Professional Documents
Culture Documents
Chignola Sandro
Chignola Sandro
+LVWRULDGHORVFRQFHSWRVKLVWRULDFRQVWLWXFLRQDOILORVRItD
SROtWLFD6REUHHOSUREOHPDGHOOp[LFRSROtWLFRPRGHUQR
6DQGUR&KLJQROD
5HLQKDUW.RVHOOHFNHQXQHQVD\R\DIDPRVRHQHOTXHGLVFXWtDDFHUFD
GHO SUREOHPD \ HVWDWXWR PHWRGROyJLFR GH OD KLVWRULD GH ORV FRQFHSWRV GLV
WLQJXLyDOPHQRVWUHVIDVHVSULQFLSDOHVHQVXGHVDUUROOR2ULJLQDULDPHQWHOD
KLVWRULDGHORVFRQFHSWRVVHSUHVHQWDFRPRXQULJXURVRLQVWUXPHQWRKHUPH
QpXWLFRSDUDODLQWHUSUHWDFLyQGHODVIXHQWHVKLVWyULFDV(QHVWHVHQWLGRDVXPH
XQ SDSHO VLPSOHPHQWH DX[LOLDU GH OD KLVWRULD VRFLDO 6yOR HQ XQ VHJXQGR
PRPHQWRHQHOiPELWRGHODKLVWRULRJUDItDFRQVWLWXFLRQDODOHPDQDODKLVWRULD
GHORVFRQFHSWRVWLHQHFRPRREMHWRLPSHGLUODLQFRUUHFWDDSOLFDFLyQDOSDVDGR
GHH[SUHVLRQHV\FRQFHSWRVGHODYLGDMXUtGLFDGHOSUHVHQWH)LQDOPHQWHOD
KLVWRULDFRQFHSWXDOVHKDSURSXHVWRFRPRFUtWLFDGHODKLVWRULDGHODVLGHDV
FRQORFXDO\DQRWLHQHVHQWLGRHOSUHVXSXHVWRGHTXHODVLGHDVVRQ©EDUHPRV
FRQVWDQWHVTXHVyORVHDUWLFXODEDQHQGLIHUHQWHVFRQILJXUDFLRQHVKLVWyULFDVVLQ
PRGLILFDUVHHVHQFLDOPHQWHª
&RQHVWDGLVWLQFLyQGH.RVHOOHFNQRVyORVHKDHVER]DGRWUHVIDVHVGLYHU
VDVDWUDYpVGHODVFXDOHVVHKDFRQVWUXLGRSDXODWLQDPHQWHHOSDUDGLJPDGH
ODKLVWRULDGHORVFRQFHSWRVVLQRTXHWDPELpQVHUHIOHMDDOJXQRVGHORVSULQ
FLSDOHV SUREOHPDV TXH FHQWUDQ OD GLVFXVLyQ 3RU XQ ODGR OD KLVWRULD GH ORV
FRQFHSWRV WDO \ FRPR KD VLGR GHILQLGD SRU .RVHOOHFN \ HO $UEHLWVNUHLV GH
+HLGHOEHUJHQFX\RVHQRVHKDJHVWDGRODVEDVHVGHODHPSUHVDPRQXPHQWDO
GHO/H[LNRQGHORVFRQFHSWRVIXQGDPHQWDOHVGHOYRFDEXODULRSROtWLFRDOHPiQ
5.26(//(&.©+LVWRULDFRQFHSWXDOHKLVWRULDVRFLDOªDKRUDHQ)XWXUR3DVDGR3DUD
XQDVHPiQWLFDGHORVWLHPSRVKLVWyULFRV3DLGyV%DUFHORQDSHGRU9HUJDQJHQH
=XNXQIW=XU6HPDQWLNJHVFKLFKWOLFKHU=HLWHQ6XKUNDPS)UDQNIXUWD0
6REUHHVWHSXQWRGHEHYHUVH+*0$,(5%HJULIIVJHVFKLFKWHHQ+LVWRULVFKHV:|UWHU
EXFKGHU3KLORVRSKLH6WXWWJDUWYRO,SS
2%5811(5:&21=(5.26(//(&.HGV*HVFKLFKWOLFKH*UXQGEHJULIIH+LVWRULV
FKHV/H[LNRQ]XUSROLWLVFKVR]LDOHQ6SUDFKHLQ'HXWVFKODQG.OHWW&RWWD6WXWWJDUW
6REUH HVWH GLFFLRQDULR \ VREUH HO VHPLQDULR GH +HLGHOEHUJ FI HO WHVWLPRQLR GH : &21=(
©=XU *UXQGXQJ GHV$UEHLWVNUHLV IU PRGHUQH 6R]LDOJHVFKLFKWHª HQ +DPEUJHU -DKUEXFK IU
6DQGUR&KLJQROD
TXLHUHVHUWDPELpQLQVWUXPHQWRGHUHFRQVWUXFFLyQGHORVXVRVKLVWyULFRVFRQ
FUHWRVGHOYRFDEXODULRSROtWLFR\VHSURSRQHFRQWULEXLUDDFODUDUHOVLJQLIL
FDGRTXHORVFRQFHSWRVSROtWLFRVDVXPHQHQQXHVWURXVRFRWLGLDQRFRQHOILQ
GHSHUPLWLUVXPD\RUFRQWURO3RURWURODGRODKLVWRULDGHORVFRQFHSWRVVH
SURSRQHVLQPiVSUHiPEXORVHODERUDUXQDFRPSOHMDWHRUtDGHODKLVWRULD\
GHOFRQFHSWRWHRUtDGHVWLQDGDDGHVPDQWHODUORVSUHVXSXHVWRVKLVWRULFLVWDVGH
ODKLVWRULRJUDItDGHODFXOWXUDDOHPDQD
(OFRQFHSWRGHOOp[LFRSROtWLFRQRHVXQDLGHDQRGLVSRQHGHXQQ~FOHR
WHyULFR LQPRGLILFDEOH \ GHVWLQDGR D GHFOLQDUVH HQ ILJXUDV GLIHUHQWHV GHQWUR
GHOSODQRREMHWLYRGHODKLVWRULD6XKLVWRULDTXHH[LJHWUDWDUQHFHVDULDPHQWH
WDQWRHOSUREOHPDGHODH[SHULHQFLDKLVWyULFDFRPRODRQWRORJtDVRFLDOGHOD
WHPSRUDOLGDG QR FRLQFLGH FRQ HO SODQR KRPRJpQHR GHO FXUVR FURQROyJLFR
QDWXUDOHQVtPLVPRFDUHQWHGHKLVWRULD(QODLQWHUSUHWDFLyQGH.RVHOOHFNQR
WRGDVODVSDODEUDVVRQGHKHFKRFRQFHSWRVKLVWyULFRV\PXFKRPHQRVFRQ
FHSWRVIXQGDPHQWDOHV*UXQGEHJULIIH1RFXDOTXLHUH[SHULHQFLDGHOWLHPSR
VLQRVyORDTXHOODHQODTXHVHSURGXFHXQDIUDFWXUDHQWUHHVSDFLRGHH[SHULHQ
FLD\KRUL]RQWHGHH[SHFWDWLYDSURGXFHFRQFUHWDPHQWHKLVWRULDH[SUHVLRQHV
SRODUHVTXHILMDQHOVLVWHPDGHFRQGLFLRQHVGHSRVLELOLGDGGHODVGLIHUHQWHV
KLVWRULDV
.RVHOOHFN TXH UHHODERUD HQ HVWH VHQWLGR SUREOHPiWLFDV GHULYDGDV GH OD
KHUPHQpXWLFD H[LVWHQFLDO KHLGHJJHULDQD WDPELpQ DWUDYHVDGDV SRU IXHUWHV
LQIOXHQFLDV JDGDPHULDQDV \ GH OD DQDOtWLFD GH OR SROtWLFR GH &DUO 6FKPLWW
SDUWH GH XQD GHILQLFLyQ SUHOLPLQDU TXH GLIHUHQFLD OD KLVWRULD *HVFKLFKWH
GHODKLVWyULFD+LVWRULN0LHQWUDVODSULPHUDODFLHQFLDKLVWyULFDRODKLV
WRULRJUDItDHPStULFDVHRFXSDGH©ODVUHDOLGDGHVSDVDGDVSUHVHQWHVRTXL]i
IXWXUDVªPHGLDQWHHOLQYHQWDULR\HODERUDFLyQGHORVGDWRVUHFRJLGRVGHQWUR
GHOSODQRGHORVWHVWLPRQLRVKLVWyULFRVODVHJXQGDODKLVWyULFDHVXQDFLHQ
FLDKLVWyULFRUHIOH[LYDHQWHQGLGDFRPRUHFRQVWUXFFLyQFXDVLWUDVFHQGHQWDOGH
ORV©FULWHULRVIRUPDOHVGHODFWXDU\SDGHFHUKLVWyULFRªTXHHQHOIRQGRVH
FRQYLHUWHHQOD©WHRUtDGHODVFRQGLFLRQHVGHSRVLELOLGDGGHWRGDKLVWRULDª
2VHDPLHQWUDVHOSODQRGHOD*HVFKLFKWHDOXGHDOFRQMXQWRGHORVKHFKRVOD
+LVWRULNFRQWLHQHHOVLVWHPDGHORVSUHVXSXHVWRVTXHKDFHSRVLEOHODPLVPD
KLVWRULD
3DUD+HLGHJJHUTXHHQODVHFFLyQVHJXQGDGHODSULPHUDSDUWHGH6HLQXQG
=HLWEXVFDHQODWHPSRUDOLGDGHOIXQGDPHQWRRQWROyJLFRRULJLQDULRGHODH[LV
WHQFLDOLGDGGHOVHUDKtODKLVWRULFLGDGSHUWHQHFHDODHVWUXFWXUDIXQGDPHQWDO
GHOVHU(QHVWHSUHVXSXHVWRUDGLFDODSRVLELOLGDGGHODKLVWRULRJUDItD(OSUR
EOHPDGHODKLVWRULD\ODSRVLELOLGDGGHODKLVWRULRJUDItDGHVDUUROODHOWHPD
GHODKLVWRUL]DFLyQGHOVHUDKt\GHODWHPSRUDOL]DFLyQGHODH[SHULHQFLDFRPR
SDUWH GH OD DQDOtWLFD H[LVWHQFLDO$Vt +HLGHJJHU SXHGH GHFLU OR VLJXLHQWH
©&yPRSXHGDODKLVWRULDYHQLUDVHUREMHWRHQJHQHUDOGHODKLVWRULRJUDItDHV
FRVDTXHVyORFDEHVDFDUGHODIRUPDGHVHUGHORKLVWyULFRGHODKLVWRULFLGDG
HQFXDQWRDUUDLJDGDHQODWHPSRUDOLGDGª
(OVHUGHODKLVWRULDVXVPRGRV\ODFXDOLGDGHVSHFtILFDGHODWHPSRUDOLGDG
GHODH[SHULHQFLDTXHHVFLQGHFURQRORJtDQDWXUDOHKLVWRULFLGDGWDOHVVRQORV
SUREOHPDVTXH.RVHOOHFNUHWRPDGH+HLGHJJHU(OWLHPSRTXHHV©LQGLYLVLEOH
HQFXDQWRWDOªDGTXLHUHHVSHVRU\FXDOLGDGKLVWyULFDVyORHQODLQWHUVHFFLyQ
FRQ DTXHOODV FRRUGHQDGDV SROtWLFRH[LVWHQFLDOHV TXH OR KDFHQ YLVLEOH D ORV
6REUHHVWHSXQWRYpDVH/6&8&&,0$55$©/D%HJULIIVJHVFKLFKWHHOHVXHUDGLFLLQWH
OOHWWXDOLª HQ 6WRULFD SS S WDPELpQ 3 '( %2(5 7KH KLVWRULRJUDSK\ RI
*HUPDQFLWSTXHUHFRQRFHD&DUO6FKPLWW\DVX9HUIDVVXQJVOHKUHHOSDSHOGHSDGUH
SXWDWLYRGHOSUR\HFWRGHOD*HVFKLFKWOLFKH*UXQGEHJULIIH\GHOPRGHORKLVWRULRJUiILFRGH.RVH
OOHFN0iVTXHD+HLGHJJHUUHFRQRFHHQODOtQHDGH9',33(5RFSODLPSRUWDQFLD
GH+**DGDPHU3DUDODUHODFLyQHQWUH*DGDPHU\OD%HJULIIVJHVFKLFKWHFI+**$'$0(5
©%HJULIIVJHVFKLFKWHDOV3KLORVRSKLHªHQ$UFKLYIU%HJULIIVJHVFKLFKWHSS
\ %HJULIIVJHVFKLFKWH XQG GLH 6SUDFKH GHU 3KLORVRSKLH 2SODGHQ:HVWGHXWVFKHU9HUODJ
6REUH HVWH SXQWR YHiVH 6 &+,*12/$ ©6WRULD FRQFHWWXDOH H ILORVRILD SROLWLFD 3HU XQD SULPD
DSSURVVLPD]LRQHªHQ)LORVRILD3ROLWLFD,9,SSVREUHWRGRSS\VV
5.26(//(&.©+LVWRULNXQG+HUPHQHXWLNªHQ5.26(//(&.+**$'$0(5+HU
PHQHXWLNXQG+LVWRULN:LQWHU0XQLFKWUDGHVSDxRODDFDUJRGH)21&,1$HQ3DLGyV
%DUFHORQD FRQ LQWURGXFFLyQ GH ) 21&,1$ \ - / 9,//$&$f$6 ©6REUH HO FRQFHSWR GH
KLVWRULFD\VXGHVDUUROORªYpDVHWDPELpQODYR]FRUUHVSRQGLHQWHHQ+LVWRULVFKHV:|UWHUEXFKGHU
3KLORVRSKLHFLWYROSS\VV3DUDHOWHPDGHOD+LVWRULNHQODUHIOH[LyQGH.RVHOOHFN
YpDVH5.26(//(&.©,P9RUIHOGHLQHU*HVFKLFKWVZLVVHQVFKDIWªHQ:&21=(HG7KHRULH
GHU*HVFKLFKWVZLVVHQVFKDIWXQG3UD[LVGHV*HVFKLFKWVXQWHUULFKWV.OHWW6WXWWJDUWSS
VREUHWRGRSS\VV
0+(,'(**(56HU\7LHPSR,(GLFLyQHVSDxRODHQ)&(0p[LFR\HQ
7URWWD0DGULG
,FDS9
5.26(//(&.©+LVWRULDGHORVFRQFHSWRV\FRQFHSWRVGHODKLVWRULDªHQ&RQWHPSRUD
QHD,S
6DQGUR&KLJQROD
RMRVGHODUHSUHVHQWDFLyQKLVWRULRJUiILFDHQFXDQWRSRUWDGRUGHOVHQWLGR\GH
VLJQLILFDWLYLGDGHQFXDQWRFDWDOL]DGRUGHODH[SHULHQFLDFROHFWLYD
&LQFRVRQODVSDUHMDVDQWLWpWLFDVTXHHQVXIXQFLyQGHFDWHJRUtDVWUDQV
FHQGHQWDOHVGHXQDRQWRORJtDGHORILQLWRDEUHQHOFDPLQRVHJ~Q.RVHOOHFN
DODKLVWRUL]DFLyQGHODH[SHULHQFLDGHOWLHPSRHOSDUGHEHUPRULUSRGHU
PDWDUHOSDUDPLJRHQHPLJRHOSDULQWHUQRH[WHUQRTXHFRQODVXE
GLYLVLyQ VHFUHWRS~EOLFR UHSUHVHQWD OD PRGDOLGDG SRU PHGLR GH OD FXDO OD
KLVWyULFDDVXPHHOSUHVXSXHVWRKHLGHJJHULDQRGHODHVSDFLDOLGDGGHOVHUDKt
FRPRFRRULJLQDULDDVXVHUHQHOPXQGRHOSDUSDGUHVKLMRVRGLFKRGH
RWUDPDQHUD.RVHOOHFNTXHWRPDSUHVWDGDGH+DQQDK$UHQGWODFDWHJRUtDGH
QDWDOLGDGFRPRSRVLEOHDVLPLODFLyQGHO©HVWDGRGH\HFWRª*HZRUIHQKHLWGHO
VHUDKtKHLGHJJHULDQRFRQVLGHUDTXHHOGHVHTXLOLEULRFRQVWLWXWLYRGHOWLHPSR
TXHUHSURGXFHODILQLWXG\ODDOWHUQDQFLDHQWUHODVJHQHUDFLRQHVHVXQDFRQGL
FLyQQHFHVDULDSDUDODH[LVWHQFLDGHLQILQLWDVKLVWRULDVSRVLEOHVHOSDUDQWL
WpWLFRGHODVUHODFLRQHVMHUiUTXLFDVDEDMRDUULEDVHxRUHVFODYRIXHUWHGpELO
HWF TXH DOXGH D ODV DUWLFXODFLRQHV H[LVWHQFLDOHV GHO SUREOHPD GHO SRGHU \
DODVPRGDOLGDGHVRUJDQL]DWLYDV\DXWRLQWHUSUHWDWLYDVGHODVH[SHFWDWLYDVGH
OLEHUDFLyQ\FRQWUDSRGHU
eVWDV VRQ ODV FDWHJRUtDV WUDVFHQGHQWDOHV TXH HQ FXDQWR ©GHWHUPLQD
FLRQHV H[LVWHQFLDULDVª KDFHQ SRVLEOH OD KLVWRUL]DFLyQ GH OD H[SHULHQFLD R
GHWHUPLQDQ OD SRVLELOLGDG GH OD KLVWRULD (VWDV FDWHJRUtDV GHILQHQ HO FDPSR
GHDFFLyQGRQGHVHFRQVXPDODVH[SHFWDWLYDV\GRQGHVHUHDOL]DDXWpQWLFDR
LQDXWpQWLFDPHQWHMXQWRDORVRWURVFRQORVRWURVRELHQHQFRQWUDGHHOORV
HOVXUSOXVGHSRVLELOLGDGDVLJQDGRDOVXMHWRGHODSURSLDILQLWXG/DVGHILQL
FLRQHVDQWLWpWLFDVVRQQHFHVDULDVSRUTXHHYRFDQ©DTXHOODILQLWXGWHPSRUDOHQ
FX\R KRUL]RQWH VXUJHQ WHQVLRQHV FRQIOLFWRV IUDFWXUDV LQFRQVLVWHQFLDV TXH
HQVXFDOLGDGGHVLWXDFLRQHVVLHPSUHVRQLQVROXEOHVSHURHQFX\DVROXFLyQ
GLDFUyQLFD GHEHQ SDUWLFLSDU \ DFWLYDUVH WRGDV ODV XQLGDGHV GH DFFLyQ VHD
SDUDFRQWLQXDUYLYLHQGRVHDSDUDLUVHDSLTXHª3RUWDQWRVRQQHFHVDULDVHQ
FXDQWRSURGXFHQKLVWRULD
(O SUREOHPD GHO WLHPSR KLVWyULFR VH YLVOXPEUD D MXLFLR GH .RVHOOHFN
FXDQGR DWHQGHPRV D ODV ILVXUDV \ GHQVDV SHQXPEUDV H[LVWHQFLDOHV GH OD
H[SHULHQFLDGHODILQLWXG+HLGHJJHU\DODVOtQHDVGHIXHU]D³ODIXVLyQGH
ODDPLVWDGRORVVREUHVDOWRVODVHQYLGLDV\IUDFWXUDVGHODDEVROXWDHQHPLV
5 .26(//(&. +LVWyULFD \ KHUPHQpXWLFD FLW SS 6REUH OD OyJLFD GH ORV
*HJHQEHJULIIHNRVHOOHFNLDQRV\VXOtPLWHVFI-&2/(0$1©7KHSUDFWLFDOXVHRI%HJULIIVJHVFKL
FKWHE\DQKLVWRULDQRI(XURSHDQSUHPRGHUQSROLWLFDOWKRXJKWVRPHSUREOHPVªHQ+LVWRU\RI
&RQFHSWV1HZVOHWWHU+XL]LQJD,QVWLWXXW$PVWHUGDP
5.26(//(&.+LVWyULFD\KHUPHQpXWLFDFLWS
,ELGHPS
+LVWRULDGHORVFRQFHSWRVKLVWRULDFRQVWLWXFLRQDOILORVRItDSROtWLFD«
WDG³ TXH GHILQHQ ODV FRRUGHQDGDV H[LVWHQFLDOHV GH OR SROtWLFR 6FKPLWW
3DUD .RVHOOHFN HQ HO PDJPD KLUYLHQWH GH OD GHVQXGD WHPSRUDOLGDG GH OD
OXFKDSROtWLFD\HQODH[SHULHQFLDGHOWLHPSRFRPRPDWUL]RQWROyJLFDGHOD
ILQLWXG³\HQDPERVFDVRVVREUHHOFDUiFWHULUUHVROXEOHGHODFRQWUDGLFFLyQ
FRPRHVWUXFWXUDGHORRULJLQDULR³KXQGHVXVUDtFHVODSRVLELOLGDGPLVPDGH
ODKLVWRULDFRPRHVSDFLRTXHHQJOREDODVLQILQLWDVKLVWRULDVSRVLEOHV
'HHVWHPRGRKDGHVDSDUHFLGRXQRGHORVSUHVXSXHVWRVOyJLFRVGHODKLV
WRULRJUDItDGHODVLGHDV(QRSLQLyQGH.RVHOOHFNQRH[LVWHODSRVLELOLGDGGH
SUR\HFWDUVREUHHOSODQROLQHDOGHODFURQRORJtDHOFRQMXQWRGHODVWUDQVIRU
PDFLRQHVGHORVFXDGURVIRUPDOHVFRQORVTXHVHUHSUHVHQWDODpSRFD(QOD
PHGLGDTXHODH[SHULHQFLDGHOWLHPSRKLVWyULFRRODH[SHULHQFLDGHODFRQWUD
GLFFLyQSURGXFLGDSRUODGLYLVLyQKLVWyULFRJHQpWLFDHQWUHSUHVHQWHSDVDGR\
IXWXURDIHFWDDODGHILQLFLyQGHDTXHOORVFXDGURVIRUPDOHVHOPLVPRWLHPSR
KLVWyULFR\DQRSXHGHVHUFRQVLGHUDGRHVHHVSDFLROLQHDOFRQWLQXR\KRPRJp
QHRTXHKDFHSRVLEOHFRPRVRVWLHQHODKLVWRULRJUDItDGHODVLGHDVODWUDQVPL
VLyQGHXQQ~FOHRWHPiWLFRGHPDJQLWXGHVFRQVWDQWHV1LVLTXLHUDSXHGHVHU
DVXPLGRFRPRVLPSOHLQGLFDGRUGHXQSURFHVRGHWUDQVIRUPDFLyQKLVWyULFD
<QRVyORHVRFRQODGLYHUJHQFLDHQWUHKRUL]RQWHGHH[SHULHQFLD\HVSDFLR
GHH[SHFWDWLYDLGHDVSDODEUDV\PHWiIRUDVTXHVRSRUWDQODDUWLFXODFLyQGHOD
KLVWRUL]DFLyQGHOWLHPSRVHFRQYLHUWHQHQLQVWUXPHQWRV\VRSRUWHVQHFHVDULRV
SDUDODPLVPDFRQFHSWXDOL]DFLyQGHODH[SHULHQFLDKLVWyULFD
©/DKLVWRULDFRQFHSWXDO³HVFULEH.RVHOOHFN³WLHQHTXHYHUVLHPSUHFRQ
VLWXDFLRQHV R VXFHVRV SROtWLFRV R VRFLDOHV FODUR TXH VyOR FRQ DTXHOORV TXH
DQWHVKDQVLGRFRQFHELGRV\DUWLFXODGRVFRQFHSWXDOPHQWHHQHOOHQJXDMHGH
ODVIXHQWHV/DKLVWRULDFRQFHSWXDOLQWHUSUHWDODKLVWRULDHQXQVHQWLGRHVWULFWR
PHGLDQWHVXVFRUUHVSRQGLHQWHVFRQFHSWRVSDVDGRVª
/DGLPHQVLyQGHOFRQFHSWRHVLQKHUHQWHDODKLVWRULD.RVHOOHFNUHFRQRFH
SOHQDPHQWHHOHVWLJPDKHJHOLDQRGHODIyUPXODKLVWRULDGHORVFRQFHSWRV\
ORFRUURERUDFRQODOyJLFDNDQWLDQDVHJ~QODFXDOQRKD\H[SHULHQFLDVLQFRQ
FHSWRQLFRQFHSWRVLQH[SHULHQFLD/DKLVWRULDVHFRQYLHUWHHQUHSUHVHQWDEOH
VyORHQODPHGLGDHQTXHODH[SHULHQFLDKLVWyULFD\DHVWpFRQFHSWXDOL]DGD\HVWp
SRUWDQWRGLVSRQLEOHHQORVWHVWLPRQLRV\ORVGRFXPHQWRV3RUHOORODKLVWRULD
GHORVFRQFHSWRV³HQWRGRGLIHUHQWHVHJ~Q.RVHOOHFNGHXQDPHUDGLVFLSOLQD
DX[LOLDU+LOIVGLV]LSOLQGHODKLVWRULDVRFLDO³DVXPHUHOHYDQFLD\DXWRQRPtD
(O SUREOHPD VL VHJXLPRV HO PRGHOR GH .RVHOOHFN FRQVLVWH HQ UHQRYDU
\ DXWRQRPL]DU OD KLVWRULD GH ORV FRQFHSWRV GHO SDUDGLJPD TXH DFHUFD GH OD
KLVWRULDFRQFHSWXDOKDLPSXHVWRODKLVWRULRJUDItDFRQVWLWXFLRQDODOHPDQD6L
SDUDHVWD~OWLPDSUHVWDUDWHQFLyQDODHVSHFLILFLGDG\DXWRQRPtDGHOOp[LFRGH
ODVIXHQWHVVLJQLILFDEDDQWHWRGRGLVSRQHUVHDUHFXSHUDUODRULJLQDOLGDGGHORV
FRQWH[WRVVHPiQWLFRV\GHODVHVWUXFWXUDVFRQVWLWXFLRQDOHVLQYHVWLJDGDV\DO
