La práctica educativa desde la e[periencia del reconocimiento del

/DSUiFWLFDHGXFDWLYDGHVGHOD
H[SHULHQFLDGHOUHFRQRFLPLHQWRGHORWUR
8QDSURSXHVWDPHWRGROyJLFD
)ORUDOED%DUUHUR5LYHUD
-XDQ&DUORVÉQJHO8UUHD
5HVXPHQ/DWDUHDGHOUHFRQRFLPLHQWRGHORWURWLHQHFRPRSXQWR
GHSDUWLGDODFRQVLGHUDFLyQGHVXFRQGLFLyQGHDOWHUHVGHFLUGH
RWUR\ReVWHVHDVXPHFRPRXQSULQFLSLRIXQGDPHQWDO\DTXH
HOSUyMLPRVHGDDFRQRFHUDQWHODFRQVFLHQFLDFRPRXQDOJXLHQ
TXH H[LJH VHU LGHQWLILFDGR GH IRUPD WRWDOPHQWH GLVWLQWD D ORV
REMHWRVTXHFRQIRUPDQHOPXQGR'HDKtTXHHVHSUHVXSXHVWR
QRVyORSXHGHVHUOHtGRSRUUHIOH[LRQHVILORVyILFDVDQWURSROyJL
FDVFXOWXUDOHVVLQRTXHUHTXLHUHVHUWUDGXFLGRDODVSUiFWLFDV
HGXFDWLYDV GHELGR D TXH VX ILQ ²IRUPDFLyQ GH KRPEUHV² VH
UHDOL]D~QLFDPHQWHDWUDYpVGHLQWHUDFFLRQHVUHVSRQVDEOHVHQ
3VLFyORJDHVSHFLDOLVWDHQ,QYHVWLJDFLyQHQ&LHQFLDV6RFLDOHV\HQ3VLFRORJtD
(GXFDWLYD 0DJLVWHU HQ 'HVDUUROOR (GXFDWLYR \ 6RFLDO ([SHULHQFLD HQ HOD
ERUDFLyQ GH 3UR\HFWRV HGXFDWLYRV \ VRFLDOHV $FWXDOPHQWH FRRUGLQDGRUD GH
LQYHVWLJDFLRQHV)DFXOWDGGH(GXFDFLyQ\GRFHQWHGH0DHVWUtDHQ&LHQFLDVGHOD
(GXFDFLyQGHOD8QLYHUVLGDGGH6DQ%XHQDYHQWXUDVHGH%RJRWi,QWHJUDQWHGHO
JUXSRGHLQYHVWLJDFLyQ7HQGHQFLDV$FWXDOHVHQ3HGDJRJtD\(GXFDFLyQ/tQHD
GHLQYHVWLJDFLyQIRUPDFLyQ\SUiFWLFDSHGDJyJLFDIEDUUHUR#XVEERJHGXFR
/LFHQFLDGRHQ)LORVRItDGHOD8QLYHUVLGDGGH6DQ%XHQDYHQWXUDVHGH%RJRWi
&DQGLGDWRD0DJLVWHUHQ)LORVRItD/DWLQRDPHULFDQD,QYHVWLJDGRUHQHOFDPSR
GHODILORVRItDFRQWHPSRUiQHDODpWLFD\ODFXOWXUDFRQWHPSRUiQHD$FWXDOPHQ
WHHV&RRUGLQDGRUGH)LORVRItD\GH3UR\HFWR0HGLD9RFDFLRQDOGHO&ROHJLR
&RORPER$PHULFDQR
,7,1(5$5,2('8&$7,92‡$f2;;91ƒ‡‡(1(52-81,2'(
)/25$/%$%$55(525,9(5$<-8$1&$5/26É1*(/855($
WUHORVDJHQWHVTXHDOOtLQWHUYLHQHQ3DUDHOORVHSURSRQHXQD
PHWRGRORJtD DUWLFXODGD HQ WUHV DVSHFWRV SUHSDUDU HVWXGLDU H
LQWHUDFWXDU (VWRV WUHV PRPHQWRV VHUiQ UHFtSURFRV WDQWR SDUD
HVWXGLDQWHVFRPRGRFHQWHV/RDQWHULRUVHHQWLHQGHHQIXQFLyQ
GHOGHVSOLHJXHTXHUHDOL]DHOKRPEUHPDQWHQLHQGRODFRQVLGH
UDFLyQSRUHORWURHOUHVSHWRSRUVXGLIHUHQFLDODGLJQLGDGSRU
VXLQGLYLGXDOLGDG\ODPLUDGDHQFRP~QGHDSUHQGHUVLHPSUH
$KRUD ELHQ ORV WUHV QLYHOHV DQDOL]DGRV GHQWUR GH OD SUiFWLFD
GRFHQWH\ODH[SHULHQFLDGHOHVWXGLDQWHVHIXQGDPHQWDQHQXQD
GLPHQVLyQ pWLFD TXH VH UHODFLRQD GLUHFWDPHQWH FRQ OD IRUPD
FRPRVHGHVHQYXHOYHQODVDFFLRQHVGHODFRQVFLHQFLDKXPDQD
GHQWURGHXQDVFRQGLFLRQHVFRQFUHWDV
3DODEUDVFODYH3HUVRQD$OWHU,QWHUDFFLyQ5HFRQRFLPLHQWR\
3UiFWLFD(GXFDWLYD
$EVWUDFW7KHWDVNRIUHFRJQLWLRQRIWKHRWKHUKDVDVDGHSDUWXUH
SRLQWWKHFRQWHPSODWLRQRILWVFRQGLWLRQIRUDOWHUWKDWLVWRVD\
DQRWKHU,7KLVLVDVVXPHGDVDIXQGDPHQWDOSULQFLSOHVLQFHWKH
IHOORZPDQLVJLYHQWRNQRZEHIRUHWKHFRQVFLHQFHDVDVRPHRQH
ZKRGHPDQGVWREHLGHQWLILHGLQDFRPSOHWHO\GLIIHUHQWZD\IURP
WKHREMHFWVWKDWFRPSRXQGWKHZRUOG7KHUHIRUHWKLVDVVXPSWLRQ
QRWRQO\FDQEHXQGHUVWRRGE\SKLORVRSKLFDODQWKURSRORJLFDO
DQGFXOWXUDOUHIOHFWLRQVEXWLWDOVRUHTXLUHVWREHWUDQVODWHGLQWR
HGXFDWLRQDOSUDFWLFHVGXHWRLWVREMHFWLYH²WKHIRUPDWLRQRIPHQ²
ZKLFKLVRQO\GRQHWKURXJKUHVSRQVLEOHLQWHUDFWLRQVDPRQJWKH
DJHQWVLQYROYHG,QRUGHUWRGRWKDWLWLVSURSRVHGDPHWKRGROR
J\GHVLJQHGLQWKUHHDUHDVWRSUHSDUHWRVWXG\DQGWRLQWHUDFW
7KHVHWKHUHDUHDVDUHDSSOLHGLQDUHFLSURFDOZD\ZLWKLQWKH
UHODWLRQVKLSHVWDEOLVKHGEHWZHHQWKHWHDFKHUDQGWKHVWXGHQW
7KHSUHYLRXVVWDWHPHQWUHOLHVRQWKHGHSOR\PHQWWKDWPDNHVWKH
PDQPDLQWDLQLQJWKHFRQVLGHUDWLRQIRUWKHRWKHUWKHUHVSHFW
IRUKLVKHUGLIIHUHQFHWKHGLJQLW\IRUKLVKHULQGLYLGXDOLW\DQG
WKHFRPPRQYLHZWRZDUGVDPXWXDODSSUHQWLFHVKLS+RZHYHU
81,9(56,'$''(6$1%8(1$9(1785$6('(%2*27ɇ)$&8/7$''(('8&$&,Ð1
/$35É&7,&$('8&$7,9$'(6'(/$(;3(5,(1&,$'(/5(&212&,0,(172'(/275281$35238(67$0(72'2/Ð*,&$
WKH WKUHH DQDO\]HG DVSHFWV ZLWKLQ WKH WHDFKLQJ SUDFWLFH DQG
VWXGHQWH[SHULHQFHDUHEDVHGRQDQHWKLFDOGLPHQVLRQZKLFK
LV GLUHFWO\ UHODWHG WR KRZ WKH\ GHYHORS WKH DFWLRQV RI KXPDQ
FRQVFLRXVQHVVZLWKLQVSHFLILFFRQGLWLRQV
.H\ZRUGV3HUVRQ$OWHU,QWHUDFWLRQ5HFRJQLWLRQDQG(GXFD
WLRQDO3UDFWLFHV
,QWURGXFFLyQDFHUFDPLHQWRDODSURSXHVWD
WHyULFDDOUHGHGRUGHOUHFRQRFLPLHQWRGHORWUR
5HVXOWDFODURTXHODSRVLELOLGDGGHDFHUFDPLHQWRGHOKRPEUHKDFLD
HOPXQGR\KDFLDVXVVHPHMDQWHVHVXQDWDUHDVXPDPHQWHFRPSOL
FDGDGHELGRDOFDUiFWHUSUREOHPiWLFRGHODVUHODFLRQHVTXHHVWD
EOHFHODFRQVFLHQFLDFRQVXVSDUHVRFRQHOHQWRUQRTXHODURGHD
(QHVWDGLQiPLFDVHDEUHHOPDUFRUHIHUHQFLDOSDUDHQFRQWUDUGRV
OtQHDVIXQGDPHQWDOHVGHDFFLyQDVDEHUHOVXMHWRTXHFRQYLHUWH
HQREMHWRWRGRDTXHOORTXHHVWiHQODQDWXUDOH]DLQFOX\HQGRDORV
PLVPRVPLHPEURVGHODIDPLOLDKXPDQDRHOVXMHWRTXHDVXPHOD
SUHVHQFLDQRGHORVREMHWRVVLQRGHVXVVHPHMDQWHVFRPRDOJXLHQ
TXHVHLPSRQHFRQWRGDVXIXHU]DFRQWRGDVXUDGLFDOLGDG
&RQUHODFLyQDODSULPHUDFDEHVHxDODUFyPRVXLQWHUSUHWDFLyQ
UDGLFDHQXQSUHVXSXHVWREiVLFRTXHVHGHILQHHQORVVLJXLHQWHV
WpUPLQRV OD FRQVFLHQFLD KXPDQD ~QLFD \ H[FOXVLYDPHQWH VH
SHUFLEHFRPRSHQVDQWH'HDKtTXHWRGR²QDWXUDOH]D\VXEMHWLYL
GDGVHFRPSUHQGHVLJXLHQGRODVH[LJHQFLDVRORVOLQHDPLHQWRV
WUD]DGRVSRUHOHMHUFLFLRGHODUDFLRQDOLGDG/RGLFKRVHHQFXHQ
WUDVXVWHQWDGRHQODVSURSXHVWDVWHyULFDVGHORVPLVPRVILOyVRIRV
PRGHUQRVHQWUHHOORV'HVFDUWHVTXLHQFRQVXUHDOLGDGSULPHUD
FODUD\GLVWLQWDPDUFyGHPDQHUDGHILQLWLYDODLQWXLFLyQDWUDYpV
GHODFXDOWRGDUHIOH[LyQTXHVDOHGHOSURSLRLQWHULRUGHOVXMHWRHV
ODTXHMXVWLILFDRH[SOLFDRGDVHQWLGRDDTXHOORTXHHVDMHQRDVX
SURSLDFRQGLFLyQ
,7,1(5$5,2('8&$7,92‡$f2;;91ƒ‡‡(1(52-81,2'(
)/25$/%$%$55(525,9(5$<-8$1&$5/26É1*(/855($
'HODVHJXQGDSRUVXSDUWHGHPXHVWUDTXHODFRQVFLHQFLDKXPDQD
QRHVLQGHSHQGLHQWHDODUHDOLGDG3RUHOFRQWUDULRHOODSHUPDQHFH
LQWHUDFWXDQGRFRQHOPHGLRFLUFXQGDQWH'HDKtTXHGHQWURGH
HVDGLQiPLFDORVGRVDGTXLHUHQIXHU]DHQYLUWXGGHORTXHFDGD
XQDGHODVSDUWHVRIUHFH(QHVWHVHQWLGRHVSRVLEOHFRPSUHQGHU
