Subido por Cristhian Mendoza Morales

evolución de la calidad total

Anuncio
/$&$/,'$'<68(92/8&,21
(92/8&,Ï1'(/&21&(372'(&$/,'$'
/D&DOLGDGKDH[SHULPHQWDGRXQSURIXQGRFDPELRKDVWDOOHJDUDORTXHKR\FRQRFHPRVSRU
&DOLGDG7RWDOWDPELpQGHQRPLQDGR([FHOHQFLD
(QHOFRQWH[WRGHODVRUJDQL]DFLRQHVLQGXVWULDOHVGHVGHFRPLHQ]RVGHHVWHVLJOR\WDOYH]
DQWHVVHHQWHQGtDODFDOLGDGFRPR
(O JUDGR HQ TXH XQ SURGXFWR FXPSOtD FRQ ODV HVSHFLILFDFLRQHV WpFQLFDV TXH VH KDEtDQ
HVWDEOHFLGRFXDQGRIXHGLVHxDGR 3RVWHULRUPHQWH IXH HYROXFLRQDQGR HO FRQFHSWR GH FDOLGDG TXH OD QRUPD 81( GHILQHFRPR
/DDGHFXDFLyQDOXVRGHOSURGXFWRRPiVGHWDOODGDPHQWHHOFRQMXQWRGHSURSLHGDGHV\
FDUDFWHUtVWLFDV GH XQ SURGXFWR RVHUYLFLR TXH OH FRQILHUHQ VX DSWLWXG SDUD VDWLVIDFHU ODV
QHFHVLGDGHVH[SUHVDGDVRLPSOtFLWDV 0iV UHFLHQWHPHQWH HO FRQFHSWR GH FDOLGDG KD WUDVFHQGLGR KDFLD WRGRV ORV iPELWRV GH OD
RUJDQL]DFLyQ\DVtDFWXDOPHQWHVHGHILQHFRPR
7RGDV ODV IRUPDV D WUDYpV GH ODV FXDOHV OD RUJDQL]DFLyQ VDWLVIDFH ODV QHFHVLGDGHV \
H[SHFWDWLYDV GH VXV FOLHQWHV VXV HPSOHDGRV ODV HQWLGDGHV LPSOLFDGDV ILQDQFLHUDPHQWH \
WRGDODVRFLHGDGHQJHQHUDO 3RGHPRVREVHUYDUTXHHVWD~OWLPDGHILQLFLyQHQJOREDFRQFHSWXDOPHQWHDODVHJXQGD\pVWD
DVXYH]DODSULPHUD
(QSDUDOHORFRQHVWDHYROXFLyQKDQLGRWDPELpQSURJUHVDQGRORVPHFDQLVPRVPHGLDQWHORV
FXDOHVODVRUJDQL]DFLRQHVKDQJHVWLRQDGRODFDOLGDG
$VtLQLFLDOPHQWHVHKDEODEDGHFRQWUROGHFDOLGDGGHSDUWDPHQWRRIXQFLyQUHVSRQVDEOHGH
OD LQVSHFFLyQ \ HQVD\R GH ORV SURGXFWRV SDUD YHULILFDU VX FRQIRUPLGDG FRQ ODV
HVSHFLILFDFLRQHV (VWDV LQVSHFFLRQHV VH UHDOL]DEDQ HQ XQ SULQFLSLR PDVLYDPHQWH HQ HO
SURGXFWRDFDEDGR\PiVWDUGHVHIXHURQDSOLFDQGRGXUDQWHHOSURFHVRGHIDEULFDFLyQ
(Q ORV DxRV \ HQ FRQVRQDQFLD FRQ OD GHILQLFLyQ VXUJLy HO WpUPLQR 4XDOLW\
$VVXUDQFHTXHSRGHPRVWUDGXFLUORFRPRJDUDQWtDRDVHJXUDPLHQWRGHODFDOLGDG \TXH
HQJORED DO FRQMXQWR GH DFWLYLGDGHV SODQLILFDGDV \ VLVWHPiWLFDV QHFHVDULR SDUD GDU
FRQILDQ]DGHTXHXQSURGXFWRRVHUYLFLRYDDVDWLVIDFHUORVUHTXHULPLHQWRVHVWDEOHFLGRV
7RGR HVWH iPELWR TXH VH FLUFXQVFULEH D OD FHUWLILFDFLyQ ,62 KD SDVDGR D
GHQRPLQDUVHDFWXDOPHQWH*HVWLyQGHOD&DOLGDG
3RVWHULRUPHQWH\FRQUHODFLyQDODGHILQLFLyQ KDQVXUJLGRYDULRVWpUPLQRVFRPR7RWDO
4XDOLW\ 0DQDJHPHQW &RPSDQ\ :LGH 4XDOLW\ &RQWURO HWF TXH SRGUtDPRV WUDGXFLU
HOLPLQDQGR SHTXHxRV PDWLFHV HQWUH HOORV \ VLPSOLILFDQGR FRPR &DOLGDG 7RWDO R
([FHOHQFLD
/D&DOLGDG7RWDOHVXQDHVWUDWHJLDJOREDOGHJHVWLyQGHWRGDODRUJDQL]DFLyQ
(7$3$6'(/$(92/8&,21'(/(1)248('(/$&$/,'$'
(QIRTXHGHOD&DOLGDG
*(67,21'(
72'26/26
(/(0(1726'(
/$
25*$1,=$&,21
&$/,'$'727$/
(;&(/(1&,$
*(67,21'(/$&$/,'$'
&/,(17(
&21752/'(/$&$/,'$'
352'8&72
(YROXFLyQGHOD&DOLGDG
+R\ HQ GtD ODV HPSUHVDV \ RWUDV RUJDQL]DFLRQHV \ VXV GHSDUWDPHQWRV SXHGHQ HVWDU HQ
FXDOTXLHUDGHODVGLVWLQWDVHWDSDVDQWHULRUPHQWHFLWDGDV
(VWD HYROXFLyQ GHO FRQFHSWRGH OD FDOLGDG KD VLGR SDUDOHOD D OD HYROXFLyQ HQ ORV~OWLPRV
DxRVGHORVVLVWHPDVGHSURGXFFLyQ(VWRVKDQHYROXFLRQDGRGHVGHODSURGXFFLyQHQPDVD
KDVWDODSURGXFFLyQDMXVWDGD OHDQSURGXFWLRQ $xRV
6LVWHPDVGH
SURGXFFLyQ
(QPDVD
&RQFHSWRGHFDOLGDG
&RQIRUPLGDGFRQ
HVSHFLILFDFLRQHV
6DWLVIDFFLyQGHODV
QHFHVLGDGHVGHORV
FOLHQWHV
(WDSDVGHODJHVWLyQGH
ODFDOLGDG
&RQWUROGHFDOLGDG
*HVWLyQGHODFDOLGDG
$MXVWDGD
6DWLVIDFFLyQGHOFOLHQWHGHORV
HPSOHDGRVDFFLRQLVWDV\
VRFLHGDG
&DOLGDG7RWDO([FHOHQFLD
&RQWUROGHOD&DOLGDG
'HILQLFLyQ
³(OFRQWUROGHODFDOLGDGHVHOFRQMXQWRGHWpFQLFDV\DFWLYLGDGHVGHFDUiFWHURSHUDWLYR
XWLOL]DGDVSDUDYHULILFDUORVUHTXLVLWRVUHODWLYRVDODFDOLGDGGHOSURGXFWRRVHUYLFLR´
/RVGHSDUWDPHQWRVGHFRQWUROGHFDOLGDGVXUJHQHQODVHPSUHVDVDSULQFLSLRVGHOVLJOR;;
PRPHQWRHQHOTXHHO7D\ORULVPRSURSXJQDEDXQDFODUDGLYLVLyQGHIXQFLRQHV\WDUHDVHQ
ODV RUJDQL]DFLRQHV HQ FRQVHFXHQFLD XQD GLIHUHQFLDFLyQ HQWUH ODV SHUVRQDV TXH HMHFXWDQ
WDUHDV\ODVTXHFRQWURODQ
(OVHJXQGRJUDQKLWRGHHVWHVLJORIXHODOtQHDGHPRQWDMHGHVDUUROODGDSRU+HQU\)RUG
(VWH VLVWHPD UHTXHUtD TXH ODV SLH]DV XWLOL]DGDV HQ OD OtQHD IXHUDQ LQWHUFDPELDEOHV \ SRU
WDQWR GHEHUtDQ FXPSOLU XQRV UHTXLVLWRV PtQLPRV ,QWURGXMR ODV WROHUDQFLDV TXH ODV SLH]DV
GHEHUtDQ FXPSOLU SDUD JDUDQWL]DU VX PRQWDMH \ VH LPSXVR HO FRQFHSWR GH LQVSHFFLyQ R
FRQWUROGHFDOLGDGDSOLFDGDDWRGRVORVSURGXFWRVWHUPLQDGRV
3RVWHULRUPHQWH KDFLD VH LQWURGXFH OD HVWDGtVWLFD SODQHV GH PXHVWUHR D OD
LQVSHFFLyQ UHGXFLHQGR ORV FRVWHV DO HYLWDU FRQWURODU HO GH ODV SLH]DV 'LYHUVRV
DQiOLVLV GLFWDPLQDURQ TXH UHDOL]DQGR FRQWUROHV LQWHUPHGLRV HQ HO SURFHVR VH HYLWDED
SURFHVDUXQSURGXFWRTXH \D OOHYDEDLPSOtFLWR HO GHIHFWR SRU HO FXDOVHLED DUHFKD]DU DO
ILQDO3RUHOORVHSDVyGHODLQVSHFFLyQILQDOGHOSURGXFWRDFDEDGRDOFRQWUROGHFDOLGDGHQ
ODVGLIHUHQWHVIDVHVGHOSURFHVR
$FRQWLQXDFLyQVHYLRTXHVXSRQtDXQPHQRUFRVWH \HUDPiVILDEOH FRQWURODUHOSURFHVR
TXH HO SURGXFWR (V GHFLU VL VH ORJUDED WHQHU EDMR FRQWURO ORV SDUiPHWURV GHO SURFHVR
WHPSHUDWXUDSUHVLyQWLHPSRHWF GHORVFXDOHVGHSHQGHFRPRVDOJDHOSURGXFWRQRVHUtD
QHFHVDULRFRQWURODUpVWH:6KHZKDUWGHVDUUROOyDSDUWLUGHHVWHFRQFHSWRODPHWRGRORJtD
FRQRFLGDFRPR³&RQWUROHVWDGtVWLFRGHSURFHVRV´HQORVDxRV
*HVWLyQGHOD&DOLGDG
'HILQLFLyQ
/DJHVWLyQGHODFDOLGDGHVHOFRQMXQWRGHDFFLRQHVSODQLILFDGDV\VLVWHPiWLFDVTXH VRQ
QHFHVDULDVSDUDSURSRUFLRQDUODFRQILDQ]DDGHFXDGDGHTXHXQSURGXFWRRVHUYLFLRYDD
VDWLVIDFHUORVUHTXLVLWRVGDGRVVREUHODFDOLGDG
6LJXLHQGR HO SURFHVR GH VLPSOLILFDFLyQ \ UHGXFFLyQ GH FRVWHVGHO FRQWURO GH FDOLGDG ORV
JUDQGHV FRPSUDGRUHV VH GLHURQ FXHQWD TXH SDUD JDUDQWL]DU TXH VXV SURYHHGRUHV OHV
HQYLDUDQORVSURGXFWRVFXPSOLHQGRVXVHVSHFLILFDFLRQHVHUDQHFHVDULRTXH RUJDQL]DUDQ \
GRFXPHQWDUDQWRGRVDTXHOORVDVSHFWRVGHVXRUJDQL]DFLyQTXHSXGLHUDQLQIOXLUHQODFDOLGDG
GHOSURGXFWRTXHOHVVXPLQLVWUDEDQ7RGRHOORGHEtDHVWDUVLVWHPDWL]DGR\GRFXPHQWDGR\
SRUHOORHPSH]DURQDREOLJDUDVXVSURYHHGRUHVDJDUDQWL]DUODFDOLGDG
8QVLVWHPDGHJHVWLyQGHOD&DOLGDGGHEHHVWDUGRFXPHQWDGRFRQXQPDQXDOGHFDOLGDG\
FRQSURFHGLPLHQWRVHLQVWUXFFLRQHVWpFQLFDV\GHEHUHYLVDUVHVXFXPSOLPHQWRDWUDYpVGH
DXGLWRUtDV 'HEH FRQWHPSODU WRGRV DTXHOORV DVSHFWRV TXH WHQJDQ LQFLGHQFLD HQ OD FDOLGDG
ILQDOGHOSURGXFWRRVHUYLFLRTXHSUHVWDODRUJDQL]DFLyQ
(QORV~OWLPRVDxRVKDQJR]DGRGHJUDQSRSXODULGDGODVQRUPDVGH³$VHJXUDPLHQWRGHOD
&DOLGDG´GHODVHULH,62QRUPDVTXHDSDUWLUGHOGHHQHURGHKDQSDVDGRD
GHQRPLQDUVH³*HVWLyQGHOD&DOLGDG´FRQXQDQRUPDFHUWLILFDEOHODQRUPD,62
&DOLGDG7RWDO([FHOHQFLD
'HILQLFLyQ
/D &DOLGDG 7RWDO ([FHOHQFLD HV XQD HVWUDWHJLD GH JHVWLyQ FX\R REMHWLYR HV TXH OD
RUJDQL]DFLyQVDWLVIDJD GH XQD PDQHUD HTXLOLEUDGD ODVQHFHVLGDGHV\ H[SHFWDWLYDV GHORV
