(OKDUpQWUDQVGLVFXUVLYRGHOFRPSOHMR'LVQH
-HV~V0DQXHO&RUULHQWH&RUGHUR
,(6 ³%ODV,QIDQWH´±(O9LVRGHO$OFRU6HYLOOD
³3HQVDPLHQWR´HVXQDYR]TXHSDUHFHDQGDUVLHPSUHQHFHVLWDGDGHDGMHWLYRV6L
GXUDQWH DOJXQRV DxRV HVSHFLDOPHQWH GHVGH OD GLYXOJDFLyQ GHO D PDQLGR W WXOR GH
9DWWLPRHODGMHWLYRIXH³GpELO´HQODDFWXDOLGDGHVSRVLEOHHQFRQWUDUKDVWDHQHOPHQRU
DUWLFXOHMRGHRSLQLyQHODG DFHQWH³~QLFR´3RUORPHQRVHVWDYH]KD DFXHUGRHQWUH
ORV PHGLRVHQFRQVLGHUDUSH RUDWLYRHOWpUPLQR(VRV ORVLQWHOHFWXDOHVGHDWDQWRHO
IROLR R HO PLQXWR GH ³DOFDFKRID´ R GH EXVWR SDUODQWH SDUHFHQ KDEHU ROYLGDGR TXL]i
MDPiV FRQRFLHURQ D XQ WDO %DMW Q TXH WUDEDMDED FRQ WpUPLQRV FRPR ³SROLIyQLFR´
³PRQROyJLFR´ ³GLDOyJLFR´ R ³LQWHUWH[WXDO´ SRU QR KDEODU GH TXH WRGDY D KD TXLHQ
WUDEDMDFRQGHVDUUROORVGHHVRV RWURVFRQFHSWRVGDGRTXHSHUWHQHFHQDVHFWDVFRPROD
GH ORV VHPLyWLFRVWpUPLQRTXHDPiVGHXQRGHORVSUHVHQWHVQRVKDQHVFXSLGRDODFDUD
FRPRVLIXHUDXQLQVXOWR3RUVDOXGPHQWDOWLHPSRKDTXHGHFLG ³VDOLUGHODUPDULR´
SXHGR GDU IH GH TXH GHVGH HQWRQFHV PLV UHODFLRQHV ODERUDOHV KDQ PHMRUDGR D KDQ
GHVHVSHUDGRGHOOHYDUPHDOEXHQFDPLQRGRFHQWH
(VWD YXOJDUL]DFLyQ GH YRFHV GHVFDIHLQDGDV HV SUREDEOHPHQWH LQKHUHQWH D OD
QDWXUDOH]DHI PHUDGHOPHQFLRQDGRGLVFXUVRHLQFOXVRSRGU DSHQVDUVHTXHLQRFXDVLQR
IXHUD SRU HO SHTXHxR GHWDOOH GH TXH OD PHUFDGRWHFQLD SRO WLFD FRQYLHUWH FRUULHQWHV GH
SXUD RSLQLyQ YDFXD HQ OH DXQ HQ OH VREUH PDWHULD WDQ GHOLFDGD FRPR HV OD
HGXFDFLyQ
$V WHQHPRV TXH SDUD JDUDQWL]DU OD IRUPDFLyQ DFDGpPLFD GH PHQWHV
FRPXQLFDWLYDPHQWHVDQDVQRKD PiVTXHGHFUHWDUTXHHODOXPQRGHEHVDEHUPDQHMDU
GLYHUVDV IXHQWHVGHLQIRUPDFLyQVLQPiVJDUDQW DGHGLVFHUQLPLHQWRTXHXQDDOXVLyQDO
FRQRFLPLHQWRFU WLFRTXHDSDUHFHVXSHUSXHVWRFRPREXUGDPHQWHVXSHUSXHVWRDSDUHFHHO
FRQRFLPLHQWR GH ORV GLIHUHQWHV GLVFXUVRV HQ OD QRUPDWLYD OHJDO VREUH HQVHxDQ]D /D
SULPHUDFRQVHFXHQFLDGHHVWRHVTXHHOFRQRFLPLHQWRREWHQLGRHVSUHFLVDPHQWHDFU WLFR
SXHVWR TXH HO FRPSRQHQWH WHyULFR GH DQiOLVLV GH ORV GLVFXUVRV QR VyOR IXH REYLDGR
FDQRQL]DQGR DV PRGHORV LQFOXVR UHWUyJUDGR HQ VX IRQGR VLQR TXH WRGR LQWHQWR GH
GLVFXVLyQFLHQW ILFDVREUHHOWHPDKDVLGRFRQVFLHQWHPHQWHSURVFULWR
3RU RWUD SDUWH GLYHUVDV ³DODUPDV´ GH RUGHQ VRFLROyJLFR KDQ SURYRFDGR XQD
DYDODQFKDGHGRFXPHQWDFLyQRILFLDO SDUDRILFLDOFHQWUDGDHQVXSHUSRQHUDUWLILFLDOPHQWH
OD FXHVWLyQ GH ORV YDORUHV WUDWDGRV HQ IRUPD GH FyGLJRV FHUUDGRV GH UDQFLD PRUDOLQD
GLVFXUVLYDDXQTXHDGRUQDGDGHWHUPLQRORJ DQRYHGRVD$ODOHFWXUDGHGLYHUVDVIXHQWHV
GH LQIRUPDFLyQWRGDVYDOLG VLPDV OHJ WLPDVSRUOH HOSURIHVRUKDGHDxDGLUSRUREUD
JUDFLD GH ODV GLUHFWULFHV XQ PHFDQLVPR GH FHQVXUD GH WH[WRV TXH SRU VXSXHVWR