OD FDWHJRUtD GH FRUUHODFLyQ HQWUH HO VXMHWR \ HO REMHWR HV GHFLU
HOKRPEUHVyORVHHQWLHQGHSRUHOPXQGRTXHH[SHULPHQWD\HO
PXQGRVyORVHHQWLHQGHSRUHOVXMHWRTXHORYLYHFRQWLQXDPHQWH
3RUHVRODDILUPDFLyQGHOSURIHVRU'DQLHO+HUUHUD5HVWUHSRFRQ
UHVSHFWRDODLQWXLFLyQSULPHUDGHOSHQVDPLHQWRGH+XVVHUOTXH
SRGUtDDVXPLUVHHQVXFRPSOHWDGLPHQVLyQGLFHDVt´«HQWUH
HOKRPEUH\HOPXQGRH[LVWHXQDFRUUHODFLyQHVGHFLUTXH<RQR
SXHGRFRPSUHQGHUDOKRPEUHVLQVXUHODFLyQFRQHOPXQGRQLDO
PXQGRVLQVXUHODFLyQFRQHOKRPEUHµ+HUUHUDS/DV
DQWHULRUHVLGHDVQRVyORIXHURQGHVDUUROODGDVSRUHOSDGUHGHOD
IHQRPHQRORJtD VLQR SRU SHQVDGRUHV TXH VH GHFODUDQ GHXGRUHV
GH VXV SODQWHDPLHQWRV FRPR DTXHOORV TXH VH LQVFULEHQ HQ HO
H[LVWHQFLDOLVPRTXLHQHVUHFRQRFHQODQHFHVLGDGGHQRVHSDUDU
QLPXFKRPHQRVGHDLVODUODFRQVFLHQFLDKXPDQDGHOPXQGRGH
ODYLGDTXHVHOHVSUHVHQWDFRQWRGDVXHYLGHQFLD(VWRQRVOOHYD
DSHQVDUTXHODH[LVWHQFLDVHSXHGHGHVDUUROODUHQHOPRPHQWRHQ
TXHHOKRPEUHHQWLHQGHODSUHVHQFLDGHORVGHPiVHQHOPXQGR
\HVWiHQFRPXQLyQFRQVWDQWHFRQRWURVVHPHMDQWHV$VXYH]HO
HQWRUQRVyORFREUDVLJQLILFDGRSRUODH[SHULHQFLD\HOFRQWDFWRTXH
YLYHHOVXMHWRTXHGHFLGHDIURQWDUOR
'HVGH HVWD SHUVSHFWLYD OD FRQVHFXHQFLD GLUHFWD GH GLFKRV
SODQWHDPLHQWRV UDGLFD HQ SHQVDU GRV DPSOLRV FDPSRV GH
(VLPSRUWDQWHVHxDODUTXHHVWDLQWXLFLyQODPXHVWUDQHVWXGLRVRVGHODV
LGHDV KXVVHUOLDQDV FRPR 'DQLHO +HUUHUD 5HVWUHSR HQ VX DUWtFXOR 4Xp
HV OD )HQRPHQRORJtD TXH VH HQFXHQWUD HQ HO OLEUR /D H[SHULHQFLD \ HO
PXQGRGHOD([SHULHQFLD&RQWULEXFLRQHVSDUDXQDpWLFDIHQRPHQROyJLFD
eO GD D FRQRFHU FyPR PXFKRV GH ORV SHQVDGRUHV GHO VLJOR ;;
FRQVWUX\HURQVXVLGHDVDPSDUiQGRVHHQODVLQWXLFLRQHVIXQGDPHQWDOHV
GH+XVVHUO
81,9(56,'$''(6$1%8(1$9(1785$6('(%2*27ɇ)$&8/7$''(('8&$&,Ð1
/$35É&7,&$('8&$7,9$'(6'(/$(;3(5,(1&,$'(/5(&212&,0,(172'(/275281$35238(67$0(72'2/Ð*,&$
HVWXGLR 3RUXQODGRHOKRPEUHHVXQVHULQGLYLGXDORULHQWDGR
KDFLD HO PXQGR SRU WDQWR EXVFD HO FRQRFLPLHQWR \ HO GRPL
QLR REMHWLYR GH HVWH ~OWLPR ROYLGDQGR HQ VHQWLGR HVWULFWR ODV
GLPHQVLRQHV IXQGDPHQWDOHV TXH OH FRUUHVSRQGHQ D ORV GHPiV
FRPRFRQVFLHQFLDV(QHVWDUHODFLyQVHUHFRQRFHDORWURQRFRPR
VXMHWRVLQRFRPRREMHWRVREUHHOTXHVHSXHGHDSOLFDUHOFRQWURO
HOGRPLQLR\ODPLVPDDOLHQDFLyQ3RURWURODGRHOKRPEUHHVXQ
VHUHQFRPXQLyQFRQRWUDVSHUVRQDVSRUWDQWRKD\FRPSURPLVR
RUHVSRQVDELOLGDGSRUORTXHVXFHGHFRQVXVVHPHMDQWHV(QHVWH
SXQWRVHHQWLHQGHODQHFHVLGDGGHFRPSDUWLUFRQWLQXDPHQWHOD
H[LVWHQFLDLQGLYLGXDOFRQDTXHOORVTXHHQFRQGLFLRQHVVLPLODUHV
YLYHQODUHDOLGDG(QHVWHVHQWLGRHORWURHVVXMHWRFRPR\RVR\
FRQVLGHUDGREDMRODPLVPDSHUVSHFWLYD
(VKRUDGHDQDOL]DUFDGDXQDGHODVDFWLWXGHVTXHVHGHGXFHQGH
ODVFRQVHFXHQFLDVSUHVHQWDGDV(QODSULPHUDVHSXHGHREVHUYDU
FyPRHOKRPEUHSUHYDOHFHVREUHORVFDPELRVGHOHQWRUQRVREUH
HOGHYHQLUGHODQDWXUDOH]D$VXYH]VHPXHVWUDHQXQDGLPHQ
VLyQLQGHSHQGLHQWHIUHQWHDOPHGLRTXHORURGHD(VWRQRLPSOLFD
LQGLIHUHQFLDVLQRTXHVHHVWDEOHFHQXQRVOtPLWHVGHILQLGRV(V
PiVVHLGHQWLILFDWRGRFRPRREMHWRGHVGHHOVXMHWRSHURQRVH
IRUPXODXQDYDORUDFLyQTXHUHIOHMHVXVSRVLEOHVLQWHUDFFLRQHV$Fi
VHSURGXFHXQDLVODPLHQWRIUHQWHDOPXQGRIUHQWHDORH[LVWHQFLDO
(OUDFLRQDOLVPRPRGHUQRHVHOUHIHUHQWHFHQWUDOGHHVWDSRVWXUD
SRUTXHFRQYLHUWHDOKRPEUHHQHOFHQWUREiVLFRGHODH[LVWHQFLD
GHO PXQGR \ GHO HQWRUQR PLVPR GHVGH OD FRQGLFLyQ GHO RE
VHUYDGRU TXH LQWHQWD GHVFLIUDU ORV FRPSRQHQWHV DOOt LQVFULWRV
(VWRHVWRGRORTXHHVWiSUHVHQWHHQODUHDOLGDGVHGDVHSUR
GXFHVHHQWLHQGHQRSRUVXSDUWLFXODUSRVLFLyQHQHOPXQGR
(QHVWHSXQWRVHUHFRQRFHODSRODULGDGGHODUHODFLyQKRPEUHPXQGRWDO\
FRPRODYH-RVHSK*HYDHUWHQVXOLEUR(OSUREOHPDGHOKRPEUH,QWURGXFFLyQ
DOD$QWURSRORJtD)LORVyILFD(VRVtODDUJXPHQWDFLyQGHODPLVPD
IXHDVXPLGDGHVGHXQDSHUVSHFWLYDPiVLQGHSHQGLHQWH
,7,1(5$5,2('8&$7,92‡$f2;;91ƒ‡‡(1(52-81,2'(
)/25$/%$%$55(525,9(5$<-8$1&$5/26É1*(/855($
VLQRSRUODFRQVFLHQFLDPLVPDTXHORSLHQVD\DTXHGHVGHVX
SHUVSHFWLYDIXQGDPHQWDOWLHQHODVSRVLELOLGDGHVSDUDHOOR/R
DQWHULRUVHVXVWHQWDHQODDILUPDFLyQPLVPDTXH'HVFDUWHVKD
GHMDGR SODVPDGD HQ ODV 0HGLWDFLRQHV VREUH )LORVRItD 3ULPHUD
´+DEODQGRFRQSUHFLVLyQQRVR\PiVTXHXQDFRVDTXHSLHQVD
HV GHFLU XQ HVStULWX XQ HQWHQGLPLHQWR XQD UD]yQ WpUPLQRV
TXHDQWHVPHHUDQGHVFRQRFLGRV/XHJRVR\XQDFRVDYHUGDGHUD
\ YHUGDGHUDPHQWH H[LVWHQWH SHUR ¢TXp FRVD" <D OR KH GLFKR
XQDFRVDTXHSLHQVDµ'HVFDUWHVS0iVDGHODQWH
VHxDOD ´HQ VXPD ¢TXp VR\" 8QD FRVD TXH SLHQVD < ¢TXp HV
XQDFRVDTXHSLHQVD"(VXQDFRVDTXHGXGDHQWLHQGHFRQFLEH
DILUPDQLHJDTXLHUHQRTXLHUHLPDJLQD\VLHQWHµ'HVFDUWHV
S3DUDWHUPLQDUGHWHUPLQDGHIRUPDFDWHJyULFD´(V
WDQ HYLGHQWH TXH VR\ \R HO TXH GXGD HO TXH HQWLHQGH HO TXH
GHVHDTXHQDGDKD\TXHDxDGLUSDUDH[SOLFDUOR7HQJRWDPELpQ
HOSRGHUGHLPDJLQDU«)LQDOPHQWHVR\HOPLVPRTXHVLHQWR
«µ'HVFDUWHVS
$KRUDELHQHVWDFRQFHSFLyQDtVODDOHMDGHPDQHUDURWXQGDDO\R
GHOPXQGRGHORVGHPiVFD\HQGRHQODPiVSURIXQGDDEVWUDFFLyQ
GHVXSURSLDFRQGLFLyQ/DLQIHUHQFLDTXHVHSXHGHGDUHVWiHQ
TXHHORWURDSDUHFHFRPRFRQVHFXHQFLDGHOSHQVDU$VXYH]HV
VyORREMHWRGHORVSODQWHDPLHQWRVHODERUDGRVGLUHFWDPHQWHSRU
ODUD]yQ8QHMHPSORGHHOORUDGLFDHQODLQGDJDFLyQFDUWHVLDQD
VREUH HO PXQGR ´+HPH DTXt DO SXQWR DO TXH TXHUtD OOHJDU 6L
SXHGR DILUPDU FRQ SOHQR FRQYHQFLPLHQWR TXH ORV FXHUSRV QR
VRQFRQRFLGRVSURSLDPHQWHSRUORVVHQWLGRVRSRUODIDFXOWDGGH
LPDJLQDUVLQRSRUHOHQWHQGLPLHQWRVLSXHGRDVHJXUDUTXHQR
ORVFRQRFHPRVHQFXDQWRORYHPRVRWRFDPRVVLQRHQFXDQWRHO
SHQVDPLHQWRORVFRPSUHQGHRHQWLHQGHELHQµ'HVFDUWHV
S'HVGHHVWDSHUVSHFWLYDHO\RKDFDtGRHQHOSXQWRGHVHU
FRPSOHWDPHQWHUDFLRQDOOyJLFR
$XQTXH OD SRVWXUD .DQWLDQD GHVGH HO QLYHO GH OR WHyULFR VH
HQIUHQWD GLUHFWDPHQWH DO SUREOHPD GHO FRQRFLPLHQWR \ GH OD
81,9(56,'$''(6$1%8(1$9(1785$6('(%2*27ɇ)$&8/7$''(('8&$&,Ð1
