Documentos de Académico
Documentos de Profesional
Documentos de Cultura
)$&725(648(,1)/8<(1(1/26$&&,'(17(6
/DVHJXULGDGXQSUREOHPDGHFRQGLFLRQHV
6L HQ XQD RUJDQL]DFLyQ R HQ HO KRJDU VROLFLWDPRV D VXV FRPSRQHQWHV TXH
HYDO~HQ HOQLYHO GH VHJXULGDG WHQGUHPRVFRPR UHVSXHVWD XQODUJR OLVWDGR
GHFRQGLFLRQHVLQVHJXUDV\QLQJ~QFRPSRUWDPLHQWRSHUPLVLYR/DJHVWLyQ
SUHYHQWLYD QRUPDOPHQWH GD pQIDVLV DO FRQWURO GH SHOLJURV GHO DPELHQWH
GHVFRQRFLHQGRTXHORVPD\RUHVSHOLJURVSDUDODVHJXULGDGVRQORVFUHDGRV
SRUODVSURSLDVSHUVRQDVFRQVXVFRPSRUWDPLHQWRVSHUPLVLYRV
(QFXHVWDV GH SHUFHSFLyQ UHDOL]DGDV D WUDEDMDGRUHV TXH VXIULHURQ
DFFLGHQWHV JUDYHV HQ HVSDFLRV FRQILQDGRV LQGLFDQ TXH OD PD\RUtD QR
FRQVLGHUDED SHOLJURVR HO WUDEDMR UHDOL]DGR \ TXH ORV DFFLGHQWHV KDEtDQ
RFXUULGRSRUGHVFXLGRRHTXLYRFDFLyQGHODVSHUVRQDV(VWDSHUFHSFLyQHV
FRKHUHQWH FRQ HO DQiOLVLV DQWHULRU TXH VyOR YH FRPR SHOLJURVR SDUD OD
FXOWXUDGHVHJXULGDGODVFRQGLFLRQHVSHOLJURVDVGHORVHVSDFLRVFRQILQDGRV
1
&RPSURPLVRLQVXILFLHQWHGHHMHFXWLYRVVXSHUYLVRUHV\WUDEDMDGRUHV
3DUD HQWHQGHUHO SUREOHPDGH ORV DFFLGHQWHV HVQHFHVDULR FODULILFDU TXHOD
VHJXULGDG HV XQ YDORU SHUVRQDO TXH VH GHEH LQFRUSRUDU D OD HVFDOD GH
YDORUHV SHUVRQDOHV GH FDGD XQR GH QRVRWURV SDUD TXH OR DSOLTXHPRV
GLDULDPHQWHHQFDGDWDUHDTXHUHDOL]DPRVHQWRGRVORViPELWRVGHQXHVWUR
TXHKDFHU
/D VHJXULGDG HV XQ YDORU SHUVRQDO SRUTXH TXLHQHV VRPRV ORV DIHFWDGRV \
TXLHQHV GHEHPRV DSOLFDUOD VRPRV QRVRWURV /DV SHUVRQDV WHQHPRV OD
IDFXOWDG QDWXUDOGHWRPDU QXHVWUDV GHFLVLRQHV GH VHJXULGDG \DSOLFDUODV D
WUDYpV GH QXHVWURV FRPSRUWDPLHQWRV GH VHJXULGDG (O SUREOHPD GH OD
VHJXULGDG VH JHQHUD FXDQGR HVWDV GHFLVLRQHV VRQ HTXLYRFDGDV \ VH
WUDGXFHQHQFRPSRUWDPLHQWRVSHUPLVLYRV
(Q QXHVWUR SDtV HVWH YDORU QR OR WHQHPRV VXILFLHQWHPHQWH GHVDUUROODGR OR
TXH VH PDQLILHVWD HQ QXHVWUR GLDULR YLYLU HQ OD HVFDVD DWHQFLyQ TXH OH
GDPRV DO WHPD GH QXHVWUD VHJXULGDG \ FRQ UHVXOWDGRV UHDOPHQWH
SUHRFXSDQWHV(QXQDxRPiVGHQLxRVVHTXHPDQHQVXVFDVDVDO
FXLGDGRGHVXVSDGUHVPHQRUHVGHDxRVIDOOHFHQHQVXVFDVDV
SHUVRQDV IDOOHFHQ GLDULDPHQWH HQ DFFLGHQWHV GH WUiQVLWR
DFFLGHQWHVFRQPXHUWRVDQXDOHVSRUDFFLGHQWHVGHOWUDEDMRDGHPiVGH
LQFHQGLRVH[SORVLRQHVGHUUDPHVSHOLJURVRV
(VWH HVFDVR YDORU SHUVRQDO VH PDQLILHVWD HQ IRUPD SDUHFLGD D QLYHO GH
HMHFXWLYRV VXSHUYLVRUHV \ WUDEDMDGRUHV HV GHFLU FDGD XQR GH ORV
FRPSRQHQWHV GH HVWRV QLYHOHV OH RWRUJD SRFD DWHQFLyQ \ FRPSURPLVR
SHUVRQDODOWHPDGHODVHJXULGDG
2
,QIOXHQFLDGHOD&XOWXUDGH6HJXULGDG
(MHFXWLYRV VXSHUYLVRUHV \ WUDEDMDGRUHV GH XQD HPSUHVD FRPSDUWHQ XQ
PRGRGHYLGDRXQDIRUPDGHFRPSRUWDUVHFRQUHVSHFWRDODVHJXULGDGTXH
GHQRPLQDPRV &XOWXUD GH 6HJXULGDG FX\D FDUDFWHUtVWLFD SULQFLSDO HV OD
