLDV \ SHQVDUHV FRQWULEX\HQGR D TXH ORV HVFULWRV VH YD\DQ
UHFUHDQGR\PRGLILFDQGRFRQHOSDVRGHOWLHPSRDGDSW£QGRVHDQXHYDVVLWXDFLRQHV\
OOHJDQGR LQFOXVR D FDPELDU GH VHQWLGR 3RU HVR WDO \ FRPR PDQLILHVWDQ &RQQHOO\ \
&ODQGLQLQ HO UHODWR QR VµOR FRQVWLWX\H XQ OLVWDGR GH ORV KHFKRV TXH FRPR
LQYHVWLJDGRUD KH LGR UHFRJLHQGR H LQWHUSUHWDQGR VLQR TXH HQWUD HQ XQ HQWUDPDGR GH
UHODFLRQHV RWRUJ£QGROH XQ VHQWLGR \ XQ VLJQLILFDGR (V GHFLU VH WUDWD GH XQD WUDPD
GRQGH VH YDQ FRQHFWDQGR ODV GLIHUHQWHV H[SHULHQFLDV GH PDQHUD UHOHYDQWH \
FRQFHGL«QGROHVHQWLGR/DFRPSOHMLGDGGHODQDUUDWLYDLQFOX\HTXHXQDPLVPDSHUVRQD
DOPLVPRWLHPSRYLYHH[SOLFDUHH[SOLFD\UHYLYHHVDVKLVWRULDV&RQQHOO\\&ODQGLQLQ
&RPRWRGRDTXHOTXHVHLQLFLDHQODHVFULWXUDODVSULPHUDVWHQVLRQHV\GLILFXOWDGHVQR
WDUGDURQHQPDQLIHVWDUVHTX«HVFULELU"FµPR"EDMRTX«PLUDGD\SRVLFLµQ"(VWDV
FXHVWLRQHVPHHVWXYLHURQSHUVLJXLHQGRDORODUJRGHOWLHPSRPRVWU£QGRPHLQVHJXUD\
DQVLRVDHQPXFKDVRFDVLRQHV&XDQGRSDUHF¯DVDEHUHOTX«QDUUDU\DSXQWRGHWHQHU
FDS¯WXORV DFDEDGRV HOPLHGR OD UHOHFWXUD \ OD LQVDWLVIDFFLµQ PHOOHYDURQ DERUUDUORV
¯QWHJUDPHQWH\DFRPHQ]DUGHQXHYR&UHRTXHFRPRWRGDSHUVRQDTXHVHDYHQWXUDD
&DS¯WXOR(QWUHEDVWLGRUHVODYR]HQRIIGHODLQYHVWLJDGRUD
HVFULELU HQ VROLWDULR \ D WUDQVLWDU HQ ಯVROHGDGರ QXQFD GD SRU WHUPLQDGR HO WUDEDMR
UHDOL]DGR (VH LU \ YHQLU FRQ FLHUWR VHQWLPLHQWR GH S«UGLGD \ GHVWHUUDGD HQ VHQWLGR
PHWDIµULFRPHOOHYµDUHVLWXDUPHDEXVFDUPH\DUHFRQILJXUDUPLSRVLFLµQPLPLUDGD
\ GH DOJXQD PDQHUD PL LGHQWLGDG < D HQWHQGHU TXH OD HVFULWXUD HV XQ SURFHVR XQ
SURFHVR LQWHQVR GH FRQFHQWUDFLµQ GH DSUHQGL]DMH \ GH SURGXFFLµQ GH VLJQLILFDGRV
6PLWK GRQGH ODV LGHDV YDQ IOX\HQGR \ HO HVFULWRU VH YD HQWHUDQGR GH OR TXH
HVW£GLFLHQGRFXDQGRODVYHHVFULWDVHQHOSDSHO0RUDOHV3RUORWDQWRHVFULELU
SXHGHFRQYHUWLUVHWDO\FRPRDILUPDED9DQ0DQHQHQXQSURFHVRFRPSOHMRDO
LJXDOTXHORSXHGHVHUHOUHSHQVDUUHIOH[LRQDU\UHFRQRFHU
48‹6(48('$(1(/7,17(52
(QHOLQIRUPHGHLQYHVWLJDFLµQQRVHVXHOHUHFRJHUWRGDVODVYLYHQFLDV\H[SHULHQFLDV
TXHKDQLGRVXFHGLHQGRDORODUJRGHXQSHU¯RGRGHWLHPSR0XFKDVGHHOODVTXHGDQ
IXHUDGH«VWHSRUTXHHVLPSRVLEOHSRGHUUHSUHVHQWDUODVWRGDV\WDPEL«QHVGHELGRD
ODVGHFLVLRQHVTXHVHKDQLGRDGTXLULHQGRDORODUJRGHODQ£OLVLV\ODHVFULWXUDGHODV
PLVPDV7RGRHOORVXSRQHQRVµORGHFLGLUTX«VHKDFHYLVLEOH\TX«QRSDUDGRWDUGH
VLJQLILFDGRODFRQVWUXFFLµQGHOPLVPRVLQRWDPEL«QODLQYHUVLµQGHWLHPSRTXHVXSRQH
GRWDU GH SDODEUDV \ VHQWLGR FDGD DFFLµQ FDGD SURFHGLPLHQWR TXH LQWHQWD GLEXMDU XQ
FRQWLQXRHQQXHVWUDSU£FWLFDLQYHVWLJDGRUD&UHXV
&DS¯WXOR(QWUHEDVWLGRUHVODYR]HQRIIGHODLQYHVWLJDGRUD
(Q PL FDVR FRPR GHFLVLµQ LPSRUWDQWH WRPDGD IXH H[FOXLU ODV HQWUHYLVWDV \ ODV
FRQYHUVDFLRQHVOOHYDGDVDFDERSRUXQSDUGHIDPLOLDV(QXQSULQFLSLRSDUHF¯DWRPDU
IRUPD\VHUUHOHYDQWHSDUDHOHVWXGLRSHURDPHGLGDTXHVHLEDDYDQ]DQGRPHGDED
FXHQWD TXH HVRV HQFXHQWURV VH WUDQVIRUPDEDQ HQ HVSDFLRV GH HVFXFKD \ GHVDKRJR
&RPR LQYHVWLJDGRUD WHQ¯D OD VHQVDFLµQ GH TXH SDUD DTXHOODV IDPLOLDV PL SDSHO VH
KDE¯DWUDQVIRUPDGRHQVHU\HMHUFHUGHSVLFµORJD5ROTXHHQODHVWDQFLDHQHOFDPSR
QR FRUUHVSRQG¯D SHUR HQ HO TXH PH YL LQPHUVD VLQ TXHUHU (QWUHYLVWDV \
FRQYHUVDFLRQHV TXH IXHURQ GHYXHOWDVLJXDO TXHHO UHVWR SHURTXHGLHURQOXJDU D RWUD
PLUDGD\SRVLFLRQDPLHQWRSRUDPEDVSDUWHV
2WUDVDFWLYLGDGHVTXHTXHGDQH[FOXLGDVHQHOGHVDUUROORGHHVWDLQYHVWLJDFLµQVRQORV
HQFXHQWURVIRUPDWLYRVDORVTXHKHHVWDGRLQYLWDGDRDPLVSHTXH³DVFRODERUDFLRQHV
HQ ORV FHQWURV HGXFDWLYRV $OJXQRV GH GLFKRV HQFXHQWURV SDVDQ SRU VHU -RUQDGDV
OOHYDGDVDFDERHQOD8QLYHUVLGDG$XWµQRPDGH%DUFHORQDRHQODVSURSLDVHVFXHODV
UHODFLRQDGDV FRQ PL WHPD GH HVWXGLR R FRQ OD ILORVRI¯D \ SUR\HFWR GHO FHQWUR <
FRODERUDFLRQHVFRPRUHDOL]DUODVDFWDVGHHQFXHQWURV\SXHUWDVDELHUWDVHQWUHIDPLOLDV
\ HVFXHODV DSRUWDQGR PLV YLVLRQHV \ SODQWHDQGR DOJXQRV LQWHUURJDQWHV SDUD VHU
GLVFXWLGRVFRQHOHTXLSRGRFHQWH
(QXQRGHORVHQFXHQWURVPDQWHQLGRVXQDPDGUHPHOOHJµDH[SOLFDUORVSUREOHPDVTXHWHQ¯DFRQVX
QXHYDVLWXDFLµQVHSDUDGDFDPELRGHGRPLFLOLR\FRQXQDKLMDDFDUJR<HQRWURXQSDGUHGHIDPLOLD
GRQGHSDUHF¯DTXHVXHQWRUQRIDPLOLDU\VRFLDOHUDHQYLGLDEOHSUHVHQWDEDFLHUWRVVLJQRVGHDJUHVLYLGDG
\SRVHVLµQKDFLDVXVKLMRVPDQLIHVW£QGRORDV¯HQODHVFXHOD$PERVFDVRVIXHURQGHVFDUWDGRVQRVµOR
SRUGHFLVLµQSURSLDVLQRSRUODVIDPLOLDV\SRUHOFHQWURHGXFDWLYR
-RUQDGDVLQWHUQDVVREUHODVUHODFLRQHVODSU£FWLFDGRFHQWHHOLQWHUFDPELRGHH[SHULHQFLDV
&DS¯WXOR(QWUHEDVWLGRUHVODYR]HQRIIGHODLQYHVWLJDGRUD
7DPEL«QFDEHPHQFLRQDUODVGLILFXOWDGHVTXHFRPRSHUVRQDHLQYHVWLJDGRUDಯQRYHOರIXL
DIURQWDQGR $OJXQDV GH HOODV DSDUHFHQ HQ ODV GHVFULSFLRQHV GH ORV FDVRV TXH VH
SUHVHQWDQ HQ ORV VLJXLHQWHV FDS¯WXORV \ RWUDV FRPR SRU HMHPSOR OD S«UGLGD WRWDO GH
FDS¯WXORV \ DQ£OLVLV GH OD WHVLV SRU XQ SUREOHPD FRQ HO RUGHQDGRU TXH PH OOHYµ D OD
GHVHVSHUDFLµQ \ UHQGLPLHQWR TXHGDQ HQ PL UHFXHUGR \ HQ OD SURSLD YLYHQFLD FRPR
SDUWHGHPLSURFHVRGHDSUHQGL]DMH
&ODQGLQLQ\&RQQHOO\\DQRVDOHUWDEDQGHODVSRVLEOHVLQFHUWLGXPEUHVTXHFRPR
LQYHVWLJDGRUHVQRVYDPRVHQFRQWUDQGRDORODUJRGHQXHVWURWUDEDMRHQHOFDPSR\VX
SRVWHULRUDQ£OLVLV(OKHFKRGHWUDEDMDUHQXQFRQWH[WRGHWHUPLQDGR\FRQFUHWDPHQWH
FRQ SHUVRQDV KDFHQ TXH HO SURFHVR \ ORV UHVXOWDGRV GHO HVWXGLR SXHGDQ HVWDU
FRQHFWDGRV D YDULDEOHV HVWUXFWXUDOHV \ VXEMHWLYDV GRQGH ORV LQYHVWLJDGRUHV QR
SRGHPRVSRVLFLRQDUQRVEDMRXQ¼QLFRSDWUµQVLQRTXHHVHSDWUµQVHFRQYLHUWHHQXQ
FRQWLQXRGHFDPELRV\WRPDGHGHFLVLRQHV
$V¯ SXHV QR HV GH H[WUD³DU TXH FRPR LQYHVWLJDGRUHV TXHUDPRV GHWHFWDU DTXHOODV
VLWXDFLRQHV SDWURQHV \ DFFLRQHV FRQ ODV TXH QRV YDPRV WRSDQGR D OR ODUJR GH OD
LQYHVWLJDFLµQ\TXHGHDOJXQDPDQHUDERVTXHMDQXQFRQWLQXRGHORTXHVHU¯DQXHVWUD
SU£FWLFD FRPR LQYHVWLJDGRUHV OOHY£QGRQRV D WRPDU XQD VHULH GH GHFLVLRQHV TXH
WUDQVLWDQ SRU QXHVWUR FDPLQR DYDQ]DQGR R UHWURFHGLHQGR FRQVWUX\HQGR \
UHFRQVWUX\HQGRQXHVWURSURSLRSURFHVR
&DS¯WXOR(QWUHEDVWLGRUHVODYR]HQRIIGHODLQYHVWLJDGRUD
(67$%/(&,(1'25(/$&,21(60ƒ6$//ƒ'(/$,19(67,*$&,•1
ಯ(OHWQµJUDIRSDUWLFLSDDOGHVFXELHUWRRHQFXELHUWDPHQWHHQODYLGDGLDULDGH
ODV SHUVRQDV GXUDQWH XQ DPSOLR SHULRGR GH WLHPSR PLUDQGR OR TXH VXFHGH
HVFXFKDQGRORTXHVHGLFHKDFLHQGRSUHJXQWDVಹರ+DPPHUVOH\\$WNLQVRQ
+HTXHULGRKDFHUXQDOWRHQPLFDPLQR\SDUDUPHDHVFULELUVREUHODVUHODFLRQHVTXH
HVWDEOHF¯ HVWDQGR HQ HO FDPSR $¼Q UHFXHUGR FRPR VL IXHVH D\HU FXDQGR YLVLW« SRU
SULPHUD YH] FDGD XQD GH ODV HVFXHODV PLV LPSUHVLRQHV PLV LQTXLHWXGHV PLV
FXULRVLGDGHV \ PLV GHVHRV SRU VDEHU \ FRQRFHU (Q WRGDV PH VHQW¯ ELHQ DWHQGLGD \
DFRJLGD RIUHFL«QGRPH WRGR OR QHFHVDULR SDUD OOHYDU D FDER PL LQYHVWLJDFLµQ
HVWDEOHFLHQGR XQ FOLPD F£OLGR GH HVFXFKD UHVSHWR \ FRQILDQ]D $ SHVDU GH TXH LED
FRQ XQD DFWLWXG GH PDQWHQHUPH DO PDUJHQ GH QRLQIOXLU HQ ORVTXHKDFHUHV GHO G¯D D
G¯DHUDQODVSURSLDVHVFXHODVODVTXHPHKLFLHURQVHQWLUPHFRPRXQPLHPEURP£VGH
VX FRPXQLGDG 3RU HMHPSOR VL OOHJDED D SULPHUD KRUD GHO G¯D R SRU ODV WDUGHV PH
RIUHF¯DQFDI«RWRPDUDOJRVLHUDDOPHGLRG¯DPHLQYLWDEDQDFRPHU6LHVWDEDHQXQD
VDOD VROD HVSHUDQGR D XQD IDPLOLD GRFHQWH R SHUVRQDO QR GRFHQWH VLHPSUH KDE¯D
DOJXLHQGLVSXHVWRDGDUPHFRPSD³¯DDH[SOLFDUPHODVO¯QHDVSHGDJµJLFDV\SUR\HFWR
HGXFDWLYRGHVXHVFXHODODKLVWRULDGHFUHDFLµQGHODPLVPDRLQFOXVRDVSHFWRVP£V
SHUVRQDOHV(UDHYLGHQWHTXHGHDOJXQDPDQHUDXRWUDIRUPDEDSDUWHGHODYLGDGLDULD
GHOFHQWURGHVXHQWUDPDGRGHUHODFLRQHVGHHQFXHQWURVFRQORVRWURVGRQGHHVWDED
+DPPHUVOH\0\$WNLQVRQ3 (WKQRJUDSKLF3ULQFLSOHVLQ3UDFWLFH/RQGUHV7DYLVWRFN (Q)OLFN
8,,QWURGXFFLµQDODLQYHVWLJDFLµQFXDOLWDWLYD0DGULG0RUDWDS
&DS¯WXOR(QWUHEDVWLGRUHVODYR]HQRIIGHODLQYHVWLJDGRUD
GLVSXHVWDDGHMDUPHOOHYDUH[SORUDUFDGDUHQGLMDHLQGDJDUFDGDDVSHFWR(VWHSURFHVR
GHUHGHV'DEDVORYLVOXPEUDGHODVLJXLHQWHPDQHUD
ಯ0XFKDV GH QXHVWUDV DFFLRQHV VRQ LPSUHGLFWLEOHV D]DURVDV
FR\XQWXUDOHV 'HSHQGHQ GHO HQFXHQWUR FRQ ORV RWURV GH OD SRVLELOLGDG
GHUHFRUUHUHOWHUULWRULRGHDXWRUL]DUVHDWUDQVJUHGLU3HURQRVDFRPSD³D
VLHPSUHDXQDFHUWH]DODFRQILDQ]DHQODFDSDFLGDGGHODVSHUVRQDVHO
UHJLVWURFODURGHTXHQDGLHSXHGHVROR\XQDQLPDUVHDDEULUYHQWDQDV
WUDQVLWDUVHQGHURVH[SORUDUKHQGLMDVರ'DEDV
3HUR TX« SDVD FXDQGR HVDV UHODFLRQHVWUDQVJUHGHQ FLHUWRVHVSDFLRV"GµQGH HVW£
HO O¯PLWH" TX« HV OR TXH HVSHUDQ GH P¯ QR VµOR FRPR LQYHVWLJDGRUD VLQR FRPR
SHUVRQD"(VWRVLQWHUURJDQWHVIXHURQVXUJLHQGRDORODUJRTXHPHLEDDGHQWUDQGRHQHO
SURSLR FDPSR GH HVWXGLR +XER FRPR GRV SRVLFLRQHV XQD YHQ¯D GDGD SRU OD SURSLD
VLWXDFLµQ HUD OD SHUVRQD TXH DVLVW¯D D KDFHU XQD WHVLV VREUH ODV UHODFLRQHV HQWUH
HVFXHOD\IDPLOLDVGRQGHHUDSHUFLELGDFRPRDTXHOODTXHDSRUWDU¯DSURSXHVWDVSDUDOD
PHMRUDGHODVPLVPDV<RWUDGRQGHHUDODFRQILGHQWHGRQGHVHSXVRHQMXHJRFLHUWRV
VHQWLPLHQWRV FLHUWDV FRQIHVLRQHV FUHDQGR QXHYRV HVSDFLRV \ QXHYRV HQFXHQWURV
(VWHIXHHOFDVRGHXQDGHODVPDHVWUDV(UDWDQWRHOF¼PXORGHWHQVLRQHVTXHHVWDED
YLYLHQGR TXH XQ G¯D FXDQGR HVWDED HQ XQR GH ORV GHVSDFKRV GH OD HVFXHOD VH PH
DFHUFµ VH VHQWµ D PL ODGR \ PH H[SOLFµ WRGR OR TXH HVWDED VXFHGLHQGR (Q HVRV
PRPHQWRVOR¼QLFRTXHOHSXGHRIUHFHUIXHPLSURSLDHVFXFKD\FRQILGHQFLDOLGDG&RQ
HOSDVRGHORVG¯DVPHGLFXHQWDTXHODFRVDLU¯DDP£VTXHSRFRDSRFRHVDUHODFLµQ
GH LQYHVWLJDGRUD \ FRODERUDGRUD VH LED WUDQVIRUPDQGR HQ XQD UHODFLµQ GH DPLVWDG
&DS¯WXOR(QWUHEDVWLGRUHVODYR]HQRIIGHODLQYHVWLJDGRUD
TXHGDQGR GHQWUR \ IXHUD GHO FHQWUR FRPSDUWLHQGR PLUDGDV LQFHUWLGXPEUHV
LQTXLHWXGHVVLQVDERUHV\DOHJU¯DVHQWUHSDSHOHVUHXQLRQHV\FDI«V8QDGXDOLGDGTXH
WXYH TXH DSUHQGHU D PDQHMDU \ UHVLWXDU 6DQGUD FRPR LQYHVWLJDGRUD \ 6DQGUD FRPR
DPLJD \ FRQILGHQWH 2EYLDPHQWH VRQ PXFKDV ODV VLWXDFLRQHV H[SOLFDGDV SRU HVWD
PDHVWUD TXH VH KDQ TXHGDGR HQ HO WLQWHUR TXH QR KH PDQLIHVWDGR HQ ORV GLIHUHQWHV
FDVRV SUHVHQWDGRV QR SRU VX UHOHYDQFLD HQ HO HVWXGLR VLQR P£V ELHQ SRU PL
FRPSURPLVR KDFLD HVD SHUVRQD \ VREUH WRGR SRU HO ಯMXUDPHQWRರ GH DQRQLPDWR \
FRQILGHQFLDOLGDGHQORVGLIHUHQWHVWHPDVWUDWDGRV7HPDVTXHSRG¯DQSRQHUHQMXHJROD
LQWHJULGDGGHODHVFXHODRVXSURSLRSDSHOGHQWURGH«VWD $OJRVLPLODURFXUULµFRQHO
PLHPEURGHXQDIDPLOLDGRQGHODಯIULDOGDGರTXHSXHGHPDQLIHVWDUWRGDLQYHVWLJDFLµQHQ
VXV LQLFLRV IXH FRQYLUWL«QGRVH HQ ಯFDOLGH]ರ HQ ORV GLIHUHQWHV HQFXHQWURV VLHQGR SDUD
P¯XQUHIHUHQWHGHFRQILDQ]DHQODHVFXHOD
/OHJDQGRDV¯DHVWDEOHFHUXQHQWUDPDGRGHUHGHVQRVµORSURIHVLRQDOHV\SURSLDVGH
FXDOTXLHUSURFHVRGHLQYHVWLJDFLµQVLQRSHUVRQDOHVGRQGHQRVFRORFDHQVLWXDFLRQHV
GH UHVSRQVDELOLGDGHV FRPSDUWLGDV FUHDQGR QXHYRV GRPLQLRV GH H[SHULHQFLDV \
SUHYLHQGRP¼OWLSOHVLWLQHUDULRV1DMPDQRYLFK\'DEDV
$02'2'(&21&/86,•1
3DUDSRGHUFRQFOXLUHVWHFDS¯WXORPHYHRHQODQHFHVLGDGGHKDFHUORDSDUWLUGHFXDWUR
SXQWRV FODYHV TXH GH DOJXQD PDQHUD UHVXPHQ PLV DQGDGXUDV D OR ODUJR GH GLFKD
LQYHVWLJDFLµQ WUDQVLWDQGR SRU WUHV HVFHQDULRV VLQJXODUHV SHUR VREUH WRGR PLV
&DS¯WXOR(QWUHEDVWLGRUHVODYR]HQRIIGHODLQYHVWLJDGRUD
H[SHULHQFLDV PLV YLYHQFLDV PLV GXGDV PLV DYDQFHV \ PLV UHWURFHVRV /RV FXDWUR
SXQWRVVHU¯DQ
/DUHODFLµQH[LVWHQWHHQWUHHOGHQWUR\HOIXHUDHOY¯QFXORTXHVHHVWDEOHFHHQWUHOD
LQYHVWLJDFLµQ\ODVSURSLDVH[SHULHQFLDV7DO\FRPRUHFRJHQ&RQWUHUDV\3«UH]GH
/DUD
ಯ/D LQYHVWLJDFLµQ FRPR E¼VTXHGD HV WDQWR KDFLD IXHUD FRPR KDFLD
GHQWUR KDFLD OR TXH PDQLILHVWDQ ODV H[SHULHQFLDV HVWXGLDGDV \ KDFLD OR
TXHKDFHQHQQRVRWURV3DUWHGHODE¼VTXHGDHVSRGHUHQFRQWUDUODIRUPD
GH H[SUHVDU HO VHQWLGR GH OR HGXFDWLYR TXH QRV GHVSLHUWD HO KDEHUQRV
DFHUFDGR D HVD UHDOLGDG TXH KHPRV TXHULGR HVWXGLDU D OD TXH KHPRV
TXHULGR DFHUFDUQRV SDUD YHU TX« QRV WHQ¯D TXH GHFLU TX« QRV KDF¯D
SHQVDU TX« VH QRV UHYHODED HQ HVD UHODFLµQ HQWUH GLFKD UHDOLGDG \
QRVRWURVರ&RQWUHUDV\3«UH]GH/DUD
(OFRQFHSWRGHLGHQWLGDG\SHUVRQDWDO\FRPRPDQLILHVWD5LFRHXU
ಯ/D SHUVRQD HQWHQGLGD FRPR SHUVRQDMH GHO UHODWR QR HV XQD LGHQWLGDG
GLVWLQWDGHVXVH[SHULHQFLDV0X\DOFRQWUDULRFRPSDUWHHOU«JLPHQGHOD
LGHQWLGDG GLQ£PLFD SURSLD GH OD KLVWRULD QDUUDGD (O UHODWR FRQVWUX\H OD
LGHQWLGDG GHO SHUVRQDMH TXH SRGHPRV OODPDU VX LGHQWLGDG QDUUDWLYD DO
FRQVWUXLU OD GH OD KLVWRULD QDUUDGD /D LGHQWLGDG GH OD KLVWRULD KDFH OD
LGHQWLGDGGHOSHUVRQDMHರ5LFRHXU
(VWHVHQWLGRGHODE¼VTXHGD\HOKDOODUHOFDPLQRQRVRQWDUHDVI£FLOHVFRQWLQ¼R
WHMLHQGR\HQWUHWHMLHQGRPLDSUHQGL]DMHDOPLVPRWLHPSRTXHGHVWHMRSRUTXHDOD
YH]TXHYR\FRQVWUX\HQGRQXHYDVLGHDVFRQRFLPLHQWRVYR\UHFRQVWUX\HQGR\GH
&RQWUHUDV-\3«UH]GH/DUD1 /DH[SHULHQFLD\ODLQYHVWLJDFLµQHGXFDWLYD (Q&RQWUHUDV-\
3«UH]GH/DUD1&RPSV,,QYHVWLJDUODH[SHULHQFLDHGXFDWLYD0DGULG0RUDWDS£JV
&DS¯WXOR(QWUHEDVWLGRUHVODYR]HQRIIGHODLQYHVWLJDGRUD
FRQVWUX\HQGR RWUDV (VH SURFHVR GH UHFRQVWUXFFLµQ GH QXHYRV VLJQLILFDGRV HV
HQWHQGLGRSRU0HGLQDFRPR
ಯXQSURFHVRLQGLYLGXDO\RFROHFWLYRGHE¼VTXHGDGHQXHYRVVLJQLILFDGRV\
GH VHQWLGRV LQQRYDGRUHV 6H WUDWD GH DFFHGHU D RWUDV OµJLFDV \ IRUPDV
TXH RIUH]FDQ XQD ದPLUDGD TXH YD P£V DOO£ GH ORV P£UJHQHV GH ODV ದ
PDTXLQDULDVLQVWLWXFLRQDOHV\SURIHVLRQDOHV\TXHSHUPLWHYHUDWUDY«VGH
VXVJULHWDVರ
&RPRVXMHWR\FRPRLQYHVWLJDGRUDWHRUL]DUPLH[SHULHQFLDFRPRFRPHQWµ6XVDQD
2UR]FR SXHGH VHU ಯLQWHUHVDQWHರ SDUD EXVFDU QXHYRV FRQRFLPLHQWRV \
VDEHUHV TXH SXHGHQ VHU FRPSDUWLGRV \ VRQ FRPSDUWLGRV SRU RWURV 'H HVWD
FRQIHUHQFLDPHJXVWDU¯DUHFXSHUDUODFLWDGHODSRQHQWH
ಯ7HRUL]DUPLH[SHULHQFLDSRGU¯DVHULQWHUHVDQWHSDUDEXVFDUORVVDEHUHV
ORV FRQRFLPLHQWRV SDUD VHU FRPSDUWLGRV SRU RWUR OD H[SHULHQFLD HV GH
XQRFRPSDUWLGDFRQRWURVರ
'HHVWDPDQHUD\FRPRDILUPDQ&RQWUHUDV\3«UH]GH/DUDSRGU¯DPRVHQWHQGHU
TXHODLQYHVWLJDFLµQHGXFDWLYD
ಯQR HVW£ FHQWUDGD HQ GDU FXHQWD GH XQD UHDOLGDG HQ H[SOLFDUOD VLQR HQ
SUHJXQWDUVH SRU HO VHQWLGR HGXFDWLYR TXH SXHGH DEULUVH HQ XQD
H[SHULHQFLD TXH WUDWDPRV GH HQWHQGHU 3DUD TXH \ GH WDO IRUPD TXH
TXLHQ YLYD H[SHULHQFLDV SURSLDV SXHGD OOHYDUVH FRQVLJR ODV SUHJXQWDV \
ODV JDQDQFLDV GH VHQWLGR TXH SXHGD FDSWDU GH DTXHOODV H[SHULHQFLDV
DQWHULRUHV(VGHFLUORTXHEXVFDODLQYHVWLJDFLµQHGXFDWLYDHVWUDQVPLWLU
&RQIHUHQFLD
ಯ&DUJRV GH *HVWLµQ ,QVWLWXFLRQDO HQ PDQRV GH XQD PXMHUರ D FDUJR GH OD 6UD 6XVDQD
2UR]FR0DUW¯QH]GH0DU]R/D6UD2UR]FRKL]RXQEUHYHUHFRUULGRVREUHODVLWXDFLµQGHOD
8QLYHUVLGDGGH$UJHQWLQD\HOSDSHOTXHMXHJDODPXMHUDQWHXQFDUJRGHUHVSRQVDELOLGDGLQVWLWXFLRQDO &DS¯WXOR(QWUHEDVWLGRUHVODYR]HQRIIGHODLQYHVWLJDGRUD
XQ OHJDGR OD UHODFLµQ DELHUWD HQWUH OR YLYLGR \ VX VLJQLILFDGR VXV
SRVLELOLGDGHV VXV DVSLUDFLRQHV VXV IRUPDV GH SUHJXQWDUVH SRU HOOR <
TXHVHDHVRHOVDEHUTXHVHOHJDXQVDEHUTXHHVFRPXQLFDWLYRTXHQR
VµORVHWRPDVLQRTXHVµORSXHGHFREUDUYLGDVLFRQHFWDFRQXQVHQWLGR
SURSLRVLQRVWRFDHQDOJR¯QWLPRSDVDQGRDV¯DVHUDOJRSURSLRGHVGHOR
TXHYLYLPRVQXHVWURKDFHUರ&RQWUHUDV\3«UH]GH/DUD
3DUWLHQGRGHODVWHVLWXUDVSUHVHQWDGDVLQYLWRDOOHFWRUDGHMDUVHLPSUHJQDUSRUORVWUHV
HVFHQDULRV TXH VH H[SRQHQ D FRQWLQXDFLµQ HVWUXFWXUDGRV GH OD VLJXLHQWH PDQHUD OD
OOHJDGDD OD HVFXHOD \ HO FRQWH[WR GH ODPLVPDODVUHODFLRQHVHQWUH IDPLOLDV\ FHQWUR
HGXFDWLYRDSDUWLUGHVXVGRFXPHQWRVODSXHVWDHQSU£FWLFDGHODVUHODFLRQHVPHGLDQWH
ODVYRFHVGHORVVXMHWRVSDUWLFLSDQWHV\ODVREVHUYDFLRQHVUHDOL]DGDV\ODSUHVHQWDFLµQ
GHSURSXHVWDVVXJHULGDVSRUORVDFWRUHVFRODERUDGRUHV7UHVHVFHQDULRVTXHUHFRJHQ
VXVSURSLDVYLYHQFLDV\H[SHULHQFLDV\FRPRQRVXVSURSLDVHVHQFLDV
,,,3$57(5(&216758&&,•1'(/$,19(67,*$&,•1
,,,3$57(5(&216758&&,•1'(/$,19(67,*$&,•1
5(&216758&&,•1'(/$,19(67,*$&,•1
&DS¯WXOR(VFHQDULR&(,3
&DS¯WXOR (VFHQDULR&(,3ದ
(VFHQDULR&(,3 ದ7HQHULIH2UJDQL]DQGR
ODV UHODFLRQHV
UHODFLRQHV FRQ OD FRPXQLGDG \ ODV
IDPLOLDV
IDPLOLDV
&DS¯WXOR (VFHQDULR &(,3 ದ %DUFHORQD /D
FRQVWUXFFLµQ GH XQ SUR\HFWR HGXFDWLYR GH
HVFXHODFRPSDUWLGR
HVFXHODFRPSDUWLGR
&DS¯WXOR (VFHQDULR &(,3 ದ 5LSROOHW 8Q YLDMH
DSDVLRQDGRHQWUHWHMLHQGRUHODFLRQHV
DSDVLRQDGRHQWUHWHMLHQGRUHODFLRQHV
&DS¯WXOR 7UHV PL
PLUDGDV
UDGDV WUHV UHDOLGDGHV 8Q YLDMH
DSDVLRQDQWH SRU HO HQWUDPDGR GH ODV
UHODFLRQHV
UHODFLRQHV
&$378/2
(6&(1$5,2&(,3ದ7(1(5,)(
25*$1,=$1'2/$65(/$&,21(6&21/$&2081,'$'</$6)$0,/,$6
ಯ1R FUHD TXH SXHGH H[LVWLU QLQJXQD H[SHULHQFLD GH SHQVDPLHQWR VLQ
H[SHULHQFLDV SHUVRQDOHV 7RGR SHQVDPLHQWR HV PHGLWDFLµQ SHQVDU FRPR
FRQVHFXHQFLDGHDOJRರ+DQQDK$UHQGWHQ'LµWLPD
ಯ/DPHGLWDFLµQGH ODH[SHULHQFLDVHRULHQWDSRU PHGLRGHXQVHQWLPLHQWRYLYR
(OOR KDFH TXH HO SDVDGR VHD UHFRUGDGR FRQ OD PLVPD LQWHQVLGDG TXH HO
SUHVHQWHಹ1XQFDVHROYLGDORTXHQRVKDHPRFLRQDGRಹ(OVHQWLPLHQWRULFRHQ
FDOLGDGGHHPRFLRQHVKDJXLDGRHOUHFXHUGR\KDFHTXHKDEOHPRVGH«OFRPR
VLHVWXYL«UDPRVHQHODFRQWHFLPLHQWRTXHQRVFDSWXUµSDUDVLHPSUHರ'LµWLPD
(OSULPHUHVFHQDULRHVWXGLDGRHVXQDHVFXHODS¼EOLFDGHHGXFDFLµQLQIDQWLO\SULPDULD
XELFDGDHQ6DQWD&UX]GH7HQHULIHFX\DPHWRGRORJ¯DHVVHJ¼QVXSUR\HFWRHGXFDWLYR
\ GRFXPHQWRV LQWHUQRV DFWLYD PRWLYDGRUD \ FRRSHUDWLYD WHQLHQGR HQ FXHQWD HO QLYHO
PDGXUDWLYR GHO SURSLR DOXPQDGR (O &(,3 7HQHULIH SURSRQH HQ VXV GRFXPHQWRV
RILFLDOHVHODERUDUXQSODQGHSRWHQFLDFLµQ\RUJDQL]DFLµQGHODVUHODFLRQHVHQWUHWRGRV
ORV PLHPEURV GH VX FRPXQLGDG PHGLDQWH HVSDFLRV IRUPDOHV H LQIRUPDOHV KDFLHQGR
XVR GH FLHUWDV HVWUDWHJLDV \ PHFDQLVPRV HQWUHYLVWDV IDPLOLD WXWRU UHXQLRQHV
OODPDGDVWHOHIµQLFDVWDOOHUHVIHVWLYDOHVHWF
3DUD HOOR OH LQYLWR D DGHQWUDUVH HQ HO &(,3 ದ 7HQHULIH FRQ HO SURSµVLWRGH FRQRFHU \
DSUR[LPDUVHDXQDIRUPDVLQJXODUGHHVWDEOHFHUVHUHODFLRQHVHQWUHIDPLOLDV\HVFXHOD
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
(1 %86&$ '( 81$ 18(1$ $9(1785$ /26 ,1,&,26 81 7$172
'(62/$'25
'HVSX«V GH XQ ODUJR SURFHVR GH UHIOH[LµQ VREUH PL IRUPDFLµQ \ GH LQWHUFDPELR GH
RSLQLRQHV FRQ PL GLUHFWRUD GH WHVLV WRP« OD GHFLVLµQ GH YLDMDU D 7HQHULIH
FRQFUHWDPHQWH D /D /DJXQD SDUD SRGHU VHJXLU DYDQ]DQGR HQ OD LQYHVWLJDFLµQ GH PL
WHVLV FRQFUHWDPHQWH HQ PL HVWXGLR GH FDPSR 6H PH SUHVHQWDED OD RSRUWXQLGDG GH
WUDEDMDU\DSUHQGHUGHODPDQRGHXQDLQYHVWLJDGRUDGHJUDQUHFRQRFLPLHQWRQDFLRQDO
HLQWHUQDFLRQDOHQFXDQWRDOWHPDGHIDPLOLD\HVFXHODOD'UD0DU¯D-RV«5RGULJR
8QD YH] VLWXDGD HQ /D /DJXQD WHQ¯D XQ JUDQ UHWR SRU GHODQWH EXVFDU XQD HVFXHOD
S¼EOLFDGH(GXFDFLµQ3ULPDULDSDUDSRGHUOOHYDUDFDERPLHVWXGLRGHFDVR8QDODERU
QDGD I£FLO GRQGH ORV SULPHURV REVW£FXORV QR WDUGDURQ PXFKR HQ DSDUHFHU /D 'UD
5RGULJR PH RIUHF¯D XQD VHULH GH FHQWURV HGXFDWLYRV WRGRV HOORV GH (GXFDFLµQ
6HFXQGDULD'DGDODGLILFXOWDGTXHWHQ¯DSDUDSRGHUHQWUDUHQORVFHQWURVGH3ULPDULD
QR GXG« HQ PRYHU PLV UHGHV GH FRQWDFWRV 5HFXUU¯ D XQ SURIHVRU GH OD )DFXOWDG GH
&LHQFLDV GH OD (GXFDFLµQ HO 'U $UHD TXH D VX YH] PH UHPLWLµ D RWUR GRFHQWH HO
SURIHVRU6RXWR‹OVHU¯DTXLHQPHSRQGU¯DHQFRQWDFWRFRQODHVFXHOD\SDVDU¯DDVHUHO
LQWHUPHGLDULRHQWUHHOFHQWURHGXFDWLYR\\R'HVSX«VGHXQRVG¯DV\DWUDY«VGHXQD
OODPDGD WHOHIµQLFD VH PH FRPXQLFDED TXH OD HVFXHOD FRQWDFWDGD PH HVSHUDED SDUD
SRGHUH[SRQHUPLWUDEDMRGHHVWXGLR\FX£OVHU¯DPLLQWHU«VSRUHOFHQWURHGXFDWLYR
/OHJX« D OD HVFXHOD PH DFHUTX« D VHFUHWDU¯D \ QR KDE¯D QDGLH SDVH£QGRPH SRU HO
SDVLOORYLDXQDVH³RUDHQXQGHVSDFKR\OHSUHJXQW«SRUODMHIDGHHVWXGLRTXLHQHUD
9HUDQH[R7RPDGHFRQWDFWRSULPHUDVLPSUHVLRQHVLQTXLHWXGHV\GHFHSFLRQHV
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
ODTXHPHKDE¯DFLWDGR\FRQTXLHQWHQ¯DODUHXQLµQPHKL]RWRPDUDVLHQWR\HVSHUDU
'HVSX«VGHXQWLHPSRSUXGHQFLDOOOHJµ\SDVDPRVDVXGHVSDFKR&RQPLJROOHYDEDHO
GRFXPHQWR GH OD QHJRFLDFLµQ GµQGH HVSHFLILFDED TXL«Q HUD FX£OHV HUDQ PLV
REMHWLYRV WHPD GH HVWXGLR PL FRPSURPLVR FRQ HO FHQWUR \ GHP£V (VWXYLPRV
OH\«QGROR\KDEODQGRFRQGHWHQLPLHQWRGHDTXHOORVDVSHFWRVTXHP£VOHLQTXLHWDEDQR
OH OODPDEDQ OD DWHQFLµQ $QWHV GH GHMDUOH HO HVFULWR SDUD TXH OR SXGLHUD HVWXGLDU \
H[SRQHUDOUHVWRGHODFRPXQLGDGHGXFDWLYDGHHVHFHQWURORILUP«\OHGLPLWHO«IRQR
GHFRQWDFWR
7UHV G¯DV GHVSX«V GHO HQFXHQWUR FRQ OD HVFXHOD UHFLE¯ XQD OODPDGD GH OD MHID GH
HVWXGLR GLFL«QGRPH ಯ1R QRV LQWHUHVD WX LQYHVWLJDFLµQ OR VLHQWR PL QL³Dರ (Q HVH
PLVPR PRPHQWR PH GHUUXPE« SRUTXH ORV G¯DV LEDQ SDVDQGR \ WRGDY¯D QR WHQ¯D XQ
OXJDUGRQGHSRGHUOOHYDUDFDERPLHVWXGLR
'DGD OD QXHYD VLWXDFLµQ HO SURIHVRU 6RXWR KL]R XQ SDU GH OODPDGDV \ VH SXVR HQ
FRQWDFWRFRQPLJRSDUDGHFLUPHಯ\DWHKHEXVFDGRRWUDHVFXHOD\«VWDHVW£GLVSXHVWD
D SDUWLFLSDU HQ WX LQYHVWLJDFLµQರ 6H WUDWDED GH XQ FRPSOHMR HGXFDWLYR S¼EOLFR TXH
DEDUFDED OD (GXFDFLµQ 3ULPDULD \ OD (GXFDFLµQ 6HFXQGDULD PX\ ELHQ VLWXDGR HQ
6DQWD&UX]GH7HQHULIH\ELHQFRPXQLFDGRFRQ/D/DJXQD
$%5,(1'2 &$0,12 /$ $352;,0$&,•1 $ 81$ 5($/,'$' 1HJRFLDFLµQ \
HQWUDGDHQHOFHQWUR
'HVSX«VGHODH[SHULHQFLDYLYLGD\GHODQHJDFLµQGHOSULPHUFHQWURLEDFRQSLHVGH
SORPR6DE¯DTXHPHKDOODEDHQXQDVLWXDFLµQGHOLFDGDODDFHSWDFLµQGHODHVFXHODHQ
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
SDUWLFLSDU HQ PL SUR\HFWR VXSRQ¯D OD FRQWLQXDFLµQ GH PL HVWXGLR GH FDPSR
SDUDOHODPHQWHDPLIRUPDFLµQFRPRLQYHVWLJDGRUDHQODWHP£WLFDIDPLOLD\HVFXHOD
/OHJµHOJUDQG¯DFRJ¯PLಯJXDJXD\PHGLULJ¯KDFLDHOFHQWURSUHYLDPHQWHPHKDE¯D
HVWXGLDGRFRPROOHJDUSDUDQRUHWUDVDUPH/ODP«DODSXHUWDHQWU«\HQODYHQWDQLOOD
GHO FHQWUR PH DWHQGLµ OD PLVPD GLUHFWRUD $ FRQWLQXDFLµQ HQWUDPRV HQ VX GHVSDFKR
WRP«DVLHQWRHLQPHGLDWDPHQWHPHGLMRTXHHOSURIHVRU6RXWROHKDE¯DFRPHQWDGRGH
TX«WUDWDEDPLWUDEDMR6HJXLGDPHQWH\FRQHOILQGHRIUHFHUPHVXD\XGDPHPRVWUµHO
3*$3URJUDPDFLµQ*HQHUDO$QXDOPHOH\µODLPSRUWDQFLDTXHWHQ¯DSDUWLFLSDUHQOD
HVFXHOD SRU SDUWH GH OD IDPLOLD \ ORV GRFHQWHV 8QD YH] TXH OD GLUHFWRUD PH KDE¯D
SUR\HFWDGRXQDSULPHUDYLVLµQGHOFHQWUROHHQVH³«HOGRFXPHQWRGHQHJRFLDFLµQ\OH
H[SOLTX«GHWDOODGDPHQWHHQTX«FRQVLVW¯DPLWUDEDMR\FX£OVHULDHOSDSHOTXHUHDOL]DU¯D
HQODHVFXHOD(OODHVWDEDGLVSXHVWDDSDUWLFLSDUHQPLLQYHVWLJDFLµQDQLYHOSHUVRQDO
VHPRVWUDEDHQFDQWDGDFRQVLGHUDEDTXHHOWHPDHUDGHLQWHU«V\GHDFWXDOLGDG
&RPRLQYHVWLJDGRUD\SHUVRQDH[WHUQDDODHVFXHODGHVGHHOSULQFLSLR\HQHVHPLVPR
HQFXHQWUR LQVLVW¯ HQ GHMDU FODUR PL P£[LPD IOH[LELOLGDG \ DGDSWDFLµQ D ORV WLHPSRV \
QHFHVLGDGHVGHIDPLOLDVGRFHQWHV\DOXPQDGR/DVHQWUHYLVWDVVHOOHYDU¯DQDFDERHQ
SHU¯RGRVPRPHQWRV\HVSDFLRVTXHPHMRUOHVIXHUDQDFDGDXQDGHODVSHUVRQDVTXH
PHLEDQDDFRPSD³DUHQPLLQYHVWLJDFLµQ
7UDV HVSHUDU XQRV G¯DV WHOHIRQH« /D GLUHFWRUD PH FRPHQWµ TXH KDE¯D KHFKR HO
FRQWDFWRFRQXQDPDGUH\TXHPHHVSHUDED$FRUGDPRVHOQ¼PHURGHSHUVRQDVTXH
*XDJXDHQ7HQHULIH,VODV&DQDULDVHVDXWRE¼V
5HFRJLGDHQHODQH[R
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
VHU¯DQ SDUW¯FLSHV GH PL LQYHVWLJDFLµQ \ ORV GRFXPHQWRV TXH FRQVLGHUDED QHFHVDULRV
SDUDHODQ£OLVLV$SDUWLUGHDK¯HPSH]µPLಯDQGDGXUDರSRUHOFHQWURHGXFDWLYR
0HVHQW¯FRPRXQDP£VHQHOFHQWURPHEULQGDURQVXFRQILDQ]DPHSURSRUFLRQDURQHO
PDWHULDOQHFHVDULRSDUDPLHVWXGLRPHSURSXVLHURQHOGHVSDFKRGHGLUHFFLµQSDUDODV
HQWUHYLVWDV\SDUDPLVDQRWDFLRQHVPHHQVH³DURQODVLQVWDODFLRQHVGHOFHQWUR
'( /$ 1$'$ $ /$6 5(/$&,21(6 81 35,0(5 (1&8(1752 &21 0,6
3527$*21,67$6
7UDVHOSULPHUHQFXHQWURFRQODGLUHFWRUDGHOFHQWUR\ODMXVWLILFDFLµQGHPLHVWXGLRVH
PHDEULµRWURJUDQLQWHUURJDQWHDTXL«QHQWUHYLVWDU"4XL«QHVPHDFRPSD³DU¯DQHQ
PLHVWDQFLDHQHOFHQWUR"&RPRGHVFRQRF¯DSRUFRPSOHWRHOFRQWH[WR\ODWLSRORJ¯DGH
IDPLOLDV TXH DVLVW¯DQ D OD HVFXHOD ORV SURWDJRQLVWDV GHO &(,3 GH 7HQHULIH IXHURQ
HVFRJLGRVSRUODPLVPDGLUHFWRUDGHOFHQWUREDMRVXSURSLRFULWHULR\DWHQGLHQGRDOD
GHPDQGDGHODLQYHVWLJDFLµQ$V¯SXHVORVDFWRUHVGHHVWHHVWXGLRVHU¯DQ
IDPLOLDV)QRGHO$03$)IRUPDSDUWHGHO$03$\)IRUPDSDUWHGHOD
GLUHFWLYDGHO$03$
SHUVRQDOQRGRFHQWH1'ODDGPLQLVWUDWLYDGHOFHQWURTXHDVXYH]VXKLMR
HVDOXPQRGHOPLVPR
GRFHQWHV'PDHVWUDGHP¼VLFD\YLFHGLUHFWRUD'PDHVWUR\VHFUHWDULRGHO
FHQWUR'PDHVWUD\GLUHFWRUDGHODHVFXHOD\'PDHVWUD\MHIDGHHVWXGLR
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
DOXPQRV IXHURQ HOHJLGRV EDMR OD DXWRUL]DFLµQ SUHYLD GH ODV IDPLOLDV SDUD
IRUPDUSDUWHGHODLQYHVWLJDFLµQ$QL³DGH|$QL³RGH|$QL³RGH|\
$QL³RGH|
6LQHOORVVLQVXVDSRUWDFLRQHVYDORUDFLRQHVH[SHULHQFLDV\YLYHQFLDVHVWHHVWXGLRGH
FDVRKXELHUDVLGRLPSRVLEOH
(/&(1752('8&$7,92
(O &(,3 GH 7HQHULIH HV XQ FROHJLR S¼EOLFR TXH GHSHQGH GH OD &RQVHMHU¯D GH
(GXFDFLµQGH&DQDULDVXELFDGRHQXQDGHODVPHMRUHV]RQDVGHODFLXGDG\TXHWLHQH
XQQLYHOVRFLRHFRQµPLFRPHGLRDOWR6HFUHµHQODG«FDGDGHORVFRQHOSURSµVLWR
GH GHVPDVLILFDU D ORV RWURV FHQWURV HGXFDWLYRV GH OD ]RQD WDO \ FRPR H[SUHVD XQ
PLHPEURGHODVLJXLHQWHIDPLOLD
ಯಹ VH LQWHQWD KDFHU XQ QXHYR FHQWUR TXH GHVPDVLILTXH \ TXH TXLWH
LQFOXVRGHWHUPLQDGRVWXUQRVTXHD\XGHDUHJXODUL]DUXQSRTXLWRP£V
(O &(,3 GH 7HQHULIH GHVSHUWµ PXFKDV H[SHFWDWLYDV SRUTXH HVW£ HQ OD
]RQD EXHQD GH OD FLXGDG 8QD ]RQD TXH DOUHGHGRU WLHQH XQ QLYHO
HFRQµPLFR PHGLR ದ DOWR )XH XQD DSXHVWD GH OD &RQVHMHU¯D PX\
LPSRUWDQWH WDPEL«Q DUTXLWHFWµQLFDPHQWH \ DXQTXH HVR SXGLHUD SDUHFHU
VXSHUIOXR TXHU¯DQ KDFHU XQ FHQWUR DYDQ]DGR XQ FHQWUR GH UHIHUHQFLD
LQFOXVR FDPELDQGR \D HO IRUPDWR ODV IRUPDV H[WHUQDV (QWRQFHV GH
DOJXQD PDQHUD VH SUHWHQG¯D TXH HO FROHJLR \ HO LQVWLWXWR WXYLHUDQ
SUHVWLJLRರ)&(,3$SS
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
/DHVFXHODDSDUWHGHRIHUWDUHGXFDFLµQLQIDQWLO\SULPDULDWDPEL«QWLHQHHQFXHQWDD
DTXHODOXPQDGRTXHUHTXLHUHGHXQDDWHQFLµQSUHIHUHQWHDQLYHOPRWUL]6HWUDWDGHXQ
FHQWURFRQ GRV O¯QHDV D H[FHSFLµQ GH LQIDQWLO HQ ODV TXH H[LVWHQ WUHV 6HFDUDFWHUL]D
SRU VHU DFRQIHVLRQDO \ UHVSHWXRVR FRQ WRGDV ODV FUHHQFLDV H LGHRORJ¯DV \ SRU VHJXLU
XQD PHWRGRORJ¯D DFWLYD PRWLYDGRUD FRRSHUDWLYD FUHDWLYD JOREDOL]DGRUD \
IDYRUHFHGRUDGRQGHODHQVH³DQ]DVHVLW¼DHQHOQLYHOPDGXUDWLYRGHOSURSLRQL³RFRQ
HO ILQ GH DFWXDU HQ ODV ]RQDV SUµ[LPDV GHO GHVDUUROOR 7DO \ FRPR VH UHFRJH HQ HO
3UR\HFWR(GXFDWLYRGHO&HQWUR3(&ODHVFXHODEXVFDLQWHJUDUVHHQHOPHGLR\HQOD
UHDOLGDG HQ OD FX£O HVW£ LQPHUVD FRQ HO SURSµVLWR GH VHU XQ HOHPHQWR YLYR TXH HVW£
DELHUWRDODVQHFHVLGDGHV\GHPDQGDVGHOPLVPR
$PRGRGHHMHPSORGRVVXMHWRVFRODERUDGRUHVGHPLLQYHVWLJDFLµQH[SRQHQTXH
ಯ(V XQD HVFXHOD PX\ WUDGLFLRQDO ಹ /RV FDPELRV HQ HO FHQWUR VRQ
FRQVWDQWHV GLDULRV GLU¯D \R 7H SRQJR HMHPSORV WRGRV ORV D³RV VH YDQ
QL³RV\QL³DV\HQWUDDOXPQDGRGLIHUHQWHDODQWHULRU\HQWUHV¯/RPLVPR
RFXUUH FRQ HO SURIHVRUDGR XQRV \ RWUDV FRQ LGHDV QXHYDV PDQHUDV GH
WUDEDMDUH[SHULHQFLDVರ)&(,3$SELV
ಯ&RPR FHQWUR SHGDJµJLFR FXHQWD FRQ XQ QLYHOGH DOXPQRV TXHVXEH XQ
SRTXLWR GH OD PHGLD SRU OR WDQWR WHQHPRV \D HO EHQHILFLR GH WHQHU P£V
SRVLELOLGDGHV GH DFHUFDUVH D OD FXOWXUD \ SRU OR WDQWR HO UHQGLPLHQWR XQ
SRTXLWRVXSHULRUDRWURVOXJDUHVಹWLHQHDOJXQDVGHILFLHQFLDVSDUDHVWDU
GHGLFDGR D QL³RV SHTXH³RV VREUH WRGR HQ OD SDUWH LQIDQWLO SXHVWR TXH
WLHQHQODVYHQWDQDVTXHOHVIDOWDQXQSRTXLWRGHSURWHFFLµQSDUDORVQL³RV
SHTXH³RVರ'&(,3$S
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
$V¯ SXHV HO &(,3 GH 7HQHULIH VH FRQVLGHUD VHJ¼Q ORV GRFXPHQWRV \ ODV SHUVRQDV
SDUWLFLSDQWHVXQFHQWUROLEUHDELHUWR\SDUWLFLSDWLYR8QFHQWURHQHOFXDOVHUHVSHWDODV
GLIHUHQFLDV LQGLYLGXDOHV VLHQGR IOH[LEOH \ WROHUDQWH EDV£QGRVH HQ ORV SULQFLSLRV
HGXFDWLYRVGHODFRHGXFDFLµQOLEHUWDGVROLGDULGDGSD]HLJXDOGDG
/$6,78$&,•1*(2*5ƒ),&$
(O &(,3 GH 7HQHULIH VH HQFXHQWUD FRQFUHWDPHQWH HQ 6DQWD &UX] GH 7HQHULIH ,VODV
&DQDULDVSUµ[LPRD/D/DJXQD(OGLVWULWRGRQGHVHXELFDFXHQWDFRQXQDSREODFLµQ
GH P£V GH KDELWDQWHV DSUR[LPDGDPHQWH \ XQD H[WHQVLµQ GH XQRV NP
$GHP£V HVW£ IRUPDGR SRU GLIHUHQWHV EDUULRV %XHQDYLVWD &KDSDWDO &HSVD 'LYLQD
3DVWRUD &UX] GHO 6H³RU WRUUHV &XHVWD GH 3LHGUD (O &DER (O 3HU¼ /D 6DOOH /D
6DOXG/D9LFWRULD/RV*ODGLRORV/RV/ODQRV6DQ6HEDVWL£Q\9LOOD$VFHQVLµQ
3RU PRWLYRV GH FRQILGHQFLDOLGDG \ SRU UHVSHWDU VX DQRQLPDWR KH RSWDGR SRU QR
GHVYHODULQIRUPDFLµQP£VHVSHF¯ILFDUHVSHWRDOFHQWUR
(/&(175248‹/2+$&(',)(5(17("
/D HVFXHOD FXHQWD FRQ XQRV DOXPQRV \ DOXPQDV DSUR[LPDGDPHQWH GH HGDGHV
FRPSUHQGLGDVHQWUHORV\D³RVXQRVGRFHQWHV\SHUVRQDOQRGRFHQWHV$OR
ODUJR GH HVWH SHU¯RGR ORV DOXPQRV FXUVDQ OD (QVH³DQ]D ,QIDQWLO \ OD (QVH³DQ]D
3ULPDULD 6HFDUDFWHUL]D SRU VHUGHPRFU£WLFD SOXUDO \ SDUWLFLSDWLYD FRQPHWRGRORJ¯DV
DFWLYDV \ PRWLYDGRUDV SDUD TXH ORV DSUHQGL]DMHV VHDQ VLJQLILFDWLYRV SRU SDUWH GHO
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
DOXPQDGR7DPEL«QVHFDUDFWHUL]DSRUVHU GLQ£PLFD\DFWXDODGDSWDGDDORVFDPELRV
VRFLDOHV\WHFQROµJLFRVTXHVHSURGXFHQHQODVRFLHGDGHQODTXHYLYLPRVSRUORWDQWR
DELHUWDDVXHQWRUQR3(&
(O DOXPQDGR GHO FHQWUR HGXFDWLYR SURFHGH GH OD ]RQD GH LQIOXHQFLD R GH ODV ]RQDV
OLP¯WURIHV/DPD\RU¯DGHODVIDPLOLDVVRQMµYHQHVWHQLHQGRDVXFDUJRµKLMRVFRQ
HVWDELOLGDG ODERUDO /RV DOXPQRV SUHVHQWDQ XQD EXHQD GLVSRVLFLµQ KDFLD OD HVFXHOD
SDUWLFLSDQGR GH PDQHUD DFWLYD HQ ODV DFWLYLGDGHV TXH VH RUJDQL]DQ GHVGH OD PLVPD
GRQGH OD UHODFLµQ TXH VH HVWDEOHFH HQWUH GRFHQWHV \ GLVFHQWHV HV EXHQD FRUGLDO
UHVSHWXRVD\FRODERUDGRUD
(Q FXDQWR D VX HVWUXFWXUD FXHQWD FRQ XQD GLVWULEXFLµQ \ RUJDQL]DFLµQ TXH OR KDFHQ
¼QLFR\SHFXOLDU
3ODQWD EDMD GRQGH VH HQFXHQWUDQ GRV PµGXORV (O PµGXOR HVW£ FRPSXHVWR
SRUODVHFUHWDULDODGLUHFFLµQODVDODGHSURIHVRUHVODELEOLRWHFD\ORVED³RV(O
PµGXOR SRU HO FRPHGRU ODFRFLQD ODVDODGH FDI« GH ORVSURIHVRUHV\RWURV
ED³RV
(Q FXDQWR D OD SULPHUD\ VHJXQGD SODQWD WDQWRHQ HO PµGXOR FRPR HQ HO HQFRQWUDPRVODVDXODVODVWXWRU¯DVORVED³RV\ODVFODVHVHVSHFLDOHV
(OREMHWLYRSULPRUGLDOGHOFHQWURTXHORKDFHGLIHUHQWHDOUHVWRHV /RJUDUXQFOLPDGH
FRQYLYHQFLDEDVDGRHQHOUHVSHWR\HQODFRPXQLFDFLµQIOXLGDDELHUWD\VLQFHUDHQWUH
WRGRV ORV PLHPEURV GH OD &RPXQLGDG (GXFDWLYD 55, 3RU OR WDQWR HQWUH
GRFHQWHVದSHUVRQDOQRGRFHQWHVIDPLOLDV\DOXPQDGR
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
/$0,5$'$3('$*•*,&$
3DUWLHQGRGHOREMHWLYRSULPRUGLDOGHOFHQWURGHXQDPHWRGRORJ¯DDFWLYD\SDUWLFLSDWLYD\
WHQLHQGRSUHVHQWHVXVSULQFLSLRVVRFLRದHGXFDWLYRVHQORVTXHVHWLHQHHQFXHQWDHO
GHVDUUROORGHODVFDSDFLGDGHVGHODOXPQRODDXWRQRP¯DSHUVRQDOODLQVHUFLµQVRFLDO
/RV ILQHV GHO FHQWUR \ WDO \ FRPR VH UHFRJHQ HQ HO 5HJODPHQWR GH 5«JLPHQ ,QWHUQR
55,VRQ
$\XGDUDORVDOXPQRVDVDTXHGHVFXEUDQ\GHVDUUROOHQVXVFXDOLGDGHVI¯VLFDV
SV¯TXLFDVLQWHOHFWXDOHV«WLFDV\VRFLDOHVIRPHQWDQGRODFUHDWLYLGDGHOWUDEDMR
HQHTXLSR\ODDSOLFDFLµQGHODVQXHYDVWHFQRORJ¯DV
(VWLPXODU \ IRPHQWDU VX VHQWLGR FU¯WLFR H LQFXOFDUOHV YDORUHV TXH GHVDUUROOHQ
DFWLWXGHVGHPRFU£WLFDVVROLGDULDVSDUWLFLSDWLYDVWROHUDQWHVHQIDYRUGHODSD]
ODLJXDOGDG\ODFRQVHUYDFLµQGHOPHGLRDPELHQWH
(MHUFLWDUXQHVWLORGHDSUHQGL]DMHTXHOHVHVWLPXOHDಯDSUHQGHUDDSUHQGHUರD
DSUHQGHU D SHQVDU \ D GHVDUUROODU OD FDSDFLGDG GH YDORUDU OD LPSRUWDQFLD GHO
HVIXHU]RGHOWUDEDMR\GHOHVWXGLR
5HDOL]DUXQDHYDOXDFLµQWDQWRGHORVDVSHFWRVFRJQLWLYRVFRPRGHODVDFWLWXGHV
DSOLFDQGR PHGLGDV GH DSR\R D DTXHOORV DOXPQRVDV TXH WHQJDQ QHFHVLGDGHV
HGXFDWLYDVHVSHFLDOHV
'HVDUUROODUDFWLWXGHVGHUHVSHWR\FRQVHUYDFLµQGHOPHGLRDPELHQWHDKRUURGH
DJXDHQHUJ«WLFRUHFLFODGRHWF
&RQFUHWDPHQWHHQHO7¯WXOR,&DS¯WXOR,,$UW¯FXORGHO55, &DS¯WXOR(VFHQDULR&(,3$7HQHULIH
81$(/(&&,•132548‹(67$(6&8(/$<12275$"
3RUTX«ORVSDUWLFLSDQWHVGHPLLQYHVWLJDFLµQHVFRJLHURQHVWHFHQWUR\QRRWUR"
/DHOHFFLµQGHOFHQWURYLHQHPDUFDGDSRUGLIHUHQWHVPRWLYRVXQRVSRUODSUR[LPLGDGD
VX KRJDU \ SRU FRUUHVSRQGHQFLD GH ]RQD R GH WUDEDMR GH XQR GH ORV PLHPEURV GH OD
IDPLOLD
ಯ/OHJµ DO &KDSDWDO SRUTXH EXHQR \R YLYR FHUFD DXQTXH QR HV XQ
FROHJLRTXHPHFRUUHVSRQGHSRU]RQDSHURHVHOFROHJLRTXHHVWDUSRUOD
]RQDGHOWUDEDMRGHVXSDGUHರ)&(,3$
ಯ(QSULQFLSLRIXHSRUFHUFDQ¯DDOFHQWURGHWUDEDMRರ)&(,3$
ಯ0HTXHU¯DDFHUFDUDPLGRPLFLOLR<RQRHVWDEDOHMRVHVWDEDWDPEL«QFHUFDHQ
XQ EDUULR GH 6DQWD &UX] TXHU¯D DFHUFDUPH OR TXH VLHPSUH SDVD OR P£V
SRVLEOHDODYLYLHQGD(VWHFROHJLRHVW£ELHQVLWXDGR\PHJXVWDEDWDPEL«QOD
VLWXDFLµQGHOPLVPR3RUHVRYLQHರ'&(,3$
2WURV SRUTXH HQWUDURQ DO FHQWUR KDFLHQGR VXVWLWXFLRQHV D SDUWLU GH VHU LQWHULQR R
SHUVRQDO VXVWLWXWR GH OD &RQVHMHU¯D GH (GXFDFLµQ GH ODV ,VODV &DQDULDV \ TXH
SRVWHULRUPHQWHJDQDURQODSOD]DHQHVHPLVPRFHQWUR
ಯ(VWXYHSULPHURVXVWLWX\HQGR<RHVWDEDHQXQDVOLVWDVHQOD&RQVHMHU¯D
GH(GXFDFLµQ(PSHF«DVXVWLWXLU\DVXVWLWXLU\FXDQGRTXHGµHVWDSOD]D
OLEUHPHODRIHUWDURQ\YLQHDTX¯ರ1'&(,3$
0HHVWR\UHILULHQGRDIDPLOLDVGRFHQWHV\SHUVRQDOQRGRFHQWH
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
$V¯ SXHV ODV IDPLOLDV HO SHUVRQDO GRFHQWH \ HO QR GRFHQWH OOHJDURQ DO &(,3 ದ
7HQHULIH SRU GLIHUHQWHV Y¯DV SRU HOHFFLµQ SRU FHUFDQ¯D R SRU FRQFXUVR H
LQWHULQDMH
/$ 32/7,&$ '(/ &(1752 (1 &8$172 $ /$6 5(/$&,21(6 )$0,/,$ ದ
(6&8(/$81$0,5$'$$/2,167,78&,21$/
(O&(,3GH7HQHULIHDOLQLFLRGHFDGDFXUVRVHUHSDUWHDWRGDVODVIDPLOLDVXQSHTXH³R
EROHW¯QLQIRUPDWLYRHQGRQGHVHUHFRJHQYDULRVDVSHFWRVGHFDU£FWHUHGXFDWLYRDWHQHU
HQ FXHQWD D OR ODUJR GHO FXUVR FRPR VRQ HO KRUDULR HVFRODU GHO &HQWUR &DOHQGDULR
(VFRODULQIRUPDFLµQVREUHHOVHUYLFLRGHFRPHGRUTXHSUHVWDHOFHQWURQRUPDVVREUH
ODVHQWUDGDV\VDOLGDVHQHOUHFLQWRHVFRODUVREUHODVIDOWDVGHORVDOXPQRVKRUDULRV
GHYLVLWDDSURIHVRUHV\HTXLSRGLUHFWLYRILHVWDVFXOWXUDOHVDUHDOL]DUHQHOFXUVRIHFKDV
GH LQIRUPHV GH HYDOXDFLµQ LQIRUPDFLµQ VREUH ODV DFWLYLGDGHV GHO $03$ \
UHFRPHQGDFLRQHVJHQHUDOHV
(VWDV DFFLRQHV VRQ HQWHQGLGDV FRPR XQD PDQHUD GH UHODFLRQDUVH FRQ ODV IDPLOLDV
GHVGH HO FHQWUR EDVDGD HQ OD WUDQVPLVLµQ GH LQIRUPDFLµQ HQ ODV TXH GH DOJXQD
PDQHUDODVIDPLOLDVSXHGHQSDUWLFLSDUDWUDY«VGHODVUHXQLRQHV\KRUDVGHYLVLWDVGH\
FRQ ORV GRFHQWHV ORV IHVWLYDOHV GH QDYLGDG G¯D FXOWXUDO ILQDO GH FXUVR HWF ‹VWD
FRQVWLWX\HXQDGHODVIRUPDVGHUHODFLRQDUVHIDPLOLD\HVFXHODVH³DODGDVSRU&ROOHW\
7RUW (VWDV DFFLRQHV DWLHQGHQ D VX YH] D XQDV QRUPDV GH FRQYLYHQFLD \ GH
IXQFLRQDPLHQWRGHOFHQWUR
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
'H HVWH PRGR OD SDUWLFLSDFLµQ GH ODV IDPLOLDV HQ OD HVFXHOD FRQVLVWH HQ UHFLELU
LQIRUPDFLµQSRUSDUWHGHODPLVPD(VGHFLUODSRO¯WLFDGHOFHQWURHQWHPDVGHUHODFLµQ
HQWUH DPEDV YLHQH PDUFDGD SRU ORV PHFDQLVPRV HVWDEOHFLGRV SRU OD &RQVHMHU¯D GH
(GXFDFLµQWDOHVFRPRUHXQLRQHVWXWRU¯DV$03$SDUWLFLSDFLµQHQDOJ¼QDFWRದHYHQWR
ದILHVWD3(&\55,
3DUD SRGHU HQWHQGHU PHMRU OD SRO¯WLFD TXH HVWDEOHFH HO FHQWUR HGXFDWLYR SDUD
UHODFLRQDUVH FRQ ODV IDPLOLDV KH FRQVLGHUDGR QHFHVDULR IRFDOL]DU OD PLUDGD HQ ORV
GLIHUHQWHVGRFXPHQWRVRILFLDOHVGHO&(,3GH7HQHULIHSXQWXDOL]DQGRORVDVSHFWRVP£V
VLJQLILFDWLYRVGHFDGDXQRGHHOORV
/26 '2&80(1726 '(/ &(1752 '( /$ 352*5$0$&,•1 *(1(5$/
$18$/$/352<(&72('8&$7,92'(&(1752
(QOD3
3URJUDPDFLµQ*HQHUDO$QXDO3*$ದVHPDUFD\VHSRQHHO«QIDVLV
HQODHODERUDFLµQGHXQಯSODQGHSRWHQFLDFLµQ\RUJDQL]DFLµQGHODVUHODFLRQHVFRQOD
FRPXQLGDG\IDPLOLDರ<DTXHSDUWHQGHODLPSRUWDQFLDGHODSDUWLFLSDFLµQDFWLYDGHOD
IDPLOLD HQ OD GLQ£PLFD GHO FHQWUR 3DUD HOOR VH SURSRQHQ WUDEDMDU D SDUWLU GH XQRV
REMHWLYRV\XQDVDFWLYLGDGHV
(Q ORV FXUVRV SRVWHULRUHV DO HVWXGLR GH FDPSR HO &(,3 KD FRQWLQXDGR VX ODERU GH ಯSRWHQFLDU OD
SDUWLFLSDFLµQGHODVIDPLOLDVHQHOFHQWURHGXFDWLYRFHQWU£QGRVHHQODFRODERUDFLµQFRRUGLQDFLµQಹರ
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
&RPR REMHWLYRVVHPDUFDQ)RPHQWDUOD FRODERUDFLµQGHODVIDPLOLDVHQODV
DFWLYLGDGHV GHO FHQWUR &RQFLHQFLDU D OD IDPLOLD GH OD LPSRUWDQFLD GH OD
FRRUGLQDFLµQ IDPLOLD ದ FHQWUR $QLPDU DO FROHFWLYR GH SDGUHV \ PDGUHV D
SDUWLFLSDU HQ OD UHQRYDFLµQ GHO &RQVHMR (VFRODU SUHVHQWDQGR FDQGLGDWXUDV R
XVDQGRVXGHUHFKRDYRWR\ ,PSOLFDUDODVIDPLOLDVHQODHVFXHODGHSDGUHV
\PDGUHV
< FRPR DFWLYLGDGHV 5HXQLRQHV LQIRUPDWLYDV SRU QLYHO 6H UHDOL]DU¯D HQ HO
PHV GH RFWXEUH 6H WUDEDMDU¯DQ DVSHFWRV FRPR REMHWLYRV QRUPDWLYDVಹ (QY¯RGH FLUFXODUHVVREUHORVDVSHFWRVP£VLPSRUWDQWHVTXHYDDVXFHGHUHQ
HOFXUVR3RUHMHPSORHOKRUDULRQRUPDVGHFRQYLYHQFLDTXHHOSULPHU\WHUFHU
PDUWHV GHO PHV KDEU£Q DFWLYLGDGHV GH DWHQFLµQ D ODV IDPLOLDV 5HXQLRQHV
SHULµGLFDV FDGD G¯DV GH LQIRUPDFLµQ VREUH HO UHQGLPLHQWR GHO DOXPQDGR
VRQ ODV FRQRFLGDV FRPR KRUDULRV GH YLVLWD HQWUH GRFHQWHV \ IDPLOLDV 3DUWLFLSDU HQ ODV DFWLYLGDGHV GH HMHV WUDQVYHUVDOHV SD] 1DYLGDG G¯D GH
&DQDULDVಹ 5HXQLRQHV FRQ HO $03$ &LUFXODU GRQGH VH FRQYRFD ODV
UHXQLRQHV (O FROHJLR PDQWLHQH XQD HVWUHFKD UHODFLµQ FRQ HO $03$ \ &RODERUDFLµQYROXQWDULDSRUSDUWHGHODVIDPLOLDVFRQHOFHQWURSLQWDUXQPXUDO
DSRUWDU VX H[SHULHQFLD SURIHVLRQDO ILHVWD GH ILQ GH FXUVR HQWUHJD GH RUODV
VREUHWRGRHQLQIDQWLO
< GHQWUR HO PLVPR 3*$ HO FHQWUR VH SURSRQH XQ ಯSODQ GH DFFLµQ WXWRULDOರ FX\R
VHJXQGRREMHWLYRVHU¯D ಯLQIRUPDUSHULµGLFDPHQWHDORVSDGUHVGHODHYROXFLµQGHVXV
/DFXUVLYDTXHDSDUHFHHQORVREMHWLYRV\DFWLYLGDGHVHVSURSLDFRQHOSURSµVLWRGHVH³DOL]DUDTXHOODV
SDODEUDVTXHFRQVLGHURVLJQLILFDWLYDVHQUHODFLµQDODWHP£WLFDTXHHVWR\DERUGDQGR
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
KLMRV GH OD RUJDQL]DFLµQ \ IXQFLRQDPLHQWR GHO FHQWURರ 3DUD HOOR $O SULQFLSLR GH
FXUVRHOFHQWUR LQIRUPD DVXDOXPQDGR\UHVSHFWLYDVIDPLOLDVGHORVREMHWLYRV\GHORV
FULWHULRVGHHYDOXDFLµQGHOSURSLRFHQWUR7ULPHVWUDOPHQWHVHUHDOL]D XQLQIRUPHGH
HYDOXDFLµQGLULJLGRDODVIDPLOLDVGRQGHVHUHFRJHORVDSUHQGL]DMHV\FRPSRUWDPLHQWRV
GHODOXPQDGR&DGDYH]TXHORVROLFLWHQODVIDPLOLDV\GHPDQHUDTXLQFHQDOSRGU£Q
UHDOL]DUPHGLDQWHSUHYLDFLWDXQDHQWUHYLVWDFRQHOSURIHVRURWXWRUFRUUHVSRQGLHQWH
(O FHQWUR GHEHU£ GH SURSLFLDU OD SDUWLFLSDFLµQ GH ODV IDPLOLDV HQ ILHVWDV DFWRV
DFDG«PLFRVಹ (VWH WLSR GH DFWLYLGDG VH UHDOL]DU£ D OR ODUJR GH WRGR HO FXUVR
DFDG«PLFR(OFHQWURDORODUJRGHOFXUVRGHEHGHGDUDFRQRFHUDORVSDGUHVODV
QRUPDV GH FRQYLYHQFLD \ PHMRUDV GHO DPELHQWH HVFRODU PHGLDQWH OD SDUWLFLSDFLµQ HQ
YDORUHV\DFWLYLGDGHVSODQWHDGDVFRQHOILQGHWUDEDMDUGHPDQHUDFRQMXQWD
2WURGHORVGRFXPHQWRVGHOFHQWURTXHUHFRJHHOWHPDGHODVIDPLOLDV\VXVDOXPQRV
HVHO3
3UR\HFWR(GXFDWLYRGH&HQWUR3(&8QDGHODVFDUDFWHU¯VWLFDVGHVWDFDEOHVGHO
HVFULWRHVTXHODVIDPLOLDVGHODHVFXHODHQVXPD\RU¯DVRQMµYHQHVFRQµKLMRV<
VRFLDOPHQWH VRQ GH FODVH PHGLD FRQ HVWDELOLGDG ODERUDO SRU SDUWH GH ORV WXWRUHV
OHJDOHV GHO QL³R SRWHQFLDQGR GH HVWD PDQHUD XQ HVW¯PXOR SRVLWLYR KDFLD OD DFWLYLGDG
HVFRODU GHQWUR GHO DPELHQWH IDPLOLDU GRQGH HO ¯QGLFH GH DEVHQWLVPR HV P¯QLPR /D
HVFXHOD GHVFULEH OD UHODFLµQ FRQ ODV IDPLOLDV FRPR EXHQD FRUGLDO UHVSHWXRVD \
FRODERUDGRUD IRPHQWDQGR OD SDUWLFLSDFLµQ GH OD FRPXQLGDG HGXFDWLYD PHGLDQWH ORV
FDQDOHV GH FRPXQLFDFLµQ TXH PDUFD OD OHJLVODFLµQ YLJHQWH (V SRU HOOR TXH OD
SDUWLFLSDFLµQGHORVGRFHQWHVIDPLOLDVDOXPQRV\DSR\RVH[WHUQRVHVW£UHJXODGDSRU
ODDFWXDOQRUPDWLYD
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
ಯ/D IDPLOLDV KDEU£Q GH FRODERUDU HVWUHFKDPHQWH \ GHEHU£Q
FRPSURPHWHUVHFRQHOWUDEDMRFRWLGLDQRGHVXVKLMRV\FRQODYLGDGHORV
FHQWURVGRFHQWHVರ3UH£PEXOR/2(
+DFLHQGRTXHODHVFXHODVHUHPLWDDORTXHHVWDEOHFHHO£PELWRVXSHULRUTXHPDUFDODV
FRPSHWHQFLDVORVGHUHFKRV\ORVGHEHUHV
7HQLHQGR SUHVHQWH ORV GRFXPHQWRV RILFLDOHV GHO FHQWUR \ ODV SRO¯WLFDV GH DFWXDFLµQ
UHVSHFWR D ODV IDPLOLDV \ VX DOXPQDGR (O 5HJODPHQWR GH 5«JLPHQ ,QWHUQR 55,
HVWDEOHFH XQRV GHUHFKRV \ XQRV GHEHUHV TXH ODV IDPLOLDV GHEHQ VHJXLU FRPR
PLHPEURVGHODFRPXQLGDGHGXFDWLYDGHODFXDOIRUPDSDUWH$OLJXDOTXHPDUFDXQDV
QRUPDVGHFRQYLYHQFLD\GHIXQFLRQDPLHQWRGHOFHQWURHGXFDWLYR
&RPRGHUHFKRVHQFRQWUDPRV$GTXLHUHQODFRQGLFLµQGHSDGUHVGHDOXPQRV
\DOXPQDVORVSDGUHVRUHSUHVHQWDQWHVOHJDOHVGHODOXPQRGHVGHHOPRPHQWR
GHODPDWULFXODFLµQGHVXKLMRUHSUHVHQWDQGRHOFHQWUR3LHUGHVXFRQGLFLµQ
HQHOPRPHQWRHQTXHVXUHSUHVHQWDGRGHMDGHVHUPLHPEURGHODFRPXQLGDG
HVFRODU ELHQ VHD SRU EDMD R SRU ILQDOL]DFLµQ GH VX HWDSD DFDG«PLFD /DV
IDPLOLDV VRQ FRQVLGHUDGDV FRPR ODV SULQFLSDOHVUHVSRQVDEOHV GH OD HGXFDFLµQ
GH VXV KLMRV KLMDV R UHSUHVHQWDGRV OHJDOHV 'LFKD IXQFLµQ OD GH HGXFDU VHU£
FRPSDUWLGD FRQ OD HVFXHOD SHUR QXQFD SRGU£ VHU VXVWLWXLGD /DV IDPLOLDV
WLHQHQ HO GHUHFKR GH UHFLELU LQIRUPDFLµQ DQWHV GH IRUPDOL]DU VREUH FX£O HV HO
3(& SDUD HOOR VH OH KDFH HQWUHJD GH XQ UHVXPHQ GHO PLVPR /DV IDPLOLDV
WLHQHQ HO GHUHFKR GH HOHJLU VL VXV KLMRV VH IRUPDQ R QR EDMR XQD HQVH³DQ]D
UHOLJLRVD VLJXLHQGR VXV FUHHQFLDV R FRQYLFFLRQHV /DV IDPLOLDV KDQ GH
GLVSRQHUGHXQD LQIRUPDFLµQSHULµGLFDVREUHVXVKLMRV<VREUHWRGRWLHQHQ
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
GHUHFKRD SDUWLFLSDUDFWLYDPHQWHFRPRLQWHJUDQWHGHODFRPXQLGDGHGXFDWLYD
HQHOIXQFLRQDPLHQWRGHOFHQWURDWUDY«VGHO$03$\&RQVHMR(VFRODU
5HVSHFWRDORV GHEHUHV6HFRPSURPHWHQDUHVSHWDUORVGHUHFKRVGHWRGRV
ORVPLHPEURVGHODFRPXQLGDGHGXFDWLYD/DVIDPLOLDVKDQGH FRODERUDUFRQ
HO FHQWUR HQ FXDQWR D OD WDUHD HGXFDWLYD GH PDQHUD TXH KD\D XQD FLHUWD
FRKHUHQFLDHQWUHORVPHQVDMHVTXHHODOXPQDGRUHFLEHHQODHVFXHOD\ORVTXH
VH OHV EULQGD GHVGH ODIDPLOLD $ YHODU SRU ODWRWDO DVLVWHQFLD GHVXV KLMRV H
KLMDV DO FHQWUR \ FRPXQLFDU VL HV HO FDVR GH ODV FRUUHVSRQGLHQWHV IDOWDV GH
DVLVWHQFLDV /DV IDPLOLDV WLHQHQ HO GHEHU LJXDO TXH HO GHUHFKR GH
HQWUHYLVWDUVHSHULµGLFDPHQWHFRQHOSURIHVRUDGRGHOFHQWUR3DUDHOORGHEHU£Q
UHVSHWDUHOKRUDULRHVWDEOHFLGR\GHFODUDGRHQHO3*$$VLVWLUDODVUHXQLRQHV
JHQHUDOHV SURJUDPDGDV SRU HO SURSLR WXWRU R WXWRUD < /DV IDPLOLDV GHEHQ
UHVSHWDU\YHODUSRUODVQRUPDVHVWDEOHFLGDVSRUHOSURSLRFHQWUR
(QFXDQWRDODV QRUPDVGHIXQFLRQDPLHQWR\FRQYLYHQFLD\FRQHOSURSµVLWRGH
FRQVHJXLUXQDPD\RUDXWRQRP¯DGHODOXPQDGRHOFHQWURVHSURSRQH
o (VWDEOHFHU XQDV QRUPDV GH IXQFLRQDPLHQWR HQ UHODFLµQ D OD HQWUDGD DO
FHQWURODVSXHUWDVVHDEULU£QDODVಬK\VHFHUUDU£QDODVಬK6LXQ
SDGUHPDGUHWXWRUOOHJDVHDO&HQWURGHVSX«VGHODVಬKDFRPSD³DU£
D VX KLMRD KDVWD OD 6HFUHWDU¯D GRQGH MXVWLILFDU£ VX UHWUDVR (Q FXDQWR DO
DOXPQDGRGH(GXFDFLµQ,QIDQWLOODVIDPLOLDVSRGU£QDFRPSD³DUDVXVKLMR
KDVWDHOSRUWµQGHODFDOOHSHUREDMRQLQJ¼QFRQFHSWR\VDOYRXQSHUPLVR
HVSHFLDODFFHGHU£QDOHGLILFLRGHOFROHJLRSDVLOORV\DXODVDFRPSD³DQGR
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
DVXVKLMRV&XDOTXLHULQIRUPDFLµQTXHODVIDPLOLDVTXLHUDQWUDQVPLWLUDODV
SURIHVRUDVVHODKDU£QOOHJDUPHGLDQWHXQHVFULWRDWUDY«VGHOJXDUGL£Q(Q
(GXFDFLµQ SULPDULD ODV IDPLOLDV GHMDU£Q D VXV KLMRV HQ OD HQWUDGD GHO
FHQWUR H[FHSWR ORV G¯DV GH OOXYLD TXH SRGU£Q DFRPSD³DUOHV FRQ ORV
SDUDJXDV KDVWD OD HQWUDGD DO SDWLR %DMR QLQJ¼Q FRQFHSWR ODV IDPLOLDV
SRGU£QKDEODUFRQORVSURIHVRUHVORVSHULRGRVGHFRPLHQ]RGHODVFODVHV
QL GXUDQWH HOODV QL DQGDU SRU ORV SDVLOORV (Q FXDQWR D OD VDOLGD GH OD
HVFXHOD (Q HO FDVR GH WHQHU TXH VDOLU HO DOXPQR DQWHV GHO FHQWUR OD
SHUVRQDUHVSRQVDEOHWHQGU£TXHGLULJLUVHDODVHFUHWDU¯DFRQ HO SURSµVLWR
GH MXVWLILFDUOR GHELGDPHQWH \ ILUPDQGR HO GRFXPHQWR GH DXVHQFLD GHO
FHQWUR \ XQD SHUVRQD GH OD HVFXHOD LU£ EXVFDUOR D VX DXOD 7DPEL«Q ODV
QRUPDV GH IXQFLRQDPLHQWR DSXQWDODQ TXH DTXHO DOXPQR TXH VH TXHGH DO
FRPHGRUQRSRGU£VDOLUGHOFHQWURGXUDQWHHVDIUDQMDKRUDULDVLQODSUHYLD
DXWRUL]DFLµQ \ UHFRJLGD GH DOJ¼Q IDPLOLDU < SRU ¼OWLPR ODV VDOLGDV GHO
FHQWURSDUDUHDOL]DUYLVLWDVSHGDJµJLFDVH[FXUVLRQHVHWF&RQWDUDQFRQOD
FRQIRUPLGDG GH OD IDPLOLD SRU HVFULWR HQ FDVR FRQWUDULR VH TXHGDU£ HQ HO
FHQWUR
o (QFXDQWRDODV QRUPDVGHFRQYLYHQFLDHOFHQWURFRQVLGHUDIXQGDPHQWDO
FRQWDU FRQ OD FRODERUDFLµQ GH ODV IDPLOLDV HQ FXDQWR D VX FXPSOLPLHQWR
SXHVHVLPSRUWDQWHTXHHQWUHWRGDODFRPXQLGDGFUHHQXQFOLPDGHWUDEDMR
IDYRUDEOH\DJUDGDEOH$V¯SXHVODV QRUPDVGHFRQYLYHQFLDHQUHODFLµQDO
DOXPQDGR VHU¯DQ D /D SXQWXDOLGDG E /DV IDOWDV GH DVLVWHQFLD GHEHU£Q
MXVWLILFDUVHVLHPSUHSRUHVFULWRHQHOPRPHQWRGHODLQFRUSRUDFLµQDODXOD
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
F 7RGD VDOLGD GHO &HQWUR GXUDQWH HO KRUDULR HVFRODU GHEH GH VHU
DXWRUL]DGD SRU HVFULWR SRU OD IDPLOLD \ FRPXQLFDGD DO WXWRU (O DOXPQR
GHEHU£ VHU UHFRJLGR SRU OD SHUVRQD DXWRUL]DGD G (O DOXPQR YHQGU£
YHVWLGRFRQHOXQLIRUPH\ELHQDVHDGRH0DQWHQGU£VLHPSUHXQDUHODFLµQ
HGXFDGD \ UHVSHWXRVD HQWUH WRGRV ORV PLHPEURV GH OD &RPXQLGDG
(GXFDWLYD I 'HEHU£ VHJXLU OD QRUPDWLYD H[LJLGD HQ FODVH SDUD SRGHU
WUDEDMDUFRQHILFDFLDJ1RSRGU£QWUDHUDSDUDWRVGHP¼VLFDLQGLYLGXDOHV
P£TXLQDVGHMXHJRQLWHO«IRQRVPµYLOHV\K6HFRQVLGHUDQIDOWDVJUDYHV
ODDSURSLDFLµQ GH OR DMHQR SURYRFDU SHOHDV \ DJUHVLRQHV GHVREHGHFHU\
IDOWDUDOUHVSHWRODIDOVLILFDFLµQGHILUPDVDV¯FRPRQRHQWUHJDUFLUFXODUHV
\FRPXQLFDFLRQHVDVXVIDPLOLDV/DV QRUPDVGHODVIDPLOLDVD/HHUODV
FLUFXODUHV \ GDU UHVSXHVWD D ODV PLVPDV E -XVWLILFDU GHELGDPHQWH SRU
HVFULWRODVIDOWDVGHDVLVWHQFLD\ODVVDOLGDVDQWLFLSDGDVGHODFODVH\ODV
SHUVRQDV TXH UHFRJHU£Q DO DOXPQR F 5HYLVDU OD DJHQGD UHJXODUPHQWH
FRQFUHWDPHQWHHQ3ULPDULDG(VWDUHQFRQWDFWRFRQORVSURIHVRUHVGHVX
KLMR H $EVWHQHUVH GH YLVLWDU D ORV DOXPQRV R PDHVWUR IXHUD GHO KRUDULR
SODQLILFDGR VLQ FDXVD MXVWLILFDGD J )DFLOLWDU WRGR WLSR GH LQIRUPDFLRQHV\
GDWRVYDORUDWLYRVGHVXVKLMRVDORVSURIHVRUHVTXHVHORSUHFLVHQHQORV
GLVWLQWRV DVSHFWRV GH VX SHUVRQDOLGDG K )DFLOLWDU D VXV KLMRV FXDQWRV
PHGLRV VHDQ SUHFLVRV SDUD OOHYDU D FDER ODV WDUHDV \ DFWLYLGDGHV TXH OH
LQGLTXHHOSURIHVRUDGRL3DUWLFLSDUYROXQWDULDPHQWHFRQORVSURIHVRUHVHQ
ODSURJUDPDFLµQGHDTXHOODVDFWLYLGDGHVSDUDODVTXHVHOHVROLFLWDD\XGD
\ M &RODERUDU HQ ODV WDUHDV HGXFDWLYDV GH VXV KLMRV YLJLODQGR \
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
FRQWURODQGR VXV DFWLYLGDGHV < SRU ¼OWLPR HO SURIHVRUDGR GHEH D
$FWXDOL]DUVH\SHUIHFFLRQDUVHHQVXSURIHVLµQE$VLVWLUFRQSXQWXDOLGDGD
ODV FODVHV \ UHXQLRQHVFRQYRFDGDV F 5HVSHWDUODSHUVRQDOLGDGGH FDGD
QL³R UHVSHW£QGROR FRPSUHQGL«QGROR \ D\XG£QGROR G 0DQWHQHU
FRQWDFWRV SHULµGLFRV \ VLVWHP£WLFRV FRQ ODV IDPLOLDV GHQWUR GHO KRUDULR
SUHYLVWRSDUDWDOILQH5HFLELUODYLVLWDGHODVIDPLOLDVFXDQGRODVROLFLWHQ
FXPSOLHQGR ORV KRUDULRV \ QRUPDV HVWDEOHFLGDV SDUD HVWH FDVR \ I
&XPSOLPHQWDUORVEROHWLQHVGHHYDOXDFLµQHQORVSHU¯RGRVHVWDEOHFLGRV
8QR GH ORV GHUHFKRV TXH WLHQHQ ODVIDPLOLDV HV VHU PLHPEUR DFWLYR \ SDUWLFLSDU HQ OD
$03$ 3HUR FµPR GHVFULEH HO FHQWUR HGXFDWLYR VXV IXQFLRQHV \ FX£OHV VHU£Q VXV
