0DUWHVGHVHSWLHPEUHGH

 %XVFDU 

(GLFLyQYLUWXDOGHODUHYLVWD1XHVWUR7LHPSR&2%$41~PHUR$xR,QIRUPDFLyQ,QVWLWXFLRQDO

*8$'(25,(17$&,13('$**,&$
SDUDODLPSOHPHQWDFLyQGHO02'(/2('8&$7,92HQHO

&2/(*,2'(%$&+,//(5(6'(/(67$'2'(48(5e7$52&2%$4
(VWD*XtDGH2ULHQWDFLyQ3HGDJyJLFD  HVWi GLULJLGD D ORV DFDGpPLFRV GHO &ROHJLR FRQ OD LQWHQFLyQ GH UHIOH[LRQDU HQ WRUQR DO TXHKDFHU
HGXFDWLYR LQVWLWXFLRQDO \ IDFLOLWDUOHV XQ PDWHULDO GH DSR\R FHQWUDGR HQ HO WHPD GH ODV &RPSHWHQFLDV *HQpULFDV TXH DUWLFXODQ \ GDQ
LGHQWLGDGDODHGXFDFLyQPHGLDVXSHULRUGHDFXHUGRDO0RGHOR(GXFDWLYRTXHQRVULJHIRUPDFLyQFRPSOHMDWUDQVYHUVDOTXHHVWUXFWXUD
FRQRFLPLHQWRVKDELOLGDGHVDFWLWXGHV\YDORUHVDILQGHTXHHOHVIXHU]RHQWUHGRFHQWHV\HVWXGLDQWHVVHORJUHHQOD]DUSDUDVXDSOLFDFLyQ
HQODYLGDGLDULD\FRQHOORUHFUHDUHOPXQGRLQGLYLGXDO\VRFLDO
$SDUWLUGHHVWHSURSyVLWRHGXFDWLYRGHEHPRVVHUFRQVFLHQWHVTXHHPDQDGRGHODIOXLGH]FRWLGLDQDHQWRUQRDODYLGDVRFLDOHQRFDVLRQHV
VHSLHUGHQGHYLVWDDVSHFWRVUHOHYDQWHVHQHOiPELWRGHODHGXFDFLyQTXHLPSLGHQDORVMyYHQHVEDFKLOOHUHVGHVHQYROYHUVHH[LWRVDPHQWHHQ
ODVRFLHGDGSRUHOORFRPRHGXFDGRUHVGHEHPRVUHSHQVDUHOFRQWH[WRHGXFDWLYRHQHOTXHHVWDPRVLQVHUWRV\EXVFDU
MXQWRV QXHYDV IRUPDV GH UHODFLRQDUQRV HQWUH DXWRULGDGHV GRFHQWHV HVWXGLDQWHV DGPLQLVWUDWLYRV SDGUHV GH IDPLOLD \ FRPXQLGDG HQ
JHQHUDO
(QHVWHVHQWLGRODVSURSXHVWDVDTXtYHUWLGDVVRQXQ~QLFDPHQWHXQUHIHUHQWHDPDQHUDGHVXJHUHQFLDVTXHORVGRFHQWHVSRGUiQVXPDU
DVXH[SHULHQFLD\DVtHQULTXHFHUORVHOHPHQWRVILORVyILFRVWHyULFRVPHWRGROyJLFRV\WpFQLFRVTXHDFWXDOPHQWHSRVHHQ\EHQHILFLDQOD
YLGDLQVWLWXFLRQDOHQHO&2%$43RUHOORHVLPSRUWDQWHUHIRU]DUHOGLVFXUVRDFDGpPLFRDWUDYpVGHODSUiFWLFDHVFRODUWUDQVGLVFLSOLQDUHV
GHFLUFRQDFFLRQHVFRQFUHWDVUHFXSHUDUODVGLVFLSOLQDVSDUDKDFHUODVGLDORJDUHQWUHHOODVLQWHJUDQGRODVFRPSHWHQFLDVJHQpULFDVSDUDHO
FXOWLYRGHOHVStULWX\ODUD]yQGHFDGDXQRGHORVDJHQWHVHGXFDWLYRVHQODQREOHLQWHQFLyQGHUHYDORUDUODYLGDHVFRODUDIDYRUGHOGHVDUUROOR
LQGLYLGXDO\VRFLDO
0HQ()RUWXQDWROYDUH]6iQFKH]
',5(&725$&$'e0,&2