SHUPLVLYLGDG GH QXHVWURV FRPSRUWDPLHQWRV (O HMHFXWLYR VH SHUPLWH
DGHODQWDUHQFXUYDFRQVXIDPLOLD\RFDVLRQDUODPXHUWHGHWRGRVHOORVHO
VXSHUYLVRUWDPELpQVHSHUPLWHUHDOL]DUHVWDPDQLREUD\PDWDUDVXIDPLOLD
\HOWUDEDMDGRUWDPELpQVHSHUPLWHUHDOL]DUHVWHFRPSRUWDPLHQWRSHOLJURVR
6LDQDOL]DPRVORVDFFLGHQWHVGHOKRJDUYDPRVDFRQFOXLUTXHODPD\RUtDGH
ODV IDPLOLDV PDQLILHVWDQ FRPSRUWDPLHQWRV SHUPLVLYRV VLPLODUHV TXH VRQ OD
FDXVD GH ORV PLOHV GH DFFLGHQWHV TXH RFXUUHQ DQXDOPHQWH HQ QXHVWURV
KRJDUHV
(O SUREOHPD GH OD VHJXULGDG QR VyOR VH PDQLILHVWD HQ HO WUDEDMR HV XQ
SUREOHPD TXH DEDUFD WRGRV ORV iPELWRV GH QXHVWUR TXHKDFHU FRPR VRQ
KRJDUGHVFDQVRUHFUHDFLyQ\PRYLOL]DFLyQ
/D JHVWLyQ GH SUHYHQFLyQ GH ULHVJRV HQ ORV HVSDFLRV FRQILQDGRV GHEH VHU
HQWHQGLGD FRPR /DV GHFLVLRQHV SHUVRQDOHV TXH VH GHEHQ WRPDU \ ODV
DFFLRQHVTXHVHGHEHQUHDOL]DUSDUDFRQWURODUORVDFFLGHQWHVDOWUDEDMDUHQ
HVSDFLRVFRQILQDGRV(VWRVLJQLILFDUHFRQRFHUTXHHQWRGRVORVDFFLGHQWHV
KD\ GHFLVLRQHV SHUVRQDOHV LQIOXHQFLDGDV SRU OD FXOWXUD GH VHJXULGDG TXH
FRPSDUWLPRV 3RU HMHPSOR XQ WUDEDMDGRU VH SHUPLWH LQJUHVDU DO HVSDFLR
FRQILQDGRVLQDXWRUL]DFLyQGHHQWUDGD
1RVDWUHYHPRVDGHFLUTXHHQODPD\RUtDGHORVDFFLGHQWHVJUDYHV\IDWDOHV
HQ ORV HVSDFLRV FRQILQDGRV ODV SHUVRQDV WRPDURQ OD GHFLVLyQ LQFRUUHFWD
FRQRFLHQGR HO ULHVJR D TXH VH H[SRQtDQ \ VH FRPSRUWDURQ HQ IRUPD
SHUPLVLYD DVXPLHQGR HO FRVWR SHUVRQDO GH ORV ULHVJRV 6L HVWDV SHUVRQDV
FRQRFtDQ ORV ULHVJRV \ QR TXHUtDQ DFFLGHQWDUVH SRU TXp VXV
FRPSRUWDPLHQWRVVRQSHUPLVLYRV"
(VWR VH H[SOLFD SRUTXH tQWLPDPHQWH OD SHUFHSFLyQ TXH WHQHPRV GH ORV
DFFLGHQWHV HV TXH HVWRV VRQ DFRQWHFLPLHQWRV QHJDWLYRV TXH OH VXFHGHQ D
ORV GHPiV 1R SHQVDPRV \ QR QRV LPDJLQDPRV TXH ORV DFFLGHQWHV QRV
SXHGHQ RFXUULU D QRVRWURV R D QXHVWURV VHUHV TXHULGRV (VWD tQWLPD
SHUFHSFLyQ QRV SHUPLWH H[SOLFDU SRU TXp XQ SDGUH GH IDPLOLD DGHODQWD HQ
FXUYDH[SRQLHQGRODYLGD\ODGHVXVVHUHVTXHULGRV(OSUREOHPDQRUDGLFD
HQ TXH GHVFRQR]FD HO ULHVJR TXH HVWi FRUULHQGR HO SUREOHPD UDGLFD HQ HO
3
KHFKRTXHQRKDLQWHUQDOL]DGRTXHHODFFLGHQWHOHSXHGHVXFHGHUDpO(VWi
FRQFLHQWH GH TXH HVWi FRPHWLHQGR XQ HUURU SHUR HVWi LQFRQVFLHQWH GHO
ULHVJRTXHHVWiFRUULHQGRHVGHFLUQRWLHQHFRQFLHQFLDTXHHODFFLGHQWHOH
SXHGHVXFHGHUDpO
5HSHWLFLyQGH$FWRV,QFRUUHFWRV
/D PD\RUtD GH ORV DFFLGHQWHV HQ ORV WUDEDMRV HQ HVSDFLRV FRQILQDGRV
RFXUUHQSRUODUHSHWLFLyQGHDFWRVLQFRUUHFWRVFRPRQRYHQWLODUHOHVSDFLR
FRQILQDGR R VROGDU HQ HVSDFLRV FRQ DWPyVIHUD LQIODPDEOH 'HEHPRV WHQHU
VLHPSUH SUHVHQWH TXH OD UHSHWLFLyQ GH ORV DFWRV LQFRUUHFWRV HV OR TXH QRV
OOHYDDODRFXUUHQFLDGHDFFLGHQWHV
4
&203257$0,(17263(50,6,926<$&&,'(17(6
4XpVRQORV&RPSRUWDPLHQWRV3HUPLVLYRV"
