Está en la página 1de 12

/

aaS$57(6
FR175$*/(aaa
2)
£B
U-
? 
aa
ā £



E
H
LL  

R 2)(%



aaaF



9,672
/R GLVSXHVWR HQ OD &RQVWLWXFL  a
5HS~EOLFD HQ OD OH\
TXH
1ž5HHVWUXFWXUD
0LQLVWHULRGH (GXFDFLyQ 3~EOLFD
IXHU]D OH\ 1ž
GH 
GH GHO
0LQLVWH
UL
R GH
(GXFDFLyQ TXH ILMD WH[WR UHIX
VLVWHPDWL]DGRGH 1ž
 ODV
ODOH\
QRUPDVQR
FRQ
GHURJDGDV GHFUHWRGHO
FRQ IXHU]DGH
OH\
1ž

GH
 GH O0LQLVWHULRGH (GXFDFLyQGHF
1žGH 
GH \1žGH
1ž  WRGRV
GHO PLQLVWHU LR GHHGXFDFLyQ HQHOGHFUHWR

GH 1ž
 FLHO 0LQLVWHULRGH (GXFDFLyQ
2EMHW LYRV )XQGDPHQWDOHV \ &RQWHQL
2E OLJDWRULRV SDUD OD (GXFDFLyQ )LMD
1RUPDV
%iVLFD\
*HQHUD OHV SDUD VX $SOLFDFLyQ HQHOGHFUH 
GH GHO 0LQLVWHULRGH (GXFDFLyQTX

 /a£\
ā
ā
-()(
%DVHV
$VLJQDWX
&XUULFX
U
ODU
DV TXH
HV SDUD OD (GXFDFLyQ %iV
,QGLFD HQ HO 
GHFUHWR
GH 1

O
U
x7W
a
āa
 GHO 0LQLVWHULR GH (GXFDFLyQ TX
 U
%DVHV &XUU LFXODUHV ODSDUD
(GXFDFLRQ %DVLFD
$VLJQD W
XUDV TXH ,QGLFD HOGHFUHWR 
HQ
GH
1ž
 GHO 0LQLVWHULRGH (VWDE
OHFH
(GXFDFLyQ
%DVHV &XUU LFXODUHVGH ƒ$xR %iVLFRD
ƒ$xR0HGLR
HQ$VLJQDWXUDVTXH ,QGLFDHQH 
GH
 GHO 0LQLVWHULRGH (GXFDFLyQ
%DVHV &XUULFXODUHVGHVGH ž$xR %iVLFRD ž $x
0HGLR HQ$VLJQDWXUDVTXH ,QGLFD
HQHOGHFUHWR
1ž
GH  GHO 0LQLVWHULR GH (GXFDFLyQ
(VWDEOHFH 2EMHWLYRV )XQGDPHQWDO
0tQLPRV 2EOLJDWRULRV SDUD )LMD
(QVHxDQ
1RUPDV *HQHUD OHV SDUDVX
$SOLFDFLyQ HQHOGH
1ž GH  GHO 0LQLVWHULRGH (GXFD
(VW
DEOHFH %DVHV &XUULFXODUHV SDUD LyQ OD (
0HG LD )RUPDFLyQ'LIHUHQFLDGD 7pFQLFR3
URIHVLRQDO
HQ HO GHFUHWR 1ž 
GH GHO
0LQLVWHULR GH
(GXFDFLyQTXH 5HJODPHQWD &RQVH
OD 5HVROXFLyQ1ž 
GH GH OD &RQWUDORUt
*HQHUDO GH OD
TXH
)LMD
5HS~EOLFD
1RUPDVVREUH aL£7~-aa



([HQFLyQGHO7UiPLWHGH
7RUQDGH5R]y



‡
 ‡

` 

&216,'(5$1 '2

4XH OD OH\




1ž
*HQHUDO
GH
(GXFDFLyQ
FX\RWH[WR
UHIXQG LGR
FRRUGLQDGR
\
VLVW
HPDWL]DGR ODVQRUPDVQR
FRQ
GHURJDGDV
O GH
GHFUHWR IXHU]D
FRQ
GHOH\1ž
O
GH
 IXH
ILMDGR
SRUHO
GHFUHWRIXHU]DGHOH\
FRQ
1ž

