0% found this document useful (0 votes)
4 views271 pages

Diseño Curricular Plan 147-3

Download as pdf or txt
Download as pdf or txt
Download as pdf or txt
You are on page 1/ 271

81,9(56,'$'$87Ð120$*$%5,(/5(1e025(12

)$&8/7$''(+80$1,'$'(6

&$55(5$'(62&,2/2*Ì$
352*5$0$'()250$&,Ð1352)(6,21$/
325&203(7(1&,$6

5(',6(f2&855,&8/$5
3/$1

'2&80(172%255$'253$5$75$%$-2,17(512 

6$17$&58=6(37,(0%5('(


,1',&(

152 &217(1,'2 3$*


&$3,78/2,&217(;72<)81'$0(1726
 $QiOLVLVVLWXDFLRQDO\WHQGHQFLDVDFWXDOHVGHODHGXFDFLyQVXSHULRU 
 /DHGXFDFLyQVXSHULRUHQODJOREDOL]DFLyQ 
 7HQGHQFLDVGHODHGXFDFLyQVXSHULRU 
 3ULPHUD&RQIHUHQFLD5HJLRQDOVREUH(GXFDFLyQ6XSHULRU &5(6  
 3ULPHUD&RQIHUHQFLD0XQGLDOGH(GXFDFLyQ6XSHULRU &0(6  
 6HJXQGD&RQIHUHQFLD5HJLRQDOGH(GXFDFLyQ6XSHULRU &5(6  
 6HJXQGD&RQIHUHQFLD0XQGLDOGH(GXFDFLyQ6XSHULRU &0(6  
 3URJUDPD7XQQLQJ/DWLQRDPpULFD 
 &RQWH[WRVRFLRHFRQyPLFR 
 ,QVWUXPHQWRVGHSODQLILFDFLyQGHOGHVDUUROORQDFLRQDO\GHSDUWDPHQWDO 
 3ODQGH'HVDUUROOR(FRQyPLFR\6RFLDOGHO(VWDGR3OXULQDFLRQDO 

 3ODQGH'HVDUUROOR(FRQyPLFR\6RFLDOGH6DQWD&UX] 
 (OPHUFDGRODERUDOGHOSURIHVLRQDO6RFLyORJR 
 &RQWH[WRLQVWLWXFLRQDO 
 %DVHVMXUtGLFDV\DGPLQLVWUDWLYDVGHODHGXFDFLyQVXSHULRUHQ%ROLYLD 
 'HILQLFLyQUROHV\PLVLyQGHODHGXFDFLyQVXSHULRUHQ%ROLYLD 
 $XWRQRPtD\ILQDQFLDPLHQWR 
 2EMHWLYRVGHODHGXFDFLyQVXSHULRUHQ%ROLYLD 
 (OVLVWHPDGHODXQLYHUVLGDGEROLYLDQD 
 &RQIRUPDFLyQYLVLyQ\PLVLyQ 
 (OPRGHORDFDGpPLFRXQLYHUVLWDULREROLYLDQR 
 /D8QLYHUVLGDG$XWyQRPD*DEULHO5HQH0RUHQR 
 1DWXUDOH]DSULQFLSLRVYLVLyQ\PLVLyQ 
 3ODQ(VWUDWpJLFR,QVWLWXFLRQDOGHOD8$*50 
 5HIRUPDVDFDGpPLFDV 
 /D)DFXOWDGGH+XPDQLGDGHV 
 /D&DUUHUDGH6RFLRORJtD 
 3ODQ   
 3ODQ   
 3ODQ   
 6LWXDFLyQDFWXDOGHOD&DUUHUDGH6RFLRORJtD 
 3REODFLyQHVWXGLDQWLO 
 3ODQWHOGRFHQWH 
 3HUVRQDODGPLQLVWUDWLYRXQLGDGHVDFDGpPLFDVHLQIUDHVWUXFWXUD 
 /DHGXFDFLyQYLUWXDOHQHOPDUFRGHOD3DQGHPLD&29,' 
 3HUFHSFLRQHVYDORUDWLYDVVREUHHO3ODQGHIRUPDFLyQ 
 &XPSOLPLHQWRGHREMHWLYRVGHO3ODQ&XUULFXODU 
 3HUWLQHQFLDVRFLDOGHODYLVLyQHVWUDWpJLFDGHO3ODQ&XUULFXODU 
 )XQGDPHQWRVGHO3ODQGH)RUPDFLyQ3URIHVLRQDO 
 )XQGDPHQWRVHSLVWHPROyJLFRV 
 (OSURFHVRGHFRQVWUXFFLyQGHOFRQRFLPLHQWRFRPSOHMR 
 )XQGDPHQWRVSVLFRSHGDJyJLFRV 


 /DVIRUPDVHQTXHVHHQVHxD\DSUHQGHOD6RFLRORJtDFRPRSURIHVLyQ 
 &DUDFWHUtVWLFDVGHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMHHQHODXOD 
 &DUDFWHUtVWLFDVGHORVGRFHQWHV\HVWXGLDQWHVGHODFDUUHUDGH6RFLRORJtD 
 /RVGRFHQWHVGHODFDUUHUDGH6RFLRORJtD 
 &DUDFWHUtVWLFDVGHORVHVWXGLDQWHVGHODFDUUHUDGH6RFLRORJtD 
 1HFHVLGDGHVGH)RUPDFLyQ3URIHVLRQDO 
 1HFHVLGDGHVGHIRUPDFLyQSURIHVLRQDOVHJ~QODVWHQGHQFLDVHGXFDWLYDV 
 1HFHVLGDGHV GH IRUPDFLyQ SURIHVLRQDO HQ OD UHDOLGDG QDFLRQDO \ 
GHSDUWDPHQWDO
 1HFHVLGDGHVGHIRUPDFLyQSURIHVLRQDOGHVGHORVHPSOHDGRUHV 
 1HFHVLGDGHV GH IRUPDFLyQ SURIHVLRQDO GHVGH ORV WLWXODGRV GRFHQWHV \ 
HVWXGLDQWHVGHODFDUUHUDGH
 3UR\HFFLRQHVGHO3URJUDPDGH)RUPDFLyQGHO3URIHVLRQDO 
 9LVLyQGHODFDUUHUDGH6RFLRORJtD 
 0LVLyQGHODFDUUHUDGH6RFLRORJtD 
 2EMHWLYRVGHODFDUUHUDGH6RFLRORJtD 
 3ULQFLSLRVGHODFDUUHUDGH6RFLRORJtD 
 9DORUHVGHODFDUUHUDGH6RFLRORJtD 
&$3,78/2,,3(5),/352)(6,21$/ 
 (VFHQDULRVGHDFWXDFLyQGHOSURIHVLRQDO6RFLyORJR 
 ,QVWLWXFLRQHVJXEHUQDPHQWDOHV 
 2UJDQL]DFLRQHV1R*XEHUQDPHQWDOHV 
 2UJDQL]DFLRQHVGHODVRFLHGDGFLYLO 
 (PSUHQGHGXULVPR 
 ÉUHDVRFXSDFLRQDOHV 
 3ODQLILFDFLyQHVWUDWpJLFD\SROtWLFDSXEOLFDV 
 ,QYHVWLJDFLyQFLHQWtILFD 
 )RUWDOHFLPLHQWRLQVWLWXFLRQDOGHODVRFLHGDGFLYLO 
 *HUHQFLDGHSURJUDPDV\SUR\HFWRV 
 /DVPDFURFRPSHWHQFLDVHVSHFtILFDV\JHQpULFDV 
 0DFURFRPSHWHQFLDVHVSHFtILFDV 
 ,QYHVWLJDFLyQVRFLDO 
 3ODQLILFDFLyQ\SROtWLFDVS~EOLFDV 
 *HUHQFLDGHSUR\HFWRVVRFLDOHV 
 'HVDUUROORLQVWLWXFLRQDO 
 *HVWLyQVRFLDO 
 0DFURFRPSHWHQFLDVJHQpULFDV 
 3HQVDPLHQWRFUtWLFR 
 7UDEDMRHQHTXLSRV 
 &RPSURPLVRVRFLDO 
 &DSDFLGDGDOFDPELR\UHVLOLHQFLD 
 (VStULWXSURSRVLWLYR 
 8VRHILFLHQWHGHWHFQRORJtDV 
 ,QQRYDFLyQ\HPSUHQGHGXULVPR 
 &RPSHWHQFLDVJOREDOHV 
 &RPSHWHQFLDVJOREDOHVHVSHFLILFDGHODSURIHVLyQ 
 &RPSHWHQFLDVJOREDOHVEiVLFDVHVSHFtILFDV 
 &RPSHWHQFLDVJOREDOHVEiVLFDVLQVWUXPHQWDOHV 


 &RPSHWHQFLDVJOREDOHVEiVLFDVFRPSOHPHQWDULDV 
 ,QGLFDGRUHVGHORJURGHODVFRPSHWHQFLDVJOREDOHV 
 ,QGLFDGRUHVGHFRPSHWHQFLDVJOREDOHVHVSHFtILFDVGHODSURIHVLyQ 
 ,QGLFDGRUHVGHFRPSHWHQFLDVJOREDOHVEiVLFDHVSHFtILFDV 
 ,QGLFDGRUHVGHFRPSHWHQFLDVJOREDOHVEiVLFDLQVWUXPHQWDOHV 
 ,QGLFDGRUHVGHFRPSHWHQFLDVEiVLFDFRPSOHPHQWDULDV 
&$3,78/2,,,3/$1'((678',26 
 'HILQLFLyQGHDVLJQDWXUDVSRUFRPSHWHQFLDV 
 $VLJQDWXUDVUHODFLRQDGDVDODVFRPSHWHQFLDVHVSHFtILFDVGHODSURIHVLyQ 
 $VLJQDWXUDVUHODFLRQDGDVDODVFRPSHWHQFLDVEiVLFDVHVSHFtILFDV 
 $VLJQDWXUDVUHODFLRQDGDVDODVFRPSHWHQFLDVLQVWUXPHQWDOHV 
 $VLJQDWXUDVUHODFLRQDGDVDODVFRPSHWHQFLDVFRPSOHPHQWDULDV 
 6HFXHQFLDFLyQGHDVLJQDWXUDVSRUiUHDVGHIRUPDFLyQ 
 6HFXHQFLDGHDVLJQDWXUDVGHOiUHDGHOHMHUFLFLRSURIHVLRQDO 
 6HFXHQFLD GH DVLJQDWXUDV UHODFLRQDGDV DO iUHD GH IRUPDFLyQ EiVLFD 
HVSHFtILFD
 6HFXHQFLDGHDVLJQDWXUDVUHODFLRQDGDVDOiUHDLQVWUXPHQWDO 
 6HFXHQFLD GH DVLJQDWXUDV UHODFLRQDGDV DO iUHD GH IRUPDFLyQ 
FRPSOHPHQWDULD
 $VLJQDFLyQGHKRUDVOHFWLYDVDODVPDWHULDV 
 $VLJQDFLyQ KRUDV OHFWLYDV D PDWHULDV GHO iUHD IRUPDWLYD GHO HMHUFLFLR 
SURIHVLRQDO
 $VLJQDFLyQ KRUDV OHFWLYDV D PDWHULDV GHO iUHD IRUPDWLYD EiVLFD 
HVSHFtILFD
 $VLJQDFLyQKRUDVOHFWLYDVDPDWHULDVGHOiUHDIRUPDWLYDLQVWUXPHQWDO 
 $VLJQDFLyQ KRUDV OHFWLYDV D PDWHULDV GHO iUHD IRUPDWLYD 
FRPSOHPHQWDULD
 $VLJQDFLyQGHPDWHULDVSRUVHPHVWUH 
 2UJDQL]DFLyQ\HVWUXFWXUDJHQHUDOGHO3ODQGH(VWXGLRV 
 7LHPSRWRWDOGHO3ODQGH(VWXGLRV 
 3HULRGROHFWLYREiVLFRGHO3ODQGH(VWXGLRV 
 &DUDFWHUtVWLFDVGHO3ODQGH(VWXGLRV 
 (VWUXFWXUDFLyQGHO3ODQGH(VWXGLRSRUiUHDGHIRUPDFLyQ 
 +RUDVOHFWLYDVSRUiUHDVGHIRUPDFLyQ 
 $VLJQDWXUDVGHOiUHDGHOHMHUFLFLRSURIHVLRQDO 
 $VLJQDWXUDVGHOiUHDEiVLFDHVSHFLILFD 
 $VLJQDWXUDVGHOiUHDLQVWUXPHQWDO 
 $VLJQDWXUDVGHOiUHDFRPSOHPHQWDULD 
 (VWUXFWXUDGHO3ODQGH(VWXGLRSRUVHPHVWUH 
 &DUDFWHUtVWLFDVGHO3ODQGH(VWXGLRV 
 0DWHULDVHOHFWLYDVRIHUWDGDV 
 7DOOHUHVRIHUWDGRV 
 'HILQLFLyQGHOSUiFWLFXP\GHRWURVHVSDFLRVGHLQWHJUDFLyQ 
 3URFHVRGHWUDQVYHUVDOL]DFLyQ 
 (ODERUDFLyQGHPDOODFXUULFXODU 
 0DOODFXUULFXODU3ODQ 
 'HVFULSFLyQJHQHUDOGHODVPDWHULDV 
 $VLJQDWXUDVUHODFLRQDGDVDODVFRPSHWHQFLDVHVSHFtILFDVGHODSURIHVLyQ 


 $VLJQDWXUDVUHODFLRQDGDVDODVFRPSHWHQFLDVEiVLFDVHVSHFtILFDV 
 $VLJQDWXUDVUHODFLRQDGDVDODVFRPSHWHQFLDVLQVWUXPHQWDOHV 
 $VLJQDWXUDVUHODFLRQDGDVDODVFRPSHWHQFLDVFRPSOHPHQWDULDV 
 0RGDOLGDGGHJUDGXDFLyQRWLWXODFLyQ 
 &RQYDOLGDFLyQGHPDWHULDV 
 ,PSDFWRVDFDGpPLFRV\HFRQyPLFRV 
 ,PSDFWRVDFDGpPLFRV 
 ,PSDFWRVHFRQRPLFRV 
&$3,78/2,9352*5$0$'(3/$1'((678',26 
 3URJUDPDGH3ODQGH(VWXGLRVGHOiUHDGHHMHUFLFLRSURIHVLRQDO 
 $VLJQDWXUDVGHOHMHUFLFLRSURIHVLRQDOGHOVH[WRVHPHVWUH 
 $VLJQDWXUDVGHOHMHUFLFLRSURIHVLRQDOGHORFWDYRVHPHVWUH 
 3URJUDPDGH3ODQGH(VWXGLRVGHOiUHDEiVLFDHVSHFLILFD 
 $VLJQDWXUDVGHOiUHDEiVLFDHVSHFLILFDGHOSULPHUVHPHVWUH 
 $VLJQDWXUDVGHOiUHDEiVLFDHVSHFLILFDGHOVHJXQGRVHPHVWUH 
 $VLJQDWXUDVGHOiUHDEiVLFDHVSHFLILFDGHOWHUFHUVHPHVWUH 
 $VLJQDWXUDVGHOiUHDEiVLFDHVSHFLILFDGHOFXDUWRVHPHVWUH 
 $VLJQDWXUDVGHOiUHDEiVLFDHVSHFLILFDGHOTXLQWRVHPHVWUH 
 $VLJQDWXUDVGHOiUHDEiVLFDHVSHFLILFDGHOVH[WRVHPHVWUH 
 $VLJQDWXUDVGHOiUHDEiVLFDHVSHFLILFDGHOVpSWLPRVHPHVWUH 
 $VLJQDWXUDVGHOiUHDEiVLFDHVSHFLILFDGHORFWDYRVHPHVWUH 
 3URJUDPDGH3ODQGH(VWXGLRVGHOiUHDLQVWUXPHQWDO 
 $VLJQDWXUDVGHOiUHDLQVWUXPHQWDOGHOSULPHUVHPHVWUH 
 $VLJQDWXUDVGHOiUHDLQVWUXPHQWDOGHOVHJXQGRVHPHVWUH 
 $VLJQDWXUDVGHOiUHDLQVWUXPHQWDOGHOWHUFHUVHPHVWUH 
 $VLJQDWXUDVGHOiUHDLQVWUXPHQWDOGHOFXDUWRVHPHVWUH 
 $VLJQDWXUDVGHOiUHDLQVWUXPHQWDOGHOTXLQWRVHPHVWUH 
 3URJUDPDGH3ODQGH(VWXGLRVGHOiUHDFRPSOHPHQWDULD 
 $VLJQDWXUDV GHO iUHD FRPSOHPHQWDULD FODVLILFDGDV HQ HO SULPHU 
VHPHVWUH
 $VLJQDWXUDV GHO iUHD FRPSOHPHQWDULD FODVLILFDGDV HQ HO VHJXQGR 
VHPHVWUH
 $VLJQDWXUDVGHOiUHDFRPSOHPHQWDULDFODVLILFDGDVHQHOWHUFHUVHPHVWUH 
 $VLJQDWXUDV GHO iUHD FRPSOHPHQWDULD FODVLILFDGDV HQ HO TXLQWR 
VHPHVWUH
&$3Ì78/2 9 /,1($0,(1726 3$5$ /$ ,03/(0(17$&,Ð1 '(/ 
&855Ì&8/2
 3ROtWLFDVGHLQJUHVRSHUPDQHQFLD\WLWXODFLyQ 
 3ROtWLFDVGHLQJUHVR 
 0RGDOLGDGHVGHDGPLVLyQ 
 5HTXLVLWRVGHDGPLVLyQ 
 3HUILOGHLQJUHVR 
 3ROtWLFDVGHSHUPDQHQFLD 
 'HILQLFLyQFRQFHSWXDOGHSHUPDQHQFLDHVWXGLDQWLO 
 3ROtWLFDVGHSHUPDQHQFLDHVWXGLDQWLO 
 3ROtWLFDVGHJUDGXDFLyQ 
 *UDGRV\WtWXORVDFDGpPLFRV 
 0RGDOLGDGHVGHJUDGXDFLyQ 


 0RGDOLGDGHVGHJUDGXDFLyQDQLYHOOLFHQFLDWXUDHQ6RFLRORJtD 
 0RGDOLGDGHVGHJUDGXDFLyQDQLYHOWpFQLFRXQLYHUVLWDULRVXSHULRU 
 $FFLRQHVSDUDGLQDPL]DUODVJUDGXDFLRQHV 
 1RUPDWLYDYLJHQWHSDUDODLPSOHPHQWDFLyQGHOSURJUDPDGHIRUPDFLyQ 
 ,QIUDHVWUXFWXUD\PHGLRVGLGiFWLFRVGLVSRQLEOHV 
 ,QIUDHVWUXFWXUD 
 $XODV 
 %LEOLRWHFDV\FHQWURVGHGRFXPHQWDFLyQ 
 6DODGHIRUPDFLyQDFDGpPLFDODERUDWRULRJDELQHWH\WDOOHUHV 
 2ILFLQDV\iUHDVGHVHUYLFLR 
 ÉUHDVFRPSDUWLGDVGHVWLQDGDVDODVDFWLYLGDGHVGHSRUWLYDV 
 $PELHQWHV\HTXLSRVSDUDGRFHQWHV\HVWXGLDQWHV 
 (VSDFLRVGHUHXQLRQHVWUDEDMRVVHPLQDULRVWDOOHUHV\FRQIHUHQFLDV 
 0HGLRVGLGiFWLFRV 
 ([LVWHQFLD\FDWDORJDFLyQGHODFHUYRELEOLRJUiILFR 
 (TXLSRVWHFQROyJLFRVHQELEOLRWHFDVODERUDWRULRV\JDELQHWHV 
 (TXLSRVGHFRPSXWDFLyQ 
 (TXLSRVGLGiFWLFRV 
 3UHVXSXHVWR 
 3UHVXSXHVWRDVLJQDGRDOD&DUUHUDGH6RFLRORJtD 
 3UHVXSXHVWRGHO~OWLPRTXLQTXHQLR 
 3UR\HFFLyQSUHVXSXHVWDULD 
 3ODQLILFDFLyQSUHVXSXHVWDULD 
%,%/,2*5$),$ 
$1(;26 


CAPITULO I
&217(;72<)81'$0(1726

 $QiOLVLVVLWXDFLRQDO\WHQGHQFLDVDFWXDOHVGHODHGXFDFLyQVXSHULRU

/DHGXFDFLyQVXSHULRUHQODJOREDOL]DFLyQ

(QODDFWXDOLGDGODVLQVWLWXFLRQHVGHHGXFDFLyQVXSHULRUVHHQFXHQWUDQDQWHQXHYRV
\FRPSOHMRVUHWRVHPHUJHQWHVGHOSURFHVRJOREDOL]DGRU\ORVLPSDFWRVVRFLRHGXFDWLYRV
TXHJHQHUDODSDQGHPLDGHO&29,'

(QODJOREDOL]DFLyQODFRPSHWLWLYLGDGODHILFLHQFLD\VRVWHQLELOLGDGGHODVHFRQRPtDV
HQODHVFDODJOREDOFRPRDVtWDPELpQHODFFHVRDORVEHQHILFLRV\RSRUWXQLGDGHVGHO
GHVDUUROORVRQLQWHUGHSHQGLHQWHVDODVFDSDFLGDGHVJHQHUDGRUDVGHFRQRFLPLHQWRV\
HILFDFLDHQHOXVRGHODLQIRUPDFLyQTXHGHVDUUROODFDGDVRFLHGDG$VtVHFRQILJXUDOD
VRFLHGDGGHODLQIRUPDFLyQ\ODHFRQRPtDGHOFRQRFLPLHQWR

(QODVRFLHGDGGHODLQIRUPDFLyQODWHFQRORJtDFRPXQLFDFLRQDOGLYHUVLILFDORVFDQDOHV
GH FRQHFWLYLGDG \ GLQDPL]D D DOWD LQWHQVLGDG ORV IOXMRV GH OD LQIRUPDFLyQ HQWUH ODV
SHUVRQDV (Q HVWH FRQWH[WR OD UHDOLGDG VRFLDO VH UHGHILQH SURSRUFLRQDOPHQWH D OD
YHORFLGDG FRQ OD TXH VH SURGXFH \ FLUFXOD OD LQIRUPDFLyQ ,QVHUWDUVH D ODV UHGHV
FRPXQLFDFLRQDOHV \ JHVWLRQDU DGHFXDGDPHQWH OD LQIRUPDFLyQ HV SDUWH GH ODV
HVWUDWHJLDV GH YLGD \ FRQGLFLyQ SDUD HO GHVDUUROOR VRVWHQLEOH 3RU VX SDUWH HQ OD
HFRQRPtD GHO FRQRFLPLHQWR OD JHQHUDFLyQ GH ULTXH]D HVWi UHODFLRQDGD FRQ HO YDORU
DJUHJDGRTXHGRWDHOFRQRFLPLHQWRFLHQWtILFR\WHFQROyJLFRDODVPHUFDQFtDV\VHUYLFLRV
'H HVWD PDQHUD ODV IURQWHUDV GHO FRQRFLPLHQWR FLHQWtILFR VH WUDQVIRUPDQ D ULWPRV
DFHOHUDGRVDVtWDPELpQODVFDSDFLGDGHVFUHDWLYDVVHYXHOYHQHOHMHFHQWUDOGHOFDSLWDO
KXPDQR\GHWHUPLQDQORVHVWiQGDUHVGHH[LJLELOLGDGHQHOPHUFDGRODERUDO 'UXFNHU
6DQWRV&DPSLOOR&DUYDMDO 

'HRWURODGRODJOREDOL]DFLyQKDFUHDGRXQDUHGGHUHODFLRQHVHFRQyPLFDVILQDQFLHUDV
FXOWXUDOHVMXUtGLFDVRFLDOHVWHFQROyJLFRHLGHROyJLFDVTXHWUDVSDVDQODVIURQWHUDVGH
ORVHVWDGRVQDFLRQHV(VWHSURFHVRKDFRQWULEXLGRDJHQHUDUXQDQXHYDgeografía de
la centralidad y la marginalidad TXH UHSURGXFH ORV SUREOHPDV HVWUXFWXUDOHV GH OD
VRFLHGDGJOREDO3RUHMHPSORODVciudades globalesVHFRQVWLWX\HQHQORVWHUULWRULRV
GRQGHVHFHQWUDOL]DHOFRQRFLPLHQWRFLHQWtILFRODWHFQRORJtDGHYDQJXDUGLDHOFDSLWDO
ILQDQFLHUR \ HO SRGHU SROtWLFR 3RU VX SDUWH ODV FLXGDGHV TXH QR KDQ GHVDUUROODGR
FLHQFLD\WHFQRORJtDVRQWHUULWRULRVGRQGHVHUHSURGXFHODH[FOXVLyQVRFLDOLQHTXLGDG
\SREUH]D 6DVVHQ 
$HVWDSULQFLSDOFRQWUDGLFFLyQGHODJOREDOL]DFLyQVHVXPDQRWURVSUREOHPDVFRPRHO
GHFUHFLPLHQWRGHODHFRQRPtDPXQGLDO  TXHVLJQLILFyDOODLQFRUSRUDFLyQ
GHDOPHQRVPLOORQHVGHSHUVRQDVDODH[WUHPDSREUH]DDVtWDPELpQHOUHJLVWUR
PiVDOWRGHGHVHPSOHR  HQORTXHYDGHOVLJOR;;, ,QIRUPH:(2 

(QORVGRV~OWLPRVDxRVODSDQGHPLDGHO&29,'UHSUHVHQWDXQDGHODVPD\RUHV
FULVLVTXHDIURQWDODVRFLHGDGJOREDO6XWUDWDPLHQWRKDGHPRVWUDGRODVDVLPHWUtDV
TXHJHQHUDODFHQWUDOLGDG\SHULIHULDGHODJOREDOL]DFLyQHQWRUQRDODFFHVR\XVRGHOD
FLHQFLDWHFQRORJtD\ODPHGLFLQD

(QHOFDVRGHODHGXFDFLyQVXSHULRUORVLPSDFWRVGHODSDQGHPLDKDQVLGRGLUHFWRV\
FRPSOHMRV$QLYHOPXQGLDO PLOORQHVGHHVWXGLDQWHVGHMDUDQGHDVLVWLUDVXV
FHQWURVIRUPDWLYRVREOLJDQGRDORVVLVWHPDVGHHGXFDFLyQHOWUiQVLWRGHODPRGDOLGDG
SUHVHQFLDODODPRGDOLGDGYLUWXDOGHODVDFWLYLGDGHVDFDGpPLFDV(Q$PpULFD/DWLQD\
HO&DULEH´HOFLHUUHWHPSRUDOGHODVXQLYHUVLGDGHVHQHVWDHWDSDGHSDQGHPLDDIHFWy
DSUR[LPDGDPHQWHDXQRVPLOORQHVGHHVWXGLDQWHVGHHGXFDFLyQVXSHULRU\
PLOORQHV GH GRFHQWHV «  HVWR UHSUHVHQWD DSUR[LPDGDPHQWH PiV GHO   GH OD
SREODFLyQGHHVWXGLDQWHV\SURIHVRUHVGHHGXFDFLyQVXSHULRUGHODUHJLyQµ$WRGRHOOR
VHVXPDTXHHODFFHVRGHORVHVWXGLDQWHVDODVWHFQRORJtDV\SODWDIRUPDVUHTXHULGDV
SDUD OD HGXFDFLyQ D GLVWDQFLD VROR DOFDQ]R DO  \ OD FDSDFLGDG UHDO GH ODV
LQVWLWXFLRQHVHQWpUPLQRVWHFQROyJLFRV\SHGDJyJLFRVGHRIUHFHUHGXFDFLyQonline GH
FDOLGDG DO  GHMDQGR IXHUD D XQ  GH HVWXGLDQWHV -LPpQH] *XHUUD  5XL]
*RQ]iOH] 

3RU RWUR ODGR SHVH D ORV DYDQFHV H[SHULPHQWDGRV OD HGXFDFLyQ VXSHULRU QR ORJUD
UHVROYHU VXV SUREOHPDV HVWUXFWXUDOHV (Q ORV ~OWLPRV  DxRV  DO   OD
SREODFLyQ HVWXGLDQWLO XQLYHUVLWDULD SDVR GH  PLOORQHV D  PLOORQHV GH
SHUVRQDV/DUHDOLGDG/DWLQRDPHULFDQD\EROLYLDQDHQSDUWLFXODUQRHVDMHQDDGLFKD
WHQGHQFLD 81(6&281(6&2 (VWHKHFKRKDVLJQLILFDGRHQPXFKRV
FDVRVODDPSOLDFLyQGHODFREHUWXUDVRFLDOGHODHGXFDFLyQVXSHULRUKDFLDVHFWRUHV
KLVWyULFDPHQWH PDUJLQDGRV GH HVWH GHUHFKR FRQ HO DGLWDPHQWR GH XQD QRWDEOH
SURJUHVLYLGDG HQ HO DFFHVR LJXDOLWDULR HQWUH KRPEUHV \ PXMHUHV )UXWR GH HOOR XQ
QXHYRGLYHUVR\FRPSOHMRSHUILOGHODSREODFLyQHVWXGLDQWLOFRQILJXUDQHOURVWURGHOD
XQLYHUVLGDGFRQWHPSRUiQHD

6LQHPEDUJRpVWHDYDQFHUHVXOWDVHULQVXILFLHQWHSDUDJDUDQWL]DUXQDHGXFDFLyQGH
FDOLGDGSHUWLQHQWH\UHOHYDQWH0LHQWUDVORVSDtVHVLQGXVWULDOL]DGRVDOFDQ]DQHO
GHPDWULFXODGRVHQ$PpULFD/DWLQD\HO&DULEHVROROOHJDDO\ÉIULFDVXEVDKDULDQD
DSHQDVDOFDQ]DDXQ 8QHVFR 6HFRQVWDWDWDPELpQTXHHQORVSDtVHVGH
$PpULFD/DWLQD\(O&DULEHVyORODPLWDGGHORVHVWXGLDQWHVLQVFULWRVORJUDQWLWXODUVH
HQHOWLHPSRHVWLSXODGR(QHOFDVRSDUWLFXODUGH%ROLYLDHVWDUHDOLGDGHVPiVFUtWLFD
\D TXH QL OD WHUFHUD SDUWH DOFDQ]D GLFKR REMHWLYR )HUUH\UD $YLWDELOH %RWHUR
+DLPRYLFK \ 8U]~D   /D QRWRULD GHVSURSRUFLRQDOLGDG HQWUH ODV WDVDV GH

Ϯ

PDWULFXODFLyQ\WLWXODFLyQGHVQXGDXQFRQMXQWRGHSUREOHPDVTXHVHHQWUHOD]DQHQ
ODHGXFDFLyQVXSHULRU


7HQGHQFLDVGHODHGXFDFLyQVXSHULRU


(Q UHVSXHVWD D ORV QXHYRV UHWRV TXH LPSOLFDQ ORV FDPELRV VRFLDOHV HFRQyPLFRV
WHFQROyJLFRVSROtWLFRVODERUDOHV\DPELHQWDOHVGHOFRQWH[WRJOREDOGHVGHODGpFDGD
GHORVQRYHQWDGHOVLJORSDVDGRODVXQLYHUVLGDGHVKDQLQLFLDGRXQSURFHVRGHDQiOLVLV
\DGHFXDFLyQGHORVSULQFLSLRVILQHV\UROHVGHODHGXFDFLyQVXSHULRU
/RV HYHQWRV TXH PDUFDQ ODV WHQGHQFLDV SDUD OD WUDQVIRUPDFLyQ GH OD HGXFDFLyQ
VXSHULRUKDFLDHO6LJOR;;,VRQHQWUHRWURVORVVLJXLHQWHV

3ULPHUD&RQIHUHQFLD5HJLRQDOVREUH(GXFDFLyQ6XSHULRU &5(6 


(VWD FRQIHUHQFLD GH  LGHQWLILFR FLQFR WHQGHQFLDV TXH LQFLGtDQ HQ HO
FRPSRUWDPLHQWRGHODHGXFDFLyQVXSHULRUHQ$PpULFD/DWLQD\HO&DULEH
 8QDQRWDEOHH[SDQVLyQGHODPDWUtFXODHVWXGLDQWLO
 /D SHUVLVWHQFLD GH GHVLJXDOGDGHV \ GLILFXOWDGHV SDUD OD GHPRFUDWL]DFLyQ GHO
FRQRFLPLHQWR
 8QDUHVWULFFLyQUHODWLYDGHODVLQYHUVLRQHVS~EOLFDVHQHOVHFWRU
 /D UiSLGD PXOWLSOLFDFLyQ \ GLYHUVLILFDFLyQ GH ODV LQVWLWXFLRQHV GHGLFDGDV D
LPSDUWLUGLVWLQWRVWLSRVGHHGXFDFLyQWHUFLDULD\
 8QDFUHFLHQWHSDUWLFLSDFLyQGHOVHFWRUSULYDGRHQODFRPSRVLFLyQGH ODRIHUWD
HGXFDWLYD
$ OD OX] GH HVWDV WHQGHQFLDV OD &5(6 SURFODPD QXHYRV SULQFLSLRV \
OLQHDPLHQWRV HVWUDWpJLFRV SDUD RULHQWDU OD PLVLyQ GH OD HGXFDFLyQ VXSHULRU HQ OD
VRFLHGDGJOREDO(QWUHHOORV

D La educación superior es un derecho humano. 6H UDWLILFD HO DUWtFXOR  GH OD
'HFODUDFLyQ8QLYHUVDOGHORV'HUHFKRV+XPDQRVUHIHULGRDTXH´WRGDSHUVRQD
WLHQHGHUHFKRDODHGXFDFLyQ\TXHHODFFHVRDORVHVWXGLRVVXSHULRUHVVHUiLJXDO
SDUDWRGRVHQIXQFLyQGHORVPpULWRVUHVSHFWLYRVµ(QHVWHVHQWLGRVXDFFHVR
QR SRGUi HVWDU FRQGLFLRQDGR D QLQJ~Q WLSR GH GLIHUHQFLDV UDFLDOHV UHOLJLRVD
ItVLFDVHFRQyPLFDVLGLRPDVVH[RRFXOWXUDOHV
E El conocimiento es un bien público y social. 6yOR SXHGH VHU JHQHUDGR \
WUDQVPLWLGRHQLQVWLWXFLRQHVSOXUDOHV\OLEUHVTXHJRFHQGHSOHQDDXWRQRPtD\
OLEHUWDG DFDGpPLFD SHUR TXH SRVHDQ XQ FRPSURPLVR VRFLDO \ YROXQWDG GH
VHUYLFLRDODVRFLHGDGDODTXHGHEHQUHQGLUFXHQWDVGHVXVDFFLRQHV
F La educación es a lo largo de toda la vida. 6H GHEH SRVLELOLWDU TXH FXDOTXLHU
SHUVRQDHQFXDOTXLHUHWDSDGHVXYLGDSXHGDUHJUHVDUDODVDXODV\HQFRQWUDU
HQ HOODV OD RSRUWXQLGDG GH UHLQFRUSRUDUVH D OD YLGD DFDGpPLFD \ DOFDQ]DU

ϯ

QXHYRV QLYHOHV GH IRUPDFLyQ SURIHVLRQDO GDGR TXH PiV DOOi GHO
FUHGHQFLDOLVPRODFRPSHWHQFLDDGTXLULGDSRVHHXQYDORUHQVtPLVPD
G La educación superior debe ser de calidad y socialmente pertinente. (Q HVWH
KRUL]RQWHODFDOLGDGHVXQIDFWRUPXOWLGLPHQVLRQDOTXHLQFOX\HFDUDFWHUtVWLFDV
XQLYHUVDOHV\SDUWLFXODUHVTXHDOXGHQDODQDWXUDOH]DGHODVLQVWLWXFLRQHV\GH
ORV FRQRFLPLHQWRV 7DPELpQ UHILHUH D ODV FRPSHWHQFLDV GHO GRFHQWH TXH VH
FRQVWUX\HHQODFRQFHSFLyQGLVHxR\GHVDUUROORGHORVFXUUtFXORViPELWRHQHO
TXHGHEHUiVXVWLWXLUVHXQDFRQFHSFLyQOLQHDOSRUXQDIRUPDFLyQLQWHJUDGDGH
ODTXHSXHGDQHJUHVDUJUDGXDGRVFUHDWLYRVUHIOH[LYRV\SROLIXQFLRQDOHV3RUVX
SDUWHORVHVWXGLDQWHVGHEHQSDUWLFLSDUHQWDQWRVXMHWRVDFWLYRVSURWDJRQLVWDGH
VXSURSLRDSUHQGL]DMHJUDFLDVDXQVLVWHPDGHIRUPDFLyQDYDQ]DGDFRQWLQXD
DELHUWD\FUtWLFD'HHVWDPDQHUDODFDOLGDGHVWDUiGRWDGDGHSHUWLQHQFLDVRFLDO
TXH LPSOLFD OD DGHFXDFLyQ GHO VHU \ TXHKDFHU GH OD HGXFDFLyQ VXSHULRU D VX
GHEHUVHU
%DMRHVWRVSULQFLSLRVOD&5(6SURSRQHTXHODVXQLYHUVLGDGHVGHEHQUHGHILQLU
VXVHVWUXFWXUDVDFDGpPLFDV\SURJUDPiWLFDVEDMRORVVLJXLHQWHVFULWHULRV
D 7UDQVIRUPDUVHHQFHQWURVTXHIDFLOLWHQODDFWXDOL]DFLyQHOUHHQWUHQDPLHQWR\
ODUHFRQYHUVLyQGHSURIHVLRQDOHV\RIUHFHUVyOLGDIRUPDFLyQHQODVGLVFLSOLQDV
IXQGDPHQWDOHVMXQWRFRQXQDDPSOLDGLYHUVLILFDFLyQGHSURJUDPDV
E ,QWURGXFLU PpWRGRV SHGDJyJLFRV EDVDGRV HQ HO DSUHQGL]DMH SDUD IRUPDU
JUDGXDGRV TXH DSUHQGDQ D DSUHQGHU \ D HPSUHQGHU GH VXHUWH TXH VHDQ
FDSDFHVGHJHQHUDUVXVSURSLRVHPSOHRV
F 3URPRYHUHOHVStULWXGHLQGDJDFLyQTXHSHUPLWDODE~VTXHGDVLVWHPiWLFDGHO
FRQRFLPLHQWRWUDVODGDQGRHOpQIDVLVGHODWUDQVPLVLyQGHOFRQRFLPLHQWRKDFLD
HO SURFHVR GH VX JHQHUDFLyQ 'H HVWH PRGR ORV HVWXGLDQWHV DGTXLULUiQ ORV
LQVWUXPHQWRVSDUDDSUHQGHUDDSUHQGHUDFRQRFHUDFRQYLYLU\DVHU

3RU VX FDUiFWHU SURSRVLWLYR HQ HO iPELWR ILORVyILFR SHGDJyJLFR HGXFDWLYR VRFLDO \
ILQDQFLHUROD&5(6VHYDDFRQVWLWXLUHQXQKLWRWUDVFHQGHQWDOHQHOSURFHVR
GHWUDVIRUPDFLyQGHODHGXFDFLyQVXSHULRU

3ULPHUD&RQIHUHQFLD0XQGLDOGH(GXFDFLyQ6XSHULRU &0(6 

(VWD3ULPHUD&RQIHUHQFLD0XQGLDOGH(GXFDFLyQ6XSHULRUGHVDUUROODORVVLJXLHQWHV
SULQFLSLRVTXHRULHQWDQODQXHYDYLVLyQ\VXVOLQHDPLHQWRVSDUDHOWUiQVLWRDODDFFLyQ
HQHOPDUFRGHORVGHVDItRVGHOVLJOR;;,
3ULQFLSLRVSDUDODQXHYDYLVLyQ

D /DLJXDOGDGHQHODFFHVRDODHGXFDFLyQVXSHULRU
E (OIRUWDOHFLPLHQWRGHODSDUWLFLSDFLyQ\SURPRFLyQGHODFFHVRGHODVPXMHUHV
F /DSURPRFLyQGHOVDEHUPHGLDQWHODLQYHVWLJDFLyQHQORViPELWRVGHODFLHQFLD
HODUWH\ODVKXPDQLGDGHV\ODGLIXVLyQGHVXVUHVXOWDGRV
G /DRULHQWDFLyQDODUJRSOD]RGHODSHUWLQHQFLD

ϰ

H (OUHIRU]DPLHQWRGHODFRRSHUDFLyQFRQHOPXQGRGHOWUDEDMR\HODQiOLVLV\OD
SUHYLVLyQGHODVQHFHVLGDGHVGHODVRFLHGDG
I /DGLYHUVLILFDFLyQFRPRPHGLRGHUHIRU]DUODLJXDOGDGGHRSRUWXQLGDGHV
J /D LQWURGXFFLyQ GH PpWRGRV HGXFDWLYRV LQQRYDGRUHV SHQVDPLHQWR FUtWLFR \
FUHDWLYLGDG\
K (O UHFRQRFLPLHQWR GHO SHUVRQDO GRFHQWH \ ORV HVWXGLDQWHV FRPR SULQFLSDOHV
SURWDJRQLVWDVGHODHGXFDFLyQVXSHULRU

/LQHDPLHQWRVSDUDHOWUiQVLWRGHODYLVLyQDODDFFLyQ

D &DOLGDG\HYDOXDFLyQHQODHGXFDFLyQVXSHULRU,QYROXFUDHOQLYHOGHHQVHxDQ]D
H LQYHVWLJDFLyQ VHUYLFLRV HVWXGLDQWLOHV SHUVRQDO DGPLQLVWUDWLYR
LQIUDHVWUXFWXUD\HQWRUQRDFDGpPLFR(VSHFLDOPHQWHDWHQFLyQWRPDODXWLOLGDG
GH VXV SURJUDPDV IRUPDWLYRV TXH GHEHQ WUDVFHQGHU HO PHUR GRPLQLR GHO
FRQRFLPLHQWR GLVFLSOLQDU D ODV FRPSHWHQFLDV FRPXQLFDFLRQDOHV DFFLyQ
SUiFWLFD DQiOLVLV FUHDWLYR \ FUtWLFR WUDEDMR HQ HTXLSR HQ FRQWH[WRV
PXOWLFXOWXUDOHV %DMR HVWRV GHVDItRV GH FDOLGDG ODV XQLYHUVLGDGHV GHEHQ
VRPHWHUVH D SURFHVRV GH HYDOXDFLyQ LQWHUQDV \ H[WHUQDV SRU HQWLGDGHV
HVSHFLDOL]DGDV
E 'LYHUVLILFDFLyQGHSURJUDPDVPpWRGRV\FULWHULRVGHDFFHVR6LJQLILFDFHQWUDU
OD DWHQFLyQ HQ HO HVWXGLDQWH \ VX DSUHQGL]DMH DFWLYR IDFLOLWDQGR HO DFFHVR
HVSHFLDOPHQWHGHPLQRUtDVpWQLFDV\FRQFDSDFLGDGHVHVSHFLDOHV-XQWRDHOOR
VHGHEHLPSOHPHQWDUSROtWLFDVGLULJLGDVDODDFWXDOL]DFLyQ\FXDOLILFDFLyQGHVXV
FRPSHWHQFLDV OD LQQRYDFLyQ GH ORV SURJUDPDV GH HVWXGLRV \ PpWRGRV GH
HQVHxDQ]DDSUHQGL]DMHGHORVGRFHQWHV
F 8VRGHWHFQRORJtD6HFRQVWLWX\HHQXQDRSRUWXQLGDG\QHFHVLGDGLQKHUHQWHD
ORV SURFHVRV GH UHQRYDFLyQ GH OD HGXFDFLyQ VXSHULRU 6X XVR IDFLOLWDUtD OD
GLIXVLyQGHVDEHUHVFLHQFLD\WHFQRORJtD\FRQHOORODGHPRFUDWL]DFLyQGHOD
HGXFDFLyQ \ ODV SRVLELOLGDGHV GH GHVDUUROOR GH ODV VRFLHGDGHV (VWH KHFKR
PRGLILFD HO URO GHO GRFHQWH \ ORV HVWXGLDQWHV HQ HO SURFHVR GH HQVHxDQ]D
DSUHQGL]DMHWUDQVIRUPDODLQJHQLHUtD\FXOWXUDLQVWLWXFLRQDOXQLYHUVLWDULD\VXV
PDUFRVPHWRGROyJLFRV\SHGDJyJLFRV
G *DUDQWtD GHO ILQDQFLDPLHQWR /RVHVWDGRV GHEHQ JDUDQWL]DU HO ILQDQFLDPLHQWR
SDUDTXHODVLQVWLWXFLRQHVGHHGXFDFLyQVXSHULRUORJUHQDOFDQ]DUVXVUROHV\
PLVLyQIUHQWHDODVRFLHGDG3RUVXSDUWHODVXQLYHUVLGDGHVHQHOPDUFRGHVX
DXWRQRPtD GHEHQ FXDOLILFDU VXV PRGHORV GH JHVWLyQ DGPLQLVWUDWLYD SDUD
RSWLPL]DU \ WUDQVSDUHQWDU HO XVR GH VXV UHFXUVRV ILQDQFLHURV DVSHFWRV TXH
IRUPDQSDUWHGHODFDOLGDG\SHUWLQHQFLD/DVDOLDQ]DVHVWUDWpJLFDVFRQRWUDV
LQVWLWXFLRQHV GH HGXFDFLyQ VXSHULRU IRUPDQ SDUWH GH ODV HVWUDWHJLDV GH
ILQDQFLDFLyQ
H /D LQWHUQDFLRQDOL]DFLyQ )XQGDGD HQ HO UHFRQRFLPLHQWR GH OD SOXUDOLGDG
LQVWLWXFLRQDO OD D\XGD PXWXD \ OD VROLGDULGDG VH KDQ GHFRQIRUPDU UHGHV \
DOLDQ]DV LQWHULQVWLWXFLRQDOHV SDUD GHVDUUROODU SURJUDPDV GH H[FHOHQFLD \
HVSHFLDOLGDG HGXFDWLYD D QLYHO LQWHUQDFLRQDO (Q HVWH FRQWH[WR VH GHEHQ
UDWLILFDU \ DSOLFDU ORV PDUFRV QRUPDWLYRV UHJLRQDOHV H LQWHUQDFLRQDOHV TXH
KRPRORJDQ HVWXGLRV \ WtWXORV SURIHVLRQDOHV FRPR DVt WDPELpQ HO

ϱ

UHFRQRFLPLHQWR GH FRPSHWHQFLDV \ FRQRFLPLHQWRV TXH SHUPLWDQ OD PRYLOLGDG
HVWXGLDQWLOHQORVGLIHUHQWHVSURJUDPDVHGXFDWLYRV

(VWRV SULQFLSLRV VH FRQVWLWX\HURQ HQ OD FDUWD GH QDYHJDFLyQ SDUD JHVWLRQDU ODV
WUDVIRUPDFLRQHVGHOVLVWHPDGHHGXFDFLyQXQLYHUVLWDULDHQPXQGR\ODUHJLyQ


6HJXQGD&RQIHUHQFLD5HJLRQDOGH(GXFDFLyQ6XSHULRU &5(6 


/D FRQIHUHQFLD UHJLRQDO GH  LGHQWLILFD WUHV GHVDItRV LPSRUWDQWHV SDUD OD
HGXFDFLyQVXSHULRUHOORVVRQ

 /DFRQVWUXFFLyQGHXQDVRFLHGDGPiVSUyVSHUDMXVWD\VROLGDULDEDMRHOPRGHOR
GHGHVDUUROORKXPDQRLQWHJUDOVXVWHQWDEOH
 /DUHJLyQHVPDUFDGDPHQWHSOXULFXOWXUDO\PXOWLOLQJH(OORUHTXLHUHHQIRTXHV
SURSLRVTXHYDORUHQHVWDGLYHUVLGDGFRPRSULQFLSDOULTXH]D\
 (QODVRFLHGDGGHOFRQRFLPLHQWRODFLHQFLD\ODWHFQRORJtDMXHJDQXQSDSHOGH
SULPHURUGHQSRUHOORHOGHVDUUROORGHODHGXFDFLyQVXSHULRUFRQVWLWX\HQXQ
HOHPHQWR IXQGDPHQWDO SDUD HO DYDQFH VRFLDO OD JHQHUDFLyQ GH ULTXH]D HO
IRUWDOHFLPLHQWRGHODVLGHQWLGDGHVFXOWXUDOHVODFRKHVLyQVRFLDOODOXFKDFRQWUD
ODSREUH]D\HOKDPEUHODSUHYHQFLyQGHOFDPELRFOLPiWLFR\ODFULVLVHQHUJpWLFD
DVtFRPRSDUDODSURPRFLyQGHXQDFXOWXUDGHSD]
(QHOPDUFRGHHVWRVGHVDItRVOD&5(6HVWDEOHFHORVVLJXLHQWHVSULQFLSLRVTXH
VXVWHQWDQHOSODQGHDFFLyQSDUDODHGXFDFLyQVXSHULRUHQODUHJLyQ
D $ILUPDUODQRFLyQGHFDOLGDGYLQFXODGDDODSHUWLQHQFLDHLQFOXVLyQVRFLDO
E )RUPDU\SURPRYHUXQDFXOWXUDGHPRFUiWLFD\FLXGDGDQD
F $ILUPDU ORV YDORUHV KXPDQtVWLFRV \ GH OD SURPRFLyQ GH OD FXOWXUD GH 3D] HO
UHVSHWR\YDORUL]DFLyQGHODGLYHUVLGDGFXOWXUDO\
G *HQHUDUFRQGLFLRQHVSDUDXQGLiORJRHQWUHSDUHVFRQRWUDVUHJLRQHVGHOSODQHWD
FRQpQIDVLVHQODFRRSHUDFLyQ
6REUHODEDVHGHORVSULQFLSLRV\GHVDItRVVHKDIRUPXODGRXQSODQGHDFFLyQSDUDOD
HGXFDFLyQVXSHULRUHQODUHJLyQGH$PpULFD/DWLQD\HO&DULEHGRQGHVXVSULQFLSDOHV
OLQHDPLHQWRVHVWUDWpJLFRVVRQ
([SDQVLyQGHODFREHUWXUDFRQFDOLGDGHLQFOXVLyQVRFLDO(QWUHORVOLQHDPLHQWRV
PiVLPSRUWDQWHVGLULJLGDVDORVJRELHUQRVVHHQFXHQWUDQ

D $PSOLDUODVSROtWLFDVGHLQJUHVRDQLYHOGHJUDGR\SRVWJUDGRH LPSOHPHQWDU
PHFDQLVPRVGHDSR\RSDUDHODFFHVRHTXLWDWLYRDOiPELWRGLJLWDO
E ,PSOHPHQWDU SROtWLFDV GH LQFOXVLyQ GH JpQHUR \ HWQLDV FRQ DGHFXDGRV
LQVWUXPHQWRVTXHJDUDQWLFHQVXSHUPDQHQFLD
3RUVXSDUWHODVLQVWLWXFLRQHVGHHGXFDFLyQVXSHULRUGHEHQ

D $VXPLUFRPSURPLVRFRQODH[SDQVLyQFDOLILFDGDHLQFOXVLYDGHODFREHUWXUDH
LPSOHPHQWDU PHFDQLVPRV GH JHVWLyQ TXH LQFOX\DQ SURFHGLPLHQWRV GH
DXWRHYDOXDFLyQ\DGHFXDGDUHQGLFLyQGHFXHQWDV

ϲ

E 'HVDUUROODUDFFLRQHVGHDUWLFXODFLyQFRQHOVLVWHPDHGXFDWLYRIDYRUHFLHQGRDO
GHVDUUROORGHVyOLGDVEDVHVFRJQLWLYDVKDELOLGDGHVGHVWUH]DV\FDSDFLGDGHVGH
ORVHVWXGLDQWHV

 3ROtWLFDV GH HYDOXDFLyQ \ DVHJXUDPLHQWR GH OD FDOLGDG /RV OLQHDPLHQWRV
HVWDEOHFLGRVSDUDORVJRELHUQRVVRQ
D 3URPRYHU OD FRQVROLGDFLyQ GH ORV VLVWHPDV QDFLRQDOHV GH DFUHGLWDFLyQ \
HYDOXDFLyQSDUDODWUDQVLWDELOLGDGHVWXGLDQWLOHQWUHORVVLVWHPDVGHODUHJLyQ
E $VLJQDFLyQ GH IRQGRV SDUD LQYHVWLJDFLyQ \ SUR\HFWRV GH UHFRQRFLPLHQWR \
YDORUDFLyQGHODGLYHUVLGDGFXOWXUDO\ODLQWHUFXOWXUDOLGDGFRQHTXLGDG
<ORVOLQHDPLHQWRVSDUDODVXQLYHUVLGDGHVVRQ

D )RPHQWDU OD FXOWXUD GH OD DFUHGLWDFLyQ \ HVWDEOHFHU SROtWLFDV VLVWHPDV \


HVWUXFWXUDVLQVWLWXFLRQDOHVGHDVHJXUDPLHQWRGHODFDOLGDG
E $GHODQWDU SURFHVRV GH DXWRHYDOXDFLyQ LQQRYDGRUHV \ SDUWLFLSDWLYRV FRPR
FRPSURPLVRGHWUDQVSDUHQFLDKDFLDODVRFLHGDG

 ,QQRYDFLyQHGXFDWLYD /RV JRELHUQRV GHEHQ SURPRYHU ODHGXFDFLyQ LQWHUFXOWXUDO


TXHLPSOLFDODSURPRFLyQGHORVVDEHUHVPRGRVGHSURGXFFLyQGHFRQRFLPLHQWR\
PRGDOLGDGHV GH DSUHQGL]DMH SURSLDV GH SXHEORV \ FRPXQLGDGHV LQGtJHQDV \ DIUR
GHVFHQGLHQWHV(QVXFDVRODVLQVWLWXFLRQHVGHHGXFDFLyQVXSHULRUGHEHQ

D 'HVDUUROODU QXHYRV FXUUtFXORV PRGHORV HGXFDWLYRV \ HVWUDWHJLDV SHGDJyJLFDV


DGHFXDGDVDORVQXHYRVFRQWH[WRVDODIRUPDFLyQLQWHJUDO\DODVUHODFLRQHVGH
ORV SURIHVLRQDOHV FRQ HO PHUFDGR GH WUDEDMR FRQ FXUUtFXORV IOH[LEOHV TXH OHV
IDFLOLWHQXQWUiQVLWRSRUVXVHVWUXFWXUDVSURPXHYDQQXHYDVWUD\HFWRULDVFRQ
SHUVSHFWLYDVLQWHUPXOWL\WUDQVGLVFLSOLQDULDV
E 3URPRYHU OD XWLOL]DFLyQ GH ODV 7,&V \ IRUWDOHFHU OD RIHUWD GH SURJUDPDV GH
HGXFDFLyQDGLVWDQFLDHLQQRYDUODVSUiFWLFDVSHGDJyJLFDV
'HVDUUROORGHODFLHQFLDWHFQRORJtDHLQYHVWLJDFLyQ&7,/RVOLQHDPLHQWRVSDUDORV
JRELHUQRVVHUiQ
D ,PSOHPHQWDUXQDSROtWLFDQDFLRQDOTXHIRPHQWHODFRQVWUXFFLyQGHXQVLVWHPD
GH FLHQFLD WHFQRORJtD H LQQRYDFLyQ SDUD IDYRUHFHU OD FRRSHUDFLyQ HQWUH
JRELHUQRXQLYHUVLGDGHV\HOVHFWRUSURGXFWLYR
E 3URPRYHU OD LPSOHPHQWDFLyQ GH HVTXHPDV GH WUDQVIHUHQFLD WHFQROyJLFD H
LQQRYDFLyQHQWUHDFWRUHVUHJLRQDOHVSDUDDJUHJDUYDORUDORVELHQHV\VHUYLFLRV
(QVXFDVRORVOLQHDPLHQWRVSDUDODVXQLYHUVLGDGHVVHUtDQ
D 3URPRYHUSROtWLFDVSDUDIRPHQWDUODLQYHVWLJDFLyQ\ODLQQRYDFLyQLQFOX\HQGR
HVWtPXORVDORVSURIHVRUHVLQYHVWLJDGRUHV\HVWXGLDQWHV
E &UHDU LQVWUXPHQWRV SDUD OD JHVWLyQ GH OD WUDQVIHUHQFLD GH FRQRFLPLHQWR H
LQQRYDFLyQ FRPR LQFXEDGRUDV GLVFLSOLQDV GH HPSUHQGLPLHQWR SDUTXHV
WHFQROyJLFRVSROtWLFDVGHSURWHFFLyQDODSURSLHGDGLQWHOHFWXDOHQWUHRWURV
 ,QWHJUDFLyQ UHJLRQDO H LQWHUQDFLRQDOL]DFLyQ /RV OLQHDPLHQWRV PiV UHOHYDQWHV
GLULJLGRVDORVJRELHUQRVVHUtDQ

ϳ

D ,PSOHPHQWDUSROtWLFDV\DFFLRQHVTXHSURPXHYDQODFRQVWUXFFLyQGHO(VSDFLR
GH(QFXHQWUR/DWLQRDPHULFDQR\&DULEHxRGH(GXFDFLyQ6XSHULRU (1/$&(6 
E 3URPRYHU OD LQWHUQDFLRQDOL]DFLyQ GH OD (GXFDFLyQ 6XSHULRU IRUWDOHFLHQGR ORV
SURJUDPDVSDUDODFRRSHUDFLyQ\ODLQWHJUDFLyQ\HVWDEOHFLHQGRDOLDQ]DVSDUD
HOGHVDUUROORGHODDFWLYLGDGFLHQWtILFRWHFQROyJLFD\ODFDOLGDGHGXFDWLYD

$OPLVPRWLHPSRODVXQLYHUVLGDGHVGHEHQSURPRYHUODGRFHQFLDHLQYHVWLJDFLyQHQ
iUHDV UHODFLRQDGDV FRQ OD LQWHJUDFLyQ ODWLQRDPHULFDQD \ FDULEHxD HO GHVDUUROOR
VXVWHQWDEOH ORV HVWXGLRV LQWHUFXOWXUDOHV HO FRQRFLPLHQWR \ YDORUDFLyQ GH QXHVWURV
SDWULPRQLRVFXOWXUDOHV\DPELHQWDOHV\HOHVWXGLRGHIHQyPHQRVFRQWHPSRUiQHRV


6HJXQGD&RQIHUHQFLD0XQGLDOGH(GXFDFLyQ6XSHULRU &0(6 


5HFRQRFLHQGR \ DVXPLHQGR WRGR OR HVWDEOHFLGR HQ ODV DQWHULRUHV FRQIHUHQFLDV \
WRPDQGR HQ FXHQWD ODV H[SHULHQFLDV GHO GHFHQLR  TXH GHPXHVWUD OD
LPSRUWDQFLD HVWUDWpJLFD GH OD HGXFDFLyQ VXSHULRU SDUD DYDQ]DU KDFLD HO GHVDUUROOR
VRVWHQLEOHOD&0(6GHILQLyORVVLJXLHQWHVSULQFLSLRV\OLQHDPLHQWRVGLULJLGRVD
FXDOLILFDUHOVLVWHPDGHHGXFDFLyQVXSHULRUHQHOPDUFRGHODVRFLHGDGFRQWHPSRUiQHD

/DUHVSRQVDELOLGDGVRFLDOGHODHGXFDFLyQVXSHULRU6HGHILQHTXHODVSULQFLSDOHV
UHVSRQVDELOLGDGHVVRQHQWUHRWUDV
D +DFHUDYDQ]DUQXHVWUDFRPSUHQVLyQGHSUREOHPDVSROLIDFpWLFRVGHODVRFLHGDG
JOREDODVtFRPRQXHVWUDFDSDFLGDGGHKDFHUOHVIUHQWH
E $VXPLUHOOLGHUD]JRVRFLDOHQPDWHULDGHFUHDFLyQGHFRQRFLPLHQWRVGHDOFDQFH
PXQGLDO SDUD DERUGDU UHWRV PXQGLDOHV HQWUH ORV TXH ILJXUDQ OD VHJXULGDG
DOLPHQWDULDHOFDPELRFOLPiWLFRODJHVWLyQGHODJXDHOGLiORJRLQWHUFXOWXUDO
ODVHQHUJtDVUHQRYDEOHV\ODVDOXGS~EOLFD
F 3URSRUFLRQDU FRPSHWHQFLDV VyOLGDV SDUD HO PXQGR GH KR\ \ GH PDxDQD
GRWDQGRDORVFLXGDGDQRVSULQFLSLRVpWLFRVFRPSURPHWLGRVFRQODFRQVWUXFFLyQ
GHODSD]ODGHIHQVDGHORVGHUHFKRVKXPDQRV\ORVYDORUHVGHODGHPRFUDFLD
$FFHVRHTXLGDG\FDOLGDG6HGHEHFRQVLGHUDU

D $PSOLDU HO DFFHVR D OD HGXFDFLyQ VXSHULRU FRQ HTXLGDG \ SHUWLQHQFLD


SDUWLFLSDFLyQ\FRQFOXVLyQH[LWRVDGHORVHVWXGLRV LPSODQWDQGRVLVWHPDVTXH
IRPHQWHQ XQD FXOWXUD GH OD FDOLGDG FXOWLYDQGR HO SHQVDPLHQWR FUtWLFR \ OD
FDSDFLGDGGHDSUHQGHUDORODUJRGHWRGDODYLGDFRQXQSHUVRQDOGRFHQWH\GH
LQYHVWLJDFLyQFDOLILFDGRWDOHQWRVR\FRPSURPHWLGRFRQVXODERU
E /D DSOLFDFLyQ GH ODV 7,& D OD HQVHxDQ]D VXSHULRU FRQWULEX\HQ DO DFFHVR OD
FDOLGDG\HOp[LWRDFDGpPLFRHVWXGLDQWLO
,QWHUQDFLRQDOL]DFLyQUHJLRQDOL]DFLyQ\PXQGLDOL]DFLyQ$ODOX]GHXQQXHYRRUGHQ
JOREDOODVLQVWLWXFLRQHVGHHGXFDFLyQVXSHULRUGHEHQ

D &RQWULEXLU D UHGXFLU OD EUHFKD HQ PDWHULD GH GHVDUUROOR PHGLDQWH OD
WUDQVIHUHQFLD GH FRQRFLPLHQWRV \ VROXFLRQHV FRPXQHV TXH IRPHQWHQ OD
FLUFXODFLyQGHFRPSHWHQFLDV\PLWLJDUHOp[RGRGHFRPSHWHQFLDV

ϴ

E 3URPRYHU ORV YDORUHV DFDGpPLFRV PDQWHQHU VX SHUWLQHQFLD \ ORV SULQFLSLRV
EiVLFRVGHOGLiORJR\ODFRRSHUDFLyQHOUHFRQRFLPLHQWRPXWXRHOUHVSHWRGHORV
GHUHFKRVKXPDQRVODGLYHUVLGDG\ODVREHUDQtDQDFLRQDO
F ,QFUHPHQWDU OD FRRSHUDFLyQ UHJLRQDO HQ DVSHFWRV FRPR OD FRQYDOLGDFLyQ GH
HVWXGLRV\GLSORPDVODJDUDQWtDGHFDOLGDGODJREHUQDQ]D\ODLQYHVWLJDFLyQH
LQQRYDFLyQ
G 5HIOHMDU ODV GLPHQVLRQHV LQWHUQDFLRQDO UHJLRQDO \ QDFLRQDO WDQWR HQ OD
HQVHxDQ]DFRPRHQODLQYHVWLJDFLyQ
 (O DSUHQGL]DMH OD LQYHVWLJDFLyQ H LQQRYDFLyQ /DV LQVWLWXFLRQHV GH HGXFDFLyQ
VXSHULRUGHEHQDVXPLUQXHYRV\FUHDWLYRVPHFDQLVPRVTXHOHVSHUPLWDQFXDOLILFDU
VXVSULQFLSDOHVUROHVFRQODVRFLHGDG

D %XVFDQGR QXHYDV IRUPDV GH DXPHQWDU OD LQYHVWLJDFLyQ \ OD LQQRYDFLyQ


PHGLDQWHLQLFLDWLYDVFRQMXQWDVHQWUHHOVHFWRUS~EOLFR\SULYDGR
E )OH[LELOL]DQGRORVVLVWHPDVGHLQYHVWLJDFLyQFRQPLUDVDSURPRYHUODFLHQFLD\
ODLQWHUGLVFLSOLQDULHGDG
F 'LVSRQLHQGR GH PD\RUHV RSRUWXQLGDGHV SDUD ORV GRFHQWHV GHGLFDGRV D ODV
UHDOL]DULQYHVWLJDFLRQHV\
G (VWDEOHFLHQGR DVRFLDFLRQHV GH PXWXR EHQHILFLR FRQ ODV FRPXQLGDGHV \ ODV
VRFLHGDGHVFLYLOHVFRQPLUDVDIDFLOLWDUHOLQWHUFDPELRGHORVFRQRFLPLHQWRV

3URJUDPD7XQQLQJ/DWLQRDPpULFD


(O SURJUDPD 7XQQLQJ /DWLQRDPpULFD HV XQD UHG GH &RPXQLGDGHV GH $SUHQGL]DMHV
FRQIRUPDGDVSRUDFDGpPLFRV\HVWXGLDQWHVGHGLVWLQWRVSDtVHV\XQLYHUVLGDGHV TXH
GHVGHODWUDQVGLVFLSOLQDULHGDGUHIOH[LRQDQ\FRPSDUWHQSURSXHVWDVSDUDODHGXFDFLyQ
VXSHULRU \ OD VRFLHGDG 6XUJH DQWH OD GHPDQGD DFWXDO GH ODV XQLYHUVLGDGHV
ODWLQRDPHULFDQDV \ WLHQH SRU REMHWLYR JHQHUDO FRQWULEXLU D OD FRQVWUXFFLyQ GH XQ
(VSDFLRGH(GXFDFLyQ6XSHULRUHQ$PpULFD/DWLQDHQEDVHDFXDWURHMHVGHWUDEDMR
FRQFUHWRV
 3URIXQGL]DU ORV DFXHUGRV GH HODERUDFLyQ GH PHWDSHUILOHV \ SHUILOHV HQ ODV
GLYHUVDViUHDVWHPiWLFDV
 $SRUWDUDODUHIOH[LyQVREUHHVFHQDULRVIXWXURVSDUDODVQXHYDVSURIHVLRQHV
 3URPRYHU OD FRQVWUXFFLyQ FRQMXQWD GH HVWUDWHJLDV PHWRGROyJLFDV SDUD
GHVDUUROODU\HYDOXDUODIRUPDFLyQGHFRPSHWHQFLDV\
 'LVHxDU XQ VLVWHPD GH FUpGLWRV DFDGpPLFRV GH UHIHUHQFLD TXH IDFLOLWH HO
UHFRQRFLPLHQWR GH HVWXGLRV HQ $PpULFD /DWLQD FRPR UHJLyQ \ TXH SXHGD
DUWLFXODUFRQVLVWHPDVGHRWUDVUHJLRQHV
(O 3URJUDPD 7XQQLQJ KD GHVDUUROODGR XQ DSRUWH LPSRUWDQWH HQ OD GHILQLFLyQ
FRQFHSWXDO\RSHUDWLYL]DFLyQVRFLRHGXFDWLYDGHO0HWDSHUILO\SHUILO(O0HWDSHUILO\HO
SHUILOHVGHILQLGRFRPRel campo/área de aprendizaje de una titulación(VWHSHUILOGH
OD WLWXODFLyQ SRU OR WDQWR SURSRQH UHVXOWDGRV HVSHFtILFRV GHO DSUHQGL]DMH TXH VLUYHQ
FRPR´EHQFKPDUNµGHODVWLWXODFLRQHVVLQWHQHUHQFXHQWDHOFDPSRGHHVSHFLDOL]DFLyQ

ϵ

%DMRHVWDGHILQLFLyQFRQFHSWXDOHO3URJUDPD7XQQLJIRUPXODHMHVSDUDHODERUDUORV
SHUILOHVGHWLWXODFLyQ

(MH/DVQHFHVLGDGHVVRFLDOHV\HFRQyPLFDVGHODUHJLyQ
(MH(OPHWDSHUILOGHOiUHDHQWHQGLGRFRPRODHVWUXFWXUDFLyQJHQHUDOGHORV
SXQWRVGHUHIHUHQFLDUHODWLYRVDFDGDWLWXODFLyQ
(MH  /D FRQVLGHUDFLyQ GH ODV WHQGHQFLDV GH IXWXUR HQ OD SURIHVLyQ \ HQ OD
VRFLHGDG
(MH/DPLVLyQHVSHFtILFDGHODXQLYHUVLGDGTXHHODERUDHOSHUILOGHHJUHVRGH
ODWLWXODFLyQ

3RUPHGLRGHHVWRVHMHVHO0HWDSHUILO\SHUILOHVSDUDODWLWXODFLyQVHUiQGRWDGRVGH
SHUWLQHQFLDVRFLDO\DFDGpPLFDEDVHVREUHODFXDOHOSURIHVLRQDOSRGUiGHVHQYROYHUVH
HQHOPDUFRGHODGLQiPLFDFDPELDQWHTXHFDUDFWHUL]DDODVRFLHGDGUHJLRQDO\JOREDO

%DMRHVWHFRQWH[WRODVSULQFLSDOHVWHQGHQFLDVTXHH[SHULPHQWDODHGXFDFLyQVXSHULRU
VRQHQWUHRWUDV

D 1RWRULR FUHFLPLHQWR \ GLYHUVLILFDFLyQ GH VX SREODFLyQ HVWXGLDQWLO TXH
FRQILJXUDQVXQXHYRURVWURGHODHGXFDFLyQXQLYHUVLWDULD
E /D VRFLHGDG GH OD LQIRUPDFLyQ \ OD HFRQRPtD JOREDO SODQWHDQ D ODV
XQLYHUVLGDGHVODFXDOLILFDFLyQGHVXUROIRUPDWLYRLQYHVWLJDWLYR\GHH[WHQVLyQ
F /RVGHVDItRVGHODVRFLHGDGJOREDOGHPDQGDQ DODHGXFDFLyQVXSHULRUIRUPDU
FLXGDGDQRVFRPSURPHWLGRVFRQORVREMHWLYRVXQLYHUVDOHV
G /DDPSOLDFLyQGHORVVHUYLFLRVHGXFDWLYRVXQLYHUVLWDULRVQRHVJDUDQWtDGHVX
GHPRFUDWL]DFLyQ
H /D FDOLGDG HGXFDWLYD TXH LQFOX\H VX SHUWLQHQFLD UHOHYDQFLD \ HTXLGDG
FRQVWLWX\HXQRGHORVSULQFLSDOHVGHVDItRV
I /DPHMRUDSHUPDQHQWHGHOSURIHVRUDGRODHYDOXDFLyQ\WUDQVIRUPDFLyQGHVXV
PDUFRV WHyULFRV PHWRGROyJLFRV \ HSLVWpPLFRV VRQ JDUDQWtD SDUD OD
SHUPDQHQFLD\p[LWRGHORVHVWXGLDQWHV
J (O HVWXGLDQWH VH FRQVWLWX\H HQ HO DFWRU GH VX FRQRFLPLHQWR PLHQWUDV TXH HO
GRFHQWHIDFLOLWDVXSURFHVRHGXFDWLYR
K /D 7HFQRORJtD GH OD ,QIRUPDFLyQ \ &RPXQLFDFLyQ DVt WDPELpQ OD
LQWHUQDFLRQDOL]DFLyQ VRQ SDUWHV FRQVWLWXWLYDV GHO SURFHVR SHGDJyJLFR GH OD
HGXFDFLyQVXSHULRU
L /DSDQGHPLDHVWDEOHFHQXHYRVGHVDItRVDODHGXFDFLyQVXSHULRUWUDQVLWDUGHOD
DWHQFLyQDODSUHYHQFLyQGHORVSUREOHPDVVRFLDOHV

(QUHVSXHVWDDODVWHQGHQFLDVJOREDOHVODVXQLYHUVLGDGHVYLHQHQLPSOHPHQWDQGRXQ
FRQMXQWR GH SROtWLFDV \ SURJUDPDV GLULJLGRV D WUDVIRUPDU VXV PRGHORV
RUJDQL]DFLRQDOHVSHGDJyJLFRVPHWRGROyJLFRVHSLVWpPLFRV\GHVHUYLFLRV6LELHQVH
UHJLVWUDQDYDQFHVVLJQLILFDWLYRVFRPRSDUWHGHHVWHSURFHVRHVWRVQRVRQVXILFLHQWHV
SDUDDOFDQ]DUORVUHWRVGHFDOLGDGSHUWLQHQFLD\HTXLGDGGHODHGXFDFLyQVXSHULRUHQ
ODVRFLHGDGJOREDO

ϭϬ

&RQWH[WRVRFLRHFRQyPLFR

(Q ODV ~OWLPDV WUHV GpFDGDV %ROLYLD YLHQH H[SHULPHQWDQGR IHQyPHQRV VRFLDOHV
SROtWLFRVHFRQyPLFRV\FXOWXUDOHVGHDOWDVHQVLELOLGDG\UHOHYDQFLDHQWUHHOORV

D /DUHHPHUJHQFLDHLUUXSFLyQGHOPRYLPLHQWRLQGtJHQDHQHOHVFHQDULRQDFLRQDO
D WUDYpV GH VXV DFFLRQHV FROHFWLYDV TXH LQWHUSHOD HO FDUiFWHU PRQRFXOWXUDO
H[FOX\HQWH\FHQWUDOLVWDGHO(VWDGR5HSXEOLFDQR
E /DVWUDQVIRUPDFLRQHVHQHOVLVWHPDGHWHQHQFLDGHODWLHUUDFDUDFWHUL]DGRSRU
HOUHFRQRFLPLHQWRGHQXHYRVVXMHWRVGHGHUHFKRDJUDULR
F (OVXUJLPLHQWR\HPSRGHUDPLHQWRGHQXHYRVPRYLPLHQWRVVRFLDOHV\FRQHOOROD
LQWHQVLILFDFLyQGHODYLGDGHPRFUiWLFD
G (O GHVGLEXMDPLHQWR GH ODV IURQWHUDV XUEDQDV \ UXUDOHV DVt WDPELpQ OD
UHFRQILJXUDFLyQSRUFHQWXDOGHODGHPRJUDItDHQWUHDPERVHVSDFLRV
(Q HVWH FRQWH[WR VH HQJHQGUD \ GLQDPL]D HO SURFHVR FRQVWLWX\HQWH HQ HO SDtV TXH
FRQGXFHDODHODERUDFLyQ\SURPXOJDFLyQGHODDFWXDO&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR
ODPLVPDTXHEDMRHOSDUDGLJPDFLYLOL]DWRULRGHOYLYLUELHQEXVFDFRQVWUXLUXQ(VWDGR
3OXULQDFLRQDO \ $XWRQyPLFR FRQ VRFLHGDGHV GHPRFUiWLFDV H LQFOX\HQWHV %DMR HVWH
GHVDItR VH UHFRQRFHQ ORV LGLRPDV GH  QDFLRQDOLGDGHV GH SXHEORV LQGtJHQDV
H[LVWHQWHVDORODUJR\DQFKRGHOSDtVDVtWDPELpQVHFRQVWLWXFLRQDOL]DQVXVGHUHFKRV
FROHFWLYRVHQWUHORVTXHVHGHVWDFDQODDXWRGHWHUPLQDFLyQ\HGXFDFLyQLQWHUFXOWXUDO
&RPSOHPHQWDULDPHQWH HO SDtV H[SHULPHQWD XQ SURFHVR GH PHWURSROL]DFLyQ TXH
UHEDVDQODVHVWUXFWXUDV\SDUDGLJPDVKDELWDFLRQDOHVGHODVFLXGDGHV(QODV~OWLPDV
VHLVGpFDGDVVHKDLQFUHPHQWDGRGHDODSREODFLyQGHOSDtVTXHYLYHHQODV
FLXGDGHV FDSLWDOHV H LQWHUPHGLDV (Q HVWH HVFHQDULR VXUJHQ QXHYRV SUREOHPDV
VRFLDOHV\VHFRPSOHML]DQDTXHOORVTXHQRORJUDQVHUVROXFLRQDGRVKLVWyULFDPHQWH
(Q OD DFWXDOLGDG %ROLYLD VH HQFXHQWUD DQWH ORV GHVDItRV GH JHVWLRQDU ORV LPSDFWRV
JHQHUDGRV SRU OD SDQGHPLD GHO &29,' \ DYDQ]DU HQ OD DJHQGD GHO GHVDUUROOR
HVWDEOHFLGD SDUD HO DxR  /D UHDFWLYDFLyQ \ FUHFLPLHQWR GH OD HFRQRPtD OD
JHQHUDFLyQ\GLYHUVLILFDFLyQGHIXHQWHVGHWUDEDMRODHVWDELOLGDGSROtWLFD\VRFLDOFRPR
WDPELpQHOGHVDUUROORGHODLQGXVWULDOL]DFLyQFRQVXVWLWXFLyQGHLPSRUWDFLRQHVFRPR
HVWUDWHJLD SDUD DYDQ]DU KDFLD HO 9LYLU %LHQ VRQ HQWUH RWURV ORV OLQHDPLHQWRV
HVWUDWpJLFRVTXHRULHQWDQHODFFLRQDUGHODLQVWLWXFLRQDOLGDGHVWDWDO


,QVWUXPHQWRVGHSODQLILFDFLyQGHOGHVDUUROORQDFLRQDO\GHSDUWDPHQWDO
3ODQGH'HVDUUROOR(FRQyPLFR\6RFLDOGHO(VWDGR3OXULQDFLRQDO

(QPDUFDGRHQHO9LYLU%LHQFRPRKRUL]RQWHFLYLOL]DWRULR\HOPRGHORGHHFRQRPtDSOXUDO
TXHGHILQHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRDGHPiVFRQVLGHUDQGRORVREMHWLYRVGH
GHVDUUROORGHOPLOHQLR\ODDJHQGDSDWULyWLFDKDFLDHOELFHQWHQDULRGHODLQGHSHQGHQFLD
GH%ROLYLDHOJRELHUQRQDFLRQDOKDHODERUDGR\SXHVWRHQYLJHQFLDHO3ODQGH'HVDUUROOR
(FRQyPLFR \ 6RFLDO WLWXODGR Reconstruyendo la Economía para Vivir Bien, hacia la
Industrialización con sustitución de importaciones, FRUUHVSRQGLHQWH DO SHULRGR 
(O3ODQVHHVWUXFWXUDHQHMHVHVWUDWpJLFRV(OORVVRQ

ϭϭ

 5HFRQVWUX\HQGR OD HFRQRPtD UHWRPDQGR OD HVWDELOLGDG PDFURHFRQyPLFD \
VRFLDO
 ,QGXVWULDOL]DFLyQFRQVXVWLWXFLyQGHLPSRUWDFLRQHV
 6HJXULGDG DOLPHQWDULD FRQ VREHUDQtD SURPRFLyQ GH H[SRUWDFLRQHV FRQ YDORU
DJUHJDGR\GHVDUUROORWXUtVWLFR
 3URIXQGL]DFLyQGHOSURFHVRGHLQGXVWULDOL]DFLyQGHORVUHFXUVRVQDWXUDOHV
 (GXFDFLyQ LQYHVWLJDFLyQ FLHQFLD \ WHFQRORJtD SDUD HO IRUWDOHFLPLHQWR \
GHVDUUROORGHFDSDFLGDGHV\SRWHQFLDOLGDGHVSURGXFWLYDV
 6DOXG \ GHSRUWHV SDUD SURWHJHU OD YLGD FRQ FXLGDGR LQWHJUDO HQ WLHPSRV GH
SDQGHPLD
 5HIRUPD MXGLFLDO JHVWLyQ S~EOLFD GLJLWDOL]DGD \ WUDQVSDUHQWH VHJXULGDG \
GHIHQVDLQWHJUDOFRQVREHUDQtDQDFLRQDO
 0HGLRDPELHQWHVXVWHQWDEOH\HTXLOLEUDGRHQDUPRQtDFRQODPDGUHWLHUUD
 ,QWHJUDFLyQ\UHODFLRQHVLQWHUQDFLRQDOHVFRQVREHUDQtD
 &XOWXUDV GHVFRORQL]DFLyQ \ GHVSDWULDUFDOL]DFLyQ SDUD OD UHYROXFLyQ
GHPRFUiWLFDFXOWXUDO

(O9LYLU%LHQHVWiHVWDEOHFLGRHQHO3ODQ1DFLRQDOFRPRHOKRUL]RQWHFLYLOL]DWRULRTXH
VXVWHQWDODVEDVHVGHOQXHYR(VWDGR3OXULQDFLRQDO\ODVRFLHGDGEROLYLDQD(OORLPSOLFD
HQWUH RWUDV FRVDV UHGHILQLU OD UHODFLyQ GHO KXPDQR FRQ OD QDWXUDOH]D GHVGH XQD
SHUVSHFWLYDGHFRPSOHPHQWDULHGDG\UHVSHWR

(Q HVWH FRQWH[WR HO PRGHOR HFRQyPLFR SOXUDO TXH VH SURSRQH VH DILQFD HQ OD
GLYHUVLILFDFLyQSURGXFWLYDHOUHFRQRFLPLHQWRGHODVGLYHUVDVIRUPDVGHRUJDQL]DFLyQ
SURGXFWLYD \ FRQ HOOR OD LQGXVWULDOL]DFLyQ FRQ VXVWLWXFLyQ GH LPSRUWDFLRQHV FRPR
PHFDQLVPRGHLQVHUFLyQIDYRUDEOHHQHOPHUFDGRJOREDO

(QUHODFLyQDODHGXFDFLyQHOHMHGHO3ODQ1DFLRQDOSODQWHDOLQHDPLHQWRVGLULJLGRV
DYLQFXODUORVVHUYLFLRVGHODHGXFDFLyQVXSHULRUFRQHOGHVDUUROORGHOSDtVHOORVVRQ
 *DUDQWL]DU HO HMHUFLFLR GHO GHUHFKR D XQD HGXFDFLyQ LQWHJUDO LQWHUFXOWXUDO \
SOXULOLQJHFRQFDOLGDG\VLQGLVFULPLQDFLyQGHUD]DRULJHQJpQHURFUHHQFLD\
GLVFDSDFLGDGHQWRGRHOVLVWHPDHGXFDWLYRSOXULQDFLRQDO
 $UWLFXODU \ SURPRYHU OD HGXFDFLyQ HVSHFLDOL]DGD OD LQYHVWLJDFLyQ \ OD
LQQRYDFLyQ WHFQROyJLFD RULHQWDGD D IRUWDOHFHU ODV FDSDFLGDGHV \
SRWHQFLDOLGDGHV SURGXFWLYDV FRQ HQIRTXH GH LGHQWLGDG \ SURPRFLyQ GHO
FRQVXPRGHODSURGXFFLyQQDFLRQDO
 ,QYHVWLJDFLyQFLHQFLD\WHFQRORJtDDOVHUYLFLRGHODSURGXFFLyQQDFLRQDOSDUD
RSWLPL]DUORVSURFHVRVSURGXFWLYRVHLQFUHPHQWDUODSURGXFWLYLGDGFRQPLUDVD
ODLQGXVWULDOL]DFLyQFRQVXVWLWXFLyQGHLPSRUWDFLRQHV\
 ,PSXOVDUODH[SORWDFLyQGHODLQWHOLJHQFLDDUWLILFLDODSOLFDGDGHVGHHOJRELHUQR
HOHFWUyQLFR SDUD OD LPSOHPHQWDFLyQ GH SROtWLFDV S~EOLFDV D WUDYpV GHO XVR
LQWHQVLYRGHODV7,&V

ϭϮ

(O UHFRQRFLPLHQWR GH OD HGXFDFLyQ FRPR GHUHFKR OD JHQHUDFLyQ GH FRQRFLPLHQWR
FLHQWtILFR\WHFQROyJLFRHQWDQWRSULQFLSDOHVUROHVGHODXQLYHUVLGDGVHSRQHQDOFHQWUR
GH OD YLVLyQ HVWUDWpJLFD GHO 3ODQ 1DFLRQDO (Q HVWH FRQWH[WR HO (VWDGR DVXPH OD
LPSRUWDQFLDHVWUDWpJLFDTXHWLHQHODFDOLGDGSHUWLQHQFLD\HTXLGDGGHODHGXFDFLyQ
VXSHULRUSDUDDOFDQ]DUORVUHVXOWDGRVSODQWHDGRVGHFDUDDOSUy[LPRTXLQTXHQLR(OOR
LPSOLFDHQWUHRWURVFRPSURPLVRVHODSR\RILQDQFLHURDODHGXFDFLyQVXSHULRUS~EOLFD


3ODQGH'HVDUUROOR(FRQyPLFR\6RFLDOGH6DQWD&UX]


(O3ODQGH'HVDUUROOR'HSDUWDPHQWDOGH6DQWD&UX]KDHVWDEOHFLGRFRPR
YLVLyQHVWUDWpJLFDGHOGHVDUUROORUHJLRQDOFUXFHxRODVLJXLHQWH

6DQWD&UX]HQHODxRHVXQGHSDUWDPHQWRDXWyQRPRLQWHJUDGR
SURGXFWLYR FRPSHWLWLYR \ H[SRUWDGRU VH EDVD SULQFLSDOPHQWH HQ OD
DJURLQGXVWULDPDQXIDFWXUDV\HOWXULVPRFRQXQDSREODFLyQVDOXGDEOH
HPSUHQGHGRUDLQQRYDGRUDTXHSURPXHYHODHTXLGDGHLQFOXVLyQVRFLDO
YDORUDODGLYHUVLGDGFXOWXUDOWLHQHXQHOHYDGRQLYHOGHYLGD\DFFHVRD
VHUYLFLRV GH FDOLGDG DSURYHFKD HQ IRUPD VRVWHQLEOH ORV UHFXUVRV
QDWXUDOHV SUHVHUYDQGR OD FDOLGDG DPELHQWDO HQ XQ PDUFR GH JHVWLyQ
S~EOLFD\GHRUGHQDPLHQWRWHUULWRULDOHILFLHQWHFRQLQVWLWXFLRQHVVyOLGDV
\XQFDSLWDOKXPDQRIRUPDGR
'DGDVXVSRWHQFLDOLGDGHV\GLQiPLFDVHFRQyPLFDVVRFLDOHVFXOWXUDOHVWHUULWRULDOHV
SURGXFWLYDV\DPELHQWDOHV6DQWD&UX]VHSUR\HFWDFRPRHOPRWRUGHODHFRQRPtDGHO
SDtVEDMRODRULHQWDFLyQGHOestilo cruceño de desarrollo, HOPLVPRTXH
6H EDVD HQ ORV p[LWRV DOFDQ]DGRV GHVGH OD UHDOLGDG UHJLRQDO \ TXH VH
VXVWHQWD HQ OD WHRUtD GHO GHVDUUROOR GHSDUWDPHQWDO HFOpFWLFD TXH
FRQWHPSODHOWHUULWRULRGRQGHLQWHUDFW~DQXQDVHULHGHFRPSRQHQWHV
$XWRQRPtDVROLGDULGDG\SUR\HFWRFROHFWLYRFRPSHWLWLYLGDGVLVWpPLFD\
ORFDO HTXLGDG VRFLDO LGHQWLGDG \ GLVWULEXFLyQ GH OD ULTXH]D QXHYD
JHRJUDItD HFRQyPLFD \ UHODFLRQDPLHQWR LQWHUQR \ H[WHUQR PRGHOR GH
GHVDUUROOR HQGyJHQR \ SRWHQFLDOLGDGHV LQWHUQDV LQVWLWXFLRQDOLVPR
FLXGDGDQtD SOHQD \ FDSLWDO VRFLDO HO FRPSURPLVR FtYLFR GHVDUUROOR
KXPDQR FRQ LQFOXVLyQ VRFLDO GHVDUUROOR HFRQyPLFR ORFDO ELRUUHJLyQ
HFRUUHJLyQ\GHVDUUROORVRVWHQLEOHPHGLRLQQRYDGRUUHGHV\DSUHQGL]DMH
FROHFWLYR \ SRU ~OWLPR FXOWXUD SURGXFWLYD SULYDGD DVRFLDGD D OD
LQYHUVLyQQDFLRQDO\H[WUDQMHUD

%DMR HVWD YLVLyQ GH GHVDUUROOR HO 3ODQ 'HSDUWDPHQWDO SULRUL]D HO FUHFLPLHQWR
HFRQyPLFRSRUPHGLRGHODSURGXFFLyQ\H[SRUWDFLyQGHSURGXFWRVDJURLQGXVWULDOHV
SDUDHOORDVXPHODVHJXULGDGMXUtGLFDGHOWHUULWRULR\ODSURPRFLyQGHODLQLFLDWLYDH
LQYHUVLyQSULYDGDFRPRHMHVFHQWUDOHVGHVXVRVWHQLELOLGDG$HOORVHVXPDODGHPDQGD
GHPDUFRVQRUPDWLYRVTXHYLDELOLFHQHOXVRGHELRWHFQRORJtDDVtWDPELpQHOFRQFXUVR
GH OD HGXFDFLyQ VXSHULRU IRUPDQGR SURIHVLRQDOHV WUDQVGLVFLSOLQDULRV \ JHQHUDQGR
FRQRFLPLHQWR FLHQWtILFR GH IURQWHUD %DMR HVWH KRUL]RQWH H[LVWH OD SURPHVD HQ XQD

ϭϯ

UHGLVWULEXFLyQ HTXLWDWLYD GH OD ULTXH]D GH WDO PDQHUD TXH VH FRQWULEX\D D XQD
VRFLHGDGLQFOXVLYDHLQWHUFXOWXUDOSDUDDOFDQ]DUODIHOLFLGDG\HOEXHQYLYLU

/DSULRUL]DFLyQGHOVHUKXPDQR\VXVQHFHVLGDGHVFRPRREMHWRFHQWUDOGHODHFRQRPtD
\HOTXHKDFHUGHO(VWDGRVHFRQVWLWX\HHQHOHMHDUWLFXODGRUGHO3ODQ'HSDUWDPHQWDO\
HO3ODQ1DFLRQDOGH'HVDUUROORGH%ROLYLD


(OPHUFDGRODERUDOGHOSURIHVLRQDO6RFLyORJR

&RLQFLGLHQGR FRQ HVWH SHULRGR GH WUDQVIRUPDFLRQHV OD FDUUHUD GH 6RFLRORJtD GH OD
8QLYHUVLGDG$XWyQRPD*DEULHO5HQH0RUHQRYLHQHLPSOHPHQWDQGRGHVGHHODxR
VX SURJUDPD FXUULFXODU  HO PLVPR TXH EXVFD IRUPDU SURIHVLRQDOHV FRQ
FRPSHWHQFLDV\FRQRFLPLHQWRVGLULJLGRVDODFRPSUHQVLyQGHODUHDOLGDGVRFLDO\VX
GLQDPL]DFLyQ WUDVIRUPDGRUD (Q HVWH DSDUWDGR VH EXVFD FRQRFHU ODV H[SHULHQFLDV
ODERUDOHVHOPHUFDGRODERUDO\ODVSUR\HFFLRQHVTXHWLHQHODGHPDQGDGHORVVHUYLFLRV
SURIHVLRQDOGHOVRFLyORJRHQ6DQWD&UX]

D([SHULHQFLDODERUDOGHOVRFLyORJRHQ6DQWD&UX]
/DLQIRUPDFLyQSDUDHODQiOLVLVGHDPERVWHPDV H[SHULHQFLDVODERUDOHV\SUR\HFFLRQHV
GHODGHPDQGDSURIHVLRQDO IXHREWHQLGDDWUDYpVGHXQDHQFXHVWDYLUWXDODSOLFDGDHQ
QRYLHPEUHGHDSURIHVLRQDOHVWLWXODGRV\HJUHVDGRVGH&DUUHUDGH6RFLRORJtD
GHOD8QLYHUVLGDG$XWyQRPD*DEULHO5HQp0RUHQR'HLJXDOPDQHUDODLQIRUPDFLyQ
SURYLHQHGHODHQFXHVWDGLUHFWDDSOLFDGDDLQVWLWXFLRQHVS~EOLFDV\SULYDGDVGHO
GHSDUWDPHQWR GH 6DQWD &UX] TXH UHDOL]DQ DFWLYLGDGHV VRFLDOHV RUJDQL]DFLRQDOHV
SURGXFWLYDVFXOWXUDOHV\HFRQyPLFDV
,QVHUFLyQODERUDOGHOVRFLyORJR'HDFXHUGRDGDWRVGHHQFXHVWDODVLQVWLWXFLRQHV
JXEHUQDPHQWDOHV JRELHUQRQDFLRQDOJRELHUQRPXQLFLSDO\GHSDUWDPHQWDOGH6DQWD
&UX]  \ VXV GLYHUVRV SURJUDPDV \ SUR\HFWRV FRQVWLWX\HQ OD SULQFLSDO IXHQWH GH
LQVHUFLyQ ODERUDO GHO SURIHVLRQDO VRFLyORJR (O  OXHJR GH WLWXODUVH WXYR FRPR
SULPHUHPSOHRDXQDLQVWLWXFLyQJXEHUQDPHQWDO
*UiILFR
3ULPHUDIXHQWHODERUDOGHORVVRFLyORJRVHQ6DQWD&UX]
ϯйϮй

Ϯϯй ϯϱй

ϭϮй

Ϯϱй
,QVWLWXFLRQHVJXEHUQDPHQWDOHV ,QVWLWXFLRQHVQRJXEHUQDPHQWDOHV
,QVWWXFLRQHVHGXFDWLYDV ,QVWLWXFLRQHVHPSUHVDULDOHV\VHUYLFLRV
2UJDQL]DFLRQHVVRFLDOHV 1LQJXQD 
)XHQWH(QFXHVWDDVRFLyORJRVWLWXODGRVQRYLHPEUH

ϭϰ

/H VLJXHQ HQ RUGHQ GH LPSRUWDQFLD ODV 2UJDQL]DFLRQHV 1R *XEHUQDPHQWDOHV
QDFLRQDOHVHLQWHUQDFLRQDOHVFRQHO/XHJRODVLQVWLWXFLRQHVHPSUHVDULDOHV\GH
VHUYLFLRV FRQ HO  VHJXLGD GH ODV LQVWLWXFLRQHV HGXFDWLYDV GHO QLYHO VHFXQGDULD
XQLYHUVLWDULD WpFQLFD \ SRVWJUDGXDO FRQ HO  \ ILQDOPHQWH ODV RUJDQL]DFLRQHV
VRFLDOHVFRQHO

3ULPHUDV DFWLYLGDGHV GHVDUUROODGDV (Q VXV SULPHURV HPSOHRV ORV VRFLyORJRV


GHVDUUROODURQXQDGLYHUVLGDGGHDFWLYLGDGHVGHVWDFiQGRVHHQRUGHQGHLPSRUWDQFLD
DIRUPDFLyQ\FDSDFLWDFLyQGLULJHQFLDOEIRUWDOHFLPLHQWRGHRUJDQL]DFLRQHVVRFLDOHV
FLQYHVWLJDFLRQHVVRFLDOHVGSODQLILFDFLyQGHOGHVDUUROORHHODERUDFLyQ\HYDOXDFLyQ
GHSUR\HFWRV\IGRFHQWHXQLYHUVLWDULR

6H GHEH GHVWDFDU WDPELpQ TXH ORV VRFLyORJRV HQ PHQRU SURSRUFLyQ WXYLHURQ FRPR
SULPHUDVDFWLYLGDGHVODHODERUDFLyQDSOLFDFLyQ\WDEXODFLyQGHHQFXHVWDVHGLFLyQGH
WH[WRVHGXFDWLYRVUHODFLRQDPLHQWRFRPXQLWDULRJHVWLyQVRFLRDPELHQWDOHODERUDFLyQ
\HYDOXDFLyQGHSROtWLFDVS~EOLFDVDVLVWHQFLDDGPLQLVWUDWLYD\JHUHQFLDLQVWLWXFLRQDO

6LWXDFLyQODERUDODFWXDO(QODDFWXDOLGDGGRVWHUFLRVGHORVVRFLyORJRVWLWXODGRVVH
HQFXHQWUDQ EDMR WUHV WLSRV GH HPSOHR (O  HVWiQ HPSOHDGRV IRUPDOPHQWH \ GH
PDQHUDSHUPDQHQWHHOWLHQHQXQWUDEDMRWHPSRUDOFRQDFWLYLGDGHVRFDVLRQDOHV
\HOVHGHVHPSHxDQHQ)UHH/DQFHUHVGHFLUKDQFUHDGRVXDXWRHPSOHRWDOFRPR
VHREVHUYDHQHOJUiILFRVLJXLHQWH

*UiILFR
6LWXDFLyQODERUDODFWXDOGHORV6RFLyORJRVHQ6DQWD&UX]

Ϯϱй Ϯϯй

ϭϯй

ϯϵй

'HVHPSOHDGR VLQHPSOHRSHUPDQHQWH (PSOHDGR WUDEDMRIRUPDOSHUPDQHQWH


)UHH/DQFHU DXWRHPSOHR 7UDEDMR7HPSRUDO DFWLYLGDGHVODERUDOHVRFDVLRQDOHV

)XHQWH(QFXHVWDYLUWXDODVRFLyORJRVWLWXODGRVQRYLHPEUH

3RURWURODGRGHOWRWDOGHVRFLyORJRVWLWXODGRVHOVHHQFXHQWUDQGHVHPSOHDGRV
'HHOORVHOQRVXSHUDXQDxRHVWDVLWXDFLyQPLHQWUDVTXHHOVHHQFXHQWUDQ
PiVGHVHLVDxRVGHVHPSOHDGRV

ϭϱ

3ULQFLSDOHV FDUJRV HQ GHVHPSHxR /RV VRFLyORJRV TXH FXHQWDQ FRQ WUDEDMR
SHUPDQHQWH\DTXHOORVFRQDXWRHPSOHRGHVHPSHxDQORVVLJXLHQWHVWLSRVGHFDUJRV
GRFHQWHXQLYHUVLWDULRFRQVXOWRUHLQYHVWLJDGRUVRFLDOGLUHFWRUGH21*VJHVWRUVRFLDO
FRRUGLQDGRU XQLGDG WpFQLFD DVLVWHQWH GH FDPSR HQFDUJDGR GH UHFXUVRV KXPDQRV
DVHVRUGHRUJDQL]DFLRQHVLQGtJHQDVDGPLQLVWUDWLYRXQLYHUVLWDULR\JHVWRUGHSUR\HFWRV
VRFLDOHV 'HO WRWDO GH VRFLyORJRV FRQ WUDEDMR SHUPDQHQWH \ DXWRHPSOHR
DSUR[LPDGDPHQWHHOQRHMHUFHQFDUJRVHQVXiUHDIRUPDWLYD

E(OPHUFDGRODERUDOGHO6RFLyORJR

(QODDFWXDOLGDGQRVHFXHQWDHVWXGLRVGHPHUFDGRVODERUDOHVHQHOiPELWRQDFLRQDO
QL UHJLRQDO 3DUD ORJUDU XQ DFHUFDPLHQWR D OD HPSOHDELOLGDG iUHDV GH WUDEDMR \
GHVHPSHxRGHOSURIHVLRQDOVRFLyORJRHQVDQWDFUX]VHUHFXUUHDORVGDWRVHPHUJHQWHV
GH OD HQFXHVWD UHDOL]DGD D HPSOHDGRUHV \ GHPDQGDQWHV GHO VHUYLFLR SURIHVLRQDO GHO
6RFLyORJR

(PSOHDELOLGDG'HOWRWDOGHHPSOHDGRUHVHQFXHVWDGRVHOGHPDQGDQORVVHUYLFLRV
SURIHVLRQDOHVGHVRFLyORJRV\GHKHFKRXQLQGLFDWHQHUDFWXDOPHQWHFRPRSDUWH
GHVXVHTXLSRV GH WUDEDMR D SURIHVLRQDOHV D VRFLyORJRV (O  GHORVHPSOHDGRUHV
FRQVXOWDGRVWLHQHQFRQWUDWDGRDVRFLyORJRHODGRVVRFLyORJRVHODWUHV
VRFLyORJRV\HODFXDWURRPiVVRFLyORJRV

'H VX SDUWH ODV LQVWLWXFLRQHV RUJDQL]DFLRQHV \ HPSUHVDV TXH UHTXLHUHQ GH ORV
VHUYLFLRV GH VRFLyORJRV \ QR KDQ HQFRQWUDGR HO SHUILO KDQ GHELGR VXSOLU FRQ RWURV
SURIHVLRQDOHVWDOFRPRVHREVHUYDHQHOJUDILFRTXHVLJXH

*UiILFR
3URIHVLRQDOHVTXHVXVWLWX\HQDO6RFLyORJRHQXQDIXHQWHODERUDO

ϵй

ϵй Ϯϴй

ϭϴй

ϭϴй

ϭϴй

ďŽŐĂĚŽ WƐŝĐŽůŽŐŽ WŽůŝƚŽůŽŐŽ ŶƚƌŽƉŽůŽŐŽ ŽŵƵŶŝĐĂĚŽƌ ĚƵĐĂĚŽƌ



)XHQWH(QFXHVWDDHPSOHDGRUHVGH

ϭϲ

/RVDERJDGRVVRQORVTXHHQPD\RUSRUFHQWDMH  UHHPSOD]DQDORVVRFLyORJRVHQ
XQHVSDFLRODERUDOORVVLJXHQORVSVLFyORJRV  SROLWyORJRV  \DQWURSyORJRV
 \SRUGHEDMRORVFRPXQLFDGRUHV  \HGXFDGRUHV  


ÉUHDV GH WUDEDMR 6H LGHQWLILFDQ FLQFR SULQFLSDOHV iUHDV GRQGH VH GHVHQYXHOYHQ
ODERUDOPHQWH ORV VRFLyORJRV D VDEHU  5HVROXFLyQ GH FRQIOLFWRV  (ODERUDFLyQ \
HYDOXDFLyQ GH SUR\HFWRV  $SR\R DO IRUWDOHFLPLHQWR GH RUJDQL]DFLRQHV VRFLDOHV 
3ODQLILFDFLyQ SDUD HO GHVDUUROOR  ,QYHVWLJDFLyQ VRFLDO 6LQHPEDUJR VHLGHQWLILFDQ
WDPELpQSHURFRQPHQRUSUHSRQGHUDQFLDODViUHDVUHODFLRQDGDVDODHODERUDFLyQ\
HYDOXDFLyQGHSROtWLFDVS~EOLFDVODIRUPDFLyQHGXFDWLYD\ODJHUHQFLDGHLQVWLWXFLRQHV
S~EOLFDV\SULYDGDV


'HVHPSHxR ODERUDO (O  GH ORV HPSOHDGRUHV DILUPDQ HVWDU VDWLVIHFKRV FRQ HO
GHVHPSHxRODERUDOGHORVVRFLyORJRVHOPX\VDWLVIHFKRPLHQWUDVTXHHOVH
HQFXHQWUDQLQVDWLVIHFKRV\HOPX\LQVDWLVIHFKR6HSXHGHVRVWHQHUTXHGRVWHUFLRV
GHORVHPSOHDGRUHVHQFXHQWUDQHQHOWUDEDMRGHOSURIHVLRQDOVRFLyORJRXQDFHSWDEOH
JUDGRGHVDWLVIDFFLyQWDOFRPRVHPXHVWUDHQHOJUDILFRVLJXLHQWH

*UiILFR
*UDGRGHVDWLVIDFFLyQFRQHOGHVHPSHxRODERUDOGHO6RFLyORJR
ϳй ϭϯй

ϮϬй

ϲϬй
DƵLJƐĂƚŝƐĨĞĐŚŽ ^ĂƚŝƐĨĞĐŚŽ /ŶƐĂƚŝƐĨĞĐŚŽ DƵLJŝŶƐĂƚŝƐĨĞĐŚŽ

)XHQWH(QFXHVWDDHPSOHDGRUHVQRYLHPEUHGH


6HJ~QORVHPSOHDGRUHVODVSULQFLSDOHVGHILFLHQFLDVTXHSUHVHQWDQORVSURIHVLRQDOHV
VRFLyORJRVHQVXDFWLYLGDGODERUDOVHHQFXHQWUDQHQRWUDV'LILFXOWDGPDQHMRGH
WHFQRORJtD LQIRUPiWLFD \ FRPXQLFDFLRQDO  'LILFXOWDGHV SDUD GLVHxDU \ DSOLFDU
SUR\HFWRV GH LQYHVWLJDFLyQ  'pELO DQiOLVLV SROtWLFR GHO SDtV \ UHDOLGDG GH SXHEORV
LQGtJHQDV  %DMR FRPSURPLVR H LQYROXFUDPLHQWR HQ OD FRQVWUXFFLyQ (VWDWDO \ 
'LILFXOWDGSDUDUHDOL]DUDQiOLVLVFUtWLFRGHODUHDOLGDGQDFLRQDO\GHSDUWDPHQWDO
F3HUVSHFWLYDVODERUDOHV

7RPDQGRHQFXHQWDHODOFDQFH\ODVSUR\HFFLRQHVGHODVGLQiPLFDVVRFLDOHVSROtWLFDV
HFRQyPLFDV\FXOWXUDOHVTXHVHFRQILJXUDQHQHOFRQWH[WRQDFLRQDO\GHSDUWDPHQWDO

ϭϳ

DVtWDPELpQYDORUDQGRORVFULWHULRV\SHUFHSFLRQHVGHORVSURIHVLRQDOHVGRFHQWHVGH
ODFDUUHUDGHVRFLRORJtD\ORVHPSOHDGRUHVVHLGHQWLILFDQHQWUHRWUDVODVVLJXLHQWHV
SHUVSHFWLYDVODERUDOHVSDUDHOSURIHVLRQDOVRFLyORJRD3ODQLILFDFLyQ\HYDOXDFLyQGHO
GHVDUUROORKXPDQRVRVWHQLEOHE&RQVWUXFFLyQGHO(VWDGR3OXULQDFLRQDO\ GHUHFKRV
LQGtJHQDV F (ODERUDFLyQ JHVWLyQ \ HYDOXDFLyQ GH SROtWLFDV \ SURJUDPDV VRFLR
DPELHQWDOHVG,QYHVWLJDFLyQFLHQWtILFD\H)RUPDFLyQXQLYHUVLWDULDGHFDOLGDG

/DFDSLWDOL]DFLyQGHODVSHUVSHFWLYDVODERUDOHV\HODFFHVRDODHPSOHDELOLGDGSDUDHO
SURIHVLRQDOVRFLyORJRDGHPiVGHFRQWDUFRQHOSHUILOUHTXHULGRGHPDQGDODSURPRFLyQ
GHORILFLRGHOVRFLyORJR\ODSXHVWDHQYLJHQFLDGHODQRUPDWLYDTXHUHJXODULFH\DVHJXUH
HOHMHUFLFLRGHODSURIHVLyQHQODViUHDVGHVXHVSHFLDOLGDG



&RQWH[WRLQVWLWXFLRQDO

(O FRQWH[WR LQVWLWXFLRQDO VH H[SUHVD HQ OD PLVLyQ \ OD YLVLyQ GH OD XQLYHUVLGDG
EROLYLDQD GH OD 8$*50 GH OD )DFXOWDG \ GH OD &DUUHUD HQ TXH VXUJH HO QXHYR
3URJUDPDGH)RUPDFLyQ3URIHVLRQDODVtFRPRXQGLDJQyVWLFRGHODVOLPLWDFLRQHVTXH
DGROHFHHOFXUUtFXORYLJHQWH


%DVHVMXUtGLFDV\DGPLQLVWUDWLYDVGHODHGXFDFLyQVXSHULRUHQ%ROLYLD


/DVEDVHVMXUtGLFDV\DGPLQLVWUDWLYDVGHODHGXFDFLyQVXSHULRUHQ%ROLYLDWLHQHFRPR
EDVHGHVXVXVWHQWDFLyQOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR3OXULQDFLRQDOTXHIXH
DSUREDGDPHGLDQWH5HIHUpQGXPGHHQHURGHDVtWDPELpQOD/H\$YHOLQR6LxDQL
(OL]DUGR3pUH]/H\1žTXHIXHSURPXOJDGDHQGLFLHPEUHGH


'HILQLFLyQUROHV\PLVLyQGHODHGXFDFLyQVXSHULRUHQ%ROLYLD


/D&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR3OXULQDFLRQDOGH%ROLYLDGHILQHODQDWXUDOH]D
GH OD HGXFDFLyQ VXSHULRU \ VX PLVLyQ HQ OD VRFLHGDG (O $UWtFXOR  SDUiJUDIR ,
HVWDEOHFH /D HGXFDFLyQ VXSHULRU GHVDUUROOD SURFHVRV GH IRUPDFLyQ SURIHVLRQDO GH
JHQHUDFLyQ \ GLYXOJDFLyQ GH FRQRFLPLHQWRV RULHQWDGRV DO GHVDUUROOR LQWHJUDO GH OD
VRFLHGDGSDUDORFXDOWRPDUiHQFXHQWDORVFRQRFLPLHQWRVXQLYHUVDOHV\ORVVDEHUHV
FROHFWLYRVGHODVQDFLRQHV\SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRV

3RUVXSDUWHHOSDUiJUDIR,,FRQVWLWXFLRQDOL]DODPLVLyQGHILQLHQGRTXH/DHGXFDFLyQ
VXSHULRUHVLQWUDFXOWXUDOLQWHUFXOWXUDO\SOXULOLQJH\WLHQHSRUPLVLyQODIRUPDFLyQ
LQWHJUDO GH UHFXUVRV KXPDQRV FRQ DOWD FDOLILFDFLyQ \ FRPSHWHQFLD SURIHVLRQDO
GHVDUUROODU SURFHVRV GH LQYHVWLJDFLyQ FLHQWtILFD SDUD UHVROYHU SUREOHPDV GH OD EDVH
SURGXFWLYD\GHVXHQWRUQRVRFLDOSURPRYHUSROtWLFDVGHH[WHQVLyQHLQWHUDFFLyQVRFLDO
SDUD IRUWDOHFHU OD GLYHUVLGDG FLHQWtILFD FXOWXUDO \ OLQJtVWLFD SDUWLFLSDU MXQWR D VX

ϭϴ

SXHEORHQWRGRVORVSURFHVRVGHOLEHUDFLyQVRFLDOSDUDFRQVWUXLUXQDVRFLHGDGFRQ
PD\RUHTXLGDG\MXVWLFLDVRFLDO


$XWRQRPtD\ILQDQFLDPLHQWR


3RU RWUR ODGR HO FDUiFWHU DXWyQRPR GH OD HGXFDFLyQ VXSHULRU S~EOLFD \ OD
UHVSRQVDELOLGDGHVWDWDOHQVXILQDQFLDPLHQWRVHHQFXHQWUDQFRQVWLWXFLRQDOL]DGRVHQ
ORVVLJXLHQWHVWpUPLQRV

(O$UWtFXORSDUiJUDIR,GHOD&3(HVWDEOHFHTXH/DVXQLYHUVLGDGHVS~EOLFDVVRQ
DXWyQRPDVHLJXDOHVHQMHUDUTXtD/DDXWRQRPtDFRQVLVWHHQODOLEUHDGPLQLVWUDFLyQ
GH VXV UHFXUVRV HO QRPEUDPLHQWR GH VXV DXWRULGDGHV VX SHUVRQDO GRFHQWH \
DGPLQLVWUDWLYR OD HODERUDFLyQ \ DSUREDFLyQ GH VXV HVWDWXWRV SODQHV GH HVWXGLR \
SUHVXSXHVWRV DQXDOHV \ OD DFHSWDFLyQ GH OHJDGRV \ GRQDFLRQHV DVt FRPR OD
FHOHEUDFLyQ GH FRQWUDWRV SDUD UHDOL]DU VXV ILQHV \ VRVWHQHU \ SHUIHFFLRQDU VXV
LQVWLWXWRV\IDFXOWDGHV/DVXQLYHUVLGDGHVS~EOLFDVSRGUiQQHJRFLDUHPSUpVWLWRVFRQ
JDUDQWtDGHVXVELHQHV\UHFXUVRVSUHYLDDSUREDFLyQOHJLVODWLYD

(QUHODFLyQDOILQDQFLDPLHQWRTXHGHEHWHQHUGHOSDUWHGHO(VWDGRHQHO$UWtFXOR
SDUiJUDIR , GLFH /DV XQLYHUVLGDGHV S~EOLFDV VHUiQ REOLJDWRULD \ VXILFLHQWHPHQWH
VXEYHQFLRQDGDVSRUHO(VWDGRLQGHSHQGLHQWHPHQWHGHVXVUHFXUVRVGHSDUWDPHQWDOHV
PXQLFLSDOHV\SURSLRVFUHDGRVRSRUFUHDUVH


2EMHWLYRVGHODHGXFDFLyQVXSHULRUHQ%ROLYLD


/DLey Avelino Siñani, Elizardo Pérez,HQVX$UWtFXORGHILQHORVREMHWLYRVTXH
GHEH GHVHPSHxDU OD HGXFDFLyQ VXSHULRU HQ HO PDUFR GHO (VWDGR 3OXULQDFLRQDO GH
%ROLYLDHOORVVRQ

 )RUPDU SURIHVLRQDOHV FRQ FRPSURPLVR VRFLDO \ FRQFLHQFLD FUtWLFD DO


VHUYLFLR GHO SXHEOR TXH VHDQ FDSDFHV GH UHVROYHU SUREOHPDV \
WUDQVIRUPDUODUHDOLGDGDUWLFXODQGRWHRUtDSUiFWLFD\SURGXFFLyQ
 'HVDUUROODU LQYHVWLJDFLyQ FLHQFLD WHFQRORJtD H LQQRYDFLyQ SDUD
UHVSRQGHU D ODV QHFHVLGDGHV \ GHPDQGDV VRFLDOHV FXOWXUDOHV
HFRQyPLFDV \ SURGXFWLYDV GHO (VWDGR 3OXULQDFLRQDO DUWLFXODQGR ORV
FRQRFLPLHQWRV\VDEHUHVGHORVSXHEORV\QDFLRQHVLQGtJHQDRULJLQDULR
FDPSHVLQRVFRQORVXQLYHUVDOHV
 *DUDQWL]DUHODFFHVRGHPRFUiWLFRDOFRQRFLPLHQWRFRQVHQWLGRFUtWLFR\
UHIOH[LYR
 *DUDQWL]DUSURJUDPDVGHIRUPDFLyQSURIHVLRQDODFRUGHDODVQHFHVLGDGHV
\GHPDQGDVVRFLDOHV\SROtWLFDVS~EOLFDV

ϭϵ

 5HFXSHUDU\GHVDUUROODUORVVDEHUHV\FRQRFLPLHQWRVGHODVQDFLRQHV\
SXHEORVLQGtJHQDRULJLQDULRFDPSHVLQRVFRPXQLGDGHVLQWHUFXOWXUDOHV\
DIUREROLYLDQDV

(QPDUFDGRV HQ ODV EDVHV FRQVWLWXFLRQDOHV DQRWDGDV HO VLVWHPD GH OD HGXFDFLyQ
VXSHULRU HQ %ROLYLD KD GHVDUUROODGR VX LQJHQLHUtD RUJDQL]DFLRQDO VX PRGHOR
DFDGpPLFR\DGPLQLVWUDWLYR

(OVLVWHPDGHODXQLYHUVLGDGEROLYLDQD


&RQIRUPDFLyQYLVLyQ\PLVLyQ

(O6LVWHPDGHOD8QLYHUVLGDGS~EOLFDVHQ%ROLYLDHVXQDRUJDQL]DFLyQIRUPDOFUHDGD
SDUDJHVWLRQDUHOFRQRFLPLHQWRFRQEDVHHQQRUPDVTXHODUHJXODQHVWUXFWXUDVTXH
VXVWHQWDQ VX IXQFLRQDOLGDG \ SURFHVRV DGPLQLVWUDWLYRV (VWi FRQIRUPDGR SRU 
XQLYHUVLGDGHVS~EOLFDV\DXWyQRPDVFRQLJXDOMHUDUTXtDXQLYHUVLGDGHVGH5pJLPHQ
(VSHFLDO \ XQD 8QLYHUVLGDG GH 5pJLPHQ (VSHFLDO HQ 3RVJUDGR /DV DFWLYLGDGHV GHO
6LVWHPD 8QLYHUVLWDULR VRQ FRRUGLQDGDV SRU HO &RPLWp (MHFXWLYR GH OD 8QLYHUVLGDG
%ROLYLDQD &(8%  D WUDYpV GH ODV 6HFUHWDUtDV 1DFLRQDOHV 6HFWRULDOHV 6X
IXQFLRQDPLHQWRVHULJHSRUHO(VWDWXWR2UJiQLFRGHOD8QLYHUVLGDG%ROLYLDQDFX\RV
yUJDQRVQDFLRQDOHVGHJRELHUQRVRQ(O&RQJUHVR1DFLRQDOGH8QLYHUVLGDGHV\
/D&RQIHUHQFLD1DFLRQDOGH8QLYHUVLGDGHV

'H FDUD D VX URO KLVWyULFR HO PDUFR QRUPDWLYR YLJHQWH \ VXV QXHYRV GHVDItRV HO
6LVWHPD GH OD 8QLYHUVLGDG S~EOLFD HQ %ROLYLD HVWDEOHFH VX PLVLyQ \ YLVLyQ HQ ORV
VLJXLHQWHVWpUPLQRV

Misión. )RUPDU SURIHVLRQDOHV LGyQHRV GH UHFRQRFLGD FDOLGDG KXPDQD \


H[FHOHQFLD FLHQWtILFD FRQ FRQFLHQFLD FUtWLFD \ FDSDFLGDG GH FUHDU DGDSWDU \
HQULTXHFHU OD FLHQFLD \ WHFQRORJtD XQLYHUVDO SDUD HO GHVDUUROOR VRVWHQLEOH
LPSXOVDQGR HO SURJUHVR \ OD LQWHJUDFLyQ QDFLRQDO OD ,QWHUDFFLyQ 6RFLDO
SURPRYHUOD,QYHVWLJDFLyQ&LHQWtILFD\ORVHVWXGLRVKXPDQtVWLFRVUHFXSHUDQGR
ORV VDEHUHV DQFHVWUDOHV SDUWLFLSDU HQ ORV SURFHVRV VRFLDOHV GHIHQGLHQGR ORV
UHFXUVRV\ORVGHUHFKRVKXPDQRVGLIXQGLU\DFUHFHQWDUHOSDWULPRQLRFXOWXUDO
DVtFRPRFRQWULEXLUDODGHIHQVDGHODVREHUDQtDGHOSDtV\HOFRPSURPLVRFRQ
ODOLEHUDFLyQQDFLRQDO\VRFLDO

Visión. /D 8QLYHUVLGDG %ROLYLDQD HV XQD LQVWLWXFLyQ S~EOLFD \ DXWyQRPD GH
(GXFDFLyQ 6XSHULRU FRQ OLGHUD]JR QDFLRQDO UHFRQRFLPLHQWR LQWHUQDFLRQDO
HVWDELOLGDGHFRQyPLFD\H[FHOHQFLDDFDGpPLFDEDMRIXQGDPHQWRVGHHTXLGDG\
RSRUWXQLGDG TXH VXVWHQWD OD HGXFDFLyQ SHUPDQHQWH D SDUWLU GH XQ PRGHOR
HGXFDWLYRLQWHJUDGRU\SHUWLQHQWHDODVGHPDQGDVVRFLDOHVSDUDHOGHVDUUROOR
VRVWHQLEOHGHOSDtV6XVUHFXUVRVKXPDQRVGRFHQWHV\HVWXGLDQWHVVRQVXMHWRV
FRPSURPHWLGRV FRQ ORV YDORUHV KXPDQRV FXOWXUDOHV \ VRFLDOHV GHO SDtV
JHQHUDQ FLHQFLD H LQQRYDFLyQ WHFQROyJLFD D WUDYpV GH OD LQYHVWLJDFLyQ SDUD

ϮϬ

FRDG\XYDU DO GHVDUUROOR KXPDQR VRVWHQLEOH GH OD FRPXQLGDG EROLYLDQD \
FRQVROLGDUHILFLHQWHPHQWHVX,QWHUDFFLyQ6RFLDO

%DMRHVWHKRUL]RQWHHVWUDWpJLFRODVXQLYHUVLGDGHVS~EOLFDVGHOSDtVGHVHQYXHOYHQVXV
DFWLYLGDGHV GH IRUPDFLyQ LQYHVWLJDFLyQ \ VHUYLFLRV D OD VRFLHGDG $Vt WDPELpQ HO
PRGHOR DFDGpPLFR GHO VLVWHPD XQLYHUVLWDULR EROLYLDQR KD VLGR IRUPXODGR \ VH
LPSOHPHQWDEDMRHVWHKRUL]RQWH


(OPRGHORDFDGpPLFRXQLYHUVLWDULREROLYLDQR


(O0RGHOR$FDGpPLFRHVXQDUHSUHVHQWDFLyQLGHDOGHUHIHUHQFLDTXHVHFRQFUHWDHQ
XQD HVWUXFWXUD VLVWpPLFD GH IXQFLRQDPLHQWR HPDQDGD GH ORV SULQFLSLRV ILQHV \
REMHWLYRV TXH RUGHQD UHJXOD H LQWHJUD ODV IXQFLRQHV VXVWDQWLYDV GHO 6LVWHPD GH OD
8QLYHUVLGDG %ROLYLDQD SDUD OD IRUPDFLyQ LQWHJUDO GH SURIHVLRQDOHV HQ FXPSOLPLHQWR
GHOHQFDUJRVRFLDOSDUDFRQWULEXLUDOGHVDUUROORGHO(VWDGR3OXULQDFLRQDO(VWHPRGHOR
DFDGpPLFRYLJHQWHSDUDHOSHULRGRKDVLGRDSUREDGRHQHO;,,&RQJUHVR
1DFLRQDOGH8QLYHUVLGDGHV

(QPDUFDGRVHQODPLVLyQ\YLVLyQGHOVLVWHPDGHXQLYHUVLGDGHVGHOSDtVHOPRGHOR
DFDGpPLFRWLHQHORVVLJXLHQWHVSULQFLSLRV\IXQGDPHQWRV

3ULQFLSLRV

D $XWRQRPtD 8QLYHUVLWDULD /LEUH DGPLQLVWUDFLyQ GH VXV UHFXUVRV GHO


QRPEUDPLHQWR GH VXV DXWRULGDGHV SHUVRQDO GRFHQWH \ DGPLQLVWUDWLYR OD
HODERUDFLyQ\DSUREDFLyQGHVXV(VWDWXWRVSODQHVGHHVWXGLR\SUHVXSXHVWRV
DQXDOHVSRUFDGD8QLYHUVLGDGHQIXQFLyQGHORVSULQFLSLRVILQHV\REMHWLYRVGHO
6LVWHPD GH OD 8QLYHUVLGDG %ROLYLDQD D OD FDEH]D GHO &RPLWp (MHFXWLYR GH OD
8QLYHUVLGDG%ROLYLDQD
E &RJRELHUQR 3DULWDULR 'RFHQWH (VWXGLDQWLO 3DUWLFLSDFLyQ GH GRFHQWHV \
HVWXGLDQWHVHQWRGRVVXVQLYHOHVGHSURJUDPDFLyQ\GHFLVLyQGHODVDFWLYLGDGHV
\SROtWLFDVXQLYHUVLWDULDV\
F /LEHUWDG $FDGpPLFD &RPSUHQGH OD OLEHUWDG GH FiWHGUD GH LQYHVWLJDFLyQ GH
LQWHUDFFLyQ\GHHVWXGLRDOPLVPRWLHPSRTXHJDUDQWL]DORVGHUHFKRVGHOLEUH
H[SUHVLyQ \ GLIXVLyQ GHO SHQVDPLHQWR GH SURGXFFLyQ FUHDFLyQ DUWtVWLFD
KXPDQtVWLFDFLHQWtILFD\WpFQLFDHQFRUUHVSRQGHQFLDFRQHOGLVHxRFXUULFXODU
YLJHQWH
)XQGDPHQWRV

Filosóficos:

 /D E~VTXHGD GH XQ VHU KXPDQR FRQ YDORUHV pWLFRPRUDOHV \ VROLGDULRV
WUDQVIRUPDGRU VRFLDO FRPSURPHWLGR WROHUDQWH LQWHUFXOWXUDO TXH DVXPH OD
OLEHUWDG \ OD DXWRQRPtD UHVSHWDQGR OD QDWXUDOH]D FRPR VXMHWR GLYHUVR H
LQGLYLGXDOKXPDQLVWDSURGXFWLYR\FRPXQLFDWLYRFRQEDVHHQODJHVWLyQGHO
FRQRFLPLHQWR

Ϯϭ

 /D(GXFDFLyQ6XSHULRUFRPRSDUWHGHO6LVWHPDGHOD(GXFDFLyQ%ROLYLDQDHV
XQD SUD[LV WUDQVIRUPDGRUD \ HPDQFLSDGRUD KDFLD OD FRQVWUXFFLyQ GH XQD
VRFLHGDGPiVMXVWDGHPRFUiWLFDHLQFOX\HQWH
 /D (GXFDFLyQ 6XSHULRU HV XQD SUD[LV LQVSLUDGD HQ YDORUHV pWLFRVPRUDOHV \
HVWpWLFRVSDUDREUDUFRUUHFWDPHQWHSUDFWLFDQGRODVROLGDULGDGWROHUDQFLDOD
UHFLSURFLGDGHOUHVSHWRDORWURHQOLEHUWDG\DXWRQRPtDFRQ\HQODQDWXUDOH]D

Sociales, políticos y económicos:

 /DHGXFDFLyQHVODSULPHUDUHVSRQVDELOLGDG\WDUHDGHO(VWDGR
 (VS~EOLFD\JUDWXLWD
 (VSOXULQDFLRQDOGHPRFUiWLFD\DQWLLPSHULDOLVWD
 (VLQFOX\HQWH
 (VSURPRWRUDGHODMXVWLFLD\HTXLGDGVRFLDO
 (VLQWUDFXOWXUDOHLQWHUFXOWXUDO
 (VWiRULHQWDGDDODFRQVWUXFFLyQGHXQDVRFLHGDGGHPRFUiWLFDVREHUDQDMXVWD
\HTXLWDWLYD
 &RQWULEX\HDOSURFHVRGHLQWHJUDFLyQ\FRPSOHPHQWDULHGDG\
 'HEH UHVSRQGHU DFDGpPLFDPHQWH FRQ VXV SODQHV \ 3URJUDPDV D OD UHDOLGDG
PXOWLpWQLFDSOXULFXOWXUDOSOXULOLQJHGHO(VWDGR

Epistemológicos:

 /RV VDEHUHV FRQRFLPLHQWRV \ YDORUHV ORFDOHV HPHUJHQ GH OD UHDOLGDG VRFLR
FXOWXUDO GH ODV QDFLRQHV \ SXHEORV RULJLQDULRV \ VRQ FRQVWLWXLGRV
KLVWyULFDPHQWHSRUODFRPXQLGDG
 /RVVDEHUHVXQLYHUVDOHVGHODPLVPDPDQHUDVRQUHFRQRFLGRV\YDORUDGRVFRQ
WRGRVXVLJQLILFDGRSDUDHOGHVDUUROORGHODFLHQFLD\HOFRQRFLPLHQWRLQWHJUDO\
DOGHVDUUROORVRFLRFXOWXUDOFRQLGHQWLGDG
 /DIRUPDFLyQXQLYHUVLWDULDHVUHVXOWDGRGHXQHTXLOLEULRHQWUHWHRUtD\SUiFWLFD
HVWD~OWLPDHPHUJHQWHSDUWLFXODUPHQWHGHODVIXQFLRQHVGH,QWHUDFFLyQ6RFLDO
([WHQVLyQ8QLYHUVLWDULDH,QYHVWLJDFLyQ&LHQWtILFD
 /RV VDEHUHV \ FRQRFLPLHQWRV VH FRQVWUX\HQ \ UHFRQVWUX\HQ PHGLDQWH OD
,QYHVWLJDFLyQ &LHQWtILFD SDUD GHVDUUROODU OD )RUPDFLyQ 3URIHVLRQDO
XQLYHUVLWDULD SHUWLQHQWH D ODV QHFHVLGDGHV VRFLDOHV \ D ORV UHTXHULPLHQWRV
VRFLRHFRQyPLFRV \ FXOWXUDOHV PHGLDQWH OD ,QWHUDFFLyQ 6RFLDO  ([WHQVLyQ
8QLYHUVLWDULD

Pedagógicos.