PLVPRWLHPSRHYLWDUSUR\HFWDUVREUHHOODVODPRGHUQDIRUPDGHHQWHQGHUHO
GHUHFKR\ODFRQVWLWXFLyQXQLGDG\VREHUDQtDGHOSRGHUFRQVWLWX\HQWHPRQR
SROLRHVWDWDOGHODIXHU]DGLIHUHQFLDS~EOLFRSULYDGRHWFSDUD.RVHOOHFN
TXH HQ HVWH SXQWR UHFXSHUD SUHFLVDPHQWH ODV LQGLFDFLRQHV ZHEHULDQDV WDO
HPSHxR GH OD KLVWRULD GH ORV FRQFHSWRV UHVXOWDUtD GHO WRGR YDFtR R VLPSOH
PHQWHRSFLRQDO3RUXQDSDUWH³\DTXtVHKDOODHOPRWLYRWHyULFRGHODSROp
PLFDHQWUH.RVHOOHFN\2WWR%UXQQHU³WDODGYHUWHQFLDFUtWLFDFRUUHHOULHVJR
FXDQGRVHGHVSOLHJDKDVWDVXV~OWLPDVFRQVHFXHQFLDVGHKDFHUHQPXGHFHUD
ODPLVPDFLHQFLDKLVWyULFDODFXDOHQQRPEUHGHODDXWRQRPtD\GHODHVSHFL
ILFLGDGGHODVIXHQWHVKLVWyULFDVGHEHUtDUHSURGXFLUODVWDOFRPRVRQ\UHQXQ
FLDU D LQWHUSUHWDUODV R D HVER]DU KLVWRULDV DFHUFD GH HOODV (O SUHVXSXHVWR
5.26(//(&.©+LVWRULDGHORVFRQFHSWRV\FRQFHSWRVGHODKLVWRULDªFLW
$VtYLHQHRULJLQDULDPHQWHLQWHUSUHWDGDOD%HJULIIJHVFKLFKWH&I+*0$,(5%HJULIIV
JHVFKLFKWHFLW&I6&+,*12/$RF
&I 2 %5811(5 1HXH :HJH GHU 9HUIDVVXQJ XQG 6R]LDOJHVFKLFKWH9DQGHQKRHFN DQG
5XSUHFKW*|WWLQJHQHGWUDGLW'H36FKLHUD3HUXQDQXRYDVWRULDFRQVWLWX]LRQDOHH
VRFLDOH9LWDH3HQVLHUR0LOiQ2%5811(5/DQGXQG+HUUVFKDIW*UXQGIUDJHQGHUWHUUL
WRULDOHQ9HUIDVVXQJVJHVFKLFKWHgVWHUUHLFKVLQ0LWWHODOWHU9LHQDWUDGGH*1RELOL6FKLHUD
\&7RPPDVL7HUUDH3RWHUH6WUXWWXUHSUHVWDWXDOLOHSUHPRGHUQHQHOODVWRULDFRVWLWX]LRQDOH
GHOO·$XVWULDPHGLHYDOH*LXIIUq0LOiQ2%5811(56R]LDOJHVFKLFKWH(XURSDVLQ0LWWHODO
WHU9DQGHQKRHFNDQG5XSUHFKW*|WWLQJHQWUDGLW*&RUQL6WRULDVRFLDOHGHOO·(XURSD
QHO0HGLRHYR,O0XOLQR%RORQLD(:%g&.(1)g5'('LHGHXWVFKHYHUIDVVXQJVJHVFKL
FKWOLFKH)RUVFKXQJLP-DKUKXQGHUW=HLWJHEXQGHQH)UDJVWHOOXQJHQXQG/HLWELOGHU'XQFNHU
+XPEORW%HUOtQWUDGLWDFDUJRGH36FKLHUD/DVWRULRJUDILDFRVWLWX]LRQDOHWHGHVFDQHO
VHFRORGHFLPRQRQR3UREOHPDWLFDHPRGHOOLG·HSRFD*LXIIUq0LOiQ
5 .26(//(&. ©%HJULIIJHVFKLFKWOLFKH 3UREOHPH GHU 9HUIDVVXQJVJHVFKLFKWVVFKUHL
EXQJªHQ+48$5,76&+UHG*HJHQGVWDQGXQG%HJULIIHGHU9HUIDVVXQJVJHVFKLFKWVVFKUHLEXQJ
%HLKHIWH]X'HU6WDDW+HIW'XQFNHU +XPEORW%HUOtQSSS6REUHHOSXQWR
GHODVXSXHVWDXQLYRFLGDGSHUIHFWDTXHH[LVWHHQWUHODVIXHQWHV\ODLQWHUSUHWDFLyQGHODVPLVPDV
FRPR XQ UHVLGXR KLVWRULFLVWD GH OD KLVWRULD GH ORV FRQFHSWRV FI , 9(,7%5$86( ©$ QRWH RQ
%HJULIIVJHVFKLFKWHªHQ+LVWRU\DQG7KHRU\SS6REUHHOWHPD6&+,*12/$
©6WRULDFRQFHWWXDOHHILORVRILDSROLWLFDªFLWSS6&+,*12/$©+LVWRULDGHORVFRQFHSWRV
HKLVWRULRJUDItDGHOGLVFXUVRSROtWLFRªHQ5HV3XEOLFDSS
+LVWRULDGHORVFRQFHSWRVKLVWRULDFRQVWLWXFLRQDOILORVRItDSROtWLFD«
WHyULFRHQMXHJRHVWiHYLGHQWHPHQWHLPSOtFLWRHQODOyJLFDGHODVFLHQFLDVGH
ODFXOWXUD&XDQWR.RVHOOHFNVRVWLHQHHQHVWDPDWHULDQRHVPX\GLIHUHQWHGH
ORTXHHVFULELHUD0D[:HEHU©1LQJ~QDQiOLVLVFLHQWtILFRREMHWLYRGHODYLGD
FXOWXUDOR³ORTXHTXL]iVHVDOJRPiVUHVWULQJLGRSHURFRQVHJXULGDGQRVLJ
QLILFDHQHVHQFLDRWUDFRVDSDUDQXHVWURVILQHV³GHORVIHQyPHQRVVRFLDOHVHV
LQGHSHQGLHQWHGHSXQWRVGHYLVWDHVSHFLDOHV\XQLODWHUDOHVGHDFXHUGRFRQORV
FXDOHVHVWRV³H[SUHVDRWiFLWDPHQWHGHPDQHUDFRQVFLHQWHRLQFRQVFLHQWH³
VRQVHOHFFLRQDGRVDQDOL]DGRV\RUJDQL]DGRVFRPRREMHWRGHLQYHVWLJDFLyQª
(OSUREOHPDTXH.RVHOOHFNDVXPHGH:HEHUHVHOGHO9RUJULIIWHyULFRHOFXDO
GHEH SUHFHGHU D OD DSUR[LPDFLyQ D ODV IXHQWHV FRQ HO REMHWR GH RUJDQL]DU
KLVWRULDV WDPELpQ GH ORV FRQFHSWRV TXH VHDQ VLJQLILFDWLYDV SDUD QRVRWURV
9ROYHUHPRVVREUHHVWHDUJXPHQWR
3RURWUDSDUWHSDUD.RVHOOHFNHOYHUGDGHURSUREOHPDFRQVLVWHHQDFDEDU
FRQHOSDSHOGHDX[LOLDUGHODKLVWRULDVRFLDOTXHGXUDQWHPXFKRWLHPSRKD
MXJDGRODKLVWRULDGHORVFRQFHSWRV6HSDUDUORVFRQFHSWRVGHVXFRQWH[WR
RULJLQDO ³GHVSXpV GH KDEHU DQDOL]DGR HO VLJQLILFDGR SDUWLFXODU TXH KDQ
DVXPLGRKLVWyULFDPHQWHHQHOLQWHULRUGHHVHPLVPRFRQWH[WR³FRQHOSUR
SyVLWRGHSRGHUVHJXLUODVXFHVLyQGHVLJQLILFDGRVTXHKDQDGRSWDGRFRQHO
SDVRGHOWLHPSR\SRGHUOLJDUORVHQWUHVtVLJQLILFDSDUD.RVHOOHFNHOHYDUHO
PpWRGRKLVWyULFRILOROyJLFRDOQLYHOGHODKLVWRULDFRQFHSWXDO\HPDQFLSDU
HVWD~OWLPDGHOSDSHOVXERUGLQDGRTXHDHOODVHOHDVLJQDHQFXDQWRVLPSOH
LQVWUXPHQWR GH FUtWLFD GH ODV IXHQWHV GHQWUR GHO FXDGUR FRPSOHWR GH ODV
FLHQFLDV KLVWyULFDV 8QD YH] DQDOL]DGR HO VLJQLILFDGR RULJLQDO DVXPLGR
SRU ORV FRQFHSWRV HQ HO PDUFR GH H[SHULHQFLD TXH DUWLFXOD OD FRQFLHQFLD
.RVHOOHFNYHQHFHVDULRSDUDOOHJDUDXQWUDWDPLHQWRFLHQWtILFRGHOREMHWR
FRPSOHWDUHOFXDGURGHDQiOLVLVVLQFUyQLFR³SXQWRHQHOTXHVHGHWLHQHOD
KLVWRULRJUDItDFRQVWLWXFLRQDOEUXQQHULDQD³FRQHOUHJLVWURGLDFUyQLFRGHODV
KLVWRULDV\GHHVWHPRGRVHJXLUHOFRQMXQWRGHWUDQVIRUPDFLRQHVSDGHFLGR
SRUODVGLIHUHQWHVFRQVWHODFLRQHVFRQFHSWXDOHV6yORHVWRSHUPLWHWUD]DUVX
KLVWRULD'HFLVLYRHVHOKHFKRGHTXHWDOLQWHJUDFLyQGHOSODQRVLQFUyQLFR
HVGHFLUODLUUHGXFWLELOLGDGVHPiQWLFDGHOFRQWH[WRGHXVRGHORVFRQFHSWRV
\ VX DXWyQRPD VLJQLILFDWLYLGDG \ HO SODQR GLDFUyQLFR HO VLVWHPD GH ODV
WUDGXFFLRQHV\GHODVYDULDFLRQHVGHORVPDOHQWHQGLGRV\GHODVGLVORFDFLR
QHVGHVLJQLILFDGRGHORVFRQFHSWRVRULJLQDOHVDORTXHVHSUHVWDQHFHVD
ULDPHQWHWDPELpQODFLHQFLDKLVWyULFDVLTXLHUHFRPSUHQGHURGHVFULELUORV
0:(%(5©'LH2EMHNWLYLWlWVR]LDOZLVVHQVFKDIWOLFKHUXQGVR]LDOSROLWLVFKHU(UNHQQWQLVª
DKRUD HQ *HVDPPHOWH$XIVlW]H ]XU :LVVHQVFKDIWVOHKUH HG GH -:LQFNHOPDQQ 0RKU
7XELQJDWUDGHVSDxROD©/DREMHWLYLGDGFRJQRVFLWLYDGHODFLHQFLDVRFLDO\GHODSROtWLFD
VRFLDOªHQ(QVD\RVVREUHPHWRGRORJtDVRFLROyJLFD$PRUURUWX%XHQRV$LUHVS
5.26(//(&.©+LVWRULDFRQFHSWXDOHKLVWRULDVRFLDOªFLWS
6DQGUR&KLJQROD
FRQFHSWRV GH SDVDGR GHEH VHJ~Q .RVHOOHFN SURGXFLUVH D SDUWLU GH XQD
DQWLFLSDFLyQ WHyULFD 9RUJULII TXH FDUHFH GH LPSOLFDFLRQHV FURQROyJLFDV
IXHUWHV6LQHOODVLQODKLSyWHVLVKLVWyULFDTXHGHEHPRVYHULILFDUQRH[LVWL
UtDQLVLTXLHUDKLVWRULD
([SUHVDGR SRU PHGLR GH XQD VtQWHVLV H[WHUQD TXH HQ HVWD RFDVLyQ QR
SXHGRH[SOLFDUORVSXQWRVTXH.RVHOOHFNUHFXSHUDGH:HEHUSDUDHVWRVILQHV
VRQDOPHQRVORVVLJXLHQWHVHOSUHVXSXHVWRGHODGLVWLQFLyQHQWUHFURQROR
JtDHKLVWRULD\HOSUHVXSXHVWRGHTXHODFXOWXUD©HVXQDVHFFLyQOLPLWDGDGH
ODLQILQLWXGGHVSURYLVWDGHOVHQWLGRGHODFDHFHUXQLYHUVDODODFXDOORVVHUHV
KXPDQRV RWRUJDQ VHQWLGR \ VLJQLILFDFLyQª OD LGHD FRQVHFXHQFLD GH OD
SULPHUDGHTXHORVKHFKRVODVFRQH[LRQHVGHKHFKRGHODVFRVDVQRFRQVWL
WX\HQODEDVHGHOWUDEDMRGHODVFLHQFLDVVLQRTXHHVWDEDVHUHVLGHPXFKRPiV
HQODVFRQH[LRQHVFRQFHSWXDOHVGHORVSUREOHPDVODWHPDWL]DFLyQIXHUWH
GHOSUREOHPDGHOSXQWRGHYLVWDFRQUHVSHFWRDOFXDOVHRUJDQL]DHOFDPSRGH
LQYHVWLJDFLyQ\HOKHFKRGHTXHODVIXHQWHVVHDQREOLJDGDVDKDEODU6LHQOD
UHSUHVHQWDFLyQKLVWRULRJUiILFDHVWiHQFXHVWLyQXQVLJQLILFDGRpVWHHVMXVWRHO
6REUHHVWHSXQWRFI6&+,*12/$©+LVWRULDGHORVFRQFHSWRVHKLVWRULRJUDItDGHOGLV
FXUVRSROtWLFRªFLW,+$036+(5021.©6SHHFK$FWV/DQJXDJHRU&RQFHSWXDO+LVWRULHV"ª
HQ,+$03336+(5021..7,/0$16)9$195((+LVWRU\RI&RQFHSWV&RPSDUDWLYH3HUV
SHFWLYHVFLWSSHQHVSHFLDOSSeVWHHVHQPLRSLQLyQXQRGHORVSXQWRVTXH
KDFHLUUHFRQFLOLDEOHVHLQWUDGXFLEOHVHOSURJUDPDGHLQYHVWLJDFLyQGH.RVHOOHFN\HOGH3RFRFN\
6NLQQHU3DUDHOGHEDWHVREUHODVGRVSHUVSHFWLYDVVHKDGHYHUHOFRQMXQWRGHDUWtFXORVUHFRJLGRV
HQ7KH0HDQLQJRI+LVWRULFDO7HUPVDQG&RQFHSWV1HZ6WXGLHVRQ%HJULIIVJHVFKLFKWHHGLWDGR
SRU+/(+0$11\05,&+7(5*HUPDQ+LVWRULFDO,QVWLWXWH2FFDVLRQDO3DSHU:DVKLQJWRQ'
&/RVHQVD\RVGH.RVHOOHFN3RFRFN\5LFKWHUKDQDSDUHFLGRHQWUDGXFFLyQLWDOLDQD
HQ)LORVRILDSROLWLFD3DUDODUDGLFDOSROpPLFDGH.RVHOOHFNFRQODWHRUtDGHORVDFWRV
GH KDEOD DVXPLGD D YHFHV FRPR IXQGDPHQWR GH OD KLVWRULRJUDItD GHO GLVFXUVR SROtWLFR \ GH
6NLQQHUFI.26(//(&.©6RFLDO+LVWRU\DQG%HJULIIVJHVFKLFKWHªDKRUDHQ+LVWRU\RI
&RQFHSWV&RPSDUDWLYH3HUVSHFWLYHVFLWSSS3DUD.RVHOOHFN©HODFWRPLVPRQRHV
XQDFWRGHKDEODª/DKLVWRULDGHORVFRQFHSWRVHQFXDQWROLJDGDDOOHQJXDMHGHEHTXHGDUVHJ~Q
.RVHOOHFNHQXQDSRVLFLyQVXERUGLQDGDDODKLVWRULDVRFLDOTXHVHLQWHUHVDSRUORVKHFKRV\ODV
FRVDV,ELGHPSS4XHQWLQ6NLQQHUSRUVXSDUWHKDGHQXQFLDGRUHFLHQWHPHQWHODVLQWHU
SUHWDFLRQHVTXHOHDGVFULEHQXQDUHIXWDFLyQOOHQDGHSUHMXLFLRVGHODKLVWRULDGHORVFRQFHSWRV
DXQTXHFRQYLHQHUHFRUGDUORVREUHODEDVHGHVXVH[SOtFLWDVWRPDVGHSRVLFLyQ&I46.,11(5
©5KHWRULFDQG&RQFHSWXDO&KDQJHªHQ)LQQLVK<HDUERRNRI3ROLWLFDO7KRXJKWSS
HQSDUWLFXODUSS
0 :(%(5 ©/D REMHWLYLGDG FRJQRVFLWLYDª FLW S (Q HVWH DUWtFXOR DxDGH ©/D
FRUULHQWHGHODFDHFHULQFRQPHQVXUDEOHIOX\HGHPDQHUDLQFHVDQWHKDFLDODHWHUQLGDG6LHPSUHGH
QXHYR\GHPDQHUDVGLVWLQWDVVHFRQILJXUDQORVSUREOHPDVFXOWXUDOHVTXHPXHYHQDORVKRPEUHV
\FRQHOORVHPDQWLHQHIOXFWXDQWHHOFtUFXORGHORTXHSDUDQRVRWURVSUHVHQWDVHQWLGR\VLJQL
ILFDFLyQHQWUHHOIOXMRSHUPDQHQWHGHORLQGLYLGXDO\TXHVHFRQYLHUWHHQLQGLYLGXRKLVWyULFRª
,ELGHPS
+LVWRULDGHORVFRQFHSWRVKLVWRULDFRQVWLWXFLRQDOILORVRItDSROtWLFD«
TXHODKLVWRULDQDUUDGDDVXPH©SDUDQRVRWURVª8QDLGHDGHFLHQFLD\HQ
FRQFUHWRGHFLHQFLDKLVWyULFDTXHDVXPHORVFyGLJRVOyJLFRVGHODFLHQFLD
PRGHUQD\TXHHQJOREDDSDUWLUGHOSXQWRGHYLVWDGHVXVLJQLILFDWLYLGDGSDUD
QRVRWURVODVGLIHUHQWHVKLVWRULDVGHORVFRQFHSWRVGHQWURGHOiPELWRGHXQD
WHRUtDPiVJHQHUDOGHODWUDQVLFLyQDODPRGHUQLGDG
(QWDOFRQWH[WRZHEHULDQR.RVHOOHFNLQVHUWDVXSURSXHVWDPHWRGROyJLFD
\ D HVWH FRQWH[WR TXHGD FRQVWLWXWLYDPHQWH OLJDGR FRPR YHUHPRV$XQTXH
GHEDPRVGHWHQHUQRVVREUHHVWHSXQWR\DQDOL]DUODVKLSyWHVLVDVXPLGDVSRU
ODVKLVWRULDVGHORVFRQFHSWRVTXHHO/H[LNRQ³GLULJLGRSRU.RVHOOHFN³QRV
SURSRQH GH ORV FRQFHSWRV KLVWyULFRV IXQGDPHQWDOHV SRU HO PRPHQWR WRGR
HVWR VLJQLILFD TXH OD KLVWRULD GH ORV FRQFHSWRV GHEH QHFHVDULDPHQWH SDUWLU
HQ SULPHU OXJDU GH XQD DQWLFLSDFLyQ WHyULFD IXHUWH TXH GHEH FRQWHQHU HQ
VHJXQGDLQVWDQFLDXQLQWHUpVGHWHUPLQDGRTXHODVLJQLILFDFLyQGHEHRULHQ
WDUVH KDFLD HO SUHVHQWH \ TXH GHEH ILQDOPHQWH FHQWUDUVH HQ DTXHO SRURVR
WLHPSRFROHFWLYRHQTXHVHSURGXFHHOGHVHTXLOLEULRKLVWyULFRJHQpWLFRHQWUH
HVSDFLRGHH[SHULHQFLD\KRUL]RQWHGHH[SHFWDWLYD'HVHTXLOLEULRTXHREOLJDD
ORVDFWRUHVKLVWyULFRVDODFRQFHSWXDOL]DFLyQHVWRHVDDWULEXLUXQVLJQLILFDGR
FXOWXUDODODSURSLDH[SHULHQFLDGHOWLHPSR\DHODERUDUXQDSHUFHSFLyQGHO
SURSLRSUHVHQWHTXHQRVyORSHUPLWHGHILQLUHOSURSLRSDVDGRKLVWyULFRVLQR
WDPELpQRUJDQL]DUHQWpUPLQRVGHDFFLyQFROHFWLYDHOSURSLRIXWXUR
(VDVtFRPRHO/H[LNRQGHORVFRQFHSWRVKLVWyULFRVIXQGDPHQWDOHVLQLFLDO
PHQWHGLULJLGRSRU2WWR%UXQQHU:HUQHU&RQ]H\5HLQKDUW.RVHOOHFNSHUR
FDGDYH]PiVLGHQWLILFDGRFRQHVWH~OWLPRTXLHQDGHPiVKDVXPLQLVWUDGR
ODVFRRUGHQDGDVWHyULFDVGHILQLWLYDVVHHVIXHU]DSRUFRQMXJDUXQDKLSyWHVLV
KLVWRULRJUiILFDIXHUWH³VREUHFX\DEDVHORVPDWHULDOHVYLHQHQRUJDQL]DGRV\
©7DO SURFHGLPLHQWR VH HQFXHQWUD FRQ OD H[LJHQFLD SUHYLD GH WUDGXFLU ORV VLJQLILFDGRV
SDVDGRVGHODVSDODEUDVDQXHVWUDFRPSUHQVLyQDFWXDO7RGDKLVWRULDFRQFHSWXDORGHODVSDODEUDV
SURFHGHGHVGHODILMDFLyQGHVLJQLILFDGRVSDVDGRVDHVWDEOHFHUHVRVVLJQLILFDGRVSDUDQRVRWURV
3RU VHU XQ SURFHGLPLHQWR UHIOH[LRQDGR PHWyGLFDPHQWH SRU OD KLVWRULD FRQFHSWXDO HO DQiOLVLV
VLQFUyQLFRGHOSDVDGRVHFRPSOHWDGLDFUyQLFDPHQWH(VXQDH[LJHQFLDPHWyGLFDGHODGLDFURQtD
ODGHUHGHILQLUFLHQWtILFDPHQWHSDUDQRVRWURVODFODVLILFDFLyQGHORVVLJQLILFDGRVSDVDGRVGHODV
SDODEUDVª5.26(//(&.©+LVWRULDFRQFHSWXDOHKLVWRULDVRFLDOªFLWS
(VORTXHWDPELpQKDREVHUYDGR-/9,//$&$f$6HQ©+LVWRULDGHORVFRQFHSWRV\UHV
SRQVDELOLGDGSROtWLFDXQHQVD\RGHFRQWH[WXDOL]DFLyQªHQ5HV3XEOLFDSS
5.26(//(&.©5HFKWOLQLHQIUGDV/H[LNRQSROLWLVFKVR]LDOHV%HJULIIHGHU1HX]HLWª
HQ$UFKLYIU%HJULIIVJHVFKLFKWH6REUHODSUHKLVWRULDGHO/H[LNRQGHEHYHUVHWDPELpQ:
&21=( ©+LVWRLUH GHV QRWLRQV GDQV OH GRPDLQ VRFLRSROLWLTXH 5DSSRUW VXU O·pODERUDWLRQ G·XQ
OH[LTXH DOOHPDQGª HQ 3UREOqPHV GH VWUDWLILFDWLRQ VRFLDO $FWHV GX FROORTXH LQWHUQDWLRQDO
3XEOLFDWLRQVGHOD)DFXOWpGHV/HWWUHVHW6FLHQFHV+XPDLQHVGH3DULV6RUERQQH6pULH
5HFKHUFKHV YRO 3DUtV SS 6REUH HVWH WHPD FI 0 5,&+7(5 7KH +LVWRU\ RI
3ROLWLFDODQG6RFLDO&RQFHSWVFLWSS\VV/6&8&&,0$55$©/D%HJULIIVJHVFKLFKWHHOHVXH
RULJLQLLQWHOOHWWXDOLªFLWSS\VV
6DQGUR&KLJQROD
ODVKLVWRULDVVHWRUQDQVLJQLILFDWLYDVHLGHQWLILFDEOHV³FRQXQDSUHWHQVLyQGH
YHULILFDFLyQTXHPDQWHQJDXQLGDVVHPiQWLFDKLVWyULFDHKLVWRULDVRFLDO
/RVFRQFHSWRVDSDUWLUGHORVFXDOHVVHGHVDUUROODQ\VRQDQDOL]DGDVODV
KLVWRULDV QR FRQVWLWX\HQ VHJ~Q .RVHOOHFN YRFHV R VLPSOHV VHPDV GH XQD
YDFtD FROHFFLyQ 6DPPOXQJ (Q OD PHGLGD TXH RSHUDQ FRPR tQGLFHV GHO
FDPELRKLVWyULFRSHURWDPELpQ\DOPLVPRWLHPSRFRPRFRQFUHWRVIDFWRUHV
GHO PLVPR ³FRQWULEX\HQGR GH KHFKR D OD ©IRUPDFLyQ GH OD FRQFLHQFLDª \
©DO FRQWURO GH ORV FRPSRUWDPLHQWRVª GH ORV DFWRUHV VRFLDOHV³ HO DQiOLVLV
OH[LFRJUiILFR VH YLQFXOD LQPHGLDWDPHQWH D OD KLVWRULD VRFLDO (O SUR\HFWR
FRPSOHWR GH .RVHOOHFN SDUWH GHO SUHVXSXHVWR GH TXH QR WRGDV ODV SDODEUDV
VRQFRQFHSWRV³FRPRFRQFHSWRVKLVWyULFRVIXQGDPHQWDOHVSXHGHQVHUGHIL
QLGRVVyORDTXHOORVHQORVTXHVHGHSRVLWDODGHQVDPDWHULDOLGDGGHXQDH[SH
ULHQFLDFROHFWLYDGHVSOHJDGDHQHOWLHPSR³\GHOUHFRQRFLPLHQWRGHTXHHO
