3URIHVRUDGR9ROXPHQ1~PHUR



$5021Ë$<&21621$1&,$'((181&,$'263$5$816,67(0$'(&$/,'$''(
)250$&,Ï1,1,&,$/'(/352)(625$'2

/XLV0LJXHO9LOODU$QJXOR
8QLYHUVLGDGGH6HYLOOD



(Q HVWH ILQDO GHO VLJOR ;; OD FDOLGDG VXVFLWD XQD DWHQFLyQ H[WUDRUGLQDULD HQ QLYHOHV 
iPELWRVHGXFDWLYRVPX GLYHUVRV/DVFDXVDVKDQGHEXVFDUVHHQODVWUDQVIRUPDFLRQHVTXH
DIHFWDQDODVRFLHGDGFRQWHPSRUiQHDPD RUHVLQYHUVLRQHVSUHVXSXHVWDULDVHQLQYHVWLJDFLyQ
 HQVHxDQ]D SDUD OD PHMRUD GH XQ VHUYLFLR TXH VH QRWD FRODSVDGR SRU ODV PDVDV GH
HVWXGLDQWHVTXHLQXQGDQODVDXODVHLQFUHPHQWRVHQORVFRQWUROHVVRFLDOHVSDUDHVWLPDUOD
HILFLHQFLD  HO UHQGLPLHQWR GH WDO VHUYLFLR 1R SDUHFH VLQ HPEDUJR TXH H[LVWD VXILFLHQWH
QLWLGH]SDUDGLEXMDU FRORUHDUHOIRQGRVRFLDOGHOQLYHOGHODHGXFDFLyQVXSHULRUSRUTXHOD
FRQFHSFLyQ SRO WLFD GHO HVWDGR GH ELHQHVWDU OD GHPDQGD GH HVWXGLRV VXSHULRUHV SDUD
JDUDQWL]DURSRUWXQLGDGHVGHHPSOHRRODVH[SHFWDWLYDVGHPD RUHVLQFUHPHQWRVGHIRQGRV
S~EOLFRVSDUDDSR DUORVFRVWHVGHODVXQLYHUVLGDGHVQRVRQORV~QLFRVHOHPHQWRVTXHGDQ
IRUPDDOJUDQIUHVFRXQLYHUVLWDULRFRQ]RQDVGHHQVHxDQ]DLQYHVWLJDFLyQ VHUYLFLRVWRGDY D
VRPEU DV RSDFDV$OSURFHVRGHGHVUHJXODFLyQ DXWRQRP DGHODVXQLYHUVLGDGHVDFDHFLGR
HQ HO DxR  HQ QXHVWUR SD V VXFHGLy XQ W PLGR DYDQFH HQ HO UHQGLPLHQWR GH FXHQWDV
XQLYHUVLWDULRVLELHQVHVJDGDPHQWHFHQWUDGRHQHODJHQWHSURIHVRU7DQW PLGRSURFHVRGH
DXWRUUHJXODFLyQGHMDEDDOPDUJHQYHUWLHQWHVQHFHVDULDVFRPRHODVHJXUDPLHQWRGHODFDOLGDG
GHODLQYHVWLJDFLyQ ORVVHUYLFLRVTXHVHFRQWHPSODQW PLGDPHQWHHQODGRFXPHQWDFLyQSDUD
ODSXHVWDHQPDUFKDGHORVSODQHVGHHYDOXDFLyQGHODFDOLGDGGHODHQVHxDQ]DXQLYHUVLWDULD
&RQVHMRGH8QLYHUVLGDGHVVI

/D GHQVLGDG FRQVWUXFWLYD TXH VH HQFLHUUD HQ XQ VLVWHPD GH HQVHxDQ]D VXSHULRU  OD
PXOWLSOLFLGDGGHSODQHVGHHVWXGLR WLWXODFLRQHVTXHORFRPSRQHQGDQXQDLGHDFRQYLQFHQWH
GHODFRPSOHMLGDGGHOFRQFHSWRGHFDOLGDG VXVUHODFLRQHVFRQODHYDOXDFLyQGHODHILFDFLD
'DKOO|I  RWURV(ODYDQFHFLHQW ILFRTXHUHSUHVHQWDQORVGHVFXEULPLHQWRVFRPROD
FORQDFLyQTXHREOLJDUiDUHYLVDUWHRU DVGHOGHVDUUROOR GHOFUHFLPLHQWRRODFRQILUPDFLyQGH
TXHORVQHDQGHUWDOHVQRHUDQQXHVWURVDQFHVWURVWUDVVHUUHYLVDGRVSDUHVGHEDVHVGH'1$
GHXQKXHVRIRVLOL]DGRHVXQUHIHUHQWHVXVWDQWLYRGHFDOLGDGSDUDODVXQLYHUVLGDGHV&DEU D
DGXFLU DGHPiV HO IDFWRU GH SHUFHSFLyQ GH XQ EDMR QLYHO GH DXWRHVWLPD HQ ORV DJHQWHV
IRUPDWLYRV  OD KRVTXHGDG FUHFLHQWH GH HVWRV DQWH DXODV PDVLILFDGDV FRPR RWUD UD]yQ GH
SHVRTXHHVWiRULJLQDQGRODE~VTXHGDGHHILFDFHVHYLGHQFLDV HOFRQWUROGHFDOLGDG

