&UtWLFDGHOSRGHU

)DVHVHQODUHIOH[LyQGHXQD7HRUtD&UtWLFDGHOD
VRFLHGDG

ZZZPDFKDGROLEURVFRP
 7(25Ë$<&5Ë7,&$

&ROHFFLyQGLULJLGD\GLVHxDGDSRU
/XLV$UHQDV\ÈQJHOHV-3HURQD

7Ë78/225,*,1$/
.ULWLNGHU0DFKW
‹6XKUNDPS9HUODJ)UDQNIXUWDP0 DLQ
‹GHODWUDGXFFLyQHLQWURGXFFLyQ*HUPiQ&DQR
‹0 $&+$'2*5832'(',675,%8&,Ï16/
&/$%5$'25(63$548((0 35(6$5,$/35$'2'(/(63,12
%2$',//$'(/0 217(0 $'5,'
HGLWRULDO#PDFKDGROLEURVFRP

,6%1
$;(/+211(7+
 &UtWLFDGHOSRGHU
)DVHVHQODUHIOH[LyQGHXQD7HRUtD&UtWLFDGHODVRFLHGDG

7UDGXFFLyQHLQWURGXFFLyQGH*HUPiQ&DQR

0 Ë1,0 275È16,72
$0 $&+$'2/,%526
 Ë1',&(

$[HO+RQQHWK\OD©XUEDQL]DFLyQªGHOD7HRUtD&UtWLFD*HUPiQ&DQR

35Ï/2*2

35,0(5$3$57(/$,1&$3$&,'$'3$5$(/$1È/,6,662&,$/
/$6$325Ë$6'(/$7(25Ë$&5Ë7,&$

/DLGHDRULJLQDOGH+RUNKHLPHUHOGpILFLWVRFLROyJLFRGHOD7HRUtD&UtWLFD
 (O YLUDMH KDFLD OD ILORVRItD GH OD KLVWRULD HQ OD 'LDOpFWLFD GH OD ,OXVWUDFLyQ
XQDFUtWLFDGHODGRPLQDFLyQGHODQDWXUDOH]D
/DWHRUtDGHODVRFLHGDGGH$GRUQRODUHSUHVLyQGHILQLWLYDGHORVRFLDO

6(*81'$3$57((/5('(6&8%5,0,(172'(/262&,$/
)28&$8/7<+$%(50$6

 (O DQiOLVLV KLVWyULFR GHO GLVFXUVR HQ )RXFDXOW /DV SDUDGRMDV GH XQD
DSUR[LPDFLyQVHPLROyJLFDDODKLVWRULDGHOVDEHU
'HODQiOLVLVGHOSRGHUDODWHRUtDGHOSRGHUODOXFKDFRPRSDUDGLJPDGHOR
 VRFLDO
/DWHRUtDGHODVRFLHGDGGH)RXFDXOWXQDGLVROXFLyQWHyULFRVLVWpPLFDGHOD
'LDOpFWLFDGHOD,OXVWUDFLyQ
/DDQWURSRORJtDGHOFRQRFLPLHQWRGH+DEHUPDVODWHRUtDGHORVLQWHUHVHVGHO
FRQRFLPLHQWR
 'RV UHFRQVWUXFFLRQHV GH OD KLVWRULD GH OD HVSHFLH HQ FRQIOLFWR HO
HQWHQGLPLHQWRFRPRSDUDGLJPDGHORVRFLDO
/DWHRUtDGHODVRFLHGDGGH+DEHUPDVODWUDQVIRUPDFLyQGHOD'LDOpFWLFDGH
ODLOXVWUDFLyQDODOX]GHXQDWHRUtDGHODFRPXQLFDFLyQ

%,%/,2*5$)Ë$
 
'(/$1È/,6,6'(/32'(5$/$7(25Ë$'(/32'(5
/$/8&+$&2023$5$',*0$'(/262&,$/

/D FXHVWLyQ TXH YD D FRQGXFLU ORV HVFULWRV GH )RXFDXOW D OD FHUFDQtD FRQ OD
7HRUtD &UtWLFD GH $GRUQR VyOR VH KDFH YLVLEOH GHVSXpV GH TXH HO SHQVDGRU
IUDQFpV DEDQGRQH HO PDUFR GHO DQiOLVLV KLVWyULFR GHO GLVFXUVR GHVDUUROODGR HQ
$UTXHRORJtDGHOVDEHU(QYHUGDGODVLQYHVWLJDFLRQHVPDWHULDOHVTXH)RXFDXOW
KDEtDHPSUHQGLGRGXUDQWHODGpFDGDGHORVVHVHQWDJXLDGRSRUODLQWHQFLyQGH
FRQVWUXLUXQDDUTXHRORJtDGHODVFLHQFLDVKXPDQDV\DJXDUGDEDQUHODFLyQFRQOD
FXHVWLyQGHODVFRQGLFLRQHVKLVWyULFDVEDMRODVFXDOHVSRGtDVXUJLUHOFRQFHSWR
GH KRPEUH FRPR VXMHWR LQGLYLGXDOL]DGR (Q HVD PHGLGD HO )RXFDXOW GH HVWH
SHULRGRWHQtDTXHHQIUHQWDUVHWDPELpQDHVHSODQWHDPLHQWRWHPiWLFRTXHKDEtD
PDUFDGR SURIXQGDPHQWH FRQ VX LPSURQWD OD ILORVRItD GH OD KLVWRULD GH $GRUQR
>@ $KRUD ELHQ ODV GLIHUHQWHV UHVSXHVWDV TXH YD D EULQGDU HO DQiOLVLV
IRXFDXOWLDQR GH OD KLVWRULD GHO VDEHU DO SUREOHPD FRPSDUWLGR FRQ $GRUQR QR
OOHJDUiQDFULVWDOL]DUHQXQDWHVLV~QLFD\FRQFOX\HQWH/DVDSRUtDVGHXQDQiOLVLV
GHO VDEHU FRQIRUPDGR VHJ~Q ODV SDXWDV GH OD VHPLRORJtD SURKtEHQ D )RXFDXOW
DOFDQ]DU XQD UHVSXHVWD OR VXILFLHQWHPHQWH FODUD \ FRQVLVWHQWH D OD UHFXUUHQWH
FXHVWLyQ FRQFHUQLHQWH DO ©QDFLPLHQWR GHO LQGLYLGXRª &RPR VH KD YLVWR SDUWLU
GHO KHFKR RQWROyJLFR GH HQXQFLDGRV HOHPHQWDOHV QR GHILQLGRV QL SRU XQ
VLJQLILFDGRLQWHQFLRQDOQLSRUODUHIHUHQFLDDXQREMHWRQRSHUPLWHRIUHFHUGHVGH
XQ SXQWR GH YLVWD PHWRGROyJLFR QLQJXQD H[SOLFDFLyQ GH OD FRQVWLWXFLyQ GH ORV
FRQWHQLGRVGHFRQRFLPLHQWRQLVLTXLHUDGHOFRQFHSWRPLVPRGHGLVFXUVRTXH
QRSDVHSRUXQDUHODFLyQPiVRPHQRVDFFLGHQWDOFRQODVH[LJHQFLDVIXQFLRQDOHV
GHODVLQVWLWXFLRQHV
(VWD H[SOLFDFLyQ IRXFDXOWLDQD GHO DQiOLVLV GHO GLVFXUVR TXH PDOHQWLHQGH
GHVGH HO SXQWR GH YLVWD RQWROyJLFR OD WHQWDWLYD PHWRGROyJLFD GH GLVWDQFLDUVH
DUWLILFLDOPHQWH GH VX SURSLD FXOWXUD VH HQUHGD FRPR \D VH KD PRVWUDGR HQ
KLSyWHVLV DXWRFRQWUDGLFWRULDV HQ UHODFLyQ FRQ OD H[SOLFDFLyQ GHO GHVDUUROOR
KLVWyULFR GH ORV VLVWHPDV GHO VDEHU 6RQ HVWDV LQFRQVLVWHQFLDV HQ HO PDUFR GHO
DQiOLVLV GHO GLVFXUVR ODV TXH WHUPLQDUiQ UHIOHMiQGRVH HQ ODV LQYHVWLJDFLRQHV
KLVWyULFDV GHSHQGLHQWHV GH GLFKD PHWRGRORJtD D SHVDU GH WRGD OD ULTXH]D
GHVFULSWLYD TXH HQFLHUUDQ HOODV QR RIUHFHQ PiV TXH YDJDV H[SOLFDFLRQHV \
RVFXUDVFRQMHWXUDVFXDQGRHQUHDOLGDGVHVXSRQHTXHQRVKDQGHSURSRUFLRQDU
ODV FRQGLFLRQHV KLVWyULFDV GHO RULJHQ \ OD WUDQVIRUPDFLyQ GH ORV VLVWHPDV GH
SHQVDPLHQWRSDUWLFXODUHV$TXtTXHGDVLQGHFLGLUVLHOGHVFXEULPLHQWRGHQXHYRV
FRQWHQLGRV GH VDEHU \ WDPELpQ SRU WDQWR VL HO GHVFXEULPLHQWR GHO VXMHWR
LQGLYLGXDOL]DGR SXHGHQ UHWURWUDHUVH HQ ~OWLPD LQVWDQFLD DO HQFXHQWUR
KLVWyULFDPHQWH DFFLGHQWDO GH FRQGLFLRQHV FRJQLWLYDV H LQVWLWXFLRQDOHV R D XQD
FRQVWHODFLyQ KLVWyULFDPHQWH VLQJXODU GH SUREOHPDV VRFLDOHV >@ 'LFKR HVWR
SXHVWR TXH OD IXQGDPHQWDFLyQ WHyULFD GH ODV LQYHVWLJDFLRQHV KLVWyULFDV
IRXFDXOWLDQDVSHUPDQHFHHOODPLVPDVLQDFODUDUHVDVLQYHVWLJDFLRQHVGLItFLOPHQWH
SXHGHQSURSRUFLRQDUXQDUHVSXHVWDFRQVLVWHQWHTXHSHUPLWDUHDOL]DUXQDSRVLEOH
FRPSDUDFLyQ FRQ ODV KLSyWHVLV KLVWyULFRILORVyILFDV GHVDUUROODGDV D VX YH] SRU
$GRUQR
6LQ HPEDUJR WRGD HVWD VLWXDFLyQ VH PRGLILFD HQ HO PRPHQWR HQ HO TXH
)RXFDXOW DEDQGRQD HO SUR\HFWR WHyULFR GH XQ DQiOLVLV GHO FRQRFLPLHQWR
RULHQWDGR HQ WpUPLQRV VHPLROyJLFRV \ SLVD HO WHUUHQR GHO DQiOLVLV VRFLDO &DEH
GHFLU TXH KDVWD HVH PRPHQWR VX WUDEDMR VyOR LQGLUHFWDPHQWH UHSUHVHQWDED XQ
WLSRGHWHRUtDGHODVRFLHGDGHQODPHGLGDHQTXHFRQVWLWXtDQVLVWHPDVGHVDEHU
FXOWXUDOPHQWH OHJLWLPDGRV ORV GLVFXUVRV HUDQ PHGLRV GH LQWHJUDFLyQ VRFLDO
GHQWUR GH XQD VRFLHGDG VXV VLVWHPDV FRJQLWLYRV QR REVWDQWH GHEtDQ VHU
FODULILFDGRV EiVLFDPHQWH HQ WpUPLQRV LQPDQHQWHV HV GHFLU VyOR D WUDYpV GHO
DQiOLVLV GH ODV UHJODV GH FRPSRVLFLyQ GH VXV HOHPHQWRV OLQJtVWLFRV 'H HVWH
PRGR HO SOH[R HVWUXFWXUDO VRFLDO DSDUHFH ~QLFDPHQWH FRPR XQ YDJR WHOyQ GH
IRQGRGHODQiOLVLVGHOGLVFXUVRDXQFXDQGR)RXFDXOWVHYHDILQDOPHQWHREOLJDGR
SRUVXVSURSLRVDUJXPHQWRVDH[SOLFDUODFRQVWLWXFLyQGHORVGLVFXUVRVKDFLHQGR
UHIHUHQFLD D ODV H[LJHQFLDV IXQFLRQDOHV GH OD VRFLHGDG HQ HVWH SODQR ORV
VLVWHPDV GH VDEHU GHEHQ VHU H[DPLQDGRV D OD OX] GH ODV IRUPDV HQ ODV TXH
DVXPHQGLYHUVDVIXQFLRQHVSDUDXQRUGHQVRFLDOH[WUDGLVFXUVLYR6LQHPEDUJR
)RXFDXOW DVXPH HVWD GHILQLFLyQ GH FRUWH IXQFLRQDO VLQ XQD FRUUHVSRQGLHQWH
FRQFHSFLyQGHVLVWHPDVLQGHVDUUROODUXQFRQFHSWRGHPDUFRHVWUXFWXUDOVRFLDO
(VHVWDDXVHQFLDODTXHWHUPLQDLQWURGXFLHQGRHQXQDREUDFRPR$UTXHRORJtD
GHOVDEHU XQ FLHUWR IDFWRU GH DUELWUDULHGDG HQ OD QRFLyQ GH SRGHU FRQ OD TXH
)RXFDXOW WUDWD GH FRPSUHQGHU ORV UHQGLPLHQWRV IXQFLRQDOHV HVSHFtILFRV GH ORV
GLVFXUVRV eO PLVPR SHUPDQHFH VXPLGR HQ XQD FLHUWD DPELJHGDG IUHQWH D OD
GLVWLQFLyQ IXQGDPHQWDO D UHDOL]DU HQWUH HO SRGHU VRFLDO TXH VH HMHUFH VREUH ORV
VXMHWRV \ HO SRGHU LQVWUXPHQWDO HMHUFLGR VREUH REMHWRV 3RU WRGR HOOR SXHGH
GHFLUVHTXHVXREUDWHPSUDQDHQFLHUWDPHGLGDVyORTXHGDHPSOD]DGDHQXQD
SRVLFLyQSUHYLDHQHOXPEUDOGHXQDQiOLVLVVRFLDOJHQXLQR
)RXFDXOWYDDLQWURGXFLUGLVFUHWDPHQWHODVSULPHUDVUHYLVLRQHVGHVXPRGHOR
RULJLQDOGHDQiOLVLVGHGLVFXUVRHQXQDOHFFLyQLQDXJXUDOLPSDUWLGDSRUpOEDMRHO
WtWXOR GH ©(O RUGHQ GHO GLVFXUVRª >@ 'HVGH HVWH PRPHQWR \ GH PDQHUD
SDXODWLQD ODV FRQGLFLRQHV LQVWLWXFLRQDOHV TXH VLUYHQ FRPR PDUFR SDUD OD
SURGXFFLyQGHGLVFXUVR\HQHVDPHGLGDHOFRQWH[WRHVWUXFWXUDOVRFLDOFRPR
WDODSDUHFHQHQHOSULPHUSODQRGHODWHRUtD(VWHFDPELRGHSHUVSHFWLYDVXUJH
HQ SULPHU OXJDU FXDQGR )RXFDXOW FRQ OD PLUDGD SXHVWD HQ OD ILORVRItD GH
1LHW]VFKH EXVFD LGHQWLILFDU ODV GLVSRVLFLRQHV DIHFWLYDV VRFLDOHV IXQGDPHQWDOHV
TXH VXE\DFHQ D ORV SURFHVRV LQVWLWXFLRQDOHV RULHQWDGRV D OD FRQVHUYDFLyQ \
PDQWHQLPLHQWRGHORVVLVWHPDVVRFLDOHVDTXtHOREMHWRFRP~QGHHVDVHQHUJtDV
SXOVLRQDOHVFRQVWLWXWLYDVTXHFRQVWDQWHPHQWHFRQIOX\HQHQODUHSURGXFFLyQGHOD
VRFLHGDG QR HV RWUR TXH HO ©GLVFXUVRª XQ GLVFXUVR TXH )RXFDXOW FLHUWR HV
LQWHQWD FRPSUHQGHU DKRUD GHQWUR GHO PDUFR KHUPHQpXWLFR ²\D PHQFLRQDGR
DQWHULRUPHQWH² GH XQD ILORVRItD GH OD YLGD HQ FLHUWR PRGR UHDFWLYDGD HQ
WpUPLQRVGHXQDWHRUtDGHOOHQJXDMH'HVGHHVWHSULVPDODVRFLHGDGSXHGHVHU
LQWHUSUHWDGD FRPR XQ VLVWHPD VRFLDO DOLPHQWDGR SRU GRV DIHFWRV EiVLFRV HO
©SRGHUª \ HO ©GHVHRª XQ VLVWHPD HQ HO TXH HO GLVFXUVR UHSUHVHQWDGR
SUHFLVDPHQWHFRPRXQDFRUULHQWHRPQLSUHVHQWHGHDFRQWHFLPLHQWRVOLQJtVWLFRV
HV REMHWR GH FRQIURQWDFLRQHV \ FRQIOLFWRV HVWUDWpJLFRV >@ /D RUJDQL]DFLyQ
LQVWLWXFLRQDOGHODVRFLHGDGVHH[SOLFDDVXYH]FRPRXQDFRQVWHODFLyQVRFLDOGH
HVDV HVWUDWHJLDV \ WpFQLFDV SRU PHGLR GH ODV FXDOHV ORV GLIHUHQWHV JUXSRV
VRFLDOHVLQWHQWDQHQFDUQDUODVGLVSRVLFLRQHVFRQIOLFWLYDVGHOSRGHU\HOGHVHRHQ
HOPHGLRGHOGLVFXUVR
(QUHDOLGDGHVWDFRQFHSFLyQGXDOLVWDRIUHFHDKRUDODSRVLELOLGDGWHyULFDGH
FRPSUHQGHU ORV SURFHGLPLHQWRV LQVWLWXFLRQDOHV SDUD HO FRQWURO GHO VDEHU FRPR
WHFQRORJtDV GH GRPLQDFLyQ VRFLDO \ HQ HVD PHGLGD SRU WDQWR VXEVDQDU HO
GpILFLWWHyULFRVRFLDOTXHVXE\DFtDDODQiOLVLVRULJLQDOGHOGLVFXUVR1RREVWDQWH
FDEH VHxDODU TXH HQ OR TXH FRQFLHUQH D VXV IXQGDPHQWRV ILORVyILFRVRFLDOHV
HVWD QXHYD FRQFHSFLyQ ELHQ HQ VX FRQFHSWR GH DIHFWR DEUXSWDPHQWH
LQWURGXFLGR VLQ QLQJXQD PHGLDFLyQ ELHQ HQ HO GH VRFLHGDG XQ GHULYDGR GH
DTXpO GLFKD VROXFLyQ VLJXH VLHQGR H[WUHPDGDPHQWH YDJD \ RVFXUD 3RU RWUR
ODGRHVWDFRQVWUXFFLyQVHUHVLHQWHSRUHOKHFKRGHSODQWHDUXQDVtQWHVLVSRFR
LQWHOLJLEOH GH HOHPHQWRV SURFHGHQWHV GH OD ILORVRItD GH OD YLGD \ OD WHRUtD GHO
SRGHU 'H DKt TXH )RXFDXOW UHPSODFH PX\ UiSLGDPHQWH HVWD FRQFHSFLyQ
GXDOLVWDSRUXQDFRQFHSFLyQPRQLVWDGHOSRGHU>@TXHUHVXOWDHQHIHFWRPiV
FRQVLVWHQWH HQ OR UHIHUHQWH D VXV SUHVXSXHVWRV WHyULFRV \ PHQRV LPSUHFLVD HQ
VXVFRQFHSWRVIXQGDPHQWDOHV(VWDFRQFHSFLyQPRQLVWDFRQVWLWXLUiPiVDGHODQWH
ODEDVHILORVyILFRVRFLDOGHVXWHRUtDGHODVRFLHGDG
$KRUDELHQVLSRUXQODGRVRQODVDSRUtDVVXUJLGDVGHXQDQiOLVLVGHOVDEHU
RULHQWDGR GHVGH HO SXQWR GH YLVWD VHPLROyJLFR ODV TXH DEUHQ ©GHVGH GHQWURª
LQPDQHQWHPHQWHHOQXHYRFDPLQRWHyULFRKDFLDXQDWUDQVIRUPDFLyQJUDGXDOGH
ODWHRUtDIRXFDXOWLDQDHODQiOLVLVGHODVUHODFLRQHVVRFLDOHVGHSRGHUQRSXHGH
GHMDU GH VXEUD\DUVH TXH HQ HO SODQR SROtWLFR \ ELRJUiILFR IXHURQ ORV
DFRQWHFLPLHQWRV GHO PRYLPLHQWR HVWXGLDQWLO IUDQFpV ORV TXH DVLPLVPR ©GHVGH
IXHUDªHQFLHUWRVHQWLGROHFRQGXMHURQDVHJXLUHVWDPLVPDGLUHFFLyQ6HUiHO
SURSLR )RXFDXOW GH KHFKR HO TXH DWULEX\D HVWH GHVSOD]DPLHQWR WHPiWLFR TXH
WRPDVXREUDDILQDOHVGHORVDxRVVHVHQWDDODVH[SHULHQFLDVREOLJDGDVTXHOD
L]TXLHUGDHXURSHDWXYRTXHUHDOL]DUWUDVODUHSUHVLyQGHODVUHYXHOWDVGH0D\R
(OPRWLYRIXQGDPHQWDOSDUDODWHRUtDGHOSRGHUVRFLDOHQODTXH)RXFDXOWWUDEDMD
GHVGH HVH PRPHQWR KDEUtD VLGR HVWLPXODGR SRU XQD WXUEDGRUD H[SHULHQFLD OD
UHVSXHVWD HVWUDWpJLFDPHQWH SHUIHFFLRQDGD TXH KDEUtD GDGR HO VLVWHPD
HVWDEOHFLGR GH GRPLQDFLyQ D ODV UHYXHOWDV VRFLDOHV 'H WRGDV ODV FRQFOXVLRQHV
WHyULFDVTXH)RXFDXOWVDFDGHHVWHKHFKRWDQWRGHPDQHUDGLUHFWDFRPRGHORV
SURSLRVDFRQWHFLPLHQWRVHQVtPLVPRVODPiVLPSRUWDQWHGHWRGDVHOODVSDUDOD
FRQFHSFLyQ D~Q LQFRPSOHWD GH GLVFXUVR VHUi OD VLJXLHQWH OD TXH D SDUWLU GH
DKRUD OH KDUi FRQFHELU ORV VLVWHPDV VRFLDOHV HQ JHQHUDO FRPR UHGHV GH SRGHU
VRFLDO HQ ODV TXH ODV IRUPDFLRQHV GH VDEHU DVXPHQ OD IXQFLyQ HVSHFLDO GH
LQWHQVLILFDUVXSRGHU/RVGLVFXUVRVVRQSRUFRQVLJXLHQWHVLVWHPDVVRFLDOHVGH
VDEHU FX\R RULJHQ SXHGH H[SOLFDUVH SRU ODV H[LJHQFLDV HVWUDWpJLFDV UHTXHULGDV
SRUXQFLHUWRRUGHQHVWDEOHFLGRGHSRGHUDXQFXDQGRHOORVSXHGDQDVXYH]
YROYHUDDFWXDUHIHFWLYDPHQWHVREUHHVHRUGHQGHSRGHU\DH[LVWHQWHDODYLVWD
GHHVWDOtQHDGHSHQVDPLHQWRGHODTXHVHDSUHFLDQDSULPHUDYLVWDQRSRFRV
HFRV GH OD WHRUtD GH VLVWHPDV )RXFDXOW QR VyOR GHVHVWLPD DKRUD OD DQWLJXD
FRQFHSFLyQGHOGLVFXUVRGHDFHQWXDGRFXxRYLWDOLVWDTXHpOGXUDQWHHVWHWLHPSR
KDEtD GHMDGR TXH RFXSDVH XQ OXJDU SULYLOHJLDGR HQ VXV HVFULWRV HQ HVWH
PRPHQWR EiVLFDPHQWH VH HQFXHQWUD SRU ILQ HQ GLVSRVLFLyQ GH DEDQGRQDU GH
PRGRGHILQLWLYRHOPDUFRGHXQDQiOLVLVGHOFRQRFLPLHQWRRULHQWDGRHQWpUPLQRV
VHPLROyJLFRV(QOXJDUSXHVGHSODQWHDUXQDQiOLVLVTXHWUDWHGHLQYHVWLJDUORV
VLVWHPDVFXOWXUDOHVGHVDEHUVREUHODEDVHGHODVUHODFLRQHVLQWHUQDVH[LVWHQWHV
HQWUHORVFRPSRQHQWHVOLQJtVWLFRVGHORVVLJQRVpOSXHGHDKRUDLPSXOVDURWUR
TXH DUURMH OX] VREUH ODV UHODFLRQHV H[WHUQDV HVWR HV IXQFLRQDOHV R FDXVDOHV
H[LVWHQWHV HQWUH ORV HOHPHQWRV HPStULFRV FRQVWLWX\HQWHV GH XQ VLVWHPD VRFLDO
HQWUHODVIRUPDFLRQHVGHVDEHU\ODVUHODFLRQHVGHSRGHU(VHOSURSLR)RXFDXOW
HO TXH GHVGH HVWH PRPHQWR EXVFD UHWURVSHFWLYDPHQWH GHVGH HVWD QXHYD
RULHQWDFLyQVHxDODUHOHOHPHQWRGHILFLWDULRGHVXVSULPHURVHVFULWRVHQHOVHQWLGR
GHVXLQFDSDFLGDGSDUDKDFHUMXVWLFLDDORVDVSHFWRVIXQFLRQDOHVGHORVVLVWHPDV
VRFLDOHVGHVDEHUTXHDKRUDVRQUHYHODGRVDODOX]GHOFRQFHSWRGHSRGHU
/RTXHOHIDOWDEDDPLWUDEDMR²DILUPDDKRUD²HUDHVWHSUREOHPDGHOµUpJLPHQGLVFXUVLYR¶HO
SUREOHPD GH ORV HIHFWRV GH SRGHU HVSHFtILFRV GHO MXHJR GH ORV HQXQFLDGRV &RQIXQGtD
H[FHVLYDPHQWH HVWR FRQ HO VLVWHPD OD IRUPD WHyULFD R DOJR SDUHFLGR D XQ SDUDGLJPD (VWH
PLVPR SUREOHPD FHQWUDO GHO SRGHU TXH HQ HVD pSRFD \R QR KDEtD VLGR FDSD] GH DLVODU GH
PDQHUD FRUUHFWD VH HQFXHQWUD EDMR GRV PX\ GLIHUHQWHV SHUVSHFWLYDV HQ HO SXQWR GH
FRQIOXHQFLDHQWUHOD+LVWRULDGHODORFXUD\/DVSDODEUDV\ODVFRVDV>@