REMHWRGHODKLVWRULDGHORVFRQFHSWRVQRSXHGHVHUSRUWDQWRODKLVWRULDGHODV
SDODEUDV:RUWJHVFKLFKWHVLQRVyORDTXHOODVXWLO]RQDGH.RQYHUJHQ]HQWUH
FRQFHSWRHKLVWRULDHQTXHVHFRQGHQVDVHSHUSHW~DRVHUHQXHYDXQDFRQFUHWD
PRGDOLGDGGHH[SHULHQFLDKLVWyULFD
$SDUWLUGHDTXt.RVHOOHFNYHSRVLEOHUHJLVWUDUHQHOPDUFRGHOHVWXGLR
HVWUDWRJUiILFRGHORVVLJQLILFDGRVVHGLPHQWDGRVSRUHOXVRGHORVFRQFHSWRV
HOFDPELRTXHH[SHULPHQWDQODVGLIHUHQWHVSRVLFLRQHVFROHFWLYDVHQUHODFLyQ
FRQORVFRQIOLFWRVKLVWyULFRVODFRQH[LyQGHVXFHVRV\HVWUXFWXUDVDVtFRPR
ODVXSHUSRVLFLyQGHOyJLFDVDQWLQyPLFDV\GHIUDJPHQWRVGLVSHUVRVGHH[SH
ULHQFLDTXHVHHQFXHQWUDQHQODUDt]GHODSURJUHVLYDHPHUJHQFLDGHOPXQGR
PRGHUQR(VWRHVORVHGHEHH[LJLU³VHxDOD.RVHOOHFN³GHODQiOLVLVGHOD
KLVWRULDGHORVFRQFHSWRVVLQJXODUHV\GHVXSURJUHVLYDLQVHUFLyQGHQWURGHO
VLVWHPDGHFRRUGHQDGDVSROtWLFRFRQVWLWXFLRQDOHVGHODPRGHUQLGDG(VWDWHR
(O KHFKR GH TXH OD SURSXHVWD KLVWyULFRFRQFHSWXDO GH .RVHOOHFN ³FRPR HVWDPRV
YLHQGRPX\DEVWUDFWDFRQLQVWDQFLDVUHFRPSRVLWLYDV\FRQXQDFODUDDXWRQRPtDHQODLQYHVWLJD
FLyQGHOVLJQLILFDGR³SXGLHVHDVRFLDUVHFRQODKLVWRULDVRFLDOIXHREMHWRGHDWDTXHVGHFLVLYRVSRU
SDUWHGH+8:(+/(5HQHVSHFLDOHQVXVREUDV©*HVFKLFKWVZLVVHQVFKDIW+HXWHªHQ-+$%(5
0$6HG6WLFKZRUWH]XU©*HLVWLJHQ6LWXDWLRQGHU=HLWª6XKUNDPS)UDQNIXUWYROSS
HVS\©3UREOHPHGHUPRGHUQHQGHXWVFKHQ6R]LDOJHVFKLFKWHªHQ.ULVHQKHUGHGHV
.DLVHUUHLFKV9DQGHQKRHFN 5XSUHFKW*RWLQJDSS$HVWHUHVSHFWRYpDVHWDP
ELpQHOOLEURGH:HKOHUHVFULWRMXQWRD-.2&.$6XOODVFLHQ]DGHOODVWRULD6WRULRJUDILDHVFLHQ]H
VRFLDOL'H'RQDWR%DUL
5.26(//(&.©/DVWRULDVRFLDOHPRGHUQDHLWHPSLVWRULFLªHQ35266,/DWHRULDGHOOD
VWRULRJUDILDRJJL,O6DJJLDWRUH0LOiQS\WDPELpQODVSS
5 .26(//(&. ©(LQOHLWXQJª FLW S ;;,,, H ©+LVWRULD GH ORV FRQFHSWRV H KLVWRULD
VRFLDOªFLWS3DUDVHJXLUODLPSRUWDQWHGLVFXVLyQFUtWLFDTXHKDVXVFLWDGRHOFRQFHSWRGHOD
KLVWRULDFRQFHSWXDOGH.RVHOOHFNFI+(%g'(.(5©&RQFHSW0HDQLQJ'LVFRXUVH%HJULIIVJHV
FKLFKWHUHFRQVLGHUHGªHQ,+$036+(5021..7,/0$16)9$195((+LVWRU\RI&RQFHSWV
&RPSDUDWLYH3HUVSHFWLYHVFLWSSHQHVSHFLDOODVSS\VV
+LVWRULDGHORVFRQFHSWRVKLVWRULDFRQVWLWXFLRQDOILORVRItDSROtWLFD«
UtDGHODWUDQVLFLyQLQWHUSUHWDHOSDSHOGH9RUJULIIWHyULFRTXHSHUPLWHOOHYDUD
FDERDWUDYpVGHODKLVWRULDGHORVFRQFHSWRVODUHFRPSRVLFLyQGHODKLVWRULR
JUDItDFRPRFLHQFLD
(VYHUGDGGHVGHOXHJRTXHHOILQSULPRUGLDOGHO/H[LNRQFRQVLVWHSDUD
.RVHOOHFNHQGLVSRQHUPHGLDQWHHOFRQWUROGHOXVROLQJtVWLFRFRQWHPSRUi
QHRGHXQDPDVDGHLQIRUPDFLRQHVDFHUFDGHODKLVWRULDGHOYRFDEXODULRSROt
WLFRDOHPiQ6LQHPEDUJRWDQWRRPiVLPSRUWDQWHTXHHVWHILQHVTXHWDOHV
LQIRUPDFLRQHVSHUPLWHQSRUPHGLRGHODKLVWRULDGHORVFRQFHSWRVVLQJXODUHV
DGYHUWLU OD H[LVWHQFLD GH XQD SUHFLVD FHVXUD HQ HO VHQR GH OD HVWUDWRJUDItD
VHPiQWLFD GHO Op[LFR SROtWLFR DOHPiQ 8QD FHVXUD TXH QR VyOR SURSRUFLRQD
VHQWLGR\RULHQWDFLyQSDUDODUHFRQVWUXFFLyQGHODKLVWRULDGHORVFRQFHSWRV
VLQJXODUHVVLQRTXHDFDEDLQFOXVRGLULJLpQGROD
(QHOSHUtRGRTXHDEDUFDHOILQDOGHOVLJOR;9,,,\ODSULPHUDPLWDGGHO
VLJOR ;,; ³\ OD VLJXLHQWH REVHUYDFLyQ UHFRPSRQH HO FRQMXQWR GH ORV WUD
WDPLHQWRV VLQJXODUHV KLVWyULFRFRQFHSWXDOHV GHO /H[LNRQ³ WLHQH OXJDU XQ
SURFHVR GH SURJUHVLYD GHPRFUDWL]DFLyQ GH ORV FRQFHSWRV SROtWLFRV ³FX\D
VHPiQWLFD VH DOHMD GHO PXQGR HVWDPHQWDO GH OD DQWLJXD FRQVWLWXFLyQ HXUR
SHD³\GHOHJLWLPDFLyQILORVyILFRSROtWLFDGHODFUtWLFDODFXDOHVFRQFHELGD
FRPRXQDXWpQWLFRWULEXQDOGRQGHHOLQGLYLGXRUDFLRQDOFRQYRFDDODKLVWRULD
\OOHYDDO$QWLJXRUpJLPHQDVXGHILQLWLYDFULVLV$GHPiVHQHVWHSHUtRGRVH
LQLFLDDTXHOIRUPLGDEOHPHFDQLVPRGHWHPSRUDOL]DFLyQGHODH[SHULHQFLDTXH
HQFRRUGLQDFLyQFRQHOHVTXHPDWLVPRGHODILORVRItDGHODKLVWRULDFRQYLHUWH
ODFDSWDFLyQGHOSUHVHQWHHQSURJQRVLVVREUHHOIXWXUR/DGUiVWLFDDFHOHUD
FLyQGHOWLHPSRTXHSDGHFHQORVGLVWLQWRVyUGHQHVGHOSHQVDPLHQWRHXURSHR
DORODUJRGHOVLJOR;9,,,©SULYDDOSUHVHQWHGHODSRVLELOLGDGGHVHUH[SH
ULPHQWDGRFRPRSUHVHQWH\VHHVFDSDKDFLDXQIXWXURHQHOTXHHOSUHVHQWH
FRQYHUWLGRHQLQH[SHULPHQWDEOHKDGHVHUDOFDQ]DGRPHGLDQWHODILORVRItDGH
ODKLVWRULDªSDUDSRGHUVHUDOPHQRVDQWLFLSDGRGRPLQDGR\FRPSUHQGLGR
(VWHSURFHVRGHDFHOHUDFLyQGHODH[SHULHQFLDGHVWUX\HORVKLWRVFRQFHSWXDOHV
SRUPHGLRGHORVFXDOHVODKLVWRULDKDVLGRYLYLGDHLQWHUSUHWDGD\ODUHLQ
YHQWDDSDUWLUGHOGHVFRQFHUWDQWHGHVFXEULPLHQWRGHODGLPHQVLyQIXWXUDGHO
SDVDGR
(VWH FRQMXQWR GH WUDQVIRUPDFLRQHV LUUHYHUVLEOHV ³SHUFHSWLEOH HQ ORV
SURFHVRV GH GHPRFUDWL]DFLyQ 'HPRNUDWLVVLHUXQJ WHPSRUDOL]DFLyQ 9HU
5.26(//(&.©(LQOHLWXQJªFLWS;,;
&I HO \D FOiVLFR 5 .26(//(&. &UtWLFD \ FULVLV GHO PXQGR EXUJXpV 5LDOS 0DGULG
5 .26(//(&. ©)XWXUR SDVDGR GHO FRPLHQ]R GH OD PRGHUQLGDGª HQ )XWXUR 3DVDGR
FLWS
5.26(//(&.©+LVWRULDPDJLVWUDYLWDH6REUHODGLVROXFLyQGHOWRSRVHQHOKRUL]RQWH
GHODDJLWDGDKLVWRULDPRGHUQDªHQ)XWXUR3DVDGRFLWSS
6DQGUR&KLJQROD
6HJ~QHOPRGHORGH.RVHOOHFNSROLWL]DFLyQHLGHRORJL]DFLyQGHOOp[LFRSROtWLFRVRQODV
FDUDFWHUtVWLFDVTXHUHJLVWUDQHOFDPELRGHODH[SHULHQFLD
5.26(//(&.©+LVWRULDFRQFHSWXDOHKLVWRULDVRFLDOªFLWS'HKHFKRFRPRKD
REVHUYDGR'LSSHUHQODUHGDFFLyQPDWHULDOGHO/H[LNRQFDVLQXQFDVHKDWHQLGRHQFXHQWDHVWH
IXHUWHSUHVXSXHVWRWHyULFR
.26(//(&.©(LQOHLWXQJªFLWS;,;
+LVWRULDGHORVFRQFHSWRVKLVWRULDFRQVWLWXFLRQDOILORVRItDSROtWLFD«
FRQFHSWRVSHUPLWHSUR\HFWDUORVKDFLDHOLQWHULRUGHODKLVWRULD\JDQDUSOHQD
YLVLELOLGDG KLVWRULRJUiILFD VREUH OD WRWDOLGDG GHO SURFHVR 'HVGH HO HQIRTXH
GHODFLHQFLDKLVWyULFDORTXHUHVXOWDGHHOORHVXQDOHFWXUDWtSLFRLGHDO³SRU
IXHU]DDEVWUDFWDGHVGHOXHJR³GHOSURFHVR(VWDOHFWXUDSDUWHGHXQSUHVX
SXHVWRGHFDUiFWHUKLVWyULFRTXHQRVyORDSHODDQXHVWURWLHPSRVLQRWDPELpQ
DODUHOHYDQFLDTXHSDUDpVWHSRVHHQODVKLVWRULDVSDVDGDVHQFXDQWRHOHPHQWRV
IXQGDPHQWDOHV GH VX FRQVWLWXFLyQ (Q SDODEUDV GH :HEHU ©TXp SDVH D VHU
REMHWRGHODLQYHVWLJDFLyQ\HQTXpPHGLGDVHH[WLHQGDpVWDHQODLQILQLWXGGH
ODVFRQH[LRQHVFDXVDOHVHVWDUiGHWHUPLQDGRSRUODVLGHDVGHYDORUTXHGRPL
QHQDOLQYHVWLJDGRU\DVXpSRFD(QFXDQGRDOFyPRDOPpWRGRGHLQYHVWL
JDFLyQHOSXQWRGHYLVWDRULHQWDGRUHVGHWHUPLQDQWH>@SDUDODFRQVWUXFFLyQ
GHOHVTXHPDFRQFHSWXDOTXHVHHPSOHDUiHQODLQYHVWLJDFLyQ(QHOPRGRGH
VXXVRVLQHPEDUJRHOLQYHVWLJDGRUHVWiHYLGHQWHPHQWHOLJDGRHQHVWHFDVR
FRPRHQWRGRVSRUODVQRUPDVGHQXHVWURSHQVDPLHQWRª
(QUHODFLyQFRQODSURSXHVWDPHWRGROyJLFDGH.RVHOOHFN\WHQLHQGRHQ
FXHQWDVXLQIOXHQFLDVREUHODKLVWRULDGHORVFRQFHSWRVWRGRHOORFRPSRUWDOD
SDUDGRMDGHTXHVHDFDEDDEDQGRQDQGRODHVSHFLILFLGDG\DXWRQRPtDGHORV
FRQWH[WRVQRPRGHUQRVSHQHWUDGRVSRUHODQiOLVLV3XHVDSDUWLUGHHOORVVH
WUDWDGHLQIHULUXQDKLVWRULDTXHXQLILTXHSUHVHQWHSDVDGR\IXWXURHQXQSUR
FHVR~QLFRDXQTXHDQWLQyPLFRTXHEUDGR\QROLQHDOGHFRQPXWDFLRQHVGHV
WLQDGRDUHVWLWXLUPHGLDQWHODDSUR[LPDFLyQUHWURVSHFWLYDDODUHSUHVHQWDFLyQ
KLVWRULRJUiILFDODGHQVDJHQHDORJtDGHOSUHVHQWH,QFOXVRFRQFHSWRV\FRQWH[
WRVTXHGHVFRQRFHQHOPRGHUQRFRQFHSWRGHKLVWRULD³FRPRSRUORGHPiV
KD GHPRVWUDGR HO PLVPR .RVHOOHFN³ VRQ KLVWRUL]DGRV SRUTXH VH KDOODQ
LQPHUVRVGHQWURGHOFDXFHGHXQSURFHVRRULHQWDGRSRUHOFRQFHSWRPRGHUQR
\VLJQLILFDWLYRSDUDQRVRWURVGHKLVWRULDRGHKLVWRULDFRPRFLHQFLD
'HHVWDPDQHUDDOFDQ]DHOSXQWRGHPi[LPDFRQGHQVDFLyQHOLQWHQWRGH
.RVHOOHFNGHVXSHUDUORV OtPLWHVGHODKLVWRULRJUDItDFRQVWLWXFLRQDOEUXQQH
ULDQDODFXDOVHFDUDFWHUL]DSRUXQDIXQFLyQDJUHVLYDPHQWHDQWLPRGHUQDFX\D
ILQDOLGDGHVODGHVXEUD\DUODKLVWRULFLGDGOLPLWDGDGHODVFDWHJRUtDVSROtWLFDV
OLEHUDOHV \ SRU XQD LQWHUSUHWDFLyQ GH ODV HVWUXFWXUDV SUHDEVROXWLVWDV GH
0:(%(5©/DREMHWLYLGDGFRJQRVFLWLYDªFLWS
.26(//(&.©+LVWRULDPDJLVWUDYLWDHªFLW
©(VXQDH[LJHQFLDPHWyGLFDGHODGLDFURQtDODGHUHGHILQLUFLHQWtILFDPHQWHSDUDQRVRWURV
ODFODVLILFDFLyQGHORVVLJQLILFDGRVSDVDGRVGHODVSDODEUDVª.26(//(&.©+LVWRULDFRQFHSWXDOH
KLVWRULDVRFLDOªFLWS
&I-1,&+2/$6©1HZ3DWKRI6RFLDO+LVWRU\DQG2OG3DWKRI+LVWRULFDO5RPDQWLFLVP
$Q (VVD\ 5HYLHZ RQ WKH:RUN 2WWR %UXQQHU·Vª HQ -RXUQDO RI 6RFLDO +LVWRU\ 5
-h77( ©=ZLVFKHQ 6WlQGHVWDDW XQG$XVWURIDFKLVPXV 'HU %HLWUDJ 2WWR %UXQQHUV ]XU *HVFKL
FKWVVFKUHLEXQJª HQ -DKUEXFK GHV ,QVWLWXWV IU GHXWVFKH *HVFKLFKWH 2 * 2(;/(
©6R]LDOJHVFKLFKWH%HJULIIVJHVFKLFKWH :LVVHQVFKDIWVJHVFKLFKWH$QPHUNXQJHQ ]XP :HUN 2WWR
%UXQQHUVª HQ 9LHUWHOMDKUVFKULIW IU 6R]LDO XQG :LUWVFKDIWVJHVFKLFKWH /;;, SS
6DQGUR&KLJQROD
ORVWHUULWRULRVDOHPDQHVDODVTXHUHVXOWDQFRJQRVFLWLYDPHQWHLQDSOLFDEOHOD
PRGHUQD FRQFHSWXDOLGDG GHO (VWDGR (O LQWHQWR FRQVFLHQWH GH KLVWRUL]DU HO
SUREOHPDGHODWUDQVLFLyQTXHVHSURGXFHHQWUHORVGLIHUHQWHVyUGHQHVFRQFHS
WXDOHVFRQGXFHDXQDUHFRPSRVLFLyQFLHQWtILFDGHODVGLIHUHQWHVKLVWRULDV\D
TXHGHHVWDIRUPDVHSXHGHFHUUDUHOFLUFXLWRWtSLFRLGHDOGHORVFRQFHSWRVHO
VLJQLILFDGRSRUHOORVDVXPLGRHQGLIHUHQWHVFRQWH[WRVKLVWyULFRV\HOFRPSOHMR
VLVWHPD GH WUDQVIRUPDFLRQHV TXH KD FRQWULEXLGR D OD IRUPDFLyQ GHO (VWDGR
PRGHUQR6yORHOSODQRGHJHQHUDOL]DFLRQHVGHODKLVWRULDGHORVFRQFHSWRV
SHUPLWHVHJ~Q.RVHOOHFNLGHQWLILFDUOD©UHODFLyQWHPSRUDOHQWUHHOVXFHVR\
ODHVWUXFWXUD\ODFRH[LVWHQFLDGHGXUDFLyQ\FDPELRª7UD]DUODKLVWRULDGH
ORVFRQFHSWRVVLJQLILFDLGHQWLILFDU\SRQHUGHUHOLHYHHOSODQRGHFRQWLQXLGDG
\GHFDPELRVREUHHOTXHVHHQUDt]DQODVHVWUXFWXUDVGHODUJDGXUDFLyQGHOD
H[SHULHQFLDSROtWLFDRFFLGHQWDOVLQSHUGHUSRUHOORODSHUVSHFWLYDGHODGHILQL
WLYDHPHUJHQFLDGHOPXQGRPRGHUQR
3RU HVR .RVHOOHFN HVWDEOHFH HQ HO IRQGR FRPR PHWD GH OD KLVWRULD GH
ORVFRQFHSWRVHOHVWDEOHFLPLHQWRGHXQUHSHUWRULRGHFRQFHSWRV©EDVWDQWHIRU
PDOHV\JHQHUDOHVªMXVWRSRUTXHHVWiUHDOL]DGRDSDUWLUGHO©GHSyVLWRHPSt
ULFDPHQWHGLVSRQLEOHGHSRVLEOHVVLJQLILFDGRVªKLVWyULFRVTXHQRVSHUPLWD
©GHVFULELUSRVLELOLGDGHVFRQVWLWXFLRQDOHVGXUDGHUDVSHURWDPELpQPXGDEOHV
\HQWUHFUX]DGDVªDVtFRPRSHUFLELUKLVWRULRJUiILFDPHQWHODVHVWUXFWXUDVKLV
WyULFDVHQVXLGHQWLGDGLQPDQHQWH\HQVXUHFtSURFDWUDQVIRUPDFLyQ\WRGR
HOORFRQHOILQGHTXHODKLVWRULDVRFLDOSXHGDSURFHGHUFRQH[DFWLWXG([DFWD
PHQWHHVWRHVORTXH.RVHOOHFNWRPDGH:HEHU
/D SURSXHVWD KLVWyULFRFRQFHSWXDO GH .RVHOOHFN GHPXHVWUD VHU DO ILQDO
\ MXVWR SRU HVWRV PRWLYRV XQD DOWD DSOLFDFLyQ GH OD KHUHQFLD PHWRGROyJLFD
ZHEHULDQD©HODSDUDWRFRQFHSWXDOTXHHOSDVDGRKDGHVDUUROODGRDWUDYpVGH
ODHODERUDFLyQFRQFHSWXDOHVWRHVHQUHDOLGDGODWUDQVIRUPDFLyQFRQFHSWXDO
GH OD UHDOLGDG LQPHGLDWDPHQWH GDGD \ D WUDYpV GH OD FODVLILFDFLyQ EDMR ORV
FRQFHSWRVTXHFRUUHVSRQGLHURQDOHVWDGRGHVXVFRQRFLPLHQWRV\DODRULHQWD
FLyQGHVXLQWHUpVHVWiHQSHUPDQHQWHFRQWUDSRVLFLyQFRQDTXHOORTXHTXHUH
PRV\SRGHPRVREWHQHUDSDUWLUGHODUHDOLGDGHQXQQXHYRFRQRFLPLHQWR(Q
+%2/'7©2WWR%UXQQHU=XU7KHRULHGHU9HUIDVVXQJVJHVFKLFKWHªHQ$QQDOLGOO·,VWLWXWR
VWRULFRLWDOLDQRJHUPDQLFRGL7UHQWR;,,,-YDQ+2510(/721©)URP)RON+LVWRU\WR
6WUXFWXUDO+LVWRU\2WWR%UXQQHUDQGWKH5DGLFDO&RQVHUYDWLYH5RRWVRI*HUPDQ
6RFLDO+LVWRU\ªHQ+/(+0$11- 9$1+2510(/7213DWKVRI&RQWLQXLW\&HQWUDO(XURSHDQ
+LVWRULRJUDSK\IURPWKHVDQGWKHV&DPEULGJH83&DPEULGJH6REUHHOFRQ
VHUYDGXULVPRGHODPLVPDSURSXHVWDWHyULFDGH.RVHOOHFNFI)21&,1$©([SHULHQFLD\SROtWLFD
HQODKLVWRULDFRQFHSWXDOªHQ5HV3XEOLFDSS
.26(//(&.©+LVWRULDFRQFHSWXDOHKLVWRULDVRFLDOªFLWS
,ELGHP
+LVWRULDGHORVFRQFHSWRVKLVWRULDFRQVWLWXFLRQDOILORVRItDSROtWLFD«
HVWDOXFKDVHFRQVXPDHOSURJUHVRGHODODERUGHODVFLHQFLDVGHODFXOWXUDª
(Q,WDOLDVHKDQGHVDUUROODGRGLIHUHQWHVSHUVSHFWLYDVGHLQYHVWLJDFLyQELHQD
SDUWLUGHHVWDSURSXHVWDZHEHULDQDDFHUFDGHODSRVLELOLGDGGHDYDQFHRUHWUR
FHVRGHODVFLHQFLDVGHODFXOWXUDHVWRHVDFHUFDGHODSRVLELOLGDGGHHODERUDU
HODSDUDWRFRQFHSWXDOGHOSDVDGRHQIXQFLyQGHOSUHVHQWHELHQDSDUWLUGHOD
SRVLELOLGDGGHUHFLELURGHH[FOXLUODKHUHQFLDZHEHULDQDHQORVyUGHQHVOyJL
FRVGHODKLVWRULDGHORVFRQFHSWRV
0pWRGR\SHUVSHFWLYDGHODKLVWRULDGHORVFRQFHSWRVVHKDQLQWURGXFLGR
HQ,WDOLDDWUDYpVGHODKLVWRULRJUDItDFRQVWLWXFLRQDODOHPDQD3ULQFLSDOPHQWH
HQXQDIDVHHQODTXHODDWHQFLyQGHORVKLVWRULDGRUHVVHFHQWUDEDHQODFRQV
WLWXFLyQPDWHULDO\HQODVHVWUXFWXUDVFRPSOHMDVGHODHVWDWDOLGDGPRGHUQDHO
LQWHUpVSRUORVPpWRGRVGHLQYHVWLJDFLyQSHUPLWLyODDGRSFLyQSRUSDUWHGH
ODKLVWRULDFXOWXUDOMXUtGLFDHFRQyPLFD\GHODVLQVWLWXFLRQHVGHXQDSHUV
SHFWLYDFRPSDUDGDTXHSHUPLWtDLQGDJDUHQODOyJLFDFRPSOHMD\PXOWLIRUPH
GH OD H[SHULHQFLD SROtWLFD RFFLGHQWDO (Q HVWH FRQWH[WR OD KLVWRULD GH ORV
FRQFHSWRVKDVHUYLGRVREUHWRGRFRPRLQVWUXPHQWRSDUDODKLVWRUL]DFLyQGH
ODVFDWHJRUtDVMXUtGLFDVFRQODVTXHVHLQWHUSUHWDEDODQRFLyQPLVPDGHFRQV
WLWXFLyQ.RQVWLWXWLRQ\SDUDDPSOLDUHOFDPSRGHODVLQYHVWLJDFLRQHVPiV
DOOiGHORVOtPLWHVGHOGHUHFKRIRUPDOHQGLUHFFLyQIXQGDPHQWDOPHQWHKDFLD
ODKLVWRULDVRFLDO3RUORTXHUHVSHFWDDOVLJOR;,;\DO(VWDGRGHGHUHFKREXU
JXpVpVWDHVODSULPHUDFRQWULEXFLyQLPSRUWDQWHGHODKLVWRULDFRQFHSWXDO
FDWHJRUtDVFRPRGHUHFKRLQGLYLGXRVHSDUDFLyQGHSRGHUHVSULYDGRS~EOLFR
0D[:(%(5©/DREMHWLYLGDGFRJQRVFLWLYDªFLWS
'HVGHHVWDSHUVSHFWLYDODKLVWRULDGHODUHFHSFLyQGHOD%HJULIIVJHVFKLFKWHHQ,WDOLDHV