(OVXSXHVWRTXHPHDQLPDDHVFULELUVREUHFDOLGDGHQ)RUPDFLyQ,QLFLDOGHO3URIHVRUDGR
GHULYDGHODPELHQWHDFDGpPLFR SRO WLFRTXHVHHVWiYLYLHQGRHQODVUHIRUPDVGHORVSODQHV
GHHVWXGLR ODHYDOXDFLyQGHORVFRUUHVSRQGLHQWHVDODVWLWXODFLRQHVGH0DHVWUR$~QQRKH
SDVDGRGHOSUHiPEXORGHHVWHDUW FXORFXDQGRVHPHDQWRMDSURYHHUPHGHXQDGHILQLFLyQGH
FDOLGDG  HV TXH FRQ OD YR] GH XQD FLWD FDVXDO PDQLILHVWR TXH FDOLGDG HV XQ DWULEXWR
FDUDFWHU VWLFDRSURSLHGDGTXHGHQRWDXQDOWRJUDGRJUDQH[FHOHQFLDFRQVHFXFLyQRDMXVWH
=XEHU6NHUULWW 5 DQ TXHFDOLGDGIRUPDWLYDHVODFRQIRUPDFLyQGHORVSODQHVGH
HVWXGLRDORVUHTXLVLWRVGHXQSURIHVLRQDOGHOVLVWHPDHGXFDWLYR HOHPSXMHGHODVEDUUHUDV
GHOFRQRFLPLHQWRSHGDJyJLFRSRUY DGHODLQYHVWLJDFLyQ3DUDSRQHUHQSLHHKLOYDQDUXQD
VXPD GH SURSRVLFLRQHV IRUPDWLYDV FRQWDGDV FRQ SRUPHQRU FRPR FRUUHVSRQGH DO
FRPSURPLVR GH VLQWHWL]DU YRFHV GH IXVWH MXLFLRV  RSLQLRQHV GH OLEpUULPD RULHQWDFLyQ 
KDOOD]JRVGH LQYHVWLJDFLyQTXHDIORUDQHQFDGD SURSRVLFLyQQRKHUHKXLGRWUDVODGDU FRPR
XQD UHYHODFLyQ LQHVSHUDGD SULQFLSLRV GH FDOLGDG GH ,62  /HZLV  6PLWK  D OD
)RUPDFLyQ,QLFLDOGHO3URIHVRUDGR3UHWHQGRFRQVWUXLUXQUHODWRIRUPDWLYRTXHHVDOPLVPR
WLHPSR FUyQLFD GH DFFLRQHV DMXVWH GH DWULEXWRV IRUPDWLYRV  UHFUHDFLyQ GH QRUPDV GH
KRPRJHQHLGDGHLJXDOGDGSDUDODH[SUHVLyQGHFXDOTXLHUOLQDMHGHWHVWLPRQLRV HYLGHQFLDV
TXHDVHJXUHQODFDOLGDGIRUPDWLYD/DDQGDGXUD HOULWPRGHORVHOHPHQWRVUHIOHMDGRVVREUH
FDOLGDG PHMRUDFRQWLQXDGHORVDJHQWHVGHOSURFHVRIRUPDWLYRGHODWDQPiVTXHQLQJ~QRWUR
LQJUHGLHQWHTXHDTXHOORVVRQDSURSLDGRVDODHQVHxDQ]DVXSHULRU

(O DVHJXUDPLHQWR GH FDOLGDG GH OD )RUPDFLyQ ,QLFLDO GHO 3URIHVRUDGR HV HO FRQMXQWR GH
GLPHQVLRQHVLQVWLWXFLRQDOHVDGRSWDGDVSDUDLPSHGLUVXGHWHULRUR HOSURFHGLPLHQWRHVSHFLDO
3URIHVRUDGR9ROXPHQ1~PHUR


SDUDDFRUGDUODSURYLVLyQGHPHGLGDVGHPHMRUDGHORVSURFHVRVGHHQVHxDQ]DDSUHQGL]DMH
$VKFURIW/DHYDOXDFLyQGHODFDOLGDGIRUPDWLYDHVXQDSURSXHVWDFRQWURYHUWLGDSRU
ODVVXESUHJXQWDV TXH HQ HOODVH HQFLHUUDQ  TXH ODFRQVWLWX HQGHVGHTXLpQ HV HO TXH OD
SXHGHUHDOL]DUORVFULWHULRVTXHVHXVDQTXpUHODFLRQHVH[LVWHQHQWUHHYDOXDFLyQ DXGLHQFLD
VLORVFRVWHVGHODFRPSDUDFLyQGHOUHQGLPLHQWRFRQODXQLGDGGHUHIHUHQFLDVXSHUDQORV
QLYHOHV GH DFHSWDELOLGDG *UHHQ  (Q HVHQFLD LPSOLFD TXH ORV REMHWLYRV IRUPDWLYRV
HVWiQ FODURV  VH FRPXQLFDQ D WRGRV TXH HO WUDEDMR D UHDOL]DU HVWi ELHQ SHQVDGR VH KD
SUREDGR FRPXQLFDGRDWRGRVTXHHVWiFODURTXLpQHVHOUHVSRQVDEOHGHHOORTXHHVWiELHQ
GHILQLGR DPSOLDPHQWHGRFXPHQWDGRORTXHOD)DFXOWDG HO7 WXORGH0DHVWURHQWLHQGHQSRU
FDOLGDG  TXH VH SUXHEDQ HVWUDWHJLDV SDUD FRUUHJLU ODV DFFLRQHV IRUPDWLYDV FXDQGR HVWiQ
HTXLYRFDGDV

3DUDWUDWDUGHGHILQLUFRQODPD RUFODULGDGSRVLEOHTXpHVDVHJXUDPLHQWRGHFDOLGDGHQOD
XQLYHUVLGDG FyPRVHSXHGHGLIHUHQFLDUGHOPXFKRPiVSRSXODUJpQHURGHODHYDOXDFLyQGH
OD HQVHxDQ]D HO SULPHUR DFXPXOD VXV HIHFWRV HQ OD PHMRUD GHO VLVWHPD PLHQWUDV TXH OD
HYDOXDFLyQWUDWDGHVHULQFLVLYDVLQFXDUWHOGHVGHORVLQLFLRVGHOSURFHVR(VWDVGLIHUHQFLDV
GHEHU DWHQHUODVSUHVHQWHWRGRXQLYHUVLWDULRDODKRUDGHHQIUHQWDUVHDODFDOLGDGIRUPDWLYD
SRU HO PHQVDMH TXH YHKLFXODQ QR SXHGH SHUGRQDUVH TXH XQ WUDEDMR VREUH FDOLGDG
XQLYHUVLWDULDGHMHLQGLIHUHQWHDODDXWRULGDGDFDGpPLFD3RUTXHXQDQiOLVLVGHODFDOLGDGGHEH
VHUFRPRXQJROSHDODGHMDGH]IDOWDGHYLJRURHQHUJ DXQLYHUVLWDULDVRQRWLHQHUD]yQGH
VHU

