Diferencias en variables cognitivo-motivacionales

Diferencias en variables cognitivo-motivacionales,
rendimiento académico, implicación familiar en
alumnos con y sin dificultades de aprendizaje en
Educación Secundaria Obligatoria
María del Carmen Girón Calero
Mª del Carmen Girón Calero
Diferencias en variables cognitivo-motivacionales,
rendimiento académico, implicación familiar en
alumnos con y sin dificultades de aprendizaje en
Educación Secundaria Obligatoria
TESIS DOCTORAL
Mª del Carmen Girón Calero
Alicante, 2012
2012
3URJUDPDGH'RFWRUDGR'LVH
3URJUDPDGH'RFWRUDGR'LVHxR2ULHQWDFLyQH,QWHUYHQFLyQ
'LVHxR2ULHQWDFLyQH,QWHUYHQFLyQ
3VLFRSHGDJyJLFD
VLFRSHGDJyJLFD
'HSDUWDPHQWRGH3VLFRORJtD(YROXWLYD\'LGiFWLFD
'HSDUWDPHQWRGH3VLFRORJtD(YROXWLYD\'LGiFWLFD
ÉUHDGH3VLFRORJtD(YROXWLYD\GHOD(GXFDFLyQ
ÉUHDGH3VLFRORJtD(YROXWLYD\GHOD(GXFDFLyQ
)DFXOWDGGH(GXFDFLyQ
)DFXOWDGGH(GXFDFLyQ
7(6,6'2&725$/
7(6,6'2&725$/
'LIHUHQFLDVHQYDULDEOHVFRJQLWLYR
'LIHUHQFLDVHQYDULDEOHVFRJQLWLYRPRWLYDFLRQDOHVUHQGLPLHQWR
DFDGpPLFRHLPSOLFDFLyQIDPLOLDUHQDOXPQRVFRQ\VLQ
DFDGpPLFRHLPSOLFDFLyQIDPLOLDUHQDOXPQRVFRQ\VLQ
GLILFXOWDGHVGHDSUHQGL]DMHHQ(GXFDFLyQ6HFXQGDULD2EOLJDWRULD
'LULJLGDSRU'U'-XDQ/XLV
'LULJLGDSRU'U'-XDQ/XLV&DVWHMyQ&RVWD
&DVWHMyQ&RVWD
3UHVHQWDGDSRU0GHO&DUPHQ*LUyQ&DOHUR
3UHVHQWDGDSRU0GHO&DUPHQ*LUyQ&DOHUR
$*5$'(&,0,(1726
$*5$'(&,0,(1726
(&,0,(1726
4XLVLHUD PRVWUDU PL DJUDGHFLPLHQWR D WRGRV ORV TXH PH KDQ DSR\DGR \
FUHtGR HQ Pt TXH FRQ VX DFRPSDxDPLHQWR \ DWHQFLyQ KDQ SXHVWR WRGDV VXV
H[SHFWDWLYDVHQHOGHVDUUROOR\ILQDOL]DFLyQGHHVWDLQYHVWLJDFLyQ
(Q HVSHFLDO JUDFLDV D PLV SDGUHV \ KHUPDQR D OD GLUHFWRUD GHO &HQWUR
HGXFDWLYRHQHOTXHWUDEDMR&ROHJLR1WUD6UDGHORV'RORUHVHQ9LOOHQD$OLFDQWH
SRUVXFRPSUHQVLyQ\DFWLWXGVLHPSUHGHD\XGD\DPLVFRPSDxHURVDVGHWUDEDMR
TXHPHKDQIDFLOLWDGRODUHFRJLGDGHGDWRV\KDQDOHQWDGRFDGDGtDHVWHSURFHVR
/HDJUDGH]FRVXDSR\R\FRQWLQXDPRWLYDFLyQDPLGLUHFWRUGHWHVLV'-XDQ
/XLV &DVWHMyQ &RVWD VLQ pO QR KXELHUD SRGLGR OOHJDU KDVWD HO ILQDO eO KD JXLDGR
WRGR PL WUDEDMR \ PH KD PRWLYDGR HQ VX HODERUDFLyQ OR TXH GHPXHVWUD XQD YH]
PiVVXJUDQKXPDQLGDG\SURIHVLRQDOLGDG
$OHTXLSRGLUHFWLYR\'HSDUWDPHQWRGH2ULHQWDFLyQGHO,(61DYDUUR6DQWDIp
GH 9LOOHQD $OLFDQWH SRU VX GLVSRQLELOLGDG FRODERUDFLyQ \ JUDWLWXG D OD KRUD GH
OOHYDUDFDERODLQYHVWLJDFLyQ
$O HTXLSR GH SURIHVRUHV DOXPQRV \ IDPLOLDV GH DPERV &HQWURV HGXFDWLYRV
TXH KDQ FRQWULEXLGR D OD UHDOL]DFLyQ GH HVWD LQYHVWLJDFLyQ FRQ VX DSRUWDFLyQ
UHVSRQVDEOH\YROXQWDULD*UDFLDV
0GHO&DUPHQ*LUyQ&DOHUR
Ì1',&(
1',&(
7HVLV'RFWRUDO
VHQWDFLyQ«««««««««««««««««««««««««««««««
3UH
3UHVHQWDFLyQ
VHQWDFLyQ
«««
3iJ
, 5HYLVLyQ7HyULFD««««««««««««««««««««««««««««
5HYLVLyQ7HyULFD
&RQFHSFLyQGHODSUHQGL]DMH\SDUDGLJPDHGXFDWLYRTXHIXQGDPHQWDOD
LQYHVWLJDFLyQ«««««««««««««««««««««««««««
5HFRUULGR
KLVWyULFR
GHO
FRQFHSWR
GLILFXOWDGHV
GH
DSUHQGL]DMH««««
&RQFHSWR
\
FODVLILFDFLyQ
GH
ODV
GLILFXOWDGHV
GH
DSUHQGL]DMH«««««««««««««««««««««««««««««
(VWXGLR GH ODV GLIHUHQFLDV HQ YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV
LPSOLFDFLyQ IDPLOLDU \ UHQGLPLHQWR DFDGpPLFR HQ DOXPQRV FRQ \ VLQ
GLILFXOWDGHVGHDSUHQGL]DMH«««««««««««««««««««««
'LIHUHQFLDVHQHODXWRFRQFHSWRHQDOXPQRVFRQ\VLQGLILFXOWDGHVGH
DSUHQGL]DMH«««««««««««««««««««««««««
'LIHUHQFLDVHQODVHVWUDWHJLDVGHDSUHQGL]DMHHQDOXPQRVFRQ\VLQ
GLILFXOWDGHVGHDSUHQGL]DMH««««««««««««««««««
'LIHUHQFLDV HQ ODV PHWDV DFDGpPLFDV HQ DOXPQRV FRQ \ VLQ
GLILFXOWDGHVGHDSUHQGL]DMH«««««««««««««««««
'LIHUHQFLDVHQODLPSOLFDFLyQIDPLOLDUHQHOSURFHVRGHDSUHQGL]DMH
GH
ORV
DOXPQRV
FRQ
\
VLQ
GLILFXOWDGHV
GH
DSUHQGL]DMH«««««««««««««««««««««««««
'LIHUHQFLDV HQ HO UHQGLPLHQWR DFDGpPLFR HQ DOXPQRV FRQ \ VLQ
GLILFXOWDGHVGHDSUHQGL]DMH«««««««««««««««««
5
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
,, (VWXGLR
(VWXGLR(PStULFR««««««««««««««««««««««««««««
(PStULFR
,QWURGXFFLyQ«««««««««««««««««««««««««««
,QWURGXFFLyQ«««««««««««««««««««««««««««
2EMHWLYRVHKLSyWHVLV««««««««««««««««««««««
2EMHWLYRVHKLSyWHVLV
2EMHWLYRV«««««««««««««««««««««««««
+LSyWHVLV«««««««««««««««««««««««««
0pWRGR«««««««««««««««««««««««««««««
0pWRGR
3DUWLFLSDQWHV«««««««««««««««««««««
,QVWUXPHQWRV««««««««««««««««««««««««
(VFDODGH(YDOXDFLyQGHO$XWRFRQFHSWR6'4,,««
&XHVWLRQDULR SDUD OD (YDOXDFLyQ GH ODV 0HWDV
$FDGpPLFDV
HQ
(GXFDFLyQ
6HFXQGDULD
&(0$
,,««««««««««««««««««««««««««««
&XHVWLRQDULR
GH
(VWUDWHJLDV
GH
$SUHQGL]DMH
&($««««««««««««««««««««««««««
(VFDOD GH (YDOXDFLyQ GH OD &RKHVLyQ \ $GDSWDELOLGDG
)DPLOLDU)$&(6,,««««««««««««««««««
(VFDODGH6RFLDOL]DFLyQ)DPLOLDU62&««««««
&XHVWLRQDULR GH HODERUDFLyQ SURSLD VREUH OD SHUFHSFLyQ
TXHWLHQHQORVHVWXGLDQWHVGHODLPSOLFDFLyQGHVXVSDGUHVHQODV
WDUHDVDFDGpPLFDV«««««««««««««««««««««
&XHVWLRQDULR GH HODERUDFLyQ SURSLD VREUH OD LPSOLFDFLyQ
GH ORV SDGUHV HQ HO SURFHVR GH HQVHxDQ]DDSUHQGL]DMH GH VXV
KLMRV«««««««««««««««««««««««««««
6
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&RFLHQWH LQWHOHFWXDO %DWHUtD GH $SWLWXGHV *HQHUDOHV \
'LIHUHQFLDOHV%$'<*0UHQRYDGD««««««««««««
5HQGLPLHQWR DFDGpPLFR WULPHVWUDO HQ ODV iUHDV
LQVWUXPHQWDOHV&DVWHOODQR0DWHPiWLFDV\9DOHQFLDQR««««
3URFHGLPLHQWR««««««««««««««««««««««««
'LVHxR\DQiOLVLVGHGDWRV«««««««««««««««««««
5HVXOWDGRV««««««««««««««««««««««««««
5HVXOWDGRV
$QiOLVLV
HVWDGtVWLFR
GHVFULSWLYR
GH
ORV
FXHVWLRQDULRV««««««««««««««««««««««««
(VFDODGH(YDOXDFLyQGHO$XWRFRQFHSWR6'4,,««««
&XHVWLRQDULRSDUDOD(YDOXDFLyQGH0HWDV$FDGpPLFDVHQ
(GXFDFLyQ6HFXQGDULD&(0$,,««««««««««««««
&XHVWLRQDULRGH(VWUDWHJLDVGH$SUHQGL]DMH&($««
(VFDOD GH (YDOXDFLyQ GH OD &RKHVLyQ \ $GDSWDELOLGDG
)DPLOLDU)$&(6,,««««««««««««««««««««
(VFDODGH6RFLDOL]DFLyQ)DPLOLDU62&««««««
&XHVWLRQDULR GH HODERUDFLyQ SURSLD VREUH OD LPSOLFDFLyQ
GH ORV SDGUHV HQ HO SURFHVR GH HQVHxDQ]D GH VXV
KLMRV«««««««««««««««««««««««««««
&XHVWLRQDULR GH HODERUDFLyQ SURSLD VREUH OD SHUFHSFLyQ
TXHWLHQHQORVHVWXGLDQWHVGHODLPSOLFDFLyQGHVXVSDGUHVHQODV
WDUHDVDFDGpPLFDV«««««««««««««««««««««
5HQGLPLHQWR DFDGpPLFR WULPHVWUDO HQ ODV iUHDV
LQVWUXPHQWDOHV&DVWHOODQR0DWHPiWLFDV\9DOHQFLDQR««««
&RFLHQWH,QWHOHFWXDO%$'<*0UHQRYDGD««««««
7
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
$QiOLVLV'LIHUHQFLDOHV«««««««««««««««««««««
$QiOLVLV'LVFULPLQDQWH««««««««««««««««««««
'LVFXVLyQ«««««««««««««««««««««««««««
'LVFXVLyQ
&RQFOXVLRQHVHLPSOLFDFLRQHVSUiFWLFDV««««««««««««««
&RQFOXVLRQHVHLPSOLFDFLRQHVSUiFWLFDV
,,, 5HIHUHQFLDV«««««««««««««««««««««««««««
5HIHUHQFLDV
,9 $QH[RV«««««««««««««««««««««««««««««««
$QH[RV
$QH[R5HVXOWDGRVGHORVDQiOLVLVHVWDGtVWLFRV\GH
$QH[R5HVXOWDGRVGHORVDQiOLVLVHVWDGtVWLFRV\GHILDELOLGDG
ILDELOLGDG«««««««
$QH[R5HVXOWDGRVGHORVDQiOLVLVHVWDGtVWLFRV\GH
ILDELOLGDG
$QH[R5HVXOWDGRVHVWDGtVWLFRVGHODSUXHED
$QH[R5HVXOWDGRVHVWDGtVWLFRVGHODSUXHEDW6WXGHQW««««««««««
WXGHQW
$QH[R5HVXOWDGRVGHODQiOLVLVGLVFULPLQDQWH
$QH[R5HVXOWDGRVGHODQiOLVLVGLVFULPLQDQWH««««««««««««««
$QH[R5HVXOWDGRVGHODQiOLVLVGLVFULPLQDQWH
$QH[R&DVRVPDOFODVLILFDGRV
$QH[R&DVRVPDOFODVLILFDGRV«««««««««««««««««««««
$QH[R&DVRVPDOFODVLILFDGRV
$QH[R&XHVWLRQDULRVGHHODERUDFLyQSURSLD
$QH[R&XHVWLRQDULRVGHHODERUDFLyQSURSLD«««««««««««««««
$QH[R&XHVWLRQDULRVGHHODERUDFLyQSURSLD
&XHVWLRQDULR SDUD DOXPQRV VREUH OD LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR
HGXFDWLYR«««««««««««««««««««««««««««««««««
&XHVWLRQDULR SDUD SDGUHV VREUH OD LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR
HGXFDWLYR««««««««««««
8
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3UHVHQWDFLyQ
3UHVHQWDFLyQ
3UHVHQWDFLyQ
(VWD LQYHVWLJDFLyQ GH iPELWR HGXFDWLYR SUHWHQGH HVWXGLDU ODV YDULDEOHV
FRJQLWLYRPRWLYDFLRQDOHV GH UHQGLPLHQWR DFDGpPLFR H LPSOLFDFLyQ IDPLOLDU HQ
DGROHVFHQWHV FRQ \ VLQ GLILFXOWDGHV SDUD DSUHQGHU TXH FXUVDQ (GXFDFLyQ
6HFXQGDULD2EOLJDWRULDHQVXVGLIHUHQWHVQLYHOHVHGXFDWLYRVGHVGHžDžGH(62
\TXpLPSOLFDFLRQHVWLHQHHVWDLQYHVWLJDFLyQHQODPHMRUDGHODSUiFWLFDGRFHQWH\HQ
ODRUJDQL]DFLyQSHGDJyJLFDGHORVFHQWURVHGXFDWLYRV
(Q HO GHVDUUROOR GH OD LQYHVWLJDFLyQ VH KD WRPDGR FRPR UDQJR GH HGDG
UHSUHVHQWDWLYR XQ JUXSR YROXQWDULR GH SDUWLFLSDQWHV FX\DV HGDGHV HVWiQ
FRPSUHQGLGDV HQWUH ORV \ DxRV HVFRODUL]DGRV HQ GRV &HQWURV HGXFDWLYRV GH
(GXFDFLyQ6HFXQGDULD2EOLJDWRULDXQRFRQFHUWDGR\RWURS~EOLFRGHODSURYLQFLDGH
$OLFDQWH
(Q WRWDO KDQ SDUWLFLSDGR HVWXGLDQWHV HVFRODUL]DGRV HQ ORV GLIHUHQWHV
QLYHOHVHGXFDWLYRVGHVGHžDžGH(62(GXFDFLyQ6HFXQGDULD2EOLJDWRULDFRQ
VXVUHVSHFWLYDVIDPLOLDVWXWRUHVGHžDžGH(62GHORVGRVFHQWURVHGXFDWLYRV\
PLHPEURVGHORV'HSDUWDPHQWRVGH2ULHQWDFLyQ8QGHORVHVWXGLDQWHVGHFDGD
QLYHO HGXFDWLYR SUHVHQWD XQ GLDJQyVWLFR SVLFRSHGDJyJLFR GH GLILFXOWDGHV GH
DSUHQGL]DMHVLHQGRHOPLVPRQ~PHURGHDOXPQRVHQDPERV&HQWURV(ORWUR
QR KD VLGR GLDJQRVWLFDGR SRU ORV 'HSDUWDPHQWRV GH 2ULHQWDFLyQ FRPR HVWXGLDQWHV
FRQ GLILFXOWDGHV GH DSUHQGL]DMH SRU QR PDQLIHVWDUODV GXUDQWH OD LQYHVWLJDFLyQ
HGXFDWLYDUHDOL]DGD
6HKDHVFRJLGRHVWDHGDGGHHVFRODUL]DFLyQREOLJDWRULDHQWUH\DxRVWDO
FRPR HVWDEOHFH OD DFWXDO QRUPDWLYD HGXFDWLYD /2( /H\ 2UJiQLFD GH (GXFDFLyQ
GHGHPD\RGHFRQVLGHUDQGRTXHHVWHPRPHQWRHYROXWLYRODDGROHVFHQFLD
HV XQD HWDSD GH GHVDUUROOR SHUVRQDO HQOD TXH VH DILDQ]DQ KDELOLGDGHV GHVWUH]DV
9
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
FRPSHWHQFLDV \ WpFQLFDV GH WUDEDMR LQWHOHFWXDOHV HQ FDGD HVWXGLDQWH \ GH
PDGXUDFLyQ SVLFROyJLFD PRUDO \ GH OD SHUVRQDOLGDG PiV LPSRUWDQWHV HQ HO
FUHFLPLHQWR\GHVDUUROORGHXQDSHUVRQD
6H WUDWD GH XQD HWDSD HQ OD TXH OD IDPLOLD FRPR DJHQWH GH VRFLDOL]DFLyQ
RFXSDXQOXJDULPSRUWDQWHHQHOSURFHVRHGXFDWLYRGHODGROHVFHQWHVLHQGRUHIHUHQWH
HQ H[SHFWDWLYDV DFDGpPLFDV VHJXLPLHQWR HGXFDWLYR HOHFFLRQHV SHUVRQDOHV \
SURIHVLRQDOHVHQWUHRWUDV\WHQLHQGRXQDLQIOXHQFLDLPSRUWDQWHHQHOGHVDUUROORGHO
DGROHVFHQWHHOHVWLORHGXFDWLYRGHUHODFLyQHQWUHSDGUHVHKLMRV
(Q HVWD HWDSD HO DGROHVFHQWH GHVDUUROOD HO SHQVDPLHQWR R UD]RQDPLHQWR
DEVWUDFWR\ODVRFLDOL]DFLyQFRQHOJUXSRGHLJXDOHVFREUDXQDLPSRUWDQFLDYLWDOHQ
HOGHVDUUROORGHVXSHUVRQDOLGDG\VXLGHQWLGDGHQHOJUXSR7DPELpQVHSURGXFHXQ
SURJUHVR LPSRUWDQWH GHO SHQVDPLHQWR FUtWLFR FUHDWLYR GHO MXLFLR PRUDO \ HO
GHVDUUROORGHXQDPRUDODXWyQRPDDVtFRPRPD\RUFDSDFLGDGHQODHOHFFLyQ\WRPD
GH GHFLVLRQHV GH IRUPD FRQVFLHQWH \ FUtWLFD SRU OR TXH ODV GLIHUHQFLDV HQWUH
HVWXGLDQWHVHQHVWDHGDGWDPELpQVRQPD\RUHV
/DVGLIHUHQFLDVHQWUHDGROHVFHQWHVVHKDFHQPiVYLVLEOHVHQWUH\DxRV
SRUYDULDEOHVGHWLSRVRFLDODIHFWLYRHLQWHOHFWXDO\SRUWDQWRHVODHGDGDGHFXDGD
SDUD PHMRUDU \ DILDQ]DU HVWUDWHJLDV GH DSUHQGL]DMH FRQFUHWDU PHWDV DFDGpPLFDV
SURSRQHU XQ PHMRU UHQGLPLHQWR DFDGpPLFR HQ IXQFLyQ GHO SRWHQFLDO LQGLYLGXDO
LPSOLFDUDORVSDGUHVHQODODERUGRFHQWH\HQHOWUDEDMRDFDGpPLFRGHVXVKLMRV
(O ILQ ~OWLPR GH HVWD LQYHVWLJDFLyQ HGXFDWLYD HV QR VyOR YHULILFDU ODV
FRQFOXVLRQHVGHRWUDVLQYHVWLJDFLRQHVUHODFLRQDGDVFRQHOHVWXGLRGHODLQWHUUHODFLyQ
HQWUH YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV \ VX LPSOLFDFLyQ HQ HO SURFHVR HGXFDWLYR
GHOHVWXGLDQWHHQHGDGDGROHVFHQWH\VXUHQGLPLHQWRDFDGpPLFR*RQ]iOH]3LHQGD
VLQRTXHDSDUWLUGHORVUHVXOWDGRVGHHVWDLQYHVWLJDFLyQVHLQWHQWDUi
10
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
2IUHFHUUHFXUVRVSVLFRHGXFDWLYRVDOSURIHVRUDGRVREUHHODOXPQDGRHQHGDG
DGROHVFHQWH SDUD VDEHU FyPR GDU UHVSXHVWD SHGDJyJLFD D OD GLYHUVLGDG GH
KDELOLGDGHVFRPSHWHQFLDVDSWLWXGHVFRQRFLPLHQWRVH[SHULHQFLDVVRFLRFXOWXUDOHV\
HGXFDWLYDVTXHHVWiSUHVHQWHDFWXDOPHQWHHQODVDXODV
6DEHUFyPRGDUXQDPHMRUUHVSXHVWDHGXFDWLYDPiVSHUVRQDOL]DGDGHVGHHO
&HQWUR \ HQ FRODERUDFLyQ FRQ ODV IDPLOLDV D HVWXGLDQWHV DGROHVFHQWHV FRQ \ VLQ
GLILFXOWDGHV SDUD DSUHQGHU GHQWUR \ IXHUD GH ODV DXODV RUGLQDULDV SDUD TXH
GHVDUUROOHQ DO Pi[LPR GH VXV SRVLELOLGDGHV HGXFDWLYDV \ SHUVRQDOHV WRGDV VXV
FRPSHWHQFLDVKDELOLGDGHVGHVWUH]DV\DSWLWXGHVSHUVRQDOHVVRFLDOHV\HGXFDWLYDV
TXH OHV SHUPLWDQ DFFHGHU HQ LJXDOGDG GH FRQGLFLRQHV D OD FRQVHFXFLyQ GH OD
WLWXODFLyQ PtQLPD H[LJLGD 7tWXOR HQ *UDGXDGR HQ (GXFDFLyQ 6HFXQGDULD
2EOLJDWRULD
(O FRQRFLPLHQWR SRU SDUWH GH ORV GRFHQWHV GH HVWDV GLIHUHQFLDV TXH VH
SURGXFHQ HQ HO FRQWH[WR HGXFDWLYR QRV D\XGDQ HQ OD SUiFWLFD D TXH SRGDPRV
JHQHUDU IRUPDV PHWRGROyJLFDV LQQRYDGRUDV \ GLVHxDU SURJUDPDFLRQHV GLGiFWLFDV
DGHFXDGDVDODGLYHUVLGDGHQHODXOD\ODUHODFLyQHLPSOLFDFLyQGHODVIDPLOLDVHQ
HVWHSURFHVR
/RV PHFDQLVPRV GH FRKHVLyQ \ VRFLDOL]DFLyQ HQWUH SDGUHV H KLMRV ODV
H[SHFWDWLYDV DFDGpPLFDV SXHVWDV HQ VXV KLMRVDV VX SHUFHSFLyQ GHO VHJXLPLHQWR
HGXFDWLYRHOWLHPSRGHRUJDQL]DFLyQ\GHGLFDFLyQDODVWDUHDVHVFRODUHVD\XGDQD
VDEHUFyPRGLVHxDUPHMRUODRUJDQL]DFLyQ\SODQLILFDFLyQGLGiFWLFDGHVGHORVFHQWURV
HGXFDWLYRV \ OD FRODERUDFLyQ FRQ ODV IDPLOLDV HQ UHODFLyQ D OD FRKHVLyQ \ OD
DGDSWDELOLGDGHQWUHVXVPLHPEURVDVtFRPRDODLPSOLFDFLyQGHHVWRVHQHOSURFHVR
HGXFDWLYR\ODSHUFHSFLyQTXHVXVKLMRVWLHQHQGHHOOD
/DV YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV GH HVWXGLR HQ HVWD LQYHVWLJDFLyQ VH
UHILHUHQ DO iPELWR DFDGpPLFR SHUR HVWH HVWi LUUHPHGLDEOHPHQWH LQIOXLGR SRU HO
FRQWH[WR\SRUWDQWRODLPSOLFDFLyQGHORVSDGUHVHQHOSURFHVRHGXFDWLYRDVtFRPR
HQ OD PRWLYDFLyQ YDORUDFLyQ GHO DXWRFRQFHSWR HO UHQGLPLHQWR DFDGpPLFR
11
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
HVWUDWHJLDV\PHWDVGHDSUHQGL]DMH\ODVH[SHFWDWLYDVDFDGpPLFDVVRQLPSRUWDQWHV
SDUD OD HYROXFLyQ DFDGpPLFD GH ORV HVWXGLDQWHV FRQ \ VLQ GLILFXOWDGHV GH
DSUHQGL]DMH
(OILQ~OWLPRGHODHGXFDFLyQQRSXHGHVHUVyORTXHORVHVWXGLDQWHVFRQVLJDQ
p[LWRDFDGpPLFRRDFFHGDQDXQDWLWXODFLyQPtQLPDVLQRTXHSXHGDQGHVDUUROODUVH
GH IRUPD LQWHJUDO SDUWLFLSDU GH IRUPD DFWLYD HQ HO SURFHVR HGXFDWLYR \ VHQWLUVH
~WLOHVHQODVRFLHGDGGHODTXHIRUPDQSDUWH\DVtGLVHxDUVXSURSLRSUR\HFWRGH
YLGDSHUVRQDO\SURIHVLRQDO3DUDHOORHVQHFHVDULRODLQWHUUHODFLyQHQWUHGLIHUHQWHV
FRQWH[WRV HGXFDWLYR iPELWR IDPLOLDU \ HO JUXSR GH LJXDOHV \D TXH HVWH HV XQ
UHIHUHQWHLQPHGLDWRHLPSRUWDQWHHQHVWDHWDSDGHGHVDUUROOR
(QHVWDODERUWDPELpQSDUWLFLSDQORVSDGUHVTXLHQHVFRPRDJHQWHVVRFLDOHV
\ HGXFDGRUHV FRQ VX DSR\R FRODERUDFLyQ GHVGH XQ WUDEDMR HQ UHG FRQ GLYHUVDV
LQVWLWXFLRQHVHLPSOLFDFLyQHQHOSURFHVRGHGHVDUUROORHGXFDWLYR\SHUVRQDOGHVXV
KLMRVDV D\XGDQ HQ OD PHGLGD GH VXV SRVLELOLGDGHV HQ HVWH SURFHVR 3RU HOOR
WDPELpQ VH KD GH VDEHU FDQDOL]DU HVD D\XGD GH IRUPD FRQMXQWD FRQ HO &HQWUR
HGXFDWLYR SDUD TXH VHD XQD D\XGD HILFD] \ GH FDOLGDG \ SHUVLJD ORV PLVPRV ILQHV
HGXFDWLYRVFRQHOHVWXGLDQWH
(V LPSRUWDQWH FRPHQ]DU D UHIOH[LRQDU VREUH FyPR FXDOTXLHU HVWXGLDQWH
SXHGH SUHVHQWDU D OR ODUJR GH VX HVFRODUL]DFLyQ GLILFXOWDGHV SDUD DFFHGHU HQ
LJXDOGDG GH FRQGLFLRQHV DO FRQRFLPLHQWR \ OD SUiFWLFD GH ODV GLIHUHQWHV
FRPSHWHQFLDVHGXFDWLYDV\SHUVRQDOHVGHVFULWDVHQHOFXUUtFXORTXHVRQUHTXHULGDV
SRUHGDG\QLYHOHGXFDWLYRHQFRPSDUDFLyQFRQHOUHVWRGHVXVLJXDOHV3RUHOORHV
LPSRUWDQWHFRQRFHU\YDORUDUHVWDVGLIHUHQFLDVFRPRSDUWHLQKHUHQWHGHOSURFHVR\
GHODUHODFLyQFRQHOHVWXGLDQWH\VXIDPLOLD
/D HVFXHOD FRPR LQVWLWXFLyQ GH DSUHQGL]DMH \ VRFLDOL]DFLyQ GHEH LU
SURJUHVLYDPHQWHFRPRHVWDEOHFHODDFWXDOQRUPDWLYD/2(/H\2UJiQLFD
GHGHPD\RGH(GXFDFLyQSHUVRQDOL]DQGRODSURSXHVWDGLGiFWLFDDWHQGLHQGRD
ODGLYHUVLGDGGHVLWXDFLRQHVSHUVRQDOHVIDPLOLDUHV\HGXFDWLYDVGHORVHVWXGLDQWHV\
12
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
SDUD HOOR VH UHTXLHUH GH OD LPSOLFDFLyQ FRRUGLQDFLyQ \ FRODERUDFLyQ GH GLIHUHQWHV
DJHQWHV VRFLDOHV \ HGXFDWLYRV GH DKt OD LPSRUWDQFLD GH OD IDPLOLD HQ HVWD
LQYHVWLJDFLyQ
3DUD ILQDOL]DU VH SUHVHQWD HVWD WHVLV HVWUXFWXUDGD HQ GRV SDUWHV ELHQ
GLIHUHQFLDGDV GH IRUPD TXH QR VyOR VH FRPSUXHEHQ ODV GLIHUHQFLDV HQ UHODFLyQ DO
HVWXGLR GH ODV YDULDEOHV FRJQLWLYDV HV GHFLU FDSDFLGDG LQWHOHFWXDO FDSDFLGDG GH
UHQGLPLHQWR HVWUDWHJLDV GH DSUHQGL]DMH VLQR WDPELpQ PRWLYDFLRQDOHV HV GHFLU
DXWRFRQFHSWR PHWDV DFDGpPLFDV HVWUDWHJLDV GH DSUHQGL]DMH \ RWUDV FRPR HO
UHQGLPLHQWR DFDGpPLFR H LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR HGXFDWLYR HQWUH
HVWXGLDQWHVHQHGDGDGROHVFHQWHFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMHTXHFXUVHQ
OD HWDSD GH (GXFDFLyQ 6HFXQGDULD 2EOLJDWRULD \ DGHPiV VH FRQFOX\DQ
LPSOLFDFLRQHV HGXFDWLYDV SUiFWLFDV SDUD OD PHMRUD GH OD FDOLGDG HGXFDWLYD \ OD
SUiFWLFDHVFRODU
$FRQWLQXDFLyQVHGHVFULEHEUHYHPHQWHFDGDSDUWH
8QDSULPHUD SDUWHWHyULFDTXHHQJOREDXQDLQWURGXFFLyQVREUHODHYROXFLyQ
KLVWyULFD GHO FRQFHSWR DSUHQGL]DMH \ XQD UHYLVLyQ WHyULFD GHO FRQFHSWR GLILFXOWDGHV
GH DSUHQGL]DMH \ VX WUDQVIRUPDFLyQ KDFLD HO GH QHFHVLGDGHV HGXFDWLYDV R
1HFHVLGDGHV(VSHFtILFDVGH$SR\R(GXFDWLYR$&1($(VHJ~QHOQXHYRPRGHOR
GH(VFXHOD1XHYD\ODQRUPDWLYDHGXFDWLYDDFWXDOXQUHFRUULGRKLVWyULFRSRU
ORV SULQFLSDOHV SDUDGLJPDV GH HVWXGLR GH ODV GLILFXOWDGHV GH DSUHQGL]DMH VX
WLSRORJtD\ODDSUR[LPDFLyQWHyULFDDORVHVWXGLRVDFWXDOHVTXHUHODFLRQDQGLIHUHQWHV
YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV GH UHQGLPLHQWR DFDGpPLFR H LPSOLFDFLyQ
IDPLOLDUHQDOXPQRVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMHHQ(GXFDFLyQ6HFXQGDULD
2EOLJDWRULD\ODGHVFULSFLyQGHODVGLIHUHQFLDVPiVVLJQLILFDWLYDVTXHVHHVWDEOHFHQ
HQWUHHVWRVHVWXGLDQWHVHQHVDVYDULDEOHVWHQLHQGRHQFXHQWDRWUDVLQYHVWLJDFLRQHV
HGXFDWLYDVUHODFLRQDGDV\VXVFRQFOXVLRQHV
13
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
8QDVHJXQGDSDUWHHQODTXHGHVGHXQHQIRTXHHPStULFRSUiFWLFRVHGHILQHQ
ORVREMHWLYRVKLSyWHVLVPpWRGRVHDQDOL]DQGHIRUPDHVWDGtVWLFDORVUHVXOWDGRVGH
ODLQYHVWLJDFLyQ\VHFRPHQWDQORVPiVVLJQLILFDWLYRV\ILQDOPHQWHVHSUHVHQWDQODV
GLVFXVLRQHV \ FRQFOXVLRQHV VREUH OD PLVPD SDUD ILQDOL]DU FRQ XQDV LPSOLFDFLRQHV
SUiFWLFDV GH OD LQYHVWLJDFLyQ 3RU WDQWR VH SUHWHQGH UHDOL]DU XQD DSRUWDFLyQ
QRYHGRVD HQ HO FRQRFLPLHQWR GH ODV GLIHUHQFLDV HQWUH HVWXGLDQWHV FRQ \ VLQ
GLILFXOWDGHVSDUDDSUHQGHU\VXLPSOLFDFLyQSUiFWLFDDODLQWHUYHQFLyQTXHUHDOL]DHO
GRFHQWH HQ HO DXOD HQ ORV GLIHUHQWHV QLYHOHV HGXFDWLYRV GH (GXFDFLyQ 6HFXQGDULD
2EOLJDWRULD DWHQGLHQGR D ODV GLIHUHQFLDV H[LVWHQWHV HQWUH HVWXGLDQWHV \ D OD
YDULDEOHLPSOLFDFLyQIDPLOLDU
3RU ~OWLPR HVWH WUDEDMR GH LQYHVWLJDFLyQ GHEH DEULU SDVR D RWUDV
LQYHVWLJDFLRQHV IXWXUDV UHODFLRQDGDV FRQ HO GLVHxR GH SURSXHVWDV PHWRGROyJLFDV
GLVWLQWDVTXHDWLHQGDQDODVGLIHUHQFLDVDQDOL]DGDVHQHVWHWUDEDMRHQHVWXGLDQWHV
HQ HGDG DGROHVFHQWH FRQ \ VLQ GLILFXOWDGHV SDUD DSUHQGHU GH IRUPD TXH VH
IDYRUH]FDDWRGRVORVQLYHOHVODLQWHJUDFLyQIXQFLRQDO,QIRUPH:DUQRFN\VH
RIHUWHQSURSXHVWDVSHGDJyJLFDVFRQWH[WXDOL]DGDVTXHVHDSUR[LPHQFDGDYH]PiVD
ODGLYHUVLGDGGHVLWXDFLRQHVHGXFDWLYDV\IDPLOLDUHV
'HOPLVPRPRGRVHSUHWHQGHRIUHFHUFRQFOXVLRQHVTXHQRVKDJDQUHIOH[LRQDU
VREUHODLPSRUWDQFLDGHODLPSOLFDFLyQGHORVSDGUHVHQHVWHSURFHVRHGXFDWLYR\HQ
RWURVDVSHFWRVUHODFLRQDGRVFRQODFRQVWUXFFLyQGHXQDLGHQWLGDGIRUPDGD\PDGXUD
GHODGROHVFHQWH
/DVGLIHUHQFLDVHQFRQWUDGDVHQHVWHWUDEDMRFRQUHVSHFWRDORVDOXPQRVFRQ
\VLQGLILFXOWDGHVGHDSUHQGL]DMHWDPELpQGHEHQD\XGDUDIXWXUDVLQYHVWLJDFLRQHV
HQHOHVWXGLRGHGLIHUHQWHVSUR\HFWRVGHWUDEDMRHQUHGTXHSHUFLEDDODHVFXHOD\D
OD IDPLOLD FRPR XQ UHFXUVR DELHUWR D OD LPSOLFDFLyQ GH WRGDV ODV LQVWLWXFLRQHV TXH
HVWiQHQFRQWDFWRFRQHVWRVHVWXGLDQWHVDVtFRPRDRWURVHVWXGLRVUHODFLRQDGRVFRQ
ORV SUR\HFWRV GH GHVDUUROOR GH LQWHOLJHQFLDVP~OWLSOHV FRPR IRUPD GH DWHQGHU D OD
GLYHUVLGDGHQODVDXODVFRPRXQDPDQHUDGHHQULTXHFLPLHQWRSHUVRQDO\HGXFDWLYR
TXH D\XGD D PHMRUDU OD FDOLGDG HQ ORV FHQWURV GHVGH HO QLYHO DXOD OD ODERU GH ORV
14
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
GRFHQWHVODFRODERUDFLyQHLPSOLFDFLyQGHODVIDPLOLDV\PHMRUDODYDORUDFLyQGHOD
GLIHUHQFLDFRPRXQDVSHFWRHQULTXHFHGRUHLQKHUHQWHDFDGDDOXPQRD
3RU~OWLPR\FRPRUHIOH[LyQHOp[LWRGHODLQWHJUDFLyQQRSXHGHVHULPSXHVWR
SRU XQD OH\ /D HILFDFLD GH OD SXHVWD HQ PDUFKD GH FXDOTXLHU SROtWLFD HGXFDWLYD
GHSHQGH GH P~OWLSOHV IDFWRUHV $OJXQRV GH ORV GHVWDFDGRV HQ HVWD LQYHVWLJDFLyQ
VHUtDQ ODV DFWLWXGHV GH ORV GRFHQWHV IDPLOLDV \ GH OD VRFLHGDG HQ JHQHUDO KDFLD OD
LQWHJUDFLyQ HO GHVDUUROOR GH ODV SRWHQFLDOLGDGHV LQGLYLGXDOHV \ OD DWHQFLyQ D ODV
QHFHVLGDGHV HGXFDWLYDV GH ORV HVWXGLDQWHV TXH FXUVDQ OD HWDSD GH (GXFDFLyQ
6HFXQGDULD2EOLJDWRULD
15
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
, 5HYLVLyQ7HyULFD
5HYLVLyQ7HyULFD &RQFHSFLyQ GHO DSUHQGL]DMH \ SDUDGLJPD HGXFDWLYR TXH IXQGDPHQWD OD
LQYHVWLJDFLyQ
LQYHVWLJDFLyQ
JDFLyQ
'HVSXpVGHPXFKRVDxRVGHLQYHVWLJDFLyQQRVHWLHQHWRGDYtDXQDGHILQLFLyQ
GH DSUHQGL]DMH TXH VHD DFHSWDGD SRU WRGRV 8QD GH ODV TXH KDQ WHQLGR PiV
UHOHYDQFLDKDVLGRODGHILQLFLyQGDGDSRU&DVWHMyQ ´(VXQFDPELRLQIHULGR
PiVTXHREVHUYDGRHQWUHXQDVFRQGXFWDVRSRWHQFLDOLGDGHVHQXQPRPHQWRGDGR\
HVDVPLVPDVFRQGXFWDVRSRWHQFLDOLGDGHVHQXQPRPHQWRDQWHULRU(ODSUHQGL]DMH
HV XQ FRQVWUXFWR QR HV DOJR TXH VH REVHUYH GLUHFWDPHQWH (O FDPELR HVWi
GHWHUPLQDGR SRU OD H[SHULHQFLD QR VH WUDWD SXHV GH XQ FDPELR SURGXFLGR SRU
IDFWRUHV~QLFDPHQWHLQWHUQRVFRPRSXHGHVHUORXQUHIOHMRLQVWLQWRRPDGXUDFLyQ
(O FDPELR WLHQH OXJDU HQ XQ DVSHFWR GH OD SHUVRQD OD FRQGXFWD R ODV FDSDFLGDGHV
LQWHUQDVµSS
6HJ~Q %HOWUiQ ´$SUHQGHU HV VREUH WRGR SUREDU \ DSOLFDU ORV
FRQRFLPLHQWRV R KDELOLGDGHV DSUHQGLGDV 2OYLGDPRV TXH HO DSUHQGL]DMH \ OD
FRQVWUXFFLyQ GHO FRQRFLPLHQWR QR VLJQLILFDQ VROR XQ HVWDGRSDVDU GH QR VDEHU D
VDEHUVLQRVREUHWRGRXQDFDSDFLGDGHVGHFLUSRGHUKDFHUDOJRFRQORDSUHQGLGR
UHODFLRQDUH[SOLFDUFRPSDUDUFULWLFDU\GHPDQHUDHVSHFLDOFDPELDU\PRGLILFDU
OD UHDOLGDG D OD TXH VH UHILHUH HO SURSLR FRQRFLPLHQWRµ &RQJUHVR ('8&$5('
/DV WHRUtDV FRJQLWLYDV GH SURFHVDPLHQWR GH OD LQIRUPDFLyQ HQWLHQGHQ HO
DSUHQGL]DMH FRPR XQ SURFHVR HQ HO TXH ORV HVWtPXORV GHO HQWRUQR VRQ DWHQGLGRV
SHUFLELGRVWUDQVIRUPDGRVHQLQIRUPDFLyQVLJQLILFDWLYDDOPDFHQDGRVHQODPHPRULD
\ UHFXSHUDGRV SRVWHULRUPHQWH \ WUDQVIHULGRV D QXHYDV VLWXDFLRQHV /LQGVD\ \
1RUPDQ 'HVGH HVWD FRQFHSFLyQ FRQVWUXFWLYLVWD GHO SURFHVR GH HQVHxDQ]D \
17
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
DSUHQGL]DMH &ROO =DEDOD VH SRVWXODQ ORV VLJXLHQWHV SULQFLSLRV VH
DVXPH TXH QXHVWUDV HVWUXFWXUDV FRJQRFLWLYDV HVWiQ FRQILJXUDGDV SRU XQD UHG GH
HVTXHPDVGHFRQRFLPLHQWR(VWRVHVTXHPDVVHPRGLILFDQDORODUJRGHODYLGD\VH
YXHOYHQPiVFRPSOHMRV\DGDSWDGRVDODUHDOLGDGPiVULFRVHQUHODFLRQHV
/DQDWXUDOH]DGHORVHVTXHPDVGHFRQRFLPLHQWRGHXQHVWXGLDQWHGHSHQGHGH
VXQLYHOGHGHVDUUROOR\GHORVFRQRFLPLHQWRVSUHYLRVTXHKDSRGLGRLUFRQVWUX\HQGR
OD VLWXDFLyQGH DSUHQGL]DMH SXHGH VHU FRQFHSWXDOL]DGD FRPR XQ SURFHVR FRQVWDQWH
GH UHYLVLyQ \ GH FRQWUXFFLyQ GH HVTXHPDV GH FRQRFLPLHQWR VREUH ORV FRQWHQLGRV
HVFRODUHV&XDQGRVHOOHYDDFDERWRGRHVWRVHSXHGHGHFLUTXHVHHVWiSURGXFLHQGR
XQDSUHQGL]DMHVLJQLILFDWLYRGHORVFRQWHQLGRVSUHVHQWDGRV3RUWDQWRODHQVHxDQ]D
KD GH D\XGDU D HVWDEOHFHU WDQWRV YtQFXORV VXVWDQWLYRV \ QR DUELWUDULRV HQWUH ORV
QXHYRVFRQWHQLGRV\ORVFRQRFLPLHQWRVSUHYLRVFRPRSHUPLWDODVLWXDFLyQ
$Vt SXHV OD LQWHUYHQFLyQ SHGDJyJLFD VHUtD FRQFHELGD FRPR XQD D\XGD
DMXVWDGD DO SURFHVR GH FRQVWUXFFLyQ GHO HVWXGLDQWH XQD LQWHUYHQFLyQ TXH YD
FUHDQGR=RQDVGH'HVDUUROOR3Uy[LPR9\JRWVN\TXHD\XGDDUHFRUUHUODV'H
HVWH PRGR OD VLWXDFLyQ GH HQVHxDQ]D \ DSUHQGL]DMH SXHGH FRQVLGHUDUVH FRPR XQ
SURFHVR HQFDPLQDGR D VXSHUDU UHWRV HQ HOOR LQWHUYLHQHQ IDFWRUHV YLQFXODGRV D ODV
FDSDFLGDGHVFRJQLWLYDVHTXLOLEULRSHUVRQDOGHUHODFLyQLQWHUSHUVRQDO\GHLQVHUFLyQ
VRFLDO
$ FRQWLQXDFLyQ OD ILJXUD PXHVWUD OD UHODFLyQ HQWUH ODV GLIHUHQWHV WHRUtDV
GHODSUHQGL]DMH
)LJXUD5HODFLyQHQWUHGLIHUHQWHVWHRUtDVGHODSUHQGL]DMH
18
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/D LGHD FHQWUDO GH OD WHRUtD GHO DSUHQGL]DMHVLJQLILFDWLYRGH $XVXEHO
HVTXHODLQIRUPDFLyQQXHYDSRWHQFLDOPHQWHVLJQLILFDWLYDVHLQFRUSRUDGHQWURGHOD
HVWUXFWXUD FRJQLWLYD GHO HVWXGLDQWH 3DUD HOOR HV LPSUHVFLQGLEOH OD H[LVWHQFLD GH
XQD HVWUXFWXUD FRJQLWLYD \ FXDQGR HVWD QR H[LVWH KD\ TXH UHFXUULU D ORV
RUJDQL]DGRUHVSUHYLRV
:LWWURFN KD VHxDODGR LJXDOPHQWH HO FDUiFWHU JHQHUDWLYR GHO
DSUHQGL]DMH 6HJ~Q pO ORV VXMHWRV DSUHQGHQ PDWHULDO VLJQLILFDWLYR JHQHUDQGR R
FRQVWUX\HQGRUHODFLRQHVHQWUHODQXHYDLQIRUPDFLyQ\HOFRQRFLPLHQWRDOPDFHQDGR
HQODPHPRULDDODUJRSOD]R
(VWDV HODERUDFLRQHV YHUEDOHV R LPDJLQDWLYDV RFXUUHQ FXDQGR HO HVWXGLDQWH
EXVFD GHVFXEULU ODUHJOD R OD UHODFLyQ VXE\DFHQWHVDFDQGRLQIHUHQFLDV GH ODUHJOD
DSOLFiQGROD SUREiQGROD UHODFLRQiQGROD FRQ RWUDV UHJODV \ FRQ OD H[SHULHQFLD (O
PHFDQLVPRSULQFLSDOGHHVWDWHRUtDVHUtDODSURGXFFLyQGHLQIHUHQFLDVSRUSDUWHGHO
HVWXGLDQWHVREUHODVUHODFLRQHVSRWHQFLDOHV\OXHJREXVFDUDFWLYDPHQWHIHHGEDFN
VREUHODDGHFXDFLyQGHHVWDVUHODFLRQHV
%UDQVIRUG VXJLHUH TXH OD FRPSUHQVLyQ VLJQLILFDWLYD LPSOLFD OD
DGTXLVLFLyQ GH QXHYD LQIRUPDFLyQ TXH HV GLItFLO VL QR LPSRVLEOH H[SOLFDU SRU HO
PRGR WUDGLFLRQDO GH OD PHWiIRUD GH OD PHPRULD (VWR HV HO FRQRFLPLHQWR VH
DGTXLHUHLQLFLDOPHQWHHQXQFRQWH[WRHVSHFtILFRSDUDFRPSUHQGHUTXpRFXUUHHVWH
FRQRFLPLHQWRGHEHVHUPiVDEVWUDFWRGHIRUPDTXHSXHGDVHUUHODFLRQDGRFRQXQD
VHULH GH VLWXDFLRQHV GLIHUHQWHV 1R VH VXJLHUH XQ PHFDQLVPR SDUD HVWH SURFHVR GH
GHVFRQWH[WXDOL]DFLyQSHURVHVXJLHUHTXHORVFRQFHSWRV\HOFRQRFLPLHQWROOHJXHQD
VHUDEVWUDFWRVDILQGHVHUXWLOL]DGRVSDUDFODVLILFDUPiVVLWXDFLRQHV\VtVHxDODOD
LPSRUWDQFLDGHTXHHOHVWXGLDQWHHQFXHQWUHHMHPSODUHVUHOHYDQWHV
19
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
$FWXDOPHQWHODDXWRUUHJXODFLyQGHODSUHQGL]DMHHVFDGDYH]PiVLPSRUWDQWH
HQHOFRQWH[WRHVFRODU(VWRLPSOLFDTXHORVDOXPQRVSDUWLFLSDQDFWLYDPHQWHHQVX
SURFHVR GH DSUHQGL]DMH PRQLWRUL]DQGR \ UHJXODQGR HVWRV SURFHVRV KDFLD ORV
SURGXFWRV5RVDULR1~xH]\*RQ]iOH]3LHQGD5RVDULR0RXUDR7ULJR1~xH]
\ *RQ]iOH]3LHQGD (V SRU WDQWR XQ SURFHVR GH DXWRGLUHFFLyQ D WUDYpV GHO
FXDOORVDOXPQRVWUDQVIRUPDQVXVDSWLWXGHVPHQWDOHVHQFRPSHWHQFLDVDFDGpPLFDV
\ HQ HVWH SURFHVR SXHGHQ LQWHUYHQLU HQVHxDQGR GLUHFWDPHQWH R PRGHODQGR ORV
SDGUHV SURIHVRUHV R ORV FRPSDxHURV 9DOOH &DEDQDFK 5RGUtJXH] 1~xH] \
*RQ]iOH]3LHQGD
/RVDOXPQRVDXWRUHJXODGRUHVVHFHQWUDQHQVXSDSHOFRPRDJHQWHHOp[LWR
DFDGpPLFR GHSHQGH VREUH WRGR GH OR TXH FRQVWUX\DQ %DQGXUD (Q HVWH
VHQWLGR DFWLYDQ DOWHUDQ \ PDQWLHQHQ HVWUDWHJLDV GH DSUHQGL]DMH HQ ORV GLYHUVRV
FRQWH[WRV (QFDUDQ HO DSUHQGL]DMH FRPR XQD DFWLYLGDG TXH VH GHVDUUROOD
SURDFWLYDPHQWH
LPSOLFDQGR
SURFHVRV
GH
DXWRLQLFLDWLYD
PRWLYDFLRQDO
FRPSRUWDPHQWDO \ PHWDFRJQLWLYRV PiV TXH SURFHVRV UHDFWLYRV HVWLPXODGRV SRU
UHDFFLyQDODHQVHxDQ]D
&XDQGR ORV DOXPQRV QR HVWiQ YLQFXODGRV D XQ HQWUHQDPLHQWR
DXWRUUHJXODWRULRH[SOtFLWRHLQWHQFLRQDOHQHOWUDEDMRGHODXODHQODUHDOL]DFLyQGH
ORVGHEHUHV\HQHOHVWXGLRSHUVRQDOJHQHUDOPHQWHGHVDUUROODQWpFQLFDVSHUVRQDOHV
SDUD LQFUHPHQWDU VX p[LWR HVFRODU 0XFKRV GH HVWRV DOXPQRV WLHQGHQ HQ OD
UHDOL]DFLyQ GH HMHUFLFLRV HVFULWRV \ H[iPHQHV D VREUHHVWLPDU HO SURFHVR GH
SUHSDUDFLyQ HM OH\HQGR UHVXPLHQGR UHYLVDQGR ODV PDWHULDV HWFVXEHVWLPDQGR
HO SURFHVR GH UHDOL]DFLyQ GH ORV HMHUFLFLRV HVFULWRV HM QR UHOH\HQGR FRQ VXILFLHQWH
FXLGDGR ODV FXHVWLRQHV GHO HQXQFLDGR GHO HMHUFLFLR HVFULWR GHMDQGR ROYLGDGDV
DOJXQDVSUHJXQWDVGHUHVSXHVWDFRQRFLGDHWF
3RU ~OWLPR SDUHFH GHPRVWUDGR TXH QR VH SURGXFH DSUHQGL]DMH HQ XQ QLYHO
VXSHULRU FXDQGR ODV XQLGDGHV LQIHULRUHV QR KDQ VLGR WRGDYtD DGTXLULGDV /D
LPSRUWDQFLDGHHVWDHVWUXFWXUDMHUDUTXL]DGDUHVLGHHQODSRVLELOLGDGGHHVWDGLRVGH
WUDQVIHUHQFLD GH DSUHQGL]DMH HV GHFLU GHWHFWDU HQ TXp PHGLGD HO GRPLQLR GH ODV
FDSDFLGDGHV DQWHULRUHV SHUPLWH DVHJXUDU HO DSUHQGL]DMH GH ODV KDELOLGDGHV
20
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
SRVWHULRUHV \ KDVWD TXp SXQWR DTXHOODV VH WUDQVILHUHQ D HVWDV ~OWLPDV $Vt HO
FRQRFLPLHQWR GH OD GLYLVLyQ GHSHQGH GHO FRQRFLPLHQWR GH OD PXOWLSOLFDFLyQ \ HVWD
GHOFRQRFLPLHQWRGHODVXPD
3DUHFH OyJLFR SHQVDU TXH HO DSUHQGL]DMH HVFRODU HVWi FRRUGLQDGR FRQ ORV
DSUHQGL]DMHV UHDOL]DGRV HQ OD FDOOH R HQ OD IDPLOLD FRRUGLQDFLyQ KRUL]RQWDO \
WDPELpQ FRQ ORV DSUHQGL]DMHV SDVDGRV \ IXWXURV GHO VXMHWR FRRUGLQDFLyQ
ORQJLWXGLQDO \ YHUWLFDO SDUD IDYRUHFHU OD DVLPLODFLyQ GH ORV FRQWHQLGRV \ OD
LGHQWLGDGGHOHVWXGLDQWHVHSRGUtDORJUDUPHMRUVLHODSUHQGL]DMHSURFHGLHVHQRHQ
IRUPD OLQHDO VLQR HQ IRUPD UHFXUUHQWH HQ HVSLUDO SDUWLHQGR GH XQD HVWUXFWXUD
EiVLFD TXH VH YD HQVDQFKDQGR SURJUHVLYDPHQWH FRQ HO WLHPSR FRPR FRPHQWD
%UXQHU
3DUDTXHHODSUHQGL]DMHIXQFLRQHDGHFXDGDPHQWHHVHVHQFLDOODSDUWLFLSDFLyQ
DFWLYD GHO DOXPQR \ OD PHMRU PDQHUD GH ORJUDUOR VHUtD IDYRUHFHU WRGR OR TXH VH
SXHGDHODSUHQGL]DMHSRUGHVFXEULPLHQWR3HURHVWRREOLJDDSUHVHQWDUODPDWHULD
LQVWUXFFLRQDO FRPR XQ GHVDItR D OD LQWHOLJHQFLD GHO HVWXGLDQWH TXH KDEUi GH
HVWDEOHFHU UHODFLRQHV UHVROYHU SUREOHPDV \ WUDQVIHULU OR DSUHQGLGR /R PiV
SHUVRQDO GHO KRPEUH HV OR TXH GHVFXEUH SRU Vt PLVPR \ HVWH GHVFXEULPLHQWR
GHVDUUROODVXFDSDFLGDGPHQWDO
/RV PDWHULDOHV LQVWUXFFLRQDOHV GHEHUtDQ VHU SXHV SUHVHQWDGRV GH PDQHUD
KHXUtVWLFD KLSRWpWLFD PiV TXH H[SRVLWLYD 'HVFXEULU DOJR TXH HV GLVWLQWR GH
DSUHQGHUDOJRVREUHDOJRFRQYLHUWHDOVXMHWRHQXQVHULQGHSHQGLHQWHDXWyQRPR\
VDWLVIHFKRSRUVXGHVFXEULPLHQWRGHVDUUROOiQGROHDVtODPRWLYDFLyQLQWUtQVHFD
'HHVWDIRUPDODVPDWHULDVHVFRODUHVVHFRQYHUWLUiQHQXQPRGRGHSHQVDU
VREUH ORV IHQyPHQRV REMHWR GH HVWXGLR \ HVWR H[LJH HQVHxDU HQ IRUPD GH
SURSRVLFLRQHV JHQHUDWLYDV ELHQ VHD XWLOL]DQGR UHJODV H[SOtFLWDV R ELHQ H[LJLHQGR
KDFHU LQIHUHQFLDV (Q HVWH VHQWLGR VH SRGtD DILUPDU FRPR OR KDFH %UXQHU TXHVHSXHGHHQVHxDUFXDOTXLHUFRVDDFXDOTXLHUSHUVRQDVLHPSUHTXHVHKDJDGH
PDQHUDDGHFXDGD
21
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/RV UDVJRV SULQFLSDOHV VREUH HO DSUHQGL]DMH VLJQLILFDWLYR VRQ ORV VLJXLHQWHV
%UXQHU$XVXEHO
(Q SULPHU OXJDU HO DSUHQGL]DMH HV XQ SURFHVR VRFLDOPHQWH PHGLDGR (O
HVWXGLDQWH SDUD DSUHQGHU VLJQLILFDWLYDPHQWH GHEH HVWDEOHFHU FRQH[LRQHV HQWUH HO
FRQRFLPLHQWR QXHYR \ ORV \D H[LVWHQWHV HQVXHVWUXFWXUD PHQWDO (VWDV FRQH[LRQHV
UHTXLHUHQ XQD DFWLYLGDG PHQWDO DFWLYLGDG TXH VH YH IDFLOLWDGD SRU OD PHGLDFLyQ
VRFLDOHOLQSXWGHORVSURIHVRUHVDGXOWRVHLJXDOHVTXHHPSXMDDORVHVWXGLDQWHV
PiV DOOiGH OR TXH SXHGHQ KDFHUVRORV SHUR QR WDQWR FRPRSDUD LUPiV DOOi GH VX
FRPSUHQVLyQ (V HQ HVWD ]RQD GRQGH VH FRQVWUX\H HO DSUHQGL]DMH XQD LQWHUDFFLyQ
HQWUHORTXH\DVHFRQRFH\ODVLQWHUSUHWDFLRQHVGHORVRWURV
(Q VHJXQGR OXJDU RWUR UDVJR LPSRUWDQWH GHO DSUHQGL]DMH GHO TXH FXHVWD
PXFKRFRQYHQFHUDORVHVWXGLDQWHVHVVXFDUiFWHU DFWLYR HVGHFLUODQHFHVLGDGGH
TXHHOHVWXGLDQWHSDUDDSUHQGHUHVWpFRPSURPHWLGRDFWLYDPHQWH<HVTXHQRKD\
QLQJXQD SRVLELOLGDG GH HYLWDU OD SDUWLFLSDFLyQ DFWLYD VL XQR TXLHUH FRQVHJXLU HO
YHUGDGHUR SURGXFWR GHO DSUHQGL]DMH 6L HO HVWXGLDQWH GHFLGH QR SDUWLFLSDU HO
DSUHQGL]DMHQRVHSURGXFH<HVWRDXQTXHVHDREYLRSDUDORVDGXOWRVQRORHVWDQWR
SDUDORVHVWXGLDQWHV
/D SDUWLFLSDFLyQ HQ HO DSUHQGL]DMH UHTXLHUH OD DFWLYDFLyQ \ UHJXODFLyQ GH
PXFKRV IDFWRUHV DGLFLRQDOHV FRPR OD PRWLYDFLyQ HO FRQRFLPLHQWR SUHYLR ODV
LQWHUDFFLRQHV OD QXHYD LQIRUPDFLyQ ODV KDELOLGDGHV \ HVWUDWHJLDV $GHPiV ORV
HVWXGLDQWHV GHEHQ KDFHU SODQHV FRQWURODU HO SURJUHVR \ HPSOHDU KDELOLGDGHV \
HVWUDWHJLDV DVt FRPR RWURV UHFXUVRV PHQWDOHV SDUD SRGHU DOFDQ]DU VXV PHWDV (O
DSUHQGL]DMH UHTXLHUH HVIXHU]R \ VREUH WRGR UHTXLHUH TXH HO HVWXGLDQWH PDQLSXOH
PHQWDOPHQWHHOFRQRFLPLHQWR
/RVHVWXGLDQWHVTXHQRHVWiQLPSOLFDGRVDFWLYDPHQWHWLHQGHQDTXHGDUVHHQ
HO QLYHO GHO SULQFLSLDQWH \ UHVSRQGHQ D ODV WDUHDV DSR\iQGRVH HQ UDVJRV YLVLEOHV
VXSHUILFLDOHV \ FRQFUHWRV PiV TXH KDFLHQGR LQIHUHQFLDV R LGHQWLILFDQGR SULQFLSLRV
TXHHVPiVWtSLFRGHORVLQGLYLGXRVDYDQ]DGRV6LQXQDLPSOLFDFLyQDFWLYDQRWLHQH
22
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
OXJDUODH[SHULHQFLDGHDSUHQGL]DMHVLJQLILFDWLYR
3DUD TXH HVWD H[SHULHQFLD VH SURGX]FD HO HVWXGLDQWH GHEH FRGLILFDU
VHOHFWLYDPHQWH ORV HVWtPXORV LQIRUPDWLYRV RUJDQL]DU ORV PDWHULDOHV VREUH EDVHV
REMHWLYDV R VXEMHWLYDV EXVFDU ODV UHVSXHVWDV DSURSLDGDV FRQWURODU HO SURFHVR \
HYDOXDU ORV UHVXOWDGRV ILQDOHV (O DSUHQGL]DMH HV XQ SURFHVR DFWLYR SRUTXH HO
HVWXGLDQWHGHEHUHDOL]DUGHWHUPLQDGDVDFWLYLGDGHVPLHQWUDVSURFHVDODLQIRUPDFLyQ
HQWUDQWHSDUDDSUHQGHUHOPDWHULDOGHXQDPDQHUDVLJQLILFDWLYD
6L VH WXYLHUD TXH UHVXPLU EUHYHPHQWH ODV GLPHQVLRQHV FHQWUDOHV GH OD
LPSOLFDFLyQDFWLYDGHOHVWXGLDQWHHQHODSUHQGL]DMHVHGHVWDFDUtDQHQWUHRWUDVODV
VLJXLHQWHV OD IRUPXODFLyQ GH PHWDV OD RUJDQL]DFLyQ GHO FRQRFLPLHQWR OD
FRQVWUXFFLyQGHVLJQLILFDGR\ODXWLOL]DFLyQGHHVWUDWHJLDV
(Q WHUFHU OXJDU SDUD TXH HO DSUHQGL]DMH WHQJD OXJDU HO HVWXGLDQWH GHEH
WHQHU XQD PHWD FRPR SRU HMHPSOR ´FRPSUHQGHU R FRPSOHWDU XQD WDUHD \ HVWDU
DFWLYDPHQWH FRPSURPHWLGR WUDWDQGR GH DOFDQ]DU HVD PHWDµ /RV HVWXGLDQWHV
DYDQ]DGRV VDEHQ TXH HO SURFHVR GH FRQRFLPLHQWR LPSOLFD DQDOL]DU OD WDUHD GH
DSUHQGL]DMHTXHLQFOX\HODPHWD\ODVFRQGLFLRQHVSDUDORJUDUODGLYLGLUODPHWDHQ
VXEPHWDV \ GLVHxDU XQ SODQ DSURSLDGR SDUD DOFDQ]DU OD PHWD R OD VXEPHWD /DV
PHWDV GHWHUPLQDQ D TXp HVWtPXORV UHVSRQGHUi HO HVWXGLDQWH \ D FXiOHV QR /RV
HVWXGLDQWHVHYDO~DQORTXHKDQDSUHQGLGRSDUDGHWHUPLQDUVLKDQORJUDGRRQRODV
PHWDVGHODSUHQGL]DMHTXHVHKDEtDQSURSXHVWR/DVPHWDVDFDGpPLFDVGHWHUPLQDQ
VLVHSURGXFLUiRQRHODSUHQGL]DMHDVtFRPRODFODVHGHDFWLYLGDGPHQWDOQHFHVDULD
SDUDHODSUHQGL]DMH
'HHVWDIRUPDHODSUHQGL]DMHUHVXOWDVHUXQSURFHVRRULHQWDGRDODPHWDHV
GHFLULQWHQFLRQDO(VWHFDUiFWHUSURSRVLWLYRGHODSUHQGL]DMHYLHQHDFHQWXDGRSRUODV
FRUULHQWHVDFWXDOHVTXHSRQHQGHUHOLHYHODSUHVHQFLDGHLQVWDQFLDVPHWDFRJQLWLYDV
UHODWLYDV DO FRQRFLPLHQWR SRU SDUWH GHO VXMHWR GH ORV SURFHVRV LPSOLFDGRV HQ HO
DSUHQGL]DMH FRQRFLPLHQWR GHO SURSLR VXMHWR FRPR HVWXGLDQWH GH ODV WDUHDV D
UHDOL]DU \ GH ODV HVWUDWHJLDV TXH FRQYLHQH XWLOL]DU HQ FDGD PRPHQWR FRPR D ODV
23
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
LQVWDQFLDV GH FRQWURO TXH SODQLILFDQ UHJXODQ \ HYDO~DQ HO SURFHVR PLVPR GH
DSUHQGL]DMH 3DULV \ %\UQHV KDQ VHxDODGR VHLV SULQFLSLRV TXH GHVFULEHQ OD
KHUHQFLDFRP~QGHOFRQVWUXFWLYLVPR$FRQWLQXDFLyQVHGHWDOODQ
+D\XQDPRWLYDFLyQLQWUtQVHFDSDUDEXVFDULQIRUPDFLyQ6HWUDWDSXHVGH
XQRUJDQLVPRDFWLYRTXHDFW~DVREUHHODPELHQWHPiVTXHUHDFWLYRDODPELHQWH
/D FRPSUHQVLyQ YD PiV DOOi GH OD LQIRUPDFLyQ GDGD 6H GHVWDFD OD
LPSRUWDQFLDGHLUPiVDOOiGHORGDGRHQHOWH[WRPiVDOOiGHOVHQWLGROLWHUDO
/DVUHSUHVHQWDFLRQHVPHQWDOHVFDPELDQFRQHOGHVDUUROOR(VWRTXLHUHGHFLU
TXHODVH[SHULHQFLDVVHDEVWUDHQ\VHDOPDFHQDQFRPRUHSUHVHQWDFLRQHVPHQWDOHV
SHUR OD IRUPD GH HVWD UHSUHVHQWDFLyQ FDPELD FRQ HO GHVDUUROOR GHVGH ODV
UHSUHVHQWDFLRQHV VHQVRPRWyULFDV \ SHUFHSWLYDV KDVWD ODV UHSUHVHQWDFLRQHV
EDVDGDVHQVtPERORVHLPiJHQHV
+D\UHILQDPLHQWRVSURJUHVLYRVHQORVQLYHOHVGHFRPSUHQVLyQ(VWRVLJQLILFD
TXHODFRPSUHQVLyQQXQFDHVILQDO/DUHDOLGDGQRTXHGDFRSLDGDHQODPHQWH0iV
ELHQ KD\ XQ FLHUWR \ FRQVWDQWH HTXLOLEULR HQWUH HO FRQRFLPLHQWR SUHYLR \ HO
FRQRFLPLHQWR QXHYR $OJXQRV GH HVWRV UHILQDPLHQWRV VRQ HVWLPXODGRV SRU OD
UHRUJDQL]DFLyQ LQWUtQVHFD R OD UHIOH[LyQ \ RWURV SRU OD H[SHULHQFLD ItVLFD OD
RULHQWDFLyQVRFLDORORVGDWRVQXHYRV
(ODSUHQGL]DMHHVWiFRQGLFLRQDGRSRUHOGHVDUUROOR(QWUDSRUWDQWRHQMXHJR
OD GLVSRVLFLyQ SHUR QR WDQWR OD GLVSRVLFLyQ PDGXUDWLYD FRPR OD GLVSRVLFLyQ
FRJQLWLYD HV GHFLU OD LQIOXHQFLD GHO FRQRFLPLHQWR SUHYLR \ GH ODV H[SHULHQFLDV'H
KHFKR OD LQWHUDFFLyQ HQWUH HO SRWHQFLDO GHO LQGLYLGXR \ VX DFFLyQ FRQVWLWX\H ´HO
FRUD]yQµ PLVPR GHO FRQVWUXFWLYLVPR (V OD =RQD GH 'HVDUUROOR 3Uy[LPR ='3 GH
9\JRWVN\ TXH GHILQH OD GLVSRVLFLyQ FRPR OD GLIHUHQFLD HQWUH OR TXH HO
LQGLYLGXR SXHGH KDFHU LQGHSHQGLHQWHPHQWH \ OR TXH SXHGH KDFHU FRQ D\XGD GH
RWURV
/D UHIOH[LyQ \ OD UHFRQVWUXFFLyQ HVWLPXODQ HO DSUHQGL]DMH 1R VH QLHJD OD
LPSRUWDQFLD GH OD RULHQWDFLyQ VRFLDO \ GH OD LQVWUXFFLyQ GLUHFWD SHUR VH DFHQW~D
VREUHWRGRODPRWLYDFLyQLQWUtQVHFDSDUDUHH[DPLQDUODFRQGXFWD\HOFRQRFLPLHQWR
GHXQRPLVPR
24
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(Q FXDUWR OXJDU HO DSUHQGL]DMH HV WDPELpQ HVWUDWpJLFR HV GHFLU H[LJH
XWLOL]DUGLYHUVDVHVWUDWHJLDVGHSURFHVDPLHQWRTXHIDFLOLWDQHOFRPSRQHQWHGHDXWR
JRELHUQRGHODSUHQGL]DMH\HOFRPSRQHQWHGHOSHQVDPLHQWR/RVHVWXGLDQWHVXWLOL]DQ
HVWUDWHJLDV JHQHUDOHV FRPR RUJDQL]DU HODERUDU UHSHWLU FRQWURODU HYDOXDU HWF
(VWDVHVWUDWHJLDVVRQFUXFLDOHVSDUDHODSUHQGL]DMHHILFD]6LQHOODVHODSUHQGL]DMH
SXHGHVXIULUJUDYHVGHWHULRURV
(OSURGXFWRGHODSUHQGL]DMHHVXQFDPELRHQODIRUPDGHFRQRFLPLHQWRXQD
QXHYD \ SURIXQGD FRPSUHQVLyQ $Vt HO DSUHQGL]DMH PHFiQLFR QR HV XQ HMHPSOR GH
DSUHQGL]DMH8WLOL]DUHOYRFDEXODULR\FRQRFHUVXILFLHQWHLQIRUPDFLyQSDUDFRQVHJXLU
XQDEXHQDQRWDHQXQDSUXHEDREMHWLYDQRHVHTXLYDOHQWHDFRPSUHQGHUXQFXHUSR
GH FRQRFLPLHQWR &XDQGR KD\ FRPSUHQVLyQ XQR SXHGH SHQVDU FRQ \ VREUH HO
FRQRFLPLHQWR VXJLULHQGR TXH OD SUXHED UHDO GHO DSUHQGL]DMH HV OD FRPSUHQVLyQ
GHPRVWUDGDSRUODKDELOLGDGGHXVDUHOFRQRFLPLHQWR
(Q TXLQWR OXJDU HO DSUHQGL]DMH HV XQ SURFHVR VLJQLILFDWLYR \D TXH HQ HO
DSUHQGL]DMH OR TXH FRQVWUXLPRV QR VRQ DVRFLDFLRQHV HQWUH XQ HVWtPXOR \ XQD
UHVSXHVWD VLQR VLJQLILFDGRV (O VXMHWR DO DSUHQGHU H[WUDH VLJQLILFDGRV GH VX
H[SHULHQFLD GH DSUHQGL]DMH 0iV TXH DGTXLULU FRQGXFWDV OR TXH DGTXLULPRV VRQ
FRQRFLPLHQWRVGHPDQHUDTXHODFRQGXFWDVHUiXQDFRQVHFXHQFLDGHODSUHQGL]DMH\
QRORDSUHQGLGRGLUHFWDPHQWHGHpO$KRUDELHQHOFRQRFLPLHQWRHVWiUHSUHVHQWDGR
SRU HVWUXFWXUDV FRJQLWLYDV FRPSOHMDV R UHGHV VHPiQWLFDV LQIRUPDWLYDV TXH
HVSHFLILFDQODVUHODFLRQHVHQWUHGLYHUVRVKHFKRV\DFFLRQHV
3DUDDGTXLULUVLJQLILFDGRVHODSUHQGL]DMHWLHQHTXHVHUQHFHVDULDPHQWHXQ
SURFHVRLQWHUDFWLYRSXHVHOFRQRFLPLHQWRTXHVHYDDDSUHQGHUWLHQHTXHHQWUDUHQ
UHODFLyQ FRQ ORV FRQRFLPLHQWRV \D DGTXLULGRV SRU HO VXMHWR SRVLELOLWDQGR GH HVWD
IRUPDHOFDUiFWHULQWHJUDGRUGHODSUHQGL]DMH
(Q HVWH VHQWLGR WDQWR R PiV TXH OR TXH VH YD D DSUHQGHU LPSRUWD OR \D
DSUHQGLGR SRU HO VXMHWR FRPR VH VHxDODED DQWHULRUPHQWH /RV HVTXHPDV R
HVWUXFWXUDVRUJDQL]DGDVGHOVXMHWRHQHOPRPHQWRGHDSUHQGHUHOQXHYRPDWHULDO
25
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
GHWHUPLQDQ OR TXH HO HVWXGLDQWH DSUHQGHUi \ DGTXLULUi HV GHFLU HO FRQRFLPLHQWR
TXHHOVXMHWRYDDFRQVWUXLUDOHVWXGLDUODWDUHD
3RU ~OWLPR HO DSUHQGL]DMH HV XQ SURFHVR FRPSOHMR XQ SURFHVR GH SURFHVRV
HVWR VLJQLILFD TXH OD DGTXLVLFLyQ GH XQ FRQRFLPLHQWR GHWHUPLQDGR H[LJH OD
UHDOL]DFLyQ GH GHWHUPLQDGDV DFWLYLGDGHV PHQWDOHV TXH GHEHQ VHU DGHFXDGDPHQWH
SODQLILFDGDVSDUDFRQVHJXLUODVH[SHFWDWLYDVDELHUWDVHQHOPRPHQWRLQLFLDO$KRUD
ELHQQRWRGRVORVVXMHWRVFRQRFHQQLGRPLQDQHVRVSURFHVRVGHDSUHQGL]DMH3RUHVR
OD SVLFRORJtD FRJQLWLYD VH KD SUHRFXSDGR HQ ORV ~OWLPRV DxRV SRU LGHQWLILFDU ORV
SURFHVRVFRJQLWLYRVGHORVVXMHWRVPLHQWUDVDSUHQGHQ
/DLGHQWLILFDFLyQ\GLDJQyVWLFRGHHVWRVSURFHVRVHVORTXHSHUPLWLUiDUELWUDU
SURJUDPDV GH PHMRUD \ GH LQWHUYHQFLyQ HGXFDWLYD (VWD HV OD YHUGDGHUD
LQWHUSUHWDFLyQ GH OD PHMRUD GH OD FDOLGDG GHO DSUHQGL]DMH \ DTXt HV GRQGH WLHQHQ
VHQWLGRODVHVWUDWHJLDV
&RPR VH SXHGH REVHUYDU FDGD SURFHVR FRUUHVSRQGH D XQ PRPHQWR R IDVH
FRQFUHWD GHO DSUHQGL]DMH \ SXHGH YHUVH IDYRUHFLGR SRU GLYHUVDV LQLFLDWLYDV GHO
SURIHVRUH[FHSWRHQHOFDVRGHODUHWHQFLyQ
)LJXUD )LJXUD GH SURFHVRV GH DSUHQGL]DMH GHO PRGHOR GH DSUHQGL]DMH \
HQVHxDQ]D
26
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/D FRQVWUXFFLyQ GHO FRQRFLPLHQWR QR HV DOJR LQVWDQWiQHR LQPHGLDWR VLQR
PiV ELHQ XQ SURFHVR GHO TXH IRUPDQ SDUWH PXFKRV \ PX\ GLIHUHQWHV HOHPHQWRV
3RGHPRV YHU HVWHSURFHVRGH FRQVWUXFFLyQ DOPHQRVGHVGHFXDWUR SXQWRVGH YLVWD
GLIHUHQWHV FRQWH[WXDO FRPSUHQVLYR ©GLVSRVLFLRQDOª \ HVWUDWpJLFR %HOWUiQ \ 9HJD
(QSULPHUOXJDUSRGHPRVYHUORGHVGHHOSXQWRGHYLVWDGHTXLHQORWLHQHTXH
GLVHxDU HO SURIHVRU TXH KD GH GHILQLU \ DGDSWDU ORV HOHPHQWRV HVHQFLDOHV TXH OR
IDYRUHFHQ \ OR KDFHQ SRVLEOH FRPR ODV LGHDV SUHYLDV ODV SUHJXQWDV ODV WDUHDV
HVFRODUHVRHOWUDEDMRFRRSHUDWLYR(VWDHVXQDSHUVSHFWLYDFRQWH[WXDOSRUTXHKDFH
UHIHUHQFLDDORVHOHPHQWRVGHOFRQWH[WRHGXFDWLYRTXHFRQWULEX\HQDODFRQVWUXFFLyQ
GHOFRQRFLPLHQWR
(Q VHJXQGR OXJDU HQ HO SURFHVRGH FRQVWUXFFLyQ GHO FRQRFLPLHQWR KD\ TXH
WHQHU HQ FXHQWD ORV HIHFWRV TXH WLHQH HQ HO VXMHWRTXH FRQVWUX\H HVH FRQRFLPLHQWR
(V GHFLU KD\ TXH WRPDU HQ FRQVLGHUDFLyQ OD FRPSUHQVLyQ GHO FRQRFLPLHQWR TXH HO
DOXPQR WLHQH FRPR FRQVHFXHQFLD GH HVD FRQVWUXFFLyQ \ FyPR VH SXHGH IDYRUHFHU
GHVGH OD HQVHxDQ]D GLFKD FRPSUHQVLyQ &XDQGR DOJXLHQ DSUHQGH \ FRPSUHQGH
SXHGHKDFHUDOJRFRQHVHFRQRFLPLHQWRH[SOLFDUORMXVWLILFDUOR\DSOLFDUOR3HUNLQV
(Q WHUFHU OXJDU HO SURFHVR GH FRQVWUXFFLyQ GHO FRQRFLPLHQWR SXHGH
FRQVLGHUDUVH GHVGH OD YHUWLHQWH GH ODV GLVSRVLFLRQHV 7RGRV ORV SODQWHDPLHQWRV
DQWHULRUHVVHUiQLPSRVLEOHVVLQODGLVSRVLFLyQGHOVXMHWRSDUDHQOXJDUGHUHSHWLUR
UHSURGXFLUODLQIRUPDFLyQTXHWLHQHGHODQWHVLQRFRQVWUXLUOD(,FRQVWUXLULPSOLFD
HVIXHU]R DXWRQRPtD \ XQD EXHQD FDSDFLGDG SDUD DVXPLU ORV ULHVJRV GH HVD
FRQVWUXFFLyQ R LQWHUSUHWDFLyQ SHUVRQDO GH OD UHDOLGDG (VWD HV OD SHUVSHFWLYD
GLVSRVLFLRQDO
3RU~OWLPRHOSURFHVRGHFRQVWUXFFLyQGHOFRQRFLPLHQWRSXHGHYHUVHWDPELpQ
GHVGH OD SHUVSHFWLYD GH ODV KHUUDPLHQWDV TXH VH HPSOHDQ SDUD UHDOL]DU HVD
FRQVWUXFFLyQ HV GHFLU D ODV HVWUDWHJLDV R KHUUDPLHQWDV PHQWDOHV TXH SHUPLWHQ
WUDQVIRUPDU OD LQIRUPDFLyQ HQ FRQRFLPLHQWR \ FRQVWUXLUOR VLJQLILFDWLYDPHQWH
VHOHFFLRQDURUJDQL]DU\HODERUDUORVGDWRVLQIRUPDWLYRVSDUDH[WUDHUGHHOORVDOJ~Q
VLJQLILFDGR
27
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
7UDGLFLRQDOPHQWH KD H[LVWLGR XQD VHSDUDFLyQ FDVL DEVROXWD HQWUH ORV
DVSHFWRVFRJQLWLYRV\ORVDIHFWLYRPRWLYDFLRQDOHVDODKRUDGHHVWXGLDUVXLQIOXHQFLD
HQHODSUHQGL]DMHHVFRODU
(QODDFWXDOLGDGQRREVWDQWHH[LVWHXQFUHFLHQWHLQWHUpVHQHVWXGLDUDPERV
WLSRV GH FRPSRQHQWHV GH IRUPD LQWHJUDGD 6HSXHGHDILUPDU TXH HO DSUHQGL]DMHVH
FDUDFWHUL]D FRPR XQ SURFHVR FRJQLWLYR \ PRWLYDFLRQDO D OD YH] &DEDQDFK HW DO
SS HQ FRQVHFXHQFLD HQ OD PHMRUD GHO UHQGLPLHQWR DFDGpPLFR GHEHPRV
WHQHUHQFXHQWDWDQWRORVDVSHFWRVFRJQLWLYRVFRPRORVPRWLYDFLRQDOHV
3DUD DSUHQGHU HV LPSUHVFLQGLEOH SRGHU KDFHUOR OR FXDO KDFH UHIHUHQFLD D
ODV FDSDFLGDGHV ORV FRQRFLPLHQWRV ODV HVWUDWHJLDV \ ODV GHVWUH]DV QHFHVDULDV
FRPSRQHQWHV FRJQLWLYRV 3HUR DGHPiV HV QHFHVDULR TXHUHU KDFHUOR WHQHU OD
GLVSRVLFLyQODLQWHQFLyQ\ODPRWLYDFLyQVXILFLHQWHVDVtFRPRHVWDEOHFHUXQDPHWD
GH UHQGLPLHQWR R DFDGpPLFD FRPSRQHQWHV PRWLYDFLRQDOHV 1~xH] \ *RQ]iOH]
3XPDULHJD /RV HVSHFLDOLVWDV PiV GHVWDFDGRV HQ HVWH FDPSR GH
LQYHVWLJDFLyQ FRPR 3DULV /LSVRQ \ :L[VRQ 3LQWULFK \ 'H *URRW FRQFOX\HQ TXH SDUD WHQHU EXHQRV UHVXOWDGRV DFDGpPLFRV ORV DOXPQRV QHFHVLWDQ
SRVHHUWDQWRYROXQWDGZLOOFRPRKDELOLGDGVNLOO
3RU RWUDSDUWH HV QHFHVDULRGHVWDFDU TXH HO DSUHQGL]DMH HVFRODU GHVGH XQD
YLVLyQ FRQVWUXFWLYLVWD QR TXHGD HQ DEVROXWR UHGXFLGR H[FOXVLYDPHQWH DO SODQR
FRJQLWLYR HQ VHQWLGR HVWULFWR VLQR TXH KD\ TXH FRQWDU WDPELpQ FRQ RWURV DVSHFWRV
PRWLYDFLRQDOHV FRPR ODV LQWHQFLRQHV ODV PHWDV ODV SHUFHSFLRQHV \ ODV FUHHQFLDV
TXHWLHQHHOVXMHWRTXHDSUHQGH
3RU HOOR HQWHQGHU HO SURFHVR GH HQVHxDQ]DDSUHQGL]DMH FRPR XQ SURFHVR
VHFXHQFLDOLQWHUDFWLYRHLQWHUGHSHQGLHQWHSXHGHFRQWULEXLUDUHGHILQLU\DHMHFXWDU
PHMRU ODV WDUHDV HGXFDWLYDV SRU SDUWH GH ORV DJHQWHV LPSOLFDGRV HQ HVWH SURFHVR
SDGUHVSURIHVRUHV\DOXPQRV$ULDVGHOD)XHQWH\-XVWLFLD-XVWLFLD
28
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6LJXLHQGR ODV DSRUWDFLRQHV GH DXWRUHV FRPR %UXQHU \ $XVXEHO TXH
FRPSDUWHQ OD LGHD FRQVWUXFWLYLVWD \ FRJQLWLYD GHO DSUHQGL]DMH VH FRQFLEH HO
DSUHQGL]DMHHVFRODU FRPR ´XQSURFHVRGHFRQVWUXFFLyQGHOFRQRFLPLHQWRFRJQLWLYR
FRPSOHMR VXFHVLYR \ UHFXUUHQWH HQ HO FXDO HO DOXPQR GHEH WRPDU GLYHUVDV
GHFLVLRQHVGHFyPRHMHFXWDUGLFKRSURFHVRGHIRUPDFRQVFLHQWHUHJXODUORSDUDTXH
VHSURGX]FDXQDLQFRUSRUDFLyQVLJQLILFDWLYDGHOQXHYRFRQRFLPLHQWRDORVHVTXHPDV
GHFRQRFLPLHQWRV\DH[LVWHQWHVµ)XHQWH$ULDV\0DUWtQH]
3RUWRGRHOORSDUHFHFRKHUHQWHDVXPLUFRPRXQDPHWDDFDGpPLFDGLVSHQVDU
ODD\XGDVXILFLHQWHSDUDTXHORVDOXPQRVDSUHQGDQDHMHFXWDUGHIRUPDFRQVFLHQWH
GLFKR SURFHVR \ FRQVHFXHQWHPHQWH SDUD TXH DGTXLHUDQ ODV GHVWUH]DV SDUD
DSUHQGHU D DSUHQGHU FRQ LQGHSHQGHQFLD GH VXV SRWHQFLDOLGDGHV SHUVRQDOHV
VLWXDFLRQHV IDPLOLDUHV UHQGLPLHQWR DFDGpPLFR \ GLILFXOWDGHV GH DSUHQGL]DMH TXH
SUHVHQWHQ
'HVGHHVWHQXHYRPDUFRWHyULFREDVDGRHQXQDSHUVSHFWLYDVRFLRFRJQLWLYD\
GH DSUHQGL]DMH DXWRUUHJXODGR 3LQWULFK ORV SURFHVRV UHJXODGRUHV VH
RUJDQL]DQHQIXQFLyQGHFXDWURIDVHVDODSODQLILFDFLyQEODDXWRREVHUYDFLyQVHOI
PRQLWRULQJFHOFRQWURO\GODHYDOXDFLyQ$VXYH]GHQWURGHFDGDXQDGHHOODV
ODV DFWLYLGDGHV GH DXWRUUHJXODFLyQ VH HQPDUFDQ GHQWUR GH FXDWUR iUHDV OD
FRJQLWLYDODPRWLYDFLRQDODIHFWLYDODFRPSRUWDPHQWDO\ODFRQWH[WXDO
(VWDV FXDWUR IDVHV UHSUHVHQWDQ SDUD 3LQWULFK XQD VHFXHQFLD JHQHUDO
SRUGRQGHHODOXPQRDYDQ]DDPHGLGDTXHUHDOL]DODWDUHDSHURQRHVWiQMHUiUTXLFD
R OLQHDOPHQWH HVWUXFWXUDGDV 6HJ~Q HVWH DXWRU HVWDV SXHGHQ GDUVH GH IRUPD
VLPXOWiQHD\GLQiPLFDSURGXFLpQGRVHXQDP~OWLSOHLQWHUDFFLyQHQWUHORVGLIHUHQWHV
SURFHVRV\FRPSRQHQWHVLQFOXLGRVHQHOODV
3RU ~OWLPR HVWD LQYHVWLJDFLyQ HVWi HQ FRQVRQDQFLD FRQ ORV QXHYRV PRGHORV
GHODHQVHxDQ]D\DSUHQGL]DMHEDVDGRVHQXQDSHUVSHFWLYDVRFLRFRQVWUXFWLYLVWDGHO
DSUHQGL]DMH WDOHV FRPR ODV FRPXQLGDGHV GH DSUHQGL]DMH %URZQ %URZQ \
&DPSLRQHODHVFXHODFHQWUDGDHQHODSUHQGL]/HDUQHUFHQWHUHGFODVVURRP
29
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
0F&RPEV \ :KLVOHU HQ OD TXH VH GHVWDFD TXH ORV HVWXGLDQWHV WLHQHQ OD
SRVLELOLGDG GH KDFHU DOJR SRU FDPELDU \ PRGLILFDU VX FRQWH[WR SRU OR TXH HVWH
DVSHFWRGHEHFRQVLGHUDUVHFRPRXQDFXHVWLyQLPSRUWDQWHHQODDXWRUUHJXODFLyQGHO
DSUHQGL]DMH
5HDOL]DQGR XQD UHYLVLyQ GH OD LQYHVWLJDFLyQ UHODFLRQDGD FRQ OD LPSOLFDFLyQ
GH OD IDPLOLD HQ HO SURFHVR HGXFDWLYR GHO DGROHVFHQWH FRQ R VLQ GLILFXOWDGHV SDUD
DSUHQGHU VH REVHUYD TXH VRQ QXPHURVRV ORV DXWRUHV TXH GHVWDFDQ OD LPSRUWDQFLD
TXHODVDFWLWXGHVH[SHFWDWLYDVHLPSOLFDFLyQGHORVSDGUHVHQHOSURFHVRHGXFDWLYR
GH VXV KLMRV WLHQHQ VREUH HO UHQGLPLHQWR DFDGpPLFR HQWHQGLGR QR VyOR FRPR ORJUR
GHREMHWLYRVHGXFDWLYRVRp[LWRHVFRODUVLQRFRPRFRQVHFXFLyQWDPELpQGHXQORJUR
DFDGpPLFR GH UHQGLPLHQWR \ VDWLVIDFFLyQ SHUVRQDO FRPSHWHQFLD HVIXHU]R
PRWLYDFLyQ LQWHUpV HVWUDWHJLD SDUD DSUHQGHU LPSOLFDFLyQ %URRNV*XQQ &KHULDQ.OHEDQRY6PLWK
/RV UHVXOWDGRV GH ORV QXPHURVRV HVWXGLRV UHDOL]DGRV VREUH HO SURFHVR GH
HQVHxDQ]D \ DSUHQGL]DMH KDQPRVWUDGR TXH H[LVWH XQD UHODFLyQ VLJQLILFDWLYD HQWUH
ODLPSOLFDFLyQIDPLOLDU\HOp[LWRDFDGpPLFRGHORVHVWXGLDQWHV*RQ]iOH]3LHQGD\
1~xH] $Vt VH VDEH TXH OD LPSOLFDFLyQ IDPLOLDU SRVLWLYD LQIOX\H HQ ODV
FRQGLFLRQHVGHORVHVWXGLDQWHVSDUDXQRSWLPRDSUHQGL]DMHLQGHSHQGLHQWHPHQWHGHO
FXUVRHQTXHVHHQFXHQWUHQ0XOOHU\KDFHGLVPLQXLUODSUREDELOLGDGGHTXH
HOHVWXGLDQWHDEDQGRQHOD(QVHxDQ]D6HFXQGDULD0DUWtQH]\$OYDUH]
$XWRUHV FRPR *RQ]iOH]3LHQGD HW DO D FRQFOX\H HQ VX LQYHVWLJDFLyQ
VREUH FyPR FLHUWDV GLPHQVLRQHV GH OD LPSOLFDFLyQ GH ORV SDGUHV UHVSHFWR D OD
HGXFDFLyQ GH VXV KLMRV H[SHFWDWLYDV VREUH HO UHQGLPLHQWR H[SHFWDWLYDV VREUH OD
FDSDFLGDG SDUD DOFDQ]DU ORJURV LPSRUWDQWHV LQWHUpV UHVSHFWR GH ORV WUDEDMRV
HVFRODUHV GH ORV KLMRV JUDGRGHVDWLVIDFFLyQ R LQVDWLVIDFFLyQFRQ HO QLYHO DOFDQ]DGR
SRUORVKLMRVQLYHO\WLSRGHD\XGDTXHSUHVWDQORVSDGUHVDVXVKLMRVDODKRUDGH
UHDOL]DUODVWDUHDVDFDGpPLFDVHQHOKRJDU\FRQGXFWDVGHUHIRU]DPLHQWRSRUSDUWH
GHORVSDGUHVUHVSHFWRDORVORJURVGHVXVKLMRVLQFLGHQVLJQLILFDWLYDPHQWHVREUHHO
UHQGLPLHQWRDFDGpPLFRGHVXVKLMRVQRGLUHFWDPHQWHVLQRLQGLUHFWDPHQWHDWUDYpV
30
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
GH VX LQIOXHQFLD VREUH YDULDEOHV SHUVRQDOHV WDOHV FRPR HO DXWRFRQFHSWR GHO
HVWXGLDQWH HO SDWUyQ WtSLFR GH DWULEXFLyQ GH OD FDXVDOLGDG VREUH ORV p[LWRV \
IUDFDVRVDFDGpPLFRVSDUWLFXODUHV
(O FDPELR GH SHUVSHFWLYD VREUH HO DSUHQGL]DMH HVFRODU GHVGH HO PRGHOR
FRJQLWLYR DO PRGHOR GH DSUHQGL]DMH DXWRUUHJXODGR KDQ LGR RULHQWDQGR OD
LQYHVWLJDFLyQVREUHODLPSOLFDFLyQIDPLOLDUHQHOHVWXGLR\HODSUHQGL]DMHHVFRODUGH
ORVKLMRV0DUWtQH]3RQVGHILQHODLPSOLFDFLyQGHODIDPLOLDHQHOSURFHVRGH
DXWRUUHJXODFLyQ D WUDYpV GH FXDWUR WLSRV GH FRQGXFWDV PRGHODGR FXDQGR OD
FRQGXFWD GH ORV SDGUHVRIUHFH HMHPSORV GH DXWRUUHJXODFLyQ HQVXVGLYHUVDV IDVHV \
IRUPDV SDUD SRGHU VHU REVHUYDGRV H LPLWDGRV SRU VXV KLMRV HVWLPXODFLyQ R DSR\R
PRWLYDFLRQDO FXDQGR ORV SDGUHV IDYRUHFHQ OD SHUVLVWHQFLD GH ORV KLMRV DQWH
FRQGLFLRQHV DGYHUVDV IDFLOLWDFLyQ R D\XGD FXDQGR ORV SDGUHV IDFLOLWDQ HO
DSUHQGL]DMH DSRUWDQGR UHFXUVRV \ PHGLRV \ UHFRPSHQVD FXDQGR ORV SDGUHV
UHIXHU]DQ DTXHOODV FRQGXFWDV R VHFXHQFLDV TXH LPSOLTXHQ DOJ~Q JUDGR GH
DXWRUUHJXODFLyQ
$OJXQDVLQYHVWLJDFLRQHVDFWXDOHVUHODFLRQDGDVFRQODLPSOLFDFLyQIDPLOLDU\
VXDSR\RHQODVWDUHDVHVFRODUHVSDUDFDVDKDQFRQFOXLGRTXHORVHVWXGLDQWHVTXH
UHFLEHQ HVWH DSR\R SRU SDUWH GH VXV SDGUHV PHMRUDQ VX UHQGLPLHQWR \ VXV
FRPSHWHQFLDV DFDGpPLFDV HJ )HKUPDQQ .HLWK \ 5HLPHUV 5RViULR HW DO
6\PHRX8VHHP
1R GHEHPRV ROYLGDU TXH DFWXDOPHQWH VH HVWiQ GHVDUUROODQGR QXHYDV
WHQGHQFLDV HQ OD HGXFDFLyQ (Q XQ LQIRUPH HODERUDGR SRU OD 1DWLRQDO 6FLHQFH
)RXQGDWLRQ HQ +HI]DOODKVH H[SUHVDED OD JUDQ SUREOHPiWLFD D OD TXH
VH HQIUHQWDED HO VLVWHPD HGXFDWLYR HQ (VWDGRV 8QLGRV DO WHQHU TXH UHVSRQGHU D
QXHYDV QHFHVLGDGHV DQWH XQD VRFLHGDG FDPELDQWH \ TXH HYROXFLRQDED
WHFQROyJLFDPHQWH (VWH LQIRUPH VHxDODED OD H[LVWHQFLD GH PXFKRV LQGLYLGXRV TXH
FDUHFtDQGHODVKDELOLGDGHVQHFHVDULDVSDUDSDUWLFLSDUHQXQPXQGRWHFQROyJLFR
31
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(VWDVKDELOLGDGHVVRQEiVLFDVQRVRORSDUDHOp[LWRDFDGpPLFRVLQRSDUDHO
ySWLPRGHVHQYROYLPLHQWRGHOLQGLYLGXRHQXQPHGLRDPELHQWHSDUDODLQWHJUDFLyQ
GHODSHUVRQDDXQDQXHYDHUD
/DQXHYDHUDDODTXHVHKDGHQRPLQDGRGHGLYHUVDVPDQHUDVFRPRODHUDGH
ODLQIRUPDFLyQ1HJURSRQWHODGHQRPLQDHUDGHO´VHUGLJLWDOµ/DHUDGHO´VHU
GLJLWDOµVLJQLILFDHODGDSWDUODWHFQRORJtDDOVHUKXPDQR\SDUDHOORHVWHGHEHHVWDU
SUHSDUDGRHQWRGDVVXVGLPHQVLRQHVSDUDGDUUHVSXHVWDDODVQXHYDVQHFHVLGDGHV
GH XQ PXQGR FDGD YH] PiV WHFQRORJL]DGR GH IRUPD TXH WRGRV ORV VXMHWRV FRQ
LQGHSHQGHQFLD GH VXV FDUDFWHUtVWLFDV FDSDFLGDGHV KDELOLGDGHV GHVWUH]DV R
FRPSHWHQFLDV SXHGDQ DFFHGHU HQ LJXDOGDG GH FRQGLFLRQHV D OD LQIRUPDFLyQ ORV
PHGLRV\ORVUHFXUVRVTXHRIUHFHHVWDQXHYDHUD\DVtORFRPHQWD1HJURSRQWH
´&UHR TXH VRPRV XQD VRFLHGDG FRQ PXFKRV PHQRV QLxRV FRQ GLVFDSDFLGDG GH
DSUHQGL]DMH\FRQPXFKRVPiVHQWRUQRVFRQGLVFDSDFLGDGSDUDHQVHxDUGHORTXH
JHQHUDOPHQWH FUHHPRV /D FRPSXWDGRUD WLHQGH D FDPELDU HVWD UHDOLGDG
EULQGiQGRQRV PHGLRV TXH QRV SHUPLWHQ OOHJDU PHMRU D QLxRV FRQ GLYHUVRV HVWLORV
FRJQRVFLWLYRV\GHDSUHQGL]DMHµSS
7RGD OD LQYHVWLJDFLyQ VH FHQWUD HQ HVWD QXHYD SHUVSHFWLYD WHyULFR²SUiFWLFD
GHO DSUHQGL]DMH GHVGH XQ HQIRTXH VRFLRFRQVWUXFWLYLVWD \ GH DSUHQGL]DMH
DXWRUUHJXODGR TXH SUHWHQGH LQWHJUDU GH IRUPD DUPyQLFD \ GiQGROH OD PLVPD
LPSRUWDQFLDDORVFRPSRQHQWHVFRJQLWLYRV\PRWLYDFLRQDOHVGHODSUHQGL]DMHQRVyOR
DO LQGLYLGXR FRPR SDUWLFLSDQWH GHO SURFHVR GH HQVHxDQ]DDSUHQGL]DMH VLQR D OD
IDPLOLD TXH FRPR SXQWR GH UHIHUHQFLD FRQWH[WXDO \ GH GHVDUUROOR VRFLRSHUVRQDO \
HGXFDWLYR TXH LQWHUYLHQH HQ HO SURFHVR GH FRQVWUXFFLyQ GHO FRQRFLPLHQWR GHO
DGROHVFHQWHHLQIOX\HHQODSHUFHSFLyQTXHKDFHpOPLVPRGHHVHSURFHVR
(VWD LQYHVWLJDFLyQ VH EDVD HQ HVWH HQIRTXH LQWHJUDGRU GH ORV FRPSRQHQWHV
FRJQLWLYRVPRWLYDFLRQDOHV \ FRQWH[WXDOHV FRPR DVSHFWRV TXH FRPR VH KD
PHQFLRQDGR DQWHULRUPHQWH HQ OD LQWURGXFFLyQ SHUPLWHQ QR VyOR FRQVWUXLU
FRQRFLPLHQWRV VLQR D\XGDU D ORV DGROHVFHQWHV HQ HGDG HVFRODU D IRUPDUVH FRPR
32
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
SHUVRQDV HQ XQ PXQGR FDGD YH] PiV WHFQRORJL]DGR SDUD TXH SXHGDQ GDU XQD
UHVSXHVWDDGHFXDGDDODVQHFHVLGDGHV\GHPDQGDVGHOPLVPR
$ FRQWLQXDFLyQ VH SDVD D GHVFULELU HO UHFRUULGR KLVWyULFR OD HYROXFLyQ GHO
FRQFHSWRGHGLILFXOWDGHVGHDSUHQGL]DMHKDFLDHOGHQHFHVLGDGHVHVSHFtILFDVGHDSR\R
HGXFDWLYR 1($( VXV SULQFLSDOHV FDUDFWHUtVWLFDV OD WLSRORJtD DVRFLDGD \ ORV
HQIRTXHVGHHVWXGLRPiVLPSRUWDQWHVTXHDERUGDQHOUHFRUULGRKLVWyULFR
5HFRUULGR
5HFRUULGRKLVWyULFRGHOFRQFHSWR
KLVWyULFRGHOFRQFHSWRGLILFXOWDGHVGHD
GHOFRQFHSWRGLILFXOWDGHVGHDSUHQGL]DMH
GLILFXOWDGHVGHDSUHQGL]DMH
SUHQGL]DMH
6LJXLHQGR ORV HVWXGLRV \ DSRUWDFLRQHV D OD LQYHVWLJDFLyQ HGXFDWLYD GH ORV
DXWRUHV %DUFD \ &DEDQDFK VH GHVFULEH D FRQWLQXDFLyQ XQD EUHYH
DSUR[LPDFLyQ KLVWyULFD DO FRQFHSWR TXH RFXSD HVWD LQYHVWLJDFLyQ GLILFXOWDGHV GH
DSUHQGL]DMHSS
(Q &OHPHQWV SXEOLFD XQ WUDEDMR WLWXODGR ´/D GLVIXQFLyQ FHUHEUDO
PtQLPDHQORVQLxRV7HUPLQRORJtDHLGHQWLILFDFLyQµ
(Q HO DxR VH FUHD OD ´'LYLVLyQ SDUD QLxRV FRQ GLILFXOWDGHV GH
DSUHQGL]DMHµ (VWD GLYLVLyQ IRUPDED SDUWH GHO ´&RQVHMR SDUD QLxRV H[FHSFLRQDOHVµ
$OJXQRV GH ORV SULQFLSDOHV REMHWLYRV IXHURQ HO ORJUR GHO IRPHQWR GH OD HGXFDFLyQ \
ELHQHVWDUJHQHUDOGHORVQLxRVFRQGLILFXOWDGHVGHDSUHQGL]DMH
(Q VH FUHD HO ´,QVWLWXWR DYDQ]DGR SDUD HO SHUVRQDO DVHVRU HQ ODV
GLILFXOWDGHV GH DSUHQGL]DMHµ LQVWLWXWR GHO TXH IRUPDEDQ SDUWH DXWRUHV FRPR
&UXLFNVKDQN0\NOHEXVW)URVWLJ.HSKDUW.LUN'RPDQ\'HODFDWR
&UXLFNVKDQN VH LQLFLD HQ OD LQYHVWLJDFLyQ GH ODV GLILFXOWDGHV GH
DSUHQGL]DMHDSDUWLUGHOHVWXGLRHQQLxRVFRQSDUiOLVLVFHUHEUDOHQORVTXHREVHUYy
GLILFXOWDGHVHQODGLVFULPLQDFLyQILJXUDIRQGRHQODIRUPDFLyQGHFRQFHSWRV\HQOD
FRRUGLQDFLyQYLVRPRWRUD(VWRVUHVXOWDGRVFRLQFLGHQFRQORVREWHQLGRVSRU:HUQHU\
6WUDXVVFRQQLxRVTXHSUHVHQWDEDQDOWHUDFLRQHVH[yJHQDV
33
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
.HSKDUWGHVDUUROODVXVLQYHVWLJDFLRQHVHQHOFDPSRGHODSHUFHSFLyQ\
OD PRWULFLGDG 'HILHQGH HO VLVWHPD LQSXW VHQVDFLyQ \ SHUFHSFLyQ TXH VRQ
LQVHSDUDEOHV GH ORV RXWSXW PRWULFLGDG .HSKDUW DILUPD ´1R SRGHPRV
SHQVDU HQ OD DFWLYLGDG SHUFHSWLYD \ HQ OD DFWLYLGDG PRWRUD FRPR GRV DVSHFWRV
GLIHUHQWHVGHEHPRVSHQVDUHQHOWpUPLQRLQWHJUDGRGHSHUFHSWLYRPRWULFLGDGµSS
0\NOHEXVWHVXQRGHORVSULPHURVDXWRUHVTXHLQWHQWDFXDQWLILFDUODV
GLILFXOWDGHV GH DSUHQGL]DMH FRPSDUDQGR HO SRWHQFLDO GH H[SHFWDFLyQ FRQ HO QLYHO
UHDO GH UHDOL]DFLyQ DFWXDO (Q HVWD OtQHD HODERUy HO FRFLHQWH GH DSUHQGL]DMH TXH
SHUPLWtDGLVFULPLQDUHQWUHXQQLxRFRQ /HDUQLQJGLVDELOLWLHV\XQQLxRFRQ UHWUDVR
PHQWDO
3RURWUDSDUWHHVWHDXWRULQYHVWLJDODVGLILFXOWDGHVGHOOHQJXDMHRIUHFLHQGR
XQ FRQWH[WR SVLFROyJLFR \ QHXURVHQVRULDO GHO PLVPR (O OHQJXDMH UHVXOWD GH OD
WUDQVIRUPDFLyQGHXQDLQIRUPDFLyQVHQVRULDOHQFRJQLWLYD(VWHDXWRUFRQVLGHUyTXH
HOOHQJXDMHHUDXQGDWRLPSUHVFLQGLEOHSDUDODFRPSUHQVLyQGHODVGLILFXOWDGHVGH
DSUHQGL]DMH
.LUN KD VLGR XQD GH ODV ILJXUDV PiV UHOHYDQWHV HQ HO FDPSR GH ODV
GLILFXOWDGHV GH DSUHQGL]DMH \D TXH VXV WUDEDMRV JLUDURQ HQ WRUQR DO LQWHQWR GH
DLVODUYDULDEOHVGHQWURGHOSURFHVRGHFRPXQLFDFLyQLPSOLFDGDHQODIDFLOLWDFLyQGHO
DSUHQGL]DMH SRU XQ ODGR \ SRU RWUR HQ OD SURGXFFLyQ GH GLILFXOWDGHV GH
DSUHQGL]DMH (VWH DXWRU HODERUy XQ PRGHOR SVLFROLQJtVWLFR LQWHJUDGR SRU GRV
QLYHOHV LQWHJUDWLYR \ UHSUHVHQWDWLYR (Q HO SULPHUR OD FRUUHODFLyQ HVWtPXOR
UHVSXHVWD LPSOLFDED ORV FRPSRUWDPLHQWRV IXQGDPHQWDOHV FRPR FRUUHU KDEODU
JULWDU\ODVIXQFLRQHVGHFRQWLJLGDGWHPSRUDODOPLVPRWLHPSRTXHLQFOXtDHOQLYHO
PiVFRPSOHMRGHLQWHJUDFLyQTXHKDFtDUHODFLyQDODIXQFLyQJUDPDWLFDO\VLQWiFWLFD
GHO OHQJXDMH (Q EDVH D HVWH PRGHOR .LUN GHVDUUROOD VX SURSXHVWD GH
HYDOXDFLyQ GHO OHQJXDMH KXPDQR FUHDQGR HO 7HVW GH +DELOLGDGHV 3VLFROLQJtVWLFDV
GH,OOLQRLV,73$
34
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3DUD'RPDQ\'HODFDWRVHFUHyHQ((88OD2ILFLQDGH(GXFDFLyQ
(VWRWXYRXQDUHOHYDQFLDHVSHFLDOHQHOFDPSRGHODVGLILFXOWDGHVGHDSUHQGL]DMH\D
TXH GLFKD RILFLQD FRPHQ]y D DEULU SRU WRGR HO SDtV SUR\HFWRV GHPRVWUDWLYRV GH
VHUYLFLRDQLxRVFRQGLILFXOWDGHV
.RSSLW] SXEOLFD HQ XQD LQYHVWLJDFLyQ TXH OOHYy D FDER GXUDQWH FLQFR
DxRV FRQ YDULRV JUXSRV GH QLxRV FRQ GLIHUHQWHV WUDVWRUQRV \ GLILFXOWDGHV GH
DSUHQGL]DMH(QHVWHWUDEDMRHPSOHDXQDPXHVWUDGHVXMHWRVGHDPERVVH[RV
GLIHUHQFLDGRVHQFXDWURWLSRVQLxRVFRQGHILFLHQFLDFHUHEUDOQLxRVFRQUHWUDVRHQHO
DSUHQGL]DMH QLxRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH \ QLxRV HPRFLRQDOPHQWH
SHUWXUEDGRV R FRQ OHVLRQHV FHUHEUDOHV /DV SULQFLSDOHV FRQFOXVLRQHV IXHURQ ODV
VLJXLHQWHV
(Q SULPHU OXJDU HV SUHFLVR WHQHU HQ PD\RU FRQVLGHUDFLyQ ODV GLIHUHQFLDV
LQGLYLGXDOHV /DV GLILFXOWDGHV GH DSUHQGL]DMH QR WLHQHQ XQD FDXVD FRP~Q QL XQD
UHFXSHUDFLyQ ~QLFD /D PD\RUtD GH ORV QLxRV FRQ GLILFXOWDGHV VXHOHQ WHQHU
SUREOHPDV HQ OD HVFXHOD GHVGH ORV SULPHURV DxRV (O KLQFDSLp TXH VH KDFH HQ OD
UHFXSHUDFLyQ\FRUUHFFLyQGHODVGLILFXOWDGHVGHDSUHQGL]DMHGHEHUtDRULHQWDUVHDOD
SUHYHQFLyQ /RV QLxRV FRQ DOJXQD GLILFXOWDG HVFRODU GHEHUtDQ GHWHFWDUVH
SUHFR]PHQWHHLGHQWLILFDUVHHQHOPRPHQWRGHVXLQFRUSRUDFLyQDODHVFXHOD
&KLDUDGtD \ 7XUQHU SXEOLFDQ HQ XQD REUD VREUH HVWD WHPiWLFD HQ OD
TXHRIUHFHQXQDRULHQWDFLyQEiVLFDPHQWHQHXURSVLFROyJLFDDXQTXHVHDGHQWUHQHQ
HOWHUUHQRGHODLQWHUYHQFLyQHGXFDFLRQDO/DVLGHDVPiVLPSRUWDQWHVGHVXWUDEDMR
IXHURQODVVLJXLHQWHV
/RV WUDVWRUQRV GH DSUHQGL]DMH HVFRODU FRQVWLWX\HQ XQ HVWHUHRWLSR FXOWXUDO
HVGHFLUXQPRGHORSUHILMDGRSRUDOJXQRVGRFHQWHVTXLHQHVHVSHUDQXQDFRQGXFWD
WLSLILFDGD GH VXV DOXPQRV $Vt QR HV LQIUHFXHQWH TXH QLxRV LGHQWLILFDGRV SRU ORV
PDHVWURVFRPR/HDUQLQJ'LVDELOLWLHVHVWpQIXHUDGHWDOFODVLILFDFLyQ
6HSDUWHGHODDFHSWDFLyQGHTXHKD\PXFKRVFDVRVGHQLxRVFRQGLILFXOWDGHV
HVFRODUHV TXH SXHGHQ WHQHU XQD R YDULDV IXQFLRQHV FHUHEUDOHV DOWHUDGDV 3HUR QR
VLHPSUH SXHGHQ VHU YDORUDGDV SRU HO SURIHVRU \ UHTXLHUHQ GH XQ HTXLSR GH
SURIHVLRQDOHV
35
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6XSXQWRGHSDUWLGDHVHODQiOLVLVGHOSURFHVRJHQHUDOGHODSUHQGL]DMHVREUH
WRGRGHEDVHILVLROyJLFDSHURRFXSiQGRVHGHODSUHQGL]DMHHVFRODU
&RQVLGHUDQ HVWRV DXWRUHV TXH HO WpUPLQR WUDVWRUQRV GH DSUHQGL]DMH QR HV
DGHFXDGRSRUTXHSRFRRQDGDWLHQHTXHYHUFRQODUHDOLGDGGHOHGXFDQGR\DTXHOD
SDODEUDWUDVWRUQRLPSOLFDDOWHUDFLyQ\HVWRVHUHILHUHPiVELHQDOHVWDGRHPRFLRQDO
GHOGRFHQWHFXDQGRQRREWLHQHHOQLxRORVUHVXOWDGRVHVSHUDGRV'HOPLVPRPRGRHO
WpUPLQR GLILFXOWDGHV DOXGH DO SURIHVRU TXH GHEHUi FXPSOLU FRQ XQ SUR\HFWR FRQ HO
SURJUDPDHVWDEOHFLGRDOFXDOHOHGXFDQGRGHEHDMXVWDUVH
3UHWHQGHQ H[DPLQDU WDO WLSR GH FRQGXFWD GHO HGXFDQGR LQWHQWDQGR
WUDQVPLWLU VX FRPSUHQVLyQ GH OD PLVPD (V LPSRUWDQWH LQLFLDU HO GLiORJR GHO
ELQRPLRGRFHQWHDOXPQR
(Q RSLQLyQ GH HVWRV DXWRUHV VH SUHWHQGH H[SOLFDU FODUDPHQWH GRV
VLWXDFLRQHVGLIHUHQFLDGDV
D6LXQQLxRDSUHQGHELHQ\PXHVWUDEXHQDFRQGXFWDDGTXLHUHHOSUHVWLJLR
QLxRQRUPD6XHGXFDGRUDOLJXDOTXHVXVSDGUHVVHVLHQWHVDWLVIHFKRGHVXREUD
E /D VLWXDFLyQ HV GLIHUHQWH FXDQGR VH WUDWD GH XQ DOXPQR TXH QR VH
FRQVLGHUDPRGHOR$HVWHQLYHOVHSODQWHDQODVRSFLRQHVRODVSUHVFULSFLRQHV$KRUD
HVWDV RSFLRQHV UHFDHQ VLHPSUH HQ HO HGXFDQGR SUREOHPiWLFD HQ OD IDPLOLD
GHILFLHQWH FDSDFLGDG R GLILFXOWDGHV YDULDV 'LItFLOPHQWH VH FXHVWLRQD OD ODERU GHO
SURIHVRU
(OREMHWLYRHVGHVWDFDUODSDUWLFLSDFLyQGHOGRFHQWHHQWRGDVODVVLWXDFLRQHV
HQTXHXQQLxRHQFXHQWUDGLILFXOWDGHVSDUDORJUDUODDGTXLVLFLyQGHFRQRFLPLHQWRV
/DDFWLWXGGHOGRFHQWHHVFRPSURPHWLGDHQHVWHHQIRTXHHQHOVHQWLGRGHYHQFHUOD
GLILFXOWDGHQIRUPDSRVLWLYD3RUHOORHVWRVDXWRUHVDILUPDQTXH QRKD\QLxRVFRQ
GLILFXOWDGHQVXVDSUHQGL]DMHVVLQRTXHKD\ELQRPLRVTXHVHSODQWHDQGHHVWHPRGR
8Q SURIHVRU D TXLHQ OH UHVXOWD SRVLEOH R LPSRVLEOH HQVHxDU \ XQ QLxR R JUXSR GH
QLxRVDORVTXHVHOHVKDFHSRVLEOHRLPSRVLEOHDSUHQGHU
36
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(O DXWRU 7RUJHVHQ H[SOLFD ODV GLILFXOWDGHV GH DSUHQGL]DMH
UHODFLRQiQGRORDOFRQFHSWRDSUHQGL]LQDFWLYR\UHFXUUHDODVVLJXLHQWHVWHVLV
&XDQGRORVDOXPQRVDSUHQGLFHVVRQDFWLYRVDSOLFDQHVWUDWHJLDVDGDSWDWLYDV
DGHFXDGDV D ODV WDUHDV FRQFUHWDV FRPR FRQVHFXHQFLD GH XQD FRPELQDFLyQ GH OD
FRQFLHQFLDFRJQLWLYDJHQHUDO\GHODGLUHFFLRQDOLGDGLQWHQFLRQDGD
3RU RWUD SDUWH OD FRQFLHQFLD FRJQLWLYD VXSRQH WHQHU HQ FRQVLGHUDFLyQ ORV
SURSLRVSURFHVRVFRJQLWLYRV\ODH[LJHQFLDGHODWDUHD
(O PLVPR DXWRU FRQFHSWXDOL]D DO QLxR FRQ /HDUQLQJ 'LVDELOLWLHV FRPR XQ
DSUHQGL] LQDFWLYR $ SDUWLU GH ODV FRQGLFLRQHV DQWHULRUPHQWH H[SXHVWDV VH
GHGXMHURQODVSULQFLSDOHVFDUDFWHUtVWLFDVGHHVWRVQLxRV
D ,QPDGXUH]HQHOGHVDUUROORFRJQLWLYR\GHODSHUVRQDOLGDG
E 6RQ QLxRV GHSHQGLHQWHV HQ ODV KDELOLGDGHV LQWHOHFWXDOHV FRQ HVFDVD
PRWLYDFLyQSDUDHOWUDEDMRHVFRODU
F 6XHOHQVHULPSXOVLYRV\FRQGLILFXOWDGHVSDUDFRPSUHQGHULQVWUXFFLRQHV
G 3XHGHQFDUHFHUGHSURSyVLWRVSDUDDSUHQGHUGHELGRDODDFXPXODFLyQGH
IUDFDVRVHQODVWDUHDVHMHFXFLRQHVDFDGpPLFDV
/RV Q~FOHRV FRQFHSWXDOHV XWLOL]DGRV SRU HVWH DXWRU SDUD H[SOLFDU ODV
GLILFXOWDGHV GH DSUHQGL]DMH FRLQFLGHQ VXVWDQFLDOPHQWH FRQ ORV HPSOHDGRV SRU
)HXHUVWHLQ 3DUD DPERV DXWRUHV IXH LPSRUWDQWH HQ OR UHODFLRQDGR FRQ HO
SURFHVR GH LQWHUYHQFLyQ SVLFRSHGDJyJLFD SURFHGHU DO GLVHxR GH SODQHV GH
LQWHUYHQFLyQHILFDFHVHQORVTXHVHHYDO~HGHXQDPDQHUDFRPSOHWDODVGLIHUHQWHV
IXHQWHVTXHFRQWULEX\HQDODSURGXFFLyQGHGLILFXOWDGHVGHDSUHQGL]DMHRDOIUDFDVR
GHOQLxRHQFXDOTXLHUWDUHDHVFRODU
3DUD+ROWORVSURIHVRUHVSDVDQODPD\RUSDUWHGHOWLHPSRTXHHVWiQ
HQHODXODGHGLFDGRVDKDEODUVXPLQLVWUDULQIRUPDFLyQKDFHUGHPRVWUDFLRQHVGDU
H[SOLFDFLRQHV QRUPDV FULWLFDU HWF ,QFOXVR FXDQGR RUJDQL]DQ GLVFXVLRQHV KDEODQ
PiVTXHORVDOXPQRV3DUDDOFDQ]DUORVREMHWLYRVSURSXHVWRVSRUORVSURIHVRUHVORV
37
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
DOXPQRV FRPLHQ]DQ D XWLOL]DU GLYHUVDV HVWUDWHJLDV KDVWD TXH ORV SURIHVRUHV OH
LQGLFDQLQGLUHFWDPHQWHODVUHVSXHVWDVFRQVLGHUDGDVFRUUHFWDV
(O SURIHVRUDGR HQ JHQHUDO PDQWLHQH OD HUUyQHD FRQYLFFLyQ GH TXH OD FODVH
DSUHQGHUiPHMRUVLWRGRVORVDOXPQRVVLJXHQHOPLVPRULWPRGHDSUHQGL]DMH1RVH
WLHQGHDFRQVLGHUDUDODOXPQRLQGLYLGXDOPHQWH6HPDUFDDVtXQ~QLFRFDPLQRSDUD
WRGD XQD FODVH QR FRQVLGHUDQGR OD SRVLELOLGDG GH TXH KD\D RWUDV WDUHDV TXH ORV
DOXPQRVSUHILHUDQUHDOL]DU
8QD GH ODV FRQVHFXHQFLDV GH TXH ORV SURIHVRUHV KDEOHQ H[FHVLYDPHQWH HQ
FODVH HV OD FRQGXFWD GH GHVFRQH[LyQ SRU SDUWH GH ORV DOXPQRV VXVWLWX\HQ OD
DWHQFLyQGHVSLHUWDSRUXQDHVFXFKDGLVWUDtGD3HURDGHPiVORVQLxRVHQODHVFXHOD
DSHQDV WLHQHQ RFDVLyQ GH KDEODU GH H[SRQHU VXV LQLFLDWLYDV VXV FUtWLFDV GH HVWD
PDQHUDHODSUHQGL]DMHVHFRQYLHUWHHQXQSURFHVRSDVLYR
3RU RWUR ODGR HVWH DXWRU PDQWXYR OD FRQYLFFLyQ GH TXH VH HQFLHUUD HQ OD
HVFXHOD D ORV QLxRV VHLV R PiV KRUDV DO GtD FRQ OD ILQDOLGDG GH TXH QRV GHMHQ
WUDQTXLORV\QRFDXVHQSUREOHPDV6HJ~QHVWHDXWRUHVWDVFRQGLFLRQHVLPSLGHQXQD
DGHFXDGD UHODFLyQ SURIHVRUDOXPQRV FRQYLUWLpQGROD HQ DPHQD]DU \ UHSULPLU SRU
PX\ VXWLOHV TXH VHDQ VXV PpWRGRV (Q HVWH FRQWH[WR XQDV UHODFLRQHV DELHUWDV
DPLVWRVDV \ GH FRODERUDFLyQ HQWUH SURIHVRU \ HVWXGLDQWHV VRQ SUiFWLFDPHQWH
LPSRVLEOHV
&RPR FRQFOXVLyQ +ROW DILUPy TXH XQ SODQ GH HVWXGLRV R XQ
FXUUtFXOXP QR GHEHQ VHU UtJLGRV R LQIOH[LEOHV \D TXH HQ JHQHUDO OD JHQWH VyOR
UHFXHUGD DTXHOOR TXH OH SDUHFH LQWHUHVDQWH \ ~WLO OR TXH D\XGD D HQFRQWUDU XQ
VHQWLGR DO PXQGR /D LGHD TXH VH WLHQH GH XQ FRQMXQWR GH FRQRFLPLHQWRV TXH VH
GHEHQDGTXLULUHQODHVFXHOD\XWLOL]DUGXUDQWHHOUHVWRGHODYLGDUHVXOWDDOJRYDQR
HQXQPXQGRWDQFRPSOLFDGR\FDPELDQWHFRPRHODFWXDO
38
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(O PRGHORGH $GHOPDQ UHFKD]y OD KLSyWHVLVGHO IUDFDVR HVFRODU FRPR
XQ GHVRUGHQGHOQLxR/DLQWHUDFFLyQHQWUHHOQLxR\HOSURJUDPDGHLQVWUXFFLyQHV
HOHQIRTXHSULPRUGLDOGHHVWHPRGHOR&XDQWRPD\RUVHDODGLVFUHSDQFLDRGHVDMXVWH
HQWUH ODV FDUDFWHUtVWLFDV GHO QLxR \ ODV FDUDFWHUtVWLFDV R H[LJHQFLDV GHO SURJUDPD
PD\RUVHUiODIDOWDGHDSURYHFKDPLHQWRHVFRODU
/D GHVSHUVRQDOL]DFLyQ GHO SURJUDPD HVFRODU FRQVWLWX\H XQ IDFWRU
GHWHUPLQDQWH HQ HO SURFHVR GH DSUHQGL]DMH GHO QLxR (O SURJUDPD QR SXHGH
LPSRQHUVH DO QLxR SURYRFDQGR X RULJLQDQGR FRPSRUWDPLHQWRV GHVDMXVWDGRV R
