358
5/22/2018 173161758PNLParaProfesoresComoSerUnProfesorAltamenteEficaz2aEd-slid... http://slidepdf.com/reader/full/173161758-pnl-para-profesores-como-ser-un-profesor-altamen

173161758 PNL Para Profesores Como Ser Un Profesor Altamente Eficaz 2a Ed

Embed Size (px)

Citation preview

  • 31/SDUDSURIHVRUHVFyPRVHUXQSURIHVRUDOWDPHQWHHILFD]

  • ULFKDUGFKXUFKHVURJHUWHUU\

    31/SDUDSURIHVRUHVFyPRVHUXQSURIHVRUDOWDPHQWHHILFD]

    HGLFLyQ

    'HVFOpH'H%URXZHU

  • 7tWXORRULJLQDO

    13/IRU7HDFKHUV+RZWREHD+LJKO\(IIHFWLYH7HDFKHU

    5LFKDUG&KXUFKHVDQG5RJHU7HUU\7KLVWUDQVODWLRQLVSXEOLVKHGE\DUUDQJHPHQWZLWK&URZQ+RXVH3XEOLVKLQJ/WG

    7UDGXFFLyQ-XDQ$QWRQLR0HGLQD/ySH]

    HGLFLyQDEULOHGLFLFyQGLFLHPEUH

    (',725,$/'(6&/e('(%528:(56$+HQDRZZZHGHVFOHHFRPLQIR#HGHVFOHHFRP

    ,6%1'HSyVLWR/HJDO%,

    ,PSUHVLyQ3XEOLGLVD6$6HYLOOD

    ,PSUHVRHQ(VSDxD3ULQWHGLQ6SDLQ

    5HVHUYDGRVWRGRVORVGHUHFKRV4XHGDWRWDOPHQWHSURKLELGDODUHSURGXFFLyQWRWDORSDUFLDOGHHVWHOLEURSRUFXDOTXLHUSURFHGLPLHQWRHOHFWUyQLFRRPHFiQLFRLQFOX\HQGRIRWRFRSLDJUDEDFLyQPDJQpWLFDRFXDOTXLHUVLVWHPDGHDOPDFHQDPLHQWRRUHFXSHUDFLyQGHLQIRUPDFLyQVLQSHUPLVRHVFULWRGHORVHGLWRUHV

  • QGLFH

    $JUDGHFLPLHQWRV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

    ,QWURGXFFLyQ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

    'HEHUtDVFRPSUDUHVWHOLEUR" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 4XpWLHQHVHQPHQWH" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 4XpQRHQFRQWUDUiVHQHVWHOLEUR. . . . . . . . . . . . . . . . . . . . . . . . . . . 18 (QWRQFHVGHTXpWUDWDHVWHOLEUR" . . . . . . . . . . . . . . . . . . . . . . . . . . 19 3RUTXpKHPRVHVFULWRHVWHOLEUR . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

    &DStWXOR4XpKD\GHWUiVGHXQQRPEUH" . . . . . . . . . . . 23

    (VWXGLDQGRODH[FHOHQFLD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 /DVSUHVXSRVLFLRQHVGHOD31/ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 &RPXQLFDUGHPDQHUDHIHFWLYD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 &yPRSHQVDUGHPDQHUDHIHFWLYD . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 5HDOL]DUXQDLQWHUYHQFLyQSRVLWLYD . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

    &DStWXOR3HOtFXODVGHp[LWR . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

    &yPRSODQLILFDUOHFFLRQHVGHp[LWRGHVGHWXLQWHULRU KDFLDHOH[WHULRU\DOFDQ]DUWXVREMHWLYRV . . . . . . . . . . . . . . . . . . . 37 4XpDSUHQGHUiVHQHVWHFDStWXOR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 (PRFLRQHVVHQVDFLRQHV\QXHVWURHVWDGRLQWHULRU . . . . . . . . . . 38 /DVUHSUHVHQWDFLRQHV\HODXOD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    8

    /RVUHFXHUGRV\ODVIXWXUDVUHSUHVHQWDFLRQHVLQWHUQDV. . . . . . . . . 42 &UHDWXSHOtFXOD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 ([SORUDQGRORVHOHPHQWRVYLVXDOHVDXGLWLYRV\NLQHVWpVLFRV GHODVUHSUHVHQWDFLRQHVLQWHULRUHV . . . . . . . . . . . . . . . . . . . . . . . . . 43 2EMHWLYRVELHQIRUPXODGRV5HFRSLODQGRWRGRSDUDFUHDU WXSHOtFXOD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

    &DStWXOR1RVJXVWDGHLJXDOPDQHUD. . . . . . . . . . . . . . . . . . 57

    &yPRHVWDEOHFHUXQDUHODFLyQGHFRPXQLFDFLyQHLQIOXLU HQRWUDVSHUVRQDV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 &DVXDOLGDGDOHQFRQWUDUQRVFRQHOKHODGR . . . . . . . . . . . . . . . . . . . . 58 &RPXQLFDFLyQ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 5HODFLyQGHFRPXQLFDFLyQDFRPSDVDPLHQWRRUDSSRUW . . . . . . . . 59 7pFQLFDVGHUDSSRUWPiVDYDQ]DGDV . . . . . . . . . . . . . . . . . . . . . . . . . 63 &yPRHOXVRGHWXVVHQWLGRVSXHGHD\XGDUWHDHVWDEOHFHU HOUDSSRUWRUHODFLyQGHFRPXQLFDFLyQ . . . . . . . . . . . . . . . . . . . . . 66 8VDQGRODVSUHIHUHQFLDVVHQVRULDOHVHQHOOHQJXDMH. . . . . . . . . . . . 68 6HJXLPLHQWRSDFLQJ\JXtDOHDGLQJ . . . . . . . . . . . . . . . . . . . . 73 5DSSRUWHQJUXSR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

    &DStWXOR(ODFXDULRGHOGHOItQ . . . . . . . . . . . . . . . . . . . . . . . . . 81

    &yPRORJUDUODVUHODFLRQHV\SRUORWDQWRODFRQGXFWD TXHGHVHDVHQWXVFODVHV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 4XpHVSHUDVGHORVGHOILQHV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 'HVSXpVGHXQWLHPSRVXFHGLyDOJRLQFUHtEOH . . . . . . . . . . . . . . . . . 83 /RTXHVLJQLILFDODLQYHVWLJDFLyQGH%DWHVRQHQUHODFLyQ FRQODVWHRUtDV\HODSUHQGL]DMHFRQGXFWLVWDV . . . . . . . . . . . . . . . 84 *HVWLyQGHOUHIXHU]RSRVLWLYR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86

    &DStWXOR1RSLHQVHVHQHOSDVWHOGHFKRFRODWH. . . . . . . 97

    &yPRXVDUHOOHQJXDMHSDUDREWHQHUORTXHGHVHDV . . . . . . . . . . . . 97 3UHVXSRVLFLRQHV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99

  • tQGLFH

    9

    $EDUFDQGRWRGR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 6HULHVDILUPDWLYDV\FROHWLOODVGHOVt . . . . . . . . . . . . . . . . . . . . . . . . . 102 6HJXLPLHQWRSDFLQJ\JXtDOHDGLQJFRQHOOHQJXDMH \HODERUDFLyQGHWUDQVLFLRQHV . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 3DODEUDVSDUDXVDUFRQFXLGDGR . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 1RSLHQVHVHQHOSDVWHOGHFKRFRODWH\DPLVPR . . . . . . . . . . . . . 108 *HQHUDOL]DQGR\HVSHFLILFDQGR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111

    &DStWXOR(ODVWXWROHQJXDMHFRUSRUDO . . . . . . . . . . . . . . . . 119

    &yPRXWLOL]DUHOOHQJXDMHFRUSRUDOSDUDLQIOXLUVREUHORVGHPiV HQHODXOD\HQODYLGDHQJHQHUDO . . . . . . . . . . . . . . . . . . . . . . . . . 119 (VWDEOHFHHOUDSSRUWPHGLDQWHHOOHQJXDMHFRUSRUDO

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    10

    &DStWXOR$QFODMHVIXHUD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179

    &yPRDSURYHFKDUWXVUHFXUVRVPHQWDOHVLQWHUQRV \ORVGHWXHQWRUQRGHDSUHQGL]DMH . . . . . . . . . . . . . . . . . . . . . . . . 179 (OFRQGLFLRQDPLHQWRSDYORYLDQR . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181 'LVWLQWRVWLSRVGHUHIOHMRV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181 $QFODQGRORVHVWDGRVULFRVHQUHFXUVRV . . . . . . . . . . . . . . . . . . . . . 182 (VWDEOHFHUFHQWURVGHDWHQFLyQ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187 'LULJHWXH[SHULHQFLDGHDXODFRPRHQXQSODWyGHFLQH. . . . . . . . 191 8WLOL]DDQFODMHVHQWXFRPXQLFDFLyQFRQORVGHPiV . . . . . . . . . . . 192

    &DStWXOR-XMLWVXYHUEDO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197

    &yPRVHUHOHJDQWHFRQHOOHQJXDMH. . . . . . . . . . . . . . . . . . . . . . . . . . 197 (OSRGHUGHUHFRSLODUXQOHQJXDMHPiVHVSHFtILFR. . . . . . . . . . . . . 200 (OPHWDPRGHOR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202 (ODUWHGHOFXHVWLRQDPLHQWR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207 3RUTXp" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207 &DPELRHQODFUHHQFLDFRQYHUVDFLRQDO . . . . . . . . . . . . . . . . . . . . . . 209

    &DStWXOR(OSURIHVRUSRUGHQWUR . . . . . . . . . . . . . . . . . . . . 215

    'HTXpPRGRORTXHHUHVDIHFWDDORTXHKDFHV . . . . . . . . . . . . . . 215 7UDEDMDUFRQYDORUHV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216 'HTXpWLSRGHWHPDHVWDPRVKDEODQGR" . . . . . . . . . . . . . . . . . . . 217 9DORUHVOHMRVGH\YDORUHVGLULJLGRVD . . . . . . . . . . . . . . . . . . . 220 (OWUDWDPLHQWRGHORVYDORUHVREVROHWRV . . . . . . . . . . . . . . . . . . . . . 223 'HEHVVHUIOH[LEOHSDUDORJUDUORTXHUHDOPHQWHTXLHUHV . . . . . . . 224 7XMHUDUTXtDGHYDORUHV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226 (VWDEOHFHWXMHUDUTXtDGHYDORUHV . . . . . . . . . . . . . . . . . . . . . . . . . . . 226 6HUOtGHUHQHODXOD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229

    &DStWXOR3XHGHVKDFHUOR\DHVKRUD . . . . . . . . . . . . 235

    &yPRPDQWHQHUODPRWLYDFLyQFRPRREMHWLYR . . . . . . . . . . . . . . . . 235 (QFXHQWUDWXPRGHORGHSURFHVDPLHQWRHQXQWLHPSROyJLFR . . 236

  • tQGLFH

    11

    &DUDFWHUtVWLFDVGHODVSHUVRQDVSHUWHQHFLHQWHVDFDGDWLSR GHSURFHVDPLHQWRWHPSRUDO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238 'LVIUXWDGHWXOtQHDGHOWLHPSR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239 2EVHUYDVLORVUHFXHUGRVHVWiQDJUXSDGRVRVHSDUDGRV . . . . . . 240 (OOHQJXDMHGHOWLHPSR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241

    &DStWXOR(VWiHQWXVRMRVHQWUHRWUDVFRVDV . . . . . 249

    6LSUHVWDVDWHQFLyQDORVSHTXHxRVGHWDOOHVGHOOHQJXDMH FRUSRUDO\GHOPRYLPLHQWRRFXODUSRGUiVHVWDEOHFHU UDSSRUWLQIOXLU\FRPXQLFDUWHGHPDQHUDPiVHILFD] . . . . . . . . 249 $JXGH]DVHQVRULDO. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 0RYLPLHQWRVRFXODUHV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252 (OPRGHORGHODVFODYHVGHDFFHVRRFXODUGHOD31/ . . . . . . . . . . 255 3UXHEDW~PLVPRHOPRGHORGHODVFODYHVGHDFFHVRRFXODU GHOD31/ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257 (VWUDWHJLDV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259

    &DStWXOR(OPiJLFRQ~PHUR . . . . . . . . . . . . . . . . . . . . . . . 269

    (QWHQGLHQGRORVOtPLWHVGHODFRQFLHQFLD\HOFRQWH[WR GHODLQYHVWLJDFLyQFRQWHPSRUiQHDDFHUFDGHOD31/ . . . . . . . 269 &yPRORKDVKHFKR" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269 (OPiJLFRQ~PHUR/RVOtPLWHVGHODFRQFLHQFLD . . . . . . . . . . . 276 (OPRGHORGHFRPXQLFDFLyQGHOD31/. . . . . . . . . . . . . . . . . . . . . . . 279

    &DStWXOR'tDGHIRUPDFLyQLQPHGLDWD. . . . . . . . . . . . . . . 289

    &yPRSODQLILFDU\UHDOL]DUWXSURSLDIRUPDFLyQHQ31/ . . . . . . . . 289 (PSLH]D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291 (MHUFLFLRGHIRUPDFLyQ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293 (MHUFLFLRGHIRUPDFLyQ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 297 (MHUFLFLRGHIRUPDFLyQ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 (MHUFLFLRGHIRUPDFLyQ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 303 (MHUFLFLRGHIRUPDFLyQ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 308 (MHUFLFLRGHIRUPDFLyQ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    12

    *ORVDULRGHWpUPLQRVGHOD31/GHXVRIUHFXHQWH . . . . . . . 321

    %LEOLRJUDItD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 329

    8QDELEOLRJUDItDFURQROyJLFDGHWH[WRVFODYHHQUHODFLyQFRQHOGHVDUUROOR\ODSXEOLFDFLyQGHOD31/ . . . . . . . . . . . . . 343

    /LVWDGRGHODV&DMDVGHKHUUDPLHQWDVGHOD31/ . . . . . . . . . 345

    QGLFHDQDOtWLFR\GHQRPEUHV . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347

    %LRJUDItDV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 353

    (ORJLRVSDUD31/SDUDSURIHVRUHV. . . . . . . . . . . . . . . . . . . . . . . . 355

  • TRECE 13

    $JUDGHFLPLHQWRV

    (QORV~OWLPRVFXDWURDxRVMXQWRFRQRWURVIRUPDGRUHVFRPR+HQULH/LGGLDUG\/\QQ0XUSK\KHPRVWHQLGRODVXHUWHGHHQVHxDUORVPpWRGRVGHOD31/DPiVGHPLOSURIHVRUHV\MHIHVGHGHSDUWDPHQWR-XQWRFRQXQDIRUPDFLyQHVSHFtILFDHQ3URJUDPDFLyQ1HXUROLQJtVWLFDODVKHUUDPLHQWDVGHOD31/KDQVLGRLQFRUSRUDGDVDODHGXFDFLyQSRUORVGRFHQWHVGHODHPSUHVDGHIRUPDFLyQ$OLVWDLU6PLWK$OLWH:LOO7KRPDV6DUDK0RRN3HQQ\&OD\WRQ\1LFN$XVWLQ$OLWH\&I%7$OJXQRVGDWRVGHOOLEURDSDUHFLHURQLPSUHVRVSRUSULPHUDYH]HQODUHYLVWD7HDFKLQJ([SHUWLVH&KXUFKHV\7HUU\DEF$JUDGHFHPRVD&ODUH6PDOHDODVD]yQGLUHFWRUDVXDSR\RHQHOGHVDUUROOR\SULPHUDSXEOLFDFLyQGHHVWHPDWHULDO$Pt5LFKDUGPHJXVWDUtDSDUWLFXODUPHQWHGDUODVJUDFLDVD-RKQ:HVW%XUQKDPSRUVXFRQWLQXDFRQVLGHUDFLyQDQWHXQDVLGHDVWDQGLVSDUHV

    $GHPiVGHIRUPDUDSURIHVRUHVHQHOXVRGHOD31/KHPRVHVWDGRFRQVWDQWHPHQWHDWHQWRVDOHVWXGLRHLQYHVWLJDFLyQDFHUFDGHFXiOHVVRQODVKHUUDPLHQWDVGHOD31/PiV~WLOHVSDUDSURIHVRUHV\MHIHVGHGHSDUWDPHQWR(VWHOLEURHVHOUHVXOWDGRGHODDSOLFDFLyQGHOD31/FRQSURIHVRUHVGHODUHWURDOLPHQWDFLyQUHFLELGD\GHOHVWXGLRGHVHJXLPLHQWRTXHKHPRVUHDOL]DGR&RPRWDOQRHVXQPDQXDOFRPSOHWRGH31/VLQRPiVELHQXQDFROHFFLyQGHHVDVKHUUDPLHQWDVWpFQLFDV\HVWUDWHJLDVGHOD31/TXHORVSURIHVRUHVQRVKDQWUDQVPLWLGRSRUKDEHUVXSXHVWRSDUDHOORVDOJRGLVWLQWRHQHODXOD$XQTXHGHVGHODQHXURFLHQFLDODSVLFRORJtD\ODHGXFDFLyQKD\SUXHEDVTXHDYDODQPXFKDVGHODVWpFQLFDV\PpWRGRVGHOD31/KD\DOJXQRVHQIRTXHVTXHSDUHFHQIXQFLRQDUSRUDKRUDDXQFXDQGRQRH[LVWDWDPSRFRQLQJ~QIXQGDPHQWRUHDOSDUDVXUHVSDOGR$SHVDUGHHVWRKHPRVLQFOXLGRWRGRVORVDVSHFWRVGHORVTXH

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    14

    KHPRVWHQLGRXQIHHGEDFNSRVLWLYR\GRQGHKDVLGRRSRUWXQRVHKDQLQFOXLGRODVSUXHEDVGHLQYHVWLJDFLyQTXHUHVSDOGDQRFRPRPtQLPRVHSUHVHQWDQGHIRUPDSDUDOHODDODVWpFQLFDVGHOD31/TXHVHGHVFULEHQHQORVFDStWXORV

    'HLJXDOPRGRPDQLIHVWDPRVQXHVWURDJUDGHFLPLHQWRSRUHODSR\R\HVWtPXORUHFLELGRGHOSURJUDPDGHLQYHVWLJDFLyQHQ31/GHOD8QLYHUVLGDGGH6XUUH\\HQSDUWLFXODUDO'U3DXO7RVH\\DOD'UD-DQH0DWKLVRQSRUKDEHUQRVSRVLELOLWDGRHODFFHVRDVXVSURSLDVLGHDV\WUDEDMRVGHLQYHVWLJDFLyQ$GHPiVGDPRVODVJUDFLDVDWRGRHOSHUVRQDOGHODHPSUHVDGHIRUPDFLyQGH5RJHU(YROXWLRQ7UDLQLQJHPSOHDGRVIRUPDGRUHV\GLVWLQWRVSURIHVRUHVSDUWLFLSDQWHVTXHKDQDSRUWDGRVXFRQWULEXFLyQWDQWRGLUHFWDFRPRLQGLUHFWDPHQWHHQHVSHFLDOD$OL0REEVSRUVXVH[WUDRUGLQDULDVLOXVWUDFLRQHV'DPRVODVJUDFLDVWDPELpQDWRGDVDTXHOODVSHUVRQDVTXHQRVKDQGDGRVXDSR\RVXHVWtPXOR\VXUHVSXHVWDHQODHODERUDFLyQGHORVDUWtFXORVTXHSUHFHGLHURQDHVWHOLEUR\HQODSURGXFFLyQGHOPLVPR-HQQL&KXUFKHV(PLO\7HUU\'UD*HUDOGLQH+XWFKLQVRQ1LFN$XVWLQ/L]5RELQVRQ&ODLUH0F/HDQ&ODUH6PDOH\+HDWKHU+DPHU1RVJXVWDUtDGHGLFDUHVWHOLEURDQXHVWURVKLMRV6DP/XF\\HQHVSHFLDOD*HRUJHKLMRGH5LFKDUG\-HQQLTXHPXULyGHFiQFHUDODHGDGGHDxRVGXUDQWHODHODERUDFLyQGHHVWHOLEUR

    5LFKDUG&KXUFKHV5RJHU7HUU\

  • QUINCE 15

    ,QWURGXFFLyQ

    'HEHUtDVFRPSUDUHVWHOLEUR"

    /DHQVHxDQ]DYHUVD WDQWRVREUH ODV UHODFLRQHVFRPRVREUHODSHGDJRJtD7UDWDFRQVHQVDFLRQHV\FRQKHFKRV\VHEDVDVREUHWRGRHQORTXHKD\HQHOLQWHULRUGHWXPHQWH\HQODPHQWHGHWXVDOXPQRV7UDWDGHOXVRGHWXVVHQWLGRV\GHOFRQRFLPLHQWRGHWXDVLJQDWXUD

    $ILQGHFXHQWDVWRGRVVDEHPRVTXHHVQXHVWURKXPRUDOHQWUDUHQHODXODORTXHPD\RUHIHFWRWLHQHVREUHORVQLxRVVDEHPRVTXHHVQXHVWURVHQWLGRGHODPRWLYDFLyQORTXHGLUL

    JHHOULWPRGHODFODVH\TXHHVQXHVWUDKDELOLGDGSDUDPLWLJDUODWHQVLyQHQXQPRPHQWRGLItFLOODTXHFUHDXQFOLPDLGyQHRHQHODXOD/DHQVHxDQ]DHIHFWLYDHPSLH]D\WHUPLQDFRQQXHVWUDFDSDFLGDGGHGLULJLUQXHVWUDVUHVSXHVWDVLQWHUQDV\FRQGXFWDVH[WHUQDV

    3XHGHTXHKD\DSRFRVWUDEDMRVTXHUHTXLHUDQXQGRPLQLRWDQJUDQGHGHODVKDELOLGDGHVLQWUDSHUVRQDOHVHLQWHUSHUVRQDOHV\ODLPSRUWDQFLDFHQWUDOGHODIRUPDFLyQGHOSURIHVRUDGR\GHODVDXWRULGDGHVHGXFDWLYDVUHVLGHHQTXHGHEHVHUFDGDYH]PiVWUDQVSDUHQWHYpDVH:HVW%XUQKDP:HVW%XUQKDPH,UHVRQ&RPROD3URJUDPDFLyQ1HXUROLQJtVWLFDWUDWDHOHVWXGLRGHODHILFDFLDSHUVRQDOpVWDSXHGHRIUHFHUDORVSURIHVRUHVXQDEDQLFRGHKHUUDPLHQWDV\GHWpFQLFDVTXHGHVDUUROODQODFDSDFLGDGLQWUDSHUVRQDOHLQWHUSHUVRQDOTXHJHVWLRQDQODVHPRFLRQHV\VLUYHQSDUDFRPXQLFDUVHGHPDQHUDPXFKRPiVHIHFWLYD$OPLVPRWLHPSRKD\HQIRTXHVHVSHFtILFRVSDUDTXHHQWUHVHQFRQWDFWRFRQWLJRPLVPRGHPRGRTXHSXHGDVFRQHF