UHYHODUiQVXYHUGDGHUDQDWXUDOH]DHQFXDQWRHODOXPQRSHUWUHFKDGRGHYDORUHVORVOHD
2FLRVRHVGHFLUTXHHOVH[LVPRHVXQDGHODVVLHWHSODJDVDKDFHUH[WLQJXLUDXQTXHHO
~QLFR DQW GRWRTXHRIUH]FDHOVLVWHPDOHJDOHGXFDWLYRVHDHOGHODFHQVXUD6LQR¢TXp
GLIHUHQFLDGHIRQGRKD HQWUHSUHVFULELUHOXVRGH³HQVDODGDQDFLRQDO´SRU³HQVDODGLOOD
UXVD´ SURKLELU GHQWUR GHODXODH[SUHVLRQHVGHQLJUDWRULDVEDVDGDVHQHOJpQHURTXHHO
DOXPQRYDDUHSHWLUHQFXDQWRFUXFHODSXHUWDGHODHVFXHOD"'HKHFKRKDEU DTXHSDVDU
ODUJDVQRFKHVSHQVDQGRGHFODURHQFODURSDUDGLVFHUQLUVLVHKDGHSUHPLDUDXQDOXPQR
SRU XVDU IUDVHVKHFKDVRUHIUDQHVGHVXHQWRUQRLQPHGLDWRRELHQFDVWLJDUORSRUTXHWDOHV
HOHPHQWRV VHDQ SRO WLFDPHQWH LQFRUUHFWRV (VWR QR HV UHWyULFD HV VyOR XQD IRUPD GH
FRQWDU VLQ DFULWXG OD H[SHULHQFLD GH FRQWHPSODU SURPRFLRQHV HQWHUDV GH DOXPQDV GH
FHQWURV UXUDOHV HQ ORV TXH DOFDQ]DGR GHWHUPLQDGR QLYHO GH HGDG HPSLH]DQ D VHU
DQHVWHVLDGDVHQVXVLQWHUHVHVDFDGpPLFRSURIHVLRQDOHVDV FRPRGHODSHUVHFXFLyQGH
YDORUHVFRPRODVHQVLELOLGDGHLQWXLFLyQHQORVSURFHVRVFRJQLWLYRVPDVFXOLQRV(VDIXH
OD UD]yQ SRU OD TXH DEDQGRQp SRVWXUDV PiV IRUPDOLVWDV Y D SUDJPiWLFD FRPHQFp D
LQWURGXFLU HQ PL IRUPDFLyQ ~WLOHV KHUUDPLHQWDV GH JLQRFU WLFD $ HVR VH VXPy RWUR
SUREOHPD HO GH OD SURSLD LGHQWLGDG /D E~VTXHGD GH OD LGHQWLGDG IHPHQLQD GH ORV
PHFDQLVPRV UHSUHVRUHV TXH OD SXHGDQ FRQILQDU RWUR WDQWR KDEU D TXH GHFLU GH ODV
LGHQWLGDGHVHLPDJLQDULRVKRPRVH[XDOHV GHDK HQDGHODQWHHVORTXHPHSHUPLWHLU
HQ EXVFD GH OD LGHQWLGDG GH HVD PLQRU D OODPDGD ³YDUyQ KHWHURVH[XDO FDWyOLFR
PRQyJDPRILHO OHYHPHQWHDFRPSOHMDGLOOR´
/D FXHVWLyQ SRU WDQWRHVPXFKRPiVVHULDODOHJLVODFLyQHGXFDWLYDD XQDGH
UHQRYDFLyQHQODHSLVWHPRORJ DGHORTXHVHHQVHxDVRVWLHQHXQFRQFHSWRGHUHIHUHQWH
WDQ U JLGRTXHUD DHQORSODWyQLFRHQVXVHQWLGRPiVSH RUDWLYRPXHUWDODSDODEUD
PXHUWD ODFRVD(VDULJLGH]DSRFDO SWLFDTXHSURYRFDPRGHUQRVHVFU~SXORVGHPRQMDGH
ODV DQWLJXDV TXHVHWUDGXFHHQODSRVLELOLGDGGHVDQFLRQDUDXQSURIHVRUSRUVDOLUVH
GHOEXHQFDPLQRWLHQHVXFDUDLQWHJUDGDVLORVFRPSRQHQWHVVRQEXHQRVHOSURGXFWRHV
EXHQR
3RU WDQWR OR TXH D FRQWLQXDFLyQ WUDWDUp GH RIUHFHU HV QR XQD FRQGHQD QL XQD
GHPRQL]DFLyQGH'LVQH VLQRXQHMHPSORGHTXHVLPSOHPHQWHFRQXQDVHVFDVDVSHUR
FRKHUHQWHV LGHDV HV HQRUPHPHQWH IiFLO VHSDUDU JUDQR SDMD &RPR HMHPSOR XVDUp HO
WUDWDPLHQWR LQWHQVLYR TXH KDQ VXIULGR DOJXQRV HOHPHQWRV IHPHQLQRV HQ OD SHO FXOD GH
GLEXMRV DQLPDGRV +pUFXOHV KDVWD HO SXQWR GH UHLGHRORJL]DU HO PLWR HQ XQD GLUHFFLyQ
UHSURJUDPDGD'HKHFKRORTXHH[SRQGUpHVSDUWHGHODEDVHGHXQWUDEDMRLQLFLDOFRQ
DOXPQRVGH6HFXQGDULDTXHHVSHURSHUILODUHQEUHYH'HMRGHODGRSXHVHOLQWHUHVDQWH