GHVLQWHUpV /RV SURJUDPDV GHEHQ DFRPRGDUVH D ODV GLIHUHQFLDV LQGLYLGXDOHV TXH
FDUDFWHUL]DQ D ORV QLxRV GH XQD FODVH (O SURIHVRU SRU WDQWR WLHQH XQD JUDQ
UHVSRQVDELOLGDGHQODIDFLOLWDFLyQRQRGHODSUHQGL]DMHGHORVQLxRVWRGRVHOORVFRQ
SHUILOHVLQWUDLQGLYLGXDOHVGHDSUHQGL]DMH&XDQWRPD\RUVHDODSHUVRQDOL]DFLyQGH
ODLQVWUXFFLyQPD\RUVHUiHOp[LWRHQHODSUHQGL]DMHORTXHFRQOOHYDTXHHOSURIHVRU
WHQJDXQFRQRFLPLHQWRSRUPHQRUL]DGRGHORVDOXPQRV
$GHOPDQHVWDEOHFLyWUHVWLSRVGHQLxRVFRQSUREOHPDVGHDSUHQGL]DMH
TXHIXHURQWUDGLFLRQDOPHQWHGLDJQRVWLFDGRVFRPR/HDUQLQJ'LVDELOLWLHV
7LSR,QLxRVVLQWUDVWRUQRVRFRQGLILFXOWDGHVHGXFDWLYDVQRIXQFLRQDQELHQ
HQSURJUDPDVGHLQVWUXFFLyQQRSHUVRQDOL]DGRV
7LSR ,, QLxRV FRQ SHTXHxRV WUDVWRUQRV WDPELpQ OODPDGRV WUDVWRUQRV
HPRFLRQDOHVEDMRFRQGLFLRQHVDSURSLDGDVVRQFDSDFHVGHFRPSHQVDUVXVWUDVWRUQRV
PHQRUHV
7LSR ,,, QLxRV FRQ WUDVWRUQRV LPSRUWDQWHV TXH OHV SUHGLVSRQHQ D
GLILFXOWDGHV GH DSUHQGL]DMH R OHV LQWHUILHUHQ HQ HO DSUHQGL]DMH (VWRV VHUtDQ ORV
/HDUQLQJ'LVDELOLWLHVHVSHFtILFRV
(QODLQYHVWLJDFLyQDFWXDOH[LVWHXQGHEDWHVREUHHODOFDQFHUHDOGHOWpUPLQR
'$GLILFXOWDGHVGHDSUHQGL]DMH6LQHPEDUJRVHREVHUYDTXHORVDWULEXWRVGHORV
VXMHWRV FRQ '$ SXHGHQ YDULDU VHJ~Q HO PRPHQWR HO OXJDU ODV FRQVLGHUDFLRQHV
OHJDOHVRHOFULWHULRGHOLQYHVWLJDGRU
39
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/DV GLILFXOWDGHV GH DSUHQGL]DMH '$ KD\ TXH HQWHQGHUODV GHVGH ODV UDtFHV
KLVWyULFDV TXH OHV GDQ VHQWLGR (O SURFHVR GH FDVL GRVFLHQWRV DxRV KD VXIULGR XQD
DFHOHUDFLyQ LPSRUWDQWH GHVGH HQ TXH VH XWLOL]D SRU SULPHUD YH] HO WpUPLQR
GLILFXOWDGHVGHDSUHQGL]DMHSRU6DPXHO.LUN
/RV H[SHUWRV KDVWD HO PRPHQWR XWLOL]DEDQ QRPEUHV PX\ FRQIXVRV SDUD
UHIHULUVH D HVWH WLSR GH QLxRV WDOHV FRPR QLxRV FRQ OHVLyQ FHUHEUDO R QLxRV FRQ
GLVIXQFLyQ FHUHEUDO PtQLPD QLxRV FRQ GLVOH[LD \ RWURV SDUHFLGRV 6DPXHO .LUN
WUDEDMDED FRQ HVWRV QLxRV TXH SUHVHQWDEDQ XQDV GLILFXOWDGHV LQH[SOLFDEOHV
SDUDHODSUHQGL]DMHGHODOHFWXUD\ODSURSXHVWDTXH.LUNKDFtDSDUDHVWRVQLxRVQR
HUD PpGLFD VLQR HGXFDWLYD 'H HVWH PRGR GHQRPLQy D HVWRV QLxRV FRQ /HDUQLQJ
'LVDELOLWLHV R GLILFXOWDGHV GH DSUHQGL]DMH UHILULpQGRVH D SUREOHPDV HQ HO
DSUHQGL]DMHDFDGpPLFR6HHVWDEOHFLyDVtXQFRQVHQVRWHUPLQROyJLFRTXHJHQHUyXQD
GLQiPLFDPX\DFWLYD\SRVLWLYDFRQXQJUDQULJRUFLHQWtILFR
(QHQODUHXQLyQGHXQJUXSRGHSDGUHVHQ&KLFDJRFRQKLMRVTXHVLQ
UD]yQ DSDUHQWH PDQLIHVWDEDQ GLILFXOWDGHV SHUVLVWHQWHV HQ HO DSUHQGL]DMH GH OD
OHFWXUD EXVFDEDQ DOJXQD UHVSXHVWD D VX SUREOHPD \ SDUD HOOR FRQYRFDURQ D ORV
H[SHUWRV GHO PRPHQWR TXH GHVGH HVSHFLDOLGDGHV GLVWLQWDV PpGLFRV QHXUyORJRV
SVLFyORJRV OHV DSRUWDUDQ DOJXQD OX] DOJXQD HVSHUDQ]D \ H[SOLFDFLyQ D OD SDU GH
PRYLOL]DUVH\RUJDQL]DUVHSDUDH[LJLUIRQGRVHQODFUHDFLyQGHVHUYLFLRVHGXFDWLYRV
HILFLHQWHV TXH UHPHGLDUDQ GH DOJXQD PDQHUD HO SUREOHPD TXH SUHVHQWDEDQ VXV
KLMRVSXHVWRTXHQRVHFRQWHPSODEDQGHQWURGHODHGXFDFLyQHVSHFLDO(VWHDxRSDVy
DFRQVLGHUDUVHSRUFRQVHQVRFRPRODIXQGDFLyQRILFLDOGHOFDPSRGHODVGLILFXOWDGHV
GHDSUHQGL]DMH
/RVSDGUHVVHRUJDQL]DURQHQODQXHYD$VRFLDFLyQGH1LxRVFRQ'LILFXOWDGHV
GH $SUHQGL]DMH$VVRFLDWLRQ RI &KLOGUHQZLWK/HDUQLQJ 'LVDELOLWLHV$&/'FRQ
VXVUHVSHFWLYDVUDPDVHQWRGR((88\&DQDGi6XVREMHWLYRVHVWDEDQFODURVHO
SUHVLRQDU D ODV DXWRULGDGHV JXEHUQDPHQWDOHV SDUD OD REWHQFLyQ GH IRQGRV TXH
SRVLELOLWDUDQ OD FUHDFLyQ GH VHUYLFLRV HGXFDWLYRV HVSHFLDOL]DGRV \ GH FDOLGDG FRPR
XQDUDPDPiVGHODHGXFDFLyQHVSHFLDOFRQORTXHORVQLxRVTXHSUHVHQWDUDQDOJ~Q
40
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
WLSRGHGLILFXOWDGGHDSUHQGL]DMHVHUtDQDWHQGLGRVHLQVWUXLGRVGHIRUPDSHUWLQHQWH
PHGLDQWHHVSHFLDOLVWDVDSR\RVUHFXUVRV\VHUYLFLRVTXHVHSURSRUFLRQDUtDQHQODV
SURSLDVHVFXHODV
(QHOiPELWRDQJORVDMyQ\HXURSHRHOiUHDGHODVGLILFXOWDGHVGHDSUHQGL]DMH
KDWHQLGR\WLHQHFLHUWDHQWLGDGHVVREUHWRGRHQ((88\HQ&DQDGiHQGRQGH
HVWD SUHVLyQ GH ODV RUJDQL]DFLRQHV GH SDGUHV GH SHUVRQDV FRQ GLILFXOWDGHV GH
DSUHQGL]DMH\GHSURIHVLRQDOHVKDWHQLGRXQDPD\RULQIOXHQFLD
(Q QXHVWUR SDtV HO FRQFHSWR GH QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV
SHUPDQHQWHVDSHQDVVLFRQVLGHUDDHVWDVSHUVRQDVH[FHSWRDORVFDVRVPiVJUDYHV
\ HQ WRGR FDVR VH WUDWDUtD GH QHFHVLGDGHV HGXFDWLYDV WUDQVLWRULDV (VWR FRPR HV
HYLGHQWHWLHQHFRQVHFXHQFLDVLPSRUWDQWHVSDUDODGLVSRQLELOLGDGGHVHUYLFLRVSDUD
OD H[LVWHQFLD GH SURIHVLRQDOHV SDUD OD GHWHUPLQDFLyQ GHO Q~PHUR GH SHUVRQDV FRQ
GLILFXOWDGHVGHDSUHQGL]DMHSUHYDOHQFLDHLQFLGHQFLDSDUDODLQYHVWLJDFLyQHWF
&RPR KHPRV YLVWR DQWHULRUPHQWH OD KLVWRULD GHO PRYLPLHQWR GH ODV
GLILFXOWDGHV GH DSUHQGL]DMH HV XQD KLVWRULD QRUWHDPHULFDQD ((88 \ &DQDGi
(OPRYLPLHQWRGHODVGLILFXOWDGHVGHDSUHQGL]DMHSRGUtDFRQVLGHUDUVHLQLFLDGRHQORV
FRPLHQ]RVGH\VHH[WHQGHUtDHQHOWLHPSRKDVWDHOPRPHQWRDFWXDOGHGRQGH
SRGHPRV H[WUDHU ODV OtQHDV GH SUR\HFFLyQ KDFLD HO IXWXUR 6HJ~Q XQD FODVLILFDFLyQ
DVXPLGDSRGUtDPRVKDEODUGHWUHVJUDQGHVHWDSDVHQODKLVWRULDGHOPRYLPLHQWRGH
ODV GLILFXOWDGHV GH DSUHQGL]DMH 8QD SULPHUD HWDSD GH IXQGDFLyQ TXH
FRUUHVSRQGHUtDGHVGHKDVWD8QDVHJXQGDHWDSDGHORVSULPHURVDxRVGHO
FDPSR TXH LQWHJUDUtD GHVGH KDVWD \ XQD WHUFHUD HWDSD GH SUR\HFFLyQ
KDFLDHOIXWXUR
(WDSDGHIXQGDFLyQïVHLQFOX\HQODVLGHDVTXHHQPDUFDURQODVEDVHV
WHyULFDV ORV SUHFHGHQWHV ORV SLRQHURV FRPR *DOO 2UWRQ R 6WUDXVV (VWD IDVH
FRQFOXLUtD FRQ OD FRQVWLWXFLyQ GH OD $VVRFLDWLRQ RI &KLOGUHQ DQG $GXOWV ZLWK
/HDUQLQJ 'LVDELOLWLHV HQ DVRFLDFLyQ TXH DKRUD VH GHQRPLQD /HDUQLQJ
'LVDELOLWLHV$VVRFLDWLRQRI$PpULFD
41
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/RV LQLFLRV GH OD HWDSD GH IXQGDFLyQ GHO FDPSR GH ODV GLILFXOWDGHV GH
DSUHQGL]DMHVHSRGUtDQVLWXDUHQWRUQRDFRQODVREVHUYDFLRQHVGH*DOOPpGLFR
ILVLyORJRVREUHDGXOWRVFRQOHVLRQHVFHUHEUDOHVTXHSHUGtDQODIDFXOWDGGHH[SUHVDU
LGHDV \ VHQWLPLHQWRV D WUDYpV GHO KDEOD \ FRQVHUYDQGR OD LQWHOLJHQFLD
6XSXHVWDPHQWHVHWUDWDEDGHSHUVRQDVDGXOWDVFRQDIDVLD/DOHVLyQHYLGHQFLDEDOD
EDVHQHXURSVLFROyJLFDGHOSUREOHPDGHVFDUWDQGRRWUDVFDXVDVFRPRODVGHILFLHQFLDV
VHQVRULDOHVRUHWUDVRPHQWDOJHQHUDO
(ORIWDOPyORJR+LQVKHOZRRGLQIRUPyHQGHXQFDVRGHGLILFXOWDGHVHQOD
OHFWXUD\QRHQRWURVDVSHFWRVDWULEX\pQGRORDDOWHUDFLRQHVFRQJpQLWDVHQODViUHDV
FHUHEUDOHV GH OD PHPRULD YLVXDO SDUD ODV SDODEUDVFHJXHUD SDUD ODV
SDODEUDVïKLSyWHVLV TXH 2UWRQ UHFKD]y SURSRQLHQGR HO WpUPLQR GH HVWUHIRVLPEROLD
OLWHUDOPHQWHDOWHUDFLyQRFDPELRGHVtPERORVWDOHVFRPRLQYHUVLyQGHOHWUDVGHOWLSR
´STGEµFRPRGLILFXOWDGHVGLYHUVDVHQHODSUHQGL]DMHGHODOHFWXUD
/D H[SOLFDFLyQ GH OD HVWUHIRVLPEROLD VHUtD OD YDULDELOLGDG ILVLROyJLFD HQ HO
HVWDEOHFLPLHQWR GH OD GRPLQDQFLD FHUHEUDO HQ ORV QLxRV 8QD SHUVRQD WHQGUtD
LPiJHQHV HQ HVSHMR GH ORV HQJUDPDV YHUEDOHV R SDODEUDV HQ HO KHPLVIHULR QR
GRPLQDQWH UHODWLYDV D ODV PHPRUL]DGDV HQ HO GRPLQDQWH &RQ HO GHVDUUROOR ODV
LPiJHQHV HQ HVSHMR GHO KHPLVIHULR QR GRPLQDQWH LUtDQ GHVDSDUHFLHQGR R VH
LQDFWLYDUtDQORTXHQRRFXUUtDHQODVSHUVRQDVFRQGLILFXOWDGHVGHDSUHQGL]DMHGHOD
OHFWXUDSURGXFLHQGRHOIHQyPHQRGHODLQYHUVLyQGHOHWUDVDLVODGDVRHQSDODEUDV
/D LQPDGXUH] R UHWUDVR HQ HO HVWDEOHFLPLHQWR GH OD GRPLQDQFLD FHUHEUDO
VHUtD OD FDXVD GH ODV GLILFXOWDGHV HQ HO DSUHQGL]DMH GH OD OHFWXUD $GHPiV OD
HVWUHIRVLPEROLD DSDUHFH HQ XQ FRQWH[WR HQ TXH VH GD LQWHOLJHQFLD QRUPDO
,JXDOPHQWH FRQVLGHUDED D HVWDV GLILFXOWDGHV HQ HO DSUHQGL]DMH GH OD OHFWXUD FRPR
XQ FRQWLQXXP HQ GRQGH KDEUtD TXH VLWXDU D WRGRV ORV FDVRV HQIDWL]DQGR \
SRVWXODQGRXQDLQWHUYHQFLyQSUHFR]HLQWHQVLYDVLJXLHQGRXQHQIRTXHLQVWUXFFLRQDO
PXOWLVHQVRULDO\GHVDFRQVHMDQGRXQHQIRTXHYLVXDOGHODSDODEUD
42
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
.HSKDUW SHQVDED TXH HO DSUHQGL]DMH FRJQLWLYR GH RUGHQ VXSHULRU VH
FRQVWUXtD VREUH ORV FLPLHQWRV VyOLGRV GHO DSUHQGL]DMH YLVRPRWRU OR TXH MXVWLILFDED
VX HQIRTXH HGXFDWLYR FHQWUDGR HQ OD FRRUGLQDFLyQ YLVRPRWUL] \ HQ HO DSUHQGL]DMH
PRWRU
&UXLFNVKDQNUHSOLFyORVKDOOD]JRVGH6WUDXVV\:HUQHUHQQLxRVFRQ
SDUiOLVLV
FHUHEUDO
FRQ
SUREOHPDV
GH
GLVFULPLQDFLyQ
ILJXUDïIRQGR
LQGHSHQGLHQWHPHQWHGHOQLYHOGHLQWHOLJHQFLD8WLOL]DQGRPDWHULDOHVLQVWUXFFLRQDOHV
GHQLxRVFRQLQWHOLJHQFLDQRUPDOIDFLOLWDQGRODDSOLFDELOLGDGDORVQLxRVFRQUHWUDVR
PHQWDO \ WDPELpQ D QLxRV FRQ LQWHOLJHQFLD QRUPDO FRQ JUDYHV SUREOHPDV GH
DWHQFLyQFRQSUREOHPDVGHGLVFULPLQDFLyQILJXUDïIRQGR\FRQKLSHUDFWLYLGDG
3URSRQtDTXHVHXWLOL]DUDQPDUFRVGHDSUHQGL]DMHDOWDPHQWHHVWUXFWXUDGRV
OR TXH UHGXFLUtD ODV GLILFXOWDGHV DWHQFLRQDOHV &RQVLGHUDED TXH ODV GLILFXOWDGHV GH
DSUHQGL]DMHSRGtDQVLWXDUVHDORODUJRGHWRGRHOHVSHFWURGHLQWHOLJHQFLD\TXHVXV
EDVHVHUDQGHQDWXUDOH]DSUHFHSWLYD
6X DSRUWDFLyQ GHFLVLYD HQ ODV GLILFXOWDGHV GH DSUHQGL]DMH OR HV SRU OD
FUHDFLyQ GH OD $FDGHPLD ,QWHUQDFLRQDO GH ,QYHVWLJDFLyQ HQ ODV 'LILFXOWDGHV GH
$SUHQGL]DMH )URVWLJ GLVHxy LQVWUXPHQWRV GH HYDOXDFLyQ H LQVWUXFFLRQDOHV
TXH VXSRQHQ XQD DSOLFDFLyQ H[WHQVLYD H LQWHQVLYD GH XQ pQIDVLV HQ ORV SUREOHPDV
SHUFHSWLYRVHQODEDVHGHWRGRWLSRGHGLILFXOWDGHVGHDSUHQGL]DMHRDFDGpPLFDV(Q
JHQHUDOVHSRGUtDGHFLUTXHOD~OWLPDSDUWHGHHVWDHWDSDKLVWyULFDGHD
HVSUyGLJDHQVROXFLRQHVLQVWUXFFLRQDOHV
(WDSD GH ORV SULPHURV DxRV ï (VWD HWDSD VH FDUDFWHUL]D SRU OD
FRQIXVLyQ WHUPLQROyJLFD \ FRQFHSWXDO DXVHQFLD GH VHUYLFLRV HGXFDWLYRV HQ ODV
HVFXHODVILQDQFLDGRVSRUIRQGRVJXEHUQDPHQWDOHVGHVHVSHUDQ]DGHORVSDGUHVDQWH
ODVLWXDFLyQGHWHQHUXQRVKLMRVDORVTXHQROHVSDVDEDQDGDSHURQRDSUHQGtDQD
OHHUGHPDQGDVHGXFDWLYDVFUHFLHQWHVHQFXDQWRDQHFHVLGDGGHPD\RUHVQLYHOHVGH
OHFWXUDH[LJLGRVSRUODH[SDQVLyQLQGXVWULDOGHODSRVWJXHUUDGHORVDxRV\\
XQLyQDQWHHVWRVKHFKRVGHORVSDGUHVHQJUXSRVGHSUHVLyQOREELHV
43
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(VWDHWDSDFRQVWLWX\yHOQDFLPLHQWRIRUPDOGHOFDPSRGHODVGLILFXOWDGHVGH
DSUHQGL]DMH\HVFDUDFWHUL]DGDVHJ~Q7RUJHVHQSRU
•
/D FRQTXLVWD GH OD LGHQWLGDG GHO FDPSR IUHQWH D RWURV iPELWRV GH OD
HGXFDFLyQHVSHFLDO
•
/D MXVWLILFDFLyQ HQWUH SDGUHV SURIHVLRQDOHV H[SHUWRV \ DXWRULGDGHV
HGXFDWLYDV SDUD OD FUHDFLyQ GH VHUYLFLRV \ SURJUDPDV LQVWUXFFLRQDOHV
PDVLYRV\HVSHFLDOL]DGRV
•
/D SXHVWD HQ PDUFKD GH XQ SUR\HFWR GH IRUPDFLyQ GH SURIHVLRQDOHV
SURYHQLHQWHV GH FDPSRV FOtQLFRV HGXFDWLYRV SURIHVRUHV PDHVWURV
SVLFyORJRVFLHQWtILFRVHQWRUQRDODVGLILFXOWDGHVGHDSUHQGL]DMH
/RV UDVJRV UHOHYDQWHV GH HVWD ~OWLPD HWDSD KLVWyULFD VRQ TXH ODV
RUJDQL]DFLRQHVGHGLILFXOWDGHVGHDSUHQGL]DMHVHFUHDURQDSDUWLUGHH[FHSWR
OD 2UWRQ '\VOH[LD 6RFLHW\ FRQVWLWX\HQGR ODV EDVHV SURIHVLRQDOHV \ SROtWLFDV TXH
GHWHUPLQDURQHOJUDQFUHFLPLHQWRGHOFDPSRSXHVWRTXHLPSXOVDURQODSXEOLFDFLyQ
GHUHYLVWDVSHULyGLFRVFRQJUHVRV\UHXQLRQHVUHGHVGHSURIHVLRQDOHV\SDGUHVHWF
/DV UHGHV GH LQIRUPDFLyQ WHPDV \ FRQRFLPLHQWRV FRPSDUWLGRV SHUPLWLHURQ KDEODU
GHOVXUJLPLHQWRGHXQQXHYRSDUDGLJPDFLHQWtILFR$ODSDUGHFRQVWLWXLUVHFRPRXQ
YHUGDGHUR OREE\ FRQ JUDQ LQIOXHQFLD JXEHUQDPHQWDO HQ OD SURYLVLyQ GH PiV \
PHMRUHVVHUYLFLRV
8QD GH ODV LQIOXHQFLDV PiV GHFLVLYDV HQ HO FDPSR GH ODV GLILFXOWDGHV GH
DSUHQGL]DMHVHUHILULyDODFRQFHSFLyQGHHVWDVGLILFXOWDGHVGHQWURGHXQPRGHORGH
SURFHVRVEiVLFRVHQHOTXHKDEtDTXHGLDJQRVWLFDU\FRQVHFXHQWHPHQWHHODERUDUOD
LQWHUYHQFLyQ HGXFDWLYD (VWRVSURFHVRVVH UHIHUtDQ D OD PHPRULDODVHFXHQFLDFLyQ
ORVSURFHVRVDXGLWLYRVYLVXDOHVWiFWLOHVPRWyULFRVDWHQFLRQDOHVYRFDOHVHWF
(VWRV HQIRTXHV SUHGRPLQDURQ HQ OD VHJXQGD PLWDG GH ORV DxRV \ HQ OD
SULPHUD PLWDG GH ORV DxRV 6H HMHPSOLILFDURQ HQ ODV GHQRPLQDGDV WHRUtDV
SHUFHSWLYDV YLVXDOHV R DXGLWLYDV TXH H[SOLFDUtDQ ORV GpILFLWV GH ODV SHUVRQDV FRQ
GLILFXOWDGHVGHDSUHQGL]DMHGHODOHFWXUDRHQODVWHRUtDVSVLFRPRWRUDVDWULEX\HQGR
44
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
ODV GLILFXOWDGHV GH DSUHQGL]DMH D GLILFXOWDGHV HQ OD FRRUGLQDFLyQ VHQVRULRPRWUL]
HVTXHPDFRUSRUDOHWF
3RVWHULRUHV LQYHVWLJDFLRQHV OOHJDURQ D OD FRQFOXVLyQ GH TXH ORV SURFHVRV
IXHUDQ SHUFHSWLYRV R SVLFROLQJtVWLFRV WHQtDQ PX\ SRFR TXH YHU FRQ ODV WDUHDV
DFDGpPLFDV GHO OHQJXDMH OD OHFWXUD R ODV PDWHPiWLFDV /DV LQYHVWLJDFLRQHV VH
JHQHUDOL]DURQ FRQ UHVXOWDGRV QHJDWLYRV SDUD HO SDSHO GH ORV SURFHVRV HQ ODV
GLILFXOWDGHVGHDSUHQGL]DMH
(Q OD GpFDGD GH ORV DxRV VH WUDWDED GH HYDOXDU GLUHFWDPHQWH ODV
KDELOLGDGHV DFDGpPLFDV \ GH GHVDUUROODU SURJUDPDV FRUUHODWLYRV GH LQVWUXFFLyQ
GLUHFWD HQVHxDQGR HO OHQJXDMH OD OHFWRHVFULWXUD R ODV PDWHPiWLFDV (O PRGHOR GH
LQVWUXFFLyQGLUHFWDGHUURFyDOGHORVSURFHVRVDOPRGRGHXQFDPELRGHSDUDGLJPD
NXKQLDQR
$FWXDOPHQWH VH WUDWD GH LQWHUYHQLU SUHFR]PHQWH HQ ODV KDELOLGDGHV TXH VH
VXSRQHQ UHVSRQVDEOHV GHO GRPLQLR OHFWRU HQ ORV QLxRV FRQ ULHVJR GH '$ /DV
GLILFXOWDGHVGHDSUHQGL]DMHLQFOX\HQGLILFXOWDGHVDFDGpPLFDV\QRDFDGpPLFDV
ž/DVGLILFXOWDGHVGHDSUHQGL]DMHKDQVHUYLGRSDUDGHQRPLQDUEiVLFDPHQWH
DORVDOXPQRVFRQGLILFXOWDGHVHQODOHFWXUD
ž3UHGRPLQLRGHODFRQFHSFLyQOLQJtVWLFDGHODV'$RORTXH0LOOHU
GHQRPLQy HO VXUJLPLHQWR GH ODV GLILFXOWDGHV GH DSUHQGL]DMH GHO OHQJXDMH (Q ORV
DxRVODHWLTXHWDGLILFXOWDGHVGHDSUHQGL]DMHGHOOHQJXDMHVHUHILULyDORVDOXPQRV
FRQ GLILFXOWDGHV GH DSUHQGL]DMH TXH PDQLILHVWDEDQ HQ HO KDEOD OD HVFXFKD OD
OHFWXUDRODHVFULWXUD
(WDSDDFWXDO'HVGHKDVWDODDFWXDOLGDGDOJXQRVGHORVSXQWRVGHOLQHDGRV
DQWHVDSXQWDQFXiOHVODQXHYDVLWXDFLyQTXHDSHVDUGHODFRUWDGXUDFLyQHVPX\
ULFD HQ DSRUWDFLRQHV HQIRTXHV LQYHVWLJDFLRQHV GHVDUUROOR GH PpWRGRV GH
HYDOXDFLyQ \ GH LQWHUYHQFLyQ \ UHIOHMD OD JUDQ SUHRFXSDFLyQ LQWHUGLVFLSOLQDULD
H[LVWHQWHHQHVWHPRPHQWRHQHOFDPSRGHODLQYHVWLJDFLyQHGXFDWLYD
45
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(Q HVWD HWDSD SRGHPRV REVHUYDU XQ LQFUHPHQWR HQ HO GLDJQyVWLFR GH QLxRV
FRQ 'LILFXOWDGHVGH $SUHQGL]DMH '$ HQ HUDQ ïGH OD SREODFLyQ HVFRODU
HQ HQWUH ï(Q RFDVLRQHV VH KDEODGH VREUHLGHQWLILFDFLyQ GH FDVRV SHUR
:RQJDUJXPHQWDWUHVUD]RQHVHQFRQWUDGHHVWDLGHD
/DPHMRUDGHODFRQFLHQFLDVRFLDO
(OPHMRUFRQRFLPLHQWRJHQHUDODFHUFDGHODV'$
/DPHMRUD\SHUIHFFLRQDPLHQWRGHODVWpFQLFDVGLDJQyVWLFDV\GHHYDOXDFLyQ
(VWDV UD]RQHV SRVLELOLWDURQ TXH VH VXSHUDVHQ IDOVDV FRQFHSFLRQHV \ VH
SURGXMHVHXQDPD\RUWROHUDQFLD\DFHSWDFLyQVRFLDOGHHVWHIHQyPHQR
3DUD ILQDOL]DU HVWD SDUWH GH OD UHYLVLyQ KLVWyULFD VH FRQFOX\H OR VLJXLHQWH
7RUJHVHQ
´+DPPLOO UHFRJHODVFDUDFWHUtVWLFDVVREUHVDOLHQWHVGHHVWHPRPHQWR
OD SULPHUD KDFH UHIHUHQFLD D ORV LQWHQWRV GH LQFOXLU WRGR WLSR GH GLILFXOWDGHV GH
DSUHQGL]DMH GHQWUR GHO FDPSR D WUDYpV GH XQ FRQWLQXXP GH JUDYHGDG \ GH
GLIHUHQFLDVHQWUHODVSHUVRQDVDODYH]GHFRQFHELUHOFDPSRFRPRDOJRTXHSXHGH
RFXUULU D ODV SHUVRQDV D OR ODUJR GHO FLFOR YLWDO (VWDV SHUVRQDV TXH HQ (VSDxD
FRQVWLWXLUtDQHOJUXSRGHDOXPQRVFRQQHFHVLGDGHVFXUULFXODUHV\GHGLYHUVLGDGGH
DSUHQGL]DMHV FRQ GHUHFKRV FLYLOHV LJXDO TXH ODV GHPiV QHFHVLWDQ XQ HQWRUQR HQ
LQWHJUDFLyQSRUORTXHHVSUHFLVRUHYLVDUHOFRQFHSWRGHDGDSWDFLRQHVFXUULFXODUHV
TXHHVWDUtDFHQWUDGRHQODHYDOXDFLyQEDVDGDHQHOFXUULFXOXPµSS
(Q QXHVWUR SDtV D SDUWLU GH OD GLVFXVLyQ GHO 3ODQ GH (GXFDFLyQ (VSHFLDO \
FRQ OD SXHVWD HQ PDUFKD GH ORV HTXLSRV PXOWLSURIHVLRQDOHV VH H[WHQGLy HO XVR GHO
3URJUDPD GH 'HVDUUROOR ,QGLYLGXDO 3', TXH VH DSOLFy D SHUVRQDV REMHWR GH OD
HGXFDFLyQ HVSHFLDO /RV 3', KDQ GHMDGR SDVR DO FRQFHSWR GH DGDSWDFLRQHV
FXUULFXODUHVPXFKRPiVQHXWUDOTXHHOGH3',\TXHHYLWDORVLQFRQYHQLHQWHVGH
HVWRV SURJUDPDV DO VLWXDU OD LQWHUYHQFLyQ HGXFDWLYD D OR ODUJR GH XQ FRQWLQXR HQ
UHODFLyQFRQHOFXUULFXOXPRUGLQDULRSRUORTXHVHUHTXLHUHODHYDOXDFLyQ\ODWRPD
GHGHFLVLRQHVEDVDGDVHQHOFXUULFXOXP
46
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
7DPELpQVHKDFHUHIHUHQFLDDODVRSLQLRQHVGLYHUVDVHQWUHORVSDUWLGDULRVGH
ODLQVWUXFFLyQGLUHFWDHQWUHTXLHQHVSLHQVDQTXHKDGHWUDWDUVHGHXQDHQVHxDQ]D
KROtVWLFDHQIRTXHVLVWpPLFR \ JOREDOL]DGRU \HQWUH TXLHQHV SLHQVDQTXH KD GHVHU
DWRPtVWLFD$OJXQRVUHSUHVHQWDQWHVGHODHQVHxDQ]DKROtVWLFDVRQ3RSOLQR
5HLG TXLHQHV HQWLHQGHQ D OD SHUVRQD FRPR XQ WRGR FX\DV PRWLYDFLRQHV
LQWHUHVHV QHFHVLGDGHV HWF KDQ GH HVWDU SUHVHQWHV HQ OD SURJUDPDFLyQ GH OD
LQVWUXFFLyQ VLHQGR HVWDV VLJQLILFDWLYDV \ UHOHYDQWHV )UHQWH D HOORV OD SRVWXUD
DWRPtVWLFD SRQH HO pQIDVLV HQ HVWUDWHJLDV HILFDFHV HVSHFtILFDV FRPR HO
HQWUHQDPLHQWR DWULEXFLRQDO $PERV HQIRTXHV KDQ GH VHU HQWHQGLGRV FRPR
FRPSOHPHQWDULRV
&RPRFRQVHFXHQFLDGHORDQWHULRUVHHVWXGLD\SODQWHDODQHFHVLGDGGHXQD
PHMRUD PHWRGROyJLFD \ XQ DXPHQWR GH OD YDOLGH] H[WHUQD HQ ODV LQYHVWLJDFLRQHV
VREUH ODV GLILFXOWDGHV GH DSUHQGL]DMH (Q JHQHUDO D SHVDU GH OD JUDQ FDQWLGDG GH
LQYHVWLJDFLRQHV UHDOL]DGDV GXUDQWH ORV DxRV \ VREUH GLILFXOWDGHV GH
DSUHQGL]DMH IDOWDQ GDWRV EiVLFRV FRPR OD GHVFULSFLyQ GH OD SREODFLyQ \
SURFHGLPLHQWRV GH PXHVWUHR HQWRUQRV WUDWDPLHQWRV FULWHULRV GLDJQyVWLFRV
XWLOL]DGRVPHGLGDVSURFHGLPLHQWRVHJXLGRWRGRHOORGHIRUPDGHWDOODGDSDUDSRGHU
VHUUHSOLFDGDVRYDOLGDGDVH[WHUQDPHQWH
6HJ~Q HO 5HVHDUFK &RPPLWWHH RI WKH &RXQFLO IRU /HDUQLQJ 'LVDELOLWLHV ORV
LQIRUPHV GH LQYHVWLJDFLyQ KDEtDQ GH FRQWHQHU DO PHQRV VLHWH DVSHFWRV SDUD SRGHU
VHUYDOLGDGRVH[WHUQDPHQWH\VHUUHSOLFDGRVHQUHODFLyQFRQODVGHVFULSFLRQHVGHODV
PXHVWUDVGHVXMHWRV
D 7DPDxRGHODPXHVWUDQ~PHURGHVXMHWRVPDVFXOLQRV\IHPHQLQRVODHGDG
ODUD]DHOQLYHOVRFLRHFRQyPLFR\HOQLYHOLQWHOHFWXDO
E (O QLYHO GH ORJUR HQ XQD LQYHVWLJDFLyQ HQ TXH VH UHYLVDURQ HVWXGLRV
DSOLFiQGRVHVRORXQRGHORVFULWHULRVHOGHODVFDUDFWHUtVWLFDVGHORVVXMHWRV
VHHQFRQWUyTXHVyORFXDWURDUWtFXORVFXPSOtDQORVVLHWHFULWHULRVDQWHULRUHV\
ODPD\RUtDVyORUHFRJtDQDOJXQRGHORVFULWHULRV
47
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/D FRQFOXVLyQ IXH TXH FRQ HVRV GDWRV QR VH SRGtDQ UHSOLFDU ORV HVWXGLRV
DGHPiVVLVHKXELHUDQUHYLVDGRODVGHVFULSFLRQHVGHODVFDUDFWHUtVWLFDVGHOHQWRUQR
WUDWDPLHQWR PHGLGDV HWF SUREDEOHPHQWH QLQJ~Q DUWtFXOR KXELHUD UHVLVWLGR HO
DQiOLVLV3UREOHPDVFRPRODQRGHILQLFLyQGHFULWHULRVXWLOL]DGRVSDUDHOGLDJQyVWLFR
RLQFOXVLyQGHODVPXHVWUDVGDWRVGHORVJUXSRVGHFRQWUROHWFVRQSUHFLVRVSDUD
SRGHUJHQHUDOL]DUORVUHVXOWDGRVSDUDYDOLGDUHQWHUDPHQWHODVLQYHVWLJDFLRQHVHQHO
FDPSRGHODVGLILFXOWDGHVGHDSUHQGL]DMH
8QR GH ORV FDPELRV TXH VH KDQ LGR RSHUDQGR KD VLGR HO SDVR IXQGDPHQWDO
GHVGH XQD KLSyWHVLV SHUFHSWLYD GH ODV '$ D XQD KLSyWHVLV OLQJtVWLFD HQIDWL]DQGR
ORV SUREOHPDV GH SURFHVDPLHQWR IRQROyJLFR R GH RWURV SUREOHPDV PRUIROyJLFRV \
VLQWiFWLFRV FRPR HO RULJHQ GH ODV '$ GH OD OHFWXUD \ SRU H[WHQVLyQ DO iPELWR
JHQHUDOGDGRHOJUDQSRUFHQWDMHGH'$HQODOHFWXUD\RHVFULWXUD
,JXDOPHQWHKDEUtDTXHGHVWDFDUHOFDPELRVXVWDQFLDOGHVGHXQPRYLPLHQWR
FHQWUDGRHQODSURYLVLyQGHVHUYLFLRVGHHGXFDFLyQHVSHFLDOSDUDXQJUXSRFUHFLHQWH
GH QLxRV HQ ORV RUtJHQHV GHO FDPSR D XQD GLVFLSOLQD FLHQWtILFD HQ TXH ODV
LQYHVWLJDFLRQHVWDQWREiVLFDVFRPRDSOLFDGDVKDQFUHFLGRGHIRUPDVLJQLILFDWLYD\
HQ GRQGH ODV SHUVSHFWLYDV PXOWLGLUHFFLRQDOHV PXOWLGLVFLSOLQDULDV H LQFOXVR
PXOWLSDUDGLJPiWLFDVVRQSURIXVDV
&RPR UHVXPHQ :LHGHUKROW UHDOL]D XQD UHYLVLyQ VLVWHPiWLFD GH ODV
IDVHVKLVWyULFDVHQODLQYHVWLJDFLyQVREUHODVGLILFXOWDGHVGHDSUHQGL]DMH\GLVWLQJXH
WUHVIDVHVHQVXRUJDQL]DFLyQ
D )DVHGH IXQGDPHQWRVTXHVHFDUDFWHUL]DSRUODIRUPXODFLyQ
WHyULFD GH ODV GLILFXOWDGHV GH DSUHQGL]DMH IUHQWH D ODV SRVLFLRQHV
SUDJPiWLFDV/DVSRVLFLRQHVWHyULFDVVHDSR\DQHQORVGDWRVREWHQLGRVHQ
HO HVWXGLR GH LQGLYLGXRV DGXOWRV FRQ OHVLRQHV FHUHEUDOHV R HQ HO GH
SDFLHQWHVTXHVXIULHURQDOJ~QWUDXPDItVLFRRSVtTXLFR
48
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
E )DVHGHWUDQVLFLyQ(VWDIDVHVHFDUDFWHUL]DSRUHOLQWHQWRGH
WUDQVIHULU ORV SRVWXODGRV WHyULFRV GH OD HWDSD DQWHULRU D OD SUiFWLFD
FRQFUHWDGHODLQWHUYHQFLyQGHODFRUUHFFLyQRGHODUHKDELOLWDFLyQ(OIRFR
FHQWUDOGHODLQYHVWLJDFLyQSDVDGHORVDGXOWRVDORVQLxRVGHIRUPDTXH
ORVGDWRVREWHQLGRVHQODVLQYHVWLJDFLRQHVFRQDGXOWRVVRQWUDQVIHULGRVHQ
VX WRWDOLGDG DO HVWXGLR GH ORV QLxRV FRQ WUDVWRUQRV HQ VX GHVDUUROOR /D
FRQVHFXHQFLDGHHVWDLQWHUYHQFLyQHVLPSRUWDQWHSDUDHOGLDJQyVWLFR\HO
GLVHxRGHSURJUDPDVGHHQWUHQDPLHQWR
F )DVHGH LQWHJUDFLyQGHDODDFWXDOLGDG$SDUWLUGHGLFKDIHFKDVH
IXQGD HQ :DVKLQJWRQ OD ´$VRFLDFLyQ SDUD QLxRV FRQ GLILFXOWDGHV GH
DSUHQGL]DMHµ $&/' (VWD DVRFLDFLyQ FRQWy HQ VX GLUHFWLYD FRQ XQD
VHULH GH PLHPEURV FRQ XQD YLVLyQ GLYHUVD GH HVWDV GLILFXOWDGHV OR TXH
SRQHGHUHOLHYHODFRUULHQWHGHLQWHJUDFLyQGHGLIHUHQWHVFRQFHSFLRQHV
:LHGHUKROW FRQVLGHUy TXH D SDUWLU GH ODV GLILFXOWDGHV GH DSUHQGL]DMH
FRPLHQ]DQ D VHU UHFRQRFLGDV FRPR XQD FDWHJRUtD GLDJQyVWLFD HVSHFtILFD \
GLIHUHQFLDGDHVSRUHOORTXHVHxDOyORVVLJXLHQWHVUDVJRVSHFXOLDUHVGHHVWHSHULRGR
KLVWyULFR
/D XQLILFDFLyQ GH FDWHJRUtDV GLDJQyVWLFDV HQ XQD JHQHUDO /HDUQLQJ
'LVDELOLWLHV
(OFUHFLPLHQWRGHODVDVRFLDFLRQHV\RUJDQL]DFLRQHVVRFLDOHV\SURIHVLRQDOHV
LQWHUHVDGDVHQODVGLILFXOWDGHVGHDSUHQGL]DMH
/D DSDULFLyQ GH ODV SULPHUDV QRUPDV OHJDOHV UHODWLYDV DO GLDJQyVWLFR
WUDWDPLHQWR\HVFRODUL]DFLyQGHORVQLxRVFRQGLILFXOWDGHVGHDSUHQGL]DMH
49
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&RQFHSWR
&RQFHSWR
&RQFHSWR\FODVLILFDFLyQGHODV
\FODVLILFDFLyQGHODVGLILFXOWDGHVGHDSUHQGL]DMH
GLILFXOWDGHVGHDSUHQGL]DMH
SUHQGL]DMH
6XiUH]<ixH]GHOLPLWDHOFRQFHSWRGHGLILFXOWDGHVGHDSUHQGL]DMHHQ
VHQWLGRDPSOLRDODVSURSXHVWDVGHOLQIRUPH:DUQRFNVREUHODDWHQFLyQDODVQLxDV
\ QLxRV HQ VLWXDFLyQ GH ´IUDFDVR HVFRODUµ HQ HO VLVWHPD HGXFDWLYR LQJOpV TXH
VXSXVLHURQ XQ PRPHQWR DXWpQWLFR GH SXQWR GH LQIOH[LyQ FRQ UHVSHFWR D ODV
FRQFHSFLRQHV \ SUiFWLFDV YLJHQWHV HQ OD (GXFDFLyQ (VSHFLDO GHVGH DO PHQRV
PHGLDGRVGHOVLJOR;;
'LFKRLQIRUPHSXVRGHUHOLHYHTXHODXWLOL]DFLyQVLVWHPiWLFDGHODVFDWHJRUtDV
GLDJQyVWLFDV WUDGLFLRQDOHV HQ (GXFDFLyQ (VSHFLDO FRPR FODYH SDUD GHFLGLU OD
SURYLVLyQ GH VHUYLFLRV HGXFDWLYRV GH DSR\R WLHQH HO HIHFWR FRQWUDULR GH TXH HQ OD
SUiFWLFDODLQPHQVDPD\RUtDGHDOXPQRVFRQSUREOHPDVHQVXDSUHQGL]DMHHVFRODU
TXHGD IXHUD GH FXDOTXLHU WLSR GH FREHUWXUD GHO DSUR[LPDGDPHQWH GH OD
SREODFLyQ HVFRODU TXH VHJ~Q HVWLPDFLRQHV GH ORV HVWXGLRV VH HQFRQWUDED HQ HVWD
VLWXDFLyQ HQ ORV FHQWURV GRFHQWHV H[DPLQDGRV DSHQDV XQR GH FDGD GLH] DOXPQRV
FXPSOtDFRQORVFULWHULRVFOiVLFRVSDUDUHFLELUD\XGDVH[WUD'HPRGRTXHQXHYHGH
FDGDGLH]QRUHFLEtDQLQJ~QWLSRGHHGXFDFLyQHVSHFLDO
&RPRDOWHUQDWLYDDHVWDVLWXDFLyQHOLQIRUPH:DUQRFNSURSRQtDTXH
QR GHEtD SRQHUVH HO DFHQWR HQ OD LGHQWLILFDFLyQ GH HYHQWXDOHV GHILFLHQFLDV GHO
DOXPQDGRQLHQVXGHVFULSFLyQVLQRHQODLGHQWLILFDFLyQSUHFLVDGHODVGLILFXOWDGHV
FRQFUHWDV TXH FDGD TXLHQ SUHVHQWDED HQ UHODFLyQ FRQ ORV REMHWLYRV HGXFDWLYRV \ HO
WLSR GH D\XGD TXH OD VXSHUDFLyQ GH WDOHV GLILFXOWDGHV H[LJtD HVWR HV HQ ODV
´QHFHVLGDGHVHGXFDWLYDVµTXHWDOHVGLILFXOWDGHVLPSOLFDEDQ
'HVGHHVWDSHUVSHFWLYDORGHPHQRVHVHQ~OWLPDLQVWDQFLDVLHORULJHQGHOD
GLILFXOWDG HQ HO DSUHQGL]DMH VH GHEH SULPRUGLDOPHQWH R QR D XQD GLVFDSDFLGDG
ItVLFDSVtTXLFDVHQVRULDORDRWURVIDFWRUHVSXHVORTXHUHDOPHQWHLPSRUWDHVTXHOD
GLILFXOWDGH[LVWH\UHFODPDGHODHVFXHODDOJXQDDFFLyQGLIHUHQWHDODVHPSUHQGLGDV
KDVWD HO PRPHQWR 'HO PLVPR PRGR VH GHGXFH GH HVWD FRQFHSFLyQ TXH ODV
GLILFXOWDGHV GH DSUHQGL]DMH \ ODV QHFHVLGDGHV HGXFDWLYDV D HOODV DVRFLDGDV QR VRQ
50
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
DOJR RSXHVWDV D ODV QHFHVLGDGHVHGXFDWLYDV´QR HVSHFLDOHVµ VLQR TXH WRGDVIRUPDQ
XQFRQWLQXR
(VWRV SODQWHDPLHQWRV SXHV \D QR FRQVLGHUDQ OD (GXFDFLyQ (VSHFLDO FRPR
XQVLVWHPDSDUDOHORDORUGLQDULRVLQRFRPRHOFRQMXQWRGHUHFXUVRVTXHODHVFXHOD
SRQH HQ PDUFKD SDUD UHVSRQGHU D ODV QHFHVLGDGHV HVSHFLDOHV GHO DOXPQDGR
0DUFKHVL \ 0DUWtQ GH FXDOTXLHU DOXPQR FRQ FXDOTXLHU GLILFXOWDG HQ VX
DSUHQGL]DMH GH PRGR TXH EDMR VX LQIOXHQFLD OD H[SUHVLyQ 1(( 1HFHVLGDGHV
(GXFDWLYDV(VSHFLDOHVKDLGRWHQGLHQGRDUHHPSOD]DURWURVWpUPLQRVWUDGLFLRQDOHV
´/RV HVFRODUHV FRQ GLILFXOWDGHV HQ HO DSUHQGL]DMH HVFRODU HQ VHQWLGR UHVWULQJLGR
MXQWRFRQORVTXHSUHVHQWDQSUREOHPDVHQHOGHVDUUROORFRQVWLWX\HQHOWRWDOGHWRGRV
ORV HVFRODUHV TXH WLHQHQ 1(( R GLILFXOWDGHV GH DSUHQGL]DMH HQ VHQWLGR DPSOLRµ
6XiUH]<ixH]SS
(QUHVXPHQHVQHFHVDULRWHQHUHQFXHQWDHQSULPHUOXJDUTXHPLHQWUDVHO
FRQFHSWR GH GLILFXOWDGHV GH DSUHQGL]DMH HQ VHQWLGR UHVWULQJLGR FRQVWLWX\H XQD
FDWHJRUtD ´SVLFRSDWROyJLFDµ GLILFXOWDGHV GH DSUHQGL]DMH HQ VHQWLGR DPSOLR HV XQD
H[SUHVLyQPHUDPHQWHGHVFULSWLYD
(Q VHJXQGR OXJDU TXH HO FRQFHSWR GH 1(( QR VH UHILHUH D XQD FRQGLFLyQ
SHUVRQDOGHODOXPQRTXHODVSUHVHQWDVLQRTXHH[SUHVDTXHHQODLQWHUDFFLyQHQWUH
ODVQHFHVLGDGHVHGXFDWLYDVGHXQDSHUVRQD\HOFRQMXQWRGHD\XGDVTXHODHVFXHOD
´RUGLQDULDµOHRIUHFHSDUDVDWLVIDFHUODVH[LVWHXQDIUDFWXUDGHPRGRTXHDOJXQDVGH
WDOHV QHFHVLGDGHV QR HQFXHQWUDQ OD UHVSXHVWD DSURSLDGD &RPR VHxDOD *DUFtD
3DVWRU KDEODU GH 1(( HV VLHPSUH DOJR UHODWLYR H LQWHUDFWLYR \D TXH
VXSRQHLQHYLWDEOHPHQWHODUHIHUHQFLDDXQFRQWH[WRHGXFDWLYRGHWHUPLQDGR
(QGHILQLWLYDSXHVFXDQGRVHKDEODGHGLILFXOWDGGHDSUHQGL]DMHHQVHQWLGR
DPSOLR VH UHILHUH D GHVFULELU XQ KHFKR HV GHFLU TXH XQ GHWHUPLQDGR DOXPQR R
DOXPQDQRSURJUHVDHQHOPDUFRGHOFXUUtFXORHVFRODUFRPRVHHVSHUDUtDGHDFXHUGR
FRQODVSUHYLVLRQHVLQFOXLGDVHQHVWHVLQQLQJXQDRWUDFRQVLGHUDFLyQRPDWL]DFLyQ
&XDQGRKDEODPRVGH1((HQFDPELRTXHUHPRVHQIDWL]DUTXHODVGLILFXOWDGHVHQ
51
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
HODSUHQGL]DMHREVHUYDGDVQRGHSHQGHQVRORGHODOXPQRVLQRGHODLQWHUDFFLyQHQWUH
HVWH\ORTXHODHVFXHODOHRIUHFHDVtFRPRTXHWDOHVGLILFXOWDGHVH[LJHQFDPELRGH
UHVSXHVWDVHVFRODUHVFRQUHVSHFWRDORTXHVHOHYHQtDRIUHFLHQGRDODOXPQRKDVWDHO
PRPHQWR
$Vt 0ROLQD SURSRQH XQD FODVLILFDFLyQ JHQHUDO GH ODV GLILFXOWDGHV GH
DSUHQGL]DMH HQ OD TXH DSDUHFHQ WUHV WLSRV GLIHUHQWHV GH HVWDV DWHQGLHQGR D VX
HWLRORJtDODV'$GHELGDVDFDXVDVH[WUtQVHFDVODV'$GHELGDVDFDXVDVLQWUtQVHFDV
HQWUHODVTXHVHVLWXDUtDQODV'$HQVHQWLGRUHVWULQJLGR\ODV'$TXHVHGHEHQD
XQD LQWHUDFFLyQ HQWUH IDFWRUHV H[WHUQRV H LQWHUQRV DO VXMHWR (YLGHQWHPHQWH QR
VXSRQHHVWHDXWRUTXHH[LVWDQFDVRVHQTXHORVIDFWRUHVLQWUtQVHFRV\H[WUtQVHFRVQR
LQWHUDFW~HQ HQWUH Vt VLQR TXH WUDWD GH HQIDWL]DU HO KHFKR GH TXH H[LVWHQ FDVRV HQ
TXHHOSHVRGHXQRXRWURWLSRGHIDFWRUHVHQODV'$GHODOXPQRHVPX\GLIHUHQWH
(QVXVSURSLDVSDODEUDV0ROLQD´/DVGLILFXOWDGHVGHDSUHQGL]DMHVRQ
HQWHQGLGDVFRPRXQIHQyPHQRHQHOTXHVHLQWHUILHUHQGLDOpFWLFDPHQWHXQHOHYDGR
Q~PHURGHYDULDEOHVWDQWRGHWLSRLQWUtQVHFRFRPRH[WUtQVHFR\FX\DLQWHUIHUHQFLD
VyORSXHGHVHULQWHUSUHWDGDDQDOL]DQGRFDGDFDVR\VLWXDFLyQ\DTXHORVHIHFWRVTXH
SXHGHQ WHQHU ODV PLVPDV YDULDEOHV HWLROyJLFDV GHSHQGHQ WDQWR GH ODV
FDUDFWHUtVWLFDV ELROyJLFDV \ SVLFROyJLFDV GHO DOXPQR FRPR GH ODV FRPSHQVDFLRQHV
SRVLWLYDVRQHJDWLYDVTXHSXHGDSURGXFLUHOPHGLRDPELHQWHHQTXHVHGHVHQYXHOYH
HOQLxRFXOWXUDOVRFLRIDPLOLDU\SHGDJyJLFR$KRUDELHQ¢TXLHUHHOORGHFLUTXHQR
H[LVWHQ QLxRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH FX\DV FDXVDV ~QLFDV VHDQ GH WLSR
LQWUtQVHFRRGHWLSRH[WUtQVHFR"µSS
$Vt SXHVSRGUtDPRV GHILQLU HO iPELWRGH ODV GLILFXOWDGHV GH DSUHQGL]DMH HQ
VHQWLGR DPSOLR FRPR HO FRQMXQWR GH WRGRV ORV SUREOHPDV TXH H[SHULPHQWDQ ORV
HVFRODUHV HQ OD DGTXLVLFLyQ GH ODV FRPSHWHQFLDV EiVLFDV WHQLHQGR HQ FXHQWD TXH
DXQ FXDQGR HQ OD DSDULFLyQ GH XQD GLILFXOWDG GH DSUHQGL]DMH LQWHUDFW~DQ VLHPSUH
IDFWRUHV LQWUtQVHFRV \ H[WUtQVHFRV DO VXMHWR HO SHVR GLIHUHQFLDO GH XQRV \ RWURV HV
PX\ YDULDEOH \HQGR GHVGH HO FDVR HQ TXH HO PHGLR HV H[WUDRUGLQDULDPHQWH
IDYRUHFHGRU \ ODV '$ VH GHEHQ HQ OR HVHQFLDO D FLHUWD FRQGLFLyQ SHUVRQDO GHO
52
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
DOXPQR KDVWD DTXHO RWUR HQ TXH RFXUUH H[DFWDPHQWH OR FRQWUDULR XQ DOXPQR FRQ
VXVSRWHQFLDOLGDGHVLQGHPQHVHVYtFWLPDGHXQHQWRUQRFXOWXUDOVRFLRIDPLOLDU\R
HVFRODUGLVFDSDFLWDQWH
6HJ~QHVWDEOHFH'HILRUVHGHILQHQODV'$´&RPRGLILFXOWDGHVTXHVH
FDUDFWHUL]DQ SRU XQ UHQGLPLHQWR HQ XQD R YDULDV PDWHULDV HVFRODUHV TXH HVWi
VLJQLILFDWLYDPHQWHSRUGHEDMRGHORHVSHUDGRGDGDODHGDGGHOQLxRXQ&,FRFLHQWH
LQWHOHFWXDOHQWRUQRD\ODDXVHQFLDGHGHVyUGHQHVHPRFLRQDOHVVHYHURVGpILFLWV
VHQVRULDOHV \R GpILFLWV QHXUROyJLFRVµ (V XQD GHILQLFLyQ SUy[LPD D OD GH 0LUDQGD
TXH VHxDOD OD LQWHUDFFLyQ HQWUH VXMHWR \ DPELHQWH FRPR RULJHQ GH DOJXQDV
GLILFXOWDGHV HQ ODV TXH QR VROR FRQFXUUHQ VXMHWRV H[FHSFLRQDOHV VLQR WDPELpQ
VLWXDFLRQHVH[FHSFLRQDOHV\TXHQHFHVLWDQXQDDWHQFLyQHVSHFLDOL]DGD
3RURWUDSDUWHVHREVHUYDXQDWHQGHQFLDDODGLIHUHQFLDFLyQHQWUHDOXPQRV
UHWUDVDGRV HVFRODUPHQWH \ DTXHOORV DIHFWDGRV SRU XQD GLILFXOWDG GH DSUHQGL]DMH
HVSHFtILFD UHVSHFWR D OD HYDOXDFLyQ GHWDOODGD GH VXV GLILFXOWDGHV H LJXDOPHQWH HQ
FXDQWR D ORV SURJUDPDV GH LQWHUYHQFLyQ \D TXH VXV FRPSRUWDPLHQWRV HQ OD
HMHFXFLyQSUHVHQWDQVHPHMDQWHVFDUDFWHUtVWLFDV
(QODLQYHVWLJDFLyQGH9DOGLYLHVRODSUHVHQFLDGHODVGLILFXOWDGHVGH
DSUHQGL]DMHVHGDHQGLIHUHQWHVQLYHOHV(QHVWDLQYHVWLJDFLyQVHGLFHTXHXQHVFRODU
WLHQH GLILFXOWDGHV GH DSUHQGL]DMH FXDQGR VX UHQGLPLHQWR HQ OD HVFXHOD HV
VHQVLEOHPHQWH LQIHULRU D OR HVSHUDGR GH DFXHUGR D VXV FRQGLFLRQHV HVWLPXODFLyQ
HVFRODULGDG\HGDG%iVLFDPHQWHVHKDQFODVLILFDGRHQ
'LILFXOWDGHVHVSHFtILFDV FXDQGR VHDVRFLDQDOGDxRFHUHEUDO\QRHVSHFtILFR
FXDQGR HO HOHFWURHQFHIDORJUDPD \ OD KLVWRULD PpGLFD QR SHUPLWHQ QL GHPXHVWUDQ
GDxRVRUJiQLFRV
'LILFXOWDGHV HVSHFtILFDV GH DSUHQGL]DMH VH PDQLILHVWDQ HQ QLxRV FRQ
LQWHOLJHQFLD QRUPDO R DOUHGHGRU GH OR QRUPDO TXH FDUHFHQ GH DOWHUDFLRQHV
HPRFLRQDOHVVHYHUDV6XDPELHQWHVRFLRFXOWXUDO\HGXFDFLRQDOHVVDWLVIDFWRULR1R
ORJUDQ XQ UHQGLPLHQWR HVFRODU QRUPDO \ SUHVHQWDQ GLILFXOWDGHV UHLWHUDGDV HQ
53
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
FLHUWDV iUHDV GH DSUHQGL]DMH IXQFLRQDQGR ELHQ HQ XQDV \ PDO HQ RWUDV (VWDV
GLILFXOWDGHV GHSHQGHQ GH DOWHUDFLRQHV HQ HO GHVDUUROOR PDGXUDFLyQ SVtTXLFD \
QHXUROyJLFD
5HFHSFLyQ FRPSUHQVLyQ UHWHQFLyQ FUHDWLYLGDG HQ UHODFLyQ FRQ VX HGDG
PHQWDO \ DXVHQFLD GH DOWHUDFLRQHV VHQVRULDOHV JUDYHV GH DSUHQGL]DMH DSUHQGH HQ
FDQWLGDG\FDOLGDGLQIHULRUDORHVSHUDGRHQUHODFLyQFRQVXFDSDFLGDG(VWHGHVQLYHO
HQWUH HO SRWHQFLDO \ OD FDSDFLGDG GH DSUHQGL]DMH VH SURGXFH SRU DOWHUDFLRQHV
QHXUROyJLFDV
/RV IDFWRUHV TXH LQWHUYLHQHQ HQ ODV GLILFXOWDGHV HVSHFtILFDV GH DSUHQGL]DMH
VRQ IDFWRUHV HWLROyJLFRV JHQpWLFRV GLVIXQFLRQDOHV IDFWRUHV SVLFROyJLFRV IDFWRUHV
PDGXUDFLRQDOHV IDFWRUHV FRQFRPLWDQWHV R FRUUHODWLYRV SVLFRPRWRUHV LQWHOHFWXDOHV
\ HPRFLRQDOHV \R FRQGXFWXDOHV IDFWRUHV LQWHUYLQLHQWHV VRQ GH RUGHQ VRPiWLFR \
IDFWRUHVFRQVHFXHQWHVDQJXVWLDV\GHSUHVLRQHV
'LILFXOWDGHV GH DSUHQGL]DMH QR HVSHFtILFDV FDUDFWHUtVWLFDV GH ORV
DSUHQGL]DMHV OHQWRV VH PDQLILHVWDQ HQ XQ UHWDUGR JHQHUDO GH WRGR HO SURFHVR GH
DSUHQGL]DMH REVHUYDQGR OHQWLWXG GHVLQWHUpV GHILFLHQFLD HQ OD DWHQFLyQ \
FRQFHQWUDFLyQ7RGRHOORDIHFWDDOUHQGLPLHQWRJOREDO
(VWDVFDUDFWHUtVWLFDVVHSUHVHQWDQHQQLxRVFRQXQGHVDUUROORQRUPDO\FRQ
LQPDGXUH] HQ HO iUHD FRJQLWLYD TXH SURYRFDUtD XQD OHQWLWXG SDUD DSUHQGHU
7DPELpQ HV SRVLEOH YHU TXH HVWD PDQLIHVWDFLyQ VH SUHVHQWD HQ QLxRV FRQ UHWDUGR
PHQWDO\GLILFXOWDGHVDXGLWLYDVVHYHUDV
/DVFDUDFWHUtVWLFDVGHORVQLxRVFRQDSUHQGL]DMHOHQWRVHUtDQ
/HQWLWXG SDUD SURFHVDU OD LQIRUPDFLyQ HVFRODU \ SDUD VHJXLU HO ULWPR GH
DSUHQGL]DMHGHOUHVWRGHVXVFRPSDxHURV
,QDGHFXDFLyQHQWUHHOQLYHOGHGHVDUUROORGHVXVHVWUXFWXUDVFRJQLWLYDV\HO
JUDGRGHFRPSOHMLGDGGHODVODERUHVHVFRODUHV
%DMDPRWLYDFLyQSDUDDSUHQGHUDFRPSDxDGDGHXQDEDMDDXWRHVWLPD
54
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
,QDGHFXDFLyQHQWUHVXVKDELOLGDGHVSVLFROLQJtVWLFDV\HOOHQJXDMHXWLOL]DGR
SRUHOSURIHVRU
)DOWD GH DXWRQRPtD QHFHVDULD SDUD HO HVWDEOHFLPLHQWR GH VXV SURSLDV
HVWUDWHJLDVSDUDHVWXGLDU\PHPRUL]DU
/DV FUtWLFDV TXH VH KDQ UHDOL]DGR SULQFLSDOPHQWH GHVGH HO FDPSR GH OD
HYDOXDFLyQ H LQWHUYHQFLyQ SVLFRHGXFDWLYD UHVSHFWR D OD XWLOLGDG GHO FRQFHSWR GH
/HDUQLQJ'LVDELOLWLHVKDQGHVHPERFDGRHQODIRUPXODFLyQGHXQD~OWLPDGHILQLFLyQ
UHVSHFWRDODPLVPD
&RPR FRQFOXVLyQ OD GHILQLFLyQ \ OD FODVLILFDFLyQ GH ODV '$ HV XQ DVXQWR
QXFOHDU SRU ODV LPSRUWDQWHV UHSHUFXVLRQHV TXH FRQOOHYD $~Q FRQ WRGDV ODV
OLPLWDFLRQHV\FUtWLFDVODPD\RUSDUWHGHORVLQYHVWLJDGRUHV\SURIHVLRQDOHVDVXPHQ
HO FRQFHSWR UHVWULQJLGRGH DFXHUGRFRQ HO FXDOORV HVWXGLDQWHV FRQ '$ PDQLILHVWDQ
XQD GLVFUHSDQFLD VLJQLILFDWLYD HQWUH VX ORJUR DFDGpPLFR \ VX SRWHQFLDO LQWHOHFWXDO
HQ XQR R PiV GH ORV VLJXLHQWHV GRPLQLRV \ FRPSHWHQFLDV D H[SUHVLyQ RUDO E
H[SUHVLyQ HVFULWD F FRPSUHQVLyQ RUDO G KDELOLGDGHV EiVLFDV GH OHFWXUD H
FRPSUHQVLyQGHODOHFWXUDIFiOFXORPDWHPiWLFR\JUD]RQDPLHQWRPDWHPiWLFR
(VHVWDODGHILQLFLyQWRPDGDFRPRYiOLGDHQHVWDLQYHVWLJDFLyQ
'HVGH OD FRQFHSFLyQ DPSOLD TXH HV OD TXH VH DVXPH HQ (VSDxD ODV '$
HTXLYDOHQ D ´1HFHVLGDGHV (GXFDWLYDV (VSHFLDOHVµ 1(( WDO \ FRPR VH FRQVWDWD
HQODVSXEOLFDFLRQHVHGXFDWLYDVUHODFLRQDGDVFRQODUHIRUPDHGXFDWLYD/2(/H\
2UJiQLFD GH (GXFDFLyQ $ SHVDU GH ODV GLYHUJHQFLDV TXH FRQOOHYDQ ODV GRV
FRQFHSFLRQHV GH ODV '$ DPSOLD \ UHVWULQJLGD DPERV HQIRTXHV FRLQFLGHQ HQ OD
QHFHVLGDG GH SURSRUFLRQDU D ORV DOXPQRV FRQ '$ XQD LQVWUXFFLyQ HVSHFLDOL]DGD
DGDSWDGDDVXVQHFHVLGDGHV
3RU~OWLPRDOJXQDVGHODVFDUDFWHUtVWLFDVWtSLFDVDVRFLDGDVFRQSUREOHPDVGH
DSUHQGL]DMHLQFOX\HQSUREOHPDVHQOHFWXUDPDWHPiWLFDVHVFULWXUD\OHQJXDMHRUDO
GpILFLWVHQODLQWHUSUHWDFLyQGHORTXHHVYLVWRXRtGRGLILFXOWDGFRQODVKDELOLGDGHV
GHHVWXGLRHODXWRFRQWUROODDXWRHVWLPDODPHPRULD\ODDWHQFLyQ0HUFHU
55
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
$FRQWLQXDFLyQVHSUHVHQWDXQUHFRUULGRSRUODVSULQFLSDOHVGHILQLFLRQHVGHO
WpUPLQR GLILFXOWDGHV GH DSUHQGL]DMH '$ \ VX HYROXFLyQ DO GH 1HFHVLGDGHV
(GXFDWLYDV (VSHFLDOHV 1(( SURSXHVWR HQ VX PRPHQWR SRU OD /2*6( /H\
2UJiQLFD *HQHUDO GHO 6LVWHPD (GXFDWLYR KDFLD HO GH 1HFHVLGDGHV (VSHFtILFDV GH
$SR\R (GXFDWLYR 1(($( GH OD DFWXDO QRUPDWLYD HGXFDWLYD /2( /H\
2UJiQLFDGH(GXFDFLyQ
6DPXHO.LUNHQVXOLEUR(GXFDWLQJ([FHSWLRQDO&KLOGUHQGHILQHD
ORVQLxRVFRQGLILFXOWDGHVGHDSUHQGL]DMHGHOVLJXLHQWHPRGR
8QDGLILFXOWDGGHDSUHQGL]DMHVHUHILHUHDXQUHWUDVRWUDVWRUQRRGHVDUUROOR
UHWUDVDGRHQXQRRPiVSURFHVRVGHOKDEODOHQJXDMHOHFWXUDHVFULWXUDDULWPpWLFD
X RWUDV iUHDV HVFRODUHV UHVXOWDQWHV GH XQ KDQGLFDS FDXVDGR SRU XQD SRVLEOH
GLVIXQFLyQ FHUHEUDO \R DOWHUDFLyQ HPRFLRQDO R FRQGXFWXDO 1R HV HO UHVXOWDGR GH
UHWUDVRPHQWDOGHSULYDFLRQVHQVRULDORIDFWRUHVFXOWXUDOHVHLQVWUXFFLRQDOHV.LUN
SS
/RV QLxRV TXH WLHQHQ GLILFXOWDGHV GH DSUHQGL]DMH VRQ ORV TXH PDQLILHVWDQ
XQD GLVFUHSDQFLD HGXFDWLYD VLJQLILFDWLYD HQWUH VX SRWHQFLDO LQWHOHFWXDO HVWLPDGR \
HOQLYHODFWXDOGHHMHFXFLyQUHODFLRQDGRFRQORVWUDVWRUQRVEiVLFRVHQORVSURFHVRVGH
DSUHQGL]DMHTXHSXHGHQRQRLUDFRPSDxDGRVSRUGLVIXQFLRQHVGHPRVWUDEOHVHQHO
VLVWHPDQHUYLRVRFHQWUDO\TXHQRVRQVHFXQGDULDVDOUHWUDVRPHQWDOJHQHUDOL]DGR
%DWHPDQ QR HVWDED VDWLVIHFKR FRQ OD GHILQLFLyQ LQLFLDO GH .LUN H LQWURGXMR HO
FRQFHSWR GH GLVFUHSDQFLD DSWLWXGïUHQGLPLHQWR GHSULYDFLyQ FXOWXUDO R HGXFDWLYD
DOWHUDFLyQ HPRFLRQDO VHYHUD \ SpUGLGD VHQVRULDO $SHQDV VL LQIOX\H HQ HO FDPSR D
GLIHUHQFLDGHODGH.LUN
1$&+& 1DWLRQDO $GYLVRU\ &RPPLWWHH RQ +DQGLFDSSHG &KLOGUHQ /RV
QLxRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH HVSHFLDOHV HVSHFtILFRV PDQLILHVWDQ XQ
WUDVWRUQRHQXQRRPiVGHORVSURFHVRVSVLFROyJLFRVEiVLFRVHQODFRPSUHQVLyQRHQ
HOXVRGHOOHQJXDMHKDEODGRRHVFULWR
56
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(VWRVVHSXHGHQPDQLIHVWDUHQWUDVWRUQRVGHODDXGLFLyQGHOSHQVDPLHQWR
GHO KDEOD GH OD OHFWXUD GH OD HVFULWXUD GHO GHOHWUHR R GH OD DULWPpWLFD ,QFOX\HQ
FRQGLFLRQHV TXH KDQ VLGR UHIHULGDV FRPR KiQGLFDSV SHUFHSWLYRV OHVLyQ FHUHEUDO
GLVIXQFLyQFHUHEUDOPtQLPDGLVOH[LDDIDVLDGHOGHVDUUROORHWF
(O 1DWLRQDO $GYLVRU\ &RPPLWWHH RQ +DQGLFDSSHG &KLOGUHQ GLULJLGR SRU
.LUN SURSRQH HQ XQD GHILQLFLyQ FRQ VLPLOLWXGHV FRQFHSWXDOHV D ODV GH .LUN
GHH[FHSWRHQTXH
/RV GpILFLWV VLJQLILFDWLYRV VH GHILQHQ HQ WpUPLQRV GH SURFHGLPLHQWRV
DFHSWDGRVGHGLDJQyVWLFRHQHGXFDFLyQ\HQSVLFRORJtDORVSURFHVRVGHDSUHQGL]DMH
HVHQFLDOHV VRQ ORV KDELWXDOPHQWH UHIHULGRV HQ OD FLHQFLD GH OD FRQGXFWD FRPR OD
SHUFHSFLyQ OD LQWHJUDFLyQ \ OD H[SUHVLyQ VHD YHUEDO R QR YHUEDO /DV WpFQLFDV GH
HGXFDFLyQ HVSHFLDO SDUD OD UHPHGLDFLyQ VH UHILHUHQ D OD SODQLILFDFLyQ HGXFDWLYD
EDVDGDVHQSURFHGLPLHQWRV\UHVXOWDGRVGLDJQyVWLFRV
8Q QLxR FRQ GLILFXOWDG GH DSUHQGL]DMH HV DTXHO FRQ KDELOLGDG PHQWDO
SURFHVRV VHQVRULDOHV \ HVWDELOLGDG HPRFLRQDO DGHFXDGRV TXH SUHVHQWD GpILFLWV
HVSHFtILFRVHQORVSURFHVRVSHUFHSWLYRVLQWHJUDWLYRVRH[SUHVLYRVORVFXDOHVDOWHUDQ
ODHILFLHQFLDGHODSUHQGL]DMH
3RUGHILQLFLyQXQQLxRFRQGLILFXOWDGHVGHDSUHQGL]DMHQRSXHGHSUHVHQWDUD
OD YH] SUREOHPDV HGXFDWLYRV WUDVWRUQRV WpUPLQR GLILFXOWDG GH DSUHQGL]DMH
HVSHFLILFD TXLHUH GHFLU XQ WUDVWRUQR HQ XQR R PiV GH ORV SURFHVRV SVLFROyJLFRV
EiVLFRV LPSOLFDGRV HQ OD FRPSUHQVLyQ R HQ HO XVR GHO OHQJXDMH KDEODGR R HVFULWR
TXH VHSXHGH PDQLIHVWDU HQ XQD KDELOLGDG LPSHUIHFWD SDUD HVFXFKDUKDEODU OHHU
HVFULELUGHOHWUHDURKDFHUFiOFXORVPDWHPiWLFRV
(O WpUPLQR LQFOX\H FRQGLFLRQHV WDOHV FRPR KiQGLFDSV SHUFHSWLYRV OHVLyQ
FHUHEUDOGLVIXQFLyQFHUHEUDOPtQLPDGLVOH[LD\DIDVLDGHOGHVDUUROOR(,WpUPLQRQR
LQFOX\HDORVQLxRVTXHSUHVHQWDQSUREOHPDVGHDSUHQGL]DMHTXHVRQSULPDULDPHQWH
57
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
HOUHVXOWDGRGHGpILFLWVYLVXDOHVDXGLWLYRVRPRWRUHVRUHWUDVRPHQWDORDOWHUDFLRQHV
HPRFLRQDOHVRGHVYHQWDMDVDPELHQWDOHVFXOWXUDOHVRHFRQyPLFDV
/D $VRFLDFLyQ GH 'LILFXOWDGHV GH $SUHQGL]DMH GH $PpULFD /HDUQLQJ
'LVDELOLWLHV$VVRFLDWLRQRI$PpULFDVHRSXVRDODIDPRVDGHILQLFLyQGHO1-&/'
GH SURSRQLHQGR XQD GHILQLFLyQ GLIHUHQWHHQ TXHVHJ~Q+DPPLOO
HVWiHQHVHQFLDGHDFXHUGRFRQODGHO1-&/'DXQTXHVHGLIHUHQFLDHQTXH
1R HVSHFLILFD ORV WLSRV GH GLILFXOWDGHV GH DSUHQGL]DMH TXH SXHGHQ
REVHUYDUVHVLQRTXHKDEODGHSUREOHPDVYHUEDOHV\QRYHUEDOHV
6H RPLWH XQD FOiXVXOD GH H[FOXVLyQ FRQ ORTXHQR HVSRVLEOHVDEHU VL VH
UHFRQRFHRQRODSRVLELOLGDGGHODSUHVHQFLDGHRWURVSUREOHPDVVXSHUSXHVWRV
/DVGLILFXOWDGHVGHDSUHQGL]DMHVRQXQWpUPLQRJHQpULFRTXHVHUHILHUHDXQ
JUXSRKHWHURJpQHRGHWUDVWRUQRVPDQLIHVWDGRVSRUGLILFXOWDGHVVLJQLILFDWLYDVHQOD
DGTXLVLFLyQ \ XVR GH OD UHFHSFLyQ KDEOD OHFWXUD HVFULWXUD UD]RQDPLHQWR R
KDELOLGDGHVPDWHPiWLFDVRGHKDELOLGDGHVVRFLDOHV
(VWRVWUDVWRUQRVVRQLQWUtQVHFRVDOLQGLYLGXR\VHSUHVXPHTXHVRQGHELGRVD
OD GLVIXQFLyQ GHO VLVWHPD QHUYLRVR FHQWUDO ,QFOXVR DXQTXH XQ SUREOHPD GH
DSUHQGL]DMHSXHGHRFXUULUFRQFRPLWDQWHPHQWHFRQRWUDVFRQGLFLRQHVLQFDSDFLWDQWHV
SHMGpILFLWVHQVRULDOUHWUDVRPHQWDOWUDVWRUQRHPRFLRQDORVRFLDOFRQLQIOXHQFLDV
VRFLRïDPELHQWDOHV SHM GLIHUHQFLDV FXOWXUDOHV LQVWUXFFLyQ LQVXILFLHQWH R
LQDSURSLDGD IDFWRUHV SVLFRGpOLFRV \ HVSHFLDOPHQWH WUDVWRUQRV SRU GpILFLW GH
DWHQFLyQWRGRVORVFXDOHVSXHGHQFDXVDUGLILFXOWDGHVGHDSUHQGL]DMHXQDGLILFXOWDG
GH DSUHQGL]DMH QR HV HO UHVXOWDGR GLUHFWR GH HVWDV LQIOXHQFLDV R FRQGLFLRQHV
,QWHUDJHQF\&RPPLWWHHRQ/HDUQLQJ'LVDELOLWLHVSS
(Q SDUHFLGRV WpUPLQRV VH H[SUHVDQ *UHVKDP \ (OOLRWW D DO SRQHU HQ
GXGDORDFHUWDGRGHODLQFOXVLyQGHODVGLILFXOWDGHVHQODVKDELOLGDGHVVRFLDOHVFRPR
XQD GLILFXOWDG GH DSUHQGL]DMH HVSHFtILFD DO QR KDEHU VLGR DSR\DGR SRU OD
LQYHVWLJDFLyQ QL SRU OD HYLGHQFLD HPStULFD ,JXDOPHQWH RFXUULy FRQ HO 1-&/'
RSXHVWRPD\RULWDULDPHQWHDHVWDLQFOXVLyQWDO\FRPRVHUHIOHMDHQXQDFDUWDGHO
58
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
GH PDU]R GH $ FRQWLQXDFLyQ UHFRJHPRV OD GHILQLFLyQ GHO ,&/' +DPPLOO
DQDOL]D FRPSDUDWLYDPHQWH ODV RQFH GHILQLFLRQHV KLVWyULFDV HQ WRUQR D
GLYHUVRVFULWHULRVWDOHVFRPR
%DMRUHQGLPLHQWR
(WLRORJtDGHGLVIXQFLyQGHO61&
3URFHVRVLPSOLFDGRV
3UREOHPDVSUHVHQWHVGXUDQWHHOFLFORYLWDO
3UREOHPDVGHOHQJXDMHKDEODGRFRPRSRVLEOHGLILFXOWDGGHDSUHQGL]DMH
3UREOHPDVDFDGpPLFRVFRPRSRVLEOHGLILFXOWDGGHDSUHQGL]DMH
3UREOHPDVFRQFHSWXDOHVFRPRSRVLEOHGLILFXOWDGGHDSUHQGL]DMH
6H GD XQ GHVDFXHUGR KLVWyULFR HQ WRUQR D OD GHILQLFLyQ GH OR TXH VHDQ ODV
GLILFXOWDGHV GH DSUHQGL]DMH \ VLQ HPEDUJR VH GD XQ DFXHUGR HQ FXDQWR D ODV
FDUDFWHUtVWLFDVGHODVSHUVRQDVFRQGLILFXOWDGHVGHDSUHQGL]DMH
/D GHILQLFLyQ FRQVHQVXDGD UHQRYDGD GLILFXOWDG GH DSUHQGL]DMH '$ HV XQ
WpUPLQRJHQHUDOTXHVHUHILHUHDXQJUXSRKHWHURJpQHRGHWUDVWRUQRVHQHOGHOHWUHR
HQ OD OHFWXUD HQ HO DSUHQGL]DMH QR YHUEDO HQ ODV PDWHPiWLFDV HQ JHQHUDO R HQ HO
FRQWH[WR GH ORV WUDVWRUQRV GHO GHVDUUROOR \ HQ UHODFLyQ FRQ OD HYDOXDFLyQ H
LQVWUXFFLyQHVWUDWpJLFD
6RQ GLILFXOWDGHV LQWUtQVHFDV DO LQGLYLGXR \ VH ODV VXSRQH GHELGDV D XQD
GLVIXQFLyQ GHO VLVWHPD QHUYLRVR FHQWUDO PDWL]DQGR PXFKR OR GH LQWUtQVHFR (VWD
LGHDHVDSR\DGDSRUORVQHXURSVLFyORJRV\JHQHWLVWDV(VPX\VLJQLILFDWLYRHOPRGHOR
GH)ULWKDSOLFDEOHDORVGLIHUHQWHVWUDVWRUQRVGHOGHVDUUROOR
3RGHPRV KDOODU XQ PDUFR WHyULFR FRPSDUWLGR HQ WUHV QLYHOHV FDXVDOHV R
H[SOLFDWLYRV GHO SUREOHPD XQ SULPHU QLYHO TXH HV HO QLYHO ELROyJLFR HQ GRQGH VH
DVXPHQ GLVIXQFLRQHV FHUHEUDOHV GH EDVH 8Q VHJXQGR QLYHO HO FRJQLWLYR
ïLQFOX\HQGR OR HPRFLRQDOï HQ GRQGH SXHGHQ GDUVH GpILFLWV SURFHVXDOHV WDOHV FRPR
ORVGpILFLWVIRQROyJLFRVRSREUHFRQRFLPLHQWRJUDIHPDïIRQHPD
59
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
< XQ WHUFHU QLYHO HO FRQGXFWXDO TXH HV HQ GRQGH KD\ XQ DFXHUGR
PD\RULWDULR HQ OD LGHQWLILFDFLyQ GH ODV SHUVRQDV FRQ GLILFXOWDGHV GH DSUHQGL]DMH \
TXH VH FRUUHVSRQGHUtD FRQ ODV PDQLIHVWDFLRQHV GH GLILFXOWDG HQ HO DSUHQGL]DMH GHO
OHQJXDMHOHFWXUDHVFULWXUD\PDWHPiWLFDV(VWHPRGHORHQWUHVQLYHOHVLQFOX\HXQD
UHODFLyQ FDXVDO FRPSOHMD \ HQ FDGD XQR GH ORV QLYHOHV OD LQIOXHQFLD GHO HQWRUQR
LQWHUDFW~DPDWL]iQGRORSDUWLFXODUL]iQGRORV
/DVGLILFXOWDGHVGHDSUHQGL]DMHSXHGHQVHUXQIHQyPHQRTXHDIHFWHDWRGDOD
YLGD GH ODV SHUVRQDV SRU OR TXH QR VH SXHGH KDEODU VyOR GH QLxRV FRQ '$ VLQR
WDPELpQGHDGROHVFHQWHV\DGXOWRVFRQGLILFXOWDGHVGHDSUHQGL]DMH\TXHHVSUHFLVR
FRQVLGHUDUSDUDODSURYLVLyQGHVHUYLFLRV\DSR\RV
/RVSUREOHPDVHQODVFRQGXFWDVDXWRUUHJXODWRULDVHQODSHUFHSFLyQVRFLDOR
HQ OD LQWHUDFFLyQ VRFLDO SXHGHQ DSDUHFHU HQWUH ODV SHUVRQDV FRQ GLILFXOWDGHV GH
DSUHQGL]DMH SHUR QR FRQVWLWX\HQ SRU Vt PLVPRV XQ SUREOHPD GH DSUHQGL]DMH (VWR
D\XGDDGLIHUHQFLDUODVGLILFXOWDGHVGHDSUHQGL]DMHGHORVWUDVWRUQRVFRQGpILFLWGH
DWHQFLyQ FRQ KLSHUDFWLYLGDG SRU HMHPSOR DXQTXH VH DGPLWD HO GLDJQyVWLFR GH OD
FRQFXUUHQFLD HQWUH GLILFXOWDGHV GH DSUHQGL]DMH \ RWUDV GLVFDSDFLGDGHV FRPR
GHILFLHQFLDV VHQVRULDOHV UHWUDVR PHQWDO WUDVWRUQR HPRFLRQDO R FRQ FRQGLFLRQHV
H[WUtQVHFDVFRPRGLIHUHQFLDVFXOWXUDOHVLQDGHFXDGDRLQVXILFLHQWHLQVWUXFFLyQHWF
ODVGLILFXOWDGHVGHDSUHQGL]DMHQRVRQGHELGDVDHVWRVIDFWRUHV
(Q HVWD GHILQLFLyQ VH UHFRJH OD HVHQFLD GH OR TXH SRGHPRV HQWHQGHU SRU
GLILFXOWDGGHDSUHQGL]DMHGHVGHXQHQIRTXHIXQGDPHQWDOPHQWHHGXFDWLYR\SDUDOD
WRPDGHGHFLVLRQHVGHSURYLVLyQGHVHUYLFLRVHVFRODUHVGHHGXFDFLyQHVSHFLDO
(VWD GHILQLFLyQ QR JXEHUQDPHQWDO IXH DSR\DGD SRU OD PD\RUtD GH ODV
RUJDQL]DFLRQHV SURIHVLRQDOHV \ FLHQWtILFDV LPSOLFDGDV HQ ORV WHPDV GH HGXFDFLyQ
HVSHFLDO HQ $PpULFD GHO 1RUWH 2WUD FXHVWLyQ UHFRJLGD SRU HVWD GHILQLFLyQ
FRQVHQVXDGDHVTXHVHSUHFLVDGHGLILFXOWDGHVVLJQLILFDWLYDVIUHQWHDRWURVWpUPLQRV
FRPR HO GH GLVFUHSDQFLD HQWUH OD FDSDFLGDG LQWHOLJHQFLD \ HO QLYHO HQ OHQJXDMH
OHFWXUDHVFULWXUDRPDWHPiWLFDV
60
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(O SUREOHPD GHO XVR GH IyUPXODV GH GLVFUHSDQFLD SDUD GHILQLU ODV '$ KD
VLGRPX\FRQWURYHUWLGR\KDGDGROXJDUDPXFKDVLQYHVWLJDFLRQHV/DFXHVWLyQGHO
WpUPLQR GH H[FOXVLyQ ODV GLILFXOWDGHV GH DSUHQGL]DMH QR KDQ GH VHU IUXWR GH OD
GHILFLHQFLDPHQWDO RGH OD DXVHQFLD GH HVFRODUL]DFLyQ RGH SUREOHPDVHPRFLRQDOHV
TXHGDPX\PDWL]DGRSXGLpQGRVHGDUHOFDVRFRPRGHKHFKRRFXUUHGHFRQFXUUHQFLD
GHGLILFXOWDGHVGHDSUHQGL]DMH\RWURVWUDVWRUQRVGHOGHVDUUROORRGHODSHUVRQDOLGDG
RGHODFRQGXFWD(QWUHODVH[FOXVLRQHVHVWiQODVKDELOLGDGHVVRFLDOHVHQFRQWUDGH
ODLQFOXVLyQGHODVPLVPDVSRUOD ,QWHUDJHQF\&RPPLWWHHRQ/HDUQLQJ'LVDELOLWLHV
6RQPXFKRVORVDVSHFWRVGLVFXWLEOHVGHOWpUPLQRGLILFXOWDGHVGHDSUHQGL]DMH
WpUPLQR TXH KD VLGR \ HV SURSXHVWR FRPR PiV DFHSWDEOH TXH ORV HVSHFtILFRV GH
GLVOH[LD GLVJUDItD GLVFDOFXOLD GLVIDVLD HWF 6LJXLHQGR OD &ODVLILFDFLyQ
,QWHUQDFLRQDO GH 'HILQLFLRQHV 'LVFDSDFLGDGHV \ 0LQXVYDOtDV GH GH OD
2UJDQL]DFLyQ0XQGLDOGHOD6DOXGYHUVLyQFDVWHOODQDHQHO,16(562HQVH
KDEOD GH WUHV FRQFHSWRV VXFHVLYRV \ FRQ LPSOLFDFLRQHV GLYHUVDV HO GH GHILFLHQFLD
UHIHULGR D OD DQRUPDOLGDG RUJiQLFD HO GH GLVFDSDFLGDG R FRQVHFXHQFLD GH OD
GHILFLHQFLDORTXHDIHFWDDODSHUVRQD\HOGHPLQXVYDOtDRKiQGLFDS
8QD WUDGXFFLyQ OLWHUDO GHO WpUPLQR /HDUQLQJ 'LVDELOLWLHV VXSRQGUtD
WUDGXFLUOR FRPR GLVFDSDFLGDGHV GH DSUHQGL]DMH FRQ OR TXH LPSOLFDUtD XQD EDVH
RUJiQLFD FRQVWDWDEOH RWHRUL]DEOH \ GH XQ WUDVWRUQR IXQFLRQDO REMHWLYDEOH D QLYHO
GH OD SHUVRQD /R VHJXQGR SXHGH TXH Vt VHD DGPLVLEOH 'LVDELOLW\ SHUR VLQ OD
LPSOLFDFLyQGHORSULPHUR
8QR GH ORV GHEDWHV PiV LQWHUHVDQWHV \ D~Q YLYRV GHQWUR GHO FDPSR GH ODV
GLILFXOWDGHV GH DSUHQGL]DMH HV HO SDSHO TXH MXHJD OD LQWHOLJHQFLD WDO \ FRPR OD
PLGHQ ORV WHVWV SVLFRPpWULFRV HQ HO GLDJQyVWLFR GH ODV '$ &RPR UHVXOWD TXH OD
LGHQWLILFDFLyQGHODVPLVPDVVHEDVDHQODSUHVHQFLDGHGLILFXOWDGHVVLJQLILFDWLYDV
XQDGLVFUHSDQFLDDSWLWXGïORJURHVWHGHEDWHHVLQVRVOD\DEOH&XDQGRHVWRVHSODQHD
VH SXHGHQ HVWDEOHFHU ODV GLVFUHSDQFLDV DSWLWXGïORJUR GH PXFKDV PDQHUDV TXH VH
SXHGHQVLQWHWL]DUHQFXDWUR
61
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/DGHVYLDFLyQGHOQLYHOGHJUDGR
1LYHOGHH[SHFWDWLYDV
/DVGLIHUHQFLDVHQSXQWXDFLRQHVWtSLFDVVLPSOHV
(ODQiOLVLVGHUHJUHVLyQWtSLFR
%HUQLQJHU \ $EERWW OOHJDQ D SURSRQHU OD E~VTXHGD GH GRV WLSRV GH
GHWHUPLQDQWHV HQ ODV '$ ODV LQIOXHQFLDV JHQpULFDV ODV DPELHQWDOHV GH IRUPD
LQWHUDFWLYD WDOHV FRPR OD SUHSDUDFLyQ LQDGHFXDGD GH ORV PDHVWURV HQ PpWRGRV
LQVWUXFFLRQDOHV R HQ OD FRPSUHQVLyQ GH ORV OtPLWHV QHXURDQDWyPLFRV (VWXGLRV
UHDOL]DGRV SRU $OJR]]LQH \ FRODERUDGRUHV KDQ PRVWUDGR TXH HO XVR GH ORV
WHVWV SVLFRPpWULFRV GH OD LQWHOLJHQFLD VRQ LQVXILFLHQWHV SDUD OD REWHQFLyQ GHO
GLDJQyVWLFR GLIHUHQFLDO SRU HMHPSOR HQWUH DOXPQRV FRQ '$ \ FRQ EDMRV
UHQGLPLHQWRV
3XHGHTXHSHUVRQDVFRQSXQWXDFLRQHVHQORVWHVWGHLQWHOLJHQFLDEDMDV\TXH
SUHVHQWHQXQD'$QRFXPSODQHOFULWHULRGHGLVFUHSDQFLDFRQODVLPSOLFDFLRQHVSDUD
OD QR SURYLVLyQ GH VHUYLFLRV R VX VDOLGD GH ORV PLVPRV D SHVDU GH QHFHVLWDUORV \
KDFH ODV VLJXLHQWHV UHFRPHQGDFLRQHV VH KD GH VXSULPLU HO HPSOHR GH IyUPXODV GH
GLVFUHSDQFLDSDUDODGHWHUPLQDFLyQGHODHOHFFLyQGHVHUYLFLRVSDUDODVSHUVRQDVFRQ
'$
(O GLDJQyVWLFR \ OD HYDOXDFLyQ FRPSUHKHQVLYD \ SRU XQ HTXLSR
PXOWLGLVFLSOLQDULR KD GH VXVWLWXLU D ODV IyUPXODV GH GLVFUHSDQFLD \ KD GH KDFHUVH
XWLOL]DQGRODGHILQLFLyQGHOD1DWLRQDO-RLQW&RPPLWWHHRQ/HDUQLQJ'LVDELOLWLHV
$FWXDOPHQWHHOWpUPLQRGLILFXOWDGHVGHDSUHQGL]DMHKDSDVDGRDLQWHJUDUVH
GHQWUR GHO GH 1(( 1HFHVLGDG (GXFDWLYD (VSHFLDO 7tWXOR ,, GH (TXLGDG GH
(GXFDFLyQ/2(
3RU WDQWR VH HQWLHQGH TXH XQ DOXPQR PDQLILHVWD 1HFHVLGDGHV (GXFDWLYDV
(VSHFLDOHV FXDQGR SUHVHQWD GLILFXOWDGHV PD\RUHV TXH HO UHVWR GH VXV FRPSDxHURV
SDUD DFFHGHU D ORV DSUHQGL]DMHV TXH VH GHWHUPLQDQ HQ HO FXUUtFXOR TXH OH
FRUUHVSRQGH SRU VX HGDG \ QHFHVLWD SDUD FRPSHQVDU GLFKDV GLILFXOWDGHV XQD
62
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
SURYLVLyQGHGHWHUPLQDGRVVHUYLFLRV\D\XGDVSHGDJyJLFDVVHDQHVWDVRUGLQDULDVR
H[WUDRUGLQDULDVDOFXUUtFXOR
/D/H\2UJiQLFDGH(GXFDFLyQ/2(GHOGHPD\RDERUGDHQVX
7tWXOR,,DO$&1($(DOXPQRVFRQQHFHVLGDGHVHVSHFtILFDVGHDSR\RHGXFDWLYR
HV GHFLU DO DOXPQDGR TXH SUHVHQWD QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV FRQ
GLILFXOWDGHVHVSHFtILFDVGHDSUHQGL]DMHSRUVXVDOWDVFDSDFLGDGHVLQWHOHFWXDOHVSRU
KDEHUVHLQFRUSRUDGRWDUGHDOVLVWHPDHGXFDWLYRRSRUFRQGLFLRQHVSHUVRQDOHVRGH
KLVWRULDHVFRODU$UWtFXOR
(ODOXPQDGRFRQQHFHVLGDGHVHGXFDWLYDVHVSHFLDOHVHVDTXHOTXHUHTXLHUH
SRUXQSHULRGRGHVXHVFRODUL]DFLyQRDORODUJRGHWRGDHOODGHWHUPLQDGRVDSR\RV\
DWHQFLRQHVHGXFDWLYDVHVSHFtILFDVGHULYDGDVGHGLVFDSDFLGDGRWUDVWRUQRVJUDYHVGH
FRQGXFWD$UWtFXOR
(O FRQFHSWR GH 1(( GHULYDGR GH ODV SURSXHVWDV GH LQWHJUDFLyQ \
QRUPDOL]DFLyQ H[WUDtGDV GHO LQIRUPH :DUQRFN VXSRQH TXH SDUWH GH ORV UHFXUVRV
PDWHULDOHV \ SHUVRQDOHV VH WUDVODGHQ D ORV FHQWURV HGXFDWLYRV RUGLQDULRV
SHUPDQHFLHQGRHQORVFHQWURVHVSHFtILFRVORVFDVRVGHPD\RUJUDYHGDG
$TXHOORV DOXPQRV GH PHQRU JUDYHGDG FRQ HVSHFLDOHV GLILFXOWDGHV HQ HO
DSUHQGL]DMHFRPSDUWHQORVDSUHQGL]DMHVLPSDUWLGRVHQHODXODRUGLQDULDFRQHOUHVWR
GH FRPSDxHURV VL ELHQ QHFHVLWDQ XQDV DGDSWDFLRQHV SDUD LQWHQWDU FRQVHJXLU HO
Pi[LPRGHREMHWLYRVTXHSURSRQHHOFXUUtFXORGHVXJUXSR\DVHDQDGDSWDFLRQHVQR
VLJQLILFDWLYDV GH DFFHVR DO FXUUtFXOR PHWRGRORJtD WHPSRUDOL]DFLyQ HVSDFLRV
PDWHULDOHV DSR\RV SXQWXDOHV R LQFOXVR VXSUHVLyQ GH XQR R YDULRV REMHWLYRV GHO
FXUUtFXORHVHOFDVRGHODVDGDSWDFLRQHVFXUULFXODUHVVLJQLILFDWLYDV
$QWH OD QHFHVLGDG GH DWHQFLyQ LQGLYLGXDOL]DGD HVSHFtILFD VH FUHD HO PRGHOR
GH DXOD GH $SR\R D OD ,QWHJUDFLyQDXOD GH SHGDJRJtD WHUDSH~WLFD HQ OD TXH HVWRV
DOXPQRV FRQ GLILFXOWDGHV VRQ DWHQGLGRV SRU HVSHFLDOLVWDV HQ (GXFDFLyQ (VSHFLDO
DVHVRUDGRV SRU SURIHVLRQDOHV HGXFDGRUHV VRFLDOHV PpGLFRV SVLFRSHGDJRJRV
SHGDJRJRV
SVLFyORJRV
ORJRSHGDV
DVLVWHQWHV
VRFLDOHV
SHUWHQHFLHQWHVDXQHTXLSRGHRULHQWDFLyQFUHDGRSDUDWDOILQ
63
ILVLRWHUDSHXWDV
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/D GHQRPLQDFLyQ GH QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV UHIHULGD D ORV
DOXPQRVFRQGLILFXOWDGHVLPSRUWDQWHVHQHODSUHQGL]DMHLQWHQWDFUHDUXQHQIRTXHHQ
HO TXH VH DFHQW~HQ ODV QHFHVLGDGHV HGXFDWLYDV TXH HVWRV SUHVHQWDQ \ ORV UHFXUVRV
TXHVHKDQGHSURSRUFLRQDUHQOXJDUGHUHDOL]DUFDWHJRUtDVGLDJQyVWLFDVSRUHOWLSR
GHGLVFDSDFLGDGTXHORVDIHFWDQVLELHQQRVHGHEHQREYLDUORVDVSHFWRVFOtQLFRVHQ
OD HYDOXDFLyQ H LQWHUYHQFLyQ GH HVWDV QHFHVLGDGHV /DV QHFHVLGDGHV HGXFDWLYDV
HVSHFLDOHV SXHGHQVHU WHPSRUDOHV \ SHUPDQHQWHV \ D VX YH] SXHGHQVHU GHELGDV D
FDXVDV ItVLFDV SVtTXLFDV VLWXDFLyQ VRFLRIDPLOLDU RWURV FDVRV GH LQDGDSWDFLyQ
FXOWXUDOOLQJtVWLFD
3RUWDQWRHOFRQFHSWR1((SRVHHODVVLJXLHQWHVFDUDFWHUtVWLFDV
•
6X RULJHQ LQWHUDFWLYR /D QHFHVLGDG VH GHILQH HQ UHODFLyQ FRQ HO FRQWH[WR
GRQGHVHSURGXFH
•
6XFDUiFWHUUHODWLYR/DQHFHVLGDGKDFHUHIHUHQFLDDXQHVSDFLRFRQFUHWR\D
XQPRPHQWRGDGRQRHVQLGHILQLWLYRQLGHWHUPLQDQWH
5HVSHFWR D VX GLPHQVLyQ LQWHUDFWLYD VH DILUPD TXH ODV GLILFXOWDGHV GHO
DOXPQR GHSHQGHQ WDQWR GH ODV FDUDFWHUtVWLFDV SHUVRQDOHV GHO DOXPQR FRPR GH ODV
FDUDFWHUtVWLFDV GHO HQWRUQR HGXFDWLYR HQ TXH VH GHVHQYXHOYH \ OD UHVSXHVWD
HGXFDWLYDTXHVHOHRIUHFH
'HULYDGDSXHVGHHVWHRULJHQLQWHUDFWLYRVHSODQWHDODVHJXQGDGLPHQVLyQ
/DV 1(( SUHVHQWDQ XQ FDUiFWHU UHODWLYR SXHVWR TXH GHSHQGHQ WDQWR GH ODV
GHILFLHQFLDV SURSLDV µGHQWURµ GHO QLxR FRPR GH ODV GHILFLHQFLDV GHO HQWRUQR
µIXHUDµHQHOTXHHOQLxRVHGHVHQYXHOYH3RUWDQWRFXDQWRPiVUtJLGD\XQLIRUPH
VHD OD RIHUWD HGXFDWLYD GH XQ FHQWUR PiV VH LQWHQVLILFDUi ODV QHFHVLGDGHV
HGXFDWLYDV HVSHFLDOHV GH ORV DOXPQRV $ FRQWLQXDFLyQ VH UHSUHVHQWD JUiILFDPHQWH
HO FDUiFWHU LQWHUDFWLYR \ SRU WDQWR UHODWLYR GH ODV QHFHVLGDGHV HGXFDWLYDV
HVSHFLDOHVWDOFRPRVHPXHVWUDHQODILJXUD
64
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(OODGRL]TXLHUGRGHOFXDGUDGRVHUHILHUHDORVUHFXUVRV\GHILFLHQFLDVGHORV
QLxRV KDELOLGDGHV GLVFDSDFLGDGHV PRWLYDFLyQ HWF (O ODGR KRUL]RQWDO GHO
FXDGUDGRUHSUHVHQWDORVUHFXUVRV\GHILFLHQFLDVGHOHQWRUQRPpWRGRGHHQVHxDQ]D
FRQWH[WR ´GHSULYDGRµ HWF /DV IOHFKDV GLDJRQDOHV HQ ODV HVTXLQDV LQGLFDQ HO
HOHPHQWRWHPSRUDOHLPSOLFDTXHDORODUJRGHOGHVDUUROOR\ODHGXFDFLyQGHODOXPQR
SXHGHQ YDULDU ODV FDUDFWHUtVWLFDV WDQWR GHO FRQWH[WR HGXFDWLYR FRPR GHO SURSLR
DOXPQR /RV VLJQRV PiV \ PHQRV HQ HO FXDGUDGR UHSUHVHQWDQ GLVWLQWRV QLYHOHV GH
LQWHUDFFLyQHQWUHODVLQIOXHQFLDVGHODPELHQWH\GHOQLxR
)LJXUD &DUiFWHU LQWHUDFWLYR GH ODV QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV GH
XQQLxR
6HHQWLHQGHSRUDOXPQRFRQ1((DTXHOTXHUHTXLHUDSRUXQSHULRGRGHVX
HVFRODUL]DFLyQ R D OR ODUJR GH WRGD HOOD GHWHUPLQDGRV DSR\RV \ DWHQFLRQHV
HGXFDWLYDV HVSHFtILFDV GHULYDGDV GH GLVFDSDFLGDG R WUDVWRUQRV JUDYHV GH FRQGXFWD
3RU OR WDQWR HO FRQFHSWR 1($( HQJOREDUtD DOXPQRV FRQ 1(( UHIHULGR D
DOXPQRV FRQ GLVFDSDFLGDG \ WUDVWRUQRV JUDYHV GH FRQGXFWD DOXPQRV FRQ DOWDV
FDSDFLGDGHVLQWHOHFWXDOHVDOXPQRVFRQLQWHJUDFLyQWDUGtDHQHOVLVWHPDHGXFDWLYR
3RU WDQWR YDORUDQGR VX HYROXFLyQ FDGD YH] WLHQH PHQRV VHQWLGR KDEODU GH
QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV WUDQVLWRULDV \ QHFHVLGDGHV HGXFDWLYDV
SHUPDQHQWHVWDOFRPRVHYLHQHKDFLHQGRGHVGHVXRULJHQ6LHQWHQGHPRVFRQWDOHV
•
1(( SHUPDQHQWHV VRQ DTXHOORV SUREOHPDV TXH SUHVHQWD XQD SHUVRQD
GXUDQWH WRGR VX SHUtRGR HVFRODU \ YLGD \D TXH SUHVHQWDQ XQ GpILFLW OHYH
PHGLDQR R JUDYH GH OD LQWHOLJHQFLD HQ DOJXQD R HQ WRGDV GH VXV iUHDV
VHQVRULDOHV PRWRUDV SHUFHSWLYDV R H[SUHVLYDV GH ODV TXH UHVXOWD XQD
LQFDSDFLGDG TXH VH PDQLILHVWD HQ HO HMHUFLFLR GH ODV IXQFLRQHV YLWDOHV \ GH
65
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
UHODFLyQ 3RU WDQWR QHFHVLWDQ GH OD DWHQFLyQ GH HVSHFLDOLVWDV FHQWURV
HGXFDWLYRV HVSHFLDOHV \ PDWHULDO DGHFXDGR SDUD DERUGDU VXV QHFHVLGDGHV
'HQWUR GH HVWD FDWHJRUtD VH HQFXHQWUDQ ODV GHILFLHQFLDV YLVXDOHV FHJXHUD
GHILFLHQFLDV DXGLWLYDV VRUGHUD GHILFLHQFLDV PRWyULFDV SDUiOLVLV FHUHEUDO
UHWDUGRPHQWDO\DXWLVPRHQWUHRWUDV
•
1((WUDQVLWRULDVVRQSUREOHPDVGHDSUHQGL]DMHTXHVHSUHVHQWDQGXUDQWH
XQ SHULRGR GH VX HVFRODUL]DFLyQ TXH GHPDQGD XQD DWHQFLyQ HVSHFtILFD \
PD\RUHV UHFXUVRV HGXFDWLYRV GH ORV QHFHVDULRV SDUD ORV FRPSDxHURV GH VX
HGDG
/DDSUREDFLyQ\SRVWHULRUSXEOLFDFLyQHQHO%ROHWtQ2ILFLDOGHO(VWDGRGHOD
/H\ 2UJiQLFD GH GH PD\R GH (GXFDFLyQ KD WUDtGR FRQVLJR HQWUH RWURV
FDPELRV LPSRUWDQWHV PRGLILFDFLRQHV HQ OD RUJDQL]DFLyQ GH OD DWHQFLyQ D OD
GLYHUVLGDG
8QD GH HVWDV PRGLILFDFLRQHV FRQFLHUQH DO FRQFHSWR GH 1HFHVLGDGHV
(GXFDWLYDV (VSHFLDOHV UHGHILQLGR HQ HO 7tWXOR ,, (TXLGDG HQ OD (GXFDFLyQ OD
DSDULFLyQ GH XQ QXHYR FRQFHSWR PiV JHQHUDO 1HFHVLGDGHV (VSHFtILFDV GH $SR\R
(GXFDWLYR \ SRU RWUR D ODV PRGLILFDFLRQHV LQWUtQVHFDV GHO PLVPR (O FRQFHSWR
1HFHVLGDGHV(VSHFtILFDVGH$SR\R(GXFDWLYR1($(HQJOREDGHVGHHOSXQWRGH
YLVWDGHOD/2(DODOXPQDGRFRQQHFHVLGDGHVHGXFDWLYDVHVSHFLDOHV1((
GHULYDGDVGHGLVFDSDFLGDGRWUDVWRUQRVJUDYHVGHFRQGXFWDDODOXPQDGRFRQDOWDV
FDSDFLGDGHV LQWHOHFWXDOHV DO DOXPQDGR FRQ LQFRUSRUDFLyQ WDUGtD HQ HO 6LVWHPD
(GXFDWLYR (VSDxRO DO DOXPQDGR FRQ GLILFXOWDGHV HVSHFtILFDV GH DSUHQGL]DMH R DO
DOXPQDGRFRQFRQGLFLRQHVSHUVRQDOHVRGHKLVWRULDHVFRODUFRPSOHMD
(VWDPRV DFWXDOPHQWH HQ XQ PRGHOR GH (VFXHOD &RPSUHQVLYD TXH VH
FDUDFWHUL]D SRU RIUHFHU D WRGRV ORV DOXPQRV GH XQD GHWHUPLQDGD HGDG XQ
LPSRUWDQWH Q~FOHR GH FRQWHQLGRV FRPXQHV GHQWUR GH XQD PLVPD LQVWLWXFLyQ \ XQD
PLVPDDXODHYLWDQGRRUHWUDVDQGRDOPi[LPRSRVLEOHODVHSDUDFLyQGHDOXPQRVHQ
YtDVGHIRUPDFLyQGLIHUHQWHVTXHSXHGDQVHULUUHYHUVLEOHV
66
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
8QD HQVHxDQ]D FRPSUHQVLYD TXH DVSLUH DVXPLU GH IRUPD LQWHJUDGRUD OD
GLYHUVLGDG GHEH WRPDU FRPR UHIHUHQFLD EiVLFD OD UHDOLGDG GH ORV DJUXSDPLHQWRV
KHWHURJpQHRV GH DOXPQRV (VWD VLWXDFLyQ GH KHWHURJHQHLGDG DGHPiV GH VHU
FRKHUHQWH FRQ OD DWHQFLyQ D ODV QHFHVLGDGHV HGXFDWLYDV GH WRGRV ORV DOXPQRV
SURSRUFLRQD HO PDUFR GH UHODFLyQ DGHFXDGR SDUD XQD HVFXHOD LQVHUWDGD HQ XQD
VRFLHGDGSOXUDO\GHPRFUiWLFD
(O WUDWDPLHQWR LQWHJUDGRU GH OD KHWHURJHQHLGDG VXSRQH SRU XQD SDUWH
DFHSWDU OD GLYHUVLGDG SRU OR TXH UHSUHVHQWD FRPR ULTXH]D FROHFWLYD \ SRU RWUD
DVXPLU OD GLIHUHQFLD SDUD GHVDUUROODU HQ WRGRV ORV DOXPQRV \ DOXPQDV XQDV
FDSDFLGDGHV \ KDELOLGDGHV SDUWLHQGR GH VX VLWXDFLyQ SHUVRQDO \ UHIHUHQFLDV
VRFLRFXOWXUDOHV FRQFUHWDV GH VX YDULHGDG GH SURFHVRV \ ULWPRV GH DSUHQGL]DMH
DGPLWLHQGRODGLVSDULGDGGHUHVXOWDGRV\FRPSHQVDQGRGRQGHIXHUDSUHFLVR
/D HGXFDFLyQ FRPSUHQVLYD LPSOLFD GLVHxDU REMHWLYRV FRPXQHV \ PtQLPRV
SDUD WRGRV ORV DOXPQRV LQFOXLGRV ORV DOXPQRV FRQ 1(( \ GHVGH HVWH
SODQWHDPLHQWR KD GH GHVDUUROODU SUHIHUHQWHPHQWH XQRV DSUHQGL]DMHV IXQFLRQDOHV
FDSDFHVGHVHUXWLOL]DGRVSRUHODOXPQRFRPRSHUVRQD\FRPRFLXGDGDQR$VLPLVPR
KD\ TXH WHQHU HQ FXHQWD XQD HGXFDFLyQ GLYHUVLILFDGD FDSD] GH DWHQGHU D ODV
GLIHUHQFLDVLQGLYLGXDOHVGHORVDOXPQRV\GHORVFRQWH[WRVGRQGHVHUHDOL]D
$ FRQWLQXDFLyQ VH SUHVHQWDQ ODV GLIHUHQWHV LQYHVWLJDFLRQHV HGXFDWLYDV
UHODFLRQDGDVFRQHOHVWXGLRFRQODVGLIHUHQWHVYDULDEOHVFRJQLWLYRPRWLYDFLRQDOHVGH
UHQGLPLHQWRDFDGpPLFRHLPSOLFDFLyQIDPLOLDU\VXVFRQFOXVLRQHV\UHVXOWDGRV
67
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(VWXGLR GH ODV GLIHUHQFLDV HQ YDULDEOHV FRJQLWLYR
FRJQLWLYR PRWLYDFLRQDOHV LPSOLFDFLyQ
IDPLOLDU \ UHQGLPLHQWR DFDGpPLFR HQ HVWXGLDQWHV FRQ \ VLQ GLILFXOWDGHV GH
DSUHQGL]DMHHQ(GXFDFLyQ6HFXQGDULD2EOLJDWRULD
DSUHQGL]DMHHQ(GXFDFLyQ6HFXQGDULD2EOLJDWRULD
3RU OR TXH VH UHILHUH DO iPELWR FRJQLWLYRPRWLYDFLRQDO REMHWR GH QXHVWUR
HVWXGLR 3LQWULFK E VHxDOD TXH OD LQWHJUDFLyQ GH ORV HOHPHQWRV
FRJQLWLYRV\PRWLYDFLRQDOHVHVQHFHVDULDSDUDWHQHUXQDYLVLyQFRPSOHWDGHOSURFHVR
GH DSUHQGL]DMH HQ HO FRQWH[WR HVFRODU DVt FRPR SDUD FRPSUHQGHU ODV GLILFXOWDGHV
TXHDSDUHFHQHQHOSURFHVRGHODLQVWUXFFLyQ\HQODFRQVHFXFLyQGHORVDSUHQGL]DMHV
(V GHFLU HO FRQRFLPLHQWR \ OD UHJXODFLyQ GH ODV HVWUDWHJLDV FRJQLWLYDV \
PHWDFRJQLWLYDV GHEH LU DVRFLDGR D TXH ORV DOXPQRV HVWpQ PRWLYDGRV H LQWHUHVDGRV
SRUODVDFWLYLGDGHVDFDGpPLFDV3LQWULFK\'H*URRW
(QQXHVWURSDtV&ROOGHVWDFDTXHHQFRQWUDSRVLFLyQFRQODFRQFHSFLyQ
WUDGLFLRQDO GH TXH HO DSUHQGL]DMH GHSHQGH GLUHFWDPHQWH GHO SURIHVRU \ GH OD
PHWRGRORJtD GH HQVHxDQ]D XWLOL]DGD HQ ORV ~OWLPRV DxRV VH VHxDOD OD LPSRUWDQFLD
TXH GHVHPSHxDQ ORV SURFHVRV GH SHQVDPLHQWR GHO HVWXGLDQWH HV GHFLU WRGD HVD
VHULHGHHOHPHQWRVVLJQLILFDWLYRVTXHVHHQFXHQWUDQHQVXPHQWH\TXHDIHFWDQDVX
DSUHQGL]DMH FRQRFLPLHQWRV SUHYLRV DXWRFRQFHSWR PHWDV DFDGpPLFDV H[SHFWDWLYDV
\ DFWLWXGHV HVWUDWHJLDV HWF« TXH HQJOREDQ WDQWR DVSHFWRV FRQVLGHUDGRV
WUDGLFLRQDOPHQWH FRPR FRJQLWLYRV FRPR DTXHOORV RWURV HVWULFWDPHQWH DIHFWLYRV \
PRWLYDFLRQDOHV
'H HVWH PRGR KD LGR VXUJLHQGR XQD LQFLSLHQWH FRUULHQWH LQYHVWLJDGRUD
GHQWUR GHO PDUFR GH OR TXH VH KD GHQRPLQDGR ´PRGHORV GH DSUHQGL]DMH
DXWRUUHJXODGRµ ORV FXDOHV WUDWDQ GH LQWHJUDU ORV DVSHFWRV FRJQLWLYRV DIHFWLYR
PRWLYDFLRQDOHV\FRPSRUWDPHQWDOHVGHOHVWXGLDQWH%RHNDHUWVHWDO
(VWRV PRGHORV SHUPLWHQ GHVFULELU ORV GLVWLQWRV FRPSRQHQWHV TXH HVWiQ
LPSOLFDGRV HQ HO DSUHQGL]DMH H[LWRVR H[SOLFDU ODV UHODFLRQHV UHFtSURFDV \
UHFXUUHQWHVTXHVHHVWDEOHFHQHQWUHHOORV\UHODFLRQDUGLUHFWDPHQWHHODSUHQGL]DMH
FRQ HO \R R OR TXH HV OR PLVPR FRQ ODV PHWDV OD PRWLYDFLyQ OD YROLFLyQ \ ODV
68
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
HPRFLRQHV %RHNDHUWV (Q (VSDxD HQ HVWH VHQWLGR VH KDQ GHVDUUROODGR
QXPHURVDVLQYHVWLJDFLRQHVHQODVTXHVHKDFRQFOXLGRTXHHODSUHQGL]DMH\HOORJUR
DFDGpPLFR GH ORV HVWXGLDQWHV VH LQFUHPHQWD HQ OD PHGLGD HQ TXH HVWRV XWLOL]DQ
PD\RU FDQWLGDG GH HVWUDWHJLDV \ VH FRPSRUWDQ GH PRGR DXWRUUHJXODGR 'H OD
)XHQWH7RUUDQR\*RQ]iOH]7RUUHV
=LPPHUPDQUHFRJHHQVXLQYHVWLJDFLyQTXHORVHVWXGLDQWHVFRQ
\VLQGLILFXOWDGHVGHDSUHQGL]DMHDXWRUUHJXODGRPXHVWUDQXQDSDUWLFLSDFLyQDFWLYD
HQ HO DSUHQGL]DMH D QLYHO PHWDFRJQLWLYR PRWLYDFLRQDO \ FRPSRUWDPHQWDO /DV
FDUDFWHUtVWLFDVTXHVHOHVDWULEX\HDODVSHUVRQDVDXWRUUHJXODGDVFRLQFLGHQFRQODV
DWULEXLGDV D ODV SHUVRQDV GH DOWR UHQGLPLHQWR\ GH DOWD FDSDFLGDG IUHQWH D ODV GH
EDMRUHQGLPLHQWRRFRQGLILFXOWDGHVGHDSUHQGL]DMH6LQHPEDUJRFRQXQDGHFXDGR
HQWUHQDPLHQWRHQHVDVGLPHQVLRQHVWRGRVORVHVWXGLDQWHVSXHGHQPHMRUDUHOJUDGR
GH FRQWURO VREUH HO DSUHQGL]DMH \ HO UHQGLPLHQWR \ VH SXHGHQ PHMRUDU PXFKDV
GLILFXOWDGHVGHDSUHQGL]DMH
6HJ~Q=LPPHUPDQORVDOXPQRVTXHPXHVWUDQXQDSUHQGL]DMH
DXWRUUHJXODGRSUHVHQWDQODVVLJXLHQWHVFDUDFWHUtVWLFDV
&RQRFHQ\VDEHQHPSOHDUXQDVHULHGHHVWUDWHJLDVFRJQLWLYDVGHUHSHWLFLyQ
HODERUDFLyQ\RUJDQL]DFLyQ
6DEHQ FyPR SODQLILFDU FRQWURODU \ GLULJLU VXV SURFHVRV PHQWDOHV KDFLD HO
ORJURGHVXVPHWDVSHUVRQDOHVPHWDFRJQLFLyQ
3UHVHQWDQ XQ FRQMXQWR GH FUHHQFLDV PRWLYDFLRQDOHV \ HPRFLRQHV
DGDSWDWLYDV WDOHV FRPR XQ DOWR VHQWLGR GH DXWRHILFDFLD DFDGpPLFD OD DGRSFLyQ GH
PHWDVGHDSUHQGL]DMHHOGHVDUUROORGHHPRFLRQHVSRVLWLYDVDQWHODWDUHDDVtFRPROD
FDSDFLGDGSDUDFRQWURODUODV\PRGLILFDUODVDMXVWiQGRODVDORVUHTXHULPLHQWRVGHOD
WDUHD\DODVLWXDFLyQGHDSUHQGL]DMHFRQFUHWD
3ODQLILFDQ \ FRQWURODQ HO WLHPSR \ HO HVIXHU]R TXH YDQ D HPSOHDU HQ ODV
WDUHDV\VDEHQFUHDU\HVWUXFWXUDUDPELHQWHVIDYRUDEOHVGHDSUHQGL]DMHWDOHVFRPR
EXVFDUXQOXJDUDGHFXDGRSDUDHVWXGLDU\ODE~VTXHGDGHD\XGDDFDGpPLFDKHOS
VHHNLQJGHORVSURIHVRUHV\FRPSDxHURVFXDQGRWLHQHQGLILFXOWDGHV
69
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(QODPHGLGDHQTXHHOFRQWH[WRORSHUPLWDPXHVWUDQPD\RUHVLQWHQWRVSRU
SDUWLFLSDU HQ HO FRQWURO \ UHJXODFLyQ GH ODV WDUHDV DFDGpPLFDV HO FOLPD \ OD
HVWUXFWXUDGHODFODVH
6RQ FDSDFHV GH SRQHU HQ PDUFKD XQD VHULH GH HVWUDWHJLDV YROLWLYDV
RULHQWDGDV D HYLWDU ODV GLVWUDFFLRQHV H[WHUQDV H LQWHUQDV SDUD PDQWHQHU VX
FRQFHQWUDFLyQ VX HVIXHU]R \ PRWLYDFLyQ GXUDQWH OD UHDOL]DFLyQ GH ODV WDUHDV
DFDGpPLFDV
3LQWULFK SURSXVR XQ PDUFR WHyULFR EDVDGR HQ OD SHUVSHFWLYD
VRFLRFRJQLWLYD FRQ HO REMHWLYR GH FODVLILFDU \ DQDOL]DU ORV GLVWLQWRV SURFHVRV TXH
HVWiQ LPSOLFDGRV HQ HO DSUHQGL]DMH DXWRUUHJXODGR (Q GLFKR PRGHOR ORV SURFHVRV
UHJXODGRUHV VH RUJDQL]DQ HQ IXQFLyQ GH FXDWUR IDVHV D OD SODQLILFDFLyQ E OD
DXWRREVHUYDFLyQVHOIPRQLWRULQJFHOFRQWURO\GODHYDOXDFLyQ$VXYH]GHQWUR
GH FDGD XQD ODV DFWLYLGDGHV GH DXWRUUHJXODFLyQ VH HQPDUFDQ GHQWUR GH FXDWUR
iUHDVODFRJQLWLYDODPRWLYDFLRQDODIHFWLYDODFRPSRUWDPHQWDO\ODFRQWH[WXDO
(VWDV IDVHV SXHGHQ GDUVH GH IRUPD VLPXOWiQHD \ GLQiPLFD SURGXFLpQGRVH
XQD P~OWLSOH LQWHUDFFLyQ HQWUH ORV GLIHUHQWHVSURFHVRV \ FRPSRQHQWHV LQFOXLGRV HQ
HOODV $VLPLVPR LQGLFD TXH QR WRGDV ODV WDUHDV DFDGpPLFDV LPSOLFDQ VLHPSUH
DXWRUUHJXODFLyQ D YHFHV OD UHDOL]DFLyQ GH FLHUWDV WDUHDV QR H[LJH TXH HO DOXPQR
SODQLILTXH FRQWUROH \ HYDO~H HVWUDWpJLFDPHQWH OR TXH YD D KDFHU VLQR TXH PiV
ELHQ VX HMHFXFLyQ VH SXHGH OOHYDU D FDER GH IRUPD PiV R PHQRV DXWRPiWLFD R
LPSOtFLWDHQIXQFLyQGHODH[SHULHQFLDSUHYLDGHORVDOXPQRV
(Q UHVXPHQ HO PRGHOR GH 3LQWULFK VH RIUHFH FRPR XQ PDUFR JOREDO \
FRPSUHQVLYR GHVGH HO TXH SRGHU DQDOL]DU ORV GLVWLQWRV SURFHVRV FRJQLWLYRV
PRWLYDFLRQDOHVDIHFWLYRV FRPSRUWDPHQWDOHV \ FRQWH[WXDOHV TXH SURPXHYH HO
DSUHQGL]DMHDXWRUUHJXODGR(QFRQVRQDQFLDFRQORVQXHYRVPRGHORVGHHQVHxDQ]D
EDVDGRV HQ OD SHUVSHFWLYD VRFLRFRQVWUXFWLYLVWD WDOHV FRPR ODV FRPXQLGDGHV GH
DSUHQGL]DMH %URZQ %URZQ \ &DPSLRQH \ OD HVFXHOD FHQWUDGD HQ HO
DSUHQGL]OHDUQHUFHQWHUHGFODVVURRP0F&RPEV\:KLVOHU(QHVWHPRGHOR
VHGHVWDFDTXHORVHVWXGLDQWHVVtTXHSXHGHQKDFHUDOJRSRUFDPELDU\PRGLILFDUVX
70
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
FRQWH[WRSRUORTXHHVWHDVSHFWRVHFRQVLGHUDLPSRUWDQWHHQODDXWRUUHJXODFLyQGHO
DSUHQGL]DMH
2WURV HVWXGLRV YDORUDQ HO SDSHO GH OD PRWLYDFLyQ DFDGpPLFD HQ OD
DXWRUUHJXODFLyQ GHO DSUHQGL]DMH *RQ]iOH] 7RUUHV \ 7RXUyQ 3LQWULFK 5RFHV \ *RQ]iOH] 7RUUHV (VWRV HVWXGLRV VHxDODQ TXH OD LQWHUYHQFLyQ HQ
HVWUDWHJLDV GH DSUHQGL]DMH IDYRUHFH HO DSUHQGL]DMH FRJQLWLYR \ OD PRWLYDFLyQ SDUD
DSUHQGHU \ SRU RWUD SDUWH TXH OD PHMRUD GH ODV FUHHQFLDV PRWLYDFLRQDOHV GH ORV
HVWXGLDQWHV QR VROR LQIOX\HQ HQ OD PRWLYDFLyQ SDUD DSUHQGHU VLQR WDPELpQ HQ HO
PRGR\HQODFDOLGDGFRQTXHORVDOXPQRVSURFHVDQODLQIRUPDFLyQVHOHFFLRQDQGR\
XVDQGRGHWHUPLQDGDVHVWUDWHJLDVGHDSUHQGL]DMH
(VWRV HVWXGLRV GHVWDFDQ OD LPSRUWDQFLD GH OD H[SHFWDWLYD GH DXWRHILFDFLD
FRQYLFFLyQ TXH WLHQH HO LQGLYLGXR GH SRGHU UHDOL]DU FRQ p[LWR OD FRQGXFWD TXH VH
UHTXLHUH SDUD SURGXFLU XQRV UHVXOWDGRV GHWHUPLQDGRV %DQGXUD \ GH ODV
PHWDV UD]RQHV SDUD UHDOL]DU ODV WDUHDV FRPR DVSHFWRV FUtWLFRV GH OD PRWLYDFLyQ
TXHLQIOX\HQHQHOFRQWURO\UHJXODFLyQGHODSUHQGL]DMH
6HJ~Q %DQGXUD FRQVLGHUD TXH ODV FUHHQFLDV GH DXWRHILFDFLD DO
