Está en la página 1de 11

+XPHUDOHMH5HGXFFLyQ\ILMDFLyQ3ULQFLSLRVGHOD

JHVWLyQGHODVIUDFWXUDVDELHUWDV&RQVLGHUDFLRQHV
HVSHFLDOHV
,QWURGXFFLyQ
(Q6WDQOH\%R\GGLMRTXH/DVGLYLVLRQHVPiVLPSRUWDQWHVGHIUDFWXUDVVLPSOHVFRPSXHVWDV
\FRPSOHMDVVHEDVDQHQHOHVWDGRGHODVSDUWHVEODQGDV
1RKD\GXGDGHTXHHOHVWDGRGHOWHMLGREODQGRKHULGDVHQODVIUDFWXUDVDELHUWDVHVXQGHWHUPLQDQWH
IXQGDPHQWDOGHORVUHVXOWDGRV
/DPD\RUtDGHODVLQYHVWLJDFLRQHVPXHVWUDQTXHODWDVDGHLQIHFFLyQDXPHQWDFRQODJUDYHGDGGHOD
OHVLyQGHORVWHMLGRVEODQGRV0HQRVLPSRUWDQWHHVODOHVLyQyVHDVLHPSUHTXHHOKXHVRTXHVHKD
OHVLRQDGRWLHQHXQVXPLQLVWURGHVDQJUH

8QDFODVLILFDFLyQFRP~Q
/DFODVLILFDFLyQGHWDOHVOHVLRQHVGHORVWHMLGRVEODQGRVHVFRP~QPHQWHGHDFXHUGRFRQGRV
VLVWHPDVDVDEHUODGH*XVWLOR0HQGR]D\:LOOLDPV 9HU*XVWLOR5%0HQGR]D50:LOOLDPV'1
 /RVSUREOHPDVHQODJHVWLyQGHWLSR,,, JUDYH IUDFWXUDVDELHUWDV8QDQXHYDFODVLILFDFLyQGH
WLSR,,,IUDFWXUDVDELHUWDV-7UDXP$XJ   \WDPELpQODGHO$2
8QDLQIOXHQFLDDGLFLRQDOHVODFDSDFLGDGGHOKXpVSHGSDUDFRPEDWLUODLQIHFFLyQVREUHODEDVHGH
GRVIDFWRUHVVLVWpPLFRV\ORFDOHV3DUDPiVGHWDOOHVYHUODFODVLILFDFLyQ&LHUQ\

FODVLILFDFLyQ:RXQGVHYHULGDG*XVWLOR\$QGHUVRQ -%-6 (VWDREUDGLULJLGDHQJUDQPHGLGD


OHVLRQHVHQODVSLHUQDVPiVEDMDVSHURWLHQHDOJ~QYDORUHQRWURVVLWLRVDQDWyPLFRV
(O*XVWLOR$QGHUVRQFODVLILFDFLyQGLYLGHORVWHMLGRVEODQGRVKLULHQGRGHODVIUDFWXUDVDELHUWDVHQWUHV
JUDGRV,,,\,,,

(VWDLOXVWUDFLyQVHUHVXPHQORVWUHVJUDGRVGHEDVH,,,\,,,

*XVWLOR0HQGR]D\:LOOLDPV -7UDXPD
(OJUDGR,,,IXHSRVWHULRUPHQWHVXEGLYLGLGDHQWLSRV,,,$,,,%\,,,&

(VWRVHMHPSORVLOXVWUDQORVWUHVWLSRV,,,$,,,%\,,,&

FODVLILFDFLyQ$2 DGDSWDGRGH7VFKHUQH
/DFODVLILFDFLyQ$2GHODJUDYHGDGGHODIUDFWXUDGHODKHULGDSURSRUFLRQDXQVLVWHPDGHFODVLILFDFLyQ
GHOHVLRQHVGHFDGDXQDGHODSLHO , ORVP~VFXORV\ORVWHQGRQHV 07 \QHXURYDVFXODU 19 FDGD
XQRGHORVFXDOHVHVWiGLYLGLGRHQFLQFRJUDGRVGHJUDYHGDG
(VWiGLVHxDGRSDUDSURSRUFLRQDUXQDGHILQLFLyQ~QLFDHLQHTXtYRFDGHFXDOTXLHUOHVLyQ\SRUORWDQWR
SHUPLWHODFRPSDUDFLyQH[DFWDGHORVFDVRV
XQDFRPSUHQVLyQFRPSOHWDGHODJUDYHGDGGHXQDIUDFWXUDDELHUWDUHTXLHUHODFRQVLGHUDFLyQGHFDGD
XQRGHHVWRVHOHPHQWRVGHORVWHMLGRVEODQGRV