/$35É&7,&$('8&$7,9$'(6'(/$(;3(5,(1&,$'(/5(&212&,0,(172'(/275281$35238(67$0(72'2/Ð*,&$
FLHQFLDFRQWLQ~DUDWLILFDQGRHOHMHUFLFLRGHODLGHDGHODUD]yQ
FRPRDTXHOODTXHSXHGHLQIHULUODFHUWH]DGHWRGRVORVREMHWRVD
WUDYpVGHODVtQWHVLVGHWRGRVORVHOHPHQWRVTXHYLHQHQGHOPXQGR
\GHODFRQVFLHQFLDPLVPDFDEHVHxDODUFyPRGHVGHHOQLYHOGH
ORSUiFWLFRHQHOPRPHQWRHQTXHDVXPHODSHUVSHFWLYDGHOD
pWLFDKDFHXQVDOWRIXHUWHDFRQVLGHUDUDORWURFRPRSHUVRQDHQ
VXPiVFRPSOHWDGLJQLGDGHQWHQGLpQGRORQRFRPRDOJRPiVTXH
FRQIRUPDORIHQRPpQLFR²ODQDWXUDOH]DQRFRPRPHGLRSDUDDO
FDQ]DUPHWDVVLQRHQVXSRVLFLyQGHILQHQVtPLVPRGHSHUVRQD
HQHOVHQWLGRHVWULFWRGHOWpUPLQR(VWRLPSOLFDODDVHYHUDFLyQGH
VXGLJQLGDG/RDQWHULRUVHYHSODVPDGRHQODREUD)XQGDPHQW
DFLyQGHOD0HWDItVLFDGHODV&RVWXPEUHVDVt
(VWHILQQRSXHGHVHURWUDFRVDTXHHOIXQGDPHQWRGHWRGRVORV
GHPiVILQHVSRVLEOHVSXHVHVWDPELpQHOIXQGDPHQWRGHXQD
SRVLEOHYROXQWDGDEVROXWDPHQWHEXHQDTXHQRSXHGHSRQHUVH
HQIXQFLyQGHQLQJ~QRWURREMHWRVLQFDHUHQXQDFRQWUDGLFFLyQ
(OSULQFLSLRWUDWDDWRGRVHUUDFLRQDODWLPLVPR\DORVGHPiV
GHWDOPRGRTXHHQWXPi[LPDWDOVHUYDOJDDOPLVPRWLHPSR
FRPRILQHQVtHVLGpQWLFRHQHOIRQGRDOSULQFLSLRREUDVHJ~Q
XQDPi[LPDTXHFRQWHQJDHQVtPLVPDVXYDOLGH]XQLYHUVDO
SDUDWRGRVHUUDFLRQDO.DQWS
'H WRGDV PDQHUDV HVWD SRVWXUD UHVXOWD SUREOHPiWLFD SRUTXH
VLJXLHQGRHOGHVDUUROORGHOSHQVDPLHQWRGHOILOyVRIRGH.|QLJV
EHUJVHYXHOYHDFDHUHQHOPLVPRFtUFXORYLFLRVRHQHOTXHOD
FRQVFLHQFLD UDFLRQDO HV HO FHQWUR GHVGH HO TXH VH FRQILJXUD OD
UHDOLGDG\ODDFFLyQKXPDQD
6LQ HPEDUJR HO SHQVDPLHQWR FRQWHPSRUiQHR SRQH DO GHVFX
ELHUWRXQJLURSRUTXHWUD]DXQDH[LJHQFLDHVHQFLDODVDEHUOD
LPSRVLFLyQGHORWURHQHOOXJDUTXHOHFRUUHVSRQGHFRPRSHUVRQD
HQRUGHQDVXSURSLDFRQGLFLyQVREUHODFRQVFLHQFLDSHQVDQWH
$TXtHORWURQRHVXQDOJRRXQHOHPHQWRPiVHQPHGLRGHWRGR
HOXQLYHUVRVLQRTXHHQWUDDPRVWUDUVHHQVXSDUWLFXODULGDGHQVX
,7,1(5$5,2('8&$7,92‡$f2;;91ƒ‡‡(1(52-81,2'(
)/25$/%$%$55(525,9(5$<-8$1&$5/26É1*(/855($
GLIHUHQFLD/RDQWHULRUVHVRVWLHQHHQODVIRUPXODFLRQHVWHyULFDV
GDGDVDFRQRFHUSRUSHUVRQDVFRPR%XEHU\/HYLQDV
(O SULPHUR DO KDEODU GH OD UHODFLyQ GHO KRPEUH FRQ ORVGHPiV
GHPXHVWUDXQDFODUDGLIHUHQFLDGHOFRQWDFWRTXHVHHVWDEOHFHFRQ
HOPXQGRGRQGHVHYLYHODGLQiPLFDGHODPRIUHQWHDOHVFODYR
VLJXLHQGR OD ILJXUD KHJHOLDQD (VWR HV VH EXVFD GRPLQLR VREUH
HOHQWRUQR(OFRQRFLPLHQWRGHORWURGHRWUDSDUWHVHGDEDMROD
SRVWXUD GH OD SOHQD UHFLSURFLGDG VXSHUDQGR FXDOTXLHU FRQWURO
HQWUHODVSDUWHV(QRWUDVSDODEUDVPiVDOOiGHFXDOTXLHUIRUPD
GHDOLHQDFLyQORVGRVVHFRQVWLWX\HQGHELGRDTXHFDGDXQRGDOR
PHMRUGHVXLQWHULRUSDUDRIUHFHUORDVXVHPHMDQWH$TXtHORWUR²HO
GLIHUHQWHQRDSDUHFHFRPRREMHWRGHXQGRPLQLRSHUVRQDOVLQR
TXHVHLPSRQHFRPRW~FRPRPLVWHULRSDUDD\XGDUPHDUHDOL]DU
&I%XEHU
(OVHJXQGRSRUVXSDUWH/HYLQDVWLHQHFRPRSXQWRGHSDUWLGDHO
RWURMXVWLILFDGRFRPRXQDFHUWH]D\DTXHVHPXHVWUDVHSUHVHQWD
HQVXFRQGLFLyQPiVUDGLFDOFRPRGLIHUHQWHGHWRGRVORVHOHPHQWRV
TXH FRQIRUPDQ HO PXQGR (Q HVWH VHQWLGR HO RWUR H[LJH GHVGH
VXPDQLIHVWDFLyQVHULGHQWLILFDGRSRUVXLQGLYLGXDOLGDG\SRUVX
GLIHUHQFLDQRFRPRUHVXOWDGRGHXQDLQGDJDFLyQUDFLRQDOVREUH
HOPXQGRHQODTXHVHGHVFLIUDODFRQVWLWXFLyQGHODHVWUXFWXUD
GHODREMHWLYLGDGPLVPDVLQRFRPRXQVHPHMDQWHTXHEXVFDSRU
HQFLPDGHWRGRVHUWUDWDGRFRPRWDOFI/HYLQDV
(VLPSRUWDQWHDFODUDUTXHHOFRQWDFWRFRQHORWURQRHVGHOWRGR
FODUR3RUHOFRQWUDULRUHVXOWDVLHQGRSUREOHPiWLFR3RUHVRHQHO
SUHVHQWH DUWtFXOR VH EXVFDUi DQDOL]DU GHVGH HO SHQVDPLHQWR GH
6DUWUHGRVSRVLFLRQHVFODUDVODSULPHUDFRQRFLGDSRUODSDODEUD
PDVRTXLVPRGRQGHHOVHUGHOVXMHWRVHHQFXHQWUDGRPLQDGRRHQ
RWUDVSDODEUDVHOSUyMLPRHQWUDDHMHUFHUSRVHVLyQVREUHHOPLVPR
(QHVWHFDVRpOHVVRPHWLGREDMRODLQIOXHQFLDGHRWUR/DVHJXQGD
TXHFRQWUDUUHVWDODSUHVHQWDGDFRQDQWHULRULGDGHVGHQRPLQDGD
FRQ HO WpUPLQR DPRU 3HUR QR HV XQ DPRU SURSXHVWR EDMR XQD
81,9(56,'$''(6$1%8(1$9(1785$6('(%2*27ɇ)$&8/7$''(('8&$&,Ð1
/$35É&7,&$('8&$7,9$'(6'(/$(;3(5,(1&,$'(/5(&212&,0,(172'(/275281$35238(67$0(72'2/Ð*,&$
FRQFHSFLyQLGHDO3RUHOFRQWUDULRpOHVWiUHYHVWLGRGHOLEHUWDG
FRQpO~QLFRILQGHSHUVHJXLUODDILUPDFLyQGHODVXEMHWLYLGDGHV
GHFLUHOUHFRQRFLPLHQWRGHODSDUWLFXODULGDGGHODLQGLYLGXDOLGDG
PiVQRGHODREMHWLYLGDG'HORDQWHULRUVHGDODSRVLELOLGDGGH
UHFXSHUDU OD VXEMHWLYLGDG \ GH DVXPLU OD UHVSRQVDELOLGDG SRU OR
TXHHOORLPSOLFD(QSDODEUDVGH6DUWUHVHUtD
$VtHQODPHGLGDHQTXHPHGHYHORDPtPLVPRFRPRUHVSRQ
VDEOH GH Pt VHU UHLYLQGLFR HVWH VHU TXH VR\ HV GHFLU TXLHUR
UHFXSHUDUORRHQWpUPLQRVPiVH[DFWRVVR\SUR\HFWRGHUHFX
SHUDFLyQGHPtVHU(VWHVHUPHHVSUHVHQWDGRFRPRPLVHUSHUR
DGLVWDQFLDFRPRODFRPLGDD7iQWDOR\TXLHURH[WHQGHUODPDQR
SDUDDSRGHUDUPHGHpO\IXQGDUORSRUPLOLEHUWDGPLVPD3XHV
VLHQFLHUWRVHQWLGRPLVHUREMHWRHVLQVRSRUWDEOHFRQWLQJHQFLD
\SXUD¶SRVHVLyQ·GHPtSRURWURHQRWURVHQWLGRHVFRPRODLQ
GLFDFLyQGHTXHPHVHUtDPHQHVWHUUHFXSHUDUOR\IXQGDUORSDUD
VHU\RIXQGDPHQWRGHPtPLVPR6DUWUHS
3RVWHULRU D HOOR VH PLUDUi OD DSOLFDELOLGDG GH HVWDV LGHDV HQ HO
iPELWRHGXFDWLYRDWUDYpVGHODIRUPXODFLyQGHODPHWRGRORJtD
GHOUHFRQRFLPLHQWRGHVGHODSUiFWLFDHVFRODUGHODLPSRUWDQFLDGH
ORVGRFHQWHV\GHORVHVWXGLDQWHVFRPRSHUVRQDVFRPRVXMHWRVGH
GHUHFKR\DTXHHQORV~OWLPRVDxRVODVUHIOH[LRQHVDQWURSROyJLFDV
\pWLFDVKDQH[LJLGRDOGLVFXUVRGHODSHGDJRJtDXQDUHIRUPXODFLyQ
GH ODV UHODFLRQHV GH ODV LQWHUDFFLRQHV TXH VH HVWDEOHFHQ HQ OD
FRWLGLDQLGDGHQWUHHOORVHQIXQFLyQGHGHVDUUROODUDGHFXDGDPHQWH
ORVSURFHVRVQRVRORGHHQVHxDQ]DDSUHQGL]DMHVLQRGHUHDOL]DFLyQ
LQGLYLGXDOORFXDOWHQGUiXQLPSDFWRHQORVRFLDO/RDQWHULRUWLH
QHFRPRVXVWHQWRODFRQILJXUDFLyQGHHQWRUQRVGRQGHHOHMHUFLFLR
IRUPDWLYRKHFKRSRUODVGRVSDUWHVVHHQFDUJXHGHPHGLDUODSR
VLELOLGDGGHUHFRQRFHUHOSDSHOMXQWRFRQODSUHVHQFLDGHORVGRV
\GHODIRUPDFRPRHQWUDQHQFRQWDFWR(VWRQRVOOHYDDSHQVDUTXH
VLQRVHDVXPHHVWDUHDOLGDGFRPRLPSHUDWLYRSDUDODHGXFDFLyQ