FDUDFWHUL]DUVH SRU VX HVSHFLILFLGDG VLWXDFLRQDO \ FRQGXFWXDO VRQ PHMRUHV
SUHGLFWRUHVGHODPRWLYDFLyQ\GHODFRQGXFWDHQXQFDPSRFRQFUHWRTXHORVtQGLFHV
JOREDOHV GHO DXWRFRQFHSWR =LPPHUPDQ GHVWDFy HO HIHFWR SRVLWLYR GH ODV
FUHHQFLDVGHDXWRHILFDFLDHQWRGRHOSURFHVRGHODDXWRUUHJXODFLyQ
$ FRQWLQXDFLyQ VH SUHVHQWDQ QXPHURVDV LQYHVWLJDFLRQHV TXH SRQHQ GH
PDQLILHVWR TXH OD LPSOLFDFLyQ DFWLYD GHO VXMHWR HQ HO SURFHVR GH DSUHQGL]DMH
DXPHQWD FXDQGR VH VLHQWH DXWRFRPSHWHQWH HV GHFLU FXDQGR FRQItD HQ VXV SURSLDV
FDSDFLGDGHV\WLHQHDOWDVH[SHFWDWLYDVGHDXWRHILFDFLDYDORUDODVWDUHDV\VHVLHQWH
UHVSRQVDEOHGHORVREMHWLYRVGHDSUHQGL]DMH1~xH]HWDOD
7RGR HOOR LQIOX\H WDQWR HQ ODV HVWUDWHJLDV FRJQLWLYDV \ PHWDFRJQLWLYDV TXH
SRQH HQ PDUFKD D OD KRUD GH DERUGDU ODV WDUHDV FRPR VREUH OD UHJXODFLyQ GHO
HVIXHU]R\ODSHUVLVWHQFLDORTXHDVXYH]LQFLGHGHIRUPDGLUHFWD\SRVLWLYDVREUHHO
UHQGLPLHQWRDFDGpPLFRGHORVDOXPQRV*RQ]iOH]*RQ]iOH]\7RXUyQ
71
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/DLQYHVWLJDFLyQKDUHODFLRQDGRDPERVDVSHFWRVFRJQLWLYRV\PRWLYDFLRQDOHV
FRQVLGHUDQGRTXHHODXWRFRQFHSWRSRVLWLYRIDYRUHFHODXWLOL]DFLyQGHSURFHGLPLHQWRV
HVWUDWpJLFRVGHDSUHQGL]DMHHQHOVHQWLGRGHTXHFXDQWRPD\RUVHDHODXWRFRQFHSWR
GHO HVWXGLDQWH PiV HVWUDWHJLDV GH DSUHQGL]DMH XWLOL]D HO DOXPQR ODV FXDOHV OH
IDFLOLWDQXQSURFHVDPLHQWRSURIXQGRGHODLQIRUPDFLyQ
3RURWUDSDUWHORVUHVXOWDGRVGHODLQYHVWLJDFLyQDFWXDOYDQWDPELpQHQOD
GLUHFFLyQ GH DTXHOORV RWURV UHYLVDGRV SRU :LQHUW \ .OXZH FLW HQ 0RQHUHR
GHPRVWUDQGRTXHDPD\RUFRQRFLPLHQWR\FRQWUROVREUHORVSURFHGLPLHQWRVGH
DSUHQGL]DMHPD\RUDXWRHVWLPD\PRWLYDFLyQLQWUtQVHFD
(QHVWHVHQWLGRODHQVHxDQ]DGHHVWUDWHJLDVGHDSUHQGL]DMHHQODPHGLDTXH
SRWHQFLDQODUHJXODFLyQGHOSURSLRSURFHVRGHDSUHQGL]DMHIDYRUHFHHOFRQRFLPLHQWR
GHODVSURSLDVFDSDFLGDGHV\OLPLWDFLRQHV\D~QPiVODSRVLELOLGDGGHDFWXDUVREUH
HOODV
(Q FRQFOXVLyQ QR UHVXOWD GLItFLO GH FRPSUHQGHU OD HVWUHFKD UHODFLyQ HQWUH
DXWRFRQFHSWRPRWLYDFLyQFRJQLFLyQ\UHQGLPLHQWRDFDGpPLFR\DTXHXQGpILFLWHQ
DOJXQDV GH HVWDV YDULDEOHV LQFLGLUi QRWDEOHPHQWH HQ ORV QLYHOHV GH ODV GHPiV 'H
HQWUHWRGDVHOODVHQORVQLxRVFRQGLILFXOWDGHVGHDSUHQGL]DMHHQFRPSDUDFLyQFRQ
VXV LJXDOHV VLQ GLILFXOWDGHV GH DSUHQGL]DMH VREUHVDOHQ FRPR YDULDEOHV FRJQLWLYR
PRWLYDFLRQDOHV\DIHFWLYDVUHOHYDQWHVHQHOHVTXHPDGHIXQFLRQDPLHQWRFRJQLWLYRHO
DXWRFRQFHSWR %XWNRZVN\ \ :LOORZV 5RJHUV \ 6DNORIVNH 6WLSHN \
+RIIPDQ OD HVFDVD DXWRFRQILDQ]D 6KHOWRQ HW DO ORV HVWLORV
DWULEXFLRQDOHV /LFKW \ 'ZHFN \ OD IDOWD GH SHUVLVWHQFLD RULHQWDGD D ODV
WDUHDV HVFRODUHV 0F.LQQH\ 0FNLQQH\ \ )HDJDQV 7RUJHVHQ \ /LFKW
/D LQWHUUHODFLyQ HQWUH WDOHV YDULDEOHV VH SXHGH DSUHFLDU HQ OD VLJXLHQWH
DILUPDFLyQ GH .LUN \ *DOODJKHU ´/RV IDFWRUHV PRWLYDFLRQDOHV \ DIHFWLYRV
WDPELpQFRQWULEX\HQDODDSDULFLyQGHODVGLILFXOWDGHVGHDSUHQGL]DMH8QQLxRTXH
KD IUDFDVDGR HQ HO DSUHQGL]DMH SRU XQD X RWUD UD]yQ WLHQGH D WHQHU EDMDV
H[SHFWDWLYDV GH ORJUR HVFDVD SHUVLVWHQFLD DQWH WDUHDV HVFRODUHV \ GHVDUUROODU XQD
EDMD DXWRHVWLPD 7DOHV DFWLWXGHV UHGXFHQ OD PRWLYDFLyQ \ JHQHUDQ VHQWLPLHQWRV
QHJDWLYRVUHVSHFWRGHOWUDEDMRDFDGpPLFRµSS
72
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
'LIHUHQFLDV HQ HO DXWRFRQFHSWR HQ DOXPQRV FRQ \ VLQ GLILFXOWDGHV GH
DSUHQGL]DMH
8QDDSUR[LPDFLyQWHyULFDGHILQHHODXWRFRQFHSWR+DUWHUHQUHODFLyQ
D ODV SHUFHSFLRQHV TXH WLHQH HO LQGLYLGXR VREUH Vt PLVPR 1R FDEH GXGD GHVGH HO
SXQWRGHYLVWDGHODLQYHVWLJDFLyQHGXFDWLYDTXHH[LVWHXQFRPSRQHQWHFRJQRVFLWLYR
GHO DXWRFRQFHSWR TXH HV OD DXWRLPDJHQ SXHVWR TXH HO DXWRFRQFHSWR HV HQ JUDQ
PHGLGD XQD HVWUXFWXUD FRJQRVFLWLYD TXHFRQWLHQH LPiJHQHV GH OR TXH VRPRV GHOR
TXH GHVHDPRV VHU \ GH OR TXH PDQLIHVWDPRV \ GHVHDPRV PDQLIHVWDU D ORV GHPiV
FRPRFRQFOX\H *RQ]iOH]\7RXUyQ ([LVWHWDPELpQXQFRPSRQHQWHDIHFWLYR\
HYDOXDEOHTXHHVODDXWRHVWLPDDVtFDGDGHVFULSFLyQGHXQRPLVPRHVWiFDUJDGDGH
FRQQRWDFLRQHV HPRWLYDV DIHFWLYDV \ HYDOXDWLYDV VHJ~Q FRQVLGHUDQ GLIHUHQWHV
DXWRUHV%XUQV*HFDV0DUZHOO\:HOOV:\OLH
$OJXQRV HVWXGLRV VREUH HO DXWRFRQFHSWR KDQ LQYHVWLJDGR VREUH OD
FRPSDUDFLyQ GH JUXSRV GH QLxRV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH /RV
UHVXOWDGRVGHVFULWRVSDUHFHQFRLQFLGLUHQODKLSyWHVLVVHxDODGDSRU/LWFK\.LVWQHU
GHO FtUFXOR YLFLRVR R OD DSOLFDFLyQ GH ORV VXSXHVWRV GH OD WHRUtD GHO
´GHVDPSDURDSUHQGLGRµ6HREVHUYDTXHSDUWLHQGRGHDXWRFRQFHSWRVVHPHMDQWHVORV
QLxRVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMHHQORVSULPHURVDxRVHVFRODUHVDPHGLGD
TXH ODV H[SHULHQFLDV GH IUDFDVR VH UHSLWHQ \ DFXPXODQ HQ OD KLVWRULD SHUVRQDO GHO
DOXPQR\WRGRHOORIDYRUHFLGRSRUXQDVFUHFLHQWHVFDSDFLGDGHVGHUD]RQDPLHQWR\
DQiOLVLV GH OD UHDOLGDG HQ ORV SULPHURV DxRV GHO SHULRGR GH OD SXEHUWDG ORV
HVWXGLDQWHV FRQ GLILFXOWDGHV SDUD HO DSUHQGL]DMH HVFRODU SRVHHQ XQ DXWRFRQFHSWR
PXFKR PiV QHJDWLYR TXH VXV LJXDOHV VLQ GLILFXOWDGHV (VWD GLIHUHQFLD HQWUH
DXWRFRQFHSWR D ORV DxRV GH HGDG HV SHUIHFWDPHQWH H[SOLFDEOH HQ IXQFLyQ GH OR
H[SOLFDGRDQWHULRUPHQWH
$XQTXH OD KLVWRULD GH ORV IUDFDVRV GH ORV QLxRV FRQ GLILFXOWDGHV GH
DSUHQGL]DMHLPSOLFDFRQIUHFXHQFLDHOGHVDUUROORGHSUREOHPDVPRWLYDFLRQDOHVTXH
LQWHUILHUHQHQHOWUDEDMRHVFRODUQRWRGRVORVQLxRVFRQGLILFXOWDGHVGHDSUHQGL]DMH
UHVSRQGHQGHODPLVPDIRUPDDQWHHOIUDFDVRSRUHMHPSORODVQLxDVVXHOHQVHUPiV
73
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
YXOQHUDEOHV DO IUDFDVR TXH ORV QLxRV -RKQVRQ /LWFKW HW DO 3RU RWUD
SDUWHODYXOQHUDELOLGDGDOIUDFDVRWDPELpQGHSHQGHGHODHGDGGHORVVXMHWRV
6HJ~Q/LFKW\.LWVQHUDPHGLGDTXHDXPHQWDODHGDGGHORVVXMHWRV
WDPELpQFUHFHODLPSRUWDQFLDGHODVH[SHULHQFLDVGHIUDFDVR(QFRQFUHWRKDVWDORV
DxRV ORV IUDFDVRV QR VXHOHQ GHELOLWDU ORV QLYHOHV GH FRPSHWHQFLD UHIOHMDGRV HQ HO
DXWRFRQFHSWR\DTXHORVQLxRVQRSRVHHQXQDLGHDUHDOLVWDGHORTXHHVFDSDFLGDG
LQWHOHFWXDOFRQIXQGLpQGRODFRQHVIXHU]R1LFKROOV\0LOOHU6WLSHN\7DQQDWW
+DVWD ORV DxRV DSUR[LPDGDPHQWH ORV QLxRV QR YHQ OD FDSDFLGDG
LQWHOHFWXDO FRPR DOJR TXH OLPLWD \ FRQGLFLRQD OD XWLOLGDG GHO HVIXHU]R +DUDUL \
&RYLQJWRQ $ SDUWLU GH ORV DxRV HO QLxR \D DGTXLHUH FRQFLHQFLD GH ODV
FDXVDV UHDOHV GH VXV IUDFDVRV OR FXDO KDFH TXH VH UHIOHMH HQ ORV QLYHOHV GH
DXWRFRQFHSWR
(QGHILQLWLYDHQORVSULPHURVDxRVGHHVFRODULGDGODVDXWRFDOLILFDFLRQHVGH
ORV QLxRV WLHQGHQ D VHU H[DJHUDGDPHQWH DOWDV SRFR UHDOLVWDV PRVWUDQGR XQ
FRQWLQXRGHFOLYH FRQ HOSDVRGHORV DxRV LQFUHPHQWR HQ OD SUHFLVLyQ GH ORV MXLFLRV
1LFKROOV \ XQD FDtGD LPSRUWDQWH KDFLD ORV DxRV 3HUR HO TXH HQ ORV
SULPHURVDxRVORVIUDFDVRVQRLQFLGDQVREUHORVVHQWLPLHQWRVGHFRPSHWHQFLD
QRTXLHUHGHFLUTXHHVWRVDOXPQRVVHDQLQPXQHVDOIUDFDVR
6HJ~Q 7RUJHUVHQ \ /LFKW DXQTXH ORV QLxRV GH y DxRV QR
FRPSUHQGDQODVLPSOLFDFLRQHVDODUJRSOD]RGHVXVIUDFDVRVHOKHFKRGHVHQWLUTXH
ODVH[SHULHQFLDVGHIUDFDVRVRQPHQRVSODFHQWHUDVTXHODVGHp[LWRSXHGHVHUFDXVD
GLIHUHQWH SDUD TXH HVWRV JHQHUHQ DYHUVLyQ KDFLD ODV WDUHDV DFDGpPLFDV &RQ HO
WLHPSRORVHIHFWRVGHUHSHWLGRVIUDFDVRVHQODUHDOL]DFLyQGHWDUHDVHVFRODUHVVXHOH
VHU HO LQFUHPHQWR GH OD GHSHQGHQFLD GHO UHIXHU]R H[WHUQR VHQWLPLHQWRV GH
LQFRPSHWHQFLDEDMDDXWRHVWLPDDQVLHGDGHQVLWXDFLRQHVGHUHQGLPLHQWRDFDGpPLFR
\ GHVFHQVR GH OD PRWLYDFLyQ SDUD HO DSUHQGL]DMH &KDSPDQ 3RFR D SRFR HO
QLxRFRQGLILFXOWDGHVGHDSUHQGL]DMHGHVDUUROODXQSDWUyQGHFRQGXFWDIXHUWHPHQWH
HVWDEOHFLGR\TXHDSOLFDDODVGLVWLQWDVVLWXDFLRQHVHVFRODUHV
74
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6HJ~QORVDXWRUHV*UHVKDP\5HVFKO\HOHVWXGLDQWHFRQGLILFXOWDGHV
GH DSUHQGL]DMH VH HQFXHQWUD LQHYLWDEOHPHQWH FDXWLYR HQ XQ FtUFXOR YLFLRVR GH
SDVLYLGDG IDOWD GH LQWHUpV SRU UHDOL]DU ODV WDUHDV HVFRODUHV SHQVDPLHQWRV GH
LQFRPSHWHQFLD \ GHSHQGHQFLD H[WHUQD OR FXDO QR VROR HV FRQWUDSURGXFHQWH SDUD HO
UHQGLPLHQWR DFDGpPLFR VLQR TXH DGHPiV HV SHUMXGLFLDO SDUD ODV UHODFLRQHV
LQWHUSHUVRQDOHV\ODDFHSWDFLyQVRFLDO
/D LQYHVWLJDFLyQ UHODFLRQDGD FRQ OD QDWXUDOH]D GHO DXWRFRQFHSWR VH KD LGR
LQFUHPHQWDQGR GHVGH ORV DxRV VHVHQWD FRQ PRGHORV GH HVWXGLR GH QDWXUDOH]D
XQLGLPHQVLRQDOKDVWDODGpFDGDGHORVRFKHQWDGRQGHHQODVLQYHVWLJDFLRQHVTXH
DQDOL]DEDQ HO DXWRFRQFHSWR GH QLxRV \ MyYHQHV FRPHQ]DURQ D SUHYDOHFHU ORV
PRGHORV PXOWLGLPHQVLRQDOHV RULJLQDOPHQWH SURSXHVWRV SRU 6KDYHOVRQ +XEQHU \
6WDQWRQ'HQWURGHHVWHPRGHORVHGLVWLQJXHXQDXWRFRQFHSWRJHQHUDOTXHVH
VXEGLYLGH HQ DFDGpPLFR LQJOpV KLVWRULD PDWHPiWLFDV \ FLHQFLDV \ QR DFDGpPLFR
TXH VH FRPSRQH GH DXWRFRQFHSWR VRFLDO FRPSDxHURV \ RWURV VLJQLILFDWLYRV
HPRFLRQDOHVWDGRVHPRFLRQDOHVSDUWLFXODUHV\ItVLFRKDELOLGDGItVLFD\DSDULHQFLD
ItVLFD
$FWXDOPHQWH GHVGH XQ PRGHOR PXOWLGLPHQVLRQDO HQ HO HVWXGLR GHO
DXWRFRQFHSWR VH SURSRQH TXH HO PLVPR SXHGH VHU HYDOXDGR HPSOHDQGR
LQVWUXPHQWRV TXH PLGDQ FDGD XQD GH ODV iUHDV SRU VHSDUDGR DSDULHQFLD ItVLFD
FRPSHWHQFLD HVFRODU HWF /RV VHJXLGRUHV GH HVWH PRGHOR GH DXWRFRQFHSWR KDQ
HVWDEOHFLGR UHFLHQWHPHQWH OD QRFLyQ GH DXWRFRQFHSWR JOREDO TXH VH UHILHUH D FyPR
QRVSHUFLELPRVRQRVFRQVLGHUDPRVHQJHQHUDO*RQ]iOH]3LHQGDHWDO
(Q HVWRV HVWXGLRV VH KD FRPSUREDGR TXH HO DXWRFRQFHSWR DFDGpPLFR LQFLGH
GHIRUPDVLJQLILFDWLYD\SRVLWLYDVREUHODDGVFULSFLyQDXQDFRQFUHWDRULHQWDFLyQD
ODPHWDHOXVRGHHVWUDWHJLDVFRJQLWLYDVGHDSUHQGL]DMH1~xH]HWDO9DOOH
HWDOHQSUHQVD\HOUHQGLPLHQWRDFDGpPLFR*RQ]iOH]3LHQGDHWDO
75
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/RV UHVXOWDGRV REWHQLGRV SRU *RQ]iOH]3LHQGD HW DO OOHYDQ D OD
FRQFOXVLyQ GH TXH ORV HVWXGLDQWHV TXH PD\RU FRPSRUWDPLHQWR DXWRUUHJXODGR
SHUFLEHQ GH VXV SDGUHV FRQItDQ PiV HQ Vt PLVPRV FRPR HVWXGLDQWHV \ SRU WDQWR
PD\RU HV HO UHQGLPLHQWR TXH ILQDOPHQWH REWLHQHQ HQ ODV GLIHUHQWHV iUHDV
DFDGpPLFDV
6HJ~Q 0XVLWX \ /LOD HQ XQD UHYLVLyQ ELEOLRJUiILFD UHDOL]DGD FRQ HO
REMHWRGHLGHQWLILFDUODVYDULDEOHVSURSLDVGHODIDPLOLDTXHPD\RUSHVRWHQtDQHQHO
GHVDUUROOR GHO DXWRFRQFHSWR GH ORV KLMRV FRQFOXtDQ TXH HO FOLPD OD FRKHVLyQ \ OD
FRPXQLFDFLyQIDPLOLDUHUDQORVWUHVSLODUHVEiVLFRV
7DOHV DVSHFWRV WDPELpQ VRQ OD EDVH GHO 0RGHOR &LUFXPSOHMR GH 2OVRQ
5XVVHOO \ 6SUHQNOH FLWDGR HQ 3RODLQR/RUHQWH SDUD TXLHQHV HO
IXQFLRQDPLHQWRIDPLOLDUVHEDVDHQODFRKHVLyQODDGDSWDELOLGDG\ODFRPXQLFDFLyQ
GHORVPLHPEURVTXHIRUPDQODIDPLOLD/ySH]/DUURVD
6HJ~Q 1~xH] *RQ]iOH]3LHQGD *DUFtD *RQ]iOH]3XPDULHJD 5RFHV
ÉOYDUH]\*RQ]iOH]HODXWRFRQFHSWRHVXQDGHODVYDULDEOHVPiVLPSRUWDQWHV
GHQWUR GHO iPELWR PRWLYDFLRQDO OD FXDO LQFLGH VLJQLILFDWLYDPHQWH HQ HO FRUUHFWR
IXQFLRQDPLHQWR GHO iPELWR FRJQLWLYR SRU HMHPSOR VREUH OD DFWLYDFLyQ GH GLYHUVDV
HVWUDWHJLDV FRJQLWLYDV \ GH DXWRUUHJXODFLyQ GHO DSUHQGL]DMH HVFRODU *RQ]iOH]
3LHQGD\1~xH]
/DV LQYHVWLJDFLRQHV DFWXDOHV SRQHQ GH PDQLILHVWR TXH OD LPSOLFDFLyQ DFWLYD
GHOVXMHWRHQHOSURFHVRGHDSUHQGL]DMHDXPHQWDFXDQGRVHVLHQWHDXWRFRPSHWHQWH
HV GHFLU FXDQGR FRQItD HQ VXV SURSLDV FDSDFLGDGHV \ WLHQH DOWDV H[SHFWDWLYDV GH
DXWRHILFDFLD YDORUD ODV WDUHDV \ VH VLHQWH UHVSRQVDEOH GH ORV REMHWLYRV GH
DSUHQGL]DMH %DQGXUD %HKUHQV \ *UHHQH 0LOOHU 0DUWtQH]3RQV =LPPHUPDQ
76
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
7RGRHOORLQIOX\HWDQWRVREUHODVHVWUDWHJLDVFRJQLWLYDVFRPRPHWDFRJQLWLYDV
TXH ORV HVWXGLDQWHV OOHYDQ D FDER D OD KRUD GH DERUGDU ODV WDUHDV DVt FRPR HQ
UHODFLyQDODUHJXODFLyQGHOHVIXHU]R\ODSHUVLVWHQFLDHVWRLQFLGHGHIRUPDGLUHFWD\
SRVLWLYD VREUH HO UHQGLPLHQWR DFDGpPLFR GH ORV HVWXGLDQWHV *RQ]iOH]3LHQGD HW
DO 1~xH] HW DO (VWH SXQWR GH YLVWD HV HO TXH SUHGRPLQD HQ OD
DFWXDOLGDG HQ ODV WHRUtDV PHWDFRJQLWLYDV \ VREUH HO TXH VH VXVWHQWD OD
IXQGDPHQWDFLyQSVLFRSHGDJyJLFDGHHVWDLQYHVWLJDFLyQ
2WURV DXWRUHV KDQ HVWXGLDGR ODV GLIHUHQFLDV GH JpQHUR HQ DXWRFRQFHSWR HQ
VXMHWRVDGROHVFHQWHV$PHVFXD\3LFKDUGROOHJDQGRDODFRQFOXVLyQGHTXHVH
HYLGHQFLD XQD LJXDOGDG HQWUH FKLFRV \ FKLFDV HQ DXWRFRQFHSWR DFDGpPLFR JHQHUDO
WDO \ FRPR GLYHUVRV HVWXGLRV OR KDEtDQ FRPSUREDGR SUHYLDPHQWH *DEHONR 0HUUHOO:LOJHQEXVFK
6LQ HPEDUJR HVWRV UHVXOWDGRV QR HVWiQ HQ OD OtQHD GH ORV HQFRQWUDGRV HQ
RWUDV LQYHVWLJDFLRQHV %DFNHV &RQZD\ \ +LONH 5RGUtJXH] GRQGHVHHVWDEOHFHQGLIHUHQFLDVVLJQLILFDWLYDVDIDYRUGHORVFKLFRVHQDXWRFRQFHSWR
DFDGpPLFR
&RPR FRQFOXVLRQHV JHQHUDOHV GHO HVWXGLR $PHVFXD \ 3LFKDUGR VH
LQGLFDTXHORVFKLFRVDGROHVFHQWHVREWLHQHQPD\RUHVQLYHOHVGHDXWRFRQFHSWRJOREDO
\HPRFLRQDOTXHODVFKLFDV6LQHPEDUJRHVWDV~OWLPDVDOFDQ]DQQLYHOHVPiVDOWRV
TXHORVFKLFRVHQDXWRFRQFHSWRIDPLOLDU
3RU RWUR ODGR QR VH KDOODURQ GLIHUHQFLDV VLJQLILFDWLYDV GH JpQHUR HQ
DXWRFRQFHSWRVRFLDODXWRFRQFHSWRWRWDODFDGpPLFRJHQHUDODFDGpPLFRSHUFLELGRSRU
ORV SDGUHV \ DFDGpPLFR SHUFLELGR SRU ORV SURIHVRUHV'HVGH HO SXQWR GH YLVWD GH OD
SUiFWLFD HGXFDWLYDHVWDV FRQFOXVLRQHV HYLGHQFLDQ TXH FKLFDV \ FKLFRVDGROHVFHQWHV
VH SHUFLEHQ LJXDO WDQWR HQ HO iPELWR HGXFDWLYR FRPR HQ HO VRFLDO 2WURV GDWRV
DSRUWDQODVLJXLHQWHLQIRUPDFLyQQRH[LVWHQGLIHUHQFLDVVLJQLILFDWLYDVGHJpQHURHQ
DXWRFRQFHSWRVRFLDODXWRFRQFHSWRWRWDODFDGpPLFRJHQHUDODFDGpPLFRSHUFLELGRGH
ORVSDGUHV\DFDGpPLFRSHUFLELGRGHORVSURIHVRUHV
77
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(QHVWDPLVPDOtQHD5RWKHQEHUJDILUPDTXHODDXWRHVWLPD\HOORJUR
DFDGpPLFR GH ODV QLxDV VXIUHQ XQ GHVFHQVR VLJQLILFDWLYR GXUDQWH OD DGROHVFHQFLD
WHPSUDQD (Q XQ PHWDDQiOLVLV GH :LOJHQEXVFK \ 0HUUHOO WUDV DQDOL]DU
YHLQWLGyV HVWXGLRV VHOHFFLRQDGRV HQ IXQFLyQ GH VX YDOLGH] HPStULFD FX\D WHPiWLFD
FRLQFLGHHQHOHVWXGLRGHODVGLIHUHQFLDVGHJpQHURHQDXWRFRQFHSWRKDQFRQVWDWDGR
TXHH[LVWHQGLIHUHQFLDVVLJQLILFDWLYDVHQWUHVH[RV\TXHHVWDVGHSHQGHQGHODHGDG
GHORVVXMHWRV
6HJ~Q VH HVWDEOHFH HQ ODV LQYHVWLJDFLRQHV UHDOL]DGDV SRU *RQ]iOH]3LHQGD
1~xH] *RQ]iOH]3XPDULHJD \ &DEDQDFK ORV DOXPQRV FRQ GLILFXOWDGHV GH
DSUHQGL]DMH'$HQUHODFLyQDVXVLJXDOHVDGROHVFHQWHVVLQGLILFXOWDGHVSUHVHQWDQ
XQD LPDJHQ GH Vt PLVPRV PiV QHJDWLYD D QLYHO JHQHUDO \ HVSHFLDOPHQWH HQ ODV
iUHDVDFDGpPLFDV
$XQTXH WDPELpQ HQ ODV GLPHQVLRQHV GH QDWXUDOH]D VRFLDO DWULEX\HQ VXV
IUDFDVRV PiV D FDXVDV LQWHUQDV TXH H[WHUQDV \ VH UHVSRQVDELOL]DQ PHQRV GH VXV
p[LWRVDXQTXHHQDPERVFDVRVFRQVLGHUDQHOHVIXHU]RFRPRIDFWRUIXQGDPHQWDOGH
FDUD D VXV UHVXOWDGRV DFDGpPLFRV \ ILQDOPHQWH VH HQFXHQWUDQ PHQRV PRWLYDGRV
KDFLDHODSUHQGL]DMHHVFRODU\ODE~VTXHGDGHDSUREDFLyQVRFLDO
(QVtQWHVLVVHJ~QORVUHVXOWDGRVGHODLQYHVWLJDFLyQSVLFROyJLFDUHYLVDGDQR
VH SXHGH KDEODU GH XQ SDWUyQ DWULEXFLRQDO DXWRFRQFHSWR \ SHUILO PRWLYDFLRQDO
FDUDFWHUtVWLFR HQ QLxRV \ DGROHVFHQWHV FRQ '$ \D TXH H[LVWHQ GLIHUHQWHV
FRQFOXVLRQHV0HWDDQiOLVLV.DYDOH\)RUQHVVFRQFOX\HQTXHORVHVWXGLDQWHV
FRQ GLILFXOWDGHV SDUD DSUHQGHU SUHVHQWDQ GpILFLWV HQ VXV KDELOLGDGHV VRFLDOHV H
LQWHUSHUVRQDOHV 6HWWOH \ 0LOLFK HQ OD UHYLVLyQ UHDOL]DGD SRU 0F 3KDLO \
6WRQH FRQFOX\HQ TXH ORV HVWXGLDQWHV FRQ '$ JHQHUDOPHQWH PXHVWUDQ
DXWRFRQFHSWRV JHQHUDOHV SRVLWLYRV \ VH SHUFLEHQ LJXDO GH FDSDFHV TXH VXV LJXDOHV
5HQLFN\+DUWHU:LQQH:RRGODQGV\:RQJ
78
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/RV HVWXGLRV PXHVWUDQ TXH ORV DOXPQRV FRQ GLILFXOWDGHV SDUD DSUHQGHU
SUHVHQWDQ PHQRUHV H[SHFWDWLYDV GH FDSDFLGDG LQWHOHFWXDO %HDU -XYRQHQ \
0F,QHUQH\&KDSPDQ*UROQLFN\5\DQ.ORRPRN\&RVGHQ
9DXJKQ +DDJHU +RJDQ \ .RX]HNDQDQL 9DXJKQ (OEDXP 6FKXPP \
+XJKHV
/DV LQYHVWLJDFLRQHV DFWXDOHV SRQHQ GH PDQLILHVWR TXH OD LPSOLFDFLyQ DFWLYD
GHOVXMHWRHQHOSURFHVRGHDSUHQGL]DMHDXPHQWDFXDQGRVHVLHQWHDXWRFRPSHWHQWH
HV GHFLU FXDQGR FRQItD HQ VXV SURSLDV FDSDFLGDGHV \ WLHQH DOWDV H[SHFWDWLYDV GH
DXWRHILFDFLD YDORUD ODV WDUHDV \ VH VLHQWH UHVSRQVDEOH GH ORV REMHWLYRV GH
DSUHQGL]DMH 0LOOHU %HKUHQV \ *UHHQH %DQGXUD \ 0DUWtQH]3RQ
=LPPHUPDQ
&RPR VH LQGLFD HQ ORV WUDEDMRV GH 1~xH] *RQ]iOH]3LHQGD *DUFtD
5RGUtJXH]*RQ]iOH]3XPDULHJD5RFHV0RQWHURÉOYDUH]3pUH]\*RQ]iOH]7RUUHV
OD XWLOL]DFLyQ SRU SDUWH GHO HVWXGLDQWH GH HVWUDWHJLDV PRWLYDFLRQDOHV FRQ HO
ILQ GH PDQWHQHU XQD LPDJHQ SRVLWLYD GH Vt PLVPR FRQOOHYD FRQVHFXHQFLDV
PRWLYDFLRQDOHVFRJQLWLYDV\DIHFWLYDV
(QVXVHVWXGLRV0RQHUHRDSXQWDFRPRFRQFOXVLyQTXHODHQVHxDQ]D
GHOXVRHVWUDWpJLFRGHORVSURFHGLPLHQWRVGHDSUHQGL]DMHFRQWULEXLUiDODPHMRUDGHO
DXWRFRQFHSWR \ D OD LQYHUVD XQ EXHQ FRQRFLPLHQWR \ FRQWURO VREUH ODV SURSLDV
FDSDFLGDGHV FRQWULEXLUi D XQ PD\RU QLYHO GH FRQFLHQFLD \ UHJXODFLyQ QHFHVDULRV
SDUDFRQVHJXLUXQFRPSRUWDPLHQWRHVWUDWpJLFRySWLPR
7RGR HVWR YLHQH D UHIOHMDU HO LPSRUWDQWH SDSHO TXH OD HVFXHOD MXHJD HQ HO
GHVDUUROORGHODSURSLDLPDJHQ\DTXHFRQVWLWX\HHOHVFHQDULRGRQGHORVHVWXGLDQWHV
VH YHQ HQYXHOWRV HQ P~OWLSOHV H[SHULHQFLDV HQ ODV TXH SRQHQ HQ MXHJR VXV
KDELOLGDGHV \ GHVWUH]DV GH PDQHUD TXH DTXHOORV TXH IUDFDVDQ H[FHVLYDPHQWH
SXHGHQSRQHUHQGXGDVXFDSDFLGDG\FRPSHWHQFLDSDUDVXSHUDUHVDVVLWXDFLRQHV
79
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(VWR FRQOOHYD QXHYRV IUDFDVRV TXH FRQ HO WLHPSR LQIOXLUiQ VREUH VXV
H[SHFWDWLYDV VHQWLPLHQWRV \ FRQGXFWDV KDFLD ODV WDUHDV HVFRODUHV TXH VHUiQ
QHJDWLYDV 3RU RWUD SDUWH VXV UHODFLRQHV WDPELpQ VH YHUiQ DIHFWDGDV \D TXH ORV
UHVXOWDGRVDFDGpPLFRVWLHQHQSHVRHQODGHWHUPLQDFLyQGHODYDOtDGHOHVWXGLDQWH
/R VHxDODGR OOHYD D FRQVLGHUDU HO DXWRFRQFHSWR FRPR XQD YDULDEOH
LQWHUPHGLD TXH UHSHUFXWH QR VROR VREUH OD IRUPD FRPR HO HVWXGLDQWH DERUGD ORV
DSUHQGL]DMHVHVFRODUHVVLQRWDPELpQVREUHVXPRGRGHHQIUHQWDUVHDODVVLWXDFLRQHV
\GHLQWHUDFWXDUFRQORVGHPiVHVGHFLUVREUHVXFRQGXFWDHQJHQHUDO
&RPR FRQFOXVLyQ ORV HVWXGLRV GH LQYHVWLJDFLyQ UHODFLRQDGRV FRQ HO
DXWRFRQFHSWR SRQHQ GH PDQLILHVWR GHVGH XQ PRGHOR PXOWLGLPHQVLRQDO 6KDYHOVRQ
+XEQHU \ 6WDQWRQ TXH HO DXWRFRQFHSWR SXHGH VHU HYDOXDGR HPSOHDQGR
LQVWUXPHQWRV TXH PLGDQ FDGD XQD GH ODV iUHDV SRU VHSDUDGR FRPSHWHQFLD VRFLDO
FRPSHWHQFLDHVFRODUHWFHVWDEOHFLHQGRXQDXWRFRQFHSWRJOREDO*RQ]iOH]3LHQGD
HWDO
(Q ORV WUDEDMRV UHDOL]DGRV SRU *RQ]iOH]3LHQGD VH FRQFOX\H TXH ORV
DOXPQRV TXH PD\RU FRPSRUWDPLHQWR DXWRUUHJXODGR PXHVWUDQ VRQ DTXHOORV TXH
FRQItDQ PiV HQ Vt PLVPRV FRPR HVWXGLDQWHV \ SRU WDQWR REWLHQHQ XQ PD\RU
UHQGLPLHQWR HQ ODV iUHDV DFDGpPLFDV /RV WUDEDMRV GH HVWRV DXWRUHV LQWHQWDQ
GHPRVWUDUODUHODFLyQHQWUHHOiPELWRGHODXWRFRQFHSWR\VXLQFLGHQFLDVLJQLILFDWLYD
HQ HO XVR GH HVWUDWHJLDV FRJQLWLYDV \ GH DXWRUUHJXODFLyQ GHO DSUHQGL]DMH HVFRODU
*RQ]iOH]3LHQGD\1~xH]
/DLQYHVWLJDFLyQDFWXDOVREUHHVWDUHODFLyQHQWUHDXWRFRQFHSWR\HVWUDWHJLDV
GH DSUHQGL]DMH VH DSUR[LPD D ORV HVWXGLRV GH RWURV DXWRUHV 0LOOHU %HKUHQV \
*UHHQH =LPPHUPDQ %DQGXUD \ 0DUWtQH]3RQV OOHJDQGR D OD
FRQFOXVLyQ GH TXH OD LPSOLFDFLyQ DFWLYD GHO VXMHWR HQ HO SURFHVR GH HQVHxDQ]D
DSUHQGL]DMHDXPHQWDFXDQGRVHVLHQWHDXWRFRPSHWHQWHHVGHFLUFXDQGRFRQItDHQ
VXVSURSLDVFDSDFLGDGHV\WLHQHDOWDVH[SHFWDWLYDVGHDXWRHILFDFLDYDORUDODVWDUHDV
GHDSUHQGL]DMH\VHVLHQWHUHVSRQVDEOHGHORVREMHWLYRVHGXFDWLYRV
80
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
2WUDV LQYHVWLJDFLRQHV $PHVFXD \ 3LFKDUGR FRQVLGHUDQ TXH H[LVWHQ
GLIHUHQFLDVGHJpQHURHQDXWRFRQFHSWRHQVXMHWRVDGROHVFHQWHVFRQPD\RUQLYHOGH
DXWRFRQFHSWRJOREDO\HPRFLRQDOHQFKLFRV\GHDXWRFRQFHSWRIDPLOLDUHQFKLFDV
6HJ~Q ODV ~OWLPDV LQYHVWLJDFLRQHV UHDOL]DGDV SRU *RQ]iOH]3LHQGD 1~xH]
*RQ]iOH]3XPDULHJD \ &DEDQDFK ORV DOXPQRV FRQ GLILFXOWDGHV GH
DSUHQGL]DMHHQUHODFLyQFRQVXVLJXDOHVVLQGLILFXOWDGHVSUHVHQWDQXQDLPDJHQGH
VtPLVPRVPiVQHJDWLYDDQLYHOJHQHUDO\HVSHFLDOPHQWHHQODViUHDVDFDGpPLFDV
WLHQGHQ D PRVWUDU XQD PD\RU E~VTXHGD GH DSUREDFLyQ VRFLDO HQ ILJXUDV
VLJQLILFDWLYDV \ VXV PHWDV DFDGpPLFDV HVWiQ UHODFLRQDGDV FRQ DWULEXFLRQHV GH VXV
p[LWRVDFDXVDVSRFRHVWDEOHV\H[WHUQDVFRQORTXHWLHQGHQDOIUDFDVRHVFRODUFRQ
PD\RUIUHFXHQFLD
(Q FXDQWR DO DXWRFRQFHSWR \ VX UHODFLyQ FRQ ORV SURFHVRV \ HVWUDWHJLDV GH
DSUHQGL]DMH GLIHUHQWHV HVWXGLRV UHDOL]DGRV 0RQHUHR DSXQWDQ VREUH OD
UHODFLyQ VLJQLILFDWLYD H[LVWHQWH HQWUH HO XVR HVWUDWpJLFR GH ORV SURFHGLPLHQWRV GH
DSUHQGL]DMH \ OD PHMRUD GHO DXWRFRQFHSWR HQ JHQHUDO \ D OD LQYHUVD XQ EXHQ
FRQRFLPLHQWR\FRQWUROVREUHODVSURSLDVFDSDFLGDGHVFRQWULEXLUiDXQPHMRUQLYHO
GHUHJXODFLyQ\HPSOHRGHFRPSRUWDPLHQWRHVWUDWpJLFR
/D DXWRHILFDFLD \ HO DXWRFRQFHSWR VRQ GRV WpUPLQRV HVWUHFKDPHQWH
UHODFLRQDGRV HQWUH Vt DXQTXH KDFHQ UHIHUHQFLD D FRQVWUXFWRV FRQFHSWXDOPHQWH
GLIHUHQWHV (Q HVWH VHQWLGR 6KDOYHVRQ +XEQHU \ 6WDQWRQ GHILQHQ HO
DXWRFRQFHSWR FRPR HO FRQMXQWR GH DXWRSHUFHSFLRQHV TXH FRQIRUPDQ OD LPDJHQ TXH
XQD SHUVRQD WLHQH GH Vt PLVPD IRUPDGD D SDUWLU GH IDFWRUHV FRJQLWLYRV H
LQWHUDFFLRQHVVRFLDOHVDORODUJRGHOFLFORYLWDO/DGHILQLFLyQGHVWDFDODLPSRUWDQFLD
GH OD FRPSDUDFLyQ VRFLDO SDUD OD IRUPDFLyQ GHO DXWRFRQFHSWR \ VX UHODWLYD
HVWDELOLGDG (Q FRQWUDSRVLFLyQ OD DXWRHILFDFLD KDFH UHIHUHQFLD D YDORUDFLRQHV
HVSHFtILFDVGHOFRQWH[WRORTXHODKDFHPiVIiFLOPHQWHPRGLILFDEOH0DUVK&UDYHQ
\0F,QHUQH\
81
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
'H HVWD IRUPD PLHQWUDV OD DXWRHILFDFLD SHUPLWH HVWDEOHFHU MXLFLRV VREUH
WDUHDV R DFWLYLGDGHV FRQFUHWDV SDUD ODV TXH XQ LQGLYLGXR VH VLHQWH FDSDFLWDGR HO
DXWRFRQFHSWRLQFOX\HHYDOXDFLRQHVJOREDOHVVREUHODYDOtDHQXQDGHWHUPLQDGDiUHD
=LPPHUPDQ \ &OHDU\ 6HJ~Q %DQGXUD (V SRVLEOH WHQHU XQD DOWD
DXWRHILFDFLD DFDGpPLFD VREUH XQD WDUHD FRQFUHWD DXQTXH VH WHQJD XQ EDMR
DXWRFRQFHSWR DFDGpPLFR JHQHUDO \ REWHQHU EXHQRV UHVXOWDGRV DFDGpPLFRV /D
UHODFLyQHQWUHHVWRVFRQVWUXFWRVKDVLGRHYDOXDGDHQGLYHUVRVWUDEDMRVHQORVTXHVH
GHVWDFDTXHORVMXLFLRVGHDXWRHILFDFLDDFDGpPLFDFRUUHODFLRQDQGHIRUPDSRVLWLYD\
VLJQLILFDWLYD FRQ HO DXWRFRQFHSWR DFDGpPLFR VLHQGR ODV PDJQLWXGHV GH HVWDV
UHODFLRQHVHOHYDGDVHM6NDDOYLN
'LIHUHQFLDV HQ ODV HVWUDWHJLDV GH DSUHQGL]DMH HQ DOXPQRV FRQ \ VLQ
GLILFXOWDGHVGHDSUHQGL]DMH
9DULDVVRQ ODV GHILQLFLRQHV GHHVWUDWHJLDV GH DSUHQGL]DMH DXQTXHGH IRUPD
JHQHUDOORVDXWRUHV0RQHUHR1LVEHW\6FKXFNVPLWKFRLQFLGHQHQORV
VLJXLHQWHVSXQWRV
•
6RQSURFHGLPLHQWRV
•
3XHGHQ LQFOXLU YDULDV WpFQLFDV RSHUDFLRQHV R DFWLYLGDGHV HVSHFtILFDV
3HUVLJXHQ XQ SURSyVLWR GHWHUPLQDGR HO DSUHQGL]DMH \ OD VROXFLyQ GH
SUREOHPDVDFDGpPLFRV\RDTXHOORVDVSHFWRVYLQFXODGRVFRQHOORV
•
6RQPiVTXHORVKiELWRVGHHVWXGLRµSRUTXHVHUHDOL]DQIOH[LEOHPHQWH
•
3XHGHQVHUDELHUWDVS~EOLFDVHQFXELHUWDVSULYDGDV
•
6RQLQVWUXPHQWRVVRFLRFXOWXUDOHVDSUHQGLGRVHQFRQWH[WRVGHLQWHUDFFLyQFRQ
DOJXLHQTXHVDEHPiV
8QD GHILQLFLyQ FRPSDUWLGD SRU YDULDV LQYHVWLJDFLRQHV VREUH HO FRQFHSWR GH
HVWUDWHJLDVGHDSUHQGL]DMHHV´8QDHVWUDWHJLDGHDSUHQGL]DMHHVXQSURFHGLPLHQWR
FRQMXQWR GH SDVRV R KDELOLGDGHV TXH XQ DOXPQR DGTXLHUH \ HPSOHD GH IRUPD
LQWHQFLRQDO FRPR LQVWUXPHQWR IOH[LEOH SDUD DSUHQGHU VLJQLILFDWLYDPHQWH \
VROXFLRQDU SUREOHPDV \ GHPDQGDV DFDGpPLFDV ´'tD] %DUULJD &DVWDxHGD \ /XOH
+HUQiQGH]FDStWXORV\
82
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/RV REMHWLYRV SDUWLFXODUHV GH FXDOTXLHU HVWUDWHJLD GH DSUHQGL]DMH SXHGHQ
FRQVLVWLU HQ DIHFWDU OD IRUPD HQ TXH VH VHOHFFLRQD DGTXLHUH RUJDQL]D R LQWHJUD HO
QXHYRFRQRFLPLHQWRRLQFOXVRODPRGLILFDFLyQGHOHVWDGRDIHFWLYRRPRWLYDFLRQDOGHO
DSUHQGL] SDUD TXH HVWH DSUHQGD FRQ PD\RU HILFDFLD ORV FRQWHQLGRV FXUULFXODUHV R
H[WUDFXUULFXODUHVTXHVHOHSUHVHQWDQYpDVH'DQVHUFDX:HLQVWHLQ\0D\HU
/D HMHFXFLyQ GH ODV HVWUDWHJLDV GH DSUHQGL]DMH RFXUUH DVRFLDGD FRQ RWURV
WLSRVGHUHFXUVRV\SURFHVRVFRJQLWLYRVGHTXHGLVSRQHFXDOTXLHUDSUHQGL]'LYHUVRV
DXWRUHV FRQFXHUGDQ FRQ OD QHFHVLGDG GH GLVWLQJXLU HQWUH YDULRV WLSRV GH
FRQRFLPLHQWR TXH SRVHHPRV \ XWLOL]DPRV GXUDQWH HO DSUHQGL]DMH %URZQ )ODYHOO \ :HOOPDQ 3RU HMHPSOR SURFHVRV FRJQLWLYRV EiVLFRV VH UHILHUHQ D
WRGDV DTXHOODV RSHUDFLRQHV \ SURFHVRV LQYROXFUDGRV HQ HO SURFHVDPLHQWR GH OD
LQIRUPDFLyQ FRPR DWHQFLyQ SHUFHSFLyQ FRGLILFDFLyQ DOPDFHQDMH \ PQpPLFRV
UHFXSHUDFLyQHWF
%DVHGHFRQRFLPLHQWRVVHUHILHUHDOEDJDMHGHKHFKRVFRQFHSWRV\SULQFLSLRV
TXH SRVHHPRV HO FXDO HVWi RUJDQL]DGR HQ IRUPD GH XQ UHWLFXODGR MHUiUTXLFR
FRQVWLWXtGR SRU HVTXHPDV %URZQ KD GHQRPLQDGR VDEHU D HVWH WLSR GH
FRQRFLPLHQWRWDPELpQXVXDOPHQWHVHGHQRPLQDFRQRFLPLHQWRVSUHYLRV
&RQRFLPLHQWR HVWUDWpJLFR HVWH WLSR GH FRQRFLPLHQWR WLHQH TXH YHU
GLUHFWDPHQWH FRQ OR TXH KHPRV OODPDGR DTXt HVWUDWHJLDV GH DSUHQGL]DMH %URZQ
GHPDQHUDDFHUWDGDORGHVFULEHFRQHOKRPEUHGHVDEHUFyPRFRQRFHU
&RQRFLPLHQWRPHWDFRJQLWLYRVHUHILHUHDOFRQRFLPLHQWRTXHSRVHHPRVVREUH
TXp \ FyPR OR VDEHPRV DVt FRPR DO FRQRFLPLHQWR TXH WHQHPRV VREUH QXHVWURV
SURFHVRV\RSHUDFLRQHVFRJQLWLYDVFXDQGRDSUHQGHPRVUHFRUGDPRVRVROXFLRQDPRV
SUREOHPDV
(VWRV FXDWUR WLSRV GH FRQRFLPLHQWR LQWHUDFW~DQ HQ IRUPDV LQWULQFDGDV \
FRPSOHMDV FXDQGR HO DSUHQGL] XWLOL]D ODV HVWUDWHJLDV GH DSUHQGL]DMH 6L ELHQ VH KD
SXHVWR DO GHVFXELHUWR D WUDYpV GH OD LQYHVWLJDFLyQ UHDOL]DGD HQ HVWRV WHPDV OD
QDWXUDOH]D GH DOJXQDV GH ODV UHODFLRQHV H[LVWHQWHV HQWUH GLFKRV WLSRV GH
FRQRFLPLHQWRHVHYLGHQWHTXHD~QQRVKDFHIDOWDPiVLQIRUPDFLyQSDUDFRPSUHQGHU
JOREDOPHQWHWRGRHOFXDGURGHUHODFLRQHVSRVLEOHVHQWUHHVWRV(QUHVXPHQDOJXQDV
GHODVLQIOXHQFLDV\UHODFLRQHVPiVFODUDVHQWUHHOORVVRQODVVLJXLHQWHV
83
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/RVSURFHVRVFRJQLWLYRVEiVLFRVVRQLQGLVSHQVDEOHVSDUDODHMHFXFLyQGHWRGRV
ORVRWURVSURFHVRVGHRUGHQVXSHULRU$TXHOORVVHYHQSRFRDIHFWDGRVSRUORVSURFHVRV
GH GHVDUUROOR GHVGH HGDG PX\ WHPSUDQD ORV SURFHVRV \ IXQFLRQHV FRJQLWLYDV
EiVLFDV SDUHFHQ HVWDU SUHVHQWHV HQ VX IRUPD GHILQLWLYD FDPELDQGR UHODWLYDPHQWH
SRFRFRQHOSDVRGHORVDxRV8QDH[FHSFLyQTXHGHVWDFDHVODUHIHULGDDODVXSXHVWD
FDSDFLGDGFUHFLHQWHGHODPHPRULDGHWUDEDMRRSHUDGRU0HVSDFLRPHQWDOFRQOD
HGDGGHODQLxH]WHPSUDQDDODDGROHVFHQFLDWDOFRPRORKDQGHPRVWUDGRDOJXQRV
LQYHVWLJDGRUHVQHRSLDJHWLDQRV
(O FRQRFLPLHQWRHVTXHPiWLFR SXHGHLQIOXLUGHFLVLYDPHQWHHQODQDWXUDOH]D\
IRUPDHQTXHVRQHPSOHDGDVODVHVWUDWHJLDVFRJQLWLYDV8QDEDVHGHFRQRFLPLHQWRV
ULFD \ GLYHUVLILFDGD TXH KD VLGR SURGXFWR GH DSUHQGL]DMHV VLJQLILFDWLYRV SRU OR
JHQHUDOVHHULJHVREUHODEDVHGHODSRVHVLyQ\XVRHILFD]GHHVWUDWHJLDVJHQHUDOHV\
HVSHFtILFDV GH GRPLQLR DVt FRPR GH XQD DGHFXDGD RUJDQL]DFLyQ FRJQLWLYD HQ OD
PHPRULD D ODUJR SOD]R 8QD EDVH GH FRQRFLPLHQWRV H[WHQVD \ RUJDQL]DGD HQ
GRPLQLRV HVSHFtILFRV PyGXORV SXHGH VHU WDQ SRGHURVD FRPR HO PHMRU GH ORV
HTXLSDPLHQWRVGHHVWUDWHJLDVFRJQLWLYDV
6HKDQHQFRQWUDGRYDULRVKDOOD]JRVHQWRUQRDODLQIOXHQFLDUHFtSURFDHQWUH
HOFRQRFLPLHQWRHVTXHPiWLFR\ODDSOLFDFLyQGHOFRQRFLPLHQWRHVWUDWpJLFR*DUQHU\
$OH[DQGHU$GHPiVGHODUHODFLyQFDXVDOHQWUHODDSOLFDFLyQGHHVWUDWHJLDV\
HOFRQRFLPLHQWRHVTXHPiWLFRDQWHVPHQFLRQDGDVHVDEHSRUHMHPSORTXHSHUVRQDV
FRQXQDPSOLRFRQRFLPLHQWRFRQFHSWXDOHQXQGHWHUPLQDGRGRPLQLRGHDSUHQGL]DMH
SXHGHQUHTXHULU PX\SRFR GH HVWUDWHJLDV DOWHUQDWLYDV FXDQGR VH OHVKD LQWHQWDGR
LQGXFLUDXWLOL]DUODVDQWHWDUHDVGHHVHGRPLQLRSDUWLFXODU
(Q DOJXQRV HVWXGLRV VH KD SXHVWR HQ HYLGHQFLD TXH DO SURSRUFLRQDU
HQWUHQDPLHQWRGHHVWUDWHJLDVDHVWXGLDQWHVFRQXQDEDVHGHFRQRFLPLHQWRVVXSHULRU
HQ ULTXH]D FRQFHSWXDO D OD TXH SRVHHQ VXV FRPSDxHURV DTXHOORV UHVXOWDQ PiV
EHQHILFLDGRVTXHHVWRV~OWLPRV
84
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6H KD HQFRQWUDGR WDPELpQ TXH DOJXQRV DSUHQGLFHV DQWH XQD WDUHD
SDUWLFXODU SDUD OD FXDO QR SRVHHQ XQD EXHQD EDVH GH FRQRFLPLHQWRV HVTXHPiWLFD
SXHGHQ DFWXDU FRPR QRYDWRV LQWHOLJHQWHV DSOLFDQGR GLVWLQWDV HVWUDWHJLDV TXH
FRQRFHQ\TXHWUDQVILHUHQGHRWUDVVLWXDFLRQHVRGRPLQLRVGRQGHOHVKDQUHVXOWDGR
HILFDFHV SDUD VXVWLWXLU GLFKD IDOOD \ DVt QR IUDFDVDU DQWH ODV VLWXDFLRQHV GH
HYDOXDFLyQIXWXUDV%URZQ\3DOLQFVDU6KXHOO
(QSULPHUOXJDUSXHGHGHFLUVHWDPELpQTXHH[LVWHQIRUPDVPiVJHQHUDOHV\
RWUDV PiV HVSHFtILFDV $OJXQDV HVWUDWHJLDV VRQ DSOLFDEOHV D YDULRV GRPLQLRV GH
DSUHQGL]DMHPLHQWUDVTXHRWUDVWLHQGHQDUHVWULQJLUVHDWySLFRVRFRQWHQLGRVPX\
SDUWLFXODUHV (VWR KD OOHYDGR D DOJXQRV DXWRUHV D FODVLILFDU HQWUH HVWUDWHJLDV
JHQHUDOHV\HVSHFtILFDVDXQTXHHQPXFKDVRFDVLRQHVVHKDLQFXUULGRHQYLQFXODUD
ODV HVWUDWHJLDV JHQHUDOHV FRQ ODV OODPDGDV PHWDFRJQLWLYDV 9pDVH SRU HMHPSOR
.LUE\ FLWDGR SRU 1LVEHW \ 6FKXFNVPLWK TXLHQ XWLOL]D HO WpUPLQR
PLFURHVWUDWHJLDV SDUD ODV HVWUDWHJLDV FRJQLWLYDV R GH DSUHQGL]DMH \
PDFURHVWUDWHJLDVSDUDHOFDVRGHODVHVWUDWHJLDVPHWDFRJQLWLYDV
(O DSUHQGL]DMH GH ODV HVWUDWHJLDV GHSHQGH DGHPiV GH IDFWRUHV
PRWLYDFLRQDOHVSRUHMHPSORGHSURFHVRVGHDWULEXFLyQLQWHUQRVGHODSUHQGL]\GH
TXH HVWH ODV SHUFLED FRPR YHUGDGHUDPHQWH ~WLOHV /D VHOHFFLyQ \ HO XVR GH
HVWUDWHJLDV HQ OD VLWXDFLyQ HVFRODU WDPELpQ GHSHQGH HQ JUDQ PHGLGD GH RWURV
IDFWRUHV FRQWH[WXDOHV GHQWUR GH ORV FXDOHV VH GLVWLQJXHQ ODV LQWHUSUHWDFLRQHV TXH
ORV DOXPQRV KDFHQ GH ODV LQWHQFLRQHV R SURSyVLWRV GH ORV SURIHVRUHV FXDQGR HVWRV
HQVHxDQ R HYDO~DQ $\DOD 6DQWLXVWH \ %DUULJXHWH OD FRQJUXHQFLD FRQ ODV
DFWLYLGDGHV HYDOXDWLYDV \ ODV FRQGLFLRQHV TXH DIHFWDQ HO XVR HVSRQWiQHR GH ODV
HVWUDWHJLDV5RKZHU
6REUH HO FRQRFLPLHQWR PHWDFRJQLWLYR WDO FRPR \D KD VLGR LQVLQXDGR HVWH
GHVHPSHxD XQ SDSHO IXQGDPHQWDO HQ OD VHOHFFLyQ \ UHJXODFLyQ LQWHOLJHQWH GH
HVWUDWHJLDV\WpFQLFDVGHDSUHQGL]DMH
85
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
0RQHUHRUHVXPHODVFDUDFWHUtVWLFDVGHODVHVWUDWHJLDVGHDSUHQGL]DMH
DOGHILQLUODVFRPRSURFHVRVGHWRPDGHGHFLVLRQHVHQORVFXDOHVHOHVWXGLDQWHHOLJH\
UHFXSHUD ORV FRQRFLPLHQWRV TXH QHFHVLWD SDUD FXPSOLPHQWDU XQD GHWHUPLQDGD
GHPDQGDXREMHWLYR8QDOXPQRHPSOHDXQDHVWUDWHJLDFXDQGRHVFDSD]GHDMXVWDU
VX FRPSRUWDPLHQWR OR TXH SLHQVD \ KDFH D ODV H[LJHQFLDV GH XQD DFWLYLGDG
HQFRPHQGDGD SRU HO SURIHVRU \ HQ ODV FLUFXQVWDQFLDV HQ ODV TXH HVD WDUHD VH
SURGXFH
/DLGHDGHHVWUDWHJLDGHDSUHQGL]DMHHQODTXHVHDSR\DHVWHHVWXGLRHVODGHO
SURFHVDPLHQWR GH LQIRUPDFLyQ HQWLHQGH TXH ORV SULQFLSDOHV SURFHVRVFRJQLWLYRV GH
SURFHVDPLHQWRVRQORVGH DGTXLVLFLyQ FRGLILFDFLyQ\ UHFXSHUDFLyQHQWDQWRTXHODV
HVWUDWHJLDV WDO FRPR VH PHQFLRQy VRQ VHFXHQFLDV LQWHJUDGDV GH SURFHGLPLHQWRV R
DFWLYLGDGHV PHQWDOHV TXH VH DFWLYDQ FRQ HO SURSyVLWR GH IDFLOLWDU OD DGTXLVLFLyQ
DOPDFHQDPLHQWR\RXWLOL]DFLyQGHLQIRUPDFLyQ1LVEHWW\6KXFNVPLWK
/D FODVLILFDFLyQ GH HVWUDWHJLDV GH DSUHQGL]DMH SRU $ORQVR \ 3R]R
ODV HVWUDWHJLDVGHHODERUDFLyQVXSRQHQEiVLFDPHQWHLQWHJUDU\UHODFLRQDUOD
QXHYDLQIRUPDFLyQTXHKDGHDSUHQGHUVHFRQORVFRQRFLPLHQWRVSUHYLRVSHUWLQHQWHV
(ORV~D\*DUFtD3XHGHQVHUEiVLFDPHQWHGHGRVWLSRVVLPSOH\FRPSOHMDOD
GLVWLQFLyQ HQWUH DPEDV UDGLFD HQ HO QLYHO GH SURIXQGLGDG FRQ TXH VH HVWDEOH]FD OD
LQWHJUDFLyQ 7DPELpQ SXHGH GLVWLQJXLUVH HQWUH HODERUDFLyQ YLVXDO LPiJHQHV
YLVXDOHV VLPSOHV \ FRPSOHMDV \ YHUEDOVHPiQWLFD HVWUDWHJLD GH SDUDIUDVHR
HODERUDFLyQLQIHUHQFLDORWHPiWLFDHWF(VHYLGHQWHTXHHVWDVHVWUDWHJLDVSHUPLWHQ
XQWUDWDPLHQWR\XQDFRGLILFDFLyQPiVVRILVWLFDGRVGHODLQIRUPDFLyQTXHVHKDGH
DSUHQGHU SRUTXH DWLHQGHQ GH PDQHUD EiVLFD D VX VLJQLILFDGR \ QR D VXV DVSHFWRV
VXSHUILFLDOHV/DVHVWUDWHJLDVGHRUJDQL]DFLyQGHODLQIRUPDFLyQSHUPLWHQKDFHUXQD
UHRUJDQL]DFLyQ FRQVWUXFWLYD GH OD LQIRUPDFLyQ TXH KD GH DSUHQGHUVH 0HGLDQWH HO
XVRGHGLFKDVHVWUDWHJLDVHVSRVLEOHRUJDQL]DUDJUXSDURFODVLILFDUODLQIRUPDFLyQ
FRQ OD LQWHQFLyQ GH ORJUDU XQD UHSUHVHQWDFLyQ FRUUHFWD GH OD LQIRUPDFLyQ
H[SORWDQGR\DVHDODVUHODFLRQHVSRVLEOHVHQWUHGLVWLQWDVSDUWHVGHODLQIRUPDFLyQ\
R ODV UHODFLRQHV HQWUH OD LQIRUPDFLyQ TXH VH KD GH DSUHQGHU \ ODV IRUPDV GH
RUJDQL]DFLyQ HVTXHPiWLFD LQWHUQDOL]DGDV SRU HO DSUHQGL] YpDVH 0RQHUHR 3R]R 86
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
7DQWRHQODVHVWUDWHJLDVGHHODERUDFLyQFRPRHQODVGHRUJDQL]DFLyQODLGHD
IXQGDPHQWDO QR HV VLPSOHPHQWH UHSURGXFLU OD LQIRUPDFLyQ DSUHQGLGD VLQR LU PiV
DOOi FRQ OD HODERUDFLyQ X RUJDQL]DFLyQ GHO FRQWHQLGR HVWR HV GHVFXEULHQGR \
FRQVWUX\HQGR VLJQLILFDGRV SDUD HQFRQWUDU VHQWLGR HQ OD LQIRUPDFLyQ (VWD PD\RU
LPSOLFDFLyQ FRJQLWLYD \ DIHFWLYD GHO DSUHQGL] D VX YH] SHUPLWH XQD UHWHQFLyQ
PD\RU TXH ODSURGXFLGD SRU ODV HVWUDWHJLDVGH UHFLUFXODFLyQ DQWHV FRPHQWDGDV (V
QHFHVDULR VHxDODU TXH HVWDV HVWUDWHJLDV SXHGHQ DSOLFDUVH VROR VL HO PDWHULDO
SURSRUFLRQDGR DO HVWXGLDQWH WLHQH XQ PtQLPR GH VLJQLILFDWLYLGDG OyJLFD \
SVLFROyJLFD
3RU ~OWLPR KHPRV LQFOXLGR GHQWUR GH OD FODVLILFDFLyQ D ODV HVWUDWHJLDV GH
UHFXSHUDFLyQGHODLQIRUPDFLyQODVFXDOHVVRQDTXHOODVTXHSHUPLWHQRSWLPL]DUOD
E~VTXHGDGHLQIRUPDFLyQTXHKHPRVDOPDFHQDGRHQQXHVWUDPHPRULDDODUJRSOD]R
HSLVyGLFDRVHPiQWLFD
$ORQVR GLVWLQJXH GRV WLSRV GH HVWUDWHJLDV GH UHFXSHUDFLyQ /D
SULPHUD OODPDGD VHJXLU OD SLVWD SHUPLWH KDFHU OD E~VTXHGD GH OD LQIRUPDFLyQ
UHSDVDQGR OD VHFXHQFLD WHPSRUDO UHFRUULGD HQWUH OD TXH VDEHPRV VH HQFXHQWUD OD
LQIRUPDFLyQ TXH KD GH UHFRUGDUVH (O HVTXHPD WHPSRUDO GH DFRQWHFLPLHQWRV
IXQFLRQDFRPRXQLQGLFLRDXWRJHQHUDGRTXHWHQHPRVTXHVHJXLUKDFLDDGHODQWHR
KDFLD DWUiV SDUD UHFRUGDU HO HYHQWR GH QXHVWUR LQWHUpV /D VHJXQGD VH UHILHUH DO
HVWDEOHFLPLHQWR GH XQD E~VTXHGD LQPHGLDWD HQ OD PHPRULD GH ORV HOHPHQWRV
UHODFLRQDGRV FRQ OD LQIRUPDFLyQ GHPDQGDGD SRU OR TXH VH GHQRPLQD E~VTXHGD
GLUHFWD \ OD VHJXQGD VH XWLOL]D FXDQGR OD LQIRUPDFLyQ DOPDFHQDGD HV GH FDUiFWHU
VHPiQWLFR \ SXHGH VHU XWLOL]DGD DXQ FXDQGR KD\D RFXUULGR PiV WLHPSR HQWUH ORV
SURFHVRVPHQFLRQDGRV
87
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&ODVLILFDFLyQGHHVWUDWHJLDVDSDUWLUGHOWLSRGHFRQWHQLGRVGHFODUDWLYRVTXH
VHKDGHDSUHQGHUEDVDGDHQ$ORQVR
‡ 7LSR GH PDWHULDO TXH KD GH
DSUHQGHUVH
‡ 7LSRVGHHVWUDWHJLDV
‡ ,QIRUPDFLyQIDFWXDO
‡ 5HSHWLFLyQ
‡ 'DWRV
‡ 6LPSOH
‡ 3DUHVGHSDODEUDV
‡ 3DUFLDO
‡ /LVWDV
‡ $FXPXODWLYD
‡ 2UJDQL]DFLyQFDWHJRULDO
‡ (ODERUDFLyQVLPSOHGHWLSRYHUEDO
YLVXDO
‡ 3DODEUDFODYH
‡ LPiJHQHVPHQWDOHV
‡ ,QIRUPDFLyQFRQFHSWXDO
5HSUHVHQWDFLyQJUiILFD
‡ &RQFHSWRV
‡ 3URSRVLFLRQHV
‡ 5HGHV\PDSDVFRQFHSWXDOHV
‡ ([SOLFDFLRQHVWH[WRV
‡ (ODERUDFLyQ
‡ 7RPDUQRWDV
‡ (ODERUDUSUHJXQWDV
‡ 5HVXPLU
‡ (ODERUDFLyQFRQFHSWXDO
3RU ~OWLPR %HOWUiQ KD HODERUDGR XQD FODVLILFDFLyQ H[KDXVWLYD GH
KDELOLGDGHVFRJQLWLYDVHQXQVHQWLGRPiVDPSOLRTXHODVDQWHULRUHV\ODGHVDUUROOy
HQ IXQFLyQ GH FLHUWRV UHTXHULPLHQWRV TXH GHEH DSUHQGHU XQ HVWXGLDQWH SDUD OD
UHDOL]DFLyQ GH XQ HVWXGLR HIHFWLYR GHQWUR GH ODV LQVWLWXFLRQHV HGXFDWLYDV \ HV OD
VLJXLHQWH
88
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
‡ +DELOLGDGHV GH E~VTXHGD GH LQIRUPDFLyQ FyPR HQFRQWUDU GyQGH HVWi
DOPDFHQDGDODLQIRUPDFLyQUHVSHFWRDXQDPDWHULD&yPRKDFHUSUHJXQWDV
&yPRXVDUXQDELEOLRWHFD&yPRXWLOL]DUPDWHULDOGHUHIHUHQFLD
‡ +DELOLGDGHVGHDVLPLODFLyQ\GHUHWHQFLyQGHODLQIRUPDFLyQ FyPRHVFXFKDU
SDUD ORJUDU FRPSUHQVLyQ FyPR HVWXGLDU SDUD ORJUDU FRPSUHQVLyQ FyPR
UHFRUGDU FyPR FRGLILFDU \ IRUPDU UHSUHVHQWDFLRQHV FyPR OHHU FRQ
FRPSUHQVLyQ\FyPRUHJLVWUDU\FRQWURODUODFRPSUHQVLyQ
‡ +DELOLGDGHVRUJDQL]DWLYDVFyPR HVWDEOHFHU SULRULGDGHV FyPR SURJUDPDU HO
WLHPSRGHIRUPDFRUUHFWDFyPRGLVSRQHUORVUHFXUVRV\FyPRFRQVHJXLUTXH
ODVFRVDVPiVLPSRUWDQWHVHVWpQKHFKDVDWLHPSR
‡ +DELOLGDGHVLQYHQWLYDV\FUHDWLYDVFyPRGHVDUUROODUXQDDFWLWXGLQTXLVLWLYD
FyPR UD]RQDU LQGXFWLYDPHQWH FyPR JHQHUDU LGHDV KLSyWHVLV SUHGLFFLRQHV
FyPRRUJDQL]DUQXHYDVSHUVSHFWLYDVFyPRHPSOHDUDQDORJtDVFyPRHYLWDUOD
ULJLGH]\FyPRDSURYHFKDUVXFHVRVLQWHUHVDQWHV\H[WUDxRV
‡ +DELOLGDGHV DQDOtWLFDV FyPR GHVDUUROODU XQD DFWLWXG FUtWLFD FyPR UD]RQDU
GHGXFWLYDPHQWH\FyPRHYDOXDULGHDVHKLSyWHVLV
+DELOLGDGHVHQODWRPDGHGHFLVLRQHVFyPR LGHQWLILFDU DOWHUQDWLYDV \ FyPR
KDFHUHOHFFLRQHVUDFLRQDOHV
‡ +DELOLGDGHVGHFRPXQLFDFLyQFyPRH[SUHVDULGHDVRUDOPHQWH\SRUHVFULWR
‡ +DELOLGDGHVVRFLDOHVFyPRHYLWDUFRQIOLFWRVLQWHUSHUVRQDOHVFyPRFRRSHUDU\
REWHQHUFRRSHUDFLyQFyPRFRPSHWLUOHDOPHQWH\FyPRPRWLYDUDRWURV
‡ +DELOLGDGHV PHWDFRJQLWLYDV \ DXWRUUHJXODGRUDV FyPR HYDOXDU OD SURSLD
HMHFXFLyQ FRJQLWLYD FyPR VHOHFFLRQDU XQD HVWUDWHJLD DGHFXDGD SDUD XQ
SUREOHPD GHWHUPLQDGR FyPR HQIRFDU OD DWHQFLyQ D XQ SUREOHPD FyPR
89
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
GHFLGLUFXiQGRGHWHQHUODDFWLYLGDGHQXQSUREOHPDGLItFLOFyPRGHWHUPLQDU
VL XQR FRPSUHQGH OR TXH HVWi OH\HQGR R HVFXFKDQGR FyPR WUDQVIHULU ORV
SULQFLSLRV R HVWUDWHJLDV DSUHQGLGRV GH XQD VLWXDFLyQ D RWUD FyPR
GHWHUPLQDU VL ODV PHWDV VRQ FRQVLVWHQWHV FRQ ODV FDSDFLGDGHV \ FRQRFHU ODV
GHPDQGDVGHODWDUHD&RQRFHUORVPHGLRVSDUDORJUDUODVPHWDVFRQRFHUODV
FDSDFLGDGHVSURSLDV\FyPRFRPSHQVDUODVGHILFLHQFLDV.
%HOWUiQ GHILQH ODV (VWUDWHJLDV GH $SUHQGL]DMH FRPR ´UHJODV R
SURFHGLPLHQWRV TXH QRV SHUPLWHQ WRPDU GHFLVLRQHV DGHFXDGDV HQ FXDOTXLHU
PRPHQWR GHO SURFHVR GH DSUHQGL]DMHµ SS 3RGUtDPRV GHFLU TXH ODV HVWUDWHJLDV
FXPSOHQ XQD IXQFLyQ IDFLOLWDGRUD GHO DSUHQGL]DMH \ GH OD DGTXLVLFLyQ GHO
FRQRFLPLHQWR HQ JHQHUDO (Q HO PLVPR DxR %HOWUiQ HVWDEOHFH XQD FODVLILFDFLyQ
H[KDXVWLYDGHODVGLVWLQWDVHVWUDWHJLDVHQUHODFLyQDVXQDWXUDOH]D\IXQFLyQ
D (VWUDWHJLDV&RJQLWLYDVUHODFLRQDGDVFRQORVSURFHVRVSVLFROyJLFRVEiVLFRVGH
FRGLILFDFLyQDOPDFHQDPLHQWRRUHWHQFLyQFRPSUHQVLyQ\UHSURGXFFLyQGHOD
LQIRUPDFLyQ
E (VWUDWHJLDV 0HWDFRJQLWLYDV UHODFLRQDGDV FRQ DVSHFWRV GH SODQLILFDFLyQ
UHJXODFLyQHYDOXDFLyQ\FRQWUROGHQXHVWURVSURSLRVSURFHVRVFRJQLWLYRV
F (VWUDWHJLDV GH $SR\R HVWiQ DO VHUYLFLR GH OD VHQVLELOL]DFLyQ GHO HVWXGLDQWH
KDFLD ODV WDUHDV GH DSUHQGL]DMH \ DEDUFDQ WUHV iUHDV IXQGDPHQWDOHV
PRWLYDFLyQDFWLWXGHV\HODIHFWR
/DVWHRUtDVDFWXDOHVVREUHODVPHWDVGHORJURVHUHILHUHQDORVYtQFXORVHQWUH
OD RULHQWDFLyQ D PHWDV \ HO XVR GH HVWUDWHJLDV GH DSUHQGL]DMH /D PD\RUtD GH ORV
HVWXGLRV KDQ FRQFOXLGR TXH ORV HVWXGLDQWHV TXH RSWDQ SRU PHWDV GH DSUHQGL]DMH R
GRPLQLR WDPELpQ LQIRUPDQ GH XQ XVR PiV DGDSWDWLYR GH HVWUDWHJLDV \ UHFXUVRV
&DEDQDFK*RQ]iOH]3LHQGD1~xH]\9DOOH
'LIHUHQWHV LQYHVWLJDFLRQHV KDQ HQFRQWUDGR XQD UHODFLyQ SRVLWLYD HQWUH OD
DGRSFLyQGHPHWDVGHDSUHQGL]DMH\HOXVRLQIRUPDGRGHHVWUDWHJLDVFRJQLWLYDV\GH
DXWRUUHJXODFLyQ HQ HVWXGLDQWHV XQLYHUVLWDULRV $UFKHU (OOLRW \ 0F*UHJRU
90
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(OOLRW 0F*UHJRU \ *DEOH *UHHQH \ 0LOOHU 0LOOHU %HKUHQV
*UHHQH \ 1HZPDQ \ HQ HVWXGLDQWHV GH HWDSDV DQWHULRUHV 0LGGOHWRQ \
0LGJOH\3LQWULFK:ROWHUV:ROWHUV<X\3LQWULFK5RVDULR
1~xH]*RQ]iOH]3LHQGD$OPHLGD6RDUHV\5XELR
6LQHPEDUJRODUHODFLyQHQWUHODVPHWDVGHUHQGLPLHQWR\HOFRPSURPLVRFRQ
HODSUHQGL]DMHSDUHFHVHUPiVDPELJXD%URSK\/RVUHVXOWDGRVGHDOJXQRV
WUDEDMRV LQGLFDQ TXH ODV PHWDV GH UHQGLPLHQWR VH DVRFLDUtDQ DO XVR GH GLVWLQWDV
HVWUDWHJLDVEDMRFLHUWDVFRQGLFLRQHV%RLVYHUW%RXIIDUG*UHHQH/DURXFKH\0LOOHU
1ROHQPLHQWUDVTXHHQRWURVQRVHKDQHQFRQWUDGRHYLGHQFLDVFODUDV
TXHYLQFXOHQODDGRSFLyQGHPHWDVGHUHQGLPLHQWR\HOXVRGHHVWUDWHJLDVFRJQLWLYDV
\GHDXWRUUHJXODFLyQ$UFKHU3LQWULFK*DUFtD
(VWXGLRV VREUH OD UHODFLyQ HQWUH GLIHUHQWHV HQIRTXHV PRWLYRV \ HVWUDWHJLDV
VXSHUILFLDO SURIXQGR \ ORJUR FRQ HO UHQGLPLHQWR DFDGpPLFR (QWZLVWOH %LJJV 3RUWR %DUFD 6DOHV /XLV 5RVDULR \
$OPHLGDDSRUWDQGDWRV+D\DPL]X\:HLQHU%DUFDHQORVTXH
VHFRQFOX\HTXHH[LVWHQXQRVSDWURQHVDWULEXFLRQDOHVHQHODOXPQDGRGH(GXFDFLyQ
6HFXQGDULD GH *DOLFLD HQ ORV TXH VH GHVFXEUH TXH ORV DOXPQRV \ DOXPQDV GH
UHQGLPLHQWRDOWRWLHQGHQDH[SOLFDUVXp[LWRHQHODSUHQGL]DMHDVXEXHQDFDSDFLGDG
\DOHVIXHU]RUHDOL]DGRPLHQWUDVTXHHOIUDFDVRQXQFDORDWULEX\HQDODFDSDFLGDG\
VLHPSUHORKDFHQDODIDOWDGHHVIXHU]RUHDOL]DGR
'HO PLVPR PRGR VH KD FRQFOXLGR TXH OD GLILFXOWDG GH ODV PDWHULDV
DVLJQDWXUDV\HOIDFWRUD]DUVXHUWHDSHQDVWLHQHQLPSRUWDQFLDSDUDORVHVWXGLDQWHV
FX\R UHQGLPLHQWR DFDGpPLFR HV DOWR 6LQ HPEDUJR SDUD ORV HVWXGLDQWHV GH
UHQGLPLHQWR EDMR ORV HVWLORV DWULEXFLRQDOHV GRPLQDQWHV VH UHODFLRQDQ FRQ OD
DWULEXFLyQDVXEDMDFDSDFLGDGDOHVFDVRHVIXHU]RUHDOL]DGRDORTXHDWULEX\HQOD
HVFDVDDWHQFLyQ\SUHSDUDFLyQGHOSURIHVRUDGR\DOD]DURVXHUWH
91
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
2WURVDXWRUHVFRPR&DQRFRQFOX\HHQVXHVWXGLRVREUHGLIHUHQFLDVGH
JpQHURHQHOHPSOHRGHHVWUDWHJLDVGHDSUHQGL]DMHTXH
•
/DV DOXPQDV VXSHUDQ D ORV DOXPQRV HQ PRWLYDFLyQ LQWHUpV \ DFWLWXG SDUD
HVWXGLDU
•
/RV DOXPQRV HPSOHDQ XQ HVWLOR GH SURFHVDPLHQWR SURIXQGR GH OD
LQIRUPDFLyQDSUHQGHUGHPRGRVLJQLILFDWLYRFRQFHSWXDOL]DFLyQHWF
•
/DV DOXPQDV REWLHQHQ PHMRU SXQWXDFLyQ HQ HO HVWLOR GH HVWXGLR PHWyGLFR
DSUHQGHU GH PRGR RUJDQL]DGR DSOLFDQGR ODV FOiVLFDV KDELOLGDGHV GH
HVWXGLR
•
(QUHODFLyQDOHQIRTXHGHDSUHQGL]DMHODVDOXPQDVVXSHUDQDORVDOXPQRV
HQ LQWHUUHODFLyQ GH LGHDV OHWUDV \ FLHQFLDV VRFLDOHV DXQTXH WDPELpQ HQ
HQIRTXHVXSHUILFLDOHQFLHQFLDV\HVWUDWpJLFRFLHQFLDV\OHWUDV
2WUDVLQYHVWLJDFLRQHVSRQHQHQUHODFLyQHOJpQHURFRQHOXVRGHHVWUDWHJLDV
GHDSUHQGL]DMH&DQRFRQFOX\HQGRTXHODVFKLFDVDGROHVFHQWHVVXSHUDQDORV
FKLFRV DGROHVFHQWHV HQ PRWLYDFLyQ LQWHUpV \ DFWLWXG SDUD HVWXGLDU HPSOHDQGR XQ
HVWLOR GH HVWXGLR PiV PHWyGLFR FRQ XQ HQIRTXH GH DSUHQGL]DMH PiV VXSHUILFLDO \
HVWUDWpJLFR 0LHQWUDV TXH ORV FKLFRV HPSOHDQ XQ HVWLOR GH SURFHVDPLHQWR PiV
SURIXQGRHQHOWUDWDPLHQWRGHODLQIRUPDFLyQDSUHQGL]DMHFRQFHSWXDOL]DGR
&RQ HOOR FRQFOX\H VX HVWXGLR FRQFUHWDQGR TXH ORV DOXPQRV \ DOXPQDV
XWLOL]DQHVWUDWHJLDV\HVWLORVGHDSUHQGL]DMHGLIHUHQWHV\HVWHKHFKRGHEHVHUWHQLGR
HQFXHQWDWDQWRHQHOQLYHOGHLQYHVWLJDFLyQHLQWHUYHQFLyQFRPRHQHOSURSLRQLYHO
GHPHMRUDGHODHQVHxDQ]DDGDSWDGDDODVGLIHUHQFLDVLQGLYLGXDOHV
/RVHVWXGLRVPiVDFWXDOHVUHDOL]DGRV&DEDQDFK*RQ]iOH]3LHQGD1~xH]\
9DOOHVHxDODQFRPRHVWUDWHJLDVFRJQLWLYDVRGHDXWRUUHJXODFLyQHQHOHVWXGLR
HO XVR GH HVWDV VH UHODFLRQD FRQ UD]RQHV H[WHUQDV DVRFLDGDV D UHFRPSHQVDV WDOHV
FRPRODE~VTXHGDGHXQEXHQWUDEDMRRXQDEXHQDSRVLFLyQ(OYDORUGHXWLOLGDGHV
OD IRUPD HQ OD TXH ODV WDUHDV R DFWLYLGDGHV HQ ODV TXH QRV LPSOLFDPRV VH
UHODFLRQDQFRQQXHVWUDVPHWDVIXWXUDV
92
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
'LIHUHQFLDVHQODVPHWDVDFDGpPLFDVHQDOXPQRVFRQ\VLQGLILFXOWDGHV
GHDSUHQGL]DMH
/D PRWLYDFLyQ HQ HO FRQWH[WR DFDGpPLFR HV XQ IDFWRU LQIOX\HQWH HQ HO
UHQGLPLHQWRHVFRODUGHORVDGROHVFHQWHV&RQFUHWDPHQWHORVHVWXGLRVDYDODQTXHODV
RULHQWDFLRQHV KDFLD PHWDV DFDGpPLFDV SUHVHQWDGDV SRU ORV HVWXGLDQWHV WLHQHQ XQ
SDSHO LPSRUWDQWH HQ HOUHQGLPLHQWR HVFRODU 9DOOH*RQ]iOH]&DEDQDFK 5RGUtJXH]
\ 3LxHLUR (Q HO FRQWH[WR DFDGpPLFR LQYHVWLJDFLRQHV SUHYLDV (OOLRWW \
'ZHFN KDQ GHVWDFDGR TXH ORV HVWXGLDQWHV VH LQYROXFUDQ HQ ODV WDUHDV
HVFRODUHV SULQFLSDOPHQWH SRU GRV PRWLYRV D DXPHQWDU VX SURSLD FRPSHWHQFLD
PHWDV GH DSUHQGL]DMH \ E HYLWDU SDUHFHU LQFRPSHWHQWHV IUHQWH D RWURV
VLJQLILFDWLYRVPHWDVGHUHQGLPLHQWR
/D HYLGHQFLD HPStULFD SUHYLD KD UHYHODGR VLVWHPiWLFDPHQWH TXH OD
DXWRHILFDFLDSHUFLELGDWLHQHXQSDSHOGHVWDFDGRHQODPRWLYDFLyQ\HQODHOHFFLyQGH
PHWDV (Q HVWH VHQWLGR GLYHUVRV DXWRUHV (OOLRWW \ 'ZHFN 6PLOH\ \ 'ZHFN
KDQ GHPRVWUDGR OD LQWHUDFFLyQ HQWUH FDSDFLGDG SHUFLELGD \ RULHQWDFLyQ GH
PHWD
HQFRQWUDQGR
TXH
ORV
LQGLYLGXRV
FRQ
PHWDV
GH
DSUHQGL]DMH
LQGHSHQGLHQWHPHQWH GH VX DXWRHILFDFLD SHUFLELGD HUDQ PiV SHUVLVWHQWHV HQ ODV
WDUHDV WUDV XQD H[SHULHQFLD GH IUDFDVR PLHQWUDV TXH HQ ORV LQGLYLGXRV TXH
SUHVHQWDEDQ XQD RULHQWDFLyQ KDFLD PHWDV GH UHQGLPLHQWR VH LGHQWLILFDURQ GRV
WHQGHQFLDVGHDFWXDFLyQGLIHUHQWHVHQIXQFLyQGHODDXWRHILFDFLDSHUFLELGD
&RQFUHWDPHQWH ORV HVWXGLDQWHV TXH SUHVHQWDEDQ XQD DOWD DXWRHILFDFLD
SHUFLELGD VH PRVWUDEDQ PiV SHUVLVWHQWHV DXQTXH FRQ PHQRU LPSOLFDFLyQ TXH ORV
DOXPQRV FRQ PHWDV GH DSUHQGL]DMH PLHQWUDV TXH DTXHOORV RWURV FX\D DXWRHILFDFLD
SHUFLELGD HUD EDMD WUDWDEDQ GH HYLWDU OD WDUHD WUDV OD H[SHULHQFLD GH IUDFDVR \
SUHVHQWDEDQPiVHPRFLRQHVQHJDWLYDV
93
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6HJ~Q 3LxHLUR 9DOOH 5RGUtJXH] *RQ]iOH] 6XiUH] \ $EDOGH ODV
PHWDV DFDGpPLFDV KDQ VLGR GH JUDQ LPSRUWDQFLD SDUD OD H[SOLFDFLyQ GH OD
PRWLYDFLyQ\FRQGXFWDGHORVHVWXGLDQWHV/DLQYHVWLJDFLyQWUDGLFLRQDOHQODWHRUtD
GHPHWDVVHKDFHQWUDGRHQGRVPHWDVSUHGRPLQDQWHVODVPHWDVGHDSUHQGL]DMH\
ODVPHWDVGHUHQGLPLHQWR
6LQ HPEDUJR D SULQFLSLRV GH OD GpFDGD GH ORV QRYHQWD ORV WUDEDMRV GH
+D\DPL]X,WR\<RVKLD]DNL\GH+D\DPL]X\:HLQHUFRQILUPDURQOD
H[LVWHQFLD GH XQD ~QLFD PHWD GH DSUHQGL]DMH SHUR UHYHODURQ GRV GH UHQGLPLHQWR
XQDUHODFLRQDGDFRQODREWHQFLyQGHDSUREDFLyQ\UHIXHU]RVRFLDOPHWDGHUHIXHU]R
VRFLDO\RWUDOLJDGDDODWHQGHQFLDDDSUHQGHUSDUDREWHQHUEXHQRVUHQGLPLHQWRV\
SURJUHVDU HQ ORV HVWXGLRV PHWD GH ORJUR (VWR KD VLGR FRQILUPDGR HQ YDULDV
LQYHVWLJDFLRQHV UHDOL]DGDV HQ QXHVWUR SDtV &DEDQDFK 1~xH] \ *RQ]iOH]
3LHQGD1~xH]HWDO
'HVGHODWHRUtDFRJQLWLYRVRFLDOVHGHILHQGHTXHHQORVFRQWH[WRVGHORJURORV
MyYHQHVWUDWDQGHGHPRVWUDUTXHVRQFRPSHWHQWHV\GHHYLWDUGHPRVWUDUORFRQWUDULR
$PHV(OOLRWW\'ZHFN1LFKROOV3RUWDQWRVHVXJLHUHTXHVRQ
GRV ODV SHUVSHFWLYDV GH PHWD TXH SUHGRPLQDQ HQ HO FRQWH[WR DFDGpPLFR OD
RULHQWDFLyQ DO HJR \ OD RULHQWDFLyQ D OD WDUHD /RV VXMHWRV RULHQWDGRV D OD WDUHD
MX]JDQ VX QLYHO GH FDSDFLGDG EDViQGRVH HQ XQ SURFHVR GH FRPSDUDFLyQ FRQ HOORV
PLVPRVPLHQWUDVTXHORVVXMHWRVRULHQWDGRVDOHJRMX]JDQVLVRQRQRFRPSHWHQWHV
FRPSDUiQGRVHFRQRWURV1LFKROOV
'LYHUVDVLQYHVWLJDFLRQHVKDQDSR\DGRODH[LVWHQFLDGHHVWDVGRVSHUVSHFWLYDV
GHPHWDHQHOFRQWH[WRDFDGpPLFRFRQILUPDQGRVXLQIOXHQFLDGLUHFWDHQODFRQGXFWD
\ HQ ODV UHVSXHVWDV WDQWR FRJQLWLYDV FRPR DIHFWLYDV TXH VH SURGXFHQ HQ ORV
FRQWH[WRV GH ORJUR &KHXQJ /DXHU \ 3DWDVKQLFN 1ROHQ 7KRUNLOGVHQ
<DFNHO\3DWDVKQLFN&RPRFRQFOXVLyQVXJLHUHTXHORVSHQVDPLHQWRV
VHQWLPLHQWRV\FRQGXFWDVGHORVHVWXGLDQWHVVRQH[SUHVLRQHVUDFLRQDOHVROyJLFDVGH
VXSHUVSHFWLYDGHPHWDSUHGRPLQDQWH1LFKROOV
94
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/RV HVWXGLRV HQ HVWD OtQHD GH LQYHVWLJDFLyQ GH &DVWLOOR %DODJXHU \ 'XGD
FRQFOX\HQ HQ UHODFLyQ D OD SHUVSHFWLYD GH PHWD GH ORV DGROHVFHQWHV HQ HO
FRQWH[WRDFDGpPLFRTXHHVWDVRULHQWDFLRQHVGHPHWDVRQH[SUHVLRQHVOyJLFDVGHVXV
FUHHQFLDVVREUHODVFDXVDVGHOp[LWRHQODHVFXHOD
0iV D~Q ODV GLPHQVLRQHV GH PHWDFUHHQFLDV TXH KDQ VLGR LGHQWLILFDGDV HQ
HVWXGLRV UHDOL]DGRV FRQ HVWXGLDQWHV DPHULFDQRV VH PDQLILHVWDQ LJXDOPHQWH HQ
HVWXGLDQWHV YDOHQFLDQRV SRU OR TXH SRGHPRV KDEODU GH XQD JHQHUDOL]DFLyQ GH ODV
RULHQWDFLRQHV GH PHWD HQ HO FRQWH[WR DFDGpPLFR 6XV HVWXGLRV FRQFOX\HQ TXH ORV
HVWXGLDQWHVTXHSXQW~DQDOWRHQODPHWDFUHHQFLDWDUHDHQFXHQWUDQODVDFWLYLGDGHV
DFDGpPLFDV GHO FROHJLR PiV GLYHUWLGDV PiV LQWHUHVDQWHV \ PHQRV DEXUULGDV
PLHQWUDV TXH ORV HVWXGLDQWHV TXH SXQW~DQ DOWR HQ OD PHWDFUHHQFLDHJR SHUFLEHQ
TXHVHDEXUUHQHQODHVFXHOD\HQODHMHFXFLyQGHODVDFWLYLGDGHVDFDGpPLFDV
6LJXLHQGRD1LFKROOVHQVXHVWXGLRVHDSRUWDTXHXQDWHRUtDGHORJUR
RULHQWDGD D OD WDUHD DVXPH TXH ORV DQWHFHGHQWHV GHO p[LWR HVWiQ EDMR HO SURSLR
FRQWURO SHUVRQDO HM WUDEDMDU GXUR \ TXH ORV LQWHUHVHV VRQ LQWUtQVHFRV D OD SURSLD
WDUHD 3RU HO FRQWUDULR XQD WHRUtD GH ORJUR RULHQWDGD DO HJR VH FHQWUD HQ HO
UHVXOWDGR GH OD DFWLYLGDG (O VLJQLILFDGR GH OR TXH XQR KDFH HV DO ILQ \ DO FDER
GHPRVWUDUTXHXQRHVHOPHMRU
$FWXDOPHQWH ODV PHWDV DFDGpPLFDV VRQ HVWXGLDGDV GHVGH XQD QXHYD
SHUVSHFWLYDODSHUVSHFWLYDGHP~OWLSOHVPHWDVFX\RVSUHVXSXHVWRVEiVLFRVVRQORV
HVWXGLDQWHV SXHGHQ SHUVHJXLU VLPXOWiQHDPHQWH PiV GH XQD PHWD (VWH DVSHFWR
FRQVWLWXLUtDXQDGHODVFDUDFWHUtVWLFDVGHODSUHQGL]DMHDXWRUUHJXODGRHOFXDOQRHV
VROR GHILQLGR SRU OD UHJXODFLyQ FRJQLWLYD \ FRQGXFWXDO VLQR WDPELpQ SRU HO
FRPSRQHQWHGH UHJXODFLyQ PRWLYDFLRQDO6HJ~Q HO FDUiFWHUPXOWLGLPHQVLRQDO GH OD
PRWLYDFLyQDFDGpPLFDODVUD]RQHV\PRWLYRVSRUORVTXHVHLPSOLFDQORVHVWXGLDQWHV
HQ ODV WDUHDV \ DFWLYLGDGHV GH DSUHQGL]DMH VH HQJOREDQ GHQWUR GH XQD GH ODV
YDULDEOHV PiV LPSRUWDQWHV GHVGH HO SXQWR GH YLVWD PRWLYDFLRQDO FRPR VRQ ODV
PHWDVDFDGpPLFDV
95
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/D PD\RU SDUWH GH ORV HVWXGLRV UHDOL]DGRV VREUH HO WHPD SUHVHQWDQ ORV
VLJXLHQWHV WLSRV GH PHWDV PHWDV GH DSUHQGL]DMH R PHWDV GH UHQGLPLHQWR 'ZHFN
PHWDV GH DWHQFLyQ D OD WDUHD R PHWDV GH DWHQFLyQ DO \R 1LFKROOV R
PHWDV GH GHVDItR R PHWDV GH ORJUR $PHV *HQHUDOPHQWH VH OHV GHQRPLQD
FRPRPHWDVGHDSUHQGL]DMHRGHGRPLQLR\PHWDVGHUHQGLPLHQWRRGHHMHFXFLyQ
$FWXDOPHQWH HO FRQVWUXFWR PHWDV DFDGpPLFDV VH HPSOHD GHVGH XQD ySWLFD
PXOWLGLPHQVLRQDOIRUPDGRDOPHQRVSRUWUHVGLIHUHQWHVGLPHQVLRQHVXQDPHWDGH
DSUHQGL]DMH \ GRV GH UHQGLPLHQWR PHWD GH UHIXHU]R VRFLDO \ PHWD GH ORJUR
&DEDQDFK*RQ]iOH]3LHQGD1~xH]\9DOOH(QHVWDOtQHDGHLQYHVWLJDFLyQ
ORVWUDEDMRVUHDOL]DGRVSRU&DEDQDFK*RQ]iOH]1~xH]3LxHLUR5RGUtJXH]\9DOOH
FRQILUPDQ OD KLSyWHVLV GH ODV P~OWLSOHV PHWDV HVWXGLDGDV SRU 0HHFH 3LQWULFK 6HLIHUW \ 9DOOH HVWRV WDPELpQ FRQVLGHUDQ TXH H[LVWHQ
GLIHUHQWHVRULHQWDFLRQHVPRWLYDFLRQDOHVHQORVHVWXGLDQWHVDGROHVFHQWHVTXLHQHVVH
DGDSWDQPHMRUDODVGHPDQGDVGHOFRQWH[WR\RVLWXDFLRQHVGHDSUHQGL]DMH
6LJXLHQGR OD LQYHVWLJDFLyQ HQ UHODFLyQ DO HVWXGLR GH ODV PHWDV DFDGpPLFDV
GHVGH XQD SHUVSHFWLYD PXOWLGLPHQVLRQDO HQ HVWXGLDQWHV DGROHVFHQWHV FRQ \ VLQ
GLILFXOWDGHV GH DSUHQGL]DMH RWURV DXWRUHV &DEDQDFK *RQ]iOH]3LHQGD *DUFtD
*RQ]iOH]3XPDULHJD 1~xH] \ 9DOOH FRQFOX\HQ HQ VXV LQYHVWLJDFLRQHV OR
VLJXLHQWH
D
/RV HVWXGLDQWHV FRQ GLILFXOWDGHV GH DSUHQGL]DMH VH HQFXHQWUDQ
VLJQLILFDWLYDPHQWH PHQRV PRWLYDGRV KDFLD HO DSUHQGL]DMH TXH VXV
FRPSDxHURVVLQGLILFXOWDGHVGHDSUHQGL]DMH
E
/RV HVWXGLDQWHV FRQ GLILFXOWDGHV GH DSUHQGL]DMH VH HQFXHQWUDQ PHQRV
PRWLYDGRV KDFLD OD E~VTXHGD GH DSUREDFLyQ VRFLDO SRU SDUWH GH ODV
SHUVRQDVVLJQLILFDWLYDVSDUDHOORV
F
/RVHVWXGLDQWHVFRQGLILFXOWDGHVGHDSUHQGL]DMHPXHVWUDQPHQRVLQWHUpV
SRUFRQVHJXLUXQORJURDFDGpPLFRHVSHFtILFR
96
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&RPRFRQFOXVLyQORVDOXPQRVFRQGLILFXOWDGHVGHDSUHQGL]DMHVHHQFXHQWUDQ
PHQRV PRWLYDGRV KDFLD HO DSUHQGL]DMH TXH VXV LJXDOHV VLQ GLILFXOWDGHV (VWRV
DOXPQRVH[SHULPHQWDQPiVHOIUDFDVRHVFRODUTXHVXVLJXDOHVSRUORTXHWLHQGHQD
GHVFRQILDU GH VX FDSDFLGDG \ GHVDUUROODU EDMDV H[SHFWDWLYDV GH DXWRHILFDFLD 3RU
WDQWR PiV TXH RULHQWDUVH PRWLYDFLRQDOPHQWH KDFLD HO DSUHQGHU PHWDV GH
DSUHQGL]DMH ORV HVWXGLDQWHV FRQ GLILFXOWDGHV GH DSUHQGL]DMH VH FHQWUDQ HQ
HVIRU]DUVHSRUREWHQHUFLHUWRORJURDFDGpPLFRPHWDGHUHQGLPLHQWR
(VWR SRGUtD H[SOLFDUVH GHELGR D TXH ORV HVWXGLDQWHV FRQ '$ \ VLQ '$ QR
PXHVWUDQGLIHUHQFLDVVLJQLILFDWLYDVHQVXLQWHUpVSRUREWHQHUXQFLHUWRUHQGLPLHQWR
PHWDGHUHQGLPLHQWRORTXHHVH[SOLFDEOHDTXHDPERVJUXSRVDWULEX\HQWDQWRVXV
p[LWRV FRPR VXV IUDFDVRV SULQFLSDOPHQWH DO HVIXHU]R R IDOWD GH HVIXHU]R HVWR
SHUPLWHDORVDOXPQRVFRQ'$PDQWHQHUXQQLYHOPRWLYDFLRQDOPtQLPR
3RU RWUD SDUWH \ HQ UHODFLyQ FRQ OD PRWLYDFLyQ VH KD HQFRQWUDGR HYLGHQFLD
HPStULFD &DEDQDFK *RQ]iOH]3LHQGD *DUFtD *RQ]iOH]3XPDULHJD 1~xH] \
9DOOHTXHLQGLFDTXHORVHVWXGLDQWHVFRQ'$PXHVWUDQXQLQWHUpVSRUEXVFDU
OD DSUREDFLyQ \ UHIXHU]R VRFLDO PHQRU TXH ORV HVWXGLDQWHV VLQ '$ (VWR SXHGH
H[SOLFDUVH SRU OD SHUFHSFLyQ TXH WLHQHQ HVWRV HVWXGLDQWHV GH ODV QHJDWLYDV
H[SHFWDWLYDV GH ORV GHPiV HVSHFLDOPHQWH GH VXV SDGUHV \ SURIHVRUHV 0HOW]HU
UHVSHFWRDVXDSUHQGL]DMH 2WURVWUDEDMRVSUHVHQWDGRVSRU5RGUtJXH]&DEDQDFK3LxHLUR9DOOH1~xH]
\*RQ]iOH]3LHQGDDSRUWDQFRPRFRQFOXVLyQTXHH[LVWHXQDOWRSRUFHQWDMHGH
LQGLYLGXRV TXH VRQ FDSDFHV GH LQWHJUDU GHQWUR GH XQ PLVPR SDWUyQ PRWLYDFLRQDO
XQDPRWLYDFLyQGHDSUR[LPDFLyQ\GHHYLWDFLyQGHXQPLVPRWLSRGHPHWD
(QWHQGLHQGR SRU PRWLYDFLyQ GH DSUR[LPDFLyQ DTXHOORV HVWXGLDQWHV TXH
GHVDUUROODQ PHWDV GH DSUHQGL]DMH SDUD LQFUHPHQWDU VX FDSDFLGDG \ PHWDV GH
UHQGLPLHQWRSDUDGHPRVWUDUVXFDSDFLGDG(OOLRW3DMDUHV%ULWQHU\9DOLHQWH
PLHQWUDV TXH ODPHWDGH HYLWDFLyQVH FHQWUD HQHYLWDU MXLFLRV GHVIDYRUDEOHV
VREUH OD FRPSHWHQFLD (OOLRW (OOLRW \ &KXUFK (OOLRW \
97
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
+DUDFNLHZLF](OOLRW0F*UHJRU\*DEOH0LGGOHQWRQ\0LGJOH\
6NDDOYLN
'HVGH HVWD DSRUWDFLyQ D OD LQYHVWLJDFLyQ SRGUtDPRV UHVXPLU TXH ORV
HVWXGLDQWHVVLQGLILFXOWDGHVGHDSUHQGL]DMHSXHGHQHVWDUPRWLYDGRVSDUDFRQVHJXLU
XQ UHQGLPLHQWR VXSHULRU HQ FRPSDUDFLyQ D ORV HVWXGLDQWHV FRQ GLILFXOWDGHV GH
DSUHQGL]DMH DVt FRPRSDUD GHPRVWUDU VX FRPSHWHQFLD \ VXSHULRULGDG RULHQWDFLyQ
GH DSUR[LPDFLyQ HQ ODV PHWDV GH UHQGLPLHQWR R SXHGHQ HVWDU PRWLYDGRV SDUD
HYLWDU HO IUDFDVR \ SDUD HYLWDU SDUHFHU LQFRPSHWHQWHV RULHQWDFLyQ GH HYLWDFLyQ HQ
ODV PHWDV GH UHQGLPLHQWR 2WUDV LQYHVWLJDFLRQHV DSRUWDQ VHJ~Q ORV HVWXGLRV GH
9DOOH &DEDQDFK 5RGUtJXH] 1~xH] \ *RQ]iOH]3LHQGD GHVGH XQD
SHUVSHFWLYDPXOWLPHWDORVVLJXLHQWHVUHVXOWDGRV
(Q UHODFLyQ D ODV PHWDV GH DSUHQGL]DMH FXDQWR PD\RU HV OD PHWD GH
DSUHQGL]DMH H[LVWH PD\RU WHQGHQFLD DO HPSOHR GH HVWUDWHJLDV FRJQLWLYDV \ GH
DXWRUUHJXODFLyQ GHO HVWXGLR \ FXDQWR PiV EDMD HV OD PHWD PHQRU HV HO XVR TXH
KDFHQGHHVDVHVWUDWHJLDV
&RQ UHODFLyQ D ODV PHWDV RULHQWDGDV DO \R HVWH WLSR GH PHWDV QR SUHVHQWD
GLIHUHQFLDVVLJQLILFDWLYDVHQHOXVRGHFDGDXQDGHODVHVWUDWHJLDVHQIXQFLyQGHORV
GLVWLQWRVQLYHOHVGHHVWHWLSRGHPHWDV
&RQ UHODFLyQ D ODV PHWDV RULHQWDGDV D OD YDORUDFLyQ VRFLDOVH FRQFOX\H TXH
QR H[LVWHQ GLIHUHQFLDV VLJQLILFDWLYDV HQ HO XVR GH HVWUDWHJLDV VHJ~Q ORV GLVWLQWRV
QLYHOHVGHHVWHWLSRGHPHWDVEDMDVPHGLDVRDOWDV
(QUHODFLyQDODVPHWDVGHORJURQRVHDSUHFLDQGLIHUHQFLDVVLJQLILFDWLYDVHQ
HOXVRGHHVWUDWHJLDV
98
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
$OJXQRV DXWRUHV FRQFOX\HQ HQ ORV HVWXGLRV UHDOL]DGRV VREUH ODV PHWDV
DFDGpPLFDV$OEDGH*RQ]iOH]3LxHLUR5RGUtJXH]6XiUH]\9DOOHTXHHVWDV
KDQ VLGR GH JUDQ LPSRUWDQWDQFLD SDUD H[SOLFDU OD PRWLYDFLyQ \ FRQGXFWD GH ORV
HVWXGLDQWHV /RV HVWXGLRV DFWXDOHV GHVGH OD SHUVSHFWLYD GH P~OWLSOHV PHWDV
FRQVLGHUDQ TXH ORV HVWXGLDQWHV SXHGHQ SHUVHJXLU VLPXOWiQHDPHQWH PiV GH XQD
PHWD&DEDQDFK*RQ]iOH]1~xH]3LxHLUR5RGUtJXH]\9DOOH
3RU WDQWR ORV HVWXGLRV TXH PiV VH DSUR[LPDQ D QXHVWUD LQYHVWLJDFLyQ
&DEDQDFK *RQ]iOH]3LHQGD *DUFtD *RQ]iOH]3XPDULHJD 1~xH] \ 9DOOH QRV DSRUWDQ GH IRUPD UHVXPLGD ODV VLJXLHQWHV FRQFOXVLRQHV ORV HVWXGLDQWHV
DGROHVFHQWHVFRQGLILFXOWDGHVGHDSUHQGL]DMHVHHQFXHQWUDQPHQRVPRWLYDGRVKDFLD
HODSUHQGL]DMHKDFLDODE~VTXHGDGHODDSUREDFLyQVRFLDO\PXHVWUDQPHQRVLQWHUpV
SRU FRQVHJXLU XQ ORJUR DFDGpPLFR HVSHFtILFR HQ FRPSDUDFLyQ FRQ VXV LJXDOHV VLQ
GLILFXOWDGHVGHDSUHQGL]DMH
&RPR UHVXPHQ GH OR H[SXHVWR KDVWD HVWH PRPHQWR VH DSRUWD TXH ORV
DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH PiV TXH RULHQWDUVH PRWLYDFLRQDOPHQWH
KDFLD HO DSUHQGL]DMH PHWDV GH DSUHQGL]DMH VH FHQWUDQ HQ HVIRU]DUVH SRU REWHQHU
FLHUWRORJURDFDGpPLFRPHWDGHUHQGLPLHQWR
,QYHVWLJDFLRQHV PiV DFWXDOHV &DEDQDFK *RQ]iOH]3LHQGD 1~xH]
5RGUtJXH] \ 9DOOH GHVGH XQD SHUVSHFWLYD PXOWLPHWD FRQFOX\HQ HQ VXV
HVWXGLRVTXHFXDQWRPD\RUHVVRQODVPHWDVGHDSUHQGL]DMHH[LVWHPD\RUWHQGHQFLD
DOHPSOHRGHHVWUDWHJLDVFRJQLWLYDV\GHDXWRUUHJXODFLyQHQHOHVWXGLR\FXDQWRPiV
EDMDV VRQ HVWDV PHQRU HV HO XVR TXH KDFHQ GH HVDV HVWUDWHJLDV $Vt H[LVWHQ
GLIHUHQFLDV SRFR VLJQLILFDWLYDV HQ HO HPSOHR GH HVWUDWHJLDV VHJ~Q ORV GLVWLQWRV
QLYHOHVGHHVWHWLSRGHPHWDVEDMDVPHGLDVRDOWDV
99
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(O HVWXGLR UHDOL]DGR SRU ORV DXWRUHV GH HVWD YDULDEOH TXHGD UHIOHMDGR HQ OD
VLJXLHQWHFODVLILFDFLyQGHODVPHWDVDFDGpPLFDV
0HWDVGH
•
•
$SUHQGL]DMH
([SUHVDQ OD PRWLYDFLyQ HVIXHU]R \ SHUVLVWHQFLD HQ ODV
WDUHDV DFDGpPLFDV GLULJLGD KDFLD OD DGTXLVLFLyQ GH
FRPSHWHQFLD
•
([SUHVDQ ODPRWLYDFLyQ HVIXHU]R \ SHUVLVWHQFLD DQWH ODV
WDUHDVDFDGpPLFDVLQWUtQVHFD
•
([SUHVDQ OD PRWLYDFLyQ HVIXHU]R \ SHUVLVWHQFLD HQ ODV
WDUHDV DFDGpPLFDV KDFLD OD DGTXLVLFLyQ GH FRQWURO
SHUVRQDO
•
0HWDV
•
RULHQWDGDV
([SUHVDQ ODPRWLYDFLyQ HVIXHU]R \ SHUVLVWHQFLD DQWH ODV
WDUHDVDFDGpPLFDVKDFLDHOHQJUDQGDPLHQWRGHO´\Rµ
DO<R
•
([SUHVDQ ODPRWLYDFLyQ HVIXHU]R \ SHUVLVWHQFLD DQWH ODV
WDUHDVDFDGpPLFDVKDFLDODGHIHQVDGHO´\Rµ
•
0HWDV
•
([SUHVDQ ODPRWLYDFLyQ HVIXHU]R \ SHUVLVWHQFLD DQWH ODV
RULHQWDGDVD
WDUHDV DFDGpPLFDV KDFLD OD DGTXLVLFLyQ DFHSWDFLyQ \
ODYDORUDFLyQ
YDORUDFLyQVRFLDO
VRFLDO
•
0HWDV
•
RULHQWDGDVD
OD
UHFRPSHQVD
([SUHVDQ ODPRWLYDFLyQ HVIXHU]R \ SHUVLVWHQFLD DQWH ODV
WDUHDVDFDGpPLFDVKDFLDODDGTXLVLFLyQGHUHFRPSHQVDV
•
([SUHVDQ ODPRWLYDFLyQ HVIXHU]R \ SHUVLVWHQFLD DQWH ODV
WDUHDV DFDGpPLFDV KDFLD OD DGTXLVLFLyQ GH XQ IXWXUR
WUDEDMR
(Q UHODFLyQ D ODVPHWDV FHQWUDGDVHQ OD HYLWDFLyQ GH FDVWLJRVVH PXHVWUDQ
GLIHUHQFLDV VLJQLILFDWLYDV HQ HO XVR GH HVWUDWHJLDV FRJQLWLYDV \ GH DXWRUUHJXODFLyQ
(VWRV DXWRUHV FRQFOX\HQ TXH ORV HVWXGLDQWHV SXHGHQ SURSRQHUVH HVWXGLDU FRQ HO
REMHWLYR GH HYLWDU TXH VH OHV ´WHQJD PDQtDµ VHU UHFKD]DGRV R SHUGHU HO UHVSHWR GH
100
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
ORV GHPiV SRGUtDQ HVWDU SRQLHQGR HQ PDUFKD DFWXDFLRQHV PiV R PHQRV
DXWRUUHJXODGDV\SRGUtDQJHVWLRQDUPHMRURSHRUHOPDWHULDOGHHVWXGLR
'LIHUHQFLDVHQODLPSOLFDFLyQIDPLOLDUHQHOSURFHVRGHDSUHQGL]DMHGH
ORVDOXPQRVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMH
(Q UHODFLyQ D OD LPSOLFDFLyQ GH ORV SDGUHV HQ OD HGXFDFLyQ GH ORV KLMRV HV
SRVLEOH GLIHUHQFLDU GRV WLSRV GH LQYHVWLJDFLRQHV (Q SULPHU OXJDU VH HQFXHQWUDQ
DTXHOORV WUDEDMRV TXH EXVFDQ H[SOLFDU FyPR GLVWLQWDV FRQGXFWDV GH ORV SDGUHV
LQIOX\HQ HQ OD PRWLYDFLyQ DXWRFRQFHSWR FRQFHQWUDFLyQ HVIXHU]R DFWLWXG HWF GH
VXV KLMRV DVXPLHQGR TXH WDOHV YDULDEOHV VRQ FRQGLFLRQHV IXQGDPHQWDOHV TXH
VHQVLELOL]DQGR DO LQGLYLGXR KDFLD OD XWLOL]DFLyQ GH VXV SURFHVRV \ HVWUDWHJLDV
FRJQLWLYDV LQFLGLUiQ VLJQLILFDWLYDPHQWH VREUH HO DSUHQGL]DMH \ UHQGLPLHQWR
SRVWHULRU %HPSHFKDW &DVWHMyQ \ 3pUH] *RQ]iOH]3LHQGD 1~xH]
*RQ]iOH]3XPDULHJD ÉOYDUH] 5RFHV \ *DUFtD +RNRGD \ )LQFKDP .HLWK \ .HLWK .OHEDQRY \ %URRNV*XQQ 0DUMRULEDQNV 3DWULNDNRX5H\QROGV\:DOEHUJ9HLJD
'HVGH HVWD SHUVSHFWLYD *RQ]iOH]3LHQGD HW DO KDQ REWHQLGR
HYLGHQFLDGHTXHFLHUWDVGLPHQVLRQHVGHODLPSOLFDFLyQGHORVSDGUHVUHVSHFWRDOD
HGXFDFLyQ GH VXV KLMRV H[SHFWDWLYDV VREUH HO UHQGLPLHQWR H[SHFWDWLYDV VREUH OD
FDSDFLGDG SDUD DOFDQ]DU ORJURV LPSRUWDQWHV LQWHUpV UHVSHFWR GH ORV WUDEDMRV
HVFRODUHV GH ORV KLMRV JUDGRGHVDWLVIDFFLyQ R LQVDWLVIDFFLyQFRQ HO QLYHO DOFDQ]DGR
SRUORVKLMRVQLYHO\WLSRGHD\XGDTXHSUHVWDQORVSDGUHVDVXVKLMRVDODKRUDGH
UHDOL]DUODVWDUHDVDFDGpPLFDVHQHOKRJDU\FRQGXFWDVGHUHIXHU]RSRUSDUWHGHORV
SDGUHV UHVSHFWR D ORV ORJURV GH VXV KLMRV LQFLGHQ VLJQLILFDWLYDPHQWH VREUH HO
UHQGLPLHQWR DFDGpPLFR GH VXV KLMRV QR GLUHFWDPHQWH FRPR HV OyJLFR VLQR
LQGLUHFWDPHQWH D WUDYpV GH VX LQFLGHQFLD VREUH YDULDEOHV SHUVRQDOHV GH VXV KLMRV
WDOHV FRPR VX DXWRFRQFHSWR \ DXWRHVWLPD FRPR HVWXGLDQWHV HO SDWUyQ WtSLFR GH
DWULEXFLyQGHODFDXVDOLGDGVREUHORVp[LWRV\IUDFDVRVDFDGpPLFRVSDUWLFXODUHVORV
UHVXOWDGRV GH ORV H[iPHQHV \ VX FRPSHWHQFLD DSWLWXGLQDO SDUD ORV DSUHQGL]DMHV
DFDGpPLFRV
101
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(Q VHJXQGR OXJDU HVWiQ ODV HVFDVDV LQYHVWLJDFLRQHV TXH DQDOL]DQ FyPR ORV
SDGUHV VH LPSOLFDQ IDYRUHFLHQGR R GLILFXOWDQGR HO SURSLR SURFHVR GH DSUHQGL]DMH
PHGLDQWH VX LQIOXHQFLD VREUH ODV FRQGXFWDV GH DXWRUUHJXODFLyQ )HOGPDQQ
0DUWtQH]3RQV \ 6KDKDP 0DUWtQH]3RQV =LPPHUPDQ %DQGXUD \
0DUWtQH]3RQV(OFDPELRGHSHUVSHFWLYDVREUHHODSUHQGL]DMHHVFRODUGHVGH
HO FOiVLFR PRGHOR FRJQLWLYR DO PRGHOR GH DSUHQGL]DMH DXWRUUHJXODGR KD VXSXHVWR
WDPELpQXQDQXHYDRULHQWDFLyQSDUDODLQYHVWLJDFLyQVREUHODLPSOLFDFLyQIDPLOLDU
HQHOHVWXGLR\HODSUHQGL]DMHHVFRODUGHORVKLMRV
/RV PRGHORV GH DSUHQGL]DMH DXWRUUHJXODGR WUDWDQ GH LQWHJUDU ORV DVSHFWRV
FRJQLWLYRV DIHFWLYRPRWLYDFLRQDOHV \ FRPSRUWDPHQWDOHV GHO HVWXGLDQWH %RHNDHUWV
3LQWULFK \ =HLGQHU 9DOOH &DEDQDFK 1~xH] *RQ]iOH]3LHQGD 5RGUtJXH] \
3LxHLUR HQ SUHQVD 6HJ~Q %RHNDHUWV ORV PRGHORV GH DSUHQGL]DMH
DXWRUUHJXODGR SHUPLWHQ D GHVFULELU ORV GLVWLQWRV FRPSRQHQWHV TXH HVWiQ
LPSOLFDGRV HQ HO DSUHQGL]DMH H[LWRVR E H[SOLFDU ODV UHODFLRQHV UHFtSURFDV \
UHFXUUHQWHV TXH VH HVWDEOHFHQ HQWUH GLFKRV FRPSRQHQWHV \ F UHODFLRQDU
GLUHFWDPHQWH HO DSUHQGL]DMH FRQ HO \R R OR TXH HV OR PLVPR FRQ ODV PHWDV OD
PRWLYDFLyQODYROLFLyQ\ODVHPRFLRQHV
'HVGH HVWH QXHYR SDUDGLJPD OR TXH HO DOXPQR DSRUWD D ODV VLWXDFLRQHV GH
DSUHQGL]DMH QR VH LGHQWLILFD H[FOXVLYDPHQWH FRQ ORV LQVWUXPHQWRV LQWHOHFWXDOHV GH
TXH GLVSRQH VLQR TXH WDPELpQ LPSOLFD ORV DVSHFWRV GH FDUiFWHU PRWLYDFLRQDO
%RHNDHUWV \ 1LHPLYLUWD &DVWLOOR %DODJXHU \ 'XGD &RYLQJWRQ 6XiUH]&DEDQDFK\9DOOH9DOOH&DEDQDFK1~xH]\*RQ]iOH]3LHQGD
9DOOH&DEDQDFK1~xH]5RGUtJXH]\3LxHLURDIHFWLYRHPRFLRQDO*RQ]iOH]
3LHQGD1~xH]*RQ]iOH]3XPDULHJD\*DUFtD*RQ]iOH]3LHQGDHWDO
0F&RPEV 1~xH] HW DO \ YROLWLYR .XOK UHODFLRQDGRV FRQ ODV
FDSDFLGDGHVGHHTXLOLEULRSHUVRQDO
0DUWtQH]3RQV GHILQH OD LPSOLFDFLyQ GH OD IDPLOLD HQ HO SURFHVR GH
DXWRUUHJXODFLyQ D WUDYpV GH FXDWUR WLSRV GH FRQGXFWDV PRGHODGR FXDQGR OD
FRQGXFWD GH ORV SDGUHVRIUHFH HMHPSORV GH DXWRUUHJXODFLyQ HQVXVGLYHUVDV IDVHV \
IRUPDV SDUD SRGHU VHU REVHUYDGRV H LPLWDGRV SRU VXV KLMRV HVWLPXODFLyQ R DSR\R
102
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
PRWLYDFLRQDO FXDQGR ORV SDGUHV IDYRUHFHQ OD SHUVLVWHQFLD GH ORV KLMRV DQWH
FRQGLFLRQHV DGYHUVDV IDFLOLWDFLyQ R D\XGD FXDQGR ORV SDGUHV IDFLOLWDQ HO
DSUHQGL]DMH DSRUWDQGR UHFXUVRV \ PHGLRV \ UHFRPSHQVD FXDQGR ORV SDGUHV
UHIXHU]DQ DTXHOODV FRQGXFWDV R VHFXHQFLDV TXH LPSOLTXHQ DOJ~Q JUDGR GH
DXWRUUHJXODFLyQ
(Q HVH WUDEDMR 0DUWtQH]3RQV REWLHQHHYLGHQFLD HPStULFD GH TXH HVWH WLSR
GH FRPSRUWDPLHQWR GH ORV SDGUHV LQIOX\H VLJQLILFDWLYDPHQWH VREUH ODV GLIHUHQWHV
iUHDV GHO SURFHVR GH DXWRUUHJXODFLyQ GHO DSUHQGL]DMH GH ORV KLMRV \ HVWR VREUH VX
UHQGLPLHQWRDFDGpPLFR1RREVWDQWH0DUWtQH]3RQVQRUHODFLRQDODVFRQGXFWDVGH
LQFLWDFLyQ SDUHQWDO D OD DXWRUUHJXODFLyQ FRQ FDGD XQD GH ODV iUHDV HVSHFtILFDV GHO
SURFHVR GH DXWRUUHJXODFLyQ VLQR FRQ XQD PHGLGD JHQHUDO GHO SURFHVR GH
DXWRUUHJXODFLyQGHODSUHQGL]DMH
2WUDVLQYHVWLJDFLRQHVDFWXDOHVUHODFLRQDGDVFRQODUHODFLyQGHODLPSOLFDFLyQ
IDPLOLDU 3DWULNDNRX GH OD 8QLYHUVLGDG GH ,OOLQRLV GH &KLFDJR HQ HO
UHQGLPLHQWR DFDGpPLFR HQ HVWXGLDQWHV GH (GXFDFLyQ 6HFXQGDULD FRQ \ VLQ
GLILFXOWDGHVGHDSUHQGL]DMHFRQVLGHUDQORVVLJXLHQWHVIDFWRUHVJHQHUDOHVHYDOXDEOHV
HQ UHODFLyQ D ORV HVWXGLDQWHV OD SHUFHSFLyQ GH ODV H[SHFWDWLYDV GH ORV HVWXGLDQWHV
VREUHODLPSOLFDFLyQIDPLOLDUHQHOSURFHVRHGXFDWLYRHODXWRFRQFHSWR\H[SHFWDWLYDV
DFDGpPLFDV GH ORV HVWXGLDQWHV HO UHQGLPLHQWR DFDGpPLFR GH ORV HVWXGLDQWHV \ OD
LPSOLFDFLyQGHORVSDGUHVHQHOWLHPSRGHWUDEDMRUHDOL]DGRHQFDVD
&RQ UHVSHFWR D ORV SDGUHV ORV IDFWRUHV JHQHUDOHV HYDOXDEOHV VHUtDQ ORV
VLJXLHQWHV OD FRPXQLFDFLyQ SDUHQWDO ODV H[SHFWDWLYDV SDUHQWDOHV VREUH VX
LPSOLFDFLyQ HQ HO SURFHVR HGXFDWLYR GH VXV KLMRV \ VX UHQGLPLHQWR DFDGpPLFR \ OD
LPSOLFDFLyQIDPLOLDUHQORVDVSHFWRVUHODFLRQDGRVFRQODHVFXHOD
2WUDV YDULDEOHV HVWXGLDGDV UHODFLRQDGDV FRQ OD LPSOLFDFLyQ IDPLOLDU HQ
DPERV JUXSRV GH HVWXGLDQWHV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH KDQ VLGR ODV
VLJXLHQWHVHOJpQHURHOVWDWXVVRFLRHFRQyPLFR\HOUHQGLPLHQWRDFDGpPLFR
103
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
)LQDOPHQWHHODXWRU3DWULNDNRXFRQFOX\HORVLJXLHQWH
D /DVH[SHFWDWLYDVDFDGpPLFDVGHORVHVWXGLDQWHVHQDPERVJUXSRVWLHQHQ
XQDLQIOXHQFLDLPSRUWDQWHHIHFWRGLUHFWRHQHOUHQGLPLHQWRDFDGpPLFR
E /DVH[SHFWDWLYDVDFDGpPLFDVGHORVSDGUHVWLHQHQXQDLQIOXHQFLDGLUHFWD
HQHOUHQGLPLHQWRDFDGpPLFRGHDPERVJUXSRV
F /DVH[SHFWDWLYDVGHORVSDGUHVWLHQHQXQDLQIOXHQFLDLPSRUWDQWHVREUHHO
UHVWRGHH[SHFWDWLYDVGHORVHVWXGLDQWHV
/RVUHVXOWDGRVGHOSUHVHQWHHVWXGLRLQGLFDQODLPSRUWDQFLDGHODSHUFHSFLyQ
TXH WLHQHQ ORV HVWXGLDQWHV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH GH ODV DFWLWXGHV
SDUHQWDOHV \ VX LPSOLFDFLyQ HQ OD YLGD DFDGpPLFD GH ORV PLVPRV DVt FRPR OD
LQIOXHQFLDTXHWLHQHQODVVLJXLHQWHVYDULDEOHVODRUJDQL]DFLyQODD\XGDHIHFWLYDHQ
ODVWDUHDVHVFRODUHVSRUORVSDGUHVODVH[SHFWDWLYDVDFDGpPLFDV\ODSHUFHSFLyQSRU
SDUWHGHORVDOXPQRVGHODVUHODFLRQHVIDPLOLDFHQWURHQHOUHQGLPLHQWRDFDGpPLFR
HQ VXV HOHFFLRQHV DFDGpPLFDV \ SURIHVLRQDOHV \ HQ GHILQLWLYD HQ OD PHMRUD GHO
SURFHVRHGXFDWLYRGHODOXPQRFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMH(VWRHVDFRUGH
FRQ ORV HVWXGLRV HQFRQWUDGRV VHJ~Q HO 0RGHOR (FFOHV HJ (FFOHV DVt FRPR
(WKLQJWRQ\FRQODWHRUtDDGDSWDGDGH%URIHQEUHQQHU
