!

 !
 "8""!
8(=*("!

*
* 8!"*
#!!*

,QWURGXFFLyQ
'RV GH ORV JUDQGHV SUREOHPDV FRQ ORV TXH QRV KHPRV
HQFRQWUDGR HQ OD IRUPDFLyQ GHO SURIHVRUDGR GH FDUD D OD XWLOL]DFLyQ
HGXFDWLYD GH ODV 7,& KDQ VLGR SRU XQD SDUWH OD H[FHVLYD
WHFQLILFDFLyQGHORVFXUVRVTXHVHKDQRUJDQL]DGR\SRURWUDODIDOWD
GHPRGHORVFRQFHSWXDOHVFRQORVTXHFRQWDPRVSDUDODFDSDFLWDFLyQ
TXH D\XGDUDQ D ORV SURIHVRUHV D LQWHJUDU GH IRUPD HILFD] HQ VX
SUiFWLFD HGXFDWLYD ORV GLIHUHQWHV UHFXUVRV WHFQROyJLFRV FRQ TXH HO
SURIHVRUDGRFXHQWDSDUDODUHDOL]DFLyQGHVXDFWLYLGDGSURIHVLRQDO
<HVEDMRHVWDVSHUVSHFWLYDVGHVGHODFXDOGLIHUHQWHVDXWRUHV
.RHKOHU \ 0LVKUD  0LVKUD \ .RHKOHU  6FKPLGW 6DKLQ
7KRPSVRQ \ 6H\PRXU  6FKPLGW %DUDQ 7KRPSVRQ 0LVKUD
.RHKOHU \ 6KLQ D \ E .RHKOHU 6KLQ \ 0LVKUD  KDQ
IRUPXODGR HO PRGHOR GHQRPLQDGR 73$&. 7HFKQRORJLFDO 3HGDJRJLFDO
&RQWHQW .QRZOHGJH²&RQRFLPLHQWR 7HFQROyJLFR 3HGDJyJLFR \ GH
&RQWHQLGRR'LVFLSOLQDULRTXHWRGRSURIHVRUSDUDODLQFRUSRUDFLyQGH
ODV 7,& GHEH SRVHHU WUHV WLSRV GH FRQRFLPLHQWRV EiVLFRV
WHFQROyJLFRV SHGDJyJLFRV \ GH FRQWHQLGRV FRQWHQLGRV GLVFLSOLQDULRV
TXHGHVDUUROODHQVXDFWLYLGDGSURIHVLRQDO
3HURDQWHVGHFRPHQ]DUDERUGDUVXVEDVHV\HVTXHPDVQRV
JXVWDUtDVHxDODUXQDVHULHGHDVSHFWRV
D +D VLGR XQ PRGHOR TXH DXQTXH VH KD GHVDUUROODGR \
H[WHQGLGRIXQGDPHQWDOPHQWHHQ((88GH$PpULFDDXQTXH
HQORV~OWLPRVWLHPSRVVHHVWiDPSOLDQGRVXLQYHVWLJDFLyQ\
XWLOL]DFLyQ HQ RWURV FRQWH[WRV FRPR SRU HMHPSOR HO DVLiWLFR
ŶŶŶ
 /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.


-DQJ \ 7VDL  /LDQJ \ RWURV  R HXURSHR .D\D
(PUH\.D\D-LPR\LDQQLV5RLJ\)ORUHV
*UDKDP  VHxDOD OD LPSRUWDQFLD TXH HO PRGHOR KD
WHQLGR SDUD DVRFLDFLRQHV UHODFLRQDGDV FRQ OD IRUPDFLyQ GHO
SURIHVRUDGR \ OD DSOLFDFLyQ GH ODV WHFQRORJtDV GH OD
LQIRUPDFLyQ \ FRPXQLFDFLyQ FRPR VRQ OD ´6RFLHW\ IRU
LQIRUPDWLRQ 7HFKQRORJ\ DQG 7HDFKHU (GXFDWLRQµ 6,7( \ OD
´$PHULFDQ(GXFDWLRQDO5HVHDUFK$VVRFLDWLRQµ$(5$
E /DV SXEOLFDFLRQHV VREUH HO PRGHOR VH KDQ DPSOLDGR HQ ORV
~OWLPRV WLHPSRV FRPR VHxDODQ &KDL .RK \ 7VDL 
GHVGHHODxRKDH[LVWLGRXQDXPHQWRSURJUHVLYRGHORV
DUWtFXORV TXH VREUH HVWD WHPiWLFD VH KDQ LGR SXEOLFDQGR \
ODV LQYHVWLJDFLRQHV TXH VREUH HO PLVPR VH KDQ GHVDUUROODGR
3XEOLFDFLRQHV TXH FRPR WDPELpQ VHxDODQ ORV DXWRUHV
DQWHULRUPHQWHFLWDGRVVHKDQFHQWUDGRHQUHYLVWDVFRPRODV
VLJXLHQWHV $XVWUDODVLD -RXUQDO RI (GXFDWLRQDO 7HFKQRORJ\
&RPSXWHUV  (GXFDWLRQ -RXUQDO RI 7HFKQRORJ\ 7HDFKHU
(GXFDWLRQR-RXUQDORI6FLHQFH(GXFDWLRQDQG7HFKQRORJ\SRU
FLWDUDOJXQDV(VWDH[WHQVLyQKDVLGRWDPELpQDSXQWDGDSRU
.RHKOHU0LVKUD\&DLQ
F /DLPSRUWDQFLDGHOPRGHORSRGHPRVWDPELpQFRQVWDWDUODSRU
OD DSDULFLyQ GH XQD DVRFLDFLyQ GHVWLQDGD D VX DQiOLVLV
GLIXVLyQ GH LQYHVWLJDFLRQHV \ FRQILJXUDFLyQ GH XQD
FRPXQLGDG YLUWXDO GH SURIHVRUHV H LQYHVWLJDGRUHV
SUHRFXSDGRVSRUHOPRGHORODFXDOFXHQWDFRQSUHVHQFLDHQ
UHGHV VRFLDOHV FRPR )DFHERRN 0HQGHOH\ \ 7ZLWWHU
KWWSZZZWSDFNRUJ>ILJQž@
G (O PRGHOR KD VLGR XWLOL]DGR \ KD GHPRVWUDGR VX HILFDFLD
WDQWR HQ GLIHUHQWHV FRQWH[WRV HGXFDWLYRV FRPR HQ GLVWLQWRV
QLYHOHVGHHQVHxDQ]D\SDUDGLYHUVDVDFFLRQHVTXHYDQGHVGH
OD LQYHVWLJDFLyQ KDVWD OD IRUPDFLyQ GHO SURIHVRUDGR VLQ
ROYLGDUQRV GH OD FRQVWUXFFLyQ GH XQ PRGHOR WHyULFR TXH
SXGLHUD JDUDQWL]DU OD FRPSUHQVLyQ GHO FRPSRUWDPLHQWR GH
ODV7,&HQORVSURFHVRVGHHQVHxDQ]DDSUHQGL]DMH$QGHUVRQ
\%DUKDP
H $VXPH FRPR UHIHUHQFLD GH DQiOLVLV GLIHUHQWHV GLVFLSOLQDV
FXUULFXODUHV HQ FRQFUHWR PDWHPiWLFDV UHGHV VRFLDOHV
FLHQFLDV\OHFWRHVFULWXUD
I 3HUPLWHHODQiOLVLVGHOFRQRFLPLHQWRGHORVSURIHVRUHVSDUDOD
XWLOL]DFLyQ HGXFDWLYD GH ODV 7,& WDQWR GH ORV TXH VH
 /XFHV\VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,& 