GH

GHO0LQLVWHULRGH(GXFDFLyQHQ
DGHODQWH
ODOH\
U
HJXOD HQHOSiUU

GHO7tWXOR
OD
&DOLILFDFLyQ \
FHUWLILFDFLyQ
YDOLGDFLyQ
GHHV
WXGLRV \OLFHQFLDV
HGXFDFLyQ
EiVLFD\PHGLD


4XHHODUWtFXOR
GH
ODOH\HQ
VXLQFLVRSULPHUR
SUHVFULEH
TXH
/RVHVWDEOHFLPLHQWRV
GHORV
QL
YHOHVGH
HGXFDF
LyQ EiVLFD \PHGL
GHEHUiQ
HYDOXDU
SHULyGLFDPHQWH
ORV
ORJURV \ DSUHQGL]DMHV
GH ORVDOXPQRV GH
DFXHUGR
XQ
SURFHGLPLHQWR
FRQ GH \WUDQVSDUHQWH
FDUiFWHU EDVDGR
REMHWLYR
HQ
QRUPDV PtQLPDV QDFLRQDOHV
FDOLILFDFLyQ
\
SURPRFLyQ
VREUH
 'LFKDV QRUPDV
GHEHUiQ SURSHQGHU
D HOHYDU
FDOLGDG
OD
OD
HGXFDFLyQ
GH \ VHUiQ HVWDEOHFL
PHGLDQWH VXSUHPR
GHFUHWR
H[SHG
LGRDWUDYpVGHO
0LQ
LVWHULR
GH(GXFDFLyQ HOTX
GHEHUi
VHU
DSUREDGR
SRU HO &RQVHMR 1DFLRQDO DFXHUGR
GH
DO (GXFDF
SURFHGLPLHQWR HQHO
HVWDEOHFLGR
DUWtFXOR


4XH
SRU VX
SDU
W
H ODOHWUDJ GHO DU
ODOH\VHxDODTXH
GHQWUR
GH ODVIXQFLRQHVGHO&RQVHMR1DFL
GH
(GXFDFLyQ
VH
HQFXHQWUD
OD
GHLQIRUPDU
IDYRUDEOHPHQWH
R FRQ
REVHUYDFLRQHV ODVQRUP
FDO
LILFDFLyQ
\
SU
RPRFLy
QGLFWDGDV
SRU
HO0LQLVWHULR
GH
(GXFDFLyQ

4XH HO &RQVHMR


LRQDO GH 1DF(GXFDFLyQ
PHGLDQWH 1žGH
$FXHUGR RFWXEUH
GH

HMHFXWDGR
GH PHGLDQW
UHVROXFLyQ H[HQWD
GH
UHVROYLy
1ž 
XQDQLP
LGDGGH
SRU
ORV
PLHPEURV
SUHVHQWHVLQIRUPDU
FRQ
REVHUYDFLRQHV
GRFXPHQWR
&ULWHULRV\QRUPDV
HO PtQ
LPDV
QDFLRQD
OHV
VREUH
HYDOXDFLyQ \
S
FDOLILFDFLyQ
URPRFLyQ
HVFRODU GH DOXPQRV
HGXFDFLyQ
UHJXODUHQ
VXV
QLYHOHVEiVLFR\
PHGLR
IRUPDFLyQ GLIHUHQFLDGD
JHQHUDO\
VHxDODQGR HQVtQWHVLVTXH
L  6HYD
ORUD ODSURSXHVWD
SUHVHQ
WDGDSRU
WUDWD
UVH
GH XQD
DFWXD
OL]DFLyQ QHFHVDULD
IXQGDPHQWDGD

