Está en la página 1de 10

(GXFDFLyQ(GXFDWLRQ

(YDOXDFLyQpWLFDGHSUR\HFWRVGHLQYHVWLJDFLyQ
XQDH[SHULHQFLDSHGDJyJLFD8QLYHUVLGDG
GH$QWLRTXLD&RORPELDD
*ORULD(VWHOD*yPH]7DEDUHVE0DUtD(XJHQLD0ROLQD5HVWUHSRF

5(680(1 ,1752'8&&,Ï1

2EMHWLYRSUHVHQWDUXQDUHÀH[LyQVREUHODSUiFWLFDGHODHYDOXDFLyQ
GHSUR\HFWRVGHLQYHVWLJDFLyQGHVGHHOSXQWRGHYLVWDGHODpWLFD /DV DXWRUDV GHVHDQ FRP
SDUWLU FRQ ORV OHFWRUHV ODV
VLJXLHQWHV QRWDV D PRGR GH UHÀH[LyQ \
\ OD ELRpWLFD SDUD FRQWULEXLU D OD IRUPDFLyQ GH SURIHVLRQDOHV H
LQYHVWLJDGRUHVHQVDOXG(QWRGRVORVPRPHQWRVGHOSURFHVRGH GHUHFRPHQGDFLyQSDUDODHYDOXDFLyQ\HO
GHVDUUROORGHXQDLQYHVWLJDFLyQGHVGHVXFRQFHSFLyQODGLVFXVLyQ VHJXLPLHQWRGHORVFRPSRQHQWHVpWLFRVHQ
GHODSUHJXQWDODGH¿QLFLyQGHORVREMHWLYRVODPHWRGRORJtD\ODV ODIRUPXODFLyQ\GHVDUUROORGHORVSUR\HFWRV
IRUPDVGHGLIXVLyQVHGHVDUUROODHQIRUPDSDUDOHODRWURSURFHVR GHLQYHVWLJDFLyQDVtFRPRHQHODQiOLVLV\OD
GHDXWRUUHJXODFLyQ\VHJXLPLHQWRHQODVGLVWLQWDVIDVHVGHUHDOL SXEOLFDFLyQGHUHVXOWDGRV
]DFLyQGHODLQYHVWLJDFLyQHQODVFXDOHVGHEHQHVWDUSUHVHQWHV
ODpWLFDGHODFRQYLFFLyQ\ODpWLFDGHODUHVSRQVDELOLGDGHMHUFLGDV (QHOWUDEDMRVHFRPHQWDHQSULPHU
SRULQYHVWLJDGRUHVFRQDFWLWXGHV\YLUWXGHVRULHQWDGDVDSURFXUDU OXJDU HO SURFHVR GH HYDOXDFLyQ GH ORV
HO ELHQ SDUD WRGRV HV GHFLU GH ORV LQYHVWLJDGRUHV ORV VXMHWRV FRPSRQHQWHV pWLFRV GH ORV SUR\HFWRV GH
GHODLQYHVWLJDFLyQ\ODFLHQFLD6HFRQFOX\HTXHODHYDOXDFLyQGH LQYHVWLJDFLyQ GHVGH VX HODERUDFLyQ \ VX
SUR\HFWRVGHLQYHVWLJDFLyQFRPRSDUWHGHOSURFHVRGHYDOLGDFLyQ VHJXLPLHQWRGXUDQWHODHMHFXFLyQKDVWD
GHQXHYRVFRQRFLPLHQWRVGHEHLQFOXLUXQDHYDOXDFLyQEDVDGDHQ VX¿QDOL]DFLyQ\ODSXEOLFDFLyQGHUHVXO
ODpWLFDGHODVYLUWXGHVODFRQYLFFLyQ\ODUHVSRQVDELOLGDGSRUHO WDGRV (Q OD VHJXQGD SDUWH VH H[SRQHQ
ELHQGHODFLHQFLD\HOSURJUHVRGHODKXPDQLGDG
DOJXQRVHOHPHQWRVWHyULFRVGHIXQGDPHQ
WDFLyQSDUDGLFKRSURFHVRGHHYDOXDFLyQ
3DODEUDVFODYHpWLFD
FRQ pQIDVLV HQ OD pWLFD GH OD FRQYLFFLyQ
SUR\HFWRVGHLQYHVWLJDFLyQELRpWLFD
\ OD pWLFD GH OD UHVSRQVDELOLGDG GH ORV
LQYHVWLJDGRUHV )LQDOPHQWH VH H[SRQHQ
DOJXQDV FRQFOXVLRQHV 'HVHDPRV DJUHJDU

D (VWH DUWtFXOR HV SURGXFWR GH OD H[SHULHQFLD \


FRQRFLPLHQWRVGHODVDXWRUDVHQGRFHQFLDVREUH
&yPRFLWDUHVWHDUWtFXOR WHPDVGHODpWLFDHQHQIHUPHUtDHLQYHVWLJDFLyQHQ
*yPH] 7*( 0ROLQD 5 0( (YDOXDFLyQ pWLFD GH SUR VDOXGFRQVXMHWRVKXPDQRV\HQODDGPLQLVWUDFLyQ
\HFWRV GH LQYHVWLJDFLyQ XQD H[SHULHQFLD SHGDJyJLFD GHODLQYHVWLJDFLyQ
8QLYHUVLGDGGH$QWLRTXLD&RORPELD,QYHVWHGXFHQIHUP
E (QIHUPHUD (VSHFLDOLVWD HQ ,QYHVWLJDFLyQ \
  
$GPLQLVWUDFLyQ HQ 6DOXG 3URIHVRUD HQ OD
0DHVWUtD HQ 6DOXG &ROHFWLYD 'LUHFWRUD GHO
&HQWURGH,QYHVWLJDFLyQ)DFXOWDGGH(QIHUPHUtD
0LHPEUR GHO &RPLWp GH %LRpWLFD SDUD OD
,QYHVWLJDFLyQ HQ OD 8QLYHUVLGDG GH $QWLRTXLD
&RUUHRHOHFWUyQLFRKHUJRWD#HSPQHWFR
F (QIHUPHUD0DJtVWHUHQ)LVLRORJtD0DHVWUtDHQ
5HFLELGRGHRFWXEUHGH )LORVRItDFRQpQIDVLVHQeWLFD'RFHQWH)DFXOWDG
$SUREDGRGHPDU]RGH GH(QIHUPHUtD8QLYHUVLGDGGH$QWLRTXLD&RUUHR
HOHFWUyQLFRPDULDHWLFD#KRWPDLOFRP

8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD 
(WKLFHYDOXDWLRQRILQYHVWLJDWLRQ
SURMHFWVDSHGDJRJLFH[SHULHQFH
8QLYHUVLGDGGH$QWLRTXLD&RORPELD
*ORULD(VWHOD*yPH]7DEDUHV0DUtD(XJHQLD0ROLQD5HVWUHSR

TXH HVWH WUDEDMR SXHGH VHU DPSOLDGR \ $%675$&7


PHMRUDGR SXHV VyOR FRQ HO GHEDWH VHUi
SRVLEOHFRPSUHQGHU\DVXPLUODFRQYLFFLyQ ,QDOOWKHPRPHQWVRIWKHGHYHORSPHQWRIDUHVHDUFKSURFHVVVLQFH
\ OD UHVSRQVDELOLGDG GH WRGRV IUHQWH D OD LWV LQFHSWLRQ DVVHVVPHQW RI WKH TXHVWLRQ REMHFWLYHV GLVFXVVLRQ
LQYHVWLJDFLyQFLHQWt¿FD PHWKRGRORJ\ GLIIXVLRQ D SDUDOOHO SURFHVV LV WR EH DFFRPSOLVKHG
WRLQVXUHVHOIUHJXODWLRQDQGIROORZXSRIWKHGLIIHUHQWLQYHVWLJDWLYH
3URFHVRGHHYDOXDFLyQpWLFD SKDVHV&RQYLFWLRQHWKLFVDQGUHVSRQVLELOLW\HWKLFVVKRXOGDOZD\V
GHSUR\HFWRVGHLQYHVWLJDFLyQ EHSUHVHQWLQWKHLQYHVWLJDWRUVLQRUGHUWRDFKLHYHZHOOEHLQJIRUWKH
UHVHDUFKHVWKHVXEMHFWVRIWKHLQYHVWLJDWLRQDQGIRUVFLHQFH
6LQGXGDXQDGHODVWDUHDVSULQFLSDOHV
7KHFRQFOXVLRQLVWKDWWKHHYDOXDWLRQRILQYHVWLJDWLRQSURMHFWVDV
TXH KDQ VXUJLGR HQ ORV ~OWLPRV DxRV
SDUWRIWKHYDOLGDWLQJSURFHVVRIQHZNQRZOHGJHVKRXOGLQFOXGHDQ
HV OD HYDOXDFLyQ GH ORV SUR\HFWRV GH HYDOXDWLRQJURXQGHGLQYLUWXHHWKLFVFRQYLFWLRQDQGUHVSRQVLELOLW\
LQYHVWLJDFLyQWDUHDTXHHVUHVSRQVDELOLGDG RULHQWDWHGWRZDUGVWKHDGYDQFHPHQWRI6FLHQFHDQGWKHSURJUHVV
GHLQYHVWLJDGRUHV\GHDGPLQLVWUDGRUHVGH RIPDQNLQG
ORVSURJUDPDVGHLQYHVWLJDFLyQ
/DV QRUPDV \ UHJODPHQWRV pWLFRV .H\ZRUGV(WKLFV
\ FLHQWt¿FRV SDUD OOHYDU D FDER LQYHVWL LQYHVWLJDWLRQSURMHFWELRHWKLFV
JDFLyQ ELRPpGLFD HQ KXPDQRV KDQ VLGR
GHVDUUROODGRV \ HVWDEOHFLGRV HQ JXtDV
LQWHUQDFLRQDOHVHQWUHODVTXHVHLQFOX\HQ
'HFODUDFLyQGH+HOVLQNLODV*XtDVeWLFDV VHLQFOX\HHODQiOLVLVGHOFXPSOLPLHQWRGHODVQRUPDVpWLFDVVHJ~QHOWLSR
,QWHUQDFLRQDOHV SDUD ,QYHVWLJDFLyQ %LR GHLQYHVWLJDFLyQ
PpGLFD TXH LQYROXFUD D VHUHV KXPDQRV
GHO&,206\GHOD206\ODV*XtDVSDUD (QHVWDHWDSDWDPELpQORVLQYHVWLJDGRUHVSDUHVFRQFRQRFLPLHQWR
%XHQD3UiFWLFD&OtQLFD\HQHOiPELWRFR KiELWR \ SUiFWLFD HQ LQYHVWLJDFLyQ UHYLVDUiQ HO WHPD GH LQYHVWLJDFLyQ
ORPELDQROD5HVROXFLyQGH \ WRGRV ORV DVSHFWRV pWLFRV LQFOXLGRV HQ HO GLVHxR 'HEHUiQ HYDOXDU
GHO0LQLVWHULRGH6DOXG OD FRKHUHQFLD OD SHUWLQHQFLD OD XWLOL]DFLyQ UDFLRQDO GH ORV UHFXUVRV \
HO ULJRU PHWRGROyJLFR 3DUD HOOR VH H[LJH XQD H[SOLFDFLyQ GHWDOODGD
(QODSULPHUDIDVHRVHDODHYDOXDFLyQ GHODIRUPDFRPRVHOOHYDUiDFDERWRGRHOSURFHVRGHODVIXHQWHVGH
LQLFLDO GHO SUR\HFWR ²OODPDGR WDPELpQ UHFROHFFLyQGHGDWRVGHORVFULWHULRVGHLQFOXVLyQ\H[FOXVLyQGHORV
DQWHSUR\HFWR R SURWRFROR² VH UHTXLHUH VXMHWRVSDUWLFLSDQWHVGHORVSURFHVRV\PpWRGRVSDUDHODQiOLVLVGH
OD UHYLVLyQ SRU TXLHQHV VRQ UHVSRQVDEOHV ORVPLVPRV\GHOPDQHMRGHORVVHVJRVWRGRORFXDOOHGDYDOLGH]DO
GHO GHVDUUROOR GH OD LQYHVWLJDFLyQ HQ ODV SUR\HFWR*HQHUDOPHQWHVHXWLOL]DXQDJXtDSDUDHVWDHYDOXDFLyQ
LQVWLWXFLRQHV (VWD UHYLVLyQ LPSOLFD HO
H[DPHQGHODSHUWLQHQFLD\UHOHYDQFLDGHO (Q WRGR SUR\HFWR GH LQYHVWLJDFLyQ VH LQFOX\H XQ FDStWXOR GH
WHPDODIRUPDFRPRVHKDQSODQWHDGRORV ³FRQVLGHUDFLRQHVpWLFDV´/RVDVSHFWRVTXHVHLGHQWL¿FDQDTXtHVWiQOLJDGRV
REMHWLYRV OD PHWRGRORJtD ORV UHFXUVRV FRQODFDOL¿FDFLyQGHOULHVJRODFRQ¿GHQFLDOLGDGGHODLQIRUPDFLyQOD
GH LQIUDHVWUXFWXUD \ HFRQyPLFRV OD JDUDQWtD GH JXDUGDU OD SULYDFLGDG GH ORV LQIRUPDQWHV HO UHVSHWR D VX
GXUDFLyQ \ ORV PHGLRV SDUD GHYROYHU ORV DXWRQRPtD DO DFHSWDU R QR OD SDUWLFLSDFLyQ HQ OD LQYHVWLJDFLyQ HO XVR
UHVXOWDGRVDORVSDUWLFLSDQWHVHLQVWLWXFLRQHV GHORVGDWRVFRQ¿QHVH[FOXVLYRVSDUDHVHSUR\HFWR\ODGHYROXFLyQGH
FRPSURPHWLGDV(QHVWDSULPHUDHYDOXDFLyQ ORVUHVXOWDGRVDODVSHUVRQDVFRPXQLGDGHVRLQVWLWXFLRQHVSDUWLFLSDQWHV