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    16

    WDUUHDOPHQWHFRQWXVYDORUHV\FRQWXLQWHQFLyQPRUDOFRPRSURIHVRU\DVt

    SXHGDVSHQVDUHQSURIXQGLGDGVREUHORTXHKDFHV\VHDVFDSD]GHWHQHUODV

    GHVWUH]DVSDUDOOHYDUDFDERXQDDFFLyQHILFD](QQXHVWURWUDEDMRFRQSURIH

    VRUHVKHPRVGHVFXELHUWRTXHVDEHUORTXHHVLPSRUWDQWHSDUDWLORTXHTXLH

    UHVDVtFRPRWHQHUODHILFDFLDSHUVRQDOSDUDDFWXDUWHRIUHFHODKDELOLGDGGH

    FRQHFWDUWXVYDORUHVFRQWXFRQGXFWDHLQIOXLUHQODVSHUVRQDVTXHWHURGHDQ

    \DVtFRQVHJXLUIiFLOPHQWHORTXHUHDOPHQWHLPSRUWD$FWXDOPHQWHVHSLHQ

    VDTXHHOYtQFXORHQWUHYDORUHVFRQGXFWDHLQWHQFLyQWLHQHXQDLPSRUWDQFLD

    IXQGDPHQWDOSDUDXQSURJUHVRHVFRODUHIHFWLYR)XOODQ+HPRV

    LQFOXLGRXQFDStWXORHVSHFtILFRFDS(OSURIHVRUSRUGHQWURGRQGHSXH

    GHVWUDEDMDUFRQWXVYDORUHV\H[SORUDUWXLGHQWLGDG(VOD31/ODWHFQRORJtD

    GHODLQWHOLJHQFLDHPRFLRQDO"%LHQVLHVRH[LVWHVtSUREDEOHPHQWHORHV(V

    FLHUWDPHQWHODWHFQRORJtDSDUDHOGHVDUUROORGHODFRPSHWHQFLDLQWUDSHUVRQDO

    HLQWHUSHUVRQDO

    (VOD31/ODWHFQRORJtDGHODLQWHOLJHQFLDHPRFLRQDO"

    %LHQVLHVRH[LVWHVtSUREDEOHPHQWHORHV(VFLHUWDPHQWHODWHFQRORJtD

    SDUDHOGHVDUUROORGHODFRPSHWHQFLDLQWUDSHUVRQDOHLQWHUSHUVRQDO

    $OHVFULELUHVWHOLEURQRKHPRVLQWHQWDGRSUHVHQWDUXQWUDEDMRGHSHGD

    JRJtDQLGHHVWUDWHJLDVGHHQVHxDQ]D

  • 17

    LQWURGXFFLyQ

    (QHVWHOLEURDSUHQGHUiVD

    &RPXQLFDUGHPDQHUDPiVHILFD]'HVDUUROODUWXVHQIRTXHV\KDELOLGDGHVGHLQIOXHQFLD*HVWLRQDUWXVHPRFLRQHV\VHQWLPLHQWRVGHIRUPDPiVHILFD]SDUDD\XGDUWHDVHUUHVLOLHQWH

    )LMDU\ORJUDUW~PLVPRUHVXOWDGRVSRVLWLYRV$PSOLDUWXDEDQLFRGHSRVLEOHVFRQGXFWDV\GHVDUUROODUODVFRQPD\RUIOH[LELOLGDG

    7DPELpQKHPRVLQFOXLGRDORODUJRGHOOLEUR=RQDVGHLQYHVWLJDFLyQDFWXDOL]DGDVTXHHVSHUDPRVVHDQGHLQWHUpVSDUDXQDFRPXQLGDGDFDGpPLFDFDGDYH]PiVDPSOLDDVtFRPRSDUDSURIHVRUHV\GHPiVSHUVRQDVTXHWUDEDMDQFRQORVQLxRVODFDSDFLGDGGHODSUHQGL]DMH(OFDStWXOR4XpKD\GHWUiVGHXQQRPEUH"FRQWLHQHLQIRUPDFLyQGHIRQGRVREUHOD31/\VREUHVXVFRQFHSWRVFHQWUDOHVORVFDStWXORVEDVDGRVHQODVKHUUDPLHQWDVSUiFWLFDVFRPLHQ]DQFRQHOFDStWXOR3HOtFXODVGHp[LWR(OFDStWXOR(OPiJLFRQ~PHURVLW~DOD31/HQXQFRQWH[WRGHLQYHVWLJDFLyQPiVDPSOLRHQUHODFLyQFRQORTXHFRQRFHPRVVREUHODFRQFLHQFLD\ODFRJQLFLyQ\FyPRORVSULPHURVWUDEDMRVHQHOFDPSRGHOD31/HVWiQUHODFLRQDGRVFRQHOSHQVDPLHQWRDFWXDO(OFDStWXORILQDO'tDGHIRUPDFLyQLQPHGLDWDWHRIUHFHXQFRQMXQWRGHWDOODGRGHSDXWDVSDUDD\XGDUWHDODKRUDGHUHDOL]DUSRUWLPLVPRODIRUPDFLyQHQ31/

    4XpWLHQHVHQPHQWH"

    (QVXHVHQFLDpVWHHVXQOLEURVREUHHOOHQJXDMH\ODVLPiJHQHVPHQWDOHVLQWHULRUHV\VREUHFyPRODFRPSUHQVLyQGHWRGRHVWRSXHGHWUDQVIRUPDUWXYLGD\WXODERUFRPRGRFHQWH(QFRQFUHWRHVXQOLEURSDUDVDEHUFyPRXVDUHQHODXODHOOHQJXDMH\ORVHQIRTXHVGHXQJUXSRGHH[WUDRUGLQDULRVWHUDSHXWDVPRGHODGRSRU5LFKDUG%DQGOHU\-RKQ*ULQGHUDPHGLDGRVGHODGpFDGDGH(VWRVSULPHURVHVWXGLRVVREUHOD31/DQDOL]DEDQFyPRWHUDSHXWDVFRPR0LOWRQ(ULFNVRQ9LUJLQLD6DWLU)UDQN)DUUHOO\\)ULW]3HUOVKLFLHURQORTXHKLFLHURQHOUHVXOWDGRILQDOGHHVWRIXHODGRFXPHQWDFLyQGHXQDPSOLRDEDQLFRGHKHUUDPLHQWDVWpFQLFDV\HQIRTXHV$OKDFHUORGHVFXEULHURQ\GHVHPSD

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    18

    FDURQKHUUDPLHQWDVHQIRTXHV\PHWRGRORJtDVTXHFRQGXMHURQDOGHVDUUROORGHWpFQLFDVHVSHFtILFDVTXHVRQWDQHIHFWLYDVHQVLWXDFLRQHV\FRQIOLFWRVGHOGtDDGtDFRPRFRQSDFLHQWHVHQWHUDSLD'HKHFKRFRQHOWLHPSRVHKL]RFDGDYH]PiVHYLGHQWHTXHKDEtDHVWUDWHJLDV\HQIRTXHVHVSHFtILFRVTXHH[FHOHQWHVFRPXQLFDGRUHV\SHUVRQDVGHJUDQSRWHQFLDOFRPSDUWtDQHQWUHVt-XQWDVHVDHILFDFLDSHUVRQDO\HVDVHVWUDWHJLDVGHFRPXQLFDFLyQVHKDQFRQYHUWLGRHQSDUWHLQWHJUDQWHGHORTXHVHFRQRFHFRPR31/0XFKRVGHYRVRWURVOHHUpLVHVWHOLEUR\YHUpLVSXQWRVTXH\DKDEpLVDSUHQGLGRUHFLHQWHPHQWHHQFXUVRV\OLEURV(OKHFKRHVTXHOD31/VHKDLGRLQWHJUDQGRJUDGXDOPHQWHHQODHGXFDFLyQGXUDQWHORV~OWLPRVDxRVDWUDYpVGHXQDFDVFDGD\GHXQHOHQFRGHWpFQLFDV\KHUUDPLHQWDV(VWHOLEURWHD\XGDUiDHQWHQGHUGHGyQGHSURFHGHQWRGDVHVWDVLGHDV\FyPRXVDUODVGHPDQHUDHIHFWLYD

    4XpQRHQFRQWUDUiVHQHVWHOLEUR

    eVWHQRHVXQOLEURVREUHHOFHUHEURQLVREUHFyPRpVWHDSUHQGH6LHVWiVEXVFDQGRXQHVWXGLRVREUHQHXURFLHQFLDRVREUHFyPRDSUHQGHHOFHUHEUR WH UHFRPHQGDPRVHQFDUHFLGDPHQWH7KH/HDUQLQJ%UDLQGH6DUDK-D\QH%ODNHPRUH\8WD)ULWK%ODNHPRUH\)ULWK\ODUHFLHQWHSXEOLFDFLyQ1HXURVFLHQFHDQG(GXFDWLRQ,VVXHVDQG2SSRUWXQLWLHVGHO3URJUDPDGH,QYHVWLJDFLyQVREUH(QVHxDQ]D\$SUHQGL]DMH\GHO&RQVHMRGH,QYHVWLJDFLyQ(FRQyPLFRVRFLDO7/53([LVWHQWDPELpQPXFKRVWH[WRV~WLOHVGH$OLVWDLU6PLWK6PLWK\&DOO%LOO/XFDV*X\&OD[WRQ7RQ\%X]DQ\RWURVTXHDSRUWDQXQHQIRTXHSUiFWLFRSDUDTXLHQHVDVSLUHQDSODQLILFDUVXHQVHxDQ]D\DSUHQGL]DMHGHXQPRGRTXHUHVSDOGHXQPRGHORGHWUDEDMRPiVFHQWUDGRHQHOiPELWRFHUHEUDO3DUDXQDUHVHxDHVFRODUGHOSRVLEOHLPSDFWRGHHVWRVHQIRTXHVVXJHULPRVTXHFRQVXOWHVHOUHFLHQWHPHQWHSXEOLFDGRLQIRUPHGHLQYHVWLJDFLyQ/HDUQLQJWR/HDUQLQ6FKRROV+LJJLQVHWDO&RPROD31/WUDWDSULQFLSDOPHQWHGHODFRPXQL

  • 19

    LQWURGXFFLyQ

    FDFLyQFRQXQRPLVPR\FRQORVGHPiVYHUiVTXHODVWpFQLFDV\KHUUDPLHQWDVGHOOLEURFRPSOHPHQWDQWRGRV\FDGDXQRGHORVHQIRTXHVSHGDJyJLFRV

    1RHQFRQWUDUiVHQIRTXHVSHGDJyJLFRVHQHVWHOLEURQLQDGDTXHSXHGDUHHPSOD]DUWXSUiFWLFDRIRUPDFLyQDFWXDOFRPRGRFHQWH0iVELHQHVWHOLEURFRQWLHQHODVKHUUDPLHQWDV\WpFQLFDVSDUDODHILFDFLDSHUVRQDOFRQODVTXHIiFLOPHQWHSXHGHVPHMRUDUFXDOTXLHUEXHQHQIRTXHRKDELOLGDGDFWXDOHQHODXOD\GHHVWHPRGROOHJDUDVHUDOWDPHQWHHILFD]HQODFODVH$OKDFHUORYHUiVTXHHUHVPiVLQIOX\HQWHJUDFLDVDWXVKDELOLGDGHVGHH[SUHVLyQ\PiVHILFD]DOJHVWLRQDUODV(VWRWHSHUPLWLUiWHQHUPiVHQHUJtD\UHVLVWHQFLDFODULGDG\DWHQFLyQ\ODVHQVDFLyQGHWHQHUSRUFRPSOHWRHOFRQWUROGHWXVHPRFLRQHV\GHWXVSURSyVLWRV

    (QWRQFHVGHTXpWUDWDHVWHOLEUR"

    (VWHOLEURWUDWDVREUHODHILFDFLDSHUVRQDO(QFLHUWRVHQWLGRWUDWDVREUHHOHVSDFLRH[LVWHQWHHQWUHW~\WXVDOXPQRV\HOHVSDFLRGHQWURGHWLFXDQGROROOHYDVDFDER(OWLSRGHFRQRFLPLHQWRTXHUHSUHVHQWDOD31/HVSRUORWDQWRXQFyPRPiVTXHXQTXp'HDOJ~QPRGRHVXQDWHFQRORJtDSDUDWXPHQWH

    (VWHOLEURWUDWDVREUHODHILFDFLDSHUVRQDO(QFLHUWRVHQWLGRWUDWDVREUHHOHVSDFLRH[LVWHQWHHQWUHW~\WXVDOXPQRV\HOHVSDFLRGHQWURGHWLFXDQGROROOHYDVDFDER(OWLSRGHFRQRFLPLHQWR

    TXHUHSUHVHQWDOD31/HVSRUORWDQWRXQFyPRPiVTXHXQTXp'HDOJ~QPRGRHVXQDWHFQRORJtDSDUDWXPHQWH

    3RUTXpKHPRVHVFULWRHVWHOLEUR

    /RTXHQRVGLFHQXHVWUDH[SHULHQFLDHQHOXVRGHOD31/FRQORVGRFHQWHVHVTXHHVWDVKHUUDPLHQWDV\WpFQLFDVSXHGHQD\XGDUOHVDDOFDQ]DUHOREMHWLYRGHODHILFDFLDLQWUDSHUVRQDOHLQWHUSHUVRQDOFDGDYH]FRQPiVIUHFXHQFLD

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    20

    1XHVWURHVWXGLRGXUDQWHORV~OWLPRVFXDWURDxRVQRVKDHQVHxDGRPXFKDVFRVDV(QSDUWLFXODUKHPRVDSUHQGLGRTXHQRWRGDVODVWpFQLFDV\KHUUDPLHQWDVVLUYHQSDUDWRGRHOPXQGR(VWRVHGHEHFDVLVLQGXGDDTXHWRGRVQRVRWURVWHQHPRVPpWRGRVDOWDPHQWHHILFDFHVGHWUDWDUHOUHWRGHODHGXFDFLyQ/RTXHHVLQQHJDEOHGHVGHQXHVWUDH[SHULHQFLDHVTXHFDVLWRGRVORVGRFHQWHVFRQORVTXHKHPRVWUDEDMDGRFRQVLGHUDQTXHKD\DOJRTXHUHSUHVHQWDXQKLWRUHDOSDUDHOORV\SDUDVXVUHODFLRQHVWDQWRHQHODXODFRPRHQODVDODGHSURIHVRUHV$ILQGHFXHQWDVODUHVSXHVWDHQODHGXFDFLyQKDGHHVWDUHQHOWHUUHQRGHXQDLQYHVWLJDFLyQSURIHVLRQDO\FRQHVWHHVStULWXWHLQYLWDPRVDWUDEDMDUFRQODVLGHDV\KHUUDPLHQWDVGHHVWHOLEUR\DTXHQRVSHUPLWDVVDEHUORTXHRFXUUH

    $SUHQGHUOD31/

    &XDOTXLHUEXHQOLEURVREUH31/GHEHUtDDVSLUDUDVHUXQFRPSOHPHQWRDODIRUPDFLyQ\DODSUiFWLFDSHUVRQDO&RQHVWRHQPHQWHKHPRVLQFOXLGRHMHUFLFLRVSUiFWLFRVDORODUJRGHOOLEUR\XQFDStWXORILQDO'tDGHIRUPDFLyQLQPHGLDWDTXHWHSURSRUFLRQDVLHWHHMHUFLFLRVLQWHUDFWLYRVGHIRUPDFLyQHQ31/TXHSXHGHVUHDOL]DUSRUVHSDUDGRRGHPDQHUDFRPSOHWD6LD~QQRKDVWHQLGRODRSRUWXQLGDGGHUHDOL]DUXQDIRUPDFLyQHQ31/GLULJLGDSRUIRUPDGRUHVRSURIHVLRQDOHVUHFRQRFLGRVWHUHFRPHQGDPRVHQFDUHFLGDPHQWHTXHORKDJDV/D31/HVXQFRQMXQWRGHKDELOLGDGHVSUiFWLFDVSHURKD\PXFKRPiVTXHDSUHQGHUTXHORTXHSXHGDVHULPSDUWLGR~QLFDPHQWHHQHOFRQWH[WRGHXQWH[WRHVFULWR%XVFDFXUVRVGHIRUPDFLyQUHDOL]DGRVSRUHGXFDGRUHVUHJLVWUDGRVELHQGHOD,1/37$,QWHUQDWLRQDO1/37UDLQHUV$VVRFLDWLRQ>$VRFLDFLyQ,QWHUQDFLRQDOGH(GXFDGRUHVGHOD31/@RGHOD$1/3$VVRFLDWLRQRI1/3>$VRFLDFLyQGHOD31/@

    3DUDTXLHQHVHVWiLVHVWXGLDQGRFRQYLVWDVDODREWHQFLyQGHOWtWXORGHPDJLVWHULRRSDUDORVTXHKDFpLVXQDWLWXODFLyQVXSHULRUHQHGXFDFLyQRVKHPRVSURSRUFLRQDGR=RQDVGHLQYHVWLJDFLyQTXHRVRIUHFHQREUDVGHFRQVXOWD~WLOHVSDUDLQYHVWLJDUGHVGHIXHUDGHOD31/TXHVHLJXDODQDQXHVWURPRGHOR\ORUHVSDOGDQ

    /3,&(6

  • 21

    LQWURGXFFLyQ

    $VtTXHGHEHUtDVFRPSUDUHVWHOLEUR"6tVLHVWiVLQWHUHVDGRHQFRPHQ]DUDGHVDUUROODUODH[FHOHQFLDHQODVKDELOLGDGHVFRPXQLFDWLYDVHQHODXOD6tVLTXLHUHVDSUHQGHUDXWLOL]DUSRGHURVDVKHUUDPLHQWDVSDUDJDUDQWL]DUWXVREMHWLYRVSHUVRQDOHV\SURIHVLRQDOHV6tVLTXLHUHVVDEHUFyPRVHQWLUWHELHQFXDQGRTXLHUDV'HKHFKRFXDOTXLHUDTXHWUDEDMHHQXQFROHJLRSURIHVRUHVMHIHVGHHVWXGLRMHIHVGHHWDSDGLUHFWRUHVVXSHULRUHVDX[LOLDUHVGHHQVHxDQ]DFRQVHMHURVORFDOHVGHHGXFDFLyQ\PXFKRVRWURVTXHUUiFRPSUDUHVWHOLEUR

    5HFRJLHQGRORPiVVREUHVDOLHQWHGHHVWHOLEUR

    $GHPiVGHFRQWHQHUPXFKDLQIRUPDFLyQVREUHOD31/\HOWUDVIRQGRGHVXVKHUUDPLHQWDV\WpFQLFDVKD\PXFKDVDFWLYLGDGHVSUiFWLFDVSDUDTXHWUDEDMHVHQHOODV

    /RV+D]ORVRQDFWLYLGDGHVTXHFRQVWUXLUiQWXVFDSDFLGDGHV\KDELOLGDGHVLQWHUQDV\DFWXDUiQFRPRSUHOXGLRGHDFWLYLGDGHVPiVDYDQ]DGDVHQODV&DMDVGHKHUUDPLHQWDVGHOD31/

    2EVHUYDUiVTXHHQHOOLEURVHUHSLWHQDOJXQRVFRQFHSWRV+HPRVKHFKRHVWRSDUDTXHSXHGDVFHQWUDUWHUHDOPHQWHHQHOWUDEDMRVREUHFDGDFDStWXORGHXQDVRODYH]VLQWHQHUTXHUHPLWLUWHGHPDVLDGRDRWURVSXQWRV

    7HVXJHULPRVTXHYD\DVSRFRDSRFR\TXHMXHJXHVFRQORVFRQFHSWRV\KHUUDPLHQWDVHQWXWUDEDMRGLDULRFRPSUREDQGRORHILFDFHVTXHSXHGHQVHUHQODVVLWXDFLRQHVFRWLGLDQDV8QDYH]TXHKD\DVOHtGRFDGDFDStWXOR\WUDEDMDGRODVDFWLYLGDGHVSXHGHTXHTXLHUDVUHDOL]DUODVDFWLYLGDGHVFRQXQDPLJRRFROHJD(QHOFDVRGHDOJXQDVGHODVWpFQLFDV\KHUUDPLHQWDVVHUtD~WLOTXHDOJXLHQODVOH\HUDHQYR]DOWDPLHQWUDVW~ODVWUDEDMDV'HEDWLUODVDFWLYLGDGHVGHVSXpVSXHGHVHUUHDOPHQWH~WLO

    )LMDHOREMHWLYRGHHVWDEOHFHUGRVRWUHVLGHDVFRQFHSWRV\WpFQLFDVFDGDYH]\HVWDEOHFHXQGtDSDUDSUDFWLFDUFDGDSXQWR$SOLFDUDOJXQDVGHHVWDVHVWUDWHJLDVVHUiPXFKRPiVHIHFWLYRTXHODPHUDOHFWXUDGHOOLEUR

    (QJHQHUDOORPHMRUHVWUDEDMDUXQVRORFDStWXORSDUDTXHORVHQIRTXHV\HODSUHQGL]DMHDYDQFHQDPHGLGDTXHVHGHVDUUROODFDGDFDStWXOR

    /DV=RQDVGHLQYHVWLJDFLyQDxDGHQULJRUDFDGpPLFRDOFRQWHQLGRGHORVFDStWXORVSHURQRHVQHFHVDULRJDVWDUWLHPSRHQHOODVDQWHVGHWUDEDMDUORVFDStWXORV\ODVKHUUDPLHQWDV

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    22

    $OILQDOGHFDGDFDStWXORSUiFWLFRKD\XQFXDGURWLWXODGR0iVIRUPDVGHHPSH]DUDPHMRUDUWXSUiFWLFDHQFODVHFRQOD31/,QFOX\HQXQDVHULHGHVXJHUHQFLDVDGLFLRQDOHVSDUDHPSH]DUFRQODVKHUUDPLHQWDVTXHVHGHVFULEHQHQHOFDStWXOR

    5HFXHUGDTXHQRQHFHVLWDVDVLPLODUWRGRDODYH]'DWHWLHPSRSDUDWUDEDMDUXQDRGRVKHUUDPLHQWDVRHQIRTXHVFDGDYH]

  • VEINTITRS 23

    4XpKD\GHWUiVGHXQQRPEUH"

    (VWXGLDQGRODH[FHOHQFLD

    $YHFHVVHGHVFULEHOD31/FRPRHOHVWXGLRGHODH[FHOHQFLDKXPDQD/D31/HVWXGLDQRVyORORTXHKDFHQODVSHUVRQDVHILFDFHVVLQRWDPELpQFyPROROOHYDQDFDER(VWRLQFOX\HODVFRQGXFWDVOHQJXDMHVH[WHULRUHV\YLVLEOHVGHODJHQWHDOWDPHQWHHILFD]ORVSURFHVRVPHQWDOHVLQWHUQRVTXHXWLOL]DQ\VXPRGRGHSHQVDU$SOLFDQGRHVWRVHQIRTXHV\HVWHSHQVDPLHQWRSRGUiVORJUDUODVPLVPDVFRVDVHQWXSURSLDYLGD\HQWXSURSLRWUDEDMR1RKHPRVKHFKRPiVTXHHPSH]DUDFRPSUHQGHUHOSRGHUGHQXHVWUDVPHQWHV\ODUHODFLyQHQWUHPHQWH\FXHUSR/RVEX]RVTXHVHVXPHUJHQDSURIXQGLGDGHVDVRPEURVDVVLQERWHOODGHR[tJHQRVRQFDSDFHVGHDOFDQ]DUORTXHVHOODPDHVWDGRGHDSQHDHVWiWLFD/RFRQVLJXHQGHVWHUUDQGRHOPLHGR\HOHVWUpVTXHPLQDQODHQHUJtD(VWRUHSUHVHQWDXQH[WUDRUGLQDULRMXHJRPHQWDO\HVORRSXHVWRDORVGHSRUWHVGHDGUHQDOLQD'RQGHODDGUHQDOLQDDFHOHUDHOPHWDEROLVPRORVEX]RVORUHGXFHQ/RVFDPSHRQHVPXQGLDOHVSXHGHQYHQFHUHO LPSXOVRQDWXUDOGHOFXHUSRDUHVSLUDUGXUDQWHPiVGHQXHYHPLQXWRV