 /D (GXFDFLyQ 6XSHULRU 8QLYHUVLWDULD HVWi RULHQWDGD D OD IRUPDFLyQ GH XQ
SURIHVLRQDO HPLQHQWHPHQWH VRFLDO \ KXPDQR FUHDWLYR SURGXFWLYR FRQ
LGHQWLGDGFXOWXUDOFRQVFLHQWHGHVXGLYHUVLGDGVRFLDO\FXOWXUDOGLVSXHVWRD
FRQVWUXLU XQD VRFLHGDG GHPRFUiWLFD LQFOX\HQWH HTXLWDWLYD \ FRQ MXVWLFLD
VRFLDO

ϮϮ

 /D)RUPDFLyQ3URIHVLRQDOHQOD8QLYHUVLGDGGHEHHVWDURULHQWDGDDOGHVDUUROOR
LQWHJUDOGHVHUHVKXPDQRVHQODVGLPHQVLRQHVGHOVDEHUVHUVDEHUKDFHUVDEHU
FRQRFHU VDEHU FRQYLYLU GHVDUUROODQGR HTXLOLEUDGDPHQWH HVDV FXDWUR
GLPHQVLRQHV
 /D IXQFLyQ DFDGpPLFD HQ OD 8QLYHUVLGDG GHEH IRUWDOHFHU HO GHVDUUROOR GH
FRQRFLPLHQWRV KDELOLGDGHV GHVWUH]DV DFWLWXGHV \ YDORUHV EiVLFRV GH WDO
PDQHUD TXH VHD HO FLPLHQWR VyOLGR GH OD )RUPDFLyQ 3URIHVLRQDO GH *UDGR \
3RVJUDGR
 /RV SLODUHV IXQGDPHQWDOHV GH OD IRUPDFLyQ XQLYHUVLWDULD \ GHO PRGHOR
DFDGpPLFR VRQ OD ,QYHVWLJDFLyQ )RUPDFLyQ GRFHQFLD  ,QWHUDFFLyQ 6RFLDO 
([WHQVLyQ8QLYHUVLWDULDTXHVHGDQFRPRIXQFLRQHVLQWHJUDGDVSDUDUHVSRQGHU
DOHQFDUJRVRFLDO\
 /D HGXFDFLyQ HV XQ SURFHVR YLWDO DFWLYR UHIOH[LYR \ FUtWLFR HQ HO TXH
DSUHQGHPRV WRGRV GH WRGRV YDORUDQGR SRU LJXDO ORV VDEHUHV HQ
FRPSOHPHQWDULHGDGDORODUJRGHODYLGD

(OSODQHVWUDWpJLFRGHODXQLYHUVLGDGEROLYLDQD

/D XQLYHUVLGDG EROLYLDQD KD GHVDUUROOR XQ UROHVWUDWpJLFRHQ HO GHVDUUROOR GHO SDtV
+R\ HQPDUFD VXV DFFLRQHV HQ ORV QXHYRV UHWRV TXH SODQWHDQ OD VRFLHGDG GHO
FRQRFLPLHQWR\HO(VWDGR3OXULQDFLRQDO

(O3ODQGHILQHFXDWURÉUHDV(VWUDWpJLFDV

 *HVWLyQGHODIRUPDFLyQSURIHVLRQDOGHSUHJUDGR\3RVJUDGR
 *HVWLyQGHODLQYHVWLJDFLyQ&LHQFLD7HFQRORJtDH,QQRYDFLyQ
 *HVWLyQGHODLQWHUDFFLyQ6RFLDO\OD([WHQVLyQ8QLYHUVLWDULD\
 *HVWLyQLQVWLWXFLRQDO
(VWDSODQLILFDFLyQHVWUDWpJLFDVHFRQVWLWX\HHQHOLQVWUXPHQWRRSHUDFLRQDOGHOPRGHOR
DFDGpPLFRXQLYHUVLWDULREROLYLDQR\DTXHGHPDQHUDH[SOtFLWDRLPSOtFLWDUHILHUHDOD
JHVWLyQGHOFRQRFLPLHQWRDSDUWLUGHXQDFRQFHSFLyQGHHGXFDFLyQGHDSUHQGL]DMHGH
IRUPDFLyQSURIHVLRQDOGHHVWUDWHJLDGHLQYHVWLJDFLyQGHHVWUDWHJLDGHUHODFLyQFRQHO
HQWRUQR\GHJHVWLyQGHVXVSURFHVRVHQXQFRQWH[WRFDPELDQWHHQHOiPELWRSROtWLFR
HFRQyPLFRVRFLDO\FLHQWtILFRWHFQROyJLFR
%DMR HVWH FRQWH[WR ORV SURJUDPDV \ FDUUHUDV GHO VLVWHPD S~EOLFR GH HGXFDFLyQ
VXSHULRUGHEHQEDVDUVXVREMHWLYRVHQORVVLJXLHQWHVOLQHDPLHQWRV

 'HILQLU OD LGHQWLGDG LQVWLWXFLRQDO HQ UHODFLyQ FRQ ODV SRWHQFLDOLGDGHV GH
GHVDUUROORGHOHQWRUQRVRFLDO\SURGXFWLYR
 *DUDQWL]DUTXHHO(VWDWXWR2UJiQLFRGHO6LVWHPDGHOD8QLYHUVLGDG%ROLYLDQD
1RUPDV\5HJODPHQWRVUHIOHMHQODGHILQLFLyQGHOSUR\HFWRLQVWLWXFLRQDO
 0RGHUQL]DU OD HVWUXFWXUD MXUtGLFD DGHFXiQGROD D OD QXHYD HVWUXFWXUD
DFDGpPLFD\DGPLQLVWUDWLYD
 *HQHUDU XQD HVWUXFWXUD DFDGpPLFD GLQiPLFD \ IOH[LEOH TXH SURSLFLH OD
SDUWLFLSDFLyQHLQQRYDFLyQLQVWLWXFLRQDO
 3URSLFLDUHOGHVDUUROORGHEDVHFLHQWtILFDFXOWXUDO\KXPDQtVWLFD

Ϯϯ

 &UHDU XQD LQIUDHVWUXFWXUD RUJiQLFD \ DGPLQLVWUDWLYD DGHFXDGD D OD QXHYD
HVWUXFWXUDDFDGpPLFDTXHVHSUHWHQGHLPSXOVDU
 5DFLRQDOL]DU\RSWLPL]DUORVUHFXUVRVDWUDYpVGHODJHQHUDFLyQGHLQVWDQFLDV
GHJHVWLyQDFDGpPLFDHILFLHQWHV\HILFDFHV
 (VWDEOHFHU FULWHULRV SDUD HO HTXLOLEULR HQWUH ORV SURJUDPDV \ SUR\HFWRV
DFDGpPLFRV\ODDGPLQLVWUDFLyQGHORVUHFXUVRVLQVWLWXFLRQDOHV
 ,QFRUSRUDUORVDYDQFHVFLHQWtILFRV\WHFQROyJLFRVHQODVIXQFLRQHVVXVWDQWLYDV
 )RUWDOHFHUOD,QYHVWLJDFLyQ&LHQWtILFDFRPRHMHGHOD)RUPDFLyQ3URIHVLRQDO\
 9LQFXODU ODV IXQFLRQHV GH ODV &DUUHUDV \R 3URJUDPDV FRQ ODV GHPDQGDV
VRFLDOHV


/D8QLYHUVLGDG$XWyQRPD*DEULHO5HQH0RUHQR


1DWXUDOH]DSULQFLSLRVYLVLyQ\PLVLyQ
(O(VWDWXWR2UJiQLFRGHOD8QLYHUVLGDG$XWyQRPD*DEULHO5HQp0RUHQRUHIRUPXODGR
HODxRGHILQHDHVWDLQVWLWXFLyQGHHGXFDFLyQVXSHULRUFRPRILVFDOGHGHUHFKR
S~EOLFRGRWDGDGHSHUVRQDOLGDGMXUtGLFDSDWULPRQLRSURSLR\DXWRQRPtDDFDGpPLFD
DGPLQLVWUDWLYDILQDQFLHUD\QRUPDWLYDGHDFXHUGRDSUHFHSWRVFRQVWLWXFLRQDOHVGHOD
5HS~EOLFD GH %ROLYLD (V JUDWXLWDHQWRGRVORVHVWXGLRV GHO SUHJUDGR LQFOX\HQGROD
WLWXODFLyQSURIHVLRQDO $UWtFXOR 6XJRELHUQRORHMHUFHQORVGRFHQWHV\HVWXGLDQWHV
GHQWURGHOUpJLPHQSDULWDULRGHUHSUHVHQWDFLyQSRUPHGLRGHORVVLJXLHQWHVyUJDQRV\
DXWRULGDGHV

 ÐUJDQRVGH&RJRELHUQR3DULWDULR
 HO&RQJUHVR8QLYHUVLWDULR
 HO,OXVWUH&RQVHMR8QLYHUVLWDULR
 HO&RQVHMR)DFXOWDWLYR
 HO&RQVHMRGH&DUUHUD
 $XWRULGDGHV8QLYHUVLWDULDV
 5HFWRU
 9LFHUUHFWRU
 'HFDQR
 9LFHGHFDQR\
 'LUHFWRUGH&DUUHUD $UWtFXOR 

(QODDFWXDOLGDGHVWiFRQVWLWXLGDSRU)DFXOWDGHV)DFXOWDGHV,QWHJUDOHV6LVWHPDGH
3RVWJUDGR8QLGDGHV$FDGpPLFDV8QLGDGHV(VWUDWpJLFDV,QVWLWXWRVGH,QYHVWLJDFLyQ
H,QVWLWXWRVGH&DSDFLWDFLyQ $UWtFXOR 

(QFRQFRUGDQFLDFRQOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\ORVOLQHDPLHQWRVGHOVLVWHPD
QDFLRQDOGHXQLYHUVLGDGHVS~EOLFDVGH%ROLYLDODXQLYHUVLGDG$XWyQRPD*DEULHO5HQH
0RUHQRGHVHQYXHOYHVXTXHKDFHUEDMRORVVLJXLHQWHVSULQFLSLRVYLVLyQ\PLVLyQ
3ULQFLSLRV
 $XWRQRPtDLQVWLWXFLRQDO\HFRQyPLFD
 &RJRELHUQRSDULWDULRGRFHQWH‐HVWXGLDQWLO

Ϯϰ

 )XHURXQLYHUVLWDULR
 'HPRFUDFLDH,JXDOGDG
 /LEHUWDGDFDGpPLFD\FLHQWtILFD
 ,QWHUGLVFLSOLQDULHGDG
 5HODFLyQFRQHOHQWRUQRVRFLDO
 ,QWHJULGDGpWLFD
 $FFHVRDODLQIRUPDFLyQ
 7UDQVSDUHQFLDHQODJHVWLyQ
 6XEVLGLDULHGDG\FRPSOHPHQWDULHGDG $UWtFXOR 
0LVLyQ
)RUPDUSURIHVLRQDOHVLQWHJUDOHVFRQYDORUHVpWLFRV\PRUDOHVFRQSHQVDPLHQWR
FUtWLFR\UHIOH[LYRVROLGDULRV\FRQUHVSRQVDELOLGDGVRFLDOFDSDFHVGHJHQHUDU
\ DGHFXDU FRQRFLPLHQWR UHOHYDQWH H LQWHUDFWXDU FRQ p[LWR HQ HVFHQDULRV
GLQiPLFRV%DMRHQIRTXHVPXOWLGLVFLSOLQDULRV\FRQODILQDOLGDGGHFRQWULEXLUDO
GHVDUUROOR KXPDQR VRVWHQLEOH GH OD VRFLHGDG \ GH OD UHJLyQ PHGLDQWH OD
LQYHVWLJDFLyQ FLHQWtILFR‐WHFQROyJLFD \ OD H[WHQVLyQ XQLYHUVLWDULD YLQFXODGDV D
ODVGHPDQGDV\H[SHFWDWLYDVGHOHQWRUQRVRFLDO $UWtFXOR 
9LVLyQ
/D 8QLYHUVLGDG $XWyQRPD ´*DEULHO 5HQp 0RUHQRµ FRPR LQVWLWXFLyQ S~EOLFD
DXWyQRPD\HVWUDWpJLFDGH(GXFDFLyQ6XSHULRUVHFRQVWLWX\HHQXQUHIHUHQWH
HGXFDWLYR GH IRUPDFLyQ GH SURIHVLRQDOHV GH H[FHOHQFLD SDUD OD JHQHUDFLyQ
GHVDUUROORHLQQRYDFLyQGHOVDEHUFLHQWtILFRWHFQROyJLFRSURGXFWLYR\FXOWXUDO
HQHOFRQWH[WRUHJLRQDOQDFLRQDOHLQWHUQDFLRQDOTXHDVXPHORVGHVDItRVTXH
SODQWHD OD JOREDOL]DFLyQ FRQ H[FHOHQFLD SOXUDOLVPR pWLFD PRUDO \ YDORUHV
KXPDQRVXQLYHUVDOHV $UWtFXOR 
%DMR HVWDV EDVHV MXUtGLFDV \ DGPLQLVWUDWLYDV OD 8$*50 KD HODERUDGR VX 3ODQ
(VWUDWpJLFR,QVWLWXFLRQDOTXHJXtDVXDFFLRQDUIUHQWHDODVRFLHGDG

3ODQ(VWUDWpJLFR,QVWLWXFLRQDOGHOD8$*50

(QPDUFDGRHQVXVSULQFLSLRVPLVLyQYLVLyQHO3ODQ (VWUDWpJLFR,QVWLWXFLRQDOGHOD
8$*50SDUDHOSHULRGRSULRUL]DFXDWURiUHDVFHQWUDOHV
 Gestión de la formación profesional de Grado y Posgrado. 6H VXVWHQWD HQ OD
QHFHVLGDGGHPHMRUDUODFDOLGDG\SHUWLQHQFLDGHODHGXFDFLyQXQLYHUVLWDULDFRQ
OD LPSOHPHQWDFLyQ GHO 0RGHOR $FDGpPLFR GH OD 8$*50 \ VH EDVD HQ HO
DSUHQGL]DMH GHO HVWXGLDQWH OD DFWXDOL]DFLyQ \ PHMRUDPLHQWR GHO FXUUtFXOR OD
DFUHGLWDFLyQ QDFLRQDO H LQWHUQDFLRQDO OD LQWHJUDFLyQ GH OD GRFHQFLD OD
LQYHVWLJDFLyQ\ODH[WHQVLyQODDUWLFXODFLyQGHODIRUPDFLyQXQLYHUVLWDULDFRQ
ODHGXFDFLyQVHFXQGDULDODIRUPDFLyQGHGRFHQWHVHQVXiUHDGHFRQRFLPLHQWR
HODERUDFLyQGHDXODVYLUWXDOHV\TXHJDUDQWLFHODIRUPDFLyQGHSURIHVLRQDOHV
FRPSHWLWLYRVJHQHUDGRUHVGHFRQRFLPLHQWRVSDUDHOGHVDUUROOR

Ϯϱ

 Gestión de la Investigación, Ciencia, Tecnología e Innovación3DUDHOORVHRULHQWD
DFRQVROLGDUHO6LVWHPDGH,QYHVWLJDFLyQ&LHQFLD7HFQRORJtDH,QQRYDFLyQGH
OD 8$*50 HQ VXV GLIHUHQWHV LQVWDQFLDV PHGLDQWH HO IRUWDOHFLPLHQWR GH ODV
FDSDFLGDGHVGHOLQYHVWLJDGRU\GHODV8QLGDGHVGHLQYHVWLJDFLyQSDUDXQPD\RU
LQFUHPHQWR GH DUWtFXORV HQ UHYLVWDV LQGH[DGDV GH SXEOLFDFLRQHV GH OLEURV
EROHWLQHVHWF\ORVUHVSHFWLYRVUHJLVWURVGHSURSLHGDGLQWHOHFWXDO)LQDOPHQWH
VHRULHQWDDODWUDQVIHUHQFLDGHORVUHVXOWDGRVDODVRFLHGDG\DOHPSUHVDULDGR
FRQYLVWDVSDUDHOPHMRUDPLHQWRGHODFDOLGDGGHYLGD\ODSURGXFWLYLGDGFRPR
REMHWLYRFHQWUDOGHOD8QLYHUVLGDG
 Gestión de la Interacción Social y Extensión Universitaria 6H VXVWHQWD HQ OD
QHFHVLGDGGHTXHOD8QLYHUVLGDGVHYLQFXOHHIHFWLYDPHQWHFRQVXHQWRUQR3DUD
HOOR LPSOHPHQWD SURJUDPDV GH IRUPDFLyQ FRQWLQXD GLULJLGRV D VHFWRUHV
ODERUDOHVSURPRYHUODGLIXVLyQODLQIRUPDFLyQ\ODFRPXQLFDFLyQ$VtPLVPR
VH GHEH IRUWDOHFHU HO GHVDUUROOR GH ODV DFWLYLGDGHV FXOWXUDOHV DUWtVWLFDV \
GHSRUWLYDV
 Gestión Institucional.%XVFDHOVRSRUWHQHFHVDULRSDUDXQySWLPRGHVDUUROORGH
ODVIXQFLRQHVVXVWDQWLYDVGHOD8QLYHUVLGDGRULHQWDGRDOGLVHxRRUJDQL]DFLRQDO
FRQHQHOHQIRTXHGHO0RGHORGH*HVWLyQSRU3URFHVRV7DPELpQVHRULHQWDD
IRUWDOHFHU OD LPDJHQ LQVWLWXFLRQDO \ HO TXHKDFHU XQLYHUVLWDULR PHGLDQWH XQD
JHVWLyQWUDQVSDUHQWHSURPRYLHQGRHOUHODFLRQDPLHQWRQDFLRQDOHLQWHUQDFLRQDO
FRQLQVWLWXFLRQHVYLQFXODGDVDOD(GXFDFLyQ6XSHULRU

$Vt WDPELpQHO 3ODQ VHRULHQWD D FRQWDU FRQ XQD LQIUDHVWUXFWXUD ItVLFD DGHFXDGD\
GHELGDPHQWHHTXLSDGDSDUDHOGHVDUUROORHILFLHQWHGHODVDFWLYLGDGHVDFDGpPLFDV


5HIRUPDVDFDGpPLFDV


(ODxRVHGDLQLFLRDXQQXHYRFLFORGHLQQRYDFLyQDFDGpPLFDHQOD8$*50
GHQRPLQDGR5HIRUPD$FDGpPLFDSDUDHO&DPELR2UJDQL]DGR(VWDHWDSDFRQWyFRQ
ODVVLJXLHQWHVGLUHFWULFHVIXQGDPHQWDOHV

 Proyección Académica 3URGXFLU \ GLIXQGLU FRQRFLPLHQWRV HQ HO iUHD GH OD
HGXFDFLyQVXSHULRUSDUDIDFLOLWDUORVSURFHVRVGHFDPELRVRFLDO
 Desarrollo Curricular +DFHU VRVWHQLEOH \ FRQWLQXR HO SURFHVR GH GLVHxR
LPSOHPHQWDFLyQ \ HYDOXDFLyQ GH SUR\HFWRV FXUULFXODUHV SDUD OD IRUPDFLyQ
SURIHVLRQDOHQODVFDUUHUDVEDMRHOHQIRTXHGHFRPSHWHQFLDV
 Formación y Desarrollo de Talentos Humanos 3ODQLILFDU \ HMHFXWDU SURJUDPDV
GHVWLQDGRV D PHMRUDU ODV FRPSHWHQFLDV GHO GRFHQWH SDUD TXH LQWHUYHQJD GH
PDQHUD VROYHQWH HQ ORV SURFHVRV GH SODQLILFDFLyQ JHVWLyQ DSOLFDFLyQ \
HYDOXDFLyQGHOTXHKDFHUDFDGpPLFRGHODLQVWLWXFLyQ
 Seguimiento de graduados 5HDOL]DFLyQ GH HVWXGLRV GHO PHUFDGR ODERUDO
SURFXUDQGR HVWDEOHFHU EDVHV GH GDWRV GH HPSOHDGRUHV EDVHV GH GDWRV GH
JUDGXDGRV$VtFRPRHVWLPDUFLHQWtILFDPHQWHODRIHUWD\GHPDQGDSURIHVLRQDOHV
\VXVFDUDFWHUtVWLFDV

Ϯϲ

 Asimilación y Desarrollo de las Tecnologías de Información y Comunicación (TIC).
,PSOHPHQWDUDOSURFHVRGHHQVHxDQ]DDSUHQGL]DMH\DOVRSRUWHDGPLQLVWUDWLYR
DVLPLODQGRGHPDQHUDHIHFWLYDODVSRWHQFLDOLGDGHVGHDFFHVRDOFRQRFLPLHQWR

/RVORJURVDOFDQ]DGRVFRQHVWHSURFHVRGHUHIRUPDIXHURQHQWUHRWURV

 'LVHxRGH1XHYRV3URJUDPDVGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDV
 )OH[LELOLGDG 2UJiQLFD /D HVWUXFWXUD GHEH VHU FRKHUHQWH FRQ OD QXHYD
RUJDQL]DFLyQGHOFRQRFLPLHQWR
 (GXFDFLyQSHUPDQHQWH/DFRQWLQXLGDGGHORVHVWXGLRVGHSUH\SRVWJUDGR
 /D XQLGDG GH OD GRFHQFLD OD LQYHVWLJDFLyQ \ OD H[WHQVLyQ XQLYHUVLWDULD HQ HO
FRQWH[WRGHORV1XHYRV3URJUDPDVGH)RUPDFLyQSURIHVLRQDO

(OSUHVHQWHSURFHVRGHUHGLVHxRFXUULFXODUGHODFDUUHUDGHVRFLRORJtDVHHQPDUFDHQ
HO FRQWH[WR GH OD 5HIRUPD $FDGpPLFD GH OD 8QLYHUVLGDG $XWyQRPD *DEULHO 5HQH
0RUHQR

/D)DFXOWDGGH+XPDQLGDGHV


/D)DFXOWDGGH+XPDQLGDGHVFUHDGDIRUPDOPHQWHHOGHPDU]RGHPHGLDQWH
5HVROXFLyQGHO,OXVWUH&RQVHMR8QLYHUVLWDULR1žFXHQWDFRQVLHWHFDUUHUDVD
VDEHU&LHQFLDVGHOD(GXFDFLyQ&LHQFLDVGHOD&RPXQLFDFLyQ6RFLRORJtD
3VLFRORJtD/HQJXDV0RGHUQDV7XULVPR\$FWLYLGDG)tVLFD(VWiFRQIRUPDGD
SRUGRFHQWHV\HVWXGLDQWHV
/D)DFXOWDGGH+XPDQLGDGHVFRKHUHQWHFRQVXFDPSRGLVFLSOLQDUGHOFRQRFLPLHQWR
HQHOTXHVHGHVDUUROODWLHQHHOUHWRIXQGDPHQWDOGHIRUWDOHFHUWRGRVORVUHFXUVRVSDUD
HO GLDJQyVWLFR GH OD UHDOLGDG QDFLRQDO H LQWHUQDFLRQDO GH PRGR GH LGHQWLILFDU
GHPDQGDVWHQGHQFLDVLQQRYDGRUDV\EXHQDVSUiFWLFDVGHPHMRUDPLHQWRSHUPDQHQWH
GHODFDOLGDGDFDGpPLFD(QHVWHFRQWH[WROD)DFXOWDGKDIRUPXODGRVXPLVLyQYLVLyQ
\OLQHDPLHQWRVHVWUDWpJLFRV

9LVLyQ

*HQHUDUFRQRFLPLHQWRHQODViUHDVGHODVKXPDQLGDGHVSDUDODIRUPDFLyQGH
SURIHVLRQDOHV SURDFWLYRV LQQRYDGRUHV FRPSURPHWLGRV FRQ OD VRFLHGDG
FDSDFHVGHGDUUHVSXHVWDDORVSUREOHPDVTXHHPHUJHQHQORViPELWRVVRFLDO
SROtWLFR\FXOWXUDOHQHO'HSDUWDPHQWR\HO3DtV

9LVLyQ

/RJUDUXQDSRVLFLyQGHOLGHUD]JRHQOD(GXFDFLyQ6XSHULRUHQHOiPELWRGHODV
&LHQFLDV+XPDQDVRULHQWDGDDODIRUPDFLyQGHSURIHVLRQDOHVLQWHOHFWXDOHV\
OtGHUHV D WUDYpV GH OD LQYHVWLJDFLyQ LQWHU \ PXOWLGLVFLSOLQDULD HQ ORV iPELWRV
SROtWLFRVRFLDOHFRQyPLFR\FXOWXUDOTXHSHUPLWHFRQWULEXLUDOGHVDUUROORGHO
'HSDUWDPHQWR\HO3DtV

Ϯϳ

3RU VX SDUWH OD )DFXOWDG GH +XPDQLGDGHV FXHQWD FRQ VX 3ODQ GH 'HVDUUROOR
,QVWLWXFLRQDO TXH VH RUJDQL]D HQ FXDWUR OLQHDPLHQWRV HVWUDWpJLFRV HOORV VRQ 
)RUPDFLyQGH3UHJUDGR\3RVWJUDGR,QYHVWLJDFLyQ\3URGXFFLyQ&LHQWtILFD/tQHD
(VWUDWpJLFD  ,QWHUDFFLyQ 6RFLDO \ ([WHQVLyQ 8QLYHUVLWDULD  ,QIUDHVWUXFWXUD
(TXLSDPLHQWR\7HFQRORJtD\*HVWLyQ$GPLQLVWUDWLYD\GH,QYHUVLRQHV8QLYHUVLWDULDV

'HVGHHVWDSHUVSHFWLYDHO3ODQGH'HVDUUROOR(VWUDWpJLFRFRQVWLWX\HXQDKHUUDPLHQWD
YDOLRVDGHJHVWLyQSDUDLPSXOVDUHOORJURGHQXHYRVHVWiQGDUHVGHFDOLGDGHQWRGDV
ODV GLPHQVLRQHV TXH VXSRQH HO IXQFLRQDPLHQWR GH OD 8QLYHUVLGDG \ OD )DFXOWDG GH
+XPDQLGDGHVGHIRUPDSDUWLFXODU


/D&DUUHUDGH6RFLRORJtD

/D &DUUHUD GH 6RFLRORJtD KD VLGR FUHDGD PHGLDQWH 5HVROXFLyQ GHO ,OXVWUH &RQFHMR
8QLYHUVLWDULR 1ž  GHO  GH DJRVWR GH  6X FUHDFLyQ REHGHFLy D OD
QHFHVLGDGVHQWLGDGHFRQWDUFRQSURIHVLRQDOHVVRFLyORJRVDVTXHLQWHUDFW~HQFRQOD
VRFLHGDG TXH DQDOLFHQ HQ SURIXQGLGDG OD UHDOLGDG VRFLDO \ SURSRQJDQ VROXFLRQHV
YLDEOHVDORVSUREOHPDVTXHHQIUHQWDEDODVRFLHGDGFUXFHxDFRPRVHUHODFHOHUDGR
SURFHVR GH FUHFLPLHQWR UHJLRQDO OD XUEDQL]DFLyQ QR FRQWURODGD OD PDUJLQDOLGDG
XUEDQD\UXUDOODVHJUHJDFLyQGHVRFLHGDGHVpWQLFDVHQWUHRWURV
'HVGH VX FUHDFLyQ OD FDUUHUD GH 6RFLRORJtD KD GHVDUUROODGR WUHV SURFHVRV GH
DFWXDOL]DFLyQ\FXDOLILFDFLyQGHVXSODQFXUULFXODU


3ODQ  

(QIHEUHURGHXQDFRPLVLyQGHGRFHQWHVLQWHJUDGDSRUOD/LF*XDGDOXSHÉEUHJR
/LF(OLVD6DOGtDV/LF.DWW\0LKRWHN\HO/LF9tFWRU6RVVDSUHVHQWDQHOSULPHUGLVHxR
FXUULFXODUHOFXDOIXHDSUREDGRHOGHPDU]RGHPHGLDQWH5HVROXFLyQ,&8
1ž(VWHGLVHxRFXUULFXODUHQEDVHDXQSODQGHHVWXGLRVDQXDOL]DGREXVFDED
IRUPDUVRFLyORJRVDVFRQXQDVyOLGDIRUPDFLyQWHyULFDTXHDSRUWHQDOGHVDUUROORGH
ODFLHQFLDVRFLDOODWLQRDPHULFDQDHQJHQHUDOTXHSURPXHYDQODLQYHVWLJDFLyQFLHQWtILFD
GHWHPDVGHODUHDOLGDGQDFLRQDO\UHJLRQDOTXHHMHU]DQODGRFHQFLDXQLYHUVLWDULDHQ
GLVFLSOLQDVWHyULFRSUiFWLFDV\TXHFRPSUHQGDQORVSUREOHPDVGHODUHDOLGDGVRFLDO\
HODERUHQSURSXHVWDVFUHDWLYDVGHVROXFLyQDORVPLVPRV

(QHVWHVHQWLGRHO3HUILO3URIHVLRQDODSXQWDEDDIRUPDUVRFLyORJRVDVFDSDFHVGH

 $SRUWDU\FRQWULEXLUDOGHVDUUROORWHyULFRHSLVWHPROyJLFRGHODVFLHQFLDVVRFLDOHV
HQJHQHUDO\GHODVRFLRORJtDHQSDUWLFXODU
 ,QWHUSUHWDUORVSULQFLSDOHVSUREOHPDVVRFLDOHVGHODIRUPDFLyQVRFLDOEROLYLDQD
 &RQWULEXLUHLQIOXLUHQODVGHFLVLRQHVGHPiVDOWRQLYHOHQDVSHFWRVUHODFLRQDGRV
DSROtWLFDVHVWUDWHJLDV\SODQHVGHGHVDUUROORLQVWLWXFLRQDOHVWDQWRHQHOVHFWRU
S~EOLFRFRPRSULYDGR

Ϯϴ

 6LVWHPDWL]DU FRQRFLPLHQWRV \ SODQWHDU DOWHUQDWLYDV \ VROXFLRQHV D ORV
SUREOHPDVQDFLRQDOHV\UHJLRQDOHVSULRUL]DQGRODVQHFHVLGDGHVHLQWHUHVHVGH
ORVVHFWRUHVVRFLDOHVPiVRSULPLGRV
 (ODERUDUGLULJLU\HYDOXDUSUR\HFWRV\SURJUDPDV
 $VHVRUDU D LQVWLWXFLRQHV \ RUJDQL]DFLRQHV HQ iUHDV UHODFLRQDGDV FRQ OD
SUREOHPiWLFDVRFLDO
 3RVHHUXQFRPSURPLVRSDUDFRQVXFRPXQLGDGSXHEOR\QDFLyQ
 3RVHHUXQDVyOLGDFRQFLHQFLDPRUDO\pWLFDSURIHVLRQDO
'XUDQWHHVWDHWDSDODSREODFLyQHVWXGLDQWLOFUHFLyHQSURPHGLRDOXPQRVSRUDxR
LQFUHPHQWiQGRVHGHHQDHVWXGLDQWHVHQ

3ODQ  

/DVWUDQVIRUPDFLRQHVVRFLDOHVJHQHUDGDVDSDUWLUGHODDSOLFDFLyQGHODLey 1551 de
participación popular   \ GH OD Ley 1654 de descentralización administrativa
 \ODFRQYRFDWRULDGHODVSULQFLSDOHVDXWRULGDGHVGHOD8$*50SDUDHPSUHQGHU
SURFHVRV GH FDPELR \ UHQRYDFLyQ DFDGpPLFD \ DGPLQLVWUDWLYD IXHURQ UD]RQHV
VXILFLHQWHV SDUD TXH OD &DUUHUD GHFLGD UHIRUPDU VX 'LVHxR &XUULFXODU FRQ PLUDV DO
QXHYRPLOHQLR

'XUDQWH OD UHIRUPD GH  OD &DUUHUD GH 6RFLRORJtD IRUPXOy VX YLVLyQ PLVLyQ \
REMHWLYRVHQORVVLJXLHQWHVWpUPLQRV

9LVLyQ

/D FDUUHUD GH 6RFLRORJtD GH OD 8$*50 GHEHUi FRQVWLWXLUVH HQ XQD GH ODV
SULQFLSDOHV FDUUHUDV GH &LHQFLDV 6RFLDOHV GHO SDtV FRQ H[FHOHQFLD \ FDOLGDG
DFDGpPLFD JHQHUDQGR SURIHVLRQDOHV FDSDFHV GH DQDOL]DU LQWHUSUHWDU \ GDU
UHVSXHVWDV D ORV SUREOHPDV HPDQDGRV GH ODV FRQWUDGLFFLRQHV GH OD UHDOLGDG
VRFLRFXOWXUDO
0LVLyQ
/DFDUUHUDGH6RFLRORJtDGHOD8$*50IRUPDFLHQWtILFRVVRFLDOHVGHDOWDFDOLGDG
WUDQVGLFLSOLQDULD \ HOHYDGD VHQVLELOLGDG SDUD SURGXFLU FRQRFLPLHQWRV
VRFLDOPHQWH~WLOHVHQLQWHUDFFLyQ\FRPSURPLVRFRQHOPHGLRVRFLDO\QDWXUDO
2EMHWLYRV
 )RUPDU SURIHVLRQDOHV HQ OD WHRUtD \ OD SUiFWLFD FRQ PHWRGRORJtDV SOXUDOHV \
SHQVDPLHQWRFUtWLFR
 ,PSXOVDUODVFDSDFLGDGHVLQWHOHFWXDOHV\PDQXDOHVKDFLDODLQYHVWLJDFLyQ\OD
JHVWLyQVRFLDO
 'RWDUGHXQSODQGHHVWXGLRVGHSHUILODPSOLRTXHSHUPLWDGLIHUHQWHVRSFLRQHV
GHIRUPDFLyQDOHVWXGLDQWH
 7HQGHUKDFLDODIRUPDFLyQWUDQVGLFLSOLQDULD
 3URGXFLUFRQRFLPLHQWRVGHPDQHUDDHQLQWHUDFFLyQSHUPDQHQWHFRQHOPHGLR

Ϯϵ

(QFRQVHFXHQFLDOD&DUUHUDSUHWHQGLyIRUPDUVRFLyORJRVDVTXHVHDQFDSDFHVGH

 'HVDUUROODUODFDSDFLGDGGHFDSWDUHLQWHUSUHWDUORVSUREOHPDVVRFLDOHV
 $SRUWDU\FRQWULEXLUDOGHVDUUROORWHyULFRHSLVWHPROyJLFRGHODVFLHQFLDVVRFLDOHV
HQJHQHUDO\GHODVRFLRORJtDHQSDUWLFXODU
 (ODERUDUGLDJQyVWLFRVHLQYHVWLJDFLRQHVVREUHSUREOHPDVVRFLDOHVQDFLRQDOHV\
UHJLRQDOHVHLQWHUQDFLRQDOHVGHUHOHYDQFLD
 'LVHxDU \ DSOLFDU 3ROtWLFDV (VWUDWHJLDV \ 3ODQHV GH 'HVDUUROOR FRQ XQ DOWR
FRQWHQLGR KXPDQtVWLFR SDUWLFLSDWLYR \ GLUHFFLRQDGR KDFLD ODV FODVHV PiV
GHVIDYRUHFLGDVGHODSREODFLyQ
 (ODERUDU GLULJLU HYDOXDU SUR\HFWRV \ SURJUDPDV GH GHVDUUROOR VRFLDO HQ HO
VHFWRUS~EOLFR\SULYDGR
 $VHVRUDU D LQVWLWXFLRQHV \ RUJDQL]DFLRQHV HQ iUHDV UHODFLRQDGDV FRQ OD
SUREOHPiWLFDVRFLDOSODQLILFDFLyQ\FRQVROLGDFLyQGHJUXSRVRUJDQL]DGRV
 )RUPDUVH FRPR LQYHVWLJDGRU VRFLDO FDSD] GH SUHVHQWDU DOWHUQDWLYDV D ORV
SUREOHPDVVRFLDOHVTXHDSRUWHQDODHTXLGDG\MXVWLFLDVRFLDO
 'HVDUUROODUODSUiFWLFDGHWUDEDMRHQHTXLSR
 7HQHUXQDIRUPDFLyQJHQHUDOLVWDVLQGHVFXLGDUHOiUHDGHHVSHFLDOL]DFLyQ
3DUD JDUDQWL]DU OD PDWHULDOL]DFLyQ GH HVWH SHUILO SURIHVLRQDO VH GLVHxy XQ SODQ GH
HVWXGLRVVHPHVWUDOL]DGRTXHRIUHFHGRVRSFLRQHVGHWLWXODFLyQ
 (O 7tWXOR GH %DFKLOOHU HQ 6RFLRORJtD HQ *HVWLyQ 6RFLDO 3UR\HFWRV 6RFLDOHV R
,QYHVWLJDFLyQ\6RQGHRVGH2SLQLyQ
 (O7tWXORGH/LFHQFLDGRFRQPHQFLyQHQ(VWDGR3ROtWLFD\6RFLHGDG6RFLRORJtD
8UEDQD H ,QGXVWULDO 6RFLRORJtD &RPXQLWDULD \ 5XUDO 6RFLRORJtD GHO
&RPSRUWDPLHQWR\OD$FFLyQ6RFLDO+LVWRULD6RFLDO\$QWURSRORJtD&XOWXUD\
(WQLDV
6HJ~Q HVWH 3ODQ SDUD REWHQHU HO 7tWXOR GH /LFHQFLDWXUD HQ 6RFLRORJtD HQ  DxRV VH
UHTXLHUHDSUREDUPDWHULDVREOLJDWRULDVPDWHULDVHOHFWLYDVWDOOHUHVFROHFWLYRV
GH,QYHVWLJDFLyQVRFLDOPDWHULDVGHJUDGXDFLyQVHPLQDULRVGHiUHD\VHPLQDULRV
DGLFLRQDOHV\ODGHIHQVDGH7UDEDMR)LQDOGH*UDGR

/DLPSOHPHQWDFLyQGHO3ODQWXYRFRPSOLFDFLRQHVSRUTXHQRVHFRQVLGHUyODFXOWXUD
ODERUDOGHODPD\RUtDGHORVSURIHVRUHV\ODcultura del aprendizajeGHORVHVWXGLDQWHV
SRUTXHVHVRVOD\yLGHQWLILFDUODVOLPLWDFLRQHVHFRQyPLFDV\WUDEDVDGPLQLVWUDWLYDVTXH
VLJXHQFDUDFWHUL]DQGRDOD8$*50\SRUTXHODDGPLQLVWUDFLyQGHO3ODQGH(VWXGLRV
VHDVHQWyHQODFRQFHSFLyQGHOVRFLyORJRLQYHVWLJDGRUGHMDQGRGHODGRODSHUWLQHQFLD
VRFLDOGHODIRUPDFLyQ\ODHPSOHDELOLGDGGHORVWLWXODGRV


3ODQ  


(O3ODQGH(VWXGLRVGHOD&DUUHUDGH6RFLRORJtDIXHDSUREDGRHQDJRVWRGH
HQ&RQVHMRGH&DUUHUDFRQ5HVROXFLyQ1ž\1ž\HOGHIHEUHURGH
FRQ5HVROXFLyQGH'HFDQDWR1ƒKRPRORJDGRSRUHO9LFHUHFWRUDGR
FRQ5HVROXFLyQ1ƒGHOGHPDU]RGH$GHPiVGHOFDPELRHVWUXFWXUDO

ϯϬ

HQ VX HQIRTXH SHGDJyJLFR EDVDGR HQ OD IRUPDFLyQ SRU FRPSHWHQFLDV SDVy GH XQ
VLVWHPDDQXDODVHPHVWUDODGHPiVFRPRXQGDWRKLVWyULFRLPSRUWDQWHGHODFDUUHUD
GH 6RFLRORJtD IXH OD LQFRUSRUDFLyQ GH ODV QXHYDV 0RGDOLGDGHV GH *UDGXDFLyQ
DSUREDGDVSRUHO;,,&RQJUHVRGH8QLYHUVLGDGHVFRPRVRQH[DPHQGHJUDGRWUDEDMR
GLULJLGRWLWXODFLyQGLUHFWDSUR\HFWRGHJUDGRLQWHUQDGRURWDWRULR\ODPRGDOLGDGGH
IRUPDFLyQSHUPDQHQWH

(O 3ODQ GH (VWXGLRV  KD VLGR GLVHxDGR EDMR OD VLJXLHQWH YLVLyQ PLVLyQ
SULQFLSLRVYDORUHV\REMHWLYRVFXUULFXODUHV


9LVLyQ

/D &DUUHUD GH 6RFLRORJtD GH OD 8$*50 HV XQD FRPXQLGDG DFDGpPLFD FRQ
LGHQWLGDGSURSLDUHFRQRFLGDLQWHUQDFLRQDOPHQWHTXHPHMRUDFRQWLQXDPHQWH
 6X LQWHUDFFLyQ FRQ HO PHGLR VRFLDO  /D JHQHUDFLyQ GH FRQRFLPLHQWRV
VRFLROyJLFRV\/DIRUPDFLyQGHSURIHVLRQDOHVFRQFDOLGDGDFDGpPLFDFDSDFHV
GHDQDOL]DUHLQWHUSUHWDUODUHDOLGDGVRFLDO\IDFLOLWDUODVROXFLyQGHSUREOHPDV
VRFLDOHVSDUDPHMRUDUODFDOLGDGGHYLGDGHODVSHUVRQDV
0LVLyQ
/D FDUUHUD GH 6RFLRORJtD FRQWULEX\H DO GHVDUUROOR GH OD VRFLHGDG  IRUPDQGR
VRFLyORJRVDVFRQSHQVDPLHQWRFUtWLFRUHVSRQVDELOLGDGHVStULWXHPSUHQGHGRU \
SHUWLQHQFLD VRFLDO FDSDFHV GH WUDEDMDU HQ HTXLSR  HQULTXHFLHQGR HO
FRQRFLPLHQWR VRFLROyJLFR WHyULFRSUiFWLFR \  LQWHUYLQLHQGR SDUWLFLSDWLYD \
FUHDWLYDPHQWH HQ OD HODERUDFLyQ GH VROXFLRQHV GH SUREOHPDV VRFLDOHV GH ODV
FRPXQLGDGHVKXPDQDVTXHLQWHUDFW~DQFRQVXPHGLRQDWXUDO.

3ULQFLSLRV
D (OSULQFLSLRGHXQLYHUVDOLGDGGHORV'HUHFKRV+XPDQRV
E (OSOXUDOLVPR\OLEHUWDGGHSHQVDPLHQWR
F /DOLEHUWDGGHFiWHGUD
G /DFUtWLFDFRPRSULQFLSLRGHOTXHKDFHUFLHQWtILFR
H (OVHQWLGRFRPXQLWDULRGHODYLGDKXPDQDVDELpQGRVHGLIHUHQWHV
I /D5HVSRQVDELOLGDGVRFLDOHQLQWHUDFFLyQ\FRPSURPLVRFRQHOPHGLRVRFLDO

9DORUHV
D /DcreatividadTXHH[LJHFUHFHUHQODLQQRYDFLyQ\RULJLQDOLGDG
E /D responsabilidad social TXH LPSXOVD D VHU FDSD] GH UHVSRQGHU DQWH ODV
QHFHVLGDGHVGHODKXPDQLGDG
F /D participación solidaria TXH PRWLYD D LQYROXFUDUQRV HQ HO GHVDUUROOR GH
SURFHVRVFRPRPLHPEURVGHXQDFRPXQLGDG
G (O trabajo en equipo TXH HOHYD OD VHQVLELOLGDG KXPDQD GHVDUUROOD OD DFWLWXG
IDYRUDEOHDOWUDEDMRLQWHUGLVFLSOLQDULR\ODE~VTXHGDGHVROXFLRQHV
H La interculturalidadTXHQRVH[LJHFRQVWUXLUUHODFLRQHVIUDWHUQDVGHFRQYLYHQFLD
HQWUHFROHFWLYLGDGHVFRQLGHQWLGDGHVFXOWXUDOHVSURSLDV

ϯϭ

2EMHWLYRV
D 0HMRUDU OD FDOLGDG \ SHUWLQHQFLD VRFLDO GH OD IRUPDFLyQ SURIHVLRQDO SRU
FRPSHWHQFLDVSDUDIDFLOLWDUODHPSOHDELOLGDGGHORV7LWXODGRV $FDGpPLFR 
E ,QFUHPHQWDU\FXDOLILFDUODSURGXFFLyQGHFRQRFLPLHQWRVRFLROyJLFRGHPDQHUD
SDUWLFLSDWLYD\HQLQWHUDFFLyQSHUPDQHQWHFRQHOPHGLR ,QYHVWLJDFLyQ 
F 0HMRUDU OD SDUWLFLSDFLyQ GH GRFHQWHV \ HVWXGLDQWHV HQ OD LGHQWLILFDFLyQ \R
VROXFLyQGHSUREOHPDVTXHDIHFWDQDODFRPXQLGDG ,QWHUDFFLyQ6RFLDO 

/DVSUR\HFFLRQHVKLVWyULFDVGHOD&DUUHUDGH6RFLRORJtDWLHQHQFRPRUHIHUHQFLDVREUH
WRGRDODVFRPXQLGDGHVXUEDQDV\UXUDOHVGHORULHQWHEROLYLDQR

6LWXDFLyQDFWXDOGHOD&DUUHUDGH6RFLRORJtD

3REODFLyQHVWXGLDQWLO
$O VHJXQGR VHPHVWUH GH OD JHVWLyQ  OD &DUUHUD GH 6RFLRORJtD FXHQWD FRQ 
HVWXGLDQWHV LQVFULWRV (Q ORV ~OWLPRV XQFH DxRV   OD &DUUHUD KD WHQLGR
XQD PHGLD GH  HVWXGLDQWHV LQVFULWRV GH DFXHUGR FRPR VH HVWDEOHFH HQ OD WDEOD
VLJXLHQWH
7DEOD
3REODFLyQ(VWXGLDQWLO&DUUHUD6RFLRORJtD
$xR (VWXGLDQWHVLQVFULWRV ,QFUHPHQWR
3ULPHUVHPHVWUH 6HJXQGRVHPHVWUH DQXDO
   
   
   
   
   
   
   
   
   
   
   
   
)XHQWH(ODERUDFLyQSURSLDFRQFDWRV&3')DFXOWDG+XPDQLGDGHV

6HGHVWDFDTXHHOPD\RUQ~PHURGHHVWXGLDQWHVLQVFULWRV  FRUUHVSRQGHDODxR
PLHQWUDVTXHHODxRUHJLVWUDHO PHQRUQ~PHURGHLQVFULWRV  (VWH
GDWRUHSUHVHQWDXQRGHORVLPSDFWRVTXHHVWiRFDVLRQDQGROD3DQGHPLDGHO&29,'
 HQ OD SREODFLyQ HVWXGLDQWLO GH OD HGXFDFLyQ VXSHULRU 'H RWUR ODGR VH LGHQWLILFD
TXH GH ORV RQFH DxRV GHO SHULRGR DQDOL]DGR VROR  KDQ SUHVHQWDGR FLIUDV GH
FUHFLPLHQWRSREODFLRQDOHVWXGLDQWLOSRVLWLYDVORVRWURVVLHWHDxRVKDQVLGRQHJDWLYDV

3RURWURODGRHQHOSHULRGRDOSULPHUVHPHVWUHODFDUUHUDKDWLWXODGR
SURIHVLRQDOHVGHORVFXDOHVHOVRQPXMHUHVWDOFRPRVHREVHUYDHQODWDEOD


ϯϮ

7DEOD
)UHFXHQFLDGHWLWXODFLyQSRUDxR
 0RGDOLGDGWLWXODFLyQ 
$xR 7HVLV 7UDEDMR 'LUHFWD ([DPHQ 'LSORPDGR 7RWDO
GLULJLGR JUDGR
      
      
      
      
      
      
      
      
      
      
      
      
      
7RWDO      
      
)XHQWH(ODERUDFLyQSURSLD$FWDVGHJUDGXDFLyQGHOD&DUUHUDGH6RFLRORJtD


'HOWRWDOGHVRFLyORJRVWLWXODGRVHOORKDUHDOL]DGRFRQODPRGDOLGDGGHIRUPDFLyQ
FRQWLQXD SURJUDPD GH GLSORPDGR  HO  SRU OD PRGDOLGDG GLUHFWD HV GHFLU
JUDGXDFLyQ SRU EXHQ UHQGLPLHQWR \ GHVHPSHxR HO  D WUDYpV GHO H[DPHQ GH
JUDGR HO  SRU PHGLR GH OD HODERUDFLyQ \ GHIHQVD GH WHVLV \ HO  SRU OD
PRGDOLGDG GH WUDEDMR GLULJLGR 6H GHVWDFD HO DxR  FRQ HO PD\RU Q~PHUR GH
WLWXODGRVPLHQWUDVTXHHODxRFRQODFLIUDPiVEDMDGHWLWXODGRV


3ODQWHOGRFHQWH


/D &DUUHUD GH 6RFLRORJtD FXHQWD FRQ  GRFHQWHV 5HVSHFWR D ODV FDWHJRUtDV FDEH
GHVWDFDU TXH HO  VRQ GH SODQWD \ HQ FDUUHUD GLVWULEXLGRV HQ ODV VLJXLHQWHV
FDWHJRUtDV

7DEOD
&DWHJRUtDQ~PHUR\SRUFHQWDMHGHGRFHQWHV
&DWHJRUtD 1~PHUR 3RUFHQWDMH
,QWHULQR  
$GMXQWR  
7LWXODU$  
7LWXODU%  
7LWXODU&  
(PpULWR  
7RWDO  
)XHQWH5HJLVWURVFDUUHUD6RFLRORJtD

ϯϯ

(OSURJUDPDGHODFDUUHUDFXHQWDFRQXQGHGRFHQWHVWLWXODUHV\DODIHFKDVH
HQFXHQWUDQHQSURFHVRGHUHFDWHJRUL]DFLyQFXDWURGRFHQWHVGHHOORVWUHVDVFHQGHUiQ
D7LWXODU&\XQRD7LWXODU$DVSHFWRTXHLQFUHPHQWDUDDOORVGRFHQWHVWLWXODUHV
(QUD]yQDODVFDUDFWHUtVWLFDVGHOGLVHxRFXUULFXODU\FRQIRUPHDODSODQWDGRFHQWH
FRQODTXHODFDUUHUDFXHQWDODGLVWULEXFLyQGHSURIHVRUHVHQPDWHULDVWHyULFDVGH
HVSHFLDOLGDG \ DOJXQDV PHWRGROyJLFDV HV GH  GH VRFLyORJRV IUHQWH D XQ  GH
SURIHVLRQDOHVGHUDPDVDILQHV
5HVSHFWR DO QLYHO DFDGpPLFR GH ORV GRFHQWHV HO  WLHQHQ FDUUHUD GRFHQWH 6XV
JUDGRVGHIRUPDFLyQDFRPSDxDQHVWHUROTXHGHVHPSHxDQHQODHGXFDFLyQVXSHULRU
WDOFRPRVHREVHUYDHQODWDEODTXHVLJXH
7DEOD
ÉUHDGHFRQRFLPLHQWRQ~PHUR\SRUFHQWDMHV
ÉUHDVGHFRQRFLPLHQWR 1~PHURGH 3RUFHQWDMHGH
GRFHQWHV GRFHQWHV
6yOROLFHQFLDWXUDHQ6RFLRORJtD  
6RFLyORJRVDVFRQGLSORPDGR  
6RFLyORJRVDVFRQHVSHFLDOLGDG  
6RFLyORJRVDVFRQ0DHVWUtD  
6RFLyORJRVDVFRQGRFWRUDGR  
6yOROLFHQFLDWXUDHQUDPDVDILQHV  
/LFHQFLDGRVDVHQUDPDVDILQHVFRQPDHVWUtD  
/LFHQFLDGRVDVHQUDPDVDILQHVFRQGRFWRUDGR  
7RWDO  
)XHQWH5HJLVWURVFDUUHUD6RFLRORJtD
&RQIRUPHDODWDEODDQWHULRUVHHVWDEOHFHTXHGHOGHODSODQWDGRFHQWHHO
FXHQWDQFRQOLFHQFLDWXUDHOFRQDOPHQRVXQGLSORPDGRHOFRQDOPHQRVXQD
HVSHFLDOLGDGHOFRQDOPHQRVXQDPDHVWUtD\XQFRQGRFWRUDGR
$GHPiVVHGHVWDFDTXHGRFHQWHVTXHUHSUHVHQWDQHOGHOWRWDODODIHFKDYLHQHQ
GHVDUUROODQGRSURJUDPDVGHGRFWRUDGRGHORVFXDOHV\DFRQFOX\HURQODHVFRODULGDG
\HVWiQWUDEDMDQGRHQVXVWHVLVGRFWRUDOHV
3RUVXSDUWHGRFHQWHTXHUHSUHVHQWDQHOGHOWRWDOFXHQWDQFRQSRVWJUDGRV
HQVXVGLVWLQWRVQLYHOHVGHVGHGLSORPDGRKDVWDHOGRFWRUDGRHQiUHDVHVSHFtILFDVGH
FRQRFLPLHQWR $Vt WDPELpQ VH GHVWDFD TXH HO  GH ORV GRFHQWHV GH OD FDUUHUD
FXHQWDQFRQGLSORPDGRHVSHFLDOLGDGPDHVWUtD\RGRFWRUDGRHQ(GXFDFLyQ6XSHULRU

3HUVRQDODGPLQLVWUDWLYRXQLGDGHVDFDGpPLFDVHLQIUDHVWUXFWXUD

(Q OD SDUWH DGPLQLVWUDWLYD OD FDUUHUD FXHQWD FRQ XQ GLUHFWRU GH FDUUHUD D WLHPSR
FRPSOHWRXQFRRUGLQDGRUDFDGpPLFR\XQDVHFUHWDULD'HVSXpVGHFDVLGRVDxRVGH
LQDFWLYLGDG SRU FDXVD GHO &29,' VH KD YXHOYR D UHDFWLYDU HO &HQWUR GH
,QYHVWLJDFLRQHV6RFLDOHV\$SR\RDO'HVDUUROOR&,6$'$GHPiVODFDUUHUDFXHQWDFRQ

ϯϰ

XQ FHQWUR GH GRFXPHQWDFLyQ ELEOLRWHFD HVSHFLDOL]DGD \ DFFHVR D VDOD GH FyPSXWR
IDFXOWDWLYD3RU~OWLPRODFDUUHUDFXHQWDFRQORVHVSDFLRVDFDGpPLFRVHQODFDQWLGDG
\FDOLGDGDGHFXDGDSDUDHOGHVDUUROORGHOSURFHVRHQVHxDQ]DDSUHQGL]DMHFRPRVRQ
DXODVPHGLRVDXGLRYLVXDOHVVDORQHVGHFRQIHUHQFLDVHQWUHRWURV


/DHGXFDFLyQYLUWXDOHQHOPDUFRGHOD3DQGHPLD&29,'


$ILQDOHVGHODxRGHVGH&KLQDVHLQIRUPDODSUHVHQFLDGHXQDQXHYDHQIHUPHGDG
SURYRFDGDSRUXQPRUWDOYLUXVHO&29,''HVGHHQWRQFHVVXH[SDQVLyQDODJUDQ
PD\RUtDGHORVSDtVHVGHOPXQGRKDVLGRUiSLGDHLQFRQWURODEOHSRUORTXHHOGH
HQHURGHOD2UJDQL]DFLyQ0XQGLDOGHOD6DOXGODGHFODUDFRPRSDQGHPLDHV
GHFLUXQDHPHUJHQFLDVDQLWDULDGHSUHRFXSDFLyQJOREDO

%ROLYLDGHWHFWDVXVSULPHURVFDVRVGHHVWDHQIHUPHGDGHOGHPDU]RGHO\GtDV
GHVSXpV FRPR PHGLGDV GH SUHFDXFLyQ \ FRQWHQFLyQ HO *RELHUQR 1DFLRQDO GHFODUD
HPHUJHQFLDVDQLWDULD\FXDUHQWHQDWRWDOUtJLGD /H\'6'6'6
 '6   (OOR LPSOLFy HQWUH RWUDV PHGLGDV OD SHUPDQHQFLD REOLJDWRULD GH
WRGRVORVFLXGDGDQRVHQVXVKRJDUHV\ODVXVSHQVLyQGHWRGDVODVDFWLYLGDGHVS~EOLFDV
\SULYDGDVHQHOWHUULWRULRQDFLRQDO

$WHQGLHQGRHVWHFRQWH[WRGHHPHUJHQFLDVDQLWDULDOD8QLYHUVLGDG$XWyQRPD*DEULHO
5HQp0RUHQRVXVSHQGHVXVDFWLYLGDGHVDFDGpPLFDV\DGPLQLVWUDWLYDV6LQHPEDUJR
HO,OXVWUH&RQVHMR8QLYHUVLWDULRGHOD8$*50ORJUDVHVLRQDU\HPLWLUOD5HVROXFLyQ
GHGHMXQLRPLVPDTXHUHVXHOYHDXWRUL]DU\HQFRPHQGDUDORV&RQVHMRV
GH&DUUHUDVODLPSOHPHQWDFLyQGHKHUUDPLHQWDV\PHGLRVYLUWXDOHVFRPRDSR\RSDUD
HO GHVDUUROOR \ DYDQFH DFDGpPLFR GH VXV GLIHUHQWHV DVLJQDWXUDV VHPHVWUDOHV \
DQXDOHV

(QWRGRHVWHSHULRGRODFDUUHUDGHVRFLRORJtDKDGHVDUUROODGRHOSURFHVRGHHQVHxDQ]D
DSUHQGL]DMH D WUDYpV GH ODV FODVHV YLUWXDOHV %XVFDQGR FRQRFHU ODV SHUFHSFLRQHVGH
HVWXGLDQWHV\GRFHQWHVVREUHGLFKDPRGDOLGDGVHLPSOHPHQWyXQDHQFXHVWDYLUWXDOD
GRFHQWHV\HVWXGLDQWHVODPLVPDTXHSURSRUFLRQDODVLJXLHQWHLQIRUPDFLyQ

D3HUFHSFLRQHVGHGRFHQWHV

3DUDDIURQWDUHOFDPELRGHODPRGDOLGDGGHFODVHVSUHVHQFLDOHVDODPRGDOLGDGYLUWXDO
ORVSURIHVRUHV\HVWXGLDQWHVGHODFDUUHUDWXYLHURQTXHDFWXDOL]DUVHHQHOPDQHMRGH
KHUUDPLHQWDVSURSLDVGHHVWDPRGDOLGDG(OGHORVSURIHVRUHVIXHFDSDFLWDGRHQ
HOPDQHMRGHSODWDIRUPDVYLUWXDOHVGHORVFXDOHVODPD\RUtDSRUHO'7,&GHOD8$*50
\ RWURV SRU VXV JUHPLRV OD $VRFLDFLyQ GH 3URIHVRUHV GH OD )DFXOWDG OD )HGHUDFLyQ
8QLYHUVLWDULDGH3URIHVRUHVDVtFRPRSRUODVXQLGDGHVIDFXOWDWLYDV

/DVSODWDIRUPDVPiVXVDGDVHQODDFWXDOLGDGVRQHOJRRJOHFODVVURRP  \0RRGOH


 \SDUDODVFODVHVYLUWXDOHVXWLOL]DQHO]RRP  \JRRJOHPHHW  6LHQGRHO
:KDWV$SS  ODKHUUDPLHQWDGHFRPXQLFDFLyQGHPHQVDMHVPiVXVDGD

ϯϱ

3DUDHOHQYtRGHGRFXPHQWRVUHFXUUHQDODVSODWDIRUPDVHO:KDWV$SS  HOFRUUHR
HOHFWUyQLFR  \ODVSODWDIRUPDVGHOD8QLYHUVLGDG  )LQDOPHQWHORVHTXLSRV
PiV XVDGRV SDUD HVWDV DFWLYLGDGHV VRQ ODV FRPSXWDGRUDV SRUWiWLOHV   \
FRPSXWDGRUDVGHHVFULWRULR  \HQPHQRUPHGLGDODVWDEOHWV\RFHOXODUHV

'HDFXHUGRDVXH[SHULHQFLDODYDORUDFLyQTXHKDFHQORVGRFHQWHVVREUHODHQVHxDQ]D
YLUWXDOHVSULQFLSDOPHQWHUHJXODU  \EXHQD  \QDGLHFRQVLGHUDTXHVHDPDOD
(Q UHODFLyQ DO JUDGR GH VDWLVIDFFLyQ HQ VX UHODFLyQ FRQ ORV HVWXGLDQWHV HQ HVWD
PRGDOLGDGHVPD\RULWDULDVDWLVIDFWRULD  \PHGLDQDPHQWHVDWLVIDFWRULD  

&RQUHODFLyQDORVUHVXOWDGRVODDVLVWHQFLDHV YDULDGDSHURRVFLODHQWUHD
/DV DFWLYLGDGHV PiV SUiFWLFDV VH KDQ FRQFHQWUDGR HQ OD HODERUDFLyQ GH
LQYHVWLJDFLRQHV HMHUFLFLRV \ HQ DOJXQRV FDVRV D WUDYpV GH FODVHV VHPLSUHVHQFLDOHV
/RVSULQFLSDOHVSUREOHPDVTXHDIURQWDQORVHVWXGLDQWHVHQHVWDPRGDOLGDGVHJ~QORV
SURIHVRUHVVRQ
 0DQHMRGHSODWDIRUPDVYLUWXDOHV
 $FFHVRDLQWHUQHW
 $FFHVRD7,&V
 (IHFWRVGHOD3DQGHPLDGHO&29,'
(QWRQFHV SDUD JDUDQWL]DU XQD PHMRU HGXFDFLyQ D ORV HVWXGLDQWHV GH OD FDUUHUD GH
VRFLRORJtDORVSURIHVRUHVVXJLHUHQLPSOHPHQWDU
 )LQDQFLDPLHQWRSDUDIDFLOLWDUHODFFHVRD,QWHUQHW\7,&V
 (YDOXDFLRQHVLQQRYDGRUDV
 &DSDFLWDFLyQSHUPDQHQWH
 0D\RU\PHMRUDELEOLRJUDItDYLUWXDO
(QUHVXPHQODVQXHYDVFRPSHWHQFLDVTXHUHTXLHUHODQXHYDUHDOLGDGHVHODFFHVR\
PDQHMRGHODV7,&VQHFHVDULDVSDUDDIURQWDUHVWDPRGDOLGDGYLUWXDO
E3HUFHSFLRQHVGHHVWXGLDQWHV
(OGHORVHVWXGLDQWHVFRQVLGHUDTXHQRHVWiSUHSDUDGRSDUDWUDQVLWDUKDFLDXQD
HGXFDFLyQYLUWXDO\VRORXQFRQVLGHUDTXHORVGRFHQWHVVLHVWiQSUHSDUDGRV(Q
HVWDPLVPDSURSRUFLyQSHUFLEHQTXHOD8$*50WDPSRFRHVWiSUHSDUDGD
/DPLWDGGHORVHVWXGLDQWHVGHVRFLRORJtDLQGLFDTXHIXHURQFDSDFLWDGRVHQHOPDQHMR
GH7,&V\HOGHHOORVVHFDSDFLWRGHIRUPDDXWyQRPD6LQHPEDUJRVXQLYHOGH
FDSDFLWDFLyQHVPHGLD  
/DPD\RUtDGHORVHVWXGLDQWHVWUDEDMDDWUDYpVGHODSODWDIRUPD0RRGOHGHOD8$*50
 \HQ*RRJOH&ODVVURRP  \ODVFODVHVYLUWXDOHVDWUDYpVGH]RRP  \
*RRJOHPHHW  6XFRPXQLFDFLyQXVXDOSULQFLSDOPHQWHDWUDYpVGHPHQVDMHVHV
HO:KDWV$SSGHOJUXSRGHODPDWHULD  \XQDWUDYpVGHOFRUUHRHOHFWUyQLFR
$VLPLVPRUHFLEH\RHQYtDDUFKLYRV\GRFXPHQWRVDWUDYpVGH:KDWV$SS  FRUUHR
HOHFWUyQLFR  \SODWDIRUPDYLUWXDO  

ϯϲ

/RVHTXLSRVTXHXWLOL]DQORVHVWXGLDQWHVSDUDVXVFODVHVVRQORVFHOXODUHV  \ORV
FRPSXWDGRUHVSRUWiWLOHV  \DFFHGHQDLQWHUQHWSULQFLSDOPHQWHDWUDYpVGHXQD
FXHQWDSURSLDHQODYLYLHQGD  \RFRPSUDQGRSDTXHWHVGHRIHUWD  

/DSHUFHSFLyQGHORVHVWXGLDQWHVUHVSHFWRDVXH[SHULHQFLDDFDGpPLFDHVSRVLWLYDHO
FRQVLGHUDTXHHVH[FHOHQWHRPX\EXHQDHOEXHQD\HOUHJXODU6LQ
HPEDUJRODLQIOXHQFLDGHOSURFHVRYLUWXDOHQVXDSUHQGL]DMHHVUHJXODU  3RUHVR
PLVPRVXVDWLVIDFFLyQPD\RULWDULDHVUHJXODU  
&RQUHODFLyQDORVSURIHVRUHVVXSHUFHSFLyQPD\RULWDULDHVUHJXODU

 $WHQFLyQGHVSHMDQGRGXGDV  
 0RGHORGHHYDOXDFLRQHV  
 8WLOL]DFLyQGHUHFXUVRVHGXFDWLYRV  

6LQHPEDUJRODLQWHUDFFLyQFRQORVGRFHQWHVKDVLGRFDOLILFDGDFRPRPX\EXHQD  
\ EXHQD   (Q HO WUiQVLWR GH ODV FODVHV SUHVHQFLDOHV \ D ODV YLUWXDOHV ORV
HVWXGLDQWHVLGHQWLILFDQORVVLJXLHQWHVFDPELRV
 'LILFXOWDGHVSDUDSUHJXQWDU\SDUWLFLSDU
 3RFDFRQFHQWUDFLyQHQFODVH
 0iVPDWHULDOHVGLJLWDOHV\DXGLRYLVXDOHVGLVSRQLEOHV
 0DVWDUHDVSDUDORVHVWXGLDQWHV
/DVLQWHUDFFLRQHVHQUHODFLyQDODVFODVHVSUHVHQFLDOHVIXHURQUHJXODUHV  GHELGR
DODPHQRULQWHUDFFLyQODVGLILFXOWDGHVSDUDUHDOL]DUWUDEDMRVJUXSDOHV\ODIDOWDGH
FRPSDxHULVPR (Q UHODFLyQ D ORV SUREOHPDV SDUD HQFDUDU HO SURFHVR GH HQVHxDQ]D
YLUWXDODSDUHFHQFRPRODVPiVLPSRUWDQWHVODVVLJXLHQWHV
 $FFHVRDLQWHUQHWSRUIDOWDGHUHFXUVRV
 $PELHQWHLQDGHFXDGRSDUDHVWXGLDU\SDVDUFODVHV
 )DOWDGHVRFLDOL]DFLyQFDSDFLWDFLyQHQPDQHMRGH7,&V
3RUODVOLPLWDFLRQHVVHxDODGDVDQWHULRUPHQWHODPD\RUtDGHORVHVWXGLDQWHVSHUFLEH
TXHFRQODHGXFDFLyQYLUWXDOQRH[LVWHQFRQGLFLRQHVSDUDHOGHVDUUROORGHOSURJUDPD
DFDGpPLFR  WDPSRFRSDUDGHVDUUROODUFRPSHWHQFLDVIRUPDWLYDV  QLSDUD
HOGHVDUUROORGHYDORUHVKXPDQRV  $XQTXHVRQPiVRSWLPLVWDVSDUDFRQWLQXDU
HQODPRGDOLGDGYLUWXDO  \H[SUHVDQVXFRQILDQ]DHQVXIRUPDFLyQSURIHVLRQDO
 \FRQFOXLUVXSURFHVRGHIRUPDFLyQ  

3HUFHSFLRQHVYDORUDWLYDVVREUHHO3ODQGHIRUPDFLyQ

7RPDQGRHQFXHQWDORVUHVXOWDGRVGHODHQFXHVWDYLUWXDOUHDOL]DGDHQGLFLHPEUHGHO
DGRFHQWHV\HVWXGLDQWHVGHOTXLQWRDORFWDYRVHPHVWUHGHODFDUUHUDGH
6RFLRORJtD DVt WDPELpQ FRQVLGHUDQGR ORV GDWRV HVWDGtVWLFRV GHO &HQWUR GH
3URFHVDPLHQWR GH 'DWRV GH OD )DFXOWDG GH +XPDQLGDGHV D FRQWLQXDFLyQ VH
SUHVHQWDQ ODV SHUFHSFLRQHV YDORUDWLYDV \ ORV UHVXOWDGRV DFDGpPLFRV GHO 3ODQ
&XUULFXODULPSOHPHQWDGRGHVGHDODIHFKD

ϯϳ

&XPSOLPLHQWRGHREMHWLYRVGHO3ODQ&XUULFXODU


(O 3ODQ &XUULFXODU  GH OD FDUUHUD GH 6RFLRORJtD VH HVWDEOHFLy  REMHWLYRV
HVWUDWpJLFRV(OSULPHURHVWiUHODFLRQDGRFRQODFDOLGDGHGXFDWLYDHOVHJXQGRDOD
SURGXFFLyQ GHO FRQRFLPLHQWR FLHQWtILFR \ HO WHUFHUR D OD LQWHUDFFLyQ VRFLDO $
FRQWLQXDFLyQ VH SUHVHQWDQ ODV SHUFHSFLRQHV YDORUDWLYDV UHVSHFWR DO QLYHO GH
FXPSOLPLHQWRGHGLFKRVREMHWLYRVWDQWRGHGRFHQWHV\HVWXGLDQWHV


2EMHWLYR0HMRUDUODFDOLGDG\SHUWLQHQFLDVRFLDOHGXFDWLYD

$ODFRQVXOWD¢(QTXpQLYHOOD&DUUHUDGH6RFLRORJtDHVWiFXPSOLHQGRVXREMHWLYRGH
PHMRUDUODFDOLGDG\SHUWLQHQFLDVRFLDOGHODIRUPDFLyQSURIHVLRQDOSRUFRPSHWHQFLDV
SDUDIDFLOLWDUODHPSOHDELOLGDGGHORVWLWXODGRV"VHREVHUYDTXHGHVGHORVGRVVHFWRUHV
GRFHQWHV\HVWXGLDQWHV ODSHUFHSFLyQSUHGRPLQDQWHHVHOFXPSOLPLHQWR
HQXQQLYHOPHGLRGHHVWHREMHWLYRWDOFRPRVHUHJLVWUDHQHOJUDILFRVLJXLHQWH

*UiILFR
*UDGRGHFXPSOLPLHQWRREMHWLYR3ODQ

'RFHQWHV ϭϮй ϳϬй ϭϴй

(VWXGLDQWHV ϰй ϴй ϱϬй ϭϵй ϭϵй

Ϭй ϭϬй ϮϬй ϯϬй ϰϬй ϱϬй ϲϬй ϳϬй ϴϬй ϵϬй ϭϬϬй
DƵLJĂůƚŽ ůƚŽ DĞĚŝŽ ĂũŽ DƵLJďĂũŽ

)XHQWH(QFXHVWDDHVWXGLDQWHV\GRFHQWHVQRYLHPEUH\GLFLHPEUHGH

3RURWURODGRHOEDMRFXPSOLPLHQWRGHOREMHWLYRVHGHVWDFDFRPRODVHJXQGDYDORUDFLyQ
LPSRUWDQWH GRFHQWHV  \ HVWXGLDQWHV   PLHQWUDV TXH HO DOWR QLYHO GH
FXPSOLPLHQWRHVGHVWDFDGRHQXQSRUGRFHQWHV\HQXQSRUHVWXGLDQWHV(Q
WpUPLQRV JHQHUDOHV OD FDUUHUD GH VRFLRORJtD WLHQH XQ GpILFLW IUHQWH D VX REMHWLYR GH
PHMRUDUODFDOLGDG\SHUWLQHQFLDVRFLDOGHODIRUPDFLyQSURIHVLRQDOSRUFRPSHWHQFLDV
SDUDIDFLOLWDUODHPSOHDELOLGDGGHORVWLWXODGRV

2EMHWLYR,QFUHPHQWDUFXDOLILFDU\WUDQVIHULUHOFRQRFLPLHQWRVRFLROyJLFR

&RQVXOWDGRVVREUH¢(QTXpQLYHOOD&DUUHUDGH6RFLRORJtDHVWiFXPSOLHQGRVXREMHWLYR
GH LQFUHPHQWDU \ FXDOLILFDU OD SURGXFFLyQ GH FRQRFLPLHQWR VRFLROyJLFR GH PDQHUD
SDUWLFLSDWLYD \ HQ LQWHUDFFLyQ SHUPDQHQWH FRQ HO PHGLR" ORV GRFHQWHV HQ PD\RU
SRUFHQWDMH  \ORVHVWXGLDQWHVHQPHQRU  SHUFLEHQTXHHOFXPSOLPLHQWRGH
HVWHREMHWLYRVHGDHQXQQLYHOPHGLRWDOFRPRVHPXHVWUDHQHOJUDILFRTXHVLJXH

ϯϴ

*UiILFR
*UDGRGHFXPSOLPLHQWRREMHWLYR3ODQ
ϴϬ ϳϭй

ϲϬ

ϯϴй
ϰϬ
Ϯϳй
Ϯϯй
ϭϵй
ϮϬ ϭϮй
ϰй ϲй
Ϭ
DƵLJĂůƚŽ ůƚŽ DĞĚŝŽ ĂũŽ DƵLJďĂũŽ
ƐƚƵĚŝĂŶƚĞƐ ŽĐĞŶƚĞƐ 
)XHQWH(QFXHVWDYLUWXDODHVWXGLDQWHV\GRFHQWHVQRYLHPEUH\GLFLHPEUHGH

/DVSHUFHSFLRQHVUHVSHFWRDOQLYHODOWRGHFXPSOLPLHQWRGHHVWHREMHWLYRWLHQHQXQ
FLHUWRJUDGRGHVLPLOLWXG/RVGRFHQWHVFRQHO\ORVHVWXGLDQWHVFRQHO3RU
RWUR ODGR VH REVHUYD TXH VROR HQ HO FDVR GH ORV HVWXGLDQWHV VXV SHUFHSFLRQHV VH
XELFDQ HQ DPERV H[WUHPRV GH OD HVFDOD YDORUDWLYD HQ HO QLYHO PX\ EDMR GH
FXPSOLPLHQWRFRQHO\HQHOPX\DOWRQLYHOFRQHO%DVDGRVHQHVWRVGDWRV
ODVSHUFHSFLRQHVGHORVDFWRUHVFHQWUDOHVGHOSURFHVRHGXFDWLYRLQGLFDQTXHODFDUUHUD
GHVRFLRORJtDKDORJUDGRXQQLYHOGHFXPSOLPLHQWRPHGLRHQUHODFLyQDVXREMHWLYRGH
LQFUHPHQWDUFXDOLILFDU\WUDVIHULUDODVRFLHGDGODSURGXFFLyQGHOFRQRFLPLHQWR

2EMHWLYR0HMRUDUODSDUWLFLSDFLyQHQODVROXFLyQGHSUREOHPDVVRFLDOHV

/RV GRFHQWHV \ HVWXGLDQWHV IXHURQ FRQVXOWDGRV VREUH ¢(Q TXp QLYHO OD &DUUHUD GH
6RFLRORJtD HVWi FXPSOLHQGR VX REMHWLYR GH PHMRUDU OD SDUWLFLSDFLyQ GH GRFHQWHV \
HVWXGLDQWHVHQODLGHQWLILFDFLyQ\VROXFLyQGHSUREOHPDVTXHDIHFWDQDODFRPXQLGDG"
/DVSHUFHSFLRQHVYDORUDWLYDVGHORVGRFHQWHVVHxDODQTXHODFDUUHUDKDFXPSOLGRHQ
XQQLYHOPHGLRHVWHREMHWLYRHQPHQRUSURSRUFLyQHQXQQLYHODOWR\PX\
DOWRQLYHOHQXQWDOFRPRVHSUHVHQWDQORVGDWRVHQHOJUDILFRVLJXLHQWH

*UiILFR
*UDGRGHFXPSOLPLHQWRREMHWLYR3ODQ
Ϭй DƵLJďĂũŽ ĂũŽ DĞĚŝŽ ůƚŽ DƵLJĂůƚŽ
ϲй
'RFHQWHV ϲϱй
ϭϳй
ϭϮй

ϭϮй
ϭϵй
(VWXGLDQWHV ϱϰй
ϭϭй
ϰй

Ϭ ϭϬ ϮϬ ϯϬ ϰϬ ϱϬ ϲϬ ϳϬ

)XHQWH(QFXHVWDYLUWXDODHVWXGLDQWHV\GRFHQWHVGLFLHPEUHGH

ϯϵ

3RU VX SDUWH ORV HVWXGLDQWHV FRLQFLGLHQGR FRQ ORV GRFHQWHV DVLJQDQ HO PD\RU
SRUFHQWDMH GH FXPSOLPLHQWR GHO REMHWLYR HQ HO QLYHO PHGLR   6LQ HPEDUJR VH
DOHMDQ VXV SHUFHSFLRQHV UHVSHFWR DO QLYHO EDMR GH FXPSOLPLHQWR ORV HVWXGLDQWHV OH
DVLJQDQXQ\ORVGRFHQWHVVRORHO(VLPSRUWDQWHGHVWDFDUTXHHQHOFDVRGH
ORVGRFHQWHVHOSRUFHQWDMHUHVSHFWRDOQLYHODOWR\PX\DOWRGHFXPSOLPLHQWRQRVREUH
SDVD DO  \ HQ HO FDVR GH ORV HVWXGLDQWHV DSHQDV OOHJD DO  %DMR HVWDV
SHUFHSFLRQHV OD FDUUHUD GH 6RFLRORJtD VH HQFXHQWUD DQWH JUDQGHV GH VDILRV
UHODFLRQDGRV DO PHMRUDPLHQWR GH OD SDUWLFLSDFLyQ GH GRFHQWHV \ HVWXGLDQWHV HQ OD
LGHQWLILFDFLyQ\VROXFLyQGHSUREOHPDVTXHDIHFWDQDODFRPXQLGDG


3HUWLQHQFLDVRFLDOGHODYLVLyQHVWUDWpJLFDGHO3ODQ&XUULFXODU

/D YLVLyQ HVWUDWpJLFD TXH HVWDEOHFH HO 3ODQ &XUULFXODU  GH OD FDUUHUD GH
6RFLRORJtDHVFRQYHUWLUVH XQDFRPXQLGDGDFDGpPLFDFRQLGHQWLGDGSURSLDUHFRQRFLGD
LQWHUQDFLRQDOPHQWHTXHPHMRUDFRQWLQXDPHQWH6XLQWHUDFFLyQFRQHOPHGLRVRFLDO
 /D JHQHUDFLyQ GH FRQRFLPLHQWRV VRFLROyJLFRV \  /D IRUPDFLyQ GH SURIHVLRQDOHV
FRQFDOLGDGDFDGpPLFDFDSDFHVGHDQDOL]DUHLQWHUSUHWDUODUHDOLGDGVRFLDO\IDFLOLWDU
ODVROXFLyQGHSUREOHPDVVRFLDOHVSDUDPHMRUDUODFDOLGDGGHYLGDGHODVSHUVRQDV

'HVSXpV GH  DxRV GH VX YLJHQFLD \ WRPDQGR HQ FXHQWD ORV FDPELRV VRFLDOHV
H[SHULPHQWDGRV HQ HVWH SHULRGR VH KD FRQVXOWDGR D ORV GRFHQWHV \ HVWXGLDQWHV VX
SHUFHSFLyQ VREUH ¢&XiO HV HO JUDGR GH SHUWLQHQFLD VRFLDO GH OD YLVLyQ TXH WLHQH OD
&DUUHUD GH 6RFLRORJtD HQ OD DFWXDOLGDG" (Q HO JUDILFR TXH VLJXH VH SUHVHQWDQ ORV
UHVXOWDGRVGHODVSHUFHSFLRQHV

*UiILFR
3HUFHSFLRQHVGRFHQWHV\HVWXGLDQWHVVREUHSHUWLQHQFLDVRFLDOGHODYLVLyQ
(VWXGLDQWHV 'RFHQWHV









 


 
   


Alta 0HGLDQD %DMD 1LQJXQD
pertinencia SHUWLQHQFLD SHUWLQHQFLD SHUWLQHQFLD
)XHQWH(QFXHVWDDHVWXGLDQWHV\GRFHQWHVGLFLHPEUHGH

(QODSHUFHSFLyQPD\RULWDULDGHORVGRFHQWHVODYLVLyQHVWUDWpJLFDLQVWLWXFLRQDOWLHQH
XQDPHGLDQDSHUWLQHQFLDVRFLDO  (QODPLVPDOtQHDGHSHUFHSFLyQVHXELFDQ

ϰϬ

FRQORVHVWXGLDQWHVFRQHO3RUVXSDUWHODEDMDSHUWLQHQFLDVHFRQVWLWX\HHQHO
VHJXQGR FULWHULR SUHSRQGHUDQWH \D TXH ORV GRFHQWHV OH DVLJQDQ XQ  \ ORV
HVWXGLDQWHVHO6HGHVWDFDDODYH]TXHVRORODVSHUFHSFLRQHVGHORVHVWXGLDQWHV
VH XELFDQ HQ ORV GRV H[WUHPRV GH HVWD HVFDOD YDORUDWLYD $OWD SHUWLQHQFLD  \
QLQJXQDSHUWLQHQFLD

6HGHEHGHVWDFDUTXHSDUDORVGRFHQWHVODPHGLDQD\EDMDSHUWLQHQFLDVRFLDOGHOD
YLVLyQHVWUDWpJLFDOOHJDDOPLHQWUDVTXHSDUDORVHVWXGLDQWHVDO%DMRHVWRV
FULWHULRVTXHPDUFDQXQDWHQGHQFLDPD\RULWDULDVHDGYLHUWHODLPSHULRVDQHFHVLGDG
GHDGHFXDUODYLVLyQLQVWLWXFLRQDOGHODFDUUHUDGH6RFLRORJtDDORVQXHYRVUHWRVTXH
HPHUJHQ GH ORV GLQiPLFRV \ FRPSOHMRV FDPELRV TXH H[SHULPHQWD OD VRFLHGDG
FRQWHPSRUiQHD


)XQGDPHQWRVGHO3ODQGH)RUPDFLyQ3URIHVLRQDO

/RVIXQGDPHQWRVHSLVWHPROyJLFRV\SVLFRSHGDJyJLFRVGRQGHVHVXVWDQFLDHOSUHVHQWH
3ODQ GH )RUPDFLyQ 3URIHVLRQDO GHO 6RFLyORJR   GH OD 8QLYHUVLGDG $XWyQRPD
*DEULHO5HQH0RUHQRVRQORVVLJXLHQWHV

)XQGDPHQWRVHSLVWHPROyJLFRV


/DSUHJXQWDFODYHTXHVHHVWDEOHFHSDUDGHVDUUROODUORVIXQGDPHQWRVHSLVWHPROyJLFRV
HVODVLJXLHQWH¢&yPRWLHQHOXJDUHOSURFHVRGHFRQVWUXFFLyQGHORVVDEHUHVHVHQFLDOHV
HQODVGLVFLSOLQDVTXHVHLQWHJUDQHQHOSURFHVRGHIRUPDFLyQGHOSURIHVLRQDO"3DUD
GDUUHVSXHVWDVHKDFRQVLGHUDGRODUHDOLGDGVRFLRHFRQyPLFD\FXOWXUDOGHOSDtVHO
PDUFRQRUPDWLYRTXHGHILQHORVSULQFLSLRV\DOFDQFHGHODHGXFDFLyQVXSHULRUFRPR
WDPELpQHO3ODQGH'HVDUUROORGHO6LVWHPDGH8QLYHUVLGDGHVGH%ROLYLDVLQROYLGDUODV
WHQGHQFLDVHGXFDWLYDVJOREDOHV
%DMR HVWH FRQWH[WR HVWH 3ODQ GH )RUPDFLyQ 3URIHVLRQDO  GHVFDQVD HQ ORV
VLJXLHQWHVIXQGDPHQWRVHSLVWHPROyJLFRV

 /DFRQYLFFLyQGHOFDUiFWHUKLVWyULFR\UHODWLYRGHOFRQRFLPLHQWRFLHQWtILFR
 /DUXSWXUDGHORVOtPLWHVUtJLGRVTXHLPSXVRHOSRVLWLYLVPRDODVFLHQFLDV
 (OHVWXGLDQWHFRPRFHQWURGHJUDYHGDGVXMHWR\DFWRUHQODFRQVWUXFFLyQGHVX
FRQRFLPLHQWR
 /D QDWXUDOH]D LQWHUGLVFLSOLQDULD \ WUDQVGLFLSOLQDULD GH OD FRQVWUXFFLyQ GHO
FRQRFLPLHQWRFLHQWtILFRHQODVRFLHGDGJOREDO
 /DFHUWLGXPEUHGHTXHODHQVHxDQ]D\DSUHQGL]DMHGHODFLHQFLDHVDQWHWRGR
XQSURFHVRUHIOH[LYR\FUtWLFRLQDFDEDGR\VLHPSUHLPSHUIHFWR
 /RV VDEHUHV \ FRQRFLPLHQWRV VH FRQVWUX\HQ \ UHFRQVWUX\HQ PHGLDQWH OD
LQYHVWLJDFLyQ FLHQWtILFD SHUWLQHQWH D ODV QHFHVLGDGHV VRFLDOHV \ D ORV
UHTXHULPLHQWRVVRFLRHFRQyPLFRV\FXOWXUDOHVPHGLDQWHOD,QWHUDFFLyQ6RFLDO\
([WHQVLyQ8QLYHUVLWDULD

ϰϭ

 /DIRUPDFLyQXQLYHUVLWDULDHVUHVXOWDGRGHXQHTXLOLEULRHQWUHWHRUtD\SUiFWLFD
HVWD~OWLPDHPHUJHQWHSDUWLFXODUPHQWHGHODVIXQFLRQHVGH,QWHUDFFLyQ6RFLDO
([WHQVLyQ8QLYHUVLWDULDH,QYHVWLJDFLyQ&LHQWtILFD
 ,QFRUSRUDFLyQGHORVFRQRFLPLHQWRV\VDEHUHVGHORVSXHEORVLQGtJHQDVHQORV
SURFHVRVGHHQVHxDQ]DDSUHQGL]DMH
'HRWURODGRORVIXQGDPHQWRVHSLVWHPROyJLFRVGHOSUHVHQWHGLVHxR3ODQ&XUULFXODU
FRPSUHQGHQGRVDVSHFWRVIXQGDPHQWDOHVGHODIRUPDFLyQSURIHVLRQDOD HOSURFHVR
GH FRQVWUXFFLyQ GHO FRQRFLPLHQWR VRFLROyJLFR FRPSOHMR \ E  ODV IRUPDV HQ TXH ORV
GRFHQWHV\ORVHVWXGLDQWHVDERUGDQODVRFLRORJtDFRPRSURIHVLyQ
(OSURFHVRGHFRQVWUXFFLyQGHOFRQRFLPLHQWRFRPSOHMR
/DH[SOLFDFLyQ\FRPSUHQVLyQGHODVVRFLHGDGHV\VXVDFWRUHV VXRUGHQ\GLQiPLFD 
HV WDUHD SULQFLSDO GH OD 6RFLRORJtD (Q HVWH VHQWLGR HO FRQRFLPLHQWR VRFLROyJLFR VH
FRQVWUX\HGHVGHODH[SHULHQFLDGHODUHDOLGDGODSHUVSHFWLYDWHyULFDODLPDJLQDFLyQ
VRFLROyJLFD TXH VLJQLILFD LU más allá GHO FRQRFLPLHQWR HVWDEOHFLGR  \ OD REMHWLYLGDG
FLHQWtILFD
3RU HOOR VH SODQWHD HQ WpUPLQRV FXUULFXODUHV FRPR HOHPHQWRV LPSRUWDQWHV SDUD OD
FRQVWUXFFLyQ GH FRQRFLPLHQWRV VRFLROyJLFRV OD LQWHUDFFLyQ VRFLDO GH ORV GRFHQWHV \
HVWXGLDQWHV FRQ OD FRPXQLGDG OD HQVHxDQ]D GH ODV GLYHUVDV WHRUtDV FLHQWtILFDV
YLJHQWHVHODQiOLVLV\ODGLVFXVLyQFUHDWLYDGHORVSUREOHPDVVRFLDOHV\ODDILUPDFLyQ
GHODpWLFDSURIHVLRQDOGHOVRFLyORJR
(Q HVWH VHQWLGRHO SUHVHQWH SODQ DVXPH OD FRQVWUXFFLyQ GHO FRQRFLPLHQWR FRPSOHMR
WRPDQGRHQFXHQWDORVSULQFLSLRVGHVDUUROODGRVSRU0RUtQ  DVDEHU
 Principio dialógico. 3HUPLWH PDQWHQHU OD GXDOLGDG HQ HO VHQR GH OD XQLGDG
$VRFLD GRV WpUPLQRV D OD YH] FRPSOHPHQWDULRV \ DQWDJRQLVWDV (V HO GLiORJR
HQWUHGRVOyJLFDVTXHVRQQHFHVDULDVXQDSDUDODRWUD8QHMHPSORHVHORUGHQ
\HOGHVRUGHQVRQSDODEUDVRSXHVWDVGRQGHXQDDFDEDFRQODRWUDSHURHQ
PXFKRVFDVRVFRODERUDQ\SURGXFHQODRUJDQL]DFLyQ\ODFRPSOHMLGDG
 Principio de recursividad organizacional.'HVLQWHJUDWRGDLGHDGHFDXVDHIHFWR
GH SURGXFWRSURGXFWRU SRUTXH FRQVWLWX\H XQ FLFOR DXWR FRQVWLWXWLYR DXWR
RUJDQL]DGRU\DXWRSURGXFWRU7RGRORTXHHVSURGXFLGRUHJUHVDDDTXHOORTXH
OR SURGXMR HV GHFLU GHWHUPLQD TXH ORV SURGXFWRV \ ORV HIHFWRV VRQ
VLPXOWiQHDPHQWHFDXVDV\SURGXFWRUHVGHDTXHOORTXHORVSURGXFHQ
 Principio hologramático. &RQVLVWHHQHQULTXHFHUDOFRQRFLPLHQWRGHODVSDUWHV
SRUHOWRGR\GHOWRGRSRUODVSDUWHVHQXQPLVPRPRYLPLHQWRSURGXFWRUGH
FRQRFLPLHQWRV(OORLPSOLFDWUDVFHQGHUDOUHGXFFLRQLVPRTXHQRYHPiVTXHODV
SDUWHV\DOKROLVPRTXHQRYHPiVTXHHOWRGR 0RUtQS 

$PSDUDGRVHQORVSULQFLSLRVGHOFRQRFLPLHQWRFRPSOHMRHO3URJUDPDSULRUL]D
HO GHVDUUROOR GHO FRQWHQLGR FXUULFXODU D WUDYpV GH OD IDFLOLWDFLyQ GH GRFHQWHV
FDSDFLWDGRV HQ OD GLPHQVLyQ WHyULFD PHWRGROyJLFD HSLVWpPLFD H LQVWUXPHQWDO
FRQGLFLRQHVHVHQFLDOHVSDUDDSRUWDUHQODFRQVWUXFFLyQGHXQDHVWUXFWXUDFRJQLWLYD

ϰϮ

GHOHVWXGLDQWH LGHDVSHUFHSFLRQHVFRQFHSWRVHVTXHPDVPRGHORVLGHDULRV XELFDGD
HQHOSDUDGLJPDGHODHGXFDFLyQVXSHULRUGHFDOLGDG

)XQGDPHQWRVSVLFRSHGDJyJLFRV
/RVIXQGDPHQWRVSVLFRSHGDJyJLFRVGHO3ODQGH)RUPDFLyQ3URIHVLRQDOGHODFDUUHUD
GH 6RFLRORJtD  VH VXVWHQWD HQ HO SDUDGLJPD SVLFRJHQpWLFR FRQVWUXFWLYLVWD HO
PLVPRTXHWLHQHFRPRHMHVFHQWUDOHVORVVLJXLHQWHV

3ULPHUR(OVXMHWRHVTXLHQFRQRFH(OHVWXGLDQWHFRQVWUX\HFRQRFLPLHQWRHQOD
PHGLGDHQTXHLQWHUDFW~DFRQORVREMHWRVEXVFD\SURFHVDLQIRUPDFLyQSDUD
UHVROYHU SUREOHPDV \ UHRUJDQL]D OR TXH \D VDEH SDUD ORJUDU QXHYRV
DSUHQGL]DMHV GD VLJQLILFDFLyQ \ VHQWLGR D OR DSUHQGLGR HVWUXFWXUD ODV LGHDV
SDUD HVWUXFWXUDU VX FRPSUHQVLyQ El conocimiento no es una copia fiel de la
realidad, sino una construcción del ser humano

6HJXQGR/RVIDFWRUHVVRFLRFXOWXUDOHVLQIOX\HQQRWDEOHPHQWHHQORVSURFHVRV
GHDSUHQGL]DMH\GHHQVHxDQ]D(VWRVLJQLILFDTXHHODSUHQGL]DMHVHUHDOL]DFRPR
UHVXOWDGRGHODLQWHUDFFLyQGHOLQGLYLGXRFRQODVSHUVRQDVTXHORURGHDQ\TXH
ORV SURIHVRUHV IDFLOLWDQ OD DGTXLVLFLyQ GH OD FXOWXUD VRFLDO \ VXV XVRV WDQWR
FRJQLWLYRVFRPROLQJtVWLFRV

(QHVWDFRQFHSFLyQHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMHGHSHQGHGHOLQGLYLGXRTXH
DSUHQGH\GHODVFRQGLFLRQHVVRFLRFXOWXUDOHVGHOHQWRUQR(QHOHQIRTXHVRFLRFXOWXUDO
´ODHQVHxDQ]D FRQVLVWH EiVLFDPHQWHHQFUHDU ]RQDV GHGHVDUUROOR SUy[LPR FRQORV
DOXPQRVSRUPHGLRGHODHVWUXFWXUDFLyQGHVLVWHPDVGHDQGDPLDMH VLVWHPDVGHDSR\R
\ D\XGD  IOH[LEOHV \ HVWUDWpJLFRVµ (Q FRQVHFXHQFLD ´HO SURIHVRU GHEH SURPRYHU ORV
SURFHVRV GH DSURSLDFLyQ GH ORV VDEHUHV \ ORV LQVWUXPHQWRV GH PHGLDFLyQ VRFLR
FXOWXUDOPHQWHDFHSWDGRVDSURYHFKDQGRVXLQIOXHQFLD\HVWLPXODQGRODSDUWLFLSDFLyQ
GHWRGRVORVHVWXGLDQWHVHQXQSURFHVRGHFRQVWUXFFLyQFROHFWLYDµ *XWLpUUH] 

/DVIRUPDVHQTXHVHHQVHxD\DSUHQGHOD6RFLRORJtDFRPRSURIHVLyQ

/D IRUPDFLyQ SURIHVLRQDO SRU FRPSHWHQFLDV VH FDUDFWHUL]D SRU HQWUHWHMHU VDEHUHV
VDEHUFRQRFLPLHQWRVVDEHUKDFHUVDEHUFRQYLYLU\VDEHUVHU \GHILQLUHVWUDWHJLDVGH
HQVHxDQ]DDSUHQGL]DMH TXH SRVLELOLWDQ HO GHVDUUROOR GH FDSDFLGDGHV GHVWUH]DV \
KDELOLGDGHV

/D&DUUHUDGH6RFLRORJtDDVXPHFRPRIRUPDVGHHQVHxDQ]DDSUHQGL]DMHDTXHOODVTXH
FRQWHPSOHQ

 (VSDFLRV GH UHIOH[LyQ TXH IDFLOLWDQ OD WRPD GH FRQFLHQFLD \ HO GHVDUUROOR GH
DFWLWXGHVSRVLWLYDVFRQUHVSHFWRDODVFLHQFLDVVRFLDOHV
 (VSDFLRVGHDSUHQGL]DMH\DQiOLVLVTXHSRVLELOLWDQODFRQVWUXFFLyQGHODVEDVHV
FRQFHSWXDOHV

ϰϯ

 (VSDFLRV GH LQWHUDFFLyQ VRFLDO TXH SRVLELOLWHQ SURFHVRV GH GLiORJR FRQ OD
FRPXQLGDG \ GH LQWHUYHQFLyQ VRFLDO TXH SUHVHQWHQ VROXFLRQHV YLDEOHV D ORV
GLIHUHQWHVSUREOHPDVTXHHQIUHQWD
 (VSDFLRVTXHJHQHUHQHOGHVDUUROORGHOVHUVRFLyORJRD\
 /D HGXFDFLyQ HV XQ SURFHVR YLWDO DFWLYR UHIOH[LYR \ FUtWLFR HQ HO TXH
DSUHQGHPRV WRGRV GH WRGRV YDORUDQGR SRU LJXDO ORV VDEHUHV HQ
FRPSOHPHQWDULHGDGDORODUJRGHODYLGD

%DMRHVWHFRQWH[WRVHWRPDHQFXHQWDODVFDUDFWHUtVWLFDVGHOSURFHVRGHHQVHxDQ]D
DSUHQGL]DMHTXHH[LJHODIRUPDFLyQGHSURIHVLRQDOHVSDUDHOGHVDUUROORGHODVRFLHGDG
DVtFRPRODVFRPSHWHQFLDVGHOSURIHVRUDGR\GHORVHVWXGLDQWHVWHQLHQGRHQFXHQWD
TXHHOTXHDSUHQGHVHFRQYLHUWHHQHOFHQWURGHJUDYHGDGGHORVSURFHVRVGHHQVHxDQ]D

&DUDFWHUtVWLFDVGHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMHHQHODXOD

(VWH 3URJUDPD GH )RUPDFLyQ 3URIHVLRQDO SURFXUD TXH ORV SURFHVRV GH HQVHxDQ]D
DSUHQGL]DMHHQOD&DUUHUDVHJHQHUHQDSDUWLUGHFXDWURUHODFLRQHVHVWUDWpJLFDV

 /DUHODFLyQGLDORJDOGRFHQWHVHVWXGLDQWHVLQWHUHVDGDHQHOGHVDUUROORKXPDQR
GHODVRFLHGDGDELHUWDDOSHQVDPLHQWRFUtWLFRDODLPDJLQDFLyQVRFLROyJLFD\
DERFDGDDOSHQVDU\H[SOLFDFLyQGHODUHDOLGDG
 /D LQWHUDFFLyQ HGXFDWLYD FRQ OD FRPXQLGDG QR DVLVWHQFLDOLVWD WDPSRFR
GHPDJyJLFDDELHUWDDODFRPSUHQVLyQFUtWLFDGHODVWUDQVIRUPDFLRQHVVRFLDOHV
LPSXOVRUD GH OD FXOWXUD GHPRFUiWLFD TXH H[LJH WUDEDMRFUHDWLYR \ GHPDQGD
UHVSRQVDELOLGDGVRFLDO
 /D LQWHUUHODFLyQ SURSRVLWLYD FRQOD FRPXQLGDG FLHQWtILFD SOXULSDUDGLJPiWLFD
TXHDFHUFDODH[SHULHQFLD\HOFRQRFLPLHQWRGHORVVRFLyORJRVUHQRPEUDGRVGHO
SDtV\GHOH[WHULRUDODVFODVHVGHOD&DUUHUD
 /DLQWHUGHSHQGHQFLDGHODWHFQRORJtD\ODSHGDJRJtDHGXFDWLYD/DWHFQRORJtDGH
OD LQIRUPDFLyQ \ FRPXQLFDFLyQ GHPDQGDQ OD DGHFXDFLyQ GH ORV HQIRTXHV \
FRPSHWHQFLDVWpFQLFDVGHHVWXGLDQWHV\GRFHQWHVHQWRUQRDOPDQHMRGHODV7,&


&DUDFWHUtVWLFDVGHORVGRFHQWHV\HVWXGLDQWHVGHODFDUUHUDGH6RFLRORJtD

%DMR HO KRUL]RQWH HSLVWpPLFR \ SVLFRSHGDJyJLFR GHO 3ODQ &XUULFXODU  \ ODV
1HFHVLGDGHVGH)RUPDFLyQ3URIHVLRQDOTXHSODQWHDODUHDOLGDGVRFLDODFRQWLQXDFLyQ
VHUHDOL]DXQDFDUDFWHUL]DFLyQGHORVGRFHQWHV\HVWXGLDQWHVTXHSDUWLFLSDUtDQHQ OD
LPSOHPHQWDFLyQGHOSUHVHQWH3ODQ
/RVGRFHQWHVGHODFDUUHUDGH6RFLRORJtD
/RVGRFHQWHVGHOD&DUUHUDGH6RFLRORJtDWLHQHQJDUDQWL]DGDVROYHQFLDDFDGpPLFD\
pWLFDH[SHUWLFLDHQHOiUHDGHVXVFRPSHWHQFLDVGLVFLSOLQDUHVVRQSURDFWLYRVFRQRFHQ
\DSOLFDQHOFRQVWUXFWLYLVPRVRFLDO

ϰϰ

(QHODXODVRQIDFLOLWDGRUHVGLVHxDQ\JHVWLRQDQVXVSURSLRVUHFXUVRVVXGLGiFWLFD
HVWiEDVDGDHQODLQYHVWLJDFLyQDFFLyQ\XWLOL]DHOHUURUFRPRIXHQWHGHDSUHQGL]DMH
3RQHQpQIDVLVHQHODSUHQGL]DMHWUDQVGLVFLSOLQDU\HOFRQRFLPLHQWRFRPSOHMRDSOLFDQ
OD WUDQVYHUVDOLGDG GHILQLGD SRU HO HTXLSR GH GRFHQWHV GHO iUHD HQ HO PDUFR GH ODV
FRPSHWHQFLDVHVWDEOHFLGDV

7LHQHQ OD FRQGLFLyQ GH LQYHVWLJDGRU VRFLDO \ VH FDUDFWHUL]DQ SRUTXH FRQWULEX\HQ D
GLQDPL]DUORVIDFWRUHVEiVLFRVTXHSRVLELOLWDQHOGHVDUUROORVRFLDO3RUHOOR JHQHUDQ
DSUHQGL]DMHV D WUDYpV GHO FRQWDFWR GLUHFWR FRQ VLWXDFLRQHV UHDOHV IDFLOLWDQ
H[SHULHQFLDVGHWUDEDMRHQHTXLSR\DERUGDMHVFUHDWLYRVHQHOWUDEDMRGHFDPSR(VWiQ
DOWDPHQWH FDSDFLWDGRV SDUD HO XVR GH ODV WHFQRORJtDV GH LQIRUPDFLyQ HQ HO SURFHVR
IRUPDWLYR

&DUDFWHUtVWLFDVGHORVHVWXGLDQWHVGHODFDUUHUDGH6RFLRORJtD

/RV HVWXGLDQWHV GH OD &DUUHUD GH 6RFLRORJtD VH FRQVWLWX\HQ HQ DFWRUHV \ VXMHWRV
DFWLYRVUHIOH[LYRV\FUtWLFRVGHVXVSURSLRVDSUHQGL]DMHVVRQFDSDFHVGHKDFHUXQD
OHFWXUDSUREOHPDWL]DGRUDGHODUHDOLGDGVRFLDOGHIRUPXODUDOWHUQDWLYDVGHVROXFLyQD
SUREOHPDV TXH HQIUHQWD OD VRFLHGDG \ KDFHU UHDOLGDG HO SULQFLSLR GH OD HGXFDFLyQ
GXUDQWHWRGDODYLGD$GHPiVFXHQWDQFRQORVFRQRFLPLHQWRVVXILFLHQWHVHQHOPDQHMR
GH ODV 7HFQRORJtDV GH ,QIRUPDFLyQ &RPXQLFDFLRQDO DSOLFDGDV D VX SURFHVR GH
HQVHxDQ]DDSUHQGL]DMH


1HFHVLGDGHVGH)RUPDFLyQ3URIHVLRQDO

&RQVLGHUDQGRODVRULHQWDFLRQHVGHODVWHQGHQFLDVPXQGLDOHVHQODHGXFDFLyQVXSHULRU
DGHPiV GH ODV QHFHVLGDGHV SURIHVLRQDOHV HQ HO FRQWH[WR GH GHVDUUROOR VRFLDO \
HFRQyPLFRGHOGHSDUWDPHQWRGH6DQWD&UX]\HOSDtV\MXQWRDHOORORVQXHYRVPDUFRV
HSLVWpPLFRV \ SVLFRSHGDJyJLFRV TXH ULJHQ OD DFWLYLGDG HGXFDWLYD FRQWHPSRUiQHD D
FRQWLQXDFLyQVHSUHVHQWDQODV1HFHVLGDGHVGH)RUPDFLyQ3URIHVLRQDOTXHEXVFDQVHU
DWHQGLGDVHQHOPHGLDQR\ODUJRSOD]RSRUSDUWHGHODFDUUHUDGH6RFLRORJtD

6HGHEHVHxDODUGHLJXDOIRUPDTXHODLGHQWLILFDFLyQ\HYDOXDFLyQGHODV1HFHVLGDGHV
GH )RUPDFLyQ 3URIHVLRQDO HPHUJHQ GH ORV FULWHULRV HPLWLGRV SRU ORV HPSOHDGRUHV \
VRFLyORJRV WLWXODGRV HQ 6DQWD &UX] D WUDYpV GH XQD HQFXHVWD YLUWXDO UHDOL]DGD HQ
QRYLHPEUH\GLFLHPEUHGHOUHVSHFWLYDPHQWH