 ,QYHVWLJDFLyQ\(GXFDFLyQHQ(QIHUPHUtD0HGHOOtQ9RO;;,91žPDU]RGH
(GXFDFLyQ(GXFDWLRQ

$OJXQRVDXWRUHVQRHVWiQGHDFXHUGRFRQHVWHFDStWXORSRUTXHDGXFHQ TXLULGRVSRUORVLQYHVWLJDGRUHVFRQODVLQV
TXH GHVGH HO GLVHxR WRGR HO SUR\HFWR GHEH VHU HODERUDGR pWLFDPHQWH WLWXFLRQHVFRQORVVXMHWRVGHLQYHVWLJDFLyQ
SDUD WHQHU YDOLGH] FLHQWt¿FD 1RVRWURV FRQVLGHUDPRV TXH HV QHFHVDULR LQGLYLGXDOHVRFROHFWLYRV\FRQODFRPX
FRQVHUYDUGLFKRFDStWXORFRQHO¿QGHHVWLPXODUODUHÀH[LyQGHORVDVSHFWRV QLGDGFLHQWt¿FDDFDGpPLFD\SURIHVLRQDO
pWLFRVHVSHFt¿FRVUHODFLRQDGRVFRQHOSUREOHPD\FRQODPHWRGRORJtDGH (VWHVHJXLPLHQWRSRGUiKDFHUVHSRUPHGLR
LQYHVWLJDFLyQ3RURWURODGRODVLQVWLWXFLRQHV\HQWLGDGHVTXH¿QDQFLDQ GHXQFXHVWLRQDULRDORVLQYHVWLJDGRUHVSRU
SUR\HFWRVH[LJHQFDGDYH]PiVODH[SUHVLyQIRUPDOGHODVFRQVLGHUDFLRQHV HOUHJLVWURGHSUR\HFWRVGHLQYHVWLJDFLyQ
pWLFDV SRUODLGHQWL¿FDFLyQ\VHJXLPLHQWRGHORV
3RURWURODGROD2UJDQL]DFLyQ0XQGLDOGHOD6DOXG206FRQVLGHUD HOHPHQWRVpWLFRVLQKHUHQWHVDODLQYHVWLJD
TXH WRGR SURWRFROR GH LQYHVWLJDFLyQ ELRPpGLFD GHEH VHU HYDOXDGR SRU FLyQTXHUHDOL]DQORV&RPLWpVGHeWLFDR
XQ FRPLWp GH pWLFD &( FX\R SURSyVLWR HV FRQWULEXLU D VDOYDJXDUGDU GH%LRpWLFDHQLQYHVWLJDFLyQWDPELpQSRU
ODGLJQLGDGORVGHUHFKRVODVHJXULGDG\HOELHQHVWDUGHWRGRVORV\ODV ODFRQVWDWDFLyQGHODGLYXOJDFLyQ\HQWUHJD
SDUWLFLSDQWHVDFWXDOHV\SRWHQFLDOHVGHODLQYHVWLJDFLyQ'HEHWHQHUHQ GH UHVXOWDGRV D ODV GLIHUHQWHV SHUVRQDV H
FXHQWDORVSULQFLSLRVpWLFRVGHODLQYHVWLJDFLyQTXHLQYROXFUDSDUWLFLSDQWHV LQVWLWXFLRQHV/DLQYHVWLJDFLyQQHFHVLWDOOH
KXPDQRVUHVSHWDUODGLJQLGDGGHODVSHUVRQDVHVGHFLUTXHORVREMHWLYRV JDUDUHVXOWDGRV\WHQHUGLYXOJDFLyQSRUTXH
GHODLQYHVWLJDFLyQDXQTXHLPSRUWDQWHVQXQFDGHEHQSDVDUSRUHQFLPDGH GHORFRQWUDULRHOSURFHVRQRFXPSOHFRQ
ODVDOXGHOELHQHVWDU\HOFXLGDGRGHORVSDUWLFLSDQWHVHQLQYHVWLJDFLyQHO VXYHUGDGHUR¿QSURGXFLUFRQRFLPLHQWR\
SULQFLSLRGHODMXVWLFLDHQWHQGLGRFRPRODGLVWULEXFLyQHTXLWDWLYDGHORV SRQHUORDOVHUYLFLRGHODFRPXQLGDG
EHQH¿FLRV\ULHVJRVGHODLQYHVWLJDFLyQHQWUHWRGRVORVJUXSRV\FODVHV (V SHUWLQHQWH VHxDODU HO SDSHO TXH
GHODVRFLHGDGWRPDQGRHQFXHQWDHGDGVH[RHVWDGRHFRQyPLFRFXOWXUD FXPSOHQORVSDUHVTXHHYDO~DQODLQYHVWL
\FRQVLGHUDFLRQHVpWQLFDV\WDPELpQODHTXLGDGHQODVHOHFFLyQGHORV JDFLyQGHVGHHOSXQWRGHYLVWDFLHQWt¿FR
SDUWLFLSDQWHV PHWRGROyJLFRWpFQLFR\pWLFR/RVSDUHV
(Q &RORPELD OD 5HVROXFLyQ  GH  GHO 0LQLVWHULR GH VRQ LQYHVWLJDGRUHV FRQ H[SHULHQFLD
6DOXGHVWDEOHFHXQDFODVL¿FDFLyQGHODVLQYHVWLJDFLRQHVVHJ~QVXULHVJR LQGHSHQGLHQWHV GH TXLHQHV UHDOL]DQ HO
SDUD ORV VHUHV KXPDQRV VXMHWRV GH LQYHVWLJDFLyQ /DV LQYHVWLJDFLRQHV SUR\HFWRTXHVDEHQUHFRQRFHUHOFRPSR
VLQ ULHVJR LQFOXLUiQ HO FDStWXOR GH FRQVLGHUDFLRQHV pWLFDV \ GHEHUiQ QHQWHpWLFRHVSHFt¿FR\ORTXHHVYDOLRVR
VHU HYDOXDGDV SRU FRPLWpV WpFQLFRV GH LQYHVWLJDFLyQ ORV FXDOHV HQ RPHUHFHGRUGHGLIXVLyQ
DOJXQRVFDVRVSRGUtDQUHFXUULUDH[SHUWRVHQpWLFD/DVLQYHVWLJDFLRQHV
)XQGDPHQWDFLyQSDUDODHYDOXDFLyQ
FODVL¿FDGDV FRPR GH PtQLPR ULHVJR \ ULHVJR PD\RU TXH HO PtQLPR
GHOFRPSRQHQWHpWLFRGHSUR\HFWRV
GHEHUiQLQFOXLUODVFRQVLGHUDFLRQHVpWLFDVHOIRUPDWRGHFRQVHQWLPLHQWR
GHLQYHVWLJDFLyQ
LQIRUPDGRFRQORVUHTXLVLWRVUHJODPHQWDGRVSRUHVWDPLVPDUHVROXFLyQ
ODHYDOXDFLyQGHOFRPLWpWpFQLFR\DGHPiVODGHO&RPLWpGHeWLFD 7RGRORUHODFLRQDGRFRQODVQRUPDVpWLFDV
/D VHJXQGD IDVH GH ODHYDOXDFLyQ HV HO VHJXLPLHQWR \ FRQWURO HQ SDUD OD LQYHVWLJDFLyQ HVWi FRQVLJQDGR HQ
ODHMHFXFLyQGHSUR\HFWRV&RUUHVSRQGHDORVFRPLWpV\DODVSHUVRQDV GLIHUHQWHV GRFXPHQWRV LQWHUQDFLRQDOHV \
TXHWLHQHQDVXFDUJRODJHVWLyQGHODLQYHVWLJDFLyQ\HVSHFLDOPHQWHHQ QDFLRQDOHV DOJXQRV GDWDQ GH DQWHV GH OD
ORUHODFLRQDGRFRQODDSOLFDFLyQGHOFRQVHQWLPLHQWRLQIRUPDGRFRQODV 6HJXQGD*XHUUD0XQGLDOSRUHMHPSORHO
FRQVLGHUDFLRQHV pWLFDV LQFOXLGDV HQ HO SUR\HFWR FRQ ORV FDPELRV \ OD &yGLJRGH1XUHPEHUJFUHDGRHQD
HMHFXFLyQGHODVDFWLYLGDGHVSDUDDOFDQ]DUORVREMHWLYRV(QHVWDHWDSD SDUWLUGHO³MXLFLRDORVPpGLFRV´GHOUpJLPHQ
VHSXHGHQGH¿QLUGLIHUHQWHVIRUPDV\SOD]RVSDUDTXHORVLQYHVWLJDGRUHV QD]LWXYRVXDQWHFHGHQWHHQODVGLUHFWLYDV
GHO0LQLVWHULRGH6DQLGDG$OHPiQSDUDORV
HQWUHJXHQHVWDLQIRUPDFLyQ
WUDWDPLHQWRVPpGLFRV\ODH[SHULPHQWDFLyQ
(QODWHUFHUDIDVHVHUHDOL]DODHYDOXDFLyQGHOLQIRUPH¿QDORGH FLHQWt¿FDHQVHUHVKXPDQRVSURPXOJDGDV
ORVSURGXFWRVFRQORVFXDOHVORVLQYHVWLJDGRUHVGDQDFRQRFHUHOSURFHVR HQ  VLQ HPEDUJR IXHURQ ORV QD]LV
UHDOTXHVHOOHYyDFDERORVUHVXOWDGRVODGLVFXVLyQODVFRQFOXVLRQHV\ TXLHQHV PRQWDURQ XQD ³LQGXVWULD GH OD
GL¿FXOWDGHV'HEHVHUUHDOL]DGDWDPELpQSRUSDUHVLQYHVWLJDGRUHV\EDVDGD PXHUWH´\GLHURQOLEHUWDGSDUDKDFHUWRGR
HQFULWHULRVGHSHUWLQHQFLDGHULJXURVLGDGPHWRGROyJLFDXWLOLGDGGHORV WLSR GH H[SHULPHQWRV HQ VHUHV KXPDQRV
UHVXOWDGRV\FRPSRQHQWHVpWLFRVVHJ~QHOWLSRGHLQYHVWLJDFLyQ FRQVLGHUDGRVGHUD]DLQIHULRU
&XDUWDIDVH(QORV~OWLPRVDxRVFREUyIXHU]DODQHFHVLGDGGHH[ (VWD KLVWRULD GH OD 6HJXQGD *XHUUD
WHQGHUHOVHJXLPLHQWRpWLFRGHORVHVWXGLRVKDVWDODSXEOLFDFLyQGHORV 0XQGLDOQRVPXHVWUDTXHVLELHQORVFyGL
UHVXOWDGRV\ODYHUL¿FDFLyQGHOFXPSOLPLHQWRGHORVFRPSURPLVRVDG JRVVRQLPSRUWDQWHVQROOHYDQSRUVtPLV