(VWDFODVLILFDFLyQPX\GHWDOODGDHVWiGLVHxDGRSDUDVHUXWLOL]DGRHQFRQMXQWDPHQWHFRQHO$227$
IUDFWXUD\&ODVLILFDFLyQGLVORFDFLyQ
ODFODVLILFDFLyQGHWDOODGDGHODVIUDFWXUDVDELHUWDVSRUHOVLVWHPDGH$2VHKDFHPiVILDEOHHQODVDOD
GHRSHUDFLRQHVDODWHUPLQDFLyQGHOWUDWDPLHQWRGHKHULGDVSULPDULR\ODHVFLVLyQTXLU~UJLFD
&XDQGRVHXWLOL]DHQXQDJUDQEDVHGHGDWRVGHHVWHPXOWLIDFpWLFRDOIDQXPpULFRSHUPLVRVGH
FODVLILFDFLyQGHFRPSDUDFLyQPX\SUHFLVDGHORVWLSRVGHOHVLRQHV\HVPiV~WLOFRPRKHUUDPLHQWDGH
LQYHVWLJDFLyQ6LQHPEDUJRVXFRPSOHMLGDGKDFHTXHVHDPX\SRFRSUiFWLFRSDUDHOXVRGLDULRHQOD
SUiFWLFDFOtQLFD

HMHPSORFRPSDUDWLYR
/DFODVLILFDFLyQGHODIUDFWXUDDELHUWD*XVWLOR0HQGR]D:LOOLDPVLGHQWLILFDSRUVHSDUDGRFRPRWLSR
,,,&ORVGHJUDGR,,,IUDFWXUDVDELHUWDVFRQOHVLRQHVDUWHULDOHVTXHUHTXLHUHQUHSDUDFLyQYDVFXODUSDUD
UHVWDEOHFHUODYLDELOLGDGGHODH[WUHPLGDG*XVWLORHWDO GHPRVWUDGRXQULHVJRGHOGHOD
RVWHRPLHOLWLVGHVSXpVGHHVWHWLSRGHOHVLRQHVFRQODDPSXWDFLyQ WHPSUDQDRWDUGtD XQUHVXOWDGR
IUHFXHQWH*XVWLORHWDO  (OWUDWDPLHQWRGHODVIUDFWXUDVDELHUWDV-%RQH-RLQW6XUJ  
 
(VWDLOXVWUDFLyQPXHVWUDXQDOHVLyQDELHUWDJUDYHGHODGLiILVLVGHOK~PHURPiVEDMDVGHVSXpVGHXQ
DFFLGHQWHGHWUiILFRGHDOWDHQHUJtD1RKDEtDLQWHUUXSFLyQGHODDUWHULDEUDTXLDO\ODYHQD\
QHXURSUD[LDGHORVQHUYLRVPHGLDQRUDGLDO\FXELWDO6HUtDFODVLILFDGRFRPRXQDOHVLyQ*XVWLOR,,,&
PLHQWUDVTXHHQODFODVLILFDFLyQPiVDPSOLD$227$IUDFWXUD\GLVORFDFLyQTXHVHUtDXQ&,2
07193ULQFLSLRVGHODDWHQFLyQTXLU~UJLFDGHODVIUDFWXUDVDELHUWDV

,QWURGXFFLyQ/DVIUDFWXUDVDELHUWDVQHFHVLWDQ
XQGLDJQyVWLFRSUHFR]
DQWLELyWLFRVLQWUDYHQRVRVDSURSLDGRV
HVFLVLyQ]RQDGHODOHVLyQPHWLFXORVD GHVEULGDPLHQWR 
HVWDELOL]DFLyQGHODIUDFWXUD
VHJXQGDPLUDGD