,02'(/2('8&$7,92),/262)$<&255,(17(67(5,&$6
/DV VLJXLHQWHV LGHDV VH SUHVHQWDQ FRQ OD LQWHQFLyQ GH KDFHU WDQJLEOHV ODV ILORVRItDV WHRUtDV PpWRGRV \ WpFQLFDV TXH IXQGDPHQWDQ
GLFKR 0RGHOR TXH LQWHJUD OD IRUPDFLyQ GLVFLSOLQDU \ HQ YDORUHV (V VDELGR TXH HQ PXFKRV 3ODQWHOHV GHO &2%$4 HO WUDEDMR
SHGDJyJLFR KD DOFDQ]DGR XQ GHVDUUROOR PX\ YDOLRVR HQ HO TXH ORV GRFHQWHV QR VyOR VH UHODFLRQDQ GH PDQHUD LQWHUGLVFLSOLQDU R
PXOWLGLVFLSOLQDU VLQR TXH VH KDFHQ YHUGDGHUDV SUiFWLFDV WUDQVGLVFLSOLQDUHV TXH DPSOtDQ VX YLVLyQ HOOR JHQHUD OD DSHUWXUD KDFLD HO
FRPSOHMRHVSDFLRHGXFDWLYR\VXKDFHUVHWUDQVIRUPDHQXQDHVSLUDOLQWHUPLQDEOHTXHHQOD]DGLVWLQWRVFDPSRVLQWHUDFWXDQGRHQWUHVt

(QHVWDVSUiFWLFDVVHKDFRPSUHQGLGRTXHORVHVWXGLDQWHVQRSXHGHQVHUOLPLWDGRVDODHVIHUDFRJQLWLYDTXHHOHQFDUJRSHGDJyJLFR
LQVWLWXFLRQDOUHVSRQGHDQHFHVLGDGHVVRFLDOHV\TXHpVWDVUHTXLHUHQGHSURIXQGRVFDPELRV\GHIRUWDOHFHUHOHVStULWXGHVXVDJHQWHV
HGXFDWLYRVDVtHO0RGHORLQVWLWXFLRQDOHQVXILORVRItDFRQVLGHUD
4XHODHGXFDFLyQGHEHVHUYLVWDGHVGHOD&RPSOHMLGDGDVtORVFRQRFLPLHQWRVKDELOLGDGHV\DFWLWXGHVVHREVHUYDUiQFRPRSDUWH
GHXQPXQGRHQWUHOD]DGRWHMLGRGHKLORVTXHLQWHJUDQXQDFRPSRVLFLyQGLYHUVDTXHVHGHEHYDORUDU\FRPSURPHWHUDUHFXSHUDUORV
VDEHUHVFXOWXUDOHVGHOHQWRUQRGRQGHORGLYHUVRQRHVODDFXPXODFLyQGHGLVWLQWDVUHDOLGDGHVVLQRODLQWHUSUHWDFLyQGHOFRQMXQWRGH
HOODVSRUORTXHVHSURSRQHFRQWULEXLUDODIRUPDFLyQGHXQHVWXGLDQWHTXHFXOWLYHVX6HU\VX+DFHUDOFRQYLYLUFRQODQDWXUDOH]D\
FRQVXHQWRUQRSDUWLFXODUGHPDQHUDUHVSRQVDEOHUHVSHWXRVD\FUHDWLYD
 (VWD YLVLyQ ILORVyILFD TXH VH DUWLFXOD D OD GHO %XHQ 9LYLU TXH KR\ SURPXHYH OD 2UJDQL]DFLyQ GH ODV 1DFLRQHV 8QLGDV SDUD OD
(GXFDFLyQ OD &LHQFLD \ OD &XOWXUD 81(6&2 SDUD OD HGXFDFLyQ DFWXDO \ IXWXUD DO UHFRQRFHU OD LQHVWDELOLGDG GH OD QDWXUDOH]D \ OD
UHFRQVWUXFFLyQGHODUHODFLyQFRQHOODPiVTXHXQRUGHQFRQWUROTXHUHGXFHVHSURSRQHXQDYLVLyQGHLQFHUWLGXPEUHGHUHFUHDFLyQ
GHO PXQGR D ILQ GH IRUWDOHFHU VX H[LVWHQFLD D WUDYpV GH YDORUHV FRPR OD &RUUHVSRQGHQFLD OD 5HFLSURFLGDG OD 6ROLGDULGDG WDQ
LQGLVSHQVDEOHVHQHVWRVPRPHQWRV
KLVWyULFRVRFLDOHV