PXFKRPiVFRPSOHMD\KDSURGXFLGRPXFKRPiVHQWpUPLQRVGHHGLFLRQHVLQWHUSUHWDFLRQHV\
RUJDQL]DFLyQFXOWXUDOGHORTXHLQGLFDODYLVLyQSDQRUiPLFDPDUFDGDSRUODH[SHULHQFLDGHOD
DFDGHPLDLWDOLDQDGH$'·2UVL*XLGDDOODVWRULDGHOSHQVLHURSROLWLFR/DQXRYD,WDOLD)ORUHQ
FLDSDUDTXLHQ©ODKLVWRULDGHORVFRQFHSWRVSXHGHVHUFRQVLGHUDGDXQDGHULYDFLyQGHOD
,GHHQJHVFKLFKWHªS\FX\RVUHVXOWDGRVLQFOXVRHQ,WDOLDVHUHGXFLUtDQD©ODLQWHUSUHWDFLyQ
GHODKLVWRULDGHOSHQVDPLHQWRSROtWLFRFRPRKLVWRULDGHOOp[LFRSROtWLFRªS6LQHPEDUJR
ORV SULPHURV UHVXOWDGRV HQ ,WDOLD GH OD UHIOH[LyQ VREUH OD %HJULIIVJHVFKLFKWH SURFHGtDQ GH XQD
PDWUL]SXUDPHQWHILORVyILFD&I1$8&,(//255$&,1$52HG6WRULDGHLFRQFHWWLHVHPDQWLFD
VWRULFD(GL]LRQL6FLHQWLILFKH,WDOLDQH1iSROHV\HOQ~PHURGHGLFDGRDODKLVWRULDGHORV
FRQFHSWRVGHODUHYLVWD)LORVRILD3ROLWLFD,9HQVD\RVGH6&KLJQROD00HUOR/
2UQDJKL6REUHODUHFHSFLyQGHOD%HJULIIVJHVFKLFKWHHQ,WDOLDFI6&KLJQROD©7UDVWRULDGHOOH
GRWWULQHHILORVRILDSROLWLFD'LDOFXQHPRGDOLWjGHOODULFH]LRQHLWDOLDQDGHOOD%HJULIIVJHVFKLFKWHª
HQ,OSHQVLHURSROLWLFRSS©+LVWRU\RI3ROLWLFDO7KRXJKWDQGWKH+LVWRU\RI
3ROLWLFDO&RQFHSWV.RVHOOHFN·V3URSRVDODQG,WDOLDQ5HVHDUFKªHQ+LVWRU\RI3ROLWLFDO7KRXJWK
YRO;;,,,SS
6DQGUR&KLJQROD
RVRFLHGDG(VWDGRQRSRGtDQVHUDSOLFDGDVDODVUHDOLGDGHVSROtWLFDVHLQVWLWX
FLRQDOHVDQWHULRUHVSDUDODVTXHWDOHVFRQFHSWRVHUDQGHVFRQRFLGRV
(QWUDEDDVtHQMXHJR³VHJ~QXQDGLVWLQFLyQFRQFHSWXDOTXHSURFHGHGH
&RQVWDQWLQR0RUWDWL\&DUO6FKPLWWDXWRUHVWH~OWLPRTXHHQHVWRVDxRVHQWUy
FRQIXHU]DHQHOGHEDWHLWDOLDQR³XQDGLIHUHQWH\PiVDPSOLDFRQFHSFLyQ
PDWHULDOGHFRQVWLWXFLyQ9HUIDVVXQJTXHSRGtDVHUXWLOL]DGDSDUDLQYHVWLJDU
HOSUREOHPDGHODXQLGDGSROtWLFDHQFRQWH[WRVLGHROyJLFRVHLQVWLWXFLRQDOHV
DQWHULRUHV D OD FRQVROLGDFLyQ GHO VLVWHPD GH FRRUGHQDGDV MXUtGLFRSROtWLFDV
GHO (VWDGR GH GHUHFKR 'H HVWH PRGR OD SROtWLFDSRGtD VHU HVWXGLDGDLQGH
SHQGLHQWHPHQWH GH ORV VXSXHVWRV GH XQLYHUVDOLGDG \ RPQLSUHVHQFLD TXH VH
KDOODQHQODEDVHGHORVFRQFHSWRVGHO(VWDGRGHGHUHFKREXUJXpV\SRGtD
VHUUHFRQVWUXLGDDOUHGHGRUGHVLVWHPDVGHFRQFHSWRVHVSHFtILFRVRSURSLRVGHO
FRQWH[WR ³HQWHQGLGR REYLDPHQWH HQ HO VHQWLGR PDWHULDO³ FRQVWLWXFLRQDO
7UDVODFULVLVGHOPDU[LVPRODUHIHUHQFLDDODFRPSOHMLGDGGHODVHVWUXFWXUDV
LQYHVWLJDGDV IUXWR GH ODV GLIHUHQWHV KLVWRULDV QDFLRQDOHV SRGtD DGHPiV VHU
XVDGD WDPELpQ \ VREUH WRGR SRU ORV H[PDU[LVWDV R SRVWPDU[LVWDV SDUD
GHQXQFLDU HO PHFDQLFLVPR R ODV UHVWULFFLRQHV LPSXHVWDV SRU OD YLVLyQ GHO
(VWDGRFRPRVXSHUHVWUXFWXUD(OKHFKRGHFRQFHQWUDUODDWHQFLyQVREUHODV
HVWUXFWXUDVGHODUJDGXUDFLyQGHODH[SHULHQFLDSROtWLFDRFFLGHQWDOSHUPLWtD
QHXWUDOL]DUORVSUREOHPDVFRQIOLFWRV\FRQWUDGLFFLRQHVGHULYDGRVGHODDVXQ
FLyQGHODOXFKDGHFODVHVFRPRIDFWRUDXWyQRPRGHOSURFHVRVRFLDO$KRUD
VLQHPEDUJRQRSRGHPRVDERUGDUHOQ~FOHRGHHVWDFXHVWLyQ
/DKLVWRULRJUDItDFRQVWLWXFLRQDODOHPDQDVHLQWURGXMRHQ,WDOLDJUDFLDVDOD
WUDGXFFLyQGH%|FNHQI|UGH%UXQQHU+LQW]H\.RVHOOHFN\DODSUROLIHUDFLyQ
GHLQYHVWLJDFLRQHVVREUHHO(VWDGRPRGHUQR(QDTXHOORVDxRVIXHGHFLVLYR
2%5811(5/DQGXQG+HUUVFKDIWFLW\©/DVWRULDFRVWLWX]LRQDOHGHOPHGLRHYRªHQ
36&+,(5$HG3HUXQDQXRYDVWRULDFRVWLWX]LRQDOHHVRFLDOH9LWDH3HQVLHUR0LOiQSS
VREUHWRGRSS\VV&6&+0,779HUIDVVXQJVOHKUH'XQFNHU +XPEORW%HUOtQ
S+)5(<(57KHRULHGHVJHJHQZlUWLJHQ=HLWDOWHUV.OHWW6WXWWJDUW
3DUDODIRUPXODFLyQGHOPLVPRSUREOHPDHQHOVHQRGHODKLVWRULRJUDItDVRFLDODOHPDQD
FI+*+$837©&ODVVLH6WDWRQHOODPRGHUQDVWRULDVRFLDOHWHGHVFDªHQ%'(*(5/21,HG
3UREOHPL H PHWRGL GHOOD VWRULRJUDILD WHGHVFD FRQWHPSRUDQHD (LQDXGL 7XUtQ SS
$GHPiVGHODVREUDV\DFLWDGDVDQWHVHQODQRWDFI2+,17=(6WDWRHVRFLHWjHG
GH36&+,(5$=DQLFKHOOL%RORQLD2+,17=(6WRULDVRFLRORJLDLVWLWX]LRQLHGGH*',
&267$1=20RUDQR1iSROHV5.26(//(&.3UHXHQ]ZLVFKHQ5HIRUPXQG5HYROXWLRQ
.OHWW&RWWD6WXWWJDUW WUDG LWGH 0 &XSHOODUR/D 3UXVVLD WUD 5LIRUPD H
5LYROX]LRQH,O0XOLQR%RORQLD(QWUHORVWUDEDMRVGHHGLFLyQ\WUDGXFFLyQ
TXH KDQ LQWURGXFLGR HQ ,WDOLD ORV WHPDV DUJXPHQWRV \ PpWRGRV GH LQYHVWLJDFLyQ GH OD KLVWR
ULRJUDItDFRQVWLWXFLRQDOVHSXHGHFLWDU36&+,(5$HG6RFLHWjHFRUSL%LEOLRSROLV1iSROHV
TXH FRQWLHQH HQVD\RV GH /DPSUHFKW *LHUNH %ORFK /RXVVH 2HVWUHLFK \$XHUEDFK *
2(675(,&+)LORVRILDHFRVWLWX]LRQHGHOOR6WDWRPRGHUQRHGGH36FKLHUD%LEOLRSROLV1iSROHV
\(527(//,36&+,(5$HGV/R6WDWRPRGHUQRYRO,'DO0HGLRHYRDOO·HWjPRGHUQD
+LVWRULDGHORVFRQFHSWRVKLVWRULDFRQVWLWXFLRQDOILORVRItDSROtWLFD«
FRQUHVSHFWRDHVWDRSHUDFLyQHOSDSHOMXJDGRSRU3LHUDQJHOR6FKLHUDSRUVXV
FRODERUDGRUHV\DOXPQRV\SRUHO,QVWLWXWR,WDOR*HUPiQLFRGH7UHQWR&RQ
ODWUDGXFFLyQ\HVWXGLRGHDTXHOORVDXWRUHVVHLQDXJXUyHQ,WDOLDXQDOtQHD
GHLQYHVWLJDFLyQVREUHODKLVWRULDJOREDOGHO(VWDGRPRGHUQRTXHLPSOLFDED
SHUVSHFWLYDVDELHUWDPHQWHFRPSDUDWLYLVWDV\DVXPtDHOYDORUGHXVRPDWHULDO
GHHVWDVGRFWULQDVHQUHODFLyQFRQORVFRQFHSWRVSROtWLFRV\VXKLVWRULD
6HWUDWDEDSRUPXFKRVPRWLYRVGHSURGXFLUXQDSURIXQGDUHQRYDFLyQGH
ORVHVWXGLRVKLVWyULFRSROtWLFRVHQ,WDOLD3RUXQODGRVHDVSLUDEDDVXVWUDHU
HOWHPDGHO(VWDGRGHOGRPLQLRGHODKLVWRULDMXUtGLFDSRUORGHPiVGHDOWt
VLPRQLYHO3RURWURVHGHVHDEDLQVHUWDUODKLVWRULDGHODVGRFWULQDVSROtWLFDV
GHQWUR GHO PiV DPSOLR iPELWR GH OD KLVWRULD GH ODV HVWUXFWXUDV LGHROyJLFR
SROtWLFDVGHVOLJDUODGHODVUHWyULFDVLGHDOLVWDVSRUHQWRQFHVKHJHPyQLFDVHQ
OD KLVWRULD GHO SHQVDPLHQWR \ DQFODUOD HQ OD FRPSOHMLGDG GH ODV YLYHQFLDV
SROtWLFDVDGPLQLVWUDWLYDVHFRQyPLFDV\WHyULFRSROtWLFDVFRQFHUQLHQWHVDOD
PRGHUQDHVWDWDOLGDG
(OHMHPSORGHODVLQYHVWLJDFLRQHVOOHYDGDVDFDERSRU2WWR+LQW]HMXHJD
HQ HVWH VHQWLGR XQ SDSHO GHFLVLYR (Q VX REUD QR VyOR VH HYLGHQFLD XQD
DSUR[LPDFLyQGLQiPLFDDODH[SHULHQFLDSROtWLFRLQVWLWXFLRQDOHXURSHDFDSD]
GHLQWHJUDUODVGLIHUHQWHVDSRUWDFLRQHVGHODVGLVFLSOLQDVKLVWyULFDVHVSHFLDOL
]DGDV\GHSROHPL]DUFRQODYDFtDPHWDItVLFDGHOLGHDOLVPR7DPELpQVHSXHGH
DSUHFLDUHQSDUWLFXODUHQVXVHJXQGDIDVHDELHUWDFRQODYDORUDFLyQSRVLWLYD
GHOFDQRQPHWRGROyJLFRZHEHULDQRFyPRODKLVWRULRJUDItDFRQVWLWXFLRQDOVH
WUDQVIRUPD PHGLDQWH OD LQVHUFLyQ GH OD QRFLyQ KLVWyULFRKLVWRULRJUiILFD GH
GHVDUUROORHQHOLQWHULRUGHOPRGHORVRFLROyJLFRGH:HEHU\VHSRVLELOLWDXQD
YDORUDFLyQJOREDOGHODVOtQHDVGHIXHU]D\GHWHQVLyQGHODKLVWRULDFRQVWLWX
FLRQDORFFLGHQWDO6LPSOLILFDQGRTXL]iHQGHPDVtDVHSXHGHGHFLUTXH+LQW]H
,O0XOLQR%RORQLDYRO,,3ULQFLSLHFHWWL,O0XOLQR%RORQLDYRO,,,$FFHQWUD
PHQWRHULYROWH,O0XOLQR%RORQLD6REUHHVWDIDVHGHODKLVWRULRJUDItDLWDOLDQD\VREUH
VX LPSRUWDQFLD FI$ 0 +(63$1+$ ,QWURGX]LRQH DOOD VWRULD GHO GLULWWR HXURSHR ,O 0XOLQR
%RORQLDSS\VV
-XQWR D ODV LPSRUWDQWHV WUDGXFFLRQHV LWDOLDQDV GH 6FKLHUD GH /DQG XQG +HUUVFKDIW GH
2WWR%UXQQHU\GH6WDWRHVRFLHWjGH2WWR+LQW]HYDOHODSHQDUHFRUGDUSRUORPHQRVHVWDVGRV
REUDVGH36&+,(5$2WWR+LQW]H*XLGD1iSROHV\©0D[:HEHUH2WWR+LQW]HVWRULD
HVRFLRORJLDRGRWWULQDGHOODUDJLRGL6WDWWR"ªHQ*'862HG:HEHUUD]LRQDOLWjHSROLWLFD
$UVHQDOH9HQHFLDSS
(QWUHORVWUDEDMRVGHLQYHVWLJDFLyQTXHDXQTXHQRH[SOtFLWDPHQWHUHODFLRQDGRVFRQOD
%HJULIIVJHVFKLFKWHWLHQHQXQDFODUDPDWUL]EUXQQHULDQDRNRVHOOHFNLDQD\KDQWHQLGRXQDJUDQ
LQIOXHQFLDHQODUHQRYDFLyQFRQFHSWXDOGHODKLVWRULRJUDItDMXUtGLFDLWDOLDQDGHEHQVHUPHQFLR
QDGRVORVGLULJLGRVSRUHOJUXSRIORUHQWLQRGH3DROR*URVVL6REUHHVWHSXQWRSDUWLFXODUPHQWH
VLJQLILFDWLYRFI3*5266,/·RUGLQHJLXULGLFRPHGLHYDOH/DWHU]D5RPD%DUL
6REUHODDSUR[LPDFLyQFRPSOHMDDODVH[SHULHQFLDVGHODHVWDWDOLGDGPRGHUQD\DVXV
FRQFHSWRVYpDVHWDPELpQ10$77(8&&,/R6WDWRPRGHUQR/HVVLFRHSHUFRUVL,O0XOLQR%ROR
QLD
6DQGUR&KLJQROD
KDUHYLWDOL]DGRFRQVDQJUHKLVWyULFDHOWLSRLGHDOZHEHULDQRWLSRLGHDOTXH
VLELHQHUD~WLOVHJ~Q+LQW]HSDUDHODQiOLVLVHVWUXFWXUDOQRSRGtDVHUXVDGR
SDUD OD ©FRQVWUXFFLyQ VLQWpWLFD GH JUXSRV KRPRJpQHRV GH IHQyPHQRVª 'H
HVWDPDQHUD+LQW]HVHSURSRQtDHODERUDUDWUDYpVGHXQDFUHDWLYDDEVWUDFFLyQ
LQWXLWLYDHOPDWHULDODQWHULRUDLVODGRHQODREVHUYDFLyQSROtWLFD\HOHVWXGLR
KLVWyULFRFRQHOREMHWRGHUHVWLWXLUXQFRQMXQWRXQLWDULR\FDUDFWHUL]DGRSRU
VXFRPSOHMLGDG
(OSULPHURGHORVHOHPHQWRVTXHKDQFRQWULEXLGRDODUHQRYDFLyQ³WDP
ELpQ HQ ,WDOLD³ GH ORV SDUDGLJPDV GH ODV FLHQFLDV KLVWyULFRSROtWLFDV QRV
RIUHFHDSDUWLUGHODQiOLVLVGHORVVXFHVRV\GHODVHVWUXFWXUDVTXHLQWHUDFW~DQ
HQODKLVWRULDFRQVWLWXFLRQDORFFLGHQWDOODSRVLELOLGDGGHKDFHUXQDJHQHUDOL
]DFLyQKLVWyULFD\SRUWDQWRQRVyORHVWiWLFRWLSROyJLFD6LQHVWHHOHPHQWR
QRVHKDEUtDSRGLGRHVWDEOHFHUXQDGLIHUHQFLDFLyQHQWUHVDEHUHVSUiFWLFDV\
FRQFHSWRV GH KHFKR LQH[LVWHQWHV HQ HO REMHWR KLVWyULFR QL GLVROYHU pVWH HQ
SUiFWLFDV TXH HQFDUJDGDV GH QDUUDU DFRQWHFLPLHQWRV HOXGHQ OD UHVSRQVDEL
OLGDGGHLQIHULUXQPRGHORHVWUXFWXUDOGHODDFFLyQKLVWyULFDDSDUWLUGHVXV
SURSLDV REVHUYDFLRQHV (O VHJXQGR HOHPHQWR UHQRYDGRU KD FRQVLVWLGR HQ OD
DVXQFLyQGHODFLUFXODULGDG\JOREDOLGDGFRQVWLWXWLYDVGHOIHQyPHQRHVWDWDO
WHQLHQGRHQFXHQWDODHVSHFtILFDDSHUWXUDGHKRUL]RQWHKLQW]HDQD(VYHUGDG
TXHPXFKRVGHORVSUHGHFHVRUHVGH+LQW]HHQHOFDPLQRKDFLDODUHQRYDFLyQ
GH ODV FLHQFLDV KLVWyULFRSROtWLFDV HQ$OHPDQLD GHVGH 'UR\VHQ D :DLW] \
6FKPROOHU\DKDEtDQSUHWHQGLGRKDFHUXQDUHFRQVWUXFFLyQGHHVDXQLGDGVLQ
WpWLFDTXHHVODYLGDGHO(VWDGRHQWDQWRFRQFUHWD/HEHQVIRUPSROtWLFDGRWDGD
GH VLJQLILFDWLYLGDG DXWyQRPD GH FDSDFLGDG GH DFFLyQ SURSLD \ FDSD] GH
RUJDQL]DUHQXQFRQMXQWRDUWLFXODGRHKLVWyULFDPHQWHYLYRWRGRVORVP~OWLSOHV
IDFWRUHVMXUtGLFRVHFRQyPLFRV\FXOWXUDOHVTXHFRQWULEX\HQDVXGHILQLFLyQ
6LQHPEDUJR+LQW]HHVGHKHFKRHOIXQGDGRUGHXQDFLHQFLDKLVWyULFRSROtWLFD
TXHQRVRIUHFHXQDYLVLyQFRPSOHWDPHQWHJOREDO\DODDOWXUDGHODFRPSOHML
GDGGHOIHQyPHQRGHODPRGHUQDHVWDWDOLGDGXQDFLHQFLDSRUORGHPiVWHMLGD
GHPRWLYRVLQWHUQRV\GHIDFWRUHVH[WHUQRVGHHOHPHQWRVVRFLDOHV\FXOWXUDOHV
GHVLWXDFLRQHVGHSROtWLFDLQWHUQD\GHHYHQWXDOLGDGHVGHSROtWLFDH[WHUQDGH
HVWUXFWXUDVFRQVWLWXFLRQDOHV\GHSUiFWLFDVDGPLQLVWUDWLYDVTXHVRQSURSXHVWDV
FRPRDXWpQWLFDVIRUPDVGHODOHEHQGLJH9HUIDVVXQJ
(Q HO FRQWH[WR GH OD UHFHSFLyQ GH OD KLVWRULRJUDItD GH +LQW]H ³PHQRV
DFHSWDGRTXH:HEHUSRUVXH[SOtFLWR\VXVWDQFLDOFRQVHUYDGXULVPRSROtWLFR
\VLQHPEDUJRHQRUPHPHQWHLQIOX\HQWHHQODUHQRYDFLyQGHODHVFXHODKLVWy
2+,17=(©0D[:HEHU6R]LRORJLHªHQ*HVDPPHOWH$EKDQGOXQJHQYRO,,6R]LRORJLH
XQG*HVFKLFKWH*HVDPPHOWH$EKDQGOXQJHQ]XU6R]LRORJLH3ROLWLNXQGWKHRULHGHU*HVFKLFKWH
HGGH*2VWUHLFK9DQGHQKRHFNDQG5XSUHFKW*RWLQJD\©6R]LRORJLVFKHXQGJHVFKLFKW
OLFKH6WDDWVDXIIDVVXQJªHQLELGHPS
&I36&+,(5$2WWR+LQW]HFLWS
+LVWRULDGHORVFRQFHSWRVKLVWRULDFRQVWLWXFLRQDOILORVRItDSROtWLFD«
ULFRVRFLDODOHPDQDGHODVHJXQGDSRVWJXHUUD³HVSUHFLVRVLWXDUHORULJHQ
GHODDWHQFLyQLWDOLDQDSRUODKLVWRULDFRQVWLWXFLRQDO\SRUODKLVWRULDGHORV
FRQFHSWRV'HQWURGHOFRQWH[WRGHHVWDUHFHSFLyQVHGHILQHSRUXQODGRPiV
FODUDPHQWHORVOtPLWHVGHODKLVWRULRJUDItDMXUtGLFDOLEHUDOHQVXDSUR[LPDFLyQ
DODUHDOLGDGPDWHULDOGHO(VWDGR\SRURWURVHGLOX\HQODVLQWHQFLRQHVLQWHU
SUHWDWLYDVGHODKLVWRULDGHOSHQVDPLHQWRDOHQWDGDVSRUDVXQFLRQHVGLVFLSOLQD
UHVUtJLGDVFRPRVLIXHVHSRVLEOHXQDGLIHUHQFLDFLyQSUHYLDHQWUHODVIXHQWHV
KLVWyULFDV \ VXV WLSRV FXDQGR WRGRV ORV DSDUDWRV GHO SHQVDPLHQWR LQIOX\HQ
VLPXOWiQHDPHQWHHQODGHILQLFLyQSROtWLFDGHORVFXDGURVGHODpSRFDRSUR
GXFLGDVHQHOHVSDFLRUDULILFDGR\YDFtRGHODSXUDWHRUtD
'HKHFKRODOHFFLyQGH+LQW]H\GHODFLHQFLDKLVWyULFRVRFLDODOHPDQD
KDFtDLPSRVLEOHWDQWRHOLQWHQWRGHDLVODUHOSHQVDPLHQWRGHODVFRQGLFLRQHV
PDWHULDOHVHQODVTXHVHKDEtDSURGXFLGRFRPRODLQWHQFLyQGHSUHVFLQGLUGH
ODVFRQILJXUDFLRQHVTXHHOSURSLRSHQVDPLHQWRFRQWULEX\HDSURGXFLU'HVGH
HVWHSXQWRGHYLVWDDQDOL]DUHVWUXFWXUDVFRQVWLWXFLRQDOHVDSDUWLUGHVXGHVDUUR
OORKLVWyULFRVLJQLILFDEDQHFHVDULDPHQWHYDORUDUODVXFHVLyQGHORVHVTXHPDV
GHOSHQVDPLHQWRFRPRtQGLFHVGHXQDUDFLRQDOLGDG³ODGHO(VWDGRPRGHUQR
QDWXUDOPHQWH³HQFRQVWDQWHFDPELR\GHVFXEULUHQHVRVHVTXHPDVDOJXQRV
GHORVDXWpQWLFRV\PiVFRQFUHWRVIDFWRUHVDFWLYRVGHHVDPLVPDUDFLRQDOLGDG
/DDVXQFLyQGHXQDSHUVSHFWLYDTXHVREUHWRGRYDORUDVHHQHOSHQVDPLHQWRORV
IDFWRUHVSURGXFWLYRVGHOLQWHUFDPELRFRQODUHDOLGDGFRQVWLWXFLRQDOSHUPLWtD
GHVFXEULUORVSUpVWDPRVODVGLVORFDFLRQHVWHyULFDVRORVGLVSRVLWLYRVOyJLFRV
SRUPHGLRGHORVFXDOHVHQXQDIDVHGHWHUPLQDGDGHOSURFHVRFRQVWLWXFLRQDO
GHO(VWDGRPRGHUQRODH[SHULHQFLDSROtWLFDVHKDEtDFRQFHSWXDOL]DGRDFWL
YDGR\ODSUiFWLFDLQVWLWXFLRQDOVHKDEtDOHJLWLPDGR
(QHVWHVHQWLGR3LHUDQJHOR6FKLHUDKDFRORFDGRHOQH[RFLHQFLDSROtWLFD
FRQVWLWXFLyQHQHOFHQWURGHODUHFRQVWUXFFLyQGHORVSURFHVRVGHODHVWDWDOLGDG
DOHPDQD/DFLHQFLD³MXQWRFRQHOFRQMXQWRKHWHURJpQHRGHSUiFWLFDVVDEH
UHV\YLVLRQHVGHODUHDOLGDG³YLHQHDVXPLGDFRPRIDFWRUSRVLWLYRFRQVWLWX
FLRQDO/DUD]yQHVVHQFLOOD(QHOLQWHULRUGHORVVLVWHPDVFRQFHSWXDOHVSXHGH
HPHUJHUJUDFLDVDODVGUiVWLFDVUHRULHQWDFLRQHVGHODLPDJLQDFLyQWHyULFDHO
FRQMXQWR GH ORV SURFHVRV TXH PLQDQ OD HVWDELOLGDG GH XQ VLVWHPD SROtWLFR
$GHPiVODFLHQFLDSURSRUFLRQDLQVWUXPHQWRVHLQQRYDFLRQHVSDUDFRQVHJXLU