3DUDFUHDUORVSULQFLSLRVGHFDOLGDGGHO7 WXORGH0DHVWURVHUHTXLHUHHVSHFLILFDUODPLVLyQ
R FRQVWDQFLD GHO SURSyVLWR FDUDFWHUL]DGD SRU OD FXDOLILFDFLyQ GH ODV DFFLRQHV TXH VH GHEHQ
UHJLVWUDUDV FRPRORVSULQFLSLRVEiVLFRV ORVYDORUHVFRPSDUWLGRVTXHQHFHVLWDQLQWHULRUL]DU
WRGRV ORV DJHQWHV IRUPDWLYRV 0F&DUWK   /RV PpWRGRV LQGLFDQ FyPR VH WLHQH TXH
DERUGDUODPLVLyQ SRUWDQWRFRQYLHQHRUGHQDUTXpVHWLHQHTXHKDFHUFyPRVHKDFH TXLpQ
WLHQHTXHKDFHUOR2WURDVSHFWRHQFDOLGDGHVHOSXQWRGHLQWHUIDVH(OSXQWRFU WLFRGHXQD
LQWHUIDVHHVHOHQFXHQWURGHGRVIXQFLRQHVTXHDVHJXUDODFDOLGDG,PSOLFDXQIRUPDGRUXQ
HVWXGLDQWH  XQD WDUHD /DV QRUPDV HV OD FXDUWD GH ODV FDUDFWHU VWLFDV GH XQ VLVWHPD GH
FDOLGDG (Q OD 7DEOD 1  SURSRQHPRV XQ VLVWHPD GH LQGLFDGRUHV GH DFWXDFLyQ TXH GHEH
UHODWDUODQRYHODGHFUHFLPLHQWR DSUHQGL]DMHGHHVWXGLDQWHVGHOD)DFXOWDGGH(GXFDFLyQOD
FUyQLFDSREODGDGHLQGLFLRVUHDOHVHLQPHGLDWRVGHFDOLGDG

6REUHORVWH[WRVGHFDOLGDGIRUPDWLYDSODQHDODILJXUDGHOHVWXGLDQWH6HWUDWDDYHFHVGH
XQDILJXUDWUDXPiWLFDODPDVLILFDFLyQGHHVWXGLDQWHVHQODVDXODVHOIUDFDVRHVWXGLDQWLOORV
HVWXGLDQWHVVLQSUiFWLFDVGHODERUDWRULRSRUIDOWDGHPR]RVRUHFXUVRVSHURWDPELpQKDFH
DSDULFLyQHQODIRUPDFLyQLQLFLDODOJRLQH[SOLFDEOHHOSURWDJRQLVWDGHODDFFLyQIRUPDWLYDHV
DMHQR D OD SDUWLFLSDFLyQ HQ OD WRPD GH GHFLVLRQHV FXUULFXODUHV VH ROYLGDQ VXV FUHHQFLDV
SHGDJyJLFDV DQWHV GH LQLFLDU ODV SUiFWLFDV GH HQVHxDQ]D )DQJ  +DOO &KLDUHOOR 
(GPRQVRQ VHOHLPSRQHQFDPELRVTXHOHDFRQJRMDQKDVWDHOH[WUHPRGHKDFHUVH
LQYLVLEOHDORVGHPiVDSHVDUTXHVHPLUDODFXHVWLyQGHOFRQRFLPLHQWRGHODSUiFWLFDFRPR
PRQyORJRVLQWHULRUHVGLiORJRHLQYHVWLJDFLyQFLHQW ILFD%HQJWVVRQ3HURSHVHDOR
TXH SXHGD SDUHFHU QR HV HO HVWXGLDQWH OD LGHD H[FOXVLYD TXH GHEH SUHYDOHFHU VLQR OD GH
SURFHVR HO VHPSLWHUQR GLOHPD GH OD FRPXQLFDFLyQ GLGiFWLFD HQ ODV DXODV XQLYHUVLWDULDV 
FHQWURVHVFRODUHV%URPPH 7LOOHPD
3URIHVRUDGR9ROXPHQ1~PHUR


0(72'2/2*Ë$<7e&1,&$6'(,19(67,*$&,Ï1'(,1',&$'25(6
,1',&$'25(6 0(72'2/2*Ë$<7e&1,&$6
6(/(&&,Ï1'(,1',&$'25(6

'HVDUUROORGHXQ
PDUFRFRQFHSWXDO
EDVDGRHQUHVXOWDGRVGH
LQYHVWLJDFLyQVREUHOD
HQVHxDQ]DXQLYHUVLWDULD
ODIRUPDFLyQGHO
SURIHVRUDGR ORV
LQWHUHVHVGHORV
HVWXGLDQWHV
XQLYHUVLWDULRV