FXELHUWDGHWHMLGREODQGRSRFRGHVSXpVGHODUHFXSHUDFLyQGHORVWHMLGRVEODQGRV
'LFKDFLUXJtDVHUHILHUHFRQIUHFXHQFLDFRPRHOGHVEULGDPLHQWR(VWHWpUPLQRHVWiDELHUWRDOD
LQWHUSUHWDFLyQ\GHQRWDGLIHUHQWHVSURFHGLPLHQWRVHQGLIHUHQWHVFRQWH[WRVTXLU~UJLFRV
'HVEULGDPLHQWRWDOFRPRVHXWLOL]DHQHVWDGLVFXVLyQHVODH[SRVLFLyQTXLU~UJLFDGHWRGDOD]RQD
GHODOHVLyQSDWROyJLFD\ODHOLPLQDFLyQGHWRGRQHFUyWLFRFRQWDPLQDGR\RWHMLGRGDxDGRVLyVHDR
GHWHMLGRVEODQGRV

DQWLELyWLFRVLQWUDYHQRVRVSDUDWUDWDUIUDFWXUDVDELHUWDV
$QWLELyWLFRVSDUDODVIUDFWXUDVDELHUWDVVRQXQFRPSOHPHQWRDOGHVEULGDPLHQWRGHKHULGDVPHWLFXORVD
YHUSHUODPiVDGHODQWH 
/DFRQWDPLQDFLyQEDFWHULDQDHVWiVLHPSUHSUHVHQWHFRQIUDFWXUDVDELHUWDV(OUHFXHQWRGHEDFWHULDV
\ODWDVDGHLQIHFFLyQSXHGHUHGXFLUVHVLJQLILFDWLYDPHQWHSRUODDGPLQLVWUDFLyQLQPHGLDWDGH
DQWLELyWLFRVSRUYtDLQWUDYHQRVDHQFRPELQDFLyQFRQGHVEULGDPLHQWRTXLU~UJLFR
/DPD\RUtDGHODVEDFWHULDVTXHLQIHFWDQH[FHSWRHQKHULGDVPX\VXFLRVVRQWtSLFDVGHODIORUDGHOD
SLHO8QDFHIDORVSRULQDGHSULPHUDJHQHUDFLyQ SRUHMHPSORFHID]ROLQDJUDPRVKRUDV VH
XWLOL]DDPHQXGRDH[FHSFLyQGHORVSDFLHQWHVFRQDOHUJLDDODSHQLFLOLQD
3DUDREWHQHUPiVVHYHUDVKHULGDVDELHUWDVDODIUDFWXUDDxDGLUXQDPLQRJOXFyVLGR SRUHMHPSOR
JHQWDPLFLQDPJKRUDV 
6LODFRQWDPLQDFLyQDJUtFRODHVWiSUHVHQWHDOWDVGRVLVGHSHQLFLOLQDSRUYtDLQWUDYHQRVDVHVXHOH
DxDGLU SRUHMHPSORPLOORQHVPLOORQHVGHXQLGDGHVKRUDV \FRQVLGHUDUPHWURQLGD]RO
eVWDVGHEHUtDQFRPHQ]DUWDQSURQWRFRPRODIUDFWXUDDELHUWDVHGLDJQRVWLFDSHURFRQWLQXyGXUDQWH
VyORGtDV
3HUOD
(VLUUDFLRQDOHVSHUDUTXHXQWUDWDPLHQWRFRUWRGHODSURILOD[LVFRQDQWLELyWLFRVSXHGHFXUDUHUURUHV
TXLU~UJLFRVIXQGDPHQWDOHV *HURXODQRV +HOO  $QWLPLFURELDO3URILOD[LVHQFLUXJtD 

FRQWDPLQDFLyQGHODKHULGDLQWUDRSHUDWRULD8QSULQFLSLRFODYHGHOWUDWDPLHQWRTXLU~UJLFRVHJXURHV
UHGXFLUDOPtQLPRHOQ~PHURGHEDFWHULDVTXHSRGUtDQHQWUDUHQODKHULGDTXLU~UJLFD/D
GHVFRQWDPLQDFLyQDGHFXDGDSUHRSHUDWRULDGHODSLHOFRQHOODYDGRXWLOL]DQGRDJHQWHV
DQWLEDFWHULDQRVHVXQRGHORVSLODUHVGHHVWD'HOPLVPRPRGRHOXVRGHSDxRVHVWpULOHVORV
LQVWUXPHQWRV\ORVLPSODQWHV\HOPDQWHQLPLHQWRGHXQDHVWULFWDGLVFLSOLQDDVpSWLFDGXUDQWHWRGRHO
SURFHGLPLHQWRWDPELpQVRQLPSRUWDQWHV