ODHVWDELOLGDG\DQWLFLSDIXWXURVHVTXHPDVGHHYROXFLyQ<QRVyORHVWROD
FLHQFLDQHFHVDULDPHQWHLQVHUWDHQHOFRUD]yQGHORVSURFHVRVFRQVWLWXFLRQDOHV
&I+%58+16©6WDWRHFRQRPLDHVRFLHWj2WWR+LQW]HH0D[:HEHUªHQ%GH*(5
/21,HG3UREOHPLHPHWRGLFLWSS
&I 3 6&+,(5$ ,O &DPHUDOLVPR H O·DVVROXWLVPR WHGHVFR *LXIIUq 0LOiQ 3
6&+,(5$,OODERUDWRULRERUJKHVH6FLHQ]DHSROLWLFDQHOOD*HUPDQLDGHOO·2WWRFHQWR,O0XOLQR
%RORQLD
6DQGUR&KLJQROD
FRPRIDFWRUFRQFUHWRGHORVPLVPRVQRHVTXLYDHOMXHJRLQWHUQRGHIXHU]DV
HQTXHPDGXUDQODVFRQGLFLRQHVGHKHJHPRQtDGHXQDpSRFDVLHPSUHIXQGD
GDVHQODPDWHULDOLGDGLUUHGXFWLEOHGHODOXFKDSROtWLFD
3RUHVWRVPRWLYRVODFLHQFLD³\DVHDODFLHQFLDGHO(VWDGRHOGHUHFKR
DGPLQLVWUDWLYR R OD FLHQFLD MXUtGLFD³ HV HVWXGLDGD MXQWR D VXV FRQFHSWRV
FRPR HVWUXFWXUD FRQVWLWXFLRQDO DXWyQRPD \ DXWpQWLFD (OOD SURSRUFLRQD HO
QH[RIXQFLRQDOHQWUHODHPHUJHQFLDGHOSURFHGLPLHQWRFLHQWtILFRHQODLQYHV
WLJDFLyQSROtWLFRVRFLDO\ODDVXQFLyQGHFRQFUHWDVFDSDFLGDGHVGHJHVWLyQ\R
DGPLQLVWUDWLYDV/DFRQVWDQWHSURGXFFLyQGHHVWHQH[RHVXQDFODUDH[SUHVLyQ
GHVXUHVSRQVDELOLGDGSROtWLFD(QORVSURFHVRVGHLQVWLWXFLRQDOL]DFLyQGHOD
FLHQFLDHQ$FDGHPLDV8QLYHUVLGDGHV*UDQGHVeFROHVDOOtGRQGHVHSURGXFH
HOLQWHUFDPELRGHODQiOLVLVGHOSUHVHQWHGHODLQYHQFLyQWHyULFD\GHODLQQR
YDFLyQSROtWLFD6FKLHUD\VXVFRODERUDGRUHVKDQHQFRQWUDGRHOFRQMXQWRGHODV
SUiFWLFDVFRQODVFXDOHVPiVDOOiGHODVIRUPDOHVGHFODUDFLRQHVGHSULQFLSLRV
GHOGHUHFKRFRQVWLWXFLRQDOVHKDQWUD]DGRORVJUDQGHVHMHVFRQVWLWXWLYRPDWH
ULDOHVGHODpSRFDPRGHUQD/RVFRQFHSWRVGHODFLHQFLDKLVWyULFRVRFLDOVRQ
DQDOL]DGRVGHVGHHVWHHQIRTXHFRPRtQGLFHVGHODVOtQHDVGHGHPDUFDFLyQ\
FRQFHSWXDOL]DFLyQGHODSUREOHPiWLFDGHODpSRFD(OORVVRQORVYHUGDGHURV\
SURSLRV.DPSIEHJULIIHVREUHFX\DOyJLFDFRQYHUJHQSDUDGHFLGLUODEDWDOOD
ODVIXHU]DVTXHOXFKDQSRUODKHJHPRQtDGHORVSURFHVRVFRQVWLWXFLRQDOHV
/RTXHGHHVWDIRUPDVHWHPDWL]DHVODIOXLGH]\ODDXVHQFLDGHQHXWUDOLGDG
GHODVSUiFWLFDVFLHQWtILFDVFRQODVTXHVHFRQVWUX\HHOREMHWRKLVWyULFRDVt
FRPR HO FRQMXQWR GH ORV SURFHVRV GLQiPLFRV \ WHPSRUDOHV TXH D SDUWLU GH
ODVHJXQGDPLWDGGHOVLJOR;,;FRQILJXUDQ³FRPRVHxDOD.RVHOOHFN³OD
VtQWHVLVHVWDWDO1RHVXQD]DUTXH6FKLHUDHQHVWHVHQWLGRKD\DFRQFHQWUDGR
VXLQYHVWLJDFLyQHQODUHODFLyQHQWUHVRFLHGDG\(VWDGRHQODUHDOLGDGGHOD
PHGLDFLyQKLVWyULFD\HQODUHJXODFLyQSROtWLFDGHDTXHOODUHODFLyQ
8QDQiOLVLVKLVWyULFRFRQFHSWXDOGHOSUREOHPDQRSXHGHGHMDUGHDVXPLU
DQWHWRGRODUDGLFDOGLIHUHQFLDVHPiQWLFDTXHH[LVWHHQWUHHODQWLJXRFRQFHSWR
GHVRFLHGDGFLYLO³HQFDUQDGDHQORVDSDUDWRVFRUSRUDWLYRVHVWDPHQWDOHVGH
ODFRQVWLWXFLyQGHO$QWLJXR5pJLPHQ³\HOHPHUJHQWHFRQFHSWRLQWUtQVHFD
&LWRHQWUHRWURV36&+,(5$©0D[:HEHUHODVFLHQ]DWHGHVFD&RQDOFXQDFRQVLGHUD
]LRQLVXOO·RUJDQL]]D]LRQHGHJOLVWXGLLQ*HUPDQLDGDOODIRQGD]LRQHGHOO·8QLYHUVLWjGL%HUOLQRDOOD
SULPDJXHUUDPRQGLDOHªHQ% '(*(5/21,3UREOHPLHPHWRGRFLWSS/%/$1&2
6WDWR H IXQ]LRQDUL QHOOD )UDQFLD GHO 6HWWHFHQWH JOL ©LQJpQLHXUV GHV SRQWV HW FKDXVVpHVª ,O
0XOLQR %RORQLD $ 0$==$&$1(3 6&+,(5$ HG (QFLFORSHGLD H VDSHUH VFLHQWLILFR ,O
GLULWWRHOHVFLHQ]HVRFLDOLQHO·(QFLFORSHGLDJLXULGLFDLWDOLDQD,O0XOLQR%RORQLD6REUH
HVWHSXQWRVHGHEHYHUWDPELpQ36&+,(5$©/R6WDWRPRGHUQRHLOUDSSRUWRGLVFLSOLQDPHQWR
OHJLWLPD]LRQHª DKRUD HQ 6SHFFKL GHOOD SROLWLFD 'LVFLSOLQD PHODQFROLD VRFLDOLWj QHOO·
2FFLGHQWHPRGHUQR,O0XOLQR%RORQLDSSVREUHWRGRODVSSVV
&I05,&&,$5',©/LQHHVWRULFKHVXOFRQFHWWRGLSRSRORªHQ$QQDOLGHOO·,VWLWXWR6WR
ULFR,WDOR*HUPDQLFRLQ7UHQWR;9,SS
+LVWRULDGHORVFRQFHSWRVKLVWRULDFRQVWLWXFLRQDOILORVRItDSROtWLFD«
36&+,(5$,OODERUDWRULRERUJKHVHFLWS
,ELGHPSS05,&&,$5',©/LQHHVWRULFKHVXOFRQFHWWRGLSRSRORªFLW©/DYRUR
FLWWDGLQDQ]D FRVWLWX]LRQH 'RWWULQD GHOOD VRFLHWj H GLULWWL IRQGDPHQWDOL LQ *HUPDQLD WUD PRYL
PHQWRVRFLDOHHULYROX]LRQHªHQ5*+(5$5',**2==,HGV6DSHULGHOODERUJKHVLDHVWRULD
GHLFRQFHWWLIUDRWWRH1RYHFHQWR,O0XOLQR%RORQLDSS
&I*9$/(5$©6WRULDGHOODVFLHQ]HHDQDOLVLGHOODVRFLHWjTXDOFKHFRQVLGHUD]LRQHGL
PHWRGRªHQ6FLHQ]D 3ROLWLFD,SS
6DQGUR&KLJQROD
'HVGHHVWDSHUVSHFWLYDORVFRQFHSWRVQRSRGUiQDVXPLUORVHOHPHQWRVDWHP
SRUDOHVRSHUPDQHQWHVFRQTXHVHHQWLHQGHWUDGLFLRQDOPHQWHODKLVWRULDGHODV
LGHDVQLORVDVpSWLFRVHOHPHQWRVOyJLFRVGHODILORVRItDSROtWLFDQLPHQRV
D~QODVYRFHVVLQJXODUHVFRQODVTXHVHSUHWHQGHFUHDUXQVLPSOHOp[LFRSROt
WLFRIXWXUR
(OQH[RFRQVWLWXFLRQDOGHSROtWLFDVDEHU\SUiFWLFDGHJRELHUQRVREUHHO
TXHVHGHVSOLHJD\WHPSRUDOL]DHOVLVWHPDSROtWLFRVHFRQYLHUWHHQODFODYH
GHWRGDODUHFRQVWUXFFLyQFRQFHSWXDO5HVXOWDHYLGHQWHHQWRQFHVTXHORVFRQ
FHSWRVDWUDYpVGHORVFXDOHVVHILOWUD\RUJDQL]DODH[SHULHQFLDGHODKLVWRULD
VRQHVWXGLDGRVSRUHOYDORUGHOXVRTXHSRVHHQHQHOHVSDFLRLQWHUPHGLRHQWUH
OD WHRUtD \ OD SUD[LV (Q HVH HVSDFLR VH SURGXFH OD VLJQLILFDFLyQ /RV FRQ
FHSWRV©DVXPLGRVFRPRHOHPHQWRVFRQVWLWXWLYRVGHODVGRFWULQDVª\SRUHVR
PLVPRRULHQWDGRVHQGLUHFFLyQDODSUiFWLFD\DODOXFKDSROtWLFDFRWLGLDQD
©VHUHYHODQIDFWRUHVGHFLVLYRVGHODUHDOLGDGFRQVWLWXFLRQDOHQVXFRQMXQWRª
(OORVVRQIRUPDVUHSUHVHQWDWLYDVHQODVTXHVHFRQGHQVDODH[SHULHQFLDKLVWy
ULFRSROtWLFDGHXQDGHWHUPLQDGDIDVHKLVWyULFD\ORVRQHQWDQWR©IXHQWHVGH
OHJLWLPDFLyQ\OXJDUGHILMDFLyQGHORVREMHWLYRVGHODDFFLyQSROtWLFDª'H
HVWHPRGRORVFRQFHSWRVVLTXHUHPRVUHFRQVWUXLUVXKLVWRULDQRSXHGHQVHU
DLVODGRVXQRVGHRWURVQLVHSDUDGRVGHORVGLVFXUVRVSROtWLFRVDFX\DFRPSOH
MLGDGKDQFRQWULEXLGR<WRGRHOORFRQHOREMHWRGHTXHORVFRQFHSWRVDSDUWH
GH PDQWHQHUVH HQ XQ SODQR GH DQiOLVLV KLVWyULFRVRFLDO VHDQ LQYHVWLJDGRV
H[FOXVLYDPHQWHGHQWURGHOFXDGURSROtWLFRLGHROyJLFRGHODGRFWULQD
(QHOFRQWH[WRGHODGRFWULQDORVFRQFHSWRVSROtWLFRVHVWDEOHFHQGHYH]
HQ FXDQGR ³WDQWR HQ HO SODQR GH ODV HVWUDWHJLDV SROtWLFDV FRPR HQ HO PiV
H[TXLVLWDPHQWHHSLVWHPROyJLFRGHODIXQGDFLyQGHVDEHUHV³ORVFyGLJRVGH
DUWLFXODFLyQGHODH[SHULHQFLDKLVWyULFD\HOVLVWHPDGHOtQHDVGHIXHU]DGHVWL
QDGRDXQDSURYLVLRQDOFRPSRVLFLyQFRQODVtQWHVLVFRQVWLWXFLRQDO3RUWDQWR
5*+(5$5',**2==,©,QWURGX]LRQHªHQ,FRQFHWWLIRQGDPHQWDOLGHOOHVFLHQ]HVRFLDOL
H GHOOR 6WDWR LQ ,WDOLD H *HUPDQLD WUD 2WWR H 1RYHFHQWR ,O 0XOLQR %RORQLD S 5
*+(5$5',**2==,©,QWURGX]LRQHªHQ6DSHULGHOODERUJKHVLDHVWRULDGHLFRQFHWWLIUD2WWRH
1RYHFHQWRFLWS
5*+(5$5',**2==,©,QWURGX]LRQHªHQ,&RQFHWWLIRQGDPHQWDOLFLWS
(VWRUHSUHVHQWDXQDUHDOL]DFLyQGLUHFWDGHORTXH-'811SURSRQHPHWRGROyJLFDPHQWH
SDUD DFUHGLWDU OD %HJULIIVJHVFKLFKWH &I - '811 6WRULD GHOOH GRWWULQH SROLWLVFKH -DFD %RRN
0LOiQSS-'811©7KH+LVWRU\RI3ROLWLFDO7KHRU\ªHQ7KH+LVWRU\RI3ROLWLFDO
7KHRU\DQGRWKHU(VVD\V&83&DPEULGJHSSVREUHWRGRSS\VV9pDVHWDP
ELpQ.3$/21(1&RQFHSWXDO+LVWRU\DVD3HUVSHFWLYHWR3ROLWLFDO7KRXJKWHQ<./$.$1,(0,
$527.,5&++67(1,86HGV/LEHUDOLVP6HPLQDUVRQ+LVWRULFDODQG3ROLWLFDO.H\ZRUGVLQ
1RUWKHU(XURSH7KH5HQYDOO,QVWLWXWHRIWKH8QLYHUVLW\RI+HOVLQNL8QLY3ULQWLQJ+RXVH+HO
VLQNLSS
&I**2==,0RGHOOLSROLWLFLHTXHVWLRQHVRFLDOHLQ,WDOLDH*HUPDQLDIUD2WWRH1RYH
FHQWR,O0XOLQR%RORQLDS
+LVWRULDGHORVFRQFHSWRVKLVWRULDFRQVWLWXFLRQDOILORVRItDSROtWLFD«
ODVGRFWULQDVQLFRQRFHQODUDUHIDFFLyQGHODILORVRItDHQODPHGLGDTXHHVWiQ
SHUPDQHQWHPHQWH PDUFDGDV SRU HO XVR IOH[LEOH GH ORV FRQFHSWRV SURSLR GH
ODDFFLyQSROtWLFRHVWUDWpJLFRQLUHSURGXFHQHVRVFXDGURVLGHDOHVGHVWHPSR
UDOL]DGRVTXHQRVSHUPLWHQWUD]DUKLVWRULDVOLQHDOHV/DVGRFWULQDVHQVXPD
FRQWULEX\HQDFODULILFDUHO©FDPSRGHGHVSOLHJXHGHODLGHRORJtDª
-XVWRSRUHVWRODVGRFWULQDVGHVDUUROODQVHFXHQFLDVDUJXPHQWDOHVHQFX\R
LQWHULRUORVFRQFHSWRVGHEHQVHUDQDOL]DGRVVHJ~QHOFRQFUHWRYDORUGHVLJQL
ILFDFLyQDVXPLGR/DVGRFWULQDVUHSUHVHQWDQDVtPRGDOLGDGHVLUUHQXQFLDEOHV
³KLVWyULFDPHQWHVLWXDGDVHQHOFRUD]yQGHODVHVWUDWHJLDVGHFRQTXLVWDGHOD
KHJHPRQtDSROtWLFD³SDUDDQDOL]DU©ODVIXHU]DVVRFLDOHV\SROtWLFDVODVLGHR
ORJtDVGHODVTXHHOODVVHKDFHQSRUWDGRUDVODVLQVWLWXFLRQHVHQTXHDTXHOODV
GRFWULQDV HQFXHQWUDQ VX UHDOL]DFLyQª /RV FDPELRV GH VLJQLILFDGR GH ORV
FRQFHSWRVDSDUHFHQSRUWDQWR©HVWUHFKDPHQWHYLQFXODGRVDODVWUDQVIRUPD
FLRQHVTXHH[SHULPHQWDQODVUHODFLRQHVGHIXHU]D\ODVIRUPDVGHGRPLQLRTXH
RSHUDQHQHOLQWHULRUGHODFRQVWLWXFLyQPDWHULDOª3HURWDPELpQ\MXVWRSRU
HVWRVRQKLVWRULRJUiILFDPHQWHUHSUHVHQWDEOHVVyORVLVHUHODFLRQDQFRQODRSL
QLyQS~EOLFD\DFRQVWLWXLGDHQFX\RVHQR~QLFDPHQWHSXHGHGDUVHFRQIOLFWRV
IXQGDGRVVREUHODSRWHQFLDOPRYLOL]DFLyQFROHFWLYDGHODVLGHDV8QSURFHVR
HVWH~OWLPRTXHHQVXIRUPDFRPSOHWDWLHQHOXJDUDSDUWLUGHOVLJOR;9,,,
(Q HVWD FXHVWLyQ OD KLVWRULD GH ORV FRQFHSWRV VH KDOOD FRQVFLHQWHPHQWH
OLJDGDDODKLVWRULDFRQVWLWXFLRQDO/DFRQVWLWXFLyQYLVWDFRPRHOOXJDUGRQGH
VHSXHGHUHFRQRFHUODVLQVWDQFLDVSUR\HFWLYDV\HVWUDWpJLFDVTXHVHGLVSXWDQ
ODYLFWRULDSROtWLFDHVHOWHUUHQRXWLOL]DGRSDUDUHFRQVWUXLUHOVLJQLILFDGRGH
ORVFRQFHSWRV(VWDSHUVSHFWLYDHVWULFWDPHQWHYLQFXODGDDODPHWRGRORJtDGH
ODLQYHVWLJDFLyQVRFLROyJLFDMXUtGLFDRKLVWyULFRVRFLDOVHHQFXHQWUDOLJDGDHQ
PXFKRVDVSHFWRVDOPRGHORNRVHOOHFNLDQR(VWRVDVSHFWRVVRQHQWUHRWURVHO
UHVSHWRDODPDWUL]KLVWyULFRFRQVWLWXFLRQDOHOSUREOHPDGHODGLQDPL]DFLyQ
GH OD VtQWHVLV FRQVWLWXFLRQDO TXH VH SURGXFH D PHGLDGRV GHO VLJOR ;,; OD
FRQVWDQWHYHULILFDFLyQGHSUpVWDPRVLQWHUGLVFLSOLQDULRV\FRQFHSWXDOHVHQWUH
HOOp[LFRMXUtGLFRSROtWLFRDOHPiQ\HOLWDOLDQRRHOZHEHULDQLVPRLPSOtFLWR
HQXQDWHRUtDGHODKLVWRULDTXHSUHWHQGHUHFRQVWUXLUHOWLSRLGHDOGHODKLVWRULD
5*+(5$5',**2==,©,QWURGX]LRQHªD,&RQFHWWLIRQGDPHQWDOLFLWS
5*+(5$5',**2==,©,QWURGX]LRQHªHQ6DSHULGHOODERUJKHVLDVVWRULDGHLFRQFHWWL
IUD 2WWR H 1RYHFHQWR FLW S 5HVXOWD HYLGHQWH OD GHXGD GLUHFWD FDVL OLWHUDO FRQWUDtGD FRQ
.RVHOOHFNSDUDTXLHQ©ORVDQiOLVLVKLVWyULFRFRQFHSWXDOHVªYDQXQLGRVDORV©DQiOLVLVVRFLROy
JLFRVGHODVVLWXDFLRQHVªSRUTXHVHWUDWDGHUHFDYDU©ODHYLGHQFLDSROtWLFDGHODVLGHDVª&I5
.26(//(&.&UtWLFD\FULVLVGHOPXQGREXUJXpVFLWS
5*+(5$5',**2==,©,QWURGX]]LRQHªHQ6DSHULGHOODERUJKHVLDVVWRULDGHLFRQFHWWL
IUD2WWRH1RYHFHQWRFLWSS
&I-+$%(50$66WUXNWXUZDQGHOGHUgIIHQWOLFKNHLW1HXZLHG/XFKWHUODQG5
.26(//(&.&UtWLFD\FULVLVGHOPXQGREXUJXpVFLW
6DQGUR&KLJQROD
FRQVWLWXFLRQDORFFLGHQWDO(VWDSHUVSHFWLYDSRUWDQWRQLDILUPDODDXWRQRPtD
GH OD GLPHQVLyQ FRQFHSWXDO FRQ UHVSHFWR DO GLVFXUVR ILORVyILFRSROtWLFR HO
FXDOVHFDUDFWHUL]DSRUH[DPLQDUHOFRQWHQLGROyJLFRGHORVFRQFHSWRVSROtWL
FRVPRGHUQRV\ODVDSRUtDV\XPEUDOHVGHUXSWXUDQLRWRUJDXQUHOLHYHHVSH
FLDODODLPDJLQDFLyQWHyULFDSRUPHGLRGHODFXDOVHKDSHQVDGR³\QRVyOR
DWUDYpVGHOILOWURGHODVFDWHJRUtDVPRGHUQDV³WHyULFDPHQWHHOSUREOHPDGH
ODSROtWLFD
/DKLVWRULDFRQFHSWXDOHQODPHGLGDTXHSUHWHQGHUHFRQVWUXLUORVSURFHVRV
KLVWyULFRVUHDOHVFRQUHVSHFWRDORVFXDOHVVHPLGHODIXHU]DDUJXPHQWDWLYDGH
ORVFRQFHSWRVLPSOLFDGRVSDUDKDFHUDYDQ]DUODFRQFLHQFLDGHpSRFDGHVDUUR
OODXQDLQWHUSUHWDFLyQGHODKLVWRULDTXHQRVDFODUDHOMXHJRGHORVQH[RVGHODV
SUREOHPiWLFDV\GHODVFDWHJRUtDVFRQTXHKLVWyULFDPHQWHVHKDH[SUHVDGRHO
SUREOHPDSROtWLFR\UHFRPSRQHpVWHVHJ~QWLHPSRV\PRGDOLGDGHVGHULYDGRV
GHODFHQWUDOUHIHUHQFLDDODFRQVWLWXFLyQ/DKLVWRULDFRQFHSWXDOVHLQWHUHVD
SRUODVSUiFWLFDVGHOHJLWLPDFLyQ\GHVOHJLWLPDFLyQGHLQFOXVLyQ\H[FOXVLyQ
GHDFFHVRRFHQVXUDTXHKDQGHWHUPLQDGRHOGLVFXUVRSROtWLFRHOFXDOSRUOR
GHPiVKDREWHQLGRRKDGHMDGRGHREWHQHUUHFRQRFLPLHQWRFRQVWLWXFLRQDO
FRQODDVXQFLyQKLVWyULFDPHQWHFRQGLFLRQDGDGHODVFRRUGHQDGDVWHyULFDV\
GHORVDSDUDWRVGLVFLSOLQDULRVGHO(VWDGRPRGHUQR$VXQFLyQFRQODFXDOR
ELHQVHKDKHFKRFLHQFLDTXHGHVDUUROODODLQQRYDFLyQFRQVWLWXFLRQDORELHQ
VHKDKHFKRLGHRORJtDSROtWLFDTXHVHRSRQHDHVWDLQQRYDFLyQHQQRPEUHGHO
SDVDGRRGHXQDGLIHUHQWHFRQFHSFLyQGHOIXWXUR
/RVFRQFHSWRVQRSXHGHQVHUSHQVDGRVIXHUDGHDTXHOODiUHDGHLQWHUFDP
ELR HQWUH SDODEUD \ FRQFHSWR TXH SURGXFLGD SRU ODV LGHROyJLFDV SUiFWLFDV
FROHFWLYDV FDUJD HO OHQJXDMH RUGLQDULR FRQ XQD SOXVYDOtD SROtWLFD (Q HVWH
VHQWLGR OD UHIHUHQFLD D ODV IXHQWHV FXOWDV VH HTXLSDUD HQ OD PHGLGD TXH HV
XQ VLPSOH UHVHUYRLU VHPiQWLFR PiV D FXDOTXLHU RWUD IRUPD GH WHVWLPRQLR
KLVWyULFR
/D YHUVLyQ KLVWyULFRFRQVWLWXFLRQDO GH OD KLVWRULD GH ORV FRQFHSWRV QR
VH LQWHUURJD VREUH DTXHOOD YHUVLyQ TXH WUDV DVXPLU XQ SXQWR GH YLVWD UDGL
FDOPHQWH KLVWyULFRFRQFHSWXDO HPHUJH FRPR OD FRQGLFLyQ KLVWyULFD GH XQD
DSUR[LPDFLyQ D OD SROtWLFD \ D VXV PLVPDV IXHQWHV WHyULFDV EDVDGD HQ OD
LGHRORJL]DFLyQ\HQODFRQH[LyQHQWUHWHRUtD\SUD[LV'LFKDFRQH[LyQDSD
UHFH GHVGH OXHJR QHFHVDULD \D TXH VREUH HOOD VH YD D FRQVWLWXLU HO FXDGUR
GH UHIHUHQFLDV OyJLFRFRQFHSWXDOHV GH OD FLHQFLD SROtWLFD PRGHUQD 3HUR DO
PLVPR WLHPSR WDO FRQH[LyQ VH FRQVLGHUD KLVWyULFDPHQWH GHWHUPLQDGD SRU
TXHKDFHUHIHUHQFLDDXQFDPELRHQODLPDJLQDFLyQWHyULFDTXHLQDXJXUDHO
(OSXQWRGHYLVWDGHODQRH[FOXVLYLGDGGHODVIXHQWHVHVSRUORGHPiVFRPSDUWLGRSRU
HOPLVPR.RVHOOHFN\SRURWURVWHyULFRVGHOD%HJULIIVJHVFKLFKWHFI5.26(//(&.HG+LVWR
ULVFKH6HPDQWLNXQG%HJULIIVJHVFKLFKWH.HOWW&ORWD6WXWWJDUW
+LVWRULDGHORVFRQFHSWRVKLVWRULDFRQVWLWXFLRQDOILORVRItDSROtWLFD«