/DPRGHUDGDDXWRFUtWLFDTXHFRPRSXHGHYHUVHUHDOL]DDTXt)RXFDXOWVLQ
HPEDUJR QR QRV SHUPLWH UHFRQRFHU D~Q GHO WRGR FyPR D HVWH FDPELR \D
PHQFLRQDGR HQ OD RULHQWDFLyQ PHWRGROyJLFD SXHGD FRUUHVSRQGHUOH XQ
GHVSOD]DPLHQWR HQ HO REMHWR GH FRQRFLPLHQWR HV GHFLU HO RUGHQ GHO VDEHU
TXHGDDTXtWUDQVIRUPDGRHQXQRUGHQGHOSRGHUVRFLDO&RQODLQWURGXFFLyQGH
XQDFRQFHSFLyQPRQLVWDGHOSRGHU)RXFDXOWQRVyORDEDQGRQDGHILQLWLYDPHQWH
HOPDUFRPHWRGROyJLFRGHOHVWUXFWXUDOLVPRVHPLROyJLFRpOWDPELpQSURSRUFLRQD
D VX WHRUtD HQ JHQHUDO XQ QXHYR FDPSR REMHWLYR GH LQYHVWLJDFLyQ (Q OXJDU GH
LQYHVWLJDUODVIRUPDVFXOWXUDOPHQWHGHWHUPLQDQWHVGHFRQRFLPLHQWRGHODKLVWRULD
GH OD 0RGHUQLGDG VRQ DKRUD ODV HVWUDWHJLDV LQVWLWXFLRQDOHV \ FRJQLWLYDV GH
LQWHJUDFLyQVRFLDOODVTXHGHEHQVHUREMHWRGHDQiOLVLVVXEUD\DQGRVREUHWRGR
VXV HIHFWRV GH FRQVHUYDFLyQ \ HVWDELOL]DFLyQ HQ ODV VRFLHGDGHV GH OD (XURSD
PRGHUQD/DWHRUtDDFHUFDGHORVFRQRFLPLHQWRV\VDEHUHVGHYLHQHWHRUtDGHOD
GRPLQDFLyQ\YDDVHUMXVWRDTXtGRQGHHOWUDEDMRGH)RXFDXOWVHDFHUTXHDO
WHUULWRULR\DKDELWDGRSRUODWUDGLFLyQGHOD(VFXHODGH)UDQNIXUW
$ ILQ GH DSUHFLDU DGHFXDGDPHQWH OD SRVLFLyQ TXH OD WHRUtD VRFLDO
IRXFDXOWLDQD YD D RFXSDU HQ OR TXH VLJXH UHVXOWD HQ SULQFLSLR LPSUHVFLQGLEOH
IDPLOLDUL]DUQRVHQSULPHUOXJDUFRQODSHFXOLDUFRQFHSFLyQGHOSRGHUTXHpOYDD
SRQHU HQ MXHJR 7UDV ODV REVHUYDFLRQHV DXWRFUtWLFDV TXH DFDEDQ GH
PHQFLRQDUVH )RXFDXOW FRQWLQ~D VXV H[SOLFDFLRQHV FRQ XQD DILUPDFLyQ TXH QRV
SHUPLWH FDOLEUDU HQ TXp PHGLGD pO VLJXH VLQ UHFRQRFHU DGHFXDGDPHQWH OD
UHRULHQWDFLyQ FRQFHSWXDO GH VX WHRUtD SHUR WDPELpQ UHDOL]DU XQD SULPHUD
DSUR[LPDFLyQDORVSUHVXSXHVWRVEiVLFRVGHVXFRQFHSWRGHSRGHU
>«@'HDKtVHVLJXHHOUHFKD]RGHORVDQiOLVLVTXHVHUHILHUHQDOFDPSRVLPEyOLFRRDOGRPLQLR
GH ODV HVWUXFWXUDV VLJQLILFDQWHV \ HO UHFXUVR D ORV DQiOLVLV TXH VH KDFHQ HQ WpUPLQRV GH
JHQHDORJtD GH ODV UHODFLRQHV GH IXHU]D GHVDUUROORV HVWUDWpJLFRV WiFWLFDV &UHR TXH D OR TXH
GHEHPRVUHIHULUQRVQRHVDOJUDQPRGHORGHODOHQJXD\ORVVLJQRVVLQRDODJXHUUD\ODEDWDOOD
/DKLVWRULFLGDGTXHQRVODVWUD\QRVGHWHUPLQDHVEHOLFRVDQRHVOHQJXDUD]5HODFLyQGHSRGHU
\ QR UHODFLyQ GH VHQWLGR /D KLVWRULD QR WLHQH µVHQWLGR¶ OR FXDO QR TXLHUH GHFLU TXH VHD
DEVXUGD R LQFRKHUHQWH $O FRQWUDULR HV LQWHOLJLEOH \ GHEH SRGHU VHU DQDOL]DGD KDVWD HQ VXV
PtQLPRVGHWDOOHVSHURVHJ~QODLQWHOLJLELOLGDGGHODVOXFKDVODVHVWUDWHJLDVODVWiFWLFDV«>@

&RPR IiFLOPHQWH SXHGH FRPSUREDUVH HQ HVWDV DILUPDFLRQHV )RXFDXOW

GLEXMD DTXt ORV SHUILOHV IXQGDPHQWDOHV GH XQD WHRUtD GHO SRGHU VRFLDO EDMR XQ
PRGHORTXHVHHQIUHQWDDGRVWUDGLFLRQHVWHyULFDVHQFRPSHWHQFLDHVWRHVYDD
SDUWLU GH OD FRQYLFFLyQ GH TXH WDQWR OD FLHQFLD SROtWLFD FOiVLFD FRPR OD WHRUtD
VRFLDO SURFHGHQWH GHO PDU[LVPR FDUHFHQ GH XQ SURJUDPD FDSD] GH HQWHQGHU
DGHFXDGDPHQWH ORV PHFDQLVPRV GH LQWHJUDFLyQ VRFLDO SUHGRPLQDQWHV HQ ODV
VRFLHGDGHV GHVDUUROODGDV KDELGD FXHQWD VREUH WRGR GH TXH DPEDV
FRQFHSFLRQHV SHUPDQHFHQ HQ LJXDO PHGLGD FDXWLYDV GH ORV SUHMXLFLRV WHyULFRV
GHXQDGHWHUPLQDGDFRQFHSFLyQGHOSRGHUOLJDGDDIRUPDVSUHPRGHUQDV6HJ~Q
GLFKD FRQFHSFLyQ HO SRGHU HV UHSUHVHQWDGR FRPR XQD SRVHVLyQ
FRQWUDFWXDOPHQWHUHJXODGDRYLROHQWDPHQWHDGTXLULGDTXHMXVWLILFDRDXWRUL]DOD
VREHUDQtD SROtWLFD HQ HO HMHUFLFLR GH XQ SRGHU UHSUHVLYR (Q DPERV FDVRV VH
SDUWH GH XQ DFWRU HQ SRVHVLyQ GHO SRGHU TXH XWLOL]D PHGLRV DSDUHQWHPHQWH
DGHFXDGRVSDUDLPSRQHUSURKLELFLRQHVHLQVWUXFFLRQHVTXHSHUPLWHQUHDOL]DUVXV
REMHWLYRV GH GRPLQLR 6LJXLHQGR HO PRGHOR GHO FRQWUDWR MXUtGLFR OD FLHQFLD
SROtWLFD FOiVLFD VH LPDJLQD OD SRVHVLyQ GHO SRGHU FRPR XQD WUDQVIHUHQFLD GH
GHUHFKRV3RUVXSDUWHODWHRUtDPDU[LVWDSDUWLHQGRGHXQPRGHORGHSHQVDU
GHFXxR©HVWDWDOLVWDªFRPSUHQGHODSRVHVLyQGHOSRGHUFRPRXQDDSURSLDFLyQ
GHODSDUDWRGH(VWDGR>@(QRSRVLFLyQDDPEDVWUDGLFLRQHVWHyULFDV)RXFDXOW
SURSRQGUi XQ PRGHOR HVWUDWpJLFR GH SRGHU FX\D FDUDFWHUtVWLFD IXQGDPHQWDO
SURYLHQHGHODWHQWDWLYDGHWUDGXFLUODWHRUtDGHOSRGHUQLHW]VFKHDQD>@ ²XQD
FRQFHSFLyQGHWLQWHVQDWXUDOLVWDV²DOPDUFRGHXQDWHRUtDGHODVRFLHGDG
'HVGHHVWHWHOyQGHIRQGR)RXFDXOWSODQWHDGLYHUVDVREMHFLRQHVFRQWUDORV
GRVFRPSRQHQWHVHVHQFLDOHVGHODWHRUtDGHOSRGHUWUDGLFLRQDOHVWRHVFRQWUD
VX FRQFHSFLyQ GHO VXMHWR \ ORV PHGLRV GHO SRGHU VRFLDO (Q UHIHUHQFLD D OD
VXSRVLFLyQ GH XQ DFWRU VRFLDO D TXLHQ HO SRGHU VH OH DWULEX\H FRPR XQD
SRVHVLyQFRQWUDFWXDOPHQWH FRPSDUWLGD R DGTXLULGD SRU OD IXHU]D )RXFDXOW
SURSRQH XQD KLSyWHVLV TXH FRQ HO WLHPSR VH FRQYHUWLUi HQ HO SUHVXSXHVWR
GHFLVLYR GH VX SURSLD FRQFHSFLyQ TXH pVWH QR GHEH SHQVDUVH FRPR XQD
FDSDFLGDGRPDJQLWXGILMDFRPRODSURSLHGDGGXUDGHUDGHXQVXMHWRLQGLYLGXDO
R GH XQ JUXSR VRFLDO VLQR PiV ELHQ FRPR HO SURGXFWR SULQFLSLR IUiJLO H
LQFHVDQWHPHQWHDELHUWRGHFRQIOLFWRVHVWUDWpJLFRVHQWUHVXMHWRV/DDGTXLVLFLyQ
\ PDQWHQLPLHQWR GHO SRGHU VRFLDO QR WLHQH OXJDU SRU WDQWR FRPR XQD
DSURSLDFLyQRHMHUFLFLRXQLODWHUDOGHGHUHFKRVEDMRODIRUPDGHXQGHFUHWRRGH
PHGLRVFRDFWLYRVVLQRPiVELHQVHJ~QHOPRGHORGHXQDOXFKDFRQWLQXDHQWUH
DFWRUHV VRFLDOHV (V PiV )RXFDXOW FRPSOHWD HVWD REMHFLyQ FHQWUDO ²TXH
SDUHFHSDUWLUHQOXJDUGHXQVXMHWRTXH©WRPDªHOSRGHUGHXQDSOXUDOLGDGGH
VXMHWRV HQ OXFKD \ SRU OR WDQWR VXSHUD LQHVSHUDGDPHQWH HO SXQWR GH SDUWLGD
HVWUXFWXUDOLVWD²FRQODIyUPXODTXHWRPDSUHVWDGDGH1LHW]VFKHGLFKRVHDGH
SDVRGHOD©GLYHUVLGDGGHUHODFLRQHVGHSRGHUª
0 HSDUHFHTXHSRUSRGHUKD\TXHFRPSUHQGHUSULPHURODPXOWLSOLFLGDGGHODVUHODFLRQHVGH
IXHU]DVLQPDQHQWHV\SURSLDVGHOGRPLQLRHQTXHVHHMHUFHQ\TXHVRQFRQVWLWXWLYDVGHVX
RUJDQL]DFLyQHOMXHJRTXHSRUPHGLRGHOXFKDV\HQIUHQWDPLHQWRVLQFHVDQWHVODVWUDQVIRUPD
ODVUHIXHU]DODVLQYLHUWHORVDSR\RVTXHGLFKDVUHODFLRQHVGHIXHU]DHQFXHQWUDQODVXQDVHQ
ODV RWUDV GH PRGR TXH IRUPHQ FDGHQD R VLVWHPD R DO FRQWUDULR ORV FRUULPLHQWRV ODV
FRQWUDGLFFLRQHVTXHDtVODQDXQDVGHRWUDV>@

$XQ FXDQGR )RXFDXOW KDFH XVR FRPR DTXt GHO OHQJXDMH ILVLFDOLVWD GH OD
PHFiQLFD OD OtQHD GH UHIOH[LyQ TXH SUHVHQWD VXJLHUH TXH SRGHPRV DVXPLU XQ
PRGHOR WHyULFR GH DFFLyQ FRPR FRQGLFLyQ EiVLFD GH VX WHRUtD GHO SRGHU (Q
YLUWXGGHpOODDFFLyQHVWUDWpJLFDHQWUHDFWRUHVVRFLDOHVVHLQWHUSUHWDFRPRXQ
SURFHVRLQFHVDQWHHQHOTXHFULVWDOL]DODIRUPDFLyQ\HMHUFLFLRGHOSRGHUVRFLDO
(O SRGHU VH HQUDt]D HQ XQD ©EDWDOOD SHUSHWXDª >@ HQ OD PHGLGD HQ TXH
FXDOTXLHU ORJUR XQLODWHUDO GH ORV REMHWLYRV HVWUDWpJLFRV DSDUHFH OLJDGR D
VLWXDFLRQHV GH FRQIURQWDFLyQ GLUHFWD HQWUH VXMHWRV 'H HVWD LQWHUSUHWDFLyQ
WHyULFD GH OD DFFLyQ HQ OD WHRUtD GHO SRGHU IRXFDXOWLDQD GDQ WHVWLPRQLR VREUH
WRGR DOJXQDV IRUPXODFLRQHV VREUH WRGR HQ ODV TXH pO H[SOLFD OD JpQHVLV GHO
SRGHU VRFLDO SDUWLHQGR GH ORV FRQIOLFWRV LQDGYHUWLGDPHQWH LQWURGXFLGRV HQ OD
YLGDVRFLDOFRWLGLDQD
>@HOSRGHUYLHQHGHDEDMRHVGHFLU>@QRKD\HQHOSULQFLSLRGHODVUHODFLRQHVGHSRGHU\
FRPR PDWUL] JHQHUDO XQD RSRVLFLyQ ELQDULD \ JOREDO HQWUH GRPLQDGRUHV \ GRPLQDGRV
UHIOHMiQGRVH HVWD GXDOLGDG GH DUULED DEDMR \ HQ JUXSRV FDGD YH] PiV UHVWULQJLGRV KDVWD ODV
SURIXQGLGDGHV GHO FXHUSR VRFLDO 0 iV ELHQ KD\ TXH VXSRQHU TXH ODV UHODFLRQHV GH IXHU]D
P~OWLSOHV TXH VH IRUPDQ \ DFW~DQ HQ ORV DSDUDWRV GH SURGXFFLyQ ODV IDPLOLDV ORV JUXSRV
UHVWULQJLGRV\ODVLQVWLWXFLRQHVVLUYHQGHVRSRUWHDDPSOLRVHIHFWRVGHHVFLVLyQTXHUHFRUUHQ
HOFRQMXQWRGHOFXHUSRVRFLDO>@