/RV FRPSRUWDPLHQWRV SHUPLVLYRV GH HMHFXWLYRV VXSHUYLVRUHV \
WUDEDMDGRUHV ORV GHEHPRV HQWHQGHU FRPR DTXHOORV TXH VH GHEHQ RPLWLU \
SHUPLWLPRV TXH VH OOHYHQ D FDER \ DTXHOORV TXH GHEHPRV UHDOL]DU \ TXH
SHUPLWLPRVTXHQRVHUHDOLFHQ
4XpHVORTXHHVSHFtILFDPHQWHSHUPLWLPRV"
&RPSRUWDPLHQWRVGHHMHFXWLYRVVXSHUYLVRUHV\WUDEDMDGRUHVTXHSHUPLWHQ
ODJHQHUDFLyQ\UHSHWLFLyQGHDFWRVLQFRUUHFWRV
&RPSRUWDPLHQWRVGHHMHFXWLYRVVXSHUYLVRUHV\WUDEDMDGRUHVTXHSHUPLWHQ
ODJHQHUDFLyQ\SHUPDQHQFLDGHFRQGLFLRQHVSHOLJURVDV
(VWD SHUPLVLYLGDG HVWi SUHVHQWH HQ PD\RU R PHQRU JUDGR HQ WRGRV ORV
QLYHOHV GH OD RUJDQL]DFLyQ HMHFXWLYRV PDQGRV PHGLRV VXSHUYLVRUHV
WUDEDMDGRUHV FRPLWpV GH VHJXULGDG EULJDGDV GH UHVFDWH \ FRQWURO GH
LQFHQGLRV\H[SHUWRVHQSUHYHQFLyQGHULHVJRV
/RV HMHFXWLYRV SHUPLWHQ TXH VH GHVDUUROOH XQD JHVWLyQ GH SUHYHQFLyQ
LQVXILFLHQWHHQODRUJDQL]DFLyQ
/RVHMHFXWLYRV\VXSHUYLVRUHVSHUPLWHQTXHORVWUDEDMDGRUHVFRPHWDQDFWRV
LQFRUUHFWRV
/RV HMHFXWLYRV \ VXSHUYLVRUHV SHUPLWHQ TXH VH JHQHUHQ \ VH PDQWHQJDQ
FRQGLFLRQHVLQVHJXUDVHQORVOXJDUHVGHWUDEDMR
/RVWUDEDMDGRUHVSHUPLWHQTXHVXVFRPSDxHURVFRPHWDQDFWRVLQFRUUHFWRV
\VHDXWRSHUPLWHQFRPHWHUORVHOORVPLVPRV
/RV WUDEDMDGRUHV SHUPLWHQ TXH HQ VXV OXJDUHV GH WUDEDMR VH JHQHUHQ \
PDQWHQJDQFRQGLFLRQHVLQVHJXUDV
5
(VWRV FRPSRUWDPLHQWRV KDFHQ D OD RUJDQL]DFLyQ GpELO \ SURSHQVD D VXIULU
OHVLRQHV GDxRV \R GHWHULRURV GH WRGR WLSR \D TXH QDGLH VH SUHRFXSD OR
VXILFLHQWH
6LXQWUDEDMDGRUUHVEDOD\FDHHQVXOXJDUGHWUDEDMRDOSLVDUXQDPDQFKD
GH DFHLWH OD LQYHVWLJDFLyQ GHO DFFLGHQWH LQGLFDUi TXH OD FDXVD IXH OD
PDQFKD GH DFHLWH HQ HO SLVR \ FRPR PHGLGD FRUUHFWLYD OLPSLDUOD (VWDV
FRQFOXVLRQHV GH OD LQYHVWLJDFLyQ QR QRV SHUPLWHQ UHVSRQGHU D ODV
SUHJXQWDV
3RU TXp VH JHQHUy OD PDQFKD GH DFHLWH HQ HO SDVLOOR" 3RU TXp
SHUPDQHFLyODPDQFKDHQHOSDVLOOR"
/DV UHVSXHVWDV D HVWDV SUHJXQWDV QRV SHUPLWLUiQ GHWHUPLQDU ORV
FRPSRUWDPLHQWRV SHUPLVLYRV TXH SHUPLWLHURQ TXH VH JHQHUDUD OD PDQFKD
GHDFHLWH\TXHSHUPLWLHURQTXHSHUPDQHFLHUDHQHOSDVLOOR
6
&RPSRUWDPLHQWRV3HUPLVLYRV&UtWLFRV
(Q ORV WUDEDMRV HQ HVSDFLRV FRQILQDGRV H[LVWH OD SRVLELOLGDG GH TXH VH
JHQHUHQ FRPSRUWDPLHQWRV SHUPLVLYRV FUtWLFRV HQWHQGLGRV FRPR DTXHOORV
TXH SHUPLWHQ OD UHSHWLFLyQ GH DFWRV LQFRUUHFWRV \ OD SHUPDQHQFLD GH
FRQGLFLRQHVLQVHJXUDVTXHWLHQHQHOSRWHQFLDOGHJHQHUDUDFFLGHQWHVJUDYHV
\IDWDOHV
6H GHEH LGHQWLILFDU SULRULWDULDPHQWH WRGDV DTXHOODV WDUHDV HQ HVSDFLRV
FRQILQDGRV TXH SXHGHQ JHQHUDU FRPSRUWDPLHQWRV FRQ FRQVHFXHQFLDV GH
DFFLGHQWHVJUDYHV\IDWDOHV
/RV FRPSRUWDPLHQWRV FUtWLFRV PiV FRPXQHV HQ HO WUDEDMR HQ HVSDFLR
FRQILQDGRVRQORVVLJXLHQWHV
7UDEDMDUHQDWPyVIHUDVWy[LFDV
6ROGDUHQDWPyVIHUDVLQIODPDEOHV