FOLHQWHVGHORVHPSOHDGRVGHORVDFFLRQLVWDV\GHODVRFLHGDGHQJHQHUDO
(OIHQyPHQRMDSRQpV
-DSyQ KDEtD VDOLGR PDO SDUDGR GH OD 6HJXQGD *XHUUD 0XQGLDO \ GHEtD UHFXSHUDUVH 1R
GLVSRQtDGHUHFXUVRVSURSLRVH[FHSWRODVSHUVRQDV\VXPDWHULDJULV
/D -86( 8QLyQ-DSRQHVD GH &LHQWtILFRV H ,QJHQLHURV LQYLWy HQ ORV DxRV D H[SHUWRV
DPHULFDQRVFRPR'HPLQJ,PDQ\RWURVSDUDTXHH[SOLFDVHQDORVGLUHFWLYRVMDSRQHVHVODV
SUiFWLFDV GH JHVWLyQ XWLOL]DGDV HQ ODV HPSUHVDV DPHULFDQDV FRQ HVSHFLDO pQIDVLV HQ ODV
WpFQLFDVHVWDGtVWLFDVXWLOL]DGDVHQHOFRQWUROGHSURFHVRV
$SDUWLUGHDTXtVHGHVHQFDGHQyXQDPRYLOL]DFLyQVLQSUHFHGHQWHVHQODKLVWRULDDQLYHOGHO
SDtV3RVWHULRUPHQWHORVMDSRQHVHVKDQUHDOL]DGRODVPD\RUHVDSRUWDFLRQHVPHWRGROyJLFDVD
QLYHO PXQGLDO MXVW LQ WLPH TXDOLW\ IXQFWLRQ GHSOR\PHQW 4)' FtUFXORV GH FDOLGDG HWF
VRUSUHQGLHQGRFRQODVHOHYDGDVFRWDVGHFRPSHWLWLYLGDGDOFDQ]DGDVSRUVXVHPSUHVDV
7D\ORULVPR\&DOLGDG7RWDO
$ FRPLHQ]RV GH HVWH VLJOR )UHGHULF 7D\ORU GHVDUUROOy OD ³2UJDQL]DFLyQ &LHQWtILFD GHO
7UDEDMR´ (VWD FLHQFLD DSRUWy ULJRU D OD JHVWLyQ GH ODV RUJDQL]DFLRQHV \ VXV SULQFLSLRV
EiVLFRV GH GHVFRPSRVLFLyQ GHO WUDEDMR HQ DFWLYLGDGHV HOHPHQWDOHV HVSHFLDOL]DQGR DO
Pi[LPRHQHOODVDORVRSHUDULRVSHUPLWLyDODVHPSUHVDVGHVDUUROODUVHFRQWUDWDQGRSHUVRQDV
SURFHGHQWHV GHO FDPSR \ VLQ QLQJXQD FXDOLILFDFLyQ HQ OD SODQWD GH 5LYHU 5RXJH GH OD
)25'VHKDEODEDQLGLRPDVGLIHUHQWHV (VWH\RWURVSULQFLSLRVSRVWXODGRVSRUHO7D\ORULVPRHVWDEDQDGDSWDGRVDODUHDOLGDGGHVX
pSRFD SHUR DFWXDOPHQWH HO HQWRUQR KD FDPELDGR UDGLFDOPHQWH UHVSHFWR D FRPLHQ]RV GH
VLJOR
x
x
x
x
*OREDOL]DFLyQGHORVPHUFDGRV
(OHYDGRQLYHOGHFXDOLILFDFLyQGHODVSHUVRQDV
$FFHVLELOLGDGDODVWHFQRORJtDV
3DtVHVHPHUJHQWHVFRQLQGXVWULDOL]DFLyQUDSLGtVLPD
1R REVWDQWH PXFKDV GH ODV RUJDQL]DFLRQHV RFFLGHQWDOHV \ WDPELpQ GH OD &$39 HVWiQ
LPSUHJQDGDVGHOWD\ORULVPR\UHTXLHUHQVHULDVPRGLILFDFLRQHVSDUDDGDSWDUVHDODUHDOLGDG
DFWXDO
/DHVWUDWHJLDGHJHVWLyQFRQRFLGDFRPR&DOLGDG7RWDO±([FHOHQFLDHVXQFRPSHQGLRGH
ODV PHMRUHV SUiFWLFDV GH JHVWLyQ TXH SXHGHQ \ GHEHQ GHVDUUROODU ODV HPSUHVDV \ RWUDV
RUJDQL]DFLRQHVSDUDDGDSWDUVHDODUHDOLGDGDFWXDOGHFDPELRFDGDYH]PiVUiSLGR
(QIRTXHWUDGLFLRQDO
WD\ORULDQR
(QIRTXHDFWXDO
&DOLGDG7RWDO([FHOHQFLD
3URGXFLUELHQHV
2EMHWLYRVGHSDUWDPHQWDOHV
8QRVSRFRVORSLHQVDQWRGR
7UDEDMRLQGLYLGXDO
(QIDVLVHQORVPHGLRVItVLFRV
0HMRUDPHGLDQWHLQYHUVLyQ
(OWUDEDMRFRPRPHUFDQFtDGHFRPSUDYHQWD
&RQIURQWDFLyQ1HJRFLDFLyQ&RQIURQWDFLyQ
*HQHUDUVDWLVIDFFLyQGHOFOLHQWH
2EMHWLYRVHVWUDWpJLFRVOLJDGRVDSURFHVRV
7RGRVSLHQVDQ
7UDEDMRHQHTXLSR
(QIDVLVHQODVSHUVRQDV
0HMRUDFRQWLQXD
,QWHJUDFLyQGHORVHPSOHDGRVHQODHPSUHVD
&RRSHUDFLyQ
(O FDPELR GH OD FXOWXUD HPSUHVDULDO KDFLD OD &DOLGDG 7RWDO ([FHOHQFLD HV XQ SURFHVR
FRPSOHMRTXHUHTXLHUHWLHPSR\HVIXHU]R
$VLPLVPRSDUDTXHVHOOHYHDFDERFRQHILFDFLDH[LVWHXQDFRQGLFLyQTXHGHEHFXPSOLUVH
LQHOXGLEOHPHQWH\HVTXHORVOtGHUHVGHODRUJDQL]DFLyQHVWpQFRQYHQFLGRVGHODQHFHVLGDG
GHFDPELDUDVtFRPRHOSDSHOTXHHOORVGHEHQGHVHPSHxDUSDUDTXHWHQJDOXJDU
$3257$&,21(6'(67$&$%/(6'((;3(5726
$XWRU
$SRUWDFLyQ
(GZDUG'HPLQJ
&DWRUFHSXQWRVSDUDODGLUHFFLyQ TXpVHGHEHFRQWHPSODUSDUDODGLUHFFLyQGH
ODRUJDQL]DFLyQ
:DOWHU6KHZKDUW
-RVHSK-XUDQ
.DRUX,VKLNDZD
7DLLFKL2KQR
0DVDDNL,PDL
*HQLFKL7DJXFKL
.L\RVKL6X]DNL
&LFORGH6KHZKDUW 3'&$ (O SURFHVR PHWRGROyJLFR EiVLFR SDUD DVHJXUDU
ODVDFWLYLGDGHVIXQGDPHQWDOHVGHPHMRUD\PDQWHQLPLHQWR3ODQ'R&KHFN$FW
\HO&RQWURO(VWDGtVWLFRGH3URFHVRV63&
7ULORJtD GH -XUDQ /D SODQLILFDFLyQ GH OD FDOLGDG FRQWURO GH OD FDOLGDG \
PHMRUD GH OD FDOLGDG VRQ ORV LQVWUXPHQWRV GHO 'LUHFWLYR HQ OD JHVWLyQ GH OD
FDOLGDG
&tUFXORVGH&DOLGDG *UXSRVGHYROXQWDULRVHVWDEOHVHQHOWLHPSRTXHWLHQHQ
FRPR REMHWLYR SULQFLSDO PHMRUDU OD FDOLGDG GH ORV SURFHVRV \ HO HQWRUQR GH
WUDEDMR
-XVW LQ 7LPH 6LVWHPD GH JHVWLyQ GH SURGXFFLyQ TXH SHUPLWH HQWUHJDU DO
FOLHQWHHOSURGXFWRFRQODFDOLGDGH[LJLGDHQODFDQWLGDGSUHFLVD\HOPRPHQWR
H[DFWR
.DL]HQ 6LJQLILFDPHMRUDFRQWLQXDHQMDSRQpV(VHOHVStULWX\SUiFWLFDGHORV
SULQFLSLRVGHPHMRUDFRQWLQXDHQODRUJDQL]DFLyQ
,QJHQLHUtDGHOD&DOLGDG 0pWRGRVSDUDHOGLVHxR\GHVDUUROORGHORVSURFHVRV
GHLQGXVWULDOL]DFLyQFRQHOPi[LPRGHHILFLHQFLD
*HVWLyQ9LVXDO (VXQVLVWHPDGRQGHODLQIRUPDFLyQQHFHVDULDSDUDODJHVWLyQ
RSHUDWLYDHVWiSUHVHQWHDOOtGRQGHWUDEDMDQODVSHUVRQDV
:$/7(56+(:+$57
6XDSRUWDFLyQHVHOFLFOR3'&$ 3ODQ'R&KHFN$FW (VXQSURFHVRPHWRGROyJLFREiVLFR
SDUDUHDOL]DUODVDFWLYLGDGHVGHPHMRUD\PDQWHQHUORTXHVHDPHMRUDGR
$VLPLVPR GHVDUUROOy HO &RQWURO (VWDGtVWLFR GH 3URFHVRV PHWRGRORJtD SDUD ORJUDU OD
HVWDELOLGDG\ OD PHMRUD FRQWLQXD GH ORVSURFHVRV HQ EDVH D HOLPLQDU GH HOORV VXV FDXVDV
HVSHFLDOHVGHYDULDELOLGDG\UHGXFLUVXVFDXVDVFRPXQHV
$-867$5
&20352%$5
$
3
3/$1,),&$5
&
'
+$&(5
(':$5''(0,1*
(QWUHODVGLIHUHQWHVDSRUWDFLRQHVGHHVWHDXWRU DODFDOLGDGFDEHGHVWDFDUGRVORVFDWRUFH
SXQWRVGH'HPLQJ\ODGLYXOJDFLyQGHOFLFOR3'&$GH6KHZKDUW
&RQ VXV FDWRUFH SXQWRV SDUD OD JHVWLyQ 'HPLQJ SUHWHQGH PRVWUDU OD LPSRUWDQFLD GHO
SDSHO GH ODV SHUVRQDV \ HQ HVSHFLDO GH OD GLUHFFLyQ HQ OD FRPSHWLWLYLGDG GH ODV
RUJDQL]DFLRQHV
381726'('(0,1*
&UHDUFRQVWDQFLDHQHOSURSyVLWRGHPHMRUDUHOSURGXFWR\HOVHUYLFLR
$GDSWDUODRUJDQL]DFLyQDODQXHYDHFRQRPtDHQTXHYLYLPRV
(YLWDUODLQVSHFFLyQPDVLYDGHSURGXFWRV
&RPSUDUSRUFDOLGDGQRSRUSUHFLR\HVWUHFKDUOD]RVFRQORVSURYHHGRUHV
0HMRUDUFRQWLQXDPHQWHHQWRGRVORViPELWRVGHODRUJDQL]DFLyQ
)RUPDU\HQWUHQDUDORVWUDEDMDGRUHVSDUDPHMRUDUHOGHVHPSHxRGHOWUDEDMR
$GRSWDUHLPSODQWDUHOOLGHUD]JR
(OLPLQDUHOPLHGRSDUDTXHODVSHUVRQDVWUDEDMHQVHJXUDV\GHQORPHMRUGHVtPLVPDV
5RPSHUODVEDUUHUDVHQWUHGHSDUWDPHQWRV
(OLPLQDU HVOyJDQHV \ FRQVLJQDV SDUD ORV RSHUDULRV VXVWLWX\pQGRORV SRU DFFLRQHV GH
PHMRUD
(OLPLQDUHVWiQGDUHVGHWUDEDMRLQFHQWLYRV\WUDEDMRDGHVWDMRSXHVVRQLQFRPSDWLEOHV
FRQODPHMRUDFRQWLQXD
(OLPLQDUODVEDUUHUDVTXHSULYDQDODJHQWHGHHVWDURUJXOORVDGHVXWUDEDMR
(VWLPXODUDODJHQWHSDUDVXPHMRUDSHUVRQDO
3RQHUDWUDEDMDUDWRGRVSDUDUHDOL]DUHVWDWUDQVIRUPDFLyQDSOLFDQGRHOPpWRGR3'&$
-26(3+-85$1
/DWULORJtDGH-XUDQVREUHODJHVWLyQGHODFDOLGDGVHEDVDHQWUHVDVSHFWRVTXHVHPXHVWUDQ
HQ HO VLJXLHQWH JUiILFR SODQLILFDFLyQ GH OD FDOLGDG FRQWURO GH OD FDOLGDG \ PHMRUD GH OD
FDOLGDG
(Q OD SODQLILFDFLyQ OD RUJDQL]DFLyQ ILMD XQRV REMHWLYRV HQ FXDQWR D ³FRVWHV GH PDOD
FDOLGDG\GHILQHODVDFFLRQHVQHFHVDULDVSDUDDOFDQ]DUORV
3RVWHULRUPHQWH DSOLFD HO FRQWURO GH FDOLGDG GXUDQWH HO SURFHVR GH IDEULFDFLyQ WRPDQGR
DFFLRQHVFRUUHFWRUDVFXDQGRVHDOHMDGHORVREMHWLYRV(QSDUDOHORFRQpOYDDSOLFDQGROD
PHMRUDGHODFDOLGDGVLVWHPiWLFDPHQWHSDUDUHGXFLUHOQLYHOGHFRVWHGHPDODFDOLGDG