PHFDQLVPRVSDUDGLFKDSDUWLFLSDFLµQ"
/DHVFXHODFRQVLGHUDTXHODVIXQFLRQHVTXHGHEHGHVHPSH³DUOD$
$03$VRQ/OHYDU
SURSXHVWDV DO &RQVHMR (VFRODU SDUD OD HODERUDFLµQ GHO 3(& \ 3*$ ,QIRUPDU DO
FRQVHMRGH DTXHOORV DVSHFWRV GHOFHQWUR TXH FRQVLGHUHQ RSRUWXQRV ,QIRUPDU DORV
SDGUHV GH VX DFWLYLGDG 5HFLELU LQIRUPDFLµQ GHO &RQVHMR (VFRODU )RUPXODU ODV
SURSXHVWDVSDUDODUHDOL]DFLµQGHDFWLYLGDGHVFRPSOHPHQWDULDV(ODERUDUSURSXHVWDV
GHPRGLILFDFLµQGHO55,)RPHQWDUODFRODERUDFLµQHQWUHORVSDGUHV\ORVSURIHVRUHV
GHO FHQWUR SDUD HO EXHQ IXQFLRQDPLHQWR GHO PLVPR 8WLOL]DU ODV LQVWDODFLRQHV GHO
FHQWURHQORVW«UPLQRVTXHHVWDEOH]FDHOFRQVHMRHVFRODU55,
3DUDXQDGHODVPDGUHVHQWUHYLVWDGDVSDUHFHUVHUTXHODVIXQFLRQHVTXHGHEHU¯DWHQHU
OD$03$VHU¯DQDTXHOODVTXH
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
ಯHVWDU¯DQ P£V FHQWUDGDV HQ ORV QL³RV HQ FXLGDUOHV HQ HO ELHQHVWDU GH
«VWRV TXH HVW«Q D JXVWR TXH WHQJDQ XQDV EXHQDV FODVHV
H[WUDHVFRODUHVರ)&(,3$S
3DUD SRGHU OOHYDU D FDER OD SDUWLFLSDFLµQ GH OD $03$ HQ ODV DFWLYLGDGHV GHO FHQWUR
HGXFDWLYRVHU£QHFHVDULRWDO\FRPRVHHVWLSXODHQHO55,TXH«VWDHVW«VXMHWDDORV
VLJXLHQWHVPHFDQLVPRV/D$03$GHOFHQWURFRQWDU£FRQXQOXJDUSDUDSRGHUOOHYDU
DFDERVXVIXQFLRQHV\UHXQLRQHV\DWHQGHUDORVDVRFLDGRVDODVIDPLOLDVHQJHQHUDO
/D$03$DODKRUDGHSODQWHDUDFWLYLGDGHVH[WUDHVFRODUHVGHEHU£WHQHUSUHVHQWHODV
GLUHFWULFHV GHO 3(& (O DOXPQDGR SRGU£ SDUWLFLSDU GH PDQHUD YROXQWDULD VL DV¯ OR
GHVHDQ VLQ TXH HO UHFXUVR HFRQµPLFR VHD XQ LPSHGLPHQWR /DV DFWLYLGDGHV
H[WUDHVFRODUHV SODQWHDGDV SRU OD $03$ VHU£Q SUHVHQWDGDV DO HTXLSR GLUHFWLYR GHO
FHQWURDOFRPLHQ]RGHFDGDFXUVRSDUDTXH«VWHSXHGDYDORUDUVXLQWHJUDFLµQHQHO
3*$\VXSRVWHULRUSXHVWDHQPDUFKD(OFHQWURHVWDU£DELHUWRDODVVXJHUHQFLDVGH
PHMRUDTXHVHDQSURSXHVWDV\VHU£QOOHYDGDVDFDERDOHTXLSRGLUHFWLYR\DOFODXVWUR
GH SURIHVRUHV /D $03$ WHQGU£ WRWDO OLEHUWDG SDUD HVFRJHU D OD SHUVRQD TXH OD
UHSUHVHQWDU£HQHO&RQVHMR(VFRODU$ODKRUDGHIRUPDOL]DUODPDWU¯FXODODVIDPLOLDV
FRQWDU£QFRQODLQIRUPDFLµQQHFHVDULDSDUDSRGHUIRUPDUSDUWHGHOD$VRFLDFLµQ
$XQTXH FXDQGR VH SRQH HQ PDUFKDORVGLIHUHQWHV PHFDQLVPRV \ OD$03$ DFW¼D HQ
SULQFLSLR FRPR UHFRJHGRUD GH QXHYDV SURSXHVWDV \ GHP£V DSDUHFHQ ODV
GLVFUHSDQFLDV HQWUH OR TXH VH HVWDEOHFH HQ HO 55, \ OR TXH ODV YLYHQFLDV \
SHUFHSFLRQHVGHXQDPDGUHH[SHULPHQWD
ಯ1LQJXQR GH ORV GRV &HQWUR \ $03$ VH WRPDQ PXFKDV PROHVWLDV HQ
WHPDV TXH YD\DQ P£V DOO£ GH ILQDQFLDU SUR\HFWRV R PDWHULDO GHO &HQWUR
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
ODVSHWLFLRQHVGHORVVRFLRV\VRFLDVQRVHDWLHQGHQGHPDVLDGR1LQJXQR
GHORVGRVWRPDPXFKDVPROHVWLDVHQORVLQWHUHVHVGHODVIDPLOLDVಹ3RU
RWUD SDUWH HQWLHQGR TXH PXFKRV VRFLRV \ VRFLDV VµOR DFXGHQ DO $03$
FRQLQWHUHVHVSDUWLFXODUHV\QRYDQDUHXQLRQHVSDUWLFLSDQHQODILHVWDGH
DFWLYLGDGHV H[WUDHVFRODUHV GHO $03$ R HQ OD PLVPD MXQWD GLUHFWLYD (V
FRPSOLFDGR GH H[SOLFDU SHUR VL HO &HQWUR QR DEUH ODV SXHUWDV D ODV
IDPLOLDV\HVWRIRUPDSDUWHGHODSRO¯WLFDHQVXVSUR\HFWRVORVSDGUHV\
PDGUHV WDPSRFR DFXGLU£Q FXDQGR HO $03$ OHV UHFODPH SXHVWR TXH HV
I£FLODVRFLDU$03$\&HQWURFRPRDOJRLQGLYLVLEOHGHEHU¯DVHUDV¯ರ)
&(,3$SELV
(Q GHILQLWLYD WHQLHQGR HQ FXHQWD ORV GLIHUHQWHV GRFXPHQWRV RILFLDOHV \ OD QRUPDWLYD
YLJHQWHSDUHFHVHUTXHODVUHODFLRQHVTXHVHHVWDEOHFHQHQWUHODVIDPLOLDV\ODHVFXHOD
HVW£QEDVDGDVSU£FWLFDPHQWHHQODWUDQVPLVLµQGHLQIRUPDFLµQY¯DUHXQLRQHVLQLFLDOHV
GH OD HVFXHOD FRQ ODV IDPLOLDV ODV HQWUHYLVWDV FRQ HO SURIHVRUDGR ODV FLUFXODUHV \
SXQWXDOPHQWH \ FXDQGR OD RFDVLµQ OR UHTXLHUH HQ OD SDUWLFLSDFLµQ ಯYROXQWDULDರ GH ODV
IDPLOLDV HQ OD RUJDQL]DFLµQ GH HYHQWRV \ IHVWLYDOHV FRPR UHFRJHQ WDPEL«Q /µSH] ದ
%DUDMDV&RVWD\3D\QH
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
'( /26 '2&80(1726 $ /$ 35ƒ&7,&$ /$6 0,5$'$6 '( /26
3527$*21,67$6
(QHVWHDSDUWDGRUHFXSHUR\UHFRQVWUX\RDSDUWLUGHODVHQWUHYLVWDV\HODQ£OLVLVGHODV
PLVPDVODVPLUDGDVODVH[SHULHQFLDVODVYLYHQFLDVHQGHILQLWLYDODSURSLDYR]GHORV
SURWDJRQLVWDVFRODERUDGRUHVGHHVWHHVWXGLR
$OJXQRV ODV UHODFLRQHV TXH VH HVWDEOHFHQ HQWUH OD HVFXHOD \ OD IDPLOLD OD SHUFLEHQ
FRPR EXHQDV FRUGLDOHV \ IOXLGDV RWURV VLQ HPEDUJR ODV FRQFLEHQ HQ EDVH D XQ
SUREOHPD HV GHFLU FXDQGR QR IXQFLRQD FRPR GHEHU¯D GH IXQFLRQDU R FRPR VH
GHVHDU¯D TXH IXQFLRQDUD (VWRV SRVLFLRQDPLHQWRV VH SXHGHQ YLVOXPEUDU HQ ODV
VLJXLHQWHVH[SHULHQFLDVGHXQPLHPEURGHODIDPLOLDGHXQGRFHQWH\XQH[SHUWR
3DUDXQPLHPEURGHIDPLOLD\HOGRFHQWHODUHODFLµQTXHH[LVWHHV
ಯ8QD UHODFLµQ IOXLGD HQ HO VHQWLGR GH TXH WLHQHQ EDVWDQWH ELHQ PRQWDGR
WRGR OR TXH VRQ UHXQLRQHV LQLFLDOHV LQIRUPDWLYDV GH FXUVR SRU QLYHOHVಹ
ಹಹ VH SUHVHQWDQ ORVWXWRUHV D ORV SDGUHV XQSRFR SDUD H[SOLFDUOHV OR
TXHSUHWHQGHQVXHOHQVHUWDPEL«QXQDSHWLFLµQGHD\XGDDODIDPLOLDSDUD
TXH VH LPSOLTXHQ HQ WRGR GHVGH OD SXQWXDOLGDG OD OLPSLH]D GHO QL³R OD
KLJLHQHಹ ಹ OD UHODFLµQ P£V XVXDO HV Y¯D FLUFXODUHV ಹ QXQFD KD
IDOWDGR LQIRUPDFLµQ /XHJR HVW£Q ORV DFWRV W¯SLFRV HQ ODV IHFKDV
VH³DODGDV GH 1DYLGDG HWF«WHUD FDUD DO S¼EOLFR ಹ OXHJR HVW£ OD
REOLJDFLµQGHODVUHXQLRQHVGHWXWRU¯DPHQVXDOHVರ)&(,3$S
ಯ7HQJR EXHQD UHODFLµQ FRQ ODV IDPLOLDV 0L UHODFLµQ HV GH FRUGLDOLGDGರ
'&(,3$S
3DUDDPSOLDUP£VPLUDGDVH[SHULHQFLDVYHUDQH[R
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
/D SHUVRQD H[SHUWD SRQH HQ «QIDVLV OD H[LVWHQFLD GH GLIHUHQWHV WLSRV GH
UHODFLRQHV
ಯಹKD\FRPRYDULDVWLSRORJ¯DVQRSRGHPRVGHFLUTXHVHDXQDVROD<R
FUHRTXHODSULQFLSDOGHVJUDFLDGDPHQWHGHODTXHVHHVW£KDEODQGRHVOD
QHJDWLYD (V OD UHODFLµQ HQ EDVH D SUREOHPDV ಹ QR HVWDPRV
HQWHQGLHQGR QLQJXQR TX« HV HVR GH OD SDUWLFLSDFLµQ \ SDUD TX« VLUYH
SXHV OR ¼QLFR HV DFXGLU FXDQGR HO SUREOHPD VH GD ಹ UHODFLRQHV HQ
EDVH D EDMRV UHQGLPLHQWRV DFDG«PLFRV R HQ EDVH D SUREOHPDV GH
FRQGXFWDVGHFRPSRUWDPLHQWRV(&(,3$S
ಯ(VW£P£VTXHFRPSUREDGRTXHODVEXHQDVUHODFLRQHVHQWUHXQRV\RWURV
HQ SRVLWLYR VH WLHQHQ TXH FRQVWUXLU FRPSDUWLHQGR HTX¯YRFRV
FRPSDUWLHQGRGLILFXOWDGHVFRPSDUWLHQGRREVW£FXORVQDGLHVHFUHHFRQOD
SRVHVLµQ GH OD YHUGDG +D\ TXH FRQVWUXLU HQ EDVH D OR TXH HVWDPRV
YLYLHQGR 7RGR OR GHP£V FDVXDOPHQWH SDUHFH PDJLD HPSLH]D D
PHMRUDUVH \ VµOR KD VLGR XQ FDPELR GH DFWLWXG TXH VH KD WHQLGRರ (
&(,3$S
0£VDOO£GHFRQRFHU\GHVFULELUHOWLSRGHUHODFLRQHVTXHVHHVWDEOHFHHQWUHDPEDVORV
DFWRUHV SDUWLFLSHV GH HVWH FDVR VH³DODURQ XQD VHULH GH HVWUDWHJLDV PHFDQLVPRV \
W«FQLFDV TXH SRQ¯D HQPDUFKD HOFHQWUR HGXFDWLYRSDUDUHODFLRQDUVH FRQODVIDPLOLDV
8QRV SXVLHURQ VX PLUDGD HQ OD $03$ FRPR DVRFLDFLµQ HQFDUJDGD GH RUJDQL]DU \
JHVWLRQDU ODV DFWLYLGDGHV H[WUDHVFRODUHV GDQ]D WDHNZRQGR LQJO«V I¼WERO VDOD
LQIRUP£WLFDSU£FWLFDVDUW¯VWLFDVEDORQFHVWRSVLFRPRWULFLGDGTXHVHUHDOL]DQGHQWUR\
IXHUDGHOFHQWUR\SURSRUFLRQDXQVHUYLFLRGHSHUPDQHQFLDGHಬDKDFRJLHQGRDO
DOXPQDGR TXH QHFHVLWD XQD DWHQFLµQ SRU HO KRUDULR ODERUDO GH VXV IDPLOLDV FRPR
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
UHVSXHVWD D OD GHPDQGD GH ODV IDPLOLDV \ FRPR PHGLR GH SDUWLFLSDFLµQ 7DO \ FRPR
HMHPSOLILFDQXQPLHPEURGHXQDIDPLOLD\XQGRFHQWHGHO&(,37HQHULIH
ಯಹ $03$6 WLHQHQ DGHP£V WRGR XQ SURJUDPD GH DFWLYLGDGHV
FRPSOHPHQWDULDVTXHYDQGHVGHODSHUPDQHQFLDDQWHVGHTXHFRPLHQFH
HO FROHJLR SRU OD PD³DQD \ FXDQGR VH DFDED SRU OD WDUGH OXHJR Y¯D
FRPHGRU DFWLYLGDGHV FRPSOHPHQWDULDV ಹ KD\ XQD VHULH GH SDGUHV
LQYROXFUDGRVTXHVRQORVTXHOOHYDQWRGRHVRTXHGDQFDUDDWRGRHVWDಹ
ODUHODFLµQFRQODMXQWDGLUHFWLYD\FRQHOUHVWRWLHQHTXHVHUFRQWLQXDVL
QRQRIXQFLRQDU¯Dರ)&(,3$S
ಯ/D SDUWLFLSDFLµQ GH OD HVFXHOD \R FUHR TXH HV OR TXH HV DV¯ D QLYHO
LQVWLWXFLRQDO HVW£ HQFDX]DGD SRU HO $03$ 'HVSX«V DTX¯ HQ HO FROHJLR
KD\ DFWLYLGDGHV TXH VRQ 1DYLGDG G¯D GH &DQDULDV \ PXFKRV SDGUHV
YLHQHQ FRODERUDQ SDUWLFLSDQ HQ FRQFXUVRV SDUWLFLSDQ HQ OD HODERUDFLµQ
GHORVWUDMHVGHVXVKLMRVಹ6RQDFWLYLGDGHVH[WUDHVFRODUHVHQODVTXH\R
HQWLHQGR TXH ORV SDGUHV SRGU¯DQ SDUWLFLSDU \ GH KHFKR SDUWLFLSDQರ '
&(,3$S
8QDPLUDGDP£VFU¯WLFDHQUHODFLµQDOD$03$ODUHDOL]DXQDPDGUHTXHFRQVLGHUDTXH
GLFKD DVRFLDFLµQ QR DWLHQGH D ODV VLWXDFLRQHV SHUVRQDOHV GH FLHUWDV IDPLOLDV
IDYRUHFLHQGRDV¯DXQDWLSRORJ¯DGHDOXPQDGR\GLVFULPLQDQGRDRWUD5HPDUFDQGROD
LGHDGHTXHDOJXQRVVRFLRVDFXGHQDOD$03$ FRQFLHUWRVLQWHUHVHVSDUWLFXODUHVVLQ
SDUWLFLSDU\FRODERUDUHQODVWDUHDV\IXQFLRQHVTXHGHEHGHVHPSH³DUODPLVPD
ಯ$XQTXH VRPRV SRFRV HQ OD GLUHFWLYD GHO $03$ KD\ XQ VHFWRU
PD\RULWDULRTXHDWLHQGHDIDYRUHFHUDXQRVQL³RVRQL³DVGLVFULPLQDQGRDO
UHVWR<RFUHRTXHVHGHEHWHQHUHQFXHQWDODVVLWXDFLRQHVSHUVRQDOHVGH
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
FDGDXQRSDUDTXHSXHGDQDSURYHFKDUGHOPLVPRPRGRORVVHUYLFLRVTXH
RIUHFH OD $VRFLDFLµQ /D $03$ HV HO HVSDFLR SRU HO TXH GH PDQHUD
RUJDQL]DGD \ FROHFWLYD ODV IDPLOLDV SXHGHQ YHUVH UHSUHVHQWDGDV HQ HO
FHQWURWDPEL«QVXVDSRUWDFLRQHVVXVH[SHULHQFLDVVXVSDUWLFXODULGDGHV
GHLJXDOPRGRVXFHGHFRQHOSURIHVRUDGR\HODOXPQDGR/D$03$GHEH
VHUXQQH[RGHXQLµQSHURQRXQLQWHUPHGLDULRಹ1LFHQWURQL$03$
VH WRPDQ PXFKDV PROHVWLDV HQ WHPDV TXH YD\DQ P£V DOO£ GH ILQDQFLDU
SUR\HFWRVRPDWHULDOGHOFHQWURಹRHQORVLQWHUHVHVGHODVIDPLOLDV3RU
RWUD SDUWH HQWLHQGR TXH PXFKRV VRFLRV VµOR DFXGHQ D OD $03$ FRQ
LQWHUHVHV SDUWLFXODUHV \ QR YDQ D UHXQLRQHV SDUWLFLSDQ HQ OD ILHVWD GH
DFWLYLGDGHV H[WUDHVFRODUHV R HQ OD PLVPD MXQWD GLUHFWLYDರ ) &(,3 $
SSದELV
2WURV RWRUJDURQ P£V LPSRUWDQFLD SRU XQ ODGR D OD LQIRUPDFLµQ HVFULWD PHGLDQWH
FLUFXODUHV \ OD DJHQGD HVFRODU \ SRU HO RWUR OD FRPXQLFDFLµQ YHUEDO D SDUWLU GH ORV
HQFXHQWURVIRUPDOHV ODV UHXQLRQHVGH LQLFLR GHFXUVR GRQGHVH H[SOLFDQ ODV QRUPDV
GHFRQYLYHQFLD\IXQFLRQDPLHQWRORVFRQWHQLGRVGHOFXUVRHVFRODU\REMHWLYRVGHOFLFOR
\GHOFXUVR\HQWUHYLVWDVHQWUHGRFHQWHV\IDPLOLDVSRQLHQGRODPLUDGDHQHOGHVDUUROOR
DFDG«PLFR\HQHOFRPSRUWDPLHQWRGHODOXPQDGROOHY£QGRVHDFDERFDGDG¯DVODV
OODPDGDVWHOHIµQLFDVVLVHWUDWDUDGHXQWHPDGHJUDYHGDGRXUJHQWH(VWDEOHFLHQGR
DV¯FRPR\DDQXQFLDED&RVWDXQDO¯QHDಯGLYLVRULDರHQWUHORVHVSDFLRVIRUPDOHV
\ORVHVSDFLRVLQIRUPDOHVTXHVHFUHDQHQODVUHODFLRQHV\SDVDQGRGHOFRQRFLPLHQWR
PXWXRDOUHFRQRFLPLHQWRGHLPSOLFDFLµQPXWXDHQWUHIDPLOLD\HVFXHOD
0HGLDQWHODF
FRPXQLFDFLµQYHUEDOHQFRQWUDPRVODOOODPDGDWHOHIµQLFD7DO\FRPRQDUUD
XQSDGUHGHODHVFXHOD
3DUDDPSOLDUYRFHV\PLUDGDVYHUDQH[R
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
ಯ3RU WHO«IRQR VL VXUJH DOJR OR SULPHUR TXH VH KDFH HV OODPDU DO SDGUH
SDUDFXDOTXLHUFRVDಹ7HOODPDQSRUHMHPSORSDUDTXHYHQJDVPD³DQD
SRUTXHKDSDVDGRDOJRHQHODXODGHOQL³R\WLHQHVTXHYHQLUSRUKRSRU
E6HJ¼QHOSUREOHPDTXHVHDOODPDQDOSDGUHRDORVSDGUHVVHJ¼QHO
SUREOHPDTXHVXUMDರ)&(,3$SELV
(OH
HQFXHQWURTXLQFHQDOHQIRUPDGHHQWUHYLVWDHQWUHGRFHQWHV\IDPLOLDFRPRVH³DODQ
HOSHUVRQDOQRGRFHQWHGHOFHQWUR\XQDPDHVWUD
ಯ(OFROHJLRWLHQHXQG¯DGHYLVLWDHVWDEOHFLGRORVPDUWHVSRUODWDUGHFDGD
G¯DV0£VRPHQRVKD\XQFRQWDFWRVLHPSUHFRQWLQXRರ1'&(,3$
SSದ
ಯ&DGDG¯DVWHQHPRVYLVLWDVGHSDGUHVGRQGHORVSDGUHVYLHQHQSRUVL
WLHQHQHOORVDOJ¼QSUREOHPDTXHSODQWHDUQRVHQUHODFLµQFRQVXVKLMRVR
ORV SRGHPRV WDPEL«Qಹ HOORV OODPDQ SRU WHO«IRQR SDUD SHGLU FLWDರ '
&(,3$SS
/DLLQIRUPDFLµQHVFULWDFRPRH[SRQHXQGRFHQWH
ಯ(OSULQFLSDOPHGLRHVHOHVFULWRಹVHOHVLQIRUPDQGHORVREMHWLYRVTXH
WLHQHHQODFODVHFµPRVHYDDWUDEDMDUTX«FRQWHQLGRVVHYDQDWUDEDMDU
VHOHVSLGHFRODERUDFLµQTXHORVQL³RVYDQDOOHYDUWDUHDVVREUHWRGRORV
JUDQGHV TXH FRODERUHQHQ ODV FDVDV ಹ 6L HV XQD FRVD XUJHQWH SXHV
WDPEL«QHVWDPRVDELHUWRVDTXHYHQJDQHQFXDOTXLHUPRPHQWRVLHPSUH\
FXDQGRQRVRWURVWHQJDPRVXQPRPHQWLWRರ'&(,3$SS
( LQFOXVR HO FRQWDFWR GLUHFWR HO G¯D D G¯D SDUD H[SUHVDU LQTXLHWXGHV FRPSDUWLU
H[SHULHQFLDVಹ
ಯ7HQHPRV OD GLDULD TXH QRV YHPRV WRGRV ORV G¯DV ಹ $ YHFHV YLHQHQ
FXDQGRVHOHVGDQODVQRWDVಹFXDQGRKDFHPRVVLHPSUHIHVWLYDOHVSDUD
1DYLGDGಹHOG¯DGH&DQDULDVTXHKDFHPRVXQDURPHU¯DDOUHGHGRUGHO
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
FROHJLR GRQGH SDUWLFLSDQ QL³RV SDGUHV SURIHVRUHV DEXHORV \ WRGRV ORV
TXHTXLHUDQYHQLUಹ7HQHPRVHOIHVWLYDOGHILQGHFXUVR<ODHQWUHJD
GHRUODVWDPEL«QTXHVLHPSUHHQWUHJDPRVXQDRUODDORVGHD³RVSRUHO
SDVRD3ULPDULD\GHVSX«VWHQHPRVDORVGH|TXHVHYDQDOLQVWLWXWRರ
'&(,3$SSದ
&HQWU£QGRPHP£VHQHOWLSRGHUHODFLRQHVIRUPDOHVHLQIRUPDOHVORVSURWDJRQLVWDVGH
HVWHHVWXGLRGHFDVRGHVWDFDQTXHODVSULPHUDVVRQDTXHOODVTXHPDUFDQODQRUPDWLYD
YLJHQWH R ODV TXH HO FROHJLR HVWDEOHFH FRPR WDOHV SDUD PDQWHQHU FRQWDFWR FRQ ODV
IDPLOLDV FLUFXODUHV UHXQLRQHV HQWUHYLVWDV 6LQ HPEDUJR ODV LQIRUPDOHV YDQ P£V DOO£
GHODPHUDWUDQVPLVLµQGHLQIRUPDFLµQVREUHODHVFXHODHOUHQGLPLHQWRGHODOXPQDGR
VLQR TXH LQWHQWDQ ಯDSUR[LPDUರ D ODV IDPLOLDV DO FHQWUR UHFODPDQGR VX D\XGD HQ OD
HODERUDFLµQ \ ILQDOL]DFLµQ GH FLHUWDV DFWLYLGDGHV WDOHV FRPR WDOOHUHV IHVWLYDOHV H
LQFOXVRHQODFRQVHFXFLµQGHDOJ¼QREMHWLYR
'HVGHH
HVSDFLRVLQIRUPDOHV
ಯ6HKDF¯DQWDOOHUHVGHSDGUHVಹ,JXDOTXHORGHODHVFXHODGHSDGUHV
VHKL]RXQDYH]\\DQRVHKDYXHOWRDKDFHU(OSULPHUWDOOHUTXHKLFLPRV
IXH SRU HO G¯D GHO OLEUR ಹ WXYLPRV TXH LU ODV PDGUHV D SLQWDU ORV
GHFRUDGRVGHOSDVLOORDSLQWDUORVPXUDOHVಹHVWXYRPX\ELHQಹ2WUR
IXH HO G¯D GH &DQDULDV TXH VH FHOHEUD HO GH 0D\R SXHV KLFLPRV OR
PLVPRODVEDQGHUDVSUHSDUDPRVFHVWDVGHIUXWDVFHVWDFRQSDQಹ+D\
XQD IDOWD GH UHODFLRQHV LQIRUPDOHV GH HVSDFLRV GH HQFXHQWURV
LQIRUPDOHVರ)&(,3$S
ಯ/DVLQIRUPDOHVVRQODVTXHSRUHMHPSORVHSUHRFXSDHO$3$RHOFROHJLR
SDUDEXVFDUDOJRSDUDTXHVXUMDರ)&(,3$S
(QUHODFLµQDH
HVSDFLRVIRUPDOHV
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
ಯ/DVIRUPDOHVVRQP£VRPHQRVODVTXHWHREOLJDOD&RQVHMHU¯DQR"/DV
TXH WLHQHV TXH PDUFDU XQDV SDXWDV \ KDFHU XQD HVWUXFWXUD GHO FXUVRರ
)&(,3$S
7HQLHQGRHQFXHQWDD
DPERVHVSDFLRVGHUHODFLRQHV
ಯ/DVIRUPDOHVVRQODVTXHPDQWHQHPRVHQFXPSOLPLHQWRGHODQRUPDWLYDTXHWH
GLFHTXHWLHQHVTXHSURSRQHURTX«KRUDVDODVHPDQDWLHQHVSDUDUHXQLUWHFRQ
ORV SDGUHV /RV SDGUHV SLGHQ FLWD VH PLUDQ WX OLEUR GH YLVLWDV HVH G¯D /DV
LQIRUPDOHVHOHQFXHQWURSRUODPD³DQDWRPDQGRFDI« HVWDPRVHQHOEDU\VH
VLHQWDHOSDGUHDOODGRಹ\KDEODPRV\WDOHVRVHU¯DLQIRUPDOರ'&(,3$S
ELV
ಯಹ D YHFHV KHPRV KHFKR ILHVWDV HQ HO FROHJLR HQ 1DYLGDG HQ OD HQWUHJD GH
RUODDKRUDKDFHPRVHOG¯DGH6DQWD&HFLOLDSHURSRUDKRUDQRWUDHPRVDORV
SDGUHV SRUTXH OOHYD PXFKR O¯R OR KDFHPRV D QLYHO FROHJLR VµOR (Q HO '¯D GH
&DQDULDV ORV SDGUHV SXHGHQ YHQLU ಹ &RPR IRUPDOHV ODV FLUFXODUHV SDUD
DQXQFLDU DOJR UHXQLRQHV YDFDFLRQHV HWF«WHUD ( LQIRUPDOHV ORV
FRPXQLFDGRV D WUDY«V GH OD DJHQGD HVFRODU R QRWDV SDUWLFXODUHVರ '
&(,3$S
(Q ODV HQWUHYLVWDV \ FRQYHUVDFLRQHV PDQWHQLGDV WDQWR IDPLOLD FRPR HVFXHOD KLFLHURQ
KLQFDSL« HQ ODV QRUPDV GH FRQYLYHQFLD \ IXQFLRQDPLHQWR GHO FHQWUR UHFRJLGDV HQ HO
55, \ H[SOLFDGDV HQ O¯QHDV DQWHULRUHV FRQFUHWDPHQWH HQ OD ಯSRVLEOHರ HQWUDGD GH ODV
IDPLOLDVHQHOFHQWURHGXFDWLYR\HQODVDXODV'RQGHIDPLOLDV\SHUVRQDOGHODHVFXHOD
UHLWHUDQODಯLPSRVLELOLGDGರGHODHQWUDGDDODHVFXHODWDO\FRPRSXGHREVHUYDUGXUDQWH
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
PL HVWDQFLD HQ HO FHQWUR SDUD QR LQWHUIHULU HQ ODV DFWLYLGDGHV HVWDEOHFLGDV \ HQ OD
GLQ£PLFDGHOPLVPR
ಯ(Q FXDQWR D OD HQWUDGD DO DXOD 4XH \R VHSD QXQFD VH KD KHFKR ಹ
0£V TXH SHQVDU HQ LU DOO¯ SUHVHQFLDOPHQWH OR TXH VH SXHGH HQWHQGHU
FRPR LU D ILVFDOL]DU R MX]JDU QR OR V« ಹ QR FUHR TXH HVW« HVFULWR HQ
QLQJ¼QODGRSHURVHU¯DPX\GLI¯FLO)&(,3$SSದ
/DVSXHUWDVVHFLHUUDQHQKRUDULRVPX\SUHFLVRVKD\TXHVHUPX\SXQWXDO
SRUTXHODVYHUMDVGHDIXHUDTXHURGHDDOUHFLQWRVHFLHUUDQQRSXHGHVHU
DTXHOOR XQD UDPEOD GH SDVHR GRQGH VH HQWUD SHUPDQHQWH \R HQWLHQGR
TXHWLHQHTXHVHUDV¯(QWRQFHVFXDQGRXQSDGUHHQWUDWLHQHTXHGHFLUOH
D VHJXULWDV ಯYHQJR DO FHQWUR SDUD UHFRJHUOR ELHQ SRUTXH WHQJR XQD
FRQVXOWD P«GLFD R OR TXH IXHUD R ELHQ YHQJR D VHFUHWDULD SDUD KDFHU
DOJRರ)&(,3$S
ಯ/RVSDGUHVFXDQGRUHFRJHPRVDQXHVWURVKLMRVQXQFDQLDOGHMDUORVQL
DOUHFRJHUORVQXQFDSRGHPRVHQWUDUHQHOFHQWURರ)&(,3$S
ಯ$O DXOD HQ ORV G¯DV QRUPDOHV QR SXHGHQ LU SXHV LPDJ¯QDWH HO MDOHR GH
HQWUDUORVSDGUHVHQFXDOTXLHUVLWLR/RVSDGUHVVLTXLHUHQVDEHUDOJRYDQ
D VHFUHWDULD HQ VHFUHWDULD VH OHV LQIRUPD \ VL TXLHUHQ KDEODU WLHQHQ ORV
G¯DVGHWHUPLQDGRV'&(,3$S
$XQTXHHQ RFDVLRQHV \ EDMR H[FHSFLµQ ODV IDPLOLDV SXHGHQ HQWUDU \ SDUWLFLSDU HQ OD
HVFXHODFXDQGRODVDXODVHVW£QYDF¯DVHQ«SRFDVGHIHVWLYDOHVRFXDQGRVHUHTXLHUH
ODSUHVHQFLDGHODIDPLOLDSRUSDUWHGHOSURIHVRUDGR
ಯ1R1RORVSDGUHVQRSXHGHQHQWUDUDODXODVLWHUHILHUHDODVKRUDVGH
FODVH3XHGHQHQWUDUFXDQGRQRHVW«QVXVKLMRVSDUDODYLVLWDGHSDGUHV
HVFXDQGROR¼QLFR<SXHGHQHQWUDUDSDUWLFLSDUHQDTXHOODVDFWLYLGDGHV
TXH RUJDQL]D HO FHQWUR TXH VRQ DFWLYLGDGHV FRPSOHPHQWDULDV TXH VRQ
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
ILHVWDVREUDVGHWHDWURRFXDOTXLHURWUDDFWLYLGDGSHURTXHQRVHDHQHO
DXOD $ QR VHU TXH HQ HO DXOD VH RUJDQLFH SRU HMHPSOR SRU XQ G¯D GH
ILHVWD ಹ $ OD KRUD GH HQWUDU VXHOHQ SHGLU SHUPLVR 1XQFD DFFHGHQ
H[FHSWR DOJ¼Q FDVR $OJXQRV GLFHQ ಯc$K /OHYR D OD QL³D SDUD FODVHರ
ಯ0LUHQRSHUGRQHODQL³DODOOHYR\RXVWHGWLHQHTXHILUPDUXQSDSHOHQ
VHFUHWDULDರ ಹWLHQHQ TXH ILUPDU XQD DXWRUL]DFLµQ HQ VHFUHWDULD GH TXH
VHORVOOHYDQRORVWUDHQWDUGH'&(,3$SS
ಯಹODQRUPDHVTXHORVSDGUHVHQWUHJXHQORVQL³RVDORVSURIHVRUHVDOD
HQWUDGD GHO FROHJLR \ GHVSX«V ORV UHFRMDQ D OD VDOLGD 3HUR QR WLHQHQ OD
SRVLELOLGDG GH HQWUDU SRU ODV FODVHV \ YHU OR TXH KDFHQ VXV KLMRV \ WDOರ
'&(,3$S
/DQRWDGLVFRUGDQWHHQUHODFLµQDORH[SXHVWRKDVWDDKRUDODHQFRQWUDPRVHQSDODEUDV
GHXQDPDHVWUDTXHDILUPD
ಯ(O FROHJLR OR WHQJR DELHUWR DO SXHEOR HV GHO SXHEOR QR HV P¯Rರ '
&(,3$S
3HURFµPRSXHGHHVWDUDELHUWRODHVFXHODDOSXHEORVL«VWHQRSXHGHHQWUDUVHJ¼Q
ODVQRUPDVGHFRQYLYHQFLD\GHIXQFLRQDPLHQWRGHOFHQWUR"6RODPHQWHHVWDU¯DDELHUWR
EDMRSUHYLDDXWRUL]DFLµQGHOFHQWUR\ODMXVWLILFDFLµQGHOSXHEORSDUDTXHUHUDFFHGHUDO
PLVPRMRUQDGDVIHVWLYDOHVFDPSHRQDWRVGHSRUWLYRVHWF
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
&2/$%25$&,•1ದ3$57,&,3$&,•1,03/,&$&,•1
(Q FXDQWR DO WHPD GH OD FRODERUDFLµQ \ OD SDUWLFLSDFLµQ VRQ HQWHQGLGDV GHVGH
GLIHUHQWHV µSWLFDV FRPR PDQHUDV GH D\XGDU GH WUDEDMDU GH PDQHUD DFWLYD GH
LPSOLFDUVH HQ HO FHQWUR SDUD VX FRUUHFWD PDUFKD GH RUJDQL]DFLµQ GH DFWLYLGDGHV /D
FRODERUDFLµQHQWUHIDPLOLD\HVFXHODSRGU¯DFRQVLGHUDUVHFRPRXQPHGLRSDUDFRQRFHU
\D\XGDUPHMRUDVXDOXPQDGR%DV\3«UH]GH*X]P£Q
/DSDUWLFLSDFLµQVHSXHGHGDUHQWUHPDHVWUD\PDGUHDWUDY«VGHOD$03$GHPDQHUD
IRUPDO\RLQIRUPDOFRQHOSURSµVLWRGHFRQVHJXLUXQREMHWLYRFRP¼Q
ಯ+D\ PXFKDV PDQHUDV GH SDUWLFLSDU SXHGH VHU GH PDQHUD LQGLYLGXDO R
FROHFWLYDOD$03$'HPDQHUDLQVWLWXFLRQDOL]DGDWXWRU¯DVRGHPDQHUD
YROXQWDULD ಹ 3DUWLFLSDU HQ OD RUJDQL]DFLµQ GHO FHQWUR DXOD HQ HO
DSUHQGL]DMHGHORVQL³RV\QL³DVSRUHMHPSORHQFDVDKDFLHQGRODWDUHDR
HQ DFWLYLGDGHV FRPSOHPHQWDULDV GHO FHQWUR R GHO DXOD ಹ /D
SDUWLFLSDFLµQ HV HO FRPSURPLVR GH YDULDV SDUWHV SRU XQ REMHWLYR FRP¼Q
(QHVWHFDVRODVSDUWHVVHU¯DODFRPXQLGDG\HOREMHWLYRHGXFDUDQL³RV\
QL³DVSDUDODYLGDDXWµQRPDHQODVRFLHGDG)&(,3$SELVರ
&RODERUDFLµQFRPRVLQµQLPRGHD\XGDSDUDVDFDUDGHODQWHXQSUR\HFWR
ಯ$\XGDU HQ OR TXH VH SXHGD +H LQWHQWDGR FRODERUDU VLHPSUH TXH KD
KDELGRHOHFFLRQHVHQHO&RQVHMR(VFRODUFXDQGRKDKDELGRIHVWLYDOHVRಹ
VLHPSUHLQWHQWRFRODERUDUFRPRPDGUH\FRPRSHUVRQDOGHDTX¯&XDQGR
KDFHPRV OD URPHU¯D \R LQWHQWR FRODERUDU KDFHPRV FDUUR]DV KDFHPRV
WRGR &RODERUDQ P£V ELHQ ORV TXH HVW£Q GHQWUR GHO $03$ &XDQGR KD\
TXHGHFRUDUHOFHQWUR\GHP£VHQ1DYLGDGHVVRQODVSHUVRQDVTXHHVW£Q
HQHO$03$ODVTXHVHHQFDUJDQGHGHFRUDU\GHSDUWLFLSDUರ1'&(,3
$S
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
ಯಹVXHOHQFRODERUDUFXDQGRVHOHVSLGHFRODERUDFLµQHQDOJ¼QFRQFXUVR
GH SRVWUHV VREUH WRGR GH OD ILHVWD GH &DQDULDV GH YHQLU D ODV
FHOHEUDFLRQHV TXH KDFHQ HQ HO WHDWUR HQ ODV TXH SDUWLFLSDQ VXV KLMRVರ
'&(,3$S
(QUHVXPHQ D ODV GLIHUHQWHVPLUDGDVGH ORV SURWDJRQLVWDVGH HVWHHVWXGLRGH FDVR
VH SRGU¯D GHVWDFDU TXH ODV IDPLOLDV SXHGHQ SDUWLFLSDU HQ HO FHQWUR D SDUWLU GH
DFWLYLGDGHV O¼GLFDV \ FXOWXUDOHV FRODERUDQGR HQ OD RUJDQL]DFLµQ \R SUHVHQFLD GH ORV
G¯DVGHILHVWDIHVWLYDOGH1DYLGDGRILQDOGHFXUVRHOG¯DGH&DQDULDV\VXURPHU¯Dಹ
HQ ORV FRQFXUVRV \ HQWUHJD GH RUODV \ FHUWLILFDGRV (Q GHILQLWLYD HQ DFWLYLGDGHV
FRPSOHPHQWDULDVSHURQRHQHODXODVLQOOHJDUDSDUWLFLSDUFRODERUDUHLPSOLFDUVHHQ
DFWLYLGDGHVDFDG«PLFDV\SHGDJµJLFDV\DTXHODHQWUDGDDODXODVLQSUHYLRDYLVRVLQ
SHUPLVR VLQFRQVHQWLPLHQWR \ DXWRUL]DFLµQ QR HV YLDEOH 7RGR GHVHR \HVSHUDQ]DGH
SRGHU \ TXHUHU HQWUDU ODV IDPLOLDV HQ OD HVFXHOD TXHGD WUXQFDGRV SRU OD SRO¯WLFD GH
FHQWURHVWDEOHFLGR
/$6)257$/(=$6'(/$65(/$&,21(6
/RV VXMHWRV SDUW¯FLSHV HQ HVWH HVWXGLR GH FDVR VH³DODQ FRPR IRUWDOH]DV HQ ODV
UHODFLRQHV IDPLOLD ದ HVFXHOD HO EXHQ DPELHQWH TXH VH HVWDEOHFH HQWUH DPEDV /D
EXHQD RUJDQL]DFLµQ TXH H[LVWH HQ HO FHQWUR D SDUWLU GH DFWLYLGDGHV FXOWXUDOHV \
FRPSOHPHQWDULDV\ORVVHUYLFLRVTXHRIUHFH8QDIDPLOLDHQWUHYLVWDGDFRQVLGHUDTXHOOD
HGXFDFLµQDWUDY«VGHOUHVSHWR\ODGLVFLSOLQDHVXQSLODUHVHQFLDOSDUDTXHVHG«HVD
3DUDDPSOLDUP£VPLUDGDVH[SHULHQFLDVYHUDQH[R
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
IRUWDOH]D LGHD TXH DSR\D XQ GRFHQWH FXDQGR GLFH TXH KD\ HV QHFHVDULR PDQR
L]TXLHUGDGHVGHHOUHVSHWRSDUDIRUWDOHFHUODVUHODFLRQHV\ODGLVSRVLFLµQGHFRODERUDU
HQFDVDFRPRSRUHMHPSORHQK£ELWRVGHHVWXGLRVGHEHUHVHWF
ಯ(O SXQWR IXHUWH OD HGXFDFLµQ 3XQWR IXHUWH SRUTXH HQ OD HGXFDFLµQ HO
UHVSHWR \ OD GLVFLSOLQD HVW£Q OD EDVH GH OD YLGD 6L W¼ HUHV KXPLOGH
UHVSHWXRVDHGXFDGD\QRV«TXHP£VDGMHWLYRVWHSXHGHGHFLUVLQRSDUWHV
GH HVD EDVH QR SXHGHV KDFHU QDGD HQ HVWD YLGD ಹ <R FUHR TXH OD
HGXFDFLµQORHQFLHUUDWRGRರ)&(,3$S
ಯ<ORVSXQWRVIXHUWHVDOPHQRVODFRODERUDFLµQTXHWLHQHQHOORVHQVXFDVD
TXHSXHGHQKDFHUXQVHJXLPLHQWRSHUIHFWRGHQXHVWUDODERUDTX¯GHQWUR\GH
FµPRYDVXKLMRರ'&(,3$S
&HQWU£QGRQRVHQODVD
DFWLYLGDGHVFRPSOHPHQWDULDVFXOWXUDOHV\GHVHUYLFLRVTXHRIUHFH
OD HVFXHOD D ODV IDPLOLDV VH REVHUYD FRPR ODV IDPLOLDV HVW£Q GLVSXHVWDV D D\XGDU \
FRODERUDUHQWDOOHUHVDFWLYLGDGHVVHUYLFLRVWDO\FRPRPXHVWUDODVLJXLHQWHIDPLOLD
ಯHO LQWHU«V SRU ODV DFWLYLGDGHV FXOWXUDOHV ODV DFWLYLGDGHV FRPSOHPHQWDULDV
H[FXUVLRQHV HQ OD HWDSD GH LQIDQWLO TXH DGHP£V ODV FRPHQWDQ HQ HO DXOD
SRVWHULRUPHQWH\HVW£QUHODFLRQDGDVFRQFRQWHQLGRVGHOFXUVRVXHOHQVHUDO
WHDWURODPRQWD³DH[SRVLFLRQHVHQSULPDULDVHTXHKDQKHFKRDOJXQDYLVLWD
DPXVHRVಹ/RVVHUYLFLRVGHOFHQWURFRPHGRUDFWLYLGDGHVH[WUDHVFRODUHV
VRQYDULDGDV\FRQXQDPSOLRKRUDULRರ)&(,3$SELV
(Q FXDQWR D OD PLUDGD GH ORV GRFHQWHV ODV IRUWDOH]DV VRQ YLVWDV FRPR OD
GLVSRQLELOLGDG \ OD FRODERUDFLµQ TXH HMHUFHQ ODV IDPLOLDV KDFLD ORV KLMRV HQ
FRQFRUGDQFLDFRQHOFHQWURHGXFDWLYR
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
ಯ3XQWRV IXHUWHV HV OD EXHQD GLVSRVLFLµQ GH PXFKRV SDGUHV ಹ3XHV HQ
WRGR D\XGDU D ORV QL³RV HQ FDVD D KDFHU ODV WDUHDV D UHYLVDUOH D SRQHU
HPSH³R HQ TXH ODV KDJDQ ಹ (QWRQFHV HVW£Q GLVSXHVWRV D HVR D
FRODERUDUHQHOFRQWURODFRODERUDUVLHVQHFHVDULRSRQHUOHXQFDVWLJRGHQR
YHUODWHOHYLVLµQWDPEL«QFRODERUDQHQHVRರ'&(,3$S
8QD PDQHUD GH HQWHQGHU ODV IRUWDOH]DV GH ODV UHODFLRQHV EDMR OD SHUVSHFWLYD GH ORV
DFWRUHVSDUWLFLSDQWHV VHU¯D OD SDUWLFLSDFLµQ \ FRODERUDFLµQ HQ DFWLYLGDGHV VHUYLFLRV\
WDUHDV2WUDHVWDU¯DP£VYLQFXODGDDODFRPSOHMLGDGTXHHQWUDPDODHGXFDFLµQVLHQGR
«VWDHQWHQGLGDFRPRXQDGLVFLSOLQD\XQUHVSHWRKDFLDWRGDVODVSDUWHVLPSOLFDGDV
/$6'(%,/,'$'(6'(/$65(/$&,21(6
<HQFXDQWRDODVGHELOLGDGHVHQODVUHODFLRQHVDOJXQRVDFWRUHVGHO&(,3GH7HQHULIH
PDQLILHVWDQ TXH ODV IDPLOLDV \ ORV GRFHQWHV QR HVW£QHQVLQWRQ¯D\DTXHFRQVLGHUDQ
TXHSULPDQP£VORVGHUHFKRV\PHQRVORVGHEHUHV\TXHODVIDPLOLDVVLHPSUHHVW£QD
ODGHIHQVLYDHQODHVFXHODTX«RFXUULU£"TX«KDVXFHGLGR"$ODYH]TXHVHGDXQD
IDOWD GH WLHPSR GH ODV SULPHUDV SDUD UHXQLUVH FRQ HO SURIHVRUDGR KDFLHQGR TXH HQ
RFDVLRQHV VH GLEXMH XQD SHUFHSFLµQ HUUµQHD KDFLD HOODV (V GHFLU FDHU HQ HO
HVWHUHRWLSR GHಯHVWDIDPLOLDQR VHLQWHUHVD SRUHO GHVDUUROORLQWHJUDO GHVX KLMR QR OH
LPSRUWDORTXHRFXUUDHQODHVFXHODHWFರ
ಯ(O SXQWR P£V G«ELO ಹ HV HO KHFKR GH TXH DOJXQD PDQHUD WHQJR OD
LPSUHVLµQ GH TXH SDUD PXFKRV QL³RV FROHJLR \ SDGUHV QR HVW£Q HQ
VLQWRQ¯D+R\SULPDP£VORVGHUHFKRVTXHWHQHPRVTXHORVGHEHUHV6H
YLHQH QRUPDOPHQWH FRQ XQ FOLPD GH GHVFRQILDQ]D KDFLD HO FROHJLR ಯTX«
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
HVORTXHYDDKDFHUFRQPLKLMRರFRPRPX\FHORVRVQROHGLJR\DಯQROH
WRTXHVರ)&(,3$SS
2WUDGHODVGHELOLGDGHVGHODVUHODFLRQHVHVODIIDOWDGHSDUWLFLSDFLµQGHODVIDPLOLDVHQ
JHQHUDO \ HQ ORV µUJDQRV GH JHVWLµQ HQ SDUWLFXODU GHO FHQWUR HGXFDWLYR MXQWR D OD
GLILFXOWDG GH DFFHGHU D OD HVFXHOD LPSXHVWD SRU ODV QRUPDV GH IXQFLRQDPLHQWR \
FRQYLYHQFLD7DO\FRPRSXGHREVHUYDUHQYDULDVRFDVLRQHVHVSHFLDOPHQWHXQG¯DTXH
HVWDED HVSHUDQGR D UHXQLUPH FRQ OD GLUHFWRUD GHO FHQWUR \ YL FRPR OD VHFUHWDULD OH
GHF¯DDXQSDGUHಯXVWHGWLHQHTXHHVSHUDUVHDTX¯DKRUDDFRPSD³DU£QDVXKLMRರ
(Q JHQHUDO QR VH WLHQH HQ FXHQWD ODV SURSXHVWDV GH PHMRUD ODV YDORUDFLRQHV \
SHUFHSFLRQHVVXEMHWLYDVGHODVIDPLOLDV
ಯ/DIDOWDGHSDUWLFLSDFLµQHQORVµUJDQRVGHJHVWLµQ\GHP£VSXHVDOILQDO
ಯPLHQWUDV QR RFXUUD QDGD \ PL KLMR YD\D P£V R PHQRV ELHQ QR QRV
LPSOLFDPRVರHVRHVRWURSXQWRG«ELOರರ)&(,3$SS
ಯ(OKHFKRGHTXHW¼HQWUDVFRQWXKLMRKDVWDODSXHUWDಹ<RWHQJRHO
SUR\HFWR FXUULFXODU GH FHQWUR SRUTXH PH OR KDQ SDVDGR SRU FRUUHR
HOHFWUµQLFRXQSDGUH(OFHQWURQRHVYLVLEOHರ)&(,3$S
ಯ3HUR OR TXH VH SXHGH HV TXH HVW«Q HQWUDQGR \ VDOLHQGR OLEUHPHQWH ODV
SHUVRQDV(QWRGRVVLWLRVKD\XQDVQRUPDVTXHKD\TXHFXPSOLUODVಹ
6HOHVH[SOLFDDORVSDGUHVOHVH[SOLFDSDUDHOELHQGHVXVKLMRVSDUDHO
ELHQGHWRGRVರ'&(,3$SSದ
7HQLHQGR HQ FXHQWD HVWRV SRVLFLRQDPLHQWRV SDUHFH TXHORVGLVWLQWRVHVWDPHQWRVGHO
&(,3
7HQHULIH
VH
HVW£Q
UHSODQWHDQGR
ಯVXEVDQDUರ
DTXHOORV
HOHPHQWRV
ಯGLVWRUVLRQDGRUHVರ TXH LPSLGHQ TXH VH GHQ XQDV UHODFLRQHV P£V F£OLGDV \
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
HQWHQGHGRUDV SRU SDUWH GH OD FRPXQLGDG HGXFDWLYD /D SURSXHVWD TXH YLVLELOL]DQ
DOJXQDVIDPLOLDVHVKDFHUGHOFHQWURXQOXJDUP£VSUµ[LPR\DELHUWRHVFXFKDQGRODV
GHPDQGDV\QHFHVLGDGHVGHODVIDPLOLDV\GHOSURSLREDUULR
81$18(9$0,5$'$(172512$/$65(/$&,21(6
'XUDQWHPLHVWDQFLDHQHO&(,3GH7HQHULIH\GHVSX«VGHODVHQWUHYLVWDVUHDOL]DGDVD
ODVIDPLOLDV\DOSHUVRQDOGHODHVFXHODTXHKDQSDUWLFLSDGRHQHVWHHVWXGLR\WUDVOD
SUHJXQWD ಯ4X« PHFDQLVPRV PHGLRV W«FQLFDV HVWUDWHJLDV UHFXUVRV FUHHV TXH
VHU¯DQ QHFHVDULRV TXH KXELHUDQ HQ OD HVFXHOD SDUD HVWDEOHFHU XQD UHODFLµQ IOXLGD
FRUGLDO\GHFRODERUDFLµQ\SDUWLFLSDFLµQHQWUHODIDPLOLD\ODHVFXHOD"ರ+HUHFXSHUDGR
VXVRSLQLRQHVSHUFHSFLRQHVH[SHULHQFLDV\GHVHRVGHSRVLEOHVO¯QHDVGHDFWXDFLµQ\
PHMRUD HQ ODV UHODFLRQHV TXH VHSXHGHQ HVWDEOHFHU HQWUHDPEDV7DQWRFHQWURFRPR
IDPLOLD FRQVLGHUDQ TXH HV GH YLWDO LPSRUWDQFLD WUDEDMDU HQ OD PLVPD O¯QHD GH PDQHUD
FRQMXQWDFUHDQGRXQFOLPDF£OLGRGHFRQILDQ]DGHIOH[LELOLGDGGRQGHHOLQWHUFDPELRGH
LQIRUPDFLµQ GH LGHDV GH LQFHUWLGXPEUHV YD\DQ P£V DOO£ GH OR TXH VH HVWDEOHFH HQ
FODVH HQ SDUWLFXODU \ HQ HO FROHJLR HQ JHQHUDO 5RPSLHQGR OD ULJLGH] GH ORV HVSDFLRV
IRUPDOHV SDUD GDU SDVR D ORV LQIRUPDOHV D SDUWLU GH OD FUHDFLµQ GH WDOOHUHV GH
FRPLVLRQHVGHDFWLYLGDGHVSHGDJµJLFDV\O¼GLFDVGRQGHODVIDPLOLDVSXHGDQHQWUDUHQ
OD HVFXHOD \ HQ ODV DXODV DSRUWDQGR VXV H[SHULHQFLDV \ VDEHUHV \ TXH HO FHQWUR
HGXFDWLYRSXHGDVDOLUDIXHUDDOSXHEOR\VHDSXHVWRDOVHUYLFLRGHODFRPXQLGDG6XV
SURSXHVWDVVRQ
)DPLOLDV \ HVFXHODV FRPR XQ WRGR 'HMDQGR TXH «VWDV SXHGDQ HVWDU \ VHU FHQWUR
HGXFDWLYR
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
ಯ4XH ORV PDHVWURV VH VLHQWDQ HO DOPD GH OD HVFXHOD \ TXH ORV SDGUHV
VLHQWDQWDPEL«QTXHODHVFXHODOHVಯSHUWHQHFHರHQFXDQWRDTXHHVDOJR
HQORTXHSXHGHQ\GHEHQLQWHUYHQLUರ)&(,3$SS
ಯಹ SRU HMHPSOR W¼ GLFHV ಯORV YLHUQHV WDO PDGUH YD D WUDHU XQ FXHQWR
SDUD OHHUOR R FDGD SDGUHರ ಯR FDGD MXHYHV R HVWH PHV WRFD TXH ORV
SDGUHVYHQJDQDFRQWDUQRVGHTX«YDQVXSURIHVLµQರ)&(,3$SS
ಯ&UHDQGR P£V DFWLYLGDGHV 0£V XQLµQ HQWUH OD IDPLOLD \ OD HVFXHOD ಹ
+DFHU XQD FODVH FRQ GLIHUHQWHV SDGUHVಹ FUHDU XQD FRPLVLµQ TXH YHD D
VXVKLMRVಹSDUDTXHHOSDGUHVHLQWHJUHP£VVHLQWHJUHP£VHQHODXODರ
)&(,3$S
)RPHQWDU ORV HVSDFLRV LQIRUPDOHV D SDUWLU GH WDOOHUHV H[FXUVLRQHV VDOLGDV
HQFXHQWURV
ಯ'HQWUR GH OR LQIRUPDO HQ FDUQDYDOHV VH SXHGHQ KDFHU GLVIUDFHV VH
SXHGHQKDFHUWDOOHUHVGHWRGRIXHUDGHOFROHJLRGHQWURGHOFROHJLR(VXQ
FROHJLR TXH WLHQH FDQFKDV SHUIHFWDPHQWH VH SXHGHQ KDFHU WRUQHRV
([FXUVLRQHVXQPHUFDGLOORW¼FRJHV\\RTXHV«HOG¯DGHOOLEURKDFHVXQ
LQWHUFDPELRGHOLEURVHQHOSDWLRGHOFROHJLRರ)&(,3$SS
ಹ &UHDU WDOOHUHV GH FRFLQD GH DUWHVDQ¯D &UHDU FRPLVLRQHV GRQGH
SXHGDQ KDEHU P£V FKDUODV P£V Y¯QFXOR HQWUH OD IDPLOLD \ OD HVFXHODಹ
HVWDUP£VHQVRFLHGDGಹ0£VHVW¯PXORKDFLDORVSDGUHVSDUDYHQLUDO
FROHJLR)&(,3$SS\
ಯ+DFHUXQDFRQYLYHQFLDFRQORVQL³RVFRQORVSDGUHVORVSURIHVRUHVಹQR
HQHOFROHJLRVLQRIXHUDFRPRXQDH[FXUVLµQರ)&(,3$SELV
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
ಯ+DFHUDOJXQDDFWLYLGDGO¼GLFDHQODVTXHYHQJDQSDGUHV\SURIHVRUHVHQ
ODV TXH SRGDPRV FRPHU MXQWRV WLSR FHQD 7DPEL«Q VHU¯D LPSRUWDQWHರ
'&(,3$SSದ
&RQFLOLDFLµQ WUDEDMR \ HVFXHOD /DV IDPLOLDV SRGU¯DQ WHQHU \ RSWDU D SRGHU
DVLVWLUDXQDUHXQLµQದHQFXHQWURHQODHVFXHODGHVXVKLMRV
ಯ&UHRTXHVHGHEHU¯DDORVSDGUHVHQHOWUDEDMRIDFLOLWDUOHVHOTXHYHQJDQ
D KDEODU FRQ XQ SURIHVRU \ VH UHODFLRQHQ P£V < TXH OH GLHUDQ XQ
MXVWLILFDQWH LJXDO TXH FXDQGR YDV DO P«GLFR TXH SLGDV XQ MXVWLILFDQWH D
VHFUHWDULD TXH HVR QR H[LVWH HQ ORV FROHJLRV -DP£V KD VROLFLWDGR XQ
SDGUH XQ MXVWLILFDQWH SDUD SUHVHQWDUOR HQ VX HPSUHVD VLQR TXH VL OD
UHXQLµQHVDWDOKRUD\HOSDGUHHVW£WUDEDMDQGRQRWHYHQGU£QXQFD&UHR
TXH HVR HV PX\ LPSRUWDQWH SDUD TXH VH GLHUD P£V IOXLGH] \ KD\D P£V
FRQILDQ]Dರ'&(,3$SSದ
3DUWLFLSDU \ FRODERUDU HQ HO SUR\HFWR HGXFDWLYR \ HQ OD SURJUDPDFLµQ GHO
FHQWUR
ಯ'HQWUR GH OR TXH HV OD 3URJUDPDFLµQ *HQHUDO $QXDO SXHV WLSRV GH
DFWLYLGDGHVFRQMXQWDV$ORPHMRUHLQFOXVRDWUDY«VGHODVLQVWLWXFLRQHVVH
SRGU¯DQ IRPHQWDU DFWLYLGDGHV FXOWXUDOHV GH P¼VLFD GH WHDWUR TXH
YD\DPRVHQFRQMXQWRLQYLWDUDORVSDGUHVDORVSURIHVRUHVDOXPQRVTXH
YD\DPRV WRGRV < HV HVR TXH GDU£ SLH D KDFHU ODV VDOLGDV D WRPDU XQ
FDI«\WRGRHVRKDFHTXHKD\DXQDUHODFLµQP£VIOXLGD\FUHRTXHP£V
LQIRUPDO ಹ < GHVSX«V GHVGH OD HVFXHOD VH SURJUDPDUD WDPEL«Q XQ
SDUGHVDOLGDVDOD³RRDOJRDV¯HQFRQMXQWRFRQORVSDGUHVರ'&(,3
$SELV
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
$V¯ SXHV ODV SURSXHVWDV GH PHMRUD VHJ¼Q ORV SURWDJRQLVWDV GH HVWH FDVR SDVDU¯DQ
SRU
)RPHQWDU OD SDUWLFLSDFLµQ ದ FRODERUDFLµQ H LPSOLFDFLµQ GH ODV IDPLOLDV HQ HO
FHQWURHGXFDWLYRDSDUWLUGHDFWLYLGDGHVWDOOHUHVFRPLVLRQHV'HHVWDPDQHUD
VHFUHDU£XQY¯QFXORP£VSUµ[LPR\IOXLGRHQWUHDPERV
$SURYHFKDUORVUHFXUVRVH[LVWHQWHV\SRWHQFLDUORVDOP£[LPR
5HDOL]DU FLHUWDV DFWLYLGDGHV SXQWXDOHV GH HQWUDGD HQ HO FHQWUR HGXFDWLYR \
FRQFUHWDPHQWH HQ HO DXOD FRQ HO SURSµVLWR GH SRGHU FRPSDUWLU H[SHULHQFLDV \
VDEHUHV
/D$GPLQLVWUDFLµQ3¼EOLFD\ODVHPSUHVDVGHEHU¯DQGHEXVFDUDOWHUQDWLYDVSDUD
IDYRUHFHUODFRQFLOLDFLµQHQWUHYLGDIDPLOLDU\YLGDODERUDO8QDGHODVSURSXHVWD
SRGU¯DSDVDUSRUODFUHDFLµQGHXQMXVWLILFDQWHGHDVLVWHQFLDDODVUHXQLRQHVGH
OD HVFXHOD SDUD TXH ODV IDPLOLDV SXHGDQ DVLVWLU D WRGDV ODV HQWUHYLVWDV \
UHXQLRQHVTXHVHDQQHFHVDULDVSDUDHOFRUGLDOGHVDUUROORLQWHJUDOGHVXV KLMRV
HVWDEOHFLHQGRXQKRUDULRGHHQFXHQWURIDYRUDEOHSDUDDPERV\MXVWLILFDUVX
IDOWD \ DXVHQFLD DO SXHVWR ODERUDO VLQ TXH «VWD VHD PRWLYR GH GHVFXHQWR
HFRQµPLFRHQVXQµPLQD\HOಯPLHGRರDSRVLEOHVUHSUHVDOLDV
2UJDQL]DU VDOLGDV \ HQFXHQWURV LQIRUPDOHV P£V VHJXLGRV WDOHV FRPR
H[FXUVLRQHV FRQYLYHQFLDV FHQDV HWF HQWUH WRGRV ORV PLHPEURV GH OD
FRPXQLGDG HGXFDWLYD +DFLHQGR VDOLU HO FHQWUR DO SXHEOR \ DO VHUYLFLR GH OD
VRFLHGDG \ HQWUDQGR HO SXHEOR D OD HVFXHOD D SDUWLU GH FDPSHRQDWRV
MRUQDGDVಹ
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
3DUDHOORVHU£QHFHVDULRTXHWDQWRSURIHVRUDGRSHUVRQDOQRGRFHQWH\IDPLOLDVD¼QDQ
HVIXHU]RV SDUD EXVFDU HVWDEOHFHU UHODFLRQHV F£OLGDV IOXLGDV GH HQFXHQWUR GH
HVFXFKD GH FRQILDQ]D\ SUR[LPLGDG $ P£V GH XQDUHIRUPXODFLµQ \ UHSODQWHDPLHQWR
GHO3UR\HFWR(GXFDWLYRGHO&HQWUR\HO5HJODPHQWRGH5«JLPHQ,QWHUQR
$02'2'(&21&/86,•1
7UDV ODODUJDWDUHD GH LQWHUSUHWDFLµQ GH GDWRV \UHHODERUDFLµQ GH VLJQLILFDGRVDSDUWLU
GHO DQ£OLVLV GH GRFXPHQWRV ODV REVHUYDFLRQHV \ OD FRODERUDFLµQ GH ORV GLVWLQWRV
VXMHWRVGHOSUHVHQWHHVWXGLRGHFDVR(OHVFHQDULR&(,3ದ7HQHULIHVHFDUDFWHUL]DSRU
VHU XQD HVFXHOD GRQGH VH HVWDEOHFH XQD WLSRORJ¯D GH UHODFLµQ HQWUH IDPLOLD \ FHQWUR
EDVDGDSULQFLSDOPHQWHHQODWUDQVPLVLµQGHLQIRUPDFLµQVREUHORVDVSHFWRVGHFDU£FWHU
HGXFDWLYR\VREUHHOGHVDUUROORGHOSURSLRDOXPQDGR(VGHFLUSRUODSURSXHVWDGHVGH
OD GLUHFFLµQ GHO FHQWUR REMHWLYRV QRUPDV GH FRQYLYHQFLD FDOHQGDULR HYROXFLµQ
DFDG«PLFD \ UHQGLPLHQWR HVFRODU GHO DOXPQDGR SRVLEOHV SUREOHPDV FRQGXFWXDOHV R
FRQIOLFWRV FRQ ORV FRPSD³HURV \ GRFHQWHVಹ UHFODPDQGR GH HVWD PDQHUD OD
SDUWLFLSDFLµQ\ODSUHVHQFLDGHODVIDPLOLDV
$V¯SXHVODSRO¯WLFDGHOFHQWURHQFXDQWRDODVUHODFLRQHVIDPLOLDVದHVFXHODVHEDVDHQ
GRV DVSHFWRV OD WUDQVPLVLµQ GH LQIRUPDFLµQTXHRIUHFH HO FHQWURDODVIDPLOLDV ODV GLIHUHQWHV PDQHUDV GH KDFHUODV SDUW¯FLSHV D SDUWLU GH OD SXHVWD HQ PDUFKD GH
HVWUDWHJLDV\PHFDQLVPRVUHXQLRQHVKRUDVGHYLVLWDIHVWLYDOHVHWF7RGRHOOREDVDGR
HQ XQDV QRUPDV GH FRQYLYHQFLD XQRV GHUHFKRV \ XQRV GHEHUHV TXH ODV IDPLOLDV
GHEHU£QVHJXLUFRPRPLHPEURVGHODFRPXQLGDGHGXFDWLYD
&DS¯WXOR(VFHQDULR&(,3$7HQHULIH
-XQWRDHVWDVYLVLRQHVHLQWHUSUHWDFLRQHVGHODVUHODFLRQHVTXHVHHQWUHWHMHQHQWUHORV
GLVWLQWRV PLHPEURV GH OD FRPXQLGDG HGXFDWLYD ORV SURWDJRQLVWDV GH HVWH FDVR
YLVOXPEUDQGRVHMHVದY«UWLFHVHVHQFLDOHVHQHVDVUHODFLRQHV
/DVHFUHWDU¯DFRPRSRVLEOHPHGLRದY¯QFXORHQWUHODHVFXHOD\ODVIDPLOLDV\D
TXHWRGDLQIRUPDFLµQ\WRGRDFWRVHFDQDOL]DSRUHVWDFRPRSRUHMHPSORSHGLU
KRUDGHYLVLWDRDOJXQDLQIRUPDFLµQMXVWLILFDFLµQGHHQWUDGD\VDOLGDDQWLFLSDGD
GHODOXPQDGRHWF
/D QHFHVLGDG GH OD SDUWLFLSDFLµQ GH ODV IDPLOLDV GHQWUR \ IXHUD GHO FHQWUR
HGXFDWLYR H[FXUVLRQHV VDOLGDVಹ DEUL«QGRVH DO SXHEOR D OD FRPXQLGDG \
HVWDEOHFLHQGR D VX YH] RWURV HQFXHQWURV ದ HVSDFLRV IRUPDWLYRV GRQGH VH
FRPSDUWDQ GXGDV H[SHULHQFLDV GLILFXOWDGHV \ TXH JDUDQWLFHQ XQD UHODFLµQ
DELHUWDHQWUHDPEDV
&$378/2
(6&(1$5,2&(,3ದ%$5&(/21$
/$&216758&&,•1'(81352<(&72'((6&8(/$&203$57,'2
ಯ/D LGHD GH FRPXQLGDG GH DSUHQGLFHV HVW£ EDVDGD HQ OD SUHPLVD GH TXH HO
DSUHQGL]DMHWLHQHOXJDUFXDQGRODJHQWHSDUWLFLSDHQHPSUHVDVFRPSDUWLGDVFRQ
RWUDV SHUVRQDV GH IRUPD TXH WRGRV GHVHPSH³DQ SDSHOHV DFWLYRV DXQTXH D
PHQXGRDVLP«WULFRVHQODDFWLYLGDGVRFLRFXOWXUDO(OORFRQWUDVWDFRQPRGHORV
GHDSUHQGL]DMHTXHVHILMDQHQXQDGHODVSDUWHVELHQTXHWHQJDOXJDUDSDUWLU
GH OD WUDQVPLVLµQ GH LQIRUPDFLµQ GH H[SHUWR ELHQ PHGLDQWH OD DGTXLVLFLµQ GH
FRQRFLPLHQWR SRU SDUWH GH ORV QRYDWRV FRQ HO TXH DSUHQGH R HO TXH HQVH³D
UHVSHFWLYDPHQWHGHXQDIRUPDSDVLYDರ5RJRII
(QHVWHFDVRODFRPXQLGDGHGXFDWLYDGHO&(,3 %DUFHORQDSUHWHQGHEXVFDUY¯QFXORV
DOWHUQDWLYDV \ QXHYDV SURSXHVWDV SDUDSRGHU HODERUDU GHVGH ODVGLIHUHQWHVYRFHV GH
ORVPLHPEURVTXHODFRPSRQHQXQSUR\HFWRGHHVFXHODFRPSDUWLGR(OSURSµVLWRHVW£
HQSRWHQFLDUODVGLIHUHQWHVUHODFLRQHVTXHHVWDEOHFHQIDPLOLDV\HVFXHODFRPRVLJQRV
GHIRUWDOH]D\SURPRYHURWURVHVSDFLRV\WLHPSRVSDUDLUHQWUHWHMLHQGRRWUDVPDQHUDV
GH FRODERUDFLµQ SDUWLFLSDFLµQ H LPSOLFDFLµQ 3DUD HOOR HVWD HVFXHOD LQWHQWD FRPR
DUJXPHQWDQ&ROOHW\7RUW
ಯ JHQHUDU ಯHVWUDWHJLDV GLYHUVLILFDGDVರ SDUD QR GHMDU IXHUD D OD IDPLOLD (V
GHFLUKD\TXHSURPRYHUGLIHUHQWHVQLYHOHV\SRVLELOLGDGHVGHYLQFXODFLµQSDUD
TXHWRGDVODVIDPLOLDVHQFXHQWUHQVXLPSOLFDFLµQHQFRODERUDFLRQHVSXQWXDOHV
HQHVSDFLRVLQIRUPDOHVGHHQFXHQWURHWFರ
&ROOHWL7RUW&RRUGV 2EMHFWLXVLPRWLYDFLRQV (Q)
)DP¯OLHVHVFRODLª[LW0LOORUDUHOVYLQFOHVSHU
PLOORUDUHOVUHVXOWDWV%DUFHORQD)XQGDFLµ-DXPH%RILOO,QIRUPHV%UHXV(GXFDFLµSSದ
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
$ FRQWLQXDFLµQ OH VXJLHUR TXH VH GHMH LPSUHJQDU D OR ODUJR GH HVWDV O¯QHDV GH OD
HVHQFLDTXHHPHUJHGHODVH[SHULHQFLDV\GHODVYRFHVGHODVSHUVRQDVSDUWLFLSDQWHV
GHHVWHHVWXGLR\TXHVLQHOODVHOUHODWRHVFULWRFDUHFHU¯DGHVHQWLGR\VLJQLILFDGRHQ
FXDQWRDODVUHODFLRQHVGHODFRPXQLGDGHGXFDWLYDVHUHILHUH
(1%86&$'(81$18(1$0,5$'$81$(6&8(/$$&2*('25$
0LGHVHRSRUFRPHQ]DUPLHVWDQFLDHQHOFDPSRPHOOHYµDSRQHUPHHQFRQWDFWRFRQ
)HUQDQGR+HUQ£QGH] SURIHVRU GH OD8QLYHUVLGDG GH %DUFHORQD\ DVHVRU GH WUDEDMRV
SRUSUR\HFWRVGHHVFXHODVGH3ULPDULDFRQHOILQGHSRGHUREWHQHUXQDUHGGHFHQWURV
HGXFDWLYRV TXH PH DEULHUDQ FDPLQR \ HVWXYLHUDQ GLVSXHVWRV HQ FRODERUDU HQ PL
LQYHVWLJDFLµQ7RP«FRQWDFWRFRQ«OOHH[SXVHODILQDOLGDGGHPLWHVLVGRFWRUDO7UDVPL
SXHVWD HQ HVFHQD PHUHFRPHQGµ SRQHUPHHQFRQWDFWRFRQ XQDSURIHVRUD GHO ,&( 8% 0H IDFLOLWµ VX FRUUHR HOHFWUµQLFR \ OD H[WHQVLµQ WHOHIµQLFD GH 0DLWH 0DVHV
'HVSX«VGHYDULDVOODPDGDVWHOHIµQLFDVDFRUGDPRVKDFHUXQSULPHUHQFXHQWURHQVX
GHVSDFKRSDUDTXHOHGLHUDDFRQRFHUORVREMHWLYRV\ILQDOLGDGGHODLQYHVWLJDFLµQ(Q
HVH HQFXHQWUR DSDUWH GH SUHVHQWDUQRV \ H[SUHVDUOH PL QHFHVLGDG VXUJLHURQ QXHYRV
LQWHUURJDQWHV \ QXHYDV PLUDGDV GH SODQWHDUPH PL HVWXGLR 3RU TX« ಯFRQIRUPDUPHರ
FRQXQD¼QLFDHVFXHODVLWHQJRODRSRUWXQLGDGGHSRGHULQGDJDUFRQRFHUFRPSUHQGHU
\GHVFULELUUHDOLGDGHVGLIHUHQWHV"<IXHHQHVHSUHFLVRLQVWDQWHFXDQGRPHG¯FXHQWD
)HUQDQGR +HUQ£QGH] &DWHGU£WLFR GH 'LEXMR GH OD )DFXOWDG GH %HOODV $UWHV GH OD 8QLYHUVLGDG GH
%DUFHORQD D «O PH XQH QR VµOR XQD UHODFLµQ GH FROHJDV GH WUDEDMR SRU IRUPDU SDUWH GH XQD PLVPD
LQVWLWXFLµQVLQRXQDUHODFLµQSURIHVLRQDOGHFRPSDUWLUH[SHULHQFLDV\YLYHQFLDVHQGLIHUHQWHVSUR\HFWRV
GHLQYHVWLJDFLµQ\VHUDPERVPLHPEURVGHOJUXSRFRQVROLGDGR(VEULQD
,&(,QVWLWXWRGH&LHQFLDVGHOD(GXFDFLµQGHOD8QLYHUVLGDGGH%DUFHORQD&DPSXV0XQGHW
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
TXH HUD WRGD XQD SULYLOHJLDGD SRGU¯D JR]DU GH QXHYDV H[SHULHQFLDV GH GLIHUHQWHV
SODQWHDPLHQWRVSHGDJµJLFRV\GHXQHQUHTXLFLPLHQWRSHUVRQDO\SURIHVLRQDO$V¯SXHV
OD SURIHVRUD 0DLWH PH IDFLOLWµ GRV SULPHURV FRQWDFWRV FRQYHQFLGD GH TXH QR WHQGU¯D
SUREOHPDVSDUDDFFHGHUDHOORV\SRGHUDVLVWLUDVXVHVFXHODV
8QD YH] TXH VH PH DEULµ HO FDPLQR HUD HO PRPHQWR GH LQLFLDUPH HQ OD QXHYD \
GHVFRQRFLGD DYHQWXUD 0DUTX« HO Q¼PHUR GH WHO«IRQR TXH VH PH IDFLOLWµ HQ VX
PRPHQWR DO RWUR ODGR GH OD O¯QHD PH UHVSRQGLµ XQ FKLFR SRU DTXHOORV HQWRQFHV HO
FRQVHUJH GH OD HVFXHOD TXH WDQ DPDEOHPHQWH PH LQIRUPµ GH TXL«Q HUD \ TXH PH
EXVFDU¯DDODPDHVWUDSRUTXLHQ\RSUHJXQWDED/DGRFHQWHVHPHSUHVHQWµ\QRGXGµ
QLXQLQVWDQWHHQDJHQGDUG¯D\KRUDGHHQFXHQWURSDUDH[SOLFDUPHODSHFXOLDULGDGGH
VX HVFXHOD \ EULQGDUPH WRGR OR QHFHVDULR SDUD OOHYDU D FDER PL LQYHVWLJDFLµQ 0H
TXHG« H[KDXVWD \ VRUSUHQGLGD QR VµOR SRU VX DPDELOLGDG VLQR SRU VX U£SLGD
DFWXDFLµQ (VWDED PDUDYLOODGD SRU FRPR KDE¯D WUDQVFXUULGR QXHVWUD FRQYHUVDFLµQ
WHOHIµQLFD
/OHJµHOJUDQG¯DVDO¯GHFDVDFRQODFDUWDGHQHJRFLDFLµQPLSODQLQJ\PLFXDGHUQR
GHQRWDVWRP«ODO¯QHDGHPHWURLQGLFDGD\PHEDM«HQODSDUDGDFRUUHVSRQGLHQWH8QD
YH]HQODSXHUWDGHODHVFXHODPHSDU«\HVSHU«XQRVPLQXWRV\DTXHOOHJDEDDQWHV
GHODKRUDSUHYLVWD/ODP«DODSXHUWD\HOFRQVHUMHPHDEULµQRVSUHVHQWDPRV\PH
FRQGXMR DO GHVSDFKR GH GLUHFFLµQ GRQGH HVSHUDU¯D D OD PDHVWUD 0H FRPHQWµ
EUHYHPHQWH OD ILORVRI¯D GH OD HVFXHOD HO SODQWHDPLHQWR SHGDJµJLFR \ PH FHGLµ OD
SDODEUD /H KLFH XQ EUHYH UHVXPHQ GH PL SUR\HFWR GH WHVLV OH SUHVHQW« OD FDUWD GH
QHJRFLDFLµQ \ KDEODPRV GH ORV FRPSURPLVRV D DVXPLU SRU DPEDV SDUWHV 7UDV XQD
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
SULPHUD OHFWXUD PH GLMR TXH VH OR FRPHQWDU¯D D OD GLUHFWRUD GHO FHQWUR \ DO UHVWR GHO
HTXLSR GRFHQWH \ TXH PH DYLVDU¯D GH FXDQGR SRGU¯D FRPHQ]DU PL HVWXGLR HQ VX
HVFXHOD
+$&,(1'2 &$0,12 '(6&8%5,(1'2 81$ 5($/,'$' 1HJRFLDFLµQ \
HQWUDGDHQHOFHQWUR
8QDYH]SUHVHQWDGDODILQDOLGDGGHODLQYHVWLJDFLµQ\WUDVPLVSULPHUDVLPSUHVLRQHVGH
ODHVFXHODHVSHU«FRQQHUYLVLVPRFRPRVLGHXQDUHVROXFLµQVHWUDWDVHODOODPDGDGH
ODGRFHQWH3RUILQVRQµHOWHO«IRQRHUDHOODGLFL«QGRPHTXHKDE¯DPXFKDVSHUVRQDV
TXHTXHU¯DQSDUWLFLSDUHQPLHVWXGLR\TXHPHHVSHUDEDLPSDFLHQWHPHQWHODVLJXLHQWH
VHPDQDHQODHVFXHODSDUDDFDEDUGHDFRUGDUPLHQWUDGDHQHOFHQWURHOPDWHULDOTXH
LEDDQHFHVLWDU\ODVHQWUHYLVWDVTXHLEDDUHDOL]DU
/OHJµHOG¯D\ODKRUDPDUFDGDFRJ¯PLJUDEDGRUDFRQWDEDFRQHOFRQVHQWLPLHQWRGHO
FHQWUR SDUD KDFHU XVR GH HOOD PL FXDGHUQR OD FDUWD GH QHJRFLDFLµQ \ PL JXLµQ
RULHQWDWLYRGHSUHJXQWDV0HGLULJ¯DODHVFXHODFXDQGROOHJX«HOFRQVHUMHPHDEULµOD
SXHUWD GHO FHQWUR HUD FDVL OD KRUD GH HQWUDGD GH ORV DOXPQRV \ PH DFRPSD³µ DO
GHVSDFKR GH GLUHFFLµQ 2EVHUY« HO LU \ YHQLU GH ODV SHUVRQDV HO DPELHQWH TXH VH
UHVSLUDED D FRPHQ]DU XQ QXHYR G¯D $ FRQWLQXDFLµQ HO MHIH GH HVWXGLRV \ \R QRV
SXVLPRVPDQRVDODREUD
ಯ‹OHVHOHQFDUJDGRGHKDFHUPHOOHJDUXQVREUHTXHODPDHVWUDPHKDE¯D
SUHSDUDGR 0L FXULRVLGDG PH OOHYD D DEULUOR GHODQWH GH «O \ REVHYR TXH
9HUDQH[RSDUDDPSOLDUODWRPDGHFRQWDFWRLPSUHVLRQHVLQTXLHWXGHVಹ
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
KD\XQGRFXPHQWRTXHFRQVWDFRQHOQRPEUHGHPLWHVLVHOLQWHU«VGHOD
HVFXHOD \ XQ WLHPSR DSUR[LPDGR GH OD UHDOL]DFLµQ GH ODV HQWUHYLVWDV $
FRQWLQXDFLµQ RWUR GRFXPHQWR TXH UHFRJH XQ FDOHQGDULR DSUR[LPDGR GHO
SUHVHQWHPHV7UDVHVWXGLDUPLQXVLRVDPHQWHHOFRQWHQLGRGHHVHVREUH
HOMHIHGHHVWXGLRPHSUHVHQWDDODGLUHFWRUDFRQTXLHQ\DWHQ¯DPDUFDGD
PL SULPHUD HQWUHYLVWD HQ HVH PLVPR G¯D (O MHIHGH HVWXGLR VHPRVWUDED
SUHRFXSDGRSRUHOFDOHQGDULRTXHVHKDE¯DHVER]DGR\DTXHKDE¯DQGRV
IDPLOLDVLQWHUHVDGDVHQSDUWLFLSDU\TXHVRODPHQWHSRGU¯DQKDFHUORDODV
GHODPD³DQD\TXHVHSRQGU¯DHQFRQWDFWRFRQHOODVSDUDFRQRFHUTX«
G¯DVOHVVHU¯DSRVLEOHಹರ'LDULRGHLQYHVWLJDFLµQ
(QEUHYHYROYLµHOVLOHQFLRODSD]GHVSX«VGHODVFDUUHUDVGHODOXPQDGRSRUVXELUODV
HVFDOHUDV\OOHJDUDVXVDXODVGHVSHGLUVHGHVXVIDPLOLDUHVGHGDUORVEXHQRVG¯DVD
VXV GRFHQWHV GH FRPSDUWLU VXV SULPHUDV LPSUHVLRQHVಹ < WUDV HVD SD] OOHJµ PL
SULPHUDHQWUHYLVWDHQWUHYLVWDTXHPHVHUYLU¯DSDUDURPSHUHOKLHORSDUDSRVLFLRQDUPH
FXHVWLRQDUPH SDUD FRQRFHU ORV HQWUHFLMRV GH OD YLGD GH OD HVFXHOD LQWHUUXSFLRQHV
DYDQFHVUHIOH[LRQHVQHFHVLGDGHVಹ<ODYR]HQRIIGHODPLVPDPDQLIHVW£QGRPHGH
HVWHPRGRTXH
ಯ+HPRVGHLQWHQWDUHVFULELUQRVµORVREUHODLQFRPSUHQVLµQHQWUHHVFXHOD
ದ IDPLOLD VLQR OD FRPSUHQVLµQ GH ODV GRV 5RPSHU FRQ ORV WµSLFRV TXH
KD\&RQORSUHMXLFLRVVREUHDPEDVರ'LUHFWRUDGHOFHQWUR
&RQ HVWD HQWUDGD GH SOHQR DO HVWXGLR GH FDPSR \ WUDV PLV SULPHUDV LPSUHVLRQHV HO
GLVH³RGHORVSULPHURVHQFXHQWURV\PLSULPHUDHQWUHYLVWD\DPDUFDGDSRUODPDHVWUD
OOHJµ PL VHJXQGD HQWUHYLVWD 8QD HQWUHYLVWD GRWDGD GH HQFDQWR GH SUR[LPLGDG GH
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
FRPSDUWLUTXL]£VSRUODHGDGGHODSHUVRQDSRUVXPDQHUDGHVHUGHH[SUHVDUVHTXH
PHUHODM«HKL]RIOXLUODFRQYHUVDFLµQHQXQDPELHQWHP£VFµPRGRHLQFOXVRLQIRUPDO
&XDQGRVDO¯GHOFHQWURYDORU«PLSULPHUG¯DGHH[WUD³DVVHQVDFLRQHVGHEXHQVDERU
GH ERFD GH DYDQFH \ DQDOLF« HO HQRUPH WUDEDMR TXH PH TXHGDED SRU GHODQWH
REVHUYDFLRQHV HQWUHYLVWDV HQFXHQWURV DQ£OLVLV GH GRFXPHQWRVಹ \ ODV WDUHDV TXH
WHQ¯DTXHGHVHPSH³DUDFRQWLQXDFLµQWUDQVFULSFLRQHVGHODVHQWUHYLVWDVDQRWDFLRQHV
HQ HO GLDULR GH LQYHVWLJDFLµQ SRVLEOHVLQWHUSUHWDFLRQHVಹ$V¯ SXHV ORTXHSDUHF¯D XQ
SULPHUHQFXHQWURQHJRFLDFLµQ\HQWUDGDHQHOFDPSRVHKDE¯DFRQYHUWLGRGHOOHQRHQ
FRPSURPLVRV\UHVSRQVDELOLGDGHVSRUDPEDVSDUWHVODHVFXHOD\ODLQYHVWLJDGRUD
81 (1&8(1752 &203$57,'2 '( /$ 7(25$ $ /$ 35ƒ&7,&$ '( 81$
,03/,&$&,•1
&RPRKHPDQLIHVWDGRHQORVDSDUWDGRVDQWHULRUHVODPDHVWUDFRQTXLHQFRQWDFW«\OH
H[SXVH ODV QHFHVLGDGHV GH PL LQYHVWLJDFLµQ VH HQFDUJµ GH EXVFDUPH \ JHVWLRQDUPH
ORVHQFXHQWURVFRQODVSHUVRQDVGRFHQWHVSHUVRQDOQRGRFHQWH\IDPLOLDVSDUW¯FLSHV
GHGLFKDLQYHVWLJDFLµQ5HVSHWDQGRVLHPSUHORVWLHPSRVGHODHVFXHODGHORVVXMHWRV
FRODERUDGRUHV\WHQLHQGRHQFXHQWDORVUHTXLVLWRVGHORVSURWDJRQLVWDVODPDHVWUDPH
SURSXVRORVVLJXLHQWHVDFWRUHV
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
IDPLOLDV ) ) ) \ ) YLQFXODGDV GLUHFWDPHQWH R LQGLUHFWDPHQWH FRQ OD
$03$OD)QRWLHQHQDGDTXHYHUFRQOD$VRFLDFLµQ
SHUVRQDO QR GRFHQWH 1' FRRUGLQDGRUD FRPHGRU 1' FRQVHUMH GH OD
HVFXHOD\1'SVLFµORJRGHODHVFXHOD
GRFHQWHV''\'GRFHQWHV\HTXLSRGLUHFWLYR'''''\'
'RFHQWHVWXWRUHV(G3ULPDULD\HVSHFLDOLGDGHV\''RFHQWH(G,QIDQWLO
DOXPQRVIXHURQHOHJLGRVSRUODVPDHVWUDVGHFDGDDXOD\EDMRODDXWRUL]DFLµQ
SUHYLD GH ODV IDPLOLDV SDUD IRUPDU SDUWH GH OD LQYHVWLJDFLµQ ORV DOXPQRV VH
SUHVHQWDURQGHIRUPDYROXQWDULD$QL³DGH|$QL³DGH|$QL³RGH|
$QL³DGH|$QL³DGH|\$QL³DGH|
$SHVDUGHKDEHUGLVH³DGRMXQWRFRQODPDHVWUDHQXQSULPHUPRPHQWRHOJXLµQGH
ODV SHUVRQDV SDUWLFLSDQWHV HQ HVWD LQYHVWLJDFLµQ GHER UHFRQRFHU TXH D PHGLGD TXH
PH LED DGHQWUDQGR HQ ORV HQWUHVLMRV GH HVWD LQYHVWLJDFLµQ H LED FRQRFLHQGR ODV
SHFXODULHGDGHV GH OD HVFXHOD DSDUHF¯DQ QXHYDV HOHFFLRQHV \ QXHYRV SURWDJRQLVWDV
TXHHQULTXHF¯DQPLHVWXGLRGHFDVR
(/&(1752('8&$7,92
(O&(,3GH%DUFHORQDVHIXQGµHQORVD³RVFRQODLQWHQFLµQGHSRGHUGDUUHVSXHVWD
DXQDQHFHVLGDG VRFLDO TXH HUD OD GH WHQHU XQD HVFXHOD FDWDODQD ODLFD \ GH FDOLGDG
$OD)DPLOLDODOODPDU«)DOD)DPLOLD)\DV¯VXFHVLYDPHQWH/RPLVPRRFXUULU£FRQHOSHUVRQDOQR
GRFHQWH\ORVGRFHQWHV1R'RFHQWHVHOHFLWDU£FRPR1''RFHQWHVHU£'
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
3DUDHOORVHXQLHURQDO&(3(&FRQHOSURSµVLWRGHUHFRUUHUXQFDPLQRTXHOHVOOHYDUD
D OD LQWHJUDFLµQ GH OD UHG GH HQVH³DQ]D S¼EOLFD GH OD *HQHUDOLWDW GH &DWDOXQ\D