7UDEDMDUHQDWPyVIHUDVFRQGpILFLWGHR[tJHQR
7
3UREDELOLGDGHQHO$FFLGHQWH
&8/(6621/$6&216(&8(1&,$6352%$%/(6'(/$&&,'(17("
/DV FRQVHFXHQFLDV SUREDEOHV TXH SXHGH VXIULU XQ WUDEDMDGRU DO UHSHWLU XQ
FRPSRUWDPLHQWR SHUPLVLYR QR VH SXHGHQ SUHGHFLU SXHGH LU GH XQD
FRQWXVLyQOHYHDVXIULUXQDOHVLyQLQFDSDFLWDQWHJUDYHRODPXHUWH
48e75$%$-$'2538('(68)5,5(/$&&,'(17("
5HVSRQGHU D HVWD SUHJXQWD HV LPSRVLEOH \D TXH FXDOTXLHU WUDEDMDGRU TXH
UHSLWD XQ FRPSRUWDPLHQWR SHUPLVLYR SXHGH VXIULU XQ DFFLGHQWH FRQ
FRQVHFXHQFLDVJUDYHV\IDWDOHV
&81'22&855,5(/$&&,'(17("
'HWHUPLQDU FXiQGR SXHGH RFXUULU XQ DFFLGHQWH HV LPSRVLEOH SXHGH VHU
KR\PDxDQDHQXQPHVHQXQDxRHQYDULRVDxRVODVSUREDELOLGDGHVVRQ
LQILQLWDV\QRVHSXHGHQSUHGHFLU
/RV WUDEDMDGRUHV GHEHQ WHQHU VLHPSUH SUHVHQWH TXH DO SHUPLWLU TXH VH
UHSLWDQ ORV DFWRV LQFRUUHFWRV \ VH PDQWHQJDQ ODV FRQGLFLRQHV LQVHJXUDV
HVWiQ JHQHUDQGR OD SRVLELOLGDG FLHUWD GH OD RFXUUHQFLD GH XQ DFFLGHQWH
FX\DVFRQVHFXHQFLDVQRVHSXHGHQSUHGHFLUSHURTXHVLVHSXHGHQHYLWDUDO
FRQWURODUHVWRVFRPSRUWDPLHQWRVSHUPLVLYRV
8
&DUJDV6LFROyJLFDV\$FFLGHQWHV*UDYHV
/DV FDUJDV VLFROyJLFDV VRQ DTXHOORV HYHQWRV GHO GLDULR YLYLU TXH SXHGHQ
DOWHUDUQXHVWUDQRUPDOLGDGQXHVWUDVFDSDFLGDGHV\QXHVWUDVKDELOLGDGHV
3XHGHQVHUVLWXDFLRQHVIHOLFHVFRPRHOQDFLPLHQWRGHXQKLMRTXHHOHTXLSR
GH I~WERO IDYRULWR VDOLy FDPSHyQ HWF 7DPELpQ SXHGHQ VHU VLWXDFLRQHV
QHJDWLYDV FRPR OD PXHUWH GH XQ VHU TXHULGR OD KRVSLWDOL]DFLyQ GHO
FyQ\XJHHQWUHRWURV
/DV SHUVRQDV QRUPDOPHQWH FRQWURODQ ORV DVSHFWRV GDxLQRV GH VXV
FRPSRUWDPLHQWRV LQFRUUHFWRV FRQ VX KDELOLGDG SHUVRQDO &RPR VROGDU HQ
DWPyVIHUDVLQIODPDEOHVRWUDEDMDUHQXQDDWPyVIHUDFRQGpILFLWGHR[tJHQR
/D SHUVRQD TXH UHSLWH XQ DFWR LQFRUUHFWR DO HVWDU VRPHWLGD D XQD FDUJD
VLFROyJLFDSXHGHH[SHULPHQWDUXQDDOWHUDFLyQHQVXVKDELOLGDGHVSRUORTXH
SXHGHQ DXPHQWDU ODV SUREDELOLGDGHV GH VXIULU XQ DFFLGHQWH 'HEHPRV
WHQHUVLHPSUHSUHVHQWHTXHODVFDUJDVVLFROyJLFDVVRQSDUWHGHODYLGD\QR
VH SXHGHQ HYLWDU OR TXH Vt SRGHPRV HYLWDU VRQ ORV DFWRV LQFRUUHFWRV
UHSHWLGRV
3RUHVWDUD]yQSRGHPRVDILUPDUTXHXQDFWRLQFRUUHFWR UHSHWLGRPiVXQD
FDUJD VLFROyJLFD QRUPDOPHQWH JHQHUD XQ DFFLGHQWH JUDYH TXH LQFOXVR
SXHGHSURGXFLUODPXHUWH
9
5,(6*26(1(63$&,26&21),1$'26
,QWURGXFFLyQ
10
&DtGDVDGLVWLQWRQLYHO\DOPLVPRQLYHOSRUUHVEDODPLHQWRHWF
&DtGDVGHREMHWRVDOLQWHULRUPLHQWUDVVHHVWiWUDEDMDQGR
3RVWXUDVLQFyPRGDV
$PELHQWHItVLFRDJUHVLYRDPELHQWHFDOXURVRRIUtRUXLGR\
YLEUDFLRQHVPDUWLOORVQHXPiWLFRVHVPHULOHVHWFHLOXPLQDFLyQ
GHILFLHQWH
5LHVJRVGHULYDGRVGHSUREOHPDVGHFRPXQLFDFLyQHQWUHHOLQWHULRU\
HOH[WHULRU
5,(6*26(63(&),&26
6RQ DTXHOORV ULHVJRV RULJLQDGRV SRU ODV FRQGLFLRQHV GH OD DWPyVIHUD GHO HVSDFLR
