Documentos de Académico
Documentos de Profesional
Documentos de Cultura
( (Wudfflyqghvxvwdqfldvdvlvwlgd Sruxowudvrqlgr (8$: 3dodeudvfodyh
( (Wudfflyqghvxvwdqfldvdvlvwlgd Sruxowudvrqlgr (8$: 3dodeudvfodyh
([WUDFFLyQGHVXVWDQFLDVDVLVWLGD
SRUXOWUDVRQLGR(8$
)HFKDGHUHFHSFLyQ 5RFtR$]XROD
)HFKDGHDFHSWDFLyQ 3HGUR9DUJDV
3RVJUDGRHQ&LHQFLDVGH$OLPHQWRV8QLYHUVLGDGGH&RVWD5LFD6DQ3HGUR&RVWD5LFD7HO
&RUUHRHOHFWUyQLFRURFLRD]XROD#JPDLOFRP
(VFXHODGH7HFQRORJtDGH$OLPHQWRV8QLYHUVLGDGGH&RVWD5LFD6DQ3HGUR&RVWD5LFD7HO
&RUUHRHOHFWUyQLFRSRYDUJDV#FDULDULXFUDFFU
6OL
SHUR VXV FXDOLGDGHV PpGLFDV IXHURQ YHJHWDOHV'MLODQL/HJVHLU6RXOLPDQLHWDO
GHVFXELHUWDV PX\ SURQWR SRU ORV SXHEORV TXHVHDQPiVSURGXFWLYRV\DPLJDEOHV
DQWLJXRV WDOHV FRPR ORV HJLSFLRV KHEUHRV FRQ HO PHGLR DPELHQWH TXH ORV PpWRGRV
JULHJRVURPDQRVUXPDQRV\FKLQRV(OLQWHUpV WUDGLFLRQDOHV5RVWDJQRHWDO
SRUODVKLHUEDVDURPiWLFDVVHKDLQWHQVLILFDGR
(VWD UHFRSLODFLyQ SUHWHQGH GHVFULELU ORV
HQORV~OWLPRVWLHPSRVFRQODLGHQWLILFDFLyQ
SULQFLSLRVHQORVFXDOHVVHEDVDHOPpWRGR
GHQXHYRVFRPSXHVWRV~WLOHVSDUDODVGLVWLQWDV
GH H[WUDFFLyQ DVLVWLGD SRU XOWUDVRQLGR
LQGXVWULDV \ HO GHVFXEULPLHQWR GH QXHYDV
(8$ \ FRPSUREDU VX HILFLHQFLD FRQ
DSOLFDFLRQHV9LQDWRUX
UHVSHFWR D ORV PpWRGRV WUDGLFLRQDOHV GH
6XEJUXSRVQDWXUDOHVHQFRQWUDGRVHQGLVWLQWDV H[WUDFFLyQ GH VXVWDQFLDV FRQ HO ILQ GH
SODQWDV WDOHV FRPR ODV LVRIODYRQDV GH OD GHWHUPLQDU VL VX XVR VH H[SDQGLUi HQ OD
VR\DORVIODYRQRLGHVGLYHUVRVDQWLR[LGDQWHV LQGXVWULDHQORVSUy[LPRVDxRV
\iFLGRVRUJiQLFRVGHSODQWDV\IUXWDVVHKDQ
DVRFLDGR FRQ HIHFWRV ELROyJLFRV SRVLWLYRV
WDOHVFRPRGLVPLQXFLyQGHOULHVJRGHOFiQFHU 0HWRGRORJtD
&RQHOILQGHFRQRFHU GH VHQR SUyVWDWD \ FRORQ SUHYHQFLyQ GH &RQHOILQGHFRQRFHUVLODH[WUDFFLyQDVLVWLGD
VLODH[WUDFFLyQDVLVWLGD ORV VtQWRPDV PHQVWUXDOHV \ OD RVWHRSRURVLV SRU XOWUDVRQLGR HV PiV HILFLHQWH TXH RWURV
SRUXOWUDVRQLGRHV 5RVWDJQR HW DO WUDWDPLHQWRV GH PpWRGRV OR FXDO JDUDQWL]DUtD VX H[SDQVLyQ
PiVHILFLHQWHTXH DUWULWLVHQIHUPHGDGHVGHOULxyQ\UHVIULDGRV HQ OD LQGXVWULD DOLPHQWDULD VH UHDOL]y XQD
RWURVPpWRGRVOR *DR /LX(VWRVFRPSXHVWRVWLHQH LQYHVWLJDFLyQ ELEOLRJUiILFD GH GLYHUVDV
FXDOJDUDQWL]DUtDVX DGHPiVLQWHUpVWHFQROyJLFRSRUVXVGLYHUVDV SXEOLFDFLRQHVFLHQWtILFDVUHFLHQWHVDFHUFDGH
H[SDQVLyQHQODLQGXVWULD DSOLFDFLRQHVLQGXVWULDOHVWDOHVFRPRHOXVR ORVIXQGDPHQWRVGHODWpFQLFD\HOHVWXGLRGH