(Q HO PLVPR VHQWLGR KDEOD )RXFDXOW HQ RWUR OXJDU FRQFUHWDPHQWH HQ XQ
SDVDMH GH VXV WHVLV DFHUFD GH ©(O SRGHU \ OD QRUPDª ²DUWtFXOR HQ HO TXH
UHVXPLUi VX WHRUtD GHO SRGHU² DO DILUPDU LQFOXVR TXH HO SRGHU ©HV VLHPSUH
XQD IRUPD SDUWLFXODU \ GHILQLGD GH FROLVLRQHV PRPHQWiQHDV \ FRQWLQXDPHQWH
UHSHWLGDV HQ HO PDUFR GH XQ Q~PHUR GHILQLGR GH LQGLYLGXRVª >@ (O
SHQVDPLHQWRIXQGDPHQWDOGHVXWHRUtDGHODDFFLyQTXHQRHQYDQRVHHQYXHOYH
\GHVDUUROODHQXQDWHUPLQRORJtDGHFXxRPHFDQLFLVWDHQWUDDTXtHQHVFHQDGH
XQDPDQHUDQDGDGLVLPXODGDHOQDFLPLHQWRRHPHUJHQFLDGHOSRGHUVRFLDOSXHGH
HVWXGLDUVHHQXQQLYHOPX\HOHPHQWDOVLDWHQGHPRVDODVVLWXDFLRQHVGHDFFLyQHQ
ODVTXHORVVXMHWRVHQFRPSHWHQFLDDOEHUJDQGRREMHWLYRVGLIHUHQWHVHQWUDQHQ
FROLVLyQ \ OXFKDQ SRU LPSRQHU VXV ILQHV (O SRGHU VRFLDO QR ©HVª SRU
FRQVLJXLHQWH D GHFLU YHUGDG FRPR OD DQWHULRU FLWD SXHGH VXJHULU DOJR
FRQIXVDPHQWHODFRQIURQWDFLyQHVWUDWpJLFDFRPRWDOVLQRPiVELHQDTXHOORTXH
UHVXOWDGHOp[LWRFRQHOTXHXQRGHORVVXMHWRVHQOL]DSXHGHILQDOPHQWHGHFLGLUOD
OXFKD D VX IDYRU OD ©FRQWLQXD UHSHWLFLyQª GH WDOHV FRQIURQWDFLRQHV GLUHFWDV
VLJQLILFDDVtTXHHOSRGHUFRQVHJXLGRHQHVWDVLWXDFLyQQRSXHGHHVWDELOL]DUVH\
ILMDUVHGHPDQHUDFRQFOX\HQWHHQODUHJXODFLyQGHODLQWHUDFFLyQVRFLDOHVGHFLU
HQODVLQVWLWXFLRQHVHVWDEOHFLGDV\UHFRQRFLGDVVLQRTXHPiVELHQSHUPDQHFH
SHUPDQHQWHPHQWH GHSHQGLHQWH GH FRQILUPDFLyQ HQ ODV VLWXDFLRQHV HOHPHQWDOHV
GH OD OXFKD VRFLDO (VWR TXLHUH GHFLU SRU WDQWR TXH HQ OD PHGLGD HQ TXH HV
HQWHQGLGD H[FOXVLYDPHQWH FRPR XQ SOH[R GH UHODFLRQHV HVWUDWpJLFDV HQWUH
DFWRUHVLQGLYLGXDOHVRFROHFWLYRVWRGDVRFLHGDGVHHQFXHQWUDHQXQLQFHVDQWH\
HQSULQFLSLRLQWHUPLQDEOHHVWDGRGHJXHUUD
(QFXDOTXLHUSXQWRGHOFXHUSRVRFLDOHQWUHXQKRPEUH\XQDPXMHUHQXQIDPLOLDHQWUHXQ
PDHVWUR\VXDOXPQRHQWUHHOTXHVDEH\TXLHQQRVDEHWUDQVFXUUHQODVUHODFLRQHVGHSRGHU
\ pVWDV QR VRQ XQD VLPSOH \ VHQFLOOD SUR\HFFLyQ GH XQ JUDQ SRGHU VREHUDQR VREUH ORV
LQGLYLGXRVVRQPiVELHQHOVXHORPyYLO\FRQFUHWRHQHOTXHHOSRGHUDUUDLJDODFRQGLFLyQGH
SRVLELOLGDGJUDFLDVDODFXDOSXHGHIXQFLRQDU>@

(VWDH[SOLFDFLyQSURYHQLHQWHGHXQDFRQYHUVDFLyQUHYHODFRQWRGDFODULGDG
KDVWD TXp SXQWR GHVSOD]DQGR VX LQYHVWLJDFLyQ KDFLD XQD WHRUtD GHO SRGHU
)RXFDXOW WUDWD GH HQWHQGHU OR VRFLDO EiVLFDPHQWH FRPR XQ SURFHVR
LQLQWHUUXPSLGR GH DFFLRQHV HVWUDWpJLFDV HQ FRQIOLFWR SHUPDQHQWH $ OD OX] GH
HVWH SODQWHDPLHQWR WDPELpQ SXHGH REVHUYDUVH OD GLIHUHQFLD H[LVWHQWH HQWUH VX
WHRUtDGHODVRFLHGDG\ODGH$GRUQRTXLHQHQDOJXQDPHGLGDSDVDSRUDOWRHO
IHQyPHQR GH OD DFFLyQ VRFLDO LQWHUVXEMHWLYD EXVFDQGR FRPSUHQGHU ODV
HVWUXFWXUDV VRFLDOHV HQ JHQHUDO FRPR IRUPDV FRDJXODGDV GH XQD DFWLYLGDG GH
FRQWUROGLULJLGDWDQWRDODQDWXUDOH]DH[WHUQDFRPRLQWHUQD(QFDPELR)RXFDXOW
SDUWHPiVELHQGHXQDGLPHQVLyQPiVHVSHFtILFDGHODDFFLyQVRFLDO6XPRGHOR
EiVLFR SDUWH GH OD LQWHUVXEMHWLYLGDG HVWUDWpJLFD GH OD OXFKD 'LFKR HVWR VLQ
HPEDUJRHOFRQFHSWRGHDFFLyQTXHFRQIRUPDODEDVHGHVXPRGHORQRTXHGD
DSHQDV GHILQLGR LQFOXVR UHVXOWD DOJR WRVFR (Q HO SODQR GH ORV FRQFHSWRV
IXQGDPHQWDOHV QR TXHGD FODUR VL pO GHVHD LQWHUSUHWDU HO FRQIOLFWR VRFLDO FRPR
DOJRTXHVyORWLHQHOXJDUHQWUHORVLQGLYLGXRVRWDPELpQHQWUHDFWRUHVVRFLDOHV
HQ ODV H[SOLFDFLRQHV GDGDV SRU )RXFDXOW VH SXHGHQ HQFXHQWUDQ GH KHFKR
SUXHEDVSDUDODVGRVLQWHUSUHWDFLRQHV7DPSRFRHOPRGHORWHyULFREiVLFRGHOR
VRFLDO DSHQDV GLFH DOJR DFHUFD GH VL HO PRWLYR FRQIOLFWLYR TXH SUHFHGH D OD
VLWXDFLyQHOHPHQWDOGHOXFKDHVHOLQWHUpVSURSLRHQSULQFLSLRLQFRPSDWLEOHFRQ
ORV RWURV GH ORV LQGLYLGXRV R GH ORV DFWRUHV VRFLDOHV R VL HVWD VXSXHVWD
LQFRPSDWLELOLGDGUHFtSURFDGHVXVLQWHUHVHVVHGHEHVyORDFLHUWDVFRQGLFLRQHV
KLVWyULFDV&RQWRGRORVFRPHQWDULRVUHDOL]DGRVSRU)RXFDXOWSDUHFHQDSR\DU
DTXt HQ HIHFWR OD SULPHUD GH ODV GRV YHUVLRQHV D VDEHU OD DILUPDFLyQ GH
FLHUWDV UHVRQDQFLDV KREEHVLDQDV GH XQ RULJLQDULR HVWDGR GH JXHUUD GH WRGRV
FRQWUDWRGRV>@
)RXFDXOW QDWXUDOPHQWH QR VH PXHVWUD LQWHUHVDGR HQ ODV VLWXDFLRQHV
HOHPHQWDOHVGHODOXFKDVRFLDOFRPRWDOVLQRVREUHWRGRHQODVHVWUXFWXUDVPiV
FRPSOHMDVGHSRGHUTXHVHGHULYDQGHHOODV6XSUREOHPDUDGLFDSRUWDQWRHQHO
KHFKR GH WHQHU TXH H[SOLFDU FyPR XQ VLVWHPD GH SRVLFLRQHV GH SRGHU
FRQHFWDGDV HQWUH Vt ²SRU HMHPSOR XQ RUGHQ GH GRPLQDFLyQ VRFLDO² SXHGH
HPHUJHUGHHVHSURFHVRLQFHVDQWHGHFRQIOLFWRVHVWUDWpJLFRVHQWUHDFWRUHV(Q
XQ QLYHO FRQFHSWXDO IXQGDPHQWDO pO VH KDFH FDUJR GH HVWD GLILFXOWDG VyOR
LQGLUHFWDPHQWH EDMR OD IRUPD GH XQD FUtWLFD GH OD WHRUtD PDU[LVWD GHO (VWDGR
6HJ~QORVSUHVXSXHVWRVGHGLFKDWHRUtDTXH)RXFDXOWFLHUWDPHQWHVLPSOLILFDHQ
JUDQPHGLGD>@VHWUDWDGHSRQHUGHPDQLILHVWRTXHXQGHWHUPLQDGRRUGHQ
GHGRPLQLRIXQGDGRHQHOSRGHUHFRQyPLFRGHXQDFODVHVRFLDOVHPDQWLHQHSRU
ODV LQWHUYHQFLRQHV LQVWUXPHQWDOHV \ ORV SURFHGLPLHQWRV GH PDQLSXODFLyQ GH XQ
DSDUDWRHVWDWDO/DVUHODFLRQHVGHSRGHUVRFLDOVRQSRUWDQWRDTXtJDUDQWL]DGDV
DWUDYpVGHOHPSOHRFRQWURODGR\FHQWUDOL]DGRGHORVPHGLRVDGPLQLVWUDWLYRVGH
FRDFFLyQ R GH FRQWURO GH OD FRQFLHQFLD (Q RSRVLFLyQ D HVWD FRQFHSFLyQ
)RXFDXOW GHILHQGH OD WHVLV GH TXH XQ RUGHQ GH GRPLQDFLyQ VRFLDO VHD GHO
FDUiFWHUTXHVHDQRHVXQDGLPHQVLyQTXHSXHGDVHUJREHUQDGD\FRQGXFLGD
GHVGH XQ GHWHUPLQDGR SXQWR SRU OD DFWLYLGDG FHQWUDOL]DGD GH XQ DSDUDWR GH
SRGHU SROtWLFR SXHV GDGR TXH OD GRPLQDFLyQ VXUJH GH XQD VHFXHQFLD GH
DFFLRQHVHVWUDWpJLFDVH[LWRVDVVyORSXHGHPDQWHQHUVHHQXQDGLVSXWDHQODTXH
SXHGD UHJXODU H[LWRVDPHQWH ODV VLWXDFLRQHV FRQIOLFWLYDV GH DFFLyQ $ ILQ GH
FRPSUHQGHUDGHFXDGDPHQWHHVWDREMHFLyQHVQHFHVDULRFRQVLGHUDUODFRPRXQD
SULPHUD ²\ VXSXHVWDPHQWH D~Q LPSOtFLWD² FRQVHFXHQFLD GH VX LQWHUSUHWDFLyQ
GH©ODOXFKDªFRPRPRGHOREiVLFRGHDFFLyQ
)RXFDXOWWDPELpQLQWHQWDUiFRPSUHQGHUODIRUPDFLyQ\UHSURGXFFLyQGHODV
HVWUXFWXUDV FRPSOHMDV GH SRGHU H[FOXVLYDPHQWH VREUH OD EDVH GHO PRGHOR
HVWUDWpJLFRGHDFFLyQ3DUDHOORpOWRPDFRPRSXQWRGHSDUWLGDODLGHDJHQHUDO
GH TXH OD HPHUJHQFLD GH ODV UHODFLRQHV GH GRPLQDFLyQ VRFLDO KD GH VHU
HQWHQGLGD FRPR XQ SURFHVR HQ HO TXH ODV SRVLFLRQHV GH SRGHU FRQVHJXLGDV \
DVHJXUDGDVHQGLIHUHQWHVHPSOD]DPLHQWRVVHFRQHFWDQFRPRHQXQDUHGGHQWUR
GH XQ VLVWHPD FDUHQWH GH XQ FHQWUR (O RUGHQ GH GRPLQDFLyQ VH FRQVWUX\H
KRUL]RQWDOPHQWHHVGHFLUVLSDUWLPRVGHOSXQWRGHYLVWDPHWDIyULFRGHXQFRUWH
VLQFUyQLFRUHDOL]DGRHQXQDFRUULHQWHLQFHVDQWHGHFRQIOLFWRVHQHOPRPHQWRHQ
HOTXHORVUHVXOWDGRVIHOL]PHQWHFRQVHJXLGRVHQORVGLIHUHQWHVIUHQWHVVRFLDOHVVH
FRPSOHWDQKDVWDDOFDQ]DUODVXPDGHXQREMHWLYRFRP~Q(QSULPHUDLQVWDQFLD
XQ VLVWHPD GH SRGHU QR HV HQ FLHUWD PHGLGD RWUD FRVD TXH XQD DUWLFXODFLyQ R
FRPELQDFLyQ PRPHQWiQHD GH DFFLRQHV H[LWRVDV VLPLODUHV HQ GLIHUHQWHV OXJDUHV
GHQWUR GH XQ FRQWH[WR GH YLGD VRFLDO (Q OD PHGLGD HQ TXH FRQVLJXH KDFHU
UHSHWLEOHVHVWRVORJURVLQWHUFRQHFWDGRVHQODVPLVPDVVLWXDFLRQHVFRQIOLFWLYDV\
GHHVHPRGRSURSRUFLRQDUOHVXQDFLHUWDFRQWLQXLGDGXQVLVWHPDGHSRGHUJDQD
HVWDELOLGDG\SHUPDQHQFLDKLVWyULFDVDODUJRSOD]R&RQVLGHUDGRGHVGHXQSXQWR
GHYLVWDJHQHUDOGHYLHQHHQWRQFHVXQRUGHQILMDGRWHPSRUDOPHQWHDXQVLVWHPD
GHSRVLFLRQHVGHSRGHUORFDOPHQWHDVHJXUDGDV\DILUPDGDVHQODOXFKD>@
6L DFHSWDPRV HVWH PRGHOR EiVLFR SURYLVLRQDOPHQWH KDFLHQGR DEVWUDFFLyQ
SRUHOPRPHQWRGHVXVSHUVLVWHQWHVGpILFLWGHFODULGDGVHSRQHGHPDQLILHVWR
TXHXQDWHRUtDGHODVRFLHGDGGHWHUPLQDGDUtJLGDPHQWHVHJ~QHOPRGHORGHODV
WHFQRORJtDV GHO FRQWURO HVWDWDO QR SXHGH SRU PHQRV GH HTXLYRFDUVH HQ OR
FRQFHUQLHQWHDVXVSUHVXSXHVWRVIXQGDPHQWDOHVXQDHVWUXFWXUDRGLVSRVLWLYRGH
SRGHUVRFLDOQRSXHGHVHULQVWLWXLGD\PDQWHQLGDSRUODIXQFLyQFHQWUDOL]DGDGH
XQDSDUDWRHVWDWDOVLQRVyORPHGLDQWHODVDFWLYLGDGHV©GHVFHQWUDOL]DGDVªGHORV
PiVYDULDGRVDFWRUHVHQGLYHUVDVVLWXDFLRQHVGHOXFKD/RTXHVHSUHVXSRQHHQ
FDPELRHQHVWDVFRQFHSFLRQHVHVWDWDOHVDFHUFDGHOSRGHUWDQUHGXFFLRQLVWDVHV
TXHXQRUGHQH[LVWHQWHGHSRGHUHVFDSD]GHUHSURGXFLUVHDVtPLVPRDWUDYpV
GH OD XWLOL]DFLyQ GH PHGLGDV GH FRDFFLyQ GLUHFWDPHQWH FHQWUDOL]DGDV R OD
PDQLSXODFLyQ GH OD FRQFLHQFLD HVWR HV D WUDYpV GH RSHUDFLRQHV SURFHGHQWHV
GHO DSDUDWR HVWDWDO DXQTXH HQWRQFHV VyOR ORJUH DOFDQ]DU VX HVWDELOLGDG VL DO
PLVPRWLHPSRWLHQHp[LWRHQPDQWHQHUHQGLIHUHQWHVOXJDUHVGHODVRFLHGDGODV
SRVLFLRQHV GH SRGHU TXH VRQ QHFHVDULDV SDUD VX FRQWLQXDGD H[LVWHQFLD %DMR
HVWHSXQWRGHYLVWDORVVLVWHPDVGHSRGHUGHEHQSRUFRQVLJXLHQWH\DKDEHUVH
IRUPDGR \ HVWDEOHFLGR D Vt PLVPRV HQ XQ QLYHO SUHHVWDWDO HQ ORV FRQIOLFWRV
VRFLDOHVGHDFFLyQPHGLDQWHXQDVHFXHQFLDJUDGXDOGHORJURVHVWUDWpJLFRVDQWHV
GHTXHXQDSDUDWRGHFRQWUROHVWDWDOSXHGDJDQDUHOFDPSRGHDFFLyQDGHFXDGR
SDUD RUJDQL]DU VXV SURSLDV RSHUDFLRQHV \ SXHVWR TXH ORV PHGLRV HVWDWDOHV
RULHQWDGRV D OD HVWDELOL]DFLyQ GHO SRGHU WLHQHQ XQ UDGLR GH DFFLyQ PiV ELHQ
OLPLWDGRVyORSXHGHQRIUHFHUODFRQWULEXFLyQPiVSREUHDOSURFHVRGHOXFKDHQ
HOTXHXQVLVWHPDGHSRGHUH[LVWHQWHGHEHDILUPDUVHILUPHPHQWHDVtPLVPRHQOD
GLVSXWDFRWLGLDQDGHOFRQIOLFWRVRFLDO5HVSHFWRDHVWRPLVPR)RXFDXOWHVFULEH
1RTXLHURGHFLUTXHHO(VWDGRQRVHDLPSRUWDQWHORTXHWUDWRPiVELHQGHGHFLUHVTXHODV
UHODFLRQHV GH SRGHU \ HQ HVD PHGLGD HO DQiOLVLV TXH GHEH HPSUHQGHUVH VREUH HOODV
QHFHVDULDPHQWHGHVERUGDORVOtPLWHVGHO(VWDGR<HOORHQXQGREOHVHQWLGRHQSULPHUOXJDU
SRUTXH HO (VWDGR D SHVDU GH WRGD OD RPQLSRWHQFLD GH VXV DSDUDWRV VH HQFXHQWUD OHMRV GH
SRGHU DJRWDU HO FDPSR FRPSOHWR GH ODV UHODFLRQHV HIHFWLYDV GH SRGHU \ DGHPiV SRUTXH HO
(VWDGRVyORSXHGHRSHUDUVREUHODEDVHGHRWUDVUHODFLRQHVGHSRGHU\DH[LVWHQWHV(O(VWDGR
HVVXSUDHVWUXFWXUDOHQUHODFLyQFRQXQFRQMXQWRGHUHGHVGHSRGHUTXHSHQHWUDQHOFXHUSROD
VH[XDOLGDG OD IDPLOLD ODV UHODFLRQHV VRFLDOHV HO FRQRFLPLHQWR OD WHFQRORJtD >@ SHUR HVWH
PHWDSRGHU>HOGHODSDUDWRGH(VWDGR$+@FRQWRGDVVXVIXQFLRQHVGHSURKLELFLyQVyOR
SXHGH WHQHU OXJDU \ FRQVROLGDUVH D Vt PLVPR VL VH HQUDt]D HQ XQ FRQMXQWR GH UHODFLRQHV GH
SRGHU P~OWLSOHV H LQGHILQLGDV TXH FRQIRUPDQ OD EDVH IXQGDPHQWDO \ QHFHVDULD GH HVWDV
JUDQGHVIRUPDVQHJDWLYDVGHSRGHU>@