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    24

    (QOD31/HOSURFHVRGHHVWXGLRGHORVGHWDOOHVGHORTXHUHDOL]DQODVSHUVR

    QDVVXVPRGRVGHSHQVDUVHQWLU\FRPSRUWDUVHUHFLEHHOQRPEUHGHPRGH

    ODGRPRGHOOLQJ+DFHFLQFXHQWDDxRVDSHQDVVHHQWHQGtDORTXHGLIHUHQ

    FLDEDDXQMXJDGRUGHHOLWHGHRWURPHGLRFUH/RTXHGDFRPRUHVXOWDGRDXQ

    MXJDGRUGHHOLWHKDVLGRDQDOL]DGR\YLGHRJUDEDGRXQD\RWUDYH]+R\HQGtD

    SXHGHVDQDOL]DUFRQJUDQGHWDOOHWXVZLQJGHJROIRODPDQHUDGHDJDUUDUOD

    UDTXHWDHQHOWHQLV(VWDDWHQFLyQSXHVWDHQHOGHWDOOHGHODH[FHOHQFLD\GH

    ODHILFDFLDHVORTXHKDFHTXHODLQYHVWLJDFLyQVREUHOD31/VREUHVDOJDSRU

    HQFLPDGHRWURVHVWXGLRVGHODVFRQGXFWDV\GHODHILFDFLDKXPDQD3HUR

    IXHUDGHHVWRVHVWXGLRVGHWDOODGRVHVGRQGHVHXELFDHOPHROORGHOFRQRFL

    PLHQWRGHOD31/

  • TXpKD\GHWUiVGHXQQRPEUH"

    25

    &DUDFWHUtVWLFDVGHOSURIHVRUTXHFRQVLJXHODH[FHOHQFLDHQVXYLGD\HQVXiPELWRODERUDO

    6DEHORTXHTXLHUH(VWDEOHFHREMHWLYRVSUHFLVRV\DOFDQ]DEOHV'HEHVDEHUFXiOHVHOSURSyVLWR\ODGLUHFFLyQGHVXDFFLyQ\FRPXQLFDFLyQ(QFRQFUHWRGHEHWHQHULPiJHQHVVRQLGRVRVHQVDFLRQHVLQWHUQDVFODUDVTXHVHXQDQSDUDFUHDUXQDUHSUHVHQWDFLyQLQWHULRUGHVtPLVPRUHDOL]DQGRXQDDFFLyQIXWXUDGHPDQHUDHILFD]

    6DEHVLHVWiFRQVLJXLHQGRORTXHTXLHUH$JXGL]DDOGHWDOOHORTXHSHUFLEHQVXVVHQWLGRVSDUDDVtGHVDUUROODUODDJXGH]DVHQVRULDO2EVHUYDODVUHVSXHVWDVGHORVGHPiVSDUDGRWDUVHGHOIHHGEDFNVHQVRULDO\DVtDVHJXUDUVHGHTXHDYDQ]DKDFLDVXVREMHWLYRV

    7LHQHIOH[LELOLGDGSDUDHOFDPELR(VIOH[LEOHFRQVXFRQGXFWDOHQJXDMH\VHQVDFLyQLQWHULRU6HDGDSWDFRQWLQXDPHQWHSDUDLQIOXLUHLPSOLFDUDORVGHPiVHQVXVREMHWLYRV

    3DVDDODDFFLyQ+D\XQPXQGRUHDODKtIXHUD/RTXHRFXUUHHQVXPHQWH\HQHOFLQHTXHVHSUR\HFWDHQVXPHQWHHVVyORXQPDSD

    $XQTXHODPD\RUSDUWHGHOD31/WLHQHSDUDOHOLVPRVFRQORVHVWXGLRVUHFLHQWHVGHQHXURFLHQFLD\SVLFRORJtDOD31/FRPRIRUPDGHFRQRFLPLHQWRHVIXQGDPHQWDOPHQWHIHQRPHQROyJLFD&RPRWDOUHSUHVHQWDXQFXHUSRGHFRQRFLPLHQWRVREUHODQDWXUDOH]DGHODH[SHULHQFLDKXPDQDVXEMHWLYD/D31/VHFRPSUHQGH\VHDSUHQGHPHMRUFRQODH[SHULHQFLD\DWUDYpVGHODSUiFWLFD7HVHUYLUiGHUHIXHU]RHOYROYHUDYLVLWDUODVVHFFLRQHVSUHYLDVGHOOLEUR\KDFHUORV+D]OR\RWURVHMHUFLFLRV

    0XFKDVGHODVWpFQLFDVDOWDPHQWHHIHFWLYDVGHOD31/TXHVHLQFOX\HQHQHVWHOLEURVRQKDELOLGDGHV\SURFHVRVGLVHxDGRVDSDUWLUGHOPXQGRGHODKLSQRVLV6LJXLHQGRORVGHWDOODGRVHVWXGLRVGHWHUDSHXWDV\GHH[FHOHQWHVFRPXQLFDGRUHV%DQGOHU\*ULQGHUFRQFOX\HURQTXHWRGDFRPXQLFDFLyQHVXQDKLSQRVLV%DQGOHU\*ULQGHU\DTXHFDGDYH]TXHXQDSHUVRQDFRPXQLFDDOJRDRWUDVHUHTXLHUHTXHDPEDVORH[SHULPHQWHQSRUVtPLVPDV\VHLQGXFHDHQWUDUHQXQHVWDGRKLSQyWLFR3RUHMHPSORVLWHHPSH]DPRVDFRQWDUQXHVWUDV~OWLPDVYDFDFLRQHVHQHOH[WUDQMHURODVHQVDFLyQGHODDUH

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    26

    QDEDMRQXHVWURVSLHVHOVRQLGRGHODVRODV\HOFRORUGHSODQWDV\iUEROHVSRGUtDVHPSH]DUSHUIHFWDPHQWHDFUHDUWHXQDLPDJHQLQWHULRU(QFLHUWRVHQWLGRFXDQGRDOJXLHQLQWHQWDFRPXQLFDUDOJRHVWiLQWHQWDQGRLQGXFLUDHQWUDUHQGLFKRHVWDGR(OSULQFLSDOPRGRHQTXHVHUHDOL]DHVWRHVFRQODVSDODEUDV3RUVXSXHVWRWUDVOHHUHVWHOLEURQRYDVDFRQVHJXLUTXHWXVDOXPQRVHQWUHQHQXQSURIXQGRWUDQFH\VHOHYDQWHQILQJLHQGRVHUSROORV/DKLSQRVLVHVXQFDPSRPXFKRPiVDPSOLRTXHORTXHLQWHQWDPRVDEDUFDUDTXtVLQHPEDUJRODVKDELOLGDGHVFHQWUDOHVGHXQDFRPXQLFDFLyQ\GHXQDLQIOXHQFLDH[FHOHQWHVVRQODVPLVPDV

    6LJXLHQGRORVGHWDOODGRVHVWXGLRVGHWHUDSHXWDV\GHH[FHOHQWHVFRPXQLFDGRUHV%DQGOHU\*ULQGHUFRQFOX\HURQ

    TXHWRGDFRPXQLFDFLyQHVXQDKLSQRVLV%DQGOHU\*ULQGHU\DTXHFDGDYH]TXHXQDSHUVRQDFRPXQLFDDOJRDRWUDVHUHTXLHUH

    TXHDPEDVORH[SHULPHQWHQSRUVtPLVPDV\VHLQGXFHDHQWUDUHQXQHVWDGRKLSQyWLFR

    3LHQVDSRUXQPRPHQWR\UHVSyQGHWHDWLPLVPR4XpKDFHQGHEXHQRORVWHUDSHXWDV"

    $PHQXGRQRVIRUPXODPRVHVWDSUHJXQWDHQODVVHVLRQHVGHIRUPDFLyQ\ODOLVWDTXHDSDUHFHHQODVWDEODVHVVLHPSUHSDUHFLGDDpVWD

    &UHDQFDPELRVSRVLWLYRVSDUDODVSHUVRQDV$\XGDQDODJHQWHDFDPELDUVXFRQGXFWD&RPXQLFDQGHPDQHUDHIHFWLYD)DFLOLWDQHODSUHQGL]DMH&DPELDQODYLGDGHODVSHUVRQDV$\XGDQDODJHQWHDVXSHUDUH[SHULHQFLDVGLItFLOHVGHVXSDVDGR(VWLPXODQDODVSHUVRQDVSDUDTXHDOFDQFHQVXVFDSDFLGDGHV$\XGDQDTXHODVSHUVRQDVJHVWLRQHQVXVFRQGXFWDVHWF

  • TXpKD\GHWUiVGHXQQRPEUH"

    27

    7RGRVHVWRVVRQDVSHFWRVTXHHVSHUDVREVHUYDUHQXQSURIHVRUUHDOPHQWHHIHFWLYR/RIXQGDPHQWDOHVTXHODVGHVWUH]DVFODYHGHXQWHUDSHXWDFRPRODVGHXQSURIHVRUVRQXQDKDELOLGDGSDUDLQIOXLUFRQODVSDODEUDV\XVDUHOOHQJXDMHSDUDFUHDUXQFDPELR(OFRPSUHQGHUHVWRVWLSRVGHKHUUDPLHQWDVHV~WLOSDUDFXDOTXLHUSURIHVLyQHQODTXHHOXVRGHOOHQJXDMHVHDODGHVWUH]DSULQFLSDOFRPRVXFHGHHQODHQVHxDQ]D

    3URJUDPDFLyQ1HXUROLQJtVWLFD 4XpQRPEUHPiVWHUULEOH

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    28

    WRHQ31/HQYDULDVXQLYHUVLGDGHVGHO5HLQR8QLGR&RPRHVQRUPDOHQHOFDVRGHQXHYRVFRQRFLPLHQWRVOD31/VHHVWiGHVDUUROODQGRFRQVWDQWHPHQWH\WDPELpQORKDKHFKRGXUDQWHORV~OWLPRVWUHLQWDDxRV3DUDVHUVLQFHURVOD31/DYHFHVKDDGRSWDGRLGHDVPX\GLVSDUDWDGDV$OHVFULELUHVWHOLEURKHPRVSUHWHQGLGRTXLWDUHVRVDVSHFWRV\DOPLVPRWLHPSRSUHVHUYDUHVDVKHUUDPLHQWDVWpFQLFDVHLGHDVTXHVHJ~QQXHVWUDSURSLDH[SHULHQFLD\GHVGHHOIHHGEDFNVDEHPRVTXHSXHGHQPDUFDUXQDYHUGDGHUDGLIHUHQFLDSDUDORVGRFHQWHVHQHOGtDDGtD

    =RQDGHLQYHVWLJDFLyQ,QIOXHQFLDVFODYHHQOD31/

    (OWpUPLQR3URJUDPDFLyQ1HXUROLQJtVWLFDIXHXWLOL]DGRSRUSULPHUDYH]SRU5LFKDUG%DQGOHU\-RKQ*ULQGHUHQOD8QLYHUVLGDGGH6DQWD&UX]HQ&DOLIRUQLDGXUDQWHODGpFDGDGH\ODVWpFQLFDVDSDUHFLHURQSXEOLFDGDVSRUSULPHUDYH]HQ%DQGOHU\*ULQGHUDE8WLOL]DURQHOWpUPLQRSDUDUHIHULUVHDXQFRQMXQWRGHIHQyPHQRV\FRQFHSWRVTXHHQOtQHDVJHQHUDOHVDSR\DEDQODRSLQLyQGHTXHORVKXPDQRVSXHGHQVHUFRQVLGHUDGRVFRPRXQ

    VRORVLVWHPDPHQWHFXHUSRHQHOTXHVHGHILQHQORVSDWURQHVGHFRQH[LyQTXHXQHQODH[SHULHQFLD\HOOHQJXDMHLQWHUQRQHXUR\OLQJtVWLFDUHVSHFWLYDPHQWHFRQODFRQGXFWDSURJUDPDFLyQ%DQGOHUHUDHVWXGLDQWHGHPDWHPiWLFDVHLQIRUPiWLFD\*ULQGHUSURIHVRUGHOLQJtVWLFD)XHURQDOHQWDGRVHQVXWUDEDMRSRU*UHJRU\%DWHVRQDFX\DLQYHVWLJDFLyQVHGHEHODPD\RUSDUWHGHOPRGHORGHOD31/(QSDUWLFXODUOD31/GHVGHVXVRUtJHQHVKDVXUJLGRGHIRUPDVLJQLILFDWLYDDSDUWLUGHORVFRQFHSWRVFODYHTXHVHHQFXHQWUDQHQODFROHFFLyQGHHVFULWRV6WHSVWRDQ(FRORJ\RI0LQGGH%DWHVRQ

    /D31/H[WUDHVXVLQIOXHQFLDVGHXQDPSOLRDEDQLFRGHFDPSRV\PiVHVSHFtILFDPHQWHGHORVVLJXLHQWHVODKLSQRWHUDSLDGH0LOWRQ(ULFNVRQ%DQGOHU\*ULQGHUEFODWHUDSLD*HVWDOW3HUOV\ORVHQIRTXHVGHWHUDSLDIDPLOLDUGH9LUJLQLD6DWLU%DQGOHU\*ULQGHU(OFRQGLFLRQDPLHQWRFOiVLFR3DYORYVHDSOLFDWDPELpQDOD31/\VHFRQRFHFRPRDQFODMH

    'XUDQWHDOJXQRVDxRVOD31/KDVLGRXQFDPSRPX\GLVFXWLGR6LQHPEDUJRORV~OWLPRVDYDQFHVHQQHXURFLHQFLDFRPRUHVXOWDGRGHORVHVWXGLRVHQI05,KDQVHUYLGRSDUDVLWXDUDOD31/HQXQFRQWH[WRPiVDPSOLRGHLQYHVWLJDFLyQ

  • TXpKD\GHWUiVGHXQQRPEUH"

    29

    (QSDUWLFXODUODVWHRUtDVFRJQLWLYDVGHODKLSQRVLVSHM%URZQ\2DNOH\

    UHVSDOGDQODHIHFWLYLGDG\HOSURFHVRKLSQyWLFRDVtFRPRODHILFDFLDGHOOHQ

    JXDMH\ORVHQIRTXHVKLSQyWLFRV,JXDOPHQWHODVKHUUDPLHQWDV\HQIRTXHVPiV

    DPSOLRVGHOD31/VRQVHFXQGDGRVSRUORVHVWXGLRVGHODVQHXURQDVHVSHMR

    5L]]RODWLHWDOODUHFRQVROLGDFLyQPHPRUtVWLFD0LOOHU\0DW]HO

    HOHIHFWRGHODVLPiJHQHVPHQWDOHVSRVLWLYDV1HFN\0DQ]\ODVLQYHVWL

    JDFLRQHVVREUHODVPLFURH[SUHVLRQHVIDFLDOHV(NPDQ

    3XHGHVHQFRQWUDUXQD=RQDGHLQYHVWLJDFLyQPiVGHWDOODGDTXHDEDUFDODVGHIL

    QLFLRQHVDFDGpPLFDVGHOD31/DOILQDOGHOFDStWXOR(OPiJLFRQ~PHUR

    %$1'/(55\*5,1'(5-D7KH6WUXFWXUHRI0DJLF,$%RRNDERXW/DQJXDJHDQG7KHUDS\3DOR$OWR&$6FLHQFHDQG%HKDYLRXU%RRNV

    %$1'/(55\*5,1'(5-E3DWWHUQVRIWKH+\SQRWLF7HFKQLTXHVRI0LOWRQ+(ULFNVRQ0'YRO,&XSHUWLQR&$0HWD3XEOLFDWLRQV

    %$7(621*6WHSVWRDQ(FRORJ\RI0LQG/RQGUHV3DODGLQ*UDQDGD%52:15-\2$./(

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    30

    /DVSUHVXSRVLFLRQHVGHOD31/

    +DVREVHUYDGRDOJXQDYH]DRWURSURIHVRUKDEODQGRGHXQDFODVHRGHXQDOXPQR\WHKDVGDGRFXHQWDGHTXH WLHQHXQSXQWRGHYLVWDVREUHHOOORVFRPSOHWDPHQWHGLIHUHQWHGHOWX\R"+DVUHSDUDGRHQDOJXQDRFDVLyQHQTXHHVDVt\WHKDVGDGRFXHQWDGHTXHHUDQODVH[SHFWDWLYDVRSLQLRQHV\IRUPDVGHSHQVDUGHOSURIHVRUFRQUHVSHFWRDOQLxRRDODFODVHORTXHFRQVWLWXtDSUREDEOHPHQWHHOPHROORGHOSUREOHPD"

    $PHQXGRHQORVFROHJLRVVXFHGHTXHHOPRGRHQTXHSHQVDPRVVREUHODVFRVDVDIHFWDDQXHVWUDVFRQGXFWDV\SRUORWDQWRDIHFWDHLQIOX\HHQORVTXHQRVURGHDQ'XUDQWHORV~OWLPRVWUHLQWDDxRVOD31/KDGHILQLGRODVIRUPDVFUtWLFDVGHSHQVDPLHQWRTXHODVSHUVRQDVGHp[LWRDGRSWDQDODKRUDGHORJUDUVXVFDSDFLGDGHV$PHQXGRQRVUHIHULPRVDHOODVFRPRODVSUHVXSRVLFLRQHVGHOD31/eVWDVVHKDQGHVDUUROODGRGHQWURGHHVWHFDPSR\HQJHQHUDODSDUWLUGHORULJLQDOPRGHODGRGHORVWHUDSHXWDV\GHODJHQWHFRQp[LWR(QFRQWUDUiVHVWDVSUHVXSRVLFLRQHVH[SUHVDGDVGHPRGRVGLIHUHQWHVHQGLVWLQWRVOLEURVGHSHQGLHQGRGHOFRQWH[WRTXHVHWUDWH/DVGLH]SUHVXSRVLFLRQHVTXHKHPRVFRQVLGHUDGRPiV~WLOHVSDUDXQDHQVHxDQ]DDOWDPHQWHHIHFWLYDVHHQXPHUDQDFRQWLQXDFLyQ(QHOFRUD]yQGHHVWDVLGHDVKD\XQSULQFLSLRIXQGDPHQWDOQRSRGHPRVFDPELDUODFRQGXFWDGHQLQJXQDRWUDSHUVRQDVyORSRGHPRVFDPELDUODQXHVWUD(VWRVHDSOLFDWDQWRDQLxRVFRPRDDGXOWRVSURIHVRUHVSDGUHVDPLJRV\FXDOTXLHURWUDSHUVRQDFRQODTXHLQWHUDFWXHPRV1RSRGHPRVHVWDUVLHPSUHVHJXURVGHFyPRQXHVWURVFDPELRVGHFRQGXFWDDIHFWDUiQDORVGHPiV6LQHPEDUJRVLHQGRVHQVLEOHVDODUHWURDOLPHQWDFLyQVHQVRULDOTXHUHFLELPRV\DORVVLJQRV\VHxDOHVVXWLOHVTXHUHFLELPRVGHORVRWURVSRGHPRVOOHJDUDVHUPiVDGDSWDEOHV\UHVSRQGHUPiVHILFD]PHQWHDODFRQGXFWDGHORVGHPiV

  • TXpKD\GHWUiVGHXQQRPEUH"

    31

    1RSRGHPRVFDPELDUODFRQGXFWDGHQLQJXQDRWUDSHUVRQDVyORSRGHPRVFDPELDUODQXHVWUD

    'HGLFDUXQRVPRPHQWRVSDUDUHIOH[LRQDUVREUHHVWDVSUHVXSRVLFLRQHVWHVHUi~WLODQWHVGHHPSH]DUWXYLDMHDWUDYpVGHORVFDStWXORVSUiFWLFRVTXHWHHVSHUDQ

    &RPXQLFDUGHPDQHUDHIHFWLYD

    6LHPSUHHVWDPRVFRPXQLFDQGR

    7RGRORTXHKDFHPRVIUHQWHDQXHVWURVDOXPQRVVLUYHSDUDFRPXQLFDUGHXQPRGRXRWUR

    /DVSDODEUDVTXHXWLOL]DPRV /RVSHTXHxRVFDPELRVHQQXHVWUDH[SUHVLyQIDFLDO

    (OPRGRHQTXHSHUPDQHFHPRVHQXQOXJDU

    'yQGHQRVVLWXDPRVHWF

    5HFRQRFHUHVWRQRVFDSDFLWDSDUDH[DPLQDU ORV GHWDOOHV GH QXHVWUDFRPXQLFDFLyQ\HOHIHFWRTXHWLHQHHQORVRWURV'HKHFKRHVLPSRVLEOHQRFRPXQLFDUHLQFOXVRHOQRGHFLUQDGDFRPXQLFDDOJR

    (OVLJQLILFDGRGHWXFRPXQLFDFLyQHVODUHVSXHVWDTXHUHFLEHV

    (QPXFKRVVHQWLGRVpVWDHVXQDGHODVLGHDVPiVGHVDILDQWHVSDUDORVSURIHVRUHV6LJQLILFDTXHQRSRGHPRVFXOSDUVRODPHQWHDORVGHPiVGHODIDOWDGHFRPSUHQVLyQVREUHORTXHTXHUHPRV(QXQDSULPHUDUHYLVLyQHVWRSXHGHSDUHFHUXQDLGHDIXQHVWDSHURHQUHDOLGDGHVXQPRGROLEHUDGRU\SRGHURVRGHYHUHOPXQGRGHXQDPDQHUDGLIHUHQWH6DEHUTXHVRPRVQRVRWURVPLVPRVORVTXHQHFHVLWDPRVFDPELDUQRVSHUPLWHWRPDUSOHQR

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    32

    FRQWUROGHO~QLFRDVSHFWRGHODYLGDGHOTXHHQUHDOLGDGWHQHPRVFRQWURODVDEHUQXHVWUDSURSLDFRQGXFWD3LHQVDHQHOORFyPRFRQVLJXHVTXHORVGHPiVKDJDQDOJR"/DUHDOLGDGHVTXHW~WLHQHVTXHDFWXDUSULPHUR