8QLGDDHVWDVILORVRItDVODFRUULHQWH&RQVWUXFWLYLVWDHVUHFXSHUDGDHQHO0RGHOR(GXFDWLYRGHO&ROHJLRVREUHWRGRHOHQIRTXH6RFLR
+LVWyULFR TXH LQYLWD D UHFRQRFHU HO FRQWH[WR VRFLDO \ FXOWXUDO GH ORV DJHQWHV HGXFDWLYRV SDUD TXH SDUWLHQGR GH VXV SUREOHPDV \
VLWXDFLRQHV GH YLGD VH FRQVWUX\DQ SXHQWHV HQOD]DQGR FRPSHWHQFLDV GLVFLSOLQDUHV \ JHQpULFDV SDUD DOFDQ]DU DSUHQGL]DMHV
VLJQLILFDWLYRVTXHSXHGDQPRVWUDUVH\GHPRVWUDUVHHQODYLGDFRWLGLDQDDHOORVHOHFRQRFHFRPRHGXFDFLyQHQFRPSHWHQFLDV


$ODQDOL]DUHVWHSURFHVRTXHKDEUiTXHYHUVHFRPRDELHUWRLQHVWDEOH\HQFRQWLQXRPRYLPLHQWRHOGRFHQWHVHHQFXHQWUDDQWHODQHFHVLGDG
GH UHFRQRFHU XQ FRQWH[WR HQ FULVLV MyYHQHV HVWXGLDQWHV VLQ IDPLOLD R HQ PXFKDV RFDVLRQHV HQ FRQIOLFWR DXQDGR D GLYHUVDV DPHQD]DV
VRFLDOHVFRPRODGHOLQFXHQFLDHOXVRGHHQHUYDQWHVODVH[XDOLGDGWHPSUDQDODDQRPLDVRFLDOHQWUHRWUDV$VtORVHGXFDGRUHVVHYHQHQOD
QHFHVLGDGGHIRUWDOHFHUHO6HUGHORVHVWXGLDQWHVSDUDTXHSXHGDQHQIUHQWDUDGHPiVGHODSUREOHPiWLFDVHxDODGDWDPELpQRWURVIDFWRUHV
VRFLDOHVFRPRHOGHVHPSOHRSRUHVWDUD]yQVHKDEODGHXQDHGXFDFLyQLQWHJUDGRUDTXHSURPXHYDODVFRPSHWHQFLDVGHORVMyYHQHVDILQGH
TXHSXHGDQLQQRYDUUHFUHDU\VREUHYLYLUHQXQPXQGRFRPRHOTXHKR\KDELWDPRV


,,&203(7(1&,$6*(1e5,&$6

&RQ OR DERUGDGR HQ HO DQWHULRU SXQWR HO VHQWLGR GH OD
7UDQVYHUVDOLGDG GH ODV &RPSHWHQFLDV *HQpULFDV  UHFXSHUD XQ
OXJDU SULYLOHJLDGR SRUTXH VH FHQWUDQ HQ OD YLGD ELRSVLFR
VRFLRFXOWXUDODPELHQWDOGHOHVWXGLDQWH\SRUTXHDOLPSOHPHQWDUODVHQ
ODSUiFWLFDSHGDJyJLFDVHWUDVFLHQGHDODFRPSOHMLGDGHQHODFWRGH
HGXFDUFRQHOORVHDOXGHDXQDSUiFWLFDpWLFDHVGHFLUSHQVDQGR\ 
DFWXDQGRSDUDHOELHQGHWRGRVHVHYDORUWUDVFLHQGHHOVDEHUKDFHU
FRPRGRFHQWHV\VLW~DDOSURIHVRUHQXQDUHIOH[LyQSURIXQGDGHO6HU
TXH FRQWULEX\H D IRUPDU RWURV VHUHV KXPDQRV FDSDFHV GH
WUDQVIRUPDU HO PXQGR $Vt SDUD LQFLGLU HQ OD IRUPDFLyQ GH
&RPSHWHQFLDV*HQpULFDVVHVXJLHUHWRPDUHQFXHQWDORVLJXLHQWH