DOLPHQWDULDVHUHDOL]y GHiFLGRWDUWiULFRSDUDLQFUHPHQWDUODDFLGH] VXHILFLHQFLDFRQUHVSHFWRDRWURVPpWRGRVGH
XQDLQYHVWLJDFLyQ WRWDO HQ YLQRV 3DOPD %DUURVR \ H[WUDFFLyQXWLOL]DGRVDFWXDOPHQWH
ELEOLRJUiILFDGHGLYHUVDV ODH[WUDFFLyQGHDURPDV\VDERUHVQDWXUDOHV
/DHILFLHQFLDVHFDOFXOyFRPRODUD]yQGH
SXEOLFDFLRQHVFLHQWtILFDV SDUD VX XVR HQ OD LQGXVWULD GH DOLPHQWRV
OD PDVD REWHQLGD PJ GHO FRPSXHVWR GH
UHFLHQWHVDFHUFDGH 0DVRQ (VWRV FRPSXHVWRV WLHQHQ
LQWHUpV\HOWLHPSRQHFHVDULRSDUDDOFDQ]DU
ORVIXQGDPHQWRVGHOD JUDQ IXWXUR HQ VX XVR HQ ORV DOLPHQWRV
HVDH[WUDFFLyQ
WpFQLFD\HOHVWXGLRGHVX IXQFLRQDOHV LQFRUSRUiQGRORV HQ SURGXFWRV
HILFLHQFLDFRQUHVSHFWR TXH VH FRQVXPHQ UHJXODUPHQWH FRQ HO
DRWURVPpWRGRVGH ILQ GH GDUOH XQ YDORU DGLFLRQDO FRQ HIHFWR (OXOWUDVRQLGR
H[WUDFFLyQXWLOL]DGRV EHQHILFLRVR SDUD OD VDOXG GHO FRQVXPLGRU HQODLQGXVWULDDOLPHQWDULD
DFWXDOPHQWH 7LHQH WDPELpQ DSOLFDFLRQHV UHYROXFLRQDULDV
/D SULPHUD DSOLFDFLyQ FRPHUFLDO GHO
FRPR OD DOHORSDWtD OD FXDO FRQVLVWH HQ
XOWUDVRQLGR IXH HQ GHVGH HQWRQFHV
XWLOL]DUVXVWDQFLDVSURSLDVGHODVSODQWDVSDUD
HO WHPD VH KD GHVDUUROODGR \ H[SDQGLGR
FRQWURODU HO FUHFLPLHQWR GH RWUDV SODQWDV
D XQ JUDQ Q~PHUR GH DSOLFDFLRQHV /RV
HQ VX YHFLQGDULR 9LQDWRUX 6H KD
SUR\HFWRV PiV LPSRUWDQWHV TXH HQYXHOYHQ
GHWHUPLQDGR TXH HQ DOJXQRV FDVRV OD
HVWD WpFQLFD QR VH HQFXHQWUDQ HQWUH ORV
H[WUDFFLyQSXHGHVHUPiVHFRQyPLFDTXHOD
FRQILQHVGHODTXtPLFDVLQRHQWHFQRORJtDV
VtQWHVLVTXtPLFDGHORVFRPSXHVWRVGHLQWHUpV
GH SURFHVDPLHQWR \D TXH KD VLGR PHMRU
UD]yQSRUODFXDOXQDH[WUDFFLyQTXHSHUPLWD
UHFRQRFLGR HQ OD LQGXVWULD TXH HQ ORV
PD\RU SURGXFWLYLGDG HV GHILQLWLYDPHQWH HO
iPELWRVGHODFLHQFLDSXUD0DVRQ
LQWHUpV GH OD LQGXVWULD WDO HV HO FDVR GHO
iFLGRWDUWiULFRHQODLQGXVWULDSURGXFWRUDGH 7LSRVGHXOWUDVRQLGR
YLQRV3DOPD %DUURVR
6HJ~Q HO &HQWUR GH 6RQRTXtPLFD GH OD
(VWH LQWHUpV KD JXLDGR OD LQYHVWLJDFLyQ 8QLYHUVLGDG GH &RYHQWU\ HQ HO 5HLQR
HQ EXVFD GH QXHYRV PpWRGRV SDUD H[WUDHU 8QLGR HO XOWUDVRQLGR HV XWLOL]DGR SRU OD
ODV VXVWDQFLDV GH LQWHUpV GH ORV PDWHULDOHV SRVLELOLGDG GH UHDOL]DU HYDOXDFLRQHV QR
6OL
GHO DJXD (Q 7LHKP HVWXGLy HO )XQGDPHQWRVGHODVWpFQLFDV
HIHFWRGHOXOWUDVRQLGRHQHOWUDWDPLHQWR GHH[WUDFFLyQGHVXVWDQFLDV
GH DJXDV \ HQFRQWUy TXH HO SURFHVR
3DUD REWHQHU XQ H[WUDFWR SULPHUR TXH WRGR
DQDHUyELFR GH GLJHVWLyQ VH DFHOHUy
HV LPSRUWDQWH LGHQWLILFDU OD KLHUED GHVHDGD
FRQVLGHUDEOHPHQWHDOUHGXFLUHOWLHPSR