8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD 
(YDOXDFLyQpWLFDGHSUR\HFWRVGHLQYHVWLJDFLyQXQDH[SHULHQFLDSHGDJyJLFD8QLYHUVLGDGGH$QWLRTXLD&RORPELD

PRVDODSUHYHQFLyQGHDFFLRQHVGHPDOD ODV 1RUPDV ,QWHUQDFLRQDOHV SDUD OD UHYLVLyQ pWLFD GH ORV HVWXGLRV
SUiFWLFD SURIHVLRQDO VyOR ODV DFWLWXGHV \ HSLGHPLROyJLFRV
ODFRQYLFFLyQLQWHUQDQRVRULHQWDDDFWXDU
'HELGRDODXJHGHODELRpWLFDHQORV~OWLPRVDxRVHOFRPSRQHQWH
GHXQDGHWHUPLQDGDIRUPD(QSDODEUDVGH
pWLFRGHODLQYHVWLJDFLyQVHDQDOL]DDSDUWLUGHORVSULQFLSLRVGHODELRpWLFD
/\GLD+DOOORVVHUHVKXPDQRVQRVJXLD
FRPRGLVFLSOLQDSURSXHVWRVSRUSULPHUDYH]HQHO,QIRUPH%HOPRQW
PRVSUHIHUHQWHPHQWHSRUORVVHQWLPLHQWRV
GRFXPHQWR SUHVHQWDGR DO &RQJUHVR GH ORV ((88 SXEOLFDGR HO  GH
\QRSRUHOFRQRFLPLHQWR\HQHVWHVHQWLGR
VHSWLHPEUHGH 7KH1DWLRQDO&RPLVVLRQIRUWKH3URWHFWLRQRI+XPDQV
OD LGHD GH VHU KXPDQR TXH WHQJDQ ORV
6XEMHFWVRI%LRPHGLFDODQ%HKDYLRUDO5HVHDUFK (OGRFXPHQWRVLHQWD
SURIHVLRQDOHV GH GLIHUHQWHV GLVFLSOLQDV \
ORVLQYHVWLJDGRUHVKDGHGHWHUPLQDUODFRQ ORVSULQFLSLRVGHUHVSHWRDODVSHUVRQDVHQWHQGLGRFRPRHOUHVSHWRDOD
GXFWDORVFRPSRUWDPLHQWRVODVDFWLWXGHV\ DXWRQRPtDHOSULQFLSLRGHEHQH¿FHQFLDHOFXDORULHQWDDQRFDXVDUGDxR
ODVGHFLVLRQHVTXHVHWRPHQFRQORVVXMHWRV PD[LPL]DUORVEHQH¿FLRV\GLVPLQXLUORVSRVLEOHVGDxRV\HOSULQFLSLRGH
GH LQYHVWLJDFLyQ (O KHFKR HQ PHQFLyQ MXVWLFLDHQWHQGLGRFRPRODMXVWDGLVWULEXFLyQGHFDUJDV\EHQH¿FLRV)LMD
WDPELpQPRVWUyTXHKXERXQFDPELRHQOD DGHPiVORVUHTXLVLWRVEiVLFRVGHOFRQVHQWLPLHQWRLQIRUPDGRODYDORUDFLyQ
LGHRORJtDDSDUWLUGHOQDFLRQDOVRFLDOLVPR GHULHVJRV\EHQH¿FLRV\ODVHOHFFLyQGHORVVXMHWRVGHLQYHVWLJDFLyQ(Q
TXHOOHYyDORVPpGLFRVHLQYHVWLJDGRUHVD %HDXFKDPS\&KLOGUHVVSXEOLFDURQHOWH[WROODPDGR3ULQFLSLRV
H[SHULPHQWDU\DFRPHWHUDWURFLGDGHVFRQ GHELRpWLFDPpGLFD\HQpOLQFOX\HQODQRPDOH¿FHQFLDFRPRXQQXHYR
ORVVHUHVKXPDQRV SULQFLSLRpWLFR&RQYLHQHSUHFLVDUTXHHO¿OyVRIR%HDXFKDPSKL]RSDUWH
GHODFRPLVLyQTXHHODERUyHO,QIRUPH%HOPRQW
$SDUWLUGHHVWRVVXFHVRVWUiJLFRVYL
YLGRVGXUDQWHOD6HJXQGD*XHUUD0XQGLDO /RH[SXHVWRHQSiUUDIRVDQWHULRUHVFRUUHVSRQGHDODVUHFRPHQGD
KD\XQPRYLPLHQWR\XQDSUHRFXSDFLyQ FLRQHV PRUDOHV SODQWHDGDV SRU RUJDQLVPRV LQWHUQDFLRQDOHV SDUD OD
HQHOPXQGRTXHGDOXJDUDOVXUJLPLHQWR LQYHVWLJDFLyQSHURHVWRQREDVWDHVQHFHVDULRDUWLFXODUORFRQXQDpWLFDGH
GHOD'HFODUDFLyQ8QLYHUVDOGH'HUHFKRV ODFRQYLFFLyQ\XQDpWLFDGHODUHVSRQVDELOLGDGRGHODVFRQVHFXHQFLDV
+XPDQRV SURPXOJDGD SRU OD 2UJDQL SRUTXHQRHVVX¿FLHQWHFRQFRQRFHUODQRUPDWLYLGDGHVQHFHVDULRDVXPLU
]DFLyQ GH 1DFLRQHV 8QLGDV 218 HQ HOHVStULWXGHODVQRUPDVWHQHUODFRQYLFFLyQLQWHUQD\UHÀH[LRQDUVREUHODV
  DGHPiV \ HVSHFLDOPHQWH HQ HO FRQVHFXHQFLDVGHQXHVWURVDFWRVFRPRLQYHVWLJDGRUHV(OHMHPSORFLWDGR
iUHD GH OD VDOXG VXUJHQ ORV GLIHUHQWHV GHORVPpGLFRVTXHEDMRHOUpJLPHQQD]LUHDOL]DURQH[SHULPHQWRVFRQ
FyGLJRV \ FRQYHQLRV GHVGH RUJDQLVPRV VXMHWRVKXPDQRVVLQWHQHUHQFXHQWDODVFRQVLGHUDFLRQHVpWLFDVGHULYDGDV
LQWHUQDFLRQDOHV FRPR OD 2UJDQL]DFLyQ GHO-XUDPHQWR+LSRFUiWLFR\ODVQRUPDVGHO0LQLVWHULRGH6DQLGDG$OH
0XQGLDOGHOD6DOXG²206²\OD$VDP PiQSDUDKDFHUHOELHQ\HYLWDUHOPDOHQVXSUiFWLFDSURIHVLRQDOVHYH
EOHD *HQHUDO GH ODV 1DFLRQHV 8QLGDV UHÀHMDGDODVLWXDFLyQGHGLYRUFLRHQWUHQRUPDWLYLGDG\pWLFDGHODFRQYLFFLyQ
7DPELpQOD$VRFLDFLyQ0pGLFD0XQGLDO \GHODUHVSRQVDELOLGDG
SURPXOJDOD'HFODUDFLyQGH+HOVLQNLHQ
9LFWRULD &DPSV LQVLVWH HQ TXH HV QHFHVDULR WHQHU HQ FXHQWD OD
ODFXDOKDWHQLGRYDULDVUHYLVLRQHV
DUWLFXODFLyQGHXQDpWLFDGHODFRQYLFFLyQ\XQDpWLFDGHODUHVSRQVDELOLGDG
HQ7RNLR9HQHFLD+RQJ.RQJ
FXDQGR DQRWD ³OD GLJQLGDG GH OD DFFLyQ QR UDGLFD HQ ORV SULQFLSLRV R
 \ (GLPEXUJR HQ HO DxR   
HQ ODV FRQVHFXHQFLDV VLQR HQ HO YDORU UHDO GH DPERV´ < OD PLVPD
GRQGH VH H[SOLFLWDQ QRUPDV pWLFDV SDUD
DXWRUDHQIDWL]DTXH³DFWXDUGHDFXHUGRFRQXQRVSULQFLSLRVPRUDOHVHV
ODV LQYHVWLJDFLRQHV FRQ VHUHV KXPDQRV
XQDFXHVWLyQQRVyORGHGHEHUVLQRGHTXHUHUGHYROXQWDG\QRVyORGH
WDQWRFOtQLFDVFRPRQRFOtQLFDV\OODPDOD
DGKHVLyQWHyULFDDODVPLVPDVQRUPDV(QHOORVUDGLFDODDXWRQRPtDGHOD
DWHQFLyQODH[LJHQFLDGHOFRQVHQWLPLHQWR
SHUVRQD/DPRUDOTXHULJHPLYLGDHVODTXH\RHVFRMRSDUDPtSRUTXH
LQIRUPDGR\GHODHYDOXDFLyQpWLFDGHORV
TXLHURTXHSUHYDOH]FDVREUHRWUDV´(VWDD¿UPDFLyQFRUUHVSRQGHDXQD
SURWRFRORVRDQWHSUR\HFWRV
pWLFDGHODFRQYLFFLyQTXHUDGLFDQRVyORHQFRQRFHUODQRUPDWLYLGDG
(O&RQVHMRGH2UJDQL]DFLRQHV,QWHU VLQRHQOOHYDUODDFDER<HVWRPXHVWUDXQDFRKHUHQFLDHQWUHHOVHQWLUHO
QDFLRQDOHVGHODV&LHQFLDV0pGLFDV SHQVDU\HOKDFHUORTXHSRGUtDPRVUHODFLRQDUFRQORTXH3HOOHJULQR
²&,206² SURPXOJD HQ  GHQRPLQD OD LQWHJULGDG PRUDO GH OD SHUVRQD TXH UHTXLHUH DQWH WRGR
ODV1RUPDVeWLFDV,QWHUQDFLRQDOHVSDUDODV FRKHUHQFLD \ WUDQVSDUHQFLD HQWUH HO SHQVDU \ HO REUDU &DPSV DJUHJD
LQYHVWLJDFLRQHV ELRPpGLFDV FRQ VXMHWRV TXHQRIDOWDQSULQFLSLRVpWLFRVQLGH¿QLFLyQGHORVGHUHFKRVKXPDQRV
KXPDQRV TXH VH DFWXDOL]DQ HQ   ORTXHRFXUUHHVTXHVHDSOLFDQSRFR\PDOHVWiQHQODWHRUtDSHURQRVH
/D206\OD&,206GLIXQGHQHQ YLVLELOL]DQHQODSUiFWLFD