SUREOHPD GHO YDFLDPLHQWR GHO KpURH PDVFXOLQR OD WULYLDOL]DFLyQ GH OD WUDVFHQGHQFLD
PLWROyJLFD RWUD EXHQD SDUWH GH SURFHVRV GH WUDQVGLVFXUVLYL]DFLyQ DOLHQDQWH HO
IRUPLGDEOH HQWUDPDGR HFRQyPLFR TXH VXVWHQWD WDQWR WDOHV SURGXFFLRQHV FRPR ORV
EHQHILFLRVHFRQyPLFRVTXHUHSRUWDODPDQLSXODFLyQLGHROyJLFD
/D SULPHUD GLILFXOWDG TXH VH SRGU D SRQHU D XQD WDUHD GRFHQWH GH HVWH WLSR
DSOLFDGDDOQLYHOHGXFDWLYRSURSXHVWRHVHOHOHYDGRJUDGRGHDEVWUDFFLyQTXHLPSOLFD
UHIRUPDU HO FRQFHSWR GH UHIHUHQWH 'H KHFKR TXLHQ OHV KDEOD KD VLGR S~EOLFDPHQWH
GHVSUHFLDGRFRQHVWDH[FXVDHQGLYHUVDVFDWHTXHVLV/2*6(VREUH/HQJXD /LWHUDWXUD
SRU SRQHQWHVTXHQRVDE DQTXpHUDODSUDJPiWLFD TXHKDQSXEOLFDGRHOPDQXDOGH
GLGiFWLFD GH OD DVLJQDWXUD GHO &$3 GH HVWD 8QLYHUVLGDG TXH QRV DORMD DV FRPR HO
SURIHVRU HQFDUJDGR SRUODPLVPDGHFRRUGLQDUODSUXHEDGH&RPHQWDULRGH7H[WRSDUDHO
DFFHVR D OD 8QLYHUVLGDG FXHVWLyQ D~Q PiV GRORURVD FXDQGR XQR VLJXH VLQWLHQGR HVWD
FDVDFRPRVX8QLYHUVLGDG
(QUHDOLGDGODGHODVGLILFXOWDGHVGHORVQXHYRVSDUDGLJPDVWHyULFRVHVXQDIDOVD
FXHVWLyQSXHVWRTXHHOTXHWLHQHTXHFDPELDUVXVSUHVXSXHVWRVREVROHWRVHVXQSURIHVRU
DOTXHKDEU DTXHGDUOHPiVIDFLOLGDGHVSDUDHVWDUDOG DGHVXDVLJQDWXUD XQHQMDPEUH
EXURFUiWLFRTXHQRGHEHU DGLFWDPLQDUVREUHORTXHGHVFRQRFH
-DPiV VH PH RFXUULU D KDEODU D XQ DOXPQDGR GH FDWRUFH DxRV GH YDFLDPLHQWR
UHIHUHQFLDO R GH UHLGHRORJL]DFLyQ ±DXQTXH WDPSRFR GH OD GLIHUHQFLD HQWUH VHPDV
DUFKLVHPDV 6HQFLOODPHQWH SRUTXH ODV LGHDV FRPR QRV HQVHxy 'HVFDUWHV VRQ
RSHUDWLYDV HQ HO HVWDGR GH LQWXLFLyQ (V WUHPHQGDPHQWH IiFLO SUHJXQWDU SRU TXp /D
VLUHQLWD GH $QGHUVHQWHUPLQDGHIRUPDGLIHUHQWHDODYHUVLyQ'LVQH SRUTXpWLHQHQ
TXH DFDEDUELHQODVSHO FXODVSHURQRORVFXHQWRVWUDGLFLRQDOHV/XHJROOHJDHOPRPHQWR
GH KDEODU GH OD SULPHUD FRPR DOHJRU D FRQGHQDWRULD GHO PDWULPRQLR GHVLJXDO GH OD
VHJXQGD FRPR DQHVWHVLDGRUD GH XQD FXHVWLyQ UHDO KD GLIHUHQFLDV GH FODVH VRFLDO
FXOWXUDO VH[XDO TXH HVWiQ RSHUDQGR FRPR EDUUHUDV HIHFWLYDV HQ QXHVWUR HQWRUQR 'H
KHFKR FXDQGR VH HV SURIHVRU IXHUD GH ]RQDV XUEDQDV HV PX IiFLO PRVWUDU HMHPSORV
FUXGDPHQWH H[SO FLWRV DXQTXH VX FRQGHQD UHWyULFD HV LQ~WLO /D EDVH GH HVRV
DXWRPDWLVPRV GLVFULPLQDQWHV HQ HVSHFLDO HQ OR FRUUHVSRQGLHQWH D OD GLVWLQFLyQ SRU
VH[RV QR HVWiWDQWRHQODSUiFWLFDSXQWXDO PXFKRPHQRVHQVXVYHUEDOL]DFLRQHVFRPR
HQORVUHODWRV PHWDUUHODWRVTXHODOHJLWLPDQ
(PSHFHPRVXQDYH]VXUJLGDODVRPEUDGHODVRVSHFKDDUHYLVDUHOUHODWRP WLFR
FRUUHVSRQGLHQWH D +pUFXOHV FRQ D XGD GH FXDOTXLHU GLFFLRQDULR GH PLWRORJ D
PHGLDQDPHQWHFRPSOHWR
DXQHVRVDELHQGRTXHODVPLWRORJ DVQRVRQSUHFLVDPHQWH