FRQILQDGR\TXHSXHGHQGDURULJHQDULHVJRVGH,QFHQGLR\H[SORVLyQLQWR[LFDFLyQ\
DVIL[LD
,1&(1',2<(;3/26,1
(O KHFKR GH IRUPDUVH XQD DWPyVIHUD LQIODPDEOH SXHGH GHEHUVH D PXFKDV
FDXVDV FRPR HYDSRUDFLyQ GH GLVROYHQWHV GH SLQWXUD UHVWRV GH OtTXLGRV
LQIODPDEOHV UHDFFLRQHV TXtPLFDV PRYLPLHQWR GH JUDQR GH FHUHDOHV HWF
VLHPSUH TXH H[LVWD JDV YDSRU R SROYR FRPEXVWLEOH HQ HO DPELHQWH \ VX
FRQFHQWUDFLyQHVWpFRPSUHQGLGDHQWUHVXVOtPLWHVGHLQIODPDELOLGDG
3DUD HIHFWRV GH VHJXULGDG VH FRQVLGHUD TXH XQ HVSDFLR FRQILQDGR HV PX\
SHOLJURVRFXDQGRH[LVWDFRQFHQWUDFLyQGHVXVWDQFLDLQIODPDEOHSRUHQFLPD
GHO GHO OtPLWH LQIHULRU GH LQIODPDELOLGDG GDGR TXH HV IDFWLEOH TXH VH
SURGX]FDQYDULDFLRQHVGHODFRQFHQWUDFLyQDPELHQWDO
,172;,&$&,1
/DFRQFHQWUDFLyQHQDLUHGHSURGXFWRVWy[LFRVSRUHQFLPDGHGHWHUPLQDGRV
OtPLWHV GH H[SRVLFLyQ SXHGH SURGXFLU LQWR[LFDFLRQHV DJXGDV /DV
VXVWDQFLDV Wy[LFDV HQ XQ UHFLQWR FRQILQDGR SXHGHQ VHU JDVHV YDSRUHV R
SROYRVILQRVHQVXVSHQVLyQHQHODLUH
/DDSDULFLyQGHXQDDWPyVIHUDWy[LFDSXHGHWHQHURUtJHQHVGLYHUVRV\DVHD
SRUH[LVWLUHOFRQWDPLQDQWHRSRUJHQHUDUVHpVWHDOUHDOL]DUHOWUDEDMRHQHO
HVSDFLRFRQILQDGR
11
$6),;,$
(O DLUH FRQWLHQH XQ GH R[tJHQR 6L HVWH VH UHGXFH VH SURGXFHQ
VtQWRPDV GH DVIL[LD TXH VH YDQ DJUDYDQGR FRQIRUPH GLVPLQX\H HVWH
SRUFHQWDMH /D DVIL[LD HV FRQVHFXHQFLD GH OD IDOWD GH R[tJHQR \ pVWD HV
RFDVLRQDGD EiVLFDPHQWH DO SURGXFLUVH XQ FRQVXPR GH R[tJHQR R XQ
GHVSOD]DPLHQWRGHpVWHSRURWURVJDVHV
(Q OD VLJXLHQWH WDEOD VH LQGLFD OD UHODFLyQ HQWUH ODV FRQFHQWUDFLRQHV GH
R[tJHQRHOWLHPSRGHH[SRVLFLyQ\ODVFRQVHFXHQFLDV
/DVVHxDOHVGHDYLVRGHXQDFRQFHQWUDFLyQEDMDGHR[tJHQRQRVHDGYLHUWHQ
IiFLOPHQWH \ QR VRQ GH ILDU H[FHSWR SDUD LQGLYLGXRV PX\ DGLHVWUDGRV /D
PD\RUtDVGHODVSHUVRQDVVRQLQFDSDFHVGHUHFRQRFHUHOSHOLJURKDVWDTXH
\DHVWiQGHPDVLDGRGpELOHVSDUDHVFDSDUSRUVtPLVPDV
12
&$86$6)5(&8(17(6'($&&,'(17(6
&DXVDVIUHFXHQWHVGHDFFLGHQWHVSRULQFHQGLRV\H[SORVLyQ
$WPyVIHUDLQIODPDEOHFRQIRFRVGHLJQLFLyQGLYHUVRV
'HVSUHQGLPLHQWR GH SURGXFWRV LQIODPDEOHV DGVRUELGRV HQ OD
VXSHUILFLHLQWHUQDGHORVUHFLSLHQWHV
9DSRUHV GH GLVROYHQWHV HQ WUDEDMRV GH SLQWDGR \ YDSRUHV GH
VXVWDQFLDVLQIODPDEOHVHQRSHUDFLRQHVGHOLPSLH]DGHWDQTXHV
/LPSLH]D FRQ JDVROLQD X RWUDV VXVWDQFLDV LQIODPDEOHV HQ IRVRV GH
HQJUDVHGHYHKtFXORV
7UDEDMRVGHVROGDGXUDXR[LFRUWHHQUHFLQWRVTXHFRQWHQJDQRKD\DQ
FRQWHQLGRVXVWDQFLDVLQIODPDEOHV
'HVFDUJDVHOHFWURVWiWLFDVHQHOWUDVYDVLMHGHOtTXLGRVLQIODPDEOHV
2SHUDFLRQHVGHFDUJDGHVFDUJD\WUDQVSRUWHGHSROYRVFRPEXVWLEOHV
FHUHDOHVFDXFKRSLHQVRVHWF
6XVWDQFLDV FRPEXVWLEOH R DWPyVIHUD LQIODPDEOH FRQ IRFRV GH ,JQLFLyQ
GLYHUVRV\DXPHQWRGHODFRQFHQWUDFLyQGHR[tJHQR
(PSOHRGHR[tJHQRRDLUHFRPSULPLGRHQHTXLSRVGHERPEHRHVSHFLDOHVSDUD