    /DUHVLVWHQFLDHVHOUHVXOWDGRGHXQDIDOWDGHUHODFLyQFRPXQLFDWLYD

    &XDQGRWHHQFXHQWUDVFRQUHVLVWHQFLDRFRQXQUHWRKD]WHHVWDSUHJXQWD4XpWLSRGHUHODFLyQWHQJRFRQHVWHQLxRSDGUHRFROHJD"&DVLVLHPSUHTXHQRKD\TXtPLFDFRQILDQ]DQLUHODFLyQPXWXDHVGHFLUUHODFLyQFRPXQLFDWLYDODUHVLVWHQFLDFRQWLQ~D$SUHQGHUDHVWDEOHFHUXQDUHODFLyQFRPXQLFDWLYDHVXQDGHODVGHVWUH]DVFODYHHQOD31/(QHVWHOLEURDSUHQGHUiVODVGHVWUH]DVSULQFLSDOHVTXHWHSHUPLWLUiQFRQVWUXLUHVWDFRPXQLFDFLyQGHPDQHUDHIHFWLYD\UiSLGDHQFXDOTXLHUVLWXDFLyQRFLUFXQVWDQFLD$PHQXGRORVSURIHVRUHVVHDSUR[LPDQDODXODGHVGHODSHUVSHFWLYDGHODVWDUHDVGHODVHVWUDWHJLDV\GHODVGHVWUH]DVORVQLxRVRSHUDQHQXQQLYHOPXFKRPiVEiVLFRHOQLYHOGHODLGHQWLGDG*HQHUDOPHQWHOHVLQWHUHVDPiVTXLpQHUHVTXpHVLPSRUWDQWHSDUDWL\EXVFDQSURWHFFLyQ\HGXFDFLyQ6HUFDSD]GHGHVDUUROODUXQDUHODFLyQFRPXQLFDWLYDVLQHVIXHU]RSXHGHD\XGDUWHDFRPXQLFDUWHHQHVWHQLYHO\DWUDQVIRUPDUWXIRUPDGHSHQVDUGHVHQWLU\GHFRPSRUWDUWH

    &yPRSHQVDUGHPDQHUDHIHFWLYD

    (OPDSDTXHFUHDPRVHQQXHVWUDPHQWHQRHVODUHDOLGDG

    7RGRVDFWXDPRV\UHVSRQGHPRVVHJ~QQXHVWURVPDSDVLQWHUQRVGHOPXQGR(VWRVPDSDVVRQHOUHVXOWDGRGHQXHVWUDVH[SHULHQFLDV\GHODVHPRFLRQHVDVRFLDGDVDHVDVH[SHULHQFLDV1XHVWURVPDSDVHVWiQOOHQRVGHYDORUHVRSLQLRQHV\UHFXHUGRV$OJXQRVGHHOORVVRQ~WLOHV\RWURVQR(OSULPHUSDVRGHOSURFHVRGHDSUHQGL]DMHSDUDVHUIOH[LEOHSDUDWHQHUODVGHVWUH]DVGHXQDFRPXQLFDFLyQHILFD]\ORJUDUWXVREMHWLYRVHVOOHJDUDVHUFRQVFLHQWHGHORTXHKD\HQWXPDSD\UHFRQRFHUTXHHVVyORHVRXQPDSD

  • TXpKD\GHWUiVGHXQQRPEUH"

    33

    /DSHUVRQDTXHHVWDEOHFHODHVWUXFWXUDFRQWURODODFRPXQLFDFLyQ\ODVDFFLRQHVTXHVHSURGXFHQ

    &XDQGRORVQLxRVQRSRVHHQXQDFRPSUHQVLyQUHDOPHQWHFODUDGHORTXH

    WLHQHQTXHKDFHUTXpVXFHGH"7RGRVKHPRVWHQLGRODH[SHULHQFLDGH

    SURSRQHUDODFODVHXQDDFWLYLGDG\OXHJRGDUQRVFXHQWDGHTXHQRKDIXQ

    FLRQDGR&RQIUHFXHQFLDHVWRVHGHEHDTXHKHPRVRPLWLGRXQDSDUWH

    LPSRUWDQWHGHODH[SOLFDFLyQRQRHVWDEDFODURFyPRKDEtDTXHKDFHUOR

    /RPLVPRVXFHGHFRQODFRPXQLFDFLyQ(OOHQJXDMHTXHXWLOL]DPRVDIHFWD

    GHFLVLYDPHQWHDOVLJQLILFDGRTXHFRPXQLFDPRVWDQWRVLVRPRVFRQVFLHQWHV

    GHHOORFRPRVLQR7RPDUQRVWLHPSRSDUDVHUPiVFRQVFLHQWHVGHOVLJQLIL

    FDGRRFXOWRGHOOHQJXDMHTXHXVDPRVQRVKDFHPXFKRPiVHILFDFHV%iVL

    FDPHQWHTXLHQHVWDEOHFHSULPHURORVOtPLWHVKDEUiHVWDEOHFLGRODVPDUFDV

    GHORTXHYLHQHDFRQWLQXDFLyQ

    7RGDVODVSHUVRQDVWLHQHQWRGRVORVUHFXUVRVLQWHUQRVTXHQHFHVLWDQ

    /D31/HVHVHQFLDOPHQWHXQFRQMXQWRSRVLWLYRGHLGHDVRSLQLRQHVWpFQL

    FDV\ILORVRItDV(QHOFRUD]yQGHHVWDVLGHDVHVWiODQRFLyQGHTXHVLXQD

    SHUVRQDSXHGHKDFHUDOJRWDPELpQSXHGHQKDFHUORODVGHPiV(QRWUDV

    SDODEUDVHVVyORXQDFXHVWLyQGHHQWHQGHUORTXHRWUDSHUVRQDKDFH\DSOL

    FDUORDQRVRWURVPLVPRV$PHQXGRORTXHPDUFDODGLIHUHQFLDHVEDVWDQWH

    VXWLO\HVWiEDVWDQWHRFXOWR\SXHGHVHUHOUHVXOWDGRGHODVLPiJHQHVLQWHU

    QDVRVyORGHOOHQJXDMHTXHXVDPRVFRQQRVRWURVPLVPRVRFRQORVGHPiV

    $ILQGHFXHQWDVWRGRVQRVRWURVWHQHPRVHOFRQWUROVREUHORTXHSHQVDPRV

    RVREUHQXHVWUDIRUPDGHDFWXDU

    5HDOL]DUXQDLQWHUYHQFLyQSRVLWLYD

    3RGHPRVDSUHQGHUUiSLGR\DSDUWLUGHXQD~QLFDH[SHULHQFLD

    5HFXHUGDSRUXQPRPHQWRODpSRFDHQTXHHVWXGLDEDVSDUDVHUSURIHVRU

    &XiQWRPiVIiFLOHVHQVHxDUDOJRRWUDWDUXQSUREOHPDGHFODVHHQOD

    VHJXQGD\SRVWHULRUHVRFDVLRQHV"1XHVWUDVPHQWHVUHVSRQGHQUiSLGD

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    34

    PHQWHDORVUHFXHUGRVTXHWHQHPRVGHODVFRVDVTXHKHPRVKHFKRHQHOSDVDGRHQSDUWLFXODUFXDQGRKD\UHFXHUGRVLPSRUWDQWHVDVRFLDGRVDHOODVWDQWRp[LWRVFRPRIUDFDVRV'HLJXDOPDQHUDQXHVWUDVUHSUHVHQWDFLRQHVPHQWDOHVGHORTXHTXHUHPRVQRVSHUPLWHQRUGHQDUVLQHVIXHU]RQXHVWURVUHFXUVRVLQWHUQRV$VtTXHDTXpYHORFLGDGSXHGHVDSUHQGHU"'REODWXVEUD]RVSRUXQPRPHQWR$KRUDGyEODORVGHRWUDPDQHUD+DVLGRIiFLO"3DUHFHGLItFLOODSULPHUDYH]YHUGDG"$KRUDSUDFWLFDGREODQGRWXVEUD]RVGHXQDIRUPDSRFRIUHFXHQWHVLHWHXRFKRYHFHV4XpVXFHGHFXDQGRUHSLWHVHOH[SHULPHQWRTXHKLFLVWHSRUSULPHUDYH]FDPELiQGRORGHXQDIRUPDSRURWUD"&RQPXFKDVFRVDVQXHVWUDPHQWHQRQHFHVLWDPXFKDUHSHWLFLyQSDUDDSUHQGHU(VLQGXGDEOHTXHODVWpFQLFDVGHOD31/H[LVWHQHQHVWHiPELWRGHODYLGD\XQDYH]H[SHULPHQWDGDVVHTXHGDUiQFRQWLJR

    /DUHWURDOLPHQWDFLyQHVLQIRUPDFLyQQRH[LVWHHOIUDFDVRHQHOOD

    (OLQLFLRGHOYLDMHHVVDEHUORTXHTXHUHPRV\DMXVWDUQXHVWUDVLPiJHQHV\UHSUHVHQWDFLRQHVLQWHULRUHVKDFLDHOUHVXOWDGRGHVHDGR$OUHFRUGDUTXHQXHVWURPDSDQRHVODUHDOLGDGWDPELpQQHFHVLWDPRVHVWDUDOHUWDSDUDYHUVLHVWDPRVORJUDQGRORTXHTXHUHPRV/DUHWURDOLPHQWDFLyQQRHVVyORUHFLELUREVHUYDFLRQHVYHUEDOHVGHORVGHPiV6LDGDSWDPRVQXHVWURVVHQWLGRVDORVGHWDOOHVFDVLLPSHUFHSWLEOHVGHORTXHVXFHGHDQXHVWURDOUHGHGRUVDEUHPRVFXiQGRHVWDPRVORJUDQGRORTXHTXHUHPRV\FXiQGRODVFRVDVQRYDQELHQ2EVHUYDUVLJQRV\VHxDOHVVXWLOHVHQHODXODQRVSXHGHSHUPLWLUDFWXDUUiSLGDPHQWHSDUDUHDMXVWDUORTXHHVWDPRVKDFLHQGR\SDUDUHFRQRFHUFXiQGRQHFHVLWDPRVKDFHUOR

    /DSHUVRQDFRQPiVIOH[LELOLGDGWLHQHPiVLQIOXHQFLD

    &XiQWDVLGHDV\ILORVRItDVGHODHGXFDFLyQKDQWHQLGRTXHDGRSWDUORVSURIHVRUHVHQORV~OWLPRVYHLQWHDxRV"

  • TXpKD\GHWUiVGHXQQRPEUH"

    35

    VRUHVHVXQDPSOLRDEDQLFRGHFRPSRUWDPLHQWRV\PRGRVGHSHQVDPLHQWRTXHORVGRFHQWHVSXHGHQXVDUHQVXMXLFLRSURIHVLRQDODSOLFiQGRORVFXDQGR\GRQGHORFUHDQQHFHVDULR&XDQWDVPiVKHUUDPLHQWDVWHQJDVHQWXFDMDGHKHUUDPLHQWDVWDQWRVPiVWUDEDMRVSRGUiV UHDOL]DU(VWR ORKDQGHPRVWUDGRXQD\RWUDYH]ORVSURIHVRUHVFRQORVTXHKHPRVWUDEDMDGR

  • TREINTA Y SIETE 37

    3HOtFXODVGHp[LWR

    &yPRSODQLILFDUOHFFLRQHVGHp[LWRGHVGHWXLQWHULRUKDFLDHOH[WHULRU\DOFDQ]DUWXVREMHWLYRV

    /DV SHOtFXODV TXH SUR\HFWDVHQWXPHQWHVRQFUXFLDOHVSDUDHOp[LWR\ODHILFDFLDHQODYLGDHQSDUWLFXODUODVSHOtFXODVTXHFUHDVVREUHORVDFRQWHFLPLHQWRVIXWXURV/RVHVWXGLRVPXHVWUDQ TXH ODV SHUVRQDV H[FHOHQWHV \ DOWDPHQWH HILFDFHVVHFHQWUDQHQHQVD\RVPHQWDOHVSRVLWLYRVGHODVFRVDVTXHGHVHDQ\HQFyPRVHUi WRGRFXDQGRKD\DQFRQVHJXLGR ORTXHTXLHUHQ/RVHVWXGLRVPiVUHFLHQWHVWDPELpQVHxDODQODLPSRUWDQFLDGHODYLVXDOL]DFLyQ\GHOHQVD\RPHQWDO\HVWDVWpFQLFDVVRQPX\XWLOL]DGDVSRUGHSRUWLVWDVSURIHVLRQDOHV/DVSHUVRQDVTXHORORJUDQVHGDQFXHQWDGHTXHVRQHOHTXLSRHOGLUHFWRUHOHVFULWRU\HOSURGXFWRUGHVXSURSLDYLGD\SDVDQDODDFFLyQFRQIRUPHDORVPDSDVPHQWDOHVSRVLWLYRVGHORTXHTXLHUHQDOFDQ]DUFRPRREMHWLYR

    (OPRGRHQTXHJXDUGDVWXVLPiJHQHVVRQLGRV\VHQVDFLRQHVPHQWDOHVWLHQHXQSURIXQGRHIHFWRHQWXIRUPDGHDFWXDUHQODYLGD&XDQGRDSUHQGHVDFUHDUHQWXPHQWHODVPHMRUHVSHOtFXODVSRVLEOHVDXPHQWDHQRUPHPHQWHOR

    352)(625

    ',5(&725

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    38

    TXHSXHGHVKDFHUVHU\WHQHU(QSDUWLFXODUVLWHDVHJXUDVGHTXHWLHQHVXQD

    ULFD\GHWDOODGDLPDJHQGHXQREMHWLYRDOLQHDGRFRQWXVYDORUHVHVWRSXHGH

    SURYRFDUTXHODVGHFLVLRQHVTXHWHQJDVTXHWRPDU\ODVFRQGXFWDVTXHQHFH

    VLWHVDUUDLJDUSDUH]FDQQRQHFHVLWDUQLQJ~QHVIXHU]R

    4XpDSUHQGHUiVHQHVWHFDStWXOR

    (QHVWHFDStWXORFRPHQ]DUHPRVGHVDUUROODQGRODFRPSUHQVLyQGHFyPRQXHV

    WUDV LPiJHQHV LQWHULRUHVDIHFWDQDQXHVWURFRPSRUWDPLHQWRGLDULR(QXQ

    GHWHUPLQDGRQLYHOHVWRLQFOX\HQXHVWURVUHFXHUGRVTXHDPHQXGRDFW~DQ

    GHGLVSDUDGRUHVGHFRQGXFWDV\GHDFFLRQHV(OWUDEDMRFRQORVUHFXHUGRVVH

    DQDOL]DFRQGHWDOOHHQHOFDStWXOR/RVUHFXHUGRVHVWiQKHFKRVGHHVWR(Q

    HVWHFDStWXORQRVFHQWUDPRVHQFyPRFUHDUIXWXUDV\SRVLWLYDVUHSUHVHQWDFLR

    QHV\SHOtFXODVHQFyPRORTXHTXHUHPRVSXHGHDXPHQWDUQXHVWURVQLYHOHV

    GHPRWLYDFLyQQXHVWURGHVHRGHORJUDUOR\ODSUREDELOLGDGGHFRQVHJXLUOR

    &RQHVWRFRPRSXQWRGHSDUWLGDH[SHULPHQWDUHPRVFRQODFUHDFLyQGHIXWX

    UDVUHSUHVHQWDFLRQHVTXHWHSHUPLWLUiQVHUXQDSHUVRQDFRQUHFXUVRV\VHJX

    UDHQHODXOD

    (PRFLRQHVVHQVDFLRQHV\QXHVWURHVWDGRLQWHULRU

    +DVREVHUYDGRDOJXQDYH]FyPRHOHVWDGRHQTXHWHHQFRQWUDEDVDQWHVGH

    HQWUDUHQFODVHSXHGHWUDVODGDUVHDODPLVPDOHFFLyQ\SXHGHDIHFWDUSRUFRP

    SOHWRDOPRGRHQTXHHVWDOHFFLyQVHGHVDUUROOD"2FyPRVLWHVHQWtDVPDODO

    SULQFLSLRGHOGtDHOUHVWRGHOGtDSDUHFtDTXHLEDDWUDQVFXUULULJXDO"(QOD31/

    DSUHQGHPRVDSUHVWDUDWHQFLyQDORVFDPELRVTXHWLHQHQOXJDUHQQXHVWUR

    LQWHULRUPLHQWUDVFDPELDPRVGHHVWDGRHPRFLRQDOSRUHMHPSORGHHVWDUSUH

    RFXSDGRDHVWDUUHODMDGRRGHHQIDGDGRDIHOL]8QDGHVWUH]DFODYHHVSRGHU

    KDFHUXQLQYHQWDULRRXQDIRWRJUDItDGHWXHVWDGRDFWXDO(VXQSURFHVRIiFLO\

    UiSLGR\VLOOHJDVDVHUFRPSHWHQWHHQHVWDGHVWUH]DSRGUiVKDFHUPXFKDV

    GLVWLQFLRQHV~WLOHVHQWXSURFHVDPLHQWRLQWHULRU

  • SHOtFXODVGHp[LWR

    39

    &DMDGHKHUUDPLHQWDVGHOD31/Q5HDOL]DXQLQYHQWDULRGHWXHVWDGRLQWHULRU

    3ULPHUROHHODVLQVWUXFFLRQHV\DTXHWHQGUiVORVRMRVFHUUDGRVGXUDQWHXQDSDUWHGHOHMHUFLFLR

    &LHUUDORVRMRV\FHQWUDODDWHQFLyQHQWXLQWHULRU+D]WHFRQVFLHQWHGHOQLYHOGHDXWRFRQYHUVDFLyQTXHWLHQHVHQHVWHPRPHQWRGHHVDYR]LQWHULRUTXHKDEODGHWXVSHQVDPLHQWRVDFFLRQHV\HPRFLRQHV(VIXHUWHRVXDYH"4XpWRQRHVWiVXVDQGRSDUDKDEODUFRQWLJRPLVPR"3RUHMHPSORSDUHFHVVXDYHRiVSHURDXWRULWDULRRDPLVWRVRLQVLVWHQWHRUHODMDGR"7XVSDODEUDVUHVSDOGDQ\HVWLPXODQRHVXQDYR]FUtWLFD"6yORREVHUYD

    $KRUDSUHVWDDWHQFLyQ\REVHUYDWXHVWDGRHPRFLRQDO4XpHPRFLyQHVWiSUHVHQWH"(VWiVSUHRFXSDGRQHUYLRVRHQIDGDGRDOHJUHHWF")LQDOPHQWHREVHUYDWXFXHUSRFyPRVHVLHQWHFRQHQHUJtDFDQVDGRGRORULGRWHGXHOHDOJRHWF"

    $EUHORVRMRV

    +DFHUXQLQYHQWDULRHVXQKiELWR~WLO\DTXHWHSHUPLWLUiREVHUYDUORVFDPELRVTXHHVWiVH[SHULPHQWDQGRPLHQWUDVDSUHQGHV\H[SORUDVODWHFQRORJtDGHOPXQGRLQWHULRUTXHHVOD31/3XHGHTXH\DKD\DVQRWDGRDOJ~QFDPELR'HKHFKRHOPHURVHUFRQVFLHQWHGHWXHVWDGRLQWHULRUSXHGHFDPELDUWXVFRQGXFWDVH[WHUQDV\WXVVHQWLPLHQWRVLQWHUQRVHVWRHVORTXH'DQLHO*ROHPDQGHQRPLQD'LPHQVLyQGHDXWRFRQFLHQFLDGHODLQWHOLJHQFLDHPRFLRQDO(QOD31/VHGHILQHFRPRVHUFDSD]GHFDOLEUDU

    $KRUDTXHVDEHPRVKDFHUXQLQYHQWDULRHVWDPRVSUHSDUDGRVSDUDREVHUYDUORTXHVXFHGHFRQPiVGHWDOOHFXDQGRDFFHGHPRVDXQUHFXHUGRRDXQDUHSUHVHQWDFLyQIXWXUD

    7yPDWH XQPRPHQWR H LPDJLQD TXHHVWiVPRUGLHQGRXQMXJRVROLPyQHQXQGtDIXWXUR5HSUHVHQWDXQDLPDJHQYLJRURVDHQWXPHQWH4XpYHV"2EVHUYDWRGRVORVGHWDOOHVHOFRORUGHOOLPyQODOX]EULOODQGRVREUHVXVXSHUILFLH ORVSRURVHQ OD

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    40

    SLHO\HOJRWHRGH]XPRFXDQGRORPXHUGHV$KRUDSHUFLEHHOVDERU\VLHQWHHO]XPRHQWXOHQJXD\HQWXERFD3UHVWDDWHQFLyQDOVRQLGRTXHKDFHWXERFDFXDQGRORPXHUGHV\FXDQGRPXHYHVODOHQJXD\ORVODELRV4XpSDODEUDVKD\HQWXFDEH]D"

    +DVQRWDGRTXHPLHQWUDVSHQVDEDVHQHVWRHPSH]DVWHDFDPELDUWXHVWDGR"(QXQQLYHOLQIHULRUGHO\RFRQVFLHQWH\DQDOtWLFRQXHVWUDPHQWHQRFRQRFHODGLIHUHQFLDHQWUHXQDUHDOLGDGLPDJLQDGD\XQDUHDOLGDGH[WHULRU6RODPHQWHSLHQVDHQPRUGHUXQMXJRVROLPyQLPDJLQDODIUXWDDPDULOODKXHOHHODURPDDJULR\H[SHULPHQWDODDVSHUH]DGHODSXOSD\HPSH]DUiVDVDOLYDULQFOXVRVLQRWLHQHVXQOLPyQHQWXVPDQRV'HLJXDOPRGRSRGHPRVHQURMHFHUFXDQGRSHQVDPRVHQDOJRHPEDUD]RVRTXHHQUHDOLGDGQRHVWiVXFHGLHQGR7XPHQWHDIHFWDDWXFXHUSR\WDPELpQDWXVFRQGXFWDV\WRGRHVWRVXFHGHLQFOXVRDQWHVGHTXHVHDVFRQVFLHQWHGHHOOR

    /DVUHSUHVHQWDFLRQHV\HODXOD

    1XHVWUDVLPiJHQHV\UHSUHVHQWDFLRQHVLQWHULRUHVSXHGHQSURGXFLUHIHFWRVUHDOHVHQQXHVWURVFXHUSRV\SXHGHQDIHFWDUDQXHVWUDVFDSDFLGDGHVHQODYLGDeVWDVWDPELpQVHYHQDIHFWDGDVSRUVXSXHVWRSRUQXHVWURVUHFXHUGRVGHODVH[SHULHQFLDVSDVDGDVDTXLHQHVRVJXVWHHOVDERUGHOOLPyQQDWXUDOKDEUpLVWHQLGRXQDH[SHULHQFLDPX\GLVWLQWDGHODGHDTXHOORVDTXLHQHVQRRVJXVWH5HFXHUGDHOWLHPSRHQTXHUHDOL]DEDVWXVSUiFWLFDVGRFHQWHVRODSULPHUDYH]TXHGLVWHXQDFODVH6LFUHDVXQDUHSUHVHQWDFLyQLQWHUQDKRUULEOHDQWHVGHGDUXQDFODVHTXpRFXUULUiSUREDEOHPHQWH"&yPRWHHQFRQWUDUiVFRQHOJUXSR"&yPRVHUiSUREDEOHPHQWHHOFRPSRUWDPLHQWRGHpVWH"