/R TXH )RXFDXOW SUHWHQGH DTXt SUREDEOHPHQWH HV TXH VXV DUJXPHQWRV
FUtWLFRV GLULJLGRV D HVWD IRUPD GHO PRGHOR GH DFFLyQ HVWUDWpJLFD VHDQ
HQWHQGLGRV VREUH WRGR FRPR XQD FRQWULEXFLyQ D OD GLVFXVLyQ HQ WRUQR DO
PDU[LVPR TXH HVWDED WHQLHQGR OXJDU GHQWUR GH )UDQFLD PiV FRQFUHWDPHQWH
FRPR XQD REMHFLyQ GLULJLGD HQ SULQFLSLR FRQWUD OD WHRUtD DOWKXVVHULDQD GHO
©DSDUDWRHVWDWDOLGHROyJLFRª>@(QHVWDOtQHDFDEHVHxDODUFyPRSDUWLHQGR
GH HVWDV UHIOH[LRQHV \ SDVDQGR SRU DOWR SRU DKRUD ODV DPELJHGDGHV GH VX
PRGHOR LQLFLDO HQFRQWUDPRV HQ HOODV EDVWDQWHV VXJHUHQFLDV SDUD SRQHU HQ
FXHVWLyQODFRQFHSFLyQGHOSRGHUTXHVXE\DFHDOD~OWLPDWHRUtDGHODVRFLHGDG
GH $GRUQR FRPR \D VH KD PRVWUDGR DQWHULRUPHQWH HVWD ~OWLPD WDPELpQ
UHGXFLUtD XQLODWHUDOPHQWH HO WHPD GH OD GRPLQDFLyQ VRFLDO D OD DFWLYLGDG
LQVWUXPHQWDO GH XQ DSDUDWR GH DGPLQLVWUDFLyQ FHQWUDOL]DGR LJQRUDQGR HQ HVD
PHGLGD HO IXQGDPHQWR SUiFWLFR GHO HMHUFLFLR GH OD GRPLQDFLyQ HVWR HV WRGDV
HVDV VLWXDFLRQHV SUHHVWDWDOHV GH OD OXFKD VRFLDO >@ &RQWUD HVWD FRQFHSFLyQ
UHGXFFLRQLVWD HVWDWDO GHO SRGHU )RXFDXOW SURSRQGUi D VX YH] XQ ERVTXHMR
WHyULFR RSXHVWR HO SUR\HFWR GH XQD ©PLFURItVLFD GHO SRGHUª XQD SURSXHVWD
RULHQWDGDGHWDOIRUPDTXHODIRUPDFLyQGHSRGHUHQFRUUHVSRQGHQFLDFRQVXV
SUHPLVDV WHyULFDV GH OD DFFLyQ VH H[SOLTXH SDUWLHQGR GH ORV LQWHUFDPELRV
HVWUDWpJLFRV TXH WLHQHQ OXJDU HQ ORV FRQIOLFWRV GH DFFLyQ FRWLGLDQRV (O FDPSR
GHLQYHVWLJDFLyQGHODQiOLVLVGHOSRGHUHQHOTXHGHEHWUDEDMDUVHDSDUWLUGHHVWH
PRPHQWRTXHGDDVtFRQILJXUDGRWRGDYH]TXHODVUHODFLRQHVGHSRGHU
>@ILQDOPHQWHQRVRQXQtYRFDVGHILQHQSXQWRVLQQXPHUDEOHVGHHQIUHQWDPLHQWRIRFRVGH
LQHVWDELOLGDG FDGD XQR GH ORV FXDOHV FRPSRUWD VXV ULHVJRV GH FRQIOLFWR GH OXFKDV \ GH
LQYHUVLyQSRUORPHQRVWUDQVLWRULDGHODVUHODFLRQHVGHIXHU]DV(OGHUUXPEDPLHQWRGHHVRV
µPLFURSRGHUHV¶ QR REHGHFH SXHV D OD OH\ GHO WRGR R QDGD QR VH REWLHQH GH XQD YH] SDUD
VLHPSUH SRU XQ QXHYR FRQWURO GH ORV DSDUDWRV QL SRU XQ QXHYR IXQFLRQDPLHQWR R XQD
GHVWUXFFLyQ GH ODV LQVWLWXFLRQHV HQ FDPELR QLQJXQR GH VXV HSLVRGLRV ORFDOL]DGRV SXHGH
LQVFULELUVHHQODKLVWRULDFRPRQRVHDSRUORVHIHFWRVTXHLQGXFHVREUHWRGDODUHGHQODTXH
HVWiSUHQGLGR

)RXFDXOWHVDTXtOREDVWDQWHFRQVHFXHQWHFRPRSDUDGHVFULELUORVVLVWHPDV
VRFLDOHV GH SRGHU HQ SULPHU WpUPLQR FRPR IRUPDV R HVWUXFWXUDV IUiJLOHV HQ
DOJXQD PHGLGD GRWDGDV GH FLHUWD FRQWLQXLGDG \ HQ WRGR PRPHQWR SXHVWDV D
SUXHED QHFHVLWDGDV GH FRQILUPDFLyQ (O PRGHOR GH DFFLyQ HVWUDWpJLFD TXH VH
HQFXHQWUD D OD EDVH GH VX FRQFHSWR GH SRGHU UHTXLHUH TXH HO RUGHQ GH
GRPLQDFLyQQDFLGRGHODFRQVROLGDFLyQGHODVSRVLFLRQHVGHSRGHUDVHJXUDGDV
ORFDOPHQWH VHD HQWHQGLGR FRPR XQD VLWXDFLyQ VLVWHPiWLFD HQ WRGR FDVR VyOR
PRPHQWiQHDTXHHQFXDOTXLHUDGHVXVHOHPHQWRVVLJXHHVWDQGRH[SXHVWDDXQ
LQFHVDQWH\UHQRYDGRSURFHVRGHSXHVWDDSUXHEDSRUORVGLIHUHQWHVFRQIOLFWRV
VRFLDOHVHQOL]D'HHVWHPRGRHQRWUROXJDU)RXFDXOWKDEODUiSRUHMHPSORGH
©HIHFWRV GH SRGHU JOREDOHV SHUR QXQFD SRU FRPSOHWR HVWDEOHVª >@ 1R
REVWDQWH HVWDV SUXGHQWHV IRUPXODFLRQHV TXH LQWHQWDQ DSDUHQWHPHQWH KDFHU
MXVWLFLDDOPRGHORSUHVXSXHVWRGHOD©EDWDOODSHUSHWXDªVLJXHQHQFHUUDQGRHQVt
PLVPDV XQ SUREOHPD TXH SHUPDQHFH KDVWD HO PRPHQWR QR UHVXHOWR VL XQD
VRFLHGDG VyOR VH SLHQVD H[FOXVLYDPHQWH FRPR XQ SOH[R GH SURFHGLPLHQWRV
RULHQWDGRV D OD DFFLyQ HVWUDWpJLFD ¢FyPR SXHGHQ HQ UHDOLGDG HVWDELOL]DUVH
WHPSRUDOPHQWHORVp[LWRVHQSULQFLSLRDLVODGRVTXHVHORJUDQHQODDFFLyQVRFLDO
\ OXHJR FRQHFWDUVH VRFLDOPHQWH FRQ XQ VLVWHPD GH ORJURV FRQVHJXLGRV \
HVWDELOL]DGRVHQRWURVOXJDUHV"&XDQGRGHKHFKRFXDOTXLHUSRVLFLyQGHSRGHU
REWHQLGDHQXQDVLWXDFLyQGHFRQIOLFWRVRFLDOVHH[SRQHDHVWDUSXHVWDDSUXHED
FRQWLQXDPHQWH¢FyPRSXHGHQHVWRVHVWDGRVDJUHJDGRVIRUPDUVHHOORVPLVPRV
D SDUWLU GHO IOXMR GH DFFLRQHV HVWUDWpJLFDV DO TXH FRPR HO PLVPR )RXFDXOW
DSXQWD ©ODV UHODFLRQHV GH SRGHU VH HQJDU]DQª /D VROXFLyQ D HVWH SUREOHPD
FRPR QR SDUHFH GLItFLO REVHUYDU VH HQFXHQWUD HQ HO FRQFHSWR PLVPR GH
©HVWDELOL]DFLyQª R FRPR )RXFDXOW OR OODPD HQ HO PLVPR VHQWLGR OD
©LQVWLWXFLRQDOL]DFLyQª$KRUDELHQ\DODSURSLDLQWHUSUHWDFLyQGHHVWHFRQFHSWR
FDXVDUi D )RXFDXOW QXPHURVDV GLILFXOWDGHV TXH VH SRQGUiQ GH PDQLILHVWR
FXDQGRGLULMDPRVQXHVWUDDWHQFLyQDODVHJXQGDFRQVHFXHQFLDGHODGHILQLFLyQGH
ORVRFLDOFRPRVLWXDFLyQLQFHVDQWHGHOXFKD
3DUWLHQGRHQHOiPELWRGHVXWHRUtDGHODDFFLyQGHODVSUHPLVDVGHTXHHO
FRQWH[WRGHODYLGDVRFLDOSXHGHVHUREVHUYDGRFRPRXQSURFHVRGHFRQIOLFWRV
HVWUDWpJLFRV HQWUH DFWRUHV \ GH TXH HO SRGHU VRFLDO FRQVHFXHQWHPHQWH HQ XQ
QLYHO IXQGDPHQWDO SXHGH VHU LQWHUSUHWDGR VLPSOHPHQWH FRPR HO p[LWR HQ XQD
VLWXDFLyQGHOXFKDSXHGHGHGXFLUVHGHIRUPDLPSOtFLWDXQDFUtWLFDGHODWUDGLFLyQ
GH OD WHRUtD FLHQWtILFRVRFLDO FHQWUDGD HQ HO FDVR HVWiQGDU GHO UHFRQRFLPLHQWR
QRUPDWLYR GHO SRGHU VRFLDO (Q HO SODQR PiV VLPSOH GHO FRQIOLFWR HVWUDWpJLFR
HQWUH GRV DFWRUHV HO SRGHU VRFLDO HV FRPR \D VH KD DILUPDGR DQWHV HO
UHVXOWDGRPRPHQWiQHRGHOp[LWRFRQHOTXHXQRGHORVGRVDFWRUHVHVFDSD]GH
LPSRQHUVXVREMHWLYRVDORWUR&XDOTXLHUVLWXDFLyQHQODTXHORVGRVDFWRUHVVH
YHDQ FRQIURQWDGRV GH QXHYR UHSUHVHQWD D VX YH] XQD SUXHED SDUD OD SRVLFLyQ
H[LWRVDGHSRGHUGHODFWRUUHVXOWDQWHGHODSULPHUDFRQIURQWDFLyQSXHVWRTXH
DKRUDHOVXMHWRVRPHWLGRWUDWDGHLPSRQHUGHQXHYRVXVLQWHUHVHVVXE\XJDGRVD
QR VHU FODUR TXH pO VH GHFODUH R VH FRPSRUWH GH IRUPD FRQIRUPH FRQ OD
SRVLFLyQ GH SRGHU GHO FRQWUDULR (VWR \ VyOR HVWR HV OR TXH )RXFDXOW TXLHUH
GHFLU FXDQGR LPDJLQD OD SRVLELOLGDG GH XQD HVWDELOL]DFLyQ GH SRVLFLRQHV GH
SRGHUHVWUDWpJLFDPHQWHFRQTXLVWDGDV6LQHPEDUJRpOQRSXHGHDKRUDVXSRQHU
TXH HVWD HVWDELOL]DFLyQ WLHQH OXJDU EDMR OD IRUPD GH XQ DFXHUGR HQWUH ORV GRV
DFWRUHVDFHUFDGHODSULRULGDGGHORVREMHWLYRVHQOL]DVREUHODEDVHGHQRUPDV
\ YDORUHV UHFRQRFLGRV FRP~QPHQWH (Q XQ PXQGR VRFLDO FRQVLVWHQWH
H[FOXVLYDPHQWHHQVLWXDFLRQHVGHDFFLyQHVWUDWpJLFDQRSRGUtDGHVDUUROODUVHHQ
QLQJ~Q FDVR DOJR DVt FRPR XQ FRQVHQVR PRWLYDGR QRUPDWLYDPHQWH WRGD YH]
TXH GHVSXpV GH WRGR ORV VXMHWRV VyOR SRGUtDQ HQFRQWUDUVH HQWUH Vt FRPR
RSRQHQWHVLQWHUHVDGRVHQODFRQVHFXFLyQH[LWRVDGHVXVUHVSHFWLYRVILQHV(VWD
HVODUD]yQSRUODTXHXQDSRVLFLyQGHSRGHUFRQTXLVWDGDORFDOPHQWHHQWHQGLGD
FRPRp[LWRHQXQDFRQVHFXFLyQXQLODWHUDOGHREMHWLYRVQRSXHGDHVWDELOL]DUVH
DOPHQRVQRHQXQDIRUPDVRFLDOTXHSUHVXSRQJDODILJXUDGHXQDUHLYLQGLFDFLyQ
GHGRPLQLRQRUPDWLYDPHQWHUHFRQRFLGD\FRQXQDFLHUWDGXUDFLyQ(VGHFLUHQ
WDQWR TXH QR VH HQFXHQWUH RWUD SRVLEOH H[SOLFDFLyQ D OD SRVLELOLGDG GH OD
LQVWLWXFLRQDOL]DFLyQ GH ODV SRVLFLRQHV GH SRGHU REWHQLGDV HQ XQD VLWXDFLyQ GH
FRQIOLFWR TXH OD GHO FRQVHQVR QRUPDWLYDPHQWH PRWLYDGR HVDV SRVLFLRQHV
VHJXLUiQ HVWDQGR H[SXHVWDV DO ULHVJR GH XQ FRQIOLFWR VRFLDO LOLPLWDGR (Q HVH
FDVRQDWXUDOPHQWHQRSRGUtDIRUPDUVHHQDEVROXWRDOJRDVtFRPRXQDVLWXDFLyQ
GHVXPDVRFLDOGHDFFLRQHVGHWLSRHVWUDWpJLFR
'H HVWH HVTXHPD GH SHQVDPLHQWR TXH DFDEDPRV GH SHUILODU D JUDQGHV
UDVJRV VH GHGXFH SDUD )RXFDXOW VREUH WRGR OD QHFHVLGDG GH UHFKD]DU ODV
QRUPDV MXUtGLFDV \ ODV RULHQWDFLRQHV PRUDOHV TXH UHJXODQ OD LQWHUDFFLyQ GH ORV
PLHPEURV GH OD VRFLHGDG HQWUH Vt HQWHQGLGDV DKRUD FRPR PHUDV LOXVLRQHV R
HQJDxRVFXOWXUDOHV(QHOSHUSHWXRFRPEDWHGHODVOXFKDVVRFLDOHVHQHOTXHXQ
RUGHQVRFLDOGHGRPLQDFLyQDOFDQ]DHQFLHUWRVHQWLGRVXH[LVWHQFLDODVQRUPDV
MXUtGLFDV \ ODV DFWLWXGHV PRUDOHV WDQ VyOR WLHQHQ OD IXQFLyQ GH HVFRQGHU ORV
REMHWLYRV HVWUDWpJLFRV \ YHODU OD VLWXDFLyQ FRWLGLDQD GH FRQIOLFWR )UHQWH D OD
LQDOWHUDEOHVXVWDQFLDGHODOXFKDHOODVUHSUHVHQWDQSRUDVtGHFLUORPHUDVVXSUD
HVWUXFWXUDVKLVWyULFDPHQWHPRGLILFDEOHV$HVWDFRQVHFXHQFLDTXHHQHOSODQR
FRQFHSWXDOGHVXWHRUtDGHOSRGHUKDGHGHGXFLUVHGHVXPRGHORGHDFFLyQ±
FRPRKHPRVYLVWRQRVHSHUPLWHXQDSRVLEOHGLPHQVLyQGHDFXHUGRQRUPDWLYR
)RXFDXOWVyORVHUHILHUHGHPDQHUDDEUXSWD\JURVHUDHQVXFUtWLFDGHODWHRUtD
VRFLDO GHO FRQWUDWR pVWD WDPELpQ IXQFLRQD FLHUWR HV FRPR OD LQFRQIHVDEOH
IXHQWH GH HVH GHFLVLRQLVPR SROtWLFR TXH WHUPLQD UHYHOiQGRVH HQ VXV HVFULWRV
GHGLFDGRV D OD WHRUtD GHO SRGHU WDQ SURQWR FRPR VH H[DPLQDQ GHVGH XQD
SHUVSHFWLYDQRUPDWLYD>@(QQXHVWURFRQWH[WRVLQHPEDUJRORTXHUHVXOWDGH
SDUWLFXODULPSRUWDQFLDHVHOKHFKRGHTXHODGHFLGLGDH[FOXVLyQWHyULFDGHWRGD
SRVLEOH GLPHQVLyQ HIHFWLYD GH DFXHUGR QRUPDWLYR WHUPLQH FRQIURQWDQGR D
)RXFDXOW FRQ DOJR PXFKR PiV LPSRUWDQWH TXH XQ SUREOHPD KDVWD DKRUD VLQ
DFODUDU D VDEHU ¢FyPR SXHGH OD FRQGLFLyQ DJUHJDGD \ VLQ HPEDUJR
PRPHQWiQHDGHXQDHVWUXFWXUDGHSRGHUFXDOTXLHUDFX\RUHTXLVLWRGHEHUtDVHU
SUHFLVDPHQWH OD LQWHUUXSFLyQ GH ORV SURFHVRV HQ FRQIOLFWR GHULYDUVH GH OD
FRQGLFLyQ VRFLDO GH XQD OXFKD LQLQWHUUXPSLGD FXDQGR OD SRVLELOLGDG GH XQ
FRQVHQVR QRUPDWLYDPHQWH RULHQWDGR HQWUH ORV VXMHWRV LQYROXFUDGRV TXHGD
H[FOXLGDGHVGHXQSULQFLSLR"/DUHVSXHVWDLQGLUHFWDTXH)RXFDXOWWUDWDGHGDUD
HVWD SUHJXQWD SXHGH VHU LQIHULGD D SDUWLU GH XQ VHJXQGR JUXSR GH UHIOH[LRQHV
GHVGH HO FXDO pO YD D FRPSOHWDU OD FRQFHSFLyQ GHO SRGHU \D SURSXHVWD FRQ
DUJXPHQWRVDGLFLRQDOHVXQDUHVSXHVWDTXHHQFLHUWDPHGLGDQRVYDDFRQGXFLU
DOFRUD]yQGHVXWHRUtDVRFLDO
+DVWD HVWH PRPHQWR VH KD H[SXHVWR HO PRGHOR IRXFDXOWLDQR GH DFFLyQ
HVWUDWpJLFDKDFLHQGRDEVWUDFFLyQGHWRGRVHVRVPHGLRVTXHORVDFWRUHVSXHGHQ
HPSOHDUFRQRFDVLyQGHOFRQIOLFWRVRFLDODILQGHSRGHULPSRQHUDGHFXDGDPHQWH
VXVSURSLRVREMHWLYRVHQRSRVLFLyQDVXVFRQWULQFDQWHV/DFODULILFDFLyQGHHVWH
FRPSRQHQWHLQVWUXPHQWDOGHOFRQIOLFWRHVWUDWpJLFRHODQiOLVLVSRUWDQWRGHODV
WHFQRORJtDV GH DGTXLVLFLyQ GHO SRGHU VLUYH DKRUD DO VHJXQGR JUXSR GH
DUJXPHQWRV XWLOL]DGRV HQ OD WHRUtD IRXFDXOWLDQD GHO SRGHU 'HVDUUROODGR HQ
SULPHUWpUPLQREDMRODIRUPDGHXQDFUtWLFDGHRWUDVIRUPXODFLRQHVULYDOHVHVWH
DQiOLVLVFRQVWLWX\HHOWHPDUHDOGHODWHRUtDHQUHDOLGDGVXWHPDPiVLQVLVWHQWH
6LQ HPEDUJR )RXFDXOW REVHUYD DKRUD HO GHVDUUROOR GH HVWH FRQFHSWR \D QR
WDQWRHQXQSODQRJHQHUDOVLQRGHVGHXQSXQWRGHYLVWDKLVWyULFR
/DSULQFLSDOREMHFLyQTXH)RXFDXOWHVJULPHEDMRHVWHSXQWRGHYLVWDFRQWUD
ODVWHRUtDVULYDOHVGHOSRGHUVHUHILHUHDODKDELWXDOWHQGHQFLDGHREVHUYDUHQODV
FRQIURQWDFLRQHV HVWUDWpJLFDV VyOR ORV LQVWUXPHQWRV GLULJLGRV D LQIOXLU VREUH HO
RSRQHQWHEDMRODDOWHUQDWLYDGH©YLROHQFLDªR©LGHRORJtDª>@1RTXHGDDTXt
FODUR VL )RXFDXOW HVWi DOXGLHQGR FRQ HVWD H[SUHVLyQ DO SDU FRQFHSWXDO GH
©IXHU]Dª>IRUFH@R©IUDXGHª>IUDXG@TXHSURYLHQHGHODILORVRItDVRFLDOFOiVLFD
SHUR GH KHFKR HV OR PLVPR 'HVGH HO SULPHU PRGHOR HO RSRQHQWH HQ HO
FRQIOLFWRVRFLDOHVIRU]DGRDWUDYpVGHODDPHQD]DRODLQWURGXFFLyQGHYLROHQFLD
ItVLFD GHVGH HO VHJXQGR D WUDYpV GH XQD LOXVLyQ ©FDOFXODGDª \ ©VXWLOª >@
UHVSHFWRDVXVSURSLRVREMHWLYRVGHDFFLyQRODVFRQGLFLRQHVHPStULFDVGHpVWD
HVIRU]DGRDDEDQGRQDUVXVSURSLRVREMHWLYRV\DVRPHWHUVHDODYROXQWDGGHO
RSRQHQWH)RXFDXOWFRQVLGHUDTXHDPEDVLGHDVVRQLQDGHFXDGDVSDUDH[SOLFDU
HOPRGRGHIXQFLRQDPLHQWRHQORVyUGHQHVGHGRPLQDFLyQPRGHUQRV)UHQWHDO
FRQFHSWRGHLGHRORJtDSRUUD]RQHVTXHHQVHJXLGDPRVWUDUHPRV)RXFDXOWYDD
SODQWHDU VXV REMHFLRQHV QR VyOR GHVGH HO SXQWR GH YLVWD KLVWyULFR VLQR
DFXGLHQGRDUD]RQHVGHWLSRWHyULFRRVLVWHPiWLFR>@$KRUDELHQODEDVHGH
VXDUJXPHQWRODFRQIRUPDODWHVLV\DGHVDUUROODGDKLVWyULFDPHQWHGHTXHHOXVR
GHODIXHU]DItVLFD\ODLQIOXHQFLDLGHROyJLFDHQWHQGLGRVFRPRPHGLRVGHSRGHU
QR SHUPLWHQ HQWHQGHU HO QLYHO GH LQWHJUDFLyQ GH ODV VRFLHGDGHV DOWDPHQWH
GHVDUUROODGDV'HHVWHPRGRD)RXFDXOWVHOHSODQWHDFRPRFXHVWLyQKLVWyULFDHO
PLVPR SUREOHPD TXH 3DUVRQV HQ VX IDPRVR FDStWXOR VREUH +REEHV HQ /D
HVWUXFWXUD GH OD DFFLyQ VRFLDO KDEtD H[SUHVDGR FRPR OD FXHVWLyQ JHQHUDO
UHODWLYD D OD SRVLELOLGDG GHO RUGHQ VRFLDO ¢FyPR SRGHPRV H[SOLFDUQRV D
QRVRWURVPLVPRVODHVWDELOLGDGGHXQRUGHQGHYLGDVRFLDOXQDYH]TXHKHPRV
UHFRQRFLGR TXH SDUD HVWH ILQ ORV PHGLRV HVWUDWpJLFRV GH OD ©IXHU]Dª \ HO
©IUDXGHªOD©YLROHQFLDª\OD©LOXVLyQªVRQSRUVtPLVPRVLQVXILFLHQWHV">@
(VWH SUREOHPD VH OH SUHVHQWD DKRUD D )RXFDXOW FRPR HV QDWXUDO HQ XQ
FRQWH[WR HQ HO TXH pO VH SUHJXQWD KLVWyULFDPHQWH SRU ORV PHGLRV WtSLFRV GH
HMHUFLFLRGHOSRGHUGHQWURGHODVVRFLHGDGHVPRGHUQDV(VWDHVODUD]yQSRUOD
TXH OD UHVSXHVWD TXH pO RIUH]FD WHQJD TXH FRQWHQHU HQ FLHUWD PHGLGD OD WHVLV
RSXHVWD D OD TXH 3DUVRQV KDEtD HOHJLGR FRPR VROXFLyQ DO ©SUREOHPD GH
+REEHVª3DUVRQVKDEtDFRQWHVWDGRDHVWDSUHJXQWDUHODWLYDDODSRVLELOLGDGGHO
RUGHQVRFLDOFRPRHVELHQVDELGRFRQXQDWHVLVTXHKDEtDWRPDGRSUHVWDGDD
VXYH]GH'XUNKHLPDVDEHUTXHODVDFFLRQHVGHORVPLHPEURVSHUWHQHFLHQWHV
DXQDVRFLHGDGVyORSXHGHQFRQHFWDUVHVDWLVIDFWRULDPHQWHHQWUHVtVREUHODEDVH
GH YDORUHV FRP~QPHQWH UHFRQRFLGRV )UHQWH D HVWR )RXFDXOW SUHVXSRQH HQ
FDPELR TXH ORV RUGHQHV GH GRPLQDFLyQ VRFLDO KDQ GH SHUPDQHFHU VLHPSUH
LQHVWDEOHVSXHVWRTXHORVFRQIOLFWRVTXHVHFLHUQHQVREUHWRGRVORViPELWRVGH
ODDFFLyQVRFLDODOUHGHGRUGHODVSRVLFLRQHVGHSRGHUQRSXHGHQTXHGDUILMDGRV
RGHWHQLGRVSRUYDORUHVXQLYHUVDOPHQWHYLQFXODQWHV\REOLJDWRULRV8QRUGHQGH
GRPLQDFLyQ TXH KD GH LPDJLQDUVH FRPR XQ QH[R GH SRVLFLRQHV GH SRGHU
FRQVWDQWHPHQWH DPHQD]DGDV SXHGH VLQ HPEDUJR UHGXFLU VX SURSLD
LQHVWDELOLGDG HPSOHDQGR PHGLRV WpFQLFDPHQWH PiV HIHFWLYRV SDUD OD
SUHVHUYDFLyQGHVXSRGHU&RQVHFXHQWHPHQWHODFXHVWLyQTXHSODQWHD3DUVRQV
VHSUHVHQWDSDUD)RXFDXOWHQORVWpUPLQRVGHXQSUREOHPDKLVWyULFR\SRUDVt
GHFLUORFRPRVXUHIOHMRLQYHUWLGR¢TXpPHGLRVGHHMHUFLFLRGHOSRGHUSRQHQHQ
SUiFWLFD ORV yUGHQHV PRGHUQRV GH GRPLQDFLyQ FXDQGR HYLGHQFLDQ XQ PHQRU
JUDGR GH LQHVWDELOLGDG GHO TXH VH ORJUDUtD H[FOXVLYDPHQWH D WUDYpV GH ORV
LQVWUXPHQWRVGHODYLROHQFLD\ODLGHRORJtD"
)RXFDXOW FUHH TXH OD YLROHQFLD ItVLFD \ OD LQIOXHQFLD LGHROyJLFD UHYHODQ XQD
FDUDFWHUtVWLFD FRP~Q FRPR PHGLR SDUD FRQVHJXLU SRGHU IXQFLRQDQ REOLJDQGR
GLUHFWDRLQGLUHFWDPHQWHDORVRSRQHQWHVDDEDQGRQDUVXVSURSLRVREMHWLYRV(O
LQWHUpV GHO RSRQHQWH HVWUDWpJLFR HV UHSULPLGR VHD EDMR OD DPHQD]D GH OD
YLROHQFLD ItVLFD R FRQ OD D\XGD GH XQD LOXVLyQ GHVSOHJDGD FRQ p[LWR < HV
SUHFLVDPHQWHDTXtGRQGHVHPXHVWUDQORVOtPLWHVGHHIHFWLYLGDGGHORVPHGLRV
GHGRPLQDFLyQWUDGLFLRQDOHVEDVDGRVHQOD©IXHU]DªRHO©IUDXGHª
>@ VH WUDWDUtD GH XQ SRGHU SREUH HQ UHFXUVRV PX\ DKRUUDWLYR HQ VXV SURFHGLPLHQWRV
PRQyWRQRHQVXVWiFWLFDVLQFDSD]GHLQYHQFLyQ\FRQGHQDGRDUHSHWLUVHVLHPSUH$GHPiV
VHUtDXQSRGHUTXHVyORWHQGUtDODIXHU]DGHOµQR¶LQFDSD]GHSURGXFLUQDGDDSWR~QLFDPHQWH
SDUD WUD]DU OtPLWHV VHUtD HQ HVHQFLD XQD DQWLHQHUJtD HQ HOOR FRQVLVWLUtD OD SDUDGRMD GH VX
HILFDFLDQRSRGHUQDGDVDOYRORJUDUTXHVXVRPHWLGRQDGDSXHGDWDPSRFRH[FHSWRORTXHOH
GHMDKDFHU>@