PRGpOLFDV SHUR OR TXH LPSRUWD HV DSUHQGHU D GHVDWDU ORV SULPHURV OD]RV TXH OXHJR
RFDVLyQKDEUiGHVHJXLUFRQHOUHVWRGHODPDGHMD'HKHFKRFRQILHVRXQFRQRFLPLHQWR
GHODPLWRORJ DJUHFRUURPDQDQRPiVDOOiGHORTXHGHEHVDEHUXQSURIHVRUGHOiUHDGH
+XPDQLGDGHV
/D SULPHUD VRUSUHVD TXH SRGUHPRV HQFRQWUDU HV TXH OD SHO FXOD QR GHMD DWUiV
SUiFWLFDPHQWH QLQJ~Q HOHPHQWR GHOPLWR1R DORVGRFHWUDEDMRVVLQRLQFOXVREXHQD
SDUWH GH ORV SDUHUJD DSDUHFHQ GH XQD X RWUD PDQHUD UHIOHMDGRV HQ HO WH[WR I OPLFR
OOHJDQGRDGHWDOOHVFRPRDSURYHFKDUHOJULWRGH'H DQLUDXQDGHODVHVSRVDVGHOKpURH
FXDQGR 1HVR WUDWD GH YLRODUOD &LHUWDPHQWH ORV HOHPHQWRV GH FRQVWUXFFLyQ GHO UHODWR
P WLFR KDQ VLGR FXLGDGRVDPHQWH GHVPRQWDGRV SDUD DSURYHFKDU OD IXHU]D LQKHUHQWH D
HOHPHQWRV TXH KDQ UHVLVWLGR HO SDVR GHO WLHPSR SRGHU DV XVDUORV FRPR PDWHULDO GH
FRQVWUXFFLyQ $V HVH JULWR SDVD D VHU OD SULPHUD VLWXDFLyQ GH FRPEDWH UHDO GH XQ
+pUFXOHV GLEXMDGR FRPR ³KpURHFDEDOOHUR DQGDQWH´ TXH WUDWD GH UHDOL]DU VX SULPHUD
³KD]DxDHQWUHQDPLHQWRGHFRPEDWHUHDO´UHVFDWDUDXQDGRQFHOOD
(OPiVFODURGHORVHMHPSORVGHHVWHSURFHVRGHYDFLDGRHVSUREDEOHPHQWHHO
WUDWDPLHQWRTXHUHFLEH+HUD6LODILJXUDGH+HUDHQODPLWRJUDI DQRHVSUHFLVDPHQWHXQ
DODUGHGHIHPLQLVPR
HVSDUWHHVHQFLDOHQHOGHVDUUROORGHOPLWRSXHVHQHOIRQGRHVOD
HVSLQDGRUVDOTXHHQOD]DODVGHVJUDFLDV KD]DxDVGHOSURGXFWRGHO~OWLPRGHYDQHRGH
=HXV TXH LQFOXVR KD GH FDPELDU VX QRPEUH GH $OFLGHV DO GH +HUDFOHV HQ HO WH[WR
FLQHPDWRJUiILFR OD SHUVHFXFLyQ SDVD D PDQRV GH +DGHV TXH DGTXLHUH XQ FDUiFWHU
GLDEyOLFR PiV SURSLR GH OD FXOWXUD MXGHRFULVWLDQD +HUD HV HO SHUVRQDMH PHQRV
FRQVLVWHQWHLQFOXVRHQVXWUD]RGHGLEXMRFRQXQURVWURWDQRYDODGRTXHODH[FOX HGHO
UHVWR GH GLRVDV H LQFOXVR GH GLRVHV (QYXHOWD HQ XQ YHOR S~USXUD D QR HQYLGLDU XQD
EXUNDDIJDQDSDVDDVHUQRVyORODPDGUHOHJ WLPDGHOKpURHVLQRTXHHQORVGLiORJRVQR
KDFHVLQRGDUODUpSOLFDDXQ=HXVSDWULDUFDODOTXHVyORLQWHUUXPSHSDUDTXHHOQLxRQR
VHKDJDGDxRRSDUDGHVSHUWDUD=HXVSDUDTXHDFXGDDWUDWDUGHLPSHGLUHOVHFXHVWURGH
VX KLMR SRU +DGHV TXH OR FRQYHUWLUi HQ XQ PRUWDO D WUDYpV GH XQ ELEHUyQ UpSOLFD
LQYHUWLGDGHOPLWRGHODIRUPDFLyQGHOD9 D/iFWHD/DQHJDFLyQGHODOHFKHSXHVHO
$V XQFOiVLFRFRPRHOGH*5,0$/3'LFFLRQDULRGHPLWRORJ DJULHJD 5RPDQD%DUFHORQD
3DLGyVRELHQ58,='((/9,5$$0LWRORJ DFOiVLFD0DGULG*UHGRV
&IU(OFOiVLFRGH320(52<6%'LRVDVUDPHUDV HVFODYDV0XMHUHVHQODDQWLJHGDG
FOiVLFD0DGULG$NDO
DWDTXH GH ODV VHUSLHQWHV RWUDV PHQXGHQFLDV GH OD LQIDQFLD GH +pUFXOHV QR VRQ DV
SURGXFWRGHODYHQJDWLYDGLRVD+HUDKDVLGRSXHVGHVDFWLYDGDSDUDFRQYHUWLUVHHQXQD
UHFDWDGD SUXGHQWHDPDGHFDVDTXHDVLHQWHHGXFDGDPHQWHDWRGRFXDQWRRFXUUHDVX