    6LOD~OWLPDYH]TXHGLVWHXQDFODVHORKLFLVWHELHQ\WHVHQWLVWHVDWLVIHFKRFRQWLJRPLVPRHQWRQFHVHOUHFRUGDUORDQWHVGHTXHGHVRWUDFODVHUHFUHDUiWRGRVHVRVVHQWLPLHQWRV\PXFKRVGHHVRVSHQVDPLHQWRV\WHFRQGXFLUiDXQDH[SHULHQFLDPiVVDWLVIDFWRULD5HSHWLUHVWRDxDGLUiPiVp[LWRDOp[LWRKDVWDTXHHVWpVLQFRQVFLHQWHPHQWHSURJUDPDGRSDUDLPSDUWLUFODVHVVDWLVIDFWRULDVDXQJUXSRFRQFUHWR3RURWURODGRHVWHSURFHVRWDPELpQRFXUULUiWRGDVODVYHFHVTXHHQVHxHVDJUXSRVGLItFLOHV6LRFXUUHXQGHVDVWUH\UHFXHUGDV

  • SHOtFXODVGHp[LWR

    41

    HVWRUHSHWLGDPHQWHDQWHVGHHQVHxDUDOJUXSRHVSUREDEOHTXHWHSURJUDPHVSDUDWHQHURFDVLRQHVGLItFLOHVFRQFLHUWRVJUXSRV

    (QVXOLEUR6RFLDO,QWHOOLJHQFH'DQLHO*ROHPDQH[SUHVDTXHWRGRVHVWDPRVFRQHFWDGRVFRQORVGHPiV\TXHHVIiFLOSDUDORV KXPDQRV UHFRJHU ODV HPRFLRQHVLQWHUQDVGHRWURVVHUHVKXPDQRV(VWRHVSDUWLFXODUPHQWHFLHUWRHQODVUHODFLRQHVGHSRGHUFRPRODVGHSURIHVRUDOXPQR6HGHEHDTXHSUREDEOHPHQWH SUHVWDPRV PiVDWHQFLyQDQXHVWURMHIHRDDOJXLHQFRQDXWRULGDG/RVDOXPQRVSXHGHQIiFLOPHQWHVLQWRQL]DUFRQWXHVWDGRHPRFLRQDOLQWHUQR 7RGRV QRVRWURVHVWDPRVFRQHFWDGRVSDUDHVWDEOHFHUHVWHSURFHVRDWUDYpVGHODDFWLYDFLyQGHQXHVWUDVQHXURQDVHVSHMR+D\PiVGDWRVVREUHpVWDVHQHOFDStWXOR1RVJXVWDGHLJXDOPDQHUDTXHWUDWDVREUHODVUHODFLRQHVGHFRPXQLFDFLyQ/D31/WUDVODGDHVWRDXQQLYHOLQIHULRUDQDOL]DQGRHOFyPRHQRWUDVSDODEUDVORTXHW~KDFHVFRQHOOR6LHQWUDVHQODFODVHVLQWLHQGRPLHGRRFRQXQDUHSUHVHQWDFLyQLQWHULRUTXHKDFHGHGHWRQDQWHGHOPLHGRHQWXLQWHULRUSRGUtDVHVWDUFDPLQDQGRFRQXQOHWUHURHQWXFDEH]DTXHGLFH3URIHVRUTXHRVWLHQHPXFKRPLHGR

    3XHGHVURPSHUIiFLOPHQWHHVWHFtUFXORYLFLRVRWRPDQGRODGHFLVLyQGHFUHDUUHSUHVHQWDFLRQHVIXWXUDVSRVLWLYDVGHORVDFRQWHFLPLHQWRV\WHQHUFODURWXREMHWLYRHQUHODFLyQFRQORTXHYHUiVHVFXFKDUiV\VHQWLUiVFXDQGRKD\DVORJUDGRORTXHTXLHUHV(QHOGHSRUWHHVHVWRORTXHDPHQXGRPDUFDODGLIHUHQFLDHQODVFRQFHQWUDFLRQHVGHORVGHSRUWLVWDVGHHOLWHTXHVHSUHSDUDQSDUDODILQDODOWDPHQWHHPRFLRQDOHQXQDFRPSHWLFLyQ

    $TXLpQHVWiHQJDxDQGR"

    6HJXUDGHPtPLVPD

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    42

    /RVUHFXHUGRV\ODVIXWXUDVUHSUHVHQWDFLRQHVLQWHUQDV

    1XHVWURVUHFXHUGRV\QXHVWUDVUHSUHVHQWDFLRQHVLQWHUQDVGHOIXWXURHVWiQFUHDGRVDOPDFHQDGRV\FRGLILFDGRVHQQXHVWUDPHQWHJUDFLDVDORVFLQFRVHQWLGRV

  • SHOtFXODVGHp[LWR

    43

    &UHDWXSHOtFXOD

    (QWRQFHVVLTXLHUHVXQDFODVHJHQLDOHPSLH]DDFUHDUHQWXLQWHULRUXQDUHSUHVHQWDFLyQLQWHUQDSRVLWLYDGHORTXHTXLHUHVH[DFWDPHQWH6LDSOLFDPRVORVFRQFHSWRVGHOD31/SRGUHPRVFUHDUIXHUWHV\SRWHQWHVUHSUHVHQWDFLRQHVLQWHUQDV&XDQWRPiVYLVXDODXGLWLYD\NLQHVWpVLFDVHDODLQIRUPDFLyQTXHWHQHPRVHQHVWDVUHSUHVHQWDFLRQHVWDQWRPiVSRWHQWH\FRQYLQFHQWHVHUiODLPDJHQ\HOWRWDOGHODSHOtFXOD3LHQVDSRUXQPRPHQWRHQODKLVWRULDGHODWHOHYLVLyQGXUDQWHORV~OWLPRVFLQFXHQWDDxRV+DVLGRXQDE~VTXHGDGHODWHFQRORJtDORTXHFUHDODUHSUHVHQWDFLyQPiVUHDOLVWDWDQWRHQWpUPLQRVGHFRORU\VRQLGRFRPRHQHOLPSDFWRHPRFLRQDOGHODVSHOtFXODV'HKHFKRODVWpFQLFDVGHFiPDUDVRQWDPELpQKR\HQGtDXWLOL]DGDVKiELOPHQWHSDUDHVWLPXODUHQQXHVWUDVPHQWHVODVHQVDFLyQGHFDtGDRGHPRYLPLHQWR

    ([SORUDQGRORVHOHPHQWRVYLVXDOHVDXGLWLYRV \NLQHVWpVLFRVGHODVUHSUHVHQWDFLRQHVLQWHULRUHV

    0LHQWUDVWUDEDMDVODVVHFFLRQHVVLJXLHQWHVUHFUHDHQWXPHQWHXQDFODVHTXHYD\DVDLPSDUWLUDOJ~QGtDHQHOIXWXUR

    &XDOLGDGHVYLVXDOHV

    0iVTXHGHVFULELUHOFRQWHQLGRGHODLPDJHQQRVLQWHUHVDQODVFXDOLGDGHVHVWUXFWXUDOHVTXHVHUtDQFRPXQHVLQGHSHQGLHQWHPHQWHGHOFRQWHQLGRGHODLPDJHQ(FKDXQYLVWD]RGXUDQWHXQPRPHQWRDHVWDLPDJHQ

    3RGUtDPRVGHVFULELUVRODPHQWHHOFRQWHQLGRGHODIRWRJUDItDHOUDVFDFLHORVODVFDOOHVORVYHKtFXORVHOFLHORFRQQXEHV

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    44

    (QYH]GHHOORFpQWUDWHHQODVFXDOLGDGHVGHODLPDJHQ3DUDXQDUHSUHVHQWDFLyQYLVXDOHVWDVFXDOLGDGHVLQFOX\HQVLODLPDJHQHV

    (QFRORURHQEODQFR\QHJUR%ULOODQWHRWHQXH9LVWDDWUDYpVGHWXVSURSLRVRMRVDVRFLDGDRFRPRVLIXpUDPRVREVHUYDGRUHVYLpQGRQRVDQRVRWURVPLVPRVGLVRFLDGD

    (QPDUFDGDRSDQRUiPLFD(QIRFDGDRERUURVD

    2FXDOTXLHURWUDFDUDFWHUtVWLFDYLVXDOTXHVHWHSXHGDRFXUULU

    6LXQDLPDJHQHVWiDVRFLDGDRGLVRFLDGDSXHGHWHQHUXQSRWHQWHHIHFWRHQ

    HOPRGRHQTXHQRVVHQWLPRVDQWHODLPDJHQ3UXHEDDKDFHUOR3LHQVDHQ

    DOJRTXHUHDOPHQWHWHJXVWHKDFHU\REVpUYDORFRPRVLHVWXYLHUDVKDFLpQGROR

    DOOtDWUDYpVGHWXVRMRV&yPRWHVLHQWHV"$KRUDLPDJLQDXQDIRWRJUDItDGH

    ORPLVPRSHURFRQWLJRKDFLpQGRORHQODIRWRJUDItD&yPRWHVLHQWHVDKRUD"

    &XDQGRFUHDVXQDUHSUHVHQWDFLyQLQWHULRUGHXQREMHWLYRRUHVXOWDGRIXWXURHV

    UHDOPHQWHLPSRUWDQWHSUHVWDUDWHQFLyQDORVGHWDOOHVGHODLPDJHQ\UHFDYDU

    WDQWRVGHWDOOHVULFRVFRPRWHVHDSRVLEOH&XDQWRPiVFHUFDHVWpODUHSUHVHQ

    WDFLyQFRQUHVSHFWRDODLPDJHQRDODSHOtFXODUHDOTXHW~SRGUtDVYLVLRQDUFRQ

    WXVSURSLRVRMRVWDQWRPiVFRQYLQFHQWHVHUi

    5HFXHUGDHVDUHSUHVHQWDFLyQGH OD IXWXUDFODVHTXHVDEHVTXHYDVDLPDUWLU

    (VXQDSHOtFXODRXQDLPDJHQ"(VWiHQFRORURHQEODQFR\QHJUR"(VODLPDJHQEULOODQWHWHQXHXRVFXUD"(VXQDLPDJHQGHWDPDxRQDWXUDOPiVSHTXHxDRPiVJUDQGH"(VXQDLPDJHQFHUFDQDDWL"$SDUHFHVW~HQODLPDJHQRHVWiVYLpQGRODDGLVWDQFLD"7LHQHODLPDJHQXQPDUFRRHVXQDSDQRUiPLFD"(VWULGLPHQVLRQDORELGLPHQVLRQDO"

  • SHOtFXODVGHp[LWR

    45

    &XDOLGDGHVDXGLWLYDV

    1XHVWURVHQWLGRGHOVRQLGRHVWiFRGLILFDGRGHOPLVPRPRGR\GHQXHYRSRGHPRVDMXVWDUODVFXDOLGDGHVSDUDPHMRUDUODH[SHULHQFLDSXHVWRTXHSRGHPRVFDPELDUODVUHVSXHVWDVGHYROXPHQEDMRV\DJXGRVDHVWpUHR/DVSDODEUDVWDPELpQIRUPDQSDUWHGHHVWHSURFHVRWDQWRODVSDODEUDVTXHGLULJLPRVDORVGHPiVFRPRODVSDODEUDVTXHQRVGHFLPRVDQRVRWURVPLVPRVFRPRSDUWHGHQXHVWURGLiORJRLQWHULRURDXWRFRQYHUVDFLyQ$GHPiVODSDUWHWRQDOGHOVLVWHPDDXGLWLYRQRVGDLQIRUPDFLyQVREUHODHPRFLyQH[SHULPHQWDGD

    3LHQVDHQHVDIXWXUDFODVH\SUHJ~QWDWH

    7HGLFHVDOJRDWLPLVPRRHVFXFKDVDOJRTXHGLFHQORVGHPiV"4XpR\HVRGLFHVHQFRQFUHWR"&yPRORR\HVRGLFHVGHDOWR"&XiOHVODWRQDOLGDG"(VPX\UiSLGR"'HGyQGHSURFHGHHOVRQLGR"+D\LQIOH[LyQHQODYR]"&XiQWRKDGXUDGRHOVRQLGR"4XpKD\GHHVSHFLDOHQHOVRQLGR"4XpRWURVVRQLGRVKD\"&yPRVRQHVRVRWURVVRQLGRV"

    &XDOLGDGHVNLQHVWpVLFDV

    $PHQXGRSUHVWDPRVSRFDDWHQFLyQDODVVHQVDFLRQHVRVHQVLELOLGDGGHQXHVWURFXHUSR\VLQHPEDUJRSXHGHQVHUXQDIXHQWHH[FHOHQWHGHLQIRUPDFLyQWDQWRGHOPXQGRH[WHULRUFRPRGHOPXQGRLQWHULRU\DTXHQRVDSRUWDQLQIRUPDFLyQVREUHFyPRQRVHVWDPRVRFXSDQGRGHORVUHWRVGLDULRV

    (VWHVLVWHPDWLHQHWUHVSDUWHVODVVHQVDFLRQHVWiFWLOHVH[WHUQDVGHODVXSHUILFLHGHQXHVWURFXHUSRODVHQVDFLyQLQWHUQDRYLVFHUDOTXHVHQWLPRVHQHOLQWHULRUGHQXHVWURFXHUSRSHMODVHQVDFLyQGHKXQGLPLHQWRRGHPDUHR\HOPRYLPLHQWRRIXQFLRQHVSVLFRPRWULFHVLPSOLFDGDV&XDQGRDSUHQGHPRVSXH

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    46

    GHVHUWDQLPSRUWDQWHHOHPSOHDUQXHVWUDVVHQVDFLRQHVYLVFHUDOHVLQWHULRUHVFRPRHOUHDOL]DUXQDDFWLYLGDGTXHLPSOLTXHPRYLPLHQWR\VHQWLGRGHOWDFWR

    5HFXHUGDODH[SHULHQFLD\IRUP~ODWHHVWDVSUHJXQWDV

    +D\FDPELRGHWHPSHUDWXUD"&DORURIUtR"+D\FDPELRGHWH[WXUD"VSHURRVXDYH"+D\YLEUDFLyQ"+D\DXPHQWRRUHGXFFLyQGHODSUHVLyQ"'yQGHVHORFDOL]DODSUHVLyQ"+D\DXPHQWRGHODWHQVLyQRGHODUHODMDFLyQ"6LKD\PRYLPLHQWRFXiOHVVXGLUHFFLyQ\VXYHORFLGDG"4XpFXDOLGDGWLHQHWXUHVSLUDFLyQ"'yQGHHPSLH]DDFDED"(VSHVDGDROLJHUD"/DVVHQVDFLRQHVVRQFRQVWDQWHVRLQWHUPLWHQWHV"+D\FDPELRGHWDPDxRRGHIRUPD"/DVVHQVDFLRQHVHQWUDQ\RVDOHQGHWXFXHUSR"

    (VWDVSHTXHxDVSUHFLVLRQHVDOHYRFDUXQDUHSUHVHQWDFLyQVHGHQRPLQDQVXEPRGDOLGDGHV(OFDStWXOR/RVUHFXHUGRVHVWiQKHFKRVGHHVWRDQDOL]DFRQGHWDOOHHOXVRGHODVVXEPRGDOLGDGHVSDUDTXHDSUHQGDVDJHVWLRQDU\FDPELDUWXH[SHULHQFLDGHORVUHFXHUGRVQHJDWLYRV6HSXHGHQDSOLFDUORVPLVPRVHQIRTXHVDODVUHSUHVHQWDFLRQHVLQWHUQDVIXWXUDV(QWRQFHVSXHGHTXHGHVHHVYROYHUPiVWDUGHDHVWHFDStWXORFXDQGRWHQJDVLQFOXVRPiVKHUUDPLHQWDVPHQWDOHVLQWHUQDVHQWXVFDMDVGHKHUUDPLHQWDVGHOD31/

    $KRUDHVWiVSUHSDUDGRSDUDDQDOL]DUDOJXQDVGHODVWpFQLFDVGHOD31/

    2EMHWLYRVELHQIRUPXODGRV5HFRSLODQGRWRGRSDUDFUHDUWXSHOtFXOD

    6LGDPRVDQXHVWUDVPHQWHVXQSDWUyQGHWDOODGR\IXHUWHGHORTXHTXHUHPRVODPHQWHVHVLQWRQL]DUiDXWRPiWLFDPHQWHSDUDDWUDHUDWXDWHQFLyQ

  • SHOtFXODVGHp[LWR

    47

    FRQVFLHQWHHVRVHOHPHQWRVH[WHULRUHVTXHVRQVLPLODUHVDWXUHSUHVHQWDFLyQ

    LQWHUQD/DPHQWHFDVLGLFH$TXtKD\XQR\DTXtKD\RWUR(QOD31/

    DSUHQGHPRVDJHVWLRQDUHVWHIHQyPHQR\DXVDUORHQQXHVWUREHQHILFLR&RQ

    ODSUiFWLFDDSUHQGHUiVDREVHUYDUFyPRWXVUHSUHVHQWDFLRQHVLQWHUQDVPiV

    PRWLYDGRUDVFRPSDUWHQFXDOLGDGHVNLQHVWpVLFDVDXGLWLYDVRYLVXDOHV3RU

    DKRUDFXDQGRHPSLHFHVDORJUDUREMHWLYRVELHQIRUPXODGRVFpQWUDWHVyOR

    HQODVHPRFLRQHVTXHTXLHUHVH[SHULPHQWDUFXDQGRFRQVLJDVORTXHTXLHUHV

    \GHMDTXHWXPHQWHKDJDHOUHVWR3DUDLQWHULRUL]DUUHDOPHQWHWXVREMHWLYRV

    ELHQIRUPXODGRVWHVXJHULPRVTXHVLJDVORVVLJXLHQWHVVLHWHSDVRVSDUDVX

    UHDOL]DFLyQ

    3DVR'HILQHWXREMHWLYR

    3LHQVDHQXQJUXSRDOTXHGHVFODVH\GHOTXHTXLHUDVORJUDUXQUHVXOWDGR

    SRVLWLYR5HFXHUGDTXHQRVHWUDWDGHWXH[SHULHQFLDSDVDGDVLQRPiVELHQGH

    FyPRVHUtDVLFRQVLJXLHUDVORTXHTXLHUHV$VtTXHGHWHQWH\FRQYLpUWHWHHQHO

    JXLRQLVWDGHHVWDIXWXUDSHOtFXODGHp[LWR

    8QDIRUPDHVWXSHQGDGHDQDOL]DUHVWRSRUSULPHUDYH]HVFRQVHJXLUTXHXQ

    DPLJRRFROHJDWHIRUPXOHODVSUHJXQWDVFRPRVLWXDPLJRIXHUDHOHQWUHQDGRU

    SHUVRQDOGHWXYLGD3XHGHVHQFRQWUDUXQD~WLOKRMDGHWUDEDMRSDUDDILDQ]DUHO

    SURFHVRHQHOFDStWXOR'tDGHIRUPDFLyQLQPHGLDWD

    4XpTXLHUHV"7HQUHDOPHQWHFODURORTXHTXLHUHV$FRQWLQXDFLyQWHSUR

    SRQHPRVDOJXQDVPDQHUDV~WLOHVSDUDSODQHDUFXLGDGRVDPHQWHWXREMHWLYR\

    SDUDUHFRSLODUPXFKDLQIRUPDFLyQGHORTXHTXLHUHVFRQVHJXLU3XHGHVFUHDU

    XQSURFHGLPLHQWRQHPRWpFQLFRSDUDLQWHULRUL]DUODVLQLFLDOHV(0&5%(QOD

    31/DxDGLPRVWDPELpQODVLQLFLDOHV3%7(SDUDJDUDQWL]DUTXHHOREMHWLYRVHD

    UHDOPHQWHHODGHFXDGRSDUDWL\VHDFRKHUHQWHFRQWXVYDORUHV\FRQWRGDWX

    YLGD$PXFKDJHQWHOHUHVXOWD~WLODQRWDUVXVREMHWLYRVFXDQGRHVWiQDSUHQ

    GLHQGRWRGRHVWRSRUSULPHUDYH]'HVGHOXHJRTXHPLHQWUDVYDVDXPHQWDQGR

    WXVKDELOLGDGHV\WXFRQILDQ]DYDVDSUHQGLHQGRDKDFHUHVWRGHPDQHUDPiV

    UiSLGD\IiFLO

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    48

    (VSHFtILFR 'HEHVVHUHVSHFtILFRGHILQHFyPRTXLHUHVUHIHULUWHDORVREMHWLYRV3HUPtWHWHHVWDEOHFHUORVGHWDOOHVFRQH[DFWLWXGORTXHYHUiVRLUiVRVHQWLUiV

    0DUFDUXQKLWR &XiOHVVHUiQORVKLWRV"&yPRVDEUiVTXHHVWiVHQHOFDPLQRKDFLDWXREMHWLYR"4XpVXFHGHUiHQODPLWDGGHOFDPLQRKDFLDODFRQVHFXFLyQGHHVDFODVHWX\DWDQJHQLDO"

    &RPRDKRUD /RPHMRUHVHVFULELUORVREMHWLYRVFRPRVLORVKXELHUDVORJUDGRGHPRGRTXHHVFUtEHORVHQWLHPSRSUHVHQWHFRPRVLORHVWXYLHUDVKDFLHQGRMXVWRDKRUD

    5HVXOWDGRV &XiOHVVHUiQORVHIHFWRVGHDOFDQ]DUWXREMHWLYR"4XpYHUiVRLUiV\VHQWLUiVFXDQGRKD\DVFXPSOLGRHOREMHWLYR"

    %DVDGRHQHOWLHPSR &XiQGRRFXUULUi"&XiOHVODHVFDODWHPSRUDO"&LWDODIHFKD\ODKRUD

    $KRUDFRQWHPSODWXREMHWLYRGHVGHXQSXQWRGHYLVWDGLIHUHQWH

    3RVLWLYR (VLPSRUWDQWHHQFXDGUDUGHPDQHUDSRVLWLYDDTXHOORTXHTXHUHPRV$PHQXGRSHQVDPRVHQDVSHFWRVGHQXHVWUDYLGDFRPRSUREOHPDV6HGHEHDTXHQRVEORTXHDPRVFXDQGRORVSUREOHPDVWLHQGHQDIUHQDUQRV,QFOXVRHQWUDPRVHQXQHVWDGRGHSUREOHPDTXHOOHJDDFRQYHUWLUVHHQXQSUREOHPDHQVtPLVPR

    3XHGHVFRQYHUWLUXQSUREOHPDHQXQREMHWLYR 1RTXLHURQRPHJXVWDSUHJXQWD4XpWHJXVWDUtDHQVXOXJDU" 1RSXHGRQRKDUpSUHJXQWD4XpVXFHGHUtDVLSXGLHUDV" 1XHVWUDVPHQWHVQRSURFHVDQQHJDFLRQHV6yORSRUXQPRPHQWRQRSLHQVHVHQXQEXUURD]XO3XHGHVQRSHQVDUHQXQR"

  • SHOtFXODVGHp[LWR

    49

    %DMRWXFRQWURO 3XHGHVGDUHVWRVSDVRVW~VRORRSXHGHVLPSOLFDUDORVGHPiVVLQHFHVLWDVDOFDQ]DUWXREMHWLYR"