&DOLGDGHQHQVHxDQ]D
9DORUDxDGLGRGHODGRFHQFLD
3DUWLFLSDFLyQHQODGRFHQFLDREVHUYDFLRQHV
QRSDUWLFLSDQWHVHQDXODV
&RQWHQLGRFXUULFXODUDQiOLVLVGHFRQWHQLGR
GHPDWHULDOHV
3URPHGLRHQODVFDOLILFDFLRQHVGHHQWUDGD
GHORVHVWXGLDQWHV
5HVXOWDGRVHQOD'LSORPDWXUD
5DWLRIRUPDGRUHVWXGLDQWH
(PSOHRGHHVWXGLDQWHVFRPRPDHVWURV
GHVSXpVGHWUHVDxRVGHJUDGXDFLyQ
3URGXFWLYLGDGHQODRUJDQL]DFLyQGRFHQWH
3DUWLFLSDFLyQHQLQQRYDFLRQHV
XQLYHUVLWDULDV
&DOLGDGHQLQYHVWLJDFLyQ
3XEOLFDFLRQHVHWF
3XEOLFDFLRQHVFLWDGDV
3URJUDPDVGHGRFWRUDGR
5DQJRUHSXWDFLRQDOSRVHVLyQGHOJUDGRGH
GRFWRU
)DFWRUHVGHLPSDFWRGHODHGLWRUDGHOD
SXEOLFDFLyQ
%HFDVD XGDVGHLQYHVWLJDFLyQ
3XEOLFDFLRQHVSRUIRUPDGRU
&DOLGDGHQVHUYLFLRV
8QLYHUVLGDGFRPLVLRQHVGH'HSDUWDPHQWR
)DFXOWDGR8QLYHUVLGDGDVHVRUDPLHQWR
DFDGpPLFRDGPLQLVWUDFLyQXQLYHUVLWDULD
3URIHVLyQSURGXFFLyQGHPDWHULDOHVH
LQYHVWLJDFLyQFRQVXOWRUGHUHYLVWDV
&RPXQLGDGWUDEDMRHQDJHQFLDV 
FRPLVLRQHVGHODDGPLQLVWUDFLyQLQIRUPHV
HWF

2EWHQFLyQGHO
FRPSURPLVR 
FRRSHUDFLyQGHOD-XQWD
GH)DFXOWDG GHODV
FRPLVLRQHVTXH
YHUWHEUDQORVVLVWHPDV
GHSDUWLFLSDFLyQHQOD
PLVPD

&UHGLELOLGDG
5HSUHVHQWDQWHVGHFRPLVLRQHVGHGRFHQFLD
GH'HSDUWDPHQWR )DFXOWDGKDFHQXQJUXSR
VHPLQDULRGHWUDEDMRFRQHQFXHQWURV
SHULyGLFRVQRWDVDQHFGyWLFDVSURGXFWRILQDO
GHUHXQLyQSURWRFRORVUHIOH[LYRV

,PSOLFDFLyQGH
IRUPDGRUHVSURIHVRUHV
HVWXGLDQWHV SHUVRQDO
GHODDGPLQLVWUDFLyQ 
VHUYLFLRVHQODVHOHFFLyQ
GHLQGLFDGRUHV
SULRULWDULRV

3DUWLFLSDFLyQ
2EWHQFLyQGHGDWRVGHOD'LSORPDWXUD
6RQGHRDXVXDULRV DQiOLVLVGH
FRPSRQHQWHVSULQFLSDOHVGHODPLVPD
'HVDUUROORGHWLSRORJ DV
&RQWLQ~D
 
3URIHVRUDGR9ROXPHQ1~PHUR


6HOHFFLyQGHXQ
Q~PHUROLPLWDGRGH
LQGLFDGRUHV 
PLQLPL]DFLyQGHOD
FRPSOHMLGDGGHOD
LQIRUPDFLyQ
5HOHYDQFLD
(ILFDFLDDFWLWXGHVDVSLUDFLRQHV
7LHPSRVHPDQDO
2SRUWXQLGDGHVGHDSUHQGL]DMH
5HYLVLRQHVSRUDVHVRUH[WHUQR
25*$1,=$&,Ï1'(816,67(0$'('$726&223(5$7,926

(VWDEOHFLPLHQWRGHO
PpWRGRGHUHFRSLODFLyQ
GHGDWRV

8QLILFDFLyQGHOVLVWHPD

(VWDEOHFLPLHQWRGH
ODVQRUPDVTXH
SURGXFHQGDWRV
FRPSDUDEOHV

&DWHJRU DV HVWDG VWLFRV~WLOHVSDUDOD
)DFXOWDGGH(GXFDFLyQ
,1)250$&,Ï162%5('$726&203$5$7,926'(/26,1',&$'25(6

'LVHxRGHODIRUPD 
SURFHGLPLHQWRGH
SUHVHQWDFLyQGHGDWRV

&RPXQLFDFLyQ

5HFRSLODFLyQ HGLFLyQ
GHGDWRV

&RQWUROHGLFLyQ VHJXLPLHQWRGHGDWRV

,QIRUPDFLyQVREUH
LQGLFDGRUHV

+DOOD]JRV
(VWDG VWLFRVGHVFULSWLYRVFXDQWLWDWLYRV
PHGLDV SRUFHQWDMHV

7DEOD13DVRVSDUDODFUHDFLyQGHXQVLVWHPDGHLQGLFDGRUHVGHDFWXDFLyQ


1RSDUHFHVRSRUWDEOHTXHVHKDEOHFRQVWDQWHPHQWH VLQH[FHSFLyQGHHVWXGLDQWHVFX R
FRQRFLPLHQWRVHDVyORWHyULFR1RLPSRUWDODQDWXUDOH]DGHHVWDWHRU DQLORVIXQGDPHQWRV
SHGDJyJLFRV QL DXQ ODV FRQVHFXHQFLDV (O ~QLFR HOHPHQWR TXH EULOOD FRQ OX] SURSLD HV OD
SUiFWLFD TXH VREUHYLYH D OD JDOHU D GH FRQRFLPLHQWRV  VHFXHQFLDV SURIHVLRQDOHV SDUD
HWLTXHWDUORVGLIHUHQFLDUORVHODERUDUORV MXVWLILFDUORV/HLQKDUGW<RXQJ 0HUULPDQ
HV HO FDPSR TXH KDELWDQ ORV DJHQWHV GHO VLVWHPD HVFRODU  TXH ORV LPSHOH D GLDORJDU R
PRQRORJDU PLHQWUDV QDGLH ORV HVFXFKD D SUHRFXSDUVH KDVWD OD REVHVLyQ SRU ORV GHWDOOHV
P QLPRVRTXHGDUHQULG FXORDODYLVWDGHWRGRV