\ OD SDUWH TXH FRQWLHQH ORV FRQVWLWX\HQWHV
GHDGtDV\DXPHQWDUODSURGXFFLyQ
~WLOHV$GLFLRQDOPHQWH OD GHWHUPLQDFLyQ GH
GH ELRJiV YHFHV PiV TXH HQ XQ
XQD WpFQLFD SUHFLVD GH FRVHFKD \ PpWRGRV
IHUPHQWDGRUFRQWURO0DVRQ
GH SUHVHUYDFLyQ GH OD SODQWD SRU XWLOL]DU HV
E 0H]FODGR\HPXOVLILFDFLyQVHJHQHUDQ GH FUXFLDO LPSRUWDQFLD (O PHFDQLVPR GH
EDVHVHPXOVLILFDGDVSDUDVRSDV\VDOVDV H[WUDFFLyQLQYROXFUDGRVIHQyPHQRVItVLFRV
TXH DO SDVDU SRU HO KRPRJHQHL]DGRU GLIXVLyQ D WUDYpV GH OD SDUHG FHOXODU \
XOWUDVyQLFRWLHQHQXQDWH[WXUDVXDYH\ HO ODYDGR GH ORV FRQWHQLGRV FHOXODUHV XQD
PHMRUVDERU0DVRQ YH] TXH ODV SDUHGHV VH KDQ URWR 9LQDWRUX
F ,PSUHJQDFLyQ OD LPSUHJQDFLyQ GH
SLJPHQWRVHQFXHURVHYHVXVWDQFLDOPHQWH ([WUDFFLyQSRUPpWRGRV
LQFUHPHQWDGDSRUHOXVRGHOXOWUDVRQLGR WUDGLFLRQDOHV
GXUDQWHHOSURFHVR;LHHWDO
D ([WUDFFLyQ SRU VROYHQWHV VH EDVDQ
G )LOWUDFLyQ OD DSOLFDFLyQ GH XOWUDVRQLGR SULQFLSDOPHQWH HQ OD VHOHFFLyQ GH
SHUPLWH DO VLVWHPD RSHUDU PiV VROYHQWHV WHPSHUDWXUD R DJLWDFLyQ FRQ
(OPHFDQLVPRGH HILFLHQWHPHQWH\SRUSHUtRGRVPiVODUJRV HOILQGHLQFUHPHQWDUODVROXELOLGDGGHORV
H[WUDFFLyQLQYROXFUD VLQQHFHVLGDGGHPDQWHQLPLHQWROLPSLH]D PDWHULDOHV \ OD WDVD GH WUDQVIHUHQFLD GH
GRVIHQyPHQRVItVLFRV \FDPELRVGHILOWURV0DVRQ PDVD*DR /LX6HVHSDUDQORV
GLIXVLyQDWUDYpVGH H &ULVWDOL]DFLyQ \ SUHFLSLWDFLyQ 3ULFH FRPSXHVWRVFRQEDVHHQVXVVROXELOLGDGHV
ODSDUHGFHOXODU\HO HQFRPSUREyTXHHOXOWUDVRQLGR SRUGRVOtTXLGRVLQPLVFLEOHVXVXDOPHQWH
ODYDGRGHORVFRQWHQLGRV SXHGHLQLFLDUODFULVWDOL]DFLyQ\FRQWURODU DJXD \ XQ VROYHQWH RUJiQLFR (Q OD
FHOXODUHVXQDYH]TXH HOFUHFLPLHQWRGHORVFULVWDOHVHQPHGLR LQGXVWULD HVWH SURFHVR VH UHDOL]D
ODVSDUHGHVVHKDQURWR VDWXUDGRV R HQIULDGRV SURGXFLHQGR FRQWLQXDPHQWHERPEHDQGRXQDFRUULHQWH
9LQDWRUX FULVWDOHVXQLIRUPHV0DVRQ RUJiQLFD \ RWUD DFXRVD GHQWUR GH XQD
PH]FODGRUD GRQGH VH PH]FODQ DPERV
I &RQJHODFLyQ PHMRUD HO FRHILFLHQWH FRPSRQHQWHV\VHSHUPLWHHOLQWHUFDPELR
GH WUDQVIHUHQFLD GH FDORU \ KD VLGR LyQLFR KDVWD TXH VH ORJUD HO HTXLOLEULR
XWLOL]DGR SDUD DFHOHUDU SURFHVRV GH :LNLSHGLD /D LQWURGXFFLyQ GH
FRQJHODFLyQ SRU LQPHUVLyQ GH SDSDV XQ WUDQVGXFWRU XOWUDVyQLFR GHQWUR GH OD
0XOHWHWDO XQLGDGGHH[WUDFFLyQSXHGHLQFUHPHQWDU
J 'HVKLGUDWDFLyQPHMRUDORVSURFHVRVGH FRQVLGHUDEOHPHQWH OD HILFLHQFLD GHO
VHFDGRHQDUUR]]DQDKRULDVFHEROOD\ PpWRGRGHELGRDTXHSRUORJHQHUDOVH
GHVKLGUDWDFLyQ RVPyWLFD GH PDQ]DQD XWLOL]DQVROYHQWHVIUtRV9LQDWRUX