 ,QYHVWLJDFLyQ\(GXFDFLyQHQ(QIHUPHUtD0HGHOOtQ9RO;;,91žPDU]RGH
(GXFDFLyQ(GXFDWLRQ

'H LJXDO PDQHUD HO FRQFHSWR GH


GLJQLGDG KXPDQD WUDWDGR DTXt HV HO RUL
JHQGHORVOODPDGRV'HUHFKRV+XPDQRV
HVSHFLDOPHQWHORVGHSULPHUDJHQHUDFLyQ
HVGHFLUORVGHUHFKRVFLYLOHV\SROtWLFRV
LQVHSDUDEOHV GH OD LGHD GH FLXGDGDQtD
\ TXH SXHGHQ WHQHUVH HQ FXHQWD SDUD OD
HYDOXDFLyQ GHO FRPSRQHQWH pWLFR HQ ODV
LQYHVWLJDFLRQHV HO GHUHFKR D OD YLGD D
OD LQWHJULGDG SHUVRQDO D OD OLEHUWDG D OD
SULYDFLGDG\DODLQWLPLGDG
6HJ~Q$UDQJXUHQ ³OR TXH GD FRQ
WHQLGR PRUDO HV OD LGHD GH VHU KXPDQR
TXH FRPSDUWLPRV´ \ FRQVLGHUDU D ORV
VHUHVKXPDQRVGLJQRVHVFRPSUHQGHUTXH
OD GLJQLGDG HVWi GDGD SRU OD KXPDQLGDG
TXHKD\HQFDGDXQRGHQRVRWURVORTXH
QRV KDFH VXMHWRV GH GHUHFKRV LJXDOHV H
LQDOLHQDEOHV
&XDQGR HO JUXSR GH LQYHVWLJDFLyQ
SLHQVDHQORVVXMHWRVGHLQYHVWLJDFLyQ
¢4XpLGHDGHVHUKXPDQR²LQGLYLGXDO
RFROHFWLYR²WLHQH"
¢6RQ VHUHV LQIHULRUHV KHWHUyQR
PRV DFUtWLFRV LJQRUDQWHV PDUJLQDGRV
%HUWKH0RWLVRW5HWUDWRGH0DGDPH0RULVRU\VXKLMD0DGDPH SREUHV R LQVWUXPHQWRV FRPR IXHQWH GH
3RQWLOORQ /DOHFWXUD KDFLDÏOHRVREUHOLHQ]R[FP%DWDLOOH:LOGHQVWHLQ FRQRFLPLHQWRV"
:DVKLQJWRQ '& 1DWLRQDO*DOOHU\RI$UW&KHVWHU'DOH&ROOHFWLRQ
¢6RQVHUHVOLEUHVFRQSRVLELOLGDGHV
GHDXWRGHWHUPLQDFLyQ"
/D pWLFD GH OD FRQYLFFLyQ WLHQH PXFKDV IXHQWHV WRGDV HOODV ¢6H FRQVLGHUDQ ¿QHV HQ Vt PLVPRV
UHODFLRQDGDVFRQODIXQGDPHQWDFLyQGHODpWLFDFRPRGLVFLSOLQD¿ORVy¿FD VHUHVFRQXQSUR\HFWRGHYLGDRVRODPHQWH
8QDGHHOODVHVODTXHSDUWHGHOFRQFHSWRGHGLJQLGDGKXPDQDIRUPXODGR PHGLRVSDUDREWHQHUORVUHVXOWDGRVHQOD
SRU.DQWLQKHUHQWHDWRGRVORVVHUHVKXPDQRVSRUHOKHFKRGHVHUOR LQYHVWLJDFLyQ"
VHJ~Q HVWH FRQFHSWR ORV VHUHV KXPDQRV GHEHQ VHU FRQVLGHUDGRV ¿QHV
HQVtPLVPRV\QRVRODPHQWHPHGLRV(QHOFDVRGHODLQYHVWLJDFLyQHO 'H OD LGHD GH VHU KXPDQR TXH VH
UHFRQRFLPLHQWRDODGLJQLGDGVHPDWHULDOL]DHQHOUHVSHWRDODOLEHUWDG\ WHQJDVHGHULYDQODVDFWLWXGHV\ORVFRP
DODDXWRGHWHUPLQDFLyQGHODVSHUVRQDVVXMHWRVGHLQYHVWLJDFLyQDGHPiV SRUWDPLHQWRV GH ORV LQYHVWLJDGRUHV SRU
HQODJDUDQWtDGHODFRQ¿GHQFLDOLGDGGHODLQIRUPDFLyQ\GHODQRQLPDWR HVWDUD]yQHVQHFHVDULRUHÀH[LRQDUDMXVWDU
WDPELpQ HQ HYLWDU ORV ULHJRV \ DVHJXUDU UHVXOWDGRV EHQp¿FRV HV GHFLU \GLVFXWLUDFHUFDGHODLGHDGHVHUKXPDQR
REWHQHU FRQRFLPLHQWRV QXHYRV ~WLOHV YHUDFHV \ FRQ OD ULJXURVLGDG HQWRGDVODVHWDSDVGHODLQYHVWLJDFLyQ'H
SODQWHDGDHQODPHWRGRORJtDDVtFRPRHQODHTXLGDGSDUDODVHOHFFLyQ LJXDOPDQHUDHOFXHVWLRQDPLHQWRVREUHORV
GHORVVXMHWRVGHLQYHVWLJDFLyQ FRPSRUWDPLHQWRV GH ORV LQYHVWLJDGRUHV
GDSRVLELOLGDGHVSDUDUHÀH[LRQDUVREUHOD
/RVSULQFLSLRVpWLFRVFRQVLJQDGRVHQHO,QIRUPH%HOPRQWFLWDGR REWHQFLyQGHOFRQVHQWLPLHQWRLQIRUPDGR
DQWHULRUPHQWH UHVSHWR D ODV SHUVRQDV HQWHQGLGR FRPR DXWRQRPtD OD PDJQLWXG GH ORV ULHVJRV ODV JDUDQWtDV
EHQHILFHQFLD \ MXVWLFLD FRPSOHPHQWDGRV FRQ HO SULQFLSLR GH QR GH SULYDFLGDG GH FRQ¿GHQFLDOLGDG \ GH
PDOH¿FHQFLDSURSXHVWRSRU%HDXFKDPS\&KLOGUHVVHQDSRUWDQXQ DQRQLPDWRODVHJXULGDGGHTXHORVUHVXO
FXHUSRGHFRQRFLPLHQWRVTXHXQLGRDOFRQFHSWRGHUHVSHWRDODGLJQLGDG WDGRVVHUHYLHUWHQDODVRFLHGDG\GHPiV
KXPDQDHVHOHPHQWRIXQGDPHQWDOHQXQDpWLFDGHODFRQYLFFLyQ FRQVLGHUDFLRQHVpWLFDV

8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD 
(YDOXDFLyQpWLFDGHSUR\HFWRVGHLQYHVWLJDFLyQXQDH[SHULHQFLDSHGDJyJLFD8QLYHUVLGDGGH$QWLRTXLD&RORPELD