1HFHVLGDGHVGHIRUPDFLyQSURIHVLRQDOVHJ~QODVWHQGHQFLDVHGXFDWLYDV

&RQVLGHUDQGRHODOFDQFHGHODVWHQGHQFLDVGHODHGXFDFLyQVXSHULRUDFRQWLQXDFLyQ
VHLGHQWLILFDQODVSULQFLSDOHVQHFHVLGDGHVGHIRUPDFLyQSURIHVLRQDO

D /DVRFLHGDGGHODLQIRUPDFLyQ\ODHFRQRPtDGHOFRQRFLPLHQWRHQWDQWRIDFWRUHV
FRQVWLWXWLYRV GH OD JOREDOL]DFLyQ GHPDQGDQ GH OD HGXFDFLyQ VXSHULRU OD
SURIXQGL]DFLyQGHVXURODFDGpPLFRFLHQWtILFR\WHFQROyJLFR

ϰϱ

E (OQXHYRRUGHQPXQGLDOVHUHSURGXFHDSDUWLUGHODFHQWUDOLGDG\PDUJLQDOLGDG
HQ WRUQR DO DFFHVR \ XVR GHO FRQRFLPLHQWR \ OD WHFQRORJtD DFUHFLHQWD YLHMRV
SUREOHPDV \ FUHD QXHYRV TXH FRQYRFDQ D OD HGXFDFLyQ VXSHULRU IRUPDU
FLXGDGDQRV FRPSURPHWLGRV FRQ ORV GHUHFKRV KXPDQRV OD GHPRFUDFLD
HTXLGDGHOHTXLOLEULRDPELHQWDO\ODSD]PXQGLDO
F /D HGXFDFLyQ VXSHULRU KD H[SHULPHQWDGR XQ H[WUDRUGLQDULR FUHFLPLHQWR \
GLYHUVLILFDFLyQGHVXSREODFLyQHVWXGLDQWLO3HVHDODYDQFHHQHODFFHVRDXQQR
VH KDQ UHVXHOWR ORV SUREOHPDV SDUD XQD YHUGDGHUD GHPRFUDWL]DFLyQ GH OD
HGXFDFLyQ VXSHULRU /D SHUPDQHQFLD \ HO p[LWR HVWXGLDQWLO FRQVWLWX\HQ ORV
PD\RUHVUHWRVGHODFDOLGDGHGXFDWLYDXQLYHUVLWDULD
G /D LQWHUQDFLRQDOL]DFLyQ GH OD HGXFDFLyQ VXSHULRU GRQGH VH SURPXHYH HO
GHVDUUROORGHUHGHVGHUHODFLRQDPLHQWR\FRRSHUDFLyQLQWHULQVWLWXFLRQDOGHEH
VHU DVXPLGR SRU OD XQLYHUVLGDG FRPR XQD RSRUWXQLGDG SDUD EHQHILFLDU OD
FXDOLILFDFLyQ GH GRFHQWHV HVWXGLDQWHV \ HO GHVDUUROOR GHO FRQRFLPLHQWR
FLHQWtILFR
H /D FDOLGDG FRPR REMHWLYR HVWUDWpJLFR GH OD HGXFDFLyQ VXSHULRU JHQHUD OD
QHFHVLGDG GH LPSOHPHQWDU SROtWLFDV LQVWLWXFLRQDOHV SDUD HO PHMRUDPLHQWR
FRQWLQXR GHO SURIHVRUDGR OD SHUPDQHQFLD HVWXGLDQWLO \ OD LPSODQWDFLyQ GH
VLVWHPDVGHHYDOXDFLyQLQWHJUDO
I (O GHVDUUROOR WHFQROyJLFR DOFDQ]DGR HQ OD VRFLHGDG JOREDO VX YDORU HQ HO
GHVDUUROOR KXPDQR VRVWHQLEOH \ OD GHPRFUDWL]DFLyQ HGXFDWLYD JHQHUDQ OD
QHFHVLGDGGHSRWHQFLDUHOTXHKDFHUFLHQWtILFR\HOFRPSURPLVRVRFLDOGHODGHOD
HGXFDFLyQ
J /D SDQGHPLD GHO &29,' \ VXV HIHFWRV HQ OD VRFLHGDG \ ORV VLVWHPDV
HGXFDWLYRVKDGHPRVWUDGRTXHODHGXFDFLyQGHEHDFWXDOL]DUVXURODFDGpPLFR
\ FLHQWtILFR SDUD WUDQVLWDU GH OD DWHQFLyQ D OD SUHYHQFLyQ GH ORV SUREOHPDV
VRFLDOHV

'H RWUR ODGR ORV QXHYRV PRGHORV SVLFRSHGDJyJLFRV \ ORV HQIRTXHV HSLVWpPLFRV TXH
RULHQWDQORVSURFHVRVGHHQVHxDQ]DDSUHQGL]DMHHQODHGXFDFLyQVXSHULRUHQORTXH
VHLQFOX\HODIRUPDGHHQVHxDUODVRFLRORJtD\ORVDFWRUHVTXHLQWHUYLHQHQ GRFHQWHV\
HVWXGLDQWHV SODQWHDQODVVLJXLHQWHVQHFHVLGDGHVGHIRUPDFLyQ
D &RQYHUWLUDOHVWXGLDQWHHQDFWRU\FUHDGRUGHVXFRQRFLPLHQWR(OORLPSOLFDTXH
ODV XQLYHUVLGDGHV GHEHQ GRWDU GH SHUWLQHQFLD D VXV PDUFRV PHWRGROyJLFRV
WHyULFRV\HSLVWpPLFRVSDUDHQFDUDUHVWDQHFHVLGDG
E (OHVWXGLDQWH\VXUHGGHUHODFLRQDPLHQWRTXHFRQVWUX\HFRQVXHQWRUQRVRFLDO
\DPELHQWDOGHWHUPLQDQODHIHFWLYLGDG\FXDOLILFDQORVSURFHVRVGHDSUHQGL]DMH
%DMR HVWH HQIRTXH OD HGXFDFLyQ VXSHULRU GHEH VXVWDQFLDU VXV VHUYLFLRV
HGXFDWLYRVGHVGHXQDSHUVSHFWLYDFRQWH[WXDO\KROtVWLFD
F /DFRQVWUXFFLyQGHOFRQRFLPLHQWRFRPSOHMRPHWDGHODHGXFDFLyQVXSHULRUHQ
OD IRUPDFLyQ GHO HVWXGLDQWH GHEH YLDELOL]DUVH D SDUWLU GH ORV SULQFLSLRV
GLDOyJLFRUHFXUVLYLGDGRUJDQL]DFLRQDO\KRORJUDPiWLFR
G /DIRUPDFLyQSURIHVLRQDOSRUFRPSHWHQFLDVVHJDUDQWL]DFRQODSHUPDQHQFLD
HVWXGLDQWLO GH FDOLGDG HOOR LPSOLFD TXH HO SURFHVR GH HQVHxDQ]DDSUHQGL]DMH

ϰϲ

GHEHSULRUL]DUHOGHVDUUROORGHODLQWHJUDFLyQVRFLDO\DFDGpPLFDGHOHVWXGLDQWH
DOVLVWHPDHGXFDWLYR\FRQHOORJDUDQWL]DUVXSHUVLVWHQFLD\UHWHQFLyQ

 1HFHVLGDGHV GH IRUPDFLyQ SURIHVLRQDO HQ OD UHDOLGDG QDFLRQDO \
GHSDUWDPHQWDO

/D FRPSOHMD \ GLQiPLFD FRQILJXUDFLyQ GH OD UHDOLGDG QDFLRQDO \ GHSDUWDPHQWDO DVt
WDPELpQ ORV GHVDItRV \ SUR\HFFLRQHV HVWDEOHFLGDV SDUD DYDQ]DU KDFLD HO GHVDUUROOR
VRVWHQLEOHSODQWHDQODVVLJXLHQWHVQHFHVLGDGHVGHIRUPDFLyQSURIHVLRQDORULHQWDGDV
DOGHVDUUROORGH
D ,QYHVWLJDFLyQ FLHQWtILFD SDUD FRPSUHQGHU \ H[SOLFDU OD UHDOLGDG PXOWLFXOWXUDO
GHOSDtV\HOGHSDUWDPHQWR
E ,QYHVWLJDFLyQ FLHQWtILFD SDUD FRPSUHQGHU ODV WUDVIRUPDFLRQHV VRFLR
WHUULWRULDOHVSROtWLFDVFXOWXUDOHV\VLPEyOLFDVGHOSDtV\HOGHSDUWDPHQWR
F ,QYHVWLJDFLyQ FLHQWtILFD SDUD H[SOLFDU \ FRPSUHQGHU ORV IHQyPHQRV VRFLDOHV
SROtWLFRVFXOWXUDOHV\HVSDFLDOHV XUEDQRUXUDO GHOSDtV\HOGHSDUWDPHQWR
G ,QYHVWLJDFLyQ FLHQWtILFD VREUH ORV HIHFWRV VRFLDOHV SROtWLFRV FXOWXUDOHV \
VLPEyOLFRV GH OD SDQGHPLD GHO &29,' HQ OD VRFLHGDG QDFLRQDO \
GHSDUWDPHQWDO
H (ODERUDFLyQ \ HYDOXDFLyQ GH SROtWLFDV S~EOLFDV SDUD OD HTXLGDG GH JpQHUR
LQWHUFXOWXUDOLGDGGHVDUUROORXUEDQtVWLFRFDPELRFOLPiWLFR
I (ODERUDFLyQ \ HYDOXDFLyQ GH SROtWLFDV S~EOLFDV SDUD HO IRUWDOHFLPLHQWR GH OD
VRFLHGDGFLYLOODGHPRFUDFLDGHUHFKRVKXPDQRV\HTXLGDGVRFLDO
J (ODERUDFLyQ GH SURSXHVWDV HVWUDWpJLFDV SDUD DIURQWDU ORV HIHFWRV GH OD
SDQGHPLDGHO&219,'HQODVRFLHGDG
(O SDtV \ HO GHSDUWDPHQWR GH 6DQWD &UX] GHPDQGDQ SURIHVLRQDOHV DOWDPHQWH
FDSDFLWDGRVSDUDHOGHVDUUROORGHODLQYHVWLJDFLyQFLHQWtILFD\XQUHFRQRFLGROLGHUD]JR
HQ ORV SURFHVRV GH HODERUDFLyQ \ HYDOXDFLyQ GH SROtWLFDV S~EOLFDV SDUD DWHQGHU ORV
SUREOHPDV VRFLDOHV DFWXDOHV \ ORV GHVDItRV TXH SODQWHD HO SUR\HFWR GH VRFLHGDG
HTXLWDWLYDHLQFOX\HQWH

1HFHVLGDGHVGHIRUPDFLyQSURIHVLRQDOGHVGHORVHPSOHDGRUHV
'HDFXHUGRDOFULWHULRGHORVHPSOHDGRUHVODVSULQFLSDOHVIDOHQFLDVTXHSUHVHQWDQ
ORVSURIHVLRQDOHV6RFLyORJRVHQHOGHVHPSHxRGHVXWUDEDMRVRQ

 'LILFXOWDGHQHOPDQHMRGHWHFQRORJtDGHODLQIRUPDFLyQ\FRPXQLFDFLyQ
 'LILFXOWDGHVSDUDGLVHxDU\DSOLFDUSUR\HFWRVGHLQYHVWLJDFLyQ
 'HELOLGDGHVHQHODQiOLVLVSROtWLFRGHOSDtVODUHJLyQ\ODUHDOLGDGGHORVSXHEORV
LQGtJHQDV
 %DMRFRPSURPLVRHLQYROXFUDPLHQWRHQODFRQVWUXFFLyQ(VWDGR3OXULQDFLRQDO
 'pELOHVSLULWRFUtWLFR\SURSRVLWLYRVRFLDO

$SDUWLUGHHVWDVFRQVLGHUDFLRQHVVHSODQWHDODQHFHVLGDGGHFXDOLILFDURHQVXFDVR
GHVDUUROODU QXHYDV FRPSHWHQFLDV GHVWUH]DV \ KDELOLGDGHV SDUD TXH HO SURIHVLRQDO
VRFLyORJRORJUHLQVHUWDUVH\GHVHQYROYHUVHH[LWRVDPHQWHHQHOPHUFDGRODERUDO(QOD

ϰϳ

WDEODVLJXLHQWHVHSUHVHQWDQGHIRUPDSULRUL]DGDGLFKDVQHFHVLGDGHVGHIRUPDFLyQ\
TXHODVPLVPDVVRQFRQVLGHUDGDVHQHOSUHVHQWH3ODQ

7DEOD
1HFHVLGDGHVGH)RUPDFLyQ3URIHVLRQDOGHO6RFLyORJRVHJ~QFULWHULRVGHHPSOHDGRUHV
1 3ULQFLSDOHVQHFHVLGDGHVGHIRUPDFLRQ )UHFXHQFLD
 0DQHMR HILFLHQWH H LQWHJUDO GH WHFQRORJtD GH LQIRUPDFLyQ 
FRPXQLFDFLyQ²7,&²HQHOHMHUFLFLRGHVXVIXQFLRQHVODERUDOHV
 $PSOLDUODEDVHWHyULFD\PHWRGROyJLFDHQHOGLVHxR\DSOLFDFLyQGH 
SUR\HFWRVGHLQYHVWLJDFLyQ
 $QiOLVLV FUtWLFR \ FRPSUHQVLYR GH OD UHDOLGDG QDFLRQDO 
GHSDUWDPHQWDO\GHORVSXHEORVLQGtJHQDV
 &RQRFLPLHQWR \ FRPSUHQVLyQ GHO PDUFR MXUtGLFR VREUH WHPDV 
FHQWUDOHVGHOTXHKDFHUDJUDULRDXWRQRPtD\DKRUDIHGHUDOLVPR
 )RUWDOHFHU HO FRPSURPLVR \ SDUWLFLSDFLyQ HQ HO SURFHVR GH 
FRQVWUXFFLyQGHO(VWDGR3OXULQDFLRQDO
 &XDOLILFDU ODV FRPSHWHQFLDV SDUD HO WUDEDMR HQ HTXLSRV 
WUDVGLFLSOLQDULRV
 (VWUDWHJLDV \ WpFQLFDV GH UHVROXFLyQ GH FRQIOLFWRV VRFLDOHV 
DPELHQWDOHV\SROtWLFRV
 'HVDUUROOR GH FDSDFLGDGHV H LQVWUXPHQWRV GH SODQLILFDFLyQ 
HVWUDWpJLFD
 9DORUHV\KDELOLGDGHVSDUDODSUiFWLFDLQWHUFXOWXUDO 
)XHQWH(ODERUDFLyQSURSLDFRQGDWRVGHHQFXHVWDDHPSOHDGRUHVGLFLHPEUH
/DVQHFHVLGDGHVGHIRUPDFLyQTXHLGHQWLILFDQ\SULRUL]DQORVHPSOHDGRUHVSXHGHQVHU
FODVLILFDVHQWUHViUHDVSULQFLSDOHV

3ULPHUD7HyULFD\PHWRGROyJLFD/DLQYHVWLJDFLyQFRPRSURFHVRGHJHQHUDFLyQGH
FRQRFLPLHQWRFLHQWtILFRUHVSHFWRDODUHDOLGDG\SUREOHPiWLFDVRFLDOFRQVWLWX\HXQRGH
ORVUROHVSULQFLSDOHVGHOTXHKDFHUVRFLROyJLFRHQODVLQVWLWXFLRQHVS~EOLFDV\SULYDGDV
(OOR UHTXLHUH TXH GXUDQWH HO SURFHVR IRUPDWLYR GHO VRFLyORJR VH DPSOLILTXH \
FXDOLILTXH OD EDVH WHyULFD \ PHWRGROyJLFD HQ HO GLVHxR \ DSOLFDFLyQ GH SUR\HFWRV GH
LQYHVWLJDFLyQ(VWDPLVPDDFFLyQIRUPDWLYDGHEHHVWDURULHQWDGDHQHOFDPSRGHOD
SODQLILFDFLyQ\HYDOXDFLyQGHHVWUDWHJLDVSURJUDPDV\SROtWLFDVGHOGHVDUUROORKXPDQR
VRVWHQLEOH$HOORVHVXPDODQHFHVLGDGGHIRUPDFLyQ\GHVDUUROORGHOFRQRFLPLHQWR
VRFLROyJLFRUHVSHFWRDOPDUFRMXUtGLFRVREUHORVWHPDVDJUDULRVDXWRQRPtDVLQGtJHQDV
(VWDGR3OXULQDFLRQDOHTXLGDGGHJpQHURMXVWLFLDFOLPiWLFDGHUHFKRVKXPDQRVHQWUH
RWURV

6HJXQGD7pFQLFD\SUiFWLFD'DGRHOGHVDUUROORGHODWHFQRORJtD\VXLQFLGHQFLDHQ
ODYLGDVRFLDOHFRQyPLFDFXOWXUDOVHLGHQWLILFD\SULRUL]DFRPRXQDQHFHVLGDGHQOD
IRUPDFLyQGHOSURIHVLRQDOVRFLyORJRHOPDQHMRHILFLHQWHHLQWHJUDOGHODV7HFQRORJtDV
GH,QIRUPDFLyQ&RPXQLFDFLyQ²7,&²FRPRFRQGLFLyQHOHPHQWDOSDUDHOHMHUFLFLRGHVXV
IXQFLRQHV ODERUDOHV 3RU RWUR ODGR OD FRPSOHMLGDG \ PXOWLGLPHQVLRQDOLGDG GH ODV
UHDOLGDGHVVRFLDOHV\ODVIXQFLRQHVODERUDOHVGHPDQGDQFXDOLILFDUODVFRPSHWHQFLDV
GHOSURIHVLRQDOVRFLyORJRHQHOPDUFRGHOWUDEDMRHQHTXLSRVWUDVGLFLSOLQDULRV(QHVWH

ϰϴ

PLVPRRUGHQGHSULRULGDGHVIRUPDWLYDVHOVRFLyORJRGHEHPDQHMDUHILFLHQWHPHQWHODV
HVWUDWHJLDV\WpFQLFDVGHUHVROXFLyQGHFRQIOLFWRVVRFLDOHVDPELHQWDOHV\SROtWLFRV(O
ORJURGHHVWDVQHFHVLGDGHVIRUPDWLYDVLPSOLFDQUHGHILQLUODVHVWUDWHJLDVHVSDFLRV\
WLHPSRVGHODVSUiFWLFDVSUHSURIHVLRQDOHVGHORVHVWXGLDQWHVHQVRFLRORJtD

7HUFHUD )LORVyILFD SROtWLFD/RVGHVDItRVJOREDOHVORVDOFDQFHVGHODDJHQGDGHO


GHVDUUROORKXPDQRVRVWHQLEOH\HOKRUL]RQWHSDUDGLJPiWLFRGHO(VWDGR3OXULQDFLRQDO
SODQWHDQ QXHYRV UHWRV SDUD OD HGXFDFLyQ VXSHULRU 8QR GH HOORV HV JHQHUDU HQ HO
HVWXGLDQWHFRPSURPLVRFRQORVGHUHFKRVKXPDQRVODSD]PXQGLDOODGHPRFUDFLD\
OD FRQYLYHQFLD VRFLDO DVt WDPELpQ GHEH FRQVWLWXLUVH FRPR DJHQWH GHO FDPELR \ HO
GHVDUUROORVRFLDO3DUDHOORVHGHEHFXDOLILFDUVXUROHQHODQiOLVLVFUtWLFR\FRPSUHQVLYR
GH OD UHDOLGDG QDFLRQDO GHSDUWDPHQWDO \ GH ORV SXHEORV LQGtJHQDV IRUWDOHFHU HO
FRPSURPLVR\SDUWLFLSDFLyQHQHOSURFHVRGHFRQVWUXFFLyQGHO(VWDGR3OXULQDFLRQDO\
MXQWRDHOORHOGHVDUUROORGHYDORUHV\KDELOLGDGHVSDUDODSUiFWLFDLQWHUFXOWXUDO

1HFHVLGDGHVGHIRUPDFLyQSURIHVLRQDOGHVGHORVWLWXODGRV
(QHOFDVRGHORVSURIHVLRQDOHVVRFLyORJRVODVSULQFLSDOHVFRPSHWHQFLDVDGTXLULGDVHQ
VXSURFHVRIRUPDWLYR\TXHOHVRQ~WLOHVHQVXGHVHPSHxRODERUDOVRQ

D (OSHQVDPLHQWRFUtWLFR
E 7UDEDMRHQHTXLSR
F ,QYHVWLJDFLyQVRFLDO
G *HVWLyQVRFLDO
H 3ODQLILFDFLyQ\SUR\HFWRV
I 5HVSRQVDELOLGDGVRFLDO
J /LGHUD]JR\IRUWDOHFLPLHQWRLQVWLWXFLRQDO

(VWDVFRPSHWHQFLDVHQFULWHULRVGHORVSURIHVLRQDOHVVRFLyORJRVGHEHQPDQWHQHUVH\
FXDOLILFDUVH

3RURWURODGR GHVGHVXH[SHULHQFLDSURIHVLRQDO\VXFRPSUHQVLyQGHODVGLQiPLFDV
VRFLDOHV\ODVSHUVSHFWLYDVGHOPHUFDGRODERUDOLGHQWLILFDQ\SULRUL]DQHOGHVDUUROORGH
ODVVLJXLHQWHVFRPSHWHQFLDVGHVWUH]DV\KDELOLGDGHVHQODIRUPDFLyQGHOSURIHVLRQDO

7DEOD
1HFHVLGDGHVGH)RUPDFLyQ3URIHVLRQDOGHO6RFLyORJRVHJ~QFULWHULRVGHORVWLWXODGRV
1 3ULQFLSDOHVQHFHVLGDGHVGHIRUPDFLRQ )UHFXHQFLD
 )RUPDFLyQ HQ HODERUDFLyQ H LPSOHPHQWDFLyQ GH SUR\HFWRV GH 
LQYHVWLJDFLyQVRFLDO
 )RUPDFLyQ HQ HODERUDFLyQ LPSOHPHQWDFLyQ \ HYDOXDFLyQ GH 
SUR\HFWRVGHGHVDUUROORVRFLDO
 &DSDFLGDG \ GHVWUH]D HQ PDQHMR GH WHFQRORJtD GH LQIRUPDFLyQ \ 
FRPXQLFDFLyQ
 )RUPDFLyQWHyULFD\WpFQLFDSDUDHODQiOLVLVGHODUHDOLGDGVRFLDO 
JOREDOQDFLRQDO\ORFDO
 )RUPDFLyQWpFQLFDSDUDHODQiOLVLVGHLQIRUPDFLyQHVWDGtVWLFD 

ϰϵ

 &RPSHWHQFLDV \ KDELOLGDGHV SDUD HO GHVDUUROOR GHO 
HPSUHQGHGXULVPR
 &RPSHWHQFLDV\KDELOLGDGHVSDUDODUHVROXFLyQGHOFRQIOLFWRVVRFLR 
DPELHQWDOHV
 &RPSHWHQFLDVWHyULFDVPHWRGROyJLFDV\WpFQLFDVSDUDODUHGDFFLyQ 
GHGRFXPHQWRVFLHQWtILFRV
)XHQWH(ODERUDFLyQSURSLDFRQGDWRVGHHQFXHVWDDWLWXODGRVQRYLHPEUH
/DV QHFHVLGDGHV GH IRUPDFLyQ TXH LGHQWLILFDQ \ SULRUL]DQ ORV WLWXODGRV SXHGHQ VHU
FODVLILFDVDOLJXDOTXHORVHPSOHDGRUHVHQWUHViUHDVFHQWUDOHV


3ULPHUD7HyULFD\PHWRGROyJLFD)UHQWHDOUROGHFRPSUHQGHU\H[SOLFDUODUHDOLGDG
VRFLDOHOVRFLyORJRDVXPHTXHODDFWLYLGDGLQYHVWLJDWLYDFLHQWtILFDVHJXLUiVLHQGRXQD
GHODVSULQFLSDOHVWDUHDVGHOTXHKDFHUVRFLROyJLFR3RUHOORLGHQWLILFDQ\SULRUL]DQHO
FDUiFWHU HVWUDWpJLFR TXH WLHQH HO IRUWDOHFLPLHQWR \ FXDOLILFDFLyQ GH OD EDVH OD EDVH
WHyULFD\PHWRGROyJLFDGHOVRFLyORJRSDUDODHODERUDFLyQ\UHDOL]DFLyQGHSUR\HFWRVGH
LQYHVWLJDFLyQ $Vt PLVPR VH GHEH DPSOLILFDU ODV FRPSHWHQFLDV \ FRQRFLPLHQWRV
HQWRUQR D OD HODERUDFLyQ LPSOHPHQWDFLyQ \ HYDOXDFLyQ GH SUR\HFWRV GH GHVDUUROOR
VRFLDO$HOORVHVXPDODQHFHVLGDGGHIRUPDFLyQWHyULFDPHWRGROyJLFD\WpFQLFDSDUD
HO DQiOLVLV GH OD UHDOLGDG VRFLDO JOREDO QDFLRQDO \ ORFDO \ MXQWR D HOOR ODV
FRPSHWHQFLDVSDUDODUHGDFFLyQGHGRFXPHQWRVFLHQWtILFRV

6HJXQGD7pFQLFD\SUiFWLFD5HFRQRFLHQGRODQHFHVLGDGGHOXVRGHODWHFQRORJtDHQ
HO GHVHQYROYLPLHQWR GH ORV UROHV GHO SURIHVLRQDO VRFLyORJR ORV WLWXODGRV LGHQWLILFDQ
FRPRFRPSHWHQFLDHVWUDWpJLFDHQODIRUPDFLyQSURIHVLRQDOHOXVRHILFLHQWHHLQWHJUDO
GHODV7HFQRORJtDVGH,QIRUPDFLyQ\&RPXQLFDFLyQ²7,&²&RPSOHPHQWDULDPHQWHVH
SULRUL]D HO GHVDUUROOR GH FRPSHWHQFLDV WpFQLFDV \ SUiFWLFDV HQ HO DQiOLVLV GH OD
LQIRUPDFLyQ HVWDGtVWLFD (Q HVWH PLVPR RUGHQ GH SULRULGDGHV VH VRVWLHQH TXH HO
VRFLyORJR GHEH PDQHMDU HILFLHQWHPHQWH ODV HVWUDWHJLDV \ WpFQLFDV GH UHVROXFLyQ GH
FRQIOLFWRVVRFLRDPELHQWDOHV

7HUFHUD (PSUHQGHGXULVPR 'DGR HO FRPSRUWDPLHQWR GHO PHUFDGR ODERUDO ODV


RSRUWXQLGDGHV SDUD ODV LQLFLDWLYDV SHUVRQDOHV \ ODV H[SHULHQFLDV HQWRUQR DO
DXWRHPSOHR²HOGHORVWLWXODGRVKDQJHQHUDGRVXDXWRHPSOHRORVSURIHVLRQDOHV
VRFLyORJRV LGHQWLILFDQ FRPR QHFHVLGDG GH IRUPDFLyQ \ GHVDUUROOR GH FRPSHWHQFLDV
HQWRUQR DO HPSUHQGHGXULVPR (VWD RULHQWDFLyQ IRUPDWLYD FRLQFLGH FRQ ODV
UHFRPHQGDFLRQHVGHODFRQIHUHQFLDUHJLRQDOGHHGXFDFLyQVXSHULRUHQ$PpULFD/DWLQD
\HO&DULEH

3RURWURODGRDODFRQVXOWDUHDOL]DGD¢4XpUHFRPHQGDUtDHQWpUPLQRVGHIRUPDFLyQ
DFDGpPLFD \ WLWXODFLyQ D OD &DUUHUD GH 6RFLRORJtD SDUD TXH ORV QXHYRV WLWXODGRV
WHQJDQPD\RUHVRSRUWXQLGDGHVODERUDOHV"ORVWLWXODGRVHPLWHQORVLJXLHQWH

D 3URPRYHU\IRUWDOHFHUODIRUPDFLyQHQODLQYHVWLJDFLyQFLHQWtILFD
E $PSOLDUORVWLHPSRV\GLYHUVLILFDUODViUHDVGHODVSUiFWLFDVLQVWLWXFLRQDOHV
F &XDOLILFDUODVH[SHUWLFLDVHQODHODERUDFLyQHLPSOHPHQWDFLyQGHSUR\HFWRV

ϱϬ

G ,QFRUSRUDUODV7HFQRORJtDVGH,QIRUPDFLyQ\&RPXQLFDFLyQFRPRSDUWHFHQWUDO
GHODSHGDJRJtDHGXFDWLYD
H ,QFOXLUODWHPiWLFDDPELHQWDO
I 2ULHQWDFLyQHQODHVSHFLDOLGDG
J &RRUGLQDFLyQHQWUHGRFHQWHVHQODViUHDVIRUPDWLYDV

,GHQWLILFDGDVODVQHFHVLGDGHVGHIRUPDFLyQSURIHVLRQDOGHVGHXQSHUVSHFWLYDJOREDO
QDFLRQDO GHSDUWDPHQWDO \ WRPDQGR HQ FXHQWD ORV FULWHULRV GH ORV DJHQWHV TXH
LQWHUYLHQHQHQHOPHUFDGRODERUDOODFDUUHUDGH6RFLRORJtDVHHQIUHQWDDQXHYRVUHWRV
SHGDJyJLFRVHSLVWpPLFRV PHWRGROyJLFRV\ WHyULFRV SDUD DVHJXUDU OD FDOLGDG GHVXV
VHUYLFLRVDODVRFLHGDG&D

HVWXGLDQWHVGHODFDUUHUDGH
3UR\HFFLRQHVGHO3URJUDPDGH)RUPDFLyQGHO3URIHVLRQDO

7RPDQGR HQ FXHQWD ODV QHFHVLGDGHV GH IRUPDFLyQ HPHUJHQWHV GH OD GHPDQGD GHO
FRQWH[WRVRFLRHFRQyPLFRORFDOQDFLRQDO\UHJLRQDODVtWDPELpQODVWHQGHQFLDVGHOD
HGXFDFLyQDQLYHOJOREDOHQHVWHDFiSLWHVHGHVDUUROODQODVSUR\HFFLRQHVGHO3URJUDPD
GH)RUPDFLyQ3URIHVLRQDOHQ6RFLRORJtD
'LFKDVSUR\HFFLRQHVVHH[SUHVDQHQODYLVLyQLQVWLWXFLRQDOTXHLPSOLFDODVLWXDFLyQ
SUR\HFWDGD \ HO SRVLFLRQDPLHQWR UHVSHFWR D XQ HVFHQDULR GHVHDGR 'H RWUR ODGR OD
PLVLyQ HVWDEOHFH OD UD]yQ GH VHU GH OD LQVWLWXFLyQ ORV VHUYLFLRV TXH EULQGDUD \ ODV
IURQWHUDVGHVXHVSHFLDOLGDG$VtWDPELpQVHGHILQHQORVREMHWLYRVUHODFLRQDGRVDFDGD
iUHDGHVXTXHKDFHULQVWLWXFLRQDOIUHQWHDODVRFLHGDG\SRU~OWLPRORVSULQFLSLRV\
YDORUHVTXHULJHQODYLGDLQVWLWXFLRQDO

9LVLyQGHODFDUUHUDGH6RFLRORJtD
/DFDUUHUDGH6RFLRORJtDGHILQHVXYLVLyQLQVWLWXFLRQDOGHODVLJXLHQWHPDQHUD

6HU XQD FRPXQLGDG DFDGpPLFD UHFRQRFLGD HQ HO SDtV \ OD UHJLyQ SRU VXV
VHUYLFLRVHGXFDWLYRVGHFDOLGDGODUHOHYDQFLDGHVXFRPSURPLVR\SDUWLFLSDFLyQ
HQ ORV SURFHVRV GH WUDQVIRUPDFLyQ VRFLDO \ OD SURGXFFLyQ GH FRQRFLPLHQWR
FLHQWtILFRTXHSHUPLWHFRPSUHQGHUODFRPSOHMD\GLQiPLFDVRFLHGDGEROLYLDQD\
VXVSRVLELOLGDGHVGHDOFDQ]DUHOGHVDUUROORKXPDQRVRVWHQLEOH


0LVLyQGHODFDUUHUDGH6RFLRORJtD
/DPLVLyQGHODFDUUHUDGH6RFLRORJtDHV

&RQWULEXLU DO GHVDUUROOR KXPDQR VRVWHQLEOH IRUPDQGR SURIHVLRQDOHV
FRPSHWHQWHV HPSUHQGHGRUHV FRPSURPHWLGRV FRQ ORV GHUHFKRV KXPDQRV
SDUWLFLSDQWHV DFWLYRV GH ORV FDPELRV VRFLDOHV FDSDFHV GH OLGHUL]DU HTXLSRV
WUDQVGLFLSOLQDULRV GHO SDtV \ OD UHJLyQ SDUD JHQHUDU \ WUDVIHULU FRQRFLPLHQWR
FLHQWtILFRSHUWLQHQWHDODVQHFHVLGDGHVGHODVRFLHGDGEROLYLDQD

ϱϭ

2EMHWLYRVGHODFDUUHUDGH6RFLRORJtD

/D FDUUHUD GH 6RFLRORJtD FRPR FRPXQLGDG DFDGpPLFD FRKHUHQWH FRQ VX YLVLyQ \
PLVLyQVHHVWDEOHFHORVVLJXLHQWHVREMHWLYRV

 ,PSOHPHQWDU SROtWLFDV GH SHUPDQHQFLD PHMRUD GHO SURIHVRUDGR HYDOXDFLyQ
FRQWLQXD H LQWHUQDFLRQDOL]DFLyQ HGXFDWLYD SDUD JDUDQWL]DU OD FDOLGDG
DFDGpPLFD HO p[LWR GHO HVWXGLDQWH \ VX LQVHUFLyQ DO PHUFDGR ODERUDO
$FDGpPLFR 
 $FWXDOL]DU ORV PDUFRV WHyULFRV PHWRGROyJLFRV \ HSLVWpPLFRV SDUD PHMRUDU \
FXDOLILFDU OD SURGXFFLyQ GHO FRQRFLPLHQWR FLHQWtILFR SHUWLQHQWH D ODV
QHFHVLGDGHV\UHWRVGHODVRFLHGDG ,QYHVWLJDFLyQ 
 )RUWDOHFHU OD SDUWLFLSDFLyQ \ OLGHUD]JR GH OD FDUUHUD HQ ORV SURFHVRV GH
WUDVIRUPDFLRQHV VRFLDOHV \ OD HODERUDFLyQ H LPSOHPHQWDFLyQ GH SROtWLFDV
S~EOLFDVRULHQWDGDVDOGHVDUUROORKXPDQRVRVWHQLEOH ,QWHUDFFLyQVRFLDO 

3ULQFLSLRVGHODFDUUHUDGH6RFLRORJtD
3HUVRQDODGPLQLVWUDWLYRGRFHQWHV\HVWXGLDQWHVGHODFDUUHUDGH6RFLRORJtD
FRPSDUWHQORVVLJXLHQWHVSULQFLSLRV

 La educación superior es un derecho humano y bien social. 3DUD TXH ORV
FLXGDGDQRVORHMHU]DQODHGXFDFLyQVXSHULRUGHEHSURIXQGL]DUVXFRPSURPLVR
VRFLDOHO(VWDGRJDUDQWL]DUVXILQDQFLDPLHQWR\ODVRFLHGDGFLYLOSDUWLFLSDUGHO
SURFHVRHGXFDWLYR
 La educación superior es factor estratégico del desarrollo humano sostenible.$
OD YH] GH GHVDUUROODU ODV FRPSHWHQFLDV GHVWUH]DV \ KDELOLGDGHV SDUD OD
FRPSHWLWLYLGDG WDPELpQ GHEH IRUPDU FLXGDGDQRV FRPSURPHWLGRV FRQ OD
GHPRFUDFLDORVGHUHFKRVKXPDQRVHOGHVDUUROORVRVWHQLEOH\ODSD]PXQGLDO
 La educación es a lo largo de toda la vida. (VWR LPSOLFD IOH[LELOL]DU VXV
SURJUDPDVDFDGpPLFRVPDUFRVPHWRGROyJLFRV\SHGDJyJLFRVSDUDSHUPLWLUTXH
ORVFLXGDGDQRVDFFHGDQ\GHVHQYXHOYDQVXWUD\HFWRULDDFDGpPLFDHQFXDOTXLHU
PRPHQWRGHODYLGD
 La educación superior permite aprender a aprender, a conocer, a convivir y a ser.
3DUDHOORGHEHHQPDUFDUVXSHUVSHFWLYD\DFFLyQSHGDJyJLFDHQODIRUPDFLyQ
LQWHJUDO H LQWHUFXOWXUDO GHO FLXGDGDQR $ HVWH FRPHWLGR FRQWULEX\H OD
IRUPXODFLyQ GH SURJUDPDV DFDGpPLFRV HQ EDVH D PHWDSHUILO \ SHUILO SRU
FRPSHWHQFLDV
 La educación superior debe ser de calidad, con equidad y socialmente pertinente.
(Q HVWH FDVR GHEH GHVDUUROODU SROtWLFDV GLULJLGDV D IDFLOLWDU OD SHUPDQHQFLD
HVWXGLDQWLO HO DFFHVR \ OLGHUD]JR GH PXMHUHV OD DFWXDOL]DFLyQ GRFHQWH OD
LQQRYDFLyQSHGDJyJLFD\ORVVLVWHPDVGHHYDOXDFLyQGHODFDOLGDG(OORGRWDUD
SHUWLQHQFLDDVXVHU\KDFHUIUHQWHDODVGHPDQGDVGHODVRFLHGDG
 La ciencia y tecnología son intrínsecas a la calidad de la educación superior.
'HVDUUROODU FRQRFLPLHQWR FRPSUHQVLYR VREUH OD FRPSOHMD UHDOLGDG JOREDO
SURGXFLU WHFQRORJtD GH DOWD JDPD \ WUDQVIHULUOD D IDYRU GH OD VROXFLyQ GH ORV
SUREOHPDVVRFLDOHVVRQUROHVLQHOXGLEOHVTXHGHEHFXPSOLUODXQLYHUVLGDG
ϱϮ

 La educación superior debe transformarse. 'LFKD WUDQVIRUPDFLyQ GHEH
JDUDQWL]DUHOGHVDUUROORGHFRPSHWHQFLDVJHQHUDOHVGLVFLSOLQDU\SHUVRQDOHVGH
WDO IRUPD TXH ORV FLXGDGDQRV VHSDQ GHVHQYROYHUVH SURIHVLRQDOPHQWH HQ OD
VRFLHGDGGHODLQIRUPDFLyQ
 La educación superior debe internacionalizarse.(VWHSULQFLSLRUHVSRQGHDODV
GLQiPLFDV \ EHQHILFLRV DGiPLFRV \ FLHQWtILFRV TXH SURGXFHQ ODV DOLDQ]DV \
FRRSHUDFLyQLQWHULQVWLWXFLRQDOGHODVXQLYHUVLGDGHVHQODUHJLyQ\HOPXQGR
 La educación superior debe articularse al sistema educativo general (VWR
LPSOLFDFRRUGLQDUFRQHOQLYHOIRUPDWLYRPHGLRSDUDIDFLOLWDUHOLQJUHVRGHORV
EDFKLOOHUHV DO QLYHO VXSHULRU DVt WDPELpQ GHEH FRRUGLQDU FRQ HO VHFWRU GH
HPSOHDGRUHVSDUDODLQVHUFLyQODERUDOGHOSURIHVLRQDO6RFLyORJR
 La educación superior es liberadora 3DUD DOFDQ]DU HVWH SULQFLSLR DVXPH HO
SOXUDOLVPRODOLEHUWDGGHSHQVDPLHQWR\GHFDWHGUDXVDODFUtWLFDFRPRIDFWRU
FHQWUDO GHO TXHKDFHU FLHQWtILFR DGHPiV DVXPH HO VHQWLGR FRPXQLWDULR GH OD
YLGDKXPDQDVDELpQGRVHGLIHUHQWHV\ODHTXLGDGFRPRSULQFLSLRpWLFR

9DORUHVGHODFDUUHUDGH6RFLRORJtD
3HUVRQDODGPLQLVWUDWLYRGRFHQWHV\HVWXGLDQWHVGHODFDUUHUDGH6RFLRORJtD
FRPSDUWHQORVVLJXLHQWHVYDORUHVHQWDQWRFRPXQLGDGDFDGpPLFD

 &RPSURPLVR\UHVSRQVDELOLGDGFRQODVRFLHGDG\HOPHGLRDPELHQWH
 /DGLYHUVLGDGVRFLRFXOWXUDOFRPRRSRUWXQLGDGGHGHVDUUROORKXPDQRVRVWHQLEOH
 &RPSURPLVRFRQORVGHUHFKRVKXPDQRVODHTXLGDGVRFLDOODSD]PXQGLDO\HO
ELHQHVWDUGHODVSHUVRQDV
 /DSHUVLVWHQFLDGHOHVWXGLDQWHFRPRHQHUJtDGHVXp[LWRDFDGpPLFR
 (OHVWXGLDQWHFRPRFHQWURGHJUDYHGDGGHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMH
 /DPHMRUDSHUPDQHQWHGHOSURIHVRUDGRFRPRJDUDQWtDGHODFDOLGDGHGXFDWLYD
 (OFDUiFWHULQWUDHLQWHUFXOWXUDOGHODHGXFDFLyQVXSHULRUTXHGHILQHVXHILFDFLD
 /D WROHUDQFLD HVFXFKD \ FRPXQLFDFLyQ FRPR FRQGXFWRUHV GH OD LQWHJUDFLyQ
VRFLDO\DFDGpPLFD
 /D pWLFD KXPDQD \ SURIHVLRQDO FRPR FLPLHQWR GHO SURFHVR HQVHxDQ]D
DSUHQGL]DMH
 (OSHQVDPLHQWRFRPSOHMRFRPRVRVWpQLQQRYDFLyQ\RULJLQDOLGDGGHOGHVDUUROOR
GHODWHRUtDVRFLROyJLFD
 (O WUDEDMR HQ HTXLSRV WUDVGLFLSOLQDULRV \ HO FRPSURPLVR VRFLDO FRPR EDVH
JHQHUDGRUDGHOFRFLPLHQWRFLHQWtILFR\WHFQROyJLFRDIDYRUGHODVRFLHGDG
 7UDQVLWDUGHODH[SOLFDFLyQFRPSUHQVLYDGHODUHDOLGDGVRFLDOKDFLDVXSUR\HFFLyQ
\SUHYHQFLyQGHORVSUREOHPDVVRFLRDPELHQWDOHV

'DGD OD UD]yQ GH VHU GH OD XQLYHUVLGDG FRPR LQVWLWXFLyQ GH HGXFDFLyQ VXSHULRU DO
VHUYLFLR GH OD VRFLHGDG OD FDUUHUD GH VRFLRORJtD SUR\HFWD VXV UROHV GH IRUPDFLyQ
SURIHVLRQDOSURGXFFLyQFLHQWtILFD\H[WHQVLyQUHVSRQGLHQGRDODVDFWXDOHV\IXWXUDV
QHFHVLGDGHVHPHUJHQWHVGHODUHDOLGDGQDFLRQDO\JOREDO

ϱϯ

&$3,78/2,,
3(5),/352)(6,21$/

(O SHUILO GHO SURIHVLRQDO 6RFLyORJR VH FDUDFWHUL]D SRU XQD VyOLGD IRUPDFLyQ WHyULFD
PHWRGROyJLFD\pWLFDTXHOHSHUPLWHGHVHQYROYHUVHFRQVROYHQFLD\FDOLGDGHQHOFDPSR
GH OD LQYHVWLJDFLyQ FLHQWtILFD OD SODQLILFDFLyQ HVWUDWpJLFD \ SROtWLFDV S~EOLFDV GHO
GHVDUUROOR OD JHUHQFLD GH SURJUDPDV \ SUR\HFWRV HO GHVDUUROOR LQVWLWXFLRQDO \ OD
JHVWLyQ VRFLDO 6XV FRPSHWHQFLDV SURIHVLRQDOHV GHVDUUROODGDV OH SHUPLWH
GHVHPSHxDUVH HQ GLIHUHQWHV WLSRV GH HVSDFLRV ODERUDOHV S~EOLFRV SULYDGRV R
HPSUHQGHUXQDLQLFLDWLYDSURSLD

/DIXQGDPHQWDFLyQ\HODERUDFLyQGHOSHUILOSURIHVLRQDOGHO6RFLyORJRVHVXVWDQFLDHQ
FLQFR iPELWRV SULQFLSDOHV  (VFHQDULRV GH DFWXDFLyQ SURIHVLRQDO  ÉUHDV
RFXSDFLRQDOHV/DVPDFURFRPSHWHQFLDVHVSHFtILFDV\JHQpULFDV&RPSHWHQFLDV
JOREDOHV SRU iUHDV GH IRUPDFLyQ SURIHVLRQDO \  ,QGLFDGRUHV GH UHVXOWDGRV GH ODV
FRPSHWHQFLDVJOREDOHV


(VFHQDULRVGHDFWXDFLyQGHOSURIHVLRQDO6RFLyORJR

/DVQHFHVLGDGHV\VXVGHUHFKRVGHOVHUKXPDQRFRQVWLWX\HQHOFHQWURGHOTXHKDFHU
GHO (VWDGR SRU HOOR ORV GLYHUVRV DFWRUHV LQVWLWXFLRQDOHV TXH DFW~DQ HQ HO iPELWR
HFRQyPLFRVRFLDOSROtWLFR\FXOWXUDOFRQYHUJHQHQWRUQRDORVREMHWLYRVGHOGHVDUUROOR
KXPDQRVRVWHQLEOH(VWHKHFKRFRQVWUX\HXQDGLYHUVLGDGGHHVSDFLRVODERUDOHVSDUD
HOSURIHVLRQDO6RFLyORJRPLVPRVTXHVRQLGHQWLILFDGRV\FODVLILFDGRVDFRQWLQXDFLyQ


,QVWLWXFLRQHVJXEHUQDPHQWDOHV

3DUDHOFXPSOLPLHQWRGHVXVREMHWLYRVHO(VWDGRHQVXVGLYHUVRVQLYHOHVFXHQWDFRQ
LQVWLWXFLRQHVTXHFXPSOHQGLIHUHQWHVUROHV(VWRVHVSDFLRVODERUDOHVFRQVWLWX\HQHQ
ODDFWXDOLGDGODSULQFLSDOIXHQWHGHHPSOHDELOLGDGSDUDHO6RFLyORJRGH6DQWD&UX]

(QWUH ODV LQVWLWXFLRQHV JXEHUQDPHQWDOHV GHO QLYHO QDFLRQDO VH HQFXHQWUDQ ODV
GLUHFFLRQHV GH ORV PLQLVWHULRV GH SODQLILFDFLyQ GHO GHVDUUROOR FXOWXUD \ WXULVPR
GHVDUUROORSURGXFWLYR\HFRQRPtDSOXUDOHPSOHR\SUHYLVLyQVRFLDOGHVDUUROORUXUDO\
WLHUUDVDGHPiVGHODVGLIHUHQWHVHPSUHVDVHVWDWDOHVHVWUDWpJLFDV(QHVWRVHVFHQDULRV
HO 6RFLyORJR VH GHVHPSHxD FRPR SODQLILFDGRU \ HYDOXDGRU GH SROtWLFDV S~EOLFDV
SURJUDPDV \ SUR\HFWRV GH GHVDUUROOR DVHVRU WpFQLFR HQ UHVROXFLyQ GH FRQIOLFWRV H
LQYHVWLJDGRUVRFLDOVREUHIHQyPHQRVSROtWLFRVVRFLDOHVFXOWXUDOHV\DPELHQWDOHV
7LHQH XQD LPSRUWDQFLD HVSHFLDO HO URO GH SHULWR VRFLRFXOWXUDO HQ ORV SURFHVRV
MXGLFLDOHVGRQGHVHMX]JDDFLXGDGDQRVLQGtJHQDVDOLJXDOTXHODHGXFDFLyQVXSHULRU
GRQGH VH GHVHPSHxD FRPR GRFHQWH H LQYHVWLJDGRU GH IHQyPHQRV UHODFLRQDGRV D OD

ϱϰ

JOREDOL]DFLyQODVRFLHGDGGHOFRQRFLPLHQWR\HOFLEHUHVSDFLRHVFHQDULRVTXHVHXELFDQ
HQHOPLQLVWHULRS~EOLFR\HOVLVWHPDGHHGXFDFLyQXQLYHUVLWDULD

(QHOQLYHOGHSDUWDPHQWDOVHLGHQWLILFDQODVVHFUHWDULDV\VXVGLIHUHQWHVGLUHFFLRQHV
HQFDUJDGDVGHSODQLILFDUHMHFXWDU\HYDOXDUVXVSURJUDPDVGHGHVDUUROOR$OJXQDVGH
HOODVVRQGHVDUUROORKXPDQRVDOXG\SROtWLFDVVRFLDOHVSXHEORVLQGtJHQDVGHVDUUROOR
VRVWHQLEOH\PHGLRDPELHQWHGHVDUUROORSURGXFWLYR\VHJXULGDGFLXGDGDQD(QHVWRV
HVSDFLRVHO6RFLyORJRVHGHVHPSHxDFRPRDVHVRUWpFQLFRSODQLILFDGRU\HYDOXDGRUGH
SROtWLFDVS~EOLFDVSURJUDPDV\SUR\HFWRVGHGHVDUUROOR
(Q ORV PiV GH  JRELHUQRV PXQLFLSDOHV GHO GHSDUWDPHQWR VH LGHQWLILFDQ ODV
GLUHFFLRQHV\SURJUDPDVGHGHVDUUROORORFDO(OODVVRQODGLUHFFLyQGHSODQLILFDFLyQ
HVWUDWpJLFDPRYLOLGDGXUEDQDGHVDUUROORUXUDOHGXFDFLyQ\FXOWXUDRWUDV(QHVWRV
HVFHQDULRVHO6RFLyORJRVHGHVHPSHxDFRPRDVHVRUWpFQLFRSODQLILFDGRU\HYDOXDGRU
GHSROtWLFDVS~EOLFDVSURJUDPDV\SUR\HFWRVGHGHVDUUROOR

$XQTXH HQFRQWUiQGRVH HQ VX HWDSD LQLFLDO \ HQ Q~PHURV UHGXFLGRV ORV JRELHUQRV
DXWyQRPRV LQGtJHQDV RULJLQDULRV FDPSHVLQRV VH FRQVWLWX\HQ HQ QXHYRV HVSDFLRV
ODERUDOHV SDUD ORV SURIHVLRQDOHV VRFLyORJRV &RQVWUXLU VX LQVWLWXFLRQDOLGDG
JREHUQDQ]D\JHVWLyQWHUULWRULDOVRQODVSULQFLSDOHVDFFLRQHVDUHDOL]DUSRUSDUWHGHO
6RFLyORJR


2UJDQL]DFLRQHV1R*XEHUQDPHQWDOHV

/DV 2UJDQL]DFLRQHV 1R *XEHUQDPHQWDOHV 21*V  WUDEDMDQ HQ HO SDtV GHVGH KDFH
GpFDGDV 6X YLJHQFLD \ DFFLRQDU REHGHFH D ODV OLPLWDFLRQHV TXH WLHQH HO (VWDGR HQ
DWHQGHUODVQHFHVLGDGHVGHPXFKRVFROHFWLYRVVRFLDOHVWDQWRGHOiUHDXUEDQDFRPR
UXUDO&RQVWLWX\HQHOVHJXQGRWLSRGHHVSDFLRGHHPSOHDELOLGDGSDUDHO6RFLyORJR

6HHVWLPDTXHHQ%ROLYLDH[LVWHQPiVGH21*VDXQTXHVRORVHHQFXHQWUDQ
UHJLVWUDGDV DQWH HO 0LQLVWHULR GH 3ODQLILFDFLyQ GHO 'HVDUUROOR $OJXQDV WLHQHQ
SUHVHQFLD\FREHUWXUDQDFLRQDO\RWUDVVRORDQLYHOGHSDUWDPHQWDO3DUDHOFDVRGHO
GHSDUWDPHQWRGH6DQWD&UX]VHLGHQWLILFDXQQ~PHURPD\RUDODVSHURVROR
GHHOODVWLHQHQUHJLVWURGHIXQFLRQDPLHQWR$HVWHQ~PHURGH21*VQDFLRQDOHVKD\
TXHVXPDUODSUHVHQFLDGH21*VLQWHUQDFLRQDOHVTXHLQFOX\HQDIXQGDFLRQHV\
UHSUHVHQWDFLRQHV GH OD FRRSHUDFLyQ DO GHVDUUROOR 0LQLVWHULR GH 3ODQLILFDFLyQ GHO
'HVDUUROOR%ROLYLD 

/DVDFFLRQHVGHODV21*VHQHOSDtV\HOGHSDUWDPHQWRVRQGLYHUVDVHQVXVWHPiWLFDV
HQIRTXHV\DOFDQFHV6LQHPEDUJRVHGHEHGHVWDFDUTXHHQVXPD\RUtDWLHQHQFRPR
SXQWRV GH DWHQFLyQ ORV SUREOHPDV VRFLDOHV DPELHQWDOHV HFRQyPLFRV FXOWXUDOHV
HGXFDWLYRV RUJDQL]DFLRQDOHV GHUHFKRV KXPDQRV GHVDUUROOR XUEDQR \ UXUDO
GHPRFUDFLDFLXGDGDQtDHLQYHVWLJDFLyQ(VWDVFRQGLFLRQHVFRQYLHUWHQDODV21*VHQ
DFWXDOHV\SRWHQFLDOHVHVFHQDULRVGHLQVHUFLyQODERUDOSDUDHO6RFLyORJRHVFHQDULRV
GRQGHVHGHVHPSHxDQFRPRJHUHQWHGHODV21*VJHVWRUGHOGHVDUUROORIRUPDGRUGH
OLGHUD]JRVHLQYHVWLJDGRUVRFLDO

ϱϱ

2UJDQL]DFLRQHVGHODVRFLHGDGFLYLO

'HVGHODUHHPHUJHQFLDGHOPRYLPLHQWRLQGtJHQDGHWLHUUDVEDMDVGH%ROLYLDDSULQFLSLRV
GHORVDxRVHOUHFRQRFLPLHQWRGHQXHYRVDFWRUHVVRFLDOHVHQODSODQLILFDFLyQ\
JHVWLyQ GHO GHVDUUROOR ORFDO FRPR DVt WDPELpQ HO WUiQVLWR GH OD GHPRFUDFLD
UHSUHVHQWDWLYD D OD SDUWLFLSDWLYD OD VRFLHGDG FLYLO HQ %ROLYLD YLHQH WUDQVLWDQGR SRU
SURFHVRVGHIRUWDOHFLPLHQWRGHVXVHVWUXFWXUDVRUJDQL]DWLYDVHLQVWLWXFLRQDOLGDG

(QHVWHFRQWH[WRODVRUJDQL]DFLRQHVVRFLDOHVFRPRVHUOD&RQIHGHUDFLyQ,QGtJHQDGHO
2ULHQWH %ROLYLDQR &,'2%  ODV RUJDQL]DFLRQHV UHJLRQDOHV GH ORV FLQFR SXHEORV
LQGtJHQDV \ DIURGHVFHQGLHQWHV GHO GHSDUWDPHQWR GH 6DQWD &UX] OD )HGHUDFLyQ GH
&DPSHVLQRV GH 6DQWD &UX] OD )HGHUDFLyQ GH -XQWDV 9HFLQDOHV ODV SODWDIRUPDV
VRFLDOHVGHGHIHQVDGHORVGHUHFKRVKXPDQRVODVRUJDQL]DFLRQHVGHMyYHQHVLQGtJHQDV
XUEDQRV HQWUH RWURV VH FRQVWLWX\HQ HQ HVSDFLRV ODERUDOHV SDUD HO SURIHVLRQDO
6RFLyORJR 6X URO HQ HVWH HVFHQDULR VH FLUFXQVFULEH DO GHVDUUROOR GH VXV PDUFRV
QRUPDWLYRV IRUPDFLyQ GLULJHQFLDO HODERUDFLyQ \ QHJRFLDFLyQ GH SURSXHVWDV DQWH
LQVWLWXFLRQHVHVWDWDOHV\SULYDGDV

(PSUHQGHGXULVPR

(OPRGHORHFRQyPLFRVRFLDOFRPXQLWDULR\SURGXFWLYRYLJHQWHHQHOSDtVUHFRQRFH
FXDWURWLSRVGHDFWRUHVHVWUDWpJLFRV(O(VWDGRDWUDYpVGHODVHPSUHVDVHVWUDWpJLFDV
ODV FRRSHUDWLYDV GH GLIHUHQWHV UXEURV SURGXFWLYRV ODV FRPXQLGDGHV LQGtJHQDV \
FDPSHVLQDV SRU PHGLR GH VXV VLVWHPDV SURGXFWLYRV \ FRPHUFLDOHV \ HO VHFWRU
HPSUHVDULDOSULYDGR

/RVSURIHVLRQDOHVVRFLyORJRVDPSDUDGRVHQHOPRGHORHFRQyPLFRSURGXFWLYRGHOSDtV
\ PRWLYDGRV SRU VXHVStULWXHPSUHQGHGRU OLGHUD]JR\ FUHDWLYLGDG SXHGHQ FUHDU VX
HPSOHRSURSLRDWUDYpVGHXQDHPSUHVDXQLSHUVRQDOXRWUDILJXUDMXUtGLFD FRQVXOWRUD
SRU HMHPSOR GHGLFDGDV D HODERUDFLyQ \ HYDOXDFLyQ GH SUR\HFWRV HODERUDFLyQ GH
HQFXHVWDV HODERUDFLyQ GH LQYHVWLJDFLRQHV VRFLDOHV HQWUH RWUDV  TXH OHJDOLFH VX
YLJHQFLD \ DFWLYLGDG (VWD QXHYD SHUVSHFWLYD GH HPSOHDELOLGDG DGHPiV GH ODV
FRPSHWHQFLDV HVSHFtILFDV SDUD HO TXHKDFHU VRFLROyJLFR UHTXLHUH GHVDUUROODU RWUDV
UHODFLRQDGDVDOHPSUHQGHGXULVPRGHVDItRVDGHVDUUROODUFRQHOSUHVHQWH3ODQ

ÉUHDVRFXSDFLRQDOHV

/DIRUPDFLyQWUDQVGLVFLSOLQDUGHO6RFLyORJR\ORVSURFHVRVGHFDPELRTXHH[SHULPHQWD
ODVRFLHGDGEROLYLDQDGHILQHQXQFRQMXQWRGHiUHDVRFXSDFLRQDOHVHQWUHHOODV

3ODQLILFDFLyQHVWUDWpJLFD\SROtWLFDSXEOLFDV

'HVSXpVGHXQDGpFDGD%ROLYLDUHDOL]DUiHO&HQVRGH3REODFLyQ\9LYLHQGD/RV
GDWRVTXHSURSRUFLRQHHO&HQVRSHUPLWLUiQXQDFHUFDPLHQWRDOHVWDGRVLWXDFLRQDOGH
ODGHPRJUDItDHODFFHVRDORVVHUYLFLRVEiVLFRVODUHODFLyQXUEDQRUXUDOXUEDQRODV

ϱϲ

LGHQWLGDGHV VRFLRFXOWXUDOHV OD SREUH]D \ ODV RSRUWXQLGDGHV GH FUHFLPLHQWR HQWUH
RWURV/RVUHVXOWDGRVQRVRORLPSOLFDUDODFUHDFLyQGHXQDQXHYDQDUUDWLYDVREUHOD
UHDOLGDG VRFLDO GHO SDtV VLQR TXH DGHPiV LQFLGLUi HQ OD UHFRQILJXUDFLyQ GH OD
UHSUHVHQWDFLyQSROtWLFD\ODUHGLVWULEXFLyQGHORVUHFXUVRVHFRQyPLFRVDORVJRELHUQRV
VXEQDFLRQDOHV \ XQLYHUVLGDGHV S~EOLFDV DXQTXH FRQ LJXDO LPSRUWDQFLD ORV
UHVXOWDGRVVHUiQGHPXFKDXWLOLGDGSDUDODSODQLILFDFLyQHVWUDWpJLFD\ODHODERUDFLyQ
GHSROtWLFDVS~EOLFDVTXHRULHQWHQHOGHVDUUROORKXPDQRHQHOPHGLDQR\ODUJRSOD]R

6DELHQGRTXHODIRUPDFLyQFRPSHWHQFLDOGHO6RFLyORJROHSHUPLWHGRWDUSHUWLQHQFLD\
UHOHYDQFLDDODSODQLILFDFLyQHVWUDWpJLFD\ODVSROtWLFDVS~EOLFDVHVWDVVHFRQVWLWX\HQ
HQiUHDVRFXSDFLRQDOHVSRWHQFLDOHV


,QYHVWLJDFLyQFLHQWtILFD

/DVWUDVIRUPDFLRQHVTXHH[SHULPHQWDODVRFLHGDGEROLYLDQD\FUXFHxDHQSDUWLFXODU
DVt WDPELpQ ORV IHQyPHQRV \ SUREOHPDV VRFLDOHV TXH DFRPSDxDQ HVWRV SURFHVRV
PHWURSROL]DFLyQLQVHJXULGDGFLXGDGDQDYLROHQFLDGHJpQHURH[FOXVLyQHLQMXVWLFLD
VRFLDOPLJUDFLyQFDPSRFLXGDGUHJLRQDOLVPRVRWURV GHPDQGDQHOFRQFXUVRGHOD
FRPXQLGDGFLHQWtILFDSDUDFRPSUHQGHUORV\H[SOLFDUORVHQVXVFDXVDVQDWXUDOH]D\
FRPSRUWDPLHQWRV-XQWRDHOORWLHQHQDOWDUHOHYDQFLDFLHQWtILFDODVQXHYDVUHDOLGDGHV
VRFLDOHVFUHDGDVHQHOFLEHUHVSDFLR

&RQHOGHVDUUROORGHODV7HFQRORJtDVGHOD,QIRUPDFLyQ\&RPXQLFDFLyQODVVRFLHGDGHV
KDQFRPHQ]DGRDH[SHULPHQWDUFDPELRVVXVWDQFLDOHV/RVSDUDGLJPDVGHWLHPSR\
HVSDFLRVHKDQUHGHILQRORVSDWURQHVFRQVWLWXWLYRVGHODVUHODFLRQHVVRFLDOHVVHKDQ
DPSOLILFDGR HO XQLYHUVR VLPEyOLFR VH KD FRPSOHML]DGR \ MXQWR D HOOR VH HVWiQ
FRQIRUPDQGR QXHYRV FROHFWLYRV VRFLDOHV YLUWXDOHV (VWRV IHQyPHQRV TXH VRQ
FRQILJXUDGRV SRU ORV KXPDQRV HQ HO HQWRUQR YLUWXDO FRQ OD LQWHUPHGLDFLyQ GH
DUWHIDFWRVWHFQROyJLFRVFRQVWLWX\HQQXHYRVHVFHQDULRVGHOTXHKDFHUVRFLROyJLFR

(O FRQRFLPLHQWR FLHQWtILFR TXH VH JHQHUH HQWRUQR D OD UHDOLGDG VRFLDO GRWDUi
FRKHUHQFLD \ VRVWHQLELOLGDG D ORV LQVWUXPHQWRV GH SODQLILFDFLyQ \ OLQHDPLHQWRV
HVWUDWpJLFRV GLULJLGRV DO IRUWDOHFLPLHQWR GHO WHMLGR VRFLDO HO DFFHVR D ORV VHUYLFLRV
EiVLFRV OD YLGD OLEUH GH YLROHQFLD HO HMHUFLFLR GH ORV GHUHFKRV OD LGHQWLGDG
GHPRFUDFLDFLXGDGDQtDHQWUHRWURV

(OFDUiFWHUHVWUDWpJLFRGHODLQYHVWLJDFLyQHQHOFRQWH[WRDFWXDO\VLHQGRHVWDXQDGH
ODVSULQFLSDOHVFRPSHWHQFLDVSURIHVLRQDOHVGHO6RFLyORJRKDFHTXHVHFRQVWLWX\DHQ
XQDGHODViUHDVRFXSDFLRQDOHVFRQDOWDYLJHQFLD\SUR\HFFLyQ


)RUWDOHFLPLHQWRLQVWLWXFLRQDOGHODVRFLHGDGFLYLO

&RQODYLJHQFLDGHODDFWXDO&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR%ROLYLDEXVFDDYDQ]DU
HQ OD FRQVWUXFFLyQ GH XQD VRFLHGDG LQFOX\HQWH GHPRFUiWLFD HTXLWDWLYD H

ϱϳ

LQWHUFXOWXUDO 3DUD HOOR VH FRQVWLWXFLRQDOL]DQ HQWUH RWURV DVSHFWRV ORV LGLRPDV \
GHUHFKRV FROHFWLYRV GH ORV SXHEORV LQGtJHQDV DVt WDPELpQ VH DVXPH HO PRGHOR
DXWRQyPLFRFRPRLQJHQLHUtDGHODRUJDQL]DFLyQSROtWLFDDGPLQLVWUDWLYDGHOSDtV\MXQWR
D OD MXVWLFLD SOXUDO \ OD GHPRFUDFLD SDUWLFLSDWLYD VH EXVFD VXVWDQFLDU HVWH QXHYR
SDUDGLJPDGHVRFLHGDG

$YDQ]DU KDFLD HVWH KRUL]RQWH FLYLOL]DWRULR UHTXLHUH FRQWDU FRQ XQD VRFLHGDG FLYLO
IRUWDOHFLGDHQVXVHVWUXFWXUDVVRFLRRUJDQL]DWLYDVHLQVWLWXFLRQDOHVGHWDOPDQHUDTXH
VHJDUDQWLFHODVROLGH]GHOWHMLGRVRFLDOODFRQYLYHQFLDLQWHUFXOWXUDOHOHMHUFLFLRHIHFWLYR
GHORVGHUHFKRV\GHEHUHVFLXGDGDQRVODSDUWLFLSDFLyQGLUHFWDHQODYLGDSROtWLFD\ORV
SURFHVRVGHSODQLILFDFLyQHMHFXFLyQ\FRQWUROGHODVDFFLRQHVGLULJLGDVDOGHVDUUROOR
KXPDQRVVRVWHQLEOH

(VWRV SURFHVRV GHPDQGDQ HVIXHU]RV PXOWLGLVFLSOLQDULRV D PHGLDQR \ ODUJR SOD]R \


GHEHQVHUOLGHUL]DGRVSRUODVSURSLDVRUJDQL]DFLRQHVGHODVRFLHGDGFLYLOFDPSRGRQGH
VHGHVHQYXHOYHHOTXHKDFHUVRFLROyJLFR


*HUHQFLDGHSURJUDPDV\SUR\HFWRV

/DVLQVWLWXFLRQHVS~EOLFDVODV2UJDQL]DFLRQHV1R*XEHUQDPHQWDOHVODVLQVWLWXFLRQHV
SULYDGDV \ ODV RUJDQL]DFLRQHV VRFLDOHV GHVHQYXHOYHQ VXV DFFLRQHV HQ HO PDUFR GH
SURJUDPDV\SUR\HFWRV/DPD\RUtDGHHOORVVRQLQWHJUDOHV\WLHQHQFRPRREMHWLYRV
FRQWULEXLU DO GHVDUUROOR GH OD VRFLHGDG 3DUD GDU FXPSOLPLHQWR D VXV
UHVSRQVDELOLGDGHVODVLQVWLWXFLRQHVWLHQHQTXHUHDOL]DUHYDOXDFLRQHVSHUPDQHQWHVDO
FXPSOLPLHQWR GH OD QRUPD \ VXV UHVXOWDGRV (Q HO FDVR GH ODV LQVWLWXFLRQHV
JXEHUQDPHQWDOHVVHWRPDDWHQFLyQDODQRUPDWLYLGDGDGPLQLVWUDWLYD SRUHMHPSORHO
FXPSOLPLHQWRGHODFRQVXOWDSUHYLDHLQIRUPDGDVLHOSUR\HFWRVHLPSOHPHQWDHQXQ
WHUULWRULRLQGtJHQD 3DUDHOFDVRGHODVLQVWLWXFLRQHVSULYDGDVHVWDVGHEHQFXPSOLU
FRQ OD UHVSRQVDELOLGDG VRFLDO HPSUHVDULDO \ HO PRQLWRUHR D ORV LPSDFWRV VRFLR
DPELHQWDOHV /DV 21*V SRU VX SDUWH GHEHQ FXPSOLU UHJODV LQWHUQDV \ OD QRUPD
HVWDWDO

'DGRTXHHO6RFLyORJRFXHQWDFRQFRPSHWHQFLDVSDUDHOWUDEDMRHQHTXLSROLGHUD]JR
SURIHVLRQDO HODERUDFLyQ LPSOHPHQWDFLyQ \ HYDOXDFLyQ GH SUR\HFWRV GLYHUVDV
LQVWLWXFLRQHV OH DVLJQDQ OD UHVSRQVDELOLGDG GH JHUHQFLDU SURJUDPDV \ SUR\HFWRV GH
GHVDUUROORiUHDPX\LPSRUWDQWHSDUDHOGHVHPSHxRODERUDO

(QHVWHFRQWH[WRHODFFHVR\GHVDUUROORGHODViUHDVLGHQWLILFDGDVSDUDHOTXHKDFHU
ODERUDOGHOSURIHVLRQDO6RFLROyJLFRGHPDQGDXQSHUILOFRQFRPSHWHQFLDVLQWHJUDOHVOD
SURPRFLyQGHORILFLRGHO6RFLyORJR\ODSXHVWDHQYLJHQFLDGHODQRUPDWLYDQDFLRQDO\
GHSDUWDPHQWDOTXHLQVWLWXFLRQDOLFHHOHMHUFLFLRGHOSURIHVLRQDO6RFLyORJRHQODViUHDV
GHVXHVSHFLDOLGDGSHURTXHVRQDVXPLGDVSRURWURVSURIHVLRQDOHV


ϱϴ

/DVPDFURFRPSHWHQFLDVHVSHFtILFDV\JHQpULFDV


/DV PDFURFRPSHWHQFLDV VRQ ODV FDSDFLGDGHV KDELOLGDGHV \ GHVWUH]DV TXH ODV
SHUVRQDV SRVHHQ \ TXH XWLOL]DQ HQ GLIHUHQWHV FRQWH[WRV SDUD OD UHDOL]DFLyQ GH
DFWLYLGDGHV UHVROXFLyQ GH SUREOHPDV \ HO FXPSOLPLHQWR GH REMHWLYRV GHWHUPLQDGRV
/DVPDFURFRPSHWHQFLDVHQWUHWHMHQGLIHUHQWHVWLSRVGHVDEHUHVDOJXQRVUHIHULGRVD
PDUFRV WHyULFRV FRQFHSWXDOHV PHWRGROyJLFRV HSLVWpPLFRV \ RWURV D SULQFLSLRV
DFWLWXGHV QRUPDV \ YDORUHV TXH FRQGLFLRQDQ ORV FRPSRUWDPLHQWRV GH LQGLYLGXRV \
JUXSRV 'HSDUWDPHQWRGHHYDOXDFLyQ\DFUHGLWDFLyQ8$*50 

(OSUHVHQWH3URJUDPDGH)RUPDFLyQGHO3URIHVLRQDO6RFLyORJRFRQWHPSODHOGHVDUUROOR
GHODVVLJXLHQWHVPDFURFRPSHWHQFLDVHVSHFtILFDV\JHQpULFDV


0DFURFRPSHWHQFLDVHVSHFtILFDV

/DV PDFURFRPSHWHQFLDV HVSHFtILFDV FRQVWLWX\HQ XQ VLVWHPD GH FRQRFLPLHQWRV
KDELOLGDGHVDFWLWXGHVYDORUHVDSWLWXGHV\FDSDFLGDGHVTXHSRVHHHO6RFLyORJRSDUD
HO GHVHPSHxR VDWLVIDFWRULR GH VX DFWLYLGDG SURIHVLRQDO \ FRQ HOOR FRQWULEXLU DO
GHVDUUROORKXPDQRVRVWHQLEOH(VWiQUHODFLRQDGDVFRQHOHMHUFLFLRGHODSURIHVLyQ(O
SHUILOGHIRUPDFLyQGHOSURIHVLRQDO6RFLyORJRGHOD8QLYHUVLGDG$XWyQRPD*DEULHO5HQH
0RUHQRFRQWHPSODODVVLJXLHQWHVPDFURFRPSHWHQFLDVHVSHFtILFDV


,QYHVWLJDFLyQVRFLDO

'LVHxD\UHDOL]DLQYHVWLJDFLRQHVWHyULFDV\DSOLFDGDVHQPDUFDGDVHQORVHVWiQGDUHV
GHFDOLGDGGHODFRPXQLGDGFLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV


3ODQLILFDFLyQ\SROtWLFDVS~EOLFDV

(ODERUD\HYDO~DODSODQLILFDFLyQHVWUDWHJLD\ODVSROtWLFDVS~EOLFDVSDUDHOGHVDUUROOR
KXPDQRVRVWHQLEOHFRQVLGHUDQGRODUHDOLGDGVRFLDOGHOSDtV\ORVOLQHDPLHQWRVWpFQLFRV
\MXUtGLFRVTXHUHJXODQHVWRVSURFHVRV

*HUHQFLDGHSUR\HFWRVVRFLDOHV

(ODERUD LPSOHPHQWD GLULJH \ HYDO~D SURJUDPDV \ SUR\HFWRV GH GHVDUUROOR KXPDQR


VRVWHQLEOH WRPDQGR HQ FXHQWD HO SODQ QDFLRQDO GHSDUWDPHQWDO \ PXQLFLSDO GH
GHVDUUROOR


'HVDUUROORLQVWLWXFLRQDO

)DFLOLWD\GLQDPL]DORVSURFHVRVGHIRUWDOHFLPLHQWRLQVWLWXFLRQDOGHODVRFLHGDGFLYLO
FRQVLGHUDQGRVXVSRWHQFLDOLGDGHV\OLPLWDFLRQHVLQWHUQDVDGHPiVGHORVIDFWRUHVGHO
FRQWH[WRSROtWLFRVRFLDOFXOWXUDO\HFRQyPLFR

ϱϵ

*HVWLyQVRFLDO
2ULHQWDGLQDPL]D\SDUWLFLSDGHODVDFFLRQHV\GHFLVLRQHVFRQGXFHQWHVDOFDPELR
VRFLDOFRQVLGHUDQGRODVYLVLRQHVGHORVDFWRUHVLQYROXFUDGRV\HOHQWUDPDGRIDFWRULDO
TXHGHILQHQODUHDOLGDGORFDOGHSDUWDPHQWDO\QDFLRQDO

0DFURFRPSHWHQFLDVJHQpULFDV

6RQDTXHOODVTXHWLHQHQFDUiFWHUHVWUDWpJLFRSDUDODSUiFWLFDSURIHVLRQDOHQFRQWH[WRV
GLYHUVRV 6H UHILHUHQ D ODV FDSDFLGDGHV GHVDUUROODGDV SDUD OD LQWHUDFFLyQ KXPDQD
*HQHUDOPHQWH VRQ FRPSDUWLGDV HQ ORV GLIHUHQWHV SHUILOHV GH IRUPDFLyQ SURIHVLRQDO
GLVFLSOLQDU (Q HO FDVR GHO SHUILO GH IRUPDFLyQ GHO SURIHVLRQDO 6RFLyORJR GH OD
8QLYHUVLGDG$XWyQRPD*DEULHO5HQH0RUHQRODVPDFURFRPSHWHQFLDVJHQpULFDVVRQ


 3HQVDPLHQWR FUtWLFR $QDOL]D FUtWLFDPHQWH OD YDOLGH] HSLVWpPLFD \ ORV
IXQGDPHQWRV HPStULFRV GH ODV WHRUtDV VRFLROyJLFDV SDUD WRPDU GHFLVLRQHV
IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO

 7UDEDMR HQ HTXLSRV 3DUWLFLSD \ JHVWLRQD GH PDQHUD HILFLHQWH HTXLSRV WUDV
GLVFLSOLQDULRVSDUDDSRUWDUDORVREMHWLYRVGHOGHVDUUROORKXPDQRVRVWHQLEOH

&RPSURPLVRVRFLDO$VXPH\HMHUFHFRPSURPLVR\UHVSRQVDELOLGDGVRFLDOFRQ
HO HTXLOLEULR DPELHQWDO OD FRQYLYHQFLD LQWHUFXOWXUDO OD HTXLGDG GH JpQHUR ORV
GHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ

 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH DGDSWDFLyQ \
UHVLOLHQFLD D ORV FDPELRV GH FRQWH[WR ODERUDO VRFLRFXOWXUDO \ SURIHVLRQDO TXH
H[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO


 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ GHVWDFDGR
HVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRVGHOGHVDUUROORKXPDQR
VRVWHQLEOH


8VRHILFLHQWHGHWHFQRORJtDV$FFHGH\XVRGHPDQHUDHILFLHQWHODWHFQRORJtD
GHODLQIRUPDFLyQ\FRPXQLFDFLyQHQHOGHVHPSHxRGHVXSURIHVLyQ

 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \ FRQRFLPLHQWRV
SDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWDSURSLD

ϲϬ

&RPSHWHQFLDVJOREDOHV


6RQ DTXHOODV TXH VH UHODFLRQDQ FRQ GLIHUHQWHV iUHDV GH IRUPDFLyQ GHO SURIHVLRQDO
6RFLyORJR(QWUHHOODV

&RPSHWHQFLDVJOREDOHVHVSHFLILFDGHODSURIHVLyQ

(V HO FRQMXQWR GH FRQRFLPLHQWRV KDELOLGDGHV \ GHVWUH]DV DFWLWXGHV \ YDORUHV TXH
GHILQHQHOSHUILOSURIHVLRQDOSDUDHOTXHVHSUHSDUDHOHVWXGLDQWH6RQODVFRPSHWHQFLDV
HOHPHQWDOHVTXHVXVWHQWDQODIRUPDFLyQGLVFLSOLQDUVHGHULYDQGLUHFWDPHQWHGHODV
PDFURFRPSHWHQFLDV HVSHFtILFDV (Q HO FDVR GHO SHUILO GH IRUPDFLyQ GHO SURIHVLRQDO
6RFLyORJR GH OD 8QLYHUVLGDG $XWyQRPD *DEULHO 5HQH 0RUHQR ODV FRPSHWHQFLDV
JOREDOHVHVSHFtILFDVGHODSURIHVLyQVRQ


*HQHUDFRQRFLPLHQWRVRFLROyJLFRUHVSHFWRDODUHDOLGDGVRFLDO\ORVIHQyPHQRV
VRFLRFLEHUQHWLFRV KDFLHQGR XVR GH PpWRGRV \ WHRUtDV GH ODV FLHQFLDV VRFLDOHV H
LQVWUXPHQWRVWHFQROyJLFRVLQIRUPiWLFRV

 5HDOL]D HVWXGLRV HPStULFRV GH ORV SUREOHPDV VRFLDOHV HQ IXQFLyQ GH VX
SHUWLQHQFLD\UHOHYDQFLDSDUDHOWUDWDPLHQWRGHORV2EMHWLYRVGHO'HVDUUROOR+XPDQR
6RVWHQLEOH

(ODERUDLQVWUXPHQWRVGHSODQLILFDFLyQHVWUDWpJLFD\SROtWLFDVS~EOLFDVSDUDHO
GHVDUUROORKXPDQRVRVWHQLEOHWRPDQGRHQFXHQWDHOVLVWHPDQDFLRQDOGHSODQLILFDFLyQ

(YDO~DORVLPSDFWRVGHOD SODQLILFDFLyQHVWUDWpJLFD\SROtWLFDVS~EOLFDVHQHO
PDUFRGHORVREMHWLYRVGHOGHVDUUROORKXPDQRVRVWHQLEOH

'LVHxDHLPSOHPHQWDSUR\HFWRVGHGHVDUUROORKXPDQRVRVWHQLEOHFRQVLGHUDQGR
ODV SROtWLFDV S~EOLFDV \ OD SODQLILFDFLyQ HVWUDWpJLFD GHO QLYHO ORFDO GHSDUWDPHQWDO \
QDFLRQDO

 (YDO~D ORV LPSDFWRV GH SUR\HFWRV VRFLDOHV KDFLHQGR XVR GH PHWRGRORJtDV
SDUWLFLSDWLYDV\SURWRFRORVWpFQLFRVMXUtGLFRVDPELHQWDOHV\VRFLDOHV

'LVHxD\DSOLFDSODQHVGHIRUWDOHFLPLHQWRDODVHVWUXFWXUDVRUJDQL]DWLYDVGHODV
LQVWLWXFLRQHV GH OD VRFLHGDG FLYLO WRPDQGR HQ FXHQWD ORV SULQFLSLRV GH HTXLGDG
LQFOXVLyQ\SDUWLFLSDFLyQ


 2ULHQWD \ IRUWDOHFH HO GHVDUUROOR GH ODV FDSDFLGDGHV SURSRVLWLYDV \ GH
QHJRFLDFLyQGHODVLQVWLWXFLRQHVGHDFXHUGRDORVGHUHFKRV\QHFHVLGDGHVFROHFWLYDV
DVtWDPELpQDORVGHVDItRV\RSRUWXQLGDGHVGHOFRQWH[WR


ϲϭ

2ULHQWD\GLQDPL]DHOHMHUFLFLRGHGHUHFKRV\REOLJDFLRQHVGHORVFLXGDGDQRV
KDFLD OD FRQYLYHQFLD LQWHUFXOWXUDO OD HTXLGDG GH JpQHUR HO HTXLOLEULR DPELHQWDO \
HMHUFLFLRGHORVGHUHFKRVKXPDQRV


 $FRPSDxD D ORV GLYHUVRV DFWRUHV VRFLDOHV GHO SDtV HQ OD JHVWLyQ GH VXV
HVWUDWHJLDV \ DFFLRQHV GLULJLGDV D WUDVIRUPDU OD UHDOLGDG VRFLDO SDUD DOFDQ]DU HO
GHVDUUROORKXPDQRVRVWHQLEOH


&RPSHWHQFLDVJOREDOHVEiVLFDVHVSHFtILFDV


6RQ ODV FRPSHWHQFLDV SURFHGLPHQWDOHV SURSLDV GH OD SURIHVLyQ VH GHULYDQ
GLUHFWDPHQWH GH ODV PDFURFRPSHWHQFLDV HVSHFtILFDV (Q HO FDVR GHO SHUILO GH
IRUPDFLyQ GHO SURIHVLRQDO 6RFLyORJR GH OD 8QLYHUVLGDG $XWyQRPD *DEULHO 5HQH
0RUHQRODVFRPSHWHQFLDVJOREDOHVEiVLFDVHVSHFtILFDVVRQ


&RPSUHQGH\H[SOLFDHOFDUiFWHUFLHQWtILFRGHOD6RFLRORJtDHQHOFRQWH[WRGHOD
VRFLHGDGGHOFRQRFLPLHQWR\ORV2EMHWLYRVGHO'HVDUUROOR+XPDQR6RVWHQLEOH

 'LVFLHUQH FODVLILFD \ H[SOLFD ODV WHRUtDV VRFLROyJLFDV SDUD HO HVWXGLR GH OD
UHDOLGDG VRFLDO WRPDQGR HQ FXHQWD VXV EDVHV HSLVWpPLFDV \ VX DSOLFDELOLGDG DO
GtQDPR\FRPSOHMRSURFHVRGHWUDQVIRUPDFLyQVRFLDO

([SOLFD\UHODFLRQDORVSDUDGLJPDVWHyULFRVHPHUJHQWHVSDUDHOHVWXGLRGHORV
IHQyPHQRVVRFLRFLEHUQHWLFRV

 ,QWHUSUHWD \ FRPSUHQGH ORV SURFHVRV GH GHVDUUROOR GHO SHQVDPLHQWR VRFLDO
EROLYLDQRHQVXUHODFLyQDOFRQWH[WR/DWLQRDPHULFDQR\JOREDO

 &ODVLILFD \ SULRUL]D ORV LQVWUXPHQWRV WpFQLFRV \ OHJDOHV GH OD SODQLILFDFLyQ
HVWUDWpJLFD\SROtWLFDVS~EOLFDVDFRUGHDORVREMHWLYRVGHOGHVDUUROORKXPDQRVRVWHQLEOH
\ORVSURFHVRVGHWUDQVIRUPDFLyQVRFLDOGHOSDtV

,GHQWLILFD\SULRUL]DORVHQIRTXHVPHWRGROyJLFRVHLQVWUXPHQWRVWpFQLFRVOHJDOHV
HQ OD HODERUDFLyQ HMHFXFLyQ \ HYDOXDFLyQ GH SURJUDPDV \ SUR\HFWRV VHJ~Q VX
SHUWLQHQFLD\DSOLFDELOLGDGDODGLYHUVLGDGVRFLRFXOWXUDOGHOSDtV

 &ODVLILFD GLVFLHUQH \ H[SOLFD ORV HQIRTXHV PHWRGROyJLFRV \ ODV WHRUtDV GHO
GHVDUUROORLQVWLWXFLRQDODFRUGHFRQORVGHVDItRVGHOFRQWH[WRQDFLRQDOUHJLRQDO\ORFDO


&ODVLILFDGLVFLHUQH\H[SOLFDODVWHRUtDVVRFLROyJLFDV\PRGHORVGHJHVWLyQVRFLDO
VHJ~QVXV EDVHVHSLVWpPLFDV\ QLYHO GH DSOLFDELOLGDG DOD UHDOLGDG VRFLDO SROtWLFD\
FXOWXUDOGHOSDtV



ϲϮ

&RPSHWHQFLDVJOREDOHVEiVLFDVLQVWUXPHQWDOHV


6RQ KDELOLGDGHV FRJQLWLYDV \ FDSDFLGDGHV PHWRGROyJLFDV GH DGDSWDFLyQ DO HQWRUQR
GHVWUH]DV WHFQROyJLFDV \ OLQJtVWLFDV TXH SRVHH OD SHUVRQD 7LHQHQ XQD IXQFLyQ GH
PHGLRRKHUUDPLHQWDSDUDREWHQHUXQGHWHUPLQDGRREMHWLYR(OSHUILOGHIRUPDFLyQGHO
SURIHVLRQDO 6RFLyORJR GH OD 8QLYHUVLGDG $XWyQRPD *DEULHO 5HQH 0RUHQR FRQVLGHUD
ODVFRPSHWHQFLDVJOREDOHVEiVLFDVLQVWUXPHQWDOHV


 'LVHxD \ DSOLFD SUR\HFWRV GH LQYHVWLJDFLyQ VRFLDO KDFLHQGR XVR GH PDUFRV
PHWRGROyJLFRVWHyULFRVLQVWUXPHQWRVHVWDGtVWLFRV\WHFQROyJLFRVDYDQ]DGRV

 &RQVWUX\H FRQFHSWRV FDWHJRUtDV \ PDUFRV WHyULFRV DFRUGH DO HQIRTXH
WUDQVGLFLSOLQDULRGHORVHVWXGLRVVRFLROyJLFRV

 3URGXFH GRFXPHQWRV DFDGpPLFRVLQYHVWLJDWLYRVEDMR QRUPDV \ SURWRFRORV GH
FDOLGDGFLHQWtILFD

,QWHUSUHWD\FRPSUHQGHORVSURFHVRVGHGHVDUUROORKLVWyULFRV\FXOWXUDOHVGHOD
IRUPDFLyQVRFLDOUHJLRQDOEROLYLDQDXQLYHUVDO\DPHULFDQD

 (ODERUD VLVWHPD GH LQGLFDGRUHV SDUD OD HYDOXDFLyQ GH LPSDFWRV GH SROtWLFDV
S~EOLFDVVHJ~QORVHVWiQGDUHVGHFDOLGDGQDFLRQDOHLQWHUQDFLRQDO

 (ODERUD IXQGDPHQWD \ H[SOLFD HO GLVHxR ILQDO GH SUR\HFWRV GH GHVDUUROOR
KXPDQRWRPDQGRHQFXHQWDYDULDEOHVVRFLDOHVDPELHQWDOHVHFRQyPLFDVSROtWLFDV
OHJDOHV\FXOWXUDOHV

(ODERUD\SURSRQHPRGHORVLQWHJUDOHVSDUDODJHVWLyQVRFLDOEDMRREMHWLYRVGH
FRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDGGHJpQHURHOHTXLOLEULRDPELHQWDO\HOHMHUFLFLR
GHORVGHUHFKRVKXPDQRV

'LVHxD\DSOLFDSODQHV\HVWUDWHJLDVGHLQFLGHQFLDPRYLOL]DFLyQ\QHJRFLDFLyQ
GHDFXHUGRDORVREMHWLYRV\YLVLRQHVTXHJXtDQORVSURFHVRVGHWUDVIRUPDFLyQVRFLDO


&RPSHWHQFLDVJOREDOHVEiVLFDVFRPSOHPHQWDULDV

6RQ ODV FDSDFLGDGHV LQWHOHFWXDOHV KDELOLGDGHV \ GHVWUH]DV DSUHQGLGDV GH IRUPD
FRPSOHPHQWDULDV D OD IRUPDFLyQ HVSHFtILFD TXH IDFLOLWDQ OD FRQWH[WXDOL]DFLyQ R
D\XGDQ D RSHUDWLYL]DU HO DSUHQGL]DMH GH XQD SURIHVLyQ (O SHUILO GH IRUPDFLyQ GHO
SURIHVLRQDO 6RFLyORJR GH OD 8QLYHUVLGDG $XWyQRPD *DEULHO 5HQH 0RUHQR FRQVLGHUD
ODVVLJXLHQWHVFRPSHWHQFLDVJOREDOHVEiVLFDVFRPSOHPHQWDULDV

8WLOL]DKHUUDPLHQWDVHOHPHQWDOHVGHODQHXURFLHQFLDSDUDUHDOL]DURSHUDFLRQHV
PHQWDOHVHQODSURGXFFLyQGHFRQRFLPLHQWRVRFLROyJLFRHQHQWRUQRVYLUWXDOHV

ϲϯ


 &RQVWUX\H HVFHQDULRV VLWXDFLRQDOHV \ SURVSHFWLYRV GH OD UHDOLGDG VRFLDO \
HFRQyPLFDWRPDQGRHQFXHQWDVXDSRUWHHQHOTXHKDFHUGHOD6RFLRORJtD

 8WLOL]D VXV KDELOLGDGHV FRPXQLFDFLRQDOHV SDUD UHODFLRQDUVH \ WUDEDMDU FRQ
GLVWLQWRVFROHFWLYRVVRFLDOHVHLQVWLWXFLRQHVGHODVRFLHGDGFLYLO


,QGLFDGRUHVGHORJURGHODVFRPSHWHQFLDVJOREDOHV


6H DVXPH TXHORV LQGLFDGRUHV GH ORJUR VRQ ORV UHVXOWDGRV TXHXQ HVWXGLDQWH GHEH
DOFDQ]DU HQ OD FRQVWUXFFLyQ GH XQD FRPSHWHQFLD (Q HVWH PDUFR ORV LQGLFDGRUHV
GHILQHQ VL HO SURIHVLRQDO HV FRPSHWHQWH FRQ UHVSHFWR D XQD FRPSHWHQFLD GH QLYHO
JOREDO
6DELHQGR TXH ODV FRPSHWHQFLDV JOREDOHV SURYLHQHQ GH ODV 0DFURFRPSHWHQFLDV
HVSHFtILFDV HO RUGHQ GH SUHVHQWDFLyQ \ GHVDUUROOR GH ORV LQGLFDGRUHV JXDUGDQ XQD
UHODFLyQHQWUHHVWRVGRVWLSRVGHFRPSHWHQFLDV

,QGLFDGRUHVGHFRPSHWHQFLDVJOREDOHVHVSHFtILFDVGHODSURIHVLyQ

 /RV FRQRFLPLHQWRV VRFLROyJLFRV VREUH OD UHDOLGDG VRFLDO \ ORV IHQyPHQRV
VRFLRFLEHUQHWLFRV VH JHQHUDQ KDFLHQGR XVR GH PpWRGRV \ WHRUtDV GH ODV FLHQFLDV
VRFLDOHVHLQVWUXPHQWRVWHFQROyJLFRVLQIRUPiWLFRV

/RVHVWXGLRVHPStULFRVGHORVSUREOHPDVVRFLDOHVVHUHDOL]DQHQIXQFLyQGHVX
SHUWLQHQFLD\UHOHYDQFLDSDUDHOWUDWDPLHQWRGHORV2EMHWLYRVGHO'HVDUUROOR+XPDQR
6RVWHQLEOH

 /RV LQVWUXPHQWRV GH SODQLILFDFLyQ HVWUDWpJLFD \ SROtWLFDV S~EOLFDV SDUD HO
GHVDUUROORKXPDQRVRVWHQLEOHVHHODERUDQWRPDQGRHQFXHQWDHOVLVWHPDQDFLRQDOGH
SODQLILFDFLyQ

/RVLPSDFWRVGHODSODQLILFDFLyQHVWUDWpJLFD\SROtWLFDVS~EOLFDVVHHYDO~DQHQ
HOPDUFRGHORVREMHWLYRVGHOGHVDUUROORKXPDQRVRVWHQLEOH

 /RV SUR\HFWRV GH GHVDUUROOR KXPDQR VRVWHQLEOH VH GLVHxDQ H LPSOHPHQWDQ
FRQVLGHUDQGR ODV SROtWLFDV S~EOLFDV \ OD SODQLILFDFLyQ HVWUDWpJLFD GHO QLYHO ORFDO
GHSDUWDPHQWDO\QDFLRQDO

/RVLPSDFWRVGHSUR\HFWRVVRFLDOHVVHHYDO~DQKDFLHQGRXVRGHPHWRGRORJtDV
SDUWLFLSDWLYDV\SURWRFRORVWpFQLFRVMXUtGLFRVDPELHQWDOHV\VRFLDOHV


ϲϰ

 /RV SODQHV GH IRUWDOHFLPLHQWR D ODV HVWUXFWXUDV RUJDQL]DWLYDV GH ODV
LQVWLWXFLRQHV GH OD VRFLHGDG FLYLO VH GLVHxDQ \ DSOLFDQ WRPDQGR HQ FXHQWD ORV
SULQFLSLRVGHHTXLGDGLQFOXVLyQ\SDUWLFLSDFLyQ


 (O GHVDUUROOR GH ODV FDSDFLGDGHV SURSRVLWLYDV \ GH QHJRFLDFLyQ GH ODV
LQVWLWXFLRQHV VH RULHQWDQ GH DFXHUGR D ORV GHUHFKRV \ QHFHVLGDGHV FROHFWLYDV DVt
WDPELpQDORVGHVDItRV\RSRUWXQLGDGHVGHOFRQWH[WR


 (O HMHUFLFLR GH GHUHFKRV \ REOLJDFLRQHV GH ORV FLXGDGDQRV VH RULHQWDQ \
GLQDPL]DQ KDFLD OD FRQYLYHQFLD LQWHUFXOWXUDO OD HTXLGDG GH JpQHUR HO HTXLOLEULR
DPELHQWDO\HMHUFLFLRGHORVGHUHFKRVKXPDQRV


/RVGLYHUVRVDFWRUHVVRFLDOHVGHOSDtVVRQDFRPSDxDGRVHQODJHVWLyQGHVXV
HVWUDWHJLDV \ DFFLRQHV GLULJLGDV D WUDVIRUPDU OD UHDOLGDG VRFLDO SDUD DOFDQ]DU HO
GHVDUUROORKXPDQRVRVWHQLEOH

,QGLFDGRUHVGHFRPSHWHQFLDVJOREDOHVEiVLFDHVSHFtILFDV

(OFDUiFWHUFLHQWtILFRGHOD6RFLRORJtDHVFRPSUHQGLGR\H[SOLFDGRHQHOFRQWH[WR
GHODVRFLHGDGGHOFRQRFLPLHQWR\ORV2EMHWLYRVGHO'HVDUUROOR+XPDQR6RVWHQLEOH

/DVWHRUtDVVRFLROyJLFDVSDUDHOHVWXGLRGHODUHDOLGDGVRFLDOVRQGLVFHUQLGDV
FODVLILFDGDV\H[SOLFDGDWRPDQGRHQFXHQWDVXVEDVHVHSLVWpPLFDV\VXDSOLFDELOLGDG
DOGLQiPLFR\FRPSOHMRSURFHVRGHWUDQVIRUPDFLyQVRFLDO

 /RV SDUDGLJPDV WHyULFRV HPHUJHQWHV VRQ H[SOLFDGRV \ UHODFLRQDGRV FRQ ORV
HVWXGLRVGHORVIHQyPHQRVVRFLRFLEHUQHWLFRV

/RVSURFHVRVGHGHVDUUROORGHOSHQVDPLHQWRVRFLDOEROLYLDQRVRQLQWHUSUHWDGRV
\FRPSUHQGLGRVHQVXUHODFLyQDOFRQWH[WR/DWLQRDPHULFDQR\JOREDO

/RVLQVWUXPHQWRVWpFQLFRV\OHJDOHVGHODSODQLILFDFLyQHVWUDWpJLFD\SROtWLFDV
S~EOLFDVVRQFODVLILFDGRV\SULRUL]DGRVDFRUGHDORVREMHWLYRVGHOGHVDUUROORKXPDQR
VRVWHQLEOH\ORVSURFHVRVGHWUDQVIRUPDFLyQVRFLDOGHOSDtV

/RVHQIRTXHVPHWRGROyJLFRVHLQVWUXPHQWRVWpFQLFRVOHJDOHVHQODHODERUDFLyQ
HMHFXFLyQ \ HYDOXDFLyQ GH SURJUDPDV \ SUR\HFWRV VRQ LGHQWLILFDGRV \ SULRUL]DGRV
VHJ~QVXSHUWLQHQFLD\DSOLFDELOLGDGDODGLYHUVLGDGVRFLRFXOWXUDOGHOSDtV

 /RV HQIRTXHV PHWRGROyJLFRV \ ODV WHRUtDV GHO GHVDUUROOR LQVWLWXFLRQDO VRQ
FODVLILFDGDVGLVFHUQLGDV\H[SOLFDGDVDFRUGHFRQORVGHVDItRVGHOFRQWH[WRQDFLRQDO
UHJLRQDO\ORFDO


ϲϱ

 /DV WHRUtDV VRFLROyJLFDV \ PRGHORV GH JHVWLyQ VRFLDO VRQ FODVLILFDGDV
GLVFHUQLGDV \ H[SOLFDGDV VHJ~Q VXV EDVHV HSLVWpPLFDV \ QLYHO GH DSOLFDELOLGDG D OD
UHDOLGDGVRFLDOSROtWLFD\FXOWXUDOGHOSDtV

,QGLFDGRUHVGHFRPSHWHQFLDVJOREDOHVEiVLFDLQVWUXPHQWDOHV


/RVSUR\HFWRVGHLQYHVWLJDFLyQVRFLDOVRQGLVHxDGRV\DSOLFDGRVKDFLHQGRXVR
GH PDUFRV PHWRGROyJLFRV WHyULFRV LQVWUXPHQWRV HVWDGtVWLFRV \ WHFQROyJLFRV
DYDQ]DGRV

/RVFRQFHSWRVFDWHJRUtDV\PDUFRVWHyULFRVVHFRQVWUX\HQDFRUGHDOHQIRTXH
WUDQVGLVFLSOLQDUGHORVHVWXGLRVVRFLROyJLFR

 /RV GRFXPHQWRV DFDGpPLFRV LQYHVWLJDWLYRV VH SURGXFHQ EDMR QRUPDV \
SURWRFRORVGHFDOLGDGFLHQWtILFD

 /RV SURFHVRV GH GHVDUUROOR KLVWyULFRV \ FXOWXUDOHV VRQ LQWHUSUHWDGRV \
FRPSUHQGLGRV HQ UHODFLyQ D OD IRUPDFLyQ VRFLDO UHJLRQDO EROLYLDQD XQLYHUVDO \
DPHULFDQD

 /RV VLVWHPDV GH LQGLFDGRUHV SDUD OD HYDOXDFLyQ GH LPSDFWRV GH SROtWLFDV
S~EOLFDVVRQHODERUDGRVVHJ~QORVHVWiQGDUHVGHFDOLGDGQDFLRQDOHLQWHUQDFLRQDO

 (O GLVHxR ILQDO GH SUR\HFWRV GH GHVDUUROOR KXPDQR HV HODERUDGRV
IXQGDPHQWDGR \ DSOLFDGR WRPDQGR HQ FXHQWD YDULDEOHV VRFLDOHV DPELHQWDOHV
HFRQyPLFDVSROtWLFDVOHJDOHV\FXOWXUDOHV
/RVPRGHORVLQWHJUDOHVSDUDODJHVWLyQVRFLDOVRQHODERUDGRV\SURSXHVWRVEDMR
REMHWLYRVGHFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDGGHJpQHURHOHTXLOLEULRDPELHQWDO\
HOHMHUFLFLRGHORVGHUHFKRVKXPDQRV

 /RV SODQHV \ HVWUDWHJLDV GH LQFLGHQFLD PRYLOL]DFLyQ \ QHJRFLDFLyQ VRQ
GLVHxDGRV\DSOLFDGRVGHDFXHUGRDORVREMHWLYRV\YLVLRQHVTXHJXtDQORVSURFHVRVGH
WUDVIRUPDFLyQVRFLDO

,QGLFDGRUHVGHFRPSHWHQFLDVEiVLFDFRPSOHPHQWDULDV

 /DV RSHUDFLRQHV PHQWDOHV HQ OD SURGXFFLyQ GH FRQRFLPLHQWR VRFLROyJLFR HQ
HQWRUQRV YLUWXDOHV VRQ UHDOL]DGDV KDFLHQGR XVR GH KHUUDPLHQWDVHOHPHQWDOHV GH OD
QHXURFLHQFLD

/RVHVFHQDULRVVLWXDFLRQDOHV\SURVSHFWLYRVGHODUHDOLGDGVRFLDO\HFRQyPLFD
VHFRQVWUX\HQWRPDQGRHQFXHQWDVXDSRUWHHQHOTXHKDFHUGHOD6RFLRORJtD
 /D UHODFLyQ \ WUDEDMR FRQ GLVWLQWRV FROHFWLYRV VRFLDOHV H LQVWLWXFLRQHV GH OD
VRFLHGDGFLYLOVHODUHDOL]DXWLOL]DQGRODVKDELOLGDGHVFRPXQLFDFLRQDOHV


ϲϲ

&$3,78/2,,,
3/$1'((678',26

(O 3ODQ GH (VWXGLR GH OD &DUUHUD GH 6RFLRORJtD RUJDQL]D ORV DSUHQGL]DMHV HQ
DVLJQDWXUDV\RWUDVDFWLYLGDGHVDFDGpPLFDVFRKHUHQWHVFRQHO3HUILO3URIHVLRQDOSDUD
HOORWRPDHQFXHQWDORVHQIRTXHVVRFLRSHGDJyJLFRVSHUWLQHQWHV\ODQRUPDWLYDTXH
ULJHHOTXHKDFHULQVWLWXFLRQDOGHOD8QLYHUVLGDG$XWyQRPD*DEULHO5HQH0RUHQR%DMR
HVWHFRQWH[WRDFRQWLQXDFLyQVHGHVDUUROODQODVGLPHQVLRQHVHVWUXFWXUDOHVGHGLFKR
3ODQGH(VWXGLR


'HILQLFLyQGHDVLJQDWXUDVSRUFRPSHWHQFLDV

(Q HVWH DSDUWDGR VH LGHQWLILFDQ \ DVRFLDQ ODV DVLJQDWXUDV FRQ HO GHVDUUROOR GH ODV
FRPSHWHQFLDVJOREDOHVGHILQLGDVHQHO3HUILO3URIHVLRQDO3RUORWDQWRFDGDDVLJQDWXUD
FRQWULEX\HGHIRUPDGLUHFWDDOGHVDUUROORGHGLFKDVFRPSHWHQFLDV

$VLJQDWXUDVUHODFLRQDGDVDODVFRPSHWHQFLDVHVSHFtILFDVGHODSURIHVLyQ

/DV DVLJQDWXUDV DVRFLDGDV DO GHVDUUROOR GH ODV FRPSHWHQFLDV HVSHFtILFDV GH OD
SURIHVLyQVRQODVVLJXLHQWHV

7DEOD
$VLJQDWXUDVSRUFRPSHWHQFLDVHVSHFtILFDVGHOHMHUFLFLRGHODSURIHVLyQ

&RPSHWHQFLDV ,QGLFDGRUHV 0DWHULDV

 *HQHUD FRQRFLPLHQWR /RV FRQRFLPLHQWRV VRFLROyJLFRV VREUH – 0RGDOLGDG GH
VRFLROyJLFR UHVSHFWR D OD OD UHDOLGDG VRFLDO \ ORV IHQyPHQRV *UDGXDFLyQ
UHDOLGDG VRFLDO \ ORV VRFLRFLEHUQHWLFRVVHJHQHUDQKDFLHQGR *5/
IHQyPHQRV VRFLRFLEHUQHWLFRV XVR GH PpWRGRV \ WHRUtDV GH ODV – 3UiFWLFD
KDFLHQGR XVR GH PpWRGRV \ FLHQFLDV VRFLDOHV H LQVWUXPHQWRV ,QVWLWXFLRQDO
WHRUtDV GH ODV FLHQFLDV WHFQROyJLFRVLQIRUPiWLFRV 736
VRFLDOHV H LQVWUXPHQWRV
WHFQROyJLFRVLQIRUPiWLFRV
 5HDOL]D HVWXGLRV HPStULFRV /RV HVWXGLRV HPStULFRV GH ORV – 0RGDOLGDG GH
GHORVSUREOHPDVVRFLDOHVHQ SUREOHPDV VRFLDOHV VH UHDOL]DQ HQ *UDGXDFLyQ
IXQFLyQ GH VX SHUWLQHQFLD \ IXQFLyQGHVXSHUWLQHQFLD\UHOHYDQFLD (GRL001)
UHOHYDQFLDSDUDHOWUDWDPLHQWR SDUDHOWUDWDPLHQWRGHORV2EMHWLYRVGHO – 3UiFWLFD
GHORV2EMHWLYRVGHO'HVDUUROOR 'HVDUUROOR+XPDQR6RVWHQLEOH ,QVWLWXFLRQDO
+XPDQR6RVWHQLEOH 736
 (ODERUD LQVWUXPHQWRV GH /RV LQVWUXPHQWRV GH SODQLILFDFLyQ – 7DOOHU
SODQLILFDFLyQ HVWUDWpJLFD \ HVWUDWpJLFD\SROtWLFDVS~EOLFDVSDUDHO SODQLILFDFLyQ \
SROtWLFDV S~EOLFDV SDUD HO GHVDUUROOR KXPDQR VRVWHQLEOH VH SROtWLFDV
GHVDUUROORKXPDQRVRVWHQLEOH HODERUDQ WRPDQGR HQ FXHQWD HO S~EOLFDV
WRPDQGRHQFXHQWDHOVLVWHPD VLVWHPDQDFLRQDOGHSODQLILFDFLyQ 736 
QDFLRQDOGHSODQLILFDFLyQ 

ϲϳ

 (YDO~D ORV LPSDFWRV GH OD /RV LPSDFWRV GH OD SODQLILFDFLyQ – 7DOOHU
SODQLILFDFLyQ HVWUDWpJLFD \ HVWUDWpJLFD \ SROtWLFDV S~EOLFDV VH SODQLILFDFLyQ \
SROtWLFDVS~EOLFDVHQHOPDUFR HYDO~DQ HQ HO PDUFR GH ORV REMHWLYRV SROtWLFDV
GHORVREMHWLYRVGHOGHVDUUROOR GHOGHVDUUROORKXPDQRVRVWHQLEOH S~EOLFDV
KXPDQRVRVWHQLEOH 736 

 'LVHxD H LPSOHPHQWD /RV SUR\HFWRV GH GHVDUUROOR KXPDQR – 7DOOHU JHUHQFLD
SUR\HFWRV GH GHVDUUROOR VRVWHQLEOH VH GLVHxDQ H LPSOHPHQWDQ GH SUR\HFWRV
KXPDQR VRVWHQLEOH FRQVLGHUDQGR ODV SROtWLFDV S~EOLFDV \ VRFLDOHV
FRQVLGHUDQGR ODV SROtWLFDV OD SODQLILFDFLyQ HVWUDWpJLFD GHO QLYHO 736 
S~EOLFDV \ OD SODQLILFDFLyQ ORFDOGHSDUWDPHQWDO\QDFLRQDO 
HVWUDWpJLFD GHO QLYHO ORFDO
GHSDUWDPHQWDO\QDFLRQDO
 (YDO~D ORV LPSDFWRV GH /RVLPSDFWRVGHSUR\HFWRVVRFLDOHVVH – 7DOOHU JHUHQFLD
SUR\HFWRV VRFLDOHV KDFLHQGR HYDO~DQKDFLHQGRXVRGHPHWRGRORJtDV GH SUR\HFWRV
XVR GH PHWRGRORJtDV SDUWLFLSDWLYDV \ SURWRFRORV WpFQLFRV VRFLDOHV
SDUWLFLSDWLYDV \ SURWRFRORV MXUtGLFRVDPELHQWDOHV\VRFLDOHV 736 
WpFQLFRV MXUtGLFRV 
DPELHQWDOHV\VRFLDOHV
 'LVHxD \ DSOLFD SODQHV GH /RVSODQHVGHIRUWDOHFLPLHQWRDODV – 7DOOHU GH
IRUWDOHFLPLHQWR D ODV HVWUXFWXUDVRUJDQL]DWLYDVGHODV GHVDUUROOR
HVWUXFWXUDV RUJDQL]DWLYDV GH LQVWLWXFLRQHVGHODVRFLHGDGFLYLOVH LQVWLWXFLRQDO
736
ODV LQVWLWXFLRQHV GH OD GLVHxDQ\DSOLFDQWRPDQGRHQFXHQWD
VRFLHGDG FLYLO WRPDQGR HQ ORVSULQFLSLRVGHHTXLGDGLQFOXVLyQ\
FXHQWD ORV SULQFLSLRV GH SDUWLFLSDFLyQ
HTXLGDG LQFOXVLyQ \
SDUWLFLSDFLyQ
 2ULHQWD \ IRUWDOHFH HO (O GHVDUUROOR GH ODV FDSDFLGDGHV – 7DOOHU GH
GHVDUUROORGHODVFDSDFLGDGHV SURSRVLWLYDV \ GH QHJRFLDFLyQ GH ODV GHVDUUROOR
SURSRVLWLYDV\GHQHJRFLDFLyQ LQVWLWXFLRQHVVHRULHQWDQGHDFXHUGRD LQVWLWXFLRQDO
GH ODV LQVWLWXFLRQHV GH 736
ORVGHUHFKRV\QHFHVLGDGHVFROHFWLYDV
DFXHUGR D ORV GHUHFKRV \
DVt WDPELpQ D ORV GHVDItRV \
QHFHVLGDGHV FROHFWLYDV DVt
WDPELpQ D ORV GHVDItRV \ RSRUWXQLGDGHVGHOFRQWH[WR
RSRUWXQLGDGHVGHOFRQWH[WR
 2ULHQWD \ GLQDPL]D HO (OHMHUFLFLRGHGHUHFKRV\REOLJDFLRQHV – 7DOOHU GH
HMHUFLFLR GH GHUHFKRV \ GHORVFLXGDGDQRVVHRULHQWDQ\ JHVWLyQ VRFLDO
REOLJDFLRQHV GH ORV GLQDPL]DQKDFLDODFRQYLYHQFLD 736 
FLXGDGDQRV KDFLD OD LQWHUFXOWXUDOODHTXLGDGGHJpQHURHO 
FRQYLYHQFLD LQWHUFXOWXUDO OD HTXLOLEULRDPELHQWDO\HMHUFLFLRGHORV
HTXLGDG GH JpQHUR HO GHUHFKRVKXPDQR
HTXLOLEULR DPELHQWDO \
HMHUFLFLR GH ORV GHUHFKRV
KXPDQRV
 $FRPSDxD D ORV GLYHUVRV /RV GLYHUVRV DFWRUHV VRFLDOHV GHO SDtV – 7DOOHU GH
DFWRUHVVRFLDOHVGHOSDtVHQOD VRQDFRPSDxDGRVHQODJHVWLyQGHVXV JHVWLyQ VRFLDO
JHVWLyQ GH VXV HVWUDWHJLDV \ HVWUDWHJLDV \ DFFLRQHV GLULJLGDV D 736 
DFFLRQHV GLULJLGDV D WUDVIRUPDU OD UHDOLGDG VRFLDO SDUD 
WUDVIRUPDU OD UHDOLGDG VRFLDO DOFDQ]DU HO GHVDUUROOR KXPDQR
SDUD DOFDQ]DU HO GHVDUUROOR VRVWHQLEOH
KXPDQRVRVWHQLEOH 

ϲϴ

/DVFRPSHWHQFLDVHVSHFtILFDVGHODSURIHVLyQVHVXVWDQFLDQHQODIRUPDFLyQWHyULFD
PHWRGROyJLFDHLQVWUXPHQWDOGHVDUUROODGRSRUHOHVWXGLDQWH\VHPROGHDQ\IRUWDOHFHQ
HQVXPD\RUtDGXUDQWHODLPSOHPHQWDFLyQGHODVPDWHULDVGRQGHVHSRQHHQSUiFWLFD
ODDFFLyQVRFLROyJLFD

$VLJQDWXUDVUHODFLRQDGDVDODVFRPSHWHQFLDVEiVLFDVHVSHFtILFDV

/DVDVLJQDWXUDVDVRFLDGDVDOGHVDUUROORGHODVFRPSHWHQFLDVEiVLFDVHVSHFtILFDVVRQ
ODVVLJXLHQWHV

7DEOD;;
$VLJQDWXUDVSRUFRPSHWHQFLDVEiVLFDVHVSHFtILFDV
&RPSHWHQFLDV ,QGLFDGRUHV 0DWHULDV

 &RPSUHQGH \ H[SOLFD HO (O FDUiFWHU FLHQWtILFR GH OD – ,QWURGXFFLyQ D ODV
FDUiFWHU FLHQWtILFR GH OD 6RFLRORJtD HV FRPSUHQGLGR \ FLHQFLDV VRFLDOHV
6RFLRORJtDHQHOFRQWH[WRGHOD H[SOLFDGR HQ HO FRQWH[WR GH OD &62 
VRFLHGDG GHO FRQRFLPLHQWR \ VRFLHGDG GHO FRQRFLPLHQWR \ ORV – 6RFLRORJtD *HQHUDO
ORV 2EMHWLYRV GHO 'HVDUUROOR 2EMHWLYRV GHO 'HVDUUROOR +XPDQR &62 
+XPDQR6RVWHQLEOH 6RVWHQLEOH – 5HFXUVRV)LORVyILFRV
SDUD ODV &LHQFLDV
6RFLDOHV ),/
 'LVFLHUQH FODVLILFD \ /DV WHRUtDV VRFLROyJLFDV SDUD HO – 7HRUtD 6RFLROyJLFD ,
H[SOLFD ODV WHRUtDV HVWXGLR GH OD UHDOLGDG VRFLDO VRQ &62 
VRFLROyJLFDVSDUDHOHVWXGLRGH GLVFHUQLGDV FODVLILFDGDV \ – 7HRUtD6RFLROyJLFD,,
ODUHDOLGDGVRFLDOWRPDQGRHQ H[SOLFDGDVWRPDQGRHQFXHQWDVXV &62 
FXHQWDVXVEDVHVHSLVWpPLFDV EDVHV HSLVWpPLFDV \ VX – 7HRUtD 6RFLROyJLFD
\VXDSOLFDELOLGDGDOGLQiPLFR DSOLFDELOLGDG DO GLQiPLFR \ ,,, &62 
\ FRPSOHMR SURFHVR GH FRPSOHMR SURFHVR GH – 7HRUtD 6RFLROyJLFD
WUDQVIRUPDFLyQVRFLDO WUDQVIRUPDFLyQVRFLDO ,9 &62 
– (SLVWHPRORJtDGHODV
FLHQFLDV VRFLDOHV
&62 
– 'HVDUUROOR GHO
FDSLWDOLVPR
&62 
– 6RFLRORJtD GH ODV
IRUPDV VLPEyOLFDV
&62 
– 6RFLRORJtD GHO
JpQHUR &62 
– 6RFLRORJtD XUEDQD
&62 
– 6RFLRORJtD UXUDO
&6 
– 6RFLRORJtD SROtWLFD
&62 
 ([SOLFD \ UHODFLRQD ORV /RV SDUDGLJPDV WHyULFRV – &LEHUVRFLRORJtD
SDUDGLJPDV WHyULFRV HPHUJHQWHV VRQ H[SOLFDGRV \ &62 
HPHUJHQWHVSDUDHOHVWXGLRGH UHODFLRQDGRV FRQ ORV HVWXGLRV GH
ORV IHQyPHQRV ORVIHQyPHQRVVRFLRFLEHUQHWLFRV
VRFLRFLEHUQHWLFRV