3ODQLILFDFLyQGH
ODFDOLGDG
&RQWURO
GHODFDOLGDG GXUDQWHODVRSHUDFLRQHV
&RVWHVGHODQRFDOLGDG
3UREOHPDSXQWXDO
=RQDRULJLQDOGHFRQWURO
GHFDOLGDG
'HVSHUGLFLRFUyQLFR
RSRUWXQLGDGHVGHPHMRUD
.$258,6+,.$:$
1XHYD]RQDGHFRQWUROGH
FDOLGDG
0HMRUDGHOD&DOLGDG
7LHPSR
'HVSXpVGHWUDEDMDUGXUDQWHXQDGpFDGDHQODDSOLFDFLyQGHODJHVWLyQGHODFDOLGDGHQOD
GLUHFFLyQ\QLYHOHVLQWHUPHGLRVHQ-DSyQVHYLRODQHFHVLGDGGHLQYROXFUDUWDPELpQDORV
RSHUDULRV3RUHOORHQ,VKLNDZDGHVDUUROOyORVFtUFXORVGHFDOLGDG
'HILQLFLyQ
³8Q FtUFXOR GH FDOLGDG HV XQ SHTXHxR JUXSR FRPSXHVWR SRU SHUVRQDV YROXQWDULDV TXH
UHVXHOYH ORV SUREOHPDV GH ORV QLYHOHV PiV RSHUDWLYRV GH OD RUJDQL]DFLyQ 7RGRV VXV
FRPSRQHQWHVSHUWHQHFHQDODPLVPDiUHDGHWUDEDMR\KDELWXDOPHQWHHVHOSURSLRJUXSR
TXLHQGHWHUPLQDHOSUREOHPDDUHVROYHU´
/RVFtUFXORVGHFDOLGDGSHUVLJXHQFRPRREMHWLYR~OWLPRODREWHQFLyQGHPHMRUDVHQHOVHQR
GHODRUJDQL]DFLyQ$GLFLRQDOPHQWHFXPSOHQRWUDVGRVIXQFLRQHV
)XQFLRQHV
,QYROXFUDU\DXPHQWDUHO
FRPSURPLVRGHODVSHUVRQDVFRQVX
RUJDQL]DFLyQ
&DQDOGHFRPXQLFDFLyQDVFHQGHQWH
\GHVFHQGHQWH
'HVFULSFLyQ
+HUUDPLHQWD SDUD LQYROXFUDU D ODV SHUVRQDV HQ OD REWHQFLyQ GH
PHMRUDV HQ VX HQWRUQR GH WUDEDMR D WUDYpV GHO DQiOLVLV GH
SUREOHPDV\SURSXHVWDVGHFDPELRV
$ WUDYpV GH ORV FtUFXORV VH SXHGHQ WUDQVPLWLU VXJHUHQFLDV GH
PHMRUD D ORV QLYHOHV VXSHULRUHV GH OD RUJDQL]DFLyQ \ UHFLELU
LQIRUPDFLyQGHODGLUHFFLyQ
8QDGHODVSULQFLSDOHVFRQGLFLRQHVTXHGHEHGDUVHHQORVFtUFXORVGHFDOLGDGHVTXHHVWpQ
DSR\DGRVGHVGHODGLUHFFLyQGHODRUJDQL]DFLyQ
7$,,&+,2+12
7DLLFKL 2KQR YLFHSUHVLGHQWH GH 7R\RWD 0RWRU GHVDUUROOy HO VLVWHPD GH JHVWLyQ GH OD
SURGXFFLyQGHMXVWLQWLPH -,7 RMXVWRDWLHPSR/DXWLOL]DFLyQ GHO-,7HVWi RULHQWDGD D
PHMRUDUORVUHVXOWDGRVGHODRUJDQL]DFLyQFRQODSDUWLFLSDFLyQGHORVHPSOHDGRVDWUDYpVGH
ODHOLPLQDFLyQGHWRGDVODVWDUHDVRDFWLYLGDGHVTXHQRDSRUWHQYDORU GHVSLOIDUUR /RVWLSRVGH'HVSLOIDUUR
(MHPSORV
3RUH[FHVRGHSURGXFFLyQ
3URGXFFLyQQRDMXVWDGDDORVSHGLGRVGHORVFOLHQWHV
'HWUDQVSRUWH
0DQLSXODFLyQ\WUDVODGRGHPDWHULDOHVSDSHOHVLQIRUPHV
3RUWLHPSRGHHVSHUD
'HSURFHVR
'HH[LVWHQFLDV
'HPRYLPLHQWR
3RUGHIHFWRVHQHOSURGXFWRRVHUYLFLR
0iTXLQDVHQHVSHUDRSHUDULRVSDVLYRV
$FWLYLGDGHVLQQHFHVDULDVPDTXLQDULDHQPDOHVWDGR
0DWHULDOHVREVROHWRVH[FHVRVGHH[LVWHQFLDVDOPDFHQHV
LQWHUPHGLRV
0RYLPLHQWRVLQQHFHVDULRVGHODVSHUVRQDV
5HFODPDFLRQHVJDUDQWtDVUHFKD]RVSURFHVRV
(O-XVW,Q7LPHGDOXJDUDXQDVHULHGHDFWLYLGDGHVDVRFLDGDVDOJXQDVGHODVFXDOHVVHFLWDQ
DFRQWLQXDFLyQ
x )RUPDFLyQGHODVSHUVRQDV
x 5DFLRQDOL]DFLyQGHORVSXHVWRV\IOXMRVGHSURGXFFLyQIDEULFDFLyQHQIOXMRRFpOXODVGH
WUDEDMR
x 5HODFLyQGHDVRFLDFLyQFRQSURYHHGRUHV\FOLHQWHV
x (OLPLQDFLyQGHGHIHFWRV
x 0LQLPL]DFLyQGHDYHUtDV 7RWDO3URGXFWLYH0DLQWHQDQFH x (PSOHR GH WpFQLFDV GH FDPELR UiSLGR GH XWLOODMH SDUD UHGXFLU ORV WLHPSRV GH FDPELR
60(' 6LQJOH0LQXWH([FKDQJH'\H 0$6$$.,,0$,
(VHOGLIXVRUGHO.$,=(1XQDHVWUDWHJLDGHPHMRUDFRQWLQXDTXHVLQWHWL]DDOJXQDVGHODV
SULQFLSDOHVWHRUtDVVREUHODFDOLGDGDSOLFiQGRODVDWRGRVORViPELWRVGHODRUJDQL]DFLyQ
.DL]HQVLJQLILFD.$,&DPELR\=(1%RQGDG
/RV SULQFLSLRV EiVLFRV TXH GLIHUHQFLDQ OD HVWUDWHJLD .DLUX LQQRYDFLyQ GH OD .DL]HQ
PHMRUD VHPXHVWUDQDFRQWLQXDFLyQ
3ULQFLSLRV.$,58
LQQRYDFLyQ
3ULQFLSLRV.$,=(1
PHMRUDFRQWLQXD
&DPELRVLPSRUWDQWHV
3HTXHxRVFDPELRVRPHMRUDVJUDGXDOHV
$WHQFLyQDJUDQGHVWHPDV
7RGRHVPHMRUDEOH
2ULHQWDGRDHVSHFLDOLVWDV
2ULHQWDGDDWRGDVODVSHUVRQDV
,QIRUPDFLyQFHUUDGD
,QIRUPDFLyQDELHUWDFRPSDUWLGD
%~VTXHGDGHQXHYDVWHFQRORJtDV
8VRGHODWHFQRORJtDH[LVWHQWH
0 ( -2 5 $
. $ ,5 8
. $ ,= ( 1
. $ ,5 8 . $ ,= ( 1
7 ,( 0 3 2
*(1,&+,7$*8&+,
3DUD*HQLFKL7HJXFKLODQRFDOLGDGHVODSpUGLGDJHQHUDGDDODVRFLHGDGSRUXQSURGXFWR
GHVGHHOPRPHQWRGHVXFRQFHSFLyQKDVWDHOUHFLFODGRSRUQRKDEHUKHFKRORFRUUHFWR
(O REMHWLYR GH OD HPSUHVD GHEH VHU PLQLPL]DU OD QR FDOLGDG SXHV ODV SpUGLGDV TXH ORV
SURGXFWRV RULJLQDQ D VXV XVXDULRV D FRUWR PHGLR R ODUJR SOD]R VLQ GXGD UHYLHUWHQ HQ
SHUMXLFLR SDUD OD HPSUHVD TXH ORV IDEULFD \ RWUR WDQWR RFXUUH FRQ ORV GDxRV TXH SXHGDQ
RULJLQDUDODVRFLHGDG PHGLRDPELHQWHHWF 7DJXFKLKDGHVDUUROODGRPpWRGRVHVWDGtVWLFRV
SDUDHYDOXDUHVWDSpUGLGD\PLQLPL]DUOD
7DPELpQKDGHVDUUROODGRORTXHVHFRQRFHFRPRLQJHQLHUtDGHODFDOLGDGPpWRGRVSDUDHO
GLVHxRGHSURGXFWRV\GHVDUUROORGHSURFHVRVGHLQGXVWULDOL]DFLyQ(VWRVPpWRGRVEXVFDQOD
UREXVWH]GHORVSURGXFWRVHVGHFLUKDFHUORVLQVHQVLEOHVD
x /DYDULDELOLGDGGHELGDDODVGLIHUHQWHVFRQGLFLRQHVGHXVRTXHSXHGDQWHQHU
x /DYDULDELOLGDGTXHLQFRUSRUDQODVPDWHULDVSULPDVTXHVHXWLOL]DQSDUDIDEULFDUORV
x /DYDULDELOLGDGSURSLDGHOSURFHVRGHIDEULFDFLyQ
&RQFHSWRV
'LVHxRGHH[SHULPHQWRV
5REXVWH]GHOSURFHVR
'HVFULSFLyQ
8VRGHORVFRQFHSWRVHVWDGtVWLFRVSDUDUHDOL]DUH[SHULPHQWRVHQ
FRQGLFLRQHVUHDOHVGHIDEULFDFLyQFRQODPi[LPDHILFLHQFLD
8VRGHORVFRQFHSWRVHVWDGtVWLFRVSDUDUHGXFLUHOQ~PHURGH
FRQWUROHVGHOSURGXFWR\SURFHVRPHGLDQWHHOGLVHxRGHXQ
SURFHVRTXHFXEUDIiFLOPHQWH GHIRUPDUREXVWD ODV
HVSHFLILFDFLRQHVGHOSURGXFWR
.,<26+,68=$.,
8QDGHODVSULQFLSDOHVDSRUWDFLRQHVGHHVWHDXWRUHVVXWHRUtDVREUHODJHVWLyQYLVXDOTXH
GHVWDFDODLPSRUWDQFLDGHODGLVSRQLELOLGDGGHODLQIRUPDFLyQQHFHVDULDSDUDFDGDSHUVRQD
HQVXSXHVWRGHWUDEDMR
8QD DSRUWDFLyQ PiV PRGHUQD GH HVWH DXWRU HV OD PLQLFRPSDxtD 6H WUDWD GH RUJDQL]DU
FDGD XQD GH ODViUHDV GHWUDEDMR KRPRJpQHDV FRPRVL IXHUD XQDPLQLHPSUHVDFRQ VXV
SURYHHGRUHV\FOLHQWHVREMHWLYRVDFXPSOLULQGLFDGRUHVSODQHVGHWUDEDMRUHXQLRQHVHWF
7RGD HVWD LQIRUPDFLyQ HVWi GLVSRQLEOH \ D OD YLVWD SDUD WRGRV ORV FRPSRQHQWHV GH OD
PLQLFRPSDxtD
$VLPLVPR GHILQLy XQ RFWDYR WLSR GH GHVSLOIDUUR FRPSOHPHQWDULR D ORV VLHWH GH 7DLLFKL
2KQRODQRXWLOL]DFLyQGHODLQWHOLJHQFLDLPDJLQDFLyQ\FUHDWLYLGDGGHWRGDVODVSHUVRQDV
GHODRUJDQL]DFLyQVLQGXGDHOPiVJUDYH\RQHURVRGHWRGRVORVGHVSLOIDUURV
35,1&,3,26 02'(/26 < 0(72'2/2*,$6 '( &$/,'$'
727$/(;&(/(1&,$
35,1&,3,26'(/$&$/,'$'727$/(;&(/(1&,$
/DFRQFHSFLyQDFWXDOGHODFDOLGDGUHVSRQGHDODDSRUWDFLyQGHGLIHUHQWHVWHRUtDVVXUJLGDVD
OR ODUJR GHO VLJOR ;; +R\ HQ GtD OD &DOLGDG 7RWDO HV HO FRPSHQGLR GH ODV PHMRUHV
SUiFWLFDVHQHOiPELWRGHODJHVWLyQGHRUJDQL]DFLRQHVDODVFXDOHVVHOHVVXHOHGHQRPLQDU
3ULQFLSLRVGHOD&DOLGDG7RWDO([FHOHQFLDR&RQFHSWRVIXQGDPHQWDOHVGHODH[FHOHQFLDHQ
OD*HVWLyQ
x
x
x
x
x
x
x
x
2ULHQWDFLyQKDFLDORVUHVXOWDGRV
2ULHQWDFLyQDOFOLHQWH
/LGHUD]JR\FRQVWDQFLDHQORVREMHWLYRV
*HVWLyQSRUSURFHVRV\KHFKRV
'HVDUUROORHLPSOLFDFLyQGHODVSHUVRQDV
$SUHQGL]DMH,QQRYDFLyQ\0HMRUDFRQWLQXRV
'HVDUUROORGH$OLDQ]DV
5HVSRQVDELOLGDG6RFLDO
(VWRV SULQFLSLRV VRQ GH YDOLGH]XQLYHUVDO WDQWR SDUD HPSUHVDV FRPR SDUD FXDOTXLHU RWUR