(Q XQ SULPHU PRPHQWR HVWDV DFWLYLGDGHV VH UHDOL]DQ SRU GLVFLSOLQD R GH PDQHUD LQGLYLGXDO FDGD GRFHQWH GHEHUi SODQHDU \ DQDOL]DU ODV

DFWLYLGDGHVTXHVHYDQDGHVDUUROODUUHJLVWUDUHYDOXDU\VRFLDOL]DUSDUDVXDQiOLVLVHQDFDGHPLD6HVXJLHUHFRQVLGHUDUHOWUDEDMRFROHJLDGR
TXH XQH HVIXHU]RV H LQYLWD DO LQWHUFDPELR DO UHFRQRFLPLHQWR GH GLVWLQWRV SXQWRV GH YLVWD TXH IRUWDOHFHQ ORV YDORUHV GH VROLGDULGDG
GHPRFUDFLDOLEHUWDG\MXVWLFLDTXHSURPXHYHOD5HIRUPD,QWHJUDOGHOD(GXFDFLyQ0HGLD6XSHULRU5,(06DFWXDQGRDVtHQFRQJUXHQFLDFRQ
HO 0RGHOR (GXFDWLYR (O Q~PHUR GH UHXQLRQHV DFDGpPLFDV VX SHULRGLFLGDG \ WLHPSR VH GHFLGLUi HQ 3ODQWHOHV \ UHVSRQGHUi D ODV
QHFHVLGDGHVSURSLDVGHFDGDFRQWH[WRHGXFDWLYR
&XDQGR VH WRPD OD GHFLVLyQ GH UHDOL]DU WUDEDMR LQWHU PXOWL R WUDQVGLVFLSOLQDU VH VXJLHUHQ DFWLYLGDGHV H[WUDHVFRODUHV H LQWHULQVWLWXFLRQDOHV
WDOHV FRPR IHULDV GH HPSUHQGHGRUHV FRQFXUVRV OLWHUDULRV GH FLHQFLDV R GH FUHDWLYLGDG FRPSHWHQFLDV GHSRUWLYDV \ VHUYLFLRV SDUD OD
FRPXQLGDGHQWUHRWUDV$OWUDWDUVHGHDFWLYLGDGHV\HYHQWRVHQORVTXHVHSXHGHQFRQMXQWDUYDULRVFDPSRVGLVFLSOLQDUHVVHGHEHDFRUGDUOD
PDQHUDHQTXHVHIRUPDOL]DUiHOYtQFXORODIRUPDHQTXHVHKDUiHOUHJLVWUR\UHFROHFFLyQGHHYLGHQFLDVTXHGDUiQFXHQWDGHOGHVDUUROORGHO
&RPSHWHQFLDV*HQpULFDV