    7DPDxRDSURSLDGR $OFDQ]DVVLHPSUHWXREMHWLYR\HQWRQFHVSXHGHVDVSLUDUDXQRPD\RURQRORFRQVLJXHV\SRUORWDQWRGHEHVHVWDEOHFHUXQRPHQRU"

    (FROyJLFR &XiOHVVHUiQORVHIHFWRVHQWXVLVWHPDGHWUDEDMRVLORJUDVHOREMHWLYR"

    (MHPSOR

    (VHOGHIHEUHURGH6R\HOGLUHFWRUGHXQFROHJLRHQHOFHQWURGH0DQFKHVWHU(VWR\IRPHQWDQGRHQHOSURIHVRUDGRODLPSDUWLFLyQGHFODVHVLQQRYDGRUDVTXHDWUDLJDQORVVHQWLGRVYLVXDODXGLWLYR\NLQHVWpVLFRGHORVDOXPQRVTXHHVWiQDSUHQGLHQGRDWUDYpVGHDFWLYLGDGHVTXHLQFOX\HQODLQYHVWLJDFLyQ\ODOHFWXUD

    3DVR&RPSUXHEDWXHVWDGRSUHVHQWH

    0X\DPHQXGRWHQHPRVHOSURSyVLWRGHSHUVHJXLUQXHVWURVREMHWLYRV\VLQHPEDUJRGHDOJ~QPRGRQXQFDHPSH]DPRVDKDFHUORHQUHDOLGDG&RQIUHFXHQFLDVHGHEHDTXHKD\XQDDFWLYLGDGKiELWRRSURFHVRGHSHQVDPLHQWRHQHODKRUDHQHVWHPRPHQWRGHOWLHPSRTXHQRKHPRVFRQVLGHUDGRTXHQHFHVLWHXQFDPELR$PHQXGRVHHQFXHQWUDQHQXQQLYHOLQIHULRUDOQLYHOGHFRQFLHQFLDSRUORFXDOKDVWDTXHQRQRVKDJDPRVODVSUHJXQWDVDGHFXDGDVQRSRGUHPRVVHUFRQVFLHQWHVGHORVFDPELRVTXHVRQQHFHVDULRV

    3UHJXQWDV~WLOHVSDUDFRPSUREDUWXHVWDGRSUHVHQWH

    4XpSLHUGHVSRUQRDOFDQ]DUWXREMHWLYR" +D\DOJRTXHQHFHVLWDUtDVGHMDURFDPELDUSDUDDYDQ]DUKDFLDWXREMHWLYR"

    +D\DOJXQDRWUDFLUFXQVWDQFLDTXHSRGUtDEORTXHDUWXSURJUHVR"

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    50

    6LOOHJDVDVHUFRQVFLHQWHGHFXDOTXLHUDGHHVWRVWLSRVGHIDFWRUHVVLJXHDGHODQWHVDELHQGRTXHDKRUDWXPHQWHHVFRQVFLHQWHGHHVWRVHOHPHQWRV\VHSRGUiRUGHQDU\DMXVWDUWXVPRWLYDFLRQHVLQWHULRUHVPLHQWUDVHODERUDVWXSHOtFXOD

    3DVR(ODERUDXQDIXHUWHUHSUHVHQWDFLyQLQWHUQD

    &RPRKHPRVGLFKRDOSULQFLSLRGHHVWHFDStWXORFXDQWRPiVFODUDV\GHWDOODGDVVHDQWXVUHSUHVHQWDFLRQHVLQWHULRUHVWDQWRPiVIiFLOVHUiSDUDWXPHQWHDWUDHUKDFLDWXDWHQFLyQHVRVHOHPHQWRVTXHWHFRQGXFLUiQKDVWDWXREMHWLYR

    ,PDJLQDFyPRTXLHUHVTXHVHDWXREMHWLYRHODERUDXQDUHSUHVHQWDFLyQFRQODVLPiJHQHVVRQLGRVVHQVDFLRQHV\HPRFLRQHVTXHTXLHUHV3XHGHVGHGLFDUXQWLHPSRSDUDKDFHUOR6LWHJXVWDSLHQVDHQHOORFRPRXQDPLQLPHGLWDFLyQ5HFUHDHODFRQWHFLPLHQWRHQXQVHQVRUDPDHQFRPSOHWRWHFQLFRORUHQXQDSHOtFXODGHODYLGDUHDO

    4XpYHV"&UHDXQDSHOtFXODGHODFRQWHFLPLHQWRFRQJUDQGHWDOOH

    4XpR\HV"7DQWRLQWHUQDWXGLiORJRLQWHULRUFRPRH[WHUQDPHQWHORVVRQLGRVGHWXDOUHGHGRU\ODVSDODEUDVGHODVGHPiVSHUVRQDV\DTXHHOODV WDPELpQH[SHULPHQWDQHOREMHWLYRTXHKDVORJUDGR

    4XpVLHQWHV"&XiOHVVRQODVVHQVDFLRQHVItVLFDVGHHVWDUDKtHQHVHOXJDU\TXpHPRFLRQHVSRVLWLYDVHVWiQDVRFLDGDVFRQGLFKROXJDU"

  • SHOtFXODVGHp[LWR

    51

    3DVR&UHDXQDHVWUXFWXUDFRUUHFWDHQWXREMHWLYR

    $TXtWLHQHVXQDVSUHJXQWDVTXHWHD\XGDUiQDHVWDEOHFHUWXREMHWLYR&XDQ

    GRDSUHQGDVHVWRSRUSULPHUDYH]VHUtDXQDEXHQDLGHDTXHDOJXLHQWHKLFLHUD

    HVWDVSUHJXQWDVSDUDSRGHUDQRWDUWXVUHVSXHVWDVFRQFODULGDG\GHWHQLPLHQWR

    &yPRVDEUiVFXiQGRKDVORJUDGRWXREMHWLYR"([SUpVDORHQWpUPLQRVVHQVRULDOHVHVSHFtILFRV+D]UHIHUHQFLDDODUHSUHVHQWDFLyQLQWHULRUTXH

    DFDEDVGHHODERUDU\DQRWDORVHOHPHQWRVFODYH4XpYHUiVRLUiVVHQ

    WLUiV"

    'yQGHFXiQGR\FRQTXLpQORTXLHUHV"'yQGHFXiQGR\FRQTXLpQQRORTXLHUHV"$YHFHVTXHUHPRVXQREMHWLYRHQHOWUDEDMR\QRHQFDVDRYLFHYHUVD

    4XpUHFXUVRVQHFHVLWDVSDUDFRQVHJXLUOR",GHQWLILFDWXVQHFHVLGDGHVLQWHULRUHVODD\XGD\HOPDWHULDOQHFHVDULRV\HODERUDXQDOLVWDFRPSOHWD

    4XpVXFHGHUiFXDQGRORFRQVLJDV"&XiOHVVHUiQODVFRQVHFXHQFLDVGHDOFDQ]DUWXREMHWLYR"

    &yPRWHEHQHILFLDUiHOFRQVHJXLUOR"(QFXHQWUDWUHVEHQHILFLRVFODURVTXHWHQGUiVFXDQGRORKD\DVORJUDGR

    4XLHUHVHVWHFDPELRHQDOJXQDRWUDVLWXDFLyQ"+D\DOJ~QRWURFRQWH[WRHQWXYLGDTXHVHEHQHILFLDUtDGHOREMHWLYRTXHHVWiVWUDEDMDQGR"

    &yPRDIHFWDUiHVWHFDPELRDRWURVDVSHFWRVGHWXYLGD"4XpHIHFWRVWHQGUiHOREMHWLYRHQODEDODQ]DGHWXYLGD"(VWiELHQRQHFHVLWDVKDFHU

    PRGLILFDFLRQHV"

    3DVR,QWHJUDWXREMHWLYR

    $KRUDVyORUHOiMDWH&LHUUDORVRMRV\SUR\HFWDODSHOtFXODWDQWDVYHFHVFRPR

    QHFHVLWHVSDUDLQWHJUDUWRGRVORVGHWDOOHVHQWXSURSLDPHQWH&XDQGRHVWpV

    OLVWRDEUHORVRMRVGHQXHYR,PDJLQDGyQGHSRGUtDHVWDUHVHREMHWLYRHQOD

    KDELWDFLyQRHQXQHVSDFLRGHWXDOUHGHGRU&DPLQDKDVWDHVHOXJDUVLW~DWH

    HQWXREMHWLYR\VLHQWHWRGDVHVDVHPRFLRQHVSRVLWLYDVRWUDYH]5HJUHVDDO

    OXJDUGRQGHFRPHQ]DVWHWXFDPLQR\GDHOSULPHUSDVR\HOVLJXLHQWHKDFLDOR

    TXHTXLHUHV

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    52

    &DMDGHKHUUDPLHQWDVGHOD31/Q,QLFLRUiSLGRGHXQREMHWLYRELHQHVWUXFWXUDGR(MHUFLFLRSDUDHODERUDUIXWXUDVSHOtFXODVPHQWDOHV

    3XHGHVJUDEDUHVWRHQXQFDVHWH\OXHJRHVFXFKDUORSXHGHVKDFHUTXHXQDPLJRWHOROHDROHHUORSULPHUR\XVDUWXLPDJLQDFLyQ

    (QFXHQWUDXQOXJDUFRQIRUWDEOHGRQGHSXHGDVHVWDUUHODMDGR\WUDQTXLORGXUDQWHGLH]PLQXWRVDSUR[LPDGDPHQWH&LHUUDORVRMRV\FpQWUDWHHQWXUHVSLUDFLyQ)tMDWHGXUDQWHXQRVEUHYHVPRPHQWRVFLQFRRVHLVUHVSLUDFLRQHVHQHOIUHVFRUGHODLUHPLHQWUDVHQWUDHQWXLQWHULRU\PLHQWUDVVDOH3DXVD5HOiMDWH\GHMDTXHWXFXHUSRVHFDOPHPLHQWUDVFHQWUDVWXDWHQFLyQHQORVP~VFXORVGHDOUHGHGRUGHWXVRMRV\GHMDTXHHVWRVP~VFXORVVHUHODMHQ\D3DXVD'HMDTXHODVHQVDFLyQGHUHODMDFLyQIOX\DKDFLDDEDMRSRUWXFXHUSRGHVGHODFRURQLOODGHODFDEH]DKDFLDDEDMRDWUDYpVGHWXFDUDUHODMDQGRORVP~VFXORVGHODFDUD\GHODPDQGtEXOD3DXVD+DFLDDEDMRDWUDYpVGHOWRUVRKDVWDODVSLHUQDV3DXVD+DFLDORVSLHV\KDVWDODVSXQWDVGHORVGHGRV

    0LHQWUDVWHUHODMDVSRUFRPSOHWRHQYtDWXREMHWLYRDWXPHQWH(PSLH]DDVHUFRQVFLHQWHGHFyPRVHUiWRGRFXDQGRKD\DVFRQVHJXLGRWXREMHWLYR2EVHUYDTXpHVWDUiVYLHQGRGyQGHHVWDUiV3DXVD4XpHVWDUiVKDFLHQGR3DXVD4XLpQHVWDUiDOOt(PSLH]DDHODERUDUORGHODIRUPDTXHTXLHUDV+D]TXHORVFRORUHVVHDQEULOODQWHV\TXHODLPDJHQVHDFHUFDQD\JUDQGH0tUDORWRGRFRPRVLHVWXYLHUDVDOOt3DXVD0LHQWUDVHUHVFRQVFLHQWHGHHVDVYLVWDVREVHUYDORVVRQLGRVDWXDOUHGHGRU3DXVD&XiOHVVRQ"6RQIXHUWHV"

  • SHOtFXODVGHp[LWR

    53

    =RQDGHLQYHVWLJDFLyQ(QVD\RPHQWDOHLPiJHQHVLQWHULRUHV

    9DULRVHVWXGLRVKDQPRVWUDGRORVHIHFWRVGHOHQVD\RPHQWDOSRVLWLYRHQDFWLYLGDGHVHQWUH ODVTXHVH LQFOX\HHOJROI\ ODP~VLFDSHM:RROIRONHWDO3DVFXDO/HRQHHWDO7D\ORU\6KDZ6HKDQPDQLIHVWDGRHIHFWRVVLPLODUHVHQUHODFLyQFRQODLQIOXHQFLDGHODDXWRFRQYHUVDFLyQODVLPiJHQHVPHQWDOHV\HODXWROLGHUD]JRGHSHQVDPLHQWR1HFN\0DQ](QSDU

    WLFXODUXQHVWXGLRTXHXWLOL]DEDOD(VFDODGH$XWRFRQFHSWRGH7HQQHVVHHOD(VFDODGH$XWRHVWLPDGH5RVHQEHUJ\OD(VFDODGH$XWRDFWLWXGGHOWLSR)LVKEHLQ\$M]HQGHPRVWUyTXHODVLPiJHQHVSRVLWLYDVVLW~DQFRQVLGHUDEOHPHQWHDODDXWRDFWLWXGHQXQDGLUHFFLyQSRVLWLYD3DWUL]L

    5HFLHQWHPHQWHLQYHVWLJDGRUHVGHO8QLYHUVLW\&ROOHJXH/RQGRQKDQGHPRVWUDGRGHIRUPDFRQFOX\HQWHTXHFUHDUUHSUHVHQWDFLRQHVLQWHULRUHVTXHXWLOLFHQWRGDVODVPRGDOLGDGHVVHQVRULDOHVHVXQDKHUUDPLHQWDHIHFWLYDSDUDUHJXODUQXHVWUDVHPRFLRQHV\HQHVSHFLDOODDQVLHGDG\ODDQJXVWLD(QXQHVWXGLRTXHXWLOL]DEDODYLVXDOL]DFLyQI05,VHHQVHxDEDQORVFRQWHQLGRVSDUDLGHQWLILFDUXQOXJDUHVSHFLDOVHJXUR\UHODMDQWH\DWUDHUDODPHQWHDHVHOXJDUGHIRUPDWDQYLYDFRPRIXHUDSRVLEOHJUDFLDVDWRGDVODVPRGDOLGDGHVVHQVRULDOHVYLVXDODXGLWLYD\NLQHVWpVLFD(QWRQFHVVHQHFHVLWDEDODHODERUDFLyQGHXQDDXWRGHFODUDFLyQ\HUDWDPELpQQHFHVDULRGDUXQQRPEUHDOOXJDU\FRQHOORUHFRUGDUHILFD]PHQWHODH[SHULHQFLDHQHOIXWXUR.DOLVFKHWDO

    .$/,6&+5:,(&+.&5,7&+/(

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    54

    &DMDGHKHUUDPLHQWDVGHOD31/Q

    (OHVFDOyQKDFLDWXREMHWLYR

    8QDYH]TXHWHQJDVXQREMHWLYRELHQHVWUXFWXUDGRXQHMHUFLFLRWUDPSROtQHVXQEXHQPRGRGHGHVFXEULUTXpHVORTXHWHHVWiGHWHQLHQGR\FXiOHVVRQORVVLJXLHQWHVSDVRVLPSRUWDQWHV\XQDEXHQDPDQHUDGHDVHJXUDUTXHLQFOX\HVHQWXSURJUDPDFLyQWRGRVORVHOHPHQWRVTXHQHFHVLWDV5HVSRQGHHVWDVSUHJXQWDVDWXULWPR\DVtGHVFXEULUiVWXVUHFXUVRV\WXFRPSUHQVLyQLQWHULRUeVWDHVXQDKHUUDPLHQWDUHDOPHQWHHIHFWLYDSDUDXWLOL]DUFRQWLJRPLVPRRFXDQGRHQVHxDVDORVGHPiV

    $VHJ~UDWHGHTXHKDVSODQHDGRWXREMHWLYRDOGHWDOOHSDUDWHQHUPXFKDLQIRUPDFLyQVHQVRULDO

    'HVFXEUHHOSULPHUQLYHOGHORTXHWHLPSLGHKDFHUOR3UHJ~QWDWH4XpPHORLPSLGH"$QRWDWXUHVSXHVWD

    6LQSHQVDUGHPDVLDGRHQHVWH WHPDSUHJ~QWDWH4XpTXLHURHQVXOXJDU"3LHQVDHQORTXHSUHIHULUtDVTXHVXFHGLHUD$QyWDOR

    $KRUDSUHJ~QWDWH4XpPH LPSLGH ORJUDU ORTXHPHJXVWDUtDHQVXOXJDU"

    &RQWLQ~DHVWHSURFHVRKDVWDTXHKD\DVDJRWDGRWRGRVORVSRVLEOHVHOHPHQWRVTXHSRGUtDQGHWHQHUWH\KDVWDTXHKD\DVDQDOL]DGRWRGRORTXHSUHIHULUtDVWHQHU

    (PSH]DQGRGRQGHDFDEDVWHFRQHO~OWLPRSDVRSUHJ~QWDWHTXpFRQVHJXLUtDVVLORJUDUDVHVWRFRPRREMHWLYR$QRWDWXUHVSXHVWD

    &RQWLQ~DGHQXHYRKDFLpQGRWHHVWDSUHJXQWDKDVWDTXHKD\DVH[SHULPHQWDGRWRGDVODVSRVLELOLGDGHV

    eVWDHVWDPELpQXQDJUDQWpFQLFDSDUDWUDEDMDUFRQQLxRVHQXQFRQWH[WRGHRULHQWDFLyQ3RGUtDVHVFULELUHVWDVSUHJXQWDVHQWDUMHWDV\OXHJRKDFHUTXHORVQLxRVUHVSRQGLHUDQHQFDGDXQDGHHOODV6LQRHVFUtEHODVHQWUR]RVGHSDSHOFRORFDGRVHQHOVXHOR\OLWHUDOPHQWHUHFyUUHORVPHGLDQWHXQHMHUFLFLRHVFDOyQSRUHVFDOyQ8QSURIHVRUOOHYDHVWRDFDERHQVXVFODVHVREMHWRGHHVWXGLRSDUDD\XGDUDORVDOXPQRVDSODQLILFDUVXVKRUDVGHUHSDVR\SDUDDVHJXUDUVHGHTXHpVWRVDQDOL]DQ\HQFXHQWUDQVROXFLRQHVDODVLGHDVUHVWULFWLYDVTXHWLHQHQDFHUFDGHOWLHPSR\GHODVUHYLVLRQHV

  • SHOtFXODVGHp[LWR

    55

    0iVIRUPDVGHHPSH]DUDPHMRUDUWXSUiFWLFDHQFODVHFRQOD31/

    (VWDEOHFHXQREMHWLYRGHWDOODGRGHFyPRWHJXVWDUtDTXHIXHUDXQDFODVHGLItFLODQWHVGHHQVHxDUDORVDOXPQRV/XHJRXWLOL]DHOHMHUFLFLRHVFDOyQGHOD~OWLPDFDMDGHKHUUDPLHQWDVSDUDWUDWDUORVHOHPHQWRVTXHWHGHWLHQHQ5HFXHUGDTXHHUHVW~HOTXHQHFHVLWDVFDPELDUSXHVWRTXHQRSXHGHVFDPELDUODFRQGXFWDGHORVGHPiVVLQR~QLFDPHQWHODWX\D

    $SOLFDHOSURFHVRGHOREMHWLYRELHQHVWUXFWXUDGRDXQDGHODVFODVHVREMHWRGHHVWXGLRSDUDD\XGDUOHVDORJUDUORTXHTXLHUHQ\SDUDTXHHVWpQPiVPRWLYDGRVSDUDODUHYLVLyQ

    8WLOL]DODVSUHJXQWDV4XpYHUiVRLUiV\VHQWLUiV"HQWXVFKDUODVGHFODVHSDUDD\XGDUDORVDOXPQRVDHVWDUPiVFHQWUDGRVHQHOIXWXURFXDQGRVHHQFXHQWUHQEORTXHDGRVHQHOPRGRUHIOH[LyQGHOSUREOHPD

    &XDQGRWUDEDMHVFRQFROHJDVHQODSURJUDPDFLyQGHOGHVDUUROOR\GHOSURJUHVRHVFRODUDxDGHODLQIRUPDFLyQVHQVRULDODOREMHWLYRGHVHDGRTXHLQWHQWDVORJUDU\DVHJ~UDWHGHTXHKD\DPXFKRVGHWDOOHVDOUHGHGRUGHWXVREMHWLYRVHVWUDWpJLFRV

    ,1,&,22EMHWLYRELHQHVWUXFWXUDGR

    4XpPHORLPSLGH"

    4XpPHORLPSLGH"

    4XpTXLHURHQVXOXJDU"2EMHWLYR

    4XpTXLHURHQVXOXJDU"2EMHWLYR

    6LFRQVLJXLHUDHVWHREMHWLYRSDUDTXpPHVHUYLUtD"

    6LFRQVLJXLHUDHVWHREMHWLYRSDUDTXpPHVHUYLUtD"

    6LFRQVLJXLHUDHVWHREMHWLYRSDUDTXpPHVHUYLUtD"

    FRQWLQ~DKDVWDTXHKD\DVGHVFXELHUWRWRGDVODVOLPLWDFLRQHV

  • CINCUENTA Y SIETE 57

    1RVJXVWDGHLJXDOPDQHUD

    &yPRHVWDEOHFHUXQDUHODFLyQGHFRPXQLFDFLyQ HLQIOXLUHQRWUDVSHUVRQDV

    $ OR ODUJRGH ORVHVWXGLRVGH WHUDSHXWDVDOWDPHQWHHIHFWLYRV\GHH[FHOHQWHVFRPXQLFDGRUHV5LFKDUG%DQGOHU\-RKQ*ULQGHUDQDOL]DURQVLVWHPiWLFDPHQWH ODVH[WUDRUGLQDULDVKDELOLGDGHVGHHVWDVSHUVRQDVSDUDHVWDEOHFHUXQDUHODFLyQFRPXQLFDWLYD\SRUORWDQWRSRGHULQIOXLUHQODVSHUVRQDVFRQODVTXHHVWDEDQWUDEDMDQGR$SDUWLUGHHVWRPRGHODURQXQDVHULHGHHVWUDWHJLDV\HQIRTXHVWDQWRSDUDHVWDEOHFHUXQDUHODFLyQFRPXQLFDWLYDUDSSRUWFRPRSDUDGHVDUUROODUORTXHGHQRPLQDURQDJXGH]DVHQVRULDOODKDELOLGDGGHOHHUODH[SHULHQFLDHPRFLRQDOGHORVGHPiVDSXQWDQGRORVSHTXHxRVGHWDOOHVGH

    VXVH[SUHVLRQHV\GHVXILVLRORJtDIDFLDO'XUDQWHPXFKRVDxRVKXERSRFDVSUXHEDVTXHDYDODUDQHOFDPSRGHOD31/\GHODVWpFQLFDVLPSDUWLGDVSRUIRUPDGRUHVGHOD31/GXUDQWHORV~OWLPRVYHLQWHDxRV+R\HQGtDODVSUXHEDVGHODVWpFQLFDVGHQHXURLPDJHQDYDODQWDQWRORVVXSXHVWRVVXE\DFHQWHVGHOUDSSRUW\GHODDJXGH]DVHQVRULDOFRPRODVHVWUDWHJLDV\HQIRTXHVTXHVHGHVDUUROODURQDSDUWLUGHVXVLQYHVWLJDFLRQHV