WHQLHQGR OXJDU HQ $SRVWDQGR VLHPSUH SRU XQD HVFXHOD DFWLYD GH SHGDJRJ¯D
RSHUDWRULDWUDEDMRSRUFHQWURVGHLQWHU«VKDVWDOOHJDUDOFRQVWUXFWLYLVPR\WUDEDMRSRU
SUR\HFWRV
'HVGHTXHVHIXQGµKDVWDODDFWXDOLGDGVXO¯QHDFRPRFHQWURHGXFDWLYRKDVLGRODGH
XQ FRQWLQXR SURSµVLWR GH UHQRYDFLµQ \ DFWXDOL]DFLµQ SHGDJµJLFD SDUWLHQGR GH XQ
PDUFRSDUWLFLSDWLYRGHWRGRVORVPLHPEURVGHODFRPXQLGDG$SRVWDQGRVLHPSUHSRUOD
IRUPDFLµQ SHUPDQHQWH \ FRQWLQXD GHO SURIHVRUDGR SRU HO DYDQFH HQ OD FRPXQLFDFLµQ
GHO WUDEDMR UHDOL]DGR D ODV IDPLOLDV SDUD FRQVHJXLU VX LPSOLFDFLµQ \ FRODERUDFLµQ SRU
FRPSDUWLU ODV H[SHULHQFLDV SHUR VREUH WRGR SRU LQWHQWDU OD P£[LPD LPSOLFDFLµQ GH
WRGDV ODV SHUVRQDV GRFHQWHV IDPLOLDV DOXPQDGR SHUVRQDO QR GRFHQWH \ H[WHUQRಹ
HQXQSUR\HFWRFRPSDUWLGR
/DHVFXHODRFXSDXQHGLILFLRTXHIXHUHKDELOLWDGRHQODG«FDGDGHORVLQWHJUDGRHQ
XQDPDQ]DQDIRUPDQGRMXQWRDOUHVWRXQEORTXHGHSLVRV6HWUDWDGHXQHGLILFLRGH
HVWUXFWXUDYHUWLFDOOOHJDQGRDWHQHUSODQWDV$GHP£VGHVHUXQFHQWURHGXFDWLYRGH
XQD VROD O¯QHD HQ «O VH KDOODQ DXODV \ HVSDFLRV FRPXQHV GLVSRQLHQGR GH JLPQDVLR
YHVWXDULRVELEOLRWHFDVDODGHLQIRUP£WLFDDXGLRYLVXDOHV\P¼VLFDVHUYLFLRGHFRPHGRU
\JXDUGHU¯D
&ROHFWLYRGH(VFXHODVSDUDOD(VFXHOD3¼EOLFD&DWDODQD
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
/D PDQHUD GH SURFHGHU GH GLFKD HVFXHOD VH EDVD HQ XQ FXUU¯FXOXP LQWHJUDGR WDO \
FRPRVHUHFRJHHQVX3ODQGH$XWRQRP¯D\TXHVHH[SOLFDGHPDQHUDP£VGHWDOODGD
HQDSDUWDGRVSRVWHULRUHV
ಯ1RVSURSRQHPRVWUDEDMDUGHVGHHOFXUU¯FXOXPLQWHJUDGR6RQPRPHQWRV
HQ ORV TXH HV QHFHVDULR UHGHILQLU TX« HQWHQGHPRV SRU LQWHJUDFLµQ
LGHQWLGDGHV LQWHUHVHV GH ORV DOXPQRV HO SDSHO GHO PDHVWUR OD UHODFLµQ
FRQ ODV IDPLOLDVಹ 4XHUHPRV XQD HVFXHOD FRQHFWDGD FRQ VX WLHPSR
VLWXDGD FRQ WRGR HQ XQ FRQWH[WR FDPELDQWH FRPSOHMRಹ TXH QRV SLGH
SRVLFLRQDUQRVSHQVDUUHSHQVDU\UHSHQVDUQRVಹEXVFDQGRODLPSOLFDFLµQ
\ HO FRPSURPLVR GH WRGDV ODV SHUVRQDV TXH OD IRUPDQ 3ODQ GH
$XWRQRP¯DGHO&HQWURದ
/26$17(&('(17(6'(81$(6&8(/$6,78$&,•1<8%,&$&,•1
'(6&5,3&,•1'(/%$55,2
(O &(,3 % GH %DUFHORQD VH HQFXHQWUD XELFDGR HQ 'LVWULWR GH 6DQW 0DUW¯
FRQFUHWDPHQWHHQOD=RQDGHO&DPSGHOಬ$USDFX\REDUULRHVW£IRUPDGRSRUIDPLOLDV
GHFODVHPHGLDPHGLDದEDMDSURFHGHQWHVGHRWURVOXJDUHVGHOHVWDGRHVSD³ROGHOD
PLVPDSURYLQFLDFDWDODQD\GHSHUVRQDVGHRWURVSD¯VHVGH$P«ULFD&HQWUDO\GHO6XU
ƒVLD\ƒIULFD
/D HVFXHOD QDFLµ FRPR XQD FRRSHUDWLYD GH PDHVWURV HQ EXVFD GH DOWHUQDWLYDV D OD
HVFXHODIUDQTXLVWDFHQWUDQGRVXPLUDGDSHGDJµJLFDHQHOSURSLRQL³RSRWHQFLDQGROD
/D FXUVLYD TXHGD UHFRJLGD HQ HO GRFXPHQWR RULJLQDO &(,3 GH %DUFHORQD ದ 3UR\HFWR GH
$XWRQRP¯D GH &HQWUR 3$& (Q 3ODQWHDPLHQWR LQVWLWXFLRQDO PLVLµQ YLVLµQ \ YDORUHV 'RFXPHQWDFLµQ
LQWHUQDGHODHVFXHOD
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
FUHDWLYLGDG \ H[SUHVLµQ UHVFDWDQGR ORV YDORUHV GH OLEHUWDG GHPRFUDFLD \ HVFXHOD
DFWLYD RIUHFLHQGR DV¯ DO DOXPQDGR H[SHULHQFLDV GH DSUHQGL]DMH D SDUWLU GHO
GHVFXEULPLHQWR GHO UHFRQRFLPLHQWR $GHP£V OD HVFXHOD FRPHQ]DED D WUDEDMDU ODV
DVDPEOHDV HQ ODVDXODV VHYDORUDEDOD SDUWLFLSDFLµQ GH ODV IDPLOLDV WHQLHQGR PXFKD
LPSRUWDQFLD OD LPSOLFDFLµQ ODV GHFLVLRQHV GHO FODXVWUR GRQGH ORV HTXLSRV GLUHFWLYRV
HUDQORVJHVWRUHVGHODVGHFLVLRQHVFROHFWLYDV+HUQ£QGH]0DUW¯QH]\9LQ\DOV
ಯ(VWDHVFXHODKDVWDODG«FDGDGHORVHUDXQDFRRSHUDWLYD)XQFLRQDED
FRPR HVFXHOD SULYDGD /D GHVFULELU¯D FRPR XQD HVFXHOD SHFXOLDU FRQ
JHQWH FRQ LGHDV SDUHFLGDV TXH VH DVRFLDURQ SDUD WLUDU KDFLD GHODQWH XQ
SUR\HFWR 8Q SUR\HFWR SURJUHVLVWD FRQ LQWHQFLµQ GH UHFXSHUDU OD FXOWXUD
FDWDODQD GH SRQHU HQ SU£FWLFD XQD SHGDJRJ¯D DFWLYD H LQWHQWDU
WUDQVIRUPDU ODV UHODFLRQHV PDHVWUR ದ DOXPQR \ VHJXUDPHQWH HVFXHOD ದ
IDPLOLDKDFHUODP£VFHUFDUQDP£VGLDORJDQWHಹರ1'&(,3%SS ದ
3RVWHULRUPHQWH OD FRRSHUDWLYD GH PDHVWURV SDVDU¯D D VHU XQD HVFXHOD S¼EOLFD \ D
IRUPDUSDUWHGHODUHGGHHQVH³DQ]DS¼EOLFDGHOD*HQHUDOLWDWGH&DWDOXQ\D
'HVGH VX IXQGDFLµQ HQ OD G«FDGD GH ORV FRPR UHVSXHVWDV D ODV QHFHVLGDGHV
FLXGDGDQDVGHOPRPHQWRHO&(,3%GH%DUFHORQDVLHPSUHKDHVWDGRSUHRFXSDGRSRU
ODUHQRYDFLµQ\DFWXDOL]DFLµQSHGDJµJLFDGRQGHWRGRVORVPLHPEURVGHODFRPXQLGDG
HGXFDWLYDSXHGHQSDUWLFLSDUGHPDQHUDDFWLYD
+HUQ£Q]GH])0DUW¯QH]6\9LQ\DOV7 /RVFDPELRVVHPHMXQWDQFRQORTXHHVODYLGDFRQOR
TXH HV OD GRFHQFLD (Q 6DQFKR - 0l &RRUG &RQ YR] SURSLD /RV FDPELRV VRFLDOHV \
SURIHVLRQDOHVGHVGHODH[SHULHQFLDGHORVGRFHQWHV%DUFHORQD2FWDHGURSSದ
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
(/&(175248‹/2+$&(',)(5(17("
(O &(,3 GH %DUFHORQD HV XQD HVFXHOD FRPSURPHWLGD FRQ ODV SHUVRQDV \ FRQ OD
VRFLHGDG6HWUDWDGHXQFHQWURGHXQDVRODO¯QHDFRQFODVHVRQLYHOHV/D(GXFDFLµQ
,QIDQWLODEDUFDORVWUHVSULPHURVQLYHOHVWHQLHQGRHQVXVDXODVDQL³RV\QL³DVGHD
D³RV<(GXFDFLµQ3ULPDULDWLHQHVHLVFODVHVGHDD³RVGHHGDG&RQHOSDVRGHO
WLHPSR KD LGR LQFRUSRUDQGR QXHYDV PHWRGRORJ¯DV \ DGRSWDQGR QXHYRV UHFXUVRV $
SHVDUGHODVPRYLOL]DFLRQHVGHOSHUVRQDOGRFHQWHKDQVLGRFDSDFHVGHPDQWHQHUDXQ
JUXSRGHPDHVWURVKHFKRTXHKDSHUPLWLGRODFRQWLQXLGDGHQORVREMHWLYRVGHOWUDEDMR
/DVFDUDFWHU¯VWLFDVP£VQRWDEOHVGHHVWDHVFXHODVRQ
7LHQHQ HO FDWDO£Q FRPR OHQJXD KDELWXDO \ FRPR OHQJXD GH DSUHQGL]DMH
LQFRUSRUDQGRSDUDOHODPHQWHHOFDVWHOODQR\HOLQJO«V
6HEDVDQHQXQVLVWHPDGHYDORUHVEDVDGRHQORVGHUHFKRVIXQGDPHQWDOHVGH
ODVSHUVRQDVSUDFWLFDQGRODFRHGXFDFLµQHOSOXUDOLVPR\ODGHIHQVDDQWHWRGR
GHORVYDORUHVGHPRFU£WLFRV
3RQHQ HQ PDUFKDXQDHGXFDFLµQ LQWHJUDO WHQLHQGR HQ FXHQWD OD SHUVRQDOLGDG
ODV QHFHVLGDGHV \ HO FRQWH[WR GHO QL³R 5HVSHFWDQGR VX ULWPR HYROXWLYR VX
DSUHQGL]DMH\VXVSURSLDVFDSDFLGDGHV
(QWLHQGHQ TXH HO DOXPQDGR SUHVHQWD GLYHUVLGDG GH FDUDFWHUHV FXOWXUDV \
FDSDFLGDGHV 3RU HVR OD HVFXHOD VH YH HQ OD ಯREOLJDFLµQರ GH DGDSWDU VXV
UHFXUVRVDGLFKDGLYHUVLGDG
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
< WUDEDMDQ GH XQD PDQHUD JOREDOL]DGRUD H LQWHUGLVFLSOLQDULD UHODFLRQDQGR ODV
GLIHUHQWHV£UHDVVHJ¼QODVHGDGHV\ORVFRQWH[WRV
$V¯SXHVODSHFXOLDULGDGGHHVWDHVFXHODVHHQFXHQWUDHQTXHHQWLHQGHQTXHHGXFDU
HVHQVH³DUDPLUDUODVUHDOLGDGHVP£VFRPSOHMDVVDEHUODVLQWHUSUHWDU\PLUDUODVGHVGH
GLIHUHQWHV £QJXORV $ OD YH] TXH HV WHQHU WLHPSR SDUD VHU UHFRQRFLGRV \ VDEHU
UHFRQRFHU D ORV RWURV FRQ OD ILQDOLGDG GH DSUHQGHU \ VHU FDSDFHV GH VROXFLRQDU ORV
FRQIOLFWRVFRPSDUWLUH[SHULHQFLDV\YLYHQFLDVFRQYLYLU3DUDHOORODHVFXHODVHDFHUFD
DHVWDUHDOLGDGKDFLHQGRGHODXODXQHQWRUQRGHYLGDXQOXJDUXQHVSDFLRFRPSDUWLGR
GRQGHHODSUHQGL]DMHD\XGDDVXFRPXQLGDGDFRQRFHUHOPXQGR\DVLPLVPRGHXQD
PDQHUD LQWHJUDO H LQWHJUDGRUD 7UDEDMDQGR GHVGH OD FRRSHUDFLµQ \ OD DFRJLGD
UHODFLRQDQGR ODV GLIHUHQWHV £UHDV GHO FRQRFLPLHQWR D WUDY«V GHO GL£ORJR \ OD HVFXFKD
DFWLYD
(Q GHILQLWLYD OD FRPXQLGDG HGXFDWLYD GHO &(,3 GH %DUFHORQD HQWLHQGH HO DXOD \ OD
HVFXHOD FRPR XQ HVSDFLR DELHUWR DO PXQGR GRQGH VH DSUHQGH FRQMXQWDPHQWH XQRV
FRQRWURVVLHQGRODFRRSHUDFLµQGHODVIDPLOLDVHOHPHQWRHVHQFLDO
ಯ8QDHVFXHODTXHLQFRUSRUHXQGLVFXUVRFROHFWLYRVREUHTX«VHHQWLHQGH
SRU FRPXQLGDG GH DSUHQGL]DMH \ HQWLHQGD OD LQYHVWLJDFLµQ GH QXHYDV
PDQHUDV DFWXDOPHQWH HO WUDEDMR GHO FXUU¯FXOXP LQWHJUDGR DUWLFXODGR D
WUDY«V GH ORV SUR\HFWRVGH WUDEDMR FRPR XQ FDPLQR TXH QRV WLHQH TXH
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
SHUPLWLU FRQFUHWDU QXHVWUD RSFLµQ 8Q SURFHVR YLYR \ DELHUWRರ 3ODQ GH
$XWRQRP¯DGHO&HQWURದ
/$0,5$'$3('$*•*,&$
(O &(,3 GH %DUFHORQD DSXHVWD SRU XQD HGXFDFLµQ GLIHUHQWH VLQJXODU \ FRODERUDWLYD
HQWUH WRGD OD FRPXQLGDG HGXFDWLYD (V SRU HOOR TXH YLVOXPEUD \ SHUFLEH VX WDUHD
SHGDJµJLFD FRPR XQ HOHPHQWR HVHQFLDO \ FODYH HQ VX HQWUDPDGR GH UHODFLRQHV \
DSUHQGL]DMHV3DUDSRGHUGDUUHVSXHVWDDHVDPDQHUDJOREDOL]DGRUDHLQWHUGLVFLSOLQDULD
GHODHGXFDFLµQHO&(,3GH%DUFHORQDVHEDVDHQHOWUDEDMRSRUSUR\HFWRV
ಯ/RV SULPHURV SUR\HFWRV XQD YH] HOHJLGR HO WHPD D LQYHVWLJDU VH
RUJDQL]DEDQDSDUWLUGHXQVRQGHRLQLFLDOVREUHORTXHVDE¯DQORVDOXPQRV
\ GH XQD SURVSHFFLµQ VREUH OR TXH TXHU¯DQ VDEHU (VWDEOHF¯DPRV
UHODFLRQHV FRQ WRGDV ODV PDWHULDV DO PLVPR WLHPSR \ RUJDQL]DPRV XQ
FHQWUR GH GRFXPHQWDFLµQ GRQGH SRGHU FRQVXOWDU OD LQIRUPDFLµQ TXH VH
QHFHVLWDED /RV SUR\HFWRV WHQ¯DQ TXH WHQHU DOJR GH WRGDV ODV PDWHULDV
FRPR XQD PDQHUD GH OOHYDU D FDER OD LQWHJUDFLµQ GHO FXUU¯FXOXP (VWD
SULPHUD IRUPD GH OOHYDUORV D OD SU£FWLFD QRV DOHMµ SDUD VLHPSUH GH ODV
LQIDQWLOL]DFLRQHV \ VLPSOLILFDFLRQHV GH ORV WHPDV TXH KDE¯DPRV WUDWDGR
KDVWDDTXHOORVPRPHQWRVHQORVOLEURVGHWH[WR\ORVFHQWURVGHLQWHU«V
)XH SRU HMHPSOR XQD RSRUWXQLGDG SDUD GLVWDQFLDUQRV GH ORV FHQWURV GH
/D FXUVLYD TXHGD UHFRJLGD HQ HO GRFXPHQWR RULJLQDO &(,3 GH %DUFHORQD ದ 3UR\HFWR GH
$XWRQRP¯D GH &HQWUR 3$& (Q 3ODQWHDPLHQWR LQVWLWXFLRQDO PLVLµQ YLVLµQ \ YDORUHV 'RFXPHQWDFLµQ
LQWHUQDGHODHVFXHOD
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
LQWHU«VVREUHODVHVWDFLRQHVGHOD³RFRQORVUXWLQDULRVPXUDOHVGH£UEROHV
FRQKRMDVFD¯GDVರ$QJXLWD0+HUQ£QGH])9HQWXUD0
/RV SUR\HFWRV GH WUDEDMR VRQ HQWHQGLGRV FRPR XQ OXJDU GH UHODFLRQHV \ DSUHQGL]DMH
HQWUH WRGD OD FRPXQLGDG HGXFDWLYD &RPR DUJXPHQWD +HUQ£QGH] HVWD
SHUVSHFWLYD SHGDJµJLFD SRG¯D VHUYLU SDUD DFHUFDUVH D OD LGHQWLGDG GHO DOXPQDGR \
D\XGDU D OD FRQVWUXFFLµQ GH OD VXEMHWLYLGDG GH QL³RV \ QL³DV UHSHQVDUVH OD
RUJDQL]DFLµQGHOFXUU¯FXOXPGHSULPDULDSDUDTXHHOFRQRFLPLHQWRQRHVW«IUDJPHQWDGR
HQ PDWHULDV VHU FRQVFLHQWH \ WHQHU HQ FXHQWD ORV FDPELRV VRFLDOHV FXOWXUDOHV
HFRQµPLFRVWHFQROµJLFRVTXHVHGDQIXHUDGHODHVFXHOD\WHQHUHQFXHQWDFµPRVH
YDFRQVWUX\HQGRODLGHQWLGDGGHOSURSLRGRFHQWH
7UDEDMDU SRU SUR\HFWRV FRQOOHYD XQD VHULH GH FDUDFWHU¯VWLFDV +HUQ£QGH] +HUQ£QGH]\9HQWXUDWDOHVFRPR
/D LPSRUWDQFLD GH HVWDEOHFHU XQD WHP£WLFD R SUREOHPD SRU HO DOXPQDGR R
GRFHQWH SDUD TXH HQWUH WRGRV VH SXHGD DQDOL]DU LQWHUSUHWDU \ FULWLFDU
UHDOL]DQGRXQDSUHQGL]DMHVLJQLILFDWLYR
'RFHQWH \ DOXPQDGR WUDEDMDQ GH PDQHUD FRRSHUDWLYD ಯ7RGRV DSUHQGHQ GH
WRGRVರ FDGD XQR HQFXHQWUD VX HVSDFLR VX OXJDU HQ HO JUXSR 'H DK¯ OD
LPSRUWDQFLDGHHVFXFKDUODVGLIHUHQWHVDSRUWDFLRQHV(OGRFHQWHHVXQJX¯DQR
HOH[SHUWRGHODWHP£WLFDHQFXHVWLµQDODYH]TXHWDPEL«QSXHGHDGRSWDUHOURO
GH DSUHQGL] \D TXH D PHGLGD TXH VH YD\D GHVDUUROODQGR HO SUR\HFWR QXHYRV
(Q $QJXLWD 0 +HUQ£QGH]) 9HQWXUD 0 ಯ/RV SUR\HFWRV WHMLGR GH UHODFLRQHV \ VDEHUHV ರ
&XDGHUQRVGH3HGDJRJ¯D
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
LQWHUURJDQWHV LU£Q VXUJLHQGR $PERV GRFHQWH \ DOXPQDGR FRQVWUXLU£Q HO
FRQRFLPLHQWR
6HHVWDEOHFHXQHQWUDPDGRGHUHODFLRQHV\XQUHFRUULGRVLQJXODUFDGDSURFHVR
HV¼QLFR (O DSUHQGL]DMH LQGLYLGXDO OD H[SHULHQFLD \ YLYHQFLDD\XGDQ D TXH VH
HVWDEOH]FDXQDSUHQGL]DMHFROHFWLYRದJUXSDO
ಯ$FWXDOPHQWH QR KD\ XQ SUR\HFWR KD\ GLYHUVRV SUR\HFWRV TXH VH
UHODFLRQDQ HQWUH VL GHQWUR GH XQ SUR\HFWR GH YLGD GH DXOD GRQGH VH
HVWDEOHFHQ UHODFLRQHV FRQ WRGR OR TXH VXFHGH QR VRODPHQWH HQ HO DXOD
VLQRWDPEL«QHQODHVFXHOD\IXHUDGHHOOD(VWHSUR\HFWRGHYLGDGHDXOD
VH FRQYLHUWH HQ XQ WHMLGR JOREDO TXH FUHD OD QHFHVLGDG GH QDUUDU OD
H[SHULHQFLD GH YLGD GH WRGRV VXV SURWDJRQLVWDV GH PDQHUD TXH SHUPLWD
UHFRJHU VXV PRGRV GH VHUರ $QJXLWD 0 +HUQ£QGH] ) 9HQWXUD 0
$V¯ SXHV HO FHQWUR HGXFDWLYR HQ JHQHUDO \ HO DXOD HQ SDUWLFXODU VH WUDQVIRUPDQ HQ
XQRVHVFHQDULRVGRQGHODYLGDUHDOVHSRQHHQMXHJR\WRGRVVXVPLHPEURVFRPSDUWHQ
\ HODERUDQ XQ HQWUDPDGR GH UHODFLRQHV TXH OHV D\XGDQ D HQWHQGHU LQWHUSUHWDU \
H[SUHVDUTXL«QHVVRQ\FµPRLQWHUDFW¼DQHQHOFRQWH[WRGµQGHVHKDOODQLQPHUVRDOD
YH]TXHVHYDQKLODQGRGLIHUHQWHVY¯QFXORVHQWUHFKDQGROD]RVTXHOHVSRVLELOLWDGHXQ
GLVFXUVR\XQDSHUVRQDOLGDG¼QLFD\VLQJXODU
'HQWUR GH HVWH HQWUDPDGR GH UHODFLRQHV HO SDSHO GH OD PDHVWUD HV GH
DFRPSD³DPLHQWR RWRUJDQGR OD RSRUWXQLGDG D VX DOXPQDGR GH LU HQWUHWHMLHQGR HVRV
OD]RVY¯QFXORV\WUDPRVTXHYDQVXUJLHQGRHQODVUHODFLRQHVTXHVHYDQHVWDEOHFLHQGR
HQ HO DXOD HQ HO FHQWUR \ HQ VX FRPXQLGDG (VD UHG GH HQWUDPDGRV QDFH GH ORV
ELG
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
GHVHRVORVLQWHUHVHV\ORVLQWHUURJDQWHVTXHFRPRSHUVRQDVFU¯WLFDVVHFXHVWLRQDQ\
IRUPXODQ HQ HO G¯D D G¯D KDFLHQGR TXH VH UHLQYHQWHQ FDGD G¯D \ QDUUDQGR VX SURSLD
DYHQWXUD
< HQ HO VLVWHPD HGXFDWLYR FRQFUHWDPHQWH OD /H\ GH (GXFDFLµQ ORV SUR\HFWRV GH
WUDEDMR VRQ FRQVLGHUDGRV FRPR XQD HVWUDWHJLD SHGDJµJLFD SDUD GDU UHVSXHVWD D ODV
FRPSHQWHQFLDVTXHGHEHDGTXLULUHODOXPQRDORODUJRGHVXSURFHVRGHDSUHQGL]DMH
ಯ$KRUD FRQ OD /2( \ VX DSHODFLµQ D OV FRPSHWHQFLDV ORV SUR\HFWRV GH
WUDEDMR VH KDQ FRQVLGHUDGRV FRPR OD FRQFUHWL]DFLµQ SHGDJµJLFD GH XQD
RSFLµQUHIRUPDGRUDTXHVHSUHVHQWDFRPRPDUFRGHOGHEHVHUSHURVLQ
RIUHFHU HO FµPR OOHYDUOR D OD SU£FWLFD 'H DTX¯ TXH FRQ WUDYHVWLPRV ದGH
FHQWURV GH LQWHU«V XQLGDGHV GLG£FWLFDV R SHGDJRJ¯D GH SUR\HFWRV VH
UHFODPDQ ORV SUR\HFWRV GH WUDEDMR FRPR HVWUDWHJLD SHGDJµJLFD SDUD
HQFDXVDUODVFRPSHWHQFLDVRSDUDGHVDUUROODUHOWUDEDMRGHLQYHVWLJDFLµQ
GHFLFORRGHFXDUWRGH(62ರ$QJXLWD0+HUQ£QGH])9HQWXUD0
'H HVWD PDQHUD \ WDO FRPR DUJXPHQWDQ $QJXLWD +HUQ£QGH] \ 9HQWXUD ORV
SUR\HFWRV GH WUDEDMR VRQ XQD HVWUDWHJLD TXH D\XGDQ D UHSODQWHDUVH ODV UHODFLRQHV
SHGDJµJLFDV D FXHVWLRQDUVH HO FXUU¯FXOXP EDVDGR HQ PDWHU¯DV \ HO SXHQWH TXH VH
HVWDEOHFH HQWUH OD LQIRUPDFLµQ HO FRQRFLPLHQWR \ HO VDEHU D TXHEUDQWDU HO O¯PLWH
HVWDEOHFLGR HQWUH HO GHQWUR \ IXHUD GH OD HVFXHOD D SUHJXQWDUVH FµPR HO VXMHWR
DSUHQGL]YLQFXODVXDSUHQGL]DMHFRQVXH[SHULHQFLD
ELG
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
720$1'2'(&,6,21(6/$(/(&&,•1'((67$(6&8(/$
/RV SDUWLFLSDQWHV GH HVWH HVWXGLR GH FDVR OOHJDURQ DO &(,3 % GH %DUFHORQD SRU
GLIHUHQWHV PRWLYRV TXH RVFLODQ GHVGH OD SUR[LPLGDG GHO GRPLFLOLR SDVDQGR SRU HO
SUR\HFWR HGXFDWLYR \ SRU VHU XQD HVFXHOD S¼EOLFD \ IDPLOLDU KDVWD OD DVLJQDFLµQ SRU
SDUWHGHO'HSDUWDPHQWRGH(GXFDFLµQ
8QD GH ODV IDPLOLDV H[SUHVD TXH OD OOHJDGD DO FHQWUR HGXFDWLYR QR IXH XQD HOHFFLµQ
SURSLDVLQRS
SRUDVLJQDFLµQGHOSURSLR'HSDUWDPHQWRGH(GXFDFLµQ\DTXHHQHOFXUVR
DQWHULRU YLY¯D HQ RWUR EDUULR \ SRU FDPELR GH GRPLFLOLR \ GH GLVWULWR VH OH RWRUJµ OD
SUHVHQWHHVFXHODGRQGHGLVSRQ¯DXQDSOD]DSDUDVXKLMD
ಯ>1R IXH SRU HOHFFLµQ VLQR SRU DVLJQDFLµQ@ 0L KLMD OOHJµ D HVWD HVFXHOD
SRUTXHIXHXQFDPELRGHGRPLFLOLR9LY¯DPRVHQ+RVSLWDOHW<HQWRQFHV
QRVWUDVODGDPRVDTX¯D%DUFHORQDRWUDYH]\FODURPHSLOOµHQHOPHVGH
-XOLR TXH ODV PDWULFXODV \D HVWDEDQ UHDOL]DGDV (QWRQFHV PH IXL D
(GXFDFLµQ ಹ SXVH ORV WUHV FHQWURV TXH WHQJRP£V FHUTXLWD ‹VWH QL OR
SXVH<PHWRFµHQ«VWH\DV¯IXHರ)&(,3%S
2WURGH ORVPRWLYRV GH OD HOHFFLµQ GH HVWD HVFXHODHVSRU VHU XQD HVFXHODSHTXH³D
IDPLOLDUGHXQDVRODO¯QHD\SRUVXSUR\HFWRHGXFDWLYR
ಯ3RUTXHQRVJXVWµHOSUR\HFWRGHHVWDHVFXHOD(VXQDHVFXHODDFWLYD(V
GHXQDVRODO¯QHDQRVJXVWDTXHWRGRVORVQL³RVGHODPLVPDHVFXHODVH
FRQR]FDQ HQWUH V¯ HQWUH GLIHUHQWHV FXUVRV 6H D\XGDQಹ /RV GH WHUFHUR
KDFHQGHHTXLSROHFWRUGHORVFXUVRVLQIHULRUHV3HQVDPRVTXHSDUDHVWD
HGDG HV PHMRU XQD HVFXHOD P£V IDPLOLDU 8QD HVFXHOD GRQGH WRGRV VH
FRQR]FDQTXHWRGRVVHSDQTXLHQHVTXLHQರ)&(,3%S
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
8Q UHTXLVLWR SDUD HVFRJHU FHQWUR VHU¯D VHU XQD HVFXHOD S¼EOLFD \ D P£V VL HVWD
HVFXHODFRQWDEDFRQUHIHUHQFLDVGHOEDUULR\GHRWUDVIDPLOLDV
ಯ7HQ¯DPRVPX\ FDOUR TXH TXHU¯DPRV XQD HVFXHOD S¼EOLFD < DTX¯ HQ HO
EDUULR VHQWLPRV KDEODU PX\ ELHQ GH HVWD HVFXHOD )XLPRV D YDULDV
HVFXHODVGHOEDUULRDODVHQWUHYLVWDVYLQLPRVD«VWDQRVJXVWµPXFK¯VPR
\FRPRWHQ¯DPRVUHIHUHQFLDVಹರ)&(,3%S
ಯ1DFLµ QXHVWUD KLMD \ QRV YLQLPRV D YLYLU D %DUFHORQD /OHJµ OD KRUD GH
HVFRUDOLW]DUODD3ಹ/RTXHV¯WHQ¯DPRVFODURPLPDULGR\\RHVTXH
TXHU¯DPRVXQDHVFXHODS¼EOLFDರ)&(,3%S
/D SUR[LPLGDG \ FRQ EXHQD UHSXWDFLµQ (UDQ ODV SUHPLVDV GH XQD GH ODV IDPLOLDV
SDUWLFLSDQWHVGHHVWDLQYHVWLJDFLµQ
ಯ1RWHQ¯DQLQJXQDUHODFLµQFRQODHVFXHODHUDGHQWURGHODSUR[LPLGDGGH
ODVTXHHVWDEDQFHUFDGHFDVD\GHF¯DQTXHWHQ¯DEXHQDUHSXWDFLµQಹ
(OSUHVWLJLRGHODHVFXHODರ)&(,3%SSದ
3RUD
DVLJQDFLµQGHOHTXLSRGLUHFWLYRDUD¯]GHXQDGHPDQGD\XQDQHFHVLGDGGHWHQHU
XQ SVLFµORJR HQ OD HVFXHOD FRQ HO ILQ GH SRGHU GDU UHVSXHVWDV \ DWHQGHU D ODV
QHFHVLGDGHVTXHSUHVHQWDEDODFRPXQLGDGHGXFDWLYDVHU¯DRWURGHORVPRWLYRVSRUHO
FXDOXQDSHUVRQDQRGRFHQWHOOHJDDGLFKRFHQWUR
ಯ<RWUDEDMDEDHQXQGHVSDFKRSULYDGRHQHOEDUULRಹ&XDQGRSDVµDVHU
XQD HVFXHOD S¼EOLFD HO SVLFµORJR TXH HVWDED PDUFKµ \ EXVFDEDQ D RWUD
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
SHUVRQD(OHTXLSRGLUHFWLYRVROLFLWµDXQDSHUVRQDFRPRSURSXHVWDSDUD
JHVWLRQDUODIXQFLµQGHSVLFµORJRHQODHVFXHOD/DSURSXHVWDHUDUHSDUWLU
HO WLHPSR GH HVWDU HQ OD HVFXHOD \ SRGHU DWHQGHU D WRGRV ORV PDHVWURV
DWHQGHUODVSUHRFXSDFLRQHVGHODVIDPLOLDV\KDFHUREVHUYDFLRQHVGHORV
DOXPQRVರ1'&(,3%S
(OH
HIHFWRFDVXDOWDPEL«QIXHXQHOHPHQWRFUXFLDODODKRUDGHOOHJDUDODHVFXHODELHQ
SRUTXHHOFHQWURHGXFDWLYRHVWDEDEXVFDQGRDXQDSHUVRQDSDUDFXEULUXQDYDFDQWHR
ELHQSRUTXHHOGHVWLQRMXQWRDXQSURFHVRGHVHOHFFLµQ\XQDQXQFLRHQHOSHULµGLFR
KL]RHOUHVWR
ಯಹ 3RU FDVXDOLGDG GH OD YLGD ಹ XQ G¯D XQ V£EDGR HVWDED OH\HQGR HO
SHULµGLFR \ KDE¯D XQD HVSHFLD GH FRQYRFDWRULDGH RSRVLFLRQHV ಹ 0H
KLFLHURQ XQD HQWUHYLVWD\ ELHQ 8Q G¯D HVWDED WUDEDMDQGR \ PH OODPDURQ
ಯHVFXFKDPLUDSRGU¯DVSDVDUWHSRUDTX¯WUDHUXQRVSDSHOHV\GHP£Vರ\
PH GLMHURQ ಯVL WH LQWHUHVD D SDUWLU GH WDO G¯D GH OD VHPDQD TXH YLHQH
FRPLHQ]DVರ,V¯PHLQWHUHVDED7XYHPXFKDVXHUWHರ1'&(,3%SS
ದ
ಯ3RU FDVXDOLGDG PH HQWHU« TXH EXVFDEDQ D SHUVRQDV \ YLQH
U£SLGDPHQWHರ'&(,3%S
2WUR GH ORV DVSHFWRV TXH VH GHVWDFD D OD KRUD GH HOHJLU HO FHQWUR VHU¯D SRU VHU XQD
FRRSHUDWLYD GH PDHVWURV HQ VXV LQLFLRV \ WHQHU VXV UD¯FHV HQ DTXHO EDUULR GRQGH
FRPSDUW¯DQPLUDGDVSHGDJµJLFDVHOPLVPRSUR\HFWRHGXFDWLYR\ODPLVPDLGHRORJ¯D
DQWHVGHSDVDUSRVWHULRUPHQWHDVHUXQDHVFXHODS¼EOLFD
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
ಯ4XHU¯DYHQLUDSDUDUDO&(,3%SRUTXHHUDXQDFRRSHUDWLYDGHPDHVWURV
(QDTXHOPRPHQWRHUDXQWLSRGHHVFXHODDUUDLJDGDDOEDUULRFRQWRGDOD
PRYLGDSRO¯WLFDTXHKDE¯D(UDXQPRGHORGHHVFXHODHQODTXH\RWHQ¯D
PXFKDVJDQDVGHSDUWLFLSDUರ'&(,3%S
1RHVGHH[WUD³DUTXHXQGRFHQWHOOHJXHDODHVFXHODVLHQGRLLQWHULQR\IRUPDQGRSDUWH
GHXQDEROVDGHWUDEDMRGHO'HSDUWDPHQWRGH(GXFDFLµQTXHDODODUJDSDUDRSWDUSRU
XQD SOD]D ಯHVWDEOHರ \ GHILQLWLYD OH OOHYD D FRQFXUVDU \ D SDVDU XQDV RSRVLFLRQHV
'HMDQGRGHVHUXQLU\YHQLUFRVWDQWHVSRUGLIHUHQWHVFHQWURVHGXFDWLYRVDVHUGHHVWD
PDQHUD GHO FXHUSR GH IXQFLRQDULRV \ EXVFDU XQ OXJDU GH WUDEDMR DFRUGH FRQ VXV
QHFHVLGDGHV\RLQWHUHVHV
ಯಹ /RV IXQFLRQDULRV QRV PRY¯DPRV SRUTXH WHQ¯DPRV EXHQD UHIHUHQFLD
GHODHVFXHODRSRUTXHQRVTXHGDEDFHUFDGHFDVD/DHVFXHODGRQGH\R
KDE¯DWUDEDMDGRMDVWDDKRUDODKDE¯DQFHUUDGRSRUIDOWDGHDOXPQDGRSRU
ORWDQWRPHY¯IRU]DGDDFRQFXUVDU\GHHVFRJHUXQDHVFXHODರ'&(,3
%S
ಯ+H HVWDGR PXFKRV D³RV WUDEDMDQGR HQ OD SULYDGD DQWHV VH OODPDED
HVFXHODV DFWLYDV \ OOHJµ HO PRPHQWR GH KDFHU RSRVLFLRQHV HUD HO
PRPHQWRGHGHIHQGHUGHPDQHUDILUPHODHVFXHODS¼EOLFD\FDWDODQDಹ
2SW«SRUXQDHVFXHODTXHHVWXYLHUDP£VFHUFDGHFDVDರ'&(,3%SS
ದ
(QPRPHQWRVGHFFRPSOHMLGDG\FFDPELRGRQGHODWRPDGHGHFLVLRQHVHQWUDHQMXHJR\
HV GH YLWDO LPSRUWDQFLD HO VHQWLUVH DFRPSD³DGR HQ HVWH SURFHVR GH LQFHUWLGXPEUH \
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
QXHYRVDSUHQGL]DMHVGHUHFRORODFLµQ\SRVLFLRQDPLHQWRWDO\FRPRPDQLILHVWDXQDGH
ODVGRFHQWHVHVGHJUDQQHFHVLGDGQRVRODPHQWHFRPRPDHVWUDVLQRFRPRSHUVRQD
ಯ(V XQD H[SHULHQFLD PX\ ODUJD EXHQR XQD WUD\HFWRULD PX\ ODUJD 6REUH
WRGRHOREMHWLYRSULQFLSDOIXHDUD¯]GHFRQIOXLUXQDVHULHGHDVSHFWRV8QR
GH HOORV HUD ಹ VHQWLUPH DFRPSD³DGD HQ HVWH FDPLQR GH FDPELR (Q
HVWHFDPLQRWDQFRPSORFDGRTXHHVWUDEDMDUSRUSUR\HFWRVಹ4X«HV
ORTXHWHQJRHQFXHQWDDODKRUDGHSODQWHDUPHFLHUWRVDVSHFWRV\FX£OHV
QR1RSXHGHKDEHUXQDHVTXL]RIU«QLDHQWUHWXYLGD\ODSURIHVLµQ
3RU OR WDQWR SRU HVD QHFHVLGDG GH DFRPSD³DPLHQWR ಹ 'H SHQVDU GH
DOJXQDPDQHUDTXHKD\FDPLQRVGHDSUHQGL]DMHVDELHUWRVFRPSDUWLHQGR
FRVDVUHIHUHQWHVFRQODVSHUVRQDVGHDTX¯ರ'&(,3%S
$PRGRGHV¯QWHVLVGHHVWHDSDUWDGRVHSRGU¯DREVHUYDUTXHVRQQXHYHORVPRWLYRV
TXH OOHYDQ D ORV SURWDJLQLVWDV GH HVWH HVWXGLR GH FDVR D HOHJLU GLUHFWD R
LQGLUHFWDPHQWHODHVFXHODHQODTXHVHKDOODQ(VWRVPRWLYRVTXHGDU¯DQUHVXPLGRVGH
OD VLJXLHQWH PDQHUD DVLJQDFLµQ SRU HO 'HSDUWDPHQWR GH (GXFDFLµQ SRU OD
IDPLOLDULGDG\FDUDFWHU¯VWLFDVGHODHVFXHODSRUVHUXQDHVFXHODS¼EOLFD\GHOEDUULR
SRUVHUXQDHVFXHODS¼EOLFD\GHOSURSLREDUULRSRUODUHSXWDFLµQ\SUR[LPLGDG
DVLJQDFLµQ GHO HTXLSR GLUHFWLYR HQ XQ PRPHQWR GDGR SRU FDVXDOLGDG SRU VXV
LQLFLRV \ FDU¢FWHU SHGDJµJLFR SRU LWLQHUDMH R FRQFXUVR \ SRU VHU XQD HWDSD GH
FRPSOHMLGDGFDPELR\DFRPSD³DPLHQWR
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
/$ 32/7,&$ '(/ &(1752 (1 &8$172 $ /$6 5(/$&,21(6 )$0,/,$ ದ
(6&8(/$81$0,5$'$$/2,167,78&,21$/
(O&(,3%GH%DUFHORQDFRPRFRPXQLGDGGHDSUHQGL]DMH\SDUWLHQGRGHODSUHPLVDGH
ODQHFHVLGDGGHFRQVWUXLUXQSUR\HFWRGHHVFXHODFRPSDUWLGRVHUHSLHQVDXQD\RWUD
YH]ODPDQHUDGHTXHODVIDPLOLDVSDUWLFLSHQ\FRODERUHQFRQODHVFXHODGHXQDPDQHUD
PXFKRP£VDFWLYDGHVGHHVSDFLRVIRUPDOHVDHVSDFLRVLQIRUPDOHVFRPRODHQWUDGDDO
DXOD OD HODERUDFLµQ GH PDWHULDOHV FRODERUDU HQ MRUQDGDV WHPDV 3DUD HOOR LQWHQWD
SURPRYHUODSDUWLFLSDFLµQGHODVIDPLOLDVHQHOG¯DDG¯DHVFRODULPSOLF£QGRODVGHVGH
HO SULQFLSLR HQ HO SURFHVR HGXFDWLYR \ HQ HO VHQWLGR GH ಯKDFHU HVFXHODರ GH PDQHUD
FRPSDUWLGD\EXVFDQGRRWUDVSURSXHVWDVGHDFWXDFLµQ
3DUWLHQGRGHODLPSRUWDQFLDGHODSDUWLFLSDFLµQGHODVIDPLOLDVHQODHVFXHODOD$03$
UHIOH[LRQDVREUHODFDUHQFLDGHGLFKDSDUWLFLSDFLµQ\VHSODQWHDHOUHWRGHHODERUDUXQ
SODQ GH DFWXDFLµQ FRQ HO REMHWLYR GH SRGHU LPSOLFDU D ODV IDPLOLDV 'H HVWH PRGR
VXJLHUHDFUHDUODILJXUDGHXQGHOHJDGRGHDXODTXHVHU£HOHJLGRHQODVUHXQLRQHV
GH LQLFLR GH FXUVR E LQWHQWDU IRUPDU JUXSRV GH UHIOH[LµQ SDUD ODV IDPLOLDV FX\R
HVSDFLR HVWDU£ UHVHUYDGR SDUD TXH «VWDV SXHGDQ DSRUWDU VXV RSLQLRQHV VXV
VHQWLPLHQWRV\H[SUHVDU\DFRQVHMDUFIRPHQWDUODWULDGDQL³RVದDOXPQDGRIDPLOLDV\
HVFXHODGGLQDPL]DUODS£JLQDZHE\SUR\HFWRVTXHHVW£QHQDFWLYRHQFRODERUDFLµQ
FRQ HO HTXLSR GLUHFWLYR \ GRFHQWH /D ILJXUD GHO GHOHJDGR R GHOHJDGRV WHQGU£Q XQ
SDSHO LPSRUWDQWH HQ FXDQWR D OD FRPXQLFDFLµQ HQWUH IDPLOLDV \ GRFHQWHV IDPLOLDV \
FODVH SDUD HO HQWHQGLPLHQWR OD FRRUGLQDFLµQ \ FRKHUHQFLD GH DFWXDFLRQHV HO
$03$/DSDUWLFLSDFLµGHOHVIDP¯OLHVDOಬHVFROD (Q(
(OEXWOOHW¯UHYLVWDGHOಬHVFRODS
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
FRQRFLPLHQWR GH OR TXH VH YLYH HQ HO DXOD GH OR TXH VH QHFHVLWD HQ TX« VH SXHGH
D\XGDUWDPEL«QHOFRQRFLPLHQWRHQWUHIDPLOLDVSDUDSRGHUODVDFRJHU\DFRPSD³DUODV
\ODSDUWLFLSDFLµQMRUQDGDVZHEDFWLYLGDGHVGHOG¯DDG¯DಹVHUHILHUH
$GHP£VHO&(,3%GH%DUFHORQDFRQHOILQGHFXOWXUL]DUHLPSOLFDUDODVIDPLOLDVHQOD
PDQHUD GH KDFHU HVFXHOD D³RV WUDV D³RV UHDOL]DQ XQD VHULH GH DFWXDFLRQHV FRPR
UHXQLµQWXWRUIDPLOLDFRQXQHVSHFLDOLVWDSDUDH[SOLFDUHOSUR\HFWRGHODXODGHOFHQWUR
E¼VTXHGDFRQW¯QXDGHQXHYDVIXHQWHVGHFRPXQLFDFLµQ£OEXPQHVY¯GHRVHVFULWRVಹ
FUHDFLµQ GH FRPLVLRQHV ILFKHURV GH IDPLOLDV \ DOXPQRV TXH SDVDQ SRU OD HVFXHOD
HVFXHOD GH SDGUHV HO WUDEDMR FRODERUDWLYR IDPLOLD ದ HVFXHOD ದ EDUULR 7RGDV
DFWXDFLRQHVOOHYDQDSRWHQFLDUXQDPD\RUSDUWLFLSDFLµQFRODERUDFLµQHLPSOLFDFLµQGH
WRGDODFRPXQLGDGHGXFDWLYDTXHFRPSRQHHO&(,3%GH%DUFHORQD
/26 '2&80(1726 '(/ &(1752 '(/ 352<(&72 ('8&$7,92 $/
352<(&72'($872120$'(/&(1752
(QHO3UR\HFWRGH$XWRQRPLDGHO&HQWUR3$&HO&(,3GH%DUFHORQDVHUHSODQWHDQ
ORV£PELWRVGHFRPXQLFDFLµQ\GRFXPHQWDFLµQ\HOGHSDUWLFLSDFLµQFRQODILQDOLGDGGH
SRGHU DWHQGHU FRPXQLFDU \ SURPRYHU OD SDUWLFLSDFLµQ GH ODV IDPLOLDV HQ OD HVFXHOD
3DUDHOORHOHTXLSRGRFHQWH\SHUVRQDOQRGRFHQWHYHQODQ
QHFHVLGDGGH
$03$ (VFRODದIDPLOLDSDUWLFLSDUSHUFRQªL[HUSDUWLFLSDUSHUPLOORUDU (Q(
(OEXWOOHW¯UHYLVWDGH
OಬHVFRODS
99$$0HPRULDVGHFXUVRVದದದ'RFXPHQWRVLQWHUQRVGHODHVFXHOD
99$$ 3URMHFWHGಬ$XWRQRPLDGH&HQWUHV3$& (Q3
3ODQWHMDPHQWLQVWLWXFLRQDOPLVVLµYLVLµL
YDORUV'RFXPHQWRLQWHUQRGHODHVFXHOD
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
5HKDFHU ORV GRFXPHQWRV GH SUHVHQWDFLµQ GH OD HVFXHOD TXH VH HQWUHJDQ HQ
GLIHUHQWHVHQWLGDGHV\SHUVRQDVWU¯SWLFRGHSUHVHQWDFLµQGRFXPHQWDFLµQSDUD
ODVQXHYDVIDPLOLDVಹ
5HVFULELU ORV GRFXPHQWRV SUHVFULSWLYRV GH OD HVFXHOD WHQLHQGR HQ FXHQWD ODV
PRGLILFDFLRQHV\QHFHVLGDGHVHVWDEOHFLGDV
)LMDUXQDVQRUPDVGHFRPXQLFDFLµQSHULµGLFDVFDUWHOHVZHEYLVLWDVGHSDGUHV
DODHVFXHODSDUWLFLSDFLµQHQHOEROHW¯QGHO$03$ಹ
3URPRYHUODSDUWLFLSDFLµQGHODVIDPLOLDVHQHOGLDDGLDHVFRODU
(ODERUDU GRFXPHQWRV TXH D\XGDQ D ODV IDPLOLDV HQ HO FRQRFLPLHQWR GH OD
HVFXHODGHVXPDQHUDGHKDFHU\TXHIDFLOLWHQVXSDUWLFLSDFLµQ
$EULU HVSDFLRV GH SDUWLFLSDFLµQ HODERUDFLµQ GH PDWHULDOHV HQWUDU HQ HO DXOD
FRODERUDUHQWHPDVಹ
(Q XQR GH ORV HQFXHQWURV PDQWHQLGRV FRQ OD GLUHFWRUD GHO FHQWUR VH³DOL]µ ODV
VLJXLHQWHV DFFLRQHV SDUD LPSOLFDU D ODV IDPLOLDV \ DV¯ SRWHQFLDU WRGR HO WHPD GH OD
SDUWLFLSDFLµQ \ FRODERUDFLµQ HQWUH ORV GLIHUHQWHV HVWDPHQWRV GH OD FRPXQLGDG
HGXFDWLYD
/DV DFFLRQHV IXHURQ H[WUD¯GDV GH OD FRQYHUVDFLµQ LQIRUPDO HQ XQ HQFXHQWUR FRQ FDI« \ KDEODQGR GH
GLIHUHQWHVWHP£WLFDVHVWDEOHFLGD\GHOSURSLRGLDULRGHFDPSR$PHGLGDTXH¯EDPRVHVWDEOHFLHQGRHO
GL£ORJR\GDGDODUHOHYDQFLDGHOWHPDHQFXHVWLµQSDUDPLWHVLVVDTX«HOFXDGHUQRTXHVLHPSUHPH
DFRPSD³DED\IXLUHDOL]DQGRODVGLIHUHQWHVDQRWDFLRQHVGHORVDVSHFWRVP£VGHVWDFDGRVHLPSRUWDQWH
GHVGHPLSXQWRGHYLVWDFRPRLQYHVWLJDGRUDHQODWHP£WLFDGHHVWHHVWXGLRGHFDVRHOWLSRRWLSRVGH
UHODFLRQHVTXHVHHVWDEOHFHHQWUHODVIDPLOLDV\ODHVFXHOD
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
/D QHFHVLGDG TXH WLHQH OD HVFXHOD GH UHSODQWHDUVH \ UHLQLFLDU HO SDSHO GH ORV
GHOHJDGRV GH FXUVR µ SHUVRQDV IDPLOLDV SRU FXUVRV \ HVWDEOHFHU
HQFXHQWURVPHQVXDOHV
2UJDQL]DU ಯFRFLQDV GHO PXQGRರ XQ V£EDGR DO PHV HO GRFHQWH QR LU¯D HQ XQ
SULQFLSLR SHUR V¯ HO HTXLSR GLUHFWLYR FRPR ಯP£[LPR UHVSRQVDEOHರ GHO FHQWUR
HGXFDWLYR6HWUDWDU¯DGHIRPHQWDUDFWLYLGDGHVSDUDIDPLOLDV\GRFHQWHV3HUR
F¼DOVHU¯DHOSDSHOGHFDGDXQR"(UDXQDGHODVSUHJXQWDVTXHVHSODQWHDED
ODGLUHFWRUDDQWHWDODFFLµQ&RQVLUDEDTXHSRGU¯DGDUVHPRPHQWRVFDµWLFRVGH
FXHVWLRQDPLHQWRGHLQFHUWH]Dಹ3RUORWDQWRODQHFHVLGDGGHWHQHUTXHVHUXQ
SRFR SUHYHQWLYRV \ YDORUDU GLFKD SURSXHVWD GHVGH ODV GLIHUHQWHV PLUDGDV
LPSOLFDGDV
/DDFFLµQGHಯ(OKDEODUSRUKDEODUರXQG¯DDODVHPDQDSRUODWDUGHGXUDQWH
XQD KRUD OD JHQWH FDWDODQR ದ KDEODQWH VH HQFRQWUDU¯D FRQ PDGUHV IDPLOLDUHV
TXHQRORVRQSDUDDFRJHUODVFRPSDUWLUODOHQJXDODVLQTXLHWXGHV\DV¯SRGHU
SU£FWLFDUHOFDWDO£QOHQJXDYHKLFXODUGHOFHQWUR
'HVSX«V GHO «[LWR TXH WXYR ORV MXHJRV PDWHP£WLFRV \ OD FRODERUDFLµQ H
LPSOLFDFLµQGHODVIDPLOLDVYROYHUORVDUHDOL]DUHQORVGLIHUHQWHVFLFORVLQIDQWLOH
LQLFLDOGRQGHSDGUHVPDGUHVDEXHORVYHFLQRVSXHGHQHQWUDUHQHODXOD
'HVGH OD PLUDGD GRFHQWH UHDOL]DU VDOLGDV GH FODVH GH ILQ GH VHPDQD KLMRV ದ
SDGUHV SHUR QR GH PDHVWURV 6H SDWURFLQDU¯D GHVGH OD HVFXHOD SRUTXH VH
SLHQVD TXH WHQLHQGR ಯ3DGUHV FRKHVLRQDGRV GDQ SDVR D HVFXHODV
FRKHVLRQDGDVರ'LUHFWRUDGHOFHQWUR
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
&UHDUXQFRQVHMRGHUHGDFFLµQGHODUHYLVWD\JHVWLµQGHODS£JLQDZHE(VWDU¯D
IRUPDGR SRU IDPLOLDV GH OD $03$ \ GRFHQWHV HTXLSR SHGDJµJLFR FRQ HO
SURSµVLWRGHHQFRQWUDUVH\GDUOHVHQWLGRDODUHYLVWD\DODHVFXHOD
$GHP£V GH WRGDV HVWDV DFFLRQHV HO SULPHU GLD GH FXUVR SRU OD WDUGH VH
UHDOL]DURQSXHUWDVDELHUWDV/DVIDPLOLDVSXGLHURQYHQLUDYHUODFODVHHOWXWRUಹ
3RUTXH VLHPSUH VH GHF¯D TXH VH WHQ¯DQ TXH HVSHUDU D ODV UHXQLRQHV D ODV
HQWUHYLVWDVFXDQGR\DHOFXUVRHVWDEDHPSH]DGR3XHVVHJXLUSRWHQFLDQGROD
HQWUDGDGHODVIDPLOLDVDODHVFXHODDODXODSDUDTXHVHSDQGHSULPHUDPDQROR
TXHHVW£VXFHGLHQWR\ORTXHVHHVW£KDFLHQGR
7DPEL«QOHVJXVWDU¯DUHDOL]DUXQILFKHURHQWUHIDPLOLDV\DOXPQRVTXHSDVHQSRU
OD HVFXHOD SRU HMHPSOR XQ SDGUH TXH VDEHPRV TXH HV LQIRUP£WLFR SXHV
OODPDUORVLKD\GDUXQDFKDUODRQRVSXHGDHFKDUXQDPDQRಹ
&UHDU\SRWHQFLDUODHVFXHODGHSDGUHVGHVGHOD)$3$&VHUHDOL]DQWDOOHUHV
SDUD ODV IDPLOLDV \ QL³RV FKDUODV HM ಯ(O WHPDGHO XVR GHO PµYLOರ ಯJHVWLµQ GH
ODVHPRFLRQHVರ
&RQWLQXDU FRQ HO SUR\HFWR GH EDUULR (O HTXLSR GLUHFWLYR \ XQD PDGUH GH OD
$03$HVW£QSRWHQFLDQGRಯ7LHPSRVGHOEDUULRರGRQGHLQWHQWDQTXHKD\DP£V
SDUWLFLSDFLµQ HQWUH ODV IDPLOLDV OD HVFXHOD \ HO EDUULR DVRFLDFLµQ GH YHFLQRV
FRPRHVW£RFXUULHQGRFRQಯ3UR\HFWRPHUFDVROLGDULRರ
&RQH[LµQGHODV$03$6GHODVGLIHUHQWHVHVFXHODV
$EULUODHVFXHODDOEDUULR
)$3$&)HGHUDFLµGಬ$VVRFLDFLRQVGH0DUHVL3DUHVGಬ$OXPQHVGH&DWDOXQ\D
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
&RQRFHUFXDOHVVRQODVQHFHVLGDGHVGHODIDPLOLD\DEULUODHVFXHODSDUDGDUOHV
UHVSXHVWDV
$OJXQDVGHODVDFFLRQHVPHQFLRQDGDVVHKDQSXHVWRHQPDUFKDFRPRSRUHMHPSORHO
SDSHO GH ORV GHOHJDGRV OD UHYLVWD OD ZHE ORV MXHJRV PDWHP£WLFRV \ RWUDV HVW£Q HQ
SURFHVRGHVHUUHSHQVDGDVYDORUDGDV\DFWLYDUODVFRPRVHU¯DQSRUHMHPSOR WDOOHUHV
P£V LQIRUPDOHV FDI«V \ W«V DOUHGHGRU GH XQ WHPD SRWHQFLDU P£V ODV FRFLQDV GHO
PXQGR
7HQLHQGR HQ FXHQWD ODV YRFHV GH ODV SHUVRQDV SDUWLFLSDQWHV GH HVWD LQYHVWLJDFLµQ \
SDUDOHODPHQWHDORTXHVHUHFRJHHQORVGRFXPHQWRVVHFRQVLGHUDHOGL£ORJRFRPRHMH
YHUWHEUDGRUGHFXDOTXLHUWLSRGHUHODFLµQVLHQGRODSRO¯WLFDGHFHQWURUHFXSHUDUWRGRV
ORVUHFXUVRVGLVSRQLEOHVSDUDHQWUHWHMHUHVHSUR\HFWRGHHVFXHODFRPSDUWLGD
(OGL£ORJRHVXQHOHPHQWRIXQGDPHQWDO
ಯ1RV EDVDPRV PXFKR HQ HO GL£ORJR QRV EDVDPRV PXFKR HQ TXH HOORV
H[SUHVHQORTXHOHVSDVDORVTXHOHVSUHRFXSDUHDOPHQWHರ'&(,3%
SELV
/DSRO¯WLFDGHOFHQWUR
ಯ3LHQVR TXH H[SOLFDUQRV \ HVFXFKDUQRV 3RU HVR DSDUWH GH OD YR]
SRGHPRVXWLOL]DUGLIHUHQWHVGRFXPHQWRVFRPRODVWDUHDVGHORVQL³RVODV
IRWRV Y¯GHRV ODV YRFHV GH ORV SURSLRV QL³RV GH ORV H[SHUWRV GH ODV
PLVPDV IDP¯OLDV GH OD HQFXHVWDV OD HYDOXDFLRQHVಹರ ' &(,3 % S
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
6LVHFRQVXOWDQORVGRFXPHQWRVGHOD$03$FRPRDVRFLDFLµQGHIDPLOLDVVHREVHUYD
TXH WLHQH OD ILQDOLGDG GH KDFHU GH LQWHUORFXWRUDHQWUHODVIDPLOLDV \ OD HVFXHOD FRQ HO
SURSµVLWRGH
ಯWUDEDMDU FRQMXQWDPHQWH FRQ OD HVFXHOD \ GHVDUUROODU DFWLYLGDGHV SURSLDV
GH OD LGHQWLGDG \ SDUWLFLSDQGR HQ RWUDV GHO FHQWUR DSRUWDU UHFXUVRV DO
FHQWUR \ FRQWULEXLU D OD PHMRUD GHO IXQFLRQDPLHQWR GHO PLVPRರ $03$
GRFXPHQWRLQWHUQR
'H HVWH PRGR GLFKD DVRFLDFLµQ QR VµOR WLHQH UHSUHVHQWDFLµQ HQ HO ಯORFDOರ DVLJQDGR
SDUD HOOD VLQR TXH SDUWLFLSD \ HVW£ UHSUHVHQWDGD HQ HO &RQVHMR (VFRODU GHO FHQWUR
HODERUD \ RUJDQL]D ODV DFWLGDGHV H[WUDHVFRODUHV GHO DOXPQDGR \ ODV DFWLYLIDGHV
GLULJLGDV D ODV IDPLOLDV FRQIHUHQFLDV IRUPDFLµQ VDOLGDV IDPLOLDUHV FRODERUD HQ HO
EDUULRUHXQLRQHVGHIHGHUDFLµQHQHOSUR\HFWRGHPHUFDGRVROLGDULRHQODVILHVWDVVH
SUHRFXSDSRUODVE¼VTXHGDGHVXEYHQFLRQHV
$V¯ SXHV UHFXSHUDQGR ODV YRFHV GH ORV SURWDJRQLVWDV GH HVWD LQYHVWLJDFLµQ GH XQD
PDQHUD X RWUD SDUHFH TXH ODV UHODFLRQHV TXH VH HVWDEOHFHQ HQWUH OD HVFXHOD \ ODV
IDPLOLDVYLHQHQPDUFDGDSRUODQRUPDWLYDHVGHFLUSRUUHDOL]DUXQDUHXQLµQGHDXODDO
D³RXQDHQWUHYLVWDLQGLYLGXDOFRQFDGDIDPLOLDDOD³RGRVLQIRUPHVSDUDODVIDPLOLDVD
LQIDQWLO \ WUHV D 3ULPDULD $ SDUWH GH OR HVWDEOHFLGR WDPEL«Q VH PDUFDQ RWURV
HQFXHQWURV VLHPSUH \ FXDQGR ODV IDPLOLDV OR QHFHVLWHQ R ORV GRFHQWHV OR FUHDQ
FRQYHQLHQWH(VFLHUWRTXHD,QIDQWLOHOFRQWDFWRGHOG¯DDG¯DHOKHFKRGHODVHQWUDGDV
\ ODV VDOLGDV GH ORV P£V SHTXH³RV IDFLOLWD PXFKR HVSDFLRV P£V HVSRQW£QHRV H
LQIRUPDOHVSDUDFRPHQWDUDVSHFWRVSXQWXDOHVGHOQL³R
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
'( /26 '2&80(1726 $ /$ 35ƒ&7,&$ /$6 0,5$'$6 '( /26
3527$*21,67$6
7UDV ORV GLYHUVRV HQFXHQWURV \ FRQYHUVDFLRQHV IRUPDOHV H LQIRUPDOHV PDQWHQLGDV
FRQ ODV SHUVRQDV SDUW¯FLSHV GH HVWH HVWXGLR GH FDVR \ VX SRVWHULRU DQ£OLVLV /OHYR D
FDER XQD DSUR[LPDFLµQ D XQRV HMHV WHP£WLFRV TXH LQWHQWDQ UHFRJHU ODV GLIHUHQWHV
YRFHV \ PLUDGDV GH IDPLOLDV GRFHQWHV \ SHUVRQDO QR GRFHQWH LQGDJDQGR
FRPSUHQGLHQGR \ GHVFULELHQGR HO WLSR R WLSRV GH UHODFLRQHV TXH VH HQWUHWHMHQ \
HVWDEOHFHQHQHOFHQWURHGXFDWLYR&(,3%GH%DUFHORQD
/RV HMHV WHP£WLFRV TXH GRWDQ GH VHQWLGR ODV UHODFLRQHV TXH QDFHQ HQ OD FRPXQLGDG
HGXFDWLYDVRQHOY¯QFXORRQRTXHVHHVWDEOHFHHQWUHIDPLOLD\HVFXHOD(VWHY¯QFXOR
SXHGH HVWUHFKDUVH OOHJDQGR D FRPSDUWLU HVSDFLRV PLUDGDV PDQHUDV GH KDFHU
SUHRFXSDFLRQHVRELHQHOH[WUHPRRSXHVWRHVGHFLUGRQGHORVSURWDJRQLVWDVGHHVWH
FDVR FRQVLGHUDQ TXH ODV UHODFLRQHV FRUUHVSRQGHQ D VHU HQWHQGLGDV FRPR XQ FLHUWR
GLVWDQFLDPLHQWRHQHOTXHODSDUWLFLSDFLµQFRODERUDFLµQHLPSOLFDFLµQGHODVIDPLOLDVQR
WLHQHQ OXJDU 2WUR HMH WHP£WLFR TXH HPHUJH VHU¯D HO SDSHO TXH MXHJD OD $03$ FRPR
QH[R GH XQLµQ HQWUH OD HVFXHOD \ ORV WXWRUHV OHJDOHV GH ORV QL³RV 3DVDQGR SRU ORV
&XDQGR KDEOR GH HVSDFLRV IRUPDOHV PH HVWR\ UHILULHQGR D OD HVFXHOD GHVSDFKR GHO GLUHFWRU VDOD GH
SURIHVRUHV XQ DXODಹ <HVSDFLRV P£V LQIRUPDOHV FDIHWHU¯D UHVWDXUDQWH FRQYHUVDFLRQHV HVSRQW£QHDV
HQODFDOOHಹ
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
PHFDQLVPRVHVWUDWHJLDV\W«FQLFDVIRUPDOHVHLQIRUPDOHVTXHVHSUHVFULEHQ\TXHVH
QRUPDOL]DQHQWUHIDPLOLDV\HVFXHOD
&HQWU£QGRPHHQODVUHODFLRQHVTXHVHGDQHQWUHDPEDVORVVXMHWRVFRODERUDGRUHVGH
HVWH HVWXGLR FRQVLGHUDQ TXH KD\ XQD SOXUDOLGDG HQ ODV UHODFLRQHV DO PHQRV DV¯ OR
PDQLILHVWDXQDIDPLOLD
ಯ+D\XQDGLYHUVLGDGGHUHODFLRQHVKD\DILQLGDGHVLJXDOTXHODKD\HQWUH
ORV DPLJRV SXHV ODV KD\ HQWUH SDGUHV \ SURIHVRUHV 6L ORV SDGUHV VH
SDUHFHQP£VDORVSURIHVRUHVSXHVVHHQWHQGHU£QPHMRUರ)&(,3%
SELV
2HOSHUVRQDOQRGRFHQWHTXHG¯DVWUDVG¯D\FRQHOFRQWDFWRGLUHFWRFRQODVIDP¯OLDV
HVFXHODFRPRVHVLWUDWDVHQ
KDSHUFLELGRTXHKD\IDPLOLDVTXHGHMDQDVXVKLMRVHQODH
GHXQDಯJXDUGHU¯DರHQODTXHQRSDUWLFLSDQ\DDTXHOODVTXHFRQVLGHUDQTXHOOHYDUORV
FHQWURHGXFDWLYRUHSUHVHQWDXQEHQHILFLRSDUDHOSURSLRQL³R(VGHFLUHQ«VWH
DHVHF
¼OWLPR DOJXQDV IDPLOLDV VH LQYROXFUDQ SDUWLFLSDQ HQ ODV DFWLYLGDGHV HVFRODUHV R
H[WUDHVFRODUHV\TXHHVWDEOHFHQXQDVLQWRQ¯DFRQODSURSLDHVFXHOD
ಯ+D\ GLYHUVDV UHODFLRQHV GHVGH OD IDPLOLD TXH GHSRVLWD DO QL³R FRPR VL
IXHUDHVWRXQDJXDUGHU¯D\QRSDUWLFLSDKDVWDIDPLOLDVTXHFUHHQTXHWUDHU
DVXVKLMRVDHVWDHVFXHODHVXQEHQHILFLRSDUDVXKLMR,QWHQWDQLPSOLFDUVH
HQ DFWLYLGDGHV H[WUDHVFRODUHV R HQ OD DVRFLDFLµQ GH SDGUHV RWRUJDQGR
(Q UHODFLµQ D ODV HVWUDWHJLDV PHFDQLVPRV \ W«FQLFDV TXH VH SUHVFULEHQ \ VH QRUPDOL]DQ PH HVWR\
UHILULHQGRHQSULPHUOXJDUDDTXHOODVTXHYLHQHQPDUFDGDVRTXHHVWDEOHFHQODQRUPDWLYD ದOHJLVODFLµQ
HGXFDWLYDODIRUPDOL]DFLµQGHXQDDVRFLDFLµQGHIDPLOLDV ದ$03$$)$ORVLQIRUPHVWULPHVWUDOHVOD
UHXQLµQGHFXUVRFRQORVWXWRUHVಹ\HQVHJXQGROXJDUDTXHOODVTXHQDFHQGHODSURSLDLQVWLWXFLµQFRQ
HO ILQ GH HVWUHFKDU Y¯QFXORV FRQ ODV SURSLDV IDPLOLDV WDOOHUHV MRUQDGDV HQFXHQWURV FRODERUDFLRQHV
HVSRQW£QHDVಹ
*XDUGHU¯DFRPRVLQµQLPRGHಯDSDUFDPLHQWRರROXJDUGRQGHGHSRVLWDUDOQL³RGXUDQWHXQDVKRUDVಹ
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
DOJXQD D\XGD R LQFOXVR LQYROXFU£QGRVH HQ DOJXQD WDUHD TXH HVW«
UHDOL]DQGRVXKLMR ಹ+D\SHUVRQDVTXHHVW£QHQVLQWRQ¯D\SHUVRQDV
TXHEXHQRVHOLPLWDQDGHMDU\UHFRJHUVXKLMRTXHVRQPLQRU¯DVಹ(Q
JHQHUDO KD\ XQD UHODFLµQ GH FRRSHUDFLµQ ಹ 8QD FLHUWD VLQWRQ¯D
HVFXHODದIDPLOLD1'&(,3%SSದ
2WUDPLUDGDGHHQWHQGHUODVUHODFLRQHVVHU¯DGHVGHOD SUR[LPLGDGHOEXHQFOLPDTXH
VH HVWDEOHFH XQD UHODFLµQ P£V SHUVRQDO \ GH FRQRFLPLHQWR GRQGH HO Y¯QFXOR \ OD
FRPXQLFDFLµQVRQPXFKRP£VI£FLOHVWDO\FRPRPDQLILHVWDXQDIDPLOLD
ಯ5HODFLµQ HQ OD TXH KD\ FDORUಹ VLOHQFLRಹ <R TXLHUR FRPXQLFDU
FXDOTXLHU FRVDಹ YHQJR \ OD GLJR HVW£Q DFFHVLEOHV (V XQD HVFXHOD
SHTXH³D\HVRIDFLOLWDPXFKRODVFRVDV(VPX\SHUVRQDOFRQRFHQDWRGD
OD HVFXHOD (VWR KDFH XQD XQLµQ \ XQD FRPXQLFDFLµQ PXFKR P£V I£FLOರ
)&(,3%S
ಯ(V XQD UHODFLµQ PX\ KXPDQD 0X\ FHUFDQDಹ &RQ HO SHUVRQDO QR
GRFHQWH XQD UHODFLµQ PX\ EXHQD PX\ FRUGLDO &XDOTXLHU FRVD TXH OHV
SLGHVLHPSUHHVW£QGLVSXHVWRVDTXHODUHODFLµQVHDIOXLGDEXHQD\FODUDರ
)&(,3%S
2GHVGHHOFFXLGDGR\HOUUHVSHWRFRPRPDQLILHVWDXQDGRFHQWH
3LHQVR TXH OD FXLGDPRV \ FDGD YH] KD\ XQD LQWHQFLµQ P£V ILUPH GH
WUDEDMDUODVUHODFLRQHVFRQODVIDPLOLDVಹ'HVGHHOSDUYXODULRVHKDFH
G¯D D G¯D ಹ VH LQWHQWD WHQHU XQ FRQWDFWR P£V GH W¼ D W¼ PXFKR P£V
GLUHFWR FRQ ODV IDPLOLDV ಹ (Q SULPDULD HO FRQWDFWR HV P£V GH
HQWUHYLVWDV D SHVDU GH TXH VH PDQWLHQH HVH FRQWDFWR P£V LQIRUPDO 2
HQFRQWUDQRVSRUODFDOOH\VDOXGDUQRVಹರ'&(,3%SSದ
ಯ/R SULPHUR TXH WHQHPRV TXH KDFHU FRQ QXHVWURV DOXPQRV HV UHVSHWDU
PXFKRDVXVSDGUHVರ'&(,3%SELV
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
6LQHPEDUJRRWUDGHODVPLUDGDVVHVLW¼DHQHOSRORRSXHVWROODIDOWDGHUHODFLµQFRQ
ODVIDPLOLDVGRQGH«VWDVQRWLHQHQODVHQVDFLµQGHSDUWLFLSDU\GHVHUSDUW¯FLSHVGHOD
HVFXHOD/DQRYLQFXODFLµQGLUHFWDFRQODHVFXHODWDPEL«QHVXQWLSRGHUHODFLµQTXHVH
HVWDEOHFHHQHO&(,3%GH%DUFHORQD
ಯ1RHVTXHKD\DXQDUHODFLµQPX\HVWUHFKDGLJDPRVTXHHQJHQHUDOODV
IDPLOLDV QR VH VLHQWHQ SDUW¯FLSHV GH OD HVFXHOD ಹ /D VLWXDFLµQ GH ODV
IDPLOLDVHVGHQRSDVDUGHQRHQWUDUಹ+RPEUHVHKDLGRHVWDEOHFLHQGR
ROLPLWDQGRGLU¯D\Rರ)&(,3%S
&RPR \D KH VH³DODGR OD $03$ VH UHVSRQVDELOL]D GH RUJDQL]DU DOJXQDV DFWLYLGDGHV
H[WUDHVFRODUHV H[FXUVLRQHV \ GH PHGLDU HQ VLWXDFLRQHV GH FRQIOLFWR \ VROXFLRQDU ORV
SUREOHPDVH[LVWHQWHV
ಯ$ODKRUDGHPRQWDUODVDFWLYLGDGHVH[WUDHVFRODUHVODVSUHLQVFULSFLRQHV
ODV LQVFULSFLRQHV HV XQ WUDEDMR QR UHPXQHUDGR ಹ 0RQWDU H[FXUVLRQHV
HVSRU£GLFDV GXUDQWH HO FXUVR KLFLPRV XQD VDOLGD DO 0RQWVHQ\ XQD D
&ROOVHURODಹ 5HFXHUGR TXH PRQWDPRV H[FXUVLRQHV FRQ JHQWH GH OD
HVFXHOD \ IXH XQ «[LWR WRWDO EDPRV SHUVRQDV $GHP£V LQWHQWDPRV
VROYHQWDU FDVRV SUREOHP£WLFRV R FRPHQWDUORV VL KD\ DOJ¼Q SUREOHPD HQ
XQDFODVHFRQFUHWRFRQXQQL³RHQSDUWLFXODUರ)&(,3%SSದ
$V¯ SXHV ODV IXQFLRQHV GH GLFKD $03$ SRGU¯DVHU QR VRODPHQWH OD RUJDQL]DFLµQ GH
DFWLYLGDGHV H[WUDHVFRODUHV \ OD VROXFLµQ GH SRVLEOHV FRQIOLFWRV VLQR ODV UHXQLRQHV
PHQVXDOHVODSODQLILFDFLµQ\UHDOL]DFLµQGHFRQIHUHQFLDVHGXFDWLYDVFRPRHMHPSORTXH
VHH[SRQHDFRQWLQXDFLµQHQWUHRWUDV
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
ಯ'HVGHOD$03$VHKDFHQFKDUODVVREUHODHGXFDFLµQGHORVQL³RVಹ
6H LQWHQWD KDFHU GHVGH XQ QLYHO SHGDJµJLFR +DFLHQGR PHPRULD VH KD
KHFKR XQD VREUH ORV FDVWLJRV 8QD HQ OD TXH QR YLQR QLQJ¼Q
FRQIHUHQFLVWD SHUR VH DERUGµ HO WHPD GH ODV DQJXVW¯DV TXH W¼ SXHGHV
WHQHUHQFDVDRODVGXGDVರ)&(,3%SELV
&HQWUDQGRODPLUDGDP£VHQODVUHODFLRQHVVHJ¼QXQRGHORVPDHVWURVSDUDTXHVH
HVWDEOHFLHUD XQ WLSR GH UHODFLµQ X RWUR VHU¯D FRQYHQLHQWH TXH GHVGH OD HVFXHOD VH
DFRUGDUD XQRV PHFDQLVPRV FRPR SRGU¯DQ VHU UHXQLRQHV QRWDV FRPSURPLVRV 1R
VRODPHQWHSDUDTXHHOFHQWURHGXFDWLYR\ODVIDPLOLDVPDQWXYLHUDQXQY¯QFXORGHXQLµQ
GHVGH HO FRQRFLPLHQWR \ OD FRPXQLFDFLµQ VLQR WDPEL«Q SDUD EHQHILFLDU HO SURFHVR
HYROXWLYR\GHDSUHQGL]DMHGHOSURSLRDOXPQDGR
ಯ7LHQH TXH KDEHU XQ DFXHUGR GH HVFXHOD HQ HO FODXVWUR GH OD HVFXHOD
GHEHGHKDEHUXQRVDFXHUGRVGHTX«PHFDQLVPRVVHXWLOL]DQ<GHVSX«V
LQWHQWDUTXHIXQFLRQHQDOP£[LPRSRVLEOH7DQWRSRUSDUWHGHODVIDPLOLDV
FRPR SRU SDUWH GH OD HVFXHOD $ SDUWLU GH UHXQLRQHV QRWDV D FDVD GH
KDFHUOHV HQWHQGHU TXH HV LPSRUWDQWH SDUDVXV KLMRV 'HSHQGHU£Q GH ORV
FDQDOHV GHSHQGHU£ GH PXFKDV FRVDV GHO EDUULR GHO SXHEOR GH OD
FLXGDGಹ /D HVFXHOD WLHQH TXH WHQHU SULPHUR XQRV PHFDQLVPRV
HVWDEOHFLGRVPRGLILFDEOHVRQRರ'&(,3%S
&RPR VH KD PHQFLRQDGR DOJXQRV GH HVWRV PHFDQLVPRV HVWUDWHJLDV \ UHFXUVRV
IRUPDOHVTXHVHHVWDEOHFHQGHVGHODHVFXHOD\GHDOJXQDPDQHUDGHVGHODಯQRUQDWLYDರ
GHO VLVWHPD HGXFDWLYR VRQ ODV VHVLRQHV LQIRUPDWLYDV VREUH HO IXQFLRQDPLHQWR GH OD
HVFXHOD GRQGH VH OHV LQIRUPD VREUH HO SDSHO TXH SXHGH MXJDU ODV IDPLOLDV ODV
UHXQLRQHV GH SULQFLSLR GH FXUVR IDPLOLDV FRQ WXWRUHV GH DXOD ODV HQWUHYLVWDV
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
SHUVRQDOHV ORV LQIRUPHV GH VHJXLPLHQWR GHO DOXPQDGR MXQWR FRQ ORV £OEXPQHV
UHDOL]DGRVSDUDGDUDFRQRFHUTX«VHKDHVWDGRWUDEDMDQGRODVFLUFXODUHVODOLEUHWDದ
DJHQGD OD SDUWLFLSDFLµQ FRODERUDFLµQ H LPSOLFDFLµQ HQ FRPLVLRQHV MRUQDGDV R
DFWLYLGDGHVGHODHVFXHOD
(Q UHODFLµQ D ODV VHVLRQHV LQIRUPDWLYDV HQ ODV TXH SXGH SDUWLFLSDU REVHUYDQGR
DQRWDQGR \ FRPHQWDQGR SRVWHULRUPHQWH HO HTXLSR GLUHFWLYR R ODV SHUVRQDV
UHVSRQVDEOHV TXH SXHGHQ VHU GRFHQWHV \ IDPLOLDV VH HQFDUJDU£ GH LQIRUPDU GHO
IXQFLRQDPLHQWRGHODHVFXHOD
ಯ$O SULQFLSLR GH FXUVR VLHPSUH KD\ XQD UHXQLµQ FRQ OD WXWRUD HQ OD TXH
H[SOLFD OR TXH YDQ KDFHU GXUDQWH HO FXUVR ಹ +D\ XQ G¯D GH SXHUWDV
DELHUWDVರ)&(,3%S
ಯ$ORVQXHYRVSDGUHVWHQHPRVODHQWUHYLVWDTXHVHKDFHQFRQHOORVXQD
UHXQLRQHV GH QXHYRV SDGUHV SDUD H[SOLFDUOHV OD RUJDQL]DFLµQ \ FRPR
PDQHJDUODQXHYDVLWXDFLµQರ'&(,3%S
ಯ&XDQGR YLHQHQ D PDWULFXODUVH OHV H[SOLFD FRPR IXQFLRQD OD HVFXHOD
KDFHPRVXQDSUHVHQWDFLµQGHORVREMHWLYRVGHODHVFXHODKDFHPRVXQD
DWHQFLµQGLUHFWD8QDYH]TXHVHH[SOLFDFµPRIXQFLRQDHVHOWXWRUTXLHQ
FUHD ORV Y¯QFXORV \ HV «O HQ SULQFLSLR TXLHQ KDFH GH XQLµQ HQWUH OD
HVFXHOD\ODIDPLOLDರ'&(,3%S
2WUR GH ORV PHFDQLVPRV TXH VH³DODQ IDPLOLDV \ GRFHQWHV VHU¯D ORV £OEXPQHV TXH
UHDOL]DQ HO DOXPQDGR (VWH WLSR GH PDWHULDO UHFRJH OR TXH VH KD LGR UHDOL]DQGR D OR
ODUJR GH XQ WULPHVWUH \ HV XQD PDQHUD GH VDEHU SRU XQ ODGR OR TXH VH KD LGR
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
WUDEDMDQGR HQ FODVH ILFKDV DSRUWDFLRQHV FUHDFLRQHV \ FX£O KD VLGR HO SURFHVR GHO
SURSLRQL³R\SRURWURFRQRFHUHOFOLPDVHKDHVWDEOHFLGRUHFRJLHQGRODVYRFHV\ODV
LGHDVTXHKDQLGRHPHUJLHQGRG¯DWUDVG¯D
ಯ+D\GRVWLSRVGH£OEXPQHVTXHOOHJDQDFDVD8Q£OEXPGHWRGRHOILQDO
GHO WULPHVWUH GRQGH YHV WRGDV ODV ILFKDV R WUDEDMR UHDOL]DGR TXH KDQ
KHFKR WXV KLMRV GXUDQWH HVH WULPHVWUH < HO RWUR HV XQ £OEXP GH
FRQYHUVDFLRQHV HQ FODVH VREUH XQ WHPD TXH KD\DQ HVWDGR KDEODQGRರ
)&(,3%S
(QFXDQWRDORVLLQIRUPHVGHVHJXLPLHQWRTXHHODERUDHOWXWRUGHDXODVHREVHUYDTXH
HQHOORVDSDUHFHQDVSHFWRVGHOSURSLRQL³R\GHOJUXSRDOTXHSHUWHQHFH1RVHWUDWD
GH XQ OLVWDGR GH UHVXOWDGRV ILQDOHV VLQR P£V ELHQ GH XQD UHIOH[LµQ GHO SURFHVR GH
FUHFLPLHQWR SHUVRQDO (O SURIHVRUDGR GH OD HVFXHOD UHVDOWD OD LPSRUWDQFLD TXH WLHQHQ
HVWRVLQIRUPHVSDUDODVIDPLOLDV\DTXHHVXQUHFXUVRTXHSXHGHD\XGDUDHVWDEOHFHU
XQGL£ORJRFRQORVQL³RVHQWUHHVFXHOD\IDPLOLDFRQHOILQGHYDORUDUFRPSUHQGHU\
EXVFDU QXHYRV FDPLQRV \ DOWHUQDWLYDV VL IXHUD HO FDVR $V¯ SXHV ORV LQIRUPHV
UHFRJHU£Q ORV DVSHFWRV SHUVRQDOHV \ VRFLDOHV GHO DOXPQR \ GµQGH VH VLW¼D HQ FDGD
PDWHULDORVDVSHFWRVSHUVRQDOHV\HVWUDWHJLDVGHDSUHQGL]DMH\£UHDVFXUULFXODUHV
ಯ(Q ORV LQIRUPHV GH ILQDO GH WULPHVWUH LQWHQWDPRV TXH VDOJD OD YR] GHO
QL³R GDQGR DOJXQD RSLQLµQ R OR TXH KD HVFULWR HQ HO FXHVWLRQDULR GH
DXWRHYDOXDFLµQ3RUHMHPSORಯHODOXPQRSLHQVDTXHOHHPX\ELHQ\TXH
QR KDFH IDOWD VHJXLU OH\HQGR SUDFWLFDQGR \R SLHQVR TXH HV PX\
RSWLPLVWD$YHFHVSXHGHFRLQFLGLUODRSLQLµQGHODPDHVWUDFRQODRSLQLµQ
$VSHFWRVTXHUHFRJHQORVLQIRUPHVGHHYROXFLµQ\HYDOXDFLµQGHODOXPQDGRGHODHVFXHOD'RFXPHQWRV
ಯFRQILGHQFLDOHVರ GH OD HVFXHOD &RQILGHQFLDOHV SRUTXH DSDUHFHQ ORV GDWRV GHO DOXPQDGR \ ORV GHO
SURIHVRUDGR
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
ದ LQIRUPH GH DXWRDYDOXDFLµQ GHO DOXPQR ಹ /RV LQIRUPHV WLHQHQ TXH
LQIRUPDU HV GHFLU HO LQIRUPH HV XQ GRFXPHQWR TXH QR SRGHPRV LU
SRQLHQGRWUR]RVLJXDOHVSDUDWRGRVQL³RV+D\XQDYDORUDFLµQGHJUXSR
SHUR WDPEL«Q VH OHV GLFH D ORV SDGUHV OR TXH HO QL³R VDEH KDFHU SRU
HMHPSORVLVDEHGHWHFWDUORTXHVHOHSLGHHQXQPRPHQWRGHWHUPLQDGR
VLVDEHPHGLUVLGRPLQDODUHVROXFLµQGHSUREOHPDVHWFರ'&(,3%
SSದ
/DVUUHXQLRQHV\WWXWRU¯DVJUXSDOHVHLQGLYLGXDOHVVHU¯DQRWURGHORVPHFDQLVPRVTXHVH
SRQHQHQMXHJRHQHO&(,3%GH%DUFHORQDKDFLHQGRSRVLEOHODHQWUDGDGHODVIDPLOLDV
HQODHVFXHOD\HQODVDXODV
ಯ/DVUHXQLRQHVGHFODVHTXHWDPEL«QVHKDFHQDOSULQFLSLRGHFXUVR
GRQGH HO WXWRU R OD WXWRUD VH UHXQH FRQ HO JUXSR GH SDGUHV \ PDGUHV
'HVSX«VORVFRQWDFWRVGHDFRJLGD\DFRPSD³DPLHQWRHQODVWXWRULDV/RV
SUR\HFWRV OD HVFXHOD LQWHQWD DEULUVH D ODV IDPLOLDV (O KHFKR GH SRGHU
YHQLU HQWUDU HQ OD HVFXHOD YHU TX« VH HVW£ WUDEDMDQGR HQ HO DXOD HV
LPSRUWDQWHರ)&(,3%SSದ
ಯ+D\ XQD UHXQLµQ JHQHUDO DO SULQFLSLR GH FXUVR GRQGH VH H[SOLFD HO
SODQWHDPLHQWRORTXHVHSUHWHQGHODHGDGHQODTXHHVW£QORVQL³RVVH
H[SOLFDQ ORV FRQIOFOLVWRV TXH SXHGHQ KDEHU HQ HVWDV HGDGHV HO WLSR GH
WUDEDMR TXH VH UHDOL]DU£ (VWH VHU¯D HO SULPHU FRQWDFWR IXHUWH GHVSX«V
HVW£Q ODV UHXQLRQHV SDUWLFXODUHV GHO PDHVWUR ದ WXWRU FRQ ORV SDGUHV OD
PDGUHHOSDGUH&RQFDGDIDPLOLDKD\XQDUHXQLµQDOD³RGHVSX«VRWUDV
UHXQLRQHV TXH SXHGHQ VDOLU D OR ODUJR GHO FXUVR VREUH WRGR HQWUHYLVWDV
FRQORVSDGUHVSDUDHOVHJXLPLHQWRGHXQQL³Rರ'&(,3%S
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
-XQWR D HVWRV HQFXHQWURV VH OH SXHGH VXPDU HO KHFKR GH KDFHU HQWUHYLVWDV P£V
SHUVRQDOHVGHVGHODHVFXHOD\VDEHUHVFXFKDUDODVIDPLOLDVWHQLHQGRHQFXHQWDVXV
QHFHVLGDGHV\HQWUHWHMLHQGRDVXYH]XQDUHODFLµQGHFRQILDQ]D
ಯ+D\ XQD HQWUHYLVWD SHUVRQDO SDUD FDGD IDPLOLD HQ OD HVFXHOD &RQ XQD
IDPLOLD SXHGHV WHQHU XQD HQWUHYLVWD \ FRQ RWUD YDULDV /DV TXH VHDQ
QHFHVDULDV\ODVTXHODIDPLOLDFRQVLGHUH3DUWLPRVGHODEDVHGHTXHQR
WRGR HO PXQGR HV LJXDO 6RQ GLIHUHQWHV \ QHFHVLWDQ VX WLHPSRರ 1'
&(,3%S
ಯ7¼ FRPR SURIHVLRQDO WLHQHV PXFKR TXH JDQDU VL HUHV FDSD] GH WHQHU
XQDEXHQDUHODFLµQFRQODVIDPLOLDV<ODVEXHQDVUHODFLRQHVSDVDQSRU
HVFXFKDU RULHQWDU VL SXHGHV RULHQWDU H[SOLFDU VLQ GHMDU PDO DO KLMR
([SOLFDUQRVµORODVGLILFXOWDGHVVLQRORSRVLWLYRTXHWLHQHHOQL³R(QODV
HQWUHYLVWDV WLHQHV TXH FRPHQ]DU SRU OD SDUWH SRVLWLYD 3DUD DQLPDU \