DOUHGHGRU 'H KHFKR LQFOXVR OD SURSLD PDWHUQLGDG LPSXHVWD SRU HO JXLyQ DSDUHFH
GHVFDIHLQDGD SXHV VRODPHQWH H[SHULPHQWD VHQWLPLHQWRV HQ QLQJ~Q PRPHQWR DFW~D
FXLGDQGRDFWLYDPHQWHDOEHEpRVHSURQXQFLDDIDYRURHQFRQWUDGHODVGHFLVLRQHVGHVX
PDULGRRKLMR8Q3HJDVRGHLPSRUWDFLyQDFW~DGHQLxHUD GHILQLWLYDPHQWHUHGXFHODV
SURSRUFLRQHVGHODGLRVDDODVGHXQDHVSRVDGHQLYHOHFRQyPLFRHOHYDGRTXHFXPSOHODV
H[LJHQFLDVGHOSURWRFROR
/DPDGUHPLWROyJLFD$OFPHQDVXIUHXQSDUHFLGRSURFHVR6XVH[XDOLGDGKDVLGR
GHVWUXLGD SRU XQ SURFHGLPLHQWR FOiVLFR GH OD LFRQRJUDI D FULVWLDQD $O LJXDO TXH OD
YLUJLQLGDGGH0DU DUHTXHU DODLPDJHQGHXQHVSRVRGHHGDGPiVTXHPDGXUDFDSD]GH
UHSULPLUVXVLPSXOVRVODHQJDxDGDSRU=HXVIRUPDMXQWRFRQVXPDULGRXQDVLPSiWLFD
SDUHMDGHDQFLDQLWRVQRVHROYLGHHOPLWRGH)LOHPyQ %DXFLVTXHKDQURJDGRDORV
GLRVHVXQKLMR WURSLH]DQFRQHOQLxRDEDQGRQDGRSRUXQDWRUSH]DGHORVD XGDQWHVGH
+DGHV )UHQWH D OD UHODWLYD SDVLYLGDG GH $QILWULyQ HQ HO UHODWR P WLFR ±D OD IXHU]D
DKRUFDQHOSHUVRQDMHIHPHQLQRHVHOTXHSDVDDXQVHJXQGRSODQRGHFRQVHQWLPLHQWR
VXPLVLyQ DO PDULGR TXH DXQTXH GpELO FRQIUDWHUQL]DQWH FRQ VX KLMR OOHYD HO
SURWDJRQLVPR GH OD HVFDVD DFFLyQ GH HVWRV SDGUHV SRVWL]RV GDGD OD OHJLWLPLGDG
LQWUDPDWULPRQLDOTXHVHKDRWRUJDGRDOSURWDJRQLVWDHQHOILOPH
(O FDVR GH ODV 0RLUDV HV HVSHFLDOPHQWH LQWHUHVDQWH 3RU XQ ODGR HQ OD
FRQVWUXFFLyQJUiILFDGHORVSHUVRQDMHVSRGHPRVDSUHFLDUTXHHOHTXLSRTXHGHVDUUROOyHO
SHUVRQDMHFROHFWLYRKDDFXGLGRDDWULEXWRVSURSLRVGHODV)XULDVDV ORVFDEHOORVFRPR
VHUSLHQWHVRODGLVSRVLFLyQVHUYLOGH+DGHVTXHFRLQFLGHFRQHOWHPRUUHYHUHQFLDOTXH
VHOHVWHQ DLQFOXVRHQHOQRPEUHDOWHUQDWLYRODV(XPpQLGHV3RURWUDSDUWHVHFHQWUD
VXWDUHDHQORVGRVDVSHFWRVPiVGLYXOJDGRVFRQRFLPLHQWRGHOGHVWLQR GXUDFLyQGHOD
YLGDGHORVPRUWDOHV
3HUR HVWD FRPELQDFLyQ H[SORVLYD GH HQWHV IHPHQLQRV HV GHVDFWLYDGD GH
LQPHGLDWR(QSULPHUOXJDUHOLQWHUWH[WRJUiILFRFRQGLWLRVLQHTXDQRQSDUDFRQVHUYDU
HOSXHVWRGHGLEXMDQWHHQ'LVQH GHODEUXMDGH%ODQFDQLHYHVELHQTXHGHSXUDGDVODV
UHGRQGHFHVHQFDUDVDQJXORVDVVHJ~QHOJXVWRGHORVWLHPSRVTXHFRUUHQGDXQWRTXHGH
IDPLOLDULGDGFRQORVGLEXMRVGH³ODFDVD´ VXJLHUHXQSRVLEOHILQDOIHOL]3RURWUDSDUWH
HO WUDWDPLHQWR GH OD WDUHD GH KLODU HQUROODU FRUWDU OD YLGD GH ORV VHUHV KXPDQRV HV
GHVDFWLYDGRSRUPHGLRGHXQKXPRU VWLFR³FRQWDGRUGHPXHUWRV´DOHVWLORGHDOJXQRV
HVWDEOHFLPLHQWRV GH VHUYLFLRV UiSLGRV HVWDGRXQLGHQVHV $GHPiVODSUHJXQWDGH+DGHV
VREUHHOIXWXURGHVXLQYHQWDGDFRQMXUDUHFLEHXQDUHVSXHVWDGREOHPHQWHGHELOLWDGDSDUD
OD LQIDOLELOLGDG VXSXHVWD D ODV FXVWRGLDGRUDV GHO GHVWLQR (Q OD IRUPD FRQ UHVSXHVWDV
HVWLOR ³DGLYLQD´ ³EROD GH FULVWDO´ QR ROYLGHPRV HO HVWDWXV PDUJLQDGRUGHOFRQFHSWR