ϲϵ

,QWHUSUHWD\FRPSUHQGHORV /RV SURFHVRV GH GHVDUUROOR GHO – 3HQVDPLHQWR VRFLDO
SURFHVRV GH GHVDUUROOR GHO SHQVDPLHQWRVRFLDOEROLYLDQRVRQ EROLYLDQR &62 
SHQVDPLHQWR VRFLDO EROLYLDQR LQWHUSUHWDGRV \ FRPSUHQGLGRV HQ – 3HQVDPLHQWR VRFLDO
HQ VX UHODFLyQ DO FRQWH[WR VX UHODFLyQ DO FRQWH[WR ODWLQRDPHULFDQR
/DWLQRDPHULFDQR\JOREDO /DWLQRDPHULFDQR\JOREDO &62 
 &ODVLILFD \ SULRUL]D ORV /RV LQVWUXPHQWRV WpFQLFRV \ – 3ODQLILFDFLyQ \
LQVWUXPHQWRV WpFQLFRV \ OHJDOHV GH OD SODQLILFDFLyQ SROtWLFDV S~EOLFDV
OHJDOHV GH OD SODQLILFDFLyQ HVWUDWpJLFD \ SROtWLFDV S~EOLFDV &62 
HVWUDWpJLFD \ SROtWLFDV VRQ FODVLILFDGRV \ SULRUL]DGRV – 6RFLRORJtD GH OD
S~EOLFDV DFRUGH D ORV DFRUGH D ORV REMHWLYRV GHO 3REODFLyQ &62 
REMHWLYRV GHO GHVDUUROOR GHVDUUROOR KXPDQR VRVWHQLEOH \ – 6RFLRORJtD PHGLR
KXPDQR VRVWHQLEOH \ ORV ORV SURFHVRV GH WUDQVIRUPDFLyQ DPELHQWH  
SURFHVRV GH WUDQVIRUPDFLyQ VRFLDOGHOSDtV
VRFLDOGHOSDtV
 ,GHQWLILFD \ SULRUL]D ORV /RV HQIRTXHV PHWRGROyJLFRV H – *HUHQFLD GH
HQIRTXHV PHWRGROyJLFRV H LQVWUXPHQWRV WpFQLFRVOHJDOHV HQ SUR\HFWRV 6RFLDOHV ,
LQVWUXPHQWRVWpFQLFRVOHJDOHV OD HODERUDFLyQ HMHFXFLyQ \ 362 
HQODHODERUDFLyQHMHFXFLyQ\ HYDOXDFLyQ GH SURJUDPDV \
HYDOXDFLyQ GH SURJUDPDV \ SUR\HFWRV VRQ LGHQWLILFDGRV \
SUR\HFWRV VHJ~Q VX SULRUL]DGRVVHJ~QVXSHUWLQHQFLD\
SHUWLQHQFLD \ DSOLFDELOLGDG D DSOLFDELOLGDGDODGLYHUVLGDGVRFLR
OD GLYHUVLGDG VRFLRFXOWXUDO FXOWXUDOGHOSDtV
GHOSDtV
 &ODVLILFD GLVFLHUQH \ /RV HQIRTXHV PHWRGROyJLFRV \ ODV – 'HVDUUROOR
H[SOLFD ORV HQIRTXHV WHRUtDV GHO GHVDUUROOR LQVWLWXFLRQDO
PHWRGROyJLFRV \ ODV WHRUtDV LQVWLWXFLRQDO VRQ FODVLILFDGDV &6 
GHO GHVDUUROOR LQVWLWXFLRQDO GLVFHUQLGDV \ H[SOLFDGDV DFRUGH – 6RFLRORJtD GHO
DFRUGH FRQ ORV GHVDItRV GHO FRQ ORV GHVDItRV GHO FRQWH[WR &RQIOLFWR &62 
FRQWH[WR QDFLRQDO UHJLRQDO \ QDFLRQDOUHJLRQDO\ORFDO 
ORFDO
 &ODVLILFD GLVFLHUQH \ /DVWHRUtDVVRFLROyJLFDV\PRGHORV – *HVWLyQ VRFLDO ,
H[SOLFD ODV WHRUtDV GHJHVWLyQVRFLDOVRQFODVLILFDGDV *6 
VRFLROyJLFDV \ PRGHORV GH GLVFHUQLGDV \ H[SOLFDGDV VHJ~Q 
JHVWLyQ VRFLDO VHJ~Q VXV VXV EDVHV HSLVWpPLFDV \ QLYHO GH
EDVHV HSLVWpPLFDV \ QLYHO GH DSOLFDELOLGDG D OD UHDOLGDG VRFLDO
DSOLFDELOLGDG D OD UHDOLGDG SROtWLFD\FXOWXUDOGHOSDtV
VRFLDO SROtWLFD \ FXOWXUDO GHO
SDtV

/DVPDWHULDVTXHKDQVLGRSULRUL]DGDVJXDUGDQXQDUHODFLyQGLUHFWDFRQHOGHVDUUROOR
GH ODV FRPSHWHQFLDV EiVLFDV HVSHFtILFDV 6XV FRQWHQLGRV SURJUDPiWLFRV HVWiQ
RULHQWDGRVDJHVWDUFRQVWUXLU\FLPHQWDUORVFRQRFLPLHQWRVWHyULFRV\PHWRGROyJLFRV
UHTXHULGRV HQ HO TXHKDFHU GH OD 6RFLRORJtD IUHQWH D ORV REMHWLYRV GH OD FLHQFLD \ OD
VRFLHGDG





ϳϬ

$VLJQDWXUDVUHODFLRQDGDVDODVFRPSHWHQFLDVLQVWUXPHQWDOHV

/DVDVLJQDWXUDVDVRFLDGDVDOGHVDUUROORGHODVFRPSHWHQFLDVLQVWUXPHQWDOHVVRQODV
VLJXLHQWHV

7DEOD;;
$VLJQDWXUDVSRUFRPSHWHQFLDVLQVWUXPHQWDOHV
&RPSHWHQFLDV ,QGLFDGRUHV 0DWHULDV

'LVHxD\DSOLFDSUR\HFWRVGH /RV SUR\HFWRV GH LQYHVWLJDFLyQ – 0pWRGRV \ 7pFQLFDV
LQYHVWLJDFLyQ VRFLDO KDFLHQGR VRFLDO VRQ GLVHxDGRV \ GH ,QYHVWLJDFLyQ
XVR GH PDUFRV PHWRGROyJLFRV DSOLFDGRV KDFLHQGR XVR GH 6RFLDO, ,19 
WHyULFRV LQVWUXPHQWRV PDUFRV PHWRGROyJLFRV – 0pWRGRV \ 7pFQLFDV
HVWDGtVWLFRV \ WHFQROyJLFRV WHyULFRV LQVWUXPHQWRV GH ,QYHVWLJDFLyQ
DYDQ]DGRV HVWDGtVWLFRV \ WHFQROyJLFRV 6RFLDO,, ,19 
DYDQ]DGRV – 0pWRGRV \ 7pFQLFDV
GH ,QYHVWLJDFLyQ
6RFLDO,,, ,19 
– ,QIRUPiWLFD VRFLDO
,)6 
– (VWDGtVWLFD 6RFLDO ,
(67 
– (VWDGtVWLFD 6RFLDO ,,
(67 
 &RQVWUX\H FRQFHSWRV /RV FRQFHSWRV FDWHJRUtDV \ – 0pWRGRV \ 7pFQLFDV
FDWHJRUtDV \ PDUFRV WHyULFRV PDUFRVWHyULFRVVHFRQVWUX\HQ GH ,QYHVWLJDFLyQ
DFRUGH DO HQIRTXH DFRUGH DO HQIRTXH 6RFLDO,, ,19 
WUDQVGLVFLSOLQDUGHORVHVWXGLRV WUDQVGLVFLSOLQDUGHORVHVWXGLRV – 0pWRGRV \ 7pFQLFDV
VRFLROyJLFR VRFLROyJLFR GH ,QYHVWLJDFLyQ
 6RFLDO,,, ,19 
 3URGXFH GRFXPHQWRV /RV GRFXPHQWRV DFDGpPLFRV – 5HFXUVRV GH 7UDEDMR
DFDGpPLFRV LQYHVWLJDWLYRV EDMR LQYHVWLJDWLYRVVHSURGXFHQEDMR $FDGpPLFR &LHQWtILFR
QRUPDV\SURWRFRORVGHFDOLGDG QRUPDV\SURWRFRORVGHFDOLGDG ,19 
FLHQWtILFD FLHQWtILFD
 ,QWHUSUHWD \ FRPSUHQGH ORV /RV SURFHVRV GH GHVDUUROOR – +LVWRULD 6RFLDO
SURFHVRV GH GHVDUUROOR KLVWyULFRV \ FXOWXUDOHV VRQ 8QLYHUVDO +,6 
KLVWyULFRV \ FXOWXUDOHV GH OD LQWHUSUHWDGRV \ FRPSUHQGLGRV – +LVWRULD 6RFLDO
IRUPDFLyQ VRFLDO UHJLRQDO HQ UHODFLyQ D OD IRUPDFLyQ $PHULFDQD +,6 
EROLYLDQD 8QLYHUVDO \ VRFLDO UHJLRQDO EROLYLDQD – +LVWRULD VRFLDO
DPHULFDQD XQLYHUVDO\DPHULFDQD QDFLRQDO +,6 
 – +LVWRULD VRFLDO
UHJLRQDO +,6 
– $QWURSRORJtD VRFLR
FXOWXUDO $17 
– $QWURSRORJtD 6RFLDO
$QGLQD $17 
– $QWURSRORJtD GH
WLHUUDVEDMDV +,6 
(ODERUD VLVWHPD GH /RV VLVWHPDV GH LQGLFDGRUHV – 7DOOHU SODQLILFDFLyQ \
LQGLFDGRUHV SDUDOD HYDOXDFLyQ SDUDODHYDOXDFLyQGHLPSDFWRV SROtWLFDV S~EOLFDV
GH LPSDFWRV GH SROtWLFDV GH SROtWLFDV S~EOLFDV VRQ 736 
S~EOLFDVVHJ~QORVHVWiQGDUHV HODERUDGRV VHJ~Q ORV 


ϳϭ

GH FDOLGDG QDFLRQDO H HVWiQGDUHVGHFDOLGDGQDFLRQDO
LQWHUQDFLRQDO HLQWHUQDFLRQDO
 (ODERUD IXQGDPHQWD \ (OGLVHxRILQDOGHSUR\HFWRVGH – *HUHQFLD SUR\HFWRV
H[SOLFD HO GLVHxR ILQDO GH GHVDUUROOR KXPDQR HV VRFLDOHV,, 36 
SUR\HFWRV GH GHVDUUROOR HODERUDGRV IXQGDPHQWDGR \
KXPDQR WRPDQGR HQ FXHQWD DSOLFDGR WRPDQGR HQ FXHQWD
YDULDEOHV VRFLDOHV YDULDEOHV VRFLDOHV
DPELHQWDOHV HFRQyPLFDV DPELHQWDOHV HFRQyPLFDV
SROtWLFDVOHJDOHV\FXOWXUDOHV SROtWLFDVOHJDOHV\FXOWXUDOHV
 (ODERUD \ SURSRQH PRGHORV /RVPRGHORVLQWHJUDOHV SDUDOD – *HVWLyQ 6RFLDO ,,
LQWHJUDOHVSDUDODJHVWLyQVRFLDO JHVWLyQVRFLDOVRQHODERUDGRV\ *6 
EDMR REMHWLYRV GH FRQYLYHQFLD SURSXHVWRV EDMR REMHWLYRV GH
LQWHUFXOWXUDO OD HTXLGDG GH FRQYLYHQFLD LQWHUFXOWXUDO OD
JpQHUR HO HTXLOLEULR DPELHQWDO HTXLGDGGHJpQHURHOHTXLOLEULR
\ HO HMHUFLFLR GH ORV GHUHFKRV DPELHQWDO \ HO HMHUFLFLR GH ORV
KXPDQRV GHUHFKRVKXPDQRV
 'LVHxD \ DSOLFD SODQHV \ /RV SODQHV \ HVWUDWHJLDV GH – *HVWLyQ6RFLDO,, *6
HVWUDWHJLDV GH LQFLGHQFLD LQFLGHQFLD PRYLOL]DFLyQ \  
PRYLOL]DFLyQ \ QHJRFLDFLyQ GH QHJRFLDFLyQ VRQ GLVHxDGRV \
DFXHUGR D ORV REMHWLYRV \ DSOLFDGRV GH DFXHUGR D ORV
YLVLRQHVTXHJXtDQORVSURFHVRV REMHWLYRV \ YLVLRQHV TXH JXtDQ
GHWUDVIRUPDFLyQVRFLDO ORV SURFHVRV GH WUDVIRUPDFLyQ
VRFLDO

/DV FRPSHWHQFLDV LQVWUXPHQWDOHV GHO 3ODQ&XUULFXODU  VRQ GHVDUUROODGDV SRU
XQ FRQMXQWR GH PDWHULDV FX\RV FRQWHQLGRV SURJUDPiWLFRV SULRUL]DQ WpFQLFDV H
LQVWUXPHQWRVVREUHHOVDEHUKDFHUHORILFLRGHO6RFLyORJRHQVXVGLIHUHQWHVFDPSRVGH
DFFLyQ

$VLJQDWXUDVUHODFLRQDGDVDODVFRPSHWHQFLDVFRPSOHPHQWDULDV

/DV DVLJQDWXUDV DVRFLDGDV DO GHVDUUROOR GHODV FRPSHWHQFLDV FRPSOHPHQWDULDV VRQ
ODVVLJXLHQWHV

7DEOD;;
'HILQLFLyQGHDVLJQDWXUDVSRUFRPSHWHQFLDVFRPSOHPHQWDULDV
&RPSHWHQFLDV ,QGLFDGRUHV 0DWHULDV

 8WLOL]D KHUUDPLHQWDV /DVRSHUDFLRQHVPHQWDOHVHQOD – ,QWURGXFFLyQ D OD
HOHPHQWDOHVGHODQHXURFLHQFLD SURGXFFLyQ GH FRQRFLPLHQWR 3VLFRORJtD 36, 
SDUD UHDOL]DU RSHUDFLRQHV VRFLROyJLFR HQ HQWRUQRV – 3VLFRORJtD 6RFLDO
PHQWDOHV HQ OD SURGXFFLyQ GH YLUWXDOHV VRQ UHDOL]DGDV 36, 
FRQRFLPLHQWR VRFLROyJLFR HQ KDFLHQGR XVR GH KHUUDPLHQWDV
HQWRUQRVYLUWXDOHV HOHPHQWDOHVGHODQHXURFLHQFLD
 &RQVWUX\H HVFHQDULRV /RV HVFHQDULRV VLWXDFLRQDOHV \ – 5HDOLGDG QDFLRQDO \
VLWXDFLRQDOHV\SURVSHFWLYRVGH SURVSHFWLYRV GH OD UHDOLGDG UHJLRQDO &62 
OD UHDOLGDG VRFLDO \ HFRQyPLFD VRFLDO \ HFRQyPLFD VH – ,QWURGXFFLyQ D OD
WRPDQGR HQ FXHQWD VX DSRUWH FRQVWUX\HQWRPDQGRHQFXHQWD (FRQRPtD (&2 
HQHOTXHKDFHUGHOD6RFLRORJtD VXDSRUWHHQHOTXHKDFHUGHOD – (FRQRPtD SROtWLFD
6RFLRORJtD (&2 

ϳϮ

 8WLOL]D VXV KDELOLGDGHV /D UHODFLyQ \ WUDEDMR FRQ – (QIRTXHV\WpFQLFDV
FRPXQLFDFLRQDOHV SDUD GLVWLQWRV FROHFWLYRV VRFLDOHV H GH FRPXQLFDFLyQ \
UHODFLRQDUVH \ WUDEDMDU FRQ LQVWLWXFLRQHV GH OD VRFLHGDG RUJDQL]DFLyQ
GLVWLQWRV FROHFWLYRV VRFLDOHV H FLYLOVHODUHDOL]DXWLOL]DQGRODV &20
LQVWLWXFLRQHV GH OD VRFLHGDG KDELOLGDGHVFRPXQLFDFLRQDOHV
FLYLO

/DV PDWHULDV FODVLILFDGDV HQ HVWD iUHD FRQWULEX\HQ D OD FRQWH[WXDOL]DFLyQ GH ORV
FRQRFLPLHQWRV\KDELOLGDGHVFRQVWUXLGDVSRUHOHVWXGLDQWHGH6RFLRORJtDDORODUJRGH
VXSHUPDQHQFLDHQHOSURJUDPDGLVFLSOLQDU

6HFXHQFLDFLyQGHDVLJQDWXUDVSRUiUHDVGHIRUPDFLyQ


6HFXHQFLDGHDVLJQDWXUDVGHOiUHDGHOHMHUFLFLRSURIHVLRQDO

/D VHFXHQFLD GH ODV DVLJQDWXUDV FODVLILFDGDV HQ HVWD iUHD REHGHFHQ D VX QLYHO GH
FRQWULEXFLyQHQHOGHVDUUROORGHODVFRPSHWHQFLDVJOREDOHVTXHUHTXLHUHHOSURIHVLRQDO
SDUDGHVHQYROYHUVHySWLPDPHQWHHQODVGLIHUHQWHVDFWLYLGDGHVTXHVRQSURSLDVGHOD
6RFLRORJtDFRPRSRUHMHPSOR͗

– *HQHUDUFRQRFLPLHQWRVRFLROyJLFRUHVSHFWRDODUHDOLGDGVRFLDO\ORVIHQyPHQRV
VRFLRFLEHUQpWLFRV
– 5HDOL]DU HVWXGLRV HPStULFRV GH ORV SUREOHPDV VRFLDOHV HQ IXQFLyQ GH VX
SHUWLQHQFLD\UHOHYDQFLDFRQORV2EMHWLYRVGHO'HVDUUROOR+XPDQR6RVWHQLEOH
– $FRPSDxDU D ORV GLYHUVRV DFWRUHV VRFLDOHV HQ OD JHVWLyQ GH VXV DFFLRQHV
HVWUDWHJLDVGLULJLGDVDWUDQVIRUPDUODUHDOLGDGVRFLDO
– (ODERUDU \ HYDOXDU OD SODQLILFDFLyQ HVWUDWHJLD \ SROtWLFDV S~EOLFDV SDUD HO
'HVDUUROOR+XPDQR6RVWHQLEOH
– 'LVHxDUGLULJLU\PRQLWRUHDUSURJUDPDV\SUR\HFWRVSDUDHO'HVDUUROOR+XPDQR
6RVWHQLEOH
– (YDOXDU ORV LPSDFWRV GH SURJUDPDV \ SUR\HFWRV GH 'HVDUUROOR +XPDQR
6RVWHQLEOH
– 'LVHxDU \ DSOLFDU HVWUDWHJLDV GH IRUWDOHFLPLHQWR RUJDQL]DWLYR GH ODV
LQVWLWXFLRQHVVRFLDOHV
– 2ULHQWDU\IRUWDOHFHUHOGHVDUUROORGHODVFDSDFLGDGHVSURSRVLWLYDV\QHJRFLDFLyQ
GHODVLQVWLWXFLRQHVVRFLDOHV

(QODWDEODVLJXLHQWHVHHVWDEOHFHODOLVWD\VHFXHQFLDSRUQLYHOHV VHPHVWUHV GHODV
DVLJQDWXUDVHQPDUFDGRVHQHOiUHDHVSHFtILFDGHOHMHUFLFLRSURIHVLRQDO



ϳϯ

7DEOD;;
6HFXHQFLDGHDVLJQDWXUDVGHOiUHDGHOHMHUFLFLRSURIHVLRQDO
 1LYHO 6LJOD 1RPEUHGHODPDWHULD
 736 7DOOHUGHGHVDUUROORLQVWLWXFLRQDO

 736 7DOOHUGHSODQLILFDFLyQ\SROtWLFDVSXEOLFDV
  736 7DOOHUJHUHQFLDGHSUR\HFWRV6RFLDOHV
 736 7DOOHUGHJHVWLyQVRFLDO
  736 3UDFWLFDLQVWLWXFLRQDO
 *5/ 0RGDOLGDGGHJUDGXDFLyQ


7DOFRPRVHREVHUYDHQODWDEODHOGHVDUUROORGHODVFRPSHWHQFLDVJOREDOHVGHOHMHUFLFLR
GHODSURIHVLyQLQFOX\HQDVLJQDWXUDVPLVPDVTXHUHSUHVHQWDQHOGHOWRWDO
GHPDWHULDVGHO3ODQ
/DVHFXHQFLDWHPSRUDOGHODVPDWHULDVLQLFLDHQHO VH[WRVHPHVWUH\FRQFOX\HHQHO
RFWDYRVHPHVWUH3RUVXSDUWHODVHFXHQFLDDFDGpPLFDUHVSRQGHDOREMHWLYRIRUPDWLYR
SUiFWLFR GHO SURIHVLRQDO HQ ODV iUHDV HVSHFtILFDV GH OD 6RFLRORJtD FRPR FLHQFLD DVt
WDPELpQDODGHPDQGDGHOPHUFDGRODERUDO(QVXFDVRORVWDOOHUHVSODQLILFDGRVVH
HQFXHQWUDQ RULHQWDGRV DO WUDWDPLHQWR GH ODV QXHYDV FRPSHWHQFLDV GH IRUPDFLyQ
SURIHVLRQDO SODQLILFDFLyQ \ SROtWLFDV S~EOLFDV JHVWLyQ VRFLDO IRUWDOHFLPLHQWR
LQVWLWXFLRQDO\JHUHQFLDGHSUR\HFWRVVRFLDOHV


 6HFXHQFLD GH DVLJQDWXUDV UHODFLRQDGDV DO iUHD GH IRUPDFLyQ EiVLFD
HVSHFtILFD

/D VHFXHQFLD GH ODV DVLJQDWXUDV FODVLILFDGDV HQ HVWD iUHD WRPD HQ FXHQWD VXV
FRQWHQLGRV WHyULFRV \ SURFHGLPHQWDOHV TXH SHUPLWHQ XQ VyOLGR GHVDUUROOR GH ODV
FRPSHWHQFLDVIXQGDPHQWDOHVSDUDUHDOL]DUODVDFWLYLGDGHVHVWUDWpJLFDVGHOTXHKDFHU
VRFLROyJLFRHQWUHHOODV

– &RPSUHQGHU\H[SOLFDUHOFDUiFWHUFLHQWtILFRGHOD6RFLRORJtDHQHOFRQWH[WRGH
ODVRFLHGDGGHOFRQRFLPLHQWR\ORV2EMHWLYRVGHO'HVDUUROOR+XPDQR6RVWHQLEOH
– 'LVFHUQLU \ FODVLILFDU ODV WHRUtDV VRFLROyJLFDV FOiVLFDV FRQWHPSRUiQHDV \
HPHUJHQWHVGHDFXHUGRDVXEDVHHSLVWpPLFD\FDPSRGHDSOLFDELOLGDG
– ([SOLFDU \ FODVLILFDU ORV SDUDGLJPDV PHWRGROyJLFRV HVWDGtVWLFRV SURWRFRORV
WpFQLFRVGHO6RIWZDUH\7,&VSDUDHODQiOLVLVGHO%LJ'DWD\ODVUHGHVVRFLDOHV
– ,QWHUSUHWDU ORV SURFHVRV GH GHVDUUROOR VRFLR KLVWyULFRV GHO SHQVDPLHQWR \ OD
IRUPDFLRQVRFLDOEROLYLDQDHQUHODFLyQDOFRQWH[WR/DWLQRDPHULFDQR\PXQGLDO
– &RPSUHQGHU OD GLPHQVLyQ FXOWXUDO GH ORV IHQyPHQRV VRFLDOHV HQ %ROLYLD
WRPDQGRHQFXHQWDODFXDOLGDGSOXULQDFLRQDOGHO(VWDGR
– 'LVFHUQLU\H[SOLFDUODVWHRUtDVGHOFRQIOLFWRODDFFLyQHOFDPELR\ODJHVWLyQ
VRFLDOHQUHODFLyQDORV2EMHWLYRVGHO'HVDUUROOR+XPDQR6RVWHQLEOH
– ,GHQWLILFDUORVSULQFLSLRVOHJDOHVPHWRGROyJLFRV\VRFLDOHVSDUDODHODERUDFLyQ
\HYDOXDFLyQGHSROtWLFDVS~EOLFDV

ϳϰ

– 'LVFHUQLU \ H[SOLFDU ODV WHRUtDV GHO GHVDUUROOR VHJ~Q VX SHUWLQHQFLD \
DSOLFDELOLGDGDODGLYHUVLGDGVRFLRFXOWXUDO\REMHWLYRVHVWUDWpJLFRVGHOSDtV
– 6HOHFFLRQDU ODV PHWRGRORJtDV SDUWLFLSDWLYDV H LQVWUXPHQWRV WpFQLFRV GH
DFXHUGRDVXXWLOLGDGHQODHODERUDFLyQ\HYDOXDFLyQGHSURJUDPDV\SUR\HFWRV
– ([SOLFDU ORV SULQFLSLRV WHyULFRV \ PHWRGROyJLFRV VHJ~Q VX UHOHYDQFLD SDUD OD
JHUHQFLDWpFQLFDVRFLDO\DGPLQLVWUDWLYDGHSURJUDPDV\SUR\HFWRV
– 'LVFHUQLU\H[SOLFDUODVWHRUtDVGHOGHVDUUROORRUJDQL]DFLRQDOHQUHODFLyQDORV
UROHVGHODVLQVWLWXFLRQHVVRFLDOHVHQODYLGDGHPRFUiWLFDGHOSDtV
– &RPSUHQGHU \ SULRUL]DU ORV HQIRTXHV PHWRGROyJLFRV SDUD HO GHVDUUROOR GH
HVWUDWHJLDVGHLQFLGHQFLD\QHJRFLDFLyQGHODVLQVWLWXFLRQHVVRFLDOHV


(QODWDEODVLJXLHQWHVHHVWDEOHFHODOLVWD\VHFXHQFLDSRUQLYHOHV VHPHVWUHV GHODV


DVLJQDWXUDVHQPDUFDGDVHQHOiUHDGHIRUPDFLyQEiVLFDHVSHFtILFD
7DEOD;;
6HFXHQFLDGHDVLJQDWXUDVHQHOiUHDEiVLFDHVSHFtILFD

 1LYHO 6LJOD 1RPEUHGHODPDWHULD
  &62 ,QWURGXFFLyQDODV&LHQFLDV6RFLDOHV
  ),/ 5HFXUVRV)LORVyILFRVSDUDODV&LHQFLDV6RFLDOHV
  &62 6RFLRORJtD*HQHUDO
  &62 7HRUtD6RFLROyJLFD,
  &62 6RFLRORJtD5XUDO
  &62 7HRUtDVRFLROyJLFD,,
  362 *HUHQFLDSUR\HFWRVVRFLDOHV,
  *6 *HVWLyQVRFLDO,
  &62 7HRUtDVRFLROyJLFD,,,
  &62 &LEHUVRFLRORJtD

 &62 'HVDUUROORLQVWLWXFLRQDO

 &62 3ODQLILFDFLyQ\SROtWLFDVSXEOLFDV

 &62 7HRUtDVRFLROyJLFD,9

 &62 3HQVDPLHQWR6RFLDO%ROLYLDQR

 &62 6RFLRORJtDXUEDQD

 &62 6RFLRORJtDGHO*pQHUR

 &62 6RFLRORJtDGHOPHGLRDPELHQWH
 &62 6RFLRORJtDGHOD3REODFLyQ

 &62 6RFLRORJtDGHO&RQIOLFWR

 &62 6RFLRORJtDSROtWLFD
  &62 'HVDUUROORGHOFDSLWDOLVPR
 &62 3HQVDPLHQWR6RFLDO/DWLQRDPHULFDQR
  &62 (SLVWHPRORJtDGHODVFLHQFLDVVRFLDOHV
  &62 6RFLRORJtDGHODVIRUPDVVLPEyOLFDV

'HDFXHUGRDODLQIRUPDFLyQTXHFRQWLHQHODWDEODHOGHVDUUROORGHODVFRPSHWHQFLDV
JOREDOHVEiVLFDVHVSHFtILFDVFRQWHPSODQDVLJQDWXUDV GHOWRWDO GHODVFXDOHV
XQDHVHOHFWLYD

ϳϱ

'DGDVXFRQGLFLyQGHPDWHULDVWURQFDOHVODVHFXHQFLDWHPSRUDOGHODVPLVPDVLQLFLD
HQHOSULPHUVHPHVWUH\FRQFOX\HHQHORFWDYRVHPHVWUHVLQHPEDUJRHOFXDUWRTXLQWR
\ VpSWLPR VHPHVWUH FRQVWLWX\HQ ORV SHULRGRV GH PD\RU FRQFHQWUDFLyQ GH GLFKDV
PDWHULDV3RUVXSDUWHODVHFXHQFLDDFDGpPLFDUHVSRQGHDOREMHWLYRIRUPDWLYRWHyULFR
PHWRGROyJLFR\HSLVWpPLFRGHOSURIHVLRQDO6RFLyORJRGHWDOPDQHUDTXHVHJDUDQWLFH
HOGHVDUUROORGHVXVFRPSHWHQFLDVEiVLFDVHVSHFtILFDV


6HFXHQFLDGHDVLJQDWXUDVUHODFLRQDGDVDOiUHDLQVWUXPHQWDO

/D VHFXHQFLD GH ODV DVLJQDWXUDV UHODFLRQDGDV DO iUHD LQVWUXPHQWDO UHVSRQGH DO
REMHWLYRGHGRWDUXQDVyOLGDIRUPDFLyQSURFHGLPHQWDODOSURIHVLRQDO6RFLyORJRGHWDO
PDQHUDTXHOHJDUDQWLFHXQGHVHPSHxRHILFLHQWHHQORVGLYHUVRVFRQWH[WRV\iPELWRV
GHODDFFLyQSUiFWLFDGHOTXHKDFHUVRFLROyJLFRHQWUHHOODV

– &RQVWUXLU \ DSOLFDU PDUFRV WHyULFRV FRQFHSWXDOHV SDUD HO DERUGDMH
WUDQVGLVFLSOLQDUGHOREMHWRGHHVWXGLRGHOD6RFLRORJtD
– *HQHUDUHLQWHUSUHWDULQIRUPDFLyQVREUHODUHDOLGDGVRFLDO\ODVFRPXQLGDGHV
YLUWXDOHV
– 3URGXFLUGRFXPHQWRVDFDGpPLFRVLQYHVWLJDWLYRVEDMRQRUPDV\SURWRFRORVGH
FDOLGDGFLHQWtILFD
– (ODERUDUPRGHORVLQWHJUDOHVSDUDODJHVWLyQVRFLDOSULRUL]DQGRODFRQYLYHQFLD
LQWHUFXOWXUDOODYLGDOLEUHGHYLROHQFLDODHTXLGDGGHJpQHURGLYHUVLGDGVH[XDO
\HOHTXLOLEULRDPELHQWDO
– (ODERUDU 3ODQHV HVWUDWpJLFRV SDUD HO 'HVDUUROOR +XPDQR 6RVWHQLEOH
WHUULWRULDOL]DGRFRQVLGHUDQGRORVGDWRVFHQVDOHVHLQYHVWLJDWLYRV
– (ODERUDU\SURSRQHUSROtWLFDVS~EOLFDVRULHQWDGDVDODUHVROXFLyQGHSUREOHPDV
VRFLDOHVWRPDQGRHQFXHQWDORVGLYHUVRVIDFWRUHVTXHORVFRQILJXUDQ
– 'LVHxDU \ DSOLFDU OD LQJHQLHUtD HVWUXFWXUDO ORV FULWHULRV GH VRVWHQLELOLGDG OD
HVWUDWHJLDGHLPSOHPHQWDFLyQPRQLWRUHR\JHUHQFLDGHSURJUDPDV\SUR\HFWRV
– *HQHUDU \ DSOLFDU VLVWHPD GH LQGLFDGRUHV SDUD OD HYDOXDFLyQ GH LPSDFWRV GH
SROtWLFDVS~EOLFDVSURJUDPDVSUR\HFWRVGHGHVDUUROOR
– (ODERUDULQIRUPHVWpFQLFRVJHUHQFLDOHVVREUHLPSOHPHQWDFLyQGHSURJUDPDV\
SUR\HFWRVGHGHVDUUROORGHDFXHUGRDSURWRFRORVQDFLRQDOHLQWHUQDFLRQDO
– (ODERUDU HVWDWXWRV UHJODPHQWRV LQWHUQRV \ PDQXDO GH IXQFLRQHV GH
LQVWLWXFLRQHVVRFLDOHV
– 'LVHxDU \ DSOLFDU SURJUDPDV GH IRUPDFLyQ WpFQLFD HQ HODERUDFLyQ GH
SURSXHVWDVHVWUDWHJLDVGHLQFLGHQFLD\QHJRFLDFLyQ

(QODVLJXLHQWHWDEODVHHVWDEOHFHODOLVWD\VHFXHQFLDSRUQLYHOHV VHPHVWUHV GHODV
DVLJQDWXUDVHQPDUFDGDVHQHOiUHDGHIRUPDFLyQLQVWUXPHQWDO





ϳϲ

7DEOD;;
6HFXHQFLDGHDVLJQDWXUDVHQHOiUHDIRUPDWLYDLQVWUXPHQWDO
 1LYHO 6LJOD 1RPEUHGHODPDWHULD
  ,19 5HFXUVRVGH7UDEDMR$FDGpPLFR&LHQWtILFR
 +,6 +LVWRULDVRFLDO8QLYHUVDO
  ,19 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,
 (67 (VWDGtVWLFD6RFLD,

 +,6 +LVWRULDVRFLDODPHULFDQD
  $17 $QWURSRORJtDVRFLRFXOWXUDO
 ,19 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,
  (67 (VWDGtVWLFD6RFLDO,,
 +,6 +LVWRULDVRFLDOQDFLRQDO

 $17 $QWURSRORJtD6RFLDO$QGLQD
  ,19 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,,
 ,)6 ,QIRUPiWLFDVRFLDO
  +,6 +LVWRULDVRFLDOUHJLRQDO
  $17 $QWURSRORJtDGHWLHUUDVEDMDV
 362 *HUHQFLDGHSUR\HFWRV6RFLDOHV,,
  *62 *HVWLyQ6RFLDO,,

'HDFXHUGRDODLQIRUPDFLyQTXHFRQWLHQHODWDEODHOGHVDUUROORGHODVFRPSHWHQFLDV
LQVWUXPHQWDOHV LQFOX\HQ  DVLJQDWXUDV UHSUHVHQWDQGR HO  GHO WRWDO GH ODV
PDWHULDVGHO3ODQ
/D VHFXHQFLD WHPSRUDO GH ODV PDWHULDV GHO iUHD LQVWUXPHQWDO VH GHVHQYXHOYHQ
SULQFLSDOPHQWH HQWUH HO SULPHU \ TXLQWR VHPHVWUH 'H RWUR ODGR VX VHFXHQFLD
DFDGpPLFD UHVSRQGH DO REMHWLYR IRUPDWLYR WpFQLFR \ RSHUDWLYR GHO SURIHVLRQDO
6RFLyORJR SDUD TXH GH HVWD PDQHUD ORJUH XQ GHVHQYROYLPLHQWR HILFLHQWH HQ HO
TXHKDFHUSUDFWLFRGHOD6RFLRORJtD

6HFXHQFLDGHDVLJQDWXUDVUHODFLRQDGDVDOiUHDGHIRUPDFLyQFRPSOHPHQWDULD

/D VHFXHQFLD GH ODV DVLJQDWXUDV UHODFLRQDGDV FRQ HO iUHD GH IRUPDFLyQ
FRPSOHPHQWDULDEXVFDFRQWULEXLUDOGHVHPSHxRSURIHVLRQDOGHO6RFLyORJRGHIRUPD
SHUWLQHQWH FRQ HO FRQWH[WR VRFLDO FXOWXUDO HFRQyPLFR SROtWLFR H LGHROyJLFR GH OD
UHDOLGDG FRQFUHWD GH WDO PDQHUD TXH VXV DFFLRQHV WpFQLFDPHQWH HILFLHQWHV \
VRFLDOPHQWH~WLOHVSDUDHOFXPSOLPLHQWRGHORVREMHWLYRVGHODFLHQFLD\ODVRFLHGDG
(QWUHHVWDVDFFLRQHVVHHQFXHQWUDQ

– 8WLOL]DU KHUUDPLHQWDV HOHPHQWDOHV GH OD QHXURFRJQLFLyQ SDUD SURGXFLU
FRQRFLPLHQWRVRFLROyJLFRHQHQWRUQRVYLUWXDOHV
– 8WLOL]DU VXV KDELOLGDGHV FRPXQLFDFLRQDOHV SDUD UHODFLRQDUVH \ WUDEDMDU FRQ
GLVWLQWRVFROHFWLYDVVRFLDOHVGHOSDtV
– &RQVWUXLU HVFHQDULRV VLWXDFLRQDOHV \ SURVSHFWLYRV GH OD UHDOLGDG QDFLRQDO
WRPDQGRHQFXHQWDVXDSRUWHHQORVSURFHVRVGHSODQLILFDFLyQHVWUDWpJLFD

ϳϳ

– $VHVRUDUDODVLQVWLWXFLRQHVMXGLFLDOHVFRQLQIRUPHVSHULFLDOHVVRFLRFXOWXUDO
HQFDVRVGHFLXGDGDQRVLQGtJHQDVMX]JDGRVHQODYtDRUGLQDULD

(QODVLJXLHQWHWDEODVHHVWDEOHFHODOLVWD\VHFXHQFLDSRUQLYHOHV VHPHVWUHV GHODV
DVLJQDWXUDVHQPDUFDGDVHQHOiUHDGHIRUPDFLyQFRPSOHPHQWDULD
7DEOD;;;
6HFXHQFLDGHDVLJQDWXUDVHQHOiUHDIRUPDWLYDFRPSOHPHQWDULD
1LYHO 6LJOD 1RPEUHGHODPDWHULD
 36, ,QWURGXFFLyQDOD3VLFRORJtD
 (&2 ,QWURGXFFLyQDOD(FRQRPtD
 36, 3VLFRORJtDVRFLDO
 (&2 (FRQRPtDSROtWLFD
 &62 5HDOLGDGQDFLRQDO\UHJLRQDO
 &20 (QIRTXHV\WpFQLFDVGHFRPXQLFDFLyQ\RUJDQL]DFLyQ

'HDFXHUGRDODLQIRUPDFLyQTXHFRQWLHQHODWDEODHOGHVDUUROORGHODVFRPSHWHQFLDV
JOREDOHVFRPSOHPHQWDULDVLQFOX\HQDVLJQDWXUDVUHSUHVHQWDQGRHOGHOWRWDO
GHODVPDWHULDVGHO3ODQ

(QVXFDVRODVHFXHQFLDWHPSRUDOVHHQPDUFDSULQFLSDOPHQWHHQWUHHOSULPHU\TXLQWR
VHPHVWUH'HRWURODGRODVHFXHQFLDDFDGpPLFDGHODVPDWHULDVUHVSRQGHDOREMHWLYR
IRUPDWLYR FRQWH[WXDO GHO SURIHVLRQDO 6RFLyORJR HVWR SDUD TXH ORJUH XQ
GHVHQYROYLPLHQWRSHUWLQHQWHHQORVGLYHUVRVFRQWH[WRVGHODUHDOLGDGVRFLDO

$VLJQDFLyQGHKRUDVOHFWLYDVDODVPDWHULDV

3DUD OD DVLJQDFLyQ GH KRUDV OHFWLYDV D ODV PDWHULDV GHO SUHVHQWH 3ODQ VH KD
FRQVLGHUDGR OD QRUPDWLYD \ SDUiPHWURV HVWDEOHFLGRV HQ HO VLVWHPD QDFLRQDO GH
XQLYHUVLGDGHV \ GH PDQHUD HVSHFtILFD GH OD 8$*50 FRPR DVt WDPELpQ HO DOFDQFH
SURJUDPiWLFR\QLYHOHVGHFRPSOHMLGDGGHFDGDXQDGHHOODV

'HRWURODGRODDVLJQDFLyQGHKRUDVOHFWLYDVVHUHDOL]DWRPDQGRHQFXHQWDODUHODFLyQ
GHODVPDWHULDVGHO3ODQFRQODViUHDVGHIRUPDFLyQGHOSURIHVLRQDO6RFLyORJRWDOFRPR
VHPXHVWUDDFRQWLQXDFLyQ

 $VLJQDFLyQ KRUDV OHFWLYDV D PDWHULDV GHO iUHD IRUPDWLYD GHO HMHUFLFLR
SURIHVLRQDO

/DV PDWHULDV FRUUHVSRQGLHQWHV DO iUHD IRUPDWLYD GHO HMHUFLFLR GH OD SURIHVLyQ GHO
6RFLyORJRWLHQHQODVLJXLHQWHDVLJQDFLyQGHKRUDVDFDGpPLFDV
 


ϳϴ

7DEOD;;
$VLJQDFLyQKRUDVOHFWLYDVDPDWHULDVGHOiUHDGHOHMHUFLFLRSURIHVLRQDO
1LYHO 6LJOD 1RPEUHGHODPDWHULD +7 +3 727$/
 736 7DOOHUGHGHVDUUROORLQVWLWXFLRQDO   
 736 7DOOHUGHSODQLILFDFLyQ\SROtWLFDVSXEOLFDV   
 736 7DOOHUJHUHQFLDGHSUR\HFWRV6RFLDOHV   
 736 7DOOHUGHJHVWLyQVRFLDO   
 736 3UDFWLFDLQVWLWXFLRQDO   
 *5/ 0RGDOLGDGGHJUDGXDFLyQ   
  7RWDO   


7DOFRPRVHREVHUYDHQODWDEODODVPDWHULDVFODVLILFDVHQHOiUHDGHIRUPDFLyQGHO
HMHUFLFLRSURIHVLRQDOWLHQHQDVLJQDGDVXQWRWDOGHKRUDVDFDGpPLFDVDODVHPDQD
ORTXHHTXLYDOHDKRUDVDFDGpPLFDVHQHOVHPHVWUHGHODVFXDOHVVRQWHyULFDV
\SUiFWLFDV

$VLJQDFLyQKRUDVOHFWLYDVDPDWHULDVGHOiUHDIRUPDWLYDEiVLFDHVSHFtILFD

/DVPDWHULDVFRUUHVSRQGLHQWHVDOiUHDIRUPDWLYDEiVLFDHVSHFtILFDWLHQHQODVLJXLHQWH
DVLJQDFLyQGHKRUDVDFDGpPLFDV
7DEOD;;
$VLJQDFLyQGHKRUDVOHFWLYDVDODVPDWHULDVGHOiUHDEiVLFDHVSHFLILFD
1LYHO 6LJOD 1RPEUHGHODPDWHULD +7 +3 727$/
 &62 ,QWURGXFFLyQDODV&LHQFLDV6RFLDOHV   
5HFXUVRV )LORVyILFRV SDUD ODV &LHQFLDV   
 ),/ 6RFLDOHV
 &62 6RFLRORJtD*HQHUDO   
 &62 7HRUtD6RFLROyJLFD,   
 &62 6RFLRORJtD5XUDO   
 &62 7HRUtDVRFLROyJLFD,,   
 362 *HUHQFLDSUR\HFWRVVRFLDOHV,   
 *6 *HVWLyQVRFLDO,   
 &62 7HRUtDVRFLROyJLFD,,,   
 &62 &LEHUVRFLRORJtD   
 &62 'HVDUUROORLQVWLWXFLRQDO   
 &62 3ODQLILFDFLyQ\SROtWLFDVSXEOLFDV   
 &62 7HRUtDVRFLROyJLFD,9   
 &62 3HQVDPLHQWR6RFLDO%ROLYLDQR   
 &62 6RFLRORJtDXUEDQD   
 &62 6RFLRORJtDGHO*pQHUR   
 &62 6RFLRORJtDGHOPHGLRDPELHQWH   
 &62 6RFLRORJtDGHOD3REODFLyQ   
 &62 6RFLRORJtDGHO&RQIOLFWR   
 &62 6RFLRORJtDSROtWLFD   
 &62 'HVDUUROORGHOFDSLWDOLVPR   
 &62 3HQVDPLHQWR6RFLDO/DWLQRDPHULFDQR   

ϳϵ

 &62 (SLVWHPRORJtDGHODVFLHQFLDVVRFLDOHV   
 &62 6RFLRORJtDGHODVIRUPDVVLPEyOLFDV   
  7RWDO   


'H DFXHUGR D OD LQIRUPDFLyQ TXH FRQWLHQH OD WDEOD ODV  DVLJQDWXUDV TXH VH
HQPDUFDQ HQ HO iUHD EiVLFD HVSHFtILFD WLHQHQ DVLJQDGDV XQ WRWDO GH  KRUDV
DFDGpPLFDVVHPDQDOHVORTXHHTXLYDOHDKRUDVDFDGpPLFDVHQHOVHPHVWUHGH
ODVFXDOHVVRQWHyULFDV\VRQSUiFWLFDV


$VLJQDFLyQKRUDVOHFWLYDVDPDWHULDVGHOiUHDIRUPDWLYDLQVWUXPHQWDO

/DV PDWHULDV FRUUHVSRQGLHQWHV DO iUHD IRUPDWLYD LQVWUXPHQWDO WLHQHQ OD VLJXLHQWH
DVLJQDFLyQGHKRUDVDFDGpPLFDV

7DEOD;;
$VLJQDFLyQGHKRUDVOHFWLYDVDODVPDWHULDVGHOiUHDLQVWUXPHQWDO
1LYHO 6LJOD 1RPEUHGHODPDWHULD +7 +3 727$/
 ,19 5HFXUVRVGH7UDEDMR$FDGpPLFR&LHQWtILFR   
 +,6 +LVWRULDVRFLDO8QLYHUVDO   
 ,19 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,   
 (67 (VWDGtVWLFD6RFLD,   
 +,6 +LVWRULDVRFLDODPHULFDQD   
 $17 $QWURSRORJtDVRFLRFXOWXUDO   
 ,19 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,   
 (67 (VWDGtVWLFD6RFLDO,,   
 +,6 +LVWRULDVRFLDOQDFLRQDO   
 $17 $QWURSRORJtD6RFLDO$QGLQD   
 ,19 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,,   
 ,)6 ,QIRUPiWLFDVRFLDO   
 +,6 +LVWRULDVRFLDOUHJLRQDO   
 $17 $QWURSRORJtDGHWLHUUDVEDMDV   
 362 *HUHQFLDGHSUR\HFWRV6RFLDOHV,,   
 *62 *HVWLyQ6RFLDO,,   
     

'H DFXHUGR D OD LQIRUPDFLyQ HVWDEOHFLGD HQ OD WDEOD ODV  DVLJQDWXUDV TXH VH
HQPDUFDQHQHOiUHDLQVWUXPHQWDOWLHQHQDVLJQDGDVXQWRWDOGHKRUDVDFDGpPLFDV
DODVHPDQDORTXHHTXLYDOHDKRUDVDFDGpPLFDVHQHOVHPHVWUHGHODVFXDOHV
VRQWHyULFDV\VRQSUiFWLFDV






ϴϬ

$VLJQDFLyQKRUDVOHFWLYDVDPDWHULDVGHOiUHDIRUPDWLYDFRPSOHPHQWDULD

/DV PDWHULDV TXH IRUPDQ SDUWH GHO iUHD FRPSOHPHQWDULD WLHQHQ DVLJQDGDV ODV
VLJXLHQWHVKRUDVDFDGpPLFDV

7DEOD;;
$VLJQDFLyQGHKRUDVOHFWLYDVDODVPDWHULDVGHOiUHDFRPSOHPHQWDULD
1LYHO 6LJOD 1RPEUHGHODPDWHULD +7 +3 727$/
 36, ,QWURGXFFLyQDOD3VLFRORJtD   
 (&2 ,QWURGXFFLyQDOD(FRQRPtD   
 36, 3VLFRORJtDVRFLDO   
 (&2 (FRQRPtDSROtWLFD   
 &62 5HDOLGDGQDFLRQDO\UHJLRQDO   
(QIRTXHV\WpFQLFDVGHFRPXQLFDFLyQ\   
 &20 RUJDQL]DFLyQ
     

/DV  DVLJQDWXUDV TXH FRUUHVSRQGHQ DO iUHD FRPSOHPHQWDULD WLHQHQ DVLJQDGDV XQ
WRWDOGHKRUDVDFDGpPLFDVDODVHPDQDORTXHHTXLYDOHDKRUDVDFDGpPLFDV
HQHOVHPHVWUHGHODVFXDOHVVRQWHyULFDV\VRQSUiFWLFDV

$VLJQDFLyQGHPDWHULDVSRUVHPHVWUH


(O 3ODQ &XUULFXODU GH OD &DUUHUD GH 6RFLRORJtD VH HQFXHQWUD HVWUXFWXUDGR SRU 
DVLJQDWXUDVSURJUDPDGDVHQVHPHVWUHV

/D DVLJQDFLyQ GH PDWHULDV SRU VHPHVWUH UHVSRQGH D VX VHFXHQFLD WHPSRUDO \
DFDGpPLFDORVSUHUUHTXLVLWRVGHXQDDVLJQDWXUDHQUHODFLyQDRWUDVODVFRPSHWHQFLDV
HVWDEOHFLGDV SRU iUHD GH IRUPDFLyQ \ ODV QRUPDV DFDGpPLFDV LQVWLWXFLRQDOHV GH OD
8QLYHUVLGDG$XWyQRPD*DEULHO5HQH0RUHQR%DMRHVWRVFULWHULRVDFRQWLQXDFLyQVH
SUHVHQWDQGLFKDDVLJQDFLyQSRUVHPHVWUHV


3ULPHUVHPHVWUH
6LJOD 0DWHULD
&62 ,QWURGXFFLyQDODV&LHQFLDV6RFLDOHV
),/ 5HFXUVRV)LORVyILFRVSDUDODV&LHQFLDV6RFLDOHV
,19 5HFXUVRVGH7UDEDMR$FDGpPLFR&LHQWtILFR
+,6 +LVWRULDVRFLDO8QLYHUVDO
36, ,QWURGXFFLyQDOD3VLFRORJtD
(&2 ,QWURGXFFLyQDOD(FRQRPtD


ϴϭ

6HJXQGRVHPHVWUH
6LJOD 0DWHULD
&62 6RFLRORJtD*HQHUDO
,19 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,
(67 (VWDGtVWLFD6RFLD,
+,6 +LVWRULDVRFLDODPHULFDQD
$17 $QWURSRORJtDVRFLRFXOWXUDO
36, 3VLFRORJtDVRFLDO
(&2 (FRQRPtDSROtWLFD


7HUFHUVHPHVWUH
6LJOD 0DWHULD
&62 7HRUtD6RFLROyJLFD,
&62 6RFLRORJtD5XUDO
,19 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,
(67 (VWDGtVWLFD6RFLDO,,
+,6 +LVWRULDVRFLDOQDFLRQDO
$17 $QWURSRORJtD6RFLDO$QGLQD
&62 5HDOLGDGQDFLRQDO\UHJLRQDO


&XDUWRVHPHVWUH
6LJOD 0DWHULD
&62 7HRUtDVRFLROyJLFD,,
362 *HUHQFLDSUR\HFWRVVRFLDOHV,
*6 *HVWLyQVRFLDO,
,19 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,,
,)6 ,QIRUPiWLFDVRFLDO
+,6 +LVWRULDVRFLDOUHJLRQDO
$17 $QWURSRORJtDGHWLHUUDVEDMDV


4XLQWRVHPHVWUH
6LJOD 0DWHULD
&62 7HRUtDVRFLROyJLFD,,,
&62 &LEHUVRFLRORJtD
&62 'HVDUUROORLQVWLWXFLRQDO
&62 3ODQLILFDFLyQ\SROtWLFDVSXEOLFDV
362 *HUHQFLDGHSUR\HFWRV6RFLDOHV,,
*62 *HVWLyQ6RFLDO,,
(QIRTXHV\WpFQLFDVGHFRPXQLFDFLyQ\
&20 RUJDQL]DFLyQ


ϴϮ

6H[WRVHPHVWUH
6LJOD 0DWHULD
736 7DOOHUGHGHVDUUROORLQVWLWXFLRQDO
736 7DOOHUGHSODQLILFDFLyQ\SROtWLFDVSXEOLFDV
736 7DOOHUJHUHQFLDGHSUR\HFWRV6RFLDOHV
736 7DOOHUGHJHVWLyQVRFLDO
&62 7HRUtDVRFLROyJLFD,9
&62 3HQVDPLHQWR6RFLDO%ROLYLDQR
&62 6RFLRORJtDXUEDQD


6pSWLPRVHPHVWUH
6LJOD 0DWHULD
&62 6RFLRORJtDGHO*pQHUR
&62 6RFLRORJtDGHOPHGLRDPELHQWH
&62 6RFLRORJtDGHOD3REODFLyQ
&62 6RFLRORJtDGHO&RQIOLFWR
&62 6RFLRORJtDSROtWLFD
&62 'HVDUUROORGHOFDSLWDOLVPR
&62 3HQVDPLHQWR6RFLDO/DWLQRDPHULFDQR


2FWDYRVHPHVWUH
6LJOD 0DWHULD
736 3UDFWLFDLQVWLWXFLRQDO
*5/ 0RGDOLGDGGHJUDGXDFLyQ
&62 (SLVWHPRORJtDGHODVFLHQFLDVVRFLDOHV
&62 6RFLRORJtDGHODVIRUPDVVLPEyOLFDV



















ϴϯ

2UJDQL]DFLyQ\HVWUXFWXUDJHQHUDOGHO3ODQGH(VWXGLRV

/D RUJDQL]DFLyQ \ HVWUXFWXUD JHQHUDO GHO 3URJUDPD GH )RUPDFLyQ 3URIHVLRQDO SRU
&RPSHWHQFLDV GH OD &DUUHUD GH 6RFLRORJtD   SUHVHQWD ODV VLJXLHQWHV
FDUDFWHUtVWLFDV

7LHPSRWRWDOGHO3ODQGH(VWXGLRV

(O3URJUDPDFXHQWDFRQPDWHULDVODVPLVPDVTXHWLHQHQDVLJQDGDXQWRWDOGH
KRUDVDFDGpPLFDV

3HULRGROHFWLYREiVLFRGHO3ODQGH(VWXGLRV

(QPDUFDGRV HQ ORV OLQHDPHQWRV DFDGpPLFRV GH OD )DFXOWDG GH +XPDQLGDGHV GH OD
8QLYHUVLGDG $XWyQRPD *DEULHO 5HQH 0RUHQR HO 3ODQ GH (VWXGLR GH OD &DUUHUD GH
6RFLRORJtDWLHQHXQSHULRGROHFWLYRGHVHPHVWUHV FDGDVHPHVWUHGHVHPDQDV 
GRQGHVHHQFXHQWUDQFRQVLGHUDGRVORVH[iPHQHV\ODVSUXHEDVGHUHFXSHUDFLyQ

&DUDFWHUtVWLFDVGHO3ODQGH(VWXGLRV

(O3ODQGH(VWXGLRGHOD&DUUHUDGH6RFLRORJtDWLHQHXQDFRQFHSFLyQRUJDQL]DFLyQ\
HQIRTXHSRUDVLJQDWXUDV
/DVDVLJQDWXUDVTXHHQWRWDOVRQFRQWLHQHQXQDVHOHFFLyQGHVDEHUHVUHOHYDQWHV
SDUD HO GHVDUUROOR GH FRPSHWHQFLDV HVWDEOHFLGDV HQ HO 3HUILO 3URIHVLRQDO 6RQ GH
FDUiFWHUREOLJDWRULR\FXDOLGDGHVWUDWpJLFDHQODIRUPDFLyQGHO6RFLyORJR
'HQWUR GH ODV PDWHULDV VH UHVDOWDQ  WDOOHUHV ORV FXDOHV JXDUGDQ UHOHYDQFLD \
SHUWLQHQFLDFRQODIRUPDFLyQGHODViUHDVFRPSHWHQFLDOHVGHPDQGDGDVSRUHOPHUFDGR
ODERUDO ,QYHVWLJDFLyQ FLHQWtILFD SODQLILFDFLyQ \ SROtWLFDV S~EOLFDV JHUHQFLD GH
SUR\HFWRVVRFLDOHVJHVWLyQVRFLDO$GHPiVPDWHULDVGHO3ODQVRQFRPSDWLEOHVFRQ
ODIRUPDFLyQHQODVFDUUHUDVGHSVLFRORJtDHFRQRPtD\FRPXQLFDFLyQ6RFLDO
(O3ODQGH(VWXGLRFRQWHPSODDGHPiVXQWRWDOGHPDWHULDV\WDOOHUHVHOHFWLYRV
TXH UHVSRQGHQ D ODV QHFHVLGDGHV GH IRUPDFLyQ SURIHVLRQDO HQ OD IURQWHUD GHO
FRQRFLPLHQWRFLHQWtILFR\ODVGHPDQGDVGHOPHUFDGRODERUDO/DOLVWDGHHVWDVPDWHULDV
VHHQFXHQWUDHQHODQH[R;;

(VWUXFWXUDFLyQGHO3ODQGH(VWXGLRSRUiUHDGHIRUPDFLyQ

/D HVWUXFWXUDFLyQ GHO 3URJUDPD SRU iUHDV GH IRUPDFLyQ HVWi FRQVWLWXLGR SRU ORV
VLJXLHQWHVHOHPHQWRV
+RUDVOHFWLYDVSRUiUHDVGHIRUPDFLyQ
(O3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGHOD&DUUHUDGH6RFLRORJtD
 FXHQWDFRQPDWHULDVODVPLVPDVTXHWLHQHQDVLJQDGDXQWRWDOGH

ϴϰ

KRUDV DFDGpPLFDV TXH VRQ GLVWULEXLGDV SRU iUHDV GH IRUPDFLyQ HQ ORV VLJXLHQWHV
SRUFHQWDMHV

7DEOD;;
$VLJQDFLyQGHKRUDVOHFWLYDVDODVPDWHULDVGHOiUHDFRPSOHPHQWDULD
ÉUHDGHIRUPDFLyQ 7RWDO 
(MHUFLFLRSURIHVLRQDO  
%iVLFDVHVSHFLILFDV  
,QVWUXPHQWDOHV  
&RPSOHPHQWDULDV  
7RWDO  


'H OD SUHVHQWH FODVLILFDFLyQ VH HVWDEOHFH TXH HO  GH ODV KRUDV DFDGpPLFDV
WRWDOHVHVWiQDVLJQDGDVDOiUHDGHIRUPDFLyQGHOHMHUFLFLRSURIHVLRQDOHODOiUHD
GH IRUPDFLyQ EiVLFD HVSHFtILFD PLHQWUDV TXH HO  FRUUHVSRQGHQ DO iUHD GH
IRUPDFLyQLQVWUXPHQWDO\VRORHODOiUHDGHIRUPDFLyQFRPSOHPHQWDULD

$VLJQDWXUDVGHOiUHDGHOHMHUFLFLRSURIHVLRQDO

/DVDVLJQDWXUDVFRUUHVSRQGLHQWHVDOiUHDIRUPDWLYDGHOHMHUFLFLRGHODSURIHVLyQGHO
6RFLyORJRWLHQHQODVVLJXLHQWHVKRUDVOHFWLYDV

7DEOD;;
+RUDVOHFWLYDVDODVPDWHULDVGHOiUHDEiVLFDHVSHFtILFD
 1RPEUHGHODPDWHULD +7 +3 727$/
 7DOOHUGHGHVDUUROORLQVWLWXFLRQDO   
7DOOHUGHSODQLILFDFLyQ\SROtWLFDVSXEOLFDV   
 7DOOHUJHUHQFLDGHSUR\HFWRV6RFLDOHV   
7DOOHUGHJHVWLyQVRFLDO   

3UDFWLFDLQVWLWXFLRQDO   
 0RGDOLGDGGHJUDGXDFLyQ   
7RWDOVHPDQD   
 7RWDOVHPHVWUH   

7DOFRPRVHREVHUYDHQODWDEODODVPDWHULDVFODVLILFDVHQHOiUHDGHIRUPDFLyQGHO
HMHUFLFLRSURIHVLRQDOWLHQHQDVLJQDGDVXQWRWDOGHKRUDVDFDGpPLFDVDODVHPDQD
ORTXHHTXLYDOHDKRUDVDFDGpPLFDVHQHOVHPHVWUHGHODVFXDOHVVRQWHyULFDV
\SUiFWLFDV


$VLJQDWXUDVGHOiUHDEiVLFDHVSHFLILFD

/DVPDWHULDVFRUUHVSRQGLHQWHVDOiUHDIRUPDWLYDEiVLFDHVSHFtILFDWLHQHQODVLJXLHQWH
DVLJQDFLyQGHKRUDVDFDGpPLFDV
ϴϱ

7DEOD;;
+RUDVOHFWLYDVDODVPDWHULDVGHOiUHDEiVLFDHVSHFtILFD

1RPEUHGHODPDWHULD +7 +3 727$/
 ,QWURGXFFLyQDODV&LHQFLDV6RFLDOHV   
5HFXUVRV )LORVyILFRV SDUD ODV &LHQFLDV   
 6RFLDOHV
 6RFLRORJtD*HQHUDO   
7HRUtD6RFLROyJLFD,   
 6RFLRORJtD5XUDO   
7HRUtDVRFLROyJLFD,,   

*HUHQFLDSUR\HFWRVVRFLDOHV,   
 *HVWLyQVRFLDO,   
7HRUtDVRFLROyJLFD,,,   
 &LEHUVRFLRORJtD   
'HVDUUROORLQVWLWXFLRQDO   

3ODQLILFDFLyQ\SROtWLFDVSXEOLFDV   
 7HRUtDVRFLROyJLFD,9   
3HQVDPLHQWR6RFLDO%ROLYLDQR   
 6RFLRORJtDXUEDQD   
 6RFLRORJtDGHO*pQHUR   
6RFLRORJtDGHOPHGLRDPELHQWH   
 6RFLRORJtDGHOD3REODFLyQ   
6RFLRORJtDGHO&RQIOLFWR   
 6RFLRORJtDSROtWLFD   
 'HVDUUROORGHOFDSLWDOLVPR   
3HQVDPLHQWR6RFLDO/DWLQRDPHULFDQR   
 (SLVWHPRORJtDGHODVFLHQFLDVVRFLDOHV   
6RFLRORJtDGHODVIRUPDVVLPEyOLFDV   

7RWDOVHPDQD   
 7RWDOKRUDVVHPHVWUH   

'H DFXHUGR D OD LQIRUPDFLyQ TXH FRQWLHQH OD WDEOD ODV  DVLJQDWXUDV TXH VH
HQPDUFDQ HQ HO iUHD EiVLFD HVSHFtILFD WLHQHQ DVLJQDGDV XQ WRWDO GH  KRUDV
DFDGpPLFDVVHPDQDOHVORTXHHTXLYDOHDKRUDVDFDGpPLFDVHQHOVHPHVWUHGH
ODVFXDOHVVRQWHyULFDV\VRQSUiFWLFDV

$VLJQDWXUDVGHOiUHDLQVWUXPHQWDO

/DV PDWHULDV FRUUHVSRQGLHQWHV DO iUHD IRUPDWLYD LQVWUXPHQWDO WLHQHQ OD VLJXLHQWH
DVLJQDFLyQGHKRUDVDFDGpPLFDV







ϴϲ

7DEOD;;
$VLJQDFLyQGHKRUDVOHFWLYDVDODVPDWHULDVGHOiUHDLQVWUXPHQWDO
 1RPEUHGHODPDWHULD +7 +3 727$/
 5HFXUVRVGH7UDEDMR$FDGpPLFR&LHQWtILFR   
+LVWRULDVRFLDO8QLYHUVDO   
 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,   
(VWDGtVWLFD6RFLD,   
 
+LVWRULDVRFLDODPHULFDQD  
 $QWURSRORJtDVRFLRFXOWXUDO   
0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,   
 (VWDGtVWLFD6RFLDO,,   
+LVWRULDVRFLDOQDFLRQDO   

$QWURSRORJtD6RFLDO$QGLQD   
 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,,   
,QIRUPiWLFDVRFLDO   
 +LVWRULDVRFLDOUHJLRQDO   
$QWURSRORJtDGHWLHUUDVEDMDV   

*HUHQFLDGHSUR\HFWRV6RFLDOHV,,   
 *HVWLyQ6RFLDO,,   
7RWDOKRUDVVHPDQD   
 7RWDOKRUDVVHPHVWUH   

'H DFXHUGR D OD LQIRUPDFLyQ HVWDEOHFLGD HQ OD WDEOD ODV  DVLJQDWXUDV TXH VH
HQPDUFDQHQHOiUHDLQVWUXPHQWDOWLHQHQDVLJQDGDVXQWRWDOGHKRUDVDFDGpPLFDV
DODVHPDQDORTXHHTXLYDOHDKRUDVDFDGpPLFDVHQHOVHPHVWUHGHODVFXDOHV
VRQWHyULFDV\VRQSUiFWLFDV
$VLJQDWXUDVGHOiUHDFRPSOHPHQWDULD
/DVPDWHULDVFRUUHVSRQGLHQWHVDOiUHDIRUPDWLYDFRPSOHPHQWDULDWLHQHQODVLJXLHQWH
DVLJQDFLyQGHKRUDVDFDGpPLFDV

7DEOD;;
$VLJQDFLyQGHKRUDVOHFWLYDVDODVPDWHULDVGHOiUHDFRPSOHPHQWDULD
1RPEUHGHODPDWHULD +7 +3 727$/
,QWURGXFFLyQDOD3VLFRORJtD   
,QWURGXFFLyQDOD(FRQRPtD   
3VLFRORJtDVRFLDO   
(FRQRPtDSROtWLFD   
5HDOLGDGQDFLRQDO\UHJLRQDO   
(QIRTXHV\WpFQLFDVGHFRPXQLFDFLyQ\RUJDQL]DFLyQ   
7RWDOKRUDVVHPDQD   
7RWDOKRUDVVHPHVWUH   



ϴϳ

/DV  DVLJQDWXUDV TXH FRUUHVSRQGHQ DO iUHD FRPSOHPHQWDULD WLHQHQ DVLJQDGDV XQ
WRWDOGHKRUDVDFDGpPLFDVDODVHPDQDORTXHHTXLYDOHDKRUDVDFDGpPLFDV
HQHOVHPHVWUHGHODVFXDOHVVRQWHyULFDV\VRQSUiFWLFDV


(VWUXFWXUDGHO3ODQGH(VWXGLRSRUVHPHVWUH

$ FRQWLQXDFLyQ VH SUHVHQWD OD HVWUXFWXUDFLyQ GHO 3ODQ GH (VWXGLR SRU VHPHVWUHV
FRQVLGHUDQGR HO Q~PHUR GH PDWHULDV VXV VLJODV \ QRPEUHV DGHPiV ODV KRUDV
DFDGpPLFDV WHyULFDV\SUiFWLFDV ORVFUpGLWRV\SUHUUHTXLVLWRVGHFDGDXQDGHHOODV

(O SULPHU VHPHVWUH WLHQH DVLJQDGDV  PDWHULDV ODV PLVPDV TXH FXHQWDQFRQ 
KRUDV WHyULFDV \  KRUDV SUiFWLFDV KDFLHQGR XQ WRWDO GH · KRUDV DFDGpPLFDV
VHPHVWUDOTXHFRUUHVSRQGHDFUpGLWRVWDOFRPRVHH[SUHVDHQODWDEODVLJXLHQWH

7DEOD;;
$VLJQDFLyQGHKRUDVOHFWLYDVDODVPDWHULDVGHOSULPHUVHPHVWUH
 3ULPHUVHPHVWUH
6LJOD 0DWHULD +7 +3 7+$&5 3UHUHTXLVLWR
&62 ,QWURGXFFLyQDODV&LHQFLDV6RFLDOHV     &8336$2WURV
),/ 5HFXUVRV)LORVyILFRVSDUDODV&LHQFLDV6RFLDOHV     &8336$2WURV
,19 5HFXUVRVGH7UDEDMR$FDGpPLFR&LHQWtILFR     &8336$2WURV
+,6 +LVWRULD8QLYHUVDO     &8336$2WURV
36, ,QWURGXFFLyQDOD3VLFRORJtD     &8336$2WURV
(&2 ,QWURGXFFLyQDOD(FRQRPtD     &8336$2WURV
 7RWDO`     

(OVHJXQGRVHPHVWUHFXHQWDFRQPDWHULDVODVPLVPDVTXHWLHQHQDVLJQDGDV
KRUDV WHyULFDV \  SUiFWLFDV KDFLHQGR XQ WRWDO GH  KRUDV DFDGpPLFDV (VWDV
PDWHULDVWLHQHQDVLJQDGRFUpGLWRVGHDFXHUGRDODWDEODTXHVLJXHDFRQWLQXDFLyQ
7DEOD;;
$VLJQDFLyQGHKRUDVOHFWLYDVDODVPDWHULDVGHOVHJXQGRVHPHVWUH
 6HJXQGRVHPHVWUH
6LJOD 0DWHULD +7 +3 7+$ &5 3UHUUHTXLVLWR
&62 6RFLRORJtD*HQHUDO     &62 
,19 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,     ,19 
(67 (VWDGtVWLFD6RFLDO,     ,19 
+,6 +LVWRULDVRFLDODPHULFDQD     +,6 
$17 $QWURSRORJtDVRFLRFXOWXUDO     &62 
36, 3VLFRORJtDVRFLDO     36, 
(&2 (FRQRPtDSROtWLFD     (&2 
 7RWDO     

(OWHUFHUVHPHVWUHHVWiFRPSXHVWRSRUPDWHULDVPLVPDVTXHWLHQHQKRUDV
WHyULFDV\KRUDVSUiFWLFDVORFXDOKDFHXQWRWDOGHKRUDVDFDGpPLFDV(VWDV
PDWHULDVWLHQHQDVLJQDGRFUpGLWRVWDOFRPRVHSUHVHQWDHQODWDEODTXHVLJXH


ϴϴ

7DEOD;;
$VLJQDFLyQGHKRUDVOHFWLYDVDODVPDWHULDVGHOWHUFHUVHPHVWUH
 7HUFHUVHPHVWUH
6LJOD 0DWHULD +7 +3 7+$ &5 3UHUUHTXLVLWR
&62 7HRUtD6RFLROyJLFD,     &62 
&62 6RFLRORJtD5XUDO     &62 
,19 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,     ,19 
(67 (VWDGtVWLFD6RFLDO,,     (67 
+,6 +LVWRULDVRFLDOQDFLRQDO     +,6 
$17 $QWURSRORJtD6RFLDO$QGLQD     $17 
&62 5HDOLGDGQDFLRQDO\UHJLRQDO     &62 
 7RWDO     

(OFXDUWRVHPHVWUHWLHQHDVLJQDGDVPDWHULDVODVPLVPDVTXHFXHQWDQFRQ
KRUDVWHyULFDV\SUiFWLFDVKDFLHQGRXQWRWDOGHKRUDVDFDGpPLFDVFRQXQ
Q~PHURGHFUpGLWRVWDOFRPRVHUHJLVWUDHQODWDEODTXHVLJXH
7DEOD;;
$VLJQDFLyQGHKRUDVOHFWLYDVDODVPDWHULDVGHOFXDUWRVHPHVWUH
 &XDUWRVHPHVWUH
6LJOD 0DWHULD +7 +3 7+$ &5 3UHUUHTXLVLWR
&62 7HRUtDVRFLROyJLFD,,     &62 
362 *HUHQFLDSUR\HFWRVVRFLDOHV,     ,19 
*6 *HVWLyQVRFLDO,     &62 
,19 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,,     ,19 
,)6 ,QIRUPiWLFDVRFLDO     (67 
+,6 +LVWRULDVRFLDOUHJLRQDO     +,6 
$17 $QWURSRORJtDGHWLHUUDVEDMDV     $17 
 7RWDO     

(OTXLQWRVHPHVWUHHVWiFRPSXHVWRSRUPDWHULDVPLVPDVTXHFXHQWDQFRQ
KRUDVWHyULFDV\SUiFWLFDVTXHVXPDGDVKDFHQXQWRWDOGHKRUDVDFDGpPLFDV
(VWDVPDWHULDVWLHQHQDVLJQDGRFUpGLWRVVHJ~QODVLJXLHQWHWDEOD
7DEOD;;
$VLJQDFLyQGHKRUDVOHFWLYDVDODVPDWHULDVGHOTXLQWRVHPHVWUH
 4XLQWRVHPHVWUH
6LJOD 0DWHULD +7 +3 7+$ &5 3UHUUHTXLVLWR
&62 7HRUtDVRFLROyJLFD,,,     &62 
&62 &LEHUVRFLRORJtD     ,)6 
&62 'HVDUUROORLQVWLWXFLRQDO     *6 
&62 3ODQLILFDFLyQ\SROtWLFDVSXEOLFDV     362 
362 *HUHQFLDGHSUR\HFWRV6RFLDOHV,,     362 
*62 *HVWLyQ6RFLDO,,     *62 
&20 (QIRTXHV\WpFQLFDVGHFRPXQLFDFLyQ\     ,19 
RUJDQL]DFLyQ
 7RWDO     



ϴϵ

(O VH[WR VHPHVWUH HVWi FRPSXHVWR SRU  PDWHULDV PLVPDV TXH FXHQWDQ FRQ 
KRUDV WHyULFDV \  SUiFWLFDV KDFLHQGR XQ WRWDO GH  KRUDV DFDGpPLFDV (VWDV
PDWHULDVWLHQHQDVLJQDGRFUpGLWRVVHJ~QODWDEODVLJXLHQWH
7DEOD;;
$VLJQDFLyQGHKRUDVOHFWLYDVDODVPDWHULDVGHOVH[WRVHPHVWUH
 6H[WRVHPHVWUH
6LJOD 0DWHULD +7 +3 7+$ &5 3UHUUHTXLVLWR
736 7DOOHUGHGHVDUUROORLQVWLWXFLRQDO     &62 
736 7DOOHUGHSODQLILFDFLyQ\SROtWLFDVSXEOLFDV     &63 
736 7DOOHUJHUHQFLDGHSUR\HFWRV6RFLDOHV     362 
736 7DOOHUGHJHVWLyQVRFLDO     *6 
&62 7HRUtDVRFLROyJLFD,9     &62 
&62 3HQVDPLHQWR6RFLDO%ROLYLDQR     &62 
&62 6RFLRORJtDXUEDQD     &62 
 7RWDO     

(O VpSWLPR VHPHVWUH OR FRPSRQHQ  PDWHULDV ODV FXDOHV FXHQWDQ FRQ KRUDV
WHyULFDV \  KRUDV SUiFWLFDV KDFLHQGR XQ WRWDO GH  KRUDV DFDGpPLFDV (VWDV
PDWHULDVFXHQWDQFRQFUpGLWRVWDOFRPRVHPXHVWUDDFRQWLQXDFLyQ
7DEOD;;
$VLJQDFLyQGHKRUDVOHFWLYDVDODVPDWHULDVGHOVpSWLPRVHPHVWUH
6LJOD 6pSWLPRVHPHVWUH0DWHULD +7 +3 7+$ &5 3UHUUHTXLVLWR
&62 6RFLRORJtDGHO*pQHUR     36, 
&62 6RFLRORJtDGHOPHGLRDPELHQWH     &62 
&62 6RFLRORJtDGHOD3REODFLyQ     ,)6 
&62 6RFLRORJtDGHO&RQIOLFWR     36, 
&62 6RFLRORJtD3ROtWLFD     &62 
&62 'HVDUUROORGHOFDSLWDOLVPR     &62 
&62 3HQVDPLHQWR6RFLDO/DWLQRDPHULFDQR     &62 
 7RWDO     

(ORFWDYRVHPHVWUHWLHQHDVLJQDGRPDWHULDVODVPLVPDVFXHQWDQFRQKRUDV
WHyULFDV \  KRUDV SUiFWLFDV TXH VXPDQ HQ WRWDO  KRUDV DFDGpPLFDV (VWDV
PDWHULDVFXHQWDQFRQFUpGLWRVWDOFRPRVHPXHVWUDHQODWDEODVLJXLHQWH
7DEOD;;
$VLJQDFLyQGHKRUDVOHFWLYDVDODVPDWHULDVGHORFWDYRVHPHVWUH
 2FWDYRVHPHVWUH
6LJOD 0DWHULD +7 +3 7+$ &5 3UHUUHTXLVLWR
736 3UDFWLFDLQVWLWXFLRQDO     &62 
&62 
&62 
*5/ 0RGDOLGDGGHJUDGXDFLyQ     &62 
 &62 
&62 
&62 
&62 (SLVWHPRORJtDGHODVFLHQFLDVVRFLDOHV     &62 
&62 6RFLRORJtDGHODVIRUPDVVLPEyOLFDV     &62 
 7RWDO     

ϵϬ

(QWRWDOORVVHPHVWUHVGHO3ODQ&XUULFXODUFXHQWDQFRQORVVLJXLHQWHVQ~PHURVGH
PDWHULDVKRUDVWHyULFDV\SUiFWLFDVFRPRWDPELpQHOQ~PHURGHFUpGLWRV


7DEOD;;
1XPHURGHPDWHULDVKRUDVDFDGpPLFDV\FUpGLWRVGHPDWHULDVSRU
VHPHVWUHV
6HPHVWUHV 0DWHULDV +RUDV 7RWDO  &UpGLWR 
DFDGpPLFDV +RUDV 7RWDO
1ž  +7 +3  
3ULPHU        
6HJXQGR        
7HUFHUR        
&XDUWR        
4XLQWR        
6H[WR        
6pSWLPR        
2FWDYR        
7RWDOVHPHVWUH        
        

7DO FRPR VH REVHUYD HQ OD WDEOD HO 3URJUDPD GH )RUPDFLyQ 3URIHVLRQDO SRU
&RPSHWHQFLDVGH6RFLRORJtD  FXHQWDFRQPDWHULDVODVPLVPDVTXHWLHQHQ
DVLJQDGD XQ WRWDO GH  KRUDV DFDGpPLFDV GLVWULEXLGDV HQ  VHPDQDV GH ODV
FXDOHVVRQKRUDVWHyULFDV\VRQKRUDVSUiFWLFDV(OWRWDOGHODVPDWHULDV
FXHQWDQFRQFUpGLWRV

&DUDFWHUtVWLFDVGHO3ODQGH(VWXGLRV

0DWHULDVHOHFWLYDVRIHUWDGDV
(QWRWDOH[LVWHQPDWHULDVHOHFWLYDV&DGDVHPHVWUHVHRIHUWDUiKDVWDGRVPDWHULDV
HOHFWLYDV XQD GH HOODV VHUi VHOHFFLRQDGD VHJ~Q ODV OtQHDV GH LQYHVWLJDFLyQ GH OD
&DUUHUD\ODGHPDQGDGHORVHVWXGLDQWHVODRWUD/(1R/(1VHRIHUWDUiGH
IRUPD DOWHUQDGD FRPR PDWHULD FRPSDUWLGD FRQ ODV &DUUHUDV GH &LHQFLDV GH OD
&RPXQLFDFLyQ\3VLFRORJtDGHOD)DFXOWDGGH+XPDQLGDGHV(QHOFXDGURVLJXLHQWH
VHGHILQHQODVPDWHULDVHOHFWLYDVGHO3ODQ
7DEOD
/LVWDGHPDWHULDVHOHFWLYDV3ODQ
6LJOD 0DWHULD +7 +3 &5 3UHUUHTXLVLWR

/(1 /HQJXD1DWLYD,    &62
/(1 /HQJXD1DWLYD,,    &62
623 6RFLRORJtDGHOD&RPXQLFDFLyQGH0DVDV    &62
623 6RFLRORJtDGHOD'HVYLDFLyQ6RFLDO    &62
623 6RFLRORJtDGHOD(GXFDFLyQ    &62
623 6RFLRORJtDGHOD)DPLOLD    &62
623 6RFLRORJtDGHOD*OREDOL]DFLyQ    &62

ϵϭ

623 6RFLRORJtDGHOD,GHQWLGDG    &62
623 6RFLRORJtDGHOD,QIDQFLD$GROHVFHQFLD\-XYH    &62
623 6RFLRORJtDGHOD2UJDQL]DFLyQ\7UDEDMR    &62
623 6RFLRORJtDGHOD6DOXG    &62
623 6RFLRORJtDGHODV0LJUDFLRQHV    &62
623 6RFLRORJtDGHOD3REUH]D    &62
623 6RFLRORJtDGHO'HVDUUROOR    &62
623 6RFLRORJtD-XUtGLFD    &62
623 6RFLyORJRVFRQWHPSRUiQHRV    &62
623 0DFUR\PLFURHFRQRPtD    &62

7DOOHUHVRIHUWDGRV
(QWRWDOVRQWDOOHUHVRIHUWDGRV(O3ODQRIHUWDPtQLPDPHQWHWUHVWDOOHUHVSRU
VHPHVWUH &DGD XQR VH UHODFLRQD FRQ ODV iUHDV RFXSDFLRQDOHV GHO SURIHVLRQDO
6RFLyORJR,QYHVWLJDFLyQVRFLDO3ODQLILFDFLyQHVWUDWpJLFD\SROtWLFDVS~EOLFDV*HUHQFLD
GH SURJUDPDV \ SUR\HFWRV )RUWDOHFLPLHQWR ,QVWLWXFLRQDO SHULWDMH VRFLRFXOWXUDO \
FLEHUVRFLRORJtD$FRQWLQXDFLyQVHSUHVHQWDQORVWDOOHUHVGHO3ODQ

ÉUHDGHLQYHVWLJDFLyQVRFLDO
7DOOHUHV
6LJOD  +7 +3 &5 3UHUUHTXLVLWR
6$, $FWRUHVVRFLDOHVSRGHU\FLXGDGDQtDHQ%ROLYLD    736
6$, &XOWXUDVVXEFXOWXUDV\WULEXV8UEDQDVHQ%ROLYLD    736
6$, 'HPRFUDFLD\SDUWLFLSDFLyQVRFLDOHQ%ROLYLD    736
6$, 'HVLJXDOGDG PDUJLQDOLGDG \ GLVFULPLQDFLyQ VRFLDO HQ    736
%ROLYLD
6$, 'HWHULRUR GH OD FRQYLYHQFLD VRFLDO 'HOLWR \ VHJXULGDG    736
FLXGDGDQDHQ%ROLYLD
6$, (ODERUDFLyQGHSUR\HFWRVGHLQYHVWLJDFLyQFLHQWtILFD    736
6$, (VWDGR\SREUH]DHQ%ROLYLD    736
6$, +LVWRULDGHOD(FRQRPtD1DFLRQDO\5HJLRQDO    736
6$, 0RYLPLHQWRVVRFLDOHVHQ%ROLYLD    736
6$, 17,&HLQYHVWLJDFLyQVRFLDO    736
6$, 3DUWLGRV\SURFHVRVSROtWLFRVHQ%ROLYLD    736
6$, 3UREOHPiWLFD8UEDQDHQ%ROLYLD    736
6$, 3UREOHPiWLFD5XUDOHQ%ROLYLD    736

ÉUHDJHUHQFLDGHSUR\HFWRV\SURJUDPDVGHGHVDUUROOR
6LJOD 7DOOHUHV +7 +3 &5 3UHUUHTXLVLWRV
6$3 'HVDUUROOR6RFLRHFRQyPLFR GHORV3XHEORV,QGtJHQDV\    736
&DPSHVLQRV
6$3 'LPHQVLyQVRFLRHGXFDWLYDGHORVSUR\HFWRVVRFLDOHV    736
6$3 )LQDQFLDPLHQWRHLQYHUVLyQHQSUR\HFWRVVRFLDOHV    736
6$3 )RUHVWDUtD&RPXQLWDULD\SUR\HFWRVGHGHVDUUROOR    736
6$3 ,QGLFDGRUHVGHFDOLGDGHQSUR\HFWRVGHGHVDUUROORVRFLDO    736
6$3 3DUWLFLSDFLyQGHODVPXMHUHVHQHOGHVDUUROORORFDO    736
6$3 3UR\HFWRVGH'HVDUUROOR&RPXQDO    736
6$3 3UR\HFWRV GH GHVDUUROOR GH OD &XOWXUD 3ROtWLFD    736
'HPRFUiWLFD

ϵϮ

ÉUHDGHSODQLILFDFLyQHVWUDWpJLFD\SROtWLFDVSXEOLFDV
6LJOD 7DOOHUHV +7 +3 &5 3UHUUHTXLVLWR
633 0DUFROHJDOGHODSODQLILFDFLyQHVWUDWpJLFDHQ%ROLYLD    362
633 +LVWRULD GH OD SODQLILFDFLyQ GHO GHVDUUROOR HQ 6DQWD    362
&UX]
633 3ODQLILFDFLyQWHUULWRULDOLQGtJHQD    362
633 3ODQLILFDFLyQXUEDQDHQ6DQWD&UX]    362
633 ,QIRUPDFLyQFHQVDOHQ%ROLYLD    362
633 0DUFROHJDOHLQVWUXPHQWRVWpFQLFRVHQHODERUDFLyQ\    362
HYDOXDFLyQGHSROtWLFDVSXEOLFDV


ÉUHDIRUWDOHFLPLHQWRLQVWLWXFLRQDO
6LJOD 7DOOHUHV +7 +3 &5 3UHUUHTXLVLWRV
6$) 'HVDUUROOR&RPXQLWDULRHQ%ROLYLD    736
6$) ,QQRYDFLyQ\FDOLGDGHQODVRUJDQL]DFLRQHV    736
6$) /D)DPLOLD\VX3UREOHPiWLFDHQ%ROLYLD    736
6$) /LGHUD]JR\'HVDUUROOR2UJDQL]DFLRQDO    736
6$) 6RFLRORJtDGH6DOXG    736
6$) 2UJDQL]DFLRQHVGHO7HUFHU6HFWRU    736
6$) 2UJDQL]DFLRQHV(GXFDWLYDV    736
6$) 2UJDQL]DFLRQHVSRSXODUHV    736
6$) 3REUH]D\*HVWLyQ$PELHQWDO    736
6$) 3ROtWLFDV/RFDOHV\$ILUPDFLyQ'HPRFUiWLFD    736
5HODFLRQHV,QWHUpWQLFDVHWQLFLGDGH
6$) ,QWHUFXOWXUDOLGDG    736

ÉUHDSHULWDMHVRFLRFXOWXUDO
6LJOD 7DOOHUHV +7 +3 &5 3UHUUHTXLVLWR
,QVWUXPHQWRVLQWHUQDFLRQDOHVGHGHUHFKRVGHORV
6$- SXHEORVLQGtJHQDV    $17
6$- 'HUHFKRVFROHFWLYRVGHORVSXHEORVLQGtJHQDVHQ    $17
%ROLYLD
6$- 3OXUDOLVPRMXUtGLFRHQ%ROLYLD    $17
6$- -XVWLFLDFRPXQLWDULD\GHVOLQGHMXULVGLFFLRQDOHQ    $17
%ROLYLD
6$- 3URWRFRORVSDUDHOSHULWDMHVRFLRFXOWXUDO    $17
6$- 5ROGHOSHULWRLQWHUFXOWXUDO    $17

ÉUHDFLEHUVRFLRORJtD
6LJOD 7DOOHUHV +7 +3 &5 3UHUUHTXLVLWR
6$& 6RFLHGDGGHODLQIRUPDFLyQ    &62
6$& 5HGHVVRFLDOHV\WHFQRORJtDFRPXQLFDFLRQDO    &62
6$& )HQyPHQRVVRFLDOHV\FLEHUHVSDFLR    &62
6$& $FWRUUHG\VLVWHPDVVRFLDOHV    &62
6$& ,QIRUPDFLyQFRQRFLPLHQWR\GHVDUUROOR    &62


ϵϯ

'HILQLFLyQGHOSUiFWLFXP\GHRWURVHVSDFLRVGHLQWHJUDFLyQ


(OSUiFWLFXPHVXQHVSDFLRFXUULFXODUGHLQWHJUDFLyQTXHVHFDUDFWHUL]DSRUTXHORV
HVWXGLDQWHV SDVDQ SHUtRGRV GH IRUPDFLyQ \ DSOLFDFLyQ GH VXV FRQRFLPLHQWRV HQ
HVFHQDULRV ODERUDOHV FRQFUHWRV LQVWLWXFLRQHV S~EOLFDV SULYDGDV RUJDQL]DFLRQHV
VRFLDOHVFRPXQLGDGHVLQGtJHQDVHQWUHRWUDV (QHVWHSHULRGRHOHVWXGLDQWHUHODFLRQD
WHyULFD \ SUiFWLFD FRPR WDPELpQ DQDOL]D \ IRUWDOHFH HO QLYHO GH GHVDUUROOR GH VXV
FRPSHWHQFLDVSURIHVLRQDOHVHLGHQWLILFDORVDVSHFWRVFHQWUDOHVTXHGHILQHQODGLQiPLFD
GHOPHUFDGRODERUDO

(O3ODQGH(VWXGLRGHOD&DUUHUD  FRQWHPSODGRVHVSDFLRVGHSUiFWLFXP͗

 /D3UiFWLFD,QVWLWXFLRQDO 736 &RQVLVWHHQXQSHULRGRGHWLHPSRGRQGHHO


HVWXGLDQWHDSOLFDVXVFRQRFLPLHQWRWHyULFRVHLQVWUXPHQWDOHVSDUWLFLSDQGRGH
XQSURJUDPDRSUR\HFWRTXHLPSOHPHQWDXQDLQVWLWXFLyQS~EOLFDRSULYDGDFRQ
OD JXtD GHO GRFHQWH GH OD PDWHULD \ XQ SURIHVLRQDO GHO iUHD DVLJQDGR SRU OD
LQVWLWXFLyQ (VWH SHULRGR FRUUHVSRQGH DO RFWDYR VHPHVWUH GHO 3ODQ GRQGH HO
HVWXGLDQWH GLVSRQH GH  KRUDV DFDGpPLFDV \ OD H[SHULHQFLD GHO 7UDEDMR
&RPXQLWDULR SDUD DSOLFDU VXV FRQRFLPLHQWRV WHyULFRV H LQVWUXPHQWDOHV HQ HO
IRUWDOHFLPLHQWRGHVXVFRPSHWHQFLDVGHOHMHUFLFLRSURIHVLRQDO
 /DPRGDOLGDGGHJUDGXDFLyQ3HULRGRFRUUHVSRQGLHQWHDORFWDYRVHPHVWUHGRQGH
VH GLVSRQH SDUD HMHFXWDU VX SUR\HFWR GH LQYHVWLJDFLyQ UHDOL]DU VX 7UDEDMR
'LULJLGRRLPSOHPHQWDUVX3UR\HFWRGH*UDGR\HODERUDUVX,QIRUPH)LQDOGH
*UDGR
2WURV HVSDFLRV GH LQWHJUDFLyQ FXUULFXODU FRQVLGHUDGRV VRQ DTXHOORV HVSDFLRV
LQVWLWXFLRQDOHVGRQGHODViUHDVGHO3ODQGH(VWXGLRVORJUDQUHODFLRQDUVHSDUDJHQHUDU
LQWHUFDPELR GH LGHDV SURSXHVWDV \ H[SHULHQFLDV FRQ HO ILQ GH DOLQHDU ODV DFFLRQHV
SDUD DSURYHFKDU PiV VLJQLILFDWLYDPHQWH ORV UHFXUVRV GLVHxDU H[SHULHQFLDV GH
DSUHQGL]DMHTXHFXDOLILTXHQODVFRPSHWHQFLDV\HOHYHQODHIHFWLYLGDGGHOSURFHVRGH
IRUPDFLyQSURIHVLRQDOGHORVHVWXGLDQWHV(QWUHHOORVHVWiQ͗

 3UDFWLFD SUHSURIHVLRQDO GH HVSHFLDOL]DFLyQ 6H FRPSRQHQ GH ODV PDWHULDV


0RGDOLGDGGHJUDGXDFLyQ *5/ \SUDFWLFDLQVWLWXFLRQDO 736 PLVPDV
TXH VXPDQ KRUDV DFDGpPLFDV GRQGH HO HVWXGLDQWH GHVDUUROOD VX IRUPDFLyQ
FRPSHWHQFLDO SDUWLFLSDQGR GH GLQiPLFDV ODERUDOHV LQVWLWXFLRQDOHV
WUDQVGLFLSOLQDULDV
 3UDFWLFDSUHSURIHVLRQDOGHVHUYLFLRVRFLDO(QHVWHSHULRGRHOHVWXGLDQWHFXHQWD
FRQ KRUDV DFDGpPLFDV SDUD LQWHUUHODFLRQDUVH FRQ SHUVRQDV \ GLULJHQFLDV GH
RUJDQL]DFLRQHVVRFLDOHVH[SHULHQFLDTXHFRQWULEX\HDODLQWHJUDFLyQVRFLDO\HO
DSR\RDOGHVDUUROORKXPDQRVRVWHQLEOH

&RPSOHPHQWDULDPHQWH D HVWRV HVSDFLRV FRQFUHWRV GHO SUiFWLFXP H LQWHJUDFLyQ
FXUULFXODUFDGDPDWHULDGHO3ODQGH(VWXGLRDVLJQDXQDFDQWLGDGGHWHUPLQDGHKRUDV
SDUDHOGHVDUUROORGHDFWLYLGDGHVDFDGpPLFDVSUDFWLFDVFRKHUHQWHVFRQODIRUPDFLyQ
GHOHVWXGLDQWHGH6RFLRORJtD

ϵϰ

3URFHVRGHWUDQVYHUVDOL]DFLyQ


(Q3ODQGH(VWXGLRGHOD&DUUHUDGH6RFLRORJtDHVWDEOHFHTXHWRGDVODVPDWHULDV
GHVDUUROOHQ DFFLRQHV \ H[SHULHQFLDV GLULJLGDV DO IRUWDOHFLPLHQWR FXDOLILFDGR GH ODV
0DFURFRPSHWHQFLDV JHQpULFDV YDORUHV FRPSURPLVRV  GHO 3HUILO 3URIHVLRQDO GHO
6RFLyORJR(OORVLJQLILFDTXHODVDFFLRQHV\H[SHULHQFLDVUHIHULGDVVRQSDUWHLQWHJUDO
GHO3ODQ\VXGHVDUUROORHVSURGXFWRGHXQHQIRTXHWUDQVYHUVDO
%DMRHVWHFRQWH[WRODtransversalidad HQHO3ODQFXUULFXODUHVFRQVLGHUDGDGHVGHHO
LQLFLRDOILQDOGHOSURFHVRHGXFDWLYR\GHVGHORHVWUDWpJLFRDORSUiFWLFR3RUHOORVH
FRQVLGHUDWUDQVYHU]DOL]DUHQWUHRWURVORVVLJXLHQWHVHOHPHQWRV

 (O FRPSURPLVR FRQ HO HMHUFLFLR GH ORV YDORUHV pWLFRV GH OD SURIHVLyQ \ GH OD
FRPXQLGDGFLHQWtILFD
 /DUHVSRQVDELOLGDG\FRPSURPLVRFRQORVGHUHFKRVKXPDQRVODSD]PXQGLDO
HOPHGLRDPELHQWHODGHPRFUDFLD\ODHTXLGDGGHJpQHUR
 (O FRPSURPLVR VRFLDO FRQ XQD VRFLHGDG MXVWD HTXLWDWLYD LQFOX\HQWH H
LQWHUFXOWXUDO
 (OOLGHUD]JRVRFLDO\SURIHVLRQDOHQGLIHUHQWHVFRQWH[WRVVRFLRFXOWXUDOHV\GHO
TXHKDFHUVRFLROyJLFR
 7UDEDMR HQHTXLSR WUDQVGLVFLSOLQDU EDMRODV H[LJHQFLDV WpFQLFDV \ JHUHQFLDOHV
GHOQLYHOQDFLRQDOHLQWHUQDFLRQDO
 (VStULWX SURSRVLWLYR TXH VH UHIOHMD HQ VXV DFFLRQHV FRQGXFHQWHV DO
FXPSOLPLHQWRGHORVREMHWLYRVGHOGHVDUUROORKXPDQRVRVWHQLEOH
 3HQVDPLHQWR FUtWLFR HQWRUQR D OD YDOLGH] HSLVWpPLFD \ ORV IXQGDPHQWRV
HPStULFRVGHODVWHRUtDVVRFLROyJLFDV
 /D FDSDFLGDG GH FDPELR \ UHVLOLHQFLD D ORV FRQWH[WRV ODERUDOHV \ VRFLR
FXOWXUDOHVHQHOHMHUFLFLRGHODSURIHVLyQ
$ WRGRV HVWRV HOHPHQWRV OD WUDQVYHUVDOLGDG WDPELpQ FRQVLGHUD HO GHVDUUROOR GH
FDSDFLGDGHV \ KDELOLGDGHV SDUD HO HPSUHQGHGXULVPR FRPR HVWUDWHJLD GH LQVHUFLyQ
ODERUDO\DSRUWHDOGHVDUUROORVRFLDO

(ODERUDFLyQGHPDOODFXUULFXODU


/D 0DOOD &XUULFXODU GHO 3ODQ  HV OD UHSUHVHQWDFLyQ JUiILFD HVWUXFWXUDGD \
VHFXHQFLDOGHODVPDWHULDVTXHIRUPDQSDUWHGHORVVHPHVWUHVGHOSURFHVRIRUPDWLYR
GHO HVWXGLDQWH GH 6RFLRORJtD /DV UHODFLRQHV HQWUH ODV GLIHUHQWHV DVLJQDWXUDV VH
H[SUHVDQ PHGLDQWH FRQHFWRUHV OtQHDV UHFWDV  /DV FRQH[LRQHV GH SUHODFLyQ VH
UHSUHVHQWDQFRQOtQHDVURMDVPLHQWUDVTXHODVRWUDVFRQH[LRQHVFRQOtQHDVQHJUDV

0DOODFXUULFXODU3ODQ

$ FRQWLQXDFLyQ VH SUHVHQWD OD 0DOOD &XUULFXODU GHO 3ODQ GH (VWXGLRV  GH OD
&DUUHUDGH6RFLRORJtD

ϵϱ

0$//$&855,&8/$53/$1

    0RGDOLGDGGH  3UDFWLFD  (SLVWHPRORJtD  6RFLRORJtDIRUPDV  
 JUDGXDFLyQ LQVWLWXFLRQDO GHODVFLHQFLDV VLPEyOLFDV
6  *5/ 736 VRFLDOHV &62
  &62
            
 

6RFLRORJtDGHO  6RFLRORJtD  6RFLRORJtDGHOD  6RFLRORJtDGHO  6RFLRORJtD  'HVDUUROORGHO  3HQVDPLHQWR
6 *pQHUR&62 PHGLRDPELHQWH 3REODFLyQ &RQIOLFWR SROtWLFD&62 FDSLWDOLVPR VRFLDO/DWLQRDP
 &62 &62 &62  &62 &62
            
 

7HRUtD  3HQVDPLHQWR  6RFLRORJtD  7DOOHUGHVDUUROOR  7DOOHUGH  7DOOHUJHUHQFLDGH  7DOOHUGH
6RFLROyJLFD,9 VRFLDOEROLYLDQR XUEDQD LQVWLWXFLRQDO SODQLILFDFLyQ\ SUR\HFWRVVRFLDOHV *HVWLyQVRFLDO
6 &62 &62 &62 736 SROtWLFDVSXEOLFD 736 736
  736
            
 

7HRUtD  (QIRTXHV\  &LEHUVRFLRORJtD  'HVDUUROOR  3ODQLILFDFLyQ\  *HUHQFLDSUR\HFWRV  *HVWLyQ6RFLDO
6RFLROyJLFD,,,, WpFQLFDVGHFRP &62 LQVWLWXFLRQDO SROtWLFDV VRFLDOHV,, ,,
6 &62 \RUJDQL]DFLyQ &62 S~EOLFDV 36 *6
&20 &62
            
 

7HRUtD  0pWRGRV\  ,QIRUPiWLFDVRFLDO  +LVWRULDVRFLDO  $QWURSRORJtD  *HUHQFLDGH  *HVWLyQVRFLDO,
6RFLROyJLFD,, 7pFQLFDVGH,QY ,)6 UHJLRQDO+,6 WLHUUDVEDMDV SUR\HFWRV6RFLDOHV, *6
6 &62 6RFLDO,,,  $17 362
 ,19 
            
 

7HRUtD  0pWRGRV\  (VWDGtVWLFD  +LVWRULDVRFLDO  $QWURSRORJtD  5HDOLGDGQDFLRQDO\  6RFLRORJtDUXUDO
6RFLROyJLFD, 7pFQLFDVGH,QY 6RFLDO,, QDFLRQDO 6RFLDO$QGLQD UHJLRQDO &62
6 &62 6RFLDO,, (67 +,6 $17 &62
 ,19 
            
 

6RFLRORJtD  0pWRGRV\  (VWDGtVWLFD  +LVWRULD6RFLDO  $QWURSRORJtD  3VLFRORJtDVRFLDO  (FRQRPtD
JHQHUDO 7pFQLFDVGH,QY 6RFLDO, $PHULFDQD VRFLRFXOWXUDO 36, SROtWLFD
6 &62 6RFLDO, (67 +,6 $17 (&2
,19 
            
 

,QWURGXFFLyQD  5HFXUVRVGH  5HFXUVRV  +LVWRULDVRFLDO  ,QWURGXFFLyQDOD  ,QWURGXFFLyQDOD  
ODV&LHQFLDV 7UDEDMR$FDG )LORVyILFRVSDUD 8QLYHUVDO 3VLFRORJtD (FRQRPtD(&2
6 6RFLDOHV &LHQWtILFR ODV&LHQ6RFLDOHV +,6 36,
&62 ,19 ),/



ÈUHDEiVLFDHVSHFLILFD 
  
ÈUHDEiVLFDLQVWUXPHQWDO 
  
ÈUHDFRPSOHPHQWDULD 
  
ÈUHDHMHUFLFLRSURIHVLRQDO 


ϵϲ

'HVFULSFLyQJHQHUDOGHODVPDWHULDV


7RPDQGR HQ FXHQWD OD PLVLyQ YLVLyQ REMHWLYRV \ FRPSHWHQFLDV TXH VH EXVFDQ
GHVDUUROODUHQODIRUPDFLyQGHOSURIHVLRQDO6RFLyORJRDWUDYpVGHOSUHVHQWH3ODQ
DFRQWLQXDFLyQVHSUHVHQWDGHIRUPDVXFLQWDHODOFDQFHGHODVPDWHULDVTXHVRQ
SDUWHGHOD0DOOD&XUULFXODU


$VLJQDWXUDVUHODFLRQDGDVDODVFRPSHWHQFLDVHVSHFtILFDVGHODSURIHVLyQ


0RGDOLGDGGH*UDGXDFLyQ(VXQDPDWHULDGRQGHHOGRFHQWHDVHVRUDDOHVWXGLDQWH
HQ OD HODERUDFLyQ GH VX ,QIRUPH GH *UDGR SDUD VX 7LWXODFLyQ (VWD PDWHULD HVWi
RUJDQL]DGDHQJUXSRV7HVLVGH*UDGR LQYHVWLJDFLyQVRFLDO 7UDEDMR'LULJLGR
IRUWDOHFLPLHQWRLQVWLWXFLRQDO 3UR\HFWRGH*UDGR *HUHQFLDSUR\HFWRVVRFLDOHV \
([DPHQGH*UDGR H[DPHQGHJUDGRWLWXODFLyQGLUHFWD\ODPRGDOLGDGYtDSRVWJUDGR
(O HVWXGLDQWH GLVSRQGUi GH  KRUDV DFDGpPLFDV FRPR SUiFWLFDV SDUD OD
LQYHVWLJDFLyQ GH FDPSR OD UHDOL]DFLyQ GHO WUDEDMR GLULJLGR OD LPSOHPHQWDFLyQ GHO
SUR\HFWRGHJUDGRRODLQYHVWLJDFLyQELEOLRJUiILFDTXHUHTXLHUHHOH[DPHQGHJUDGR

&RQ ODV PRGDOLGDGHV GH JUDGXDFLyQ HO HVWXGLDQWH WLHQH TXH JHQHUDU FRQRFLPLHQWR
VRFLROyJLFR UHVSHFWR D OD UHDOLGDG VRFLDO DVt WDPELpQ GHEH HODERUDU \ HYDOXDU OD
SODQLILFDFLyQHVWUDWpJLFD\SROtWLFDVS~EOLFDVSDUDHO'HVDUUROOR+XPDQR6RVWHQLEOH
(QDPERVFDVRVGHEHSUHVHQWDUVXVUHVXOWDGRVHQXQGRFXPHQWRDFDGpPLFR

3UiFWLFD,QVWLWXFLRQDO (VXQSHULRGRGHLQWHUDFFLyQVRFLDOHLQYHVWLJDFLyQGRQGHHO
HVWXGLDQWHUHDOL]DDFWLYLGDGHVSUHSURIHVLRQDOHVHQXQDLQVWLWXFLyQS~EOLFDRSULYDGD
VLHQGR JXLDGR VXSHUYLVDGR \ HYDOXDGR SRU XQ SURIHVLRQDO FRPSHWHQWH GH OD
LQVWLWXFLyQ (Q GLFKR SURFHVR SDUWLFLSDUD GH SUR\HFWRV GH HVWXGLRV HPStULFRV R OD
JHVWLyQ \ HYDOXDFLyQ GH SURJUDPDV SUR\HFWRV \ SROtWLFDV S~EOLFDV GH 'HVDUUROOR
+XPDQR6RVWHQLEOHRSURJUDPDVGHJHVWLyQVRFLDO\IRUWDOHFLPLHQWRLQVWLWXFLRQDO$O
ILQDOL]DUODSUDFWLFDLQVWLWXFLRQDOHOHVWXGLDQWHGHEHUiHQWUHJDUXQLQIRUPHDFDGpPLFR
VREUHVXSDUWLFLSDFLyQHQODDFWLYLGDGLQVWLWXFLRQDODOGRFHQWHGHODPDWHULD'LFKR
LQIRUPHGHEHUiHVWDUDYDODGR FXPSOLPLHQWRGHREMHWLYRV\KRUDVGHSUDFWLFD SRU
HOUHVSRQVDEOHLQVWLWXFLRQDOGRQGHVHUHDOL]yODSUiFWLFD

7DOOHUGHJHVWLyQVRFLDO 6HFRQVWLWX\HHQXQHVSDFLRDFDGpPLFRRSHUDWLYRGXUDQWH
HOVHPHVWUHRSRUWXQLGDGGRQGHHOGRFHQWHLQYLWDDVRFLyORJRVDVTXLHQHVH[SRQGUiQ
GLIHUHQWHV SUREOHPDV UHDOHV TXH HQIUHQWDQ HQ VXV WUDEDMRV FRPXQLFDUiQ VXV
H[SHULHQFLDV GH LQWHUYHQFLyQ \ IDFLOLWDUiQ XQD UHIOH[LyQ FROHFWLYD VREUH GLFKRV
SUREOHPDV'DQGRFRQWLQXLGDGORVHVWXGLDQWHVHODERUDUDQSURSXHVWDVGHVROXFLyQD
GLIHUHQWHV SUREOHPDV VRFLDOHV SODQWHDGRV SRU ORV HVSHFLDOLVWDV 'LFKDV SURSXHVWDV
GHEHQHQWUHRWURVDVSHFWRVFHQWUDUVXDWHQFLyQHQHODFRPSDxDPLHQWRDORVGLIHUHQWHV
VHFWRUHV VRFLDOHV HQ OD JHVWLyQ GH VXV DFFLRQHV HVWUDWpJLFDV \ GHVDUUROOR GH VXV
FDSDFLGDGHVSURSRVLWLYDV\QHJRFLDFLyQ

ϵϳ

7DOOHU SODQLILFDFLyQ \ SROtWLFDV S~EOLFDV 6H RULHQWD DO GHVDUUROOR GH H[SHUWLFLD
WpFQLFD\SURFHGLPHQWDOHQODHODERUDFLyQ\HYDOXDFLyQGHODSODQLILFDFLyQHVWUDWpJLFD
\SROtWLFDVS~EOLFDVGHO'HVDUUROOR+XPDQR6RVWHQLEOH(OSURGXFWRGHOVHPLQDULRVH
H[SUHVD HQ OD SUHVHQWDFLyQ FROHFWLYD GH XQD R YDULDV SURSXHVWDV GH SODQLILFDFLyQ
HVWUDWpJLFD\SROtWLFDVS~EOLFDV

7DOOHU JHUHQFLD GH SUR\HFWRV VRFLDOHV 6H FRQVWLWX\H HQ HO ODERUDWRULR WpFQLFR
SURFHGLPHQWDO SDUDHO GHVDUUROOR GH PRGHORV GH JHUHQFLD GH SUR\HFWRV (OORLPSOLFD
DGHPiV GH HODERUDU ORV SUR\HFWRV HVWDEOHFHU VX HVWUDWHJLD PHWRGROyJLFD SDUD VX
LPSOHPHQWDFLyQ\VRVWHQLELOLGDGDGHPiVGHJHQHUDUORVLQGLFDGRUHVGHHYDOXDFLyQGH
LPSDFWRVHQHOPDUFRGHO'HVDUUROOR+XPDQR6RVWHQLEOH(OVHPLQDULRGHEHFRQFOXLU
FRQODSUHVHQWDFLyQGHXQDSURSXHVWDGHPRGHORGHJHVWLyQLQWHJUDOGHSURJUDPDR
SUR\HFWRVRFLDO


$VLJQDWXUDVUHODFLRQDGDVDODVFRPSHWHQFLDVEiVLFDVHVSHFtILFDV

6RFLRORJtD *HQHUDO 5HDOL]D XQD LQWURGXFFLyQ JHQHUDO D OD 6RFLRORJtD HQIRFDQGR
SULQFLSDOPHQWH HQ HO FRQWH[WR GH VX HPHUJHQFLD REMHWR \ FDPSR GH DFFLyQ VX
FDUiFWHU FLHQWtILFR ORV FRQFHSWRV \ HQIRTXHV WHyULFRV SULQFLSDOHV SUREOHPDV
VRFLROyJLFRV\QXHYRVGHVDItRVHQHOFRQWH[WRDFWXDO

5HFXUVRV)LORVyILFRVSDUDODV&LHQFLDV6RFLDOHV5HVDOWDORVIXQGDPHQWRVILORVyILFRV
GHOD6RFLRORJtD\HOSURFHVRGHVXGHVDUUROORGHVXFRQRFLPLHQWRWUDQVGLVFLSOLQDUHQ
HOPDUFRGHODVFLHQFLDVVRFLDOHV

(SLVWHPRORJtDGHODV&LHQFLDV6RFLDOHV$ERUGDORVSDUDGLJPDVHSLVWHPROyJLFRVGH
ODVFLHQFLDVVRFLDOHV\ODUHIOH[LyQHQWRUQRDODGLVFLSOLQD\DORILFLRGHO6RFLyORJR

7HRUtD 6RFLROyJLFD , $ERUGD ORV SULQFLSLRV WHyULFRV HSLVWpPLFRV FRQFHSWXDOHV \


FDPSR GH DSOLFDELOLGDG GH ODV HVFXHODV VRFLROyJLFDV FOiVLFDV HO PDU[LVPR
IXQFLRQDOLVPR LQWHUDFFLRQLVPR VLPEyOLFR OD HWQRPHWRGRORJtD OD WHRUtD GHO
LQWHUFDPELR RWUDV (Q HVWH FRQWH[WR VH SURIXQGL]D ODV H[SOLFDFLRQHV WHyULFDV
FLHQWtILFDV GH .DUO 0DU[ ePLOH 'XUNKHLP \ 0D[ :HEHU HQWRUQR D ORV FDPELRV
HVWUXFWXUDOHVTXHH[SHULPHQWDQODVVRFLHGDGHV

7HRUtD 6RFLROyJLFD ,, &RPSDUD ORV DQWHFHGHQWHV \ FDUDFWHUtVWLFDV GH OD 6RFLRORJtD
FRQWHPSRUiQHDHXURSHDQRUWHDPHULFDQD\ODWLQRDPHULFDQDGHVDUUROODQGRODVWHRUtDV
GHORVVRFLyORJRVPiVUHSUHVHQWDWLYRV

7HRUtD6RFLROyJLFD,,,+DFHXQUHFRUULGRFUtWLFRGHODVUHFLHQWHVWHRUtDVVRFLROyJLFDV
³3LHUUH%RXUGLHX$ODLQ7RXUDLQH$QWKRQ\*LGGHQV*HRUJH5LW]HUHWFGHULYDQGRGH
HOODVKLSyWHVLVH[SOLFDWLYDVGHORVSULQFLSDOHVSUREOHPDVQDFLRQDOHV\UHJLRQDOHV

&LEHU VRFLRORJtD $QDOL]D ODV SULQFLSDOHV HVFXHODV WHyULFDV \ SULQFLSDOHV PDUFRV


FDWHJRULDOHV UHIHULGRV D UHGHV \ VLVWHPDV VRFLDOHV PHGLDGRV SRU WHFQRORJtDV GH OD

ϵϴ

LQIRUPDFLyQ \ FRPXQLFDFLyQ TXH FRQILJXUDQ QXHYRV IHQyPHQRV \ FRPXQLGDGHV
YLUWXDOHV

0pWRGRV \ 7pFQLFDV GH ,QYHVWLJDFLyQ 6RFLDO , 0DWHULD TXH LQWURGXFH DO
FRQRFLPLHQWRGHORVSDUDGLJPDVPHWRGROyJLFRVHQLQYHVWLJDFLyQFLHQWtILFD\RULHQWDHQ
OD HODERUDFLyQ GH XQ SHUILO GH LQYHVWLJDFLyQ HOHFFLyQ GHO WHPD SODQWHDPLHQWR \
GHILQLFLyQ GHO SUREOHPD HVER]R GH PDUFR WHyULFR IRUPXODFLyQ GH OD KLSyWHVLV X
REMHWLYRVRSHUDFLRQDOL]DFLyQGHYDULDEOHV\GLVHxRGHLQYHVWLJDFLyQ

(VWDGtVWLFD 6RFLDO , (V XQD PDWHULD SUiFWLFD GRQGH VH DSOLFD FRQFHSWRV
LQVWUXPHQWRV\SURFHGLPLHQWRVGHODHVWDGtVWLFDGHVFULSWLYDDODQiOLVLVGHSUREOHPDV
VRFLDOHV

,QIRUPiWLFDVRFLDO0DWHULDRULHQWDGDDOGHVDUUROORGHODVFRPSHWHQFLDVWpFQLFDVHQ
HO PDQHMR GH 7,&V \ 6RIWZDUH HVSHFLDOL]DGRV SDUD HO DFFHVR \ XVR GH GDWRV GHO
FLEHUHVSDFLR %LJ'DWD HQORVHVWXGLRVVRFLROyJLFRVGHOSDtV\GHODUHJLyQ

+LVWRULD6RFLDO8QLYHUVDO(VWDPDWHULDDQDOL]DODVWUDQVIRUPDFLRQHVVRFLDOHVPiV
LPSRUWDQWHV HQ OD KLVWRULD GH OD KXPDQLGDG GHVGH OD 5HYROXFLyQ IUDQFHVD KDVWD
QXHVWURVGtDV

+LVWRULD 6RFLDO 1DFLRQDO $ERUGD ORV SULQFLSDOHV SURFHVRV KLVWyULFRV HFRQyPLFRV


SROtWLFRVVRFLDOHV\FXOWXUDOHVGHOSDtVTXHKDQGDGROXJDUDODIRUPDFLyQHFRQyPLFR
VRFLDOQDFLRQDO

3HQVDPLHQWR 6RFLDO %ROLYLDQR $ERUGD FUtWLFDPHQWH OD SURGXFFLyQ LQWHOHFWXDO


EROLYLDQD \ /DWLQRDPHULFDQD FRQWH[WXDOL]DGD VRFLRKLVWyULFDPHQWH HQORV VLJXLHQWHV
SDUDGLJPDVVRFLDOHVHOVRFLDOGDUZLQLVWD  HOQDFLRQDOLVPRUHYROXFLRQDULR
  GH OD PRGHUQLGDGGHPRFUDFLD   \ HO LQGLJHQLVPRSRSXOLVWD
 

$QWURSRORJtD VRFLR FXOWXUDO (VWXGLD ODV VRFLHGDGHV \ ODV FXOWXUDV KXPDQDV SRU
PHGLRGHXQDPHWRGRORJtDKROtVWLFDGRQGHVHSULRUL]DQORVHOHPHQWRVFRPSDUWLGRV\
VXV GLIHUHQFLDV 6H WUDWD GH FRPSUHQGHU OD GLPHQVLyQ FXOWXUDO GH ORV IHQyPHQRV
VRFLDOHVHQ%ROLYLD

*HVWLyQ 6RFLDO , (V XQD PDWHULD RULHQWDGD GLVFHUQLU ODV WHRUtDV GH OD JHVWLyQ OD
DFFLyQ\HOFDPELRVRFLDO6HEXVFDSUREOHPDWL]DUODVFRQFHSFLRQHVTXHH[LVWHQVREUH
OD JHVWLyQ VRFLDO \ VXV GHILQLFLRQHV ORV PRGHORV GH RUJDQL]DFLyQ DGPLQLVWUDFLyQ \
JHVWLyQVRFLDODFRPSUHQGHUHOVLVWHPDGHDGPLQLVWUDFLyQ\JHVWLyQS~EOLFDHQ%ROLYLD
\ORVHQIRTXHVHLQVWUXPHQWRVWpFQLFRVGHODSODQLILFDFLyQHVWUDWpJLFD