$KRUD ELHQ QR HV XQ KHFKR HQ DEVROXWR WDQ HYLGHQWH HQWHQGHU ORV
SURFHGLPLHQWRV GH LQIOXHQFLD LGHROyJLFD VLPSOHPHQWH FRPR PHGLRV GH
VRPHWLPLHQWR LQGLUHFWR GH FLHUWDV QHFHVLGDGHV EiVLFDV FRPR WpFQLFDV
UHSUHVLYDV GH SRGHU (Q UHDOLGDG ODV LGHRORJtDV IXQFLRQDQ PiV ELHQ GH IRUPD
VRWHUUDGD LQGXFLHQGR D XQ VXMHWR D DGRSWDU GH IRUPD LQWUDSVtTXLFD
GHWHUPLQDGRV REMHWLYRV HQ SULQFLSLR DMHQRV DO <R FX\D UHDOL]DFLyQ SUiFWLFD
OXHJR HV YDORUDGD \ UHFRPSHQVDGD FXOWXUDOPHQWH )RXFDXOW VLQ HPEDUJR
SUHVFLQGHGHHVWHIHQyPHQRHVHQFLDOOLJDGRDOPRGRGHRSHUDFLyQLGHROyJLFR
GLUHFWDPHQWH DxDGH HVWH WLSR GH PHFDQLVPR LGHROyJLFR D ORV PpWRGRV
©UHSUHVLYRVªGHSRGHUWDOHVFRPRHOXVRGHODYLROHQFLDPHWLpQGRORVDWRGRV
HQ HO PLVPR VDFR HQ RSRVLFLyQ D RWUR PpWRGR GH SRGHU KLVWyULFDPHQWH
QRYHGRVR /D FDUDFWHUtVWLFD IXQGDPHQWDO GH HVWH ~OWLPR HQ WpUPLQRV PX\
JHQHUDOHV VH GHWHUPLQD SRU VX FRQFHSWR GH ©SURGXFWLYLGDGª ORV PpWRGRV GH
SRGHUTXHIXQFLRQDQVREUHWRGRHQODVVRFLHGDGHVPRGHUQDVVHGHILQHQFRPR
HO PLVPR )RXFDXOW VHxDOD SRU VX ©HIHFWLYLGDG SURGXFWLYDª \ SRU VX ©ULTXH]D
HVWUDWpJLFDª>@
$KRUD ELHQ 2FFLGHQWH FRQRFLy GHVGH OD HGDG FOiVLFD XQD SURIXQGtVLPD WUDQVIRUPDFLyQ GH
HVRVPHFDQLVPRVGHSRGHU/DµGHGXFFLyQ¶\DQRWLHQGHDVHUPiVODIRUPDIXQGDPHQWDOGHO
SRGHU VLQR PHUDPHQWH XQD PiV DO ODGR GH RWUDV TXH SRVHHQ IXQFLRQHV GH LQFLWDFLyQ GH
UHIRU]DPLHQWR GH FRQWURO GH YLJLODQFLD GH DXPHQWR \ RUJDQL]DFLyQ GH ODV IXHU]DV TXH
VRPHWH XQ SRGHU GHVWLQDGR D SURGXFLU IXHU]DV D KDFHUODV FUHFHU \ RUGHQDUODV PiV TXH D
REVWDFXOL]DUODVGREOHJDUODVRGHVWUXLUODV>@

4XpSXHGHVLJQLILFDUGHVGHHOSXQWRGHYLVWDGHODWHRUtDVRFLDOTXHFLHUWDV
WHFQRORJtDV GHO SRGHU VRFLDO DKRUD SXHGDQ GHVSOHJDU HIHFWRV SURGXFWLYRV HQ
OXJDUGHUHSUHVLYRV²HVGHFLUTXHVHDQFDSDFHVGHFUHDUDQWHVTXHUHSULPLUOD
HQHUJtDGHODDFFLyQVRFLDO²HVXQSXQWRTXHQRTXHGDGHOWRGRDFODUDGRSRU
)RXFDXOW (O VLJQLILFDGR GH VX DUJXPHQWDFLyQ TXHGD HQ FLHUWR PRGR DOJR PiV
DFODUDGR VLQ HPEDUJR SRU OD FRQH[LyQ HQ XQ SULPHU PRPHQWR GLItFLO GH
FRPSUHQGHUHQWUHFRQFHSWRVFRPRORVGH©QRUPDª©FXHUSRª\©VDEHUªHQHO
PDUFRGHVXFRQFHSFLyQGHOSRGHU
(Q SULPHU OXJDU HO FRQFHSWR GH ©QRUPDª UHSUHVHQWD HQ FLHUWR PRGR OD
H[SUHVLyQ PiV JHQHUDO TXH )RXFDXOW HOLJH SDUD GHVFULELU HO REMHWLYR GH HVH
PpWRGR GH SRGHU TXH QR DVXPH IXQFLRQHV UHSUHVLYDV VLQR PiV ELHQ
SURGXFWLYDV/DVWpFQLFDVGHSRGHUGHHVWHWLSRQRVHGLULJHQFRPR\DVHKD
GLFKRDVXSULPLUGLUHFWDRLQGLUHFWDPHQWHORVREMHWLYRVGHODDFFLyQHVWUDWpJLFD
GHORSRQHQWHVXSURSyVLWRVHRULHQWDSRUHOFRQWUDULRDQRUPDOL]DUORVPRGRV
GHFRPSRUWDPLHQWRGHORSRQHQWHVRFLDODWUDYpVGHXQGLVFLSOLQDPLHQWRFRQWLQXR
\ D SDUWLU GH HVWR HQ XQ VHJXQGR PRPHQWR ILMDUORV \ HVWDELOL]DUORV )RXFDXOW
OODPDDWRGDIRUPDGHFRPSRUWDPLHQWRILMDGDFRDFWLYDPHQWHHQHVWRVWpUPLQRV
XQ FRPSRUWDPLHQWR ©QRUPDOL]DGRª (VWDV QRUPDV GH FRPSRUWDPLHQWR
FRPSUHQGLGDV GHVGH HVWH SXQWR GH YLVWD QR VRQ VLQR HVTXHPDV GH DFFLyQ
UtJLGDPHQWH UHSHWLGRV R FRPR VH GLFH HQ DOJXQRV OXJDUHV GH XQ PRGR PiV
VHQFLOOR \ PHQRV FRQIXVR ©KiELWRVª LPSXHVWRV VRFLDOPHQWH >@ &XDQGR HQ
XQD SULPHUD DSUR[LPDFLyQ DO SUREOHPD )RXFDXOW EXVFD GHWHUPLQDU ORV
UHQGLPLHQWRVGHORVLQVWUXPHQWRVGHOSRGHUPRGHUQRHQYLUWXGGHVXFDSDFLGDG
GHFUHDU©QRUPDVGHFRPSRUWDPLHQWRªpOQRVHUHILHUHWDPSRFRDXQWLSRGH
DFFLyQPRUDOREOLJDWRULD
'HVGH HO VLJOR ;,; VH KDQ GHVDUUROODGR WRGD XQD VHULH GH DSDUD WRV FX\R SURSyVLWR HUD
SURGXFLUGLVFLSOLQDLPSRQHUREOLJDFLRQHVLQVWLWXLUXQWLSRGHKiELWRV/RTXHWXYROXJDUHQ
HOFXUVRGHHVWHGHVDUUROOR>DQWHVGHOVLJOR;,;$+@UHSUHVHQWDSRUWDQWRODSUHKLVWRULDGH
ORV DSDUDWRV GH SRGHU TXH VLUYLHURQ FRPR EDVH SDUD OD DGTXLVLFLyQ GH KiELWRV HQWHQGLGRV
FRPRQRUPDVVRFLDOHV>@