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    58

    &DVXDOLGDGDOHQFRQWUDUQRVFRQHOKHODGR

    (QXQDLQYHVWLJDFLyQGHODERUDWRULRHQ,WDOLDHQXQFDOXURVRGtDGHOYHUDQRGHXQPDFDFRHVWDEDVHQWDGRHQODVLOODGHXQODERUDWRULRHVSHUDQGRDTXHORVLQYHVWLJDGRUHVYROYLHUDQGHDOPRU]DU/RVLQYHVWLJDGRUHVGLULJLGRVSRU*LDFRPR5L]]RODWWLHVWDEDQWUD]DQGRODV]RQDVGHDFWLYLGDGHQHOFHUHEURGHOSULPDWHFXDQGRVHFHQWUDEDQHQODDFWLYLGDGItVLFD&DGDYH]TXHHOPRQRDJDUUDED\PRYtDXQREMHWRVHDFWLYDEDQXQDVFpOXODVHQHOFHUHEURGHOVLPLR\VRQDEDXQPRQLWRU(QWRQFHVVXFHGLyDOJRH[WUDRUGLQDULRREVHUYDURQTXHFXDQGRHODQLPDOYHtDFyPRHOHVWXGLDQWHDO]DEDVXEUD]RSDUDODPHUXQKHODGRVHDFWLYDEDQODVPLVPDV]RQDVGHOFHUHEURGHOPRQRTXHFXDQGRpVWHDO]DEDUHDOPHQWHVXEUD]R(VWRFRQGXMRDXQDQXHYDLQYHVWLJDFLyQ\DOGHVFXEULPLHQWRGHODVQHXURQDVHVSHMR+R\HQGtDHVWDPRVHPSH]DQGRDFRPSUHQGHUODLPSRUWDQFLDGHHVWDVQHXURQDV6HFUHHTXHHOFHUHEURKXPDQRWLHQHP~OWLSOHVVLVWHPDVGHQHXURQDVHVSHMRTXHQRVFDSDFLWDQQRVyORSDUDHQWHQGHUODVDFFLRQHVGHORVGHPiVVLQRWDPELpQVXVLQWHQFLRQHVHPRFLRQHV\HOVLJQLILFDGRVRFLDOGHVXVFRQGXFWDV

    &DVLYHLQWHDxRVDQWHV%DQGOHU\*ULQGHUKDEtDQREVHUYDGRFyPR0LOWRQ(ULFNVRQHOKLSQRWHUDSHXWDUHIOHMDEDHOOHQJXDMHFRUSRUDOGHVXVSDFLHQWHVDVtFRPRODVHVWUXFWXUDVOLQJtVWLFDVGHpVWRV(ULFNVRQTXHWUDVKDEHUSDGHFLGRODSROLRWHQtDVXVPRYLPLHQWRVVHULDPHQWHOLPLWDGRVVHKDEtDFRQYHUWLGRHQXQH[SHUWRHQHVWDEOHFHUUHODFLRQHVGHFRPXQLFDFLyQ$OUHIOHMDUDVXVSDFLHQWHVQRLPLWDEDGLUHFWDPHQWHORVPRYLPLHQWRVGHpVWRVVLQRTXHWDPELpQKDFtDWRGRVORVSHTXHxRVJHVWRV\PRYLPLHQWRVTXHUHVSRQGtDQDORVPRYLPLHQWRVGHVXVSDFLHQWHV

    &RPXQLFDFLyQ

    (QOD31/FRQIUHFXHQFLDGHFLPRVTXHHOVLJQLILFDGRGHWXFRPXQLFDFLyQHVODUHVSXHVWDTXHUHFLEHV&XDQGRWUDEDMDPRVFRQODVGLILFXOWDGHVTXHORVSURIHVRUHVDIURQWDQODFDXVDSULQFLSDOGHVXVGLILFXOWDGHVHVFRQIUHFXHQFLDODIDOWDGHFRPXQLFDFLyQ/DHQVHxDQ]DHVXQDGHHVDVSURIHVLRQHVGRQGHFRQVWDQWHPHQWHFRUUHPRVHOULHVJRGHTXHQXHVWUDFRPXQLFDFLyQQRVHHQWLHQGD

  • QRVJXVWDGHLJXDOPDQHUD

    59

    \DTXHHVWDPRVFRPXQLFiQGRQRVGHFRQWLQXR&RPRVHUHVVRFLDOHVODFRPXQLFDFLyQHVYLWDOSDUDQXHVWURIXQFLRQDPLHQWR6LIXHUDVXQH[WUDWHUUHVWUH\R\HUDVHVWRSRGUtDVTXHGDUWHGHVFRQFHUWDGRPLUDQGRKDFLDQXHVWURLQWHULRUGHVGHIXHUDSDUHFHTXHWRGRORTXHORVKXPDQRVKDFHQHVFRPXQLFDUVHVLQHPEDUJRQRVLHPSUHORKDFHPRVWDQELHQFRPRSRGUtDPRV

    (QWRQFHVTXpSRGHPRVKDFHUSDUDPHMRUDUQXHVWUDKDELOLGDGFRPXQLFDWLYD"+D\DOJ~QPRGRSUiFWLFRFRQHOTXHSRGDPRVPHMRUDU ORTXH\DKDFHPRV"/D31/WLHQHDOJXQDVUHVSXHVWDVVHQFLOODVSDUDHVWHSUREOHPD\VHFHQWUDHQVDEHUFyPRVHHVWDEOHFHXQDUHODFLyQGHFRPXQLFDFLyQUDSSRUW

    5HODFLyQGHFRPXQLFDFLyQDFRPSDVDPLHQWRRUDSSRUW

    4XpVXFHGHFXDQGRQRVFRPXQLFDPRV"

    &XDQGRXQDSHUVRQDSUHVWDDWHQFLyQDRWUDDPEDVUHFLEHQORTXHODRWUDSHUVRQDHVWiGLFLHQGRRKDFLHQGR(QWRQFHVDPEDVFRQWDFWDQFRQVXVSURSLRVSHQVDPLHQWRV\VHQWLPLHQWRVLQWHULRUHV\UHVSRQGHQGHPDQHUDLQGLYLGXDO/DRWUDSHUVRQDOHSUHVWDDWHQFLyQ\HQWRQFHVODFRPXQLFDFLyQIRUPDXQEXFOH

    3DUDFRPXQLFDUVHGHPDQHUDPiVHILFD]HVHVHQFLDOGHVDUUROODUODKDELOLGDGGHOUDSSRUW(VWRQRVLJQLILFDTXHWHQJDVTXHHVWDUGHDFXHUGRFRQORVGHPiVVLQRTXHW~OHVUHVSRQGHV\OHVRIUHFHVODH[SHULHQFLDGHOVHQWLPLHQWRLPSOtFLWR

    3LHQVDHQFyPRWHFRPXQLFDV4XpHVORTXHODRWUDSHUVRQDHVWiUHFLELHQGR\FyPRORUHFLEH"$TXtQRHVWDPRVKDEODQGRVREUHHOFRQWHQLGRGHODFRPXQLFDFLyQQLHVWDPRVSHQVDQGRHQODHVWUXFWXUDQLHQODVSDODEUDVVLQRHQHOPRGRHQHOTXHVHGLFHQHQORVJHVWRV\HQODVSRVWXUDV3RGHPRVFRQVLGHUDUTXHHVWRVHOHPHQWRVVRQQXHVWURVFDQDOHVGHVDOLGD3XHGHVSHQVDUTXHHVWRHVFRPRXQDGDQ]DHOHJDQWHHQODTXHXQDVSHUVRQDVUHVSRQGHQSDVRDSDVRD\FRQRWUDV

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    60

    *ORVDULRGHFRQFHSWRV4XpVXFHGHFXDQGRQRVFRPXQLFDPRV"

    8QDUHODFLyQRHVWDGRGHPXWXD

    FRQILDQ]D\UHFHSWLYLGDGFRQORVGHPiV

    /DGDQ]DGHODFRPXQLFDFLyQ

    &RQGXFWDGHVDOLGDH[WHUQD 2EVHUYDODFRQGXFWDH[WHULRU

    *HQHUDXQDUHVSXHVWDLQWHULRU *HQHUDXQDUHVSXHVWDLQWHULRU

    2EVHUYDODFRQGXFWDH[WHULRU &RQGXFWDGHVDOLGDH[WHUQD

    &DQDOHVGHVDOLGD

    &XHUSR 9R] 3DODEUDV

    *HVWRV 9HORFLGDGGHOGLVFXUVR ([SUHVLRQHVFRPXQHV3RVWXUD 7RQRGHYR] 3DODEUDVFODYH([SUHVLyQIDFLDO 9ROXPHQGHYR] 3DODEUDVVHQVRULDOHV FRQRFLGDVFRPRSUHGLFDGRV

  • QRVJXVWDGHLJXDOPDQHUD

    61

    (VWDVVDOLGDVVRQHOPRGRHQTXHUHFRJHPRVLQIRUPDFLyQGH\VREUHODRWUDSHUVRQDFXDQGRQRVFRPXQLFDPRV/DPD\RUSDUWHGHODLQIRUPDFLyQHVH[WHULRUDQXHVWURFRQRFLPLHQWRFRQVFLHQWHGXUDQWHODPD\RUSDUWHGHOWLHPSR$WUD\pQGRODDQXHVWUDDWHQFLyQ\SUHVWDQGRDWHQFLyQDODVDOLGDGHHVWRVWUHVFDQDOHVYLVXDODXGLWLYR\NLQHVWpVLFRSRGHPRVFDPELDUQXHVWUDFRQGXFWD\OOHJDUDVHUFRPRODRWUDSHUVRQDFRQODTXHQRVFRPXQLFDPRV(QOD31/DHVWHSURFHVRVHOHGHQRPLQDVLQWRQL]DUPDWFKLQJRUHIOHMDUPLUURULQJ(ODERUDPRVHOUDSSRUWVLQWRQL]DQGRRUHIOHMDQGRHOOHQJXDMHFRUSRUDO\ODWRQDOLGDGGHYR]GHODRWUDSHUVRQDXQLpQGRQRVDVXEDLOH(VWRFUHDXQSXHQWHHQWUHQXHVWURPXQGR\HOVX\RDSRUWDFRQILDQ]D\HVODEDVHGHXQDFRPXQLFDFLyQHIHFWLYD

    3RGHPRVHODERUDUHOUDSSRUWVLQWRQL]DQGRRUHIOHMDQGRHOOHQJXDMHFRUSRUDO\ODWRQDOLGDGGHYR]GHODRWUDSHUVRQDXQLpQGRQRVDVXEDLOH

    (VWRFUHDXQSXHQWHHQWUHQXHVWURPXQGR\HOVX\RDSRUWDFRQILDQ]D\HVODEDVHGHXQDFRPXQLFDFLyQHIHFWLYD

    &yPRIXQFLRQD"

    (UHVERPEDUGHDGRFRQLQIRUPDFLyQHQFDGDVHJXQGRHOQLYHOGHOX]GHODKDELWDFLyQHOODWLGRGHWXFRUD]yQODVHQVDFLyQGHOSLHHQWX]DSDWRL]TXLHUGRODVHQVDFLyQGHXQOLEURHQWXPDQRHWF7XPHQWHILOWUDODPD\RUSDUWHGHHVWDLQIRUPDFLyQH[WHULRUDSDUWLUGHOFRQRFLPLHQWRFRQVFLHQWHSDUDWHQHUODVHQVDFLyQGHTXHHVWiVSUHVWDQGRDWHQFLyQVyORDORTXHHVLPSRUWDQWHHQFDGDPRPHQWR6LQRORKLFLHUDVHQWUDUtDVHQXQHVWDGRGHVREUHFDUJDRYHUORDG'HQWURGHHVWDPDVDGHLQIRUPDFLyQHVWiQORVPLFURSDWURQHV\FRQGXFWDVGHORVGHPiVLQFOX\HQGRHOWRQRGHYR]JHVWRVYHORFLGDGGHSDUSDGHRULWPRHLQWHQVLGDGGHODUHVSLUDFLyQ\WRGRVORVGHPiVSDWURQHVFRUSRUDOHVGHVDOLGDTXHVRQPXFKRV&RPRVRPRVFULDWXUDVVRFLDOHVXQRGHQXHVWURVLQVWLQWRVLQFRQVFLHQWHVHVHVWDEOHFHUUHODFLRQHV3DUDKDFHUORQXHVWURFHUHEURHPSDUHMDORVGDWRVHQWUDQWHVFRQXQSDWUyQ(OSDWUyQTXHHVWDPRVEXVFDQGRHVHOQXHVWURSURSLRRDOJXQRVLPLODU(QQXHVWURSURSLROHQJXDMHFRUSRUDO

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    62

    \HQQXHVWUROHQJXDMHYHUEDOVLHPSUHHVWDPRVHPLWLHQGRXQSDWUyQVLPLODUGHLJXDOPDQHUDTXHQXHVWUDDWHQFLyQLQWHULRUVHFHQWUDHQHOSDWUyQTXHHVWDPRVEXVFDQGR3RUORWDQWRHVWDPRVFRQVWDQWHPHQWHH[SORUDQGRHOPXQGRH[WHULRUSDUDHQFRQWUDUJHQWHFRPRQRVRWURV3DUDHVWDEOHFHUXQUDSSRUWIiFLOPHQWHWRGRORTXHQHFHVLWDPRVKDFHUHVWRPDUSDUWHHQHODUWHGHOUDSSRUWFUHDQGRDQDORJtDVHQQXHVWURVFDQDOHVGHVDOLGDFRQORVGHODSHUVRQDFRQODTXHHVWDPRV

    +D\GRVSDWURQHVEiVLFRVSDUDFUHDU UDSSRUWPDWFKLQJVLQWRQL]DU\PLUURULQJUHIOHMDU1LQJXQRGHHOORVKDGHHQWHQGHUVHFRPRPtPLFDVLQRTXHVLJQLILFDDGRSWDUXQDSRVWXUDXQDVSDODEUDVXQRVSDWURQHVUtWPLFRVVLPLODUHVHWF3XHGHVXWLOL]DUFXDOTXLHUSDWUyQTXHSURSRUFLRQHHOPDUJHQVXILFLHQWHSDUDODYDULDFLyQ(OREMHWLYRHVVHUVLPLODUQRVHULGpQWLFRWRGRORTXHWLHQHVTXHKDFHUHVTXHODPHQWHLQFRQVFLHQWHGHODRWUDSHUVRQD

    UHFRQR]FDTXHW~HUHVFRPRHOOD8WLOL]DPRVHOWpUPLQRPDWFKLQJVLQWRQL]DUSDUDGHVFULELUODFRSLDH[DFWDGHXQDVSHFWRGHODFRQGXFWDGHODRWUDSHUVRQDSHMFUX]DUODSLHUQDL]TXLHUGDVREUHODGHUHFKDFXDQGRHVWRHVORTXHHVWiKDFLHQGRODRWUDSHUVRQD\HOWpUPLQRPLUURULQJUHIOHMDUSDUDDGRSWDUXQDLPDJHQHVSHMRGHODSHUVRQDFRQODTXHWHHVWiVFRPXQLFDQGRSHMFUX]DUODSLHUQDGHUHFKDVREUHODL]TXLHUGDFXDQGRODRWUDSHUVRQDHVWiFUX]DQGRODL]TXLHUGDVREUHODGHUHFKD

  • QRVJXVWDGHLJXDOPDQHUD

    63

    (MHPSORVGHHOHPHQWRVTXHVHSXHGHQVLQWRQL]DU

    7pFQLFDVGHUDSSRUWPiVDYDQ]DGDV

    6LQWRQtDFUX]DGD

    /DVVHQFLOODVWpFQLFDVGHHODERUDFLyQGHUDSSRUWTXHDFDEDPRVGHGHVFULELUVRQPX\HIHFWLYDVHVSHFLDOPHQWHHQODSULPHUDIDVHGHFRQVWUXFFLyQGHOUDSSRUW8QDWpFQLFDPiVDYDQ]DGD\PiVVXWLOHVODOODPDGDVLQWRQtDFUX]DGD/DVLQWRQtDFUX]DGDLPSOLFDVLQWRQL]DUFRQODFRQGXFWDGHXQDSHUVRQDFRQFRQGXFWDGLIHUHQWHGHODWX\DSHMVLQWRQL]DUVXULWPRGHUHVSLUDFLyQFRQHOPRYLPLHQWRGHWXGHGRRVXSDUSDGHRRFXODUFRQJROSHFLWRVGHWXSLH(VWHPRGRGHHVWDEOHFHUHOUDSSRUWHVPX\GLItFLOGHGHWHFWDUSRUODRWUDSHUVRQD\VLQHPEDUJRHVDOWDPHQWHHIHFWLYR

    6LWLHQHVXQQLxRLQTXLHWRHQFODVHTXHQRSDUDGHPRYHUVHFDSWDHOULWPRGHVXPRYLPLHQWR\HPSLH]DDVLQWRQL]DUFRQXQDFRQGXFWDGLIHUHQWHHOPRYLPLHQWRGHXQEROtJUDIRSRUHMHPSOR&XDQGRKD\DVPDQWHQLGRHOULWPRGXUDQWHXQUDWRHPSLH]DDUHGXFLUODYHORFLGDG\REVHUYDHOHIHFWR6LQRKD\FDPELRWRGRORTXHQHFHVLWDVHVVHJXLUHOULWPRGXUDQWHXQUDWRXQSRFRPiVODUJR

    &XHUSR 3RVWXUD([SUHVLRQHVIDFLDOHV0RYLPLHQWRVGHODVPDQRV0RYLPLHQWRVRFXODUHV5LWPRGHODUHVSLUDFLyQ0RYLPLHQWRGHORVSLHV&DPELRVFRUSRUDOHVQJXORGHODFROXPQDYHUWHEUDO,QFOLQDFLyQGHOD FDEH]D1LYHOHVGHHQHUJtD

    /HQJXDMH3UHIHUHQFLDVGHSDODEUDVVHQVRULDOHV7pUPLQRVGHVFULSWLYRV([SUHVLRQHVFODYH5HGDFFLyQUHSHWLWLYD3DODEUDVH[DFWDV

    9R]9ROXPHQ7RQR7HPSR&XDOLGDGHVYRFDOHVFRPSiVULWPR WRQDOLGDG

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    64

    \UHSHWLUORHVWRVHOODPDSDFLQJVHJXLU\OHDGLQJJXLDUKD\PiVGDWRVVREUHHVWRPiVDGHODQWH6RPRVPX\VHQVLEOHVDOULWPR\HQXQDVLWXDFLyQGHJUXSRWHQGHPRVDVLQWRQL]DUFRQFXDOTXLHUULWPRFRQVWDQWHLQFOXVRVLDSHQDVHVDXGLEOH+DFHUP~VLFDFRQXQULWPRDVtHQODFODVHWDPELpQSXHGHFUHDUUDSSRUWHQWRGRHOJUXSR

    =RQDGHLQYHVWLJDFLyQ1HXURQDVHVSHMR&pOXODVFHUHEUDOHVTXHSXHGHQ OHHU ODPHQWH

    /DVQHXURQDVHVSHMRVHDFWLYDQFXDQGRUHDOL]DPRVXQDDFFLyQ\FXDQGRREVHUYDPRVODPLVPDDFFLyQHQORVGHPiV6HGHVFXEULHURQHQSULPDWHVHQODGpFDGDGH5L]]RODWWLHWDO*DOOHVHHWDO)RJDVVLHWDO$OKDFHUHVWRODVQHXURQDVUHIOHMDQOLWHUDOPHQWHODFRQGXFWDGHODRWUDSHUVRQD/DVDFWLYL

    GDGHVGHODVQHXURQDVHVSHMRKDQVLGRREVHUYDGDVHQSULPDWHV\VHFUHHTXHH[LVWHQHQORVKXPDQRV\HQDOJXQRVSiMDURV'HQWURGHOFHUHEURKXPDQRVHKDYLVWRTXHODDFWLYLGDGGHOFyUWH[SUHPRWRU\GHOFyUWH[SDULHWDOLQIHULRUHVWiUHODFLRQDGDFRQODDFWLYLGDGGHHVWDVQHXURQDV*DOOHVHHWDO9DULRVHVFULWRUHVFRQVLGHUDQTXHHOGHVFXEULPLHQWRGHODVQHXURQDVHVSHMRHVXQRGHORVKDOOD]JRVPiVLPSRUWDQWHVGHORV~OWLPRVGLH]DxRVSHM5DPDFKDQGUDQ/RVHVWXGLRVHQKXPDQRVVXJLHUHQTXHHOVLVWHPDGHQHXURQDVHVSHMRVHGHVDUUROODHQHOSULPHUDxRGHYLGD\TXHHVWHVLVWHPDHVLPSRUWDQWH\DTXHD\XGDDORVQLxRVDHQWHQGHUODVDFFLRQHVGHODVSHUVRQDV:LFNHUHWDO

    6HFUHHTXHODVQHXURQDVHVSHMRHVWiQHVSHFLDOPHQWHLPSOLFDGDVHQODSHUFHSFLyQ\HQODFRPSUHQVLyQGHODVDFFLRQHVPRWULFHV3XHGHQWHQHUWDPELpQXQSDSHOLPSRUWDQWHHQHOSURFHVDPLHQWRFRJQLWLYRGHRUGHQVXSHULRUSRUHMHPSORHQODLPLWDFLyQHQHOOHQJXDMHHQODWHRUtDGHODPHQWH\HQODHPSDWtD5L]]RODWWLHWDO*DOOHVH\*ROGPDQ&DUUHWDO6HVDEHTXHWRGDVHVWDViUHDVHVWiQDIHFWDGDVHQODVSHUVRQDVDXWLVWDV(OWpUPLQRWHRUtDGHODPHQWHKDFHUHIHUHQFLDDQXHVWUDKDELOLGDGGHLQIHULUHQHOHVWDGRPHQWDOGHRWUDSHUVRQDSHMRSLQLRQHV\GHVHRVDSDUWLUGHVXVH[SHULHQFLDVRGHVXFRQGXFWD3RUHVWDUD]yQXQDDFWLYLGDGGLVIXQFLRQDOGHODVQHXURQDVHVSHMRHVWiWDPELpQUHODFLRQDGDFRQWUDVWRUQRVFRJQLWLYRVFRPRHODXWLVPR2EHUPDQ

  • QRVJXVWDGHLJXDOPDQHUD

    65

    HWDO'DSUHWWRHWDO/RVQLxRVDXWLVWDVWDPELpQWHQGUiQFRQIUHFXHQFLDSUREOHPDVFRQODLQWHUSUHWDFLyQGHUHIUDQHV\PHWiIRUDVORFXDOVXJLHUHXQYtQFXORHQWUHODDFWLYLGDGGHHVWDVQHXURQDV\ODFUHDFLyQ\FRPSUHQVLyQGHODVPHWiIRUDV5DPDFKDQGUDQ\2EHUPDQ&RPRVHxDODQ5DPDFKDQGUDQ\2EHUPDQSXHGHTXHODVQHXURQDVHVSHMRQRVyORQRVD\XGHQDDJDUUDUFDFDKXHWHVVLQRTXHWDOYH]SHUPLWDQWDPELpQDORVKXPDQRVDOFDQ]DUODVHVWUHOODV/DVQHXURQDVHVSHMRKDQVLGRGHFRQVLGHUDEOHLQWHUpVHQORVWUDEDMRVGHODSVLFRORJtDSRSXODUHQORV~OWLPRVDxRV(QSDUWLFXODU'DQLHO*ROHPDQKDDFXxDGRODH[SUHVLyQ:L)LQHXUDOSDUDLOXVWUDUODLQWHUUHODFLyQGHODVUHGHVQHXUDOHVHQODVUHODFLRQHVVRFLDOHV\VXLPSRUWDQFLDHQORTXHOODPyLQWHOLJHQFLDVRFLDO*ROHPDQ