(QDXVHQFLDGHHVWHULOLGDGySWLPDRFRQFDUJDTXLU~UJLFDDEUXPDGRUDVyORODFLUXJtDGHHPHUJHQFLD
PiVOLPLWDGRGHEHOOHYDUVHDFDER SRUHMHPSORGHHPHUJHQFLDKHULGDHVFLVLyQ GHVEULGDPLHQWR
'HVEULGDPLHQWRGHOD]RQDGHODOHVLyQHQODVIUDFWXUDVDELHUWDV
/D]RQDGHHVFLVLyQGHOHVLRQHVGHEHVHUFRPSOHWDPLQXFLRVD\UDGLFDO
'HVEULGDPLHQWRGHKHULGDVWHPSUDQDHVHOFRPSRQHQWHPiVLPSRUWDQWHGHOFXLGDGRGHFXDOTXLHU
IUDFWXUDDELHUWD

(OVLWLRTXLU~UJLFRVHGHEHLUULJDUDIRQGR YDULRVOLWURVGHOtTXLGRGHPDQHUDySWLPDXQDVROXFLyQ
VDOLQDHTXLOLEUDGDWDOFRPR5LQJHUODFWDWRSDUDUHGXFLUODSREODFLyQEDFWHULDQD  YpDVHHOSDVR
VLJXLHQWH (OHStWHWRGHGLOXFLyQHVODVROXFLyQDODFRQWDPLQDFLyQWLHQHFLHUWRPpULWRHQHVWH
FRQWH[WR(QORVFDVRVFRQFDQWLGDGHVVLJQLILFDWLYDVGHFRQWDPLQDFLyQPXHUWRRSRVLEOHPHQWH
LVTXpPLFDHOWHMLGRODHVFLVLyQDGLFLRQDOKHULGDKRUDVPiVWDUGH VHJXQGRDVSHFWR HVDPHQXGR
QHFHVDULRHQFDVRGHGXGDPLUDUGHQXHYR

7VFKHUQH\*RW]HQGHOOLEUR/DVIUDFWXUDVFRQOHVLRQHVGHWHMLGRVEODQGRV 6SULQJHU9HUODJ

SS VHUHILHUHDODREUDGH5RMF\N  GHODVLJXLHQWHPDQHUD'XUDQWHODRSHUDFLyQGHOD


KHULGDVHLUULJDUHSHWLGDPHQWHFRQVROXFLyQGH%HWDGLQHRGH5LQJHU7UDVHOGHVEULGDPLHQWRWRGRV
ORVLQVWUXPHQWRVTXLU~UJLFRV\HOWUDMHVHFDPELDQ\ODKHULGDVHUHFXEUHFRPRSDUDXQDQXHYD
RSHUDFLyQ/RVEHQHILFLRVGHHVWDUXWLQDVHSRQHQGHPDQLILHVWRHQXQDVHULHFRQWLQXDGH
IUDFWXUDVDELHUWDV YHUWDEOD (OQ~PHURGHIURWLVPLFURELROyJLFRVSRVLWLYRVGLVPLQX\HQRWDEOHPHQWH
GHODFRQWDPLQDFLyQLQLFLDOSRUHOWUDXPDDOILQDOGHODRSHUDFLyQ

/DGHFLVLyQGHTXpWHMLGRSDUDTXLWDU\SDUDUHWHQHUHVHOUHWRHVHQFLDOGHGHVEULGDPLHQWRGHKHULGDV
(VWRVHDSUHQGHPHMRUHQODVDODGHRSHUDFLRQHVGHORVFLUXMDQRVGHDOWRQLYHO\SRUODSUiFWLFD
VXSHUYLVDGD/RVHUURUHVWtSLFRVVRQHOQRUHPRYHUVXILFLHQWHWHMLGRFRPSURPHWLGRRSDUDKDFHUORGH
XQDPDQHUDTXHFDXVHOHVLRQHVDGLFLRQDOHVDOWHMLGRVDQRUHWHQLGR
7RPHXQHQIRTXHRUJDQL]DGRTXHSURFHGHHQSDVRVRUGHQDGRVDWUDYpVGHFDGDFDSDGHWHMLGR(Q
SULPHUOXJDUDJUDQGDUODKHULGDWUDXPiWLFDSDUDXQDH[SRVLFLyQDGHFXDGDGHWRGDOD]RQDGHOD
OHVLyQ6yORPiUJHQHVGHODKHULGDQRYLDEOHVPtQLPRVQHFHVLWDQVHUH[WLUSDGR([SORUDODV
SURIXQGLGDGHVGHOD]RQDGHODOHVLyQ\H[DPLQDUDIRQGR3URWHJHU\SUHVHUYDUORVYDVRV
VDQJXtQHRV\ORVQHUYLRVODVYDLQDVWHQGLQRVDVSHULRVWLRVDQR\WHMLGREODQGRXQLGRDOKXHVR