SRGUtDYHUVHHQSHOLJURHOVHQWLGRODLQWHUDFFLyQKXPDQDSRUTXH
VHHVWDEOHFHUtDQ~QLFD\H[FOXVLYDPHQWHFRQGLFLRQHVIRUPDOHVGH
,7,1(5$5,2('8&$7,92‡$f2;;91ƒ‡‡(1(52-81,2'(
)/25$/%$%$55(525,9(5$<-8$1&$5/26É1*(/855($
H[LVWHQFLDQHJDQGRHOFDUiFWHUGHUHFLSURFLGDGHQWUHORVPLHPEURV
TXHSDUWLFLSDQGHHVHPXQGRORTXHQRFRUUHVSRQGHDOILQGHOD
HGXFDFLyQ TXH VH HQFXHQWUD FHQWUDGD HQ OD SHUVRQD FI ÉQJHO
$GHPiV ODV UHODFLRQHV SHGDJyJLFDV TXH QR YLQFXODQ OD
FRQVLGHUDFLyQSRUDTXHOORVTXHVHHQFXHQWUDQYLYLpQGRODVFDHQ
HQHVWUXFWXUDVGHSRGHUGHQLJUDQWHVTXHDVXPHQODFRQGLFLyQGH
OHJtWLPDVGHELGRDTXHODLPSRVLFLyQ\HODXWRULWDULVPRGHDOJX
QDGHODVSDUWHVVHFRQYLHUWHHQXQHVWDPHQWRKHJHPyQLFRTXH
GHVWUX\HORVOtPLWHVSURSLRVGHORKXPDQRORFXDOFRQWUDGLFHOD
PHWDGHORVSURFHVRVHGXFDWLYRVFI%RXUGLHX3DVVHURQ
(OUHFRQRFLPLHQWRGHORWURGHVGHORVSRVWXODGRV
GH-HDQ3DXO6DUWUH
(OSXQWRGHSDUWLGDDFRQVLGHUDUFXDQGRVHKDEODGHUHODFLRQHV
FRQORVGHPiVVHUH~QHHQODSDODEUDSRVHVLyQ(OODGHEHVHUHQ
WHQGLGDFRPRODFDSWDFLyQHQVXWRWDOLGDGGHOVHUSRURWUR(ORWUR
ORWRPDSRUFRPSOHWR\ORDEULJDEDMRVXPDQWR$KRUDHOSUyMLPR
VHFRQYLHUWHHQIXQGDPHQWRGHOVHU\ODH[LVWHQFLDHVGHWHUPLQDGD
SRUHORWUR/DH[LVWHQFLDDVXPHODIRUPDTXHHORWUROHTXLHUHGDU
(OGRPLQLRDKRUDHVSUHVHQWDGRGHVGHHORWURSDUDFDGDVXMHWR
'HHVWRVHDILUPD
0LHQWUDV \R LQWHQWR OLEHUDUPH GHO GRPLQLR GHO SUyMLPR HO
SUyMLPRLQWHQWDOLEHUDUVHGHOPtRPLHQWUDVSURFXURVRPHWHUDO
SUyMLPRHOSUyMLPRSURFXUDVRPHWHUPH6R\SRVHtGRSRUHO
SUyMLPRODPLUDGDDMHQDPRGHODPLFXHUSRHQVXGHVQXGH]OR
KDFHQDFHUORHVFXOSHORSURGXFHFRPRHVORYHFRPRQXQFD
MDPiVORYHUp\R(OSUyMLPRJXDUGDXQVHFUHWRHOVHFUHWRGHOR
TXHVR\0HKDFHVHU\SRUHVRPLVPRPHSRVHH\HVWDSRVH
VLyQQRHVQDGDPiVTXHODFRQFLHQFLDGHSRVHHUPH<\RHQ
HOUHFRQRFLPLHQWRGHPLREMHFWLGDGH[SHULPHQWRTXHpOWLHQH
HVDFRQFLHQFLD$WtWXORGHFRQFLHQFLDHOSUyMLPRHVSDUDPtD
ODYH]ORTXHPHKDUREDGRPLVHU\ORTXHKDFHTXH¶KD\D·XQ
VHUTXHHVHOPtR6DUWUHS
81,9(56,'$''(6$1%8(1$9(1785$6('(%2*27ɇ)$&8/7$''(('8&$&,Ð1
/$35É&7,&$('8&$7,9$'(6'(/$(;3(5,(1&,$'(/5(&212&,0,(172'(/275281$35238(67$0(72'2/Ð*,&$
3RURWUDSDUWHHOSUyMLPRYLHQHDLQWHUYHQLUHQODFRQIRUPDFLyQGHO
VHUeOD\XGDDGHYHODUORH[LVWHQWHHQHOLQWHULRU<RSXHGRHQWUDU
DFDSWDUHOVHU\ORH[LVWHQWHHQpOGHVGHODREVHUYDFLyQKHFKDSRU
HO RWUR &RPR PXHVWUD FODUD GH DTXHOOR 6DUWUH QRV SUHVHQWD OD
ODERUGHOPpGLFR\DTXHpOFRPRSUyMLPRD\XGDDGHVFXEULUHO
LQWHULRUGHFDGDFXHUSR
3HURLPSRUWDDQWHWRGRHVFRJHUHORUGHQGHQXHVWURVFRQRFLPLHQ
WRVSDUWLUGHODVH[SHULHQFLDVTXHORVPpGLFRVKDQSRGLGRKDFHU
VREUHPLFXHUSRHVSDUWLUGHPLFXHUSRHQPHGLRGHOPXQGR
\WDOFRPRHVSDUDRWUR0LFXHUSRWDOFXDOHVSDUDPtQRVH
PHDSDUHFHHQPHGLRGHOPXQGR6LQGXGDKHSRGLGRYHU\R
PLVPRHQXQDSDQWDOODGXUDQWHXQDUDGLRVFRSLDODLPDJHQGH
PLVYpUWHEUDVSHUR\RHVWDEDSUHFLVDPHQWHDIXHUDHQPHGLR
GHOPXQGRFDSWDEDXQREMHWRHQWHUDPHQWHFRQVWLWXLGRFRPR
XQHVWRHQWUHRWURVHVWRV\VyORSRUXQUD]RQDPLHQWRORUHGXFtD
DVHUHOPtRHUDPXFKRPiVPLSURSLHGDGTXHPLVHU6DUWUH
S
(O RWUR GHVGH XQ iPELWR PX\ GLVWLQWR DO GHO VHU YHQGUtD D FR
UURERUDUHQVXIRUPDFLyQeOJXDUGDGHQWURGHVtH[SHULHQFLDV
GLVWLQWDVDODVLQGLYLGXDOHV3RUHVRpOSXHGHDSRUWDUVXSXQWRGH
YLVWDSDUDVHULQFRUSRUDGRVREUHHOSUR\HFWRH[LVWHQFLDO(QFDGD
XQRFDEHODSRVLELOLGDGGHDFHSWDUORTXHHORWURREVHUYD´«
HQHIHFWRVHWUDWDSDUDPtGHKDFHUPHVHUDGTXLULHQGRODSRVL
ELOLGDGGHDGRSWDUVREUHPtHOSXQWRGHYLVWDGHORWURTXLHUR
LQFRUSRUDUHQPtDHVHRWURFRQFUHWRFRPRUHDOLGDGDEVROXWDHQ
VXDOWHULGDGµ6DUWUHS3HURQRHVHOVyORGHMDUYHU
HOVHU\HVWDUSUHVHQWHDQWHHORWURVLQRHODVXPLUORYLVWRSRUHO
RWUR´«TXLHURDVLPLODUDORWURHQWDQWRTXHRWURPLUDQWH\HVWH
SUR\HFWRGHDVLPLODFLyQFRPSRUWDXQDFUHFHQWDGRUHFRQRFLPLHQWR
GHPLVHUPLUDGRµ6DUWUHS
'HQLQJXQDPDQHUDVHEXVFDDFDEDUODH[LVWHQFLDGHOSUyMLPR
FXDQGRVHKDFHUHIHUHQFLDDODSRVHVLyQ3RUHOFRQWUDULRHORWURHV
,7,1(5$5,2('8&$7,92‡$f2;;91ƒ‡‡(1(52-81,2'(
)/25$/%$%$55(525,9(5$<-8$1&$5/26É1*(/855($
SDUWHLPSRUWDQWHFRPRVHGLMRHQODFRQIRUPDFLyQGHOVHU3HUR
HVRVtHVEXHQRGHMDUHQFODURTXHHORWURQRSXHGHFRQYHUWLUHOVHU
HQREMHWRGHVXGRPLQLRHVGHFLUFDGDXQRQRSXHGHFRQVWLWXLUVH
HQSRVHVLyQ\HQSURSLHGDGGHOSUyMLPR(VGHYLWDOLPSRUWDQFLD
FRQVHUYDUORVMXVWRVOtPLWHVGHODOLEHUWDGFRQODTXHVHHQWUDHQ
FRQWDFWR FRQ ORV GHPiV R ORV GHPiV HQWUDQ HQ FRQWDFWR FRQ OD
PLVPD VXEMHWLYLGDG +D\ XQRV OtPLWHV SHUVRQDOHV SRU UHVSHWDU
1RVHSXHGHGHMDUGHVHUORTXHFDGDXQRHVSDUDFRQYHUWLUVHHQ
ORTXHHOLQWHUpVGHRWURKDWUD]DGR(OSUyMLPRQRSXHGHREOLJDU
D GHVDUUROODU XQD FRQVFLHQFLD VHJ~Q VXV FULWHULRV QL OD DFFLyQ
LQPHGLDWDPHQWHFRQWUDULD
&RQ ORV HOHPHQWRV PHQFLRQDGRV KDVWD HO PRPHQWR VH WLHQH OD
SRVLELOLGDGGHGHILQLURGHWUD]DUODVIURQWHUDVGHOPDVRTXLVPR
(O PDVRTXLVPR HQ WpUPLQRV GH 6DUWUH HVWi HQPDUFDGR HQ GRV
YHUERV OD DEVRUFLyQ \ HO SHUGHUVH /D DEVRUFLyQ HV HQWHQGLGD
FRPRODFRQVXPDFLyQHQWHUDGHFDGDVHUHQHOVHUGHORWURHQHVWH
FDVRHQHOSUyMLPR(OSHUGHUVHVHSXHGHGHILQLUFRPRHOKHFKR
GHH[WUDYLDUHOVHUHQHOVHUGHORWUR(OPDVRTXLVPRVHVLQWHWL]D
HQODHPSUHVDSRUPHGLRGHODFXDOHORWURHVHOIXQGDPHQWRGHO
VHU&DGDXQRHQYH]GHWRPDU\DVLPLODUORVHOHPHQWRVDSRUWDGRV
SRUHORWURFRQVHUYDQGRVXHVWDGRGHDOWHULGDGVHIXVLRQDHQpO\
GHVGHDOOtDFHSWDODH[LVWHQFLD(QRWUDVSDODEUDVHOVXMHWRSDVD
DVHUGHSHQGLHQWHH[WUHPRGHORWUR(ORWURGDVHQWLGR\IXHU]DDO
SUR\HFWR H[LVWHQFLDO LQGLYLGXDO /D FRQVFLHQFLD LQGLYLGXDO HVWi
IXQGDGDHQVXVHU
6XLGHDOVHUiLQYHUVRGHOTXHDFDEDPRVGHGHVFULELUHQYH]GH
SUR\HFWDUDEVRUEHUDORWURFRQVHUYiQGROHVXDOWHULGDGSUR\HFWDUp
KDFHUPH DEVRUEHU SRU HO RWUR \ SHUGHUPH HQ VX VXEMHWLYLGDG
SDUDGHVHPEDUD]DUPHGHODPtD/DHPSUHVDVHWUDGXFLUiHQHO
SODQRFRQFUHWRSRUODDFWLWXGPDVRTXLVWDSXHVWRTXHHORWURHV
HOIXQGDPHQWRGHPLVHUSDUD²RWURVLGHVFDUJDUDHQHORWURHO
FXLGDGRGHKDFHUPHH[LVWLUQRVHUtD\RPiVTXHXQVHUHQVt