&DEH GHFLU VLQ HPEDUJR TXH OD FDWHJRUtD GH ©QRUPDª FRPR WDO VyOR HV
YDJDPHQWH IRUPXODGD \ GHVDUUROODGD HQ ODV H[SOLFDFLRQHV RIUHFLGDV SRU
)RXFDXOW (Q OD SURSLD LQWHUSUHWDFLyQ WHyULFD TXH pO PLVPR KDFH GH VXV
LQYHVWLJDFLRQHVKLVWyULFDVHQWRUQRDODVWpFQLFDVGHHMHUFLFLRGHOSRGHUVRFLDO
QR VyOR D PHQXGR TXHGD FDXWLYR GH OD LUUHVLVWLEOH WHQWDFLyQ GH UHODFLRQDU HO
FRQFHSWR GH ©QRUPDª DMXVWDGR D HVTXHPDV GH FRPSRUWDPLHQWR ILMDGRV
FRDFWLYDPHQWH FRQ HO FRQFHSWR GH QRUPD GH OD DFFLyQ PRUDO VREUH WRGR \
PiV DOOi GH HVWR pO DVRFLD HO SULPHUR DGHPiV FRQ RWUR FRQFHSWR HO GH OD
QRUPDOLGDG VRFLDO >@ 7RGDV HVWDV RVFXULGDGHV VyOR GHVDSDUHFHUiQ HQ HO
PRPHQWR HQ HO TXH XQD VHJXQGD FDWHJRUtD IXQGDPHQWDO GH OD DUJXPHQWDFLyQ
IRXFDXOWLDQD HQWUH HQ HVFHQD \ KDJD UHIHUHQFLD GH QXHYR VLPSOHPHQWH D OD
FDWHJRUtDGH©QRUPDª6HUiHQHOFRQFHSWRGH©FXHUSRªGRQGH)RXFDXOWSHUILOH
HVHiPELWRGHH[SUHVLRQHV\PDQLIHVWDFLRQHVYLWDOHVKDFLDHOTXHVHGLULJHQODV
PRGHUQDV WpFQLFDV GH SRGHU FRQ HO REMHWLYR GH SURGXFLU QRUPDV GH
FRPSRUWDPLHQWR
3RUORTXHUHVSHFWDDODFDWHJRUtDGH©FXHUSRªSRURWUDSDUWHFDEHGHFLU
TXHVyORDVXPHXQDIXQFLyQGHWHUPLQDQWHGHQWURGHODWHRUtDIRXFDXOWLDQDHQHO
PRPHQWR HQ HO TXH FRQ OD LQWURGXFFLyQ GHO SODQWHDPLHQWR GH XQ DQiOLVLV
KLVWyULFR GHO GLVFXUVR WDPELpQ VH DEDQGRQD OD LGHD GH TXH HO RUGHQ GH XQD
VRFLHGDG VH SURGXFH HQ ~OWLPD LQVWDQFLD SRU PHGLR GH XQD UHJXODFLyQ
LQFRQVFLHQWH GH H[SUHVLRQHV OLQJtVWLFDV R SRU PHGLRV GH IRUPDV GH
FRQRFLPLHQWRVRFLDO3XHVFRQHVWHJLURKDFLDODWHRUtDGHOSRGHUVHLPSRQHHQ
)RXFDXOWDOPLVPRWLHPSRODFRQYLFFLyQGHDSDUHQWHRULHQWDFLyQQDWXUDOLVWDGH
TXH QR VRQ WDQWR ORV PRGRV FXOWXUDOHV GH SHQVDPLHQWR FRPR ODV H[SUHVLRQHV
YLWDOHV YLQFXODGDV DO FXHUSR ODV TXH ODV VRFLHGDGHV GHEHQ VHU FDSDFHV GH
FRQWURODUVLTXLHUHQGHYHUGDGUHGXFLUVXSURSLDLQHVWDELOLGDGDHVWDPLVPDLGHD
FRQGXFH SRU RWUR ODGR OD QXHYD FRQFHSFLyQ GH TXH ODV VRFLHGDGHV YLYHQ
H[FOXVLYDPHQWH GH ODV DFWLYLGDGHV FRUSRUDOHV GH ORV VXMHWRV >@ (Q HVWH
FRQWH[WR)RXFDXOWKDEODGHORVSURFHVRVYLWDOHV\FRUSRUDOHVGHQWURGHGLFKDV
FDWHJRUtDVHQWLHQGHWRGDVODVH[SUHVLRQHVYLWDOHVTXHHVWiQOLJDGDVGLUHFWDPHQWH
D ODV IXQFLRQHV EiVLFDV GHO FXHUSR KXPDQR SRU XQ ODGR ORV PRYLPLHQWRV
SXUDPHQWH PRWRUHV R JHVWXDOHV SRU RWUR ORV SURFHVRV RUJiQLFRV HOHPHQWDOHV
GHSURFUHDFLyQ\HQIHUPHGDG6LODFDSDFLGDGTXHWLHQHXQDVRFLHGDGSDUDOD
LQWHJUDFLyQ WLHQH TXH PRVWUDUVH EiVLFDPHQWH HQ HO KHFKR GH VL HV FDSD] GH
FRQWURODU\FRRUGLQDU WDOHVPRGRV GHFRPSRUWDPLHQWRFRUSRUDO HQWUHVt FDEH
VHxDODUHQWRQFHVTXHODHIHFWLYLGDGHVWUDWpJLFDGHVXVPpWRGRVGHFRQWUROKDGH
PHGLUVHSRUHOJUDGRHQHOTXHpVWRVVRQFDSDFHVGHUHJXODUHVDGLPHQVLyQGH
ORVSURFHVRVFRUSRUDOHVeVWDHVODLGHDIXQGDPHQWDOTXHFRQYHQFHD)RXFDXOW
SDUDDWULEXLUXQSDSHOPiVGHFLVLYRHQVXWHRUtDGHOSRGHUDOFRPSRUWDPLHQWRGH
ORVFXHUSRVKXPDQRVTXHDODVDFWLWXGHVPRUDOHVRFRJQLWLYDV
'HVGH HVWD ~OWLPD SHUVSHFWLYD ODV WpFQLFDV PRGHUQDV GH SRGHU VH
GLVWLQJXHQDKRUDSDUD)RXFDXOWSRUHOKHFKRGHTXHHOODVQRVRQVyORFDSDFHV
GHVXSULPLURVLPSOHPHQWHFRQWURODUODFRQGXFWDGHORVFXHUSRVKXPDQRVVLQR
WDPELpQ GH SURGXFLUORV GH IRUPD VLVWHPiWLFD /D SURGXFFLyQ \ FUHDFLyQ GH OD
FRQGXFWD GH ORV FXHUSRV KXPDQRV VLJQLILFD SDUD pO SRU XQ ODGR GDU D XQD
PRWULFLGDGFRUSRUDORULJLQDULDPHQWHLQHVWDEOH\IOXLGD>@ODIRUPDFHUUDGDGH
XQHVTXHPDXQLIRUPHGHFRQGXFWDSRUPHGLRGHXQGLVFLSOLQDPLHQWRLQFHVDQWH
HVWR HV ©QRUPDOL]DUª OD VHFXHQFLD GH PRYLPLHQWRV GHO FXHUSR KXPDQR (O
FRQFHSWRGH©GLVFLSOLQDFRUSRUDOªFHQWUDOHQWRGDODLQYHVWLJDFLyQKLVWyULFDGH
9LJLODU \ FDVWLJDU VH H[WUDH GH OD LGHD GH TXH ODV WpFQLFDV GH SRGHU VRFLDO
SXHGHQ WHQHU FRPR REMHWLYR OD HVWDQGDUL]DFLyQ FRDFWLYD GH ORV PRYLPLHQWRV
PRWULFHV\JHVWXDOHVORTXHVLJQLILFDTXHODVPiVYDULDGDVSUiFWLFDVVHDJUXSDQ
GH WDO PRGR SDUD TXH ORV PRYLPLHQWRV PRWULFHV \ JHVWXDOHV GH ORV LQGLYLGXRV
VHDQ REOLJDGRV D HQWUDU HQ XQ FLHJR DXWRPDWLVPR GH DFWRV UXWLQDULRV \
HQWUHQDGRVSDUDHOWUDEDMRSURGXFWLYR)RXFDXOWQRHVWiDTXtWDQLQWHUHVDGRHQ
OD SVLFRORJtD KLVWyULFD GHO SUREOHPD FRPR HQ XQD VXHUWH GH ©ItVLFDª GH OD
GLVFLSOLQD FRUSRUDO (O FXHUSR KXPDQR QR HV SXHV DTXt HQWHQGLGR FRPR XQD
XQLGDGGHSURFHVRVItVLFRV\SVtTXLFRVVLQRTXHPiVELHQVLJXLHQGRHQHVWRXQ
SURJUDPD GH LQWHQFLRQDOLGDG ILVLFDOLVWD VH H[SRQH FRPR XQ VLVWHPD PHFiQLFR
GHIXQFLRQDPLHQWRHQHUJpWLFR'HVGHXQDDSUR[LPDFLyQGLIHUHQWHODVUHDOL]DGDV
SRU HMHPSOR HQ OD ©WHRUtD GH OD FLYLOL]DFLyQª GHVDUUROODGD SRU 1RUEHUW (OLDV
>@RHQOD'LDOpFWLFDGHOD,OXVWUDFLyQGH$GRUQR\+RUNKHLPHU)RXFDXOW
FRPSUHQGH ORV SURFHVRV GH ORV FXHUSRV GLVFLSOLQDGRV ²TXH FRQWHPSOD VLQ
HPEDUJRGHOPLVPRPRGRTXHHVWRVDXWRUHVFRPRXQDLQGLFDFLyQVXPDULDGH
OD PRGHUQL]DFLyQ HXURSHD² QR FRPR XQ SURFHVR SVLFRItVLFR GH FUHFLHQWH
FRQWURO GH ODV SDVLRQHV \ FXHUSRV VLQR PiV ELHQ FRPR XQ SURFHVR
H[FOXVLYDPHQWHItVLFRRULHQWDGRDXQDGLUHFFLyQ\DMXVWHFDGDYH]PiVSHUIHFWR
GHORVPRYLPLHQWRVFRUSRUDOHV)RXFDXOWSUHVFLQGHDVtGHOPDUFRSVLFRGLQiPLFR
LQGLYLGXDO HQ HO TXH WDOHV SURFHGLPLHQWRV GLVFLSOLQDULRV VRQ VXVFHSWLEOHV GH
UHDMXVWH (Q HVWH FRQIHVR UHGXFFLRQLVPR UHDSDUHFH HQ VX WHRUtD HO OHLWPRWLY
HVWUXFWXUDOLVWDGHOGLVFXUVRGHODQiOLVLVEDMRODILJXUDGHXQDKRVWLOLGDGHQHUJpWLFD
KDFLDODSVLFRORJtDXQIDFWRUTXHVHUHYHODUiDODSRVWUHLQFRPSDWLEOHFRQHO
PRGHORGHDFFLyQTXHVXE\DFHWHyULFDPHQWHDVXFRQFHSWRGHSRGHU
([LVWHVLQHPEDUJRXQVHJXQGRDVSHFWREDMRHOTXH)RXFDXOWHQWLHQGHOD
GRPLQDFLyQ SURGXFWLYD GHO FRPSRUWDPLHQWR GH ORV FXHUSRV KXPDQRV 3XHVWR
TXH HQ HO PRPHQWR HQ HO TXH DSOLFD VX WHRUtD GHO SRGHU D OD FRQGXFWD GH ORV
FXHUSRVKXPDQRVQRVyORWLHQHHQFXHQWDORVPRYLPLHQWRVPRWULFHV\JHVWXDOHV
GH ORV LQGLYLGXRV VLQR WDPELpQ ORV SURFHVRV RUJiQLFRV IXQGDPHQWDOHV GHO
QDFLPLHQWR OD IHFXQGLGDG \ OD PXHUWH QR SXHGH SRU PHQRV GH WRPDU HQ
FRQVLGHUDFLyQWDPELpQXQFRPSOHMRDGLFLRQDOGHWpFQLFDVPRGHUQDVGHSRGHU
6X ILQ QR HV RWUR TXH HO FRQWURO GHO FRPSRUWDPLHQWR ©ELROyJLFRª GH OD
SREODFLyQ \ QR \D VyOR HO GLVFLSOLQDPLHQWR GH OD DFWLYLGDG PRWUL] LQGLYLGXDO
)RXFDXOWGHILQHHVWDVHVWUDWHJLDVDGPLQLVWUDWLYDVTXHFRQWULEX\HQDODUHJXODFLyQ
GHORVSURFHVRVGHODYLGDRUJiQLFDEDMRHOSURYRFDWLYRWtWXORGH©ELRSROtWLFDª
(QDOLDQ]DFRQODVWpFQLFDVRULHQWDGDVDOGLVFLSOLQDPLHQWRGHORVFXHUSRVpVWDV
FRQVWLWX\HQ OD EDVH LQVWLWXFLRQDO GHO VLVWHPD GH SRGHU IRUPDGR GXUDQWH OD HUD
PRGHUQDHQ(XURSD
&RQFUHWDPHQWH HVH SRGHU VREUH OD YLGD VH GHVDUUROOy GHVGH HO VLJOR ;9,, HQ GRV IRUPDV
SULQFLSDOHVQRVRQDQWLWpWLFDVPiVELHQFRQVWLWX\HQGRVSRORVGHGHVDUUROORHQOD]DGRVSRU
WRGRXQKD]LQWHUPHGLRGHUHODFLRQHV8QRGHORVSRORVDOSDUHFHUHOSULPHURHQIRUPDUVH
IXH FHQWUDGR HQ HO FXHUSR FRPR PiTXLQD VX HGXFDFLyQ HO DXPHQWR GH VXV DSWLWXGHV HO
DUUDQFDPLHQWR GH VXV IXHU]DV HO FUHFLPLHQWR SDUDOHOR GH VX XWLOLGDG \ VX GRFLOLGDG VX
LQWHJUDFLyQ HQ VLVWHPDV GH FRQWURO HILFDFHV \ HFRQyPLFRV WRGR HOOR TXHGy DVHJXUDGR SRU
SURFHGLPLHQWRV GH SRGHU FDUDFWHUtVWLFRV GH ODV GLVFLSOLQDV DQDWRPRSROtWLFD GHO FXHUSR
KXPDQR(OVHJXQGRIRUPDGRDOJRPiVWDUGHKDFLDPHGLDGRVGHOVLJOR;9,,,IXHFHQWUDGRHQ
HOFXHUSRHVSHFLHHQHOFXHUSRWUDQVLGRSRUODPHFiQLFDGHORYLYLHQWH\TXHVLUYHGHVRSRUWH
DORVSURFHVRVELROyJLFRVODSUROLIHUDFLyQORVQDFLPLHQWRV\ODPRUWDOLGDGHOQLYHOGHVDOXG
ODGXUDFLyQGHODYLGD\ODORQJHYLGDGFRQWRGDVODVFRQGLFLRQHVTXHSXHGHQKDFHUORVYDULDU
WRGRV HVRV SUREOHPDV ORV WRPD D VX FDUJR XQD VHULH GH LQWHUYHQFLRQHV \ FRQWUROHV
UHJXODGRUHVXQDELRSROtWLFDGHODSREODFLyQ>@

(QHVWHSXQWRUHVXOWDGHFLVLYRTXH)RXFDXOWFRQVLGHUHHVWDVWpFQLFDVSDUDHO
HMHUFLFLR GHO SRGHU VRFLDO VREUH ORV FXHUSRV FRPR DOJR HQ FXDOTXLHU FDVR
VXERUGLQDGRDUHJODVTXHDVXYH]VRQHOUHVXOWDGRGHODH[SORUDFLyQFLHQWtILFD
GHGLFKRVFXHUSRV\SURFHVRVYLWDOHV(OGLVFLSOLQDPLHQWRGHORVPRYLPLHQWRVGH
ORVFXHUSRVLQGLYLGXDOHV\ODDGPLQLVWUDFLyQGHORVSURFHVRVGHODYLGDRUJiQLFD
VRQSRVLEOHV~QLFDPHQWHHQYLUWXGGHODLQIRUPDFLyQ\FRQRFLPLHQWRHQWRUQRD
ORV ©VHUHV KXPDQRVª TXH VH KDQ SURGXFLGR GH DFXHUGR FRQ OD SHUVSHFWLYD
GLUHFWUL] GH OD GLVSRVLFLyQ HVWUDWpJLFD (VWR QRV FRQGXFH GH OOHQR D OD WHUFHUD
FDWHJRUtD VREUH OD TXH JLUD HO DQiOLVLV IRXFDXOWLDQR GH OD SURGXFWLYLGDG GH ODV
WpFQLFDVPRGHUQDVGHSRGHUHOFRQFHSWRGH©VDEHUª
<D HQ $UTXHRORJtD GHO VDEHU FRPR KHPRV YLVWR DQWHV )RXFDXOW MXJDED
FRQ OD LGHD GH LQWHUSUHWDU ORV GLVFXUVRV H[FOXVLYDPHQWH FRPR VLPSOHV
LQVWUXPHQWRVGHXQ©DSRGHUDPLHQWRªOLQJtVWLFRGHODUHDOLGDGDHVWDLGHDVLQ
HPEDUJR H[SXHVWD VLQ PiV H[SOLFDFLRQHV VyOR OH FRUUHVSRQGtD OD IXQFLyQ GH
D\XGDUDUHVROYHUODVSDUDGRMDVFDVLLQVROXEOHVGHXQDQiOLVLVGHOFRQRFLPLHQWR
SODQWHDGR HQ WpUPLQRV VHPLROyJLFRV GH KHFKR HO JLUR KDFLD XQD WHRUtD GHO
SRGHU VXUJH HQ SULPHU WpUPLQR GH OD UDGLFDOL]DFLyQ GH HVWH DUJXPHQWR SRFR
UHOHYDQWHHQUHDOLGDGSDUDHOSUR\HFWRRULJLQDOGHODQiOLVLVKLVWyULFRGHOGLVFXUVR
VLORVFRQWHQLGRVVRFLDOHVGHOVDEHU²QRDQDOL]DGRVVLQFRQWUDGLFFLRQHVEDMROD
DSOLFDFLyQGHORVSURFHGLPLHQWRVVHPLROyJLFRV²WLHQHQTXHVHUHQWHQGLGRVHQ
JHQHUDOFRPRLQVWUXPHQWRVGHODVUHODFLRQHVGHSRGHUVHLPSRQHODQHFHVLGDG
GHDQDOL]DUODHVWUXFWXUDRFXOWDGHODVUHODFLRQHVGHSRGHUVRFLDODQWHVGHTXHHO
SDSHOGHOFRQRFLPLHQWRFLHQWtILFRSXHGDVHUGHWHUPLQDGRFRQPD\RUH[DFWLWXG
)RXFDXOW EXVFD DKRUD HQ HO QLYHO FRQFHSWXDO GH VX WHRUtD GHO SRGHU
FRPSUHQGHU ODV VRFLHGDGHV FRPR VLWXDFLRQHV GH DJUHJDFLyQ PRPHQWiQHD
GHQWUR GH XQ SURFHVR LQFHVDQWH GH LQWHUDFFLyQ HVWUDWpJLFD HQWUH DFWRUHV
VRFLDOHV /RV HVIXHU]RV HQFDPLQDGRV D REWHQHU FRQRFLPLHQWR FLHQWtILFR QR
WLHQHQSRUFRQVLJXLHQWHXQDIXQFLyQGLIHUHQWHGHODGHOUHVWRGHDFWLYLGDGHVGH
ORVLQGLYLGXRV\JUXSRV'HWDOPRGRTXH
4XL]iV KD\D TXH UHQXQFLDU WDPELpQ D WRGD XQD WUDGLFLyQ TXH SHUPLWH LPDJLQDUQRV TXH QR
SXHGHH[LVWLUXQVDEHUVLQRDOOtGRQGHVHKDOODQVXVSHQGLGDVODVUHODFLRQHVGHSRGHU\TXHHO
VDEHUQRSXHGHGHVDUUROODUVHVLQRDOPDUJHQGHVXVFRQPLQDFLRQHVGHVXVH[LJHQFLDV\GHVXV
LQWHUHVHV4XL]iVKD\DTXHUHQXQFLDUDFUHHUTXHHOSRGHUYXHOYHORFR\TXHHQFDPELROD
UHQXQFLDFLyQDOSRGHUHVXQDGHODVFRQGLFLRQHVFRQODVFXDOHVVHSXHGHOOHJDUDVDELR+D\
TXHDGPLWLUPiVELHQTXHHOSRGHUSURGXFHVDEHU\QRVLPSOHPHQWHIDYRUHFLpQGRORSRUTXH
ORVLUYDRDSOLFiQGRORSRUTXHVHD~WLOTXHSRGHU\VDEHUVHLPSOLFDQGLUHFWDPHQWHHOXQRDO
RWURTXHQRH[LVWHUHODFLyQGHSRGHUVLQFRQVWLWXFLyQFRUUHODWLYDGHXQFDPSRGHVDEHUQLGH
VDEHUTXHQRVXSRQJD\QRFRQVWLWX\DDOPLVPRWLHPSRXQDVUHODFLRQHVGHSRGHU>@

(QHOPDUFRGHVXWHRUtDGHOSRGHU)RXFDXOWFRPSUHQGHSXHVODFLHQFLDHQ
JHQHUDO FRPR XQD DFWLYLGDG HQ OD FXDO OD UHDOLGDG VH DEUH HPStULFDPHQWH VH
HVWUXFWXUDHQFDWHJRUtDV\VHH[SOLFDWHyULFDPHQWHEDMRHOSXQWRGHYLVWDGHOD
DGTXLVLFLyQ VRFLDO GH SRGHU /DV FRQGLFLRQHV GH SRVLELOLGDG GH OD REMHWLYLGDG
SDUD HO FRQRFLPLHQWR FLHQWtILFR TXHGDQ SRU OR WDQWR GHWHUPLQDGDV SRU HO
REMHWLYR GHO VRPHWLPLHQWR VRFLDO GH ORV LQGLYLGXRV DO PDUJHQ GH HVWD UHODFLyQ
HVWUDWpJLFD HO FRQRFLPLHQWR SURGXFLGR PHWRGROyJLFDPHQWH QR FXPSOH QLQJ~Q
SURSyVLWRHVSHFtILFRHQFRUUHVSRQGHQFLDFRQHVWRHVIDOVRKDEODUGHODFLHQFLD
FRPRVHKDKHFKRKDVWDDKRUDFRPRXQLQVWUXPHQWRRXQVLPSOH©PHGLRªGHO
FRQWUROVRFLDO)RXFDXOWHQHVWHVHQWLGRYDPXFKRPiVDOOiGHODLQWHUSUHWDFLyQ
FRQYHQFLRQDOVHJ~QODFXDOORVJUXSRVVRFLDOHVVRQFDSDFHVGHPRQRSROL]DUHO
FRQRFLPLHQWRWHyULFR\ODLQIRUPDFLyQFLHQWtILFDFRQHOREMHWLYRGHDVHJXUDUHO
SRGHUSRUPHGLRGHHVWUDWHJLDVFXOWXUDOHVHLQVWLWXFLRQDOHVGHH[FOXVLyQ>@/D
DFWLYLGDG FLHQWtILFD QR H[LVWH SDUD pO DO PDUJHQ GH XQ FDPSR GH FRQIOLFWRV
HVWUDWpJLFRV GH WDO PRGR TXH SXHGD VHUYLU D ORV DFWRUHV FRPSURPHWLGRV
VLPSOHPHQWHFRPRXQDKHUUDPLHQWDPiVELHQHVHOODPLVPDODIRUPDUHIOH[LYD
GHODDFFLyQHVWUDWpJLFD
'H DKt TXH OD ©WHRUtD GHO FRQRFLPLHQWRª GH )RXFDXOW VyOR GHGXFLEOH
LQGLUHFWDPHQWHGHODVLQYHVWLJDFLRQHVHQWRUQRDODWHRUtDGHOSRGHUFRQVLVWDHQ
HOLQWHQWRGHWUD]DUHOPDUFRFRQFHSWXDO\ORVSURFHGLPLHQWRVPHWRGROyJLFRVGH
ODVFLHQFLDVKXPDQDV²\HQUHDOLGDGWDPELpQGHODVFLHQFLDVQDWXUDOHV>@²
GHQWUR GH XQ VLVWHPD GH UHODFLRQHV FRJQRVFLWLYDV \D SUHYLDPHQWH DQFODGR HQ
VLWXDFLRQHV HOHPHQWDOHV GHO HMHUFLFLR GHO SRGHU VRFLDO D VDEHU EDMR
GHWHUPLQDGDVLQTXLVLFLRQHVLQYHVWLJDFLRQHV\SUXHEDVHQHVWRVSURFHGLPLHQWRV
SUHFLHQWtILFRVGHLQYHVWLJDFLyQTXHVLUYHQDOLQFHVDQWHFRQWUROGHOFRQWULQFDQWH
RGHODRSRVLFLyQVRFLDOODUHDOLGDGHQVXFRQMXQWRVHSUR\HFWDGHDQWHPDQR\D
FRPRXQFDPSRHVWUDWpJLFRGHRSHUDFLRQHV\FRPRORTXHDSDUHFHOXHJRHQODV
FLHQFLDVGHXQPRGRPHWRGROyJLFDPHQWHREMHWLYDGR$GLIHUHQFLDGH$GRUQR
FRQHOTXHVLQHPEDUJRFRPSDUWHHOSUREOHPDGHOFDUiFWHULQVWUXPHQWDOGHODV
FLHQFLDV)RXFDXOWGHGXFHODVFRQGLFLRQHVGHOFRQRFLPLHQWRFLHQWtILFRQRGHXQ
FRQWH[WR GH UHIHUHQFLD RULHQWDGR \ GLVSXHVWR DO FRQWURO LQVWUXPHQWDO D OD
QDWXUDOH]DVLQRPiVELHQGHXQPDUFRHPSOD]DGRGHQWURGHORVUHTXHULPLHQWRV
HVWUDWpJLFRV GH OD OXFKD VRFLDO (V GHFLU QR HVWi LQWHUHVDGR HQ OD FRQH[LyQ
RFXOWD HQWUH H[SHULHQFLD FLHQWtILFD \ OD GRPLQDFLyQ GH OD QDWXUDOH]D VLQR HQ OD
UHODFLyQH[LVWHQWHHQWUHH[SHULHQFLDFLHQWtILFD\DFFLyQHVWUDWpJLFDFRPRVLIXHUD
XQ EXHQ GLVFtSXOR VRFLROyJLFR GH 1LHW]VFKH )RXFDXOW QR SXHGH HYLWDU
GHVDUUROODU SDUWLHQGR GH HVWDV LGHDV EiVLFDV DFHUFD GHO FRQRFLPLHQWR XQD
FUtWLFDGHODVFLHQFLDVKXPDQDVFRQIURQWDQGRODDXWRFRPSUHQVLyQHPDQFLSDWRULD
TXHWLHQHQpVWDVFRQVXSURFHGHQFLDHIHFWLYD
(VWDVFLHQFLDVFRQODVTXHQXHVWUDµ+XPDQLGDG¶VHHQFDQWDGHVGHKDFHPiVGHXQVLJORWLHQHQ
VX PDWUL] WpFQLFD HQ OD PLQXFLD LQTXLVLWLYD \ DYLHVD GH ODV GLVFLSOLQDV \ GH VXV
LQYHVWLJDFLRQHV eVWDV VRQ TXL]i D OD SVLFRORJtD D OD SVLTXLDWUtD D OD SHGDJRJtD D OD
FULPLQRORJtD\DWDQWRVRWURVH[WUDxRVFRQRFLPLHQWRVORTXHHOWHUULEOHSRGHUGHLQTXLVLFLyQ
IXH DO VDEHU WUDQTXLOR GH ORV DQLPDOHV GH ODV SODQWDV R GH OD WLHUUD 2WUR SRGHU RWUR VDEHU
>@