WLSRGHRUJDQL]DFLRQHV/D&DOLGDG7RWDO([FHOHQFLDHVWiHQFRQWLQXDHYROXFLyQ\HVWRV
SULQFLSLRVVHYDQPRGLILFDQGR\PDWL]DQGRFRQHOSDVRGHOWLHPSR
(VWRVSULQFLSLRVVHUHFRJHQHQHOPRGHORHXURSHRGH&DOLGDG7RWDO([FHOHQFLDSURSXHVWR
SRUOD()40TXHVHGHVDUUROODHQHVWHFXUVRELHQH[SOtFLWDPHQWHFRPRHOHPHQWRVGHO
PRGHORELHQLPSOtFLWDPHQWHHQODILORVRItDGHOPLVPR
2ULHQWDFLyQKDFLDORVUHVXOWDGRV
(Op[LWRFRQWLQXDGRGHSHQGHGHOHTXLOLEULR\ODVDWLVIDFFLyQGHODVH[SHFWDWLYDVGHWRGRVORV
JUXSRV GH LQWHUpV TXH GH XQD X RWUD IRUPD SDUWLFLSDQ HQ OD RUJDQL]DFLyQ FOLHQWHV
SURYHHGRUHVHPSOHDGRVWRGRVORVTXHWLHQHQLQWHUHVHVHFRQyPLFRVHQODRUJDQL]DFLyQ\OD
VRFLHGDG HQ JHQHUDO /D GLUHFFLyQ GHEH VDWLVIDFHU HTXLOLEUDGDPHQWH ODV QHFHVLGDGHV GH
HVWRVJUXSRVGHLQWHUpV
2ULHQWDFLyQKDFLDHOFOLHQWH
7RGRV HQ OD HPSUHVD GHEHQ DFWXDU JXLDGRV SRU HO
SXQWRGH YLVWDGHOFOLHQWH
3HWHU'UXFNHU
/DJHVWLyQHPSUHVDULDOKDHVWDGREDVDGDKDVWDDKRUDHQODE~VTXHGDGHODFRPSHWLWLYLGDG
HQ HO LQWHULRU GH OD RUJDQL]DFLyQ FRQVLGHUiQGRVH OD HILFLHQFLD GH OD SURGXFFLyQ FRPR OD
SULQFLSDOIXHQWHGHYHQWDMDFRPSHWLWLYD&RPRFRQVHFXHQFLDGHHOORODVYDULDEOHVFRVWH\
SUHFLRKDQVLGRGHYLWDOLPSRUWDQFLDHQODJHVWLyQ
)UHQWHDHVWHSODQWHDPLHQWRHVWUDWpJLFRVXUJHHOPRGHORGH&DOLGDG7RWDO([FHOHQFLDTXH
KDFHWUDEDMDUDWRGDODRUJDQL]DFLyQHQODE~VTXHGDGHODVDWLVIDFFLyQGHOFOLHQWH
9(17$-$6'((1)2&$56(+$&,$(/&/,(17(
*DQDUVXFRQILDQ]D\ILGHOLGDG
3URWHFFLyQFRQWUDODFRPSHWHQFLD
$GDSWDFLyQDORVFDPELRVGHODVQHFHVLGDGHVGHOFRQVXPLGRU
&DSDFLGDGSDUDUHWRPDUSRVLFLRQHVGHPHUFDGRSHUGLGDV
5HQWDELOLGDGDODUJRSOD]R
/D VDWLVIDFFLyQ GHO FOLHQWH GHSHQGH GHO YDORU SHUFLELGR HQ HO SURGXFWR R VHUYLFLR FRQ
UHVSHFWR D ODV H[SHFWDWLYDV TXH WHQtD (O ORJUDU XQD PD\RU VDWLVIDFFLyQ GHO FOLHQWH SRGUi
FRQVHJXLUVHELHQPHMRUDQGRHOSURGXFWRRVHUYLFLRSUHVWDGRRELHQJHQHUDQGRH[SHFWDWLYDV
PiVUHDOLVWDV
9DORUSHUFLELGR
6DWLVIDFFLyQGHOFOLHQWH ±±±±±±±±±±±±±±±±±±±±±
([SHFWDWLYDV
6LQHPEDUJRODVDWLVIDFFLyQGHOFOLHQWHQRHVHVWiWLFDVLQRGLQiPLFDHYROXFLRQDDORODUJR
GHO WLHPSR SRU GLYHUVDV FDXVDV 6RQ ODV RUJDQL]DFLRQHV H[FHOHQWHV REVHVLRQDGDV SRU
GHOHLWDU D VXV FOLHQWHV TXLHQHV D ODUJR SOD]R FRQVLJXHQ VX ILGHOL]DFLyQ 6H GHILQHQ WUHV
IDFWRUHVIXQGDPHQWDOHVTXHLQIOX\HQGLUHFWDPHQWHHQODVDWLVIDFFLyQGHOFOLHQWH
)DFWRU
3URGXFWRRVHUYLFLR
9HQWDV\3RVWYHQWD
&XOWXUD
(MHPSOR
'LVHxRFDOLGDGGHODVPDWHULDVSULPDVFDOLGDGGHOSURGXFWRRVHUYLFLR
KRPRJHQHLGDGILDELOLGDG
3XEOLFLGDGJDUDQWtDVGHYROXFLRQHVTXHMDVVHUYLFLRSOD]RSUHFLR
9DORUHVTXHODRUJDQL]DFLyQSUR\HFWDFRQVFLHQWHRLQFRQVFLHQWHPHQWH
3RUFRQVLJXLHQWHHVLPSRUWDQWHTXHODRUJDQL]DFLyQUHFRMDLQIRUPDFLyQGHORVFOLHQWHVHQ
GRV PRPHQWRV GLIHUHQWHV D SULRUL VXV QHFHVLGDGHV \ D SRVWHULRUL HO JUDGR HQ TXH KD
FRQVHJXLGRVDWLVIDFHUODV
(V HO FOLHQWH \ VRODPHQWH HO FOLHQWH TXLHQ DO
ILQDO GHWHUPLQDUi QXHVWUR p[LWR R IUDFDVR FRPR
&RPSDxtD
6HUYLU
DO
FOLHQWH
HV
OD
UHVSRQVDELOLGDGGHFDGDHPSOHDGRGH5DQN;HUR[
-RVHSK&:LOVRQ3UHVLGHQWHGH;HUR[&RUSRUDWLRQ /LGHUD]JR\FRQVWDQFLDHQORVREMHWLYRV
/D&DOLGDG7RWDO([FHOHQFLDHVXQDHVWUDWHJLDSRUTXHWUDWDGHGLULJLU\FRRUGLQDUDFFLRQHV
SDUD FRQVHJXLU OD FRPSHWLWLYLGDG HPSUHVDULDO R OD PHMRUD GH OD HILFLHQFLD GH OD
RUJDQL]DFLyQVHJ~QORVFDVRVDKRUD\HQHOIXWXUR
1RHVXQSURJUDPDGHDFWLYLGDGHVQLXQDWpFQLFDRXQFRQMXQWRGHKHUUDPLHQWDV7DPSRFR
HVXQVLVWHPD(VXQDHVWUDWHJLD\FRPRWDOLPSOLFDSRQHUODHQSUiFWLFDGHIRUPDTXHWRGDV
ODVGHFLVLRQHV\DFWXDFLRQHVVHDQUHVXOWDGRGHGLFKDHVWUDWHJLD
(QHVWHVHQWLGRHOSDSHOGHOD'LUHFFLyQHQHOSURFHVRKDFLDOD&DOLGDG7RWDO([FHOHQFLD
HV HO ORJUDU TXH HVWD HVWUDWHJLD GH JHVWLyQ VH GHVSOLHJXH SRU WRGD OD RUJDQL]DFLyQ
DVXPLHQGR HO OLGHUD]JR GHO SUR\HFWR SDUD FRQVHJXLU TXH VH LQWHJUH HQ OD FXOWXUD GH OD
RUJDQL]DFLyQ
(VWDFXOWXUDGHEHWUDQVPLWLUVHGHDUULEDDDEDMRVLHQGRHOSULPHUUHTXLVLWRQHFHVDULRTXHOD
'LUHFFLyQ GHPXHVWUH HQ VXV SURSLDV DFWXDFLRQHV VX FRPSURPLVR FRQ OD &DOLGDG 7RWDO ([FHOHQFLD $GHPiV ORV GLUHFWLYRV \ GHPiV OtGHUHV GH OD RUJDQL]DFLyQ GHEHUiQ VHU
IDFLOLWDGRUHV GH WRGRV ORV PHGLRV QHFHVDULRV FRPXQLFDFLyQ IRUPDFLyQ IRQGRV WLHPSR
DSR\RHWF
*HVWLyQSRUSURFHVRV\KHFKRV
/D RUJDQL]DFLyQ HV XQ FRQMXQWR GH SURFHVRV TXH JHQHUDQ SURGXFWRV R VHUYLFLRV (VWRV
SURFHVRVVRQQRUPDOPHQWHLQWHUGHSDUWDPHQWDOHVRLQWHUIXQFLRQDOHV
/D WUDGLFLRQDO JHVWLyQ GH OD RUJDQL]DFLyQ SRU IXQFLRQHV R GHSDUWDPHQWRV VH GHEH
FRPSOHPHQWDUFRQODJHVWLyQSRUSURFHVRVSDUD DGDSWDUVH PHMRUD ODVQHFHVLGDGHV GH ORV
FOLHQWHV\SRUORWDQWRPHMRUDUGHODFRPSHWLWLYLGDGGHODRUJDQL]DFLyQ
/DJHVWLyQSRUSURFHVRVFRQVWDGHORVVLJXLHQWHVSDVRV
3DVRVGHODJHVWLyQSRUSURFHVRV
,GHQWLILFDUORVSURFHVRVIXQGDPHQWDOHVGHODRUJDQL]DFLyQ
2UJDQL]DUORVSURFHVRV
1RPEUDUORVUHVSRQVDEOHVRSURSLHWDULRVGHORVSURFHVRV\ORVHTXLSRVGHPHMRUD
5HYLVDUORVSURFHVRV
(VWDEOHFHUDFFLRQHV\REMHWLYRVGHPHMRUDVREUHHVWRVSURFHVRV
/DJHVWLyQGHHVWRVSURFHVRVVHEDVDHQORVKHFKRVODPHGLFLyQ\ODLQIRUPDFLyQ
(Q GHPDVLDGDV RFDVLRQHV VH WLHQH WHQGHQFLD D JHVWLRQDU \ WRPDU GHFLVLRQHV EDVDGDV HQ
RSLQLRQHV )UHQWH D HOOR GHEHPRV UHDOL]DU XQ HVIXHU]R SRU DFXGLU D EXVFDU ORV GDWRV DOOt
GRQGHVHHQFXHQWUHQ\WRPDUODVGHFLVLRQHVEDViQGRQRVHQHOORV/RVGDWRVVXHOHQUHTXHULU
XQ HVIXHU]R SDUD WUDQVIRUPDUORV HQ LQIRUPDFLyQ ~WLO R HQ LQGLFDGRUHV TXH QRV SHUPLWDQ
WRPDUGHFLVLRQHVGHXQDPDQHUDDFHUWDGD
/D H[SHULHQFLDKD GHPRVWUDGR TXH HO XVR GH XQ JUXSR GH VHQFLOODVKHUUDPLHQWDV SHUPLWH
UHVROYHUHOGHORVSUREOHPDVGHODVRUJDQL]DFLRQHV,QLFLDOPHQWHVLHWHGHHOODVIXHURQ
UHFRSLODGDVSRU,VKLNDZD\SRVWHULRUPHQWHVHIXHURQDxDGLHQGRRWUDV5HFLHQWHPHQWHVHKD
UHFRSLODGRRWURJUXSROODPDGRODVQXHYDVKHUUDPLHQWDVTXHVRQDSURSLDGDVSDUDUHVROYHU
ORVSUREOHPDVGHODGLUHFFLyQ
/DV KHUUDPLHQWDV GH PHMRUD GHVSOLHJDQ VX Pi[LPR SRWHQFLDO FXDQGR VRQ XWLOL]DGDV SRU
JUXSRV GH WUDEDMR DXQTXH WDPELpQ SXHGHQ VHU HPSOHDGDV HQ HO iPELWR SHUVRQDO R
LQGLYLGXDO&DGDKHUUDPLHQWDVHSXHGHXWLOL]DUHQXQDRYDULDVHWDSDVGHOSURFHVRGHPHMRUD
3'&$\VLUYHQSDUDDQDOL]DULGHQWLILFDUIDFLOLWDUGHFLVLRQHVSULRUL]DUYDORUDUHWF
/DVKHUUDPLHQWDVFOiVLFDVWLHQHQJUDQGHVYHQWDMDV
x 6HQFLOOH]7RGRHOPXQGRSXHGHXVDUODV
x $SOLFDELOLGDGHQWRGRVORVQLYHOHVGHODRUJDQL]DFLyQ
x 8WLOLGDGSRUVXJUDQFDSDFLGDGGHDQiOLVLV\PHMRUD
/DVQXHYDVKHUUDPLHQWDVVRQPiVFRPSOHMDVHQJHQHUDO\UHTXLHUHQPD\RUIRUPDFLyQSDUD
SRGHUODVDSOLFDU
'LDJUDPDGH3DUHWR
'LDJUDPDFDXVD±HIHFWR
+LVWRJUDPD
+RMDGHGDWRV
*UiILFRGHFRQWURO
'LDJUDPDGHGLVSHUVLyQ
(VWUDWLILFDFLyQ
/DVVLHWHKHUUDPLHQWDVGH,VKLNDZD
'LDJUDPDGHIOXMR
7RUPHQWDGHLGHDV
/RVFLQFRSRUTXpV
'LDJUDPDGH*DQWW
2WUDVKHUUDPLHQWDVFOiVLFDV
'LDJUDPDGHDILQLGDG