IXQGDGRHQXQVHUSRUXQDOLEHUWDG$TXtPLSURSLDVXEMHWLYLGDG
81,9(56,'$''(6$1%8(1$9(1785$6('(%2*27ɇ)$&8/7$''(('8&$&,Ð1
/$35É&7,&$('8&$7,9$'(6'(/$(;3(5,(1&,$'(/5(&212&,0,(172'(/275281$35238(67$0(72'2/Ð*,&$
HVFRQVLGHUDGDFRPRREVWiFXORSDUDHODFWRSULPRUGLDOSRUHO
FXDOHORWURPHIXQGDUtDHQPLVHU6DUWUHS
(VWRVHSXHGHHQWHQGHUFRQPD\RUDPSOLWXGHQHOWH[WRGH/D
1iXVHDHVFULWRWDPELpQSRU6DUWUH(OSHUVRQDMHFHQWUDO$QWRLQH
HQFRQWUyVHQWLGRDVXYLGDVyORHQRWURSHUVRQDMH\QRSRUVtPLVPR
8QDSHUVRQDTXH\DKDEtDSDVDGRSRUODKLVWRULDGHODKXPDQLGDG
OHKL]RGDUIRUWDOH]DDVXVHUDSRGHUiQGRVHSRUFRPSOHWRGHVX
YLGD(OPDUTXpVGH5ROOHERQORJUyWRPDUSRVHVLyQHQ$QWRLQH
'HDKtTXHHVWH~OWLPRGLJD
0'H5ROOHERQHUDPLVRFLRpOPHQHFHVLWDEDSDUDVHU\\ROR
QHFHVLWDEDSDUDQRVHQWLUPLVHU<RSURSRUFLRQDEDODPDWHULD
EUXWDHVDPDWHULDEUXWDTXHWHQtDSDUDODUHYHQWDFRQODFXDO
QRVDEtDTXpKDFHUODH[LVWHQFLD0LH[LVWHQFLD6XSDUWHHUD
UHSUHVHQWDU3HUPDQHFtDIUHQWHDPt\VHKDEtDDSRGHUDGRGH
PLYLGDSDUDUHSUHVHQWDUPHODVX\D<R\DQRPHGDEDFXHQWD
GHTXHH[LVWtD\DQRH[LVWtDHQPtVLQRHQpOSRUpOFRPtDSRU
pOUHVSLUDEDFDGDXQRGHPLVPRYLPLHQWRVWHQtDVHQWLGRIXHUD
DOOtMXVWRIUHQWHDPtHQpO\DQRYHtDPLPDQRWUD]DQGRODV
OHWUDVHQHOSDSHOQLVLTXLHUDODIUDVHTXHKDEtDHVFULWRGHWUiV
PiVDOOiGHOSDSHOYHtDDOPDUTXpVTXHKDEtDUHFODPDGRHVWH
JHVWR FX\D H[LVWHQFLD FRQVROLGDED HVWH JHVWR <R HUD VyOR XQ
PHGLRGHKDFHUORYLYLUpOHUDPLUD]yQGHVHUPHKDEtDOLEUDGR
GHPt6DUWUHS
(OPDVRTXLVPRFRQGXFHDODFRQVLGHUDFLyQREMHWLYDGHOVHU(OVHU
QRHVDFHSWDGRFRPRXQDVXEMHWLYLGDGSDUWLFXODUHLQGHSHQGLHQWH
HQPHGLRGHOPXQGRFLUFXQGDQWHVLQRFRPRXQREMHWRFXDOTXLHUD
TXHVHHQFXHQWUDLQPHUVRHQWUHRWURVPXFKRVVLQGLVWLQFLyQDO
JXQD6HUtDLJXDOKDFHUODFRQVLGHUDFLyQGHXQDPiTXLQDFRQXQ
KRPEUH/DGHILQLFLyQGHFDGDLQGLYLGXRVHGDEDMRODVVLJXLHQWHV
SDODEUDVVR\REMHWRSDUDRWUR/DVXSXHVWDVXEMHWLYLGDGYLYHDKRUD
GHDFXHUGRDORLPSXHVWRSRUODVXEMHWLYLGDGDMHQD´«HQSDU
WLFXODUHOPDVRTXLVWDTXHSDJDDXQDPXMHUSDUDTXHORD]RWHOR
,7,1(5$5,2('8&$7,92‡$f2;;91ƒ‡‡(1(52-81,2'(
)/25$/%$%$55(525,9(5$<-8$1&$5/26É1*(/855($
WUDWDFRPRXQLQVWUXPHQWRµ6DUWUHS(VWDUHODFLyQ
PDVRTXLVWDQRHVVLHPSUHDIHFWDFLyQGHOVHUHQFXDQWRTXHpVWH
VHDHQWRGDVODVRSRUWXQLGDGHVFRQYHUWLGRHQXQREMHWRPiV(Q
PXFKRVFDVRVHOVHUGHREMHWRDFDEDWDPELpQSRUFRQYHUWLUDORWUR
HQHOPLVPRFRPSRQHQWH(OVXMHWRTXHWUDVFLHQGHKDVWDHOSXQWRGH
FRQYHUWLUDOVHUHQREMHWRVX\RVHSXHGHWUDQVIRUPDUHQVXSURSLD
LQWHULRULGDGHQREMHWR´$VtHOPDVRTXLVWDWHUPLQDSRUWUDWDUDO
RWURFRPRREMHWR\SRUWUDVFHQGHUORKDFLDVXSURSLDREMHWLYLGDGµ
6DUWUHS
3HUR¢GyQGHWHUPLQDHOPDVRTXLVPRRPHMRUKDFLDGyQGHFRQGXFH
VXYLWDOLGDG"(OPDVRTXLVPRFRQOOHYDDODDQLTXLODFLyQGHOVXMHWR
(OVXMHWRVHHQFXHQWUDFRQVXPDGR\SHUGLGRHQHORWUR&RQHOVyOR
KHFKRGHDQLTXLODUODVXEMHWLYLGDGVHHVWiHQFDPLQRGHOIUDFDVR
6LQHPEDUJRQRSRGHPRVTXHGDUQRVHQODHOLPLQDFLyQSRUFRP
SOHWRGHODVXEMHWLYLGDG(VEXHQRHQHVWHPRPHQWRSUHVHQWDUVX
FRQWUDSDUWH´ODDILUPDFLyQGHOVXMHWRµ(VWDDILUPDFLyQVHKDFH
HYLGHQWHFXDQGRHQHODPRUUHYHVWLGRGHOLEHUWDGHVFDGDXQRHO
TXHVHSRQHGHPDQLILHVWR
$KRUDELHQHODPRUHVWRGRHOFRQMXQWRGHSUR\HFWRVSRUPHGLR
GHORVFXDOHVSXHGH\HVWiHQFDPLQRGHUHDOL]DUODVSURSLDVSR
VLELOLGDGHV6LQHPEDUJRHVHQHVDUHODFLyQFRQHOSUyMLPRFRPR
VHSXHGHOOHYDUDFDERODVFRQGLFLRQHVIXQGDPHQWDOHV\DTXHpO
SXHGHDSRUWDUHOHPHQWRV\DEULUHVSDFLRVSDUDVXFRQVWLWXFLyQHQ
FRQMXQWR'HWRGDVPDQHUDVODVSRVLELOLGDGHVGHOSUyMLPR\ODV
SRVLELOLGDGHVSHUVRQDOHVVRQUHDOL]DEOHVHQODPHGLGDHQTXHQR
H[LVWDQODVFLUFXQVWDQFLDVHVSHFtILFDVSDUDHOGRPLQRHQWUHORVGRV
(VWHLGHDOLUUHDOL]DEOHHQWDQWRTXHLQIHVWDPLSUR\HFWRGHPt
PLVPR HQ SUHVHQFLD GHO SUyMLPR QR HV DVLPLODEOH DO DPRU HQ
FXDQWRHODPRUHVXQDHPSUHVDHVGHFLUXQFRQMXQWRRUJiQLFR
GHSUR\HFWRVKDFLDPLVSRVLELOLGDGHVSURSLDV3HURHVHOLGHDOGHO
DPRUVXPRWLYR\VXILQVXYDORUSURSLR(ODPRUFRPRUHODFLyQ
81,9(56,'$''(6$1%8(1$9(1785$6('(%2*27ɇ)$&8/7$''(('8&$&,Ð1
/$35É&7,&$('8&$7,9$'(6'(/$(;3(5,(1&,$'(/5(&212&,0,(172'(/275281$35238(67$0(72'2/Ð*,&$
SULPLWLYDFRQHOSUyMLPRHVHOFRQMXQWRGHORVSUR\HFWRVSRUORV
FXDOHVDSXQWRDUHDOL]DUHVWHYDORU7DOHVSUR\HFWRVPHSRQHQHQ
FRQH[LyQGLUHFWDFRQODOLEHUWDGGHOSUyMLPR6DUWUHS
(Q HO DPRU VH MXHJD FRQ XQ HOHPHQWR GH YLWDO LPSRUWDQFLD OD
OLEHUWDG8QRGHORVFRQGLFLRQDPLHQWRVH[LJLGRVSDUDGLFKRDFRQ
WHFLPLHQWRHVHOUHFODPDUHVHOGHVHDU\HVHOH[LJLUODOLEHUWDG
(ODPRUSDUDTXHVHUHDOLFHQHFHVLWDGHMDUGHODGRODSRVHVLyQ\
DEULUVHDODVSHUVSHFWLYDVLQGLYLGXDOHVGHOVXMHWR$TXHOGHQLQ
JXQDPDQHUDFRQYLHUWHDOVXMHWRHQXQFRPSOHWRDXWyPDWDRHQ
XQDVLPSOHPiTXLQDGRPLQDGDSRUXQRVYDORUHVSDUDDFWXDUVLQR
TXHSRUHOFRQWUDULRVHGDODDSHUWXUDDODVSRVLFLRQHVSHUVRQDOHV
´$OFRQWUDULRHOTXHTXLHUHTXHORDPHQQRGHVHDHOVRPHWLPLHQWR
GHOVHUDPDGR1RTXLHUHFRQYHUWLUVHHQREMHWRGHXQDSDVLyQGHV
ERUGDQWH\PHFiQLFDµ6DUWUHS/DDYHQWXUDGHODPRU
HVGLVWLQWDHQODUHODFLyQGHODPDQWHFRQHODPDGRGHEHH[LVWLU
HQFDGDXQRHOUHFRQRFLPLHQWRGHVXSURSLDYLYHQFLD\ORTXHHOOR
LPSOLFD'HVGHODOLEHUWDGVHSXHGHOOHYDUDSOHQRODUHODFLyQGHO
DPRUSRUTXHKD\DOOtXQMXHJRPDUDYLOORVRGHHVSRQWDQHLGDGHQWUH
ORVTXHHVWiQFRPSDUWLHQGR
4XLHUHVHUDPDGRSRUXQDOLEHUWDG\UHFODPDTXHHVWDOLEHUWDG
FRPROLEHUWDGQRVHD\DOLEUH4XLHUHDODYH]TXHODOLEHUWDG
GHO2WURVHGHWHUPLQHDVtPLVPDDFRQYHUWLUVHHQDPRU²\HOOR
QRVyORDOFRPLHQ]RGHODDYHQWXUDVLQRDFDGDLQVWDQWH\DOD
YH]TXHHVDOLEHUWDGVHDFDXWLYDGD¶SRUHOODPLVPD·VHUHYLHUWD
VREUHHOODPLVPDFRPRHQODORFXUDFRPRHQORVVXHxRVSDUD
TXHUHUVXSURSLRFDXWLYHULR6DUWUHS
(ODPRUSDUDTXHVHDOHJtWLPRQHFHVLWDGHXQUHFRQRFLPLHQWRGHO
DPDGR\GHODPDQWHFRPRVXMHWRV$QWRLQHGHVFULEHHQ/D1iXVHD
HVWDODERUGHUHFRQRFLPLHQWR
/DFRVDTXHDJXDUGDEDPHKDGDGRODYR]GHDODUPDPHKD
FDtGRHQFLPDVHHVFXUUHHQPtHVWR\OOHQRGHHOOD/DFRVDQR
,7,1(5$5,2('8&$7,92‡$f2;;91ƒ‡‡(1(52-81,2'(
)/25$/%$%$55(525,9(5$<-8$1&$5/26É1*(/855($