0XOHWHWDO E 6R[KOHW XQ WLSR GH PDWHULDO GH
K ([WUDFFLyQ ODV WpFQLFDV FOiVLFDV GH YLGULR XWLOL]DGR SDUD OD H[WUDFFLyQ
H[WUDFFLyQ GH VROYHQWHV D SDUWLU GH GH FRPSXHVWRV JHQHUDOPHQWH GH
PDWHULDOYHJHWDOVHEDVDQHQODFRUUHFWD QDWXUDOH]D OLStGLFD FRQWHQLGRV HQ
HOHFFLyQGHOVROYHQWH\FRQGLFLRQHVFRPR XQ VyOLGR SRU PHGLR GH XQ VROYHQWH
WHPSHUDWXUD \ DJLWDFLyQ 9LQDWRUX HW DItQ (O HTXLSR HVWi LQWHJUDGR SRU XQ
DOHQGHPRVWUyTXHODH[WUDFFLyQ H[WUDFWRU XQ FRQGHQVDGRU HVSHFLDO GH
SRUVROYHQWHGHFRPSXHVWRVRUJiQLFRVHQ WLSR EXOER \ XQ PDWUD] YpDVH ILJXUD
PDWHULDOHVYHJHWDOHVHVVLJQLILFDWLYDPHQWH )XQFLRQD FtFOLFDPHQWH FXDQGR VH
PiV HILFLHQWH XWLOL]DQGR HO XOWUDVRQLGR HYDSRUDHOVROYHQWHVXEHKDVWDHOiUHD
GHSRGHU0DVRQ GRQGH HV FRQGHQVDGR DTXt DO FDHU \
:LNLSHGLD
)LJXUD(TXLSRVR[KOHW ([WUDFFLyQSRUPpWRGRV
QRWUDGLFLRQDOHV
F 'HVWLODFLyQ HV OD RSHUDFLyQ GH 6HJ~Q *DR /LX ORV PpWRGRV
VHSDUDU PHGLDQWH FDORU ORV GLIHUHQWHV GH H[WUDFFLyQ PiV PRGHUQRV VH EDVDQ HQ
FRPSRQHQWHV OtTXLGRV GH XQD PH]FOD OD PHMRUD GH OD HILFLHQFLD GH ORV PpWRGRV
DSURYHFKDQGR ODV GLIHUHQFLDV GH WUDGLFLRQDOHV SRU DFFLyQ ItVLFD VREUH HO
YRODWLOLGDGHV GH ORV FRPSXHVWRV SRU PHGLR
VHSDUDU (O DSDUDWR XWLOL]DGR SDUD OD
GHVWLODFLyQ HQ HO ODERUDWRULR ILJXUD D ([WUDFFLyQ DVLVWLGD SRU PLFURRQGDV
FRQVWD GH XQ UHFLSLHQWH GRQGH VH OD LUUDGLDFLyQ GH PLFURRQGDV FDXVD
DOPDFHQD OD PH]FOD D OD TXH VH OH PRYLPLHQWR PROpFXODV SRU PLJUDFLyQ
DSOLFD FDORU XQ FRQGHQVDGRU GRQGH GH LRQHV \ URWDFLyQ GH GLSRORV TXH
VH HQIUtDQ ORV YDSRUHV JHQHUDGRV FRQWULEX\HQDXQDUiSLGDWUDQVIHUHQFLDGH
OOHYiQGRORVGHQXHYRDOHVWDGROtTXLGR HQHUJtDDOVROYHQWH\PDWHULDYHJHWDO
\XQUHFLSLHQWHGRQGHVHDOPDFHQDHVWH E ([WUDFFLyQSRUIOXLGRVVXSHUFUtWLFRVXQ
OtTXLGRFRQFHQWUDGR:LNLSHGLD IOXLGRVXSHUFUtWLFRHVFXDOTXLHUVXVWDQFLD
(QHVWHPpWRGRORVPDWHULDOHVYHJHWDOHV D XQD WHPSHUDWXUD \ SUHVLyQ VREUH VX
VRQPH]FODGRVFRQDJXDVHJXLGRVSRU SXQWR FUtWLFR WHUPRGLQiPLFR YpDVH
HO FDOHQWDPLHQWR R OD LQWURGXFFLyQ ILJXUD 7LHQH XQD KDELOLGDG ~QLFD
GH XQD FRUULHQWH GH YDSRU 'XUDQWH SDUD GLIXQGLUVH D WUDYpV GH ORV VyOLGRV
OD GHVWLODFLyQ HO XVR GH XOWUDVRQLGR FRPR XQ JDV \ GH GLVROYHU PDWHULDOHV
QR WLHQH QLQJ~Q HIHFWR GHELGR D ODV FRPRXQOtTXLGRJHQHUDQGRVROYHQWHGH
WHPSHUDWXUDVGHHEXOOLFLyQSHURSXHGH EDMD YLVFRVLGDG DOWDV WDVDV GH GLIXVLyQ