'LDJUDPDGHUHODFLyQ
'LDJUDPDHQiUERO
'LDJUDPDPDWULFLDO
'LDJUDPDGHGHFLVLRQHVGHDFFLyQ
'LDJUDPDVDJLWDO
$QiOLVLVIDFWRULDOGHGDWRV
/DVVLHWHQXHYDVKHUUDPLHQWDV
'HVDUUROORHLPSOLFDFLyQGHODVSHUVRQDV
(VUHVSRQVDELOLGDGGHOD'LUHFFLyQGHODVRUJDQL]DFLRQHVHOSOHQRGHVDUUROORGHOSRWHQFLDO
GH ODV SHUVRQDV TXH WUDEDMDQ HQ HOOD DVt FRPR LQYROXFUDUOHV \ KDFHUOHV SDUWtFLSHV GHO
SUR\HFWRGHODPLVPD3DUDORJUDUORGHEHUiOOHYDUDFDERGLYHUVDVLQLFLDWLYDVHVWDEOHFLHQGR
RUHIRU]DQGRORVPHFDQLVPRVGHFRPXQLFDFLyQ\SDUWLFLSDFLyQ
3DUWLFLSDFLyQ
(MHPSOR
,QGLYLGXDO
(QJUXSR
3URPRYHUVLVWHPDVGHSURSXHVWDVRVXJHUHQFLDV
&UHDUJUXSRVGHWUDEDMRGHSDUWDPHQWDOHVHLQWHUGHSDUWDPHQWDOHVTXH
SDUWLFLSHQHQODPHMRUDFRQWLQXDHOLPLQDQGRGHVSLOIDUURV\UHVROYLHQGR
SUREOHPDV
$SUHQGL]DMH,QQRYDFLyQ\0HMRUDFRQWLQXRV
6KHZKDUW GHILQLy OD PHMRUD FRQWLQXD FRPR XQ FLFOR GH FXDWUR IDVHV 3'&$ 3ODQ'R
&KHFN$FW 6L IXpUDPRV FDSDFHV GH DSOLFDU HVWH FLFOR D WRGDV ODV DFWLYLGDGHV GH OD
RUJDQL]DFLyQORVUHVXOWDGRVHQSRFRWLHPSRVHYHUtDQPHMRUDGRVGHIRUPDVXVWDQFLDO
&,&/23'&$'(6+(:+$57
$-867$5
&20352%$5
3/$1,),&$5
+$&(5
0(-25$5
3(50$1(17(0(17(
3ODQLILFDU SODQLILFDU R SUHSDUDU D IRQGR HV OD SDUWH PiV LPSRUWDQWH \ FRPSOHMD GHO
FLFORGHSHQGLHQGRHOUHVWRGHpVWD6HGLIHUHQFLDQDVXYH]YDULDVVXEIDVHV
x ,GHQWLILFDFLyQRGHILQLFLyQGHOiUHDDPHMRUDU
x 2EVHUYDFLyQ\DQiOLVLVVLHVSRVLEOHLQVLWXGHOWHPDWRPDGHGDWRV
x 'HILQLFLyQ\VHOHFFLyQGHDFFLRQHVGHPHMRUD
x (VWDEOHFLPLHQWRGHREMHWLYRVDDOFDQ]DU
x (VWDEOHFLPLHQWRGHLQGLFDGRUHVGHFRQWURO
+DFHU OOHYDU D FDER OR TXH VH KD GHFLGLGR HQ OD IDVH 3ODQ 6H GLIHUHQFLDQ D VX YH]
YDULDVVXEIDVHV
x 3UHSDUDFLyQH[KDXVWLYD\VLVWHPiWLFDGHORSUHYLVWR
x $SOLFDFLyQFRQWURODGDGHOSODQ
x 9HULILFDFLyQGHODDSOLFDFLyQVLHVQHFHVDULRGRFXPHQWDOPHQWH
&RPSUREDU YHULILFDU ORV UHVXOWDGRV FRPSDUiQGRORV FRQ ORV REMHWLYRVPDUFDGRV 6H
GLIHUHQFLDQDVXYH]YDULDVVXEIDVHV
x 9HULILFDFLyQGHORVUHVXOWDGRVGHODVDFFLRQHVHPSUHQGLGDVFRQWURODQGRORVLQGLFDGRUHV
RSDUiPHWURVSUHYLVWRV
x &RQIURQWDFLyQFRQORVREMHWLYRV
$MXVWDU GHFLGLUORTXHKD\TXHPDQWHQHU\ORTXHKD\TXHFRUUHJLU6HGLIHUHQFLDQDVX
YH]YDULDVVXEIDVHV
x (VWDQGDUL]DFLyQ\FRQVROLGDFLyQ
x &RPXQLFDFLyQDORVLQWHUHVDGRV
x 3UHSDUDFLyQGHOVLJXLHQWHHVWDGLRGHOSODQFRQQXHYRVREMHWLYRVDFFLRQHVUHVSRQVDEOHV
\SOD]RV
'HVDUUROORGHDOLDQ]DV
/DRUJDQL]DFLyQGHEHHVWDEOHFHUFRQVXVSURYHHGRUHV\RWUDVHPSUHVDVFRODERUDGRUDVHQ
SUR\HFWRVYtQFXORVHVWDEOHVEDVDGRVHQODFRQILDQ]D\HQHVWDEOHFHUUHODFLRQHVPXWXDPHQWH
EHQHILFLRVDV
/DV UHODFLRQHV GH DVRFLDFLyQ FRQ SURYHHGRUHV HVWiQ EDVDGDV HQ OD FRQILDQ]D \ HQ XQD
LQWHJUDFLyQDGHFXDGDSDFWDQGR\VDWLVIDFLHQGRVXVUHTXHULPLHQWRVOHJtWLPRVSDUDJHQHUDU
FRQHOORPHMRUDVGHYDORUDxDGLGRDORVFOLHQWHV
5HVSRQVDELOLGDGVRFLDO
/DRUJDQL]DFLyQ\VXVHPSOHDGRVGHEHQFRPSRUWDUVHFRQDUUHJORDXQDpWLFDHVIRU]iQGRVH
SRUVXSHUDUODVQRUPDV\UHTXLVLWRVOHJDOHV\SDUWLFLSDQGRHQODVLQLFLDWLYDVVRFLDOHVTXHVH
GHVDUUROODQHQVXFRPXQLGDG
02'(/26'(*(67,21'(&$/,'$'727$/(;&(/(1&,$
(O GHVDUUROOR GH OD &DOLGDG 7RWDO D HVFDOD LQWHUQDFLRQDO KD GDGR OXJDU D OD DSDULFLyQ GH
YDULRVPRGHORVGH ([FHOHQFLD HQOD *HVWLyQ(VWRVPRGHORVHVWiQ SUHSDUDGRVSDUDVHUYLU
FRPRLQVWUXPHQWRGHDXWRHYDOXDFLyQSDUDODVRUJDQL]DFLRQHV/RVRUJDQLVPRVHQFDUJDGRV
GH OD JHVWLyQ GH HVWRV PRGHORV XWLOL]DQ FRPR HOHPHQWRV GH GLIXVLyQ GH ORV PLVPRV OD
HQWUHJDDQXDOGHXQRV3UHPLRVDODH[FHOHQFLDGHODJHVWLyQ/RVEHQHILFLRVTXHSXHGHQ
GHULYDUVHGHVXXWLOL]DFLyQSDUDODVRUJDQL]DFLRQHVVRQHQWUHRWURVORVVLJXLHQWHV
&RPRVLVWHPiWLFDGHDXWRHYDOXDFLyQ
x (VWDEOHFHUXQDUHIHUHQFLDGHFDOLGDGSDUDODRUJDQL]DFLyQ
x 'HWHFWDUiUHDVIXHUWHV\iUHDVGpELOHVHQODRUJDQL]DFLyQ
x &RQRFHUHOFDPLQRGHODPHMRUDFRQWLQXDHQORVDVSHFWRVTXHFRQIRUPDQHOPRGHOR
&RPRFDQGLGDWRVDOSUHPLR
x 6RPHWHUVHDXQGLDJQyVWLFRUHDOL]DGRSRUH[SHUWRVH[WHUQRVTXHDSRUWDQP~OWLSOHVLGHDV
GHPHMRUD
x 7HQVLRQDUDODRUJDQL]DFLyQSDUDORJUDUXQREMHWLYR
x 6LVHREWLHQHHOSUHPLRODSXEOLFLGDGLQKHUHQWHDOPLVPR
(QODVLJXLHQWHWDEODVHSUHVHQWDQORVWUHVPRGHORVGH([FHOHQFLDPiVGLIXQGLGRV$SHVDU
GHODVSHFXOLDULGDGHVGHFDGDXQRGHHOORVHQWRGRVVXE\DFHQORVSULQFLSLRVEiVLFRVGHOD
&DOLGDG 7RWDO ([FHOHQFLD GHVFULWRV DQWHULRUPHQWH HV GHFLU ODV PHMRUHV SUiFWLFDV HQ HO
iPELWRGHODJHVWLyQGHODVRUJDQL]DFLRQHV
8QD FDUDFWHUtVWLFD FRP~Q D WRGRV HOORV HV TXH VRQ GLQiPLFRV \ FRPR WDO YDQ
HYROXFLRQDQGR\DGDSWiQGRVHDORVFDPELRVTXHVHSURGXFHQHQHOHQWRUQR&HQWHQDUHVGH
H[SHUWRVHQULTXHFHQHVWRVPRGHORVDxRWUDVDxRFRQVXVDSRUWDFLRQHV
0RGHOR
)HFKDFUHDFLyQ
0DOFROP%DOGULJH
'HPLQJ
()40
2UJDQLVPRTXHORJHVWLRQD
-86( -DSyQ
(XURSHDQ)RXQGDWLRQIRU4XDOLW\
0DQDJHPHQW (XURSD
)XQGDFLyQSDUDHO3UHPLRGH&DOLGDG
0DOFROP%DOGULJH ((88
0RGHOR'HPLQJ
(OSULPHUPRGHORHO'HPLQJVHGHVDUUROODHQ-DSyQHQSRUOD-86( 8QLyQ-DSRQHVD
GH &LHQWtILFRV H ,QJHQLHURV (VWH PRGHOR UHFRJH OD DSOLFDFLyQ SUiFWLFD GH ODV WHRUtDV
MDSRQHVDV GHO &RQWURO 7RWDO GH OD &DOLGDG 74& R &RQWURO GH OD &DOLGDG HQ WRGD OD
HPSUHVD &:4& (O SULQFLSDO REMHWLYR GH OD HYDOXDFLyQ HV FRPSUREDU TXH PHGLDQWH OD LPSODQWDFLyQ GHO
FRQWUROGHFDOLGDGHQWRGDODFRPSDxtDVHKD\DQREWHQLGREXHQRVUHVXOWDGRV(OHQIRTXH
EiVLFRHVODVDWLVIDFFLyQGHOFOLHQWH\HOELHQHVWDUS~EOLFR
(VWHPRGHORUHFRJHGLH]FULWHULRVGHHYDOXDFLyQGHODJHVWLyQGHFDOLGDGGHODRUJDQL]DFLyQ
&5,7(5,26'((9$/8$&,21
3ROtWLFDV\REMHWLYRV
2UJDQL]DFLyQ\RSHUDWLYD
(GXFDFLyQ\VXGLVHPLQDFLyQ
)OXMRGH,QIRUPDFLyQ\VXXWLOL]DFLyQ
&DOLGDGGHSURGXFWRV\SURFHVRV
(VWDQGDUL]DFLyQ
*HVWLyQ\FRQWURO
*DUDQWtDGHFDOLGDGGHIXQFLRQHVVLVWHPDV\PpWRGRV
5HVXOWDGRV
3ODQHVSDUDHOIXWXUR
0RGHOR0DOFROP%DOGULJH
(O 3UHPLR 1DFLRQDO GH &DOLGDG 0DOFROP %DOGULJH VH FUHD HQ (VWDGRV 8QLGRV HQ PRPHQWR HQ HO TXH OD LQYDVLyQ GH SURGXFWRV MDSRQHVHV HQ HO PHUFDGR HVWDGRXQLGHQVH
SUHFLVDGHXQDUHVSXHVWDSRUSDUWHGHODVRUJDQL]DFLRQHVGHHVWHSDtV(QODFUHHQFLDGHTXH
OD&DOLGDG7RWDO([FHOHQFLDHVQHFHVDULDSDUDTXHODVRUJDQL]DFLRQHVSXHGDQFRPSHWLUHQ
HOPHUFDGRLQWHUQDFLRQDOVXUJHHOSUR\HFWRGHO3UHPLR1DFLRQDOGHOD&DOLGDG$PHULFDQR
/DPLVLyQGHHVWHSUHPLRHV
x 6HQVLELOL]DUDOSDtV\DODVLQGXVWULDVSURPRFLRQDQGRODXWLOL]DFLyQGHOD&DOLGDG7RWDO
([FHOHQFLDFRPRPpWRGRFRPSHWLWLYRGHJHVWLyQHPSUHVDULDO
x 'LVSRQHU GH XQ PHGLR GH UHFRQRFHU IRUPDO \ S~EOLFDPHQWH ORV PpULWRV GH DTXHOODV
ILUPDVTXHORVKXELHUDQLPSODQWDGRFRQp[LWR
3DUD DIURQWDU ORV UHWRV GH OD HFRQRPtD JOREDO
QXHVWUDV FRPSDxtDV GH PiV p[LWR KDQ HOLPLQDGR
QLYHOHV LQQHFHVDULRV GH GLUHFWLYRV GHOHJDQGR
DXWRULGDGHQORVRSHUDULRVRULHQWiQGRVHKDFLDORV
FOLHQWHV \ SHUVHYHUDQGR HQ OD PHMRUD FRQWLQXD GH
ORV SURGXFWRV TXH IDEULFDQ ORV VHUYLFLRV TXH
SUHVWDQ\ODVSHUVRQDVTXHHPSOHDQ