HVQDGDOD&RVDVR\\R/DH[LVWHQFLDOLEHUDGDGHVHPEDUD]DGD
UHIOX\HVREUHPt([LVWR([LVWR(VDOJRWDQGXOFHWDQGXOFHWDQ
OHQWR</HYHFRPRVLVHPDQWXYLHUDVRORHQHODLUH6HPXHYH
3RUWRGDVSDUWHVURFHVTXHFDHQ\VHGHVYDQHFHQ0X\VXDYH
PX\VXDYH7HQJRODERFDOOHQDGHDJXDHVSXPRVD(OWUDJRVH
GHVOL]DSRUPLJDUJDQWDPHDFDULFLD\UHQDFHHQPLERFD+D\
SHUPDQHQWHPHQWHHQPLERFDXQFKDUTXLWRGHDJXDEODQFX]FD
²GLVFUHWDTXHUR]DODOHQJXD<HVWHFKDUFRWDPELpQVR\\R<
ODOHQJXD<ODJDUJDQWDVR\\R6DUWUHS
$VtHQODVXEMHWLYLGDGGHEHH[LVWLUXQFRQRFLPLHQWR\XQDFRQVL
GHUDFLyQSURIXQGDGHORTXHHVHOOD(VHQHVDDILUPDFLyQGHFDGD
VHUFRPRH[LVWHQWHSRUPHGLRGHODFXDOQRVHSXHGHFRQYHUWLUDO
SUyMLPRHQREMHWRQLPXFKRPHQRVpODOVHUHQORPLVPR$PERV
HVWiQEDMRHOPLVPRLPSDFWRVXEMHWLYR&DGDXQRHVXQVHUTXH
SRVHHXQDLGHQWLGDGTXHORKDFHSDUWLFXODUGHOUHVWRGHOPXQGR
FLUFXQGDQWH(ODPRUQRSXHGHFRQWULEXLUDODDQLTXLODFLyQGHO\R
'HPRGRFRQWUDULRpVWHD\XGDDODUHDOL]DFLyQGHODVSRVLELOLGDGHV
GHOVHUHQHOPXQGR(ODPRUWDPSRFRGHEHVHUXQROYLGRGHOPXQ
GRFLUFXQGDQWHGRQGHHODPDQWHFRQHODPDGRVHDQXQFRQMXQWR
WRWDOPHQWHDSDUWHGHODVRFLHGDGHQJHQHUDOVLQRTXHHOORVGHEHQ
HVWDUHQFRPSOHWDDSHUWXUDDGLVWLQWRVFRQWH[WRV(VWHDPRUQRHV
XQFRPSURPLVRWRWDOLWDULR\HQFHUUDGRFRQHORWUR
0HWRGRORJtDSHGDJyJLFDODSUiFWLFDHGXFDWLYD
FRPRH[SHULHQFLDGHOUHFRQRFLPLHQWRGHORWUR
(OWUDEDMRSHGDJyJLFRVHRULHQWDGHPDQHUDGLUHFWDDODIRUPDFLyQ
GHVHUHVKXPDQRV(VDWDUHDH[LJHWUDQVIRUPDUHQVHQWLGRHVWULFWR
ODVUHODFLRQHVTXHHVWDEOHFHPRVORVVHUHVKXPDQRV²GHWHUPLQDGDV
SRU XQD LQWHQFLRQDOLGDG FHQWUDGD HQ GHVFLIUDU HO VHQWLGR GH OR
REMHWLYRDKRUL]RQWHVGHLQWHUDFFLyQHQORVTXHLQVWDXUDPRVXQ
RUGHQVRFLDOTXHWLHQHHQFXHQWDORHVSHFtILFRGHODPLVPDVXEMH
WLYLGDG(VWRVHSXHGHGHVDUUROODUOOHYDQGRDFDERODPHWRGRORJtD
GHOUHFRQRFLPLHQWRHQODSUiFWLFDHVFRODUGRQGHDWUDYpVGHXQDV
81,9(56,'$''(6$1%8(1$9(1785$6('(%2*27ɇ)$&8/7$''(('8&$&,Ð1
/$35É&7,&$('8&$7,9$'(6'(/$(;3(5,(1&,$'(/5(&212&,0,(172'(/275281$35238(67$0(72'2/Ð*,&$
DFFLRQHVLQWHQFLRQDGDVVHRWRUJDDFDGDXQDGHODVSHUVRQDVTXH
HQWUDQHQDFFLyQGHQWURGHORVSURFHVRVGHHQVHxDQ]DDSUHQGL]DMH
HOOXJDUGLJQRTXHOHVFRUUHVSRQGH$GHPiVVHOHVEULQGDHVSDFLRV
HQORVTXHSXHGHQPDQWHQHUFRQWDFWRFRQEDVHHQVXVLGHDVHQ
VXVVHQWLPLHQWRVJDUDQWL]DQGRODVGLIHUHQFLDVLQVFULWDVDOOt
&RQEDVHHQORGLFKRVHSXHGHUHIHUHQFLDUFDGDXQRGHORVFRP
SRQHQWHVTXHKDFHQSDUWHGHOFDPSRGHDFFLyQVREUHHOTXHUHFDH
ODSURSXHVWD/DSUiFWLFDHGXFDWLYDHQWHQGLGDFRPRHOHMHUFLFLR
TXHFRQWLQXD\KDELWXDOPHQWHKDFHHOGRFHQWHFRQHOHVWXGLDQWH
\HOPRGRSDUWLFXODUHQTXHVHOOHYDDFDERODVDFFLRQHVGHDPERV
LQVFULWDVDOOtQRVOOHYDQDUHFRQRFHUHQXQHQWRUQRGHLQWHUDFFLyQ
HODUWHGHHQVHxDU\DSUHQGHUFRQIRUPHD´SULQFLSLRVµD´UHJODVµ\
D´DFXHUGRVµSDFWDGRVHQORVTXHVHJDUDQWL]DHOGHVDUUROORGHFDGD
XQDGHODVSDUWHVQRHVRWUDFRVDTXHHVHVDEHUKDFHUHVSHFtILFR
TXHWLHQHFRPRREMHWLYRHOGHVDUUROORGHXQDPELHQWHIRUPDWLYR
SURSLFLRHQHOTXHVHUHFRQR]FDODFRQGLFLyQVXEMHWLYDGHHOORV
3UiFWLFDYLHQHGHODH[SUHVLyQJULHJDSUDNWLNRVTXHHVXWLOL]DGD
SDUDGHVLJQDU´ORUHIHUHQWHDODDFFLyQµ\GHODH[SUHVLyQODWLQD
SUDFWLFXVHQODTXHVHSXHGHQYHUGRVIRUPDVSUD[LVSDUDGDUD
FRQRFHU´XVRRFRVWXPEUHµ\SUDFWLFHUHIHULGDDO´DFWR\PRGR
GHKDFHU µFI&DGDYLG$KRUDELHQODSUiFWLFDGHQWURGH
HVWHWH[WRODHQWHQGHPRVFRPRXQDIRUPDGHYLGDHQTXLHQVH
GHGLFDFRWLGLDQDPHQWHDWDQQREOHODERUHQIRFDGDHQDFRPSDxDU
HOSURFHVRGHHQVHxDQ]DDSUHQGL]DMH(QHVDH[SHULHQFLDH[LVWH
FRPRFRQVHFXHQFLDODDFFLyQGHFRQVWUXLUQXHYRVVHQWLGRVFRQ
UHODFLyQDVtPLVPR\DOHQWRUQRGHUHFUHDUORTXHVLJQLILFDOD
SURSLDYLGD\ODGHOPXQGRTXHVHHVWiHQVHxDQGRGHRWRUJDU
XQ QXHYR VLJQLILFDGR ²UHVLJQLILFDU D OD H[LVWHQFLD (VD WDUHD
TXHVHFRQYLHUWHHQXQILQ\TXHGHEHUHSHWLUVHFRQWLQXDPHQWH
GH IRUPD FtFOLFD GH PDQHUD LQQRYDGRUD RWRUJD RWUR UXPER DO
WLHPSRSRUTXHVLHPSUHODDFFLyQVHUiGLIHUHQWHHOWLHPSRVHUi
GLVWLQWRDGTXLULHQGRXQDVIRUPDVWRWDOPHQWHLQGHSHQGLHQWHVFI
5HVWUHSR&DPSR
,7,1(5$5,2('8&$7,92‡$f2;;91ƒ‡‡(1(52-81,2'(
)/25$/%$%$55(525,9(5$<-8$1&$5/26É1*(/855($
6LQHPEDUJRHVHSURFHVRSUiFWLFRQRVHTXHGDHQHOGRFHQWH(QWUD
HQMXHJRHOHVWXGLDQWHPLVPRTXLHQDVXPHFRPRXQDFXHVWLyQ
SHUVRQDO\FRPRXQDWDUHDH[LVWHQFLDOHOSURFHVRGHHQVHxDQ]D
DSUHQGL]DMH(QHVWHSXQWRpOHQVXPRGRGHYLYLU\GHOOHYDUD
FDERODYLGDHVGHFLUHQODSUiFWLFDHVHOTXHJHQHUDVLJXLHQGR
VXVDSWLWXGHVSHUVRQDOHVORVQXHYRVKRUL]RQWHVGHVHQWLGRGHDTXH
OORTXHLQWHQFLRQDOPHQWHVHOHSUHVHQWDSDUDVHUDSUHQGLGR(VD
DFWLYLGDGH[LJHGHIRUPDFDWHJyULFDWUDEDMDUFRQWLQXDPHQWHSRU
GHVFXEULUORV\SRUPDQLIHVWDUORVGHIRUPDFRKHUHQWH/RDQWHULRU
GHPXHVWUDTXHpOWDPELpQVHFRQYLHUWHHQDJHQWHGHOFRQRFLPLHQWR
SRUTXHVHHQFDUJDGHIRUPXODURWUDVSRVWXUDVTXHSXHGHQOOHJDU
DWUDVFHQGHUODVGHOGRFHQWH
/D LQWHUDFFLyQ GH ORV QLYHOHV GH SUiFWLFD HGXFDWLYD TXH VH KD
DQDOL]DGRKDVWDHOPRPHQWR²GRFHQWHHVWXGLDQWH²UHVXOWDFRQ
IOLFWLYDSRUTXHRSXHGHGDUVHODSRVLELOLGDGGHOUHFRQRFLPLHQWR
UHFtSURFRHVGHFLUVHLGHQWLILFDQFRPRSHUVRQDVVHDFHSWDQHQ
VXVGLIHUHQWHVUROHVVHUHFRQRFHQHQVXGLJQLGDGDSHVDUGHOD
GLIHUHQFLD TXH ORV VHSDUD YJ HO GRFHQWH \ HO HVWXGLDQWH TXH
FRPSDUWHQ GHVGH OD H[SHULHQFLD GHO FRQRFLPLHQWR \ D SDUWLU
GHO UHVSHWR PXWXR OD HVSRQWDQHLGDG TXH ORV FDUDFWHUL]D R OD
GLIHUHQFLDFLyQ VHSDUDFLyQ \ DLVODPLHQWR GH ORV GRV GHELGR D
TXHVHFRQVLGHUDQFRPRXQRPiVGHOPXQGRVHPLUDQFRPRXQ
REMHWRTXHKDFHSDUWHGHODQDWXUDOH]DVHEORTXHDQFXDOTXLHU
SRVLELOLGDGGHUHODFLRQDUVHFRPRKXPDQRVYJHOGRFHQWH\HO
HVWXGLDQWHTXHQRORJUDQHQWHQGHUVHHQFXHVWLRQHVVLPSOHVGH
ODFRWLGLDQLGDGWUDVJUHGLHQGRORVOtPLWHVSURSLRVGHFDGDXQR
3DUDHYLWDUHVHFDUiFWHUFRQIOLFWLYR\VRVWHQHUXQHQWRUQRKXPD
QRDGHFXDGRVHGDDFRQRFHUXQDFRQWULEXFLyQPHWRGROyJLFD
TXH SXHGH IDFLOLWDU OD UHODFLyQ GHO GRFHQWH FRQ HO HVWXGLDQWH
GHVGH XQD SRVLELOLGDG GH FRH[LVWHQFLD \ UHFRQRFLPLHQWR PX
WXR´LGHQWLILFDQGRORTXHORVKDFHVHUHOORVPLVPRV\HYLWDQGR