VHUXWLOL]DGRSDUDPHMRUDUODH[WUDFFLyQ \ VLQ WHQVLyQ VXSHUILFLDO 6H XWLOL]DQ
FXDQGR VH XWLOL]DQ VROYHQWHV GH SXQWR SULQFLSDOPHQWH GLy[LGR GH FDUERQR \
GH HEXOOLFLyQ EDMR \ OD WHPSHUDWXUD DJXD6HSXHGHUHDOL]DUXQDH[WUDFFLyQ
GH H[WUDFFLyQ VH PDQWLHQH SRU GHEDMR VHOHFWLYD GH GLIHUHQWHV FRPSXHVWRV
GHO SXQWR GH HEXOOLFLyQ GH OD PH]FOD XWLOL]DQGRGLVWLQWDVSUHVLRQHVGHOIOXLGR
9LQDWRUX VXSHUFUtWLFR9LQDWRUX
6OL
RH[WHUQDVGHOWHMLGR$OUHGXFLUHOWDPDxR
GH ODV SDUWtFXODV GHO PDWHULDO YHJHWDO VH
VROLG DXPHQWDHOiUHDGHH[SRVLFLyQDOVROYHQWH
VXSHUFULWLFDO \DODFDYLWDFLyQSURGXFLGD
SUHVVXUHEDU
IOXLG
6ROYHQWDQG
F ([WUDFFLyQWXUERXWLOL]DXQDJLWDGRUGH SODQWPDWHULDO :DWHU
DOWD YHORFLGDG TXH LQGXFH FDYLWDFLyQ
KLGURGLQiPLFD DXPHQWDQGR HO
6WDLQOHVV
UHQGLPLHQWR GH H[WUDFFLyQ \D TXH VH VWHHOWDQN
DXPHQWD HO FRQWDFWR HQWUH HO PDWHULDO
YHJHWDO \ HO VROYHQWH \ HO SURFHVR GH
GLIXVLyQDWUDYpVGHODVSDUHGHVFHOXODUHV
7UDQVGXFHUV
VHLQFUHPHQWD9LQDWRUX ERQGHGWREDVH
G ([WUDFFLyQ HOpFWULFD VH DSOLFDQ
0HFKDQLFDO
GHVFDUJDV HOpFWULFDV D OD PH]FOD GH VWLUUHU
([WUDFWLRQ
H[WUDFFLyQLQFUHPHQWDQGRODH[WUDFFLyQ PDVV
KDVWDXQDOIRUPDUVHEXUEXMDVGH
FDYLWDFLyQ9LQDWRUX 6WDLQOHVV
VWHHOWDQN
H ([WUDFFLyQ DVLVWLGD SRU XOWUDVRQLGR
OD H[WUDFFLyQ DVLVWLGD SRU XOWUDVRQLGR
XWLOL]DVRQLGRVGHDOWDIUHFXHQFLDFRQHO
ILQGHGHVSUHQGHUHOFRPSXHVWREXVFDGR 7UDQVGXFHUV
GHO PDWHULDO YHJHWDO /DV SDUWtFXODV ERQGHGWREDVH
VyOLGDV\OtTXLGDVYLEUDQ\VHDFHOHUDQ
8OWUDVRQLF
DQWH OD DFFLyQ XOWUDVyQLFD FRPR KRUQ
UHVXOWDGR HO VROXWR SDVD UiSLGDPHQWH 0HFKDQLFDO
GH OD IDVH VyOLGD DO VROYHQWH *DR 7KHUPRPHWHU VWLQHU
/LX6HJ~Q5RVWDJQRHWDOHVWD
WpFQLFD HV OD PiV HFRQyPLFD \ WLHQH
ORVUHTXHULPLHQWRVLQVWUXPHQWDOHVPiV ([WUDFWLRQ
PDVV ([WHUQDO
EDMRV HQWUH ODV ~OWLPDV WpFQLFDV GH FRROLQJKHDWLQJ
H[WUDFFLyQGHVDUUROODGDV
/RV IHQyPHQRV ItVLFRV TXH DIHFWDQ OD
H[WUDFFLyQGHVXVWDQFLDVVHYHQDIHFWDGRV
SRUODVRQLILFDFLyQ\DVHDTXHODVVXVWDQFLDV )LJXUD(TXLSRVH[SHULPHQWDOHVXWLOL]DGRV
GHLQWHUpVVHHQFXHQWUHQHQFpOXODVLQWHUQDV SDUDODH[WUDFFLyQSRUXOWUDVRQLGR
(VWXGLRV UHDOL]DGRV SDUD H[WUDFFLyQ GH
XJJ
0H&1
0H2+
0H&1
0H&1
0H&1
0H&1
0H2+
0H2+
0H2+
0H2+
(W2+
(W2+
(W2+
(W2+
(W2+
(W2+
(W2+
6OL
REWHQLHQGR OD PLVPD FDQWLGDG GH
SURGXFWR GHVSXpV GH PLQ \
PLQ UHVSHFWLYDPHQWH (VH UHVXOWDGR
FRUUHVSRQGH D XQD HILFLHQFLD YHFHV
PD\RUTXHODGHOPpWRGRXOWUDVyQLFRFRQ
8$( UHVSHFWR DO RWUR PpWRGR ,OXVWUDWLYDPHQWH
6ROYHQWHV VH SXHGH REVHUYDU OD ILJXUD GRQGH