%LOO&OLQWRQ
/RVVLHWHFULWHULRVHQORVTXHVHEDVDHVWHSUHPLRVHUHFRJHQHQHOVLJXLHQWHJUiILFR
0RGHOR()40GH([FHOHQFLD
5HFRQRFLHQGRHOSRWHQFLDOSDUDODREWHQFLyQGHXQDYHQWDMDFRPSHWLWLYDHQ(XURSDDWUDYpV
GH OD DSOLFDFLyQ GH OD &DOLGDG 7RWDO ([FHOHQFLD LPSRUWDQWHV HPSUHVDV GH (XURSD
WRPDURQODLQLFLDWLYDGHFUHDUOD)XQGDFLyQ(XURSHDSDUDOD*HVWLyQGH&DOLGDG(XURSHDQ
)RXQGDWLRQIRU4XDOLW\0DQDJHPHQW ()40 HQ
(Q FXHQWD FRQ FHUFD GH PLHPEURV SURFHGHQWHV GH OD PD\RUtD GH SDtVHV GH
(XURSD\GHWRGRVORVVHFWRUHVHPSUHVDULDOHV\RUJDQL]DFLRQHVQROXFUDWLYDV6XPLVLyQHV
PHMRUDU OD FRPSHWLWLYLGDG GH ODV RUJDQL]DFLRQHV HXURSHDV PHGLDQWH OD PHMRUD GH VX
JHVWLyQ 3RU HOOR \ GHVGH YLHQH SXEOLFDQGR HO GHQRPLQDGR 0RGHOR ()40 GH
([FHOHQFLD FRPR PRGHOR GH UHIHUHQFLD GHVWLQDGR D D\XGDU D ODV HPSUHVDV \ RWUDV
RUJDQL]DFLRQHVHQVXFDPLQRGHPHMRUD
(QVHKDHGLWDGRDVLPLVPRXQDDGDSWDFLyQGHOPRGHORSDUDODV3<0(
/D()40JHVWLRQDHO(XURSHDQ4XDOLW\$ZDUGSUHPLRTXHVHHQWUHJySRUSULPHUDYH]HQ
\TXHHVXQPHFDQLVPRGHUHFRQRFLPLHQWRDODVRUJDQL]DFLRQHVPiVGHVWDFDGDV\GH
GLIXVLyQGHODVPHMRUHVSUiFWLFDVH[LVWHQWHHQHOiPELWRHXURSHR
$xR
3UHPLRV
*DQDGRU
3UHPLRV
*DQDGRU
3UHPLR
*DQDGRU
3UHPLRV
*DQDGRU
3UHPLR
*DQDGRU
3UHPLRV
*DQDGRUHV
3UHPLRV
*DQDGRU
3UHPLRV
*DQDGRUHV
3UHPLRV
&DWHJRUtDV
*DQDGRUHV
3UHPLRV
*5$1(035(6$
3<0(
*5$1(035(6$
*5$1(035(6$
*5$1(035(6$
3<0(
*5$1(035(6$
6(&72538%/,&2
3<0(6XEVLGLDULD
6(&72538%/,&2
3<0(,QGHSHQGLHQWH
*5$1(035(6$
8QLGDG2SHUDFLRQDO
3<0(,QGHSHQGLHQWH
3<0(6XEVLGLDULD
3<0(6XEVLGLDULD
3<0(6XEVLGLDULD
8QLGDG2SHUDFLRQDO
*5$1(035(6$
*5$1(035(6$
*5$1(035(6$
6(&72538%/,&2
3<0(6XEVLGLDULD
*5$1(035(6$
*5$1(035(6$
*5$1(035(6$
6(&72538%/,&2
6(&72538%/,&2
3<0(6XEVLGLDULD
3<0(,QGHSHQGLHQWH
3<0(,QGHSHQGLHQWH
3DUWLFLSDQWHV
5DQN;HUR[
0LOOLNHQ
%ULWLVK2[\JHQ&RPSDQ\
8%,6$
0LOOLNHQ(XURSD
,QWHUQDWLRQDO&RPSXWHU/LPLWHG
'''HVLJQWR'LVWULEXWLRQ
(ULFFVRQ(VSDxD6$
,%06HPHD
7H[DV,QVWUXPHQWV
717([SUHVV
%ULVD
%ULWLVK7HOHFRP
1HWDV
717([SUHVV 8. /WG
6*67+206210LFURHOHFWURQLFV
%(.6$
%ULWLVK7HOHFRP
1HWDV
717([SUHVV 8. /WG
*$61$/6$
717([SUHV
$9(5(1)(
%HNR7LNDUHW$6
$FFRXQWV2IILFH&XPEHUQDXOG
6FKLQGOHUKRII+RWHO
<HOORZ3DJHV
9ROYR&DUV*HQW
'L(8'DQLVK,QWHUQDWLRQDO&RQWLQXLQJ(GXFDWLRQ
6HUYLWLTXH1HWZRUN6HUYLFHV
%DQF,QWHUQDFLRQDOG$QGRUUD %DQFD0RUD
%XUWRQ$SWD5HIUDFWRU\0DQXIDFWXULQJ/WG
%71RUWKHUQ,UHODQG
(ODLV6$8QLOHYHU*URXS
6ROODF
1RNLD0RELOH3KRQHV(XURSD $IULFD
,QODQG5HYHQXH$FFRXQWV2IILFH&XPEHUQDXOG
%XUWRQ±$SWD5HIUDFWRU\0DQXIDFWXULQJ/WG
$UoHOLN$6
(F]DFLEDVL9LWUD
,UL]DU6&RRS
$UEHMGVIRUPLGOLQJHQ±5LQJNRHELQJ$07
)R[GHQWRQ6FKRRODQG,QWHJUDWHG1XUVHU\
$YD\D,UHODQG/WG
:DWHU7HDP65/
=DKQDU]WSUD[LV
(O0RGHOR()40GH([FHOHQFLDVHEDVDHQODVLJXLHQWHSUHPLVD
³/D 6DWLVIDFFLyQ GH &OLHQWH \ (PSOHDGRV \ HO ,PSDFWR HQ OD 6RFLHGDG VH FRQVLJXHQ
PHGLDQWH XQ /LGHUD]JR TXH LPSXOVH OD 3ROtWLFD \ (VWUDWHJLD ODV SHUVRQDV GH OD
RUJDQL]DFLyQ ODV $OLDQ]DV \ 5HFXUVRV \ ORV 3URFHVRV KDFLD OD FRQVHFXFLyQ GH OD
([FHOHQFLDHQORV5HVXOWDGRVGHODRUJDQL]DFLyQ´
([SUHVDGRJUiILFDPHQWHHVWHSULQFLSLRUHVSRQGHDOVLJXLHQWHHVTXHPD
5(68/7$'26(1/$6
3(5621$6
3WRV 3(5621$6
3WRV /,'(5$=*2
3WRV
32/,7,&$<(675$7(*,$
3WRV 352&(626
3WRV
$/,$1=$6<
5(&85626
3WRV 5(68/7$'26(1/26
&/,(17(6
3WRV 5(68/7$'26
&/$9(
3WRV
5(68/7$'26(1/$
62&,('$'
3WRV $*(17(63WRV 5(68/7$'263WRV /RVSRUFHQWDMHVPRVWUDGRVVRQORVXWLOL]DGRVSDUDHO3UHPLR(XURSHRDOD&DOLGDG (4$
8WLOL]DQGR GLFKDV SRQGHUDFLRQHV XQD RUJDQL]DFLyQ WLHQH HO EHQHILFLR DGLFLRQDO GH SRGHU
FRPSDUDU VX SHUILO GH FDOLILFDFLyQ FRQ HO GH RWUDV (O PRGHOR \ ORV SRUFHQWDMHV VH
REWXYLHURQDSDUWLUGHDPSOLDVFRQVXOWDVHQWUHHPSUHVDVHXURSHDV\VHUHYLVDQDQXDOPHQWH
SRUOD()40FRPRSDUWHGHVXSURFHVRGHPHMRUDFRQWLQXD
$XQTXHFDGDRUJDQL]DFLyQHV~QLFDHVWHPRGHORRIUHFHXQPDUFRJHQpULFRGHFULWHULRVTXH
SXHGHQ DSOLFDUVH DPSOLDPHQWH D FXDOTXLHU RUJDQL]DFLyQ R FRPSRQHQWH GH XQD
RUJDQL]DFLyQ
$*(17(6)$&,/,7$'25(6'(/02'(/2()40
/RVFULWHULRVGHOJUXSRGH$JHQWHV)DFLOLWDGRUHVUHIOHMDQFyPR ODRUJDQL]DFLyQDFW~D
$XQTXH HO PRGHOR QR HV SUHVFULSWLYR FDGD $JHQWH VH GHVFRPSRQH HQ FLHUWR Q~PHUR GH
VXEFULWHULRV\WRGRVGHEHQ WHQHUVHHQFXHQWD&DGDVXEFULWHULRHVFRPSOHPHQWDGRSRUXQD
OLVWD GH iUHDV DWUDWDU(VWRV VRQ VyOR HMHPSORV 1R H[LVWH QLQJ~Q UHTXLVLWR SDUD WHQHU HQ
FXHQWD D WRGDV ODV iUHDV TXH VH WUDWDQ VLQR VyOR DTXHOODV TXH VHDQ DSOLFDEOHV D OD
RUJDQL]DFLyQ $GHPiV SXHGHQ LQWURGXFLUVH RWUDV iUHDV /D HOHFFLyQ GHSHQGH GH OD
RUJDQL]DFLyQ TXH OOHYD D FDER OD DXWRHYDOXDFLyQ \ GH DTXHOOR TXH WHQJD HVSHFLDO
LPSRUWDQFLDSDUDVXVDFWLYLGDGHV
5(68/7$'26(1(/02'(/2()40
/RV FULWHULRV 5HVXOWDGRV WUDWDQ GH OR TXH KD DOFDQ]DGR OD RUJDQL]DFLyQ \ GH OR TXH HVWi
DOFDQ]DQGR
/RVUHVXOWDGRVGHODRUJDQL]DFLyQ\ODWHQGHQFLDGHWRGRVORV&ULWHULRVGHORV5HVXOWDGRV
GHEHQWUDWDUVHHQWpUPLQRVGH
ORFRQVHJXLGRUHDOPHQWHSRUODRUJDQL]DFLyQ
ORVSURSLRVREMHWLYRVGHODRUJDQL]DFLyQ
\VLHVSRVLEOH
ORVUHVXOWDGRVGHODFRPSHWHQFLD
ORVUHVXOWDGRVGHDTXHOODVRUJDQL]DFLRQHVPHMRUHVGHODFODVH
0(72'2/2*,$6'(0(-25$
([LVWHQ QXPHURVDV PHWRGRORJtDV \ KHUUDPLHQWDV TXH SHUPLWHQ PHMRUDU ODV IRUPDV GH
JHVWLRQDU\REWHQHUPHMRUHVUHVXOWDGRV$OJXQDVVRQHVSHFtILFDV\DSOLFDEOHVVyORHQFLHUWRV
WLSRV GH RUJDQL]DFLRQHV \ RWUDV VRQ ³XQLYHUVDOHV´ $VLPLVPR SRGHPRV GHFLU TXH HQ
JHQHUDOVXSXHVWDHQSUiFWLFDSRWHQFLDRUHIXHU]DSULQFLSDOPHQWHDOJXQRVGHORVFULWHULRV
GHO 0RGHOR ()40 GH ([FHOHQFLD VL ELHQ WDPELpQ VXHOHQ LPSDFWDU R LQFLGLU HQ PHQRU
PHGLGDVREUHHOUHVWR
'HHVWDIRUPDODV0HWRGRORJtDVGH0HMRUD
x
x
x
x
x
x
5HIXHU]DQ HO OLGHUD]JR &ULWHULR SXHV DFW~DQ VREUH HO SDSHO D GHVDUUROODU SRU ORV
OtGHUHVPRGLILFDQGRVXVFRPSURPLVRV\VXODERU
5HTXLHUHQFLHUWRJUDGRGHIRUPDOL]DFLyQGHXQSODQSDUDOOHYDUODVDFDER\GHEHQHVWDU
DOVHUYLFLRGHORVREMHWLYRVHVWUDWpJLFRVGHODRUJDQL]DFLyQ$VtLQFLGHQHQODSROtWLFD\
HVWUDWHJLD &ULWHULR ,PSDFWDQ VREUH ODV SHUVRQDV &ULWHULR H LQWURGXFHQ PRGLILFDFLRQHV VREUH VXV
DFWLWXGHVDSWLWXGHV\FRPSRUWDPLHQWRV
&RQOOHYDQXQPHMRUDSURYHFKDPLHQWRGHORVUHFXUVRV &ULWHULR GHXQRXRWURWLSR
,QFUHPHQWDQODHILFDFLD\HILFLHQFLDGHDOJXQRVSURFHVRV &ULWHULR 0HMRUDQORVUHVXOWDGRVHQORV FOLHQWHV &ULWHULR SHUVRQDV &ULWHULR \VRFLHGDG
&ULWHULR \HQJHQHUDODGHPiVUHSHUFXWHQVREUHORVUHVXOWDGRVFODYH &ULWHULR $ FRQWLQXDFLyQ VLQ iQLPR GH VHU H[KDXVWLYRV SUHVHQWDPRV DOJXQDV GH ODV QXPHURVDV
PHWRGRORJtDVH[LVWHQWHV\HQTXpIRUPDVXDSOLFDFLyQUHIXHU]DXQRR YDULRVGHORVFULWHULRV
GHO0RGHOR
1250$,62
/DQXHYDQRUPD,62GHODxRVXVWLWX\HDODVWUHVDQWHULRUHVQRUPDVFHUWLILFDEOHV