\ELHQ
TXHDM
XVWD
VH OD/*(
D
D OD/H\1ž

\HQJHQHUDOHGXFDFLRQDO
DODQRUPDWLYD


FRQVLGHUDQGR
YLJHQWH ž 

LL 
6LQ
SHUMXLFLR
GH
OR
DQWHU
LRU


GLFKR GRFXPHQWR
QR
HV
XQ
FXHUSR XQLILFDGR
GH QRUPDVVREUHODVTXH SXHGD
SURQXQFLDUVH
HVWHRUJDQLV
HQ
ORV
WpUP
LQRV
GHOD /H\
VLQRTXH
FRPELQDQR H[SUHVDGRV
FRPR
UHJODV GH
FRQGXFWD
SUHVFU
LSWLYDV ORV
HVWDEOHFLPLHQWRV
SDUD SURSLDPHQWH
\WDOHVOR
QRUPDV
TXH GLILFXOWD
SURQXQFLDPLHQWR
XQXQLIRUPH
DFHUFD
GHO
GRFXPHQWR >FRPR
WDPSRFR@
HOGRFXPHQWR
UHYLVDGR
HV
XQ
'HFUHWR
6XSUHPR
H[SHGLGR
DW
UDYpVGHO
0LQLVWHULRGH 

FRQV
(GXFDFLyQ
LGHUDQGR
2ž

4XH SRVWHULRUPHQWH
FRQIRUP LGDGDO
\ HQ
$FXHUGR
1ž
GH

GH
HQHUR
GH 
HMHFXWDGRUHVR PHGLDQWH
OXFLyQ
H[HQWD

G1ž
H
HO&RQVHMR
1DFLRQD
OGH
(GXFDFLyQLQIRUPy
IDYRUDEOHPHQWH
HO
GRFXPHQWR
$S
UXHED
QRUPDV
PtQ
LPDV QDFLRQDOHVVREUH
HYDOXDFLyQ
FDOLILFDFLyQ
\
SURPRFLyQ
\GHURJD
ORV
GHFUHWRV H[HQWRV1ž

GH

1ž

GH
 <1ž
GHWRGRVGHO0LQLVWHULR
GH
(GXFDFLyQ
VH
KD
SURFHGLGR
D
HODERUDU
HO'HFUHWR
6XSUHPR
FRU
UHVSRQGLHQWH PtQ
D LPDV
ODVQRUPDV
VREUH&DOLILFDFLyQ
\
3URPRFLyQD
TXH
VHUHILHUH
HODUWtFX
OR 
GH
OD
OH\
SDUD
ORV
HIHFWRV
GH
VHU HO
DSUREDGR
SRU
&RQVHMR

'(&5(72

$SUX
pEDVH
$57Ë&8/2 35,0(52 ODV QRUPDV
PtQLPDVQDFLRQDOHVVREUH
HYDOXDFLyQ
FDOLILFDFLyQ HVFR
\SURPRFLyQ
ODU

†
1RUPDV*HQHUDOHV

$UWtFXOR
ž
(O
SUHVHQWHGHFUHWR HVWDEOHFH ODVQRU
VREUHHYDOXDFLyQ
 FDOLILFDFLyQ \ ORV
SURPRFLyQ
DOXPQRV TXH SDUD
FXUVHQ
PRGDOLGDGWUDGLFLRQDO GH ODHQVHxDQ]DIRUPDOHQ
ORV
QLYHOHVGHHGXFDFLyQ
< PHGLD HQ VXV
WRGDV
IUR
PDFLRQHVLDGDV
GLIHUHQF
 HQ HVWDEOHFLPLHQ
HGXFDFLRQDOHV UHFRQRFLGRV UHJX
RILFLDOPHQWH
ODGDV SiU
HQHO
UDIR ž
SRU
GHO
7tWX
OR

GHOGHFUHWR FRQIXHU]DGHOH\1ž

GHGHO0LQLVWHULR
(GXFDFLyQ

HQDGHODQWH ODOH\

$UWtFXORƒ
3DUDHIHFWRVGHO
SUHVHQ
W
HGHF
U
HWR VHHQWHQGHUi SRU

D 
5HJODPHQWR
,QVWUXPHQ
WR PHGLDQWH ORV
HO
HVWDEOHFLPLHQWR
FXDO
HGXFDFLRQDOHV UHFRQRFLGRV ORVRILFLDOPHQWH
SURFHGLPLHQWRV HVWG
FDUiFWHU REMHWLYR \ HYD
WUDQVSDUHQWH
OXDFLyQ
SHULyGLFDOR
VORJURV\
GH
SDUD OD
DSUH
QGL]DMHVDOXPQRV
GHEDVDGRV
ORV ODVHQ
QRUPDV
PtQLPDV QDFLRQDOHV VR
HYDOXDFLyQ FDOLILFDFLyQ
UHJX
ODGDV SRUHVWHGHFUHWR
\SURPRFLyQ