/DPRUDOWLHQHVXGHVDUUROORKLVWyULFR JXtDGHODVDFFLRQHVHQLQYHVWLJDFLyQORFXDOVHFRQVWLWX\HHQXQDpWLFD
HQODVRFLHGDG\VHIRUPDFRQORVYDORUHV GHODFRQYLFFLyQ
ODVFRVWXPEUHV\QRUPDVHQODFRWLGLDQLGDG
(Q ORV JUXSRV GH LQYHVWLJDFLyQ QR VyOR VH DSUHQGH D KDFHU
(QUHODFLyQFRQODLQYHVWLJDFLyQFRQVHUHV
LQYHVWLJDFLyQ VLQR TXH WDPELpQ VH GHEH SURSLFLDU HO HVSDFLR SDUD OD
KXPDQRV OD PRUDO VH IRUWDOHFH FRQ OD
UHÀH[LyQDFHUFDGHORVFRPSRQHQWHVpWLFRVLQYROXFUDGRVHQVXWUDEDMR
UHÀH[LyQHOFRQRFLPLHQWR\HOGHVDUUROOR
GH ODV DFWLWXGHV GHO FyPR VH KDFH HO FRQVHQWLPLHQWR LQIRUPDGR TXp
GHDFWLWXGHVYLUWXGHV\KDELOLGDGHVpWLFDV
VHJXLPLHQWR\FRQTXpIUHFXHQFLDVLKD\GDxR\FXiOHVVXGLPHQVLyQ
\ GH DKt OD QHFHVLGDG GHO HVWXGLR GH ODV
GHORVULHVJRV\FXiOHVHOFRQFHSWRGHVHUKXPDQRTXHVXE\DFH(VWD
UHFRPHQGDFLRQHV LQWHUQDFLRQDOHV GH OD
UHÀH[LyQGDODRSRUWXQLGDGSDUDFRQVWUXLUGHVGHHVHHVSDFLRODPRUDO
IXQGDPHQWDFLyQ pWLFD \ GHO DQiOLVLV GH
ODVDFWLWXGHV\GHWHUPLQDGRVFRPSRUWDPLHQWRVJDUDQWHVGHOUHVSHWRDOD
FDVRV'HVGHODPRUDOVHH[LJHODDGKHVLyQ
GLJQLGDGKXPDQD\GHODFRQVHUYDFLyQGHORVSULQFLSLRVpWLFRV\GHORV
LQWHUQDDODVQRUPDV\SDUDHVDDGKHVLyQVH
XWLOL]DQ OD UD]yQ \ HO FULWHULR TXH VHJ~Q GHUHFKRVKXPDQRV
:LHGHQEDFK HV XQD FXDOLGDG SHUVRQDO 2WUDGHODVIXHQWHVGHODpWLFDGHODFRQYLFFLyQHVODFRQVLGHUDFLyQ
\ UHSUHVHQWD OD FDSDFLGDG SDUD WRPDU GHORVVXMHWRVGHLQYHVWLJDFLyQFRPRFLXGDGDQRV\DTXtUHFRJHPRVHO
GHFLVLRQHV IXQGDGDV 6XUJH DVt GH XQ FRQFHSWR GH ³FLXGDGDQR´ GH$GHOD &RUWLQD ³FRPR VXMHWR DXWyQRPR
SURFHVRFRJQLWLYRTXHREOLJDDVRSHVDUORV DFWLYRSURWDJRQLVWDGHODVUHODFLRQHV\ORVSURFHVRVVRFLDOHVHQORVTXHHVWi
KHFKRVWDQWRJHQHUDOHVFRPRSDUWLFXODUHV FRPSURPHWLGR´QRFLyQGHVHUKXPDQR²KRPEUH\PXMHU²OLEUHGXHxR
WHQLHQGRHQFXHQWDORVYDORUHVSHUVRQDOHV GHVtVXMHWRGHGHUHFKRV\TXHTXLHUHGHVDUUROODUVHHQVROLGDULGDG
TXHHPDQDQGHORVLGHDOHVORVSULQFLSLRV
\ODVFRQYLFFLRQHV 6LORVLQYHVWLJDGRUHVFRQVLGHUDQDOVXMHWRGHLQYHVWLJDFLyQFRPRXQ
FLXGDGDQROHSHUPLWLUiQHOUHVJXDUGRGHVXGLJQLGDGHYLGHQFLDGRHQHO
3DUDODSXHVWDHQSUiFWLFDGHXQDpWL HMHUFLFLRGHVXGHUHFKRDODHOHFFLyQGHSDUWLFLSDUGHSUHJXQWDU\GHSHGLU
FDGHODFRQYLFFLyQHQODLQYHVWLJDFLyQHV LQIRUPDFLyQ3DUD/ySH]\FRODERUDGRUHVHVWR³SRGUtDWHQHUXQLPSDFWR
LPSHUDWLYRWHQHUFODULGDGVREUHORVYDORUHV HQODFRQVWLWXFLyQGHJUXSRV\PLFURFRPXQLGDGHVGHLQYHVWLJDFLyQ\D
ORVSULQFLSLRV\ORVFRQFHSWRVpWLFRVUHFR TXH FRPSURPHWHUtD D ORV VXMHWRV GH LQYHVWLJDFLyQ FRQ ORV SURFHVRV GH
QRFLGRV FRPR IXQGDPHQWDFLyQ R FXHUSR FRQVWUXFFLyQGHFRQRFLPLHQWRHQMXHJRHQXQDLQYHVWLJDFLyQ´
GH FRQRFLPLHQWRV \ OD DGKHVLyQ LQWHUQD
RFRQYHQFLPLHQWRGHODQHFHVLGDGGHOOH 3RU RWUR ODGR OD pWLFD GH OD UHVSRQVDELOLGDG FRQVLVWH HQ GDUVH
YDUORVDODSUiFWLFDRVHDGHLQYHVWLJDU\ FXHQWDGHFRQTXLpQVHHVWiWUDEDMDGRFX\DYLGDHLQWHJULGDGSHUVRQDO
GHDFWXDUGHDFXHUGRFRQHOORV GHSHQGHQGHORVLQYHVWLJDGRUHVTXpFRQRFLPLHQWRVVROYHQFLD\KDELOL
GDGHVFLHQWt¿FRWpFQLFDVVHWLHQHQTXpULHVJRVRIUHFHQODVLQWHUYHQFLRQHV
(QHOFDVRFLWDGRDQWHULRUPHQWHGH GHLQYHVWLJDFLyQ\DGHPiVHQUHVSRQGHUSRUODVFRQVHFXHQFLDVGHVXV
ORVPpGLFRVDOHPDQHVHQODLQYHVWLJDFLyQ DFFLRQHVXRPLVLRQHV
FRQ VXMHWRV KXPDQRV VH HYLGHQFLD TXH
QR KLFLHURQ XQD DGKHVLyQ LQWHUQD D OD /DpWLFDGHODUHVSRQVDELOLGDGLQFOX\HODVDFFLRQHVGHOSDVDGRGHO
PRUDOSURIHVLRQDOHVGHFLUDORVDSRUWHV SUHVHQWH \ GHO IXWXUR HVWR TXLHUH GHFLU TXH OD UHVSRQVDELOLGDG HQ OD
GHO-XUDPHQWR+LSRFUiWLFRQLDODQRU LQYHVWLJDFLyQVHLQLFLDGHVGHHOGLVHxRGHXQSUR\HFWRGHVGHODSUHJXQWD
PDWLYLGDG GHO 0LQLVWHULR GH OD 6DQLGDG GHLQYHVWLJDFLyQTXHORVLQYHVWLJDGRUHVGHEHQDQDOL]DUVLHVVHQVDWD\
\HOFRQFHSWRGHVHUKXPDQRTXHWLHQHQ SHUWLQHQWHVLHOHVWXGLRVHMXVWL¿FDODVHOHFFLyQGHODPHWRGRORJtDORV
ODVSHUVRQDVVXMHWRVGHORVH[SHULPHQWRV FRVWRV\ORVUHVXOWDGRVHVSHUDGRVVLODVHVWUDWHJLDVGHFRPXQLFDFLyQ\
HVWDEDUHJLGRSRUODLGHDGHVXSHULRULGDG GLIXVLyQGHUHVXOWDGRV\ODLGRQHLGDGGHOJUXSRVRQORVLQGLFDGRV
GHXQDUD]DVREUHRWUDORTXHMXVWL¿FDED 3DUD7RUUDOED OD GHPDQGD GH UHVSRQVDELOLGDG FRPSURPHWH DO VHU
WRGRWLSRGHFRQGXFWDV KXPDQR D WRPDU SDUWLGR SRU HO ELHQ GHO RWUR 6H WUDWD GH XQ ³FRQWUDWR
(V LPSRUWDQWH FRQYHQFHUVH GH TXH HPLQHQWHPHQWHPRUDOXQDSUHRFXSDFLyQXQDSUH±RFXSDFLyQSRUHOELHQ
ODVQRUPDVQRVRQQRUPDVVRODPHQWHQR DMHQR« OD FDSDFLGDG TXH WLHQH HO VHU KXPDQR SDUD UHVSRQVDELOL]DUVH
WLHQHQYDORUSDUDORVLQYHVWLJDGRUHVGHVGH QRVyORGHVXVDFFLRQHVSHUVRQDOHVVLQRGHORWURHQWDQWRTXHVHUIUiJLO
ODFRDFFLyQVLQRGHVGHODUHIOH[LyQ\OD \ YXOQHUDEOH SRQH GH UHOLHYH VX QDWXUDOH]D pWLFD´ SRU HVWD UD]yQ HO
OLEHUWDG GHVGH HO HVStULWX GH OD QRUPD LQYHVWLJDGRUHVUHVSRQVDEOHGHORVVXMHWRVGHLQYHVWLJDFLyQHVXQGHIHQVRU
TXH VH FRPSUHQGH D SDUWLU GH OD IXQGD GH ORV GHUHFKRV GHO RWUR SUHYLHQH ORV GDxRV VH RFXSD GH FXPSOLU ORV
PHQWDFLyQ ILORVyILFD \ TXH UHTXLHUH OD DFXHUGRV\SURPHVDVFRQODVSHUVRQDVVXMHWRVGHODLQYHVWLJDFLyQFRQOD
DGKHVLyQLQWHUQDSDUDVHUDFHSWDGDFRPR VRFLHGDG\FRQODFLHQFLD