HQFXHQWUDQHQHMHUFLFLRFRPRHQDFFLRQHVGHSUHVHUYLFLRRGH
IRUPDFLyQ



)LJQž3RUWDODVRFLDFLyQ73$&.KWWSZZZWSDFNRUJ


5HIHUHQFLDVFRQFHSWXDOHVGHOPRGHOR73$&.
 $ OD KRUD GH SUHVHQWDU HO PRGHOR GH 73$&. HODERUDGR SRU
.RHKOHU \ 0LVKUD  \ 0LVKUD \ .RHKOHU  QR SRGHPRV
ROYLGDUQRV TXH VH DSR\D HQ OD LGHD GHO FRQVWUXFWR GHO DQiOLVLV GHO
&RQRFLPLHQWR'LGiFWLFRGHO&RQWHQLGR3&.IRUPXODGRRULJLQDOPHQWH
SRU 6KXOPDQ  \  (O WUDEDMR GH 6KXOPDQ VH DSR\D HQ OD
LGHD GH TXH ORV PDHVWURV GHEHQ SRVHHU FRQRFLPLHQWRV UHODFLRQDGRV
WDQWRFRQHOFRQWHQLGRFRPRFRQOD3HGDJRJtD\HQFRQVHFXHQFLDOD
HGXFDFLyQ HO SHUIHFFLRQDPLHQWR GRFHQWH \ ORV SURJUDPDV GH
GHVDUUROOR SURIHVLRQDO TXH SDUD HOORV VH SRQJDQ HQ IXQFLRQDPLHQWR
GHEHUtDQ SURSRUFLRQDU RSRUWXQLGDGHV GH DSUHQGL]DMH SDUD TXH HVWRV
ORVGHVDUUROOHQ\ORVSXHGDQSRQHUHQDFFLyQ
 /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.


 $SR\iQGRVHHQHVWDLGHD.RHKOHU\0LVKUD\0LVKUD\
.RHKOHU  IRUPXODURQ VX PRGHOR 73$&. HO FXDO SHUVLJXH
UHIOH[LRQDU VREUH ORV GLIHUHQWHV WLSRV GH FRQRFLPLHQWRV TXH ORV
SURIHVRUHVQHFHVLWDQSRVHHUSDUDLQFRUSRUDUODV7,&GHIRUPDHILFD]
\ DVt FRQVHJXLU FRQ HOODV HIHFWRV VLJQLILFDWLYRV HQ HO DSUHQGL]DMH GH
VXV DOXPQRV (O PRGHOR SDUWH GH OD DVXQFLyQ GH TXH ORV SURIHVRUHV
QHFHVLWDQ WUHV WLSRV GH FRQRFLPLHQWR SDUD OOHYDU D FDER HVWD DFFLyQ
WHFQROyJLFRVSHGDJyJLFRV\GHFRQWHQLGRVRGLVFLSOLQDUILJQž


 )LJQž0RGHOR73$&.KWWSWSDFNRUJ

 8QD YHUVLyQ JUiILFD GHO PRGHOR PiV GHVDUUROODGR SRGHPRV
FRQVXOWDUODHQODILJQž\TXHDOPLVPRWLHPSRQRVRIUHFHXQPDSD
 /XFHV\VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,& 

FRQFHSWXDO GH ODV SRVLELOLGDGHV GHO PRGHOR \ VXV GLIHUHQWHV
GLPHQVLRQHV



)LJQž0RGHOR73$&.
KWWSFPDSVHUYHUXQDYDUUDHVVHUYOHW6%5HDG5HVRXUFH6HUYOHW"ULG
/&;-/%40'95 SDUW1DPH KWPOWH[W

&RPR KHPRV VHxDODGR HO PRGHOR QRV VLJXLHUH TXH ORV
SURIHVRUHV GHEHQ SRVHHU XQ FRQRFLPLHQWR WHFQROyJLFR UHVSHFWR D
FyPR IXQFLRQDQ GHVGH HVWH SXQWR GH YLVWD ODV 7,& WDQWR GH IRUPD
JHQHUDO FRPR GH PDQHUD HVSHFtILFD \ ODV PDQHUDV GH XWLOL]DUODV XQ
FRQRFLPLHQWRSHGDJyJLFRUHVSHFWRDFyPRHQVHxDUHILFD]PHQWH\XQ
FRQRFLPLHQWR VREUH HO FRQWHQLGR R GLVFLSOLQDU UHVSHFWR D OD PDWHULD
TXHGHEHQHQVHxDU
 $KRUD ELHQ OR VLJQLILFDWLYR TXH SURSRQH HO PRGHOR HV TXH
SDUDTXHXQSURIHVRUVHHQFXHQWUHFDSDFLWDGRSDUDODLQFRUSRUDFLyQ
GH ODV 7,& HQ ORV HVFHQDULRV IRUPDWLYRV QR HV VXILFLHQWH FRQ OD
FRPSUHQVLyQ \ SHUFHSFLyQ GH HVWRV WUHV FRPSRQHQWHV SHUFLELGRV GH
IRUPDDLVODGD

 /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.


‡&.&RQRFLPLHQWRVREUHHOFRQWHQLGRGHODPDWHULD
‡3.&RQRFLPLHQWRSHGDJyJLFR
‡&7&RQRFLPLHQWRWHFQROyJLFR
VLQR TXH WDPELpQ GHEH SHUFLELUORV HQ LQWHUDFFLyQ FRQ RWURV
FRQRFLPLHQWRV
 3&.&RQRFLPLHQWR3HGDJyJLFRGHO&RQWHQLGR
 7&.&RQRFLPLHQWRGHODXWLOL]DFLyQGHODVWHFQRORJtDV
 73.&RQRFLPLHQWRSHGDJyJLFRWHFQROyJLFR
 73$&. &RQRFLPLHQWR 7HFQROyJLFR SHGDJyJLFR \ GH
FRQWHQLGR
 7HQLHQGRHQFXHQWDHOLQWHUpVTXHHOPRGHORKDGHVSHUWDGR\
UHFRQRFLHQGR TXH KD WHQLGR XQ IXHUWH GHVDUUROOR HQ ORV ~OWLPRV
WLHPSRV HQ OR TXH VH UHILHUH D OD FDSDFLWDFLyQ GHO SURIHVRUDGR
WDPSRFRGHEHPRVGHMDUGHUHFRQRFHUFRPRKDQDSXQWDGRGLIHUHQWHV
DXWRUHV $QJHOL \ 9DODPLGHV  &R[ \ *UDKDP  TXH ORV
GLVWLQWRVHOHPHQWRVGHORVTXHFRQVWDQRKDQVLGRELHQH[SOLFDGRV\
GHVDUUROODGRV SRU VXV FUHDGRUHV \ TXH QHFHVLWDQ XQD YHUGDGHUD
SURIXQGL]DFLyQ ,JXDOPHQWH ODV LQWHUDFFLRQHV QR VRQ IiFLOPHQWH
FRPSUHQVLEOHV SRU ORV SURIHVRUHV D OD KRUD GH DXWRGLDJQyVWLFDUVH \
DXWRLQIRUPDUUHVSHFWRDVXVGLIHUHQWHVQLYHOHVGHFRQRFLPLHQWRV
(Q HVWD OtQHD &R[ \ *UDKDP  OOHYDQ D FDER XQD
LQYHVWLJDFLyQ SDUD HVWDEOHFHU XQD DFODUDFLyQ WHUPLQROyJLFD GH ORV
GLIHUHQWHV HOHPHQWRV GHO PRGHOR \ SDUD HOOR UHDOL]DQ WDQWR XQD
UHYLVLyQ FRQFHSWXDO GH ODV GLIHUHQWHV GHILQLFLRQHV TXH VH KDQ
HVWDEOHFLGR GH VXV GLVWLQWRV FRPSRQHQWHV FRPR XQD VHULH GH
HQWUHYLVWDV D GLYHUVRV LQYHVWLJDGRUHV SDUD DFODUDU OR TXH HQWLHQGHQ
SRU OD GLIHUHQWHV GLPHQVLRQHV GHO PRGHOR 3. &. 7. 3&. 7&.
73. \ 73$&. \ ODV GLVFUHSDQFLDV TXH HVWDEOHFHQ HQWUH HOORV
/OHJDQGR D OD FRQFOXVLyQ GH TXH VH QHFHVLWD XQD DFODUDFLyQ \
HVSHFLILFDFLyQGHORVGLIHUHQWHVFRPSRQHQWHVIRUPXODGRVSRU.RHKOHU
\0LVKUD\0LVKUD\.RHKOHU$GHPiVGHHQHOWUDEDMR
LQGLFDGR SXHGH REVHUYDUVH XQD UHYLVLyQ GH VX FRQFHSWXDOL]DFLyQ \
GH OD QHFHVLGDG GH PDWL]DFLyQ GH VXV GLPHQVLRQHV HQ HO WUDEDMR GH
*UDKDP  $XWRU TXH UHFODPD OD QHFHVLGDG GH IXQGDPHQWDU HO
PRGHOR VLQR TXHUHPRV HQFRQWUDUQRV FRQ PXFKRV UHVXOWDGRV GH
LQYHVWLJDFLRQHVFRQWUDGLFWRULDV\GHGLItFLOGHLQFOXLUHQHOPRGHOR
$FRQWLQXDFLyQYDPRVDSUHVHQWDUHQODWDEODQžDOJXQDV
GH ODV FRQFOXVLRQHV PiV VLJQLILFDWLYDV D ODV TXH OOHJDQ ORV DXWRUHV
 /XFHV\VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,& 