$GHFLUYHUGDGODFUtWLFDGHODFLHQFLDGHODVLQYHVWLJDFLRQHVIRXFDXOWLDQDV
FX\RREMHWRSROpPLFREXVFDH[SRQHUODVFRQH[LRQHVEiVLFDVH[LVWHQWHVHQWUHORV
HVIXHU]RV RULHQWDGRV D REWHQHU FRQRFLPLHQWR WHyULFR \ ORV SURSyVLWRV GH OD
DFFLyQHVWUDWpJLFDUHVXOWDSRFRDUWLFXODGD\FDVLVXSHUILFLDOKDVWDDKRUDQLKD
VLGR XWLOL]DGD SDUD H[DPLQDU GH PRGR SUREDWRULR ODV FDUDFWHUtVWLFDV
PHWRGROyJLFDV GH ODV FLHQFLDV SDUWLFXODUHV QL VH KD HQIUHQWDGR HQ JHQHUDO DO
SUREOHPDGHFyPRHOFRQRFLPLHQWRREWHQLGRPHUDPHQWHGHVGHODSHUVSHFWLYD
GH OD JDQDQFLD GH SRGHU VRFLDO SXHGH WHQHU DOJ~Q WLSR GH p[LWR SUiFWLFR HQ
FRQWH[WRV GH DFFLyQ PDQLILHVWDPHQWH RULHQWDGRV GH PRGR GLIHUHQWH SRU
HMHPSOR FRQWH[WRV GH DFFHVR WpFQLFR D OD QDWXUDOH]D R HO WUDWDPLHQWR
WHUDSpXWLFRGHSRVLEOHVGLVIXQFLRQHVHQODVRFLDOL]DFLyQ$OOtGRQGHHVWDFUtWLFD
GH OD FLHQFLD WUDWD SUHFLVDPHQWH GH GLULJLUVH GH QXHYR KDFLD XQD GLVFLSOLQD
SDUWLFXODUFRPRSXHGHVHUHOFDVRGHOSVLFRDQiOLVLVQRSHQHWUDGLUHFWDPHQWHHQ
UHDOLGDG HQ VX HVWUXFWXUD PHWRGROyJLFD VLQR TXH HQ OXJDU GH HOOR VH GD SRU
VDWLVIHFKD QXHYDPHQWH FRQ OD HQ YHUGDG DOJR JURVHUD GHPRVWUDFLyQ GH VX
IXQFLyQ VRFLDO >@ < SRU ~OWLPR FDEH VHxDODU TXH HO WLSR GH WHRUtD GHO
FRQRFLPLHQWRTXH)RXFDXOWSUHVHQWDFRPREDVHGHVXFUtWLFDGHODVFLHQFLDVOH
KDFH HQUHGDUVH HQ OD FRQWUDGLFFLyQ GH QR VHU \D FDSD] GH MXVWLILFDU
HSLVWHPROyJLFDPHQWH VX SURSLD DFWLYLGDG GH LQYHVWLJDFLyQ DFDGpPLFD \D TXH
SRGUtDDOPLVPRWLHPSRVHUREMHWRGHODVPLVPDVFUtWLFDVTXHpOPLVPRHVJULPH
D VDEHU TXH VH KDEUtD GHVHQPDVFDUDGR PHUDPHQWH FRPR XQD IRUPD UHIOH[LYD
GHODDFFLyQHVWUDWpJLFD>@&RPRUHVXOWDGRGHHVWRODFUtWLFDIRXFDXOWLDQDGH
OD FLHQFLD HQWHQGLGD FRPR XQ WRGR HV GHPDVLDGR YDJD HQ VXV SULQFLSLRV
IXQGDPHQWDOHV \ GHPDVLDGR SUHFLSLWDGD HQ VXV FRQFOXVLRQHV FRPR SDUD VHU
FRQYLQFHQWH FRPR SRVLEOH GHVDUUROOR GH XQD WHRUtD GHO FRQRFLPLHQWR (Q
FXDOTXLHUFDVRHQVXDUJXPHQWDFLyQHOODVyORWLHQHFRPRWDUHDSURSRUFLRQDUXQ
WUDVIRQGRPX\JHQHUDOSDUDHOSUREOHPDTXHDpOOHLQWHUHVDUHDOPHQWHHOPRGR
GHIXQFLRQDPLHQWRGHODVWpFQLFDVPRGHUQDVGHSRGHUTXHVHKDQFHQWUDGRHQHO
WULiQJXORFXHUSRQRUPD\VDEHU
$KRUD TXH ORV WUHV FRQFHSWRV KDQ TXHGDGR JURVVR PRGR FODULILFDGRV
SRGHPRVREVHUYDUFRQWRGDFODULGDGTXHIRUPDQXQDHVSHFLHGHVLVWHPDSRU
DVt GHFLUOR TXH VH UHWURDOLPHQWD D Vt PLVPR XQ VLVWHPD HQ HO TXH VL KHPRV
OOHJDGR D FRPSUHQGHU ELHQ OD SRVLFLyQ IRXFDXOWLDQD ORV FRQRFLPLHQWRV
VLVWHPiWLFRVDFHUFDGHORVPRGRVGHDFFLyQ\SURFHVRVFRUSRUDOHVGHORVVHUHV
KXPDQRVVRFLRORJtDPHGLFLQDSHGDJRJtDSVLFRORJtDHWFVRQSURGXFLGRVSRU
PHGLR GH SURFHGLPLHQWRV RULHQWDGRV D H[WUDHU LQIRUPDFLyQ LQTXLVLFLyQ
FRQIHVLyQ LQWHUURJDWRULRV HWF (VWH FRQRFLPLHQWR OXHJR VH WUDGXFH HQ
GHWHUPLQDGDV SUiFWLFDV GH GLVFLSOLQDPLHQWR GLUHFWR GH ORV FXHUSRV SRGHU
GLVFLSOLQDULR\GHFRQWURODGPLQLVWUDWLYRGHOFRPSRUWDPLHQWRELRSROtWLFD3RU
VXSXHVWR XQ VLVWHPD UHJXODGR HQ HVWRV WpUPLQRV HQ HO TXH ORV SURFHVRV
VLPEyOLFRVGHODSURGXFFLyQGHFRQRFLPLHQWRVHFRPELQDQFRQODVRSHUDFLRQHV
SUiFWLFDV GHO FRQWURO GHO FRPSRUWDPLHQWR QR VH LQWHUSUHWD HQ WpUPLQRV
HVWiWLFRV VLQR HQ HO VHQWLGR GH XQ SURFHVR GH DSUHQGL]DMH DFXPXODWLYR FDGD
WpFQLFDDSOLFDGDHQODSUiFWLFDSDUDODPDQLSXODFLyQ\FRQWUROGHORVSURFHVRV
GH OD YLGD KXPDQD H[SDQGH DO PLVPR WLHPSR OD EDVH GH LQIRUPDFLyQ SDUD HO
FRQRFLPLHQWRFLHQWtILFRGHOPLVPRPRGRTXHFDGDSHUFHSFLyQRFRPSUHQVLyQ
REWHQLGD GH HVWRV KHFKRV D WUDYpV GHO SURFHVR GH OD LQYHVWLJDFLyQ FLHQWtILFD
LQFUHPHQWDHOJUDGRGHPDQLSXODFLyQHQORVSURFHGLPLHQWRVGHGLVFLSOLQDPLHQWR
\FRQWURO'HOD©SURGXFWLYLGDGª>@GHHVWDVWpFQLFDVGHSRGHUTXHIXQFLRQDQ
FRPRXQWLSRGHVLVWHPDDXWRUUHJXODGRKDEODSUHFLVDPHQWH)RXFDXOWDKRUDHQ
XQGREOHVHQWLGRSHURVLQGLIHUHQFLDUGHPDQHUDVXILFLHQWHPHQWHFODUDHQWUHORV
GRV SRVLEOHV PRGRV GH XVDU HO FRQFHSWR VRQ ©SURGXFWLYDVª ODV HVWUDWHJLDV
PRGHUQDV HQ HO HMHUFLFLR GHO SRGHU VRFLDO WDQWR SRU HO KHFKR GH TXH VRQ
FDSDFHV GH RSWLPL]DUVH D Vt PLVPDV FRQVWDQWHPHQWH EDMR XQD PRGDOLGDG
UHIOH[LYD FRPR SRUTXH HOODV VDEHQ FyPR LQFUHPHQWDU ORV UHQGLPLHQWRV
FRUSRUDOHVGHORVVXMHWRV
$VtHVFRPR)RXFDXOWGHVDUUROODVXVWHVLVDFHUFDGHODVSHFXOLDULGDGHVGH
ODVWpFQLFDVPRGHUQDVGHOSRGHUDODVFXDOHVDWULEX\HQRVyORSRVLELOLGDGHVFDVL
LOLPLWDGDVGHFRQWURO GHOFRPSRUWDPLHQWR VLQRWDPELpQOD FDSDFLGDGSDUD XQD
DXWRRSWLPL]DFLyQ FRQVWDQWH 3RU FRQVLJXLHQWH \D QR DWULEX\H HVWD IRUPD
GHVDUUROODGD GHO HMHUFLFLR GH SRGHU D ORV DFWRUHV LQGLYLGXDOHV R D ORV JUXSRV
VRFLDOHV HQWHQGLGRV FRPR VXMHWRV GH DFFLyQ OR TXH SDVD D VHU REMHWR GH
LQWHUpV HQ FDPELR VRQ LQVWLWXFLRQHV FRPR OD HVFXHOD OD SULVLyQ R OD IiEULFD
LQVWLWXFLRQHV TXH pO PLVPR GHEH FRPSUHQGHU D PRGR GH HVWUXFWXUDV
H[WUHPDGDPHQWH FRPSOHMDV GH SRVLFLRQHV VROLGLILFDGDV GH SRGHU VRFLDO (O
PDUFRGHUHIHUHQFLDSDUDHOFRQFHSWRGHSRGHUVHGHVSOD]DVHFUHWDPHQWHSRU
WDQWRGHOiPELWRGHODWHRUtDGHODDFFLyQKDFLDXQDQiOLVLVGHODVLQVWLWXFLRQHV
$KRUDELHQSXHGHGHFLUVHTXHHOGLDJQyVWLFRWHyULFRGHODVWpFQLFDVGHSRGHU
QRVyORHQUHDOLGDGLPSLGHHVFODUHFHUDGHFXDGDPHQWHHOSUREOHPDVXE\DFHQWH
TXH KD GH DIURQWDUVH VLQR TXH PiV ELHQ OR HVFDPRWHD VL SRU XQ ODGR HO
FRQFHSWR GH SRGHU VH GHVDUUROOD SDUWLHQGR GHO KHFKR GH OD LQWHUVXEMHWLYLGDG
SUiFWLFDGHODOXFKDVRFLDOVLQSRGHUH[SOLFDUVXILFLHQWHPHQWHORVSURFHVRVGH
HVWDELOL]DFLyQ VRFLDO GH ODV SRVLFLRQHV GH SRGHU SRU RWUR HO DQiOLVLV GH ODV
WpFQLFDVGHSRGHUKDFHXQXVRGHVFXLGDGRGHXQDLGHDGHLQVWLWXFLyQGHSRGHU
VLQKDFHUQLQJXQDUHIHUHQFLDDORVSURFHVRVUHODWLYRVDVXIXQGDFLyQVRFLDO(Q
HVWH SDVR SXHV HO IHQyPHQR TXH LQWHUHVD UHDOPHQWH D OD WHRUtD D VDEHU OD
HVWDELOL]DFLyQ GH ODV SRVLFLRQHV GH SRGHU DVHJXUDGDV HQ OD SUiFWLFD EDMR OD
IRUPDGHVXLQVWLWXFLRQDOL]DFLyQVRFLDOGHVDSDUHFHGHHVFHQD(QWUHODFRQTXLVWD
ORFDOPHQWH~QLFDGHXQDSRVLFLyQGHSRGHUTXHSXHGHFRQVWDWDUVHXQD\RWUD
YH] HQ HO PRGHOR WHyULFR IXQGDPHQWDO GH DFFLyQ GH OD OXFKD \ OD DFWLYLGDG
H[WUHPDGDPHQWH FRPSOHMD GHO FRQWURO VRFLDO D WUDYpV GH LQVWLWXFLRQHV TXH VH
SUHVXSRQHHQODH[SOLFDFLyQFRQFHSWXDOGHODVWpFQLFDVPRGHUQDVGHSRGHUOD
FXHVWLyQGHODJpQHVLVVRFLDOGHODVUHODFLRQHVGHSRGHUVLJXHD~QVLQH[SOLFDUVH
UHDOPHQWHHQWpUPLQRVWHyULFRV
(VWHPDOHQWHQGLGRQRHVPHUDPHQWHDFFLGHQWDOHVPiVSRVHHXQFDUiFWHU
VLVWHPiWLFR 1R VH GHULYD GHO KHFKR GH TXH )RXFDXOW HQ XQ SULPHU PRPHQWR
GHVDUUROOH VX PRGHOR GH DFFLyQ HVWUDWpJLFD ~QLFDPHQWH VREUH OD EDVH GH
HMHPSORV VHQFLOORV TXH WUDWDQ GH SRQHU HQ HYLGHQFLD OD FRQIURQWDFLyQ GLUHFWD
HQWUH ORV DFWRUHV HQ OL]D \ OXHJR HQ XQ PRYLPLHQWR SRVWHULRU OR DPSOtH
SDUDGLJPiWLFDPHQWHHQGLUHFFLyQDXQDWHRUtDGHODVRFLHGDGGHVDUUROODQGRVXV
DQiOLVLV GH ODV WpFQLFDV GH SRGHU HQ UHODFLyQ D SURFHVRV KLVWyULFDPHQWH
FRQFUHWRV8WLOL]DUHOXVRGHOFRQFHSWRGHOXFKDFRPRPDUFRH[FOXVLYRGHXQD
WHRUtD VRFLDO QR HVWi HQ DEVROXWR H[HQWR GH FRQWUDGLFFLRQHV FXDOTXLHU
HVWDELOL]DFLyQ VRFLDO GH XQD SRVLFLyQ GH SRGHU ²HVWR HV FXDOTXLHU
HVWDEOHFLPLHQWR GH XQD UHODFLyQ GH SRGHU SRU PX\ OLPLWDGD TXH VHD²
SUHVXSRQH \D OD LQWHUUXSFLyQ GH OD OXFKD EDMR OD IRUPD GH XQ DFXHUGR
QRUPDWLYDPHQWHPRWLYDGRRGHXQFRPSURPLVRGHRULHQWDFLyQILQDOSUDJPiWLFD
R HQ GHILQLWLYD GH XQ XVR GH OD IXHU]D SODQWHDGR D ODUJR SOD]R 6L ORV GRV
SULPHURV FDVRV SDUD OD VROXFLyQ GH XQ FRQIOLFWR HVWUDWpJLFR UHSUHVHQWDQ
PDQLREUDV GH XQD HVWDELOL]DFLyQ QR XQLODWHUDO VRFLDO GHO SRGHU OD WHUFHUD
VROXFLyQ UHSUHVHQWD XQ FDVR LPSUREDEOH GH HVWDELOL]DFLyQ H[FOXVLYDPHQWH
XQLODWHUDOGHXQDSRVLFLyQVRFLDOGHSRGHU'DGRTXH)RXFDXOWVyORSXHGHSDUWLU
RULJLQDULDPHQWH GH XQD VHULH LQLQWHUUXPSLGD GH FRQIOLFWRV \ FRQIURQWDFLRQHV
HVWUDWpJLFDV VH YH REOLJDGR D H[FOXLU HQ HO iPELWR FRQFHSWXDO FXDOTXLHU
SRVLELOLGDGGHXQDVXSHUDFLyQUHFtSURFDGHODOXFKDHQXQHVWDGRSURYLVLRQDOGHO
SRGHU HVWDELOL]DGR 3RU WDQWR HQ HVWH SXQWR VHJ~Q pO LQHYLWDEOHPHQWH VyOR
SXHGH TXHGDU OD SRVLELOLGDG GH LQWHUSUHWDU OD LQVWLWXFLRQDOL]DFLyQ GH ODV
SRVLFLRQHV GH SRGHU FRPR XQ SURFHVR LQFHVDQWH GH HMHUFLFLRV FRDFWLYRV 3RU
FRQVLJXLHQWH FXDQGR pO EXVFD HQ HO SODQR GH OD WHRUtD GHVFULELU ODV WpFQLFDV
PRGHUQDVGHSRGHUVyORSXHGHKDFHUXVRXQD\RWUDYH]FRQVHFXHQWHPHQWH
GH HVD WHUFHUD SRVLELOLGDG HQ HVWH SXQWR pO QR SXHGH SRU PHQRV GH
FRPSUHQGHU ODV UHODFLRQHV GH SRGHU VRFLDO FRPR VLWXDFLRQHV DJUHJDGDV GH
DFFLyQ HVWUDWpJLFD REWHQLGDV D WUDYpV GHO XVR SHUPDQHQWH GH OD IXHU]D \
WpFQLFDPHQWHSURYLVWDVGHJUDQHIHFWLYLGDG/DVLQVWLWXFLRQHVVRFLDOHVDSDUHFHQ
SDUD )RXFDXOW WDO FRPR pO PLVPR H[SOLFD HQ XQD DOXVLyQ SRFR MXVWLILFDGD D
'XUNKHLP FRPR VLPSOHV PHGLRV R LQVWUXPHQWRV GH XQ GRPLQLR FRDFWLYR
XQLODWHUDO
'DGR TXH )RXFDXOW QR SXHGH DO ILQ \ DO FDER MXVWLILFDU XQ FRQFHSWR GH
UHODFLRQHVVRFLDOHVGHSRGHUTXHYD\DPiVDOOiGHXQUHVXOWDGRDSRUpWLFR²HO
RULJLQDGRSRUVXWHQWDWLYDGHH[SOLFDUORVyORGHVGHODLGHDGHODRPQLSUHVHQFLD
GHORVFRQIOLFWRVHVWUDWpJLFRV²VHYHREOLJDGRXQDYH]PiVHQHOiPELWRGHOD
WHRUtDVRFLDODGHGXFLUHORUGHQGHODVVRFLHGDGHVSDUWLHQGRGHORVHIHFWRVGH
XQXVRGHODIXHU]DFRDJXODGRHQORVDSDUDWRVLQVWLWXFLRQDOHV&RQWUDULDPHQWHD
VXVSURSLDVSUHWHQVLRQHVHODQiOLVLVWHyULFRVRFLDOGHODVSHFXOLDULGDGHVGHODV
WpFQLFDV PRGHUQDV GH SRGHU QR FRQWLHQH PiV TXH OD LGHD FRQFHSWXDOPHQWH
GLIHUHQFLDGD SHUR HQ HO IRQGR UHGXFFLRQLVWD GH XQD GRPLQDFLyQ FRDFWLYD
XQLODWHUDO$FDXVDGHHVWRVXUJHHQODWHRUtDGHOSRGHUIRXFDXOWLDQDFRPRQRHV
GLItFLOGHGXFLUXQDOODPDWLYDGLVFUHSDQFLDHQWUHHOPRGHORGHDFFLyQTXHVLUYHGH
EDVH \ HO GHVDUUROOR GH VX WHRUtD VRFLDO HQWUH OD DILUPDFLyQ GH XQ SURFHVR
LQFHVDQWH GH OXFKD VRFLDO \ OD WHVLV GH XQD HIHFWLYLGDG LOLPLWDGD GHO SRGHU
PRGHUQR GH OD GLVFLSOLQD (Q RWUDV SDODEUDV GHQWUR GH XQD \ PLVPD
DUJXPHQWDFLyQ DSDUHFHQ FRQWUDSXHVWDV GRV WHVLV OD FRQILUPDFLyQ WHyULFD GH
XQD©EDWDOODLQFHVDQWHª\XQDLPDJHQGHWDOODGDGHOPRGRGHIXQFLRQDPLHQWRGH
ODVLQVWLWXFLRQHVDGPLQLVWUDWLYDVGHODFRDFFLyQFX\DFRQGLFLyQJHQpWLFRVRFLDO
HVSUHFLVDPHQWHODLQWHUUXSFLyQGHHVD©EDWDOODLQFHVDQWHªDODSULPHUDGHODV
WHVLV VyOR VH DMXVWD OD LGHD GH XQD SOXUDOLGDG GH DFWRUHV VRFLDOHV HQ
FRPSHWHQFLD OD LGHD GH XQD FRQGXFWD FRUSRUDO LUUHVLVWLEOHPHQWH PDQLSXODGD
VyORHVFRPSDWLEOHFRQODVHJXQGD
(VWD ILVXUD LQWHUQD GHQWUR GH OD WHRUtD GHO SRGHU IRXFDXOWLDQD RFDVLRQDGD
SRU OD UHGXFFLyQ GH OR VRFLDO DO FRQIOLFWR HVWUDWpJLFR \ TXH SURYRFD HQ HVD
PHGLGDODH[FOXVLyQGHRWUDVIRUPDVGHDFFLyQVRFLDOVyORTXHGDUiHQSULQFLSLR
UHVXHOWDFXDQGRpOGHVSODFHHOQLYHOGHODUHIOH[LyQFRQFHSWXDODOFDPSRGHOD
HVFULWXUD KLVWyULFD HV GHFLU HQ ODV LQYHVWLJDFLRQHV PDWHULDOHV UHODWLYDV D OD
HPHUJHQFLDGHODVWpFQLFDVPRGHUQDVGHLQWHJUDFLyQVRFLDOHOPRGHORGHDFFLyQ
HVWUDWpJLFD QR SDUHFH MXJDU \D XQD IXQFLyQ WHyULFDPHQWH IXQGDPHQWDO HV PiV
HQ UHDOLGDG ORV IHQyPHQRV KLVWyULFRV GH FRQIOLFWR VRFLDO HQ JHQHUDO FRPR
HQVHJXLGD VH WUDWDUi GH PRVWUDU KDQ GHVDSDUHFLGR GHWUiV GH XQ SURFHVR
VLVWpPLFRHQFDPLQDGRDOFRQWLQXRSHUIHFFLRQDPLHQWRGHODVWpFQLFDVGHSRGHU
(ODQiOLVLVGHOSRGHUIRXFDXOWLDQRHQVXGHVDUUROORILQDOFHUFDQRDODWHRUtDGH
VLVWHPDV GH XQ PRGR H[WUDxR VH WHUPLQD DVt FXULRVDPHQWH DSUR[LPDQGR D OD
WHRUtD VRFLDO GH $GRUQR GH OD TXH D FDXVD GH VX PRGHOR WHyULFR LQLFLDO GH
DFFLyQGHOXFKDVRFLDOSDUHFtDHVWDUWDQGLVWDQWHHQXQSULPHUPRPHQWR
1RWDVDOSLH
>@ 3DUD OD FRQYHUJHQFLD H[LVWHQWH HQWUH ODV LQYHVWLJDFLRQHV KLVWyULFDV GH OD ©SULPHUDª IDVH GH
)RXFDXOW \ ORV GHVDUUROORV WHPiWLFRV GH $GRUQR FIU 0 DUWLQ 3XGHU ©'HU E|VH %OLFN GHV 0 LFKHO
)RXFDXOWªHQ1HXH5XQGVFKDXSS\VV
>@$VtSRUHMHPSORHQODLOXPLQDGRUDFUtWLFDTXHDSDUHFHHQHOHVWXGLRGH'RPLQLTXH/HFRXUW
.ULWLNGHU :LVVHQVFKDIWVWKHRULH %DFKHODUG &DQJXLOKHOP )RXFDXOW %HUOtQ  SS  \ VV XQ
UHVXPHQ GH GLFKD GLVFXVLyQ OR RIUHFH 3 6ORWHUGLMN HQ ©0 LFKHO )RXFDXOWV VWUXNWXUDOH 7KHRULH GHU
*HVFKLFKWHªRSFLW
>@ (O SURSLR )RXFDXOW UHWURVSHFWLYDPHQWH YD D GHVFULELU HVWD FRQIHUHQFLD FRPR XQ WH[WR
SHUWHQHFLHQWH D XQD ©IDVH GH WUDQVLFLyQª FIU WDPELpQ 0  )RXFDXOW ©'LH 0 DFKWYHUKDOWQLVVH
GXUFK]LHKHQGDV.|USHULQQHUH*HVSUlFKPLW/XFHWWH)LQDVª'LVSRVLWLYH GHU 0DFKW %HUOtQ 
SS\VVSDUDORDTXtFLWDGRFIUS>7UDGFDVWHOODQD©/DVUHODFLRQHVGHSRGHUHQWUDQHQ
ORVFXHUSRVªHQ0LFURItVLFDGHOSRGHU0 DGULG/D3LTXHWD@
>@ 3DUD HO VLJQLILFDGR GH HVWH GXDOLVPR DIHFWLYR HQ OD ILORVRItD VRFLDO IUDQFHVD FRQWHPSRUiQHD
FIU9'HVFRPEHV'DV6HOEHXQGGDV$QGHUHRSFLWSS\VV>WUDGFDVWHOODQD/RPLVPR\OR
RWURFXDUHQWD\FLQFRDxRVGHILORVRItDIUDQFHVD0 DGULG&iWHGUD@FIUWDPELpQ
HOHVWXGLRGH$OH[&DOOLQLFRV,VWKHUHD)XWXUHIU0DU[LVWV"/RQGUHV\%DVLQJVWRNHFDS
©3RZHUDQG'HVLUHª
>@ (Q OD REUD GH )RXFDXOW HVWH FDPELR GH XQD FRQFHSFLyQ GXDOLVWD D RWUD PRQLVWD GH ORV
LPSXOVRV VRFLDOHV YD PDQLILHVWDPHQWH D FULVWDOL]DU HQ RWUR FDPELR HO GH XQD WHRUtD GH ORV DIHFWRV
GXDOLVWDDRWUDPRQLVWDTXHSDUWHGHODREUDGH1LHW]VFKHVREUHHOGHVDUUROORGHHVWDFXHVWLyQHQOD
ILORVRItD GH 1LHW]VFKH FIU :DOWHU .DXIPDQQ 1LHW]VFKH 3KLORVRSK3V\FKRORJH$QWLFKULVW
'DUPVWDGW  SS  \ VV 6REUH HVWD WHRUtD PRQtVWLFD GHO SRGHU TXH )RXFDXOW WRPD GH
1LHW]VFKH FIU +LQULFK )LQN(LWHO ©)RXFDXOWV $QDO\WLN GHU 0 DFKWª HQ )ULHGULFK .LWWOHU HG 'LH
$XVWUHLEXQJGHV*HLVWHVDXVGHQ*HLVWHVZLVVHQVFKDIWHQ3DGHUERUQSS\VV$KRUDELHQ
HQORTXHVLJXHSURSRQJRHQFDPELRXQDLQWHUSUHWDFLyQDOWHUQDWLYDGHOSUREOHPD
>@ 0  )RXFDXOW ©:DKUKHLW XQG 0 DFKW ,QWHUYLHZ YRQ $OOHVVDQGUR )RQWDQD XQG 3DVTXDOH
3DVTXLQRª'LVSRVLWLYH GHU 0DFKWRSFLW SS  \ VV SDUD OR DTXt GLFKR SS  \ VV HQ OD
SULPHUDSDUWHGHPLDUJXPHQWDFLyQKDUpUHIHUHQFLDDODVPDQLIHVWDFLRQHVUHDOL]DGDVSRU)RXFDXOWHQ
VXVHQWUHYLVWDVFRQPiVIUHFXHQFLDGHODTXHHVGHULJRUSRUTXHDTXtHVWLPXODGRHQSDUWHSRUODV
SUHJXQWDV TXH VH OH SODQWHDQ pO HV PiV H[SOLFLWR UHVSHFWR D ORV SUHVXSXHVWRV FRQFHSWXDOHV GH VX
WHRUtDGHOSRGHUTXHHQODVLQYHVWLJDFLRQHVKLVWyULFDV
>@,EtGSS\VV
>@&IU0 LFKHO)RXFDXOW©1RUPXQG0 DFKWª0LNURSK\VLNGHU0DFKW%HUOtQSS\
VVFIUWDPELpQ©0 DFKWYHUKlOWQLVVHGXUFK]LHKHQGDV.|USHULQQHUH*HVSUlFKHPLW/XFHWWH)LQDVª
RSFLWSS\VV
>@(QORTXHVLJXHPHDSR\RHQOD\DFLWDGDLQWHUSUHWDFLyQGHODWHRUtDQLHW]VFKHDQDGHOSRGHU
TXHGHVDUUROOD:DOWHU.DXIPDQQHQVXPRQRJUDItD1LHW]VFKH3KLORVRSK3V\FKRORJH$QWLFKULVWRS
FLW WHUFHUD SDUWH GHVGH DTXt SXHGHQ UHFRQRFHUVH IiFLOPHQWH ODV FRQFRUGDQFLDV FRUUHVSRQGLHQWHV D
ODVIyUPXODFLRQHVFRQFHSWXDOHVXWOL]DGDVFLHUWDPHQWHDSDUWLUGHDKRUDYR\DUHFRQVWUXLUODWHRUtD
GHOSRGHUIRXFDXOLDQDGHVGHXQPRGHORGHDFFLyQIXQGDGRHQHOFRQFHSWRGH©OXFKDª\QRGHVGHXQD
FRQFHSFLyQGHORVDIHFWRVFHUFDQDDODILORVRItDQLHW]VFKHDQDDXQFXDQGRHOSURSLR)RXFDXOWSDUH]FD
HVWDUSUy[LPRHQDOJXQRVWH[WRVDILJXUDVFRQFHSWXDOHVGHFRUWHQDWXUDOLVWDRSXOVLRQDOFRPRSRU
HMHPSOR HQ OD FDWHJRUtD GH ©YROXQWDG GH VDEHUª FRQVLGHUR TXH HVWD LQWHUSUHWDFLyQ WHyULFD GH OD
DFFLyQUHVXOWDPiVLQWHUHVDQWHSDUDOOHYDUDGHODQWHHOREMHWLYRGHXQDWHRUtDGHODVRFLHGDG
>@0 )RXFDXOW6H[XDOLWlWXQG:DKUKHLW(UVWHU%DQG'HU:LOOH]XP:LVVHQ)UDQNIXUW
S>7UDGFDVWHOODQD+LVWRULDGHODVH[XDOLGDGWRPR/DYROXQWDGGHVDEHU0 DGULG6LJOR
;;,@
>@ 8EHUZDFKHQ XQG 6WUDIHQ 'LH *HEXUW GHV *HIlQJQLVVHV )UDQNIXUW  S  >7UDG
FDVWHOODQD9LJLODU\FDVWLJDU(OQDFLPLHQWRGHODSULVLyQ0 DGULG6LJOR;;,@
>@6H[XDOLWlWXQG:DKUKHLWRSFLWS
>@©1RUPXQG0 DFKWªRSFLWS
>@©'LH0 DFKWYHUKlOWQLVVHGXUFK]LHKHQGDV.|USHULQQHUHªRSFLWS  HQ FLHUWR SDVDMH
SRUHMHPSOR0 )RXFDXOW©+LVWRULVFKHV:LVVHQGHU.lPSIHXQG0 DFKWª'LVSRVLWLYHGHU0DFKW
SS  \ VV SDUD OR DTXt FLWDGR S  )RXFDXOW VRVWLHQH TXH HO FRQFHSWR GH SRGHU VyOR SXHGH
DFODUDUVHFRQD\XGDGHFRQFHSWRVFRPRORVGH©OXFKDFRQIURQWDFLyQ\JXHUUDª
>@$ODIyUPXODGH+REEHV)RXFDXOWKDFHUHIHUHQFLDH[SOtFLWDHQODFRQYHUVDFLyQ©(LQ6SLHOXP
GLH 3V\FKRDQDO\VH *HVSUlFK PLW $QJHK|ULJHQ GHV 'HSDUWPHQW GH 3V\FKDQDO\VH GHU 8QLYHUVLWlW
3DULV9,,,LQ9LQFHQQHVª'LVSRVLWLYHGHU0DFKWRSFLWSS\VVSDUDORDTXtGLFKRFIUS