$FRQWLQXDFLyQWRGRVPXHUWRVRGXGRVDPHQWHYLDEOHHOWHMLGRHVH[WLUSDGRVLVWHPiWLFDPHQWHGH
FDGDFDSDGHWHMLGR
WHMLGRVVXEFXWiQHRV
IDVFLDSURIXQGD
P~VFXOR
KXHVR
(QFDGDQLYHOREYLDPHQWHGHMDUVyORHOWHMLGRYLDEOH
&XDOTXLHUIUDJPHQWRVyVHRVFDUHQWHVGHXQLyQGHORVWHMLGRVEODQGRVGHEHQVHUHOLPLQDGRV
&RQWDPLQDGDVRQRYLDEOHVODVVXSHUILFLHVyVHDVWDPELpQQHFHVLWDUiQHVFLVLyQFRQLQVWUXPHQWRV
PDQXDOHVWDOHVFRPRFLQFHOHV
$EXQGDQWHLUULJDFLyQFRQXQDVROXFLyQVDOLQDHTXLOLEUDGD FRPRODFWDWRGH5LQJHU D\XGDDHOLPLQDU

ODVEDFWHULDVORVWUR]RVGHWHMLGRPXHUWR\ODFRDJXODFLyQGHODVDQJUH\PHMRUDODFDSDFLGDGGHO
FLUXMDQRSDUDH[DPLQDUODKHULGD
HOXVRGHVLVWHPDVGHODYDGRDSUHVLyQGHSXOVRFRUUHHOULHVJRGHFRQGXFLUODFRQWDPLQDFLyQHQODV
SURIXQGLGDGHVRFXOWDVGHODKHULGD\HVGHYDORUFXHVWLRQDEOH
)UDFWXUDVFRQOHVLRQHVHQODVDUWLFXODFLRQHVDELHUWDV
&XDQGRXQDIUDFWXUDDELHUWDVHFRPXQLFDFRQXQDFDYLGDGGHODDUWLFXODFLyQVHUHTXLHUHQWiFWLFDV
TXLU~UJLFRVHVSHFLDOHV
&RPRVLHPSUHWRGRHOWHMLGRGHVYLWDOL]DGRGHEHVHUHOLPLQDGR6XSHUILFLHVGHODMXQWDQRVHGHEH
SHUPLWLUTXHVHVHTXH
6LHVSRVLEOHODSURSLDMXQWDDELHUWDGHEHVHUFHUUDGRHQSULPHUOXJDU6LHVWRQRHVSRVLEOHODMXQWD
GHEHPDQWHQHUVH YHVWLUVHGHUHWHQFLyQGHKXPHGDG OLPSLR\K~PHGR
(OFLHUUHWHPSUDQRGHILQLWLYRGHEHVHUSODQLILFDGD
)LMDFLyQGHIUDFWXUDVDELHUWDV