2WUDV LQYHVWLJDFLRQHV UHODFLRQDGDV FRPR OD UHDOL]DGD SRU 3DXOVRQ VREUHHOHVWLORSDUHQWDOODLPSOLFDFLyQIDPLOLDUHQODVWDUHDVHVFRODUHV\VXUHODFLyQ
FRQHOUHQGLPLHQWRDFDGpPLFRHQORVDGROHVFHQWHVFRQFOX\HQFRPR+ROORZD\
ORVLJXLHQWH
D /DV DOWDV H[SHFWDWLYDV GH ORV SDGUHV VREUH HO UHQGLPLHQWR GH VXV KLMRV
*RWWIULHG \ *RWWIULHG 0DMRULEDQNV 3DUVRQV $GOHU \ .DF]DOD 6HJLQHU 7KRPSVRQ $OH[DQGUH \ (QWZLVOH ODV FUHHQFLDV \
DWULEXFLRQHV SRVLWLYDV DFHUFD GH ODV KDELOLGDGHV GH VXV KLMRV +ROORZD\ \ +HVV
6WHYHQVRQ /HH &KHQ /XPPLV 6WLJOHU )DQ \ *H \ ODV WDUHDV
UHDOL]DGDV HQ FDVD LQFOX\HQGR OD D\XGD HQ ODV WDUHDV GHO KRJDU ´KRPHZRUNµ
(SVWHLQ6WHLQEHUJ/DPERUQ'RUQEXFK\'DUOLQJ6WHYHQVRQ\%DNHU
VH UHODFLRQDQ GH IRUPD SRVLWLYD FRQ HO UHQGLPLHQWR DFDGpPLFR HV GHFLU D
104
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
PD\RU SHUFHSFLyQ SRU ORV DGROHVFHQWHV GH DOWDV H[SHFWDWLYDV DFDGpPLFDV SRU ORV
SDGUHV VREUH HVWRV PD\RU LQWHUpV HVIXHU]R PRWLYDFLyQ \ UHQGLPLHQWR DFDGpPLFR
JHQHUDO
E/DLPSOLFDFLyQIDPLOLDUHQODHVFXHODDFWLYLGDGHVHYHQWRVGHGHSRUWHV\
RWUDV IXQFLRQHV UHODFLRQDGDV WLHQH XQD LQIOXHQFLD SRVLWLYD FRQ HO UHQGLPLHQWR
DFDGpPLFRGHVXVKLMRV/LQQH\\9HUQEHUJ6WHYHQVRQ\%DNHU
F (O HVWLOR SDUHQWDO GLVFLSOLQDGR WLHQH XQD LQIOXHQFLD SRVLWLYD HQ HO
UHQGLPLHQWR DFDGpPLFR GH ORV KLMRV %URQIHQEUHQQHU \ &URXWHU +HVV \
+ROORZD\+RIIPDQ
G /RV HVWXGLDQWHV TXH SHUFLEHQ GH VXV SDGUHV TXH HVWRV VH LQWHUHVDQ \ OHV
D\XGDQHQODVWDUHDVHVFRODUHVDUHDOL]DUHQFDVDPXHVWUDQXQPD\RUUHQGLPLHQWR
DFDGpPLFRTXHRWURVHVWXGLDQWHVFX\RVSDGUHVQRPXHVWUDQHVHLQWHUpV\D\XGD
2WUDV LQYHVWLJDFLRQHV VREUH OD LQIOXHQFLD GH ORV SDGUHV \ VXV H[SHFWDWLYDV
VREUHHOUHQGLPLHQWRGHVXVKLMRV.DSODQFRQFOX\HQORVLJXLHQWHH[LVWHXQD
UHODFLyQ HQWUH HO QLYHOGH ODHGXFDFLyQ GH ORVSDGUHV \ HO QLYHOGH ODV H[SHFWDWLYDV
DFDGpPLFDVVREUHVXVKLMRV7HDFKPDQ\3DDVFK'HHVWDIRUPDSDGUHVFRQ
XQ DOWR QLYHO GH HVWXGLRV \ XQDV EDMDV H[SHFWDWLYDV VREUH VXV KLMRV WLHQHQ XQD
LQIOXHQFLDQHJDWLYDHQHOUHQGLPLHQWRGHHVWRV
([LVWHXQDUHODFLyQGLUHFWDHQWUHVHQWLPLHQWRVRSHUFHSFLyQGHORVSDGUHV\
UHQGLPLHQWRGHVXVKLMRVHVGHFLUORVSDGUHVTXHSHUFLEHQHQVXVKLMRVTXHSXHGHQ
FRQVHJXLU XQ GHWHUPLQDGR ORJUR DFDGpPLFR SUR\HFWDQ VHQWLPLHQWRV GH DSR\R
HPRFLRQDOTXHVRQSHUFLELGRVSRUVXVKLMRVFRPRXQSXQWRGHDSR\RSDUDVXSHUDU
ODVGLILFXOWDGHVTXHSXHGDQVXUJLUDORODUJRGHOSURFHVRDFDGpPLFR
(QODLQYHVWLJDFLyQVHKDQHODERUDGRGRVFXHVWLRQDULRV8QRSDUDYDORUDUOD
LPSOLFDFLyQGHORVSDGUHVHQHOSURFHVRDFDGpPLFRGHVXVKLMRV\RWURSDUDYDORUDUOD
SHUFHSFLyQTXHORVKLMRVWLHQHQVREUHODLPSOLFDFLyQGHVXVSDGUHVHQHVWHSURFHVR
105
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(VWRVLQVWUXPHQWRVGHYDORUDFLyQLQWHJUDQORVVLJXLHQWHVIDFWRUHVJHQHUDOHV
3HUFHSFLyQGHD\XGDRUJDQL]DFLyQHLQWHUpVHQHOSURFHVRHGXFDWLYR
([SHFWDWLYDVIXWXURSURIHVLRQDO
5HODFLRQHVFRQHO&HQWUR
7LHPSRGHRUJDQL]DFLyQ\D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV
&DGDXQRGHHVWRVDVSHFWRVJHQHUDOHVVHFRQFUHWDHQFLQFRtWHPVHVSHFtILFRV
TXHVHDOWHUQDQHQODHODERUDFLyQGHDPERVFXHVWLRQDULRV6XVHOHFFLyQVXUJHGHOD
UHYLVLyQGHORVWUDEDMRVUHDOL]DGRVHQHVWHFDPSRGHLQYHVWLJDFLyQ
D(QUHODFLyQDODSHUFHSFLyQGHD\XGDRUJDQL]DFLyQHLQWHUpVHQHOSURFHVR
HGXFDWLYR GHVWDFDQ ORV WUDEDMRV GH DXWRUHV FRPR 3DWULNDNRX %URQIHQEUHQQHU %RHUVPD \ &KDSPDQ %U\DQ \ 3HDUO 7ROOLVRQ6HJLQHUHQWUHORVPiVLPSRUWDQWHV
E(QUHODFLyQDODVH[SHFWDWLYDVVHUHYLVDQORVWUDEDMRVGHORVDXWRUHVFRPR
+LHEHUW +XUWHU 'ZHFN 5HSSXFFL /LFKW .LVWQHU 6HJLQHU
7HDFKPDQ3DDVFK7KRPSVRQ$OH[DQGHU(QWZLVOH
F(QUHODFLyQFRQODVUHODFLRQHVGHODIDPLOLDFRQHO&HQWURORVWUDEDMRVGH
ORV DXWRUHV FRPR 0F&DVOLQ 0XUGRFN :HQW]HO VRQ ORV PiV
HVWXGLDGRV
G(QUHODFLyQFRQHO WLHPSRGHRUJDQL]DFLyQ\D\XGDHIHFWLYDHQODVWDUHDV
HVFRODUHV
/DV WDUHDV SDUD FDVD 73& GHILQLGDV SRU &RRSHU FRPR ODV
WDUHDVTXHORVSURIHVRUHVSUHVFULEHQDORVDOXPQRVSDUDUHDOL]DUIXHUDGHOKRUDULR
OHFWLYRWLHQHQXQDODUJD\DUUDLJDGDWUDGLFLyQHVFRODUVLHQGRXQDSUiFWLFDKDELWXDO
HQODPD\RUtDGHODVHVFXHODVDORODUJRGHWRGRPXQGR
/DV 73& VRQ SRU GHILQLFLyQ WDUHDV TXH RFXUUHQ IXHUD GHO FRQWURO GLUHFWR
GHOSURIHVRU3RUHOORFXDQGRVHHQIUHQWDQFRQVXUHDOL]DFLyQORVDOXPQRVSXHGHQ
HOHJLUTXpKDFHU3ULPHURGHFLGLUVLORKDFHQ3RVWHULRUPHQWHTXHGDPXFKDVYHFHV
D VX FULWHULR HO WLHPSR \ HO HVIXHU]R D LQYHUWLU HQ ODV WDUHDV SUHVFULWDV ,QFOXVR
GHVSXpVGH HVWDWRPDGH GHFLVLyQ VLJXH WHQLHQGR LQQXPHUDEOHV RSFLRQHV UHODWLYDV
106
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
DO ´FXiQGRµ ´GyQGHµ ´FyPRµ \ ´FRQ TXLpQµ TXLHUHQ R SXHGHQ UHDOL]DU ODV 73&
DVLJQDGDVRSFLRQHVTXHLQHYLWDEOHPHQWHWLHQHQUHSHUFXVLyQHQODFDOLGDGILQDOGHO
GHVHPSHxR+RQJ\0LOJUDP
6HJ~Q(SVWHLQ\9RQ9RRUKLV\DHQORVDxRVRFKHQWDLQYHVWLJDGRUHV
FRPR &ROHPDQ +RIIHU \ .LOJRUH FRQFOX\HURQ HQ VXV WUDEDMRV TXH XQD PD\RU
FDQWLGDGGH73&DVtFRPRGHGLVFLSOLQDVRQGRVGHORVIDFWRUHVPiVLPSRUWDQWHVHQ
OD PHMRUD GHO DPELHQWH GH DSUHQGL]DMH \ HO FRQVHFXHQWH p[LWR DFDGpPLFR TXH
SUHVHQWDQODVHVFXHODVSULYDGDVHQFRQWUDSRVLFLyQDODVHVFXHODVS~EOLFDV
/D GHGLFDFLyQ GH WLHPSR HQ HO HVWXGLR SHUVRQDO \ SDUWLFXODUPHQWH HQ OD
UHDOL]DFLyQGHODV73&HVXQIDFWRUGHWHUPLQDQWHHQHOUHQGLPLHQWRDFDGpPLFRGH
ORVDOXPQRV/DLQYHVWLJDFLyQVXEUD\DODLPSRUWDQFLDTXHWLHQHHOSDSHOGHO´WLHPSR
HQODWDUHDµWLPHRQWDVNWDQWRGXUDQWHODVFODVHVFRPRSRVWHULRUPHQWHHQFDVD
FRPSOHWDQGRODV73&\HVWXGLDQGR
/D LQYHVWLJDFLyQ FRQFOX\H TXH FXDQGR VH KDEOD GH WLHPSR GHGLFDGR D ODV
73& OD LQYHVWLJDFLyQ DFRQVHMD GLIHUHQFLDU HQWUH OD FDQWLGDG \ OD FDOLGDG GH GLFKR
WLHPSR ,QYHUWLU GHPDVLDGR WLHPSR FRQ ODV 73& SXHGH VLJQLILFDU VLPSOHPHQWH
LQVXILFLHQWHV FRQRFLPLHQWRV SUHYLRV R GLILFXOWDGHV REYLDV SDUD WUDEDMDU ORV
FRQWHQLGRV &RRSHU \ FRODERUDGRUHV GHPXHVWUDQ TXH ODV 73& HMHUFHQ XQD
PD\RULQIOXHQFLDHQORVQLYHOHVGHHVFRODULGDGPiVDYDQ]DGRVHQFRPSDUDFLyQFRQ
ORVQLYHOHVLQLFLDOHV
$ OR ODUJR GH OD HVFRODULGDG ODV 73& MXHJDQ XQ SDSHO FDGD YH] PiV
LPSRUWDQWHHQODFRQVROLGDFLyQGHORVDSUHQGL]DMHV(VLPSRUWDQWHTXHDORODUJRGH
ODHVFRODULGDGSUHVHQWHQXQQLYHOGHFRPSOHMLGDGDGDSWDGRDODVFDSDFLGDGHVGHORV
DOXPQRVSHURWDPELpQXQJUDGRGHGHVDItRHLQFHQWLYRTXHOHVDQLPHDLPSOLFDUVH
HQ OD WDUHD /RV DOXPQRV QHFHVLWDQ HQWHQGHU TXH DSUHQGHU QR HV VROR PHPRUL]DU
HQWUHQDU\SUDFWLFDU&RUQR
107
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&XDQGR ODV WDUHDV VRQ GHPDVLDGR H[LJHQWHV \ HVWiQ SRU HQFLPD GH OD
FDSDFLGDG SHUFLELGD GH ORV DOXPQRV SXHGH TXH pVWRV TXHGHQ HQ XQ HVWDGR R XQD
HVSHFLHGHDXWRFRQVFLHQFLDTXHLQKLEHVXDFFLyQ.XKO
(Q HVWRV FDVRV OD SHUVRQD HQ HVWH HVWDGR VH ROYLGD GH OD WDUHD TXH WLHQH
HQWUH PDQRV \ VH VXPHUJH HQ XQ HVWDGR TXH %DQGXUD S GHVLJQD FRPR
´LGHDFLyQ SHUWXUEDQWH UHSHWLWLYDµ ´UHSHWLWLYH SHUWXUELQJ LGHDWLRQµ FHQWUiQGRVH
VREUH VXV IODTXH]DV SHUVRQDOHV H LQIUDYDORUDQGR VXV FDSDFLGDGHV &RUQR (VWD VLWXDFLyQ RFXUUH PiV IUHFXHQWHPHQWH D ORV DOXPQRV FRQ EDMR UHQGLPLHQWR
DFDGpPLFR
(QXQHVWXGLRGH%XWOHUGRQGHIXHURQUHFRJLGRVUHODWRVSHUVRQDOHVGH
DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH XQR GH ORV DOXPQRV GHVFULEtD DVt VXV
VHQWLPLHQWRV KDFLD ODV 73& ´PH SRQtD QHUYLRVRµ ´PH GHVFRQFHQWUDED «
TXHGDEDFRPRWRQWRQRTXHUtDWHUPLQDUWUDEDMDEDPiVOHQWDPHQWH\GLVWUDtGRµ(O
FXDUHQWD\QXHYHSRUFLHQWRGHORVDOXPQRVGHHVWDLQYHVWLJDFLyQUHODWDQUHDFFLRQHV
HPRFLRQDOHVGHVDJUDGDEOHVGXUDQWHODUHDOL]DFLyQGHODV73&
3DUDPHMRUDUHVWDVFRPSHWHQFLDVHVQHFHVDULRXQLUORVHVIXHU]RVGHSDGUHV
SURIHVRUHV \ GH RWURV DJHQWHV HGXFDWLYRV HQ XQ WUDEDMR FRP~Q SURSRUFLRQDQGR
RSRUWXQLGDGHV TXH IDFLOLWHQ DO DOXPQR HO GHVDUUROOR GH VXV FDSDFLGDGHV SRU
HMHPSORUHJXODQGRORVDPELHQWHVGHWUDEDMRHVSHFLDOPHQWHDODKRUDGHKDFHUODV
WDUHDV GH 73& \ PRQLWRUL]DQGR HO FRQWURO YROLWLYR \ VXV HVWDGRV GH KXPRU
GXUDQWHODUHDOL]DFLyQ;X\&RUQR
)LQDOPHQWHORVDOXPQRVREWLHQHQJUDQEHQHILFLRGHODH[SHULHQFLDGHKDFHU
ODV 73& HQ XQ DPELHQWH IDPLOLDU FXDQGR VRQ D\XGDGRV SRU XQD DQGDPLDMH
SDUHQWDO DSURSLDGR ;X \ &RUQR (VWD LGHD GHEHUi HVWDU SUHVHQWH HQ HO
HVStULWX GH ORV GRFHQWHV TXH MXQWR D ORV SDGUHV SRGUiQ QHJRFLDU PRGRV YLDEOHV \
~WLOHV HQ HO GHVHDEOH DFRPSDxDPLHQWR GLDULR GH ODV WDUHDV GH HVWXGLR TXH VXV
HGXFDQGRVGHVDUUROODQ\UHDOL]DQHQFDVD
108
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(QHVWDLQYHVWLJDFLyQVHKDQHODERUDGRGRVFXHVWLRQDULRV8QRGLULJLGRDORV
SDGUHV SDUD YDORUDU FyPR SHUFLEHQ VX LPSOLFDFLyQ HQ HO SURFHVR HGXFDWLYR GH VXV
KLMRV\RWURGLULJLGRDORVDOXPQRVSDUDYDORUDUFyPRHVWRVSHUFLEHQODLPSOLFDFLyQ
GHVXVSDGUHV6HKDQFRQVLGHUDGRVHVWRVIDFWRUHVJHQHUDOHV
3HUFHSFLyQ GH ODV H[SHFWDWLYDV GH ORV HVWXGLDQWHV VREUH OD LPSOLFDFLyQ
IDPLOLDUHQHOSURFHVRHGXFDWLYR
$XWRFRQFHSWR\H[SHFWDWLYDVDFDGpPLFDVGHORVHVWXGLDQWHV
5HQGLPLHQWRDFDGpPLFRGHORVHVWXGLDQWHV
,PSOLFDFLyQGHORVSDGUHVHQHOWLHPSRGHWUDEDMRUHDOL]DGRHQFDVD
(VWRV FXDWUR IDFWRUHV FRQILJXUDQ OD EDVH GH OD LPSOLFDFLyQ IDPLOLDU HQ HO
SURFHVR HGXFDWLYR WHQLHQGR HQ FXHQWD OD YDULDEOH SHUFHSFLyQ H LQWHUpV GH D\XGD
H[SHFWDWLYDVDFDGpPLFDVSRUORVSDGUHV\SHUFHSFLyQGHORVKLMRVDVWLHPSRHIHFWLYR
GH D\XGD HQ ODV WDUHDV HVFRODUHV \ RUJDQL]DFLyQ HQ HO HVWXGLR \ SRU ~OWLPR HO
DVSHFWR UHODFLRQDO R FRQWH[WXDO GHO DSUHQGL]DMH OD UHODFLyQ HQWUH OD IDPLOLD \ HO
&HQWUR
$FRQWLQXDFLyQVHSUHVHQWDODUHODFLyQGHORVFRPSRQHQWHVVHOHFFLRQDGRVHQ
ODLQYHVWLJDFLyQUHODFLRQDGRVFRQODLPSOLFDFLyQIDPLOLDUHQHOSURFHVRHGXFDWLYR
&RPSRQHQWHFRJQLWLYRSHUFHSFLyQGHD\XGDHLQWHUpV
&RPSRQHQWH
SURIHVLRQDOHV
FRJQLWLYRPRWLYDFLRQDO
H[SHFWDWLYDV
DFDGpPLFDV
\
&RPSRQHQWH FRJQLWLYRPRWLYDFLRQDO D\XGDHIHFWLYD HQ ODV WDUHDV HVFRODUHV
\WLHPSRGHRUJDQL]DFLyQ
&RPSRQHQWH UHODFLRQDO UHODFLyQ GH FRPXQLFDFLyQ LQIRUPDFLyQ \
SDUWLFLSDFLyQHQWUHIDPLOLD\&HQWUR
&RPR FRQFOXVLyQ VH DSRUWD TXH HVWRV FXDWUR DVSHFWRV JHQHUDOHV VREUH OD
LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR HGXFDWLYR HVWiQ UHODFLRQDGRV FRQ ODV GLIHUHQWHV
YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV TXH LQWHUUHODFLRQDQ HQ HO DSUHQGL]DMH HVFRODU
'RPpQHFK %HWRUHW \ *DUFtD %DFHWH 3LQWULFK 3LQWULFK \ 'H *URRW
109
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
HVGHFLUVHUHODFLRQDQFRQODSHUFHSFLyQGHD\XGDHLQWHUpVSRUODIRUPDFLyQ
TXHWLHQHQORVHVWXGLDQWHVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMH\ORVSDGUHVVREUH
VXVKLMRVDVFRPRFRPSRQHQWHFRJQLWLYRGHODSUHQGL]DMHHVFRODUUHODFLRQDGRFRQOD
DWULEXFLyQGHOORJURDFDGpPLFRTXHKDFHQORVKLMRVVREUHVXp[LWRHVFRODU
3RU RWUR ODGR OD SHUFHSFLyQ GH HOOR R H[SHFWDWLYD GH KDELOLGDG HQ HO
DSUHQGL]DMH\VREUHHOIXWXURSURIHVLRQDOGHORVHVWXGLDQWHVFRQ\VLQGLILFXOWDGHVGH
DSUHQGL]DMH DVt FRPR FRQ OD KDELOLGDG GH D\XGD ´KDELOLGDGµ ´VNLOOµ HQ *
&DEDQDFK HW DO \ WLHPSR GH RUJDQL]DFLyQ HQ ODV WDUHDV HVFRODUHV FRPR
FRPSRQHQWH PRWLYDFLRQDO UHODFLRQDGR FRQ HO FRPSRQHQWH GH H[SHFWDWLYD KDFH
UHIHUHQFLDDODVFUHHQFLDV\H[SHFWDWLYDVGHORVHVWXGLDQWHVSDUDUHDOL]DUXQDWDUHD
3RU ~OWLPR HO FRPSRQHQWH FRQWH[WXDOGH OD PRWLYDFLyQ KDFHUHIHUHQFLD D OD
UHODFLyQ HQWUH IDPLOLD \ &HQWUR FRPXQLFDFLyQ WXWRUtDV \ JUDGR GH LQIRUPDFLyQ
VREUHGLILFXOWDGHVRSURJUHVRVHGXFDWLYRVGHVXVKLMRVDVDVtFRPRSDUWLFLSDFLyQGH
ORVSDGUHVHQODVDFWLYLGDGHVOOHYDGDVDFDERSRUHO&HQWUR
&XDQGR DSDUHFH XQ QLxR FRQ GLILFXOWDGHV GH DSUHQGL]DMH HQ XQD IDPLOLD VH
SURGXFH XQD UHDFFLyQ HQ WRGR HO VLVWHPD IDPLOLDU TXH PHGLD ODV H[SHULHQFLDV GH
DSUHQGL]DMH \ OH DIHFWD (O VLVWHPD IDPLOLDU SXHGH LQWHUDFFLRQDU GH IRUPD
DGDSWDWLYDSURWHFWRUDIXQFLRQDODPHQD]DQWHLQFyPRGDHWFORTXHFRQGLFLRQDODV
H[SHULHQFLDVGHDSUHQGL]DMHGHOHVWXGLDQWHPHGLDQWHODVIXQFLRQHVTXHFXPSOHDVt
FRPRDWUDYpVGHODVSHUFHSFLRQHVGHODQDWXUDOH]DGHOSUREOHPD)DOLN
/D PHGLDFLyQ HQIRFD HO SUREOHPD OR DIHFWD OR WUDVFLHQGH \ FRQOOHYD XQRV
VHQWLPLHQWRV GH FRPSHWHQFLD /RV SDWURQHV GH UHVSXHVWD IDPLOLDU GHSHQGHQ GH
PXFKRV IDFWRUHV FRPR HO PRPHQWR GH GHWHFFLyQ OD HGDG OD KLVWRULD GH
LQWHUYHQFLRQHVODFURQLFLGDGGHOSUREOHPDGHDSUHQGL]DMHHQHOKLMRHWFVHSRGUtD
FRQFUHWDUHQ´VpTXHDOJRQRYDELHQµ´VLQRSDVDUDQDGDPDORFRQPLKLMRDµ
´W~HUHVHOH[SHUWR\ORFRQRFHVPHMRUTXH\RµSRUORTXHVHWUDWDUiGHLQWHUYHQLU
HQHOVLVWHPDIDPLOLDUPHGLDQGRHQORVDSUHQGL]DMHVGHODOXPQR\PHGLDQGRHQODV
UHDFFLRQHVIDPLOLDUHVSDUDKDFHUODVIOH[LEOHV\DGDSWDGDV)DOLN
110
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6HKDQLQYHVWLJDGRDVLPLVPRDVSHFWRVFRQFUHWRVGHVGHODSHUVSHFWLYDGHORV
SDGUHV \ GH ODV H[SHFWDWLYDV TXH ORV KLMRV WLHQHQ VREUH HOOR HQ UHODFLyQ D OD
LPSOLFDFLyQ GH ORV SDGUHV HQ ORV GHEHUHV SDUD FDVD OD RUJDQL]DFLyQ SHUVRQDO HO
WLHPSRGHHVWXGLRHQWUHRWURV
(Q XQ HVWXGLR GH .D\ )LW]JHUDOG 3DUDGHH \ 0HOOHQFDPS VREUH
SDGUHVGHXQD]RQDUXUDOFRQKLMRVFRQGLILFXOWDGHVGHDSUHQGL]DMHVHFRQFOX\HTXH
ORV SDGUHV QR VH VLHQWHQ SUHSDUDGRV SDUD D\XGDU D KDFHU ORV GHEHUHV HQ FDVD ORV
SDGUHV GHVHDUtDQ WHQHU PiV LQIRUPDFLyQ DFHUFD GH ODV H[SHFWDWLYDV GHO SURIHVRU
UHVSHFWRDVXVKLMRV\GHVXVUROHVFRPRSDGUHVHQODD\XGDTXHKDQGHSURSRUFLRQDU
HQORVGHEHUHV
/RVSDGUHVTXHUUtDQSUHVWDUXQDD\XGDLQGLYLGXDOL]DGDDVXVKLMRVHQFDVD
FRQ ORV GHEHUHV \ HO TXH SXGLHUD SDUWLFLSDU WRGD OD IDPLOLD /RV SDGUHV GHVHDUtDQ
HQRUPHPHQWHWHQHUXQIHHGEDFNGHVXSDSHOHQHVWHWHPDGHOSURIHVRURGHOHTXLSR
LQVWUXFFLRQDO/DVDFWLWXGHVGHORVSDGUHVSDUHFHTXHQRGLILHUHQHQUHODFLyQFRQHO
JpQHURGHVXVKLMRVHQFXDQWRDORVORJURVSRVWDFDGpPLFRV/HYLQH\(GJDU
,JXDOPHQWH ODV LQWHUDFFLRQHV HQWUH PDGUHV H KLMRV FRQ GLILFXOWDGHV GH
DSUHQGL]DMH HQ OD UHODFLyQ GH WDUHDV UHIOHMDQ XQD PHQRU UHVSRQVLYLGDG \ PHQRU
DGDSWDFLyQGHVXFRPXQLFDFLyQDODVGHPDQGDVGHODWDUHDTXHORTXHRFXUUHFRQ
ODVLQWHUDFFLRQHVHQWUHPDGUHV\QLxRVVLQGLILFXOWDGHVGHDSUHQGL]DMH
/D FRPXQLFDFLyQ HQ ODV GLIHUHQWHV WDUHDV YDULy PX\ SRFR HQ ODV
LQWHUDFFLRQHVFRQORVQLxRVFRQGLILFXOWDGHVGHDSUHQGL]DMHHQFDPELRODYDULDFLyQ
HUD JUDQGH HQ ODV LQWHUDFFLRQHV FRQ ORV QLxRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH
/\\WLQHQ5DVNX3XWWRQHQ$KRQHQ3RLNNHXV\/DDNVR
111
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
'LIHUHQFLDV HQ HO UHQGLPLHQWR DFDGpPLFR HQ DOXPQRV FRQ \ VLQ
GLILFXOWDGHVGHDSUHQGL]DMH
8QDGHODVGHILQLFLRQHVVREUHUHQGLPLHQWRDFDGpPLFRHVODGH7RXURQ
TXLHQFRQVLGHUDTXH´HOUHQGLPLHQWRHVXQUHVXOWDGRGHODSUHQGL]DMHSURGXFLGRSRU
HO DOXPQR DXQTXH HOUHQGLPLHQWR QR HV HOSURGXFWRGH XQD ~QLFD FDSDFLGDGVLQR
PiV ELHQ HO UHVXOWDGR GH XQD VXPD GH IDFWRUHV D~Q QR GHO WRGR FRQRFLGRV TXH
DFW~DQVREUH\GHVGHODSHUVRQDTXHDSUHQGH(OUHQGLPLHQWRHVSXHVXQSURGXFWR
GHIDFWRUHVTXHVHVLW~DQGHQWUR\IXHUDGHOLQGLYLGXRµFLWDGDSRU&DVWHMyQSS
(O UHQGLPLHQWR DFDGpPLFR VH HQWLHQGH FRPR VHxDOD *DUFtD &RUUHD FRPRXQDSDUWHGHOSURGXFWRHGXFDWLYR(VWHSURGXFWRHVHOUHVXOWDGRGHXQDDFFLyQ
RGHXQSURFHVRTXHDFW~DVREUHXQDOXPQRTXHORPRGXOD(OSURFHVRHGXFDWLYRHV
XQ HOHPHQWR PiV D OD KRUD GH HVWDEOHFHU HO UHQGLPLHQWR DFDGpPLFR LQGLYLGXDO GHO
HVWXGLDQWH
'DGR TXH HO UHQGLPLHQWR DFDGpPLFRVH FRQVLGHUD XQ FRQVWUXFWR OD PD\RUtD
GH ORV HVWXGLRV VREUH HO WHPD WRPDQ LQGLFDGRUHV GH HYDOXDFLRQHV UHODWLYDPHQWH
VLPSOHV FRPR VRQ ODV FDOLILFDFLRQHV HVFRODUHV \ HQ PHQRU PHGLGD ODV SUXHEDV
REMHWLYDV
/DV FDOLILFDFLRQHV HVFRODUHV VRQ HO FULWHULR GH UHQGLPLHQWR PiV XWLOL]DGR HQ
ODHYDOXDFLyQHGXFDWLYDGHORVORJURVGHOHVWXGLDQWH$XQTXHKDQVLGRFULWLFDGDVSRU
WUDWDUVHGHPHGLGDVTXHQRJDUDQWL]DQODREMHWLYLGDGQLODILDELOLGDG\DTXHHVWiQ
LQIOXLGDV SRU IDFWRUHV VXEMHWLYRV GHO SURIHVRU FRPR YDORUDFLRQHV DWULEXFLRQHV \
H[SHFWDWLYDV 9DOOH \ 1~xH] 1DYDV 6DPSDVFXDO \ &DVWHMyQ H[LVWHQ
WDPELpQSUXHEDVDIDYRUGHVXHILFDFLDSDUDODHYDOXDFLyQGHOUHQGLPLHQWR
'HVGHXQFRQFHSWRPXOWLGLPHQVLRQDOGHOUHQGLPLHQWRDFDGpPLFR5RGUtJXH]
(VSLQDUVHKDQGHWHQHUHQFXHQWDUHVXOWDGRVWDQWRFRJQRVFLWLYRVFRPRQR
FRJQRVFLWLYRV \ XQ FRPSRQHQWH WHPSRUDO TXH FRQVLGHUH WDQWR HO UHQGLPLHQWR
LQPHGLDWRFRPRDODUJRSOD]R
112
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
'HVGHHVWDSHUVSHFWLYDORVIDFWRUHVHQHOHVWXGLRGHOUHQGLPLHQWRDFDGpPLFR
SXHGHQ VHU IDFWRUHV TXH VH VLW~DQ HQ HO DPELHQWH HQ JHQHUDO \ HQ HO PHGLR
HGXFDWLYR HQ SDUWLFXODU HQ ORV TXH VH LQFOX\HQ YDULDEOHV FRPR HO QLYHO
VRFLRHFRQyPLFR IDPLOLDU \ QLYHO FXOWXUDO HVWUXFWXUD IDPLOLDU HO FOLPD HGXFDWLYR
IDPLOLDUHOVLVWHPDGHYDORUHV\FUHHQFLDVKDFLDODHGXFDFLyQHWF\RWURVIDFWRUHV
GH WLSR LQGLYLGXDO FRPR VRQ YDULDEOHV SHUVRQDOHV GH UHQGLPLHQWR SUHYLR
PRWLYDFLyQ KDELOLGDGHV DFWLWXGHV DXWRFRQFHSWR DSWLWXGHV SHUVRQDOLGDG
DQVLHGDGHWF
7HQLHQGR HQ FXHQWD ORV HVWXGLRV UHODFLRQDGRV FRQ OD YDORUDFLyQ GH ORV
IDFWRUHV TXH LQIOX\HQ HQ HO UHQGLPLHQWR DFDGpPLFR ELHQ LQGLYLGXDOHV R
FRQWH[WXDOHV HQ HVWD LQYHVWLJDFLyQ VH KD WHQLGR HQ FXHQWD ORV VLJXLHQWHV IDFWRUHV
DJUXSDGRVVHJ~Q&DVWHMyQHQWUHVFDWHJRUtDVDGHWHUPLQDQWHVFRQWH[WXDOHV
GH WLSR VRFLRFXOWXUDO \ IDPLOLDU E GHWHUPLQDQWHV SHUVRQDOHV \ F GHWHUPLQDQWHV
HVFRODUHV
'LIHUHQWHV LQYHVWLJDFLRQHV KDQ HVWXGLDGR OD UHODFLyQ HQWUH ORV IDFWRUHV
DQWHULRUPHQWH QRPEUDGRV \ HO UHQGLPLHQWR DFDGpPLFR HQ HVWXGLDQWHV /DV
FRQFOXVLRQHV JHQHUDOHV D ODV TXH VH KD SRGLGR OOHJDU VRQ ODV VLJXLHQWHV &DVWHMyQ
(O PHMRU SUHGLFWRU GHO UHQGLPLHQWR VRQ ODV DSWLWXGHV (O HIHFWR GH OD
YDULDEOHDSWLWXGJHQHUDOVREUHODYDULDEOHUHQGLPLHQWRHQPDWHPiWLFDVHVPX\DOWD
GH (O HIHFWR GH ODV DSWLWXGHV JHQHUDOHV VREUH HO UHQGLPLHQWR HQ OHQJXD HV
PHQRU SHUR PX\ LPSRUWDQWH WDPELpQ GH /DV DVSLUDFLRQHV HGXFDWLYDV \
SURIHVLRQDOHV GH ORV DOXPQRV WLHQHQ DVt PLVPR XQ HIHFWR GLUHFWR VLJQLILFDWLYR
DXQTXH PiV PRGHUDGR VREUH HO UHQGLPLHQWR HQ PDWHPiWLFDV \ HQ OHQJXD
$ WUDYpV GH OD DSWLWXG JHQHUDO FRPSXHVWD SRU XQ IDFWRU YHUEDO RWUR
QXPpULFR\RWURGHUD]RQDPLHQWROyJLFRVHSXHGHSUHGHFLUPHMRUHOUHQGLPLHQWRHQ
PDWHPiWLFDVTXHHQOHQJXDMH
113
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(OQLYHOFXOWXUDO\QRHOHFRQyPLFRGHORVSDGUHVWLHQHXQDUHODFLyQFDXVDO
FRQ ODV DSWLWXGHV (Q FRQVHFXHQFLD HOHYDQGR HO QLYHO FXOWXUDO GH OD IDPLOLD VH
SURSLFLD XQ PD\RU GHVDUUROOR DSWLWXGLQDO \ HQ FRQVHFXHQFLD HO UHQGLPLHQWR
HVSHUDGRHQODViUHDVGHOHQJXD\PDWHPiWLFDVVHUiPHQRU
$VLPLVPR VH KDQ KDOODGR UHODFLRQHV SRVLWLYDV HQWUH OD DXWRHILFDFLD
DFDGpPLFDSHUFLELGDSDUDGHWHUPLQDGDVWDUHDV\HOUHQGLPLHQWRDFDGpPLFRVLHQGR
HVWDUHODFLyQGHPD\RUWDPDxRFXDQWRPiVVLPLODUHVVRQODVPHGLGDVHQFXDQWRD
OD IRUPD FRQWHQLGR \ PRPHQWR GH UHFRJLGD GH GDWRV /HRQGDUL \ *LDODPDV 0XOWRQ%URZQ\/HQW6NDDOYLN6PLOH\\'ZHFN
(QFXDQWRDOSDSHOSUHGLFWLYRGHOUHQGLPLHQWRDFDGpPLFRVREUHODSHUFHSFLyQ
GH DXWRHILFDFLD R GH HVWD VREUH HO UHQGLPLHQWR VH FRQVLGHUD OD H[LVWHQFLD GH XQD
LQIOXHQFLD ELGLUHFFLRQDO \ UHFtSURFD %DQGXUD (Q HVWH VHQWLGR HVWXGLRV
SUHYLRVGHVWDFDQELHQTXHHOUHQGLPLHQWRDFDGpPLFRSUHGLFHODDXWRHILFDFLD%UHVR
6DODQRYD0DUWtQH]*UDX\$JXWELHQTXHHVODSHUFHSFLyQGHDXWRHILFDFLD
ODTXHSUHGLFHHOUHQGLPLHQWR+HUUHUD5DPtUH]5RD\+HUUHUD/HRQGDUL\
*LDODPDV0XOWRQHWDO
/D LQWHOLJHQFLD \ ODV DSWLWXGHV LQWHOHFWXDOHV HVWiQ HQWUH ORV IDFWRUHV
SHUVRQDOHVPiVLQYHVWLJDGRVHQUHODFLyQFRQHODSURYHFKDPLHQWRHVFRODU(QWRGRV
ORVWUDEDMRVUHYLVDGRVVHKDQKDOODGRFRQH[LRQHVVLJQLILFDWLYDVHQWUHUHQGLPLHQWRH
LQWHOLJHQFLD OR FXDO GHPXHVWUD OD FRQVLVWHQFLD GH HVWD UHODFLyQ 3HOHFKDQR 5LYDV3pUH]6HUUDQR5RGUtJXH](VSLQDU*DUDQWR0DWHR
\5RGUtJXH]&DUDEDxD3DUGR0HULQR\2OHD'tD]6LQHPEDUJR
ODVFRUUHODFLRQHVREWHQLGDVVRQPRGHUDGDVORTXHHVXQDVHxDOGHTXHODVDSWLWXGHV
LQWHOHFWXDOHVSXHGHQHVWDULQIOXLGDVSRUIDFWRUHVIDPLOLDUHV\HVFRODUHV
114
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
$Vt :DWNLQV HW DO WUDWDQGR GH HVWDEOHFHU HO RUGHQ FDXVDO HQWUH OD
LQWHOLJHQFLD \ HO UHQGLPLHQWR DFDGpPLFR KDOODURQ TXH HVWD HV SUHFHGHQWH HQ HVWH
RUGHQPDQWHQLHQGRDGHPiVtQGLFHVGHFDXVDOLGDGEDVWDQWHHOHYDGRV(QHVWDOtQHD
VH VLW~DQ ORV WUDEDMRV GH &KDPRUUR3UHPX]LF \ )XUQKDP &RORP \ )ORUHV
0HQGR]D 'HDU\ HW DO 0F0DKRQ HW DO 5LGJHOO \ /RXQVEXU\
5ROIKXV\$FNHUPDQHWF
(QWRGRVHOORVDSDUHFHODLQWHOLJHQFLDRODVDSWLWXGHVGLIHUHQFLDOHVFRPRXQ
SUHGLFWRU PRGHUDGRDOWR GHO UHQGLPLHQWR DFDGpPLFR GH ORV HVWXGLDQWHV ,QFOXVR
DOJXQRV WUDEDMRV OOHJDQ D KDEODU GH OD LQWHOLJHQFLD FRPR HO PHMRU SUHGLFWRU GHO
UHQGLPLHQWR /DLGUD HW DO 2WURV VLQ HPEDUJR VHxDODQ HO HVFDVR SRGHU
SUHGLFWLYR GH OD LQWHOLJHQFLD HQ OD GHWHUPLQDFLyQ GH HVWH 'HVFDOV \ 5LYDV 1DYDV HW DO &DVWHMyQ HW DO HQ XQ WUDEDMR VREUH OD DGTXLVLFLyQ GHO
DSUHQGL]DMHFRPSOHMRREVHUYDTXHODLQWHOLJHQFLDSRVHHXQDLQIOXHQFLDVLJQLILFDWLYD
HQODDGTXLVLFLyQGHORVDVSHFWRVSURFHGLPHQWDOHVGHOFRQRFLPLHQWRSHURQRHQORV
DVSHFWRVFRQFHSWXDOHV
2WUDVGHODVYDULDEOHVTXHKDQWHQLGRXQPD\RULPSDFWRHQODLQYHVWLJDFLyQ
GHODPRWLYDFLyQGHORVHVWXGLDQWHV\GHVXUHODFLyQFRQHOUHQGLPLHQWRDFDGpPLFR
KDQ VLGR \ VRQ ODV PHWDV \ ODV RULHQWDFLRQHV GH PHWD 3LQWULFK D $Vt
XWLOL]DQGRFRPRUHIHUHQWHGHFODVLILFDFLyQGHODVPLVPDVODSURSXHVWDSRU+H\PDQ
\ 'ZHFN HQ ´PHWDV GH DSUHQGL]DMHµ \ ´PHWDV GH GRPLQLRµ \ WUDV DxDGLU
SRVWHULRUPHQWH OD FDWHJRUtD GH ´HYLWDFLyQ GH OD WDUHDµ /LQQHQEULQN \ 3LQWULFK
KDQ SURSXHVWR XQ PRGHOR HQ HO TXH VH UHSUHVHQWDQ ODV UHODFLRQHV TXH VH
HVWDEOHFHQHQWUHODRULHQWDFLyQJHQHUDODPHWDV\HODSUHQGL]DMHDWUDYpVGHORTXH
HOORVGHQRPLQDQ´PHGLDGRUHVµHVWRHVGLVWLQWRVSURFHVRVPRWLYDFLRQDOHVDIHFWLYRV
FRQGXFWXDOHV\FRJQLWLYRVTXHFRQGLFLRQDQORVUHVXOWDGRV
6L DQDOL]DPRV HVWDV UHODFLRQHV HQFRQWUDPRV TXH OD RULHQWDFLyQ GH PHWD
KDFLD HO DSUHQGL]DMH HV OD TXH FRUUHODFLRQD PiV LQWHQVDPHQWH FRQ PHGLDGRUHV
SRVLWLYRV +DUDFNLHZLF] HW DO \ FRQVHFXHQWHPHQWH FRQ PHMRUHV QLYHOHV GH
UHQGLPLHQWRHVFRODU*HKOEDFK:ROWHUV9DOOHHWDO'HOPLVPR
115
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
PRGRWDPELpQSDUHFHEDVWDQWHFRQVHQVXDGDODLGHDGHTXHODRULHQWDFLyQKDFLDOD
HYLWDFLyQ GH OD WDUHD HV OD TXH FRUUHODFLRQD HQ PD\RU PHGLGD FRQ SHRUHV
UHQGLPLHQWRVHQHOHVWXGLR6LQHPEDUJRH[LVWHXQDPHQRUHYLGHQFLDHPStULFDHQHO
SDSHO GH ODV PHWDV GH UHQGLPLHQWR HQ ORV UHVXOWDGRV DFDGpPLFRV 'XSH\UDW \
0DULQH0LGJOH\HWDO3LQWULFKD
3RU VX SDUWH %DUFD HW DO %DUFD \ 3HUDOER 0DQDVVHUR \
9i]TXH]3LxHLURHWDOUHYHODURQTXHODDWULEXFLyQGHOp[LWRDO
HVIXHU]R R D OD FDSDFLGDG IXHURQ SUHGLFWRUHV SRVLWLYRV GHO UHQGLPLHQWR DFDGpPLFR
PHGLRPLHQWUDVTXHODDWULEXFLyQDODVXHUWHIXHXQSUHGLFWRUQHJDWLYR$GHPiVVt
REVHUYDURQ XQD IXHUWH UHODFLyQ GH HVWDV PLVPDV YDULDEOHV FRQ ORV HQIRTXHV
VXSHUILFLDOHV GH DSUHQGL]DMH \ FRQVHFXHQWHPHQWH FRQ HO EDMR UHQGLPLHQWR
DFDGpPLFR
,JXDOPHQWH HO DXWRFRQFHSWR HV XQD GH ODV YDULDEOHV PiV UHOHYDQWHV GHQWUR
GHO iPELWR GH OD SHUVRQDOLGDG TXH PD\RU LQFLGHQFLD WLHQHQ VREUH HO UHQGLPLHQWR
DFDGpPLFRGHORVDOXPQRV6RQQXPHURVDVODVLQYHVWLJDFLRQHVTXHWDQWRHQQXHVWUR
SDtVFRPRIXHUDGHpOKDQFRQWUDVWDGRHVWDUHODFLyQWDQWRGHVGHXQSXQWRGHYLVWD
FDXVDO FRPR FRUUHODFLRQDO VREUH WRGR GH OD GLPHQVLyQ DFDGpPLFD GHO PLVPR
$PH]F~D \ )HUQiQGH] *RQ]iOH] 3LHQGD HW DO DE *XD\ HW DO 0DUVKD1~xH]HWDODE3pUH]\&DVWHMyQ3LHWVFKHWDO
VLELHQODWHQGHQFLDDFWXDOHQHODQiOLVLVGHHVWDUHODFLyQVHxDODHIHFWRVUHFtSURFRV
DXWRFRQFHSWRUHQGLPLHQWR GH PRGR TXH HO SULPHU DXWRFRQFHSWR DIHFWD VREUH HO
SRVWHULRU UHQGLPLHQWR DFDGpPLFR \ HVWH UHQGLPLHQWR DO VLJXLHQWH DXWRFRQFHSWR
SURGXFLpQGRVH LJXDOPHQWH HIHFWRV ELGLUHFFLRQDOHV HQWUH HVWRV *XD\ HW DO 0DUVKHWDO
2WUDV LQYHVWLJDFLRQHV UHFLHQWHV VREUH OD PRWLYDFLyQ GH ORV HVWXGLDQWHV \ VX
UHODFLyQ FRQ HO UHQGLPLHQWR DFDGpPLFR KDQ VLGR ODV PHWDV \ ODV RULHQWDFLRQHV GH
PHWD 3LQWULFK D 6L DQDOL]DPRV HVWDV UHODFLRQHV HQFRQWUDPRV TXH OD
RULHQWDFLyQGHPHWDKDFLDHODSUHQGL]DMHHVODTXHFRUUHODFLRQDPiVLQWHQVDPHQWH
FRQ PHGLDGRUHV SRVLWLYRV +DUDFNLHZLF] HW DO \ FRQVHFXHQWHPHQWH FRQ
116
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
PHMRUHVQLYHOHVGHUHQGLPLHQWRHVFRODU*HKOEDFK:ROWHUV9DOOHHWDO
'HO PLVPR PRGR WDPELpQ SDUHFH EDVWDQWH FRQVHQVXDGD OD LGHD GH TXH OD
RULHQWDFLyQ KDFLD OD HYLWDFLyQ GH OD WDUHD HV OD TXH FRUUHODFLRQD HQ PD\RU PHGLGD
FRQ SHRUHV UHQGLPLHQWRV HQ HO HVWXGLR 6LQ HPEDUJR H[LVWH XQD PHQRU HYLGHQFLD
HPStULFD HQ HO SDSHO GH ODV PHWDV GH UHQGLPLHQWR HQ ORV UHVXOWDGRV DFDGpPLFRV
'XSH\UDW\0DULQp3LQWULFKD
2WURV DXWRUHV KDQ FRQWUDVWDGR OD DGRSFLyQ GH P~OWLSOHV PHWDV
VLPXOWiQHDPHQWH GHVWDFDQGR ODV YHQWDMDV GH ORV HVWXGLDQWHV FRQ SXQWXDFLRQHV
HOHYDGDV HQ RULHQWDFLyQ DO DSUHQGL]DMH \ PRGHUDGDV R DOWDV HQ RULHQWDFLyQ DO
UHQGLPLHQWR0LGJOH\HWDO3LQWULFKDE6XiUH]HWDO9DOOHHW
DO9DOOH\&DEDQDFK)LQDOPHQWHWDO\FRPRVHxDOD%HOWUiQHQ
UHODFLyQ FRQ ODV HVWUDWHJLDV GH DSUHQGL]DMH ORV UHVXOWDGRV GHO DSUHQGL]DMH HVWiQ
HVWUHFKDPHQWH YLQFXODGRV FRQ HO XVR DGHFXDGR GH HVWUDWHJLDV FRJQLWLYDV \
PHWDFRJQLWLYDV TXH VRQ ODV TXH FRQYLHUWHQ HO PDWHULDO ´HQVHxDGRµ HQ PDWHULDO
´DSUHQGLGRµ $XQTXH FRPR ELHQ VHxDODQ *DUFtD \ 3LQWULFK HO XVR GH HVWH
WLSR GH HVWUDWHJLDV QR HO FRQRFLPLHQWR GH ODV PLVPDV HVWi PHGLDWL]DGR R
UHODFLRQDGRFRQODPRWLYDFLyQGHOHVWXGLDQWH
/RVDOXPQRVTXHWLHQHQXQDRULHQWDFLyQDODSUHQGL]DMH´WLHQHQXQPD\RUGHVHR
GHPHMRUDUVXFRPSHWHQFLD\DXPHQWDUORVFRQRFLPLHQWRVDSDUWLUGHXQHVIXHU]RGH
DSUHQGL]DMH FRQWLQXR \ XQD PD\RU SHUVHYHUDQFLD HQ HO HVWXGLRµ 0XUSK\ \
$OH[DQGHU (V PiV ORV DOXPQRV TXH SUHVHQWDQ HVWD RULHQWDFLyQ QR VyOR
HVWiQSUHRFXSDGRVSRUVXVUHVXOWDGRVDFDGpPLFRVUHVSHFWRDORVGHPiVVLQRTXHVH
LQWHUHVDQSRUSURWHJHUVXLPDJHQGHFRPSHWHQFLD9HUPHWWHQHWDO
$SHVDUGHTXHDOJXQRVHVWXGLRVQRKDQREWHQLGRXQHIHFWRVLJQLILFDWLYRGHOD
RULHQWDFLyQ DO DSUHQGL]DMH VREUH HO UHQGLPLHQWR DFDGpPLFR 0HHFH HW DO +DUDFNLHZLF] HW DO XQ LPSRUWDQWH Q~PHUR GH LQYHVWLJDFLRQHV Vt TXH KDQ
HQFRQWUDGR XQ HIHFWR SRVLWLYR \ VLJQLILFDWLYR DPHV 'XGD \ 1LFKROOV 0LOOHU DW HO *UHHQH \ 0LOOHU 'XSH\UDW \ 0DULQp 'HVGH XQ
117
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
SXQWRGHYLVWDWHyULFRHVWHHIHFWRRFXUUHSRUTXHORVHVWXGLDQWHVTXHSUHVHQWDQXQD
RULHQWDFLyQ DO DSUHQGL]DMH FUHHQ TXH HO HVIXHU]R \ HO UHVXOWDGR DFDGpPLFR HVWiQ
UHODFLRQDGRV SRU OR TXH VH HVIXHU]DQ \ WUDEDMDQ GH IRUPD FRQVWDQWH 9HUPHWWHQ
3HURDGHPiVXQHVWXGLDQWHRULHQWDGRDODSUHQGL]DMHHVWXGLDORVFRQWHQLGRV
GH OD DVLJQDWXUD FRQ OD ILQDOLGDG GH FRPSUHQGHUORV EXVFDQGR ODV DSOLFDFLRQHV
SRVWHULRUHV \ UHODFLRQDQGR HQWUH Vt ORV GLVWLQWRV FRQFHSWRV TXH YD DGTXLULHQGR
.DSODQ\0LGJOH\
/D RULHQWDFLyQ D HYLWDU WDUHDV SXHGH GHILQLUVH FRPR ´OD SUHRFXSDFLyQ SRU
UHDOL]DUHOWUDEDMRRWDUHDFRQHOPHQRUHVIXHU]RSRVLEOHµ0HHFHHWDO
\HYLWDUOOHYDUDFDERWDUHDVGHVDILDQWHV6HLIHUW\2·NHHIH(OSURSyVLWRGHO
DOXPQR FRQ HVWD RULHQWDFLyQ QR HV HYLWDU SDUHFHU LQFRPSHWHQWH VLQR FRPSOHWDU OD
WDUHDDFDGpPLFDFRQHOPHQRUHVIXHU]RSRVLEOHSDUDHYLWDUFRQVHFXHQFLDVQHJDWLYDV
FRPRHOIUDFDVRDFDGpPLFR
(Q FRQFOXVLyQ ORV IDFWRUHV IDPLOLDUHV SHUVRQDOHV \ HVFRODUHV LQFLGHQ GH
IRUPDSRVLWLYDVREUHORVORJURVDFDGpPLFRVGHORVHVWXGLDQWHVHQODDGROHVFHQFLD6H
GHVWDFD OD LPSRUWDQFLD TXH DGTXLHUHQ ORV IDFWRUHV HVFRODUHV UHODFLRQDGRV FRQ ORV
ORJURV DQWHULRUHV HO WLHPSR GHGLFDGR DO DSUHQGL]DMH \ OD FDOLGDG GH OD HQVHxDQ]D
VREUHHOUHQGLPLHQWRDFDGpPLFR
$FRQWLQXDFLyQVHGHVFULEHHOHVWXGLRHPStULFRGHHVWDLQYHVWLJDFLyQ
118
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
,, (VWXGLR(PStULFR
(VWXGLR(PStULFR
,QWURGXFFLyQ
,QWURGXFFLyQ
,QWURGXFFLyQ
&RPRVHKDGHVFULWRDQWHULRUPHQWHHQODSULPHUDSDUWHFRUUHVSRQGLHQWHDOD
UHYLVLyQ WHyULFD HVWD LQYHVWLJDFLyQ GH iPELWR HGXFDWLYR SUHWHQGH SRQHU GH
PDQLILHVWRODUHODFLyQHQWUHODVYDULDEOHVFRJQLWLYRPRWLYDFLRQDOHVGHUHQGLPLHQWR
DFDGpPLFRHLPSOLFDFLyQIDPLOLDUHQHOSURFHVRHGXFDWLYRGHHVWXGLDQWHVFRQ\VLQ
GLILFXOWDGHVGHDSUHQGL]DMHHQHGDGDGROHVFHQWH\ODVGLIHUHQFLDVPiVVLJQLILFDWLYDV
HQWUHpVWRVHQHOHVWXGLRGHHVDVYDULDEOHV
(OSULQFLSDOREMHWLYRHVGDUDFRQRFHUODVGLIHUHQFLDVPiVVLJQLILFDWLYDVHQWUH
HVWXGLDQWHV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH GH IRUPD TXH HVWR D\XGH D ORV
SURIHVLRQDOHV GH OD HGXFDFLyQ HQ VX SUiFWLFD GRFHQWH D SHUVRQDOL]DU SDUD FDGD
HVWXGLDQWH OD UHVSXHVWD SHGDJyJLFD TXH SXHGD UHTXHULU D OR ODUJR GH VX
HVFRODUL]DFLyQ FRQ HO ILQ GH SRWHQFLDU HQ FDGD DOXPQR VXV FRPSHWHQFLDV
KDELOLGDGHV GHVWUH]DV DSWLWXGHV DFWLWXGHV HWF IDYRUHFLHQGR DVt VX GHVDUUROOR
LQWHJUDO KDFLHQGR GH HOOR SDUWtFLSHV D ODV IDPLOLDV TXLHQHV FRQ VX FRODERUDFLyQ
UHVSRQVDEOHHLPSOLFDFLyQSXHGHQD\XGDUDIDYRUHFHUHVWHSURFHVR
+DFLHQGRPHQFLyQDOHVWXGLRGHOUHFRUULGRKLVWyULFRODDSUR[LPDFLyQWHyULFD
\ VX HYROXFLyQ GHO FRQFHSWR GH ODV GLILFXOWDGHV GH DSUHQGL]DMH KDFLD HO GH
QHFHVLGDGHV HVSHFtILFDV GH DSR\R HGXFDWLYR FRPR VH HVWDEOHFH HQ OD DFWXDO
QRUPDWLYD HGXFDWLYD /2( VH KD SURJUHVDGR GHVGH XQ PRGHOR HGXFDWLYR
UHGXFFLRQLVWD FOtQLFR \ FHQWUDGR HQ HO GpILFLW GHO DOXPQR KDFLD XQ PRGHOR GH
LQWHUYHQFLyQHGXFDWLYDVRFLRFRJQLWLYR\FRQVWUXFWLYRGHODSUHQGL]DMHFRQORTXHODV
GLIHUHQFLDVGHVWDFDGDVHQWUHDOXPQRVHQHGDGDGROHVFHQWHQRVSHUPLWHUHIOH[LRQDU
119
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
FRPRSURIHVLRQDOHVGHODHGXFDFLyQHQTXpPHGLGDVHDWLHQGHDODGLYHUVLGDGHQODV
DXODV\TXpSDSHOOHRWRUJDODHVFXHODDODIDPLOLDHQHVWHSURFHVR
(VWHQXHYRPRGHORGHLQWHUYHQFLyQHGXFDWLYDSRQHpQIDVLVHQORVSURFHVRVGH
FRQVWUXFFLyQ GHO FRQRFLPLHQWR HQ UHODFLyQ FRQ VX PHGLR WDPELpQ FRQVLGHUD TXH HO
FRQWH[WRLQWHUYLHQHFRPRXQDYDULDEOHLPSRUWDQWHHQODLGHQWLILFDFLyQ\GLDJQyVWLFR
GHODVQHFHVLGDGHVHGXFDWLYDVTXHSXHGHSUHVHQWDUFXDOTXLHUHVWXGLDQWHDORODUJR
GH VX SURFHVR GH HVFRODUL]DFLyQ \ HQ OD UHVSXHVWD SHGDJyJLFD TXH SXHGH OOHYDU D
FDERHOFHQWURHGXFDWLYRHQFRODERUDFLyQFRQODLPSOLFDFLyQGHODIDPLOLD
/DVLQYHVWLJDFLRQHVHGXFDWLYDVUHODFLRQDGDVFRQHVWHFDPSRGHLQYHVWLJDFLyQ
FRQFOX\HQGHODVLJXLHQWHIRUPD
&RQ UHVSHFWR DO DXWRFRQFHSWR ORV UHVXOWDGRV DFWXDOHV LQGLFDQ TXH H[LVWHQ
GLIHUHQFLDV HQWUH DPERV WLSRV GH HVWXGLDQWHV TXH ORV DOXPQRV FRQ '$ PXHVWUDQ
XQD LPDJHQ QHJDWLYD GH Vt PLVPRV TXHVyOR DIHFWD DO DXWRFRQFHSWR DFDGpPLFR HQ
UHODFLyQ D OD SHUFHSFLyQ TXH pVWRV WLHQHQ GH OD SODQLILFDFLyQ GH H[iPHQHV \ GH OD
HYDOXDFLyQ \D TXH VH SHUFLEHQ PHQRV FDSDFHV TXH VXV LJXDOHV VLQ GLILFXOWDGHV GH
DSUHQGL]DMH ÉOYDUH] &DEDQDFK *DUFtD *RQ]iOH]3LHQGD +RJDQ
NRX]HKDQDQL0F3KDLO0RQWJRPHU\5RFHV6WRQH9DOOH
&RQUHVSHFWRDOHVWXGLRGHODVPHWDVGHDSUHQGL]DMHODLQYHVWLJDFLyQDFWXDO
FRQFOX\H WHQLHQGR HQ XQD SHUVSHFWLYD PXOWLGLPHQVLRQDO &DEDQDFK *RQ]iOH]
3LHQGD*DUFtD*RQ]iOH]3XPDULHJD1~xH]\9DOOH
D /RV HVWXGLDQWHV FRQ GLILFXOWDGHV GH DSUHQGL]DMH VH HQFXHQWUDQ
VLJQLILFDWLYDPHQWH PHQRV PRWLYDGRV KDFLD HO DSUHQGL]DMH TXH VXV LJXDOHV
VLQGLILFXOWDGHVGHDSUHQGL]DMH
E/RVHVWXGLDQWHVFRQGLILFXOWDGHVGHDSUHQGL]DMHVHHQFXHQWUDQPHQRV
PRWLYDGRVKDFLDODE~VTXHGDGHDSUREDFLyQVRFLDOSRUSDUWHGHODVSHUVRQDV
VLJQLILFDWLYDVSDUDHOORV
F /RV HVWXGLDQWHV FRQ GLILFXOWDGHV GH DSUHQGL]DMH PXHVWUDQ PHQRV
LQWHUpVSRUFRQVHJXLUXQORJURDFDGpPLFRHVSHFtILFR
120
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/RV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH VH HQFXHQWUDQ PHQRV
PRWLYDGRV KDFLD HO DSUHQGL]DMH TXH VXV LJXDOHV VLQ GLILFXOWDGHV (VWRV DOXPQRV
H[SHULPHQWDQ PiV HO IUDFDVR HVFRODU TXH VXV LJXDOHV SRU OR TXH WLHQGHQ D
GHVFRQILDU GH VX FDSDFLGDG \ GHVDUUROODU EDMDV H[SHFWDWLYDV GH DXWRHILFDFLD
*RQ]iOH]3LHQGD 1~xH] *RQ]iOH]3XPDULHJD ÉOYDUH] 5RFHV *DUFtD *RQ]iOH]
&DEDQDFK\9DOOH
(Q UHODFLyQ DO HVWXGLR GH ODV RWUDV PHWDV PHWDV RULHQWDGDV DO \R PHWDV
RULHQWDGDVDODYDORUDFLyQVRFLDO\PHWDVRULHQWDGDVDODUHFRPSHQVDVHFRQFOX\H
TXHµORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH VH HQFXHQWUDQ PHQRV PRWLYDGRV
SDUD OOHYDU D FDER DSUHQGL]DMHV VLJQLILFDWLYRV DVt FRPR PHQRV PRWLYDGRV HQ OD
HMHFXFLyQ GH WDUHDV TXH VXV LJXDOHV VLQ GLILFXOWDGHV GH DSUHQGL]DMHµ *RQ]iOH]
3LHQGD 1~xH] *RQ]iOH]3XPDULHJD ÉOYDUH] 5RFHV *DUFtD *RQ]iOH] &DEDQDFK
\9DOOH
(Q UHODFLyQ D ORV WUDEDMRV GH &KDSPDQ .LUN \ *DOODJKHU /LFKW\.LWVQHUODYDULDEOHFDSDFLGDGHQWHQGLGDHQWpUPLQRVGHFRHILFLHQWH
GH LQWHOLJHQFLD QR HV GHWHUPLQDQWH SDUD H[SOLFDU ORV UHVXOWDGRV PiV QHJDWLYRV D
QLYHOGHDSUHQGL]DMHHQDOXPQRVFRQGLILFXOWDGHVGHDSUHQGL]DMHFRQUHVSHFWRDVXV
LJXDOHVVLQGLILFXOWDGHVVLQRODIDOWDGHHVIXHU]R
2WUDV LQYHVWLJDFLRQHV FRQFOX\HQ UHVXOWDGRV SRVLWLYRV FRQ UHVSHFWR DO QLYHO
GHLPSOLFDFLyQGHORVSDGUHVHQHOWLHPSRGHD\XGDTXHpVWRVGHGLFDQDVXVKLMRVFRQ
GLILFXOWDGHVGHDSUHQGL]DMHHQODHMHFXFLyQGHWDUHDVHVFRODUHVODRUJDQL]DFLyQHQHO
HVWXGLR \ OD SHUFHSFLyQ TXH ORV KLMRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH WLHQHQ GH OD
D\XGD GH VXV SDGUHV DXQTXH OD SHUFHSFLyQ GH ODV H[SHFWDWLYDV VREUH VX IXWXUR
DFDGpPLFR \ SURIHVLRQDO VHD PHQRU TXH ODV GH VXV LJXDOHV VLQ GLILFXOWDGHV GH
DSUHQGL]DMH (Q FDPELR VH FRQVLGHUD PiV VLJQLILFDWLYD OD UHODFLyQ TXH ORV SDGUHV
FRQKLMRVFRQGLILFXOWDGHVGHDSUHQGL]DMHPDQWLHQHQFRQHO&HQWURHGXFDWLYR\FRQ
ODILJXUDGHOWXWRUD
121
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(OIDFWRULQWHOLJHQFLDKDVLGRHVWXGLDGRFRPRODYDULDEOHTXHPiVLQIOX\HHQ
ODH[SOLFDFLyQGHOUHQGLPLHQWRDFDGpPLFRDHVWRHVQHFHVDULRDxDGLUODPRWLYDFLyQ
\PHWDVGHDSUHQGL]DMHDVtFRPRODVYDULDEOHVGHWLSRSHUFHSWLYRIDPLOLDUSXHVWR
TXH XQD DGHFXDGD LQWHUYHQFLyQ GHVGH OD HVFXHOD SXHGH WUDQVPLWLU D ORV SDGUHV
LQIRUPDFLyQ VREUH ORV DVSHFWRV PiV VXVFHSWLEOHV GH VHU PHMRUDGRV HQ HO KRJDU HQ
UHODFLyQ D OD IXQFLyQ \ IRUPD HQ TXH SXHGHQ DSR\DU HQ FDVD &DVWHMyQ \ 3pUH]
6iQFKH]
2WUDV LQYHVWLJDFLRQHV VHxDODQ TXH ODV HVWUDWHJLDV GH DSUHQGL]DMH HVWiQ
HVWUHFKDPHQWH UHODFLRQDGDV FRQ OD LQWHOLJHQFLD /DV LQYHVWLJDFLRQHV PiV UHFLHQWHV
KDQ GHPRVWUDGR TXH OD LQWHOLJHQFLD QR HV XQD VLQR P~OWLSOH 6WHUQEHUJ 7HRUtDWULiUTXLFD\*DUGQHU7HRUtDSUiFWLFD
(VWDVLQYHVWLJDFLRQHVWDPELpQKDQSXHVWRGHPDQLILHVWRTXHODLQWHOLJHQFLD
QR HV XQD HQWLGDG ILMD VLQR PRGLILFDEOH FRPR KDQ GHPRVWUDGR ORV \D QXPHURVRV
SURJUDPDV GH LQWHUYHQFLyQ HQ VXMHWRV FRQ QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV
$GHPiV HO HQIRTXH DFWXDO QR LGHQWLILFD LQWHOLJHQFLD WDQWR FRQ FRQRFLPLHQWRV
LQWHOLJHQFLD FDQWLGDGGHFRQRFLPLHQWRVRFRQFDSDFLGDGSRWHQFLDOLQWHOLJHQFLD SRWHQFLDO QHXUROyJLFR FRPR FRQ HO UHSHUWRULR GH KDELOLGDGHV TXH SHUPLWHQ DFWXDU
LQWHOLJHQWHPHQWH 'H HVWD IRUPD OD LQWHOLJHQFLD QR HV WDQWR XQD HQWLGDG FRPR XQ
FRQMXQWRGHKDELOLGDGHVHVPiVELHQXQVLVWHPDDELHUWR\FRPRWRGRVORVVLVWHPDV
SXHGHPHMRUDUFXDQGRPHMRUDFXDOTXLHUDGHORVVXEVLVWHPDVGHTXHFRQVWD
'HVGH HO SXQWR GH YLVWD HGXFDWLYR HVWH QXHYR HQIRTXH SHUPLWH FDPELDU ORV
REMHWLYRV GH OD HGXFDFLyQ \ GHVWDFDU PiV TXH OD FRPSUREDFLyQ GH OD FDSDFLGDG
SRWHQFLDOGHORVDOXPQRVHOGLVHxRGHSURJUDPDVLQVWUXFFLRQDOHVTXHOHVSHUPLWDQ
GHVDUUROODU DO Pi[LPR VXV KDELOLGDGHV R HVWUDWHJLDV LQGHSHQGLHQWHPHQWH GH FXDO
VHDVXSRWHQFLDOLQLFLDO(VWHFDPELRGHHQIRTXHSHUPLWHSDVDUGHXQDFRQVLGHUDFLyQ
HQWLWDWLYDGHODLQWHOLJHQFLDDXQDFRQVLGHUDFLyQHVWUDWpJLFD
122
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/DFRLQFLGHQFLDHQWUHLQWHOLJHQFLD\HVWUDWHJLDVGHDSUHQGL]DMHHVWDOTXHORV
WUHV FRPSRQHQWHV TXH 6WHUQEHUJ DWULEX\H D OD LQWHOLJHQFLD FRPSRQHQFLDO R
DQDOtWLFD \ TXH GHQRPLQD FRGLILFDFLyQ VHOHFWLYD FRPELQDFLyQ VHOHFWLYD \
FRPSDUDFLyQVHOHFWLYDHTXLYDOHQSUiFWLFDPHQWHDODVHVWUDWHJLDVGHVHQVLELOL]DFLyQ
VHOHFFLyQRUJDQL]DFLyQ\HODERUDFLyQ6RQSXHVODVWUHVJUDQGHVKDELOLGDGHVGHOD
LQWHOLJHQFLD ODV TXH SHUPLWHQ DQDOL]DU OD UHDOLGDG VHOHFFLRQDQGR RUJDQL]DQGR \
HODERUDQGRODLQIRUPDFLyQ%HOWUiQSS
2WUDV LQYHVWLJDFLRQHV HGXFDWLYDV KDQ HVWXGLDGR OD YDULDEOH UHQGLPLHQWR
DFDGpPLFR FRPSDUDQGR DPERV JUXSRV GH DOXPQRV FRQ \ VLQ GLILFXOWDGHV GH
DSUHQGL]DMH'HHOODVVHFRQFOX\HTXHORVHVFRODUHVFRQGLILFXOWDGHVGHDSUHQGL]DMH
VRQ HYROXWLYDPHQWH LQPDGXURV PDQLIHVWDQGR GLILFXOWDGHV SDUD SURGXFLU \ XVDU
HVWUDWHJLDV GH DSUHQGL]DMH VHOHFFLyQ RUJDQL]DFLyQ HODERUDFLyQ UHWHQFLyQ \
WUDQVIRUPDFLyQ GH OD LQIRUPDFLyQ UHOHYDQWH &RPR FRQVHFXHQFLD GH HOOR QR
DGTXLHUHQ R LQWHJUDQ DGHFXDGDPHQWH OD QXHYD LQIRUPDFLyQ \ HQ JHQHUDO ULQGHQ
DFDGpPLFDPHQWHPHQRVTXHHOSURPHGLRGHORVDOXPQRV
2WURV DXWRUHV FRPR *RQ]iOH]3LHQGD 1~xH] ÉOYDUH] 5RFHV *RQ]iOH]
3XPDULHJD *RQ]iOH] 0XxL] 9DOOH &DEDQDFK 5RGUtJXH] \ %HUQDUGR KDQ
SURIXQGL]DGR HQ OD LQIOXHQFLD GHO FRPSRUWDPLHQWR SDUHQWDO DXWRUUHJXODWRULRVREUH
HOSURFHVRGHDXWRUUHJXODFLyQGHVXVKLMRVHQHOFRQWH[WRDFDGpPLFRFHQWUiQGRVHHQ
ODV FUHHQFLDV SHUVRQDOHV JHQHUDOHV DFHUFD GH OD FRPSHWHQFLD FRPR HVWXGLDQWH
DXWRFRQFHSWRDFDGpPLFR6HKDFRPSUREDGRTXHHODXWRFRQFHSWRDFDGpPLFRLQFLGH
VLJQLILFDWLYD\SRVLWLYDPHQWHVREUHODDGVFULSFLyQDXQDPHWDHOXVRGHHVWUDWHJLDV
GHDSUHQGL]DMH1~xH]HWDO\HOUHQGLPLHQWRDFDGpPLFR*RQ]iOH]3LHQGD
HWDO
$ PRGR GH UHIOH[LyQ ILQDO ODV GLIHUHQWHV UD]RQHV TXH PDQLILHVWDQ ORV
DOXPQRV SDUD HVWXGLDU TXH HQ HVWH FDVR VH WUDGXFH HQ WHQHU FRPR REMHWLYR
SULRULWDULR HO DSUHQGHU R HO WHQHU FRPR PHWD SULQFLSDO OD FRQVHFXFLyQ GH EXHQRV
UHVXOWDGRV DFDGpPLFRV PHWDV GH ORJUR QRV GHEHUtD VHUYLU FRPR GRFHQWHV SDUD
UHDOL]DUXQDQiOLVLVHQSURIXQGLGDGGHKDVWDTXpSXQWRORVUHVXOWDGRVDFDGpPLFRV
123
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
TXHREWLHQHQORVHVWXGLDQWHVHQWpUPLQRVGHFDOLILFDFLRQHVVRQXQILHOUHIOHMRGHVX
DSUHQGL]DMH\GHOJUDGRGHVLJQLILFDWLYLGDGGHOPLVPR
'LFKR HQ RWURV WpUPLQRV ¢EXHQRV UHVXOWDGRV DFDGpPLFRV HV XQD
GHPRVWUDFLyQ HYLGHQWH GH KDEHU UHDOL]DGR XQ DSUHQGL]DMH SURIXQGR VLJQLILFDWLYR
HQHOTXHODIDPLOLDWLHQHXQDLPSOLFDFLyQLPSRUWDQWHFRQLQGHSHQGHQFLDGHVLVRQ
HVWXGLDQWHVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMH"
/RV UHVXOWDGRV GH DOJXQDV LQYHVWLJDFLRQHV TXH KDQ HVWXGLDGR ODV
RULHQWDFLRQHV PRWLYDFLRQDOHV \ VXV UHODFLRQHV FRQ HO XVR GH HVWUDWHJLDV GH
DSUHQGL]DMH HO UHQGLPLHQWR DFDGpPLFR \ OD LPSOLFDFLyQ IDPLOLDU QR SDUHFHQ GDU
XQDUHVSXHVWDDILUPDWLYDDHVWHLQWHUURJDQWHSRUORTXHHVWHSXHGHVHUXQRGHORV
UHWRVGHHVWHRGHRWURVWUDEDMRVGHLQYHVWLJDFLyQ
&RPR FRQFOXVLyQ ILQDO YDORUDQGR ORV UHVXOWDGRV GH DOJXQDV GH ODV
LQYHVWLJDFLRQHVPHQFLRQDGDVVHGHULYDQDOJXQDVFRQFOXVLRQHVDGHVWDFDUGHFDUDDO
DSUHQGL]DMH HVFRODU OD SXHVWD HQ PDUFKD GH HVWUDWHJLDV TXH IDYRUHFHQ XQ
DSUHQGL]DMH VLJQLILFDWLYR VH HQFXHQWUD GHWHUPLQDGD PX\ GLUHFWDPHQWH SRU OD
PRWLYDFLyQ LQWUtQVHFD GHO VXMHWR &RPR DILUPDQ 6FKQHLGHU \ 3UHVVOH\ DXQTXHHOFRQRFLPLHQWRGHGLIHUHQWHVHVWUDWHJLDVVXHOHVHULQVXILFLHQWHHVSUHFLVR
TXH ORV HVWXGLDQWHV HVWpQ PRWLYDGRV KD\DQ GHVDUUROODGR XQD H[SHFWDWLYD SRVLWLYD
GHVXVPHWDVGHORJURDFDGpPLFR\UHFLEDQGHIRUPDGLUHFWDODLPSOLFDFLyQIDPLOLDU
QR VyOR HQ ODV WDUHDV HVFRODUHV VLQR HQ ODV H[SHFWDWLYDV VREUH VXV SRVLELOLGDGHV
DFDGpPLFDV\VREUHWRGRSHUVRQDOHV
'HVGH HO FRQWH[WR HGXFDWLYR HO FRQRFLPLHQWR GH OD LQIOXHQFLD GH HVWDV
YDULDEOHVFRJQLWLYRPRWLYDFLRQDOHVUHQGLPLHQWRHLPSOLFDFLyQIDPLOLDUHQHOSURFHVR
GH DSUHQGL]DMH GH FDGD HVWXGLDQWH SRVLELOLWDUi XQD PHMRU DWHQFLyQ HGXFDWLYD SRU
WRGRVORVPLHPEURVGHODFRPXQLGDGHGXFDWLYDRIUHFLHQGRDFDGDHVWXGLDQWHFRQ\
VLQ GLILFXOWDGHV GH DSUHQGL]DMH ODV UHVSXHVWDV HGXFDWLYDV RUGLQDULDV JHQHUDOHV
SUHYHQWLYDV DVt FRPR HO DSR\R H LPSOLFDFLyQ VRFLRIDPLOLDU QHFHVDULR SDUD
FRQVHJXLUHOORJURDOPi[LPRGHWRGDV\FDGDXQDGHVXVSRVLELOLGDGHVSHUVRQDOHV
124
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
RIUHFLpQGROH ORV WLSRV GH DJUXSDPLHQWRV UHFXUVRV SHUVRQDOHV PDWHULDOHV GH
FRPXQLFDFLyQ QHFHVDULRV DVt FRPR OD RUJDQL]DFLyQ PHWRGROyJLFD HO GLVHxR
LQVWUXFFLRQDOODHYDOXDFLyQPiVDGHFXDGDDFDGDFDVR\PHMRUDQGRDVtODFDOLGDG
\HOQLYHOGHODSUiFWLFDHGXFDWLYD
2EMHWLYRVH+LSyWHVLV
2EMHWLYRVH+LSyWHVLV
2EMHWLYRV
(O REMHWLYR SULQFLSDO GHO SUHVHQWH WUDEDMR GH LQYHVWLJDFLyQ HV HVWDEOHFHU ODV
GLIHUHQFLDV TXH H[LVWHQ HQ ODV YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV UHQGLPLHQWR
DFDGpPLFRHLPSOLFDFLyQIDPLOLDUHQHOSURFHVRHGXFDWLYRHQHVWXGLDQWHVFRQ\VLQ
GLILFXOWDGHV GH DSUHQGL]DMH '$ TXH FXUVDQ OD HWDSD GH (GXFDFLyQ 6HFXQGDULD
2EOLJDWRULDHQVXVGLIHUHQWHVQLYHOHVHGXFDWLYRVGHVGHžDžGH(62(GXFDFLyQ
6HFXQGDULD2EOLJDWRULD
&RPR REMHWLYRV HVSHFtILFRV UHODFLRQDGRV FRQ ODV YDULDEOHV D HVWXGLDU VH
GHVFULEHQORVVLJXLHQWHV
•
&RPSUREDUVLH[LVWHQGLIHUHQFLDVHQODVYDULDEOHVFRJQLWLYRPRWLYDFLRQDOHV\
GH UHQGLPLHQWR DFDGpPLFR HQWUH ORV DOXPQRV FRQ \ VLQ GLILFXOWDGHV GH
DSUHQGL]DMHHQ(GXFDFLyQ6HFXQGDULD2EOLJDWRULD
•
$QDOL]DU HO SDSHO GH OD LPSOLFDFLyQ VRFLRIDPLOLDU HQ HO SURFHVR GH
DSUHQGL]DMH GHO DOXPQR \ VX UHODFLyQ FRQ ODV YDULDEOHV FRJQLWLYR
PRWLYDFLRQDOHVGHHVWXGLR\HOUHQGLPLHQWRDFDGpPLFRWDQWRHQDOXPQRVFRQ
\ VLQ GLILFXOWDGHV GH DSUHQGL]DMH HQ OD HWDSD GH (GXFDFLyQ 6HFXQGDULD
2EOLJDWRULD
125
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
+LSyWHVLV
/DVKLSyWHVLVGHLQYHVWLJDFLyQIRUPXODGDVVHUtDQODVVLJXLHQWHV
D /RV DOXPQRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH SUHVHQWDQ XQ DXWRFRQFHSWR
DFDGpPLFR PiV DOWR \ XQ PD\RU UHQGLPLHQWR HVFRODU HQ FRPSDUDFLyQ FRQ VXV
LJXDOHVFRQGLILFXOWDGHVGHDSUHQGL]DMHHQ(GXFDFLyQ6HFXQGDULD2EOLJDWRULD
E/RVDOXPQRVVLQGLILFXOWDGHVGHDSUHQGL]DMHHPSOHDQPiVHVWUDWHJLDVGH
DSUHQGL]DMHSURIXQGRHQODUHDOL]DFLyQGHODVWDUHDVHVFRODUHVHQFRPSDUDFLyQFRQ
VXVLJXDOHVFRQGLILFXOWDGHVGHDSUHQGL]DMHHQ(GXFDFLyQ6HFXQGDULD2EOLJDWRULD
F /RV DOXPQRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH PXHVWUDQ XQD PD\RU
PRWLYDFLyQSRUHODSUHQGL]DMHTXHVXVLJXDOHVFRQGLILFXOWDGHVGHDSUHQGL]DMH
G /RV DOXPQRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH SUHVHQWDQ PiV PHWDV
DFDGpPLFDV GH ORJUR TXH VXV LJXDOHV VLQ GLILFXOWDGHV GH DSUHQGL]DMH \ HVWRV
~OWLPRV WLHQGHQ D EXVFDU PD\RU DSUREDFLyQ \ HYLWDU HO UHFKD]R GH VXV SDGUHV \
SURIHVRUHVHQFRPSDUDFLyQFRQVXVLJXDOHVVLQGLILFXOWDGHVGHDSUHQGL]DMH
H/DLPSOLFDFLyQVRFLRIDPLOLDUHVPD\RUHQORVDOXPQRVFRQGLILFXOWDGHVGH
DSUHQGL]DMHHQFRPSDUDFLyQFRQVXVLJXDOHVVLQGLILFXOWDGHVGHDSUHQGL]DMH
126
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
0pWRGR
0pWRGR
0pWRGR
3DUWLFLSDQWHV
'DGR TXH HQ (VSDxD ODV GLILFXOWDGHV GH DSUHQGL]DMH QR FRQVWLWX\HQ XQD
FDWHJRUtDGLDJQyVWLFD-LPpQH]\+HUQiQGH]ODVHOHFFLyQGHORVHVWXGLDQWHV
FRQ GLILFXOWDGHV GH DSUHQGL]DMH KD VLGR UHDOL]DGD XWLOL]DQGR ORV FULWHULRV PtQLPRV
HVWDEOHFLGRV SRU 5RVHQEHUJ HW DO GHOWRWDO GH DOXPQRV TXHVH KDQ RIUHFLGR
YROXQWDULRVSDUDSDUWLFLSDUHQODLQYHVWLJDFLyQ
(OJUXSRWRWDOGHVXMHWRVVHOHFFLRQDGRVSDUDSDUWLFLSDUHQHVWDLQYHVWLJDFLyQ
HVWiFRPSXHVWRSRUDOXPQRVTXHFXUVDQ(GXFDFLyQ6HFXQGDULD2EOLJDWRULDHQVXV
FXDWUR QLYHOHV HGXFDWLYRV ž ž ž \ ž GH (62 HVFRODUL]DGRV HQ XQ &HQWUR
FRQFHUWDGR \ XQ ,QVWLWXWR S~EOLFR GH (GXFDFLyQ 6HFXQGDULD ,(6 GH OD FRPDUFD
GHO$OWR9LQDORSy9LOOHQD$OLFDQWH
+DQSDUWLFLSDGRGHIRUPDYROXQWDULDDOXPQRVDVGHORVFXDOHVODPLWDG
SUHVHQWDQ GLILFXOWDGHV GH DSUHQGL]DMH GLDJQRVWLFDGDV \ YDORUDGDV HQ XQ
LQIRUPH SVLFRSHGDJyJLFR HODERUDGR SRU HO 'HSDUWDPHQWR GH 2ULHQWDFLyQ GH FDGD
FHQWUR HGXFDWLYR (O UHVWR GH DOXPQRV QR KDQ VLGR GLDJQRVWLFDGRV SRU HO
'HSDUWDPHQWRGH2ULHQWDFLyQ\DTXHQRSUHVHQWDQGLILFXOWDGHVGHDSUHQGL]DMH
/RVDOXPQRVFRQGLILFXOWDGHVGHDSUHQGL]DMHDVLVWHQXQPi[LPRGHKRUDV
VHPDQDOHVIXHUDGHODXODRUGLQDULDHQDWHQFLyQHGXFDWLYDHQUHIXHU]RSHGDJyJLFR
OOHYDGR D FDER SRU ORV SURIHVRUHV HVSHFLDOLVWDV HQ GHVGREOH HGXFDWLYR R OD
DVLVWHQFLD DO $XOD GH 3HGDJRJtD 7HUDSpXWLFD ,(6 R $XOD GH $SR\R D OD
,QWHJUDFLyQ &ROHJLR &RQFHUWDGR (VWD DWHQFLyQ HVWi GLULJLGD D WUDEDMDU ODV iUHDV
LQVWUXPHQWDOHV&DVWHOODQR/HQJXD\/LWHUDWXUD9DOHQFLDQR/HQJXD\/LWHUDWXUD
\0DWHPiWLFDVDOPLVPRQLYHOHGXFDWLYRTXHHOUHVWRGHVXVLJXDOHVVLQGLILFXOWDGHV
GHDSUHQGL]DMH
127
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
7RGDVHVWDVPHGLGDVSHGDJyJLFDVGHDWHQFLyQDODGLYHUVLGDGGHQWUR\IXHUD
GHODXODVRQPHGLGDVGHFDUiFWHURUGLQDULRTXHLPSOLFDQODSXHVWDHQSUiFWLFDGH
XQD PHWRGRORJtD GLYHUVLILFDGD \ XQRV REMHWLYRV \ FULWHULRV GH HYDOXDFLyQ PtQLPRV
TXH VH WRPDQ FRPR UHIHUHQFLD HQ ODV SURJUDPDFLRQHV GH ODV iUHDV LQVWUXPHQWDOHV
WUDEDMDGDV
/D ILQDOLGDG GH HVWDV PHGLGDV GH DWHQFLyQ D OD GLYHUVLGDG RUGLQDULDV
RUJDQL]DGDV SRU ORV &HQWURV HGXFDWLYRV DVHVRUDGRV SRU HO 'HSDUWDPHQWR GH
2ULHQWDFLyQ FRQ OD FRODERUDFLyQ GH ORV 'HSDUWDPHQWRV 'LGiFWLFRV WXWRUHV \
IDPLOLDV HV SRVLELOLWDU TXH DPERV JUXSRV GH DOXPQRV PHMRUHQ GH IRUPD
VLJQLILFDWLYD HO JUDGR GH FRQVHFXFLyQ GH ODV FRPSHWHQFLDV REMHWLYRV HGXFDWLYRV \
FULWHULRVGHHYDOXDFLyQGHOQLYHOHQHOTXHVHHQFXHQWUDQHVFRODUL]DGRV(VGHFLUVH
SUHWHQGH TXH DPERV JUXSRV GH DOXPQRV FRQVLJDQ RSWLPL]DU DO Pi[LPR GH VXV
SRWHQFLDOLGDGHVLQGLYLGXDOHVQRVyORVXQLYHOGHUHQGLPLHQWRVLQRVXQLYHOGHORJUR
PRWLYDFLyQPHWDVDFDGpPLFDVHVWUDWHJLDVGHDSUHQGL]DMHDVtFRPRODLPSOLFDFLyQ
GHODVIDPLOLDVHQHVWHSURFHVR
(OWLSRGHGLILFXOWDGHVGHDSUHQGL]DMHTXHSUHVHQWDQODPLWDGGHORVDOXPQRV
SDUWLFLSDQWHV VH UHODFLRQDQ FRQ UHWUDVR FXUULFXODU HQ HO WUDEDMR GH ODV iUHDV
LQVWUXPHQWDOHV 0DWHPiWLFDV &DVWHOODQR /HQJXD \ /LWHUDWXUD \ 9DOHQFLDQR
/HQJXD \ /LWHUDWXUD DVt FRPR RWUDV UHODFLRQDGDV FRQ XQ FRQWH[WR VRFLRIDPLOLDU
GHSULYDGR\EDMRQLYHOGHFRPSHWHQFLDFXUULFXODUHQHODSUHQGL]DMHGHORVREMHWLYRV
PtQLPRV\FRPSHWHQFLDVEiVLFDVHQODViUHDVLQVWUXPHQWDOHV
(VWDV GLILFXOWDGHV GH DSUHQGL]DMH VH DVRFLDQ D IDOWD GH RUJDQL]DFLyQ HQ HO
HVWXGLRSHUVRQDOFDUHQFLDGHHVWUDWHJLDVGHDSUHQGL]DMH\WpFQLFDVGHHVWXGLREDMD
PRWLYDFLyQ SRU HO DSUHQGL]DMH HQ JHQHUDO EDMR DXWRFRQFHSWR DFDGpPLFR
DOWHUDFLRQHV HVSHFtILFDV OHYHV HQ HO DILDQ]DPLHQWR GH ODV GHVWUH]DV OHFWRHVFULWRUDV
WUD]R OHJLELOLGDG GH OD HVFULWXUD IDOWDV GH RUWRJUDItD GLUHFFLRQDOLGDG IOXLGH]
OHFWRUD ULWPR HQWRQDFLyQ H[SUHVLyQ HVFULWD \ RUDO GLILFXOWDGHV SDUD PHPRUL]DU
GHIRUPDFRPSUHQVLYDGLILFXOWDGHVHQODUHVROXFLyQGHSUREOHPDVGLILFXOWDGHVSDUD
128
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
H[SUHVDULGHDVDQLYHOHVFULWR\RUDOIDOWDGHFRKHUHQFLDFRKHVLyQ\DGHFXDFLyQGH
XQYRFDEXODULRDSURSLDGRDFDGDVLWXDFLyQFRPXQLFDWLYDWH[WRHWF
7DPELpQVHKDWHQLGRHQFXHQWDODVFDOLILFDFLRQHVWULPHVWUDOHVREWHQLGDVHQ
ODV iUHDV LQVWUXPHQWDOHV FRQ EDMR UHQGLPLHQWR DFDGpPLFR HQ JHQHUDO \ OD
YDORUDFLyQ GH OD FDSDFLGDG LQWHOHFWXDO HQ WRGDV VXV GLPHQVLRQHV D WUDYpV GH OD
DGPLQLVWUDFLyQFROHFWLYDGHODSUXHEDJHQHUDOGHLQWHOLJHQFLD%$'<*0
/D VHOHFFLyQ GH ORV DOXPQRV VH KD UHDOL]DGR DWHQGLHQGR D FULWHULRV GH
VHPHMDQ]D HQ UHODFLyQ D OD HGDG VH[R VLWXDFLyQ VRFLRIDPLOLDU \ VLPLOLWXG HQ HO
GLDJQyVWLFRGHODVGLILFXOWDGHVGHDSUHQGL]DMHVHOHFFLRQiQGRVHHOPLVPRQ~PHURGH
DOXPQRV TXH GH DOXPQDV HQ DPERV JUXSRV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH
(VWRVHKDUHDOL]DGRGHHVWDIRUPDDWHQGLHQGRDODVLPLOLWXGGHSDUWLFLSDQWHVSDUD
FRQWURODUDOPi[LPRHVWHWLSRGHYDULDEOHV
(OUHVWRKDVLGRVHOHFFLRQDGRHQWUHORVDOXPQRVTXHVHRIUHFLHURQYROXQWDULRV
SDUD SDUWLFLSDU HQ OD LQYHVWLJDFLyQ DTXHOORV TXH SUHVHQWDEDQ FDUDFWHUtVWLFDV
VHPHMDQWHV HQ UHODFLyQ D ODV YDULDEOHV GHVFULWDV DQWHULRUPHQWH (Q HVWD VHOHFFLyQ
KD SDUWLFLSDGR HO WXWRUD \ ODV SVLFyORJDV GH DPERV &HQWURV 'HSDUWDPHQWR GH
2ULHQWDFLyQ
/DVHGDGHVGHORVSDUWLFLSDQWHVHVWiQFRPSUHQGLGDVHQWUH\DxRV'HO
WRWDOGHDOXPQRVSDUWLFLSDQWHVVHSUHVHQWDQHOPLVPRQ~PHURGHFKLFRVTXHFKLFDV
SRU QLYHOHV DFDGpPLFRV\ SDUD DPERV JUXSRV GH DOXPQRVFRQ RVLQ GLILFXOWDGHV GH
DSUHQGL]DMHVHJ~QVHGHVFULEHDFRQWLQXDFLyQ
$OXPQRV FRQ 'LILFXOWDGHV GH $SUHQGL]DMH ž GH (62 DOXPQRV FKLFDV \ FKLFRV ž GH (62 DOXPQRV FKLFRV \ FKLFDV ž GH (62 DOXPQRVFKLFDV\FKLFRV\žGH(62DOXPQRVFKLFRV
129
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
$OXPQRVVLQ'LILFXOWDGHVGH$SUHQGL]DMHžGH(62DOXPQRVFKLFDV
\FKLFRVžGH(62DOXPQRVFKLFRV\FKLFDVžGH(62DOXPQRV
FKLFDV\FKLFRV\žGH(62DOXPQRVFKLFRV
7RGRV ORV DOXPQRV GLDJQRVWLFDGRV FRQ '$ LQFOXLGRV HQ OD LQYHVWLJDFLyQ
VHJ~Q ORV LQIRUPHV SVLFRSHGDJyJLFRV GH FDGD &HQWUR SUHVHQWDQ XQ UHWUDVR
FXUULFXODU QR VLJQLILFDWLYR HQ ODV iUHDV LQVWUXPHQWDOHV 0DWHPiWLFDV &DVWHOODQR
/HQJXD \ /LWHUDWXUD \ 9DOHQFLDQR /HQJXD \ /LWHUDWXUD DVRFLDGDV D RWUDV
GLILFXOWDGHV UHODFLRQDGDV D IDOWD GH KiELWR GH HVWXGLR PRWLYDFLyQ SODQLILFDFLyQ \
RUJDQL]DFLyQHQHOHVWXGLRSHUVRQDOL]DGR
(VWRV GDWRV VH KDQ REWHQLGR GH OD HYDOXDFLyQ UHFRJLGD GHO QLYHO GH
FRPSHWHQFLD FXUULFXODU HQ ODV iUHDV LQVWUXPHQWDOHV \ HO HVWLOR GH DSUHQGL]DMH
DSRUWDGRSRUORVWXWRUHV\HVSHFLDOLVWDVHQODVSUXHEDVUHDOL]DGDVGHLQLFLRGHFXUVR
DFDGpPLFRDVtFRPRGHODYDORUDFLyQUHDOL]DGDSRUHO'HSDUWDPHQWRGH2ULHQWDFLyQ
D QLYHO SVLFRSHGDJyJLFR HPSOHiQGRVH SDUD HOOR OD SUXHED GH HYDOXDFLyQ FROHFWLYD
GHOD,QWHOLJHQFLD*HQHUDO%$'<*0
(Q HVWDVSUXHEDVGH HYDOXDFLyQGHO QLYHO DFWXDO GH FRPSHWHQFLDFXUULFXODU
VH YDORUD TXH ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH HVWiQ PHQRV PRWLYDGRV
SRU DSUHQGHU PXHVWUDQ XQ HVWLOR GH DSUHQGL]DMH GHSHQGLHQWH GH FDPSR XQ ULWPR
OHQWR GH DSUHQGL]DMH GLILFXOWDGHV GH FRPSUHQVLyQ \ UD]RQDPLHQWR UHTXLHUHQ GH
UHIXHU]R VRFLDO GH VXV ORJURV DFDGpPLFRV \ DSR\R SHGDJyJLFR SDUD DOFDQ]DU ODV
FRPSHWHQFLDV EiVLFDV REMHWLYRV \ FULWHULRV GH HYDOXDFLyQ PtQLPRV GHO QLYHO TXH
FXUVDQHQODViUHDVLQVWUXPHQWDOHV
/RV UHVXOWDGRV GH OD HYDOXDFLyQ GHO 1$& 1LYHO $FWXDO GH &RPSHWHQFLD
&XUULFXODU PXHVWUDQ OD GLILFXOWDG TXH SUHVHQWD DOJXQRV DOXPQRV SDUD FRQVHJXLU
VXSHUDU GH IRUPD SRVLWLYD ORV REMHWLYRV PtQLPRV GH ODV SUXHEDV DGPLQLVWUDGDV D
SULQFLSLR GH FXUVR HQ ODV iUHDV LQVWUXPHQWDOHV &DVWHOODQR 0DWHPiWLFDV \
9DOHQFLDQR
130
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(Q UHODFLyQ D OD PRGDOLGDG GH LQWHJUDFLyQ ORV DOXPQRV FRQ GLILFXOWDGHV GH
DSUHQGL]DMHDVLVWHQDDSR\RIXHUDGHODXODFRPRPi[LPRKRUDVDODVHPDQDSDUD
UHDOL]DU UHIXHU]R SHGDJyJLFR HQ ODV iUHDV LQVWUXPHQWDOHV \ WUDEDMDU KiELWRV GH
HVWXGLR (VWH VHJXLPLHQWR OR UHDOL]DQ ORV SURIHVRUHV HVSHFLDOLVWDV GH ODV iUHDV
LQVWUXPHQWDOHV\HO'HSDUWDPHQWRGH2ULHQWDFLyQTXHFRODERUDFRQORVWXWRUHVHQ
OD SODQLILFDFLyQ GHO WLHPSR GH HVWXGLR \ HQ IDFLOLWDUOH D FDGD DOXPQR GH IRUPD
SHUVRQDOL]DGDDVtFRPRDVXVIDPLOLDVXQDVWpFQLFDVSDUDPHMRUDUHQHOHVWXGLR\
HQODRUJDQL]DFLyQSHUVRQDOGHOPLVPRIXHUDGHO&HQWURHGXFDWLYR
(VWHWLSRGHLQWHUYHQFLyQWDPELpQIRUPDSDUWHGHODVWXWRUtDVUHDOL]DGDVHQ
ORV GLIHUHQWHV QLYHOHV HGXFDWLYRV \ SURJUDPDGRV HQ ODV VHVLRQHV GHO 3URJUDPD GH
$FFLyQ 7XWRULDO 3$7 GH LQLFLRGH FXUVR TXH VH OOHYDUiQ DFDER GXUDQWH WRGR HO
DxRHQODVKRUDVFRUUHVSRQGLHQWHVDODWXWRUtD
(O JUXSR GH DOXPQRV VLQ '$ SHUPDQHFH HQ HO DXOD RUGLQDULD \ UHFLEH GH
IRUPD GLUHFWD DWHQFLyQ HGXFDWLYD HQ GHVGREOH SHGDJyJLFR HQ ODV iUHDV
LQVWUXPHQWDOHV 6H KD REVHUYDGR SRU HO HTXLSR GRFHQWH TXH PXHVWUDQ XQ EXHQ
UHQGLPLHQWRDFDGpPLFRHQJHQHUDODXQTXHHQRFDVLRQHVSXHGHQUHQGLUSRUGHEDMR
GHVXVSRVLELOLGDGHVSHUVRQDOHV\HGXFDWLYDV
(O QLYHO VRFLRHFRQyPLFR \ VRFLRIDPLOLDU GH ORV SDUWLFLSDQWHV FRQ \ VLQ
GLILFXOWDGHV GH DSUHQGL]DMH GH DPERV FHQWURV HGXFDWLYRV HV PHGLREDMR (O QLYHO
FXOWXUDO GH ODV IDPLOLDV HV SULQFLSDOPHQWH PHGLREDMR HVWXGLRV HOHPHQWDOHV
HQFRQWUDQGR XQ Q~PHUR SRFR VLJQLILFDWLYR GH IDPLOLDV FRQ HVWXGLRV \ WUDEDMRV
FXDOLILFDGRV SRU RWUR ODGR VH REVHUYD XQD EXHQD GLVSRVLFLyQ GH ORV SDGUHV D
SDUWLFLSDUGHIRUPDYROXQWDULDHQODVDFWLYLGDGHVGHO&HQWURHQHOVHJXLPLHQWRGHO
SURFHVR GH HQVHxDQ]DDSUHQGL]DMH GH VXV KLMRV \ HQ OD DGPLQLVWUDFLyQ GH ORV
FXHVWLRQDULRV GH LPSOLFDFLyQ IDPLOLDU IDFLOLWDGRV SRU ODV SVLFyORJDV GH DPERV
'HSDUWDPHQWRV GH 2ULHQWDFLyQ SUHYLD LQIRUPDFLyQ DO HTXLSR GLUHFWLYR \ D ORV
WXWRUHVGHORVGLIHUHQWHVQLYHOHVHGXFDWLYRV
131
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(Q UHODFLyQ D OD XELFDFLyQ JHRJUiILFD ORV HVWXGLDQWHV VH HQFXHQWUDQ
HVFRODUL]DGRV HQ GLVWLQWRV FHQWURV HGXFDWLYRV XQ &HQWUR FRQFHUWDGR FpQWULFR \ XQ
,QVWLWXWR S~EOLFR GH (GXFDFLyQ 6HFXQGDULD ORFDOL]DGR FHUFD GHO FHQWUR $PERV
FHQWURV HVWiQ VLWXDGRV HQ XQD ]RQD VHPLXUEDQD GHO $OWR 9LQDORSy 9LOOHQD/DV
DFWLYLGDGHVVRFLRHFRQyPLFDVTXHODFDUDFWHUL]DQVRQHOSHTXHxRPHGLDQRFRPHUFLR
OD LQGXVWULD GHO FDO]DGR \ HQ PHQRU SRUFHQWDMH OD DJULFXOWXUD \ IUXWLFXOWXUD
PDQ]DQD SLFRWD (O DFFHVR D DPERV FHQWURV QR UHTXLHUH PHGLR GH WUDQVSRUWH
DOJXQR\DTXHVRQOXJDUHVGHIiFLODFFHVR
,QVWUXPHQWRV
/RV LQVWUXPHQWRV HPSOHDGRV SDUD OD REWHQFLyQ GH ORV GDWRV GH OD
LQYHVWLJDFLyQHGXFDWLYDKDQVLGRORVVLJXLHQWHV
D &XHVWLRQDULR GH $XWRFRQFHSWR 6'4,, 6HOI 'HVFULSWLRQ 4XHVWLRQQDLUH
HODERUDGRSRU0DUVKDGDSWDGRSRU*RQ]iOH]3LHQGDHQ
(O 6'4,, HV XQD PHGLGD GH DXWRLQIRUPH GLVHxDGD SDUD HYDOXDU HO
DXWRFRQFHSWRHQDGROHVFHQWHVGHDDxRV&RQWLHQHtWHPVGLVWULEXLGRVHQ
HVFDODVWUHVDFDGpPLFDV0DWHPiWLFDV9HUEDO\$FDGpPLFD*HQHUDO \VLHWHQR
DFDGpPLFDV +DELOLGDGHV )tVLFDV $SDULHQFLD )tVLFD 5HODFLRQHV FRQ HO 6H[R
2SXHVWR UHODFLRQHV FRQ HO 0LVPR 6H[R 5HODFLyQ FRQ ORV 3DGUHV 6LQFHULGDG
9HUDFLGDG\(VWDELOLGDG(PRFLRQDOLQFOX\HQGRDGHPiVXQDHVFDODGH$XWRHVWLPD
\ XQD SXQWXDFLyQ WRWDO GH DXWRFRQFHSWR JHQHUDO /RV tWHPVVHSXQW~DQ VHJ~Q XQD
HVFDODGHUHVSXHVWDGHSXQWRV WRWDOPHQWHIDOVR WRWDOPHQWHYHUGDGHUR
/DV LQYHVWLJDFLRQHV UHDOL]DGDV VREUH HVWH FXHVWLRQDULR HQ SREODFLyQ
DGROHVFHQWH HVSDxROD *DUFtD)HUQiQGH] HW DO DSRUWDURQ UHVXOWDGRV TXH
UHSOLFDURQ OD HVWUXFWXUD RULJLQDO GHO LQVWUXPHQWR \ DSR\DURQ VX YDOLGH] GH
FRQVWUXFWR 3DUD ORV REMHWLYRV GH HVWH HVWXGLR VH KDQ WHQLGR HQ FXHQWD ODV HVFDODV
132
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
DFDGpPLFDV \ QR DFDGpPLFDV /D ILDELOLGDG GH ODV HVFDODV DFDGpPLFDV HV OD
VLJXLHQWH 0DWHPiWLFDV 9HUEDO \ $FDGpPLFD *HQHUDO FX\RV FRHILFLHQWHV DOID GH
&URQEDFKIXHURQ0DWHPiWLFDV9HUEDO\$FDGpPLFR*HQHUDO
(O 6'4,, HV XQ LQVWUXPHQWR ILDEOH \ GH FRQVWDWDGD YDOLGH] %\UQH (Q VX DSOLFDFLyQ D OD SREODFLyQ HVSDxROD ORV GDWRV GLVSRQLEOHV LQGLFDQ XQD
ILDELOLGDG GH FRQVLVWHQFLD LQWHUQD DOWD 1~xH] *RQ]iOH]3XPDULHJD \ *RQ]iOH]
3LHQGD
5HVSHFWRDODVSURSLHGDGHVSVLFRPpWULFDVGHO6'4,,HQHOWUDEDMRUHDOL]DGR
SRU *RQ]iOH]3LHQGD VH REWLHQH SDUD HO WRWDO GH OD HVFDOD GH (V XQD
HVFDODILDEOH\HVFDVDPHQWHLQIOXHQFLDEOHSRUODVFLUFXQVWDQFLDVFXOWXUDOHV
6REUH OD YDOLGH] GH FRQVWUXFWR FDEH VHxDODU TXH HQ ORV GRV WUDEDMRV GH
0DUVK OD HVWUXFWXUD IDFWRULDO KLSRWHWL]DGD VH HQFXHQWUD H[FHSFLRQDOPHQWH ELHQ
GHILQLGDSRUORFXDOVHGHEHFRQFOXLUTXHGLFKDHVFDODSRVHHXQDH[FHOHQWHYDOLGH]
GH FRQVWUXFWR \ SRU WDQWR HV UHFRPHQGDEOH VX XWLOL]DFLyQ SDUD OD HYDOXDFLyQ GHO
DXWRFRQFHSWRHQDGROHVFHQWHV
E &XHVWLRQDULR SDUD OD (YDOXDFLyQ GH 0HWDV $FDGpPLFDV HQ 6HFXQGDULD
&(0$,, (VWH LQVWUXPHQWR HODERUDGR SRU 1~xH] *RQ]iOH]3LHQGD
*RQ]iOH]3XPDULHJD*DUFtD\5RFHV &(0$ $FKLHYHPHQW*RDO
7HQGHQFLHV4XHVWLRQQDLUH+D\DPL]X\:HLQHU
(O &(0$ HV XQ DXWRLQIRUPH FRPSXHVWR SRU tWHPV GLVHxDGR SDUD PHGLU
WUHVWHQGHQFLDVXRULHQWDFLRQHV GHPHWDVLGHQWLILFDGDVPHGLDQWHDQiOLVLVIDFWRULDO
D 0HWDV GH $SUHQGL]DMH 0$ LQGLFDQ OD WHQGHQFLD GH ORV HVWXGLDQWHV SRU
DSUHQGHUFRQHOSURSyVLWRGHDGTXLULUFRQRFLPLHQWRV\DXPHQWDUVXFRPSHWHQFLDE
0HWDVGH/RJUR 0/UHIOHMDQOD WHQGHQFLDGHORVHVWXGLDQWHVSRUDSUHQGHUFRQOD
LQWHQFLyQGHREWHQHUEXHQDVQRWDVHQORV H[iPHQHV\DYDQ]DUHQORVHVWXGLRV\F
0HWDV GH 5HIXHU]R 6RFLDO 056 LQGLFDQ OD WHQGHQFLD GH ORV HVWXGLDQWHV SRU
DSUHQGHU SDUD REWHQHU MXLFLRV GH DSUREDFLyQ \ HYLWDU HO UHFKD]R GH SDGUHV \
SURIHVRUHV
133
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&DGD tWHP VH UHVSRQGH PHGLDQWH XQD HVFDOD GH SXQWRV QXQFD VLHPSUH /DV SURSLHGDGHV SVLFRPpWULFDV GHO &(0$ KDQ VLGR DQDOL]DGDV HQ
HVWXGLDQWHV HVSDxROHV GH (GXFDFLyQ 3ULPDULD 6HFXQGDULD \ (GXFDFLyQ 6XSHULRU
*RQ]iOH]3LHQGD HW DO ,QJOpV HW DO 1DYDV *RQ]iOH] \ 7RUUHJURVD
9DOOH *RQ]iOH] &DEDQDFK &XHYDV \ 1~xH] KDOOiQGRVH QLYHOHV
DFHSWDEOHVGHILDELOLGDG\YDOLGH]GHFRQVWUXFWR
F &XHVWLRQDULRGH(VWUDWHJLDVGH$SUHQGL]DMH&($(VWHHVXQLQVWUXPHQWR
HODERUDGRSRU%HOWUiQ3pUH]\0,2UWHJD
(VWH HV XQ LQVWUXPHQWR HODERUDGR SRU %HOWUiQ 3pUH] \ 2UWHJD TXH
SHUPLWH HYDOXDU HO QLYHO GH XWLOL]DFLyQ GH ODV HVWUDWHJLDV GH DSUHQGL]DMH SRU ORV
HVWXGLDQWHVGH(GXFDFLyQ6HFXQGDULDHQVXVGLIHUHQWHVQLYHOHVHGXFDWLYRVGHVGHž
Dž6XDGPLQLVWUDFLyQHVFROHFWLYD\VXWLHPSRGHDSOLFDFLyQHVDSUR[LPDGDPHQWH
GHDPLQXWRV
(O FXHVWLRQDULR &($ SDUWH GH XQ FRPSOHWR PRGHOR GHO IXQFLRQDPLHQWR
PHQWDO SDUD HVWXGLDU ODV GLIHUHQWHV HVWUDWHJLDV TXH ORV HVWXGLDQWHV SXHGHQ SRQHU
HQ MXHJR HQ HO SURFHVR GH DSUHQGL]DMH /D SUXHED HYDO~D FXDWUR JUDQGHV HVFDODVR
SURFHVRVHQORVTXHVHDJUXSDQODVHVWUDWHJLDVVHQVLELOL]DFLyQHODERUDFLyQ
SHUVRQDOL]DFLyQ\PHWDFRJQLFLyQ\RQFHVXEHVFDODV0RWLYDFLyQ$FWLWXGHV
$IHFWLYLGDGFRQWUROHPRFLRQDO6HOHFFLyQGHLQIRUPDFLyQ2UJDQL]DFLyQGHOD
LQIRUPDFLyQ(ODERUDFLyQGHODLQIRUPDFLyQ3HQVDPLHQWRFUHDWLYR\FUtWLFR
5HFXSHUDFLyQGHODLQIRUPDFLyQ7UDQVIHUHQFLD3ODQLILFDFLyQ\(YDOXDFLyQ\
5HJXODFLyQ
/RVUHVXOWDGRVGHODSUXHEDLQFOX\HQHOSHUILOGHODOXPQRHQHOHPSOHRGHODV
HVWUDWHJLDV DVt FRPR RULHQWDFLRQHV WDQWR SDUD SURIHVRUHV FRPR SDUD HO SURSLR
DOXPQRGHVWLQDGDVDIDFLOLWDUODHODERUDFLyQGHSURJUDPDVSDUDFRUUHJLUORVSXQWRV
GpELOHVGHODOXPQR
134
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/D ILDELOLGDG GH FDGD XQD GH ODV FXDWUR HVFDODV TXH FRPSRQHQ HO
FXHVWLRQDULR DVt FRPR HO WRWDO GHO PLVPR VH FDOFXOy SRU PHGLR GH GRV
SURFHGLPLHQWRVHOPpWRGRGHIRUPDVSDUDOHODV\HOFRHILFLHQWHDOIDGH&URQEDFK
(O SURFHGLPLHQWR GH IRUPDV SDUDOHODV FRQVWLWX\H XQD HVWLPDFLyQ LQVHVJDGD
GH OD ILDELOLGDG DVXPLHQGR YDULDQ]DV LJXDOHV HQ ODV GLIHUHQWHV UpSOLFDV DOHDWRULDV
GH ORV HOHPHQWRV TXH FRPSRQHQ OD HVFDOD 0LHQWUDV TXH HO FRHILFLHQWH GH
FRQVLVWHQFLD LQWHUQD DOID GH &URQEDFK EDVDGR HQ OD FRUUHODFLyQ PHGLD HQWUH FDGD
XQR GH ORV HOHPHQWRV GH OD HVFDOD \ HO WRWDO LQGLFD HO JUDGR HQ TXH WRGRV ORV
HOHPHQWRVHVWiQPLGLHQGRXQPLVPRFRQVWUXFWR
/RV YDORUHV GH ORV FRHILFLHQWHV GH ILDELOLGDG REWHQLGRV SRU HVWRV
SURFHGLPLHQWRV SDUD FDGD XQD GH ODV HVFDODV \ SDUD OD HVFDOD WRWDO VRQ ORV TXH
DSDUHFHQHQODWDEOD
7DEOD
9DORUHV GH ORV FRHILFLHQWHV GH ILDELOLGDG GHO &XHVWLRQDULR GH (VWUDWHJLDV GH
$SUHQGL]DMH&($
(6&$/$
1ž
GH )LDELOLGDGGH
&RHILFLHQWHGHILDELOLGDG
tWHPV
IRUPDVSDUDOHODV
α GH&URQEDFK
6HQVLELOL]DFLyQ
(ODERUDFLyQ
3HUVRQDOL]DFLyQ
0HWDFRJQLFLyQ
(VFDOD7RWDO
&RPR VH DSUHFLD HQ OD WDEOD ORV YDORUHV GH ORV FRHILFLHQWHV GH ILDELOLGDG
REWHQLGRVSRUXQR\RWURPpWRGRVRQPX\VHPHMDQWHV\EDVWDQWHVDOWRV\DTXHVH
VLW~DQHQHOUDQJRGHVGHSDUDODHVFDODGHPHWDFRJQLFLyQKDVWDSDUDOD
GHSHUVRQDOL]DFLyQ'HVWDFDHOYDORUGHILDELOLGDGWRWDOGHODHVFDODFDOFXODGRSRU
DPERVPpWRGRVTXHDVFLHQGHD
135
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
G (VFDODGH(YDOXDFLyQGHOD&RKHVLyQ\$GDSWDELOLGDG)DPLOLDU)$&(6,,
HVS DGDSWDGR SRU 0DUWtQH]3DPSOLHJD )$&(6,, )DPLO\ $GDSWDELOLW\
DQG&RKHVLRQ(YDOXDWLRQ6FDOH9HUVLRQ,,
6H KDSDUWLGRGHORVtWHPVVHOHFFLRQDGRVSRUHOJUXSRGH2OVRQGHOWRWDO
GH TXH FRPSRQtDQ HO )$&(6 , HQ VX SURFHVR GH HODERUDFLyQ GHO )$&(6 ,,
2OVRQHWDO'HHVWRVtWHPVGHSDUWLGDHVWiQGHVWLQDGRVDH[SORUDUOD
GLPHQVLyQ GH &RKHVLyQ \ ORV UHVWDQWHV OD GH $GDSWDELOLGDG 3UHYLDPHQWH DO
HVWXGLR GH YDORUDFLyQ SVLFRPpWULFD VH VRPHWLy DO LQVWUXPHQWR D XQ SURFHVR GH
WUDGXFFLyQ DGDSWDFLyQ FRQFHSWXDO D QXHVWUR FRQWH[WR FXOWXUDO \ UHWURWUDGXFFLyQ
0$57Ì1(=3$03/,(*$ HW DO )DPLO\ $GDSWDELOLW\ DQG &RKHVLRQ (YDOXDWLRQ
6FDOH ,QW - &OLQ +HDOWK 3V\FKRO %HKOLQJ \ 0F)LOOHQ %ULVOLQ
(Q XQD SULPHUD IDVH GRV PLHPEURV GHO HTXLSR WUDGXMHURQ GH IRUPD
LQGHSHQGLHQWH ORV tWHPV RULJLQDOHV $PEDV WUDGXFFLRQHV IXHURQ GLVFXWLGDV
VLPXOWiQHDPHQWH HQWUH ORV WUDGXFWRUHV KDVWD DOFDQ]DU XQ FRQVHQVR HYDOXiQGRVH
DVLPLVPR OD HTXLYDOHQFLD FRQFHSWXDO \ FODULGDG GHO HQXQFLDGR GH ORV tWHPV KDVWD
OOHJDUDXQDYHUVLyQDGDSWDGD
(QXQDVHJXQGDIDVHXQDSHUVRQDQDWLYDGH(VWDGRV8QLGRVFRQIRUPDFLyQ
HQ )LORORJtD (VSDxROD \ FRQRFLPLHQWRV GH 3VLFRORJtD TXH GHVFRQRFtD OD YHUVLyQ
RULJLQDOWUDGXMR OD YHUVLyQ HQ HVSDxRO GH QXHYR DO LQJOpV (Q XQDWHUFHUDIDVH VH
FRPSDUy HVWD YHUVLyQ UHWURWUDGXFLGD FRQ OD RULJLQDO D HIHFWRV GH FRQWUDVWDU VX
HTXLYDOHQFLD FRQFHSWXDO \ GH FRQWHQLGR DVt FRPR VX FRQVRQDQFLD VLQWiFWLFD \
WpFQLFD (VWH FXHVWLRQDULR HV DSOLFDGR D ORV SDGUHV /D IXQFLRQDOLGDG IDPLOLDU VH
PLGHVHJ~QHO)$&(6,,HQWpUPLQRVGHDGDSWDELOLGDG\FRKHVLyQ
&RKHVLyQ9LQFXODFLyQHPRFLRQDOHQWUHORVPLHPEURVGHODIDPLOLDHLQFOX\H
FHUFDQtDFRPSURPLVRIDPLOLDULQGLYLGXDOLGDG\WLHPSRFRPSDUWLGR/RVQLYHOHVGH
FRKHVLyQVRQGHVOLJDGDVHSDUDGDFRQHFWDGRDJOXWLQDGD
136
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
$GDSWDELOLGDG +DELOLGDG GHO VLVWHPD IDPLOLDU SDUD FDPELDU VX HVWUXFWXUD
GH SRGHUODVUHODFLRQHV GH UROHVODV QRUPDV \ UHJODV HQIXQFLyQGH ODV GHPDQGDV
VLWXDFLRQDOHVRGHGHVDUUROOR/RVQLYHOHVGHDGDSWDELOLGDGVRQUtJLGRHVWUXFWXUDGR
IOH[LEOH\FDyWLFR
(VWH LQVWUXPHQWR KD GHPRVWUDGR WHQHU XQDV EXHQDV FXDOLGDGHV
SVLFRPpWULFDV DO KDEHU REWHQLGR XQRV tQGLFHV GH ILDELOLGDG PiV DOWRV TXH ODV
KDELWXDOHV DOID GH &URQEDFK GH \ UHVSHFWLYDPHQWH SDUD ODV
VXEGLPHQVLRQHVGH&RKHVLyQ\$GDSWDELOLGDG\XQDDGHFXDGDYDOLGH]FRQYHUJHQWH
\ GLYHUJHQWH GHPRVWUDGD D WUDYpV GH HVFDODV UHOHYDQWHV /D YDOLGH] GH FRQVWUXFWR
UHVXOWD UHVSDOGDGD D WUDYpV GH XQ DQiOLVLV IDFWRULDO FRQILUPDWRULR HO FXDO DUURMy
tQGLFHV DGHFXDGRV HQ UHODFLyQ D OD HVWUXFWXUD ELGLPHQVLRQDO HVWDEOHFLGD SRU ORV
DXWRUHV*), 1), 506($ (VWDHVFDODVXSHUDODVGLILFXOWDGHV
REVHUYDGDVHQYHUVLRQHVHVSDxRODVSUHYLDV
H (VFDOD GH 6RFLDOL]DFLyQ )DPLOLDU 62& HODERUDGD SRU +HUUHUR 0XVLWX
*DUFtD\*RPLV
/DHVFDODGH6RFLDOL]DFLyQ)DPLOLDU62&HVWiFRQIRUPDGDSRU tWHPV
GHVWLQDGRV D HYDOXDU OD SHUFHSFLyQ TXH WLHQHQ ORV KLMRV DFHUFD GHO HVWLOR GH
VRFLDOL]DFLyQIDPLOLDUHPSOHDGRSRUVXVSDGUHV
/D HVFDOD 62& VH KD HODERUDGR D SDUWLU GH OD HVFDOD (0%8 (JQD
0LQQHQDY%DUQGRPV8SSIRVWUDQGHVDUUROODGDSRU3HUULV-DFREVRQ/LQGVWU|PK
9RQ .QRUULQJ \ 3HUULV HQ 6XHFLD FRQ HO ILQ GH GHWHUPLQDU HO URO TXH ODV
SUiFWLFDV GH VRFLDOL]DFLyQ SDUHQWDO GHVHPSHxDEDQ HQ OD HWLRORJtD GH GLYHUVRV
WUDVWRUQRV SVLFROyJLFRV FRPR OD IRELD R OD GHSUHVLyQ PHGLDQWH HO UHFXHUGR GH
DGXOWRV FOtQLFRV VREUH ODV SUiFWLFDV HGXFDWLYDV GH VXV SDGUHV 3RVWHULRUPHQWH
$UULQGHOO\9DQGHU(QGHFRPSUREDUtDQTXHODHVFDOD(0%8FRQVHUYDEDVXV
SURSLHGDGHVSVLFRPpWULFDVHQSREODFLRQHVLQWDFWDV
137
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/DHVFDOD(0%8IXHDGDSWDGDDSREODFLRQHVHVSDxRODVSRU+HUUHUR0XVLWX
*DUFtD \ *yPLV /DV GLPHQVLRQHV WHyULFDV GH OD VRFLDOL]DFLyQ IDPLOLDU TXH
FRQWHPSOD OD HVFDOD 62& VRQ *DUFtD 0ROSHFHUHV 0XVLWX $OODWW )RQWDLQH
&DPSRV\$UDQJR
‡ $SR\R ,QFOX\H tWHPV TXH LQGDJDQ VREUH ODV H[SUHVLRQHV \ PXHVWUDV GH
DIHFWR GH ORV SDGUHV KDFLD VXV KLMRV WDQWR KDFLD VX FRQGXFWD FRPR D VX
SURSLD DFHSWDFLyQ SHUVRQDO SRU HMHPSOR ´PLV SDGUHV PH GHPXHVWUDQ FRQ
SDODEUDV \ JHVWRV TXH PH TXLHUHQµ (VWD GLPHQVLyQ VH UHILHUH DO DSR\R
HPRFLRQDOSHUFLELGRSRUSDUWHGHORVSDGUHVTXHVHUHIOHMDHQODH[SUHVLyQGH
DIHFWR VDWLVIDFFLyQ FRPSUHQVLyQ \ DFHSWDFLyQ GHO KLMR FRPR SHUVRQD DVt
FRPR VX D\XGD LQVWUXPHQWDO (VWD VXEHVFDOD SUHVHQWD XQ H[FHOHQWH YDORU
SDUD HO tQGLFH DOSKD (O tWHP TXH PiV VDWXUD HQ OD GLPHQVLyQ HV
62&BFRQPLHQWUDVTXHHOtWHPTXHPHQRUVDWXUDFLyQSUHVHQWDHQ
HVWHIDFWRUHVHO62&B/DILDELOLGDGGHODVXEHVFDODQRSXHGHVHU
LQFUHPHQWDGDPHGLDQWHODVXSUHVLyQGHQLQJ~QtWHP
‡ &DVWLJR &RHUFLyQ &RQVWD GH tWHPV TXH LQWHUURJDQ VREUH ODV SUiFWLFDV
GLVFLSOLQDUHV XWLOL]DGDV SRU ORV SDGUHV LQFOX\HQGR OD DJUHVLyQ ItVLFD \ HO
WUDWR FUXHO SRU HMHPSOR ´PLV SDGUHV PH FDVWLJDQ LQFOXVR SRU FRPHWHU
SHTXHxDVIDOWDVµ'HVFULEHXQHVWLORGHVRFLDOL]DFLyQFODUDPHQWHSXQLWLYR\
FRHUFLWLYR KDFLHQGR HVSHFLDO KLQFDSLp HQ HO XVR GHO FDVWLJR ItVLFR \
GHVSURSRUFLRQDGR
(Q OD PXHVWUD GH KLMRV HO DOSKD GH OD VXEHVFDOD &DVWLJR HV GH VXSHUDQGR GLFKR YDORU HQ ODV PXHVWUDV GH SDGUHV \ PDGUHV (O tWHP TXH
PD\RU VDWXUDFLyQ SUHVHQWD HQ HVWH IDFWRU HV HO 62&B \ HO TXH
PHQRUVDWXUDFLyQRIUHFHHVHOtWHP62&B(QHVWDRFDVLyQWDPSRFR
VHSRGUtDLQFUHPHQWDUODILDELOLGDGPHGLDQWHODVXSUHVLyQGHDOJ~QtWHP
138
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
‡ 6REUHSURWHFFLyQ&RQWUROHVWiFRQVWUXLGDPHGLDQWH tWHPV TXHHYDO~DQHO
JUDGR GH LPSRVLFLyQ GH QRUPDV SRU SDUWH GH ORV SDGUHV FRPSDUDGDV
RFDVLRQDOPHQWHFRQODVQRUPDVGHORVLJXDOHVSRUHMHPSOR´PLVSDGUHVPH
GHMDQKDFHUODVPLVPDVFRVDVTXHPLVDPLJRVµ'HVFULEHXQDSUHRFXSDFLyQ