PRGRHVSHFtILFDPHQWHPRGHUQRGHHQWHQGHUODSROtWLFD(QRWUDVSDODEUDV\
FRPRYHUHPRVSURQWRODYHUVLyQLGHROyJLFDGHOSHQVDPLHQWR³RVXQDWXUDO
YLQFXODFLyQ DO GLVSRVLWLYR HVWUDWpJLFR WHRUtDSUD[LV³ QR HV QDWXUDO SRUTXH
HVWi GHO WRGR DXVHQWH SRU HMHPSOR HQ HO SHQVDPLHQWR SROtWLFR FOiVLFR \
DGHPiV VH SUHVHQWD GHVGH HO SXQWR GH YLVWD KLVWyULFRFRQFHSWXDO FRPR HO
IUXWRGHXQDFRQVWUXFFLyQKLVWyULFDPHQWHFRQGLFLRQDGDGHOREMHWRSROtWLFR
8QDVHFXHQFLDHSLVWHPROyJLFDHVWD~OWLPDTXHHVPX\DQWHULRUDOD6DWWHO]HLW
NRVHOOHFNLDQD\TXHGHEHVHULQWHUSUHWDGD³FRPRYHUHPRV³PiVDOOiGHOD
FRQWLQXLGDGGHOSURFHVRGHFRQPXWDFLyQOLQHDOTXHLGHRORJL]D\SROLWL]DEDMR
ODIRUPDGHGRFWULQDSROtWLFDFRQWHQLGRVVHPiQWLFRVPiVDQWLJXRV
(QILQHVWDSULPHUDYHUVLyQGHODKLVWRULDGHORVFRQFHSWRVDSDUHFHIXHUWH
PHQWHLQFOLQDGDDDFHQWXDUHOSULPHURGHORVGRVWpUPLQRVHOGHKLVWRULD7UDV
DVXPLU ORV FRQFHSWRV FRPR VLPSOHV HOHPHQWRV GH ODV GRFWULQDV OD KLVWRULD
FRQFHSWXDOORVKLVWRUL]DUHODFLRQiQGRORVFRQHOFRQMXQWRGHHVWUDWHJLDVDUJX
PHQWDWLYDV\GLVFLSOLQDUHVTXHGHWHUPLQDQODUHSUHVHQWDFLyQFRQVWLWXFLRQDOGH
ODVIXHU]DVVRFLDOHV\GHVSXpVLQWHUSUHWDVXYDORUGHDFXHUGRFRQODVVLWXDFLR
QHVVRFLROyJLFDPHQWHGHWHUPLQDGDVGHOGLVFXUVRSROtWLFR-XVWRSRUTXHHVWi
GLULJLGD PHWRGROyJLFDPHQWH DO DQiOLVLV KLVWyULFRVRFLDO GH ORV SURFHVRV GH
KHJHPRQtDUHIOHMDGRVHQODFRQVWLWXFLyQPDWHULDOGHXQDIDVHRGHXQDpSRFD
KLVWyULFDODKLVWRULDFRQFHSWXDOVHHQFXHQWUDVXERUGLQDGDDXQDLQWHUSUHWDFLyQ
PiVJOREDOGHORVSURFHVRVKLVWyULFRV\GHVHPSHxDXQVLPSOHSDSHODX[LOLDU
FRQUHVSHFWRDXQDUHFRQVWUXFFLyQPiVLQWHQVDGHOFRQWH[WRGHUHIHUHQFLD
(QUHVXPHQHVWDSULPHUDLGHDGLUHFWUL]GHODUHFHSFLyQ\UHHODERUDFLyQ
LWDOLDQDGHODKLVWRULDGHORVFRQFHSWRV³TXHDQXHVWURSDUHFHUTXHGDPX\
FRQQRWDGDHQVHQWLGRKLVWyULFRVRFLDOGHELGRDODPDWUL]KLQW]HDQDTXHOHVLUYH
GHSXQWRGHUHIHUHQFLDLQDXJXUDO³GHVSOLHJDFRKHUHQWHPHQWH\FRQLPSRU
WDQWHV UHVXOWDGRV HQ OD LQYHVWLJDFLyQ ODV VLJXLHQWHV SUHPLVDV KLVWyULFDV
YDORUDORVHOHPHQWRVGHOOp[LFRSROtWLFRRELHQORVFRQFHSWRVHQSHUPDQHQWH
UHODFLyQGLQiPLFDFRQORVFRQWH[WRVVRFLDOHVGHUHIHUHQFLD\ORVDVXPHVyOR
HQFXDQWRSDUWtFLSHVGHOMXHJRGHIXHU]DV\GHORVFRQIOLFWRVSRUODKHJHPRQtD
HQORVTXHVHH[SUHVDODFRQVWLWXFLyQPDWHULDO9HUIDVVXQJGHXQDpSRFDKLV
WyULFDDVXPHGHIRUPDFRQVHFXHQWHODKLVWRUL]DFLyQGHORVFRQFHSWRVFRPR
9DOJDODUHIHUHQFLDD2%5811(5©/·HSRFDGHOOHLGHRORJLH,QL]LRHILQHªHQ3HUXQD
QXHRYDVWRULDFLWSS
6REUHHVWHSXQWRFIODVFODUtVLPDVREHUYDFLRQHVGH36&+,(5$©&RQVLGHUD]LRQLVXOOD
%HJULIIVJHVFKLFKWHDSDUWLUHGDL*HVFKLFKWOLFKH*UXQGEHJULIIHGL%UXQQHU&RQ]HH.RVHOOHFNª
HQ6RFLHWjH6WRULDSSSDUDTXLHQODDSOLFDFLyQGHOD%HJULIIVJHVFKLFKWH
DOFDPSRGHODGRFWULQD©DTXtVHUHFRJHHOXQLYHUVRHQWHURFRPSUHQGLGRHQWUHODSURGXFFLyQ
FLHQWtILFD\ODLGHRORJtDªUHSUHVHQWDGHQWURGHOFRQWH[WRHXURSHRODDXWpQWLFDQRYHGDGGHHVWD
DSUR[LPDFLyQPHWRGROyJLFDKDVWDHOSXQWRGHUHFODPDUXQDKLVWRULDTXH©HQWUHRWUDVFRVDVGHEH
HVWDUHVFULWDHQLWDOLDQRªS
6DQGUR&KLJQROD
XQPHFDQLVPRIXQGDPHQWDOSDUDHQWHQGHUHOSDVRGHODWHRUtDDODSUD[LVTXH
VHSURGXFHHQHOVHQRGHXQDHVSHFtILFDIDVHKLVWyULFDFRQFHGHFRQHOSUR
SyVLWRGHFRPSUHQGHUHOVHQWLGRKLVWyULFRTXHWLHQHODFRQH[LyQHQWUHODWHRUtD
\ORVSURFHVRVGHHVWDWDOLGDGPRGHUQDXQDUHOHYDQFLDIXQGDPHQWDODOFXDGUR
GHODFLHQFLDRDOSURFHVRGHUHFRQRFLPLHQWRFRQVWLWXFLRQDOGHODVGRFWULQDV
\GHORVVDEHUHVDWULEX\HDODKLVWRULDGHORVFRQFHSWRVHOSDSHOGHDX[LOLDU
GHODKLVWRULDVRFLDO\GHODKLVWRULDFRQVWLWXFLRQDOFRQYLVWDVDXQDUHFRQV
WUXFFLyQJOREDOGHORVPHFDQLVPRVOyJLFRV\GHODVHVWUDWHJLDVSROtWLFDVHFR
QyPLFDV H LQVWLWXFLRQDOHV TXH KDQ GHWHUPLQDGR OD WUDQVLFLyQ FRQVWLWXFLRQDO
SURGXFLGDHQWUHORVVLJORV;9,,,\;,;WRGRHVWRHQGHILQLWLYDSHUVLJXH
FRKHUHQWHPHQWHHOREMHWLYRGHXQDKLVWRUL]DFLyQFXLGDGDGHOSHQVDPLHQWR\
XQDUHFRQVWUXFFLyQPiVSUHFLVDWtSLFRLGHDOGHODH[SHULHQFLDFRQVWLWXFLRQDO
GHO(VWDGRPRGHUQR
6HWUDWDGHXQDUHHODERUDFLyQGLUHFWDGHODVGLVWLQWDVPDQLIHVWDFLRQHVKLV
WyULFRVRFLDOHVGHODFLHQFLDKLVWyULFDDOHPDQD\FX\RREMHWRFRQVLVWHHQOD
UHFRQVWUXFFLyQGHORVPRPHQWRVIXQGDPHQWDOHVGHODKLVWRULDFRQVWLWXFLRQDO
HXURSHD(QHVWHVHQWLGRFDEHDSUHFLDUXQDILOLDFLyQGLUHFWDDXQTXHWDOYH]
VyORUHFRQRFLGDSDUFLDOPHQWHFRQHOPRGHORGH.RVHOOHFNXQPRGHORTXH
GHVHDH[FOXLUMXVWRSRUVXLPSOtFLWDKHUHQFLDZHEHULDQDODVHJXQGDYHUVLyQ
LQWHUSUHWDWLYDGHODKLVWRULDGHORVFRQFHSWRV
7HQLHQGRHQFXHQWDWRGDVHVDVDSUR[LPDFLRQHVFRQVWLWXFLRQDOHVGHOD
ILORVRItD SROtWLFD PRGHUQD HVSHFLDO UHOHYDQFLD WLHQH HO PRGR HQ TXH pVWD
KD DQWLFLSDGR FRPSUHQGLGR \ SUR\HFWDGR HO VLVWHPD GH UHIHUHQFLDV OyJLFDV
GHODHVWDWDOLGDGPRGHUQDTXHDSDUWHGHVHUFRKHUHQWHVFRQODSHUVSHFWLYD
LQDXJXUDGD SRU ORV WUDEDMRV GH 6FKLHUD VH DSR\DQ HQ ORV KLVWRULDGRUHV TXH
HVWH~OWLPRKDLQWURGXFLGRHQ,WDOLD%UXQQHUVREUHWRGRSHURWDPELpQ+LQ
W]H&RQ]H\.RVHOOHFNXQDVHJXQGDGLUHFFLyQGHODLQYHVWLJDFLyQLWDOLDQD
KD UHVSRQGLGR HQ XQ VHQWLGR PiV PDUFDGDPHQWH ILORVyILFR DO SUREOHPD GH
OD IRUPDFLyQ GHO Op[LFR SROtWLFR HXURSHR 3DUD HVWD VHJXQGD SHUVSHFWLYD OD
KLVWRULDGHORVFRQFHSWRVQRHVWDQWRODFRQVHFXHQFLDGHXQDHOHFFLyQPHWR
GROyJLFDSUHYLDFXDQWRHOUHVXOWDGRGHODFRQH[LyQTXHVHHVWDEOHFHHQWUHGH
XQODGRODHPSUHVDJHQHDOyJLFDHQFDUJDGDGHUHFRQVWUXLUORVDSDUDWRV\yUGH
QHV OyJLFRV IXQGDPHQWDOHV GH ODV FDWHJRUtDV SROtWLFDV PRGHUQDV \ GH RWUR
HOGHVFXEULPLHQWRGHODLPSRVLELOLGDGGHWUDGXFLUHVWDV~OWLPDVDHVTXHPDV
XQLYHUVDOHV\ZHEHULDQDPHQWHREMHWLYRVTXHFRQVLJDQH[WUDHUFRQVWDQWHVR
HFXDFLRQHV UHJXODUHV GH OD PRGDOLGDG \ GH ORV FRQFHSWRV GH OD H[SHULHQFLD
SROtWLFDRFFLGHQWDO/DpSRFDGHORVFRQFHSWRVSROtWLFRVPRGHUQRV³DLVODGD
SRUODLQYHVWLJDFLyQGHORVWH[WRVGHODWUDGLFLyQILORVyILFRSROtWLFDRFFLGHQWDO
\ RUJDQL]DGD D SDUWLU GH HVWD ~OWLPD FRPR KLVWyULFDPHQWH GHWHUPLQDGD³
UHTXLHUHQHFHVDULDPHQWHODUHFRQVWUXFFLyQHQWpUPLQRVKLVWyULFRVGHORVSUR
+LVWRULDGHORVFRQFHSWRVKLVWRULDFRQVWLWXFLRQDOILORVRItDSROtWLFD«
SLRVWLHPSRVFRQFHSWXDOHV$VLPLVPRODDGRSFLyQGHHVWD~OWLPDSHUVSHFWLYD
GHMDVLQVHQWLGRHOSUHVXSXHVWRUHODWLYRDODFRQWLQXLGDGGHORVSURFHVRVGH
WUDQVIRUPDFLyQ TXH H[SHULPHQWDQ ORV HOHPHQWRV \ HVWUXFWXUDV OyJLFDV GHO
Op[LFRSROtWLFR
6LVHDVXPHTXHODSROtWLFDPRGHUQDQRFRLQFLGHFRQXQDVXVWDQFLDSHU
PDQHQWH \ TXH FRQVLVWH PiV ELHQ HQ XQ VLVWHPD GH FRQFHSWRV RUJDQL]DGR
OyJLFDPHQWHSDUDOOHQDUXQYDFtRHVWRHVSDUDOOHQDUODDXVHQFLDGHYDORUHV
IXQGDFLRQDOHV\GHIXQGDPHQWRVRSDUDOOHQDUHVDQDGDTXHSRQHHQUHODFLyQ
VLQJXODULGDGHVLJXDOHV\UHFtSURFDPHQWHLQGLIHUHQWHVHQWRQFHVUHVXOWDSRVL
EOH\QHFHVDULRLQWHUURJDUVHWDPELpQVREUHORVOtPLWHVVREUHODLQIOXHQFLD
GHOYHFWRUHVSDFLRWHPSRUDO\VREUHODFRQWLQJHQFLDKLVWyULFDGHORVFRQFHSWRV
SROtWLFRVPRGHUQRV/DSROtWLFDQRSXHGHVHUYLVWDFRPRXQRUGHQFRQWLQXR
GHVGHHOSXQWRGHYLVWDKLVWyULFR\WHPSRUDOQLSXHGHVHUSHQVDGDGHQWURGHO
PDUFRGHODKLVWRULDVLQWHQHUHQFXHQWDODVFDWHJRUtDVTXHVHHQFDUJDQGHSUR
GXFLUOD(QVXGHFOLQDFLyQPRGHUQDODSROtWLFDGHEHFRPSUHQGHUVHGHQWURXQD
VHFXHQFLDRUJDQL]DWLYDOyJLFDHKLVWyULFDPHQWHGHWHUPLQDGDGHEHLQVHUWDUVH
SRUWDQWRGHQWURGHXQHVSDFLRWHyULFRTXHSRGHPRVDLVODU\UHFRQVWUXLU
6L DGYHUWLPRV WRGR HVWR YHPRV DSDUHFHU XQD VHJXQGD PRGDOLGDG GH
KLVWRULD GH ORV FRQFHSWRV TXH VH SUHJXQWD SRU HO Op[LFR SROtWLFR PRGHUQR
1R SUHWHQGH OD UHFRPSRVLFLyQ R UHFRQVWUXFFLyQ GH XQD PDSD GH FRQFHSWRV
IXQGDPHQWDOHVQLHOHVWDEOHFLPLHQWRGHOtQHDVKLVWyULFDVGHFRQFHSWRVGHVGH
ODDQWLJHGDGDODpSRFDFRQWHPSRUiQHDQLLQWHQWDHVWDEOHFHU³FRQODD\XGD
GH XQD FXLGDGD KLVWRUL]DFLyQ GH ORV XVRV OLQJtVWLFRV³ LQVWUXPHQWRV PiV
UHILQDGRVSDUDODHODERUDFLyQWHyULFRSROtWLFDVLQRTXHVHWUDWDPiVELHQGH
XQDSRWHQWHLQVWDQFLDGHFUtWLFD\GHVFRQVWUXFFLyQ6LORVFRQFHSWRVSROtWLFRV
PRGHUQRVSRVHHQXQDKLVWRULFLGDGHVSHFtILFDHQWRQFHVVHUiSRVLEOHGHQXQFLDU
VXSUHWHQVLyQGHYLJHQFLDXQLYHUVDO\REMHWLYDVHUiSRVLEOHUHDEULUODGLVFX
VLyQHQWRUQRDHOORV\DVXLQWUtQVHFRFDUiFWHUDSRUpWLFRDVtFRPRYDORUDUOD
XQLYHUVDOLGDG\REMHWLYLGDGGHORVFRQFHSWRVSROtWLFRVPRGHUQRVSRUDTXHOOR
TXHVRQHQUHDOLGDGUHVXOWDGRGHXQSURFHVRGHVXVWDQFLDOL]DFLyQGHORVFRQV
WUXFWRVOyJLFRVGHODFLHQFLDPRGHUQDFRQVWUXFWRVTXHSRURWUDSDUWHWDQVyOR
SRGUiQVHUGHVFRQVWUXLGRVVLSRGHPRVWUD]DUODJHQHDORJtDGHGLFKDFLHQFLD\
GHVXVFRQFHSWRV
&I & *$//, ©3ROLWLFD XQ·LSRWHVL GL LQWHUSUHWD]LRQHª HQ )LORVRILD 3ROLWLFD ,,,
SS \ /D ©PDFFKLQDª GHOOD PRGHUQLWj ,O 0XOLQR %RORQLD SS
6REUHHVWHWHPDGHEHYHUVHGHOPLVPRDXWRU*HQHDORJLDGHOODSROLWLFD&DUO6FKPLWWHODFULVL
GHOSHQVLHURSROLWLFRPRGHUQRFLW
9pDVHODUHHODERUDFLyQGHPRWLYRVGH-/1$1&<\3/$&28(/$%$57+(HQ5(632
6,72&RPPXQLWDV2ULJLQHHGHVWLQRGHOODFRPXQLWj(LQDXGL7XUtQ
6REUHHOWHPDGHOOtPLWH\GHORVWpUPLQRVGHODSROtWLFDPRGHUQDFI5(6326,72©7HU
PLQLGHOODSROLWLFDªHQ0LFURPHJDVSS
6DQGUR&KLJQROD
©/RV FRQFHSWRV FRPR WDOHV QR WLHQHQ KLVWRULD (OORV FRQWLHQHQ KLVWRULDV SHUR QR
WLHQHQ QLQJXQDª 5 .26(//(&. ©%HJULIIVJHVFKLFKWOLFKH 3UREOHPH GHU 9HUIDVVXQJVJHVFKL
FKWVVFKUHLEXQJªHQ:&21=(HG7KHRULHGHU*HVFKLFKWVZLVVHQVFKDIWXQG3UD[LVGHV*HV
FKLFKWVXQWHUULFKWV.OHWW&RWWD6WXWWJDUWS(OWHPDVHUHFXSHUDFRQLQWHQFLRQHVGH
IXQGDPHQWDFLyQWHyULFDHQ*'862©6WRULDGHLFRQFHWWLFRPRILORVRILDSROtWLFDªHQ)LORVRILD
SROLWLFD;,SSDKRUDHQ/D/RJLFDGHOSRWHUH6WRULDFRQFHWWXDOHFRPRILOR
VRILDSROLWLFD/DWHU]D5RPD%DULSSHVSHFLDOPHQWHSS\VV
%DVWH OD UHIHUHQFLD D OD YR] +HUUVFKDIW *HVFKLFKWOLFKH *UXQGEHJULIIH YRO FLWDGD
PXFKDVYHFHVHQHOFRQWH[WRGHOGHEDWHVREUHOD%HJULIIJHVFKLFKWHFRPRHOHMHPSORPiVORJUDGR
&I 0 5,&+7(5 7KH +LVWRU\ RI 3ROLWLFDO DQG 6RFLDO &RQFHSWV FLW SS \ VV 6HFXQGDU OD
SUHPLVD TXH TXLHUH OD VHPiQWLFD GHO SRGHU FRQVWUXLGD OyJLFDPHQWH VREUH OD UHODFLyQ PDQGR
REHGLHQFLD VLJQLILFD SUR\HFWDU LQGHELGDPHQWH KDFLD DWUiV UHFDOFDQGR GH PDQHUD LQFRQVFLHQWH
ODFDWHJRUL]DFLyQZHEHULDQDXQDPRGDOLGDGH[FOXVLYDPHQWHPRGHUQDGHLQWHUSUHWDUODUHODFLyQ
SROtWLFD6REUHHVWHSXQWRFI2%5811(5©2VVHUYD]LRQLVXLFRQFHWWLGLGRPLQLRHGLOHJLWLPLWjª
HQ)LORVRILDSROLWLFD,SS
6DQGUR&KLJQROD
/RVFRQFHSWRVQRWLHQHQKLVWRULDSRUTXHQRFDQDOL]DQXQQ~FOHRUDFLRQDO
FRQVWDQWHGHOTXHSXHGDVHUH[WUDtGDODKLVWRULD3DUWLUGHOSUHVXSXHVWRGHHVWH
Q~FOHRVLJQLILFDUtDFRQWUDGHFLUODSUHPLVDWHyULFDPLVPDGHOD%HJULIIVJHVFKL
FKWH\DVXPLUGHQXHYRORVFRQFHSWRVFRPRHQWLGDGHVXQLYHUVDOHVJHQHUDOHV
HQFLHUWRPRGRFRQVWDQWHVDXQTXHHQPRYLPLHQWRRHQWUDQVIRUPDFLyQ6yOR
GH ORV FRQFHSWRV PRGHUQRV HV HQ YHUGDG SRVLEOH GHFLU TXH KDQ WHQLGR XQD
KLVWRULD\DTXHVXJpQHVLVHVKLVWyULFDPHQWHGHWHUPLQDEOH\DGHPiVVyOR
FRQHOORVFRPSDUHFHQODVFDWHJRUtDVIRUPDOHVGHODUHSUHVHQWDFLyQKLVWyULFR
KLVWRULRJUiILFD
<D~QPiV6LODKLVWRULDGHORVFRQFHSWRVVHOLPLWDVHDHVWRHQWRQFHVQR
KDUtDVLQRDVXPLUDFUtWLFDPHQWH\FRPRREMHWLYRHOFXDGURGHUHIHUHQFLDV\GH
FRRUGHQDGDVGHODFLHQFLDPRGHUQDSUR\HFWiQGRORUHWURVSHFWLYDPHQWHVREUH
ODKLVWRULDDWUDYpVGHODKLVWRULDGHVXVFRPSRQHQWHVFRQFHSWXDOHVVLQJXOD
UHV<ORKDUtDFRPRVLDOGLVSRVLWLYRWHyULFRGHODPRGHUQLGDGVHOHSXGLHUD
DGVFULELUKLVWRULFLGDG\VHSXGLHUDH[WHQGHUVXVFDWHJRUtDVDWRGDODKLVWRULD
FRPRVLVHSXGLHUDXQLYHUVDOL]DUHOGLVSRVLWLYROyJLFRGHODPRGHUQLGDGSUR
GXFLUODREMHWLYLGDGGHOPLVPR\DMXVWDUDpOWRGDGLIHUHQFLD\ILQDOPHQWH
FRPRVLVHSXGLHUDGHVYHODUVXVDSRUtDVFRQVWLWXWLYDV\VXVDVSHFWRVFRQGLFLR
QDOHVVLQLQWHUURJDUVHVREUHODOHJLWLPLGDGKLVWyULFDGHORVFRQFHSWRVPRGHU
QRVVREUHVXUHODWLYLGDG\VREUHVXGHWHUPLQDFLyQ(QHVWHVHQWLGR\MXVWR
SRUHVWRODKLVWRULDFRQFHSWXDOQRDVSLUDFRPRKDSRGLGRHVFULELU'XVRD©OD
UHFRSLODFLyQGHORVGLYHUVRVVLJQLILFDGRVTXHORVFRQFHSWRVKDQWHQLGRHQHO
FXUVRGHOWLHPSRVLQRPiVELHQDUHFRQVWUXLUHOSURFHVRPHGLDQWHHOFXDOVH
KDIRUPDGRORVVLJQLILFDGRVTXHWLHQHQORVFRQFHSWRVPRGHUQRVª
3RUHVWRVPRWLYRVHVWDVHJXQGDSURSXHVWDLWDOLDQDGHOD%HJULIIVJHVFKLFKWH
UHQXQFLDDDOJXQRVGHORVDVSHFWRVPiVVLJQLILFDWLYRVGHOPRGHORGH.RVH
OOHFNODIRUPDGHOOp[LFRODWHRUtDGHOSURFHVRGHFRQPXWDFLyQHODQFODMHHQ
ODKLVWRULDVRFLDO\DGHPiVXWLOL]DXQGLVSRVLWLYRWHyULFRGLIHUHQWH\PiV
UDGLFDO (VWD VHJXQGD SURSXHVWD VH FHQWUD HQ OD LQYHVWLJDFLyQ GH OD FHVXUD
TXH DEUH OD PRGHUQLGDG SROtWLFD \ TXH VyOR SXHGH VHU DVXPLGD DQDOL]DQGR
FUtWLFDPHQWH³\GHVGHHOLQWHULRU³ODFRQVWHODFLyQGHORVFRQFHSWRV\GHODV
FDWHJRUtDV SROtWLFDV PRGHUQDV KLVWyULFDPHQWH GHWHUPLQDGDV 6yOR SDUWLHQGR
GHOSUREOHPDKLVWyULFRFRQFHSWXDOGHORULJHQ\GHOVLJQLILFDGRKLVWyULFDPHQWH
GHWHUPLQDGRGHORVFRQFHSWRVSROtWLFRVPRGHUQRVUHVXOWDSRVLEOHVHJ~QHVWD
SHUVSHFWLYDWUD]DUORVOtPLWHVGHDPSOLWXGHQVHQWLGRKLVWyULFRFRQFHSWXDO
\GHFRQWHQLGRHQVHQWLGROyJLFRGHOGLVSRVLWLYRFRQFHSWXDOSRUPHGLRGHO
FXDOVHKDSHQVDGRHQWpUPLQRVPRGHUQRVHOSUREOHPDGHODSROtWLFD6yORDVt
DTXHOODVIRUPDVGHSHQVDPLHQWRDOWHUQDWLYDVRPiVVHQFLOODPHQWHKLVWyULFD
&I*'862©+LVWRULVFKHV/H[LNRQHVWRULDGHLFRQFHWWLªHQ)LORVRILDSROLWLFD9,,,
SS
+LVWRULDGHORVFRQFHSWRVKLVWRULDFRQVWLWXFLRQDOILORVRItDSROtWLFD«