DQWHULRUPHQWH FLWDGRV WUDV UHDOL]DU VX HVWXGLR DXQTXH WDPELpQ
LQFRUSRUDUHPRV ODV H[SOLFDFLRQHV \ PDWL]DFLRQHV TXH 6FKPLGW
%DUDQ7KRPSVRQ0LVKUD.RHKOHU\6KLQD\E-LPR\LDQQLV
\*UDKDPVHxDODQUHVSHFWRDODVH[SOLFDFLRQHVGHFDGD
XQDGHODVGLPHQVLRQHVSDUDIDFLOLWDUGHHVWDIRUPDVXFRPSUHQVLyQ


&RQRFLPLHQWRV ([SOLFDFLyQ

&RQRFLPLHQWR /D GHILQLFLyQ GHO FRQRFLPLHQWR SHGDJyJLFR VH

3HGDJyJLFR UHILHUH DO FRQRFLPLHQWR TXH WLHQH HO SURIHVRU GH
3. ODV DFWLYLGDGHV SHGDJyJLFDV JHQHUDOHV TXHSRGUtD
XWLOL]DU\GHORVSURFHVRV\SUiFWLFDVGHOPpWRGR
 GH HQVHxDQ]D \ FyPR VH UHODFLRQDQ FRQ HO
SHQVDPLHQWR \ ORV SURSyVLWRV HGXFDWLYRV (VWDV
DFWLYLGDGHV JHQHUDOHV VRQ LQGHSHQGLHQWHV GH XQ
FRQWHQLGR HVSHFtILFR R WHPD OR TXH VLJQLILFD TXH
VH SXHGHQ XWLOL]DU FRQ FXDOTXLHU FRQWHQLGR \
SXHGHQ LQFOXLU HVWUDWHJLDV SDUD PRWLYDU D ORV
HVWXGLDQWHV D OD FRPXQLFDFLyQ FRQ ORV
HVWXGLDQWHV \ ORV SDGUHV SDUD SUHVHQWDU OD
LQIRUPDFLyQDORVHVWXGLDQWHV\PDQHMRGHFODVH
HQWUHPXFKRVRWUDVPXFKDVFRVDV$GHPiVHVWD
FDWHJRUtD LQFOX\H D JHQHUDOHV DFWLYLGDGHV TXH
SRGUtDQ VHU DSOLFDGDV HQ WRGRV ORV GRPLQLRV GH
FRQWHQLGR WDOHV FRPR HO DSUHQGL]DMH SRU
GHVFXEULPLHQWR DSUHQGL]DMH FRRSHUDWLYR
DSUHQGL]DMH EDVDGR HQ SUREOHPDV HWF UHILHUH D
ORV PpWRGRV \ SURFHVRV GH HQVHxDQ]D H LQFOX\H
ORVFRQRFLPLHQWRVHQHODXODJHVWLyQHYDOXDFLyQ
SODQLILFDFLyQ GH FODVHV  \ HO DSUHQGL]DMH GH ORV
HVWXGLDQWHV
6LQ HPEDUJR DOJXQDV DFWLYLGDGHV SHGDJyJLFDV
SXHGHQ JHQHUDOL]DUVH SDUD VHU XWLOL]DGDV HQ
YDULRV WHPDV D WUDYpV GH P~OWLSOHV GLVFLSOLQDV
(VWH FRQRFLPLHQWR JHQHUDOL]DGR SHUPLWH D ORV
SURIHVRUHV VHU PiV HILFLHQWH \ HILFDFHV \D TXH
SXHGHQ VDFDU XQ JUXSR GH DFWLYLGDGHV TXH
SXHGHQXWLOL]DUVHDWUDYpVGHGLIHUHQWHVWHPDVHQ
OXJDUGHFUHDU~QLFDVDFWLYLGDGHVSDUDFDGDWHPD
 /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.


&RQRFLPLHQWR (O FRQRFLPLHQWR GH ORV FRQWHQLGRV HV HO
GHO FRQWHQLGR FRQRFLPLHQWR UHDO TXH OH SURIHVRUDGR WLHQH GH
&. DTXHOOR TXH GHEH VHU OD HQVHxDQ]D GH IRUPD
VLPSOLILFDGDSRGUtDPRVGHFLUTXHVHUHILHUHDODV
SRVLEOHV UHSUHVHQWDFLRQHV TXH WLHQHQ ORV
SURIHVRUHV VREUH WHPDV HVSHFtILFRV HQ XQ iUHD
GHWHUPLQDGD HV GHFLU QRV OODPD OD DWHQFLyQ
UHVSHFWR D TXH ORV SURIHVRUHV GHEHQ FRQRFHU ORV
FRQWHQLGRV TXH GHEHQ HQVHxDU ORV KHFKRV ORV
FRQFHSWRV VXV WHRUtDV« (VWH FRQRFLPLHQWR HV
LQGHSHQGLHQWH GH ODV DFWLYLGDGHV SHGDJyJLFDV R
FyPR VH SRGUtD XWLOL]DU HVDV UHSUHVHQWDFLRQHV
SDUD HQVHxDU /RV SURIHVRUHV GHEHQ VDEHU TXH HO
FRQRFLPLHQWR GHO FRQWHQLGR HV GLIHUHQWH HQ
IXQFLyQGHODWLSRORJtDGHORVFRQWHQLGRV

&RQRFLPLHQWR (O FRQRFLPLHQWR WHFQROyJLFR VH GHILQH FRPR HO

WHFQROyJLFR FRQRFLPLHQWRTXHORVSURIHVRUHVWLHQHQUHVSHFWRD
7. FyPRODVGLIHUHQWHVWHFQRORJtDVVHSUHVHQWDQSDUD
GHVDUUROODU VX DFWLYLGDG SURIHVLRQDO GH OD
HQVHxDQ]D &RQRFLPLHQWR 7HFQROyJLFR UHIHULGR D
GLYHUVDV WHFQRORJtDV TXH YDQ GHVGH ODV PiV
HOHPHQWDOHV \ WUDGLFLRQDOHV FRPR HO YtGHR KDVWD
ODV PiV QRYHGRVDV FRPR ,QWHUQHW OD SL]DUUD
GLJLWDORODVKHUUDPLHQWDVGHOD:HE