WUDGLFLRQDO GH EUXMD HQ HO FRQWHQLGR )UHQWH DO FXPSOLPLHQWR PLWROyJLFR GH ORV
RUiFXORV FRPR H[SUHVLyQ GH OD IDWDOLGDG ODV 3DUFDV LQWURGXFLUiQ D +pUFXOHV FRPR
SRWHQFLDO GLVWRUVLRQDGRU GHO GHVWLQR H LQFOXVR IDOODQ DO FRUWDU HO KLOR GH VX YLGD SRU
GLYLQL]DUVHHOPLVPRHQODUHHVWUXFWXUDFLyQGHOJXLyQ
/DSULPHUDJUDQKD]DxDGHQXHVWURKpURHSURFHGHGHODIXVLyQGHGRVHSLVRGLRV
ODPXHUWHGHOD+LGUD HOVDOYDPHQWRGH+HV RQHGHVHUGHYRUDGDSRUHOFHWiFHR3RU
VXSXHVWR OD YLROHQFLD HQ 'LVQH GHEH HVWDU SUHYLDPHQWH MXVWLILFDGD OHJLWLPDGD
RIUHFHU D XQD GRQFHOOD FRPR Y FWLPD QR HV XQ EXHQ HMHPSOR $WDFDU D RWUR VHU VLQ
PRWLYR WDPSRFR $V SXHV SDUHFH PiV FRQYHQLHQWH QR VyOR TXH +DGHV SUHSDUH XQD
WUDPSDVLQRTXHODY FWLPDPiVLQRFHQWHHQYH]GHXQDGRQFHOODVHDQDSDUHQWHPHQWH
GRVQLxRVQRQLxDVDFFLGHQWDGRV$VLPLVPROD+LGUDDxDGHDVXUHSHUWRULRHOWUDJDUVH
D +pUFXOHV TXH FRUUHVSRQGH DO HSLVRGLR GH +HV RQH DXQTXH FRQ XQD GLIHUHQFLD
PLHQWUDV TXH HQ HO PLWR HV XQD HVWUDWDJHPD GHO KpURH DTX HV XQ HUURU GHO LQH[SHUWR
DSUHQGL] OR TXH OH VLUYH DO JXLRQLVWD SDUD FUHDU XQ IDOVR ILQDO TXH HQODFH GRV GH ORV
HSLVRGLRV GH DFFLyQ PiV WUHSLGDQWH GHO ILOPH SRU RWUD SDUWH FRQ LQWHUHVDQWHV
DQWHFHGHQWHV FRQVHFXHQWHVLQWHUWH[WXDOHVHQHOVHQRGHODIDFWRU D(QFXDOTXLHUDGH
ORVGRVFDVRVHOSURWDJRQLVWDYHQFHUiDOPRQVWUXRDWDFiQGRORGHVGHGHQWUR
(VWD YLFWRULD SURGXFLUi HQ HO GLVFXUVR I OPLFR XQD SDXVD HQ OD TXH OD YR]
QDUUDWLYD HQ RII GH ODV PXVDV TXH MXQWR FRQ XQD FDQFLyQ UHODWDUi JUDQ SDUWH GH ODV
KD]DxDVGH+pUFXOHVDULWPRGHYLGHRFOLSGHIRUPDTXHVHFRQWUDLJDHOWLHPSRKDVWDTXH
OOHJDDOHVWDWXVGHOHVWUHOODWR<HVWRFRQGXFHDXQDSRSXODULGDGPHGLGDHQDGROHVFHQWHV
KLVWpULFDV HQ p[LWR FRPHUFLDO 3RGU D SDUHFHU OR VHJXQGR XQD SDURGLD DO HVWLOR GH OD
UHDOL]DGDSRU0HO%URRNVHQ/DORFDKLVWRULDGHODVJDOD[LDVGHQRVHUSRUTXHDTX HV
FRQVXVWDFLDODOWUDEDMRKHURLFRGHOSHUVRQDMHFRPROHUHFXHUGDVXHQWUHQDGRULQWHUWH[WR
5RFN DOUHYLVDUVXDJHQGDGHWUDEDMRVODSDUWHGHKD]DxDVTXHIDOWDEDVLQROYLGDUQL
XQD
(Q FXDQWR D OD SRSXODULGDG PLWROyJLFD GH +pUFXOHV HQWUH ODV PXMHUHV
FLHUWDPHQWH ORV +HUiFOLGDV VRQ ULFR WHVWLPRQLR GH HOOR HQ HO PLWR 3HUR HVWD
SURPLVFXLGDGLQFOXVRVHPHQWDOL]DFLyQGHOSHUVRQDMHP WLFRHVXQDRSFLyQGREOHPHQWH
SHOLJURVDSDUDODSHO FXOD(QSULPHUOXJDUGHEHVHUREYLDGDSRUUD]RQHVGHS~EOLFR±HVH
FXULRVRFRPSOHMRGHQLxRVDFRPSDxDGRVGHDGXOWRVTXHREOLJDDPDQWHQHUXQGLVFXUVR
PXOWLQLYHOFRQJXLxRVVHPLLUyQLFRVTXHQRDIHFWDQDODUHFHSFLyQPiVHOHPHQWDO3RU
RWUR ODGR OD PLVLyQ TXH VH OH KD HQFRPHQGDGR HQ HO JXLyQ ±KDFHUVH XQ KpURH QR
SHUPLWHGLVWUDFFLRQHVHUyWLFDV GHKHFKROD~QLFDTXHVHGDHVWiDSXQWRGHFDXVDUOD