/DIRUPDFLyQVHSXHGHHQWHQGHUFRPRXQGLVFXUVRFRPRXQFDPSRGHFRQRFLPLHQWR GH
SUiFWLFD *UHQIHOO   XQD PHWD GH OD IRUPDFLyQ GHEH VHU HO GHVDUUROOR GH ODV
FRQFHSFLRQHVGHHQVHxDQ]DDSUHQGL]DMHGHORVIXWXURVSURIHVRUHV%ODFN $PPRQ
FRPSXHVWDGHWH[WRVEUHYHVHQODVTXHXQIRUPDGRUQRSXHGHHYLWDUDUUXJDUODQDUL]DQWH
DOJXQRV WURSLH]RV GHO HVWXGLDQWH SRU HO XVR DEXVLYR  FDVL VLHPSUH LQMXVWLILFDGR GH
YXOJDULVPRV  FRORTXLDOLVPRV SRU OD LQJHQXLGDG  OD IDOWD GH YHURVLPLOLWXG GH DOJXQDV
DXWRUUHIOH[LRQHVVREUHQLxRVFRQGLVFDSDFLGDGHVHODSDUHQWHGHVFXLGRDODKRUDGHUHPDWDU
ORV SUR HFWRV FXUULFXODUHV FRPR VL XQD SULVD UHSHQWLQD LQYDGLHUD DO HVWXGLDQWH HQ HO
PRPHQWRHQTXHPD RUPLPRGHEHSURIHVDUDVXLQWHQFLyQGHREUD%HDWWLH'HVGH
PX SURQWRKD TXHDxDGLUTXHODFDOLGDGGHOW WXORGH0DHVWURWLHQHFRPSRQHQWHVFXOWXUDOHV
VHJ~Q ODV GLVWLQWDV HVSHFLDOLGDGHV /D IRUPDFLyQ GHO SURIHVRUDGR HQ ODV HVSHFLDOLGDGHV GH
0DHVWURJHQHUDOLVWD GHHGXFDFLyQHVSHFLDOSHUWHQHFHDGRVFXOWXUDVTXHHQIDWL]DQGLVWLQWRV
DVSHFWRV GH OD HGXFDFLyQ *LOEHUWV  /LJQXJDULV.UDIW   TXH GHEH VHU FRQVLGHUDGD
FRPR WDOHV FXOWXUDV HQ OD UHYHODFLyQ GH OD FDOLGDG GH OD WLWXODFLyQ /D PD RU GH ODV
QHFHVLGDGHV IRUPDWLYDV ±QRFLyQ TXH VLHPSUH GHEHU D EDVDU FXDOTXLHU LQWHUSUHWDFLyQ GH OD
3URIHVRUDGR9ROXPHQ1~PHUR


FDOLGDGHPDQDGHORVPRGHORVGHFRPSHWHQFLDTXHGRPLQDQODLQYHVWLJDFLyQHQODIRUPDFLyQ
GHORVSURIHVRUHVFRQGXFWLVWDSURFHVXDO FRJQLWLYD5H QROGV 6DOWHUV

(QXQFLDGR   *HVWLyQ GH UHVSRQVDELOLGDG SDUD HVWDEOHFHU XQD SRO WLFD GH FDOLGDG HQ
)RUPDFLyQ,QLFLDOGHO3URIHVRUDGR

/D JHVWLyQ GH OD FDOLGDG HV KDFHU TXH pVWD WHQJD DOJR GH DUWH FLQpWLFR REUDV WiFWLOHV
WDUHDV WUDQVIRUPDEOHV VHJXLPLHQWR GH DFFLRQHV HQ PRYLPLHQWR SURGXFWRV SROLIRUPRV
WHOHPiWLFD SDUD DWHQGHU WXWRU DV D GLVWDQFLD ODERUDWRULRV GH HQVD RV P~OWLSOHV SDUD OD
VLPXODFLyQGHODSUiFWLFDHTXLSDPLHQWRLQIRUPiWLFRDODOFDQFHGHWRGRVSRUXQSHUVRQDOTXH
HQ FRPLWp VH HQFDUJD GH HVWDEOHFHU OD SRO WLFD IRUPDWLYD JDUDQWL]DQGR OD FRPSUHQVLyQ
LPSODQWDFLyQ  PDQWHQLPLHQWR GH OD FDOLGDG 6X GHQRPLQDGRU FRP~Q HV OD DEROLFLyQ GHO
HVWDWLVPR HQ OD FDOLGDG TXH VLJQLILFD HO HVWDEOHFLPLHQWR GH OD UHVSRQVDELOLGDG HQ OD
SODQLILFDFLyQHODOFDQFH WLHPSRGHFRQVHFXFLyQGHXQVLVWHPDIRUPDWLYRTXHTXLHUHKDFHU
FRSDUW FLSHV D ORV FHQWURV HVFRODUHV GH ODV FRPSHWHQFLDV WUDQVIRUPDEOHV GH ORV IXWXURV
PDHVWURV%ODNH RWURV7RGRHVWRUHVXOWDPX SRVWPRGHUQRHOFDUiFWHUGLDORJDGR
GH OD UHYLVLyQ GHO VLVWHPD GH JHVWLyQ OD DXVHQFLD GH XQD WDUHD ~QLFD VLQ GHILQLFLyQ GH
SURFHGLPLHQWR OD FRQFLHQFLD GH TXH HO VHJXLPLHQWR VH KDFH VREUH WDUHDV TXH LQWHJUDQ HO
FDUiFWHU LQHVWDEOH GH OD UHSUHVHQWDFLyQ GHO FRQRFLPLHQWR  FyPR VH FRUULJHQ /RV
SURFHGLPLHQWRV DOXGHQ D ODV WDUHDV ± MXHJR FRPXQLFDFLyQ LPSOLFDFLyQ LQWHOHFWXDO 
HPRFLRQDOTXHDIHFWDQ FU WLFDPHQWHODIRUPDFLyQFRQIRUPHODSHUFLEHQORVHVWXGLDQWHV(O
SROLIRUPLVPR GH OD SUiFWLFD ±HVFHQDULRV GH FHQWURV IRUPDGRV SRU LQQXPHUDEOHV OLVWRQHV
FXUULFXODUHVTXHFUX]DQHOFXDGURGHXQDFODVHHQVHFFLRQHVYHUWLFDOHV WUDQVYHUVDOHVHVHO
HVWLOR HPEOHPiWLFR GH OD UHDOLGDG GRQGH OD LPDJHQ ILMD GH XQ SURIHVRU FRPXQLFDQGR
FRQWHQLGRVHVIDOVDSRUHOFRQWUDULRODVLPiJHQHVFDPELDQWHVGHORVDJHQWHVHVODSUHPLVD
GHODPXOWLFXOWXUDOLGDG GHOUHFRQRFLPLHQWRGHODGLIHUHQFLDGHORVHVSHFWDGRUHVTXHFRPR
XVXDULRV YHQ HQ OD UHSUHVHQWDFLyQ GH OD HGXFDFLyQ XQ KRORJUDPD R XQ PyYLO TXH IUDJXD
FRPRXQWRGRHOQLxRFRQGLVFDSDFLGDGHQHOHQWRUQRFRQODFRODERUDFLyQGHORVGHPiV9LOOD
7KRXVDQG &KDSSOH