PHQWHLUUHGXFWLEOHVDODVFRQYHQFLRQDOHVVREUHODSROtWLFDRVREUHORTXHHQ
ODDQWLJHGDGVHOODPDEDORFRP~QNRLQyQSXHGHQVXVWUDHUVHDODMDXODGH
KLHUURGHVXPRGDOLGDGGHUHSUHVHQWDFLyQ
8QSULPHUHIHFWRGHHVWHSODQWHDPLHQWRHVSRUWDQWRYDFLDUGHVHQWLGR
DTXHOSUHVXSXHVWRWiFLWRGHODUHSUHVHQWDFLyQKLVWRULRJUiILFDGHVWLQDGRDHWHU
QL]DU³\DSHQVDUZHEHULDQDPHQWHFRPRREMHWLYRV³FDWHJRUtDV\FRQFHSWRV
TXHVRQSURSLRVGHOKRUL]RQWHGHOGLVSRVLWLYRPRGHUQR\FX\RVFRPSRQHQWHV
\OyJLFDVHWUDWDDKRUDGHHVWXGLDU(QHVWHVHQWLGRDFRQFHSWRVFRPR(VWDGR
VRFLHGDG R SXHEOR QR OHV FRUUHVSRQGH QLQJXQD UHDOLGDG REMHWLYD \D TXH
WDQ VyOR VRQ PRGDOLGDGHV WtSLFDPHQWH PRGHUQDV D WUDYpV GH ODV FXDOHV VH
FRQVWUX\HQIRUPDVKLVWyULFDPHQWHGHWHUPLQDGDVGHUHODFLyQSROtWLFDHQWUHORV
KRPEUHVPLHQWUDVTXHDFRQFHSWRVFRPRGHUHFKRVKXPDQRVOLEHUWDGLJXDO
GDGRGHPRFUDFLDSHQVDGRVHQJHQHUDOEDMRODIRUPDGHOYDORU\SRUHOOR
VXVWUDtGRVDODLQIOXHQFLDKLVWyULFDVHOHVGHEHUiUHWLUDUWRGDYDJDFRQQRWDFLyQ
GHDWHPSRUDOLGDG(VSRVLEOHSRUORGHPiVTXHVRODPHQWHVHSXHGDSHQVDU
DOJRDVtFRPRODOLEHUWDG³HQHOVHQWLGRGHODDXWRQRPtDLQGLYLGXDOGHXQD
YROXQWDGTXHHVUHFRQRFLGDDWRGRVFRPRDXWRQRPtDXQLYHUVDO³GHQWURGHO
PXQGR FOiVLFR OHYDQWDGR VREUH OD LQVWLWXFLyQ GH OD HVFODYLWXG \ VREUH XQD
QRFLyQHVHQFLDOGHQDWXUDOH]DVHJ~QODFXDO©ODVFRVDVQRSXHGHQVHUGHRWUR
PRGRTXHFRPRVRQª
/DVFRQVHFXHQFLDVGHHVWHSODQWHDPLHQWRGHOSUREOHPDVRQHYLGHQWHV'H
XQODGRVHUHDEUHORTXH0D[:HEHUKDEtDFHUUDGR$OVLVWHPDGHFRQFHSWRV
GHODFLHQFLDSROtWLFDPRGHUQDQROHFRUUHVSRQGHQLQJXQDUHDOLGDGLQPHGLDWD
RFRQVLGHUDGDGHVGHHOSXQWRGHYLVWDVRFLROyJLFRDGHPiVHVWDPLVPDUHDOL
GDGTXHVHQXWUHGHFRQFHSWRVKLVWyULFDPHQWHFRQGLFLRQDGRVQRHVPiVTXH
HOIUXWRGHXQDFRQVWUXFFLyQWHyULFDSUHFLVD1RKD\REMHWLYLGDGSRUWDQWR
DODFXDOVHSXHGDDFXGLUSDUDUHVROYHUHOSUREOHPDFRQFHSWXDOGHODSROtWLFD
PRGHUQD'HRWURODGRODHOLPLQDFLyQJHQHDOyJLFDGHODDWHPSRUDOLGDGGHORV
FRQFHSWRVVXSXHVWDPHQWHXQLYHUVDOHVORVWRUQDKLVWyULFRV\ORVH[SRQHDVX
YH]DODLQYHVWLJDFLyQJHQHDOyJLFD
&RQ HVWR HO ZHEHULDQLVPR GH IRQGR HV FRPSOHWDPHQWH HOLPLQDGR GHO
PRGHOR GH .RVHOOHFN (O SUREOHPD QR FRQVLVWH HQ ORJUDU OD UHFRPSRVLFLyQ
GHOOp[LFRSROtWLFRHXURSHRDWUDYpVGHODUHFRQVWUXFFLyQGHODVKLVWRULDVGH
ORV FRQFHSWRV VLQJXODUHV QL HQ VDOYDJXDUGDU JUDFLDV DO SODQR XQLYHUVDO GH
ODFLHQFLDKLVWyULFDODSHUIHFWDWUDGXFFLyQOyJLFDGHORVFRQFHSWRVDQWLJXRV
HQPRGHUQRVSDUDSRGHUYDORUDUODVLQVWDQFLDVGHFRQWLQXLGDG\GHWUDQVIRU
PDFLyQTXHLQWHUYLHQHQHQHOSURFHVRGHFRQFHSWXDOL]DFLyQGHODH[SHULHQFLD
/DORJLFDGHOSRWHUH6RWRULDFRQFHWWXDOHFRPHILORVRILDSROtWLFDFLWS9
$5,67Ð7(/(60HW9'E
6DQGUR&KLJQROD
SROtWLFDRFFLGHQWDO/RTXHHVWiHQMXHJRHVHOSUREOHPDGHODHVSHFLILFLGDG
RGHODSDUFLDOLGDGGHODVFDWHJRUtDVSROtWLFDVPRGHUQDVDVtFRPRHOPRQ
WDQWHGHFUtWLFDTXHHVSRVLEOHUHLYLQGLFDUFRQUHVSHFWRDWDOHVFDWHJRUtDVXQD
YH]TXHVHKD\DUHQXQFLDGRDVXSUHWHQVLyQGHXQLYHUVDOLGDG
(VWH FDPELR VH KD SURGXFLGR HQ GRV WLHPSRV (Q SULPHU OXJDU VH KD
UHFRJLGRHOSUHVXSXHVWRGH.RVHOOHFNVHJ~QHOFXDOHOSUREOHPDSRUH[FH
OHQFLDGHODKLVWRULDGHORVFRQFHSWRVHVODGLVROXFLyQGHOPXQGRDQWLJXR\
HOQDFLPLHQWRGHOPRGHUQRGLH$XIO|VXQJGHUDOWHQXQGGLH(QWVWHKXQJGHU
PRGHUQHQ:HOW/DKLVWRULDGHORVFRQFHSWRVGHEHSUHJXQWDUVHDSDUWLUGH
DKRUDSRUHOOXJDUGHDTXHOODIUDFWXUDSRUVXFRORFDFLyQWHPSRUDO\SRU©FXi
OHV\GHTXpWLSRVRQODVFRQGLFLRQHVªTXHODKDQSURGXFLGR(QVHJXQGR
OXJDU\XQDYH]VXSHUDGRHOSUHVXSXHVWREUXQQHULDQRHQYLUWXGGHOFXDOVH
KDFULWLFDGRODLUUHIOH[LYDDWULEXFLyQGHXQFDUiFWHUFLHQWtILFRDOFRQFHSWRGH
KLVWRULDFRQHOTXHWUDEDMD.RVHOOHFNODLQWHUURJDFLyQKLVWyULFRFRQFHSWXDO
GHO Op[LFR SROtWLFR PRGHUQR QR SRGUi GHWHQHUVH HQ HO GHVFXEULPLHQWR GH OD
IUDFWXUD TXH FRQWUDSRQH ORV KRUL]RQWHV GH VHQWLGR UHFtSURFDPHQWH LQWUDGX
FLEOHVDTXHODQWLJXR\DTXHOPRGHUQRVLQRTXHGHEHOOHJDUDXQDUDGLFDO
©SUREOHPDWL]DFLyQGHOSUHVHQWHªTXHDVXYH]©GHEHVLHPSUHVHUUHLQLFLDGD
GHVGHHOSULQFLSLRª\GHHVWDPDQHUDDVXPLUXQDSUHPLVDWHyULFDIXHUWHPHQWH
DQWLKLVWRULFLVWDODFXDOQRSXHGHVHUVDWLVIHFKDFRQODVLPSOHDVLJQDFLyQGH
ORVSURSLRVFRQFHSWRVDXQDpSRFDGHWHUPLQDGDSUHPLVDTXHDGHPiVRSH
UDUiVLHPSUHGHQXHYRFRQODSOHQDFRQFLHQFLDGHODVFRQGLFLRQHVTXHHOSUH
VHQWH³RELHQQXHVWURKRUL]RQWHOyJLFR³LPSRQHVREUHHOPRGRGHSHQVDUOD
SROtWLFD\VXVFRQFHSWRV
(OWUDEDMRVREUHHOOp[LFRSROtWLFRQRSXHGHVHUVLVHJXLPRVHVWDGLUHFFLyQ
GH LQYHVWLJDFLyQ PiV TXH XQ WUDEDMR FUtWLFR GHVSOHJDGR VREUH HO KRUL]RQWH
GHVHQWLGRGHORPRGHUQR\SRUVXSXHVWRVREUHODPRGDOLGDGSRUPHGLRGH
(VWHSUHVXSXHVWRKDVLGRDWDFDGRSRUODFRQWLQXLGDGTXHVHHVWDEOHFHHQWUHORVFRQFHSWRV
GHSROtWLFRPRGHUQR\HVWDWDO\HQQRPEUHGHODLQFRPSOHWDDVXQFLyQGHODSROtWLFDSRUSDUWH
GHO(VWDGR&I/251$*+,©6XLFRQFHWWLHOHORURSURSLHWjQHOGLVFRUVRSROLWLFRPRGHUQRªHQ
)LORVRILDSROLWLFD,9SSVREUHWRGRODVSS\VX©3UHID]LRQHªD5.26(
//(&.&+0$<(53URJUHVVR0DUVLOLR9HQHFLDSS,;;9,,,
&I5.26(//(&.©(LQOHLWXQJªDO/H[LNRQGHL*HVFKLFKWOLFKH*UXQGEHJULIIHFLWS
6REUHHVWHSXQWR*'862/DORJLFDGHOSRWHUHFLWS3'(%2(5HQVXREUD7KH+LVWRULR
JUDSK\RI*HUPDQ%HJULIIVJHVFKLFKWHDQGWKH'XWFK3URMHFWRI&RQFHSWXDO+LVWRU\FLWSS
\KDFHQRWDUSRUORGHPiVTXHHVWHSUREOHPDGH.RVHOOHFN³HOSUREOHPDGHOD6DWWHO]HLW
TXHLQDXJXUDODPRGHUQLGDG³KDVLGRGLUHFWDPHQWHWRPDGRGH2%5811(5\GHVX/DQGXQG
+HUUVFKDIW
*'862/DORJLFDGHOSRWHUHFLWS
$%,5$/6WRULDHFULWLFDGHOODILORVRILDSROLWLFDPRGHUQDFLWSS
eVWHHVHOUHVXOWDGRPiVUDGLFDOGHOUD]RQDPLHQWRSURJUDPiWLFRGH*'862/DORJLFD
GHOSRWHUHFLWSS
+LVWRULDGHORVFRQFHSWRVKLVWRULDFRQVWLWXFLRQDOILORVRItDSROtWLFD«
OD FXDO HO GLVSRVLWLYR OyJLFR GH ODV FDWHJRUtDV \ GH ORV FRQFHSWRV HWHUQL]D
GRV\QDWXUDOL]DGRVFRPRFRQFHSWRVXQLYHUVDOHVGHODPRGHUQD\FLHQWtILFD
KLVWRULD VLJXH FRQGLFLRQDQGR OD DSUR[LPDFLyQ D OD SUHJXQWD ILORVyILFD SRU
ODDFFLyQSROtWLFD3RUWDOHVUD]RQHVHVWDSHUVSHFWLYDKLVWyULFRFRQFHSWXDOVH
KDPRYLGRHQXQDGLUHFFLyQSURSLDKDLQLFLDGRXQDLQYHVWLJDFLyQVREUHOD
7UHQQXQJHQWUHDQWLJXR\PRGHUQRTXHGHEHFRPHQ]DUDQWHVGHOD6DWWHO]HLW
R6FKZHOOHQ]HLWFRPRDKRUDSDUHFHSUHIHULU.RVHOOHFNHQWUHORVGRVWLHPSRV
KLVWyULFRVKDSUREOHPDWL]DGRHOFDUiFWHUGHFXPSOLPLHQWRGHODPRGHU
QLGDG\UHDELHUWRHOSUREOHPDILORVyILFRGHORSROtWLFRDSDUWLUGHODFUtWLFD
UHDOL]DGDDOVLVWHPDOyJLFRGHORVFRQFHSWRVPRGHUQRV
(QHOSURFHVRTXHFRQGXFHDODUHYROXFLyQGHODPRGHUQLGDGSROtWLFDMXH
JDQXQSDSHOIXQGDPHQWDOODILORVRItDPRUDO\SROtWLFDGHOPHFDQLFLVPR\ODV
GRFWULQDVGHOSDFWRVRFLDO(QHVWHFRQWH[WRTXHKDGHHQWHQGHUVHHQWpUPLQRV
VXVWDQFLDOPHQWH OyJLFRV \ QR KLVWyULFRWHPSRUDOHV SXHVWR TXH VH IRUMD XQ
GLVSRVLWLYR GH FDWHJRUtDV\ GH FRQFHSWRVFRQ ORV TXH VH SHQVDUi OD SROtWLFD
KDVWD OD FULVLV GHO VLJOR ;,; FDPELD UDGLFDOPHQWH HO VLVWHPD GH UHIHUHQ
FLDVDQWURSROyJLFDVVREUHODVTXHVHIXQGDODUHIOH[LyQpWLFRSROtWLFD/RTXH
VH SURGXFH HV HO ILQ GHO ODUJXtVLPR SHUtRGR GRPLQDGR SRU XQ DULVWRWHOLVPR
FULVWLDQRGLIXVR\HOWULXQIRDSDUWLUGHODVJXHUUDVGHUHOLJLyQ\GHOQDFLHQWH
LQGLYLGXDOLVPREXUJXpVGHXQDQXHYDIXQGDFLyQHSLVWHPROyJLFDODFXDOVH
EDVD WDQWR HQ OD LUUHGXFWLELOLGDG ItVLFD GH OD DFFLyQ FRPR HQ OD QHFHVLGDG
GHXQDPHGLDFLyQSROtWLFDGHODFULVLVFDSD]GHGHVFRPSRQHUWRGDWRSRORJtD
FRQVROLGDGDGHORVRUGHQHVQDWXUDOHV
/D FLHQFLD SROtWLFD PRGHUQD QDFH FRPR FRQVHFXHQFLD GHO DJRWDPLHQWR
FRQVFLHQWH\FLHQWtILFRGHOVLVWHPDOyJLFRGHJRELHUQRTXHSDUWtDGHODHVWUXF
WXUDGHODOPDGHOLQGLYLGXR³VDELRHQFXDQWRHUDFDSD]GHDXWRJRELHUQR³
\HQJOREDEDSURJUHVLYDPHQWHODVIRUPDVQDWXUDOHV\SROtWLFDVGHVRFLDOL]DFLyQ
KXPDQD3XHVWRTXHHVQDWXUDOTXH©HQWRGDVODVFRVDVTXHVHGHVFRPSRQHQ
HQ XQD SOXUDOLGDG GH SDUWHV \ IRUPDQ XQD VROD HQWLGDG FRP~Qª H[LVWD HO
TXHPDQGD\HOTXHREHGHFHDVtFRPRHQHOVHUYLYRFRPSXHVWRGHDOPD
\ FXHUSR HV QDWXUDO TXH OD SULPHUD PDQGH VREUH HO VHJXQGR HV WDPELpQ
QDWXUDOTXHHQHOLQWHULRUGHORLNRV\HQODFLXGDGHQODFXDOVHDSOLFDHODUFKp
DKRPEUHVOLEUHVULMDXQFRQMXQWRGHUHODFLRQHVMHUiUTXLFDVHQYLUWXGGHODV
8QDGDWDFLyQSUHYLDGHOD6FKZHOOHQ]HLWHQHOVLJOR;9,,WDUGtRKDVLGRSURSXHVWDSDUD
HOOp[LFRSROtWLFRIUDQFpV&I55(,&+$5'7(6&+0,'7*9$1'(1+(89(/$+g)(5HGV
+DQGEXFK SROLWLVFKVR]LDOHU *UXQGEHJULIIH LQ )UDQNUHLFK 2OGHQERXUJ 9HUODJ
0XQLFK
&I*'862©3DFWRVRFLDO\IRUPDSROtWLFDª,QWURGXFFLyQD(OFRQWUDWRVRFLDOHQOD
ILORVRItDSROtWLFDPRGHUQDFLWS/DUDSSUHVHQWDQ]DFLW
$5,67Ð7(/(63RO<$D
6DQGUR&KLJQROD
FXDOHV©HODOPDGRPLQDHOFXHUSRFRQODDXWRULGDGGHOVHxRUªTXHRWRUJDQ
DORVPHMRUHVODVXSUHPDFtD$OUHGHGRUGHHVWDVILJXUDVGHODUFKpUDFLRQDOVH
RUJDQL]DQORVGLYHUVRVWLSRVGHLQWHUFDPELRSROtWLFRHQHOPXQGRFOiVLFR\
SUHPRGHUQR(QFRQFUHWRWDOHVILJXUDVVHEDVDQHQHOSUHVXSXHVWRGHODQDWX
UDOGHVLJXDOGDGGHORVKRPEUHVTXHHQHORUGHQVRFLDOGLILHUHQHQWUHVtGHXQ
PRGRVLPLODUDFRPRGLILHUHQODVSDUWHVGHXQFRQMXQWR\HQODYLJHQFLDGH
XQDVHULHGHUHODFLRQHVTXHH[LJHGHTXLHQJRELHUQDVLHVTXHTXLHUHGRPLQDU
ODSHULFLD\ODVDELGXUtDSUiFWLFDSURSLDGHDTXHOORVTXHVLHPSUHHVWiQHQFRQ
GLFLRQHVGHGRPLQDUODRFDVLyQ
&RPR HV IiFLO GH YHU SHULFLD \ VDELGXUtD SUiFWLFD DVt FRPR HO DXWRJR
ELHUQRGHOVDELRWLHQHQPXFKRPiVTXHYHUFRQHOPXQGRGHODYLUWXGTXH
FRQHOGHODFLHQFLD3RUHOORVHSXHGHH[SOLFDUODLQVLVWHQFLD³GH&LFHUyQD
-HDQ%RGLQ³HQODPHWiIRUDGHOJXEHUQDWRUUHLSXEOLFDHFRPRWLPRQHOGHOD
QDYHGHO(VWDGR'XUDQWHVLJORVHOWRSRVDOXGHDODDSRORJtDGHXQRUGHQ
SROtWLFR TXH SRU UHIHULUVH D XQ FRPSOHMR FRQMXQWR GH SDUWHV OD GLIHUHQFLD
QDWXUDOHQWUHORVKRPEUHVHQWUHSDGUHHKLMRHQWUHPDFKR\KHPEUDHQWUH
QREOH \ SOHEH\R HQWUH ORV GLIHUHQWHV yUGHQHV \ HVWDPHQWRV GH OD VRFLHGDG
FRUSRUDWLYRHVWDPHQWDOUHTXLHUHGHOJREHUQDQWHODYLUWXGGHODVDELGXUtD\GH
ODPHGLDFLyQ(VWHDVSHFWRSUiFWLFR\SUXGHQFLDOGHODYLUWXGGHVDSDUHFHFRQ
ODUHYROXFLyQ³DQWLFLSDGDSRUHOGHUHFKRQDWXUDO³TXHLQWURGXFHODLJXDOGDG
\GHVWUX\HODSRVLELOLGDGGHXQRUGHQIXQGDGRVREUHODLQPHGLDWDOHJLWLPLGDG
GHOJRELHUQRGHORVPHMRUHV
/DVLQYHVWLJDFLRQHVGH$OHVVDQGUR%LUDOVHKDQFHQWUDGRHQORVDVSHFWRV
XQLWDULRVGHHVWDFULVLV0RQWDLJQHHVHOSULPHURHQDFODUDUHVDFRQIXVDLQWHU
SUHWDFLyQ GH OD SROtWLFD TXH WUDGLFLRQDOPHQWH VH KD IXQGDGR HQ HO SULPDGR
GHODYLUWXG\GHODVDELGXUtD\HQFRPSUHQGHUHOHVWLPXODQWHUHWRSODQWHDGR
SRUXQDGLPHQVLyQKLVWyULFDTXHUHFODPDODQHFHVDULDQHXWUDOL]DFLyQSROtWLFD
GH ODV SDVLRQHV \ QR OD VLPSOH H[LJHQFLD GH PRGHUDFLyQ D ORV LQGLYLGXRV
SULYDGRV)UHQWHDODVLPSRVLFLRQHVGHXQPHFDQLVPRMXUtGLFRTXHFRPRHO
GHODREOLJDFLyQSROtWLFRPRGHUQDVHEDVDHQODQHXWUDOLGDGGHOGLVSRVLWLYR
PDQGRREHGLHQFLDDVRFLDGRDODIRUPDOH\©HOVDELR³FRPRKDHVFULWR$OHV
VDQGUR%LUDO³\DQRHVODILJXUDGHXQEXHQSDGUHGHODFDVDRGHXQEXHQ
JREHUQDQWHVLQRH[FOXVLYDPHQWHODGHXQLQGLYLGXRSULYDGRª
7HQLHQGRHQFXHQWDODJHQHDORJtDGHWRGDVHVDVGLVWLQFLRQHVIXQGDPHQ
WDOHVVREUHODVFXDOHVVHVXVWHQWDODIXQGDFLyQOyJLFDGHODVFDWHJRUtDV\GH
3RO<$E
6REUH HO XVR SROtWLFR GH ODV PHWiIRUDV \ VREUH OD PHWiIRUD GH OD QDYH GHO (VWDGR FI
5,*277,0HWDIRUHGHOODSROLWLFD,O0XOLQR%RORQLDSS,OSRWHUHHOHVXHPHWDIRUH
)HOWULQHOOL0LOiQ
$%,5$/0RQWDLJQHH&KDUURQ(WLFDHSROLWLFDQHOO·HSRFDGHOOHJXHUUHGLUHOLJLRQH
DKRUDHQ6WRULDHFULWLFDGHOODILORVRILDSROLWLFDPRGHUQDFLWS
+LVWRULDGHORVFRQFHSWRVKLVWRULDFRQVWLWXFLRQDOILORVRItDSROtWLFD«
ORVFRQFHSWRVPRGHUQRVODGLVWLQFLyQHQWUHS~EOLFR\SULYDGRHVIUXWRGHOD
GHVSROLWL]DFLyQGHODYLUWXGGHVGH0RQWDLJQHKDVWD&KDUURQORVOLEHUWLQRV
\%RGLQ\RSHUDDIDYRUGHOD(UVDW]TXHGHILHQGHODVXVWLWXFLyQGHODVDEL
GXUtDSRUODUD]yQS~EOLFDHQFDUQDGDHQHOVREHUDQR$SDUWLUGHDKRUDOD
YLUWXGSDVDDVHUH[LJLEOH~QLFDPHQWHHQODHVIHUDUHODWLYDDODVRSLQLRQHV\D
ORVFRPSRUWDPLHQWRVSULYDGRVPLHQWUDVTXHHOVDELRHQUHODFLyQFRQVXSDU
WLFLSDFLyQHQODYLGDSROtWLFDGHEHUiVRPHWHUVHIRU]RVDPHQWHDOLPSHUDWLYR
S~EOLFRGHODOH\'HHVWHPRGRODFRPSOHWDIXQGDFLyQWHyULFDHLQVWLWXFLRQDO
GHODDQWLJXDFRQVWLWXFLyQHXURSHD³SDUDUHWRPDUODH[SUHVLyQGH2WWR%UXQ
QHU³FRPLHQ]DDYDFLODU&RQILQDGRHQHOiPELWRGHORSULYDGRHO+DXV
YDWHUHOPDFKROLEUHDGXOWR\VDELRGHODWUDGLFLyQDULVWRWpOLFDGHMDGHVHU
HOIXQGDPHQWRGHODFDGHQDSROtWLFDTXHSDUWHGHOD©FDVDFRPRFRPSOHMRª
\OOHJDKDVWDODHVIHUDGHSDUWLFLSDFLyQFLXGDGDQD\VHFRQYLHUWHDKRUDHQXQ
VLPSOHV~EGLWRGHO(VWDGR
6DELRHQHOFRQWH[WRGHODVJXHUUDVGHUHOLJLyQ\DQRHVDTXpOTXHLQWHQWD
LPSRQHUXQGLVFXUVRS~EOLFRFDUDFWHUL]DGRSRUVXPRGHUDFLyQ\EXHQRVFRQ
VHMRVVLQRHOKRPEUHTXHKDFRPSUHQGLGRTXHODDQDUTXtD\ODUHYXHOWDVyOR
SXHGHQVHUVXSHUDGDVFRQODD\XGDGHXQSRGHUXQLWDULRVREHUDQR\FDSD]GH
GHILQLU³GHOPLVPRPRGR\SDUDWRGRV³ORVFULWHULRVS~EOLFRVGHDFFLyQ
3RUXQDIHUR]LURQtDGHODKLVWRULDODOHJDOLGDGVHFRQYLHUWHDVtHQODIRUPD
WHUUHQD³OD~QLFDSRVLEOH³GHODMXVWLFLD\HO(VWDGRHQHOJDUDQWHGHODSD]
\GHODLJXDOGDGGHORVV~EGLWRV
/DFHVXUDHQWUHLQWHUQR\H[WHUQRHQWUHS~EOLFR\SULYDGRWDPELpQVLUYH
SDUDH[SOLFDUOD7UHQQXQJHQWUHHOPXQGRDQWLJXR\HOPXQGRPRGHUQR6yOR
HQHOPXQGRPRGHUQRORVLQGLYLGXRVLJXDOHVDKRUDJUDFLDVDXQSRGHUTXH
OHV KD OLEHUDGR GHO VRPHWLPLHQWR \ GH OD GHSHQGHQFLD GH RWURV KRPEUHV