 ,QYHVWLJDFLyQ\(GXFDFLyQHQ(QIHUPHUtD0HGHOOtQ9RO;;,91žPDU]RGH
(GXFDFLyQ(GXFDWLRQ

/D UHVSRQVDELOLGDG WLHQH WUHV DVSHFWRV XQR FRPR REOLJDFLyQ GH $ODSUHJXQWD¢FXiOHVHOELHQLQWHUQR
KDFHU ODV FRVDV ELHQ FRQ EDVH HQ HO FRQRFLPLHQWR FLHQWt¿FR WpFQLFR \ GHXQJUXSRGHLQYHVWLJDFLyQ"/DUHVSXHV
KXPDQtVWLFR\HQHOUHVSHWRDODGLJQLGDGKXPDQDGRVFRPRFRQFLHQFLD WDHV3URGXFLUFRQRFLPLHQWR\FLHQFLD \
GHODVFRQVHFXHQFLDVGHODVSURSLDVDFFLRQHV\RPLVLRQHV\WUHVFRPR DGHPiVWLHQHORVPLVPRVELHQHVH[WHUQRV
REOLJDFLyQGHUHVSRQGHUDQWHDOJXLHQ GHWRGDVODVSUiFWLFDVVRFLDOHV SHURHVSH
Ft¿FDPHQWHFDGDSUR\HFWRWLHQHVXSURSLR
*UDFLDGH¿QHODpWLFDGHODUHVSRQVDELOLGDGFRPRXQDpWLFDGHOD ELHQLQWHUQRHOFXDOVHFRQVLJXHPHGLDQWH
REOLJDFLyQ\GHOFRPSURPLVR3DUDHODXWRU³HOVHUKXPDQRHVXQVHUOLJDGR HOHMHUFLFLRGHDFWLWXGHVRYLUWXGHVFRPR
FRQVWLWXWLYDPHQWHOLJDGRDORVRWURVKRPEUHVOLJDGRDODYLGDDWRGRV ODFRPXQLFDFLyQODFRPSDVLyQODUHVSRQ
ORVHFRVLVWHPDVOLJDGRDODQDWXUDOH]DVR\DXWyQRPRHQHOLQWHULRUGH VDELOLGDGODKRQHVWLGDG\ODYHUDFLGDGHQ
XQFRQMXQWRGHVLVWHPDV\SRUWDQWRHVWR\REOLJDGRFRQHOORV´HVGHFLU ODE~VTXHGDGHOELHQSDUDWRGRVORVTXH
WRGRVVRPRVUHVSRQVDEOHVGHWRGDVQXHVWUDVDFFLRQHV\RPLVLRQHV\PX\ SDUWLFLSDQHQODLQYHVWLJDFLyQORVLQYHV
HVSHFLDOPHQWHFXDQGRKDFHPRVLQYHVWLJDFLyQGHELGRDTXHVLHPSUHHVWiQ WLJDGRUHVORVVXMHWRVGHLQYHVWLJDFLyQOD
LQYROXFUDGRVORVVHUHVYLYRV\ODQDWXUDOH]DHQJHQHUDO FLHQFLD\ODVRFLHGDGHQJHQHUDO
/D pWLFD GH OD UHVSRQVDELOLGDG GHEH HVWDU SUHVHQWH HQ WRGR HO 7RGD SUiFWLFD LPSOLFD DGHPiV GH
SURFHVRGHLQYHVWLJDFLyQ(QHOVHJXLPLHQWRVHDQDOL]DHOGHVDUUROORGH ELHQHVPRGHORVGHH[FHOHQFLD\REHGLHQ
ODLQYHVWLJDFLyQORTXHSHUPLWHODUHÀH[LyQDFHUFDGHODVFRQVHFXHQFLDV FLDDUHJODV/RVWUHVHOHPHQWRV/RVELHQHV
HVGHFLUVLVHHVWiFDXVDQGRDOJ~QGDxRQRSUHYLVWRRHQFDVRGHTXH LQWHUQRVORVPRGHORV\ODVUHJODVVHOOHYDQ
HOULHVJRFDPELHGHPDJQLWXGFyPRYDHOSURFHVRGHOFRQVHQWLPLHQWR DODSUiFWLFDPHGLDQWHHOHMHUFLFLRGHODV
LQIRUPDGRODFRQVLGHUDFLyQGHVLORVVXMHWRVGHLQYHVWLJDFLyQVRQPHGLRV YLUWXGHV\TXLHQDOFDQ]DODH[FHOHQFLDHQ
R¿QHV6LFRQODUHÀH[LyQVHFRQFOX\HTXHKD\GL¿FXOWDGHVSDUDPDQWHQHU XQDSUiFWLFDGLVIUXWDWDQWRHOp[LWRFRPROD
ORVFRPSRQHQWHVpWLFRVORPHMRUHVVXVSHQGHUHOSUR\HFWR DFWLYLGDGQHFHVDULDSDUDDOFDQ]DUOR
3UHVHQWDPRVWUHVHMHPSORVPX\UHFLHQWHV\SXEOLFDGRVGHORTXH
$VtHQODLQYHVWLJDFLyQFRPRSUiF
SRGUtDPRVDQDOL]DUEDMRHVWRVFRQFHSWRV8QRGHHOORVIXHHOHVWXGLR
WLFDVRFLDOORVLQYHVWLJDGRUHVDGRSWDQODV
GHODVt¿OLVHQODVSHUVRQDVGHODHWQLDQHJUDGH7XVNHJHH $ODEDPD 
YLUWXGHVGHODFRPXQLFDFLyQ\ODHVFXFKD
GHVGHKDVWDGRQGHORVLQYHVWLJDGRUHVQRWXYLHURQHQFXHQWD
DFWLYD HQ HO JUXSR GH WUDEDMR FXDQGR
ODpWLFDGHODFRQYLFFLyQ\ODpWLFDGHODUHVSRQVDELOLGDG/RVVXMHWRVGH
GH¿QHQ HO SUR\HFWR GH LQYHVWLJDFLyQ \
LQYHVWLJDFLyQQRIXHURQFRQVLGHUDGRV¿QHVHQVtPLVPRVVLQRPHGLRV
OROOHYDQDFDERFXDQGRVHGLULJHQDODV
SDUDFRQRFHUODKLVWRULDQDWXUDOGHODHQIHUPHGDGDXQTXH\DVHKDEtD
SHUVRQDVTXHSDUWLFLSDQFRPRVXMHWRVGH
GHVFXELHUWRODSHQLFLOLQDSDUDFXUDUODGHVGHSDUDORVLQYHVWLJDGRUHV
LQYHVWLJDFLyQ SDUD REWHQHU HO FRQVHQWL
VyORWXYRLPSRUWDQFLDHOFRQRFLPLHQWR(OVHJXQGRIXHODLQYHVWLJDFLyQ
PLHQWRLQIRUPDGRDOSUHFLVDUODLQIRUPD
HQ OD (VFXHOD (VWDWDO GH :LOORZEURRN  VREUH KHSDWLWLV HQ QLxRV
FLyQ DQDOL]DU ORV UHVXOWDGRV \ IRUPXODU
XWLOL]DQGRODFRDFFLyQKDFLDORVSDGUHVSDUD¿UPDUHOFRQVHQWLPLHQWR
LQIRUPDGR<HOWHUFHURSXEOLFDGRSRUODUHYLVWD861HZV :RUOG ODVFRQFOXVLRQHVWDPELpQDOSXEOLFDUORV
HQHOTXHVHUHDOL]yXQH[SHULPHQWRDXQDQLxDFRQFiQFHUVLQHOFRQ UHVXOWDGRV \ FRPSDUWLU HO FRQRFLPLHQWR
VHQWLPLHQWRGHORVSDGUHV FRQORVSDUWLFLSDQWHVORVFROHJDVODFLHQ
FLD\ODVRFLHGDGHQJHQHUDO/DVYLUWXGHV
(QORVWUHVFDVRVODVSREODFLRQHVHUDQYXOQHUDEOHVVHQHJyODGLJ GHODUHVSRQVDELOLGDGODKRQHVWLGDG\OD
QLGDGKXPDQDGHORVVXMHWRVGHLQYHVWLJDFLyQQRHUDQOLEUHVSRUTXHQR YHUDFLGDGVHKDFHQHYLGHQWHVHQORVLQYHV
VHOHVRWRUJyODLQIRUPDFLyQ\HOFRQRFLPLHQWRQLVHOHVSHUPLWLyWRPDU WLJDGRUHVFRPRLQGLYLGXRV\FRPRJUXSR
GHFLVLRQHV6HODVVHOHFFLRQySRUTXHHUDQSREODFLRQHVFDXWLYDVVLQFRQR GHVGHHOSODQWHDPLHQWRGHODSUHJXQWDGH
FLPLHQWRDFRVDGDVSRUODSREUH]D\ODVGLItFLOHVFRQGLFLRQHVVRFLDOHV LQYHVWLJDFLyQODUHYLVLyQGHODSHUWLQHQFLD
3DUDFRQWLQXDUFRQODUHÀH[LyQGHORVDVSHFWRVpWLFRVUHODFLRQDGRV \ UHOHYDQFLD GHO WHPD HO GHVDUUROOR GHO
FRQ HO FRPSRUWDPLHQWR GH ORV LQYHVWLJDGRUHV UHFXUULPRV D OD WHRUtD SURFHVR GH LQYHVWLJDFLyQ OD JDUDQWtD GH
SODQWHDGD SRU 0DF,QW\UH DFHUFD GH TXH WRGDV ODV SUiFWLFDV VRFLDOHV SUHVHUYDFLyQ GH OD GLJQLGDG KXPDQD HQ
WLHQHQELHQHVLQWHUQRV\H[WHUQRV/RVELHQHVLQWHUQRVVRQORVTXHOHGDQ ORVVXMHWRVGHLQYHVWLJDFLyQVXLQWHJULGDG
OHJLWLPLGDG\HVSHFL¿FLGDGDFDGDXQDGHHOODV\VXORJURHVXQELHQSDUD DXWRGHWHUPLQDFLyQ H LQWLPLGDG \ HQ HO
WRGDODFRPXQLGDGTXHSDUWLFLSDHQODSUiFWLFD/RVELHQHVH[WHUQRVVRQ GHVDUUROOR GH OD LQWHUUHODFLyQ GHO HTXLSR
FRPXQHVDWRGDVODVSUiFWLFDVHVGHFLUVHFRQVLJXHQHQHOHMHUFLFLRGH LQYHVWLJDGRUKDVWDODSXEOLFDFLyQ\GHYR
FXDOTXLHUDGHHOODV\FRQVLVWHQHQHOGLQHURHOSUHVWLJLRHOSRGHU\HO OXFLyQGHORVUHVXOWDGRVDODVSHUVRQDVFR
UHFRQRFLPLHQWR PXQLGDGHVHLQVWLWXFLRQHVSDUWLFLSDQWHV

8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD 
(YDOXDFLyQpWLFDGHSUR\HFWRVGHLQYHVWLJDFLyQXQDH[SHULHQFLDSHGDJyJLFD8QLYHUVLGDGGH$QWLRTXLD&RORPELD