,,,62%5((/'(6$552//2</$(9$/8$&,1'(&203(7(1&,$6*(1e5,&$6
'XUDQWHHOSURFHVRHGXFDWLYRGHORVVHLVVHPHVWUHVVHGHEHQGHVDUUROODUODVRQFHFRPSHWHQFLDVJHQpULFDV\DTXHpVWDVFRQIRUPDQHO
SHUILO GHO HJUHVDGR GH EDFKLOOHUDWR SHUR UHVXOWD LQGLVSHQVDEOH TXH HQ ORV WUHV SULPHURV VHPHVWUHV VH WUDEDMH HQ HO GHVDUUROOR GH OD
&RPSHWHQFLD*HQpULFDODFXDOVHxDOD6HFRQRFH\YDORUDDVtPLVPR\DERUGDSUREOHPDV\UHWRVWHQLHQGRHQFXHQWDORVREMHWLYRVTXH
SHUVLJXHHOORFRQHOILQGHIRUWDOHFHUODSHUVRQDOLGDGHLGHQWLGDGGHORVMyYHQHVGHQXHYRLQJUHVR
6HKDVXJHULGRTXHSDUDHOVHPHVWUH$VHEXVTXHGHVDUUROODUGRVFRPSHWHQFLDVSRUDVLJQDWXUDHQODVFRUUHVSRQGLHQWHVDVHJXQGR
VHPHVWUHORDQWHULRUFRQVLGHUDQGRTXHVHGHEHDYDQ]DUSRFRDSRFRDOLQLFLDUFRQHOUHJLVWURGHGRVFRPSHWHQFLDVHQSULPHUDLQVWDQFLDHV
SRVLEOHSHUIHFFLRQDUODSUiFWLFDSHGDJyJLFDDVLPLVPRIDFLOLWDFRQWDUFRQXQSURFHGLPLHQWRDGPLQLVWUDWLYRJHQHUDOSDUDHOUHJLVWUR\FRQWURO
HVFRODU D QLYHO FHQWUDO HO FXDO DGHPiV SHUPLWH SUHVHQWDU HYLGHQFLDV DQWH HO 6LVWHPD 1DFLRQDO GH %DFKLOOHUDWR 61% (VWDV GRV
FRPSHWHQFLDVSDUDGHVDUUROODUHQFDGDDVLJQDWXUDIXHURQVHOHFFLRQDGDVSRUXQJUXSRFROHJLDGRGHGRFHQWHVGHGLVWLQWRV3ODQWHOHVVLHQGR
ODVVLJXLHQWHV

,,,(VWUDWHJLDVGLGiFWLFDVSDUDHOGHVDUUROORGH&RPSHWHQFLDV*HQpULFDV
/DVVLJXLHQWHV(VWUDWHJLDV'LGiFWLFDV SXHGHQ VHU XWLOL]DGDV SDUD HO GHVDUUROOR GH ODV FRPSHWHQFLDV JHQpULFDV &RQ HOODV QR VH SUHWHQGH
HVWDEOHFHUXQDUHODFLyQOLQHDOSDUDFDGDFRPSHWHQFLDVRQVXJHUHQFLDVTXHORVGRFHQWHVSXHGHQVHOHFFLRQDUDGDSWDURUHFUHDUGHDFXHUGR
DVXH[SHULHQFLD\FUHDWLYLGDGEXVFDQGRODFRUUHVSRQGHQFLDFRQHOFRQWH[WRHQHOTXHVHHQFXHQWUHQ

$XQTXHSDUDDOJXQRVGRFHQWHVSXHGHVHULQQHFHVDULDODDFODUDFLyQHOXVRGHODVHVWUDWHJLDVVXJHULGDVSXHGHDVRFLDUVHDORVFRQWHQLGRV
SURJUDPiWLFRVGHFDGDGLVFLSOLQDSHURGHEHWUDVFHQGHUHOSODQRGLVFLSOLQDUWHQHUFDUiFWHUKROLVWDHVGHFLUODSUHRFXSDFLyQGHEHFHQWUDUVH
HQHOFXOWLYRGHXQVHUKXPDQRHQFRQRFLPLHQWR\HVStULWXTXHSHUPLWDDODVMyYHQHVJHQHUDFLRQHVODFRQFLHQWL]DFLyQGHORVSUREOHPDVTXH
VHYLYHQHQVXHQWRUQRORFDOQDFLRQDOHLQWHUQDFLRQDODILQGHTXHSXHGDQGHVDUUROODURSFLRQHVGHLQWHUYHQFLyQHQVXFRQWH[WR
,,,(YDOXDFLyQSDUDHOGHVDUUROORGH&RPSHWHQFLDV*HQpULFDV