/DILMDFLyQGHODVIUDFWXUDVDELHUWDV/DVIUDFWXUDVDELHUWDVQHFHVLWDQ
HVWDELOL]DFLyQTXLU~UJLFDJHQHUDOPHQWHH[WHUQR
FRQVLGHUDU25,)GHILQLWLYDUHWUDVDGR
ODHVWDELOLGDGyVHDHQODVIUDFWXUDVDELHUWDVD\XGDDODVKHULGDVGHWHMLGRVEODQGRVDVRFLDGRVD
UHFXSHUDUVHSURSRUFLRQDQGRODPHMRUFRQILJXUDFLyQSRVLEOHSDUDODFXUDFLyQGHORVWHMLGRVEODQGRV\
ODUHVLVWHQFLDDODLQIHFFLyQ
9HU
:RUORFN356ODFN+DUYH\/0DZKLQQH\5  /DSUHYHQFLyQGHODLQIHFFLyQHQODVIUDFWXUDV
DELHUWDVXQHVWXGLRH[SHULPHQWDOGHOHIHFWRGHODHVWDELOLGDGGHODIUDFWXUD/HVLRQHV  
::5LWWPDQQ603HUUHQ0$OOJ|ZHU\)+.D\VHU  KXHVRFRUWLFDOGHFXUDFLyQGHVSXpVGHOD
ILMDFLyQLQWHUQD\ODLQIHFFLyQ%LRPHFiQLFD\%LRORJtD6SULQJHU9HUODJ%HUOtQ

/DILMDFLyQTXLU~UJLFDH[WHUQRRLQWHUQRHVODPHMRUPDQHUDGHHVWDELOL]DUXQDIUDFWXUDDELHUWD(VWR
VHKDFHVyORGHVSXpVGHXQDOHVLyQDIRQGRGHVEULGDPLHQWR]RQD3RUPHQRUOH\IUDFWXUDVDELHUWDV
XWLOLFHODILMDFLyQTXHVHUtDDSURSLDGRSDUDODVOHVLRQHVFHUUDGDVVLPLODUHV3DUDODVIUDFWXUDVDELHUWDV
PiVJUDYHVRKHULGDVTXHQHFHVLWDQUHSHWLGDVHVFLVLRQHVODILMDFLyQH[WHUQDVXHOHVHUSUHIHULEOH

(QFODYDGRLQWUDPHGXODU ,01 HVDYHFHVHOHJLGDFRPRODILMDFLyQGHIpPXUGHEDMDFDOLGDGRODWLELD


IUDFWXUDVGLDILVDULDVDELHUWD
(VWRVHMHPSORVPXHVWUDQXQDIUDFWXUDGHWLELD\VHJPHQWDULDDELHUWDJUDYHHQODTXHVLQOOHJDUDOD
DPSXWDFLyQSULPDULD,01XVDQGRXQFODYRVyOLGRQRIUHVDGRVHOD~QLFDDOWHUQDWLYDUHDOLVWDDSHVDU
GHORVULHVJRV
6L,01GHEHUHWUDVDUVH FRQWDPLQDFLyQGHODKHULGDLPSRUWDQWHHWF ODILMDFLyQH[WHUQDWHPSRUDOVH
SXHGHXWLOL]DUSDUDODHVWDELOL]DFLyQSUHOLPLQDU

FXLGDGRGHKHULGDVDELHUWDV
(YLWDUODFRQWDPLQDFLyQ
(YLWDUODGHVHFDFLyQ
&RQVLGHUHODSRVLELOLGDGGHDSyVLWRVHVSHFLDOHV
FXEUDUiSLGDPHQWH
&XDOTXLHUKHULGDDELHUWDQHFHVLWDVHUSURWHJLGRGHODFRQWDPLQDFLyQVHFXQGDULD8QDSyVLWRVHOODGD
SRUHMHPSOREROVDGHSHUODVDQWLELyWLFRRXQGLVSRVLWLYRGHFLHUUHGHKHULGDVDVLVWLGRSRUYDFtR VH
SXHGHXWLOL]DU$VLVWLGDSRUYDFtRFLHUUHGHODKHULGDD\XGDDUHGXFLUHOWDPDxRGHXQDKHULGDDELHUWD
\SURPXHYHODIRUPDFLyQGHWHMLGRGHJUDQXODFLyQ6HSXHGHSHUPLWLUHOFLHUUHGHLQMHUWRGHSLHOD
FRPLHQ]RVGHHVSHVRUSDUFLDO
&LHUUHFRQODVRUGHQDQ]DVORFDOHVROLEUHDOHWDVHVDGHFXDGRSDUDODVKHULGDVPiVJUDQGHV\
FRPSOHMDV\GHMXQWDVDELHUWDVWDQSURQWRFRPRVHDSRUHWDSDVHVFLVLyQGHODKHULGDHVFRPSOHWD
(VLPSRUWDQWHSDUDFHUUDUXQDKHULGDFRPSOHMDHVSHFLDOPHQWHODVGHXQDDUWLFXODFLyQWDQSURQWR
FRPRODKHULGDVHYHVDOXGDEOHHQOXJDUGHGHMDUODDELHUWDLQIHFFLyQKRVSLWDODULD\ULHVJR