E 
(YDOXDFLyQ
&RQMXQWR GH DFFLRQHV
ORV
SURIHV
LRQDOHV
OLGHUDGDVS
GH
ODHGXFDFLyQ SDUDTXHWDQWR
ORV
DOXPQRVSXHGDQ
REWH
HOORV
QHU
HLQWHUSUHWDU
FRPR
OD LQIRUPDFLyQ VREUH HO DSUHQGL]DMH
GHFLVLRQHV TXH
FRQ HO
SHUPLWDQ SURPRYHU
ODSUHQG
HO
L]DMH
SURJUHVRGH
\
UHWURDOLPHQWDU
ORV
SURFHVRVGH
HQVHxDQ]D

F 
&DOLILFDFLyQ
5HSUHVHQWDFLyQGHO ORJURHQHOD
XQ SURFHVR
HYDOXDFLyQ
GH
 TXH SHUPLWH
WUDQVPLW
LU
XQ VLJQLILFDGR FRPS
UHVSHFWRDGLFKR
PHGLDQWH
DSUHQGL]DMH
XQQ~PHURVtPERORRFRQ

G &XUVR
(WDSD GH XQ FLFOR TXH
PRGD
FRPSRQH
OL
GDG XQ
IRUPDFLyQ JHQHUDO FRP~Q R GLIHUHQFLDGD
VL
FRUUHVSR
QGH GHO\ H
\
SURFHVRGHHQVHxDQ]D
DSUHQGL]DMH TXHVHGHVDUUROODGXU
DxR
HVFR
ODU GHWHUP
LQDGR PHGLDQWH
ORV
3ODQHV \ 3URJUDPDV SUHY
DSUREDGRV
0LQLVWHULRGH
SRUHO (GXFDFLyQ

H 
3URPRFLyQ
$FF
LyQ PHGLDQWHHOOD
DOXPQR
FXDOFXOPLQD
IDYRUDEOHPHQWH XQ DFXUVR
O FXUVR WUDQVLWDQGR
LQPHGLDWDPHQWH VX
HJ
U
HVDQGR
QLYHO
GHOGHHGXFDFLyQ PHGLD
‡

‡


$UWtFXOR
ž
/RV
DOXPQRV
W
LHQHQ
GHUHFKR
D VHULQIRUPDGRVGH
ORV
FULWHULRV
GH
HYD
OXDFLyQ
DVHUHYDOXDGRV
\
SURPRY
LGRV
GH DFXHUGR
D XQVLVWHPD
REM
HWLYR
\
WUDQVSDUHQWH
GHDFXHUGR
DO
UHJODPHQWR HVWDEOHFLP
GH FDGD
LHQWR

3DUDDQWHULRU
OR ORV
HVWDEOHFLPLHQWRV
HGXFDFLRQDOHV
UHFRQRFLGRV
RILFLDOPHQWH GHEHUiQ
R DMXVWDU
VXV
HODERUDU
UHVSHFWLYRV UHJODPHQW
HYDOXDFLyQ \
FDOLILFDFLyQ
SURPRFLyQ
DODV
QRUPDVPtQLPDVHVWDEOHFLG
GHFUHWR
ODFRQ
ILQDOLGDG
REWHQHU
RGH
PDQWHQHU
UHFRQRFLPLHQWR
HO RILFLDO
RWRUJDGR
SRUHO
(VWDGR
SDUD LPSDUWLUHO
VHUY
LFLR HGXFDFLRQDO