&RQVLGHUDQGR TXH KHPRV DFODUDGR HQ DSDUWDGRV DQWHULRUHV TXH VH GHEH VXSHUDU OD LGHD ~QLFD GH H[DPHQ HVFULWR X RUDO VH LQYLWD D OD
FUHDWLYLGDG \ D UHFRQRFHU OD FRPSOHMLGDG OD HYDOXDFLyQ GHEH VHU KROLVWD GHPRFUiWLFD MXVWD \ GHEH FRPSUHQGHUVH FRPR XQ IDFWRU TXH
FRQWULEX\HDPHMRUDUORVSURFHVRVGHHQVHxDQ]D\GHDSUHQGL]DMHHVSRUWDQWRXQDRSRUWXQLGDGGHDSUHQGHUHQFROHFWLYR
(VQHFHVDULRSXQWXDOL]DUVREUHODLPSRUWDQFLDGHOUHJLVWURDOLQLFLRGLDJQyVWLFRGHOJUXSRVHJXLPLHQWRHYDOXDFLyQIRUPDWLYDTXHSHUPLWH
DMXVWDU HO SURFHVR D ODV FDUDFWHUtVWLFDV GHO DOXPQR \ FLHUUH GHO SURFHVR VXPDWLYD DQiOLVLV LQWHJUDGRU GHO QLYHO GH GHVDUUROOR GH
FRPSHWHQFLDV JHQpULFDV D SDUWLU GH ORV DWULEXWRV HVWDEOHFLGRV SHUPLWH OD FHUWLILFDFLyQ GHO FRQRFLPLHQWR VH WLHQH TXH GRFXPHQWDU FRPR
HYLGHQFLD ORV GRFHQWHV SXHGHQ LPSOHPHQWDU XQD IRUPD SDUWLFXODU GH DFXHUGR D VXV SURFHVRV HV GHFLU VL VH YD D HYDOXDU D WUDYpV GH
DFWLYLGDGHVLQWHUPXOWLRWUDQVGLVFLSOLQDUHVRVLVHKDFHGHPDQHUDLQGLYLGXDO
$XQTXHVHFXHQWDFRQGLVWLQWRVLQVWUXPHQWRVSDUDHYDOXDUFRPRSXHGHQVHUODV7DEODVGH&RWHMR(VFDODVGHFDOLILFDFLRQHVSDUDHOFLHUUH
GHO SURFHVR VH VXJLHUH HO XVR GH OD U~EULFD LQVWUXPHQWR FRPSOHPHQWDULR QR GHWHUPLQLVWD SRUTXH HOOD QRV DFHUFD D REMHWLYDU HO JUDGR GH
GHVHPSHxRGHODOXPQR\HQHOiUHDGHUHJLVWUR\FRQWUROHVFRODUGHEHPRVFLWDUHOQLYHOTXHHVWHDOFDQ]yHVGHFLUUHJLVWUDUVLIXHPX\EXHQR
HOGHVDUUROORRFXiOIXHHOJUDGRGHGHVDUUROORGHODFRPSHWHQFLDSDUDHOOROD'LUHFFLyQ$FDGpPLFDFRQYRFyDXQJUXSRGHGRFHQWHVGHODV
GLVWLQWDVUHJLRQHV\SODQWHOHVTXLHQHVSDUWLFLSDURQHQHOGLVHxRGHHVWHGRFXPHQWR\HODERUDURQHMHPSORVSDUDWUDEDMDUDWULEXWRVGHFDGD
FRPSHWHQFLD
$PDQHUDGHHMHPSORVHKDFHDOXVLyQDODVLJXLHQWHU~EULFDTXHDGHPiVGHVXVHQFLOOH]SHUPLWHLOXVWUDUHOGLVHxRGHHVWHLQVWUXPHQWR
D 'LVWLQJXLPRV OD &RPSHWHQFLD *HQpULFD  6H FRQRFH \ YDORUD D Vt PLVPR \ DERUGD SUREOHPDV \ UHWRV WHQLHQGR HQ FXHQWD ORV
REMHWLYRVTXHSHUVLJXH
E 3DUD WUDEDMDU pVWD KDEUi TXH WRPDU FRPR HVWUDWHJLD SUHYLDPHQWH DFRUGDGR FRQ ORV HVWXGLDQWHV OD 3UiFWLFD 5HIOH[LYD PLVPD TXH
SXHGHDFRPSDxDUVHGHOUHFXUVRGHOGHEDWH
F(OWHPDGHWUDEDMRHVODVGURJDVDVtTXHVHH[SOLFDDORVHVWXGLDQWHVODQHFHVLGDGGHUHIOH[LRQDUSURIXQGDPHQWHODVLWXDFLyQHQUHODFLyQ
D VX SUR\HFWR GH YLGD VL FRQVXPLUtDQ GURJDV Vt QR TXL]i \ DUJXPHQWDU VX UHVSXHVWD FRQVLGHUDQGR OD U~EULFD GH HYDOXDFLyQ TXH VH OHV
PXHVWUDSDUDHOORSXHGHGRFXPHQWDUVHHLQWHQWDUVDOLUGHORVGLVFXUVRVHVWHUHRWLSDGRV