FREHUWXUDGHSDUWHVEODQGDVHQODVIUDFWXUDVDELHUWDV
6yORHVFLVLRQHVVLHPSUHGHVSXpVGHODKHULGDHVWiQFRPSOHWRV
5HWUDVRHQHOFLHUUHGHODKHULGDWUDXPiWLFDHVPiVVHJXURHQWRGDVODVIUDFWXUDVDELHUWDV
7UDVHOGHVEULGDPLHQWRGHODKHULGDVHKDFRPSOHWDGRVDWLVIDFWRULDPHQWH\DVHDHQXQRRPiV
SURFHGLPLHQWRVGHEHWHQHUVHHQFXHQWDTXHHOPHMRUPHGLRGHFREHUWXUDGHODKHULGD8QDWHQVLyQ
H[FHVLYDGHODSLHOLPSLGHODFLFDWUL]DFLyQGHKHULGDV3RURWUDSDUWHXQDKHULGDFRQWDPLQDGDHV
SUiFWLFDPHQWHVHJXURGHLQIHFWDUVHFRQHOFLHUUHSULPDULR
(OWUDWDPLHQWRGHKHULGDVDELHUWDVWHPSRUDOFRQHOFLHUUHSULPDULRUHWUDVDGRRXQLQMHUWRGHSLHO
GLYLGLGDSUHIHUHQWHPHQWHHVHOPpWRGRPiVVHJXURSDUDODPD\RUtDGHODVIUDFWXUDVDELHUWDV6LQ
HPEDUJRFRQIUDFWXUDVGHEDMDHQHUJtD\KHULGDVEHQLJQRVFLHUUHGHODKHULGDLQPHGLDWDSXHGHVHU
FRQVLGHUDGR6LVHHOLJHHOFLHUUHSULPDULRHOFLUXMDQRGHEHREVHUYDUFXLGDGRVDPHQWHSDUDGHWHFWDU
VLJQRVGHLQIHFFLyQGHODKHULGD
6LVHUHWUDVDHOFLHUUHGHEHVHUFRPSOHWDGRWDQSURQWRFRPRVHDVHJXURKDFHUORFRQHOILQGH
PLQLPL]DUHOULHVJRGHLQIHFFLyQKRVSLWDODULDVHFXQGDULD

$GYHUWHQFLD3URI+DUDOG7VFKHUQH/DVFDXVDVPiVIUHFXHQWHVGHLQIHFFLRQHVHQSDFLHQWHV
FRQIUDFWXUDVDELHUWDVVRQ
HVFLVLyQLQFRPSOHWDGHOWHMLGRYDVFXODUL]DGRPDOHVSHFLDOPHQWHGHOP~VFXORSLHO\KXHVR
KHPRVWDVLDLQDGHFXDGD\HYDFXDFLyQGHOKHPDWRPD\HOGUHQDMHLQVXILFLHQWHGHODVGHVFDUJDVGH
ODKHULGD\KHPDWRPDGHODKHULGD
GHVYDVFXODUL]DFLyQGHWHMLGRYLDEOHSULQFLSDOPHQWH
JUDQGHVGLVSRVLWLYRVGHILMDFLyQPHWiOLFRVLPSODQWDGRVEDMRHOWHMLGRYDVFXODUL]DGRPDO
FLHUUHGHODKHULGDEDMRWHQVLyQ
IDOWDGHUHFRQRFLPLHQWRGHVtQGURPHFRPSDUWLPHQWDO

VHJXQGDPLUDGD&XDUHQWD\RFKRKRUDVGHVSXpVGHOGHVEULGDPLHQWRRULJLQDOSRUORJHQHUDOHV
DFRQVHMDEOHYROYHUDLQVSHFFLRQDUOD]RQDGHODOHVLyQEDMRDQHVWHVLDODOODPDGDVHJXQGDPLUDGD
(VWROHGDODRSRUWXQLGDGGH
3DUDHYDOXDUODYLDELOLGDGGHORVWHMLGRVEODQGRV
3DUDOOHYDUDFDERQLQJXQDHVFLVLyQGHWHMLGRPiVQHFHVDULD
3DUDODYDUFXDOTXLHUFRiJXORGHVDQJUHDFXPXODGDFRiJXORWHMLGRRIOXLGRUHVWDQWHPDWHULDO
H[WUDxR
DPSXWDFLyQSULPDULD