(QXQFLDGR8QFLFORGHFDOLGDGSDUDOD)RUPDFLyQ,QLFLDOGHO3URIHVRUDGR

'HVSXpV GH GLVHxDU XQD SRO WLFD GH FDOLGDG IRUPDWLYD VH QHFHVLWD SRQHUOD HQ
IXQFLRQDPLHQWR SUHVWDQGR DWHQFLyQ D ORV DVSHFWRV TXH UHDOPHQWH LPSRUWDQ  FDXVDQ XQD
GLIHUHQFLD &XDQGR XQD JDOHU D TXLHUH DOFDQ]DU FDOLGDG DUW VWLFD VH HPSHxD HQ H[SRQHU D
3LFDVVR FXDQGRXQD8QLYHUVLGDGTXLHUHUHYDOLGDUOD)RUPDFLyQ,QLFLDOWLHQHTXHUHFXUULUD 
FRQFHQWUDVHHQDTXHOORV WHPHVTXHSURPXHYHQXQDGLIHUHQFLD+D TXHWULOODUORVSURFHVRV
IRUPDWLYRV HQFRQWUDUHOJUDQR±SURYLVLyQGHFRQRFLPLHQWRVVHJ~QQHFHVLGDGHVGHOVLVWHPD
HVFRODU HQ HVSHFLILFDFLRQHV FXUULFXODUHV DFHSWDGDV VHOHFFLyQ GH HVWXGLDQWHV SDUD ODV
HVSHFLDOLGDGHVTXHQRVHDJRWDQDSHVDUGHODVP~OWLSOHVSURPRFLRQHVGHPDHVWURVTXHD
PDQHUDGHFRVHFKDVKDVRSRUWDGRHOVLVWHPDHGXFDWLYRODVHJXUDDXGDFLDHQODDGTXLVLFLyQ
GH GHVWUH]DV SURIHVLRQDOHV OD YLWDOLGDG GH ODV FRPSHWHQFLDV HYDOXDGDV HQ FULWHULRV GH
LQQHJDEOH UHVSHWR D OD VLQJXODULGDG GHO HVWXGLDQWH  +D  TXH DYHULJXDU FXiOHV VRQ ORV
FRQWRUQRV FU WLFRV GH OD ILJXUD IRUPDWLYD  ¢FyPR VH VHOHFFLRQDQ  GHVDUUROODQ ORV
IRUPDGRUHV"± WRFDUORVHVSDFLRVUHVWDQWHVFRQVLJQRVHPEOHPiWLFRVTXHFXEUDQODFDOLGDG
IRUPDWLYD ± SURJUDPDV HVFULWRV GH ODV DVLJQDWXUDV DQWHV GH PDWULFXODUVH HQ HOODV
FRQRFLPLHQWRV DQWHULRUHV TXH VH H[LJHQ SDUD ODV DVLJQDWXUDV PHWDV  REMHWLYRV GH ODV
PDWHULDV WLHPSR GH DSUHQGL]DMH PHWRGRORJ D  HYDOXDFLyQ UXWDV GH HQWUHQDPLHQWR SDUD
FRQVHJXLUODSUiFWLFDGHFRPSHWHQFLDV

(QXQFLDGR   /D PHWDEROL]DFLyQ GH OD KHWHURJHQHLGDG GH LPSXOVRV GHEHUHV 
UHVSRQVDELOLGDGHVHQOD)RUPDFLyQ,QLFLDOGHO3URIHVRUDGR

+DFH UHIHUHQFLD D ORV FRPSURPLVRV DGTXLULGRV FRQ ORV HVWXGLDQWHV TXH HVWiQ
DGHFXDGDPHQWH GHILQLGRV  GRFXPHQWDGRV ,OXVWUD ODV LQWHUIHUHQFLDV HQWUH DFFLRQHV
IRUPDWLYDV ODV PHWDPRUIRVLV GH XQD HVSHFLDOLGDG HQ RWUD &RPSUXHED TXH OD LQVWLWXFLyQ
IRUPDWLYD WLHQH ORV UHFXUVRV SDUD FRPSOHWDU FRQWUDWRV GH DSUHQGL]DMH FRQ HVWXGLDQWHV
YHULILFD TXH VH KD SURSRUFLRQDGR VXILFLHQWH GHWDOOH D ORV HVWXGLDQWHV GH VXV GHVWUH]DV 
FRQRFLPLHQWRV GH ORV UHVXOWDGRV GH DSUHQGL]DMH TXH WLHQHQ TXH DOFDQ]DU GH ORV UHFXUVRV
TXH WLHQHQ TXH DSRUWDU ORV HVWXGLDQWHV HWF &RQILUPD OD YHUDFLGDG GHO FRPSURPLVR GHO
HVWXGLDQWHGHUXEULFDUODFRPSUHQVLyQGHODVDFFLRQHV ODDGHFXDFLyQGHORVUHFXUVRV ODV