VH PXHVWUD TXH OD H[WUDFFLyQ GHO iFLGR
PiOLFRHVPD\RUXWLOL]DQGRHVWDWpFQLFD\
VH ORJUR XQ UHQGLPLHQWR VXSHULRU DO
(W2+ ( W 2+ 0H 2 + 0H2+ REWHQLGRSRUODWpFQLFDFRQYHQFLRQDOFRQ
XQDHILFLHQFLDYHFHVPD\RU
6ROYHQWHXWLOL]DGR /D GHWHUPLQDFLyQ GH OD JUDVD GLHWpWLFD
HQ SURGXFWRV DOLPHQWLFLRV HV GH VXPD
*UiILFR5HFXSHUDFLyQREWHQLGDSDUDODVH[WUDFFLRQHVGHGDLG]LQ
LPSRUWDQFLDSDUDHOHWLTXHWDGRQXWULFLRQDO
GH ORV SURGXFWRV 5XL] -LPHQH] \
/XTXH GH &DVWUR UHDOL]DURQ XQ HVWXGLR
FRPSDUDWLYRGHODREWHQFLyQGHJUDVDVHQ
&XDGUR([WUDFFLyQGHDOFDORLGHVSRUGLVWLQWRVPpWRGRVDSDUWLUGH SURGXFWRV GH SDQLILFDFLyQ \ REWXYLHURQ
+PXWLFXV XQDHILFLHQFLDSRUORPHQRVYHFHVPD\RU
SDUD HO PpWRGR DVLVWLGR SRU XOWUDVRQLGR
7RWDOREWHQLGR (ILFLHQFLD TXH SDUD OD H[WUDFFLyQ XWLOL]DQGR HO
0pWRGRGHH[WUDFFLyQ 7LHPSR
JJ PJK
HTXLSR VR[KOHW 5HVXOWDGRV VLPLODUHV VH
6ROYHQWHV K REWXYLHURQ HQ OD H[WUDFFLyQ GH DFHLWH
HVHQFLDO GH DMR $WKDQDVLRV HW DO
6R[KOHW K
\ iFLGR FDUQRVtQLFR XQ DQWLR[LGDQWH GH
8OWUDVRQLGRILOWUDFLyQ K 5RVPDULQXVRIILFLQDOLV$EXHWDO
)XHQWH'MLODQLHWDO (ILFLHQFLDGHODH[WUDFFLyQDVLVWLGD
SRUXOWUDVRQLGRFRQUHVSHFWRD
PpWRGRVQRWUDGLFLRQDOHV
GH OD H[WUDFFLyQ SRU VR[KOHW \ VROYHQWHV 6HJ~Q HVWXGLRV UHDOL]DGRV SRU *DR OD
UHVSHFWLYDPHQWH H[WUDFFLyQ DVLVWLGD SRU PLFURRQGDV GH
/RV DOFDORLGHV REWHQLGRV WLHQHQ ODV IODYRQRLGHV HQ 6DXVVXUHD PHGXVD
PLVPDV FDUDFWHUtVWLFDV FXDOLWDWLYDV HQ ORV 0D[LP HV PiV HILFLHQWH VREUH PpWRGRV
WUHVPpWRGRV'MLODQLHWDO WUDGLFLRQDOHVFRPRH[WUDFFLyQSRUVROYHQWHV
DWHPSHUDWXUDDPELHQWHUHIOXMRWpUPLFR\
(VWXGLRV GHPXHVWUDQ TXH XWLOL]DQGR XQ
6R[KOHWYpDVHFXDGUR$GLFLRQDOPHQWH
UHDFWRUGHPGHFDSDFLGDGGLVHxDGRHQ
REWXYR PHMRUHV UHVXOWDGRV XWLOL]DQGR
5XPDQLDHQVHREWXYLHURQH[WUDFWRV
HO PLFURRQGDV TXH FRQ OD WpFQLFD GH
GH KLHUEDV PD\RUHV GXUDQWH
XOWUDVRQLGRSXHVKXERXQDHILFLHQFLD
KRUDVFRQVRQLILFDFLyQTXHGXUDQWHGtDV
YHFHV PD\RU 6LQ HPEDUJR HQ SURGXFWRV
GH PDFHUDFLyQ HQ DJLWDFLyQ FRQVWDQWH HQ
HQORVFXDOHVODWHPSHUDWXUDGHH[WUDFFLyQ
HWDQROD&9LQDWRUX
SXHGH DIHFWDU OD IXQFLRQDOLGDG GH OD
6HJ~Q 3DOPD %DUURVR HO XOWUDVRQLGR VXVWDQFLD H[WUDtGD HO XVR GHO XOWUDVRQLGR
SURGXFHXQDH[WUDFFLyQPXFKRPiVUiSLGD HVGHVXPDLPSRUWDQFLD7DOHVHOFDVRGHO
GHO iFLGR WDUWiULFR HQ ODV VHPLOODV GH DFHLWHHVHQFLDOGHDMRFX\RVFRPSRQHQWHV
XYD TXH HO PpWRGR GH H[WUDFFLyQ SRU VHOLEHUDQSRUDFFLyQHQ]LPiWLFDODFXDOHV