FRQGLFLRQHV GH DOLHQDFLyQ GH VXE\XJDFLyQ GH VRPHWLPLHQWR
HQWUHODVSDUWHVFRQHO~QLFRSURSyVLWRGHUHLYLQGLFDUHOVHQ
81,9(56,'$''(6$1%8(1$9(1785$6('(%2*27ɇ)$&8/7$''(('8&$&,Ð1
/$35É&7,&$('8&$7,9$'(6'(/$(;3(5,(1&,$'(/5(&212&,0,(172'(/275281$35238(67$0(72'2/Ð*,&$
WLGRPiVSURIXQGRTXHHVWiSUHVHQWHHQVXUHDOLGDGKXPDQDµ
5LFRHXU
&RQWLQXDQGRFRQODSURSXHVWDVHGDQDFRQRFHUWUHVSDVRVLPSRU
WDQWHVHQODSUiFWLFDGRFHQWHTXHVRORWLHQHQVHQWLGRFXDQGRVH
UHDOL]DQHQIRUPDUHFLSURFDSUHSDUDUHVWXGLDULQWHUDFWXDU&RQ
HVWRVWUHVWpUPLQRVTXHGDQSODVPDGRVORVPRPHQWRVTXHSHUPL
WHQREWHQHUHOHQWRUQRMXQWRFRQODVFRQGLFLRQHVDWUDYpVGHODV
FXDOHVVHFRQILJXUDQUHODFLRQHVDVXPLGDVWHQLHQGRHQFXHQWDOD
FRQVLGHUDFLyQHOUHVSHWRSHUVRQDO\VRFLDO
3UHSDUDU
(OiPELWRGHSUHSDUDUVHUHILHUHWDQWRDODVDFFLRQHVTXHHPSUHQGH
HOGRFHQWHHQVXIRUPDFLyQFRQWLQXDFRQHOILQGHRIUHFHUSURSXHV
WDVHVWUDWHJLDV\FRQRFLPLHQWRVUHQRYDGRV(QHVWHSXQWRVHKDFH
UHIHUHQFLDDOHVWXGLRFRQWLQXRDODLQYHVWLJDFLyQSHUPDQHQWHTXH
OOHYHDODDFWXDOL]DFLyQIUHQWHDORVVDEHUHVGLVFLSOLQDUHVSURSLRV
GHOFDPSRGHDFFLyQRDODVGLGiFWLFDVTXHHPSOHDHQHOSURFHVR
GHDFRPSDxDPLHQWRHQHOLQWHULRUGHODGLQiPLFDGHIRUPDFLyQ
GHVHUHVKXPDQRVDQLYHOGHFRQWHQLGRV\GHSURFHVRVSURSLRVGHO
SHQVDUSUHSDUDVH(QHVWHSXQWRHQWUDHQMXHJRXQDUHIOH[LyQ
SHUVRQDODFHUFDGHODERUTXHFXPSOHFRWLGLDQDPHQWHFI%DUUHUR
0HMtD$VXYH]TXHGDODWHQWHHOGHVDUUROORGHFRQVWUXFFLR
QHVSUHYLDVGHORVHOHPHQWRVTXHVHTXLHUHQGHVDUUROODUHQDTXHOORV
HQORVTXHUHFDHODDFFLyQSHGDJyJLFDSUHSDUDUFODVH(VGHFLU
VHSLGHFRPRDQWHFHGHQWHDHVWDDFFLyQODSRVLELOLGDGGHHVWUXF
WXUDUORVHOHPHQWRVTXHFRQIRUPDQODVHQVHxDQ]DVDSUHQGL]DMHV
\ HO PRGR HQ TXH VH OOHYDUi D FDER HVD WDUHD /R DQWHULRU GHEH
SURSLFLDUSURPRYHUODDFFLyQGHDFHSWDFLyQGHORWURHOHVWXGLDQWH
&RQ UHVSHFWR D OD H[SHULHQFLD GHO HVWXGLDQWH FDEH VHxDODU TXH
HQ HO iPELWR GH SUHSDUDU VH KDFH UHIHUHQFLD D OD DFWLWXG SUHYLD
TXH DEUH HO HVStULWX D OD LQWHULRUL]DFLyQ GH OD SURSXHVWD TXH VH
GHVDUUROODUiDWUDYpVGHODGLVSRVLFLyQSHUVRQDOKDFLDORVQXHYRV
,7,1(5$5,2('8&$7,92‡$f2;;91ƒ‡‡(1(52-81,2'(
)/25$/%$%$55(525,9(5$<-8$1&$5/26É1*(/855($
HOHPHQWRVTXHYLHQHQGHODSHUVRQDGHOGRFHQWHSUHSDUDUVHOD
FODVHTXHOOHYDDGLIHUHQWHVKRUL]RQWHVGHFRPSUHQVLyQRIUHFLGRV
SRUODWHPiWLFD\SRUORVSURFHVRVODDSOLFDFLyQGHODVHVWUDWHJLDV
GLGiFWLFDVTXHKDFHQSDUWHGHODSUiFWLFDSHGDJyJLFDSUHSDUDU
FODVH(QHVDSHUVSHFWLYDHOGRFHQWH\HOHVWXGLDQWHGHEHQHVWDU
DELHUWRVSDUDFXPSOLUFRQORVDFXHUGRVSDFWDGRVSRUHOORVPLVPRV
\SRUHOHQWRUQRFI7DEODXQR
7DEOD3ULPHUDIDVHGHODPHWRGRORJtD
3URIHVRU3UHSDUDVH
3URIHVRU3UHSDUDUFODVH
&RQWH[WR
&RQWH[WR
0DUFR&XUULFXODU
0DUFR'LVFLSOLQDU
(QVHxDQ]DVSURSLDVGHFDGDiUHDGHO 3HGDJRJtD\GLGiFWLFD
FRQRFLPLHQWR
(VWXGLDQWH3UHSDUDUVH
(VWXGLDQWH3UHSDUDUFODVH
&RQWH[WR
5HFRQRFLPLHQWRGHOHQWRUQR\GHO
PDUFRGLVFLSOLQDU
&RQWH[WR
$FHUFDPLHQWRDOPDUFRFXUULFXODU
(QHOFRQWH[WRLOXVWUDGRVHUHIOHMDODSURSXHVWDGH/HYLQDVHQOD
TXH VH IRUPXOD OD DSHUWXUD GH OD FRQVFLHQFLD GHELGR D TXH ORV
GHPiVVHXELFDQIUHQWHDHOODFRQHOILQGHGDUVHHOSXHVWRTXHOH
FRUUHVSRQGHGHQWURGHODQDWXUDOH]DGHQWURGHOPXQGRGHQWURGH
ODKXPDQLGDG\GHQWURGHODVRFLHGDG(VWRHVORTXHGHQRPLQD
HOSHQVDGRUOLWXDQRFRPROD(SLIDQtDGHO5RVWUR(QHVWHVHQWLGR
HORWURVHLPSRQH²FRPRUHYHODFLyQ²FRQWRGDVXIXHU]D\H[LJH
VHUUHFRQRFLGRGHVGHVXSURSLDFRQGLFLyQQRFRPRREMHWRGHPL
LQWXLFLyQ²FRPRXQDFRQVHFXHQFLDGHOSHQVDUFRPRXQGHYHODUVH
GHVGHODUD]yQ²VLQRFRPRDOJXLHQTXHHVWiDKt\TXHVHSUHVHQWD
HQVXWRWDOLGDGSDUDVHUWUDWDGRFRPRKXPDQR
(VWXGLDU
(OiPELWRGHHVWXGLDUVHUHILHUHDODIRUPDHQTXHVHDQDOL]D\VH
SRQHHQSUiFWLFDWRGRVORVHOHPHQWRVDERUGDGRVSUHYLDPHQWHD
WUDYpVGHODFRQIURQWDFLyQ²HQHOEXHQVHQWLGRGHOWpUPLQR²\GH
81,9(56,'$''(6$1%8(1$9(1785$6('(%2*27ɇ)$&8/7$''(('8&$&,Ð1
/$35É&7,&$('8&$7,9$'(6'(/$(;3(5,(1&,$'(/5(&212&,0,(172'(/275281$35238(67$0(72'2/Ð*,&$
ODYLYHQFLDFRWLGLDQDHQWUHHOGRFHQWH\HOHVWXGLDQWH/RDQWHULRU
VLJQLILFDTXHVHGDHOGHVDUUROORGHODSURSXHVWDFRQVWUXLGDFRQ
DQWHULRULGDGGHELGRDTXHTXHGDPDUFDGDODUHYLVLyQ\ODDSOLFD
ELOLGDGWDQWRGHODHVWUXFWXUDPHWRGROyJLFDFRPRGHORVFRPSR
QHQWHVGLGiFWLFRVHQORVTXHVHDERUGDQORVSURFHVRVPLVPRVGH
DVXPLUXQDVHQVHxDQ]DVFRQFUHWDV\XQDVKDELOLGDGHVHVSHFtILFDV
'HWRGDVPDQHUDVFDEHDFODUDUTXHHQHVWHSXQWRVHYLQFXODXQ
UHIHUHQWHLPSRUWDQWHODVVLWXDFLRQHVFRQWLQJHQWHVeVWDVVHUHILH
UHQDORVHOHPHQWRVTXHHVWiQIXHUDGHODSUHSDUDFLyQSHURTXH
H[LJHQVHUDVXPLGRV\DTXHWLHQHQXQDLQIOXHQFLDGLUHFWD²SRVLWLYD
RQHJDWLYD²HQORTXHVXFHGHGHQWURGHOHQWRUQRHQHOTXHVHGD
ODDFFLyQPLVPDGHHGXFDU
&RQUHVSHFWRDODH[SHULHQFLDGHOHVWXGLDQWHFDEHVHxDODUTXHHQ
HOiPELWRGHHVWXGLDUVHKDFHUHIHUHQFLDDODWDUHDGHLQVSHFFLR
QDU\GHGDUDFRQRFHUORTXHKDDSUHQGLGRVLJXLHQGRSURFHVRV
\ FRQWHQLGRV HVSHFtILFRV (VWR VH SRQH GH PDQLILHVWR QR SRU OD
UHSHWLFLyQGHFRQRFLPLHQWRV\GHKDELOLGDGHVGHVDUUROODGDVVLQR
SRUODDUWLFXODFLyQVHJ~QODVSDUWHVPiVVLPSOHVLGHQWLILFDGDVHQ
XQH[DPHQSUHYLRGHVDOLGDVSHUVRQDOHVDORVFRQIOLFWRVDORVSUR
EOHPDVSUHVHQWHVHQVXSURSLDFRQGLFLyQKXPDQD\HQHOGHYHQLU
GHODUHDOLGDG$GHPiVSRUODFRKHUHQFLDHQWUHHOGHFLU\HOKDFHU
SRUTXHGDVHQWLGRDVXVH[SUHVLRQHVFRQDFWLWXGHVGHWHUPLQDGDV
FRPSURPHWLpQGRVHEDMRXQDFRQYLFFLyQLQGLYLGXDODUHVSRQGHU
FRQORDFRUGDGR&I7DEOD
7DEOD6HJXQGDIDVHGHODPHWRGRORJtD
3URIHVRU
(VWXGLDQWH
(VWUDWHJLDV
([SRVLFLRQHVH[SOLFDFLRQHV
LQGDJDFLRQHVSURIXQGL]DFLRQHV
DUJXPHQWDFLRQHVFXHVWLRQDPLHQWRV
FRQVWUXFFLyQGHJXtDV
(VWUDWHJLDV
&RQVXOWDVLQGDJDFLRQHV
FXHVWLRQDPLHQWRVH[SOLFDFLRQHV
DUJXPHQWDFLRQHVGHVDUUROORGHJXtDV
(QODSHUVSHFWLYDDQWHULRUVHUHFRQRFHHOVHQWLGRGHXQDLGHDSUR
SXHVWDSRU6DUWUHFXDQGRVHDILUPDTXHHORWURGHVGHXQiPELWR
,7,1(5$5,2('8&$7,92‡$f2;;91ƒ‡‡(1(52-81,2'(
)/25$/%$%$55(525,9(5$<-8$1&$5/26É1*(/855($