3URIHVRUDGR9ROXPHQ1~PHUR


DXODV KDELOLWDGDV FRQ PHGLRV GH DSUHQGL]DMH HWF 0DRU  /D SUHVHQFLD GH ORV
HOHPHQWRVFXOWXUDOHV ODVHQHUJ DV YDORUHVVHVRPHWHQDGHSXUDFLRQHVH[SUHVLYDVHQODV
PLVLRQHV GH ODV LQVWLWXFLRQHV TXH SRGU DQ FLUFXODU FRPR ORV KDFHV GH WHQVLRQHV SDUD XQ
VLVWHPDGHFDOLGDGGHXQD)DFXOWDGGH(GXFDFLyQFRPRVHDFUHGLWDHQODVFDEHFHUDVGHXQ
GRVVLHU R FDUSHWD FUHDGD HQ DOJXQDV XQLYHUVLGDGHV FRQ HO DUWH GH OD PLQXFLD 2ULJHQ H
LQWURGXFFLyQPLVLyQPHWDVREMHWLYRV HVWUDWHJLDVFRQWH[WRSODQLILFDFLyQHLQIRUPDFLyQ
JHVWLyQ GH FDOLGDG  SURFHGLPLHQWRV GH DVHJXUDPLHQWR UHQGLPLHQWR GH OD XQLYHUVLGDG 
HYLGHQFLDGHH[FHOHQFLDHQODHQVHxDQ]D HODSUHQGL]DMH UHQGLPLHQWR GHODXQLYHUVLGDG 
HYLGHQFLDGHH[FHOHQFLDHQODLQYHVWLJDFLyQ ODDFDGHPLDUHQGLPLHQWRGHODXQLYHUVLGDG 
HYLGHQFLD GH H[FHOHQFLD HQ OD FRPXQLGDG  HQ ORV VHUYLFLRV SURIHVLRQDOHV GHVDUUROORV
LPSRUWDQWHV UHFLHQWHVSULRULGDGHVSDUDODPHMRUD GRFXPHQWRVGLVSRQLEOHVEDMRSHWLFLyQ
1LJKWLQJDOH 2¶1HLO

(QXQFLDGR&RQWUROTXHQRHVULJLGH]RQWROyJLFDTXHDQXODODOLEHUWDG

(O SROLIDFpWLFR DUWLVWD 0LJXHO $QJHO HVFULELy D VX GLVF SXOR $QWRQLR 0LQL OD UHGXQGDQWH
UHFRPHQGDFLyQ³'LVHJQLD$QWRQLRGLVHJQLD$QWRQLRQRQSHUGHUWHPSR´(VWHHQXQFLDGRVH
UHILHUHDODSODQLILFDFLyQIRUPDWLYD3DUDHOORVHWLHQHQTXHLGHQWLILFDUODVQHFHVLGDGHVGHORV
HVWXGLDQWHV  DWHQGHUODV TXH SXHGHQ LQFOXLU SUR HFWRV FXUULFXODUHV SURJUDPDFLRQHV GH
FXUVRDSXQWHVPDWHULDOHVGHDSUHQGL]DMHKRMDVGHHYDOXDFLyQYLVLWDVDFHQWURVHVFRODUHV
HWF (O FRQWURO GHO GLVHxR LQGLFD TXLpQ KDFH DOJR HQ HO VLVWHPD GHVGH OD VLWXDFLyQ GH
SUHSODQLILFDFLyQHQHOFDVRGH0LJXHO$QJHOVXVSULPHURVGLEXMRVLQGLFDEDQDORVFDQWHURV
FyPR VH GHE D FRUWDU HO PiUPRO /XHJR YLHQH OD HQWUDGD ± ORV GLVHxDGRUHV IRUPDWLYRV
FRQRFHQTXpTXLHUHHOIXWXURPDHVWURODVDOLGD±YLVLyQILQDOGHOSODQODYHULILFDFLyQ±
FRPSUREDFLyQ TXH HO SODQ GH HVWXGLRV HV DFHSWDEOH SDUD HO HVWXGLDQWH   FDPELRV HQ HO
GLVHxRIRUPDWLYRTXHDSUXHEDQORVDJHQWHVHQFDUJDGRVHQUHSUHVHQWDFLyQGHORVFROHFWLYRV
XQLYHUVLWDULRV3RWWKRII RWURV6LHOGLVHxRHVODLPSURQWDLQWHOHFWXDOGHXQDDFFLyQ
IRUPDWLYD¢FyPRHQWURQL]DUHQpOORVUHOLHYHVTXHOHGDQIRUPD"/DUREXVWH]GHOGLVHxRVH
FDUDFWHUL]DSRULQFOXLUODVYDULDEOHVTXHUHVXOWDQREYLDPHQWHLQHYLWDEOHV