&RQRFLPLHQWR (VXQFRQRFLPLHQWRVLWXDGRHQXQiUHDFRQFUHWD
3HGDJyJLFR \ \ SRU WDQWR HV GLIHUHQWH SDUD GLYHUVDV iUHDV GH
GH &RQWHQLGR FRQWHQLGR (VWH VH GLYLGH HQ FRQRFLPLHQWR GHO
3&. VXMHWRDFWLYLGDGHV\DFWLYLGDGHVUHODFLRQDGRVFRQ
HOWHPDHVSHFtILFR
(VWH WLSR GH FRQRFLPLHQWR GLGiFWLFR GHO
FRQWHQLGR WDPELpQ LQFOX\H FRPSUHQVLyQ GH ODV
UHSUHVHQWDFLRQHV VREUH WHPDV HVSHFtILFRV HQ XQD
GLVFLSOLQD GHWHUPLQDGD \ FyPR VH SRGUtD XWLOL]DU
FRPRSDUWHGHODVDFWLYLGDGHVGHHQVHxDQ]DSDUD
SURPRYHU HO DSUHQGL]DMH GH ORV HVWXGLDQWHV 3RU
WDQWRXQSURIHVRUFRQXQ3&.HOHYDGRVDEHFyPR
XWLOL]DU UHSUHVHQWDFLRQHV GH WySLFRV HVSHFtILFRV
HQ FRQMXQFLyQ FRQ ODV FDUDFWHUtVWLFDV GH ORV
VXMHWRV R DFWLYLGDGHV VREUH WHPDV HVSHFtILFRV
SDUD D\XGDU D ORV HVWXGLDQWHV D DSUHQGHU (VWH
 /XFHV\VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,& 

FRQRFLPLHQWR SHUPLWH GLVFULPLQDU ORV TXH VRQ
IiFLOHV R GLItFLOHV GH DSUHQGHU SRU SDUWH GH ORV
HVWXGLDQWHV DVt FRPR OD GLVFULPLQDFLyQ GH ORV
FRQRFLPLHQWRV UHIHULGRV D ODV LGHDV FLHQWtILFDV
HUUyQHDV TXH ORV DOXPQRV VXHOHQ WHQHU KDFLD
GLIHUHQWHVWLSRVGHFRQWHQLGRV

&RQRFLPLHQWR (V FRPSOLFDGR SDUD ORV SURIHVRUHV HVWH WLSR GH

7HFQROyJLFR \ FRQRFLPLHQWRV HO FXDO DOXGH D FyPR UHSUHVHQWDU
GH &RQWHQLGR FRQFHSWRV FRQ OD WHFQRORJtD 6H UHILHUH DO
7&. FRQRFLPLHQWR GH FyPR OD WHFQRORJtD SXHGH FUHDU
QXHYDV UHSUHVHQWDFLRQHV SDUD FRQWHQLGRV
 HVSHFtILFRV (O FRQRFLPLHQWR GH HVWDV
UHSUHVHQWDFLRQHV H[LVWH LQGHSHQGLHQWH GHO
FRQRFLPLHQWR DFHUFD GH VX XVR HQ XQ FRQWH[WR
SHGDJyJLFR HQ OD PHGLGD HQ TXH ODV WHFQRORJtDV
XWLOL]DGDV HQ ODV UHSUHVHQWDFLRQHV VH FRQYLHUWHQ
HQ OD FRUULHQWH SULQFLSDO TXH WUDQVIRUPD HO
FRQRFLPLHQWR HQ HO FRQRFLPLHQWR GHO FRQWHQLGR
&RQRFLPLHQWR GH FyPR VH IDFLOLWD OD
UHSUHVHQWDFLyQ GH FRQWHQLGRV VHUtD FRQVLGHUDGR
7&. PLHQWUDV TXH HO FRQRFLPLHQWR GH FyPR OD
FDOFXODGRUD JUiILFD WUDGLFLRQDO IDFLOLWD HVDV
UHSUHVHQWDFLRQHV VHUtD &. 7RGR HOOR LPSOLFD
WDPELpQ XQ FRQRFLPLHQWR UHVSHFWR D FyPR ORV
HVWXGLDQWHV VRQ WUDQVIRUPDGRV SRU ORV HQWRUQRV
WHFQROyJLFRVHVSHFtILFRVTXHVHXWLOLFHQ

&RQRFLPLHQWR (QHOPRGHORHODERUDGR73.HVXQFRQRFLPLHQWR
7HFQROyJLFR GH ODV DFWLYLGDGHV SHGDJyJLFDV JHQHUDOHV TXH XQ
3HGDJyJLFR SURIHVRUSXHGHUHDOL]DUXWLOL]DQGRODVWHFQRORJtDV
73. 6H UHILHUH SRU WDQWR DO FRQRFLPLHQWR GH FyPR ODV
GLYHUVDV WHFQRORJtDV SXHGHQ VHU XWLOL]DGDV HQ OD
 HQVHxDQ]D \ SDUD FRPSUHQGHU TXH HO XVR GH OD
WHFQRORJtDSXHGHFDPELDUODIRUPDGHHQVHxDUGH
ORVSURIHVRUHV\GHRUJDQL]DUODHVFHQRJUDItDGHOD
HQVHxDQ]D(O73.SRGUtDLQFOXLUHOFRQRFLPLHQWR
GH FyPR PRWLYDU D ORV HVWXGLDQWHV PHGLDQWH OD
WHFQRORJtD R OD IRUPD GH LQYROXFUDUORV HQ HO
DSUHQGL]DMH FRRSHUDWLYR HPSOHDQGR OD WHFQRORJtD
'H QXHYR HVWDV DFWLYLGDGHV VRQ LQGHSHQGLHQWHV
GH XQ FRQWHQLGR HVSHFtILFR R GH XQ WHPD QR
 /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.


SRUTXHQRLPSOLTXHQHOFRQWHQLGRSHURVLSRUTXH
VH SXHGHQ XWLOL]DU HQ FXDOTXLHU GRPLQLR GH
FRQWHQLGR /DV WHFQRORJtDV TXH VH XWLOL]DQ
FRQYLHUWHQ HO 73. HQ WUDQVSDUHQWH R XELFXR
GHQWUR GHO FRQRFLPLHQWR SHGDJyJLFR WHQLHQGR HQ
FXHQWDTXHSRQHUHOpQIDVLVHQODVWHFQRORJtDV\D
QR HV QHFHVDULR (VWD GLPHQVLyQ GHEH WDPELpQ
OOHYDUQRV D UHIOH[LRQDU VREUH FyPR GHWHUPLQDGDV
WHFQRORJtDV SXHGHQ IDYRUHFHU OD DSOLFDFLyQ GH
HVWUDWHJLDVGLGiFWLFDVHVSHFtILFDV

&RQRFLPLHQWR (O 73$&. VH UHILHUH DO FRQRFLPLHQWR GH XQ

WHFQROyJLFR SURIHVRU VREUH FyPR FRRUGLQDU HO XVR GH ODV
SHGDJyJLFR GHO DFWLYLGDGHV HVSHFtILFDV GH ODV PDWHULDV R
FRQWHQLGR DFWLYLGDGHV VREUH WHPDV HVSHFtILFRV $7
73$&. KDFLpQGROR FRQ UHSUHVHQWDFLRQHV VREUH WHPDV
FRQFUHWRV HPSOHDQGR ODV 7,& SDUD IDFLOLWDU HO
DSUHQGL]DMH GHO HVWXGLDQWH $ PHGLGD TXH ODV
WHFQRORJtDV XWLOL]DGDV HQ HVDV DFWLYLGDGHV \
UHSUHVHQWDFLRQHV VH YXHOYHQ RPQLSUHVHQWHV HO
73$&. VH WUDQVIRUPD HQ 3&. (Q GHILQLWLYD VH
DOXGH DO FRQRFLPLHQWR GLGiFWLFR GHO FRQWHQLGR
UHIHULGR D ORV FRQRFLPLHQWRV UHTXHULGRV SRU ORV
SURIHVRUHV SDUD LQWHJUDU OD WHFQRORJtD HQ VX
HQVHxDQ]DHQFXDOTXLHUiUHDGHFRQWHQLGR