GHVWUXFFLyQ GHILQLWLYD GHO SHUVRQDMH (Q HVWH FDVR LQWHUYLHQH GH QXHYR FRPR PiV
DGHODQWHYHUHPRVHOLQWHUWH[WRGHOHSLVRGLRGH6DQVyQHQHO/LEURGHORV-XHFHVFDSV
DOFRQHOFRQGLFLRQDQWHGHOYRWRGHGHGLFDFLyQQD]LUHDWRD<DYp
3HUR SRU RWUD SDUWH HO VH[R YHQGH HQ ODV SHO FXODV DQLPDGDV DXQTXH VHD
VXDYHPHQWH DOXGLGR HQ HO D UHPRWR EDxR GH &HQLFLHQWD (O SUREOHPD HV EXVFDU ORV
GHVDFWLYDGRUHV TXH DXWRPDWLFHQ XQD UHFHSFLyQ VXEOLPLQDO GH ODV DOXVLRQHV 'H KHFKR
ODV DOXVLRQHV GLUHFWDV DO VH[R FRPR HO ³£IyOODPH´ GH XQD IDQ DGROHVFHQWH FDVL
VXEOLPLQDOHQWUHORVJULWRVYDULDGRVSDUHFHQLQWHQFLRQDOPHQWHFRORFDGDVSDUDGHVSHUWDU
ODV LUDV GH JUXSRV XOWUDFRQVHUYDGRUHV FDOLILFDU OD SHO FXOD GH LQPRUDO FRQ OD
FRQVLJXLHQWHSXEOLFLGDGJUDWXLWD
¢&yPRGHVDFWLYDUXQVH[RTXHLQWHUHVDSUHVHQWDUYHODGDPHQWH"(QSULPHUOXJDU
GHJUDGDQGR OD DWUDFFLyQ I VLFDLQWHUVH[XDOIUHQWHDXQYDUyQDGXOWR PXVFXODGRXQD
SDQGLOODGHJUDQXMLHQWDV GHVJDUEDGDVDGROHVFHQWHVFRQODVGHVSURSRUFLRQHVGHODHGDG
IUHQWHDKHUPRVDVQLQIDVXQViWLURGHDVSHFWR FRQGXFWDFRPSOHWDPHQWHFRQWUDULRVD
ORVGH+pUFXOHVTXHUHFLEHPHUHFLGRPDOWUDWRGHODVPXMHUHVDVDOWDGDV'HKHFKRHQOD
VHFXHQFLDILQDOSRUILQUHFLELUiXQEHVRGHODFDVTXLYDQD$IURGLWD
3RURWUDSDUWHODV0XVDVSLHUGHQEXHQDSDUWHGHVXVDWULEXWRVP WLFRV SDVDQD
FRQYHUWLUVH HQ XQ FRUR QDUUDGRU FRQ XQ SURQXQFLDGR DLUH JRVSHO &XULRVDPHQWH HVWi
FRPSXHVWRGHHVFXOWXUDOHVEHOOH]DVGHpEDQRFRQXQGLVFXUVRSHUPDQHQWHPHQWHFDVWR
VDOYROD~OWLPDREHVDWRUSHGHPRYLPLHQWRVHWFTXHHVODTXHHQODPLVPDOyJLFD
DQWHULRUJR]DGHPiVOLEHUWDGGDGRVXDVSHFWRSDUDIRUPXODUFRPHQWDULRVHUyWLFDPHQWH
PiVGLUHFWRV
(QWHUFHUOXJDUODSUHVHQFLDGHODFRPSDxHUDGH+pUFXOHV0pJDUD/RSULPHUR
TXH HV QHFHVDULR WHQHU HQ FXHQWD HV TXH SURFHGH GH XQ GLVHxR GH SHUVRQDMH TXH KD
UHFRJLGRLQWHOLJHQWHPHQWHODWUDGLFLyQGHODVYDPSLUHVDVGHODKLVWRULDGHOFLQHDV QR
KDEU D TXH ROYLGDU OD VHFXHQFLD GH %ROD GH )XHJR HQ HO TXH XQD H[SORVLYD %DUEDUD
6WDQZLFN SRVD VX SLHUQD VREUH *DU &RRSHU VX FRUUHVSRQGHQFLD FRQ XQD VLPLODU
VHFXHQFLD HQ HO ILOPH TXH HVWDPRV DQDOL]DQGR 6LQ HPEDUJR OD YHUVLyQ 'LVQH IUHQD
SDUWHGHODFDUJDHUyWLFDFXDQGRQRVSUHVHQWDDXQDPXMHUTXHUHQXQFLDDORVKRPEUHV
TXH SURQWR VH DSLDGD FDVL IUDWHUQDOPHQWH GHO KpURH KDVWD TXH DFDED HQDPRUiQGRVH
FDVWDPHQWHGHpO
$OUHGHGRUGHHVWHSHUVRQDMHUHODWLYDPHQWHPHQRUHQHOGHVDUUROORGHOPLWRVH
FRQFHQWUDVLQHPEDUJRODDFFLyQGHOILOPHFXDQGRUH~QHODVFDUDFWHU VWLFDVGHOSHUVRQDMH
KRPyQLPR ±TXH GHVHQFDGHQD WUDV VX PXHUWH HO FLFOR GH ORV GRFH WUDEDMRV ODV GH
HVSRVDV FRQFXELQDVGHOKpURHHQHVSHFLDOODPHQFLRQDGD'H DQLUDDODTXHKD TXH
VDOYDUGH1HVR TXHSURYRFDDGHPiVVXPXHUWHGHIRUPDLQYROXQWDULD$HOORKD TXH