/D3UiFWLFD5HIOH[LYDHVXQDHVWUDWHJLDGLGiFWLFDTXHSDUWHGHODUHIOH[LyQTXHKDFHHOHVWXGLDQWHUHVSHFWRGHODVH[SHULHQFLDV\SUiFWLFDV
YLYLGDVHQVXFRQWH[WR(VXQDRSFLyQIRUPDWLYDTXHSDUWHGHODSHUVRQD\QRGHOVDEHUWHyULFRWRPDHQFXHQWDODH[SHULHQFLDLQGLYLGXDOSDUD
ODDFWXDOL]DFLyQ\PHMRUDGHOVXMHWRSURIXQGL]DHQHOFRQRFLPLHQWRGHXQDVSHFWRHQSDUWLFXODU\IDFLOLWDVXDXWRIRUPDFLyQ\DTXHFRQYLHUWHOD
UHIOH[LyQHQSUiFWLFDHQXQKiELWRFRQVFLHQWHTXHVHLQWHJUDDODDFWLYLGDGGLDULDGHVGHODTXHSXHGHQFRQVWUXLUSURSXHVWDVSDUDPHMRUDUVX
YLGD\UHODFLRQHVVRFLDOHVHQXQVHQWLGRGHUHVLOLHQFLD
/RVGRFHQWHVGHEHUiQWHQHUDSHUWXUDDQWHODJDPDGHSRVLELOLGDGHV\DUJXPHQWRVTXHORVHVWXGLDQWHVSUHVHQWHQSRUORTXHHOHUURUROD
GLYHUVLGDGGHPDQLIHVWDFLRQHVD~QFRQWUDULDVDQXHVWURVMXLFLRVVRQYiOLGRV\QHFHVDULRVHQHODFWRGHHGXFDU\HGXFDUVH(VWDEOHFHUXQD
U~EULFD HODERUDGD SRU HO GRFHQWH \ ORV HVWXGLDQWHV IDYRUHFH OD IRUPDFLyQ HQ YDORUHV GHO HGXFDGRU \ GHO HGXFDQGR XQD U~EULFD TXH WRGRV
FRQRFHQSURSLFLDHODSUHQGL]DMHHQXQDPELHQWHGHUHVSHWRMXVWLFLD\OLEHUWDG$VtHOQ~PHURGHDWULEXWRVDHYDOXDUGXUDQWHHOSURFHVRGH
HQVHxDQ]DDSUHQGL]DMH GHSHQGH GH ORV ORJURV TXH VH GHVHHQ DOFDQ]DU HQ FDGD HYDOXDFLyQ SDUFLDO VLHPSUH WRPDQGR HQ FXHQWD OD
FRPSHWHQFLDTXHVHSUHWHQGHGHVDUUROODU