7DEODQž'LPHQVLRQHVGHOPRGHOR73$&.\VXV
FRQFHSWXDOL]DFLRQHV

 (VWRVWLSRVGHFRQRFLPLHQWRVLPSOLFDUiQTXHHOGRFHQWHGHED
WHQHU IRUPDFLyQ \ H[SHULHQFLD HQ GLIHUHQWHV DVSHFWRV GH ORV WUHV
FRPSRQHQWHV EiVLFRV GHO PRGHOR \ GH ODV GLIHUHQWHV FRPELQDFLRQHV
TXH GH ORV PLVPRV VH GHVSUHQGHQ HV GHFLU HQ OR UHIHULGR DO
FRQRFLPLHQWR HQ FRQWHQLGR SHGDJyJLFR 3&. FRQWHQLGR WHFQROyJLFR
7&. \ FRQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR 73. DO UHVSHFWR
-LPR\LDQQLV  QRV KDEOD TXH GHWHUPLQDGRV FRQRFLPLHQWRV
LPSOLFDQ GLIHUHQWHV GRPLQLRV GH FRQWHQLGRV FRQFUHWRV TXH GHEHQ
GRPLQDUORVGRFHQWHVHQFRQFUHWRQRVLQGLFDORVVLJXLHQWHV
&RQRFLPLHQWRGH&RQWHQLGR3HGDJyJLFR
 &RQRFLPLHQWR&LHQWtILFR
 /XFHV\VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,& 

 &LHQFLDV&XUULFXOXP
 7UDQVIRUPDFLyQGHO&RQRFLPLHQWR&LHQWtILFR
 'LILFXOWDGHV GH DSUHQGL]DMH GH ORV HVWXGLDQWHV VREUH
GHWHUPLQDGRVFDPSRVFLHQWtILFRV
 (VWUDWHJLDVGHDSUHQGL]DMH
 3HGDJRJtD*HQHUDO
 &RQWH[WR(GXFDWLYR
&RQRFLPLHQWRGH&RQWHQLGR7HFQROyJLFR
 5HFXUVRV \ KHUUDPLHQWDV GLVSRQLEOHV SDUD WHPDV GH
FLHQFLD
 +DELOLGDGHV RSHUDWLYDV \ WpFQLFDV UHODFLRQDGDV FRQ
FRQRFLPLHQWRVFLHQWtILFRVHVSHFtILFRV
 7UDQVIRUPDFLyQGHOFRQRFLPLHQWRFLHQWtILFR
 7UDQVIRUPDFLyQGHORVSURFHVRVFLHQWtILFRV
&RQRFLPLHQWR7HFQROyJLFR3HGDJyJLFR
 /DVHVWUDWHJLDVGHDSUHQGL]DMHEDVDGDVHQODV7,&
 (OIRPHQWRGHODLQYHVWLJDFLyQFLHQWtILFDFRQODV7,&
 (ODSR\RDODVKDELOLGDGHVGHLQIRUPDFLyQ
 $QGDPLDMHGHORVHVWXGLDQWHV
 0DQHMR GH ODV GLILFXOWDGHV WpFQLFDV GH ORV
HVWXGLDQWHV
3RUVXSDUWH0RX]D.DUFKPHU.OHLQ1DQGDNXPDU\<LOPD]
  QRV UHILHUHQ XQD VHULH GH HYLGHQFLDV TXH SXHGHQ VHU
WHQLGDVHQFXHQWDDODKRUDGHFRQRFHUHOGRPLQLRGHGLIHUHQWHVWLSRV
GHFRQRFLPLHQWRTXHSXHGHQSRVHHUORVSURIHVRUHVVREUHDOJXQDVGH
ODVGLPHQVLRQHVUHFRJLGDVSRUHOPRGHOR
 (OFRQRFLPLHQWRWHFQROyJLFR7.
o 2SHUDUHOKDUGZDUHGHORVHTXLSRVLQIRUPiWLFRV
o (O XVR GH KHUUDPLHQWDV GH VRIWZDUH HVWiQGDU SRU
HMHPSOR 06 :RUG 3RZHU3RLQW QDYHJDGRUHV GH ,QWHUQHW
FRUUHRHOHFWUyQLFR
 /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.


o ,QVWDODFLyQ \ H[WUDFFLyQ GH GLVSRVLWLYRV SHULIpULFRV
SRU HMHPSOR XQLGDGHV 86% PLFUyIRQRV \ VRIWZDUH
HTXLSRVGHVROXFLyQGHSUREOHPDV
o (OXVRGHXQYRFDEXODULRDGHFXDGR
 &RQRFLPLHQWRVSHGDJyJLFRV7HFQROyJLFR73.
o 0RWLYDUDORVHVWXGLDQWHVDWUDYpVGHODWHFQRORJtD
o 'LIHUHQFLDU OD LQVWUXFFLyQ FXDQGR VH XWLOL]D OD
WHFQRORJtD
o &DSDFLGDGSDUD RUJDQL]DUHO WUDEDMR HQ FRODERUDFLyQ
FRQODWHFQRORJtD
o 9DORUDU HO XVR UHVSRQVDEOH SRU SDUWH GH ORV
HVWXGLDQWHVGHORVHTXLSRVXWLOL]DGRV
o (O GHVDUUROOR GH HVWUDWHJLDV SDUD HYDOXDU HO WUDEDMR
GHODOXPQRFRQODWHFQRORJtD
o &RQRFLPLHQWR GH OD H[LVWHQFLD GH XQD YDULHGDG GH
KHUUDPLHQWDVSDUDWDUHDVSDUWLFXODUHV
o &RQRFHU HO WLHPSR QHFHVDULR SDUD HQVHxDU FRQ
WHFQRORJtDVSDUWLFXODUHV
o &DSDFLGDG SDUD SUHYHU SRVLEOHV SUREOHPDV GH ORV
HVWXGLDQWHV FRQ GHWHUPLQDGDV WHFQRORJtDV \ SODQLILFDU
DFWLYLGDGHVUHOHYDQWHVSDUDDSR\DUDORVHVWXGLDQWHV
o *HQHUDFLyQ GH DOWHUQDWLYDV HQ HO FDVR GH IDOORV
WHFQROyJLFRV
o &DSDFLGDG SDUD H[SOLFDU XQ SURFHGLPLHQWR
LQIRUPiWLFR D ORV DOXPQRV SRU HMHPSOR D WUDYpV GH
VLPXODGRUHV
 &RQRFLPLHQWR GLGiFWLFR GHO FRQWHQLGR WHFQROyJLFR
73$&.
o (O XVR GH OD WHFQRORJtD SDUD IDFLOLWDU ORV PpWRGRV GH
WHPDV HVSHFtILFRV SHGDJyJLFRV SRU HMHPSOR OD
LQYHVWLJDFLyQ FLHQWtILFD ODV IXHQWHV SULPDULDV HQ ORV
HVWXGLRVVRFLDOHVHWF
o (O XVR GH OD WHFQRORJtD SDUD IDFLOLWDU OD
UHSUHVHQWDFLyQGHFRQWHQLGR
 /XFHV\VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,& 

o (O XVR GH OD WHFQRORJtD SDUD KDFHU IUHQWH D OD
FRPSUHQVLyQGHOFRQWHQLGRGHDSUHQGL]DMHSRUHMHPSORHO
FRQRFLPLHQWRSUHYLRGHOFRQWHQLGRORVFRQFHSWRVHUUyQHRV
GHGLUHFFLyQPHMRUDUODFRPSUHQVLyQGHOFRQWHQLGR
8QD GH ODV FUtWLFDV TXH VH OH KD IRUPXODGR DO PRGHOR VH
UHILHUH D VX IXHUWH FDUiFWHU JHQHUDOLVWD SRU HOOR VH KDQ LGR
HVWDEOHFLHQGRRWUDVHULHGHSURSXHVWDVTXHKDQOOHJDGRDPDWL]DUTXH
GHQWUR GHO FRQWH[WR GHEHPRV LQFRUSRUDU GLVWLQWRV WLSRV GH
FRPSRQHQWHVTXHOROOHJDQDPDWL]DU\KDFHUORPiVRSHUDWLYRILJQž



)LJQž0RGHOR73$&.
KWWSHGWWSDFNZLNLVSDFHVFRP&RQWH[W,QIOXHQFHRQ
73$&.
 /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.