>@&IUSDUDHVWRODVDWLQDGDVREVHUYDFLRQHVGH5XGROI%XUJHUHQ©'LHOX]LGHQ/DE\ULQWKHGHU
%RXUJHRLVLH 0 DUJLQDOLHQ ]XP %HJULII GHU 0 DFKW EHL )RXFDXOWª .ULPLQDOVR]LRORJLVFKH
%LEOLRJUDSKLH FXDGHUQR   ©)RXFDXOW XQG GDV *HIlQJQLVª SS  \ VV SDUD OR DTXt
FLWDGRS
>@ )RXFDXOW FRPHQWD GH IRUPD H[SOtFLWD HVWDV LGHDV EiVLFDV HQ OD \D FLWDGD FRQYHUVDFLyQ GH
©(LQ6SLHOXPGLH3V\FKRDQDO\VHªRSFLWVREUHWRGRSS\VV
>@0 )RXFDXOW©:DKUKHLWXQG0 DFKWªRSFLWSFIU©1RUPXQG0 DFKWªRSFLWSS
\VV
>@ / $OWKXVVHU ©,GHRORJLH XQG LGHRORJLVFKH 6WDDWVDSSDUDWHª 0DU[LVPXV XQG ,GHRORJLH
%HUOtQSS\VV
>@(QHVWHVHQWLGRODVSURSXHVWDVGHULYDGDVGHODWHRUtDGHOSRGHUIRXFDXOWLDQDSRUWDQWRVRQ
WRPDGDV HQ FXHQWD HQ OD FUtWLFD TXH * 0 DUUDPDR UHDOL]D D OD WHRUtD GH OD GRPLQDFLyQ OLPLWDGD DO
(VWDGR GH OD (VFXHOD GH )UDQNIXUW FIU ©'LH )RUPYHUlQGHUXQJ GHV SROLWLVFKHQ .RQIOLNWV LP
6SlWNDSLWDOLVPXV =XU .ULWLN GHV SROLWLNWKHRUHWLVFKHQ 3DUDGLJPDV GHU )UDQNIXUWHU 6FKXOHª HQ :
%RQVV\$+RQQHWKHG6R]LDOIRUVFKXQJDOV.ULWLNRSFLWSS\VV
>@0 )RXFDXOW8EHUZDFKHQXQG6WUDIHQRSFLWS
>@&IUSDUDHVWDSUREOHPiWLFDGHWLSRpWLFRGHODWHRUtDGHOSRGHUIRXFDXOWLDQDVREUHWRGRORV
DUWtFXORV GH 1DQF\ )UD]HU ©)RXFDXOW RQ 0 RGHUQ 3RZHU (PSLULFDO ,QVLJKWV DQG 1RUPDWLYH
&RQIXVLRQVª RS FLW \ ©)RXFDXOW¶V %RG\/DQJXDJH $ 3RVW+XPDQLVW 3ROLWLFDO 5KHWRULF"ª
PDQXVFULWR
>@ 0  )RXFDXOW ©'LH 0 DFKW XQG GLH 1RUPª RSFLW S  hEHUZDFKHQXQG6WUDIHQ RS
FLWS
 >@,EtG
>@(QWUHRWURVHMHPSORYpDVH0 )RXFDXOW©:DKUKHLWXQG0 DFKWªRSFLWS\VVSDUD
HVWH SXQWR SDUWLFXODU YpDVH WDPELpQ 0 DUN 3RVWHU ©)RXFDXOW DQG +LVWRU\ª 6RFLDO 5HVHDUFK 
SS\VV
>@73DUVRQV7KH6WUXFWXUHRI6RFLDO$FWLRQ1HZ<RUNS\VV>7UDGFDVWHOODQD
/DHVWUXFWXUDGHODDFFLyQVRFLDOHVWXGLRGHWHRUtDVRFLDOFRQUHIHUHQFLDDXQJUXSRGHUHFLHQWHV
HVFULWRUHVHXURSHRV0 DGULG*XDGDUUDPD@
>@0 )RXFDXOW6H[XDOLWlWXQG:DKUKHLWRSFLWS
>@,EtG
>@,EtGS
>@0 )RXFDXOW©'LH0 DFKWXQGGLH1RUPªRSFLWSS\V
>@,EtGS
>@&IUGHPRGRSDUDGLJPiWLFR0 )RXFDXOWhEHUZDFKHQXQG6WUDIHQRSFLWS
>@ 3DUD HVWH SXQWR HQWUH RWURV HMHPSORV YpDVH 0  )RXFDXOW ©0 DFKW XQG .|USHU (LQ
*HVSUlFKPLWGHU=HLWVFKULIW4XHO&RUSV"ª0LNURSK\VLNGHU0DFKWRSFLWSS\VV
>@ 3DUD HO FRQWH[WR GH HVWH SUREOHPD FIU VREUH WRGR 0  )RXFDXOW ©'LH 0 DFKW XQG GLH
1RUPªRSFLWS
>@1RUEHUW(OLDVhEHUGHQ3UR]H‰GHU=LYLOLVDWLRQYRO)UDQNIXUW>WUDGFDVWHOODQD(O
SURFHVRGHODFLYLOL]DFLyQLQYHVWLJDFLRQHVVRFLRJHQpWLFDV\SVLFRJHQpWLFDV 0 p[LFR )&( @
FIUWDPELpQ$[HO+RQQHWK\+DQV-RDV6R]LDOHV+DQGHOQXQGPHQVFKOLFKH1DWXU)UDQNIXUW
SS\VV
>@0 )RXFDXOW6H[XDOLWlWXQG:DKUKHLWRSFLWS
>@0 )RXFDXOWhEHUZDFKHQXQG6WUDIHQRSFLWS
>@ 3DUD HVWD FRQFHSFLyQ VRQ EXHQRV HMHPSORV ODV WHRUtDV GH OD GRPLQDFLyQ GHVDUROODGDV SRU
-RKDQQ*DOWXQJR3LHUUH%RXUGLHX
>@&IU0 )RXFDXOWhEHUZDFKHQXQG6WUDIHQRSFLWSS\VV
>@,EtGS
>@ &IU +DQV-|UJ 6WDKO ©9RQ GHU µ*HVFKLFKWH GHV $QGHUHQ¶ ]XP 0 RQLVPXV GHU 0 DFKWª
3lGDJRJLVFKH'LSORPDUEHLW)8%HUOtQSS\VVFRQODH[FHSFLyQGHXQDEUHYHUHVHxDGH
9LJLODU\FDVWLJDUODUHDOL]DGDVREUHHOSUREOHPDWHyULFRFLHQWtILFRGHODREUDSRU(OOHQ.5HLQLNH
.|EHUHU ©6FKZLHULJNHLWHQ PLW )RXFDXOWª 3V\FKH   SS  \ VV QR FRQR]FR QLQJXQD
FRQWULEXFLyQTXHSDUWLHQGRGHOiPELWRSVLFRDQDOtWLFRVHKD\DGHWHQLGRDGLVFXWLUFRQFLHUWRGHWDOOH
ODFUtWLFDIRXFDXOWLDQDGHOSVLFRDQiOLVLV
>@&IU+LQULFK)LQN(LWHO©)RXFDXOWV$QDO\WLNGHU0 DFKWªRSFLW
>@7DPELpQ0 )RXFDXOW©'LH0 DFKWXQGGLH1RUPªRSFLWS