WUDQTXLOL]DHDODVIDPLOLDV3RUORWDQWRODVEXHQDVUHODFLRQHVFRQODV
IDPLOLDV WDPEL«Q FRPSRUWD OD HQWUDGD GH ODV IDPLOLDV HQ OD HVFXHOD FRQ
VXVSURV\VXVFRQWUDVರ'&(,3%S
9LQFXODQGRODVUHXQLRQHV\WXWRU¯DVFRQODHQWUDGDHQHOFHQWURHGXFDWLYRORVGRFHQWHV
VH HVW£Q SODQWHDQGR OD LPSRUWDQFLD GH KDFHU YLVLEOH \ SHUPHDEOH HO G¯D D G¯D GH OD
HVFXHOD\GHODXODDODVIDPLOLDV3DUDHOORKDQSURSXHVWRUHDOL]DUVHVLRQHVGHS
SXHUWDV
DELHUWDVGDQGROXJDUDSDVHDUSRUORVSDVLOORV\YYLVLWDQGRODVGLIHUHQWHVD
DXODV
ಯ+HPRVKHFKRDOJXQDVVHVLRQHVGHSXHUWDVDELHUWDVHVGHFLUDOILQDOGHO
WULPHVWUHRSDUD1DYLGDG(QDOJ¼QPRPHQWRUHOHYDQWHKHPRVDELHUWRODV
SXHUWDV\ORVQL³RVKDQH[SOLFDGRDVXVIDPLOLDVORTXHKDQKHFKRHQODV
DXODV HO SUR\HFWR TXH KDQ UHDOL]DGR ORV WDOOHUHVಹ +HPRV LQWHQWDGR
6HVLRQHVTXHSXGHREVHUYDUGXUDQWHPLLQYHVWLJDFLµQHQHOHVFHQDULR
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
PRQWDU DOJXQDV FRPLVLRQHV GH WUDEDMR GRQGH KD\DQ GRFHQWHV QL³RV \
IDPLOLDVSDUDLUP£VDOO£GHWRGRHVWRರ'&(,3%SSದ
ಯ&DGD ILQDO GH WULPHVWUH HQWUDQ YHQ ORV SDVLOORV OR TXH KDQ KHFKR ORV
QL³RV3XHGHQHQWUDU\PLUDUORTXHHVW£QKDFLHQGRORVQL³RVರ'&(,3
%S
&XDQGR OD HVFXHOD TXLHUH LQIRUPDU D ODV IDPLOLDV VREUH XQD VDOLGD VREUH DOJ¼Q
DFRQWHFLPLHQWRTXHKDVXFHGLGRRTXHYDDVXFHGHUORKDFHPHQGLDQWHF
FLUFXODUHV/D
FRPXQLFDFLµQ TXH VH HVWDEOHFH HV SRU WDQWR PHGLDQWH HO HVFULWR VLHQGR HO SURSLR
DOXPQRHOP£[LPRUHVSRQVDEOHHQKDFHUOOHJDUODLQIRUPDFLµQDFDVD(V«OHQWRQFHV
TXLHQKDFHGHSXHQWHHQWUHODHVFXHOD\VXSURSLDIDPLOLD
ಯ7RGDODLQIRUPDFLµQTXHVHOHVHQY¯DDORVSDGUHVHVSRUFLUFXODU7RGR
VHLQIRUPDYLDSDSHO&XDQGRVRQP£VJUDQGHVSRUHMHPSORORVGH|OR
HVFULEHQHQVXDJHQGDರ1'&(,3%S
3DUWLHQGR GH OD SUHPLVD TXH OD HVFXHOD LQIRUPD D ODV IDPLOLDV PHGLDQWH HO UHFXUVR
HVFULWRODOOLEUHWDದDJHQGDHVXQPHGLRSRUHOFXDOVHFRPXQLFDQIDPLOLDVದHVFXHODVD
SDUWLU GH DQRWDFLRQHV UHDOL]DGDV SRU HO SURSLR DOXPQDGR TXHGDQGR GH HVWD PDQHUD
HQWHUDGDV GH OR TXH VXFHGH HQ HO DXOD VX RUJDQL]FLµQ \ SODQLILFDFLµQ HQ ODHVFXHOD
VDOLGDV\HYHQWRVRODSURSLDHYROXFLµQSVLFRVRFLRDFDG«PLFDGHODOXPQR
ಯ(QDOJXQRGHORVFDVRVVH XVDODOLEUHWD(VSHFLDOPHQWHHQDTXHOFDVR
TXHHOQL³RSUHVHQWDXQDGLILFXOWDGFRQORFXDOQRVLQWHUHVDHVWDUDOG¯D
VREUH OR TXH SDVD HQ FDVD \ HQ FDVD OR TXH SDVD HQ OD HVFXHOD /D
DJHQGDVHODFRPSUDFDGDQL³R/RTXHV¯VHOHVSLGHHVTXHVDOJDWRGD
ODVHPDQDTXHQRVHDXQDDJHQGDGHOG¯DDG¯DVLQRHVXQMDOHR4XH
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
HOORVWHQJDQODSODQLILFDFLµQGHWRGDODVHPDQDRUJDQL]DGDರ'&(,3%
S
ಯ/D OLEUHWD GRQGH ORV QL³RV YDQ DSXQWDQGR DTXHOODV FRVDV TXH YDQ
KDFLHQGRRORTXHKDVXFHGLGRDO ODUJRGHOWULPHVWUH&UHRTXHVLQR
LQYROXFUDPRV D ODV IDPLOLDV HQ HO SURFHVR GH DSUHQGL]DMH GH VXV KLMRV
SLHQVRTXHORVKLMRVTXHGDQFRMRVರ'&(,3%S
2WUR GH ORV PHFDQLVPRV TXH KDQ VLGR HVWDEOHFLGRV SRU OD FRPXQLGDG HGXFDWLYD GHO
&(,3 % GH %DUFHORQD KD VLGR OD FUHDFLµQ GH FRPLVLRQHV FRPLVLRQHV GRQGH OD WULDGD
GRFHQWHV IDPLOLDV \ DOXPQRV ದ KLMRV WHQJD XQ HVSDFLR \ VHQWLGR GH KDFHU HVFXHOD
(VWDV FRPLVLRQHV WLHQHQ HO SURSµVLWR GH KDFHU SDUW¯FLSHV D ODV IDPLOLDV GRQGH «VWDV
SXHGDQ LPSOLFDUVH HQ PD\RU R PHQRU JUDGR \ FRODERUDU HQ ODFUHDFLµQ HODERUDFLµQ
GHLGHDVSURSXHVWDVSUR\HFWRVDFFLRQHV
ಯ$SDUWHGHOFRQVHMRHVFRODUKD\FRPLVLRQHV/DFRPLVLµQSHUPDQHQWHGHO
FRQVHMRHVFRODUTXHWUDWDQORVWHPDVLQPHGLDWDPHQWH/DGHODUHYLVWDGH
ODHVFXHODಹರ'&(,3%SSದELV
ಯ$FWXDOPHQWH VH HVW£ RUJDQL]DQGR XQD FRPLVLµQ GH SDGUHV PDHVWURV \
DOXPQRV SDUD KDFHU XQD FRPLVLµQ FRPSDUWLGD GH JHQWH GH SDUD OD
VRVWHQLELOLGDGರ'&(,3%S
3DUDFHUUDUORVPHFDQLVPRVGHHVSDFLRVIRUPDOHVPHJXVWDU¯DGDUDOJXQDVSLQFHODGDV
FRODERUDFLµQODSDUWLFLSDFLµQHLPSOLFDFLµQGHODVIDPLOLDV
VREUHFµPRVHYLVOXPEUDODF
HQ OD HVFXHOD FRQFHSWRV TXH TXHGDQ UHFRJLGRV GH XQD PDQHUD P£V DPSOLD HQ HO
VLJXLHQWHDSDUWDGRGHHVWHFDS¯WXOR
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
ಯಹLQWHQWDPRVTXHFDGDYH]KD\DQP£VVLWXDFLRQHVHQTXHODVIDPLOLDV
VHLPSOLTXHQP£VGLUHFWDPHQWHHQODHVFXHOD3RUHMHPSORSDUWLFLSDUHQ
ODFRQVWUXFFLµQGHORVMXHJRVPDWHP£WLFRVಹ(VWDPRVLQWHQWDQGRFUHDU
XQD VHULH GH FRPLVLRQHVಹ KD\ XQD FRPLVLµQ GH FRQVHMR TXH HV GH
SDUWLFLSDFLµQ TXH LQWHQWD KDFHU TXH OD GLVWDQFLD HQWUH OD IDPLOLD \ OD
HVFXHODVHDODP¯QLPDSRVLEOHSDUDSRGHUHVWDEOHFHUFRPSOLFLGDGHVರ'
&(,3%S
ಯ'HVSX«VKD\HOFODXVWURQRHO&RQVHMR(VFRODUTXHWDPEL«QSDUWLFLSDQ
ORVSDGUHV7HSXHGHYHQLUXQSDGUHDGDUXQDFKDUODGHQWURGHODFODVH
SRUTXH H[SOLFD DOJR TXH «O VDEH 3RU HMHPSOR HQ SULPHUR KLFLPRV XQD
DFWLYLGDGFRQ0RUVHV\DOJXQRVSDGUHVYLQLHURQDODHVFXHODD\XGDURQD
PRQWDUHOFLUFXLWR\QRVFRPXQLFDPRVಹರ'&(,3%S
&RPRP
PHFDQLVPRV\HVWUDWHJLDVLQIRUPDOHVORVVXMHWRVSDUWLFLSDQWHVHQHVWHHVWXGLR
GHFDVRLGHQWLILFDURQFKDUODV\H[SHULHQFLDVGHIRUPDFLµQGHODVIDPLOLDVHQHODXODHQ
ODHVFXHODVDOLGDVದH[FXUVLRQHVIDPLOLDUHVHOFRQWDFWRLQPHGLDWRGHOWXDWX
(Q FXDQWR D ODV VDOLGDV \ H[FXUVLRQHV HQ ODV TXH OD SDUWLFLSDFLµQ \ SUHVHQFLD GHO
HTXLSRGRFHQWHHVFDVLQXOD\H
HOW¼DW¼VRQRWURVGHORVHVSDFLRVLQIRUPDOHVTXHVH
HVWDEOHFHQGHQWUR\IXHUDGHODHVFXHOD\TXHWDQWRGRFHQWHVFRPRIDPLOLDVGHVWDFDQ
HQVXVFRQYHUVDFLRQHV\HQVXVUHODFLRQHV
ಯ6DOLGDVIDPLOLDUHVಹKDFHUXQDSHTXH³DH[FXUVLµQ\FRPHUWRGRVMXQWRVರ
)&(,3%S
ಯ/DV PDHVWUDV GH SDUYXODULR SRU ODV WDUGH FXDQGR YLHQHQ VXV SDGUHV \
KD VDOLGR R QR DOJXQD FRVD SXQWXDO VH OR GHFLPRV DO PRPHQWRರ '
&(,3%S
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
2WUD GH ODV PDQHUDV GH SRGHU HVWDEOHFHU XQ Y¯QFXOR IDPLOLD ದ HVFXHOD VHU¯D EXFDU
H[SHULHQFLDVWHPDVHQORVTXHVHDಯH[SHUWDರODSHUVRQDHQFXHVWLµQRYLYHQFLDVFRQ
ODVTXHKD\DFRH[LVWLGRDOJ¼QPLHPEURGHODIDPLOLDSDUDTXHODVSXHGDH[SRQHU\GDU
D FRQRFHU R VLPSOHPHQWH FRODERUDU HQ ODV DFWLYLGDGHV SURSXHVWDV HQ HO DXOD VREUH
DOJXQDWHP£WLFDHQFRQFUHWR6HU¯DQODVH[SHULHQFLDV\IRUPDFLµQGHODVIDPLOLDVHQOD
HVFXHODHQHODXOD
ಯ(O £UERO JHQHDOµJLFR GH FDGD XQR 9LQLHURQ DEXHORV D H[SOLFDU VXV
YLYHQFLDV7DPEL«QVREUHODVDQJUHYLQRXQSDGUHGHXQQL³RDHQVH³DU
TX«HUDDVDFDUXQDPXHVWUD\DTXH«OWUDEDMDHQHVR6LHPSUHLQWHQWDQ
EXVFDUHVWHY¯QFXOR2HOSUR\HFWRVREUHORVD³RVGHHVFXHODGRQGH
VHUHDOL]µXQDH[SRVLFLµQHQHOTXHVHOODPµDPDHVWURV\SDGUHVSDUD
WUDEDMDUFRQMXQWDPHQWHVREUHODLGHDರ)&(,3%S
ಯ3RUHMHPSORVHWUDEDMµODJXHUUDGH%µVQLDSXHVYLQLHURQDEXHORVTXH
YLYLHURQODJXHUUDFLYLOSDUDH[SOLFDUODಹ7DPEL«QYLQRXQIDPLOLDUTXH
HUDDUTXLWHFWRಹರ)&(,3%S
$QWH ORV SUREOHPDV \ ORV SRVLEOHV FRQIOLFWRV TXH SXHGHQ VXUJLU HQ HO &(,3 GH
%DUFHORQDODFRPXQLGDGHGXFDWLYDLQWHQWDTXHODVSDUWHVLPSOLFDGDVVHDQDWHQGLGDV\
HVFXFKDGDV %DMR HO SDU£PHWUR GHO UHVSHWR DFRJLHQGR D ODV IDPLOLDV H LQWHQWDQGR
FDQDOL]DU\EXVFDUVROXFLRQHVDGLFKRVSUREOHPDV+DFLHQGRGHORRFXUULGRXQSURFHVR
GHDSUHQGL]DMHSDUDGRFHQWHV\IDPLOLDV
ಯ3LHQVR TXH HVFXFK£QGRODV (VFXFKDU ORV SUREOHPDV TXH WLHQHQ
(QWRQFHV \ TXLWDUOH HVD DQJXVWLD ಯHV YHUGDG TXH HV JUDYH SHUR WLHQH
VROXFLµQರ 6DEHU DFRJHU D ODV IDPLOLDV FXDQGR WLHQHQ XQ SUREOHPD \
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
D\XGDUODV D FDQDOL]DU \ EXVFDU ORV FDPLQRV SDUD XQD VROXFLµQ HQWUH
WRGRVರ1'&(,3%SSದ
ಯ,QWHQWDPRVVLHPSUHTXHODYLDVHDHOWXWRUHQSULPHUDLQVWDQFLDDQRVHU
TXH VHD XQD FRVD DGPLQLVWUDWLYD 6L OOHJDQ LQWHQWDPRV DWHQGHUODV
LQPHGLDWDPHQWH SHUR VLQR IXHUD SRVLEOH EXVFDPRV OD PDQHUD GH
HQFRQWUDUQRVORDQWHVSRVLEOHಹ1RVVHPDQWDPRV\EXVFDPRVORTXH
QRVSUHRFXSDDOWHUQDWLYDVಹ&XDOTXLHUWHPDHVLPSRUWDQWHFXDQGRVH
GHWHFWDQ VLWXDFLRQHV GH FRQIOLFWRV GH SUREOHPDV VH DERUGDQ GH
LQPHGLDWRರ'&(,3%SSದ
ಯ3RWHQFLDUHOUHVSHWRP¼WXR&UHRTXH VHWLHQHTXHHVFXFKDU\UHVSHWDU
FXDOTXLHUFUHHQFLD\RSLQLµQVLHVGLFKDGHVGHHOUHVSHWR\GHXQDPDQHUD
FRUUHFWD ಹ 6L OD SHUVRQD HVW£ PX\ HQIDGDGD GHMDU XQ HVSDFLR GH
WLHPSR SDUD SHQVDU HQ HO SUREOHPD )DYRUHFHU OD FRPXQLFDFLµQ GH OD
IDPLOLDFRQHOWXWRUರ'&(,3%SSದ
3DUD FRQFOXLU HVWH DSDUWDGR \ WHQLHQGR SUHVHQWH ODV YRFHV GH ODV SHUVRQDV TXH KDQ
SDUWLFLSDGR HQ HVWH HVWXGLR GH FDVR VH REVHUYD TXH VRQ GLYHUVRV ORV PHFDQLVPRV
IRUPDOHV H LQIRUPDOHV TXH GHVSOLHJD OD HVFXHOD SDUD HVWDEOHFHU XQ WLSR X RWUR GH
UHODFLµQ FRQ ODV IDPLOLDV GH VXV DOXPQRV 0D\RULWDULDPHQWH VH KDFH OR TXH OD
ಯQRUPDWLYDರ GLFH XQD UHXQLµQ P¯QLPD DO D³R XQD HQWUHYLVWD P¯QLPD LQGLYLGXDO FRQ
FDGD IDPLOLD GH D LQIRUPHV VREUH HO GHVDUUROOR SVLFRVRFLRDFDG«PLFR GH FDGD
DOXPQRDLQIDQWLO\DSULPDULD7DPEL«QHVFLHUWRTXHODFRPXQLFDFLµQODHVFXFKD
ODDFRJLGD\DFRPSD³DPLHQWRGHODVIDPLOLDVGHSHQGHU£QGHFDGDXQDGHHOODVGHVXV
QHFHVLGDGHV \ GH VXV LQWHUHVHV 3HUR D SDUWH WDPEL«Q HV SRVLEOH TXH OD UHODFLµQ OD
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
FRODERUDFLµQ \ OD SDUWLFLSDFLµQ VH GH HQ HVSDFLRV P£V LQIRUPDOHV FRPR FKDUODV \
H[FXUVLRQHV\VDOLGDV
&2/$%25$&,•1 3$57,&,3$&,•1 ( ,03/,&$&,•1 81$ 18(9$ 0$1(5$
'(&203$57,5<&21-8*$5+25$5,26(63$&,26<5(/$&,21(6
5HFXSHUDQGR ORV FRQFHSWRV GH SDUWLFLSDFLµQ FRODERUDFLµQ H LPSOLFDFLµQ ORV VXMHWRV
GHO SUHVHQWH HVWXGLR GH FDVR H[SRQHQ TXH SDUWLFLSDU \ FRODERUDU HV XQ ¼QLFR
FRQFHSWRVRQVLQµQLPRVODSDUWLFLSDFLµQHVYLVWDFRPRODLQWHJUDFLµQHQODHVFXHOD\
XQVDEHUHVWDUHQHOODSDUWLFLSDUHVHTXLYDOHQWHDD\XGDUDGDULQIRUPDFLµQFXDQGRHO
FHQWUR HGXFDWLYR OD VROLFLWD VHU DFWLYRV \ HFKDU XQD PDQR HQ SXHUWDV DELHUWDV HQ HO
EROHW¯Q GH OD HVFXHOD HQ ODV DFWLYLGDGHV H[WUDHVFRODUHV 3HUR FµPR VH SXHGH
SDUWLFLSDUP£V DOO£ GH OD D\XGD \ GH ODPHUDLQIRUPDFLµQ"&µPRHQFRQWUDU SRVLEOHV
IµUPXODV PHGLDQWH ODV FXDOHV ODV IDPLOLDV HQFXHQWUHQ VX OXJDU HQ HO FHQWUR \ SXHGDQ
SDUWLFLSDU FRODERUDU H LPSOLFDUVH" &µPR FRPSDWLELOL]DU ORV KRUDULRV" (VWDV VRQ
DOJXQDV GH ODV SUHJXQWDV TXH IXHURQ VXUJLHQGR HQ ODV HQWUHYLVWDV \ FRQYHUVDFLRQHV
PDQWHQLGDVSRUORVSURWDJRQLVWDVGHHVWHFDVR\DODVTXHLQWHQWDQGHXQDPDQHUDX
RWUD UHVSRQGHU GHVGH HO LQWHU«V \ HO GHVHR GH FRPSDUWLU \ FRQMXJDU TXHKDFHUHV
PLUDGDV\SURSXHVWDV
$V¯ SXHV OD SDUWLFLSDFLµQ MXQWR FRQ OD FRODERUDFLµQ YLVWD FRPR LQWHJUDFLµQ \ VDEHU
HVWDU GHVGH HO GHVHR OD PRWLYDFLµQ ODV JDQDV HVWDEOHFLHQGR O¯PLWHVGHDFWXDFLµQ VH
PDQLILHVWDQ
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
ಯ(Q DFWLYLGDGHV FRPR ORV MXHJRV PDWHP£WLFRV TXH VH KDQ KHFKR SDUD
ORVFU¯RV6LHPSUHTXHSXHGRSDUWLFLSR3URFXURLQWHJUDUPH\HVWDU)
&(,3%S
ಯ&XDQGR FRODERUDQ OR KDFHQ FRQ JDQDV VDELHQGR H[DFWDPHQWH KDVWD
GRQGHOOHJDVXWHUULWRULRRVXSDSHU\FRPLHQ]DQHOQXHVWUR3RUHMHPSOR
XQD H[SRVLFLµQ TXH KXER HO D³R SDVDGR VREUH OD HVFXHOD GH D\HU OD
HVFXHODGHKR\\ODHVFXHODGHPD³DQDTXHVHKL]RFRQODD\XGDGHODV
IDPLOLDV XQ SDGUH HV SXEOLFLVWD \ QRV KL]R XQDV FRVDV SUHFLRVDV
GHVFXUELUDOJXQDFRVDಹರ'&(,3%SELV
3DUD DOJXQRV SDUWLFLSDU \ FRODERUDU VRQ VLQµQLPRV VRQ GRV FRQFHSWRV TXH VH
VXE\DFHQHQXQR¼QLFROOHJDQGRDVLJQLILFDUORPLVPR
ಯ3DUWLFLSDU\FRODERUDUSDUDP¯SRGU¯DQVHUXQ¼QLFRFRQFHSWRರ)&(,3
%S
ಯ3DUD P¯ SDUWLFLSDU \ FRODERUDU HV OR PLVPR /RV SDGUHV FXDQGR WLHQHQ
GXGDV YLHQHQ H[SOLFDQಹ &XDQGR WLHQHQ XQD LGHD ಯHVFXFKD TX« WH
SDUHFH"ರ HVWR \D HV SDUWLFLSDU FRODERUDU 3XHGHQ SDUWLFLSDU \ FRODERUDU
FRQODVRSLQLRQHVಹರ1'&(,3%S
3HURTX«SDVDFXDQGRODSDUWLFLSDFLµQHVHQWHQGLGDFRPRD\XGDFRPRRIUHFLPLHQWR
D HVWDU HQ WDOOHUHV DFWLYLGDGHV \ MRUQDGDV" 3XHV TXH GLFKD SDUWLFLSDFLµQ SDVD SRU
DSRUWDUORTXHXQRSXHGHVDEHKDFHURDTXHOORTXHOHHVSHUWLPLGR\YDORUDGR
ಯ3DUWLFLSDPRVFXDQGRWHSLGHQLQIRUPDFLµQRWHSLGHQTXHORVQL³RVWLHQHQ
TXHEXVFDUಹಹ7¼SRQHVXQHMHPSORRKDVKHFKRXQH[SHULPHQWRHQ
FDVD OH GDV WRGR HO PDWHULDO SDUD TXH SXHGDQ KDFHU HO H[SHULPHQWR
GHODQWHGHWRGDODFODVH(VWRVRQSDUWLFLSDFLRQHVGLUHFWDVGHFDVDKDFLD
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
OD HVFXHOD ಹ 3DUWLFLSDU HQ ODV MRUQDGDV GH SXHUWDV DELHUWDV KDFLHQGR
DTXHOODTXHSXHGHV)&(,3%SSದ
ಯ1RVRWURV HQ FRQFUHWR KDFHPRV HO EROHW¯Q GH OD HVFXHODಹ SLGR DO
SURIHVRUDGRಯYHQJDTX«WUDEDMRVVHHVW£QKDFLHQGRHQFODVH"FX£OHV
SRGHPRVSXEOLFDU"ಹ&RPXQLFDPRVDWUDY«VGHOEROHW¯QGHOD$03$ಹ
HVWRKDFHSDUW¯FLSHVGHPXFKDVFRVDVರ)&(,3%S
&µPRKDFHUSDUWLFLSDUDODVIDPLOLDVHQODVHVFXHODV\FµPRSXHGHQ«VWDVFRODERUDU"
(VRWURGHORVLQWHUURJDQWHVTXHWDQWRGRFHQWHPDGUHVSDGUHVDEXHORV\SHUVRQDOQR
GRFHQWHVHFXHVWLRQDQFRQHOSURSµVLWRGHKDFHUP£VSHUPHDEOHHOFHQWURHGXFDWLYR\
FRQVWUXLU HQWUH WRGRV XQ OXJDU GH HQFXHQWUR XQ HVSDFLR \ WLHPSR FRPSDUWLGR 3DUD
DOJXQDV IDPLOLDV SHUVRQDO QR GRFHQWH\ PDHVWURV GHO &(,3 % GH %DUFHORQD DOJXQDV
GHODVIµUPXODVVHU¯DQ
ಯ3RU HMHPSOR UHDOL]DU FKDUODV SRU LQWHUHVHV HV GHFLU D OR PHMRU XQD
FKDUOD TXH SXHGH VHU P£V LQWHUHVDQWH SDUD HO FLFOR LQIDQWLO RWUD SDUD HO
FLFORLQLFLDOVLQFHUUDUODSRVLELOLGDGGHTXHYHQJDQIDPLOLDVGHRWURVFLFORVರ
)&(,3%S
ಯ6LWHGLJRODYHUGDGVL ODVGHM£VHPRVQRVRUJDQL]DU¯DQODHVFXHODಹ
3DUWLFLSDQ VREUH WRGR HQ DFWLYLGDGHV H[WUDHVFRODUHV ಹ &XDQGR SLGHV
DOJXQD FRVD VLHPSUH SDUWLFLSDQ (Q HO FRPHGRU YLHQHQ YDORUDQಹ \ VL
WLHQHQDOJRTXHGHFLUSXHVORFRPHQWDQಹರ1'&(,3%SSದ
ಯ(OORVSRGU¯DQHQWUDUHQODHVFXHOD9HQLUDH[SOLFDUDOJXQDH[SHULHQFLDR
YHUQLU D D\XGDUQRV HQ HO SUR\HFWR TXH HVWDPRV KDFLHQGR HQVH³DU D
SLQWDU R PRQWDU XQ Y¯GHRಹ 7HQGU¯DQ TXH WHQHU XQ SDSHO PXFKR P£V
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
DFWLYR /D UHDOLGDG QRV GHPXHVWUD TXH HOORV TXLHUHQ SHUR QR WLHQHQ
IDFLOLGDGHVSDUDKDFHUORರ'&(,3%S
&RODERUDU IRUPD SDUWH GH SDUWLFLSDU H LPSOLFDUVH SHUR QR WLHQH TXH YHU FRQ ORV
FRQFHSWRV GH LPSRVLFLµQ UHSHWLFLµQ OXFKD GH SRGHUHVPDQLSXODFLµQ LQFRPSHWHQFLD
DXWRULWDULVPRಹ )HUQ£QGH] &RODERUDU HV SDUWLFLSDU 3DUD 7HUUµQ $OIRQVR \
'¯H] OD FRODERUDFLµQ VH GD VL SUHYLDPHQWH KD\ XQ FOLPD GH UHODFLµQ HVGHFLU
XQDUHODFLµQSRVLWLYDEDVDGDHQODFRQILDQ]DHQWUHGRFHQWHV\IDPLOLDV6LHVWDUHODFLµQ
GD SDVR D DOJR JUDWLILFDQWH \ SRVLWLYR VH SXHGH OOHJDU D FRQVWUXLU XQD YHUGDGHUD
FRPXQLGDG HGXFDWLYD GDQGR SDVR QR VµOR D OD FRPXQLFDFLµQ OD HPSDW¯D VLQR D OD
FRODERUDFLµQ
3DUDGRVGRFHQWHVGHHVWDLQYHVWLJDFLµQFRODERUDUHVFRQWULEXLUFRQORTXHVHSXHGH
ಯ8QD IDPLOLD FRODERUD FXDQGR PRQWDQ ODV FRVDV TXH KD\ DTX¯ 3HUR
GHSHQGHU£ GHO PRGHOR GH HVFXHOD TXH SODQWHHV 6L OR TXH SODQWHDV HV
LPSRUWDQWH R QR 'HVSX«V KD\ RWUD FXHVWLµQ ಯWRGR HVWR QHFHVLWD
HVWUXFWXUDV GLIHUHQWHVರ 1HFHVLWDQ WLHPSR WLHPSR SDUD JHVWLRQDU WLHPSR
GHEXVFDUORVHVSDFLRV\PRGLILFDUPXFKDVFRVDVರ'&(,3%SELV
ಯ&RODERUDU HV SRQHU HO JUDQLWR GH DUHQD 3DUWLFLSDU SXHGHQ SDUWLFLSDU
PXFKRSHURFRQRWUDVKHPRVYLVWRFRPRSRQHQHOJUDQLWRGHDUHQDರ'
&(,3%S
(LPSOLFDUVHWDO\FRPRORHQWLHQGHQORVSURWDJRQLVWDVGHHVWHHVWXGLRGHFDVRHVLU
P£VDOO£HVEXVFDUHVHVFXFKDUHVKDFHUHVFXHODG¯DDG¯D
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
ಯLPSOLFDUDORVWUHVHVWDPHQWRVSDGUHVHVFXHOD\DOXPQRVರ)&(,3%
S
ಯ(YLGHQWHPHQWH QR WRGR HO PXQGR WLHQH OD PLVPD LPSOLFDFLµQ +D\
PXFKDVIDPLOLDVTXHVHLPSOLFDQPXFK¯VLPRKD\RWUDVTXHQDGDSRUTXH
\DWLHQHQEDVWDQWHFRQVXVFRVDVRSRUORVPRWLYRVTXHVHDQRSRUTXHQR
TXLHUHQ1'&(,3%SSದELV
ಯ,PSOLFDUORVTXLHUHGHFLUHVFXFKDUORV&RPRGHF¯D3DORXಯLQWHQWDUJR]DU
GHTXHSXHGHVWHQHUUD]µQರ(VFXFKDUDXQDSHUVRQDQRHVಯQRQR\RWH
HVFXFKR SHUR \R \D WHQJR OR TXH TXLHUR \ HVR QR YDULDU£ರ /D HVFXFKD
FXDQGRHVFXFKDVDDOJXLHQSXHGHVSHQVDUTXHHVDSHUVRQDSXHGHWHQHU
UD]µQ ಹ ,PSOLFDU QR HV PDQGDU QR HV SHGLU ,PSOLFDU TXLHUH GHFLU
HVFXFKDU\HVFXFKDUTXLHUHGHFLUSHQVDUJR]DUTXHHORWURSXHGHWHQHU
UD]µQ (VFXFKDQGR DO RWUR SXHGHV DSUHQGHU DOJXQD FRVD GHVFXEULU
DOJXQDFRVDಹರ'&(,3%SELV
1RPHJXVWDU¯D DFDEDU HVWH DSDUWDGRVLQUHVFDWDU ODYR]GH XQ GRFHQWH SDUWLFLSDQWH
GRQGH UHVFDWD ORV FRQFHSWRV GH FRODERUDFLµQ SDUWLFLSDFLµQ H LPSOLFDFLµQ \ OD
QHFHVLGDGGHFRQFLOLDUODYLGDSHUVRQDOFRQODYLGDODERUDO
ಯ<RFUHRTXHHVORPLVPRSDUWLFLSDUTXHFRPSURPHWHUVHTXHFRPSDUWLU\
TXH FRODERUDU $TX¯ ODV SHUVRQDV VRQ PX\ FRODERUDGRUDV $OJXQDV
SHUVRQDV VRQ SDUWLFLSDWLYDV RWUDV QR (Q XQ PRPHQWR GHWHUPLQDGR QR
WHQGU¯D QLQJ¼Q SUREOHPD HQ PRQWDU DFWLYLGDGHV TXH HVWXYLHVHQ
JHVWLRQDGDV GH IRUPD FRPSDUWLGD SRU WRGDV ODV SHUVRQDV TXH QRV
SUHRFXSDQHVWRVQL³RVರ'&(,3%S
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
6HSRGU¯DGHFLUTXHDXQTXHVHKD\DDYDQ]DGRPXFKRHQHOFDPLQRGHODFRODERUDFLµQ
SDUWLFLSDFLµQHLPSOLFDFLµQGHODVIDPLOLDVD¼QTXHGDUHFRUULGRTXHDQGDU(VHYLGHQWH
TXHH[LVWHXQDQHFHVLGDGGHFRODERUDFLµQFRQMXQWDHQWUHODVIDPLOLDV\ODHVFXHODSDUD
PHMRUDU HQ OD HGXFDFLµQ GH ORV QL³RV 3RU HOOR HV QHFHVDULR TXH KD\D XQD
SDUWLFLSDFLµQDFWLYDGHODVIDPLOLDVHQWRGRHOSURFHVRHGXFDWLYRGHVXVSURSLRVKLMRV<
XQDFLHUWDLPSOLFDFLµQGHSHQGLHQGRGHVXVSRVLELOLGDGHV\VLWXDFLRQHVHQG¯DDG¯DGH
ODHVFXHOD(QWUHWRGRVKDFHPRVHVFXHOD
/$6)257$/(=$6'(/$65(/$&,21(6
/RVVXMHWRVSDUW¯FLSHVGHHVWDLQYHVWLJDFLµQVH³DODQFRPRIRUWDOH]DVHQODVUHODFLRQHV
IDPLOLDದHVFXHODHOKHFKRGHQRHVWDUFRKLELGDODIDPLOLD\HOVHQWLUVHSUµ[LPDFRQOD
FDSDFLGDG GH HVFXFKD OD DWHQFLµQ \ HO WUDWR SHUVRQDOL]DGR GH OD HVFXHOD KDFLD OD
IDPLOLD OD GLVSRQLELOLGDG \ OD KXPDQL]DFLµQ GHO SURIHVRUDGR OD LQFRUSRUDFLµQ GH ODV
IDPLOLDV HQ HO G¯D D G¯D \ OD FRODERUDFLµQ \ D\XGD GH ODV IDPLOLDV HQ WDUHDV \
DFWLYLGDGHVGHODHVFXHOD
$V¯ SXHV UHFXSHUDQGR ODV YRFHV \ ODV H[SHULHQFLDV GH ORV SDUWLFLSDQWHV HQ HVWH
HVWXGLRGHFDVR/DSULPHUDIRUWDOH]DHOQ
QRHVWDUFRKLELGR\HOVHQWLUVHSUµ[LPDFRQOD
FDSDFLGDGGHHVFXFKDTXHGDUHFRJLGDGHODVLJXLHQWHPDQHUD
ಯ0DQWHQHU XQD UHODFLµQ GH TXH QR HVW«V FRKLELGD GH TXH FXDOTXLHU
SUREOHPDTXHWHQJDVFRQOLEHUWDGYD\DVORFRPHQWHVFRQODSURIHVRUD
FRQODGLUHFWRUDRFRQTXLHQKDJDIDOWDರ)&(,3%S
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
ಯ3XQWRV IXHUWHVಹ HV XQD HVFXHOD FHUFDQDಹ (Q VHJXLGD TXH YDV HQ
EXVFDGHOPDHVWURWHORHQFXHQWUDVಹ(VODFRQILDQ]DTXHKD\7UDHVD
WXVKLMRVDHVWDHVFXHODFRQFRQILDQ]D3RUTXHVDEHVTXHDTX¯VHKDFHQ
ODVFRVDVFRQFDUD\RMRVರ)&(,3%SSದ
ಯ/DUHODFLµQHVXQSXQWRIXHUWH)&(,3%Sಹ+D\XQDSHUVRQD
TXHWHHVFXFKDXQHTXLSRTXHWHKDFHVHQWLUSDUW¯FLSHಹ4XHWHQJDQHQ
FXHQWDWXRSLQLµQರ)&(,3%SELV
2WUDVGHODVIRUWDOH]DVTXHHPHUJHQGHQXHVWURVHQFXHQWURVHVODD
DWHQFLµQ\HOWWUDWR
SHUVRQDOL]DGR TXH QDFH SRU SDUWH GHO SURIHVRUDGR KDFLHQGR \ HVWDEOHFLHQGR XQD
UHODFLµQPXFKDP£VFHUFDQD\F£OLGDDFRJLHQGRGHHVWDPDQHUDDODIDPLOLD\DVXV
SURSLDVFULDWXUDV
ಯ<R GLU¯D TXH HQ JHQHUDO KD\ XQD UHODFLµQ EDVWDQWH FHUFDQD GHO
SURIHVRUDGRFRQODVIDPLOLDV6LHPSUHKD\XQDDWHQFLµQ\XQDUHIHUHQFLD
HV GHFLU VH FUHH PXFKR HQ HO WUDWR SHUVRQDOL]DGR /D DWHQFLµQ
SHUVRQDOL]DGDVHKDGDGRVLHPSUH\HVXQDFWLYRTXHWLHQHODHVFXHODಹ
/XHJR HO FRQRFLPLHQWR GH ODV FULDWXUDV GH PDQHUD LQGLYLGXDOL]DGD
VLHPSUH KD\ XQD UHIOH[LµQ LQYLGXDO HQWRUQR D ODV HYDOXDFLRQHV TXH VH
KDFHQರ)&(,3%S
/D GLVSRQLELOLGDG \ OD KXPDQL]DFLµQ GHO SURIHVRUDGR VRQ ODV FODYHV SULQFLSDOHV TXH
KDFHQ TXH HO &(,3 % VHD XQD HVFXHOD FHUFDQD D ODV IDPLOLDV RWRUJ£QGROH GH XQD
GLVWLQFLµQHVSHFLDOHQODVUHODFLRQHVSHUVRQDOHV\SURIHVLRQDOHV
ಯ+D\ XQ SURIHVRUDGR FRQ XQ EDJDMH PX\ LPSRUWDQWH ಹ (O UHFXUVR
KXPDQRODSHUVRQDಹ/DVDOLGDHVPX\LQIRUPDOHVGHFLUFXDQGRVH
DFDED OD MRUQDGD \ HV OD KRUD GH VDOLU SXHGHV KDEODU ಹ &UHR TXH HQ
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
HVWD HVFXHOD HQ JHQHUDO HO SURIHVRU HVW£ PX\ DELHUWR GD XQDV
UHVSXHVWDVLQPHGLDWDVFXDQGRKD\FRQIOLFWRVಹರ)&(,3%SELV
1RVHSRGU¯DKDEODUGHIRUWDOH]DVHQODVUHODFLRQHVVLQRVHWXYLHUDHQFXHQWDHOSDSHO
GH ODV IDP¯OLDV 3RU HVR VH FRQVLGHUD GH JUDQ UHOHYDQFLD TXH SDUD TXH KD\D XQD
FRPXQLGDGHGXFDWLYD\VHKDEOHGHUHODFLRQHVSRVLWLYDV\GHFUHDFLRQHVGHY¯QFXORV
ODVIIDPLOLDVWLHQHQTXHLPSOLFDUVHHQHOG¯DDG¯DGHOFHQWUR
ಯ0H SDUHFH TXH VH LQWHQWD LQFOXLU D ODV IDPLOLD GHQWUR GH OR TXH HVW£
SDVDQGRHQODHVFXHODWDQWRSDUDODVFRVDVSRVLWLYDVFRPRSDUDVODVTXH
QRYDQELHQ6HLQWHQWDLQFOXLUODVGHVGHXQDPLUDGDDQDO¯WLFDGHLQWHQWDU
YHU GH FµPR VH SXHGHQ KDFHU PHMRUDV 7DPEL«Q HQFXHQWUR XQ SXQWR
IXHUWHTXHODVIDPLOLDVFDGDYH]P£VUHFODPDQKDEODUFRQORVPDHVWURVರ
1'&(,3%S
-XQWRDHVDLPSOLFDFLµQODVIDPLOLDVSDUWLFLSDQ\FRODERUDQHQODVWDUHDVDFWLYLGDGHV\
HQ HO TX«KDFHU GHO FHQWUR HGXFDWLYR KDFLHQGR GH HVWH XQ OXJDU GH DSUHQGL]DMH \ GH
WUDEDMRFRQMXQWRGRQGHODHVFXHODVHDEUH\VHKDFHLPSHUPHDEOHDODVQHFHVLGDGHV
GHVXHQWRUQR
ಯ/DV IDPLOLDV FRODERUDQ PXFK¯VLPR 6LHPSUH FXDOTXLHU FRVD TXH W¼ OHV
SLGDV WH ODV WUDHQ 7LHQHQ JDQDV GH D\XGDU ಹ (O SXQWR IXHUWH HV OD
XQLµQTXHKD\HQWUHQRVRWURVODLOXVLµQFRQODTXHKDFHPRVODVFRVDVರ
'&(,3%S
ಯ&RPRSRVLWLYRಹVHU¯DLPSUHVFLQGLEOHTXHSXHGDVWUDEDMDUFRQMXQWDPHQWH
FRQ ODV IDPLOLDV ಹ 6H FRQVLJXLµ HVWD SDUWLFLSDFLµQ GH ODV IDPLOLDV
VHJXUDPHQWHHQGLIHUHQWHVQLYHOHVSRUGLIHUHQWHVFLUFXQVWDQFLDV6HHVW£
FRQVLJXLHQGR TXH OD HVFXHOD FDGD YH] VHD P£V DELHUWD (V PX\
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
LPSRUDQWH TXH «VWD HVW« DELHUWD QR VµOR D ODV IDPLOLDV VLQR DO EDUULR DO
SXHEORDODFLXGDGಹರ'&(,3%S
(YRFDQGR ODV YRFHV GH ORV SDUWLFLSDQWHV GH HVWH HVWXGLR VH SRGU¯D GHFLU TXH ODV
SULQFLSDOHVIRUWDOH]DVGHODVUHODFLRQHVIDPLOLDದHVFXHODUHVLGHQHQSRGHUH[SUHVDUWH
OLEUHPHQWH HO VHU XQR PLVPR VLQ VHQWLUVH FRKLELGR (VD FDSDFLGDG GH HVFXFKD \ GH
FRPSDUWLUTXHQDFHGHODSUR[LPLGDGGHODVFHUFDQ¯DVGHODVSHUVRQDV6HYDORUDPX\
SRVLWLYDPHQWH HVD FDSDFLGDG GH DFRJLGD \ DFRPSD³DPLHQWR GRQGH OD UHODFLµQ VH
FDUDFWHUL]D SRU VHU F£OLGD /D WHUFHUD IRUWDOH]D UHVLGH HQ ODV SHUFHSFLRQHV GH ODV
IDPLOLDV ‹VWDV UHVDOWDQ OD FRQVWDQWH GLVSRQLELOLGDG GH ORV PDHVWURV \ GH WRGR HO
SHUVRQDO TXH FRPSRQHQ OD HVFXHOD $QWH WRGR OD KXPDQL]DFLµQ GH ODV SHUVRQDV VLQ
IULDOGDG VLQ GLVWDQFLDPLHQWR VLQ MHUDUTX¯DV /D FXDUWD HV YLFHYHUVD GH OD HVFXHOD
KDFLDODVIDPLOLDV(OFHQWURHGXFDWLYRWLHQHODQHFHVLGDGGHFRQWDUFRQODVIDPLOLDVVLQ
HOODVQRKDEU¯DQL³RV\SRUORWDQWRDOXPQRV3RUHVRFRQVLGHUDGHJUDQLPSRUWDQFLD
TXHGHQWURGHODVSRVLELOLGDGHVGHFDGDXQDGHHOODVVHLPSOLTXHQHQHOG¯DDG¯DGHO
FHQWUR < OD ¼OWLPD IRUWDOH]D VHU¯D SDUD TXH KD\D LPSOLFDFLµQ VH SODQWHD OD
FRODERUDFLµQ\SDUWLFLSDFLµQFµPRY«UWLFHVGHHVDUHODFLµQIDPLOLDದHVFXHOD
/$6'(%,/,'$'(6'(/$65(/$&,21(6
(QFXDQWRDODVGHELOLGDGHVHQODVUHODFLRQHVODVSHUVRQDVSDUWLFLSDQWHVUHVDOWDURQOD
IDOWD GH LQIRUPDFLµQ VLHQGR ¼QLFD \ H[FOXVLYD OD UHVSRQVDELOLGDG GHO QL³R TXH VH
FRQYLHUWHHQXQPHURWUDQVPLVRUHOFDPELRFRQVWDQWHGHODSODQWLOODGRFHQWHKDFLHQGR
FDVLLPSRVLEOHXQDFLHUWDHVWDELOLGDGHOWLHPSRFRPRIDFWRUFODYHHQODVUHODFLRQHVOD
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
SHUFHSFLµQGHOWUDEDMRGHOPDHVWUR\HOWUDEDMRGHODVIDPLOLDVHQORVSUR\HFWRVGHOD
HVFXHOD
(QFXDQWRDODIIDOWDGHLQIRUPDFLµQTXHPDQLILHVWDQDOJXQDVIDPLOLDVODHVFXHOD FUHH
TXH HO DOXPQDGR KD GH VHU DXWµQRPR \ UHVSRQVDEOH GH VXV DFWRV 3RU HOOR ORV
DOXPQRV VH FRQYLHUWHQ HQ PHURV WUDVPLVRUHV GH OR TXH VXFHGH HQ HO FHQWUR GH ODV
VDOLGDVTXHVHUHDOL]DUDQDOODUJRGHOFXUVRGHSXHQWHHQWUHHVFXHOD\IDPLOLD
ಯ1RWHHQWHUDVGHODVFRVDVDTX¯QRKD\XQDDJHQGD$YHFHVHQFXHQWUDV
XQD FLUFXODU ಯVDOGUHPRV GH H[FXUVLµQ HO YLHUQHVರ VL PL KLMD SLHUGH OD
FLUFXODU\RQRPHHQWHURTXHHOYLHUQHVYDQGHH[FXUVLµQಹ(VW£ELHQTXH
QRTXLHUDQDJHQGDSRUTXHDV¯ORVQL³RVVRQP£VUHVSRQVDEOHV3HURVLOH
GDV XQ SDSHO OR KDQ GH VDEHU JXDUGDU GDU HQ FDVD \ H[SOLFDUOR )
&(,3%S
(OQL³RWLHQHTXHVDEHUOOHYDUDFDVDORVSDSHOHVರ&RQVLGHURTXHHVWR
HVXQSXQWRG«ELOರ)&(,3%SELV
SODQWLOODGHSURIHVRUHVLQWHULQRV\VXEVWLWXWRV
/DVHVFXHODVS¼EOLFDVFXHQWDQFRQXQDS
TXLHQHV D³RV WUDV D³RV SXHGHQ VHU FDPELDGRV GH FHQWUR GH FLXGDG \ GH VHUYLFLR
WHUULWRULDO (VH YHQLU H LU GH GRFHQWHV KDFH TXH DOJXQDV IDPLOLDV OR YLVOXPEUHQ FRPR
XQDGHELOLGDGDODKRUDGHHVWDEOHFHUUHODFLRQHVP£VIXHUWHV\GXUDGHUDV
ಯ&RPR SXQWRV G«ELOHV VHULD WRGR HO WHPD GH OD IOXFWXDFLµQ GHO SHUVRQDO
TXH KD\ HQ ODV HVFXHODV HVSHFLDOPHQWH HQ ODV HVFXHODV S¼EOLFDV 6H
WHQGU¯DTXHFUHDUXQRVPHFDQLVPRVSDUDTXHKD\DXQDHVWDELOLGDGWDQWR
D QLYHO GH HTXLSRV GLUHFWLYRV FRPR GH SURIHVRUDGR ಹ +R\ HQ G¯D HVW£
PX\ FODUR TXH ORV UHFXUVRV KXPDQRV ODV SHUVRQDV VRQ OD EDVH GH ODV
RUJDQL]DFLRQHVರ)&(,3&SELV
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
2WUD GH ODV GHELOLGDGHV TXH VH SHUFLEHQ HQ ODV UHODFLRQHV IDPLOLDV \ &(,3 % HV HO
WLHPSR(OWLHPSRVHWHQGU¯DTXHYHUFRPRXQIDFWRUFODYHSDUDIDYRUHFHU\HVWDEOHFHU
Y¯QFXORV GH XQLµQ \ UHODFLRQHV P£V HVWUHFKDV HQWUH ORV GLIHUHQWHV PLHPEURV GH OD
FRPXQLGDGHGXFDWLYD
ಯ8Q SXQWR G«ELO GH HQWUDGD HV HO WLHPSR 3RUTXH QR SXHGHV GHGLFDUOH
WDQWRWLHPSRFRPRVHULDQHFHVDULR'HQXHVWURPRQWDMHDFWXDOGLU¯DTXH
HV H[SOLFDU HO FRQFHSWR GH GHEHUHV (Q RWUD HVFXHOD VHU¯D P£V I£FLO
ಯS£JLQD HMHUFLFLRV GHO DO ರ HVWR HV PX\ I£FLO (QWHQGHU OR TXH
VHU¯DQORVGHEHUHV\P£VFXDQGROHVGHFLPRVಯFRQWLQXLGDGHVGHOWUDEDMR
GH OD HVFXHOD HQ FDVDರ HVR HV PXFKR P£V FRPSOHMRರ ' &(,3 % S
ಯ8QRGHORVSXQWRVG«ELOHVHVODIDOWDGHWLHPSR\ODORFXUDGHWUDEDMDUGH
HVWDPDQHUDSRUTXHGHYHUGDGGDPXFKRWUDEDMRಹರ'&(,3%S
SHUFHSFLµQTXHVHWLHQHG
GHOWUDEDMR\GHODV
8QFXDUWRSXQWRDWHQHUHQFXHQWDVHU¯DODS
WDUHDV TXH GHVHPSH³DQ HO FROHFWLYR GH GRFHQWHV HQ OD HVFXHOD $OJXQRV PDQLILHVWDQ
TXHHVWDSHUFHSFLµQYLHQHPDUFDGDSRUODIDOWDGHUHVSHWRKDFLDORVPDHVWURV\DTXH
HQORV¼OWLPRVD³RVKDKDELGRXQDS«UGLGDGHDXWRULGDG\XQGHVSUHVWLJLRVRFLDOGHORV
HGXFDGRUHVGHOPXQGRGHODHGXFDFLµQ
ಯ(O SXQWR G«ELO GH ODV IDPLOLDV HV TXH PXFKDV YHFHV QR UHVSHWDQ DO
SURIHVRUರ'&(,3%S
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
ಯ(O GHVSUHVWLJLR VRFLDO TXH WLHQHQ ORV HGXFDGRUHV TXH KD SDVDGR SRU
GLIHUHQWHV PRPHQWRVಹ $QWHV HO PDHVWUR HUD HO TXH OR VDE¯D WRGR HUD
FRPRODDXWRULGDG3RFRDSRFRVHKDLGRSHUGLHQGRWRGRಹ6LVHGLHUD
P£V HQWUDGD D ODV IDPLOLDV UHFRQRFHU¯DQ P£V HO WUDEDMR TXH KDFHPRVರ
'SSದELV
(O ¼OWLPR HMH TXH HPHUJHQ GH ODV REVHUYDFLRQHV FRQYHUVDFLRQHV \ HQFXHQWURV
PDQWHQLGRVHVH
HOWUDEDMRGHODVIDPLOLDVHQORVSUR\HFWRVGHODHVFXHOD&µPRLQFOXLU
\ KDFHU SDUW¯FLSHV D ODV IDPLOLDV HQ ORV SUR\HFWRV" /RV PDHVWURV GHO FHQWUR VH KDQ
SRVLFLRQDGR GHVGH OD SHUVSHFWLYD GH UHFXUVR (V GHFLU ODV IDPLOLDV FRPR XQ UHFXUVR
DFWLYR FRPR XQD IXHQWH GH VRSRUWH GH DSRUWDFLµQ GH FRQRFLPLHQWRV KDELOLGDGHV
FRPSHWHQFLDVಹODIDPLOLDFRPRXQDSLH]DGHOPRWRUGHODFRPXQLGDGHGXFDWLYD
ಯ+D\ XQ SXQWR G«ELO OD LGHD GH SUR\HFWRV +HPRV LGR FRQVWUX\HQGR \
VHQWLGR DV¯ TXH ODV IDPLOLDV WHQ¯DQ TXH FRODERUDU KDFLHQGR HO SUR\HFWR
(V GHFLU HQ HO SURFHVR GHO SUR\HFWR 3LHQVR TXH HQ RFDVLRQHV \ QR
VRODPHQWH \R VLQR TXH KD\ SHUVRQDV TXH WDPEL«Q OR SLHQVDQ VH KD
FRQVLGHUDGRDODVIDPLOLDVFRPRXQFHQWURGHUHFXUVRVSDUDODHVFXHODR
SDUD ORV SUR\HFWRV TXH KDFHPRV HQ OD HVFXHOD (VWR VH WHQGU¯D TXH
DILQDUರ'&(,3%S
$V¯SXHVUHWRPDQGRODVYRFHVGHORVGLIHUHQWHVVXMHWRVFRODERUDGRUHVGHHVWHHVWXGLR
GHFDVRORVSULQFLSDOHVSXQWRVG«ELOHVGHODVUHODFLRQHVHVFXHODದIDPLOLDVH[SXHVWRV
OD PD\RU¯D HQ HVWH DSDUWDGR VRQ D (O SRVLEOH GHVSUHVWLJLR VRFLDO TXH WLHQHQ ORV
HGXFDGRUHV E /D LQVHJXULGDG GH OD PD\RU¯D GH PDHVWURV UHVSHFWR D ODV WDUHDV \
IXQFLRQHV TXH GHVHPSH³DQ FRQOOHYD D PLHGRV DQWH ODV IDPLOLDV F 'RFHQWHV \
IDPLOLDUHVFRLQFLGHQTXHHQRFDVLRQHVFXHVWDVDEHUGRQGHHPSLH]D\GRQGHDFDEDHO
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
HVSDFLR TXH OH FRUUHVSRQGH D FDGD XQR G (O XVR GH XQ OHQJXDMH SRFR HQWHQGHGRU
PX\W«FQLFRSDUDODPD\RU¯DGHODVIDPLOLDV\H/RVKRUDULRV\ODFRQFLOLDFLµQGHORV
GLIHUHQWHV£PELWRVGHODYLGDODERUDOSHUVRQDOದIDPLOLDU\HVFRODU
81$18(9$0,5$'$
/RVSURWDJRQLVWDVGHHVWDLQYHVWLJDFLµQGHO&(,3%GH%DUFHORQDLGHQWLILFDQXQDVHULH
GHDFFLRQHV\SURSXHVWDVTXHVHSRGU¯DQWHQHUHQFXHQWDSDUDSRWHQFLDUODVUHODFLRQHV
IDPLOLDVದHVFXHODV‹VWDVSDVDU¯DQSRUWHQHUP£VSXQWRVGHHQFXHQWURVWDO\FRPR
PDQLILHVWDODVLJXLHQWHIDPLOLD
ಯ4XL]£V P£V SXQWRV GH HQFXHQWURV HQWUH HVFXHOD \ IDPLOLD 8Q WUDEDMR
TXL]£V P£V FHUFDQRಹ 'H UHXQLRQHV FRQMXQWDV GLU¯D TXH QR SHUR V¯ GH
HQWUHYLVWDVSHUVRQDOHVFRQODVIDPLOLDVಹರ)&(,3%SELV
3XQWRVGHHQFXHQWURVDFRPSD³DGRVGHXQWUDEDMRP£VFHUFDQR$V¯SXHVHVWDQXHYD
PLUDGDHQODVUHODFLRQHVSDVDU¯DSRU
/DSDUWLFLSDFLµQGHORVPDHVWURVHQODVDFWLYLGDGHVIDPLOLDUHVRH[WUDHVFRODUHV
\YLFHYHUVD
ಯ&XDQGR ORV SDGUHV KHPRV PRQWDGR XQD VDOLGD SDUD WRGD OD HVFXHOD
KHPRV HQFRQWUDGR TXH QR KD\ QLQJXQD SDUWLFLSDFLµQ GH ORV PDHVWURV
&XDQGRVHKDFHODFHQDGHILQDOGHFXUVRWDPSRFRKD\XQDSDUWLFLSDFLµQ
GHPDHVWURV(VXQDDELHUWDDWRGRHOPXQGR
ಹ3RUORWDQWRVHSRGU¯DKDFHUXQDLQYLWDFLµQP£VH[SOLFLWDSDUDHOORV
ಯQRV JXVWDU¯D TXH YLQLHUDQ Dಹರ ,QYLWDUORV H[SO¯FLWDPHQWH D HOORV
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
(QFXHQWURTXHVHWUDWDGHDOJRDELHUWR\TXHYHQJDQTXLHQTXLHUDಹರ)
&(,3%SSದ
ಯಹSDGUHVTXHWLHQHQH[SHULHQFLDGHHVFXHODGHFµPRODKDQYLYLGR\
FµPR OD SXHGHQ FRPSDUWLU (VWR VH GLMR HQ XQD UHXQLµQ GH IDPLOLDV
QXHYDV3RUHMHPSORXQDUHXQLµQGHDXODGHSULPHURFRPRXQRVSDGUHV
TXHKDE¯DQYLYLGRWRGDODSULPDULD\WLHQHQORVQL³RVHQVH[WRFRPRKDQ
YLYLGRWRGRHVWHWUD\HFWRಹ8QDFRVDP£VLQIRUPDOXQFDIHFLWRDTX¯\
KDEODUXQSRFRGHFµPRYHPRVODHVFXHODರ'&(,3%S
0£V FRPXQLFDFLµQ \ XQ WUDEDMR FRQMXQWR IDPLOLD ದ HVFXHOD TXH WRGR OOHJXH D
FDVD
ಯ6HWLHQHTXHWUDEDMDUP£V+DFHUOOHJDUDFDVDORTXHVHHVW£KDFLHQGR
DTX¯ರ)&(,3%S
ಯಹDQLYHOGHEROHW¯QGHODUHYLVWDಹHUDXQDPDQHUDGHLQIRUPDUDODV
IDPLOLDVGHORTXHVHKDFHDTX¯ಹ+DFHUXQDFRPLVLµQHQWUHSDGUHVOD
GLUHFWRUD \ ORVPDHVWURV GH OD HVFXHOD SDUDWUDWDU WHPDV SURSLRV GHQWUR
GHODHVFXHODರ)&(,3%SELV
$EULUVH D OD FRPXQLGDG XWLOL]DU ORV HVSDFLRV P£V DOO£ GHO KRUDULR HVFRODU /D
HVFXHOD FRPR ಯVHUYLFLR S¼EOLFRರ SXGLHUD UHVSRQGHU D ODV QHFHVLGDGHV GH VXV
DOXPQRVGHVXVIDPLOLDV\GHOEDUULR
ಯ/DV LQVWDODFLRQHV VRQPX\ FRQYHQLHQWHV 4XHHO SDWLR VH SXHGD XWLOL]DU
GXUDQWHORVILQHVGHVHPDQDTXHKD\DQXQDVDXODVGHHVWXGLRVGRQGHVH
SXHGDQTXHGDUORVFU¯RV4XHVHSXHGDQPRYHUDOJXQDVFRVDVTXHHVW£Q
P£VDFRUGHVFRQORVLQWHUHVHVDFWXDOHVGHODIDPLOLDರ)&(,3%S
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
+DFHU XVR GH ODV 1XHYDV 7HFQRORJ¯DV $SURYHFKDU DO P£[LPR ORV UHFXUVRV
WHFQROµJLFRVGH ODVRFLHGDG HQ OD TXH YLYLPRV3DUD HOOR VHU¯DQHFHVDULRXQD
FLHUWDIRUPDFLµQ GH ORVGRFHQWHVHQ ODPDWHULDHQ FXHVWLµQ \ TXH ODV IDPLOLDV
FRQWDUD FRQ OD SRVLELOLGDG GH DFFHGHU D LQWHUQHW 'H HVWD PDQHUD HO FHQWUR
SRGU¯DGLVSRQHUGHXQDZHETXHVHIXHUDDFWXDOL]DQGRGHXQDLQWUDQHWQRVµOR
SDUDGRFHQWHVVLQRSDUDODVIDPLOLDVRXQFDPSXVYLUWXDO\KDFHUXVRGHOFRUUHR
HOHFWUµQLFR\ODVUHGHVVRFLDOHV
ಯ(O FRUUHR HOHFWUµQLFR PXFKDV IDPLOLDV OR WLHQHQ VH SRGU¯DQ KDFHU
FRPXQLFDGRV D SDUWLU GH DTX¯ HV XQD FRVD PX\ VHQFLOOD QR VHU¯D
QHFHVDULRJDVWDUSDSHOQLGLVWULEXLUOR6HU¯DHVFULELU\HQYLDUORರ)&(,3
%S
ಯ(O FRUUHR HOHFWUµQLFR OD S£JLQD ZHEಹ DFWLYDU OD S£JLQD ZHE ILOPDU
DOJXQDVHVLµQGHORVFU¯RVRDOJXQDFODVH\FROJDUODHQODZHEಹ6H
SRGU¯D FRQWUDWDU D XQ PRQLWRU SDUD TXH FUHDUD XQ FDPSXV YLUWXDO $EULU
IµUXPVHQHOTXHORVPDHVWURVSXGLHUDQFROJDUVXVPDWHULDOHVSDUDTXH
IXHUDQXWLOL]DGRVSRUORVQL³RVRFRVDVSDUDHOYHUDQRಹ2HQODFHVರ)
&(,3%SELV
ಯ$EULUXQVLWLRZHETXHSXGLHUDVHUDSURYHFKDGR\DVHYHU¯DFRPRVLD
SDUWLU GH XQ WHPD TXH QRV SUHRFXSD \ TXH FDGD XQR RSLQH ಹ < VL
DOJXLHQOHLQWHUHVDUDXQWHPDHQFRQFUHWRRUJDQL]DUOR\KDFHUORHQXQDV
MRUQDGDV DOUHGHGRU GH XQ FDI« SHUR FRQ XQD LQWHQFLµQ ಹ (QFXHQWURV
P£VLQIRUPDOHVರ'&(,3%SSದ
5HSHQVDUVHODVHVFXHODVSDUDODVIDPLOLDV)DPLOLDVHQWHQGLGDVFRPRDTXHOODV
SHUVRQDV TXH IRUPDQ HO Q¼FOHR P£V FHUFDQR DO QL³R PDGUH \ SDGUH PDGUH
SDGUHDEXHORVWXWRUHVOHJDOHVಹ
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
ಯ(VFXHODVGHPDGUHV\SDGUHVVHSRGU¯DKDFHUಹPXFKDVYHFHVVHGLFH
HVFXHODGHSDGUHV\ORTXHVHKDFHHVXQDHVFXHODGHPDGUHV3RUTXH
VRQODVPDGUHVTXLHQHVYDQಹ6HSRGU¯DKDFHUXQDHVFXHODGHSDGUHV
QRGHPDGUHVHVGHFLUXQDHVFXHODGHSDGUHVGHSDSDV4XLHURGHFLU
HQVH³DU D ORV SDGUHV KRPEUHV DFHUFDUVH D OD HVFXHOD TX« HV XQD
HVFXHODHWF6HSRGU¯DKDFHUTXL]£VGHVGHOD$03$RGHVGHODPLVPD
HVFXHODDSDUWLUGHSHTXH³RVWDOOHUHVDIDPLOLDVIDPLOLDVUHFL«QOOHJDGDVR
IDPLOLDVLQPLJUDGDVTXHYLHQHQGHOXJDUHVGRQGHHOYDORUGHODHVFXHODHV
RWURRODRUJDQL]DFLµQಹFXHVWDPXFKRGHYHUರ)&(,3%S
5HXQLRQHVDWUHVEDQGDVGHPDQHUDFRQMXQWDHVFXHODದIDPLOLD\QL³R
ಯ+DFHU XQD UHXQLµQ GRQGH IXHUDQ FULDWXUDV \ IDPLOLDV HO PDHVWUR \ OD
GLUHFFLµQ R VHD WRGRV MXQWRV HQ DOJ¼Q PRPHQWR 3RUTXH VLQR GD OD
LPSUHVLµQ GH TXH KDFHV OD HQWUHYLVWD VLQ HO QL³Rಹ 6H WUDWDU¯D GH XQD
UHXQLµQ FRQMXQWDಹ 4XL]£V VHU¯D PX\ DUULHVJDGR SHUR SRGU¯D VHU XQD
LGHDರ)&(,3%ELV
&RQIHUHQFLDV\HQFXHQWURVHQWHPDVGHLQWHU«VSDUDWRGRV
ಯ(VXQSRFRFRPSOLFDGRSDUDORVQL³RVSHUREXHQRVLHQFXHQWUDVKRUDV
SDUDLUDOWHDWURRSDUDLUDOFLQHRFHQDUWDPEL«QSXHGHVHQFRQWUDUKRUDV
SDUDLUXQDYH]DOPHVRFDGDGRVPHVHVDXQDFKDUODDODHVFXHOD4XH
YHQJDQ ORV H[SHUWRV SHUR TXH OD JHQWH SXHGD GHFLU WDPEL«Q OD VX\D
(VWDU¯DELHQTXHFDGD;WLHPSRQRVHQFRQWU£UDPRVWRGRVHQODHVFXHOD
ಹ<RSLHQVRTXHYHQJDQHVWRVVDELRVHVWDU¯DELHQKDFHUORP£VFRPR
WHUWXOLD 1R KDFH IDOWD KDFHUOR SDUD WRGD OD HVFXHOD VLQR SRU JUXSRV
GRQGH SDUWLFLSDUDQ SHUVRQDV GH OD HVFXHOD GHVGH HO FRQVHUMH GH OD
HVFXHOD SDVDQGR SRU OD JHQWH GHO FRPHGRU \ ODV H[WUDHVFRODUHV 6HU¯D
PX\LQWHUHVDQWH(QXQQLYHOGHW¼DW¼<QRKDFHIDOWDTXHVHDJHQWHGH
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
IXHUDHQODHVFXHODKD\SHUVRQDVTXHVHU¯DQFDSDFHVGHKDFHUORರ1'
&(,3%S
(OWWLHPSRFRPRIDFWRUSDUDSRWHQFLDUODVUHODFLRQHV
ಯ/DV FRVDV QHFHVLWDQ VL WLHPSR 1R SRGHPRV FRUUHU SDUD TXH XQ QL³R
DSUHQGDSHURWDPSRFRSRGHPRVFRUUHUSDUDTXHXQSDGUHQRVHQWLHQGD
$ YHFHV ODV SULVDV QRV PDWDQ QRV TXLWD ULTXH]D 6L TXHUHPRV TXH OD
JHQWHQRVHVFXFKH\SXHGDQKDEODU\GHFLUORTXHSLHQVHQQHFHVLWDPRV
WLHPSRರ'&(,3%S
/D HQWUDGD HQ OD HVFXHOD FRUUHVSRQVDELOLGDG ದ FRODERUDFLµQ 8Q FRPSDUWLU GH
WUDEDMRWDUHDV\REMHWLYRV
ಯ3DUDPHMRUDUODVUHODFLRQHVHQWUHODVIDPLOLDV&UHRTXHKD\XQHOHPHQWR
\HVTXHWLHQHQODRSRUWXQLGDGGHKDFHUORಹ$P¯PHJXVWDU¯DWUDEDMDU
HQ FODVH FRQ P£V JHQWH TXH HVWXYLHUD FRQPLJRಹ FRQ OD TXH FRPSDUWLU
FRVDV \ FRRSHUDU TXH PH SXHGDQ HFKDU XQD PDQR GDU VX SXQWR GH
YLVWDಹ$P¯QRPHLPSRUWDU¯DTXHIDPLOLDVGHORVQL³RVSDFWDQGRODO¯QHD
GH DFWXDFLµQ FRPSDUWL«VHPRV OR TXH KD\ TXH KDFHU REMHWLYRV GH
FRODERUDFLµQ TXH HVWXYL«UDPRV HQ FODVH HQ WRGR PRPHQWR ಹ
&RQVLGHURTXHHVWDO¯QHDHVLPSRUWDQWHTXHSXHGDQHQWUDUHQHODXODYHU
ORTXHKDFHQ\VHUFRQVFLHQWHVGHOSURFHVR\GHHVWDPDQHUDFRPSDUWLU
HO SURFHVR GH DSUHQGL]DMH ಹ EXVFDU XQ OHQJXDMH FRP¼Q TXH HOORV
SXGLHUDQ RUJDQL]DU \ DSRUWDU GHVGH RWUD SHUVSHFWLYDಹರ ' &(,3 ದ
ಯ$ PL PH JXVWDU¯D TXH DO SULQFLSLR GH FDGD FXUVR HQ HO VHPHVWUH
SXGLHUDQ YHQLU ORV SDGUHV D GHMDU D VXV KLMRV HQ HO DXOD 4XH SXGLHUDQ
HQWUDUTXHSXGLHUDQPDUFKDUFXDQGRTXLVLHUDQಹ(OSULPHUGLDGHFXUVR
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
HO QL³R YLHQH FRQ XQ DGXOWR HVW£ XQ UDWR SRU OD FODVH KDEODQGR FRQ
QRVRWURVHQVH³DQGRODVFRVDVDORVQL³RV\ORVQL³RVDQRVRWURV(VXQ
G¯DGHDFRJLGDDODVIDPLOLDV\DORVQL³RV(VHO¼QLFRG¯D'HVSX«V\DQR
VXEHQP£Vರ'&(,3%SSದ
,QWHUUHODFLRQDQGRIDPLOLDV\HVFXHODVHQEXVFDGHHVSDFLRV\HQFXHQWURV
ಯ7HQGU¯D TXH KDEHU P£V FRQWDFWR FRQ ODV IDPLOLDVಹ SHUVRQDO HQWUH
PDHVWURV \ IDPLOLDV WHQGU¯D TXH KDEHU P£V HQFXHQWURV +DFHUOHV
HQWHQGHU TXH HV LPSRUWDQWH HO LQGLYLGXR SHUR WDPEL«Q HO JUXSR HO QL³R
GHQWUR GHO JUXSR 6RQ KRUDV GH WUDEDMR \ GH KDEODU 7HQGU¯D TXH KDEHU
XQD FRQWLQXLGDG GH HVWRV PHFDQLVPRV HQ WRGRV ORV FLFORV GH OD
HGXFDFLµQ ಹ 4XH KD\D XQRV PHFDQLVPRV P£V FRQFUHWRV \
HVWDEOHFLGRVQRFRPRQRUPDWLYDVLQRFRPRQRUPDOLGDG(VWRTXLHUHGHFLU
TXH ORV WUDEDMRV GH ORV SDGUHV \ ODV HPSUHVDV GHEHU¯DQ GH HQWHQGHU OD
QHFHVLGDGGHHVWDVUHODFLRQHV\GHIDFLOLWDUODV'&(,3%SSದ
$QWHV GH FRQFOXLU HVWH DSDUWDGR PH JXVWDU¯D UHFRJHU XQD YH] P£V \ D PRGR GH
V¯QWHVLVODVGLIHUHQWHVSURSXHVWDV\PHMRUDVHQODVUHODFLRQHVIDPLOLDV\HVFXHODTXH
HPHUJHQGHODVGLVWLQWDVYRFHVGHORVSDUWLFLSDQWHVGHHVWDLQYHVWLJDFLµQ(VWDVVHU¯DQ
D/DLPSRUWDQFLD\ODQHFHVLGDGGHHVFXFKDUODVLQTXLHWXGHVGHORVSDGUHVLQYLUWLHQGR
WLHPSR\HQFXHQWURVE/DXWLOL]DFLµQXQDYH]P£VGHXQOHQJXDMHHQWHQGHGRUKDFLD
ODV IDPLOLDV \ F 1R FXOSDELOL]DU D QLQJXQD SDUWH LPSOLFDGD IDPLOLDV ದ HVFXHOD H
LQWHQWDU EXVFDU GH PDQHUD FRQMXQWD VROXFLRQHV \ PHMRUDV HQ ODV DFWXDFLRQHV 3DUD
HOOR QR VRODPHQWH VHU¯D QHFHVDULR WHQHU HQ FXHQWD ORV PHFDQLVPRV TXH VH KDQ
HVWDEOHFLGRV FRPR SUHVFULSWLYRV VLQR EXVFDU \ DGHFXDUORV D ODV QHFHVLGDGHV TXH
SUHVHQWD HO FHQWUR HGXFDWLYR /DV GLIHUHQWHV SDUWHV LPSOLFDGDV FRLQFLGHQ TXH HV
&DS¯WXOR(VFHQDULR&(,3%%DUFHORQD
QHFHVDULRTXHKD\DP£VHQWUHYLVWDVP£VUHXQLRQHV\VREUHWRGRTXHVHHVWDEOH]FD
XQ FOLPD GH FRQILDQ]D GRQGH QR VH FXHVWLRQH HO WUDEDMR GH ORV PDHVWURV \ GH ODV
IDPLOLDV /D FRPXQLGDG HGXFDWLYD HVWDEOHFH XQD PLVPD O¯QHD GH DFWXDFLµQ D\XGDU D
ORVQL³RV\QL³DV
$02'2'(&21&/86,•1
'HVSX«VGHODLQWHVDUHFRQVWUXFFLµQ\UHFRUULGRSRUHO&(,3GH%DUFHORQDVHREVHUYD
TXHWDQWR GRFHQWHV SHUVRQDO QR GRFHQWHFRPRIDPLOLDVHVW£Q GLVSXHVWRV DSRWHQFLDU
ODV UHODFLRQHV TXH VH HVWDEOHFHQ HQ OD HVFXHOD GHVGH GLIHUHQWHV SRVLFLRQHV H
LPSOLFDFLRQHV WDOOHUHV VDOLGDV UHXQLRQHV HQWUDGDV HQ HO DXOD FRODERUDQGR \
SDUWLFLSDQGRHQHVFXHODVMRUQDGDVFKDUODV
/DDSXHVWDSRUXQDPHWRGRORJ¯DGHHQVH³DQ]DದDSUHQGL]DMHGLIHUHQWHHOWUDEDMRSRU
SUR\HFWRVDODPHWRGRORJ¯DP£VWUDGLFLRQDOEDVDGDHQOLEURVGDOXJDUDFUHDUXQDUHG
GHUHODFLRQHVHQWUHWRGRVORVPLHPEURVGHODFRPXQLGDGP£VDOO£GHODVUHXQLRQHV\
HQWUHYLVWDV IRUPDOHV R GH OD FRODERUDFLµQ HQ ORV IHVWLYDOHV \ MRUQDGDV LQIRUPDOHV
EULQGDQGR XQD GLYHUVLGDG HQ ODV UHODFLRQHV \ GH ODV UHODFLRQHV SDUWLHQGR GH ODV
SRVLELOLGDGHV\VLWXDFLRQHVGHODVSHUVRQDVLPSOLFDGDV
&$378/2
(6&(1$5,2&(,3ದ5,32//(7
819,$-($3$6,21$'2(175(7(-,(1'2/$65(/$&,21(6
ಯ3RUXQDSHGDJRJ¯D GH ODUHODFLµQಹ+DFHUXQD HVFXHODDPDEOHWUDEDMDGRUD
FUHDWLYD DJUDGDEOH GRFXPHQWDEOH \ FRPXQLFDEOH OXJDU GH LQYHVWLJDFLµQ
DSUHQGL]DMH UHFRQRFLPLHQWR \ UHIOH[LµQ GRQGH VH HQFXHQWUH ELHQ LQIDQWHV
PDHVWURV
\
IDPLOLDVಹ
'DUOHV
RUJDQL]DFLµQ
FRQWHQLGRV
IXQFLRQHV
SURFHGLPLHQWRV PRWLYDFLRQHV H LQWHUHVHV SDUD LQWHQVLILFDU ODVUHODFLRQHV HQWUH
ORVSURWDJRQLVWDVರ0DODJX]]L
(OSUHVHQWHFDS¯WXORUHFRQVWUX\HDOJXQDVH[SHULHQFLDV\DOJXQDVYLYHQFLDVTXHQDFHQ
GHODVUHODFLRQHVGHOGHVHR\ODFUHDWLYLGDGGHXQDFRPXQLGDGHGXFDWLYDTXHFHQWUD
VXPLUDGDHQKDFHUHVFXHOD\FX\DUHVSRQVDELOLGDGFRPSURPLVR\VXH³RHVKDFHUGH
«VWDXQOXJDUI«UWLOGHFRQWLQXRVDSUHQGL]DMHV\Y¯QFXORVVLQH[FOXLUPLUDGDVQLDQDGLH
\ KDFL«QGRVH YLVLEOH DO H[WHULRU PHGLDQWH HVSDFLRV WLHPSRV \ HQFXHQWURV
$SR\£QGRPH HQ 3DUHOODGD VH SRGU¯D GHFLU TXH HVWH VDEHU KDFHU HVFXHOD
OOHYDDODVPDHVWUDVDSRQHU
ಯ3DODEUDV UD]RQDGDV \ VHQWLGDV D ODV KXHOODV TXH OD H[SHULHQFLD HGXFDWLYD
GHMD HQ FDGD XQD GH ODV SHUVRQDV LPSOLFDGDV GH IRUPD TXH ODV IDPLOLDV HQ
HVSHFLDODXQTXHQRH[FOXVLYDPHQWHVHKDJDQFDUJRGHORTXHODHVFXHODWLHQH
HQWUH PDQRV TXH HV PXFKR EXHQR \ FRVWRVR \ HO JUDGR GH FRPSOLFLGDG \
FRODERUDFLµQ YD\D VXELHQGR FDGDYH]P£V IDYRUHFLHQGR DWRGRV \ HQ SULPHU
OXJDUVLQGXGDDORVSURSLRVQL³RVರ
$V¯ SXHV FRPR OHFWRU OH LQYLWR D GHMDUVH OOHYDU SRU HVWD JUDWD DYHQWXUD GH FRQVWUXLU
UHODFLRQHV GRQGH FDGD SDODEUD FDGD DFFLµQ LQWHQWD UHFRSLODU ODV YLYHQFLDV \
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
H[SHULHQFLDV GH ODV TXH PH IXL LPSUHJQDQGR KDVWD OOHJDU D FRPSUHQGHU HVH
HQWUDPDGRGHUHODFLRQHVTXHVHLEDIRUMDQGR\GDQGRGHHVWDPDQHUDXQHVWLOR¼QLFR\
SURSLRDGLFKDVUHODFLRQHV
81$ 18(9$ (6&8(/$ 81$ (;3(5,(1&,$ (15,48(&('25$ <
)250$7,9$
/D HOHFFLµQ GH HVWD HVFXHOD QR IXH FDVXDO VLQR TXH IXH JUDFLDV XQD YH] P£V D OD
SURIHVRUD 0DLWH 0DVHV TXLHQ PH DEULµ ODV SXHUWDV D XQD QXHYD PDQHUD GH VDEHU
KDFHUVDEHUVHU\VDEHUHVWDU(OHVWXGLRGHODPLVPDVHGDEDSDUDOHODPHQWHDOGHOD
HVFXHODGH%DUFHORQD+HFKRTXHPHOOHYµDHQULTXHFHUPH\IRUPDUPHQRVµORFRPR
LQYHVWLJDGRUD VLQR FRPR SURIHVLRQDO GH OD HGXFDFLµQ 6H PH EULQGDED OD RFDVLµQ GH
FRQRFHU\DSUHQGHUXQDQXHYDUHDOLGDGTXHKDVWDDKRUDGHVFRQRF¯D<TXHDVXYH]
PHD\XGµDDEULUQXHYDVPLUDGDVSHGDJµJLFDV
/DSURIHVRUD0DLWHGHVGHHOSULPHUPRPHQWRSHQVµHQHVWDPDHVWUDSRUVXWUD\HFWRULD
\ SRU VX LPSOLFDFLµQ HQ HVFXHODV DFWLYDV \ SUR\HFWRV P£V DOO£ GH OD ಯHVFXHOD
WUDGLFLRQDOರ0DUTX«HOQ¼PHUR\SUHJXQW«SRUHOOD8QDYR]GXOFH\DPDEOHUHVSRQGLµ
PH SUHVHQW« \ OH DUJXPHQW« PL LQWHU«V SRU FRQRFHU VX HVFXHOD (VWD SHUVRQD KDE¯D
FDPELDGR GH HVFXHOD SHUR PH RIUHFLµ VX QXHYR HVSDFLR SDUD YLVLWDUOR REVHUYDUOR \
GHFLGLU VL VH DGHFXDED R QR D ODV FDUDFWHU¯VWLFDV GH PL LQYHVWLJDFLµQ $V¯ SXHV
PDUFDPRVXQG¯D\XQDKRUDSDUDQXHVWURHQFXHQWUR
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
/OHJµHOG¯DGHOHQFXHQWUR1HUYLRVDSRUQRFRQRFHUOD]RQD\ODPDQHUDGHOOHJDUVDO¯
FRQ PXFKR WLHPSR GH DQWHODFLµQ 7RP« HO PHWUR \ HO DXWRE¼V WDO \ FRPR PH KDE¯D
DFRQVHMDGR(QHOಯODUJRರWUD\HFWRLEDUHYLVDQGRODFDUWDGHQHJRFLDFLµQSHQVDQGRHQ
ODV SULPHUDV SUHJXQWDV HQ DTXHOOR TXH GHEHU¯D GH REVHUYDU \ GHP£V 0H VHQW¯D
H[WUD³D\DODYH]IDVFLQDGDSRUODQXHYDH[SHULHQFLD3XVHDWHQFLµQDOQXHYRHQWRUQR
REVHUYDQGRFDGDFDOOHWLHQGDVHUYLFLRVHWFTXHURGHDEDQODHVFXHOD
/ODP«DOWLPEUHPHDEULHURQODYHUMD\SRVWHULRUPHQWHODSXHUWDGHOFHQWUR0HKLFLHURQ
HQWUDU \ VHQWDUPH HQ ORV EDQFRV GH ODHQWUDGD FRPR VL GH XQDUHFHSFLµQ VHWUDWDUD
4XHG« LPSUHVLRQDGD GH OR TXH YH¯D SDUHGHV DGRUQDGDV FRQ XQD SHUVLDQD TXH
UHSUHVHQWDEDXQWUDEDMRHODERUDGRSRUORVDOXPQRVFRQ&'VFROJDQGRGHXQKLOREDMR
ORVEDQFRVFHVWLWDVFRQMXJXHWHVHQFLPDGHODPHVDLQIRUPDFLµQSDUD OHHURXQOLEUR
TXH WH LQYLWD D OD OHFWXUD ODV SXHUWDV GH ODV DXODV FRQ YLGULR FRQ HO SURSµVLWR GH
REVHUYDU\YHUORTXHVHHVW£UHDOL]DQGRHQFDGDPRPHQWRHWF
'HUHSHQWHOOHJµODPDHVWUDQRVSUHVHQWDPRV\SDVDPRVDODVDODGHSURIHVRUHV0H
KL]R XQ EUHYH UHVXPHQ GH OD HVFXHOD OH H[SXVH PL SUR\HFWR GH WHVLV D WUDY«V GH OD
FDUWD GH QHJRFLDFLµQ FRPSURPLVRV \ UHVSRQVDELOLGDGHV SRU DPEDV SDUWHV <
SRVWHULRUPHQWHPHHQVH³µHOFHQWUR$FRUGDPRVTXHOHHQVH³DU¯DHOGRFXPHQWRDOD
GLUHFWRUD\MHIDGHHVWXGLR\TXHPDUFDU¯DQXQFDOHQGDULRRULHQWDWLYRSDUDPLHVWDQFLD
HQODHVFXHODVLHPSUH\FXDQGRREWXYLHUDODFRQIRUPLGDGGHOUHVWRGHOHTXLSRGLUHFWLYR
\GHODFRPXQLGDGHGXFDWLYD/HSURSRUFLRQ«PLVGDWRV\HVSHUDU¯DVXOODPDGD
9HUDQH[R&DUWDGHQHJRFLDFLµQದHQWUDGDDOHVFHQDULR
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
/$%5$1'2 (/ &$0,12 $&(5&ƒ1'20( $ /$ 5($/,'$' 1HJRFLDFLµQ \
HQWUDGDHQHOFHQWUR
7UDV SUHVHQWDU \ H[SOLFDU OD ILQDOLGDG GH OD LQYHVWLJDFLµQ \ GHVSX«V GH PLV SULPHUDV
LPSUHVLRQHVVREUHODHVFXHODHVSHU«FRQPXFKRHQWXVLDVPRODOODPDGDGHODGRFHQWH
7UDVYDULRVG¯DVUHFLE¯QRWLFLDVGHOFHQWURODFRPXQLGDGHGXFDWLYDHVWDEDLQWHUHVDGD
HQSDUWLFLSDUHQPLSUR\HFWRGHWHVLV\FRODERUDUHQWRGRORTXHKLFLHUDIDOWD$V¯SXHV
HQWUHHPDLOV\OODPDGDVWHOHIµQLFDVDFRUGDPRVPLLQLFLR\HQWUDGDHQHOFDPSR
/OHJµHOGHVHDGRG¯D\FRPRPHFRQVLGHURXQDSHUVRQDSXQWXDODODTXHQROHJXVWD
TXHOHKDJDQHVSHUDU\KDFHUHVSHUDUWRP«FRQWLHPSRVXILFLHQWHHOPHWUR\HOEXV
$ODVಬGHODPD³DQDPHSUHVHQW«HQODSXHUWDOODP«DOWLPEUH\DPDEOHPHQWHPH
LQYLWDURQ D HQWUDU PH DFRPSD³DURQ D OD VDOD GH SURIHVRUHV DOO¯ PH HVSHUDED OD
GRFHQWH TXHPH LQYLWµDWRPDU DVLHQWR D REVHUYDU HO HVSDFLRD PHGLGD TXH HOOD PH
LEDH[SOLFDQGRHOVHQWLGRGHOPLVPR-XVWDPHQWHDODVಬKVHDEUHQODVSXHUWDVORV
QL³RVHQWUDQHQODHVFXHODMXQWRDVXVIDPLOLDVVLHQGRDFRPSD³DGRVGHHVWDPDQHUDD
VXV UHVSHFWLYDV DXODV DEUL«QGRVH GH HVWD PDQHUD \ EDMR PL SXQWR GH YLVWD XQ
HVSDFLRLQIRUPDOGRQGHHOLQWHUFDPELRGHLQIRUPDFLµQHQWUHODPDHVWUD\ODIDPLOLDVH
GDGHPDQHUDQDWXUDO\HVSRQW£QHD
&RQ OD DSHUWXUD GH ODV SXHUWDV OD SXHVWD HQ PDUFKD GH OD P¼VLFD ODV PDHVWUDV VH
GLULJHQDVXVDXODVTXHG£QGRPHGHHVWDPDQHUDVRODHQODVDOD\REVHUYDQGRFDGD
PRPHQWRFDGDLQVWDQWHFDGDDFFLµQTXHSRVWHULRUPHQWHGRWRGHVHQWLGR\VLJQLILFDGR
7UDVODHQWUDGD\SDVRGHXQRVPLQXWRVVHSUHVHQWDQHQODVDODODGRFHQWHMXQWRDOD
GLUHFWRUD SDUD SUHRFXSDUVH SRU P¯ SRU PLV QHFHVLGDGHV RIUHFL«QGRPH HQ WRGR
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
PRPHQWRXQVHJXLPLHQWR\DSR\R$FRQWLQXDFLµQPHFRQGXFHQDODPHGLDWHFDGRQGH
SRGU«FRQVXOWDUGXUDQWHYDULDVKRUDVORVSULPHURVPDWHULDOHV\DV¯SRGHUHQWHQGHUHO
QDFLPLHQWRODILORVRI¯D\ORVREMHWLYRVGHODHVFXHOD$ODVKODGLUHFWRUDVHRIUHFHD
PDQWHQHU XQD SULPHUD FRQYHUVDFLµQ SDUD SRGHU FRPSUHQGHU \ DWHQGHU D PLV
LQWHUURJDQWHV\DTXHWUDVODSULPHUDOHFWXUDGHORVGRFXPHQWRVIDFLOLWDGRVDSDUHFLHURQ
ODVSULPHUDVSUHJXQWDVGXGDVHLQTXLHWXGHVVREUHODPDQHUDGHRUJDQL]DUVH\WUDEDMDU
HQFDGDFRPXQLGDGHGXFDWLYD
$O ILQDOL]DU HVWD SULPHUD HVWDQFLD HQ OD HVFXHOD DFRUGDPRV XQD HVSHFLH GH SULPHU
FDOHQGDULR SDUD TXH SXGLHUD DVLVWLU REVHUYDU FRQVXOWDU DQDOL]DU \ HQWUHYLVWDU D
GLIHUHQWHV PLHPEURV GH OD FRPXQLGDG HGXFDWLYD VLQ WHQHU HVD SUHRFXSDFLµQ \
VHQVDFLµQGHSRGHUPROHVWDUHLQWHUUXPSLUORVWLHPSRV\ODVGLQ£PLFDVPDUFDGDVSRUOD
HVFXHOD
'(/ ,17(5‹6 325 /$ ,19(67,*$&,•1 $ /$ 3$57,&,3$&,•1 '( /26
3527$*21,67$6
'HVSX«VGHODFRQYHUVDFLµQPDQWHQLGDFRQODPDHVWUD\ODFRQIRUPLGDGPDQLIHVWDGD
SRUSDUWHGHOUHVWRGHOHTXLSRGLUHFWLYR\GHODVGRFHQWHVSDUDOOHYDUDFDERPLHVWXGLR
HQ HO &(,3 5LSROOHW VH PH SUHJXQWµ D SDUWH GH ORV GRFXPHQWRV \ GH ODV
REVHUYDFLRQHVTXHQHFHVLWDVUHDOL]DUFX£QWDVSHUVRQDVQHFHVLWDU¯DVSDUDHQWUHYLVWDU
ದ GLDORJDU ದ FRQYHUVDU" $QWH WDO SUHJXQWD VHPH DEU¯D XQ QXHYR KRUL]RQWH \ WUDVPL
H[SHULHQFLD HQ 7HQHULIH FRPHQW« TXH GDGR HO Q¼PHUR GH DOXPQDGR IDPLOLDV \
PDHVWUDVPHJXVWDU¯DSRGHUHQWUHYLVWDURFRQYHUVDUFRQದIDPLOLDVDOSHUVRQDOQR
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
GRFHQWHDದPDHVWUDV\DದDOXPQRV7HQLHQGRHQFXHQWDODVQHFHVLGDGHVGH
PLLQYHVWLJDFLµQORVWLHPSRVHVWDEOHFLGRVHQHOFHQWURHGXFDWLYR\ODVFDUDFWHU¯VWLFDVದ
UHTXLVLWRVGHORVSURWDJRQLVWDVODPDHVWUDPHSURSXVRORVVLJXLHQWHVDFWRUHV
IDPLOLDV)))\)YLQFXODGDVGLUHFWDPHQWHFRQOD$03$)HVVRFLD
SHURQRSDUWLFLSDGHPDQHUDDFWLYDHQHOOD
SHUVRQDOQRGRFHQWH1'ODFRQVHUMHGHOFHQWUR\OD1'ODDGPLQLVWUDWLYD
GHODHVFXHOD