6RFLRORJtD GHO &RQIOLFWR $WLHQGHODVWHRUtDVVRFLROyJLFDVTXHDQDOL]DQODVRFLHGDG


GHVGHHOSXQWRGHYLVWDGHODGHVLJXDOGDGHOFRQIOLFWR\HOFDPELRVRFLDO\SUHVHQWD
ORV HQIRTXHV PpWRGRV \ WpFQLFDV GH UHVROXFLyQ GH FRQIOLFWRV VRFLDOHV 7RGR HOOR
FRPSOHPHQWDGRFRQHOGHVDUUROORGHODH[SHUWLFLD\OLGHUD]JRGHOSURIHVLRQDO6RFLyORJR

ϵϵ

3ODQLILFDFLyQ\SROtWLFDVS~EOLFDV(VWiRULHQWDGDDOPDQHMR WHyULFRFRQFHSWXDO\
HVTXHPiWLFRGHODSODQLILFDFLyQHVWUDWpJLFDDOD JHVWLyQGHVLVWHPDGHSODQLILFDFLyQ
HVWUDWpJLFD\GHVXVLQVWUXPHQWRVGHHYDOXDFLyQDVtWDPELpQDOPDQHMRGHORVPDUFRV
WHyULFRVWpFQLFRVPHWRGROyJLFRVHQODHODERUDFLyQLPSOHPHQWDFLyQ\HYDOXDFLyQGH
SROtWLFDVS~EOLFDV

*HUHQFLD GH 3UR\HFWRV 6RFLDOHV , (VWD PDWHULD HQWUHQDHQ VX HODERUDFLyQ GH ORV
SURJUDPDV\SUR\HFWRVVRFLDOHVWRPDQGRHQFXHQWDODVPHWRGRORJtDVSDUWLFLSDWLYDV
ORV FULWHULRV WpFQLFRV ODV YDULDEOHV VRFLRFXOWXUDOHV OD LQJHQLHUtD GHO SUR\HFWR \ VX
VRVWHQLELOLGDG (Q HOOR VH VXVWDQFLD OD JHUHQFLD WpFQLFD VRFLDO \ DGPLQLVWUDWLYD GH
HVWRVSURFHVRV

'HVDUUROOR LQVWLWXFLRQDO 'LVFLHUQH ODV WHRUtDV GHO GHVDUUROOR RUJDQL]DFLRQDO GH ODV
LQVWLWXFLRQHVVRFLDOHVHQVXUHODFLyQDOUROTXHGHVHPSHxDQHQODVRFLHGDGEROLYLDQD
&RPSOHPHQWDULDPHQWH DERUGD ORV HQIRTXHV PHWRGROyJLFRV SDUD HO GHVDUUROOR GH
HVWUDWHJLDVGHLQFLGHQFLD\QHJRFLDFLyQ


$VLJQDWXUDVUHODFLRQDGDVDODVFRPSHWHQFLDVLQVWUXPHQWDOHV


7HRUtD VRFLROyJLFD ,9 2ULHQWD HQ HO DQiOLVLV FUtWLFR GH ODV EDVHV HSLVWpPLFDV \
FDWHJRULDOHV VX FDPSR GH DSOLFDELOLGDG DVt WDPELpQ VX QLYHO GH SHUWLQHQFLD \
UHOHYDQFLD TXH WLHQHQ ODV GLIHUHQWHV HVFXHODV VRFLROyJLFDV SDUD HO GLVHxR GHO PDUFR
WHyULFRGHOSUR\HFWRLQYHVWLJDWLYRTXHUHDOL]DHOHVWXGLDQWHFRPRSDUWHGHVXIRUPDFLRQ
FRPSHWHQFLDOLQYHVWLJDWLYD
6RFLRORJtD XUEDQD 5HIOH[LRQD VREUH HO REMHWR \ FDPSR GH DFFLyQ GH OD VRFLRORJtD
XUEDQD ODV WHRUtDV GH GHVDUUROOR XUEDQR ORV SURFHVRV GH XUEDQL]DFLyQ H
LQGXVWULDOL]DFLyQ ODHVWUXFWXUD XUEDQD\ VLVWHPD XUEDQR ORV PRYLPLHQWRV VRFLDOHV
XUEDQRV7RGRHOORFRQWH[WXDOL]DGRDODUHDOLGDGGHODVSULQFLSDOHVFLXGDGHVGHOSDtV
6RFLRORJtDUXUDO(VWDPDWHULDHVWiRULHQWDGDDLQWURGXFLUDOHVWXGLDQWHDOREMHWR\
FDPSR GH DFFLyQ GH OD VRFLRORJtD UXUDO D SUREOHPDWL]DU VXVWHQWDGR HQ WHRUtDV ODV
HVWUXFWXUDV HFRQRPtDV \ PRYLPLHQWRV VRFLDOHV DJUDULRV HQ HO SDtV \ DQDOL]DU ODV
UHIRUPDVDJUDULDVHQHOPDUFRGHOGHVDUUROORUXUDO
6RFLRORJtDGHODVIRUPDVVLPEyOLFDV(VXQDDVLJQDWXUDGRQGHVHDQDOL]DODVIRUPDV
FXOWXUDOHV LGHRORJtDV FUHHQFLDV \ GLVFXUVRV UHOLJLRVRV SUHVHQWHV HQ OD VRFLHGDG
EROLYLDQD 6H HVWDEOHFH ORV SURFHVRV GH FRQVWUXFFLyQ VLPEyOLFD \ VX URO HQ OD
VRFLDELOLGDGKXPDQD
(FRQRPtD SROtWLFD ,QWURGXFH HQ HO REMHWR PpWRGRV \ SDUDGLJPDV GH OD HFRQRPtD
SROtWLFDFRQODILQDOLGDGGHHQWHQGHUFyPRODVLQVWLWXFLRQHV\ORVHQWRUQRVSROtWLFRV
LQIOXHQFLDQ OD FRQGXFWD GH OD HFRQRPtD \ HO GHVDUUROOR GH ODV VRFLHGDGHV /RV
SDUDGLJPDVWUDWDGRVVRQHOOLEHUDOLVPRHFRQyPLFRODWHRUtDHFRQyPLFDPDU[LVWDHO
NH\QHVLDQLVPR\HOQHROLEHUDOLVPR
(VWDGtVWLFD 6RFLDO ,, (V XQD PDWHULD SUiFWLFD GRQGH VH DSOLFD FRQFHSWRV \
SURFHGLPLHQWRVGHODHVWDGtVWLFDLQIHUHQFLDOTXHFRPSUHQGHEiVLFDPHQWHGHILQLFLyQ

ϭϬϬ

GH ODV PXHVWUDV HVWLPDFLyQ GH SDUiPHWURV FRQWUDVWH GH KLSyWHVLV GLVHxR
H[SHULPHQWDO
0pWRGRV \ 7pFQLFDV GH ,QYHVWLJDFLyQ 6RFLDO ,, 6H FHQWUD HQ HO FRQRFLPLHQWR \
PDQHMR GH PpWRGRV \ WpFQLFDV GH LQYHVWLJDFLyQ FXDQWLWDWLYD \ FXDOLWDWLYD $GHPiV
DFRPSDxD\DVHVRUDHOSURFHVRGHOHYDQWDPLHQWRSURFHVDPLHQWR\VLVWHPDWL]DFLyQGH
LQIRUPDFLyQFXDQWLWDWLYD\FXDQWLWDWLYDVREUHXQIHQyPHQRVRFLDOGHHVWXGLR
5HFXUVRVGH7UDEDMR$FDGpPLFR&LHQWtILFR,QWURGXFHDODSUiFWLFDODHODERUDFLyQ
GH VLVWHPDV GH UHJLVWURV GH LQIRUPDFLyQ \ GRFXPHQWRV DFDGpPLFRV R FLHQWtILFRV \
DSOLFDFLyQGHQRUPDVLQWHUQDFLRQDOHVGHUHGDFFLyQFLWDVELEOLRJUDItDHWF(QHOODVH
GHVDUUROOD OD UHGDFFLyQ OHFWXUD FRPSUHQVLYD FDSDFLGDG GH DQiOLVLV GH WH[WR \ GH
KHFKRV\FLHUWDVKDELOLGDGHVGHRUDWRULD
0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,,/DPDWHULDSULRUL]DHOGHVDUUROORGH
OD HVWUXFWXUD JHQHUDO HO GLVHxR \ HVWUDWHJLD PHWRGROyJLFD DVt WDPELpQ HO PDUFR
WHyULFRGHOSUR\HFWRGHLQYHVWLJDFLyQTXHHOHVWXGLDQWHLQLFLDHQORVSULPHURVVHPHVWUHV
GHOSURJUDPD
*HVWLyQVRFLDO,,&HQWUDVXDWHQFLyQHQORVHQIRTXHVPRGHORV\KHUUDPLHQWDVGHOD
JHUHQFLDVRFLDOORVWLSRVGHOLGHUD]JRRUJDQL]DFLRQDOODVWpFQLFDVGHRUJDQL]DFLyQ\OD
PHUFDGRWHFQLDVRFLDO$VtWDPELpQSULRUL]DODHODERUDFLyQGHPRGHORVLQWHJUDOHVGHOD
JHVWLyQVRFLDOLQFLGHQFLD\QHJRFLDFLyQVRFLDO\MXQWRDHOORODHODERUDFLyQGHSODQHV
HVWUDWpJLFRVSDUDHO'HVDUUROOR+XPDQR6RVWHQLEOH
6RFLRORJtDGHOJpQHUR(VXQDDVLJQDWXUDRULHQWDGDDODQiOLVLVGHOVLVWHPDGHJpQHUR
LPSHUDQWH HQ %ROLYLD FRQ OD ILQDOLGDG GH GHYHODU ORV SDWURQHV FXOWXUDOHV GH OR
PDVFXOLQR \ OR IHPHQLQR OD DVLPHWUtD GLVFULPLQDGRUD TXH HQ OD DFWXDOLGDG QR VRQ
DGPLVLEOHHQYLUWXGGHORVGHUHFKRVKXPDQRV
6RFLRORJtD GH OD 3REODFLyQ +DFH pQIDVLV HQ HO DQiOLVLV GH ORV LQGLFDGRUHV VRFLR
GHPRJUiILFRVPiVLPSRUWDQWHVGHODVRFLHGDGEROLYLDQD\ODSUREOHPiWLFDVRFLROyJLFD
TXH HOORV GHQRWDQ (VSHFLDO pQIDVLV SRQGUi D ORV GDWRV GHO FHQVR GH SREODFLyQ \
YLYLHQGDGHOSDtV
*HUHQFLD GH 3UR\HFWRV 6RFLDOHV ,, (VWi FHQWUDGD HQ OD HODERUDFLyQ JHUHQFLD \
HYDOXDFLyQ GHO LPSDFWR GH SUR\HFWRV GH 'HVDUUROOR +XPDQR 6RVWHQLEOH TXH
FRPSUHQGHODLQJHQLHUtDHVWUXFWXUDOORVFULWHULRVGHVRVWHQLELOLGDGODHVWUDWHJLDGH
LPSOHPHQWDFLyQ PRQLWRUHR H LQGLFDGRUHV GH PHGLFLyQ GH LPSDFWRV 7RGRV HVWRV
DVSHFWRV GHEHQ VHU SUHVHQWDGRV HQ XQ LQIRUPH WpFQLFR JHUHQFLDO GH DFXHUGR D
SURWRFRORVQDFLRQDOHLQWHUQDFLRQDO
(VWD PDWHULD TXH DGTXLHUH XQ QXHYR QRPEUH HO DFWXDO  HV HO UHVXOWDGR GH OD
XQLILFDFLyQGHODPDWHULDGHSODQLILFDFLyQ\SUR\HFWRVVRFLDOHV,\,,GHO3ODQ

6RFLRORJtDSROtWLFD&HQWUDVXDWHQFLyQHQHOREMHWR\FDPSRGHDFFLyQGHODVRFLRORJtD
SROtWLFDORVVLVWHPDV\FXOWXUDVSROtWLFDVORVDFWRUHVVRFLRSROtWLFRVODUHODFLyQ(VWDGR
\VRFLHGDGFLYLOODUHSUHVHQWDFLyQSROtWLFDODJREHUQDELOLGDG\GHPRFUDFLD7RGRHOOR
FRQWH[WXDOL]DGR DOD UHDOLGDGGHO SDtV (QHVWH FRQWH[WROD PDWHULD FRQWULEX\H DOD
HODERUDFLyQ GHLQVWUXPHQWRV WpFQLFRVMXUtGLFRV TXH UHJXODQOD YLGD LQVWLWXFLRQDOGH
ODV RUJDQL]DFLRQHV VRFLDOHV \ HO GHVDUUROOR GH IRUPDFLyQ SROtWLFD \ HVWUDWHJLDV GH
LQFLGHQFLDGHORVDFWRUHVVRFLDOHV

ϭϬϭ

$VLJQDWXUDVUHODFLRQDGDVDODVFRPSHWHQFLDVFRPSOHPHQWDULDV

3VLFRORJtD VRFLDO &RQWULEX\H DO DQiOLVLV \ FRPSUHQVLyQ GH OD FRQGXFWD VRFLDO 6H
HQIRFDHQODVLQWHUDFFLRQHVVRFLDOHVTXHJHQHUDQORVIHQyPHQRVVXEMHWLYRVFRPRODV
FUHHQFLDVYDORUHVHPRFLRQHVHVWHUHRWLSRVLGHQWLGDGHVFROHFWLYDVHWFHQHODQiOLVLV
GHSURFHVRV\FRQGXFWDVRFLDOHQORVJUXSRV\RUJDQL]DFLRQHV\HQODUHOHYDQFLDGHOD
GLPHQVLyQSVLFROyJLFDHQHOFRQIOLFWRVRFLDO\HQODDQRPLD$GHPiVFRPSOHPHQWDFRQ
HOGHVDUUROORGHORVSULQFLSDOHVHOHPHQWRVWHyULFRVGHOD1HXURFRJQLFLRQSDUDSURGXFLU
FRQRFLPLHQWRVRFLROyJLFRHQHQWRUQRVYLUWXDOHV

(QIRTXHV \ 7pFQLFDV GH &RPXQLFDFLyQ \ 2UJDQL]DFLyQ (VWi RULHQWDGD D
SURSRUFLRQDU RULHQWDFLRQHV SUiFWLFDV \ HQWUHQDU HQ HO XVR GH KDELOLGDGHV \
KHUUDPLHQWDV FRPXQLFDFLRQDOHV SDUD HO WUDEDMR SURIHVLRQDO HQ FRQWH[WRV
VRFLRFXOWXUDOHVGLVWLQWRV

5HDOLGDG1DFLRQDO\5HJLRQDO3URSRUFLRQDXQDYLVLyQJOREDOGHOFRQWH[WRQDFLRQDO
\ UHJLRQDO HQ WRGDV VXV GLPHQVLRQHV KLVWyULFD GHPRJUiILFD HFRQyPLFD FXOWXUDO
SROtWLFD HWF (Q VX GLPHQVLyQ SUiFWLFD OD PDWHULD FRQWULEX\H D OD FRQVWUXFFLyQGH
HVFHQDULRVVLWXDFLRQDOHV\SURVSHFWLYRVGHODUHDOLGDGQDFLRQDOWRPDQGRHQFXHQWD
VXDSRUWHHQORVSURFHVRVGHSODQLILFDFLyQGHO'HVDUUROOR+XPDQR6RVWHQLEOH

$QWURSRORJtDGHWLHUUDVEDMDV7UDWDORVGHUHFKRVFROHFWLYRVHLQGLYLGXDOHVORVPRGRV
GH RUJDQL]DFLyQ SROtWLFD HFRQyPLFD MXUtGLFD IDPLOLDU FXOWXUDO GH ORV GLIHUHQWHV
SXHEORVLQGtJHQDVGHODUHJLyQ$QGLQD\$PD]yQLFDGHOSDtV$GHPiVGHVDUUROODHO
VLVWHPD MXUtGLFR FRPXQLWDULR HO GHVOLQGH MXULVGLFFLRQDO \ ORV HOHPHQWRV WpFQLFRV
MXUtGLFRV SDUD OD HODERUDFLyQ GH LQIRUPHV SHULFLDOHV TXH GHPDQGD HO SOXUDOLVPR
MXUtGLFRQDFLRQDO

ϭϬϮ

0RGDOLGDGGHJUDGXDFLyQRWLWXODFLyQ


7RPDQGRHQFXHQWDHOPDUFRQRUPDWLYRTXHULJHODHGXFDFLyQVXSHULRUGHOVLVWHPD
QDFLRQDO GH XQLYHUVLGDGHV \ ODV GLVSRVLFLRQHV OHJDOHV GH OD 8QLYHUVLGDG $XWyQRPD
*DEULHO5HQH0RUHQRODFDUUHUDGH6RFLRORJtDDVXPHFRPRPRGDOLGDGGHJUDGXDFLyQ
\WLWXODFLyQORVLJXLHQWHV
7DEOD
0RGDOLGDGHVGHJUDGXDFLyQ\WLWXODFLyQHQOD&DUUHUDGH6RFLRORJtD
7LWXOR 0RGDOLGDGGHJUDGXDFLyQ
 
7pFQLFRXQLYHUVLWDULRVXSHULRUHQ (ODERUDFLyQ\GHIHQVDGH
 ,QYHVWLJDFLyQVRFLDO - 3UR\HFWRGHJUDGRWpFQLFR
 *HUHQFLDGHSUR\HFWRVVRFLDOHV - 3DVDQWtD
 3ODQLILFDFLyQ\SROtWLFDVSXEOLFDV - 0RQRJUDItD
 *HVWLyQVRFLDO
 )RUWDOHFLPLHQWRLQVWLWXFLRQDO

  7HVLVGH*UDGR
  3UR\HFWRGH*UDGR

/LFHQFLDWXUDHQ6RFLRORJtD  ([DPHQGH*UDGR
 7UDEDMR'LULJLGR
 7LWXODFLyQ 'LUHFWD ([FHOHQFLD
$FDGpPLFD %XHQ 5HQGLPLHQWR
$FDGpPLFR %XHQ 'HVHPSHxR
$FDGpPLFR 


/RV UHTXLVLWRV SURFHGLPLHQWRV \ DOFDQFHV GH ODV GRV PRGDOLGDGHV GH JUDGXDFLyQ \
WLWXODFLyQSUHFHGHQWHVVHH[SOLFDQHQHOFDStWXOR9GHHVWHGRFXPHQWR


&RQYDOLGDFLyQGHPDWHULDV


/DFRQYDOLGDFLyQLQWHUQDGHODVPDWHULDVSDUDHOSURFHVRGHWUDQVLFLyQGHO3ODQ
DO3ODQVHUHDOL]DUiEDMRORVVLJXLHQWHVFULWHULRVDFDGpPLFRV

 (O SURFHVR GH WUDQVLFLyQ FRQYDOLGDFLRQHV GH PDWHULDV  GHO 3ODQ  DO 3ODQ
GHEHUHDOL]DUVHHQWUHORVGRVSULPHURVVHPHVWUHVOXHJRGHKDEHUVHSXHVWR
HQYLJHQFLDHO3ODQ
 6RQ WRPDGRV HQ FXHQWD HQ HO 3ODQ  WRGRV ORV HVWXGLDQWHV DFWLYRV TXH
FXUVDQKDVWDHOVpSWLPRVHPHVWUHDODLPSOHPHQWDFLyQGHO3ODQ
 6HFRQYDOLGDUiQWRGDVODVPDWHULDVTXHWHQJDQHQFRP~QPiVGHOGHORV
FRQWHQLGRVPtQLPRV
 6HFRQYDOLGDUiQORV6HPLQDULRVGHÉUHDGHO3ODQFRQDTXHOODVDVLJQDWXUDV
TXHDERUGDQGRVRPiVWHPiWLFDVGHILQLGDVHQHO3ODQ
 6H H[FOX\H GHO FDPELR GH 3ODQ D ORV HVWXGLDQWHV TXH VyOR WLHQHQ SHQGLHQWH OD
PDWHULD GH 0RGDOLGDG GH *UDGXDFLyQ *5/²  \ DTXHOORV TXH WHQJDQ
SHQGLHQWHOD7LWXODFLyQ
 6HH[FOX\HGHOFDPELRGH3ODQDORVHVWXGLDQWHVTXHKDELHQGRFXUVDGRODPDWHULD
0RGDOLGDGGH*UDGXDFLyQ *5/² SHURWLHQHQSHQGLHQWHDOJXQDRWUDPDWHULD
GHQLYHOLQIHULRU
 3DUD QLYHODU ORV GHVIDVHV SURGXFLGRV SRU HO 3ODQ GH &RQYDOLGDFLRQHV VH
SURFHGHUiDSURJUDPDU0HVDV([DPLQDGRUDVHQWRGRVORVFDVRV
 /DFRQYDOLGDFLyQVHUiDXWRPiWLFDPHQWHSRUHO&HQWURGH3URFHVDPLHQWRGH'DWRV
GHOD)DFXOWDGGH+XPDQLGDGHV

(Q VtQWHVLV OD FRQYDOLGDFLyQ GH ODV PDWHULDV HV SURSRUFLRQDOPHQWH VLJQLILFDWLYD DO
DYDQFH DFDGpPLFR GHO HVWXGLDQWH $ FRQWLQXDFLyQ VH SUHVHQWD OD UHODFLyQ GH
FRQYDOLGDFLyQGHODVPDWHULDVHQWUHGHO3ODQ3ODQ\HO3ODQ


Programa Especial de Graduación vía Modalidad de Examen de Grado3DUDORVHVWXGLDQWHVTXHWLHQHQ
OD7LWXODFLyQ3HQGLHQWHVHFRQYRFDUiD([DPHQGH*UDGRGXUDQWHORVVHPHVWUHV,\,,\,VLQ
FRVWRDOJXQRHQHOPDUFRGHXQDUHJODPHQWDFLyQHVSHFtILFD
 Mesas Examinadoras (Q FDVR GH TXH DOJXQRV HVWXGLDQWHV VHDQ DIHFWDGRV SRU HO FDPELR GH 3ODQ

UHWUDVDQGRHODYDQFHHQVXIRUPDFLyQSURIHVLRQDOOD'LUHFFLyQGH&DUUHUDSURJUDPDUiDILQHVGHO6HPHVWUH
,GHOSDUDHVWHHVWXGLDQWHHOQ~PHURQHFHVDULRGHPHVDVH[DPLQDGRUDVDILQ

ϭϬϰ

7DEOD
3ODQGHFRQYDOLGDFLyQGHPDWHULDVYHULILFDURWUDVPDWHULDV

3ODQ  3ODQ  3ODQ
6LJOD 0DWHULD  6LJOD 0DWHULD  6LJOD 0DWHULD
&62 6RFLRORJtD*HQHUDO ! &62 6RFLRORJtD*HQHUDO ! &62 6RFLRORJtD*HQHUDO
(67 (VWDGtVWLFD, ! (67 (VWDGtVWLFD6RFLDO, ! (67 (VWDGtVWLFD6RFLDO,
! 5HFXUVRV)LORVyILFRVSDUD ! 5HFXUVRV)LORVyILFRVSDUD
),/ )LORVRItD ),/ ODV&LHQFLDV6RFLDOHV ),/ ODV&LHQFLDV6RFLDOHV
+LVWRULD6RFLDOGHO ! +LVWRULD6RFLDO8QLYHUVDO !
+,6 0XQGR&RQWHPSRUiQHR +,6 \$PHULFDQD +,6 +LVWRULD6RFLDO8QLYHUVDO
! 5HFXUVRVGH7UDEDMR ! 5HFXUVRVGH7UDEDMR
,19 7pFQLFDVGH(VWXGLR ,19 $FDGpPLFR&LHQWtILFR ,19 $FDGpPLFR&LHQWtILFR
36, 3VLFRORJtD ! 36, 3VLFRORJtD6RFLDO ! 36, 3VLFRORJtD6RFLDO
&62 7HRUtD6RFLROyJLFD, ! &62 7HRUtD6RFLROyJLFD, ! &62 7HRUtD6RFLROyJLFD,
(&2 (FRQRPtD3ROtWLFD, ! (&2 (FRQRPtD3ROtWLFD ! (&2 (FRQRPtD3ROtWLFD
(67 (VWDGtVWLFD,, ! (67 (VWDGtVWLFD6RFLDO,, ! (67 (VWDGtVWLFD6RFLDO,,
+LVWRULD6RFLDOGH ! +LVWRULD6RFLDOGH ! +,6
+,6 $PpULFD/DWLQD +,6 $PpULFD/DWLQD  +LVWRULD6RFLDODPHULFDQD
! 3URFHVDPLHQWRGH'DWRV !
,1) &RPSXWDFLyQ, ,19 6RFLDOHV ,)6 ,QIRUPiWLFDVRFLDO
0HWRGRORJtD\7pFQLFDV ! 0pWRGRV\7pFQLFDVGH ! 0pWRGRV\7pFQLFDVGH
,19 GH,QYHVWLJDFLyQ6RFLDO, ,19 ,QYHVWLJDFLyQ6RFLDO, ,19 ,QYHVWLJDFLyQ6RFLDO,
&62 7HRUtD6RFLROyJLFD,, ! &62 7HRUtD6RFLROyJLFD,, ! &62 7HRUtD6RFLROyJLFD,,
&62 6RFLRORJtD3ROtWLFD ! &62 6RFLRORJtD3ROtWLFD ! &62 6RFLRORJtD3ROtWLFD
6LVWHPDGH ! !
$GPLQLVWUDFLyQ\*HVWLyQ
&62 0XQLFLSDO *62 *HVWLyQ6RFLDO, *62 *HVWLyQ6RFLDO,
(&2 (FRQRPtD3ROtWLFD,, ! 632 0DFUR\PLFURHFRQRPtD ! (&2 (FRQRPtDSROtWLFD
+LVWRULDGHOD)RUPDFLyQ ! !
(FRQyPLFR6RFLDO 5HDOLGDG1DFLRQDO\ 5HDOLGDG1DFLRQDO\
+,6 %ROLYLDQD\5HJLRQDO, &62 5HJLRQDO &62 5HJLRQDO
0HWRGRORJtD\7pFQLFDV ! 0pWRGRV\7pFQLFDVGH ! 0pWRGRV\7pFQLFDVGH
,19 GH,QYHVWLJDFLyQ6RFLDO,, ,19 ,QYHVWLJDFLyQ6RFLDO,, ,19 ,QYHVWLJDFLyQ6RFLDO,,
*HUHQFLD\*HVWLyQGH ! !
362 3UR\HFWRV *62 *HVWLyQ6RFLDO,,, *62 *HVWLyQ6RFLDO,,
$QWURSRORJtD6RFLR ! $QWURSRORJtD6RFLR !
$17 FXOWXUDO 623 FXOWXUDO $17 $QWURSRORJtD6RFLRFXOWXUDO
&62 7HRUtD6RFLROyJLFD,,, ! &62 7HRUtD6RFLROyJLFD,,, ! &62 7HRUtD6RFLROyJLFD,,
7pFQLFDVGH3ODQLILFDFLyQ ! !
&62 3DUWLFLSDWLYD *62 *HVWLyQ6RFLDO,, *62 *HVWLyQ6RFLDO,,
(ODERUDFLyQ\HYDOXDFLyQ ! 3ODQLILFDFLyQ\3UR\HFWRV ! *HUHQFLDSUR\HFWRVVRFLDOHV
&62 GH3UR\HFWRV 362 6RFLDOHV,, 362 ,
+LVWRULDGHOD)RUPDFLyQ ! !
(FRQyPLFD6RFLDO +LVWRULD6RFLDO1DFLRQDO\
+,6 %ROLYLDQD\5HJLRQDO,, +,6 5HJLRQDO +,6 +LVWRULD6RFLDO1DFLRQDO
0HWRGRORJtD\7pFQLFDV ! 0pWRGRV\7pFQLFDVGH ! 0pWRGRV\7pFQLFDVGH
,19 GH,QYHVWLJDFLyQ6RFLDO,,, ,19 ,QYHVWLJDFLyQ6RFLDO,,, ,19 ,QYHVWLJDFLyQ6RFLDO,,
$QWURSRORJtD&XOWXUD\ ! 7DOOHUGH,QWHUYHQFLyQ !
6$& (WQLD, 736 6RFLDO 736 7DOOHUGHJHVWLyQVRFLDO
6RFLRORJtDGHO ! !
&RPSRUWDPLHQWR\ 7DOOHUGH,QWHUYHQFLyQ
6$6 $FFLyQ6RFLDO, 736 6RFLDO 36, 3VLFRORJtDVRFLDO
6RFLRORJtD&RPXQLWDULD\ ! 7DOOHUGH,QWHUYHQFLyQ !
6&2 5XUDO, 736 6RFLDO 736 7DOOHUGHJHVWLyQ6RFLDO
(VWDGR3ROtWLFD\ ! 7DOOHUGH,QWHUYHQFLyQ !
6(3 6RFLHGDG, 736 6RFLDO 736 7DOOHUGHJHVWLyQ6RFLDO
! 7DOOHUGH,QWHUYHQFLyQ !
6+6 +LVWRULD6RFLDO, 736 6RFLDO +,6 +LVWRULD6RFLDO1DFLRQDO
6RFLRORJtD8UEDQD ! 7DOOHUGH,QWHUYHQFLyQ !
685 ,QGXVWULDO, 736 6RFLDO 736 7DOOHUGHJHVWLyQVRFLDO
! $QWURSRORJtD6RFLDOGHO !
$17 $QWURSRORJtD$QGLQD $17 ÉUHD$QGLQD $17 $QWURSRORJtDVRFLDO$QGLQD
! (QIRTXHV\7pFQLFDVGH ! (QIRTXHV\7pFQLFDVGH
7pFQLFDVGH2UJDQL]DFLyQ &RPXQLFDFLyQ\ &RPXQLFDFLyQ\
&62 \'LUHFFLyQ6RFLDO &20 2UJDQL]DFLyQ &20 2UJDQL]DFLyQ
&62 7HRUtD6RFLROyJLFD,9 ! &62 7HRUtD6RFLROyJLFD,9 ! &62 7HRUtD6RFLROyJLFD,9
&62 6RFLRORJtD5XUDO ! &62 6RFLRORJtD5XUDO ! &62 6RFLRORJtD5XUDO
3ODQLILFDFLyQGH3URFHVRV ! !
\SROtWLFDV(FRQyPLFR 3ODQLILFDFLyQ\3UR\HFWRV 3ODQLILFDFLyQ\SROtWLFDV
&62 6RFLDOHV 362 6RFLDOHV, &62 SXEOLFDV
'HVDUUROORGHO ! +LVWRULDGHOD(FRQRPtD ! +LVWRULDGHOD(FRQRPtD
(&2 &DSLWDOLVPR 6$, 1DFLRQDO\5HJLRQDO 6$, 1DFLRQDO\5HJLRQDO
(YDOXDFLyQGH,PSDFWRV ! !
6RFLDOHV\$PELHQWDOHV 3ODQLILFDFLyQ\3UR\HFWRV *HUHQFLDGH3UR\HFWRV
362 HQ3UR\HFWRV 362 6RFLDOHV,,, 362 6RFLDOHV,,

ϭϬϲ

$QWURSRORJtD&XOWXUD\ ! 'HVDUUROOR&RPXQLWDULR ! 'HVDUUROOR&RPXQLWDULRHQ
6$& (WQLD,, 6$) HQ%ROLYLD 6$) %ROLYLD
6RFLRORJtDGHO ! !
&RPSRUWDPLHQWR\ /D)DPLOLD\VX /D)DPLOLD\VX
6$6 $FFLyQ6RFLDO,, 6$) 3UREOHPiWLFD 6$) 3UREOHPiWLFD
6RFLRORJtD&RPXQLWDULD\ ! (WQRGHVDUUROOR\ ! (WQRGHVDUUROOR\SUR\HFWRV
6&2 5XUDO,, 6$3 SUR\HFWRVVRFLDOHV 6$3 VRFLDOHV
(VWDGR3ROtWLFD\ ! $FWRUHV6RFLDOHV3RGHU\ ! $FWRUHV6RFLDOHV3RGHU\
6(3 6RFLHGDG,, 6$, &LXGDGDQtDHQ%ROLYLD 6$, &LXGDGDQtDHQ%ROLYLD
! +LVWRULDGHOD(FRQRPtD ! +LVWRULDGHOD(FRQRPtD
6+6 +LVWRULD6RFLDO,, 6$, 1DFLRQDO\5HJLRQDO 6$, 1DFLRQDO\5HJLRQDO
6RFLRORJtD8UEDQD ! 3UREOHPiWLFD8UEDQDHQ ! 3UREOHPiWLFD8UEDQDHQ
685 ,QGXVWULDO,, 6$, %ROLYLD 6$, %ROLYLD
! $QWURSRORJtD6RFLDOGH ! $QWURSRORJtDGH7LHUUDV
$17 $QWURSRORJtD$PD]yQLFD $17 7LHUUDV%DMDV $17 %DMDV
&62 7HRUtD6RFLROyJLFD9 ! &62 6RFLRORJtDGHO*pQHUR ! &62 6RFLRORJtDGHO*pQHUR
&62 6RFLRORJtD8UEDQD ! &62 6RFLRORJtD8UEDQD ! &62 6RFLRORJtD8UEDQD
7HRUtDV\3URFHVRVGHO ! !
'HVDUUROOR\
6XEGHVDUUROOR 7HRUtDVGHO'HVDUUROOR
&62 /DWLQRDPHULFDQR &62 (FRQyPLFR\6RFLDO (&2 (FRQRPtDSROtWLFD
(SLVWHPRORJtDGHODV ! (SLVWHPRORJtDGHODV ! (SLVWHPRORJtDGHODV
&62 &LHQFLDV6RFLDOHV &62 &LHQFLDV6RFLDOHV &62 &LHQFLDV6RFLDOHV
$QWURSRORJtD&XOWXUD\ ! &XOWXUDV6XEFXOWXUDV\ ! &XOWXUDV6XEFXOWXUDV\
6$& (WQLD,,, 6$, 7ULEXV8UEDQDVHQ%ROLYLD 6$, 7ULEXV8UEDQDVHQ%ROLYLD
6RFLRORJtDGHO ! !
&RPSRUWDPLHQWR\ 6RFLRORJtDGHOD 6RFLRORJtDGHOD'HVYLDFLyQ
6$6 $FFLyQ6RFLDO,,, 623 'HVYLDFLyQ6RFLDO 623 6RFLDO
6RFLRORJtD&RPXQLWDULD\ ! )RUHVWDUtD&RPXQLWDULD\ ! )RUHVWDUtD&RPXQLWDULD\
6&2 5XUDO,,, 6$3 SUR\HFWRVGHGHVDUUROOR 6$3 SUR\HFWRVGHGHVDUUROOR
(VWDGR3ROtWLFD\ ! !
6(3 6RFLHGDG,,, &62 6RFLRORJtDGHO&RQIOLFWR &62 6RFLRORJtDGHO&RQIOLFWR
! +LVWRULDGHODV !
,QVWLWXFLRQHV\ +LVWRULDGHODV,QVWLWXFLRQHV
6+6 +LVWRULD6RFLDO,,, 6$) 2UJDQL]DFLRQHVHQ%ROLYLD 6$) \2UJDQL]DFLRQHVHQ%ROLYLD
6RFLRORJtD8UEDQD ! 3ODQLILFDFLyQ8UEDQDGH ! 3ODQLILFDFLyQ8UEDQDGH
685 ,QGXVWULDO,,, 6$3 6DQWD&UX] 6$3 6DQWD&UX]
$QiOLVLVGHO3HQVDPLHQWR ! 3HQVDPLHQWR6RFLDO ! 3HQVDPLHQWR6RFLDO
&62 6RFLDO%ROLYLDQR &62 %ROLYLDQR &62 %ROLYLDQR

ϭϬϳ

6RFLRORJtDGHOD ! !
&62 3REODFLyQ &62 6RFLRORJtDGHOD3REODFLyQ &62 6RFLRORJtDGHOD3REODFLyQ
7DOOHU&ROHFWLYRGH ! !
,QYHVWLJDFLyQHQ*HVWLyQ
7*6 6RFLDO, 736 7UDEDMR&RPXQLWDULR 736 7DOOHUJHVWLyQVRFLDO
7DOOHU&ROHFWLYRGH ! !
,QYHVWLJDFLyQHQ
3UR\HFWRV
736 6RFLRHFRQyPLFRV, 736 7UDEDMR&RPXQLWDULR 736 7DOOHUJHVWLyQVRFLDO
! ! 0pWRGRV\7pFQLFDVGH
(ODERUDFLyQGH3UR\HFWRV ,QYHVWLJDFLyQ6RFLDO,,,
,19 3HUILOGH*UDGR 6$, GH,QYHVWLJDFLyQ&LHQWtILFD ,19 
7DOOHU&ROHFWLYRGH ! !
,QYHVWLJDFLyQHQ*HVWLyQ
7*6 6RFLDO,, 736 3UiFWLFD,QVWLWXFLRQDO 736 3UiFWLFD,QVWLWXFLRQDO
7DOOHU&ROHFWLYRHQ ! !
,QYHVWLJDFLyQHQ
3UR\HFWRV
736 6RFLRHFRQyPLFRV,, 736 3UiFWLFD,QVWLWXFLRQDO 736 3UiFWLFD,QVWLWXFLRQDO
7UDEDMR)LQDOGH*UDGR ! !
,(VWDGR3ROtWLFD\ (VWDGR\SREUH]DHQ
7)* 6RFLHGDG 6$, %ROLYLD 6$, (VWDGR\SREUH]DHQ%ROLYLD
7UDEDMR)LQDOGH*UDGR ! 2UJDQL]DFLRQHVGHO7HUFHU ! 2UJDQL]DFLRQHVGHO7HUFHU
7)* ,6RF8UEDQD,QGXVWULDO 6$) 6HFWRU 6$) 6HFWRU
7UDEDMR)LQDOGH*UDGR ! !
,6RF&RPXQLWDULD (WQRGHVDUUROOR\ (WQRGHVDUUROOR\SUR\HFWRV
7)* 5XUDO 6$3 SUR\HFWRVVRFLDOHV 6$3 VRFLDOHV
7UDEDMR)LQDOGH*UDGR ! 'HWHULRURGHOD !
,6RFGHO &RQYLYHQFLD6RFLDO'HOLWR 'HWHULRURGHOD&RQYLYHQFLD
FRPSRUWDPLHQWR\DFFLyQ \VHJXULGDGFLXGDGDQDHQ 6RFLDO'HOLWR\VHJXULGDG
7)* VRFLDO 6$, %ROLYLD 6$, FLXGDGDQDHQ%ROLYLD
! +LVWRULDGHODV !
7UDEDMR)LQDOGH*UDGR ,QVWLWXFLRQHV\ +LVWRULDGHODV,QVWLWXFLRQHV
7)* ,+LVWRULD6RFLDO 6$) 2UJDQL]DFLRQHVHQ%ROLYLD 6$) \2UJDQL]DFLRQHVHQ%ROLYLD
7UDEDMR)LQDOGH*UDGR ! 5HODFLRQHV,QWHUpWQLFDV ! 5HODFLRQHV,QWHUpWQLFDV
,$QWURSRORJtD&XOWXUD\ HWQLFLGDGH HWQLFLGDGH
7)* (WQLD 6$) ,QWHUFXOWXUDOLGDG 6$) ,QWHUFXOWXUDOLGDG
0RYLPLHQWRVLQGtJHQDV ! 0RYLPLHQWRV6RFLDOHVHQ ! 0RYLPLHQWRV6RFLDOHVHQ
$17 HQ%ROLYLD 6$, %ROLYLD 6$, %ROLYLD

ϭϬϴ

! ! 0pWRGRV\7pFQLFDVGH
0HWRGRORJtDVGH,QY (ODERUDFLyQGH3UR\HFWRV ,QYHVWLJDFLyQ6RFLDO,,,
$17 (WQRJUiILFDV 6$, GH,QYHVWLJDFLyQ&LHQWtILFD ,19 
7HUULWRULHGDGHQORV ! 3UREOHPiWLFD5XUDOHQ ! 3UREOHPiWLFD5XUDOHQ
$17 SXHEORVLQGGH%ROL 6$, %ROLYLD 6$, %ROLYLD
! 5HODFLRQHV,QWHUpWQLFDV ! 5HODFLRQHV,QWHUpWQLFDV
5HODFLRQHV,QWHUpWQLFDV\ HWQLFLGDGH HWQLFLGDGH
$17 (WQLFLGDG 6$) ,QWHUFXOWXUDOLGDG 6$) ,QWHUFXOWXUDOLGDG
! 'HVDUUROOR !
6RFLRHFRQyPLFRGHORV 'HVDUUROOR6RFLRHFRQyPLFR
3XHEORV,QGtJHQDV\ GHORV3XHEORV,QGtJHQDV\
$17 (FRQRPtD$QWURSROyJLFD 6$3 &DPSHVLQRV 6$3 &DPSHVLQRV
$17 ,GHQWLGDG\&XOWXUDV ! 623 6RFLRORJtDGHOD,GHQWLGDG ! 623 6RFLRORJtDGHOD,GHQWLGDG
&62 3VLFRORJtD6RFLDO ! 36, 3VLFRORJtD6RFLDO ! 36, 3VLFRORJtD6RFLDO
6RFLRORJtDGHO ! 6RFLRORJtDGHODV)RUPDV ! 6RFLRORJtDGHODV)RUPDV
&62 &RQRFLPLHQWR &62 6LPEyOLFDV &62 6LPEyOLFDV
7HRUtDV6RFLROyJLFDVGHO ! (VWDGR\SREUH]DHQ !
(36 (VWDGR 6$, %ROLYLD 6$, (VWDGR\SREUH]DHQ%ROLYLD
7HRUtDV3ROtWLFD ! 6RFLyORJRV ! 7HRUtD6RFLROyJLFD,
(36 &RQWHPSRUiQHD 623 FRQWHPSRUiQHRV &62 
6RFLRORJtD-XUtGLFD ! !
(36 'HOLWR\6RFLHGDG 623 6RFLRORJtD-XUtGLFD 623 6RFLRORJtD-XUtGLFD
3DUWLGRV\3URFHVRV ! 3DUWLGRV\3URFHVRV ! 3DUWLGRV\3URFHVRV
(36 3ROtWLFRVHQ%ROLYLD 6$, 3ROtWLFRVHQ%ROLYLD 6$, 3ROtWLFRVHQ%ROLYLD
! 'HPRFUDFLD\ !
'HPRFUDFLD\ 3DUWLFLSDFLyQ6RFLDOHQ 'HPRFUDFLD\3DUWLFLSDFLyQ
(36 SDUWLFLSDFLyQ6RFLDO 6$, %ROLYLD 6$, 6RFLDOHQ%ROLYLD
0RGHUQLGDG\ ! !
3RVPRGHUQLGDGHQHO
3HQV6RFGH$PpULFD 6RFLRORJtDGHOD
(36 /DWLQD 623 *OREDOL]DFLyQ &62 'HVDUUROORGHOFDSLWDOLVPR
/RV3DUDGLJPDVGHO ! !
(36 'HVDUUROOR 623 6RFLRORJtDGHO'HVDUUROOR 623 6RFLRORJtDGHO'HVDUUROOR
6RFLRORJ(FR/RV ! ! &62 'HVDUUROORGHOFDSLWDOLVPR
&DPELRVHQHO6LVWHPD 6RFLRORJtDGHOD
(36 (FR0XQGLDO 623 *OREDOL]DFLyQ
$QiOLVLVGHOSHQVDPLHQWR ! 6LQHTXLYDOHQFLD ! 
+,6 6RFLDOHQ$/DW  6LQHTXLYDOHQFLD

ϭϬϵ

+LVWRULDGHORV ! !
0RYLPLHQWRV6RFLDOHVHQ 0RYLPLHQWRV6RFLDOHVHQ 0RYLPLHQWRV6RFLDOHVHQ
+,6 %RO 6$, %ROLYLD 6$, %ROLYLD
! ! 0pWRGRV\7pFQLFDVGH
0HWRGRORJtDVGH,QYHVWJ (ODERUDFLyQGH3UR\HFWRV ,QYHVWLJDFLyQ6RFLDO,,,
+,6 3DUDOD+LVWRULD6RFLDO 6$, GH,QYHVWLJDFLyQ&LHQWtILFD ,19 
0RYLPLHQWRV6RFLDOHVHQ ! !
OD6RFLHGDG 0RYLPLHQWRV6RFLDOHVHQ 0RYLPLHQWRV6RFLDOHVHQ
+,6 &RQWHPSRUiQHD 6$, %ROLYLD 6$, %ROLYLD
! 6LQ  ! 
HTXLYDOH
,1) &RPSXWDFLyQ,, QFLD 6LQHTXLYDOHQFLD
/(1 /HQJXD1DWLYD, ! /(1 /HQJXD1DWLYD, ! /(1 /HQJXD1DWLYD,
/(1 /HQJXD1DWLYD,, ! /(1 /HQJXD1DWLYD,, ! /(1 /HQJXD1DWLYD,,
36, 7pFQLFDVGHFRQFLOLDFLyQ ! &62 6RFLRORJtDGHO&RQIOLFWR ! &62 6RFLRORJtDGHO&RQIOLFWR
36, 3VLFRORJtD2UJDQL]DFLRQDO ! 36, 3VLFRORJtD6RFLDO ! 36, 3VLFRORJtD6RFLDO
! 6RFLRORJtDGHODV)RUPDV ! 6RFLRORJtDGHODV)RUPDV
6&$ 6RFLRORJtDGHOD5HOLJLyQ &62 6LPEyOLFDV &62 6LPEyOLFDV
! 6RFLRORJtDGHODV)RUPDV ! 6RFLRORJtDGHODV)RUPDV
6&$ 6RFLRORJtD\&XOWXUD &62 6LPEyOLFDV &62 6LPEyOLFDV
6RFLRORJtDGHOD,QIDQFLD ! 6RFLRORJtDGHOD,QIDQFLD ! 6RFLRORJtDGHOD,QIDQFLD
6&$ $GROHVFHQFLD\-XYHQWXG 623 $GROHVFHQFLD\-XYHQWXG 623 $GROHVFHQFLD\-XYHQWXG
6RFLRORJtDGHOD ! 6RFLRORJtDGHOD ! 6RFLRORJtDGHOD
6&$ RUJDQL]DFLyQ\HO7UDEDMR 623 RUJDQL]DFLyQ\HO7UDEDMR 623 RUJDQL]DFLyQ\HO7UDEDMR
*pQHUR\'HVDUUROOR ! !
$SRUWHVGHOD7GHO
6&$ *pQHURDOR6RF &62 6RFLRORJtDGHO*pQHUR &62 6RFLRORJtDGHO*pQHUR
6&$ 6RFLRORJtDGHOD6DOXG ! 623 6RFLRORJtDGHOD6DOXG ! 623 6RFLRORJtDGHOD6DOXG
0DQHMR\5HVROXFLyQGH ! !
6&$ &RQIOLFWRV &62 6RFLRORJtDGHO&RQIOLFWR &62 6RFLRORJtDGHO&RQIOLFWR
6RFLRORJtDGHODV ! 6RFLRORJtDGHODV ! 6RFLRORJtDGHODV
6&$ 0LJUDFLRQHV 623 0LJUDFLRQHV 623 0LJUDFLRQHV
6RFLRORJtDGHOD ! 6LQ  ! 6LQ
/LWHUDWXUD\HO$UWH HTXLYDOH HTXLYDOH
6&$ &RQWHPSRUiQHR QFLD QFLD 6LQHTXLYDOHQFLD
/DWHRUtDGHOD5HQWDGH ! 3UREOHPiWLFD5XUDOHQ ! 3UREOHPiWLFD5XUDOHQ
6&5 ODWLHUUD 6$, %ROLYLD 6$, %ROLYLD
7HRUtDVVREUHHO ! 3UREOHPiWLFD5XUDOHQ ! 3UREOHPiWLFD5XUDOHQ
6&5 &DPSHVLQDGR 6$, %ROLYLD 6$, %ROLYLD

ϭϭϬ

'HVDUUROOR5XUDO\&ULVLV ! 3UREOHPiWLFD5XUDOHQ ! 3UREOHPiWLFD5XUDOHQ
6&5 GHO$JUR 6$, %ROLYLD 6$, %ROLYLD
7HRUtDVGHOFRQIOLFWR ! !
68, VRFLDO &62 6RFLRORJtDGHO&RQIOLFWR &62 6RFLRORJtDGHO&RQIOLFWR
3REUH]D+iELWDW\ ! !
68, *HVWLyQ$PELHQWDO 623 6RFLRORJtDGH3REUH]D &62 6RFLRORJtDGH3REUH]D
! 6RFLRORJtDGHO0HGLR ! 6RFLRORJtDGHO0HGLR
68, (FRORJtD6RFLDO 623 $PELHQWH &62 $PELHQWH
! 'HVLJXDOGDG !
7HRUtDVGHOD 0DUJLQDOLGDG\ 'HVLJXDOGDG0DUJLQDOLGDG
PDUJLQDOLGDG8UE< 'LVFULPLQDFLyQ6RFLDOHQ \'LVFULPLQDFLyQ6RFLDOHQ
68, 3URFGH8UEHQ%ROLYLD 6$, %ROLYLD 6$, %ROLYLD
3URFHVRV6RFLDOHV ! !
,QGXVWULDOL]DFLyQ\PHGLR 6RFLRORJtDGHO0HGLR 6RFLRORJtDGHO0HGLR
68, $PELHQWH 623 $PELHQWH &62 $PELHQWH

ϭϭϭ




,PSDFWRVDFDGpPLFRV\HFRQyPLFRV

/D HVWUXFWXUDFLyQ \ RUJDQL]DFLyQ GHO 3URJUDPD GH )RUPDFLyQ 3URIHVLRQDO SRU
&RPSHWHQFLDV GHOD &DUUHUD GH6RFLRORJtD  KD VLGR GHILQLGD HQ IXQFLyQ GH ORV
FULWHULRV GH SHUWLQHQFLD FDOLGDG \ IOH[LELOLGDG GHVGH HO SODQWHDPLHQWR GHO SHUILO
SURIHVLRQDOKDVWDODFRQFHSFLyQ\GLVHxRGHFDGDDVLJQDWXUDGHVGHODIXQGDPHQWDFLyQ
WHyULFD KDVWD OD GHILQLFLyQ PHWRGROyJLFD GHO SURFHVR GH HQVHxDQ]D DSUHQGL]DMH \
HYDOXDFLyQ %DMR HVWD RULHQWDFLyQ D FRQWLQXDFLyQ VH SUHVHQWDQ ORV FDPELRV \
FRQWLQXLGDGHVTXHH[SHULPHQWDHOSUHVHQWH3ODQFRQUHODFLyQDO3ODQTXHUHHPSOD]DUD

7DEOD
5HODFLyQJHQHUDOHQWUHHO3ODQ\HO3ODQ
3ODQ 3ODQ 5HODFLyQ
(OHPHQWRV   

1žGHVHPHVWUH   
1žGHKRUDVDFDGpPLFDV   
,QFUHPHQWR
1žGHPDWHULDV   
,QFUHPHQWR
1žGHFUpGLWRV   
0DWHULDVGHOSODQDQWHULRUTXHVHPDQWLHQHQ
HQORVPLVPRVVHPHVWUHV   
0DWHULDV TXH FDPELDQ GH QRPEUH \
FRQWHQLGRV   
0DWHULDVTXHFDPELDQGHVHPHVWUH
   
0DWHULDTXHFDPELDQGHKRUDV
   
0DWHULDVTXHUHTXLHUHQDFWXDOL]DFLyQSDUFLDO
GHVXVFRQWHQLGRV   
0DWHULDVTXHVHIXVLRQDQ
   
0DWHULDVQXHYDV
   
0DWHULDVTXHVHHOLPLQDQGHO3ODQDQWLJXR\
TXHQRWLHQHQHTXLYDOHQFLDV   
0DWHULDVTXHVHFRQYDOLGDQ
   


,PSDFWRVDFDGpPLFRV

&RQ UHODFLyQ DO 3ODQ  HVWH 3ODQ (VWXGLRV QR H[SHULPHQWD PRGLILFDFLRQHV HQ OD
FDQWLGDGGHVHPHVWUHVKRUDVDFDGpPLFDVPDWHULDVTXHVHHOLPLQDQGHOSODQDQWLJXR\
TXH QR WLHQHQ HTXLYDOHQFLD DVt WDPELpQ PDWHULDV TXH VH FRQYDOLGDQ 6LQ HPEDUJR
H[LVWHXQLQFUHPHQWRGHOGHQXHYDVPDWHULDV\HOHQORVFUpGLWRVDFDGpPLFRV

(VLPSRUWDQWHUHVDOWDUTXHHOGHODVPDWHULDVGHO3ODQVHPDQWLHQHQHQHO
QXHYR3ODQ6LQHPEDUJRXQGHODVPDWHULDVGHO3ODQFDPELDQGHQRPEUH

ϭϭϮ




\FRQWHQLGRHOFDPELDQGHVHPHVWUH\HOUHTXLHUHQDFWXDOL]DUSDUFLDOPHQWH
VXVSURJUDPDV$HOORVHGHEHVHxDODUTXHHOGHODVPDWHULDVVHKDQIXVLRQDGR

$Vt WDPELpQ HO 3ODQ  XWLOL]D XQD QRPHQFODWXUD PiV JHQHUDO SDUD TXH SRU XQ
ODGRVHJDUDQWLFHODIOH[LELOLGDG\DFWXDOL]DFLyQGHVXVFRQWHQLGRV\SRUHORWURODGRHO
ORJURGHORVREMHWLYRVDFDGpPLFRVGHOQXHYR3ODQ&XUULFXODU

(VWRVFDPELRVJHQHUDUDQLPSDFWRVDFDGpPLFRVWDQWRHQHOHVWDPHQWRHVWXGLDQWLO\HO
HVWDPHQWRGRFHQWHHQWUHHOORV

/RVHVWXGLDQWHVH[SHULPHQWDUDQLPSDFWRVDFDGpPLFRVSRVLWLYRVSRUTXHHO3ODQ
 JDUDQWL]D   XQD IRUPDFLyQ SURIHVLRQDO SRU FRPSHWHQFLDV FRQ PD\RU SHUWLQHQFLD
VRFLDO\HPSOHDELOLGDG  HTXLOLEUDGRQ~PHURGHKRUDVWHyULFDV\SUiFWLFDVSDUDXQD
IRUPDFLyQ LQWHJUDO   REWHQFLyQ GHO WtWXORV GH 7pFQLFR VXSHULRU HQ 6RFLRORJtD \
/LFHQFLDGR GH 6RFLRORJtD HQ XQ WLHPSR DGHFXDGR   PD\RU IOH[LELOLGDG HQ OD
FRQYDOLGDFLyQGHPDWHULDVDVtWDPELpQODGHILQLFLyQGHXQSHULRGRGHWLHPSRHVSHFtILFR
SDUDODWUDQVLFLyQDO3ODQ\HOFLHUUHGHO3ODQGHWDOPDQHUDTXHQLQJ~Q
HVWXGLDQWHVHDSHUMXGLFDGR3DUDHOORVHFRQVLGHUDQORVVLJXLHQWHVFULWHULRV

– (O WLHPSR SDUD OD WUDQVLFLyQHQWUHHO 3ODQYLJHQWH \HOQXHYR 3ODQ VRQ ORV GRV
SULPHURVVHPHVWUHVOXHJRGHSRQHUVHHQYLJHQFLDHO3ODQ&XPSOLGRHVWH
SHULRGRHO3ODQTXHGDGDGRGHEDMD
– 6LVHREVHUYDODQHFHVLGDGGHQLYHODFLyQWHyULFD\SUiFWLFDHQDOJXQRVHVWXGLDQWHV
FRPR HIHFWR GH OD WUDQVLFLyQ VH GHVDUUROODUiQ FXUVRV HVSHFtILFRV \ PHVDV
H[DPLQDGRUDV JDUDQWL]DQGR FRQ HOOR HO GHVDUUROOR FRPSHWHQFLDO GH ORV
HVWXGLDQWHV\ODFXOPLQDFLyQH[LWRVDGHVXSURJUDPDIRUPDWLYR
– (OSURFHVRGHFRQYDOLGDFLyQVHUiDXWRPiWLFRSRUHO&HQWURGH3URFHVDPLHQWRGH
'DWRVGHOD)DFXOWDGGH+XPDQLGDGHV
– /DVPDWHULDVVXMHWDVGHFRQYDOLGDFLyQVRQWRGDVDTXHOODVTXHWHQJDQHQFRP~Q
PiVGHOGHVXVFRQWHQLGRV
– 6H FRQYDOLGDUiQ ORV VHPLQDULRV GHO 3ODQ  FRQ ORV 7DOOHUHV \ PDWHULDV GHO
3ODQTXHWHQJDQHQFRP~QGRVRPiVWHPiWLFDVFRLQFLGHQWHV
– /RVHVWXGLDQWHVTXHSDUWLFLSDUDQGHOSURFHVRGHWUDQVLFLyQVRQDTXHOORVTXHVH
HQFXHQWUHQFXUVDQGRKDVWDHOVpSWLPRVHPHVWUHDO LQLFLRGHODLPSOHPHQWDFLyQ
GHO3ODQ
– /RVHVWXGLDQWHVTXHQRSDUWLFLSDUDQGHOSURFHVRGHWUDQVLFLyQVRQDTXHOORVTXH
WHQJDQSHQGLHQWHODPDWHULDGH0RGDOLGDGGH*UDGXDFLyQ\DTXHOORVTXHD~QQR
VH KD\DQ WLWXODGR FRPR WDPELpQ ORV HVWXGLDQWHV TXH KDELHQGR FXUVDGR OD
PDWHULD GH 0RGDOLGDG GH *UDGXDFLyQ SHUR TXH WHQJDQ SHQGLHQWH DOJXQD RWUD
PDWHULDGHORVDQWHULRUHVVHPHVWUHV

/RV GRFHQWHV H[SHULPHQWDUDQ LPSDFWRV DFDGpPLFRV SRVLWLYRV \D TXH HO QXHYR 3ODQ
 SURSRUFLRQD   XQ VLVWHPD GH DFWXDOL]DFLyQ SURJUDPiWLFD SHUPDQHQWH HQ
UHODFLyQ D ORV QXHYRV UHWRV TXH WLHQH OD HGXFDFLyQ VXSHULRU \ ORV QXHYRV SDUDGLJPDV
SHGDJyJLFRV   OLQHDPLHQWRV SDUD OD FRPSDWLELOL]DFLyQ DUWLFXODFLyQ \ FRRUGLQDFLyQ
KRUL]RQWDO\YHUWLFDOHQHOGLVHxRHLPSOHPHQWDFLyQGHFRQWHQLGRVSURJUDPiWLFRVHQWUH

ϭϭϯ




PDWHULDV   XQ VLVWHPD GH VHJXLPLHQWR \ HYDOXDFLyQ SURJUDPiWLFD SDUD OD PHMRUD
FRQWLQXD HQ UHODFLyQ D OD FDOLGDG HGXFDWLYD \   XQD HVWUDWHJLD LQIRUPDWLYD \
RULHQWDGRUDSDUDDIURQWDUORVFDPELRVTXHEXVFDHOQXHYRSODQPLVPDTXHHQWUHVXV
DFWLYLGDGHVFHQWUDOHVVHHQFXHQWUDQ

– 5HXQLRQHV FRQ GRFHQWHV GH iUHDV IRUPDWLYDV LQYHVWLJDFLyQ JHVWLyQ VRFLDO


SURJUDPDV \ SROtWLFDV S~EOLFDV IRUWDOHFLPLHQWR LQVWLWXFLRQDO GHVDUUROOR
LQVWLWXFLRQDO  SDUD UHWURDOLPHQWDU FRQFHUWDU \ FRRUGLQDU ORV OLQHDPLHQWRV
SURJUDPiWLFRVFRQGXFHQWHVDOGHVDUUROORGHODVFRPSHWHQFLDVHVWDEOHFLGDVSDUD
FDGDiUHDIRUPDWLYD
– 5HXQLyQ JHQHUDO FRQ WRGR HO SODQWHO GRFHQWH GH OD &DUUHUD GH 6RFLRORJtD SDUD
VRFLDOL]DUUHWURDOLPHQWDU\FRQFHUWDUORVSODQWHDPLHQWRVHVWUDWpJLFRVGHOQXHYR
SODQ VXV GHVDItRV WHyULFRV PHWRGROyJLFRV HSLVWpPLFRV \ GH FRRUGLQDFLyQ TXH
LPSOLFDQSDUDHOSURIHVRUDGR\ORVHVWXGLDQWHV

%DMR HVWH PDUFR HVWUDWpJLFR GH WUDQVLFLyQ \ JHVWLyQ GH ORV LPSDFWRV DFDGpPLFRV
SUHYLVWRV VH JDUDQWL]D OD YLDELOLGDG \ VRVWHQLELOLGDG HQ OD LPSOHPHQWDFLyQ GHO QXHYR
3ODQ&XUULFXODUGHOD&DUUHUDGH6RFLRORJtD

,PSDFWRVHFRQyPLFRV

/RVFDPELRVJHQHUDGRVHQHOQXHYR3ODQFXUULFXODUQRKDQVLJQLILFDGRXQLQFUHPHQWR
HQODVKRUDVDFDGpPLFDVDVLJQDGDVDOD&DUUHUDGH6RFLRORJtDSRUORWDQWRORVGRFHQWHV
QRVHUiQDIHFWDGRVHQHOQ~PHURGHPDWHULDVGHODVFXDOHVVRQWLWXODUHVQLWDPSRFRHQ
ODVKRUDVDVLJQDGDVDFDGDXQDGHHOODV(VWHKHFKRSRUORWDQWRQRJHQHUDQLQJ~QWLSR
GH LQHVWDELOLGDG ODERUDO GHO SURIHVRUDGR FRPR WDPELpQ QLQJ~Q LQFUHPHQWR
SUHVXSXHVWDULRLQVWLWXFLRQDOSDUDODLPSOHPHQWDFLyQGHO3ODQ
3RU VX SDUWH ODV QXHYDV PDWHULDV TXH FRQWHPSOD HO SUHVHQWH 3ODQ FRPR OD
FLEHUVRFLRORJtD H LQIRUPiWLFD VRFLDO TXH SDUD VX GHVDUUROOR UHTXLHUHQ GH ODERUDWRULRV
WHFQROyJLFRV HTXLSDGRV FRQ FRPSXWDGRUDV 7,& 6RIWZDUH  QR GHPDQGDUDQ QXHYDV
LQYHUVLRQHV HFRQyPLFDV D OD 8QLYHUVLGDG SXHVWR TXH OD )DFXOWDG GH +XPDQLGDGHV
FXHQWDFRQGLFKRVODERUDWRULRVHQODFDQWLGDG\FDOLGDGWHFQROyJLFDUHTXHULGD
3DUDWUDQVSDUHQWDUHODOFDQFH\FDUDFWHUtVWLFDVGHORVLPSDFWRVHFRQyPLFRVSUHFHGHQWHV
VHUHDOL]DUiXQDDVDPEOHDGRFHQWHHVWXGLDQWLOFX\DILQDOLGDGVHUiLQIRUPDU\H[SOLFDU
D GHWDOOH ORV FDPELRV JHQHUDGRV SRU HO SUHVHQWH 3ODQ \ VX UHODFLyQ FRQ ORV GHUHFKRV
ODERUDOHV\DFDGpPLFRVGHOSODQWHOGRFHQWHFRPRWDPELpQFRQHOSUHVXSXHVWRDVLJQDGR
SRUSDUWHGHOD8QLYHUVLGDGDOD&DUUHUDGH6RFLRORJtD
%DMRHVWHFRQWH[WR VH HVWDEOHFHOD YLDOLGDG\ VRVWHQLELOLGDGHQ ODLPSOHPHQWDFLyQGHO
SUHVHQWH3ODQFXUULFXODUGHOD&DUUHUDGH6RFLRORJtD




ϭϭϰ




&$3,78/2,9
352*5$0$'(3/$1'((678',26


(O3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH6RFLRORJtD  RUJDQL]D
VXVFRQWHQLGRVDSDUWLUGHODFRQWULEXFLyQTXHKDFHQODVPDWHULDVDOGHVDUUROORGHODV
FRPSHWHQFLDVSRUiUHDVGHIRUPDFLyQSURIHVLRQDO%DMRHVWDRULHQWDFLyQHO3URJUDPDGH
)RUPDFLyQ 3URIHVLRQDO SRU &RPSHWHQFLDV GH 6RFLRORJtD GH OD 8QLYHUVLGDG $XWyQRPD
*DEULHO 5HQH 0RUHQR VH RUJDQL]D HQ ODV iUHDV GHO HMHUFLFLR SURIHVLRQDO EiVLFDV
HVSHFtILFDVLQVWUXPHQWDOHV\FRPSOHPHQWDULDV

(QFDGDiUHDGHRUJDQL]DFLyQGHO3URJUDPDVHGHVDUUROODQORVVLJXLHQWHVFRPSRQHQWHV
GHODVDVLJQDWXUDV

 ,GHQWLILFDFLyQ 6H UHJLVWUD OD LQIRUPDFLyQ PiV UHOHYDQWH GHO SURJUDPD GH OD
DVLJQDWXUD(VGHFLUOD&DUUHUD\)DFXOWDGDODTXHSHUWHQHFHiUHDGHIRUPDFLyQ
QRPEUH \ VLJOD GH OD PDWHULD KRUDV SUH UHTXLVLWR FRRUGLQDFLyQ UHFXUVRV
GLJLWDOHVXWLOL]DGRVHQWUHRWURV

 -XVWLILFDFLyQ 6H GHVDUUROOD OD H[SOLFDFLyQ GH OD LPSRUWDQFLD DFDGpPLFD GH OD
PDWHULD SDUD HO GHVDUUROOR GH ODV FRPSHWHQFLDV GHO HVWXGLDQWH HQ HO PDUFR GHO
SHUILOSURIHVLRQDO

 &RPSHWHQFLDV 6H GHVDUUROODQ ODV 0DFUR FRPSHWHQFLDV \ ODV FRPSHWHQFLDV
JOREDOHVDODVTXHFRQWULEX\HFDGDDVLJQDWXUDDGHPiVVHHVWDEOHFHQODVPLFUR
FRPSHWHQFLDV\HOHPHQWRVGHFRPSHWHQFLDVGHFDGDDVLJQDWXUD

 8QLGDGHV GH DSUHQGL]DMHV 6H FRQWHPSOD ODV SULQFLSDOHV XQLGDGHV GH
DSUHQGL]DMH TXH FRQWHPSOD OD DVLJQDWXUD PLVPDV TXH SURYLHQHQ R HVWiQ HQ
FRPSOHWDUHODFLyQFRQORVHOHPHQWRVGHFRPSHWHQFLDV

$FRQWLQXDFLyQVHSUHVHQWDHO3URJUDPDGH3ODQGH(VWXGLRVVHJ~QODVDVLJQDWXUDVSRU
iUHD GH IRUPDFLyQ &DGD iUHD GH IRUPDFLyQ VH RUJDQL]D SRU VHPHVWUH HQ VHQWLGR
DVFHQGHQWHHVGHFLUGHOSULPHUDORFWDYRVHPHVWUH


3URJUDPDGH3ODQGH(VWXGLRVGHOiUHDGHHMHUFLFLRSURIHVLRQDO

/DVDVLJQDWXUDVTXHVHFODVLILFDQHQHOiUHDGHIRUPDFLyQSDUDHOHMHUFLFLRSURIHVLRQDO
VRQHOWRWDO\ODVPLVPDVVHSUHVHQWDQ\GHVDUUROODQDFRQWLQXDFLyQ



ϭϭϱ




 1LYHO 6LJOD 1RPEUHGHODPDWHULD


 6H[WR 736 7DOOHUGHGHVDUUROORLQVWLWXFLRQDO
6H[WR 736 7DOOHUGHSODQLILFDFLyQ\SROtWLFDVSXEOLFDV
 6H[WR 736 7DOOHUJHUHQFLDGHSUR\HFWRV6RFLDOHV
6H[WR 736 7DOOHUGHJHVWLyQVRFLDO

2FWDYR736 3UDFWLFDLQVWLWXFLRQDO
 2FWDYR *5/ 0RGDOLGDGGHJUDGXDFLyQ

/DVDVLJQDWXUDVGHOiUHDGHHMHUFLFLRSURIHVLRQDOVHXELFDQHQHOVH[WR\RFWDYRVHPHVWUH
UHVSHFWLYDPHQWH


$VLJQDWXUDVGHOHMHUFLFLRSURIHVLRQDOGHOVH[WRVHPHVWUH


/DV DVLJQDWXUDV TXH FRQWULEX\HQ DO GHVDUUROOR GH ODV FRPSHWHQFLDV GHO HMHUFLFLR
SURIHVLRQDO\TXHVHFODVLILFDQHQHOVH[WRVHPHVWUHVRQODVVLJXLHQWHV

,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPD GH )RUPDFLyQ 3URIHVLRQDO SRU &RPSHWHQFLDV GH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ (MHUFLFLRGHODSURIHVLyQ
1RPEUHGHODDVLJQDWXUD 7DOOHUGHGHVDUUROORLQVWLWXFLRQDO
6LJOD\FyGLJR 736
6HPHVWUH 6H[WR
$xR 7HUFHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 'HVDUUROORLQVWLWXFLRQDO &62 
&RRUGLQDFLyQYHUWLFDO 3UDFWLFDLQVWLWXFLRQDO 736 
&RRUGLQDFLyQKRUL]RQWDO 7DOOHUGHSODQLILFDFLyQ\SROtWLFDVS~EOLFD 736 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 0DJDO\&DYHUR* PDJDO\FDYHUR#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$7DOOHUGHGHVDUUROORLQVWLWXFLRQDO
(O WDOOHU GH GHVDUUROOR LQVWLWXFLRQDO WLHQH XQ DOWR YDORU DFDGpPLFR HQ OD IRUPDFLyQ GHO
HVWXGLDQWH GH 6RFLRORJtD \D TXH OH SURSRUFLRQD ORV OLQHDPLHQWRV PHWRGROyJLFRV
LQVWUXPHQWDOHV WpFQLFRV \ OHJDOHV SDUD OD HODERUDFLyQ \ SUHVHQWDFLyQ GH SODQHV GH
IRUWDOHFLPLHQWR GH ODV HVWUXFWXUDV RUJDQL]DFLRQDOHV \ OLGHUD]JR GH ODV LQVWLWXFLRQHV GH OD
VRFLHGDG FLYLO 'H HVWD PDQHUD ORV HVWXGLDQWHV RULHQWDQ GLQDPL]DQ \ SDUWLFLSDQ GH ORV
SURFHVRVGHWUDQVIRUPDFLyQVRFLDO


ϭϭϲ




,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  'HVDUUROOR LQVWLWXFLRQDO )DFLOLWD \ GLQDPL]D ORV SURFHVRV GH
FRPSHWHQFLDV IRUWDOHFLPLHQWR LQVWLWXFLRQDO GH OD VRFLHGDG FLYLO FRQVLGHUDQGR VXV
HVSHFLILFDV SRWHQFLDOLGDGHV \ OLPLWDFLRQHV LQWHUQDV DGHPiV GH ORV IDFWRUHV GHO

FRQWH[WRSROtWLFRVRFLDOFXOWXUDO\HFRQyPLFR
&RPSHWHQFLDV  'LVHxD \ DSOLFD SODQHV GH IRUWDOHFLPLHQWR D ODV HVWUXFWXUDV
GHiUHDV RUJDQL]DWLYDVGHODVLQVWLWXFLRQHVGHODVRFLHGDGFLYLOWRPDQGRHQFXHQWD
JOREDOHV ORVSULQFLSLRVGHHTXLGDGLQFOXVLyQ\SDUWLFLSDFLyQ
2ULHQWD\IRUWDOHFHHOGHVDUUROOR GHODVFDSDFLGDGHV SURSRVLWLYDV\GH
QHJRFLDFLyQGHODVLQVWLWXFLRQHVGHDFXHUGRDORVGHUHFKRV\QHFHVLGDGHV
FROHFWLYDVDVtWDPELpQDORVGHVDItRV\RSRUWXQLGDGHVGHOFRQWH[WR
0LFUR (ODERUD\SURSRQHODLPSOHPHQWDFLyQGHSODQHVGHIRUWDOHFLPLHQWRGHODV
FRPSHWHQFLDV HVWUXFWXUDVFDSDFLGDGHV\OLGHUD]JR RUJDQL]DFLRQDOGHODVLQVWLWXFLRQHV
GHOD GHODVRFLHGDGFLYLOFRQVLGHUDQGRODUHDOLGDGVRFLDO\ODLQVWLWXFLRQDOLGDG
DVLJQDWXUD GHOSDtV
(OHPHQWRVGH D (ODERUDHVWXGLRVVLWXDFLRQDOHVGHODVLQVWLWXFLRQHVGHODVRFLHGDG
FRPSHWHQFLDV FLYLOHQ%ROLYLD
E (ODERUD \ SURSRQH SODQHV GH GHVDUUROOR RUJDQL]DFLRQDO GH ODV
LQVWLWXFLRQHVGHODVRFLHGDGFLYLO
F 'LVHxD SURSRQH \ RULHQWD OD LPSOHPHQWDFLyQ GH HVWUDWHJLDV GH
LQFLGHQFLD\QHJRFLDFLyQGHODVGHPDQGDVVRFLDOHV

,981,'$'(6'($35(1',=$-(

8QLGDG1ž (OHVWXGLRVLWXDFLRQDOGHODVLQVWLWXFLRQHVGHODVRFLHGDGFLYLO
8QLGDG1ž /RVPRGHORVGHIRUWDOHFLPLHQWRRUJDQL]DFLRQDOGHODVLQVWLWXFLRQHV
8QLGDG1ž ,QFLGHQFLDQHJRFLDFLyQ\OLGHUD]JRLQVWLWXFLRQDO





ϭϭϳ





,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ (MHUFLFLRGHODSURIHVLyQ
1RPEUHGHODDVLJQDWXUD 7DOOHUGHSODQLILFDFLyQ\SROtWLFDVSXEOLFDV
6LJOD\FyGLJR 736
6HPHVWUH 6H[WR
$xR 7HUFHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 3ODQLILFDFLyQ\SROtWLFDVS~EOLFDV &63 
&RRUGLQDFLyQYHUWLFDO *HUHQFLDSUR\HFWRVVRFLDOHV,, 36 
&RRUGLQDFLyQKRUL]RQWDO 7DOOHUJHUHQFLDSUR\HFWRVVRFLDOHV 736 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
5HGHVVRFLDOHV :KDWV$SS 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU /XLV0ROLQD(O+DJH OXLVPROLQD#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$7DOOHUGHSODQLILFDFLyQ\SROtWLFDVSXEOLFDV 
(OWDOOHUGHSODQLILFDFLyQHVWUDWpJLFD\SROtWLFDVS~EOLFDVWLHQHXQDOWRYDORUDFDGpPLFRHQ
OD IRUPDFLyQ GHO HVWXGLDQWH GH 6RFLRORJtD \D TXH HQ EDVH D ORV HQIRTXHV WHyULFRV
PHWRGROyJLFRVHLQVWUXPHQWRVWpFQLFRV\OHJDOHV DGTXLULGRVHQODPDWHULDGHSODQLILFDFLyQ
\SROtWLFDVS~EOLFDVGHOWRVHPHVWUH ORVRULHQWDQHQODHODERUDFLyQGHXQDSURSXHVWDGH
SODQLILFDFLyQ HVWUDWpJLFD \ SROtWLFDV S~EOLFDV SDUD HO GHVDUUROOR KXPDQR VRVWHQLEOH DVt
WDPELpQVXHVWUDWHJLDGHLPSOHPHQWDFLyQVHJXLPLHQWR\HYDOXDFLyQ

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH

ϭϭϴ




 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  3ODQLILFDFLyQ HVWUDWpJLFD \ SROtWLFDV S~EOLFDV (ODERUD\ HYDO~DOD
FRPSHWHQFLDV SODQLILFDFLyQHVWUDWHJLD\ODVSROtWLFDVS~EOLFDVSDUDHOGHVDUUROORKXPDQR
HVSHFLILFDV VRVWHQLEOH FRQVLGHUDQGR OD UHDOLGDG VRFLDO GHO SDtV \ ORV OLQHDPLHQWRV
 WpFQLFRV\MXUtGLFRVTXHUHJXODQHVWRVSURFHVRV
&RPSHWHQFLDV (ODERUDLQVWUXPHQWRVGHSODQLILFDFLyQHVWUDWpJLFD\SROtWLFDVS~EOLFDV
GHiUHDV SDUD HO GHVDUUROOR KXPDQR VRVWHQLEOH WRPDQGR HQ FXHQWD HO VLVWHPD
JOREDOHV QDFLRQDOGHSODQLILFDFLyQ
(YDO~DORVLPSDFWRVGHODSODQLILFDFLyQHVWUDWpJLFD\SROtWLFDVS~EOLFDV
HQHOPDUFRGHORVREMHWLYRVGHOGHVDUUROORKXPDQRVRVWHQLEOH
0LFUR (ODERUD\SURSRQHLQVWUXPHQWRVGHSODQLILFDFLyQHVWUDWpJLFD\SROtWLFDV
FRPSHWHQFLDV S~EOLFDVGHOGHVDUUROORKXPDQRDVtWDPELpQODHVWUDWHJLDGHVHJXLPLHQWR
GHOD \HYDOXDFLyQGHVXVLPSDFWRVHQODVRFLHGDG
DVLJQDWXUD
(OHPHQWRVGH D 'LVHxDFRQIXQGDPHQWRVWpFQLFRVOHJDOHV\VRFLDOHVLQVWUXPHQWRV
FRPSHWHQFLDV GHSODQLILFDFLyQHVWUDWpJLFDGHOGHVDUUROORKXPDQRVRVWHQLEOH
E 'LVHxDFRQIXQGDPHQWRVWpFQLFRVOHJDOHV\VRFLDOHVSURSXHVWDV
GHSROtWLFDVS~EOLFDVSDUDHOGHVDUUROORKXPDQRVRVWHQLEOH
F (ODERUD \ SURSRQH LQVWUXPHQWRV GH PRQLWRUHR \ HYDOXDFLyQ GH
LPSDFWRV GH OD SODQLILFDFLyQ HVWUDWpJLFD \ ODV SROtWLFDV S~EOLFDV
SDUDHOGHVDUUROORKXPDQR

,981,'$'(6'($35(1',=$-(

8QLGDG1ž 0pWRGR\WpFQLFDGHODSODQLILFDFLyQHVWUDWpJLFD\SROtWLFDVSXEOLFDV
8QLGDG1ž 'LVHxRGHSODQLILFDFLyQHVWUDWpJLFDGHGHVDUUROORKXPDQR
8QLGDG1ž 'LVHxRGHSROtWLFDS~EOLFDGHGHVDUUROORKXPDQR
8QLGDG1ž (VWUDWHJLDGHVHJXLPLHQWR\HYDOXDFLyQ











ϭϭϵ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ (MHUFLFLRGHODSURIHVLyQ
1RPEUHGHODDVLJQDWXUD 7DOOHUJHUHQFLDGHSUR\HFWRV6RFLDOHV
6LJOD\FyGLJR 736
6HPHVWUH 6H[WR
$xR 7HUFHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV *HUHQFLDGHSUR\HFWRVVRFLDOHV,, 362 
&RRUGLQDFLyQYHUWLFDO 3ODQLILFDFLyQ\SROtWLFDVS~EOLFDV &62 
&RRUGLQDFLyQKRUL]RQWDO 7DOOHUGHSODQLILFDFLyQ\SROtWLFDVS~EOLFD 736 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
5HGHVVRFLDOHV :KDWV$SS 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU -RVp0DUWtQH]0 MRVpPDUWtQH]#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$7DOOHUGHJHUHQFLDGHSUR\HFWRVVRFLDOHV 
(OWDOOHUGHJHUHQFLDGHSUR\HFWRVVRFLDOHVWLHQHXQDOWRYDORUDFDGpPLFRHQODIRUPDFLyQ
GHO HVWXGLDQWH GH 6RFLRORJtD \D TXH OH SURSRUFLRQD ORV OLQHDPLHQWRV PHWRGROyJLFRV
LQVWUXPHQWDOHVWpFQLFRV\OHJDOHVSDUDODHODERUDFLyQDGLVHxRILQDOHQVXVHJXQGDIDVHGH
ORV SUR\HFWRV GH GHVDUUROOR KXPDQR EDVH VREUH OD FXDO HO HVWXGLDQWH VH HQFRQWUDUi
SUHSDUDGRSDUDHMHFXWDU\HYDOXDUSUR\HFWRVGHHVWDQDWXUDOH]D

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH

ϭϮϬ




 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR *HUHQFLDGHSUR\HFWRVVRFLDOHV(ODERUDLPSOHPHQWDGLULJH\HYDO~D
FRPSHWHQFLDV SURJUDPDV \ SUR\HFWRV GH GHVDUUROOR KXPDQR VRVWHQLEOH WRPDQGR HQ
HVSHFLILFDV FXHQWDHOSODQQDFLRQDOGHSDUWDPHQWDO\PXQLFLSDOGHGHVDUUROOR
 
&RPSHWHQFLDV  'LVHxD H LPSOHPHQWD SUR\HFWRV GH GHVDUUROOR KXPDQR VRVWHQLEOH
GHiUHDV FRQVLGHUDQGRODVSROtWLFDVS~EOLFDV\ODSODQLILFDFLyQHVWUDWpJLFDGHOQLYHO
JOREDOHV ORFDOGHSDUWDPHQWDO\QDFLRQDO
 (YDO~D ORV LPSDFWRV GH SUR\HFWRV VRFLDOHV KDFLHQGR XVR GH
PHWRGRORJtDVSDUWLFLSDWLYDV\SURWRFRORVWpFQLFRVMXUtGLFRVDPELHQWDOHV
\VRFLDOHV
0LFUR D ([SOLFD \ IXQGDPHQWD ORV DOFDQFHV \ XWLOLGDG GH ORV OLQHDPLHQWRV
FRPSHWHQFLDV PHWRGROyJLFRV WpFQLFRV \ MXUtGLFRV SDUD OD HODERUDFLyQ GHO GLVHxR
GHOD ILQDOGHSUR\HFWRVGHGHVDUUROORKXPDQRHQVXVHJXQGDIDVH
DVLJQDWXUD E (ODERUDHOGLVHxRILQDOHQVXVHJXQGDIDVHGHSUR\HFWRVGHGHVDUUROOR
KXPDQR (VWXGLRGHYLDELOLGDGHVWXGLRGHVRVWHQLELOLGDGHVWUDWHJLD
GH ILQDPLHQWR HVWUDWHJLD GH HMHFXFLyQ VLVWHPD GH PRQLWRUHR \
HYDOXDFLyQ\HVWUDWHJLDGHDXWRJHVWLyQVRFLDO 
(OHPHQWRVGH D (ODERUD HVWXGLRV GH YLDELOLGDG \ VRVWHQLELOLGDG GH SUR\HFWRV GH
FRPSHWHQFLDV GHVDUUROORKXPDQR
E (ODERUD HVWUDWHJLDV GH ILQDQFLDPLHQWR \ HMHFXFLyQ GH SUR\HFWRV GH
GHVDUUROORKXPDQR
F (ODERUD\DSOLFDPRGHORVGHDXWRJHVWLyQVRFLDOGHORVSUR\HFWRVGH
GHVDUUROORKXPDQR
G (ODERUD PRGHOR GH JHUHQFLD \ VLVWHPD GH LQGLFDGRUHV SDUD OD
HYDOXDFLyQGHSUR\HFWRVGHGHVDUUROORKXPDQR

,981,'$'(6'($35(1',=$-(

8QLGDG1ž /DYLDELOLGDG\VRVWHQLELOLGDGGHORVSUR\HFWRVGHGHVDUUROORKXPDQR
8QLGDG1ž (VWUDWHJLDVGHILQDQFLDPLHQWR\HMHFXFLyQGHSUR\HFWRVVRFLDOHV
8QLGDG1ž 6LVWHPDGHJHVWLyQ\HYDOXDFLyQGHSUR\HFWRVGHGHVDUUROORKXPDQR
8QLGDG1ž 0RGHORVGHDXWRJHVWLyQGHSUR\HFWRVGHGHVDUUROORKXPDQR


ϭϮϭ





,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ (MHUFLFLRGHODSURIHVLyQ
1RPEUHGHODDVLJQDWXUD 7DOOHUGHJHVWLyQVRFLDO
6LJOD\FyGLJR 736
6HPHVWUH 6H[WR
$xR 7HUFHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV *HVWLyQ6RFLDO,, *6 
&RRUGLQDFLyQYHUWLFDO *HUHQFLDSUR\HFWRVVRFLDOHV,, 36 
&RRUGLQDFLyQKRUL]RQWDO 7DOOHUGHSODQLILFDFLyQ\SROtWLFDVS~EOLFD 736 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
5HGHVVRFLDOHV :KDWV$SS 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU /XLV0ROLQD(O+DJH OXLVPROLQD#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$7DOOHUGHJHVWLyQVRFLDO
(OWDOOHUGHJHVWLyQVRFLDOWLHQHXQDOWRYDORUDFDGpPLFRHQODIRUPDFLyQGHOHVWXGLDQWHGH
6RFLRORJtD\DTXHOHSURSRUFLRQDORVOLQHDPLHQWRVPHWRGROyJLFRVLQVWUXPHQWDOHVWpFQLFRV
\OHJDOHVSDUDODHODERUDFLyQGHODOtQHDEDVH\VLVWHPDGHLQGLFDGRUHVSDUDODPHGLFLyQGHO
SUREOHPD VRFLDO EDVH VREUH OD FXDO UHDOL]D VX DQiOLVLV PXOWLIDFWRULDO GHO SUREOHPD
SULRUL]DGR\SRVWHULRUPHQWHHODERUDUXQGHPRGHORGHJHVWLyQVRFLDOSDUDVXWUDWDPLHQWR
'H HVWD PDQHUD ORV HVWXGLDQWHV RULHQWDQ GLQDPL]DQ \ SDUWLFLSDQ GH ORV SURFHVRV GH
WUDQVIRUPDFLyQVRFLDO

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO

ϭϮϮ




 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ


GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  *HVWLyQ VRFLDO 2ULHQWD GLQDPL]D \ SDUWLFLSD GH ODV DFFLRQHV \
FRPSHWHQFLDV GHFLVLRQHVFRQGXFHQWHVDOFDPELRVRFLDOFRQVLGHUDQGRODVYLVLRQHVGHORV
HVSHFLILFDV DFWRUHV LQYROXFUDGRV \ HO HQWUDPDGR IDFWRULDO TXH GHILQHQ OD UHDOLGDG
 ORFDOGHSDUWDPHQWDO\QDFLRQDO
&RPSHWHQFLDV  2ULHQWD \ GLQDPL]D HO HMHUFLFLR GH GHUHFKRV \ REOLJDFLRQHV GH ORV
GHiUHDV FLXGDGDQRV KDFLD OD FRQYLYHQFLD LQWHUFXOWXUDO OD HTXLGDG GH JpQHUR HO
JOREDOHV HTXLOLEULRDPELHQWDO\HMHUFLFLRGHORVGHUHFKRVKXPDQRV
$FRPSDxDDORVGLYHUVRVDFWRUHVVRFLDOHVGHOSDtVHQODJHVWLyQGHVXV
HVWUDWHJLDV \ DFFLRQHV GLULJLGDV D WUDVIRUPDU OD UHDOLGDG VRFLDO SDUD
DOFDQ]DUHOGHVDUUROORKXPDQRVRVWHQLEOH
0LFUR (ODERUDSURSRQH\RULHQWDODLPSOHPHQWDFLyQ\HYDOXDFLyQGHPRGHORVGH
FRPSHWHQFLDV JHVWLyQVRFLDOGLULJLGDVKDFLDODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDGGH
GHOD JpQHURHOHTXLOLEULRDPELHQWDO\HMHUFLFLRGHORVGHUHFKRVKXPDQRV
DVLJQDWXUD 
(OHPHQWRVGH D (ODERUDOtQHDEDVH\VLVWHPDGHLQGLFDGRUHVSDUDODPHGLFLyQGH
FRPSHWHQFLDV LPSDFWRVGHOSUREOHPDVRFLDO
E (ODERUD HVWXGLR PXOWLIDFWRULDO GHO SUREOHPD VRFLDO SULRUL]DGR
VHJ~QQDWXUDOH]D\FXDOLGDGWHPiWLFD
F (ODERUDPRGHORGHJHVWLyQVRFLDOWRPDQGRHQFXHQWDODQDWXUDOH]D
GHOSUREOHPDVRFLDOODLQVWLWXFLRQDOLGDGHVWDWDO\ODSDUWLFLSDFLyQ
GHORVDFWRUHVVRFLDOHV
G 3URSRQH HVWUDWHJLDV GH LQFLGHQFLD \ DFFLRQHV GH ORV DFWRUHV
VRFLDOHVGLULJLGDVDODLPSOHPHQWDFLyQGHOPRGHORGHJHVWLyQ

,981,'$'(6'($35(1',=$-(

8QLGDG1ž /DOtQHDEDVH\VLVWHPDGHLQGLFDGRUHVHQORVSUREOHPDVVRFLDOHV
8QLGDG1ž /RVHVWXGLRVPXOWLIDFWRULDOHVGHORVSUREOHPDVVRFLDOHV
8QLGDG1ž /RVPRGHORVGHJHVWLyQVRFLDO
8QLGDG1ž ,QFLGHQFLD\DFFLRQHVVRFLDOHV


ϭϮϯ




$VLJQDWXUDVGHOHMHUFLFLRSURIHVLRQDOGHORFWDYRVHPHVWUH

/DV DVLJQDWXUDV TXH FRQWULEX\HQ DO GHVDUUROOR GH ODV FRPSHWHQFLDV GHO HMHUFLFLR
SURIHVLRQDO\TXHVHFODVLILFDQHQHORFWDYRVHPHVWUHVRQODVVLJXLHQWHV

,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ (MHUFLFLRGHODSURIHVLyQ
1RPEUHGHODDVLJQDWXUD 3UDFWLFDLQVWLWXFLRQDO
6LJOD\FyGLJR 736
6HPHVWUH 2FWDYR
$xR &XDUWR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 6RFLRORJtDGHO*pQHUR &62 
6RFLRORJtDSROtWLFD &62 
6RFLRORJtDGHOD3REODFLyQ &62 
&RRUGLQDFLyQYHUWLFDO 7DOOHUJHUHQFLDGHSUR\HFWRVVRFLDOHV 736 
&RRUGLQDFLyQKRUL]RQWDO 7DOOHUGHVDUUROORLQVWLWXFLRQDO 736 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU /XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$3UDFWLFDLQVWLWXFLRQDO
/D PDWHULD GH SUDFWLFD LQVWLWXFLRQDO HV XQ SHULRGR GH WLHPSR  KRUDV  GRQGH HO
HVWXGLDQWHDSOLFDVXVFRQRFLPLHQWRWHyULFRVHLQVWUXPHQWDOHVSDUWLFLSDQGRGHXQSURJUDPD
RSUR\HFWRTXHLPSOHPHQWDXQDLQVWLWXFLyQS~EOLFDRSULYDGDFRQODJXtDGHOGRFHQWHGHOD
PDWHULD \ XQ SURIHVLRQDO GHO iUHD DVLJQDGR SRU OD LQVWLWXFLyQ $Vt OD PDWHULD IDFLOLWD DO
HVWXGLDQWH VXV SULPHURV DFHUFDPLHQWRV D ORV HVFHQDULRV GHO PHUFDGR ODERUDO VX
H[SORUDFLyQ D ODV GLQiPLFDV \ FXOWXUD GH ODV LQVWLWXFLRQHV GHPDQGDQWHV GHO VHUYLFLR
SURIHVLRQDOGHO6RFLyORJRODFRPSUHQVLyQWHyULFD\SUiFWLFDGHOWUDEDMRWUDQVGLVFLSOLQDU\
OD HODERUDFLyQ GH GRFXPHQWRV LQIRUPHV DFDGpPLFRV FRPSHWHQFLDV HVHQFLDOHV SDUD HO
HMHUFLFLRSURIHVLRQDO

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH

ϭϮϰ




 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG


VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV
&RPSHWHQFLDV  *HQHUD FRQRFLPLHQWR VRFLROyJLFR UHVSHFWR D OD UHDOLGDG VRFLDO \ ORV
GHiUHDV IHQRPHQRV VRFLRFLEHUQHWLFRV KDFLHQGR XVR GH PpWRGRV \ WHRUtDV GH ODV
JOREDOHV FLHQFLDVVRFLDOHVHLQVWUXPHQWRVWHFQROyJLFRVLQIRUPiWLFRV
5HDOL]DHVWXGLRVHPStULFRVGHORVSUREOHPDVVRFLDOHVHQIXQFLyQGHVX
SHUWLQHQFLD \ UHOHYDQFLD SDUD HO WUDWDPLHQWR GH ORV 2EMHWLYRV GHO
'HVDUUROOR+XPDQR6RVWHQLEOH
0LFUR D ([SHULPHQWDODODERUGHO6RFLROyJLFRHQXQFRQWH[WRUHDOGHQWURGH
FRPSHWHQFLDV ODVSRVLELOLGDGHVTXHRIUHFHQODVLQVWLWXFLRQHVS~EOLFDV\SULYDGDV
GHOD E 5HIOH[LRQD VREUH ODV FRPSHWHQFLDV SURIHVLRQDOHV TXH YDQ
DVLJQDWXUD GHVDUUROODQGRUHODWLYDVDODLQYHVWLJDFLyQVRFLDO
F &DUDFWHUL]DORVHOHPHQWRVFHQWUDOHVTXHFRQILJXUDQODFXOWXUDGHODV
LQVWLWXFLRQHV S~EOLFDV \ SULYDGDV TXH UHTXLHUHQ GHO VHUYLFLR GHO
6RFLyORJR
(OHPHQWRVGH D $SOLFD ORV FRQRFLPLHQWRV VRFLROyJLFRV \ ODV FRPSHWHQFLDV
FRPSHWHQFLDV SURIHVLRQDOHV DGTXLULGDV HQ XQD DFWLYLGDG LQVWLWXFLRQDO FRQFUHWD
SURJUDPDVRSUR\HFWRV 
E 6XVWHQWD FRQ FULWHULRV \ IXQGDPHQWRV SURSLRV OD SHUWLQHQFLD \
UHOHYDQFLDGHODIRUPDFLyQWHyULFD\PHWRGROyJLFDGHO6RFLyORJRSDUD
DFWXDUHQODUHDOLGDGFRQFUHWD
F 'HVDUUROOD DFWLWXG FUtWLFD UHIOH[LYD \ SURSRVLWLYD IUHQWH D OD
FRPSOHMLGDGSOXUDOLGDG\GLQDPLFLGDGGHODUHDOLGDGVRFLDO
G (ODERUDLQIRUPHVDFDGpPLFRVGHLQYHVWLJDFLyQVHJ~QHOiUHDGRQGH
VHSDUWLFLSDHQODSUiFWLFDLQVWLWXFLRQDO

,981,'$'(6'($35(1',=$-(

8QLGDG1ž &RQWH[WXDOL]DFLyQGHODPDWHULD
8QLGDG1ž (ORILFLRGHOVRFLyORJR
8QLGDG1ž 'HODSUDFWLFDDODWHRUtD
8QLGDG1ž 3URWRFRORGHLQIRUPHGHODSUDFWLFDLQVWLWXFLRQDO


ϭϮϱ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ (MHUFLFLRGHODSURIHVLyQ
1RPEUHGHODDVLJQDWXUD 0RGDOLGDGGHJUDGXDFLyQ
6LJOD\FyGLJR *5/
6HPHVWUH 2FWDYR
$xR &XDUWR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 6RFLRORJtDPHGLRDPELHQWH &62 
6RFLRORJtDGHO&RQIOLFWR &62 
3HQVDPLHQWRVRFLDO/DWLQRDPHULFDQR &62 
'HVDUUROORGHOFDSLWDOLVPR &62 
&RRUGLQDFLyQYHUWLFDO 3UDFWLFDLQVWLWXFLRQDO 736 
&RRUGLQDFLyQKRUL]RQWDO (SLVWHPRORJtDGHODVFLHQFLDVVRFLDOHV &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
5HGHVVRFLDOHV :KDWV$SS 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU /XLV0ROLQD(O+DJH OXLVPROLQD#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$0RGDOLGDGGHJUDGXDFLyQ
/DPDWHULDGH0RGDOLGDGGHJUDGXDFLyQHVXQSHULRGRGHWLHPSRGRQGHHOHVWXGLDQWHDSOLFD
VXV FRQRFLPLHQWRV WHyULFRV PHWRGROyJLFRV H LQVWUXPHQWDOHV HQ OD HODERUDFLyQ GH XQ
SUR\HFWR GH LQYHVWLJDFLyQ VRFLROyJLFD EDMR HO HQIRTXH FXDOLWDWLYR R FXDQWLWDWLYR  TXH
GHPDQGHHOSUREOHPDGHLQYHVWLJDFLyQSULRUL]DGR\WRPDQGRHODVHVRUDPLHQWRGHVXGRFHQWH
JXtD(VWHSUR\HFWRGHLQYHVWLJDFLyQTXHFRQWHQGUiWRGDODLQJHQLHUtD\SURWRFRORFLHQWtILFR
WDPELpQ LQFRUSRUDUi ODV SRVLEOHV IXHQWHV GH VX ILQDQFLDPLHQWR (VWH SURGXFWR SUR\HFWR
HODERUDGR  HV FRQGLFLyQ SDUD OD FRQFOXVLyQ GHO SURJUDPD IRUPDWLYR GH OD &DUUHUD GH
6RFLRORJtD
/DPDWHULDGH0RGDOLGDGGHJUDGXDFLyQHVXQSHULRGRGHWLHPSRGRQGHHOHVWXGLDQWHDSOLFD
VXVFRQRFLPLHQWRVWHyULFRVPHWRGROyJLFRVHLQVWUXPHQWDOHVHQODHODERUDFLyQGH
D 8QSUR\HFWRGHLQYHVWLJDFLyQVRFLROyJLFDEDMRHOHQIRTXH FXDOLWDWLYRRFXDQWLWDWLYR 
TXHGHPDQGHHOSUREOHPDGHLQYHVWLJDFLyQSULRUL]DGR\WRPDQGRHODVHVRUDPLHQWR
GHVXGRFHQWHJXtD(VWHSUR\HFWRGHLQYHVWLJDFLyQTXHFRQWHQGUiWRGDODLQJHQLHUtD
\ SURWRFROR FLHQWtILFR WDPELpQ LQFRUSRUDUi ODV SRVLEOHV IXHQWHV GH VX
ILQDQFLDPLHQWR (VWH SURGXFWR SUR\HFWR HODERUDGR  HV FRQGLFLyQ SDUD OD
FRQFOXVLyQGHOSURJUDPDIRUPDWLYRGHOD&DUUHUDGH6RFLRORJtD
E 8Q LQIRUPH GH XQ WUDEDMR GLULJLGR LQLFLDGR HQ XQD SUiFWLFD LQVWLWXFLRQDO \R
SDVDQWtD
F 8Q WUDEDMR GH H[SRVLFLyQ GH XQ iUHD GH OD VRFLRORJtD \ XQ HQVD\R GH DSOLFDFLyQ
UHVSHFWLYR FRQFOXLGR SDUDODPRGDOLGDGGHH[DPHQGHJUDGR
G 8QSUR\HFWRGHDSOLFDFLyQRHMHFXFLyQ FRQFOXLGR  \DVHDHQLQYHUVLyQS~EOLFDR
SULYDGDVRFLRSROtWLFRFXOWXUDORGHHYDOXDFLyQGHLPSDFWR


ϭϮϲ




,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV  *HQHUD FRQRFLPLHQWR VRFLROyJLFR UHVSHFWR D OD UHDOLGDG VRFLDO \ ORV
GHiUHDV IHQyPHQRV VRFLRFLEHUQHWLFRV KDFLHQGR XVR GH PpWRGRV \ WHRUtDV GH ODV
JOREDOHV FLHQFLDVVRFLDOHVHLQVWUXPHQWRVWHFQROyJLFRVLQIRUPiWLFRV
5HDOL]DHVWXGLRVHPStULFRVGHORVSUREOHPDVVRFLDOHVHQIXQFLyQGHVX
SHUWLQHQFLD \ UHOHYDQFLD SDUD HO WUDWDPLHQWR GH ORV 2EMHWLYRV GHO
'HVDUUROOR+XPDQR6RVWHQLEOH
0LFUR D (ODERUDSUR\HFWR GHLQYHVWLJDFLyQ VRFLDOKDFLHQGR XVR GHOHQIRTXH
FRPSHWHQFLDV PHWRGROyJLFR\SURWRFRORTXHUHTXLHUHHOSUREOHPDGHLQYHVWLJDFLyQ
GHOD VHOHFFLRQDGR
DVLJQDWXUD E (ODERUD SUR\HFWRV GH LQYHVWLJDFLyQ HPStULFD VREUH SUREOHPDV
VRFLDOHVTXHUHTXLHUHQDWHQFLyQLQWHJUDO
(OHPHQWRVGH D $SOLFD ORV FRQRFLPLHQWRV WHyULFRV PHWRGROyJLFRV H LQVWUXPHQWDOHV
FRPSHWHQFLDV HQ OD HODERUDFLyQ GH XQ SUR\HFWR GH LQYHVWLJDFLyQ VRFLDO FRPR
UHTXLVLWRGHFRQFOXVLyQGHOSURJUDPDGHOD&DUUHD
E ,GHQWLILFD ODV IXHQWHV \ OtQHDV GH ILQDQFLDPLHQWR GH SUR\HFWRV GH
LQYHVWLJDFLyQVRFLDOSRUSDUWHGHLQVWLWXFLRQHVS~EOLFDV\SULYDGDV

,981,'$'(6'($35(1',=$-(

8QLGDG1ž 3URWRFRORVGHHODERUDFLyQGHSUR\HFWRVGHLQYHVWLJDFLyQ
8QLGDG1ž 'LVHxRGHODLQJHQLHUtDGHOSUR\HFWRGHLQYHVWLJDFLyQ
8QLGDG1ž ,GHQWLILFDFLyQGHIXHQWHVGHILQDQFLDPLHQWRVGHSUR\HFWRV


ϭϮϳ




3URJUDPDGH3ODQGH(VWXGLRVGHOiUHDEiVLFDHVSHFLILFD


/DVDVLJQDWXUDVTXHVHFODVLILFDQHQHOiUHDGHIRUPDFLyQEiVLFDHVSHFtILFDVRQHQWRWDO
\ODVPLVPDVVHSUHVHQWDQ\GHVDUUROODQDFRQWLQXDFLyQ
 1LYHO 6LJOD 1RPEUHGHODPDWHULD
  &62 ,QWURGXFFLyQDODV&LHQFLDV6RFLDOHV
 ),/ 5HFXUVRV)LORVyILFRVSDUDODV&LHQFLDV6RFLDOHV
  &62 6RFLRORJtD*HQHUDO
 &62 7HRUtD6RFLROyJLFD,

 &62 6RFLRORJtD5XUDO
  &62 7HRUtDVRFLROyJLFD,,
 362 *HUHQFLDSUR\HFWRVVRFLDOHV,
  *6 *HVWLyQVRFLDO,
 &62 7HRUtDVRFLROyJLFD,,,

 &62 &LEHUVRFLRORJtD
  &62 'HVDUUROORLQVWLWXFLRQDO
 &62 3ODQLILFDFLyQ\SROtWLFDVSXEOLFDV
  &62 7HRUtDVRFLROyJLFD,9
  &62 3HQVDPLHQWR6RFLDO%ROLYLDQR
 &62 6RFLRORJtDXUEDQD
  &62 6RFLRORJtD3ROtWLFD
 &62 6RFLRORJtDGHO*pQHUR
  &62 6RFLRORJtDGHOPHGLRDPELHQWH
  &62 6RFLRORJtDGHOD3REODFLyQ
 &62 6RFLRORJtDGHO&RQIOLFWR
  &62 6RFLRORJtDSROtWLFD
 &62 'HVDUUROORGHOFDSLWDOLVPR

 &62 3HQVDPLHQWR6RFLDO/DWLQRDPHULFDQR
  &62 (SLVWHPRORJtDGHODVFLHQFLDVVRFLDOHV
 &62 6RFLRORJtDGHODVIRUPDVVLPEyOLFDV


/DVDVLJQDWXUDVGHOiUHDEiVLFDHVSHFtILFDVHXELFDQHQWUHHOSULPHUDORFWDYRVHPHVWUH
UHVSHFWLYDPHQWH









ϭϮϴ




$VLJQDWXUDVGHOiUHDEiVLFDHVSHFLILFDGHOSULPHUVHPHVWUH

/DV DVLJQDWXUDV TXH FRQWULEX\HQ DO GHVDUUROOR GH ODV FRPSHWHQFLDV GHO iUHD EiVLFD
HVSHFtILFD\TXHVHFODVLILFDQHQHOSULPHUVHPHVWUHVRQODVVLJXLHQWHV

,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD ,QWURGXFFLyQDODVFLHQFLDVVRFLDOHV
6LJOD\FyGLJR &62
6HPHVWUH 3ULPHUR
$xR 3ULPHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV &83R36$
&RRUGLQDFLyQYHUWLFDO 6RFLRORJtDJHQHUDO &6 
&RRUGLQDFLyQKRUL]RQWDO 5HFXUVRV)LORVyILFRVSDUDODV&LHQFLDV6RFLDOHV ),/ 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
5HGHVVRFLDOHV :KDWV$SS 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU /XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
5HPLJLR&DUORV UHPLJLRFDUORV#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$,QWURGXFFLyQDODVFLHQFLDVVRFLDOHV 
/D PDWHULD GH ,QWURGXFFLyQ D ODV FLHQFLDV VRFLDOHV WLHQH XQ DOWR YDORU RULHQWDGRU HQ OD
IRUPDFLyQGHOHVWXGLDQWHGH6RFLRORJtD\DTXHFRQWULEX\HDODFRPSUHQVLyQGHORVGLYHUVRV
WLSRVGHFRQRFLPLHQWRV\GLVFLSOLQDVFLHQWtILFDVH[LVWHQWHVORVIDFWRUHV\HVFHQDULRVVRFLR
KLVWyULFRVGRQGHVHLQVWLWX\HQODVFLHQFLDVVRFLDOHVHQSDUWLFXODUVXVREMHWRVGHHVWXGLRV
\HQIRTXHVPHWRGROyJLFRVSHUPLWLpQGROHDOHVWXGLDQWHFRQWH[WXDOL]DUHOGHVDUUROORGHVXV
FRPSHWHQFLDVGLVFLSOLQDULDV\JHQHUDUODDILOLDFLyQGHVXVUROHVHLQWHUHVHVDFDGpPLFRVDO
iPELWRGHOD6RFLRORJtD

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH

ϭϮϵ




 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG


VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV  &RPSUHQGH \ H[SOLFD HO FDUiFWHU FLHQWtILFR GH OD 6RFLRORJtD HQ HO
GHiUHDV FRQWH[WR GH OD VRFLHGDG GHO FRQRFLPLHQWR \ ORV 2EMHWLYRV GHO 'HVDUUROOR
JOREDOHV +XPDQR6RVWHQLEOH
0LFUR D ,GHQWLILFD\ GLIHUHQFLDORVWLSRVGHFRQRFLPLHQWRV \ ODVFODVHVGH
FRPSHWHQFLDV FLHQFLDVH[LVWHQWHV
GHOD E ,GHQWLILFD \ H[SOLFD ORV IDFWRUHV GHO FRQWH[WR VRFLR KLVWyULFR
DVLJQDWXUD UHODFLRQDGRVFRQHOVXUJLPLHQWRGHODVFLHQFLDVVRFLDOHV
F &RPSUHQGH \ GLIHUHQFLD ORV REMHWRV GH HVWXGLR \ VXV HQIRTXHV
PHWRGROyJLFRVGHODVFLHQFLDVVRFLDOHV
(OHPHQWRVGH D 5HODFLRQD\GLIHUHQFLDGHVGHXQDSHUVSHFWLYDWUDQVGLVFLSOLQDUORV
FRPSHWHQFLDV WLSRVGHFRQRFLPLHQWRV\GLVFLSOLQDVFLHQWtILFDVYLJHQWHV
E &RPSUHQGH\ GLVFLHUQHORVHVFHQDULRVVRFLRKLVWyULFRV\IDFWRUHV
ILORVyILFRV VRFLDOHV \ FXOWXUDOHV TXH GDQ RULJHQ D ODV FLHQFLDV
VRFLDOHV
F ([SOLFD \ IXQGDPHQWD ODV FDUDFWHUtVWLFDV GH ORV REMHWRV GH
HVWXGLRV\HQIRTXHVPHWRGROyJLFRVGHODVFLHQFLDVVRFLDOHV
G 'HVDUUROOD DFWLWXG FUtWLFD \ UHIOH[LYD IUHQWH D OD SOXUDOLGDG \
GLQDPLFLGDGGHODVFLHQFLDVVRFLDOHV

,981,'$'(6'($35(1',=$-(

8QLGDG1ž 7LSRVGHFRQRFLGLWRV\GLVFLSOLQDVFLHQWtILFDV
8QLGDG1ž &RQWH[WRVRFLRKLVWyULFRGHOVXUJLPLHQWRGHODVFLHQFLDVVRFLDOHV
8QLGDG1ž 2EMHWRVGHHVWXGLRV\HQIRTXHVPHWRGROyJLFRVGHODVFLHQFLDVVRFLDOHV







ϭϯϬ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD 5HFXUVRV)LORVyILFRVSDUDODV&LHQFLDV6RFLDOHV
6LJOD\FyGLJR ),/
6HPHVWUH 3ULPHUR
$xR 3ULPHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV &83R36$
&RRUGLQDFLyQYHUWLFDO 6RFLRORJtDJHQHUDO &62 
&RRUGLQDFLyQKRUL]RQWDO ,QWURGXFFLyQDODV&LHQFLDV6RFLDOHV &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 5RVH0DU\&DYHUR* URVHFDYHUR#XDJUPHGXER
5DIDHO9DOYHUGH6 UDIDHOYDOYHUGH#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$5HFXUVRV)LORVyILFRVSDUDODV&LHQFLDV6RFLDOHV
/DPDWHULDGH5HFXUVRVILORVyILFRVSDUDODVFLHQFLDVVRFLDOHVWLHQHDOWRYDORUDFDGpPLFRHQ
ODIRUPDFLyQGHOSURIHVLRQDO6RFLyORJR\DTXHDSRUWDDODFRPSUHQVLyQGHORVHVFHQDULRV\
IDFWRUHV TXH LQFLGHQ HQ HO GHVDUUROOR GH OD )LORVRItD DGHPiV GH FRPSUHQGHU ODV
FDUDFWHUtVWLFDV GH VX REMHWR GH HVWXGLR VX PDUFR WHyULFR \ HSLVWpPLFRV DVt WDPELpQ OD
FRQVWUXFFLyQGHVXEDVHFDWHJRULDOORVHQIRTXHVPHWRGROyJLFRV\VXVSULQFLSDOHVFRUULHQWHV
%DMRHVWHKRUL]RQWHODPDWHULDDGRSWDXQFRQWHQLGR\HQIRTXHDFDGpPLFRFDUDFWHUL]DGR
SRUODSOXUDOLGDGWHyULFDHSLVWpPLFD\HOFDUiFWHULQWHUDFWLYRGHVXPHWRGRORJtDSHUPLWLHQGR
TXHHOHVWXGLDQWHUHDOLFHHVWXGLRVFUtWLFRVUHIOH[LYRVVREUHODVGLQiPLFDVVRFLDOHVGHOGLDULR
YLYLU

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO

ϭϯϭ




 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ


GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV &RPSUHQGH\H[SOLFDHOFDUiFWHUFLHQWtILFRGHOD6RFLRORJtDHQHOFRQWH[WR
GHiUHDV GH OD VRFLHGDG GHO FRQRFLPLHQWR \ ORV 2EMHWLYRV GHO 'HVDUUROOR +XPDQR
JOREDOHV 6RVWHQLEOH
0LFUR D ,GHQWLILFD \ H[SOLFD ORV HOHPHQWRV GHO FRQWH[WR VRFLR KLVWyULFR
FRPSHWHQFLDV UHODFLRQDGRVFRQHOGHVDUUROORGHOD)LORVRItDFRPRFLHQFLD
GHOD E ,GHQWLILFD \ H[SOLFD ODV EDVHV HSLVWpPLFDV \ HQIRTXHV
DVLJQDWXUD PHWRGROyJLFRV GH ODV GLIHUHQWHV FRUULHQWHV ILORVyILFDV HQ UHODFLyQ
FRQODSURGXFFLyQGHOFRQRFLPLHQWRFLHQWtILFR
F &RPSUHQGH \ DSOLFD ORV FRQFHSWRV \ FDWHJRUtDV FHQWUDOHV GH OD
ILORVRItDHQHODQiOLVLVGHODVGLQiPLFDVVRFLDOHVGHOGLDULRYLYLU
G $QDOL]DORVSUREOHPDVEiVLFRVGHOD)LORVRItDHQHOTXHKDFHUFLHQWtILFR
SDUDFRPSUHQGHUODFRQVWUXFFLyQGHOFRQRFLPLHQWR
(OHPHQWRVGH D &RPSUHQGH\GLVFLHUQHORVHVFHQDULRVKLVWyULFRV\IDFWRUHVVRFLDOHV
FRPSHWHQFLDV HFRQyPLFRV FXOWXUDOHV TXH LQFLGHQ HQ HO GHVDUUROOR GH OD )LORVRItD
FRPRFLHQFLD
E ([SOLFD\IXQGDPHQWDODFXDOLGDGHSLVWpPLFD\REMHWRGHHVWXGLRGH
ODVGLIHUHQWHVFRUULHQWHVILORVyILFDV
F 5HODFLRQD\GLIHUHQFLDGHVGHXQDSHUVSHFWLYDFUtWLFDORVHMHVWHyULFRV
FRQFHSWXDOHV \ HQIRTXHV PHWRGROyJLFRV GHO SHQVDPLHQWR ILORVyILFR
FRQWHPSRUiQHR
G 5HDOL]DWUDEDMRVDFDGpPLFRVILORVyILFRVFRQDFWLWXGFUtWLFDUHIOH[LYD
\HOEXHQXVRGHODVQRUPDVGHUHGDFFLyQ

,981,'$'(6'($35(1',=$-(

8QLGDG1ž (OTXHKDFHUGHODILORVRItDDWUDYpVGHOWLHPSR
8QLGDG1ž (QE~VTXHGDGHODYHUGDG
8QLGDG1ž /D)LORVRItDHQHOGLDULRYLYLU








ϭϯϮ




$VLJQDWXUDVGHOiUHDEiVLFDHVSHFLILFDGHOVHJXQGRVHPHVWUH

/DV DVLJQDWXUDV TXH FRQWULEX\HQ DO GHVDUUROOR GH ODV FRPSHWHQFLDV GHO iUHD EiVLFD
HVSHFtILFD\TXHVHFODVLILFDQHQHOVHJXQGRVHPHVWUHVRQODVVLJXLHQWHV

,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD 6RFLRORJtD*HQHUDO
6LJOD\FyGLJR &62%6
6HPHVWUH 6HJXQGR
$xR 3ULPHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV ,QWURGXFFLyQDODV&LHQFLDV6RFLDOHV &62 
&RRUGLQDFLyQYHUWLFDO 7HRUtD6RFLROyJLFD, &62 
&RRUGLQDFLyQKRUL]RQWDO 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO, ,19 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU (OLVD6DOGLDV5 HOLVDVDOGLDV#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$6RFLRORJtD*HQHUDO
/DPDWHULDGH6RFLRORJtD*HQHUDOWLHQHYDORUDFDGpPLFRHQODIRUPDFLyQGHOHVWXGLDQWHGH
6RFLRORJtD\DTXHFRQWULEX\HDODFRPSUHQVLyQGHORVHVFHQDULRVGRQGHQDFHOD6RFLRORJtD
ODVFDUDFWHUtVWLFDVGHVXREMHWRGHHVWXGLR\VXPDUFRWHyULFR\HSLVWpPLFRVDVtWDPELpQ
OD FRQVWUXFFLyQ GH VX EDVH FDWHJRULDO ORV HQIRTXHV PHWRGROyJLFRV \ VXV SULQFLSDOHV
JHVWRUHV %DMR HVWH KRUL]RQWH OD PDWHULD DGRSWD XQ FRQWHQLGR \ HQIRTXH DFDGpPLFR
FDUDFWHUL]DGR SRU OD SOXUDOLGDG WHyULFDHSLVWpPLFD \ HO FDUiFWHU LQWHUDFWLYR GH VX
PHWRGRORJtD &RQ HOOR VH FRQWULEX\H D TXH ORV HVWXGLDQWHV FXHQWHQ FRQ ODV SULPHUDV
FRPSHWHQFLDV JHQpULFDV \ HVSHFtILFDV HQ ODV FXDOHV VXVWHQWDUi OD FRQWLQXLGDG \
FXDOLILFDFLyQGHVXIRUPDFLyQSURIHVLRQDO