7DQWR
ODV
GLVSRVLFLRQHV
VXVWDQW
LYDV
FRPR
SURFHGLPpQWDOHV ORV
FRQWHQL
UHJODPHQWRV
GHHYDOXDFLyQ \SURPRFLyQ
FDOLILFDFLyQ TXH HODERUHQ
ORV
HVWDEOHFLPLHQWRV
HGXFDFLRQDOHV
VHDSOLFDUiQ
SUHIHUHQFLD
FRQ D ODV G
GHFUHWR
VLHPSUHTXHVHDQFRKHUHQWHV
FRQ
ODVQRUPDV
Pt
QLPDV
DTXt \
HVWDEOHFLGDV
YD\DQ HQ IDYRUHGXFDWLYR
GHO SURFHVR
ORV
DOXPQRV
GH3DUD
WRGR HIHFWR
HO
SUHVHQ
W
HGHFUHWR
VH
DSOLFDUi FRQVXSOHWRULR
FDUiFWHU GH

/D6XSHULQWHQGHQFLD
GH
(GXFDFLyQ
GHEHUi
IL
VFDO
L]DUORV
TXH
UHJ
ODPHQWRV
GH
ORV
HVWDEOHFLPLHQWRV
VH
DMXVWHQDOSUHVHQWH
GHFUHWR


'HOD(YDOXGFLyQ
†

$UWtFXOR
(O
SURFHVR
ž
GH
HYDOXDFLyQ
FRPR
SDUWH
LQW
U
tQVHFD GH OD
HQVHxDQ]D
SRGUi
XVDUVHIRUPDWLYD RVXPDWLYDPHQWH

7HQGUiXQXVR
IRUPDW
LYR HQ
PHGLGD
OD
TXHLQWHJUD
VH OD HQVHxDQ]DSDUD
D
PRQL
WRUHDUDFRPSDxDU
\ HO
DSUHQG
L]DMHORV
GH
DOXPQRV
HV
GHFLU
FXDQGR
OD
HYLGH
QFLD GHO GHVHPSHxR
GH
pVWRV
VHREWLHQH
LQWHUS
UHWD
\XVDSRU SURIHVLRQ
GHHGXFDFLyQ
OD \SRU
ORV
DOXPQRVSDUD
W
RPDU GHFLVLRQHV
DFHUFD
GH
ORV
VLJXLHQ
W
HV
SDVRVHQ
HOSURFHVRGHHQVHxDQ]DDSUHQGL]DMH

/D
HYDOXDFLyQ
VXPDWLYDWLHQHSRU
REMHWR
FHUWLILFDU
JHQHUDOPHQWH
PHG
LDQWH
XQD
FDOLILFDFLyQ
ORV
DSUHQG
L]DMHVORJUDGRVSRU
ORV
DOXPQRV


$UWtFXORƒ
/RV
DOXPQRVQR
SRGUiQ
VHUH[LPLGRV
GH
QLQJXQD DVLJQDWXU
PyGXORGHOSODQGHHVWXGLR
GHELHQGR
VHUHYDOXDGRVHKWRGRV
ORV
FXUVRV
\
HQWRGDV
ODVDVLJQDWXUDVRPyGXORVTXH
GLFKR
SODQ
FRQWHPSOD


1R REVWDQWHORV
OR
HVWDEOHFLPLHQWRV
DQWHULRU
GHEHUiQ
LPSOHPHQWDU
ODV
GLYHUVLILFDFLRQHVSHUWLQHQWHVSDUD
DFWLYLGDGHV
DSUHQGL]DMH
GH
ORV
\ SURFHVRVGH
ODV
HYD
OXDFLyQ GH ODV DVLJQDWXUDV ORV
DOXPQRV
R PyGXORV
TXH HQ
DVt
FD
U
HTXLHUDQSRGUiQ
$VLPLVPR
UHDOL]DU
DGHFXDFLRQHV
ODVFXUULFX
ODUHV QHFHVDULDV
VHJ~QORGLVSXHVWRHQ
ORV
GHFUHWRV1žV
H[HQWRV

GH \


GH

DPERV
GHO0LQLVWHULRGH (GXFDFLyQ

También podría gustarte