H[FHVLYD SRU SDUWH GH ORV SDGUHV KDFLD ODV DFWLYLGDGHV GH VXV KLMRV TXH
FRQOOHYD XQDPHUPD HQ OD DXWRQRPtDGH pVWRV\ XQD SHUFHSFLyQ GH SUHVLyQ
SRUSDUWHGHODGROHVFHQWH
‡ 5HSUREDFLyQ FRQ tWHPV YDORUD HO JUDGR HQ TXH ORV KLMRV SHUFLEHQ OD
GHVDSUREDFLyQSDWHUQDO\ORVVHQWLPLHQWRVGHFXOSDELOLGDGTXHJHQHUDGLFKD
GHVDSUREDFLyQSRUHMHPSOR´PLVSDGUHVPHGLFHQW~TXHHUHVWDQPD\RUR
W~TXHHUHVXQFKLFRRXQDFKLFDQRGHEHUtDVFRPSRUWDUWHGHHVWDIRUPDµ
(VWDGLPHQVLyQFRQWHPSODHOJUDGRHQTXHORVSDGUHVXWLOL]DQHODIHFWRSDUD
LQIOXLUHQODFRQGXFWDGHORVKLMRV\HOJUDGRHQTXHPXHVWUDQXQDFLHUWDQR
DFHSWDFLyQGHOKLMR
(OIRUPDWRGHUHVSXHVWDWtSLFRGHHVWDHVFDODHVPHGLDQWHDOWHUQDWLYDVGH
UHVSXHVWD 6LQ HPEDUJR HQ QXHVWUD LQYHVWLJDFLyQ KHPRV RIUHFLGR HO WHUPyPHWUR
FRQHOILQGHSUHVHQWDUWRGRVORVFXHVWLRQDULRVFRQHOPLVPRVLVWHPDGHUHVSXHVWD\
SDUDLQFUHPHQWDUVXYDOLGH]GLVFULPLQDQWH&RQHOREMHWRGHTXHWRGRVORVtWHPVVH
LQWHUSUHWHQHQHOPLVPRVHQWLGRVHLQYLHUWHQWRGRVORVtWHPVGHODGLPHQVLyQ$SR\R
\ORVtWHPV\VREUHSURWHFFLyQFRQWUROGHWDOPRGRTXHSXQWXDFLRQHVDOWDV
HQ ODV GLPHQVLRQHV &DVWLJR &RHUFLyQ 6REUHSURWHFFLyQ &RQWURO \ 5HSUREDFLyQ
LPSOLFDQXQDEDMDRFXUUHQFLDGHGLFKRVIDFWRUHV
139
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
I &XHVWLRQDULR GH HODERUDFLyQ SURSLD VREUH OD LPSOLFDFLyQ IDPLOLDU HQ HO
SURFHVR HGXFDWLYR GH ORVDV KLMRVDV GLULJLGR D HVWXGLDQWHV FRQ \ VLQ
GLILFXOWDGHVGHDSUHQGL]DMH
(Q HVWD LQYHVWLJDFLyQ VH KDQ HODERUDGR GRV FXHVWLRQDULRV VREUH OD
LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR HGXFDWLYR GH ORV KLMRVDV GLULJLGR D SDGUHV \
HVWXGLDQWHVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMHFRQHOREMHWLYRGHYDORUDUHOJUDGR
GH LPSOLFDFLyQ GH ORV SDGUHV HQ HO SURFHVR HGXFDWLYR GH VXV KLMRVDV DVt FRPR OD
SHUFHSFLyQTXHHVWRV~OWLPRVWLHQHQGHHVDLPSOLFDFLyQ
$PERV FXHVWLRQDULRV HODERUDGRV VH IXQGDPHQWDQ HQ ODV VLJXLHQWHV
LQYHVWLJDFLRQHVDFWXDOHV
(Q UHODFLyQ D OD SHUFHSFLyQ GH D\XGD RUJDQL]DFLyQ H LQWHUpV HQ HO SURFHVR
HGXFDWLYR FRPR DSDUHFH HQ ORV WUDEDMRV GH DXWRUHV FRPR 3DWULNDNRX %URQIHQEUHQQHU%RHUVPD\&KDSPDQ%U\DQ\3HDUO7ROOLVRQ
6HJLQHUHQWUHRWURV
(QUHODFLyQDODVH[SHFWDWLYDVFRPRVHHVWXGLDHQORVWUDEDMRVGHORVDXWRUHV
FRPR +LHEHUW +XUWHU 'ZHFN 5HSSXFFL /LFKW \ .LVWQHU
6HJLQHU7HDFKPDQ\3DDVFK7KRPSVRQ$OH[DQGHU(QWZLVOH
(QUHODFLyQFRQ ODVUHODFLRQHVGHODIDPLOLDFRQHO&HQWURORVWUDEDMRVGHORV
DXWRUHVFRPR0F&DVOLQ0XUGRFN:HQW]HOHQWUHRWURV
,QYHVWLJDFLRQHV HGXFDWLYDV 3DXOVRQ VREUH HO HVWLOR SDUHQWDO OD
LPSOLFDFLyQ IDPLOLDU HQ ODV WDUHDV HVFRODUHV \ VX UHODFLyQ FRQ HO UHQGLPLHQWR
DFDGpPLFR HQ ORV DGROHVFHQWHV FRQFOX\HQ FRPR ORV WUDEDMRV GH +ROORZD\ \
&ROOHDJXHVORVLJXLHQWH
D /DV DOWDV H[SHFWDWLYDV GH ORV SDGUHV VREUH HO UHQGLPLHQWR GH VXV KLMRV
*RWWIULHG \ *RWWIULHG 0DMRULEDQNV 3DUVRQV $GOHU \ .DF]DOD 140
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6HJLQHU 7KRPSVRQ $OH[DQGUH \ (QWZLVOH ODV FUHHQFLDV \
DWULEXFLRQHV SRVLWLYDV DFHUFD GH ODV KDELOLGDGHV GH VXV KLMRV +ROORZD\ \ +HVV
6LJHO 6WHYHQVRQ /HH &KHQ /XPPLV 6WLJOHU )DQ \ *H \ ODV
WDUHDV UHDOL]DGDV HQ FDVD LQFOX\HQGR OD D\XGD HQ ODV WDUHDV GHO KRJDU
´KRPHZRUNµ (SVWHLQ 6WHLQEHUJ /DPERUQ 'RUQEXFK \ 'DUOLQJ 6WHYHQVRQ \ %DNHU VH UHODFLRQDQ GH IRUPD SRVLWLYD FRQ HO UHQGLPLHQWR
DFDGpPLFR HV GHFLU D PD\RU SHUFHSFLyQ SRU ORV DGROHVFHQWHV GH DOWDV H[SHFWDWLYDV
DFDGpPLFDV SRU ORV SDGUHV VREUH pVWRV PD\RU LQWHUpV HVIXHU]R PRWLYDFLyQ \
UHQGLPLHQWRDFDGpPLFRJHQHUDO
E /DLPSOLFDFLyQIDPLOLDUHQODHVFXHODDFWLYLGDGHVHYHQWRVGHGHSRUWHV\
RWUDV IXQFLRQHV UHODFLRQDGDV WLHQH XQD LQIOXHQFLD SRVLWLYD HQ HO UHQGLPLHQWR
DFDGpPLFRGHVXVKLMRV/LQQH\\9HUQEHUJ6WHYHQVRQ\%DNHU
F (O HVWLOR SDUHQWDO GLVFLSOLQDGR WLHQH XQD LQIOXHQFLD SRVLWLYD HQ HO
UHQGLPLHQWR DFDGpPLFR GH ORV KLMRV +RIIPDQ %URQIHQEUHQQHU \ &URXWHU
+HVV\+ROORZD\
G/RV HVWXGLDQWHVTXHSHUFLEHQGHVXVSDGUHVTXHpVWRVVHLQWHUHVDQ\OHV
D\XGDQHQODVWDUHDVHVFRODUHVDUHDOL]DUHQFDVDPXHVWUDQXQPD\RUUHQGLPLHQWR
DFDGpPLFRTXHRWURVHVWXGLDQWHVFX\RVSDGUHVQRPXHVWUDQHVHLQWHUpV\D\XGD
/DV LQYHVWLJDFLRQHV VREUH OD LQIOXHQFLD GH ORV SDGUHV \ VXV H[SHFWDWLYDV
VREUH HO UHQGLPLHQWR GH VXV KLMRV .DSODQ DSRUWDQ ODV VLJXLHQWHV
FRQFOXVLRQHV H[LVWH XQD UHODFLyQ HQWUH HO QLYHO GH OD HGXFDFLyQ GH ORV SDGUHV \ HO
QLYHOGHODVH[SHFWDWLYDVDFDGpPLFDVVREUHVXVKLMRV7HDFKPDQ\3DDVFK'H
HVWDIRUPDSDGUHVFRQXQDOWRQLYHOGHHVWXGLRV\XQDVEDMDVH[SHFWDWLYDVVREUHVXV
KLMRV HVWR WLHQH FRPR FRQVHFXHQFLD XQD LQIOXHQFLD QHJDWLYD HQ HO UHQGLPLHQWR
DFDGpPLFRGHVXVKLMRV
141
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&RPR FRQFOXVLyQ VH DSRUWD TXH HVWRV FXDWUR DVSHFWRV JHQHUDOHV VREUH OD
LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR HGXFDWLYR HVWiQ UHODFLRQDGRV FRQ ODV GLIHUHQWHV
YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV TXH VH UHODFLRQDQ FRQ HO DSUHQGL]DMH HVFRODU
'RPpQHFK %HWRUHW \ *DUFtD %DFHWH 3LQWULFK 3LQWULFK \ 'H *URRW
HVGHFLUVHUHODFLRQDQFRQODSHUFHSFLyQGHD\XGDHLQWHUpVSRUODIRUPDFLyQ
TXHWLHQHQORVHVWXGLDQWHVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMH\ORVSDGUHVVREUH
VXVKLMRVDVFRPRFRPSRQHQWHFRJQLWLYRGHODSUHQGL]DMHHVFRODUUHODFLRQDGRFRQOD
DWULEXFLyQGHOORJURDFDGpPLFRTXHKDFHQORVKLMRVVREUHVXp[LWRHVFRODU
3RU RWUR ODGR OD SHUFHSFLyQ GH HOOR R H[SHFWDWLYD GH KDELOLGDG HQ HO
DSUHQGL]DMH\VREUHHOIXWXURSURIHVLRQDOGHORVHVWXGLDQWHVFRQ\VLQGLILFXOWDGHVGH
DSUHQGL]DMH DVt FRPR FRQ OD KDELOLGDG GH D\XGD ´KDELOLGDGµ ´VNLOOµ (Q *
&DEDQDFK HW DO \ WLHPSR GH RUJDQL]DFLyQ HQ ODV WDUHDV HVFRODUHV FRPR
FRPSRQHQWH PRWLYDFLRQDO UHODFLRQDGR FRQ HO FRPSRQHQWH GH H[SHFWDWLYD KDFH
UHIHUHQFLD D ODV FUHHQFLDV \ H[SHFWDWLYDV GH ORV HVWXGLDQWHV SDUD UHDOL]DU XQD
GHWHUPLQDGDWDUHD
3RU~OWLPRHOFRPSRQHQWHFRQWH[WXDOGHODPRWLYDFLyQKDFHUHIHUHQFLDDOD
UHODFLyQ HQWUH IDPLOLD \ &HQWUR FRPXQLFDFLyQ WXWRUtDV \ JUDGR GH LQIRUPDFLyQ
VREUHGLILFXOWDGHVRSURJUHVRVHGXFDWLYRVGHVXVKLMRVDVDVtFRPRSDUWLFLSDFLyQGH
ORVSDGUHVHQODVDFWLYLGDGHVOOHYDGDVDFDERSRUDPERVFHQWURVHGXFDWLYRV
(OFXHVWLRQDULRSDUDDOXPQRVVREUHODLPSOLFDFLyQIDPLOLDUHQHOSURFHVRGH
HQVHxDQ]DDSUHQGL]DMH FRPSUHQGH tWHPV HVSHFtILFRV TXH VH DJUXSDQ HQ IDFWRUHVUDFLRQDOHVYHUDQH[R
3HUFHSFLyQ GH D\XGD RUJDQL]DFLyQ H LQWHUpV HQ HO SURFHVR HGXFDWLYR XQ
HMHPSORGHHOORHVHOtWHP´SLHQVRTXHPLVSDGUHVVHLQWHUHVDQSRUPLVSURJUHVRV
HGXFDWLYRVµ
([SHFWDWLYDV IXWXUR SURIHVLRQDO XQ HMHPSOR GH HOOR HV HO tWHP ´PLV
SDGUHVSLHQVDQTXHORJUDUpVXSHUDUORVHVWXGLRVREOLJDWRULRVµ
142
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
5HODFLRQHV FRQ HO &HQWUR XQ HMHPSOR GH HOOR HV HO tWHP µPLV SDGUHV
DVLVWHQDWXWRUtDFRQHOODWXWRUDGHIRUPDIUHFXHQWHµ
7LHPSR GH RUJDQL]DFLyQ \ D\XGD HIHFWLYD HQ ODV WDUHDV HVFRODUHV XQ
HMHPSORGHHOORHVHOtWHP´PLVSDGUHVPHD\XGDQDRUJDQL]DUHOHVWXGLRHQFDVDµ
(Q HVWH FXHVWLRQDULR HO HVWXGLDQWH FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH
YDORUD FDGD XQR GH ORV IDFWRUHV DQWHULRUPHQWH PHQFLRQDGRV HQ UHODFLyQ D FyPR
SHUFLEHODLPSOLFDFLyQIDPLOLDUGHVXVSDGUHVHQVXSURFHVRHGXFDWLYRHOLJLHQGRHO
JUDGR GH DFXHUGR R GHVDFXHUGR SDUD FDGD tWHP VLHQGR HO YDORU DWULEXLEOH D FDGD
Q~PHUR HO VLJXLHQWH QXQFD R FDVL QXQFD SRFDV YHFHV D YHFHV FRQ
IUHFXHQFLD\ FDVLVLHPSUH
/DILDELOLGDGGHFRQVLVWHQFLDLQWHUQDGHOFXHVWLRQDULRWRWDOVHFDOFXODFRQHO
DOID GH &URQEDFK \ HV GH Ĵ $ FRQWLQXDFLyQ VH GHWDOOD OD ILDELOLGDG GH
FRQVLVWHQFLDLQWHUQDGHFDGDIDFWRU
•
)DFWRU 3HUFHSFLyQ GH D\XGD RUJDQL]DFLyQ H LQWHUpV HQ HO SURFHVR
HGXFDWLYRVXILDELOLGDGGHFRQVLVWHQFLDLQWHUQDHVGHĴ •
)DFWRU([SHFWDWLYDVFX\DILDELOLGDGGHFRQVLVWHQFLDLQWHUQDHVGHĴ •
)DFWRU 5HODFLRQHV FRQ HO &HQWUR FRQ XQD ILDELOLGDG GH FRQVLVWHQFLD
LQWHUQDGHĴ •
)DFWRU 7LHPSR GH RUJDQL]DFLyQ \ D\XGD HIHFWLYD HQ ODV WDUHDV
HVFRODUHVFRQXQDILDELOLGDGGHFRQVLVWHQFLDLQWHUQDGHĴ 143
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
J &XHVWLRQDULR GH HODERUDFLyQ SURSLD VREUH OD LPSOLFDFLyQ IDPLOLDU HQ HO
SURFHVR HGXFDWLYR GH ORVDV KLMRVDV GLULJLGR D SDGUHV GH HVWXGLDQWHVFRQ \
VLQGLILFXOWDGHVGHDSUHQGL]DMH
'HHVWHFXHVWLRQDULR\DKDVLGRFRPHQWDGDVXIXQGDPHQWDFLyQWHyULFD(VWH
LQVWUXPHQWR GLULJLGR D ORV SDGUHV GH HVWXGLDQWHV FRQ \ VLQ GLILFXOWDGHV GH
DSUHQGL]DMH YDORUD OD SHUFHSFLyQ TXH ORV SDGUHV WLHQHQ GH VX LPSOLFDFLyQ HQ HO
SURFHVRHGXFDWLYRGHVXVKLMRV&RQVWDGHtWHPVHQORVTXHVHHYDO~DQIDFWRUHV
YHUDQH[R
3HUFHSFLyQ GH D\XGD RUJDQL]DFLyQ H LQWHUpV HQ HO SURFHVR HGXFDWLYR XQ
HMHPSOR GH HOOR HV HO tWHP ´FRODERUR HQ WRGR OR TXH SXHGR HQ OD PHMRUD GHO
SURJUHVRHGXFDWLYRGHPLKLMRDµ
([SHFWDWLYDV IXWXUR SURIHVLRQDO XQ HMHPSOR GH HOOR VHUtD HO tWHP ´SLHQVRTXHPLKLMRDSXHGHVXSHUDUORVHVWXGLRVREOLJDWRULRVµ
5HODFLRQHV FRQ HO &HQWUR FRPR HMHPSOR VHUtD HO tWHP ´VR\ LQIRUPDGR
UHJXODUPHQWHSRUHO&HQWURHGXFDWLYRGHORVUHVXOWDGRVDFDGpPLFRVGHPLKLMRDµ
7LHPSR GH RUJDQL]DFLyQ \ D\XGD HIHFWLYD HQ ODV WDUHDV HVFRODUHV XQ
HMHPSORGHHOORVHUtDHOtWHPµD\XGRDRUJDQL]DUHOWLHPSRGHHVWXGLRGHPLKLMRD
HQFDVDµ
/D YDORUDFLyQ UHDOL]DGD SRU ORV SDGUHV HQ HVWH FXHVWLRQDULR HV HO JUDGR GH
DFXHUGR R GHVDFXHUGR HQ UHODFLyQ D FDGD tWHP HVSHFtILFR FRQ HO VLJXLHQWH YDORU
DWULEXLEOH QXQFDRFDVLQXQFD SRFDVYHFHV DYHFHV FRQIUHFXHQFLD\
FDVLVLHPSUH
(Q HVWH FXHVWLRQDULR VH YDORUD OD SHUFHSFLyQ TXH WLHQHQ ORV SDGUHV FRQ
UHVSHFWR D VXV KLMRVDV HQ FDGD XQR GH ORV IDFWRUHV JHQHUDOHV DQWHULRUPHQWH
GHVFULWRV /RV FXDWUR IDFWRUHV JHQHUDOHV R VXEHVFDODV FRPSUHQGHQ tWHPV
HVSHFtILFRV HM )DFWRU SHUFHSFLyQ GH D\XGDRUJDQL]DFLyQ H LQWHUpVHQ HOSURFHVR
HGXFDWLYR tWHP ´D\XGR DPL KLMRD HQ ORV HVWXGLRV HQ WRGR OR TXHSXHGRµ (VWRV
FXDWUR IDFWRUHV FRQILJXUDQ OD EDVH GH OD LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR
HGXFDWLYR WHQLHQGR HQ FXHQWD OD YDULDEOH SHUFHSFLyQ H LQWHUpV GH D\XGD
144
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
H[SHFWDWLYDVDFDGpPLFDVGHORVSDGUHVVREUHVXVKLMRVDVWLHPSRHIHFWLYRGHD\XGD
HQ ODV WDUHDV HVFRODUHV RUJDQL]DFLyQ HQ HO HVWXGLR \ SRU ~OWLPR HO DVSHFWR
UHODFLRQDORFRQWH[WXDOGHODSUHQGL]DMHTXHLPSOLFDODUHODFLyQHQWUHODIDPLOLD\HO
&HQWUR
/DILDELOLGDGGHFRQVLVWHQFLDLQWHUQDGHOFXHVWLRQDULRWRWDOVHFDOFXODFRQHO
DOID GH &URQEDFK \ HV GH Ĵ $ FRQWLQXDFLyQ VH GHWDOOD OD ILDELOLGDG GH
FRQVLVWHQFLDLQWHUQDGHFDGDIDFWRU
•
)DFWRU 3HUFHSFLyQ GH D\XGD RUJDQL]DFLyQ H LQWHUpV HQ HO SURFHVR
HGXFDWLYRVXILDELOLGDGGHFRQVLVWHQFLDLQWHUQDHVGHĴ •
)DFWRU([SHFWDWLYDVFX\DILDELOLGDGGHFRQVLVWHQFLDLQWHUQDHVGHĴ •
)DFWRU 5HODFLRQHV FRQ HO &HQWUR FRQ XQD ILDELOLGDG GH FRQVLVWHQFLD
LQWHUQDGHĴ •
)DFWRU7LHPSRGHRUJDQL]DFLyQ\D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV
FRQXQDILDELOLGDGGHFRQVLVWHQFLDLQWHUQDGHĴ K &RFLHQWH LQWHOHFWXDO &, OD LQIRUPDFLyQ IDFLOLWDGD SRU ORV 'HSDUWDPHQWRV
GH2ULHQWDFLyQFRUUHVSRQGHDOFRFLHQWHLQWHOHFWXDO&,GHFDGDDOXPQRTXH
IXHHYDOXDGRSRUPHGLRGHODDGPLQLVWUDFLyQFROHFWLYDGHODSUXHEDJHQHUDO
GHLQWHOLJHQFLD%$'<*0UHQRYDGDGH(GLFLRQHV7($(OWLHPSRWRWDOGH
ODDSOLFDFLyQHVGHK\
DSUR[LPDGDPHQWH
(VWD SUXHED HV XQD EDWHUtD GH $SWLWXGHV *HQHUDOHV \ 'LIHUHQFLDOHV TXH VH
DSOLFDDVXMHWRVHQWUH\DxRVGHHGDG /RVDXWRUHVVRQ<XVWH0DUWtQH]$ULDV
\*iOYH
&RQVWDGHORVVLJXLHQWHVVXEWHVW5HODFLRQHV$QDOyJLFDV5YR5D]RQDPLHQWR
9HUEDO6HULHV1XPpULFDV5QR5D]RQDPLHQWR1XPpULFR0DWULFHV/yJLFDV5H
&RPSOHWDU 2UDFLRQHV 6Y R 6HPiQWLFR 9HUEDO 5HVROXFLyQ GH 3UREOHPDV 6Q
(QFDMDU)LJXUDV6HR(VSDFLDO(VWiWLFR0HPRULDGH5HODWR2UDO0D0HPRULD
9LVXDO 2UWRJUiILFD 0Y 'LVFULPLQDFLyQ GH 'LIHUHQFLDV 'H 5DSLGH] 5$ \
(ILFDFLD()
145
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6XPDQGRORVUHVXOWDGRVGHORVVHLVVXEWHVWVEiVLFRV5Y6Y5Q6Q5H6H
VHSXHGHREWHQHUXQDHVWLPDFLyQGHOD,QWHOLJHQFLD*HQHUDOTXHDVXYH]VHSXHGH
FRQYHUWLUHQXQ&,8QDSXQWXDFLyQHQ5D]RQDPLHQWR/yJLFRVHREWLHQHVXPDQGR
ORV VXEWHVWV 5Y5Q5H /D SXQWXDFLyQ Pi[LPD GH OD PDGXUH] LQWHOHFWXDO JOREDO
0,HVSXQWRV
$FRQWLQXDFLyQVHGHVFULEHFDGDVXEWHVW
/DFDSDFLGDGGHUD]RQDPLHQWR5D]RQDPLHQWR/yJLFRVHFRPSUXHEDFRQ
ORVUHVXOWDGRVREWHQLGRVHQODVVLJXLHQWHVSUXHEDV
² 5HODFLRQHV DQDOyJLFDV HV XQD SUXHED TXH PLGH HO UD]RQDPLHQWR D
WUDYpVGHODVKDELOLGDGHVGHFRPSUHQVLyQYHUEDO6HGHQRPLQDSUXHED
GHUD]RQDPLHQWRYHUEDO
² 6HULHVQXPpULFDV HVXQD SUXHEDHVSHFtILFDGHUD]RQDPLHQWRQXPpULFR
/D SXQWXDFLyQPLGH ODFDSDFLGDGGHFiOFXOR PHQWDO HQ HO PDQHMRGH
RSHUDFLRQHVPDWHPiWLFDVVXPDUHVWDPXOWLSOLFDFLyQ\GLYLVLyQ\H
²0DWULFHV OyJLFDV PLGHQ HO UD]RQDPLHQWR HVSDFLDO PHGLDQWH OD
UHVROXFLyQGHVHULHVGHILJXUDVJHRPpWULFDV
,QWHOLJHQFLD *HQHUDO HV OD FDSDFLGDG JHQHUDO GH UD]RQDPLHQWR PiV HO
GRPLQLR R GHVDUUROOR GH ODV VLJXLHQWHV KDELOLGDGHV PHGLGDV SRU ODV
SUXHEDV
² &RPSOHWDU RUDFLRQHV HV XQD SUXHED SDUD REVHUYDU HO GRPLQLR GHO
YRFDEXODULR \ ORV FRQRFLPLHQWRV SUHYLRV GHO DOXPQR (V XQD SUXHED
SRUORWDQWRGHLQWHOLJHQFLDYHUEDO
² 5HVROXFLyQ GH SUREOHPDV PLGHQ OD UDSLGH] GH FiOFXOR PDWHPiWLFR HO
UD]RQDPLHQWR QXPpULFR \ FyPR DSOLFDU ODV RSHUDFLRQHV QXPpULFDV D
SUREOHPDV([LJHSRUORWDQWRFRQRFLPLHQWRVGHPDWHPiWLFDV\VREUH
WRGRUDSLGH]HQODHMHFXFLyQGHRSHUDFLRQHV\SUREOHPDV
146
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
² (QFDMDU ILJXUDV PLGH ODV KDELOLGDGHV HVSDFLDOHV GHO DOXPQR /D
SXQWXDFLyQ GH OD LQWHOLJHQFLD JHQHUDO VH REWLHQH DO RSHUDU FRQ ODV
SXQWXDFLRQHV VREUH UD]RQDPLHQWR \ ODV REWHQLGDV HQ HVWDV WUHV
SUXHEDV
0HPRULD
0HGLGDDWUDYpVGHGRVSUXHEDV
²0HPRULD DXGLWLYD HYDO~D OD FDSDFLGDG SDUD UHWHQHU VLJQLILFDGRV
HVFXFKDGRV HQ XQ UHODWR 6H WUDWD GH XQD UHWHQWLYD DXGLWLYD
LQPHGLDWDPHQWHSRVWHULRUDODHVFXFKD
²0HPRULD YLVXDO HYDO~D OD GLVFULPLQDFLyQ YLVXDO RUWRJUiILFD GH
SDODEUDV TXH GHSHQGHUi GH OD UHWHQWLYD D ODUJR SOD]R DVt FRPR GHO
XVR TXH KDFH GH OD RUWRJUDItD ,QGLUHFWDPHQWH HVWDPRV HYDOXDQGR HO
GRPLQLRRUWRJUiILFRGH´YEµ´JMµ´[Vµ´Kµ
$WHQFLyQ OD FDSDFLGDG GH DWHQFLyQ VH HYDO~D PHGLDQWH OD UDSLGH] HQ OD
GLVFULPLQDFLyQYLVXDOGHGLEXMRV
5DSLGH] \ HILFDFLD OD UDSLGH] \ HILFDFLD VRQ GRV YDULDEOHV DxDGLGDV HQ
HVWDSUXHED\PLGHQODUDSLGH]HQFRQWHVWDUFRQWUDVWDGDFRQODHILFDFLD
REWHQLGD HQ ODV UHVSXHVWDV &RPELQDQGR HVWRV GRV IDFWRUHV REWHQHPRV
FXDWURSRVLELOLGDGHVHQORVUHVXOWDGRV
²$OXPQRVUiSLGRV\HILFDFHVJHQHUDOPHQWHLQGLFDQ
‡4XHJR]DQGHEXHQDLQWHOLJHQFLD
‡'HDFFHVRUiSLGR\DGHFXDGRDODVSUHJXQWDVFRQXQEXHQtQGLFHGH
UHVSXHVWDVFRUUHFWDV
‡6RQPX\UiSLGRVPHQWDOPHQWH
147
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
²$OXPQRVUiSLGRV\SRFRHILFDFHVJHQHUDOPHQWHLQGLFDQ
‡'HVLQWHUpVHQODUHDOL]DFLyQGHODVSUXHEDV
‡%DMDFDSDFLGDGGHUD]RQDPLHQWR
‡$SURYHFKDQPDOHOWLHPSRGHGLFDGRDOWUDEDMR
‡'DQUHVSXHVWDVVLQHQWHQGHUHOSODQWHDPLHQWR
‡(VFDVDFRQFHQWUDFLyQ\SHUVHYHUDQFLDHQUHVROYHUSUREOHPDV
– $OXPQRVOHQWRV\HILFDFHVJHQHUDOPHQWHLQGLFDQ
‡([FHVLYDDXWRFRPSUREDFLyQGHODVUHVSXHVWDV
‡([FHVRGHSHUIHFFLRQLVPR
‡7HQDFLGDGDQWHODVGLILFXOWDGHVLQWHOHFWXDOHV
‡3HUVHYHUDQFLDHQODE~VTXHGDGHVROXFLRQHV
²$OXPQRVOHQWRV\SRFRHILFDFHVJHQHUDOPHQWHLQGLFDQ
‡0XFKDGLILFXOWDGSDUDHOUD]RQDPLHQWR
‡([FHVLYDIDOWDGHFRQFHQWUDFLyQ
‡1RWRULRGHVLQWpUHVSRUHOWUDEDMRLQWHOHFWXDO
L 5HQGLPLHQWR DFDGpPLFR GHILQLGR FRPR HO QLYHO GH ORJUR TXH HO HVWXGLDQWH
SXHGH REWHQHU HQ XQD DVLJQDWXUD HQ SDUWLFXODU R HQ OD PHGLD GH XQ
FRQMXQWR GH HOODV (VWH KD VLGR HYDOXDGR D WUDYpV GH ODV QRWDV PHGLDV
REWHQLGDV SRU ORV HVWXGLDQWHV HQ FDGD WULPHVWUH HQ ODV iUHDV
LQVWUXPHQWDOHV &DVWHOODQR /HQJXD \ /LWHUDWXUD 9DOHQFLDQR /HQJXD \
/LWHUDWXUD\0DWHPiWLFDV
148
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3URFHGLPLHQWR
6HKDWHQLGRHQFXHQWDHQODVHOHFFLyQGHORVSDUWLFLSDQWHVORVFULWHULRVTXH
DSXQWD&DQRHQVXHVWXGLRVREUHODVGLIHUHQFLDVHQHOXVRGHHVWUDWHJLDVGH
DSUHQGL]DMHVHJ~QHOJpQHURSRUHOORVHKDQHVFRJLGRHOPLVPRQ~PHURGHDOXPQRV
FKLFRV TXH FKLFDV HQ DPERV JUXSRV FRQ \ VLQ '$ WHQLHQGR HQ FXHQWD RWUDV
FDUDFWHUtVWLFDV HGDG YDULDEOHV DIHFWLYRFRPSRUWDPHQWDOHV \ VLWXDFLyQ VRFLR
IDPLOLDU D OR TXH KD D\XGDGR OD WXWRUD R WXWRU GH FDGD QLYHO HGXFDWLYR \ ODV
RULHQWDGRUDVGHDPERV&HQWURVHGXFDWLYRV
7HQLHQGRHQFXHQWDTXHORVFXHVWLRQDULRVVHGHEtDQDSOLFDUHQHO&HQWUR\HQ
KRUDVOHFWLYDVHQFRODERUDFLyQFRQORVWXWRUHV\EDMRODVXSHUYLVLyQGHORV-HIHVGH
(VWXGLRV VH FRQVLGHUy TXH HO PHMRU PRPHQWR SDUD VX DGPLQLVWUDFLyQ IXHUD ODV
IHFKDVGHILQDOGHHYDOXDFLyQGHOSULPHUWULPHVWUHHQODVTXH\DKDEtDQILQDOL]DGR
ORVH[iPHQHVWHQLHQGRHQFXHQWDTXHQRVHUHDOL]DUtDQHQKRUDVVHJXLGDVDXQTXH
VLSRGtDQVHUHQGtDVFRQWLQXRV\HQODVKRUDVOHFWLYDVTXHPiVEHQHILFLDUDQDFDGD
JUXSRGHDOXPQRV5HOLJLyQeWLFD(G3OiVWLFD\9LVXDO\WXWRUtD(VWDGHFLVLyQIXH
WRPDGDHQFRODERUDFLyQFRQHOHTXLSRGLUHFWLYR\WXWRUHVGHFDGDFHQWURHGXFDWLYR
7RGRV ORV HVWXGLDQWHV FRPSOHWDURQ GH IRUPD LQGLYLGXDO \ VLQ OtPLWH GH
WLHPSR FDGD XQRGHORV FXHVWLRQDULRVHQWUHJDGRV /RV DOXPQRV TXH UHTXLULHURQ GH
XQD DFODUDFLyQ GXUDQWH OD SUXHED OD UHFLELHURQ /RV WXWRUHV FRODERUDURQ HQ OD
LGHQWLILFDFLyQGHORVDOXPQRVVLQ'$VLJXLHQGRORVFULWHULRVFLWDGRVDQWHULRUPHQWH
'DGRV ORV REMHWLYRV SURSXHVWRV HQ HVWH FDPSR GH OD LQYHVWLJDFLyQ
UHODFLRQDGRV FRQ HO HVWXGLR GH ODV YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV UHQGLPLHQWR
DFDGpPLFR \ VX UHODFLyQ FRQ OD LPSOLFDFLyQ VRFLRIDPLOLDU HQ DOXPQRV FRQ \ VLQ
GLILFXOWDGHVGHDSUHQGL]DMHVHGHVFULEHDFRQWLQXDFLyQHOSURFHGLPLHQWRDVHJXLU
149
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3ULPHUR6HLQIRUPDDOHTXLSRGLUHFWLYRGHORVGLIHUHQWHV&HQWURVHGXFDWLYRV
GH(GXFDFLyQ6HFXQGDULDS~EOLFR\FRQFHUWDGRGHORVREMHWLYRVGHODLQYHVWLJDFLyQ
SDUD HOOR VH SHGLUi OD FRODERUDFLyQ GH ODV RULHQWDGRUDV GH ORV 'HSDUWDPHQWRV GH
2ULHQWDFLyQ\HVSHFLDOLVWDVGH$WHQFLyQDOD'LYHUVLGDGDVtFRPRWXWRUHVGHFDGD
QLYHOHGXFDWLYR
6HJXQGR(O&HQWURHGXFDWLYR,(6HODERUDXQDFDUWDSRUSDUWHGHOHTXLSR
GLUHFWLYR FRQ ODV RULHQWDFLRQHV IDFLOLWDGDV SRU OD RULHQWDGRUD SUHYLD UHXQLyQ
FRQMXQWD GLULJLGD D FDGD SDGUHPDGUH GH ORV DOXPQRV TXH YDQ D SDUWLFLSDU GH
IRUPDYROXQWDULDHQODDGPLQLVWUDFLyQFROHFWLYDGHORVFXHVWLRQDULRV
7HUFHUR6HSURSRQHHQDPERV&HQWURVHGXFDWLYRVHQODUHXQLyQGHSULQFLSLR
GH FXUVR OOHYDGD D FDER SRU ORV WXWRUHV FRQ ORV SDGUHVPDGUHV GH ORV DOXPQRV OD
DGPLQLVWUDFLyQ FROHFWLYD GH ORV FXHVWLRQDULRV D FDGD IDPLOLD TXHVH UHDOL]D HQ HVH
PLVPR PRPHQWR FRQ OD H[SOLFDFLyQ \ D\XGD GH ODV SVLFyORJDV GH FDGD &HQWUR
HGXFDWLYR(QHVWDSULPHUDUHXQLyQODVRULHQWDGRUDVGHDPERV&HQWURVHGXFDWLYRV
H[SOLFDQDORVSDGUHVHOREMHWRGHODLQYHVWLJDFLyQDOOHYDUDFDERGXUDQWHHVHFXUVR
DFDGpPLFRVROLFLWDQGRVXFRODERUDFLyQYROXQWDULD\ODGHVXVKLMRV
/RV SDGUHVPDGUHV TXH QR DVLVWHQ D HVWD UHXQLyQ GH LQLFLR GH FXUVR
FXPSOLPHQWDQ GH IRUPD YROXQWDULD ORV FXHVWLRQDULRV HQ OD HQWUHJD GH QRWDV GHO
SULPHUWULPHVWUHGHIRUPDLQGLYLGXDOL]DGDFRQODD\XGDGHFDGDWXWRUD
&XDUWR 6H FRODERUD FRQ ORV 'HSDUWDPHQWRV GH 2ULHQWDFLyQ GH DPERV
&HQWURVHGXFDWLYRVHQODDGPLQLVWUDFLyQGHORVFXHVWLRQDULRVSDUDODHYDOXDFLyQGH
ODV YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV D ORV DOXPQRV FRQ \ VLQ 'LILFXOWDGHV GH
$SUHQGL]DMHHQKRUDVGHWXWRUtDHVWDEOHFLGDV
4XLQWR /RV WXWRUHV IDFLOLWDQ FDGD WULPHVWUH ODV QRWDV REWHQLGDV SRU ORV
DOXPQRV VHOHFFLRQDGRV HQ ODV iUHDV LQVWUXPHQWDOHV D ODV RULHQWDGRUDV GH ORV
'HSDUWDPHQWRV GH 2ULHQWDFLyQ TXH VRQ IDFLOLWDGDV HQ IRUPDWR WDEOD D ILQDO GHO
FXUVRDFDGpPLFREDMRODVXSHUYLVLyQ\FRODERUDFLyQGHORV-HIHVGH(VWXGLRV
150
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3DUD ILQDOL]DU VH SURFHGLy D IDFLOLWDULQIRUPDFLyQ FXDOLWDWLYD D FDGD FHQWUR
HGXFDWLYRHQFRODERUDFLyQFRQHO(TXLSR'LUHFWLYRHO'HSDUWDPHQWRGH2ULHQWDFLyQ
\ORVWXWRUHV(VWDLQIRUPDFLyQHVIDFLOLWDGDDSHWLFLyQGHORVSDGUHV\DOXPQRVGH
FDGDFHQWURHODERUiQGRVHXQLQIRUPHHGXFDWLYRGHYDORUDFLyQFXDOLWDWLYDVREUHODV
GLIHUHQWHV YDULDEOHV GH HVWXGLR H LQIRUPDQGR D SDGUHV \ DOXPQRV HQ WXWRUtD
SHUVRQDOL]DGD
'LVHxR\DQiOLVLVGHGDWRV
(OGLVHxRGHHVWDSURSXHVWDGHLQYHVWLJDFLyQHVH[SRVWIDFWRUHWURVSHFWLYRGH
WLSR FRPSDUDWLYR HQWUH JUXSRV (VWH GLVHxR WDPELpQ HV FRQRFLGR FRPR GLVHxR GH
HVWXGLRGHFDVRV\FRQWUROHV
/D GLIHUHQFLD HQWUH HO JUXSR GH FDVRV \ HO JUXSR GH FRQWUROHV GHEH VHU
~QLFDPHQWH TXH HO SULPHU JUXSR GHEH SRVHHU OD FDUDFWHUtVWLFD TXH LQWHUHVD
LQYHVWLJDU \ HO VHJXQGR FDUHFHU GH HOOD 3RU WDQWR DPERV JUXSRV GHEHQ VHU
HTXLYDOHQWHVHQWRGRVORVGHPiVIDFWRUHV
(Q HVWD LQYHVWLJDFLyQ OD FDUDFWHUtVWLFD TXH LQWHUHVD HVWXGLDU HV OD
FRPSDUDFLyQ HQWUH DOXPQRV FRQ '$ \ VLQ '$ HQ HO XVR GH ODV HVWUDWHJLDV GH
DSUHQGL]DMH PHWDV DFDGpPLFDV DXWRFRQFHSWR VRFLDOL]DFLyQ IDPLOLDU FDSDFLGDG
LQWHOHFWXDO LPSOLFDFLyQ IDPLOLDU HQ ODV WDUHDV HGXFDWLYDV \ HO UHQGLPLHQWR
DFDGpPLFR
(O SURFHGLPLHQWR FRQVLVWH HQ FRPSDUDU XQ JUXSR GH VXMHWRV VHOHFFLRQDGRV
SRUSRVHHUXQDGHWHUPLQDGDFDUDFWHUtVWLFDORVFDVRVFRQRWURJUXSRGHVXMHWRVTXH
QR OD SRVHHQ ORV FRQWUROHV SHUR HVWD FDUDFWHUtVWLFD \D KD RFXUULGR GLVHxR
UHWURVSHFWLYR
(VWRV JUXSRV VH FRPSDUDQ FRQ UHVSHFWR D XQD VHULH GH SRVLEOHV YDULDEOHV
LQGHSHQGLHQWHV TXH VH FRQVLGHUDQ UHOHYDQWHV SDUD OD DSDULFLyQ GH GLFKD
151
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
FDUDFWHUtVWLFD &RPR WpFQLFDV GH DQiOLVLV VH HPSOHDQ DGHPiV GH ORV HVWDGtVWLFRV
GHVFULSWLYRVODSUXHED WGHGLIHUHQFLDVGHPHGLDVSDUDJUXSRVLQGHSHQGLHQWHV\HO
DQiOLVLV GLVFULPLQDQWH GH GRV JUXSRV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH \
DOXPQRVVLQGLILFXOWDGHVGHDSUHQGL]DMH
(Q HVWH DQiOLVLV HO REMHWLYR HV KDOODU GH IRUPD FRQMXQWD ODV GLIHUHQFLDV
VLJQLILFDWLYDVHQWUHORVDOXPQRVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMHHQUHODFLyQD
ODVYDULDEOHVGHHVWXGLRFRPRVRQDXWRFRQFHSWRPHWDVGHDSUHQGL]DMHHVWUDWHJLDV
GH DSUHQGL]DMH VRFLDOL]DFLyQ IDPLOLDU LPSOLFDFLyQ GH ORV SDGUHV HQ HO SURFHVR
HGXFDWLYRGHVXVKLMRV\UHQGLPLHQWRDFDGpPLFRHQODViUHDVLQVWUXPHQWDOHV
(ODQiOLVLVGLVFULPLQDQWHHVODWpFQLFDHVWDGtVWLFDDSURSLDGDSDUDFRQWUDVWDU
OD KLSyWHVLV GH TXH ODV PHGLDV GH ORV JUXSRV GH XQ FRQMXQWR GH YDULDEOHV
LQGHSHQGLHQWHV SDUD GRV R PiV JUXSRV VRQ LJXDOHV 3DUD UHDOL]DU HVWR HO DQiOLVLV
GLVFULPLQDQWH PXOWLSOLFD FDGD YDULDEOH LQGHSHQGLHQWH SRU VX FRUUHVSRQGLHQWH
SRQGHUDFLyQ \ VXPD HVWRV SURGXFWRV (O UHVXOWDGR HV OD ~QLFD SXQWXDFLyQ =
GLVFULPLQDQWHSDUD WRGRV ORV LQGLYLGXRV GHQWUR GH XQ JUXSRSDUWLFXODUREWHQHPRV
OD PHGLD GHO JUXSR (VWD PHGLD HV FRQRFLGD FRPR FHQWURLGH FXDQGR HO DQiOLVLV
HQJOREDGRVJUXSRVH[LVWHQGRVFHQWURLGHV
(OFRQWUDVWHSDUDODVLJQLILFDFLyQHVWDGtVWLFDGHODIXQFLyQGLVFULPLQDQWHHV
XQD PHGLD JHQHUDOL]DGD GH OD GLVWDQFLD HQWUH ORV FHQWURLGHV GH ORV JUXSRV 6H
FDOFXODFRPSDUDQGRODVGLVWULEXFLRQHVGHODVSXQWXDFLRQHVGLVFULPLQDQWHVSDUDORV
JUXSRV'HHVWDIRUPDVLHOVRODSDPLHQWRHQODGLVWULEXFLyQHVSHTXHxRODIXQFLyQ
GLVFULPLQDQWHVHSDUDELHQORVJUXSRVSRUHOFRQWUDULRVLHOVRODSDPLHQWRHVJUDQGH
ODIXQFLyQHVXQPDOGLVFULPLQDGRUHQWUHORVJUXSRV
(O DQiOLVLV GLVFULPLQDQWH HV EDVWDQWH VHQVLEOH DO UDWLR HQWUH HO WDPDxR
PXHVWUDO\HOQ~PHURGHYDULDEOHVSUHGLFWRUDV(QQXHVWUDLQYHVWLJDFLyQHOQ~PHUR
GHSDUWLFLSDQWHVHVPD\RUTXHHOQ~PHURGHYDULDEOHVLQGHSHQGLHQWHVHVGHFLUORV
JUXSRVH[FHGHQODVREVHUYDFLRQHV(VWDPXHVWUDVHVXEGLYLGHHQGRVPXHVWUDV
152
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
XQD XWLOL]DGD SDUD OD HVWLPDFLyQ GH OD IXQFLyQ GLVFULPLQDQWH \ RWUD FRQ ILQHV GH
YDOLGDFLyQ
(VWH WLSR GH WpFQLFD WDPELpQ QRV SHUPLWH H[DPLQDU ODV REVHUYDFLRQHV
LQGLYLGXDOHVSRUVXSUHFLVLyQSUHGLFWLYDHLGHQWLILFDUHQFRQFUHWRODVREVHUYDFLRQHV
PDOFODVLILFDGDV8QDYH]LGHQWLILFDGRVORVFDVRVPDOFODVLILFDGRVVHSXHGHOOHYDUD
FDER XQ DQiOLVLV PiV H[WHQVR SDUD FRPSUHQGHU ODV UD]RQHV GH VX FODVLILFDFLyQ
HUUyQHD'DGRHOLQWHUpVSRULQWHUSUHWDUODVYDULDEOHVLQGLYLGXDOHVTXHFXHQWDQFRQ
VLJQLILFDFLyQ HVWDGtVWLFD \ SUiFWLFD VH LGHQWLILFDQ ODV YDULDEOHV TXH VRQ
VLJQLILFDWLYDV HQ OD IXQFLyQ GLVFULPLQDQWH GH IRUPD TXH VH FRPSUHQGD OR TXH
LQGLFDQODVPHGLDVGHORVJUXSRV
5HVXOWDGRV
5HVXOWDGRV
5HVXOWDGRV
$QiOLVLVHVWDGtVWLFRGHVFULSWLYRGHORVFXHVWLRQDULRV
$QiOLVLVHVWDGtVWLFRGHVFULSWLYRGHORVFXHVWLRQDULRV
$QiOLVLVHVWDGtVWLFRGHVFULSWLYRGHORVFXHVWLRQDULRV
$FRQWLQXDFLyQVHSUHVHQWDQORVUHVXOWDGRVGHORVDQiOLVLVGHVFULSWLYRVSDUD
ORVUHVXOWDGRVREWHQLGRVHQFDGDFXHVWLRQDULR
(QSULPHUOXJDUVHSUHVHQWDQORVHVWDGtVWLFRVGHVFULSWLYRVGHOFXHVWLRQDULR
GHODXWRFRQFHSWR6'4,,
7DEOD
(VWDGtVWLFRVGHVFULSWLYRVGHORVtWHPVGH$XWRFRQFHSWR6'4,,
&RQ'$
6LQ'$
7RWDO
0HGLD
'7
0HGLD
'7
0HGLD
'7
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
153
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
154
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
155
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
(QODWDEODHQFRQWUDPRVORVHVWDGtVWLFRVGHVFULSWLYRVPHGLD\GHVYLDFLyQ
WtSLFDGHORVtWHPVGHODHVFDODGH$XWRFRQFHSWR6'4,,SDUDDOXPQRVFRQ\VLQ
GLILFXOWDGHVGHDSUHQGL]DMHDVtFRPRSDUDHOJUXSRFRPSOHWR/DSXQWXDFLyQGHORV
VXMHWRVVLQGLILFXOWDGHVGHDSUHQGL]DMH'$KDVLGRVXSHULRUDODGHORVVXMHWRVFRQ
'$HQODPD\RUSDUWHGHORVtWHPV
\ (Q GH ORV tWHPV TXH FRPSRQHQ HO
FXHVWLRQDULRORVDOXPQRVVLQ'$HYLGHQFLDQXQDPD\RUSXQWXDFLyQ
6HDSUR[LPDQPXFKRODVSXQWXDFLRQHVGHODVPHGLDVHQDPERVJUXSRVFRQ\
VLQ GLILFXOWDGHV GH DSUHQGL]DMH HQ ORV VLJXLHQWHV tWHPV FRQ '$ VLQ'$
tWHP FRQ '$ VLQ '$ tWHP FRQ '$ VLQ '$ tWHP FRQ '$ VLQ '$ tWHP FRQ '$ VLQ '$ tWHP
FRQ '$ VLQ '$ tWHP FRQ '$ VLQ '$ tWHP FRQ'$VLQ'$tWHPFRQ'$VLQ'$HtWHPFRQ
'$ VLQ '$ 'H HVWRV tWHPV HQ ORV TXH ODV PHGLDV GH DPERV JUXSRV
HVWiQ FHUFDQRV ORV DOXPQRV FRQ '$ REWLHQHQ PD\RU SXQWXDFLyQ HQ ORV tWHPV \ (Q HO UHVWR GH tWHPV ORV DOXPQRV VLQ '$ REWLHQHQ PD\RU
SXQWXDFLyQPHGLD\
156
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
7DEOD
(VWDGtVWLFRVGHVFULSWLYRVGHODVVXEHVFDODVGH$XWRFRQFHSWR6'4,,
&RQ'$
6LQ'$
7RWDO
0HGLD '7 0HGLD '7 0HGLD
'7
6'4,,YHUEDO
6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHPiWLFDV
6'4,,DFDGpPLFR
6'4,,DSDULHQFLDItVLFD
6'4,,KRQHVWLGDG
6'4,,UHODFLRQHVSDUHVPLVPRVH[R
6'4,,UHODFLRQHVSDUHVVH[RRSXHVWR 6'4,,UHODFLRQHVFRQSDGUHV
6'4,,HVWDELOLGDGHPRFLRQDO
6'4,,DXWRFRQFHSWRJHQHUDO
(Q OD WDEOD HQ OD TXH DSDUHFHQ ORV HVWDGtVWLFRV GHVFULSWLYRV GH ODV VXE
HVFDODV GHO FXHVWLRQDULR GH $XWRFRQFHSWR VH REVHUYD TXH ORV DOXPQRV VLQ '$
PXHVWUDQPD\RUPHGLDTXHVXVLJXDOHVFRQ'$HQODVVLJXLHQWHVVXEHVFDODVYHUEDO
FRQ '$ VLQ '$ KDELOLGDG ItVLFD FRQ '$ VLQ '$ PDWHPiWLFDV FRQ '$ VLQ '$ DFDGpPLFR FRQ '$ VLQ '$
\DXWRFRQFHSWRJHQHUDOFRQ'$VLQ'$
(Q FDPELR ORV DOXPQRV FRQ '$ REWLHQHQ PD\RU PHGLD HQ ODV VLJXLHQWHV
VXEHVFDODV $SDULHQFLD ItVLFD FRQ '$ VLQ '$ KRQHVWLGDG FRQ '$
VLQ'$UHODFLRQHVSDUHVPLVPRVH[RFRQ'$VLQ'$
UHODFLRQHVSDUHVVH[RRSXHVWRFRQ'$VLQ'$UHODFLRQHVFRQSDGUHV
FRQ '$ VLQ '$ \ HVWDELOLGDG HPRFLRQDO FRQ '$ VLQ '$
157
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6HSXHGHREVHUYDUTXHDOJXQDVPHGLDVVRQFDVLVLPLODUHVHQDPERVJUXSRV
GH DOXPQRV FRQ \ VLQ 'LILFXOWDGHV GH DSUHQGL]DMHV \ HVWR VH REVHUYD HQ ODV
VLJXLHQWHV VXEHVFDODV KRQHVWLGDG FRQ '$ VLQ '$ UHODFLRQHV FRQ
SDGUHV FRQ '$ VLQ '$ \ HVWDELOLGDG HPRFLRQDOFRQ'$ VLQ
'$
$FRQWLQXDFLyQVHSUHVHQWDQORVHVWDGtVWLFRVGHVFULSWLYRVGHODHVFDOD0HWDV
$FDGpPLFDVHQ6HFXQGDULD&(0$,,\GHODVVXEHVFDODVTXHODFRPSRQHQ
7DEOD
'HVFULSWLYRVHVFDOD0HWDV$FDGpPLFDVHQ6HFXQGDULD&(0$,,
&RQ'$
6LQ'$
7RWDO
0HGLD
'7
0HGLD
'7
0HGLD
'7
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
158
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(QODWDEODHQFRQWUDPRVORVHVWDGtVWLFRVGHVFULSWLYRVPHGLD\GHVYLDFLyQ
WtSLFDSDUDORVtWHPVGHODHVFDOD0HWDV$FDGpPLFDVSDUDORVDOXPQRVFRQ'$\VLQ
'$ DVtFRPR SDUD HO FRQMXQWR GH ODPXHVWUD/D PHGLD GHO JUXSR FRQ '$ KD VLGR
VXSHULRUDOJUXSRVLQ'$HQORVtWHPV\
(QHOUHVWRORVDOXPQRVGHOJUXSRFRQ'$KDQREWHQLGRXQDPHGLDLQIHULRU
HQORVVLJXLHQWHVtWHPV\
1R KD\ QLQJ~Q YDORU GH OD PHGLD TXH VH UHSLWD HQ DPERV JUXSRV FRQ \ VLQ
'$SHURVLKD\PHGLDVTXHVRQPX\SUy[LPDVHQDPERVJUXSRVHQORVtWHPVFRQ
'$VLQ'$tWHPFRQ'$VLQ'$tWHPFRQ'$
VLQ'$HtWHPFRQ'$VLQ'$
(Q OD HVFDOD HO JUXSR FRQ '$ REWXYR XQD PHGLD GH '7 PLHQWUDVTXHHOJUXSRVLQ'$REWXYRXQDPHGLDGH'7 /DPHGLDGHO
JUXSRWRWDOIXHGH'7 7DEOD
(VWDGtVWLFRVGHVFULSWLYRVGHODVVXEHVFDODVGH0HWDV$FDGpPLFDVHQ6HFXQGDULD
&(0$,,
&RQ'$
6LQ'$
7RWDO
0HGLD '7 0HGLD '7 0HGLD '7
0HWDVDSUHQGL]DMH
0HWDVUHQGLPLHQWR
FRQVHJXLUDSUREDFLyQ\HYLWDUUHFKD]R
0HWDVUHQGLPLHQWR
REWHQHUEXHQDVFDOLILFDFLRQHV
/RVHVWDGtVWLFRVGHVFULSWLYRVGHODVVXEHVFDODVWDEODLQGLFDQTXHHOJUXSR
FRQ'$KDREWHQLGRXQDPHGLDVXSHULRUHQ0HWDUHQGLPLHQWRFRQVHJXLUDSUREDFLyQ
\HYLWDUUHFKD]RFRQ'$VLQ'$
159
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(QHOUHVWRGHVXEHVFDODVHOJUXSRVLQ'$KDREWHQLGRXQDPHGLDVXSHULRUDO
JUXSRGHDOXPQRVFRQ'$(VGHFLUHQODVXEHVFDOD0HWDVGHDSUHQGL]DMHHOJUXSR
FRQ'$REWLHQHXQDPHGLDLQIHULRUDOJUXSRGHDOXPQRVVLQ'$FRQ'$'7
VLQ'$'7\HQODVXEHVFDOD0HWDVGHUHQGLPLHQWRREWHQFLyQ
GH EXHQDV FDOLILFDFLRQHV HO JUXSR FRQ '$ PXHVWUD XQD SXQWXDFLyQ LQIHULRU HQ OD
PHGLD FRQ UHVSHFWR DO JUXSR VLQ '$ FRQ '$ '7 VLQ '$ '7
7DEOD
(VWDGtVWLFRVGHVFULSWLYRVGHO&XHVWLRQDULR(VWUDWHJLDVGH$SUHQGL]DMH&($
&RQ'$
6LQ'$
7RWDO
0HGLD
'7
0HGLD
'7
0HGLD
'7
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
160
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
161
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
(QODHVFDODHOJUXSRFRQ'$KDREWHQLGRXQDPHGLDGH'7 \HO
JUXSRVLQ'$GH'7 (OJUXSRWRWDOREWXYRXQDPHGLDGH'7 (QODWDEODVHHQFXHQWUDQORVHVWDGtVWLFRVGHVFULSWLYRVPHGLD\GHVYLDFLyQ
WtSLFDGHORVtWHPVGHO&XHVWLRQDULRGH(VWUDWHJLDVGH$SUHQGL]DMH&($(OJUXSR
FRQ'$KDREWHQLGRXQDPHGLDVXSHULRUHQORVtWHPVFRQ'$'7VLQ
'$'7tWHPFRQ'$'7VLQ'$'7tWHP
FRQ '$ '7 VLQ '$ '7 tWHP FRQ '$ '7
VLQ '$ '7 tWHP FRQ '$ '7 VLQ '$ '7
HtWHPFRQ'$'7VLQ'$'7
162
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/DPHGLDKDVLGRLJXDOHQORVtWHPVFRQ'$'7VLQ'$
'7tWHPFRQ'$'7VLQ'$'7HtWHPFRQ
'$'7VLQ'$'7(QHOUHVWRGHtWHPVHOJUXSRVLQ'$KD
REWHQLGRXQDPHGLDVXSHULRU
7DEOD
(VFDODV\VXEHVFDODVGHO&XHVWLRQDULR(VWUDWHJLDVGH$SUHQGL]DMH&($
&RQ'$
6LQ'$
7RWDO
0HGLD
'7
0HGLD
'7
0HGLD
'7
0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
(ODERUDFLyQ
2UJDQL]DFLyQ
6HOHFFLyQ
(VFDODGHHODERUDFLyQ 7UDQVIHUHQFLD
(VFDODGH
VHQVLELOL]DFLyQ
3HQVDPLHQWRFUtWLFR\
FUHDWLYR
5HFXSHUDFLyQ
(VFDODGH
SHUVRQDOL]DFLyQ
3ODQLILFDFLyQ\
HYDOXDFLyQ
5HJXODFLyQ
163
0GHO&DUPHQ*LUyQ&DOHUR
(VFDODGH
0HWDFRJQLFLyQ
6XPDWRWDO&($
7HVLV'RFWRUDO
(QODWDEODVHHQFXHQWUDQODVPHGLDV\GHVYLDFLRQHVWtSLFDVGHODVHVFDODV
\VXEHVFDODVGHO&XHVWLRQDULRGH(VWUDWHJLDVGH$SUHQGL]DMH&($(QOD(VFDODGH
6HQVLELOL]DFLyQ HO JUXSR VLQ '$ KD REWHQLGR XQD PHGLD VXSHULRU DO JUXSR FRQ'$
FRQ '$ VLQ '$ (Q ODV VXEHVFDODV GH 6HQVLELOL]DFLyQ HO JUXSR VLQ
'$ KD REWHQLGR XQD PHGLD LQIHULRU HQ $FWLWXG FRQ '$ VLQ '$ \
VXSHULRUHQHOUHVWR
(OJUXSRVLQ'$WDPELpQKDREWHQLGRXQDPHGLDVXSHULRUDOJUXSRFRQ'$
HQOD(VFDODGH(ODERUDFLyQFRQ'$VLQ'$DVtFRPRHQFDGDXQDGH
ODVVXEHVFDODV
(Q OD (VFDOD GH 3HUVRQDOL]DFLyQ HO JUXSR VLQ '$ KD REWHQLGR XQD PHGLD
VXSHULRUDOJUXSRFRQ'$FRQ'$VLQ'$DVtFRPRHQFDGDXQDGH
ODVVXEHVFDODV
(Q OD (VFDOD GH 0HWDFRJQLFLyQ HO JUXSR VLQ '$ KD REWHQLGR XQD PHGLD
VXSHULRU DO JUXSR FRQ '$ FRQ '$ VLQ '$ DO LJXDO TXH HQ ODV
VXEHVFDODV
(QHOWRWDOGHOFXHVWLRQDULRGHHVWUDWHJLDVGHDSUHQGL]DMHHOJUXSRVLQ'$KD
REWHQLGRXQDPHGLDVXSHULRUDOJUXSRFRQ'$
7DEOD
(VWDGtVWLFRVGHVFULSWLYRVGH)$&(6,,
&RQ'$
0HGLD
'7
0HGLD
'7
0HGLD
'7
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
164
6LQ'$
7RWDO
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
(QODWDEODVHHQFXHQWUDQORVHVWDGtVWLFRVGHVFULSWLYRVPHGLD\GHVYLDFLyQ
WtSLFD GH ORV tWHPV GH OD HVFDOD GH FRKHVLyQ \ DGDSWDELOLGDG IDPLOLDU )$&(6 ,,
SDUD OD PXHVWUD FRPSOHWD \ SDUD HO JUXSR FRQ '$ \ VLQ '$ (O JUXSR FRQ '$ KD
REWHQLGR XQD PHGLD VXSHULRU HQ ORV tWHPV FRQ '$ VLQ '$ tWHP FRQ'$VLQ'$tWHPFRQ'$VLQ'$tWHPFRQ'$
VLQ'$tWHPFRQ'$VLQ'$tWHPFRQ'$VLQ
'$HtWHP&RQ'$VLQ'$(QHOUHVWRGHtWHPV
HOJUXSRVLQ'$KDREWHQLGRXQDPHGLDVXSHULRU
7DEOD
(VWDGtVWLFRVGHVFULSWLYRVGHHVFDODVGH)$&(6,,
&RQ'$
0HGLD
'7
0HGLD
'7
0HGLD
'7
)$&(6&RKHVLyQ
)$&(6$GDSWDELOLGDG
6XPD)$&(6
165
6LQ'$
7RWDO
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(QODHVFDODGH&RKHVLyQ)DPLOLDUHOJUXSRFRQ'$KDREWHQLGRXQDPHGLD
VXSHULRUDOJUXSRVLQ'$FRQ'$VLQ'$(QODHVFDOD$GDSWDELOLGDG
HOJUXSRFRQ'$KDREWHQLGRXQDPHGLDLQIHULRUDOJUXSRVLQ'$FRQ'$VLQ
'$/DVXPD)$&(6HVLQIHULRUHQHOJUXSRFRQ'$TXHHQHOJUXSRVLQ'$
FRQ'$VLQ'$
7DEOD
(VWDGtVWLFRVGHVFULSWLYRV6RFLDOL]DFLyQ)DPLOLDU62&
&RQ'$ 6LQ'$
0HGLD
'7
0HGLD
'7
0HGLD
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
166
7RWDO
'7
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
62&
62&
62&
62&
62&
62&
(Q OD WDEOD VH HQFXHQWUDQ ORV HVWDGtVWLFRV GHVFULSWLYRV PHGLD \
GHVYLDFLyQWtSLFDGHORVtWHPVGHODHVFDODGH6RFLDOL]DFLyQ)DPLOLDUSDUDHOJUXSR
FRPSOHWR \ SDUD ORV JUXSRV FRQ '$ \ VLQ '$ (O JUXSR FRQ '$ KD REWHQLGR XQD
PHGLDVXSHULRUHQORVtWHPV
(QHOUHVWRGHtWHPV\ODPHGLDKDVLGRVXSHULRUSDUD
HOJUXSRVLQ'$/RVDOXPQRVFRQ'$\VLQ'$PXHVWUDQODPLVPDSXQWXDFLyQHQ
ODPHGLDHQHOtWHPFRQ'$VLQ'$
7DEOD
(VWDGtVWLFRVGHVFULSWLYRVVXEHVFDODV6RFLDOL]DFLyQ)DPLOLDU62&
&RQ'$
6LQ'$
7RWDO
0HGLD
'7
0HGLD
'7
0HGLD
'7
62&DSR\R
62&FDVWLJR
62&VREUHSURWHFFLyQ
62&UHSUREDFLyQ
(Q ODV VXEHVFDODV WDEOD HO JUXSR FRQ '$ KD REWHQLGR XQD PHGLD
VXSHULRUDOJUXSRVLQ'$HQWRGRVORVFDVRV\HQHOWRWDOGHODHVFDOD/DPHGLDPiV
DOWDHQWUHDPERVJUXSRVFRQ\VLQ'$FRPSDUiQGRODFRQHOUHVWRGHVXEHVFDODVKD
VLGRHQODVXEHVFDODDSR\RFRQ'$VLQ'$
167
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
7DEOD
(VWDGtVWLFRV GHVFULSWLYRV &XHVWLRQDULR GH ,PSOLFDFLyQ )DPLOLDU SHUFLELGD SRU
ORVSDGUHV
&RQ'$
6LQ'$
7RWDO
0HGLD
'7
0HGLD
'7
0HGLD
'7
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
(Q OD WDEOD VH HQFXHQWUDQ ORV HVWDGtVWLFRV GHVFULSWLYRV PHGLD \
GHVYLDFLyQWtSLFDGHODHVFDOD,PSOLFDFLyQ)DPLOLDUSHUFLELGDSRUORVSDGUHVSDUDHO
JUXSRFRPSOHWRDOXPQRVFRQ'$\VLQ'$(OJUXSRFRQ'$KDREWHQLGRXQDPHGLD
VXSHULRUHQORVtWHPVFRQ'$VLQ'$FRQ'$VLQ'$
FRQ'$VLQ'$FRQ'$VLQ'$FRQ'$VLQ
'$ FRQ'$ VLQ'$ FRQ'$ VLQ '$ FRQ
168
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
'$VLQ'$FRQ'$VLQ'$FRQ'$VLQ'$
FRQ'$VLQ'$FRQ'$VLQ'$\FRQ'$
VLQ'$(QHOUHVWRGHtWHPV\ODPHGLDGHOJUXSR
VLQ'$KDVLGRVXSHULRU/DVSXQWXDFLRQHVGHODVPHGLDVHQWUHDPERVJUXSRVFRQ\
VLQ '$ KDQ VLGR PX\ VLPLODUHV HQ ORV VLJXLHQWHV tWHPV FRQ '$ VLQ '$
tWHPFRQ'$VLQ'$HtWHPFRQ'$VLQ'$
$ FRQWLQXDFLyQVHSUHVHQWDQ ORV HVWDGtVWLFRV GHVFULSWLYRV GH ODV VXEHVFDODV
GHLPSOLFDFLyQIDPLOLDUSHUFLELGDSRUORVSDGUHVGHDOXPQRVFRQ\VLQ'$
7DEOD
(VWDGtVWLFRV GHVFULSWLYRV VXEHVFDODV GHO &XHVWLRQDULR ,PSOLFDFLyQ )DPLOLDU
SHUFLELGDSRUORVSDGUHV
&RQ'$
6LQ'$
7RWDO
0HGLD
'7
0HGLD
'7
0HGLD
'7
,PSOLF)DP3DGUHVSHUFHSFLyQ
GHD\XGD
,PSOLF)DP3DGUHV
H[SHFWDWLYDVDFDGpPLFDV
,PSOLF)DP3DGUHV\
UHODFLRQHVFRQHO&HQWUR
,PSOLF)DP3DGUHV\WLHPSR
GHRUJDQL]DFLyQ
6XPD,PSOLFDFLyQ)DPLOLDU
SDGUHV
(Q ODV VXEHVFDODV GHO &XHVWLRQDULR ,PSOLFDFLyQ )DPLOLDU SHUFLELGD SRU ORV
SDGUHV HO JUXSR VLQ '$ KD REWHQLGR XQD PHGLD VXSHULRU HQ OD VXEHVFDOD
,PSOLFDFLyQ IDPLOLDU GH ORV SDGUHV H[SHFWDWLYDV DFDGpPLFDV FRQ '$ '7
VLQ '$ '7 (O UHVWR GH VXEHVFDODV PXHVWUDQ ORV VLJXLHQWHV
UHVXOWDGRV3HUFHSFLyQGHD\XGDHQODVWDUHDVDFDGpPLFDVFRQ'$'7
VLQ '$ '7 UHODFLRQHV FRQ HO &HQWUR FRQ '$ '7 VLQ
169
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
'$ '7 \ WLHPSR GH RUJDQL]DFLyQ FRQ '$ '7 VLQ '$
VLQ '7 (Q JHQHUDO OD PHGLD GHO JUXSR FRQ '$ KD VLGR VXSHULRU D
H[FHSFLyQGHODSXQWXDFLyQREWHQLGDHQODVXEHVFDODH[SHFWDWLYDVDFDGpPLFDVFRPR
VHKDFRPHQWDGRDQWHULRUPHQWH
7DEOD
(VWDGtVWLFRV GHVFULSWLYRV GHO &XHVWLRQDULR ,PSOLFDFLyQ )DPLOLDU SHUFLELGD SRU
ORVDOXPQRV
&RQ'$
6LQ'$
7RWDO
0HGLD
'7
0HGLD
'7
0HGLD
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
170
'7
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(QODWDEODVHPXHVWUDQORVHVWDGtVWLFRVGHVFULSWLYRVPHGLD\GHVYLDFLyQ
WtSLFD GH OD HVFDOD GH ,PSOLFDFLyQ )DPLOLDU SHUFLELGD SRU ORV DOXPQRV SDUD HO
JUXSR WRWDO SDUD HO JUXSR FRQ'$ \ HO JUXSR VLQ '$ (O SULPHUR KD REWHQLGR XQD
PHGLDVXSHULRUHQORVtWHPVFRQ'$'7tWHPFRQ'$'7
VLQ'$'7tWHPFRQ'$'7VLQ'$'7
tWHPFRQ'$'7VLQ'$'7tWHPFRQ'$
'7\$PERVJUXSRVKDQREWHQLGRODPLVPD
PHGLDHQHOtWHP(QHOUHVWRHOJUXSRVLQ'$KDREWHQLGRXQDPHGLDVXSHULRU
7DEOD
(VWDGtVWLFRV GHVFULSWLYRV GHO &XHVWLRQDULR ,PSOLFDFLyQ )DPLOLDU SHUFLELGD SRU
ORVDOXPQRV
&RQ'$
6LQ'$
7RWDO
0HGLD
'7
0HGLD
'7
0HGLD
'7
GH OD UHODFLyQ GH VXV SDGUHV ,PSOLF $OXPQRV SHUFHSFLyQ
GHD\XGDHGXFDWLYD
,PSOLF
$OXPQRV
H[SHFWDWLYDVDFDGpPLFDV
,PSOLF $OXPQRV SHUFHSFLyQ
FRQHO&HQWUR
,PSOLF $OXPQRV GHO WLHPSR
\ODRUJDQL]DFLyQHGXFDWLYD
6XPD
WRWDO
DOXPQRV
LPSOLFDFLyQ
(Q ODV VXEHVFDODV GHO &XHVWLRQDULR ,PSOLFDFLyQ )DPLOLDU SHUFLELGD SRU ORV
DOXPQRV ORV DOXPQRV VLQ '$ WLHQHQ XQD SHUFHSFLyQ PD\RU GH OD LPSOLFDFLyQ
IDPLOLDUHQODVXEHVFDODH[SHFWDWLYDVDFDGpPLFDVFRQ'$'7VLQ'$
'7
171
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/RVDOXPQRVFRQ'$REWLHQHQPD\RUSXQWXDFLyQHQODPHGLDHQODVXEHVFDOD
SHUFHSFLyQGHODD\XGDGHVXVSDGUHVHQODVWDUHDVDFDGpPLFDVHQFRPSDUDFLyQFRQ
VLQ LJXDOHV VLQ '$ FRQ '$ '7 VLQ '$ '7 HQ OD
VXEHVFDODSHUFHSFLyQGHODUHODFLyQGHVXVSDGUHVFRQHO&HQWURFRQ'$'7
VLQ '$ '7 \ HQ OD SHUFHSFLyQ GHO WLHPSR \ RUJDQL]DFLyQ
HGXFDWLYDFRQ'$'7VLQ'$'7
/RV DOXPQRV FRQ '$ REWLHQHQ PD\RU SXQWXDFLyQ HQ OD VXPD WRWDO HQ ODV
VXEHVFDODV TXH FRPSRQHQ HO &XHVWLRQDULR ,PSOLFDFLyQ )DPLOLDU SHUFLELGD SRU ORV
DOXPQRVFRQ'$'7VLQ'$'7
7DEOD
(VWDGtVWLFRVGHVFULSWLYRVGH5HQGLPLHQWR$FDGpPLFR
&RQ'$
0HGLD
5HQGLPLHQWRDFDGpPLFRHQHOiUHD '7
6LQ'$
0HGLD
7RWDO
'7 0HGLD '7
0DWHPiWLFDV3ULPHU7ULPHVWUH
5HQGLPLHQWRDFDGpPLFRHQHOiUHD &DVWHOODQR/HQJXD\/LWHUDWXUD
3ULPHU7ULPHVWUH
5HQGLPLHQWRDFDGpPLFRHQHOiUHD 9DOHQFLDQR/HQJXD\/LWHUDWXUD
HQHO3ULPHU7ULPHVWUH
5HQGLPLHQWRDFDGpPLFRHQHOiUHD 0DWHPiWLFDVž7ULPHVWUH
5HQGLPLHQWRDFDGpPLFRHQHOiUHD &DVWHOODQR/HQJXD\/LWHUDWXUDž
7ULPHVWUH
5HQGLPLHQWRDFDGpPLFRHQHOiUHD 9DOHQFLDQR/HQJXD\/LWHUDWXUD
ž7ULPHVWUH
172
0GHO&DUPHQ*LUyQ&DOHUR
5HQGLPLHQWRDFDGpPLFRHQHOiUHD 7HVLV'RFWRUDO
0DWHPiWLFDV7HUFHU7ULPHVWUH
5HQGLPLHQWRDFDGpPLFRHQHOiUHD &DVWHOODQR/HQJXD\/LWHUDWXUD
7HUFHU7ULPHVWUH
5HQGLPLHQWRDFDGpPLFRHQHOiUHD GH9DOHQFLDQR/HQJXD\
/LWHUDWXUD7HUFHU7ULPHVWUH
(Q OD WDEOD VH PXHVWUD TXH ODV PHGLDV GHORV DOXPQRV VLQ '$VRQ PiV
DOWDV HQ ODV iUHDV LQVWUXPHQWDOHV HQ ORV WUHV WULPHVWUHV VREUH WRGR VH PXHVWUDQ
PD\RUHVGLIHUHQFLDVHQODVPHGLGDVHQDPERVJUXSRV\HQORVWUHVWULPHVWUHVHQHO
iUHD LQVWUXPHQWDO 9DOHQFLDQR /HQJXD \ /LWHUDWXUD SULPHU WULPHVWUH &RQ '$
VLQ'$VHJXQGRWULPHVWUHFRQ'$VLQ'$WHUFHUWULPHVWUH
FRQ'$VLQ'$
(Q FXDQWR D OD SXQWXDFLyQ REWHQLGD HQ OD SUXHED GH LQWHOLJHQFLD OD PHGLD
GHOJUXSRFRPSOHWRHQ&,HV'7 (OJUXSRFRQ'$KDREWHQLGRXQD
PHGLD GH '7 PLHQWUDV TXH OD PHGLD GHO JUXSRVLQ '$ KD VLGR GH
'7 FRPRVHGHWDOODHQODVWDEODV\
$FRQWLQXDFLyQVHPXHVWUDHQIRUPDGHWDEODODPHGLD\ODGHVYLDFLyQWtSLFD
SDUDDPERVJUXSRVGHDOXPQRVFRQ\VLQ'LILFXOWDGHVGH$SUHQGL]DMH
7DEOD
0HGLDGHO&,HQDOXPQRVFRQ'LILFXOWDGHVGH$SUHQGL]DMH
1
0HGLD
'HVYWtS
&,
1YiOLGRVHJ~QOLVWD
173
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
7DEOD
0HGLDGHO&,HQDOXPQRVVLQ'LILFXOWDGHVGH$SUHQGL]DMH
1
0HGLD
'HVYWtS
&,
1YiOLGRVHJ~QOLVWD
$QiOLVLV'LIHUHQFLDOHV
$QiOLVLV'LIHUHQFLDOHV
$FRQWLQXDFLyQVHPXHVWUDQORVUHVXOWDGRVGHODSUXHED W6WXGHQWSDUDFDGD
XQRGHORVFXHVWLRQDULRVDSOLFDGRVHQHVWDLQYHVWLJDFLyQ
(Q SULPHU OXJDU VH SUHVHQWDQ ORV GDWRV GHO &XHVWLRQDULR $XWRQFRQFHSWR
6'4,,UHFRJLGRVHQODWDEOD
7DEOD
3UXHEDW&XHVWLRQDULR$XWRFRQFHSWR$FDGpPLFR6'4,,
&RQ'$
6LQ'$
0HGLD '7
0HGLD
'7
6'4,,YHUEDO
6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHPiWLFR
6'4,,DFDGpPLFR
6'4,,DSDULHQFLDItVLFD
6'4,,KRQHVWLGDG
6'4,,UHODFLRQHVSDUHVGHO
6'4,,UHODFLyQFRQSDGUHV
6'4,,HVWDELOLGDGHPRFLRQDO
6'4,,DXWRFRQFHSWRJHQHUDO
W
S
PLVPRVH[R
6'4,,UHODFLRQHVSDUHVVH[R
RSXHVWR
S
174
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(Q OD SUXHED 6'4,, HO JUXSR GH QLxRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH KD
REWHQLGR XQD PHGLD VXSHULRU D ORV QLxRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH HQ ODV
HVFDODV YHUEDO W S PDWHPiWLFR W S DFDGpPLFR W S \ DXWRFRQFHSWR JHQHUDO W S (Q HO UHVWR GH HVFDODV QR VH KDQ REVHUYDGR GLIHUHQFLDV HVWDGtVWLFDPHQWH
VLJQLILFDWLYDVHQWUHDPERVJUXSRV
$ FRQWLQXDFLyQ HQ OD WDEOD VH PXHVWUDQ ORV UHVXOWDGRV GH OD SUXHED W
6WXGHQWREWHQLGRVHQHO&XHVWLRQDULR0HWDV$FDGpPLFDV&(0$
7DEOD
3UXHEDW&XHVWLRQDULR0HWDV$FDGpPLFDVHQ6HFXQGDULD&(0$,,
&RQ'$
6LQ'$
0HGLD
'7
0HGLD
'7
W
S
0HWDDSUHQGL]DMH
0HWDUHQGLPLHQWR
0HWDUHQGLPLHQWR
S
/RV UHVXOWDGRV GH ODV SUXHEDV W GH 6WXGHQW SDUD PXHVWUDV LQGHSHQGLHQWHV
LQGLFDQ TXH ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH KDQ REWHQLGR ODV PLVPDV
SXQWXDFLRQHV TXH ORV VXMHWRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH HQ ODV VXEHVFDODV GHO
&XHVWLRQDULR0HWDV$FDGpPLFDV
$ FRQWLQXDFLyQ VH SUHVHQWD OD WDEOD FRQ ORV UHVXOWDGRV GH OD SUXHED W
6WXGHQWSDUDHO&XHVWLRQDULRGH(VWUDWHJLDVGH$SUHQGL]DMH&($
175
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
7DEOD
3UXHEDW&XHVWLRQDULRGH(VWUDWHJLDVGH$SUHQGL]DMH&($
&RQ'$
6LQ'$
0HGLD
'7
0HGLD
'7
W
S
0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
(VFDODGHVHQVLELOL]DFLyQ
(ODERUDFLyQ
2UJDQL]DFLyQ
6HOHFFLyQ
(VFDODGHHODERUDFLyQ
7UDQVIHUHQFLD
3HQV&UtWLFR\
5HFXSHUDFLyQ
(VFDODGH
3ODQLILFDFLyQ
5HJXODFLyQ
(VFDODPHWDFRJQLFLyQ
6XPDWRWDO&($
FUHDWLYLGDG
SHUVRQDOL]DFLyQ
S
/DVSUXHEDVWGH6WXGHQWLQGLFDQTXHODSXQWXDFLyQHQFRQWUROHPRFLRQDOGH
ORV QLxRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH HV VXSHULRU D DTXHOORV TXH WLHQHQ
GLILFXOWDGHVGHDSUHQGL]DMHW S 7DPELpQVHKDREVHUYDGRXQD
SXQWXDFLyQ VXSHULRU GH ORV QLxRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH HQ ODV HVFDOD GH
UHJXODFLyQW S \PHWDFRJQLFLyQW S (Q HO UHVWR GH HVFDODV QR VH KDQ HQFRQWUDGR GLIHUHQFLDV HVWDGtVWLFDPHQWH
VLJQLILFDWLYDVHQWUHDPERVJUXSRV
176
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
$ FRQWLQXDFLyQ VH PXHVWUDQ ORV UHVXOWDGRV SDUD OD SUXHED W 6WXGHQW
REWHQLGRVHQHO&XHVWLRQDULR)$&(6,,
7DEOD
3UXHEDW&XHVWLRQDULR)$&(6,,
&RQ'$
6LQ'$
0HGLD
'7
0HGLD
'7
W
S
)$&(6&RKHVLyQ
)$&(6
$GDSWDELOLGDG
6XPD)$&(6
S
1R VH KDQ HQFRQWUDGR GLIHUHQFLDV HVWDGtVWLFDPHQWH VLJQLILFDWLYDV HQWUH ORV
JUXSRVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMHHQODVHVFDODV)$&(6,,
(Q OD WDEOD VH PXHVWUDQ ORV UHVXOWDGRV GH OD SUXHED W 6WXGHQW SDUD HO
&XHVWLRQDULR62&6RFLDOL]DFLyQIDPLOLDU
7DEOD
3UXHEDW&XHVWLRQDULR6RFLDOL]DFLyQ)DPLOLDU62&
&RQ'$
0HGLD
'7
6LQ'$
0HGLD
W
'7
S
62&DSR\R
62&FDVWLJR
62&VREUHSURWHFFLyQ
62&UHSUREDFLyQ
S
1RVHKDQKDOODGRGLIHUHQFLDVHVWDGtVWLFDPHQWHVLJQLILFDWLYDVHQWUHHOJUXSR
FRQGLILFXOWDGHVGHDSUHQGL]DMH\VLQGLILFXOWDGHVHQQLQJXQDGHODVHVFDODV62&
177
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(Q OD WDEOD VH PXHVWUDQ ORV UHVXOWDGRV GH OD SUXHED W SDUD HO
FXHVWLRQDULR,PSOLFDFLyQIDPLOLDUSHUFLELGDSRUORVSDGUHV
7DEOD
3UXHEDW&XHVWLRQDULR,PSOLFDFLyQIDPLOLDUSHUFLELGDSRUORVSDGUHV
&RQ'$
'7
6LQ'$
0HGLD
W
'7
S
0HGLD
,PSOLF)DP3DGUHV
,PSOLF)DP3DGUHVUHODFLyQ SHUFHSFLyQGHD\XGD
,PSOLF)DPSDGUHV
H[SHFWDWLYDV
FRQHOFHQWUR
,PSOLF)DP3DGUHVWLHPSR
GHRUJDQL]DFLyQ
6XPDWRWDOLPSOLF)DP
SDGUHV
S
/DV SUXHEDV W GH 6WXGHQW LQGLFDQ TXH H[LVWH XQD DVRFLDFLyQ VLJQLILFDWLYD
HQWUHODVGLILFXOWDGHVGHDSUHQGL]DMH\ODHVFDODGH H[SHFWDWLYDV W S (OJUXSRVLQGLILFXOWDGHVGHDSUHQGL]DMHKDREWHQLGRXQDPHGLDVXSHULRU
$ FRQWLQXDFLyQ VH PXHVWUDQ HQ OD WDEOD ORV UHVXOWDGRV GH OD SUXHED W
6WXGHQWSDUDHO&XHVWLRQDULRGH,PSOLFDFLyQ)DPLOLDUSHUFLELGDSRUORVDOXPQRV
178
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
7DEOD
3UXHEDW&XHVWLRQDULR,PSOLFDFLyQIDPLOLDUSHUFLELGDSRUORVDOXPQRV
&RQ'$
6LQ'$
'7
0HGLD
'7
W
S
0HGLD
,PSOLF)DP$OXP
SHUFHSFLyQGHD\XGD
,PSOLF)DP$OXP
([SHFWDWLYDV
,PSOLF)DP$OXP
5HODFLyQFRQHO&HQWUR
,PSOLF)DP$OXP
7LHPSRGHRUJDQL]DFLyQ
6XPDWRWDOLPSOLFDFLyQ
IDPLOLDU
S
(Q HO DQiOLVLV GHO &XHVWLRQDULR ,PSOLFDFLyQ )DPLOLDU SHUFLELGD SRU ORV
DOXPQRVVHKDQKDOODGRGLIHUHQFLDVVLJQLILFDWLYDVHQIXQFLyQGHODVGLILFXOWDGHVGH
DSUHQGL]DMHHQ UHODFLyQFRQHOFHQWUR W S VLHQGRODPHGLDGH
ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH VXSHULRU DVt FRPR HQ WLHPSR GH
RUJDQL]DFLyQ W S GRQGH OD PHGLD GH ORV DOXPQRV FRQ
GLILFXOWDGHV GH DSUHQGL]DMH WDPELpQ HV VXSHULRU 3RU ~OWLPR HQ OD WDEOD VH
PXHVWUDQORVUHVXOWDGRVGHODSUXHED W6WXGHQWSDUDHOUHQGLPLHQWRDFDGpPLFR\HO
&,
179
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
7DEOD
3UXHEDW5HQGLPLHQWRHVFRODU\&,
&RQ'$
6LQ'$
0HGLD
'7
0HGLD
'7
W
S
0HGLD0DWHPiWLFDV
0HGLD&DVWHOODQR
0HGLD9DOHQFLDQR
&,
S
5HVSHFWR DO UHQGLPLHQWR HVFRODU ODV SUXHEDV W GH 6WXGHQW LQGLFDQ TXH ORV
DOXPQRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH KDQ REWHQLGR XQ UHQGLPLHQWR VXSHULRU HQ
PDWHPiWLFDV W S FDVWHOODQR W S \
YDOHQFLDQR W S /D PHGLD GH HVWH JUXSR WDPELpQ KD VLGR
VXSHULRUHQ&,W S $QiOLVLV'LVFULPLQDQWH
$QiOLVLV'LVFULPLQDQWH
$QiOLVLV'LVFULPLQDQWH
&RQ HO REMHWLYR GH HVWDEOHFHU XQ PRGHOR SDUD SURQRVWLFDU HO JUXSR GH
SHUWHQHQFLDFRQ '$VLQ '$VH KD UHDOL]DGRXQ DQiOLVLVGLVFULPLQDQWHGRQGH OD
YDULDEOH GHSHQGLHQWH HV *UXSR \ ODV YDULDEOHV LQGHSHQGLHQWHV LQLFLDOPHQWH KDQ
VLGR 0HWDV GH DSUHQGL]DMH PHWDDSUHQGL]DMH 0HWDV GH UHQGLPLHQWR FRQVHJXLU
DSUREDFLyQ \ HYLWDU UHFKD]R PHWDUHQGLPLHQWR 0HWDV GH UHQGLPLHQWR REWHQHU
EXHQDV FDOLILFDFLRQHV PHWDUHQGLPLHQWR ,PSOLFDFLyQ )DPLOLDU DOXPQRV
SHUFHSFLyQ GH D\XGD ,PSIDPDOXPSHUFSGD\ ,PSOLFDFLyQ )DPLOLDU DOXPQRV
H[SHFWDWLYDV DFDGpPLFDV ,PSIDPDOXPH[SHFW ,PSOLFDFLyQ )DPLOLDU DOXPQRV \
UHODFLRQHV FRQ HO &HQWUR ,PSIDPDOXPUHOFHQW ,PSOLFDFLyQ )DPLOLDU DOXPQRV \
WLHPSR GH RUJDQL]DFLyQ ,PSIDPDOXPWLHPSRUJ 62& DSR\R 62& FDVWLJR 62&
VREUHSURWHFFLyQ 62& UHSUREDFLyQ 0RWLYDFLyQ $FWLWXG &RQWURO HPRFLRQDO
(ODERUDFLyQ2UJDQL]DFLyQ6HOHFFLyQ6HOHFF7UDQVIHUHQFLD3HQVDPLHQWRFUtWLFR\
FUHDWLYR
3HQVDPFUtW\FUHDW
5HFXSHUDFLyQ
180
3ODQLILFDFLyQ
\
(YDOXDFLyQ
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3ODQLILFHYDOXDF 5HJXODFLyQ 6'4,, YHUEDO 6'4,, KDELOLGDGHV ItVLFDV 6'4,,
PDWHV6'4,,DFDGpPLFR6'4,,DFDG6'4,,DSDULHQFLDItVLFD6'4,,DSDUItVLFD
6'4,,
KRQHVWLGDG
6'4,,
6'4,,UHOSDUHVPVH[
UHODFLRQHV
6'4,,
GH
UHODFLRQHV
SDUHV
SDUHV
GHO
GH
PLVPR
VH[R
VH[R
RSXHVWR
6'4,,UHOSDUHVVH[RS 6'4,, UHODFLRQHV FRQ SDGUHV 6'4,,UHOFRQSDGUHV 6'4,,
HVWDELOLGDG
HPRFLRQDO
6'4,,DXWRFJHQ
6'4,,HVWHPRFLRQDO
,PSOLFDFLyQ
)DPLOLDU
6'4,,
SDGUHV
DXWRFRQFHSWR
SHUFHSFLyQ
GH
JHQHUDO
D\XGD
,PSOIDPSDGSHUFD\ ,PSOLFDFLyQ )DP LOLDU SDGUHV H[SHFWDWLYDV DFDGpPLFDV
,PSOIDPSDGH[S ,PSOLFDFLyQ )DPLOLDU SDGUHV \ UHODFLRQHV FRQ HO &HQWUR
,PSOIDPSDGUHOFHQW ,PSOLFDFLyQ )DPLOLDU DOXPQRV \ WLHPSR GH RUJDQL]DFLyQ
,PSOIDPSDGWLHPRUJ )$&(6 &RKHVLyQ )$&(6&RK )$&(6 $GDSWDELOLGDG
)$&(6$GDS\&RFLHQWH,QWHOHFWXDO&,
&RQHOILQGHVLPSOLILFDUHOPRGHORILQDO\GDGRHODOWRQ~PHURGHYDULDEOHV
SUHGLFWRUDV H[LVWHQWHV VH KD DSOLFDGR XQ SURFHGLPLHQWR GH VHOHFFLyQ GH YDULDEOHV
SDVR D SDVR HQ HO TXH ODV YDULDEOHV QR VH LQFOX\HQ GH IRUPD VLPXOWiQHD VL QR GH
XQD HQ XQD VHJ~Q VX FDSDFLGDG GLVFULPLQDWRULD +DLU HW DO /DV YDULDEOHV
LQWURGXFLGDVHQHOPRGHOR WDEODVRQHOFRFLHQWHLQWHOHFWXDO&,OD,PSOLFDFLyQ
IDPLOLDU
DOXPQRV
WLHPSR
GH
RUJDQL]DFLyQ
GH
WDUHDV
DFDGpPLFDV
,PSOLF)DP$OXPWLHPSRGHRUJDQL]DXWRFRQFHSWRDFDGpPLFR6'4,,DFDGpPLFR
\5HJXODFLyQORVHVWDGtVWLFRV/DPEGDGH:LONV\VXDSUR[LPDFLyQD)LQGLFDQTXH
HVWDVFXDWURYDULDEOHVVRQVLJQLILFDWLYDVSDUDSURQRVWLFDUHOJUXSRGHSHUWHQHQFLD
7DEOD
9DULDEOHVLQWURGXFLGDVHQHOPRGHORHVWDGtVWLFR/DPEGDGH:LONV\SUXHED)
,QWURGXFLGDV
(VWDG
JO
JO
JO
)H[DFWD
(VWDG
JO
JO
S
&,
,PSOLF)DP
$OXPQRV
WLHPSRGH
2UJDQL]DFLyQ
181
0GHO&DUPHQ*LUyQ&DOHUR
6'4,,
7HVLV'RFWRUDO
DFDGpPLFR
5HJXODFLyQ
/DVSUXHEDVGHGLIHUHQFLDGHPHGLDVSDUDHVWDVFXDWURYDULDEOHVSUHGLFWRUDV
KDQUHVXOWDGRHVWDGtVWLFDPHQWHVLJQLILFDWLYDVDOQLYHOGHVLJQLILFDFLyQGHOWDEOD
(Q HO FDVR GHO &, HO DOXPQDGR VLQ '$ PXHVWUD XQD SXQWXDFLyQPHGLD PD\RU
TXH HO DOXPQDGR FRQ '$ /D LPSOLFDFLyQ IDPLOLDU HQ OD
RUJDQL]DFLyQGHOWLHPSRHVPD\RUHQHOFDVRGHODOXPQDGRFRQ'$TXHHQHO
DOXPQDGR VLQ '$ &RQ OD UHJXODFLyQ VXFHGH OR FRQWUDULR HVWR HV HO
DOXPQDGR FRQ '$ PXHVWUD XQD PHGLD PHQRU TXH HO DOXPQDGR VLQ '$
0LHQWUDV TXH HO DXWRFRQFHSWR DFDGpPLFR GHO DOXPQDGR FRQ '$ HV PHQRU
TXHHOGHODOXPQDGRVLQ'$
7DEOD
(VWDGtVWLFRVSRUJUXSR\SUXHEDVGHGLIHUHQFLDGHPHGLDV
&RQ'$
6LQ'$
0HGLD 'HVY
0HGLD
WtS
3UXHEDGHLJXDOGDGGHPHGLDV
'HVY /DPEGDGH )JOJO
WtS
S
:LONV
&,
,PSOLF
5HJXODFLyQ
6'4,,
)DP
$OXPQRV
WLHPSRGH
RUJDQL]DFLyQ
DFDGpPLFR
/D SUXHED GH %R[ LQGLFD TXH ODV PDWULFHV GH FRYDULDQ]DV SREODFLRQDOHV GH
DPERV JUXSRV VRQ LJXDOHV WDEOD OR FXDO HVWi GH DFXHUGR FRQ XQR GH ORV
VXSXHVWRVPiVLPSRUWDQWHVHQHOHPSOHRGHODQiOLVLVGLVFULPLQDQWHXQDYH]TXHOD
182
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
IDOWDGHFXPSOLPLHQWRGHHVWHVXSXHVWRSXHGHDIHFWDUQHJDWLYDPHQWHHOSURFHVRGH
FODVLILFDFLyQ
7DEOD
3UXHEDGH%R[
0GH%R[
) $SUR[
JO
JO
S
/RV FRHILFLHQWHV HVWDQGDUL]DGRV GH OD IXQFLyQ GLVFULPLQDQWH FDQyQLFD VH
SUHVHQWDQHQOD WDEOD3DUDHVWDEOHFHUODLPSRUWDQFLDUHODWLYDGHFDGDYDULDEOH
HQODGLVFULPLQDFLyQGHORVJUXSRVVHFDOFXODORVFRHILFLHQWHVHVWDQGDUL]DGRVGHOD
IXQFLyQ GLVFULPLQDQWH FDQyQLFD /D YDULDEOH TXH PiV FRQWULEX\H D GLVFULPLQDU
HQWUH DPERV JUXSRV HV HO &, VHJXLGD GH OD LPSOLFDFLyQ IDPLOLDU HQ OD
RUJDQL]DFLyQGHOWLHPSRGHORVDOXPQRVHQHVWHFDVRFRQVLJQRQHJDWLYROR
TXH LQGLFD TXH HV PHQRU OD LPSOLFDFLyQ IDPLOLDU HQ HO FDVR GH DOXPQRV VLQ
GLILFXOWDGHV GH DSUHQGL]DMH VLQ '$ $ FRQWLQXDFLyQ HQWUDQ HQ OD HFXDFLyQ ODV
YDULDEOHVGHDXWRFRQFHSWRDFDGpPLFR\UHJXODFLyQ
7DEOD
&RHILFLHQWHVHVWDQGDUL]DGRVGHODIXQFLyQGLVFULPLQDQWHFDQyQLFD
)XQFLyQ
,PSOLFDFLyQIDPLOLDUDOXPQRVWLHPSRGHRUJDQL]DFLyQ
5HJXODFLyQ
6'4,,DFDGpPLFR
&,
183
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/DIXQFLyQGLVFULPLQDQWHFRQORVFRHILFLHQWHVHVWDQGDUL]DGRVHVODVLJXLHQWH
'$ ,PSIDPDOXPWLHPSRUJ5HJXODFLyQ6'4,,DFDG&,
0LHQWUDVTXHODIXQFLyQGLVFULPLQDQWHFRQORVFRHILFLHQWHVQRHVWDQGDUL]DGRVHV
OD
VLJXLHQWH'$ ,PSIDPDOXPWLHPSRUJ
5HJXODFLyQ
6'4,,DFDG&,
(Q OD WDEOD VH SUHVHQWDQ ORV FRHILFLHQWHV GH FRUUHODFLyQ R FDUJDV GH ODV
IXQFLRQHV FDQyQLFDV GLVFULPLQDQWHV WDPELpQ GHQRPLQDGD PDWUL] GH HVWUXFWXUD
/DV FRUUHODFLRQHV GH HVWUXFWXUD PLGHQ OD FRUUHODFLyQ OLQHDO VLPSOH HQWUH FDGD
YDULDEOH LQGHSHQGLHQWH R SUHGLFWRUD \ OD IXQFLyQ GLVFULPLQDQWH \ UHIOHMDQ OD
YDULDQ]D TXH ODV YDULDEOHV SUHGLFWRUDV FRPSDUWHQ FRQ OD IXQFLyQ GLVFULPLQDQWH
FX\DLQWHUSUHWDFLyQHVVLPLODUDODVFDUJDVRVDWXUDFLRQHVIDFWRULDOHVHQHODQiOLVLV
IDFWRULDO 5HFLHQWHPHQWH VH FRQVLGHUD TXH ODVFDUJDVIDFWRULDOHVVRQ UHODWLYDPHQWH
PiVDGHFXDGDVTXHODVSRQGHUDFLRQHVSDUDLQWHUSUHWDUORVUHVXOWDGRVGHODIXQFLyQ
GLVFULPLQDQWH
7DEOD
0DWUL] GH HVWUXFWXUD &RUUHODFLRQHV HQWUH ODV YDULDEOHV \ OD IXQFLyQ
GLVFULPLQDQWH
)XQFLyQ
&,
6'4,,DFDGpPLFR
,PSOLFDFLyQIDPLOLDUDOXPQRVWLHPSR\RUJDQL]DFLyQ
5HJXODFLyQ
'H ODV FRUUHODFLRQHV PRVWUDGDV HQ OD WDEOD OD YDULDEOH TXH PXHVWUD
PD\RU UHODFLyQ FRQ OD IXQFLyQ GLVFULPLQDQWH HV OD LQWHOLJHQFLD &, VHJXLGD
GHO DXWRFRQFHSWR DFDGpPLFR PLHQWUDV TXH OD LPSOLFDFLyQ IDPLOLDU HQ OD
RUJDQL]DFLyQ WHPSRUDO GH ODV DFWLYLGDGHV GH ORV KLMRVDV RFXSD HO WHUFHU OXJDU HQ
LPSRUWDQFLDFRQFRUUHODFLyQQHJDWLYD\SRU~OWLPRODDXWRUUHJXODFLyQWLHQH
XQDFRUUHODFLyQXQSRFRPHQRUFRQODIXQFLyQGLVFULPLQDQWH(QHVWHFDVRHO
184
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
DXWRFRQFHSWR SDVD D RFXSDU XQ SDSHO PiV LPSRUWDQWH HQ OD GLIHUHQFLDFLyQ GH ORV
JUXSRVTXHODLPSOLFDFLyQIDPLOLDUHQODSODQLILFDFLyQGHOWLHPSR\ODRUJDQL]DFLyQ
GHODVDFWLYLGDGHVGHORVKLMRV
(Q VXPD HO DXWRYDORU GH OD IXQFLyQ GLVFULPLQDQWH FDQyQLFD KD VLGR FRQXQDFRUUHODFLyQFDQyQLFDGH(OYDORU/DPEGDGH:LONVSDUDHVWDIXQFLyQ
HVFRQXQDDSUR[LPDFLyQMLFXDGUDGRFRQJUDGRVGHOLEHUWDGGHS TXHLQGLFDTXHODIXQFLyQGLVFULPLQDGHIRUPDHVWDGtVWLFDPHQWHVLJQLILFDWLYD
HQWUHORVGRVJUXSRV7DEOD
7DEOD
$XWRYDORUGHODIXQFLyQFDQyQLFDFRUUHODFLyQFDQyQLFD\SUXHED-LFXDGUDGR
)XQFLyQ
$XWRYDORU
&RUUHODFLyQ
/DPEGD
-L
FDQyQLFD
GH:LONV
FXDGUDGR
JO
S
/DV IXQFLRQHV FDQyQLFDV GLVFULPLQDQWHV QR WLSLILFDGDV HYDOXDGDV HQ ODV
PHGLDVGHORVJUXSRVDUURMDQORVVLJXLHQWHVFHQWURLGHVWDEOD
7DEOD
)XQFLRQHVHQORVFHQWURLGHVGHORVJUXSRV
)XQFLyQ
&RQ'$
6LQ'$
3RURWUDSDUWHORVUHVXOWDGRVGHODFODVLILFDFLyQLQGLFDQTXHKD\XQGH
ORV FDVRV FODVLILFDGRV FRUUHFWDPHQWH WDEOD (O SRU FLHQWR GH SUHFLVLyQ HQ OD
FODVLILFDFLyQHVEDVWDQWHDOWRPXFKRPD\RUTXHXQDFODVLILFDFLyQDOD]DUTXHGDGD
OD LJXDOGDG GHO Q~PHUR GH VXMHWRV SRU JUXSR VHUtD GHO SRU FLHQWR 1R REVWDQWH
KD\FLHUWRQ~PHURGHFDVRVPDOFODVLILFDGRV
185
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
'HORVFDVRVPDOFODVLILFDGRVVRQDOXPQRVDVDORVTXHVHKDQFODVLILFDGR
VLQ 'LILFXOWDGHV GH $SUHQGL]DMH \ UHDOPHQWH Vt ODV WLHQHQ R DO PHQRV DVt HVWiQ
FRQVLGHUDGRVHQHOFHQWURHVFRODUPLHQWUDVTXHVRQDOXPQRVDVDORVTXHVHKDQ
FODVLILFDGRFRPRDOXPQRVDVFRQ'LILFXOWDGHVGH$SUHQGL]DMHFXDQGRUHDOPHQWHQR
HVWiQGLDJQRVWLFDGRVFRPRWDOHQHOFHQWUR
7DEOD
*UXSRGHSHUWHQHQFLDUHDO\SURQRVWLFDGR
2ULJLQDO
&RQR
VLQ'$
5HFXHQWR
&RQ'$
6LQ'$
&RQ'$
6LQ'$
*UXSRGHSHUWHQHQFLD
SURQRVWLFDGR
&RQ
6LQ
'LILFXOWDGHV
'LILFXOWDGHV
GH
GH
$SUHQGL]DMH
DSUHQGL]DMH
7RWDO
D&ODVLILFDGRVFRUUHFWDPHQWHHOGHORVFDVRVDJUXSDGRVRULJLQDOHV
&RQYLHQH SRU WDQWR SURIXQGL]DU HQ HO DQiOLVLV GH ORV FDVRV PDO FODVLILFDGRV
LGHQWLILFDQGR SULPHUR \ FRQRFLHQGR ODV FDUDFWHUtVWLFDV GH FDGD XQR GH HVWRV
DOXPQRV 3RUHOOR HQ OD WDEOD VH KD LQFOXLGR HO Q~PHURGH ORV DOXPQRV PDO
FODVLILFDGRV ORV GLDJQRVWLFDGRV HQ HO FHQWUR FRQ GLILFXOWDGHV GH DSUHQGL]DMH \
FODVLILFDGRVFRPRVLQGLILFXOWDGHVFDVRV\\ORVDOXPQRVTXHVH
KD SURQRVWLFDGR FRPR DOXPQRV FRQ GLILFXOWDGHV SHUR TXH QR HVWiQ GLDJQRVWLFDGRV
FRPRWDOHQHOFHQWURFDVRV\
186
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
7DEOD
'LDJQyVWLFRSRUFDVRVGHDOXPQRVDVPDOFODVLILFDGRV
FDVR
*
U
X
S
R
U
H
D
O
*UXSRPD\RU
*UXSR
SURQRVWLFDG
6HJXQGRJUXSRPD\RU
3'!G
_* J
S
3* J_
' G
J
O
'LVWDQF
GH
0DKDODQRELV DO
FXDGU KDVWD HO
FHQWUR
* 3* J_
U ' G
X
S
R
3XQW
'LVFULP
'LVWDQF
GH
0DKDODQ
RELVDO
FXDGUDGR
KDVWDHO
FHQWURLGH
)XQF
&DVRVPDOFODVLILFDGRV
$XQTXH WRGRV ORV FDVRV PDO FODVLILFDGRV SODQWHDQ OD FXHVWLyQ VREUH ODV
FDXVDVGHOHUURUHQODFODVLILFDFLyQPHUHFHQHVSHFLDOLQWHUpVORVIDOVRVSRVLWLYRVORV
FLQFRFDVRVTXHKDQVLGRGLDJQRVWLFDGRVHQHOFHQWURFRPRDOXPQRVDVTXHVtWLHQHQ
GLILFXOWDGHVGHDSUHQGL]DMH\TXHHODQiOLVLVGLVFULPLQDQWHFODVLILFDHQHOJUXSRGH
DOXPQRVTXHQRWLHQHQGLILFXOWDGHV
(QHOHVWXGLRGHORVFDVRVPDOFODVLILFDGRVWDEODVHSXHGHDQDOL]DUTXH
GHORVFDVRVGHDOXPQRVPDOFODVLILFDGRVSHUWHQHFHQDO&ROHJLR&RQFHUWDGR\
FDVRVDO,QVWLWXWRGH(GXFDFLyQ6HFXQGDULD/RVFLQFRSULPHURVFDVRV
187
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
KDQ VLGR GLDJQRVWLFDGRV HQ HO DQiOLVLV GLVFULPLQDQWH FRPR DOXPQRV FRQ
GLILFXOWDGHVGHDSUHQGL]DMHHQFDPELRQRSUHVHQWDQHVWDVGLILFXOWDGHV(OUHVWRGH
FDVRV \ KDQ VLGR GLDJQRVWLFDGRV HQ OD
LQYHVWLJDFLyQ FRPR DOXPQRV VLQ GLILFXOWDGHV GH DSUHQGL]DMH SHUR Vt SUHVHQWDQ
GLILFXOWDGHVSDUDDSUHQGHU
/DVFDXVDVGHOHUURUHQHOSULPHUFDVRSXHGHGHEHUVHDTXHHODOXPQRHQHO
PRPHQWR GH VX HYDOXDFLyQ GLDJQyVWLFD SUHVHQWDUD GLILFXOWDGHV SXQWXDOHV GH
DSUHQGL]DMH SRU IDOWD GH KiELWRV GH HVWXGLR GHVLQWHUpV GHVPRWLYDFLyQ SUREOHPDV
SHUVRQDOHV HWFTXH QR KD\DQ VLGR SUHYLDPHQWH GLDJQRVWLFDGRV \ SRU WDQWR VH
FDUHFtDGHHVWDLQIRUPDFLyQ
(O UHVWR GH FDVRV PDO FODVLILFDGRV VHJ~Q HO DQiOLVLV GLVFULPLQDQWH KDFH
UHIHUHQFLDDDOXPQRVFX\DHYDOXDFLyQSVLFRSHGDJyJLFDHVQRUPDOL]DGD\SUHVHQWDQ
ODJXQDV GH DSUHQGL]DMH LPSRUWDQWHV SRU OR TXH UHTXLHUHQ GH D\XGD HVFRODU \ HV
TXL]i SRU HOOR TXH SDVDQ PiV GHVDSHUFLELGRV HV GHFLU QR SUHVHQWDQ GLILFXOWDGHV
LQWHOHFWXDOHVSHURVtWLHQHQDVRFLDGDVRWUDVGHDSUHQGL]DMHDQLYHOGHFRPSUHQVLyQ
UD]RQDPLHQWR QLYHO DWHQFLRQDO KiELWRV GH WUDEDMR \ HVWXGLR PRWLYDFLyQ SRU ODV
WDUHDV HVFRODUHV HQWUH RWUDV OR TXH LQIOX\H VLJQLILFDWLYDPHQWH HQ VX HYDOXDFLyQ
SVLFRSHGDJyJLFD
188
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
'LVFXVLyQ
'LVFXVLyQ
(O REMHWLYR IXQGDPHQWDO GH HVWD LQYHVWLJDFLyQ KD VLGR HO DQiOLVLV GH ODV
GLIHUHQFLDV HQ HO HVWXGLR GH ODV YDULDEOHV FRJQLWLYRPRWLYDFLRQDOHV UHQGLPLHQWR
DFDGpPLFR H LPSOLFDFLyQ IDPLOLDU HQWUH HVWXGLDQWHV FRQ \ VLQ GLILFXOWDGHV GH
DSUHQGL]DMH TXH FXUVDQ ORV GLVWLQWRV QLYHOHV GH OD (GXFDFLyQ 6HFXQGDULD
2EOLJDWRULDGHVGHžDžGH(62
$ FRQWLQXDFLyQ VH FRPHQWDUiQ ORV UHVXOWDGRV REWHQLGRV HQ HVWD
LQYHVWLJDFLyQSDUDFDGDXQDGHODVYDULDEOHVHVWXGLDGDVFRPSDUDQGRDPERVJUXSRV
GH DOXPQRV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH \ UHODFLRQDQGR HVWRV UHVXOWDGRV
FRQRWUDVLQYHVWLJDFLRQHVDFWXDOL]DGDV
(Q SULPHU OXJDU HO DQiOLVLV GH OD YDULDEOH DXWRFRQFHSWR HQ DOXPQRV FRQ \
VLQ GLILFXOWDGHV GH DSUHQGL]DMH TXH KD VLGR HVWXGLDGD HQ QXPHURVDV
LQYHVWLJDFLRQHV SRU VX LPSRUWDQFLD HQ HO GHVDUUROOR GHO DGROHVFHQWH RIUHFH XQRV
UHVXOWDGRV GLIHUHQWHV D ORV UHVXOWDGRV GH OD LQYHVWLJDFLyQ GH *RQ]iOH]3XPDULHJD
R GH RWUDV LQYHVWLJDFLRQHV DQWHULRUHV FRPR *RQ]iOH] \ 1~xH] *UROQLFN\5\DQ0RQWJRPHU\\DTXHHVWDLQYHVWLJDFLyQFRQFOX\HTXH
/RV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH WLHQHQ XQD LPDJHQ GH Vt
PLVPRVPiVQHJDWLYDTXHVXVLJXDOHVVLQGLILFXOWDGHVGHDSUHQGL]DMHVREUHWRGRHQ
ODV VLJXLHQWHV HVFDODV TXH FRPSRQHQ HO &XHVWLRQDULR GH HYDOXDFLyQ GHO
$XWRFRQFHSWR DGPLQLVWUDGR 6'4,, HVFDOD YHUEDO DXWRFRQFHSWR PDWHPiWLFR \
DXWRFRQFHSWR JHQHUDO (Q FDPELR HQ HO UHVWR GH GLPHQVLRQHV KDELOLGDGHV ItVLFDV
DSDULHQFLDItVLFDKRQHVWLGDGUHODFLRQHVSDUHVGHOPLVPRVH[RUHODFLRQHVSDUHVGH
VH[R RSXHVWR UHODFLyQ FRQ SDGUHV \ HVWDELOLGDG HPRFLRQDO QR VH REVHUYDQ
GLIHUHQFLDVHVWDGtVWLFDPHQWHVLJQLILFDWLYDVHQWUHDPERVJUXSRV
189
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/DV FRQFOXVLRQHV GH HVWD LQYHVWLJDFLyQ FRLQFLGHQ FRQ ORV UHVXOWDGRV
REWHQLGRV HQ RWUDV LQYHVWLJDFLRQHV DQWHULRUHV *RQ]iOH]3LHQGD 1~xH] *RQ]iOH]
3XPDULHJD \ &DEDQDFK YDORUDQGR TXH ORV DOXPQRV FRQ GLILFXOWDGHV GH
DSUHQGL]DMH SUHVHQWDQ HQ FRPSDUDFLyQ FRQ VXV LJXDOHV VLQ GLILFXOWDGHV GH
DSUHQGL]DMHXQDLPDJHQGHVtPLVPRVPiVQHJDWLYD$XQTXHHVQHFHVDULRSUHFLVDU
TXH HQ QXHVWUD LQYHVWLJDFLyQ VH FRQFOX\H TXH ORV DOXPQRV FRQ GLILFXOWDGHV GH
DSUHQGL]DMH SUHVHQWDQ XQD LPDJHQ GH Vt PLVPR PiV QHJDWLYD HVSHFLDOPHQWH D
QLYHO DFDGpPLFR \ QR HQ RWUDV GLPHQVLRQHV GHO DXWRFRQFHSWR YHUEDO KDELOLGDGHV
ItVLFDV PDWHPiWLFDV DSDULHQFLD ItVLFD KRQHVWLGDG UHODFLRQHV SDUHV GHO PLVPR
VH[RUHODFLRQHVSDUHVGHVH[RRSXHVWRUHODFLRQHVFRQSDGUHVHVWDELOLGDGHPRFLRQDO
\DXWRFRQFHSWRJHQHUDO
(Q VHJXQGR OXJDU HQ HO HVWXGLR GH ODV PHWDV DFDGpPLFDV &DEDQDFK
*RQ]iOH]3LHQGD *DUFtD *RQ]iOH]3XPDULHJD 1~xH] \ 9DOOH VH PXHVWUD
TXH ORV UHVXOWDGRV QR VRQ HVWDGtVWLFDPHQWH VLJQLILFDWLYRV HQ QLQJXQR GH ORV GRV
JUXSRVGHDOXPQRVFRQRVLQGLILFXOWDGHVGHDSUHQGL]DMHSRUORTXHORVHVWXGLDQWHV
GH DPERV JUXSRV QR VH GLIHUHQFLDQ HQ HO WLSR GH PHWD GH DSUHQGL]DMH HPSOHDGD
DSUHQGL]DMHORJURRUHIXHU]RVRFLDO
(V GHFLU ODV FRQFOXVLRQHV GH HVWD LQYHVWLJDFLyQ FRQILUPDQ ORV UHVXOWDGRV
REWHQLGRV HQ ORV HVWXGLRV GH &DEDQDFK *RQ]iOH]3LHQGD *DUFtD *RQ]iOH]
3XPDULHJD 1~xH] \ 9DOOH TXLHQHV FRQFOX\HURQ TXH ORV DOXPQRV FRQ
GLILFXOWDGHVGHDSUHQGL]DMHHPSOHDEDQHQVXVDSUHQGL]DMHVPiVODVPHWDVGHORJUR
DFDGpPLFR PHWD GH UHQGLPLHQWR TXH GH DSUHQGL]DMH \ SRU WDQWR HVWDEDQ PHQRV
PRWLYDGRVKDFLDHOHVWXGLRTXHVXVLJXDOHVVLQGLILFXOWDGHVGHDSUHQGL]DMH
(VWRTXHGDUHIOHMDGRHQHVWDLQYHVWLJDFLyQHQODVGLIHUHQFLDVHQHOYDORUGH
ODV PHGLDV HQWUH ORV GRV JUXSRV FRQ \ VLQ GLILFXOWDGHV GH DSUHQGL]DMH VLHQGR
PD\RUHV HQ HVWXGLDQWHV FRQ '$ HQ ORV tWHPV GH ODV PHWDV GH UHQGLPLHQWR
UHODFLRQDGDVFRQHOLQWHUpVGHORVHVWXGLDQWHVSRUFRQVHJXLUODDSUREDFLyQ\HYLWDU
HOUHFKD]RGHVXVSDGUHV\SURIHVRUHV
190
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(VWDVPHWDVKDQVLGRHYDOXDGDVDWUDYpVGHtWHPVHQORVTXHORVDOXPQRV
FRQ'$KDQGHVWDFDGRHQ´HVWXGLRSRUTXHTXLHURVHUHORJLDGRDSRUPLVSURIHVRUHV
\ SDGUHV tWHP µ ´HVWXGLR SRUTXH TXLHUR TXH PLV DPLJRV PH SUHVWHQ DWHQFLyQµ
tWHP ´HVWXGLR SRUTXH QR TXLHUR TXH PLV FRPSDxHURV GH FODVH VH UtDQ GH Ptµ
tWHP ´HVWXGLR SRUTXH QR TXLHUR GHVDJUDGDU DO SURIHVRUµ tWHP ´ HVWXGLR
SRUTXH TXLHUR TXH OD JHQWH YHD OR OLVWRD TXH VR\µ tWHP ´HVWXGLR SRUTXH PH
JXVWDUtDVDFDUPHMRUHVQRWDVTXHPLVFRPSDxHURVµtWHP
6HJ~Q 3LxHLUR 9DOOH 5RGUtJXH] *RQ]iOH] 6XiUH] \ $EDOGH ODV
PHWDV DFDGpPLFDV KDQ VLGR GH JUDQ LPSRUWDQFLD SDUD OD H[SOLFDFLyQ GH OD
PRWLYDFLyQ\FRQGXFWDGHORVHVWXGLDQWHVHVWRQRVOOHYDDODFRQFOXVLyQHQQXHVWUD
LQYHVWLJDFLyQ TXH ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH PXHVWUDQ PHQRV
PRWLYDFLyQ LQWUtQVHFD SRU DSUHQGHU SRU VXSHUDUVH FRPR HVWXGLDQWHV SRU VDEHU
FRVDVQXHYDVSRUGHVFXEULUORPXFKRTXHKDQPHMRUDGRSRUGHVDILDUSUREOHPDVR
VLWXDFLRQHV GLItFLOHV R SRU VDFDU EXHQDV QRWDV \ VHQWLUVH RUJXOORVRD GH HOOR HQ
FRPSDUDFLyQFRQVXVLJXDOHVVLQGLILFXOWDGHVGHDSUHQGL]DMH
(Q HO HVWXGLR GH HVWD YDULDEOH MXHJD XQ SDSHO LPSRUWDQWH OD RULHQWDFLyQ DO
HJR\ODRULHQWDFLyQDODWDUHD1LFKROOVSRUORTXHVHSXHGHFRQFOXLU
VHJ~Q ORV UHVXOWDGRV GH HVWD LQYHVWLJDFLyQ TXH ORV DOXPQRV FRQ '$ HVWiQ PiV
RULHQWDGRV DO HJR HQ FRPSDUDFLyQ FRQ VXV LJXDOHV VLQ '$ HV GHFLU ORV SULPHURV
WLHQGHQ D MX]JDU VL VRQ FRPSHWHQWHV HQ HO DSUHQGL]DMH FRPSDUiQGRVH FRQ RWURV
FRQILUPDQGR ODV FRQFOXVLRQHV REWHQLGDV HQ LQYHVWLJDFLRQHV DQWHULRUHV 1LFKROOV
6LJXLHQGRD1LFKROOVTXLHQFRQFOX\HHQVXVHVWXGLRVTXHODWHRUtDGH
ORJUR RULHQWDGD DO HJR SHUFLEH D ORV HVWXGLDQWHV FHQWUDGRV HQ HO UHVXOWDGR GH OD
DFWLYLGDG HVWR HV OR TXH LGHQWLILFDUtD DO JUXSR GH HVWXGLDQWHV GLDJQRVWLFDGRV FRQ
GLILFXOWDGHVGHDSUHQGL]DMHHQHVWDLQYHVWLJDFLyQ
&RPR FRQFOXVLyQ ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH VH PXHVWUDQ
PHQRV PRWLYDGRV KDFLD HO DSUHQGL]DMH TXH VXV LJXDOHV VLQ GLILFXOWDGHV GH
DSUHQGL]DMHSRUORTXHH[SHULPHQWDQPiVHOIUDFDVRHVFRODUGHVFRQItDQPiVGHVX
FDSDFLGDG\WLHQGHQDGHVDUUROODUEDMDVH[SHFWDWLYDVGHDXWRHILFDFLD\FRPSHWHQFLD
191
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
DFDGpPLFDHVGHFLUVRQORVWtSLFRVHVWXGLDQWHVTXHGLFHQHQGLIHUHQWHVVLWXDFLRQHV
GHO FRQWH[WR HVFRODU ´HVWR QR SXHGR KDFHUOR QR OR YR\ D FRQVHJXLU HV PX\ GLItFLO
SDUDPtQRVpKDFHUORHWFµ
3RURWUDSDUWH\HQUHODFLyQDOHVWXGLRGHODPRWLYDFLyQQRVHFRQILUPDQORV
UHVXOWDGRVREWHQLGRVHQODLQYHVWLJDFLyQUHDOL]DGDSRU&DEDQDFK*RQ]iOH]3LHQGD
*DUFtD*RQ]iOH]3XPDULHJD1~xH]\9DOOHSRUORTXHVHFRQFOX\HTXHORV
HVWXGLDQWHVFRQGLILFXOWDGHVGHDSUHQGL]DMHPXHVWUDQXQPD\RULQWHUpVSRUEXVFDU
UHIXHU]R VRFLDO \ DSUREDFLyQ GH ORV GHPiV FRPR HVWXGLDQWHV HQ FRPSDUDFLyQ FRQ
VXVLJXDOHVVLQGLILFXOWDGHVGHDSUHQGL]DMHSRUORTXHVXVPHWDVGHDSUHQGL]DMHVRQ
EDMDV \ SRU HOOR WDPELpQ HPSOHDQ XQDV HVWUDWHJLDV GH DSUHQGL]DMH PiV
VXSHUILFLDOHVHQHOHVWXGLR
(VWDEOHFLHQGRGLIHUHQFLDVHQWUHJUXSRVGHHVWXGLDQWHVFRQ\VLQGLILFXOWDGHV
GH DSUHQGL]DMH FRQ UHVSHFWR DO HVWXGLR GH OD YDULDEOH HVWUDWHJLDV GH DSUHQGL]DMH
HVWD LQYHVWLJDFLyQ FRQFOX\H TXH ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH
SUHVHQWDQ PHQRU FRQWURO HPRFLRQDO VREUH HOORV PLVPRV \D TXH WLHQGHQ D VHU PiV
LPSXOVLYRVHQODVWDUHDVGHDSUHQGL]DMH\SRUWDQWRWLHQGHQDOHUURUIiFLO
7DPELpQVRQPiVLUUHIOH[LYRVHLQGXFHQSURQWRDOHUURUHQODDFWLYLGDGTXH
VH OHV SURSRQH WHQGLHQGR PiV D HPSOHDU HVWUDWHJLDV GH DSUHQGL]DMH PiV
VXSHUILFLDOHV \ PHQRV ODV PHWDFRJQLWLYDV GRQGH GHVWDFDQ ORV DOXPQRV VLQ
GLILFXOWDGHVGHDSUHQGL]DMH5HJXODFLyQPRWLYDFLyQSODQLILFDFLyQ\DXWRHYDOXDFLyQ
GHOHVWXGLDQWHGHVXSURSLDFRJQLFLyQ:HLQVWHLQ\0D\HU.