    &$55/,$&2%21,0'8%($80&0$==,277$-&\/(1=,*/1HXUDOPHFKDQLVPVRIHPSDWK\LQKXPDQVDUHOD\IURPQHXUDOV\VWHPVIRULPLWDWLRQWROLPELFDUHDV3URFHHGLQJVRIWKH1DWLRQDO$FDGHP\RI6FLHQFH

    '$35(7720'$9,(6063)(,)(5-+6&277$$6,*0$10%22.+(,0(56

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    66

    &DMDGHKHUUDPLHQWDVGHOD31/Q

    $GTXLHUHDOJRGHSUiFWLFDFRQHOUDSSRUW

    $QWHVGHXWLOL]DUHOUDSSRUWHQXQDUHXQLyQRHQXQFRQWH[WRLPSRUWDQWHKD]DOJRGHSUiFWLFD([SHULPHQWDFRQODVLQWRQL]DFLyQ\FRQHOUHIOHMRHQYDULDVVLWXDFLRQHV3RUHMHPSORVRFLDOPHQWHHQXQDILHVWDGRQGHSRGUtDVVLQWRQL]DURUHIOHMDUFRQDOJXLHQGHVFRQRFLGRDTXLHQWHSUHVHQWHQREVHUYDUiSLGDPHQWHFyPRSXHGHVHVWDEOHFHUXQDUHODFLyQ6LQRXVDHOUDSSRUWFXDQGRWHQJDVXQGHVDFXHUGR\ItMDWHHQODUDSLGH]FRQTXHDSDUHFHXQD]RQDFRP~Q3UHVWDHVSHFLDODWHQFLyQDODYHORFLGDGGHOSDUSDGHR3DUDREVHUYDUHOULWPRHLQWHQVLGDGGHODUHVSLUDFLyQVLQVHUGHVFDUDGRPLUDODSDUWHVXSHULRUGHORVKRPEURVGHODVSHUVRQDV6LQWRQL]DHVRVPRYLPLHQWRVFRQSHTXHxRVPRYLPLHQWRVGHWXGHGRRFRQWXSURSLRSDUSDGHR\UHVSLUDFLyQ

    &RQVHMRVPiVGHVWDFDGRV

    &RQVWUX\HHOUDSSRUWUiSLGDPHQWHFRQDOXPQRVGLItFLOHVVLQWRQL]DQGRSHTXHxRVULWPRVFRUSRUDOHV

    'HEHVHVWDUVHJXURGHTXHSXHGHVPDQWHQHUWHILUPHHQXQDVLWXDFLyQGLItFLOSUHVWDQGRDWHQFLyQWDQWRDOUDSSRUWFRPRDORTXHVHGLFH

    6LQWRQL]DVLHPSUHFRQORVSDGUHVDOHPSH]DUXQDUHXQLyQFRQHOORV

    8WLOL]DWXVKDELOLGDGHVGHUDSSRUWSDUDFUHDUXQHQWRUQRGHFODVHPiVUHVXHOWR2EVHUYDTXLpQHVODSHUVRQDTXHGLULJHHOUDSSRUWHQHOJUXSR\VLQWRQL]DFRQHOOD&XDQGRHVWpLVHQUDSSRUWGLUtJHODFRQDOJRGLIHUHQWH

    &yPRHOXVRGHWXVVHQWLGRVSXHGHD\XGDUWH DHVWDEOHFHUHOUDSSRUWRUHODFLyQGHFRPXQLFDFLyQ

    &DSWDPRVODVH[SHULHQFLDVDWUDYpVGHQXHVWURVVHQWLGRV\SRUHVRSRGH

    PRVXVDUQXHVWURVSURFHVRVGHSHQVDPLHQWRSDUDUHFUHDULQWHUQDPHQWHHVWDV

    H[SHULHQFLDVVHQVRULDOHV3RUHMHPSORUHPHPRUDUXQUHFXHUGRDJUDGDEOHQRV

    KDUiUHtUXQRGHVDJUDGDEOHQRVGHVSHUWDUiHPRFLRQHVGRORURVDV\HOSHQVDU

    HQQXHVWUDFRPLGDREHELGDIDYRULWDQRVKDUiVDOLYDU

  • QRVJXVWDGHLJXDOPDQHUD

    67

    1RVGHVFULELPRVDQRVRWURVPLVPRVQXHVWUDVH[SHULHQFLDVXVDQGRQXHVWURVVHQWLGRV(QOD31/XWLOL]DPRVHOWpUPLQRVLVWHPDVILJXUDWLYRVSDUDGHVFULELUORVVHLVVLVWHPDV

    6LVWHPDVILJXUDWLYRV

    9LVWD 9LVXDO 9

    2tGR $XGLWLYR $

    +DEOD 'LJLWDODXGLWLYR 'D

    6HQVDFLyQ .LQHVWpVLFR .

    2OIDWR 2OIDWLYR 2

    *XVWR *XVWDWLYR *

    +D\VXEGLYLVLRQHVGHQWURGHORVVLVWHPDV(ODXGLWLYRLQFOX\HWDQWRODDXGLFLyQLPDJLQDULDGHODVSDODEUDV\VRQLGRVFRPRHOKDEODUVHDXQRPLVPR(ONLQHVWpVLFRLQFOX\HODVVHQVDFLRQHVFRUSRUDOHVLQWHULRUHVHOWDFWR\ODVHPRFLRQHV

    8QD~WLOPHWiIRUDHVFRQVLGHUDUFDGDVLVWHPDVHQVRULDOFRPRSDUWHGHXQDFDGHQD

    (QWUDGDUHFRSLODFLyQGHLQIRUPDFLyQGHIRUPDWDQWRLQWHUQDFRPRH[WHUQD3HQVDPLHQWRSURFHVDPLHQWRSURJUDPDFLyQDSUHQGL]DMHWRPDGHGHFLVLRQHVHVWUDWHJLDGHPRWLYDFLyQDOPDFpQGHLQIRUPDFLyQPHPRULDYLVXDOL]DFLyQGHOIXWXUR

    6DOLGDFyPRQRVH[SUHVDPRVDQWHORVGHPiVOHQJXDMHYR]ILVLRORJtD

    &RPRVHUHVLQGLYLGXDOHVTXHVRPRVWHQHPRVSUHIHUHQFLDVPX\GLVWLQWDVDODKRUDGHXWLOL]DUQXHVWURVVHQWLGRV6LSLGHVDDOJXLHQTXHGHVFULEDXQPRPHQWRDOHJUHXQDSHUVRQDSRGUtDKDEODUVREUHORTXHYHtDPLHQWUDVH[SHULPHQWDEDHODFRQWHFLPLHQWR98QDVHJXQGDSRGUtDKDEODUVREUHORVVRQLGRV\VREUHODFRQYHUVDFLyQTXHHVFXFKy$PLHQWUDVTXHXQDWHUFHUDSXGLHUDH[SUHVDUFyPRVHVLQWLyGXUDQWHODH[SHULHQFLD\ORTXHVLQWLyHQVXVPDQRVRHQVXFXHUSRGHXQDPDQHUDWiFWLO2EVHUYDUHOOHQJXDMHVHQVRULDOTXHXWLOL]DODJHQWH\VLQWRQL]DUHVHOHQJXDMHSXHGHQVHUIRUPDVSRGHURVDVGHLQIOXLUHQ

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    68

    ORVGHPiV6LFRQRFHVELHQDDOJXLHQSXHGHVLQFOXVRVLQWRQL]DUODVGLPHQVLRQHVGHOOHQJXDMHYLVXDODXGLWLYR\NLQHVWpVLFRTXHHVDSHUVRQDXWLOL]D3XHGHVKDFHUORFXDQGRVHKDEODRFXDQGRVHHVFULEH(QHOPXQGRGHORVHPDLOVHVXQDHVWUDWHJLDSDUWLFXODUPHQWH~WLO

    8VDQGRODVSUHIHUHQFLDVVHQVRULDOHVHQHOOHQJXDMH

    (QVXVSULPHURVHVFULWRV%DQGOHU\*ULQGHUREVHUYDURQODLPSRUWDQFLDGHODLQIRUPDFLyQVHQVRULDOHQHOSURFHVRGHODFRPXQLFDFLyQ/DVSUXHEDVOLQJtVWLFDVVXJHUtDQTXHODJHQWHSDUWLFLSDHQXQSURFHVRGHILOWURLQLFLDOEDVDGRHQODVSUHIHUHQFLDVVHQVRULDOHVGHHQWUDGD(VWDVSUHIHUHQFLDVSDUHFtDQVHUIXQGDPHQWDOPHQWHLQIRUPDFLyQYLVXDODXGLWLYD\NLQHVWpVLFDSHURDSXQWDURQWDPELpQODLPSRUWDQFLDGHODLQIRUPDFLyQJXVWDWLYDJXVWR\ROIDWLYDROIDWR&XDQGRWRPDURQD0LOWRQ(ULFNVRQHOKLSQRWHUDSHXWDFRPRPRGHORGHVFXEULHURQTXH0LOWRQQRVyORKDEtDVLGRPX\VHQVLEOHDODSXQWDUHVWDVSUHIHUHQFLDVFXDQGRDSDUHFtDQHQHOOHQJXDMHGHODVSHUVRQDVVLQRTXHWDPELpQKDEtDXVDGRHVWHFRQRFLPLHQWRSDUDLQIOXLUHQVXVFOLHQWHVVLQWRQL]DQGRODSUHIHUHQFLDVHQVRULDOGHpVWRVYLVXDODXGLWLYDRNLQHVWpVLFDFRQVXSURSLROHQJXDMH3RUHMHPSORVLDOJXLHQXVDSDODEUDVYLVXDOHVDOKDEODUSHMYHRORTXHTXLHUHVGHFLUWDPELpQXVDUiHOOHQJXDMHYLVXDOFXDQGRWUDEDMHFRQHOODVFRQHOILQGHHVWDEOHFHUUDSSRUW

    (VLPSRUWDQWHDSXQWDUTXHODLQYHVWLJDFLyQGH%DQGOHU\*ULQGHUQRWUDWyVLQHPEDUJRVREUHHODSUHQGL]DMHQLVREUHODSUHIHUHQFLDVHQVRULDO'HKHFKRKD\SUXHEDVHYLGHQWHVTXHSRQHQHQGXGDODH[LVWHQFLDGHHVWLORVHVWDEOHVGHDSUHQGL]DMHYpDVHOD=RQDGHLQYHVWLJDFLyQVLJXLHQWH\GHVGHOXHJRQRKD\HVWUXFWXUDVQHXUROyJLFDVTXHUHSLWDQHVWHIHQyPHQR(VWRQRVLJQLILFDTXHQRWHQJDPRVSUHIHUHQFLDVOLQJtVWLFDVSDUDGHWHUPLQDGDVSDODEUDV\OHQJXDMHVFRPRKDQGHPRVWUDGRYDULRVLQGLFDGRUHVGHOUDVJR\GHOWLSRGHSHUVRQDOLGDGHQSVLFRORJtDDSOLFDGDLQFOXLGRVORVLQYHQWDULRVGHHVWLORVGHDSUHQGL]DMH0iVELHQ%DQGOHU\*ULQGHUGHPRVWUDURQTXHORVFRPXQLFDGRUHVH[FHOHQWHVVRQVHQVLEOHVDORVSDWURQHVGHOOHQJXDMHVHQVRULDOGHODVSHUVRQDVFRQTXLHQHVVHFRPXQLFDQ\DPHQXGRVLQWRQL]DQFRQHOODVSDUDHVWDEOHFHUHOUDSSRUW

  • QRVJXVWDGHLJXDOPDQHUD

    69

    (OOHQJXDMHTXHXWLOL]DPRVSXHGHVHUFRQIUHFXHQFLDXQLQGLFDWLYRGHOPRGR

    HQTXHSHQVDPRV3DUHFHTXHODPD\RUtDPRVWUDPRVXQDSUHIHUHQFLDOLQ

    JtVWLFDSDUDXQRRSRVLEOHPHQWHGRVVHQWLGRV6LHVFXFKDVWXOHQJXDMHLQWH

    ULRU\HOGHRWUDVSHUVRQDVHPSH]DUiVDREVHUYDUTXpSUHIHUHQFLDVVRQ6L

    VLQFURQL]DVHOOHQJXDMHVHQVRULDORSUHGLFDGRVGDUiVDHQWHQGHUGHILQLWL

    YDPHQWHTXHKDVHVFXFKDGRDODRWUDSHUVRQD\HVHQHVWHQLYHOGRQGHSUR

    EDEOHPHQWHHVWHWLSRGHVLQWRQL]DFLyQWLHQHHIHFWR(VWXGLRVUHFLHQWHVYpD

    VHOD=RQDGHLQYHVWLJDFLyQVLJXLHQWHWDPELpQKDQPRVWUDGRXQDDVRFLDFLyQ

    HQWUHOHQJXDMHHVSHFtILFDPHQWHODPHWiIRUD\ODDFWLYDFLyQGHODVQHXURQDV

    HVSHMR5DPDFKDQGUDQ\2EHUPDQ1RVHKDLQYHVWLJDGRD~QVREUH

    ODLPSRUWDQFLDGHOOHQJXDMHVHQVRULDOFRPRIRUPDGHPHWiIRUDHQHVWHWLSR

    GHIXQFLRQDPLHQWR(QWRQFHVWDO\FRPRHVWiQODVFRVDVHVODSUXHEDGHO

    DOJRGyQWHVXJHULPRVSRUORWDQWRTXHORLQWHQWHVVHQFLOODPHQWH\YHDVOR

    TXHVXFHGH

    2EVHUYDUHOOHQJXDMHVHQVRULDOTXHXVDODJHQWH\VLQWRQL]DUHVHOHQJXDMH

    SXHGHQVHUIRUPDVSRGHURVDVGHLQIOXLUHQORVGHPiV6LFRQRFHVELHQDDOJXLHQ

    SXHGHVLQFOXVRVLQWRQL]DUODVGLPHQVLRQHVGHOOHQJXDMHYLVXDODXGLWLYR

    \NLQHVWpVLFRTXHHVDSHUVRQDXWLOL]D

    0HUHFHODSHQDDSXQWDUTXHDOJXQDVSHUVRQDVHYLWDQHOOHQJXDMHVHQVRULDO\

    SUHILHUHQDGRSWDUXQOHQJXDMHQRVHQVRULDO\QHXWUR(QHOOLEUR,QIOXHQFLQJZLWK

    ,QWHJULW\*HQLH=/DERUGHORFRQVLGHUDFRPRXQFXDUWRWLSRGHSURFH

    VDPLHQWRTXHHWLTXHWDFRPRFHUHEUDO8QDYH]PiVHVWHHVWLORGHFRPXQL

    FDFLyQWDPELpQSXHGHVHUVLQFURQL]DGR

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    70

    $OJXQRVHMHPSORVPiV

    9LVXDO

    0HHQWHURGHODH[SUHVLyQLQJOHVD,JHWWKHSLFWXUHYHRDTXpWHUHILHUHVSRQJiPRVORHQSHUVSHFWLYDSDUHFHTXHPXpVWUDPHHOIRFRGHDWHQFLyQWHQJRFODURTXHXQDSHUVSHFWLYDGLVWLQWDpVWHHVHOSXQWRGHYLVWDHQUHWURVSHFWLYDPLUDUDOSDVDGR

    $XGLWLYR

    0HVXHQDHVWDPRVHQODPLVPDRQGDKDEOHPRVGHHVWRTXLHQOOHYDODYR]FDQWDQWHHVWDUORVXILFLHQWHPHQWHFHUFDFRPRSDUDRtUGLVFXWDPRVHVWR\VLQKDEODJULWDUGHVGHODVFXPEUHVODJHQWHWHRLUiHOVLOHQFLRHVHQVRUGHFHGRUHVP~VLFDSDUDPLVRtGRVSDODEUDSRUSDODEUDSRUDVtGHFLUOR

    .LQHVWpVLFR

    (VSRFRVHQVLEOHGHODH[SUHVLyQLQJOHVD+HVWKLFNVNLQQHGXQIUHVFRFDSWRORTXHTXLHUHVGHFLUXQDGLVFXVLyQDFDORUDGDHVWDUpHQFRQWDFWRQRSXHGRSRQHUPLPDQRHQHOIXHJRQRVpH[DFWDPHQWHTXpGHOLQJOpV,FDQWSXWP\ILQJHURQLWHVWDPRVDUDxDQGRODVXSHUILFLHSURIXQGLFHPRVPiVGHODH[SUHVLyQLQJOHVD/HWVGLJGHHSHUGDUHQHOFODYRWHQJRODFRUD]RQDGDGHOLQJOpV,IHHOLWLQP\ERQHV

    &HUHEUDOGLJLWDO

    (VLQWHUHVDQWHHOPRGRHQHOTXHHVWRSRGUtDIXQFLRQDUVXSRQLHQGRTXHGHEDPRVVHUREMHWLYRVHVWDUtDELHQSODQLILFDUMXQWRVORVGHWDOOHV\DVHJXUDUQRVTXHWHQHPRVDOJRTXHWUDEDMDU

    2OIDWLYR\JXVWDWLYR

    (VFXHVWLyQGHJXVWRVFRQVLGHUpPRVORGHOLQJOpV/HWVFKHZLWRYHUKXHOHDJDWRHQFHUUDGRHVXQDiFLGDFRPELQDFLyQPHKXHOHPDOGHMDXQPDOVDERU

    1GHO7&RPRSRGUiREVHUYDUHOOHFWRUDOJXQDVGHODVH[SUHVLRQHVHVSDxRODVFDUHFHQGHXQWpUPLQRUHODFLRQDGRFRQODFDWHJRUtDVHQVRULDOHQFXHVWLyQSRUORTXHVHRIUHFHHOFRUUHVSRQGLHQWHHQXQFLDGRHQLQJOpVGRQGHVtTXHDSDUHFHGLFKRYRFDEOR

  • QRVJXVWDGHLJXDOPDQHUD

    71

    7UDEDMHPRVMXQWRVWRGRHVWR

    3DVR

    6LQWRQL]DRUHIOHMDODVSRVLFLRQHVFRUSRUDOHVGHODRWUDSHUVRQDeVWDHVODIRUPDPiVSRGHURVDGHJHQHUDUUDSSRUW\UHFXHUGDVLPLOLWXGQRPtPLFD&RPLHQ]DFRQORViQJXORVGHODFROXPQDYHUWHEUDO\GHODFDEH]DOXHJRFRQODVSRVLFLRQHVGHODVSLHUQDV\EUD]RV)tMDWHFyPRODSHUVRQDVXMHWDVXVPDQRV\WDPELpQHQORVWLSRVGHJHVWRVTXHXWLOL]D

    3DVR

    'HEHVVHUFRQVFLHQWHGHOOHQJXDMHVHQVRULDOGHODRWUDSHUVRQD6LUHVXOWDGLItFLODOSULQFLSLRHQWRQFHVDMXVWDWXOHQJXDMHSDUDXVDUODVSDODEUDVSHUWHQHFLHQWHVDWRGRVORVVHQWLGRV

    3DVR

    2EVHUYDDOJXQDVGHODVSLVWDVFRUSRUDOHV\GHOOHQJXDMHTXHHVWiQSUHVHQWHV\VLQWRQL]DFRQHOODVWXOHQJXDMH\WXFXHUSR

    =RQDGHLQYHVWLJDFLyQ8QDSXQWHVREUHORVHVWLORVGHDSUHQGL]DMHVREUHODSUHIHUHQFLD\HODSUHQGL]DMHVHQVRULDO

    (QORV~OWLPRVGLH]DxRVVHKDSUHVWDGRPXFKDDWHQFLyQDORVHVWLORVGHDSUHQGL]DMHHQODHQVHxDQ]D9DULDVWHRUtDVKDQVLGRHVSHFLDOPHQWHLQIOX\HQWHVSHMHO&LFORGH$SUHQGL]DMHGH.ROE.ROE\ODVWHRUtDVGHODSUHIHUHQFLDVHQVRULDOSHM%HQ]ZLH7DPELpQKD\GLVSRQLEOHXQLQYHQWDULR'XQQHWDO\XQDVSUXHEDVSVLFROyJLFDVTXHDYDODQODSRVLELOLGDGGHTXHH[LVWDQ

    SUHIHUHQFLDVLQGLYLGXDOHVUHODWLYDVDODPDQHUDHQTXHQRVJXVWDDSUHQGHU/DVWHRUtDVGHODSUHQGL]DMHVHQVRULDOWLHQGHQDFODVLILFDUDORVDOXPQRVHQYLVXDOHVDXGLWLYRVNLQHVWpVLFRWiFWLOHVLQWHUDFWLYRVROIDWLYRV\ORVTXHVHLQFOLQDQKDFLDORHVFULWRSUHILHUHQDSUHQGHUOH\HQGR

    /DQRFLyQGHSUHIHUHQFLDNLQHVWpVLFDDXGLWLYD\YLVXDOHVXQDGHODViUHDVGHOD31/TXHVHKDWUDVODGDGRDRWURVDVSHFWRVGHODYLGD&RPRHQXQDWUDGXFFLyQOLQJtVWLFDORVHOHPHQWRVVHSXHGHQSHUGHUIiFLOPHQWHHQHOSURFHVR/RV

  • 31/SDUDSURIHVRUHVULFKDUGFKXUFKHVURJHUWHUU\

    72

    SULPHURVHVWXGLRVHQ31/PRVWUDURQODLPSRUWDQFLDGHODSUHIHUHQFLDVHQVRULDOHQODFRPXQLFDFLyQHQHOUDSSRUW\HQODFRGLILFDFLyQ\UHFRGLILFDFLyQGHORVUHFXHUGRVDSDUWLUGHXQDSHUVSHFWLYDH[SHULHQFLDOVXEMHWLYDD\ED\E6LQHPEDUJRHVWRVHVWXGLRVQRPRVWUDURQQLQJXQDSUXHEDHQFXDQWRDODSUHQGL]DMH

    5HFLHQWHVLQYHVWLJDFLRQHVHQHGXFDFLyQUHYHODQTXHKD\PX\SRFDVSUXHEDVGHTXHVLPRGLILFDPRVHOHQIRTXHGHODHQVHxDQ]DSDUDWHQHUHQFXHQWDORVHVWLORVGHDSUHQGL]DMHWHQJDPRVDOJ~QLPSDFWRHQVXFRQVHFXFLyQ'DYLV26XOOLYDQHWDO6WDKO\VHFXHVWLRQDHOXVRGHORVHVWLORVGHDSUHQGL]DMHHQODHQVH