PDFHUDFLyQ \ PH]FODGR FRQ VROYHQWHV GHVDFWLYDGDSRUDFFLyQGHOFDORU\DVHDSRU
DGHPD\RUH[WUDFFLyQXWLOL]DQGR
XOWUDVRQLGR
VHPLOODVGHXYDVHGHWHUPLQyTXHDPD\RU
WHPSHUDWXUD PD\RU H[WUDFFLyQ GH HVWRV
8$(
FRPSXHVWRV6HJ~Q&DEUHUR3LQLOORV
0DFHUDWLRQ6WLUULJ
([WUDFWLRQ HWDORWUDYDULDEOHLPSRUWDQWHSRUDQDOL]DU
GXUDQWH OD RSWLPL]DFLyQ GHO PpWRGR GH
H[WUDFFLyQ DVLVWLGD SRU XOWUDVRQLGR HV OD
E 7LPHPLQ FRQFHQWUDFLyQ GH VDOHV HQ HO PHGLR \D
TXH HVWDV GLVPLQX\HQ OD VROXELOLGDG GH
DQDOLWRV HQ HO PHGLR IDYRUHFLHQGR VX
)LJXUD&LQpWLFDGHODH[WUDFFLyQGHiFLGRWDUWiULFR\iFLGRPiOLFR
H[WUDFFLyQ 'XUDQWH VX LQYHVWLJDFLyQ
DSDUWLUGHVHPLOODVGHXYD HQFRQWUDURQ TXH ORV PHMRUHV UHVXOWDGRV
SDUDODH[WUDFFLyQGHFRPSXHVWRVYROiWLOHV
HO XVR GH PLFURRQGDV R SRU GHVWLODFLyQ HQ YLQRV VH REWXYLHURQ DO DxDGLU FORUXUR
(QHVWHFDVRODLPSRUWDQFLDGHOXVRGHOD GHVRGLR
H[WUDFFLyQDVLVWLGDSRUXOWUDVRQLGRHVSRU
'LVSRQLELOLGDGGHORVHTXLSRV\
OD SRVLELOLGDG GH UHDOL]DU OD H[WUDFFLyQ D YLDELOLGDGLQGXVWULDO
WHPSHUDWXUD DPELHQWH (Q VXV HVWXGLRV
$WKDQDVLRVHWDOHQFRQWUyTXHODH[WUDFFLyQ 6HJ~Q 5RVWDJQR HW DO OD H[WUDFFLyQ
DVLVWLGDSRUXOWUDVRQLGRXWLOL]DXQDWpFQLFD
DVLVWLGD SRU XOWUDVRQLGR SUHVHQWy PHMRUHV
HFRQyPLFD \ GH EDMRV UHTXHULPLHQWRV
UHVXOWDGRV TXH OD H[WUDFFLyQ DVLVWLGD SRU
LQVWUXPHQWDOHV DO FRPSDUDUOD FRQ RWURV
PLFURRQGDVHQFXDQWRDODVFDQWLGDGHVGH
PpWRGRVLQQRYDGRUHVFRPRHOGHH[WUDFFLyQ
ORV FRPSRQHQWHV GHVHDEOHV HQ HO DFHLWH GH OtTXLGRV VXSHUFUtWLFRV \ OD H[WUDFFLyQ
HVHQFLDO GH DMR REWHQLHQGR DVt \ DVLVWLGDSRUPLFURRQGDV
UHVSHFWLYDPHQWH
6HJ~Q&DEUHUD3LQLOORVHWDOHVQHFHVDULR
/D 2ILFLQD GH ,QYHVWLJDFLyQ \ 'HVDUUROOR FRQVLGHUDU RSFLRQHV WDOHV FRPR OD
GHO &RQVHMR 6XSHULRU GH ,QYHVWLJDFLRQHV H[WUDFFLyQ DVLVWLGD SRU XOWUDVRQLGR SUHYLD
&LHQWtILFDV GH OD 277 DVHJXUD TXH HO DO DQiOLVLV FURPDWRJUiILFR SXHV RWUDV
SULQFLSDO SUREOHPD GH OD H[WUDFFLyQ SRU WpFQLFDV FRPR OD 0LFURH[WUDFFLyQ GH
IOXLGRV VXSHUFUtWLFRV HV HO WLHPSR ODUJR IDVH VyOLGD 630( DXQTXH HVWi JDQDQGR
GH H[WUDFFLyQ D YHFHV GH KDVWD KRUDV SRSXODULGDG HQ HVWH FDPSR UHTXLHUH XQD
6OL
LQVWUXPHQWDFLyQFRVWRVD\PX\HVSHFtILFD JUDQHVFDOD(OSULPHUSDVRHVLGHQWLILFDUXQ
OD FXDO QR SRGUtD HVWDV SUHVHQWH HQ WRGRV SURGXFWRFRPHUFLDOSDUDOXHJRFRPSUREDU
ORVODERUDWRULRV HOLQFUHPHQWRHQODHILFLHQFLDGHOPpWRGR
/D H[WUDFFLyQ DVLVWLGD SRU XOWUDVRQLGR SRU DFFLyQ GH OD VRQLILFDFLyQ 9LQDWRUX
HQ ODERUDWRULR QR HV GLItFLO XWLOL]DQGR