&RQUHVSHFWRDOHVWXGLRGHODYDULDEOHLPSOLFDFLyQIDPLOLDUGHORVSDGUHVHQ
HO SURFHVR GH HQVHxDQ]DDSUHQGL]DMH GH VXV KLMRV FRQ \ VLQ GLILFXOWDGHV GH
DSUHQGL]DMHODLQYHVWLJDFLyQUHDOL]DGDFRQFOX\HTXHORVSDGUHVGHHVWXGLDQWHVFRQ
GLILFXOWDGHVGHDSUHQGL]DMHPXHVWUDQXQDVH[SHFWDWLYDVDFDGpPLFDVPHQRUHVVREUH
VXV KLMRV HQ FRPSDUDFLyQ FRQ ORV SDGUHV GH DOXPQRV VLQ GLILFXOWDGHV GH
DSUHQGL]DMH HQ UHODFLyQ D OD VXSHUDFLyQ GH HVWXGLRV REOLJDWRULRV FRQWLQXDU
HVWXGLRV SRVWREOLJDWRULRV GHVHPSHxDU XQ SXHVWR GH WUDEDMR FRQ p[LWR \ HQ OD
192
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
UHODFLyQGHFRPXQLFDFLyQSDGUHVKLMRVDVtFRPRHQHOORJURGHHVWXGLRVVXSHULRUHV
HQ FDPELR HQ HO UHVWR GH YDULDEOHV ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH
REWLHQHQXQDPD\RUSXQWXDFLyQHQUHODFLRQHVFRQHO&HQWURHGXFDWLYRSHUFHSFLyQ
GHD\XGDRUJDQL]DFLyQHLQWHUpVHQHOSURFHVRHGXFDWLYR\WLHPSRGHRUJDQL]DFLyQ\
D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV
(VQHFHVDULRGHVWDFDUTXHHQHVWHFDVRODSHUFHSFLyQTXHORVDOXPQRVFRQ\
VLQ GLILFXOWDGDGHV GH DSUHQGL]DMH WLHQHQ VREUH VXV H[SHFWDWLYDV DFDGpPLFDV
FRLQFLGHQFRQODVTXHWLHQHQORVSDGUHVGHDPERVDOXPQRV(VGHFLUHQHOFDVRGH
DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH HOORV SLHQVDQ TXH VXV SDGUHV FUHHQ TXH
ORJUDUiQ HVWXGLRV REOLJDWRULRV \ TXH QR VLHPSUH SRGUiQ DFFHGHU D HVWXGLRV
SRVWREROLJDWRULRV\DOD8QLYHUVLGDG\ORVSDGUHVGHHVWRVPDQLILHVWDQPiVGXGDVD
OD KRUD GH SHQVDU TXH VXV KLMRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH SXHGDQ VXSHUDU
HVWXGLRV REOLJDWRULRV SRVWREOLJDWRULRV \ HVWXGLRV VXSHULRUHV (VWR VXFHGH GH OD
PLVPDIRUPDHQHOFDVRGHSDGUHVFRQKLMRVVLQGLILFXOWDGHVGHDSUHQGL]DMHV
/DLQYHVWLJDFLyQFRQILUPDORVUHVXOWDGRVREWHQLGRVHQRWUDVLQYHVWLJDFLRQHV
TXHUHODFLRQDQODVDOWDVH[SHFWDWLYDVGHORVSDGUHVVREUHHOUHQGLPLHQWRDFDGpPLFR
GHVXVKLMRV*RWWIULHG\*RWWIULHG0DMRULEDQNV$GOHU\.DF]DOD
6HJLQHU 7KRPSVRQ $OH[DQGUH \ (QWZLVOH OR TXH LQIOX\H GH
IRUPDVLJQLILFDWLYDGLUHFWD\SRVLWLYDVREUHODPRWLYDFLyQHOLQWHUpVHOHVIXHU]R\
HOUHQGLPLHQWRHVFRODUJHQHUDO
7HQLHQGR HQ FXHQWD ORV UHVXOWDGRV REWHQLGRV HQ HVWD LQYHVWLJDFLyQ ORV
HVWXGLDQWHVFRQGLILFXOWDGHVGHDSUHQGL]DMHTXHSHUFLEHQGHVXVSDGUHVTXHpVWRV
PXHVWUDQ LQWHUpV \ OHV D\XGDQ GH IRUPD GLUHFWD D UHDOL]DU ODV WDUHDVHVFRODUHVHQ
FDVD \ VREUH HOORV SUR\HFWDQ XQDV H[SHFWDWLYDV GH UHQGLPLHQWR HVFRODU \
SURIHVLRQDOHVSRVLWLYDVFRQLQGHSHQGHQFLDGHVLHVWDVVHUHILHUHQDORJUDUDFFHGHU\
VXSHUDU HVWXGLRV VXSHULRUHV SRVWREOLJDWRULRV R GHVHPSHxDU XQ WUDEDMR FRQ p[LWR
WLHQGHQDPRVWUDUXQPD\RULQWHUpVHLPSOLFDFLyQHQHOSURFHVRGHDSUHQGL]DMHHQ
OD HMHFXFLyQ GH ODV WDUHDV HVFRODUHV \ HQ OD SHUFHSFLyQ SRVLWLYD TXH HOORV WLHQHQ
VREUHVXSURSLDFDSDFLGDGFRPSHWHQFLD\PHWDVSHUVRQDOHV\SURIHVLRQDOHV
193
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
([LVWH XQD UHODFLyQ HQWUH HO QLYHO GH HVWXGLRV GH ORV SDGUHV \ HO QLYHO GH
H[SHFWDWLYDV DFDGpPLFDV SUR\HFWDGDV HQ VXV KLMRV 7HDFKPDQ \ 3DDVFK GH
IRUPD TXH VHJ~Q ORV UHVXOWDGRV GH HVWD LQYHVWLJDFLyQORV SDGUHV FRQXQ QLYHO DOWR
GHHVWXGLRV\EDMDVH[SHFWDWLYDVVREUHVXVKLMRVHVWRWLHQHXQDLQIOXHQFLDQHJDWLYD
VREUHHOUHQGLPLHQWRHVFRODUGHORVPLVPRV
(VWD LQYHVWLJDFLyQ KD VLGR UHDOL]DGD FRQ XQ JUXSR GH SDGUHVPDGUHV FX\R
QLYHO GH HVWXGLRV HV PHGLREDMR 6HJ~Q ORV UHVXOWDGRV REWHQLGRV HVWRV SDGUHV
WLHQGHQ D PRVWUDU XQDV EDMDV H[SHFWDWLYDV DFDGpPLFDV \ SURIHVLRQDOHV VREUH VXV
KLMRVFRQGLILFXOWDGHVGHDSUHQGL]DMHHQFRPSDUDFLyQFRQORVSDGUHVFX\RVKLMRVQR
PXHVWUDQGLILFXOWDGHVGHDSUHQGL]DMHDXQTXHHVWRQROHVLQIOX\HGHIRUPDGLUHFWD
HQODSUiFWLFDHVFRODUGLDULD\DTXHSHUFLEHQHOLQWHUpVODLPSOLFDFLyQHOHVIXHU]R\
OD D\XGD GLUHFWD GH VXV SDGUHV OR TXH OHV PRWLYD HQ OD HMHFXFLyQ HQ ODV WDUHDV
HVFRODUHV\DTXHYDORUDQHODSR\R\VXLPSOLFDFLyQHQWRGRHOSURFHVRHGXFDWLYRDVt
FRPR ODV H[SHFWDWLYDV TXH HVWRV WLHQHQ VREUH VX UHQGLPLHQWR DFDGpPLFR \ VX
HOHFFLyQSURIHVLRQDO
/RVDOXPQRVFRQGLILFXOWDGHVGHDSUHQGL]DMHTXHREVHUYDQ\YDORUDQHQVXV
SDGUHV XQD PD\RU LPSOLFDFLyQ HQ OD UHODFLyQ FRQ HO &HQWUR HGXFDWLYR 0F&DVOLQ
0XUGRFN:HQW]HODVtFRPRFRQUHVSHFWRDODRUJDQL]DFLyQGHOWLHPSR
GHHVWXGLRHQFDVD\VLJXLHQGRORVUHVXOWDGRVGHRWUDVLQYHVWLJDFLRQHV'RPpQHFK
%HWRUHW\*DUFtD%DFHWH3LQWULFK3LQWULFK\'H*URRWSHUFLEHQ
XQD PD\RU FRKHVLyQ IDPLOLDU HQ FXDQWR D OD UHODFLyQ \ FRPXQLFDFLyQ HQWUH ORV
PLHPEURV GH OD IDPLOLD \ HVWRV SUR\HFWDQ XQDV H[SHFWDWLYDV SRVLWLYDV VREUH VX
HOHFFLyQSURIHVLRQDOGHVXVKLMRV\VXVPHWDVSHUVRQDOHV
7HQLHQGRHQFXHQWDORDQWHULRUVHFRQFOX\HTXHORVDOXPQRVFRQGLILFXOWDGHV
GHDSUHQGL]DMHSXHGHQPRVWUDUXQPHQRUUHQGLPLHQWRDFDGpPLFRHQJHQHUDOHQHO
WUDEDMR HVFRODU SHUR SXHGHQ OOHJDU D GHVDUUROODU H[SHFWDWLYDV SRVLWLYDV VREUH VX
IXWXUR SURIHVLRQDO \ VREUH VX ORJUR DFDGpPLFR HQ IXQFLyQ GHO JUDGR GH LPSOLFDFLyQ
GH OD IDPLOLD &HQWUR DVt FRPR GH RWUDV YDULDEOHV FRPR PRWLYDFLyQ LQWHUpV
194
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
FDSDFLGDG HVIXHU]R HQ HO WUDEDMR GLDULR HQ FRPSDUDFLyQ FRQ VXV LJXDOHV VLQ
GLILFXOWDGHVGHDSUHQGL]DMH
(Q HOOR WDPELpQ HVWiQ LPSOLFDGDV RWUDV YDULDEOHV FRPR OD UHODFLyQ GH
FRPXQLFDFLyQ HQ WXWRUtD HQWUH SDGUHV \ WXWRUHV \ HO JUDGR GH LQIRUPDFLyQ GHO
&HQWURDODVIDPLOLDVVREUHODVGLILFXOWDGHVTXHSUHVHQWDQVXVKLMRV(VWRPHMRUDOD
LPSOLFDFLyQ GH ORV SDGUHV HQ OD RUJDQL]DFLyQ GHO WLHPSR GH HVWXGLR \ OD D\XGD
HIHFWLYDHQODVWDUHDVHVFRODUHVUHDOL]DGDVSRUVXVKLMRVHQFDVDDVtFRPRPHMRUDHO
QLYHO GH H[SHFWDWLYDV GH ORV SDGUHV HQ ORV FDVRV GH DOXPQRV FRQ GLILFXOWDGHV GH
DSUHQGL]DMHTXHDSUHQGHQDDFHSWDUDFRQRFHUODVGLILFXOWDGHVGHVXVKLMRVDVDEHU
FyPR D\XGDUOHV HQ FDVD \ OHV PRWLYDQ SDUD FRODERUDU FRQ HO FHQWUR HGXFDWLYR
VLHPSUHTXHORVFHQWURVVHPXHVWUHQDELHUWRVDODSDUWLFLSDFLyQ\DSRUWDFLyQGHORV
SDGUHV
(VWD LQYHVWLJDFLyQ FRQFOX\H TXH VHJ~Q HO HVWXGLR GH )DOLN ORV
SDWURQHV GH UHVSXHVWD IDPLOLDU DQWH ODV GLILFXOWDGHV GH DSUHQGL]DMH GH VXV KLMRV
GHSHQGHGHPXFKRVIDFWRUHVFRPRHOPRPHQWRGHGHWHFFLyQODHGDGODKLVWRULDGH
LQWHUYHQFLRQHVHOQLYHOGHGLILFXOWDGHWF
(QUHODFLyQDORVGHWHUPLQDQWHVFRQWH[WXDOHVGHOUHQGLPLHQWRDFDGpPLFRGH
WLSRVRFLRFXOWXUDO\IDPLOLDU&DVWHMyQVHKDYDORUDGRTXHQRVHHQFXHQWUDQ
UHODFLRQHVHQWUHODVYDULDEOHVGHWLSRVRFLRHFRQyPLFR\UHQGLPLHQWRGDGRTXHWRGRV
ORV SDUWLFLSDQWHV SHUWHQHFHQ D XQ QLYHO VRFLRFXOWXUDO PHGLR SRU OR TXH HVWR QR KD
VLGR VLJQLILFDWLYR HQ HVWD LQYHVWLJDFLyQ 3RU RWUR ODGR HO OXJDU GRQGH VH VLW~DQ
DPERVFHQWURVHGXFDWLYRV\HOHQWRUQRHVGHIiFLODFFHVR8QRGHORVGRVFHQWURVHVWi
XELFDGR HQ XQD ]RQD XUEDQD FpQWULFD \ HO RWUR FHUFD GHO FHQWUR SHUR GHQWUR GHO
PLVPRHQWRUQRTXHHOSULPHURSRUORTXHODVGLIHUHQFLDVVRFLRFXOWXUDOHVIDPLOLDUHV
VRQPtQLPDVHQWUHDPERVFHQWURV
195
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/RV UHVXOWDGRV GH RWURV WUDEDMRV VREUH HO HVWXGLR \ OD HYDOXDFLyQ GH OD
LQWHOLJHQFLD LQGLFDQ HQ JHQHUDO TXH OD LQWHOLJHQFLD HV XQ IDFWRU UHOHYDQWH HQ OD
SUHGLFFLyQGHOp[LWRHVFRODUSHURQRHVHO~QLFRQLVLTXLHUDHOPiVLPSRUWDQWH(O
UHQGLPLHQWR DFDGpPLFR \ ODV YDULDEOHV SHUVRQDOHV \ FRQWH[WXDOHV DSRUWDQ XQD
FRQWULEXFLyQPiVVLJQLILFDWLYDDQXHVWUDLQYHVWLJDFLyQ
/RV UHVXOWDGRV PXHVWUDQ TXH OD HYDOXDFLyQ GH ODV YDULDEOHV DSWLWXGLQDOHV
H[SOLFDQ HQ XQ SRUFHQWDMH PRGHUDGR HO UHQGLPLHQWR HVFRODU \D TXH VRQ ODV
YDULDEOHV GH WLSR FRJQLWLYRPRWLYDFLRQDO HQ FRQMXQWR ODV TXH FRQWULEX\HQ D
HVWDEOHFHUODVGLIHUHQFLDVHVWDGtVWLFDPHQWHVLJQLILFDWLYDVHQWUHDPERVJUXSRV
3DUD 6QRZ \ /RKPDQ ODV GLIHUHQFLDV LQGLYLGXDOHV HQ DSWLWXG GHEHQ
WHQHUVHHQFXHQWDFRQHOREMHWLYRGHPHMRUDGHODLQVWUXFFLyQGDGDODH[LVWHQFLDGH
LQWHUDFFLRQHV HQWUH OD FDSDFLGDG GH ORV DOXPQRV \ ORV WUDWDPLHQWRV HGXFDWLYRV
QHFHVDULRV3RUORTXHVHSXHGHFRQFOXLUTXHODPHGLDREWHQLGDHQHO&,HQDPERV
JUXSRV HV LQIHULRU HQ HO FDVR GH ORV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH SHUR
HVWR QRV GHEH DSRUWDU VyOR XQD LQIRUPDFLyQ TXH KD GH FRPSOHWDUVH FRQ HO HVWXGLR
JOREDOGHFDGDHVWXGLDQWHDQLYHOFRJQLWLYRPRWLYDFLRQDOGHLPSOLFDFLyQIDPLOLDU\
GHUHQGLPLHQWRDFDGpPLFR
/RV UHVXOWDGRV GH HVWD LQYHVWLJDFLyQ VRQ VLJQLILFDWLYRV SDUD OD SUiFWLFD GHO
GRFHQWH HO GLVHxR LQVWUXFFLRQDO OD RUJDQL]DFLyQ HVFRODU ORV DJUXSDPLHQWRV OD
HYDOXDFLyQ OD UHVSXHVWD HGXFDWLYD GDGD D FDGD DOXPQR LQFOXVR SDUD OD UHODFLyQ
IDPLOLD&HQWURDSRUWDQGRODVVLJXLHQWHVFRQFOXVLRQHVHLPSOLFDFLRQHVSUiFWLFDVTXH
DFRQWLQXDFLyQVHGHVFULEHQ
196
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&RQFOXVLRQHV
&RQFOXVLRQHVHLPSOLFDFLRQHVSUiFWLFDV
HLPSOLFDFLRQHVSUiFWLFDV
/DV FRQFOXVLRQHV GH HVWD LQYHVWLJDFLyQ LQGLFDQ TXH H[LVWHQ GLIHUHQFLDV
HVWDGtVWLFDPHQWHVLJQLILFDWLYDVHQWUHHOJUXSRGHDOXPQRVFRQ\VLQGLILFXOWDGHVGH
DSUHQGL]DMH TXH FXUVDQ ORV GLIHUHQWHV QLYHOHV HGXFDWLYRV GH OD (GXFDFLyQ
6HFXQGDULD2EOLJDWRULD+DQVLGRHQFRQWUDGDVGLIHUHQFLDVHQDPERVJUXSRVDQLYHO
FRJQLWLYRPRWLYDFLRQDO HQ DXWRFRQFHSWR PHWDV DFDGpPLFDV HVWUDWHJLDV GH
DSUHQGL]DMH FRHILFLHQWH LQWHOHFWXDO \ WDPELpQ VH KDQ KDOODGR GLIHUHQFLDV
VLJQLILFDWLYDVHQUHQGLPLHQWRDFDGpPLFRHLPSOLFDFLyQGHORVSDGUHVHQHOSURFHVR
HGXFDWLYRGHVXVKLMRV
(O HVWXGLR GH HVWDV YDULDEOHV \ OD FRPSDUDFLyQ GH UHVXOWDGRV HQWUH DPERV
JUXSRVGHHVWXGLDQWHVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMHQRVOOHYDDSURSRQHUODV
VLJXLHQWHV LPSOLFDFLRQHV SUiFWLFDV HQ ODPHMRUD GH OD FDOLGDG GH OD HQVHxDQ]DGHO
DSUHQGL]DMHTXHKDFHQORVDOXPQRVGHODLPSOLFDFLyQHQHOSURFHVRHGXFDWLYRGHODV
IDPLOLDV \ GH QXHVWUD LQWHUYHQFLyQ FRPR GRFHQWHV GH IRUPD TXH HVWRV UHVXOWDGRV
SRVLELOLWHQQXHYDVLQYHVWLJDFLRQHVTXHSURIXQGLFHQHQHOHVWXGLRGHHVWDVYDULDEOHV
FRJQLWLYRPRWLYDFLRQDOHV\HQFyPRLQQRYDUHQODDFFLyQHGXFDWLYD
(QVXVHVWXGLRV0RQHUHRDILUPDTXHODHQVHxDQ]DDORVHVWXGLDQWHV
GHOXVRHVWUDWpJLFRGHORVSURFHGLPLHQWRVGHDSUHQGL]DMHFRQWULEXLUiDODPHMRUDGH
VX DXWRFRQFHSWR \ TXH XQ EXHQ FRQRFLPLHQWR \ FRQWURO VREUH ODV SURSLDV
FDSDFLGDGHVLPSOLFDUiXQPD\RUQLYHOGHFRQFLHQFLD\UHJXODFLyQQHFHVDULRVSDUD
FRQVHJXLUXQFRPSRUWDPLHQWRHVWUDWpJLFRySWLPRHQODUHODFLyQFRQHODSUHQGL]DMH
7RGR HVWR YLHQH D UHIOHMDU HO LPSRUWDQWH SDSHO TXH OD HVFXHOD MXHJD HQ HO
GHVDUUROOR GH ORV HVWXGLDQWHV GH VX DXWRFRQFHSWR \D TXH FRQVWLWX\H HO HVFHQDULR
GRQGHORVHVWXGLDQWHVVHYHQHQYXHOWRVHQP~OWLSOHVH[SHULHQFLDVHQODVTXHSRQHQ
HQ MXHJR VXV DSWLWXGHV KDELOLGDGHV \ GHVWUH]DV GH PDQHUD TXH DTXHOORV TXH
IUDFDVDQ H[FHVLYDPHQWH SXHGHQ SRQHU HQ GXGD VX FDSDFLGDG \ FRPSHWHQFLD SDUD
VXSHUDUHVDVVLWXDFLRQHV(VWRFRQOOHYDUtDFRPRUHVXOWDGRQXHYRVIUDFDVRVTXHFRQ
HO WLHPSR LQIOXLUtDQ VREUH VXV H[SHFWDWLYDV VHQWLPLHQWRV \ FRQGXFWDV KDFLD ODV
197
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
WDUHDV HVFRODUHV TXH VHUiQ QHJDWLYDV 3RU RWUD SDUWH VXV UHODFLRQHV WDPELpQ VH
YHUtDQDIHFWDGDV\DTXHORVUHVXOWDGRVDFDGpPLFRVLQIOX\HQMXQWRDRWUDVYDULDEOHV
SHUVRQDOHV \ FRQWH[WXDOHV HQ OD GHWHUPLQDFLyQ GH OD YDOtD GHO HVWXGLDQWH \ HQ HO
JUDGR GH FRPSDUDFLyQ TXH HVWRV KDFHQ FRQ VXV LJXDOHV SUR\HFWDQGR HQ ORV RWURV
XQDGHWHUPLQDGDLPDJHQ\FRQFHSWRGHVtPLVPRV
/DUHODFLyQIDPLOLDFHQWURLQFOXVRFHQWURHQWRUQRVRFLDOHVLPSRUWDQWHHQHO
FOLPDHGXFDWLYRHVGHFLUKDFHSRVLEOHTXHDPERVFDPLQHQHQXQDPLVPDGLUHFFLyQ
GRQGH OR LPSRUWDQWH VHD OD SHUVRQD \ HO SURIHVRU VHD XQ YHUGDGHUR HGXFDGRU TXH
DSR\DGR SRU OD IDPLOLD VH LPSOLTXHQ DPERV HQ HO DFWR HGXFDWLYR \ HVWR VHD HQ
EHQHILFLR~OWLPRGHOHVWXGLDQWHFRQ\VLQGLILFXOWDGHVSDUDDSUHQGHU
(V QHFHVDULR GHVWDFDU TXH KD\ HVWXGLRV TXH KDQ HQFRQWUDGR UHODFLRQHV
SRVLWLYDVHQWUHIDFWRUHVSURFHVXDOHVGHODHVFXHODGHWLSRRUJDQL]DWLYRSVLFRVRFLDOH
LQVWUXFFLRQDO \ HO UHQGLPLHQWR DFDGpPLFR GH ORV DOXPQRV HQ OD (QVHxDQ]D
6HFXQGDULD$HVWRVIDFWRUHVSURFHVXDOHVVHXQHQRWURVFRPRODGLVSRQLELOLGDGGHO
SURIHVRU OD SHUFHSFLyQ GH RUGHQ \ GLVFLSOLQD SRU SDUWH GHO DOXPQR HO IRPHQWR GHO
GLiORJR \ ODV UHODFLRQHV LQWHUSHUVRQDOHV GH ORV HVWXGLDQWHV \ SURIHVRUHV \ OD
PHWRGRORJtDGRFHQWHHLQWHUpVGHOSURIHVRUVRQSHUFLELGRVSRUORVHVWXGLDQWHVFRPR
YDULDEOHVHQODSUHGLFFLyQGHOUHQGLPLHQWRDFDGpPLFR\SRUWDQWRFRQVLGHUDEOHVHQ
VXLPSOLFDFLyQHQODSUiFWLFDHGXFDWLYDQHFHVDULRVFXLGDUDQWHVGXUDQWH\GHVSXpV
GHOSURFHVRGHDSUHQGL]DMH
/D ILJXUD GHO SURIHVRU HVWUDWpJLFR HV FODYH HQ HVWH SURFHVR GH PHMRUD
HGXFDWLYD0RQHUHR\&ODULDQDFLWDGRSRU0RQHUHRHQWHQGLGRFRPRXQ
SURIHVLRQDO FRQ KDELOLGDGHV UHJXODWLYDV SDUD SODQLILFDU RULHQWDU \ HYDOXDU VXV
SURSLRVSURFHVRVFRJQLWLYRVVHDQHVWRVGHDSUHQGL]DMHGHORVFRQWHQLGRVDHQVHxDUR
VHDQUHODFLRQDGRVFRQVXDFWXDFLyQGRFHQWH
/D LGHD GH UHJXODFLyQ HV FODYH HQ HO FRQFHSWR GH HVWUDWHJLD SDUD HVWRV
DXWRUHV ,PSOLFD UHIOH[LyQ FRQVFLHQWH \ FRQWURO SHUPDQHQWH GHO SURFHVR GH
DSUHQGL]DMH SODQLILFDFLyQ UHDOL]DFLyQ GH OD WDUHD HYDOXDFLyQ GH OD SURSLD
198
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
FRQGXFWD/DDSOLFDFLyQFRQVFLHQWHGHOVLVWHPDGHUHJXODFLyQRULJLQDXQWHUFHUWLSR
GHFRQRFLPLHQWRHOFRQGLFLRQDORHVWUDWpJLFR(VWRUHTXHULUtDTXHVHOHRIUHFLHUDQD
ORVGRFHQWHVLQVWUXPHQWRVGHLQWHUSUHWDFLyQ\DQiOLVLVGHODVLWXDFLyQHQODTXHVH
GHVDUUROODVXDFWLYLGDGTXHOHVSHUPLWDQWRPDUGHFLVLRQHVUHVSHFWRDVXDFWXDFLyQ
FRPRDSUHQGLFHV\FRPRGRFHQWHVHVWUDWpJLFRVGHPDQHUDTXHVHYD\DHQULTXHFLHQGR
\DPSOLDQGRVXIRUPDFLyQHQODLQWHUDFFLyQFRQODUHDOLGDGFRWLGLDQDGHODSUiFWLFD
SURIHVLRQDO3RJJLROL3UHVVOH\\RWURV
3RU HOOR HV QHFHVDULR SRQHU HVSHFLDO DWHQFLyQ HQ OD HILFDFLD GH ORV FHQWURV
HGXFDWLYRV HQ UHODFLyQ D ORV SURFHVRV LQVWUXFWLYRV RUJDQL]DWLYRV \ SVLFRVRFLDOHV
VHJ~Q ODV SHUFHSFLRQHV GH SURIHVRUHV \ HVWXGLDQWHV \D TXH FXDQGR HO HVWXGLDQWH
SHUFLEH TXH HO SURIHVRU RUJDQL]D SODQLILFD HYDO~D \ SRQH HQ SUiFWLFD XQD PHMRU
HQVHxDQ]DFXLGDHOFOLPDHGXFDWLYR\PDQHMDDGHFXDGDPHQWHHODXODLQFOX\HQGR
HO FRPSRUWDPLHQWR GH ORV DOXPQRV HO RUGHQ \ OD GLVFLSOLQD HVWR PHMRUD HO
UHQGLPLHQWRDFDGpPLFRGHORVHVWXGLDQWHV\HODPELHQWHGHWUDEDMRHQJHQHUDO
'LYHUVDV LQYHVWLJDFLRQHV KDQ FRQVLGHUDGR TXH KD\ RFKR FDUDFWHUtVWLFDV
LGHQWLILFDGDV HQ OD OLWHUDWXUD VREUH HVFXHODV HILFDFHV TXH VH SXHGHQ GHVDUUROODU
PHGLDQWHXQSURJUDPDGHPHMRUDDODFUHHQFLDHQWUHORVSURIHVRUHV\HVWXGLDQWHV
GH TXH WRGRV ORV HVWXGLDQWHV SXHGHQ DSUHQGHU \ TXH OD HVFXHOD HV OD SULPHUD
UHVSRQVDEOH GH VX DSUHQGL]DMH E 8Q IXHUWH VHQWLGR GH PLVLyQ DFDGpPLFD F XQ
VHQWLGR SURIHVLRQDO DOWR HQWUH HO HTXLSR GH SURIHVRUHV G XQ IXHUWH VHQWLGR GH
LGHQWLILFDFLyQ\DILOLDFLyQGHORVHVWXGLDQWHVFRQODHVFXHODHH[SHFWDWLYDVDOWDVHQ
FXDQWRDOUHQGLPLHQWRDFDGpPLFRIXQSURJUDPDJHQHUDOTXHDEDUFDDWRGDODFODVH
\ XQD HQVHxDQ]D HQ SHTXHxRV JUXSRV TXH SDUWH GHO QLYHO DFWXDO GH KDELOLGDG \
FRPSHWHQFLDGHFDGDHVWXGLDQWHJDXPHQWRGHOWLHPSRGHDSUHQGL]DMHDFWLYRSDUD
ORV HVWXGLDQWHV \ K XQ DPELHQWH GH FODVH HVWUXFWXUDGR (VWRV SURJUDPDV LQFLGHQ
VREUHODPHMRUDGHWRGRVORVHVWXGLDQWHVYDORUDQGRODGLYHUVLGDGFRPRXQHOHPHQWR
GH HQULTXHFLPLHQWR GHO SURFHVR HGXFDWLYR GH VX RUJDQL]DFLyQ \ VX SODQLILFDFLyQ
HGXFDWLYD
199
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
7HQLHQGR HQ FXHQWD ODV FRQFOXVLRQHV REWHQLGDV SDUD HO DQiOLVLV GH FDGD
YDULDEOH\ODVGLIHUHQFLDVHQDPERVJUXSRVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMHVH
VXJLHUHQHQYLUWXGGHORVUHVXOWDGRVREWHQLGRVHVWDVLPSOLFDFLRQHVSUiFWLFDVHQHO
SURFHVRHGXFDWLYR
D 'LVHxRLQVWUXFFLRQDOGHODVSURJUDPDFLRQHVGLGiFWLFDV
(O GLVHxR GH REMHWLYRV GH DSUHQGL]DMH IOH[LEOHV VH KDFH GHO WRGR QHFHVDULR
DQWHODGLYHUVLGDGGHDOXPQRVHVFRODUL]DGRVHQODVDXODV\UHTXLHUHSRUSDUWHGHORV
SURIHVRUHVODUHIOH[LyQGHTXpHQVHxDU$VtDXQTXHORVREMHWLYRVHGXFDWLYRVEiVLFRV
SDUD WRGRV ORV DOXPQRV SXHGDQ VHU ORV PLVPRV ORV REMHWLYRV GH DSUHQGL]DMH
FXUULFXODUHVSHFtILFRVGHEHQVHULQGLYLGXDOHVHQDOJXQRVFDVRVSDUDDGHFXDUVHDODV
QHFHVLGDGHVGHVWUH]DVLQWHUHVHV\KDELOLGDGHV~QLFDVGHDOJXQRVDOXPQRV
(O GLVHxR GH DFWLYLGDGHV PXOWLQLYHO FRQVWLWX\H RWUD IRUPD GH DWHQGHU OD
GLYHUVLGDG HQ HO DXOD SRUTXH SRVLELOLWD TXH FDGD DOXPQR HQFXHQWUH UHVSHFWR DO
GHVDUUROOR GH XQ FRQWHQLGR DFWLYLGDGHV DFRUGHV D VX QLYHO GH FRPSHWHQFLD
FXUULFXODU
$QLYHOGHPHWRGRORJtDGRFHQWHHYDOXDQGRELHQORVQLYHOHVGHFRPSHWHQFLD
FXUULFXODU GH ORV DOXPQRV HVWXGLDQGR VXV DQWHFHGHQWHV HVFRODUHV VRFLDOHV
IDPLOLDUHV SHUVRQDOHV SRGHPRV GLVHxDU QXHVWUDV SURJUDPDFLRQHV PiV FHUFDQDV D
OD UHDOLGDG GH ODV DXODV GDQGR XQD UHVSXHVWD HGXFDWLYD GLYHUVLILFDGD D FDGD
DOXPQR PDQLILHVWH R QR GLILFXOWDGHV SDUD DSUHQGHU X RWUDV 6H WUDWD GH KDFHU
´DIORUDUµFRPRGLFH6LPRQ:DUGHOSRWHQFLDOGHFDGDHVWXGLDQWH)RPHQWDU
HQHOORVHOHVIXHU]RHOGHVDUUROORGHOSHQVDPLHQWRIOH[LEOHGLYHUJHQWH\FUHDWLYR
/DVSURJUDPDFLRQHVGLGiFWLFDVKDQGHLQFOXLUODSODQLILFDFLyQRUJDQL]DFLyQ
\HYDOXDFLyQGHHVWUDWHJLDVGHDSUHQGL]DMHHILFDFHVHQHOGLVHxRFXUULFXODU&XDQGR
ODVHVWUDWHJLDVHVWiQLQFRUSRUDGDVHQHOFXUUtFXORHOGRFHQWHLQWHJUDODHQVHxDQ]D
GHOFRQWHQLGRFRQODHQVHxDQ]DGHODVHVWUDWHJLDVSDUDDVtIDFLOLWDUHOSURFHVDPLHQWR
GHLQIRUPDFLyQ6HJ~QHOPRGHORLQVWUXFFLRQDO*ODVHU*ODVHUVHGHEH
FRPHQ]DU FRQ XQ DQiOLVLV GH OD FRPSHWHQFLD TXH FRQVWLWX\H OD PHWD GH OD
LQVWUXFFLyQ\GHEHVHJXLUFRQHOFRQRFLPLHQWRGHOHVWDGRLQLFLDOGHOVXMHWRRVXMHWRV
200
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
ODVDFFLRQHVRLQWHUYHQFLRQHVTXHYDQDSHUPLWLUSDVDUGHOHVWDGRLQLFLDODOTXHVH
KDHVWDEOHFLGRFRPRPHWD\ODHYDOXDFLyQGHOJUDGRGHFRQVHFXFLyQGHHVDPHWD/D
VHFXHQFLD GHO PRGHOR GH LQVWUXFFLyQ GH HVWUDWHJLDV VHUtD HO VLJXLHQWH 3UiFWLFD HQ
JUXSRSUiFWLFDLQGHSHQGLHQWHJHQHUDOL]DFLyQWUDQVIHU\HYDOXDFLyQ
3RWHQFLDU XQ FOLPD HGXFDWLYR HQ ODV DXODV TXH SHUPLWD HGXFDU OD HPRFLyQ
6DORYH\ DQG 0D\HU WHQLHQGR FODUR FXiOHV VRQ ORV OtPLWHV \ H[SHFWDWLYDV GH
QXHVWURV DOXPQRV FRPR SHUVRQDV \ HVWXGLDQWHV WUDWDQGR D ORV QLxRV FRPR
LQGLYLGXRV IRPHQWDQGR HO DSUHQGL]DMH FRRSHUDWLYR HQ HO DXOD \ JHQHUDQGR
VLWXDFLRQHVGHFRQILDQ]DTXHOHVD\XGHQDFUHHUHQVtPLVPRV\HQVXVSRVLELOLGDGHV
FRPRSHUVRQDV\HVWXGLDQWHV
(Q UHODFLyQ FRQ ODV WDUHDV \ DFWLYLGDGHV GH DSUHQGL]DMH VH SURSRQGUtD
VHOHFFLRQDU DTXHOODV TXH RIUH]FDQ UHWRV \ GHVDItRV UD]RQDEOHV SRU VX QRYHGDG
YDULHGDGRGLYHUVLGDG5HVSHFWRDODGLVWULEXFLyQGHDXWRULGDGRUHVSRQVDELOLGDGVH
SURSRQH D\XGDU D ORV DOXPQRV HQ OD WRPD GH GHFLVLRQHV IRPHQWDU VX
UHVSRQVDELOLGDGHLQGHSHQGHQFLD\GHVDUUROODUKDELOLGDGHVGHDXWRFRQWURO
3RU ~OWLPR UHVSHFWR D ODV SUiFWLFDV GH HYDOXDFLyQ ODV HVWUDWHJLDV
LQVWUXFFLRQDOHV PiV LPSRUWDQWHV TXH VH GHEHUtDQ LPSOHPHQWDU HQ HO DXOD VRQ
FHQWUDUVH VREUH HO SURJUHVR \ PHMRUD LQGLYLGXDO UHFRQRFHU HO HVIXHU]R GH ORV
DOXPQRV \ WUDQVPLWLU OD YLVLyQ GH TXH ORV HUURUHV VRQ SDUWH GHO SURFHVR GH
HQVHxDQ]D\DSUHQGL]DMH
'HVGHKDFHDOJXQRVDxRVVHHVWiQGHVDUUROODQGRHVWXGLRVWUDWDQGRGHLQFLGLU
HQ HO DPELHQWH FRPR SRU HMHPSOR HO UHDOL]DGR SRU 0DHKU \ 0LGJOH\ (VWRV
DXWRUHV KDQ WUDWDGR GH DSOLFDU OD WHRUtD GH $PHV GHVDUUROODQGR XQ
SURJUDPDHQHOTXHSDUWLFLSDQQRVyORORVSURIHVRUHVVLQRWDPELpQORVSDGUHV\OD
FRPXQLGDGHQJHQHUDOSRUTXHFRQVLGHUDQTXHHOJUXSRFODVH´QRHVXQDLVODµVLQR
TXH IRUPD SDUWH GH RWURV iPELWRV VRFLDOHV PiV DPSOLRV \ HV GLItFLO SURPRYHU
FDPELRVHQHODXODVLQFRQWDUFRQHOORV
201
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(O DSUHQGL]DMH FRRSHUDWLYR FRQVWLWX\H XQD H[FHOHQWH HVWUDWHJLD SDUD OD
DWHQFLyQDODGLYHUVLGDG/DUD]yQKD\TXHEXVFDUODHQODVFDUDFWHUtVWLFDVGHOWLSR
GHWpFQLFDVTXHSHUPLWHQWUDEDMDUFRQJUXSRVKHWHURJpQHRVHVWUXFWXUDUODVWDUHDV
PHGLDQWH DFWLYLGDGHV PXOWLQLYHO \ OD FRODERUDFLyQ GH WRGR HO JUXSR TXH UHTXLHUH
TXH FDGD XQR GH VXV FRPSRQHQWHV Gp OR PHMRU GH Vt PLVPR -RKQVRQ \ -RKQVRQ
6HUUDQR\&DOYR(QQXHVWURDFWXDOVLVWHPDHGXFDWLYRORVILQHV
GHODHGXFDFLyQVRQORVPLVPRVSDUDWRGRVORVDOXPQRVSHURH[LVWHODSRVLELOLGDGGH
TXHFDGDDOXPQRORVFRQVWUX\DGHIRUPDGLIHUHQWH3RUFRQVLJXLHQWHODXWLOL]DFLyQ
GH ODV WpFQLFDV GH DSUHQGL]DMH FRRSHUDWLYR D\XGD DO SURIHVRU D DGDSWDU HO
FXUULFXOXPDODVQHFHVLGDGHVGHWRGRVORVDOXPQRVKDFLHQGRSRVLEOHTXHFDGDXQR
GHHOORVDOFDQFHORVREMHWLYRVGHIRUPDGLIHUHQWH
/D FODYH GHO p[LWR HVWi HQ OD IRUPD GH RUJDQL]DU ORV JUXSRV \ HQ XQD
DGHFXDGD SODQLILFDFLyQ GH ODV H[SHULHQFLDV TXH VH YD\DQ D OOHYDU D FDER $OJXQDV
RULHQWDFLRQHV SDUD DJUXSDU DOXPQRV VHUtDQ ODV VLJXLHQWHV FRQVLVWLUi HQ LQFOXLU DO
PHQRV XQ DOXPQR FRQ GHVWUH]DV LQWHUSHUVRQDOHV \ GH SDUWLFLSDFLyQ HQ JUXSR \
FRPRPXFKRRWURTXHQHFHVLWHXQDD\XGDLQWHQVLYDFRQHVWDVKDELOLGDGHV
$OXPQRV FRQ GLIHUHQWHV KDELOLGDGHV SDUD OD WDUHD VH WUDWDUtD GH HOHJLU
DOXPQRV FRQ KDELOLGDGHV GLVWLQWDV FRQ HO ILQ GH REWHQHU XQ HTXLOLEULR HQWUH ORV
DOXPQRV TXH UHTXLHUHQ XQD FRQVLGHUDEOH D\XGD SDUD FRPSOHWDU OD WDUHD FRQ
DOXPQRV PiV FDSDFHV 1R DLVODU D QLQJ~Q DOXPQR H LQWHQWDU HVWDEOHFHU JUXSRV
SLGLHQGR D ORV DOXPQRV TXH HOLMDQ FRPSDxHURV FRQ ORV TXH OH JXVWDUtD HVWXGLDU
7RGRV GHEHUtDQ HVWDU HQ XQ JUXSR TXH WHQJD DO PHQRV XQ FRPSDxHUR HOHJLGR SRU
HOORV /RV DOXPQRV D ORV TXH QDGLH KD HOHJLGR GHEHUtDQ HVWDU URGHDGRV GH
FRPSDxHURV FDSDFHV TXH OHV SURSRUFLRQHQ DSR\R \ WHQJDQ VXILFLHQWH LQWHUpV SDUD
HVWDEOHFHUXQDUHODFLyQ
&RPHQ]DU FRQ JUXSRV SHTXHxRV 6H UHFRPLHQGD TXH ORV SURIHVRUHV
HVWDEOH]FDQ JUXSRV TXH WHQJDQ DO PHQRV VHLV PLHPEURV FDPELDQGR HO WDPDxR
VHJ~Q ODV QHFHVLGDGHV LQGLYLGXDOHV GH ORV DOXPQRV ORV REMHWLYRV GH OD OHFFLyQ \ OD
HQHUJtD LQVWUXFWLYD GHO SURIHVRU +DVWD TXH ORV SURIHVRUHV GHVFXEUDQ VXV SURSLDV
202
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
SUHIHUHQFLDV \ OtPLWHV HV PiV IiFLO WUDEDMDU FRQ JUXSRV SHTXHxRV +DFHU TXH ORV
DOXPQRVWUDEDMHQFRQWRGRVORVFRPSRQHQWHVGHODFODVHHQGLIHUHQWHVPRPHQWRVGHO
VHPHVWUHRGHODxR
0D[LPL]DUODLQWHUGHSHQGHQFLDSRVLWLYD \DTXHKD\GRVUD]RQHVFODYHSDUD
OOHYDUDFDERXQDLQVWUXFFLyQFRQJUXSRVKHWHURJpQHRVTXHORVDOXPQRVDSUHQGDQD
XWLOL]DU ORV GLVWLQWRV PDWHULDOHV D VX GLVSRVLFLyQ \ FRQVLJDQ ILQDOL]DU OD WDUHD
WUDEDMDQGR MXQWRV \ TXH ORV DOXPQRV FRQVWUX\DQ UHODFLRQHV UHFtSURFDV FUHHQ XQ
VHQWLGR GH H[SHULHQFLD FRPSDUWLGD DSUHFLHQ OD GLYHUVLGDG KXPDQD \ GHVDUUROOHQ
FDSDFLGDGHVGHFRODERUDFLyQ\FRRSHUDFLyQ8QDYH]TXHORVSURIHVRUHVKDQGHFLGLGR
OD FRPSRVLFLyQ GHO JUXSR OD VLJXLHQWH UHJOD VHUi RUJDQL]DU ODV H[SHULHQFLDV GH
DSUHQGL]DMHGHOJUXSRSDUDTXHORV DOXPQRVDSUHQGDQDGHSHQGHUGHORVGHPiVD
FRQVHJXLU ORV REMHWLYRV FRPSDUWLGRV \ D D\XGDUVH PXWXDPHQWH 3DUD HOOR HV
DFRQVHMDEOHGLVSRQHUHOHQWRUQRSDUDTXHORVDOXPQRVGHFDGDJUXSRSXHGDQYHUVH
FRPSDUWLUORVPDWHULDOHV\D\XGDUVH
5HIRU]DUVRFLDOPHQWHORVORJURVDFDGpPLFRVLQGLYLGXDOHV\GHOJUXSRVXSRQH
DQRWDU YDORUDU \ UHFRPSHQVDU ORV ORJURV DFDGpPLFRV LQGLYLGXDOHV \ JUXSDOHV /D
WDUHD DFDGpPLFD \ HO FULWHULR GHO p[LWR GHEHQ VHU H[SOLFDGRV SDUD TXH ORV DOXPQRV
FRPSUHQGDQ ORV REMHWLYRV GH OD OHFFLyQ /RV DOXPQRV GHEHQ HQWHQGHU TXH ORV
REMHWLYRVGHODOHFFLyQVRQFRQVHJXLUVXVSURSLRVREMHWLYRVDFDGpPLFRV\DVHJXUDUVH
TXH ORV GHPiV GHO JUXSR WDPELpQ ORV DOFDQFHQ (VWD UHVSRQVDELOLGDG FRPSDUWLGD
D\XGDUi D LQFUHPHQWDU OD FRRSHUDFLyQ GHO JUXSR LQGHSHQGLHQWHPHQWH GH OD
KDELOLGDG GHO DOXPQR /RV SURIHVRUHV GHEHUtDQ DQLPDU D ORV DOXPQRV D TXH VH
D\XGHQ HQWUH Vt \ FRQWURODU ODV SHUFHSFLRQHV TXH XQRV WLHQHQ GH RWURV KD\ TXH
DVHJXUDUVH GH TXH WRGRV ORV PLHPEURV GHO JUXSR YHQ D VXV LJXDOHV FRPR SHUVRQDV
FRPSHWHQWHV\TXHFRQWULEX\HQDODVDFWLYLGDGHVGHOJUXSR
203
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3URSRUFLRQDU D\XGD SDUD DVHJXUDU HO p[LWR LQGLYLGXDO HVSHFLDOPHQWH HQ
UHODFLyQFRQ ORV HUURUHV ,GHQWLILFDUSRU TXp ORV DOXPQRVVH HTXLYRFDQ\ D\XGDUOHV
SDUD TXH UHDOLFHQ OD WDUHD FRUUHFWDPHQWH VLQ FRPHWHU HUURUHV 6yOR VH DSUHQGH GH
ORV HUURUHV \ GH OD FRQIXVLyQ FXDQGR ORV SURIHVRUHV D\XGDQ D TXH ORV DOXPQRV
FRPSUHQGDQODFDXVDGHOLQFLGHQWH
)RPHQWDUIRUPDVGHDJUXSDPLHQWRGLIHUHQWHVHVGHFLUHPSOHDUIRUPDVGH
DJUXSDPLHQWRV GLYHUVRV TXH DWLHQGDQ D ODV QHFHVLGDGHV UHDOHV GH DOXPQRV \
IDPLOLDV /RV GHVGREOHV SHGDJyJLFRV OD DWHQFLyQ HQ JUXSRV UHGXFLGRV ORV DSR\RV
GHQWURGHODVDXODVRUGLQDULDVORVDJUXSDPLHQWRVIOH[LEOHVHQIXQFLyQGHOQLYHOGH
FRPSHWHQFLDFXUULFXODUD\XGDUiQDDOXPQRVFRQ\VLQGLILFXOWDGHVGHDSUHQGL]DMHD
FRQVHJXLU GH IRUPD SRVLWLYD ORV REMHWLYRV HVWDEOHFLGRV HQ HO FXUUtFXOR SDUD FDGD
HWDSD HGXFDWLYD \ D DGTXLULU HVWUDWHJLDV FRPSHWHQFLDV \ GHVDUUROODU DSWLWXGHV \
DFWLWXGHVTXHOHVD\XGHQDVXSHUDUVHFRPRSHUVRQDVHQWRGRVVXVQLYHOHV
(VWDV IRUPDV GH DJUXSDPLHQWR IOH[LEOH SXHGHQ IRPHQWDU OD GLVWULEXFLyQ GH
ORVDOXPQRVHQDXODVFRPRHVSDFLRVHQORVTXHVHGHVDUUROODQSUR\HFWRVGHWUDEDMR
UHODFLRQDGRV FRQ iPELWRV GH FRQRFLPLHQWR OLQJtVWLFR FLHQWtILFR VRFLDO HWF GH
IRUPD TXH HO HVWXGLDQWH TXH FXUVD (GXFDFLyQ 6HFXQGDULD SXHGD DSUHQGHU SRU
SUR\HFWRVDVLVWLHQGRDFDGDXQRGHHVWRVHVSDFLRV\WUDEDMDQGRFDGDXQRGHHOORV
GHVGHXQSODQWHDPLHQWRPHWRGROyJLFRWHyULFRSUiFWLFRTXHDWLHQGDDODGLYHUVLGDG
GHLQWHUHVHVQLYHOHVGHDSUHQGL]DMHULWPRVGHDSUHQGL]DMHHVWLORVGHDSUHQGL]DMH
SUHIHUHQFLDVKDELOLGDGHVGHVWUH]DVHWFHVXQDIRUPDGHHQULTXHFHUHOFXUUtFXOR\
SRWHQFLDUHQORVDOXPQRVHOGHVDUUROORGHODVGLIHUHQWHVLQWHOLJHQFLDVGH*DGQHUTXH
HVWiQUHODFLRQDGDVFRQODVFRPSHWHQFLDVFXUULFXODUHVOLQJtVWLFRVRFLDODSUHQGHUD
DSUHQGHULQLFLDWLYDSHUVRQDOPDWHPiWLFDHWF
'HVGH HVWH SODQWHDPLHQWR FXUULFXODU DELHUWR \ IOH[LEOH GH WUDEDMR SRU
SUR\HFWRV\GHSDUWDPHQWRVVHDWLHQGHDODGLYHUVLGDGGHQLYHOHVGHFRPSHWHQFLDVH
SHUVRQDOL]D OD UHVSXHVWD HGXFDWLYD SRUTXH ORV HVWXGLDQWHV VH GLYHUVLILFDQ HQ
GLIHUHQWHV SUR\HFWRV GH WUDEDMR FRQ YDULRV SURIHVRUHV TXH WUDEDMDQ HQ GLIHUHQWHV
QLYHOHV GH WUDEDMR LQLFLDGR PHGLR DYDQ]DGR \ ORV SDGUHV WDPELpQ SDUWLFLSDQ HQ
204
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
HVWD DFFLyQ IRUPDWLYD DSRUWDQGR QR VyOR VL FDEH VXV FRQRFLPLHQWRV VLQR WDPELpQ
VXVH[SHULHQFLDVSURIHVLRQDOHV/DILQDOLGDGHVTXHFDGDXQRGHVDUUROOHXQSUR\HFWR
TXH OH PRWLYH \ SXHGD SDUWLFLSDU GH RWURV SDUD GHVDUUROODU RWUDV KDELOLGDGHV \
DGTXLULUHOGHVDUUROORGHRWUDVFRPSHWHQFLDV
7HQLHQGRHQFXHQWDTXHORVDOXPQRVFRQGLILFXOWDGHVSDUDDSUHQGHUSRVHHQ
XQ DXWRFRQFHSWR DFDGpPLFR PiV QHJDWLYR TXH VXV LJXDOHV VLQ GLILFXOWDGHV GH
DSUHQGL]DMHHVQHFHVDULRIRPHQWDUHQHOORVODHGXFDFLyQSHUVRQDOL]DGDGHVGHXQ
SODQWHDPLHQWRFXUULFXODUGLYHUVLILFDGRDWHQGLHQGRDODVSURSXHVWDV\RULHQWDFLRQHV
H[SOLFDGDVDQWHULRUPHQWH
3RUWDQWRDOJXQRVHOHPHQWRVDWHQHUHQFXHQWDHQHVWHSURFHVRVHUtDQ
(O HVWLOR GH DFRPSDxDPLHQWR KD GH VHU HO GH OD SUHVHQFLDDVLVWHQFLD HQ OD
YLGDGHODOXPQR
/D HPSDWtD \ OD FDSDFLGDG GH HVWDEOHFHU XQ GLiORJR HGXFDWLYR HVSRQWiQHR
GLUHFWR\VLQFHUR
(OHVWDEOHFLPLHQWRGHXQDVDXWpQWLFDVUHODFLRQHVSHUVRQDOHV
(OFRQWDFWRSHULyGLFRFRQODIDPLOLD
(OWUDEDMRHQHTXLSRHQIOXLGDFRRUGLQDFLyQFRQHOWXWRUDGHFDGDDOXPQRD
\HORULHQWDGRUGHO&HQWUR
&RPR HGXFDGRUHV KHPRV GH VHU FDSDFHV GH FRQVWUXLU XQD FRPXQLGDG
HGXFDGRUDTXHYD\DPiVDOOiGHOPHURHTXLSRGHSURIHVRUHVVXSHUDUODSHUVSHFWLYD
~QLFDPHQWHODERUDO\RUJDQL]DUHOSURFHVRHGXFDWLYRHQIXQFLyQGHORVDOXPQRV\GH
VXV FRQWH[WRV VRFLRIDPLOLDUHV LQWHQWDQGR GDU OD PHMRU UHVSXHVWD SRVLEOH D ODV
QHFHVLGDGHVGHHVWRVPiVDOOiGHORVSURJUDPDVRILFLDOHV
&RPRHGXFDGRUHVKHPRVGHDFRPSDxDUDODOXPQR\DVXIDPLOLD\RUJDQL]DU
ORV HOHPHQWRV FXUULFXODUHV HQ IXQFLyQ GH VXV QHFHVLGDGHV 0HGLDQWH HVWH
DFRPSDxDPLHQWR R DWHQFLyQ SHUVRQDOL]DGD IRPHQWDPRV HO FRQRFLPLHQWR GH ORV
DOXPQRV GH VX FRQWH[WR VRFLDO IDPLOLDU HGXFDWLYR \ VX SUR\HFWR GH YLGD 6RQ
205
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
PRPHQWRV SURSLFLRV SDUD TXH DQDOLFHQ FLHUWDV VLWXDFLRQHV YLWDOHV \ DSUHQGDQ D
WRPDUGHFLVLRQHV
(QUHODFLyQDODHYDOXDFLyQFRQWLQXDGHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMH
HVQHFHVDULRHYDOXDUSODQLILFDUSUHYHHURUJDQL]DU\FRQWURODUVLVWHPiWLFDPHQWH
OD DFWXDFLyQ GH FDGD DOXPQR DQWHV GXUDQWH \ GHVSXpV GHO SURFHVR HGXFDWLYR /RV
GDWRVDHYDOXDUGHEHUtDQUHFRJHUVHHQGtDVGLIHUHQWHV\HQVLWXDFLRQHVLQGLYLGXDOHV
\ JUXSDOHV \ VyOR VL VH YDQ D XVDU SDUD WRPDU GHFLVLRQHV R SDUD KDFHU FDPELRV
LQVWUXFWLYRVTXHLPSOLFDQODPHMRUDHQHOSURFHVRGHDSUHQGL]DMHGHODOXPQR
/DHYDOXDFLyQKDGHUHIOHMDUHOSURJUHVRGHODOXPQRFRQUHVSHFWRDVtPLVPR
HYDOXDFLyQ FULWHULDO FXDOTXLHU SURJUHVR HV YDORUDEOH \ SRU WDQWR DVSHFWRV
HGXFDWLYRV FRPR OD DFWLWXG GHO HVWXGLDQWH KDFLD HO DSUHQGL]DMH HO HVIXHU]R OD
PRWLYDFLyQ HO LQWHUpV SRU DSUHQGHU HO FRPSRUWDPLHQWR OD SDUWLFLSDFLyQ
LPSOLFDFLyQ H LQLFLDWLYD HQ HO SURFHVR HGXFDWLYR VRQ DVSHFWRV IXQGDPHQWDOHV GHO
ORJUR DFDGpPLFR GHO DOXPQR QR VyOR ODV FDOLILFDFLRQHV HVFRODUHV GHWHUPLQDQ HO
UHQGLPLHQWRDFDGpPLFR
7DPELpQ VH KD GH FRQRFHU TXH D OD KRUD GH HYDOXDU HO DSUHQGL]DMH
DXWRUUHJXODGR \ ODV HVWUDWHJLDV LPSOLFDGDV HQ WRGD DFWLYLGDG GH HVWXGLR ODV
PHGLGDV GH DXWRLQIRUPH FRQVWLWX\HQ XQD KHUUDPLHQWD ~WLO \ YDOLRVD SDUD PHGLU
DSWLWXGHV JHQHUDOHV R SURSHQVLRQHV D XVDU GLIHUHQWHV SURFHVRV DXWRUUHJXODWRULR
3LQWULFKS
< ILQDOPHQWH HQVHxDU D ORV DOXPQRV D TXH HYDO~HQ VX SURSLR DSUHQGL]DMH
DXWRHYDOXDFLyQ VLJXLHQGR XQRV FULWHULRV TXH OHV SHUPLWDQ OOHYDU D FDER
UHIOH[LRQHVVREUHVXVORJURV\VREUHFyPRSRGUtDQLQWHQWDUKDFHUDOJRGLIHUHQWHSDUD
PHMRUDUORV
206
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
E /DIRUPDFLyQFRQWLQXDGHOGRFHQWH\ODIDPLOLD
8QDGHODVIRUPDVGHLPSOLFDUDODIDPLOLDHQODVDFWLYLGDGHVGHO&HQWURHV
TXH HO PLVPR RUJDQLFH HQ FRODERUDFLyQ FRQ HO $03$ $VRFLDFLyQ GH 3DGUHV \
0DGUHV DFWLYLGDGHV IRUPDWLYDV HQ OD (VFXHOD GH 0DGUHV3DGUHV GHO &HQWUR FX\D
FRQYRFDWRULDGLULJHHOWXWRUDGHFDGDQLYHOHGXFDWLYR(VHOWXWRUDGHFDGDJUXSR
TXLHQ FRQ D\XGD GH RWURV HVSHFLDOLVWDV \ GHO 'HSDUWDPHQWR GH 2ULHQWDFLyQ HQ
(GXFDFLyQ 6HFXQGDULD \ GHO 63( 6HUYLFLR 3VLFRSHGDJyJLFR (VFRODU HQ (GXFDFLyQ
3ULPDULDSXHGHHVWDEOHFHUXQFDOHQGDULRIRUPDWLYRFRQORVWHPDVGHPD\RULQWHUpV
SDUD OD IRUPDFLyQ GH SDGUHV HQ IXQFLyQ GH OD HGDG FDUDFWHUtVWLFDV PRPHQWR
HYROXWLYRLQWHUHVHVHWFGHVXVKLMRVSDUDHOORWDPELpQHQODVUHXQLRQHVLQLFLDOHV
FRQORVWXWRUHVGHSULQFLSLRGHFXUVR\HQFDGDWULPHVWUHVHSXHGHQSODQWHDUHVWDV
DFWXDFLRQHVIRUPDWLYDV\DTXHHOREMHWLYRHVSRVLELOLWDUTXHWRGRVVHHQULTXH]FDQ\
VHIDYRUH]FDDVtODLPSOLFDFLyQGHWRGRVHQHOSURFHVRGHHQVHxDQ]D\DSUHQGL]DMH
GHVXVKLMRV
(VWDV DFWLYLGDGHV IRUPDWLYDV JHVWLRQDGDV \ DQLPDGDV SRU HO (TXLSR
'LUHFWLYR DFHUFDQ D ORV SDGUHV D OD UHDOLGDG GH FDGD &HQWUR \ IRPHQWDQ GHVGH HO
LQLFLR GH FDGD FXUVR DFDGpPLFR ´IRUPDV GH KDFHU FRPXQHVµ HQWUH SURIHVRUHV \
SDGUHVGHIRUPDTXHHO~OWLPREHQHILFLDGRVHDHOHVWXGLDQWH
.xDOOLQVN\ SURSRQH DOJXQDV VXJHUHQFLDV SDUD LQFUHPHQWDU ORV
UHVXOWDGRV SRVLWLYRV GH ODV (VFXHODV GH 3DGUHV 8QD GH HOODV HV HOHJLU XQ KRUDULR
DGHFXDGR GHVWDFD OD LPSRUWDQFLD TXH SDUD VX HILFDFLD WLHQH HO FRQIHFFLRQDU HO
WHPDULR WHQLHQGR HQ FXHQWD ORV LQWHUHVHV GH ORV SDGUHV 3RU RWUD SDUWH HO
SURIHVRUDGR GHEH SURSRUFLRQDU HTXLSRV LQWHUGLVFLSOLQDUHV GH SDGUHV TXH VHDQ
FDSDFHV GH GLVHxDU X RUJDQL]DU HVFXHODV GH SDGUHV FRPR SXQWR GH IRUPDFLyQ \
UHIOH[LyQOLEUHYROXQWDULD\DELHUWD
/D IRUPDFLyQ GRFHQWH VXV FUHHQFLDV \ VXV DFWLWXGHV KDFLD OD LQFOXVLyQ \ OD
IRUPDFLyQ HQ DVSHFWRV GHO GHVDUUROOR SHUVRQDO VRFLDO HGXFDWLYR \ IDPLOLDU GH ORV
HVWXGLDQWHV TXH SRVHHQ GLIHUHQWHV QLYHOHV GH DSUHQGL]DMH D ORV TXH LPSDUWHQ
207
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
GRFHQFLDPHMRUDQODLQWHUYHQFLyQHGXFDWLYDGHOGRFHQWH\DTXHHOSURIHVRUTXHHVWi
HQIRUPDFLyQFRQWLQXDYDDGTXLULHQGRXQ´EDJDMHµ\XQDVDFWLWXGHVTXHOHD\XGDQ
HQVXODERUHGXFDWLYDGLDULD\TXHOHSHUPLWHQRULHQWDUVXDFWXDFLyQQRVyORDVXV
DOXPQRVVLQRDODVIDPLOLDLPSOLFiQGRODVHQHOSURFHVRHGXFDWLYR\HQHOGHVDUUROOR
SHUVRQDOGHVXVKLMRVDV
/RVQXHYRVHVWXGLRVVREUHODVHVFXHODVHILFDFHVGHVWDFDQODVDSRUWDFLRQHVGHO
JUXSRGH5XWWHU5XWWHUHWDOHQ,QJODWHUUD\ORVGH%URRNRYHU%URRNRYHU
HWDOHQ((88-XQWRDHVWDVHYDOXDFLRQHVGHORVFHQWURVHGXFDWLYRVKD\
TXHFLWDUWDPELpQORVWUDEDMRVHPSUHQGLGRVSDUDYHULILFDUODHILFDFLDGHSURJUDPDV
HVSHFtILFRV GH LQQRYDFLyQ FXUULFXODU 3XUNH\ \ 6PLWK ORV FXDOHV UHODFLRQDQ
ORV PHMRUHV QLYHOHV GH UHQGLPLHQWR FRQ FDUDFWHUtVWLFDV WDOHV FRPR ODV DOWDV
H[SHFWDWLYDVGHOSURIHVRUDGRODIOH[LELOLGDGGHORVDJUXSDPLHQWRV\ODVDFWLYLGDGHV
HGXFDWLYDV ORV VLVWHPDV GH HYDOXDFLyQ TXH FRQWLHQHQ HIHFWRV FRUUHFWRUHV VREUH HO
SURJUDPD OD LPSOLFDFLyQ GHO GLUHFWRU HQ HO SURFHVR GH HQVHxDQ]D PiV TXH VX
DGRSFLyQGHXQURODGPLQLVWUDWLYRODSDUWLFLSDFLyQGHORVSDGUHVHQODHVFXHODHWF
$SDUHFHQWDPELpQLPSRUWDQWHV HOHPHQWRV QXHYRV FRPR XQHTXLOLEULR HQWUH
ODDXWRQRPtDGHOSURIHVRU\HOVHQWLGRFROHJLDGRGHOWUDEDMRGRFHQWH(VWDV\RWUDV
LQYHVWLJDFLRQHV KDQ GRWDGR DO ©PRYLPLHQWR GH HVFXHODV HILFDFHVª GH XQD YLWDOLGDG
FODUDPHQWHLOXVWUDGDSRUODSURIXVLyQGHWUDEDMRVGHHVWXGLRSXEOLFDGRV(GPRQGV
0LOOHU 3XUNH\ \ 6PLWK VH GLVSRQH DVLPLVPR GH UHYLVLRQHV GH
RWUDV LQYHVWLJDFLRQHV HGXFDWLYDV 'HDO *RRG \ %URSK\ *RRG \
:HLQVWHLQ3XUNH\\6PLWKDE7RGRVHVWRVLQIRUPHVGHPXHVWUDQ
OD H[LVWHQFLD GH FHQWURV HGXFDWLYRV FODUDPHQWH HILFDFHV 6LQ HPEDUJR QR KD\
FRQVHQVR GHILQLWLYR DFHUFD GH ODV FDUDFWHUtVWLFDV TXH SHUPLWHQ VX GLIHUHQFLDFLyQ
UHVSHFWRDODVHVFXHODVLQHILFDFHV
/D OLVWD GH HOHPHQWRV SURWRWtSLFRV SURSXHVWD SRU (GPRQGV VH KDOOD
HQWUHODVPiVFLWDGDV$SDUWLUGHVXVSURSLRVHVWXGLRV\GHODFRPSDUDFLyQFRQORV
UHVXOWDGRVGHRWUDVLQYHVWLJDFLRQHV(GPRQGVUHVXPLyHQFLQFRORVFRPSRQHQWHVGH
ODVHVFXHODVHILFDFHV
208
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
)XHUWH OLGHUD]JR LQVWUXFWLYR GHO GLUHFWRU GHO FHQWUR TXH SUHVWD JUDQ
DWHQFLyQDODFDOLGDGGHODHQVHxDQ]D
$OWDV H[SHFWDWLYDV HQWUH ORV SURIHVRUHV VREUH ODV SRVLELOLGDGHV GH
DSUHQGL]DMH GH WRGRV ORV DOXPQRV FRQFUHWDGDV HQ OD REWHQFLyQ FXDQGR PHQRV GH
ORVFRQWHQLGRVPtQLPRV
8QD DWPyVIHUD RUGHQDGD \ VHJXUD IDFLOLWDGRUD \ HVWLPXODQWH WDQWR GHO
DSUHQGL]DMHFRPRGHODHQVHxDQ]D
8Q IXHUWH pQIDVLV HQ OD DGTXLVLFLyQ GH ODV KDELOLGDGHV \ FRPSHWHQFLDV
EiVLFDV
)UHFXHQWHVHYDOXDFLRQHV\FRQWUROHVGHOUHQGLPLHQWRTXHVHXWLOL]DQSDUD
PHMRUDUORVSURJUDPDVHGXFDWLYRVTXHLPSOLFDQDORVGLVWLQWRVDJHQWHVGHOSURFHVR
HGXFDWLYRSDGUHVSURIHVRUHV\DOXPQRV
(Q DOJXQRV FDVRV VH RIUHFHQ GHVFULSFLRQHV PiV SRUPHQRUL]DGDV TXH
FRPSOHWDQHVWDOLVWDFRQFDUDFWHUtVWLFDVFRPR
•
(OXVRHILFLHQWHGHOWLHPSRHQHODXOD
•
/D DOWD WDVD GH FRQWDFWRV IDPLOLDHVFXHOD \ OD LPSOLFDFLyQ GH ORV SDGUHV HQ
ODVWDUHDVGHVXVKLMRV
•
(O KHFKR GH TXH ORV GLUHFWRUHV KD\DQ VLGR SUHYLDPHQWH SURIHVRUHV HQ
HMHUFLFLR
•
/DDXWRQRPtDGHOFHQWUR\GHOGLUHFWRUSDUDFRQWUDWDUDOSURIHVRUDGR
•
/DHVWDELOLGDGODERUDOGHOSURIHVRUDGR
(VGLItFLOREWHQHUXQDUHODFLyQGHILQLWLYD\SRQGHUDUHOSHVRUHODWLYRGHFDGD
XQDGHHVDVFDUDFWHUtVWLFDVGHELGRDODGLYHUVLGDGGHLQGLFDGRUHV\GHPpWRGRVGH
LQYHVWLJDFLyQXWLOL]DGRVHQORVGLVWLQWRVHVWXGLRV
209
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(QFXDOTXLHUFDVRODLPSRUWDQFLDGHHVWRVKDOOD]JRVQRUDGLFDHQODFDOLGDG
GH ORV HVWXGLRV FRQFUHWRV VLQR HQ HO KHFKR GH TXH GLIHUHQWHV LQYHVWLJDGRUHV TXH
SDUWHQ GH VXSXHVWRV GLVWLQWRV \ TXH XWLOL]DQ WDPELpQ PpWRGRV GLVWLQWRV OOHJDQ D
FRQFOXVLRQHVPX\VLPLODUHV
'H IRUPD VLVWHPiWLFD \ FRQYHUJHQWH HVWRV HVWXGLRV RIUHFHQ XQD OLVWD GH
FDUDFWHUtVWLFDV GLIHUHQFLDOHV GH ORV FHQWURV TXH HVWi DVRFLDGD D OD HILFLHQFLD
HGXFDWLYD HQWHQGLHQGR SRU HOOR WDQWR HO DOFDQFH GH UHVXOWDGRV DFDGpPLFRV
VXSHULRUHV FRPR OD H[LVWHQFLD GH PHMRUHV FRQGLFLRQHV GH WUDEDMR SDUD ORV
SURIHVRUHV GH PD\RU FDOLGDG GH ODV UHODFLRQHV FRQ ORV DOXPQRV GH PHQRUHV
SUREOHPDVGHGLVFLSOLQD\GHFRPSRUWDPLHQWRHWF
$XQ VLHQGR LPSRUWDQWHV HVRV GDWRV GLFHQ PX\ SRFR DFHUFD GH FyPR VH
FRPELQDQ WDOHV HOHPHQWRV SDUD LQIOXLU VREUH HO UHQGLPLHQWR ¢SRU TXp DOJXQRV
SURIHVRUHV WLHQHQ DOWDV H[SHFWDWLYDV VREUH ODV SRVLELOLGDGHV GH ORV DOXPQRV
PLHQWUDVTXHRWURVFDUHFHQGHHOODV"¢TXpKDFHTXHDOJXQRVFHQWURVWHQJDQPHWDV\
REMHWLYRV ©FRQVHQVXDGRVª ELHQ GHILQLGRV \ DVXPLGRV SRU HO FRQMXQWR GHO
SURIHVRUDGRPLHQWUDVTXHRWURVVHFDUDFWHUL]DQSRUHOFRQIOLFWR"
3DUDTXHHO©PRYLPLHQWRGHHVFXHODVHILFDFHVªSXHGDLQIOXLUVREUHODPHMRUD
HGXFDWLYD GHEHUi UHVSRQGHU D HVWH WLSR GH LQWHUURJDQWHV VXVWLWX\HQGR HO UHWUDWR
HVWiWLFR GH ODV HVFXHODV HILFDFHV SRU LPiJHQHV GLQiPLFDV VREUH VXV SURFHVRV \
IXQFLRQHV(VWRQRSXHGHKDFHUVHVLQXQHVIXHU]RWHyULFRH[SOLFDWLYR
&RPRFRQFOXVLyQWRPDUHPRVHQFXHQWDSDUDPHMRUDUODLPSOLFDFLyQSUiFWLFD
GHOHGXFDGRUORVIDFWRUHVGHHILFDFLDHVWXGLDGRVTXHLQFLGHQHQHOORJURHGXFDWLYR
6HJ~Q HO PRGHOR GH &UHHPHUV \ 6FKHHUHQV ODV FDUDFWHUtVWLFDV GHO
FRQWH[WR VLWXDGDV SRU HQFLPD GH OD FODVH DFW~DQ FRPR IDFWRUHV IDFLOLWDGRUHV R
FRQGLFLRQDQWHVGHODLQVWUXFFLyQDOQLYHOGHFODVH/RVIDFWRUHVFRQWH[WXDOHVVRQODV
FDUDFWHUtVWLFDV GHPRJUiILFDV \ VRFLRHFRQyPLFDV GH OD FLXGDG EDUULR HWF
FDUDFWHUtVWLFDV HVSHFtILFDV GH OD HVFXHOD PLVPD ODV FDUDFWHUtVWLFDV VRFLRFXOWXUDOHV
GH ORV DOXPQRV ODV GLUHFWULFHV GH SROtWLFD HGXFDWLYD \ ORV UHFXUVRV PDWHULDOHV \
ILQDQFLHURVH[LVWHQWHV\ODDGHFXDFLyQGHORVVLVWHPDVGHIRUPDFLyQGHOSURIHVRUDGR
210
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(Q HO QLYHO GH OD HVFXHOD ODV YDULDEOHV UHODFLRQDGDV FRQ OD HILFDFLD VRQ OD
SODQLILFDFLyQ \ RUJDQL]DFLyQ DGHFXDGD OD H[LVWHQFLD GH VLVWHPDV GH FRQWURO \
HYDOXDFLyQ GHO DOXPQR OD RULHQWDFLyQ KDFLD HO ORJUR LQVWUXFFLRQDO GHO DOXPQR
OLGHUD]JR LQVWUXFFLRQDO GHO GLUHFWRU \ ORV SURIHVRUHV FOLPD HVFRODU DGHFXDGR
PDQLILHVWR HQ XQ EXHQ DPELHQWH GH DSUHQGL]DMH \ UHODFLRQHV LQWHUSHUVRQDOHV
LQFOXLGDODH[LVWHQFLDGHRUGHQ\GLVFLSOLQD
(Q HO QLYHO GH FODVH ODV YDULDEOHV TXH DGTXLHUHQ UHOHYDQFLD VRQ WLSR GH
HQVHxDQ]DWLHPSRHIHFWLYRGHDSUHQGL]DMH\RSRUWXQLGDGHVSDUDDSUHQGHUWLSRGH
DJUXSDPLHQWR GH ORV DOXPQRV FRQGXFWD GHO SURIHVRU \ PDWHULDOHV GH DSUHQGL]DMH
GLVSRQLEOHV
(QUHODFLyQDODVYDULDEOHVGHODSUHQGL]TXHVHFRQVLGHUDQPiVLPSRUWDQWHV
SDUD HO ORJUR GH UHVXOWDGRV HGXFDWLYRV VH FRQVLGHUDQ HQ HVWH PRGHOR HO QLYHO GH
FRQRFLPLHQWRV SUHYLRV ODV DSWLWXGHV \ OD PRWLYDFLyQ (O WLHPSR GH DSUHQGL]DMH
WDPELpQVHFRQYLHUWHHQRWURIDFWRULPSRUWDQWHGHHILFDFLDSXHVWRTXHVHWUDWDPiV
TXH DXPHQWDU HO WLHPSR WRWDO GH LQVWUXFFLyQ VH WUDWD GH GDU RSRUWXQLGDGHV
HIHFWLYDV GH DSUHQGL]DMH DO DOXPQR D WUDYpV GH OD FRQFHQWUDFLyQ HQ OD WDUHD XQD
HQVHxDQ]D GH FDOLGDG TXH IDYRUH]FD HO FRPSURPLVR HILFD] GHO HVWXGLDQWH FRQ OD
WDUHD \ XQ DSURYHFKDPLHQWR GHO WLHPSR GLVSRQLEOH SDUD DSUHQGHU TXH LQFOX\H HO
DGHFXDGRFRQWURO\PDQHMRGHODFRQGXFWDGHORVDOXPQRVHQODFODVHSRUSDUWHGHO
SURIHVRU
6HUtD LQWHUHVDQWH SURSRQHU IXWXUDV LQYHVWLJDFLRQHV TXH HVWXGLDUDQ FRQ
PD\RUJUDGRGHSURIXQGLGDGODVGLIHUHQFLDVHQWUHDOXPQRVFRQ\VLQGLILFXOWDGHVGH
DSUHQGL]DMH TXH FXUVHQ OD HWDSD GH (GXFDFLyQ 6HFXQGDULD 2EOLJDWRULD SDUD
GLVHxDUSURSXHVWDVGLGiFWLFDV\PHWRGROyJLFDVPiVHILFDFHVLQQRYDGRUDVGLYHUVDV
\ FRQWH[WXDOL]DGDV TXH UHVSRQGDQ D ORV QXHYRV UHWRV GH OD HGXFDFLyQ \ TXH
HQWLHQGDQ D ORV FHQWURV HGXFDWLYRV FRPR XQ HVSDFLR DELHUWR SDUWLFLSDWLYR TXH
DFRJHTXHHGXFD\TXHVHLPSOLFDFRQHOUHVWRGHDJHQWHVSDGUHVDJHQWHVVRFLDOHV
PpGLFRV HWF SDUD FRQWULEXLU GH IRUPD HILFD] HQ HO GHVDUUROOR LQWHJUDO GH FDGD
HVWXGLDQWH YDORUDQGR VXV GLIHUHQFLDV FRPR DVSHFWRV GH HQULTXHFLPLHQWR SHUVRQDO
HGXFDWLYRVRFLDO\IDPLOLDU
211
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
,,,5HIHUHQFLDV
,,,5HIHUHQFLDV
$GHOPDQ + 6 7KH FRQFHSW RI LQWULQVLF 0RWLYDWLRQ ,PSOLFDWLRQV IRU
SUDFWLFHUHVHDUFKUHODWHGWROHDUQLQJGLVDELOLWLHV/HDUQLQJ'LVDELOLWLHV4XDUWHUO\
2), 43-54.