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH

ϭϯϯ




 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG


VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV  &RPSUHQGH \ H[SOLFD HO FDUiFWHU FLHQWtILFR GH OD 6RFLRORJtD HQ HO
GHiUHDV FRQWH[WR GH OD VRFLHGDG GHO FRQRFLPLHQWR \ ORV 2EMHWLYRV GHO 'HVDUUROOR
JOREDOHV +XPDQR6RVWHQLEOH
0LFUR D ,GHQWLILFD \ H[SOLFD ORV HOHPHQWRV GHO FRQWH[WR VRFLR KLVWyULFR
FRPSHWHQFLDV UHODFLRQDGRVFRQHOVXUJLPLHQWRGHOD6RFLRORJtDFRPRFLHQFLD
GHOD E &RPSUHQGH \ H[SOLFD HO REMHWR GH HVWXGLR VX SHUVSHFWLYD
DVLJQDWXUD PHWRGROyJLFD OD EDVHHPStULFD\ WHyULFDTXHFXDOLILFDQ HO FDUiFWHU
FLHQWtILFRGHOD6RFLRORJtD
F &RPSUHQGH\UHODFLRQDHODOFDQFH\HQIRTXHWHyULFRPHWRGROyJLFRGHO
SHQVDPLHQWRFOiVLFRHQOD6RFLRORJtD
G &ODVLILFDQ \ UHODFLRQDQ ORV OLQHDPLHQWRV PHWRGROyJLFRV \ EDVHV
HPStULFDVGHODVSULQFLSDOHVHVFXHODVWHyULFDVVRFLROyJLFDV
(OHPHQWRVGH D &RPSUHQGH\GLVFLHUQHORVHVFHQDULRVKLVWyULFRV\IDFWRUHVVRFLDOHV
FRPSHWHQFLDV HFRQyPLFRV ILORVyILFRV\ FXOWXUDOHV TXHGDQ RULJHQ DOD6RFLRORJtD
FRPRFLHQFLD
E ([SOLFD \ IXQGDPHQWD OD FXDOLGDG HSLVWpPLFD \ DERUGDMH
PHWRGROyJLFRGHOREMHWRGHHVWXGLRFRPRWDPELpQHOFXHUSRWHyULFR
FRQFHSWXDO\EDVHHPStULFDGHOD6RFLRORJtD
F 'LVFLHUQH \ UHODFLRQD ODV SHUVSHFWLYDV WHyULFDV PHWRGROyJLFDV \
EDVHVHSLVWpPLFDVGHOSHQVDPLHQWRFOiVLFRHQOD6RFLRORJtD
G 5HODFLRQD \ GLIHUHQFLD GHVGH XQD SHUVSHFWLYD FUtWLFD ORV HMHV
WHyULFRV HQIRTXHV PHWRGROyJLFRV \ XWLOLGDG GH ODV SULQFLSDOHV
HVFXHODVVRFLROyJLFDV
H 'HVDUUROOD DFWLWXG FUtWLFD UHIOH[LYD \ SURSRVLWLYD IUHQWH D OD
FRPSOHMLGDGSOXUDOLGDG\GLQDPLFLGDGGHODUHDOLGDGVRFLDO

,981,'$'(6'($35(1',=$-(

8QLGDG1ž &RQWH[WRVRFLRKLVWyULFRGHOVXUJLPLHQWRGHOD6RFLRORJtD
8QLGDG1ž (OFDUiFWHUFLHQWtILFRGHODVRFLRORJtD
8QLGDG1ž (OSHQVDPLHQWRFOiVLFRGHOD6RFLRORJtD
8QLGDG1ž /DVHVFXHODVVRFLROyJLFDVXQDPLUDGDJHQHUDO



ϭϯϰ




$VLJQDWXUDVGHOiUHDEiVLFDHVSHFLILFDGHOWHUFHUVHPHVWUH

/DV DVLJQDWXUDV TXH FRQWULEX\HQ DO GHVDUUROOR GH ODV FRPSHWHQFLDV GHO iUHD EiVLFD
HVSHFtILFD\TXHVHFODVLILFDQHQHOWHUFHUVHPHVWUHVRQODVVLJXLHQWHV

,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD 7HRUtD6RFLROyJLFD,
6LJOD\FyGLJR &62
6HPHVWUH 7HUFHUR
$xR 6HJXQGR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 6RFLRORJtDJHQHUDO &62 
&RRUGLQDFLyQYHUWLFDO 7HRUtD6RFLROyJLFD,, &62 
&RRUGLQDFLyQKRUL]RQWDO 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,, ,19 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU &DUOD6DQ0LJXHO6/XLV FDUODVDQPLJXHO#XDJUPHGXER
)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$7HRUtD6RFLROyJLFD,
(OGHVDUUROORGHOSURFHVRGHDSUHQGL]DMHHVWiFRQGLFLRQDGRSRUORVIXQGDPHQWRVWHyULFRVTXH
HOHVWXGLDQWHLQWHUQDOL]DFRPREDVHLQWHUSUHWDWLYDGHORVIHQyPHQRVVRFLDOHV$XQTXHODWHRUtD
HV HQ ~OWLPD LQVWDQFLD HO SURGXFWR GHO GHVDUUROOR KLVWyULFR \ ODV SDUWLFXODULGDGHV GH FDGD
VRFLHGDGHOFRQMXQWRGHFDWHJRUtDV\FRQFHSWRVTXHFDGDHVFXHODGHSHQVDPLHQWRLPSULPH
HQ VX SURSLR PpWRGR VRQ GHILQLWRULDV HQ OD JHQHUDFLyQ GH XQ HVWLOR GH SHQVDPLHQWR
VRFLROyJLFR\HOULJRUFLHQWtILFRTXHUHTXLHUH/DDVLJQDWXUDVHRULHQWDDGRWDUHVRVHOHPHQWRV
HQODSHUVSHFWLYDGHFRQVROLGDUXQDQRFLyQFODUD\FRPSOHWDGHWHRUtDVRFLROyJLFDFOiVLFD\GH
ODV SHFXOLDULGDGHV TXH VRVWLHQHQ VXV DXWRUHV GH PD\RU UHSUHVHQWDWLYLGDG \ YLJHQFLD
DFDGpPLFD

,,,&203(7(1&,$6

0DFUR  3HQVDPLHQWR FUtWLFR $QDOL]D FUtWLFDPHQWH OD YDOLGH] HSLVWpPLFD \ ORV
FRPSHWHQFLDV IXQGDPHQWRV HPStULFRV GH ODV WHRUtDV VRFLROyJLFDV SDUD WRPDU GHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
 7UDEDMR HQ HTXLSRV 3DUWLFLSD \ JHVWLRQD GH PDQHUD HILFLHQWH HTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH

ϭϯϱ




 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG


VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO\
SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGR HVStULWX SURSRVLWLYR RULHQWDGR DO FXPSOLPLHQWR GH ORV REMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV 'LVFLHUQHFODVLILFD\H[SOLFDODVWHRUtDVVRFLROyJLFDVSDUDHOHVWXGLRGHOD
GHiUHDV UHDOLGDG VRFLDO WRPDQGR HQ FXHQWD VXV EDVHV HSLVWpPLFDV \ VX
JOREDOHV DSOLFDELOLGDGDOGLQiPLFR\FRPSOHMRSURFHVRGHWUDQVIRUPDFLyQVRFLDO
0LFUR D $QDOL]D\H[SOLFDORVGLIHUHQWHVFRQWH[WRV\HYHQWRVVRFLRKLVWyULFRHQ
FRPSHWHQFLDV ORVTXHVHGHVDUUROODODWHRUtDVRFLROyJLFDFOiVLFD
GHOD E ,GHQWLILFD\FRPSUHQGHORVHQIRTXHVWHyULFRVFRQFHSWRV\FDWHJRUtDV
DVLJQDWXUD FHQWUDOHVGHODWHRUtDVRFLROyJLFDFOiVLFDGHVGHODVSHUVSHFWLYDVGHVXV
DXWRUHVPiVUHSUHVHQWDWLYRV
F &ODVLILFDQ \ UHODFLRQDQ ORV OLQHDPLHQWRV PHWRGROyJLFRV \ EDVHV
HPStULFDVGHVDUUROODGDVSRUORVSULQFLSDOHVSHQVDGRUHVFOiVLFRV 
(OHPHQWRVGH D &RPSUHQGH\GLVFLHUQHORVHVFHQDULRV\IDFWRUHVVRFLDOHVILORVyILFRV
FRPSHWHQFLDV SROtWLFRV FXOWXUDOHV H LGHROyJLFRV TXH PROGHDQ \ GLQDPL]DQ HO
GHVDUUROORGHODWHRUtDFOiVLFD
E ([SOLFD\IXQGDPHQWDODFXDOLGDGHSLVWpPLFDGHORVHQIRTXHVWHyULFRV
FDWHJRUtDV\FRQFHSWRVFHQWUDOHVGHODWHRUtDVRFLROyJLFD
F 5HODFLRQD\GLIHUHQFLDGHVGHXQDSHUVSHFWLYDFUtWLFDORVOLQHDPLHQWRV
PHWRGROyJLFRV\ODEDVHHPStULFDGHOSHQVDPLHQWRFOiVLFR

,981,'$'(6'($35(1',=$-(

8QLGDG1ž (VER]RVRFLRKLVWyULFRGHODWHRUtDVRFLROyJLFDFOiVLFDSULPHUDHWDSD
8QLGDG1ž 3ULQFLSDOHVDXWRUHVGHODWHRUtDFOiVLFD$SRUWHVWHyULFRV\FRQFHSWXDOHV 

8QLGDG1ž 3ULQFLSDOHVDXWRUHVGHODWHRUtDFOiVLFD$SRUWHVPHWRGROyJLFRV\HPStULFRV 



ϭϯϲ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD 6RFLRORJtD5XUDO
6LJOD\FyGLJR &62
6HPHVWUH 7HUFHUR
$xR 6HJXQGR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 6RFLRORJtD*HQHUDO &62 
&RRUGLQDFLyQYHUWLFDO *HVWLyQ6RFLDO, *6 
&RRUGLQDFLyQKRUL]RQWDO 7HRUtD6RFLROyJLFD, &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 0HUFHGHV1RVWDV$ PHUFHGHVQRVWDV#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$6RFLRORJtDUXUDO
/D PDWHULD GH 6RFLRORJtD 5XUDO WLHQH DOWR YDORU DFDGpPLFR HQ OD IRUPDFLyQ GHO SURIHVLRQDO
6RFLyORJR \D TXH FRQWULEX\H HQ OD FRPSUHQVLyQ H[SOLFDFLyQ \ XVR GHO PDUFR WHyULFR \
PHWRGROyJLFRHVSHFLDOL]DGRHQORVHVWXGLRVGHORVSURFHVRVDFWRUHV\IDFWRUHV TXHGHILQHQ\
UHGHILQHQODVHVWUXFWXUDVDJUDULDVODVSROtWLFDVS~EOLFDVGHGHVDUUROOR\ODVHVWUDWHJLDVGHXVR
GHORVUHFXUVRVQDWXUDOHVGHOHVSDFLRUXUDOHQVXUHODFLyQFRQORVHVSDFLRVXUEDQRV

,,,&203(7(1&,$6

0DFUR  3HQVDPLHQWR FUtWLFR $QDOL]D FUtWLFDPHQWH OD YDOLGH] HSLVWpPLFD \ ORV
FRPSHWHQFLDV IXQGDPHQWRV HPStULFRV GH ODV WHRUtDV VRFLROyJLFDV SDUD WRPDU GHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
 7UDEDMR HQ HTXLSRV 3DUWLFLSD \ JHVWLRQD GH PDQHUD HILFLHQWH HTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDGGH
JpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
&DSDFLGDGDOFDPELR\UHVLOLHQFLD'HPXHVWUDFDSDFLGDGGHDGDSWDFLyQ
\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO\SURIHVLRQDO
TXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRVGHO
GHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ

ϭϯϳ




 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \


FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV 'LVFLHUQHFODVLILFD\H[SOLFDODVWHRUtDVVRFLROyJLFDVSDUDHOHVWXGLRGHOD
GHiUHDV UHDOLGDGVRFLDOWRPDQGRHQFXHQWDVXVEDVHVHSLVWpPLFDV\VXDSOLFDELOLGDG
JOREDOHV DOGLQiPLFR\FRPSOHMRSURFHVRGHWUDQVIRUPDFLyQVRFLDO
0LFUR $SOLFDORVHQIRTXHVWHyULFRV\PHWRGROyJLFRVGHOD6RFLRORJtD5XUDOSDUDHO
FRPSHWHQFLDV DQiOLVLV GH ORV SURFHVRV VRFLR KLVWyULFRV HQ ORV TXH VH FRQVWUX\HQ ODV
GHOD HVWUXFWXUDVDJUDULDVWHUULWRULDOHV\VRFLRDPELHQWDOHVGHOSDtV\ODUHJLyQ
DVLJQDWXUD $GHPiV FRPSUHQGH HO URO GHO (VWDGR HQ OD UHJXODFLyQ GH ORV GHUHFKRV
WHUULWRULDOHVODSODQLILFDFLyQ\SROtWLFDVS~EOLFDVGHOGHVDUUROORUXUDOHQVX
LQWHUDFFLyQ FRQ ORV HVSDFLRV XUEDQRV $Vt PLVPR DQDOL]D GHVGH XQD
SHUVSHFWLYDFUtWLFDHLQWHJUDOHOGHVHPSHxRGHORVPRYLPLHQWRVVRFLDOHVHQ
ODFRQVWLWXFLRQDOL]DFLyQGHGHUHFKRVWHUULWRULDOHVDPELHQWDOHVFXOWXUDOHV\
HFRQyPLFRV TXH FRQIOX\HQ HQ XQ PRGHOR GH GHVDUUROOR VRFLDO FRPXQLWDULR
GHO(VWDGR3OXULQDFLRQDO 
(OHPHQWRVGH D &RPSUHQGH \ H[SOLFD HO REMHWR GH HVWXGLR VX SHUVSHFWLYD
FRPSHWHQFLDV PHWRGROyJLFDODEDVHHPStULFD\WHyULFDGHOD6RFLRORJtD5XUDO
E &RPSUHQGHODVHVWUXFWXUDVDJUDULDVODQXHYDUXUDOLGDGHOPRGHOR
VRFLDOFRPXQLWDULR\ODVSROtWLFDVS~EOLFDVGHOGHVDUUROORUXUDOHQHO
(VWDGR3OXULQDFLRQDOGH%ROLYLD
F ([SOLFD HO URO GH ORV PRYLPLHQWRV VRFLDOHV HQ ORV SURFHVRV GH
WUDQVIRUPDFLyQ DJUDULD \ FRQVROLGDFLyQ GH GHUHFKRV VRFLDOHV
FXOWXUDOHVDPELHQWDOHV\SROtWLFRVGHOSDtV

,981,'$'(6'($35(1',=$-(

8QLGDG1ž ,QWURGXFFLRQHVWHyULFDV\PHWRGROyJLFDVVREUHOD6RFLRORJtD5XUDO
8QLGDG1ž /D VRFLRORJtD UXUDO \ OD SHUVSHFWLYD DJUDULVWD (VWDGR GHVDUUROOR UXUDO \
FXHVWLyQDJUDULD
8QLGDG1ž 0RYLPLHQWRV VRFLDOHV \ SROtWLFRV GHUHFKRV WHUULWRULDOHV GHVDUUROOR SURSLR
VRVWHQLELOLGDGDPELHQWDO\DXWRQRPtDV
8QLGDG1ž 0RGHORVGHGHVDUUROORHQ%ROLYLD-XVWLFLDVRFLDO\VRVWHQLELOLGDGDPELHQWDO


ϭϯϴ




$VLJQDWXUDVGHOiUHDEiVLFDHVSHFLILFDGHOFXDUWRVHPHVWUH

/DV DVLJQDWXUDV TXH FRQWULEX\HQ DO GHVDUUROOR GH ODV FRPSHWHQFLDV GHO iUHD EiVLFD
HVSHFtILFD\TXHVHFODVLILFDQHQHOFXDUWRVHPHVWUHVRQODVVLJXLHQWHV

,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD 7HRUtD6RFLROyJLFD,,
6LJOD\FyGLJR &62
6HPHVWUH &XDUWR
$xR 6HJXQGR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 7HRUtD6RFLROyJLFD, &62 
&RRUGLQDFLyQYHUWLFDO 7HRUtD6RFLROyJLFD,,, &62 
&RRUGLQDFLyQKRUL]RQWDO 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,, ,19 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU -RVp0DUWtQH]0 MRVpPDUWtQH]#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$7HRUtD6RFLROyJLFD,,
/D PDWHULD GH 7HRUtD 6RFLROyJLFD ,, WLHQH DOWR YDORU DFDGpPLFR HQ OD IRUPDFLyQ GHO
HVWXGLDQWH GH 6RFLRORJtD \D TXH FRQWULEX\H D OD FRPSUHQVLyQ \ GLVFHUQLPLHQWR GH ORV
HVFHQDULRVGRQGHQDFH\VHGHVDUUROODHOSHQVDPLHQWRWHyULFRGHFLPRQyQLFRQHRFOiVLFR\
OD HVFXHOD GH )UDQNIXUW &RQ HOOR ORV HVWXGLDQWHV FRQWDUDQ FRQ IXQGDPHQWRV WHyULFRV
FRQFHSWXDOHVSDUDGHVDUUROODUVXVSURSLDVFRPSUHQVLRQHV\H[SOLFDFLRQHVGHODGLYHUVLGDG
GH SHQVDPLHQWR VRFLROyJLFR \ WHQJDQ HOHPHQWRV QHFHVDULRV SDUD FRQVWUXLU SHQVDPLHQWR
VRFLROyJLFRSDUDORVWLHPSRVDFWXDOHV\ORVHVSDFLRVHQORVTXHLQWHUDFW~DQ

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ

ϭϯϵ




 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH


DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV 'LVFLHUQHFODVLILFD\H[SOLFDODVWHRUtDVVRFLROyJLFDVSDUDHOHVWXGLRGH
GHiUHDV OD UHDOLGDG VRFLDO WRPDQGR HQ FXHQWD VXV EDVHV HSLVWpPLFDV \ VX
JOREDOHV DSOLFDELOLGDGDOGLQiPLFR\FRPSOHMRSURFHVRGHWUDQVIRUPDFLyQVRFLDO
0LFUR &RPSUHQGH GLVFLHUQH \ H[SOLFD HO DOFDQFH \ XWLOLGDG GHO PDUFR WHyULFR
FRPSHWHQFLDV FRQFHSWXDOFRQIRUPDGRSRUHOSHQVDPLHQWRGHFLPRQyQLFRQHRFOiVLFR\OD
GHOD HVFXHOD GH )UDQNIXUW SDUD HO HVWXGLR GH OD GLYHUVD \ FRPSOHMD UHDOLGDG
DVLJQDWXUD VRFLDOEROLYLDQD
(OHPHQWRVGH D ,GHQWLILFD \ H[SOLFD FRQWH[WRV VRFLR KLVWyULFR UHODFLRQDGRV FRQ HO
FRPSHWHQFLDV VXUJLPLHQWR \ GHVDUUROOR GHO SHQVDPLHQWR WHyULFR GHFLPRQyQLFR
QHRFOiVLFR\ODHVFXHODGH)UDQNIXUW
E &RPSUHQGH GLVFLHUQH \ UHODFLRQD HO PDUFR WHyULFR FRQFHSWXDO
FRQIRUPDGR SRU HO SHQVDPLHQWR VRFLROyJLFR GHFLPRQyQLFR
QHRFOiVLFR\ODHVFXHODGH)UDQNIXUW
F &RQVWUX\H\DGRSWDSRVLFLRQDPLHQWRSURSLRUHVSHFWRDODGLYHUVLGDG
GH HQIRTXHV WHyULFRV \ FRQFHSWXDOHV GHO SHQVDPLHQWR VRFLROyJLFR
GHFLPRQyQLFRQHRFOiVLFR\ODHVFXHODGH)UDQNIXUW

,981,'$'(6'($35(1',=$-(

8QLGDG1ž &RQWH[WRGHOVXUJLPLHQWR\GHVDUUROORGHOSHQVDPLHQWRVRFLROyJLFR
8QLGDG1ž (OSHQVDPLHQWRGHFLPRQyQLFR
8QLGDG1ž (OSHQVDPLHQWRQHRFOiVLFR
8QLGDG1ž /DHVFXHODGH)UDQNIXUW


ϭϰϬ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD *HUHQFLDGHSUR\HFWRV6RFLDOHV,
6LJOD\FyGLJR 362
6HPHVWUH &XDUWR
$xR 6HJXQGR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,, ,19 
&RRUGLQDFLyQYHUWLFDO 3ODQLILFDFLyQ\SROtWLFDVS~EOLFDV &62 
*HUHQFLDSUR\HFWRVVRFLDOHV,, 36 
&RRUGLQDFLyQKRUL]RQWDO *HVWLyQVRFLDO, *6 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU /XLV0ROLQD(O+DJH OXLVPROLQD#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$*HUHQFLDGHSUR\HFWRVVRFLDOHV,
/D PDWHULD GH *HUHQFLD GH SUR\HFWRV VRFLDOHV , WLHQH XQ DOWR YDORU DFDGpPLFR HQ OD
IRUPDFLyQ GHO HVWXGLDQWH GH 6RFLRORJtD \D TXH OH SURSRUFLRQD ORV HQIRTXHV WHyULFRV
PHWRGROyJLFRVHLQVWUXPHQWRVWpFQLFRV\OHJDOHVTXHRULHQWDQORVSURFHVRVGHHODERUDFLyQ
HMHFXFLyQ \ HYDOXDFLyQ GH ORV SUR\HFWRV VRFLDOHV SHUPLWLpQGROH JHQHUDU XQ SHUILO GH
SUR\HFWRFRPRSURGXFWRLQLFLDO

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH

ϭϰϭ




 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR *HUHQFLDGHSURJUDPDV\SUR\HFWRV (ODERUDLPSOHPHQWDGLULJH\
FRPSHWHQFLDV HYDO~DSURJUDPDV\SUR\HFWRVGHGHVDUUROORKXPDQRVRVWHQLEOHWRPDQGR
HVSHFLILFDV HQFXHQWDHOSODQQDFLRQDOGHSDUWDPHQWDO\PXQLFLSDOGHGHVDUUROOR

&RPSHWHQFLDV  ,GHQWLILFD \ SULRUL]D ORV HQIRTXHV PHWRGROyJLFRV H LQVWUXPHQWRV
GHiUHDV WpFQLFRVOHJDOHVHQODHODERUDFLyQHMHFXFLyQ\HYDOXDFLyQGHSURJUDPDV\
JOREDOHV SUR\HFWRV VHJ~Q VX SHUWLQHQFLD \ DSOLFDELOLGDG D OD GLYHUVLGDG VRFLR
FXOWXUDOGHOSDtV
0LFUR D &RPSUHQGH \ H[SOLFD ORV SULQFLSLRV WHyULFRV \ FRQFHSWXDOHV
FRPSHWHQFLDV UHODFLRQDGRVFRQODJHUHQFLDGHSUR\HFWRVGHGHVDUUROORKXPDQR
GHOD E &ODVLILFD \ UHODFLRQD ORV OLQHDPLHQWRV PHWRGROyJLFRV \ ORV
DVLJQDWXUD LQVWUXPHQWRV WpFQLFRV MXUtGLFRV TXH UHJXODQ OD HODERUDFLyQ
LPSOHPHQWDFLyQ\HYDOXDFLyQGHSUR\HFWRVGHGHVDUUROORKXPDQR
F &RPSUHQGH\H[SOLFDODUHODFLyQGHORVSUR\HFWRVVRFLDOHVFRQOD
SODQLILFDFLyQHVWUDWpJLFD\ODVSROtWLFDVSXEOLFDV
(OHPHQWRVGH D &RPSDUD \ SULRUL]D ORV HQIRTXHV WHyULFRV \ FRQFHSWXDOHV GH OD
FRPSHWHQFLDV JHUHQFLD GH SUR\HFWRV GH GHVDUUROOR KXPDQR VHJ~Q VX
SHUWLQHQFLDDODGLYHUVLGDGVRFLRFXOWXUDOGHOSDtV
E ([SOLFD\IXQGDPHQWDORVDOFDQFHV\XWLOLGDGGHORVOLQHDPLHQWRV
PHWRGROyJLFRVWpFQLFRV\MXUtGLFRVSDUDODJHUHQFLDGHSUR\HFWRV
HQORVGLYHUVRVQLYHOHVWHUULWRULDOHVGHOSDtV
F ,GHQWLILFD\FODVLILFDORVFULWHULRVGHUHODFLyQHQWUHORVSUR\HFWRV
VRFLDOHVODSODQLILFDFLyQHVWUDWpJLFD\SROtWLFDVSXEOLFDV
G *HQHUDXQSHUILOGHSUR\HFWRGHGHVDUUROORKXPDQRDSDUWLUGHOD
SUREOHPiWLFDVRFLDOFRQFUHWD HOSUREOHPDREMHWLYRVUHVXOWDGRV
DFWLYLGDGHV 

,981,'$'(6'($35(1',=$-(

8QLGDG1ž 0DUFRWHyULFR\FRQFHSWXDOGHODJHUHQFLDGHSUR\HFWRVGHGHVDUUROOR
KXPDQR
8QLGDG1ž /LQHDPLHQWRVPHWRGROyJLFRVWpFQLFRV\MXUtGLFRVGHODJHUHQFLDGH
SUR\HFWRVGHGHVDUUROORKXPDQR
8QLGDG1ž /RVSUR\HFWRVVRFLDOHV\VXUHODFLyQFRQODSODQLILFDFLyQHVWUDWpJLFD\
SROtWLFDVS~EOLFDV
8QLGDG1ž 0RGHORVGHSHUILOGHSUR\HFWRGHOGHVDUUROORKXPDQR


ϭϰϮ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD *HVWLyQVRFLDO,
6LJOD\FyGLJR *62
6HPHVWUH &XDUWR
$xR 6HJXQGR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 6RFLRORJtDJHQHUDO &62 
&RRUGLQDFLyQYHUWLFDO 3ODQLILFDFLyQ\SROtWLFDVS~EOLFDV &62 
&RRUGLQDFLyQKRUL]RQWDO *HUHQFLDGHSUR\HFWRV6RFLDOHV, 362 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU -RVp0DUWtQH] MRVHPDUWLQH]#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$*HVWLyQ6RFLDO,
/DPDWHULDGH*HVWLyQ6RFLDO,WLHQHDOWRYDORUHVWUDWpJLFRHQODIRUPDFLyQGHOHVWXGLDQWH
GH6RFLRORJtD \D TXHOHV WRGDODVEDVHVWHyULFDV WpFQLFDMXUtGLFDV \ PHWRGROyJLFDVGHOD
JHVWLyQ JXEHUQDWLYD SROtWLFDV VRFLDOHV \ OD SDUWLFLSDFLyQ FLXGDGDQD HQ WDQWR HMHV
IXQGDPHQWDOHVGHODJHVWLyQVRFLDOHQ%ROLYLD&RQHOORORVHVWXGLDQWHVSRGUiQLGHQWLILFDU
FODVLILFDU\H[SOLFDUORVPRGHORVGHJHVWLyQVRFLDOHQHOSDtVFRPRDVtWDPELpQVXQLYHOGH
SHUWLQHQFLD \ DSOLFDELOLGDG HQ OD UHDOLGDG VRFLDO FXOWXUDO \ HFRQyPLFD GHO (VWDGR
3OXULQDFLRQDO

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH

ϭϰϯ




 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  *HVWLyQ VRFLDO 2ULHQWD GLQDPL]D \ SDUWLFLSD GH ODV DFFLRQHV \
FRPSHWHQFLDV GHFLVLRQHVFRQGXFHQWHVDOFDPELRVRFLDOFRQVLGHUDQGRODVYLVLRQHVGHORV
HVSHFLILFDV DFWRUHV LQYROXFUDGRV \ HO HQWUDPDGR IDFWRULDO TXH GHILQHQ OD UHDOLGDG
 ORFDOGHSDUWDPHQWDO\QDFLRQDO
&RPSHWHQFLDV  &ODVLILFD GLVFLHUQH \ H[SOLFD ODV WHRUtDV VRFLROyJLFDV \ PRGHORV GH
GHiUHDV JHVWLyQVRFLDO VHJ~QVXVEDVHVHSLVWpPLFDV\QLYHOGHDSOLFDELOLGDGDOD
JOREDOHV UHDOLGDGVRFLDOSROtWLFD\FXOWXUDOGHOSDtV
0LFUR D &RPSUHQGH \ H[SOLFD ORV HQIRTXHV WHyULFRV \ PHWRGROyJLFRV TXH
FRPSHWHQFLDV IXQGDPHQWDQ\RULHQWDQORVPRGHORVGHJHVWLyQVRFLDO
GHOD E ,GHQWLILFD\UHODFLRQDORVHOHPHQWRVWpFQLFRV\MXUtGLFRVTXHUHJXODQ
DVLJQDWXUD ODJHVWLyQJXEHUQDWLYDSDUWLFLSDFLyQFLXGDGDQD\SROtWLFDVVRFLDOHVHQ
HOSDtV
F $QDOL]DFUtWLFDPHQWHODSHUWLQHQFLD\DSOLFDELOLGDGGHORVPRGHORVGH
JHVWLyQVRFLDOH[LVWHQWHVVHJ~QODGLYHUVLGDGVRFLDOFXOWXUDO\SROtWLFD
GHOSDtV
(OHPHQWRVGH D )XQGDPHQWD ODV EDVHV HSLVWpPLFDV GH ORV HQIRTXHV WHyULFRV \
FRPSHWHQFLDV HVWDEOHFH OD ILDELOLGDG GH ODV PHWRGRORJtDV TXH XWLOL]DGDV HQ OD
HODERUDFLyQGHORVPRGHORVGHJHVWLyQVRFLDO
E (VWDEOHFHODXWLOLGDGGHORVHOHPHQWRVWpFQLFRVOHJDOHVTXHUHJXODQD
JHVWLyQJXEHUQDWLYDSDUWLFLSDFLyQFLXGDGDQD\ODVSROtWLFDVVRFLDOHV
GHOSDtV
F (YDO~D OD SHUWLQHQFLD VRFLDO FXOWXUDO HFRQyPLFD \ SROtWLFD GH ORV
PRGHORVGHJHVWLyQVRFLDODSOLFDGRVHQHOSDtV

,981,'$'(6'($35(1',=$-(

8QLGDG1ž 0DUFRWHyULFRFRQFHSWXDO\WpFQLFROHJDOGHODJHVWLyQVRFLDO
8QLGDG1ž /DJHVWLyQJXEHUQDWLYD\SROtWLFDVVRFLDOHVHQ%ROLYLD
8QLGDG1ž 3DUWLFLSDFLyQFLXGDGDQDHQODJHVWLyQVRFLDO
8QLGDG1ž 8QDHYDOXDFLyQDOPRGHORGHJHVWLyQVRFLDOHQ%ROLYLD


ϭϰϰ




$VLJQDWXUDVGHOiUHDEiVLFDHVSHFLILFDGHOTXLQWRVHPHVWUH

/DV DVLJQDWXUDV TXH FRQWULEX\HQ DO GHVDUUROOR GH ODV FRPSHWHQFLDV GHO iUHD EiVLFD
HVSHFtILFD\TXHVHFODVLILFDQHQHOTXLQWRVHPHVWUHVRQODVVLJXLHQWHV

,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD 7HRUtD6RFLROyJLFD,,,
6LJOD\FyGLJR &62
6HPHVWUH 4XLQWR
$xR 7HUFHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 7HRUtD6RFLROyJLFD,, &62 
&RRUGLQDFLyQYHUWLFDO 7HRUtD6RFLROyJLFD,9 &62 
&RRUGLQDFLyQKRUL]RQWDO &LEHUVRFLRORJtD &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU &DUOD6DQ0LJXHO6 FDUODVDQPLJXHO#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$7HRUtD6RFLROyJLFD,,,
(OGHVDUUROORGHOSURFHVRGHDSUHQGL]DMHHVWiFRQGLFLRQDGRSRUORVIXQGDPHQWRVWHyULFRVTXH
HOHVWXGLDQWHLQWHUQDOL]DFRPREDVHLQWHUSUHWDWLYDGHORVIHQyPHQRVVRFLDOHV$XQTXHODWHRUtD
HV HQ ~OWLPD LQVWDQFLD HO SURGXFWR GHO GHVDUUROOR KLVWyULFR \ ODV SDUWLFXODULGDGHV GH FDGD
VRFLHGDGHOFRQMXQWRGHFDWHJRUtDV\FRQFHSWRVTXHFDGDHVFXHODGHSHQVDPLHQWRLPSULPH
HQ VX SURSLR PpWRGR VRQ GHILQLWRULDV HQ OD JHQHUDFLyQ GH XQ HVWLOR GH SHQVDPLHQWR
VRFLROyJLFR\HOULJRUFLHQWtILFRTXHUHTXLHUH/DDVLJQDWXUD7HRUtD6RFLRORJtD,,,VHRULHQWDD
FRQVWUXLUHVRVHOHPHQWRVHQODSHUVSHFWLYDGHFRQVROLGDUXQDQRFLyQFODUD\FRPSOHWDGHORV
HQIRTXHVWHyULFRVGHOD6RFLRORJtDPRGHUQD

,,,&203(7(1&,$6

0DFUR  3HQVDPLHQWR FUtWLFR $QDOL]D FUtWLFDPHQWH OD YDOLGH] HSLVWpPLFD \ ORV
FRPSHWHQFLDV IXQGDPHQWRV HPStULFRV GH ODV WHRUtDV VRFLROyJLFDV SDUD WRPDU GHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
 7UDEDMR HQ HTXLSRV 3DUWLFLSD \ JHVWLRQD GH PDQHUD HILFLHQWH HTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH

ϭϰϱ




 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG


VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO\
SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGR HVStULWX SURSRVLWLYR RULHQWDGR DO FXPSOLPLHQWR GH ORV REMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV 'LVFLHUQHFODVLILFD\H[SOLFDODVWHRUtDVVRFLROyJLFDVSDUDHOHVWXGLRGHOD
GHiUHDV UHDOLGDG VRFLDO WRPDQGR HQ FXHQWD VXV EDVHV HSLVWpPLFDV \ VX
JOREDOHV DSOLFDELOLGDGDOGLQiPLFR\FRPSOHMRSURFHVRGHWUDQVIRUPDFLyQVRFLDO
0LFUR D $QDOL]D\H[SOLFDORVGLIHUHQWHVFRQWH[WRV\HYHQWRVVRFLRKLVWyULFR
FRPSHWHQFLDV HQORVTXHVHGHVDUUROODODWHRUtDVRFLROyJLFDPRGHUQD
GHOD E ,GHQWLILFD\FRPSUHQGHORVHQIRTXHVWHyULFRVFRQFHSWRV\FDWHJRUtDV
DVLJQDWXUD FHQWUDOHVGHODWHRUtDVRFLROyJLFDPRGHUQDGHVGHODVSHUVSHFWLYDVGH
VXVDXWRUHVPiVUHSUHVHQWDWLYRV
F &ODVLILFDQ \ UHODFLRQDQ ORV OLQHDPLHQWRV PHWRGROyJLFRV \ EDVHV
HPStULFDVGHVDUUROODGDVSRUORVSULQFLSDOHVSHQVDGRUHVPRGHUQRV 
(OHPHQWRVGH D &RPSUHQGH\GLVFLHUQHORVHVFHQDULRV\IDFWRUHVVRFLDOHVILORVyILFRV
FRPSHWHQFLDV SROtWLFRV FXOWXUDOHV H LGHROyJLFRV TXH PROGHDQ \ GLQDPL]DQ HO
GHVDUUROORGHODWHRUtDVRFLROyJLFDPRGHUQD
E ([SOLFD \ IXQGDPHQWD OD FXDOLGDG HSLVWpPLFD GH ORV HQIRTXHV
WHyULFRV FDWHJRUtDV \ FRQFHSWRV FHQWUDOHV GH OD WHRUtD VRFLROyJLFD
PRGHUQD
F 5HODFLRQD \ GLIHUHQFLD GHVGH XQD SHUVSHFWLYD FUtWLFD ORV
OLQHDPLHQWRV PHWRGROyJLFRV \ OD EDVH HPStULFD GHO SHQVDPLHQWR
PRGHUQR

,981,'$'(6'($35(1',=$-(

8QLGDG1ž (VER]RVRFLRKLVWyULFRGHODWHRUtDVRFLROyJLFDPRGHUQD
8QLGDG1ž 3ULQFLSDOHV DXWRUHV GH OD WHRUtD VRFLROyJLFD PRGHUQD $SRUWHV WHyULFRV \
PHWRGROyJLFRV

8QLGDG1ž 3ULQFLSDOHV HVFXHODV GH OD WHRUtD VRFLROyJLFD PRGHUQD PDUFRV WHyULFRV
PHWRGROyJLFRV\HPStULFRV

ϭϰϲ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD &LEHUVRFLRORJtD
6LJOD\FyGLJR &62
6HPHVWUH 4XLQWR
$xR 7HUFHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV ,QIRUPiWLFDVRFLDO ,)6 
&RRUGLQDFLyQYHUWLFDO 7HRUtD6RFLROyJLFD,9 &62 
&RRUGLQDFLyQKRUL]RQWDO 7HRUtD6RFLROyJLFD,,, &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 5LFDUGR)HUQiQGH]6 ULFDUGRIHUQDQGH]#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$&LEHUVRFLRORJtD
(QODHUDGLJLWDO\ODVRFLHGDGGHOFRQRFLPLHQWRTXHYLYLPRVODPDWHULDGH&LEHUVRFLRORJtDHV
DOWDPHQWHHVWUDWpJLFD\SHUWLQHQWHHQODIRUPDFLyQGHORVSURIHVLRQDOHVVRFLyORJRV\DTXHOHV
GRWDGHORVHQIRTXHVWHyULFRV\PHWRGROyJLFRVHPHUJHQWHVDSOLFDEOHVDOHVWXGLRGHORVQXHYRV
IHQyPHQRV VRFLROyJLFRV FRQILJXUDGRV HQ OD UHODFLyQ GHO KXPDQR FRQ ODV WHFQRORJtDV GH OD
LQIRUPDFLyQ \ FRPXQLFDFLyQ \ HO FLEHUHVSDFLR 'H HVWD PDQHUD HO HVWXGLDQWH VH HQFRQWUDUi
FDSDFLWDGR SDUD HVWXGLDU FRPSUHQGHU \ H[SOLFDU ORV HIHFWRV VRFLRFXOWXUDOHV GH ODV UHGHV
VRFLDOHV GLJLWDOHV \ FRPXQLGDGHV YLUWXDOHV TXH PDUFDQ QXHYRV UHWRV DO TXHKDFHU GH OD
6RFLRORJtD

,,,&203(7(1&,$6

0DFUR  3HQVDPLHQWR FUtWLFR $QDOL]D FUtWLFDPHQWH OD YDOLGH] HSLVWpPLFD \ ORV
FRPSHWHQFLDV IXQGDPHQWRV HPStULFRV GH ODV WHRUtDV VRFLROyJLFDV SDUD WRPDU GHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRVWUDV
GLVFLSOLQDULRVSDUDDSRUWDUDORVREMHWLYRVGHOGHVDUUROORKXPDQRVRVWHQLEOH
&RPSURPLVRVRFLDO$VXPH\HMHUFHFRPSURPLVR\UHVSRQVDELOLGDGVRFLDO
FRQ HO HTXLOLEULR DPELHQWDO OD FRQYLYHQFLD LQWHUFXOWXUDO OD HTXLGDG GH
JpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
&DSDFLGDGDOFDPELR\UHVLOLHQFLD'HPXHVWUDFDSDFLGDGGHDGDSWDFLyQ
\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO\ SURIHVLRQDO
TXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
(VStULWXSURSRVLWLYR'HVHQYXHOYHVXTXHKDFHUVRFLROyJLFRFRQGHVWDFDGR
HVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRVGHOGHVDUUROOR
KXPDQRVRVWHQLEOH

ϭϰϳ




 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
,QQRYDFLyQ\HPSUHQGHGXULVPR$SOLFDVXVKDELOLGDGHV\FRQRFLPLHQWRV
SDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWDSURSLD
0DFUR ,QYHVWLJDFLyQVRFLDO'LVHxD\UHDOL]DLQYHVWLJDFLRQHVWHyULFDV\DSOLFDGDV
FRPSHWHQFLDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG FLHQWtILFD \ ODV
HVSHFLILFDV QHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV ([SOLFD\UHODFLRQDORVSDUDGLJPDVWHyULFRVHPHUJHQWHVSDUDHOHVWXGLRGH
GHiUHDV ORVIHQyPHQRVVRFLRFLEHUQHWLFRV
JOREDOHV
0LFUR D $QDOL]D\H[SOLFDORVIDFWRUHV\FRQWH[WRVHQORVTXHVHGHVDUUROODOD
FRPSHWHQFLDV FLEHUVRFLRORJtDFRPRGLVFLSOLQDFLHQWtILFD
GHOD E ,GHQWLILFD\FRPSUHQGHORVHQIRTXHVWHyULFRV\FDWHJRUtDVFHQWUDOHVGH
DVLJQDWXUD ODV WHRUtDV HPHUJHQWHV SDUD HO HVWXGLR GH ORV IHQyPHQRV VRFLR
FLEHUQpWLFRV
F &RPSUHQGH \ H[SOLFD ODV SULQFLSDOHV FRQILJXUDFLRQHV VRFLDOHV
FXOWXUDOHV SROtWLFDV \ WHFQROyJLFDV TXH VH GDQ HQ OD LQWHUUHODFLyQ
KXPDQRWHFQRORJtDFLEHUHVSDFLR
G &ODVLILFD \ UHODFLRQD ORV OLQHDPLHQWRV PHWRGROyJLFRV GHVDUUROODGRV
SDUDORVHVWXGLRVGHORVIHQyPHQRVVRFLRFLEHUQpWLFRV
(OHPHQWRVGH D &RPSUHQGH\GLVFLHUQHORVHVFHQDULRV\IDFWRUHVVRFLDOHVFXOWXUDOHV
FRPSHWHQFLDV HFRQyPLFRV\WHFQROyJLFRVTXHPROGHDQ\GLQDPL]DQHOGHVDUUROORGH
ODFLEHUVRFLRORJtDFRPRGLVFLSOLQDFLHQWtILFD
E ([SOLFD\IXQGDPHQWDODFXDOLGDGHSLVWpPLFDGHORVHQIRTXHVWHyULFRV
HPHUJHQWHV WHRUtDV GH VLVWHPDV DFWRUUHG DFFLyQ FRPXQLFDWLYD 
XWLOL]DGRVSRUODFLEHUVRFLRORJtD
F &RPSUHQGH\H[SOLFDODVRFLHGDGGHODLQIRUPDFLyQ\HOFRQRFLPLHQWR
OD LGHQWLGDG \ FRPXQLFDFLyQ HQ HO FLEHUHVSDFLR OD FXOWXUD \ SRGHU
FLEHUQpWLFRHQWDQWRHOHPHQWRVFRQVWLWXWLYRVGHODUHDOLGDGDFWXDO
G 5HODFLRQD\GLIHUHQFLDGHVGHXQDSHUVSHFWLYDFUtWLFDORVOLQHDPLHQWRV
PHWRGROyJLFRV\ODEDVHHPStULFDGHODFLEHUVRFLRORJtD

,981,'$'(6'($35(1',=$-(

8QLGDG1ž 0DUFR WHyULFR FRQFHSWXDO HQ OD FLEHUVRFLRORJtD WHRUtDV GH VLVWHPDV DFWRU
UHGDFFLyQFRPXQLFDWLYDVLPEyOLFD\QHXURFLHQFLD 
8QLGDG1ž 6RFLHGDGGHODLQIRUPDFLyQ\HOFRQRFLPLHQWR
8QLGDG1ž &XOWXUDFRPXQLFDFLyQHQUHG\SRGHUGHOFLEHUHVSDFLR
8QLGDG1ž (QIRTXHVPHWRGROyJLFRVHQODFLEHUVRFLRORJtD


ϭϰϴ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD 'HVDUUROORLQVWLWXFLRQDO
6LJOD\FyGLJR &62
6HPHVWUH 4XLQWR
$xR 7HUFHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV *HVWLyQVRFLDO, *6 
&RRUGLQDFLyQYHUWLFDO 7DOOHUGHVDUUROORLQVWLWXFLRQDO 736 
&RRUGLQDFLyQKRUL]RQWDO *HVWLyQ6RFLDO,, *6 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 0DJDO\&DYHUR* PDJDO\FDYHUR#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$'HVDUUROORLQVWLWXFLRQDO
/DPDWHULDGH'HVDUUROORLQVWLWXFLRQDOWLHQHXQDOWRYDORUDFDGpPLFRHQODIRUPDFLyQGHO
HVWXGLDQWHGH6RFLRORJtD\DTXHOHSURSRUFLRQDORVPDUFRVWHyULFRV\PHWRGROyJLFRVSDUDHO
HVWXGLR \ HODERUDFLyQ GH SURSXHVWDV GH GHVDUUROOR LQVWLWXFLRQDO FRQVLGHUDQGR VX
SHUWLQHQFLDDOFRQWH[WR\ORVGHVDItRVGHODVRFLHGDGFLYLOGHOSDtV

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH

ϭϰϵ




 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  'HVDUUROOR LQVWLWXFLRQDO )DFLOLWD \ GLQDPL]D ORV SURFHVRV GH
FRPSHWHQFLDV IRUWDOHFLPLHQWR LQVWLWXFLRQDO GH OD VRFLHGDG FLYLO FRQVLGHUDQGR VXV
HVSHFLILFDV SRWHQFLDOLGDGHV \ OLPLWDFLRQHV LQWHUQDV DGHPiV GH ORV IDFWRUHV GHO

FRQWH[WRSROtWLFRVRFLDOFXOWXUDO\HFRQyPLFR
&RPSHWHQFLDV &ODVLILFDGLVFLHUQH\H[SOLFDORVHQIRTXHVPHWRGROyJLFRV\ODVWHRUtDV
GHiUHDV GHOGHVDUUROORLQVWLWXFLRQDODFRUGHFRQORVGHVDItRVGHOFRQWH[WRQDFLRQDO
JOREDOHV UHJLRQDO\ORFDO
0LFUR &RPSUHQGH \ H[SOLFD HO PDUFR WHyULFR \ PHWRGROyJLFR SDUD HO DQiOLVLV
FRPSHWHQFLDV VLWXDFLRQDOGHODVLQVWLWXFLRQHVGHODVRFLHGDGFLYLO\HQEDVHDHOORGLVHxD
GHOD SURSXHVWDV LQWHJUDOHV GH IRUWDOHFLPLHQWR \ SDUWLFLSDFLyQ HQ OD YLGD
DVLJQDWXUD GHPRFUiWLFDGHOSDtV
(OHPHQWRVGH D 5HODFLRQD HO PDUFR WHyULFR \ PHWRGROyJLFR SDUD HO DQiOLVLV
FRPSHWHQFLDV VLWXDFLRQDOGHODVLQVWLWXFLRQHVGHODVRFLHGDGFLYLO
E (ODERUD\SUHVHQWDDQiOLVLVVLWXDFLRQDOVREUHHOIRUWDOHFLPLHQWRGH
ODVLQVWLWXFLRQHVGHODVRFLHGDGFLYLO
F 'LVHxDSURSXHVWDVPRGHORVWHyULFRVSDUDHOIRUWDOHFLPLHQWRGHODV
LQVWLWXFLRQHVGHODVRFLHGDGFLYLO

,981,'$'(6'($35(1',=$-(

8QLGDG1ž 0DUFRWHyULFRFRQFHSWXDO\PHWRGROyJLFRSDUDHOHVWXGLRVLWXDFLRQDOGH
ODVRUJDQL]DFLRQHVGHODVRFLHGDGFLYLO
8QLGDG1ž /RVGLDJQyVWLFRVLQVWLWXFLRQDOHV
8QLGDG1ž 0RGHORVGHIRUWDOHFLPLHQWRGHODVLQVWLWXFLRQHVGHODVRFLHGDGFLYLO


ϭϱϬ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD 3ODQLILFDFLyQ\SROtWLFDVSXEOLFDV
6LJOD\FyGLJR &62
6HPHVWUH 4XLQWR
$xR 7HUFHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV *HUHQFLDGHSUR\HFWRV6RFLDOHV, 362 
&RRUGLQDFLyQYHUWLFDO 7DOOHUGHSODQLILFDFLyQ\SROtWLFDVS~EOLFD 736 
&RRUGLQDFLyQKRUL]RQWDO *HUHQFLDSUR\HFWRVVRFLDOHV,, 36 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 2VFDU&DOOHMDV6 RVFDUFDOOHMDV#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$3ODQLILFDFLyQ\SROtWLFDVSXEOLFDV
/D PDWHULD GH SODQLILFDFLyQ \ SROtWLFDV S~EOLFDV WLHQH XQ DOWR YDORU DFDGpPLFR HQ OD
IRUPDFLyQ GHO HVWXGLDQWH GH 6RFLRORJtD \D TXH OH SURSRUFLRQD ORV HQIRTXHV WHyULFRV
PHWRGROyJLFRVHLQVWUXPHQWRVWpFQLFRV\OHJDOHVTXHRULHQWDQORVSURFHVRVGHHODERUDFLyQ
\ HYDOXDFLyQ GH OD SODQLILFDFLyQ HVWUDWpJLFD \ ODV SROtWLFDV S~EOLFDV SDUD HO GHVDUUROOR
KXPDQRVRVWHQLEOHGHOSDtV

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ

ϭϱϭ




 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \


FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  3ODQLILFDFLyQ HVWUDWpJLFD \ SROtWLFDV S~EOLFDV (ODERUD\ HYDO~DOD
FRPSHWHQFLDV SODQLILFDFLyQHVWUDWHJLD\ODVSROtWLFDVS~EOLFDVSDUDHOGHVDUUROORKXPDQR
HVSHFLILFDV VRVWHQLEOH FRQVLGHUDQGR OD UHDOLGDG VRFLDO GHO SDtV \ ORV OLQHDPLHQWRV
 WpFQLFRV\MXUtGLFRVTXHUHJXODQHVWRVSURFHVRV
&RPSHWHQFLDV  &ODVLILFD \ SULRUL]D ORV LQVWUXPHQWRV WpFQLFRV \ OHJDOHV GH OD
GHiUHDV SODQLILFDFLyQ HVWUDWpJLFD \ SROtWLFDV S~EOLFDV DFRUGH D ORV REMHWLYRV GHO
JOREDOHV GHVDUUROORKXPDQRVRVWHQLEOH\ORVSURFHVRVGHWUDQVIRUPDFLyQVRFLDOGHO
SDtV
0LFUR D &RPSUHQGH \ H[SOLFD ORV PDUFRV WHyULFRV \ FRQFHSWXDOHV
FRPSHWHQFLDV UHODFLRQDGRV FRQ OD SODQLILFDFLyQ HVWUDWpJLFD \ ODV SROtWLFDV
GHOD S~EOLFDVGHOGHVDUUROORKXPDQR
DVLJQDWXUD E &ODVLILFD \ UHODFLRQD ORV OLQHDPLHQWRV PHWRGROyJLFRV \ ORV
LQVWUXPHQWRV WpFQLFRV MXUtGLFRV TXH UHJXODQ OD HODERUDFLyQ \
HYDOXDFLyQGHODSODQLILFDFLyQHVWUDWpJLFD\ODVSROtWLFDVS~EOLFDV
F $QDOL]D \ RSHUDFLRQDOL]D OD LQIRUPDFLyQ FHQVDO HQ PRGHORV GH
SODQLILFDFLyQ HVWUDWpJLFD \ SROtWLFDV S~EOLFDV GH GHVDUUROOR
KXPDQRHQ%ROLYLD
(OHPHQWRVGH D &RPSDUD \ SULRUL]D ORV HQIRTXHV WHyULFRV \ FRQFHSWXDOHV GH OD
FRPSHWHQFLDV SODQLILFDFLyQHVWUDWpJLFD\SROtWLFDVS~EOLFDVDFRUGHDODUHDOLGDG
QDFLRQDOGHSDUWDPHQWDO\ORFDO
E ([SOLFD\IXQGDPHQWDORVDOFDQFHV\XWLOLGDGGHORVOLQHDPLHQWRV
PHWRGROyJLFRVWpFQLFRV\MXUtGLFRVGHODSODQLILFDFLyQHVWUDWpJLFD
\SROtWLFDVS~EOLFDVGHOGHVDUUROORKXPDQR
F &RPSUHQGH\UHODFLRQDORVHQIRTXHVGHODSODQLILFDFLyQHVWUDWpJLFD
\SROtWLFDVS~EOLFDVGH%ROLYLD\/DWLQRDPpULFD
G *HQHUD PRGHORV GH SODQLILFDFLyQ HVWUDWpJLFD \ SROtWLFDV S~EOLFDV
SDUD HO GHVDUUROOR KXPDQR HQ EDVH D OD LQIRUPDFLyQ FHQVDO GHO
SDtV

,981,'$'(6'($35(1',=$-(

8QLGDG1ž 0DUFRWHyULFR\FRQFHSWXDOGHODSODQLILFDFLyQHVWUDWpJLFD\SROtWLFDV
SXEOLFDV
8QLGDG1ž /LQHDPLHQWRV PHWRGROyJLFRV WpFQLFRV \ MXUtGLFRV GH OD SODQLILFDFLyQ
HVWUDWpJLFD\SROtWLFDVS~EOLFDVGHOGHVDUUROORKXPDQR
8QLGDG1ž /D SODQLILFDFLyQ HVWUDWpJLFD \ SROtWLFDV S~EOLFDV HQ %ROLYLD \
/DWLQRDPpULFD
8QLGDG1ž 0RGHORV GH SODQLILFDFLyQ HVWUDWpJLFD \ SROtWLFDV S~EOLFDV GHO GHVDUUROOR
KXPDQR


ϭϱϮ




$VLJQDWXUDVGHOiUHDEiVLFDHVSHFLILFDGHOVH[WRVHPHVWUH

/DV DVLJQDWXUDV TXH FRQWULEX\HQ DO GHVDUUROOR GH ODV FRPSHWHQFLDV GHO iUHD EiVLFD
HVSHFtILFD\TXHVHFODVLILFDQHQHOVH[WRVHPHVWUHVRQODVVLJXLHQWHV

,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD 7HRUtD6RFLROyJLFD,9
6LJOD\FyGLJR &62
6HPHVWUH 6H[WR
$xR 7HUFHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 7HRUtD6RFLROyJLFD,,, &62 
&RRUGLQDFLyQYHUWLFDO 0RGDOLGDGGHJUDGXDFLyQ *5/ 
&RRUGLQDFLyQKRUL]RQWDO 3HQVDPLHQWRVRFLDOEROLYLDQR &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU (OLVD6DOGLDV5 HOLVDVDOGLDV#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$7HRUtD6RFLROyJLFD,9
/D PDWHULD GH 7HRUtD 6RFLROyJLFD ,9 WLHQH DOWR YDORU DFDGpPLFR HQ OD IRUPDFLyQ GHO
HVWXGLDQWHGH6RFLRORJtD\DTXHFRQWULEX\HDODFRPSUHQVLyQGHORVHVFHQDULRVGRQGHQDFH
\VHGHVDUUROODODHVFXHOD1HRPDU[LVWDDVtWDPELpQVXPDUFRWHyULFR\PHWRGROyJLFR\ORV
DSRUWHV GH VXV SULQFLSDOHV H[SRQHQWHV %DMR HVWH OLQHDPLHQWR OD PDWHULD DGRSWD XQ
FRQWHQLGR \ HQIRTXH SHGDJyJLFR FDUDFWHUL]DGR SRU OD SOXUDOLGDG WHyULFDHSLVWpPLFD \ HO
FDUiFWHU LQWHUDFWLYR GH VX PHWRGRORJtD &RQ HOOR VH FRQWULEX\H D TXH ORV HVWXGLDQWHV
FXHQWHQFRQODVFRPSHWHQFLDVLQYHVWLJDWLYDVSDUDHOHVWXGLRGHODUHDOLGDGVRFLDO

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ

ϭϱϯ




 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH


DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV 'LVFLHUQHFODVLILFD\H[SOLFDODVWHRUtDVVRFLROyJLFDVSDUDHOHVWXGLRGH
GHiUHDV OD UHDOLGDG VRFLDO WRPDQGR HQ FXHQWD VXV EDVHV HSLVWpPLFDV \ VX
JOREDOHV DSOLFDELOLGDGDOGLQiPLFR\FRPSOHMRSURFHVRGHWUDQVIRUPDFLyQVRFLDO
0LFUR &RPSUHQGH \ UHIOH[LRQD GHVGH XQD SHUVSHFWLYD LQWHUGLVFLSOLQDULD HO
FRPSHWHQFLDV FRQRFLPLHQWR VRFLROyJLFR 1HR PDU[LVWD \ HYDO~D VX SHUWLQHQFLD \
GHOD DSOLFDELOLGDGDOHVWXGLRGHORVIHQyPHQRVVRFLDOHVFRQWHPSRUiQHRV
DVLJQDWXUD
(OHPHQWRVGH D $QDOL]D \ H[SOLFD ORV GLIHUHQWHV HVFHQDULRV VRFLR KLVWyULFR HQ ORV
FRPSHWHQFLDV TXHHPHUJH\VHGHVDUUROODOD(VFXHODWHyULFD1HRPDU[LVWD
E &RPSUHQGH\ GLVFLHUQHORVHQIRTXHV WHyULFRV\ PHWRGROyJLFRVGH
ODHVFXHODQHRPDU[LVWD
F &ODVLILFDQ\UHODFLRQDQGHVGHXQDSHUVSHFWLYDFUtWLFDORVDSRUWHV
WHyULFRV \ PHWRGROyJLFRV GH ORV SULQFLSDOHV SHQVDGRUHV GH OD
(VFXHOD1HRPDU[LVWD
G (ODERUD PDUFRV WHyULFRV \ FRQFHSWXDOHV SDUD HO HVWXGLR GH
IHQyPHQRVVRFLROyJLFRGHODUHDOLGDGFRQFUHWD

,981,'$'(6'($35(1',=$-(

8QLGDG1ž &RQWH[WRVRFLRKLVWyULFRGHOD(VFXHOD1HRPDU[LVWD
8QLGDG1ž 3ULQFLSDOHV FRUULHQWHV GH OD (VFXHOD 1HR PDU[LVWD 0DUFRV WHyULFRV \
PHWRGROyJLFRV
8QLGDG1ž 3ULQFLSDOHVDXWRUHVGHOD(VFXHOD1HRPDU[LVWD-+DEHUPDV**UDPVFL
\+0DUFXVH








ϭϱϰ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD 3HQVDPLHQWRVRFLDOEROLYLDQR
6LJOD\FyGLJR &62
6HPHVWUH 6H[WR
$xR 7HUFHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 7HRUtD6RFLROyJLFD,,, &62 
&RRUGLQDFLyQYHUWLFDO (SLVWHPRORJtDGHODVFLHQFLDVVRFLDOHV &62 
&RRUGLQDFLyQKRUL]RQWDO 7HRUtD6RFLROyJLFD,9 &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU -XDQ-XVWLQLDQR9 MXDQMXVWLQLDQR#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$3HQVDPLHQWR6RFLDOEROLYLDQR
/DPDWHULDGH3HQVDPLHQWR6RFLDOEROLYLDQRWLHQHDOWRYDORUDFDGpPLFRHQODIRUPDFLyQGHO
HVWXGLDQWH GH 6RFLRORJtD \D TXH FRQWULEX\H D OD FRPSUHQVLyQ FULWLFD GH OD SURGXFFLyQ
LQWHOHFWXDO EROLYLDQD FRQWH[WXDOL]DGD VRFLRKLVWyULFDPHQWH HQ ORV SDUDGLJPDV VRFLDO
GDUZLQLVWDHOQDFLRQDOLVPRUHYROXFLRQDULRGHODPRGHUQLGDGGHPRFUDFLD\HOLQGLJHQLVPR
SRSXOLVWD GH QXHVWURV GtDV 'H HVWD PDQHUD HO HVWXGLDQWH SRGUi FRPSUHQGHU FRQ PD\RU
SURIXQGLGDGODUHDOLGDGVRFLDOEROLYLDQD\HOSHQVDPLHQWRVRFLDOFRQVWUXLGRHQVX SURFHVR
VRFLRKLVWyULFR

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR $QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV 3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO\
SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH

ϭϱϱ




 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV  ,QWHUSUHWD \ FRPSUHQGH ORV SURFHVRV GH GHVDUUROOR GHO SHQVDPLHQWR
GHiUHDV VRFLDOEROLYLDQRHQVXUHODFLyQDOFRQWH[WR/DWLQRDPHULFDQR\JOREDO
JOREDOHV
0LFUR &RPSUHQGH \ GLVFLHUQH GHVGH XQD SHUVSHFWLYD VRFLROyJLFD OD SURGXFFLyQ
FRPSHWHQFLDV LQWHOHFWXDO EROLYLDQD HQ ORV GLIHUHQWHV FRQWH[WRV VRFLRKLVWyULFRV HQ
GHOD HVSHFLDO ORV VLJXLHQWHV SDUDGLJPDV VRFLDOHV HO VRFLDOGDUZLQLVWD 
DVLJQDWXUD   HO QDFLRQDOLVPR UHYROXFLRQDULR   GH OD PRGHUQLGDG
GHPRFUDFLD  \HOLQGLJHQLVPRSRSXOLVWD  
(OHPHQWRVGH D &RQRFH \ UHIOH[LRQD FUtWLFDPHQWH ORV SHQVDPLHQWRV VRFLDOHV
FRPSHWHQFLDV HODERUDGRV SRU LQWHOHFWXDOHV \ DFDGpPLFRVDV VREUH OD FXHVWLyQ
UHJLRQDOHQHO'HSDUWDPHQWRGH6DQWD&UX]\%ROLYLD
E &RQRFH \ UHIOH[LRQD FUtWLFDPHQWH ORV SHQVDPLHQWRV VRFLDOHV
HODERUDGRVSRULQWHOHFWXDOHV\DFDGpPLFRVDVQDFLRQDOHV\ORFDOHV
UHVSHFWRDOSRVLWLYLVPR\GDUZLQLVPRVRFLDO
F &RPSUHQGH OD SURGXFFLyQ LQWHOHFWXDO EROLYLDQD FRQWH[WXDOL]DGD
VRFLRKLVWyULFDPHQWHHQHOSDUDGLJPDQDFLRQDOLVPRUHYROXFLRQDULR
G &RPSUHQGH OD SURGXFFLyQ LQWHOHFWXDO EROLYLDQD HQ WRUQR D ORV
PRYLPLHQWRVVRFLDOHVFDPSHVLQRVHLQGtJHQDVDSDUWLUGHODGpFDGD
GHORVDxRV

,981,'$'(6'($35(1',=$-(

8QLGDG1ž /RFUXFHxRODFUXFHxLGDG\HOUHJLRQDOLVPR
8QLGDG1ž 3DUDGLJPDVRFLDOGDUZLQLVWD
8QLGDG1ž 3DUDGLJPDVRFLDOQDFLRQDOLVPRUHYROXFLRQDULR
8QLGDG1ž 3DUDGLJPDVRFLDOLQGLJHQLVPR²SRSXOLVWD











ϭϱϲ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD 6RFLRORJtDXUEDQD
6LJOD\FyGLJR &62
6HPHVWUH 6H[WR
$xR 7HUFHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 7HRUtD6RFLROyJLFD,,, &62 
&RRUGLQDFLyQYHUWLFDO 'HVDUUROORGHO&DSLWDOLVPR &62 
&RRUGLQDFLyQKRUL]RQWDO 7DOOHUGHSODQLILFDFLyQ\SROtWLFDVS~EOLFD 736 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU (OLVD6DOGLDV5 HOLVDVDOGLDV#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$6RFLRORJtDXUEDQD
/DPDWHULDGH6RFLRORJtDXUEDQDWLHQHDOWRYDORUDFDGpPLFRHQODIRUPDFLyQGHOHVWXGLDQWH
GH 6RFLRORJtD \D TXH OHV GRWD GH XQ PDUFR WHyULFR FRQFHSWXDO \ PHWRGROyJLFR SDUD HO
DQiOLVLV \ FRPSUHQVLyQ GH ORV IDFWRUHV VRFLDOHV FXOWXUDOHV HFRQyPLFRV WHFQROyJLFRV \
SROtWLFRVTXHLQWHUYLHQHQHQODFRQVWUXFFLyQGHODVUHODFLRQHVTXHHVWDEOHFHQORVKXPDQRV
HQVXVHVSDFLRVGHFRQYLYHQFLD

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ

ϭϱϳ




 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \


FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV 'LVFLHUQHFODVLILFD\H[SOLFDODVWHRUtDVVRFLROyJLFDVSDUDHOHVWXGLRGH
GHiUHDV OD UHDOLGDG VRFLDO WRPDQGR HQ FXHQWD VXV EDVHV HSLVWpPLFDV \ VX
JOREDOHV DSOLFDELOLGDGDOGLQiPLFR\FRPSOHMRSURFHVRGHWUDQVIRUPDFLyQVRFLDO
0LFUR D 5HIOH[LRQDDFHUFDGHOFRQRFLPLHQWRGHOD6RFLRORJtD8UEDQDGHVGH
FRPSHWHQFLDV XQDSHUVSHFWLYDLQWHUGLVFLSOLQDULD
GHOD E $PSOtD \ HQULTXHFHORVFRQRFLPLHQWRVDFHUFDGH ODSUREOHPiWLFD
DVLJQDWXUD XUEDQDHQFRQWH[WRVKLVWyULFRVGHWHUPLQDGRV
F 5HDOL]DXQUHSRUWHFLHQWtILFRUHVSHFWRDWHPDVSUREOHPDVXUEDQRV
HQHOPDUFRGHWpUPLQRVGHUHIHUHQFLDFLHQWtILFDVWUDEDMRFUtWLFR
ILORVyILFR
(OHPHQWRVGH D &RQRFH\FRPSUHQGHORVGLIHUHQWHVHQIRTXHVWHyULFRVUHIHULGRVD
FRPSHWHQFLDV WHPDVSUREOHPDVGHVDUUROORXUEDQR
E &RQRFHORVSURFHVRVGHGHVDUUROORXUEDQRDSDUWLUGHOD5HYROXFLyQ
,QGXVWULDO
F $SOLFDFRQSHUWLQHQFLDODWHyULFDDODSUiFWLFDDWUDYpVGHODQiOLVLV
UHIOH[LyQ VRFLROyJLFD VREUH XQ WHPDSUREOHPD R SURFHVR XUEDQR
FRQFUHWR

,981,'$'(6'($35(1',=$-(

8QLGDG1ž (OGHVDUUROORGHOD6RFLRORJtDXUEDQDHQ(XURSD
8QLGDG1ž 0DUFRWHyULFRFRQFHSWXDOGHOD6RFLRORJtDXUEDQD
8QLGDG1ž 'HVDUUROORXUEDQRHQODHUDGHODJOREDOL]DFLyQ
8QLGDG1ž /RVGHVDItRVGHODFLXGDGHQODHUDGHODJOREDOL]DFLyQ













ϭϱϴ




$VLJQDWXUDVGHOiUHDEiVLFDHVSHFLILFDGHOVpSWLPRVHPHVWUH

/DV DVLJQDWXUDV TXH FRQWULEX\HQ DO GHVDUUROOR GH ODV FRPSHWHQFLDV GHO iUHD EiVLFD
HVSHFtILFD\TXHVHFODVLILFDQHQHOVpSWLPRVHPHVWUHVRQODVVLJXLHQWHV

,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD 6RFLRORJtDGHJHQHUR
6LJOD\FyGLJR &62
6HPHVWUH 6pSWLPR
$xR &XDUWR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 3VLFRORJtDVRFLDO 36, 
&RRUGLQDFLyQYHUWLFDO 3ODQLILFDFLyQ\SROtWLFDVS~EOLFDV &62 
&RRUGLQDFLyQKRUL]RQWDO 6RFLRORJtDGHO&RQIOLFWR &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU (OLVD6DOGLDV5 HOLVDVDOGLDV#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$6RFLRORJtDGHJHQHUR
/D PDWHULD GH 6RFLRORJtD GH JpQHUR WLHQH XQ DOWR YDORU DFDGpPLFR HQ OD IRUPDFLyQ GHO
HVWXGLDQWH GH 6RFLRORJtD \D TXH OH SHUPLWH FRPSUHQGHU \ H[SOLFDU ORV IXQGDPHQWRV
FLHQWtILFRV GH OD WHRUtD GH JpQHUR VX DSRUWH DO GHVDUUROOR GH ODV FLHQFLDV VRFLDOHV \ ORV
HQIRTXHVGHHTXLGDGHQODVSROtWLFDVVRFLDOHVGHOGHVDUUROORKXPDQR

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO

ϭϱϵ




 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ


GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV 'LVFLHUQHFODVLILFD\H[SOLFDODVWHRUtDVVRFLROyJLFDVSDUDHOHVWXGLRGH
GHiUHDV OD UHDOLGDG VRFLDO WRPDQGR HQ FXHQWD VXV EDVHV HSLVWpPLFDV \ VX
JOREDOHV DSOLFDELOLGDGDOGLQiPLFR\FRPSOHMRSURFHVRGHWUDQVIRUPDFLyQVRFLDO
0LFUR &RPSUHQGH\H[SOLFDORVPDUFRVWHyULFRVFRQFHSWXDOHV\ PHWRGROyJLFRV
FRPSHWHQFLDV GH OD 6RFLRORJtD GH JpQHUR \ VX DSOLFDELOLGDG HQ ORV HVWXGLRV GH ORV
GHOD IHQyPHQRV VRFLDOHV SROtWLFRV \ FXOWXUDOHV GH ODV VRFLHGDGHV VREUH ORV
DVLJQDWXUD FXDOHVHODERUDSURSXHVWDVGHSROtWLFDVVRFLDOHVGHGHVDUUROORKXPDQRFRQ
HQIRTXHVGHHTXLGDG .
(OHPHQWRVGH D &RPSUHQGH \ H[SOLFD ORV SULQFLSLRV WHyULFRV FRQFHSWXDOHV \
FRPSHWHQFLDV PHWRGROyJLFRVGHODWHRUtDGHJpQHUR
E &RPSUHQGH\FODVLILFDORVSULQFLSLRVWHyULFRV\PHWRGROyJLFRVGH
ODVGLIHUHQWHVFRUULHQWHVIHPLQLVWDV
c) $QDOL]D \ IXQGDPHQWD ORV FRPSRQHQWHV HVWUXFWXUDOHV GH ODV
SROtWLFDVGHGHVDUUROORKXPDQRFRQHQIRTXHGHHTXLGDGGHJpQHUR

,981,'$'(6'($35(1',=$-(

8QLGDG1ž /RVIXQGDPHQWRVWHyULFRVGHJpQHUR
8QLGDG1ž /DVFRUULHQWHVIHPLQLVWDV\GHJpQHUR
8QLGDG1ž /DVSROtWLFDVGHGHVDUUROORVRFLDO\GHJpQHUR


ϭϲϬ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD 6RFLRORJtDGHOPHGLRDPELHQWH
6LJOD\FyGLJR &62
6HPHVWUH 6pSWLPR
$xR &XDUWR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 3ODQLILFDFLyQ\SROtWLFDVS~EOLFDV &62 
&RRUGLQDFLyQYHUWLFDO 7DOOHUGHSODQLILFDFLyQ\SROtWLFDVS~EOLFD 736 
&RRUGLQDFLyQKRUL]RQWDO 6RFLRORJtDGHOD3REODFLyQ &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU $UWXUR0RVFRVR9 DUWXURPRVFRVR#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$6RFLRORJtDGHOPHGLRDPELHQWH
/DPDWHULDGH6RFLRORJtDGHO0HGLRDPELHQWHWLHQHDOWRYDORUDFDGpPLFRHQODIRUPDFLyQGHO
HVWXGLDQWH GH 6RFLRORJtD \D TXH OHV SURSRUFLRQD ORV PDUFRV WHyULFRV FRQFHSWXDOHV \
PHWRGROyJLFRV SDUD HO HVWXGLR FUtWLFR \ FRPSUHQVLYR GH ORV IHQyPHQRV VRFLRDPELHQWDOHV
FRQVWLWXLGRVDSDUWLUGHODVLQWHUUHODFLRQHVGHORVVHUHVKXPDQRVFRQORVHQWRUQRVQDWXUDOHV
(QEDVHDHOORHOHVWXGLDQWHSURSRQGUiOLQHDPLHQWRVLQWHJUDOHVTXHRULHQWHQODHODERUDFLyQ
\HYDOXDFLyQGHODSODQLILFDFLyQHVWUDWpJLFD\SROtWLFDVS~EOLFDVGHGHVDUUROORKXPDQREDMR
FULWHULRVVRFLRDPELHQWDOHV

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR $QDOL]D FUtWLFDPHQWHOD YDOLGH] HSLVWpPLFD \ ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDV SDUDWRPDU GHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV 3DUWLFLSD\JHVWLRQD GHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO\
SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH

ϭϲϭ




 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  3ODQLILFDFLyQ HVWUDWpJLFD \ SROtWLFDV S~EOLFDV (ODERUD \ HYDO~D OD
FRPSHWHQFLDV SODQLILFDFLyQHVWUDWHJLD\ODVSROtWLFDVS~EOLFDVSDUDHOGHVDUUROORKXPDQR
HVSHFLILFDV VRVWHQLEOH FRQVLGHUDQGR OD UHDOLGDG VRFLDO GHO SDtV \ ORV OLQHDPLHQWRV
 WpFQLFRV\MXUtGLFRVTXHUHJXODQHVWRVSURFHVRV
&RPSHWHQFLDV &ODVLILFD\SULRUL]DORVLQVWUXPHQWRVWpFQLFRV\OHJDOHVGHODSODQLILFDFLyQ
GHiUHDV HVWUDWpJLFD \ SROtWLFDV S~EOLFDV DFRUGH D ORV REMHWLYRV GHO GHVDUUROOR
JOREDOHV KXPDQRVRVWHQLEOH\ORVSURFHVRVGHWUDQVIRUPDFLyQVRFLDOGHOSDtV
0LFUR D $QDOL]D \ H[SOLFD ORV IHQyPHQRV VRFLR DPELHQWDOHV XWLOL]DQGR
FRPSHWHQFLDV PDUFRVWHyULFRV\PHWRGROyJLFRVSHUWLQHQWHV
GHOD E &RPSUHQGH \ UHIOH[LRQD VREUH ORV HQIRTXHV \ DYDQFH GH ORV
DVLJQDWXUD SDUDGLJPDVGHGHVDUUROOR\VXUHODFLyQFRQHOPHGLRDPELHQWH
F $QDOL]D \ IXQGDPHQWD GHVGH OD SHUVSHFWLYD VRFLR DPELHQWDO ORV
OLQHDPLHQWRVLQWHJUDOHVGHODSODQLILFDFLyQHVWUDWpJLFD\ODVSROtWLFDV
S~EOLFDVGHGHVDUUROORKXPDQR 
d) 0DQHMD ODV SULQFLSDOHV KHUUDPLHQWDV H LQGLFDGRUHV SDUD OD
HYDOXDFLyQVRFLRDPELHQWDOGHOGHVDUUROORKXPDQRVRVWHQLEOH
(OHPHQWRVGH D &RPSUHQGH \ H[SOLFD ORV SULQFLSLRV WHyULFRV FRQFHSWXDOHV GH OD
FRPSHWHQFLDV 6RFLRORJtDGHOPHGLRDPELHQWH
E ,GHQWLILFD\H[SOLFDORVOLQHDPLHQWRVPHWRGROyJLFRV\WpFQLFRVSDUD
HODQiOLVLVGHWHQHPRVVRFLRDPELHQWDOHV
F &RPSUHQGH\GLVFLHUQHORVSDUDGLJPDVGHGHVDUUROOR\VXUHODFLyQ
FRQHOPHGLRDPELHQWH
G (ODERUD DQiOLVLV VRFLR DPELHQWDO GH OD UHDOLGDG EROLYLDQD FRPR
VRSRUWH SDUD OD HODERUDFLyQ \ HYDOXDFLyQ GH OD SODQLILFDFLyQ
HVWUDWpJLFD\SROtWLFDVS~EOLFDV

,981,'$'(6'($35(1',=$-(

8QLGDG1ž /RVIXQGDPHQWRVWHyULFRV\FRQFHSWXDOHVGHOD6RFLRORJtDGHOPHGLR
DPELHQWH
8QLGDG1ž (QIRTXHPHWRGROyJLFR\WpFQLFRVHQHOHVWXGLRGHORVIHQyPHQRVVRFLR
DPELHQWDOHV
8QLGDG1ž /RVSDUDGLJPDVGHGHVDUUROOR\HOPHGLRDPELHQWH
8QLGDG1ž /LQHDPLHQWRVSDUDODSODQLILFDFLyQHVWUDWpJLFD\SROtWLFDVS~EOLFDVGHO
PHGLRDPELHQWH


ϭϲϮ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD 6RFLRORJtDGHODSREODFLyQ
6LJOD\FyGLJR &62
6HPHVWUH 6pSWLPR
$xR &XDUWR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV ,QIRUPiWLFDVRFLDO ,)6 
&RRUGLQDFLyQYHUWLFDO 7DOOHUGHSODQLILFDFLyQ\SROtWLFDVS~EOLFD 736 
&RRUGLQDFLyQKRUL]RQWDO 6RFLRORJtDGHO*pQHUR &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 0HOY\9DUJDV% PHOY\YDUJDV#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$6RFLRORJtDGHODSREODFLyQ
/DPDWHULDGH6RFLRORJtDGHODSREODFLyQWLHQHXQDOWRYDORUDFDGpPLFRHQODIRUPDFLyQGHO
HVWXGLDQWH GH 6RFLRORJtD \D TXH OHV SURSRUFLRQD ORV PDUFRV WHyULFRV PHWRGROyJLFRV H
LQVWUXPHQWDOHVSDUDHODQiOLVLV\FRPSUHQVLyQGHODVGLQiPLFDVVRFLRGHPRJUiILFDVGHOSDtV
\VXVUHJLRQHVEDVHVREUHODFXDOSRGUiUHDOL]DUODSODQLILFDFLyQHVWUDWpJLFD\SURSXHVWDV
GHSROtWLFDVS~EOLFDVSDUDHOGHVDUUROORKXPDQRVRVWHQLEOH

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ

ϭϲϯ




 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \


FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  3ODQLILFDFLyQ HVWUDWpJLFD \ SROtWLFDV S~EOLFDV (ODERUD\ HYDO~DOD
FRPSHWHQFLDV SODQLILFDFLyQHVWUDWHJLD\ODVSROtWLFDVS~EOLFDVSDUDHOGHVDUUROORKXPDQR
HVSHFLILFDV VRVWHQLEOH FRQVLGHUDQGR OD UHDOLGDG VRFLDO GHO SDtV \ ORV OLQHDPLHQWRV
 WpFQLFRV\MXUtGLFRVTXHUHJXODQHVWRVSURFHVRV
&RPSHWHQFLDV  &ODVLILFD \ SULRUL]D ORV LQVWUXPHQWRV WpFQLFRV \ OHJDOHV GH OD
GHiUHDV SODQLILFDFLyQ HVWUDWpJLFD \ SROtWLFDV S~EOLFDV DFRUGH D ORV REMHWLYRV GHO
JOREDOHV GHVDUUROORKXPDQRVRVWHQLEOH\ORVSURFHVRVGHWUDQVIRUPDFLyQVRFLDOGHO
SDtV
0LFUR D $QDOL]D\H[SOLFDORVSURFHVRVGHFRPSRUWDPLHQWRGHODGLQiPLFD
FRPSHWHQFLDV GHPRJUiILFDGHODVRFLHGDGEROLYLDQD\ODSUREOHPiWLFDVRFLDOTXH
GHOD HQHOODVHFRQILJXUDQ
DVLJQDWXUD E &RPSUHQGHUODVGLIHUHQFLDVVRFLRGHPRJUiILFDVHQHOWLHPSR\SRU
HVSDFLRVWHUULWRULDOHVSDUWLFXODUPHQWHiUHDXUEDQD\UXUDO
c) 0DQHMDODVSULQFLSDOHVKHUUDPLHQWDVHLQGLFDGRUHVSDUDHODQiOLVLV
VRFLRGHPRJUiILFR SDUD HODERUDU OD SODQLILFDFLyQ HVWUDWpJLFD \
SURSXHVWDVGHSROtWLFDVS~EOLFDVGHOGHVDUUROORKXPDQR
(OHPHQWRVGH D &RPSUHQGH \ H[SOLFD ORV SULQFLSLRV WHyULFRV FRQFHSWXDOHV GH OD
FRPSHWHQFLDV 6RFLRORJtDGHODSREODFLyQ
E ,GHQWLILFD\H[SOLFDORVOLQHDPLHQWRVPHWRGROyJLFRV\WpFQLFRVSDUD
HODQiOLVLVVRFLRGHPRJUiILFR
F (ODERUDDQiOLVLVVRFLRGHPRJUiILFRGHODUHDOLGDGVRFLDOEROLYLDQD
FRPRVRSRUWHSDUDODSODQLILFDFLyQHVWUDWpJLFD
d) $QDOL]D\IXQGDPHQWDGHVGHODSHUVSHFWLYDVRFLRGHPRJUiILFDORV
FRPSRQHQWHVHVWUXFWXUDOHVGHODVSROtWLFDVS~EOLFDVGHGHVDUUROOR
KXPDQR

,981,'$'(6'($35(1',=$-(

8QLGDG1ž /RVIXQGDPHQWRVWHyULFRV\FRQFHSWXDOHVGHOD6RFLRORJtDGHODSREODFLyQ
8QLGDG1ž (QIRTXHPHWRGROyJLFR\WpFQLFRVGHOD6RFLRORJtDGHODSREODFLyQ
8QLGDG1ž $QiOLVLVGHVRFLRGHPRJUiILFRGHODUHDOLGDGVRFLDO
8QLGDG1ž /LQHDPLHQWRVSDUDODSODQLILFDFLyQHVWUDWpJLFD\SROtWLFDVSXEOLFDV


ϭϲϰ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD 6RFLRORJtDGHOFRQIOLFWR
6LJOD\FyGLJR &62
6HPHVWUH 6pSWLPR
$xR &XDUWR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 3VLFRORJtDVRFLDO 36, 
&RRUGLQDFLyQYHUWLFDO 7DOOHUGH*HVWLyQVRFLDO 736 
&RRUGLQDFLyQKRUL]RQWDO 6RFLRORJtDSROtWLFD &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 5H\PL)HUUHLUD- UH\PLIHUUHLUD#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$6RFLRORJtDGHOFRQIOLFWR
/DPDWHULD GH6RFLRORJtDGHOFRQIOLFWRWLHQHXQ DOWRYDORUDFDGpPLFRHQODIRUPDFLyQ GHO
HVWXGLDQWH GH 6RFLRORJtD \D TXH OHV SURSRUFLRQD ORV HQIRTXHV WHyULFRV PHWRGROyJLFRV \
KHUUDPLHQWDVWpFQLFDVSDUDHODQiOLVLV\FRPSUHQVLyQGHORVFRQIOLFWRVVRFLDOHVEDVHVREUH
ODFXDOSRGUiSODQWHDUHVWUDWHJLDVSDUDVXJHVWLyQUHVROXFLyQ\SUHYHQFLyQ

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ

ϭϲϱ




 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \


FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  'HVDUUROOR LQVWLWXFLRQDO )DFLOLWD \ GLQDPL]D ORV SURFHVRV GH
FRPSHWHQFLDV IRUWDOHFLPLHQWR LQVWLWXFLRQDO GH OD VRFLHGDG FLYLO FRQVLGHUDQGR VXV
HVSHFLILFDV SRWHQFLDOLGDGHV \ OLPLWDFLRQHV LQWHUQDV DGHPiV GH ORV IDFWRUHV GHO
 FRQWH[WRSROtWLFRVRFLDOFXOWXUDO\HFRQyPLFR
&RPSHWHQFLDV &ODVLILFDGLVFLHUQH\H[SOLFDORVHQIRTXHVPHWRGROyJLFRV\ODVWHRUtDV
GHiUHDV GHOGHVDUUROORLQVWLWXFLRQDODFRUGHFRQORVGHVDItRVGHOFRQWH[WRQDFLRQDO
JOREDOHV UHJLRQDO\ORFDO
0LFUR $QDOL]D FRPSUHQGH \ H[SOLFD GHVGH XQD SHUVSHFWLYD FUtWLFD \
FRPSHWHQFLDV WUDQVGLVFLSOLQDUODQDWXUDOH]DGHORVFRQIOLFWRVTXHVHGHVDUUROODQHQOD
GHOD VRFLHGDG\VXVLQVWLWXFLRQHVEDVHVREUHODFXDOIRUPXODSURSXHVWDVGH
DVLJQDWXUD SUHYHQFLyQ JHVWLyQ \ VX UHVROXFLyQ SDUD OD FRQYLYHQFLD SDFtILFD \ HO
IRUWDOHFLPLHQWRGHODVLQVWLWXFLRQHVGHODVRFLHGDGFLYLO
(OHPHQWRVGH D &RPSUHQGH\H[SOLFDORVSULQFLSLRVWHyULFRV\FRQFHSWXDOHVGHOD
FRPSHWHQFLDV 6RFLRORJtDGHOFRQIOLFWR
E ,GHQWLILFD\H[SOLFDORVOLQHDPLHQWRVPHWRGROyJLFRV\WpFQLFDVSDUD
ODSUHYHQFLyQJHVWLyQ\UHVROXFLyQGHFRQIOLFWRV
c) $QDOL]D \ IXQGDPHQWD GHVGH OD SHUVSHFWLYD VRFLROyJLFD OD
QDWXUDOH]DGHOFRQIOLFWR\VXVDOWHUQDWLYDVGHUHVROXFLyQ

,981,'$'(6'($35(1',=$-(

8QLGDG1ž /RVIXQGDPHQWRVWHyULFRV\FRQFHSWXDOHVGHOD6RFLRORJtDGHOFRQIOLFWR
8QLGDG1ž (QIRTXHPHWRGROyJLFRDOWHUQDWLYRVHQODJHVWLyQ\UHVROXFLyQGHO
FRQIOLFWR
8QLGDG1ž (OFRQIOLFWRGHVGHODSHUVSHFWLYDLQGtJHQD
8QLGDG1ž /LQHDPLHQWRVSDUDHVWUDWHJLDVGHUHVROXFLyQGHFRQIOLFWRV


ϭϲϲ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD 6RFLRORJtD3ROtWLFD
6LJOD\FyGLJR &62
6HPHVWUH 6pSWLPR
$xR &XDUWR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 7HRUtD6RFLROyJLFD,,, &62 
&RRUGLQDFLyQYHUWLFDO (SLVWHPRORJtDGHODVFLHQFLDVVRFLDOHV &62 
&RRUGLQDFLyQKRUL]RQWDO 6RFLRORJtDGHO&RQIOLFWR &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 9tFWRU6RVVD& YLFWRUVRVVD#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$6RFLRORJtDSROtWLFD
/DPDWHULDGH6RFLRORJtDSROtWLFDWLHQHXQYDORUDFDGpPLFRHQODIRUPDFLyQGHOHVWXGLDQWH
GH6RFLRORJtD\DTXHORVIRUPDHQODVWHRUtDVVREUHHORULJHQ\GHVDUUROORGHORV(VWDGRV
ORV VLVWHPDV GH JRELHUQRV \ IDFWRUHV GH GHFLVLyQ OD GHPRFUDFLD LQWHUFXOWXUDO \ RWUDV
GRFWULQDVVREUHODSDUWLFLSDFLyQFLXGDGDQDFRPRWDPELpQORVSURFHVRVGHFRQVWLWXFLyQ\
GHVHQYROYLPLHQWRGHO(VWDGR3OXULQDFLRQDOFRQGLFLyQTXHOHVSHUPLWLUiRULHQWDUGLQDPL]DU
\SDUWLFLSDUGHODVDFFLRQHV\GHFLVLRQHVFRQGXFHQWHVDOFDPELRVRFLDO

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH

ϭϲϳ




 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  *HVWLyQ VRFLDO 2ULHQWD GLQDPL]D \ SDUWLFLSD GH ODV DFFLRQHV \
FRPSHWHQFLDV GHFLVLRQHVFRQGXFHQWHVDOFDPELRVRFLDOFRQVLGHUDQGRODVYLVLRQHVGHORV
HVSHFLILFDV DFWRUHV LQYROXFUDGRV \ HO HQWUDPDGR IDFWRULDO TXH GHILQHQ OD UHDOLGDG
 ORFDOGHSDUWDPHQWDO\QDFLRQDO
&RPSHWHQFLDV 'LVFLHUQHFODVLILFD\H[SOLFDODVWHRUtDVVRFLROyJLFDVSDUDHOHVWXGLRGH
GHiUHDV OD UHDOLGDG VRFLDO WRPDQGR HQ FXHQWD VXV EDVHV HSLVWpPLFDV \ VX
JOREDOHV DSOLFDELOLGDGDOGLQiPLFR\FRPSOHMRSURFHVRGHWUDQVIRUPDFLyQVRFLDO
0LFUR &RPSUHQGH FODVLILFD \ UHODFLRQD HO PDUFR WHyULFR FRQFHSWXDO \
FRPSHWHQFLDV PHWRGROyJLFR GH OD VRFLRORJtD SROtWLFD HQ HO DQiOLVLV GH ORV IHQyPHQRV
GHOD SROtWLFRV \ VRFLDOHV GHO SDtV DVt WDPELpQ SDUD RULHQWDU GLQDPL]DU \
DVLJQDWXUD SDUWLFLSDUGHORVSURFHVRVGHJHVWLyQVRFLDO\RWUDVDFFLRQHVLPSXOVRUDV
GHOFDPELRVRFLDO
(OHPHQWRVGH D &RPSUHQGHFODVLILFD\UHODFLRQDHOPDUFRWHyULFR\PHWRGROyJLFR
FRPSHWHQFLDV GHODVRFLRORJtDSROtWLFD
E &RPSUHQGH \ H[SOLFD HO DOFDQFH FRQFHSWXDO \ OD UHODFLyQ GH ODV
FDWHJRUtDV(VWDGRVRFLHGDGFLYLO ORS~EOLFR\SULYDGR GHPRFUDFLD
\JHVWLyQVRFLDO
F ,GHQWLILFD\DQDOL]DODSROtWLFD\HOSRGHUORVDFWRUHV\PRYLPLHQWRV
VRFLRSROtWLFRV
G (ODERUD\SUHVHQWDDQiOLVLVSROtWLFR\VRFLDOVREUHORVSURFHVRVGH
FRQVWLWXFLyQ\GHVHQYROYLPLHQWRGHO(VWDGR3OXULQDFLRQDO
H 3DUWLFLSDGHORVSURFHVRVGHJHVWLyQVRFLDO\RWUDVGHFLVLRQHVTXH
FRQGXFHQDOFDPELRVRFLDOHQHO3DtV

,981,'$'(6'($35(1',=$-(

8QLGDG1ž 0DUFRWHyULFRFRQFHSWXDO\PHWRGROyJLFRGHOD6RFLRORJtDSROtWLFDRULJHQ
\GHVDUUROORGHORV(VWDGRV
8QLGDG1ž ,QGLYLGXR(VWDGRVRFLHGDGFLYLO
8QLGDG1ž 6LVWHPDVGHDGPLQLVWUDFLyQHVWDWDO/DSROtWLFD\ORVIDFWRUHVGHSRGHU
GHPRFUDFLDLQWHUFXOWXUDO\JHVWLyQVRFLDO
8QLGDG1ž 2ULJHQHVWDGRVLWXDFLRQDO\SHUVSHFWLYDVGHO(VWDGR3OXULQDFLRQDO


ϭϲϴ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD 'HVDUUROORGHOFDSLWDOLVPR
6LJOD\FyGLJR &62
6HPHVWUH 6pSWLPR
$xR &XDUWR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 7HRUtD6RFLROyJLFD,,, &62 
&RRUGLQDFLyQYHUWLFDO (SLVWHPRORJtDGHODVFLHQFLDVVRFLDOHV &62 
&RRUGLQDFLyQKRUL]RQWDO 3HQVDPLHQWRVRFLDOODWLQRDPHULFDQR &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 1HOO\'XUDQ0 QHOO\GXUDQ#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$'HVDUUROORGHO&DSLWDOLVPR
/DPDWHULDGH'HVDUUROORGHO&DSLWDOLVPRWLHQHDOWRYDORUDFDGpPLFRHQODIRUPDFLyQ GHO
HVWXGLDQWHGH6RFLRORJtD\DTXHFRQWULEX\HDODFRPSUHQVLyQGHORVHVFHQDULRVGRQGHQDFH
\ VH GHVDUUROOD HO VLVWHPD FDSLWDOLVWD HQ WDQWR PRGHOR GH RUJDQL]DFLyQ VRFLRHFRQyPLFR
GRPLQDQWH DVt WDPELpQ HO PDUFR WHyULFR \ PHWRGROyJLFR SDUDVX HVWXGLR FLHQWtILFR \ FRQ
HOORH[SOLFDUODFRPSOHMD\GLQiPLFDUHDOLGDGVRFLDOFRQWHPSRUiQHD

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ

ϭϲϵ




 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \


FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV 'LVFLHUQHFODVLILFD\H[SOLFDODVWHRUtDVVRFLROyJLFDVSDUDHOHVWXGLRGH
GHiUHDV OD UHDOLGDG VRFLDO WRPDQGR HQ FXHQWD VXV EDVHV HSLVWpPLFDV \ VX
JOREDOHV DSOLFDELOLGDGDOGLQiPLFR\FRPSOHMRSURFHVRGHWUDQVIRUPDFLyQVRFLDO
0LFUR &RPSUHQGH\UHIOH[LRQDGHVGHXQDSHUVSHFWLYDVRFLROyJLFDHO GHVDUUROOR
FRPSHWHQFLDV GHOVLVWHPDFDSLWDOLVWD\DSOLFDHOPDUFRWHyULFR\PHWRGROyJLFRDOHVWXGLR
GHOD GHORVIHQyPHQRVVRFLDOHVHFRQyPLFRVFXOWXUDOHV\SROtWLFRVHQHOPDUFR
DVLJQDWXUD
GHODJOREDOL]DFLyQ

(OHPHQWRVGH D $QDOL]D \ H[SOLFD ORV GLIHUHQWHV HVFHQDULRV VRFLR KLVWyULFR HQ ORV
FRPSHWHQFLDV TXHHPHUJH\VHGHVDUUROODHO6LVWHPD&DSLWDOLVWD 
E &RPSUHQGH\GLVFLHUQHORVHQIRTXHVWHyULFRV\PHWRGROyJLFRVSDUD
HOHVWXGLRFLHQWtILFRGHOVLVWHPDFDSLWDOLVWD
F (ODERUD PDUFRV WHyULFRV \ FRQFHSWXDOHV SDUD HO HVWXGLR GH
IHQyPHQRVVRFLROyJLFRFRQILJXUDGRVHQODJOREDOL]DFLyQFDSLWDOLVWD

,981,'$'(6'($35(1',=$-(

8QLGDG1ž &RQWH[WRVRFLRKLVWyULFRGHOQDFLPLHQWR\GHVDUUROORGHOVLVWHPD
FDSLWDOLVWD FRPHUFLDOLQGXVWULDOILQDQFLHURJOREDOL]DFLyQ 
8QLGDG1ž 0DUFRV WHyULFRV \ PHWRGROyJLFRV SDUD HO HVWXGLR FLHQWtILFR GHO VLVWHPD
FDSLWDOLVWD
8QLGDG1ž (OHVWXGLRGHORVIHQyPHQRVVRFLROyJLFRVGHODJOREDOL]DFLyQFDSLWDOLVWD


ϭϳϬ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD 3HQVDPLHQWRVRFLDO/DWLQRDPHULFDQR
6LJOD\FyGLJR &62
6HPHVWUH 6pSWLPR
$xR &XDUWR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 3HQVDPLHQWRVRFLDOEROLYLDQR &62 
&RRUGLQDFLyQYHUWLFDO (SLVWHPRORJtDGHODVFLHQFLDVVRFLDOHV &62 
&RRUGLQDFLyQKRUL]RQWDO 6RFLRORJtDSROtWLFD &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 1HOVRQ$OHPiQ6 QHOVRQDOHPDQ#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$3HQVDPLHQWR6RFLDO/DWLQRDPHULFDQR 
/D PDWHULD GH 3HQVDPLHQWR 6RFLDO /DWLQRDPHULFDQR WLHQH DOWR YDORU DFDGpPLFR HQ OD
IRUPDFLyQ GHO HVWXGLDQWH GH 6RFLRORJtD \D TXH FRQWULEX\H D OD FRPSUHQVLyQ GHO
SHQVDPLHQWR VRFLROyJLFR /DWLQRDPHULFDQR FRQWHPSRUiQHR VX FRQWH[WR VRFLR KLVWyULFR
HQFODYHVLGHROyJLFRV\FXOWXUDOHVEDVHVHSLVWpPLFDV\VXVPHFDQLVPRVGHOHJLWLPDFLyQ'H
HVWDPDQHUDHOHVWXGLDQWHSRGUiDQDOL]DU\FRPSUHQGHUFRQPD\RUSURIXQGLGDGODUHDOLGDG
VRFLDO/DWLQRDPHULFDQD\HOSHQVDPLHQWRVRFLDOFRQVWUXLGRHQWRUQRDHOOD

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH

ϭϳϭ




 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV  ,QWHUSUHWD \ FRPSUHQGH ORV SURFHVRV GH GHVDUUROOR GHO SHQVDPLHQWR
GHiUHDV VRFLDOEROLYLDQRHQVXUHODFLyQDOFRQWH[WR/DWLQRDPHULFDQR\JOREDO
JOREDOHV
0LFUR &RPSUHQGH GLVFLHUQH \ H[SOLFD GHVGH XQD SHUVSHFWLYD VRFLROyJLFD OD
FRPSHWHQFLDV SURGXFFLyQLQWHOHFWXDO/DWLQRDPHULFDQDFRQWHPSRUiQHDHQVXVFRQWH[WRV
GHOD VRFLRKLVWyULFRVHQFODYHVLGHROyJLFRV\FXOWXUDOHVVXVEDVHVHSLVWpPLFDV
DVLJQDWXUD \ VXV PHFDQLVPRV GH OHJLWLPDFLyQ SHUPLWLpQGROHV D ORV HVWXGLDQWHV HO
DQiOLVLV GH OD UHDOLGDG VRFLDO HFRQyPLFD SROtWLFD FXOWXUDO
/DWLQRDPHULFDQDGHVGHXQHQIRTXHWHyULFRHSLVWpPLFR/DWLQRDPHULFDQR

(OHPHQWRVGH D ,GHQWLILFD FRPSUHQGH \ H[SOLFD ORV FRQWH[WRV VRFLR KLVWyULFRV
FRPSHWHQFLDV GRQGHQDFH\VHGHVDUUROODHOSHQVDPLHQWRVRFLDO/DWLQRDPHULFDQR
E &RPSUHQGH \ H[SOLFD ORV HQFODYHV LGHROyJLFRV \ FXOWXUDOHV GHO
SHQVDPLHQWRVRFLDO/DWLQRDPHULFDQRFRQWHPSRUiQHR
F &RPSUHQGH \ H[SOLFD ODV EDVHV HSLVWpPLFDV H LQVWUXPHQWRV GH
OHJLWLPDFLyQGHOSHQVDPLHQWRVRFLDO/DWLQRDPHULFDQR
G $QDOL]DODUHDOLGDGVRFLDO/DWLQRDPHULFDQDGHVGHODSHUVSHFWLYDGHO
SHQVDPLHQWRVRFLROyJLFR/DWLQRDPHULFDQRFRQWHPSRUiQHR

,981,'$'(6'($35(1',=$-(

8QLGDG1ž &RQWH[WRVRFLRKLVWyULFRGHOSHQVDPLHQWRVRFLDO/DWLQRDPHULFDQR
8QLGDG1ž /DQXHYDHSLVWHPRORJtD/DWLQRDPHULFDQD
8QLGDG1ž /DUHDOLGDG/DWLQRDPHULFDQDFRQWHPSRUiQHD
8QLGDG1ž /RVUHWRVGHOSHQVDPLHQWRVRFLDOODWLQRDPHULFDQRFRQWHPSRUiQHR


ϭϳϮ




$VLJQDWXUDVGHOiUHDEiVLFDHVSHFLILFDGHORFWDYRVHPHVWUH

/DV DVLJQDWXUDV TXH FRQWULEX\HQ DO GHVDUUROOR GH ODV FRPSHWHQFLDV GHO iUHD EiVLFD
HVSHFtILFD\TXHVHFODVLILFDQHQHORFWDYRVHPHVWUHVRQODVVLJXLHQWHV

,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD (SLVWHPRORJtDGHODVFLHQFLDVVRFLDOHV
6LJOD\FyGLJR &62
6HPHVWUH 2FWDYR
$xR &XDUWR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 7HRUtD6RFLROyJLFD,,, &62 
&RRUGLQDFLyQYHUWLFDO 7HRUtD6RFLROyJLFD,9 &62 
&RRUGLQDFLyQKRUL]RQWDO 0RGDOLGDGGHJUDGXDFLyQ *5/ 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU -XDQ-XVWLQLDQR9 MXDQMXVWLQLDQR#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$(SLVWHPRORJtDGHODVFLHQFLDVVRFLDOHV 
/DPDWHULD(SLVWHPRORJtDGHODVFLHQFLDVVRFLDOHVWLHQHXQLPSRUWDQWHYDORUDFDGpPLFRHQ
ODIRUPDFLyQGHOHVWXGLDQWHGH6RFLRORJtD\DTXHFRQWULEX\HDODFRPSUHQVLyQUHIOH[LYDVREUH
HOTXHKDFHUFLHQWtILFRGHODVFLHQFLDVVRFLDOHVHQSDUWLFXODUVREUHOD6RFLRORJtDVXVREMHWRV
\PpWRGRVGHHVWXGLRVVXHVWDWXVHSLVWHPROyJLFR\ODVEDVHVVXVWHQWDWLYDVGHOFRQRFLPLHQWR
FLHQWtILFRTXHSURGXFH

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR $QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV 3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ

ϭϳϯ




 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH


DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO\
SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV 'LVFLHUQHFODVLILFD\H[SOLFDODVWHRUtDVVRFLROyJLFDVSDUDHOHVWXGLRGH
GHiUHDV OD UHDOLGDG VRFLDO WRPDQGR HQ FXHQWD VXV EDVHV HSLVWpPLFDV \ VX
JOREDOHV DSOLFDELOLGDGDOGLQiPLFR\FRPSOHMRSURFHVRGHWUDQVIRUPDFLyQVRFLDO
0LFUR &RPSUHQGHU \ UHIOH[LRQD VREUH HO TXHKDFHU FLHQWtILFR GH ODV FLHQFLDV
FRPSHWHQFLDV VRFLDOHV HQ SDUWLFXODU GH OD VRFLRORJtD VXV REMHWRV VXV PpWRGRV \ VX
GHOD HVWDWXV HSLVWHPROyJLFR EXVFDQGR FRQWUD VXV GHWUDFWRUHV \ FUtWLFRV
DVLJQDWXUD DILDQ]DUVHFRPRWDO
(OHPHQWRVGH D &RPSUHQGHHOFRQFHSWRGHHSLVWHPRORJtDVXHYROXFLyQKLVWyULFD\
FRPSHWHQFLDV ODVGLVFXVLRQHVUHVSHFWRDOTXHKDFHUFLHQWtILFRGHOD6RFLRORJtD
E ,GHQWLILFDODVWUDGLFLRQHVHSLVWHPROyJLFDVHQFLHQFLDVVRFLDOHV\HQ
6RFLRORJtD HQ SDUWLFXODU HVWR HV ORV HQIRTXHV TXH RULHQWDURQ \
RULHQWDQ OD SURGXFFLyQ GH FRQRFLPLHQWR HQ ODV GLVFLSOLQDV GH OR
VRFLDO
F +DFHXQUHFRUULGRUHIOH[LYRHQWRUQRDODUHYROXFLyQHSLVWHPROyJLFD
GH ORV DxRV VHVHQWD HQ DGHODQWH D WUDYpV GH .XKQ /DNDWRV \
)H\HUDEHQWHQLHQGRFRPREDVHORVSODQWHDPLHQWRVHOUDFLRQDOLVPR
FUtWLFRGH.DUO3RSSHU\HO&tUFXORGH9LHQD
G 5HIOH[LRQD VREUH OD FRQFHSFLyQ WUDGLFLRQDO GH OD HSLVWHPRORJtD D
SDUWLUGHDOJXQDVUHIOH[LRQHVHQWRUQRDODVFLHQFLDVVRFLDOHVGHVGH
SHUVSHFWLYDVODWLQRDPHULFDQDV

,981,'$'(6'($35(1',=$-(

8QLGDG1ž &LHQFLD\HSLVWHPRORJtD
8QLGDG1ž (QIRTXHV GH SURGXFFLyQ GH FRQRFLPLHQWR HQ FLHQFLDV VRFLDOHV \ HQ
6RFLRORJtD
8QLGDG1ž /DHSLVWHPRORJtDFRQWHPSRUiQHD\VXVFUtWLFRV
8QLGDG1ž /DFRORQLDOLGDGGHOVDEHUHXURFHQWULVPR\FLHQFLDVVRFLDOHV3HUVSHFWLYDV
ODWLQRDPHULFDQDV


ϭϳϰ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDHVSHFLILFD
1RPEUHGHODDVLJQDWXUD 6RFLRORJtDGHODVIRUPDVVLPEyOLFDV
6LJOD\FyGLJR &62
6HPHVWUH 2FWDYR
$xR &XDUWR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 7HRUtD6RFLROyJLFD,,, &62 
&RRUGLQDFLyQYHUWLFDO (SLVWHPRORJtDGHODVFLHQFLDVVRFLDOHV &62 
&RRUGLQDFLyQKRUL]RQWDO 7HRUtD6RFLROyJLFD,9 &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU /XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$6RFLRORJtDGHODV)RUPDV6LPEyOLFDV
/DPDWHULDGH6RFLRORJtDGHODVIRUPDVVLPEyOLFDVWLHQHXQYDORUHVWUDWpJLFRHQODIRUPDFLyQ
GHOHVWXGLDQWHGH6RFLRORJtD\DTXHFRQWULEX\HDODQiOLVLVGHORVSURFHGLPLHQWRVHODERUDGRV
SRUODVFXOWXUDVKXPDQDVHQODSURGXFFLyQGHVXPXQGRVLPEyOLFR\HQWHQGHUFRPRGLFKR
PXQGRVLPEyOLFRSHUPLWHDORVKXPDQRVSRVLFLRQDUVHDQWHHOXQLYHUVR\ODQDWXUDOH]DFRPR
H[SUHVLyQGHOSURFHVRFLYLOL]DWRULR

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ

ϭϳϱ




 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \


FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV
&RPSHWHQFLDV 'LVFLHUQHFODVLILFD\H[SOLFDODVWHRUtDVVRFLROyJLFDVSDUDHOHVWXGLRGH
GHiUHDV OD UHDOLGDG VRFLDO WRPDQGR HQ FXHQWD VXV EDVHV HSLVWpPLFDV \ VX
JOREDOHV DSOLFDELOLGDGDOGLQiPLFR\FRPSOHMRSURFHVRGHWUDQVIRUPDFLyQVRFLDO
0LFUR D &RPSUHQGH \ H[SOLFD HO DOFDQFH FRQFHSWXDO \ OD UHODFLyQ GH ODV
FRPSHWHQFLDV FDWHJRUtDVFXOWXUDVtPERORIRUPDVVLPEyOLFDV\VRFLDELOLGDG
GHOD E &RPSUHQGH FODVLILFD \ UHODFLRQD HO PDUFR FRQFHSWXDO \
DVLJQDWXUD PHWRGROyJLFRGHODWHRUtDVLPEyOLFD
F (ODERUD \ SUHVHQWD DQiOLVLV GHO XQLYHUVR VLPEyOLFR GH XQD
VRFLHGDGFRQFUHWD
(OHPHQWRVGH D &RQRFHQ HO DOFDQFH \ OLPLWDFLyQ GH ORV SULQFLSDOHV FRQFHSWRV \
FRPSHWHQFLDV FDWHJRUtDVHQHODQiOLVLVVRFLROyJLFRGHOVtPEROR
E &RPSUHQGHQ ORV IDFWRUHV FXOWXUDOHV \ VRFLDOHV TXH SURGXFHQ \
FRQILJXUDQORVXQLYHUVRVVLPEyOLFRV
F 6XVWHQWDQ FRQ FULWHULRV \ IXQGDPHQWDGRV SURSLRV OD GLPHQVLyQ
WHyULFD\SUiFWLFDGHODWHRUtDVLPEyOLFD
G 5HODFLRQD \ GLIHUHQFLD GHVGH XQD SHUVSHFWLYD FUtWLFD ORV HMHV
WHyULFRV\PHWRGROyJLFRVGHODWHRUtDVLPEyOLFD
H (ODERUD DQiOLVLV \ SURSXHVWD DFDGpPLFD VREUH XQLYHUVRV
VLPEyOLFRVGHODVVRFLHGDGHVDFWXDOHV

,981,'$'(6'($35(1',=$-(

8QLGDG1ž &RQFHSWRV\FDWHJRUtDVPDHVWUDVGHODWHRUtD6LPEyOLFD
8QLGDG1ž 7HRUtDJHQHUDOGHORVVtPERORV (OtDV+RPEROW&DVVLUHU 
8QLGDG1ž 7HRUtDGHOPRGXVRSHUDQGLORVHVWXGLRV1HRNDQWLDQRV(PLOLR'XUNKHLP
0DUFHO0DXVV\OD7HRUtDGHOVtPEROR
8QLGDG1ž $QiOLVLVFUtWLFRVGHODVIRUPDVVLPEyOLFDV


3URJUDPDGH3ODQGH(VWXGLRVGHOiUHDLQVWUXPHQWDO

/DVDVLJQDWXUDVTXHVHFODVLILFDQHQHOiUHDGHIRUPDFLyQLQVWUXPHQWDOVRQHOWRWDO
\ODVPLVPDVVHSUHVHQWDQ\GHVDUUROODQDFRQWLQXDFLyQ
 1LYHO 6LJOD 1RPEUHGHODPDWHULD
  ,19 5HFXUVRVGH7UDEDMR$FDGpPLFR&LHQWtILFR
 +,6 +LVWRULDVRFLDOXQLYHUVDO
  ,19 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,
 (67 (VWDGtVWLFD6RFLD,

 $17 $QWURSRORJtDVRFLRFXOWXUDO
  +,6 +LVWRULDVRFLDODPHULFDQD
 ,19 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,
  (67 (VWDGtVWLFD6RFLDO,,

ϭϳϲ




  +,6 +LVWRULDVRFLDOQDFLRQDO
 $17 $QWURSRORJtD6RFLDO$QGLQD
  ,19 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,,
  ,)6 ,QIRUPiWLFDVRFLDO
 +,6 +LVWRULDVRFLDOUHJLRQDO
  $17 $QWURSRORJtDGHWLHUUDVEDMDV
 362 *HUHQFLDGHSUR\HFWRV6RFLDOHV,,

 *62 *HVWLyQ6RFLDO,,


/DVDVLJQDWXUDVGHOiUHDGHIRUPDFLyQLQVWUXPHQWDOVHXELFDQHQWUHHOSULPHU\
TXLQWRVHPHVWUHUHVSHFWLYDPHQWH


$VLJQDWXUDVGHOiUHDLQVWUXPHQWDOGHOSULPHUVHPHVWUH

/DV DVLJQDWXUDV TXH FRQWULEX\HQ DO GHVDUUROOR GH ODV FRPSHWHQFLDV GHO iUHD
LQVWUXPHQWDO\TXHVHFODVLILFDQHQHOSULPHUVHPHVWUHVRQODVVLJXLHQWHV

,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ ,QVWUXPHQWDO
1RPEUHGHODDVLJQDWXUD 5HFXUVRVGH7UDEDMR$FDGpPLFR&LHQWtILFR
6LJOD\FyGLJR ,19
6HPHVWUH 3ULPHUR
$xR 3ULPHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV &83R36$
&RRUGLQDFLyQYHUWLFDO 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO, ,19 
&RRUGLQDFLyQKRUL]RQWDO ,QWURGXFFLyQDODV&LHQFLDV6RFLDOHV &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 0DJDO\&DYHUR* PDJDO\FDYHUR#XDJUPHGXER
5REHUWR9DUJDV* UREHUWRYDUJDV#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD
,,-867,),&$&,Ð1
$6,*1$785$5HFXUVRVGHWUDEDMRDFDGpPLFRFLHQWtILFR
/DPDWHULDGH5HFXUVRVGHWUDEDMRDFDGpPLFRFLHQWtILFRWLHQHDOWRYDORUDFDGpPLFRHQOD
IRUPDFLyQ GHO HVWXGLDQWH GH 6RFLRORJtD \D TXH OH SURSRUFLRQD ORV SURWRFRORV QRUPDV
KHUUDPLHQWDV \ WpFQLFDV SHUWLQHQWHV SDUD OD HODERUDFLyQ GH GRFXPHQWRV DFDGpPLFRV
FLHQWtILFRVEDVHVREUHODFXDOGHVDUUROODUDVXVFRPSHWHQFLDVLQYHVWLJDWLYDVDWUDYpVGHODV
PDWHULDVGHORVVHPHVWUHVVXSHULRUHV
,,,&203(7(1&,$6


ϭϳϳ




0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV
&RPSHWHQFLDV  3URGXFH GRFXPHQWRV DFDGpPLFRV LQYHVWLJDWLYRV EDMR QRUPDV \
GHiUHDV SURWRFRORVGHFDOLGDGFLHQWtILFD
JOREDOHV
0LFUR &RPSUHQGH \ XWLOL]D ORV SURWRFRORV QRUPDV KHUUDPLHQWDV \ WpFQLFDV
FRPSHWHQFLDV DSURSLDGDV SDUD OD HODERUDFLyQ \ SUHVHQWDFLyQ GH GRFXPHQWRV
GHOD DFDGpPLFRVFLHQWtILFRVSXQWRGHLQLFLRHQVXIXWXURTXHKDFHUVRFLROyJLFR
DVLJQDWXUD LQYHVWLJDWLYR
(OHPHQWRVGH D ,GHQWLILFD \ FRPSUHQGH ORV WLSRV GH OHFWXUD \ ORV IDFWRUHV TXH
FRPSHWHQFLDV LQWHUYLHQHQHQORVSURFHVRVGHODOHFWXUDFRPSUHQVLYD
E &RPSUHQGH\XWLOL]DHILFLHQWHPHQWHODVWpFQLFDGHE~VTXHGD\DFFHVR
DODLQIRUPDFLyQLQYHVWLJDWLYD
F &RPSUHQGH\XWLOL]DORVRUGHQDGRUHVJUiILFRVILFKDMHVELEOLRJUiILFRV
\UHV~PHQHV
G 5HGDFWDGRFXPHQWRVDFDGpPLFRVHQEDVHDSURWRFRORV\QRUPDVGH
ODFRPXQLGDGFLHQWtILFD

,981,'$'(6'($35(1',=$-(

8QLGDG1ž /DOHFWXUDFRPSUHQVLYD
8QLGDG1ž /DE~VTXHGDGHODLQIRUPDFLyQSDUDODLQYHVWLJDFLyQ
8QLGDG1ž 2UGHQDGRUHVJUiILFRVILFKDMHELEOLRJUDItD\UHVXPHQ
8QLGDG1ž 5HGDFFLyQGHGRFXPHQWRVDFDGpPLFRVFLHQWtILFRV





ϭϳϴ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ ,QVWUXPHQWDO
1RPEUHGHODDVLJQDWXUD +LVWRULDVRFLDOXQLYHUVDO
6LJOD\FyGLJR +,6
6HPHVWUH 3ULPHU
$xR 3ULPHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV &83R36$
&RRUGLQDFLyQYHUWLFDO +LVWRULD6RFLDO$PHULFDQD +,6 
&RRUGLQDFLyQKRUL]RQWDO ,QWURGXFFLyQDODV&LHQFLDV6RFLDOHV &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 3DXOD3HxD$ SDXODSHQD#XDJUPHGXER
-RVp/XLV$QGLD MRVHDQGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$+LVWRULDVRFLDOXQLYHUVDO
/D PDWHULD GH +LVWRULD VRFLDO 8QLYHUVDO WLHQH DOWR YDORU DFDGpPLFR HQ OD IRUPDFLyQ GHO
HVWXGLDQWHGH6RFLRORJtD \D TXHFRQWULEX\H HQ VX FRPSUHQVLyQ GHORVKHFKRV\ IDFWRUHV
TXH LQFLGLHURQ HQ OD IRUPDFLyQ VRFLDO 8QLYHUVDO &RQ HOOR HO HVWXGLDQWH DYDQ]D HQ HO
GHVDUUROOR GH VXV FRPSHWHQFLDV LQYHVWLJDWLYDV GH OD UHDOLGDG VRFLDO DFWXDO D SDUWLU GHO
HVWXGLRFUtWLFR\FRPSUHQVLYRGHODKLVWRULDXQLYHUVDO