GRFHQWHV'PDHVWUD\MHIDGHHVWXGLR'PDHVWUD\GLUHFWRUDGHOFHQWUR'
PDHVWUD\VHFUHWDULDGHODHVFXHOD
DOXPQRVIXHURQHOHJLGRVSRUODVPDHVWUDVGHFDGDDXOD\EDMRODDXWRUL]DFLµQ
SUHYLDGHODVIDPLOLDVSDUDIRUPDUSDUWHGHODLQYHVWLJDFLµQ$QL³DGH|$
QL³DGH|$QL³DGH|$QL³DGH|$QL³RGH|$QL³DGH|\$QL³R
GH|
/RVSURWDJRQLVWDVLEDQVLHQGRHOHJLGRVDPHGLGDTXHLEDDYDQ]DQGRODLQYHVWLJDFLµQ
&RPR VH SRGU£ DSUHFLDU HO DOXPQDGR SDUWLFLSDQWH HQ HVWD LQYHVWLJDFLµQ FRUUHVSRQGH D | \ | GH
3ULPDULD OD HOHFFLµQ GH SRGHU FRQYHUVDU FRQ HOORV YLHQH GDGD GH PDQHUD LQWHQFLRQDO \D TXH HQ HO
PRPHQWRGHPLHVWDQFLDHQHOFHQWURVµORH[LVW¯DHOFLFORLQLFLDO\DTXHVHWUDWDEDGHXQDHVFXHODGH
QXHYDFUHDFLµQ3RVWHULRUPHQWHVHKDLGRDEULHQGRORVRWURVFLFORVPHGLRದVXSHULRUFRUUHVSRQGLHQWHV
D|||\|GH3ULPDULD
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
(/&(1752('8&$7,92
/DHVFXHODVHFUHµHQHOHQHOEDUULRREUHURದLQGXVWULDOGH5LSROOHW‹VWDQRVµOR
IXH GLVH³DGD SRU HO DUTXLWHFWR \ FRQVWUXLGD SRU ORV REUHURV VLQR TXH QDFLµ GH XQ
SUR\HFWRVR³DGR\HODERUDGRSRUHOHTXLSRGLUHFWLYREDVDGRHQXQFRQVWDQWHGL£ORJR
GHEDWH \ GLVFXVLRQHV HQWUH VXV PLHPEURV \ OD LOXVLµQ GH ODV IDPLOLDV SRU FUHDU VX
SURSLDHVFXHODXQDHVFXHODTXHHQVXVLQLFLRVOHVIXHDVLJQDGDVLQH[LVWLUI¯VLFDPHQWH
(O FHQWUR HGXFDWLYR \ ODV IDPLOLDV EXVFDEDQ HO GHVHR \ FRPSURPLVR GH XQD HVFXHOD
EDVDGD HQ OD LQQRYDFLµQ SHGDJµJLFD TXH SXGLHUD UHGHILQLU XQD QXHYD LPDJHQ GH OD
LQIDQFLD < GRQGH OD H[LVWHQFLD GH XQD UHG GH UHODFLRQHV HQWUH WRGD OD FRPXQLGDG
HGXFDWLYD IDPLOLD GRFHQWHV QR GRFHQWHV QL³RV \ QL³DV \ HO EDUULR VH FRQVLGHUDED
FRPRHMHSULPRUGLDO'HHVWDPDQHUDWRGRVORVPLHPEURVGHODLQVWLWXFLµQHVFRODU\VX
HQWRUQRSRG¯DQFRPSDUWLULGHDVLQTXLHWXGHVSURSXHVWDVHWF«WHUD
ಯ1RVRWURVSRUYROXQWDGSURSLDHQYHUDQRHQMXQLRODVFRQYRFDPRVSDUD
SUHVHQWDUOHVDOTXLSRGLUHFWLYR\QXHVWURDQWHSUR\HFWRDQWHVGHTXHHOODV
YLQLHUDQDTX¯/DYHUGDGHVTXHKDE¯DWDQWRLQWHUURJDQWHV\GXGDVಹ6H
SODQWHµTXHHUDXQEXHQD³RSDUDWUDEDMDUFRQODVIDPLOLDV&RQVWUXLPRV
OD$03$\HO&RQVHMRHVFRODU(VWRQRVGLRPXFKDVIXHU]DV\HVSHUDQ]D
HVW£WRGRSRUKDFHUORSRGHPRVKDFHUDQXHVWUDPHGLGDWRGRVVRPRV
SDUWLFLSDQWHV GH HVWH SUR\HFWR ಹ %XVFDPRV XQ OXJDU GH HQFXHQWUR
QRV UHXQ¯DPRV HQ «O ODV IDPLOLDV H[SUHVDEDQ VXV LQTXLHWXGHV ಹ /R
LPSRUWDQWHGHWRGRHVWRHVTXHVHFUHµXQWLSRGHUHODFLµQದDPELHQWHFRQ
ODV IDPLOLDV GRQGHVH IXHURQ FRQVWLWX\HQGR ODV FRPLVLRQHV GHO &RQVHMR
OD FRPLVLµQ PL[WD IDPLOLDV ದ GRFHQWHV GHO VHJXLPLHQWR GH ODV REUDV
FRPLVLµQGHORVG¯DVHVSHFLDOHVFRPLVLµQGHLQIRUPDFLµQSDUDODVQXHYDV
IDPLOLDVಹರ'&(,3&SSದ
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
(OKHFKRGHFRPSDUWLULQWHUHVHVGXGDVLQWHUURJDQWHVOOHYµDODFRPXQLGDGDDGTXLULU
XQRV FRPSURPLVRV XQDV UHVSRQVDELOLGDGHV \ XQD PDQHUD GH VDEHU HVWDU HQ OD
HVFXHOD < GH EXVFDU OD HVWDELOLGDG \ FRQWLQXLGDG DO SUR\HFWR VRFLRHGXFDWLYR TXH
VR³DEDQGHVHDEDQ\TXHU¯DQ
/$6,78$&,•1'(/$‹32&$/$+,6725,$'(811$&,0,(172
(Q OD G«FDGD GH ORV ODV HVFXHODV DOWHUQDWLYDV D OD HVFXHOD IUDQTXLVWD WXYLHURQ XQ
UHOHYDQWH SURWDJRQLVPR GRQGH VH H[SHULPHQWDURQ FDPELRV HQ WRGRV ORV VHQWLGRV
VRFLDOHV SRO¯WLFRV GHO PLVPR SURIHVRUDGR $V¯ OR PDQLILHVWD XQD GH ODV GRFHQWHV
SDUWLFLSDQWHV
ಯ+XER XQ PRPHQWR HQ OD KLVWRULD GH ODV HVFXHODV FDWDODQDV TXH IXH
IXHUWH D³RV \ 3LHQVR TXH ORV IXHURQ GXURV SDUD OD HVFXHOD
SRUTXH VH GLVWDQFLDURQ GH ODV QHFHVLGDGHV VHJXUDPHQWH VRFLDOHV R GH
ODVQHFHVLGDGHVGHORVSURSLRVLQIDQWHVSRUYDULRVPRWLYRVTXHVXSRQJR
VHU¯DQ PX\ ODUJRV GH H[SOLFDU SRU GLIHUHQWHV PRWLYRV SURIHVRUDGR ORV
GLIHUHQWHVFDPELRVVRFLDOHVರಹ'&(,3&S
6HSRGU¯DGHFLUTXHODVQXHYDVHVFXHODV\FRQHOFDPELRGHPLUDGD«VWDVWHQ¯DQRWUD
ILORVRI¯DGHSHGDJRJ¯DFHQWUDGDP£VHQHOQL³RGRQGHVHUHLYLQGLFDEDODH[SUHVLµQ\
OD FUHDWLYLGDG UHFXSHUDQGR ODV LGHRORJ¯DV GH OD HVFXHOD DFWLYD GHVGH 0RQWHVVRUL D
)HLQHW$V¯SXHVVHHVWDEDEULQGDQGRODRSRUWXQLGDGDTXHHODOXPQDGRIXHUDFDSD]
GH DSUHQGHU GH VXV SURSLDV H[SHULHQFLDV H LQGDJDFLRQHV 7DO \ FRPR VH SRGU£ LU
FRPSUREDQGRDORODUJRGHOSUHVHQWHFDS¯WXOR+HUQ£QGH]0DUW¯QH]\9L³DOV
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
&HQWU£QGRPH HQ HO &(,3 GH 5LSROOHW «VWH QDFLµGH XQ VXH³R TXHVH KL]R UHDOLGDG \
DWHQGLHQGR D ODV QHFHVLGDGHV \ GHPDQGDV GH XQ EDUULR REUHUR \ GH HPLJUDQWHV
SURFHGHQWHVGHRWUDVSDUWHVGHODSHQ¯QVXODGXUDQWHODVG«FDGDVGHORV\\GH
LQPLJUDQWHV GH 0DUUXHFRV 5XPDQLD \ (FXDGRU HQ ORV ¼OWLPRV D³RV OOHJDQGR D
UHSUHVHQWDUXQDTXLQWDSDUWHGHODSREODFLµQGHGLFKREDUULR8QEDUULRTXHVHKDLGR
WUDQVIRUPDQGR KDVWD DGTXLULU QXHYRV VHUYLFLRV HQWUH HOORV ORV HGXFDWLYRV &RQ VX
3UR\HFWRGH,QWHUYHQFLµQ,QWHJUDOGHOEDUULRVHWUDEDMDODFRQYLYHQFLDGHVGHODLQIDQFLD
HVWLPXODQGR OD VRFLDOL]DFLµQ GH ORV QL³RV \ QL³DV TXH SXHGHQ SUHVHQWDU SUREOHPDV
VRFLDOHV \R HGXFDWLYRV HQ HO TXH SDUWLFLSD OD HVFXHOD WDO \ FRPR VH GHVFULEH D OR
ODUJRGHHVWDVO¯QHDV
ಯದಹIXHHOLQLFLRGHXQVXH³RFRQODVIDPLOLDVIXHHOLQLFLRGH
XQ PDO VXH³R 3RUTXH HUDQ IDPLOLDV OD PD\RU¯D SURYHQLHQWHV GH RWURV
EDUULRVGH5LSROOHWTXHVHVLQWLHURQREOLJDGDVOHDGMXGLFDURQXQDHVFXHOD
TXH QR H[LVW¯D 8QD HVFXHOD YLUWXDO 3RU HVR HVWXYLHURQ XQ FXUVR
LQVWDODGDV HQ GRV HVFXHODV GLIHUHQWHV (VWR HUD XQ DSDUFDPLHQWR GH
FRFKHVHVWDVIDPLOLDVVHVLQWLHURQPX\GHVDWHQGLGDVQDGLHVHKL]RFDUJR
GHHOODVHVGHFLUHQFXDQWRDODVDGPLQLVWUDFLRQHVQLXQDFDUWDSHUVRQDO
SUHVHQWDQGRODGLUHFFLµQಹರ'&(,3&S
ಯಹHVXQDHVFXHODPX\GHVHDGDPX\VR³DGDPX\LGHDOHQHOVHQWLGR
TXHHVWDPRVHQHOLQLFLRGHOFDPLQRTXHGDPXFKRUHFRUULGRTXHKDFHUರ
'&(,3&S
(QODDFWXDOLGDGVRQPXFKRVODVWUDQVIRUPDFLRQHVTXHKDLGRH[SHULPHQWDQGR5LSROOHW
GRQGH XQ DQWLJXR EDUULR VH KD LGR HQULTXHFLHQGR FRQ OD OOHJDGD GH ODV GLIHUHQWHV
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
SREODFLRQHV IRUPDQGR DV¯ XQ WHMLGR VRFLDO EDVWDQWH GLYHUVR GRQGH OD HVFXHOD VH YH
LQPHUVD \ IDYRUHFH HVWH HQULTXHFLPLHQWR WUDQVJHQHUDFLRQDO \ VRFLDO LPSUHJQDQGR DO
EDUULRFRQVHQWLGRFRQFDGDXQDGHODVDFWLYLGDGHVTXHUHDOL]DQ<DV¯GHHVWDPDQHUD
DWUDHUVXJHQWHPRYLOL]DUVXVFDOOHV\KDFHUYLVLEOH\SUHVHQWHODVDFWXDFLRQHVGHORV
QL³RV\QL³DVHQGLFKREDUULR
(/&(175248‹/2+$&(',)(5(17("
ಯ&µPRFDGDXQRGHORVQL³RVFRQVWUX\HVXFRQRFLPLHQWRVXFXOWXUD\VX
LGHQWLGDGHVDODYH]SHQVDUHQGLYHUVRVFDPLQRVFDPLQRVTXHVHWUD]DQ
D SDUWLU GH VXV H[SHULHQFLDV VXV SHUFHSFLRQHV GH VXV HVWLORV QR VHULD
Y£OLGR KDEODU GH XQD ¼QLFD FXOWXUD DV¯ FRPR WDPSRFR GH XQD ¼QLFD
LQIDQFLDರ99$$
/D SHFXOLDULGDG GH HVWD HVFXHOD VHJ¼Q VX SUR\HFWR GH HVFXHOD VH PDQLILHVWD HQ HO
ELHQHVWDUGHVXVPLHPEURV3RUHOORORVDPELHQWHVORVWDOOHUHVORVG¯DVHVSHFLDOHV\
ODVIDPLOLDVVRQHMHVSULPRUGLDOHVGHODPLVPD\PRPHQWRVFODYHVSDUDODVUHODFLRQHV
GH VX FRPXQLGDG /DV IDPLOLDV VRQ FRQVLGHUDGDV FRPR SDUWH GHO SUR\HFWR VRFLR
HGXFDWLYR GH OD HVFXHOD -XQWDV WRPDQ GHFLVLRQHV TXH WLUDQ KDFLD GHODQWH SDUD VX
FRUUHFWDIXQFLRQDOLGDG
'HVGH OD LQH[LVWHQFLD I¯VLFD GH OD HVFXHOD ODV IDPLOLDV MXQWR FRQ HO HTXLSR GLUHFWLYR
GHFLGLHURQ FDPLQDU FRQMXQWDPHQWH \ SRQHU ODV EDVHV GH OD PLVPD HQFRQWUDQGR VXV
99$$ 3UR\HFWRGHHVFXHOD (Q&
&RUUHVSRQGHQFLDVLP£JHQHVGHLQIDQFLD 'RFXPHQWR LQWHUQR
GHODHVFXHOD
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
HVSDFLRV \ FRPSDUWL«QGRORV /OHJDQGR D WHMHU XQD UHG GH UHODFLRQHV HQWUH LQIDQWHV
GRFHQWHV\IDPLOLDV
/D HVFXHOD HQ VX SUR\HFWR WLHQH XQ SODQWHDPLHQWR FXOWXUDO \ SHGDJµJLFR YLQFXODGR
FRQ HO FUHFLPLHQWR GH ORV QL³RV \ QL³DV \ VXDSUHQGL]DMH 8QSUR\HFWRHQFDPLQDGR D
IRPHQWDU ORV SURFHVRV GH GHVDUUROOR FUHDWLYLGDG OLEHUWDG \PXOWLSOLFLGDGGH OHQJXDMHV
GH OD FRPXQLGDG 'H HVWD PDQHUD HO FHQWUR HGXFDWLYR VH FDUDFWHUL]D SRU TXHUHU
SDUWLFLSDU HQ XQ GL£ORJR FXOWXUDO HVWDEOHFLHQGR OD]RV FRQ ODV GLIHUHQWHV IRUPDV GH
H[SUHVLµQ \ FRPXQLFDFLµQ \ DSRVWDQGR SRU SUR\HFWRV GLQ£PLFRV \ HQ FRQWDVWH
FRQVWUXFFLµQ0DODJX]]L<GRQGHORVQL³RV\QL³DVWLHQHQXQDPDUFDGDPDQHUD
GH KDFHU GH SHQVDU \ GH KDEODU XQD PDQHUD HVSHFLDO GH FRQILJXUDU VXV SURSLDV
WHVLWXUDV GHO PXQGR \ HO IXQFLRQDPLHQWR GHO PLVPR D WUDY«V GH OD LQGDJDFLµQ \ VX
UHFRQVWUXFFLµQ99$$
3DUWLHQGR GH HVWDV FDUDFWHU¯VWLFDV ODHVFXHODVHEDVDHQ OD ILORVRI¯DGH ODVHVFXHODV
DFWLYDV \ GH ODV WHVLWXUDV GH 5RXVVHDX 3HVWDOR]]L 'HFURO\ )UHLQHW )UHLUH /RULV
0DODJX]]L\(VFXHOD'LDQDGH5HJJLR(PLOLD
ಯಹQRVRWURVFRJLPRVODLGHDGHODHVFXHOD'LDQDGH5HJJLR(PLOLDGH
,WDOLDTXHVHOODPDಯFRQVHMRVರTXHHVXQDLGHDTXHQRVJXVWµ\ODKHPRV
KHFKDQXHVWUD(VGHFLUGHPDQHUDTXHORVQL³RVGHD³RVSUHSDUDQXQ
OLEURSDUDH[SOLFDUTX«HVODHVFXHOD<DTXHHOSUµ[LPRD³RSDVDQDOD
RWUDFRPXQLGDG(VWHOLEURVHDFWXDOL]DFDGDD³R(VWDLGHDODFRQRFLPRV
HQOD5HJJLR(PLOLD\ODKLFLPRVQXHVWUDSRUHVWHVHQWLGRHOGHDFRJHU
\DTXHHVGLIHUHQWHH[SOLFDUODGHQL³RDQL³RTXHQRORVDGXOWRV
,E¯G
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
+D\ GRV FRPXQLGDGHV OD GH LQIDQWLO \ OD GH SULPDULD GHQWUR GH HVWD
PDFURFRPXQLGDG 'HQWUR GH HVWD JUDQ FRPXQLGDG OD HVFXHOD HVW£
IRUPDGDSRUIDPLOLDVQL³RVSDGUHVYROXQWDULRV\SHUVRQDOGHVHUYLFLRVಹ
3HQVDPRV TXH ODV FRPXQLGDGHV GHEHQ FUHDU VX SURSLR LGLRPD GHEH
WHQHUVXVSURSLRVULWXDOHV\GHEHWHQHUVXVUDVJRVLGHQWLILFDWLYRV(VGHFLU
WHQHPRVTXHFUHDULGHQWLGDGಹ&DGDFRPXQLGDGWLHQHWUHVHGDGHVOD
GHORVSHTXH³RV\D³RVODGHORVPHGLDQRV\\ODGHORV
JUDQGHV\3RUTXHQRVSDUHFHPX\LQWHUHVDQWHTXHFDGDQL³R
SXHGD DVXPLU ORV WUHV UROHV GLIHUHQWHV TXH WHQJD OD SRVLELOLGDG GH VHU
SHTXH³R FRQ OR TXH VXSRQH VHU HO PHGLDQR \ VHU HO JUDQGH < HVWR
FDPELDDKRUDORVGHD³RVVRQORVJUDQGHVSHURHOD³RTXHYLHQHVHU£Q
ORV SHTXH³RV GH VX FRPXQLGDG (V LPSRUWDQWH TXH OD HVFXHOD WHQJD XQ
LGLRPDSURSLRTXHQRVRODPHQWHVHDODVSDODEUDVVLQRORVHVSDFLRVODV
FUHDFLRQHV TXH KDFHPRV HO HVFRJHU XQD FRVD \ QR RWUD XQ ULWXDO ಹ
'XUDQWHHOD³RFHOHEUDPRVG¯DVHVSHFLDOHVTXHQRVRQILHVWDVSRSXODUHV
\TXHSDUDODFRPXQLGDGWLHQHQVHQWLGR3RUHMHPSORXQGRPLQJRSRUOD
PD³DQD KLFLPRV XQ G¯D HVSHFLDO TXH VH GHQRPLQµ ಯHO VHQWLGR GH OD
HVFXHODರ (V GHFLU TX« UHSUHVHQWDED OD HVFXHOD SDUD QRVRWURV" 4X«
GHVHRV"'HTX«RORU"8QRORUPHWDIµULFR+DFHRORUGHKXPDQLGDGGH
ELHQHVWDUಹSDUDTXHQDGLHSDVHGHPDQHUDDQµQLPDರ'&(,3&SS
ದ
(OLQIDQWHHVER]DGHPDQHUDGLQ£PLFDXQDFRPSOHMDUHGGHFDSDFLGDG\DSUHQGL]DMH
FDSD] GH RUJDQL]DU XQDV UHODFLRQHV \ XQRV PDSDV GH RULHQWDFLµQ SHUVRQDO
LQWHUSHUVRQDO VRFLDO DIHFWLYD FRJQLWLYD \ VLPEµOLFD 0DODJX]]L < OD
RUJDQL]DFLµQ\HVSDFLRGHODHVFXHODVHGLVH³DQSDUDGDUVHUHQLGDGGHVFXEULPLHQWRH
LQIRUPDFLµQ(VGHFLUHQODVDXODVORVQL³RVGHFLGHQVLTXLHUHQHVWDUFRQODPDHVWUDR
VRORV /RV WDOOHUHV VRQ YLVWR FRPR OXJDU GH HQFXHQWUR WUDEDMR LQGDJDFLµQ
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
H[SHULPHQWDFLµQ \ IXVLµQ GH ORV GLIHUHQWHV OHQJXDMHV VLPEµOLFR JU£ILFR YHUEDO
YLVXDOಹ (Q ODV SDUHGHV \ SDVLOORV VH HQFXHQWUDQ XQ VLQI¯Q GH PXHVWUDV \ REMHWRV
HSLVµGLFRVHLQYHQWDGRVSRUODFRPXQLGDGDOXPQDGRGRFHQWHV\IDPLOLDVTXHKDFHQ
TXHKDEOHQSRUV¯VRORV\GRFXPHQWHQDVXVYLVLWDQWHV/DVPDHVWUDV\HOSHUVRQDOQR
GRFHQWHVHUH¼QHQWRGDVODVVHPDQDVSDUDGHEDWLUFRQVWUXLUSURIXQGL]DUHQDVSHFWRV
YLQFXODGRV DO ELHQHVWDU GHVDUUROOR \ DSUHQGL]DMH GH ORV LQIDQWHV \ OD LPSOLFDFLµQ
FRODERUDFLµQ \ SDUWLFLSDFLµQ GH ODV IDPLOLDV GHVGH OD FRUUHVSRQVDELOLGDG \ HO WUDEDMR
FRPSDUWLGR
ಯ(QWUR HQ OD VDOD GH SURIHVRUHV \ OD VHFUHWDULD ದ GRFHQWH PH H[SOLFD HO
VHQWLGR TXH WLHQH HO HVSDFLR GRQGH PH KDOOR $ ODV ಬK VH DEUHQ ODV
SXHUWDVGHODHVFXHOD\FRQP¼VLFDGHIRQGRODVIDPLOLDVFRQORVQL³RV\
QL³DVHQWUDQ\VHGLULJHQKDFLDVXVDXODV1RVRQORVDOXPQRV\DOXPQDV
TXHHQWUDQVRORVVLQRTXHYDQDFRPSD³DGRVG£QGRVHEDMRPLSXQWRGH
YLVWDXQHVSDFLRGHLQWHUFDPELRGHLQIRUPDFLµQGHHVWDEOHFHUXQY¯QFXOR
XQDUHODFLµQHQWUHODIDPLOLD\ODPDHVWUD
(Q HVWRV PRPHQWRV PH HQFXHQWUR VROD HQ OD VDOD GH SURIHVRUHV ODV
PDHVWUDV HVW£Q SUHSDUDQGR VXV FODVHV PDWHULDOHV GRFXPHQWRV GH
WUDEDMR(QSULQFLSLRQRKDJRQDGDVµORREVHUYDU\DQRWDU(QODHQWUDGD
GHODFRQVHUMHU¯D\VDODGHPDHVWURVODVIDPLOLDV\DTXHOTXHHQWUDHQOD
HVFXHOD VH SDUD D PLUDU \ OHHU OR TXH VH KD\D HQ XQ FRIUH TXH KDFH GH
WHVRUR OODPDQGR D V¯ OD DWHQFLµQ D WRGD OD FRPXQLGDG /DV SDUHGHV
KDEODQ SRU V¯ VRODV REMHWRV ದ PDQXDOLGDGHV FROJDGDV PXUDOHV
QRPEUHVಹರ'LDULRGHLQYHVWLJDFLµQ
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
/$0,5$'$3('$*•*,&$
ಯ&XDQGRHQWU«LVHQODHVFXHODHQFRQWUDU«LVXQHVSDFLRFRQEDQFRV\XQD
PHVD EDMD (Q ORV EDQFRV KD\ XQRV FRMLQHV \ GHEDMR XQDV FHVWLWDV FRQ
MXJXHWHVಹ (Q ORV SDVLOORV YHPRV ORV FROJDGRUHV GH WRGRV ORV QL³RVರ
$EULHQGRODSXHUWDGHODHVFXHOD
(O FHQWUR GH (GXFDFLµQ ,QIDQWLO \ 3ULPDULD TXH VH HVER]D HQ HVWDV O¯QHDV KD LGR
FUHFLHQGRD³RWUDVD³R\FRQ«OVXVSURIHVLRQDOHVDOXPQDGR\IDPLOLDVJDUDQWL]DQGR
GH HVWD PDQHUD OD FRQWLQXLGDG GHO SUR\HFWR VRFLRHGXFDWLYR /DV SHFXOLDULGDGHV WDQWR
GHODHVFXHODFRPRGHVXVSURWDJRQLVWDVHQWUHWHMHQXQHQWUDPDGRGHUHODFLRQHVHQWUH
HO GHQWUR \ IXHUD HQULTXHFLHQGR D ODV GLIHUHQWHV FRPXQLGDGHV TXH GDQ VHQWLGR DO
FHQWURHGXFDWLYR
/D PLUDGD SHGDJµJLFD GH OD HVFXHOD FRPR VH KD PHQFLRQDGR VH FHQWUD HQ OD
FRQVWUXFFLµQGHVXVFRPXQLGDGHV\ODVSDUWLFXODULGDGHVGHFDGDXQDGHHOODVFRQHO
SURSµVLWRGHFUHDUXQUDVJRGHLGHQWLGDG\GHODVUHODFLRQHVTXHVHHVWDEOHFHQHQWUH
ORVGLIHUHQWHVDFWRUHV$ODYH]TXHODGRWDQGHXQVHQWLGRGHXQOHQJXDMH\GHXQRV
ULWXDOHV 'HQWUR GH OD SHGDJRJ¯D GH OD HVFXHOD \ GH VX TXHKDFHU GLDULR SRGHPRV
HQFRQWUDU XQD VHULH GH ULWXDOHV TXH FDUDFWHUL]DQ DO FHQWUR FRPR ¼QLFR \ VLQJXODU 8Q
HMHPSORGHHVWRVULWXDOHVVHU¯D HOOLEURTXHVHXELFDHQODPHVDGHODHQWUDGD/DLGHD
GHODHVFXHODHVKDFHUGHODVFRPXQLGDGHVXQOXJDUGHHVWDQFLDGRQGHSXHGDQOOHJDU
DQWHVVHQWDUVHDHVSHUDUDORVKLMRVDORVKHUPDQRV\TXHSXHGDQRMHDUOHHUPLUDU
HVFXFKDUಹ
'RFXPHQWRLQWHUQRGHOFHQWUR
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
ಯ8QULWXDOHVHOOLEURTXHKD\HQFLPDGHODPHVD(OHVSDFLRGHHQWUDGDGH
OD HVFXHOD HVW£ SHQVDGR SDUD TXH ODV SHUVRQDV SXHGDQ HVWDUಹ +D\ XQ
OLEUR HQ HO TXH VH LQYLWD FDGD VHPDQD D ODV IDPLOLDV TXH OHV LQWHUHVH
KRMHDUORVOHHUORVWRPDUODUHIHUHQFLDSRUVLORGHVHDQFRPSUDURWHQHUHQ
FDVD \ TXH OR SRGU£Q HQFRQWUDU SRVWHULRUPHQWH HQ OD PHGLDWHFD GH OD
HVFXHOD&XDQGRDFDEDHOWULPHVWUHVHKDFHXQDOLVWDFRQWRGRVORVOLEURV
TXHVHKDQSURSXHVWR1RVLHPSUHVRQOLEURVGHSHGDJRJ¯DRSVLFRORJ¯D
VLQRDELHUWDVDRWURVFDPSRVTXHWDPEL«QVRQLQWHUHVDQWHVQRVµORFRPR
PDGUHVSDGUHVPDHVWUDVVLQRFRPRSHUVRQDV'&(,3&S
2WURGH ORV ULWXDOHV OOHYDGRV DFDERSRU ODHVFXHOD VHU¯DHO GH HQWUDGD\VDOLGD HQ OD
FRPXQLGDGGHORVSHTXH³RVGRQGHVHSRQHHQPDUFKDXQDP¼VLFDLQGLFDQGRHOLQLFLR
\HOILQDOGHXQDMRUQDGDHVFRODU
ಯ&XDQGR VH DEUH OD SXHUWD GH OD HVFXHOD SRU OD PD³DQD \ SRU OD WDUGH
VXHQD OD P¼VLFD \ HQWUDQ ORV QL³RV \ FXDQGR \D HVW£Q WRGRV GHQWUR VH
SDUD OD P¼VLFD &DGD VHPDQD KD\ XQD P¼VLFD GLIHUHQWH D YHFHV KD\
VH³RUHVTXHFDQWDQRWUDVYHFHVFDQFLRQHVGRQGHVXHQDQODJXLWDUUDOD
WURPSHWDಹ VH³RUHV TXH WRFDQ HO SLDQR R OD EDWHU¯D ಹ +D\ VHPDQDV
TXH VH VLHQWHQ P¼VLFD GHO EDUURFR R P¼VLFD DQWLJXD P¼VLFD DOHJUH R
WULVWH FDGD VHPDQD SRGHPRV VDEHU TX« P¼VLFD VHQWLPRV SRUTXH HVW£
H[SOLFDGD HQ XQDV FDMDV FRQ YLGULRV FROJDGRV EDMR OD YHQWDQD GH
FRQVHUMHU¯Dರ/DP¼VLFDGHODHQWUDGD\GHODVDOLGD
3DUDORVGRFHQWHVODHQWUDGDFREUDXQVHQWLGRVLQJXODU\GLIHUHQFLDGRUUHVSHFWRDODV
RWUDVHVFXHODV
'RFXPHQWRLQWHUQRGHODHVFXHOD
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
ಯ3RGU¯DPRVWHQHUXQDVLUHQDSRGU¯DPRVDEULUSXHUWDV\KDFHUILODVಹSDUD
QRVRWURVFDGDG¯DTXHDEULPRVODSXHUWDHVXQG¯DQXHYRHVXQHVWUHQR
SDVDU£DOJXQDFRVDLQWHUHVDQWH"/RTXHTXHUHPRVFRQHVWDHQWUDGDHV
TXH HVW« DFRPSD³DGD GH DOJ¼Q HOHPHQWR GH DOJ¼Q OHQJXDMH HQ HVWH
FDVR HV HO OHQJXDMH GH OD P¼VLFD (V XQD P¼VLFD TXH QR HV SDUD
HVFXFKDU VLQR SDUD VHQWLU (V XQD P¼VLFD TXH QRV DFRPSD³D HQ HVWD
HQWUDGD6RQHVWLORVGLIHUHQWHVEXVFDUTXHGHQWURGHFDGDJ«QHURDTXHOOD
SHUVRQDKD\DKHFKRDOJXQDDSRUWDFLµQ(VGHFLUTXHVHDYLUWXRVRHQXQ
LQVWUXPHQWRRTXHHQVXJ«QHURVHDXQYDQJXDUGLVWDTXHGHVFXEULHUDR
SRWHQFLDUD QXHYRV ULWPRV FXOWXUDVಹ &XDQGR VH DFDED HO WULPHVWUH VH
JUDED OD SLH]D GH FDGD VHPDQD HQ XQ &' \ ORV QL³RV VH ORV OOHYDQ GH
HVWD PDQHUD SXHGHQ HVFXFKDUOR UHFUHDU QR VHQWLU ODV SLH]DV VLQR
HVFXFKDUODVರ'&(,3&S
3DUD OD FRPXQLGDG GH ORV PHGLDQRV VH HVW£ SHQVDQGR FRPR ULWXDO \ GH KHFKR VH
SXVR HQ SU£FWLFD SRVWHULRUPHQWH OD SUR\HFFLµQ GH LP£JHQHV \ H[SRVLFLµQ GH
IRWRJUDI¯DV<SDUDODGHORVPD\RUHVWH[WRVHVFULWRVGRWDGRVGHVHQWLGR\VLJQLILFDGRV
ಯ1R SRGHPRV SHUGHU GH YLVWD TXH HVWDPRV HQ XQ FHQWUR HGXFDWLYR HQ
XQD HVFXHOD &RQ OR FXDO QR WRGR HV Y£OLGR +D\ XQRV FULWHULRV QR
SRGHPRV DEULU OD SXHUWD D WRGR (QWRQFHV HVRUHSUHVHQWD XQ ULWXDO TXH
HQODFRPXQLGDGGHORVPHGLDQRVಹVHU£XQDSUR\HFFLµQGHLP£JHQHVGH
DOJ¼QIRWµJUDIRGHDOJ¼QDUWLVWDTXHKD\DVLGRUHOHYDQWH<TXL]£VHQOD
FRPXQLGDGGHORVJUDQGHVVHDQWH[WRVWH[WRVTXHFDGDG¯DVHUHJDODU£Q
(V XQD PDQHUD GLIHUHQWH GH FRPHQ]DU HO G¯D FRQ DOJR TXH QRV
HQULTXHFHರ'&(,3&S
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
/DHVFXHODFHQWUDVXPLUDGDHLQWHU«VHQODFRQVWUXFFLµQGHVX,GHQWLGDGEDV£QGRVH
HQ HO DQWHSUR\HFWR IRUPDGR SRU HMHV E£VLFRV HVFXHOD \ HQWRUQR HVFXHOD \
FRPXQLGDGHVFXHOD\ELHQHVWDUHOHVSDFLRFRPRJHQHUDGRUGHDSUHQGL]DMH\HOQXHYR
VHQWLGRDOFRQRFLPLHQWR
ಯ(O DQWHSUR\HFWR WLHQH HMHV E£VLFRV 8QR HV OD HVFXHOD \ HQWRUQR HO
GL£ORJRGHODHVFXHODFRQHOHQWRUQRHVGHFLUHOFRQFHSWRGHHVFXHODHV
XQ FRQFHSWR GH HVFXHOD DELHUWR HV XQD HVFXHOD FRQ XQ SUR\HFWR
HVSHF¯ILFR 3HQVDPRV TXH OD HVFXHOD \ HO HQWRUQR VLHPSUH WLHQHQ TXH
GLDORJDUQRVRWURVSUR\HFWDPRVSDUDIXHUD\ORGHIXHUDHQWUDSDUDGHQWUR
2WUR HMH HV HO GH HVFXHOD \ FRPXQLGDG HV XQ HMH TXH PLUD P£V KDFLD
GHQWUR/DFRPXQLGDGTXHHVW£IRUPDGDSRUODVIDPLOLDVSRUORVQL³RVODV
PDHVWUDV \ ORV YROXQWDULRV GHO EDUULR 8Q HMH E£VLFR WDPEL«Q HV HO
ELHQHVWDU GH ODV SHUVRQDV TXH IRUPDQ OD FRPXQLGDG /DV SHUVRQDV VH
VLHQWHQDFRJLGDV2WURVHU¯DHO HVSDFLRFRPRJHQHUDGRUGHDSUHQGL]DMH
(OFRQFHSWRGHHVSDFLRHQQXHVWURSUR\HFWRIXHXQSLODUE£VLFR(VSDFLRV
QRHVW£QGHFLGLGRVSRUTXHV¯VRQQHXWURV/RVFRORUHVVRQFODURV(VXQD
HVFXHODTXHWLHQHPXFKDVYHQWDQDVODVSXHUWDVVRQGHFULVWDOಹWRGROR
TXHSDVDHQHVWDHVFXHODVHSXHGHKDFHUS¼EOLFR\WLHQHXQDH[SOLFDFLµQ
,GHD GH WUDQVSDUHQFLD PLUDU GH GHQWUR KDFLD IXHUD \ GH IXHUD KDFLD
GHQWUR)XHXQDDSXHVWDPX\FODUDHVSDFLRVDELHUWRVSXHUWDVFRUUHGHUDV
SDUDKDFHUGHXQHVSDFLRJUDQGHXQRSHTXH³R,QYLWDUDODUHODFLµQಹ
/RV QL³RV WLHQHQ XQ DXOD GH UHIHUHQFLD KD\ XQ SXQWR GH HQFXHQWUR GH
GL£ORJRGHFRQYHUVDFLµQಹ<XQ¼OWLPRHMHVHU¯DHOGHXQQXHYRVHQWLGRDO
FRQRFLPLHQWR 'DU XQ QXHYR VHQWLGR DO FRQRFLPLHQWR QRV SODQWH£EDPRV
TXHTXL]£VHUDP£VDSUHQGHUTXHHQVH³DUKDVWDTX«SXQWRWHQLDVHQWLGR
FRQWLQXDU FRQ OD IUDJPHQWDFLµQ GH ORV VDEHUHV FRQWLQXDU SHQVDQGR FRQ
XQD ¼QLFD O¯QHD FXDQGR VDEHPRV TXH HO FRQRFLPLHQWR WLHQH PXFKDV
GLPHQVLRQHVDWUDY«VGHVXVOHQJXDMHVಹ1RVRWUDVFRJLPRVSDUDGDUOH
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
VHQWLGRDHVWHFRQRFLPLHQWRFRPRXQಯXWHQVLOLRರGHWUDEDMRIXQGDPHQWDO
OD REVHUYDFLµQ \ OD GRFXPHQWDFLµQ 1XHVWUR SDSHO HV GH DFRPSD³DU DO
QL³R DFRPSD³DPRV VX FUHFLPLHQWR FRQWHPSODPRV XQ LWLQHUDULR ¼QLFR \
VLQJXODU SDUD FDGD QL³R \ FDGD QL³D SHUR WDPEL«Q XQ LWLQHUDULR VRFLDO \
FRPSDUWLGR SRUTXH HO DSUHQGL]DMH HV XQ KHFKRVRFLDO D FRPSDUWLUರ'
&(,3&SS
/DV SHUVRQDV GHO FHQWUR WLHQHQ OD QHFHVLGDG GH VHQWLUVH DUUDLJDGDV D XQ OXJDU HQ HO
FXDO WUDQVFXUUHQ VXV YLGDV HO VHQWLPLHQWR GH SHUWHQHQFLD OHV SHUPLWH FUHDU Y¯QFXORV
FRQVXHQWRUQRGHHVWHPRGRHOSUR\HFWRQRVHSRGU¯DOOHYDUDFDERVLQRVHWXYLHUDHQ
FXHQWD VXV UD¯FHV 3DUD HOOR OD HVFXHOD SURSXVR XQD VHULH GH DFFLRQHV HQ ODV TXH
YLQFXODU¯DQDODVIDPLOLDV\DODFRPXQLGDG
ಯ8QD GH HOODV VHU¯D OD SRVLELOLGDG GH TXH OD HVFXHOD IXHVH XQ HVSDFLR
DELHUWR\GLVSRQLEOHWDPEL«QSDUDODVIDPLOLDV(VGHFLUTXHQRIXHVHXQD
HVFXHOD VµOR FRQILJXUDGD SDUD QL³RV \ PDHVWURV VLQR TXH IXHVH
FRQVLGHUDGDVREUHHVWDLGHDGHFRPXQLGDG<SRUORWDQWRHQHOPRPHQWR
TXH VH FRQILJXUDED FRPR XQD FRPXQLGDG VH FRQILJXUDED WDPEL«Q
SHQVDQGR HQ ODVIDPLOLDV GH DTXHOORV QL³RV $V¯ SXHV XQD GHFLVLµQ TXH
WRPDPRV HV TXH OD HVFXHOD HVWDU¯D DELHUWD D TXH ODV IDPLOLDV QR VµOR
DFRPSD³DVHQ D VXV KLMRV KDVWD ODV DXODV FDGD G¯D VLQR TXH ILHUD XQ
HVSDFLR OR VXILFLHQWHPHQWH DELHUWR \ TXH HVWXYLHUD D GLVSRVLFLµQ GH VHU
RFXSDGR GLDULDPHQWH SRU ODV IDPLOLDV ಹ )RUPDU SDUWH GH XQD
FRPXQLGDG < WLHQH TXH YHU FRQ XQRV GHWHUPLQDGRV FRPSURPLVRV TXH
HVWDV IDPLOLDV GHEHU¯DQ DVXPLU KDFLD OD FRPXQLGDG GH VX SURSLR KLMR R
KLMDರ'&(,3&SSದ
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
(OUHWRGHODHVFXHODFRPRVHUHFRJHHQVXVGRFXPHQWRVLU£HQFDPLQDGRDVHUXQD
FRPXQLGDG XQ FHQWUR DELHUWR GLQ£PLFRFDSD]GHDFHUFDUVH DODVSHUVRQDVGHVGH HO
GL£ORJRFXOWXUDO\GHVGHODSDUWLFLSDFLµQHQORVGLIHUHQWHVPRPHQWRVGHOG¯D%DMRHVWD
ILORVRI¯D FRPR HMH LPSRUWDQWH GH OD HVFXHOD VH GHVWDFD HO GL£ORJR TXH HO FHQWUR
HGXFDWLYR HVWDEOHFH FRQ VX HQWRUQR WDO \ FRPR PDQLILHVWD XQD GH ODV GRFHQWHV
HQWUHYLVWDGDV
ಯ1XHVWUDHVFXHODHVODSRVLELOLGDGGHSUHJXQWDUVHFRQVWDQWHPHQWH(VWR
SDUD TX«" < EXVFDU UHVSXHVWDV FRKHUHQWHV D ODV LGHDV TXH VH YDQ
FRPSDUWLHQGR \ VH YDQ GHVDUUROODQGR (V WDPEL«Q XQD SRVLELOLGDG GH
GL£ORJRFRQODVFRPSD³HUDVSHURWDPEL«QFRQODVIDPLOLDVಹ(VODLGHD
FRPXQLWDULDFRPRXQFROHFWLYRGHSHUVRQDVTXHFRLQFLGLPRVHQXQOXJDU
\ WLHPSR \ WHQHU OD PLVPD SRVLELOLGDG GH GHFLGLU TX« TXHUHPRV KDFHU
GXUDQWH HVWH WLHPSR HQ DTXHO OXJDU 7DPEL«Q HQWHQGHUOD FRPR XQ
HVSDFLR XQ OXJDU GH FRQVWUXFFLµQ FXOWXUDO FRLQFLGLPRV GLIHUHQWHV
SHUVRQDV FRQ GLIHUHQWHV H[SHULHQFLDV YLWDOHV TXH GH DOJXQD PDQHUD
FRQIOX\HQ ಹ $V¯ SXHV XQ HMH PX\ LPSRUWDQWH GH OD HVFXHOD VHULD HO
GL£ORJRFRQHOHQWRUQR8QHQWRUQRFHUFDQRSHURXQHQWRUQRTXHSXHGH
VHU XQLYHUVDO SRU OR WDQWR HVWD SRURVLGDG SDUD SRGHU FRQIOXLU XQ FLHUWR
PRYLPLHQWRHQWUHHOH[WHULRU\HOLQWHULRUರ'&(,3&SSದ
6LHQGRDV¯XQHQWUDPDGRHQWUHIDPLOLDVIDPLOLDV\PDHVWUDV\PDHVWUDV\YROXQWDULRV
ಯ(QWUDPDGRVSRUTXHHVXQDWUDPDXQDUHGGHUHODFLRQHVHQWUHSDGUHV\
QL³RV SDGUHV \ PDHVWURV PDHVWURV \ SDGUHV PDHVWURV \ YROXQWDULRVಹ
/R TXH SDVD GXUDQWH HO G¯D 1R VRQ PRPHQWRV EXVFDGRV VLQR
HVSRQW£QHRV4X«WLHQHGHLQWHUHVDQWH"4XHVHIRFDOL]DHQXQDVSHFWR
TXH HVW£ SUHVHQWH VLHPSUH D WRGDV ODV KRUDV GHO G¯Dಹ &DGD SHUVRQD
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
WLHQH VX YR] DOO£ಹ KD\ XQ FUHFLPLHQWR LQGLYLGXDO SRUTXH WLHQHV TXH
UHIOH[LRQDUಹರ'&(,3&S
/DPLUDGDSHGDJµJLFDGHOFHQWURSDUDJLUDUHQWRUQRDORVDPELHQWHVDOSUR\HFWRGHO
JUXSRFODVHORVWDOOHUHVDOSUR\HFWRGHWUDEDMRGHOFXHUSR\HOHQFXHQWURFRQMXQWRGH
ORVYLHUQHV
/D HVFXHOD JLUD HQWRUQR D XQRV DPELHQWHV /RV DPELHQWHV VRQ HVSDFLRV
FRPXQLWDULRV GRWDGRV GH PDWHULDOHV FRQFUHWRV \ GH XQD RUJDQL]DFLµQ
GHWHUPLQDGDFRPRSRUHMHPSORWDO\FRPRSXGHREVHUYDUHOWDOOHUGHFRFLQD
HOGHFDUSLQWHU¯DGLVIUD]'LFKRVHVSDFLRV\PDWHULDOHVIRPHQWDQHQFXHQWURV\
DFFLRQHV HQWUH OD FRPXQLGDG \ SHUPLWHQ TXH HO SURSLR QL³R HODERUH XQ
ಯGHWHUPLQDGRರDSUHQGL]DMHSHUVRQDO\VRFLDO(VWRVDPELHQWHVVRQSHQVDGRVHQ
IXQFLµQGHODVQHFHVLGDGHVTXHSUHVHQWDHOQL³RFRQHOREMHWLYRGHIDYRUHFHUHO
ELHQHVWDU GH WRGRV /D ILORVRI¯D GHO FHQWUR HV GHVWLQDU OD SULPHUD SDUWH GH OD
PD³DQDDVXUHDOL]DFLµQ\DTXHHVXQEXHQPRPHQWRSDUDIDYRUHFHUDFFLRQHV
WUDQTXLODV \ VHUHQDV TXH OHV SHUPLWH HVWDU \ HQIUHQWDUVH GH XQD PDQHUD
GHWHUPLQDGDDORVQXHYRVDSUHQGL]DMHV
&µPRKDFHUSDUW¯FLSHDWRGRV"/DHVFXHODHVWDEOHFHXQHVSDFLRGRQGHFDGD
JUXSR FODVH HODERUDQ VXV SURSLDV SURSXHVWDV (VWDV SURSXHVWDV HVW£Q
SHQVDGDV SDUD FUHDU XQ DPELHQWH GH JUXSR FRQRFHUVH P£V \ IRUWDOHFHU ODV
UHODFLRQHV HQWUH HOORV < FRPR GLFHQ ಯODV KLVWRULDV GH YLGD GH FDGD XQR GH
QRVRWURV VH KDQ HQFRQWUDGR \ KDQ FRPHQ]DGR D HVFULELUVH WDPEL«Q HQ OD
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
HVFXHOD(VQHFHVDULRVHUUHFRQRFLGRV\VHQWLUTXHSHUWHQHFHPRVDXQJUXSR
VµORDV¯HVSRVLEOHDVXPLUFRPSURPLVRV\UHVSRQVDELOLGDGHVKDFLDODHVFXHOD\
KDFLDHORWURರ
2WUD GH ODV GLQ£PLFDV GHO FHQWUR HQ FXDQWR D VX SURSXHVWD HGXFDWLYD VRQ ORV
WDOOHUHV ‹VWRV UHVSRQGHQ D SURFHVRV GH FUHDFLµQ GH FRQVWUXFFLµQ \
WUDQVIRUPDFLµQGRQGHDSDUWLUGHODVLGHDV\GHFLVLRQHVGHXQJUXSRGHQL³RV
GH GLIHUHQWHV HGDGHV VH OOHJD D XQ DFXHUGR VREUH TX« DFWLYLGDG VH UHDOL]DU£
GHFLGLHQGRFµPRFX£QGR\HOPDWHULDOTXHVHQHFHVLWDU£)RPHQWDQGRDV¯HO
WUDEDMR HQ HTXLSR UHVSHWDU ODV LGHDV GH WRGRV VHU FU¯WLFR HQWLHQGR TXH HO
SURFHVR \ UHVXOWDGR VHU£ FRPSDUWLGRಹ 3RU OR WDQWR HV QHFHVDULR WHQHU
SUHVHQWH TXH VHU£ D SDUWLU GH XQ SURFHVR GH QHJRFLDFLµQ H LPSOLFDFLµQ \ D
WUDY«VGHODDFFLµQ\GHOSHQVDPLHQWROOHJDUDODFUHDFLµQ
ಯ7DOOHUHV \ DPELHQWHV HVSDFLRV TXH WLHQHQ TXH YHU PXFKR FRQ HO
SURWDJRQLVPRGHODDFFLµQGHORVQL³RV<GHKHFKRQRVRWURVGHDOJXQD
PDQHUDWHQHPRVXQDDFFLµQFRQFUHWDHVWDPRVGHVGHRWUDLQWHUYHQFLµQ
(V GHFLU QR LQWHUYHQLPRV GLUHFWDPHQWH HQ KHFKRV TXH VXFHGHQ GH
GHWHUPLQDGD PDQHUD /RV WDOOHUHV WLHQHQ XQ REMHWLYR SRU HMHPSOR D XQ
JUXSR GH QL³RV OHV SURSRQJR XQ SUR\HFWR OR WLUDQ KDFLD GHODQWH \ OR
UHVXHOYHQ DV¯ FRPSDUWHQ XQD FDED³D R VH FRPSDUWH HQ XQ FDQDO GH
DJXD FRQ DOJXQD HVWUXFWXUD REMHWR R VHUYLFLR TXH WLHQH TXH YHU FRQ
DWHQGHU DOJXQD QHFHVLGDG R SURFXUDU XQD QRYHGDG HQ OD HVFXHODರ '
&(,3&S
5HFRJLGRHQHOSULPHUGRFXPHQWRGHODHVFXHOD
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
(O SUR\HFWRGHWUDEDMRGHOFXHUSRHVRWUDKXHOODGHODPDQHUDGHWUDEDMDUTXH
SUHVHQWDODHVFXHOD(VWHSUR\HFWRSDUWHGHODQHFHVLGDGTXHSUHVHQWDHOQL³R
SDUDPRYHUVH\UHDOL]DUDFFLRQHVFRQHOSURSµVLWRGHGHVFXEULUHOPXQGRTXHOH
HQYXHOYH\SDUWLFXODUPHQWHFRQRFHUVHDV¯PLVPR/RVPRPHQWRVGHVWLQDGRV
SDUD HOOR SHUPLWHQ D ORV QL³RV PRYHUVH OLEUHPHQWH \ D SDUWLU GHO MXHJR
HVSRQW£QHR LU FRQVWUX\HQGR VXV KLVWRULDV HQ ODV TXH WHQGU£Q TXH WRPDU VXV
SURSLDV GHFLVLRQHV 3RVWHULRUPHQWH VH OHV SXHGH SHGLU TXH GLEXMHQ KDEOHQ
PRGHOHQGHORTXHKDLGRRFXUULHQGR
/RVYLHUQHVSRUODPD³DQDGHVSX«VGHOSDWLRVHHQFXHQWUDQWRGRHOSURIHVRUDGR
\ DOXPQDGR GH OD HVFXHOD SDUD OOHYDU D FDER HO HQFXHQWUR FRQMXQWR GH ORV
YLHUQHV &RQ «O VH SUHWHQGH UHIRU]DU HO VHQWLGR GH FRPXQLGDG SHUPLWLHQGR
H[WHULRUL]DUORVVHQWLPLHQWRV\HPRFLRQHV/DLGHDGHKDFHUORHOYLHUQHVHVSDUD
ILQDOL]DUODVHPDQDGHXQDPDQHUDHVSHFLDOO¼GLFDGLVWUD¯GD\SODFHQWHUD
ಯ2WURULWXDOTXHWLHQHODFRPXQLGDGHVDFDEDUODVHPDQDGHXQDPDQHUDO¼GLFD
\ GLIHUHQWH /RV YLHUQHV KDFHPRV HO HQFXHQWUR FRQMXQWR GRQGH ORV PDHVWURV
KDFHPRVUHSUHVHQWDFLRQHV<ORVQL³RVTXHDORODUJRGHXQPHVKDQFXPSOLGR
D³RVVRQORVSURWDJRQLVWDVWDPEL«QVRQDFWRUHV\VDOHQ$YHFHVVRQFXHQWRV
SRSXODUHV R SUR\HFWDQ LP£JHQHV /R P£V VROLFLWDGR HO MXHJR GH ODV EUXMDV
GRQGHHOORVGHEHQD\XGDUDVXSHUDUVXVPLHGRV\IDQWDVPDV'&(,3&SS
ದ
$V¯ SXHV OD HVFXHOD VH FDUDFWHUL]D SRU XQD PLUDGD SHGDJµJLFD HVSHFLDO GLVWLQWD
GLQ£PLFDDFWLYD\SDUWLFXODUTXHDSXHVWDQSRUODWRPDGHGHFLVLRQHVODFUHDWLYLGDG\
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
ODDXWRQRP¯DGHODOXPQDGRGRQGHHODGXOWRDGRSWDXQSDSHOGHJUX¯DDFRPSD³DQWH
HQWRGRHOSURFHVRGHDSUHQGL]DMH
/$(/(&&,•1'(/$(6&8(/$'(&,6,21(6(,/86,21(6
/RVSURWDJRQLVWDVGHHVWHHVWXGLRGHFDVRHVFRJLHURQHVWHFHQWURHGXFDWLYRGDGRTXH
HUD GH QXHYD FUHDFLµQ \ SRU GLYHUVRV PRWLYRV SRU UHFRPHQGDFLµQ D SDUWLU GHO
GHVFRQRFLPLHQWRSRUHOD]DUDUD¯]GHXQVXH³RKHFKRUHDOLGDGSRUHOFRQRFLPLHQWR\
SUR\HFWR\SRUODDSUR[LPDFLµQGHODSXHVWDHQPDUFKDGHXQSUR\HFWRYLWDO
&XDQGRXQDIDPLOLDGHFLGHPDWULFXODUDVXVKLMRVHQXQFHQWURHGXFDWLYRLQWHQWDEXVFDU
XQD VHULH GH REMHWLYRV D ILQHV D VXV SHQVDPLHQWRV \R HVWLORV HGXFDWLYRV 3HUR HQ
RFDVLRQHVWRPDUXQDGHFLVLµQGHHVWHWLSRQRHVQDGDI£FLO\VXUJHQORVLQWHUURJDQWHV
GµQGH OOHYDU D PL KLMR" TX« HVFXHOD VHU£ OD PHMRU R HVWDU£ HQ PL PLVPD O¯QHD GH
SDWURQHVHGXFDWLYRV"7UDVSODQWHDUVHHVWDVFXHVWLRQHV\QRKDEHUHVFRODUL]DGRDVX
KLMRHQ ODHWDSDLQIDQWLOOOHJµHO PRPHQWR GH HOHJLU HO FHQWUR HGXFDWLYR LGµQHRDVXV
LQWHUHVHVDOFXDODVLVWLU¯DVXKLMR'HVSX«VGHSHU¯RGRVGHLQFHUWH]DV\GHSUHJXQWDUD
ORVFRQRFLGRVXQDPDGUHGHFLGLµOOHYDUDVXKLMRDXQFHQWURTXHOHIXHUHFRPHQGDGR
ಯ'HFLG¯QRHVFRODUL]DUORKDVWDTXHHQFRQWUDUDXQDHVFXHOD3HURFODURVH
PHHVWDEDQDFHUFDQGRORVD³RVEXHQRORPDWULFXO«DTX¯DORV\QR
HQFRQWUDEDQLQJXQDHVFXHOD(QWRQFHVDWUDY«VGHXQDGHODVPRQLWRUDV
GRQGH «O DVLVW¯D QRV KDEOµ GH HVWD HVFXHOD 9LQH D YHUOD \ PH JXVWµ HO
SUR\HFWRPHJXVWµODHVFXHOD\ORPDWULFXO«ರ)&(,3&S
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
2WUD IDPLOLD VLQ HPEDUJR WUDV DYHQWXUDUVH DPDWULFXODU DVXKLMD HQ XQD HVFXHOD D¼Q
LQH[LVWHQWH GHFLGLµ HVFRJHUOD GHVGH VX GHVFRQRFLPLHQWR \D TXH QR FRQRF¯D HQ XQ
SULQFLSLR QL OD HVWUXFWXUD QL OD RUJDQL]DFLµQ QL HO SUR\HFWR HGXFDWLYR GH OD PLVPD
$UULHVJ£QGRVH D VHU XQD HVFXHOD VR³DGD R SRU OR FRQWUDULR XQD HVFXHOD TXH QR
FDVDVHFRQVXILORVRI¯DHGXFDWLYD
ಯ(VWDHVFXHODFXDQGRKLFHODSUHLQVFULSFLµQGHPLKLMDQLVLTXLHUDHVWDED
VDE¯DTXHLEDQDKDFHUXQDHVFXHODQXHYDSHURQRVDE¯DPRVFRPRLEDD
VHUODHVFXHODQRFRQRF¯DPRVDQDGLH$OSULQFLSLRIXHXQSRFRGLI¯FLOSDUD
WRGRV&XDQGRQRVSUHVHQWDURQHOSUR\HFWRTXHIXHHQYHUDQR\RVDE¯D
TXHLEDDVHUXQDHGXFDFLµQGLVWLQWD&XDQGRQRVSUHVHQWDURQHOSUR\HFWR
DP¯PHHQFDQWµSRUTXHDP¯PHKXELHUDJXVWDGRHVWXGLDUDV¯QR"1R
HVWDU VHQWDGRV WRGR HO UDWR HQ ODV VLOODV VLQR WUDEDMDU HQ DPELHQWHV OR
YH¯DPXFKRP£VPRWLYDGRSDUDDSUHQGHUರ)&(,3&S
(OD]DUHVRWURGHORVPRWLYRVGHFµPRXQDSHUVRQDSXHGHOOHJDUDXQDHVFXHOD8QRV
SXHGHQOOHJDUSRUTXHGHVFRQR]FDQOD]RQD\DTXHYLHQHQGHRWUDFLXGDGRSURYLQFLD
\ VHD HO SURSLR 'HSDUWDPHQWR GH (GXFDFLµQ HO TXH EULQGD OD RSRUWXQLGDG GH SRGHU
DVLVWLUDXQFHQWURGDGRTXHH[LVWHXQDSOD]DOLEUH2ELHQFRPRVXFHGHFRQXQDGH
ODVSDUWLFLSDQWHVHQHVWHHVWXGLRGHFDVRTXHWUDVODQHFHVLGDGGHWHQHUTXHWUDEDMDU\
DQWH XQ OLVWDGR GH FHQWURV WLHQHV TXH HOHJLU VLQ FRQRFLPLHQWR SUHYLR XQR GH HOORV
OOHJDQGRGHHVWDPDQHUDIRUWXLWDDODHVFXHODHQODTXHWUDEDMDFRPRDGPLQLVWUDWLYD
ಯ'H UHERWH $ P¯ PH OODPDURQ GHO 'HSDUWDPHQWR \ PH GLMHURQ TXH VL
TXHU¯D HPSH]DU D WUDEDMDU SRUTXH HVWDED HQ SDUR HVWDED FREUDQGR HO
SDUR 0H GLMHURQ $TX¯ WLHQHV HO OLVWDGR GH HVFXHODV GRQGH SXHGHV LU
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
HOLJH3HURUHDOPHQWHQRVDE¯DGµQGHLUGµQGHSDUDU<RVDE¯DTXH
HUD XQD HVFXHOD QR VDE¯D QDGD P£V 1R KDE¯D WUDEDMDGR QXQFD HQ
HVFXHODVರ1'&(,3&S
&X£QWDVYHFHVKHPRVGHVHDGRTXHQXHVWURVVXH³RVVHKDJDQUHDOLGDG"3XHVDV¯HV
FRPRXQDGHODVGRFHQWHVOOHJµDODHVFXHOD$ORODUJRGHVXIRUPDFLµQ\H[SHULHQFLD
QRVµORFRPRPDHVWUDVLQRFRPRSHUVRQDVHYLRDUUDLJDGDDODHVFXHODDFWLYDDORV
PRYLPLHQWRVVRFLDOHV\SRO¯WLFRVGHOD«SRFDGHORVದDVR³DUTXHRWUDVRFLHGDG
\RWUDHVFXHODSRG¯DQVHUSRVLEOHV<HQWUHVXH³RV\VXH³RVVHKL]RUHDOLGDGVXGHVHR
GH FRLQFLGLU FRQ XQD VHULH GH SURIHVLRQDOHV TXH WUDEDMDEDQ HQ OD PLVPD O¯QHD FRQ
LGHDOHVVLPLODUHVDGLVH³DUTX«WLSRGHHVFXHODTXHU¯DQVXSUR\HFWRVRFLRHGXFDWLYR
ಯ/OHJX« VR³DQGR (O WHPD HV TXH \R WUDEDMDED HQ XQD HVFXHOD XQD
HVFXHOD LQWHUHVDQWH 'HVFXEU¯ SXHV HVR XQ GHWHUPLQDGR WLSR GH
SU£FWLFD TXH PH LQWHUHVDED TXH EXHQR TXH PH VHQW¯D FRPR PX\
HVWUHFKD KLFLHURQ XQD UHYROXFLµQ IXHUWH SDUD HQWHQGHU OD HVFXHOD
DFWLYDHQJDQFKDUVHDWRGDVHVWDVPRYLGDVTXHKXER<SRUORWDQWR\R
SLHQVRTXHUHFLE¯HVWDKHUHQFLDಹ8QG¯DVHHPSH]µDVR³DUHQXQD
FDIHWHU¯DLPDJLQDRVTXHSXGL«UDPRVFRLQFLGLUGHQXHYRHQXQDHVFXHOD
\ VDFDU DGHODQWH XQ SUR\HFWR TXH WXYLHUD TXH YHU FRQ HVWR ,PDJLQDG
TXHSXGL«UDPRVKDFHUODHVFXHODGHHVWDPDQHUDRGHHVWDRWUD%XHQR
TXHFRPHQ]µFRPRPHGLRVR³DQGRPHGLRHQEURPDPHGLRLPDJLQDUVL
SXGLHUD VHU 8Q G¯D OOHJD &ODUD \ PH GLFH VHULDPHQWH PLUD HQ 5LSROOHW
HVW£HOSUR\HFWRGHFRQVWUXLUXQDHVFXHODQXHYDHVW£EXVFDQGRXQJUXSR
GHSHUVRQDVSULPHURXQDSHUVRQDTXHDVXPDODGLUHFFLµQ\HQWRQFHVXQ
JUXSLWRTXHSXHGDHPSH]DUGHFHURHVWDHVFXHOD1RVHQFRQWUDPRV
GH QXHYR SHUVRQDV TXH KDE¯DPRV WUDEDMDGR MXQWDV \ SRFR D SRFR VH
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
IXHURQ LQFRUSRUDQGR SHUVRQDV TXH KDE¯DPRV FRQRFLGRV HQ RWURV
FRQWH[WRV FRPR HO ,&( R FRLQFLGLHQGR HQ DOJ¼Q JUXSR GH IRUPDFLµQರ
'&(,3&SS
2WUD GH ODV GRFHQWHV PDQLILHVWD TXH OOHJµ D OD HVFXHOD SRUTXH FRQRF¯D D SDUWH GHO
HTXLSRGRFHQWHFRQHOTXHHQGLYHUVDVRFDVLRQHVGLVIUXWµGHVHVLRQHVGHIRUPDFLµQR
KDE¯D WUDEDMDGR SUHYLDPHQWH HQ RWUD HVFXHOD -XQWR DO FRQRFLPLHQWR GH ORV
SURIHVLRQDOHVVHSRGU¯DD³DGLUHOGHVHRGHWHQHUHOSUR\HFWRTXHHQWDQWDVRFDVLRQHV
KDE¯DDQKHODGR
ಯ&RQRF¯D OD HVFXHOD SRUTXH FRQRF¯D D VXV SURIHVRUDVಹ \ XQ G¯D PH
LQYLWDURQDYHUODPHVRUSUHQG¯JUDWDPHQWHWDQWRTXHPHSODQWH«GHMDUOD
HVFXHODHQODTXHWUDEDMDED\YHQLUPHD«VWD'DEDODFDVXDOLGDGGHTXH
\RWDPEL«QFHUUDEDHOSHU¯RGRHQHOTXHKDE¯DWHQLGRODUHVSRQVDELOLGDG
GHODGLUHFFLµQSHURTXHU¯DDEULURWUDVSRVLELOLGDGHV9LQHDHVWDHVFXHOD
SRUTXH SHQVDED TXH HO KHFKR GH FRPHQ]DU XQ SUR\HFWR WLHQH VXV
YHQWDMDVರ'&(,3&SS
<SRU¼OWLPRXQRGHORVPRWLYRVH[SUHVDGRVHQHVWHHVWXGLRGHFDVRSRUHOFXDOXQD
SHUVRQD GHFLGH HOHJLU XQD HVFXHOD X RWUD HV HO GH OD DSUR[LPDFLµQ QR VµOR SRU OD
FHUFDQ¯DI¯VLFDPHQWHGHOOXJDUGHOWUDEDMRVLQRGHODSXHVWDHQPDUFKDGHXQSUR\HFWR
YLWDO\XQDO¯QHDSHGDJµJLFD
ಯ0HSUHVHQW«SDUDFRJHUODGLUHFFLµQSRUTXHHUDTXLHQORWHQ¯DPHMRU<R
WUDEDMDED HQ HVWH SXHEOR HVWDED HQ XQD FRPLVLµQ GH VHUYLFLR \ SRG¯D
FRJHU OD GLUHFFLµQ 0H SUHVHQW« \ VDO¯ HVFRJLGD /D LGHD VLHPSUH IXH
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
SUHVHQWDUPH QR FRPR GLUHFWRUD QRPH PRWLYDED HO FDUJR HQ V¯ SHURV¯
TXHHVWDEDPRWLYDGDSDUDWLUDUKDFLDGHODQWHXQSUR\HFWR)XHODSXHUWD
FRQ YR] GH XQ SUR\HFWR 'HWU£V GH P¯ KDE¯D SHUVRQDV P£V ಹ (V
GHFLUFXDQGRDFHSW«ODGLUHFFLµQKDE¯DPRVKHFKRXQDQWHSUR\HFWRSDUD
SUHVHQW£UVHORDOGLUHFWRUGHORVVHUYLFLRVWHUULWRULDOHV&RPRFRQGLFLµQಯVL
PHSRQJRGHODQWHTXLHUHGHFLUTXHHVWHDQWHSUR\HFWRVHGHEHU¯DOOHYDUD
OD SU£FWLFDರ /HV SDUHFLHURQ ELHQ HQ DTXHOORV HQWRQFHV \ DFHSW« OD
GLUHFFLµQಹ+DE¯DPXFKRWUDEDMRPRQWDUORVHVSDFLRV+DE¯DPXFKD
WDUHD SHGDJµJLFD DGHODQWDGD 0XFKR GL£ORJR PXFKR GHEDWH \ PXFKD
GLVFXVLµQರ'&(,3&S
7HQLHQGRHQFXHQWDDORVDFWRUHVGHHVWHFDVRODHOHFFLµQGHOFHQWURYLQRGDGDSRU
UHFRPHQGDFLµQ\HOERFDDERFDGHRWUDVIDPLOLDV\GRFHQWHVSRUODILORVRI¯DHGXFDWLYD
GHTXHUHUIRUPDUSDUWHGHOHTXLSRGRFHQWHHOD]DU\ODSUR[LPLGDGI¯VLFD\YLWDO
/$ 32/7,&$ '(/ &(1752 (1 &8$172 $ /$6 5(/$&,21(6 )$0,/,$ ದ
(6&8(/$81$0,5$'$$/2,167,78&,21$/
(O &(,3 5LSROOHW FHQWUD VX PLUDGD HQ HO WUDEDMR FRPSDUWLGR FRQ ODV IDPLOLDV
RWRUJ£QGROHVXQSDSHODFWLYR\SDUWLFLSDWLYRGHQWURGHOSUR\HFWRVRFLR ದHGXFDWLYRGHO
FHQWUR(QVXVGRFXPHQWRVTXHGDUHFRJLGRಯ/RVSDGUHVWDPEL«QVRQHVFXHODರ3DUD
HO &(,3 5LSROOHW OD HVFXHOD QR SXHGH VHU HQWHQGLGD HQ VX WRWDOLGDG VL ODV IDPLOLDV QR
HVW£Q LQFOXLGDV HQ HO SUR\HFWR &RQVLGHUDQ TXH MXQWRV SXHGHQ WLUDU KDFLD GHODQWH HO
EXHQIXQFLRQDPLHQWRGHOPLVPR\EXVFDUORTXHFRQVLGHUDQQHFHVDULR\YLWDOSDUDORV
QL³RV
(O«QIDVLVGHODFXUVLYD\VXEUD\DGRHVP¯R
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
ಯ'HVGHDQWHVGHHVWUHQDUODHVFXHODORVSDGUHV\DVHSXVLHURQDFDPLQDU
D SRQHU ODV EDVHV D RUJDQL]DUVH SDUD TXH QR OHV IDOWDVHQ ODV IXHU]DV\
SDUDTXHFDGDXQRHQFRQWUDUDVXHVSDFLRXQHVSDFLRFRPSDUWLGR(QHO
VHFRQVWUX\ROD$0$HO&RQVHMR(VFRODU\ODVGLIHUHQWHVFRPLVLRQHV
GHWUDEDMR/DIDPLOLDWLHQHXQDJUDQGLVSRQLELOLGDGDQWHVXVQHFHVLGDGHV
DQWHODVGHPDQGDVTXHKDFHODHVFXHODHQHO¼OWLPRPRPHQWRಹರ99$$
'RFXPHQWRLQWHUQR
$GHP£VFRQHVWHFDPLQDUFRQMXQWR\FRQODFUHDFLµQGHGLIHUHQWHVHVSDFLRVDORODUJR
GH ORVPHVHV\ D³RV ODHVFXHODKD VLGR FDSD]GH FUHDU XQD UHG GH UHODFLRQHVHQWUH
QL³RVIDPLOLDV\PDHVWURV
ಯ(VWD UHG GH UHODFLRQHV KD VLGR WHMLGD SRU LU FRPSDUWLHQGR ORV OODQWRV GH
ORV SULPHURV G¯DV ODV GXGDV GHO LQLFLR ODV WDUHDV OD HXIRULD GH ORV
QL³RVಹ 2SLQDQGR H[SUHVDQGR \ DSDUWDQGR RSFLRQHV H LQTXLHWXGHV \ OR
PHMRU GH FDGD XQR +HPRV KHFKR TXH HQWUH WRGRV HO SUR\HFWR VHD XQD
UHDOLGDG99$$'RFXPHQWRLQWHUQR
-XQWRDHVWHHQWUDPDGRGHUHODFLRQHVODVPDHVWUDVKDQYLVWRODQHFHVLGDGGHDFRJHU
D FDGD XQD GH ODV IDPLOLDV TXH FRQIRUPDQ OD HVFXHOD \ MXQWDV KDQ GHFLGLGR SRGHU
FDPLQDUSDUDSRGHUDFRPSD³DU\JXLDUHOFUHFLPLHQWRGHORVP£VSHTXH³RV
ಯ/DV PDHVWUDV GH ORV P£V SHTXH³RV VHQWLPRV XQ IXHUWH SHUR WDPEL«Q
GHVHDGR FRPSURPLVRSDUDDFRJHU DWRGDV ODVIDPLOLDV TXH KDQ GHFLGLGR
FRPSDUWLU FRQ QRVRWUDV XQD KLVWRULD IDVFLQDQWH FRPR HV DFRPSD³DU HO
FUHFLPLHQWR GH ORV LQIDQWHV 'H HOORV DSUHQGHPRV OD VRUSUHVD HO
HQWXVLDVPR OD FXULRVLGDG OD IDQWDV¯Dಹ HOORV QRV KDFHQ UHYLYLU LQIDQFLDV
99$$3UR\HFWRGHHVFXHOD(Q3
3XQWR\6HJXLGR'RFXPHQWRLQWHUQRGHODHVFXHOD
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
ROYLGDGDV UHFXHUGRV OHMDQRV H LQWHQVRV SHUR D OD YH] QRV PXHVWUDQ OD
IUHVFRU \ OD HQHUJ¯D P£V FRQWHPSRU£QHDರ $ ODV IDPLOLDV GH ORV QL³RV \
QL³DVGHD³RVTXHHQWUDU£QDODHVFXHODHQVHSWLHPEUH
< ODV IDPLOLDV D VX YH] VH YHQ DFRJLGDV TXH IRUPDQ SDUWH GH HVD FRPXQLGDG
SDUWLFLSDQGR \ FRODERUDQGR QR VµOR HQ ORV HVSDFLRV P£V LQIRUPDOHV SDVLOORV
GHVD\XQRVSLVFLQDVVLQRHQHVSDFLRVSHQVDGRVSDUDHOODVORVWDOOHUHV
ಯ/DV PDGUHV GH OD HVFXHOD HQWUDQ HQ HOOD DFRPSD³DQGR D VXV KLMRV H
KLMDV /RV SDGUHV HVW£Q ELHQ HQ OD HVFXHOD VH TXHGDQ KDEODQGR HQ ORV
SDVLOORV 7DPEL«Q SDUWLFLSDQ \ D\XGDQ D SUHSDUDU HO GHVD\XQR ORV
DFRPSD³DQDODSLVFLQD\HQPXFKDVRWUDVDFWLYLGDGHVGHOFHQWURಹ
+D\ WDUGHV TXH KDFHQ XQ WDOOHU WUDEDMR GHO FXHUSR RWUDV TXH YDQ D OD
PHGLDWHFDRWUDVKDFHQHOWDOOHUGHFRFLQDKD\G¯DVTXHKDFHQUHXQLRQHV
\ RWURV TXH D\XGDQ D SUHSDUDU FRVDV SDUD OD HVFXHOD $OJXQRV SDGUHV
YLHQHQDDUUHJODUFRVDVTXHVHURPSHQ\DPRQWDURWUDVರ$ODVIDPLOLDV
GHORVQL³RV\QL³DVGHD³RVTXHHQWUDU£QDODHVFXHODHQVHSWLHPEUH
7(;726 &21 6(17,'26 '27$1'2 '( 6,*1,),&$'26 (/ +$&(5 '(
&$'$'$
'DGD OD SHFXOLDULGDG GH OD HVFXHOD FµPR SRGHU HQWHQGHU \ FRPSUHQGHU VXV
REMHWLYRVVXHQVH³DQ]DVXPHWRGRORJ¯Dಹ"3DUDHOORPHDGHQWU«HQODOHFWXUDGHVXV
GRFXPHQWRV'RFXPHQWRVTXHQRWHQ¯DQFRPRQRPEUH3UR\HFWR(GXFDWLYRGH&HQWUR
5HJODPHQWRGH5«JLPHQ,QWHUQRHWFVLQRTXHDGRSWDEDQXQQRPEUHP£VVLJQLILFDWLYR
'RFXPHQWRLQWHUQR6HWUDWDGHODLQIRUPDFLµQTXHVHOHIDFLOLWDDODVQXHYDVIDPLOLDVTXHHQWUDU£QHQHO
SUµ[LPRFXUVR6LHQGRORVDXWRUHVGHHVWRVHVFULWRVORVSURSLRVQL³RVGHODHVFXHOD
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
\FDUDFWHU¯VWLFRGHODPDQHUDGHKDFHU\VHUGHODHVFXHODFRPRSRUHMHPSORಯ'HOD
PDQRXQYLDMHDSDVLRQDGRDSDVRVJLJDQWHVFRರRಯ3XQWR\VHJXLGRಹರ
(Q HVWH DSDUWDGR GHWDOODU« D SDUWLU GH ODV QRWDV GH FDPSR \ GHO DQ£OLVLV GH ORV
HVFULWRV GHO FROHJLR XQD QXHYD PDQHUD GH KDFHU HVFXHOD \ TXH D VX YH] OD KDFH
GLIHUHQWH\VLQJXODUDODVRWUDVGRVH[SOLFDGDVHQORVFDS¯WXORVDQWHULRUHV
$EULU OD HVFXHOD SRU TX« \ SDUD TX«" (VWD SRGU¯D VHU OD SUHJXQWD GH SDUWLGD FRPR
UHVSXHVWDDORVJUDQGHVLQWHUURJDQWHVSHURHVSHFLDOPHQWHFRPRUHIOH[LµQTXHGRWDGH
VHQWLGR \ VLJQLILFDGR D OD ILORVRI¯D GHO FHQWUR &XDQGR HQWUDV HQ OD HVFXHOD SXHGHV
REVHUYDUXQHVSDFLRFRQEDQFRV\PHVLWDTXHLQYLWDDODSHUVRQDDVHQWDUVH\OHHUD
SUHVWDU DWHQFLµQ D ORV GLIHUHQWHV PDWHULDOHV TXH GHFRUDQ VXV SDUHGHV D GHVFDQVDU
HWF < XQRV SDVLOORV TXH VH SHUVRQDOL]DQ FRQ ORV QRPEUHV \ REMHWRV GH ORV DOXPQRV
/DV DXODV VRQ SHUPHDEOHV HVW£QDELHUWDV FRQJUDQGHV YHQWDQDOHV SDUD TXH SXHGDV
YHU HQ WRGR PRPHQWR OR TXH VH HVW£ UHDOL]DQGR HQ FDGD HVSDFLR HQ FDGD WDOOHU HQ
FDGDDPELHQWH8QKDFHUSHFXOLDUVHU¯DODP¼VLFDGHODHQWUDGD\ODVDOLGD/DHVFXHOD
FDGD PD³DQD \ FDGD WDUGH DQWHV GH TXH HQWUHQ ORV DOXPQRV FRQ VXV UHVSHFWLYDV
IDPLOLDV GHMD VRQDU XQD P¼VLFD \ OR PLVPR RFXUUH FXDQGR OOHJD HO ILQDO GHO G¯D R OD
SDXVD SDUD FRPHU0¼VLFD GRQGHVX PHORG¯DYD DFRPSD³DGD GH OHWUDVFRQFLHUWRVR
VLPSOHPHQWH QRV GHMD GHOHLWDU SRU VXV LQVWUXPHQWRV 7RGRV SRGHPRV LGHQWLILFDU OD
P¼VLFDTXHVHQWLPRVSRUTXHHVW£H[SOLFDGDHQXQDVFDMDVFRQYLGULRVFROJDGRVEDMROD
YHQWDQDGHFRQVHUMHU¯D
/DLQWHQFLµQGHODHVFXHODHVDEULUVHDODFRPXQLGDGDOEDUULR3DUDHOORDORODUJRGHO
D³RODDEUHQHQG¯DVIHVWLYRVSDUDSURSRUFLRQDUPRPHQWRV\HVSDFLRVGHDFHUFDPLHQWR
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
HQWUHODVGLIHUHQWHVIDPLOLDVHQWUHORVSDGUHVODVPDGUHV\ODVPDHVWUDV\SRUTXHQR
HQWUHORVYHFLQRVGHOEDUULR(VWRVHQFXHQWURVLQFUHPHQWDQHOVHQWLGRGHSHUWHQHFHUD
XQD FRPXQLGDG \ D XQD HVFXHOD 1R VH KD GH ROYLGDU TXH ODV IDPLOLDV WDPEL«Q VRQ
HVFXHOD \ TXH VLQ HOODV HO SUR\HFWR GHO FHQWUR VHU¯D LPSRVLEOH -XQWRVKDFHQTXHODV
FRVDVGHOG¯DDG¯DIXQFLRQHQ\HOSUR\HFWRVLJDKDFLDGHODQWH/DVIDPLOLDVWLHQHQXQD
JUDQGLVSRQLELOLGDGDQWHVODVQHFHVLGDGHV\ODVGHPDQGDVTXHUHDOL]DODHVFXHOD
8QHMHPSORFODURVHU¯DHOHQFXHQWURHQWUHIDPLOLDVEDUULR\HVFXHODTXHVHUHDOL]µXQ
GRPLQJR EDMR HO HMH FHQWUDO GH XQD H[SRVLFLµQ \ TXH UHFRJ¯ HQ PL GLDULR GH
LQYHVWLJDFLµQ
ಯ(VWDPRV DQWH XQD H[SRVLFLµQ O¼GLFD GRQGH ODV IDPLOLDV SXHGHQ
H[SHULPHQWDU MXQWR D VXV KLMRV $ OD YH] TXH FRQRFHQ DFWLYLGDGHV
UHDOL]DGDVHQFODVH6HWUDWDGHXQHVSDFLRFRPSDUWLGRGRQGHODHVFXHOD
TXLHUH VDOLU DO H[WHULRU KDFHUVH YLVLEOH 1L³RV \ IDPLOLDV VH PDQLILHVWDQ
HVWDUFRQWHQWRVOOHYDQXQDVRQULVDHQVXVFDUDVOHVSXHGHODFXULRVLGDG
\SUHJXQWDQ&RPHUFLDQWHV\YHFLQRVGHOEDUULRSDUWLFLSDQHQODLQLFLDWLYD
HQWLHQGHQ XQD PDQHUD GLIHUHQWH GH KDFHU HVFXHOD FDSWDQGR OD
H[SHULHQFLD \ VXV YLYHQFLDV D WUDY«V GH VXV F£PDUDV IRWRJU£ILFDV R GH
ILOPDU $TX¯ QR KD\ GRFHQWHV TXH HQVH³DQ \ IDPLOLDV TXH HGXFDQ VLQR
TXHWRGRVDSUHQGHPRVGHWRGRV\WRGRVSDUWLFLSDPRVHQODVDFWLYLGDGHV
+D\ XQ SXQWR GH E¼VTXHGD \ GH HQFXHQWUR 0RPHQWRV GH PXFKR LU \
YHQLUOOHJDXQDPDHVWUD\PHSUHJXQWDTX«WDO"TX«WHKDSDUHFLGR"
,QYLW£QGRPH D EDMDU DO JLPQDVLR \ FRPHU FRQ WRGD OD FRPXQLGDG
FRPSDUWLHQGRXQ¼QLFRPRPHQWRODFRPLGDರ'LDULRGHFDPSR
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
$GHP£VRWUDPDQHUDGHUHODFLRQDUVH\KDFHUHVFXHODYHQGU¯DGDGDSRU XQJUXSRGH
PDGUHV TXH OOHYDQ D FDER XQ WDOOHU GH FRFLQD RWUR UHDOL]DQ HO OLEUR EODQFR GH OD
HVFXHODRWURDVLVWHQDWHUWXOLDVಹ
ಯ(OWDOOHUGHFRFLQDVHFRQVLGHUDEDMRPLSXQWRGHYLVWDFRPRXQOXJDUGH
HQFXHQWURSDUDDOJXQDVPDGUHVGRQGHVHSRQHHQFRP¼QQRVµORUHFHWDV
FXOLQDULDVVLQRWDPEL«QLQWHUFDPELRVGHLGHDVGHHVWLORVGHYLGDGXGDV
HWFರ'LDULRGHFDPSR
2WURGHORVHMHPSORVGHHVWDDSHUWXUDGHODHVFXHODDODFRPXQLGDGVHU¯DORVG¯DVQR
IHVWLYRVSDUDFRPSDUWLUHOSUR\HFWRGHHVFXHODFRQRWURVSURIHVLRQDOHVGHODHGXFDFLµQ
ಯ+R\ YLHQHQ SURIHVRUHV D YHU OD HVFXHOD (VWR VH UHDOL]D HQ XQD
SULPHUDLQVWDQFLDXQDYH]DOPHV1RUPDOPHQWHVXHOHQVHUORVV£EDGRV
SHURHQHVWDRFDVLµQVHKDFHKR\6HSUHSDUDEURFKHWDVGHIUXWDVSDUD
RIUHFHUOHVFRPRDSHULWLYRರ'LDULRGHFDPSR
'( /26 '2&80(1726 $ /$ 35ƒ&7,&$ /$6 0,5$'$6 '( 686
3527$*21,67$6
(O SRGHU WUDEDMDU FRQ ODV IDPLOLDV KD VXVFLWDGR XQ LQWHU«V SDUD WRGRV ORV DFWRUHV
SDUWLFLSDQWHVHQHVWHFDVRLQFOX\«QGRPHDP¯FRPRLQYHVWLJDGRUD7DO\FRPRVH³DOD
HOH[SHUWRದDVHVRUGHODHVFXHODWRGRVIRUPDPRVSDUWHGHXQDIDPLOLD\QRSRGHPRV
DWHQGHUDODOXPQDGRVLQWHQHUSUHVHQWHVXFRQWH[WRGHRULJHQ\VXFRQWH[WRIDPLOLDU
ಯ3RU TX« WUDEDMDU FRQ IDPLOLDV" /D SULQFLSDO UD]µQ HV SRUTXH \R WHQJR
XQD IDPLOLD 7HQJR XQD IDPLOLD GH RULJHQ \ OD UHFRQR]FR 3LHQVR TXH
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
SUREDEOHPHQWH\RPHGHGLFRDWUDEDMDUFRQIDPLOLDVSRUTXHPLIDPLOLDGH
RULJHQSRUUD]RQHVKLVWµULFDVUD]RQHVLQGLYLGXDOHV\WDPEL«QSRUUD]RQHV
VRFLR ದ FROHFWLYDV KDE¯D VLGR XQD IDPLOLD GHVRUGHQDGD OD JXHUUD OD
SRVWJXHUUD GH UHODFLRQHV HQWUH KRPEUH \ PXMHUHV IDPLOLDV GH QLYHOHV
VRFLRHFRQµPLFRVGLIHUHQWHV
(QWRQFHVFXDQGRPHGHGLFRDKDFHUGHPDHVWURGXUDQWHD³RVHQXQD
HWDSDWDQLPSRUWDQWHFRPRODGHDD³RVಹSDUDP¯ODIDPLOLDಹEXHQR
QR SXHGR FRQFHELU PL DWHQFLµQ D ORV QL³RV \ QL³DV GH D D³RV FRPR
PDHVWUR GH (GXFDFLµQ ,QIDQWLO VLQR LQFRUSRUR D ODV IDPLOLDV 1R VLQR
LQFRUSRURVLQRTXHODVIDPLOLDVHVW£QDOO¯ರ(&(,3&SS
3DUWLHQGR GH HVWD QHFHVLGDG GH SRGHU WHQHU SUHVHQWH D ODV IDPLOLDV HQ QXHVWUDV
UHODFLRQHV\TXHKDFHUHVGHOG¯DDG¯D3DUDORVSURWDJRQLVWDVGHFDVRHOY¯QFXORTXH
VH HVWDEOHFH HQWUH IDPLOLDV \ HVFXHOD YLHQH GDGR SRU OD $03$ SRU OD PDQHUD GH
SHUFLELUODVUHODFLRQHVHQWUHDPEDVLQVWLWXFLRQHVSRUORVPHFDQLVPRV\HVWUDWHJLDVTXH
VHGHVSOLHJDQHQORVHVSDFLRVIRUPDOHVHLQIRUPDOHV\SRUHOSRVLFLRQDPLHQWRDQWHORV
FRQIOLFWRV
6LVHWLHQHHQFXHQWDHOSULPHUY¯QFXORODV $03$6SDUDHVWDEOHFHUUHODFLRQHVHQWUH
HVFXHOD \ IDPLOLDV VH SXHGH REVHUYDU UHFXSHUDQGR ODV YRFHV GH ORV DFWRUHV
SDUWLFLSDQWHV TXH HVWDV DVRFLDFLRQHV VLUYHQ FRPR D\XGD D ODV PDHVWUDV SDUD VDFDU
KDFLDGHODQWHHOSUR\HFWRHGXFDWLYRFRODERUDHQODVDFWLYLGDGHVSODQWHDGDVಹ2SDUD
HODERUDU \ SUHVHQWDU VXEYHQFLRQHV DO $\XQWDPLHQWR JHVWLRQDU ORV UHFLERV ODV
DFWLYLGDGHVH[WUDHVFRODUHVಹ
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
ಯ/D $03$ KDFH WRGR OR TXH SXHGH PLUD GH JHVWLRQDU ORV UHFLERV SRU
HMHPSOR ORV GH SLVFLQD VL WLHQH TXH KDEODU FRQ DOJXLHQ TXH WHQJD XQD
VLWXDFLµQHVSHFLDOSDUDD\XGDUORPLUDUGHKDEODUFRQODDVLVWHQWDVRFLDO
VLODVPDHVWUDVQHFHVLWDQDOJXQDFRODERUDFLµQI¯VLFDSDUDDOJXQDDFWLYLGDG
GHODHVFXHODVLVHKDGHFRPSUDUDOJXQDFRVDಹರ)&(,3&S
ಯ/D $03$ RUJDQL]D XQSRFR GH WRGR 6H HQFDUJD GH EXVFDU JHQWH SDUD
FRODERUDU UHFRJH HO GLQHUR GH ODV H[FXUVLRQHV HVW£ SHQGLHQWH GHO
IXQFLRQDPLHQWR GH OD HVFXHOD VL KD\ DOJ¼Q SUREOHPD OR LQWHQWDQ
VROXFLRQDUKDEODUFRQHOD\XQWDPLHQWRSDUDSHGLUFXDOTXLHUFRVDಹರ1'
&(,3&S
ಯ(V XQD $03$ TXH WUDEDMD PXFKR PX\ XQLGR FRQ HO HTXLSR GLUHFWLYR
*HVWLRQDDVSHFWRVP£VFRQFUHWRVJHVWLRQDWRGRORTXHWLHQHTXHYHUFRQ
ORV VHUYLFLRV FRPR HO ಯFDQJXURರ GH OD PD³DQD \ OD WDUGH OD JHVWLµQ
HFRQµPLFD ಹ 7UDEDMDQ HO FDVDO GH YHUDQR GDQ VRSRUWH D GLIHUHQWHV
LQLFLDWLYDVTXHODHVFXHODTXLHUHWLUDUKDFLDGHODQWH+D\PXFKDUHODFLµQ
KD\XQDVUHXQLRQHVTXHHVW£QHVWDEOHFLGDVಹರ'&(,3&S