$JXLOHUD -LPpQH] $ ,QWURGXFFLyQ D ODV GLILFXOWDGHV GH DSUHQGL]DMH
0DGULG,QWHUDPHULFDQDGH(VSDxD6$8
$OHPDQ\$UUHEROD,/DVDFWLWXGHVGHSURIHVRUDGRDQWHHOUHWRGHLQWHJUDU
DDOXPQRVFRQ1((8QDSURSXHVWDGHWUDEDMR3ROLEHD
$OJR]]LQH % <VVHOG\NH -( \ (OOLRWW -( 6WUDWHJLHV DQG WDFWLFV IRU
HIIHFWLYHLQVWUXFWLRQ/RQJPRQW&26RSULV:HVW
$ORQVR 7DSLD - 0RWLYDFLyQ \ DSUHQGL]DMH HQ HO DXOD &yPR HQVHxDU D
SHQVDU0DGULG$XOD;;,6DQWLOODQD
ÉOYDUR3DJH0HWDO +DFLDXQPRGHORFDVXDOGHOUHQGLPLHQWRDFDGpPLFR
0DGULG&,'(
$PHV&&ODVVURRPV*RDOVVWUXFWXUHDQGVWXGHQWPRWLYDWLRQ -RXUQDORI
(GXFDWLRQDO3V\FKRORJ\
$PH]FXD -$ 3LFKDUGR 0& 'LIHUHQFLDV GH JpQHUR HQ DXWRFRQFHSWR HQ
VXMHWRVDGROHVFHQWHV$QDOHVGH3VLFRORJtD
$UFKHU-$FKLHYHPHQWDVDPHDVXUHRIPRWLYDWLRQLQXQLYHUVLW\VWXGHQWV
&RQWHPSRUDU\(GXFDWLRQDO3V\FKRORJ\
213
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
$UQiL] 6iQFKH] 3 (GXFDFLyQ,QFOXVLYD 8QDHVFXHODSDUDWRGRV0iODJD
$OMLEH
$UQDL] 6iQFKH] 3 *DUULGR *LO & /DV DGDSWDFLRQHV FXUULFXODUHV HQ OD
(GXFDFLyQ 6HFXQGDULD (Q 1 ,OOiQ 5RPHX \ $ *DUFtD 0DUWtQH] &RRUG /D
GLYHUVLGDG \ OD GLIHUHQFLD HQ OD (GXFDFLyQ 6HFXQGDULD UHWRV HGXFDWLYRV SDUD HO
VLJOR;;,SS0iODJD$OMLEH
$UQDL] 6iQFKH] 3 ,OOiQ 5RPHX 1 /D LQWHJUDFLyQ HQ HO PDUFR GH OD
5HIRUPD GH OD HQVHxDQ]D (Q -RUQDGDV VREUH OD 5HIRUPD GHO VLVWHPD HGXFDWLYR
0XUFLD,&(6HULH0RGHORVSDUDHOFDPELRHVFRODU
$UULQGHO :$ \ 9DQ GHU (QGH - 5HSOLFDELOLW\ DQG LQYDULDQFH RI
GLPHQVLRQV RI SDUHQWDO UHDULQJ EHKDYLRU )XWKHU 'XWFK H[SHULHQFHV ZLWK WKH
(0%83HUVRQDOLW\DQG,QGLYLGXDO'LIIHUHQFHV
$XVXEHO'3(GXFDWLRQDO3V\FKRORJ\$FRJQLWLYHYLHZ+ROW1HZ<RUN
%DFHWH)-*DUFtD\'RPpQHFK%HWRUHW)0RWLYDFLyQ$SUHQGL]DMH\UHQGLPLHQWR
HVFRODU5HYLVWD(OHFWUyQLFDGH0RWLYDFLyQ\(PRFLyQ
%DFNHV -6 %ULGJLQJ GH *HQGHU *DS 6HOIFRQFHSW LQ WKH 0LGGOH *UDGHV
6FKRROLQWKH0LGGOH
%DQGXUD$6RFLDO/HDUQLQJ7KHRU\3UHQWLFH+DOO(QJOHZRRG&OLIIV
%DQGXUD$6HOIHIILFDF\7KHH[HUFLVHRIFRQWURO1HZ<RUN)UHHPDQ
%DQGXUD $ 0XOWLGLPHQVLRQDO VFDOHV RI SHUFHLYHG DFDGHPLF HIILFDF\
6WDQIRUG&$6WDQIRUG8QLYHUVLW\
%DUFD /R]DQR $ *RQ]iOH] &DEDQDFK 5 'LILFXOWDGHV GH DSUHQGL]DMH
HVFRODU/tQHDVGHLQWHUYHQFLyQSVLFRHGXFDWLYD8QLYHUVLGDGGH/D&RUXxD
214
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
%DUFD $ %UHQOOD -& 6DQWDPDUtD 6 \ *RQ]iOH] $ 0 (VWUDWHJLDV \
HQIRTXHV GH DSUHQGL]DMH FRQWH[WRV IDPLOLDUHV \ UHQGLPLHQWR DFDGpPLFR HQ HO
DOXPQDGR GH (GXFDFLyQ 6HFXQGDULD ,QGLFDGRUHV SDUD XQ DQiOLVLV FDXVDO 5HYLVWD
JDOHJRSRUWXJXHVD GH 3VLFROR[tD \ (GXFDFLyQ 5HYLVWD GH (VWXGLRV H ,QYHVWLJDFLyQ
HQ3VLFRORJtD\(GXFDFLyQ
%DUFD /R]DQR $ 'LILFXOWDGHV GH DSUHQGL]DMH &RQWHQLGRV WHyULFRV \
DFWLYLGDGHVSUiFWLFDV%DUFHORQD8QLYHUVLWDW%DUFHORQD
%DUFD $ 3RUWR $ \ 6DQWRUXP 5 /RV HQIRTXHV GH DSUHQGL]DMH HQ
FRQWH[WRV \ VLWXDFLRQHV HGXFDWLYDV XQD DSUR[LPDFLyQ FRQFHSWXDO \ PHWRGROyJLFD
(Q $ %DUFD -/ 0DUFRV -& 1~xH] $0 3RUWR \ 05 6DQWRUXP (GV
3URFHVRVGHDSUHQGL]DMHHQDPELHQWHVHGXFDWLYRV SS0DGULG&HQWURGH
(VWXGLRV5DPyQ$UHFHV
%DUFD/5HJLQD&%UHQOOD-&\6DQWDPDUtD6)DFWRUHVGHDWULEXFLyQ
FDXVDO HQIRTXHV GH DSUHQGL]DMH \ UHQGLPLHQWR DFDGpPLFR HQ HO DOXPQDGR GH
(GXFDFLyQ 6HFXQGDULD GH *DOLFLD 'DWRV SDUD XQ DQiOLVLV FRUUHODFLRQDO 5HYLVWD
JDOHJRSRUWXJXHVDGH3VLFROR[tDH(GXFDFLyQ5HYLVWDGHHVWXGLRVHLQYHVWLJDFLyQHQ
3VLFRORJtD\(GXFDFLyQ
%DUQHWW / 0RWLYDFLyQ WUDWDPLHQWR GH OD GLYHUVLGDG \ UHQGLPLHQWR
DFDGpPLFRHODSUHQGL]DMHFRRSHUDWLYR%DUFHORQD*5$2
%DUUDOHV /ODPDV 0 $PELHQWH IDPLOLDU \ UHQGLPLHQWR HVFRODU 0DGULG
8QLYHUVLGDG&RPSOXWHQVH
%DXWLVWD51HFHVLGDGHV(GXFDWLYDV(VSHFLDOHV0iODJD$OMLEH
%HDU**-XYRQHQ-\0F,QHUQH\)6HOISHUFHSWLRQVDQGSHHUUHODWLRQV
RI ER\V ZLWK DQG ZLWKRXW OHDUQLQJ GLVDELOLWLHV LQ DQ LQWHJUDWHG VHWWLQJ $
ORQJLWXGLQDOVWXG\/HDUQLQJ'LVDELOLW\4XDUWHUO\
215
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
%HKOLQJ2\0F)LOOHQ-07UDQVODWLQJTXHVWLRQQDLUHVDQGRWKHUUHVHDUFK
LQVWUXPHQWV3UREOHPVDQGVROXWLRQV/RQGUHV6DJH
%HOGD - & /LEUR EODQFR GH OD DWHQFLyQ WHPSUDQD 0DGULG (GLWD 5HDO
3DWURQDWRGH3UHYHQFLyQ\GH$WHQFLyQD3HUVRQDVFRQ0LQXVYDOtD
%HOWUiQ - &ODYHV SVLFROyJLFDV SDUD OD PRWLYDFLyQ \ HO UHQGLPLHQWR
DFDGpPLFR (Q 0 $FRVWD &RRUG &UHDWLYLGDG PRWLYDFLyQ \ UHQGLPLHQWR
DFDGpPLFRSS$UFKLGRQD0iODJD$OMLEH
%HOWUiQ-$(VWUDWHJLDVGHDSUHQGL]DMH5HYLVWDGH(GXFDFLyQ
%HOWUiQ - (VWUDWHJLDV GH DSUHQGL]DMH (Q %HOWUiQ \ %XHQR FRRUG
3VLFRORJtDGHOD(GXFDFLyQSS²0DGULG$OLDQ]D(GLWRULDO
%HOWUiQ - 0RWLYDFLyQ (Q - %HOWUiQ(G 3VLFRORJtDHGXFDFLRQDOFDS
SS0DGULG81('
%HOWUiQ /OHUD - /D LQWHUDFFLyQ HGXFDWLYD ([SHFWDWLYDV DFWLWXGHV \
UHQGLPLHQWR5HYLVWD(VSDxRODGH3HGDJRJtD
%HOWUiQ/OHUD-(QVHxDUDDSUHQGHU&RQIHUHQFLDGH&ODXVXUDGHOVHJXQGR
&RQJUHVRGH('8&$5('
%HOWUiQ3pUH]\2UWHJD&XHVWLRQDULRGH(VWUDWHJLDVGH$SUHQGL]DMH&($
0DGULG7($
%HOWUiQ - $ \ 9HJD 0 /D FRQVWUXFFLyQ GHO FRQRFLPLHQWR HQ HO $XOD
,QWHOLJHQWH (Q ) 6HJRYLD (O $XOD ,QWHOLJHQWH 1XHYDV SHUVSHFWLYDV 0DGULG
(VSDVD
216
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
%HQJRHFKHD *DUtQ 3 'LILFXOWDGHV GH DSUHQGL]DMH HVFRODU HQ QLxRV FRQ
QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV XQ HQIRTXH FRJQLWLYR 2YLHGR 8QLYHUVLGDG GH
2YLHGR
%HUPHMR 05 6WHQEHUJ 5 - \ &DVWHMyQ - / (VWLOR LQWHOHFWXDO \
UHQGLPLHQWRDFDGpPLFR5HYLVWDGHLQYHVWLJDFLyQHGXFDWLYD
%HUQDUGR $ % 1~xH] - & *RQ]iOH]3LHQGD - $ 5RViULR 3 ÉOYDUH] /
*RQ]iOH]&DVWUR39DOOH$5RGUtJXH]6&HUH]R5ÉOYDUH]'%UHQJHOPDQ
-& 'HWHUPLQDQWHV SHUVRQDOHV GHO UHQGLPLHQWR DFDGpPLFR HVFRODU ,
6LPSRVLXP VREUH $SUHQGL]DMH \ 0RGLILFDFLyQ GH &RQGXFWDV HQ $PELHQWHV
(GXFDWLYRV0DGULG
%HUQLQJHU 9 : $EERWW 5' -RQHV - *RXOG / $QGHUVRQ<RXQJVWURP 0
:ROI % \ $SHO . (DUO\ GHYHORSPHQW RI ODQJXDJH E\ KDQG &RPSRVLQJ
UHDGLQJOLVWHQLQJDQGVSHDNLQJFRQQHFWLRQVWKUHHOHWWHUZULWLQJPRGHVDQGIDVW
PDSSLQJLQVSHOOLQJ'HYHORSPHQWDO1HXURSV\FKRORJ\
%RDNDHUWV 0 3LQWULFK 35 \ =HLGQHU 0 +DQGERRN RI VHOIUHJXODWLRQ
6DQ'LHJR$FDGHPLF3UHVV
%RXIIDUG 7 %RLVYHUW - 9H]HDX & \ /DURXFKH & 7KH LPSDFW RI JRDO
RULHQWDWLRQ RQ VHOIUHJXODWLRQ DQG SHUIRUPDQFH DPRQJ FROOHJH VWXGHQWV %ULWLVK
-RXUQDORI(GXFDWLRQDO3V\FKRORJ\
%UDQVIRUG -' %URZQ $/ \ &RFNLQJ 55 (GV +RZ SHRSOH OHDUQ
%UDLQPLQGH[SHULHQFHDQGVFKRRO:DVKLQJWRQ'&1DWLRQDO$FDGHP\3UHVV
$YDLODEOHERRNVQDSHGXFDWDORJKWPO
%UDQVIRUG-'6WHLQ%6\6KHOWRQ76 /HDUQLQJIURPWKHSHUVSHFWLYH
RI WKH FRPSUHKHQGHU ,Q $ - 8UTXKDUW - ' $OGHUVRQ (GV 5HDGLQJ LQ D
IRUHLJQODQJXDJHSS/RQGRQ/RQJPDQ
217
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
%UDQVIRUG -' \ 9\H 1- 3URFHGXUHV IRU WKH DVVHVVPHQW RI FRJQLWLYH
FKDQJH(GXFDWLRQ\'HVDUUROORGHOD,QWHOLJHQFLD&HQWHUSODQ
%UDWNR ' &KDPRUUR3UHPX]LF 7 \ 6DNV = (O UHQGLPLHQWR GH OD
SHUVRQDOLGDG\ODHVFXHODODYDOLGH]LQFUHPHQWDOGHVtPLVPR\GHLJXDOFDOLILFDFLyQ
HQJ/DVGLIHUHQFLDVGHSHUVRQDOLGDG\HOLQGLYLGXR
%UDYR 9DOGLYLHVR / 3VLFRORJtD 'H /DV 'LILFXOWDGHV 'HO $SUHQGL]DMH
6DQWLDJR'H&KLOH8QLYHUVLWDULD
%UHPEHFN & $PELHQWH \ UHQGLPLHQWR HVFRODU (O DOXPQR HQ GHVYHQWDMD
%XHQRV$LUHV3DLGyV
%UHQJHOPDQQ -& 'HWHUPLQDQWHV SHUVRQDOHV GHO UHQGLPLHQWR HVFRODU
3ULPHU 6\PSRVLXP VREUH $SUHQGL]DMH \ 0RGLILFDFLyQ GH &RQGXFWD HQ $PELHQWHV
(GXFDWLYRVSS0DGULG,1&,(
%UHQQDQ :. (O FXUUtFXOR SDUD QLxRV FRQ QHFHVLGDGHV HGXFDWLYDV
HVSHFLDOHV0DGULG6LJOR;;,0(&
%UHVR(6DODQRYD00DUWtQH],0*UDX5\$JXW6e[LWRDFDGpPLFR
\ H[SHFWDWLYDV GH p[LWR HO URO PHGLDGRU GH OD DXWRHILFDFLD DFDGpPLFD (Q 0
6DODQRYD 5 *UDX ,0 0DUWtQH] 6 /ORUHQV \ 0 *DUFtD5HQHGR (GV 1XHYRV
KRUL]RQWHV HQ OD LQYHVWLJDFLyQ VREUH OD DXWRHILFDFLD SS &DVWHOOy GH OD
3ODQD3XEOLFDFLRQHVGHOD8QLYHUVLGDG-DXPH,'/
%ULVOLQ5:7KHZRUGLQJDQGWUDQVODWLRQRIUHVHDUFKLQVWUXPHQWV(Q:
-/RQQHU\:%HUU\(GV)LHOGPHWKRGVLQFURVVFXOWXUDOUHVHDUFKSS
%HYHUO\+LOOV6DJH
%URF 0$ 0RWLYDFLyQ \ UHQGLPLHQWR DFDGpPLFR HQ DOXPQRV GH (GXFDFLyQ
6HFXQGDULD2EOLJDWRULD\%DFKLOOHUDWR/2*6(5HYLVWDGH(GXFDFLyQ
218
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
%URF 0$ $XWRFRQFHSWR \ UHQGLPLHQWR DFDGpPLFR HQ DOXPQRV GH ž GH
(GXFDFLyQ6HFXQGDULD2EOLJDWRULD5HYLVWDGH,QYHVWLJDFLyQ(GXFDWLYD
%URQIHQEUHQQHU 8 (FRORJ\ RI WKH IDPLO\ DV D FRQWH[W IRU KXPDQ
GHYHORSPHQWUHVHDUFKSHUVSHFWLYHV'HYHORSPHQWDO3V\FKRORJ\
%URQIHQEUHQQHU 8 \ &URXWHU $& ´:RUN DQG IDPLO\ WKURXJK WLPH DQG
VSDFHµ LQ 6 .DPHUPDQ DQG & +D\HV HGV )DPLOLHV WKDW ZRUN &KLOGUHQ LQ D
FKDQJLQJZRUOG:DVKLQJWRQ'&1DWLRQDO$FDGHP\3UHVV
%URRNRYHU :% \ /H]RWWH /: &KDQJHV LQ VFKRRO FKDUDFWHULVWLFV
FRLQFLGHQW ZLWK FKDQJHV LQ VWXGHQW DFKLHYHPHQW 2FFDVLRQDO 3DSHU 1R (DVW
/DQVLQJ 0LFKLJDQ 6WDWH 8QLYHUVLW\ (DVW /DQVLQJ ,QVWLWXWH IRU 5HVHDUFK LQ
7HDFKLQJ(5,&'RFXPHQW5HSURGXFWLRQ6HUYLFH1R('
%URSK\ - *RDO WKHRULVWV VKRXOG PRYH RQ IURP SHUIRUPDQFH JRDOV
(GXFDWLRQDO3V\FKRORJLVW
%URZQ $/ 'RPDLQVSHFLILFF SULQFLSLHV DIIHFW OHDUQLQJ DQG WUDQVIHU LQ
FKLOGUHQ&RJQLWLYH6FLHQFH
%URZQ:)0DQXDOGHOHVWXGLDQWHDVHVRU0p[LFR7ULOODV
%URZQ$/\&DPSLRQH-&&RPPXQLWLHVRIOHDUQLQJDQGWKLQNLQJRUD
FRQWH[WE\DQGRWKHUQDPH&RQWULEXWLRQVWR+XPDQ'HYHORSPHQW
%URZQ $/ \ 3DOLQFVDU $6 5HFLSURFDO WHDFKLQJ RI FRPSUHKHQVLRQ
VWUDWHJLHV ,Q -' 'D\ \ -* %RUNRZVNL (GV ,QWHOOLJHQFH DQG H[FHSWLRQDOLW\
1HZ GLUHFWLRQV IRU WKHRU\ DVVHVVPHQW DQG LQVWUXFWLRQDO SUDFWLFH SS 1RUZRRG1-$EOH[
219
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
%U\DQ7\3HDUO56HOIFRQFHSWVDQGORFXVRIFRQWURORIOHDUQLQJGLVDEOH
FKLOGUHQ-RXUQDORI&OLQLFDO&KLOG3V\FKRORJ\
%UXQHU - 7KH3URFHVVRI(GXFDWLRQ&DPEULGJH0$+DUYDUG 8QLYHUVLW\
3UHVV
%UXQHW -HDQ3LHUUH 'HILQLFLyQ GH ODV GLILFXOWDGHV GH DSUHQGL]DMH /D
+DEDQD,,(QFXHQWUR0XQGLDOGH(GXFDFLyQ(VSHFLDO
%XWNRZVN\,6\:LOORZV'0&RJQLWLYHPRWLYDWLRQDOFKDUDFWHULVWLFV
RI FKLOGUHQ YDU\LQJ LQ UHDGLQJ DELOLW\ (YLGHQFH IRU OHDUQHG KHOSOHVVQHVV LQ SRRU
UHDGHUV-RXUQDORI(GXFDWLRQDO3V\FKRORJ\
%XWOHU ' / ,Q VHDUFK RI WKH DUFKLWHFW RI OHDUQLQJ $ FRPPHQWDU\ RQ
VFDIIROGLQJ DV D PHWDSKRU IRU LQVWUXFWLRQDO LQWHUDFWLRQV -RXUQDO RI /HDUQLQJ
'LVDELOLWLHV
%\UQH%0\6KDYHOVRQ5-2QWKHVWUXFWXUHRIDGROHVFHQWVHOIFRQFHSW
-RXUQDORI(GXFDWLRQDO3V\FKRORJ\Þ
&DEDQDFK5*%DUFD$9DOOH$3RUWR5LRERR$\/HPD6(OSXQWR
GHYLVWDGHODOXPQRDFHUFDGHODSUHQGL]DMH/DVDSUR[LPDFLRQHVDODSUHQGL]DMH\ODV
RULHQWDFLRQHVDOHVWXGLR(Q)9LFHQWH&DVWURHG3VLFRORJtDGHODHGXFDFLyQ\GHO
GHVDUUROOR9RO%DGDMR]3VLFRH[
&DEDQDFK 5* 9DOOH $ 1~xH] -& \ *RQ]iOH]3LHQGD -$ 8QD
DSUR[LPDFLyQ WHyULFD DO FRQFHSWR GH PHWDV DFDGpPLFDV \ VX UHODFLyQ FRQ OD
PRWLYDFLyQHVFRODU3VLFRWKHPD
&DEDQDFK 5 * 9DOOH D 6XiUH] -0 \ )HUQiQGH] $ 3 8Q PRGHOR
LQWHJUDGRU H[SOLFDWLYR GH ODV UHODFLRQHV HQWUH PHWDV DFDGpPLFDV HVWUDWHJLDV GH
DSUHQGL]DMH \ UHQGLPLHQWR DFDGpPLFR 5HYLVWD GH ,QYHVWLJDFLyQ (GXFDWLYD 220
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&DPDUHUR 6XiUH] ) 0DUWtQ GHO %XH\ ) \ +HUUHUR 'tH] - (VWLORV \
HVWUDWHJLDV GH DSUHQGL]DMH HQ HVWXGLDQWHV XQLYHUVLWDULRV 3VLFRWKHPD &DPSLRQH -& \ %URZQ $/ /LQNLQJ G\QDPLF DVVHVVPHQW ZLWK VFKRRO
DFKLHYHPHQW ,Q &6 /LG] (G '\QDPLF DVVHVVPHQW $Q LQWHJUDWHG DSSURDFK WR
HYDOXDWLQJOHDUQLQJSRWHQWLDOSS1HZ<RUN*XLOIRUG
&DQR-6(OUHQGLPLHQWRHVFRODU\VXVFRQWH[WRV 5HYLVWD&RPSOXWHQVHGH
(GXFDFLyQ
&DQR ) 'LIHUHQFLDV GH JpQHUR HQ HVWUDWHJLDV \ HVWLORV GH DSUHQGL]DMH
3VLFRWKHPD
&DQR)\-XVWLFLD)/DVHVWUDWHJLDVGHDSUHQGL]DMH(VWDGRGHODFXHVWLyQ
5HYLVWDGH(GXFDFLyQ8QLYHUVLGDGGH*UDQDGD
&DQR ) \ -XVWLFLD ) )DFWRUHV DFDGpPLFRV HVWUDWHJLDV \ HVWLORV GH
DSUHQGL]DMH5HYLVWDGH3VLFRORJtD*HQHUDO\$SOLFDGD
&DQR ) \ -XVWLFLD ) /HDUQLQJ VWUDWHJLHV VW\OHV DQG DSSURDFKHV DQ
DQDO\VLVRIWKHLULQWHUUHODWLRQVKLSV+LJKHU(GXFDWLRQ
&DUDEDxD-2ULJHQVRFLDOLQWHOLJHQFLD\UHQGLPLHQWRDFDGpPLFRDOILQDOGH
OD (*% (Q & /HUHQD (G (GXFDFLyQ \ 6RFLRORJtD HQ (VSDxD SS 0DGULG$.$/
&DUERQHUR 0$ 'LILFXOWDGHV GH DSUHQGL]DMH 7HQGHQFLDV \ RULHQWDFLRQHV
DFWXDOHV HQ OD HVFXHOD ,QVWLWXWR GH &LHQFLDV GH OD (GXFDFLyQ 8QLYHUVLGDG GH
9DOODGROLG
221
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&DUERQHUR 0$ 0DUWtQ /- 0DUXJiQ 0 5RPiQ -0 5HODFLyQ HQWUH
HVWUDWHJLDV GH DSUHQGL]DMH PRWLYDFLyQ \ FOLPD HVFRODU HQ VHFXQGDULD (Q -XOLR
$QWRQLR*RQ]iOH]3LHQGD\-RVp&DUORV1~xH]FRRUGV 3VLFRORJtD\(GXFDFLyQ8Q
OXJDUGHHQFXHQWURSS8QLYHUVLGDGGH2YLHGR6HUYLFLRGH3XEOLFDFLRQHV
&DVDQRYD$ULDV3)\'HOD7RUUH&UX]0-(OFRPSRUWDPLHQWRGRFHQWH
(QFLFORSHGLDGH3VLFRORJtD(YROXWLYD\GHOD(GXFDFLyQYRO,(Q()HUQiQGH]GH
+DUR)-XVWLFLD-XVWLFLD0&\3LFKDUGR0DUWtQH](GVSS0iODJD
$OMLEH
&DVWDQHGR & %DVHV 3VLFRSHGDJyJLFDV 'H /D (GXFDFLyQ (VSHFLDO
(YDOXDFLyQHLQWHUYHQFLyQ0DGULG&FV
&DVWHMyQ-/'HWHUPLQDQWHVGHOUHQGLPLHQWRDFDGpPLFRGHORVHVWXGLDQWHV
\ GH ORV FHQWURV HGXFDWLYRV 0RGHORV \ )DFWRUHV $OLFDQWH 6DQ 9LFHQWH (GLWRULDO
&OXE8QLYHUVLWDULR(&8
&DVWHMyQ-/,QWURGXFFLyQDOD3VLFRORJtDGHOD,QVWUXFFLyQ$OLFDQWH6DQ
9LFHQWH(GLWRULDO&OXE8QLYHUVLWDULR(&8
&DVWHMyQ-/\1DYDV/'HWHUPLQDQWHVGHOUHQGLPLHQWRDFDGpPLFRHQOD
HQVHxDQ]DVHFXQGDULD8QPRGHORFDXVDO $QiOLVLV\0RGLILFDFLyQGH&RQGXFWD &DVWHMyQ-/1DYDV/\6DPSDVFXDO*0RGHORVHVWUXFWXUDOHVVREUHOD
WHRUtD DWULEXFLRQDO GH OD PRWLYDFLyQ 5HYLVWDGH3VLFRORJtD*HQHUDO\$SOLFDGD &DVWHMyQ -/ 1DYDV / \ 6DPSDVFXDO * 8Q PRGHOR HVWUXFWXUDO GHO
UHQGLPLHQWR DFDGpPLFR HQ PDWHPiWLFDV HQ OD HGXFDFLyQ VHFXQGDULD 5HYLVWD GH
3VLFRORJtD*HQHUDO\$SOLFDGD
222
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&DVWHMyQ -/ \ 3pUH] $ 0 8Q PRGHOR FDXVDOH[SOLFDWLYR VREUH OD
LQIOXHQFLD GH ODV YDULDEOHV SVLFRVRFLDOHV HQ HO UHQGLPLHQWR DFDGpPLFR %RUGyQ &DVWLOOR*/RVSDGUHV\ORVHVWXGLRVGHVXVKLMRV3DPSORQD(816$
&DVWLOOR , %DODQJXHU , 'XGD - /DV WHRUtDV SHUVRQDOHV VREUH HO ORJUR
DFDGpPLFR\VXUHODFLyQFRQODDOLQHDFLyQHVFRODU3VLFRWKHPD
&DVWLOOR,%DODQJXHU,'XGD-3HUVSHFWLYDGHPHWDGHORVDGROHVFHQWHV
HQHOFRQWH[WRDFDGpPLFR3VLFRWKHPD
&HFL - +DQGERRN RI FRJQLWLYH VRFLDO DQG QHXURSV\FKRORJLFDO DVSHFWV RI
OHDUQLQJGLVDELOLWLHV9RO+LOOVGDOH/($
&KDOIDQW-& &HQWUDOSURFHVVLQJG\VIXQFWLRQVLQFKLOGUHQ 0RQRJUDJK1ž
%HWVKHGD0G86
&KDPRUUR3UHPX]LF 7 $UWHFKH $ )XUQKDP $ 1 \ 7ULFNRW /D
HYDOXDFLyQ GH OD LQWHOLJHQFLD GH ORV DOXPQRV D WUDYpV GH HVWLPDFLRQHV GH XQR
PLVPRORVSDGUHV\PDHVWURV3VLFRORJtDGHOD(GXFDFLyQ
&KDPRUUR3UHPX]LF7
\$UWHFKH$&DSDFLGDGLQWHOHFWXDO\UHQGLPLHQWR
DFDGpPLFRODYDOLGDFLyQSUHOLPLQDUGHXQPRGHOR,QWHOLJHQFLD
&KDPRUUR3UHPX]LF7\)XUQKDP$/DSHUVRQDOLGDGODLQWHOLJHQFLDORV
HQIRTXHVGHDSUHQGL]DMH\UHQGLPLHQWRDFDGpPLFR /DVGLIHUHQFLDVGHSHUVRQDOLGDG
\HOLQGLYLGXR
&KDPRUUR3UHPX]LF 7 )XUQKDP $ $FNHUPDQ 3 E /D YDOLGH]
LQFUHPHQWDO GH WUDEDMR WtSLFR LQWHOHFWXDO FRPR IDFWRU GH SUHGLFFLyQ GH GLIHUHQWHV
PHGLGDV GH UHQGLPLHQWR DFDGpPLFR 'LDULR GH (YDOXDFLyQ GH OD 3HUVRQDOLGDG 223
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&KDPRUUR3UHPX]LF7\)XUQKDP$D/DDXWRHYDOXDFLyQGHLQWHOLJHQFLD
\UHQGLPLHQWRDFDGpPLFR3VLFRORJtDGHOD(GXFDFLyQ
&KDPRUUR3UHPX]LF 7 +DUODDU 1 *UHYHQ &8 \ 3ORPLQ 5 0iV TXH
LQWHOLJHQFLD 8Q DQiOLVLV ORQJLWXGLQDO GH OD SHUFHSFLyQ VXEMHWLYD KDELOLGDGHV FRPR
SUHGLFWRUHVGHOUHQGLPLHQWRDFDGpPLFRHQXQDPXHVWUDJUDQGHGH5HLQR8QLGR ORV
JHPHORVGH,QWHOLJHQFLD
&KDPRUUR3UHPX]LF 7 4XLURJD 0 $ \ &RORP 5 /D FDSDFLGDG
LQWHOHFWXDO \ UHQGLPLHQWR DFDGpPLFR 8Q HVWXGLR HVSDxRO GH DSUHQGL]DMH \ ODV
GLIHUHQFLDVLQGLYLGXDOHV
&KDSPDQ -: &RJQLWLYHPRWLYDWLRQDO FKDUDFWHULVWLFV DQG DFDGHPLF
DFKLHYHPHQW RI OHDUQLQJ GLVDEOHG FKLOGUHQ $ ORQJLWXGLQDO VWXG\ -RXUQDO RI
(GXFDWLRQDO3V\FKRORJ\
&KHULDQ 9, 3DUHQWDO DVSLUDWLRQ DQG DFDGHPLF DFKLHYHPHQW RI ;KRVD
&KLOGUHQ3V\FKRORJLFDO5HSRUWV
&KL 07+ %DVVRN 0 /HZLV 0 5HLPDQQ 3 \ *ODVHU 5 6HOI
H[SODQDWLRQV+RZVWXGHQWVVWXG\DQGXVHH[DPSOHVLQOHDUQLQJWRVROYHSUREOHPV
&RJQLWLYH6FLHQFH
&KLDUDGtD -$ 7XUQHU 0 /RV WUDVWRUQRV GHO DSUHQGL]DMH 0DQXDO GH
QHXURORJtDSVLFRORJtD\HGXFDFLyQSDUDPDHVWURV%XHQRV$LUHV3DLGyV
&KULVWHQVRQ 6 / 5RXQGV 7 \ *RUQH\ ' )DPLO\ IDFWRUV DQG VWXGHQW
DFKLHYHPHQW$QDYHQXHWRLQFUHDVHVWXGHQWVVXFFHVV6FKRRO3V\FKRORJ\4XDUWHUO\
&ROO&6LJQLILFDGR\VHQWLGRHQHODSUHQGL]DMHHVFRODU5HIOH[LRQHVHQWRUQR
DOFRQFHSWRDSUHQGL]DMHVLJQLILFDWLYR5HYLVWD,QIDQFLD\$SUHQGL]DMH
224
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&RORP 5 \ )ORUHV0HQGR]D &( ,QWHOOLJHQFH SUHGLFWV VFKRODVWLF
DFKLHYHPHQW LUUHVSHFWLYH RI 6(6 IDFWRUV (YLGHQFH IURP %UD]LO ,QWHOOLJHQFH &RQWUHUDV)(VSLQRVD-&(VJXHUUD*$+DLNDO$3RODLQD$\5RGUtJXH]
$ $XWRHILFDFLD DQVLHGDG \ UHQGLPLHQWR DFDGpPLFR HQ DGROHVFHQWHV
'LYHUVLWDV3HUVSHFWLYDVHQ3VLFRORJtD
&RRSHU + 6\QWKHVLV RI 5HVHDUFK RQ +RPHZRUN (GXFDWLRQDO /HDGHUVKLS
&RRSHU+ 7KHEDWWOHRYHUKRPHZRUN&RPPRQJURXQGIRUDGPLQLVWUDWRUV
WHDFKHUVDQGSDUHQWVQGHG7KRXVDQG2DNV&$6DJH3XEOLFDWLRQV
&RRSHU + \ 9DOHQWLQH - 8VLQJ UHVHDUFK WR DQVZHU SUDFWLFDO TXHVWLRQV
DERXWKRPHZRUN(GXFDWLRQDO3V\FKRORJLVW
&RUQR//RRNLQJDWKRPHZRUNGLIIHUHQWO\(OHPHQWDU\6FKRRO-RXUQDO
&RYDGRQJD5XL]GH0)DFWRUHVIDPLOLDUHVYLQFXODGRVDOEDMRUHQGLPLHQWR
5HYLVWD&RPSOXWHQVHGH(GXFDFLyQ
&RYLQJWRQ 09 *RDO WKHRU\ PRWLYDWLRQ DQG VFKRRO DFKLHYHPHQW $Q
LQWHJUDWLYHUHYLHZ$QQXDO5HYLHZRI3V\FKRORJ\
&UHHPHUV %30 \ 6FKHHUHQV , 'HYHORSPHQW LQ WKH HGXFDWLRQDO
HIIHFWLYHQHVV UHVHDUFK SURJUDP ,QWHUQDWLRQDO -RXUQDO RI (GXFDWLRQDO 5HVHDUFK &UXLFNVKDQN:13HUFHSWLRQDQGFHUHEUDOSDUDO\VLV 6\UDFXVH8QLYHUVLW\
3UHVV6\UDFXVH
225
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&UXLFNVKDQN:0(OQLxRFRQGDxRFHUHEUDOHQODHVFXHODHQHOKRJDU\HQ
ODFRPXQLGDG0p[LFR7ULOODV
'DQVHUHDX')/HDUQLQJVWUDWHJ\UHVHDUFK(Q6(*$/\RWURV 7ULQNLQJ
DQGOHDUQLQJVNLOOVYRO5HODWLQJLQVWUXFWLRQWRUHVHDUFKSS+LOOVGDOH
1-/($
'DULDV ( - 6RVD - *RQ]iOH] 3 6RVD -$\ *DUFtD 3 %DVHV
PHWRGROyJLFDV GH XQ HVWXGLR GH OD SDUWLFLSDFLyQ GH ORV SDGUHV HQ ORV FHQWURV
HGXFDWLYRV3VLFRWKHPD
'DULDV ( 6RVD -- *RQ]iOH] 3 6RVD -$ \ *DUFtD0HGLQD 3 9DOLGDFLyQGHODLPSOLFDFLyQGHORVSDGUHVHQODHGXFDFLyQIRUPDOGHVXVKLMRV¢(V
VXILFLHQWH FRQ SUHJXQWDU D XQR GH ORV SDGUHV SDUD GHWHUPLQDU HO JUDGR GH
LPSOLFDFLyQ IDPLOLDU" 3RVWHU SUHVHQWDGR D OD 9, &RQIHUHQFLD ,QWHUQDFLRQDO
(YDOXDFLyQ 3VLFROyJLFD )RUPDV \ &RQWH[WRV 6DODPDQFD 8QLYHUVLGDG GH
6DODPDQFD1RYLHPEUH&DUiFWHU,QWHUQDFLRQDO
'DZHV / 0HUFHU 1 \ :HJHULI 5 7KLQNLQJ WRJHWKHU D SURJUDPPH RI
DFWLYLWLHVIRUGHYHORSLQJVSHDNLQJOLVWHQLQJDQGWKLQNLQJVNLOOVIRUFKLOGUHQDJHG
%LUPLQJKDP,PDJLQDWLYH0LQGV/WG
'HDO 7 ( 7KH V\PEROLVP RI HIIHFWLYH VFKRROV 7KH (OHPHQWDU\ 6FKRRO
-RXUQDO
'HFDOV $ \ 5LYDV ) &DSDFLGDGHV LQWHOHFWXDOHV \ UHQGLPLHQWR HVFRODU GH
HVWXGLDQWHVGH6HFXQGDULD&RQVWDWDFLyQGHXQDOLPLWDGDUHODFLyQ 5HYLVWDJDOHJR
SRUWXJXHVD GH 3VLFROR[tD H (GXFDFLyQ 5HYLVWD GH HVWXGLRV H LQYHVWLJDFLyQ HQ
3VLFRORJtD\(GXFDFLyQ
'HILRU &LWROHU 6 /DV GLILFXOWDGHV GH DSUHQGL]DMH XQ HQIRTXH FRJQLWLYR
OHFWXUDHVFULWXUDPDWHPiWLFDV0DGULG$OMLEH
226
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
'H /D )XHQWH - -XVWLFLD ) $UFKLOOD , \ 6RWR $ )DFWRUHV
FRQGLFLRQDQWHV GH ODV HVWUDWHJLDV GH DSUHQGL]DMH \ GHO UHQGLPLHQWR DFDGpPLFR HQ
DOXPQRVXQLYHUVLWDULRVDWUDYpVGHODVHVFDODV$&5$ 5HYLVWDGH(GXFDFLyQGHOD
8QLYHUVLGDGGH*UDQDGD
'HOD2UGHQ$\*RQ]iOH]&9DULDEOHVTXHGLVFULPLQDQHQWUHDOXPQRVGH
EDMR \ PHGLRDOWR UHQGLPLHQWR DFDGpPLFR 5HYLVWD GH ,QYHVWLJDFLyQ (GXFDWLYD 'H OD 7RUUH & *RGR\ $ ,QIOXHQFLD GH ODV DWULEXFLRQHV FDXVDOHV GHO
SURIHVRUVREUHHOUHQGLPLHQWRGHORVDOXPQRV3VLFRWKHPD
'tD]%)\+HUQiQGH]5*(VWUDWHJLDVGRFHQWHVSDUDXQDSUHQGL]DMH
VLJQLILFDWLYR0p[LFR0F*UDZ+LOO
'tD]%DUULJD)\+HUQiQGH]* (VWUDWHJLDVGRFHQWHVSDUDXQDSUHQGL]DMH
VLJQLILFDWLYRXQDLQWHUSUHWDFLyQFRQVWUXFWLYLVWDµ(GLF0p[LFR0F*UDZ+LOO
'RPDQ*-'HODFDWR&\'RPDQ57KH'RPDQ'HODFDWR'HYHORSPHQWDO
3URILOH 3KLODGHOSKLD ,QVWLWXWH IRU WKH $FKLHYHPHQW RI +XPDQ 3RWHQFLDO
'RUQEXVFK605LWWHU3//HLGHUPDQ3+5REHUWV')DQG)UDOHLJK0-
7KH UHODWLRQ RI SDUHQWLQJ VW\OH WR DGROHVFHQW VFKRRO SHUIRUPDQFH &KLOG
'HYHORSPHQW
'XSH\UDW&\&0DULQp,PSOLFLWRILQWHOOLJHQFHJRDORULHQWDWLRQFRJQLWLYH
HQJDJHPHQW DQG DFKLHYHPHQW $ WHVW RI 'ZHFN·V PRGHO ZLWK UHWXUQLQJ WR VFKRRO
DGXOWV&RQWHPSRUDU\(GXFDWLRQDO3V\FKRORJ\
'ZHFN&60RWLYDWLRQDOSURFHVVDIHFWLQJOHDUQLQJ $PHULFDQ3V\FKRORJLVW
227
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
'\VRQ $ \ *DLQV & 6SHFLDO QHHGV DQG HIIHFWLYH OHDUQLQJ 7RZDUGV D
FROODERUDWLYH PRGHO IRUWKH \HDU (Q $'\VRQ \ & *DLQV (GV 5HWKLQNLQJ
6SHFLDO1HHGVLQ0DLQWUHDP6FKRROV7RZDUGVWKH\HDUSS/RQGRQ
(GPRQGV5(3URJUDPVRIVFKRROLPSURYHPHQW$QRYHUYLHZ(GXFDWLRQDO
/HDGHUVKLS
(OOLRW $ - $SSURDFK DQG DYRLGDQFH PRWLYDWLRQ DQG DFKLHYHPHQW JRDOV
(GXFDWLRQDO3V\FKRORJLVW
(OOLRW$-\&KXUFK0$$KLHUDUFKLFDOPRGHORIDSSURDFKDQGDYRLGDQFH
DFKLHYHPHQWPRWLYDWLRQ-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\
(OOLRWW (6 \ 'ZHFN &6 *RDOV $Q DSSURDFK WR PRWLYDWLRQ DQG
DFKLHYHPHQW-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\
(OOLRW $ - \ +DUDFNLHZLF -0 $SSURDFK DQG DYRLGDQFH DFKLHYHPHQW
JRDOVDQGLQWULQVLFPRWLYDWLRQ$PHGLDWLRQDODQDO\VLV -RXUQDORI3HUVRQDOLW\DQG
6RFLDO3V\FKRORJ\
(OOLRW $ - \ 0F*UHJRU + $ $ [ DFKLHYHPHQW JRDO IUDPHZRUN
-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\
(OOLRW $ - 0F*UHJRU + $ \ *DEOH 6 $FKLHYHPHQW JRDOV VWXG\
VWUDWHJLHVDQGH[DPSHUIRUPDQFH$PHGLDWLRQDODQDO\VLV -RXUQDORI(GXFDWLRQDO
3V\FKRORJ\
(ORV~D 0 5 \ *DUFtD ( (VWUDWHJLDVSDUD HQVHxDU \ DSUHQGHU DSHQVDU
0DGULG1DUFHD
(QWZLVWOH1-0RWLYDWLRQDOIDFWRUVLQVWXGHQWVDSSURDFKHVWROHDUQLQJ,Q
55 6FKPHFN (G /HDUQLQJ 6WUDWHJLHV DQG OHDUQLQJ VW\OHV 1HZ <RUN 3OHQXP
3UHVV
228
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(QWZLVOH'5\+D\GXN/$/DVWLQJHIIHFWVRIHOHPHQWDU\VFKRRO
6RFLRORJ\RI(GXFDWLRQ
(SVWHLQ-/3DUHQWV·UHDFWLRQVWRWHDFKHUSUDFWLFHVRISDUHQWLQYROYHPHQW
7KH(OHPHQWDU\6FKRRO-RXUQDO
(SVWHLQ - / \ 9DQ 9RRUKLV ) / 0RUH WKDQ PLQXWHV 7HDFKHUV· UROHV LQ
GHVLJQLQJKRPHZRUN(GXFDWLRQDO3V\FKRORJ\
(VFRUL]D 1LHWR - &RQRFLPLHQWR SVLFROyJLFR \ FRQFHSWXDOL]DFLyQ GH ODV
GLILFXOWDGHVGHDSUHQGL]DMH%DUFHORQD8QLYHUVLWDW%DUFHORQD
(WKLQJWRQ & $ SV\FKRORJLFDO PRGHO RI VWXGHQW SHUVLVWHQFH 5HVHDUFK LQ
+LJKHU(GXFDWLRQ
(YDQWKLD 1 3DWULNDNRX ,QYHVWLJDWLQJ WKH $FDGHPLF $FKLHYHPHQW RI
$GROHVFHQWV ZLWK /HDUQLQJ 'LVDELOLWLHV $ 6WUXFWXUDO 0RGHOLQJ $SSURDFK -RXUQDO
RI(GXFDWLRQDO3VLFKRORJ\
)DOLN / + )DPLO\ 3DWWHUQV RI 5HDFWLRQ WR D &KLOG ZLWK D /HDUQLQJ
'LVDELOLW\ $ 0HGLDWLRQDO 3HUVSHFWLYH -RXUQDO\ RI /HDUQLQJ 'LVDELOLWLHV )HKUPDQQ 3* .HLWK 7 = \ 5HLPHUV 70 +RPH LQIOXHQFH RQ VFKRRO
OHDUQLQJ'LUHFWDQGLQGLUHFWHIIHFWVRISDUHQWDOLQYROYHPHQWRQKLJKVFKRROJUDGHV
-RXUQDORI(GXFDWLRQDO5HVHDUFK
)HUUDQGL] & 3ULHWR 0 ' \ %DOOHVWHU 3 9DOLGH] \ ILDELOLGDG GH ORV
LQVWUXPHQWRV GH HYDOXDFLyQ GH ODV LQWHOLJHQFLDV P~OWLSOHV HQ ORV SULPHURV QLYHOHV
LQVWUXFFLRQDOHV3VLFRWKHPD
)LHO 0DUWtQH] $ 6LVWHPD SDUD OD GHWHFFLyQ SUHFR] GH SUREOHPDV HQ HO
DSUHQGL]DMH8QLYHUVLGDGGH3DOHUPR5HFXSHUDGRGHKWWSZZZSDOHUPRHGX
229
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
)LHUUR$ /DVQHFHVLGDGHVHGXFDWLYDVHVSHFLDOHVHQODUHIRUPDHGXFDWLYDHO
KRUL]RQWHGHOD6HFXQGDULD6LJOR&HUR
)UDQNV -- %UDQVIRUG -' \ $XEOH 3 7KH DFWLYDWLRQ DQGXWLOL]DWLRQ RI
NQRZOHGJH ,Q & 5 3XII (G+DQGERRN RI UHVHDUFK PHWKRGV LQ KXPDQ PHPRU\
DQGFRJQLWLRQSS1HZ<RUN$FDGHPLF3UHVV
)ULWK8'\VOH[LDFDQZHKDYHDVKDUHGWKHRUHWLFDOIUDPHZRUN"(GXFDWLRQDO
DQG&KLOG3V\FKRORJ\
)URVWLJ0 (GXFDWLRQIRU&KLOGUHQZLWK/HDUQLQJ'LVDELOLWLHV3URJUHVVLQ
/HDUQLQJGLVDELOLWLHV1HZ<RUN+0\NOHEXVW*UXQHDQG6WUDWWRQLQFHGLWLRQ
)XOFKHU*6WXGHQWVZLWKVSHFLDOQHHGVOHVVRQVIURPFRPSDULVRQV-RXUQDO
RI(GXFDWLRQ3ROLF\
)XOWRQ'(OHMDEHLWLD7DYHUD&\FROV/DFRPXQLGDGHVFRODU\ORVFHQWURV
GRFHQWHV(VWXGLRVREUHODSDUWLFLSDFLyQGHORVGLVWLQWRVHVWDPHQWRVHQODDFWLYLGDG
HGXFDWLYD0DGULG&,'(
)XQHV - (VWUDWHJLDV SDUD FRQVHJXLU HO p[LWR HQ OD HVFXHOD &XDGHUQRV GH
3HGDJRJtD
)XQHV-&ODYHVSDUDOHHUODDGROHVFHQFLD'HSUREOHPDDVXMHWRHGXFDWLYR
&XDGHUQRVGH3HGDJRJtD
)XUQKDP$\&KDPRUUR3UHPX]LF7/DSHUVRQDOLGDGODLQWHOLJHQFLD\HO
FRQRFLPLHQWRJHQHUDO'HDSUHQGL]DMH\ODVGLIHUHQFLDVLQGLYLGXDOHV
)XUQKDP$&KDPRUUR3UHPX]LF
7
\0F'RXJDOO)'HODSHUVRQDOLGDG
ODFDSDFLGDGFRJQLWLYD\ODVFUHHQFLDVDFHUFDGHODLQWHOLJHQFLDFRPRSUHGLFWRUHVGHO
UHQGLPLHQWRDFDGpPLFR'HDSUHQGL]DMH\ODVGLIHUHQFLDVLQGLYLGXDOHV
230
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
)XUQKDP$=KDQJ-\&KDPRUUR3UHPX]LF7/DUHODFLyQHQWUHHOORJUR
GH OD LQWHOLJHQFLD OD FUHDWLYLGDG OD SHUVRQDOLGDG \ DFDGpPLFD SVLFRPpWULFD \ OD
DXWRHVWLPD,PDJLQDFLyQ&RJQLFLyQ\3HUVRQDOLGDG
*DEHONR 1+ $JH DQG JHQGHU GLIIHUHQFHV LQ JOREDO DFDGHPLF VRFLDO VQG
DWOKHWLF VHOIFRQFHSWV LQ DFDGHPLFDOO\ WDOHQWHG VWXGHQWV 3DSHU SUHVHQWHG DW WKH
$QQXDO0HHWLQJRIWKH$PHULFDQ(GXFDWLRQDO5HVHDUFK$VVRFLDWLRQ&KLFDJR
*DOODJKHU -- 7HDFKLQJ DQG OHDUQLQJ 1HZ PRGHOV $QQXDO 5HYLHZ RI
3V\FKRORJ\
*DUDQWR - (GXFDFLyQ SDUD OD GLYHUVLGDG SHUVSHFWLYDV GH IXWXUR (Q *
&RPHV \ 0 *LVEHUW &RRUG /D QHFHVLGDG GH XQD HGXFDFLyQSDUD OD GLYHUVLGDG
SS7DUUDJRQD8QLYHUVLGDG5XYLUD\9LUJLOL
*DUDQWR - 0DWHR - \ 5RGUtJXH] 6 0RGHORV \ WpFQLFDV GH $QiOLVLV GHO
5HQGLPLHQWR$FDGpPLFR5HYLVWDGH(GXFDFLyQ
*DUFtD %HUEpQ $ % 'H OD )XHQWH $ULDV - -XVWLFLD -XVWLFLD ) 3LFKDUGR
0DUWtQH] 0& $QiOLVLV GHO DSUHQGL]DMH GHO SURIHVRUDGR HQ IRUPDFLyQ
¢SHUWHQHFHQVXVHQIRTXHV D XQ FRQWLQXR" 5HYLVWD,QWHUXQLYHUVLWDULDGH)RUPDFLyQ
GHO3URIHVRUDGR
*DUFtD(\GHOD3H]D55HODFLyQGHYDULDEOHVFRJQLWLYRHPRFLRQDOHVFRQ
HOUHQGLPLHQWRDFDGpPLFR$FWDVGHODVFRPXQLFDFLRQHVHQHO ,,&RQJUHVR+LVSDQR
3RUWXJXpVGH3VLFRORJtD
231
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
*DUFtD)HUQiQGH]-RVp0,QJOpV&iQGLGR-7RUUHJURVD0DUtD65XL](VWHEDQ
&HFLOLD 'tD]+HUUHUR ÉQJHOD 3pUH])HUQiQGH] (OHQD 0DUWtQH]0RQWHDJXGR
0DUtD&3URSLHGDGHVSVLFRPpWULFDVGHOD(VFDODGH$XWRHILFDFLD3HUFLELGD
(VSHFtILFDGH6LWXDFLRQHV$FDGpPLFDVHQXQDPXHVWUDGHHVWXGLDQWHVHVSDxROHVGH
(GXFDFLyQ6HFXQGDULD2EOLJDWRULD(XURSHDQ-RXUQDORI(GXFDWLRQDQG3V\FKRORJ\
*DUFtD)HUQiQGH] -0 7RUUHJURVD 06 ,QJOpV &- 5XL](VWHEDQ & 3DVWRU
<0DUWtQH]=DUDJR]D)(VSDGD-3\'HOJDGR% $QDO\VLVRIWKHVHOI
FRQFHSW GLPHQVLRQDOLW\LQD6SDQLVKVDPSOHRI6HFRQGDU\6FKRROVWXGHQWV7UDEDMR
SUHVHQWDGRHQOWK&RQJUHVVRI$SSOLHG3V\FKRORJ\-XOLR$WHQDV
*DUFtD*DUFtD('HOD3H]D&DVDUHV55HODFLyQGHYDULDEOHVFRJQLWLYR
PRWLYDFLRQDOHV FRQ HO UHQGLPLHQWR DFDGpPLFR ,EHUSVLFRORJtD 5HYLVWD (OHFWUyQLFD
GHOD)HGHUDFLyQ(VSDxRODGH$VRFLDFLyQGH3VLFRORJtD
*DUFtD/LQDUHV 0& \ 3HOHJULQD 6 &DUDFWHUtVWLFDV GH ORV SDGUHV \
DXWRFRQFHSWRGHORVDGROHVFHQWHV%ROHWtQGH3VLFRORJtD
*DUFtD0HGLQD 3 &XHVWLRQDULR GH DJUDGRGHVDJUDGRDMXVWH HQ OD
SHUFHSFLyQ\ODDFWLWXGKDFLDHOFHQWURHVFRODU´$'$&(µ $QiOLVLV\0RGLILFDFLyQ
GH&RQGXFWD
*DUFtD ) 0ROSHFHUHV 0$ 0XVLWX* $OODW 3 )RQWDLQH $ 0&DPSRV % \
$UDQJR* (YDOXDFLyQGHODVRFLDOL]DFLyQIDPLOLDU(Q*0XVLWX\3$OODW
(GV3VLFRORJtDGHODIDPLOLD9DOHQFLD$OEDWURV
*DUFtD ) - \ 0XVLWX * D 5HQGLPLHQWR DFDGpPLFR \ DXWRHVWLPD HQ HO
&LFOR6XSHULRUGH(*%5HYLVWDGH3VLFRORJtDGHOD(GXFDFLyQ
232
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
*DUFtD 06 *RQ]iOH]3LHQGD -$ 1~xH] - & *RQ]iOH]3XPDULHJD 6
ÉOYDUH]/5RFHV&&DEDQDFK5*\9DOOH$(O&XHVWLRQDULRGH0HWDV
$FDGpPLFDV &0$ 8Q LQVWUXPHQWR SDUD OD HYDOXDFLyQ GH OD RULHQWDFLyQ
PRWLYDFLRQDOGHORVDOXPQRVGH(GXFDFLyQ6HFXQGDULD$XOD$ELHUWD
*DUFtD 3DVWRU & 8QD HVFXHOD FRP~Q SDUD QLxRV GLIHUHQWHV %DUFHORQD
(8%
*DUFtD 7 \ 3LQWULFK 35 5HJXODWLQJ PRWLYDWLRQ DQG FRJQLWLRQ LQ WKH
FODVVURRP7KHUROHRI6HOIVFKHPDVDQG6HOIUHJXOWRU\VWUDWHJLHV(Q'+6FKXQN
\ %- =LPPHUPDQ (GV 6HOIUHJXODWLRQ RI OHDUQLQJ DQG SHUIRPDQFH ,VVXHV DQG
HGXFDWLRQDODSSOLFDWLRQV+LOOVGDOH1-(UOEDXP
*DUFtD 6iQFKH] -1 ,QWHUYHQFLyQ SVLFRSHGDJyJLFD HQ ORV WUDVWRUQRV GHO
GHVDUUROOR0DGULG3LUiPLGH
*DUFtD 6iQFKH] - 1 'LILFXOWDGHV GH DSUHQGL]DMH H LQWHUYHQFLyQ
SVLFRSHGDJyJLFD0DGULG$ULHO
*DUFtD 9LGDO - *RQ]iOH] 0DQMyQ ' 'LILFXOWDGHV GH DSUHQGL]DMH H
LQWHUYHQFLyQ SVLFRSHGDJyJLFD &RQFHSWR HYDOXDFLyQ \ WUDWDPLHQWR 0DGULG (26
YRO,
*DUGQHU + ,QWHOLJHQFLDV P~OWLSOHV /D WHRUtD HQ OD SUiFWLFD %DUFHORQD
3DLGyV
*DUGQHU 5 :KHQ &KLOGUHQ DQG $GXOWV GR QRW XVH OHDUQLQJ VWUDWHJLHV
7RZDUGDWKHRU\RIVHWWLQJV5HYLHZRI(GXFDWLRQDO5HVHDUFK
*DUJDOOR / (VWUDWHJLDV GH $SUHQGL]DMH 3URSXHVWDV SDUD OD ,QWHUYHQFLyQ
(GXFDWLYD7HRUtDGHOD(GXFDFLyQ5HYLVWD,QWHUXQLYHUVLWDULD
*DUQHU 5 \ $OH[DQGHU 3 0HWDFRJQLWLRQ $QVZHUHG DQG XQDQVZHUHG
TXHVWLRQV(GXFDWLRQDO3V\FKRORJLVW²
233
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
*HQRYDUG & /DV HVWUDWHJLDV GH DSUHQGL]DMH GHVGH OD SHUVSHFWLYD GH OD
3VLFRORJtD GH OD ,QVWUXFFLyQ (Q & 0RQHUHR FRPSLO (QVHxDU D DSUHQGHU \ D
SHQVDUHQODHVFXHOD3RQHQFLDVGHODV,-RUQDGDVGHHVWXGLRVVREUHHVWUDWHJLDVGH
DSUHQGL]DMH0DGULG,QIDQFLD\$SUHQGL]DMH
*LPHQR 6DFULVWiQ - $XWRFRQFHSWR VRFLDELOLGDG \ UHQGLPLHQWR HVFRODU
0DGULG6HUYLFLRGH3XEOLFDFLRQHVGHO0(&
*yPH] 'DFDO 5DVJRV GHO DOXPQR HILFLHQFLD GRFHQWH \ p[LWR HVFRODU
0DGULG/D0XUDOOD
*RQ]iOH] 5 (W DO (O DSUHQGL]DMH FRPR SURFHVR FRJQLWLYR \ PRWLYDFLRQDO
&RQJUHVR1DFLRQDOVREUH0RWLYDFLyQH,QVWUXFFLyQ$FWDVSS
*RQ]iOH] 5 HW DO 9DULDEOHV FRJQLWLYRPRWLYDFLRQDOHV \ DSUHQGL]DMH
&RQJUHVR1DFLRQDOVREUH0RWLYDFLyQH,QVWUXFFLyQ$FWDVSS
*RQ]iOH]3LHQGD -$ 1~xH] 3pUH] -& 'LILFXOWDGHV GHO DSUHQGL]DMH
HVFRODU0DGULG3LUiPLGH3VLFRORJtD
*RQ]iOH]3LHQGD -$ \ 1~xH] -& /D LPSOLFDFLyQ GH ORV SDGUHV \ VX
LQFLGHQFLDHQHOUHQGLPLHQWRGHORVKLMRV 5HYLVWDGH3VLFRORJtD\(GXFDFLyQ
*RQ]iOH]3LHQGD-$1~xH]-&ÉOYDUH]/5RFHV&*RQ]iOH]3XPDULHJD6
*RQ]iOH] 3 0XxL] 5 9DOOH $ &DEDQDFK 5 5RGUtJXH] 6 \ %HUQDUGR $
$GDSWDELOLGDG \ FRKHVLyQ IDPLOLDU LPSOLFDFLyQ SDUHQWDO HQ FRQGXFWDV
DXWRUUHJXODWRULDV DXWRFRQFHSWR GHO HVWXGLDQWH \ UHQGLPLHQWR DFDGpPLFR
3VLFRWKHPD
*RQ]iOH]3LHQGD-$\1~xH]-&&RQWH[WRIDPLOLDUSURFHVRVFRJQLWLYR
PRWLYDFLRQDOHV \ UHQGLPLHQWR DFDGpPLFR ,9 &RQJUHVR GH 3VLFRORJtD ,1)$'
%XUJRV
234
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
*RQ]iOH]3LHQGD -$ 1~xH] -& \ *RQ]iOH]3XPDULHJD 6 0RWLYDFLyQ
LQWUtQVHFD YHUVXV H[WUtQVHFD HQ QLxRV FRQ \ VLQ GLILFXOWDGHV SDUD HO DSUHQGL]DMH
HVFRODU0DJtVWHU
*RQ]iOH]3LHQGD-$1~xH]-&*RQ]iOH]3XPDULHJD6ÉOYDUH]/5RFHV&
*DUFtD0*RQ]iOH]3&DEDQDFK5*9DOOH$$XWRFRQFHSWRSURFHVRGH
DWULEXFLyQ FDXVDO \ PHWDV DFDGpPLFDV HQ QLxRV FRQ \ VLQ GLILFXOWDGHV GH
DSUHQGL]DMH3VLFRWKHPD
*RQ]iOH]3LHQGD -$ 1~xH] -& *RQ]iOH]3XPDULHJD 6 \ *DUFtD 0 $XWRFRQFHSWRDXWRHVWLPD\DSUHQGL]DMHHVFRODU3VLFRWKHPD
*RQ]iOH]3LHQGD -$ 1~xH] -& *RQ]iOH]3XPDULHJD 6 \ *DUFtD 0 $XWRFRQFHSWRDXWRHVWLPD\DSUHQGL]DMHHVFRODU3VLFRWKHPD
*RQ]iOH]3LHQGD-$1~xH]-&*RQ]iOH]3XPDULHJD6ÉOYDUH]/5RFHV&
\ *DUFtD 0 D $ VWUXFWXUDO HTXDWLRQ PRGHO RI SDUHQWDO LQYROYHPHQW
PRWLYDWLRQDO DQG DSWLWXGLQDO FKDUDFWHULVWLFV DQG DFDGHPLF DFKLHYHPHQW 7KH
-RXUQDORI([SHULPHQWDO(GXFDWLRQ
*RQ]iOH]3LHQGD-$1~xH]-&ÉOYDUH]/*RQ]iOH]3XPDULHJD65RFHV&
*RQ]iOH] 3 0XxL] 5 \ %HUQDUGR $ E ,QGXFFLyQ SDUHQWDO D OD
DXWRUUHJXODFLyQDXWRFRQFHSWR\UHQGLPLHQWRDFDGpPLFR3VLFRWKHPD
*RQ]iOH] 0& \ 7RXUyQ - $XWRFRQFHSWR \ UHQGLPLHQWR DFDGpPLFR 6XV
LPSOLFDFLRQHVHQODPRWLYDFLyQ\HQODDXWRUUHJXODFLyQGHODSUHQGL]DMH3DPSORQD
(816$
*RQ]iOH] 5 9DOOH $ 3LxHLUR , 5RGUtJXH]61~xH] -&(O DMXVWH GH
ORV HVWXGLDQWHV FRQ P~OWLSOHV PHWDV D YDULDEOHV VLJQLILFDWLYDV GHO FRQWH[WR
DFDGpPLFR3VLFRWKHPD
235
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
*RRG 7 \ %URSK\ - ( 0RWLYDFLyQ (Q *RRG 7 \ %URSK\ ( 3VLFRORJtD
(GXFDFLRQDO0p[LFR,QWHUDPHULFDQD
*RWWIULHG $ ( )OHPLQJ - 6 \ *RWWIULHG $ : &RQWLQXLW\ RI DFDGHPLF
LQWULQVLFPRWLYDWLRQIURPFKLOGKRRGWKURXJKODWHDGROHVFHQFH$ORQJLWXGLQDOVWXG\
-RXUQDORI(GXFDWLRQDO3V\FKRORJ\²
*UDKDP 6 \ *RODQ 6 0RWLYDWLRQDO LQIOXHQFHV RQ FRJQLWLRQ 7DVN
LQYROYHPHQW HJR LQYROYHPHQW DQG GHSWK RI LQIRPDWLRQ SURFHVVLQJ -RXUQDO RI
(GXFDWLRQDO3V\FKRORJ\
*UHHQH %$ \ 0LOOHU 5% ,QIOXHQFHV RQ DFKLHYHPHQW JRDOV SHUFHLYHG
DELOLW\DQGFRJQLWLYHHQJDJJHPHQW &RQWHPSRUDQ\(GXFDWLRQDO3\FKRORJ\ *UHVKDP)0\5HVFKO\'6RFLDOVNLOOVDQGSHHUDFFHSWDQFHGLIIHUHQFHV
EHWZHHQ OHDUQLQJ GLVDEOHG DQG QRQJKDQGLFDSSHG VWXGHQWV /HDUQLQJ 'LVDELOLW\
4XDUWHUO\
*UROQLFN:6\5\DQ503DUHQWVW\OHVDVVRFLDWHGZLWKFKLOGUHQVVHOI
UHJXODWLRQ DQG FRPSHWHQFH LQ VFKRRO -RXUQDORI (GXFDWLRQDO 3V\FKRORJ\ *UROQLFN :HQG\ 6 %HQMHW & .XURZVNL & 2 \ $SRVWROHULV 1 3UHGLFWRUV RI SDUHQW LQYROYHPHQW LQ FKLOGUHQ
V VFKRROLQJ -RXUQDO RI (GXFDWLRQDO
3V\FKRORJ\
*URWHYDQW + ' \ &RRSHU & 5 3DWWHUQV RI LQWHUDFWLRQ LQ IDPLO\
UHODWLRQVKLSV DQG WKH GHYHORSPHQW RI LGHQWLW\ H[SORUDWLRQ LQ DGROHVFHQFH &KLOG
'HYHORSPHQW
236
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
*XD\ ) 0DUVK +: \ %RLYLQ 0 $FDGHPLF VHOIFRQFHSW DQG DFDGHPLF
DFKLHYHPHQW GHYHORSPHQWDO SHUVSHFWLYHV RQ WKHLU FDXVDO RUGHULQJ -RXUQDO RI
(GXFDWLRQDO3V\FKRORJ\
*XWLpUUH]0 1LYHOHVGHGLVFLSOLQDIDPLOLDDXWRHVWLPD\YDORUHVHVFRODUHV
7HVLV'RFWRUDO9DOHQFLD8QLYHUVLGDGGH9DOHQFLD
*XWLpUUH] 0 \ &OHPHQWH $ (VWLORV GH GLVFLSOLQD IDPLOLDU \ DGDSWDFLyQ
HVFRODUEDVHVSDUDXQDLQWHUYHQFLyQHGXFDWLYD(Q$&OHPHQWH&DUULyQ'LU
%DVHVSDUDODLQWHUYHQFLyQSVLFRSHGDJyJLFDHQODSUiFWLFDGHOD3VLFRORJtDHVFRODU
9DOHQFLD *HQHUDOLWDW 9DOHQFLDQD &RQVHOOHULD G(GXFDFLy L &LHQFLD 'LUHFFLy
*HQHUDO G2UGHQDFLy L ,QQRYDFLy (GXFDWLYD 6HUYHL G2UGHQDFLy $FDGpPLFD *XWLpUUH]6DOGDxD 3 &DPDFKR 1 \ 0DUWtQH] 0 $XWRHVWLPD
IXQFLRQDOLGDG IDPLOLDU \ UHQGLPLHQWR HVFRODU HQ DGROHVFHQWHV $WHQFLyQ SULPDULD
3XEOLFDFLyQRILFLDOGHOD6RFLHGDG(VSDxRODGH)DPLOLD\&RPXQLWDULD
+DJHQ$6\:HLQVWHLQ&( $FKLHYHPHQWJRDOVVHOIUHJXODWHGOHDUQLQJ
DQG WKH UROH RI FODVVURRP FRQWH[W (Q 3 5 3LQWULFK (G 8QGHUVWDQGLQJ VHOI
UHJXODWHGOHDUQLQJ6DQ)UDQFLVFR-RVVH\%DVV3XE
+DLU-)$QGHUVRQ5(7DWKDP5/%ODFN:$QiOLVLVPXOWLYDULDQWHFDSW
SS8QLYHUVLGDGGH$OLFDQWH3HDUVRQ3UHQWLFH+DOO
+DPPLOO''2Q'HILQLQJ/HDUQLQJ'LVDELOLWLHV$Q(PHUJLQJ&RQVHQVXV
-RXUQDORI/HDUQLQJ'LVDELOLWLHV
+DQNR * /DV QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV HQ ODV DXODV RUGLQDULDV
3URIHVRUHVGHDSR\R%DUFHORQD3DLGyV
237
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
+DUW6'LIHUHQWLDWLRQ:D\IRUZDUGRUUHWUHDW" %ULWLVK-RXUQDO R 6SHFLDO
(GXFDWLRQ
+DUWHU 6 &RPSHWHQFH DV D GLPHQVLRQ RI VHOIHYDOXDWLRQ 7RZDUG D
FRPSUHKHQVLYH PRGHO RI VHOIZRUWK (Q 5 /HDK\ (G 7KH GHYHORSPHQW QRI WKH
VHOI6DQ'LHJR&$$FDGHPLF3UHVV
+DUWHU6\&RQQHOO5 $PRGHORIFKLOGUHQ·VDFKLHYHPHQWDQGUHODWHGVHOI
SHUFHSWLRQVRIFRPSHWHQFHFRQWURODQGPRWLYDWLRQDORULHQWDWLRQ(Q-*1LFKROOV
(G $GYDQFHV LQ PRWLYDWLRQ DQG DFKLHYHPHQW YRO SS 1HZ <RUN
-$,3UHVV
+D\DPL]X7\:HLQHU%$WHVWRI'ZHFNVPRGHORIDFKLHYHPHQWJRDOVDV
UHODWHGWRSHUFHSWLRQVRIDELOLW\-RXUQDORI([SHULPHQWDO(GXFDWLRQ
+D\DPL]X 7 ,WR $ \ <RVKLD]DNL . &RJQLWLYH PRWLYDWLRQDO SURFHVHV
PHGLDWHG E\ DFKLHYHPHQW JRDO WHQGHQFLHV -DSDQHVH 3V\FKRORJLFDO 5HVHDUFK +HUEHUW / 3HWUL - 0 *RYHUP 0RWLYDFLyQ WHRUtD LQYHVWLJDFLyQ \
DSOLFDFLRQHV0p[LFR7KRPVRQ
+HUQiQGH]3UDGRV0$/ySH]/RUFD+$QiOLVLVGHOHQIRTXHDFWXDOGH
ODFRRSHUDFLyQSDGUHV\HVFXHODV$XOD$ELHUWD
+HUUHUD 0( 1LHWR 6 5RGUtJXH] 0- \ 6iQFKH] 0& )DFWRUHV
,PSOLFDGRV (Q HO 5HQGLPLHQWR $FDGpPLFR GH ORV DOXPQRV 8QLYHUVLGDG 'H
6DODPDQFD5HYLVWD'H,QYHVWLJDFLyQ(GXFDWLYD
+HUUHUD ) 5DPtUH] 0, 5RD -0 \ +HUUHUD , 7UDWDPLHQWRV GH ODV
FUHHQFLDV PRWLYDFLRQDOHV HQ FRQWH[WRV HGXFDWLYRV SOXULFXOWXUDOHV 5HYLVWD
,EHURDPHULFDQDGH(GXFDFLyQKWWSZZZULHRHLRUJLQYHVWLJDFLRQ+HUUHUD
238
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
+HUUHUD ) 5DPtUH] 0, 5RD -0 \ +HUUHUD , 7UDWDPLHQWRV GH ODV
FUHHQFLDV PRWLYDFLRQDOHV HQ FRQWH[WRV HGXFDWLYRV SOXULFXOWXUDOHV 5HYLVWD
,EHURDPHULFDQD
GH
(GXFDFLyQ
UHFXSHUDGR
HQ
KWWSZZZULHRHLRUJLQYHVWLJDFLRQ+HUUHUD
+HUUHUR-0XVLWX**DUFtD)\*RPLV0-/DVSUiFWLFDVHGXFDWLYDV
GH ORV SDGUHV HQ OD DGROHVFHQFLD $FWDVGHO ,,, &RQJUHVR1DFLRQDOGHOD3VLFRORJtD
VRFLDO
+HVV5'\+ROORZD\6')DPLO\DQGVFKRRODVHGXFDWLRQDOLQVWLWXWLRQV
,Q 5' 3DUNH 50 (PGH +3 0F$GRR \ *3 6DFNHWW (GV 5HYLHZLQJ FKLOG
GHYHORSPHQW UHVHDUFK 9RO 7KH IDPLO\ SS &KLFDJR 8QLYHUVLW\ RI
&KLFDJR3UHVV
+H\PDQ*'\'ZHFN&6$FKLHYHPHQW*RDOV$QG,QWULQVHF0RWLYDWLRQ
7KHLU5HODWLRQ$QG7KHLU5ROH,Q$GDSWDWLYH0RWLYDWLRQ0RWLYDWLRQ$QG(PRWLRQ
+LQVKHOZRRG - )RXU FDVHV RI FRQJHQLWDO ZRUGEOLQGQHVV RFFXUULQJ LQ WKH
VDPH IDPLO\ %ULWLVK 0HGLFDO -RXUQDO FLWHG LQ &ROHV 7KH /HDUQLQJ
0\VWLTXH
+RIPHLVWHU $ 0 \ *DOOHU\ 0( 3DUHQWDO LQYROYHPHQW LQ VSHFLDO
HGXFDWLRQ5LJKWVDQGUHVSRQVLELOLWLHV5HSRUW1R$&KLFDJR1DWLRQDO(DVWHU
6HDO6RFLHW\IRU&ULSSOHG&KLOGUHQDQG$GXOWV
+ROORZD\ 6XVDQ ' 6X]XNL 6DZDNR <DPDPRWR <RNR \ %HKUHQV .D]XNR
$XWRHILFDFLD GH ODV PDGUHV MDSRQHVDV 5HYLVWD GH (VWXGLRV GH OD )DPLOLD
FRPSDUDWLYRV
+ROORZD\ 6XVDQ ' 6X]XNL 6DZDNR <DPDPRWR <RNR \ 0LQGQLFK -HVVLFD '
5HODFLyQGHFRQFHSWRVGHUROPDWHUQRGHORVSDGUHVODVRSFLRQHVGHHPSOHR
\ OD VDWLVIDFFLyQ FRQ OD YLGD GH ODV PXMHUHV MDSRQHVDV 6H[ 5ROHV 8QD UHYLVWD GH
LQYHVWLJDFLyQ
239
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
+ROW-$SSOLHGIDFWRUDQDO\VLV1HZ<RUN$FDGHPLF3UHVV
+RQJ(\0LOJUDP50+RPHZRUN0RWLYDWLRQDQGOHDUQLQJSUHIHUHQFH
:HVWSRUW&7%HUJLQ\*DUYH\
-RKVRQ ': 6WXGHQWVWXGHQW LQWHUDFWLRQ WKH QHJOHFWHG YDULDEOH LQ
HGXFDWLRQ(GXFDWLRQDO5HVHDUFKHU
-XVWLFLD ) 0HWDFRJQLFLyQ < &XUUtFXOXP (Q - %HOWUiQ < & *HQRYDUG
(GV 3VLFRORJtDGHODLQVWUXFFLyQ,9DULDEOHV\SURFHVRVEiVLFRV0DGULG
6tQWHVLV
.DSODQ'6/LX;\.DSODQ+%,QIOXHQFHRISDUHQWVVHOIIHHOLQJVDQG
H[SHFWDWLRQVRQFKLOGUHQVDFDGHPLFSHUIRUPDQFH-RXUQDORI(GXFDWLRQDO5HVHDUFK
.DSODQ $ \ 0LGJOH\ & *RDO RULHQWDWLRQ FRSLQJ VWUDWHJLHV DQG ZHOO
EHLQJ$/,65(/PRGHO0DQXVFULSWLQSUHSDUDWLRQ
.DYDOH.$0DWKXU65)RUQHVV655XWKHUIRUG5%-U\4XLQQ00
(IIHFWLYHQHVVRI VRFLDOVNLOOV WUDLQLQJIRUVWXGHQWV ZLWK EHKDYLRU GLVRUGHUV
$PHWDDQDO\VLV,Q7(6FUXJJV\0$0DVWURSLHUL(GV $GYDQFHVLQOHDUQLQJ
DQGEHKDYLRUDOGLVDELOLWLHV9ROSS*UHHQZLFK&1-$,
.D\ 3 - )LW]JHUDOG 0 3DUDGHH & \ 0HOOHQFDPS $ 0DNLQJ +RPH
ZRUN:RUNDW+RPH7KHSDUHQWVSHUVSHFWLYH-RXUQDORI/HDUQLQJ'LVDELOLWLHV
.HLWK7=.HLWK3%4XLULN./6SHUGXWR-6DQWLOOR6\.LOOLQJV6
/RQJLWXGLQDO HIIHFWV RI SDUHQWDO LQYROYHPHQW RQ KLJK VFKRRO JUDGHV 6LPLODULWLHV
DQG GLIIHUHQFHV DFURVVJHQGHU DQG HWKQLFLW\ JURXSV -RXUQDORI6FKRRO3V\FKRORJ\
240
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
.HSKDUW 1 7KH %UDLQ LQMXUHG &KLOG LQ WKH FODVVURRP EHKDYLRXU (G
3UHQWLFH+DOO(QJOHZRRG&OLIIV
.LP . \ 5RKQHU 5 3 3DUHQWDO ZDUPWK FRQWURO DQG LQYROYHPHQW LQ
VFKRROLQJ-RXUQDORI&URVV&XOWXUDO3V\FKRORJ\
.LUN6$(GXFDWLQJ([FHSWLRQDO&KLOGUHQ%RVWRQ+RXJKWRQ0LIIOLQ
.LUN 6 \ *DOODJKHU -- (GXFDWLQJ ([FHSFLRQDO &KLOGUHQ %RVWRQ 0 $
+RXJKWRQ0LIIOLQ&RPSDQ\
.OHYDQRY 3 . \ %URRNV*XQQ - OPSDFW RI PDWHUQDO DWWLWXGHV JLULV
DGMXVWPHQW DQG FRJQLWLYH VNLOOV XSRQ DFDGHPLF SHUIRUPDQFH LQ PLGGOH DQG KLJK
VFKRRO-RXUQDORI5HVHDUFKRQ$GROHVFHQFH
.ORRPRN 6 \ &RVGHQ 0 6HOIFRQFHSW LQ FKLOGUHQ ZLWK OHDUQLQJ
GLVDELOLWLHV 7KH UHODWLRQVKLS EHWZHHQ JOREDO VHOIFRQFHSW DFDGHPLF ©GLVFRXQWLQJª
QRQDFDGHPLF VHOIFRQFHSW DQG SHUFHLYHG VRFLDO VXSSRUW /HDUQLQJ 'LVDELOLW\
4XDUWHUO\
.RSSLW] ( 0 1LxRV FRQ GLILFXOWDGHV HQ HO DSUHQGL]DMH %XHQRV $LUHV
*XDGDOXSH
.RYDFV 0 7KH LQWHUYLHZ VFKHGXOH IRU FKLOGUHQ ,6& )RUP & DQG WKH
IROORZXS IRUP 8QSXEOLVKHG PDQXVFULSW 3LWWEXUJK 8QLYHUVLW\ RI 3LWWVEXUJK
:HVWHUQ3V\FKLDWULF,QVWLWXWH
.XKO - $ IXQFWLRQDOGHVLJQ DSSURDFK WR PRWLYDWLRQ DQG VHOIUHJXODWLRQ
7KH G\QDPLFV RI SHUVRQDOLW\ V\VWHP DQG LQWHUDFWLRQV (Q 0 %RHNDHUWV 35
3LQWULFK \ 0 =HLGQHU +DQGERRN RI VHOIUHJXODWLRQ 6DQ 'LHJR $FDGHPLF
3UHVV
241
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
.XKO - 9ROLWLRQDO PHGLDWRUV RI FRJQLWLRQEHKDYLRU FRQVLVWHQF\ 6HOI
UHJXODWRU\SURFHVVHVDQGDFWLRQYHUVXVVWDWHRULHQWDWLRQ(Q-.XKO\-%HFNPDQQ
(GV $FWLRQ FRQWURO )URP FRJQLWLRQ WR EHKDYLRU SS :HVW %HUOLQ
6SULQJHU9HUODJ
/HyQ33HOOLFHU&-RUQDGDGH&DOLGDGHGXFDWLYD /DVLQWHOLJHQFLDVP~OWLSOHVHQ
OD PHMRUD GHO UHQGLPLHQWR HVFRODU &RQVHOOHULD G(GXFDFLy )RUPDFLy L 2FXSDFLy
9DOHQFLDGHRFWXEUHGH
/HRQGDUL $ \ *LDODPDV 9 ,PSOLFLW WKHRULHV JRDO RULHQWDWLRQV DQG
SHUFHLYHG FRPSHWHQFH LPSDFW RQ VWXGHQWV DFKLHYHPHQW EHKDYLRU 3V\FKRORJ\ LQ
WKH6FKRROV
/HYLQH 3 \ (GJDU ( $Q $QDO\VLV E\ *HQGHU RI /RQJ7HUP 3RVWVFKRRO
2XWFRPHVIRU<RXWK ZLWK DQGZLWKRXW'LVDELOLWLHV ([FHSWLRQDO&KLOGUHQ /LQQH\ - $ \ 9HUQEHUJ ( &KDQJLQJ SDWWHUQV RI SDUHQWDO HPSOR\PHQW
DQGWKHIDPLO\VFKRROUHODWLRQVKLS,Q&'+D\HV\.DPHUPDQ6(GV&KLOGUHQ
RI ZRUNLQJ SDUHQWV ([SHULHQFHV DQG RXWFRPHV SS ² :DVKLQJWRQ '&
1DWLRQDO$FDGHP\3UHVV
/LWFKW %* \ .LVWQHU - $ 0RWLYDWLRQDOSUREOHPVRIOHDUQLQJGLVDEOHG
FKLOGUHQ,QGLYLGXDOGLIIHUHQFHVDQGWKHLULPSOLFDWLRQVIRUWUHDWPHQW(Q7RUJHVHQ
\ :RQJ (GV 3V\FKRHGXFDWLRQDO DQG HGXFDWLRQDO SHUVSHFWLYHV RQ OHDUQLQJ
GLVDELOLWLHVSS2UODQGR$FDGHPLF3UHVV
/RFKPDQ-(\/DPSURQ/%6LWXDWLRQDOSUREOHPDVROYLQJVNLOOVDQG
VHOIVHVWHHP RI DJJUHVVLYH DQG QRQDJJUHVVLYH ER\V -RXUQDO RI $EQRUPDO &KLOG
3V\FKRORJ\
/2(/H\2UJiQLFDGHPD\RGH(GXFDFLyQ
242
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/ySH] /DUURVD 6 (O )$&(6 ,, HQ OD HYDOXDFLyQ GH OD FRKHVLyQ \ OD
DGDSWDELOLGDGIDPLOLDU3VLFRWKHPD
/ySH] 0DUWtQH] - ,QYHVWLJDFLyQ VREUH IUDFDVR HVFRODU HQ OD IRUPDFLyQ
SURIHVLRQDO GH ORV FHQWURV GH OD &RPXQLGDG $XWyQRPD GH 0DGULG 5HYLVWD GH
(GXFDFLyQ
/R]DQR / /R]DQR /0 1~xH] -& *RQ]iOH]3LHQGD $ \ ÉOYDUH] / (VWUDWHJLDV GH DSUHQGL]DMH JpQHUR \ UHQGLPLHQWR DFDGpPLFR 5HYLVWD JDOHJR
SRUWXJXHVD
/\\WLQHQ 3 5DVNX3XWWRQHQ + $KRQHQ 7 3RLNNHXV $0 \ /DDNVR 0/
7DVN UHODWHG YDULDWLRQ LQ FRPPXQLFDWLRQ RI PRWKHUV DQG WKHLU VRQV ZLWK
OHDUQLQJ GLVDELOLW\ (XURSHDQ -RXUQDO RI 3V\FKRORJ\ RI (GXFDWLRQ ; ²
0DFFRE\ (( \ 0DUWtQ - $ 6RFLDOL]DWLRQ LQ WKH FRQWH[W RI WKH IDPLO\
3DUHQWFKLOGLQWHUDFWLRQ,Q3+0XVVHQ(G +DQGERRNRIFKLOGSV\FKRORJ\ 1HZ<RUN:LOH\
0DHKU 0 / \ 0LGJOH\ & (QKDQFLQJ VWXGHQW PRWLYDWLRQ D VFKRROZLGH
DSSURDFK(GXFDWLRQDO3V\FRORJLVW\
0DQDVVHUR0$\9i]TXH]$/DDWULEXFLyQFDXVDOFRPRGHWHUPLQDQWHGH
ODVH[SHFWDWLYDV3VLFRWKHPD
0DUFKHVL$&ROO&3DODFLRV- 'HVDUUROORSVLFROyJLFR\HGXFDFLyQ9RO
7UDVWRUQRVGHOGHVDUUROOR\QHFHVLGDGHVHGXFDWLYDVHVSHFLDOHV0DGULG$OLDQ]D
0DUFKHVL $ \ 0DUWLQ ( 'HO OHQJXDMH GHO WUDVWRUQR D ODV QHFHVLGDGHV
HGXFDWLYDV HVSHFLDOHV (Q $ 0DUFKHVL & &ROO \ 3DODFLRV &RPSV 'HVDUUROOR
SVLFROyJLFR \ HGXFDFLyQ --, 1HFHVLGDGHV HGXFDWLYDV HVSHFLDOHV \ DSUHQGL]DMH
HVFRODUSS0DGULG$OLDQ]D
243
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
0DUMRULEDQNV . 3HUFHSWLRQV RI IDPLO\ HQYLURQPHQWV HGXFDWLRQDO DQG
RFFXSDWLRQDO RXWFRPHV 6RFLDOVWDWXV GLIIHUHQFHV 3HUFHSWXDO DQG 0RWRU 6NLOOV 0DUVK+:5HODWLRQVKLSDPRQJGLPHQVLRQVRIVHOIDWWULEXWLRQGLPHQVLRQV
RIVHOIFRQFHSWDQGDFDGHPLFDFKLHYHPHQWV-RXUQDORI(GXFDWLRQDO3V\FKRORJ\
0DUWtQH] 5$ \ $OYDUH] / )UDFDVR \ DEDQGRQR HVFRODU HQ (GXFDFLyQ
6HFXQGDULD 2EOLJDWRULD LPSOLFDFLyQ GH OD IDPLOLD \ ORV FHQWURV HVFRODUHV $XOD
$ELHUWD
0DUWtQH] *RQ]iOH] 5 $ &OLPD DIHFWLYR \ UHQGLPLHQWR HVFRODU $XOD
$ELHUWD
0DUWtQH] *RQ]iOH] 5 $ )DPLOLD \ HGXFDFLyQ IRUPDO ,PSOLFDFLyQ GH OD
IDPLOLD HQ HO SURFHVR GH HQVHxDQ]DDSUHQGL]DMH 7HVLV 'RFWRUDO 8QLYHUVLGDG GH
2YLHGR
0DUWtQH]*RQ]iOH]5$)DFWRUHVIDPLOLDUHVTXHLQWHUYLHQHQHQHOSURJUHVR
DFDGpPLFRGHORVDOXPQRV$XOD$ELHUWD
0DUWtQH] *RQ]iOH] 5 ,QVWUXPHQWRV GH UHFRJLGD GH LQIRUPDFLyQ SDUD
DQDOL]DUODLPSOLFDFLyQGHODIDPLOLDHQODHGXFDFLyQIRUPDO5HYLVWDGH2ULHQWDFLyQ
(GXFDWLYD\9RFDFLRQDO9,
0DUWtQH]2WHUR 9 )DFWRUHV GHWHUPLQDQWHV GHO UHQGLPLHQWR DFDGpPLFR HQ
(QVHxDQ]D0HGLD3VLFRORJtD(GXFDWLYD
0DUWtQH]2WHUR 3pUH] 9 /RV DGROHVFHQWHV DQWH HO HVWXGLR FDXVDV \
FRQVHFXHQFLDVGHOUHQGLPLHQWRDFDGpPLFR0DGULG)XQGDPHQWRV
244
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
0DUWtQH]3DPSOLHJD$)DPLO\DGDSWDELOLW\DQGFRKHVLRQHYDOXDWLRQVFDOH
)$&(6GHVDUUROORGHXQDYHUVLyQHVSDxRODGHtWHPVHQHVSDxRO,QWHUQDWLRQDO
-RXUQDORI&OLQLFDODQG+HDOWK3V\FKRORJ\
0DUWtQH]3RQV07HVWRIDPRGHORISDUHQWDOLQGXFHPHQWRIDFDGHPLFVHOI
UHJXODWLRQ7KH-RXUQDORI([SHULPHQWDO(GXFDWLRQ
0DUWRQ )\ 6lOM| 5 D 2Q TXDOLWDWLYHGLIIHUHQFHVLQOHDUQLQJ , 2XWFRPH
DQGSURFHVV%ULWLVK-RXUQDORI(GXFDWLRQDO3V\FKRORJ\
0DVVHWWL *0 /DKH\ %% 3HOKDP ( : /RQH\ - \ (KUKDUGW $ $FDGHPLFDFKLHYHPHQWRYHU\HDUVDPRQJFKLOGUHQZKRPHWPRGLILHGFULWHULDIRU
DWWHQWLRQ
0DUVK + : 6HOI 'HVFULSWLRQ 4XHVWLRQQDULH 6'4,, $ WKHRUHWLFDO DQG
HPSLULFDO EDVLV IRU WKH PHDVXUHPHQW RI PXOWLSOH GLPHQVLRQV RI DGROHVFHQW VHOI
FRQFHSW $ WHVW PDQXDO DQG UHVHDUFK PRQRJUDS 0DFDUWKXU 1HZ 6RXWK :DOHV
$XVWUDOLD8QLYHUVLW\RI:HVWHUQ6\GQH\)DFXOW\RI(GXFDWLRQ
0DUVK +: 6'4 ,, 0DQXDO 6\GQH\ $XVWUDOLD 6HOI 5HVHDUFK &HQWUH
8QLYHUVLW\
0DUVK +: &UDYHQ 5* \ 0F,QHUQH\ '0 ,QWHUQDWLRQDO DGYDQFHV LQ
VHOI UHVHDUFK (Q +: 0DUVK 5* &UDYHQ \ '0 0F,QHUQH\ (GV
,QWHUQDWLRQDODGYDQFHVLQVHOIUHVHDUFKSS*UHHQZLFK&7,QIRUPDWLRQ$JH
3XEOLVKLQJ
0F&DVOLQ 0 0 \ 0XUGRFN 7 7KH HPHUJHQW LQWHUDFWLRQ RI KRPH DQG
VFKRRO LQ WKH GHYHORSPHQW RI VWXGHQWV· DGDSWLYH OHDUQLQJ ,Q 0 0DHKU \ 3
3LQWULFK (GV $GYDQFHV LQ PRWLYDWLRQ DQG DFKLHYHPHQW 9RO SS ²
*UHHQZLFK&7-$,
245
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
0F&RPEV % / 7KH UROH RI VHOIV\VWHP LQ VHOIUHJXODWHG OFDUQLQJ
&RQWHPSRUDU\(GXFDWLRQDO3V\FKRORJ\,,
0F&RPEV ( / 6HOIUHJXODWHG OHDUQLQJ DQG DFDGHPLF DFKLHYHPHQW $
SKFQRPHQRORJLFDOYLHZ(Q(-=LPPHUPDQ'(\6FKXQN(GV 6HOIUHJXODWHG
OHDUQLQJ DQG DFDGHPLF DFKLHYHPHQW 7KHRU\ UHVHDUFK DQG SUDFWLFH 1HZ <RUN
6SULQJHU9HUODJ5HYLVWD
0F&RPEV%/\0DU]DQR5-3XWWLQJWKHVHOILQVHOIUHJXODWHGOHDUQLQJ
7KHVHOIDVDJHQWLQLQWHJULQJZLOODQGVNLOO(GXFDWLRQDO3V\FKRORJLVW
0F*HH5$QGHUVRQ-:LOOLDP6\6LOYD3$&RJQLWLYHFRUUHODWHVRI
GHSUHVVLYH V\PSWRPV LQ \HDUVROG FKLOGUHQ -RXUQDO RI $EQRUPDO &KLOG
3V\FKRORJ\
0F.LQQH\ - ' \ )HDJDQV / $GDSWDWLYH FODVVURRP EHKDYLRU RI OHDUQLQJ
GLVDEOHGVWXGHQWV-RXUQDORI/HDUQLQJ'LVDELOLWLHV
0F3KDLO -& \ 6WRQH &$ 7KH VHOIFRQFHSW RI DGROHVFHQWV ZLWK OHDUQLQJ
GLVDELOLWLHV$UHYLHZRIOLWHUDWXUHDQGDFDOOIRUWKHRUHWLFDOHODERUDWLRQ $GYDQFHV
LQ/HDUQLQJDQG%HKDYLRUDO'LVDELOLWLHV
0HOE\ - 1 )DPLO\ FRQWH[W RI DGROHVFHQW DFDGHPLF FRPSHWHQFH 7UDEDMR
SUHVHQWDGR DO %LHQQDO0HHWLQJ RIWKH 6RFLHW\IRU 5HVHDUFK RI &KLOG'HYHORSPHQW
1XHYD2UOHDQV0DU]R
0HOW]HU/5RGLWL%+RXVHU5)\3HUOPDQ03HUFHSWLRQVRIDFDGHPLF
VWUDWHJLHV DQG FRPSHWHQFH LQ VWXGHQWV ZLWK OHDUQLQJ GLVDELOLWLHV -RXUQDO RI
/HDUQLQJ'LVDELOLWLHV
0HUFHU 1 'HYHORSPHQW WKURXJK GLDORJXH D VRFLRFXOWXUDO SHUVSHFWLYH RQ
WKHSURFHVVRIEHLQJHGXFDWHG,Q &RJQLWLRQDQGFRQWH[WHGLWHGE\4XHOKDV$DQG
3HUHLUD)/LVERQ$QDOLVH3VLFRORJLFD
246
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
0HVRQHUR9DOKRQGR$'LILFXOWDGHVGHDSUHQGL]DMH%DUFHORQD0DUFRPER
0LGGOHWRQ0-0LGJOH\&$YRLGLQJWKHGHPRVWUWLRQRIODFNRIDELOLW\$Q
XQGHUH[SORUHG DVSHFW RI JRDO WKHRU\ -RXUQDO RI (GXFDWLRQDO 3V\FKRORJ\ 0LGJOH\&.DSODQ$\0LGGOHWRQ03HUIRUPDQFHDSSURDFKJRDOV*RRG
IRU ZKDW IRU ZKRP XQGHU ZKDW FLUFXPVWDQFHV DQG DW ZKDW FRVW" -RXUQDO RI
(GXFDWLRQDO3V\FKRORJ\
0LOOD0*$WHQFLyQWHPSUDQDGHODVGLILFXOWDGHVGHDSUHQGL]DMH6LPSRVLR
VDWpOLWH GLILFXOWDGHV GHO DSUHQGL]DMH 5HYLVWD GH 1HXURORJtD VXSOHPHQWR 0LOOHU 6 $ 5HVHDUFK RQ H[HPSODU\ VFKRROV $Q KLVWRULFDO SHUVSHFWLYH (Q
* 5 $XVWLQ \ + *DUEHU (GV 5HVHDUFK RQ H[HPSODU\ 6FKRROV SS 1HZ
<RUN$FDGHPLF3UHVV
0LOOHU 5% %HKUHQV -7 *UHHQH %$ \ 1HZPDQ ' *RDOV DQG
SHUFHLYHG DELOLW\ LPSDFW RQ VWXGHQW YDOLQJ VHOIUHJXODWLRQ DQG SHUVLVWHQFH
&RQWHPSRUDU\(GXFDWLRQDO3V\FKRORJ\
0LUDQGD &DVDV $ 9LGDO$EDUFD *iPH] ( \ 6RULDQR )HUUHU 0 (YDOXDFLyQ H LQWHUYHQFLyQ SVLFRHGXFDWLYD HQ GLILFXOWDGHV GH DSUHQGL]DMH 0DGULG
3VLFRORJtD3LUiPLGH
0ROLQD$-3VLFRORJtD\SRVLWLYLVPRODHQVHxDQ]DGHODSVLFRORJtDGXUDQWH
HOSRUILULDWR(QDxRVGHODSVLFRORJtDHQ0p[LFR0p[LFR81$0
0RQHUHR & (QVHxDU D $SUHQGHU \ D 3HQVDU HQ OD (GXFDFLyQ 6HFXQGDULD
/DV (VWUDWHJLDV 'H $SUHQGL]DMH (Q &ROO & 3VLFRORJtD GH OD ,QVWUXFFLyQ /D
HQVHxDQ]D \ HO DSUHQGL]DMH HQ OD (GXFDFLyQ 6HFXQGDULD SS %DUFHORQD
,&(GHOD8QLYHUVLGDGGH%DUFHORQD\+RUVRUL
247
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
0RQHUHR & (VWUDWHJLDV SDUD DSUHQGHU D SHQVDU ELHQ &XDGHUQRV GH
3HGDJRJtD
0RQHUHR & \ &DVWHOOy 0 /DV HVWUDWHJLDV GH DSUHQGL]DMH &yPR
LQFRUSRUDUODVDODSUiFWLFDHGXFDWLYD%DUFHORQD(GHEp
0RQVDOYR'tH](\&DUERQHUR0DUWtQ0$'HVFULSFLyQGHORVIDFWRUHV
PHGLGRV SRU OD EDWHUtD %$'<*0 \ VX HVWXGLR FRPR YDULDEOHV GH LQWHUYHQFLyQ
HGXFDWLYD5HYLVWD,EHURDPHULFDQDGH(GXFDFLyQ
0RUD - 'LILFXOWDGHV GHO DSUHQGL]DMH 3UR\HFWR GRFHQWH 6HYLOOD
8QLYHUVLGDGGH6HYLOOD
0RUD- 'LILFXOWDGHVGH$SUHQGL]DMH\1HFHVLGDGHV(GXFDWLYDV(VSHFLDOHV
6HYLOOD.URQRV
0RUHQR )- /D KLVWRULD GH ODV GLILFXOWDGHV GH DSUHQGL]DMH (Q $JXLOHUD
-LPpQH]$QWRQLR,QWURGXFFLyQDODVGLILFXOWDGHVGHDSUHQGL]DMH0DGULG(GLWRULDO
,QWHUDPHULFDQDGH(VSDxD6$8
0RUHQ]D 3DGLOOD / /RV QLxRV FRQ GLILFXOWDGHV HQ HO DSUHQGL]DMH
&DUDFWHUtVWLFDV PiV UHOHYDQWHV &RPSHQGLR GH &RQIHUHQFLDV GH 3VLFRORJtD \
3HGDJRJtD (VSHFLDO SS ,, &RQIHUHQFLD &LHQWtILFD /DWLQRDPHULFDQD GH
(GXFDFLyQ(VSHFLDO/D+DEDQD
0XOOHU & *HQGHU GLIIHUHQFHV LQ SDUHQWDO LQYROYHPHQW DQG DGROHVFHQWV
PDWKHPDWLFVDFKLHYHPHQW6RFLRORJ\RI(GXFDWLRQ
0XOWRQ .' %URZQ 6' \ /HQW 5: 5HODWLRQ RI VHOIHIILFDF\ EHOLHIV WR
DFDGHPLF RXWFRPHV $ PHWDDQDO\WLF LQYHVWLJDWLRQ -RXUQDO RI &RXQVHOOLQJ
3V\FKRORJ\
248
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
0XxR] -0 &DUUHUDV 05 \ %UD]D 3 $SUR[LPDFLyQ DO HVWXGLR GH ODV
DFWLWXGHV\HVWUDWHJLDVGHSHQVDPLHQWRVRFLDO\VXUHODFLyQFRQORVFRPSRUWDPLHQWRV
GLVUXSWLYRVHQHODXODHQOD(GXFDFLyQ6HFXQGDULD$QDOHVGH3VLFRORJtD
0XVLWX*\/LOD06 $XWRFRQFHSWR\FRPXQLFDFLyQIDPLOLDU8QDQiOLVLV
GHVXVLQWHUUHODFLRQHV0DGULG$(2(3
0\HUV3,\+DPPLOO''0pWRGRVSDUDHGXFDUQLxRVFRQGLILFXOWDGHVGH
DSUHQGL]DMH0p[LFR/LPXVD
0\OHEXVW+3URJUHVVLQ/HDUQLQJ'LVDELOLWLHV9RO,9RO,,9RO,,,
9RO,91HZ<RUN*UXQHDQG6WUDWWRQ
0\NOHEXVW+57KH3V\FKRORJ\RI'HDIQHVVVHQVRU\GHSULYDWLRQ/HDUQLQJ
DQG$GMXVWPHQW1HZ<RUN*UXQH
1DJ\ : %HUQLQJHU 9 : \ $EERWW 5 ' &RQWULEXWLRQV RI
PRUSKRORJ\ EH\RQG SKRQRORJ\ WR OLWHUDF\ RXWFRPHV RI XSSHU HOHPHQWDU\ DQG
PLGGOHVFKRROVWXGHQWV-RXUQDORI(GXFDWLRQDO3V\FKRORJ\
1DWLRQDO -RLQW &RPPLWWHH RQ /HDUQLQJ 'LVDELOLWLHV ,QVHUYLFH SURJUDPV LQ
OHDUQLQJGLVDELOLWLHV-RXUQDORI/HDUQLQJ'LVDELOLWLHV
1DYDV / &DVWHMyQ -/ \ 6DPSDVFXDO * ¢6RQ ODV DWULEXFLRQHV FDXVDOHV
GHWHUPLQDQWHV GHO UHQGLPLHQWR DFDGpPLFR" (O SDSHO GH ODV DWULEXFLRQHV \ ODV
H[SHFWDWLYDV3VLFRORJHPDV
1DYDV/*RQ]iOH]&\7RUUHJURVD*0HWDVGHDSUHQGL]DMH8QDQiOLVLV
WUDQVYHUVDO GH ODV HVWUXFWXUDV IDFWRULDOHV TXH SUHVHQWDQ 5HYLVWD GH 3VLFRORJtD
*HQHUDO\$SOLFDGD
249
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
1HJURSRQWH1 6HUGLJLWDOSS%XHQRV$LUHV$WOiQWLGDWHUFHUD
SDUWHYLGDGLJLWDO
1LFDVLR*DUFtD - 1LFDVLR *DUFtD 6iQFKH]- 0DQXDOGHGLILFXOWDGHVGH
DSUHQGL]DMHOHQJXDMHOHFWRHVFULWXUD\PDWHPiWLFDV0DGULG1DUFHD
1LFKROOV - * 'HYHORSPHQW RI SHUFHSWLRQ RI RZQ DWWDLQPHQW DQG FDXVDO
DWWULEXWLRQVIRUVXFFHVVDQGIDLOXUHLQUHDGLQJ -RXUQDORI(GXFDWLRQDO3V\FKRORJ\
1LFKROOV - * $FKLHYHPHQW PRWLYDWLRQ &RQFHSWLRQV RI DELOLW\ VXEMHFWLYH
H[SHULHQFHWDVNFKRLFHDQGSHUIRUPDQFH3V\FKRORJLFDO5HYLHZ
1LFKROOV -* &REE 3 :RRG 7 <DFNHO ( \ 3DWDVKQLFN 0 $VVHVVLQJ
VWXGHQWV·WKHRULHVRIVXFFHVVLQPDWKHPDWLFV,QGLYLGXDODQG&ODVVURRPGLIIHUHQFHV
-RXUQDOIRU5HVHDUFKLQ0DWKHPDWLFV(GXFDWLRQ
1LFKROOV - * &KHXQJ 3& /DXHU - \ 3DWDVKQLFN 0 ,QGLYLGXDO
GLIIHUHQFHV LQ DFDGHPLF PRWLYDWLRQ 3HUFHLYHG DELOLW\ JRDOV EHOLHIV DQG YDOXHV
/HDUQLQJDQ,QGLYLGXDO'LIIHUHQFHV,
1LVEHW-\6KXFNVPLWK-(VWUDWHJLDVGHDSUHQGL]DMH0DGULG6DQWLOODQD
1ROHQ 6 5HDVRQ IRU VWXGLQJ 0RWLYDWLRQDO RULHQWDWLRQV DQG VWXG\
VWUDWHJLHV&RJQLWLYH,QVWUXFWLRQ
1ROHQ 6 % /HDUQLQJ HQYLURQPHQW DFKLHYHPHQW DQG PRWLYDWLRQ LQ KLJK
VFKRROVFLHQFH-RXUQDORI5HVHDUFKLQ6FLHQFH7HDFKLQJ
1ROHQ 6 % &RQVWUXFWLQJ OLWHUDF\ LQ WKH NLQGHUJDUWHQ 7DVN VWUXFWXUH
FROODERUDWLRQDQGPRWLYDWLRQ&RJQLWLRQDQG,QVWUXFWLRQ
250
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
1~xH] -& (O DXWRFRQFHSWR &DUDFWHUtVWLFDV HVWUXFWXUDOHV GLIHUHQFLDV
HYROXWLYDVLQWHUHLQWUDLQGLYLGXDOHV\VXUHODFLyQFRQHOUHQGLPLHQWRDFDGpPLFRHQ
DOXPQRV GH D DxRV 7HVLV 'RFWRUDO QR SXEOLFDGD 8QLYHUVLGDG GH 2YLHGR
'HSDUWDPHQWRGH3VLFRORJtD
1~xH] -& &DEDQDFK 5 9DOOH $ \ )HUQiQGH] 3 &DUDFWHUtVWLFDV
DIHFWLYDV \ PRWLYDFLRQDOHV GH ORV HVWXGLDQWHV FRQ GLILFXOWDGHV GH DSUHQGL]DMH
5HYLVWD*DOHJDGH3VLFRSHGDJR[tD
1~xH] -& \ *RQ]iOH]3LHQGD -$ 'HWHUPLQDQWHV GHO UHQGLPLHQWR
DFDGpPLFR9DULDEOHVFRJQLWLYRPRWLYDFLRQDOHVDWULEXFLRQDOHVXVRGHHVWUDWHJLDV\
DXWRFRQFHSWR2YLHGR6HUYLFLRGH3XEOLFDFLRQHVGHOD8QLYHUVLGDGGH2YLHGR
1~xH]-&*RQ]iOH]3LHQGD-$*RQ]iOH]3XPDULHJD6*DUFtD0\5RFHV&
&XHVWLRQDULR SDUD OD HYDOXDFLyQ GH PHWDV DFDGpPLFDV HQ 6HFXQGDULD
&(0$,,'HSDUWDPHQWRGH3VLFRORJtD2YLHGR8QLYHUVLGDGGH2YLHGR
1~xH] - & \ *RQ]iOH]3XPDULHJD 6 0RWLYDFLyQ \ DSUHQGL]DMH HVFRODU
&RQJUHVR1DFLRQDOVREUH0RWLYDFLyQH,QVWUXFFLyQ$FWDVSS
1~xH]-&*RQ]iOH]3LHQGD-$*DUFtD06*RQ]iOH]3XPDULHJD6\*DUFtD
6,(VWUDWHJLDVGHDSUHQGL]DMHHQHVWXGLDQWHVGHDDxRV\VXUHODFLyQ
FRQ ORV SURFHVRV GH DWULEXFLyQ FDXVDO HO DXWRFRQFHSWR \ ODV PHWDV GH HVWXGLR
5HYLVWD*DOHJDGH3VLFRSHGDJR[tD
1~xH] -& *RQ]iOH]3LHQGD -$ *DUFtD , \ *RQ]iOH]3XPDULHJD 6 0RWLYDFLyQ HQ HO iPELWR XQLYHUVLWDULR FRQFHSWR GH LQWHOLJHQFLD PHWDV GH HVWXGLR
HOHFFLyQGHWDUHDV\DSUR[LPDFLRQHVDODSUHQGL]DMH5HYLVWDGH(GXFDFLyQ
251
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
1~xH]-&*RQ]iOH]3LHQGD-$*DUFtD6\&DEDQDFK5*(YDOXDFLyQ
GH OD PRWLYDFLyQ GH ORJUR ,9 &RQJUHVR GH (YDOXDFLyQ 3VLFROyJLFD 6DQWLDJR GH
&RPSRVWHODGH6HSWLHPEUH
1~xH] -& *RQ]iOH]3LHQGD -$ *DUFtD , \ *RQ]iOH]3XPDULHJD 6 0RWLYDFLyQ HQ HO iPELWR XQLYHUVLWDULR FRQFHSWR GH LQWHOLJHQFLD PHWDV GH HVWXGLR
HOHFFLyQGHWDUHDV\DSUR[LPDFLRQHVDODSUHQGL]DMH5HYLVWDGH(GXFDFLyQ
1~xH]-&*RQ]iOH]3LHQGD-$*DUFtD0*RQ]iOH]3XPDULHJD65RFHV&
ÉOYDUH] / \ *RQ]iOH] 0& (VWUDWHJLDV GH DSUHQGL]DMH DXWRFRQFHSWR \
UHQGLPLHQWRDFDGpPLFR3VLFRWKHPD
1~xH] - & *RQ]iOH]3LHQGD - $ 5RViULR 3 6RODQR 3 $XWRUUHJXODFLyQ GHO DSUHQGL]DMH XQ QXHYR GHVDItR GHO HVWXGLDQWH GH (QVHxDQ]D
6XSHULRU
1~xH]5RGUtJXH]2//DHVWLPXODFLyQWHPSUDQD\VXWUDWDPLHQWR%UDVLO
8QLYHUVLGDGGH)HGHUDO'R0DUDQKDR
1~xH] 5RGUtJXH] 2/ 0RGHOR 7HyULFR 0HWRGROyJLFR SDUD OD DWHQFLyQ
SUHYHQWLYD GH ODV GLILFXOWDGHV HQ HO DSUHQGL]DMH GHVGH OD (GDG 7HPSUDQD \
3UHHVFRODU7HVLVGH0DHVWUtD&DPDJH\
1~xH] 5RGUtJXH] 2/ $WHQFLyQ SUHYHQWLYD D ORV HVFRODUHV OHQWRV HQ ORV
JUDGRV SUHHVFRODUHV SULPHUR \ VHJXQGR GH OD (QVHxDQ]D 3ULPDULD 7UDEDMR
SUHVHQWDGR HQ OD ,,, &RQIHUHQFLD &LHQWtILFD /DWLQRDPHULFDQD GH (GXFDFLyQ
(VSHFLDO/D+DEDQD
2FKRD6+$2OLYDUHV$PHWDDQDO\VLVRISHHUUDWLQJVRFLRPHWULFVWXGLHV
RISXSLOVZLWKOHDUQLQJGLVDELOLWLHV-RXUQDORI6SHFLDO(GXFDWLRQ
2OVRQ'+3RUWQHU-\%HOO54 )$&(6,,6W3DXO018QLYHUVLW\RI
0LQQHVRWD
252
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
2OVRQ ' + 3RUWQHU - \ /DYHH < )DPLO\ $GDSWDELOLW\ DQG &RKHVLyQ
(YDOXDWLRQ 6FDOHV )$&(6 ,,, 6W 3DXO 01 8QLYHUVLW\ RI 0LQQHVRWD
'HSDUWDPHQWRI)DPLO\6RFLDO6HUYLFH
3DMDUHV ) %ULWQHU 6 / \ 9DOLHQWH * 5HODWLRQ EHWZHHQ DFKLHYHPHQW
JRDOV DQG VHOIEHOLHIV RI PLGGOH VFKRRO VWXGHQWV LQ ZULWLQJ DQG VFLHQFH
&RQWHPSRUDU\(GXFDWLRQDO3V\FKRORJ\
3DOLQFVDU $6 %URZQ $/ \ &DPSLRQH -& )LUVW JUDGH GLDORJXHV IRU
NQRZOHGJH DFTXLVLWLRQ DQG XVH ,Q )RUPDQ 0LQLFN \ 6WRQH (GV &RQWH[WV IRU
OHDUQLQJ6RFLRFXOWXUDOG\QDPLFVLQFKLOGUHQ·VGHYHORSPHQWSS1HZ<RUN
2[IRUG8QLYHUVLW\3UHVV
3DUGR 0HULQR $ \ 2OHD 'tD] - 'HVDUUROOR FRJQLWLYRPRWLYDFLRQDO \
UHQGLPLHQWR DFDGpPLFR HQ VHJXQGD HWDSD GH (*% \ %83 (VWXGLRVGH 3VLFRORJtD
3DULV 6 * \ %\UQHV - 3 7KH FRQVWUXFWLYLVW DSSURDFK WR VHOIUHJXODWLRQ
DQG OHDUQLQJ LQ WKH FODVVURRP ,Q =LPPHUPDQ \ 6FKXQN (GV 6HOIUHJXODWHG
OHDUQLQJ DQG DFDGHPLF DFKLHYHPHQW 7KHRU\ UHVHDUFK DQG SUDFWLFH SS 1HZ<RUN6SULQJHU9HUODJ
3DULV 6* /LSVRQ 0< \ :L[VRQ . %HFRPLQJ D VWUDWHJLF UHDGHU
&RPWHPSRUDU\(GXFDWLRQDO3V\FKRORJ\
3DUVRQV 7 (O DXOD FRPR VLVWHPD VRFLDO DOJXQD GH VXV IXQFLRQHV HQ OD
VRFLHGDGDPHULFDQD(GXFDFLyQ\6RFLHGDG
3DUVRQV -( $GOHU 7) \ .DF]DOD &0 6RFLDOL]DWLRQ RI DFKLHYHPHQW
DWWLXGHVDQGEHOLHIV3DUHQWDOLQIOXHQFHV&KLOG'HYHORSPHQW
253
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3DVWRU < %DODJXHU , \ *DUFtD0DULWD 0/ (O DXWRFRQFHSWR \ OD
DXWRHVWLPD HQ OD DGROHVFHQFLD PHGLD DQiOLVLV GLIHUHQFLDO SRU FXUVR \ JpQHUR
5HYLVWDGH3VLFRORJtD6RFLDO
3DWULNDNRX (YDQWKLD 1 ,QYHVWLJDU HO UHQGLPLHQWR DFDGpPLFR GH ORV
DGROHVFHQWHV FRQ SUREOHPDV GH DSUHQGL]DMH 8Q HQIRTXH GH PRGHORV HVWUXFWXUDOHV
-RXUQDORI(GXFDWLRQDO3V\FKRORJ\
3DXOVRQ6($GROHVFHQWVDQGWKHLUSDUHQWVSHUFHSWLRQVRISDUHQWLQJVW\OH
5HODWLRQVZLWKDFKLHYHPHQW5HVRXUFHVLQ(GXFDWLRQ('
3HDUO5'RQDKXH0\%U\DQ76RFLDOUHODWLRQVKLSVRIOHDUQLQJGLVDEOHG
FKLOGUHQ (Q - . 7RUJHVHQ \ % \ / :RQJ (G 3V\FKRORJLFDO DQG HGXFDWLRQDO
SHUVSHFWLYHVLQOHDUQLQJGLVDELOLWLHV1XHYD<RUN$FDGHPLF3UHVV
3HHWVPD7,QFOXVLyQHQ(GXFDFLyQ8QDFRPSDUDFLyQGHOGHVDUUROORGHORV
DOXPQRV HQ (GXFDFLyQ HVSHFLDO \ RUGLQDULD 6LJOR &HUR 5HYLVWD (VSDxROD VREUH
'LVFDSDFLGDG,QWHOHFWXDO
3HNUXQ57KHLPSDFWRIHPRWLRQVRQOHDUQLQJDQGDFKLHYHPHQW7RZDUGV
$ 7KHRU\ RI &RJQLWLYH0RWLYDWLRQDO 0HGLDWRUV $SSOLHG 3V\FKRORJ\ $Q
,QWHUQDWLRQDO5HYLHZ
3HOHFKDQR 9 3HUVRQDOLGDG PRWLYDFLyQ \ UHQGLPLHQWR DFDGpPLFR 5HYLVWD
GH3VLFRORJtD*HQHUDO\$SOLFDGD
3pUH] $ \ &DVWHMyQ -/ 8Q PRGHOR H[SOLFDWLYRVREUH OD LQIOXHQFLD GHODV
YDULDEOHV SVLFRVRFLDOHV HQ HO UHQGLPLHQWR DFDGpPLFR 5HYLVWD %RUGyQ 3pUH]6iQFKH]$0 )DFWRUHVSVLFRVRFLDOHV\UHQGLPLHQWRDFDGpPLFR7HVLV
'RFWRUDO$OLFDQWH3XEOLFDFLRQHVGHOD8QLYHUVLGDGGH$OLFDQWH
254
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3pUH] 6HUUDQR * 'HILQLFLyQ GHO UHQGLPLHQWR HVFRODU \ VX UHODFLyQ FRQ HO
QLYHOVRFLRFXOWXUDO7HVLVGRFWRUDO0DGULG8QLYHUVLGDG&RPSOXWHQVH
3HUNLQV ' 1 .QRZOHGJH DQG GHVLJQ 7HDFKLQJ WKLQNLQJ WKURXJK FRQWHQW
(Q6%%DURQ5-6WHUQEHUJ 7HDFKLQJ7KLQNLQJ6NLOOVWKHRU\DQGSUDFWLFH1
<RUN)UHHPDQ
3HUNLQV'/DFUHDWLYLGDG\VXGHVDUUROOR8QDDSUR[LPDFLyQGLVSRVLFLRQDO
(Q-$%HOWUDQ,QWHUYHQFLyQSVLFRSHGDJyJLFD0DGULG3LUiPLGH
3HUULV & -DFREVRQ / /LQGVWU|P + 9RQ .QRUULQJ / \ 3HUULV + 'HYHORSPHQW RI D QHZ LQYHQWRU\ IRU DVVHVLQJ PHPRULHV RI SDUHQWDO UHDULQJ
EHKDYLRU$FWD3V\FKLDWULFD6FDQGLQDYLD
3KLOLSV / 3DUHQWVLQYROYHPHQWV UHODWLRQVKLSV RI H[SHFWDWLRQV JRDOV DQG
DFWLYLWLHV WR VWXGHQW DFKLHYHPHQW DPRQJ PLQRULW\ VRLFRHFRQRPLF DQG JHQGHU
JURXSV $QQXDO 0HHWLQJ RI WKH $PHULFDQ (GXFDWLRQDO 5HVHDUFK $VVRFLDWLRQ 6DQ
)UDQFLVFR$EULO
3LFKDUGR0& ,QIOXHQFLDGHORVHVWLORVHGXFDWLYRVGHORVSDGUHV\GHOFOLPD
VRFLDO IDPLOLDU HQ OD DGROHVFHQFLD WHPSUDQD \ PHGLD *UDQDGD 6HUYLFLR GH
3XEOLFDFLRQHVGHOD8QLYHUVLGDGGH*UDQDGD
3LFKDUGR 0DUWtQH] 0& *DUFtD %HUEHQ $ % 'H /D )XHQWH $ULDV - -XVWLFLD
-XVWLFLD ) (O (VWXGLR GH ODV H[SHFWDWLYDV HQ OD 8QLYHUVLGDG $QiOLVLV GH
WUDEDMRV HPStULFRV \ IXWXUDV OtQHDV GH LQYHVWLJDFLyQ %DMD &DOLIRUQLD 0p[LFR
5HYLVWD(OHFWUyQLFDGH,QYHVWLJDFLyQ(GXFDWLYD
3LQWULFK35 7KHUROHRIJRDORULHQWDWLRQLQVHOIUHJXODWHGOHDUQLQJ(Q0
%RHNDHUWV353LQWULFK\0=HLGQHU(GV+DQGERRNRIVHOIUHJXODWLRQSS
6DQ'LHJR&$$FDGHPLF3UHVV
255
Mª del Carmen Girón Calero
Tesis Doctoral
Pintrich, P.R. (2000). Multiple goals, multiple pathways: The role of goal
orientation in learning and achievement. Journal of Educational Psychology, 25,
544-555.
Pintrich, P.R. (2000). An achievement goal theory perspective on issues in
motivation
terminology,
theory,
and
research.
Contemporany Educational
Psychology, 99-104.
Pintrich, P.R., y De Groot, E.V. (1990). Motivational and self-regulated Learning
Components of classroom performance. Journal of Educational Psychology, 82, 3340.
Piñeiro, I., Valle, A. Rodríguez, S. González, R. y Núñez, J.C. (2001). Diferencias en
la utilización de estrategias de aprendizaje según el nivel motivacional de los
estudiantes. Revista de investigación educativa, 19 (1) ,105-126.
Poggioli, L. (1989) Estrategias cognoscitivas: Una revisión teórica y empírica. En:
A. Puente, L. Poggioli y A. Navarro (Eds.), Psicología Cognoscitiva: Desarrollo y
perspectivas. Caracas: McGraw Hill Interamericana de Venezuela.
Pokay, P., y Blumenfeld, P.C. (1990). Predicting achievement early and late en the
semester: the role of motivation and use of learning strategies. Journal of
Educational Psychology, 82(1), 41-50.
Polaco, R. (1994). El clima escolar percibido por estudiantes con diferente nivel de
rendimiento. Bordón: Revista de Orientación Pedagógica, 6 (1), 89-97.
Polaino-Lorente, A. (1998). Evaluación psicológica y psicopatológica de la familia.
Pamplona: Instituto de Ciencias para la Familia. Universidad de Navarra.
Pons, Díez, J. (1998). El modelado familiar y el papel educativo de los padres en la
etiología del consumo de alcohol en los adolescentes. Revista Especializada en
Salud Pública, 72 (3), 251-266.
256
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3RWWHPEDXP 6 0 .HLWK 7= \ (+/< 6 : ,V WKHUH D FDXVDO UHODWLRQ
EHWZHHQVHOIFRQFHSWDQGDFDGHPLFDFKLHYHPHQW -RXUQDORI(GXFDWLRQDO5HVHDUFK
3R]R -, 0RQHUHR & \ &DVWHOOy 0 (O XVR HVWUDWpJLFR GHO FRQRFLPLHQWR
FDS/DHQVHxDQ]DGHHVWUDWHJLDVGHDSUHQGL]DMHHQHOFRQWH[WRHVFRODUFDS
(Q&&ROO-3DODFLRV\$0DUFKHVLFRRUG 3VLFRORJtDGHODHGXFDFLyQHVFRODU
SS0DGULG$OLDQ]D(GLWRULDO
3UHVVOH\ 0 %RUNRZNL - * \ 2·6XOOLYDQ - 7 &KLOGUHQV PHWDPHPRU\
DQGWKHWHDFKLQJRIPHPRU\VWUDWHJLHV(Q'/)RUHVW3UHVVOH\*(0DF.LQQRQ
\7*:DOOHU(GV0HWDFRJQLWLRQ&RJQLWLRQDQG+XPDQ3HUIRUPDQFH
1HZ<RUN$FDGHP\3UHVV
3XUNH\6&\6PLWK06(IIHFWLYH6FKRROV$UHYLHZ 7KH(OHPHQWDU\
6FKRRO-RXUQDO
3XUNH\ 6 & \ 6PLWK 0 6 D 6FKRRO UHIRUP 7KH GLVWULFW SROLF\
LPSOLFDWLRQVRIWKHHIIHFWLYHVFKRROVOLWHUDWXUH 7KH(OHPHQWDU\6FKRRO-RXUQDO
3XUNH\6&\6PLWK06E(GXFDWLRQDOSROLF\DQGVFKRROVHIIHFWLYHQHVV
HQ *5 $XVWLQ \ + *DEHU (GV 5HVHDUFK RQ H[HPSODU\ VFKRROV SS 1HZ<RUN$FDGHPLF3UHVV
5DPVGHQ3D &RQWH[WDQGVWUDWHJ\6LWXDWLRQDOLQIOXHQFHVRQOHDUQLQJ (Q
55 6FKPHFN (G /HDUQLQJ VWUDWHJLHV DQG OHDUQLQJ VW\OHV 1HZ <RUN 3OHQXP
3UHVV
5D\&UR]LHU: 'LIHUHQFLDVLQGLYLGXDOHVHQHODSUHQGL]DMHSHUVRQDOLGDG\
UHQGLPLHQWRHVFRODU0DGULG1DUFHD
5HEROOR 0 $ 'LILFXOWDGHV GH DSUHQGL]DMH 0RQWHYLGHR 3UHQVD 0pGLFD
/DWLQRDPHULFDQD
257
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
5HQLFN 0- \ +DUWHU 6 ,PSDFW RI VRFLDO FRPSDULVRQV RQ WKH GHYHORSLQJ
VHOISHUFHSFWLRQVRIOHDUQLQJGLVDEOHGVWXGHQWV -RXUQDORI(GXFDWLRQDO3V\FKRORJ\
5LGJHOO 6' \ /RXQVEXU\ -: 3UHGLFWLQJ DFDGHPLF VXFFHVV JHQHUDO
LQWHOOLJHQFH%LJ)LYHSHUVRQDOLW\WUDLWVDQGZRUNGULYH&ROOHJH6WXGHQW-RXUQDO
5REOHGR 5DPyQ 3 *DUFtD 6iQFKH] 1- (O HQWRUQR IDPLOLDU \ VX
LQIOXHQFLD HQ HO UHQGLPLHQWR DFDGpPLFR GH ORV DOXPQRV FRQ GLILFXOWDGHV GH
DSUHQGL]DMHUHYLVLyQGHHVWXGLRVHPStULFRV$XOD$ELHUWD
5RFHV & *RQ]DOH] -$ \ 1~xH] -& 5HODFLRQHV HQWUH 0RWLYDFLyQ
(VWUDWHJLDV GH $SUHQGL]DMH \ 5HQGLPLHQWR $FDGpPLFR 0HQWH \ &RQGXFWD HQ
6LWXDFLyQ(GXFDWLYD
5RGUtJXH]6)DFWRUHVGHUHQGLPLHQWRHVFRODU2LNRV7DX%DUFHORQD
5RGUtJXH] & (VWLORV LQWHOHFWXDOHV \ UHQGLPLHQWR DFDGpPLFR XQD
SHUVSHFWLYDHYROXWLYD3VLFRWKHPD
5RIKXV (/ \ $FNHUPDQ 3/ $VVHVVLQJ LQGLYLGXDO GLIIHUHQFHV LQ
NQRZOHGJH NQRZOHGJH LQWHOOLJHQFH DQG UHODWHG WUDLWV -RXUQDO RI (GXFDWLRQDO
3V\FKRORJ\
5RPHUR 3pUH] 'LILFXOWDGHV GH DSUHQGL]DMH 8QLILFDFLyQ GH FULWHULRV
GLDJQyVWLFRV6HYLOOD&RQVHMHUtDGH(GXFDFLyQ
5RViULR 3 0RXUmR 5 6RDUHV 6 &KDOHWD ( *UiFLR / 1~QH] - & \
*RQ]iOH]3LHQGD - E 7UDEDOKR GH FDVD WDUHIDVHVFRODUHV DXWRUHJXODomRH
HQYROYLPHQWRSDUHQWDO3VLFRORJLDHP(VWXGR
258
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
5RViULR 3 0RXUmR 5 7ULJR- 1~xH] - & \*RQ]iOH]3LQHGD - 65/
(QKDQFLQJ 1DUUDWLYHV 7HVWDV· PLV DGYHQWXUHV $FDGHPLF ([FKDQJH 4XDUWHUO\
:LQWHU
5RViULR30RXUlR51~xH]-&\*RQ]iOH]3LQHGD-6RODQR3\9DOOH$
(ILFDFLD GH XQ SURJUDPD LQVWUXFFLRQDO SDUD OD PHMRUD GH SURFHVRV \
HVWUDWHJLDVGHDSUHQGL]DMHHQODHQVHxDQ]DVXSHULRU3VLFRWKHPD
5RViULR 3 0RXUlR 5 1~xH] - & \ *RQ]iOH]3LQHGD - 6RODQR 3 (VFXHODIDPLOLD ¢HV SRVLEOH XQD UHODFLyQ UHFtSURFD \ SRVLWLYD" 3DSHOHV GHO
3VLFyORJR
5RViULR31~xH]-&*RQ]iOH]3LHQGD-$$OPHLGD/6RDUHV6\5XELR0
(ODSUHQGL]DMHHVFRODUH[DPLQDGRGHVGHODSHUVSHFWLYDGHO©PRGHOR3ªGH-
%LJJV3VLFRWKHPD
5RVHQEHUJ 06 %RWW ' 0DMVWHUHN ' &KLDQJ % *DUWODQG ' :HQVRQ &
*UDKDP66PLWK0\OHV%0LOOHU06ZDQVRQ+/%HQGHU:5LYHUD'\
:LOVRQ 5 0LQLPXP IRU WKH GHVFULSWLRQ RI SDUWLFLSDQWV LQ OHDUQLQJ
GLVDELOLWLHVUHVHDUFK-RXUQDORI/HDUQLQJ'LVDELOLWLHV
5RWKHQEHUJ ' 6XSSRUWLQJ JLUOV LQ HDUO\ DGROHVFHQFH :KDVKLQJWRQ ' &
2IILFH(GXFDWLRQDO5HVHDUFKDQG,PSRUYHPHQW
5XVVHOO &6 &LUFXPSOH[ PRGHO RI PDULWDO DQG IDPLO\ V\VWHPV ,,,
(PSLULFDOHYDOXDWLRQZLWKIDPLOLHV)DPLO\3URFHVV
5XWWHU 0 6FKRRO HIIHFWV RQ SXSLO SURJUHVV 5HVHDUFK ILQGLQJV DQG SROLF\
LPSOLFDWLRQV&KLOG'HYHORSPHQW
5XWWHU 0 0DXJKDQ % 0RUWLPRUH 3 \ 2XVWRQ - )LIWHHQ WKRXVDQG
KRXUV 6HFRQGDU\ VFKRROV DQG WKHLU HIIHFWV RQ FKLOGUHQ &DPEULGJH 0$ +DUYDUG
8QLYHUVLW\3UHVV
259
Mª del Carmen Girón Calero
Tesis Doctoral
Sánchez-Palomino, A., y Torres, J.A. (1997). Educación especial I. Una perspectiva
curricular, organizativa y profesional. Madrid: Pirámide.
Santiuste, V., García, E., Ayala, C. y Barriguete, C. (1996). Procesos y estrategias
de comprensión lectora. Aplicación a la enseñanza de la filosofía a través de los
textos. Madrid: Fugaz.
Schilling, E., y Lynch, E D. (1985). Father versus mather custody and Academic
Achievement of Eigth Grade Children. Journal of Research and Development in
Education, 18 (2), 7-11.
Schneider, W., Pressley, M. (1997). Memory development between 2 and 20.
Hillsdale, NJ: Erlbaum.
Schunk, Dale, H. (1998). Teorías del aprendizaje. México D.F.: Pearson Educación.
Seginer, R. (1983). Parents´educational expectations and children´s academic
ahievements: A literature review. Merrill Palmer Quarterly, 29, 1-23.
Seginer, R. (1985). Family learning environment: The subjective view of adolescent
males and females. Journal of Youth and Adolescence, 14 (2), 121-131.
Seginer, R., Cohen, Y. B., y Zukerman, S. (1987). Mothers characteristics and firstgrade boys performance: Testing an academic achievement model. Journal of
Genetic Psychology, 149 (3), 349-361.
Seginer, R., y Vermulst, A. (2002). Family environment, educational aspirations,
and academic achievement in two cultural settings. Journal of Cross-Cultural
Psychology, 58, 292-307.
Segovia, F., y Beltrán, J. A. (1998). El aula inteligente. Madrid: Espasa Calpe.
260
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6HLIHUW 7/ \ 2·NHHIH %$ 7KH UHODWLRQVKLS RI ZRUN DYRLGDQFH DQG
OHDUQLQJ JRDOV WR SHUFHLYHG FRPSHWHQFH H[WHUQDOLW\ DQG PHDQLQJ %ULWLVK -RXUQDO
RI(GXFDWLRQDO3V\FKRORJ\
6HUUDQR-0&DOYR07*RQ]iOH]+HUUHUR0(\$WR0)RUPDFLyQGH
SURIHVRUHV8QDH[SHULHQFLDGHHODERUDFLyQ\DSOLFDFLyQGHPpWRGRVGHDSUHQGL]DMH
FRRSHUDWLYR HQ ODV DXODV GH HGXFDFLyQ ,QIDQWLO 3ULPDULD \ 6HFXQGDULD
,QYHVWLJDFLyQEHFDGDSRUOD'*,&<7GHO0LQLVWHULRGH(GXFDFLyQ\&LHQFLD
6HWWOH6K$\0LOLFK56RFLDOSHUVLVWHQFHIROORZLQJIDLOXUHLQER\VDQG
JLUOVZLWK/'-RXUQDORI/HDUQLQJ'LVDELOLWLHV
6KDURQ ( 3DXOVRQ %DOO 6WDWH 8QLYHUVLW\ 3DUHQWLQJ 6W\OH DQG 3DUHQWDO
,QYROYHPHQW 5HODWLRQV ZLWK DGROHVFHQW DFKLHYHPHQW 0LG:HVWHUQ (GXFDWLRQDO
5HVHDUFKHU
6KDYHOVRQ 5- +XEQHU -- \ 6WDQWRQ *& 9DOLGDWLRQ RI FRQVWUXFW
LQWHUSUHWDWLRQV5HYLHZRI(GXFDWLRQDO5HVHDUFK
6KHULGDQ 60 \ 'RZG 6( /DV IDPLOLDV FRPR FRQWH[WRV SDUD OD
DGDSWDFLyQGHORVQLxRV(Q6*ROGVWHLQ\5%URRNV(GV
6LOHV5RMDV&/DFRODERUDFLyQGHORVSDGUHVFRQODHVFXHOD5HYLVWD3DGUHV
\0DHVWURV
6NDDOYLN(06HOIHQKDQFLQJDQGVHOIGHIHDWLQJHJRRULHQWDWLRQ5HODWLRQV
ZLWK WDVN DQG DYRLGDQFH RULHQWDWLRQ DFKLHYHPHQW VHOISHUFHSWLRQV DQG DQ[LHW\
-RXUQDORI(GXFDWLRQDO3V\FKRORJ\
6PLOH\ 3$ \ 'ZHFN &6 ,QGLYLGXDO GLIIHUHQFHV LQ DFKLHYHPHQW JRDOV
DPRQJ\RXQJFKLOGUHQ&KLOG'HYHORSPHQW
261
Mª del Carmen Girón Calero
Tesis Doctoral
Smith, T.E. (1991). Agreement of adolescent educational expectations with
perceived maternal and paternal educational goals. Youth and Society, 23 (2), 155174.
Snow, R.E., y Lohman, D.F. (1984). Toward a theory of cognitive aptitude for
learning from instruction. Journal of Educational Psychology, 76, (3), 347-376.
Sosa, J.A., Sosa, M.J., Darias, E., y Sánchez, C. R. (1996). The implication of
parents on the education of their children (La implicación de los padres en la
educación
formal
de
sus
hijos:
Consideraciones
previas
y
dificultades
metodológicas). Comunicación presentada al ECER´96 (The European Educational
Resarch Association). In the Faculty of Education Sciences: Universidad de Sevilla,
25-28 de Septiembre. Carácter Internacional.
Sprenkle, D.H., y Olson, D.H. (1978). Circumplex model of marital systems. An
empirical study of clinic and non-clinic couples. Journal of Marriage and Family
Counselling, abril, 59-74.
Stein, B.S., Bransford, J.D., Franks, J.J., Owings, R.A., Vye, N.J., y McGaw, W.
(1982). Differences in the precision of self-generated elaborations. Journal of
Experimental Psychology General, 11, 399-405.
Stein, B.S., Bransford, J.D., Franks, J.J., Vye, N.J., y Perfetto, G.A. (1982).
Differences in judgments of learning difficulty. Journal of Experimental Psychology
General, 11, 406-413.
Stein, B.S., Littlefield, J., Bransford, J.D., y Persampieri, M. (1984). Elaboration
and knowledge acquisition. Memory and Cognition, 12, 522-529.
Steinberg, L., Lamborn, S.D., Dornbusch, S. M., y Darling, N. (1992). Impact of
parenting practices on adolescent achievement: Authoritative parenting, school
involvement, and encouragement to succeed. Child Development, 63, 1266-1281.
262
Mª del Carmen Girón Calero
Tesis Doctoral
Stevenson, D. L., y Baker, D. P. (1987). The family-school relation and the child´s
school performance. Child Development, 58, 1348-1357.
Stevenson, H. W., Lee, S., Y., Chen, C., Lummis, M., Stigler, J., Fan, L., et al.
(1990). Mathematics achievement of children in China and the United States.
Child Development, 61 (4), 1053–1066.
Stigler, J. W., Lee, S. Y., Steven, H. W. (1990). Mathematical knowledge of
Japanese, Chinese, and American elementary school children. Reston, VA:
National Council of Teachers of Mathematics.
Strauss, A., A. (1947). Psychopathology and education of the brain-injured child,
(Vol 1).New York: Grume and Stratton.
Suárez, Yánez, A. (1995). Dificultades en el aprendizaje. Un modelo de Diagnóstico
e Intervención. Madrid: Editorial Aula XXI. Santillana.
Suárez Riveiro, J. M., Fernández Suárez, P. y Anaya Nieto, D. (2005). Un modelo
sobre la determinación motivacional del aprendizaje autorregulado. Revista de
Educación, 338, 295-306.
Sun, Y., y Li, Y. (2001). Marital disruption, parental investment, and children’s
academic achievement. Journal of Family Issues, 22 (1), 27-62.
Switzer, L.S. (1990). Family factors associated with academic progress for children
with learning disabilities. Elementary School for children with learning
disabilities. Elementary School Guidance and Counseling, 24, 200-206.
Symeou, L. (2006). Past and present in the notion of school-family collaboration.
Aula Abierta, 85, 165-184.
Teachman, J. D., y Paasch, K. (1998, August). The family and educational
aspirations. Journal of Marriage and the Family, 60, 704-714.