,62\ \VXGHQRPLQDFLyQHVGH³*HVWLyQGHOD&DOLGDG´ORTXHVXSRQH
XQDYDQFHVREUHHODQWHULRUFRQFHSWR³$VHJXUDPLHQWRGHOD&DOLGDG´3DUDHOORODQXHYD
QRUPD LQFRUSRUD DVSHFWRV FRPR OD PHGLGD GH OD VDWLVIDFFLyQ GH ORV FOLHQWHV \ HO
HVWDEOHFLPLHQWR GH REMHWLYRV GH PHMRUD FRQWLQXD FRQ ORV FXDOHV VH UHIXHU]D HO FLFOR GH
JHVWLyQGHODFDOLGDGGHORVSURGXFWRV\VHUYLFLRV
3RUWRGRHOORFXDQGRXQDRUJDQL]DFLyQDSOLTXHORVFRQWHQLGRVGHHVWDQRUPDHQVX6LVWHPD
GH *HVWLyQ GH OD &DOLGDG HVWDUi PHMRUDQGR VX IRUPD GH JHVWLRQDU SULQFLSDOPHQWH HQ HO
FULWHULR GH 352&(626 \ HQ HO GH 5(68/7$'26 (1 /26 &/,(17(6 GHO
0RGHOR()40GH([FHOHQFLD
1250$,62
/D DSOLFDFLyQ GH XQ 6LVWHPD GH *HVWLyQ 0HGLRDPELHQWDO VLJXLHQGR ODV GLUHFWULFHV
FRQWHQLGDVHQHVWDQRUPDSHUPLWHDODVHPSUHVDVGHVDUUROODUSURGXFWRVPHQRVOHVLYRVFRQ
HOPHGLRDPELHQWH\PHMRUDUODJHVWLyQGHVXVUHFXUVRVUHGXFLHQGRHOFRQVXPRGHPDWHULDV
SULPDVDJXD\HQHUJtDDSURYHFKDQGR\PLQLPL]DQGRORVUHVLGXRV\UHGXFLHQGRORVFRVWHV
GH HPEDODMH DOPDFHQDPLHQWR \ WUDQVSRUWH 3RU OR WDQWR LQFLGH SULQFLSDOPHQWH HQ HO
FULWHULR$/,$1=$6<5(&85626 \HQHOLPSDFWRVRFLDOR5(68/7$'26(1/$
62&,('$' 1250$81((;
(VWD QRUPD D~Q GH FDUiFWHU H[SHULPHQWDO\ QR FHUWLILFDEOH HVWDEOHFH ODVGLUHFWULFHV SDUD
TXH XQD HPSUHVD SXHGD LPSODQWDU XQ 6LVWHPD GH 3UHYHQFLyQ GH 5LHVJRV /DERUDOHV TXH
HYLWHRPLQLPLFHORVULHVJRVSDUDORVWUDEDMDGRUHV
&RQOOHYD OD PRWLYDFLyQ \ IRUPDFLyQ GH ODV SHUVRQDV WUDEDMDGRUDV \ SRU HOOR LQFLGH
SULQFLSDOPHQWH HQ ORV FULWHULRV GH 3(5621$6 \ 5(68/7$'26 (1 /$6
3(5621$6 6
/DV 6 VRQ ODV LQLFLDOHV GH FLQFR SDODEUDV MDSRQHVDV D ODV TXH GHEH VX QRPEUH HVWD
PHWRGRORJtD
6(,5,
6(,721
6(,62
25*$1,=$&,21
&RQVLVWH HQ LGHQWLILFDU \ VHSDUDU ORV PDWHULDOHV QHFHVDULRV GH ORV
LQQHFHVDULRV\HQGHVSUHQGHUVHGHpVWRV~OWLPRV
25'(1
&RQVLVWHHQHVWDEOHFHUHOPRGRHQTXHGHEHQXELFDUVHHLGHQWLILFDUVHORV
PDWHULDOHV QHFHVDULRV GH PDQHUD TXH VHD IiFLO \ UiSLGR HQFRQWUDUORV
XWLOL]DUORV\UHSRQHUORV
/,03,(=$
&RQVLVWH HQ LGHQWLILFDU \ HOLPLQDU ODV IXHQWHV GH VXFLHGDG DVHJXUDQGR
TXH WRGRV ORV PHGLRV VH HQFXHQWUDQ VLHPSUH HQ SHUIHFWR HVWDGR
RSHUDWLYR
6(,.(768 &21752/9,68$/
&RQVLVWHHQGLVWLQJXLUIiFLOPHQWHXQDVLWXDFLyQQRUPDOGHRWUDDQRUPDO
PHGLDQWHQRUPDVVHQFLOODV\YLVLEOHVSDUDWRGRV
6+,768.( ',6&,3/,1$<+$%,72
&RQVLVWH HQ WUDEDMDU SHUPDQHQWHPHQWH GH DFXHUGR FRQ ODV QRUPDV
HVWDEOHFLGDV
/DV&,1&2)$6(6FRPSRQHQXQWRGRLQWHJUDGR\VHDERUGDQGHIRUPDVXFHVLYDXQD
WUDVRWUD
6X DSOLFDFLyQ FRQGXFH D PHMRUDU HO DSURYHFKDPLHQWR GH ORV UHFXUVRV UHGXFLHQGR
DYHUtDV VWRFNV WUDQVSRUWHV WLHPSRV GH FDPELR GH XWLOODMH HWF 3DUD LPSODQWDU HVWD
PHWRGRORJtDHVQHFHVDULRIRUPDU\PRWLYDUDODVSHUVRQDVTXHORJUDUiQPHMRUDUVXOXJDU
GH WUDEDMR \ XQD PD\RU FRRSHUDFLyQ \ WUDEDMDU HQ HTXLSR 3RU WDQWR LQFLGH
SULQFLSDOPHQWH HQ ORV FULWHULRV 3(5621$6 $/,$1=$6 < 5(&85626 5(68/7$'26(1/$63(5621$6 \5(68/7$'26&/$9( 0(-25$&217,18$
(Q OD *HVWLyQ GH QXHVWUDV RUJDQL]DFLRQHV REVHUYDPRV GHILFLHQFLDV X RSRUWXQLGDGHV GH
PHMRUD UHVSHFWR D SUREOHPDV TXH VH UHSLWHQ HQ QXHVWUD ODERU GLDULD 3DUD HOOR HV
QHFHVDULRGLVSRQHUGHXQDPHWRGRORJtDTXHSHUPLWDHVWUXFWXUDU\GHVDUUROODUXQSURFHVR
GH PHMRUD FRQWLQXD TXH DERUGH GH IRUPD VLVWHPiWLFD \ ILDEOH OD LGHQWLILFDFLyQ OD
RUJDQL]DFLyQ \ OD VROXFLyQ D GLFKRV SUREOHPDV 3DUD OOHYDUOR D FDER VH XWLOL]D XQD
HVWUXFWXUDRUJDQL]DGDSHUPDQHQWHGHHTXLSRVGHWUDEDMR
8Q HTXLSR GH WUDEDMR GHQRPLQDGR HTXLSR GH PHMRUD FRQVLVWH HQ XQ SHTXHxR Q~PHUR GH
SHUVRQDV FRQ KDELOLGDGHV FRPSOHPHQWDULDV TXH HVWiQ FRPSURPHWLGRV FRQ XQ SURSyVLWR
FRP~Q XWLOL]DQ SDUiPHWURV GH GHVHPSHxR \ PpWRGRV HVWUXFWXUDGRV \ VRQ PXWXDPHQWH
UHVSRQVDEOHVGHVXUHDOL]DFLyQ/DVFDUDFWHUtVWLFDVHVHQFLDOHVGHXQHTXLSRVRQ
7HQHUREMHWLYRVGHHTXLSR(OHTXLSRGHEHWHQHUXQDUD]yQSDUD WUDEDMDUFRPR
FRQMXQWR
/D LQWHUGHSHQGHQFLD (V LPSRUWDQWH TXH ORV PLHPEURV GHO HTXLSR VHDQ
LQWHUGHSHQGLHQWHVHVGHFLUTXHFDGDXQRQHFHVLWHGHODH[SHULHQFLDKDELOLGDG\
HQWUHJDGHORVGHPiVSDUDORJUDUREMHWLYRVPXWXRV
(ILFLHQFLDHQHOGHVHPSHxR/RVPLHPEURVGHOHTXLSRGHEHQHVWDUFRQYHQFLGRV
GH OD LGHD GH TXH HO HTXLSR GH WUDEDMR VL HV UHDOPHQWH HILFLHQWH FRQVLJXH
VLHPSUHPHMRUHVUHVXOWDGRVTXHLQGLYLGXRVTXHWUDEDMDQDLVODGDPHQWH
/DUHVSRQVDELOLGDG(OHTXLSRGHEHWHQHUUHVSRQVDELOLGDGVREUHVXVDFWXDFLRQHV
\ VREUH WRGR VREUH ORV ORJURV REWHQLGRV 8Q HTXLSR HILFD] HV DTXHO FDSD] GH
GRWDUVH D Vt PLVPR GH FLHUWDV QRUPDV \ FRPSRUWDPLHQWRV TXH OH SHUPLWHQ
DOFDQ]DUVXVREMHWLYRVGHQWURGHORVSOD]RVGHWLHPSRSUHYLVWRV
3DUDFDGDXQDGHODVRSRUWXQLGDGHVGHPHMRUDTXH ODRUJDQL]DFLyQ GHFLGD FRQYHUWLU HQ
SUR\HFWRGHPHMRUDVHGHEHHVWDEOHFHUFXiOHVHOJUXSRGHSHUVRQDVTXHWLHQHXQDPD\RU
FDSDFLGDGSDUDDOFDQ]DUXQDVROXFLyQySWLPDSDUDODHPSUHVD\WUDQVIRUPDUHVHJUXSRHQ
XQ(TXLSRGH0HMRUD/RV(TXLSRVGH0HMRUDGLVSRQHQGHXQDVHULHGHKHUUDPLHQWDVGH
UHVROXFLyQ GH SUREOHPDV TXH SXHGHQ XWLOL]DU VHJ~Q OD IDVH GHO SURFHVR HQ HO TXH VH
HQFXHQWUHQKHUUDPLHQWDVTXHVHGHVFULEHQHQHOVLJXLHQWHDSDUWDGR
3RUWDQWRORV(TXLSRVGH0HMRUDDFW~DQSULQFLSDOPHQWHHQHOFULWHULR352&(626 \
5(68/7$'26(1/26&/,(17(6 +
6H FRQRFH FRQ HO QRPEUH GH ODV ³+´ R ODV ³VLHWH KHUUDPLHQWDV FOiVLFDV³ D VLHWH
KHUUDPLHQWDVTXHIXHURQ UHFRSLODGDVHQORVDxRVSRU .DRUX,VKLNDZD \TXHIRUPDEDQ
SDUWHGHODIRUPDFLyQTXH UHFLEtDQHQDTXHOORVWLHPSRVORV LQWHJUDQWHVGHORVFtUFXORVGH
FDOLGDGHOGLDJUDPDGH3DUHWRHOGLDJUDPDGHFDXVDHIHFWRODVKRMDVGHUHFRJLGDGHGDWRV
ORVKLVWRJUDPDVODHVWUDWLILFDFLyQORVJUiILFRVGHFRQWURO\ORVGLDJUDPDVGHGLVSHUVLyQ
/D H[SHULHQFLD KD GHPRVWUDGR TXH HO XVR GH HVWDV VHQFLOODV KHUUDPLHQWDV SHUPLWH
UHVROYHU HO GH ORV SUREOHPDV GH ODV RUJDQL]DFLRQHV /DV KHUUDPLHQWDV FOiVLFDV
WLHQHQJUDQGHVYHQWDMDV
x
x
x
6HQFLOOH]7RGRHOPXQGRSXHGHXVDUODV
$SOLFDELOLGDGHQWRGRVORVQLYHOHVGHODRUJDQL]DFLyQ
8WLOLGDGSRUVXJUDQFDSDFLGDGGHDQiOLVLV\PHMRUD
5HFLHQWHPHQWH VH KD UHFRSLODGR RWUR JUXSR OODPDGR ODV QXHYDV KHUUDPLHQWDV PiV
FRPSOHMDV+R\HQGtDODV+³FOiVLFDV´VRQXWLOL]DGDVHQWRGRHOPXQGRSRUORVHTXLSRV
GH PHMRUD FRQWLQXD \ GH UHVROXFLyQ GH SUREOHPDV SXHV FRQ HOODV VH SXHGHQ LGHQWLILFDU
DQDOL]DU \ UHVROYHU OD PD\RUtD GH ORV SUREOHPDV UHODFLRQDGRV FRQ OD FDOLGDG GH ORV
SURGXFWRV \ VHUYLFLRV 3RU WDQWR DFW~DQ SULQFLSDOPHQWH HQ HO FULWHULR 352&(626 \
5(68/7$'26(1/26&/,(17(6 *(67,Ï1'(352&(626
6HSXHGHGHILQLUXQSURFHVRFRPRFXDOTXLHUVHFXHQFLDUHSHWLWLYDGHDFWLYLGDGHVTXHXQDR
YDULDV SHUVRQDV ,QWHUYLQLHQWHV GHVDUUROODQ SDUD KDFHU OOHJDU DOJR 6DOLGD D DOJXLHQ
'HVWLQDWDULR DSDUWLUGHXQRVUHFXUVRVTXHVHXWLOL]DQ UHFXUVRVDPRUWL]DEOHVTXHQHFHVLWDQ