6LORVELHQHVLQWHUQRVVHFDPELDQSRU \OHJLWLPLGDG(OSULPHURVHUH¿HUHDOFXPSOLPLHQWRGHH[LJHQFLDVGH
ELHQHVH[WHUQRVVHGDODFRUUXSFLyQHQODV SURFHGLPLHQWRVUHODWLYRVDODVROYHQFLDLQWHOHFWXDOWDOHVFRPRODSXUH]D
SUiFWLFDV6HSXHGHQOOHJDUDPDQLSXODUORV GHPpWRGRVODDGHFXDGDIXQGDPHQWDFLyQGHOHVWXGLRODEXHQDUHODFLyQ
GDWRVSDUDREWHQHUORVUHVXOWDGRVHVSHUDGRV HQHOJUXSRGHWUDEDMR\HODGHFXDGRUHFRQRFLPLHQWRGHPpULWRVHQWUH
D XWLOL]DU ORV VXMHWRV ~QLFDPHQWH FRPR RWUDV&RPHQWDTXHODOODPDGD³5HJODGH,QJHO¿QJHUVHJ~QODFXDOQDGD
PHGLRV\QRFRPR¿QHVHQVtPLVPRVVH GHEHGLYXOJDUVHDODSUHQVDVLDQWHVQRVHKDSXEOLFDGRHQXQDUHYLVWD
SXHGHQDOWHUDUODHYDOXDFLyQ\ORVLQIRUPHV HVSHFLDOL]DGD´ HV XQ SUHFHSWR pWLFR TXH DIHFWD OD OHJDOLGDG GH ODV
GHDYDQFHV(QHVWHFDVRHVWDUtDPRVDQWHOD SXEOLFDFLRQHVPpGLFDVHQFXDQWRHVQHFHVDULRHOGHEDWHHQODFRPXQLGDG
FRUUXSFLyQGHODSUiFWLFDLQYHVWLJDWLYD FLHQWt¿FDDQWHVGHODSXEOLFDFLyQHQORVPHGLRVPDVLYRVGHFRPXQLFDFLyQ
SDUD HYLWDUOH ULHVJRV D OD SREODFLyQ HVSHFLDOPHQWH HQ WHPDV TXH VH
$VSHFWRVpWLFRVHQODSXEOLFDFLyQ
FRQVLGHUDQFRPSOHMRV\TXHLPSOLFDQODYLGD\ODVDOXGGHODVSHUVRQDV
GHLQYHVWLJDFLRQHV
(Q FXDQWR D OD OHJLWLPLGDG HO PLVPR DXWRU OD UHODFLRQD FRQ OD
¢&yPR VH UHYLHUWHQ ORV UHVXOWDGRV YDOLGH]GHOFRQWHQLGRGHORVHVWXGLRVHVGHFLUFXDQGRVHKDUHDOL]DGRXQ
¿QDOHV" ¢4Xp EHQH¿FLRV WLHQH OD LQYHVWL SURFHVRUHLWHUDGRGHFRPSUREDFLyQ\UHFRQ¿UPDFLyQGHOFRQRFLPLHQWR
JDFLyQSDUDORVSDUWLFLSDQWHV" DGTXLULGR
'HVGH KDFH DxRV YDULRV DXWRUHV OH
KDQGDGRJUDQLPSRUWDQFLDDODSXEOLFDFLyQ &21&/86,21(6
GH ORV UHVXOWDGRV GH ODV LQYHVWLJDFLRQHV
3DUGLQDV SRU HMHPSOR H[SOLFD TXH WRGR /DVQRUPDVMXUtGLFDVODVUHFRPHQGDFLRQHVPRUDOHV\ODIXQGDPHQWDFLyQ
WUDEDMR GH LQYHVWLJDFLyQ HVWi GHVWLQDGR pWLFDUHODFLRQDGDVFRQODLQYHVWLJDFLyQXQLGDVDODDGKHVLyQLQWHUQD\DVX
D OD SXEOLFDFLyQ ELHQ VHD HQ DUWtFXORV SXHVWDHQSUiFWLFDHQULTXHFHQHOFRPSRUWDPLHQWRGHORVLQYHVWLJDGRUHV
OLEURV PHPRULDV GH HYHQWRV FLHQWt¿FRV HLQYHVWLJDGRUDVRULHQWDGRDOELHQGHWRGRVORVTXHLQWHUYLHQHQHQHOOD
\ RWURV SRUTXH FRPR DILUPD HO DXWRU GHODFLHQFLD\GHODVRFLHGDG
³SDUD FXDOTXLHU FLHQWt¿FR HV GH SULPHUD (OFDUiFWHUREOLJDWRULRGHODHYDOXDFLyQGHOFRPSRQHQWHpWLFRHQ
LPSRUWDQFLD SXEOLFDU ORV UHVXOWDGRV GH ODVLQYHVWLJDFLRQHVHVXQDQRUPDUHFLHQWH\D~QLPSHUIHFWDSHURDSDUWLU
VXVLQYHVWLJDFLRQHV´7RGRLQYHVWLJDGRU GHODpWLFDGHODVYLUWXGHVGHODFRQYLFFLyQ\GHODUHVSRQVDELOLGDGVHLUi
TXH GHVFXEUH DOJR GH YDORU WLHQH OD JDQDGRWHUUHQRHQHOUHVSHWRDODGLJQLGDGKXPDQD\DORVGHUHFKRVGH
REOLJDFLyQ PRUDO GH GLIXQGLUOR SRU HOOR ORVVXMHWRVGHLQYHVWLJDFLyQ
OD SXEOLFDFLyQ VREUH OD LQYHVWLJDFLyQ
HV XQ FRPSRQHQWH LQGLVSHQVDEOH GH 'HVGHODSUHJXQWDGHEHQHVWDUSUHVHQWHVODpWLFDGHODYLUWXGODpWLFD
WRGR HO SURFHVR \ HO PHFDQLVPR PiV GHODFRQYLFFLyQ\ODpWLFDGHODUHVSRQVDELOLGDG(VXQWRGRQRVHGDOD
DPSOLRSDUDGDUDFRQRFHUORVUHVXOWDGRV XQDVLQODVRWUDVHVGHFLUHVWiQHQXQDUHODFLyQGLDOpFWLFD
SDUD TXH HO FRQRFLPLHQWR SXHGD VHU (VWRVGLVWLQWRVOHQJXDMHVGHODpWLFDVLUYHQSDUDFUHDUVHQVLELOLGDG
XWLOL]DGR SRU OD FRPXQLGDG FLHQWt¿FD \ \FRPSURPLVR(VQHFHVDULRHOFRQRFLPLHQWRODUHÀH[LyQSHUVRQDO\GHO
SRU RWUDV FRPXQLGDGHV (VWD SXEOLFDFLyQ JUXSRHQHODQiOLVLVGHFDVRVGHODFRWLGLDQLGDG\GHODKLVWRULDFRQHO¿Q
GHEH DVXPLUVH FRQ UHVSRQVDELOLGDG \ GHGHVDUUROODUKDELOLGDGHV\DFWLWXGHVpWLFDVSDUDXQDWRPDGHGHFLVLRQHV
HYLWDU ORV OODPDGRV ³SUREOHPDV GH PDOD RULHQWDGDKDFLDHOELHQ\FRQEDVHHQODIXQGDPHQWDFLyQpWLFD
FRQGXFWD FLHQWt¿FD´ FRQWHPSODGRV HQ
ORV SULPHURV FyGLJRV GH pWLFD \ SHQDOHV /DUHÀH[LyQpWLFDGHEHUtDVHUXQFRPSURPLVRSHUPDQHQWHHQWRGRHO
TXH IXHURQ GLVHxDGRV SDUD HYDOXDU ODV SURFHVRGHLQYHVWLJDFLyQ\HQWRGDVODVDFWLYLGDGHVGHOJUXSRUHODFLRQDGDV
IDOWDV HQ ODV TXH SXHGHQ LQFXUULU ORV FRQODSURGXFFLyQ\GLYXOJDFLyQGHOFRQRFLPLHQWR
PLHPEURVGHXQDFROHFWLYLGDGUHODFLRQDGD 7DQWR HVWXGLDQWHV FRPR SURIHVRUHV H LQYHVWLJDGRUHV GHEHQ HVWDU
FRQ OD LQYHVWLJDFLyQ LQYHVWLJDGRUHV FDSDFLWDGRVSDUDGLVHxDUHMHFXWDU\HYDOXDUODDSOLFDFLyQGHORVSULQFLSLRV
SDWURFLQDGRUHV VRFLHGDGHV FLHQWtILFDV pWLFRVHOUHVSHWRDODGLJQLGDGKXPDQD\DORVGHUHFKRVKXPDQRVSDUD
SURIHVLRQDOHV UHYLVWDV \ PHGLRV GH FRQRFHUHYDOXDU\SUHYHQLUORVULHVJRVGHODLQYHVWLJDFLyQSDUDSUHYHQLUR
SXEOLFDFLyQGHODOLWHUDWXUDFLHQWt¿FD OLPLWDUORVDFWRVTXHSXHGDQFDXVDUGDxR\SDUDDVXPLUODVFRQVHFXHQFLDV
(Q HO FDVR GH OD SXEOLFDFLyQ GH GHULYDGDVGHODVDFFLRQHVXRPLVLRQHVHQHOGHVDUUROORGHODDFWLYLGDG
ODV LQYHVWLJDFLRQHV /RODV   OODPD OD LQYHVWLJDWLYDHVGHFLUODXQLYHUVLGDGGHEHIRUPDUSURIHVRUHV\HVWXGLDQWHV
DWHQFLyQVREUHORVFRQFHSWRVGHOHJDOLGDG HQODUHVSRQVDELOLGDGpWLFDSDUDODUHDOL]DFLyQGHODVLQYHVWLJDFLRQHV