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ

ϭϳϵ




 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \


FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV  ,QWHUSUHWD \ FRPSUHQGH ORV SURFHVRV GH GHVDUUROOR KLVWyULFRV \
GHiUHDV FXOWXUDOHV GH OD IRUPDFLyQ VRFLDO 5HJLRQDO EROLYLDQD 8QLYHUVDO \
JOREDOHV DPHULFDQD
0LFUR &RPSUHQGH\H[SOLFDODVHWDSDVIDFWRUHV\KHFKRVTXHLQWHUYLHQHQHQORV
FRPSHWHQFLDV SURFHVRV GH GHVDUUROOR VRFLR KLVWyULFR GH OD IRUPDFLyQ VRFLDO XQLYHUVDO
GHOD GHVGH OD IRUPDFLyQ GH ODV SULPHUDV VRFLHGDGHV SDVDQGR SRU ODV
DVLJQDWXUD VRFLHGDGHVFDSLWDOLVWDVKDVWDOOHJDUDODVVRFLHGDGHVFRQWHPSRUiQHDV

(OHPHQWRVGH D &RPSUHQGHHORULJHQHYROXFLyQ\FDUDFWHUtVWLFDVGHODVSULPHUDV
FRPSHWHQFLDV VRFLHGDGHVKXPDQDV
E &RPSUHQGH\H[SOLFDORVKHFKRV\IDFWRUHVTXHFRQILJXUDURQODV
VRFLHGDGHVFDSLWDOLVWDV
F &RPSUHQGH\H[SOLFDORVKHFKRV\IDFWRUHVTXHLPSDFWDURQHQODV
VRFLHGDGHVFRQWHPSRUiQHDV

,981,'$'(6'($35(1',=$-(

8QLGDG1ž /DKLVWRULDGHODKLVWRULD
8QLGDG1ž /DVSULPHUDVVRFLHGDGHV
8QLGDG1ž /DVVRFLHGDGHVFDSLWDOLVWDVFRQWHPSRUiQHD















ϭϴϬ




$VLJQDWXUDVGHOiUHDLQVWUXPHQWDOGHOVHJXQGRVHPHVWUH

/DV DVLJQDWXUDV TXH FRQWULEX\HQ DO GHVDUUROOR GH ODV FRPSHWHQFLDV GHO iUHD
LQVWUXPHQWDO\TXHVHFODVLILFDQHQHOVHJXQGRVHPHVWUHVRQODVVLJXLHQWHV

,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDLQVWUXPHQWDO
1RPEUHGHODDVLJQDWXUD 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,
6LJOD\FyGLJR ,19
6HPHVWUH 6HJXQGR
$xR 3ULPHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 5HFXUVRVGH7UDEDMR$FDGpPLFR&LHQWtILFR ,19 
&RRUGLQDFLyQYHUWLFDO 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,, ,19 
&RRUGLQDFLyQKRUL]RQWDO (VWDGtVWLFD6RFLDO,, (67 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD %LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU -XDQ-XVWLQLDQR9 MXDQMXVWLQLDQR#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO, 
/DPDWHULDGH0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,WLHQHDOWRYDORUDFDGpPLFRHQOD
IRUPDFLyQGHOHVWXGLDQWHGH6RFLRORJtD\DTXHORLQWURGXFHDOWHUULWRULRGHOFRQRFLPLHQWRH
LQYHVWLJDFLyQ FLHQWtILFD SURSRUFLRQiQGROH ORV SURWRFRORV KHUUDPLHQWDV \ WpFQLFDV
PHWRGROyJLFDV  SDUD HO GLVHxR GH XQ SHUILO GH LQYHVWLJDFLyQ VRFLDO GRQGH VH FRQWHPSOD
HOHFFLyQ GHO WHPD SODQWHDPLHQWR \ GHILQLFLyQ GHO SUREOHPD HVER]R GH PDUFR WHyULFR
IRUPXODFLyQ GH OD KLSyWHVLV X REMHWLYRV RSHUDFLRQDOL]DFLyQ GH YDULDEOHV \ GLVHxR GH
LQYHVWLJDFLyQ &RQ HOOR HO HVWXGLDQWH DYDQ]D HQ HO GHVDUUROOR GH VXV FRPSHWHQFLDV
LQYHVWLJDWLYDVFRQVWUX\HQGRHOREMHWRGHLQYHVWLJDFLyQ

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR $QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV 3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ

ϭϴϭ




 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH


DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO\
SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV  'LVHxD \ DSOLFD SUR\HFWRV GH LQYHVWLJDFLyQ VRFLDO KDFLHQGR XVR GH
GHiUHDV PDUFRV PHWRGROyJLFRV WHyULFRV LQVWUXPHQWRV HVWDGtVWLFRV \ WHFQROyJLFRV
JOREDOHV DYDQ]DGRV
0LFUR &RPSUHQGH\XWLOL]DORVSURWRFRORVKHUUDPLHQWDV\WpFQLFDVPHWRGROyJLFDV
FRPSHWHQFLDV SDUDODHODERUDFLyQ\SUHVHQWDFLyQGHXQSHUILOGHSUR\HFWRGHLQYHVWLJDFLyQ
GHOD FRPSXHVWRSRUHOWHPDHOSODQWHDPLHQWR\GHILQLFLyQGHOSUREOHPDHVER]R
DVLJQDWXUD GH PDUFR WHyULFR IRUPXODFLyQ GH OD KLSyWHVLV \ REMHWLYRV OD
RSHUDFLRQDOL]DFLyQGHYDULDEOHV\HOGLVHxRGHLQYHVWLJDFLyQ
(OHPHQWRVGH D &RPSUHQGH \ XWLOL]D ORV FRQFHSWRV SULQFLSDOHV GH OD FLHQFLD \
FRPSHWHQFLDV GLIHUHQFLDV HQ ORV VXSXHVWRV \ HQ OD GLQiPLFD GHO SURFHVR GH
LQYHVWLJDFLyQ HQ HVWXGLRV FXDQWLWDWLYRV \ FXDOLWDWLYRV VXV
IXQGDPHQWRVRQWROyJLFRV\HSLVWHPROyJLFRV
E &RPSUHQGHODLPSRUWDQFLDGHFRQFHSWRVEiVLFRVHQHOSURFHVR GH
LQYHVWLJDFLyQ KLSyWHVLV YDULDEOHV GLPHQVLRQHV LQGLFDGRUHV
RSHUDFLRQDOL]DFLyQ GH KLSyWHVLV WpFQLFDV H LQVWUXPHQWRV GH
UHFROHFFLyQGHGDWRV\FRQFHSWRVEiVLFRVGHPXHVWUHR
ĐͿ (ODERUD LQGLYLGXDO \ JUXSDOPHQWH HO SURFHVR GH FRQVWUXFFLyQ GHO
REMHWRGHLQYHVWLJDFLyQ


,981,'$'(6'($35(1',=$-(

8QLGDG1ž &DUDFWHUtVWLFDVGHODFLHQFLD\HOPpWRGRGHODLQYHVWLJDFLyQVRFLDO
8QLGDG1ž (O PpWRGR FLHQWtILFR FRQFHSWRV FRQFHSFLRQHV \ SURFHVR GH LQYHVWLJDFLyQ
HQODVRFLRORJtD
8QLGDG1ž &RQVWUXFFLyQGHOREMHWRGHLQYHVWLJDFLyQ







ϭϴϮ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDLQVWUXPHQWDO
1RPEUHGHODDVLJQDWXUD (VWDGtVWLFDVRFLDO,
6LJOD\FyGLJR (67
6HPHVWUH 6HJXQGR
$xR 3ULPHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 5HFXUVRVGH7UDEDMR$FDGpPLFR&LHQWtILFR ,19 
&RRUGLQDFLyQYHUWLFDO (VWDGtVWLFD6RFLDO,, (67 
&RRUGLQDFLyQKRUL]RQWDO 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO, ,19 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD %LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
5HGHVVRFLDOHV :KDWV$SS 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU /XLV0ROLQD(O+DJH OXLVPROLQD#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$(VWDGtVWLFD6RFLDO,
/DPDWHULDGH(VWDGtVWLFD6RFLDO,WLHQHDOWRYDORUHVWUDWpJLFRHQODIRUPDFLyQGHOHVWXGLDQWH
GH6RFLRORJtD\DTXHOHVSURSRUFLRQDHOPDUFRWHyULFRPHWRGROyJLFRHLQVWUXPHQWDOSDUDOD
DSOLFDFLyQGHODHVWDGtVWLFDGHVFULSWLYDGHGXFWLYDHQORVHVWXGLRVGHODUHDOLGDGVRFLDO&RQ
HOORHOHVWXGLDQWHDYDQ]DHQHOGHVDUUROORGHVXVFRPSHWHQFLDVLQYHVWLJDWLYDVDWUDYpVGH
XQ WUDEDMR GH FDPSR SDUD OD UHFROHFFLyQ SURFHVDPLHQWR GHVFULSFLyQ DQiOLVLV \
SUHVHQWDFLyQGHGDWRVVREUHXQWHPDGHHVWXGLRGHILQLGR

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH

ϭϴϯ




 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV  'LVHxD \ DSOLFD SUR\HFWRV GH LQYHVWLJDFLyQ VRFLDO KDFLHQGR XVR GH
GHiUHDV PDUFRVPHWRGROyJLFRVWHyULFRVLQVWUXPHQWRVHVWDGtVWLFRV\WHFQROyJLFRV
JOREDOHV DYDQ]DGRV
0LFUR &RPSUHQGH\XWLOL]DORVPDUFRVWHyULFRVPHWRGROyJLFRVHLQVWUXPHQWDOHV
FRPSHWHQFLDV SDUD OD HVWDGtVWLFD GHVFULSWLYDGHGXFWLYD HQ ORV HVWXGLRV GH OD UHDOLGDG
GHOD VRFLDO \ DVt FRQWULEXLU DO GHVDUUROOR GHO FRQRFLPLHQWR VRFLROyJLFR \ OD
DVLJQDWXUD VXVWHQWDFLyQ GH ODV GHFLVLRQHV \ OLQHDPLHQWRV SDUD OD SODQLILFDFLyQ
HVWUDWpJLFD\ODVSROtWLFDVS~EOLFDVGHOGHVDUUROORKXPDQR

(OHPHQWRVGH D &RPSUHQGH \ XWLOL]D ORV PDUFRV WHyULFRV \ FRQFHSWXDOHV GH OD
FRPSHWHQFLDV HVWDGtVWLFDGHVFULSWLYDHQORVHVWXGLRVFLHQWtILFRV
E &RPSUHQGH\XWLOL]DORVOLQHDPLHQWRVPHWRGROyJLFRV\WpFQLFRVHQ
ORV SURFHVRV GH UHFROHFFLyQ FODVLILFDFLyQ \ RUGHQDPLHQWR GH
GDWRV
F &RPSUHQGH\XWLOL]DORVOLQHDPLHQWRVPHWRGROyJLFRV\WpFQLFRVHQ
ORVSURFHVRVGHLQWHUSUHWDFLyQ\DQiOLVLVGHGDWRV
G &RPSUHQGH\XWLOL]DORVOLQHDPLHQWRVPHWRGROyJLFRV\WpFQLFRVHQ
ORVSURFHVRVGHGHGXFFLyQ\HYDOXDFLyQGHFRQFOXVLRQHVHQEDVH
DGDWRVPXHVWUDOHV
H 'LVHxD\HODERUDXQSUR\HFWRGHLQYHVWLJDFLyQGHVFULSWLYD

,981,'$'(6'($35(1',=$-(

8QLGDG1ž /DLQYHVWLJDFLyQFLHQWtILFDODHVWDGtVWLFD\ODUHDOLGDGVRFLDO
)XQGDPHQWRVGHODWHRUtDGHSUREDELOLGDGHV
8QLGDG1ž /D HVWDGtVWLFD GHVFULSWLYD 9DULDEOHV DWULEXWRV GLVWULEXFLyQ GH
IUHFXHQFLDVWHQGHQFLDVHLQGLFDGRUHV
8QLGDG1ž /DHVWDGtVWLFDGHVFULSWLYDPHGLGDVGHGLVSHUVLyQPHGLGDVGHIRUPD
GLVWULEXFLyQELGLPHQVLRQDO
8QLGDG1ž /RVHVWXGLRVGHVFULSWLYRVGHODUHDOLGDGVRFLDO








ϭϴϰ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ ,QVWUXPHQWDO
1RPEUHGHODDVLJQDWXUD +LVWRULDVRFLDODPHULFDQD
6LJOD\FyGLJR +,6
6HPHVWUH 6HJXQGR
$xR 3ULPHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV ,QWURGXFFLyQDOD+LVWRULD +,6 
&RRUGLQDFLyQYHUWLFDO +LVWRULDVRFLDOQDFLRQDO +,6 
&RRUGLQDFLyQKRUL]RQWDO $QWURSRORJtDVRFLRFXOWXUDO $17 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD %LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 3DXOD3HxD$ SDXODSHQD#XDJUPHGXER
-RVp/XLV$QGLD MRVHDQGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$+LVWRULDVRFLDODPHULFDQD
/D PDWHULD GH +LVWRULD VRFLDO DPHULFDQD WLHQH DOWR YDORU DFDGpPLFR HQ OD IRUPDFLyQ GHO
HVWXGLDQWHGH6RFLRORJtD \D TXHFRQWULEX\H HQ VX FRPSUHQVLyQ GHORVKHFKRV\ IDFWRUHV
TXH LQFLGLHURQ HQ OD IRUPDFLyQ VRFLDO DPHULFDQD &RQ HOOR HO HVWXGLDQWH DYDQ]D HQ HO
GHVDUUROOR GH VXV FRPSHWHQFLDV LQYHVWLJDWLYDV GH OD UHDOLGDG VRFLDO DFWXDO D SDUWLU GHO
HVWXGLRFUtWLFR\FRPSUHQVLYRGHODKLVWRULD

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ

ϭϴϱ




 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \


FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV
&RPSHWHQFLDV  ,QWHUSUHWD \ FRPSUHQGH ORV SURFHVRV GH GHVDUUROOR KLVWyULFRV \
GHiUHDV FXOWXUDOHV GH OD IRUPDFLyQ VRFLDO 5HJLRQDO EROLYLDQD 8QLYHUVDO \
JOREDOHV DPHULFDQD
0LFUR &RPSUHQGH\H[SOLFDODVHWDSDVIDFWRUHV\KHFKRVTXHLQWHUYLHQHQHQORV
FRPSHWHQFLDV SURFHVRVGHGHVDUUROORVRFLRKLVWyULFRGHODIRUPDFLyQVRFLDOXQLYHUVDO\
GHOD DPHULFDQDDQWHV\GHVSXpVGHVXGHVFXEULPLHQWRHQDODIHFKD
DVLJQDWXUD 
(OHPHQWRVGH G &RPSUHQGH\ H[SOLFDOD VLWXDFLyQ GH $PpULFDDQWHV GH  HO
FRPSHWHQFLDV LPSDFWR GH VX GHVFXEULPLHQWR \ OD IRUPDFLyQ GH OD VRFLHGDG
DPHULFDQDGXUDQWHODpSRFDFRORQLDO
H &RPSUHQGH \ H[SOLFD ORV LPSDFWRV GH ORV KHFKRV XQLYHUVDOHV
FRQWHPSRUiQHRVHQODUHDOLGDGDPHULFDQD
I &RPSUHQGH \ H[SOLFD ODV WUDVIRUPDFLRQHV LGHROyJLFDV OD
IRUPDFLyQ\ODFRQVROLGDFLyQGHORVQXHYRVHVWDGRVDPHULFDQRV
J ,QYHVWLJDVREUHODVUHYROXFLRQHVVRFLDOHVTXHVHGLHURQHQ$PpULFD
/DWLQDDVtFRPRODLQIOXHQFLDGHORV(VWDGRV8QLGRVHQHVWDSDUWH
GHOFRQWLQHQWH

,981,'$'(6'($35(1',=$-(

8QLGDG1ž (OPXQGR\HOPXQGRDPHULFDQR

8QLGDG1ž 6XUJLPLHQWRGHOPXQGRFRQWHPSRUiQHR

8QLGDG1ž $PpULFD\HOPXQGRHQORVVLJORV;;\;;,














ϭϴϲ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ ,QVWUXPHQWDO
1RPEUHGHODDVLJQDWXUD $QWURSRORJtD6RFLRFXOWXUDO
6LJOD\FyGLJR $17
6HPHVWUH 6HJXQGR
$xR 3ULPHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV ,QWURGXFFLyQDODV&LHQFLDV6RFLDOHV &62 
&RRUGLQDFLyQYHUWLFDO $QWURSRORJtD6RFLDO$QGLQD $17 
&RRUGLQDFLyQKRUL]RQWDO +LVWRULD6RFLDO8QLYHUVDO\$PHULFDQD +,6 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD %LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
5HGHVVRFLDOHV :KDWV$SS 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 0HUFHGHV1RVWDV$ PHUFHGHVQRVWDV#XDJUPHGXER
5HPLJLR&DUORV UHPLJLRFDUORV#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$$QWURSRORJtDVRFLRFXOWXUDO
/D PDWHULD GH $QWURSRORJtD VRFLR FXOWXUDO WLHQH DOWR YDORU DFDGpPLFR HQ OD IRUPDFLyQ GHO
HVWXGLDQWH GH 6RFLRORJtD \D TXH OHV SHUPLWH FRPSUHQGHU ORV HVFHQDULRV GH FRQVWLWXFLyQ \
GHVDUUROORGHOD$QWURSRORJtDFRPRFLHQFLDVXREMHWRGHHVWXGLR\HOPDUFRWHyULFRFRQFHSWXDO
\ PHWRGROyJLFR XWLOL]DGR SDUD OD SURGXFFLyQ GHO FRQRFLPLHQWR FLHQWtILFR VREUH OD UHDOLGDG
VRFLRFXOWXUDO

,,,&203(7(1&,$6

0DFUR  3HQVDPLHQWR FUtWLFR $QDOL]D FUtWLFDPHQWH OD YDOLGH] HSLVWpPLFD \ ORV
FRPSHWHQFLDV IXQGDPHQWRV HPStULFRV GH ODV WHRUtDV VRFLROyJLFDV SDUD WRPDU GHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
 7UDEDMR HQ HTXLSRV 3DUWLFLSD \ JHVWLRQD GH PDQHUD HILFLHQWH HTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDGGH
JpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
&DSDFLGDGDOFDPELR\UHVLOLHQFLD'HPXHVWUDFDSDFLGDGGHDGDSWDFLyQ
\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO\SURIHVLRQDO
TXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRVGHO
GHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ

ϭϴϳ




 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \


FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV ,QWHUSUHWD\FRPSUHQGHORVSURFHVRVGHGHVDUUROORKLVWyULFRV\FXOWXUDOHV
GHiUHDV GHODIRUPDFLyQVRFLDOUHJLRQDOEROLYLDQD8QLYHUVDO\DPHULFDQD
JOREDOHV
0LFUR &RPSUHQGH \ DSOLFD GHVGH XQD SHUVSHFWLYD FUtWLFD \ WUDQVGLVFLSOLQDU HO
FRPSHWHQFLDV PDUFR WHyULFR FRQFHSWXDO \ PHWRGROyJLFR DSOLFDGR D ORV HVWXGLR GH ODV
GHOD IRUPDV GH YLGDV LGHQWLGDGHV \ ODV UHODFLRQHV VRFLRFXOWXUDOHV HQWUH ORV
DVLJQDWXUD KXPDQRV\GHHVWRVFRQODQDWXUDOH]DHQORVGLYHUVRVFRQWH[WRVKLVWyULFRV\
JHRJUiILFRV

(OHPHQWRVGH D &RPSUHQGH ORV FRQWH[WRV GH HPHUJHQFLD \ GHVDUUROOR GH OD
FRPSHWHQFLDV $QWURSRORJtDVRFLRFXOWXUDOVXREMHWRGHHVWXGLR\UHODFLRQDPLHQWR
FRQRWUDVFLHQFLDV
E $QDOL]D \ FRPSUHQGH GLQiPLFDV VRFLRFXOWXUDOHV GHVGH XQ PDUFR
WHyULFR\FRQFHSWXDODQWURSROyJLFRLQWURGXFWRULR
F &RPSUHQGH OD LPSRUWDQFLD GH OD WUDQVYHUVDOL]DFLyQ GHO DQiOLVLV
DQWURSROyJLFR OD LQWHUFXOWXUDOLGDG OD HWQLFLGDG HO JpQHUR OR
JHQHUDFLRQDO OD LQWHUVHFFLRQDOLGDG \ VX LQFOXVLyQ HQ SROtWLFDV
S~EOLFDV
G 5HGDFWD PRQRJUDItDV H LQIRUPHV XWLOL]DQGR DOJXQRV DYDQFHV
WHyULFRVHQWHPiWLFDVGHHVWXGLRDQWURSROyJLFRDFWXDO


,981,'$'(6'($35(1',=$-(

8QLGDG1ž ,QWURGXFFLyQDOD$QWURSRORJtDVRFLRFXOWXUDO

8QLGDG1ž 7HRUtDPpWRGR\SUiFWLFDHQOD$QWURSyORJDVRFLRFXOWXUDO

8QLGDG1ž &XOWXUD\VRFLHGDGHQHO(VWDGR3OXULQDFLRQDOGH%ROLYLD











ϭϴϴ




$VLJQDWXUDVGHOiUHDLQVWUXPHQWDOGHOWHUFHUVHPHVWUH


/DV DVLJQDWXUDV TXH FRQWULEX\HQ DO GHVDUUROOR GH ODV FRPSHWHQFLDV GHO iUHD
LQVWUXPHQWDO\TXHVHFODVLILFDQHQHOWHUFHUVHPHVWUHVRQODVVLJXLHQWHV

,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDLQVWUXPHQWDO
1RPEUHGHODDVLJQDWXUD 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,
6LJOD\FyGLJR ,19
6HPHVWUH 7HUFHUR
$xR 6HJXQGR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO, ,19 
&RRUGLQDFLyQYHUWLFDO 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,, ,19 
&RRUGLQDFLyQKRUL]RQWDO (VWDGtVWLFD6RFLDO,, (67 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD %LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU -RVp0DUWtQH]0 MRVpPDUWtQH]XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,
/D LQYHVWLJDFLyQ VRFLDO HV XQD GH ODV EDVHV SULQFLSDOHV GH OD IRUPDFLyQ SURIHVLRQDO GHO
6RFLyORJRHQHVWHSURSyVLWRODDVLJQDWXUDGH0pWRGRV\WpFQLFDVGHLQYHVWLJDFLyQVRFLDO,,VH
RULHQWD D IRUWDOHFHU ORV FRQRFLPLHQWRV \ ODV FDSDFLGDGHV LQYHVWLJDWLYDV GH ODV \ ORV
XQLYHUVLWDULRV HQ ORV SULQFLSDOHV PpWRGRV WpFQLFDV \ KHUUDPLHQWDV GH LQYHVWLJDFLyQ VRFLDO
DSOLFDGRVDGLYHUVRVFDPSRVGHOVDEHUVRFLROyJLFRHLQYHVWLJDFLRQHVVRFLDOHV/DSHUVSHFWLYD
GHODLQYHVWLJDFLyQGHODDVLJQDWXUDHVGHWLSRFXDQWLWDWLYD\VHHVSHUDTXHDOILQDOGHOFXUVR
ORVHVWXGLDQWHVHVWpQFDSDFLWDGRVHQHOGLVHxRGHSUR\HFWRVGHLQYHVWLJDFLRQHVFXDQWLWDWLYDV

,,,&203(7(1&,$6

0DFUR  3HQVDPLHQWR FUtWLFR $QDOL]D FUtWLFDPHQWH OD YDOLGH] HSLVWpPLFD \ ORV
FRPSHWHQFLDV IXQGDPHQWRV HPStULFRV GH ODV WHRUtDV VRFLROyJLFDV SDUD WRPDU GHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
 7UDEDMR HQ HTXLSRV 3DUWLFLSD \ JHVWLRQD GH PDQHUD HILFLHQWH HTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH

ϭϴϵ




 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG


VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
&DSDFLGDGDOFDPELR\UHVLOLHQFLD'HPXHVWUDFDSDFLGDGGHDGDSWDFLyQ
\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO\SURIHVLRQDO
TXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGR HVStULWX SURSRVLWLYR RULHQWDGR DO FXPSOLPLHQWR GH ORV REMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV 'LVHxD\DSOLFDSUR\HFWRVGHLQYHVWLJDFLyQVRFLDOKDFLHQGRXVRGHPDUFRV
GHiUHDV PHWRGROyJLFRV WHyULFRV LQVWUXPHQWRV HVWDGtVWLFRV \ WHFQROyJLFRV
JOREDOHV DYDQ]DGRV
 &RQVWUX\H FRQFHSWRV FDWHJRUtDV \ PDUFRV WHyULFRV DFRUGH DO HQIRTXH
WUDQVGLVFLSOLQDUGHORVHVWXGLRVVRFLROyJLFR
0LFUR &RPSUHQGH \ XWLOL]D ORV PDUFRV WHyULFRV \ HQIRTXHV PHWRGROyJLFRV GH OD
FRPSHWHQFLDV LQYHVWLJDFLyQFXDQWLWDWLYDSDUDHOGLVHxRGHSUR\HFWRVGHLQYHVWLJDFLyQGH
GHOD IHQyPHQRVVRFLDOHV FXOWXUDOHV SROtWLFRV HFRQyPLFRVTXHVRQ SDUWHGHOD
DVLJQDWXUD UHDOLGDGVRFLDOFRQWHPSRUiQHD
(OHPHQWRVGH D ,QYHVWLJDODUHDOLGDGVRFLDOSDUDFRPSUHQGHUHLQWHUYHQLUHQORV
FRPSHWHQFLDV IHQyPHQRVVRFLDOHV
E $QDOL]D\HYDO~DORVFRQRFLPLHQWRVSUHYLRVGHOIHQyPHQRGH
HVWXGLRVRFLROyJLFR
F $QDOL]DFUtWLFDPHQWHODUHDOLGDGVRFLDOFRQWUDVWDGRFRQORV
HQIRTXHVHVWXGLDGRV
G (VWXGLDODVVLWXDFLRQHVSUREOHPiWLFDVSDUDSURGXFLU
FRQRFLPLHQWRV\VROXFLRQHV~WLOHVRSRUWXQDV\SHUWLQHQWHV
VRFLDOPHQWH
H &RQVWUX\HPDUFRVWHyULFRVVXVWHQWDGRVHQODVWHRUtDVVRFLROyJLFDV
FRQWHPSRUiQHDV\TXHUHVSRQGDQDUHDOLGDGHVDFWXDOHVFRQFUHWDV
ĨͿ 'HVDUUROODHOSURFHVRGHLQYHVWLJDFLyQFLHQWtILFDGHWLSR
FXDQWLWDWLYR

,981,'$'(6'($35(1',=$-(

8QLGDG1ž /DLQYHVWLJDFLyQELEOLRJUiILFD\ODSUHJXQWDGHLQYHVWLJDFLyQ
8QLGDG1ž 0DUFRWHyULFR\PHWRGROyJLFRGHODLQYHVWLJDFLyQFXDQWLWDWLYD
8QLGDG1ž 2SHUDFLRQDOL]DFLyQGHYDULDEOHVREMHWLYRVHKLSyWHVLV
8QLGDG1ž (VWUDWHJLDPHWRGROyJLFDOHYDQWDPLHQWRSURFHVDPLHQWR\DQiOLVLVGHGDWRV
8QLGDG1ž (ODERUDFLyQYDOLGDFLyQ\GLIXVLyQGHLQIRUPH



ϭϵϬ





,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ ,QVWUXPHQWDO
1RPEUHGHODDVLJQDWXUD (VWDGtVWLFDVRFLDO,,
6LJOD\FyGLJR (67
6HPHVWUH 7HUFHUR
$xR 6HJXQGR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV (VWDGtVWLFD6RFLDO, (67 
&RRUGLQDFLyQYHUWLFDO ,QIRUPiWLFDVRFLDO ,)6 
&RRUGLQDFLyQKRUL]RQWDO 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,, ,19 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD %LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 1HOVRQ$OHPiQ6 QHOVRQDOHPiQ#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$(VWDGtVWLFD6RFLDO,,
/DPDWHULDGH(VWDGtVWLFD6RFLDO,,WLHQHDOWRYDORUHVWUDWpJLFRHQODIRUPDFLyQGHOHVWXGLDQWH
GH6RFLRORJtD\DTXHOHVSURSRUFLRQDHOPDUFRWHyULFRPHWRGROyJLFRHLQVWUXPHQWDOSDUDOD
DSOLFDFLyQGHODHVWDGtVWLFDGHVFULSWLYRLQIHUHQFLDOHQORVHVWXGLRVGHODUHDOLGDGVRFLDO&RQ
HOORHOHVWXGLDQWHDYDQ]DHQHOGHVDUUROORGHVXVFRPSHWHQFLDVLQYHVWLJDWLYDVDWUDYpVGHXQ
WUDEDMR GH FDPSR SDUD OD UHFROHFFLyQ GH LQIRUPDFLyQ \ FRQVWUXFFLyQ GH LQGLFDGRUHV
PDHVWUDOHVVXSURFHVDPLHQWRJHQHUDOL]DFLyQ\IRUPXODFLyQGHFRQFOXVLRQHVSDUDODWRPDGH
GHFLVLRQHVVREUHXQWHPDGHHVWXGLRGHILQLGR

,,,&203(7(1&,$6

0DFUR  3HQVDPLHQWR FUtWLFR $QDOL]D FUtWLFDPHQWH OD YDOLGH] HSLVWpPLFD \ ORV
FRPSHWHQFLDV IXQGDPHQWRV HPStULFRV GH ODV WHRUtDV VRFLROyJLFDV SDUD WRPDU GHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
 7UDEDMR HQ HTXLSRV 3DUWLFLSD \ JHVWLRQD GH PDQHUD HILFLHQWH HTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
&DSDFLGDGDOFDPELR\UHVLOLHQFLD'HPXHVWUDFDSDFLGDGGHDGDSWDFLyQ
\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO\SURIHVLRQDO
TXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGR HVStULWX SURSRVLWLYR RULHQWDGR DO FXPSOLPLHQWR GH ORV REMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH

ϭϵϭ




 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV 'LVHxD\DSOLFDSUR\HFWRVGHLQYHVWLJDFLyQVRFLDOKDFLHQGRXVRGHPDUFRV
GHiUHDV PHWRGROyJLFRV WHyULFRV LQVWUXPHQWRV HVWDGtVWLFRV \ WHFQROyJLFRV
JOREDOHV DYDQ]DGRV
0LFUR &RPSUHQGH \ XWLOL]D ORV PDUFRV WHyULFRV PHWRGROyJLFRV H LQVWUXPHQWDOHV
FRPSHWHQFLDV SDUD OD HVWDGtVWLFD GHVFULSWLYDLQIHUHQFLDO HQ ORV HVWXGLRV GH OD UHDOLGDG
GHOD VRFLDO \ DVt FRQWULEXLU DO GHVDUUROOR GHO FRQRFLPLHQWR VRFLROyJLFR \ OD
DVLJQDWXUD VXVWHQWDFLyQ GH ODV GHFLVLRQHV \ OLQHDPLHQWRV SDUD OD SODQLILFDFLyQ
HVWUDWpJLFD\ODVSROtWLFDVS~EOLFDVGHOGHVDUUROORKXPDQR
(OHPHQWRVGH D &RPSUHQGH \ XWLOL]D ORV PDUFRV WHyULFRV \ FRQFHSWXDOHV GH OD
FRPSHWHQFLDV HVWDGtVWLFDGHVFULSWLYDLQIHUHQFLDOHQORVHVWXGLRVFLHQWtILFRV
E &RPSUHQGH\XWLOL]DORVOLQHDPLHQWRVWpFQLFRV\PHWRGROyJLFRVVREUH
SUREDELOLGDGHV YDULDEOHV DOHDWRULDV PRGHORV GH SUREDELOLGDG
PXHVWUHR \ GLVWULEXFLRQHV PXHVWUDOHV LQWHUYDORV GH FRQILDQ]D \
SUXHEDVGHKLSyWHVLV
F &RPSUHQGH\XWLOL]DORVOLQHDPLHQWRVWpFQLFRV\PHWRGROyJLFRVSDUDHO
PXHVWUHR UHFROHFFLyQ GH LQIRUPDFLyQ LQIHUHQFLD HVWDGtVWLFD
HVWLPDFLyQGHLQGLFDGRUHVPXHVWUDOHV\JHQHUDOL]DFLyQGHUHVXOWDGRV
G $QDOL]D LQWHUSUHWD \ JHQHUDOL]D ORV UHVXOWDGRV H LQGLFDGRUHV
HVWDGtVWLFRVGHVFULSWLYRVFRPREDVHSDUDODWRPDGHGHFLVLRQHVEDMR
ULHVJRVHLQFHUWLGXPEUH

,981,'$'(6'($35(1',=$-(

8QLGDG1ž ,QWURGXFFLyQDODWHRUtDGHODSUREDELOLGDG
8QLGDG1ž 'LVWULEXFLRQHVRPRGHORVGHSUREDELOLGDG
8QLGDG1ž 0XHVWUHR\HVWLPDFLyQGHSDUiPHWURVSREODFLRQDOHV
8QLGDG1ž 9HULILFDFLyQGHKLSyWHVLVHVWDGtVWLFDV


ϭϵϮ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDLQVWUXPHQWDO
1RPEUHGHODDVLJQDWXUD +LVWRULDVRFLDOQDFLRQDO
6LJOD\FyGLJR +,6
6HPHVWUH 7HUFHUR
$xR 6HJXQGR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV +LVWRULD6RFLDO8QLYHUVDO\$PHULFDQD +,6 
&RRUGLQDFLyQYHUWLFDO +LVWRULDVRFLDOUHJLRQDO +,6 
&RRUGLQDFLyQKRUL]RQWDO 5HDOLGDGQDFLRQDO\UHJLRQDO &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD %LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 3DXOD3HxD$ SDXODSHQD#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$+LVWRULDVRFLDOQDFLRQDO 
/D PDWHULD GH +LVWRULD 6RFLDO 1DFLRQDO WLHQH DOWR YDORU HVWUDWpJLFR HQ OD IRUPDFLyQ GHO
HVWXGLDQWH GH 6RFLRORJtD \D TXH FRQWULEX\H HQ VX FRPSUHQVLyQ GH ORV SURFHVRV GH OD
IRUPDFLyQ VRFLDO QDFLRQDO \ VX LQFLGHQFLD HQ OD UHDOLGDG DFWXDO &RQ HOOR HO HVWXGLDQWH
DYDQ]DHQHOGHVDUUROORGHVXVFRPSHWHQFLDVLQYHVWLJDWLYDVVREUHODUHDOLGDGVRFLDO\VXV
GHVDItRVTXHSODQWHDSDUDOD6RFLRORJtD

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ

ϭϵϯ




 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \


FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV
&RPSHWHQFLDV  ,QWHUSUHWD \ FRPSUHQGH ORV SURFHVRV GH GHVDUUROOR KLVWyULFRV \
GHiUHDV FXOWXUDOHV GH OD IRUPDFLyQ VRFLDO 5HJLRQDO EROLYLDQD 8QLYHUVDO \
JOREDOHV DPHULFDQD
0LFUR &RPSUHQGH \ H[SOLFD ODV HWDSDV IDFWRUHV KHFKRV \ DFWRUHV TXH
FRPSHWHQFLDV LQWHUYLHQHQHQORVSURFHVRVGHGHVDUUROORVRFLRKLVWyULFRGHODIRUPDFLyQ
GHOD VRFLDOEROLYLDQD
DVLJQDWXUD 
(OHPHQWRVGH D &RPSUHQGHHOGHVDUUROORGHODVRFLHGDGEROLYLDQDHQHOPDUFRGH
FRPSHWHQFLDV ODKLVWRULDQDFLRQDO
E ([SOLFDORVPRPHQWRVFRQVWLWXWLYRVGHODVRFLHGDGEROLYLDQDKDVWD
QXHVWURVGtDV
F $QDOL]DODKLVWRULDQDFLRQDOGHVGHHOSXQWRGHYLVWDFXOWXUDO
G ,QYHVWLJDVREUHODIRUPDFLyQKLVWyULFDGHODVGLVWLQWDVVRFLHGDGHV
HQ%ROLYLD

,981,'$'(6'($35(1',=$-(

8QLGDG1ž 3REODFLyQSUHKLVSiQLFD\pSRFDFRORQLDO
8QLGDG1ž 'HODJXHUUDGHLQGHSHQGHQFLDDODJXHUUDGHOFKDFR
8QLGDG1ž (OSURFHVRPRGHUQL]DGRU\ODVJUDQGHVWUDQVIRUPDFLRQHV





ϭϵϰ





,,'(17,),&$&,Ð1'(/$0$7(5,$
)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ ,QVWUXPHQWDO
1RPEUHGHODDVLJQDWXUD $QWURSRORJtD6RFLDO$QGLQD
6LJOD\FyGLJR $17
6HPHVWUH 7HUFHUR
$xR 6HJXQGR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV $QWURSRORJtDVRFLRFXOWXUDO $17 
&RRUGLQDFLyQYHUWLFDO $QWURSRORJtDGHWLHUUDVEDMDV $17 
&RRUGLQDFLyQKRUL]RQWDO +LVWRULDVRFLDOQDFLRQDO +,6 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD %LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU -RVp/XLV5RPHUR9 MRVHURPHUR#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$$QWURSRORJtDVRFLDO$QGLQD
/DPDWHULDGH$QWURSRORJtDVRFLDO$QGLQDWLHQHDOWRYDORUDFDGpPLFRHQODIRUPDFLyQGHO
HVWXGLDQWHGH6RFLRORJtD\DTXHOHVSHUPLWHFRPSUHQGHUODGLYHUVLGDGVRFLRFXOWXUDOGHOD
5HJLyQ$QGLQDGH%ROLYLD\FRPRGLFKDGLYHUVLGDGVXVWDQFLDHOFDUiFWHUSOXULQDFLRQDOGHO
(VWDGR

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ

ϭϵϱ




 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \


FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV  ,QWHUSUHWD \ FRPSUHQGH ORV SURFHVRV GH GHVDUUROOR KLVWyULFRV \
GHiUHDV FXOWXUDOHV GH OD IRUPDFLyQ VRFLDO UHJLRQDO EROLYLDQD 8QLYHUVDO \
JOREDOHV DPHULFDQD
0LFUR &RPSUHQGH \ H[SOLFD OD UHDOLGDG PXOWLFXOWXUDO GHO SDtV D SDUWLU GH ODV
FRPSHWHQFLDV IRUPDV GH YLGD VRFLDO VLVWHPD FXOWXUDO SROtWLFR UHOLJLRVR HFRQyPLFR
GHOD FRVPRORJtDV \ FRQRFLPLHQWRV GH ODV 1DFLRQHV 3XHEORV ,QGtJHQDV
DVLJQDWXUD 2ULJLQDULRV\&DPSHVLQRVGHOD5HJLyQ$QGLQDGH%ROLYLD
(OHPHQWRVGH D (ODERUD HQVD\RV LQYHVWLJDWLYR VREUH OD UHDOLGDG VRFLDO FXOWXUDO
FRPSHWHQFLDV HFRQyPLFDSROtWLFD\UHOLJLRVDGHODV1DFLRQHV3XHEORV,QGtJHQDV
2ULJLQDULRV\&DPSHVLQRVGHOD5HJLyQ$QGLQDGH%ROLYLD
E (ODERUD\SURSRQHOLQHDPLHQWRVSDUDODFRQYLYHQFLDLQWHUFXOWXUDO
HQ%ROLYLDDSDUWLUGHODGLYHUVLGDGVRFLRFXOWXUDOTXHFDUDFWHUL]D
ODUHJLyQ$QGLQDGHOSDtV


,981,'$'(6'($35(1',=$-(

8QLGDG1ž ,QWURGXFFLyQDOD$QWURSRORJtDVRFLDOGHOD5HJLyQ$QGLQDGH%ROLYLD

8QLGDG1ž /RV HVWXGLRV DQWURSROyJLFRV VREUH OD UHDOLGDG GH ODV 1DFLRQHV 3XHEORV
,QGtJHQDV2ULJLQDULRV\&DPSHVLQRVGHOD5HJLyQ$QGLQDGH%ROLYLD

8QLGDG1ž /DFXDOLGDGSOXULQDFLRQDOGHO(VWDGREROLYLDQR



ϭϵϲ




$VLJQDWXUDVGHOiUHDLQVWUXPHQWDOGHOFXDUWRVHPHVWUH

/DV DVLJQDWXUDV TXH FRQWULEX\HQ DO GHVDUUROOR GH ODV FRPSHWHQFLDV GHO iUHD
LQVWUXPHQWDO\TXHVHFODVLILFDQHQHOFXDUWRVHPHVWUHVRQODVVLJXLHQWHV


,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ ,QVWUXPHQWDO
1RPEUHGHODDVLJQDWXUD 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,,
6LJOD\FyGLJR ,19
6HPHVWUH &XDUWR
$xR 6HJXQGR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,, ,19 
&RRUGLQDFLyQYHUWLFDO 7HRUtD6RFLROyJLFD,,,, &62 \7HRUtD6RFLROyJLFD,9
&62 
&RRUGLQDFLyQKRUL]RQWDO ,QIRUPiWLFDVRFLDO ,)6 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD %LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU -XDQ-XVWLQLDQR9 MXDQMXVWLQLDQR#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,,
/D LQYHVWLJDFLyQ VRFLDO HV XQD GH ODV EDVHV SULQFLSDOHV GH OD IRUPDFLyQ SURIHVLRQDO GHO
6RFLyORJRHQHVWHSURSyVLWRODDVLJQDWXUDGH0pWRGRV\WpFQLFDVGHLQYHVWLJDFLyQVRFLDO,,,
VH RULHQWD D IRUWDOHFHU ORV FRQRFLPLHQWRV \ ODV FDSDFLGDGHV LQYHVWLJDWLYDV GH ODV \ ORV
HVWXGLDQWHV HQ ORV SULQFLSDOHV PpWRGRV WpFQLFDV \ KHUUDPLHQWDV GH LQYHVWLJDFLyQ VRFLDO
DSOLFDGRVDGLYHUVRVFDPSRVGHOVDEHUVRFLROyJLFRHLQYHVWLJDFLRQHVVRFLDOHV/DSHUVSHFWLYD
GHODLQYHVWLJDFLyQGHODDVLJQDWXUDHVGHWLSRFXDOLWDWLYD\VHHVSHUDTXHDOILQDOGHOFXUVR
ORVHVWXGLDQWHVHVWpQFDSDFLWDGRVHQHOGLVHxRGHSUR\HFWRVGHLQYHVWLJDFLRQHVFXDOLWDWLYDV

,,,&203(7(1&,$6

0DFUR  3HQVDPLHQWR FUtWLFR $QDOL]D FUtWLFDPHQWH OD YDOLGH] HSLVWpPLFD \ ORV
FRPSHWHQFLDV IXQGDPHQWRV HPStULFRV GH ODV WHRUtDV VRFLROyJLFDV SDUD WRPDU GHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
 7UDEDMR HQ HTXLSRV 3DUWLFLSD \ JHVWLRQD GH PDQHUD HILFLHQWH HTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ

ϭϵϳ




&DSDFLGDGDOFDPELR\UHVLOLHQFLD'HPXHVWUDFDSDFLGDGGHDGDSWDFLyQ
\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO\SURIHVLRQDO
TXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGR HVStULWX SURSRVLWLYR RULHQWDGR DO FXPSOLPLHQWR GH ORV REMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV 'LVHxD\DSOLFDSUR\HFWRVGHLQYHVWLJDFLyQVRFLDOKDFLHQGRXVRGHPDUFRV
GHiUHDV PHWRGROyJLFRV WHyULFRV LQVWUXPHQWRV HVWDGtVWLFRV \ WHFQROyJLFRV
JOREDOHV DYDQ]DGRV
 &RQVWUX\H FRQFHSWRV FDWHJRUtDV \ PDUFRV WHyULFRV DFRUGH DO HQIRTXH
WUDQVGLVFLSOLQDUGHORVHVWXGLRVVRFLROyJLFR
0LFUR &RPSUHQGH \ XWLOL]D ORV PDUFRV WHyULFRV \ HQIRTXHV PHWRGROyJLFRV GH OD
FRPSHWHQFLDV LQYHVWLJDFLyQ FXDOLWDWLYD SDUD HO GLVHxR GH SUR\HFWRV GH LQYHVWLJDFLyQ GH
GHOD IHQyPHQRVVRFLDOHV FXOWXUDOHV SROtWLFRV HFRQyPLFRVTXHVRQ SDUWHGHOD
DVLJQDWXUD UHDOLGDGVRFLDOFRQWHPSRUiQHD
(OHPHQWRVGH D &RQRFH ORV IXQGDPHQWRV KLVWyULFRV \ HSLVWHPROyJLFRV GH ORV
FRPSHWHQFLDV GLIHUHQWHV HQIRTXHV GH LQYHVWLJDFLyQ ODV SHUVSHFWLYDV WHyULFDV \
HVWUDWHJLDVGHLQGDJDFLyQHQLQYHVWLJDFLyQFXDOLWDWLYD
E 3UDFWLFDODHODERUDFLyQGHXQSUR\HFWRGHLQYHVWLJDFLyQFRQHQIRTXH
FXDOLWDWLYR
ĐͿ &RQRFH\SUDFWLFDODVWpFQLFDVGHUHFROHFFLyQSURFHVDPLHQWRGH
LQIRUPDFLyQ\HODERUDFLyQGHOLQIRUPHGHLQYHVWLJDFLyQFXDOLWDWLYD 

,981,'$'(6'($35(1',=$-(

8QLGDG1ž /DLQYHVWLJDFLyQFXDOLWDWLYD\VXVIXQGDPHQWRV
8QLGDG1ž /RVSUR\HFWRVGHLQYHVWLJDFLyQFRQHQIRTXHFXDOLWDWLYR
8QLGDG1ž 7pFQLFDVGHUHFROHFFLyQSURFHVDPLHQWRGHLQIRUPDFLyQ\HODERUDFLyQGHO
LQIRUPHGHLQYHVWLJDFLyQFXDOLWDWLYD









ϭϵϴ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDLQVWUXPHQWDO
1RPEUHGHODDVLJQDWXUD ,QIRUPiWLFDVRFLDO
6LJOD\FyGLJR ,)6
6HPHVWUH &XDUWR
$xR 6HJXQGR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV (VWDGtVWLFD6RFLDO,, (67 
&RRUGLQDFLyQYHUWLFDO &LEHUVRFLRORJtD &62 
&RRUGLQDFLyQKRUL]RQWDO 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,, ,19 
0RGDOLGDGGH 3UHVHQFLDO
LPSDUWLFLyQ
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHOD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
PDWHULD %LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 9ODGLPLU$PXUULR$ YODGLPLUDPXUULR#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$,QIRUPiWLFDVRFLDO
(QODHUDGLJLWDOTXHYLYLPRVODPDWHULDGH,QIRUPiWLFDVRFLDOHVDOWDPHQWHHVWUDWpJLFD\
SHUWLQHQWH HQ OD IRUPDFLyQ GH ORV SURIHVLRQDOHV VRFLyORJRV \D TXH OHV GRWD GH HQIRTXHV
PHWRGROyJLFRV FRPSXWDFLRQDOHV H LQVWUXPHQWRV WHFQROyJLFRV SDUD HO DFFHVR DQiOLVLV \
FRPSUHQVLyQ GHORVGDWRV\ODLQIRUPDFLyQ HQOtQHD %LJ GDWH DSOLFDEOHDOHVWXGLR GHORV
IHQyPHQRV VRFLROyJLFRV FRQILJXUDGRV HQ ORV HQWRUQRV YLUWXDOHV GH OD VRFLHGDG GH OD
LQIRUPDFLyQ\HOFRQRFLPLHQWR

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH

ϭϵϵ




 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV  'LVHxD \ DSOLFD SUR\HFWRV GH LQYHVWLJDFLyQ VRFLDO KDFLHQGR XVR GH
GHiUHDV PDUFRVPHWRGROyJLFRVWHyULFRVLQVWUXPHQWRVHVWDGtVWLFRV\WHFQROyJLFRV
JOREDOHV DYDQ]DGRV
0LFUR 8WLOL]D ORV HQIRTXHV PHWRGROyJLFRV GH ODV FLHQFLDV VRFLDOHV
FRPSHWHQFLDV FRPSXWDFLRQDOHV\ORVLQVWUXPHQWRVGHOD7HFQRORJtDGHOD,QIRUPDFLyQ\
GHOD &RPXQLFDFLyQ SDUD HO DFFHVR PRGHODGR \ DQiOLVLV GH ORV GDWRV GHO
DVLJQDWXUD FLEHUHVSDFLRHQHOPDUFRGHORVHVWXGLRVGHODUHDOLGDGVRFLDO
(OHPHQWRVGH D &RPSUHQGH \ GLVFLHUQH ORV HVFHQDULRV \ IDFWRUHV VRFLDOHV
FRPSHWHQFLDV FXOWXUDOHVHFRQyPLFRV\WHFQROyJLFRVTXHPROGHDQ\GLQDPL]DQ
HOGHVDUUROORGHODLQIRUPiWLFDVRFLDO
E &RPSUHQGH\XWLOL]DORVHQIRTXHVPHWRGROyJLFRVFRPSXWDFLRQDOHV
HQHODFFHVR\DQiOLVLVGHO%LJGDWD
F &RPSUHQGH \ XWLOL]D ODV 7HFQRORJtDV GH OD ,QIRUPDFLyQ \
&RPXQLFDFLyQHQORVHVWXGLRVGHODUHDOLGDGVRFLDO
G (ODERUDHVWXGLRVGHIHPpPRQRVVRFLROyJLFRVFRQVWLWXLGRVHQORV
HQWRUQRV YLUWXDOHV GH OD VRFLHGDG GH OD LQIRUPDFLyQ \ HO
FRQRFLPLHQWR

,981,'$'(6'($35(1',=$-(

8QLGDG1ž 0DUFRWHyULFRFRQFHSWXDOGHODLQIRUPiWLFDVRFLDO
8QLGDG1ž 3URJUDPDVFRPSXWDFLRQDOHV 6RIWZDUH SDUDHODFFHVR\DQiOLVLVGHO%LJ
'DWD
8QLGDG1ž $QiOLVLVVRFLROyJLFRGHUHGHVVRFLDOHV
8QLGDG1ž (VWXGLRVVRFLROyJLFRVGHODUHDOLGDGVRFLDOHQORVHQWRUQRVYLUWXDOHV









ϮϬϬ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ ,QVWUXPHQWDO
1RPEUHGHODDVLJQDWXUD +LVWRULDVRFLDO5HJLRQDO
6LJOD\FyGLJR +,6
6HPHVWUH &XDUWR
$xR 6HJXQGR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV +LVWRULDVRFLDOQDFLRQDO +,6 
&RRUGLQDFLyQYHUWLFDO 5HDOLGDGQDFLRQDO\UHJLRQDO &62 
&RRUGLQDFLyQKRUL]RQWDO $QWURSRORJtDWLHUUDVEDMDV $17 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD %LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 3DXOD3HxD$ SDXODSHQD#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$+LVWRULDVRFLDO5HJLRQDO
/D PDWHULD GH +LVWRULD 6RFLDO 5HJLRQDO WLHQH DOWR YDORU DFDGpPLFR HQ OD IRUPDFLyQ GHO
HVWXGLDQWH GH 6RFLRORJtD \D TXH FRQWULEX\H HQ VX FRPSUHQVLyQ GH ORV SURFHVRV GH OD
IRUPDFLyQ VRFLDO UHJLRQDO \ VX LQFLGHQFLD HQ OD UHDOLGDG DFWXDO &RQ HOOR HO HVWXGLDQWH
DYDQ]DHQHOGHVDUUROORGHVXVFRPSHWHQFLDVLQYHVWLJDWLYDVVREUHODUHDOLGDGVRFLDOUHJLRQDO
DSDUWLUGHOHVWXGLRGHODKLVWRULD

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ

ϮϬϭ




 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \


FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV
&RPSHWHQFLDV  ,QWHUSUHWD \ FRPSUHQGH ORV SURFHVRV GH GHVDUUROOR KLVWyULFRV \
GHiUHDV FXOWXUDOHV GH OD IRUPDFLyQ VRFLDO 5HJLRQDO EROLYLDQD 8QLYHUVDO \
JOREDOHV DPHULFDQD
0LFUR &RPSUHQGH \ H[SOLFD ODV HWDSDV IDFWRUHV KHFKRV \ DFWRUHV TXH
FRPSHWHQFLDV LQWHUYLHQHQHQORVSURFHVRVGHGHVDUUROORVRFLRKLVWyULFRGHODIRUPDFLyQ
GHOD VRFLDOUHJLRQDOFUXFHxD
DVLJQDWXUD 
(OHPHQWRVGH D &RPSUHQGH \ H[SOLFD OD UHDOLGDG VRFLDO UHJLRQDO DQWHV GH VX
FRPSHWHQFLDV LQGHSHQGHQFLD
E $QDOL]D OD KLVWRULD UHJLRQDO GXUDQWH \ GHVSXpV GH VX
LQGHSHQGHQFLD
F &RPSUHQGH OD UHDOLGDG UHJLRQDO FUXFHxD GH KR\ D SDUWLU GH VX
KLVWRULD

,981,'$'(6'($35(1',=$-(

8QLGDG1ž /RVSULPHURVKDELWDQWHVHQODUHJLyQ
8QLGDG1ž /DLQGHSHQGHQFLDUHJLRQDO
8QLGDG1ž 6DQWD&UX]KR\












ϮϬϮ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ ,QVWUXPHQWDO
1RPEUHGHODDVLJQDWXUD $QWURSRORJtDGH7LHUUDV%DMDV
6LJOD\FyGLJR $17
6HPHVWUH &XDUWR
$xR 6HJXQGR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV $QWURSRORJtDVRFLRFXOWXUDO $17 
&RRUGLQDFLyQYHUWLFDO +LVWRULDVRFLDOQDFLRQDO +,6 
&RRUGLQDFLyQKRUL]RQWDO +LVWRULDVRFLDOUHJLRQDO +,6 
0RGDOLGDGGH 3UHVHQFLDO
LPSDUWLFLyQ
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHOD %LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
PDWHULD +HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 0HUFHGHV1RVWDV$ PHUFHGHVQRVWDV#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$$QWURSRORJtDGH7LHUUDV%DMDV
/DPDWHULDGH$QWURSRORJtDGH7LHUUDV%DMDVWLHQHDOWRYDORUDFDGpPLFRHQODIRUPDFLyQGHO
HVWXGLDQWHGH6RFLRORJtD\DTXHOHVSHUPLWHFRPSUHQGHUODGLYHUVLGDGVRFLRFXOWXUDOGHODV
7LHUUDV%DMDVGH%ROLYLD\FRPRGLFKDGLYHUVLGDGVXVWDQFLDHOFDUiFWHUSOXULQDFLRQDOGHO
(VWDGR

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ

ϮϬϯ




 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \


FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV  ,QWHUSUHWD \ FRPSUHQGH ORV SURFHVRV GH GHVDUUROOR KLVWyULFRV \
GHiUHDV FXOWXUDOHV GH OD IRUPDFLyQ VRFLDO UHJLRQDO EROLYLDQD 8QLYHUVDO \
JOREDOHV DPHULFDQD
0LFUR &RPSUHQGH \ H[SOLFD OD UHDOLGDG PXOWLFXOWXUDO GHO SDtV D SDUWLU GH ODV
FRPSHWHQFLDV IRUPDV GH YLGD VRFLDO VLVWHPD FXOWXUDO SROtWLFR UHOLJLRVR HFRQyPLFR
GHOD FRVPRORJtDV \ FRQRFLPLHQWRV GH ODV 1DFLRQHV 3XHEORV ,QGtJHQDV
DVLJQDWXUD 2ULJLQDULRV\&DPSHVLQRVGH7LHUUDV%DMDVGH%ROLYLD
(OHPHQWRVGH D (ODERUD HQVD\RV LQYHVWLJDWLYR VREUH OD UHDOLGDG VRFLDO FXOWXUDO
FRPSHWHQFLDV HFRQyPLFDSROtWLFD\UHOLJLRVDGHODV1DFLRQHV3XHEORV,QGtJHQDV
2ULJLQDULRV\&DPSHVLQRVGH7LHUUDV%DMDVGH%ROLYLD
E (ODERUD\SURSRQHOLQHDPLHQWRVSDUDODFRQYLYHQFLDLQWHUFXOWXUDO
HQ%ROLYLDDSDUWLUGHODGLYHUVLGDGVRFLRFXOWXUDOTXHFDUDFWHUL]D
DODV7LHUUDV%DMDVGHOSDtV

,981,'$'(6'($35(1',=$-(

8QLGDG1ž ,QWURGXFFLyQDOD$QWURSRORJtDGH7LHUUDV%DMDVGH%ROLYLD
8QLGDG1ž /RV HVWXGLRV DQWURSROyJLFRV VREUH OD UHDOLGDG GH ODV 1DFLRQHV 3XHEORV
,QGtJHQDV2ULJLQDULRV\&DPSHVLQRVGH7LHUUDV%DMDVGH%ROLYLD
8QLGDG1ž /DFXDOLGDGSOXULQDFLRQDOGHO(VWDGREROLYLDQR












ϮϬϰ




$VLJQDWXUDVGHOiUHDLQVWUXPHQWDOGHOTXLQWRVHPHVWUH

/DV DVLJQDWXUDV TXH FRQWULEX\HQ DO GHVDUUROOR GH ODV FRPSHWHQFLDV GHO iUHD
LQVWUXPHQWDO\TXHVHFODVLILFDQHQHOTXLQWRVHPHVWUHVRQODVVLJXLHQWHV

,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ %iVLFDLQVWUXPHQWDO
1RPEUHGHODDVLJQDWXUD *HUHQFLDGHSUR\HFWRV6RFLDOHV,,
6LJOD\FyGLJR 362
6HPHVWUH 4XLQWR
$xR 7HUFHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV *HUHQFLDGHSUR\HFWRVVRFLDOHV, 362 
&RRUGLQDFLyQYHUWLFDO 7DOOHUJHUHQFLDSUR\HFWRVVRFLDOHV 736 
&RRUGLQDFLyQKRUL]RQWDO 3ODQLILFDFLyQ\SROtWLFDVS~EOLFDV &62 
*HVWLyQVRFLDO,, *6 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU /XLV0ROLQD$O+DJH OXLVPROLQD#XDJUPHGXE
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$*HUHQFLDGHSUR\HFWRVVRFLDOHV,,
/D PDWHULD GH *HUHQFLD GH SUR\HFWRV VRFLDOHV ,, WLHQH XQ DOWR YDORU DFDGpPLFR HQ OD
IRUPDFLyQGHOHVWXGLDQWHGH6RFLRORJtD\DTXHOHSURSRUFLRQDORVHQIRTXHVPHWRGROyJLFRV
HLQVWUXPHQWRVWpFQLFRV\OHJDOHVTXHRULHQWHQORVSURFHVRVHODERUDFLyQDGLVHxRILQDOHQ
VXSULPHUDIDVHGHSUR\HFWRVGHGHVDUUROORKXPDQREDVHVREUHODFXDOHOHVWXGLDQWHVH
HQFRQWUDUDSUHSDUDGRSDUDDYDQ]DUDODVLJXLHQWHIDVHGHOGLVHxRILQDO

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ

ϮϬϱ




 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH


DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  *HUHQFLD GH SUR\HFWRV (ODERUD LPSOHPHQWD GLULJH \ HYDO~D
FRPSHWHQFLDV SURJUDPDV \ SUR\HFWRV GH GHVDUUROOR KXPDQR VRVWHQLEOH WRPDQGR HQ
HVSHFLILFDV FXHQWDHOSODQQDFLRQDOGHSDUWDPHQWDO\PXQLFLSDOGHGHVDUUROOR

&RPSHWHQFLDV  (ODERUD IXQGDPHQWD \ H[SOLFD HO GLVHxR ILQDO GH SUR\HFWRV GH
GHiUHDV GHVDUUROORKXPDQRWRPDQGRHQFXHQWDYDULDEOHVVRFLDOHVDPELHQWDOHV
JOREDOHV HFRQyPLFDVSROtWLFDVOHJDOHV\FXOWXUDOHV
0LFUR D &ODVLILFD \ DSOLFD ORV OLQHDPLHQWRV PHWRGROyJLFRV H LQVWUXPHQWRV
FRPSHWHQFLDV WpFQLFRVMXUtGLFRVTXHRULHQWDQODHODERUDFLyQDGLVHxRILQDOHQVX
GHOD SULPHUDIDVHGHSUR\HFWRVGHGHVDUUROORKXPDQR
DVLJQDWXUD E (ODERUD HVWXGLRV GH OD UHDOLGDG VRFLDO \ SURSRQH DOWHUQDWLYDV GH
VROXFLyQDWUDYpVGHGLVHxRVILQDOHQVXSULPHUDIDVHGHSUR\HFWRV
GHGHVDUUROORKXPDQR
(OHPHQWRVGH D ([SOLFD \ IXQGDPHQWD ORV DOFDQFHV \ XWLOLGDG GH ORV OLQHDPLHQWRV
FRPSHWHQFLDV PHWRGROyJLFRV WpFQLFRV \ MXUtGLFRV SDUD OD HODERUDFLyQ GHO GLVHxR
ILQDOGHSUR\HFWRVGHGHVDUUROORKXPDQRHQVXSULPHUDIDVH
E (ODERUD\IXQGDPHQWDHVWXGLRVGHODSUREOHPiWLFDVRFLDOHLGHQWLILFD
DOWHUQDWLYDVGHVROXFLyQFRQODSDUWLFLSDFLyQGHORVDFWRUHVVRFLDOHV
F (ODERUDHOGLVHxRILQDOHQVXSULPHUDIDVHGHSUR\HFWRVGHGHVDUUROOR
KXPDQR HVWXGLRGHODUHDOLGDGVRFLDOLGHQWLILFDFLyQGHOSUREOHPD
PDUFR OyJLFR ²REMHWLYRV UHVXOWDGRV DFWLYLGDGHV LQGLFDGRUHV
HVWUDWHJLDPHWRGROyJLFDSODQLILFDFLyQ\HVWUXFWXUDGHFRVWRV 

,981,'$'(6'($35(1',=$-(

8QLGDG1ž /LQHDPLHQWRVPHWRGROyJLFRVWpFQLFRV\MXUtGLFRVHQHOGLVHxRILQDOGH
SUR\HFWRVGHGHVDUUROORKXPDQR
8QLGDG1ž /RVHVWXGLRVGHODUHDOLGDGVRFLDO\DOWHUQDWLYDVGHVROXFLyQ
8QLGDG1ž (OGLVHxRILQDOGHSUR\HFWRVGHGHVDUUROORKXPDQRHQVXSULPHUDIDVH







ϮϬϲ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ ,QVWUXPHQWDO
1RPEUHGHODDVLJQDWXUD *HVWLyQVRFLDO,,
6LJOD\FyGLJR *62
6HPHVWUH 4XLQWR
$xR 7HUFHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV *HVWLyQVRFLDO, *62 
&RRUGLQDFLyQYHUWLFDO 7DOOHUGH*HVWLyQVRFLDO 736 
&RRUGLQDFLyQKRUL]RQWDO 3ODQLILFDFLyQ\SROtWLFDVS~EOLFDV &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU (OLVD6DOGLDV5 HOLVDVDOGLDV#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$*HVWLyQ6RFLDO,,
/DPDWHULDGH*HVWLyQ6RFLDO,,WLHQHDOWRYDORUDFDGpPLFRHQODIRUPDFLyQGHOHVWXGLDQWH
GH 6RFLRORJtD \D TXH OHV GRWD ODV EDVHV WHyULFDV PHWRGROyJLFDV WpFQLFDV \ OHJDOHV SDUD
DQDOL]DU \ FRPSUHQGHU OD SUREOHPiWLFD VRFLDO \ D SDUWLU GH HOOR GLVHxDU SURSXHVWDV
DOWHUQDWLYDV SDUD OD JHVWLyQ VRFLDO HQ ORV iPELWRV S~EOLFRV \ SULYDGRV FRQWULEX\HQGR GH
HVWDPDQHUDHQVXSDUWLFLSDFLyQGHORVSURFHVRVFRQGXFHQWHVDOFDPELRVRFLDO


,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH

ϮϬϳ




 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  *HVWLyQ VRFLDO 2ULHQWD GLQDPL]D \ SDUWLFLSD GH ODV DFFLRQHV \
FRPSHWHQFLDV GHFLVLRQHVFRQGXFHQWHVDOFDPELRVRFLDOFRQVLGHUDQGRODVYLVLRQHVGHORV
HVSHFLILFDV DFWRUHV LQYROXFUDGRV \ HO HQWUDPDGR IDFWRULDO TXH GHILQHQ OD UHDOLGDG
 ORFDOGHSDUWDPHQWDO\QDFLRQDO
&RPSHWHQFLDV  (ODERUD \ SURSRQH PRGHORV LQWHJUDOHV SDUD OD JHVWLyQ VRFLDO EDMR
GHiUHDV REMHWLYRVGHFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDGGHJpQHURHOHTXLOLEULR
JOREDOHV DPELHQWDO\HOHMHUFLFLRGHORVGHUHFKRVKXPDQRV
 'LVHxD \ DSOLFD SODQHV \ HVWUDWHJLDV GH LQFLGHQFLD PRYLOL]DFLyQ \
QHJRFLDFLyQGHDFXHUGRDORVREMHWLYRV\YLVLRQHVTXHJXtDQORVSURFHVRV
GHWUDVIRUPDFLyQVRFLDO
0LFUR D &RPSUHQGHODJHVWLyQVRFLDOFRPRXQFRPSRQHQWHHVWUDWpJLFRGH
FRPSHWHQFLDV OD6RFLRORJtD
GHOD E &RPSUHQGH OD JHVWLyQ VRFLDO GHVGH OD QRUPDWLYD H
DVLJQDWXUD
LQVWLWXFLRQDOLGDGGHO(VWDGREROLYLDQR
F $PSOtD \ HQULTXHFHORVFRQRFLPLHQWRVDFHUFDGH ODSUREOHPiWLFD
VRFLDO\GHODVGLIHUHQWHVIRUPDVGHLQWHUYHQFLyQVRFLROyJLFD
G ,QYHVWLJD\DQDOL]DWHPDVDFFLRQHV SUiFWLFDVFRQIOLFWRVVRFLDOHV
HQFRQWH[WRVVRFLDOHVKLVWyULFRV
(OHPHQWRVGH D &RPSUHQGH \ DSOLFD ORV GLIHUHQWHV HQIRTXHV WHyULFRV \
FRPSHWHQFLDV PHWRGROyJLFRVGHLQWHUYHQFLyQVRFLDO
E &RPSUHQGH\FRQGXFHORVSURFHVRVGHJHVWLyQVRFLDOHQHOiPELWR
S~EOLFR\SULYDGR
F 'LVHxD \ SURSRQH FRQ SHUWLQHQFLD WHyULFD \ PHWRGROyJLFD
SURSXHVWDVGHJHVWLyQVRFLDO
G 'LVHxD \ SURSRQH OD HVWUDWHJLD GH LQFLGHQFLD \ QHJRFLDFLyQ GH
SURSXHVWDVFRQGHFLVRUHV


,981,'$'(6'($35(1',=$-(

8QLGDG1ž ,QWURGXFFLyQDODJHVWLyQVRFLDO
8QLGDG1ž /DJHVWLyQVRFLDOGHVGHHO(VWDGREROLYLDQR
8QLGDG1ž 'LVHxRGHSURSXHVWDVGHJHVWLyQVRFLDO
8QLGDG1ž 5HVXOWDGRVHLPSDFWRVVRFLDOHV\HVWUDWHJLDGHQHJRFLDFLyQ



ϮϬϴ




3URJUDPDGH3ODQGH(VWXGLRVGHOiUHDFRPSOHPHQWDULD


/DVDVLJQDWXUDVTXHVHFODVLILFDQHQHOiUHDGHIRUPDFLyQFRPSOHPHQWDULDVRQHQWRWDO
\ODVPLVPDVVHSUHVHQWDQ\GHVDUUROODQDFRQWLQXDFLyQ
 1LYHO 6LJOD 1RPEUHGHODPDWHULD
  36, ,QWURGXFFLyQDOD3VLFRORJtD
 (&2 ,QWURGXFFLyQDOD(FRQRPtD
  36, 3VLFRORJtDVRFLDO
 (&2 (FRQRPtDSROtWLFD

 &62 5HDOLGDGQDFLRQDO\UHJLRQDO
  &20 (QIRTXHV\WpFQLFDVGHFRPXQLFDFLyQ\RUJDQL]DFLyQ

/DVDVLJQDWXUDVGHOiUHDFRPSOHPHQWDULDVHXELFDQHQWUHHOSULPHUDOTXLQWRVHPHVWUH
UHVSHFWLYDPHQWH

$VLJQDWXUDVGHOiUHDFRPSOHPHQWDULDFODVLILFDGDVHQHOSULPHUVHPHVWUH

/DV DVLJQDWXUDV TXH FRQWULEX\HQ DO GHVDUUROOR GH ODV FRPSHWHQFLDV GHO iUHD
FRPSOHPHQWDULD\TXHVHFODVLILFDQHQHOSULPHUVHPHVWUHVRQODVVLJXLHQWHV

,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ &RPSOHPHQWDULD
1RPEUHGHODDVLJQDWXUD ,QWURGXFFLyQDOD3VLFRORJtD
6LJOD\FyGLJR 36,
6HPHVWUH 3ULPHUR
$xR 3ULPHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV &83R36$
&RRUGLQDFLyQYHUWLFDO 3VLFRORJtDVRFLDO 36, 
&RRUGLQDFLyQKRUL]RQWDO ,QWURGXFFLyQDODV&LHQFLDV6RFLDOHV &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU *HPD*RQ]iOHV/ JHPDJRQ]DOHV#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$,QWURGXFFLyQDOD3VLFRORJtD

ϮϬϵ




/DPDWHULDGH,QWURGXFFLyQDOD3VLFRORJtDWLHQHXQDOWRYDORURULHQWDGRUHQODIRUPDFLyQ
GHO HVWXGLDQWH GH 6RFLRORJtD \D TXH FRQWULEX\H D OD FRPSUHQVLyQ GH ORV IDFWRUHV \
HVFHQDULRVGRQGHVHLQVWLWX\H\GHVDUUROODOD3VLFRORJtDFRPRFLHQFLDVXREMHWRGHHVWXGLR
PDUFR WHyULFR \ FRQFHSWXDO VXV HQIRTXHV PHWRGROyJLFRV \ SULQFLSDOHV HVFXHODV
SHUPLWLpQGROHDOHVWXGLDQWHLGHQWLILFDUVXUHODFLyQ\FRPSOHPHQWDFLyQGHGLFKDFLHQFLDFRQ
OD6RFLRORJtD

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV  8WLOL]D KHUUDPLHQWDV HOHPHQWDOHV GH OD QHXURFLHQFLD SDUD UHDOL]DU
GHiUHDV RSHUDFLRQHV PHQWDOHV HQ OD SURGXFFLyQ GH FRQRFLPLHQWR VRFLROyJLFR HQ
JOREDOHV HQWRUQRVYLUWXDOHV
0LFUR ,GHQWLILFDFRPSUHQGH\H[SOLFDORVFRQWH[WRVGHFRQVWLWXFLyQ\GHVDUUROOR
FRPSHWHQFLDV GHOD 3VLFRORJtDFRPRFLHQFLDDVtWDPELpQ VXVREMHWR GHHVWXGLRPDUFR
GHOD WHyULFRFRQFHSWXDO\HQIRTXHVPHWRGROyJLFRVEDVHHQODFXDODQDOL]DOD
DVLJQDWXUD UHDOLGDGVRFLDOGHVGHODVDFFLRQHVGHOVHUKXPDQRHQWDQWRVHUVRFLDO
(OHPHQWRVGH D 5HODFLRQD GHVGH XQD SHUVSHFWLYD WUDQVGLVFLSOLQDU ORV HVFHQDULRV
FRPSHWHQFLDV GRQGHVHFRQVWLWX\H\GHVDUUROODOD3VLFRORJtDFRPRFLHQFLD
E ([SOLFD\IXQGDPHQWDODVFDUDFWHUtVWLFDVGHOREMHWRGHHVWXGLRV\
ORVHQIRTXHVWHyULFRFRQFHSWXDOGHOD3VLFRORJtD
F &RPSUHQGHORVHQIRTXHVPHWRGROyJLFRVXWLOL]DGRHQOD3VLFRORJtD
HQHOHVWXGLRGHODUHDOLGDGVRFLDO
,981,'$'(6'($35(1',=$-(

8QLGDG1ž &RQWH[WRKLVWyULFRGHOD3VLFyORJD
8QLGDG1ž 2EMHWRGHHVWXGLR\PHWRGRORJtD
8QLGDG1ž 0DUFRWHyULFR\FRQFHSWXDO
8QLGDG1ž 3ULQFLSDOHVHVFXHODVWHyULFDV

ϮϭϬ




͘

,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ &RPSOHPHQWDULD
1RPEUHGHODDVLJQDWXUD ,QWURGXFFLyQDOD(FRQRPtD
6LJOD\FyGLJR (&2
6HPHVWUH 3ULPHUR
$xR 3ULPHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV &83R36$
&RRUGLQDFLyQYHUWLFDO (FRQRPtDSROtWLFD (&2 
&RRUGLQDFLyQKRUL]RQWDO ,QWURGXFFLyQDODV&LHQFLDV6RFLDOHV &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 1HOO\'XUDQ0 QHOO\GXUDQ#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$,QWURGXFFLyQDOD(FRQRPtD
/DPDWHULDGH,QWURGXFFLyQDOD(FRQRPtDWLHQHXQDOWRYDORURULHQWDGRUHQODIRUPDFLyQ
GHO HVWXGLDQWH GH 6RFLRORJtD \D TXH FRQWULEX\H D OD FRPSUHQVLyQ GH ORV IDFWRUHV \
HVFHQDULRVGRQGHVHLQVWLWX\H\GHVDUUROODOD(FRQRPtDFRPRFLHQFLDVXREMHWRGHHVWXGLR
PDUFR WHyULFR \ FRQFHSWXDO VXV HQIRTXHV PHWRGROyJLFRV \ SULQFLSDOHV HVFXHODV
SHUPLWLpQGROHDOHVWXGLDQWHLGHQWLILFDUVXUHODFLyQ\FRPSOHPHQWDFLyQGHGLFKDFLHQFLDFRQ
OD6RFLRORJtD

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH

Ϯϭϭ




 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV &RQVWUX\HHVFHQDULRVVLWXDFLRQDOHV\SURVSHFWLYRVGHODUHDOLGDGVRFLDO
GHiUHDV \HFRQyPLFDWRPDQGRHQFXHQWDVXDSRUWHHQHOTXHKDFHUGHOD6RFLRORJtD
JOREDOHV 
0LFUR ,GHQWLILFDFRPSUHQGH\H[SOLFDORVFRQWH[WRVGHFRQVWLWXFLyQ\GHVDUUROOR
FRPSHWHQFLDV GHOD(FRQRPtDFRPRFLHQFLDDVtWDPELpQVXVREMHWRGHHVWXGLRPDUFR
GHOD WHyULFRFRQFHSWXDO\HQIRTXHVPHWRGROyJLFRVEDVHHQODFXDODQDOL]DOD
DVLJQDWXUD UHDOLGDGVRFLDOGHVGHXQDSHUVSHFWLYDWUDQVGLVFLSOLQDU

(OHPHQWRVGH D &RPSUHQGH \ H[SOLFD ORV HVFHQDULRV GRQGH VH FRQVWLWX\H \
FRPSHWHQFLDV GHVDUUROODOD(FRQRPtDFRPRFLHQFLD
E ([SOLFD\IXQGDPHQWDODVFDUDFWHUtVWLFDVGHOREMHWRGHHVWXGLR\
ORVHQIRTXHVWHyULFRFRQFHSWXDOGHOD(FRQRPtD
F &RPSUHQGHORVHQIRTXHVPHWRGROyJLFRVXWLOL]DGRHQOD(FRQRPtD
HQHOHVWXGLRGHODUHDOLGDGVRFLDO

,981,'$'(6'($35(1',=$-(

8QLGDG1ž &RQWH[WRKLVWyULFRGHOD(FRQRPtD
8QLGDG1ž 2EMHWRGHHVWXGLR\PHWRGRORJtD
8QLGDG1ž 0DUFRWHyULFR\FRQFHSWXDO
8QLGDG1ž /DPLFURHFRQRPtD\PDFURHFRQRPtD


ϮϭϮ




$VLJQDWXUDVGHOiUHDFRPSOHPHQWDULDFODVLILFDGDVHQHOVHJXQGRVHPHVWUH

/DV DVLJQDWXUDV TXH FRQWULEX\HQ DO GHVDUUROOR GH ODV FRPSHWHQFLDV GHO iUHD
FRPSOHPHQWDULD\TXHVHFODVLILFDQHQHOVHJXQGRVHPHVWUHVRQODVVLJXLHQWHV


,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ ,QVWUXPHQWDO
1RPEUHGHODDVLJQDWXUD 3VLFRORJtDVRFLDO
6LJOD\FyGLJR 36,
6HPHVWUH 6HJXQGR
$xR 3ULPHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV ,QWURGXFFLyQDOD3VLFRORJtD 36, 
&RRUGLQDFLyQYHUWLFDO 5HFXUVRVGH7UDEDMR$FDGpPLFR&LHQWtILFR ,19 
&RRUGLQDFLyQKRUL]RQWDO 6RFLRORJtDJHQHUDO &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU *HPD*RQ]iOHV/ JHPDJRQ]DOHV#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$3VLFRORJtDVRFLDO
/DPDWHULDGH3VLFRORJtDVRFLDOWLHQHXQDOWRYDORUDFDGpPLFRHQODIRUPDFLyQGHOHVWXGLDQWH
GH6RFLRORJtD\DTXHFRQWULEX\HDODFRPSUHQVLyQGHOVHUKXPDQRGHVGHXQDSHUVSHFWLYD
LQWHJUDOTXHFRQVLGHUDVXSDUWHSVLFROyJLFDItVLFD\VRFLDO3DUDHOORODPDWHULDGHVDUUROOD
VXV KDELOLGDGHV FRQGXFWXDOHV GH SDUWLFLSDFLyQ \ UHDOL]DFLyQ GH DFWLYLGDGHV LQYHVWLJDWLYDV
HQ EDVH D SULQFLSLRV WHyULFRV FLHQWtILFRV $Vt WDPELpQ HO GHVDUUROOR GH VXV FDSDFLGDGHV
FRJQLWLYDV FRPR PRWLYDFLyQ GH ORJUR OD DWHQFLyQ YROXQWDULD VHOHFWLYD SHQVDPLHQWR
DQDOtWLFRUHIOH[LYR\FUtWLFR\PHPRULDUHIOH[LYD

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ

Ϯϭϯ




 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH


DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  ,QYHVWLJDFLyQ VRFLDO 'LVHxD \ UHDOL]D LQYHVWLJDFLRQHV WHyULFDV \
FRPSHWHQFLDV DSOLFDGDV HQPDUFDGDV HQ ORV HVWiQGDUHV GH FDOLGDG GH OD FRPXQLGDG
HVSHFLILFDV FLHQWtILFD\ODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHV

&RPSHWHQFLDV  8WLOL]D KHUUDPLHQWDV HOHPHQWDOHV GH OD QHXURFLHQFLD SDUD UHDOL]DU
GHiUHDV RSHUDFLRQHV PHQWDOHV HQ OD SURGXFFLyQ GH FRQRFLPLHQWR VRFLROyJLFR HQ
JOREDOHV HQWRUQRVYLUWXDOHV
0LFUR ,GHQWLILFDFRPSUHQGH\H[SOLFDHOFDUiFWHUFLHQWtILFRGHODSVLFRORJtDVRFLDO
FRPSHWHQFLDV \VXPDUFRWHyULFR\FRQFHSWXDODSOLFDGRDODQiOLVLVLQWHJUDOGHOKXPDQR
GHOD VXSURFHVRGHDSUHQGL]DMH\UHODFLRQHVVRFLDOHV
DVLJQDWXUD 
(OHPHQWRVGH D ([SOLFD\IXQGDPHQWDODVFDUDFWHUtVWLFDVGHOREMHWRGHHVWXGLRV\
FRPSHWHQFLDV ORVHQIRTXHVWHyULFRFRQFHSWXDOGHOD3VLFRORJtDVRFLDO
E &RPSUHQGH\GLIHUHQFLDORVSURFHVRVFRJQLWLYRVGHOVHUKXPDQR\
VXDGDSWDFLyQDOPHGLRVRFLDOSRUDSUHQGL]DMH

,981,'$'(6'($35(1',=$-(

8QLGDG1ž ,QWURGXFFLyQDOD3VLFRORJtDVRFLDO
8QLGDG1ž 0DUFRWHyULFR\FRQFHSWXDOGHOD3VLFRORJtDVRFLDO
8QLGDG1ž 6RFLHGDG\VDOXG


Ϯϭϰ




,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ &RPSOHPHQWDULD
1RPEUHGHODDVLJQDWXUD (FRQRPtDSROtWLFD
6LJOD\FyGLJR (&2
6HPHVWUH 6HJXQGR
$xR 3ULPHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV ,QWURGXFFLyQDOD(FRQRPtD (&2 
&RRUGLQDFLyQYHUWLFDO 5HDOLGDGQDFLRQDO\UHJLRQDO &62 
&RRUGLQDFLyQKRUL]RQWDO 6RFLRORJtDJHQHUDO &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 1HOO\'XUDQ0 QHOO\GXUDQ#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$(FRQRPtDSROtWLFD
/D PDWHULD GH (FRQRPtD SROtWLFD WLHQH XQ DOWR YDORU DFDGpPLFR HQ OD IRUPDFLyQ GHO
HVWXGLDQWH GH 6RFLRORJtD \D TXH OHV SURSRUFLRQD ORV HQIRTXHV WHyULFRV FDWHJRULDOHV \
PHWRGROyJLFRVSDUDHOHVWXGLRFRPSUHQVLYRGHORVIHQyPHQRVVRFLRHFRQyPLFRVTXHIRUPDQ
SDUWHGHODUHDOLGDGGHOSDtV

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ
 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH
DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ

Ϯϭϱ




 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \


FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  3ODQLILFDFLyQ HVWUDWpJLFD \ SROtWLFDV S~EOLFDV (ODERUD\ HYDO~DOD
FRPSHWHQFLDV SODQLILFDFLyQHVWUDWHJLD\ODVSROtWLFDVS~EOLFDVSDUDHOGHVDUUROORKXPDQR
HVSHFLILFDV VRVWHQLEOH FRQVLGHUDQGR OD UHDOLGDG VRFLDO GHO SDtV \ ORV OLQHDPLHQWRV
 WpFQLFRV\MXUtGLFRVTXHUHJXODQHVWRVSURFHVRV
&RPSHWHQFLDV &RQVWUX\HHVFHQDULRVVLWXDFLRQDOHV\SURVSHFWLYRVGHODUHDOLGDGVRFLDO
GHiUHDV \HFRQyPLFDWRPDQGRHQFXHQWDVXDSRUWHHQHOTXHKDFHUGHOD6RFLRORJtD
JOREDOHV
0LFUR ,GHQWLILFDFRPSUHQGH\H[SOLFDODVSULQFLSDOHVYDULDEOHV\FDWHJRUtDVGH
FRPSHWHQFLDV OD WHRUtD HFRQyPLFD D ILQ GH ORJUDU XQD PD\RU FRPSUHQVLyQ GH ORV
GHOD SUREOHPDVVRFLRHFRQyPLFRVTXHDIHFWDQODYLGDHQVRFLHGDG
DVLJQDWXUD
(OHPHQWRVGH D ,GHQWLILFD\HVWDEOHFHODLQFLGHQFLDGHORVSULQFLSLRVEiVLFRVGHOD
FRPSHWHQFLDV HFRQRPtD HQ OD SURGXFFLyQ ORV PHUFDGRV \ ORV KHFKRV GH OD
UHDOLGDGHFRQyPLFD
E 'HVFULEH\DQDOL]DHOIXQFLRQDPLHQWRGHORVPHUFDGRVGHELHQHV\
VHUYLFLRVDWUDYpVGHODWHRUtDHFRQyPLFDGHODGHPDQGD\ODRIHUWD
HQXQPHUFDGRGHFRPSHWHQFLDSHUIHFWD
F $QDOL]DODSURGXFFLyQQDFLRQDOHOFRVWRGHYLGD\HOHPSOHRHQXQD
HFRQRPtD GHWHUPLQDGD XWLOL]DQGR ORV SULQFLSDOHV LQGLFDGRUHV
PDFURHFRQyPLFRV
G ,GHQWLILFDORV GLVWLQWRV SDUDGLJPDV GHODHFRQRPtD\ VX UHODFLyQ
FRQODVGLVWLQWDVFRUULHQWHVGHOSHQVDPLHQWRHFRQyPLFR\VRFLDO
H $QDOL]D ODV SULQFLSDOHV FDWHJRUtDV \ ORV DSRUWHV GH 0DU[ DO
GHVDUUROORGHODHFRQRPtDSROtWLFD

,981,'$'(6'($35(1',=$-(

8QLGDG1ž 2EMHWR\PpWRGRGHODFLHQFLDHFRQyPLFD
8QLGDG1ž 'HPDQGDRIHUWD\HTXLOLEULRGHPHUFDGR
8QLGDG1ž (OFRQVXPLGRU\ODHPSUHVD
8QLGDG1ž 0HGLFLyQGHODDFWLYLGDGHFRQyPLFD
8QLGDG1ž /DVGRFWULQDVHFRQyPLFDVGHOFDSLWDOLVPR


Ϯϭϲ




$VLJQDWXUDVGHOiUHDFRPSOHPHQWDULDFODVLILFDGDVHQHOWHUFHUVHPHVWUH

/DV DVLJQDWXUDV TXH FRQWULEX\HQ DO GHVDUUROOR GH ODV FRPSHWHQFLDV GHO iUHD
FRPSOHPHQWDULD\TXHVHFODVLILFDQHQHOWHUFHUVHPHVWUHVRQODVVLJXLHQWHV

,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ &RPSOHPHQWDULD
1RPEUHGHODDVLJQDWXUD 5HDOLGDGQDFLRQDO\UHJLRQDO
6LJOD\FyGLJR &62
6HPHVWUH 7HUFHUR
$xR 6HJXQGR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 6RFLRORJtDJHQHUDO &62 
&RRUGLQDFLyQYHUWLFDO +LVWRULDVRFLDOUHJLRQDO +,6 
&RRUGLQDFLyQKRUL]RQWDO +LVWRULDVRFLDOQDFLRQDO +,6 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU 5HPLJLR&DUORV5 UHPLJLRFDUORV#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$5HDOLGDGQDFLRQDO\5HJLRQDO
/DPDWHULDGH5HDOLGDG1DFLRQDO\5HJLRQDOWLHQHXQDOWRYDORUDFDGpPLFRHQODIRUPDFLyQ
GHO HVWXGLDQWH GH 6RFLRORJtD \D TXH OHV SURSRUFLRQD ORV LQVWUXPHQWRV WpFQLFRV \
PHWRGROyJLFRV SDUD HO DQiOLVLV FUtWLFR \ UHIOH[LYR VREUH OD FRPSOHMD GLQiPLFD \
PXOWLGLPHQVLRQDOUHDOLGDGGHOSDtV\ODUHJLyQGHWLHUUDVEDMDVEDVHVREUHODFXDOSRGUi
IRUPXODUOLQHDPLHQWRVSDUDSROtWLFDVS~EOLFDVGHGHVDUUROORKXPDQR

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ

Ϯϭϳ




 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH


DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR 3ODQLILFDFLyQ\SROtWLFDVS~EOLFDV(ODERUD\HYDO~DODSODQLILFDFLyQ
FRPSHWHQFLDV HVWUDWHJLD \ ODVSROtWLFDV S~EOLFDVSDUDHO GHVDUUROOR KXPDQR VRVWHQLEOH
HVSHFLILFDV FRQVLGHUDQGR OD UHDOLGDG VRFLDO GHO SDtV \ ORV OLQHDPLHQWRV WpFQLFRV \
 MXUtGLFRVTXHUHJXODQHVWRVSURFHVRV
&RPSHWHQFLDV &RQVWUX\HHVFHQDULRVVLWXDFLRQDOHV\SURVSHFWLYRVGHODUHDOLGDGVRFLDO
GHiUHDV \HFRQyPLFDWRPDQGRHQFXHQWDVXDSRUWHHQHOTXHKDFHUGHOD6RFLRORJtD
JOREDOHV
0LFUR $QDOL]DFRPSUHQGH\H[SOLFDORVIDFWRUHV\GLPHQVLRQHVTXHFRQILJXUDQ
FRPSHWHQFLDV ODUHDOLGDGQDFLRQDO\UHJLRQDOGHWLHUUDVEDMDVKDFLHQGRXVRHILFLHQWHGH
GHOD ORVLQVWUXPHQWRVWpFQLFRV\PHWRGROyJLFRVDGTXLULGRVHQHOGHVDUUROORGHO
DVLJQDWXUD SURJUDPDGHODPDWHULD
(OHPHQWRVGH D &RPSUHQGH \ DSOLFD ORV OLQHDPLHQWRV WpFQLFRV \ PHWRGROyJLFRV
FRPSHWHQFLDV SDUDHODQiOLVLVFUtWLFR\PXOWLGLPHQVLRQDOGHODUHDOLGDGQDFLRQDO
\UHJLRQDO
E &RPSUHQGH \ H[SOLFD ORV SULQFLSDOHV SUREOHPDV VRFLDOHV TXH
FRQILJXUDQODUHDOLGDGPXQGLDO\ODWLQRDPHULFDQD
F $QDOL]D \ UHIOH[LRQD FUtWLFDPHQWH VREUH OD UHDOLGDG QDFLRQDO \
UHJLRQDOGH%ROLYLD
G (ODERUDUHSRUWHVGHDQiOLVLVVRFLROyJLFRVREUHODUHDOLGDGVRFLDOGHO
SDtV\ OD UHJLyQ GH7LHUUDV %DMDVFRPR VRSRUWHV GHOLQHDPLHQWRV
HVWUDWpJLFRVGHSROtWLFDVS~EOLFDVSDUDHOGHVDUUROORKXPDQR

,981,'$'(6'($35(1',=$-(

8QLGDG1ž /LQHDPLHQWRVWpFQLFRV\PHWRGROyJLFRVSDUDHODQiOLVLVGHODUHDOLGDG
8QLGDG1ž /DSUREOHPiWLFDVRFLDOGHOPXQGR\/DWLQRDPpULFD
8QLGDG1ž /DUHDOLGDGVRFLDOGH%ROLYLD\7LHUUDV%DMDV
8QLGDG1ž /RVUHSRUWHVDFDGpPLFRVGHODUHDOLGDGVRFLDO


Ϯϭϴ




$VLJQDWXUDVGHOiUHDFRPSOHPHQWDULDFODVLILFDGDVHQHOTXLQWRVHPHVWUH

/DV DVLJQDWXUDV TXH FRQWULEX\HQ DO GHVDUUROOR GH ODV FRPSHWHQFLDV GHO iUHD
FRPSOHPHQWDULD\TXHVHFODVLILFDQHQHOTXLQWRVHPHVWUHVRQODVVLJXLHQWHV

,,'(17,),&$&,Ð1'(/$0$7(5,$

)DFXOWDG +XPDQLGDGHV
3URJUDPDGHIRUPDFLyQ 3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGH
6RFLRORJtD  
ÉUHDGHIRUPDFLyQ &RPSOHPHQWDULD
1RPEUHGHODDVLJQDWXUD (QIRTXHV\WpFQLFDVGHFRPXQLFDFLyQ\RUJDQL]DFLyQ
6LJOD\FyGLJR &20
6HPHVWUH 4XLQWR
$xR 7HUFHUR
7RWDOGHKRUDV 7RWDOKRUDV +RUDVWHyULFDV\KRUDVSUDFWLFDV 
3UHUHTXLVLWRV 0pWRGRV\7pFQLFDVGH,QYHVWLJDFLyQ6RFLDO,,, ,19 
&RRUGLQDFLyQYHUWLFDO 7DOOHUGHSODQLILFDFLyQ\SROtWLFDVS~EOLFD 736 
&RRUGLQDFLyQKRUL]RQWDO 'HVDUUROORLQVWLWXFLRQDO &62 
0RGDOLGDGGHLPSDUWLFLyQ 3UHVHQFLDO
5HFXUVRVGLJLWDOHVHQOD 3UHVHQWDFLRQHVPXOWLPHGLD 3RZHU3RLQW 
LPSDUWLFLyQGHODPDWHULD 5HFXUVRVDXGLRYLVXDOHV 9LGHRV 
%LEOLRWHFDVGLJLWDOHV *RRJOH$FDGpPLFR 
+HUUDPLHQWDVGHYLGHRFRQIHUHQFLD =RRP 
$XODGLJLWDO GLUHFFLyQ  KWWWSVSUHVHQFLDOXDJUPHGXER
)HFKDHODERUDFLyQ 0D\R-XQLR
(ODERUDGRSRU -HQQ\$PSXHUR- MHQQ\DPSXHUR#XDJUPHGXER
/XLV)HUQDQGR+HUHGLD OXLVKHUHGLD#XDJUPHGXER
$SUREDGRSRU 5HPLJLR&DUORV'LUHFWRU&DUUHUD6RFLRORJtD

,,-867,),&$&,Ð1
$6,*1$785$(QIRTXHV\WpFQLFDVGHFRPXQLFDFLyQ\RUJDQL]DFLyQ
/D PDWHULD GH (QIRTXHV \ WpFQLFDV GH FRPXQLFDFLyQ \ RUJDQL]DFLyQ WLHQH XQ DOWR YDORU
DFDGpPLFR HQ OD IRUPDFLyQ GHO HVWXGLDQWH GH 6RFLRORJtD \D TXH OHV SURSRUFLRQD ORV
LQVWUXPHQWRV WHyULFRV PHWRGROyJLFRV H LQVWUXPHQWDOHV SDUD HO DQiOLVLV UHIOH[LYR VREUH HO
FDPSR GH OD FRPXQLFDFLyQ RUJDQL]DFLRQDO \ GHVDUUROOR HQ ORV iPELWRV GHO TXHKDFHU
VRFLROyJLFR

,,,&203(7(1&,$6

0DFUR 3HQVDPLHQWRFUtWLFR$QDOL]DFUtWLFDPHQWHODYDOLGH]HSLVWpPLFD\ORV
FRPSHWHQFLDV IXQGDPHQWRVHPStULFRVGHODVWHRUtDVVRFLROyJLFDVSDUDWRPDUGHFLVLRQHV
JHQpULFDV IXQGDPHQWDGDVHQVXTXHKDFHUSURIHVLRQDO
7UDEDMRHQHTXLSRV3DUWLFLSD\JHVWLRQDGHPDQHUDHILFLHQWHHTXLSRV
WUDVGLVFLSOLQDULRV SDUD DSRUWDU D ORV REMHWLYRV GHO GHVDUUROOR KXPDQR
VRVWHQLEOH
 &RPSURPLVR VRFLDO $VXPH \ HMHUFH FRPSURPLVR \ UHVSRQVDELOLGDG
VRFLDOFRQHOHTXLOLEULRDPELHQWDOODFRQYLYHQFLDLQWHUFXOWXUDOODHTXLGDG
GHJpQHURORVGHUHFKRVKXPDQRV\ORVSULQFLSLRVpWLFRVGHODSURIHVLyQ

Ϯϭϵ




 &DSDFLGDG DO FDPELR \ UHVLOLHQFLD 'HPXHVWUD FDSDFLGDG GH


DGDSWDFLyQ\UHVLOLHQFLDDORVFDPELRVGHFRQWH[WRODERUDOVRFLRFXOWXUDO
\SURIHVLRQDOTXHH[SHULPHQWDGXUDQWHVXYLGDSURIHVLRQDO
 (VStULWX SURSRVLWLYR 'HVHQYXHOYH VX TXHKDFHU VRFLROyJLFR FRQ
GHVWDFDGRHVStULWXSURSRVLWLYRRULHQWDGRDOFXPSOLPLHQWRGHORVREMHWLYRV
GHOGHVDUUROORKXPDQRVRVWHQLEOH
 8VR HILFLHQWH GH WHFQRORJtDV $FFHGH \ XVR GH PDQHUD HILFLHQWH OD
WHFQRORJtD GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ HO GHVHPSHxR GH VX
SURIHVLyQ
 ,QQRYDFLyQ \ HPSUHQGHGXULVPR $SOLFD VXV KDELOLGDGHV \
FRQRFLPLHQWRVSDUDLQQRYDU\HPSUHQGHUHORILFLRGHOVRFLyORJRSRUFXHQWD
SURSLD
0DFUR  'HVDUUROOR LQVWLWXFLRQDO )DFLOLWD \ GLQDPL]D ORV SURFHVRV GH
FRPSHWHQFLDV IRUWDOHFLPLHQWR LQVWLWXFLRQDO GH OD VRFLHGDG FLYLO FRQVLGHUDQGR VXV
HVSHFLILFDV SRWHQFLDOLGDGHV\OLPLWDFLRQHVLQWHUQDV\ORVIDFWRUHVGHOFRQWH[WRSROtWLFR

VRFLDOFXOWXUDO\HFRQyPLFR
&RPSHWHQFLDV 8WLOL]DVXVKDELOLGDGHVFRPXQLFDFLRQDOHV SDUDUHODFLRQDUVH\WUDEDMDU
GHiUHDV FRQGLVWLQWRVFROHFWLYRVVRFLDOHVHLQVWLWXFLRQHVGHODVRFLHGDGFLYLO
JOREDOHV 
0LFUR $QDOL]DFRPSUHQGH\DSOLFDHOPDUFRWHyULFRFRQFHSWXDOLQVWUXPHQWDO\
FRPSHWHQFLDV PHWRGROyJLFR GH OD FRPXQLFDFLyQ RUJDQL]DFLRQDO SDUD IRUWDOHFHU HO
GHOD GHVDUUROORLQVWLWXFLRQDOGHODVRFLHGDGFLYLO
DVLJQDWXUD 
(OHPHQWRVGH D &RPSUHQGH \ DSOLFD ORV IXQGDPHQWRV WHyULFRV FRQFHSWXDOHV \
FRPSHWHQFLDV PHWRGROyJLFRVGHODFRPXQLFDFLyQRUJDQL]DFLRQDO\GHGHVDUUROOR
E 'LVHxD FRQ IXQGDPHQWRV WHyULFRV \ WpFQLFRV GH OD FRPXQLFDFLyQ
RUJDQL]DFLRQDOSUR\HFWRVGHGHVDUUROORLQVWLWXFLRQDOGHODVRFLHGDG
FLYLO
c) 2ULHQWD FRQ SHUWLQHQFLD \ GHVWUH]DV WpFQLFDV GH OD FRPXQLFDFLyQ
RUJDQL]DFLRQDO ORV SURFHVRV GH IRUWDOHFLPLHQWR LQVWLWXFLRQDO GH OD
VRFLHGDGFLYLO


,981,'$'(6'($35(1',=$-(

8QLGDG1ž (QIRTXHV\WpFQLFDVGHFRPXQLFDFLyQRUJDQL]DFLRQDO
8QLGDG1ž (QIRTXHV\WpFQLFDVGHFRPXQLFDFLyQSDUDHOGHVDUUROOR
8QLGDG1ž 3UR\HFWRVGHIRUWDOHFLPLHQWRLQVWLWXFLRQDOGHODVRFLHGDGFLYLO


ϮϮϬ




&$3Ì78/29
/,1($0,(17263$5$/$,03/(0(17$&,Ð1'(/&855Ì&8/2

(Q HO SUHVHQWH &DSLWXOR VH GHVDUUROODQ ORV OLQHDPLHQWRV FHQWUDOHV SDUD OD
LPSOHPHQWDFLyQGHO3URJUDPDGH)RUPDFLyQ3URIHVLRQDOSRU&RPSHWHQFLDVGHOD&DUUHUD
GH6RFLRORJtD'LFKRVOLQHDPLHQWRVHVWiQFRQIRUPDGRVSRUODVSROtWLFDVLQVWLWXFLRQDOHV
TXHUHJXODQODVFRQGLFLRQHVSURFHGLPLHQWRV\UHTXLVLWRVSDUDHOLQJUHVRSHUPDQHQFLD
\ WLWXODFLyQ GH ORV HVWXGLDQWHV $GHPiV VH GHVFULEHQ \ DQDOL]DQ ODV FRQGLFLRQHV GH
LQIUDHVWUXFWXUD UHFXUVRV HGXFDFLRQDOHV \ ILQDQFLHURV TXH GLVSRQH OD &DUUHUD GH
6RFLRORJtD\OD8QLYHUVLGDGSDUDODLPSOHPHQWDFLyQGHOSUHVHQWH3ODQ&XUULFXODU


3ROtWLFDVGHLQJUHVRSHUPDQHQFLD\WLWXODFLyQ

/DWUD\HFWRULDGHOHVWXGLDQWHXQLYHUVLWDULRHVWiFRQVWLWXLGDSRUWUHVHWDSDVSULQFLSDOHV
,QJUHVR3HUPDQHQFLD\7LWXODFLyQ/DVSROtWLFDVTXHULJHQFDGDXQDGHHVWDV
HWDSDV VH HQFXHQWUDQ GHILQLGDV HQ HO (VWDWXWR 2UJiQLFR GHO 6LVWHPD GH 8QLYHUVLGDG
%ROLYLDQD $Vt WDPELpQ IRUPDQ SDUWH GHO PDUFR OHJDO TXH GHILQHQ GLFKDV SROtWLFDV HO
(VWDWXWR2UJiQLFRGHOD8QLYHUVLGDG$XWyQRPD*DEULHO5HQH0RUHQRVXVUHJODPHQWRV
\UHVROXFLRQHVHVSHFtILFDV


3ROtWLFDVGHLQJUHVR


/DV SROtWLFDV GH LQJUHVR D OD &DUUHUD GH 6RFLRORJtD VH HQFXHQWUDQ UHODFLRQDGDV \
HVWDEOHFLGDV D SDUWLU GH ODV PRGDOLGDGHV GH DGPLVLyQ TXH GHILQHQ OD FRQGLFLyQ GH
HVWXGLDQWHXQLYHUVLWDULRUHJXODU'LFKDFRQGLFLyQLPSOLFDODDSUREDFLyQGHXQDGHODV
PRGDOLGDGHVGHDGPLVLyQ\UHTXLVLWRVH[LJLGRVHQHOVLVWHPDGHDGPLVLyQSHUPLWLpQGROH
VXPDWULFXODFLyQHQORVUHJLVWURVGHOD&DUUHUDHLQLFLDUVXSURFHVRGHIRUPDFLyQ $UW
(VWDWXWR2UJiQLFR8$*50 

(QHVWHPDUFROD&DUUHUDGH6RFLRORJtDSDUDHIHFWRVGHODDSOLFDFLyQGHO3URJUDPDGH
)RUPDFLyQSRU&RPSHWHQFLDV  DVXPHODVVLJXLHQWHVSROtWLFDVGHDGPLVLyQ
'HFRQIRUPLGDGFRQHOSiUUDIRGHODUWtFXORGHOD'HFODUDFLyQ8QLYHUVDO
GHORV'HUHFKRV+XPDQRV\GHODUWtFXOR,QFLVRD GHOD'HFODUDFLyQ0XQGLDO
VREUHOD (GXFDFLyQ6XSHULRUHQHO6LJOR ;;, OD DGPLVLyQ D OD8QLYHUVLGDG
HVWi EDVDGD HQ ORV PpULWRV DFDGpPLFRV OD FDSDFLGDG HO HVIXHU]R OD
SHUVHYHUDQFLD\ODGHWHUPLQDFLyQGHORVDVSLUDQWHV(QODSHUVSHFWLYDGHXQD
HGXFDFLyQDORODUJRGHWRGDODYLGDHOLQJUHVRSRGUiWHQHUOXJDUDFXDOTXLHU
HGDG WRPDQGR HQ FXHQWD ODV FRPSHWHQFLDV DGTXLULGDV DQWHULRUPHQWH (Q
FRQVHFXHQFLD SDUD HO DFFHVR D OD 8QLYHUVLGDG QR H[LVWLUi GLVFULPLQDFLyQ
DOJXQD IXQGDGD HQ HO RULJHQ VH[R LGLRPD UHOLJLyQ R HQ FRQVLGHUDFLRQHV

ϮϮϭ




HFRQyPLFDVFXOWXUDOHVRVRFLDOHVQLHQQHFHVLGDGHVHGXFDWLYDVHVSHFLDOHV
$UW(VWDWXWR2UJiQLFR8$*50 
4XH ´OD DGPLVLyQ GH HVWXGLDQWHV D OD XQLYHUVLGDG VH UHDOL]D PHGLDQWH ODV
PRGDOLGDGHV HVWDEOHFLGDV FRQ EDVH HQ HO 5HJODPHQWR 0DUFR GHO 5pJLPHQ
(VWXGLDQWLOGHOD8$*50DWUDYpVGHPHFDQLVPRVTXHSHUPLWDQHYDOXDU
HO SHUILO GH LQJUHVR ORV LQWHUHVHV YRFDFLRQDOHV DSWLWXGHV \ UDVJRV GH
SHUVRQDOLGDG SDUD HO HVWXGLR GH ODV SURIHVLRQHV HOHJLGDVµ (O VLVWHPD GH
DGPLVLyQVHUiDGPLQLVWUDGR\HMHFXWDGRSRUFDGDXQDGHODV)DFXOWDGHVGH
DFXHUGRDVXVFDUDFWHUtVWLFDV\QHFHVLGDGHVSURSLDVSUHYLDUHJODPHQWDFLyQ
PDUFRHODERUDGDSRU9LFHUUHFWRUDGR $UW(VWDWXWR2UJiQLFR8$*50 

(O LQJUHVR GHO HVWXGLDQWH D VX SURJUDPD GH IRUPDFLyQ XQLYHUVLWDULD FRQVWLWX\H XQ
PRPHQWRLPSRUWDQWHGHQWURGHVXWUD\HFWRULDHGXFDWLYD\DTXHGHWHUPLQDHQXQJUDQ
SRUFHQWDMH HO LQLFLR GH VX DILOLDFLyQ D OD FXOWXUD LQVWLWXFLRQDO DVXPLU VX QXHYR URO
HGXFDWLYR\SHUVLVWLUKDVWDVXJUDGXDFLyQ

0RGDOLGDGHVGHDGPLVLyQ

%DMRHOPDUFRJHQHUDOODVPRGDOLGDGHVGHDGPLVLyQTXHVHGHILQHQDWUDYpVGHOD
5HVROXFLyQ,&81žTXHDSUXHEDHO5HJODPHQWR*HQHUDOGHSROtWLFDVGH
DGPLVLyQ HVWXGLDQWLO HQ OD 8$*50 DGHPiV GHO 5HJODPHQWR (VSHFtILFR GH
$GPLVLyQ HQ OD )DFXOWDG GH +XPDQLGDGHV DSUREDGR PHGLDQWH 5HVROXFLyQ
IDFXOWDWLYD\TXHGHWHUPLQDQHOLQJUHVRGHOHVWXGLDQWHDOD&DUUHUDGH
6RFLRORJtDVRQODVVLJXLHQWHV

D  (YDOXDFLyQ SUHYLD (VWD PRGDOLGDG GH DGPLVLyQ HVWXGLDQWLO FRQWHPSOD ODV
VLJXLHQWHVRSFLRQHV

 &XUVR 3UH 8QLYHUVLWDULR &83  &RQVLVWH HQ HO GHVDUUROOR GH FXUVRV GH
DFWXDOL]DFLyQ\FDSDFLWDFLyQGHKRUDVHQODPRGDOLGDGSUHVHQFLDORYLUWXDO
SDUDODSUHSDUDFLyQHYDOXDFLyQHLQJUHVRGHHVWXGLDQWHVEDFKLOOHUHVDODFDUUHUD
TXH SRVWXOD FRQVWLWXLGD GH KDVWD GRV SUXHEDV SDUFLDOHV \ XQD ILQDO DSOLFDGD
KDVWDGRVYHFHVDODxR

 3UXHEDGH6XILFLHQFLD$FDGpPLFD 36$ (VODPRGDOLGDGGHLQJUHVRSODQLILFDGD
FRQODRIHUWDGHSOD]DVGLVWULEXLGDVSDUDFDUUHUDVLPSDUWLGDVHQOD)DFXOWDGGH
+XPDQLGDGHVTXHFRQVLVWHHQODHYDOXDFLyQHTXLYDOHQWHDOGHODQRWDILQDO
DSOLFDGDDQWHVGHOLQLFLRGHFDGDSHUtRGRUHJXODU

/D SRQGHUDFLyQ GH ODV SUHJXQWDV JXDUGDQ UHODFLyQ FRQ ODV H[LJHQFLDV GH IRUPDFLyQ
DFDGpPLFD DSWLWXGLQDOHV \ KDELOLGDGHV GHO HVWXGLDQWH TXH DVSLUD D OD &DUUHUD GH
6RFLRORJtD/RVDVSLUDQWHVFRQODVPHMRUHVQRWDVHQODHVFDODDOVRQDGPLWLGRV
HQHOQ~PHUR FXSR DVLJQDGRDOD&DUUHUDGH6RFLRORJtDSDUDFDGDJHVWLyQ


ϮϮϮ




E  $GPLVLyQ HVSHFLDO6HGHQRPLQD$GPLVLyQ(VSHFLDODOSURFHGLPLHQWRDFDGpPLFR
DGPLQLVWUDWLYR SRU HO FXDO ODV SHUVRQDV TXH GHVHHQ LQLFLDU R FRQWLQXDU  HVWXGLRV
XQLYHUVLWDULRVTXHGDQH[HQWDVGHFXPSOLUFRQODPRGDOLGDGGHDGPLVLyQYLJHQWH
HQHOPDUFRGHOUHQGLPLHQWRDFDGpPLFR\ODHTXLGDGVRFLDO

(Q HO FDVR GH OD &DUUHUD GH 6RFLRORJtD \ GH DFXHUGR DO 5HJODPHQWR (VSHFtILFR GH
$GPLVLyQGHOD)DFXOWDG+XPDQLGDGHV $UW H[LVWHQODVVLJXLHQWHVPRGDOLGDGHVGH
DGPLVLyQHVSHFLDO

 %DFKLOOHUGHVWDFDGR
 %DFKLOOHUHVGHSRUWLVWDV
 %DFKLOOHUHVFRQGLVFDSDFLGDG
 2WURV &DPELRVGHFDUUHUDH[HQFLRQHV 


5HTXLVLWRVGHDGPLVLyQ

7LHQHQGHUHFKRDSRVWXODUDODVFDUUHUDVRIHUWDGDVHQOD)DFXOWDGGH+XPDQLGDGHVWRGD
SHUVRQDQDWXUDOVHDGHRULJHQQDFLRQDORH[WUDQMHUD HVWD~OWLPDFRQUHVLGHQFLDOHJDOHQ
HO SDtV  TXH DFUHGLWH WHQHU HGXFDFLyQ D QLYHO GH EDFKLOOHUDWR PHGLDQWH HO WtWXOR GH
%DFKLOOHUHQ+XPDQLGDGHVREWHQLGRHQ

 &ROHJLRILVFDOGHFRQYHQLRSDUWLFXODU\GHHGXFDFLyQDOWHUQDWLYD
 &(0$0HGLR&RP~Q\0HGLR6XSHULRU
 %DFKLOOHUHV H[WUDQMHURV FRQ GRFXPHQWDFLyQ FRQYDOLGDGD HQ OD 'LUHFFLyQ
'HSDUWDPHQWDO GH (GXFDFLyQ &HUWLILFDGR GH HVWXGLRV \ UHVROXFLyQ
DGPLQLVWUDWLYD $UW  5HJODPHQWR (VSHFtILFR GH $GPLVLyQ )DFXOWDG
+XPDQLGDGHV$UW(VWDWXWR2UJiQLFR8$*50 
3DUD OD $GPLVLyQ D OD )DFXOWDG GH +XPDQLGDGHV HO SRVWXODQWH GHEHUi SUHVHQWDU ORV
VLJXLHQWHVUHTXLVLWRV

5HTXLVLWRV 36$ &83


)RWRFRSLDGHOWtWXORGHEDFKLOOHUSUHYLDYHULILFDFLyQGHORULJLQDO ; ;
)RWRFRSLDGHODFpGXODGHLGHQWLGDG ; ;
3DJRGHOYDORUDGRSRUOD(YDOXDFLyQ3UHYLD 36$\R&83  ; ;
)RUPXODULRGHSUHLQVFULSFLyQLQVWLWXFLRQDO UHVJXDUGRGHOD'7,&  ; ;
)RWRFRSLDGHOD/LEUHWDRFHUWLILFDGRGHO~OWLPRDxRGHOQLYHO ; ;
VHFXQGDULRSUHYLDYHULILFDFLyQGHORULJLQDO

(QFDVRGHQRFRQWDUFRQHO7tWXORGH%DFKLOOHUHOSRVWXODQWHSRGUiLQVFULELUVHSDUDODV
3UXHEDV GH $GPLVLyQ )DFXOWDWLYD FRQ ODV OLEUHWDV GH VHFXQGDULD \ SUHVHQWDU
SRVWHULRUPHQWHDO'HSDUWDPHQWRGH$GPLVLRQHV\5HJLVWURHO7tWXORGH%DFKLOOHUSDUDVX
DVLJQDFLyQ GH UHJLVWUR XQLYHUVLWDULR XQD YH] DSUREDGD OD (YDOXDFLyQ 3UHYLD $UW 
5HJODPHQWR(VSHFLILFR$GPLVLyQ)DFXOWDG$UW(VWDWXWR2UJiQLFR8$*50 

ϮϮϯ




3HUILOGHLQJUHVR


(O SRVWXODQWH D OD &DUUHUD GH 6RFLRORJtD GH OD 8QLYHUVLGDG $XWyQRPD *DEULHO 5HQH
0RUHQR GHEH FRQWDU FRQ XQ SHUILO GH LQJUHVR TXH LQFOX\H D  &RQRFLPLHQWRV E 
+DELOLGDGHV F  $SWLWXGHV \ G  ,QWHUHVHV YRFDFLRQDOHV $UW  (VWDWXWR 2UJiQLFR
8$*50 

D &RQRFLPLHQWRV

/RV FRQRFLPLHQWRV TXH HO SRVWXODQWH D OD &DUUHUD GH 6RFLRORJtD WLHQH TXH KDEHU
GHVDUUROODGRHQVXSURFHVRGHIRUPDFLyQHVFRODU\TXHORVPLVPRVVHUiQHYDOXDGRVSDUD
VXLQJUHVRDOD8QLYHUVLGDGVRQORVVLJXLHQWHV


(YDOXDFLyQGHOKLVWyULFRDFDGpPLFRGHOWRWR\WRGHVHFXQGDULD
0DWHULDV
 /HQJXDMH\FRPXQLFDFLyQ
 )LORVRItD\3VLFRORJtD
 6RFLDOHV\
 &LHQFLDV1DWXUDOHV
(YDOXDFLyQGHFRQRFLPLHQWRVHQHVWULFWDFRUUHVSRQGHQFLDFRQORVFRQWHQLGRVGHODV
PDWHULDVGHVDUUROODGDVHQHO&83\36$
 /HQJXDMH
 +LVWRULD
 )LORVRItD
 6RFLDOHV

/D )DFXOWDG GH +XPDQLGDGHV IDFLOLWDUi XQ EDQFR GH SUHJXQWDV TXH RULHQWHQ DO
SRVWXODQWHODIRUPDHQODTXHVHUiHYDOXDGRHQHOPDUFRGHO$UWtFXOR\GHO(VWDWXWR
2UJiQLFR GH OD 8$*50 'LFKR EDQFR GH SUHJXQWDV VHUi HODERUDGR SRU ORV
FRRUGLQDGRUHVGHiUHDV $UW5HJODPHQWR(VSHFtILFRGH$GPLVLyQ)DFXOWDG 

(O VLVWHPD GH SRQGHUDFLyQ GH ORV FRQRFLPLHQWRV D WUDYpV GH &83 \R 36$ VHUiQ ORV
VLJXLHQWHV


&DUUHUD 0DWHULDV
/HQJXDMH )LORVRItD +LVWRULD 6RFLDOHV 7RWDO
6RFLRORJtD     
$UW5HJODPHQWR(VSHFtILFRGH$GPLVLyQ)DFXOWDG+XPDQLGDGHV 
3RU VX SDUWH OD SUXHED GH HYDOXDFLyQ D ORV SRVWXODQWHV VHUi UHDOL]DGDV D WUDYpV GH
GLVSRVLWLYRV WHFQROyJLFRV FRPSXWDGRUDV  FRQHFWDGR D XQ SURJUDPD VRIWZDUH
HVSHFLDOL]DGRTXHVHUiDGPLQLVWUDGRSRUOD)DFXOWDGGH+XPDQLGDGHVHQFRRUGLQDFLyQ
FRQOD'7,&GHOD8QLYHUVLGDG $UW(VSHFtILFRGH$GPLVLyQ)DFXOWDG+XPDQLGDGHV 