DPSXWDFLyQSULPDULDSDUDODVIUDFWXUDVDELHUWDV8QDH[WUHPLGDGPXWLODGDHVXQDOHVLyQTXH
DPHQD]DODYLGD$OJXQDVOHVLRQHVGHODVH[WUHPLGDGHVVRQWDQJUDYHVTXHODDPSXWDFLyQHVXQD
RSFLyQPiVVHJXUD\PiVKXPDQDTXHODSUHVHUYDFLyQGHOPLHPEURWUDWDGRLPSUXGHQWHVHVIXHU]RV
GHUHVFDWHSXHGHQVHUFRQGHQDGDVDOIUDFDVRFRQHOULHVJRGHFRPSOLFDFLRQHVTXHDPHQD]DQOD
YLGDHQSDUWLFXODUODLQIHFFLyQ
/DGHFLVLyQGHDPSXWDURSDUDWUDWDUGHVDOYDUXQDH[WUHPLGDGJUDYHPHQWHKHULGRHVXQRGHORV
PiVFRQWURYHUWLGRVHQODFLUXJtDGHWUDXPD/DFDSDFLGDGItVLFD \HPRFLRQDO GHOSDFLHQWHSDUD
WROHUDUODOHVLyQ\SURORQJDGDH[WHQVDWUDWDPLHQWRGHEHVHUWRPDGDHQFXHQWD
(OQLYHOGHUHFXUVRVTXLU~UJLFRVDGLVSRVLFLyQGHOFLUXMDQRWUDWDQWHWDPELpQLQIOXLUiQHQODHOHFFLyQ
6DOYDPHQWRGHODH[WUHPLGDGSRUORJHQHUDOUHTXLHUHP~OWLSOHVRSHUDFLRQHVKRVSLWDOL]DFLRQHV
SURORQJDGDV\FRQIUHFXHQFLDGDOXJDUDFRPSOLFDFLRQHVJUDYHVTXHWHUPLQDFRQXQDH[WUHPLGDG
GRORURVD\GLVIXQFLRQDO6HKDGLFKRDPHQXGRSRUHO3URIHVRU6LJ+DQVHQTXHGHVSXpVGHDxRV
GHXQSURJUDPDGHHVWHWLSRVLODH[WUHPLGDGQRIXHUHKDELOLWDGRGHILQLWLYDPHQWHHOSDFLHQWHVHUtD
SUREDEOHTXHVHDGHSULPLGDODPLVHULD\GLYRUFLDGR

6LHPSUHTXHVHDSRVLEOHODVRSFLRQHV\ORVUHVXOWDGRVGHEHQVHUGLVFXWLGRVFRQHOSDFLHQWH\R
IDPLOLDHQXQDHWDSDWHPSUDQD\DVHDDQWHVGHODDPSXWDFLyQRDQWHVGHHPSUHQGHUXQODUJR\
FRPSOHMRFDPLQRGHODUHFRQVWUXFFLyQ
'HELGRDTXHODVSUyWHVLVVRQJHQHUDOPHQWHUHHPSOD]RVPiVIXQFLRQDOHVSDUDODPiVEDMDTXHOD
PLHPEURVVXSHULRUHVULHVJRVDGLFLRQDOHVSXHGHQYDOHUODSHQDFRQVLGHUDUSDUDVDOYDUXQEUD]R
JUDYHPHQWHKHULGRHQSDUWLFXODUHQORVVLVWHPDVGHVDOXGELHQGRWDGDGHUHFXUVRV
DPSXWDFLyQSULPDULDDSURSLDGDSRUORJHQHUDOUHVXOWDHQXQDKHULGDTXHVHFXUDGHPDQHUD
VDWLVIDFWRULDORTXHLPSLGHHILFD]PHQWHODLQIHFFLyQ\SURQWRUHWRUQRDODIXQFLyQDPHQXGRSXHGH
VHUXQDERQGDGSDUDHOSDFLHQWH

También podría gustarte