 'HVGHQXHVWURSXQWRGHYLVWDODSURSXHVWDSUHVHQWDGDHQOD
ILJQžGHEHUtDPRVDPSOLDUODFRQWUHVFRPSRQHQWHVQRUHFRJLGRVHQ
OD ILJXUD DQWHULRU ODV TXH KHPRV GHQRPLQDGR HVWUXFWXUD
RUJDQL]DWLYDODDXWRHILFDFLDSHUFLELGDTXHHOGRFHQWHWLHQHUHVSHFWRD
OD WHFQRORJtD \ OR TXH SRGUtDPRV GHQRPLQDU FRPR HOHPHQWRV
LQWDQJLEOHV HV GHFLU WRGRV ORV DVSHFWRV LQYLVLEOHV LGHROyJLFRV \
pWLFRVTXHPDUFDQHOFXUUtFXOXP\ODDFFLyQIRUPDWLYDGHOGRFHQWHHQ
HOFRQWH[WRFRQFUHWRGRQGHDFW~D


)LJQž0RGHOR73$&.DPSOLDGR

 /XFHV\VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,& 

 1R VHUtD FRUUHFWR ILQDOL]DU HVWRV FRPHQWDULRV VLQ VHxDODU
DOJXQDVGHODVOLPLWDFLRQHVTXHVHOHKDQUHDOL]DGRDOPRGHOR\TXH
GH DFXHUGR FRQ HO WUDEDMR GH *UDKDP  SRGHPRV FRQFUHWDUODV
HQODVVLJXLHQWHV
 3XHVWRTXHHOPRGHORGHO73$&.VHDSR\DHQHOFRQFHSWRGHO
3&.GH6KXOPDQ\HVQHFHVDULDODFRPSUHQVLyQ
GHOPLVPRSDUDFRPSUHQGHUOR
 $OJXQDV GH ODV GLPHQVLRQHV GHO PRGHOR VRQ PX\ DPSOLDV \
PDOGHILQLGDV
 1RVHWLHQHQHQFXHQWDODVFUHHQFLDVGHORVGRFHQWHVVREUHOD
HQVHxDQ]D \ HO DSUHQGL]DMH FRPR SRU RWUD SDUWH \D KHPRV
VHxDODGRQRVRWURVDQWHULRUPHQWHHQODILJQž

$OJXQDVDSRUWDFLRQHVGHOPRGHOR73$&.
$XQTXH GHVGH FLHUWRV VHFWRUHV VH YLHQH UHFODPDQGR OD
QHFHVLGDG GH DXPHQWDU ODV LQYHVWLJDFLRQHV VREUH HO PRGHOR 73$&.
&KDL .RK \ 7VDL  QR SRGHPRV GHMDU GH REYLDU TXH
SURJUHVLYDPHQWHVHKDQDPSOLDGR\KDQLGRDSRUWDQGRXQDVHULHGH
UHVXOWDGRVTXHVRQORVTXHDFRQWLQXDFLyQYDPRVDSUHVHQWDU
7HQHPRV TXH VHxDODU GHVGH HO SULQFLSLR TXH ODV
LQYHVWLJDFLRQHV TXH VH KDQ FHQWUDGR HQ SURFXUDU FRQRFHU OD
VLJQLILFDFLyQ GHO PRGHOR SDUD D\XGDU D FRPSUHQGHU FyPR VH HVWi
LQWHJUDQGRODWHFQRORJtDHQHODXOD\FyPRHOSURIHVRUDGRVHDSURSLD
GH HOOD *HZHUF 3HUQDV \ 9DUHOD  /LX  0DKHU 
<RXQJ <RXQJ \ +DPLOWRQ  KDQ SXHVWR GH PDQLILHVWR VX
VLJQLILFDFLyQSDUDD\XGDUDORVPDHVWURVDLQWHJUDUODWHFQRORJtDHQHO
DXOD 'H WRGDV IRUPDV WDPELpQ QRV HQFRQWUDPRV FRQ DSRUWDFLRQHV
TXH VHxDODQ TXH ORV GRFHQWHV VXHOHQ QR WHQHU OD PLVPD FDSDFLGDG
SDUD LGHQWLILFDU \ DSURSLDUVH GH OD PLVPD IRUPD ORV GLIHUHQWHV WLSRV
GHFRQRFLPLHQWRVH[SXHVWRVHQHOPRGHOR3RURWUDSDUWH=HONRZVNL\
RWURVHQFRQWUDURQHQVXLQYHVWLJDFLyQTXHHOFRQRFLPLHQWRGH
ORV FRQWHQLGRV \ FRQVWUXFWRV GH VDEHU SHGDJyJLFR VRQ YiOLGRV \
ILDEOHV PLHQWUDV TXH HO FRQRFLPLHQWR SHGDJyJLFR GHO FRQWHQLGR HO
FRQRFLPLHQWR GHO FRQWHQLGR WHFQROyJLFR \ ORV GRPLQLRV GHO
FRQRFLPLHQWR SHGDJyJLFR WHFQROyJLFRV VRQ GLItFLOHV GH VHSDUDU \
DXWRLQIRUPDU UHVSHFWR D VX FRPSHWHQFLD SRU SDUWH GH ORV IXWXURV
SURIHVRUHV (Q HVWD OtQHD HQFRQWUDURQ UHVXOWDGRV VLPLODUHV 1LHVV
\0RX]D.DUFKPHU.OHLQ1DQGDNXPDU\<LOPD]
 /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.