263
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
7HMHGRU - \ &DQGH - $ ,QIOXHQFLD GH ODV YDULDEOHV FRQWH[WXDOHV HQ HO
UHQGLPLHQWRDFDGpPLFR5HYLVWDGH(GXFDFLyQ
7KRPDV -: \ 5RKZHU :' $FDGHPLF 6WXG\LQJ 7KH UROH RI OHDUQLQJ
VWUDWHJLHV(GXFDWLRQDO3V\FKRORJLVW
7KRPSVRQ06$OH[DQGHU./\(QWZLVOH'5+RXVHKROGFRPSRVLWLRQ
SDUHQWDOH[SHFWDWLRQVDQGVFKRRODFKLHYHPHQW6RFLDO)RUFHV
7KRUNLOGVHQ 7 7KHRULHV RI HGXFDWLRQ DPRQJ DFDGHPLFDOO\ SUHFRFLRXV
DGROHVFHQWV&RQWHPSRUDU\(GXFDWLRQDO3V\FKRORJ\
7ROOLVRQ 3 0RWKHUVH[SHFWDWLRQV LQWHUDFWLRQV DQG DFKLHYHPHQW
DWWULEXWLRQV IRU WKHLU OHDUQLQJ GLVDEOHG RU QRUPDOO\ DFKLHYLQJ VRQV -RXUQDO RI
6SHFLDO(GXFDWLRQ
7RUJHVHQ - 0HPRUL]DWLRQ SURFHVVHVLQ UHDGLQJGLVDEOHG FKLOGUHQ -RXUQDO
RI(GXFDWLRQDO3V\FKRORJ\
7RUJHVHQ-./HDUQLQJGLVDELOLWLHV+LVWRULFDODQGFRQFHSWXDOLVVXHV6DQ
'LHJR&$$FDGHPLF3UHVV
7RUUDQR ) \ *RQ]iOH] 7RUUHV 0 & (O DSUHQGL]DMH DXWRUUHJXODGR
SUHVHQWH \ IXWXUR GH OD LQYHVWLJDFLyQ 5HYLVWD (OHFWUyQLFD GH ,QYHVWLJDFLyQ
3VLFRHGXFDWLYD
8VHHP ( / 0LGGOH VFKRROV DQG PDWK JURXSV 3DUHQWV· LQYROYHPHQW LQ
FKLOGUHQ·VSODFHPHQW6RFLRORJ\RI(GXFDWLRQ
9DOGLYLD )DFWRUHV SVLFROyJLFRV TXH SUHGLVSRQHQ DO EDMR UHQGLPLHQWR DO
IUDFDVR\DODGHVHUFLyQHVFRODU(VWXGLRVSHGDJyJLFRV
264
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
9DOOH $ \ &DEDQDFK 5* 2ULHQWDFLRQHV PHWRGROyJLFDV ODV PHWDV
DFDGpPLFDV (Q -$ *RQ]iOH]3LHQGD \ - & 1~xH] FRRUGV 'LILFXOWDGHV GH
DSUHQGL]DMHHVFRODU0DGULG3LUiPLGH
9DOOH $ &DEDQDFK 5 5RGUtJXH] 6 1~xH] - & *RQ]iOH]3LHQGD $ 0HWDV DFDGpPLFDV HVWUDWHJLDV FRJQLWLYDV \ HVWUDWHJLDV GH DXWRUUHJXODFLyQ GHO
HVWXGLR3VLFRWKHPD
9DOOH $ &DEDQDFK 5 * 5RGUtJXH] 6 1~xH] - & *RQ]iOH]3LHQGD -$ \
5RViULR 3 3HUILOHV PRWLYDFLRQDOHV HQ HVWXGLDQWHV GH 6HFXQGDULD DQiOLVLV
GLIHUHQFLDOHQHVWUDWHJLDVFRJQLWLYDVHVWUDWHJLDVGHDXWRUUHJXODFLyQ\UHQGLPLHQWR
DFDGpPLFR5HYLVWD0H[LFDQDGH3VLFRORJtD
9DOOH$&DEDQDFK5&XHYDV/<1~xH]-&0HWDVDFDGpPLFDVGHORV
HVWXGLDQWHV XQLYHUVLWDULRV \ VX UHODFLyQ FRQ RWUDV YDULDEOHV FRJQLWLYR
PRWLYDFLRQDOHV%ROHWtQGH3VLFRORJtD
9DOOH $ &DEDQDFK 5* &XHYDV /0 \ 1~xH] -& 3DWURQHV
PRWLYDFLRQDOHV HQ HVWXGLDQWHV XQLYHUVLWDULRV &DUDFWHUtVWLFDV PRWLYDFLRQDOHV
5HYLVWDGH,QYHVWLJDFLyQ(GXFDWLYD
9DOOH $ &DEDQDFK 5* 1~xH] -& 5RGUtJXH] 6 \ 3LxHLUR , 'LIHUHQFLDV HQ OD XWLOL]DFLyQ GH HVWUDWHJLDV GH DSUHQGL]DMH VHJ~Q HO QLYHO
PRWLYDFLRQDOGHORVHVWXGLDQWHV5HYLVWDGH,QYHVWLJDFLyQ(GXFDWLYD
9DOOH $ &DEDQDFK 5 5RGUtJXH] 6 1~xH] - & *RQ]iOH]3LHQGD $ 0HWDV DFDGpPLFDV HVWUDWHJLDV FRJQLWLYDV \ HVWUDWHJLDV GH DXWRUUHJXODFLyQ GHO
HVWXGLR3VLFRWKHPD
9DOOH $ *RQ]iOH]&DEDQDFK 5 %DUFD $ \ 1~xH] -& 9DULDEOHV
FRJQLWLYRPRWLYDFLRQDOHV \ DSUHQGL]DMH HVFRODU $OJXQDV UHIOH[LRQHV GHVGH XQD
YLVLyQFRQVWUXFWLYLVWDGHOSURFHVRGHDSUHQGL]DMH%RUGyQ
265
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
9DOOH$*RQ]iOH]&DEDQDFK5%DUFD$\1~xH]-&8QDSHUVSHFWLYD
FRJQLWLYRPRWLYDFLRQDO \ DSUHQGL]DMH DXWRUUHJXODGR 5HYLVWD GH (GXFDFLyQ 9DOOH $ *RQ]iOH]&DEDQDFK 5 5RGUtJXH] 6 \ 3LxHLUR , $WULEXFLRQHV
FDXVDOHV DXWRFRQFHSWR \ PRWLYDFLyQ HQ HVWXGLDQWHV FRQ DOWR \ EDMR UHQGLPLHQWR
DFDGpPLFR5HYLVWD(VSDxRODGH3HGDJRJtD
9DOOH $ *RQ]iOH] 5 1~xH] -5 'LIHUHQFLDV HQ OD XWLOL]DFLyQ GH
HVWUDWHJLDVGH DSUHQGL]DMH VHJ~Q HO QLYHO PRWLYDFLRQDO GH ORV HVWXGLDQWHV 5HYLVWD
GH,QYHVWLJDFLyQ(GXFDWLYD
9DOOH $ *RQ]iOH] 5 6XiUH] -0 \ )HUQiQGH] $ 3 8Q PRGHOR
LQWHJUDGRU H[SOLFDWLYR GH ODV UHODFLRQHV HQWUH PHVWDV DFDGpPLFDV HVWUDWHJLDV GH
DSUHQGL]DMH \ UHQGLPLHQWR DFDGpPLFR 5HYLVWD GH LQYHVWLJDFLyQ HGXFDWLYD 9DOOH $ 1~xH] - & &DEDQDFK 5 * *RQ]iOH]3LHQGD - $ 5RGUtJXH] 6
5RViULR3&HUH]R5\0XxR]&DGDYLG0$6HOIUHJXODWHGSURILOHVDQG
DFDGHPLFDFKLHYHPHQW3VLFRWKHPD
9DOOH $ \ 5RGUtJXH] 0DUWtQH] 6 (VWUDWHJLDV GH DSUHQGL]DMH \
UHQGLPLHQWRDFDGpPLFR%ROHWtQGH3VLFRORJtD
9DULRV DXWRUHV 8QD HVFXHOD FRPSUHQVLYD H LQWHJUDGRUD ,QIRUPH GH OD
FRPLVLyQ(GXFDFLyQ(VSHFLDO9LWRULD*D]WHL]6HUYLFLRFHQWUDOGH3XEOLFDFLRQHVGHO
*RELHUQR9DVFR
9DXJKQ 6 (OEDXP %(6FKXPP -6 \ +XJKHV 07 6RFLDO RXWFRPHV
IRUVWXGHQWVZLWKDQGZLWKRXWOHDUQLQJGLVDELOLWLHVLQLQFOXVLYHFODVVURRPV-RXUQDO
RI/HDUQLQJ'LVDELOLWLHV
266
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
9DXJKQ6+DDJHU'+RJDQ$\.RX]HNDQDQL.6HOIFRQFHSWDQGSHHU
DFFHSWDQFH LQ VWXGHQWV ZLWK OHDUQLQJ GLVDELOLWLHV $ IRXU WR ILYH\HDU SURVSHFWLYH
VWXG\-RXUQDORI(GXFDWLRQDO3V\FKRORJ\
9DXJKQ 6 \ +RJDQ $ 6RFLDO FRPSHWHQFH DQG OHDUQLQJ GLVDELOLWLH $
SURVSHFWLYH VWXG\ (Q +/ 6ZDQVRQ \ % . .HRJK (GV /HDUQLQJ 'LVDELOLWLHV
7KHRUHWLFDODQGUHVHDUFKLVVXHV+LOOVGDOH1-(UOEDXP
9HUPHWWHQ < - 9HUPXQW - ' \ /RGHZLMNV + * 3RZHUIXO OHDUQLQJ
HQYLURQPHQWV" +RZ XQLYHUVLW\ VWXGHQWV GLIIHU LQ WKHLU UHVSRQVH WR LQVWUXFWLRQDO
PHDVXUHV/HDUQLQJDQG,QVWUXFWLRQ
9\JRWVN\/67KRXJKWDQG/DQJXDJH&DPEULGJH0$0,73UHVV
9\JRWVN\ /6 2EUDV &RPSOHWDV &LXGDG GH /D +DEDQD 3XHEOR \
(GXFDFLyQ
:DUG 6 ,; -RUQDGD SDUD 2ULHQWDGRUHV (VFRODUHV /RV RULHQWDGRUHV
DJHQWHV GH FDPELR HGXFDWLYR ,QQRYDWLYH /HDUQLQJ 3URJUDPV 3URPRWLQJ
FROODERUDWLYH DQG DXWRQRPRXV OHDUQLQJ PRWLYDWLRQ DQG FODVVURRP PDQDJHPHQW
(VFXHODV&DWyOLFDVGHRFWXEUH
:DUQRFN 0 6SHFLDO (GXFDWLRQDO 1HHGV 5HSRUW RI WKH FRPPLWWHH RII
HQTXLU\ LQWR WKH HGXFDWLRQ RI KDQGLFDSSHG FKLOGUHQ DQG \RXQJ SHRSOH /RQGUHV
+062 7UDGXFLGR DO HVSDxRO HQ OD 5HYLVWD 6LJOR &HUR ,QIRUPH VREUH
QHFHVLGDGHVHGXFDWLYDVHVSHFLDOHV
:DUQRFN0(QFXHQWURVREUHQHFHVLGDGHVGHHGXFDFLyQHVSHFLDO5HYLVWDGH
(GXFDFLyQ
:HLQHU%$QDWWULEXWLRQDOWKHRU\RIDFKLHYHPHQWPRWLYDWLRQDQGHPRWLRQ
3V\FKRORJLFDO5HYLHZ
267
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
:HLQHU % +LVWRU\ RI PRWLYDWLRQDO UHVHDUFK LQ HGXFDWLRQ -RXUQDO RI
(GXFDWLRQDO3V\FKRORJ\
:HLQVWHLQ&(\0D\HU5) 7KHWHDFKLQJRIOHDUQLQJVWUDWHJLHV(Q0&
:LWWURFN (G +DQGERRN RI UHVHDUFK RQ WHDFKLQJ SS 1HZ <RUN
0F0LOODQ
:HQW]HO .5 6RFLDO DQG DFDGHPLF JRDOV DW VFKRRO 0RWLYDWLRQ DQG
DFKLHYHPHQW LQ FRQWH[W (Q 0/ 0DKHU \ 35 3LQWULFK (GV $GYDQFHV LQ
PRWLYDWLRQDQGDFKLHYHPHQW9ROSS*UHHQZLFK&7-$,3UHVV
:HQW]HO.56RFLDOVXSSRUWDQGDGMXVWPHQWLQPLGGOHVFKRRO7KHUROHRI
SDUHQWVWHDFKHUVDQGSHHUV-RXUQDORI(GXFDWLRQDO3V\FKRORJ\²
:HQW]HO
.5
6RFLDOPRWLYDWLRQDO
SURFHVVHV
DQG
LQWHUSHUVRQDO
UHODWLRQVKLSV ,PSOLFDWLRQV IRU XQGHUVWDQGLQJ PRWLYDWLRQ DO VFKRRO -RXUQDO RI
(GXFDWLRQDO3V\FKRORJ\
:LHGHUKROW 6 +LVWRULDO SHUVSHFWLYHV RQ WKH HGXFDWLRQ RI WKH OHDUQLQJ
GLVDEOHG(Q/0DQGGG6DEEDWLQR(GV 7KHVHFRQGUHYLHZRIVSHFLDOHGXFDWLRQ
SS3KLODGHOSKLD-6(3UHVV
:LOJHQEXVFK7\0HUUHOO.:*HQGHU'LIIHUHQFHVLQ6HOI&RQFHSWDPRQJ
&KLOGUHQ DQG $GROHVFHQWV $ 0HWD$QDO\VLV RI 0XOWLGLPHQVLRQDO 6WXGLHV 6FKRRO
3V\FKRORJ\4XDWHUO\
:LQQH 3- :RRGODQGV 0- \ :RQJ % &RPSDUDELOLW\ RI VHOIFRQFHSW
DPRQJ OHDUQLQJ GLVDEOHG QRUPDO DQG JLIWHG VWXGHQWV -RXUQDO RI /HDUQLQJ
'LVDELOLWLHV
:LWWURFN0&D/HDUQLQJDVDJHQHUDWLYHSURFHVV(GXFDWLRQDO3V\FKRORJLVW
268
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
:ROWHUV &$ <X 6/ \ 3LQWULFK 35 7KH UHODWLRQV EHWZHHQ JRDO
RULHQWDWLRQDQGVWXGHQWVPRWLYDWLRQDOEHOLHIVDQGVHOIUHJXODWHGOHDUQLQJ/HDUQLQJ
DQG,QGLYLGXDO'LIIHUHQFHV
:\OLH 5& 7KH 6HOI &RQFHSW (Q 9RO,, 7KHRU\DQG5HVHDUFKRQ6HOHFWHG
7RSLFV/RQGUHV8QLYHUVLW\RI1HEUDVND3UHVV
;X - \ &RUQR / &DVH VWXGLHV RI IDPLOLHV GRLQJ WKLUGJUDGH KRPHZRUN
7HDFKHUV&ROOHJHUHFRUG
<XVWH & 0DUWtQH] 5 \ *DOYH -/ %DWHUtD GH $SWLWXGHV *HQHUDOHV \
'LIHUHQFLDOHV5HQRYDGR%$'<*50DGULG&(3(
=DEDOD$/DSUiFWLFDHGXFDWLYD&yPRHQVHxDU%DUFHORQD*5$2
=LPPHUPDQ %- %DQGXUD $ \ 0DWtQH]3RQV 0 6HOIPRWLYDWLRQ IRU
DFDGHPLF DWWDLQPHQW 7KH UROH RI VHOI HIILFDF\ EHOLHIV DQG SHUVRQDO JRDO VHWWLQJ
$PHULFDQ(GXFDWLRQDO5HVHDUFK-RXUQDO
=LPPHUPDQ %- %RQQHU 6 \ .RYDFK 5 'HYHORSLQJ VHOIUHJXODWHG
OHDUQHUV%H\RQGDFKLHYHPHQWWRVHOIHIILFDF\:DVKLQJWRQ'&$3$
=LPPHUPDQ %- \ &OHDU\ 7- $GROHVFHQWV GHYHORSPHQW RI SHUVRQDO
DJHQF\ (Q ) 3DMDUHV 7 8UGDQ (GV 6HOIHIILFDF\ EHOLHIV RI DGROHVFHQFH SS
86$,QIRUPDWLRQ$JH3XEOLVKLQJ
269
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
9,$1(;26
9,$1(;26
$1(;26
$QH[R5HVXOWDGRVGHORVDQiOLVLVHVWDGtVWLFRV\GHILDELOLGDG
$QH[R5HVXOWDGRVGHORVDQiOLVLVHVWDGtVWLFRV\GHILDELOLGDG
LVHVWDGtVWLFRV\GHILDELOLGDG
6257&$6(6%<&RQRVLQ'$
63/,7),/(6(3$5$7(%<&RQRVLQ'$
'(6&5,37,9(69$5,$%/(6 &($&($&($&($&($&($&($&($
&($&($&($&($&($&($&($&($&($&($&($
&($ &($ &($ &($ &($ &($ &($ &($ &($ &($
&($ &($ &($ &($ &($ &($ &($ &($ &($ &($
&($
&($ &($ &($ &($ &($ &($ &($ &($ &($ &($
&($ &($ &($ &($ &($ &($ &($ &($ &($ &($
&($&($&($&($&($&($&($&($&($&($
67$7,67,&6 0($167''(90,10$;
&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH
&RQ'LILFXOWDGHVGH$SUHQGL]DMH
'HVFULSWLYH6WDWLVWLFVD
1
0LQLPXP
0D[LPXP
0HDQ
6WG
'HYLDWLRQ
&XHVWLRQDULRSDUD
&($
&($
&($
&($
&($
DOXPQRVGH(VWUDWHJLDV
GH$SUHQGL]DMH
271
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
272
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
9DOLG1OLVWZLVH
D&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH
&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH
6LQ'LILFXOWDGHVGHDSUHQGL]DMH
'HVFULSWLYH6WDWLVWLFVD
1
0LQLPXP
0D[LPXP
0HDQ
6WG
'HYLDWLRQ
&($
&($
&($
&($
&XHVWLRQDULRSDUD
DOXPQRVGH(VWUDWHJLDV
GH$SUHQGL]DMH
273
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
274
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
&($
9DOLG1OLVWZLVH
D&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH
'(6&5,37,9(6
9$5,$%/(6 0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
(VFDODGHVHQVLELOL]DFLyQ (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFF (VFDODGHHODERUDFLyQ
7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ (VFDODGHSHUVRQDOL] 3ODQLILFHYDOXDF
5HJXODFLyQ(VFDODPHWDFRJQLFLyQ
6XPDWRWDO&($
67$7,67,&6 0($167''(90,10$;
275
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH
&RQ'LILFXOWDGHVGH$SUHQGL]DMH
$SUHQGL]DMH
'HVFULSWLYH6WDWLVWLFVD
1
0LQLPXP
0D[LPXP
0HDQ
6WG'HYLDWLRQ
0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
(VFDODGHVHQVLELOL]DFLyQ
(ODERUDFLyQ
2UJDQL]DFLyQ
6HOHFF
(VFDODGHHODERUDFLyQ
7UDQVIHUHQFLD
3HQVDPFUtW\FUHDW
5HFXSHUDFLyQ
(VFDODGHSHUVRQDOL]
3ODQLILFHYDOXDF
5HJXODFLyQ
(VFDODPHWDFRJQLFLyQ
6XPDWRWDO&($
9DOLG1OLVWZLVH
D&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH
&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH
6LQ'LILFXOWDGHVGHDSUHQGL]DMH
FXOWDGHVGHDSUHQGL]DMH
'HVFULSWLYH6WDWLVWLFVD
1
0LQLPXP
0D[LPXP
0HDQ
6WG
'HYLDWLRQ
0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
(VFDODGHVHQVLELOL]DFLyQ
(ODERUDFLyQ
2UJDQL]DFLyQ
6HOHFFLyQ
(VFDODGHHODERUDFLyQ
7UDQVIHUHQFLD
3HQVDPLHQWRFUtWLFR\
FUHDWLYR
5HFXSHUDFLyQ
276
0GHO&DUPHQ*LUyQ&DOHUR
(VFDODGH
7HVLV'RFWRUDO
5HJXODFLyQ
(VFDODPHWDFRJQLFLyQ
6XPDWRWDO&($
9DOLG1OLVWZLVH
SHUVRQDOL]DFLyQ
3ODQLILFDFLyQ\
HYDOXDFLyQ
D&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH
63/,7),/(2))
'(6&5,37,9(6
9$5,$%/(6 0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
(VFDODGHVHQVLELOL]DFLyQ (ODERUDFLyQ 2UJDQL]DFLyQ 6HOHFF (VFDODGHHODERUDFLyQ
7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ (VFDODGHSHUVRQDOL] 3ODQLILFHYDOXDF
5HJXODFLyQ(VFDODPHWDFRJQLFLyQ
6XPDWRWDO&($
67$7,67,&6 0($167''(9
'HVFULSWLYH6WDWLVWLFV
'HVFULSWLYH6WDWLVWLFV
0RWLYDFLyQ
1
0HDQ
6WG'HYLDWLRQ
$FWLWXG
&RQWUROHPRFLRQDO
(VFDODGH
VHQVLELOL]DFLyQ
(ODERUDFLyQ
2UJDQL]DFLyQ
6HOHFFLyQ
(VFDODGHHODERUDFLyQ
7UDQVIHUHQFLD
3HQVDPLHQWRFUtWLFR
5HFXSHUDFLyQ
(VFDODGH
5HJXODFLyQ
(VFDODPHWDFRJQLFLyQ
6XPDWRWDO&($
9DOLG1OLVWZLVH
\FUHDWLYR
SHUVRQDOL]DFLyQ
3ODQLILFDFLyQ\
HYDOXDFLyQ
277
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
'(6&5,37,9(6 9$5,$%/(6 UHODFIDP UHODFIDP UHODFIDP UHODFIDP
UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP
UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP
UHODFIDPUHODFIDP)$&(6&RK)$&(6$GDS
6XPD)$&(6
67$7,67,&6 0($167''(9
'HVFULSWLYH6WDWLVWLFV
'HVFULSWLYH6WDWLVWLFV
&XHVWLRQDULRSDUDSDGUHV
1
0HDQ
6WG'HYLDWLRQ
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
)$&(6&RK
)$&(6$GDS
6XPD)$&(6
9DOLG1OLVWZLVH
VREUHUHODFLyQIDPLOLDU
6257&$6(6%<&RQRVLQ'$
63/,7),/(6(3$5$7(%<&RQRVLQ'$
'(6&5,37,9(6 9$5,$%/(6 UHODFIDP UHODFIDP UHODFIDP UHODFIDP
UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP
UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP UHODFIDP
UHODFIDPUHODFIDP)$&(6&RK)$&(6$GDS
6XPD)$&(6
67$7,67,&6 0($167''(9
278
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH
&RQ'LILFXOWDGHVGH$SUHQGL]DMH
'HVFULSWLYH6WDWLVWLFVD
1
&XHVWLRQDULRSDUDSDGUHV
0HDQ
6WG'HYLDWLRQ
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
)$&(6&RK
)$&(6$GDS
6XPD)$&(6
9DOLG1OLVWZLVH
VREUHUHODFLyQIDPLOLDU
D&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH
&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH
6LQ'LILFXOWDGHVGHDSUHQGL]DMH
'HVFULSWLYH6WDWLVWLFVD
1
0HDQ
6WG
'HYLDWLRQ
&XHVWLRQDULRSDUD
SDGUHVVREUHUHODFLyQ
IDPLOLDU
279
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
UHODFIDP
)$&(6&RKHVLyQ
)$&(6$GDSDELOLGDG
6XPD)$&(6
9DOLG1OLVWZLVH
D&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH
'(6&5,37,9(69$5,$%/(6 0HWDVSUHJ0HWDVSUHJ0HWDVSUHJ0HWDVSUHJ
0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ
0HWDSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ
0HWDVSUHJ0HWDVSUHJ0HWDVSUHJ
0HWDVSUHJPHWDDSUHQGL]DMHPHWDUHQGLPLHQWRPHWDUHQGLPLHQWR
67$7,67,&6 0($167''(9
280
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&RQRVLQ'$ &RQ'LILFXOWDGHV
&RQ'LILFXOWDGHVGH$SUHQGL]DMH
GH$SUHQGL]DMH
'HVFULSWLYH6WDWLVWLFVD
1
0HDQ
6WG
'HYLDWLRQ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
&XHVWLRQDULR
DOXPQRV
GH
SDUD
0HWDV
$FDGpPLFDV
0HWDVSUHJ
0HWDVSUHJ
0HWDSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDDSUHQGL]DMH
0HWDUHQGLPLHQWR
0HWDUHQGLPLHQWR
9DOLG1OLVWZLVH
D&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH
281
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH
6LQ'LILFXOWDGHVGHDSUHQGL]DMH
'HVFULSWLYH6WDWLVWLFVD
1
0HDQ
6WG
'HYLDWLRQ
&XHVWLRQDULRSDUD
DOXPQRVGH0HWDV
$FDGpPLFDV
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDDSUHQGL]DMH
0HWDUHQGLPLHQWR
0HWDUHQGLPLHQWR
9DOLG1OLVWZLVH
D&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH
63/,7),/(2))
'(6&5,37,9(69$5,$%/(6 0HWDVSUHJ0HWDVSUHJ0HWDVSUHJ0HWDVSUHJ
0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ
0HWDSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ 0HWDVSUHJ
0HWDVSUHJ0HWDVSUHJ0HWDVSUHJ
0HWDVSUHJPHWDDSUHQGL]DMHPHWDUHQGLPLHQWRPHWDUHQGLPLHQWR
67$7,67,&6 0($167''(9
282
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
'HVFULSWLYH6WDWLVWLFV
'HVFULSWLYH6WDWLVWLFV
1
0HDQ
6WG
'HYLDWLRQ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
&XHVWLRQDULRSDUD
DOXPQRVGH0HWDV
$FDGpPLFDV
0HWDVSUHJ
0HWDVSUHJ
0HWDSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDVSUHJ
0HWDDSUHQGL]DMH
0HWDUHQGLPLHQWR
0HWDUHQGLPLHQWR
9DOLG1OLVWZLVH
'(6&5,37,9(6 9$5,$%/(6 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,
6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,
6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,
6'4,,6'4,,6'4,,6'4,,6'4,,6'4,,6'4,,
6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,
6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,
6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,
6'4,,6'4,,6'4,,6'4,,6'4,,6'4,,
6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,
6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,
283
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6'4,, 6'4,, 6'4,, 6'4,, 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHV6'4,,DFDG6'4,,DSDUItVLFD6'4,,KRQHVWLGDG
6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV 6'4,,HVWHPRFLRQDO
6'4,,DXWRFJHQ
67$7,67,&6 0($167''(9
'HVFULSWLYH6WDWLVWLFV
'HVFULSWLYH6WDWLVWLFV
1
0HDQ
6WG
'HYLDWLRQ
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
&XHVWLRQDULRSDUD
DOXPQRVVREUH
$XWRFRQFHSWR
284
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
285
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,YHUEDO
6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHV
6'4,,DFDG
6'4,,DSDUItVLFD
6'4,,KRQHVWLGDG
6'4,,UHOSDUHVPVH[
6'4,,UHOSDUHVVH[RS
6'4,,UHOFRQSDGUHV
6'4,,HVWHPRFLRQDO
6'4,,DXWRFJHQ
9DOLG1OLVWZLVH
6257&$6(6%<&RQRVLQ'$
63/,7),/(6(3$5$7(%<&RQRVLQ'$
'(6&5,37,9(6 9$5,$%/(6 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,
6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,
6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,
6'4,,6'4,,6'4,,6'4,,6'4,,6'4,,6'4,,
6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,
6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,
6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,
6'4,,6'4,,6'4,,6'4,,6'4,,6'4,,
6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,
6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,, 6'4,,
6'4,, 6'4,, 6'4,, 6'4,, 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHV6'4,,DFDG6'4,,DSDUItVLFD6'4,,KRQHVWLGDG
6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV 6'4,,HVWHPRFLRQDO
6'4,,DXWRFJHQ
67$7,67,&6 0($167''(9
286
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH
&RQ'LILFXOWDGHVGH$SUHQGL]DMH
'HVFULSWLYH6WDWLVWLFVD
1
0HDQ
6WG
'HYLDWLRQ
6'4,,
6'4,,
6'4,,
6'4,,
&XHVWLRQDULRSDUD
DOXPQRVVREUH
$XWRFRQFHSWR
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
287
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
288
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,YHUEDO
6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHV
6'4,,DFDG
6'4,,DSDUItVLFD
6'4,,KRQHVWLGDG
6'4,,UHOSDUHVPVH[
6'4,,UHOSDUHVVH[RS
6'4,,UHOFRQSDGUHV
6'4,,HVWHPRFLRQDO
6'4,,DXWRFJHQ
9DOLG1OLVWZLVH
D&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH
&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH
6LQ'LILFXOWDGHVGHDSUHQGL]DMH
'HVFULSWLYH6WDWLVWLFVD
1
0HDQ
6WG
'HYLDWLRQ
&XHVWLRQDULRSDUD
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
DOXPQRVVREUH
$XWRFRQFHSWR
6'4,,
6'4,,
6'4,,
6'4,,
289
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
290
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,
6'4,,YHUEDO
6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHV
6'4,,DFDG
6'4,,DSDUItVLFD
6'4,,KRQHVWLGDG
6'4,,UHOSDUHVPVH[
6'4,,UHOSDUHVVH[RS
6'4,,UHOFRQSDGUHV
6'4,,HVWHPRFLRQDO
6'4,,DXWRFJHQ
9DOLG1OLVWZLVH
D&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH
291
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
'(6&5,37,9(69$5,$%/(6 62&62&62&62&62&62&62&62&
62&62&62&62&62&62&62&62&62&62&62&
62& 62& 62& 62& 62& 62& 62& 62& 62& 62&DSR\R
62&FDVWLJR62&VREUHSURWHFFLyQ62&UHSUREDFLyQ
67$7,67,&6 0($167''(9
&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH
&RQ'LILFXOWDGHVGH$SUHQGL]DMH
'HVFULSWLYH6WDWLVWLFVD
1
0HDQ
6WG
'HYLDWLRQ
&XHVWLRQDULRSDUD
DOXPQRVGH6RFLDOL]DFLyQ
)DPLOLDU
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
292
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
62&DSR\R
62&FDVWLJR
62&VREUHSURWHFFLyQ
62&UHSUREDFLyQ
9DOLG1OLVWZLVH
D&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH
&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH
6LQ'LILFXOWDGHVGHDSUHQGL]DMH
'HVFULSWLYH6WDWLVWLFVD
1
0HDQ
6WG
'HYLDWLRQ
&XHVWLRQDULRSDUD
DOXPQRVGH6RFLDOL]DFLyQ
)DPLOLDU
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
293
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
62&
62&
62&DSR\R
62&FDVWLJR
62&VREUHSURWHFFLyQ
62&UHSUREDFLyQ
9DOLG1OLVWZLVH
D&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH
63/,7),/(2))
'(6&5,37,9(69$5,$%/(6 62&62&62&62&62&62&62&62&
62&62&62&62&62&62&62&62&62&62&62&
62& 62& 62& 62& 62& 62& 62& 62& 62& 62&DSR\R
62&FDVWLJR62&VREUHSURWHFFLyQ62&UHSUREDFLyQ
67$7,67,&6 0($167''(9
'HVFULSWLYH6WDWLVWLFV
'HVFULSWLYH6WDWLVWLFV
1
0HDQ
6WG
'HYLDWLRQ
62&
62&
62&
62&
62&
62&
62&
&XHVWLRQDULRSDUD
DOXPQRVGH6RFLDOL]DFLyQ
)DPLOLDU
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
294
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&
62&DSR\R
62&FDVWLJR
62&VREUHSURWHFFLyQ
62&UHSUREDFLyQ
9DOLG1OLVWZLVH
'(6&5,37,9(69$5,$%/(6 ,PSOLF,PSOLF,PSOLF,PSOLF,PSOLF,PSOLF
,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF
,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSIDPDOXPSHUFSGD\
,PSIDPDOXPH[SHFW,PSIDPDOXPUHOFHQW
,PSIDPDOXPWLHPSRUJ6XPDWRWDOLPSDOXP
67$7,67,&6 0($167''(9
'HVFULSWLYH6WDWLVWLFV
'HVFULSWLYH6WDWLVWLFV
1
0HDQ
6WG
'HYLDWLRQ
&XHVWLRQDULRSDUD
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
DOXPQRVGHLPSOLFDFLyQ
IDPLOLDU
295
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSIDPDOXPSHUFSGD\
,PSIDPDOXPH[SHFW
,PSIDPDOXPUHOFHQW
,PSIDPDOXPWLHPSRUJ
6XPDWRWDOLPSDOXP
9DOLG1OLVWZLVH
6257&$6(6%<&RQRVLQ'$
63/,7),/(6(3$5$7(%<&RQRVLQ'$
'(6&5,37,9(6 9$5,$%/(6 ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF
,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF
,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSOLF ,PSIDPDOXPSHUFSGD\
,PSIDPDOXPH[SHFW,PSIDPDOXPUHOFHQW
,PSIDPDOXPWLHPSRUJ6XPDWRWDOLPSDOXP
67$7,67,&6 0($167''(9
&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH
&RQ'LILFXOWDGHVGH$SUHQGL]DMH
'HVFULSWLYH6WDWLVWLFVD
1
0HDQ
6WG
'HYLDWLRQ
&XHVWLRQDULRSDUD
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
DOXPQRVGHLPSOLFDFLyQ
IDPLOLDU
296
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSIDPDOXPSHUFSGD\
,PSIDPDOXPH[SHFW
,PSIDPDOXPUHOFHQW
,PSIDPDOXPWLHPSRUJ
6XPDWRWDOLPSDOXP
9DOLG1OLVWZLVH
D&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH
&RQR
QRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH
6LQ'LILFXOWDGHVGHDSUHQGL]DMH
'HVFULSWLYH6WDWLVWLFVD
1
0HDQ
6WG
'HYLDWLRQ
&XHVWLRQDULRSDUD
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
DOXPQRVGHLPSOLFDFLyQ
IDPLOLDU
297
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSOLF
,PSIDPDOXPSHUFSGD\
,PSIDPDOXPH[SHFW
,PSIDPDOXPUHOFHQW
,PSIDPDOXPWLHPSRUJ
6XPDWRWDOLPSDOXP
9DOLG1OLVWZLVH
D&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH
'(6&5,37,9(6 9$5,$%/(6 LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP
LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP
LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP
LPSOLFIDPLPSOLFIDPLPSOLFIDPLPSOLFIDP
,PSOIDPSDGSHUFD\ ,PSOIDPSDGH[S ,PSOIDPSDGUHOFHQW ,PSOIDPSDGWLHPRUJ
6XPDLPSOIDPSDG
67$7,67,&6 0($167''(9
&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH
&RQ'LILFXOWDGHVGH$SUHQGL]DMH
'HVFULSWLYH6WDWLVWLFVD
1
0HDQ
6WG
'HYLDWLRQ
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
&XHVWLRQDULRSDUD
SDGUHVVREUHOD
LPSOLFDFLyQHQHOSURFHVR
GH(QVHxDQ]D
DSUHQGL]DMHGHVXVKLMRV
298
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
,PSOIDPSDGSHUFD\
,PSOIDPSDGH[S
,PSOIDPSDGUHOFHQW
,PSOIDPSDGWLHPRUJ
6XPDLPSOIDPSDG
9DOLG1OLVWZLVH
D&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH
&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH
6LQ'LILFXOWDGHVGHDSUHQGL]DMH
'HVFULSWLYH6WDWLVWLFVD
1
0HDQ
6WG
'HYLDWLRQ
&XHVWLRQDULRSDUD
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
SDGUHVVREUHOD
LPSOLFDFLyQHQHOSURFHVR
GH(QVHxDQ]D
DSUHQGL]DMHGHVXVKLMRV
299
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
,PSOIDPSDGSHUFD\
,PSOIDPSDGH[S
,PSOIDPSDGUHOFHQW
,PSOIDPSDGWLHPRUJ
6XPDLPSOIDPSDG
9DOLG1OLVWZLVH
D&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH
63/,7),/(2))
'(6&5,37,9(6 9$5,$%/(6 LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP
LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP
LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP LPSOLFIDP
LPSOLFIDPLPSOLFIDPLPSOLFIDPLPSOLFIDP
,PSOIDPSDGSHUFD\ ,PSOIDPSDGH[S ,PSOIDPSDGUHOFHQW ,PSOIDPSDGWLHPRUJ
6XPDLPSOIDPSDG
67$7,67,&6 0($167''(9
'HVFULSWLYH6WDWLVWLFV
HVFULSWLYH6WDWLVWLFV
1
0HDQ
6WG
'HYLDWLRQ
&XHVWLRQDULRSDUD
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
SDGUHVVREUHOD
LPSOLFDFLyQHQHOSURFHVR
GH(QVHxDQ]D
DSUHQGL]DMHGHVXVKLMRV
300
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
LPSOLFIDP
,PSOIDPSDGSHUFD\
,PSOIDPSDGH[S
,PSOIDPSDGUHOFHQW
,PSOIDPSDGWLHPRUJ
6XPDLPSOIDPSDG
9DOLG1OLVWZLVH
'(6&5,37,9(6
9$5,$%/(6 1RWSULP0DW
1RWSULP&DVW
1RWSULP9DOHQ
1RWVHJ0DW 1RWVHJ&DVW 1RWVHJ9DO 1RWWHUF0DW 1RWDWHUF&DVW 1RWDWHUF9DO
PHGLDPDWHPDWLFDVPHGLDFDVWHOODQRPHGLDYDOHQFLDQR
67$7,67,&6 0($167''(9
'HVFULSWLYH6WDWLVWLFV
HVFULSWLYH6WDWLVWLFV
1
0HDQ
6WG
'HYLDWLRQ
5HQGLPLHQWRDFDGpPLFR
HQHOiUHD0DWHPiWLFDV
SULPHUWULPHVWUH
5HQGLPLHQWRDFDGpPLFR
HQHOiUHD&DVWHOODQR
/HQJXD\/LWHUDWXUD
SULPHUWULPHVWUH
5HQGLPLHQWRDFDGpPLFR
HQHOiUHD9DOHQFLDQR
/HQJXD\/LWHUDWXUDHQ
HOSULPHUWULPHVWUH
301
0GHO&DUPHQ*LUyQ&DOHUR
5HQGLPLHQWRDFDGpPLFR
7HVLV'RFWRUDO
PHGLDPDWHPDWLFDV
PHGLDFDVWHOODQR
PHGLDYDOHQFLDQR
9DOLG1OLVWZLVH
HQHOiUHD0DWHPiWLFDV
VHJXQGRWULPHVWUH
5HQGLPLHQWRDFDGpPLFR
HQHOiUHD&DVWHOODQR
/HQJXD\/LWHUDWXUD
VHJXQGRWULPHVWUH
5HQGLPLHQWRDFDGpPLFR
HQHOiUHD
9DOHQFLDQR/HQJXD\
/LWHUDWXUDWHUFHU
WULPHVWUH
5HQGLPLHQWRDFDGpPLFR
HQHOiUHD0DWHPiWLFDV
WHUFHUWULPHVWUH
5HQGLPLHQWRDFDGpPLFR
HQHOiUHD&DVWHOODQR
/HQJXD\/LWHUDWXUD
WHUFHUWULPHVWUH
5HQGLPLHQWRDFDGpPLFR
HQHOiUHDGH9DOHQFLDQR
/HQJXD\/LWHUDWXUD
WHUFHUWULPHVWUH
6257&$6(6%<&RQRVLQ'$
63/,7),/(6(3$5$7(%<&RQRVLQ'$
'(6&5,37,9(69$5,$%/(6 1RWSULP0DW1RWSULP&DVW1RWSULP9DOHQ
1RWVHJ0DW1RWVHJ&DVW1RWVHJ9DO1RWWHUF0DW1RWDWHUF&DVW1RWDWHUF9DO
PHGLDPDWHPDWLFDVPHGLDFDVWHOODQRPHGLDYDOHQFLDQR
67$7,67,&6 0($167''(
302
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH
&RQ'LILFXOWDGHVGH$SUHQGL]DMH
'HVFULSWLYH6WDWLVWLFVD
1
0HDQ
6WG
'HYLDWLRQ
PHGLDPDWHPDWLFDV
PHGLDFDVWHOODQR
5HQGLPLHQWR DFDGpPLFR
HQ HO iUHD 0DWHPiWLFDV
SULPHUWULPHVWUH
5HQGLPLHQWR DFDGpPLFR
HQ HO iUHD &DVWHOODQR
/HQJXD
\
/LWHUDWXUD
SULPHUWULPHVWUH
5HQGLPLHQWR DFDGpPLFR
HQ HO iUHD 9DOHQFLDQR
/HQJXD \ /LWHUDWXUD HQ
HOSULPHUWULPHVWUH
5HQGLPLHQWR DFDGpPLFR
HQ HO iUHD 0DWHPiWLFDV
VHJXQGRWULPHVWUH
5HQGLPLHQWR DFDGpPLFR
HQ HO iUHD &DVWHOODQR
/HQJXD
\
/LWHUDWXUD
VHJXQGRWULPHVWUH
5HQGLPLHQWR DFDGpPLFR
HQ
HO
iUHD
9DOHQFLDQR/HQJXD
/LWHUDWXUD
\
WHUFHU
WULPHVWUH
5HQGLPLHQWR DFDGpPLFR
HQ HO iUHD 0DWHPiWLFDV
WHUFHUWULPHVWUH
5HQGLPLHQWR DFDGpPLFR
HQ HO iUHD &DVWHOODQR
/HQJXD
\
/LWHUDWXUD
WHUFHUWULPHVWUH
5HQGLPLHQWR DFDGpPLFR
HQHOiUHDGH9DOHQFLDQR
/HQJXD
\
/LWHUDWXUD
WHUFHUWULPHVWUH
303
0GHO&DUPHQ*LUyQ&DOHUR
PHGLDYDOHQFLDQR
9DOLG1OLVWZLVH
7HVLV'RFWRUDO
D&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH
&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH
6LQ'LILFXOWDGHVGHDSUHQGL]DMH
'HVFULSWLYH6WDWLVWLFVD
1
0HDQ
6WG
'HYLDWLRQ
5HQGLPLHQWR DFDGpPLFR
HQ HO iUHD 0DWHPiWLFDV
SULPHUWULPHVWUH
5HQGLPLHQWR DFDGpPLFR
HQ HO iUHD &DVWHOODQR
/HQJXD
\
/LWHUDWXUD
SULPHUWULPHVWUH
5HQGLPLHQWR DFDGpPLFR
HQ HO iUHD 9DOHQFLDQR
/HQJXD \ /LWHUDWXUD HQ
HOSULPHUWULPHVWUH
5HQGLPLHQWR DFDGpPLFR
HQ HO iUHD 0DWHPiWLFDV
VHJXQGRWULPHVWUH
5HQGLPLHQWR DFDGpPLFR
HQ HO iUHD &DVWHOODQR
/HQJXD
\
/LWHUDWXUD
VHJXQGRWULPHVWUH
5HQGLPLHQWR DFDGpPLFR
HQHOiUHD9DOHQFLDQR
/HQJXD
\
/LWHUDWXUD
WHUFHUWULPHVWUH
5HQGLPLHQWR DFDGpPLFR
HQ HO iUHD 0DWHPiWLFDV
WHUFHUWULPHVWUH
5HQGLPLHQWR DFDGpPLFR
HQ HO iUHD &DVWHOODQR
/HQJXD
\
/LWHUDWXUD
WHUFHUWULPHVWUH
5HQGLPLHQWR DFDGpPLFR
HQHOiUHDGH9DOHQFLDQR
304
0GHO&DUPHQ*LUyQ&DOHUR
/HQJXD
\
7HVLV'RFWRUDO
/LWHUDWXUD
WHUFHUWULPHVWUH
0HGLDPDWHPiWLFDV
0HGLDFDVWHOODQR
0HGLDYDOHQFLDQR
9DOLG1OLVWZLVH
D&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH
*(7
'$7$6(71$0(&RQMXQWRBGHBGDWRV:,1'2: )5217
'(6&5,37,9(69$5,$%/(6 &,
67$7,67,&6 0($167''(9
(VWDGtVWLFRVGHVFULSWLYRV
(VWDGtVWLFRVGHVFULSWLYRV
1
0HGLD
'HVY
WtS
&,
1YiOLGRVHJ~Q
OLVWD
6257&$6(6%<&RQRVLQ'$
63/,7),/(6(3$5$7(%<&RQRVLQ'$
'(6&5,37,9(69$5,$%/(6 &,
67$7,67,&6 0($167''(9
&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH
&RQ'LILFXOWDGHVGH$SUHQGL]DMH
(VWDGtVWLFRVGHVFULSWLYRVD
1
0HGLD
'HVY
WtS
&,
1YiOLGRVHJ~Q
OLVWD
D&RQRVLQ'$ &RQ'LILFXOWDGHVGH$SUHQGL]DMH
305
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH
6LQ'LILFXOWDGHVGHDSUHQGL]DMH
(VWDGtVWLFRVGHVFULSWLYRVD
1
0HGLD
'HVY
WtS
&,
1YiOLGRVHJ~Q
OLVWD
D&RQRVLQ'$ 6LQ'LILFXOWDGHVGHDSUHQGL]DMH
VWXGHQW
$QH[R5HVXOWDGRVHVWDGtVWLFRVGHODSUXHEDWVWXGHQW
77(67*52836 &RQRVLQ'$
0,66,1* $1$/<6,6
9$5,$%/(6 PHWDDSUHQGL]DMHPHWDUHQGLPLHQWRPHWDUHQGLPLHQWR
&5,7(5,$ &,
3UXHEDW
PHWDDSUHQGL]DMH
(VWDGtVWLFRVGHJUXSR
(VWDGtVWLFRVGHJUXSR
LFRVGHJUXSR
&RQRVLQ'$
1
&RQ'LILFXOWDGHVGH
0HGLD
'HVYLDFLyQWtS
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
PHWDUHQGLPLHQWR
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
PHWDUHQGLPLHQWR
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
306
0GHO&DUPHQ*LUyQ&DOHUR
PHWDDSUHQGL]DMH
7HVLV'RFWRUDO
(VWDGtVWLFRVGHJUXSR
(VWDGtVWLFRVGHJUXSR
&RQRVLQ'$
(UURUWtSGHODPHGLD
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
PHWDUHQGLPLHQWR
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
PHWDUHQGLPLHQWR
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
HQGLHQWHV
3UXHEDGH/HYHQHSDUDODLJXDOGDGGH
YDULDQ]DV
)
PHWDDSUHQGL]DMH
6HKDQDVXPLGR
6LJ
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
PHWDUHQGLPLHQWR
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
PHWDUHQGLPLHQWR
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
307
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDWSDUDODLJXDOGDGGHPHGLDV
W
JO
6LJ
ELODWHUDO
PHWDDSUHQGL]DMH
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
PHWDUHQGLPLHQWR
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
PHWDUHQGLPLHQWR
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
PHWDDSUHQGL]DMH
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDWSDUDODLJXDOGDGGHPHGLDV
'LIHUHQFLDGH
(UURUWtSGHOD
PHGLDV
GLIHUHQFLD
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
PHWDUHQGLPLHQWR
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
PHWDUHQGLPLHQWR
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
308
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDWSDUDODLJXDOGDGGHPHGLDV
,QWHUYDORGHFRQILDQ]DSDUDOD
GLIHUHQFLD
,QIHULRU
PHWDDSUHQGL]DMH
6HKDQDVXPLGR
6XSHULRU
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
PHWDUHQGLPLHQWR
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
PHWDUHQGLPLHQWR
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
77(67*52836 &RQRVLQ'$
0,66,1* $1$/<6,6
9$5,$%/(6 ,PSIDPDOXPSHUFSGD\ ,PSIDPDOXPH[SHFW
,PSIDPDOXPWLHPSRUJ6XPDWRWDOLPSDOXP
&5,7(5,$ &,
3UXHEDW
3UXHEDW
,PSIDPDOXPUHOFHQW
(VWDGtVWLFRVGHJUXSR
(VWDGtVWLFRVGHJUXSR
&RQRVLQ'$
1
0HGLD
'HVYLDFLyQ
WtS
,PSIDPDOXPSHUFSGD\
&RQ'LILFXOWDGHV
GH$SUHQGL]DMH
6LQ'LILFXOWDGHV
GHDSUHQGL]DMH
,PSIDPDOXPH[SHFW
&RQ'LILFXOWDGHV
GH$SUHQGL]DMH
6LQ'LILFXOWDGHV
GHDSUHQGL]DMH
,PSIDPDOXPUHOFHQW
&RQ'LILFXOWDGHV
GH$SUHQGL]DMH
6LQ'LILFXOWDGHV
GHDSUHQGL]DMH
309
0GHO&DUPHQ*LUyQ&DOHUR
,PSIDPDOXPWLHPSRUJ
7HVLV'RFWRUDO
&RQ'LILFXOWDGHV
GH$SUHQGL]DMH
6LQ'LILFXOWDGHV
GHDSUHQGL]DMH
6XPDWRWDOLPSDOXP
&RQ'LILFXOWDGHV
GH$SUHQGL]DMH
6LQ'LILFXOWDGHV
GHDSUHQGL]DMH
(VWDGtVWLFRVGHJUXSR
(VWDGtVWLFRVGHJUXSR
&RQRVLQ'$
,PSIDPDOXPSHUFSGD\
(UURUWtSGHODPHGLD
&RQ'LILFXOWDGHV
GH$SUHQGL]DMH
6LQ'LILFXOWDGHV
GHDSUHQGL]DMH
,PSIDPDOXPH[SHFW
&RQ'LILFXOWDGHV
GH$SUHQGL]DMH
6LQ'LILFXOWDGHV
GHDSUHQGL]DMH
,PSIDPDOXPUHOFHQW
&RQ'LILFXOWDGHV
GH$SUHQGL]DMH
6LQ'LILFXOWDGHV
GHDSUHQGL]DMH
,PSIDPDOXPWLHPSRUJ
&RQ'LILFXOWDGHV
GH$SUHQGL]DMH
6LQ'LILFXOWDGHV
GHDSUHQGL]DMH
6XPDWRWDOLPSDOXP
&RQ'LILFXOWDGHV
GH$SUHQGL]DMH
6LQ'LILFXOWDGHV
GHDSUHQGL]DMH
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGH/HYHQHSDUDODLJXDOGDG
GHYDULDQ]DV
)
,PSIDPDOXPSHUFSGD\
6HKDQDVXPLGR
6LJ
YDULDQ]DVLJXDOHV
310
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
,PSIDPDOXPH[SHFW
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
,PSIDPDOXPUHOFHQW
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
,PSIDPDOXPWLHPSRUJ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6XPDWRWDOLPSDOXP
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHED7SDUDODLJXDOGDGGHPHGLDV
W
JO
6LJ
ELODWHUDO
,PSIDPDOXPSHUFSGD\
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
,PSIDPDOXPH[SHFW
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
,PSIDPDOXPUHOFHQW
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
,PSIDPDOXPWLHPSRUJ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
311
0GHO&DUPHQ*LUyQ&DOHUR
6XPDWRWDOLPSDOXP
6HKDQDVXPLGR
7HVLV'RFWRUDO
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
,PSIDPDOXPSHUFSGD\
3UXHED7SDUDODLJXDOGDGGHPHGLDV
6HKDQDVXPLGR
'LIHUHQFLDGH
(UURUWtSGHOD
PHGLDV
GLIHUHQFLD
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
,PSIDPDOXPH[SHFW
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
,PSIDPDOXPUHOFHQW
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
,PSIDPDOXPWLHPSRUJ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6XPDWRWDOLPSDOXP
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
XHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHED7SDUDODLJXDOGDGGHPHGLDV
,QWHUYDORGHFRQILDQ]DSDUDOD
GLIHUHQFLD
,QIHULRU
,PSIDPDOXPSHUFSGD\
6HKDQDVXPLGR
6XSHULRU
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
312
0GHO&DUPHQ*LUyQ&DOHUR
,PSIDPDOXPH[SHFW
7HVLV'RFWRUDO
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
,PSIDPDOXPUHOFHQW
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
,PSIDPDOXPWLHPSRUJ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6XPDWRWDOLPSDOXP
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
77(67*52836 &RQRVLQ'$
0,66,1* $1$/<6,6
9$5,$%/(6 62&DSR\R62&FDVWLJR62&VREUHSURWHFFLyQ62&UHSUREDFLyQ
&5,7(5,$ &,
62&DSR\R
(VWDGtVWLFRVGHJUXSR
(VWDGtVWLFRVGHJUXSR
&RQRVLQ'$
1
&RQ'LILFXOWDGHVGH
0HGLD
'HVYLDFLyQWtS
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
62&FDVWLJR
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
62&VREUHSURWHFFLyQ
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
62&UHSUREDFLyQ
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
313
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(VWDGtVWLFRVGHJUXSR
(VWDGtVWLFRVGHJUXSR
&RQRVLQ'$
62&DSR\R
(UURUWtSGHODPHGLD
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
62&FDVWLJR
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
62&VREUHSURWHFFLyQ
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
62&UHSUREDFLyQ
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGH/HYHQHSDUDODLJXDOGDGGH
YDULDQ]DV
)
62&DSR\R
6HKDQDVXPLGR
6LJ
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
62&FDVWLJR
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
62&VREUHSURWHFFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
62&UHSUREDFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
314
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHED7SDUDODLJXDOGDGGHPHGLDV
W
JO
6LJ
ELODWHUDO
62&DSR\R
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
62&FDVWLJR
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
62&VREUHSURWHFFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
62&UHSUREDFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
62&DSR\R
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHED7SDUDODLJXDOGDGGHPHGLDV
6HKDQDVXPLGR
'LIHUHQFLDGH
(UURUWtSGHOD
PHGLDV
GLIHUHQFLD
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
62&FDVWLJR
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
62&VREUHSURWHFFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
315
0GHO&DUPHQ*LUyQ&DOHUR
62&UHSUREDFLyQ
6HKDQDVXPLGR
7HVLV'RFWRUDO
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHED7SDUDODLJXDOGDGGHPHGLDV
,QWHUYDORGHFRQILDQ]DSDUDOD
GLIHUHQFLD
,QIHULRU
62&DSR\R
6HKDQDVXPLGR
6XSHULRU
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
62&FDVWLJR
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
62&VREUHSURWHFFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
62&UHSUREDFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
77(67*52836 &RQRVLQ'$
0,66,1* $1$/<6,6
9$5,$%/(6 0RWLYDFLyQ $FWLWXG &RQWUROHPRFLRQDO (VFDODGHVHQVLELOL]DFLyQ
(ODERUDFLyQ
2UJDQL]DFLyQ
6HOHFF
(VFDODGHHODERUDFLyQ
7UDQVIHUHQFLD
3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ (VFDODGHSHUVRQDOL] 3ODQLILFHYDOXDF 5HJXODFLyQ
(VFDODPHWDFRJQLFLyQ6XPDWRWDO&($
&5,7(5,$ &,
316
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
HVWDGtVWLFRVGHJUXSR
VWDGtVWLFRVGHJUXSR
LFRVGHJUXSR
&RQRVLQ'$
1
0HGLD
'HVYLDFLyQ
WtS
(UURUWtS
GHOD
PHGLD
0RWLYDFLyQ
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
$FWLWXG
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
&RQWUROHPRFLRQDO
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
(VFDODGH
&RQ'LILFXOWDGHVGH
VHQVLELOL]DFLyQ
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
(ODERUDFLyQ
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
2UJDQL]DFLyQ
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6HOHFFLyQ
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
(VFDODGH
HODERUDFLyQ
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
7UDQVIHUHQFLD
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
317
0GHO&DUPHQ*LUyQ&DOHUR
6LQ'LILFXOWDGHVGH
7HVLV'RFWRUDO
DSUHQGL]DMH
3HQVDPLHQWR
&RQ'LILFXOWDGHVGH
&UtWLFR\FUHDWLYR
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
5HFXSHUDFLyQ
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
(VFDOD
&RQ'LILFXOWDGHVGH
'HSHUVRQDOL]DFLyQ
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
3ODQLILFDFLyQ\
&RQ'LILFXOWDGHVGH
HYDOXDFLyQ
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
5HJXODFLyQ
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
(VFDOD
&RQ'LILFXOWDGHVGH
PHWDFRJQLFLyQ
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6XPDWRWDO&($
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
318
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGH/HYHQHSDUDODLJXDOGDGGH
YDULDQ]DV
)
0RWLYDFLyQ
6HKDQDVXPLGR
6LJ
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
$FWLWXG
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
&RQWUROHPRFLRQDO
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
(VFDODGH
VHQVLELOL]DFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
(ODERUDFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
2UJDQL]DFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6HOHFFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
(VFDOD
'HHODERUDFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
319
0GHO&DUPHQ*LUyQ&DOHUR
7UDQVIHUHQFLD
7HVLV'RFWRUDO
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
3HQVDPLHQWR
&UtWLFR\FUHDWLYR
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
5HFXSHUDFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
(VFDOD
6HKDQDVXPLGR
'HSHUVRQDOL]DFLyQ
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
3ODQLILFDFLyQ\
6HKDQDVXPLGR
HYDOXDFLyQ
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
5HJXODFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
(VFDOD
6HKDQDVXPLGR
PHWDFRJQLFLyQ
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6XPDWRWDO&($
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
320
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
WUDVLQGHSHQGLHQWHV
3UXHEDWSDUDODLJXDOGDGGHPHGLDV
W
JO
6LJ
'LIHUHQFLD
ELODWHUDO
GHPHGLDV
(UURUWtS
GHOD
GLIHUHQFLD
0RWLYDFLyQ
6HKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
1RVHKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
$FWLWXG
6HKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
1RVHKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
&RQWURO
6HKDQ
HPRFLRQDO
DVXPLGR
YDULDQ]DV
LJXDOHV
1RVHKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
(VFDOD
6HKDQ
'H
DVXPLGR
VHQVLELOL]DFLyQ
YDULDQ]DV
LJXDOHV
1RVHKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
321
0GHO&DUPHQ*LUyQ&DOHUR
(ODERUDFLyQ
6HKDQ
7HVLV'RFWRUDO
DVXPLGR
YDULDQ]DV
LJXDOHV
1RVHKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
2UJDQL]DFLyQ
6HKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
1RVHKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
6HOHFFLyQ
6HKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
1RVHKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
(VFDOD
6HKDQ
'H
DVXPLGR
HODERUDFLyQ
YDULDQ]DV
LJXDOHV
1RVHKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
7UDQVIHUHQFLD
6HKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
1RVHKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
322
0GHO&DUPHQ*LUyQ&DOHUR
3HQVDPLHQWR
6HKDQ
&UtWLFR\
DVXPLGR
FUHDWLYR
YDULDQ]DV
7HVLV'RFWRUDO
LJXDOHV
1RVHKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
5HFXSHUDFLyQ
6HKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
1RVHKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
(VFDOD
6HKDQ
'H
DVXPLGR
SHUVRQDOL]DFLyQ
YDULDQ]DV
LJXDOHV
1RVHKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
3ODQLILFDFLyQ
6HKDQ
HYDOXDFLyQ
DVXPLGR
YDULDQ]DV
LJXDOHV
1RVHKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
5HJXODFLyQ
6HKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
1RVHKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
323
0GHO&DUPHQ*LUyQ&DOHUR
(VFDOD
6HKDQ
PHWDFRJQLFLyQ
DVXPLGR
7HVLV'RFWRUDO
YDULDQ]DV
LJXDOHV
1RVHKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
6XPD
6HKDQ
7RWDO&($
DVXPLGR
YDULDQ]DV
LJXDOHV
1RVHKDQ
DVXPLGR
YDULDQ]DV
LJXDOHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHED7SDUDODLJXDOGDGGHPHGLDV
,QWHUYDORGHFRQILDQ]DSDUDOD
GLIHUHQFLD
,QIHULRU
0RWLYDFLyQ
6HKDQDVXPLGR
6XSHULRU
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
$FWLWXG
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
&RQWUROHPRFLRQDO
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
(VFDOD
6HKDQDVXPLGR
'HVHQVLELOL]DFLyQ
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
(ODERUDFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
324
0GHO&DUPHQ*LUyQ&DOHUR
1RVHKDQDVXPLGR
7HVLV'RFWRUDO
YDULDQ]DVLJXDOHV
2UJDQL]DFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6HOHFFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
(VFDODGHHODERUDFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
7UDQVIHUHQFLD
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
3HQVDPLHQWR
&UtWLFR\FUHDWLYR
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
5HFXSHUDFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
(VFDODGH
6HKDQDVXPLGR
SHUVRQDOL]DFLyQ
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
3ODQLILFDFLyQ\
HYDOXDFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
5HJXODFLyQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
(VFDODPHWDFRJQLFLyQ
6HKDQDVXPLGR
325
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6XPDWRWDO&($
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
77(67*52836 &RQRVLQ'$
0,66,1* $1$/<6,6
9$5,$%/(6 6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDG
6'4,,DSDUItVLFD 6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS
6'4,,UHOFRQSDGUHV6'4,,HVWHPRFLRQDO6'4,,DXWRFJHQ
&5,7(5,$ &,
(VWDGtVWLFRVGHJUXSRV
6'4,,YHUEDO
&RQRVLQ'$
1
&RQ'LILFXOWDGHVGH
0HGLD
'HVYLDFLyQWtS
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6'4,,KDELOLGDGHVItVLFDV
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6'4,,PDWHV
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6'4,,DFDG
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6'4,,DSDUItVLFD
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6'4,,KRQHVWLGDG
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
326
0GHO&DUPHQ*LUyQ&DOHUR
6LQ'LILFXOWDGHVGH
7HVLV'RFWRUDO
DSUHQGL]DMH
6'4,,UHOSDUHVPVH[
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6'4,,UHOSDUHVVH[RS
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6'4,,UHOFRQSDGUHV
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6'4,,HVWHPRFLRQDO
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6'4,,DXWRFJHQ
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6'4,,YHUEDO
(VWDGtVWLFRVGHJUXSR
(VWDGtVWLFRVGHJUXSR
&RQRVLQ'$
(UURUWtSGHODPHGLD
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6'4,,
&RQ'LILFXOWDGHVGH
+DELOLGDGHVItVLFDV
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6'4,,PDWHV
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6'4,,DFDG
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
327
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6'4,,DSDUItVLFD
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6'4,,KRQHVWLGDG
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6'4,,UHOSDUHVPVH[
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6'4,,UHOSDUHVVH[RS
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6'4,,UHOFRQSDGUHV
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6'4,,HVWHPRFLRQDO
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6'4,,DXWRFJHQ
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGH/HYHQHSDUDODLJXDOGDGGH
YDULDQ]DV
)
6'4,,YHUEDO
6HKDQDVXPLGR
6LJ
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
328
0GHO&DUPHQ*LUyQ&DOHUR
6'4,,
6HKDQDVXPLGR
+DELOLGDGHVItVLFDV
YDULDQ]DVLJXDOHV
7HVLV'RFWRUDO
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,PDWHV
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,DFDG
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,DSDUItVLFD
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,KRQHVWLGDG
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,UHOSDUHVPVH[
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,UHOSDUHVVH[RS
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,UHOFRQSDGUHV
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,HVWHPRFLRQDO
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,DXWRFJHQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
329
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHED7SDUDODLJXDOGDGGHPHGLDV
W
JO
6LJ
ELODWHUDO
6'4,,YHUEDO
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,KDELOLGDGHVItVLFDV
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,PDWHV
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,DFDG
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,DSDUItVLFD
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,KRQHVWLGDG
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,UHOSDUHVPVH[
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,UHOSDUHVVH[RS
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
330
0GHO&DUPHQ*LUyQ&DOHUR
6'4,,UHOFRQSDGUHV
6HKDQDVXPLGR
7HVLV'RFWRUDO
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,HVWHPRFLRQDO
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,DXWRFJHQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,YHUEDO
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHED7SDUDODLJXDOGDGGHPHGLDV
6HKDQDVXPLGR
'LIHUHQFLDGH
(UURUWtSGHOD
PHGLDV
GLIHUHQFLD
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,KDELOLGDGHVItVLFDV
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,PDWHV
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,DFDG
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,DSDUItVLFD
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,KRQHVWLGDG
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
331
0GHO&DUPHQ*LUyQ&DOHUR
1RVHKDQDVXPLGR
7HVLV'RFWRUDO
YDULDQ]DVLJXDOHV
6'4,,UHOSDUHVPVH[
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,UHOSDUHVVH[RS
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,UHOFRQSDGUHV
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,HVWHPRFLRQDO
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,DXWRFJHQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHED7SDUDODLJXDOGDGGHPHGLDV
,QWHUYDORGHFRQILDQ]DSDUDOD
GLIHUHQFLD
,QIHULRU
6'4,,YHUEDO
6HKDQDVXPLGR
6XSHULRU
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,KDELOLGDGHVItVLFDV
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,PDWHV
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
332
0GHO&DUPHQ*LUyQ&DOHUR
1RVHKDQDVXPLGR
7HVLV'RFWRUDO
YDULDQ]DVLJXDOHV
6'4,,DFDG
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,DSDUItVLFD
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,KRQHVWLGDG
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,UHOSDUHVPVH[
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,UHOSDUHVVH[RS
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,UHOFRQSDGUHV
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,HVWHPRFLRQDO
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6'4,,DXWRFJHQ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
77(67*52836 &RQRVLQ'$
0,66,1* $1$/<6,6
9$5,$%/(6 ,PSOIDPSDGSHUFD\
,PSOIDPSDGWLHPRUJ6XPDLPSOIDPSDG
&5,7(5,$ &,
,PSOIDPSDGH[S
333
,PSOIDPSDGUHOFHQW
0GHO&DUPHQ*LUyQ&DOHUR
,PSOIDPSDGSHUFD\
7HVLV'RFWRUDO
(VWDGtVWLFRVGHJUXSR
(VWDGtVWLFRVGHJUXSR
&RQRVLQ'$
1
&RQ'LILFXOWDGHVGH
0HGLD
'HVYLDFLyQWtS
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
,PSOIDPSDGH[S
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
,PSOIDPSDGUHOFHQW
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
,PSOIDPSDGWLHPRUJ
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6XPDLPSOIDPSDG
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
,PSOIDPSDGSHUFD\
(VWDGtVWLFRVGHJUXSR
(VWDGtVWLFRVGHJUXSR
&RQRVLQ'$
(UURUWtSGHODPHGLD
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
,PSOIDPSDGH[S
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
,PSOIDPSDGUHOFHQW
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
334
0GHO&DUPHQ*LUyQ&DOHUR
,PSOIDPSDGWLHPRUJ
7HVLV'RFWRUDO
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6XPDLPSOIDPSDG
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
HVWUDVLQGHSHQGLHQWHV
3UXHEDGH/HYHQHSDUDODLJXDOGDGGH
YDULDQ]DV
)
,PSOIDPSDGSHUFD\
6HKDQDVXPLGR
6LJ
YDULDQ]DVLJXDOH
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
,PSOIDPSDGH[S
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
,PSOIDPSDGUHOFHQW
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
,PSOIDPSDGWLHPRUJ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6XPDLPSOIDPSDG
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
335
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHED7SDUDODLJXDOGDGGHPHGLDV
,PSOIDPSDGSHUFD\
W
6HKDQDVXPLGRYDULDQ]DV
JO
6LJELODWHUDO
LJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
,PSOIDPSDGH[S
6HKDQDVXPLGRYDULDQ]DV
LJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
,PSOIDPSDGUHOFHQW
6HKDQDVXPLGRYDULDQ]DV
LJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
,PSOIDPSDGWLHPRUJ
6HKDQDVXPLGRYDULDQ]DV
LJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6XPDLPSOIDPSDG
6HKDQDVXPLGRYDULDQ]DV
LJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHED7SDUDODLJXDOGDGGHPHGLDV
,QWHUYDORGHFRQILDQ]DSDUDOD
GLIHUHQFLD
,QIHULRU
,PSOIDPSDGSHUFD\
6HKDQDVXPLGR
6XSHULRU
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
,PSOIDPSDGH[S
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
,PSOIDPSDGUHOFHQW
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
336
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
,PSOIDPSDGWLHPRUJ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6XPDLPSOIDPSDG
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
77(67*52836 &RQRVLQ'$
0,66,1* $1$/<6,6
9$5,$%/(6 )$&(6&RK)$&(6$GDS6XPD)$&(6
&5,7(5,$ &,
3UXHEDW
)$&(6&RK
(VWDGtVWLFRVGHJUXSR
(VWDGtVWLFRVGHJUXSR
&RQRVLQ'$
&RQ'LILFXOWDGHVGH
1
0HGLD
'HVYLDFLyQ
(UURUWtSGH
WtS
ODPHGLD
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
)$&(6$GDS
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
6XPD)$&(6
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
337
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGH/HYHQHSDUDODLJXDOGDGGHYDULDQ]DV
)
)$&(6&RK
6LJ
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
)$&(6$GDS
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6XPD)$&(6
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHED7SDUDODLJXDOGDGGHPHGLDV
W
)$&(6&RK
6HKDQDVXPLGR
JO
6LJ
'LIHUHQFLDGH
ELODWHUDO
PHGLDV
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
)$&(6$GDS
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6XPD)$&(6
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
338
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHED7SDUDODLJXDOGDGGHPHGLDV
(UURUWtSGH
,QWHUYDORGHFRQILDQ]DSDUDOD
ODGLIHUHQFLD
GLIHUHQFLD
,QIHULRU
)$&(6&RK
6HKDQDVXPLGR
6XSHULRU
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
)$&(6$GDS
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
6XPD)$&(6
6HKDQDVXPLGR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
77(67*52836 &RQRVLQ'$
0,66,1* $1$/<6,6
9$5,$%/(6 PHGLDPDWHPDWLFDVPHGLDFDVWHOODQRPHGLDYDOHQFLDQR
&5,7(5,$ &,
3UXHEDW
(VWDGtVWLFRVGHJUXSR
(VWDGtVWLFRVGHJUXSR
&RQRVLQ'$
0HGLD
&RQ'LILFXOWDGHVGH
PDWHPDWLFDV
$SUHQGL]DMH
1
6LQ'LILFXOWDGHVGH
0HGLD
'HVYLDFLyQWtS
DSUHQGL]DMH
0HGLD
FDVWHOODQR
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
0HGLD
&RQ'LILFXOWDGHVGH
YDOHQFLDQR
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
339
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(VWDGtVWLFRVGHJUXSR
(VWDGtVWLFRVGHJUXSR
&RQRVLQ'$
0HGLD
&RQ'LILFXOWDGHVGH
PDWHPDWLFDV
$SUHQGL]DMH
(UURUWtSGHODPHGLD
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
0HGLD
&RQ'LILFXOWDGHVGH
FDVWHOODQR
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
0HGLD
YDOHQFLDQR
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGH/HYHQHSDUDODLJXDOGDGGHYDULDQ]DV
PHGLDPDWHPDWLFDV
)
6HKDQDVXPLGRYDULDQ]DV
6LJ
LJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
PHGLDFDVWHOODQR
6HKDQDVXPLGRYDULDQ]DV
LJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
PHGLDYDOHQFLDQR
6HKDQDVXPLGRYDULDQ]DV
LJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHED7SDUDODLJXDOGDGGHPHGLDV
W
0HGLD
6HKDQDVXPLGR
PDWHPDWLFDV
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
340
JO
6LJELODWHUDO
0GHO&DUPHQ*LUyQ&DOHUR
0HGLD
6HKDQDVXPLGR
FDVWHOODQR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
7HVLV'RFWRUDO
YDULDQ]DVLJXDOHV
0HGLD
6HKDQDVXPLGR
YDOHQFLDQR
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHED7SDUDODLJXDOGDGGHPHGLDV
'LIHUHQFLDGH
PHGLDV
PHGLDPDWHPDWLFDV
6HKDQDVXPLGRYDULDQ]DV
(UURUWtSGHODGLIHUHQFLD
LJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
PHGLDFDVWHOODQR
6HKDQDVXPLGRYDULDQ]DV
LJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
PHGLDYDOHQFLDQR
6HKDQDVXPLGRYDULDQ]DV
LJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHED7SDUDODLJXDOGDGGHPHGLDV
,QWHUYDORGHFRQILDQ]DSDUDODGLIHUHQFLD
,QIHULRU
PHGLDPDWHPDWLFDV
6HKDQDVXPLGRYDULDQ]DV
6XSHULRU
LJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
PHGLDFDVWHOODQR
6HKDQDVXPLGRYDULDQ]DV
LJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
341
0GHO&DUPHQ*LUyQ&DOHUR
PHGLDYDOHQFLDQR
7HVLV'RFWRUDO
6HKDQDVXPLGRYDULDQ]DV
LJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
77(67*52836 &RQRVLQ'$
0,66,1* $1$/<6,6
9$5,$%/(6 &,
&5,7(5,$ &,
3UXHEDW
(VWDGtVWLFRVGHJUXSR
(VWDGtVWLFRVGHJUXSR
&RQRVLQ'$
1
0HGLD
'HVYLDFLyQ
(UURUWtS
WtS
GHOD
PHGLD
&,
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGH/HYHQHSDUDODLJXDOGDGGHYDULDQ]DV
&,
)
6HKDQDVXPLGRYDULDQ]DV
6LJ
LJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDWSDUDODLJXDOGDGGHPHGLDV
W
&,
6HKDQDVXPLGR
JO
6LJ
'LIHUHQFLD
ELODWHUDO
GHPHGLDV
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
342
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHEDGHPXHVWUDVLQGHSHQGLHQWHV
3UXHED7SDUDODLJXDOGDGGHPHGLDV
(UURUWtSGH
,QWHUYDORGHFRQILDQ]DSDUDOD
ODGLIHUHQFLD
GLIHUHQFLD
,QIHULRU
&,
6HKDQDVXPLGR
6XSHULRU
YDULDQ]DVLJXDOHV
1RVHKDQDVXPLGR
YDULDQ]DVLJXDOHV
$QH[R5HVXOWDGRVGHO$QiOLVLV'LVFULPLQDQWH
$QH[R5HVXOWDGRVGHO$QiOLVLV'LVFULPLQDQWH
'$7$6(71$0(&RQMXQWRBGHBGDWRV:,1'2: )5217
',6&5,0,1$17
*52836 &RQRVLQ'$
9$5,$%/(6 PHWDDSUHQGL]DMH
PHWDUHQGLPLHQWR
PHWDUHQGLPLHQWR
,PSIDPDOXPSHUFSGD\
,PSIDPDOXPH[SHFW
,PSIDPDOXPUHOFHQW
,PSIDPDOXPWLHPSRUJ62&DSR\R62&FDVWLJR62&VREUHSURWHFFLyQ62&UHSUREDFLyQ
0RWLYDFLyQ$FWLWXG&RQWUROHPRFLRQDO(ODERUDFLyQ2UJDQL]DFLyQ
6HOHFF 7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ 3ODQLILFHYDOXDF 5HJXODFLyQ
6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDG 6'4,,DSDUItVLFD
6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV
6'4,,HVWHPRFLRQDO6'4,,DXWRFJHQ
,PSOIDPSDGSHUFD\ ,PSOIDPSDGH[S ,PSOIDPSDGUHOFHQW ,PSOIDPSDGWLHPRUJ
)$&(6&RK)$&(6$GDS&,
$1$/<6,6$//
6$9( &/$666&25(6352%6
35,2566,=(
67$7,67,&6 81,9)%2;05$:7$%/(
3/27 &20%,1('6(3$5$7(0$3
3/27 &$6(6
&/$66,)< 1210,66,1*322/('
5HVXPHQGHOSURFHVDPLHQWRSDUDHODQiOLVLVGHFDVRV
HVXPHQGHOSURFHVDPLHQWRSDUDHODQiOLVLVGHFDVRV
&DVRVQRSRQGHUDGRV
1
9iOLGRV
([FOXLGRV
&yGLJRVGHJUXSR
3RUFHQWDMH
SDUDSHUGLGRVRIXHUD
GHUDQJR
3HUGLGDDOPHQRV
XQDYDULDEOH
GLVFULPLQDQWH
343
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3HUGLGRVRIXHUDGH
UDQJRDPERVHO
FyGLJRGHJUXSR\DO
PHQRVXQDGHODV
YDULDEOHV
GLVFULPLQDQWHV
7RWDOH[FOXLGRV
&DVRV7RWDOHV
(VWDGtVWLFRVGHJUXSR
VWDGtVWLFRVGHJUXSR
&RQRVLQ'$
1YiOLGRVHJ~QOLVWD
1R
3RQGHUDGRV
SRQGHUDGRV
&RQ'LILFXOWDGHV
0HWDDSUHQGL]DMH
GH$SUHQGL]DMH
0HWDUHQGLPLHQWR
0HWDUHQGLPLHQWR
,PSOLF)DP$OXPRV
SHUFHSFLyQGHD\XGD
,PSOLF)DP$OXP
([SHFWDWLYDV
,PSOLF)DP$OXP5HODFLyQ
FRQHO&HQWUR
,PSOLF)DP
$OXP7LHPSR\RUJDQL]DFLyQ
62&DSR\R
62&FDVWLJR
62&VREUHSURWHFFLyQ
62&UHSUREDFLyQ
0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
(ODERUDFLyQ
2UJDQL]DFLyQ
6HOHFFLyQ
7UDQVIHUHQFLD
3HQVDPLHQWRFUtWLFR\FUHDWLYR
5HFXSHUDFLyQ
344
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3ODQLILFDFLyQ\HYDOXDFLyQ
5HJXODFLyQ
6'4,,YHUEDO
6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHV
6'4,,DFDGpPLFR
6'4,,DSDULHQFLDItVLFD
6'4,,KRQHVWLGDG
6'4,,UHODFLRQHVSDUHVPLVPR
6'4,,UHODFLyQFRQSDGUHV
6'4,,HVWDELOLGDGHPRFLRQDO
6'4,,DXWRFRQFHSWRJHQHUDO
,PSOLFDFLyQIDPLOLDUSDGUHV
VH[R
6'4,,UHODFLRQHVSDUHVVH[R
RSXHVWR
SHUFHSFLyQGHD\XGD
,PSOLFDFLyQIDPLOLDUSDGUHV
H[SHFWDWLYDV
,PSOLFDFLyQIDPLOLDUSDGUHV
UHODFLyQFRQHOFHQWUR
,PSOLFDFLyQIDPLOLDUSDGUHV
WLHPSR\RUJDQL]DFLyQ
)$&(6&RKHVLyQ
)$&(6$GDSWDELOLGDG
&,
6LQ'LILFXOWDGHV
0HWDDSUHQGL]DMH
GHDSUHQGL]DMH
0HWDUHQGLPLHQWR
0HWDUHQGLPLHQWR
,PSOLFDFLyQDOXPQRV
62&DSR\R
62&FDVWLJR
SHUFHSFLyQ\D\XGD
,PSOLF)DP$OXP
H[SHFWDWLYDV
,PSOLFIDPDOXP5HODFLyQFRQ
HOFHQWUR
,PSOLFDFLyQIDPLOLDUDOXPQRV
WLHPSR\RUJDQL]DFLyQ
345
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
62&VREUHSURWHFFLyQ
62&UHSUREDFLyQ
0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
(ODERUDFLyQ
2UJDQL]DFLyQ
6HOHFFLyQ
7UDQVIHUHQFLD
3HQVDPLHQWRFUtWLFR\FUHDWLYR
5HFXSHUDFLyQ
3ODQLILFDFLyQ\HYDOXDFLyQ
5HJXODFLyQ
6'4,,YHUEDO
6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHV
6'4,,DFDGpPLFR
6'4,,DSDULHQFLDItVLFD
6'4,,KRQHVWLGDG
6'4,,UHODFLyQSDUHVGHO
6'4,,UHODFLRQHVFRQSDGUHV
6'4,,HVWDELOLGDGHPRFLRQDO
6'4,,DXWRFRQFHSWRJHQHUDO
,PSOLFDFLyQIDP3DGUHV
)$&(6&RKHVLyQ
)$&(6$GDSWDELOLGDG
PLVPRVH[R
6'4,,UHODFLRQHVSDUHVGHO
VH[RRSXHVWR
SHUFHSFLyQGHD\XGD
,PSOLFDFLyQIDPSDGUHVGH
VH[RRSXHVWR
,PSOLFDFLyQIDP3DGUHV\OD
UHODFLyQFRQHOFHQWUR
,PSOLFDFLyQIDP3DGUHV
WLHPSR\RUJDQL]DFLyQ
&,
7RWDO
0HWDDSUHQGL]DMH
0HWDUHQGLPLHQWR
346
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
0HWDUHQGLPLHQWR
,PSIDPDOXPSHUFSGD\
,PSIDPDOXPH[SHFW
,PSIDPDOXPUHOFHQW
,PSIDPDOXPWLHPSRUJ
62&DSR\R
62&FDVWLJR
62&VREUHSURWHFFLyQ
62&UHSUREDFLyQ
0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
(ODERUDFLyQ
2UJDQL]DFLyQ
6HOHFFLyQ
7UDQVIHUHQFLD
3HQVDPLHQWRFUtWLFR\FUHDWLYR
5HFXSHUDFLyQ
3ODQLILFDFLyQ\HYDOXDFLyQ
5HJXODFLyQ
6'4,,YHUEDO
6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHV
6'4,,DFDGpPLFR
6'4,,DSDULHQFLDItVLFD
6'4,,KRQHVWLGDG
6'4,,UHOSDUHVPVH[
6'4,,UHODFLyQFRQSDGUHVGH
6'4,,UHODFLyQFRQSDGUHV
6'4,,HVWDELOLGDGPRFLRQDO
6'4,,DXWRFRQFHSWRJHQHUDO
,PSOLFDFLyQIDP3DGUHV
VH[RRSXHVWR
SHUFHSFLyQ\D\XGD
,PSOLFDFLyQIDP3DGUHV
H[SHFWDWLYDV
,PSOLFDFLyQIDP3DGUHV\OD
UHODFLyQFRQHOFHQWUR
,PSOLFDFLyQIDP3DGUHV
347
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
WLHPSR\RUJDQL]DFLyQ
)$&(6&RKHVLyQ
)$&(6$GDSWDELOLGDG
&,
3UXHEDVGHLJXDOGDGGHODVPHGLDVGHORVJUXSRV
UXHEDVGHLJXDOGDGGHODVPHGLDVGHORVJUXSRV
/DPEGDGH
)
JO
JO
6LJ
:LONV
0HWDDSUHQGL]DMH
0HWDUHQGLPLHQWR
0HWDUHQGLPLHQWR
,PSOLFDFLyQIDPLOLDU
62&DSR\R
62&FDVWLJR
DOXPQRVSHUFHSFLyQ\
D\XGD
,PSOLFDFLyQIDP
$OXPQRVH[SHFWDWLYDV
,PSOLFDFLyQIDPLOLDU
DOXPQRVUHODFLyQFRQHO
FHQWUR
,PSOLF)DP$OXP
7LHPSR\RUJDQL]DFLyQ
62&VREUHSURWHFFLyQ
62&UHSUREDFLyQ
0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
(ODERUDFLyQ
2UJDQL]DFLyQ
6HOHFFLyQ
7UDQVIHUHQFLD
3HQVDPFUtW\FUHDW
5HFXSHUDFLyQ
3ODQLILFDFLyQ\
5HJXODFLyQ
6'4,,YHUEDO
HYDOXDFLyQ
348
0GHO&DUPHQ*LUyQ&DOHUR
6'4,,KDELOLGDGHV
7HVLV'RFWRUDO
6'4,,PDWHV
6'4,,DFDGpPLFR
6'4,,DSDULHQFLDItVLFD
6'4,,KRQHVWLGDG
6'4,,UHODFLyQSDUHV
ItVLFDV
GHOPLVPRVH[R
6'4,,UHODFLyQSDUHV
GHVH[RRSXHVWR
6'4,,UHODFLyQFRQ
SDGUHV
6'4,,HVWDELOLGDG
HPRFLRQDO
6'4,,DXWRFRQFHSWR
JHQHUDO
,PSOLFDFLyQIDPLOLDU
SDGUHVSHUFHSFLyQ\
D\XGD
,PSOLFDFLyQIDPLOLDU
SDGUHVH[SHFWDWLYDV
,PSOLFDFLyQIDPLOLDU
SDGUHVUHODFLyQFRQHO
FHQWUR
,PSOLFDFLyQIDPSDGUH
WLHPSR\RUJDQL]DFLyQ
)$&(6&RKHVLyQ
)$&(6$GDSWDELOLGDG
&,
$QiOLVLV
$QiOLVLV
3UXHEDGH%R[VREUHODLJXDOGDGGHODVPDWULFHVGHFRYDULDQ]D
3UXHEDGH%R[VREUHODLJXDOGDGGHODVPDWULFHVGHFRYDULDQ]D
FHVGHFRYDULDQ]D
/RJDULWPRGHORVGHWHUPLQDQWHV
/RJDULWPRGHORVGHWHUPLQDQWHV
&RQRVLQ'$
5DQJR
/RJDULWPR
GHO
GHWHUPLQDQW
H
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
349
0GHO&DUPHQ*LUyQ&DOHUR
6LQ'LILFXOWDGHVGH
7HVLV'RFWRUDO
DSUHQGL]DMH
,QWUDJUXSRVFRPELQDGD
/RV UDQJRV \ ORJDULWPRV QDWXUDOHV GH ORV
GHWHUPLQDQWHV LPSUHVRV VRQ ORV GH ODV PDWULFHV
GHFRYDULDQ]DVGHORVJUXSRV
5HVXOWDGRVGHODSUXHED
5HVXOWDGRVGHODSUXHED
0GH%R[
)
$SUR[
JO
JO
6LJ
&RQWUDVWD OD KLSyWHVLV QXOD
GH TXH ODV PDWULFHV GH
FRYDULDQ]DV
SREODFLRQDOHV
VRQLJXDOHV
5HVXPHQGHODVIXQFLRQHVFDQyQLFDVGLVFULPLQDQWHV
5HVXPHQGHODVIXQFLRQHVFDQyQLFDVGLVFULPLQDQWHV
$XWRYDORUHV
$XWRYDORUHV
)XQFLyQ
$XWRYDORU
GH
&RUUHODFLyQ
YDULDQ]D
DFXPXODGR
FDQyQLFD
D
D 6H KDQ HPSOHDGR ODV SULPHUDV IXQFLRQHV GLVFULPLQDQWHV
FDQyQLFDVHQHODQiOLVLV
/DPEGDGH:LONV
/DPEGDGH:LONV
&RQWUDVWHGH
/DPEGDGH
&KL
ODVIXQFLRQHV
:LONV
FXDGUDGR
JO
&RHILFLHQWHVHVWDQGDUL]DGRVGHODVIXQFLRQHV
GLVFULPLQDQWHVFDQyQLFDV
GLVFULPLQDQWHVFDQyQLFDV
)XQFLyQ
0HWDDSUHQGL]DMH
0HWDUHQGLPLHQWR
0HWDUHQGLPLHQWR
,PSOLF)DP$OXP
350
6LJ
0GHO&DUPHQ*LUyQ&DOHUR
3HUFHSFLyQ\D\XGD
,PSOLF)DP$OXP
([SHFWDWLYDV
,PSOLFIDP$OXP
5HODFLyQFRQHOFHQWUR
,PSOLF)DP$OXP7LHPSR
GHRUJ
62&DSR\R
62&FDVWLJR
62&VREUHSURWHFFLyQ
62&UHSUREDFLyQ
0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
(ODERUDFLyQ
2UJDQL]DFLyQ
6HOHFFLyQ
7UDQVIHUHQFLD
3HQVDPFUtW\FUHDW
5HFXSHUDFLyQ
3ODQLILFHYDOXDF
5HJXODFLyQ
6'4,,YHUEDO
6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHV
6'4,,DFDGpPLFR
6'4,,DSDULHQFLDItVLFD
6'4,,KRQHVWLGDG
6'4,,UHODFLyQSDUHVPLVPR
VH[R
6'4,,UHODFLyQSDUHVVH[R
RSXHVWR
6'4,,UHODFLyQFRQSDGUHV
6'4,,HVWDELOLGDGHPRFLRQDO
6'4,,DXWRFRQFHSWRJHQHUDO
,PSOLFIDPSDGUHV
SHUFHSFLyQ\D\XGD
,PSOLF)DP3DGUHV
H[SHFWDWLYDV
351
7HVLV'RFWRUDO
0GHO&DUPHQ*LUyQ&DOHUR
,PSOLF)DP3DGUHVUHODFLyQ
FRQHOFHQWUR
,PSOLFIDPSDGUHVWLHPSR\
RUJDQL]DFLyQ
)$&(6&RKHVLyQ
)$&(6$GDSWDELOLGDG
&,
0DWUL]GHHVWUXFWXUD
0DWUL]GHHVWUXFWXUD
)XQFLyQ
&,
6'4,,DFDG
,PSOIDPSDGH[S
6'4,,DXWRFJHQ
,PSIDPDOXPUHOFHQW
,PSIDPDOXPWLHPSRUJ
&RQWUROHPRFLRQDO
5HJXODFLyQ
6'4,,PDWHV
6'4,,YHUEDO
62&UHSUREDFLyQ
,PSIDPDOXPH[SHFW
6'4,,UHOSDUHVPVH[
PHWDUHQGLPLHQWR
0RWLYDFLyQ
,PSIDPDOXPSHUFSGD\
PHWDDSUHQGL]DMH
6'4,,DSDUItVLFD
6HOHFF
5HFXSHUDFLyQ
3ODQLILFHYDOXDF
3HQVDPFUtW\FUHDW
,PSOIDPSDGUHOFHQW
62&DSR\R
2UJDQL]DFLyQ
6'4,,UHOSDUHVVH[RS
6'4,,KDELOLGDGHVItVLFDV
PHWDUHQGLPLHQWR
7UDQVIHUHQFLD
352
7HVLV'RFWRUDO
0GHO&DUPHQ*LUyQ&DOHUR
$FWLWXG
62&VREUHSURWHFFLyQ
)$&(6$GDS
6'4,,KRQHVWLGDG
6'4,,UHOFRQSDGUHV
(ODERUDFLyQ
,PSOIDPSDGSHUFD\
,PSOIDPSDGWLHPRUJ
)$&(6&RK
6'4,,HVWHPRFLRQDO
62&FDVWLJR
&RUUHODFLRQHV LQWUDJUXSR FRPELQDGDV HQWUH
ODV YDULDEOHV GLVFULPLQDQWHV \ ODV IXQFLRQHV
GLVFULPLQDQWHVFDQyQLFDVWLSLILFDGDV
9DULDEOHV RUGHQDGDV SRU HO WDPDxR GH OD
FRUUHODFLyQFRQODIXQFLyQ
&RHILFLHQWHVGHODVIXQFLRQHVFDQyQLFDV
GLVFULPLQDQWHV
GLVFULPLQDQWHV
)XQFLyQ
PHWDDSUHQGL]DMH
PHWDUHQGLPLHQWR
PHWDUHQGLPLHQWR
,PSIDPDOXPSHUFSGD\
,PSIDPDOXPH[SHFW
,PSIDPDOXPUHOFHQW
,PSIDPDOXPWLHPSRUJ
62&DSR\R
62&FDVWLJR
62&VREUHSURWHFFLyQ
62&UHSUREDFLyQ
0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
(ODERUDFLyQ
2UJDQL]DFLyQ
6HOHFF
7UDQVIHUHQFLD
353
7HVLV'RFWRUDO
0GHO&DUPHQ*LUyQ&DOHUR
3HQVDPFUtW\FUHDW
5HFXSHUDFLyQ
3ODQLILFHYDOXDF
5HJXODFLyQ
6'4,,YHUEDO
6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHV
6'4,,DFDG
6'4,,DSDUItVLFD
6'4,,KRQHVWLGDG
6'4,,UHOSDUHVPVH[
6'4,,UHOSDUHVVH[RS
6'4,,UHOFRQSDGUHV
6'4,,HVWHPRFLRQDO
6'4,,DXWRFJHQ
,PSOIDPSDGSHUFD\
,PSOIDPSDGH[S
,PSOIDPSDGUHOFHQW
,PSOIDPSDGWLHPRUJ
)$&(6&RK
)$&(6$GDS
&,
&RQVWDQWH
&RHILFLHQWHVQRWLSLILFDGRV
)XQFLRQHVHQORVFHQWURLGHVGHORVJUXSRV
)XQFLRQHVHQORVFHQWURLGHVGHORVJUXSRV
&RQRVLQ'$
)XQFLyQ
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
)XQFLRQHV GLVFULPLQDQWHV FDQyQLFDV QR
WLSLILFDGDV HYDOXDGDV HQ ODV PHGLDV GH ORV
JUXSRV
354
7HVLV'RFWRUDO
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(VWDGtVWLFRVGHFODVLILFDFLyQ
(VWDGtVWLFRVGHFODVLILFDFLyQ
FRVGHFODVLILFDFLyQ
5HVXPHQGHOSURFHVRGHFODVLILFDFLyQ
5HVXPHQGHOSURFHVRGHFODVLILFDFLyQ
3URFHVDGRV
([FOXLGRV
&yGLJRGHJUXSR
SHUGLGRRIXHUDGH
UDQJR
3HUGLGDDOPHQRVXQD
YDULDEOHGLVFULPLQDQWH
8VDGRVHQORVUHVXOWDGRV
3UREDELOLGDGHVSUHYLDVSDUDORVJUXSRV
3UREDELOLGDGHVSUHYLDVSDUDORVJUXSRV
&RQRVLQ'$
3UHYLDV
&DVRVXWLOL]DGRVHQHODQiOLVLV
1R
3RQGHUDGRV
SRQGHUDGRV
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
7RWDO
',6&5,0,1$17
*52836 &RQRVLQ'$
9$5,$%/(6 PHWDDSUHQGL]DMH
PHWDUHQGLPLHQWR
PHWDUHQGLPLHQWR
,PSIDPDOXPSHUFSGD\
,PSIDPDOXPH[SHFW
,PSIDPDOXPUHOFHQW
,PSIDPDOXPWLHPSRUJ62&DSR\R62&FDVWLJR62&VREUHSURWHFFLyQ62&UHSUREDFLyQ
0RWLYDFLyQ$FWLWXG&RQWUROHPRFLRQDO(ODERUDFLyQ2UJDQL]DFLyQ
6HOHFF 7UDQVIHUHQFLD 3HQVDPFUtW\FUHDW 5HFXSHUDFLyQ 3ODQLILFHYDOXDF 5HJXODFLyQ
6'4,,YHUEDO 6'4,,KDELOLGDGHVItVLFDV 6'4,,PDWHV 6'4,,DFDG 6'4,,DSDUItVLFD
6'4,,KRQHVWLGDG 6'4,,UHOSDUHVPVH[ 6'4,,UHOSDUHVVH[RS 6'4,,UHOFRQSDGUHV
6'4,,HVWHPRFLRQDO6'4,,DXWRFJHQ
,PSOIDPSDGSHUFD\ ,PSOIDPSDGH[S ,PSOIDPSDGUHOFHQW ,PSOIDPSDGWLHPRUJ
)$&(6&RK)$&(6$GDS&,
$1$/<6,6$//
6$9( &/$666&25(6352%6
0(7+2' :,/.6
),1 )287 35,2566,=(
+,6725<
67$7,67,&6 81,9)%2;05$:)3$,57$%/(
3/27 &20%,1('6(3$5$7(0$3
3/27 &$6(6
355
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&/$66,)< 1210,66,1*322/('
5HVXPHQGHOSURFHVDPLHQWRSDUDHODQiOLVLVGHFDVRV
5HVXPHQGHOSURFHVDPLHQWRSDUDHODQiOLVLVGHFDVRV
&DVRVQRSRQGHUDGRV
1
3RUFHQWDM
H
9iOLGRV
([FOXLGRV
&yGLJRVGHJUXSRSDUD
SHUGLGRVRIXHUDGH
UDQJR
3HUGLGDDOPHQRVXQD
YDULDEOHGLVFULPLQDQWH
3HUGLGRVRIXHUDGH
UDQJRDPERVHOFyGLJR
GHJUXSR\DOPHQRV
XQDGHODVYDULDEOHV
GLVFULPLQDQWHV
7RWDOH[FOXLGRV
&DVRV7RWDOHV
(VWDGtVWLFRVGHJUXSR
(VWDGtVWLFRVGHJUXSR
&RQRVLQ'$
1YiOLGRVHJ~QOLVWD
1R
3RQGHUDGRV
SRQGHUDGRV
&RQ'LILFXOWDGHVGH
PHWDDSUHQGL]DMH
$SUHQGL]DMH
PHWDUHQGLPLHQWR
PHWDUHQGLPLHQWR
,PSIDPDOXPSHUFSGD\
,PSIDPDOXPH[SHFW
,PSIDPDOXPUHOFHQW
,PSIDPDOXPWLHPSRUJ
62&DSR\R
62&FDVWLJR
62&VREUHSURWHFFLyQ
62&UHSUREDFLyQ
0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
(ODERUDFLyQ
2UJDQL]DFLyQ
356
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6HOHFF
7UDQVIHUHQFLD
3HQVDPFUtW\FUHDW
5HFXSHUDFLyQ
3ODQLILFHYDOXDF
5HJXODFLyQ
6'4,,YHUEDO
6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHV
6'4,,DFDG
6'4,,DSDUItVLFD
6'4,,KRQHVWLGDG
6'4,,UHOSDUHVPVH[
6'4,,UHOSDUHVVH[RS
6'4,,UHOFRQSDGUHV
6'4,,HVWHPRFLRQDO
6'4,,DXWRFJHQ
,PSOIDPSDGSHUFD\
,PSOIDPSDGH[S
,PSOIDPSDGUHOFHQW
,PSOIDPSDGWLHPRUJ
)$&(6&RK
)$&(6$GDS
&,
6LQ'LILFXOWDGHVGH
PHWDDSUHQGL]DMH
DSUHQGL]DMH
PHWDUHQGLPLHQWR
PHWDUHQGLPLHQWR
,PSIDPDOXPSHUFSGD\
,PSIDPDOXPH[SHFW
,PSIDPDOXPUHOFHQW
,PSIDPDOXPWLHPSRUJ
62&DSR\R
62&FDVWLJR
62&VREUHSURWHFFLyQ
62&UHSUREDFLyQ
0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
(ODERUDFLyQ
357
0GHO&DUPHQ*LUyQ&DOHUR
2UJDQL]DFLyQ
6HOHFF
7UDQVIHUHQFLD
3HQVDPFUtW\FUHDW
5HFXSHUDFLyQ
3ODQLILFHYDOXDF
5HJXODFLyQ
6'4,,YHUEDO
6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHV
6'4,,DFDG
6'4,,DSDUItVLFD
6'4,,KRQHVWLGDG
6'4,,UHOSDUHVPVH[
6'4,,UHOSDUHVVH[RS
6'4,,UHOFRQSDGUHV
6'4,,HVWHPRFLRQDO
6'4,,DXWRFJHQ
,PSOIDPSDGSHUFD\
,PSOIDPSDGH[S
,PSOIDPSDGUHOFHQW
,PSOIDPSDGWLHPRUJ
)$&(6&RK
)$&(6$GDS
&,
7RWDO
7HVLV'RFWRUDO
PHWDDSUHQGL]DMH
PHWDUHQGLPLHQWR
PHWDUHQGLPLHQWR
,PSIDPDOXPSHUFSGD\
,PSIDPDOXPH[SHFW
,PSIDPDOXPUHOFHQW
,PSIDPDOXPWLHPSRUJ
62&DSR\R
62&FDVWLJR
62&VREUHSURWHFFLyQ
62&UHSUREDFLyQ
0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
358
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
(ODERUDFLyQ
2UJDQL]DFLyQ
6HOHFF
7UDQVIHUHQFLD
3HQVDPFUtW\FUHDW
5HFXSHUDFLyQ
3ODQLILFHYDOXDF
5HJXODFLyQ
6'4,,YHUEDO
6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHV
6'4,,DFDG
6'4,,DSDUItVLFD
6'4,,KRQHVWLGDG
6'4,,UHOSDUHVPVH[
6'4,,UHOSDUHVVH[RS
6'4,,UHOFRQSDGUHV
6'4,,HVWHPRFLRQDO
6'4,,DXWRFJHQ
,PSOIDPSDGSHUFD\
,PSOIDPSDGH[S
,PSOIDPSDGUHOFHQW
,PSOIDPSDGWLHPRUJ
)$&(6&RK
)$&(6$GDS
&,
3UXHEDVGHLJXDOGDGGHODVPHGLDVGHORVJUXSRV
3UXHEDVGHLJXDOGDGGHODVPHGLDVGHORVJUXSRV
OGDGGHODVPHGLDVGHORVJUXSRV
/DPEGDGH
)
JO
JO
6LJ
:LONV
PHWDDSUHQGL]DMH
PHWDUHQGLPLHQWR
PHWDUHQGLPLHQWR
,PSIDPDOXPSHUFSGD\
,PSIDPDOXPH[SHFW
,PSIDPDOXPUHOFHQW
,PSIDPDOXPWLHPSRUJ
62&DSR\R
62&FDVWLJR
359
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
62&VREUHSURWHFFLyQ
62&UHSUREDFLyQ
0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
(ODERUDFLyQ
2UJDQL]DFLyQ
6HOHFF
7UDQVIHUHQFLD
3HQVDPFUtW\FUHDW
5HFXSHUDFLyQ
3ODQLILFHYDOXDF
5HJXODFLyQ
6'4,,YHUEDO
6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHV
6'4,,DFDG
6'4,,DSDUItVLFD
6'4,,KRQHVWLGDG
6'4,,UHOSDUHVPVH[
6'4,,UHOSDUHVVH[RS
6'4,,UHOFRQSDGUHV
6'4,,HVWHPRFLRQDO
6'4,,DXWRFJHQ
,PSOIDPSDGSHUFD\
,PSOIDPSDGH[S
,PSOIDPSDGUHOFHQW
,PSOIDPSDGWLHPRUJ
)$&(6&RK
)$&(6$GDS
&,
360
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
$QiOLVLV
$QiOLVLV
3UXHEDGH%R[VREUHODLJXDOGDGGHODVPDWULFHVGHFRYDULDQ]D
3UXHEDGH%R[VREUHODLJXDOGDGGHODVPDWULFHVGHFRYDULDQ]D
/RJDULWPRGHORVGHWHUPLQDQWHV
/RJDULWPRGHORVGHWHUPLQDQWHV
&RQRVLQ'$
5DQJR
&RQ'LILFXOWDGHVGH
/RJDULWPRGHOGHWHUPLQDQWH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
,QWUDJUXSRVFRPELQDGD
/RV UDQJRV \ ORJDULWPRV QDWXUDOHV GH ORV GHWHUPLQDQWHV LPSUHVRV VRQ ORV GH ODV
PDWULFHVGHFRYDULDQ]DVGHORVJUXSRV
5HVXOWDGRVGHODSUXHED
5HVXOWDGRVGHODSUXHED
0GH%R[
)
$SUR[
JO
JO
6LJ
&RQWUDVWDODKLSyWHVLVQXODGHTXHODVPDWULFHVGHFRYDULDQ]DVSREODFLRQDOHVVRQ
LJXDOHV
(VWDGtVWLFRVSRUSDVRV
(VWDGtVWLFRVSRUSDVRV
9DULDEOHVLQWURGXFLGDVH[FOXLGDVDEFG
3DVR
,QWURGXFLGDV
/DPEGDGH:LONV
(VWDGtVWLFR
JO
JO
JO
&,
,PSIDPDOXPWL
HPSRUJ
6'4,,DFDG
5HJXODFLyQ
361
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
9DULDEOHVLQWURGXFLGDVH[FOXLGDVDEFG
3DVR
/DPEGDGH:LONV
)H[DFWD
(VWDGtVWLF
JO
JO
6LJ
R
(QFDGDSDVRVHLQWURGXFHODYDULDEOHTXHPLQLPL]DODODPEGDGH:LONVJOREDO
D(OQ~PHURPi[LPRGHSDVRVHV
E/D)SDUFLDOPtQLPDSDUDHQWUDUHV
F/D)SDUFLDOPi[LPDSDUDVDOLUHV
G(OQLYHOGH)ODWROHUDQFLDRHO9,1VRQLQVXILFLHQWHVSDUDFRQWLQXDUORVFiOFXORV
9DULDEOHVHQHODQiOLVLV
9DULDEOHVHQHODQiOLVLV
3DVR
7ROHUDQFLD
)SDUD
/DPEGDGH
VDOLU
:LONV
&,
&,
,PSIDPDOXPWLHPSRU
&,
,PSIDPDOXPWLHPSRU
6'4,,DFDG
&,
,PSIDPDOXPWLHPSRU
6'4,,DFDG
5HJXODFLyQ
J
J
J
362
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
9DULDEOHVQRLQFOXLGDVHQHODQiOLVLV
9DULDEOHVQRLQFOXLGDVHQHODQiOLVLV
/DPEGDGH
3DVR
7ROHUDQFLD 7ROHUDQFLDPtQ )SDUDHQWUDU
:LONV
PHWDDSUHQGL]DMH
PHWDUHQGLPLHQWR
PHWDUHQGLPLHQWR
,PSIDPDOXPSHUFSGD\
,PSIDPDOXPH[SHFW
,PSIDPDOXPUHOFHQW
,PSIDPDOXPWLHPSRUJ
62&DSR\R
62&FDVWLJR
62&VREUHSURWHFFLyQ
62&UHSUREDFLyQ
0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
(ODERUDFLyQ
2UJDQL]DFLyQ
6HOHFF
7UDQVIHUHQFLD
3HQVDPFUtW\FUHDW
5HFXSHUDFLyQ
3ODQLILFHYDOXDF
5HJXODFLyQ
6'4,,YHUEDO
6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHV
6'4,,DFDG
6'4,,DSDUItVLFD
6'4,,KRQHVWLGDG
6'4,,UHOSDUHVPVH[
6'4,,UHOSDUHVVH[RS
6'4,,UHOFRQSDGUHV
6'4,,HVWHPRFLRQDO
6'4,,DXWRFJHQ
,PSOIDPSDGSHUFD\
,PSOIDPSDGH[S
,PSOIDPSDGUHOFHQW
363
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
,PSOIDPSDGWLHPRUJ
)$&(6&RK
)$&(6$GDS
&,
PHWDDSUHQGL]DMH
PHWDUHQGLPLHQWR
PHWDUHQGLPLHQWR
,PSIDPDOXPSHUFSGD\
,PSIDPDOXPH[SHFW
,PSIDPDOXPUHOFHQW
,PSIDPDOXPWLHPSRUJ
62&DSR\R
62&FDVWLJR
62&VREUHSURWHFFLyQ
62&UHSUREDFLyQ
0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
(ODERUDFLyQ
2UJDQL]DFLyQ
6HOHFF
7UDQVIHUHQFLD
3HQVDPFUtW\FUHDW
3ODQLILFHYDOXDF
5HJXODFLyQ
6'4,,YHUEDO
6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHV
6'4,,DFDG
6'4,,DSDUItVLFD
6'4,,KRQHVWLGDG
6'4,,UHOSDUHVPVH[
6'4,,UHOSDUHVVH[RS
6'4,,UHOFRQSDGUHV
6'4,,HVWHPRFLRQDO
6'4,,DXWRFJHQ
,PSOIDPSDGSHUFD\
,PSOIDPSDGH[S
5HFXSHUDFLyQ
364
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
,PSOIDPSDGUHOFHQW
,PSOIDPSDGWLHPRUJ
)$&(6&RK
)$&(6$GDS
PHWDDSUHQGL]DMH
PHWDUHQGLPLHQWR
PHWDUHQGLPLHQWR
,PSIDPDOXPSHUFSGD\
,PSIDPDOXPH[SHFW
,PSIDPDOXPUHOFHQW
62&DSR\R
62&FDVWLJR
62&VREUHSURWHFFLyQ
62&UHSUREDFLyQ
0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
(ODERUDFLyQ
2UJDQL]DFLyQ
6HOHFF
7UDQVIHUHQFLD
3HQVDPFUtW\FUHDW
5HFXSHUDFLyQ
3ODQLILFHYDOXDF
5HJXODFLyQ
6'4,,YHUEDO
6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHV
6'4,,DFDG
6'4,,DSDUItVLFD
6'4,,KRQHVWLGDG
6'4,,UHOSDUHVPVH[
6'4,,UHOSDUHVVH[RS
6'4,,UHOFRQSDGUHV
6'4,,HVWHPRFLRQDO
6'4,,DXWRFJHQ
,PSOIDPSDGSHUFD\
,PSOIDPSDGH[S
,PSOIDPSDGUHOFHQW
365
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
,PSOIDPSDGWLHPRUJ
)$&(6&RK
)$&(6$GDS
PHWDDSUHQGL]DMH
PHWDUHQGLPLHQWR
PHWDUHQGLPLHQWR
,PSIDPDOXPSHUFSGD\
,PSIDPDOXPH[SHFW
,PSIDPDOXPUHOFHQW
62&DSR\R
62&FDVWLJR
62&VREUHSURWHFFLyQ
62&UHSUREDFLyQ
0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
(ODERUDFLyQ
2UJDQL]DFLyQ
6HOHFF
7UDQVIHUHQFLD
3HQVDPFUtW\FUHDW
5HFXSHUDFLyQ
3ODQLILFHYDOXDF
5HJXODFLyQ
6'4,,YHUEDO
6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHV
6'4,,DSDUItVLFD
6'4,,KRQHVWLGDG
6'4,,UHOSDUHVPVH[
6'4,,UHOSDUHVVH[RS
6'4,,UHOFRQSDGUHV
6'4,,HVWHPRFLRQDO
6'4,,DXWRFJHQ
,PSOIDPSDGSHUFD\
,PSOIDPSDGH[S
,PSOIDPSDGUHOFHQW
,PSOIDPSDGWLHPRUJ
)$&(6&RK
366
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
)$&(6$GDS
PHWDDSUHQGL]DMH
PHWDUHQGLPLHQWR
PHWDUHQGLPLHQWR
,PSIDPDOXPSHUFSGD\
,PSIDPDOXPH[SHFW
,PSIDPDOXPUHOFHQW
62&DSR\R
62&FDVWLJR
62&VREUHSURWHFFLyQ
62&UHSUREDFLyQ
0RWLYDFLyQ
$FWLWXG
&RQWUROHPRFLRQDO
(ODERUDFLyQ
2UJDQL]DFLyQ
6HOHFF
7UDQVIHUHQFLD
3HQVDPFUtW\FUHDW
5HFXSHUDFLyQ
3ODQLILFHYDOXDF
6'4,,YHUEDO
6'4,,KDELOLGDGHVItVLFDV
6'4,,PDWHV
6'4,,DSDUItVLFD
6'4,,KRQHVWLGDG
6'4,,UHOSDUHVPVH[
6'4,,UHOSDUHVVH[RS
6'4,,UHOFRQSDGUHV
6'4,,HVWHPRFLRQDO
6'4,,DXWRFJHQ
,PSOIDPSDGSHUFD\
,PSOIDPSDGH[S
,PSOIDPSDGUHOFHQW
,PSOIDPSDGWLHPRUJ
)$&(6&RK
)$&(6$GDS
367
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
/DPEGDGH:LONV
DPEGDGH:LONV
3D
1~PHURGH
VR
YDULDEOHV
/DPEGD
JO
JO
JO
5HVXPHQGHODVIXQFLRQHVFDQyQLFDVGLVFULPLQDQWHV
5HVXPHQGHODVIXQFLRQHVFDQyQLFDVGLVFULPLQDQWHV
$XWRYDORUHV
$XWRYDORUHV
)XQFLyQ
$XWRYDORU
GH
&RUUHODFLyQ
YDULDQ]D
DFXPXODGR
FDQyQLFD
D
D6HKDQHPSOHDGRODVSULPHUDVIXQFLRQHVGLVFULPLQDQWHVFDQyQLFDVHQ
HODQiOLVLV
/DPEGDGH:LONV
/DPEGDGH:LONV
&RQWUDVWHGH
/DPEGDGH
&KL
ODVIXQFLRQHV
:LONV
FXDGUDGR
JO
6LJ
&RHILFLHQWHVHVWDQGDUL]DGRVGHODVIXQFLRQHVGLVFULPLQDQWHVFDQyQLFDV
&RHILFLHQWHVHVWDQGDUL]DGRVGHODVIXQFLRQHVGLVFULPLQDQWHVFDQyQLFDV
IXQFLRQHVGLVFULPLQDQWHVFDQyQLFDV
)XQFLyQ
,PSIDPDOXPWLHPSRUJ
5HJXODFLyQ
6'4,,DFDG
&,
0DWUL]GHHVWUXFWXUD
0DWUL]GHHVWUXFWXUD
)XQFLyQ
&,
6'4,,DFDG
,PSIDPDOXPWLHPSRUJ
5HJXODFLyQ
,PSIDPDOXPH[SHFWD
0RWLYDFLyQD
368
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
6'4,,PDWHVD
,PSOIDPSDGH[SD
,PSOIDPSDGSHUFD\D
,PSIDPDOXPSHUFSGD\D
62&FDVWLJRD
6'4,,HVWHPRFLRQDOD
6'4,,YHUEDOD
6'4,,DXWRFJHQD
$FWLWXGD
&RQWUROHPRFLRQDOD
6HOHFFD
7UDQVIHUHQFLDD
PHWDDSUHQGL]DMHD
)$&(6&RKD
6'4,,DSDUItVLFDD
(ODERUDFLyQD
3ODQLILFHYDOXDFD
PHWDUHQGLPLHQWRD
)$&(6$GDSD
6'4,,UHOSDUHVPVH[D
PHWDUHQGLPLHQWRD
62&VREUHSURWHFFLyQD
,PSOIDPSDGWLHPRUJD
6'4,,KDELOLGDGHVItVLFDV
,PSIDPDOXPUHOFHQWD
,PSOIDPSDGUHOFHQWD
5HFXSHUDFLyQD
62&DSR\RD
2UJDQL]DFLyQD
6'4,,KRQHVWLGDGD
6'4,,UHOFRQSDGUHVD
3HQVDPFUtW\FUHDWD
6'4,,UHOSDUHVVH[RSD
62&UHSUREDFLyQD
&RUUHODFLRQHV LQWUDJUXSR FRPELQDGDV HQWUH ODV YDULDEOHV
GLVFULPLQDQWHV\ODVIXQFLRQHVGLVFULPLQDQWHVFDQyQLFDVWLSLILFDGDV
9DULDEOHVRUGHQDGDVSRUHOWDPDxRGHODFRUUHODFLyQFRQODIXQFLyQ
D(VWDYDULDEOHQRVHHPSOHDHQHODQiOLVLV
369
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&RHILFLHQWHVGHODVIXQFLRQHVFDQyQLFDVGLVFULPLQDQWHV
&RHILFLHQWHVGHODVIXQFLRQHVFDQyQLFDVGLVFULPLQDQWHV
GHODVIXQFLRQHVFDQyQLFDVGLVFULPLQDQWHV
)XQFLyQ
,PSIDPDOXPWLHPSRUJ
5HJXODFLyQ
6'4,,DFDG
&,
&RQVWDQWH
&RHILFLHQWHVQRWLSLILFDGRV
)XQFLRQHVHQORVFHQWURLGHVGHORVJUXSRV
)XQFLRQHVHQORVFHQWURLGHVGHORVJUXSRV
&RQRVLQ'$
)XQFLyQ
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
)XQFLRQHVGLVFULPLQDQWHVFDQyQLFDVQRWLSLILFDGDVHYDOXDGDVHQODV
PHGLDVGHORVJUXSRV
(VWDGtVWLFRVGHFODVLILFDFLyQ
(VWDGtVWLFRVGHFODVLILFDFLyQ
5HVXPHQGHOSURFHVRGHFODVLILFDFLyQ
5HVXPHQGHOSURFHVRGHFODVLILFDFLyQ
3URFHVDGRV
([FOXLGRV
&yGLJRGHJUXSR
SHUGLGRRIXHUDGH
UDQJR
3HUGLGDDOPHQRV
XQDYDULDEOH
GLVFULPLQDQWH
8VDGRVHQORVUHVXOWDGRV
3UREDELOLGDGHVSUHYLDVSDUDORVJUXSRV
3UREDELOLGDGHVSUHYLDVSDUDORVJUXSRV
&RQRVLQ'$
3UHYLDV
&DVRVXWLOL]DGRVHQHODQiOLVLV
1R
3RQGHUDGRV
SRQGHUDGRV
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
370
0GHO&DUPHQ*LUyQ&DOHUR
6LQ'LILFXOWDGHVGH
7HVLV'RFWRUDO
DSUHQGL]DMH
7RWDO
$QH[R&DVRVPDOFODVLILFDGRV
$QH[R&DVRVPDOFODVLILFDGRV
(VWDGtVWLFRVSRUFDVRV
(VWDGtVWLFRVSRUFDVRV
*UXSRPD\RU
6HJXQGRJUXSRPD\RU
3XQW
1
*
GH
U
FDVR
X
QHV
S
GLVFUL
R
PLQD
U
QWHV
XDFLR
H
*UXSR
3'!G_
D
SURQRVWLFDGR
* J
O
S
3*
J_
J
' G
O
'LVWD
*
QFLD
U
3*
J_
'LVWDQFL
)XQFL
DGH
yQ
GH
X
' G
0DKDODQ
0DKD
S
RELVDO
ODQREL
R
FXDGUDGR
VDO
KDVWDHO
FXDGU
FHQWURLGH
DGR
KDVWD
HO
FHQWU
RLGH
2
UL
JL
QD
O
371
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
372
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
373
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&DVRPDOFODVLILFDGR
374
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
*UiILFRVSRUJUXSRVVHSDUDGRV
*UiILFRVSRUJUXSRVVHSDUDGRV
Aprendizaje
375
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
Aprendizaje
2ULJLQDO
5HFXHQWR
5HVXOWDGRVGHODFODVLILFDFLyQ
5HVXOWDGRVGHODFODVLILFDFLyQD
&RQRVLQ'$
*UXSRGHSHUWHQHQFLD
7RWDO
SURQRVWLFDGR
&RQ'LILFXOWDGHVGH
&RQ
6LQ
'LILFXOWDGHV
'LILFXOWDGHV
GH
GH
$SUHQGL]DMH
DSUHQGL]DMH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
&RQ'LILFXOWDGHVGH
$SUHQGL]DMH
6LQ'LILFXOWDGHVGH
DSUHQGL]DMH
D&ODVLILFDGRVFRUUHFWDPHQWHHOGHORVFDVRVDJUXSDGRVRULJLQDOHV
376
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
$QH[R&XHVWLRQDULRVGHHODERUDFLyQSURSLD
$QH[R&XHVWLRQDULRVGHHODERUDFLyQSURSLD
&XHVWLRQDULRVGHHODERUDFLyQSURSLD
&XHVWLRQDULR
&XHVWLRQDULR SDUD DOXPQRV VREUH OD LPSOLFDFLyQ
LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR
HGXFDWLYR
HGXFDWLYR
)DFWRUHVVXEHVFDODV
3HUFHSFLyQGHD\XGDRUJDQL]DFLyQHL
3HUFHSFLyQGHD\XGDRUJDQL]DFLyQHLQWHUpVHQHOSURFHVRHGXFDWLYR
QWHUpVHQHOSURFHVRHGXFDWLYR
QWHUpVHQHOSURFHVRHGXFDWLYR
([SHFWDWLYDV
([SHFWDWLYDV
5HODFLRQHVFRQHO&HQWUR
5HODFLRQHVFRQHO&HQWUR
7LHPSRGHRUJDQL]DFLyQ\D\XGDHI
7LHPSRGHRUJDQL]DFLyQ\D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV
HFWLYDHQODVWDUHDVHVFRODUHV
HFWLYDHQODVWDUHDVHVFRODUHV
)$&725
3HUFHSFLyQGHD\XGDRUJDQL]DFLyQHLQWHUpVHQHOSURFHVRHGXFDWLYR
)$&725
3HUFHSFLyQGHD\XGDRUJDQL]DFLyQHLQWHUpVHQHOSURFHVRHGXFDWLYR
Ì7(06
Ì7(06(63(&Ì),&26\
(63(&Ì),&26\
$\XGRDPLKLMRDHQORVHVWXGLRVHQWRGRORTXHSXHGR
'HEHUtDPRV D\XGDU PiV D QXHVWURD KLMRD UHODFLRQDGRV FRQ VX
IRUPDFLyQ
&RODERURHQWRGRORTXHSXHGRHQODPHMRUDGHOSURJUHVRHGXFDWLYRGH
PLKLMRD
3LHQVR TXH HO DSR\R D PL KLMRD PHMRUDUi ODV FDOLILFDFLRQHV GH PL
KLMRD
0H LQWHUHVR FRPR SDGUHPDGUH GH ORV SURJUHVRV HGXFDWLYRV GH PL
KLMRD
)$&725
)$&725([SHFWDWLYDV
([SHFWDWLYDV
Ì70(6(63(&Ì),&26
Ì70(6(63(&Ì),&26
&Ì),&26\
\
3LHQVRTXHPLKLMRDVXSHUDUORVHVWXGLRVREOLJDWRULRVžGH(62
3LHQVR TXH PL KLMRD SXHGH FRQWLQXDU HVWXGLRV SRVWREOLJDWRULRV
%DFKLOOHUDWR&LFORV)RUPDWLYRVGH*UDGR0HGLR
377
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3LHQVR TXH PL KLMRD SXHGH GHVHPSHxDU XQ SXHVWR GH WUDEDMR FRQ
p[LWR
+DEORFRQPLKLMRDGHORVSODQHVGHHVWXGLRGHVSXpVGHORVHVWXGLRV
REOLJDWRULRV%DFKLOOHUDWR)RUPDFLyQ3URIHVLRQDO8QLYHUVLGDG
3LHQVRTXHPLKLMRDVXSHUDUiHVWXGLRVVXSHULRUHV8QLYHUVLGDG
)$&725
)$&7255HODFLRQHVFRQHO&HQWUR
5HODFLRQHVFRQHO&HQWUR
FLRQHVFRQHO&HQWUR
Ì7(06(63(&Ì),&26\
Ì7(06(63(&Ì),&26\
(63(&Ì),&26\
$VLVWRDODVWXWRUtDVFRQHOWXWRUGHIRUPDIUHFXHQWH
6R\LQIRUPDGRUHJXODUPHQWHSRUHO&HQWURHGXFDWLYRGHORVUHVXOWDGRV
DFDGpPLFRVGHQXHVWURDKLMRD
,QIRUPRDO&HQWURVLPLKLMRDWLHQHGLILFXOWDGHVHQVXDSUHQGL]DMH
0LKLMRDPHLQIRUPDGHODVDFWLYLGDGHVTXHVHUHDOL]DQHQHO&HQWUR
(O&HQWURQRVLQIRUPDGHORVSODQHVGHHVWXGLRRSFLRQHVDFDGpPLFDV
\SURIHVLRQDOHVSDUDQXHVWURDKLMRD
)$&725
)$&7257LHPSRGHRUJDQL]DFLyQ\D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV
7LHPSRGHRUJDQL]DFLyQ\D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV
yQ\D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV
Ì70(6(63(&Ì),&26\
Ì70(6(63(&Ì),&26\
(63(&Ì),&26\
$\XGRDRUJDQL]DUHOWLHPSRGHHVWXGLRGHPLKLMRDHQFDVD
5HYLVR GLDULDPHQWH HO WUDEDMR UHDOL]DGR SRU PL KLMRD UHDOL]DGR HQ HO
&HQWUR
5HYLVR UHJXODUPHQWH OD DJHQGD GH PL KLMRD FRPR IRUPD GH
LQIRUPDUPHGHODVDFWLYLGDGHV\IHFKDVGHH[iPHQHV
$\XGR D PL KLMRD UHVROYHU GXGDV D OD KRUD GH UHDOL]DU ODV WDUHDV
HVFRODUHV
$\XGRDPLKLMRDDUHDOL]DUFRQVXOWDVELEOLRJUiILFDVHQGRFXPHQWRV
GLFFLRQDULRVHQFLFORSHGLDV,QWHUQHW
378
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&XHVWLRQDULR SDUD DOXPQRV VREUH OD LPSOLFDFLyQ IDPLOLDU HQ HO SURFHVR
HGXFDWLYR
/RVGDWRVVRQFRQILGHQFLDOHVSRUIDYRUFXPSOLPHQWDORVGDWRVHQOHWUDPD\~VFXOD\
PDUFDFRQXQDFUX]VHJ~QFRUUHVSRQGD*UDFLDV
PDUFDFRQXQDFUX]VHJ~QFRUUHVSRQGD*UDFLDV
'DWRVGHODOXPQRD
'DWRVGHODOXPQRD
DOXPQRD
$SHOOLGRVBBBBBBBBBBBBBBBBBBBBBBBBBBB1RPEUHBBBBBBBBBBBBBBBBBBBBB
&XUVRBBBBBBBBBBBBBBB
2WURVGDWRVHGXFDWLYRV
2WURVGDWRVHGXFDWLYRV
¢+DVUHSHWLGRFXUVR"
$VLVWHVDFODVHVSDUWLFXODUHV
BBBBQR
BBBBVt
BBBBQR
BBBBVt
+RUDV\GtDVBBBBBBBBBBBBBBBBBBBBBBBB
$VLJQDWXUDVBBBBBBBBBBBBBBBBBBBBBBBB
&RQ HO REMHWLYR GH YDORUDU OD SHUFHSFLyQ TXH WLHQHQ ORV HVWXGLDQWHV GH ODV
H[SHFWDWLYDVHGXFDWLYDVGHORVSDGUHVVREUHORVKLMRVDVVHPXHVWUDDFRQWLQXDFLyQ
XQQ~PHURGHtWHPVDYDORUDU
$FRQWLQXDFLyQVHPXHVWUDHOYDORUDWULEXLEOHDFDGDQ~PHUR
1XQFDRFDVLQXQFD
1XQFDRFDVLQXQFD
3RFDVYHFHV
3RFDVYHFHV
&RQIUHFXHQFLD
&RQIUHFXHQFLD
&DVLVLHPSUH
&DVLVLHPSUH
379
$YHFHV
$YHFHV
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
3URFXUDSRUIDYRUOHHUELHQWRGRVORVtWHPV\UHSDVDUHOFXHVWLRQDULRDQWHVGHHQWUHJDUOR
GHIRUPDTXHQRTXHGHQLQJXQDDILUPDFLyQVLQFRQWHVWDU*UDFLDVSRUWXFRODERUDFLyQ
1XQFDRFDVLQXQFD
1XQFDRFDVLQXQFD 3RFDVYHFHV
3RFDVYHFHV
$YHFHV
$YHFHV&RQIUHFXHQFLD
&RQIUHFXHQFLD &DVLVLHPSUH
&DVLVLHPSUH
3LHQVRTXHPLVSDGUHVPHD\XGDQHQORVHVWXGLRVHQWRGRORTXHSXHGHQ
0LVSDGUHVSLHQVDQTXHORJUDUpVXSHUDUORVHVWXGLRVREOLJDWRULRV
0LVSDGUHVDVLVWHQDWXWRUtDFRQHOODWXWRUDGHIRUPDIUHFXHQWH
0LVSDGUHVPHD\XGDQDRUJDQL]DUHOHVWXGLRHQFDVD
3LHQVRTXHPLVSDGUHVPHGHEHUtDQD\XGDUPiVHQORVDVSHFWRVUHODFLRQDGRVFRQ
PLIRUPDFLyQ
0LV SDGUHV SLHQVDQ TXH SRGUp VXSHUDU HVWXGLRV SRVWREOLJDWRULRV %DFKLOOHUDWR
&LFORV)RUPDWLYRVGH*UDGR0HGLR
0LV SDGUHV VRQ LQIRUPDGRV UHJXODUPHQWH SRU HO &HQWUR HGXFDWLYR GH PLV
UHVXOWDGRVDFDGpPLFRV
0LV SDGUHV GLDULDPHQWH UHYLVDQ HO WUDEDMR TXH KH UHDOL]DGR HQ HO &HQWUR
HGXFDWLYR
3LHQVR TXH PLV SDGUHV FRODERUDQ WRGR OR TXH SXHGHQ HQ OD PHMRUD GH PL
IRUPDFLyQ
0LVSDGUHVSLHQVDQTXHSRGUpQVXSHUDUXQSXHVWRGHWUDEDMRFRQp[LWR
6L WHQJR GLILFXOWDGHV HGXFDWLYDV D OR ODUJR GHO FXUVR PLV SDGUHV LQIRUPDQ DO
FHQWUR
0LV SDGUHV UHYLVDQ UHJXODUPHQWH OD DJHQGD FRPR IRUPD GH LQIRUPDUVH GH
DFWLYLGDGHV\IHFKDVGHH[iPHQHV
3LHQVR TXH HO DSR\R UHFLELGR GH PLV SDGUHV PHMRUDUi ODV FDOLILFDFLRQHV
REWHQLGDV
0LV SDGUHV KDEODQ FRQPLJR GH ORV SODQHV GH HVWXGLR GHVSXpV GH ORV HVWXGLRV
REOLJDWRULRV%DFKLOOHUDWR)RUPDFLyQ3URIHVLRQDO8QLYHUVLGDG
,QIRUPRDPLVSDGUHVGHODVDFWLYLGDGHVTXHVHUHDOL]DQHQHO&HQWUR
0LV SDGUHV PH D\XGDQ D UHVROYHU GXGDV D OD KRUD GH UHDOL]DU ODV WDUHDV
HVFRODUHV
3LHQVRTXHPLVSDGUHVVHLQWHUHVDQSRUPLVSURJUHVRVHGXFDWLYRV
0LVSDGUHVSLHQVDQTXHVXSHUDUpHVWXGLRVVXSHULRUHV8QLYHUVLGDG
0LVSDGUHVHVWiQLQIRUPDGRVGHPLVSODQHVGHHVWXGLRVRSFLRQHVHGXFDWLYDV\
SURIHVLRQDOHV
0LV SDGUHV PH D\XGDQ D UHDOL]DU FRQVXOWDV ELEOLRJUiILFDV HQ GRFXPHQWRV GLFFLRQDULRVHQFOLFRSHGLDV,QWHUQHW
380
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&XHVWLRQDULRSDUDSDGUHVVREUHODLPSOLFDFLyQIDPLOLDUHQHOSURFHVRHGXFDWLYR
GHVXVKLMRVDV
)DFWRUHVVXEHVFDODV
3HUFHSFLyQGHD\XGDRUJDQL]DFLyQHL
3HUFHSFLyQGHD\XGDRUJDQL]DFLyQHLQWHUpVHQHOSURFHVRHGXFDWLY
QWHUpVHQHOSURFHVRHGXFDWLYR
R
QWHUpVHQHOSURFHVRHGXFDWLY
R
([SHFWDWLYDV
([SHFWDWLYDV
5HODFLRQHVFRQHO&HQWUR
5HODFLRQHVFRQHO&HQWUR
7LHPSRGHRUJDQL]DFLyQ\D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV
7LHPSRGHRUJDQL]DFLyQ\D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV
)$&725
3HUFHSFLyQGHD\XGDRUJDQL]DFLyQHLQWHUpVHQHOSURFHVRHGXFDWLYR
)$&7253HUFHSFLyQGHD\XGDRUJDQL]DFLyQHLQWHUpVHQHOSURFHVRHGXFDWLYR
Ì7(06
Ì7(06(63(&Ì),&26\
(63(&Ì),&26\
+DELWXDOPHQWHD\XGRDPLKLMRDDUHDOL]DUVXVWDUHDVHVFRODUHV
'HEHUtDPRV D\XGDU PiV D QXHVWURD KLMRD UHODFLRQDGRV FRQ VX
IRUPDFLyQ
&RODERURHQWRGRORTXHSXHGRHQODPHMRUDGHOSURJUHVRHGXFDWLYRGH
PLKLMRD
3LHQVR TXH PL DSR\R PHMRUDUi ODV FDOLILFDFLRQHV HVFRODUHV GH PL
KLMRD
0H LQWHUHVR FRPR SDGUHPDGUH GH ORV SURJUHVRV HGXFDWLYRV GH PL
KLMRD
)$&725
)$&725([SHFWDWLYDV
([SHFWDWLYDV
Ì70(6(63(&Ì),&26\
Ì70(6(63(&Ì),&26\
(63(&Ì),&26\
3LHQVR TXH PL KLMRD SXHGH VXSHUDU ORV HVWXGLRV REOLJDWRULRV ž GH
(62
3LHQVR TXH PL KLMRD SXHGH FRQWLQXDU HVWXGLRV SRVWREOLJDWRULRV
%DFKLOOHUDWR&LFORV)RUPDWLYRVGH*UDGR0HGLR
3LHQVR TXH PL KLMRD SXHGH GHVHPSHxDU XQ SXHVWR GH WUDEDMR FRQ
p[LWR
381
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
+DEORFRQPLKLMRDGHORVSODQHVGHHVWXGLRGHVSXpVGHORVHVWXGLRV
REOLJDWRULRV%DFKLOOHUDWR)RUPDFLyQ3URIHVLRQDO8QLYHUVLGDG
3LHQVRTXHPLKLMRDVXSHUDUiHVWXGLRVVXSHULRUHV8QLYHUVLGDG
)$&725
)$&7255HODFLRQHVFRQHO&HQWUR
5HODFLRQHVFRQHO&HQWUR
Ì7(06(63(&Ì),
Ì7(06(63(&Ì),&26\
(63(&Ì),&26\
&26\
$VLVWRDODVWXWRUtDVFRQHOWXWRUGHIRUPDIUHFXHQWH
6R\LQIRUPDGRUHJXODUPHQWHSRUHO&HQWURHGXFDWLYRGHORVUHVXOWDGRV
DFDGpPLFRVGHQXHVWURDKLMRD
,QIRUPRDO&HQWURVLPLKLMRDWLHQHGLILFXOWDGHVHQVXDSUHQGL]DMH
0LKLMRDPHLQIRUPDGHODVDFWLYLGDGHVTXHVHUHDOL]DQHQHO&HQWUR
(O&HQWURQRVLQIRUPDGHORVSODQHVGHHVWXGLRRSFLRQHVDFDGpPLFDV
\SURIHVLRQDOHVSDUDQXHVWURDKLMRD
)$&725
)$&7257LHPSRGHRUJDQL]DFLyQ\D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV
7LHPSRGHRUJDQL]DFLyQ\D\XGDHIHFWLYDHQODVWDUHDVHVFRODUHV
RODUHV
Ì70(6(63(&Ì),&26\
Ì70(6(63(&Ì),&26\
(63(&Ì),&26\
$\XGRDRUJDQL]DUHOWLHPSRGHHVWXGLRGHPLKLMRDHQFDVD
5HYLVR GLDULDPHQWH HO WUDEDMR UHDOL]DGR SRU PL KLMRD UHDOL]DGR HQ HO
&HQWUR
5HYLVR UHJXODUPHQWH OD DJHQGD GH PL KLMRD FRPR IRUPD GH
LQIRUPDUPHGHODVDFWLYLGDGHV\IHFKDVGHH[iPHQHV
$\XGR D PL KLMRD UHVROYHU GXGDV D OD KRUD GH UHDOL]DU ODV WDUHDV
HVFRODUHV
$\XGRDPLKLMRDDUHDOL]DUFRQVXOWDVELEOLRJUiILFDVHQ'RFXPHQWRV
GLFFLRQDULRVHQFLFORSHGLDV,QWHUQHW
382
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&XHVWLRQDULRSDUDSDGUHVVREUHODLPSOLFDFLyQIDPLOLDUHQHOSURFHVRHGXFDWLYR
&RQ HO ILQ GH D\XGDU D VX KLMRD HQ HO SURFHVR GH HQVHxDQ]D \ DSUHQGL]DMH OH
URJDPRV UHVSRQGDQ FRQ VLQFHULGDG DO VLJXLHQWH FXHVWLRQDULR /RV GDWRV VRQ
&21),'(1&,$/(6 3RU IDYRU FXPSOLPHQWH ORV GDWRV HQ OHWUD PD\~VFXOD \
PDUTXHFRQXQDFUX]VHJ~QFRUUHVSRQGD*UDFLDV
'DWRVGHODOXPQRD
'DWRVGHODOXPQRD
$SHOOLGRVBBBBBBBBBBBBBBBBBBBBBBBBBBB1RPEUHBBBBBBBBBBBBBBBBBBBBB
&XUVRBBBBBBBBBBBBBBB
2WURVGDWRVHGXFDWLYRV
¢+DUHSHWLGRFXUVR"
BBBBQR
BBBBVt
$VLVWHDFODVHVSDUWLFXODUHV
BBBBQR
BBBBVt
+RUDV\GtDVBBBBBBBBBBBBBBBBBBBBBBBB
$VLJQDWXUDVBBBBBBBBBBBBBBBBBBBBBBBB
'DWRVIDPLOLDUHV
'DWRVIDPLOLDUHV
1RPEUH\DSHOOLGRVGHOSDGUHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3URIHVLyQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(VWXGLRVTXHSRVHH BBBBBBBB3ULPDULRV LQGtTXHORV BBBBBB0HGLRV
BBBBBBBB%DFKLOOHUDWRBBBBBB6XSHULRUHVLQGtTXHORV
(VWDGRGHORVSDGUHVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1RPEUH\DSHOOLGRVGHODPDGUHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3URIHVLyQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(VWXGLRVTXHSRVHH BBBBBBBB3ULPDULRV LQGtTXHORV BBBBBB0HGLRV
BBBBBBBB%DFKLOOHUDWRBBBBBB6XSHULRUHVLQGtTXHORV
(VWDGRGHORVSDGUHVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
383
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
&RQHOREMHWLYRGHYDORUDUHOJUDGRGHLPSOLFDFLyQGHORVSDGUHVHQHOSURFHVR
GHHQVHxDQ]DDSUHQGL]DMHGHVXVKLMRVVHKDHODERUDGRHVWHFXHVWLRQDULRTXHFRQVWD
GHtWHPVDORVTXHGHEHUiQUHVSRQGHUVHJ~QHOJUDGRGHDFXHUGRRGHVDFXHUGR
HQUHODFLyQDFDGDDILUPDFLyQ$FRQWLQXDFLyQVHPXHVWUDHOYDORUDWULEXLEOHDFDGD
Q~PHUR
1XQFDRFDVLQXQFD
1XQFDRFDVLQXQFD
3RFDVYHFHV
3RFDVYHFHV
&RQIUHFXHQFLD
&RQIUHFXHQFLD
&DVLVLHPSUH
&DVLVLHPSUH
$YHFHV
$YHFHV
3URFXUH SRU IDYRU OHHU ELHQ WRGRV ORV tWHPV \ UHSDVDU HO FXHVWLRQDULR DQWHV GH
HQWUHJDUORGHIRUPDTXHQRTXHGHQLQJXQDDILUPDFLyQVLQFRQWHVWDU*UDFLDVSRUVX
FRODERUDFLyQ
1XQFDRFDVLQXQFD
1XQFDRFDVLQXQFD 3RFDVYHFHV
3RFDVYHFHV &RQIUHFXHQFLD
&RQIUHFXHQFLD
&DVLVLHPSUH
&DVLVLHPSUH
$YHFHV
$YHFHV
$\XGRDPLKLMRDHQORVHVWXGLRVHQWRGRORTXHSXHGR
3LHQVRTXHPLKLMRDSXHGHVXSHUDUORVHVWXGLRVREOLJDWRULRVž(62
$VLVWRDODVWXWRUtDVFRQHOWXWRUGHIRUPDIUHFXHQWH
$\XGRDRUJDQL]DUHOWLHPSRGHHVWXGLRGHPLKLMRDHQFDVD
'HEHUtDPRVD\XGDUPiVDQXHWURDKLMRDHQWRGRVORVDVSHFWRVGHVXIRUPDFLyQ
3LHQVR TXH PL KLMR SXHGH FRQWLQXDU HVWXGLRV SRVWREOLJDWRULRV %DFKLOOHUDWR &LFORV
)RUPDWLYRVGH*UDGR0HGLR
6R\LQIRUPDGRUHJXODUPHQWHSRUHO&HQWURHGXFDWLYRGHORVUHVXOWDGRVDFDGpPLFRV
GHPLKLMRD
5HYLVRGLDULDPHQWHHOWUDEDMRUHDOL]DGRSRUPLKLMRDUHDOL]DGRHQHO&HQWUR
&RODERURHQWRGRORTXHSXHGRHQHQODPHMRUDGHOSURJUHVRHGXFDWLYRGHPLKLMRD
3LHQVRTXHPLKLMRDSXHGHGHVHPSHxDUXQSXHVWRGHWUDEDMRFRQp[LWR
,QIRUPRDO&HQWURVLPLKLMRDWLHQHGLILFXOWDGHVGHDSUHQGL]DMH
5HYLVR UHJXODUPHQWH OD DJHQGD GH PL KLMRD FRPR IRUPD GH LQIRUPDUPH GH ODV DFWLYLGDGHV\IHFKDVGHH[iPHQHV
3LHQVRTXHPLDSR\RPHMRUDUiODVFDOLILFDFLRQHVHVFRODUHVGHPLKLMRD
+DEORFRQPLKLMRDGHORVSODQHVGHHVWXGLRGHVSXpVGHORVHVWXGLRVREOLJDWRULRV
%DFKLOOHUDWR)RUPDFLyQ3URIHVLRQDO8QLYHUVLGDG
0LKLMRDPHLQIRUPDGHODVDFWLYLGDGHVTXHVHUHDOL]DQHQHO&HQWUR
384
0GHO&DUPHQ*LUyQ&DOHUR
7HVLV'RFWRUDO
$\XGRDPLKLMRDDUHVROYHUGXGDVDODKRUDGHUHDOL]DUODVWDUHDVHVFRODUHV
0HLQWHUHVRFRPRSDGUHPDGUHGHORVSURJUHVRVHGXFDWLYRVGHPLKLMRD
3LHQVRTXHPLKLMRDVXSHUDUiHVWXGLRVVXSHULRUHV8QLYHUVLGDG
(O &HQWUR QRV LQIRUPD GH ORV SODQHV GH HVWXGLR RSFLRQHV DFDGpPLFDV \
SURIHVLRQDOHVSDUDQXHVWURDKLMRD
$\XGRDPLKLMRDDUHDOL]DUFRQVXOWDVELEOLRJUiILFDVHQGRFXPHQWRVGLFFLRQDULRV
HQFLFORSHGLDV,QWHUQHW
385