XQ EDxR HTXLSRV TXH VRQ IiFLOPHQWH 6HJ~Q &DEUHGR3LQLOORV HW DO XQD GH
DGTXLULEOHV HQ HO PHUFDGR GH YDULDGDV ODV SULQFLSDOHV YHQWDMDV GH HVWD WpFQLFD
PDUFDVLQWHUQDFLRQDOHV7DPELpQVHSXHGHQ HV TXH FRPSDUDGR FRQ RWURV PpWRGRV
FRQVHJXLU HTXLSRV GH FDVD FRPHUFLDOHV D FRQYHQFLRQDOHV HV TXH UHTXLHUH XQD
HVFDODLQGXVWULDOSDUDXWLOL]DUHQSURFHVRV LQVWUXPHQWDFLyQ VLPSOH \ UiSLGD
FRPR KRPRJHQHL]DFLyQ HPXOVLILFDFLyQ $GLFLRQDOPHQWHVHJ~QHO&6,&HOHPLVRU
GLVSHUVLyQ PROLHQGD \ OLPSLH]D +D\ GHXOWUDVRQLGRVQRRFXSDPXFKRHVSDFLRQL
HPSUHVDV HQ HO PHUFDGR LQWHUQDFLRQDO VXSRQHXQDXPHQWRGHSUHFLRPX\JUDQGH
TXH RIUHFHQ HO GLVHxR GH HTXLSRV SDUD FRQ UHVSHFWR D ORV HTXLSRV KDELWXDOHV GH
OOHYDU D JUDQ HVFDOD ORV GHVFXEULPLHQWRV H[WUDFFLyQ
HQODERUDWRULR+LHOVFKHU$OJXQRV
LQYHVWLJDGRUHV KDQ SURSXHVWR GLVHxRV
GH HTXLSRV GH H[WUDFFLyQ DVLVWLGD SRU &RQFOXVLRQHV
XOWUDVRQLGR SDUD VHU XWLOL]DGRV HQ OD
6H KD FRPSUREDGR PHGLDQWH GLVWLQWRV
LQGXVWULDYpDVHILJXUD
HVWXGLRV TXH OD H[WUDFFLyQ DVLVWLGD SRU
&RQHOILQGHHVWDEOHFHUODH[WUDFFLyQSRU XOWUDVRQLGR HV PiV HILFLHQWH TXH OD
XOWUDVRQLGR FRPR XQD QXHYD WHFQRORJtD H[WUDFFLyQ SRU PpWRGRV WUDGLFLRQDOHV \
LQGXVWULDO HV LPSRUWDQWH LGHQWLILFDU ORV TXH WDPELpQ SXHGH DVLVWLU D PpWRGRV GH
SDUiPHWURVQHFHVDULRVSDUDVXDSOLFDFLyQD H[WUDFFLyQQRFRQYHQFLRQDOHVWDOHVFRPR
ODH[WUDFFLyQSRUIOXLGRVVXSHUFUtWLFRV
(ODXPHQWRGHODHILFLHQFLDQRVRORGHSHQGH
GHO PpWRGR GH H[WUDFFLyQ VLQR WDPELpQ
0HFKDQLFDO GHOPDWHULDOSRUH[WUDHUODWHPSHUDWXUDHO
&RROLQJKHDWLQJ
FRLO VWLUUHU VROYHQWHODSUHVHQFLDGHVDOHV\HOWLHPSR
GHVRQLILFDFLyQ
([WUDFWLRQ $XQTXHRWURVPpWRGRVGHH[WUDFFLyQFRPR
PDVV
ODH[WUDFFLyQDVLVWLGDSRUPLFURRQGDVKDQ
SUREDGRVHUPiVHILFLHQWHVHQDOJXQRVFDVRV
UHTXLHUHQ XQ HTXLSR PiV HVSHFLDOL]DGR \
7UDQVGXFHUV VRQ PiV FRVWRV$GLFLRQDOPHQWH XWLOL]DQ
ERQGHGWRZDOOV WUDWDPLHQWR WpUPLFR UiSLGR TXH SXHGH
DIHFWDU ORV FRPSXHVWRV GH LQWHUpV HQ OD
H[WUDFFLyQ +DFHQ IDOWD PiV HVWXGLRV TXH
FRPSDUHQ OD ($8 FRQ RWURV PpWRGRV GH
H[WUDFFLyQWDOHVFRPRH[WUDFFLyQHOpFWULFD
\H[WUDFFLyQWXUER
6HFRQFOX\HTXHHOPpWRGRGHH[WUDFFLyQ
DVLVWLGRSRUXOWUDVRQLGRSRUVXHILFLHQFLD
EDMR FRVWR \ SRVLELOLGDG GH H[WUDFFLyQ D
EDMDV WHPSHUDWXUDV VH FRQYHUWLUi HQ XQD
)LJXUD'LVHxRGHHTXLSRSDUDH[WUDFFLyQDVLVWLGDSRUXOWUDVRQLGR KHUUDPLHQWD DPSOLDPHQWH DSOLFDGD WDQWR
SURSXHVWRSRU9LQDWRUX HQODLQGXVWULDFRPRHQHOODERUDWRULR
6OL