HOWUDVYDVLMHGHOtTXLGRVLQIODPDEOHVLQWURGXFLGRHQHOLQWHULRUGHGHSyVLWRV
13
'HVRUFLyQGHSURGXFWRVLQIODPDEOHVGHODVXSHUILFLHGHGHSyVLWRVGHVSXpV
GHOYDFLDGR
6HFRQRFHQFDVRVGHDFFLGHQWHVHQTXHXQDOLPSLH]DLQFRPSOHWDQRHYLWyOD
OLEHUDFLyQGHJDVHVDGVRUELGRVHQODVSDUHGHVGHUHFLSLHQWHVPHWiOLFRV
&$86$6)5(&8(17(6'($&&,'(17(6325,172;,&$&,1
5HDFFLRQHVSHOLJURVDVFRQJHQHUDFLyQGHJDVHVWy[LFRV
/LEHUDFLyQGH JDV VXOIKtGULFR D WUDYpVGH OD UHDFFLyQ GH VXOIXURV FRQ iFLGRV
UHG JHQHUDO GH GHVDJHV GH LQGXVWULDV GH FXHURV HQ OD TXH FRQIOX\HQ
UHVLGXRV GH VXOIXURV \ iFLGR FUyPLFR OLPSLH]D GH GHSyVLWRV R FLVWHUQDV TXH
FRQWHQJDQUHVWRVVXOIXUDGRVFRQSURGXFWRViFLGRVHWF
6HKDQSURGXFLGRDFFLGHQWHVDSDUWLUGHOVXOIXURGHKLHUURDFXPXODGDHQODV
SDUHGHVLQWHULRUHVGHWXEHUtDVGHUHIULJHUDFLyQDOHPSOHDUDJXDFRQSHTXHxDV
FDQWLGDGHV GH VXOIXUR \ XWLOL]DU SRVWHULRUPHQWH VXVWDQFLDV iFLGDV FRPR
DJHQWHV GHVLQFUXVWDQWHV \ GH OLPSLH]D 2WUD UHDFFLyQ SHOLJURVD GH VLPLODUHV
FDUDFWHUtVWLFDV HV OD GH ORV SURGXFWRV FLDQXUDGRV FRQ FXDOTXLHU iFLGR TXH
OLEHUDJDVFLDQKtGULFR
/LEHUDFLyQGHJDVFORURSRUODUHDFFLyQGHFXDOTXLHUiFLGRFRQKLSRFORULWRVyGLFR
HQWUDEDMRVGHOLPSLH]D
/LEHUDFLyQGHy[LGRVQLWURVRVSRUODUHDFFLyQGHVXVWDQFLDVR[LGDQWHVFRPRORV
QLWULWRVHQFRQWDFWRVFRQVXVWDQFLDVRUJiQLFDV
3UHVHQFLDGHPRQy[LGRGHFDUERQR
5HFLQWRVHQTXHVHKD\DQSURGXFLGRSURFHVRVGHFRPEXVWLyQLQFRPSOHWD3RU
HMHPSORGHVFHQGHUDUHFLQWRVSDUDH[WUDHUOtTXLGRVFRQERPEDVGHPRWRUGH
FRPEXVWLyQLQWHUQDHWF
6XVWDQFLDVWy[LFDVJHQHUDGDVGXUDQWHHOWUDEDMR
7UDEDMRVGHVROGDGXUD\R[LFRUWH6HFRQRFHQFDVRVGHDFFLGHQWHVSRUHIHFWXDU
HVWHWLSRGHWUDEDMRVVREUHDFHURLQR[LGDEOHSRUHMHPSORHOFRUWHGHSHUQRV
FRQFRQWHQLGRHQFDGPLR
14
(PSOHRGHGLVROYHQWHVRUJiQLFRVHQGHVHQJUDVDGR\OLPSLH]D
$SOLFDFLyQGHUHFXEULPLHQWRVSURWHFWRUHVHQHOLQWHULRUGHGHSyVLWRV
([LVWHQFLDGHVXVWDQFLDVWy[LFDV
3URFHGHQWHVGHOSURSLRSURFHVRSURGXFWLYRRGHUHVLGXRV
&$86$6)5(&8(17(6'($&&,'(17(6325$6),;,$6
&RQVXPRGHOR[tJHQRSRU
)HUPHQWDFLRQHVGHPDWHULDVRUJiQLFDVGLYHUVDVHQHOLQWHULRUGHUHFLSLHQWHV
7UDEDMRVHQVROGDGXUDFDOHQWDPLHQWRFRUWHHWF
$EVRUFLyQ SRU HMHPSOR HQ ORV OHFKRV ILOWUDQWHV GH FDUEyQ DFWLYR K~PHGR HQ
UHSDUDFLyQGHGHSyVLWRVGHILOWUDFLyQGHDJXD
2[LGDFLyQGHODVXSHUILFLHPHWiOLFDLQWHULRUGHWDQTXHV
'HVSOD]DPLHQWRGHOR[tJHQRSRU
'HVSUHQGLPLHQWRGHDQKtGULGRFDUEyQLFR&2HQIHUPHQWDFLRQHVRUJiQLFDV
DHUyELFDVHQDOFDQWDULOODVWDQTXHVGHDOPDFHQDPLHQWRSR]RVW~QHOHVFXEDV\
WLQDVGHYLQRVLORVGHFHUHDOHVHWF
$SRUWHGHJDVHVLQHUWHVHQRSHUDFLRQHVGHSXUJDGRROLPSLH]DGHGHSyVLWRVQR
YHQWLODGRVSRVWHULRUPHQWH
15
0(','$635(9(17,9$6%6,&$6
/DV PHGLGDV SUHYHQWLYDV EiVLFDV SDUD FRQWURODU ORV ULHVJRV HQ HVSDFLRV
FRQILQDGRVVRQODVVLJXLHQWHV
$XWRUL]DFLyQGHHQWUDGDDOUHFLQWR