 ,QYHVWLJDFLyQ\(GXFDFLyQHQ(QIHUPHUtD0HGHOOtQ9RO;;,91žPDU]RGH
(GXFDFLyQ(GXFDWLRQ

5()(5(1&,$6%,%/,2*5È),&$6 'LVSRQLEOHHQKWWSZZZFLQXRUJP[RQXGRFXPHQWRVGXGK
KWP$FFHVRHOQRYLHPEUH
 &RQVHMRGH2UJDQL]DFLRQHV,QWHUQDFLRQDOHVGHODV&LHQFLDV 0DQ]LQL-/'HFODUDFLyQGH+HOVLQNL3ULQFLSLRVpWLFRVSDUD
0pGLFDV&,2061RUPDVpWLFDVLQWHUQDFLRQDOHVSDUDODVLQ ODLQYHVWLJDFLyQPpGLFDVREUHVXMHWRVKXPDQRV$FWDELRHWK
YHVWLJDFLRQHVELRPpGLFDVFRQVXMHWRVKXPDQRV:DVKLQJWRQ   
236\&,206S &RQVHMRGH2UJDQL]DFLRQHV,QWHUQDFLRQDOHVGHODV&LHQFLDV
 $FRVWD-55HWRVGHODLQYHVWLJDFLyQFLHQWt¿FD(Q0HPRULDV 0pGLFDV&,2061RUPDVpWLFDVLQWHUQDFLRQDOHVSDUDODVLQ
GHO  &RQJUHVR ,QWHUQDFLRQDO GH eWLFD HQ OD ,QYHVWLJDFLyQ YHVWLJDFLRQHVELRPpGLFDVFRQVXMHWRVKXPDQRV:DVKLQJWRQ
&LHQWt¿FD1RY6DQWD)pGH%RJRWi8QLYHUVLGDG 236\&,206S
0LOLWDU1XHYD*UDQDGD>YLGHRFDVHWHPLQ@ &RQVHMRGH2UJDQL]DFLRQHV,QWHUQDFLRQDOHVGHODV&LHQFLDV
 2UJDQL]DFLyQ 0XQGLDO GH OD 6DOXG 206 *XtDV RSHUD 0pGLFDV&,2063DXWDVLQWHUQDFLRQDOHVSDUDODHYDOXDFLyQ
FLRQDOHV SDUD FRPLWpV GH pWLFD TXH HYDO~DQ LQYHVWLJDFLyQ pWLFD GH ORV HVWXGLRV HSLGHPLROyJLFRV >6LWLR HQ ,QWHUQHW@
ELRPpGLFD>6LWLRHQ,QWHUQHW@)DPLO\+HDOWK,QWHUQDWLRQDO 8QLYHUVLGDG GH &KLOH 'LVSRQLEOH HQ KWWSZZZXFKLOH
'LVSRQLEOH HQ KWWSZZZIKLRUJ15UGRQO\UHVH\NSL FOELRHWLFDGRFHSLGHPBKWP$FFHVRHOGHPDU]R
UL\YR]NTNSHEMMRMXVQSR\KVI\PKU\TRNQE 7KH 1DWLRQDO &RPPLVVLRQ IRU WKH 3URWHFWLRQ RI +XPDQV
FEMSFLNOMZMMWQS206*XLDVRSHUDFLR63SGI$FFHVR 6XEMHFWVRI%LRPHGLFDODQG%HKDYLRUDO5HVHDUFK,QIRUPH
HOGLFLHPEUH %HOPRQW3ULQFLSLRVpWLFRV\RULHQWDFLRQHVSDUDODSURWHF
 7KH 1DWLRQDO &RPPLVVLRQ IRU WKH 3URWHFWLRQ RI +XPDQV FLyQGHVXMHWRVKXPDQRVHQODH[SHULPHQWDFLyQ>6LWLRHQ
6XEMHFWV RI %LRPHGLFDO DQG %HKDYLRUDO 5HVHDUFK ,QIRUPH ,QWHUQHW@,QVWLWXWRGH,QYHVWLJDFLyQGH(QIHUPHGDGHV5DUDV
%HOPRQW3ULQFLSLRVpWLFRV\RULHQWDFLRQHVSDUDODSURWHFFLyQ 'LVSRQLEOHHQKWWSLLHULVFLLLHVHUSGIHUBEHOPRSGI$F
GHVXMHWRVKXPDQRVHQODH[SHULPHQWDFLyQ>6LWLRHQ,QWHUQHW@ FHVRHOGHDEULO
,QVWLWXWRGH,QYHVWLJDFLyQGH(QIHUPHGDGHV5DUDV'LVSRQLEOH %HDXFKDPS 7 &KLOGUHVV - 3ULQFLSLRV GH pWLFD ELRPpGLFD
HQ KWWSLLHULVFLLLHVHUSGIHUBEHOPRSGI$FFHVR HO  GH %DUFHORQD0DVVRQS
DEULO
6DQWLOOiQ-)1RUEHUWR%REELR(O¿OyVRIR\ODSROtWLFDDQ
 &RORPELD0LQLVWHULRGH6DOXG5HVROXFLyQGH WRORJtD0p[LFR)RQGRGH&XOWXUD(FRQyPLFDS
2FWXEUHSRUODFXDOVHHVWDEOHFHQODVQRUPDVDFDGpPLFDV
&DPSV9eWLFDUHWyULFDSROtWLFD%DUFHORQD$OLDQ]D8QLYHU
WpFQLFDV \ DGPLQLVWUDWLYDV SDUD OD LQYHVWLJDFLyQ HQ VDOXG
VLGDGS
6DQWDIpGH%RJRWi0LQLVWHULRGH6DOXG
&DPSV9(OPDOHVWDUGHODYLGDS~EOLFD%DUFHORQD*ULMDOER
 2UJDQL]DFLyQ 0XQGLDO GH OD 6DOXG 206 *XtDV RSHUD
S
FLRQDOHV SDUD FRPLWpV GH pWLFD TXH HYDO~DQ LQYHVWLJDFLyQ
ELRPpGLFD>6LWLRHQ,QWHUQHW@)DPLO\+HDOWK,QWHUQDWLRQDO 7RUUDOED))LORVRItDGHODPHGLFLQDHQWRUQRDODREUDGH('
'LVSRQLEOH HQ KWWSZZZIKLRUJ15UGRQO\UHVH\NSL 3HOOHJULQR%DUFHORQD0DSIUHS
UL\YR]NTNSHEMMRMXVQSR\KVI\PKU\TRNQE &DPSV9(OPDOHVWDUGHODYLGDS~EOLFD%DUFHORQD*ULMDOER
FEMSFLNOMZMMWQS206*XLDVRSHUDFLR63SGI$FFHVR S
HOGLFLHPEUH .DQW,)XQGDPHQWDFLyQGHODPHWDItVLFDGHODVFRVWXPEUHV
 /RODV)eWLFDGHODSXEOLFDFLyQPpGLFD/HJDOLGDG\OHJLWLPL 0p[LFR3RUU~DS
GDG$FWDELRHWK   %HDXFKDPS 7 &KLOGUHVV - 3ULQFLSLRV GH pWLFD ELRPpGLFD
 6DUGHQEHUJ70OOHU663HUHLUD+52OLYHLUD5$+RVVQH %DUFHORQD0DVVRQSS
:6$QiOLVLV GH ORV DVSHFWRV pWLFRV GH OD LQYHVWLJDFLyQ HQ &RUWLQD$(OPXQGRGHORVYDORUHVeWLFDPtQLPD\HGXFDFLyQ
VHUHVKXPDQRVFRQWHQLGRVHQODVLQVWUXFFLRQHVDORVDXWRUHV HG6DQWDIpGH%RJRWi(O%~KRS
GHUHYLVWDVFLHQWt¿FDVEUDVLOHxDV$FWDELRHWK  
$UDQJXUHQ-/eWLFD%DUFHORQD$OWD\DS

:LHGHQEDFK ( &OLQLFDO QXUVLQJ$ KHOSLQJ DUW &LWDGR
 0DLQHWWL-$%LRpWLFDVeWLFDHQODVHVSHFLDOLGDGHVPpGLFDV
SRU0FNHH1'DQNR0KHLGHQUHLGHU7+XQW10DULFK
/D3ODQWD4XLUyQS
-0DUULQHU7RPH\$HWDO(Q(ODUWHGHODD\XGDGHOD
+DOO/7KH/RHE&HQWHUIRU1XUVLQJDQG5HKDELOLWDWLRQ,Q HQIHUPHUtDFOtQLFD(Q0DUULQHU7RPH\$5DLOH$OOLJRRG
WHUQDWLRQDO-RXUQDORI1XUVLQJ6WXGLHV&LWDGRSRU)DNRXUL& 00RGHORV\WHRUtDVHQ(QIHUPHUtDHG0DGULG+DUFRXUW
*UDQGVWDII0*UXPP%0DUULQHU7RPH\$7LSSH\3+DOO %UDFHS
/(Q(OPRGHORGHLQWURVSHFFLyQFXLGDGRV\FXUDFLyQ(Q
&yUGRED5(O-XUDPHQWR+LSRFUiWLFR8QDpWLFDSDUDKR\
0DUULQHU7RPH\$5DLOH 0 0RGHORV \ WHRUtDV HQ HQIHU
3HUVELRHW  
PHUtDHG0DGULG+DUFRXUW%UDFHS
&RUWLQD$ eWLFD DSOLFDGD \ GHPRFUDFLD UDGLFDO 0DGULG
 $UDQJXUHQ-/eWLFD%DUFHORQD$OWD\DS
7HFQRVS
2UJDQL]DFLyQGH1DFLRQHV8QLGDV'HFODUDFLyQ8QLYHUVDOGH
/ySH]0-9DOGHEHQLWR&/RODV)&LXGDGDQtD\VXMHWRVGH
'HUHFKRV+XPDQRV>6LWLRHQ,QWHUQHW@&HQWURGH,QIRUPDFLyQ
LQYHVWLJDFLyQ3HUVELRHW  
GH OD 218 SDUD 0p[LFR &XED \ 5HS~EOLFD 'RPLQLFDQD

8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD 
(YDOXDFLyQpWLFDGHSUR\HFWRVGHLQYHVWLJDFLyQXQDH[SHULHQFLDSHGDJyJLFD8QLYHUVLGDGGH$QWLRTXLD&RORPELD

7RUUDOED)$QWURSRORJtDGHOFXLGDU%DUFHORQD0DSIUH &KDYHV 50 eWLFD H LQYHVWLJDFLyQ$YDQ]DU )RUXP 


S   
7RUUDOED)$QWURSRORJtDGHOFXLGDU%DUFHORQD0DSIUH :LOVRQ-%D\OH\&0LFKHO93XJK'0DQXDOSDUDFRPLWpV
S GHpWLFDGHKRVSLWDOHV6DQWDIpGH%RJRWi*XDGDOXSH
*UDFLD'3DVDGRSUHVHQWH\IXWXURGHODpWLFD(Q0HPRULDV S
GHO&RQJUHVRGHELRpWLFDGH$PpULFD/DWLQD\GHO&DULEH &KDYHV 50 eWLFD H LQYHVWLJDFLyQ$YDQ]DU )RUXP 
-XQ6DQWDIpGH%RJRWi)HGHUDFLyQ/DWLQRDPHUL   
FDQDGH%LRpWLFD)(1$/%(SS 7RUUDOED)eWLFDGHOFXLGDU)XQGDPHQWRVFRQWH[WRV\SURE
2UJDQL]DFLyQ 0XQGLDO GH OD 6DOXG 206 *XtDV RSHUD OHPDV0DGULG0DSIUHSS
FLRQDOHV SDUD FRPLWpV GH pWLFD TXH HYDO~DQ LQYHVWLJDFLyQ
0DF,QW\UH$7UDVODYLUWXG%DUFHORQD&UtWLFDS
ELRPpGLFD>6LWLRHQ,QWHUQHW@)DPLO\+HDOWK,QWHUQDWLRQDO
'LVSRQLEOHHQKWWSZZZIKLRUJ15UGRQO\UHVH\NSL 0DF,QW\UH$7UDVODYLUWXG%DUFHORQD&UtWLFDS
UL\YR]NTNSHEMMRMXVQSR\KVI\PKU\TRNQEFE 3DUGLQDV)0HWRGRORJtD\WpFQLFDVGHLQYHVWLJDFLyQHQFLHQFLDV
MSFLNOMZMMWQS206*XLDVRSHUDFLR63SGI$FFHVRHO VRFLDOHVHG0p[LFR6LJOR;;,S
GLFLHPEUH %HUEHVVL -& )UDXGH HQ LQYHVWLJDFLyQ ELRPpGLFD$YDQ]DU
:LOVRQ-%D\OH\&0LFKHO93XJK'0DQXDOSDUDFRPLWpVGH )RUXP  
pWLFDGHKRVSLWDOHV6DQWDIpGH%RJRWi*XDGDOXSHS /RODV)eWLFDGHODSXEOLFDFLyQPpGLFD/HJDOLGDG\OHJLW
&KDYHV 50 eWLFD H LQYHVWLJDFLyQ$YDQ]DU )RUXP  LPLGDG$FWDELRHWK  
   $QJHOO0.DVVLUHU-37KHLQJHO¿QJHUUXOHUHYLVLWHG1(QJO
:LOVRQ-%D\OH\&0LFKHO93XJK'0DQXDOSDUDFRPLWpVGH MPHG  
pWLFDGHKRVSLWDOHV6DQWDIpGH%RJRWi*XDGDOXSHS

 ,QYHVWLJDFLyQ\(GXFDFLyQHQ(QIHUPHUtD0HGHOOtQ9RO;;,91žPDU]RGH

También podría gustarte