SXHGHQOOHJDUDHMHUFHUODUD]yQGHPDQHUDSULYDGD³DXQTXHHOORWDPELpQ
KD VLGR REMHWR GH XQD iVSHUD FUtWLFD SROtWLFD FRPR KD UHFRUGDGR HO PLVPR
.RVHOOHFN(OFLWDGRSRGHUJDUDQWL]DTXHHOHMHUFLFLRGHODUD]yQSULYDGDVH
UHDOLFHVLQLQWHUIHUHQFLDV\GHPDQHUDSDFtILFD/DVRFLHGDGGHORVPRGHUQRV
VRFLHWDV FLYLOLV D GLIHUHQFLD GH OD VRFLHGDG GH ORV DQWLJXRV SROLWLNp NRL
QRQtD\DQRSXHGHVHUUHSUHVHQWDGDFRPRXQFHUUDGRFRPSXHVWRDOTXHVH
DSOLFDXQDOyJLFDSUXGHQFLDOGHJRELHUQRSXHVVHKDFRQYHUWLGRHQXQHVSD
FLRGHQWURGHOFXDOORVLQGLYLGXRVXQDYH]OLEHUDGRVGHOVRPHWLPLHQWR\GHO
GRPLQLRSXHGHQFRQGXFLUOLEUHPHQWHVXSURSLDYLGDSHURFRQODFRQGLFLyQ
GHTXHREHGH]FDQODVOH\HV\UHVSHWHQODLJXDOGDG\OLEHUWDGGHORVRWURV
/D GLVWLQFLyQ HQWUH OD PRGHUQD VRFLHWDV VLQH LPSHULR OLEUH ©IHGHUDFLyQ
GH HJRtVPRV UDFLRQDOHVª ©PXOWLSOLFLGDG GH OLEHUWDGHV HVFLQGLGDVª TXH VH
UHFRQRFHQLJXDOHVHLQGHSHQGLHQWHVJUDFLDVDODIRUPDGHODOH\\ODDQWLJXD
VRFLHWDV FXP LPSHULR IXQGDGD VREUH XQD GHVLJXDOGDG R GLIHUHQFLD LQWHUQD
TXH HO JRELHUQR VDQFLRQD \ OD GLVWLQFLyQ IXQGDPHQWDO TXH VH KDOOD HQ OD
EDVHGHOGLVSRVLWLYROyJLFRGHOSDFWRVRFLDO³FX\DpSRFDFRLQFLGHSDUDHVWD
VHJXQGDLQWHUSUHWDFLyQLWDOLDQDGHOD%HJULIIVJHVFKLFKWHFRQODpSRFDGHORV
FRQFHSWRV SROtWLFRV PRGHUQRV³ YDQ D VHU GHFLVLYDV SDUD FRPSUHQGHU OD
WHPiWLFDFRQVWLWXFLRQDOGHORV~OWLPRVVLJORV8QRGHORVUHVXOWDGRVHQDSD
ULHQFLDPiVGHVFRQFHUWDQWHVGHWDOHVSODQWHDPLHQWRVLQWHUSUHWDWLYRVFRQVLVWH
HQ QRWDU TXH ORV HIHFWRV GH HVWD OyJLFD OD FXDO DOFDQ]D VX H[SUHVLyQ PiV
HVWULFWD\SRWHQWHFRQHODEVROXWLVPR\FRQ+REEHVOOHJDQKDVWDOD5HYROX
FLyQ)UDQFHVDHLQFOXVRPiVOHMRV
6HJ~QHOPRGHORGHOD%HJULIIVJHVFKLFKWHSURSXHVWRSRU%LUDOORVFRQFHS
WRVSROtWLFRVPRGHUQRVQRSXHGHQHQWHQGHUVHVLQODUHYROXFLRQDULDLJXDOGDG\
VLQODFRQYHUVLyQGHODpWLFDHQFLHQFLD(VWRVGRVKHFKRVQRVSHUPLWHQFRP
SUHQGHUSRUTXpHODXWRGRPLQLRGHOVDELRHVVXVWLWXLGRSRUODUHJXODUL]DFLyQ
OHJDORHVWDWDOGHODVDFFLRQHV/DLQIOXHQFLDGHOPHFDQLFLVPRHVXQDGHODV
SULQFLSDOHVFODYHVSRUODVTXHVHDEDQGRQDDTXHOODpWLFDFOiVLFDFHQWUDGDHQOD
IUyQHVLVRHQODDFFLyQIOH[LEOH5HJXODUL]DU\KDFHUSUHYLVLEOHHOFRPSRUWD
PLHQWRGHORVKRPEUHVJDUDQWL]DUODVHJXULGDGGHORVFLXGDGDQRVSULYDGRV\
QRVXIHOLFLGDG\VREUHWRGRFRRUGLQDUGLFKDE~VTXHGDGHVHJXULGDGFRQHO
SUHVXSXHVWRUHYROXFLRQDULRGHODLJXDOGDGVRQORVILQHVTXHDVXPHODQXHYD
FLHQFLDSROtWLFD
'HHVWHPRGRODVWHRUtDVGHOFRQWUDWRVRFLDORHOVLVWHPDGHORVFRQFHSWRV
\GHODVOyJLFDVVREUHODVTXHVHEDVDHOGLVFXUVRGHODVREHUDQtDVHHQFXHQ
*'862©)LQHGHOJRYHUQRHQDVFLWDGHOSRWHUHªHQ/D/RJLFDGHOSRWHUHFLWS
$%,5$/©+REEHV/DVRFLHWjVHQ]DJRYHUQRªDKRUDHQ6WRULDHFULWLFDGHOODILORVR
ILDSROLWLFDPRGHUQDFLWSSHQSDUWLFXODUSS
$%,5$/©+REEHVODVRFLHWjVHQ]DJRYHUQRªFLWS
*'862©3DFWRVRFLDO\IRUPDSROtWLFDªFLWSS\VV
$%,5$/©5LYROX]LRQHHFRVWLWX]LRQHGHOªHQ6WRULDHFULWLFDGHOODILORVRILD
SROLWLFD PRGHUQD FLW SS * '862 ©5LYROX]LRQH H FRVWLWX]LRQH GHO SRWHUHª HQ ,O
SRWHUHFLWSS4XH+REEHVSXGLHVHVHUFRQVLGHUDGR©HOSDGUHGHWRGRVORVMDFRELQRVª
HUD XQ GDWR \D VDELGR SRU . / 921 +$//(5 /D UHVWDXUD]LRQH GHOOD VFLHQ]D SROLWLFD
HGGH06DQFLSULDQR87(77XUtQYRO,S
+LVWRULDGHORVFRQFHSWRVKLVWRULDFRQVWLWXFLRQDOILORVRItDSROtWLFD«
WUDQHQHORULJHQGHODVFRQVWHODFLRQHVGHFRQFHSWRVSROtWLFRVPRGHUQRV(O
SUREOHPDGHORMXVWRGHVDSDUHFH\HVVXVWLWXLGRSRUHOGHODOHJDOLGDG/RV
KRPEUHV VRQ OLEUHV SRUTXH VRQ LJXDOHV HQ FXDQWR D VX YROXQWDG (O FXHUSR
FROHFWLYRTXHVHGHULYDGHODXQLyQGHODVOLEHUWDGHVLQGLYLGXDOHVQRSRGUi
SRU WDQWR WROHUDU QLQJXQD GLIHUHQFLD QL SULYLOHJLDU SHUVSHFWLYDV SDUFLDOHV
3RU HVWH PRWLYR OD H[SUHVLyQ SROtWLFD GH OD YROXQWDG GHO FXHUSR FROHFWLYR
GHEHUiVHU~QLFD/DXQLFLGDGGHODYROXQWDGVREHUDQDQRSRGUiVHUSURGXFLGD
PiV TXH D WUDYpV GH OD UHSUHVHQWDFLyQ \ VH OHJLWLPDUi H[FOXVLYDPHQWH FRQ
DUJXPHQWRVUDFLRQDOHV\DTXHFRQHOSUHVXSXHVWRGHODLJXDOGDGVHKDGHVYD
QHFLGRWDPELpQODOHJLWLPLGDGGHODVOyJLFDVGHOJRELHUQRQDWXUDOODVFXDOHV
RUJDQL]DEDQ ODV SXOVLRQHV GLYHUJHQWHV GH ODV GLIHUHQWHV SDUWHV GHO FXHUSR
SROtWLFR\VXVLQWHUHVHVSDUFLDOHV©)LQGHOJRELHUQR\QDFLPLHQWRGHOSRGHUª
HVRWURPRGRGHH[SUHVDUVHJ~QODIyUPXODGH'XVRODGLVROXFLyQGHOPXQGR
DQWLJXR\HOQDFLPLHQWRGHOPRGHUQR
,QGLYLGXRLJXDOGDGVXMHWROLEHUWDGYROXQWDGGHUHFKRVUHSUHVHQWDFLyQ
OHJLWLPLGDG\VREHUDQtDHQWUHRWURVVRQORVFRQFHSWRVIXQGDPHQWDOHVGHOD
PRGHUQLGDGTXHVHJ~QHVWDSURSXHVWDVHKDOODQHVWUHFKDPHQWHUHODFLRQDGRV
FRQXQDSROtWLFDTXHSDUWHGHODWUDQVIRUPDFLyQGHODpWLFDHQFLHQFLDORFXDO
SURGXFHDVXYH]DTXHOODFRQYHUVLyQGHODKLVWRULDHQFLHQFLDTXH.RVHOOHFN
GLVFXWHSRUVHULUUHIOH[LYDPHQWHDVXPLGDSHURWDPELpQFRQODVFDWHJRUtDV
GHODIRUPDMXUtGLFDPRGHUQD/RSROtWLFRFRLQFLGHDKRUDFRQORMXUtGLFR(O
Op[LFRSROtWLFRPRGHUQRJHQHUDXQGLVSRVLWLYROyJLFRHQYLUWXGGHOFXDOFDGD
XQRGHORVFRQFHSWRVKDFHUHIHUHQFLDDORVRWURV\QLQJXQRGHHOORVDXQD
UHDOLGDGH[WHUQD1RKD\YDORUHVQLUHDOLGDGKLVWyULFDREMHWLYDDORVTXHVH
SXHGDH[LJLUHOGHEHUGHRWRUJDUXQDVXVWDQFLDDORVSURFHVRVFRQVWLWX\HQWHV
SRUPHGLRGHORVFXDOHVORVFRQFHSWRVSROtWLFRVPRGHUQRVRUGHQDQODUHDOL
GDG
<DVtSRUHMHPSORDOFRQFHSWRGHSXHEORQRVHOHSXHGHDVLJQDUQLQJXQD
UHIHUHQFLD VRFLROyJLFD 6H WUDWD GH XQD SRVLFLyQ UHSHWLGD SRU 'XVR (Q VX
RSLQLyQ HO SXHEOR QR H[LVWH IXHUD GHO FRQR GH VRPEUD SUR\HFWDGR SRU ODV
FDWHJRUtDV SROtWLFDV PRGHUQDV ODV FXDOHV FRQVWUX\HURQ OD VXEMHWLYLGDG GHO
SXHEORJUDFLDVDODHURVLyQGHODVRFLHGDGFRUSRUDWLYD\DODDVXQFLyQGHOD
XQLYHUVDOLGDGGHOTXHUHU(OSXHEORH[LVWHHQHOOp[LFRSROtWLFRPRGHUQRFRPR
SRUWDGRU GH YROXQWDG \ FRPR VXMHWR SROtWLFR VyOR HQ FXDQWR VH WUDWD GH XQ
FRPSXHVWRLQGLIHUHQFLDGRHQHOLQWHULRUORTXHHVOyJLFDPHQWHSRVLEOHGHV
SXpVGHTXHVHSURGX]FDHODJRWDPLHQWRVHPiQWLFR³HQQRPEUHGHOSULQFLSLR
GHLJXDOGDG³GHODDUWLFXODFLyQVRFLDOHQHVWDPHQWRVyUGHQHVRpVWDWV\GH
&I*'862©)LQHGHOJRYHUQRHQDVFLWDGHOSRWHUHªFLW
&I$%,5$/©.RVHOOHFNHODFRQFH]LRQHGHOODVWRULDªFLWSSVV(VHOSDVDMH
TXHWUDGXFHODpWLFDHQFLHQFLDVRFLDO
6DQGUR&KLJQROD
XQDHQWLGDGSROtWLFDFRQVWUXLGDHQWpUPLQRVH[FOXVLYDPHQWHUHSUHVHQWDWLYRV
6yOR HQ QRPEUH GH OD VREHUDQtD GHO SXHEOR HV SRVLEOH HQ VHQWLGR PRGHUQR
OHJLWLPDUDFWRVGHJRELHUQR<VLQHPEDUJRODH[LVWHQFLDGHDOJRDVtFRPROD
VREHUDQtDGHOSXHEORHV~QLFDPHQWHSRVLEOHSRUODDFFLyQGHOUHSUHVHQWDQWH
\HQFRQVHFXHQFLDVyORSXHGHGDUVHHQHOPDUFRGHXQDUDGLFDOGHVSROLWL]D
FLyQGHODSRVLELOLGDGGHDFFLyQGHORVLQGLYLGXRVVLQJXODUHVRFRQFUHWRV(Q
HOFRUD]yQGHODPRGHUQLGDGDSDUHFHDVtXQGLVSRVLWLYROyJLFRTXHH[SURSLD
DOLQGLYLGXRGHVXSURSLRSRGHUHOFXDOHVWUDQVIHULGRDORVDSDUDWRVMXUtGLFRV
TXHJDUDQWL]DQODVHJXULGDGHVSHFLDOPHQWHHQHOWHPDGHODSURSLHGDG
&RPRVHSXHGHGHGXFLUFRQIDFLOLGDGGHOHMHPSORDQWHULRUVHUtDLPSRVLEOH
WUD]DUODKLVWRULDGHOFRQFHSWRGHSXHEORVLQKDFHUUHIHUHQFLDDORVFRQFHSWRV
GHUHSUHVHQWDFLyQGHUHFKRYROXQWDGOHJLWLPLGDGRVREHUDQtD3RUHOORHVWD
VHJXQGDGLUHFFLyQLQWHUSUHWDWLYDDSHVDUGHDVXPLUFRPRSUREOHPDSURSLRHO
Op[LFRSROtWLFRHXURSHRGHODHGDGPRGHUQDQRSUHWHQGHUHFRQVWUXLUODKLVWR
ULDGHORVFRQFHSWRVVLQJXODUHVVLQRPiVELHQDQDOL]DUHOGLVSRVLWLYROyJLFR
FRP~Q D WRGRV HOORV< GH HVWH FXDGUR XQLWDULR TXH HQJORED ORV FRQFHSWRV
LPSOLFDGRVHQORVWH[WRVFOiVLFRVGHOSHQVDPLHQWRSROtWLFRPRGHUQRLQYHV
WLJDVXFRPSOHMRFRQWHQLGR\VXH[SUHVLyQFRQVWLWXFLRQDO6HWUDWDGHXQD
FXHVWLyQIXQGDPHQWDOTXHVHUHSLWHHQYDULDVRFDVLRQHV/DSHUVSHFWLYDKLVWy
ULFRFRQVWLWXFLRQDOFRPRKHPRVWHQLGRRFDVLyQGHUHFRUGDUQRRSHUDFRPR
VLPSOHRSFLyQPHWRGROyJLFD,QVWUXPHQWRVORVFRQFHSWRV\PRGDOLGDGOD
SHUVSHFWLYDKLVWyULFRFRQFHSWXDOGHLQYHVWLJDFLyQVRQH[LJLGRVSRUHOPLVPR
REMHWRHOOp[LFRSROtWLFRPRGHUQRTXHGHEHPRVLQYHVWLJDU(VWHREMHWRQRV
OOHYDDHODERUDUXQPDSDGHORVHOHPHQWRVIXQGDPHQWDOHVRHQWRGRFDVRD
HVWDEOHFHUHOHOHQFRGHORVFRQFHSWRVQHFHVDULRVSDUDFRPSUHQGHUODVGLVWLQWDV
IRUPDV GH OD SROtWLFD PRGHUQD \ D UHFODPDU XQD SHUVSHFWLYD KHUPHQpXWLFD
TXH DVXPD VX DEVROXWD GLVFRQWLQXLGDG FRQ UHVSHFWR D FXDQWR OD SUHFHGH
KLVWyULFDPHQWH 8QD GLVFRQWLQXLGDG TXH SDUWH GH OD UHYROXFLyQ TXH LPSOLFD
HOQXHYRGLVSRVLWLYROyJLFRHQFDUJDGRGHSRQHUHQUHODFLyQ\HQUHFtSURFD
WHQVLyQORVFRQFHSWRVSROtWLFRVPRGHUQRV
1RSRUFDXVDOLGDGHORWURPRWLYRHQHOTXHVHFHQWUDHVWDVHJXQGDLQWHU
SUHWDFLyQLWDOLDQDGHOOp[LFRSROtWLFR³GHVSXpVGHODUHGXFFLyQFLHQWtILFDGH
ODpWLFDTXHVHHQFXHQWUDHQODEDVHGHODGLVWLQFLyQHQWUHS~EOLFR\SULYDGR³
FRQVLVWHHQHVDLGHRORJL]DFLyQGHOSHQVDPLHQWRTXHWUDQVIRUPDORVFRQFHSWRV
HQ HOHPHQWRV DSWRV SDUD RUJDQL]DU OD UHDOLGDG (O HVWDEOHFLPLHQWR GH XQD
7DPELpQHQHOFDVRGHOYROXPHQWLWXODGR,OSRWHUH3HUODVWRULDGHOODILORVRILDSROLWLFD
PRGHUQDDVtFRPRHQORVYRO~PHQHVTXHUHFRJHQHOUHVXOWDGRGHODVLQYHVWLJDFLRQHVKLVWyULFR
FRQFHSWXDOHV GH$OHVVDQGUR %LUDO \ GH *LXVHSSH 'XVR OD UHFRQVWUXFFLyQ VH DUWLFXOD D WUDYpV
GHSUREOHPDV\DXWRUHV\QRDWUDYpVFRQFHSWRVSXHVVHSUHWHQGHSULYLOHJLDUHODQiOLVLVGHXQ
GLVSRVLWLYROyJLFR\QRODUHFRQVWUXFFLyQKLVWyULFDGHORVVHPDVGHXQOp[LFR
+LVWRULDGHORVFRQFHSWRVKLVWRULDFRQVWLWXFLRQDOILORVRItDSROtWLFD«
(VWDHVXQDGHODVGLIHUHQFLDVHQWUHHVWHVHJXQGRPRGHORGHUHFHSFLyQ\HOHVWXGLDGR
HQHO(QWUHODVIXHQWHVTXHOHLQVSLUDQFDEHPHQFLRQDU2%5811(5©/·HSRFDGHOOHLGHRORJLH
,QL]LRHILQHªFLW
*'862©3DFWRVRFLDO\IRUPDSROtWLFDªFLWS
6DQGUR&KLJQROD
©0iV DOOi GH OD FLHQFLD SROtWLFD QR FDEH DSUHFLDU QLQJ~Q RWUR VDEHU \ GHVGH OXHJR
QLQJ~QRWURVDEHUGHOFXDOODSROtWLFDSXHGDH[WUDHUODVUHJODVTXHKDFHQMXVWR\YHUGDGHURVX
JRELHUQR/DSROtWLFDQRHVXQVDEHUTXHVHDSOLTXHDODFLXGDGFRPRVLODFLXGDGIXHVHXQREMHWR
VREUHHOFXDOHVSRVLEOHXQDFRPSUHQVLyQH[WHUQD\VREUHHOFXDOHVSRVLEOHLQWHUYHQLUGHVGHHO
H[WHULRUVLQRTXHSRUHOFRQWUDULRVHWUDWDGHXQVDEHULQVHSDUDEOHGHTXLHQKDHQFRQWUDGR\
VDEHHQFRQWUDUVLHPSUHGHQXHYRVXSURSLDPHGLGD\DHVWRVyORVHSXHGHOOHJDUYLYLHQGRGHQWUR
GHODFLXGDG\PDQWHQLHQGRXQGLiORJRLQLQWHUUXPSLGRFRQVXVFLXGDGDQRVª$%,5$/3ODWRQH
HODFRQRVFHQ]DGLVp/DWHU]D5RPD%DULS
&I*'862©6WRULDFRQFHWWXDOHFRPHILORVRILDSROLWLFDªFLW(OUHWRUQRHQHOFRUD
]yQGHODVDSRUpWLFDVFDWHJRUtDVGHODFLHQFLDSROtWLFDPRGHUQDGHODVWHPiWLFDVHVHQFLDOPHQWH
ILORVyILFDV KD VLGR WUDWDGR SRU SDUWH GHO JUXSR GH LQYHVWLJDFLyQ GH 3DGXD D WUDYpV GHO HVWX
GLR GH DXWRUHV /HR 6WUDXXV (ULF9|JHOLQ +DQQDK$UHQGW TXH KDQ YXHOWR D SURSRQHU FRPR
FRQVHFXHQFLDGHODFULVLVVXIULGDGXUDQWHODSULPHUDPLWDGGHOVLJOR;;SRUODFLHQFLDSROtWLFD
SRVWZHEHULDQDODLUUHGXFWLELOLGDGGHORILORVyILFR&I*'862HG)LORVRILDSROLWLFDHSUDWLFD
GHOSHQVLHUR(ULF9|JHOLQ/HR6WUDXVV+DQQDK$UHQGW$QJHOL0LOiQ$$99©&ULVLV
GHOODVFLHQ]DSROLWLFDHILORVRILD9RHJHOLQ6WUDXVVH$UHQGWªHQ,OSRWHUHFLWSS6
&+,*12/$3UDWLFDGHOOLPLWH6DJJLRVXOODILORVRILDSROLWLFDGH(ULF9RHJHOLQ8QLSUHVV3DGXD
SS\VV
+LVWRULDGHORVFRQFHSWRVKLVWRULDFRQVWLWXFLRQDOILORVRItDSROtWLFD«
(QUHVXPHQHVWDVHJXQGDPRGDOLGDGGHDSUR[LPDFLyQDOD%HJULIIVJHVFKL
FKWHTXHDSDUWLUGHSUHPLVDVUDGLFDOPHQWHKLVWyULFRFRQFHSWXDOHVVHLQWH
UHVDSRUODFUtWLFDGHOOp[LFRSROtWLFRPRGHUQRDQWHWRGRSRUODVSUHWHQVLRQHV
GHXQLYHUVDOLGDG\GHREMHWLYLGDGGHVXVFDWHJRUtDV\GHVSXpVSRUODGHVSR
OLWL]DFLyQ\H[SURSLDFLyQGHODSUD[LVTXHVHLPSRQHFRPRFRQVHFXHQFLDGH
ODVJDUDQWtDVFRQFHGLGDVDOQDFLHQWHLQGLYLGXDOLVPRSURSLHWDULRHYLGHQFLDOR
VLJXLHQWHODQHFHVLGDGGHWUDWDUQRODKLVWRULDGHORVFRQFHSWRVVLQJXODUHV
VLQRHOSURFHVRGHIRUPDFLyQGHOGLVSRVLWLYROyJLFRXQLWDULRGHOTXHHPDQDQ
ORVFRQFHSWRVSROtWLFRVPRGHUQRVODQHFHVLGDGGHUHFRQGXFLUWDOHVSURFH
VRVDXQFRQMXQWRGHWUDQVIRUPDFLRQHVODFLHQWLIL]DFLyQGHODILORVRItDPRUDO
ODGLVWLQFLyQS~EOLFRSULYDGRODHVFLVLyQHQWUHWHRUtD\SUD[LVTXHSUHWHQGHQ
HQWHUUDUODpWLFD\ODSROtWLFDFOiVLFDV\TXHLQDXJXUDQHOFXDGURGHODFLHQFLD
SROtWLFDPRGHUQDODQHFHVLGDGGHWUDWDUHVWHSURFHVRPHGLDQWHHODQiOLVLV
GHODVREUDVGHPD\RUDOWXUDGHODILORVRItDSROtWLFDPRGHUQDSXHVHQHOODVVH
SXHGHREVHUYDUORVFXDGURVWHyULFRVTXHWHQGUiQXQDUiSLGD\HYLGHQWHH[SUH
VLyQFRQVWLWXFLRQDOODQHFHVLGDGGHDSUR[LPDUQRVDODILORVRItD³PiVDOOi
GH OD FULVLV GH OD FLHQFLD SROtWLFD PRGHUQD³ SRU VHU HO Q~FOHR OHMDQR GH OD
PRGHUQDMXULGL]DFLyQGHOSUREOHPDSROtWLFR
(VWHPRGRGHDSUR[LPDUQRVDODKLVWRULDGHORVFRQFHSWRVSROtWLFRVPRGHU
QRVWLHQHFRPRHIHFWRGHVPRQWDUDWUDYpVGHODJHQHDORJtDGHODVPRGHUQDV
FDWHJRUtDVGHORSROtWLFRHOEORTXHLGHROyJLFRTXHSURGXFHODFLHQFLDSROtWLFD
PRGHUQD\VXSURSLDUHSUHVHQWDFLyQUHWURVSHFWLYDGHORVWLHPSRVFRQFHSWXD
OHV&RQHVWHSURFHGLPLHQWRQRVDSDUWDPRVGHOSUHVXSXHVWRNRVHOOHFNLDQR\
DQWHVGH0D[:HEHUTXHSUHWHQGHWUD]DUODVKLVWRULDVVLQJXODUHVDSDUWLUGHO
DQDFURQLVPR GH OD UHSUHVHQWDFLyQ KLVWRULRJUiILFD 'H HVWH PRGR WDPSRFR
DKRUUDPRV D OD %HJULIIVJHVFKLFKWH GH ORV FRQFHSWRV SROtWLFRV PRGHUQRV OD
SUHJXQWDILORVyILFDSRUVXVDSRUtDV\SRUORVOtPLWHVGHVXLQIOXHQFLDVREUHOD
SUD[LVeVWDHVHQVXPDODIXHU]DGHVXVLQQRYDFLRQHV<VXULHVJR
7UDGXFFLyQGH-RVp/XLV9LOODFDxDV\$QWRQLR5LYHUD