0HGLFLyQ\HYDOXDFLyQGHODDWPyVIHUDLQWHULRU
0HGLFLyQGHOR[tJHQR
5HGXFFLyQGHDWPyVIHUDLQIODPDEOHRH[SORVLYD
5HGXFFLyQGHDWPyVIHUDWy[LFD
$LVODPLHQWRGHOHVSDFLRFRQILQDGRIUHQWHDULHVJRVGLYHUVRV
9HQWLODFLyQ
9LJLODQFLDH[WHUQDFRQWLQXDGD
)RUPDFLyQ\DGLHVWUDPLHQWR
16
$XWRUL]DFLyQGHHQWUDGDDOUHFLQWR
6HGHEHFRQWDUFRQSHUPLVRGHHQWUDGDSDUDWUDEDMDUHQHVSDFLRVFRQILQDGRVDWUDYpV
GHXQIRUPXODULR
17
0HGLFLyQ\HYDOXDFLyQGHDWPyVIHUDLQWHULRU
0HGLFLyQGHOR[tJHQR
(OSRUFHQWDMHGHR[tJHQRQRGHEHVHULQIHULRUDO6LQRHVIDFWLEOHPDQWHQHU
HVWH QLYHO FRQ DSRUWH GH DLUH IUHVFR GHEHUi UHDOL]DUVH HO WUDEDMR FRQ HTXLSRV
UHVSLUDWRULRV VHPL DXWyQRPRV R DXWyQRPRV VHJ~Q HO FDVR (Q OD DFWXDOLGDG ORV
HTXLSRV GH GHWHFFLyQ GH DWPyVIHUDV LQIODPDEOHV H[SORVtPHWURV VXHOHQ OOHYDU
LQFRUSRUDGRVLVWHPDGHPHGLFLyQGHOQLYHOGHR[tJHQR
0HGLFLyQGHDWPyVIHUDVLQIODPDEOHVRH[SORVLYDV
/D PHGLFLyQ GH VXVWDQFLDV LQIODPDEOHV HQ DLUH VH HIHFW~D PHGLDQWH H[SORVtPHWURV
HTXLSRVFDOLEUDGRVUHVSHFWRDXQDVXVWDQFLDLQIODPDEOHSDWUyQ
3DUD OD PHGLFLyQ GH VXVWDQFLDV GLIHUHQWHV D OD SDWUyQ VH GLVSRQH GH JUiILFDV
VXPLQLVWUDGDVSRUHOIDEULFDQWHTXHSHUPLWHQODFRQYHUVLyQGHOGDWRGHOHFWXUDDOYDORU
GHODFRQFHQWUDFLyQGHODVXVWDQFLDREMHWRGHODPHGLFLyQ
(VQHFHVDULRTXHHVWRVHTXLSRVGLVSRQJDQGHVHQVRUUHJXODGRSDUDVHxDOL]DUYLVXDO\
DF~VWLFDPHQWH FXDQGR VH DOFDQ]D HO \ HO GHO OtPLWH LQIHULRU GH
LQIODPDELOLGDG
&XDQGRVHSXHGDVXSHUDUHOGHOOtPLWHLQIHULRUGHLQIODPDELOLGDGHOFRQWURO\ODV
PHGLFLRQHVVHUiQFRQWLQXDGDV
0LHQWUDVVHHIHFW~HQPHGLFLRQHVRWUDEDMRVSUHYLRVGHVGHHOH[WHULRUGHHVSDFLRVFRQ
SRVLEOHV DWPyVIHUDV LQIODPDEOHV KD\ TXH YLJLODU HVFUXSXORVDPHQWH OD H[LVWHQFLD GH
IRFRVGHLJQLFLyQHQODVSUR[LPLGDGHVGHODERFDGHOUHFLQWR
0HGLFLyQGHDWPyVIHUDVWy[LFDV
6HXWLOL]DQGHWHFWRUHVHVSHFtILFRVVHJ~QHOJDVRYDSRUWy[LFRTXHVHHVSHUDHQFRQWUDU
HQIXQFLyQGHOWLSRGHLQVWDODFLyQRWUDEDMR
6H VXHOHQ HPSOHDU ERPEDV PDQXDOHV GH FDSWDFLyQ FRQ WXERV FRORULPpWULFRV
HVSHFtILFRV DXQTXH H[LVWHQ RWURV VLVWHPDV GH GHWHFFLyQ FRQ RWURV SULQFLSLRV GH
IXQFLRQDPLHQWR
&DEHGHVWDFDUTXHHOHPSOHRGHPDVFDULOODVEXFRQDVDOHVHVWiOLPLWDGRDWUDEDMRVGH
PX\ FRUWD GXUDFLyQ SDUD FRQWDPLQDQWHV ROIDWLYDPHQWH GHWHFWDEOHV \ SDUD
FRQFHQWUDFLRQHVPX\EDMDV
18
$,6/$0,(172'(/(63$&,2&21),1$'2
0LHQWUDVVHUHDOL]DQWUDEDMRVHQHOLQWHULRUGHHVSDFLRVFRQILQDGRVGHEHDVHJXUDUVH
TXHpVWRVYDQDHVWDUWRWDOPHQWHDLVODGRV\EORTXHDGRVIUHQWHDGRVWLSRVGHULHVJRV
HO VXPLQLVWUR HQHUJpWLFR LQWHPSHVWLYR FRQ OD FRQVLJXLHQWH SXHVWD HQ PDUFKD GH
HOHPHQWRV PHFiQLFRV R OD SRVLEOH SXHVWD HQ WHQVLyQ HOpFWULFD \ HO DSRUWH GH
VXVWDQFLDV FRQWDPLQDQWHV SRU SpUGLGDV R IXJDV HQ ODV FRQGXFFLRQHV R WXEHUtDV
FRQHFWDGDVDOUHFLQWRGHWUDEDMRRELHQSRUXQDSRVLEOHDSHUWXUDGHYiOYXODV