HPSOHDUORVLQWHUYLQLHQWHV RELHQVHFRQVXPHQ (QWUDGDVDOSURFHVR /DJHVWLyQ\PHMRUD
GHSURFHVRVHVXQRGHORVSLODUHVVREUHORVTXHGHVFDQVDODJHVWLyQVHJ~QORVSULQFLSLRVGH
&DOLGDG7RWDO([FHOHQFLD3RUWDQWRDFW~DSULQFLSDOPHQWHHQHOFULWHULR352&(626 6RQHMHPSORVGHSURFHVRV
x (OSURFHVRTXHHVWDPSD\URVFDXQWRUQLOOR
x (O SURFHVR TXH HQVDPEOD XQ FRQMXQWR FRQFUHWR GH XQD PiTXLQD GH
WUDQVIRUPDFLyQHOpFWULFD
x (OSURFHVRTXHGHVDUUROODXQDMRUQDGDLQIRUPDWLYDVREUHHOLPSDFWRGHO(XUR
x (OSURFHVRTXHWUDPLWDXQDOLFHQFLDGHREUDVPHQRUHVHQXQ$\XQWDPLHQWR
(V D WUDYpV GH VXV SURFHVRV FRPR ODV RUJDQL]DFLRQHV FRQVLJXHQ KDFHU OOHJDU HVRV
DOJRVTXHJHQHUDQDDTXHOORVDTXLHQHVKDQGHILQLGRFRPR'HVWLQDWDULRVGHORTXH
KDFHQ &OLHQWH6LJXLHQWHVHFFLyQ$VLVWHQWHDXQDMRUQDGD&LXGDGDQDR \TXHVRQVXV
SURFHVRVORVTXHFRQGLFLRQDQODVDWLVIDFFLyQGHHVWRV\SRUORWDQWRODSUREDELOLGDGGH
TXHHQHOIXWXURVLJDQFRQWDQGRFRQODRUJDQL]DFLyQ
*(67,21'(/&212&,0,(172
/D JHVWLyQ GHO FRQRFLPLHQWR HV HQ HVWRV PRPHQWRV PiV TXH XQD PHWRGRORJtD XQ
SULQFLSLR R HOHPHQWR FODYH GH JHVWLyQ \ DSDUHFH FRPR WDO UHFRJLGR H[SOtFLWDPHQWH HQ HO
0RGHOR ()40 GH ([FHOHQFLD HQ VXV FULWHULRV 3(5621$6 \ $/,$1=$6 <
5(&85626 /D JHVWLyQGHO FRQRFLPLHQWR FRQOOHYDD PHQXGR GRWDU D ODVRUJDQL]DFLRQHVGH VLVWHPDV
LQIRUPiWLFRV\RWURVPHFDQLVPRVTXHSHUPLWHQDOPDFHQDUOR\DFFHGHUDpO \VREUHWRGR
FDPELDUODFXOWXUDGHODVSHUVRQDVSDUDTXHVHDQSURFOLYHVDVRFLDOL]DUOR\FRPSDUWLUOROR
FXDO VHORJUD GHVDUUROODQGR XQRV FRQWH[WRV RUJDQL]DWLYRV HVSDFLRV ItVLFRV RUJDQL]DFLyQ
GHO WUDEDMR VLVWHPDV GH HYDOXDFLyQ GHO GHVHPSHxR UHFRQRFLPLHQWR HWF TXH OR
IDYRUH]FDQ
0,1,&203$f,$6
/DV³PLQLFRPSDxLDV´VRQXQDIRUPDGHHVWUXFWXUDUXQDRUJDQL]DFLyQSDUDTXHFDGDXQDGH
VXV XQLGDGHV VH FRPSRUWH FRPR XQD SHTXHxD FRPSDxtD R PLQLHPSUHVD TXH EXVTXH OD
VDWLVIDFFLyQGHVXVFOLHQWHVLQWHUQRV RWUDV PLQLFRPSDxLDV \ H[WHUQRVFRQ HOPi[LPR GH
HILFLHQFLD6XDSOLFDFLyQUHTXLHUHXQSURFHVRFRQWLQXDGR±DYHFHVSXHGHGXUDUYDULRVDxRV
± GH IRUPDFLyQ \ FXDOLILFDFLyQ GH ODV SHUVRQDV \ HQ HVSHFLDO GH ORV OLGHUHV SDUD TXH
DVXPDQRWUDVUHVSRQVDELOLGDGHV
3RUHOORVXDSOLFDFLyQLQFLGHHVSHFLDOPHQWHHQHOFULWHULR/,'(5$=*2 3(5621$6
352&(626 5(68/7$'26 (1 /$6 3(5621$6 \ 5(68/7$'26
&/$9( 4)'48$/,7<)81&7,21'(3/2<0(17
(O4)' 4XDOLW\)XQFWLRQ'HSOR\PHQWR'HVSOLHJXHGHOD)XQFLyQ&DOLGDG VHSXHGH
GHILQLU FRPR XQ SURFHVR HVWUXFWXUDGR \ PHWyGLFR SDUD REWHQHU OD YR] GHO FOLHQWH \
UHFRJHUODHQWRGDVODVIDVHVGHOGLVHxR\GHVDUUROORGHXQSURGXFWRRVHUYLFLR(O4)'
FRPHQ]y HQ -DSyQ HQ ORV DxRV GRQGH HQ XQ SULPHU PRPHQWR LED GLULJLGR D OD
GHWHFFLyQ GH SUREOHPDV 0iV WDUGH VH FRPHQ]y D DSOLFDU HQ IDVHV DQWHULRUHV FRPR HO
GLVHxRGHORVSURGXFWRV
(O H[SHUWR TXH PiV KD FRQWULEXLGR D GHVDUUROODU HVWD KHUUDPLHQWD HV HO SURIHVRU <RML
$NDRFRQRFLGRWDPELpQSRUVHUHOSURSXOVRUGHODPHWRGRORJtD+RVLQ.DQUL(Q
HO SURIHVRU $NDR SXEOLFy HO SULPHU WH[WR GH 4)' $ SDUWLU GH DKt FRPHQ]y D
LQWURGXFLUVH HQ 2FFLGHQWH D WUDYpV GH ((88 GRQGH IXHURQ *HQHUDO 0RWRUV )RUG \
;HUR[ORVTXHFRPHQ]DURQDDSOLFDUHVWDGLVFLSOLQD\GLYXOJDUOD
(O4)'VHEDVDHQLQYHVWLJDUFXiOHVVRQODVQHFHVLGDGHVGHOFOLHQWHHQHVFXFKDUVXYR]
VDEHU TXp GHVHD pVWH \ SRVWHULRUPHQWH WUDGXFLU HVWR D FDUDFWHUtVWLFDV GH FDOLGDG GH XQ
SURGXFWR R VHUYLFLR HV GHFLU HQ FyPR VH SXHGHQ VDWLVIDFHU GLFKDV H[SHFWDWLYDV 3RU OR
WDQWR HVWD KHUUDPLHQWD LQFLGH SULQFLSDOPHQWH VREUH ORV FULWHULRV GH 352&(626 5(68/7$'26(1/26&/,(17(6 \5(68/7$'26&/$9( '(63/,(*8('(2%-(7,926
%DMR HVWD GHQRPLQDFLyQ SRGHPRV HQJOREDU D GLYHUVDV PHWRGRORJtDV TXH VH KDQ LGR
GHVDUUROODQGR HQ ORV ~OWLPRV DxRV FRQ HO SURSyVLWR GH WUDVODGDU KDVWD HO GtD D GtD ORV
REMHWLYRVHVWUDWpJLFRVGHODRUJDQL]DFLyQFRPRVRQSRUHMHPSORHO3ROLF\'HSOR\PHQW R
+RVKLQ.DQUL\HO&XDGURGH0DQGR,QWHJUDO EDODQFHGVFRUHFDUG 6XDSOLFDFLyQUHIXHU]DODLQYROXFUDFLyQGHODVSHUVRQDVGHODRUJDQL]DFLyQHQHOORJURGH
VXVUHVXOWDGRVGRWiQGROHVGHPD\RULQIRUPDFLyQIRUPDFLyQ\FDSDFLGDGGHGHFLVLyQ3DUD
HOORORVFULWHULRVGHO0RGHOR()40GH([FHOHQFLDGRQGHWLHQHQPD\RULQFLGHQFLDVRQHOGH
32/Ë7,&$ < (675$7(*,$ 3(5621$6 \ ORV FULWHULRV GH UHVXOWDGRV HQ
HVSHFLDO5(68/7$'26(1/$63(5621$6 5(,1*(1,(5Ë$'(352&(626
6X SURSyVLWR HV SRQHU HQ FXHVWLyQ WRGRV ORV SURFHVRV GH OD RUJDQL]DFLyQ UHYLVDUORV \
DGHFXDUORVDODVGHPDQGDVGHORVFOLHQWHVOOHYDQGRDFDERFDPELRVUDGLFDOHVFXDQGRVH
QHFHVLWDQ$PHQXGRVHXWLOL]DQODVSRVLELOLGDGHVTXHRIUHFHQODVPRGHUQDVWHFQRORJtDV
GHODLQIRUPDFLyQSDUDOOHYDUDFDERHVWDODERU3RUORWDQWRVHLQFLGHIXQGDPHQWDOPHQWH
VREUH ORV FULWHULRV GH 352&(626 5(68/7$'26 (1 /26 &/,(17(6 \
5(68/7$'26&/$9( %(1&+0$5.,1*
(VWD SDODEUD LQJOHVD TXH DOJXQDV SHUVRQDV WUDGXFHQ FRPR ³HPXODFLyQ´ FRQVLVWH HQ OD
E~VTXHGD FRQWLQXD \ VLVWHPiWLFD GH ³ODV PHMRUHV SUiFWLFDV´ TXH QRV SHUPLWLUiQ
DSOLFiQGRODV GH XQD PDQHUD DGDSWDGD D QXHVWUD RUJDQL]DFLyQ PHMRUDU QXHVWUR QLYHO GH
FRPSHWLWLYLGDGRVHUPiVFRPSHWHQWHVVHJ~QORVFDVRV
(OEHQFKPDUNLQJHVDSOLFDEOHDFXDOTXLHUDVSHFWRGHODJHVWLyQ\QRUPDOPHQWHVHSDUWHGH
FRPSDUDU UHVXOWDGRV SDUD VHJXLGDPHQWH SURIXQGL]DU HQ HO FRQRFLPLHQWR GH ORV DJHQWHV
TXHORVKDQJHQHUDGR\H[WUDHUOHFFLRQHVTXHSRGDPRVDSOLFDUHQQXHVWUDRUJDQL]DFLyQR
HPSUHVD&RQHVWDPHWRGRORJtDSRGHPRVSRUORWDQWRDFWXDUVREUHFXDOTXLHUDGHORVQXHYH
FULWHULRVGHOPRGHOR()40GH([FHOHQFLD
6(,66,*0$
6HLVVLJPDHVXQSURJUDPDGHPHMRUDTXHSRUVXVFRQWHQLGRVHVWiHVSHFLDOPHQWHLQGLFDGR
SDUDVHUDSOLFDGRHQHOSURFHVRSURGXFWLYRGHHPSUHVDVGHWLSRLQGXVWULDO6XDSOLFDFLyQVH
OOHYD D FDER PHGLDQWH OD IRUPDFLyQ GH XQD R YDULDV SHUVRQDV GH OD HPSUHVD HQ ODV
KHUUDPLHQWDV \ PHWRGRORJtDV TXH OR FRPSRQHQ VLHQGR VHJXLGDPHQWH HVWDV SHUVRQDV ODV
UHVSRQVDEOHVGHVXDSOLFDFLyQSXGLHQGRFRQWDUFRQHODSR\RGHFRQVXOWRUHVHVSHFLDOL]DGRV
SDUDHOOR
/DV KHUUDPLHQWDV \ PHWRGRORJtDV TXH FRPSRQHQ HVWH SURJUDPD KDQ YHQLGR XWLOL]iQGRVH
GXUDQWHODVGRVXOWLPDVGpFDGDVHQHOVHFWRUGHDXWRPRFLyQVLELHQVRQSRFRFRQRFLGDVHQ
RWURVVHFWRUHV+D\KHUUDPLHQWDVFRPRHO$0)( $QiOLVLV0RGDOGH)DOORV\(IHFWRV /RV GLDJUDPDV GH FDXVD HIHFWR R HO 4)' 4XDOLW\ )XQFWLRQ 'HSOR\PHQW TXH QR
UHTXLHUHQGHXQDEDVHPDWHPiWLFD\RWUDVFRPRHO63& &RQWURO(VWDGtVWLFRGH3URFHVRV R
HO '2( 'LVHxR GH ([SHULPHQWRV TXH QHFHVLWDQ GH XQ VRSRUWH HVWDGtVWLFR LPSRUWDQWH
SDUDDSOLFDUODVSDUDORFXDOVHKDQGHVDUUROODGRSURJUDPDVLQIRUPiWLFRVTXHORIDFLOLWDQ
&RQODDSOLFDFLyQGHHVWDVPHWRGROyJLFDVVHORJUDSULQFLSDOPHQWHUHGXFLUHOSRUFHQWDMHGH
SURGXFWRVGHIHFWXRVRV\PHMRUDUODSURGXFWLYLGDG3RUORWDQWRLQFLGHQVREUHORVFULWHULRV
GH352&(626 5(68/7$'26(1/26&/,(17(6 \5(68/7$'26&/$9(
Descargar