VXPDU TXH HO UHVFDWH ILQDO QR HV RWUR SURFHVRTXHHOGHODOLEHUDFLyQGHODPXHUWHGH
$OFHVWLV7RGRVHOORVKDQVLGRSHUVRQDMHVIHPHQLQRVGHOPLWRFRQVXVSURSLRVUDVJRV
TXH KDQ VLGR GHVSLH]DGRV FRPELQDGRV SDUD FRQVWUXLU XQD FRPELQDFLyQ GH DWUDFWLYR
IDWDO VHGXFFLyQ DUUHSHQWLPLHQWR HQDPRUDPLHQWR VDOYDFLyQ WUDV HVR V SDJDU FRQ OD
YLGDVXFXOSD ILQDOIHOL]HQODWLHUUDHVWR DFRQWUDGLFLHQGRHOPLWR
¢&yPR HVWUXFWXUDU WRGR HVWR" 6L HQ HO PHQFLRQDGR JXLyQ GH %LOO :LOGHU HO
PRGHORHUDXQLUUHYHUHQWHUHODWRGH%ODQFDQLHYHV ORVVLHWHHQDQLWRVHQHOFDVRTXH
QRVRFXSDFODUDPHQWHHVWDPRVDQWHXQDYHUVLyQGHO DPHQFLRQDGRUHODWRGH6DQVyQ
0pJDUDGHVHPSHxDHOSDSHOGH'DOLODVLELHQFRQYHQLHQWHPHQWHDUUHSHQWLGDGHVXIDOWD
'DOLOD HV VHGXFWRUD SHUR PDOYDGD 0pJDUD HQ HO ILOPH H[S D VX SHFDGR PXULHQGR
SRVWHULRUPHQWHHVUHFDWDGDGHODPXHUWHFRQORTXHTXHGDUHSULPLGRHOIDFWRUVHGXFFLyQ
KDVWDHOFDVWRPDWULPRQLRILQDO
3RGU DPRVVHJXLUDERUGDQGRRWURVPXFKRVFDVRVGHHVWHSURFHVRGHGHVSLH]DGR
UHFRQVWUXFFLyQ SHUR GH HOORV VHJXLU DPRV REWHQLHQGR FRQFOXVLRQHV SDUHFLGDV QRV
HQFRQWUDPRVFRQXQHMHFHQWUDO6DQVyQ'DOLODTXHHVWUXFWXUDORVHOHPHQWRVSURFHGHQWHV
GHO PLWR HQOD]DGRV FRQ SURFHGLPLHQWRV SURFHGHQWHV GH OD FRPHGLD URPiQWLFD
KROO ZRRGLHQVH GH IRUPD TXH REWHQHPRV SRU XQ ODGR XQD FRPELQDFLyQ QXHYD GH
LPSXOVRV EDMR OD DSDULHQFLD GH PXMHUHV LPDJLQDULDV FXDQGR HQ UHDOLGDG WDOHVPXMHUHV
KDQVLGRYDFLDGDVGHVXVHQWLGRSULPLJHQLR GHVSURYLVWDVGHODSRVLELOLGDGGHDGTXLULU
RWUR
'H OD PLVPD IRUPD SRGHPRV FRQWHPSODU HO HQWUHFUX]DPLHQWRGH GLVFXUVRVGH
KRQGR FDODGR HQ QXHVWUD FXOWXUD D VHD GH IRUPD FRQVFLHQWH R QR TXH QR VyOR VH
LQWHUOHJLWLPDQ VLQR TXH OHJLWLPDQ HO SURGXFWR ILQDO FRPR DFHSWDEOH H LQFOXVR
DSDUHQWHPHQWH UHFRPHQGDEOH 6LQHPEDUJR HOSURFHVR GH VLPSOHFRPSDUDFLyQ QRV KD
UHYHODGR FyPR OD XQLyQ HQWUH SLH]DV HVWi DXWRPDWL]DGD SDUD SURPRYHU XQD OHFWXUD
PRQROyJLFD GH FRPHGLD UHODWLYDPHQWH ³EODQFD´ TXH ODQ]D DO HVSHFWDGRU KDFLD XQD
LQWHUSUHWDFLyQHVWHUHRWLSDGDGHORIHPHQLQR
¢4XpGLIHUHQFLDKD HQWUHORDTX SODQWHDGR XQDVLPSOHFU WLFDGHIXHQWHVSRU
RWUDSDUWHIiFLOPHQWHDFFHVLEOHV"$SHQDVXQDVFRUURVLYDVJRWDVGHWHRU D±TXHFRQORV
DGROHVFHQWHV HV DGPLQLVWUDEOH Y D LQWXLFLyQ FRQ HO ILQ GH DX[LOLDUQRV HQ OD WDUHD GH
GHVDXWRPDWL]DUORVSURFHVRVUHFHSWLYRVGHVSHUWDUXQDVDQDVXVSLFDFLDDQWHORVSURGXFWRV
GHFRQVXPR VREUHWRGRGHYROYHUDOUHFHSWRUHOGHUHFKRGHFRQVWUXLUDSDUWLUGHORV
GDWRV GH OD H[SHULHQFLD UHDO ILFWLYD GLIHULGD VX SURSLR FRQFHSWR UHIHUHQFLDO
FRQWH[WXDOL]DGRGHDOJRWDQLPSRUWDQWHSRUVLPLODULGDGRFRQWUDVWHSDUDVXLGHQWLGDG
FRPRHVHVHUHIHUHQWHTXHOODPDPRVµPXMHU¶