/RV HVWXGLRV LQGLFDQ TXH ODV GLIHUHQWHV IXQFLRQHV
WHFQROyJLFDV SXHGHQ IDFLOLWDU HO GHVDUUROOR SRU SDUWH GH XQ SURIHVRU
GHO73$&.VLELHQHOORQRHVVXILFLHQWHSDUDLQWHJUDUODWHFQRORJtDHQ
OD HQVHxDQ]D 3RU HO FRQWUDULR OD JUDQ PD\RUtD GH PDHVWURV FX\RV
FRQRFLPLHQWRV GHO FRQWHQLGR \ SHGDJyJLFR VRQ HOHYDGRV WLHQHQ
GLILFXOWDGHQODE~VTXHGDGHWHFQRORJtDDGHFXDGDSDUDGHVDUUROODUVX
LGHD GH 73$&. VRQ WDUHDV IDFWLEOHV /LX  3DUD HOOR SXHGH VHU
VLJQLILFDWLYRVHJXLUODVHFXHQFLDVLJXLHQWHFRPHQ]DUFRQODVHOHFFLyQ
GH ORV REMHWLYRV TXH VH GHVHDQ DOFDQ]DU SDUD OD DFFLyQ IRUPDWLYD
VHOHFFLRQDU ODV DFWLYLGDGHV GH DSUHQGL]DMH VHFXHQFLDU ODV
DFWLYLGDGHV \ VHOHFFLRQDU ODV WHFQRORJtDV PiV DSURSLDGDV SDUD ODV
DFWLYLGDGHVVHOHFFLRQDGDV
8QD GH HVWDV DSRUWDFLRQHV VH KD FHQWUDGR HQ HO DQiOLVLV GH
ODV FDUDFWHUtVWLFDV GH ORV SURIHVRUHV \ VX UHODFLyQ FRQ ORV GLIHUHQWHV
WLSRVGHFRQRFLPLHQWRVHVWDEOHFLGRVHQHOPRGHOR<DOUHVSHFWR/LDQJ
\ RWURV  HQ OD LQYHVWLJDFLyQ TXH HIHFWXDURQ FRQ SURIHVRUHV GH
SUHHVFRODU HQFRQWUDURQ TXH FRQIRUPH ORV GRFHQWHV DXPHQWDEDQ HQ
HGDGPRVWUDEDQFLHUWRJUDGRGHUHVLVWHQFLDDHQWRUQRVGHHQVHxDQ]D
TXH LQWHJUDUDQ OD WHFQRORJtD HQFRQWUDQGR WDPELpQ TXH HO
SURIHVRUDGRGHSUHHVFRODUFRQXQDHGXFDFLyQVXSHULRUWHQGtDDWHQHU
PiVFRQRFLPLHQWRGHOXVRGHODWHFQRORJtD\ODLQWHJUDFLyQGHODV7,&
HQ HO HQWRUQR GRFHQWH 7DPELpQ FRPR KDQ VXJHULGR 6WHZDUW
$QWRQHQNR 6KDQH \ 0XUDYLWD  ORV GRFHQWHV H[SHULPHQWDGRV
FRQVLGHUDQ ODV KHUUDPLHQWDV WHFQROyJLFDV FRPR PHFDQLVPR SDUD
LQYROXFUDU D ORV HVWXGLDQWHV \ ORJUDU JDQDQFLDV GH LQVWUXFFLyQ
PLHQWUDVTXHORVQRYDWRV\ORVIXWXURVSURIHVRUHVTXHVHHQFXHQWUDQ
HQ DFFLRQHV GH SUHVHUYLFLR WLHQGHQ D SHUFLELU ODV WHFQRORJtDV
SULQFLSDOPHQWHFRPRXQPHFDQLVPRSDUDPHMRUDUODJHVWLyQGHODXOD
\QRWDQWRSDUDFUHDUDFFLRQHVGHLQQRYDFLyQHGXFDWLYD
/RV HVWXGLRV WDPELpQ VHxDODQ TXH ORV SURIHVRUHV PXHVWUDQ
XQ DOWR JUDGR GHO FRQRFLPLHQWR GHO FRQWHQLGR SHUR QR DVt GHO
FRQRFLPLHQWRWHFQROyJLFR5RLJ\)ORUHV
3RU VX SDUWH -DQJ \ 7VDL  HQFRQWUDURQ FyPR OD
H[SHULHQFLDHQODHQVHxDQ]DLQIOXtDHQODFRQILJXUDFLyQGHO73$&.GH
ORV SURIHVRUHV /RV GRFHQWHV FRQ H[SHULHQFLD WHQGtDQ D FDOLILFDU VX
FRQRFLPLHQWR GH ORV FRQWHQLGRV \ HO FRQRFLPLHQWR GLGiFWLFR GHO
FRQWHQLGR HQ FRQWH[WR VLJQLILFDWLYDPHQWH PiV DOWR TXH KLFLHURQ ORV
SURIHVRUHV GH FLHQFLDV QRYDWRV 6LQ HPEDUJR HO SURIHVRUDGR FRQ
PHQRV H[SHULHQFLD HQ OD HQVHxDQ]D WHQGtDQ D FDOLILFDU VXV
FRQRFLPLHQWRVGHWHFQRORJtD\FRQRFLPLHQWRGHOFRQWHQLGRWHFQROyJLFR
HQHOFRQWH[WRVLJQLILFDWLYDPHQWHPD\RUTXHHOLQGLFDGRSRUGRFHQWHV
FRQPiVH[SHULHQFLDHQODHQVHxDQ]D'HVGHQXHVWURSXQWRGHYLVWD
 /XFHV\VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,& 

ORV~OWLPRVKDOOD]JRVHQFRQWUDGRVVHSRGUtDQH[SOLFDUSRUDVRFLDFLyQ
HQWUHH[SHULHQFLDSURIHVLRQDOGRFHQWH\HGDGGHORVSURIHVRUHV
3RU RWUD SDUWH \ FRPR \D DSXQWDPRV DQWHULRUPHQWH HQ OD
ILJXUDV Qž  \  DOJXQDV LQYHVWLJDFLRQHV KDQ SXHVWR GH PDQLILHVWR
TXH ORV IDFWRUHV LQWUDSHUVRQDOHV WDOHV FRPR OD DXWRHILFDFLD
H[SHFWDWLYDVGHUHVXOWDGRV\ORVLQWHUHVHVIDYRUHFHQODPRWLYDFLyQGH
ORV GRFHQWHV SDUD LQWHJUDU OD WHFQRORJtD H LQIOXLU HQ VX 73$&.
6WHZDUW$QWRQHQNR6KDQH\0XUDYLWD
(Q OR TXH VH UHILHUH DO JpQHUR GH ORV SURIHVRUHV GLVWLQWRV
HVWXGLRV KDQ HQFRQWUDGR GLIHUHQFLDV VHJ~Q HVWH (UGRJDQ \ 6DKLQ
 -DQJ \ 7VDL  /LQ \ RWURV  $Vt (UGRJDQ \ 6DKLQ
 HQFRQWUDURQ TXH ORV SURIHVRUHV GH PDWHPiWLFDV WHQtDQ XQ
73$&. PiV HOHYDGR TXH ODV SURIHVRUDV 3RU VX SDUWH /LQ \ RWURV
 HQ VX HVWXGLR KDOODURQ TXH ODV PDHVWUDV WHQtDQ PiV
FRQILDQ]D HQ HO GHQRPLQDGR ´FRQRFLPLHQWR SHGDJyJLFRµ SHUR PHQRV
FRQILDQ]D HQ ORV FRQRFLPLHQWRV WUDGLFLRQDOHV IUHQH D ORV GDWRV
DSRUWDGRV SRU ORV KRPEUHV TXLHQHV SUHVHQWDEDQ XQD PHQRU
FRQILDQ]D HQ HO SULPHUR \ XQD PD\RU HQ HO VHJXQGR .RK \ RWURV
 H[DPLQDURQ HO 73$&. GH SURIHVRUHV HQ IRUPDFLyQ
\
HQFRQWUDURQGLIHUHQFLDVGHJpQHURHQHOFRQRFLPLHQWRWHFQROyJLFRHO
FRQRFLPLHQWRGHOFRQWHQLGR\HOFRQRFLPLHQWRGHODHQVHxDQ]DFRQOD
WHFQRORJtD 6LQ HPEDUJR XQ KDOOD]JR GLIHUHQWH VH SUHVHQWy HQ HO
HVWXGLRGH-DQJ\7VDLTXLHQHVHQFRQWUDURQTXH73$&.GHORV
SURIHVRUHV GH FLHQFLDV \ PDWHPiWLFDV HOHPHQWDOHV QR SUHVHQWDEDQ
GLIHUHQFLDV HQ IXQFLyQ GHO JpQHUR /D LQYHVWLJDFLyQ VREUH 73$&.
EDVDGDHQH[SHULHQFLDGRFHQWHVXJLHUHUHVXOWDGRVYDULDEOHVWDPELpQ
/HH\7VDL73$&.H[DPLQDGRVORVPDHVWURVHQVHUYLFLRHQHO
FRQRFLPLHQWREDVDGRHQOD:HEGHVFXEULHQGRTXHORVPDHVWURVFRQ
PiVH[SHULHQFLDSHUFLEtDQVX73$&.FRQUHVSHFWRDOD:HEPiVEDMR
TXH ORV PDHVWURV FRQ PHQRV H[SHULHQFLD 6LQ HPEDUJR -DQJ \ 7VDL
 HQFRQWUDURQ TXH HO FRQRFLPLHQWR GH FRQWHQLGR GH ORV
SURIHVRUHV FRQ PiV H[SHULHQFLD GH OD FLHQFLD EiVLFD \ PDWHPiWLFDV
IXHURQ VLJQLILFDWLYDPHQWH PiV DOWRV TXH ORV PDHVWURV FRQ PHQRV
H[SHULHQFLD
'H WRGDV IRUPDV WDPELpQ GHEHPRV VHxDODU TXH DOJXQRV
HVWXGLRV FRPR HO UHDOL]DGR SRU 7RNPDN ,QFLNDEL \ 2]JHOHQ 
HQFRQWUDURQTXHQRKDEtDGLIHUHQFLDVVLJQLILFDWLYDVHQWUHODVFLHQFLDV
QDWXUDOHVPDWHPiWLFDV\FLHQFLDV\FLHQFLDVVRFLDOHVDOIDEHWL]DFLyQ
SDUD 73$&. TXH PRVWUDURQ ORV SURIHVRUHV HQ IRUPDFLyQ 6LQ
HPEDUJRKXERGLIHUHQFLDVVLJQLILFDWLYDVHQWUHODVFLHQFLDVQDWXUDOHV
 /DIRUPDFLyQGHOSURIHVRUDGRHQ7,&PRGHOR73$&.