5HVSHFWR DO VXPLQLVWUR HQHUJpWLFR LQFRQWURODGR HV SUHFLVR GLVSRQHU GH VLVWHPDV GH
HQFODYDPLHQWRLQYLRODEOHVTXHORLPSRVLELOLWHQWRWDOPHQWH
9(17,/$&,1
/D YHQWLODFLyQ HV XQD GH ODV PHGLGDV SUHYHQWLYDV IXQGDPHQWDOHV SDUD DVHJXUDU OD
LQRFXLGDGGHODDWPyVIHUDLQWHULRUWDQWRSUHYLDDODUHDOL]DFLyQGHORVWUDEDMRVFDVRGH
HQFRQWUDUVH HO DPELHQWH FRQWDPLQDGR R LUUHVSLUDEOH R GXUDQWH ORV WUDEDMRV SRU
UHTXHULU XQD UHQRYDFLyQ FRQWLQXDGD GHO DPELHQWH LQWHULRU *HQHUDOPHQWH OD
YHQWLODFLyQQDWXUDOHVLQVXILFLHQWH\HVSUHFLVRUHFXUULUDYHQWLODFLyQIRU]DGD
/RV FLUFXLWRV GH YHQWLODFLyQ VRSODGR \ H[WUDFFLyQ GHEHQ VHU FXLGDGRVDPHQWH
HVWXGLDGRVSDUDTXHHOEDUULGR\UHQRYDFLyQGHODLUHVHDHOFRUUHFWR
&XDQGRVHDIDFWLEOHODJHQHUDFLyQGHVXVWDQFLDVSHOLJURVDVGXUDQWHODUHDOL]DFLyQGH
ORVWUDEDMRVHQHOLQWHULRUODHOLPLQDFLyQGHORVFRQWDPLQDQWHVVHUHDOL]DUiPHGLDQWH
H[WUDFFLyQ ORFDOL]DGD R SRU GLIXVLyQ /D SULPHUD VH XWLOL]DUi FDGD YH] TXH H[LVWDQ
IXHQWHVSXQWXDOHVGHFRQWDPLQDFLyQHMKXPRVGHVROGDGXUD
/DYHQWLODFLyQSRUGLOXFLyQVHHIHFWXDUiFXDQGRODVIXHQWHVGHFRQWDPLQDFLyQQRVHDQ
SXQWXDOHV
9,*,/$1&,$(;7(51$&217,18$'$
6HUHTXLHUHXQFRQWUROWRWDOGHVGHHOH[WHULRUGHODVRSHUDFLRQHVHQHVSHFLDOHOFRQWURO
GH OD DWPyVIHUD LQWHULRU FXDQGR HOOR VHD FRQYHQLHQWH \ DVHJXUDU OD SRVLELOLGDG GH
UHVFDWH
/DSHUVRQDTXHSHUPDQHFHUiHQHOH[WHULRUGHEHHVWDUSHUIHFWDPHQWHLQVWUXLGDSDUD
PDQWHQHUFRQWDFWRYLVXDORSRURWURPHGLRGHFRPXQLFDFLyQHILFD]FRQHOWUDEDMDGRU
TXHRFXSHHOHVSDFLRLQWHULRU
19
'LFKDSHUVRQDWLHQHODUHVSRQVDELOLGDGGHDFWXDUHQFDVRVGHHPHUJHQFLD\DYLVDUWDQ
SURQWRDGYLHUWDDOJRDQRUPDO(OSHUVRQDOGHOLQWHULRUHVWDUiVXMHWRFRQFXHUGDGH
VHJXULGDG\DUQpVGHVGHHOH[WHULRUHQGRQGHVHGLVSRQGUiGHPHGLRVGHVXMHFLyQ\
UHVFDWHDGHFXDGRVDVtFRPRHTXLSRVGHSURWHFFLyQUHVSLUDWRULDIUHQWHDHPHUJHQFLDV
\HOHPHQWRVGHSULPHUDLQWHUYHQFLyQFRQWUDHOIXHJRVLHVQHFHVDULR
$QWHVGHPRYHUODSHUVRQDDFFLGHQWDGDGHEHUiDQDOL]DUVHODVSRVLEOHVOHVLRQHVItVLFDV
RFXUULGDV8QDYH]HOOHVLRQDGRVHKD\DSXHVWRDVDOYRPHGLDQWHHOHTXLSRGHUHVFDWH
HOLPLQDUODVURSDVFRQWDPLQDGDVVLODVKD\\DSOLFDUORVSULPHURVDX[LOLRVPLHQWUDVVH
DYLVDDXQPpGLFR
)250$&,1<$',(675$0,(172
/RVWUDEDMDGRUHVGHEHQVHULQVWUXLGRVHQ
3URFHGLPLHQWRVGHWUDEDMRVHVSHFtILFRVTXHHQFDVRGHVHUUHSHWLWLYRVFRPRVH
KDGLFKRGHEHUiQQRUPDOL]DUVH
5LHVJRV TXH SXHGHQ HQFRQWUDU DWPyVIHUD DVIL[LDQWHV Wy[LFD LQIODPDEOHV R
H[SORVLYDV\ODVSUHFDXFLRQHVQHFHVDULDV
8WLOL]DFLyQGHHTXLSRVGHHQVD\RGHODDWPyVIHUD
3URFHGLPLHQWRV GH UHVFDWH \ HYDFXDFLyQ GH YtFWLPDV DVt FRPR GH SULPHURV
DX[LOLRV
8WLOL]DFLyQGHHTXLSRVGHVDOYDPHQWR\GHSURWHFFLyQUHVSLUDWRULD
6LVWHPDVGHFRPXQLFDFLyQHQWUHLQWHULRU\H[WHULRUFRQLQVWUXFFLRQHVGHWDOODGDV
VREUHVXXWLOL]DFLyQ
7LSRVDGHFXDGRVGHHTXLSRVSDUDODOXFKDFRQWUDHOIXHJR\FRPRXWLOL]DUORV
20