PX\GLVWLQWRDOPtRYHQGUtDDFRUURERUDUHQODIRUPDFLyQGHPtVHU
eOJXDUGDGHQWURGHVtH[SHULHQFLDVGLVWLQWDVDODVPtDV3RUHVR
pOPHSXHGHDSRUWDUVXSXQWRGHYLVWDSDUDVHULQFRUSRUDGRVREUH
PLSUR\HFWRH[LVWHQFLDO(QPtFDEHODSRVLELOLGDGGHDFHSWDUOR
TXHHORWURREVHUYDGHPt´«HQHIHFWRVHWUDWDSDUDPtGHKD
FHUPHVHUDGTXLULHQGRODSRVLELOLGDGGHDGRSWDUVREUHPtHOSXQWR
GHYLVWDGHORWURTXLHURLQFRUSRUDUHQPtDHVHRWURFRQFUHWR
FRPRUHDOLGDGDEVROXWDHQVXDOWHULGDGµ6DUWUHS
,QWHUDFWXDU
(OiPELWRGHLQWHUDFWXDUVHUHILHUHDWRGDVODVSUiFWLFDVGHOGRFHQWH
HQFDPLQDGDVDHVWDEOHFHUHOFRQWDFWRFRQODSHUVRQDGHOHVWXGLDQ
WHFRQVLGHUDGRHQVXFRPSOHWDGLJQLGDG(QHVWDDFFLyQUHVXOWD
QHFHVDULRGHILQLUXQPRGRSDUWLFXODUGHUHODFLyQGRQGHVHSXHGD
HVWDEOHFHUODFHUFDQtDTXHSHUPLWDHODFRPSDxDPLHQWR\ODRULHQ
WDFLyQHQHOGHVDUUROORGHORVSURFHVRVSURSXHVWRVGHQWURGHORV
ILQHVHGXFDWLYRV3DUDHOORVHH[LJHHVWDEOHFHUODSDUWLFXODULGDGOD
GLIHUHQFLD\ODMXVWLFLDGHDTXHOTXHVHHQFXHQWUDGHWUiVGHODLQWHQ
FLyQIRUPDWLYD/DFRQVHFXHQFLDGHORGLFKRUDGLFDHQODDFFLyQGH
DFHSWDFLyQGHORWUR6LQHPEDUJRDOiPELWRUHIHULGRVHOHYLQFXOD
HOKDFHUGHOGRFHQWHTXHKDFHKDFHUTXHKDFHTXHHORWURDFHSWH
VHUORTXHSXHGHVHU²TXHGHVDUUROOHODVSRWHQFLDOLGDGHVTXHSRU
QDWXUDOH]DOHFRUUHVSRQGHHVGHFLUODH[LJHQFLD/DUDt]GHH[LJLU
HVDJTXHVLJQLILFDFRQGXFLU\HQVHQWLGRHVWULFWRGDFXHQWDGH
´DTXHOTXHFRQGXFHµ(VDH[SUHVLyQWLHQHHOPLVPRIXQGDPHQWR
GHSHGDJRJRTXHHQVXRULJHQOOHYDLPSOtFLWDODLGHDRODODERU
GHFRQGXFLU(QHVDRULHQWDFLyQVHGHEHQHVWDEOHFHUODVUHJODVGHO
MXHJRORVFULWHULRVGHDFFLyQODVIRUPDVHVWDEOHFLGDVSDUDYLYLUHQ
FRPXQLGDG\ODVHVWUDWHJLDVTXHSHUPLWHQFXPSOLUORVDFXHUGRV
&RQUHVSHFWRDODH[SHULHQFLDGHOHVWXGLDQWHFDEHVHxDODUTXHHQHO
iPELWRGHLQWHUDFWXDUVHKDFHUHIHUHQFLDDODSRVLELOLGDGTXHWLHQH
GHPRVWUDUVHDELHUWRDGHMDUVHDFRPSDxDUSRUSDUWHGHOGRFHQWH
TXLHQ HQ VX FRQGLFLyQ GH SUyMLPR GHVGH VX IRUPDFLyQ DSRUWD
81,9(56,'$''(6$1%8(1$9(1785$6('(%2*27ɇ)$&8/7$''(('8&$&,Ð1
/$35É&7,&$('8&$7,9$'(6'(/$(;3(5,(1&,$'(/5(&212&,0,(172'(/275281$35238(67$0(72'2/Ð*,&$
HOHPHQWRVUHOHYDQWHVHQVXSURFHVRGHIRUPDFLyQ\GHUHDOL]DFLyQ
FRPRSHUVRQD8QDWDUHDGHHVWHQLYHOSLGHGHIRUPDFRQWXQGHQWH
HOSODQWHDPLHQWRMXQWRFRQHOFXPSOLPLHQWRGHDFXHUGRVWUD]DGRV
SRUDPEDVSDUWHV
7DEOD7HUFHUDIDVHGHODPHWRGRORJtD
5HJODVGH-XHJR
3DUWLFLSDFLyQ
(YDOXDFLyQ
(VWDEOHFLPLHQWRGH
DFXHUGRV\GHSDFWRV
&XPSOLPLHQWRGH
DFXHUGRV\GHSDFWRV
'HVDUUROORGHHVSDFLRV 9DOLGH]GHFRQWHQLGR\
YDOLGH]SUHGLFWLYD
GHGLVFXVLyQFRPR
SRVLELOLGDGGH
FRQVWUXFFLyQGHO
FRQRFLPLHQWR
(OGRFHQWH\HOHVWXGLDQWHVHUHTXLHUHQGHQWURGHXQPLVPRHV
SDFLRSDUDUHDOL]DUVHFRPRSHUVRQDVHQODGLJQLGDGTXHDTXtOH
FRUUHVSRQGHDFDGDXQD'HDKtTXHVHSXHGDLQIHULUFyPRHVHQ
HVDDILUPDFLyQGHPLVHUH[LVWHQWHSRUPHGLRGHODFXDOQRSXHGR
FRQYHUWLUDOSUyMLPRHQREMHWRQLPXFKRPHQRVpODPtHQORPLVPR
$PERVVHHQFXHQWUDQEDMRHOPLVPRLPSDFWRVXEMHWLYR
)LQDOPHQWHHOiPELWRGHLQWHUDFWXDUFXEUHODVGRVIDVHVGHODPH
WRGRORJtDSUHSDUDU\HVWXGLDUSRUFXDQWRWRGDVODVGLILFXOWDGHV
TXHVHSUHVHQWDQHQODVUHODFLRQHVHQWUHHVWXGLDQWHV\GRFHQWHV
VHUiQVXSHUDGDVHQHOiPELWRGHODLQWHUDFFLyQ
$KRUD ELHQ ORV WUHV QLYHOHV DQDOL]DGRV GHQWUR GH OD SUiFWLFD
GRFHQWH\ODH[SHULHQFLDGHOHVWXGLDQWHVHIXQGDPHQWDQHQXQD
GLPHQVLyQpWLFDTXHVHUHODFLRQDGLUHFWDPHQWHFRQODIRUPDFRPR
VHGHVHQYXHOYHQODVDFFLRQHVGHODFRQVFLHQFLDKXPDQDGHQWURGH
XQDV FRQGLFLRQHV FRQFUHWDV 3HUR HVD SHUVSHFWLYD PiV HQ HVWH
DUWtFXOR VH HQIRFD HQ HO QLYHO GH OR TXH VLJQLILFD HO ´FXLGDGRµ
eVWHVHHQWLHQGHHQIXQFLyQGHOGHVSOLHJXHTXHUHDOL]DHOKRP
EUHPDQWHQLHQGRODFRQVLGHUDFLyQSRUHORWURHOUHVSHWRSRUVX
GLIHUHQFLDODGLJQLGDGSRUVXLQGLYLGXDOLGDGODSRVLFLyQGHVXMHWR
HQPHGLRGHODREMHWLYLGDGGHODQDWXUDOH]D$GHPiVQXWULHQGR
DFWLWXGHVHVSHFtILFDVTXHDOLPHQWHQFRPSRUWDPLHQWRVVLPLODUHV
,7,1(5$5,2('8&$7,92‡$f2;;91ƒ‡‡(1(52-81,2'(
)/25$/%$%$55(525,9(5$<-8$1&$5/26É1*(/855($
3URIHVRU
(VWXGLDQWH
3UHSDUDU
,QWHUDFWXDU
(VWXGLDQWH
3URIHVRU
(VWXGLDU
*UiILFD(VTXHPDGHODPHWRGRORJtD
%LEOLRJUDItD
É1*(/-/DLPSRUWDQFLDGHODLGHDGHOKRPEUHXQSUR
\HFWRSHGDJyJLFRGHVGHODUHIOH[LyQGH(GLWK6WHLQ0DJLVWUR
5HYLVWDGHOD0DHVWUtDHQ(GXFDFLyQ8QLYHUVLGDG6DQWR7RPiV
9RO1ƒ
%$55(520(-Ì$/DLQWHUSUHWDFLyQGHODSUiFWLFDSH
GDJyJLFDGHXQDGRFHQWHGH0DWHPiWLFDV$FWDGH3VLFRORJtD
8QLYHUVLGDG&DWyOLFDGH&RORPELD9RO
%285',(833$66(521-/DUHSURGXFFLyQ(OHPHQ
WRVSDUDXQDWHRUtDGHOVLVWHPDGHHQVHxDQ]D%DUFHORQD/DLD
%8%(50<R\W~<RWURVHQVD\RV%XHQRV$LUHV/LPROG
&$032 5(675(32 )RUPDFLyQ LQWHJUDO 0RGDOLGDG
GH DFFLyQ SURSLFLDGRUD GH OR KXPDQR %RJRWi 8QLYHUVLGDG
-DYHULDQD6HULH)RUPDVHQ(GXFDFLyQ
&$-,$2RWURV'LVFHUQLPLHQWRSDUDODUHIOH[LyQ\WUDQVIRU
PDFLyQGHSUiFWLFDVGRFHQWHV%RJRWi8QLYHUVLGDG-DYHULDQD
6HULH)RUPDVHQ(GXFDFLyQ
&$'$9,' 5(675(32 'LFFLRQDULR GH UDtFHV JULHJDV \
ODWLQDV%RJRWi(GLWRULDO&RORPELD
81,9(56,'$''(6$1%8(1$9(1785$6('(%2*27ɇ)$&8/7$''(('8&$&,Ð1
/$35É&7,&$('8&$7,9$'(6'(/$(;3(5,(1&,$'(/5(&212&,0,(172'(/275281$35238(67$0(72'2/Ð*,&$
'(6&$57(650HGLWDFLRQHV0HWDItVLFDV2EUDV&RP
SOHWDV0p[LFR3RUU~D
*(9$(57-(OSUREOHPDGHOKRPEUH8QDLQWURGXFFLyQD
OD$QWURSRORJtD)LORVyILFD6DODPDQFD6tJXHPH
+(55(5$ ' 4Xp HV )HQRPHQRORJtD /D SHUVRQD \ HO
PXQGRGHODH[SHULHQFLD&RQWULEXFLRQHVSDUDXQDpWLFDIH
QRPHQROyJLFD%RJRWi8QLYHUVLGDGGH6DQ%XHQDYHQWXUD
/(9,1$6,7RWDOLGDGHLQILQLWR(QVD\RVREUHODH[WHULR
ULGDG6DODPDQFD6tJXHPH
.$17,)XQGDPHQWDFLyQGHODPHWDItVLFDGHODVFRVWXP
EUHV0DGULG(VSDVD&DOSH
5(675(32&$032/D'RFHQFLDFRPRSUiFWLFD%RJRWi
8QLYHUVLGDG-DYHULDQD
5,&2(853/D8QLYHUVLGDGSRUKDFHUeWLFD\&XOWXUD
%XHQRV$LUHV'RFHQFLD
5,&2(8535HIRUPD\UHYROXFLyQHQOD8QLYHUVLGDGeWLFD
\FXOWXUD%XHQRV$LUHV'RFHQFLD
6$575(-3(O6HU\OD1DGD%XHQRV$LUHV/RVDGD
5HFLELGRHQRFWXEUH
$UELWUDGRHQRFWXEUH
,7,1(5$5,2('8&$7,92‡$f2;;91ƒ‡‡(1(52-81,2'(