&RPRVHVHxDOyDOILQDOGHOSURFHVRGHEHPRVUHJLVWUDUHOQLYHOGHGHVDUUROORDOFDQ]DGRSRUHOHVWXGLDQWHGHDFXHUGRDODVFRPSHWHQFLDV
VXJHULGDV HOOR VH HIHFWXDUi HQ HO IRUPDWR DQH[R GH 5HJLVWUR \ &RQWURO (VFRODU GHQRPLQDGR &RQWURO GH $VLVWHQFLD \ (YDOXDFLyQ /RV
PDSDV GH SURJUHVR VH SUHVHQWDQ FRPR XQD KHUUDPLHQWD ~WLO SDUD GHILQLU PiV FODUDPHQWH HO QLYHO DOFDQ]DGR GHVFULEHQ OD VHFXHQFLD GH
FRQRFLPLHQWRVKDELOLGDGHVRDFWLWXGHVTXHXQHVWXGLDQWHGHELHUDDOFDQ]DUHQXQGHWHUPLQDGRSHULRGRRFLFORHVFRODU(OGRFHQWHXELFDD
FDGDXQRGHVXVHVWXGLDQWHVHQXQQLYHOGHOPDSDGHDFXHUGRDFRPRKD\DGHVDUUROODGRKDVWDHVHPRPHQWRODFRPSHWHQFLD/RVPDSDVGH
SURJUHVR VH HVWUXFWXUDQ SRU QLYHOHV     VLHQGR HO SULPHU QLYHO HO PiV GHVWDFDGR FDGD QLYHO VH UHSUHVHQWD SRU XQ FRQMXQWR GH
LQGLFDGRUHVGHGHVHPSHxRTXHHQHVWHFDVRHVWDUiQGLUHFWDPHQWHUHODFLRQDGRVFRQODVFRPSHWHQFLDVGHVDUUROODGDV

([WUDFWRGHXQPDSDGHSURJUHVRGH&RPSUHQVLyQ/HFWRUD
(OIRUPDWRILQDOGHUHJLVWURORHVWDEOHFHHOiUHDGH5HJLVWUR\&RQWURO(VFRODUGHOSURSLR&2%$4)LQDOPHQWHFDEHHQIDWL]DUTXHHVWD*XtD
GH RULHQWDFLyQ SHGDJyJLFD \ ODV U~EULFDV DQH[DV SUHWHQGH FRQWULEXLU HQ HO IRUWDOHFLPLHQWR DFDGpPLFR LQVWLWXFLRQDO \ HQ SDUWLFXODU HQ OD
IRUPDFLyQGH
FRPSHWHQFLDVJHQpULFDVGHORVHVWXGLDQWHVDWUDYpVGHXQDGLUHFWUL]VHQFLOOD\SUiFWLFDPiVDOOiGHODVGLYHUVDViUHDVGHRSRUWXQLGDGD~Q
H[LVWHQWHV SRU HOOR HV QHFHVDULR FRQWLQXDU WUDEDMDQGR FROHJLDGDPHQWH HQ FDGD 3ODQWHO SXHV HV SUHFLVDPHQWH HQ HVWRV HVSDFLRV GH
FUHDFLyQ\FRPSURPLVRHGXFDWLYRGRQGHVHJHQHUDQODVH[SHULHQFLDVIDYRUDEOHVSDUDDOFDQ]DUPHMRUHVQLYHOHVGHGHVDUUROORLQWHJUDGRU\
KXPDQR

'2&(17(48(3$57,&,3$521(1/$(/$%25$&,1
'(/$*8$'(25,(17$&,13('$**,&$<5%5,&$6
0DJGDOHQD-XiUH]%ODQFDV
--HV~V/ySH]/XQD
3ODQWHO&RUUHJLGRUD

-RVp-5HVpQGL]0D\RUJD
9tFWRU0DQXHO3pUH]=DUDJR]D
3ODQWHO(]HTXLHO0RQWHV

6DUD07RUUHV6iQFKH]
)UDQFLVFR-0HQFKDFD(VSLQR]D
3ODQWHO(SLJPHQLR*RQ]iOH]

/DXUD$OHMDQGUD0DUWtQH]%HGROOD
0(ULND5H\HV0XxR]
9DOGHPDU5RGUtJXH]0DFtDV
3ODQWHO&KLFKLPHTXLOODV

1RUPD5H\QRVR)ORUHV
3ODQWHO&RQVWLWXFLyQGH
(LFN$*DOYiQ=DUD]~D
(06$'7UHV/DJXQDV

$Y&RQVWLWX\HQWHV1~P2WHR3LVR&RO6DQ)UDQFLVTXLWR&36DQWLDJRGH4XHUpWDUR4UR7HOpIRQR