-XQWR D HVWD YLVLµQ GH OD $03$ WDPEL«Q OD HVFXHOD OH RWRUJD HO GHUHFKR D SRGHU
DWHQGHU ODV GHPDQGDV H LQWHUURJDQWHV FRQ ORV TXH ODV IDPLOLDV VH DFHUFDQ DO FHQWUR
HGXFDWLYRHQEXVFDGHDOJXQDVROXFLµQXRULHQWDFLµQ/DVSHUVRQDVTXHFRQIRUPDQOD
$03$ VRQ FRQVLGHUDGDV FRPR HO QH[R GH XQLµQ HQWUH DPEDV LQVWLWXFLRQHV \
FRPSDUWHQFLHUWDVLQIRUPDFLRQHV\FUHDQXQHQWUDPDGRGHUHGHVGHUHODFLRQHV
ಯ&RQOD$03$KD\XQDUHODFLµQPX\SHUPHDEOH&XDQGRKD\XQDIDPLOLD
TXHQRDFDEDGHYHUDOJXQDFRVDVHORFRPHQWDDOD$03$\«VWDQRVOR
FRPHQWDDQRVRWURVಹVLHPSUHHVW£GLVSRQLEOHSDUDH[SOLFDUQRVODVFRVDV
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
\ KDF«UVHODV OOHJDU D ODV IDPLOLDV /H SHGLPRV OD RSLQLµQ \ GLDORJDQ FRQ
ODVIDPLOLDVರ'&(,3&S
/D PDQHUDGHSHUFLELUODVUHODFLRQHV HQWUH IDPLOLD \ HVFXHOD OOHYD D SRGHU HVWDEOHFHU
GLIHUHQWHV HQWUDPDGRV HQWUH DPEDV LQVWLWXFLRQHV 3DUD DOJXQRV SURWDJRQLVWDV OD
UHODFLµQ VH YLYH GH PDQHUD HVWUHFKD DXQTXH HVWR VLHPSUH GHSHQGHU£ GHO JUDGR GH
LPSOLFDFLµQ\UHODFLµQTXHTXLHUDPDQWHQHUFDGDIDPLOLDWDPEL«QVHWUDWDGHXQY¯QFXOR
GLUHFWRYLVLEOHGHLUP£VDOO£GHOFRQWH[WRHVFRODUWDO\FRPRPDQLILHVWDQODVVLJXLHQWHV
IDPLOLDV
ಯ/DUHODFLµQTXHVHHVWDEOHFHHQWUHIDPLOLD\HVFXHODHVXQDUHODFLµQPX\
HVWUHFKD FRUGLDO $XQTXH V« TXH QR WRGDV ODV IDPLOLDV VRQ DV¯
(VSHFLDOPHQWH HQWUH OD GLUHFWLYD GH OD $03$ \ HO &RQVHMR (VFRODU 8QD
GHODVPDHVWUDVVHOOHYµDPLKLMRDODSLVFLQDIXHUDGHOKRUDULRHVFRODU
(VWRHVXQDUHODFLµQIXHUDGHODHVFXHODಹರ)&(,3&SSದ
ಯ8QD UHODFLµQ PX\ HVWUHFKD DXQTXH GHSHQGHU£ GH ODV IDPLOLDV (VWD
HVFXHODRIUHFHODRSRUWXQLGDGGHTXHVLODIDPLOLDTXLHUHSXHGHLQWHJUDUVH
HQHOODRFRODERUDUಹ(OWUDWRTXHVHHVWDEOHFHFRQODVPDHVWUDVHVPX\
GHW¼DW¼PX\SHUVRQDO\GLUHFWRರ)&(,3&SSದ
ಯ0X\ GLIHUHQWHV 'HSHQGH PXFKR GH OD VLWXDFLµQ GH ODV SHUVRQDV +D\
IDPLOLDVTXHWUDHQDVXVKLMRV\VHYDQ&RQP£VRPHQRVGLVSRQLELOLGDG
1RWRGDVODVIDPLOLDVVHSXHGHQSHUPLWLUTXHGDUVHHQODHVFXHODFXDQGR
WUDHQ D VXV KLMRVಹ +D\ IDPLOLDV TXH UHJDODQVX WLHPSR SHUVRQDO D OD
HVFXHOD+D\TXLHQHVSDUWLFLSDQHQWDOOHUHVIDPLOLDUHVಹ6HWUDWDVREUH
WRGRGHXQDUHODFLµQWUDQVSDUHQWHHQHOVHQWLGRGHTXHVHSXHGHQYHU\
FRPSDUWLU VLWXDFLRQHV VLQ OD QHFHVLGDG GH SRQHU SDODEUDV 3XHGHQ
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
REVHUYDU D VXV KLMRV \ OD UHODFLµQ FRQ HO HQWRUQR VLQ WHQHU TXH LQFLGLU
H[FHVLYDPHQWHRSHUFLELUXQDFLHUWDGLVWDQFLD'&(,3&SSದ
3DUDRWURVODUHODFLµQDSDUWHGHVHUOLQGDHVXQD UHODFLµQGHFRQILDQ]DGHOG¯DDG¯D
GH HVWDU DFFHVLEOH \ YLQFXODGRV ORV XQRV FRQ ORV RWURV DGHP£V DIHFWLYD 6H SRGU¯D
GHFLUTXHH[LVWHXQDGLYHUVLGDGHQODVPDQHUDVGHSHUFLELUGLFKDVUHODFLRQHV\GHLUODV
WHMLHQGR
ಯ3XHVOLQGDV¯GLUHFWDPHQWH(QXQDGMHWLYROLQGDVಹ(QHOSURFHVRGH
DGDSWDFLµQ ORV SDGUHV HVW£Q GHQWUR /D DFFHVLELOLGDG GH OD SURIHVRUD
KDFLDORVSDGUHVPHSDUHFHJHQLDO(VDOJXLHQTXHVHPHKDFHDFFHVLEOH
TXH PH OD SXHGR HQFRQWUDU FDGD G¯D TXH OH SXHGR SUHJXQWDU TXH OH
SXHGRFRPHQWDUಹ<RWUDFRVDPX\LPSRUWDQWHHVTXHSDUDP¯KD\XQD
UHODFLµQGHFRQILDQ]DFRQODVSURIHVRUDVರ)&(,3&S
ಯ(VWDPRV PX\ YLQFXODGRV WHQHPRV PXFKD YLQFXODFLµQ ಹ (V PX\
FRUGLDOರ)&(,3&S
ಯ+D\ PXFKD GLYHUVLGDG +D\ PXFKD UHODFLµQ <D VH SHQVµ GHVGH HO
SULQFLSLR SRU OR WDQWR QR VH GLHURQ WRGDV GH PDQHUD HVSRQW£QHDV 1RV
LPDJLQDPRVFµPRVHULDQHVDVUHODFLRQHVRTX«HVSDFLRVGHUHODFLRQHVR
SURSXHVWDV SDUD WLUDU KDFLD GHODQWH WRGR 7DPEL«Q KD\ XQD UHODFLµQ
HVWUHFKDSRUTXHPXFKDVGHODVIDPLOLDVTXHHVW£QDTX¯VRQIDPLOLDVTXH
KDQTXHULGRYHQLUDHVWDHVFXHOD<GHVSX«VODSRVLELOLGDGTXHWLHQHQGH
SRGHUDFRPSD³DUWRGRVORVG¯DVDVXVKLMRVGHSRGHUUHDOL]DUGLIHUHQWHV
DFFLRQHVFRPRD\XGDUDSUHSDUDHOGHVD\XQRORVWDOOHUHVSDUDIDPLOLDVರ
'&(,3&SSದ
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
$V¯SXHVODGLYHUVLGDGHQODVUHODFLRQHVTXHVHHVWDEOHFHQHQWUHODHVFXHODGH5LSROOHW
\ ODV IDPLOLDV YLHQH GDGD SRU HO H[SUHVR GHVHR FRPR GRFHQWHV \ IDPLOLDV GH GDUOHV
FDELGD\GRWDUODVGHVHQWLGRHQHOSURSLRSUR\HFWRHGXFDWLYRWDO\FRPRH[SRQHXQDGH
ODVGRFHQWHVSDUWLFLSDQWHVGHHVWDLQYHVWLJDFLµQ\HOH[SHUWRದGLQDPL]DGRUGHOWDOOHUGH
IDPLOLDV 3DUD HOORV OR SULPHUR HV OD IDPLOLD VXV LQTXLHWXGHV VXV GHVHRV VXV
QHFHVLGDGHV\OXHJRHVODHVFXHOD
ಯ/R WHQ¯D FODUR DFRJHU D ODV IDPLOLDV GH TXH SXHGHQ H[SUHVDU VXV
PLHGRV UHFRJHU VXV GXGDV YHU TX« HUD QHFHVDULRಹ 7RGR HVWR HUD
LPSRUWDQWHSRUTXHVHFUHRXQY¯QFXORFRQODVIDPLOLDVFUH£QGRVHDV¯XQD
FRPLVLµQ PL[WD SDGUHV ದ PDHVWURV GHO VHJXLPLHQWR GH ODV REUDV GHO
FROHJLRಹFRPLVLRQHVSDUDSUHSDUDUORVG¯DVHVSHFLDOHVFRPLVLRQHVGH
LQIRUPDFLµQSDUDORVQXHYRVSDGUHVಹರ'&(,3&S
ಯ3DUDP¯KD\XQDUHODFLµQHYLGHQWHಹ'LU¯DTXHHQHVWRVPRPHQWRVTXH
HQHVWHRUGHQGHOVLVWHPDORSULPHURHVODIDPLOLD/DIDPLOLDWLHQHTXHVHU
PX\ UHVSHWXRVD HQ HO PRPHQWR HQ HO TXH GHFLGH TXH VX KLMR HVWDU£
HGXFDGR HQ XQ FRQWH[WR HVFRODU ಹ 0L SDSHO P£V ELHQ HV GH
GLQDPL]DGRU GH HVSDFLR DEULUOR FHUUDUOR \ SRQHU O¯PLWHV 8Q HVSDFLR
GRQGH FRPSDUWLPRV WRPDPRV FDI« \ JDOOHWDV ಹ 'RFXPHQWDPRV HO
WUDEDMR TXH KDFHPRV GH FDGD HQFXHQWUR ಹ 0L IXQFLµQ HV HVFXFKDU
UHFRJHU UHWRPDU GDUOH IRUPD GRFXPHQWDU GDU YDORU D OR TXH VH KDFH
ಹ 3DUD OD JHQWH GHO SUR\HFWR GH OD HVFXHOD OD IDPLOLD HUD DOJR
LQFXHVWLRQDEOHರ(&(,3&SSದ
7HQLHQGR HQ FXHQWD OD GLYHUVLGDG GH UHODFLRQHV TXH VH HVWDEOHFH HQWUH IDPLOLD \
HVFXHOD HQ ORV HQFXHQWURV \ HQWUHYLVWDV FRQ ORV SURWDJRQLVWDV GH HVWH FDVR VH
YLVOXPEUD XQD VHULH GH HVWUDWHJLDV PHFDQLVPRV TXH VH GDQ HQ HVSDFLRV WDQWR
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
IRUPDOHVFRPRLQIRUPDOHV$OJXQRVGHHVWRVPHFDQLVPRV\HVWUDWHJLDVSRGU¯DQVHUHO
G¯D D G¯D ODV UHXQLRQHV ODV OLEUHWDV GH FRPXQLFDFLRQHV ORV LQIRUPHV ODV YLVLWDVಹ
FX\RVHVSDFLRVSXHGHQVHUODSURSLDHVFXHODHODXODODHQWUDGDORVWDOOHUHVHOFLQHGH
IDPLOLDHOGHQWUR\IXHUDHOFRQWDFWRFRQODFRPXQLGDGHGXFDWLYDHWF$V¯SXHVSDUD
ORVSURWDJRQLVWDVHVWDEOHFHUUHODFLRQHVHQWUHIDPLOLD\HVFXHODTXLHUHGHFLU
/DUHODFLµQGLDULDGHGLVSRQLELOLGDG
ಯ/DP£VGLUHFWDHVOODUHODFLµQGLDULDGHGLVSRQLELOLGDGDODHQWUDGD\DOD
VDOLGD (VW£Q GLVSRQLEOHV SRU VL TXLHUHV FRPHQWDU DOJXQD FRVD (VR GD
PXFKD WUDQTXLOLGDG SHUR OR P£V LPSRUWDQWH OD FRWLGLDQLGDG ಹ
5HXQLRQHVTXHVHKDFHFDGDWULPHVWUHGRQGHVHUHFRJHHOPDWHULDO+D\
DOJXQDV GH WRGRV ORV SDGUHV \ RWUDV GH DXOD /RV LQIRUPHV TXH VRQ
GHVFULSWLYRVGHVFULELHQGRDODSHUVRQDHQGLIHUHQWHVHQWRUQRVರ)&(,3
&SSದ
/DV YHQWDQDV DELHUWDV HO WDOOHU GH FRFLQD DO TXH DVLVW¯ HQ YDULDV RFDVLRQHV \
SXGHSDUWLFLSDUGHVXVGLQ£PLFDV\DFWLYLGDGHVHOFLQHHQIDPLOLD
ಯ&RPR HVSDFLRV IRUPDOHV H LQIRUPDOHV QRVRWURV WHQHPRV ODV YHQWDQDV
DELHUWDV \ HO WDOOHU GH FRFLQD 9HQWDQDV DELHUWDV YLHQH XQ SURIHVRU ದ
HVSHFLDOLVWD GH OD 8QLYHUVLGDG \ KDFHPRV WHUWXOLDV 6RPRV XQDV PDGUHV «O VDFD XQ WHPD \ OXHJR KDFHPRV XQ WUDEDMR VRQ FRVDV
SHUVRQDOHV QXHVWUDV \ QR VH SXHGHQ GHFLU IXHUD FDGD G¯DV
3UHSDUDPRV FDI« W«ಹ ಹ /XHJR KD\ XQ WDOOHU GH FRFLQD TXH HVW£
VXEYHQFLRQDGR SRU HO $\XQWDPLHQWR ಹ 7HQHPRV FLQH HQ IDPLOLD )
&(,3&SSದ
/DVWHUWXOLDVHQWUHODVIDPLOLDV\HOSVLFµORJR<ODVFRPLVLRQHVGHORVG¯DVHVSHFLDOHV
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
ಯ&RPRHMHPSORWHQHPRVODVWWHUWXOLDVTXHODVOOHYDXQSVLFµORJR\FRQVWD
GHXQJUXSRGHPDGUHV\GXUDWRGRHOFXUVR+D\RWURDPELHQWHTXHHVHO
GHFFRFLQDFDGDPL«UFROHVGHDQRVUHXQLPRV&RPRKD\PDGUHVTXH
YLHQHQ GH 0DUUXHFRV R GH 6XU $P«ULFD SXHV SUHSDUDPRV GLIHUHQWHV
FRPLGDVಹ(VW£QODVFFRPLVLRQHVGHORVG¯DVHVSHFLDOHVODFRPLVLµQGH
MDUGLQHU¯D OD FRPLVLµQ HFRQµPLFD OD FRPLVLµQ GHO FRPHGRU OD FRPLVLµQ
GHLQIRUPDFLµQರ)&(,3&SSದ
/DYLVLWDGHSURIHVRUHVDO&(,35LSROOHWSDUDFRPSDUWLUXQG¯DXQDPDQHUDGLIHUHQWHGH
KDFHUHVFXHOD
ಯ/
/DYLVLWDGHSURIHVRUHVTXHVHOHVRIUHFHXQDEURFKHWDGHIUXWDSDUDTXH
YHDQ OR TXH GHVD\XQDQ ORV QL³RV \ FRQR]FDQ OD HVFXHODರ ) &(,3 &
SS\
(OWHO«IRQR\ODVFLUFXODUHV
ಯ(
(O WHO«IRQR SRU VL XQD PDGUH TXLHUH TXHGDU FRQ XQD PDHVWUD WDPEL«Q
KD\XQRVG¯DVRVHPDQDVTXHTXHGDQFRQODVIDPLOLDV/XHJRHVW£QODV
FLUFXODUHVORVSDSHOHVHOERFDದERFDರ1'&(,3&SSದ
/DPHGLDWHFD\ORVHVSDFLRVIDPLOLDUHV
ಯ/DV IDPLOLDV SXHGHQ HVWDU HQ OD PHGLDWHFD HQ HO HVSDFLR IDPLOLDUಹ
7LHQHQ OXJDUHV TXH OH VRQ SURSLRV 3XHGHQ HVWDU HQ OD HQWUDGD HQ ORV
SDVLOORVPLUDQGRSRUODVYHQWDQDVSXHGHQHVWDUOH\HQGRSXHGHQXVDUHO
RUGHQDGRU SXHGHQ FRPSDUWLU XQD FHOHEUDFLµQ FRQ QRVRWURV 3XHGHQ
D\XGDU\FRODERUDUHQDOJ¼QVHUYLFLRGHODHVFXHODಹ/DVHQWUHYLVWDV
/DOLEUHWDFRPRPHGLRGHFRPXQLFDFLµQHQWUHODHVFXHOD\ODIDPLOLD
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
ಯ/
/DOLEUHWDTXHYDGHFDVDDODHVFXHODGRQGHVHDSXQWDQFRPHQWDULRV\
DYLVRVLPSUHVLRQHVQRWLFLDVGHXQHVSDFLRGHRWUR3XHGHTXHORDSXQWH
OD IDPLOLD FRPR TXH OR DSXQWH OD HVFXHOD (V XQD KHUUDPLHQWD GH
FRPXQLFDFLµQ(VWDOLEUHWDRDJHQGDVHFRPSDUWHPXFKRFRQORVQL³RVರ
'&(,3&SSದ
(OOLEUREODQFRFRPRUHFXUVRDPRGRGHUHFRSLODFLµQGHQRWLFLDVVREUHODHVFXHOD
ಯ(
(O OLEUR EODQFR VH WUDWD GH XQ JUXSR GH SDGUHV GRQGH UHFRJHQ ODV
QRWLFLDVTXHVDOHQDODSUHQVDORFDO\TXHVRQPRPHQWRVFODYHVSDUDOD
HVFXHODFXDQGRFRPHQ]µODSULPHUDYLVLWDDODHVFXHODಹVRQPRPHQWRV
GHFLVLYRVXQDFUµQLFDGHODHVFXHOD&RPRODKLVWRULDGHODHVFXHODGHOR
TXHVHULDXQDKHUHQFLDTXHLU£SDVDQGRGHXQRVDRWURVರ'&(,3&
S
2WURVPHFDQLVPRV\HVWUDWHJLDVSDUDHVWDEOHFHUUHODFLRQHVHQWUHIDPLOLDV\HVFXHOD
ಯ/
/RVWDOOHUHVSDUDORVDGXOWRVRSDUDODVIDPLOLDV+D\WRGDXQDRIHUWDGH
WDOOHUHV DOJXQRV GH HOORV VH KDQ DELHUWR SDUD HO EDUULR 7DOOHU GH
H[SUHVLµQFRUSRUDO\RJDSDUDODVHPEDUD]DGDVHOFLFORGHFLQHIDPLOLDU
ಹ&XDOTXLHUDTXHTXLHUDSXHGHH
HQWUDUHQHODXOD'HDOJXQDPDQHUDHV
DOJRDELHUWRಹVLQLQVWUXFFLRQHV\VLQQRUPDV+D\IDPLOLDVTXHHVW£QHQ
HODXODRDPELHQWHFRQVXVKLMRVಹXQDSUHVHQFLDPX\UHVSHWXRVDTXHQR
LQWHUILHUHQHQORTXHSXHGDVXFHGHUಹ7DPEL«QHQODFRPXQLGDGGHORV
PHGLDQRV HVW£Q ORV SDVHRV YDPRV DFRPSD³DGDV GH ODV IDPLOLDVಹ
$OJXQRVHQHOSXHEORRWURVHQODPRQWD³DGH&ROOVHURODRLUHQELFL
+D\ PXFKR HO W¼ D W¼ 7DPEL«Q WRGR OR TXH WLHQH TXH YHU FRQ OD
LQIRUPDFLµQHVFULWDGRVLHUHVರ'&(,3&SSದ
(VSDFLRVP£VIRUPDOHVUHXQLRQHV\HQWUHYLVWDV
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
ಯ+DFHPRVUUHXQLRQHVTXHSXHGDQFUHDUXQG
GHEDWHGL£ORJRVRJUXSRVGH
WUDEDMRHQWUHODVIDPLOLDV/XHJRWHQHPRVODVHQWUHYLVWDVTXHVHWUDEDMDQ
SRU SDUHMDV GRV SHUVRQDV TXH HVWDPRV YLQFXODGDV FRQ DTXHO QL³R ಹ
/RV LQIRUPHV HVFULWRV HV XQ UHGDFWDGR GH FDGD LQIDQWH 6RQ UHGDFWDGRV
SRUORVDGXOWRVGHUHIHUHQFLDFRJLHQGR\SODVPDQGRODYLVLµQRSLQLµQGH
DTXHOORVDGXOWRVGHDTXHOODFRPXQLGDGಹರ'&(,3&ದ
7HQLHQGR HQ FXHQWD OR H[SXHVWR D OR ODUJR GH HVWDV O¯QHDV \ GDGD OD FRPSOLFLGDG
PDQWHQLGD HQWUH ODV GLIHUHQWHV SHUVRQDV TXH FRPSRQHQ OD FRPXQLGDG HGXFDWLYD
SDUHFH FDVL LPSRVLEOH TXH VH GHQ PRPHQWRV FRQIOLFWLYRV 3HUR FµPR DFW¼D OD
HVFXHOD DQWH HVRV SHU¯RGRV FRPSOLFDGRV \ GH IUDJLOLGDG" 3XHV ELHQ HO &(,3 GH
5LSROOHWFHQWUDVXPLUDGDHQFµPRORVFRQIOLFWRVSXHGHQVHUXQDIXHQWHGHFUHFLPLHQWR
SHUVRQDO \ FµPR D SDUWLU GH HOORV DOJR KD FDPELDGR HVWDEOHFLHQGR XQ QXHYR RUGHQ
GRQGHVHSXHGHGDUXQDFHUFDPLHQWR\XQGLVWDQFLDPLHQWRHQODVUHODFLRQHVHQWUHODV
IDPLOLDV \ OD HVFXHOD &RPR PXHVWUD KD\ WUHV SURWDJRQLVWDV SDUWLFLSDQWHV HQ HVWH
HVWXGLRTXHGHVFULEHQODUHVROXFLµQGHOFRQIOLFWRRODSRVLFLµQDQWHHOPLVPRGHVGHHO
GL£ORJR \ HO UHVSHWR GHVGH OD FRUGLDOLGDG XQ HVWUHFKR WUDWR \ VREUH WRGR GHVGH OD
HVFXFKD\ODSUR[LPLGDG
ಯ$QWH XQ FRQIOLFWR OR PHMRU HV KDEODUOR KDEODUOR FRQ ODV IDPLOLDV FRQ
PXFKRGL£ORJR\VREUHWRGRFRQPXFKRUHVSHWRರ)&(,3&S
ಯ$QWHXQFRQIOLFWRVLHPSUHKD\XQDHVFXFKDVLHPSUHKD\XQDSUR[LPLGDG
FRQORVQL³RV\FRQORVSDGUHV1RVRQGLVWDQWHVರ)&(,3&S
ಯ'HXQDPDQHUDFRUUHFWDPX\UHVSHWXRVD8QRGHORVUDVJRVLPSRUWDQWH
GH HVWD HVFXHOD HV OD UHVSHWXRVLGDG VRQ PX\ UHVSHWXRVR FRQ ODV
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
IDPLOLDVFRQODVIDPLOLDVTXLHURGHFLUFRQORVSDGUHV\FRQORVQL³RV+D\
PXFKRUHVSHWRPXFKRWUDWRFRUGLDOPX\HVWUHFKRಹರ)&(,3&S
5HFRJLHQGRODVYRFHVGHORVVXMHWRVSDUWLFLSDQWHVGHHVWHHVWXGLRVHREVHUYDTXHVRQ
GLYHUVDVODVHVWUDWHJLDV\PHFDQLVPRVTXHVHSRQHQHQMXHJRUHXQLRQHVHQWUHYLVWDV
HVFULWRVOLEUHWDYLDMHUDಹSDUDHVWDEOHFHUUHODFLRQHVHQWUHODVIDPLOLDV\ODHVFXHODHQ
HVSDFLRV WDQWR IRUPDOHV FRPR LQIRUPDOHVWDOOHUHV FRPLVLRQHV HO DXOD OD HQWUDGD HO
EDUULRಹEDVDGDVHQHOUHVSHWRODFRQILDQ]DODFRPSOLFLGDGODHVFXFKDHOFRPSDUWLU
SDUD SRGHU HYRFDU QXHYDV VHQVDFLRQHV GRWDU GH VLJQLILFDGRV FDGD JHVWR FDGD
FRQIOLFWR FDGD DFFLµQ FDGD SDODEUD \ DV¯ FUHDU XQ HQWUDPDGR GH UHODFLRQHV HQWUH
WRGRVORVPLHPEURVTXHIRUPDQODFRPXQLGDGHGXFDWLYD
81$ 0$1(5$ '( (17(1'(5 /$6 5(/$&,21(6 &2/$%25$1'2 <
3$7,&,3$1'2
(QUHODFLµQDODFRODERUDFLµQLPSOLFDFLµQ\SDUWLFLSDFLµQGHODVIDPLOLDVHQODHVFXHOD
«VWDVVHHQWLHQGHQRSHUFLEHQSRUXQODGRFRPRODQRYLQFXODFLµQHQODVDFWLYLGDGHV
HQ ORV HVSDFLRV \ PHFDQLVPRV \D TXH ODV IDPLOLDV OOHYDQ D VXV KLMRV DO FHQWUR
HGXFDWLYR\SRUGLYHUVRVPRWLYRVQROOHJDQDLPSOLFDUVHFRODERUDU\RSDUWLFLSDU&RPR
HVHOFDVRTXHH[SRQHQGRVPDGUHVGHODVIDPLOLDVHQWUHYLVWDGDV
ಯ7HQHPRVDODIDPLOLDTXHQROHJXVWDWUDHUDVXVKLMRVDTX¯SRUORWDQWR
\DQRVHLPSOLFDQVLPSOHPHQWHQROHVLQWHUHVD+D\RWUDVIDPLOLDVTXHVH
HVIXHU]DQ TXH VH LPSOLFDQ < DOJXQDV TXH VLJXHQ WHQLHQGR XQD YLVLµQ
PX\WUDGLFLRQDOGHHVFXHODGLFLHQGRWUDLJRDPLKLMRSRUTXHWRFDDOO¯VH
TXHGD\OXHJRORUHFRMRಯ)&(,3&S
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
ಯ3DUWLFLSDFLµQ KDEODQGR FRQ RWUD HVFXHOD HV EDVWDQWH DOWD DXQTXH IDOWD
SDUWLFLSDFLµQಹ7RGRGHSHQGHGHODHOHFFLµQVLODIDPLOLDKDKHFKROD
HOHFFLµQGHHVWDHVFXHODODHVFRJLGRODSDUWLFLSDFLµQHVDOWDರ)&(,3
&S
6LQ HPEDUJR SRU RWUR ODGR HQFRQWUDPRV DTXHOODV IDPLOLDV TXH HVW£Q PRWLYDGDV \
GLVSXHVWDVDD\XGDUHQWRGRVORVDVSHFWRVTXHQHFHVLWHODHVFXHODSDUDHOORUHFXSHUR
ODVYRFHVGHGRVVXMHWRVSDUWLFLSDQWHVHQHVWDLQYHVWLJDFLµQ
ಯ+D\ RWUDV IDPLOLDV TXH V¯ &DGD XQD FRODERUD HQ OD PHGLGD GHO WLHPSR
TXHWLHQHGHOFXDOGLVSRQH\GHVXVFRQRFLPLHQWRVಹ+D\SDGUHVTXH
HOTXHP£VOHVJXVWDHVHOEULFRODMHSXHVJHQLDOಹ&DGDXQRVHLPSOLFD
HQHOQLYHOTXHSXHGH\TXHOHHVFRUUHFWR$TX¯KD\HVWDOLEHUWDGWHQHUHO
JUDGR GH LPSOLFDFLµQ TXH TXLHUDV ಹ (V HVWDU XQ SRFR SRU OR TXH VH
QHFHVLWH&XEULUIDFHWDVTXHODPDHVWUDVQRSXHGHQOOHJDUರ)&(,3&
S
ಯ&RODERUDU HV D\XGDU HQ OR TXH VH SXHGD HQ OR TXH VH QHFHVLWH 6REUH
WRGRHVGHGLFDUOHWLHPSRSRUHMHPSORHQDUUHJODUHOMDUG¯QD\XGDUHQORV
GHVD\XQRVಹ$\XGDUHQORTXHVHQHFHVLWHDTX¯HQODHVFXHODರ)&(,3
&S
$V¯ SXHV FRODERUDU ದ SDUWLFLSDU H LPSOLFDUVH SXHGH OOHJDU D KDFHUVH GH PDQHUD
FRPSDUWLGD
ಯ&RODERUDU FRQMXQWDPHQWH VHU¯D DOJXQD FRVD VLPLODU D FRRSHUDU 3RU OR
WDQWR XQR GD \ HO RWUR UHFLEH 4XLHUR GHFLU DOJXQD FRVD TXH VH KDFH
FRQMXQWDPHQWH 6LOHQFLR 1R QHFHVDULDPHQWH HV XQD DSRUWDFLµQ
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
LJXDOLWDULDVLQRTXHFDGDXQRGDHQODPHGLGDTXHSXHGHGDU\SXHGHQ
KDEHUUHDOLGDGHVGLIHUHQWHVHQHVWHVHQWLGRರ'&(,3&SSದ
(MHPSORVGH FRODERUDFLµQ ಯ+D\PXFKDFRODERUDFLµQHQWRGRORTXHVRQ
ORV PRQWDMHV GH SRU HMHPSOR WLUDU KDFLD GHODQWH WRGD OD FRPLVLµQ GH
MDUGLQHU¯D\GHTXHGDUORVV£EDGRV\YHQLUDSODQWDUDSRGDUಹYLHQHQXQ
JUXSRGHIDPLOLDVFRQORVQL³RVDSDVDUXQV£EDGRSRUODPD³DQDDTX¯
ಹ+D\PXFKDXQLµQHQHVWHVHQWLGRರ'&(,3&S
ಯ(QORVSUR\HFWRVGHDXODFXDQGRVHKDFHQSUR\HFWRVGHDXODSHQVDGRV
SDUDTXHHOQL³RVHGHVFXEUDHOPLVPR\FUHHY¯QFXORVHQWUHHOJUXSRಹ
&RQRFHUVH HQWUH HOORV WDPEL«Q KD\ XQ Y¯QFXOR FRQ ODV IDPLOLDV (OODV
UHDOL]DQ VXV DSRUWDFLRQHV ಹ 7DPEL«Q SDUWLFLSDQ FXDQGR YDQ D OD
SLVFLQDDFRPSD³DQGRDODVPDHVWUDVHQHOYHVWXDULRD\XGDQGRSHODQGR
IUXWDVHQORVGHVD\XQRVರ'&(,3&SSದ
'¯DDG¯DVHREVHUYDTXHODVIDPLOLDVSDUWLFLSDQFRODERUDQ\VHLPSOLFDQHQHOKDFHU
HVFXHOD GHQWUR GH VXV SRVLELOLGDGHV SHUVRQDOHV LQYLUWLHQGR HO WLHPSR GLVSRQLEOH HQ
D\XGDUDODVPDHVWUDV\DODFRPXQLGDGHGXFDWLYD$PEDVLQVWLWXFLRQHVVHHQFXHQWUDQ
DQWHV XQD GLYHUVLGDG GH VLWXDFLRQHV IRUPDOHV \ HVWUXFWXUDOHV H LQIRUPDOHV \
HVSRQW£QHDV GRQGH VH FRPSDUWHQ LQIRUPDFLRQHV GXGDV LQTXLHWXGHV VHQWLPLHQWRV \
HPRFLRQHVGHVHRVHWFKDFLHQGRSRVLEOHFUHDUXQDVUHODFLRQHVTXHYDQPXFKRP£V
DOO£GHORVHVSDFLRVGHORVFRQWH[WRV\GHODVWDUHDVGHVDUUROODGDVHQODHVFXHOD
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
/$6)257$/(=$6'(/$65(/$&,21(6
/RVVXMHWRVSDUW¯FLSHVGHHVWDLQYHVWLJDFLµQVH³DODQFRPRIRUWDOH]DVHQODVUHODFLRQHV
IDPLOLDದHVFXHODORVVLJXLHQWHVHMHV
/DD
DFFHVLELOLGDGTXHWLHQHQODVPDHVWUDVKDFLDODVIDPLOLDV
ಯ<R SLHQVR HQ HO KHFKR GH TXH VRQ PX\ DFFHVLEOHV 3LHQVR TXH HV HO
SXQWRP£VIXHUWHTXHKD\ರ)&(,3&S
/DF
FRQILDQ]D\HOD
DPELHQWHFUHDGRV(OSRGHUSUHJXQWDUFRQVWDQWHPHQWHVLQHO
PLHGRGHVHUFXHVWLRQDGRVGHSRGHUWUDWDUDELHUWDPHQWHFXDOTXLHUWHPDEDMR
HOSDUDGLJPDGHOHQWHQGLPLHQWRODHVFXFKD\HOUHVSHWR
ಯ+RPEUH SXQWRV SRVLWLYRV EXHQR TXH WLHQHV XQD FRQILDQ]D FRQILDQ]D
SDUDSUHJXQWDUಹ3DUDKDEODUFRQHOODVರ)&(,3&S
ಯ/RV SXQWRV IXHUWHV OD UHODFLµQ FRQ HO FROHJLR VXSRQJR TXH OD EXHQD
UHODFLµQTXHWHQHPRV\HOHQWHQGLPLHQWR7RGRVGHVGHXQSULQFLSLRWRGRV
KHPRVSHOHDGRSDUDTXHHVWHFROHJLRVDOJDDGHODQWHರ)&(,3&S
/DF
FRQVWDQWHFRODERUDFLµQGHODVIDPLOLDVDQWHODVGHPDQGDV\QHFHVLGDGHVGH
ODHVFXHOD
ಯ7HQHPRV XQR PX\ IXHUWH GH SDGUHV TXH FRODERUDQ FRQ SURIHVRUHV
FRQWLQXDPHQWHರ1'&(,3&S
ಯ$TXHOORV SDGUHV R DTXHOODV IDPLOLDV TXH FRODERUDQ \ HVW£Q VLHPSUH
SUHVHQWHORVSXHGHVOODPDU\VDEHQTXHSXHGHQFRQWDUFRQHOORVರ1'
S
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
/D GLYHUVLGDG IDPLOLDU \ VX FRUUHVSRQGLHQWH GLYHUVLGDG GH UHODFLRQHV /D
HVFXHOD LQWHJUD D OD IDPLOLD \ KDFH GH «VWD FRPR XQ UDVJR GH LGHQWLGDG /D
FRQVWDQWHYLQFXODFLµQHQWUHODIDPLOLD\ODHVFXHOD
ಯ/DGLYHUVLGDGGHIDPLOLDVTXHSDUDP¯HVXQSXQWRIXHUWHಹ/DPLVPD
UHODFLµQHVXQSXQWRG«ELO(VGHFLUFXDQGRKDEODPRVGHIRUWDOH]DVHQHO
SUR\HFWRXQSXQWRTXHGHVWDFDPRVVRQODVUHODFLRQHVTXHKD\&XDQGR
QRVSUHJXQWDQFX£OHVHOSXQWRIXHUWHGHODHVFXHODODUHODFLµQTXHKD\
FRQODVIDPLOLDVರ'&(,3&S
ಯ8QSXQWRIXHUWHHVTXHODVIDPLOLDVVRQFRQVLGHUDGDVHQODDWHQFLµQTXH
ORVSURIHVLRQDOHVKDFHQHQORVLQIDQWHV&XDQGRSLHQVDQHQDWHQGHUDORV
LQIDQWHVSLHQVDQHQDWHQGHUDODVIDPLOLDV3RUHVROHGHGLFDQWLHPSRD
ODVHQWUHYLVWDVDODVUHXQLRQHVDODVSUHVHQWDFLRQHVSRQLHQGRFXLGDGR
HQHOHVSDFLRHQORVPDWHULDOHV(QWRGDODUHODFLµQFRPXQLFDWLYDDWUDY«V
GH ORV GRFXPHQWRV D WUDY«V GH ORV OLEURV TXH HODERUDQ ODV SURSLDV
IDPLOLDV 7RGR HVWR HV GH XQD SXOFULWXG HVW«WLFD TXH HV GLJQRಹ HV XQD
IRUWDOH]DODUHODFLµQIDPLOLDದHVFXHODರ(&(,3&SSದ
/D WUDQVSDUHQFLD GH VX SUR\HFWR GH ODV PDQHUDV GH KDFHU TXH WLHQH OD
FRPXQLGDGHGXFDWLYD
ಯ8QSXQWRIXHUWHHVODWUDQVSDUHQFLDಹTXHWRGRORTXHVHKDJDSXHGH
VHU YLVWR RSLQDGR FRPSDUWLGR SRU ODV IDPLOLDV (VWR ODV SRVLFLRQD R ODV
SXHGH SRVLFLRQDU PXFKR DO ODGR 2WUR SXQWR IXHUWH HV HO KHFKR GH TXH
FRPRHTXLSRTXHUHPRVVHUORP£[LPRGHFRKHUHQWHVSRVLEOHV(VGHFLU
EXVFDPRV SRVLELOLGDGHV FRPSDUWLGDV EXVFDPRV DFXHUGRV D SHVDU GH
TXHDQLYHOSHUVRQDOSRGHPRVRSLQDUGLIHUHQWHರ'&(,3&S
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
$V¯ SXHV ODV IRUWDOH]DV GH ODV UHODFLRQHV HQ HO &(,3 5LSROOHW YLHQHQ GDGDV SRU OD
DFFHVLELOLGDG OD FRQILDQ]D OD FRODERUDFLµQ OD GLYHUVLGDG \ OD WUDQVSDUHQFLD HQ VX
SUR\HFWRVRFLRHGXFDWLYR
/$6'(%,/,'$'(6'(/$65(/$&,21(6
(Q FXDQWR D ODV GHELOLGDGHV HQ ODV UHODFLRQHV TXH VH HVWDEOHFHQ HQ OD FRPXQLGDG
HGXFDWLYDGHO&(,3ದ5LSROOHWVHHQFXHQWUDQ
/D VHQVDFLµQ GH UHDOL]DU SRFDV UHXQLRQHV \ SRFRV HQFXHQWURV HQWUH IDPLOLD \
HVFXHOD GHELGR DO IDFWRU WLHPSR /D QHFHVLGDG GH EXVFDU PDQHUDV GH SRGHU
OOHYDUDFDERP£VHQFXHQWURV\UHXQLRQHVFRQODVPDHVWUDV
ಯ(O SXQWR G«ELO \R SLHQVR TXH VH GHEHU¯DQ KDFHU P£V UHXQLRQHV P£V
HQFXHQWURVಹ HQWUH ODV IDPLOLDV \ ODV PDHVWUDV <R HVWR\ PX\ LPSOLFDGD
HQODHVFXHOD+D\RWUDVIDPLOLDVTXHQRHVW£QHQHVWDVLWXDFLµQಹ+D\XQ
SUREOHPDLPSRUWDQWHGHWLHPSR3RUTXHWUDEDMDQP£VKRUDVTXHXQUHORMರ
)&(,3&S
/DV FUHHQFLDV YDORUHV \ DFWXDFLRQHV 3RVLEOHV GLVFUHSDQFLDV \ GLYHUVLGDG GH
PLUDGDV DQWH XQ PLVPR WHPD D WUDWDU FKRTXH GH RSLQLRQHV SRVLFLRQHV
GLIHUHQWHVಹ
ಯ+D\IDPLOLDVTXHSRUWHPDVGHYDORUHV\FUHHQFLDVQRDFDEDQGHSRGHU
XQLUಹ 3RU VXHUWH VRQ SRFRV SHUR FODUR WDPEL«Q VH WLHQH TXH WHQHU HQ
FXHQWD TXH VH GD HVWD VHQVDFLµQ ಹ 3RU HMHPSOR OR TXH PH KH
SODQWHDGR KD VLGR HO WHPD GH ORV LGLRPDV (V XQ WHPD TXH D P PH
SUHRFXSDEDVWDQWH$YHFHVVHSLGHXQWUDGXFWRU SHURSLHUGHVEDVWDQWH
LQWLPLGDGHQODHQWUHYLVWDSRUTXHYLHQHXQDSHUVRQDGHIXHUDDWUDGXFLU
ಹ/DVFLUFXODUHVKD\DOJXQDVIDPLOLDVTXHHOFRQWHQLGRHVFULWRWDPSRFR
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
ORHQWLHQGHQ3RUORWDQWRDTX¯VHWHQGU¯DTXHPH]FODUHVWUDWHJLDV'
&(,3&S
ಯ/RV SXQWRV G«ELOHV FUHR TXH VRQ ODV GLYHUJHQFLDV FRPR JHVWLRQDU ODV
GLYHUJHQFLDVFRPSDUWLUODVKDEODUODVOOHJDUDXQDVLWXDFLµQFµPRGDSDUD
XQRV \ SDUD RWURV 6LOHQFLR 'HQWUR GH ODV GLYHUJHQFLDVಹ SRGHPRV
GLVFUHSDUSRUGLIHUHQWHVPRWLYRV3RUHMHPSORDXQDIDPLOLDOHVRUSUHQGH
TXH DTX¯ QR VH FHOHEUHQ ODV ILHVWDV SRSXODUHV < SHQVDU TXH VX KLMR VH
SLHUGHXQDFRVDTXHSRGU¯DGLVIUXWDUHQRWUDHVFXHODರ'&(,3&SS
ದ
/D OXFKD FRQVWDQWH SRU WLUDU KDFLD GHODQWH HO SUR\HFWR FUHDQGR DV¯ XQD DXWR
H[LJHQFLDSRUSDUWHGHODVPDHVWUDVSDUDGDUUHVSXHVWDVDODVQHFHVLGDGHVGH
VXDOXPQDGR\HOIRUMDUHOHQWUDPDGRFRQODVIDPLOLDV
ಯ'LU¯D TXH XQ SXQWR G«ELO HV TXH PXFKDV YHFHV OD DXWRH[LJHQFLD
SURIHVLRQDOGHODVPDHVWUDVHVWDQHOHYDGDTXHKDQGHSULRUL]DU<WRGR\
TXH HQ HO LPDJLQDULR HQ HO GHVHRಹ ODV IDPLOLDV VRQ SULRULWDULDV
LPSRUWDQWHVಹ ಹ 3RU HMHPSOR GHVGH ODV 1DYLGDGHV SDVDGDV ODV
PDGUHVDEULHURQVXHVSDFLRDODVPDHVWUDVLQYLWDQGRDXQDPDHVWUDFDGD
YH] TXH TXLVLHUD YHQLU D SDUWLFLSDU GHO HVSDFLR GH ODV PDGUHVಹ GHVGH
HQWRQFHVKD\XQDVLOODSDUDODPDHVWUDTXHTXLHUDYHQLU$OSULQFLSLRWRGDV
TXHU¯DQYHQLUVHWXYRTXHKDFHUXQOLVWDGRSDUDHVWDEOHFHUXQRUGHQಹ
3HURKDQGHMDGRGHYHQLUFRQWLQ¼DQWHQLHQGRHVWDVLOODSHURQRYLHQHQ
3RUTXH WLHQHQ PXFKR WUDEDMR PRYLOLGDG GH SODQWLOODಹ (VWR HV P£V XQ
GHVHRTXHXQDUHDOLGDGರ(&(,3&SSದ
/DVWUHVGHELOLGDGHVGHWHFWDGDVHQODUHODFLµQIDPLOLD\HVFXHODVRQODVHQVDFLµQGHOD
UHDOL]DFLµQ GH SRFDV HQFXHQWURV OD GLYHUVLGDG \ VXV SRVLEOHV GLVFUHSDQFLDV GH
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
PLUDGDV \ OD OXFKD FRQVWDQWH SRU WHQHU SUHVHQWH D ODV IDPLOLDV HQ HO SUR\HFWR GH
HVFXHOD
81$18(9$0,5$'$
7HQLHQGRHQFXHQWDODVYLYHQFLDV\H[SHULHQFLDVGHHVWHHQWUDPDGRGHUHODFLRQHVTXH
VH YLYHQ HQ HVWD FRPXQLGDG GH DSUHQGL]DMH WDQWR IDPLOLDV FRPR HVFXHOD FRQVLGHUDQ
YLWDO SDUDVXSUR\HFWR HGXFDWLYRUHSHQVDU \ UHGHVFXEULUVXVPLUDGDV\ ODVUHODFLRQHV
TXHVXUJHQFDGDG¯DHQHOFHQWURHGXFDWLYR3DUDHOORSURSRQHQODVVLJXLHQWHVO¯QHDV
GHDFWXDFLµQ
%XVFDU OD PDQHUD GH TXH WRGDV ODV IDPLOLDV HQWLHQGDQ HO SUR\HFWR
VRFLRHGXFDWLYRGHODHVFXHOD
ಯ/R TXH SURSRQGU¯D VHULD TXH D QLYHO GH UHXQLRQHV VH H[SOLFDUD TXH VH
HQWHQGLHUD FRPR HV HO SUR\HFWR <D OR KDFHQ SHUR D YHFHV VLHQWR TXH
SXHGHQ KDEHU IDPLOLDV TXH QR OR DFDEDQ GH HQWHQGHU 4XH ODV IDPLOLDV
HQWLHQGDQ XQ SRFR P£V WRGR HO SUR\HFWR FµPR IXQFLRQDಹ ಹ +D\
DOJXQDVTXHWLHQHQLQTXLHWXGHVGHFXDQGRVXVKLMRVDSUHQGHU£QDOHHUR
FXDQGRDSUHQGHU£QLQJO«Vರ)&(,3&S
&UHDUS
SURSXHVWDVGHLPSOLFDFLµQGHODVIDPLOLDVDSDUWLUGHVXLQWHU«VVXGHVHR
GHORFLR3DUWLUGHVXVJXVWRVSRUHMHPSORFUHDUWDOOHUHVGHPDQXDOLGDGHVGH
YHODVಹ
ಯ0H JXVWDU¯D SURSRQHU FRVDV 7DOOHU GH IDEULFDFLµQ GH YHODV 6DEHU R
SURSRQHU WDOOHUHV R FRVDV ಹ LQFOXVR SDUWLFLSDU HQ ODV KRUDV GH FODVH
SHURSURSRQLHQGRFRVDVರ)&(,3&S
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
ಯ$YHUVLPH]FODQGRXQSRFRHORFLRFRQHOWUDEDMRSRGHPRVKDFHUTXH
YHQJDQP£VORVSDGUHVDFRODERUDUರ1'&(,3&S
ಯ+D\XQWDQWRSRUFLHQWRGHIDPLOLDVTXHODVVHQWLPRVSUµ[LPDVTXHKD\
XQDUHODFLµQIOXLGDVFRQHOODV3HURDTXHOODVTXHQRDFDEDQGHHQWHQGHU
HO LGLRPDಹ SXHV LQWHQWDU GDU XQ SDVR TXH VH VLHQWDQ P£V
FRPSURPHWLGDVTXHVHLPSOLTXHQಹFRPRKDFHUFRPSUHQVLEOHDTXHOOR
TXHVXFHGHDTX¯ರ'&(,3&S
%XVFDU HVWUDWHJLDV SDUD KDFHU SDUW¯FLSHV D ORV KRPEUHV DO PDUJHQ GH ODV
WDUHDV GH FRQVWUXFFLµQ EULFRODMHಹ 6RQ VLHPSUH ODV PXMHUHV TXLHQHV HVW£Q
SUHVHQWHVHQODHVFXHODHQOD$03$HQORVWDOOHUHVಹ
ಯ4XL]£VQRVWHQGU¯DPRVTXHSODQWHDUSRVLELOLGDGHVGHSDUWLFLSDFLµQRGH
SRGHUHVWDUORVSDGUHVKRPEUHVDOPDUJHQGHODDFFLµQ3RUTXHFXDQGR
VROLFLWDPRVFRODERUDFLµQSDUDPRQWDUDOJXQDFRVDSDUDORVQL³RVSDUDHO
DXOD SDUD HO DPELHQWH R SDUD HO WDOOHU HQVHJXLGD YLHQHQ ಹ 3HUR HQ
FDPELRFXDQGRVHKDFHQODVFRQYRFDWRULDVSDUDSDUWLFLSDURHVWDUHQXQ
WDOOHU IDPLOLDU KD\ P£V SUHVHQFLD IHPHQLQD TXH PDVFXOLQD < VH WHQGU¯D
TXH YHU TX« KDFHU SDUD TXH ORV KRPEUHV ದ SDGUHV HVWXYLHUDQ HQ OD
HVFXHOD ,QFOXLGRV HQ OD $03$ ಹ 4XL]£V SODQWHDUQRV XQ
DFRPSD³DPLHQWR'&(,3&S
ಯಹ EXVFDU HVSDFLRV GRQGH ORV KRPEUHV HQ JHQHUDO SXHGDQ WHQHU
HVSDFLR GHQWUR GH OD HVFXHOD \D VHD HQ YHQWDQDV DELHUWDV R HQ RWUR
HVSDFLRರ(&(,3&S
5HDOL]DUXQD
DFRPSD³DPLHQWRDWRGDVODVQXHYDVIDPLOLDVTXHVHLQFRUSRUDQD
ODHVFXHOD
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
ಯಹ 7DPEL«Q QRV SRGU¯DPRV SODQWHDUQRV DOJ¼Q WLSR GH SODQWHDPLHQWR
P£VGLUHFWRVFRQODVIDPLOLDVTXHVHLQFRUSRUDQ+D\XQWDOOHUGHFRFLQD
SXHVLJXDODOJXQDPDHVWUDSRGU¯DHVWDU\SDUWLFLSDUHQDTXHOGL£ORJRFRQ
ODV PDGUHV 1R VµOR HO HVSDFLR \ OD LQIUDHVWUXFWXUD TXH VRQ LPSRUWDQWH
VLQR WDPEL«Q HO DFRPSD³DPLHQWR 7DPEL«Q VH SRGU¯D KDFHU XQ WLSR GH
DFRPSD³DPLHQWRFRQODVIDPLOLDVTXHYLHQHQGHRWURVOXJDUHVGHOPXQGR
\ TXH HV GLI¯FLO HO GL£ORJR SRUTXH QR QRV HQWHQGHPRV FRQ OD OHQJXD
VLJQLILFDGRVRVLJQLILFDGRVPX\VHQFLOORVರ'&(,3&S
,QWHQWDU YHU OD HVFXHOD FRPR XQ SXQWR GH UHIHUHQFLD XQ SXQWR GH HQFXHQWUR
SDUD ODV IDPLOLDV FRQ HO ILQ GH RIUHFHUOHV HVSDFLRV SDUD HO GL£ORJR SDUD OD
DSUR[LPDFLµQSDUDFRPSDUWLUಹ
ಯ4XH OD HVFXHOD VHD XQ SXQWR GH UHIHUHQFLD SDUD ODV IDPLOLDV HV GHFLU
TXH ODV IDPLOLDV VH VLHQWDQ ELHQ VH VLHQWDQ DFRJLGDV VH VLHQWDQ TXH
IRUPDQ SDUWH GH HVWD FRPXQLGDG \ TXH OH HV ¼WLO 4XH OR GHVHHQ HV XQ
HVSDFLR GH LQWHUFDPELR SRUTXH FUHHQ PXFKR HQ HO LQWHUFDPELR OR TXH
SXHGHQDSRUWDUXQRV\RWURVರ'&(,3&S
(QUHVXPHQVRQFLQFRODVO¯QHDVGHDFWXDFLµQSDUDIDYRUHFHUODVUHODFLRQHVIDPLOLDV\
HVFXHOD0HMRUHQWHQGLPLHQWRGHOSUR\HFWR1XHYDVSURSXHVWDVGHLPSOLFDFLµQ
+DFHUSDUW¯FLSHVDORVKRPEUHV5HDOL]DUXQDFRPSD³DPLHQWRGHWRGDVODVIDPLOLDV
\9HUODHVFXHODFRPRXQSXQWRGHUHIHUHQFLD
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
$02'2'(&21&/86,•1
7RPDQGRHQFRQVLGHUDFLµQODVH[SHULHQFLDV\YLYHQFLDV\HVSHFLDOPHQWHODVYRFHVGH
ORV SURWDJRQLVWDV GH HVWH HVWXGLR VH SRGU¯D DSUHFLDU FRPR HQ HVWH FHQWUR HGXFDWLYR
VLWXDGR HQ 5LSROOHW HPHUJH XQ PRGHOR VRFLR ದ HGXFDWLYR EDVDGR HQ HO HQWUDPDGR GH
ODVUHODFLRQHVIRUPDOHVHLQIRUPDOHVTXHVHHVWDEOHFHHQWUHORVGLIHUHQWHVPLHPEURV
GH VX FRPXQLGDG KDFLHQGR GHO G¯D D G¯D XQ FUHFLPLHQWR SHUVRQDO \ XQ HQFXHQWUR GH
DSUHQGL]DMH
'XUDQWHPLHVWDQFLDHQHOFDPSRSXGHREVHUYDUFRPRODHVFXHODLEDFUHFLHQGR\OR
VLJXH KDFLHQGR VLHQGR DV¯ VX ULTXH]D IXQGDPHQWDO ORV QL³RV \ QL³DV MXQWR D VXV
IDPLOLDV FRPSDUWLHQGR GH HVWD PDQHUD XQ VXH³R XQ SUR\HFWR SHGDJµJLFR UHWRV H
LGHDV \ VREUH WRGR XQ ELHQHVWDU HQWUH WRGRV ORV PLHPEURV GH HVWD FRPXQLGDG GH
DSUHQGL]DMH 'RQGH OD SDUWLFLSDFLµQ OD FRODERUDFLµQ H LPSOLFDFLµQ GH WRGRV ORV
FROHFWLYRV VRQ HMHV IXQGDPHQWDOHV HQ VX PRWRU VRFLR ದ HGXFDWLYR 3DUD HOOR FRPR
DILUPD.³DOOLQVN\
ಯ(Q HO HQWUDPDGR GH OD SDUWLFLSDFLµQ HGXFDWLYD QR GHEHPRV ROYLGDU OD
ILJXUDGHOQL³RVXSULQFLSDOSURWDJRQLVWD\HMHDOUHGHGRUGHOFXDOJLUDQORV
GHP£VFRPSRQHQWHVWHQLHQGRVLHPSUHSUHVHQWHVXSXQWRGHYLVWDರ
'H HVWD PDQHUD \ DSR\£QGRPH HQ SDODEUDV GH XQDV PDHVWUDV FRQVLGHUR TXH OD
HVFXHODSRGU¯DGDUFDELGDDVXVSURIHVLRQDOHVDORVQL³RV\QL³DVTXHODVFRQIRUPDQ\
DVXVIDPLOLDV\SHQVDUHQXQD
ಯ(VFXHODDELHUWDDORVFDPELRV\WUDQVIRUPDFLRQHVVRFLDOHV8QOXJDUGH
GHVFXEULPLHQWR GRQGH WDPEL«Q VH HVWDEOH]FDQ OD]RV UHDOHV FRQ HO
&DS¯WXOR(VFHQDULR&(,3&ದ5LSROOHW
HQWRUQR HQ HVWH FDVR HO EDUULR GRQGH VH HQFXHQWUD OD HVFXHOD SHUR
WDPEL«Q FRQ XQ HQWRUQR P£V OHMDQR (Q GHILQLWLYD XQD HVFXHOD TXH
HQWLHQGH D ORV QL³RV FRPR FLXGDGDQRV GHO SUHVHQWH \ QR VµOR FRPR
FLXGDGDQRVGHOIXWXURರ99$$
/D HVFXHOD FRPR OXJDU GH HQFXHQWUR \ GH UHODFLRQHV WHQGU¯D TXH VHU XQD
HVFXHOD DELHUWD D ORV QXHYRV FDPELRV IDYRUHFLHQGR HO DSUHQGL]DMH GH ODV
FULDWXUDV\XQHVFHQDULRTXHDSRVWDUDSRUODGLYHUVLGDGGHUHODFLRQHVHQWUHWRGRV
VXVPLHPEURV
&$378/2
75(60,5$'$675(65($/,'$'(6
819,$-($3$6,21$17(325(/(175$0$'2'(/$65(/$&,21(6
ಯ/DVSUHJXQWDVTXHIRUPXODPRVGHWHUPLQDQVLHPSUHKDVWDHQFLHUWRJUDGRODV
UHVSXHVWDV TXH HQFRQWUDPRV (VWH SXQWR HV PX\ LPSRUWDQWH D OD KRUD GH
SUR\HFWDU XQ HVWXGLR FXDOLWDWLYR /DV SUHJXQWDV GH LQYHVWLJDFLµQ TXH JX¯DQ XQ
HVWXGLRFXDOLWDWLYRUHIOHMDQTXHHOREMHWLYRGHOLQYHVWLJDGRUHVGHVFXEULUTX«HV
LPSRUWDQWH FRQRFHU VREUH XQ DVXQWR GH LQWHU«V 7RGR HVWXGLR FXDOLWDWLYR WLHQH
XQ IRFR SHUR HVH IRFR LQLFLDOPHQWH HV DPSOLR \ QR HVW£ OLPLWDGR SHUPLWLHQGR
TXH SXHGDQ GHVFXEULUVH QXHYRV H LPSRUWDQWHV VLJQLILFDGRVರ 0D\NXW \
0RUHKRXVH
$QDOL]DUODLQIRUPDFLµQREWHQLGDTXLHUHGHFLUGDUVHQWLGRDORTXHVHWLHQHDORVGDWRV
UHFRJLGRV (VWD IDVH GH OD LQYHVWLJDFLµQ UHTXLHUH PXFKR WLHPSR \ HVIXHU]R &RPR
LQYHVWLJDGRUD GHER RUJDQL]DU OD LQIRUPDFLµQ VLQWHWL]DUOD \ GHVFXEULU TXH HV OR P£V
LQWHUHVDQWHHLPSRUWDQWHGHORVHVWXGLRVGHFDVRV
0LOHV \ +XEHUPDQ DUJXPHQWDEDQ TXH HO DQ£OLVLV GH ORV GDWRV LPSOLFD XQD
UHGXFFLµQ GH ORV PLVPRV XQD VHOHFFLµQ GH OD LQIRUPDFLµQ REWHQLGD \ XQD
WUDQVIRUPDFLµQGH«VWDFRQHOILQGHH[SRQHUOD
(QHOSUHVHQWHFDS¯WXORHOOHFWRUSRGU£HQFRQWUDUGLIHUHQWHVHWDSDVUHDOL]DGDVSRUHVWH
JUDQ UHFRUULGR SRU HO ಯPXQGRರ GH ODV UHODFLRQHV HQWUH IDPLOLDV \ HVFXHODV OOHYDGDV D
FDERHQWUHVHVFHQDULRV¼QLFRV\VLQJXODUHV(VWDVHWDSDVSRGU¯DQTXHGDUUHVXPLGDV
GHODVLJXLHQWHPDQHUD8QUHVLWXDUODVHVFXHODVSRQHUHQFRQWH[WRWUHVUHDOLGDGHV
GLIHUHQWHV 8Q KDFHU YLVLEOH ODV UHODFLRQHV KDFHU SDOSDEOH ORV HMHV WHP£WLFRV
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
VXUJLGRV HQ \ GH OD LQYHVWLJDFLµQ \ 8Q HPHUJHU \ XQ UHSHQVDUVH ODV UHODFLRQHV D
SDUWLUGHY¯QFXORVGHXQLµQ\GHKXHOODVGLVWLQWLYDV
5(6,78$1'2 $ /$6 (6&8(/$6 75(6 5($/,'$'(6 75(6 0$1(5$6 '(
(17(1'(5/$65(/$&,21(6
/RV WUHV FHQWURV HGXFDWLYRV HVWXGLDGRV WLHQHQ GRV FDUDFWHU¯VWLFDV HQ FRP¼Q VRQ
HVFXHODVS¼EOLFDV\VHSUHRFXSDQEDMRVXPLUDGD\ILORVRI¯DSHGDJµJLFDGHLQFOXLU
DODVIDPLOLDVHQVXSUR\HFWRHGXFDWLYR\GHHVWDEOHFHUGLIHUHQWHVWLSRVGHUHODFLRQHV
&RPR \D VH KD UHFRJLGR HQ HO FDS¯WXOR HO &(,3 GH 7HQHULIH HV XQ FHQWUR OLEUH
DELHUWR \ SDUWLFLSDWLYR FX\D ILQDOLGDG HV OD FUHDFLµQ GH XQ FOLPD GH FRQYLYHQFLD
VXVWHQWDGR SRU HO UHVSHFWR \ HO GL£ORJR DFWLYR SRU SDUWH GH OD FRPXQLGDG HGXFDWLYD
3DUWLHQGRGHODQ£OLVLVGHORVGRFXPHQWRVSURSRUFLRQDGRV\GHODVYRFHVSDUWLFLSDQWHV
OD HVFXHOD GHVFULEH ODV UHODFLRQHV FRQ ODV IDPLOLDV GHVGH XQD µSWLFD GH FRPSDUWLU
LQIRUPDFLµQPHGLDQWHDODVUHXQLRQHVದHQWUHYLVWDVFRQORVWXWRUHV\EODVFLUFXODUHV
VLHQGRSRVLEOHODSDUWLFLSDFLµQGHHOODVHQPRPHQWRVSXQWXDOHVFRPRSRUHMHPSORHQ
IHVWLYDOHV<DWUDY«VGHODVHFUHWDU¯DGHOFHQWURFRPRY¯QFXOR\SXHQWHHQWUHDPEDV
LQVWLWXFLRQHV
(QHOFDS¯WXORHO&(,3GH%DUFHORQDVLHPSUHKDGHIHQGLGRXQDHGXFDFLµQVLQJXODU
GLIHUHQWH\FRODERUDWLYDFX\DILORVRI¯DSHGDJµJLFDVHEDVDHQHOWUDEDMRSRUSUR\HFWRV
3UHRFXSDGRSRUHVWDEOHFHUXQDFRPXQLGDGGHDSUHQGL]DMHGRQGHWRGRVVXVPLHPEURV
GRFHQWHV QR GRFHQWHV DOXPQRV \ IDPLOLDV WHQJDQ FDELGD \ SXHGDQ FRODERUDU
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
SDUWLFLSDUHLPSOLFDUVHGHQWURGHVXVSRVLELOLGDGHVHLQWHUHVHVHQHVSDFLRVIRUPDOHVH
LQIRUPDOHV 3DUD HVWD HVFXHOD ODV IDPLOLDV VRQ HO WHUFHU Y«UWLFH TXH FRPSRQH HO
WUL£QJXORGHODVUHODFLRQHVGHGLFKDFRPXQLGDGHGXFDWLYD
<SRU¼OWLPRHO&(,3GH5LSROOHWFDS¯WXORVHFDUDFWHUL]DSRUVHUXQFHQWURSHFXOLDU\
VHQVLELOL]DGR SRU HO ELHQHVWDU GH WRGRV VXV PLHPEURV FHQWUDQGR VX PLUDGD HQ OD
FRQVWUXFFLµQGHODLGHQWLGDGGHODPLVPD<YHODQGRSRUXQWUDEDMRFRPSDUWLGRFRQODV
IDPLOLDV \D TXH OD HVFXHOD QR SXHGHVHU HQWHQGLGD HQ VXWRWDOLGDGVL «VWDV QR HVW£Q
LQFOXLGDV HQ VX SUR\HFWR VRFLRHGXFDWLYR $V¯ SXHV ODVUHODFLRQHVTXHVHHVWDEOHFHQ
HQHVWHFHQWURHVW£QEDVDGDVHQHOUHVSHWRODFRQILDQ]DODHVFXFKDODFRPSOLFLGDGHO
SRGHUFRPSDUWLUPLUDGDVFRODERUDUSDUWLFLSDUHLPSOLFDUVHHQORVGLVWLQWRVHQFXHQWURV
\HVSDFLRVTXHVHEULQGDQ
/$9,6,%,/,'$''(/$65(/$&,21(6(1/2675(6(678',26'(&$626
6L SDUWLPRV GH OD LGHD GH OD H[LVWHQFLD GH QXHYDV FRQILJXUDFLRQHV IDPLOLDUHV VHU¯D
OµJLFRSHQVDUHQODJUDQGLYHUVLGDGGHWLSRORJ¯DVGHUHODFLRQHV\YDORUDFLRQHVTXHODV
IDPLOLDVUHDOL]DQDFHUFDGHODVHVFXHODVGRQGHDVLVWHQVXVKLMRV&HQWUDUODPLUDGDHQ
ODV VLQJXODULGDGHV GH ORV FDVRV HVWXGLDGRV PH KD OOHYDGR D EXVFDU VLPLOLWXGHV \
GLIHUHQFLDVHQORVWLSRVGHUHODFLRQHVTXHHVWDEOHFHQDPEDVLQVWLWXFLRQHVHGXFDWLYDV\
VRFLDOHV
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
3DUD UHFRQVWUXLU ORV WUHV HVFHQDULRV SRU ORV FXDOHV KH WUDQVLWDGR KD VLGR QHFHVDULR
GHVHQWUDPDU XQD VHULH GH VLJQLILFDGRV FRQ HO SURSµVLWR GH HQWHQGHUORV \ GRWDUORV GH
VHQWLGR6DQWRVDUJXPHQWDEDTXH
ಯಹ DO LQWHQWDU FRQVWUXLU XQD UHDOLGDG GHVHQWUD³DU VXV UHGHV GH
VLJQLILFDGR \ HQ GHILQLWLYD FRPSUHQGHUOD HQ WRGD VX SURIXQGLGDG QRV
KDFHQ IDOWD LQGLFDGRUHV GH FUHGLELOLGDG ಯ(V HVD OD UHDOLGDG" (VW£
TXL]£V IRUPDGD SRU ORV LQVWUXPHQWRV TXH VH KDQ HPSOHDGR SRU OD SULVD
FRQ TXH VH KD WUDEDMDGR SRU OD VXEMHWLYLGDG GH ORV LQIRUPDQWHV SRU OD
DUELWUDULHGDGGHODLQIRUPDFLµQಹ"ರ
7RGDVHVWDVFXHVWLRQHVGHDOJ¼QPRGRXRWURVLHPSUHHVWDU£QSUHVHQWHVHQQXHVWUDV
LQYHVWLJDFLRQHV\HVWRLPSOLFDU£TXHHVWHPRVDQWHFLHUWDVSDUFHODVGHGLFKDUHDOLGDG
GHODVTXHGHDOJ¼QPRGRGHWHUPLQDGRREWHQGUHPRVLQIRUPDFLµQUHOHYDQWH\IUXFWXRVD
SDUD OD LQYHVWLJDFLµQ HQ FXHVWLµQ D OD YH] TXH QRV HQFRQWUDUHPRV FRQ DOJXQDV
OLPLWDFLRQHV GHQWUR GHO £PELWR TXH VH KD GHVHDGR HVWXGLDU $V¯ GH HVWH PRGR OD
FODYHGHWRGRHVWHHQWUDPDGRHVW£HQODಯLQWHUSUHWDFLµQರGHWRGDODLQIRUPDFLµQTXHVH
SRVHH \ HQ OD UHVSXHVWD GH DOJXQRV LQWHUURJDQWHV FµPR SRGHPRV YDOLGDU R GDU
FU«GLWR D OD LQIRUPDFLµQ REWHQLGD" 6HJ¼Q %DUWRORP« \ 'HO 5LQFµQ \ RWURV
ORV FULWHULRV GH ULJRU FLHQW¯ILFR FUHGLELOLGDG WUDQVIHULELOLGDG GHSHQGHQFLD \
FRQILUPDFLµQ QRV D\XGDQ D LQWHUSUHWDU UHSUHVHQWDU \ HQWHQGHU OD UHDOLGDG TXH
HVWDPRVLQYHVWLJDQGR$WUDY«VGHODREVHUYDFLµQODVHQWUHYLVWDV\ODWULDQJXODFLµQVH
KD SRGLGR FRQRFHU FRPSUHQGHU UHODFLRQDU \ FRQWUDVWDU OD LQIRUPDFLµQ REWHQLGD (Q
HVWD LQYHVWLJDFLµQ GH FDU£FWHU FRQVWUXFWLYLVWD VH KD LQWHQWDGR QR UHDOL]DU
JHQHUDOL]DFLRQHV GH ORV GDWRV REWHQLGRV VLQR P£V ELHQ GHVWDFDU OD VLQJXODULGDG GH
FDGD FHQWUR \D TXH OR TXH RFXUU¯D HQ ORV GLIHUHQWHV HVFHQDULRV GHSHQG¯D GH XQ
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
FRQWH[WRGHWHUPLQDGR/RTXHV¯KHSUHWHQGLGRHVGHVFULELUHLQWHUSUHWDUFDGDXQRGH
ORVHVFHQDULRV \ EXVFDUQH[RV GH XQLµQ HQWUHHOORV GRWDQGR GH VHQWLGR \ VLJQLILFDGR
ODV YRFHV GH ORV SDUWLFLSDQWHV GH HVWD LQYHVWLJDFLµQ ODV DFFLRQHV ODV UHIOH[LRQHV \
OOHJDQGRDWULDQJXODUODLQIRUPDFLµQREWHQLGD
&HQWU£QGRQRVHQHOWHPDTXHPHDWD³H
&RQRFHUGHVFULELUDQDOL]DULQWHUSUHWDU\YDORUDUTX«WLSRVGH
UHODFLRQHVVHHVWDEOHFHQHQWUHODVIDPLOLDV\ODVHVFXHODV
6H YLVOXPEUD FRPR DPEDV LQVWLWXFLRQHV D SDUWLU GH XQD VHULH GH PHFDQLVPRV
HVWUDWHJLDV\W«FQLFDVLQWHQWDQFUHDUQH[RVGHXQLµQDWUDY«VGHHQFXHQWURVIRUPDOHVH
LQIRUPDOHV
(QHVWHHS¯JUDIHVHLQWHQWDKDFHUXQDFHUFDPLHQWR\KDFHUYLVLEOHFµPRODVIDPLOLDV\
ODV HVFXHODV HVWDEOHFHQ XQD GLYHUVLGDG GH UHODFLRQHV \ FµPR DPEDV YDQ
FRQVWLWX\HQGRXQHQWUDPDGRRQRGHODVPLVPDV
$ORODUJRGHORVGLIHUHQWHVFDS¯WXORVH[SXHVWRVHQHVWDWHVLVVHKDSRGLGRREVHUYDU
FRPR IDPLOLDV GRFHQWHV \ SHUVRQDO QR GRFHQWH YHODQ SRU OD HGXFDFLµQ GH ORV QL³RV
TXH DVLVWHQ D ORV FHQWURV HGXFDWLYRV VLHQGR QHFHVDULR TXH WRGRV FRPR FRPXQLGDG
VRFLRHGXFDWLYD HVWDEOH]FDQ FDQDOHVGH SDUWLFLSDFLµQ FRODERUDFLµQ HLPSOLFDFLµQ HQ
GLIHUHQWHVQLYHOHVEDVDGRVHQODVDFFLRQHVODFRPXQLFDFLµQODHVFXFKD\HOUHVSHWR
FRQHOILQGHFRPSDUWLUDFWLYLGDGHVSURSXHVWDVLQLFLDWLYDV\UXWLQDVTXHOHVOOHYDDXQ
FRRSHUDU\DFRPSD³DUPXWXRV
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
6L FHQWUDPRV OD PLUDGD HQ FµPR ODV HVFXHODV VH UHODFLRQDQ FRQ ODV IDPLOLDV \
YLFHYHUVD VH REVHUYD TXH VH KDFH GHVGH GRV YHUWLHQWHV OD IRUPDO \ OD LQIRUPDO /D
SULPHUD GH FDU£FWHU P£V IRUPDO D QLYHO LQVWLWXFLRQDO VH EDVD HQ HQWUHYLVWDV \
UHXQLRQHV GH FXUVR MXQWR D OD SRVLEOH SDUWLFLSDFLµQ GH ODV IDPLOLDV HQ HO &RQVHMR
(VFRODUKDFLHQGRTXH«VWDVSXHGDQVHUJHVWRUDVHQODWRPDGHGHFLVLRQHVHGXFDWLYDV
2 LQFOXVR VH OHV OOHJD D RWRUJDU GHQWUR GHO FHQWUR HGXFDWLYR XQ HVSDFLR GH
HQFXHQWURVTXHVRQODV$VRFLDFLRQHVGH)DPLOLDVGH$OXPQRV$)$FRQHOSURSµVLWR
GH TXH «VWDV SXHGDQ SDUWLFLSDU HQ OD YLGD HVFRODU GHO FHQWUR /D VHJXQGD VLQ
HPEDUJRVXUJHGHXQWUDWRP£VLQIRUPDO\VHOOHYDDFDERPHGLDQWHODSDUWLFLSDFLµQGH
ODV IDPLOLDV HQ ILHVWDV FHOHEUDFLRQHV MRUQDGDV \ HO FRQWDFWR TXH VH HVWDEOHFH D OD
HQWUDGD\VDOLGDGHOFROHJLR9LOD&RVWD\3DUHOODGD
5HFXSHUDQGR ODV YRFHV GH ORV SDUWLFLSDQWHV GH HVWH HVWXGLR PLV DQRWDFLRQHV HQ HO
FDPSRHODQ£OLVLVGHORVGRFXPHQWRV\ODVREVHUYDFLRQHVUHDOL]DGDVH[LVWHQUD]RQHV
SDUD SHQVDU TXH D¼Q TXHGD PXFKR FDPLQR SRU UHFRUUHU GRQGH WRGD OD FRPXQLGDG
HGXFDWLYD QHFHVLWD UHIOH[LRQDU VREUH VXV DFWXDFLRQHV SRO¯WLFDV FULWHULRV HQ FXDQWR D
ODV UHODFLRQHV TXH VH HVWDEOHFHQ HQ HO FHQWUR HGXFDWLYR 'HVGH XQD µSWLFD P£V GH
UHSHQVDUVH\FXHVWLRQDUVHVHU£UHOHYDQWHPRGLILFDUFLHUWRVSDWURQHVSUHGHWHUPLQDGRV\
EXVFDU RWUDV Y¯DV GH XQLµQ FRODERUDFLµQ SDUWLFLSDFLµQ LPSOLFDFLµQ \ FRPXQLFDFLµQ
FRQ OD ILQDOLGDG GH FRPSDUWLU SURYRFDU HQFXHQWURV HQ YH] GH GHVHQFXHQWURV \
HVWDEOHFHUUHODFLRQHVELGLUHFFLRQDOHV\QRXQLGLUHFFLRQDOHVFRPRKDSDVDGRHQDOJ¼Q
TXH RWUR FDVR SRVLELOLWDQGR OD UHDOL]DFLµQ GH WDUHDV FRQMXQWDV \ OD SUHVHQFLD GH ODV
IDPLOLDVHQODVHVFXHODVHQODVDXODV6RO«
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
(QORVVLJXLHQWHVVXEDSDUWDGRVVHLQWHQWDGDUUHVSXHVWDVDORVREMHWLYRV\FXHVWLRQHV
SODQWHDGRV HQ HVWH HVWXGLR FRPR XQ LU \ YHQLU HQ OD FRQVWUXFFLµQ GH VLJQLILFDGRV
GRWDQGRGHVHQWLGRWRGRHOSURFHVRGHODLQYHVWLJDFLµQ
/$(6&8(/$&20238172'(3$57,'$
ಯ$OJXQRVSDGUHVOLPLWDQVXSDUWLFLSDFLµQDODPHUDHOHFFLµQGHOFHQWURSRUTXH
GHVFRQRFHQ OD LPSRUWDQFLD GH VX LPSOLFDFLµQ HO SDSHO TXH SXHGHQ
GHVHPSH³DU HQ «O SDUD RSWLPL]DU VX IXQFLRQDPLHQWR HQULTXHFHU VXV
DFWLYLGDGHV R PHMRUDU OD RIHUWD HGXFDWLYD OD QHFHVLGDG HQWUH RWUDV GH
YLQFXODU VX SURSLD O¯QHD IRUPDWLYD FRQ OD TXH VH VLJXH HQ HO FHQWUR DO TXH
DFXGHQ VXV KLMRV OD LQFLGHQFLD TXH HOOR WLHQH HQ ORV SURFHVRV \ HQ ORV
UHVXOWDGRV HVSHUDEOHVಹ 1R WLHQH VHQWLGR SDUWLFLSDU SRU SDUWLFLSDUರ
)HUQ£QGH](
/DSULPHUDWRPDGHFRQWDFWRTXHHVWDEOHFHQODVIDPLOLDVFRQODHVFXHODHVHOPRPHQWR
GHHOHJLUHOFHQWURGRQGHDVLVWLU£QVXVKLMRV6HJ¼QOD/2&(OD/2(\OD
/(&ODVIDPLOLDVWLHQHQHOGHUHFKRDHVFRJHUHOFHQWURHGXFDWLYRGHXQDPDQHUD
OLEUHSXGLHQGRSDUWLFLSDUHQHOFRQWURO\JHVWLµQGHOPLVPR\OOHJDQGRDFRODERUDUHQHO
SURFHVR HGXFDWLYR GH OD HVFXHOD ([LVWLHQGR HQ OD SU£FWLFD VHJ¼Q 3«UH] ದ '¯D]
5RGU¯JXH] \ 6£QFKH] \ UHFXSHUDQGR ODV YRFHV GH ORV DFWRUHV GH ORV WUHV
HVWXGLRVGH FDVRV OD SRVLELOLGDG GH DVLVWLU D HVH FHQWUR HGXFDWLYR SRU ODFHUFDQ¯DDO
GRPLFLOLRSRUODDVLJQDFLµQGHODSURSLD$GPLQLVWUDFLµQ(GXFDWLYDSRUHOKHFKRGHTXH
(Q$OIRQVR&HWDO/DSDUWLFLSDFLµQGHORVSDGUHV\ODVPDGUHVHQODHVFXHOD %DUFHORQD*UDµ
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
XQRGHORVIDPLOLDUHV\DDVLVWLµDOPLVPRGHSHTXH³RSRUODFDOLGDGGHODHGXFDFLµQ\
ODILORVRI¯DGHOSUR\HFWRHGXFDWLYRSRUODSUR[LPLGDGDOSXHVWRGHWUDEDMRHOFOLPD\HO
DPELHQWH
'HVGHODSHUVSHFWLYDGHORVGRFHQWHV\SHUVRQDOQRGRFHQWHODHOHFFLµQRDVLJQDFLµQ
GHODHVFXHODYHQGU¯DGDGDSRUVXVWLWXFLRQHVRSRURSRVLFLRQHV\RFRQFXUVRVHLQFOXVR
SRUHOD]DUWDO\FRPRVHPXHVWUDHQODVLJXLHQWHWDEOD
&(,3$ದದ7(1(5,)(
3UR[LPLGDGDOKRJDU
&RUUHVSRQGHQFLD SRU ]RQD
RGHWUDEDMR
&(,3%
%ದ
ದ%$5&(/21$
$VLJQDFLµQ
GHO
&(,3&5,32//(7
SURSLR 3RUUHFRPHQGDFLµQ
'HSWRGH(GXFDFLµQ
(OHFFLµQ
(VFXHODSHTXH³D\IDPLOLDU
GHVGH
HO
GHVFRQRFLPLHQWR
(OD]DUGHPDQHUDFDVXDO
6XVWLWXFLRQHVGRFHQWHV
(VFXHODGHEDUULR
&RQFXUVRದRSRVLFLRQHV
/D SUR[LPLGDG \ EXHQD $ SDUWLU GH XQ VXH³R KHFKR
UHDOLGDG
UHSXWDFLµQ
3RU DVLJQDFLµQ GHO SURSLR &RQRFLPLHQWR
GH
ORV
FRPSD³HURV
HTXLSRGLUHFWLYR
3RUHOSUR\HFWRHGXFDWLYR
(IHFWRFDVXDOHOD]DU
&RRSHUDWLYD PDHVWURV HQ 3UR[LPLGDGದFHUFDQ¯D
VXVLQLFLRV
,QWHULQRದVXVWLWXWR
2SRVLFLRQHV
&RPSOHMLGDG FDPELRV
\
DFRPSD³DPLHQWR
'H HVWD PDQHUD \ WHQLHQGR HQ FXHQWD ODV GLIHUHQWHV DSRUWDFLRQHV UHFRJLGDV PH
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
DWUHYHU¯DDGHFLUTXHODHVFXHODVHU¯DHOSXQWRGHSDUWLGDSDUDHVWDEOHFHUXQWLSRXRWUR
GHUHODFLRQHVFRQODVIDPLOLDVHQSDUWLFXODU\FRQODFRPXQLGDGHGXFDWLYDHQJHQHUDO
81(175$0$'2'(5(/$&,21(6
5HFXSHUDQGRHOVLJXLHQWHREMHWLYRGHODLQYHVWLJDFLµQ
2EMHWLYR,GHQWLILFDUGHVFULELUDQDOL]DUHLQWHUSUHWDUHOSURFHVRGH
FRQVWUXFFLµQGHODVUHODFLRQHVHQWUHIDPLOLDV\HVFXHODV
< WUDV HO SRVWHULRU DQ£OLVLV H LQWHUSUHWDFLµQ GH OD LQIRUPDFLµQ KH REVHUYDGR FRPR ODV
GLIHUHQWHV FRPXQLGDGHV HGXFDWLYDV YDQ HQWUHWHMLHQGR VXV UHODFLRQHV KDVWD OOHJDU D
FRQVHJXLU\FRQVWUXLUGLYHUVRVHQWUDPDGRVGHODVPLVPDV
3DUHOODGDQRVDGYLHUWHGHFµPRODUHODFLµQRUHODFLRQHVHQWUHODVIDPLOLDV\ODV
HVFXHODVVHSODQWHDGHVGHXQDSHUVSHFWLYDVLVW«PLFDVLHQGRQHFHVDULDODLPSOLFDFLµQ
GH WRGRV ORV DJHQWHV VRFLDOHV TXH FRPR SLH]DV FRPSRQHQ OD HGXFDFLµQ 6H
FRQVLGHUDTXHQRHVVXILFLHQWHFRQODFUHDFLµQGHOD]RVRQRGHXQLµQHQWUHIDPLOLD\
HVFXHOD VLQR TXH OD LPSOLFDFLµQ GH WRGD OD VRFLHGDG \ GH OD PLVPD $GPLQLVWUDFLµQ
HGXFDWLYD OOHJDU¯D D JHQHUDU QXHYRV SURFHVRV \ QXHYRV HQWUDPDGRV D OD KRUD GH
HVWDEOHFHUGLFKDVUHODFLRQHV
(QHVWDLQYHVWLJDFLµQ\WDO\FRPRVHSUHVHQWDHQODWDEODVHYLVOXPEUDFRPRHQ
ORVWUHVHVFHQDULRVH[LVWHXQDGLYHUVLGDGHQODVUHODFLRQHVHQWUHIDPLOLDV\HVFXHODV\
FRPRGHQWURGHHVDGLYHUVLGDGGHVWDFDWUHVSRVLFLRQHV\PDQHUDVGHHVWDEOHFHUODV
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
'HVGHODSUR[LPLGDGHOEXHQFOLPD\HOFXLGDGR\HOUHVSHWRGDQGROXJDUDTXH
«VWDVVHDQHVWUHFKDVEXHQDV\FRUGLDOHV
3DVDQGRSRUODUHODFLµQEDVDGDHQXQSUREOHPD\ODE¼VTXHGDGHXQVHQWLGR\
XQDFRQILDQ]D
+DVWDODQRH[LVWHQFLD\IDOWDGHUHODFLµQ
3DUD 9LOD HO HVWDEOHFLPLHQWR GH XQDV UHODFLRQHV IOXLGDV FRUGLDOHV \
FRQVWUXFWLYDVHQWUHWRGRVORVDJHQWHVHGXFDWLYRVQRVOOHYDU¯DDIDYRUHFHUHOGHVDUUROOR
\SRWHQFLDOHGXFDWLYRGHXQRXRWURFRQWH[WR\DUHYDORUL]DUODSU£FWLFDHGXFDWLYD
&(,3$ದದ7(1(5,)(
'LVWLQWDVWLSRORJ¯DV
5HODFLRQHV
&(,3%ದ
ದ%$5&(/21$
'LYHUVLGDGGHUHODFLRQHV
FRUGLDOHV 'H SUR[LPLGDG EXHQ FOLPD
EXHQDV\IOXLGDV
SHUVRQDO
/D UHODFLµQ HQ EDVH D XQ 'HVGH HO FXLGDGR \ HO
SUREOHPDÆFµPRIXQFLRQD
UHVSHWR
)DOWDGHUHODFLµQ
&(,3&5,32//
/(7
'LYHUVLGDG GH UHODFLRQHV Æ
VHQWLGR \ FDELGD HQ OD
HVFXHOD
/D UHODFLµQ HVWUHFKD \
FRUGLDO
5HODFLµQGHFRQILDQ]D
5HODFLµQ GHO G¯D D G¯D \ GH
VHUDFFHVLEOH
7DEOD,GHQWLILFDFLµQGHODGLYHUVLGDGHQODVUHODFLRQHVHQWUHIDPLOLDV\HVFXHODV
7HQLHQGR HQ FXHQWD HVWH ಯPDSHRರ GH UHODFLRQHV OR LQWHUHVDQWH VHU¯D FUHDU XQD
FRPXQLGDG HGXFDWLYD TXH GLHUD UHVSXHVWD D ODV H[SHFWDWLYDV ORV LQWHUHVHV ORV
SUR\HFWRV \ ODV LOXVLRQHV GH WRGRV ORV SDUWLFLSDQWHV GH OD PLVPD 3RU ORWDQWR \ WDO\
FRPRDUJXPHQWD3DUHOODGD
,E¯G
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
ಯ/RTXHSXHGHYHKLFXODUODUHODFLµQIDPLOLDದHVFXHODVHGHEHVRVWHQHUHQ
HO HVWDEOHFLPLHQWR GH XQD FRPXQLFDFLµQ IOXLGD 8QD FRPXQLFDFLµQ TXH
VµOR VH SXHGH FRQVWUXLU GHVGH ORV FLPHQWRV GH OD HVFXFKD GH OD
DFHSWDFLµQ\HOUHVSHWR\FRPSUHQVLµQGHODVEXHQDVUD]RQHVರ
6LHQGR ODV IDPLOLDV XQR GH ORV PRWRUHV GH GLFKD UHODFLµQ \ SDUW¯FLSHV GH VLWXDFLRQHV
FRPSDUWLGDVSUHVHQWDGDVSRUORVGRFHQWHV\ODSURSLDHVFXHOD
/$ $62&,$&,•1 '( )$0,/,$6 &202 38(17( (175( (//$6 < /$
(6&8(/$
/D$03$HVFRQVLGHUDGDSRUORVDFWRUHVGHHVWHHVWXGLRFRPRODY¯DGHSDUWLFLSDFLµQ
GLUHFWDGHODVIDPLOLDVHQODVHVFXHODV3DUDHOOR\WDO\FRPRVHSUHVHQWDHQODWDEOD
UHFRJLGDOD$VRFLDFLµQGH)DPLOLDVDSDUWHGHVHUXQHVSDFLRI¯VLFRGHHQFXHQWUR
WDPEL«QHVXQOXJDUGHRUJDQL]DFLµQ\JHVWLµQGHWRGDVODVDFWLYLGDGHVH[WUDHVFRODUHV
TXH SUHVHQWD HO FHQWUR RIUHFLHQGR D VX YH] XQD VHULH GH VHUYLFLRV GHQWUR GH ODV
HVFXHODV TXH LQWHQWD GDU UHVSXHVWDV D ODV GHPDQGDV \ QHFHVLGDGHV GH ODV SURSLDV
IDPLOLDV
&(,3$ದ7(1(5,)(
&(,3%ದ%$5&(/21$
GH $\XGD DO HTXLSR GRFHQWH
2UJDQL]DU \ JHVWLRQDU ODV 2UJDQL]DFLµQ
DFWLYLGDGHVH[WUDHVFRODUHV
6HUYLFLR GH SHUPDQHQFLD Æ
$FRJLGDDOXPQDGR
&(,3&5,32//(7
DFWLYLGDGHVH[WUDHVFRODUHV\
SDUD WLUDU KDFLD GHODQWH HO
H[FXUVLRQHVIDPLOLDUHV
SUR\HFWRHGXFDWLYR
6ROXFLµQ
GH
SRVLEOHV (ODERUDU
\
SUHVHQWDU
6H OH UHFXHUGD DO OHFWRU TXHOD $VRFLDFLµQ GH 0DGUHV \ 3DGUHV GH $OXPQRV $03$ HQ OD DFWXDOLGDG
WDPEL«QVHODFRQRFHFRPROD$VRFLDFLµQGH)DPLOLDVGH$OXPQRV$)$
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
)DOWD GH DWHQFLµQ D ODV
QHFHVLGDGHVSHUVRQDOHV
'HWHFWDU
SUR\HFWRV
VXEYHQFLRQHV
FRQIOLFWRV
3ODQLILFDFLµQ \ UHDOL]DFLµQ &XRWDV\UHFLERV
\
VXEYHQFLRQHV
&XRWDV\UHFLERV
GHFRQIHUHQFLDVHGXFDWLYDV
5HXQLRQHVPHQVXDOHV
&XRWDV\UHFLERV
$FWLYLGDGHVH[WUDHVFRODUHV
$WHQGHU
GHPDQGDV
LQWHUURJDQWHV
GH
H
ODV
IDPLOLDV
7DEOD/D$VRFLDFLµQGHIDPLOLDVFRPRSXHQWHHQWUHHOODV\ODHVFXHOD
$V¯SXHVODV$03$VRQODVHQFDUJDGDVGHIDFLOLWDUODSDUWLFLSDFLµQGHODVIDPLOLDVHQ
ODVDFWLYLGDGHVGHOFHQWURDGHP£VGHODVHVWDEOHFLGDVSRUODQRUPDWLYDYLJHQWH<VRQ
HOSXHQWH\Y¯DVGHFRPXQLFDFLµQHQWUHIDPLOLDV\HVFXHOD
',9(56,'$''(5(/$&,21(6$3$57,5'((675$7(*,$6<0(&$1,026
(1(63$&,26)250$/(6
ಯ(O GXDOLVPR RQWROµJLFR OD FRQFHSFLµQ GH XQ PXQGR GLYLGLGR HQ jVXMHWRVj \
jREMHWRVjFRQGXFHDOHUURU&UHDODLPSUHVLµQGHTXHORVjVXMHWRVjSXHGHQYLYLU