ϮϮϰ




E +DELOLGDGHV

/DVSULQFLSDOHVKDELOLGDGHVTXHVHWRPDQHQFXHQWDFRPRSDUWHGHOSHUILOGHOSRVWXODQWH
DOD&DUUHUDGH6RFLRORJtDVRQODVVLJXLHQWHV

- 7pFQLFDSDUDOHFWXUDFRPSUHQVLYD'HEHGHPRVWUDUWpFQLFDSDUDGHVDUUROODUXQD
OHFWXUDFRPSUHQVLYDGHWH[WRVHVFULWRV\GLJLWDOHVUHODFLRQDGRVDWHPDVGHRUGHQ
VRFLDOKLVWRULDSVLFRORJtDSROtWLFDHFRQRPtDHQWUHRWURV
- 0DQHMRGH7HFQRORJtDGHOD,QIRUPDFLyQ\&RPXQLFDFLyQ 7,&V (QODVRFLHGDG
GHOFRQRFLPLHQWR\WRPDQGRHQFXHQWDODVQXHYDViUHDVIRUPDWLYDVGHOHVWXGLDQWH
GH6RFLRORJtD LQIRUPiWLFDVRFLDOFLEHUVRFLRORJtD VHFRQVWLWX\HHQXQDKDELOLGDG
QHFHVDULDTXHGHEHSRVHHUHOSRVWXODQWHDOD&DUUHUD
- 7pFQLFDSDUDODUHIOH[LyQ6LHQGRTXHHOREMHWRGHHVWXGLRGHOD6RFLRORJtDHVOD
VRFLHGDGVXVHVWUXFWXUDVLQVWLWXFLRQHV\GLYHUVRVIHQyPHQRVTXHODFRQILJXUDQ
VH UHTXLHUH GH SDUWH GHO SRVWXODQWH FRQWDU FRQ WpFQLFDV HOHPHQWDOHV SDUD OD
UHIOH[LyQFUtWLFDGHORUGHQVRFLDOHVWDEOHFLGR

F $SWLWXGHV
/DVSULQFLSDOHVDSWLWXGHVTXHVHWRPDQHQFXHQWDFRPRSDUWHGHOSHUILOGHOSRVWXODQWH
DOD&DUUHUDGH6RFLRORJtDVRQODVVLJXLHQWHV
- 'HFLVLyQSDUDODDILOLDFLyQLQVWLWXFLRQDO(OLQJUHVRDOD8QLYHUVLGDGVHFRQVWLWX\H
HQHOSHULRGRGRQGHHOHVWXGLDQWHFRPLHQ]DDGHVFXEULUODQRUPDWLYD\FXOWXUD
LQVWLWXFLRQDO XQLYHUVLWDULD 3RU OR WDQWR VH UHTXLHUH TXH HO HVWXGLDQWH GHFLGD
DILOLDUVHDGLFKRPDUFRQRUPDWLYR\FXOWXUDOGHGRQGHIRUMDUDVXUROHVWXGLDQWLO
HQHOSURFHVRIRUPDWLYR\VXFRPSURPLVRFRQODPLVLyQLQVWLWXFLRQDO
- 3UHGLVSRVLFLyQ D OD UHVLOLHQFLD 6H UHTXLHUH TXH HO SRVWXODQWH D OD &DUUHUD GH
6RFLRORJtD VH SUHGLVSRQJD D LQYHUWLU HQHUJtDV ItVLFDV PHQWDOHV \ VRFLDOHV SDUD
JHVWLRQDUODVDGYHUVLGDGHVTXHSXHGDQSUHVHQWDUVHHQVXSURFHVRIRUPDWLYR\FRQ
HOORJDUDQWL]DUVXSHUPDQHQFLDKDVWDVXWLWXODFLyQ
- 'HPRVWUDU HVStULWX SURSRVLWLYR /D 6RFLRORJtD HV XQD FLHQFLD TXH HVWXGLD
FRPSUHQGH\H[SOLFDODSUREOHPiWLFDVRFLDOSDUDOXHJRIRUPXODUDOWHUQDWLYDVGH
VROXFLyQ 3RU HOOR HO SRVWXODQWH XQLYHUVLWDULR GHEHUi GHPRVWUDU HVStULWX
SURSRVLWLYR

G ,QWHUHVHVYRFDFLRQDOHV
/RVLQWHUHVHVYRFDFLRQDOHVTXHVHWRPDQHQFXHQWDFRPRSDUWHGHOSHUILOGHOSRVWXODQWH
DOD&DUUHUDGH6RFLRORJtDVRQODVVLJXLHQWHV
- &RPSURPLVRVRFLDO/D6RFLRORJtDLQWHUSHODDORUGHQVRFLDO\SROtWLFRHVWDEOHFLGR
\SURSRQHQXHYRVSDUDGLJPDVFLYLOL]DWRULRVVXVWHQWDGRVHQODHTXLGDGHLQFOXVLyQ
VRFLDO(VWHKHFKRUHTXLHUHFRQYLFFLyQ\FRPSURPLVRVRFLDOSDUDJHQHUDUSURFHVRV
GH WUDVIRUPDFLyQ FRQGLFLyQ TXH OOHJD D IRUPDU SDUWH FHQWUDO GHO FRPSURPLVR
VRFLDOGHOSRVWXODQWHXQLYHUVLWDULR
- &RPSURPLVR FRQ OD FLHQFLD /D 6RFLRORJtD IRUPD FLHQWtILFRV VRFLDOHV (VWH
UHVXOWDGR HVWi HQ FRUUHVSRQGHQFLD FRQ HO FRPSURPLVR GHO SRVWXODQWH SDUD
IRUPDUVH WHyULFDPHQWH PHWRGROyJLFDPHQWH \ FRPXOJDU FRQ ORV SULQFLSLRV \ OD
pWLFDGHODFRPXQLGDGFLHQWtILFD

ϮϮϱ




- &RPSURPLVR GH WUDEDMR WUDQVGLVFLSOLQDU /D SHUVSHFWLYD VRFLROyJLFD SULRUL]D HO


DERUGDMHPXOWLGLPHQVLRQDOGHORVIHQyPHQRVVRFLDOHV(VWHKHFKRGHPDQGDDO
SRVWXODQWH XQLYHUVLWDULR XQ FRPSURPLVR UHDO SDUD HO WUDEDMR HQ HTXLSR
WUDQVGLFLSOLQDULR\GHHVDPDQHUDJDUDQWL]DUODFDOLGDGGHOWUDEDMRSURIHVLRQDO

2WURVDVSHFWRVTXHVHUiQSDUWHGHORVFRPSRQHQWHVGHOSHUILOGHLQJUHVRDOD&DUUHUDGH
6RFLRORJtDVHUiQYDORUDGRVGHDFXHUGRDVXSHUWLQHQFLD\UHOHYDQFLDFRQORVFDPELRV
TXHH[SHULPHQWHODUHDOLGDGVRFLDO\ODIRUPDFLyQFRPSHWHQFLDOGHOSURJUDPD


3ROtWLFDVGHSHUPDQHQFLD

(O FRQWHQLGR GHO SUHVHQWH DFiSLWH HVWi FRPSXHVWR SRU OD GHILQLFLyQ FRQFHSWXDO GH OD
SHUPDQHQFLD HVWXGLDQWLO ODV SROtWLFDV GH SHUPDQHQFLD HQ OD 8QLYHUVLGDG $XWyQRPD
*DEULHO5HQH0RUHQR

'HILQLFLyQFRQFHSWXDOGHSHUPDQHQFLDHVWXGLDQWLO

/D SHUPDQHQFLD VH XELFD HQ XQ OXJDU HVWUDWpJLFR GH OD WUD\HFWRULD HVWXGLDQWLO
XQLYHUVLWDULD \ DGTXLHUH XQ URO GHWHUPLQDQWH HQ HO FXPSOLPLHQWR GH OD PLVLyQ
LQVWLWXFLRQDO GH OD XQLYHUVLGDG (Q HVWH FRQWH[WR OD HYROXFLyQ FRQFHSWXDO GH OD
SHUPDQHQFLDKDWUDQVLWDGRSRUtres momentosPDUFDGRVSRUHOQLYHOGHLQWHJUDOLGDG\
FRPSOHMLGDGGHVXDERUGDMHFRPRDVtWDPELpQSRUODVXVWHQWDFLyQWHyULFD\HPStULFD
GHOFRQRFLPLHQWRFLHQWtILFRJHQHUDGRHQWRUQRDVXFRPSUHQVLyQ

(QHOSULPHUPRPHQWRVHGHILQHODSHUPDQHQFLDHQVXUHODFLyQLQYHUVDFRQODGHVHUFLyQ
HVGHFLUFRQHODEDQGRQRGHILQLWLYRTXHKDFHHOHVWXGLDQWHDVXSURJUDPDDFDGpPLFR\
HO VLVWHPD XQLYHUVLWDULR DQWHV GH ORJUDU OD WLWXODFLyQ 6XiUH] \ 'tDV  &DVWDxR
*DOOyQ*yPH]\9iVTXH]+LPPHO7LQWR (OORFRQVWLWX\HXQRGH
ORV SULPHURV PROGHDPLHQWRV FRQFHSWXDOHV GH OD SHUPDQHQFLD 7LQWR   GHVFXEUH
TXHODGHVHUFLyQHVWiGHWHUPLQDGDSRUHOJUDGRGHFRPSURPLVRGHOHVWXGLDQWHFRQVXV
PHWDVDFDGpPLFDV\VXLQYROXFUDPLHQWRHQODGLQiPLFDLQVWLWXFLRQDOXQLYHUVLWDULDDOD
YH]GLFKRFRPSURPLVRHVUHVXOWDGRGHODLQIOXHQFLDTXHHMHUFHHOFRQWH[WRH[WHUQRODV
H[SHULHQFLDVGHOSURSLRHVWXGLDQWH\VXVFRQGLFLRQHVSHUVRQDOHV3RUORTXHODGHVHUFLyQ
\ODSHUPDQHQFLDVRQSURGXFWRGHOFRPSRUWDPLHQWRLQYHUVRGHGLFKRVIDFWRUHV

(O VHJXQGR PRPHQWR DUWLFXOD ORV IDFWRUHV WLHPSRLQGLYLGXRSURIHVLRQDOL]DFLyQ FRPR
EDVHFRQILJXUDWLYDGHODSHUPDQHQFLD9HOi]TXH]\*RQ]iOHV  0HOpQGH]\0HULxR
 \*UDQMD-XiUH]\'H,EDUUROD  UHILHUHQDOSHULRGRGHWLHPSRXELFDGRHQWUH
HOLQJUHVR\ODWLWXODFLyQGHODWUD\HFWRULDHVWXGLDQWLOGRQGHHOXQLYHUVLWDULRGHVDUUROOD\
FXOPLQD VX SURJUDPD DFDGpPLFR FRPR UHTXLVLWR IXQGDPHQWDO SDUD REWHQHU VX WtWXOR
SURIHVLRQDO
(Q HO WHUFHU PRPHQWR VH VXVWHQWD HO FRQFHSWR D SDUWLU GH OD LQWHUYHQFLyQ GH ORV
VLJXLHQWHVIDFWRUHVUHGHVFRQWH[WRVSURIHVLRQDOL]DFLyQ$XWRUHVFRPR)UDQ]DQWH3HxD

ϮϮϲ




\5RGUtJXH]  9HOiVTXH]3RVDGD*yPH]/ySH]9DOOHMR5DPtUH]\+HUQiQGH]


  0HQGR]D 0HQGR]D \ 5RPHUR   9DOOHMR   DVXPHQ ODV DFFLRQHV
HVWUDWpJLFDVTXHLPSOHPHQWDHOHVWXGLDQWH\ODXQLYHUVLGDGSDUDODJHVWLyQGHVXVUHGHV
GHUHODFLRQDPLHQWRVRFLDOHLQVWLWXFLRQDOSHUPLWLHQGRFXOPLQDUHOSUR\HFWRIRUPDWLYR\
ODSURIHVLRQDOL]DFLyQHQDOWRVHVWiQGDUHVGHFDOLGDGHGXFDWLYD

(QODDFWXDOLGDGVHGHVWDFDHODSRUWHTXHKDQUHDOL]DGRGLYHUVRVHVWXGLRV )HUQiQGH]
+LOHPDQ &RUHQJLD \ 'XUDQG  6XiUH] \ 'tDV   HQ OD GHILQLFLyQ \
GLIHUHQFLDFLyQ FRQFHSWXDO GH OD SHUPDQHQFLD FRQ UHVSHFWR D RWURV WpUPLQRV TXH VH
XWLOL]DQ FRPR VLQyQLPRV HQWUH HOORV OD UHWHQFLyQ \ SHUVLVWHQFLD 6L ELHQ DPERV
FRQFHSWRVVRQLQWUtQVHFRVDOIHQyPHQRGHODSHUPDQHQFLDHOSULPHURKDFHDOXVLyQDO
FRQMXQWR GH DFFLRQHV TXH UHDOL]D OD XQLYHUVLGDG SDUD GHVDUUROODU FRQGLFLRQHV
DFDGpPLFDV SHGDJyJLFDV PRWLYDFLRQDOHVHFRQyPLFDV \ ORJtVWLFDV TXH FRQWULEX\DQ DO
p[LWRGHOSURJUDPDGHSURIHVLRQDOL]DFLyQGHOHVWXGLDQWHHOVHJXQGRDWDxHDOJUDGRGH
UHVLOLHQFLDTXHGHVDUUROOD\DSOLFDHOHVWXGLDQWHHQORVHVFHQDULRVLQWHUQRV\H[WHUQRVD
VX YLGD XQLYHUVLWDULD FRPR IDFWRU GHWHUPLQDQWH HQ VX FDOLGDG DFDGpPLFD \ WLWXODFLyQ
SURIHVLRQDO 'H HVWD PDQHUD OD SHUPDQHQFLD VH YH GRWDGD GH GRV GLQiPLFDV
GLIHUHQFLDGDVTXHODFRQILJXUDQHQWDQWRIHQyPHQRVRFLRHGXFDWLYR

3DUD ILQHV GHO SUHVHQWH 3ODQ \ WRPDQGR HQ FXHQWD ORV FULWHULRV SUHFHGHQWH OD
SHUPDQHQFLD HVWXGLDQWLO XQLYHUVLWDULD HV DVXPLGD FRPR OD HWDSD Q~FOHR GH OD
WUD\HFWRULD HGXFDWLYD GRQGH VH VXVWDQFLD HO p[LWR DFDGpPLFR \ OD FRQFOXVLyQ GHO
SURJUDPD GH SURIHVLRQDOL]DFLyQ (VWD HWDSD VH FRQILJXUD \ GHILQH D SDUWLU GH OD
DUWLFXODFLyQ GH XQD GLQiPLFD WULGLPHQVLRQDO OD LQGLYLGXDO FRPSXHVWD SRU ODV
FRQGLFLRQHV SHUVRQDOHV TXH GHILQHQ HO DFFLRQDU GHO HVWXGLDQWH IUHQWH D VX SUR\HFWR
DFDGpPLFRGHSURIHVLRQDOL]DFLyQ\ODHIHFWLYLGDGHQODJHVWLyQGHVXUHODFLRQDPLHQWRFRQ
OD LQVWLWXFLRQDOLGDG XQLYHUVLWDULD \ HO FRQWH[WR VRFLDO OD RWUD LQVWLWXFLRQDO GRQGH
LQWHUYLHQHQHOPDUFRQRUPDWLYRRUJDQL]DFLRQDODFDGpPLFRSHGDJyJLFRODVFRQGLFLRQHV
GHO FDPSXV \ OD FXOWXUD LQVWLWXFLRQDO GH OD XQLYHUVLGDGHQHO SUR\HFWR DFDGpPLFRGHO
HVWXGLDQWH \ OD WHUFHUD OD FRQWH[WXDO GHILQLGD SRU OD IDPLOLD GHO HVWXGLDQWH VXV
FRPSDxHURVGHHVWXGLR\SURIHVRUHVDGHPiVGHODFRPXQLGDG\ODVRFLHGDGFRPSOHMD
TXHHMHUFHQLQIOXHQFLDVGHWRGRWLSRHQHOSUR\HFWRDFDGpPLFRHVWXGLDQWLO

'HVGH HVWD GHILQLFLyQ FRQFHSWXDO VH GHVDUUROOD D FRQWLQXDFLyQ ODV SROtWLFDV
LQVWLWXFLRQDOHV GH OD 8QLYHUVLGDG $XWyQRPD *DEULHO 5HQH 0RUHQR HQWRUQR D OD
SHUPDQHQFLDHVWXGLDQWLO

3ROtWLFDVGHSHUPDQHQFLDHVWXGLDQWLO

/DV SROtWLFDV GH SHUPDQHQFLD HVWXGLDQWLO HQ OD 8$*50 HQ ODV FXDOHV VH HQPDUFD OD
&DUUHUDGH6RFLRORJtDVHHQFXHQWUDQ GHILQLGDVGHVGHORVVLJXLHQWHVFULWHULRVVRFLDOHV
DFDGpPLFRVHLQVWLWXFLRQDOHV

ϮϮϳ




D 7LSRORJtDGHHVWXGLDQWHV

/D5HVROXFLyQ5HFWRUDO1URHVWDEOHFHHQVX$UWLQVWUXLUDOD'LUHFFLyQGH
7HFQRORJtDGHOD,QIRUPDFLyQ\&RPXQLFDFLyQVLVWHPDWL]DUHOHVWDGRDFDGpPLFRGHORV
HVWXGLDQWHVDOLQLFLRGHFDGDSHULRGRGHDFXHUGRDORVVLJXLHQWHVOLQHDPLHQWRV

D (VWXGLDQWHFRQUHJXODULGDGDFDGpPLFDHVDTXHOXQLYHUVLWDULRTXHVHHQFXHQWUD
GHQWUR GH ORV DxRV GH SHUPDQHQFLD HVWDEOHFLGRV HQ OD 8$*50 \ QR HVWi
REVHUYDGRSRUHOQ~PHURGHYHFHVTXHUHSUXHEDODPLVPDPDWHULD
E (VWXGLDQWHFRQDOHUWDDFDGpPLFDHVDTXHOXQLYHUVLWDULRTXHH[FHGHHOWLHPSR
HVWDEOHFLGRHQHOSODQGHHVWXGLRVGHODFDUUHUDGHQWURGHODXQLYHUVLGDGRWLHQH
UHSUREDGDWUHVRPiVYHFHVODPLVPDPDWHULD
F (VWXGLDQWH HQ ULHVJR DFDGpPLFR HV DTXHO XQLYHUVLWDULR TXH WLHQH UHSUREDGD
VHLV YHFHV OD PLVPD PDWHULD LQGLVWLQWR VL HV HQ SHULRGRV UHJXODUHV FXUVRV GH
YHUDQRRPHVDVH[DPLQDGRUDV
G (VWXGLDQWHFRQEDMRQLYHOGHDSURYHFKDPLHQWR(VDTXHOXQLYHUVLWDULRTXHDO
PRPHQWR GHO FiOFXOR GHO PDWHULDO GH LQVFULSFLyQ SDUD XQ SHUtRGR DFDGpPLFR
PDQWLHQHVXHVWDGRGHULHVJRDFDGpPLFR QRDSUREyODDVLJQDWXUD 
H (VWXGLDQWHTXHH[FHGHHOWLHPSRGHSHUPDQHQFLD(VDTXHOXQLYHUVLWDULRTXH
KDELHQGR UHJLVWUDGR PDWHULDV HQ SHUtRGRV UHJXODUHV H[FHGH ORV  DxRV GH
SHUPDQHQFLDHQODXQLYHUVLGDG

/DSUHVHQWHWLSRORJtDGHORVHVWXGLDQWHVVHFRQVWLWX\HQHQLQGLFDGRUHVVLWXDFLRQDOHVGHO
FDPSRDFDGpPLFR\VXUHODFLyQFRQODSHUPDQHQFLDHVWXGLDQWLO$SDUWLUGHHVWDUHDOLGDG
OD8QLYHUVLGDGSRGUiGHVDUUROODUOLQHDPLHQWRVHVWUDWpJLFRVSDUDODDSOLFDFLyQHILFD]GH
ODVSROtWLFDVGHSHUPDQHQFLD

E 3HUPDQHQFLDHVWXGLDQWLOGHVGHHOOtPLWHGHDVLJQDWXUDVUHSHWLGDV


/D FDUUHUD GH 6RFLRORJtD DFDWD OD SROtWLFD LQVWLWXFLRQDO GH OD 8QLYHUVLGDG $XWyQRPD
*DEULHO 5HQp 0RUHQR SDUD GHILQLU \ DSOLFDU OD SHUPDQHQFLD HVWXGLDQWLO XQLYHUVLWDULD
VHJ~Q OtPLWHV GH DVLJQDWXUDV UHSHWLGDV (Q HVWH FRQWH[WR HO $UW  GH OD 5HVROXFLyQ
 GHO ,OXVWUH &RQVHMR 8QLYHUVLWDULR HVWDEOHFH TXH /RV HVWXGLDQWHV TXH
UHSUXHEHQWUHVYHFHVODPLVPDPDWHULDVHPHVWUDO\RDQXDO\RWUDVYHFHVHQFXUVRVGH
LQYLHUQR \R YHUDQRR PHVDVH[DPLQDGRUDV WRWDO VHLV YHFHV  VROR SRGUiQLQVFULELU OD
PDWHULDUHSUREDGDKDVWDDSUREDUOD

3RU VX SDUWH HO $UW  GH OD 5HVROXFLyQ 5HFWRUDO 1UR  HQFRPLHQGD D ODV
GLUHFFLRQHV GH &DUUHUDV HO VHJXLPLHQWR D ORVHVWXGLDQWHV GHO WLSR E  F  G  \ H  SDUD
PHMRUDUODVDFFLRQHVLQVWLWXFLRQDOHVTXHFRQWULEX\DQDOPHMRUDPLHQWRDFDGpPLFR\FRQ
HOORVXSHUPDQHQFLDHQVXSURJUDPDGHIRUPDFLyQGHORVHVWXGLDQWHV





ϮϮϴ




F 3HUPDQHQFLDHVWXGLDQWLOGHVGHHOOtPLWHGHWLHPSR

/D8QLYHUVLGDG$XWyQRPD*DEULHO5HQp0RUHQRFXHQWDFRQXQDSROtWLFDGHSHUPDQHQFLD
HVWXGLDQWLOGHVGHHOOtPLWHGHOWLHPSR(O$UWGHOD5HVROXFLyQ5HFWRUDO1UR
HVWDEOHFHFRPROtPLWHGHWLHPSRGHHVWXGLRVGHRFKRDxRVFRPSXWDEOHVHQIXQFLyQDOD
FDQWLGDGGHSHUtRGRVDFDGpPLFRVUHJXODUHVUHJLVWUDGRVDSDUWLUGHVX~OWLPDPRGDOLGDG
GHLQJUHVRDODXQLYHUVLGDG

(O3ODQGHHVWXGLRGHOD&DUUHUDGH6RFLRORJtDFRQVLGHUDXQWLHPSRGHDxRVSDUDTXH
HOHVWXGLDQWHFXPSODFRQWRGRHOFRQWHQLGRGHPDWHULDVKRUDV\FUpGLWRVSDUDOXHJR
RSWDUSRUXQDPRGDOLGDGGHJUDGXDFLyQ\DGTXLULUVXWtWXORGHOLFHQFLDGR


3ROtWLFDVGHJUDGXDFLyQ

(OFRQWHQLGRGHOSUHVHQWHDFiSLWHUHILHUHDODVSROtWLFDVGHJUDGXDFLyQHQOD&DUUHUDGH
6RFLRORJtDPLVPDVTXHLQFOX\HQORVQLYHOHV\WtWXORVSDUDODJUDGXDFLyQDGHPiVGHODV
PRGDOLGDGHV GH JUDGXDFLyQ HVWXGLDQWLO DFRUGH D ODV SROtWLFDV LQVWLWXFLRQDOHV GH OD
8QLYHUVLGDG$XWyQRPD*DEULHO5HQH0RUHQR\HO6LVWHPD1DFLRQDOGH8QLYHUVLGDGHVGHO
SDtV

*UDGRV\WtWXORVDFDGpPLFRV

/RV JUDGRV DFDGpPLFRV VH ORV HQWLHQGH FRPR QLYHOHV GH WHUPLQDFLyQ GH HVWXGLRV
VXSHULRUHV UHFRQRFLGRV SRU HO VLVWHPD QDFLRQDO GH XQLYHUVLGDGHV GH %ROLYLD \ VRQ
FHUWLILFDGRV PHGLDQWH OD RWRUJDFLyQ GH GLSORPDV DFDGpPLFRV $UW  \  5HJODPHQWR
*HQHUDOGH7tWXORV\*UDGRVGHO6LVWHPD1DFLRQDOGH8QLYHUVLGDGHV 

8QD YH] FXPSOLGRV ORV UHTXLVLWRV DFDGpPLFRV \ DGPLQLVWUDWLYRV GHO SURJUDPD GH
IRUPDFLyQSRUSDUWHGHOHVWXGLDQWHODXQLYHUVLGDG$XWyQRPD*DEULHO5HQH0RUHQRGH
DFXHUGRDVX(VWDWXWR2UJiQLFRHVWiDXWRUL]DGDSDUDHPLWLU\RWRUJDUWtWXORVJUDGRV
GLSORPDV \ FHUWLILFDGRV FRUUHVSRQGLHQWHV D GLIHUHQWHV JUDGRV GH FRQRFLPLHQWRV
DGTXLULGRV\GHIRUPDFLyQWpFQLFD\SURIHVLRQDO $UW 
%DMRHVWHFRQWH[WR\GHDFXHUGRDO5HJODPHQWR*HQHUDOGH7tWXORV\*UDGRVGHO6LVWHPD
1DFLRQDO GH 8QLYHUVLGDGHV GH %ROLYLD $UW   \ HO 5HJODPHQWR GH *UDGXDFLyQ GH OD
8QLYHUVLGDG$XWyQRPD*DEULHO5HQH0RUHQRDSUREDGRSRU5HVROXFLyQ9LFHUHFWRUDO1UR
DGHPiVGHO5HJODPHQWRHVSHFtILFRGHWLWXODFLRQHVGHWpFQLFRVXQLYHUVLWDULRV
DSUREDGRPHGLDQWH5HVROXFLyQ,&81UROD&DUUHUDGH6RFLRORJtDHVWDEOHFH
ORV VLJXLHQWHV *UDGRV DFDGpPLFRV SDUD OD WLWXODFLyQ GHO 3URJUDPD GH )RUPDFLyQ
3URIHVLRQDOSRU&RPSHWHQFLDV  




ϮϮϵ




&XDGUR
*UDGRVWLHPSRVDVLJQDWXUDV\KRUDVSDUDODJUDGXDFLyQDFDGpPLFD
*UDGR 7LHPSR 1 1KRUDV 0RGDOLGDGJUDGXDFLyQ
DVLJQDWXUDV DFDGpPLFDV
7pFQLFRXQLYHUVLWDULRVXSHULRU
3ODQ    - 3UR\HFWR GH JUDGR
VHPHVWUHV WpFQLFR
6LVWHPD8QLYHUVLWDULR 'H  D  'HD 'H  D - 3DVDQWtD
VHPHVWUHV  - 0RQRJUDItD
/LFHQFLDGRHQ6RFLRORJtD
3ODQ    - 7HVLVGHJUDGR
VHPHVWUHV - 3UR\HFWRGHJUDGR
6LVWHPD8QLYHUVLWDULR 'H  D  'HD 'HD - ([DPHQGHJUDGR
VHPHVWUHV  - 7UDEDMRGLULJLGR
- (GXFDFLyQ FRQWLQXD
GLSORPDGR 
- ([FHOHQFLD
)XHQWH(ODERUDFLyQSURSLDFRQLQIRUPDFLyQGHO5HJODPHQWRGH*UDGXDFLyQGHO6LVWHPD
8QLYHUVLWDULREROLYLDQR

%DMR HVWH FRQWH[WR HO 3URJUDPD GH )RUPDFLyQ SRU &RPSHWHQFLD GH OD &DUUHUD GH
6RFLRORJtDWDOFRPRVHPXHVWUDHQHOFXDGURDQWHULRULQFOX\HGRVJUDGRVDFDGpPLFRV
\VRQ

D 7pFQLFRXQLYHUVLWDULRVXSHULRUHQ6RFLRORJtD

(OSURJUDPDGHIRUPDFLyQSRUFRPSHWHQFLDGHOD&DUUHUDGH6RFLRORJtDFRQWHPSODSDUD
HOJUDGRGHWpFQLFRXQLYHUVLWDULRVXSHULRUHQ6RFLRORJtDXQWRWDOGHVHPHVWUHVGRQGH
VH LPSDUWLUiQ  PDWHULDV FRQ XQ WRWDO GH  KRUDV DFDGpPLFDV /D PRGDOLGDG GH
JUDGXDFLyQGHHVWHQLYHOHVDWUDYpVGHODHODERUDFLyQ\GHIHQVDGH3UR\HFWRGHJUDGR
WpFQLFRPRQRJUDItD\RSDVDQWtD

/D&DUUHUDGH6RFLRORJtDHODERUDUDXQDSURSXHVWDSDUDTXHODPRGDOLGDGGHJUDGXDFLyQ
GHHVWHQLYHOVHDGLUHFWDDOFRPSOLPLHQWRGHODVPDWHULDV\KRUDVDFDGpPLFDV

E /LFHQFLDGRHQ6RFLRORJtD

(OSURJUDPDGHIRUPDFLyQSRUFRPSHWHQFLDGHOD&DUUHUDGH6RFLRORJtDFRQWHPSODSDUD
HVWHJUDGRXQWRWDOGHVHPHVWUHVGRQGHVHLPSDUWLUiQ PDWHULDVFRQXQWRWDOGH
KRUDVDFDGpPLFDV/DPRGDOLGDGGHJUDGXDFLyQGHHVWHQLYHOHVDWUDYpVGHWHVLV
GH JUDGR SUR\HFWR GH JUDGR H[DPHQ GH JUDGR GLSORPDGR WUDEDMR GLULJLGR \R
H[FHOHQFLD


ϮϯϬ




3RUVXSDUWHORVWtWXORVVRQORV~QLFRVGRFXPHQWRVOHJDOHVTXHDFUHGLWDQHOHMHUFLFLRGH
OD SURIHVLyQ $UW  5HJODPHQWR *HQHUDO GH 7tWXORV \ *UDGRV 6LVWHPD 1DFLRQDO GH
8QLYHUVLGDGHV SRUORTXHHQFRUUHVSRQGHQFLDDORVJUDGRVDFDGpPLFRVHVWDEOHFLGRVHO
SURJUDPD GH IRUPDFLyQ SURIHVLRQDO SRU FRPSHWHQFLD GH OD &DUUHUD GH 6RFLRORJtD HQ
FXPSOLPHQWRDODQRUPDWLYDYLJHQWH $UW5HJODPHQWR*HQHUDOGH7tWXORV\JUDGRV 
FRQVLGHUDODRWRUJDFLyQGHGRVWtWXORVSURIHVLRQDOHVHQORVVLJXLHQWHVQLYHOHV7pFQLFR
XQLYHUVLWDULRVXSHULRUHQ6RFLRORJtD\/LFHQFLDGRHQ6RFLRORJtD

0RGDOLGDGHVGHJUDGXDFLyQ

/DVPRGDOLGDGHVGHJUDGXDFLyQVHHQPDUFDQHQORVSULQFLSLRV ILQHV\REMHWLYRVGHOD
8QLYHUVLGDG %ROLYLDQD HQ ODV SROtWLFDV XQLYHUVLWDULDV GH HQVHxDQ]DDSUHQGL]DMH
LQYHVWLJDFLyQ FLHQWtILFD \ WHFQROyJLFD H LQWHUDFFLyQ VRFLDO VHJ~Q OD QDWXUDOH]D GH OD
FDUUHUD $UW5HJODPHQWR5pJLPHQ(VWXGLDQWLOGH%ROLYLD $VtPLVPRODVGLIHUHQWHV
PRGDOLGDGHVGHJUDGXDFLyQSULRUL]DQHOHVWXGLRGHODUHDOLGDGQDFLRQDO\UHJLRQDOHQ
ORV DSRUWHV DO FRQRFLPLHQWR FLHQWtILFR XQLYHUVDO $UW   'H RWUR ODGR OD WLWXODFLyQ
WpFQLFDHVXQDSROtWLFDDFDGpPLFDGHOD8$*50SRUORTXHFRUUHVSRQGHFRQVLGHUDUODHQ
HOSUHVHQWHUHGLVHxRFXUULFXODU

%DMR HVWH FRQWH[WR HO 3URJUDPD GH )RUPDFLyQ 3URIHVLRQDO SRU &RPSHWHQFLDV GH
6RFLRORJtD  DGRSWDODVPRGDOLGDGHVGHJUDGXDFLyQHVWDEOHFLGDVHQHO5HJODPHQWR
*HQHUDOGH7LSRV\0RGDOLGDGHVGH*UDGXDFLyQGHO6LVWHPD8QLYHUVLWDULREROLYLDQR $UW
  \ ORV PLVPRV TXH VRQ UDWLILFDGRV HQ HO 5HJODPHQWR GHO 5pJLPHQ (VWXGLDQWLO
8QLYHUVLWDULRGH%ROLYLD $UW 'HHVWDPDQHUDHQHOVLJXLHQWHFXDGURVHSUHVHQWDQ
ODV PRGDOLGDGHV GH JUDGXDFLyQ TXH VRQ FRQVLGHUDGDV HQ HO SUHVHQWH 3URJUDPD GH
)RUPDFLyQ

&XDGUR
0RGDOLGDGHVGHJUDGXDFLyQSRUQLYHOHVDFDGpPLFRV
1LYHODFDGpPLFR 0RGDOLGDGHVGHJUDGXDFLyQ
7pFQLFR XQLYHUVLWDULR VXSHULRU - 3UR\HFWRGHJUDGRWpFQLFR
HQ6RFLRORJtD - 3DVDQWtD
- 0RQRJUDItD
/LFHQFLDGRHQ6RFLRORJtD - 7HVLVGHJUDGR
- 3UR\HFWRGHJUDGR
- ([DPHQGHJUDGR
- 7UDEDMRGLULJLGR
- (GXFDFLyQFRQWLQXD GLSORPDGR 
- ([FHOHQFLD UHQGLPLHQWR DFDGpPLFR
UHFRQRFLPLHQWRDODFDOLGDG 
)XHQWH(ODERUDFLyQSURSLDFRQLQIRUPDFLyQGHO5HJODPHQWRGH*UDGXDFLyQGHO6LVWHPD
8QLYHUVLWDULREROLYLDQR


Ϯϯϭ




$ FRQWLQXDFLyQ \ GH DFXHUGR DO 5HJODPHQWR GH 0RGDOLGDGHV GH *UDGXDFLyQ HQ HO
6LVWHPD 8QLYHUVLWDULR %ROLYLDQR VH GHVFULEHQ FDGD XQD GH ODV PRGDOLGDGHV GH
JUDGXDFLyQSDUDORVGRVQLYHOHVGHWLWXODFLyQTXHFRQWHPSODHO3URJUDPDGH)RUPDFLyQ
3URIHVLRQDOSRU&RPSHWHQFLDVGH6RFLRORJtD

0RGDOLGDGHVGHJUDGXDFLyQDQLYHOOLFHQFLDWXUDHQ6RFLRORJtD

(Q HO QLYHO GH OLFHQFLDWXUD HQ 6RFLRORJtD ODV PRGDOLGDGHV GH JUDGXDFLyQ VRQ ODV
VLJXLHQWHV

7HVLV GH JUDGR (V XQ WUDEDMR GH LQYHVWLJDFLyQ TXH FXPSOH FRQ H[LJHQFLDV GH
PHWRGRORJtDFLHQWtILFDDREMHWRGHFRQRFHU\GDUVROXFLRQHV\UHVSXHVWDDXQ
SUREOHPDSODQWHDQGRDOWHUQDWLYDVDSOLFDEOHVRSURSRQLHQGRVROXFLRQHVSUiFWLFDV\R
WHyULFDV $UW 

3UR\HFWR GH *UDGR ([DPHQ  GH  FRQWHQLGRV  (V  HO  WUDEDMR  GH  LQYHVWLJDFLyQ
SURJUDPDFLyQ\GLVHxRGHREMHWRVGHXVRVRFLDO\TXHFXPSOHFRQH[LJHQFLDVGH
PHWRGRORJtDFLHQWtILFDFRQSURIXQGLGDGVLPLODUDOGHXQDWHVLV $UW 

([DPHQ GH *UDGR (V  OD  YDORUDFLyQ  GH  OD  IRUPDFLyQ  DFDGpPLFD  JOREDO  GHO
HVWXGLDQWHDWUDYpVGHSUXHEDVGHH[SORUDFLyQ3XHGHQVHUGHWUHVIRUPDV

([DPHQ GH FRQWHQLGRV 3UXHED RUDO R HVFULWD GH ORV FRQRFLPLHQWRV WHyULFR
SUiFWLFRVDGTXLULGRVSRUHOHVWXGLDQWHHQHOFXUVRGHVXFDUUHUDHVWHH[DPHQVH
IXQGDPHQWDHQORVSURJUDPDV\FRQWHQLGRVGHORVSODQHVGHHVWXGLR

5HODFLyQGHH[SHGLHQWHV3UXHEDWHyULFRSUiFWLFDGHFDUiFWHUS~EOLFR\HQ
EDVH  D H[SHGLHQWHV UHDOHV HQ OD FXDO HO SRVWXODQWH GHEH GHPRVWUDU DPSOLR
FRQRFLPLHQWR GH ORV SULQFLSLRV GRFWULQDOHV WHyULFRV \ SUiFWLFRV GH VX SUiFWLFD
SURIHVLRQDO

7UDEDMR'LULJLGR&RQVLVWHHQWUDEDMRVSUiFWLFRVGHVDUUROODGRVHQLQVWLWXFLRQHVTXHVRQ
VXSHUYLVDGRVILVFDOL]DGRV\HYDOXDGRVSRUSURIHVLRQDOHVHQFDOLGDGGHDVHVRUHVRJXtDV
PLHPEURVGHODPLVPD3XHGHQVHUGHGRVIRUPDV

([WHUQR7UDEDMRGHVDUUROODGRHQHPSUHVDVS~EOLFDVRSULYDGDVHQFDUJDGDV
GHSUR\HFWDURLPSOHPHQWDUREUDVSDUDORFXDO\HQEDVHDXQWHPDULRVHSURSRQH
XQWUDEDMRHVSHFtILFR(VWDPRGDOLGDGGHJUDGXDFLyQFRQWHPSODWDPELpQHO
SODQWHDPLHQWR GH VROXFLRQHV GH SUREOHPDV HVSHFtILFRV GHPRVWUDQGR GRPLQLR
DPSOLRGHOWHPD\FDSDFLGDGSDUDUHVROYHUORV

,QWHUQDGR  SRU  DGVFULSFLyQ  (V  OD  LQFRUSRUDFLyQ  GH  HVWXGLDQWHV  D  OD
UHDOL]DFLyQGHWUDEDMRVHQGLIHUHQWHVVHFFLRQHVGHORViPELWRVDFDGpPLFRV

ϮϯϮ




GHLQYHVWLJDFLyQGHLQWHUDFFLyQ\RJHVWLyQXQLYHUVLWDULDVTXHGHVDUUROOD
DFWLYLGDGHV  EDMR  WpUPLQRV  GH UHIHUHQFLDHVSHFtILFRV SDUD FDGD VLWXDFLyQ $UW
 

(GXFDFLyQ FRQWLQXD FXUVR SRVWJUDGR  (V XQD RSFLyQ SDUD REWHQHU HO GLSORPD GH
JUDGRDQLYHOOLFHQFLDWXUD\FRQVLVWHHQFXUVDU\DSUREDUXQFXUVRGHGLSORPDGRFRQ
XQDFDUJDDFDGpPLFDPtQLPDGHFUpGLWRVRIHUWDGRVSRUODVXQLGDGHVGHSRVWJUDGR
GHO VLVWHPD SRVWJUDGXDO GH OD 8$*50 3XGLHQGR DFFHGHU D HVWD PRGDOLGDG WRGRV ORV
HVWXGLDQWHV TXH OR UHTXLHUDQ H LQFOXVR HJUHVDGRV HQ ORV SHULRGRV ,, ,
,,,\,,HQDGHODQWH 5HVROXFLyQ9LFHUUHFWRUDO 

*UDGXDFLyQSRUH[FHOHQFLD/DJUDGXDFLyQSRUexcelencia es una modalidadTXH
H[LPHDORVHVWXGLDQWHVVREUHVDOLHQWHVGHVRPHWHUVHDRWURVWLSRVRPRGDOLGDGHV
GHJUDGXDFLyQHVWRVYROXQWDULDPHQWHVHDGVFULEHQDHVWH7LSRGH*UDGXDFLyQ/D
*UDGXDFLyQSRU([FHOHQFLDH[LJHXQDYDORUDFLyQFXDOLFXDQWLWDWLYDGHOUHQGLPLHQWR
DFDGpPLFRGHOHVWXGLDQWHHQHOFXUVRGHVXIRUPDFLyQ3XHGHQVHUGHGRVIRUPDV

5HQGLPLHQWR  $FDGpPLFR  (V  HYDOXDGR  HQ  IXQFLyQ  DO  DSURYHFKDPLHQWR
DFDGpPLFRH[SUHVDGRHQLQGLFDGRUHVFXDQWLWDWLYRVREWHQLGRSRUHOHVWXGLDQWH
GXUDQWHVXSHUPDQHQFLDHQXQSURJUDPDGHIRUPDFLyQDQLYHOGHOLFHQFLDWXUD

5HFRQRFLPLHQWRDOD&DOLGDG&XDQGRHOSURPHGLRGHFDOLILFDFLRQHVODSURGXFFLyQ
LQWHOHFWXDO \ RWUDV PXHVWUDV GH VX FDSDFLGDG SDUD HO IXWXUR GHVHPSHxR
SURIHVLRQDOKDQFXPSOLGRFRQGLFLRQHVHVWDEOHFLGDV\DSUREDGDVSHULyGLFDPHQWH
HQFDGDXQLGDGDFDGpPLFDGHO6LVWHPD8QLYHUVLWDULR%ROLYLDQR $UW 

(O 3URJUDPD GH )RUPDFLyQ 3URIHVLRQDO SRU &RPSHWHQFLDV GH 6RFLRORJtD HVWDEOHFH XQ
FRQMXQWR GH PRGDOLGDGHV GH JUDGXDFLyQ SDUD ORV HVWXGLDQWHV SHUPLWLHQGR GH HVWD
PDQHUDGLQDPL]DUORVSURFHVRVGHWLWXODFLyQHQHOQLYHOGHOLFHQFLDWXUD

0RGDOLGDGHVGHJUDGXDFLyQDQLYHOWpFQLFRXQLYHUVLWDULRVXSHULRU

(Q HO QLYHO GH WpFQLFR XQLYHUVLWDULR VXSHULRU HQ 6RFLRORJtD ODV PRGDOLGDGHV GH
JUDGXDFLyQVRQODVVLJXLHQWHV

3DVDQWtD (V HO WUDEDMR LQVWLWXFLRQDO HVSHFtILFR HQ OD GLVFLSOLQD FRUUHVSRQGLHQWH
HYDOXDGRSRULQIRUPHVGHODLQVWLWXFLyQGRQGHODUHDOL]y $UW 
0RQRJUDItD (V HO HVWXGLR H[KDXVWLYR GH XQ WHPD HVSHFtILFR TXH GHVDUUROOD XQ
HVWXGLDQWHEDMRXQSUR\HFWRGHLQYHVWLJDFLyQFRKHUHQWHEDMRODGLUHFFLyQGHXQGRFHQWH
DVHVRUDVLJQDGRSDUDWDOHIHFWR $UW 

3UR\HFWR GH JUDGR SDUD 7pFQLFR 8QLYHUVLWDULR 6XSHULRU 0RGDOLGDG GH JUDGXDFLyQ
SDUD7pFQLFR8QLYHUVLWDULR6XSHULRUTXHSRUORVDxRV\ODIRUPDGHHGXFDFLyQLPSDUWLGD

Ϯϯϯ




LPSOLFDXQDGRVLILFDFLyQDGHFXDGDHQODYDORUDFLyQGHODIRUPDFLyQDFDGpPLFD,QFOX\H
GRVRSFLRQHV

3UR\HFWR7pFQLFR(VXQWUDEDMRGHLQYHVWLJDFLyQTXHFXPSOHFRQODVH[LJHQFLDV
GH PHWRGRORJtD FLHQWtILFD FRQ OD ULJXURVLGDG DSURSLDGD GLIHUHQWH \ GH PHQRU
SURIXQGLGDGTXHHQFDVRGHOD7HVLVGH/LFHQFLDWXUD $UW 

7HVLQD 7UDEDMR HVFULWR TXH VH SUHVHQWD HO HVWXGLDQWH GRQGH GHPXHVWUD VXV
FRQRFLPLHQWRVWHyULFRV\RDSOLFDGRV $UW 

7DO FRPR VH SXHGH DSUHFLDU HQ OD SUHVHQWDFLyQ GHO PDUFR QRUPDWLYR SUHFHGHQWH OD
FDUUHUDGH6RFLRORJtDFXHQWDFRQPHFDQLVPRVGLYHUVRV\RSFLRQHVP~OWLSOHVTXHSHUPLWH
DORVHVWXGLDQWHVFXPSOLUFRQXQDGHODVPRGDOLGDGHVGHJUDGXDFLyQGHIRUPDDGHFXDGD
\RSRUWXQD

$FFLRQHVSDUDGLQDPL]DUODVJUDGXDFLRQHV

&RQ OD ILQDOLGDG GH PRWLYDU \ GLQDPL]DU ODV JUDGXDFLRQHV GH ORV HVWXGLDQWHV
XQLYHUVLWDULRVOD&DUUHUDGH6RFLRORJtDLQFRUSRUDODVVLJXLHQWHVDFFLRQHVHVWDEOHFLGDV
HQOD5HVROXFLyQ5HFWRUDO1URTXHHQVXDUWtFXORGLFH$SUREDUHOFULWHULR
GHVHOHFFLyQDFDGpPLFDDORVHIHFWRVGHDFFHGHUDOD0DHVWUtDJUDWXLWD\RWURVSURJUDPDV
GHSRVWJUDGRSDUDORVHVWXGLDQWHVTXHVHSURIHVLRQDOLFHQDSDUWLUGHOVHPHVWUH,,
HQ WRGDV ODV 8QLGDGHV GH 3RVWJUDGR GH ODV )DFXOWDGHV GH OD 8QLYHUVLGDG $XWyQRPD
*DEULHO5HQH0RUHQR

D /RV GRV PHMRUHV HVWXGLDQWHV IDYRUHFLGRV FRQ ODV PRGDOLGDGHV GH JUDGXDFLyQ
GLUHFWDSRU([FHOHQFLD\%XHQ5HQGLPLHQWRHQFDGDFDUUHUDVHUiQEHQHILFLDGRV
FRQ OD OLEHUDFLyQ GHO  GHO FRVWR GHO SURJUDPD SRU XQD VROD YH] WHQLHQGR
FRPRSOD]RGHOHMHUFLFLRGHOGHUHFKRXQDxRGHVSXpVGHODHPLVLyQGHVXWtWXORHQ
SURYLVLyQQDFLRQDO
E /RVGRVPHMRUHVHVWXGLDQWHVIDYRUHFLGRVFRQODPRGDOLGDGGHJUDGXDFLyQGLUHFWD
SRU%XHQ'HVHPSHxRHQFDGDFDUUHUDVHUiQEHQHILFLDGRVFRQHOGHVFXHQWRGHO
GHOFRVWRGHOSURJUDPDSRUXQDVRODYH]WHQLHQGRFRPRSOD]RGHOHMHUFLFLR
GHOGHUHFKRXQDxRGHVSXpVGHODHPLVLyQGHVXWtWXORHQSURYLVLyQQDFLRQDO
F /RVSURIHVLRQDOHVGHOD8$*50VHUiQEHQHILFLDGRVFRQHOGHVFXHQWRGHO
GHOFRVWRGHOSURJUDPDSRUXQDVRODYH]WHQLHQGRFRPRSOD]RGHOHMHUFLFLRGHO
GHUHFKRXQDxRGHVSXpVGHODHPLVLyQGHVXWtWXORHQSURYLVLyQQDFLRQDO


/DV SROtWLFDV GH JUDGXDFLyQ HQ OD 8QLYHUVLGDG $XWyQRPD *DEULHO 5HQH 0RUHQR
HVWDEOHFHQGLYHUVRVPHFDQLVPRVSDUDIDFLOLWDUDORVHVWXGLDQWHVFRQFUHWDUVXWLWXODFLyQ
GHPDQHUDRSRUWXQD\GHFDOLGDGSDUDFHUWLILFDUFRQHOORHOHMHUFLFLRGHVXSURIHVLyQ

/DPDWHULD*5/KDWHQLGRDOJXQDVGHILFLHQFLDV\QRVLHPSUHKDFXPSOLGRVXREMHWLYR
GHELGR D HVWDV UD]RQHV VH HVWDEOHFH TXH HVWD PDWHULD *5/ FXUVDGD HQ HO ~OWLPR
VHPHVWUH GHEDWHQHUUHVXOWDGRV\RSURGXFWRVFODUDPHQWHHVWDEOHFLGRV

Ϯϯϰ




&XDGUR
,QVWUXPHQWRVOHJDOHVSDUDODLPSOHPHQWDFLyQGHOSURJUDPD
0RGDOLGDG 1RWDDOFRQFOXLU 3URGXFWRDOILQDOGHOVHPHVWUH
7UDEDMRGLULJLGR 1RWDVREUHSXQWRV 3UR\HFWRFRQFOXLGR
3UR\HFWRGHJUDGR 1RWDVREUHSXQWRV 3UR\HFWRFRQFOXLGR
7HVLVGHJUDGR 1RWDVREUHSXQWRV 3HUILOFRQFOXLGR\DSUREDGR
([DPHQGHJUDGR 1RWDVREUHSXQWRV ([SRVLFLyQ\HQVD\RSUHSDUDGR

(O  GH OD QRWD REWHQGUiQ H[SRQLHQGR X GHIHQGLHQGR VX WUDEDMR ILQDO GH JUDGR
FXDOTXLHUDVHDODPRGDOLGDG

1RUPDWLYDYLJHQWHSDUDODLPSOHPHQWDFLyQGHOSURJUDPDGHIRUPDFLyQ

3DUD OD LPSOHPHQWDFLyQ \ JHVWLyQ GHO 3URJUDPD GH )RUPDFLyQ 3URIHVLRQDO SRU
&RPSHWHQFLDV OD &DUUHUD GH 6RFLRORJtD DGRSWD ORV VLJXLHQWHV LQVWUXPHQWRV OHJDOHV
YLJHQWHVHQOD8QLYHUVLGDG$XWyQRPD*DEULHO5HQH0RUHQR\TXHORVPLVPRVVRQSDUWH
GHO6LVWHPD1DFLRQDOGHXQLYHUVLGDGHVGH%ROLYLD
&XDGUR
,QVWUXPHQWRVOHJDOHVSDUDODLPSOHPHQWDFLyQGHOSURJUDPD
,QVWUXPHQWRV 2EMHWR )HFKD 2EVHUYDFLyQ
OHJDO DSUREDFLyQ
5HJODPHQWR (VWDEOHFHU ODV IXQFLRQHV 0D\RGH &RQWLHQHFDStWXORV\
GHO 5pJLPHQ REOLJDFLRQHV \ GHUHFKRV GHO  DUWtFXORV
$FDGpPLFR GRFHQWH GHO VLVWHPD GH OD
'RFHQWH XQLYHUVLGDG EROLYLDQD QRUPD ORV
SURFHGLPLHQWRVSDUDVXDGPLVLyQ
SHUPDQHQFLD HYDOXDFLyQ
SURPRFLyQ FDWHJRUL]DFLyQ \
UHPRFLyQ $UW 
5HJODPHQWR (VWDEOHFHU ORV GHUHFKRV \ $JRVWRGH &RQWLHQHFDStWXORV
GHO 5pJLPHQ REOLJDFLRQHV GH ORV HVWXGLDQWHV  \DUWtFXORV
(VWXGLDQWLO QRUPDU ODV PRGDOLGDGHV GH
DGPLVLyQ VHJXLPLHQWR
HYDOXDFLyQ RULHQWDFLyQ
DFDGpPLFD DVLVWHQFLD \
JUDGXDFLyQ $UW 
5HJODPHQWR GH (VWDEOHFHU OD QDWXUDOH]D \ 0D\RGH &RQWLHQHFDStWXORV
,QYHVWLJDFLyQ GHVDUUROOR GH OD DFWLYLGDG GH OD  \DUWtFXORV
LQYHVWLJDFLyQ FLHQWtILFD
XQLYHUVLWDULD DVt FRPR ODV
IXQFLRQHVGHUHFKRV\REOLJDFLRQHV
GHO LQYHVWLJDGRU QRUPDQGR ORV
SURFHGLPLHQWRV GH DGPLVLyQ
FODVLILFDFLyQ FDWHJRUL]DFLyQ
SHUPDQHQFLD HYDOXDFLyQ
IRUPDFLyQ SURPRFLyQ \
UHFRQRFLPLHQWRFLHQWtILFR DUW 

Ϯϯϱ




5HJODPHQWR (VWDEOHFHU OD QDWXUDOH]D \ 0D\RGH &RQWLHQHFDStWXORV\


JHQHUDO GH GHVDUUROOR GH OD DFWLYLGDG GH OD  DUWtFXORV
,QWHUDFFLyQ LQWHUDFFLRQD \ H[WHQVLyQ
VRFLDO \ XQLYHUVLWDULD VX GHILQLFLyQ \
H[WHQVLyQ PRGHOR FRQFHSWXDO FRPR VX
HVWUXFWXUD DGPLQLVWUDWLYD
XQLYHUVLWDULD $UW 
3URFHGLPLHQWR 6H RULHQWD \ HQPDUFD HQ OD $EULO GH 7LHQH OD VLJXLHQWH
SDUD OD PHWRGRORJtD SDUD HO UHGLVHxR GH  HVWUXFWXUD
HODERUDFLyQ GH ORV SURJUDPDV GH IRUPDFLyQ - ,GHQWLILFDFLyQ GH
3ODQHV GH SURIHVLRQDO HQ OD 8QLYHUVLGDG ODPDWHULD
$VLJQDWXUD $XWyQRPD *DEULHO 5HQH 0RUHQR - -XVWLILFDFLyQ
HODERUDGRSRUHO'HSDUWDPHQWRGH - &RPSHWHQFLDV
(YDOXDFLyQ\$FUHGLWDFLyQ JHQpULFDV
JOREDOHV \
HVSHFLILFDV 
- (OHPHQWRV GH
FRPSHWHQFLDV
- &RQWHQLGRV
WHPiWLFRV
- 0pWRGR GH
HQVHxDQ]D
DSUHQGL]DMH
- &URQRJUDPD
- &ULWHULRV GH
HYDOXDFLyQ


&RPSOHPHQWDULDPHQWHOD&DUUHUDGH6RFLRORJtDFXHQWDFRQUHJODPHQWRVHVSHFtILFRV\
YLJHQWHVSDUDODDGPLQLVWUDFLyQGHODELEOLRWHFD\HO&HQWURGH'RFXPHQWDFLyQDGHPiV
GHO5HJODPHQWRGH)XQFLRQDPLHQWRGHO&HQWURGH,QYHVWLJDFLRQHV6RFLDOHV\$SR\RDO
'HVDUUROOR&,6$'

,QIUDHVWUXFWXUD\PHGLRVGLGiFWLFRVGLVSRQLEOHV

(QHOSUHVHQWHDSDUWDGRVHSUHVHQWDODLQIUDHVWUXFWXUD\PHGLRVGLGiFWLFRVFRQODTXH
FXHQWDOD&DUUHUDGH6RFLRORJtDSDUDHOQRUPDOGHVDUUROORGHODVDFWLYLGDGHVDFDGpPLFDV
LQYHVWLJDWLYDV \ GH H[WHQVLyQ TXH UHTXLHUH HO 3URJUDPD GH )RUPDFLyQ 3URIHVLRQDO SRU
&RPSHWHQFLDV (Q HVWH FRQWH[WR VH EXVFD H[SRQHU OD FDQWLGDG \ FRQGLFLRQHV GH ODV
DXODV ELEOLRWHFDV \ FHQWUR GH GRFXPHQWDFLyQ HVSDFLRV SDUD ODV WXWRUtDV \ WDOOHUHV
ODERUDWRULRV FRPSXWDFLRQDOHV H LQIUDHVWUXFWXUD GH HVSDUFLPLHQWR FRPR DVt WDPELpQ
RILFLQDVDGPLQLVWUDWLYDVGLUHFWLYDVHQWUHRWUDV

,QIUDHVWUXFWXUD

$XODV

/D &DUUHUD GH 6RFLRORJtD FXHQWD FRQ ODV DXODV VXILFLHQWHV \ DSURSLDGDV SDUD HO
GHVDUUROORGHOSURFHVRHQVHxDQ]D²DSUHQGL]DMH7RGDVODVLQVWDODFLRQHVHVWiQGRWDGDVGH

Ϯϯϲ




FRQGLFLRQHV FRQIRUWDEOHV SDUD TXH HVWXGLDQWHV \ GRFHQWHV FXPSODQ VXV IXQFLRQHV


SULQFLSDOHV HVWR VXSRQH OD H[LVWHQFLD QHFHVDULD GH SXSLWUHV PHVDV VLOODV SL]DUUyQ
LOXPLQDFLyQDLUHVDFRQGLFLRQDGRVYHQWLODGRV\DFFHVLELOLGDG

/D &DUUHUD GH 6RFLRORJtD VH HQFXHQWUD XELFDGD HQ OD SODQWD EDMD \ VHJXQGR SLVR GHO
PyGXORGHOHGLILFLRGHOD)DFXOWDGGH+XPDQLGDGHVHQODFLXGDG8QLYHUVLWDULDGHOD
8$*50(QGLFKROXJDUVHHQFXHQWUDQODVDXODVSHUWHQHFLHQWHVDOD&DUUHUD\RWUDV
TXHVHFRPSDUWHQFRQODVFDUUHUDVGH&LHQFLDGHOD(GXFDFLyQ\*HVWLyQGHO7XULVPR
PLVPDVTXHFXHQWDQFRQODVVLJXLHQWHVFRQGLFLRQHV
7DEOD;;
$XODVGHOD&DUUHUDGH6RFLRORJtD
$XODV 0 3XSLWUHV 3L]DUUD (TXLSRV &DSDFLGDG
HVWXGLDQWHV
    3L]DUUDGLJLWDO 
0yGXOR 3L]DUUDDFUtOLFD
$LUHDFRQGLFLRQDGR
    3L]DUUDGLJLWDO 
0yGXOR 3L]DUUDDFUtOLFD
$LUHDFRQGLFLRQDGR
    3L]DUUDGLJLWDO 
0yGXOR 3L]DUUDDFUtOLFD
$LUHDFRQGLFLRQDGR
    3L]DUUDGLJLWDO 
0yGXOR 3L]DUUDDFUtOLFD
$LUHDFRQGLFLRQDGR
    3L]DUUDGLJLWDO 
0yGXOR 3L]DUUDDFUtOLFD
$LUHDFRQGLFLRQDGR
    3L]DUUDDFUtOLFD 
0yGXOR 
7RWDO     
)XHQWH$XWRGLDJQyVWLFR

/DV VHLV DXODV TXH XVD OD &DUUHUD GH 6RFLRORJtD WLHQHQ P HTXLSDGDV FRQ 
SXSLWUHV\FDGDXQDWLHQHSL]DUUDDFUtOLFDSL]DUUDGLJLWDO\DLUHDFRQGLFLRQDGR(QWRWDO
WLHQHXQDFDSDFLGDGSDUDHVWXGLDQWHV

/DVVLJXLHQWHVIRWRJUDItDVPXHVWUDQDOJXQRVGHORVDVSHFWRVUHIHULGRVVREUHODVDXODV
GHOD&DUUHUDGH6RFLRORJtD



Ϯϯϳ


















3DVLOORGHODVDXODV


 
$XOD$XOD

 
$XOD$XOD






Ϯϯϴ




%LEOLRWHFDV\FHQWURVGHGRFXPHQWDFLyQ

/D &DUUHUD GH 6RFLRORJtD FXHQWD FRQ XQ &HQWUR GH GRFXPHQWDFLyQ OODPDGR -RVp
0LUWHPEDXPHOPLVPRTXHWLHQHHOVXILFLHQWHHVSDFLRSDUDHOJXDUGDGR\H[SRVLFLyQGH
WRGD OD ELEOLRJUDItD H[LVWHQWH \ EULQGDU DWHQFLyQ D GRFHQWHV \ HVWXGLDQWHV SDUD HO
SUpVWDPRGHOLEURV\FRQVXOWDVHQVDOD

(O&HQWURGHGRFXPHQWDFLyQVHXELFDHQHOVHJXQGRSLVRGHOPyGXORFXHQWDFRQ
P GRQGH VH HQFXHQWUDQ OLWHUDWXUD HVSHFLDOL]DGD VREUH ODV FLHQFLDV VRFLDOHV TXH
KDQ VLGR GRQDGDV SRU GLIHUHQWHV LQVWLWXFLRQHV \ RWURV FRPSUDGRV FRQ UHFXUVRV GH OD
&DUUHUD(OFHQWURGHGRFXPHQWDFLyQWDPELpQFXHQWDFRQPRELOLDULRVDGHFXDGRVSDUD
OD OHFWXUD GH ORV HVWXGLDQWHV  PHVDV \ VLOODV FRPSXWDGRUDV HVFiQHU  'LFKD
LQIUDHVWUXFWXUDFXHQWDFRQODVFRQGLFLRQHVGHYHQWLODFLyQOX]\UHJODVGHXVR(O&HQWUR
GHGRFXPHQWDFLyQFXHQWDWDPELpQFRQXQDVDODGHOHFWXUDFRQWRGDVODVFRPRGLGDGHV
SDUDHOXVRGHHVWXGLDQWHV\GRFHQWHV/DVVLJXLHQWHVIRWRJUDItDVLOXVWUDQODVFRQGLFLRQHV
GHVFULWDV



&RQGLFLRQHVGHO&HQWURGHGRFXPHQWDFLyQ-RVp0LUWHQEDXP


Ϯϯϵ




&RPRSDUWHGHOD)DFXOWDGGH+XPDQLGDGHVOD&DUUHUDGH6RFLRORJtDWDPELpQDFFHGH\
XVD ORV VHUYLFLRV GH OD ELEOLRWHFD IDFXOWDWLYD (VWD ELEOLRWHFD FXHQWD FRQ XQ Q~PHUR
VXSHULRU D ORV  OLEURV UHYLVWDV WHVLV GH JUDGR \ GRFXPHQWRV HVSHFLDOL]DGRV HQ
FLHQFLDV VRFLDOHV 3DUD HO XVR GH OD ELEOLRJUDItD OD ELEOLRWHFD FXHQWD FRQ PRELOLDULR
VLVWHPDGHUHJLVWURFDWDORJRHQWUHRWURV$FRQWLQXDFLyQVHSUHVHQWDQIRWRJUDItDVTXH
LOXVWUDQGLFKDVFRQGLFLRQHVGHODELEOLRWHFDIDFXOWDWLYD



&RQGLFLRQHVGHODELEOLRWHFD)DFXOWDGGH+XPDQLGDGHV

ϮϰϬ




6DODGHIRUPDFLyQDFDGpPLFDODERUDWRULRJDELQHWH\WDOOHUHV


/D&DUUHUDGH6RFLRORJtDFRPRSDUWHLQWHJUDQWHGHOD)DFXOWDGGH+XPDQLGDGHVFXHQWD
FRQGRVFHQWURV WDOOHUHV GHLQIRUPiWLFD\JDELQHWHGRFHQWH/RVPLVPRVFXHQWDQFRQ
ODV FRQGLFLRQHV ORJtVWLFDV \ WHFQROyJLFDV DSURSLDGDV SDUD ODV DFWLYLGDGHV GH
LQYHVWLJDFLyQ\DFDGpPLFDV

D &HQWURVGHLQIRUPiWLFDVRFLDO

/D)DFXOWDGGH+XPDQLGDGHVFXHQWDFRQGRVFHQWURVGHLQIRUPiWLFDPLVPRVTXHVRQ
SDUD HOXVR GHWRGDVODV FDUUHUDV TXH OD FRPSRQHQ /D &DUUHUD GH6RFLRORJtD ORVXVD
SDUD ODV FODVHV GH HVWDGtVWLFD VRFLDO FRPR WDPELpQ SDUD FXUVRV HVSHFLDOHV VREUH
LQIRUPiWLFDVRFLDOSURFHVDPLHQWRGHLQIRUPDFLyQ\DKRUDSDUDFLEHUVRFLRORJtD

(OSULPHUFHQWURGHLQIRUPiWLFDVHHQFXHQWUDXELFDGRHQHOVHJXQGRSLVRGHOPyGXOR
WLHQHXQDVXSHUILFLHGHPGRQGHVHXELFDQHTXLSRVGHFRPSXWDFLyQFRQ
VXVUHVSHFWLYRVPRELOLDULRV&XHQWDFRQSL]DUUDVDFUtOLFDVVLVWHPDGHVRQLGR\VLVWHPD
GHFRQWURO\DGPLQLVWUDFLyQ6XXVRUHVSRQGHDXQDSODQLILFDFLyQPHQVXDO

(OVHJXQGRFHQWURGHLQIRUPiWLFDVHHQFXHQWUDXELFDGRHQODSODQWDEDMDGHOPyGXOR
WLHQHXQDVXSHUILFLHGHPGRQGHVHXELFDQHTXLSRVGHFRPSXWDFLyQFRQ
VXV UHVSHFWLYRV PRELOLDULRV ,JXDOPHQWH FXHQWD FRQ SL]DUUDV DFUtOLFDV VLVWHPD GH
VRQLGR \ VLVWHPD GH FRQWURO \ DGPLQLVWUDFLyQ 6X XVR UHVSRQGH D XQD SODQLILFDFLyQ
PHQVXDO

(QODVVLJXLHQWHVIRWRJUDItDVVHLOXVWUDQORVFHQWURVGHLQIRUPiWLFDV


Ϯϰϭ




&HQWURGHLQIRUPiWLFDGHOD)DFXOWDGGH+XPDQLGDGHV



&HQWURVGHLQIRUPiWLFDGHOD)DFXOWDGGH+XPDQLGDGHV



E *DELQHWHGRFHQWH

/D &DUUHUD GH 6RFLRORJtD FXHQWD FRQ XQ HVSDFLR DO LQWHULRU GH VXV RILFLQDV GRQGH
IXQFLRQDXQJDELQHWHGHGRFHQWHVTXHEULQGDQHODVHVRUDPLHQWRDFDGpPLFR\WpFQLFRD
ORV HVWXGLDQWHV (VWH DPELHQWH FXHQWD FRQ GRV PRELOLDULRV VLOODV FRPSXWDGRUDV \
SL]DUUDV


2ILFLQDV\iUHDVGHVHUYLFLR

3DUD FXPSOLU FRQ VXV DFWLYLGDGHV GLUHFWLYDV DGPLQLVWUDWLYDV LQYHVWLJDWLYDV H
LQWHUDFFLyQVRFLDOOD&DUUHUDGH6RFLRORJtDFXHQWDFRQORVVLJXLHQWHVDPELHQWHVFRQODV
FRQGLFLRQHV QHFHVDULDV SDUD HO FXPSOLPLHQWR GH VXV ILQHV /DV FDUDFWHUtVWLFDV GH ORV
DPELHQWHVGHRILFLQDV\VHUYLFLRVVHSUHVHQWDDFRQWLQXDFLyQ








ϮϰϮ




7DEOD
&DUDFWHUtVWLFDVGHRILFLQDV
$PELHQWHVGHRILFLQDV (TXLSDPLHQWR
2ILFLQDGHVHFUHWDULD 7LHQH XQ HVSDFLR GH P 0RELOLDULR FRPSOHWR 
FRPSXWDGRUDLPSUHVRUDWHOpIRQR\XQOLYLQJ
6HFUHWDULDDFDGpPLFD 7LHQH XQHVSDFLR GH P 'RV PRELOLDULRVFRPSOHWRV
GRV FRPSXWDGRUDV GHSyVLWR GH PDWHULDO DXGLRYLVXDO
GDWDVGLVSOD\ \XQDYLWULQD
2ILFLQD 'LUHFFLyQ GH 7LHQH XQ HVSDFLR GH P 0RELOLDULR FRPSOHWR 
FDUUHUD HVFULWRULR  PHVD GH UHXQLRQHV  VLOODV SL]DUUD
SHTXHxDELEOLRWHFD
2ILFLQD&,6$' 7LHQH XQ HVSDFLR GH P 0RELOLDULR FRPSOHWR GRV
HVFULWRULRVVLOODVHVWDQWHFRPSXWDGRUDHLPSUHVRUD
$PELHQWHVGHVHUYLFLRV (TXLSDPLHQWR
6DOD GH SUHVHQWDFLyQ 0RELOLDULR FRPSOHWR  VLOODV GDWD GLVSOD\ LQWHUQHW
WUDEDMRVGHJUDGR SDQWDOODSDUDSUHVHQWDFLyQ
%DWHUtD GH EDxRV 7DQWRHQHOVHJXQGRSLVRFRPRHQSODQWDEDMDGHOPyGXOR
PXMHUHV H[LVWHQEDxRVSHUVRQDOHVSDUDPXMHUHVPLVPRV
TXHFXHQWDQFRQXQVHUYLFLRGHOLPSLH]DSHUPDQHQWH
%DWHUtD GH EDxRV 7DQWRHQHOVHJXQGRSLVRFRPRHQSODQWDEDMDGHOPyGXOR
YDURQHV  H[LVWHQ  EDxRV SHUVRQDOHV \  XULQDULRV SDUD
YDURQHV PLVPRV TXH FXHQWDQ FRQ XQ VHUYLFLR GH
OLPSLH]DSHUPDQHQWH
+ROOO /D HVWUXFWXUD GHO PyGXOR  FXHQWD FRQ DPSOLRV
SDVLOORVSDUDODPRYLOLGDGGHORVHVWXGLDQWHV\GRFHQWHV
(ViUHDFRQVHUYLFLRGHLQWHUQHW
&XULFKL 5HVHUYRULR DFXtIHUR TXH VH HQFXHQWUD SURWHJLGR SRU OD
)DFXOWDG FRQWULEX\H DO SDLVDMH \ HO HQFXHQWUR GH ORV
HVWXGLDQWHV(ViUHDFRQVHUYLFLRGHLQWHUQHW
%DVXUHURV (Q FDGD HQWUDGD GH ODV DXODV VH FXHQWD FRQ WUHV
EDVXUHURVSDUDUHFLFODU
)XHQWHDXWRGLDJQyVWLFR


$FRQWLQXDFLyQVHLOXVWUDFDGDXQRGHHVWRVDPELHQWHVFRQIRWRJUDItDV


 

Ϯϰϯ




2ILFLQDGHVHFUHWDULDFDUUHUD6RFLRORJtD


2ILFLQDVHFUHWDULDDFDGpPLFDFDUUHUD6RFLRORJtD

2ILFLQDGLUHFFLyQGHFDUUHUD6RFLRORJtD


Ϯϰϰ




2ILFLQD&,6$'6RFLRORJtD



6DODGHSUHVHQWDFLyQWUDEDMRVGHJUDGR



















Ϯϰϱ







%DWHUtDVGHEDxRV




CurichiOXJDUGHHVSDUFLPLHQWRGHOD)DFXOWDG+XPDQLGDGHV

Ϯϰϲ






















ÉUHDVFRPSDUWLGDVGHVWLQDGDVDODVDFWLYLGDGHVGHSRUWLYDV

/D &DUUHUD GH 6RFLRORJtD DFFHGH D ORV FDPSRV GHSRUWLYRV FRQ ORV TXH FXHQWD OD
8QLYHUVLGDG $XWyQRPD *DEULHO 5HQp 0RUHQR D WUDYpV GH VROLFLWXGHV D ODV LQVWDQFLDV
DGPLQLVWUDWLYDVGHGLFKRVFRPSOHMRVHQWUHHOORVFDQFKDGHPLQLIXWEROGRVFDQFKDV
SROLIXQFLRQDOHV  FDQFKD GH IXWERO \ HO SROLGHSRUWLYR XQLYHUVLWDULR TXH VH HQFXHQWUD
XELFDGRHQODFLXGDGXQLYHUVLWDULDFX\DFDSDFLGDGHVSDUDSHUVRQDV\VHSXHGH
KDFHUODSUiFWLFDHOIXWEROGHVDOyQEiVTXHWYROHLERO


$FRQWLQXDFLyQVHLOXVWUDORVFRPSOHMRVGHSRUWLYRVFRQIRWRJUDItDV

3ROLGHSRUWLYR8QLYHUVLWDULR

Ϯϰϳ





&RPSOHMRVGHSRUWLYRV8QLYHUVLWDULR

$PELHQWHV\HTXLSRVSDUDGRFHQWHV\HVWXGLDQWHV

/RV GRFHQWHV GH OD &DUUHUD FXHQWDQ FRQ XQ HVSDFLR DSURSLDGR FRQ PRELOLDULR SDUD
GHVDUUROODUVXVDFWLYLGDGHVDFDGpPLFDV\GHHVSDUFLPLHQWR'LFKRHVSDFLRVHHQFXHQWUD
XELFDGRDOLQWHULRUGHOHGLILFLRGHOD&DUUHUDDOODGRGHOD'LUHFFLyQGHFDUUHUD&XHQWD
FRQPRELOLDULRFRPSOHWRXQOLYLQJVLOODVYLWULQD\GRVHVFULWRULRV&DVLQDKHODGHUD
HVWDQWHXQEDxR\XQDFDIHWHUtD

3RUVXSDUWHORVHVWXGLDQWHVGHODFDUUHUDFXHQWDQFRQXQDPELHQWHGRQGHIXQFLRQDQ
ODVRILFLQDVGHO&HQWUR,QWHUQRGH(VWXGLDQWHVGH6RFLRORJtD(ODPELHQWHFXHQWDFRQ
HVFULWRULRV  VLOORQHVVRIi  VLOORQHV  VLOODV  PHVDV OLYLQJ VDOD GH UHXQLRQHV 
HTXLSR GH 79 HTXLSRGH DFRQGLFLRQDGRU  IUHVHU (QHVWH DPELHQWH HO GLUHFWRULRGHO
FHQWUR LQWHUQR FRRUGLQD \ SODQLILFD VXV DFWLYLGDGHV FRPR WDPELpQ UHFHSFLRQDQ ORV
UHTXHULPLHQWRVGHORVHVWXGLDQWHV


Ϯϰϴ





6DODGHGRFHQWHV (QOD&DUUHUD\OD)DFXOWDGGH+XPDQLGDGHV 




2ILFLQD&HQWUR,QWHUQRGH(VWXGLDQWHVGH6RFLRORJtD


(VSDFLRVGHUHXQLRQHVWUDEDMRVVHPLQDULRVWDOOHUHV\FRQIHUHQFLDV

/D&DUUHUDGH6RFLRORJtDGHOD8QLYHUVLGDG$XWyQRPD*DEULHO5HQH0RUHQRKDFHXVR
GH GRV VDORQHV DXGLWRULRV SDUD DFWLYLGDGHV DFDGpPLFDV VHPLQDULRV WDOOHUHV
FRQIHUHQFLDVFRQJUHVRVMRUQDGDVSUHVHQWDFLyQGHOLEURVFDIpVRFLROyJLFR \FXOWXUDOHV

(O SULPHUR WLHQH XQD FDSDFLGDG SDUD  SHUVRQDV FXHQWD FRQ PRELOLDULR SDQWDOOD
JLJDQWH HVSDFLR WHDWUDO VRQLGRV OXFHV \ DPELHQWDFLyQ (O VHJXQGR HV HO 6DOyQ
0DKDWPD*DQGKLFRQXQDFDSDFLGDGGHSHUVRQDVFXHQWDFRQPRELOLDULRSDQWDOOD
JLJDQWH HVSDFLR WHDWUDO VRQLGRV OXFHV \ DPELHQWDFLyQ 6X XVR GH FDGD VDOyQ HV
SODQLILFDGRGHPDQHUDPHQVXDOFXHQWDFRQXQVLVWHPDGHFRQWURO\DGPLQLVWUDFLyQ

$FRQWLQXDFLyQVHLOXVWUDQGLFKRVFHQWURVFRQIRWRJUDItDV

Ϯϰϵ





6DOyQ$]XO)DFXOWDGGH+XPDQLGDGHV


6DOyQ0DKDWPD*DQGKL)DFXOWDGGH+XPDQLGDGHV

0HGLRVGLGiFWLFRV


/D&DUUHUDGH6RFLRORJtDDGHPiVGHORVSURJUDPDVDFDGpPLFRVGRFHQWHVFDSDFLWDGRV
HLQIUDHVWUXFWXUDTXHFXHQWDGLVSRQHWDPELpQGHORVPHGLRVGLGiFWLFRVVXILFLHQWHVSDUD
LPSOHPHQWDUHO3ODQ\ORJUDUXQDIRUPDFLyQFRPSHWHQFLDOWHyULFDPHWRGROyJLFD
LQVWUXPHQWDO\FRPSOHPHQWDULDDGHFXDGD

([LVWHQFLD\FDWDORJDFLyQGHODFHUYRELEOLRJUiILFR

/RV HVWXGLDQWHV \ GRFHQWHV GH OD &DUUHUD GH 6RFLRORJtD GH OD 8QLYHUVLGDG $XWyQRPD
*DEULHO5HQp0RUHQRWDOFRPRVHPHQFLRQyGLVSRQHQGHGRVELEOLRWHFDV &HQWURGH

ϮϱϬ




'RFXPHQWDFLyQTXHOOHYDHOQRPEUHGHXQRGHVXVIXQGDGRUHVHO'U-RVp0LUWHQEDXP
\ ODELEOLRWHFDGHOD)DFXOWDGGH+XPDQLGDGHV

'HQWUR GH OD SROtWLFD GH PRGHUQL]DFLyQ GH OD &DUUHUD GH 6RFLRORJtD HO FHQWUR GH
GRFXPHQWDFLyQ-RVp0LUWHQEDXPFXHQWDFRQXQVLVWHPDGHFDWiORJRVFRQHTXLSRVGH
FRPSXWDFLyQ FDGD XQR GH HOORV FRQ XQD EDVH GH GDWRV \ XQ VHUYLGRU GH FULWHULR GH
E~VTXHGD EDVDGRV HQ WtWXORV DXWRU R FyGLJRV GH OLEURV UHYLVWDV HVSHFLDOL]DGDV &'
'RFXPHQWDOHV&RQXQPDQXDOGHFDWiORJRVTXHQRHVPiVTXHHOFDWiORJRLPSUHVR
TXHVHSRQHDGLVSRVLFLyQGHOXQLYHUVLWDULR\S~EOLFRFRQFULWHULRGHE~VTXHGDSRUDXWRU
WLWXORRPDWHULD

7DEOD
%LEOLRJUDItDH[LVWHQWH
5HYLVWDV
*HVWLyQ /LEURVHQELEOLRWHFD 7HVLV
(VSHFLDOL]DGDV
   
   
   
   
   
   
   
   
)XHQWH$XWRGLDJQyVWLFR

3RUVXSDUWHHQODELEOLRWHFDGHOD)DFXOWDGGH+XPDQLGDGHVTXHXWLOL]DHOVLVWHPDGH
FDWDORJDFLyQ'(:(<FXHQWDFRQHOVLJXLHQWHQ~PHURGHHMHPSODUHV

*HVWLyQ &DQWLGDG
$xR 
$xR 
$xR 
$xR 
$xR 
$xR 
$xR 
)XHQWH$XWRGLDJQyVWLFR
(OKRUDULRGHDWHQFLyQGHODVELEOLRWHFDVHVGHVLHWHGHODPDxDQDDQXHYHGHODQRFKH
HQGRVWXUQRVSDUDHOSHUVRQDOTXHDWLHQGH

'HDFXHUGRFRQODELEOLRJUDItDEiVLFDGHORVSURJUDPDVDQDOtWLFRVQRUPDOL]DGRVGHOSODQ
GH HVWXGLR GH OD FDUUHUD GH 6RFLRORJtD VH WLHQH H[LVWHQFLDV GH OLEURV JHQHUDOHV
GLVWULEXLGRVSRUDVLJQDWXUDVGHWDOODGDVDFRQWLQXDFLyQ



Ϯϱϭ




7DEOD
%LEOLRJUDItDH[LVWHQWHHQOD&DUUHUDGH6RFLRORJtD
1žGH 1žGH
6LJOD QRPEUHPDWHULD
7tWXORV (MHPSODUHV
3ULPHUVHPHVWUH
&62 6RFLRORJtDJHQHUDO  
$17 $QWURSRORJtDVRFLDOiUHDDQGLQD  
+,6 +LVWRULDXQLYHUVDO\DPHULFDQD  
,19 5HFXUVRVGHWUDEDMRDFDGpPLFRFLHQWtILFR  
),/ 5HFXUVRVILORVyILFRVSDUDODFLHQFLDVVRFLDOHV  
(&2 (FRQRPtDSROtWLFD  
6HJXQGRVHPHVWUH
&62 5HDOLGDGQDFLRQDO\UHJLRQDO  
&62 7HRUtDVRFLRORJtD,  
(67 (VWDGtVWLFDVRFLDO,  
+,6 +LVWRULDVRFLDO1DFLRQDO\5HJLRQDO  
,19 0pWRGRV\WpFQLFDVLQYHVWLJDFLyQVRFLDO,  
$17 $QWURSRORJtDVRFLDOGHWLHUUDVEDMDV  
7HUFHUVHPHVWUH
&62 7HRUtDGHOGHVDUUROORHFRQyPLFR\VRFLDO  
(67 (VWDGtVWLFDVRFLDO,,  
,19 0pWRGRV\WpFQLFDGHLQYHVWLJDFLyQ,,  
*62 *HVWLyQVRFLDO,  
362 3ODQLILFDFLyQ\SUR\HFWRVVRFLDOHV,  
&62 7HRUtDVRFLROyJLFD,,  
&XDUWRVHPHVWUH
362 3ODQLILFDFLyQ\SUR\HFWRVVRFLDOHV,,  
,19 0pWRGRV\WpFQLFDVLQYHVWLJDFLyQVRFLDO,,,  
&62 7HRUtDVRFLROyJLFD,,,  
,19 3URFHVDPLHQWRGHGDWRV  
&62 6RFLRORJtDGHODSREODFLyQ  
*62 *HVWLyQVRFLDO,,  
4XLQWRVHPHVWUH
736 7UDEDMRFRPXQLWDULR  
&62 7HRUtDVRFLRORJtD,9  
*62 *HVWLyQVRFLDO,,,  
&20 (QIRTXHV\WpFQLFDVGHFRPXQLFDFLyQ\RUJ  
&62 6RFLRORJtDUXUDO  
362 3ODQLILFDFLyQ\SUR\HFWRVVRFLDOHV,,,  
6H[WRVHPHVWUH
36, 3VLFRORJtDVRFLDO  
&62 6RFLRORJtDXUEDQD  
&62 3HQVDPLHQWRVRFLDOEROLYLDQR  
736 7DOOHUGHLQWHUYHQFLyQVRFLDO  
&62 6RFLRORJtDSROtWLFD  
736 3UDFWLFDLQVWLWXFLRQDO  

ϮϱϮ




6pSWLPRVHPHVWUH
&62 6RFLRORJtDGHOJHQHUR  
&62 (SLVWHPRORJtDGHODVFLHQFLDVVRFLDOHV  
623 6RFLRORJtDLQIDQFLDDGROHVFHQFLD\MXYHQWXG  
&62 6RFLRORJtDGHOFRQIOLFWR  
&62 6RFLRORJtDGHODVIRUPDVLPEyOLFD  
&$) 3REUH]D\JHVWLyQDPELHQWDO  
2FWDYRVHPHVWUH
623 6RFLRORJtDGHODPLJUDFLRQHV  
&$) 5HODFLRQHVLQWHUpWQLFDVHWQLFLGDG\FXOWXUD  
*5// 0RGDOLGDGGHJUDGXDFLyQ  

6$, (ODERUDFLyQGHSUR\HFWRVGHLQYHVWLJDFLyQ  


 WRWDO  
)XHQWH$XWRGLDJQyVWLFR

$GHPiV GHO Q~PHUR GH HMHPSODUHV GLVSRQLEOHV PHQFLRQDGRV OtQHDV DUULED HQ HVWH
PRPHQWRHO&HQWURGH'RFXPHQWDFLyQGH6RFLRORJtDHVWiFRGLILFDQGRHMHPSODUHV
HQWUHOLEURV\UHYLVWDVGRQDGRVSRUXQGRFHQWHUHWLUDGRGHOD&DUUHUDTXLHQLPSDUWtD
DVLJQDWXUDVWURQFDOHVDVtPLVPRVHGLVSRQHGHOLEURVGRQDGRVSRUOD%LEOLRWHFD-DYLHU
$OEyTXHDQWHVHVWDEDDFDUJRGHO&HQWURGH,QYHVWLJDFLyQ\3URPRFLyQGHO&DPSHVLQDGR
&,3&$ 

4XLHQYLVLWHHO&HQWURGH'RFXPHQWDFLyQGH6RFLRORJtDRODELEOLRWHFDGHOD)DFXOWDGGH
+XPDQLGDGHV WLHQH DFFHVR D ORV FDWiORJRV HQ VX VLVWHPD GLJLWDOL]DGR D WUDYpV GH
FRPSXWDGRUDVGLVSRQLEOHVHQODVDODGHOHFWXUD$VtPLVPRGHVGHFXDOTXLHURWUROXJDU
VHSXHGHDFFHGHUDO&HQWURGH'RFXPHQWDFLyQ'U-RVp0LUWHQEDXPDWUDYpVGHOOLQN
KWWSELEOLRWHFDVXDJUPHGXERPRELOHEXVTXHGDHVSHFLILFD


Ϯϱϯ




(TXLSRVWHFQROyJLFRVHQELEOLRWHFDVODERUDWRULRV\JDELQHWHV

/D&DUUHUDGH6RFLRORJtDFXHQWDFRQHOVLJXLHQWHHTXLSDPLHQWRHQORVGLIHUHQWHV&HQWURV
FRPSXWDFLRQDOHVTXHGLVSRQHSDUDIRUPDFLyQGHORV\ODVHVWXGLDQWHVDVtWDPELpQSDUD
ORVGRFHQWHV

7DEOD
0DWHULDOELEOLRJUiILFR\WHFQROyJLFRH[LVWHQWHHQOD&DUUHUDGH6RFLRORJtD
3URPHGLRGH
/DERUDWRULRV $VLJQDWXUDDOD
(TXLSDPLHQWR (VWXGSRU
*DELQHWHV\7DOOHUHV TXHGDVHUYLFLR
VHPDQD
&HQWURGH - FRPSXWDGRUDV - 6HUYLFLRDO - 
'RFXPHQWDFLyQ - HVFiQHU HVWXGLDQWH HVWXGLDQWHV
-RVp0LUWHQEDXP - LPSUHVRUD GHWRGDVODV
 - PHVDV PDWHULDVGH
 - VLOODV 6RFLRORJtD
- HVWDQWHUtDVPHWiOLFRV - (VWXGLDQWHV
- HVWDQWHUtDVGHPDGHUD GHRWUDV
FDUUHUDV\
IDFXOWDGHV
6DODGHHVWXGLRV - PHVDV - 6HUYLFLRDO - 
-RVp0LUWHQEDXP - VLOODV HVWXGLDQWH HVWXGLDQWHV
-HIDWXUDGH&DUUHUD - /LYLQJGH0DGHUDFRQWDSL]  
D]XOFRPSXHVWRGH6RIi 
VLOORQHV\PHVDFHQWUDO 
- 0HVDGHPDGHUDUHGRQGD
FRQVLOODV
- HVFULWRULRVHMHFXWLYRVGH
PDGHUD
- HVWDQWHGHPDGHUDSDUD
DUFKLYDUGRFXPHQWRV
- )RWRFRSLDGRUD
0XOWLIXQFLRQDOPDUFD.RQLFD
0LQROWD0RGHOR%L]KXE
- HVWDQWHVGHPDGHUDFRQ
FDMRQHUtDSDUDDUFKLYDU
GRFXPHQWRV
- PHVDGHPDGHUDSDUD
UHXQLRQHVGHRFKRVLOODV
WDSL]DGDV
- HVFULWRULRVGHPDGHUDWLSR
HMHFXWLYRFRQVXVUHVSHFWLYRV
FDMRQHV
- EHEHGHURGHDJXDGHSLH
- VLOORQHVHMHFXWLYRVJLUDWRULRV

Ϯϱϰ




- 0iTXLQDSHUIRUDGRUDSDUD
DQLOODGRGHGRFXPHQWRV
- 8QD*XLOORWLQDSDUDFRUWDGRGH
SDSHO
- HTXLSRVGHFRPSXWDFLyQ
SDQWDOODSODQD&38\
HVWDELOL]DGRU
- DFRQGLFLRQDGRUHVGHDLUH
PDUFD:HVWLQJKRXVHGH
%78
- DFRQGLFLRQDGRUHVGHDLUH
PDUFD*ROGOLYHGH%78
- HTXLSRGH793DQWDOODSODQD
PDUFD6KXUHGHSXOJDGDV
- HTXLSRGH7Y3DQWDOOD
QRUPDO0DUFD6RQ\GH
SXOJDGDV
- PXHEOHGHPDGHUDFRQSRUWD
79\&'
- WHOpIRQRGHOtQHDILMDFRQ
WHOHID[LQFOXLGR
)XHQWH,QIRUPHWpFQLFRGHO&3'

(TXLSRVGHFRPSXWDFLyQ

/D &DUUHUD FXHQWD FRQ ORV VLJXLHQWHV HTXLSRV FRPSXWDFLRQDOHV LQVWDODGDV \ HQ
IXQFLRQDPLHQWR HQ VDODV GH HVWXGLRV \ ELEOLRWHFDV VXILFLHQWHV SDUD DWHQGHU
DGHFXDGDPHQWHODSUiFWLFDGHORVHVWXGLDQWHV

/RVGRVODERUDWRULRVGHFRPSXWDFLyQFXHQWDQFRQORVVLJXLHQWHVHTXLSRV(OSULPHUR
FRQ  HTXLSRV \ HO VHJXQGR FRQ  HTXLSRV 7RGRV ORV HTXLSRV GH FRPSXWDFLyQ HQ
IXQFLRQDPLHQWR(VWDVVRQODVFDUDFWHUtVWLFDVGHGLFKRVHTXLSRV

7DEOD
&DUDFWHUtVWLFDVGHORVHTXLSRVGHFRPSXWDFLyQ
3URPHGLR GH KRUDV
(TXLSRVGH
&DUDFWHUtVWLFDV &DQWLGDG VHPDQDHVWXGLDQWH
FRPSXWDFLyQ
SRUHTXLSR
&38 (432 &RPSXWDFLyQ
0DUFD&38/(1292
0RGHOR03 6HJ~Q HO
(TXLSRGH
&KDVLV3URFHVDGRU,17(/&25(,  UHTXHULPLHQWR GH OD
FRPSXWDFLyQ
'(*+= PDWHULD
7DUMHWDPDGUHFKLRVHW,17(/4
5$0*%''5GLVFRGXUR*%

Ϯϱϱ




6$7$,,GLVFRySWLFRPXOWLEXUQHU
PRQLWRUSDUDFRPSXWDGRUDPRQLWRU
OHQRYRIODWSDQHOOFGGH
)XHQWH GH (VWDELOL]DGRUGHYROWDMH$720/8;
VXPLQLVWUR GH GHYD  
HQHUJtD 
5HWURSUR\HFWRU
3UR\HFWRUPXOWLPHGLD(SVRQ3RZHU
6HJ~Q HO
(TXLSR GH OLWHZGH/XPHQHV
 UHTXHULPLHQWR GH OD
PXOWLPHGLD 3DQWDOODSDUDSUR\HFFLyQWHOyQ
PDWHULD
PDUFDEUHGIRUGPRGP
[PWV
6HJ~Q HO
,PSUHVRUD/iVHU+3PRGHORODVHUMHW
,PSUHVRUD  UHTXHULPLHQWR GH OD
SGQ
PDWHULD
)XHQWH,QIRUPHWpFQLFRGHO&3'

(QOD%LEOLRWHFD)DFXOWDWLYDVHFXHQWDFRQORVVLJXLHQWHVHTXLSRVFRQVXVUHVSHFWLYDV
FDUDFWHUtVWLFDV

7DEOD
&DUDFWHUtVWLFDVGHORVHTXLSRVGHFRPSXWDFLyQHQ%LEOLRWHFD
3URPHGLRGHKRUDV
(TXLSRVGH &DQWLGD VHPDQDSRU
&DUDFWHUtVWLFDV
FRPSXWDFLyQ G HVWXGLDQWHSRU
HTXLSR
&38 HTSRFRPSXWDFLyQ 
&38LQWHJUDGRKSWRGRHQXQ
6HJ~Q HO
(TXLSRGH SURFHVDGRULQWHOJK]FKLSVHWT
 UHTXHULPLHQWR GH OD
FRPSXWDFLyQ PHPRULDUDPJEGGUGLVFRGXUR
PDWHULD
WEVDWDLLGLVFRySWLFRPXOWLEXUQHU
PRQLWRUIODWSDQHOOFGZLGH
)XHQWHGH (VWDELOL]DGRUGHYROWDMHDWRPOX[GH 6HJ~Q HO
VXPLQLVWUR YD  UHTXHULPLHQWR GH OD
GHHQHUJtD PDWHULD
836HVWDELOL]DGRUDWRPOX[FDS
YDPRGHORVVU 

/RVHTXLSRVGHFRPSXWDFLyQGLVSRQHQGHORVVLJXLHQWHVSURJUDPDV
3URJUDPDV(VSHFtILFRV
 ,1)267$7
 9LVXDO%DVLF
 6366
 &DPWDVLD6WXGLR

Ϯϱϲ




3URJUDPDV,QVWDODGRVHQORVHTXLSRV
 :LQGRZV
 3DTXHWH0LFURVRIW2IILFH
 0R]LOOD)LUHIR[
 *RRJOH&KURPH
 $GREH&6
)XHQWH,QIRUPHWpFQLFRGHO&3'

/RV&HQWURVGH&yPSXWRFXHQWDQFRQFRQH[LyQDLQWHUQHW\FRUUHRHOHFWUyQLFR

(TXLSRVGLGiFWLFRV

/D&DUUHUDFXHQWDFRQORVVLJXLHQWHV(TXLSRV'LGiFWLFRVTXHVHEULQGDQDORVGRFHQWHV
\HVWXGLDQWHVHQORVSURFHVRVGHHQVHxDQ]DDSUHQGL]DMH

7DEOD
&DQWLGDG\XVRHTXLSRVSHGDJyJLFRV
3URPHGLRGHKRUDV
(TXLSRGLGiFWLFRV &DQWLGDG XWLOL]DGDVSRUFDGDHTXLSR
SRUVHPDQD
3UR\HFWRUHV0XOWLPHGLD PyYLOHV   6HJ~QUHTXHULPLHQWRGHOD
PDWHULD
3L]DUUDV'LJLWDOHV,QWHUDFWLYDV  6HJ~QUHTXHULPLHQWRGHOD
PDWHULD
3L]DUUD'LJLWDO  6HJ~QUHTXHULPLHQWRGHOD
PDWHULD
3UR\HFWRUHV0XOWLPHGLD ILMDVHQDXOD   6HJ~QUHTXHULPLHQWRGHOD
PDWHULD
)XHQWH$XWRGLDJQyVWLFR

$GHPiV VH GHEH VHxDODU TXH WRGDV ODV DXODV HGXFDWLYDV GH OD &DUUHUD FXHQWDQ FRQ
SUR\HFWRUHVPXOWLPHGLD\SL]DUUDVGLJLWDOHVLQWHUDFWLYDV
'LVSRQHUGHWRGRVHVWRVHTXLSRVHQ\SDUDODVDXODVH[LJHXQPDQWHQLPLHQWRSHULyGLFR
\ODFRQH[LyQDLQWHUQHWDVSHFWRVTXHVHFXPSOHQHQHOFDVRGHOD&DUUHUDGH6RFLRORJtD

3UHVXSXHVWR

/D&DUUHUDGH6RFLRORJtDIXQFLRQDGHVGHHODxRPHGLDQWH5HVROXFLyQ,&8
FRPRSDUWHGHOD)DFXOWDGGH+XPDQLGDGHVGHOD8QLYHUVLGDG$XWyQRPD*DEULHO5HQH
0RUHQR(QVXVWUHVGpFDGDVGHIXQFLRQDPLHQWRKDWHQLGRODDVLJQDFLyQSUHVXSXHVWDULD
DGHFXDGDSDUDUHDOL]DUVXVDFWLYLGDGHVHVWUDWpJLFDV\ORJUDUVXVREMHWLYRVFHQWUDOHV

Ϯϱϳ




(QHVWHDSDUWDGRVHSUHVHQWDHOSUHVXSXHVWRDVLJQDGRDOD&DUUHUDGH6RFLRORJtD\ODV
QRUPDV TXH JXtDQ VX DGPLQLVWUDFLyQ HQ WDQWR LQVWLWXFLyQ S~EOLFD GH HGXFDFLyQ
VXSHULRU


3UHVXSXHVWRDVLJQDGRDOD&DUUHUDGH6RFLRORJtD


(O SUHVXSXHVWR TXH JDUDQWL]D OD LPSOHPHQWDFLyQ \ VRVWHQLELOLGDG GHO 3URJUDPD GH
)RUPDFLyQ SRU FRPSHWHQFLDV GH OD &DUUHUD GH 6RFLRORJtD SURYLHQH GHO 7HVRUR GH OD
8QLYHUVLGDG\GHORVUHFXUVRVDXWRJHVWLRQDGRV$FRQWLQXDFLyQVHSUHVHQWDORVUHFXUVRV
DVLJQDGRVDOD&DUUHUDGH6RFLRORJtDGXUDQWHORV~OWLPRVFLQFRDxRV\HQEDVHDHOORVH
UHDOL]D OD SURPHGLDFLyQ \ VX UHVSHFWLYD SUR\HFFLyQ SUHVXSXHVWDULD SDUD HO VLJXLHQWH
TXLQTXHQLR


3UHVXSXHVWRGHO~OWLPRTXLQTXHQLR

'XUDQWHORV~OWLPRVFLQFRDxRV DO OD&DUUHUDGH6RFLRORJtDKDWHQLGRXQD


DVLJQDFLyQ SUHVXSXHVWDULD GH  EROLYLDQRV (O  GH GLFKRV IRQGRV
SURYLQLHURQGHO7HVRURGHOD8QLYHUVLGDGPLHQWUDVTXHHOSURYLQRGHORVIRQGRV
DXWRJHVWLRQDGRV SRU OD &DUUHUD (Q HO FXDGUR TXH VLJXH VH SUHVHQWD OD LQIRUPDFLyQ
SUHVXSXHVWDULDUHIHULGD

&XDGUR
3UHVXSXHVWRDVLJQDGRDOD&DUUHUDGH6RFLRORJtDSHULRGRDO
3UHVXSXHVWR 0RQWRSUR\HFWDGRSRUDxRHQ%V 7RWDO
SRUIXHQWH      %V
7HVRUR GH OD 
    
8QLYHUVLGDG
5HFXUVRV 
    
DXWRJHVWLRQDGRV
7RWDO      
)XHQWH'LUHFFLyQ$GPLQLVWUDWLYD)LQDQFLHUD'SWRGH3UHVXSXHVWR8$*50

(OSUHVXSXHVWRDVLJQDGRSDUDFDGDDxRGHJHVWLyQHVWXYRGHVWLQDGRDOtWHPGHVXHOGRV
VDODULRV \ EHQHILFLRV VRFLDOHV GH ORV GRFHQWHV \ SHUVRQDO DGPLQLVWUDWLYR FRPR DVt
WDPELpQDOtWHPGHVHUYLFLRV DJXDOX]OLPSLH]DUHSDUDFLyQGHHTXLSRVPDQWHQLPLHQWR
GH LQIUDHVWUXFWXUD  PDWHULDO GH HVFULWRULR \ SHGDJyJLFRV SDUD HO GHVDUUROOR GH ODV
DFWLYLGDGHVDFDGpPLFDV\DFWLYLGDGHVIRUPDWLYDV\UHFUHDWLYDVGHHVWXGLDQWHV

3UR\HFFLyQSUHVXSXHVWDULD


/DVSROtWLFDV\QRUPDVDGPLQLVWUDWLYDVSDUDODDVLJQDFLyQGHSUHVXSXHVWRDODVFDUUHUDV
GH OD 8QLYHUVLGDG $XWyQRPD *DEULHO 5HQH 0RUHQR HVWDEOHFHQ SURFHGLPLHQWRV \

Ϯϱϴ




UHTXLVLWRVTXHGHWHUPLQDQHOPRQWR\SHULRGRGHVXDSUREDFLyQ\HMHFXFLyQWDOFRPRVH
HVWDEOHFHHQHO(VWDWXWR2UJiQLFRGHOD8QLYHUVLGDGTXHGLFH

(O SUHVXSXHVWR XQLYHUVLWDULR DQXDO VHUi HODERUDGR GH DFXHUGR D ORV SOD]RV
SROtWLFDV\GLUHFWULFHVSUHVXSXHVWDULDVHVWDEOHFLGDVHQHO5pJLPHQ$GPLQLVWUDWLYR
\)LQDQFLHUR\HO5HJODPHQWR(VSHFLDOGHO6LVWHPDGH,QYHUVLyQ3~EOLFD 5(6,3 
HQ HO PDUFR GH OD SURJUDPDFLyQ GH RSHUDFLRQHV \ HO 3ODQ GH 'HVDUUROOR
,QVWLWXFLRQDO $UW 

(O SUR\HFWR GH SUHVXSXHVWR FRQVROLGDGR GH OD 8QLYHUVLGDG SUHSDUDGR SRU OD
'LUHFFLyQ $GPLQLVWUDWLYD \ )LQDQFLHUD VHUi SUHVHQWDGR DQWH HO ,OXVWUH &RQVHMR
8QLYHUVLWDULR SDUD VX FRQVLGHUDFLyQ \ DSUREDFLyQ DQWHV GHO FRPLHQ]R GH FDGD
JHVWLyQDQXDO $UW 
%DMRHVWHPDUFROHJDOGRQGHHOSUHVXSXHVWRILQDQFLHURHQOD8QLYHUVLGDGVRORSXHGHVHU
HODERUDGRSUHVHQWDGR\DSUREDGRSDUDXQDxRFDOHQGDULRVHKDGHFLGLGRUHDOL]DUXQD
SURPHGLDFLyQ\SUR\HFFLyQSUHVXSXHVWDULDSDUDHOTXLQTXHQLRHQEDVHDO
SUHVXSXHVWRHMHFXWDGRGXUDQWHHOTXLQTXHQLR

$VtVHWLHQHTXHOD&DUUHUDGH6RFLRORJtDGXUDQWHHOTXLQTXHQLRWXYRXQD
DVLJQDFLyQ SUHVXSXHVWDULD GH  EROLYLDQRV GHO 7HVRUR 8QLYHUVLWDULR SRU OR
TXH HO SURPHGLR SRU FDGD DxR GH JHVWLyQ IXH GH  EROLYLDQRV UHVXOWD GH OD
GLYLVLyQGHOPRQWRWRWDOHQWUHDxRV 

(QVXFDVRODDVLJQDFLyQSUHVXSXHVWDULDSURYHQLHQWHGHORVUHFXUVRVDXWRJHVWLRQDGRV
SRUOD&DUUHUDGH6RFLRORJtDIXHURQGXUDQWHHODQWHULRUTXLQTXHQLREROLYLDQRV
SRUORTXHHOSURPHGLRTXLQTXHQDODVFHQGLyDEROLYLDQRV UHVXOWDGHODGLYLVLyQ
GHOPRQWRWRWDOHQWUHDxRV 

(QVXFDVRODSUR\HFFLyQGHOSUHVXSXHVWRSDUDHOTXLQTXHQLRSURYLHQHGH
XQ FiOFXOR GH LQFUHPHQWR GHO  DQXDO DO SURPHGLR SUHVXSXHVWDULR GHO TXLQTXHQLR
WHQLHQGRHOVLJXLHQWHUHVXOWDGRTXHVHPXHVWUDHQHOFXDGURTXHVLJXH

&XDGUR
3UR\HFFLyQSUHVXSXHVWDULD&DUUHUDGH6RFLRORJtDSHULRGR
3UHVXSXHVWR 0RQWRSUR\HFWDGRSRUDxRHQ%V 7RWDO
SRUIXHQWH      %V
7HVRUR GH OD 
    
8QLYHUVLGDG
5HFXUVRV 
    
DXWRJHVWLRQDGRV
7RWDO      
)XHQWHHODERUDFLyQSURSLD

'H DFXHUGR D ODV SUR\HFFLRQHV UHDOL]DGDV OD &DUUHUD GH 6RFLRORJtD FRQWDUD FRQ XQ
SUHVXSXHVWR WRWDO GH  EROLYLDQRV SDUD HO TXLQTXHQLR  'H HVWH

Ϯϱϵ

monto, el 1.2% provendrán de los recursos autogestionados por la Carrera de Sociología,
mientras que el 98.8%, del Tesoro de la Universidad Autónoma Gabriel Rene Moreno.

3.1.3. Planificación presupuestaria

La Carrera de Sociología cuenta con un Plan Estratégico y un Plan Operativo Anual,


donde se han planificado y priorizado un conjunto de actividades dirigidas al
cumplimiento de los objetivos y misión institucional, que incluye de manera priorizada,
la implementación y sostenibilidad del Programa de Formación Profesional por
Competencias (147-3). A continuación, se presenta en el cuadro siguiente, la
planificación de dichas actividades estratégicas y su presupuesto financiero para el
periodo 2024-2028.

Cuadro
Planificación presupuestaria Carrera de Sociología, periodo 2024-2028
Actividades Monto presupuestado por año en Bs. Total
2024 2025 2026 2027 2028 Bs. %
Gestión 13.535.550
2.625.114 2.676.115 2.710.157 2.740.660 2.783.504 84
académica
Investigación 1.308.447 08
245.493 250.312 261.410 270.212 281.104
básica y aplicada
Interacción y 756.509 4.7
138.554 143.413 146.344 160.533 167.665
extensión
Gestión 531.451 3.3
90.506 92.275 107.246 118.255 123.179
administrativa
Total 3.100.114 3.162.115 3.225.157 3.289.660 3.355.452 16.132.498 100
Fuente: elaboración propia, 2023

Como se observa en el cuadro, del total del presupuesto proyectado para el quinquenio
2024-2028, el 84% se encuentra planificado para las actividades de gestión académica
(sueldos, salarios, seguro social de docentes y administrativos), el 8% para la
investigación básica y aplicada, el 4.7% para la interacción social y extensión
universitaria y, el 3.3%, para la gestión administrativa. Con esta planificación
presupuestaria, se garantiza la implementación y sostenibilidad del Programa de
Formación Profesional por Competencias de la Carrera de Sociología.

Los recursos asignados a la Carrera de Sociología, son administrados por la Dirección


Administrativa Financiera de la Facultad de Humanidades; dicha administración se rige
por las normas de la Universidad Autónoma Gabriel René Moreno y las normas del
Estado Plurinacional de Bolivia, cuyo objetivo es su uso eficiente y transparente.

260
BIBLIOGRAFIA

Campillo, A. (2015). La Universidad en la Sociedad Global. ISEGORÍA. Revista de


Filosofía, Moral y Política, 52, 15-42. DOI: 10.3989/isegoria.2015.052.01

Carvajal, J. (2017). Universidad y Globalización: cambios y desafíos. Praxis & Saber,


Revista de investigación y pedagogía, 8(18), 149-167. DOI:
10.19053/22160159.v8.n18.2017.7248
UAGRM (2021). Estudio del mercado laboral del profesional Sociólogo. Santa Cruz-
Bolivia.

Drucker, P. (1993). Post - Capitalist Society. New York: Harpercollins.

Santos, B. (2007). LA UNIVERSIDAD EN EL SIGLO XXI. Para una reforma democrática


y emancipadora de la universidad. CIDES-UMSA, ASDI. La Paz-Bolivia: Plural Editores.

Saskia Sassen (2007). Una sociología de la globalización. EURE (Santiago), 34(102), 133-
138. https://dx.doi.org/10.4067/S0250-71612008000200008
UNESCO. (2009). Global Education Digest 2009. Comparing Education Statistics Across
the World. UNESCO Institute for Statistics. Montreal-Canadá. Recuperado de
https://unesdoc.unesco.org/ark:/48223/pf0000183249

UNESCO. (2019). Informe de seguimiento de la educación en el mundo 2019: Migración,


desplazamiento y educación. Construyendo puentes, no muros. (Primera edición). Paris-
Francia: Ediciones UNESCO. Recuperado de
https://unesdoc.unesco.org/ark:/48223/pf0000367436

Ferreyra, M., Avitabile, C., Botero, J., Haimovich, F. y Urzúa, S. (2017). Momento
decisivo: la educación superior en América Latina y el Caribe. Resumen. Washington,
DC: Banco Mundial. Licencia: Creative Commons Attribution CC BY 3.0 IGO.

ISALC-UNESCO (1996). Primera Conferencia Regional de Educación Superior. Habana,


Cuba. Revista DUCACIÓN SUPERIOR Y SOCIEDAD - VOL 6 N°1.
https://unesdoc.unesco.org/ark:/48223/pf0000116720

UNESCO (1998). Primera Conferencia Mundial de Educación Superior. Paris, Francia.


Revista EDUCACIÓN SUPERIOR Y SOCIEDAD - VOL 9 N°2.
https://unesdoc.unesco.org/ark:/48223/pf0000116720

ISALC-UNESCO (2008). Segunda Conferencia Regional de Educación Superior.


Cartagenda de Indias, Colombia. Revista EDUCACIÓN SUPERIOR Y SOCIEDAD - VOL
3 N°2. https://unesdoc.unesco.org/ark:/48223/pf0000116720

UNESCO (2009). Segunda Conferencia Mundial de Educación Superior. Paris, Francia.


Revista EDUCACIÓN SUPERIOR Y SOCIEDAD - VOL 15 N°2.
https://unesdoc.unesco.org/ark:/48223/pf0000116720

261
GOBIERNO DEPARTAMENTAL DE SANTA CRUZ. Plan de Desarrollo Departamental de
Santa Cruz, 2016-2020.

ESTADO PLURINACIONAL DE BOLIVIA. Plan de Desarrollo Económico y Social (PDES)


2021-2025 de Bolivia.

ESTADO PLURINACIONAL DE BOLIVIA (2008). Constitución Política del Estado


Plurinacional de Bolivia

ESTADO PLURINACIONAL DE BOLIVIA (2008). Ley Avelino Siñani, Elizardo Pérez, (Ley
N.º 70) de Reforma Educativa.

Ministerio de planificación del desarrollo Bolivia (2022). Sistema de ONG en Bolivia.


Tomado de: http://archivo.vipfe.gob.bo/pr/documentos/ong/ongs_nacionales.pdf

Fundempresa (2021). Reporte Fundempresa Enero-2021: Estadísticas del Registro de


Comercio de Bolivia.

UAGRM (2019). Resolución ICU N.º 112/2019 que aprueba el Reglamento General de
políticas de admisión estudiantil en la UAGRM.

UAGRM (2022). Reglamento Específico de Admisión en la Facultad de Humanidades


aprobado mediante Resolución facultativa N.º 036/2022, UAGRM. Santa Cruz-Bolivia.

Suárez, N. y Días, L. (2015). Estrés académico, deserción y estrategias de retención de


estudiantes en la educación superior. Revista Salud Pública, 17(2), 300-313. DOI:
10.15446/rsap.v17n2.52891

Castaño, E., Gallón S., Gómez, K. y Vásquez, J. (2004). Deserción estudiantil


universitaria: una aplicación de modelos de duración. Lecturas de Economía, 60, 39-65.

Tinto, V. (1989). Definir la deserción. Una cuestión de perspectiva. (Traducción de


Carlos María de Allende). Revista de la Educación Superior. 71. Recuperado de
http://publicaciones.anuies.mx/pdfs/revista/Revista71_S1A3ES.pdf

Tinto, V. (1975). Dropout from higher education: A theoretical synthesis of recent


research. Review of Educational Research. 45(1), 89-125. Recuperado de
http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.874.5361&rep=rep1&type
=pdf

Velázquez, N. y González, M. (2017). Factores asociados a la permanencia de estudiantes


universitarios: caso UAMM-UAT. Revista de la Educación Superior, 46(184), 117-138.
Recuperado de http://www.scielo.org.mx/scielo.php?script=sci_abstract&pid=S0185-
27602017000400117&lng=es&nrm=iso

Meléndez, R. y Meriño, D. (2008). Estudio sobre deserción y permanencia académica en


la facultad de Ingeniería en la Universidad de la Guajira desde período II de 2005 hasta
el periodo II de 2007. Riohacha.

262
Granja, J.; Juárez, R., y De Ibarrola, M. (1983). Análisis sobre las posibilidades de
permanencia y egreso en 4 instituciones de educación superior del Distrito Federal,
1960-1978. Recuperado de
http://publicaciones.anuies.mx/pdfs/revista/Revista47_S1A1ES.pdf

Velásquez, M., Posada, M., Gómez, D., López, N., Vallejo, F., Ramírez, P., Hernández, C.
y Vallejo, A. (2011). Acciones para favorecer la permanencia. Universidad de Antioquía.
Colombia. Congresos CLABES. Recuperado de
https://revistas.utp.ac.pa/index.php/clabes/article/view/856.

Franzante, B., Peña, Y. y Rodríguez, Y. (2014). Permanencia estudiantil en el contexto


universitario actual. Reto pedagógico para la igualdad de oportunidades educativas.
Congreso Universidad. 3(2). Recuperado de
file:///C:/Users/USUARIO/Downloads/604-1-566-1-10-20170926%20(2).pdf.

Mendoza, L., Mendoza, U. y Romero, D. (2014). Permanencia académica: una


preocupación de las instituciones de educación superior. Escenarios, 12(2), 130-137.

Fernández-Hileman M., Corengia, A. y Durand, D. (2014). Deserción y retención


universitaria: una discusión bibliográfica. Pensando Psicología, 10(17), 85-96. DOI:
10.16925/pe.v10i17.787

Suárez, N. y Días, L. (2015). Estrés académico, deserción y estrategias de retención de


estudiantes en la educación superior. Revista Salud Pública, 17(2), 300-313. DOI:
10.15446/rsap.v17n2.52891

UAGRM (2019). Resolución ICU N.º 112/2019 que aprueba el Reglamento General de
políticas de admisión estudiantil en la UAGRM.

UAGRM (2019). Resolución ICU N.º 112/2019 que aprueba el Reglamento General de
políticas de permanencia estudiantil en la UAGRM.

CUB (2014). Reglamento General de Títulos y Grados del Sistema Nacional de


Universidades de Bolivia.

UAGRM (2019). Resolución ICU N.º 136/2014 que aprueba el Reglamento de graduación
en la UAGRM.

CUB (2013). Reglamento General del Régimen Estudiantil Universitario del Sistema
Nacional de Universidades de Bolivia.

CUB (2014). Reglamento del Régimen Académico Docente del Sistema Nacional de
Universidades de Bolivia

CUB (2014). Reglamento del Régimen Académico Docente del Sistema Nacional de
Universidades de Bolivia

CUB (2014). Reglamento general de Interacción social y extensión del Sistema Nacional
de Universidades de Bolivia.

263
UAGRM (2022). Dirección Administrativa Financiera, Dpto. de Presupuesto, UAGRM.

UAGRM (2022). Centro de Procesamiento de Datos Facultad Humanidades, UAGRM.

CEUB (2016). Comité Ejecutivo de la Universidad Boliviana. Unidad de Información


Estadísticas. Boletín Estadístico, 5. La Paz-Bolivia. Recuperado de
http://www.ceub.edu.bo/cifras/docuemntos/BOLETIN_N_5_2015.pdf

UAGRM (2001). Autodiagnóstico de la Carrera de Sociología. Santa Cruz de la Sierra,


Bolivia.

UAGRM (2019). PLAN ESTRATEGICO INSTITUCIONAL 2019-2025, UAGRM. Santa


Cruz-Bolivia.

UAGRM (2019). Orgánico de la Universidad Autónoma Gabriel René Moreno. Santa


Cruz-Bolivia.

UAGRM. (2008). Diseño curricular y plan de estudios de la Carrera de Sociología. Santa


Cruz de la Sierra, Bolivia.

UAGRM (2022). Plan Estratégico de la Carrera de Sociología. Santa Cruz de la Sierra,


Bolivia.

264
ANEXOS

Informes del Departamento de Evaluación y Acreditación de la UAGRM

265

You might also like