\ ODV FLHQFLDV VRFLDOHV HQ HO FRQRFLPLHQWR WHFQROyJLFR SURIHVRUHV HQ
IRUPDFLyQ\ORVFRQRFLPLHQWRVGHFRQWHQLGRWHFQROyJLFR
-DQJ\7VDLHQODLQYHVWLJDFLyQTXHUHDOL]DURQFRQORV
SURIHVRUHVGHFLHQFLDVGHVHFXQGDULDKDOODURQUHODFLRQHVHVWDGtVWLFDV
HQIXQFLyQGHOJpQHURGHORVSURIHVRUHV\VXH[SHULHQFLDGRFHQWHHQ
GLIHUHQWHV VXEHVFDODV GHO 73$&. /RV SURIHVRUHV GH FLHQFLDV
FDOLILFDURQ VXV FRQRFLPLHQWRV GH WHFQRORJtD VLJQLILFDWLYDPHQWH PiV
DOWRTXHODVSURIHVRUDV
8QJUXSRGHLQYHVWLJDFLRQHVKDQSXHVWRGHPDQLILHVWRFyPR
HO FRQRFLPLHQWR TXH ORV SURIHVRUHV WLHQHQ UHVSHFWR DO FRQRFLPLHQWR
SHGDJyJLFR DFHUFD GH VXV PpWRGRV GH HQVHxDQ]D HVSHFtILFRV \ VX
FRQRFLPLHQWR UHVSHFWR GH ORV SURFHVRV GH DSUHQGL]DMH GH ORV
HVWXGLDQWHVWLHQHXQLPSDFWRVREUHFyPRDSOLFDQGHIRUPDFRQFUHWD
XQD WHFQRORJtD FRPR SXVLHURQ GH PDQLILHVWR $QGHUVRQ \ %DUKDP
 UHVSHFWR D OD IRUPDFLyQ RQOLQH R 0DKHU  HQ OD
LQFRUSRUDFLyQGHORVL3DG

$SOLFDFLRQHVGHOPRGHOR
 /DV DSOLFDFLRQHV TXH HVWiQ WHQLHQGR HO PRGHOR 73$&. GH
IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& VRQ GLYHUVDV \ SRGHPRV
VLQWHWL]DUODVHQGLIHUHQWHVWLSRVFRPRSUHVHQWDPRVDFRQWLQXDFLyQ
 )RUPDFLyQGH ORV HVWXGLDQWHV HQ HO GHVDUUROOR GH ORV HQWRUQRV
WHFQROyJLFRV&KDL.RK\7VDL
 )RUPDFLyQ \ SHUIHFFLRQDPLHQWR GHO SURIHVRUDGR HQ HO iPELWR
GH OD LQFRUSRUDFLyQ GH ODV 7,& HQ ORV SURFHVRV GH HQVHxDQ]D
DSUHQGL]DMH -LPR\LDQQLV  0DHQJ 0XOYH\ 6PHWDQD \
%HOO5LHQWLHV\RWURV
 ([SOLFDFLyQGHODVGHFLVLRQHVTXHDGRSWDQORVSURIHVRUHVSDUD
OD LQFRUSRUDFLyQ GH ODV 7,& D ORV SURFHVRV GH HQVHxDQ]D
DSUHQGL]DMH%UDQWOH\'LDV\(UWPHU
 (OGHVDUUROORGHFRQRFLPLHQWRVKDELOLGDGHV\GHVWUH]DVGHORV
HGXFDGRUHV GH GRFHQWHV SDUD LGHQWLILFDU TXp WLSR GH
WHFQRORJtDV\ODIRUPDHQTXHVHSRGUtDLQWHJUDUHQODSUiFWLFD
HVFRODUSDUDPHMRUDUHOGHVDUUROORHQODHGXFDFLyQFLHQWtILFDGH
ORVHVWXGLDQWHV-LPR\LDQQLV
 6HUYLU GH HOHPHQWR GH GLVFXVLyQ HQWUH ORV SURIHVRUHV SDUD
PHMRUDU VX DSUHQGL]DMH HQ OD DSOLFDFLyQ GH ODV 7,& D ORV
SURFHVRVGHHQVHxDQ]DDSUHQGL]DMH-LPR\LDQQLV
 /XFHV\VRPEUDVGHODIRUPDFLyQGHOSURIHVRUDGRHQ7,& 

 ,QFRUSRUDFLRQHV GH WHFQRORJtDV HVSHFtILFDV $QGHUVRQ \
%DUKDP0DKHU
 ,QVWUXPHQWRSDUDHOGHVDUUROORGHLQYHVWLJDFLRQHVFHQWUDGDVHQ
OD XWLOL]DFLyQ GH ODV 7,& HQ FRQWH[WRV HGXFDWLYRV $QGHUVRQ \
%DUKDP
 (ODQiOLVLVGHREMHWRVGHDSUHQGL]DMHSURGXFLGRVHQGLIHUHQWHV
IRUPDWRV SDUD VHU LQFRUSRUDGRV D OD IRUPDFLyQ 'ULMYHUV \
RWURV6PLWK
 9DORUDFLyQ GH DFFLRQHV IRUPDWLYDV HPSUHQGLGDV SDUD OD
IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& WDQWR HQ VHUYLFLR FRPR HQ
VLWXDFLRQHV GH SUHVHUYLFLR +X :DONHU \ +VLDR  /LX
 5LHQWLHV \ RWURV  0RX]D .DUFKPHU.OHLQ
1DQGDNXPDU\<LOPD]


&RPRSRGHPRVREVHUYDUVXiPELWRGHXWLOL]DFLyQHVEDVWDQWH
DPSOLR \ SRVLEOHPHQWH ORV QXHYRV HVWXGLRV TXH VH GHVDUUROOHQ
DPSOLDUiQ ORV FRQWH[WRV GH DSOLFDFLyQ 9RRJW \ RWURV  TXH
OOHYDURQ D FDER XQD UHYLVLyQ GH ORV DUWtFXORV \ UHYLVWDV TXH VREUH HO
73$&. VH SXEOLFDURQ HQWUH  \  HQFRQWUDQGR GRV JUDQGHV
OtQHDV GH GLUHFFLyQ D ORV HVWXGLRV TXH VH FHQWUDEDQ HQ GLVFXWLU \
SHUIHFFLRQDU ODV EDVHV WHyULFDV GHO PRGHOR \ E ODV GLULJLGDV D
FXHVWLRQHV SUiFWLFDV GH DQiOLVLV GH ORV GLIHUHQWHV WLSRV GH
FRQRFLPLHQWRVTXHPRVWUDEDQORVSURIHVRUHV