VLQ ORV jREMHWRVj ,QGXFH DO VHU KXPDQR D SUHJXQWDUVH FX£O GH ORV GRV HV OD
FDXVD \ HO HIHFWR &XDQGR FRQVLGHUDPRV XQLGDGHV TXH VH HQFXHQWUDQ
RQWROµJLFDPHQWHHQXQDLQWHUUHODFLµQIXQFLRQDOPXWXDದFRPRSRUHMHPSORHO
HVWµPDJR \ HO FHUHEUR ODV LQVWLWXFLRQHV HFRQµPLFDV \ ODV SRO¯WLFDV R HO VHU
KXPDQR\ODQDWXUDOH]DQRKXPDQDದQRVWRSDPRVFRQUHODFLRQHVGHXQWLSR
TXH \D QR SXHGH VHU DEDUFDGR FRPSOHWDPHQWH SRU XQ PRGHOR PHF£QLFR GH
ODVUHODFLRQHVFDXVDದHIHFWRರ1RUEHUW(OLDV
$QWHHOVLJXLHQWHREMHWLYR
(Q &ROOHW - L 7RUW $ )DP¯OLHV HVFROD L «[LW 0LOORUDU HOV YLQFOHV SHU PLOORUDU HOV UHVXOWDWV %DUFHORQD)XQGDFLµ-DXPH%RILOO,QIRUPHV%UHXV(GXFDFLµ
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
2EMHWLYR,GHQWLILFDUGHVFULELULQWHUSUHWDU\DQDOL]DUORVPHFDQLVPRV
\ODVHVWUDWHJLDVTXHGHVSOLHJDQODVHVFXHODVSDUDUHODFLRQDUVHFRQ
ODVIDPLOLDV\YLFHYHUVD
/µSH] ದ %DUDMDV \ &RVWD LGHQWLILFDURQ FLQFR SRVLEOHV PHFDQLVPRV GH
HVWDEOHFHUUHODFLRQHVHQHVSDFLRVIRUPDOHVODVHQWUHYLVWDVODVUHXQLRQHVHOFRQVHMR
HVFRODU OD $03$ \ RWURV HQFXHQWURV HQWUH ODV IDPLOLDV \ OD HVFXHOD (Q HVWD
LQYHVWLJDFLµQ \ WHQLHQGR HQ FXHQWD ORV WUHV FHQWURV HGXFDWLYRV VHKD REVHUYDGRTXH
MXQWR D HVRV FLQFR PHFDQLVPRV \ HVWUDWHJLDV VH SRGU¯DQ VXPDU RWURV FRPR ODV
FLUFXODUHVORVLQIRUPHVODOLEUHWDದDJHQGDODVFRPLVLRQHVTXHIDYRUHFHQDOY¯QFXOR\
ODFRPXQLFDFLµQHQWUHDPEDVLQVWLWXFLRQHV7DO\FRPRVHPXHVWUDHQODWDEOD
&(,3$ದ7(1(5,)(
(QWUHYLVWDVLQGLYLGXDOHV
5HXQLRQHVJUXSDOHV
$JHQGDHVFRODU
&LUFXODUHV
1RWDVHYDOXDFLRQHVಹ
/ODPDGDVWHOHIµQLFDV
&(,3%ದ%$5&(/21$
&(,3&5,32//(7
6HVLRQHVLQIRUPDWLYDVVREUH 5HXQLRQHV
HO IXQFLRQDPLHQWR GH OD
HVFXHOD
5HXQLRQHVWXWRUದIDPLOLDV
(QWUHYLVWDVSHUVRQDOHV
,QIRUPHVGHVHJXLPLHQWR
(QWUHYLVWDV
,QIRUPHV
/LEUHWD
/ODPDGDVWHOHIµQLFDV
&RPLVLRQHV
ƒOEXPQHV
&LUFXODUHV
&LUFXODUHV
$JHQGDದOLEUHWD
&RPLVLRQHV
(O OLEUR EODQFR GH OD
HVFXHOD
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
(VWD GLYHUVLGDG GH UHODFLRQHV GDGDV HQWUH GRFHQWHV IDPLOLDV LQIDQWHV \ HQWRUQR HQ
HVSDFLRVIRUPDOHVFRQIRUPDQHOFHQWURHGXFDWLYR
',9(56,'$' '( 5(/$&,21(6 $ 3$57,5 '( (675$7(*,$6 <
0(&$1,6026(1(63$&,26,1)250$/(6
&RPR DUJXPHQWDED 9LOD HVWDEOHFHU XQDV UHODFLRQHV LQIRUPDOHV SXHGH
VHUYLUSDUDODFRPXQLGDGHGXFDWLYDHVWDEOHFHUXQHQWUDPDGR\XQWHMLGRP£VFRUGLDO\
IOXLGRHQWUHWRGRVORVLQYROXFUDGRVGHODPLVPD
ಯ/DV UHODFLRQHV LQIRUPDOHV VLUYHQ SDUD PDQWHQHU XQD UHODFLµQ FRUGLDO \
IOXLGD\UHFLELULQIRUPDFLRQHVSXQWXDOHVFµPRKDGRUPLGRXQQL³RTX«KD
FRPLGRGXUDQWHHOG¯DVLSDUWLFLSDRQRHQODVDFWLYLGDGHVHWFSHURQR
VRQXQEXHQLQVWUXPHQWRSDUDGLVFXWLUSXQWRVGHYLVWDVREUHODHGXFDFLµQ
LQIDQWLO R SDUD TXH ODV IDPLOLDV YDORUHQ HO WUDEDMR SURIHVLRQDO GH ODV
PDHVWUDV ,JXDOPHQWH ODV UHXQLRQHV GH FODVH SXHGHQ UHVXOWDU D YHFHV
LQFRPSUHQVLEOHV SDUD ODV IDPLOLDV \D TXH PXFKDV YHFHV VH XWLOL]D XQD
ಯMHUJDರSHGDJµJLFDSDUDFRQVXPRSURSLRTXHQRSHUPLWHODSDUWLFLSDFLµQ
GHODVIDPLOLDVRORTXHHVSHRUಯWUDQVPLWLUರLGHDVIDOVDVRHTXLYRFDGDV
ORFXDOGLILFXOWDD¼QP£VHOFRQRFLPLHQWRGHORTXHRFXUUHHQHODXODರ
2EMHWLYR,GHQWLILFDUGHVFULELULQWHUSUHWDU\DQDOL]DUORVPHFDQLVPRV
\ODVHVWUDWHJLDVTXHGHVSOLHJDQODVHVFXHODVSDUDUHODFLRQDUVHFRQ
ODVIDPLOLDV\YLFHYHUVD
(Q$OIRQVR&HWDO/DSDUWLFLSDFLµQGHORVSDGUHV\ODVPDGUHVHQODHVFXHOD%DUFHORQD*UDµ
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
3DUD&RQWUHUDVHVHYLGHQWHTXHQRH[LVWHXQ¼QLFRPRGHORGHHVFXHOD\SRUOR
WDQWRXQ¼QLFRWLSRGHHVWDEOHFHUUHODFLµQVLQRP£VELHQHVSRVLEOHTXHVHWHQJDQTXH
EXVFDU RWURV HVSDFLRV WLHPSRV UHODFLRQHV \ VDEHUHV (Q HVWH VHQWLGR WDO \ FRPR
PXHVWUDQORVDFWRUHVGHHVWDLQYHVWLJDFLµQHQODVLJXLHQWHWDEOD
&(,3$ದದ7(1(5,)(
&(,3%ದ
ದ%$5&(/21$
&(,3&5,32//(7
7DOOHUHV
6DOLGDV\H[FXUVLRQHV
(OG¯DDG¯D
)HVWLYDOHV
)HVWLYDOHV
7DOOHUHV
(QFXHQWURVHQFDIHWHU¯D
(OW¼DW¼
(OW¼DW¼
1RWDV
SDUWLFXODUHV
R ([SHULHQFLDV \ DFWLYLGDGHV 0HGLDWHFD
FRPXQLFDGRV D WUDY«V GH OD
HQODHVFXHODHQHODXOD
DJHQGD
(VSDFLRIDPLOLDU
7HUWXOLDV
9LVLWDGHSURIHVRUHV
3DUDHOOR\DGLIHUHQFLDGHODVUHODFLRQHVP£VIRUPDOHVVHSDVDU¯DFRPRDILUPD/µSH]
ದ%DUDMDVGHXQDPLUDGDLQIRUPDWLYDDXQDPLUDGDP£VSDUWLFLSDWLYDGDQGROXJDU
D TXH ODV IDPLOLDV VH SXHGDQ LQFRUSRUDU HQ FODVH FUHDU HVSDFLRV GH HQFXHQWURV
UHDOL]DU WDOOHUHV VDOLGDV UHSODQWH£QGRVH Y¯DV DOWHUQDWLYDV \ RWURV HVFHQDULRV P£V
DFFHVLEOHGLQ£PLFRV\GHXQFRPSDUWLUPXWXDPHQWH
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
&2/$%25$&,•1 ದ 3$57,&,3$&,•1 ( ,03/,&$&,•1 0$1(5$6 '(
(67$%/(&(55(/$&,21(6
5HVXOWD LPSRUWDQWH VH³DODU FRPR ORV GLIHUHQWHV DFWRUHV GH HVWH HVWXGLR FRQFLEHQ OD
FRODERUDFLµQSDUWLFLSDFLµQHLPSOLFDFLµQGHVGHGLIHUHQWHVQLYHOHVSRVLFLRQDPLHQWRV\
PLUDGDV(VHYLGHQWHREVHUYDUFRPRFDGDDFWRUVHLPSOLFDFRODERUD\SDUWLFLSDVHJ¼Q
VXV QHFHVLGDGHV SRVLELOLGDGHV H LQWHUHVHV R FRPR VH SRVLFLRQD HQ OD HVFXHOD \
HVWDEOHFHXQWLSRGHUHODFLµQXRWUR/RTXHV¯HVFLHUWRHVTXHWDQWRXQRVFRPRRWURV
LQWHQWDQORJUDU\FRQVWLWXLUFLHUWRVQH[RVGHXQLµQFRQHOSURSµVLWRGHHQFRQWUDUQXHYDV
FRQH[LRQHV \ HQWUHWHMHU GLYHUVDV DFFLRQHV HVWUDWHJLDV DFXHUGRV DOLDQ]DV
QHJRFLDFLRQHV\WRPDUGHFLVLRQHVTXHODVOOHYHQDODSU£FWLFD
6DQWDQD\2OLYHURVDSXQWDURQTXHWDQWRHVFXHODFRPRIDPLOLDVWHQGU¯DQHOJUDQ
UHWR GH DSUHQGHU D WUDEDMDU FRQMXQWDPHQWH DVXPLHQGR ORV SULQFLSLRV GH UHVSHWR
WROHUDQFLD SOXUDOLVPR LGHROµJLFR \ OD OLEUH H[SRVLFLµQ \ H[SUHVLµQ GH LGHDV 'H OD
*XDUGLD3DULHQWHD³RVDWU£VQRVGHMµHQWUHYHUFXDOKDE¯DVLGRKDVWD
HQWRQFHVHOOXJDUGHODVIDPLOLDVGHQWURGHODHVFXHODFD\HQGRHQXQDGLFRWRP¯DODGH
SRGHUSDUWLFLSDU\ODGHSRGHUVHUDMHQDD«VWDVLHQGRLQYLWDGDVGHYH]HQFXDQGR
ಯ(O OXJDU GHVWLQDGR D ORV SDGUHV HQ XQ FROHJLR VLJXH VLHQGR VDOYR
H[FHSFLRQHV OD VDOD GH YLVLWDV \ REYLDPHQWH ODV YLVLWDV VRQ YLVLWDV
SHUVRQDV DMHQDV D OD FDVD TXH YLHQHQ GH IXHUD \ SHUPDQHFHU£Q SRFR
WLHPSR6LQHPEDUJRHQODWHRU¯DWRGRHOPXQGRSDUHFHHVWDUGHDFXHUGR
HQDGPLWLUTXHORVSDGUHVVRQXQHOHPHQWRHVHQFLDOHQODRUJDQL]DFLµQGH
XQ FHQWUR HGXFDWLYR DFWXDOL]DGR \ HQ VRVWHQHU TXH VX SUHVHQFLD HV
LQGLVSHQVDEOHರ
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
(Q ORV WUHV HVFHQDULRV SRU ORV FXDOHV KH LGR WUDQVLWDQGR KH REVHUYDGR TXH WDQWR
IDPLOLDV GRFHQWHV \ SHUVRQDO QR GRFHQWH UHVDOWDQ TXH HO KHFKR GH SRGHU SDUWLFLSDU
FRODERUDUHLPSOLFDUVHHQHOFHQWURHGXFDWLYRHVHQWHQGLGRFRPRXQHVSDFLR\WLHPSR
TXHVRQFRPSDUWLGRVGRQGHWRGRVORVSDUWLFLSDQWHVFRRSHUDQHQXQWUDEDMRD\XGDQGR
DVXRUJDQL]DFLµQGHVDUUROOR\SXHVWDHQPDUFKD&RPRVHGHVSUHQGHGHODVLJXLHQWH
WDEOD
&(,3$ದದ7(1(5,)(
$\XGDU
\
PDQHUD
WUDEDMDU
DFWLYD
SUHSDUDWLYRV
GH
&(,3%ದ
ದ%$5&(/21
1$
GH 6DEHUHVWDUGHVGHHOGHVHR 1R
HQ
VDOLGDV
IHVWLYDOHVILHVWDVORFDOHVಹ
SDUD FRQRFHU
SHUPLWLGR\YDORUDGR
GH 3DUWLFLSDFLµQ FRODERUDFLµQ
HLPSOLFDFLµQFRPROXJDUGH
DFWLYLGDGHV
\
D\XGDUDDOXPQDGR
3DUWLFLSDFLµQ FRODERUDFLµQ
QXOD
\
0RWLYDFLµQ
HQ
WDOOHUHV
WLHPSRFRPSDUWLGR
(VFXFKDUHOLUP£VDOO£
HQ
DFWLYLGDGHV
MRUQDGDVIHVWLYDOHVಹ
DFWLYLGDGHV
&XEULU
ODV
QHFHVLGDGHV TXH SUHVHQWD
HVFXHOD\GRFHQWHV
HQFXHQWUR GH HVSDFLR \ &RODERUDU
H LPSOLFDFLµQ HQ HO DXOD $\XGD
HVSDFLRV
HQ
PHFDQLVPRV
0RWLYDFLµQ
VX KDFHU GH OR TXH OH HV $\XGD
&RUUHFWDPDUFKDGHOFHQWUR
0HGLR
YLQFXODFLµQ
DFWLYLGDGHV
\ODVJDQDV
$SRUWDFLµQ GH VX VDEHU GH
,QGLYLGXDORJUXSDO
2UJDQL]DFLµQ
&(,3&5,32//(7
SDUWLFLSDU
H
LPSOLFDUVH HV LJXDO D XQ
WUDEDMRFRPSDUWLGR
3DUWLFLSDFLµQ FRODERUDFLµQ
HLPSOLFDFLµQHQHODXOD
&UHDQGRGHHVWDPDQHUDXQDFXOWXUDSDUWLFLSDWLYDGRQGHFRQIOX\HQYDORUHVDFWLWXGHV
FRPSHWHQFLDV\DSUHQGL]DMHV3UR\HFWR$WO£QWLGDHQODVHIOH[LELOL]DQSRVWXUDV
VHSHUVLJXHQXQRVREMHWLYRV\VHQDYHJDKDFLDXQDPLVPDGLUHFFLµQ&($3$
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
$V¯SXHV\FRPRVHH[SXVRHQHOHVFHQDULRGHHVWDWHVLVFRODERUDUIRUPDSDUWHGH
SDUWLFLSDU H LPSOLFDUVH VLQ TXH H[LVWD XQD LPSRVLFLµQ UHSHWLFLµQ PDQLSXODFLµQ
)HUQ£QGH] VLQR P£V ELHQ VH WUDWD GH XQD IRUPD GH SHUFLELU ORV DVXQWRV
HGXFDWLYRV XQD PDQHUD GH HQWHQGHUORV \ XQ PRGR SDUHFLGR GH VHQWLUORV 'H OD
*XDUGLD JHQHUDQGR XQD VHULH GH YHQWDMDV \ HIHFWRV .³DOOLQVN\ P£V
PRWLYDFLµQ \ VDWLVIDFFLµQ UHGXFFLµQ GH FRQIOLFWRV UHHTXLOLEULR GH SRGHUHV
SURGXFWLYLGDGUHVSRQVDELOLGDGFRPSDUWLGDTXHOOHJDDDIHFWDUGHPDQHUDSRVLWLYDHQHO
UHQGLPLHQWRGHWRGDVODV£UHDVGHOSURSLRDOXPQDGR
/D SDUWLFLSDFLµQ FRODERUDFLµQ H LPSOLFDFLµQ VXUJH GH WRGRV HVWRV HOHPHQWRV
H[SXHVWRV GH OD VXSHUDFLµQ GHO LQGLYLGXDOLVPR GH FDPELRV HVWUXFWXUDOHV \
RUJDQL]DWLYRV \ GH DFWLWXGHV EDVDGDV HQ HO UHVSHWR OD HVFXFKD OD WROHUDQFLD OD
GLYHUVLGDG\ODSUHGLVSRQLELOLGDG
)257$/(=$6(1/$65(/$&,21(6
&XDQGR H[SRQ¯D HQ HO FDS¯WXOR ODV DFWLYLGDGHV TXH IDYRUHF¯DQ ODV UHODFLRQHV HQWUH
IDPLOLDV \ HVFXHOD OD HVFXFKD DFWLYD HO UHFRQRFLPLHQWR OD FRQILDQ]D \ OD JUDWLWXG
3DUHOODGD\5DYQGHDOJXQDPDQHUDPHHVWDEDFHQWUDQGRHQHOREMHWLYR
GHODLQYHVWLJDFLµQ
2EMHWLYR'HWHFWDUDQDOL]DU\GHVFULELUODVIRUWDOH]DV\GHELOLGDGHVGH
ODVUHODFLRQHV
(Q'DEDV(&RPS 9LYLHQGRUHGHV([SHULHQFLDV\HVWUDWHJLDVSDUDIRUWDOHFHUODWUDPDVRFLDO
%XHQRV$LUHV(GLFLRQHV&,&&86
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
5HFRJLHQGR ODV YRFHV GH ORV VXMHWRV FRODERUDGRUHV \ WUDV VX SRVWHULRU DQ£OLVLV
H[WUDLJR TXH 3DUHOODGD \ 5DYQ QR HVWDEDQ WDQ DOHMDGRV GH HVWD UHDOLGDG 3DUD ORV
SURWDJRQLVWDV GH HVWH HVWXGLR ODV IRUWDOH]DV HQ ODV UHODFLRQHV YLHQHQ GDGDV
SULQFLSDOPHQWHSRUTXHKD\XQUHFRQRFLPLHQWRHQWUHDPEDVLQVWLWXFLRQHVEDVDGRHQHO
UHVSHWRODHVFXFKDODGLVSRQLELOLGDGODFRQILDQ]D\HOFOLPDHVWDEOHFLGRWDO\FRPRVH
PXHVWUDHQODVLJXLHQWHWDEOD
&(,3$ದದ7(1(5,)(
%XHQD
RUJDQL]DFLµQ
&(,3%ದ
ದ%$5&(/21$
GH 1R HVWDU FRKLELGR \ OD $FFHVLELOLGDG GH GRFHQWHV
DFWLYLGDGHV\VHUYLFLRV
%XHQDPELHQWH
&RODERUDFLµQGHIDPLOLDVHQ
FDVDV
HVWXGLRV
K£ELWRV
KDFLDODVIDPLOLDV
FDSDFLGDGGHHVFXFKD
$WHQFLµQ
5HVSHWR\GLVFLSOLQD
VXV
&(,3&5,32//(7
WUDWR &RQILDQ]D
\
SHUVRQDOL]DGR
SURIHVRUDGR
KDFLD
\
DPELHQWHV
Æ
(VFXFKD
GHO
FUHDGRV
ODV
HQWHQGLPLHQWR\UHVSHWR
IDPLOLDV
&RODERUDFLµQ
'LVSRQLELOLGDG
\
KXPDQL]DFLµQGHOGRFHQWH
&RPXQLGDG
GHPDQGDV \ QHFHVLGDGHV
GHODHVFXHOD
HGXFDWLYD 'LYHUVLGDG
\
'LYHUVLGDG
FUHDFLRQHV GH Y¯QFXORV Æ
UHODFLRQHV
UHODFLRQHV
SRVLWLYDV
/DVIDPLOLDV
&RODERUDFLµQ\SDUWLFLSDFLµQ
HQDFWLYLGDGHVWDUHDVHQHO
G¯DDG¯Dಹ
DQWH
IDPLOLDU
Æ
HQ
ODV
7UDQVSDUHQFLDGHOSUR\HFWR
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
6LHQGR SDOSDEOH TXH WDQWRHVFXHODFRPR IDPLOLDVVRQ GRV LQVWLWXFLRQHVTXHHVW£Q HQ
FRQVWDQWH LQWHUDFFLµQ \D VHD HQ HVSDFLRV IRUPDOHV H LQIRUPDOHV GXUDQWH XQ WLHPSR
FRQFUHWR\EDMRHOSDUDJXDVGHODSOXUDOLGDG\ODGLYHUVLGDG
'(%,/,'$'(6(1/$65(/$&,21(6
&RPRHQWRGDVODVUHODFLRQHVWDPEL«QSXHGHQVXUJLUGLVFRQWLQXLGDGHVHQODVPLVPDV
$OJXQDV GH «VWDV SRGU¯DQ GDUVH SRU QR FRPSDUWLU REMHWLYRV LQWHUHVHV PLUDGDV
SRVWXUDV HQWUH ORV GLIHUHQWHV PLHPEURV GH OD FRPXQLGDG HGXFDWLYD 'RZOLQJ 0DFKDUJR /D&DVD 3«UH] 3D\QH &RPR VH PXHVWUD HQ OD
VLJXLHQWHWDEOD
&(,3$ದ7(1(5,)(
&(,3%ದ%$5&(/21$
&(,3&5,32//(7
)DPLOLDV \ GRFHQWHV QR )DOWD GH LQIRUPDFLµQ Æ 6HQVDFLµQ SRFDV UHXQLRQHV
HVW£QHQVLQWRQ¯D
3DUWLFLSDFLµQ
GH
$OXPQR
ODV
IDPLOLDV
)DOWD GH YLVLELOLGDG GHO
FHQWURGHQWUR\IXHUD
DXWµQRPR
\
UHVSRQVDEOH
\ HQFXHQWURV IDPLOLDV ದ
GRFHQWHV
0RYLOLGDG \ FDPELRV HQ OD &UHHQFLDV
SODQWLOODGHOSURIHVRUDGR
(OWLHPSRFRPRIDFWRUFODYH
(O WUDEDMR \ WDUHDV GHO
GRFHQWH
/DV IDPLOLDV HQ HO WUDEDMR
SRUSUR\HFWRV
YDORUHV
\
DFWXDFLRQHV GLVFUHSDQFLDV
\GLYHUVLGDGGHPLUDGDV
$XWRH[LJHQFLDV
OOHJDUDWRGR
TXHUHU
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
(O KHFKR GH DSUR[LPDUPH D FRQRFHU ODV SRVLEOHV GHELOLGDGHV GH ODV UHODFLRQHV HQWUH
IDPLOLDV\HVFXHODWDO\FRPRSUHWHQG¯DFRQHOREMHWLYR
2EMHWLYR'HWHFWDUDQDOL]DU\GHVFULELUODVIRUWDOH]DV\GHELOLGDGHVGH
ODVUHODFLRQHV
0HKDOOHYDGRDUHIOH[LRQDUVREUHHOWHPDGHGLFKDVUHODFLRQHV(VOµJLFRSHQVDUTXH
QR SRGHPRV UHPDU HQ GLIHUHQWHV GLUHFFLRQHV FRPRWDPEL«Q ORHVTXHGHQWURGH HVD
GLYHUVLGDGGHY¯QFXORV\HQWUDPDGRVQRVXUMDQGLVSDULGDGHQODVYLVLRQHV\DFFLRQHV
/D SURSXHVWD SULQFLSDO D UHDOL]DU SRU HO FHQWUR HGXFDWLYR SRGU¯D LU HQ OD O¯QHD GH
GHWHFWDU DTXHOORV HOHPHQWRV TXH GLYHUMDQ R VHDQ GLVSDUHV HQWUH ORV PLHPEURV GH OD
FRPXQLGDGFRQHOSURSµVLWRGHKDFHUODVUHODFLRQHVP£VFRUGLDOHV\IOXLGDVSDUDWRGDV
ODV SDUWHV (VWR LPSOLFDU¯D EXVFDU Y¯DV \ DOWHUQDWLYDV SHUR VREUH WRGR LQYROXFUDUVH
GHGLFDUP£VWLHPSR\P£VHVIXHU]RV
18(9$6 0,5$'$6 18(9$6 35238(67$6 ,148,(78'(6 325
(1&2175$5(63$&,26'(<3$5$/$65(/$&,21(6
8QDGHODVSHFXOLDULGDGHVGHHVWDLQYHVWLJDFLµQIXHTXHHQORVGLIHUHQWHVHQFXHQWURV
HQWUHYLVWDV \ FRQYHUVDFLRQHV ORV SURWDJRQLVWDV SDUWLFLSDQWHV HQ FDGD HVFHQDULR
H[SXVLHURQRWUDVPDQHUDV\RWURVPHFDQLVPRVSDUDSRGHUHVWDEOHFHUXQDVಯPHMRUHVರ
UHODFLRQHV HQ XQ SULPHU OXJDU \ GDU UHVSXHVWDV D ODV LQTXLHWXGHV LQWHUHVHV
GHPDQGDVGHDPEDVLQVWLWXFLRQHVHQXQVHJXQGROXJDU
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
(Q HO VLJXLHQWH FDS¯WXOR PH H[WLHQGR GH XQD PDQHUD P£V HVWUXFWXUDGD GH SRVLEOHV
O¯QHDV GH DFWXDFLRQHV UHVSHFWR DO WHPD TXH PH DWD³H 3HUR QR TXHU¯D FHUUDU HO
SUHVHQWH DSDUWDGR VLQ KDFHU PHQFLµQ D HVWDV SURSXHVWDV PDQLIHVWDGDV SRU IDPLOLDV
GRFHQWHV\SHUVRQDOQRGRFHQWHWDO\FRPRVHPXHVWUDHQODVLJXLHQWHWDEOD
&(,3$ದದ7(1(5,)(
&(,3%ದ
ದ%$5&(/21$
)RPHQWDU OD SDUWLFLSDFLµQ 3DUWLFLSDFLµQ
GH
&(,3&5,32//(7
ORV 3UR\HFWR VRFLRHGXFDWLYR Æ
FRODERUDFLµQ H LPSOLFDFLµQ
PDHVWURV HQ DFWLYLGDGHV
HQ
H[WUDHVFRODUHV \ IDPLOLDUHV
WDOOHUHV
DFWLYLGDGHV
\YLFHYHUVD
FRPLVLRQHV
3RWHQFLDU
ORV
UHFXUVRV 0£V
5HDOL]DU
DFWLYLGDGHV
FRPXQLFDFLµQ
IDPLOLD
ದ
FRPSDUWLU
VDEHUHV
\
H[SHULHQFLDV
HPSUHVDV
EXVFDU
DOWHUQDWLYDV SDUD FRQFLOLDU
YLGDIDPLOLDU\ODERUDO
6DOLGDV \ HQFXHQWURV P£V
LQIRUPDOHV
GH
ODV
1XHYDV
7HFQRORJ¯DV FRUUHR ZHE
$GPLQLVWUDFLµQ 3¼EOLFD \
H[FXUVLRQHV
FHQDVFRQYLYHQFLDVHWF
UHGHV
GH
GHVHR LQWHU«V \ RFLR Æ
WDOOHUHV GH PDQXDOLGDGHV
DXOD
(VWUDWHJLDV GH KDFHU P£V
EDUULR
8VR
SURSXHVWDV
GH YHOD P£V KRUDV HQ HO
HVFXHODHVFXHODದIDPLOLD
SXQWXDOHV GH HQWUDGD HQ HO $EULUVH D OD FRPXQLGDG DO
FHQWUR HQ HO DXOD Æ
1XHYDV
LPSOLFDFLµQ D SDUWLU GHO
ELGLUHFFLRQDO
H[LVWHQWHV
5HXQLRQHV
VRFLDOHV
FDPSXV
SDUW¯FLSHV D ORV KRPEUHV Æ
$03$WDOOHUHVP£VYLVLEOHV
HQODHVFXHOD
$FRPSD³DPLHQWR D WRGDV
YLUWXDOHV
ODVQXHYDVIDPLOLDV
(VFXHODVGHIDPLOLDV
5HXQLRQHV D WUHV EDQGDV
GRFHQWH ದ DOXPQR KLMR ದ
IDPLOLDV
(VFXHOD FRPR SXQWR GH
UHIHUHQFLD Æ (VSDFLRV GH
GL£ORJR DSUR[LPDFLµQ GH
FRPSDUWLU
&RQIHUHQFLDV\HQFXHQWURV
7LHPSRÆ(VSDFLRV
&RUUHVSRQVDELOLGDG
\
FRODERUDFLµQÆ&RPSDUWLU
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
$OWHUQDWLYDVTXHHVW£QVLHQGREDUDMDGDVHQDOJXQRVFHQWURVHGXFDWLYRVPLHQWUDVTXH
RWURVODVHVW£QHVWXGLDQGRSDUDLQFOXLUODVHQODILORVRI¯D\SUR\HFWRVRFLRದHGXFDWLYRGH
ODSURSLDHVFXHOD
381726'((1&8(17526<381726',67,17,926/$6,1*8/$5,'$''(
&$'$&(1752
3LTX«&RPDV\/RUHQ]RDUJXPHQWDEDQTXHFRPRHGXFDGRUHVVLTXHUHPRVXQ
FRQWH[WRFRPSDUWLGRWHQHPRVTXHUHSODQWHDUQRVFµPRVHSRGU¯DDGHFXDUODVHVFXHODV
DORVWLHPSRVTXHFRUUHQUHFRQRFLHQGRQRVµORHOSDSHOGHOGRFHQWHVLQRWDPEL«QHO
SDSHOGHODVIDPLOLDV&DGDHVFXHODHVVLQJXODUWHQLHQGRVXSURSLRSUR\HFWRHGXFDWLYR
VXV O¯QHDV GH DFWXDFLµQ \ VXV SRVWXUDV DQWH OD HGXFDFLµQ SHUR VREUH WRGR HQ ODV
PDQHUDVGHHVWDEOHFHUODVUHODFLRQHVHQODFRPXQLGDGHGXFDWLYDFRPRVHKDSRGLGR
YHQLUREVHUYDQGRHQORVWUHVHVWXGLRVGHFDVRVH[SXHVWRVHQORVFDS¯WXORVDQWHULRUHV
$V¯SXHV
ಯ&RQILDPRV HQ XQD HVFXHOD SDUWLFLSDWLYD TXH FUHH HVSDFLRV GH
FRPXQLFDFLµQDFWLYDSDUDKDFHUHQWUHYLVWDVSDUDGLDORJDUSDUDH[SUHVDU
VXH³RV R SDUD LQWHUFDPELDU SURSXHVWDV HGXFDWLYDV TXH GLVSRQJD GH
FRPLVLRQHVPL[WDVGHWUDEDMRFRQODVIDPLOLDV\ORVGRFHQWHVG£QGROHVHO
SURWDJRQLVPR D ODV SULPHUDV SDUD VH VLHQWHQ ¼WLOHV H LPSOLFDGDV \ FRQ
PDHVWURVSDUWLFLSDWLYRVTXHRIUH]FDQHVSDFLRVVXILFLHQWHVDODVIDPLOLDV\
D ORV LQIDQWHV SDUD FRPSDUWLU DFWLYLGDGHV MXHJRV ILHVWDV SUR\HFWRV
HQFXHQWURVIRUPDOHVFRQYHUVDFLRQHV\PRPHQWRVGHDSUHQGL]DMHPXWXR
ಹ%XVFDPRVLQWHUHVHVPXWXRVHLQWHQWDPRVTXHFDGDXQRGHVFXEUDVX
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
HVSDFLR\VXPDQHUDGHSDUWLFLSDUHQHOFRQMXQWRGHODHVFXHODರ3LTX«
&RPDV\/RUHQ]R
(Q HVWH HS¯JUDIH OR TXH VH LQWHQWD HV TXH D SDUWLU GH ODV WDEODV PRVWUDGDV HQ ORV
VXEDSDUWDGRV DQWHULRUHV \ GDQGR HO VLJXLHQWH SDVR FRPR LQYHVWLJDGRUD HQFRQWUDU
GHQWUR GH OD GLYHUVLGDG GH FDGD FHQWUR \ GH FDGD UHODFLµQ QH[RV GH XQLµQ \ SXQWRV
GLVWLQWLYRVGHORVWUHVHVFHQDULRVGHVFULWRV
(QORVVLJXLHQWHVDSDUWDGRVVHSUHVHQWDQXQRVFXDGURVTXHD\XGDU£QDWHQHUXQDLGHD
P£V YLVXDO GH ODV XQLRQHV \ GHVYLQFXODFLRQHV GDGDV HQWUH ORV WUHV HVFHQDULRV
5HFXHUGRTXHORVHMHVWHP£WLFRVVXUJLGRVGHHVWHHVWXGLRVRQODHVFXHODFRPRSXQWR
GHSDUWLGDHOHQWUDPDGRGHODVUHODFLRQHVOD$03$ORVPHFDQLVPRV\HVWUDWHJLDVHQ
HVSDFLRV IRUPDOHV ORV PHFDQLVPRV \ HVWUDWHJLDV HQ HVSDFLRV LQIRUPDOHV OD
SDUWLFLSDFLµQFRODERUDFLµQHLPSOLFDFLµQODVIRUWDOH]DV\ODVGHELOLGDGHV
',9(56,'$' '( &(17526 ',9(56,'$' '( 5(/$&,21(6 1(;26 '(
81,•1
/D SRO¯WLFD GH FDGD FHQWUR HGXFDWLYR HQ FXDQWR DO WHPD GH ODV UHODFLRQHV FRQ ODV
IDPLOLDV TXHGD UHFRJLGD HQ ORV GLIHUHQWHV GRFXPHQWRV LQVWLWXFLRQDOHV FRQVXOWDGRV
GXUDQWHPLHVWDQFLDHQFDGDHVFHQDULR/RVGRFXPHQWRVGHFDGDHVFXHODFHQWUDQVX
PLUDGDHQ ಯGHUHFKRVರ \ ಯGHEHUHVರTXHODVIDPLOLDVWLHQHQ TXHFXPSOLU FRPR PLHPEUR
GH HVD FRPXQLGDG HGXFDWLYD SURSRQLHQGR HVSDFLRV GH HQFXHQWURV \ Y¯DV GH
UHODFLRQHV SHUR VREUH WRGR IRFDOL]DQGR OD LPSRUWDQFLD TXH VH OH RWRUJD D OD
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
FRODERUDFLµQ SDUWLFLSDFLµQ H LPSOLFDFLµQ GH WRGDV ODV SDUWHV SDUD FRQVHJXLU XQ
SUR\HFWRFRP¼Q\UHDOL]DUXQWUDEDMRFRPSDUWLGR
/RV QH[RV GH XQLµQ TXH HPHUJHQ GHO DQ£OLVLV GH FDGD HMH WHP£WLFR GH ORV WUHV
HVFHQDULRVVRQ
/DHVFXHODFRPRSXQWRGHSDUWLGD &µPRVHKD HVFRJLGR R OOHJDGRDO FHQWUR
/RVSURWDJRQLVWDVFRLQFLGHQHQ
(OFHQWURSUR[LPLGDGDOKRJDUROXJDUGHWUDEDMRGHXQIDPLOLDU
6XVWLWXFLRQHV,QWHULQDMH2SRVLFLRQHV
(OD]DUದHOHIHFWRFDVXDO
(QWUDPDGR GH UHODFLRQHV ([LVWH XQD GLYHUVLGDG GH IDPLOLDV SRU OR WDQWR
GLYHUVLGDG HQ ODV UHODFLRQHV GRQGH ORV DFWRUHV GH ORV WUHV HVFHQDULRV
GHVFULEHQHVWHHQWUDPDGRGHUHODFLRQHVFRPR
'LYHUVLGDGGHUHODFLRQHV
5HODFLµQHVWUHFKDFRUGLDOEXHQD\IOXLGD
)DOWDGHUHODFLµQRPLUDGDGHVGHORQHJDWLYR
$03$ &RPR DVRFLDFLµQ IRUPDGD SRU ODV IDPLOLDV \ TXH HVWDEOHFHQ OD]RV GH
WUDEDMRFRQHOHTXLSRGRFHQWHGHVWDFDFRPRSXQWRVGHXQLµQ
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
2UJDQL]DFLµQGHDFWLYLGDGHVH[WUDHVFRODUHV
&XRWDV\UHFLERV
$WHQGHUDODVGHPDQGDVGHODVIDPLOLDV
%¼VTXHGDGHSUR\HFWRV\VXEYHQFLRQHV
0HFDQLVPRV \ HVWUDWHJLDV HQ HVSDFLRV IRUPDOHV (VWDEOHFLGRV GH DOJXQD
PDQHUD SRU OD $GPLQLVWUDFLµQ (GXFDWLYD TXH HQ OD PD\RU¯D GH ORV FHQWURV
HGXFDWLYRVVHSXHGHQHQFRQWUDU\TXHORVFRODERUDGRUHVGHHVWDLQYHVWLJDFLµQ
KDQGHVWDFDGR\FRLQFLGLGR
(QWUHYLVWDV&RPLVLRQHV
5HXQLRQHV$JHQGDದ/LEUHWD
&LUFXODUHV/ODPDGDVWHOHIµQLFDV
,QIRUPHV
0HFDQLVPRV \ HVWUDWHJLDV HQ HVSDFLRV LQIRUPDOHV 0DUFDGRV SRU OD SURSLD
HVFXHODSRUODSURSLDFRPXQLGDGHGXFDWLYD
7DOOHUHV
)HVWLYDOHV
(OW¼DW¼(OG¯DDG¯D(QFXHQWURVHQFDIHWHU¯D
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
3DUWLFLSDFLµQFRODERUDFLµQHLPSOLFDFLµQ&RPRHOHPHQWRFODYHHQWUHIDPLOLDV\
HVFXHOD TXHGDQGR YLVXDOL]DGDV GH PDQHUD FRPSDUWLGD SRU ORV SURWDJRQLVWDV
GHODVLJXLHQWHPDQHUD
$\XGDHQDFWLYLGDGHVMRUQDGDV\IHVWLYDOHV
0RWLYDFLµQ
3DUWLFLSDFLµQ FRODERUDFLµQ H LPSOLFDFLµQ PXFKD R QXOD HQ OD
HVFXHODSHURVREUHWRGRHQHODXOD
7UDEDMRFRQMXQWR
)RUWDOH]DV (Q WRGD UHODFLµQ VH HVWDEOHFHQ XQRV ಯ¯WHPVರ TXH D\XGDQ D TXH
«VWDVVHDQP£VFRPSDFWRV\IXHUWHV
$PELHQWH\FOLPDHVWDEOHFLGRV
/DHVFXFKD\HOUHVSHWR
/D DFFHVLELOLGDG GHO SURIHVRUDGR KDFLD ODV IDPLOLDV \ HO WUDWR
SHUVRQDOL]DGR
'HELOLGDGHV3HURWDPEL«QH[LVWHQIDFWRUHVTXHKDFHQGHHVDVUHODFLRQHVXQD
UHODFLRQHVIUDJPHQWDGDV\GLVWDQWHV
&µPRಯLQYROXFUDUರ\ಯKDFHUರP£VSDUW¯FLSHVDODVIDPLOLDV
7UDQVPLVLµQGHOSUR\HFWRHGXFDWLYRDODVIDPLOLDV
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
/$+8(//$',67,17,9$'(&$'$&(1752(/6(5',)(5(17(
5HVSHWDUODVLQJXODULGDGGHFDGDXQRHVXQHOHPHQWRHVHQFLDOGHHVWDLQYHVWLJDFLµQ\
GHQXHVWUDVRFLHGDG%DMRPLSXQWRGHYLVWDQRHQFRQWUDUHPRVGRVFHQWURVLG«QWLFRV
DOLJXDOTXHWDPSRFRORKDUHPRVFRQGRFHQWHVIDPLOLDVSHUVRQDOGRFHQWHHLQIDQWHV
&DGDXQRUDGLFDHQXQFRQWH[WRGHWHUPLQDGRFRQPLUDGDVGLIHUHQWHV\FRQPDQHUDV
GHHQWHQGHU\HVWDEOHFHUODVUHODFLRQHVFRQODVSHUVRQDVTXHFRQIRUPDQODFRPXQLGDG
HGXFDWLYD
3RUHVRUHVSHWDQGRFDGDSRO¯WLFDFDGDDFFLµQFDGDSRVWXUDHQFRQWUDPRVTXHSDUD
XQRODUHODFLµQSDVDSRULQVWDXUDUXQDVQRUPDVGHIXQFLRQDPLHQWR\FRQYLYHQFLDSDUD
HORWURODSUHPLVDHVW£HQFRQVWUXLUXQSUR\HFWRGHHVFXHODFRPSDUWLGRRWRUJ£QGROHXQ
OXJDUDODVIDPLOLDVSDUDDFDEDUFRQXQFDPLQDUFRQMXQWRUHDOL]DQGRXQSDSHODFWLYR\
SDUWLFLSDWLYRHQHOSUR\HFWRVRFLRದHGXFDWLYR\HQODSURSLDHVFXHOD
/DVಯGLIHUHQFLDVರTXHHPHUJHQGHODQ£OLVLVGHFDGDHMHWHP£WLFRGHORVWUHVHVFHQDULRV
VRQ
/DHVFXHODFRPRSXQWRGHSDUWLGD(QXQPLVPRFHQWURH[LVWHQRWUDVPDQHUDV
GHOOHJDU
&RUUHVSRQGHQFLDSRU]RQD
5HFRPHQGDFLµQ
$VLJQDFLµQSRUHOSURSLRHTXLSRGLUHFWLYR
/DVFDUDFWHU¯VWLFDVGHOFHQWURIDPLOLDUSUR\HFWRHGXFDWLYR
&DPELRV\DFRPSD³DPLHQWR
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
(QWUDPDGRGHUHODFLRQHV8QWHMHU\HQWUHWHMHUTXHKDFHQGHODVUHODFLRQHVXQ
OXJDUVLQJXODU\HVSHFLDO
5HODFLµQGHVGHHOFXLGDGR\HOUHVSHWR
5HODFLµQGHFRQILDQ]D
5HODFLµQGHOG¯DDG¯D\HOVHUDFFHVLEOH
$03$ $ SDUWH GH ODV DFWLYLGDGHV H[WUDHVFRODUHV \ OD JHVWLµQ GH ODV PLVPDV
WDPEL«Q HV UHVSRQVDEOH \ DV¯ OR SHUFLEHQ ORV SURWDJRQLVWDV GH ORV WUHV
HVFHQDULRVGH
)DOWDGHDWHQFLµQ\QHFHVLGDGHVSHUVRQDOHV
6ROXFLµQGHSUREOHPDV
$\XGDDOHTXLSRGRFHQWH
3ODQLILFDU\RUJDQL]DUFRQIHUHQFLDVHGXFDWLYDV
0HFDQLVPRV\HVWUDWHJLDVHQHVSDFLRVIRUPDOHV,UP£VDOO£GHORLQVWLWXLGR
ƒOEXPQHV
/LEUREODQFRGHODHVFXHOD
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
0HFDQLVPRV\HVWUDWHJLDVHQHVSDFLRVLQIRUPDOHV%XVFDUY¯DVDOWHUQDWLYDVGH
HQFXHQWURVP£VDIDEOHVFHUFDQRV\F£OLGRV
9LVLWDGHSURIHVRUHV
(VSDFLRIDPLOLDU
7HUWXOLDV
0HGLDWHFD
([SHULHQFLDV\DFWLYLGDGHVHQODHVFXHODHQHODXOD
6DOLGDV([FXUVLRQHV
1RWDVSDUWLFXODUHVRFRPXQLFDGRVSHUVRQDOHV
3DUWLFLSDFLµQFRODERUDFLµQHLPSOLFDFLµQ5HVSHWDUODVLWXDFLµQGHFDGDXQRHO
VDEHUHVFXFKDU\GDUUHVSXHVWDVDORVLQWHUHVHV\QHFHVLGDGHV
,QGLYLGXDORJUXSDO
3DUDXQDFRUUHFWDPDUFKDGHOFHQWUR
&RODERUDFLµQ SDUWLFLSDFLµQ H LPSOLFDFLµQ FRPR OXJDU GH
HQFXHQWURGHHVSDFLR\WLHPSRFRPSDUWLGR
(VFXFKDUHLUP£VDOO£
&XEULUQHFHVLGDGHVGHODHVFXHOD
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
)RUWDOH]DV4X«ODVKDFHVLQJXODUHV"
&RODERUDU\SDUWLFLSDUHQDFWLYLGDGHVWDUHDVHQHOG¯DDG¯DHQ
ODVGHPDQGDV\QHFHVLGDGHVGHODHVFXHODGHORVGRFHQWHV
7UDQVSDUHQFLDGHOSUR\HFWR
&RODERUDFLµQGHODVIDPLOLDVHQFDVDK£ELWRVGHHVWXGLRV
'HELOLGDGHV&RQTX«LPSHGLPHQWRVVHHQFXHQWUDQODVIDPLOLDV\ODHVFXHOD"
(OWLHPSR
/DPRYLOLGDG\FDPELRGHODSODQWLOOD
$XWRH[LJHQFLDVGHOFHQWURGHOSURIHVRUDGR
(OSDSHOGHOGRFHQWH
'LYHUVLGDGGHPLUDGDV
/248((0(5*('(/2675(6(678',26'(&$6265(3(16$56(/$6
5(/$&,21(6
/OHJDGRVDHVWHSXQWRHVQHFHVDULRFRPSDUWLUORVVLJQLILFDGRVTXHKDQLGRHPHUJLHQGR
DORODUJRGHHVWHSHU¯RGRF¯FOLFR8QSURFHVRGHLQYHVWLJDFLµQTXHKDVLGRFRQWLQXR
FRPSOHMRVLPXOW£QHRHLQWHUDFWLYR
6WDNHHQIDWL]DTXHODLQYHVWLJDFLµQFRQHVWXGLRVGHFDVRVOOHYDDOLQYHVWLJDGRUD
SRGHU FODULILFDU ODV GHVFULSFLRQHV \ GDU VROLGH] D ODV LQWHUSUHWDFLRQHV \ EDMR HO
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
SDUDJXDV GHO FRQVWUXFFLRQLVPR D MXVWLILFDU HO SRUTX« GH GLFKDV GHVFULSFLRQHV
QDUUDWLYDVHQHOLQIRUPHILQDOWDO\FRPRHVW£VXFHGLHQGRHQHVWHFDS¯WXOR
(QXQSULPHUOXJDUVHREVHUYDTXHKD\XQDJUDQGLYHUVLGDGGHIDPLOLDVTXHOOHYDDTXH
KD\D XQD GLYHUVLGDG HQ ODV UHODFLRQHV TXH VH HVWDEOHFHQ FRQ ODV HVFXHODV (VWD
SOXUDOLGDGSODQWHDUHSHQVDUGLIHUHQWHVPDQHUDVGHLQFOXLUDODVIDPLOLDVHQORVFHQWURV
HGXFDWLYRV HQ WRGRV ORV HVSDFLRV \ PHFDQLVPRV LQVWDXUDGRV (Q XQ HVWXGLR UHFLHQWH
OOHYDGR D FDER SRU ORV FRRUGLQDGRUHV &ROOHW \ 7RUW VH UHFRJH SRVLEOHV
DOWHUQDWLYDVGRQGHODVIDPLOLDVSRGU¯DQIRUPDUSDUWHGHHVWRVHVSDFLRV\PHFDQLVPRV
3URSXHVWDV TXH VH GHMDQ HQWUHYHU GH PDQHUD LPSO¯FLWD \ H[SO¯FLWD HQ ORV VXMHWRV
SDUWLFLSDQWHVGHHVWHHVWXGLR$OJXQDVGH«VWDVSRGU¯DQVHU
(Q WHPD GH FRPXQLFDFLµQ EXVFDU RWURV HVSDFLRV GH HQFXHQWURV P£V
LQIRUPDOHVGRQGHSXHGDQWHQHUFDELGDODVQXHYDVWHFQRORJ¯DVGDQGROXJDUD
XQD FRPXQLFDFLµQ P£V LQWHUDFWLYD \ IDFLOLWDQGR HO DFFHVR \ UHODFLµQ HQWUH
IDPLOLDV\HVFXHOD
(Q FXDQWR D ODV HQWUDGDV \ VDOLGDV HQFRQWUDU SHU¯RGRV GH HVWDQFLD GH ODV
IDPLOLDVHQHODXODHQODHVFXHODSRWHQFLDQGRGHHVWDPDQHUDXQY¯QFXORP£V
LQIRUPDO HQWUH HOODV \ GRFHQWHV +HFKR TXH VXSRQGU¯D P£V UHSHQVDUVH ODV
UHODFLRQHVODPLUDGDHOSRVLFLRQDPLHQWR\HOWLHPSR
(Q UHODFLµQ D OD FRODERUDFLµQ SDUWLFLSDFLµQ H LPSOLFDFLµQ SDUD TXH WRGDV ODV
IDPLOLDV SXHGDQ VHQWLUVH DFRJLGDV \ PLHPEURV GHO FHQWUR HGXFDWLYR VHU¯D
QHFHVDULR WHQLHQGR HQ FXHQWD OD GLYHUVLGDG GH ODV PLVPDV HVWDEOHFHU
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
GLQ£PLFDV \ HVWUDWHJLDV P£V FRODERUDWLYDV DFWLYDV H LQFOXVLYDV &RPR SRGU¯D
VHU OD FUHDFLµQ GH WDOOHUHV \ JUXSRV LQWHUDFWLYRV OD FRLPSDUWLFLµQ GH
FRQWHQLGRV OD FRUHVSRQVDELOLGDG \ OD SDUWLFLSDFLµQ HQ OD HODERUDFLµQ \
HMHFXFLµQGHSUR\HFWRV\DFWLYLGDGHV\HQHOHQWRUQRVRFLRFRPXQLWDULR
<HOUHFRQRFLPLHQWRGHXQHVSDFLRGHXQHQWH\GHXQSURSµVLWRQRWRGDVODV
HVFXHODV GLVSRQHQ GH XQ OXJDU I¯VLFR LQGHSHQGLHQWH GH OD $03$ GRQGH ODV
IDPLOLDV SXHGDQ UHXQLUVH HVWDU GXUDQWH XQ WLHPSR FRQFUHWR UHDOL]DU WDOOHUHV
FRQIHUHQFLDVWRPDUXQFDI«ದW«(QGHILQLWLYDXQHVSDFLRF£OLGRDGDSWDGRDODV
QHFHVLGDGHVGHOPRPHQWRGHFRUDGRDVXVLQWHUHVHV3RURWURODGROD$03$
FRPR LQVWLWXFLµQ \ SXHQWH GH XQLµQ HQWUH IDPLOLDV \ HVFXHOD WHQGU¯D TXH
SRWHQFLDU RWURV WLSRV GH Y¯QFXORV GHVGH GLIHUHQWHV QLYHOHV HQWUH DPEDV
LQVWLWXFLRQHV\QRFHQWUDUWDQWRVXPLUDGDHQODVDFWLYLGDGHVH[WUDHVFRODUHV\OD
RIHUWDGHFLHUWRVVHUYLFLRV
$V¯SXHVFRPRDILUPDQ&ROOHW\7RUWVHU£QHFHVDULRGHMDUGHKDFHUXQXVRGH
ODV UHODFLRQHV GH SRGHU FRPR RFXUUH HQ HO FRQVHMR HVFRODU SDUD UHDOL]DU GHEDWHV
VXVWDQWLYRV \ HQFRQWUDU HVSDFLRV GH FRQVWUXFFLµQ GH SUR\HFWRV FRQMXQWRV HQWUH
HVFXHODV\IDPLOLDV
)DPLOLDHVFXHOD\FRPXQLGDGVRQWUHVಯHVIHUDVರTXHFXDQGRLQWHUDFW¼DQSXHGHQOOHJDU
D FRPSDUWLU PLUDGDV DFWLWXGHV \ SU£FWLFDV EXVFDQGR OD PHMRUD GH OD HGXFDFLµQ \
SURSLFLDQGRGLIHUHQWHVWLSRVGHUHODFLRQHV
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
$02'2'(&21&/86,•1
&RPR DUJXPHQWDQ &ROOHW \ 7RUW SDUD PHMRUDU ORV Y¯QFXORV HQWUH FHQWURV
HGXFDWLYRV\IDPLOLDVVHWHQGU¯DTXH
ಯ3ODQWHDUODQHFHVLGDGGHXQPRGHORGHHVFXHODHQHOTXHODVIDPLOLDV\HO
HQWRUQRQRHVW«QDEVHQWRVRVHDQXQHVWRUERVLQRXQDSDUWHLQH[WULFDEOH
GHOFHQWURFRQORTXHWRGRHVRLPSOLFDHQODYLGDFRWLGLDQDGHOFHQWURರ
(Q HVWH FDS¯WXOR VH KD LGR H[SRQLHQGR OD JUDQ GLYHUVLGDG GH UHODFLRQHV H[LVWHQWHV
HQWUHIDPLOLDV\HVFXHODORVPHFDQLVPRVORVHVSDFLRV\ODVHVWUDWHJLDVTXHVHSRQHQ
HQ MXHJR SDUD HVWDEOHFHUODV D SDUWLU GH ORV WUHV HVFHQDULRV SRU ORV FXDOHV VH KD LGR
WUDQVLWDQGRDORODUJRGHODLQYHVWLJDFLµQ(VFHQDULRVTXHDVXYH]PXHVWUDQQH[RVGH
XQLµQ \ VXV KXHOODV GLVWLQWLYDV TXH KDFH GH FDGD FHQWUR ¼QLFR GLIHUHQWH \ SHFXOLDU
FRPR VH KD SRGLGR REVHUYDU HQ ORV FXDGURV UHV¼PHQHV GHO DSDUWDGR DQWHULRU
5HFXSHUDQGR DO PLVPR WLHPSR ODV YRFHV GH ORV DFWRUHV SDUWLFLSDQWHV GHO HVWXGLR
FHQWUDQGRODPLUDGDHQODLPSRUWDQFLDTXHVHOHRWRUJDDODSDUWLFLSDFLµQFRODERUDFLµQ
HLPSOLFDFLµQGHODVIDPLOLDVHQORVFHQWURVHGXFDWLYRV
/OHJDGRVDHVWHSXQWRTXHU¯DDFDEDUGLFLHQGRTXHHQHOSUHVHQWHLQIRUPHKHLQWHQWDGR
UHFRJHUPLH[SHULHQFLD\PLYLYHQFLDHQWRUQRDWUHVUHDOLGDGHVGLIHUHQWHVDWUHVFDVRV
¼QLFRV\FRPSOHMRV<TXHGHDOJXQDPDQHUDKHGHMDGRHQWUHYHUSRVLEOHVSURSXHVWDV\
SRVLEOHVO¯QHDVGHDFFLRQHVWDO\FRPRUHFRJHHOVLJXLHQWHREMHWLYRGHODLQYHVWLJDFLµQ
2EMHWLYR2IUHFHUVXJHUHQFLDVRULHQWDFLRQHV\SRVLEOHVO¯QHDVGH
DFFLRQHVSDUDIDYRUHFHUODVUHODFLRQHVHQWUHODVIDPLOLDVದHVFXHODV
&DS¯WXOR
7UHVPLUDGDVWUHVUHDOLGDGHV
< TXH HQ HO VLJXLHQWH \ ¼OWLPR FDS¯WXOR GH HVWD WHVLV GHVFULER GH XQD PDQHUD P£V
GHWDOODGD\UHIOH[LYD
,93$57(&21&/86,21(6/,0,7$&,21(6</1($6'($&78$&,•1
,93$57(&21&/86,21(6/,0,7$&,21(6</1($6'($&78$&,•1
&21&/86,21(6/,0,7$&,21(6</1($6'($&78$&,•1
&DS¯WXOR &RQFOXVLRQHV /LPLWDFLRQHV \ O¯QHDV GH
DFWXDFLµQ
DFWXDFLµQ
&$378/2
&21&/86,21(6/,0,7$&,21(6<35238(67$6'(/1($6'($&78$&,•1
ಯ'HER FRQIHVDU TXH KH VHQWLGR XQD JUDQ VDWLVIDFFLµQ DO GHVFXEULU TXH WHQJR
XQVDEHUSURSLRXQVDEHUFRQWDQWRVGHIHFWRVTXHDYHFHVVHWDPEDOHDSHUR
TXH HVDOJRTXH PHSHUWHQHFHTXH\R KHFRQVWUXLGRFRQHOWLHPSR (VRHV
HVWHGHVFXEULPLHQWRPHKDOOHQDGRGHVDWLVIDFFLµQರ'LµWLPD
(O¼OWLPRFDS¯WXORGHODWHVLVLQWHQWDUHFRJHUODVFRQFOXVLRQHVDODVTXHVHKDOOHJDGR
FRQHVWHHVWXGLRH[SRQLHQGRXQDSDUWHGHORVDSUHQGL]DMHVTXHKHLGRDGTXLULHQGRD
ORODUJRGHODLQYHVWLJDFLµQ\GHODVHYLGHQFLDVTXHKDQLGRHPHUJLHQGRGHVWDFDQGROD
LPSRUWDQFLD GH HVWDEOHFHU UHODFLRQHV HQWUH IDPLOLDV \ HVFXHODV 6HJXLGDPHQWH VH
PXHVWUDQ ODV GLILFXOWDGHV REVW£FXORV \ OLPLWDFLRQHV TXH KH YLYLGR JHQHUDQGR QXHYRV
LQWHUURJDQWHV \ UHFRQGXFLHQGR D PRGR GH WRPD GH GHFLVLRQHV HO FDPLQR D VHJXLU H
LQGDJDU3DUDILQDOL]DUFRQSRVLEOHVSURSXHVWDVGHDFWXDFLµQHQXQಯIXWXURರLQPHGLDWR
GDQGRSDVRDQXHYDVLQYHVWLJDFLRQHV\H[SORUDFLRQHV
5()/(;,21(6(192=$/7$3$6$'235(6(17(<)87852
ಯ(VFULELUHVGHIHQGHUODVROHGDGHQODTXHVHHVW£HVXQDDFFLµQTXHVµOREURWD
GHVGHXQDLVODPLHQWRHIHFWLYRSHURGHVGHXQDLVODPLHQWRFRPXQLFDEOHHQTXH
SUHFLVDPHQWH SRU OD OHMDQ¯D GH WRGD FRVD FRQFUHWD VH KDFH SRVLEOH XQ
GHVFXEULPLHQWRGHUHODFLRQHVHQWUHHOODV
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
3HUR HV XQD VROHGDG TXH QHFHVLWD VHU GHIHQGLGD TXH HV OR PLVPR TXH
QHFHVLWDUGHMXVWLILFDFLµQ(OHVFULWRUGHILHQGHVXVROHGDGPRVWUDQGRORTXHHQ
HOOD\¼QLFDPHQWHHQHOODHQFXHQWUDರ0DU¯D=DPEUDQR
/OHJDQGR DO ILQDO GH PL JUDQ DYHQWXUD R PHMRU GLFKR FRPR GLU¯D &ULVWLQD 0HFHQHUR
ಯFHUFD GHO FRPLHQ]Rರ FUHR FRQYHQLHQWH SDUDUPH D UHSHQVDU HO FDPLQR UHFRUULGR
PRVWUDQGRXQDVHULHGHUHIOH[LRQHVTXHLQWHQWDQUHFRJHUODVLGHDVFODYHVTXHVHKDQ
LGRVH³DODQGRHQORVHVWXGLRVGHFDVR\HQHOLQIRUPHLQWHUSUHWDWLYRGHORVUHVXOWDGRV
&RPR LQYHVWLJDGRUD TXLHUR UHPDUFDU TXH HVWD ¼OWLPD HWDSD GH OD LQYHVWLJDFLµQ WLHQH
XQDGREOHPLUDGD\DODYH]XQGREOHVHQWLPLHQWR3RUXQODGRUHSUHVHQWDXQSHU¯RGR
FRPSOHMR GH XQ LU \ YHQLUGRQGHVH FXOPLQD XQWUDEDMRTXH VHHPSH]µD³RVDWU£V \
SRURWURVHWUDWDGHXQDHWDSDOOHQDGHVHQVDFLRQHVHLQFHUWLGXPEUHHQODTXHVHPLUD
DOSDVDGRSDUDUHYLVDUHOSUHVHQWHHLQWHUSUHWDUHOIXWXUR
$ OR ODUJR GH HVWDV O¯QHDV PH YHR HQ HO FRPSURPLVR GH LQLFLDU XQ SURFHVR GH
UHSHQVDUPH \ GH UHIOH[LRQDU VREUH HO HVWXGLR HODERUDGR HO WUDEDMR UHDOL]DGR \ ODV
DFFLRQHVHPSUHQGLGDV+DFHUEDODQFHGHWRGRORDSUHQGLGRDORODUJRGHODVGLIHUHQWHV
IDVHVGHHVWDWHVLVGRQGHH[LVWHXQJUDQQ¼PHURGHOHFWXUDVGHKRUDVGHHQWUHYLVWDV
FRQYHUVDFLRQHV REVHUYDFLRQHV GH WUDQVFULSFLRQHV DQ£OLVLV UHIOH[LRQHV GLVFXVLRQHV
HWFPHOOHYDDGDUPHFXHQWDGHORVDSUHQGL]DMHVDGTXLULGRVGHODLPSRUWDQFLDGHODV
0HFHQHUR & &HUFDGHO FRPLHQ]R (Q'
'82'$5HYLVWDGಬ(VWXGLV)HPLQLVWHV Q| SS ದ
(OFRPLHQ]R HVW£ HQ HO UHFRUULGR UHDOL]DGR HQ HVWH HVWXGLROD ELEOLRJUDI¯D FRQVXOWDGD OD HQWUDGD
SHUPDQHQFLD \ VDOLGD GHO FDPSR HO DQ£OLVLV H LQWHUSUHWDFLµQ GH ORV GDWRV OD UHFRQVWUXFFLµQ GH WUHV
HVFHQDULRVFRQVXUHVSHFWLYRLQIRUPHILQDOGDQGRVHQWLGRDODH[SHULHQFLDYLYLGDHPSH]DQGRDUHFRUUHU
XQFDPLQRSRUODVUHODFLRQHVVXHQWUDPDGR\VXVFRPSOHMLGDGHV3HURTX«HVORTXHVHFRPLHQ]D"
2WUDVO¯QHDVGHLQYHVWLJDFLµQRWURVFRQRFLPLHQWRVTXHHVSHUDQVHUGHVYHODGRVDWUDY«VGHODVYRFHVGH
RWURV SURWDJRQLVWDV GH REVHUYDFLRQHV GH FRPSDUWLU \ GHVFXEULU QXHYDV SU£FWLFDV HGXFDWLYDV RWUDV
H[SHULHQFLDV\RWUDVVDELGXU¯DV5HFRJLHQGRODVSDODEUDVGH0HFHQHURಯ3HURFRPRGLFHHOUHIU£QTXH
ELHQFRPLHQ]DKDDQGDGR\DODPLWDGGHOFDPLQRರ
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
UHODFLRQHV OD QHFHVLGDG GH VHJXLU EXVFDQGR DOWHUQDWLYDV \ Y¯DV QR VµOR SDUD OD
FRPXQLFDFLµQ VLQR WDPEL«Q SDUD KDOODU \ SURSRQHU HVSDFLRV GH HQFXHQWUR \ GH
UHODFLµQ
(VWH ¼OWLPR FDS¯WXOR GH HODERUDFLµQ GH FRQFOXVLRQHV \ GH HWDSD ILQDO GH HVWD WHVLV
GRFWRUDO QR HV XQ SXQWR FRQFOX\HQWH GH OD PLVPD VLQR HO LQLFLR GH QXHYDV
SRVLELOLGDGHV GH LQYHVWLJDFLµQ /DV OLPLWDFLRQHV GHO SURSLR HVWXGLR \ ODV LQTXLHWXGHV
TXHVLHQWRDOLQWHQWDUFHUUDUHVWHSURFHVRPHOOHYDQDYHUTXHH[LVWHQSRVLEOHVYDFLRV
VLJQLILFDGRV TXH QR KD\DQ VLGR H[SORUDGRV FRQ OD SURIXQGLGDG TXH VH UHTXHULU¯D
SXHUWDV TXH VH DEUHQ \ RWUDV TXH VH FLHUUDQ TXH UHTXLHUHQ GH RWURV HVWXGLRV \ GH
LQYHVWLJDFLRQHVP£VHVSHF¯ILFDV
$V¯SXHVVLQP£VGLODWDFLµQHQORVVLJXLHQWHVDSDUWDGRVPRVWUDU«DTXHOODVUHIOH[LRQHV
TXH JHUPLQDQ GHO ODUJRSURFHVR GH OD LQYHVWLJDFLµQ UHVSRQGLHQGR D ORV LQWHUURJDQWHV
GHO SURSLR HVWXGLR VH³DODQGR SRVLEOHV O¯QHDV GH DFWXDFLRQHV SDUD VHJXLU LQGDJDQGR
TXHGDU¯DQFRQWLQXLGDGDOSUHVHQWHWUDEDMRGHVDUUROODGR
/$,03257$1&,$'(/$65(/$&,21(6(/6(17,'2'(/$60,60$6
(Q HVWH DSDUWDGR FRPSDUWR FRQ HO OHFWRU PL YR] HQ RII FRPR LQYHVWLJDGRUD \ FRPR
SURIHVLRQDO GH OD HGXFDFLµQ LQWHUFDPELDQGR RSLQLRQHV \ YLVLRQHV FRQ RWURV FROHJDV
UHVSHFWR DO SDSHO TXH MXHJD ODV IDPLOLDV HQ VXV FHQWURV HGXFDWLYRV -XQWR D HVWH
FRPSDUWLU WDPEL«Q LQWHQWR GDU UHVSXHVWDV D ODV SUHJXQWDV GH OD LQYHVWLJDFLµQ
WUHQ]DQGR OR TXH KD LGR HPHUJLHQGR GH FDGD FDVR FRQ OD VLQJXODULGDG GH FDGD
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
HVFHQDULR OD GLYHUVLGDG GH UHODFLRQHV \ ORV PHFDQLVPRV ODV IRUWDOH]DV \ ODV
GHELOLGDGHVTXHGHODVPLVPDV
/$92=(12))81&203$57,5(175(352)(6,21$/(6
&RPR \D FRPHQW« DO SULQFLSLR GH OD WHVLV VR\ SVLFRSHGDJRJD \ HGXFDGRUD GH
SURIHVLµQ(VWRPHOOHYDDFRPSDUWLUHQRFDVLRQHVH[SHULHQFLDV\YLYHQFLDVFRQRWURV
FROHJDV GRFHQWHV YLQFXODGRV D HVFXHODV GH HGXFDFLµQ LQIDQWLO SULPDULD \ HGXFDFLµQ
VHFXQGDULD REOLJDWRULD 1XHVWUD QHFHVLGDG GH SRQHU HQ MXHJR QXHVWUR SDSHO GH
DFRPSD³DUQRV \ FRPXQLFDUQRV QRV OOHYD SRU PRPHQWRV D GLDORJDU UHVSHFWR D
GLIHUHQWHV WHP£WLFDV VRFLRSHGDJµJLFDV \ D FRQYHUVDU VREUH HO OXJDU TXH RFXSDQ ODV
IDPLOLDV HQ VXV LQVWLWXFLRQHV %DMR PL URO GH LQYHVWLJDGRUD VR\ FRQVFLHQWH GH QR
JHQHUDOL]DUVREUHODLQIRUPDFLµQREWHQLGDSHURFRPRSHUVRQD\SVLFRSHGDJRJDSXHGR
FDHUHQODWHQGHQFLDDGHFLUTXHODPD\RU¯DGHODVHVFXHODVVLJXHQWHQLHQGRXQDYLVLµQ
UHGXFFLRQLVWD D OD KRUD GH HVWDEOHFHU UHODFLRQHV FRQ ODV IDPLOLDV GH VX DOXPQDGR
7RGDY¯DPHVRUSUHQGRFµPRODVHVFXHODVWLHQHQPX\PDUFDGDODO¯QHDGLYLVRULDHQWUH
GRFHQWHV \ IDPLOLDV 'RQGH ODV SULPHUDV OLPLWDQ OD SDUWLFLSDFLµQ OD FRODERUDFLµQ \ OD
LPSOLFDFLµQ GH ODV VHJXQGDV 6H VLJXH XVDQGR HO ಯSDUDGLJPDರ GHO ಯPLHGR Dರ VHU
GHVFXELHUWR \ D ಯGHVQXGDUVHರ GHODQWH GH ORV RWURV \R DVHU FXHVWLRQDGR \ ಯFULWLFDGRರ
SRU ORV GHP£V KDFLHQGR TXH OD HVFXHOD ORV SDVLOORV ODV DXODV VLJDQ VLHQGR OXJDUHV
SULYLOHJLDGRVSDUDORVTXHHVW£QGHQWUR(VGHFLUGHMDQGRSRUXQPRPHQWRDSDUWHPLV
WUHV HVWXGLRV GH FDVRV FRQYHUVDQGR FRQ PLV FROHJDV VREUH VXV FHQWURV HGXFDWLYRV
VXV MRUQDGDV \ VX SDSHO PH DWUHY¯ VHJXUDPHQWH SRU HO LQWHU«V HQ OD WHP£WLFD D
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
SUHJXQWDUOHSRUODVIDPLOLDV\ODVUHODFLRQHVTXHHVWDEOHFHQFRQHOODGHVGHODHVFXHOD
0HTXHG«SHQVDWLYDDOREVHUYDUFRPRODVIDPLOLDVVLJXHQHVWDQGRಯYHWDGDVರDODKRUD
GHHQWUDUHQHOFHQWUR0LVFROHJDVPHFRPHQWDEDQTXHKD\PX\EXHQDUHODFLµQFRQ
XQDOWRQ¼PHURGHHOODV\DTXHYLHQHQDODVUHXQLRQHVHQWUHYLVWDVFRODERUDQVLHPSUH
TXHVHOHVSLGHGHPDQHUDSXQWXDO\VHSUHRFXSDQSRUHOGHVDUUROORGHVXVKLMRV3HUR
HQ VHJXLGD PH GLMHURQ ಯ1R HQWUDQ HQ ODHVFXHOD QL HQ HO DXOD 1RDFRPSD³DQDODV
FULDWXUDV D VXV FODVHV QR SDUWLFLSDQ HQ OD LPSDUWLFLµQ GH FRQRFLPLHQWRV ,PDJ¯QDWH
WDQWDV IDPLOLDV SXOXODQGR D VXV DQFKDV SRU OD HVFXHOD 1R SXHGH VHU < TXH FRPR
PDHVWURV QRV SRGDPRV VHQWLU YDORUDGRV \ FXHVWLRQDGRV 6HD HO WLSR GH HVFXHOD TXH
VHD \D VHD P£V IDPLOLDU UXUDO LQQRYDGRUD WUDGLFLRQDO (VR QR SXHGH VHUರ
&RPHQWDULRVTXHGHDOJXQDPDQHUDPHLQWHUSHODQ'HVGHPLSXQWRGHYLVWDQRVHWUDWD
GH TXLWDU OD DXWRULGDG D ORV GRFHQWHV GH FXHVWLRQDUORV GHODQWH GHO DOXPQDGR \
SURIHVRUDGR QR VH WUDWD GH LQYDGLU HVSDFLRV IXQFLRQHV WDUHDV VLQR P£V ELHQ GH
FRPSOHPHQWDUQRV GH KDFHU YLVLEOH OR LQYLVLEOH GH SRGHU FRPSDUWLU PLUDGDV
LQTXLHWXGHV GXGDV UHWURFHVRV \ DYDQFHV GH UHSHQVDU GH SUHJXQWDUVH GH VHU
WUDQVSDUHQWH \ SHUPHDEOH GH HVWDEOHFHU ORV UROHV \ ORV O¯PLWHV GH FDGD XQD GH ODV
SDUWHV (Q GHILQLWLYD SRGHU KDFHU XQ WUDEDMR FRRSHUDWLYR HQ XQ FRQWH[WR FRPSDUWLGR
7RGR HVWR LQFOX\H EDMR PL µSWLFD XQD QXHYD PLUDGD HQ ODV UHODFLRQHV HQ OD
FRQFHSFLµQ GH FRODERUDFLµQ \ SDUWLFLSDFLµQ OD HODERUDFLµQ GH XQ SUR\HFWR
VRFLRHGXFDWLYR GRQGH UHDOPHQWH ODV IDPLOLDV VHDQ DFRJLGDV GHQWUR GH VXV
SRVLELOLGDGHV LQWHUHVHV \ QHFHVLGDGHV \ VHDQ XQD SDUWH ಯVXVWDQFLDOರ GH «VWH (VWR
LPSOLFD TXH ORV OD]RV TXH VH HVWDEOH]FDQ QR VRQ LPSXHVWRV VLQR TXH QDFHQ GH OD
QDWXUDOLGDGGHHQWUDUHQUHODFLµQFRQHORWUR
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
5(&$3,78/$1'2)$0,/,$6<(6&8(/$6(15(/$&,•1
(O SUHVHQWH DSDUWDGR LQWHQWD GDU UHVSXHVWD D ODV SUHJXQWDV GH OD LQYHVWLJDFLµQ
HQWUHWHMLHQGR ODV FRQFOXVLRQHV TXH KDQ LGR DIORUDQGR HQ HVWH HVWXGLR 3DUD HOOR
SURSRQJRWUHVHMHVTXHPHJXLDU£QDHVWDODERUGHKLOYDQDUODVWHVLWXUDV\DSUHQGL]DMHV
TXHKHLGRUHDOL]DQGR(VWRVHMHVWHP£WLFRVVRQD/DVLQJXODULGDGGHFDGDHVFHQDULR
(O FRQWH[WR FRPR XQ WRGR TXH GHVSUHQGH DXWRQRP¯D \ HV ¼QLFR \ SDUWLFXODU E /D
GLYHUVLGDG IDPLOLDU GD OXJDU D XQD SOXUDOLGDG \ FRPSOHMLGDG GH UHODFLRQHV \ F /RV
PHFDQLVPRVODVIRUWDOH]DV\ODVGHELOLGDGHVGHODVUHODFLRQHV
/$6,1*8/$5,'$''(&$'$(6&(1$5,2
(GZDUGVDUJXPHQWDEDTXHODVHVFXHODV\ORVKRJDUHVVRQHVSDFLRVFRWLGLDQRV
GRQGHHOQL³RYDFRQVWUX\HQGRVXLGHQWLGDG6LHQGRODHVFXHOD\ODIDPLOLDGRVHVIHUDV
GHUHIHUHQFLDSDUDHOLQIDQWHODSULPHUDGHFDU£FWHUP£VS¼EOLFR\ODVHJXQGDSULYDGR
$PEDV WUDEDMDQ SDUD FUHDU FRQGLFLRQHV µSWLPDV SDUD HO DSUHQGL]DMH \ GHVDUUROOR GHO
QL³R
$QWHODVVLJXLHQWHVSUHJXQWDVGHODLQYHVWLJDFLµQ
4X«VHHQWLHQGHSRUHVFXHOD"&X£OHVVXSDSHO\TX«IXQFLRQHVGHVHPSH³D"
3RGU¯DPRVGHFLUTXHODHVFXHODFRPRLQVWLWXFLµQHGXFDWLYD\VRFLDOL]DGRUDGLVSRQHGH
YLGD SURSLD FRQ SHUVRQDOLGDG FRQ UDVJRV VLQJXODUHV HODERUDQGR VX SURSLD FXOWXUD
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
FUHHQFLDVYDORUHV\QRUPDVVLHQGRXQHVSDFLRGHFRQYLYHQFLDFUHFLPLHQWRSHUVRQDO
TXH LQWHQWD DWHQGHU D WRGRV ORV PLHPEURV GH VX FRPXQLGDG HGXFDWLYD &X\DV
IXQFLRQHV SULQFLSDOHV VRQ OD VRFLDOL]DFLµQ GH VX DOXPQDGR \ OD WUDQVPLVLµQ GH
FRQRFLPLHQWRV FDSDFLGDGHV KDELOLGDGHV \ YDORUHV VLQ GHVFXLGDU ODV UHODFLRQHV \ OD
FRQYLYHQFLDFRQORVRWURV
&RPRKHPRVREVHUYDGRHQORVWUHVFDVRVGHHVWDLQYHVWLJDFLµQODHVFXHODHVW£HQXQ
SURFHVR GH FDPELR FRQ HO ILQ GH SRGHU UHVSRQGHU D ODV QHFHVLGDGHV VRFLDOHV \
IDPLOLDUHV GHO QXHYR HVFHQDULR HQ HO TXH YLYLPRV ,QWHQWDQGR DVXPLU QXHYDV
UHVSRQVDELOLGDGHV\DGDSW£QGRVHDORVQXHYRVWLHPSRV
7DPEL«Q SRGHPRV YLVOXPEUDU FRPR ORV WUHV FHQWURV HVWXGLDGRV DXQTXH FRPSDUWDQ
FLHUWRVUDVJRVHVFXHODVS¼EOLFDV\ODFRQVWDQWHSUHRFXSDFLµQSRULQFOXLUDODVIDPLOLDV
HQVXSUR\HFWRHGXFDWLYRVRQVLQJXODUHV(VDVLQJXODULGDGQRVOOHYDDHQWUHYHUTXHODV
UHODFLRQHV TXH VH HVWDEOHFHQ HQ FDGD XQR GH HOORV VRQ GLYHUVDV \ SDUWLFXODUHV
WHQLHQGRPHFDQLVPRV\HVWUDWHJLDVFRPXQHV\GLIHUHQWHVDODYH]TXHVRQHQWHQGLGDV
GHVGHGLYHUVDVµSWLFDV\SRVLFLRQDPLHQWR
81$$352;,0$&,•1$/$6)$0,/,$681$75$0$'(',9(56,'$'
6LUHFDSLWXODPRV\ILMDPRVQXHVWUDPLUDGDHQODLQVWLWXFLµQIDPLOLDUSRGHPRVREVHUYDU
TXHQRH[LVWHXQ¼QLFRPRGHORGHIDPLOLDVLQRTXHH[LVWHXQDGLYHUVLGDGHQFXDQWRD
HVWUXFWXUD WDPD³R UROHV UHODFLRQHV VH UHILHUH FRQ P¼OWLSOHV SHUVSHFWLYDV
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
H[SHFWDWLYDV YDORUHV \ HVWLORV GH FRPXQLFDFLµQ 0XVLWX \ $OODWW $OEHUGL (VWLQRX&KULVWHQVRQ\6KHULGDQ&DEUHUDDWHO
7RPDQGRODVSUHJXQWDVTXHPHJXLDU¯DQHQPLLQYHVWLJDFLµQ
4X«VHHQWLHQGHSRUIDPLOLD"&X£OHVVXSDSHO\TX«IXQFLRQHVGHVHPSH³D"
7LSRORJ¯DVGHIDPLOLDHQODVHVFXHODV"
< GHVSX«V GH ORV HVWXGLRV GH FDVRV \ GH OD UHYLVLµQ ELEOLRJU£ILFD UHVSHFWR DO WHPD
FDEHGHVWDFDU TXH QR SRGHPRV KDEODU GH XQ ¼QLFRWLSR GH IDPLOLD VLQR P£VELHQ GH
XQDGLYHUVLGDG GH QRFLRQHV \ FRQFHSFLRQHV GH OR TXH SRGU¯D VHUXQD XQLGDG IDPLOLDU
IDPLOLD
H[WHQVD
QXFOHDU
PRQRSDUHQWDO
KRPRSDUHQWDO
UHFRQVWLWXLGDಹ
([SHULPHQWDQGRDVXYH]LPSRUWDQWHVWUDQVIRUPDFLRQHVTXHQRVµORKDQLQIOXLGRHQOR
TXH VHU¯D VX FRQFHSWXDOL]DFLµQ \ GHILQLFLµQ VLQR WDPEL«Q HQ VXV IXQFLRQHV UROHV \
UHODFLRQHV\HQODVIRUPDVGHHGXFDUSDVDQGRGHVHUXQDIDPLOLDDXWRULWDULDDVHUHQ
ODDFWXDOLGDGXQDIDPLOLDQHJRFLDGRUD\GHPRFU£WLFD
$ SHVDU GH ORV FDPELRV OHJDOHV SRO¯WLFRV VRFLDOHV FXOWXUDOHV HGXFDWLYRV \
HFRQµPLFRVODIDPLOLDVLJXHVLHQGRHOSULPHUPDUFRGHUHIHUHQFLDSDUDODFRQVWUXFFLµQ
VRFLDOHLQGLYLGXDOGHORVLQIDQWHV\XQDXQLGDGGHPLHPEURVTXHGHFLGHQYLYLUMXQWRV
FRPSDUWLU XQ SUR\HFWR GH YLGD TXHSXHGH VHU SHUGXUDEOHHQ HO WLHPSR HVWDEOHFLHQGR
XQDVUHODFLRQHVUHF¯SURFDV\XQRVOD]RVDIHFWLYRVXQLHQGRDWRGDVODVSHUVRQDVTXHOD
FRQIRUPDQ
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
0ƒ6 $//ƒ '( /$6 5(/$&,21(6 0(&$1,6026 )257$/(=$6 <
'(%,/,'$'(6
/DIDPLOLD\ODHVFXHODVRQGRVLQVWLWXFLRQHVVRFLDOHV\HGXFDWLYDVFUXFLDOHVHQODYLGD
GHORVKLMRVDOXPQRV$PEDVHVW£QOODPDGDVDHQWHQGHUVH\DHGXFDUDODVFULDWXUDV
WHQLHQGR P£V VLPLOLWXGHV TXH GLIHUHQFLDV WUDEDMDQGR SDUD FUHDU ODV FRQGLFLRQHV P£V
µSWLPDV SDUD HO DSUHQGL]DMH GHO QL³R HQWHQGLHQGR OD HGXFDFLµQ FRPR XQD WDUHD
FRPSDUWLGD HQWUH HOODV 3DUWLHQGR GH OD GLYHUVLGDG IDPLOLDU H[LVWHQWH FRQ UHFXUVRV
KDELOLGDGHV FDSDFLGDGHV SUHIHUHQFLDV GLVWLQWDV TXH FRQYLYHQ HQ ORV FHQWURV
HGXFDWLYRV ODV HVFXHODV VH YHQ HQ OD QHFHVLGDG GH UHVSRQGHU D ODV QHFHVLGDGHV \
GHPDQGDV GH FDGD XQD GH HOODV HVWDEOHFLHQGR D VX YH] GLIHUHQWHV UHGHV GH
UHODFLRQHV
6HKDSRGLGRREVHUYDUFRPRODVIDPLOLDVGRFHQWHV\SHUVRQDOQRGRFHQWHVOOHJDQDOD
HVFXHOD SRU GLIHUHQWHV PRWLYRV 6H FRQVLGHUD QHFHVDULR FRQRFHU FX£OHV VRQ ORV
LQWHUHVHV R ODV PRWLYDFLRQHV SRU ODV TXH ODV SHUVRQDV KDQ OOHJDGR DO FHQWUR DO TXH
SHUWHQHFHQ IDFWRUHV TXH LQIOXLU£Q HQ ODV PDQHUDV GH HVWDEOHFHU XQ WLSR X RWUR GH
UHODFLRQHV
6L SDUWLPRV GH OD LGHD GH OD H[LVWHQFLD GHO HVWDEOHFLPLHQWR GH GLYHUVDV UHODFLRQHV
GHVGHODVTXHVXUJHQ\VHWHMHQKDVWDODVTXHQRVHGDQHQWUHIDPLOLDV\HVFXHOD\
WHQLHQGR HQ FRQVLGHUDFLµQ ORVWUHV FDVRV DERUGDGRV \ ODV VLJXLHQWHVSUHJXQWDVGH OD
LQYHVWLJDFLµQ
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
&µPRIDPLOLDV\HVFXHODVVHUHSUHVHQWDQ"4X«UHODFLRQHVH[LVWHQHQWUH
DPEDVUHSUHVHQWDFLRQHV"4X«PHFDQLVPRV\HVWUDWHJLDVVHSRQHQHQMXHJR"
3RGHPRV H[WUDHU FµPR DPEDV LQVWLWXFLRQHV GHVSOLHJDQ XQD VHULH GH PHFDQLVPRV
W«FQLFDV\HVWUDWHJLDVTXHLQWHQWDFUHDUQH[RVGHXQLµQ\GHDFHUFDPLHQWRHQWUHHOODVD
WUDY«VGHFRPSDUWLUHVSDFLRVIRUPDOHVHLQIRUPDOHV 6LHQGRORVHVSDFLRVIRUPDOHVORV
P£V XVXDOHV SRU OD FRPXQLGDG HGXFDWLYD 6H HQWLHQGH SRU HVSDFLRV IRUPDOHV ODV
UHXQLRQHVGHLQLFLRGHFXUVRODVHQWUHYLVWDVFRQHOSURIHVRUDGRODSDUWLFLSDFLµQHQOD
$)$\HQHO&RQVHMR(VFRODU<ORVLQIRUPDOHVVRQP£VQDWXUDOHV\HVSRQW£QHRVFRPR
HO HQFXHQWUR HQ OD FDIHWHU¯D OD HQWUDGD \ VDOLGD GH OD HVFXHOD OD FRODERUDFLµQ HQ
WDOOHUHV IHVWLYDOHV \ MRUQDGDV 2WURV PHFDQLVPRV TXH VH SRQHQ HQ MXHJR SDUD
UHODFLRQDUVH OD FRPXQLGDG HGXFDWLYD VRQ ODV FLUFXODUHV OD DJHQGD ORV LQIRUPHV ODV
FRPLVLRQHVODVWHUWXOLDVORVHVSDFLRVIDPLOLDUHV
7HQLHQGR HQ FXHQWD HVWH DEDQLFR GH UHODFLRQHV ODV HVFXHODV SDUHFHQ IRFDOL]DU VX
PLUDGD HQ OD FRODERUDFLµQ SDUWLFLSDFLµQ H LPSOLFDFLµQ GH ODV IDPLOLDV HQ ORV FHQWURV
HGXFDWLYRV (Q OD &RQVWLWXFLµQ GH \D VH UHFRQRFLµ HO GHUHFKR GH ODV IDPLOLDV D
SDUWLFLSDU HQ HO FRQWURO \ JHVWLµQ GH OD HGXFDFLµQ GH VXV KLMRV /D PD\RU¯D GH ORV
FHQWURVHGXFDWLYRVDSXHVWDQSRUODSDUWLFLSDFLµQFRPRXQDKHUUDPLHQWDTXHGDU£OXJDU
DXQDHGXFDFLµQGHFDOLGDGFRQWULEX\HQGRDPHMRUDUODVRFLHGDG
(QORVWUHVHVWXGLRVGHFDVRKHPRVYLVWRFµPRODSDUWLFLSDFLµQSXHGHVHUGHFDU£FWHU
FRQVXOWLYRRGHFDU£FWHUGHFLVRULR/DSULPHUDKDFHUHIHUHQFLDDOGHEHUGHLQIRUPDUVH
\ ODVHJXQGD DSRGHU WRPDU GHFLVLRQHV H LQWHUYHQLU ODV IDPLOLDV HQ WHPDV GH JHVWLµQ
SODQLILFDFLµQ \ IXQFLRQDPLHQWRGHO FHQWUR /RV WUHVHVFHQDULRV UHVDOWDQ ODLPSRUWDQFLD
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
TXH WLHQHQ ODV $03$ ದ $)$ FRPR XQ HVSDFLR GHWHUPLQDGR \ FRPSDUWLGR GRQGH
SXHGHQFRQIOXLUODVGLIHUHQWHVIDPLOLDV/DDVRFLDFLµQHVYLVWDFRPRXQOXJDUGHVWLQDGR
DILQDQFLDUODVDFWLYLGDGHVH[WUDHVFRODUHVODVH[FXUVLRQHVODVVDOLGDVTXHUHDOL]DQVXV
KLMRVSHURHQODTXHQRWRGDVODVIDPLOLDVVHLPSOLFDQGHODPLVPDPDQHUDRDVLVWHQD
ODV UHXQLRQHV PDUFDGDV 3DUDOHODPHQWH D HVWD SDUWLFLSDFLµQ ODV IDPLOLDV WDPEL«Q
FRODERUDQHQDFRQWHFLPLHQWRVHVSHFLDOHVFRPRORVIHVWLYDOHVGHILQGHFXUVRRILHVWDV
WULPHVWUDOHV GLVPLQX\HQGR VX SUHVHQFLD HQ WDOOHUHV FRPLVLRQHV FRQIHUHQFLDV GH
FDU£FWHUP£VVRFLRHGXFDWLYR
(OJUDQUHWRGHODFRPXQLGDGHGXFDWLYDHVW£HQGLVH³DURWURVHVSDFLRVGHUHODFLRQHV\
GH SDUWLFLSDFLµQ P£V DOO£ GH ODV $03$ $)$ GH ODV UHXQLRQHV GH FXUVR GH
HQWUHYLVWDVFLUFXODUHVIHVWLYDOHV\WDOOHUHV'RQGHODFRODERUDFLµQGHODVIDPLOLDVVHD
UHDO \ VXVWDQFLDO SDUD OD HVFXHOD SDUD ODV FULDWXUDV \ SDUD WRGD OD FRPXQLGDG
HGXFDWLYD UHVSHWDQGR ORV GLIHUHQWHV QLYHOHV GH LPSOLFDFLµQ VHJ¼Q ODV QHFHVLGDGHV
GHPDQGDVLQWHUHVHV\GHVHRVGHWRGDVODVSDUWHVLQYROXFUDGDV
3DUWLHQGRGHHVWRVPHFDQLVPRV\HVSDFLRVGHUHODFLµQGRQGHVHOHRWRUJDXQDJUDQ
LPSRUWDQFLDDODSDUWLFLSDFLµQGHODVIDPLOLDVODVIRUWDOH]DV\ODVGHELOLGDGHVGHHVWDV
UHODFLRQHV MXHJDQ XQ SDSHO UHOHYDQWH \ FUXFLDO SDUD VXVWHQWDUODV R SDUD GLVPLQXLUODV
$WHQGLHQGRDODVSUHJXQWDVGHODLQYHVWLJDFLµQ
&X£OHVVRQODVIRUWDOH]DV\GHELOLGDGHVGHODVUHODFLRQHVTXHVHHVWDEOHFHQ"
(QORVHVWXGLRVGHFDVRREVHUYDPRVFRPRHVDVIRUWDOH]DV\GHELOLGDGHVGHSHQGHU£Q
GH ORV SRVLFLRQDPLHQWRV \ SRO¯WLFDV HVWDEOHFLGDV SRU ORV FHQWURV HGXFDWLYRV /DV
UHODFLRQHV SXHGHQ VHU HQWHQGLGDV GHVGH XQDV QRUPDV ಯLPSXHVWDVರ SRU ODV HVFXHODV
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
GRQGHODVIDPLOLDVWLHQHQXQSDSHOSUHHVWDEOHFLGR\XQDVUHJODVDODVTXHಯDWHQHUVHರ
QR SDVDUP£V DOO£ GHOXPEUDO GH OD HQWUDGD KDVWD ODV TXH QDFHQ GHOGHVHR \ GH OD
HVSRQWDQHLGDG UHVSHWDQGR HO OXJDU GHO RWUR FRRUGLQ£QGRVH HQWUH DPEDV \
FRPSDUWLHQGRXQDVWDUHDVXQFRQWH[WR\XQSUR\HFWRVRFLRHGXFDWLYR
3RGU¯DPRV GHFLU \ WDO FRPR VH KD YHQLGR UHFRJLHQGR HQ ORV FDS¯WXORV \ GH OD
SUHVHQWH WHVLV TXH ODV UHODFLRQHV VH SRGU¯DQ VXVWHQWDU \ IRUWDOHFHU VL VH SDUWLHUD GH
FXDWURSUHPLVDVDFWLYDVODHVFXFKDELGLUHFFLRQDOHOUHFRQRFLPLHQWRSRUDPEDVSDUWHV
OD FRQILDQ]D TXH VH HVWDEOHFH \ OD JUDWLWXG GH WRGDV ODV SDUWHV 5HVSRQGLHQGR D OD
SUHJXQWD FX£OHV VRQ ODV IRUWDOH]DV GH ODV UHODFLRQHV IDPLOLD \ HVFXHOD" 3RGU¯DPRV
DILUPDU TXH ORV PHFDQLVPRV \ ODV HVWUDWHJLDV TXH ODV KDFHQ P£V GXUDGHUDV P£V
DUUDLJDGDV\FRPSDFWDVVHU¯DQD/DVIDPLOLDV\ODVHVFXHODVVHDQFDSDFHVGHFUHDU
XQ FOLPD F£OLGR \ DJUDGDEOH GRQGH HO GL£ORJR QR VHD IRPHQWDGR SRU WHQVLRQHV \
SRVLEOHV UHFULPLQDFLRQHV VLQR P£V ELHQ SRU OD HVFXFKD DFWLYD \ HO UHVSHWR E /D
DFFHVLELOLGDG \ OD SUHGLVSRVLFLµQ SRU DPEDV SDUWHV SHUR VREUH WRGR SRU SDUWH GHO
SURIHVRUDGR \ GHO HTXLSR GLUHFWLYR GHO FHQWUR \ F /D FRQVWDQWH SDUWLFLSDFLµQ
FRODERUDFLµQ H LPSOLFDFLµQ HQ HO SUR\HFWRVRFLRHGXFDWLYR HQ ODVDFWLYLGDGHV \ WDUHDV
GHOG¯DDG¯D
(Q HO RWUR H[WUHPR VL QR VH WXYLHUD HQ FXHQWD ODV FXDWUR SUHPLVDV DFWLYDV ODV
UHODFLRQHV VH SRGU¯DQ LU GHELOLWDQGR R LQFOXVR GDQGR OXJDU D OD LQH[LVWHQFLD GH ODV
PLVPDV /D UHVSXHVWD D OD SUHJXQWD FX£OHV VRQ ODV GHELOLGDGHV GH ODV UHODFLRQHV
IDPLOLD\HVFXHOD"/DHQFRQWUDU¯DPRVHQFLHUWRVIDFWRUHVTXHVHU¯DQORVHQFDUJDGRVGH
KDFHU GH GLFKDV UHODFLRQHV XQDVUHODFLRQHVP£V IUDJPHQWDGDV IU¯DV\ IU£JLOHV WDOHV
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
FRPRD(OQRVDEHUFµPRSRGHULQYROXFUDUHLQFOXLUDODVIDPLOLDVHQHOSUR\HFWRGHOD
HVFXHOD \ SRU OR WDQWR HO QR HQFRQWUDU PHFDQLVPRV \ HVWUDWHJLDV SDUD TXH «VWDV
SXHGDQ SDUWLFLSDU \ FRODERUDU HQ OD FRWLGLDQLGDG \ OD HVHQFLD GHO G¯D D G¯D E /DV
FRQVWDQWHVFRPSOHMLGDGHV\WUDQVIRUPDFLRQHVGHQXHVWUDVRFLHGDGKDGDGROXJDUDOD
LQH[LVWHQFLDGHXQWLHPSRFRPSDUWLGRSRUSDUWHGHDOJXQDVIDPLOLDVGRQGHODVSULVDV\
RWUDV QHFHVLGDGHV GH FDU£FWHU ಯE£VLFRರ HO SDJDU XQD KLSRWHFD R DOTXLOHU GHO SLVR \
JDVWRVGHOPLVPRODDOLPHQWDFLµQ\ORVFXLGDGRVSULQFLSDOHVGHORVFRPSRQHQWHVGHOD
IDPLOLDಹGDQSDVRDXQLU\YHQLUVLQVHUFRQVFLHQWHGHODPDUFKDGHOFURQRV\GHOD
LPSRUWDQFLD GH HVWDEOHFHU XQ HVSDFLR GH UHODFLµQ P£V FDOPDGR FRQFLHQFLDGR \
SUµ[LPR<GRQGHHOSURIHVRUDGRVLJXHVLHQGRXQGRFHQWHHQPRYLPLHQWRWUDQVLWDQGR
SRU GLIHUHQWHV FHQWURV HGXFDWLYRV QR GDQGR RSFLµQ D DUUDLJDUVH D HVD FRPXQLGDG
HGXFDWLYD \ VHQWLUVH HVWDEOH HQ XQD SODQWLOOD \ F /D GLYHUVLGDG GH SRVLFLRQDPLHQWR
PLUDGDV \ PDQHUDV GH HQWHQGHU ORV Y¯QFXORV \ OD UHFLSURFLGDG HQWUH IDPLOLDV \
HVFXHODV
7HQLHQGR HQ FXHQWD HVD GLYHUVLGDG GH UHODFLRQHV GRQGH ODV IRUWDOH]DV \ ODV
GHELOLGDGHV VRQ OODPDGDV D IRUPDU SDUWH GH ODV PLVPDV VXUJLU¯D HO VLJXLHQWH
LQWHUURJDQWH
&µPRVHSXHGHIDYRUHFHUDOHVWDEOHFLPLHQWRGHUHODFLRQHVP£VSRVLWLYDV
FRUGLDOHVHQFXHQWUR\HVFXFKDDFWLYDHQWUHDPEDVLQVWLWXFLRQHV"
3DUDSRGHUGDUUHVSXHVWDDHVWDSUHJXQWDVHU¯DQHFHVDULRFRPR\DVXJLULHURQ&ROOHW\
7RUW FDPELDU QXHVWUDV PLUDGDV \ HVWDEOHFHU ಯRWURರ PRGHOR GH HVFXHOD GRQGH
IDPLOLDV \ FHQWURV HGXFDWLYRV YD\DQ HQ OD PLVPD GLUHFFLµQ \ QR VH SHUFLEDQ FRPR
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
REVW£FXORV\UHVLVWHQFLDVVLQRP£VELHQFRPRGRVLQVWLWXFLRQHVTXHHVW£QOODPDGDVD
ಯIXQGLUVHರ\WUDEDMDUHQXQFRQWH[WRFRPSDUWLGR(VWHFDPELRGHSRVLFLRQDPLHQWR\GH
µSWLFD LPSOLFDU¯D OD QHFHVLGDG GH FRQVWUXLU XQ SUR\HFWR GH HVFXHOD FRQVHQVXDGR
FRRSHUDGRFRQVWUX\HQGR\GLVH³DQGRQXHYDVDFFLRQHVWDOHVFRPRODH[LVWHQFLDGHOD
ILJXUD GH GHOHJDGR SRU DXOD UHVSRQVDEOH GH GDU D FRQRFHU ODV GHPDQGDV \
QHFHVLGDGHVGHODVIDPLOLDVODFUHDFLµQGHJUXSRVGHUHIOH[LµQ\GHFRPLVLRQHVSDUD
SRGHUDERUGDUODVWHP£WLFDV\FXHVWLRQHVHPHUJHQWHVODSRWHQFLDOL]DFLµQGHODWULDGD
IDPLOLDದKLMRDOXPQRದHVFXHOD\DSURYHFKDQGRTXHHVWDPRVHQXQDVRFLHGDGGRQGH
ODV WHFQRORJ¯DV GH OD LQIRUPDFLµQ \ FRPXQLFDFLµQ MXHJDQ XQ SDSHO UHOHYDQWH
SURPRYHUODV\KDFHUXQXVRP£VDFWLYRGHODVPLVPDV
$QWHVGHILQDOL]DUHVWHHS¯JUDIHODVFRQFOXVLRQHVTXHHPHUJHQGHORVWUHVHVWXGLRVGH
FDVRGHHVWDLQYHVWLJDFLµQ\TXHVHUHFRJHQHQORVWUHVHMHVWHP£WLFRVVH³DODGRVHQ
HVWH DSDUWDGR OD VLQJXODULGDG GH FDGD HVFHQDULR OD GLYHUVLGDG IDPLOLDU \ ORV
PHFDQLVPRVODVIRUWDOH]DV\ODVGHELOLGDGHVGHODVUHODFLRQHVVRQ
/D HVFXHOD FRPR LQVWLWXFLµQ HGXFDWLYD \ VRFLDOL]DGRUD DVXPH QXHYDV
UHVSRQVDELOLGDGHVHLQWHQWDGDUUHVSXHVWDDODVGHPDQGDV\QHFHVLGDGHVGHOD
VRFLHGDGHQJHQHUDO\GHODIDPLOLDHQSDUWLFXODU
/D VLQJXODULGDG GH FDGD FHQWUR HGXFDWLYR ಯGLVH³Dರ OD GLYHUVLGDG GH UHODFLRQHV
TXHHVWDEOHFHFRQODVIDPLOLDVGHVXDOXPQDGR
/DV WUDQVIRUPDFLRQHV DFWXDOHV QRV OOHYDQ D KDEODU GH XQD GLYHUVLGDG GH
QRFLRQHV\FRQFHSFLRQHVGHIDPLOLD\GHVXVIXQFLRQHVUROHV\UHODFLRQHV
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
(VFXHOD\IDPLOLDGHVSOLHJDQXQDVHULHGHPHFDQLVPRV\HVWUDWHJLDVIRUPDOHV
HLQIRUPDOHV\VXJLHUHQRWURVGHQXHYRVFRQHOILQGHFUHDUQH[RVGHXQLµQ\
DFHUFDPLHQWRHQWUHDPEDV
o (VSDFLRV IRUPDOHV HQ OD HVFXHOD UHXQLRQHV LQLFLDOHV HQWUHYLVWDV
SDUWLFLSDFLµQHQOD$)$\&RQVHMR(VFRODUFLUFXODUHVDJHQGDLQIRUPHV
FRPLVLRQHV
o (VSDFLRV LQIRUPDOHV HQFXHQWURV HVSRQW£QHRV ದ QDWXUDOHV FDIHWHU¯D
HQWUDGD\VDOLGDGHODHVFXHODIHVWLYDOHVWDOOHUHVಹ
/D SDUWLFLSDFLµQ \ OD FRODERUDFLµQ GH ODV IDPLOLDV HQ ORV FHQWURV HGXFDWLYRV
GHSHQGHU£QGHOQLYHOGHLPSOLFDFLµQGHODVIDPLOLDV\GHODVQHFHVLGDGHV\ODV
SRO¯WLFDVHVWDEOHFLGDVSRUODVHVFXHODV
/DV IRUWDOH]DV \ ODV GHELOLGDGHV GH ODV UHODFLRQHV VHU£Q IUXWRV GH ORV
SRVLFLRQDPLHQWRV \ ODV SRO¯WLFDV PDUFDGDV SRU ORV FHQWURV HGXFDWLYRV
UHFRJLHQGR R QR ODV SUHPLVDV DFWLYDV GH HVFXFKD ELGLUHFFLRQDO
UHFRQRFLPLHQWRGHODVSDUWHVLPSOLFDGDVODJUDWLWXG\ODFRQILDQ]D
3DUDIDYRUHFHUODVUHODFLRQHVSRVLWLYDVFRUGLDOHV\GHHQFXHQWURVHU£QHFHVDULR
XQ FDPELR GH SRVLFLRQDPLHQWR \ GH µSWLFD D SDUWLU GH OD FRQVWUXFFLµQ GH XQ
SUR\HFWRFRQVHQVXDGR\FRPSDUWLGR\GHOGLVH³RGHQXHYDVDFFLRQHV
(QHO¼OWLPRDSDUWDGRGHHVWHFDS¯WXORVHOHLQYLWDDOOHFWRUDGHMDUVHOOHYDUSRUSRVLEOHV
O¯QHDVGHDFWXDFLRQHV\IXWXURVHVWXGLRVHLQYHVWLJDFLRQHVSDUDVHJXLUDYDQ]DQGRHQOD
WHP£WLFDWUDWDGDDORODUJRGHHVWDWHVLVGRFWRUDO
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
&8(67,21$1'20,3$3(/&202,19(67,*$*25$/,0,7$&,21(6'(/$
3523,$,19(67,*$&,•1
(Q HO VLJXLHQWH DSDUWDGR UHFRJHU« DOJXQDV GH ODV OLPLWDFLRQHV GLILFXOWDGHV X
REVW£FXORV TXH KH WHQLGR TXH LU DIURQWDQGR D OR ODUJR GH ODV GLIHUHQWHV IDVHV GH OD
LQYHVWLJDFLµQ
/DVOLPLWDFLRQHV\FXHVWLRQHVTXHPHKDQLGRVXUJLHQGRDORODUJRGHODLQYHVWLJDFLµQ
VRQ
/DHODERUDFLµQGHOPDUFRWHµULFRGHODLQYHVWLJDFLµQ
&RQVLGHURTXHXQDGHODVOLPLWDFLRQHVP£VLPSRUWDQWHFRQODTXHPHKHHQFRQWUDGRD
OD KRUD GH FRQVWUXLU OD IXQGDPHQWDFLµQ WHµULFD GH HVWD LQYHVWLJDFLµQ KD VLGR OD
GLILFXOWDG GH REWHQHU DQ£OLVLV \ HVWXGLRV P£V FRQFUHWRV HQ FXDQWR DO WHPD TXH PH
DWD³HODVUHODFLRQHVHQWUHIDPLOLDV\HVFXHODV(VFLHUWRTXHSRGHPRVKDOODUXQDJUDQ
FDQWLGDG GH UHIHUHQFLDV ELEOLRJU£ILFDV VREUH OD IDPLOLD OD HVFXHOD \ OD SDUWLFLSDFLµQ \
FRODERUDFLµQGHODVPLVPDVHQHOFHQWURHGXFDWLYRHLQFOXVRDOJXQDVDSUR[LPDFLRQHV
KLVWµULFDV \ GH HVSDFLRV \ HQFXHQWURV FRQ FLHUWDV DSRUWDFLRQHV D ODV PDQHUDV GH
HVWDEOHFHU UHODFLRQHV HQWUH DPEDV LQVWLWXFLRQHV SHUR QR HVWXGLRV P£V H[KDXVWLYRV
3RU HVWHPRWLYR KH WHQLGR OD VHQVDFLµQ GH HVWDU WUDEDMDQGR HQ FLHUWRVPRPHQWRV D
FLHJDV\GHPDQHUDLQFµPRGDWHQLHQGRODLPSUHVLµQGHTXHHOGLVFXUVRHVFULWRTXHKH
LGR HODERUDQGR FDUHF¯D GH VXVWHQWR WHµULFR TXH QXWULHUD PLV LQWHUSUHWDFLRQHV \
DILUPDFLRQHV(VWDSRVLEOHFDUHQFLDKDFHTXHORVFDS¯WXORVSUHVHQWDGRVHQHVWDWHVLV
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
VHDQ GH FDU£FWHU P£V GHVFULSWLYR LQWHQWDQGR HVWDEOHFHU XQ GL£ORJR UHIOH[LYR FRQ HO
SUREOHPDGHHVWXGLR\FRQORVREMHWLYRVSODQWHDGRVSDUDWDO
3RU RWUR ODGR FHQWU£QGRPH HQ ORV GRV SULPHURV FDS¯WXORV WHµULFRV OD IDPLOLD \ OD
HVFXHODKHGHFRQIHVDUTXHQRKDQVLGRWDUHDI£FLO(VGHFLULQWHQWDUDSUR[LPDUPHD
OD FRQFHSWXDOL]DFLµQ GH DPEDV LQVWLWXFLRQHV KD VLJQLILFDGR WRGR XQ UHWR FRPR
LQYHVWLJDGRUD\DTXHLQWHQWDUDSRUWDUXQDEUHYHSLQFHODGDVREUHHOORVPHKDOOHYDGRD
GHMDUPH PXFKDV HYLGHQFLDV \ DSRUWDFLRQHV SRU HO FDPLQR $GHP£V WHQJR TXH
UHFRQRFHU TXH H[LVWH XQD JUDQ GLYHUVLGDG H LQILQLWRV HVWXGLRV VREUH HO WHPD GH OD
IDPLOLD \ GH OD HVFXHOD TXH PH KD VLGR LPSRVLEOH DERUGDUORV FRQ OD LQWHQVLGDG \ HO
GL£ORJR\SU£FWLFDUHIOH[LYDFRQODTXHKXELHVHGHVHDGR
(VSRUHOORTXHVR\FRQVFLHQWHTXHH[LVWHQFLHUWDVOLPLWDFLRQHVHQHVWRVGRVFDS¯WXORV
SHURHOREMHWLYRGHHVWDWHVLVQRHUDFHQWUDU¼QLFD\H[FOXVLYDPHQWHODPLUDGDHQGRV
LQVWLWXFLRQHV VRFLRHGXFDWLYDV FRPR VRQ OD IDPLOLD \ OD HVFXHOD SHUR V¯ H[SRQHU GH
XQD PDQHUD P£V JHQHUDO OD FRQFHSWXDOL]DFLµQ ODV IXQFLRQHV \ HO SDSHO TXH MXHJDQ
FDGDXQDGHHOODV6LQRTXHHOIRFRGHLQWHU«VVHFRQFHQWUDEDHQ GHVFXEULUGHVFULELU
DQDOL]DUHLQWHUSUHWDUORVWLSRVGHUHODFLRQHVTXHVHHVWDEOHFHQHQWUHDPEDV(QFXDQWR
DO WHUFHU FDS¯WXOR OD UHODFLµQ IDPLOLD ದ HVFXHOD D SHVDU GH TXH VH UHDOL]D XQ EUHYH
UHFRUULGR KLVWµULFR SRU ODV UHODFLRQHV VH SLQFHODQ ODV VHPHMDQ]DV \ GLIHUHQFLDV HQWUH
DPEDVLQVWLWXFLRQHVVHDERUGDHOWHPDGHODFRODERUDFLµQ\SDUWLFLSDFLµQVHYLVLELOL]D
ORVSULPHURVPHFDQLVPRV\HVSDFLRVGHHQFXHQWURVSDUDODVUHODFLRQHVQRSURIXQGL]D
DSULRULP£VH[KDXVWLYDPHQWHHQFµPRHVWDEOHFHURWUDVY¯DVOXJDUHVDOWHUQDWLYDVGH
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
HQFXHQWURV GH FRPXQLFDFLµQ GH FRODERUDFLµQ \ GH UHODFLRQDUVH TXL]£V SRUTXH D¼Q
VLJXHVLHQGRXQWHUUHQRSRUH[SORUDUP£VTXHSRUDFDPSDULQVLWX
(OSODQWHDPLHQWRGLVH³R\GHVDUUROORGHOHVWXGLRGHFDPSR
'HQWUR GH HVWD SDUWH P£V SU£FWLFD \ PHWRGROµJLFD DOJXQDV GH ODV GHFLVLRQHV TXH VH
IXHURQ WRPDQGR SRGU¯DQ VHU FRQVLGHUDGDV FRPR SRVLEOHV OLPLWDFLRQHV GH OD
LQYHVWLJDFLµQ SHUR IXHURQ GHFLVLRQHV PHGLWDGDV \ GLDORJDGDV &RPR \D VH KD
H[SXHVWRHQDOJXQRVGHORVFDS¯WXORVODHOHFFLµQGHORVWUHVFHQWURVYLQRGDGDSRUOD
UHGGHUHODFLRQHVDFDG«PLFDV+HFKRTXHSDUDP¯IXHWRGRXQSULYLOHJLR\UHJDORTXH
PH EULQGDEDQ OD RSRUWXQLGDG GH SRGHU GHVFXEULU H LQWHUSUHWDU GHQWUR GH XQ FRQWH[WR
FRQFUHWR XQD UHDOLGDG ¼QLFD \ SDUWLFXODU DSUR[LP£QGRPH D WUHV OXJDUHV TXH LEDQ
WRPDQGRYLGD
&RQVLGHURTXHTXL]£VGRVGHODVSRVLEOHVGHELOLGDGHVGHHVWHHVWXGLRSRGU¯DQVHUSRU
XQODGRODHOHFFLµQGHORVVXMHWRVSDUWLFLSDQWHV\SRURWUR HOWLHPSRGHHVWDQFLDHQHO
FDPSR &HQWU£QGRPH HQ ORV DFWRUHV GH HVWD LQYHVWLJDFLµQ FRPR VH KD SRGLGR
REVHUYDU IXHURQ HQWUHYLVWDGRV GRFHQWHV SHUVRQDO QR GRFHQWH IDPLOLDV \ QL³RV /DV
YRFHV GH ORV QL³RV QR TXHGDQ UHFRJLGDV D OR ODUJR GH OD WHVLV SHUR V¯ TXH VH KDQ
WHQLGR HQ FXHQWD D OD KRUD GH HODERUDU ODV FRQFOXVLRQHV \ SURSXHVWDV GH DFFLRQHV
IXWXUDV QR SRUTXH FDUH]FDQ GH UHOHYDQFLDV \ VLJQLILFDGR SDUD HO WHPD HQ FXHVWLµQ
SHUR ODV KH TXHULGR SUHVHUYDU \ UHVSHWDU 7DPEL«Q GHVWDFR OD ಯGHVLJXDOGDGರ GH
SHUVRQDV HQWUHYLVWDGDV HQ FDGD FHQWUR HGXFDWLYR HQ 7HQHULIH IXHURQ XQ WRWDO GH 3RUTXHDSHVDUGHWHQHUHQVXPRPHQWRHOFRQVHQWLPLHQWRGHODHVFXHOD\GHODVIDPLOLDV1RGLVSRQ¯D
GHODDXWRUL]DFLµQH[SUHVDGHODVIDPLOLDVGRFXPHQWRHVFULWR\ILUPDGR
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
VXMHWRV HQ %DUFHORQD \ HQ 5LSROOHW $O SDUWLU GH OD SUHPLVD GH UHVSHWDU OD
VLQJXODULGDGGHFDGDFHQWUR\VLHQGRODFRODERUDFLµQXQHQFXHQWURYROXQWDULRKL]RTXH
ORVSURWDJRQLVWDVGHFDGDFDVRIXHVHQORVTXHTXLVLHURQDSRUWDUVXಯJUDQLWRGHDUHQDರ
\SDUWLFLSDUHQPLHVWXGLR
(Q FXDQWR DO WLHPSR GH HVWDQFLD HQ ORV FHQWURV DVLPLVPR H[LVWH XQD GLVSDULGDG GH
SHUPDQHQFLDHQFDGDXQRGHHOORV(QHOFDVRGH7HQHULIHHOWLHPSRDSUHPLDED\HV
SRUHOORTXHWXYHTXHKDFHUXQDJUDQLQPHUVLµQHQODHVFXHOD\SDVDUHOPD\RUWLHPSR
SRVLEOH HQ HOOD WDO \ FRPR VH UHFRJH HQ HO HVFHQDULR WUDEDMDQGR QR VµOR HQ
SUHVHQFLD VLQR HQ OD DXVHQFLD PHGLDQWH HO XVR GH FRUUHRV HOHFWUµQLFRV \ OODPDGDV
WHOHIµQLFDV 4XHGDQGR DV¯ VROYHQWDGD HVH LU \ YHQLU DO FRQWH[WR \ HVWDEOHFLHQGR
FRQWDFWRVLPSHUVRQDOHVSDUDFRQWLQXDUFRQQXHVWUDVFRQYHUVDFLRQHV\DYDQ]DQGRHQ
OD LQYHVWLJDFLµQ 6LQ HPEDUJR HQ ORV RWURV GRV HVFHQDULRV WXYH OD RSRUWXQLGDG GH
SRGHUH[WHQGHUPHUHVSHWDQGRORVWLHPSRV\QHFHVLGDGHVGHORVVXMHWRVSDUWLFLSDQWHV
(ODQ£OLVLVGHODLQIRUPDFLµQ\ODUHGDFFLµQGHOLQIRUPHILQDOGHLQYHVWLJDFLµQ
(Q SULQFLSLR XQD YH] UHRULHQWDGDV PLV LQTXLHWXGHV \ OLPLWDFLRQHV GH ODV IDVHV GH
H[SORUDFLµQ\SURFHVRGHUHYLVLµQGHODOLWHUDWXUD\ODIDVHLQWHUPHGLDGHWUDEDMRHQHO
FDPSR HVWD ¼OWLPD \ WHUFHUD IDVH OD GH DQ£OLVLV GH ORV GDWRV UHFRQVWUXFFLµQ GH ORV
FDVRV \ HODERUDFLµQ GHO LQIRUPH ILQDO WDPEL«Q SUHVHQWDQ FLHUWDV LQTXLHWXGHV \
GHELOLGDGHV
&RPR LQYHVWLJDGRUD TXH HMHUFH XQ WUDEDMR LQGLYLGXDO GRQGH HO DFRPSD³DPLHQWR HV
HVHQFLDO SDUD QR VHQWLUVH HQ SHU¯RGRGH VROHGDG\ IUXVWUDFLµQ UHFRQR]FRTXHPHKH
VHQWLGRSHUGLGDHQPXFKDVRFDVLRQHVVLQWL«QGRPHFRPRXQDQ£XIUDJDTXHGHULYDHQ
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
DOWD PDU \ TXH QXQFD HV FDSD] GH YHU WLHUUD HQ HO KRUL]RQWH TXH WLHQH SUR\HFWDGR
&RPR WRGR QDYHJDQWH FXDQGR LQLFLD VX WUDYHV¯D HV SULPRUGLDO HODERUDU XQ OLVWDGR GH
WRGDVODVFRVDVTXHKDFHQIDOWDDQWHVGHHPSUHQGHUVXJUDQDYHQWXUDFRQHOILQGHQR
HQFRQWUDU VRUSUHVDV HQ VX FDPLQR 3HUR HV REYLR TXH FRPR SHUVRQDV KXPDQDV QR
WHQHPRVRDOPHQRV\RQRORWHQJRHOGRQGHFRQRFHURDGLYLQDUTX«YDRFXUULUDOR
ODUJRGHQXHVWUDDQGDGXUD8QDDQGDGXUDTXHHVW£OOHQDGHVDERUHVGXOFHV\VDERUHV
DPDUJRV GH DYDQFHV \ UHWURFHVRV GH REVW£FXORV \ GLILFXOWDGHV (VWR PLVPR RFXUUH
FRQODLQYHVWLJDFLµQ&RPRLQYHVWLJDGRUDWHDGHQWUDVHQXQPXQGRGHVFRQRFLGRFRQ
WXVFULWHULRV\WXVFRQFHSFLRQHVGRQGHSDUHFHQRWHQHUILQ\HQHOTXHPDQHMDVPXFKD
LQIRUPDFLµQ KDVWD TXH VXUJH OD JUDQ SUHJXQWD TX« KDFHU FRQ WRGR OR TXH VH
GLVSRQH" /OHY£QGRWH D SODQWHDU FµPR DQDOL]DU LQWHUSUHWDU \ UHFRQVWUXLU ORV GDWRV
SDUDTXH«VWRVRWRUJXHQYLGDSURSLDFRQVHQWLGR\VLJQLILFDGR"3XHV«VWDVIXHURQGRV
GH ORV LQWHUURJDQWHV TXH VH PH SUHVHQWDURQ D OD KRUD GH UHFRQVWUXLU ORV FDVRV \
HODERUDU HO LQIRUPH ILQDO 8QD UHFRQVWUXFFLµQ \ XQ LQIRUPH HQ ORV TXH KH LQWHQWDGR
SODVPDU GH PDQHUD VLJQLILFDWLYD OR TXH VH KD LGR GHVSUHQGLHQGR GH FDGD FDVR HQ
UHODFLµQDOWHPDGHHVWXGLRDVXVREMHWLYRV\SUHJXQWDV+HFKRTXHPHKDOOHYDGRD
TXH FDGDXQRGH HOORVRFXSHORTXH RFXSD G£QGROHV XQD IRUPD GH QDUUDFLµQ TXH OR
KDJD FRPSUHQVLEOH \ GRQGH VH UHFRMDQ ODV H[SHULHQFLDV YLYLGDV HQ HO FDPSR \ ORV
VLJQLILFDGRVTXHKDQLGRDIORUDQGRGHHVHDQ£OLVLVGHHVDUHFRQVWUXFFLµQ\UHGDFWDGR
ILQDO 4XL]£V KH SHFDGR GH GHVFULSWLYD \ GH SURIXQGL]DU HQ FLHUWRV DVSHFWRV SHUR
FRQVLGHUR TXH VL VH RPLWH FLHUWD LQIRUPDFLµQ GH FDGD FDVR «VWH SXHGH FDUHFHU GH
VHQWLGR\SHUGHUWRGDODULTXH]DTXHVHSUHVHQWDHQHOPLVPR
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
6LQWL«QGRPH KXPDQD VHQVLELOL]DGRUD \ OLWHUDULD QR SXHGR DFDEDU HVWH DSDUWDGR VLQ
UHFRJHU ODV SDODEUDV GH QXHVWUR HQWUD³DEOH SRHWD $QWRQLR 0DFKDGR ಯ&DPLQDQWH QR
KD\FDPLQRರGRQGHUHFRJHHOVHQWLGR\HOKDFHUFDPLQR
ಯ&DPLQDQWHVRQWXVKXHOODV
HOFDPLQR\QDGDP£V
&DPLQDQWHQRKD\FDPLQR
VHKDFHFDPLQRDODQGDU
$ODQGDUVHKDFHHOFDPLQR
\DOYROYHUODYLVWDDWU£V
VHYHODVHQGDTXHQXQFD
VHKDGHYROYHUDSLVDU
&DPLQDQWHQRKD\FDPLQR
VLQRHVWHODVHQHOPDUರ
0,5$1'2 $/ )87852 326,%/(6 35238(67$6 '( /1($6 '(
$&78$&,•1<18(9$60,5$'$6
(VGHVDELRVUHFRQRFHUTXHFXDQGRP£VWHDGHQWUDVHQXQWHPDTXHGHVHDVH[SORUDU
LQGDJDVTXHD¼QTXHGDPXFKRFDPLQRSRUUHFRUUHU<HVGHDOJXQDPDQHUDORTXHPH
HVW£ SDVDQGRFRQODVUHODFLRQHVIDPLOLDV\HVFXHODV(QHOVLJXLHQWHDSDUWDGRP£VTXH
SURSRQHU PLUDGDV P£V DOO£ GHO SURSLR KRUL]RQWH TXLHUR FRPSDUWLU \ H[SRQHU DOJXQDV
O¯QHDV GH SRVLEOHV SUµ[LPDV DFWXDFLRQHV TXH KDQ VXUJLGR GH HVWD WHVLV \ GH ODV
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
SURSLDV YRFHV GH ORV SDUWLFLSDQWHV GH HVWD LQYHVWLJDFLµQ SDUD VHJXLU FDPLQDQGR \
DYDQ]DQGRHQHVWHVHQGHURVLQSUHWHQGHUVHUPX\H[KDXVWLYD\DTXHDOJXQRVGHORV
WHPDVSXHGHQGDUOXJDUDRWUDVLQYHVWLJDFLRQHV
$SDUWLUGHODQ£OLVLVORVUHVXOWDGRV\GHODVFRQFOXVLRQHVTXHVHKDQLGRREWHQLHQGRD
OR ODUJR GH OD SUHVHQWH LQYHVWLJDFLµQ DOJXQDV GH ODV SURSXHVWDV HGXFDWLYDV TXH VH
SRGU¯DQOOHYDUDFDERHQORVFHQWURVHGXFDWLYRVVRQ
$PSOLDU HO HVWXGLR D RWUDV HVFXHODV \ WUDEDMDU GH PDQHUD FRQMXQWD WRGDV ODV
SDUWHV LPSOLFDGDV SDUD IRPHQWDU \ SRWHQFLDU RWURV HVSDFLRV FRPSDUWLGRV GH
HQFXHQWURVGL£ORJR\UHODFLRQHV
,QGDJDU HQ ODV GLYHUVLGDG GH UHODFLRQHV TXH VH HVWDEOHFHQ \ GDU FDELGD \
UHVSXHVWDVDWRGDVHOODVVLQLQWHQWDUODVXQLILFDURHQFDVLOODU
(VWXGLDUHLPSOHPHQWDUHOPRGHOR -RLQW$FWLQJGHODSURIHVRUDHLQYHVWLJDGRUD
GDQHVD%LUWH5DYQ(VWHPRGHORIRFDOL]DVXPLUDGDHQODVUHODFLRQHVVLP«WULFDV
HQWUH GRFHQWHV \ IDPLOLDV PDQWHQLHQGR XQD FRPXQLFDFLµQ ELGLUHFFLRQDO
IRPHQWDQGR HO GL£ORJR \ OD D\XGD PXWXD GRQGH ORV WHPDV VRQ GLVFXWLGRV \
(VWHQXHYRPRGHORಯ-RLQW$FWLQJರSUHVHQWDFXDWURIXQFLRQHVUHODFLRQDGDVFRQSDWURQHVGHLQWHUDFFLµQ
D /D IXQFLµQ H[SUHVLYD FXHVWLRQHV UHIHUHQWHV D YHU TX« RSRUWXQLGDGHV H[LVWHQ SDUD ODV SHUVRQDV
LPSOLFDGDVH[SRVLFLµQGHLGHDV\HOWLHPSRSDUDFDGDXQDGHHOODVE/DIXQFLµQVRFLDOUHODFLRQDGDFRQ
SRGHU GLVIUXWDU GH XQD H[SHULHQFLD FRP¼Q FRQRFHU DO RWUR SODQLILFDU DFFLRQHV FRQMXQWDV VHQWLGR GH
SHUWLQHQFLDF /DIXQFLµQLQIRUPDWLYDLQWHUFDPELRSRUSDUWHGHWRGRVORVLPSOLFDGRVGHLQIRUPDFLµQGH
FDOLGDGHQW«UPLQRVGHHTXLGDGದLJXDOGDGFRQHOILQGHJHQHUDUSUR\HFWRV\FRQRFLPLHQWRVFRPXQHV\
FRPSOHPHQWDULRV\G /DIXQFLµQGHFRQWUROFµPRODVSHUVRQDVLPSOLFDGDVLQIOX\HQGHLJXDOPDQHUD
HQORVSODQHVSURSXHVWRV(VWHPRGHORUHTXLHUHHQFXHQWURV\WRPDVGHGHFLVLRQHVVREUHODHGXFDFLµQ
&HQWUDQGRODPLUDGDHQFRQWHQLGRHVWUXFWXUD\RUJDQL]DFLµQLQWHQFLRQHV\SRVLELOLGDGHV\EHQHILFLRV
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
SDFWDGRV GDQGR OXJDU D DFFLRQHV FRQMXQWDV IRPHQWDQGR XQ EHQHILFLR HQWUH
WRGDVODVSDUWHV\FUHDQGRDFWLYLGDGHVGHFRRSHUDFLµQ
ಯ,IFRRSHUDWLRQDQGMRLQWUHVSRQVDELOLW\EHWZHHQSDUHQWVDQGWHDFKHUV
DQG WKH FKLOGUHQ DUH FRQVLGHUHG ZRUWK WKH HIIRUWV LQ SUDFWLFH DQG
UHVHDUFK D FRQVWUXFWLYLVW DQG HODERUDWHG FRQFHSWLRQ RI OHDUQLQJ
LQFUHDVLQJO\ EHLQJ DFNQRZOHGJHG IRUP D MXVWLILDEOH JURXQG IRU
SDUWQHUVKLS DQG GLDORJXH EHWZHHQ DOO SDUWLHV DURXQG FKLOGUHQಬV
OHDUQLQJ $Q H[DPSOH IURP 'HQPDUN LV SUHVHQWHG DV ZHOO DV WKH
PRGHO RI -2,17 $&7,1* IRU SUDFWLFLQJ SDUWQHUVKLS DQG GLDORJXHರ
5DYQ
5HFXSHUDQGRODVSURSXHVWDVGHORVDFWRUHVGHORVWUHVHVFHQDULRVHGXFDWLYRVSRUORV
FXDOHV KH WUDQVLWDGR SUHVHQWDGDV HQ HO FDS¯WXOR DQWHULRU HQ OD WDEOD GHO VXEDSDUWDGR
VHSRGU¯DWUDEDMDUHQ
)RPHQWDUODSDUWLFLSDFLµQFRODERUDFLµQHLPSOLFDFLµQGHWRGRVORVFROHFWLYRVHQ
HVSDFLRV P£V LQIRUPDOHV WDOOHUHV SHM PDQXDOLGDGHV GH UHIOH[LRQHVಹ
DFWLYLGDGHV \ P£V IRUPDOHV HTXLSRV GH WUDEDMR \ FRPLVLRQHV GRQGH ORV
GRFHQWHV \ SHUVRQDO QR GRFHQWH SXHGDQ FRQWULEXLU HQ ODV DFWLYLGDGHV
H[WUDHVFRODUHV\IDPLOLDUHV\YLFHYHUVD
(VWXGLDUORVEHQHILFLRVSDUDIDPLOLDVGRFHQWHV\QL³RದDOXPQRGHODHQWUDGDGH
ODV IDPLOLDV HQ HO FHQWUR HQ HO DXOD FRQ HO ILQ GH SRGHU FRPSDUWLU VDEHUHV \
H[SHULHQFLDV (Q OD ELEOLRJUDI¯D \ HQ DOJXQDV SU£FWLFDV HGXFDWLYDV VH HVW£
OOHYDQGRDFDERGHPDQHUDSXQWXDOSHURHOUHWRHVWDU¯DHQTXHVXUJLHUDEDMR
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
XQ SDWUµQ GHEDWLGR \ FRQVHQVXDGR GH XQD PDQHUD P£V QDWXUDO \ QR ಯVREUH
IRU]DGDರFRPRSDVDHQDOJXQRVFHQWURVHGXFDWLYRV
8WLOL]DUODV1XHYDV7HFQRORJ¯DVFRPRPHGLRKDELWXDOSDUDFRPXQLFDUVHIDPLOLDV
ದKLMRDOXPQRದFHQWURHGXFDWLYRODVFXDOHVVHU¯DQHQWUHRWUDVHOFRUUHROD
ZHEGHOFHQWURODVUHGHVVRFLDOHVHOFDPSXVYLUWXDOHOEORJ(VWRVXSRQGU¯D
OD FUHDFLµQ SRU SDUWH GH OD HVFXHOD \ D PRGR GH VXJHUHQFLD GH XQD LQWUDQHW
QRWRGDVGLVSRQHQGHHOODHQODTXHVHSXGLHUDQHQYLDUHPDLOVFRQRFHUODV
WDUHDV D UHDOL]DU SRU SDUWH GHO QL³R SUµ[LPDV UHXQLRQHV HYHQWRV 6HU¯D XQ
OXJDU GRQGH ODV IDPLOLDV \ FRPXQLGDG HGXFDWLYD SXGLHUDQ HQYLDU VXJHUHQFLDV
H[SUHVDU VXV LQTXLHWXGHV QHFHVLGDGHV GH PDQHUD DQµQLPDಹ 7RGD HVWD
SXHVWD HQ PDUFKD SRGU¯D FRQWDU FRQ HO DSR\R D\XGD \ FRODERUDFLµQ GH ODV
SURSLDV IDPLOLDV (OODV SRGU¯DQ SDUWLFLSDU HQ OD FUHDFLµQ GH OD S£JLQD ZHE GHO
FHQWUR DSRUWDQGR IRURV IRWRV HYHQWRVಹ +D\ HVFXHODV TXH WRGR HVWR OR HVW£
OOHYDQGR D FDER SRU HMHPSOR D WUDY«V GH EORJ SHUR KD\ RWUDV TXH VµOR
GLVSRQHQGHXQDZHELQIRUPDWLYD\QRLQWHUDFWLYD
(VWXGLDUWRGDODFRPXQLGDGHGXFDWLYDXQDSURSXHVWDSDUDVHUSUHVHQWDGDDOD
$GPLQLVWUDFLµQ3¼EOLFDSDUDTXH«VWDDFXHUGHFRQODVHPSUHVDVODSRVLELOLGDG
GH TXH ODV IDPLOLDV SXHGDQ DVLVWLU D ODV HVFXHODV HQ XQ KRUDULR HVFRODU GH
PDQHUD SXQWXDO VLQ TXH LPSOLTXH HO GHVFXHQWR GH VXHOGR SRU OD DXVHQFLD GH
FLHUWDVKRUDVHQHOSXHVWRGHWUDEDMRVLHQGRGHFDU£FWHUMXVWLILFDGRFRPRORHV
ODDVLVWHQFLD DXQDYLVLWD P«GLFD &RPR SURSXVR XQ GRFHQWH TXHODVIDPLOLDV
SXGLHVHQ DVLVWLU D UHDOL]DU XQD UHXQLµQ R WXWRU¯D \ HO FROHJLR OH IDFLOLWDU¯D XQ
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
MXVWLILFDQWH VHOODGR SDUDTXHIXHVHSUHVHQWDGRHQHO WUDEDMR FRQ HOILQGHTXH
QRVHDSHQDOL]DGDODSHUVRQD
,QFHQWLYDU\PRWLYDUDODVIDPLOLDVDTXHSDUWLFLSHQFRODERUHQ\VHLPSOLTXHQHQ
HO $03$ \ HQ RWURV WDOOHUHV 4XH QR VHDQ SDVLYDV VµOR HO PHUR SDJR GH
FXRWDV VLQR P£V ELHQ DFWLYDVHQ ODVDFWLYLGDGHV SURSXHVWDV RELHQ TXH HOODV
SURSRQJDQGHQXHYDVVLQVHUUHFKD]DGDV\QRHVFXFKDGDVGHVGHHOSULQFLSLR
3DUDOHODPHQWH EXVFDU HVWUDWHJLDV SDUD TXH ORVKRPEUHV VHDQ P£V SDUW¯FLSHV
HQOD$03$\HQORVWDOOHUHVDFWLYLGDGHVGHODHVFXHOD
+DFHU GH OD HVFXHOD XQ OXJDU GH UHIHUHQFLD GH HVSDFLRV GH GL£ORJR
DSUR[LPDFLµQ GH FRPSDUWLU XQ WLHPSR GDQGR OXJDU D XQD QXHYD ILORVRI¯D GH
HVFXHODV GH IDPLOLDV FRQIHUHQFLDV \ HQFXHQWURV GH UHXQLRQHV D WUHV EDQGDV
GRFHQWHದKLMRDOXPQRದIDPLOLDGRQGHODFRPXQLFDFLµQVHDELGLUHFFLRQDO<
TXHTXHGHUHFRJLGRHQHOSUR\HFWRVRFLRHGXFDWLYRGHODPLVPD
6LVHSDUWHGHODSUHPLVDGHTXHODHVFXHODHVGHWRGRV\HVW£LQVHUWDGDHQXQ
FRQWH[WR SDUWLFXODU FUHDU SUR\HFWRV VRFLR ದ HGXFDWLYRV \ FRPXQLWDULRV FRQ HO
SURSLREDUULR1RWRGDVODVHVFXHODVSXHGHQGLVIUXWDUGHODVLQVWDODFLRQHVGHVX
FLXGDG\YLFHYHUVD\QRWRGDVGLVSRQHQGHXQSUR\HFWRGHHVWDGLPHQVLµQRGH
SODQHV GH HQWRUQR 6H WUDWDU¯D GH SRWHQFLDU \ DSURYHFKDU ORV UHFXUVRV
H[LVWHQWHV
,QGDJDUHQODSXHVWDHQPDUFKDGHHVSDFLRVLQIRUPDOHVVDOLGDVH[FXUVLRQHV
FRQYLYHQFLDVHQFXHQWURVHQFDIHWHU¯DಹVLHQGRHVWRUHFRQRFLGRVSRUHOFHQWUR
\QRYLVWRVFRPRXQDLQWUXVLµQRGLVWRUVLµQGHSU£FWLFDVHGXFDWLYDV
&DS¯WXOR&RQFOXVLRQHV/LPLWDFLRQHV\SURSXHVWDV
7UDEDMDUP£VHQDOWHUQDWLYDVGHSDUWLFLSDFLµQ\FRODERUDFLµQGHODVIDPLOLDVHLU
P£VDOO£GHORTXHVHU¯DQODDVLVWHQFLDDUHXQLRQHV\HQWUHYLVWDVRDIHVWLYDOHV
\ WDOOHUHV GDQGR OXJDU D XQ FRPSDUWLU H[SHULHQFLDV FRQRFLPLHQWRV \ D XQD
FRUUHVSRQVDELOLGDGGHODHGXFDFLµQ
/OHYDUDFDERDFFLRQHV\SURJUDPDVHGXFDWLYRVFRQHOSURSµVLWRGHUHVSRQGHUD
ODV QHFHVLGDGHV \ GHPDQGDV HGXFDWLYDV GH ORV DOXPQRVDV \ GH ODV IDPLOLDV
GRQGHVHVLHQWDQDFRPSD³DGRV\DFRJLGRVDORODUJRGHODHVFRODULGDG
)RPHQWDUYHUGDGHUDVDFFLRQHV\UHODFLRQHVFRRSHUDWLYDV\FRODERUDWLYDVHQWUH
ODV IDPLOLDV \ OD HVFXHOD GH PDQHUD VLVWHP£WLFD SDUWLHQGR GH OD HVFXFKD
ELGLUHFFLRQDO\GHOUHVSHWRPXWXR
(V HYLGHQWH TXH HVWD OLVWD SRGU¯D H[WHQGHUVHD¼QP£V SHURFRPR VHPHQFLRQDEDDO
SULQFLSLRGHOSUHVHQWHFDS¯WXORHVWHODUJRSURFHVRGHFRQRFHUUHFRQVWUXLULQWHUSUHWDU
UHSHQVDUTXHKDVXSXHVWRODWHVLVPHKDOOHYDGRDWRPDUFRQFLHQFLDGHTXHKHKHFKR
XQ FLHUWR FDPLQR DXQTXH D¼Q TXHGDQ PXFKDV KXHOODV SRU LPSUHJQDU \ VHJXLU
SODVPDQGR
$V¯SXHVVLJDPRVQDYHJDQGR\FDPLQDQGRSRUFLHUWRVPDUHV\FLHUWRVVHQGHURVTXH
QRV OOHYHQ D HODERUDU \ FRQWULEXLU GH PDQHUD KXPLOGH DO FRQRFLPLHQWR\ DPHMRUDU \
HQWUHWHMHUODVUHODFLRQHVHQWUHIDPLOLDV\HVFXHOD
5()(5(1&,$6%,%/,2*5ƒ),&$6
$OEDLJ«V%6HOYD0L%D\D0 ,QIDQWVIDP¯OLDHVFRODLHQWRUQFODXVSHUD
XQWHPSVHGXFDWLXFRPSDUWLW%DUFHORQD)XQGDFLµ-DXPH%RILOO
$OEHUGL,/DQXHYDIDPLOLDHVSD³ROD0DGULG7DXUXV
$OIRQVR & HW DO /D SDUWLFLSDFLµQ GH ORV SDGUHV \ ODV PDGUHV HQ OD HVFXHOD
%DUFHORQD*UDµ
$QJXLWD0+HUQ£QGH])\9HQWXUD0/RVSUR\HFWRVWHMLGRVGHUHODFLRQHV\
VDEHUHV(Q&
&XDGHUQRVGH3HGDJRJ¯DQ|SSದ
$UQDXV 5 &RPSOLFLWDW L LQWHUSUHWDFLµ (O UHODW GಬXQD HWQRJUDILD HGXFDWLYD
%DUFHORQD(GLFLRQV8QLYHUVLWDWGH%DUFHORQD(8%
0ªWRGHVGಬLQYHVWLJDFLµ
$UQDO- 0HWRGRORJLHVGHODLQYHVWLJDFLµHGXFDWLYD (Q0
HQHGXFDFLµ%DUFHORQD82&0´GXOGLG¢FWLF
$UUR\R$&RRUG 7HQGHQFLDVGHPRJU£ILFDVGXUDQWHHOVLJOR;;HQ(VSD³D
0DGULG,QVWLWXWR1DFLRQDOGH(VWDG¯VWLFD,1(ದ8QLYHUVLGDGGH6HYLOOD
%DUWRORP« 0 0HWRGRORJLD TXDOLWDWLYD RULHQWDGD FDS DO FDQYL L OD SUHVD GH
GHFLVLRQV(Q0
0ªWRGHVGಬLQYHVWLJDFLµHQHGXFDFLµ%DUFHORQD82&0´GXOGLG¢FWLF
%DV(\3«UH]GH*X]P£Q9 'HVDI¯RVGHODIDPLOLDDFWXDODQWHODHVFXHOD\
ODVWHFQRORJ¯DVGHODLQIRUPDFLµQ\FRPXQLFDFLµQ(Q(
(GXFDWLR6LJOR;;,5HYLVWDGH
OD)DFXOWDGGH(GXFDFLµQ)DPLOLD\(VFXHODQ|SSದ
%DVWLDQL - 3DUHQWV 7HDFKHUV 3HUVSHFWLYHV RQ KRPH ದ VFKRRO UHODWLRQV
:LQGVRU1)(51HOVRQ
%D]DUUD/&DVDQRYD2\8JDUWH-* 3URIHVRUHVDOXPQRV\IDPLOLDVVLHWH
SDVRVSDUDXQQXHYRPRGHORGHHVFXHOD0DGULG1DUFHD
Referencias bibliográficas
%HQOORFK 0 )HX 0l 7 \ 6HOODUªV 5 &RP IHU HVFROD GH WRWV L SHU D WRWV
%DUFHORQD$05RVD6HQVDW
%RO¯YDU $ )DPLOLD\HVFXHODGRVPXQGRVOODPDGRVDWUDEDMDUHQFRP¼Q (Q
5HYLVWDGH(GXFDFLµQQ|SSದ
%RO¯YDU$'RPLQJR-\)HUQ£QGH]0/DLQYHVWLJDFLµQELRJU¢ILFDದQDUUDWLYD
HQHGXFDFLµQ0DGULG/D0XUDOOD
%RRWK$'XQQ-) )DPLO\ದVFKRROOLQNV+RZGRWKH\DIIHFWHGXFDWLRQDO
RXWFRPHV"1HZ<HUVH\/DZUHQFH(UOEDXP$VVRFLDWHV
%URQIHQEUHQQHU87KHHFRORJ\RIKXPDQGHYHORSPHQWH[SHULPHQWVE\QDWXUH
DQGGHVLJQ&DPEULGJH+DUYDUG8QLYHUVLW\3UHVV
%UXQHU - 6 /DI£EULFDGHKLVWRULDV'HUHFKROLWHUDWXUDYLGD 0«[LFR )RQGR
GH&XOWXUD(FRQµPLFD
%XUJXLªUH$.ODSLVFKದ=XEHU&6HJDOHQ0=RQDEHQG) (OLPSDFWRGH
ODPRGHUQLGDG(Q+
+LVWRULDGHODIDPLOLD7RPR0DGULG$OLDQ]D(GLWRULDO
&DEDOOHUR$ 4X«HVFXHODSDUDTX«VRFLHGDG"(OPRGHORGHHGXFDFLµQ\GH
HGXFDGRU TXH QHFHVLWDPRV (Q 5RPHUR * \ &DEDOOHUR $ (GV /D FULVLV GH OD
HVFXHODHGXFDGRUD%DUFHORQD/DHUWHVSS
&DEUHUD ' )XQHV - \ %UXOOHW & $OXPQDGR IDPLOLDV \ VLVWHPD HGXFDWLYR
%DUFHORQD2FWDHGUR
&DJLJDO9/DFRODERUDFLµQSDGUHVದSURIHVRUHVHQXQDUHDOLGDGLQWHUFXOWXUDO
(Q *DUUHWD - (G /D UHODFLµQ IDPLOLD ದ HVFXHOD /OHLGD (GLFLRQV GH OD
8QLYHUVLWDWGH/OHLGDSSದ
&DJLJDO 9 /D UHODFLµQ IDPLOLD ದ HVFXHOD XQ HQWUDPDGR GH FUHFLPLHQWR KR\
XQLYHUVLGDG 3RQWLILFLD &RPLOODV (Q (/=2 - HW DO -µYHQHV HVSD³ROHV 0DGULG)XQGDFLµQ6DQWD0DU¯D
406
Referencias bibliográficas
&DOYL³R&\6DPSRO- (OPªWRGHGHSURMHFWHV8QDH[SHULªQFLDHQHOWHUFHU
FLFOH GH Oಬ(GXFDFLµ 3ULP¢ULD (Q &DQWDERX 1| &HQWUH GH 3URIHVVRUDW Gಬ,1&$
SSದ
&DUERQHOO-/DHVFXHODHQWUHODXWRS¯D\ODUHDOLGDG%DUFHORQD2FWDHGUR
&DVWHOOL 6 0HQGHO 0 5DYQ % (G 6FKRRO )DPLO\ DQG &RPPXQLW\
3DUWQHUVKLS LQ D :RUOG RI 'LIIHUHQFHV DQG &KDQJHV *GDQVN :\VDZQLFWZR
8QLZHUVV\WHWX*GDQVNLHJR
&KULVSHHOV - &ROHPDQ 3 ,QWURGXFWLRQ ,PSURYLQJ 6FKRROV WKURXJK EHWWHU
KRPHದVFKRROSDUWQHUVKLSV,Q6
6FKRRO(IIHFWLYHQHVVDQG6FKRRO,PSURYHPHQW9RO
1|SSದ
&KULVSHHOV- (IIHFWLYH6FKRROVDQG+RPHದ6FKRROದ&RPPXQLW\3DUWQHUVKLS
5ROHV $ IUDPHZRUN IRU SDUHQW LQYROYHPHQW ,Q 6FKRRO (IIHFWLYHQHVV DQG 6FKRRO
,PSURYHPHQW9RO1|SSದ
&KULVWHQVRQ 6 / m7KH IDPLO\VFKRRO SDUWQHUVKLS $Q RSSRUWXQLW\ WR SURPRWH
WKHOHDUQLQJFRPSHWHQFHRIDOOVWXGHQWV}HQ6FKRRO3V\FKRORJ\5HYLHZSS
&KULVWHQVRQ6/6KHULGDQ60 6FKRROVDQGIDPLOLHV&UHDWLQJHVVHQWLDO
FRQQHFWLRQVIRUOHDUQLQJ1HZ<RUN7KH*XLOIRUG3UHVV
&RFKUDQದ6PLWK0\/\WOH6 0£VDOO£GHODFHUWLGXPEUHDGRSWDUXQDDFWLWXG
LQGDJDGRUD VREUH OD SU£FWLFD (Q /LHEHUPDQ $ \ 0LOOHU / /D LQGDJDFLµQ
FRPREDVHGHODIRUPDFLµQGHOSURIHVRUDGR\ODPHMRUDGHODHGXFDFLµQ%DUFHORQD
2FWDHGURSSದ
&ROOHU;(VWXGLRGHFDVRV0DGULG&,6&XDGHUQRV0HWRGROµJLFRV
&ROOHW - \ 7RUW $ &RRUG )DP¯OLHV HVFROD L ª[LW 0LOORUDU HOV YLQFOHV SHU
PLOORUDU HOV UHVXOWDQWV %DUFHORQD )XQGDFLµ -DXPH %RILOO ,QIRUPHV EUHXV (GXFDFLµ
407
Referencias bibliográficas
&XDGHUQRVGH3HGDJRJ¯DQ|
&ROOHW-\7RUW$ (VSDFLRVGHSDUWLFLSDFLµQ(Q&
SSದ
&RPHOODV0l-)DPLOLD\HVFXHODFRPSDUWLUODHGXFDFLµQ%DUFHORQD*UDµ
&RQQHOO\ ' - \ &ODQGLQLQ ) 0 5HODWRV GH H[SHULHQFLDV HQ LQYHVWLJDFLµQ
QDUUDWLYD (Q/DUURVDHWDO'
'«MDPHTXHWHFXHQWH(QVD\RVVREUHQDUUDWLYD
\HGXFDFLµQ%DUFHORQD/DHUWHV
&RQQHOO\ ' - \ &ODQGLQLQ ) 0 1DUUDWLYH ,QTXLU\ ([SHULHQFH DQG 6WRU\ LQ
4XDOLWDWLYH5HVHDUFK6DQ)UDQFLVFR-RVVH\ದ%DVV3XEOLVKHUV
&RQWUHUDV - \ 3«UH]GH /DUD 1 /DH[SHULHQFLD\ODLQYHVWLJDFLµQHGXFDWLYD
(Q &RQWUHUDV - \ 3«UH] GH /DUD 1 &RPSV ,QYHVWLJDU OD H[SHULHQFLD
HGXFDWLYD0DGULG0RUDWDS£JV
&RQWUHUDV-/DDXWRQRP¯DGHOSURIHVRU (QSULPHUDSHUVRQDOLEHUDUHOGHVHR
GHHGXFDU (Q*DLU¯Q-&RRUG/
/DGHVFHQWUDOL]DFLµQHGXFDWLYDXQDVROXFLµQR
XQSUREOHPD"SSದ0DGULG&LVV3UD[LV
&RRSHUDFLµQ(GXFDWLYD.LNLULN¯Q|SS
&RQWUHUDV- +D\RWUDVDXODV (Q&
ದ
&UHXV $ )UDJPHQWRV GH XQ FXDGHUQR GH YLDMH 8QD LQYHVWLJDFLµQ QDUUDWLYD
VREUHH[SHULHQFLDVGHLQPLJUDFLµQ%DUFHORQD7HVLVGRFWRUDO
&UR]LHU * 5HD\ ' (G $FWLYDWLQJ SDUWLFLSDWLRQ SDUHQWV DQG WHDFKHUV
ZRUNLQJWRZDUGVSDUWQHUVKLS86$7UHQWKDP%RRN/LPLWHG
&XQQLQJKDP&\'DYLV+ 7UDEDMDUFRQORVSDGUHV0DUFRVGHFRODERUDFLµQ
0DGULG6LJOR;;,
'DEDV(&RPS9LYLHQGRHQUHGHV$UJHQWLQD(GLFLRQHV&,&&86
'DEDV ( 5HGHV VRFLDOHV IDPLOLDV \ HVFXHOD %XHQRV $LUHV ದ %DUFHORQD ದ
0«[LFR3DLGµV
408
Referencias bibliográficas
'H &DUYDOKR 0 ( 3 5HWKLQNLQJ )DPLO\ ದ 6FKRRO 5HODWLRQV $ FULWLTXH RI
SDUHQWDOLQYROYHPHQWLQVFKRROLQJ0DKZDK/DZUHQFH(UOEDXP$VVRFLDWHV
'H OD *XDUGLD 5 9DULDEOHV TXH PHGLDWL]DQ OD SDUWLFLSDFLµQ HGXFDWLYD GH ODV
IDPLOLDV /D/DJXQD8QLYHUVLGDGGH/D/DJXQD7HVLV'RFWRUDOHVFXUVR
8QLYHUVLGDG/D/DJXQD+XPDQLGDGHV\&LHQFLDV6RFLDOHV
'H OD *XDUGLD 5 0l /DV UHODFLRQHV HQWUH HO SURIHVRUDGR \ OD IDPLOLD FRPR
DOWHUQDWLYDGHFDPELR3RQHQFLDLPSDUWLGDHQHOFXUVR,JXDOGDGSDUDYLYLUGLYHUVLGDG
SDUDFRQYLYLU2UJDQL]DGRSRUODXQLGDGGHSHUIHFFLRQDPLHQWRGHOSURIHVRUDGRGHOD
'LUHFFLµQ *HQHUDO GH 2UGHQDFLµQ H ,QQRYDFLµQ (GXFDWLYD GH OD &RQVHMHU¯D GH
(GXFDFLµQ &XOWXUD \ 'HSRUWH GHO *RELHUQR GH &DQDULDV &(3 GH /D /DJXQD
7HQHULIH
'HO5LQFµQ'0HWRGRORJLDTXDOLWDWLYDRULHQWDGDDODFRPSUHQVLµ(Q0
0ªWRGHV
GಬLQYHVWLJDFLµHQHGXFDFLµ%DUFHORQD82&0´GXOGLG¢FWLF
'HO5LQFµQ'$UQDO-/DWRUUH$\6DQV$ 7«FQLFDVGHLQYHVWLJDFLµQHQ
FLHQFLDVVRFLDOHV0DGULG'<.,1621
'HQ]LQ1/LQFROQ<+DQGERRNRITXDOLWLYHUHVHDUFK/RQGUHV6DJH
'LµWLPD(OSHUIXPHGHODPDHVWUD%DUFHORQD,FDULD
'RPªQHFK-\$U¢QHJD6 /ಬHGXFDFLµSULP¢ULD5HSWHVGLOHPHVLSURSRVWHV
%DUFHORQD*UDµ
'RPLQJXH](\)HUQ£QGH])DPLOLD\HVFXHOD(OUHWRGHHGXFDUHQHO6;;,
9LJR)XQGDFLµQ608QLYHUVLGDGGH9LJR\&RQVHOORGH2XUHQVH
(GZDUGV5 &KLOGUHQKRPHDQGVFKRRO5HJXODWLRQDXWRQRP\RUFRQQHFWLRQ"
1HZ<RUN5RXWOHGJH)DOPHU
(SVWHLQ - 'LU 6FKRRO IDPLO\ DQG &RPPXQLW\ 3DUUQHUVKLS <RXU +DQGERRN
IRU$FWLRQ7KRXVDQG2DNV&RUZLQ3UHVV
409
Referencias bibliográficas
(SVWHLQ - 6FKRRO IDPLO\ DQG FRPPXQLW\ SDUWQHUVKLSV 3UHSDULQJ HGXFDWRUV
DQGLPSURYLQJVFKRROV%RXOGHU&2:HVWYLHZ3UHVV
(SVWHLQ-6FKRROದIDPLO\ದFRPPXQLW\SDUWQHUVKLSVFDULQJIRUWKHFKLOGUHQZH
VKDUH3KL'HOWD.DSSDQSS
(ULFNVRQ) 0«WRGRVFXDOLWDWLYRVGHODLQYHVWLJDFLµQVREUHODHQVH³DQ]D (Q
:LWWURFN0&0
0«WRGRVFXDOLWDWLYRVGHODLQYHVWLJDFLµQVREUHODHQVH³DQ]D
,,0«WRGRVFXDOLWDWLYRV\GHREVHUYDFLµQ%DUFHORQD3DLGµV
(GXFDFLµQ\
)HLWR5)DPLOLDV\HVFXHOD/DVUD]RQHVGHXQGHVHQFXHQWUR (Q(
)XWXUR1SSದ
)HUQ£QGH]/ 3DUWLFLSDFLµQGHSDGUHV\DOXPQRV (Q$OIRQVR&HWDO
/DSDUWLFLSDFLµQGHORVSDGUHV\GHODVPDGUHVHQODHVFXHOD%DUFHORQD*UDµ
)ODTXHU/HDW3RO¯WLFDVIDPLOLDUHVHQOD8QLµQ(XURSHD%DUFHORQD,&36
)ODTXHU/(OGHVWLQRGHODIDPLOLD%DUFHORQD$ULHO
)OLFN8,QWURGXFFLµQDODLQYHVWLJDFLµQFXDOLWDWLYD0DGULG0RUDWD
)RUHVW&\*DUF¯Dದ%DFHWH)- &RPXQLFDFLµQFRRSHUDWLYDHQWUHODIDPLOLD\
ODHVFXHOD9DOHQFLD1DX/OLEUHV
*DUF¯D))DPLOLD\HVFXHOD0DGULG(GLWRULDO&&6ದ,&&(
*DUF¯D ದ %DFHWH ) /DV UHODFLRQHV HVFXHOD ದ IDPLOLD XQ UHWR HGXFDWLYR (Q
,QIDQFLD\DSUHQGL]DMH9ROSSದ
*DUF¯D ದ %DFHWH ) ,QWHUDFFLµQ HVFXHOD ದ IDPLOLD (Q 0XVLWX * \ $OODWW 3
3VLFRVRFLRORJ¯DGHODIDPLOLD9DOHQFLD$OEDWURV(GXFDFLµQSSದ
*DUFLD&KHFD3/RVSDGUHVHQODFRPXQLGDGHGXFDWLYD0DGULG&DVWDOLD
410
Referencias bibliográficas
*DUHDX 0 6DZDW]N\ ' 3DUHQWV DQG 6FKRROV ZRUNLQJ WRJHWKHU $
4XDOLWDWLYH 6WXG\ RI 3DUHQW ದ 6FKRRO &ROODERUDWLRQ ,Q 7KH $OEHUWD -RXUQDO RI
(GXFDWLRQDO5HVHDUFK9RO;/,1|'HFHPEHUSS
*DUGQHU+ /DPHQWHQRHVFRODUL]DGD&µPRSLHQVDQORVQL³RV\FµPR
GHEHU¯DQHQVH³DUODVHVFXHODV%DUFHORQD3DLGµV
*DUUHWD - /D SDUWLFLSDFLµQ GH ODV IDPLOLDV HQ OD HVFXHOD S¼EOLFD 0DGULG
&($3$
*DUUHWD-(G /DUHODFLµQIDPLOLDದHVFXHODXQDFXHVWLµQSHQGLHQWH /OHLGD
8QLYHUVLWDWGH/OHLGDದ)XQGDFLµQ6DQWD0DU¯D
*HHUW]&(ODQWURSµORJRFRPRDXWRU%DUFHORQD3DLGµV
*LURX[+$/DLQRFHQFLDUREDGD-XYHQWXGPXOWLQDFLRQDOHV\SRO¯WLFDFXOWXUDO
0DGULG(GLFLRQHV0RUDWD6/
*RHW]-3\/H&RPSWH0' (WQRJUDI¯D\GLVH³RFXDOLWDWLYRHQLQYHVWLJDFLµQ
HGXFDWLYD0DGULG0RUDWD
5HVHDUFK0HWKRGVLQWKH6RFLDO
*ROGEDUW-+XVWOHU'( (WKQRJUDSK\,Q5
6FLHQFHV/RQGRQ6$*(SSದ
*µPH] *UDQHOO & *DUF¯D 0 5LSRO ದ 0LOOHW $ \ 3DQFKµQ & ,QIDQFLD \
IDPLOLDVUHDOLGDGHV\WHQGHQFLDV%DUFHORQD$ULHO
*UDFLD(\0XVLWX*3VLFRORJ¯DVRFLDOGHODIDPLOLD%DUFHORQD3DLGµV
+DUJUHDYHV $ 'LPHQVLRQHV VXEMHWLYDV H LQVWLWXFLRQDOHV GH OD IRUPDFLµQ
GRFHQWH(Q'XVVHOHWDO/
/DIRUPDFLµQGRFHQWHFXOWXUDHVFXHOD\SRO¯WLFD
GHEDWHV\H[SHULHQFLDV%XHQRV$LUHV7URTXHOSSದ
+HQU\0( 3DUHQWದVFKRRO&ROODERUDWLRQ)HPLQLVW2UJDQL]DWLRQDO6WUXFWXUHV
DQG6FKRRO/HDGHUVKLS$OEDQ\1<6WDWH8QLYHUVLW\RI1HZ<RUN3UHVV
411
Referencias bibliográficas
+HUQ£QGH])0DUW¯QH]6\9L³DOV7 /RVFDPELRVVHPHMXQWDQFRQORTXH
HVODYLGDFRQORTXHHVODGRFHQFLD (Q6DQFKR-0D&RRUG&
&RQYR]
SURSLD/RVFDPELRVVRFLDOHV\SURIHVLRQDOHVGHVGHODH[SHULHQFLDGHORVGRFHQWHV
%DUFHORQD2FWDHGURSSದ
+HUQ£QGH] ) \ 6DQFKR -0D /DIRUPDFLµQGHOSURIHVRUDGRHQWLHPSRVGH
0RYLPLHQWR9ROQ|SSದ
LQFHUWLGXPEUHV(Q0
+HUQ£QGH] ) \ 9HQWXUD 0 2UJDQL]DFLµQ GHO FXUU¯FXOXP SRU SUR\HFWRV GH
WUDEDMR%DUFHORQD*UDµ
+HUQ£QGH])/RVSUR\HFWRVGHWUDEDMRODQHFHVLGDGGHQXHYDVFRPSHWHQFLDV
(GXFDU1|SSದ
SDUDQXHYDVIRUPDVGHUDFLRQDOLGDG(Q(
+ROVWHLQ -$ *XEULXP - ) &RQVWUXFWLRQLVW ,PSXOVHV LQ (WKQRJUDSKLF
)LHOZRUN ,Q +DQGERRN RI &RQVWUXFWLRQLVW 5HVHDUFK 1HZ <RUN ದ /RQGRQ 7KH
*XLOIRUG3UHVVSSದ
,1( ದ &HQVRV GH SREODFLµQ \ 9LYLHQGDV 5HVXOWDGRV GHILQLWLYRV 5HVXOWDGRV HQ YHUVLµQ DFFHVLEOH 3DUHMDV \ RWURV Q¼FOHRV IDPLOLDUHV (Q &RQVXOWDGRHOGH0D\R
-RYFKHORYLWFK 6 %DXHU 0 : 1DUUDWLYH ,QWHUYLHZLQJ ,Q 4XDOLWDWLYH
5HVHDUFKLQJ ZLWK WH[W LPDJH DQG VRXQG $ SUDFWLFDO KDQGERRN /RQGRQ 6$*(
3XEOLFDWLRQV/WGSSದ
.DW]/&RQWHPSRUDU\3HUVSHFWLYHVRQWKH5ROHVRI0RWKHUVDQG7HDFKHUV (Q
-RXUQDORI(DUO\&KLOGKRRG9ROSSದ
/DFDVD3 )DPLOLDV\HVFXHODV&DPLQRVGHODRULHQWDFLµQHGXFDWLYD 0DGULG
9LVRU
/DFDVD 3 ,QWURGXFFLµQ IDPLOLDV \ HVFXHODV GRV FDUDV GH XQD PLVPD
PRQHGD"(Q&
&XOWXUD\(GXFDFLµQ1|SSದ
412
Referencias bibliográficas
/DUUDLQ 9 ಯ(O EXHQ QRPEUHರ 8QD LQYHVWLJDFLµQ QDUUDWLYD HQ WRUQR D ODV
H[SHULHQFLDV GH VXEMHWLYDFLµQ HQ OD UHODFLµQ LQYHVWLJDGRUD %DUFHORQD 7HVLV
'RFWRUDO
/DWRUUH $ 3UR\HFWR GRFHQWH GH LQYHVWLJDFLµQ HGXFDWLYD HQ OD IRUPDFLµQ GHO
SURIHVRUDGR%DUFHORQD8QLYHUVLGDGGH%DUFHORQD
/HFOHUFT-/DIDPLOLDVHJ¼QHOGHUHFKRQDWXUDO%DUFHORQD+HUGHU
/(& /OHL GH -XOLR Gಬ(GXFDFLµ GH &DWDOXQ\D (Q 'LDUL 2ILFLDO GH OD
*HQHUDOLWDWGH&DWDOXQ\D'2*&Q|GHGH-XOLRGH
/2&( /H\ 2UJ£QLFD GH 'LFLHPEUH GH &DOLGDG GH OD (GXFDFLµQ (Q
%ROHW¯Q2ILFLDOGHO(VWDGR%2(Q|GHGH'LFLHPEUHGH
/2'( /H\ 2UJ£QLFD GH -XOLR UHJXODGRUD GHO 'HUHFKR D OD (GXFDFLµQ (Q
%ROHW¯Q2ILFLDOGHO(VWDGR%2(Q|GHGH-XOLRGH
/2( /H\ 2UJ£QLFD GH 0D\R GH (GXFDFLµQ (Q %ROHW¯Q 2ILFLDO GHO (VWDGR
%2(Q|GHGH0D\RGH
/µSH]ದ%DUDMDV(/DIDPLOLDHQHOWHUFHUPLOHQLR&,8'$'ದ(',725,$/
.³DOOLQVN\ ( /D SDUWLFLSDFLµQ HGXFDWLYD IDPLOLD \ HVFXHOD /DV 3DOPDV GH
*UDQ&DQDULD8QLYHUVLGDGGHODV3DOPDVGH*UDQ&DQDULD
0DFEHWK $ 5DYQ % ([SHFWDWLRQV DERXW SDUHQWV LQ HGXFDWLRQ (XURSHDQ
3HUVSHFWLYHV*ODVJRZ&RPSXWLQJ6HUYLFHV/LPLWHG
0DFKDUJR ([SHFWDWLYDV \ UHDOLGDGHV HQ ODV UHODFLRQHV SDGUHV ದ SURIHVRUHV
&RPXQLFDFLµQ SUHVHQWDGD HQ HO 9, &RQJUHVR ,QWHUQDFLRQDO GH (GXFDFLµQ )DPLOLDU
%HQDOP£GHQD0D\R
0DODJX]]L / 0DODJX]]L L Oಬ(GXFDFLµ LQIDQWLO D 5HJJLR (PLOLD %DUFHORQD $0
5RVD6HQVDW
413
Referencias bibliográficas
0DUW¯ / &RRUG )DPLOLD \ HVFXHOD (Q &XDGHUQRV GH 3HGDJRJ¯D 1 | $EULOSSದ
0DUW¯QH]5$ 2SWLPL]DFLµQGHOFRQWH[WRIDPLOLDU/DUHODFLµQGHFRODERUDFLµQ
HQWUH OD IDPLOLD \ HO FHQWUR HGXFDWLYR (Q )DPLOLD \ (VFXHOD VHPLQDULR LPSDUWLGR
GHQWUR GHO 0£VWHU([SHUWR 8QLYHUVLWDULR HQ 0HGLDFLµQ H ,QWHUYHQFLµQ )DPLOLDU
8QLYHUVLGDGGH/D/DJXQDದ'LFLHPEUH
0DUW¯QH] 5 $ 3«UH] 0l + \ 5RGU¯JXH] 5 )DPLO\ ದ 6FKRRO &RPPXQLW\
3DUWQHUVKLSVPHUJLQJLQWRVRFLDOGHYHORSPHQW2YLHGR*UXSRVP
0DUW¯QH] 6 \ =LHORQND / /D HVFXHOD DQWH ODV QXHYDV FRQILJXUDFLRQHV
IDPLOLDUHV(Q&
&RRSHUDFLµQ(GXFDWLYDQ|ದSSದ
0DUW¯QH]6* (VWXGLRGHFDVR&UµQLFDGHXQSURFHVRGHLQYHVWLJDFLµQFRQ
SHUVSHFWLYDGHJ«QHUR&ROLPD8QLYHUVLGDGGH&ROLPD
0DUW¯QH] 5 $ )DPLOLD \ (GXFDFLµQ IXQGDPHQWRV WHµULFRV \ PHWRGROµJLFRV
2YLHGR6HUYLFLRGH3XEOLFDFLRQHVGHOD8QLYHUVLGDGGH2YLHGR
0D\NXW 3 \ 0RUHKRXVH 5 ,QYHVWLJDFLµQ FXDOLWDWLYD 8QD JX¯D SU£FWLFD \
ILORVµILFD%DUFHORQD+XUWDGR
0HFHQHUR& &HUFDGHOFRPLHQ]R (Q'82'$5HYLVWDGಬ(VWXGLV)HPLQVLWHV
Q|SSದ
0HGLQD - / /DUHFRQVWUXFFLµQRGHVDSUHQGL]DMHDSUR[LPDFLµQFRQFHSWXDO\
QRWDV SDUD XQ P«WRGR UHIOH[LYR GH JHQHUDFLµQ GH QXHYRV VDEHUHV SURIHVLRQDOHV
(GXFDUH
0HLULHX3(QODHVFXHODKR\%DUFHORQD2FWDHGURದ5RVD6HQVDW
0LOHV 0 \ +XEHUPDQ $ 0 4XDOLWDWLYH GDWD DQDO\VLV D VRXUFHERRN RI QHZ
PHWKRGV/RQGRQ6DJH3XEOLFDWLRQV
0RQGUDJµQ-\7ULJXHURV, ,QWHUYHQFLµQFRQPHQRUHV$FFLµQVRFLRHGXFDWLYD
0DGULG1DUFHD
414
Referencias bibliográficas
0RUDOHV 2 $ (VWXGLR H[SORUDWRULR VREUH HO SURFHVR GH HVFULWXUD (Q
('8&(5(,QYHVWLJDFLµQ$³RQ|SSದ
0RUVH-0(G$VXQWRVFU¯WLFRVHQORVP«WRGRVGHLQYHVWLJDFLµQFXDOLWDWLYD
&RORPELD(GLWRULDO8QLYHUVLGDGGH$QWLRTXLD
0XUDUR/ 8QಬHFFHOOHQ]DFRQWDJLRVDHDOODPDQRರ (Q/HODULR$&RVHQWLQR9
< $UPHOOLQL * %XRQH QRWL]LH GDOOD VFXROD )DWWL H SDUROH GHO PRYLPLHQWR GL
DXWRULIRUPD0LO£Q3UDWLFKH(GLWULFHSSದ
0XVLWX*\&DYD0l-/DIDPLOLD\ODHGXFDFLµQ%DUFHORQD2FWDHGUR
0XVLWX*5RP£Q-0\*XWL«UUH]0 (GXFDFLµQIDPLOLDU\VRFLDOL]DFLµQGH
ORVKLMRV,GHD8QLYHUVLWDULD
0XVLWX*\+HUUHUR- /DIDPLOLDIRUPDV\IXQFLRQHV (Q0XVLWX*\$OODWW
3VLFRVRFLRORJ¯DGHODIDPLOLD9DOHQFLD$OEDWURV(GXFDFLµQSSದ
33
2OLYD$\3DODFLRV- )DPLOLD\HVFXHODSDGUHV\SURIHVRUHV (Q5RGULJR0
-\3DODFLR-&RRUG)DPLOLD\GHVDUUROORKXPDQR0DGULG$OLDQ]D
3DODFLRV - \ 0HQ«QGH] 6 3DGUHV \ PDGUHV HQ FDVD \ HQ OD HVFXHOD (Q
&XDGHUQRVGH3HGDJRJ¯D1|SSದ
&XDGHUQRV
3DUHOODGD& )DPLOLD\HVFXHODVHLQYDGHQVHQHFHVLWDQಹ" (Q&
GH3HGDJRJ¯DQ|SSದ
3DGUHV\0DHVWURVQ|ದ
3DULHQWH (OOXJDUGHORVSDGUHVHQODHVFXHOD (Q3
SSದ
3D\QH 0 $ 6FKRROV ದ 3DUHQW 5HODWLRQVKLSV ,Q 7KH $OEHUWD -RXUQDO RI
(GXFDWLRQDO5HVHDUFK9RO;/,1|'HFHPEHUSS
D-RUQDGDGHO0DUHVPH
3«UH]50l/HVUHODFLRQVHQWUHIDP¯OLDLHVFROD(Q
GH1RYLHPEUH0DWDUµ
415
Referencias bibliográficas
3«UH]GH/DUD1 /DVKDELOLGDGHVVRFLDOHVGHVGHHOSHQVDUODHGXFDFLµQFRPR
DFWLYLGDGSRO¯WLFDSULPHUD(Q$
$XODGH,QQRYDFLµQ(GXFDWLYD1|-XQLR
3HUUHQRXG3&RQVWUXLUFRPSHWHQFLDVGHVGHODHVFXHOD3DULV(6)
3LTX« % &RPDV $ \ /RUHQ]R 1 (VWUDWªJLHV GH SU¢FWLFD UHIOH[LYD HQ OD
IRUPDFLµ LQLFLDO GH 0HVWUHV GಬHGXFDFLµ LQIDQWLO %DUFHORQD *UDµ 3UHPL (VFROD
1RUPDOGHOD*HQHUDOLWDW
3LXVVL$0l0£VDOO£GHODLJXDOGDGDSR\DUVHHQHOGHVHRHQHOSDUWLUGHV¯\
HQODSU£FWLFDGHODVUHODFLRQHVHQODHGXFDFLµQ (Q/RPDV&FRPS
,JXDOHVR
GLIHUHQWHV"*«QHURGLIHUHQFLDVH[XDOOHQJXDMH\HGXFDFLµQ%DUFHORQD3DLGµVSS
ದ
3RVWPDQ1)LGHOಬHGXFDFLµ8QDUHGLILQLFLµGHOYDORUGHOಬHVFROD9LF(XPR
3UR\HFWR $WO£QWLGD (GXFDFLµQ \ FXOWXUDGHPRFU£WLFD 3ODQ GH IRUPDFLµQ GH OD
)HGHUDFLµQGH(QVH³DQ]DGH&&22KWWSZZZSUR\HFWRDWODQWLGDRUJ
5DYQ % &XOWXUDO DQG 3ROLWLFDO 'LYHUJHQFHV LQ $SSURDFKHV WR &RRSHUDWLRQ
EHWZHHQ +RPH 6FKRRO DQG /RFDO 6RFLHW\ LQ (XURSH ,Q &DVWHOOL 6 0HQGHO 0 5DYQ % HGV 6FKRRO)DPLO\DQG &RPPXQLW\3DUWQHUVKLSLQD:RUOGRI
'LIIHUHQFHVDQG&KDQJHV*GDQVN:\VDZQLFWZR8QLZHUVV\WHWX*GDQVNLHJRSS
ದ
5DYQ%([SHFWDWLRQVDERXWSDUHQWVLQHGXFDWLRQLQ6FDQGLQDYLDQ&RXQWULHV,Q
0DFEHWK $ 5DYQ % (G ([SHFWDWLRQV DERXW SDUHQWV LQ HGXFDWLRQ(XURSHDQ
3HUVSHFWLYHV*ODVJRZ&RPSXWLQJ6HUYLFHV/LPLWHGSSದ
5HKHU ' 6 /D IDP¯OLD HQ (VSD³D 3DVDGR \ SUHVHQWH 0DGULG $OLDQ]D
8QLYHUVLGDG
5LFRHXU36¯PLVPRFRPRRWUR0DGULG6LJOR;;,
5RGULJR0l-\3DODFLRV- /DIDPLOLDFRPRFRQWH[WRGHGHVDUUROORKXPDQR
(Q 3DODFLRV - \ 5RGULJR 0l - )DPLOLD \ GHVDUUROOR KXPDQR 0DGULG
$OLDQ]D(GLWRULDO
416
Referencias bibliográficas
5RGULJR0l-(G&RQWH[WR\GHVDUUROORVRFLDO0DGULG6¯QWHVLV3VLFRORJ¯D
5RVHQWKDO ' <RXQJ - %XLOGLQJV 6XVVFHIXO +RPH6FKRRO 3DUWQHUVKLSV
6WUDWHJLHV IRU 3DUHQW 6XSSRUW DQG ,QYROYHPHQW ,Q &KLOGKRRG (GXFDWLRQ 6XPPHU
SS
5\DQ%$$GDPV*5*XOORWWD73:HLVVEHUJ53+DPSWRP5/
7KHIDPLO\ದVFKRROFRQQHFWLRQWKHRU\UHVHDUFKDQGSUDFWLFH &DOLIRUQLD6$*(,Q
,VVXHVLQ&KLOGUHQಬVDQG)DPLOLHVಬ/LYHV9RO
6DQFKR - 0D HW DO $SUHQGLHQGR GH ODV LQQRYDFLRQHV HQ ORV FHQWURV /D
SHUVSHFWLYD LQWHUSUHWDWLYD GH LQYHVWLJDFLµQ DSOLFDGD D WUHV HVWXGLRV GH FDVR
%DUFHORQD2FWDHGUR
6DQGHUV 0 * (SVWHLQ - / m6FKRROIDPLO\FRPPXQLW\ SDUWQHUVKLSV DQG
HGXFDWLRQDOFKDQJH,QWHUQDWLRQDOSHUVSHFWLYHV}(Q+DUJUHDYHV$/LHEHUPDQ0
)XOODQ ' +RSNLQV (GV ,QWHUQDWLRQDO +DQGERRN RI (GXFDWLRQDO &KDQJH
'RUGUHFKW.OXZHUSS
6DQG¯Q 0 3 ,QYHVWLJDFLµQ FXDOLWDWLYD HQ HGXFDFLµQ IXQGDPHQWRV \
WUDGLFLRQHV0DGULG0F*UDZ+LOO
6DQWDQD / ( \ 2OLYHURV / /D UHODFLµQ IDPLOLD HVFXHOD +LVWRULD GH XQ
GHVHQFXHQWUR"(Q(
(GXFDGRUHV5HYLVWDGH(GXFDFLµQGHOD)HGHUDFLµQ(VSD³ROD
GH5HOLJLRVRVGH(QVH³DQ]D1|ದMXOLRದGLFLHPEUHSSದ
6DQWRV 0 $ +DFHU YLVLEOH OR FRWLGLDQR 7HRU¯D \ SU£FWLFD GH OD HYDOXDFLµQ
FXDOLWDWLYDGHORVFHQWURVHVFRODUHV0DGULG$NDO
6DUUDGR--\)HUQ£QGH]'¯D]('LU /DHVFXHODXQHQWRUQRLQWHUSHODGRU
\JOREDOL]DGRGHDSUHQGL]DMH0DGULG'\NLQVRQ6/
6K¸Q' /DIRUPDFLµQGHSURIHVLRQDOHVUHIOH[LYRV+DFLDXQQXHYRGLVH³RGH
ODHQVH³DQ]D\HODSUHQGL]DMHHQODVSURIHVLRQHV0DGULG3DLGµV
6PLWK):ULWLQJDQGWKHZULWHU1XHYD<RUN+ROW5LQHKDUW\:LQVWRQ
417
Referencias bibliográficas
&XOWXUD\(GXFDFLµQ1|
6RO«, /DVUHODFLRQHVHQWUHIDPLOLD\HVFXHOD (Q&
SSದ
6WDNH5(,QYHVWLJDFLµQFRQHVWXGLRVGHFDVRV0DGULG0RUDWD
7D\ORU 6 - %RJGDQ 5 ,QWURGXFFLµQ D ORV P«WRGRV FXDOLWDWLYRV GH
LQYHVWLJDFLµQ/DE¼VTXHGDGHVLJQLILFDGRV%DUFHORQDದ%XHQRV$LUHV3DLGµV
7HUUDGHOODV 0 5 1RYHV IDP¯OLHV QRXV HVWLOV HGXFDWLXV" (Q 5HIOH[LRQV
-RUQDGHV IHVWLYDO GH OD LQI¢QFLD %DUFHORQD &,,08 &RQVRUFL ದ ,QVWLWXW Gಬ,QI¢QFLD L
0µQ8UE¢
7HUUµQ($OIRQVR&\'¯H](-&RQVWUXLUODFRPXQLFDFLµQHQWUHODIDPLOLD\
OD HVFXHOD (Q $OIRQVR & HW DO /D SDUWLFLSDFLµQ GH ORV SDGUHV \ GH ODV
PDGUHVHQODHVFXHOD%DUFHORQD*UDµ
7HQWL ( /D HVFXHOD FRQVWUXFWRUD GH VXEMHWLYLGDG (Q 7HQWL ( &RPS 8QD
HVFXHODSDUDORVDGROHVFHQWHV%XHQRV$LUHV8QLFHISSದ
7RUUXELD5L'RYDO*&RRUGV )DP¯OLDL(GXFDFLµD&DWDOXQ\D %DUFHORQD
)XQGDFLµ-DXPH%RILOO3XEOLFDFLRQV'LJLWDOVQ|
9DOGLYLD& 9DORUHV\IDPLOLDDQWHHOWHUFHUPLOHQLR (Q5
5HYLVWDGH(GXFDFLµQ
Q|0D\Rದ$JRVWRSSದ
9DQ 0DQHQ 0 ,QYHVWLJDFLµQ HGXFDWLYD\ H[SHULHQFLD YLYLGD FLHQFLD KXPDQD
SDUDXQDSHGDJRJ¯DGHODDFFLµQ\ODVHQVLELOLGDG%DUFHORQD,GHD%RRNV
9LOD,)DPLOLDHVFXHOD\FRPXQLGDG%DUFHORQD+RUVRUL
99$$ +DQGERRN RI &RQVWUXFWLRQLVW 5HVHDUFK 1HZ <RUN ದ /RQGRQ 7KH
*XLOIRUG3UHVV
:LVH * 7KRUQEXUJ . +RPH ದ VFKRRO UHODWLRQVKLSV DQ HGXFDWLRQDO FULVLV
(Q(
(GXFDWLRQ9ROQ|SSದ
418
Referencias bibliográficas
:RRGV3 /DHVFXHODSRUGHQWUROD(WQRJUDI¯DHQOD,QYHVWLJDFLµQ(GXFDWLYD
%XHQRV$LUHV3DLGµV
:RUWKDP 6 -DFNVRQ . (GXFDWLRQDO &RQVWUXFWLRQLVPV ,Q +DQGERRN RI
&RQVWUXFWLRQLVW5HVHDUFK1HZ<RUNದ/RQGRQ7KH*XLOIRUG3UHVVSSದ
'RFXPHQWRV2ILFLDOHVGHORV&HQWURV(GXFDWLYRV
$03$ /D SDUWLFLSDFLµ GH OHV IDP¯OLHV D OಬHVFROD (Q (O EXWOOHW¯ UHYLVWD GH
OಬHVFROD&(,3%DUFHORQDS
$03$ (VFRODದIDPLOLDSDUWLFLSDUSHUFRQªL[HUSDUWLFLSDUSHUPLOORUDU (Q(
(O
EXWOOHW¯UHYLVWDGHOಬHVFROD&(,3%DUFHORQDS
0HPRULDV GH FXUVRV ದ ದ \ ದ 'RFXPHQWRV LQWHUQRV &(,3
%DUFHORQD
5HJODPHQWRGH5«JLPHQ,QWHUQR55,'RFXPHQWR,QWHUQR&(,37HQHULIH
3UR\HFWR(GXFDWLYRGH&HQWUR3(&'RFXPHQWR,QWHUQR&(,37HQHULIH
3URJUDPDFLµQ*HQHUDO$QXDO3*$'RFXPHQWR,QWHUQR&(,37HQHULIH
3UR\HFWR GH $XWRQRP¯D GH &HQWUR 3$& ದ (Q 3ODQWHDPLHQWR
LQVWLWXFLRQDOPLVLµQYLVLµQ\YDORUHV'RFXPHQWR,QWHUQR&(,3%DUFHORQD
99$$ 3UR\HFWR GH HVFXHOD (Q &RUUHVSRQGHQFLDV LP£JHQHV GH LQIDQFLD
'RFXPHQWRLQWHUQRGHODHVFXHOD&(,35LSROOHW
99$$ 3UR\HFWR GH HVFXHOD (Q 3XQWR \ 6HJXLGR 'RFXPHQWR LQWHUQR GH OD
HVFXHOD&(,35LSROOHW
99$$$ODVIDPLOLDVGHORVQL³RV\QL³DVGHD³RVTXHHQWUDU£QHQODHVFXHOD
HQVHSWLHPEUH'RFXPHQWRLQWHUQRGHOFHQWUR&(,35LSROOHW
419