&DUDFWHUL]DFLyQGHODJHVWLyQGHODFDOLGDGGHXQD)DFXOWDGGH(GXFDFLyQSRUORVVLJXLHQWHV
IDFWRUHV HILFDFLD GLVFLSOLQDU WLWXODFLyQ GH 0DHVWUR SODQLILFDFLyQ H LQQRYDFLyQ HGXFDWLYD
FRPXQLFDFLyQ  GLiORJR HQWUH ORV DJHQWHV GHO VLVWHPD XQLYHUVLWDULR  HVFRODU XVR GH
LQGLFDGRUHV  FULWHULRV SDUD MX]JDU OD DFWXDFLyQ GH IRUPDGRUHV  HO UHQGLPLHQWR GH
HVWXGLDQWHV DXWRHYDOXDFLyQ LQVWLWXFLRQDO RULHQWDGD D OD PHMRUD UHYLVLyQ GH FROHJDV GH OD
HQVHxDQ]DHLQYHVWLJDFLyQJHVWLyQGHORVVHUYLFLRVGHLQIRUPDFLyQSHGDJyJLFD DFDGpPLFD
HVWUDWHJLDVSDUDLPSODQWDUFDPELRVRULHQWDGRVDODPHMRUDGHOD(QVHxDQ]D,QYHVWLJDFLyQ 
6HUYLFLRV HQ DGHODQWH (,6  FRVWHHILFDFLD GH SURFHVRV IRUPDWLYRV HQ ORV FHQWURV
HVFRODUHV XQLYHUVLWDULRV SURGXFWRVGHDSUHQGL]DMHSURIHVLRQDO:HHUW
'HILQLFLyQGHODDXWRHYDOXDFLyQSDUDODPHMRUDFRPRORVPHGLRVXWLOL]DGRVSRUORVDJHQWHV
SDUDH[DPLQDUHOYDORU PpULWRGHODHQVHxDQ]DODLQYHVWLJDFLyQ ODJHVWLyQGHORVVHUYLFLRV
(,6GHODWLWXODFLyQGH0DHVWUR$WDOILQVHJHQHUDUiQLQGLFDGRUHVGHFDOLGDGGHFDUiFWHU
FXDQWLWDWLYR FXDOLWDWLYRHQORViPELWRVGHOD(,6TXHFDOLEUHQHOPpULWR HVWLPHQHOYDORU
GHODVGLPHQVLRQHVPHQFLRQDGDV5RGU JXH]
 ,PSOLFDFLyQ GH PLHPEURV GH OD )DFXOWDG GH (GXFDFLyQ UHVSRQVDEOHV GH 'HSDUWDPHQWR
)DFXOWDG VLVWHPDHVFRODUHQHOSURFHVRGHDXWRHVWXGLR HQODSURSXHVWDGHVROXFLRQHVGH
DTXHOORV QGLFHVTXHVHKD DQDGYHUWLGRGHEDMDFDOLGDGHQOD(,6%XWFKHU6WHIDQL 7DULT

 &RPSDUDFLyQ GH ORV LQIRUPHV GH DXWRDQiOLVLV HQ FDGD HVSHFLDOLGDG GH OD WLWXODFLyQ GH
0DHVWUR HYDOXDFLyQ LQWHUQD FRQ ORV LQIRUPHV GH H[SHUWRV HYDOXDFLyQ H[WHUQD FX DV
SURSXHVWDVVHUYLUiQSDUDLQIRUPDUDODFRPXQLGDGYLQFXODGDDOD)DFXOWDG &RQVHMHU DGH
(GXFDFLyQ &LHQFLD'R OH *UHHQ
'HOLPLWDFLyQGHXQEDQFRGHLQGLFDGRUHVGHDFWXDFLyQ UHQGLPLHQWRHQUHODFLyQFRQODV
iUHDV GH FRQRFLPLHQWR YLQFXODGDV D ODV HVSHFLDOLGDGHV GH OD WLWXODFLyQ GH 0DHVWUR
VHOHFFLRQDGDVHQRSRVLFLyQDOMXLFLRGHH[SHUWRV5XWKHUIRUG
([SOLFLWDFLyQGHXQSURJUDPDGH'HVDUUROOR3URIHVLRQDO'RFHQWH'3'SDUDIRUPDGRUHV 
SURIHVRUHV GH ODV HVSHFLDOLGDGHV GH OD WLWXODFLyQ GH 0DHVWUR TXH VH HQPDUTXH HQ XQ 3ODQ
(VWUDWpJLFR '3' GH OD )DFXOWDG  TXH SRQJDQ HQ IXQFLRQDPLHQWR ODV UHFRPHQGDFLRQHV GH
PHMRUD DV  FRPR ODV HVWUDWHJLDV FXUULFXODUHV LQVWUXFFLRQDOHV  GH LQYHVWLJDFLyQ DGHFXDGDV
SDUDVXORJUR9LOODU
3URIHVRUDGR9ROXPHQ1~PHUR


(VSHFLILFDFLyQGHXQSURJUDPDGHFRPSHQVDFLyQHGXFDWLYDVHPLQDULRVFXUVRVWDOOHUHVGH
WpFQLFDVGHDXWRHVWXGLRRULHQWDFLyQHGXFDWLYDHWFHQFRODERUDFLyQFRQRWUDVLQVWLWXFLRQHV
HGXFDWLYDV SDUD D XGDU D ORV HVWXGLDQWHV HQ OD UHGXFFLyQ GHO IUDFDVR DFDGpPLFR WUDV HO
DQiOLVLVGHORVSURPHGLRVGHODVFDOLILFDFLRQHV9LOODU
 &RQVLGHUDFLyQ GH OD WLWXODFLyQ GH 0DHVWUR FRPR PDUFR SDUD OD LQYHUVLyQ GH UHFXUVRV 
FRPRXQLGDGSDUDODRUJDQL]DFLyQGHODSUHQGL]DMHHVWDEOHFLPLHQWRGHXQSURFHVRHVSHF ILFR
GH JHVWLyQ GH OD FDOLGDG HYDOXDFLyQ GH OD (,6 SDUD OD PHMRUD GHVDUUROOR SURIHVLRQDO
GRFHQWHDSUHQGHUDDSUHQGHU DHQVHxDUDHVWXGLDQWHVHVWDEOHFLPLHQWRGHFRQYHQLRVFRQ
FHQWURVHVFRODUHVHLQVWLWXFLRQHVHGXFDWLYDV VRFLDOHV SURPRFLyQGHODSDUWLFLSDFLyQGH
DJHQWHVXQLYHUVLWDULRV GHOVLVWHPDHVFRODUSDUDGHVFULELUXQDEXHQDSUiFWLFDOLGHUD]JRSDUD
PDQWHQHUXQDJHVWLyQGHFDOLGDGFRPLWpV IRURVGHGLVFXVLyQ SXEOLFDFLRQHV
 $VXQFLyQ TXH ODV UHYLVLRQHV GH FDOLGDG WLHQHQ UHSHUFXVLRQHV HQ YDULRV iPELWRV VRFLDO
HVFRODU LQVWLWXFLRQDO DGPLQLVWUDWLYD SURIHVLRQDO  SHUVRQDO /D )DFXOWDG GH (GXFDFLyQ
DUWLFXODUi XQ FRQMXQWR GH LQFHQWLYRV SDUD IRUPDGRUHV SURIHVRUHV GH FHQWURV HVFRODUHV
HVWXGLDQWHV  SHUVRQDO GH OD DGPLQLVWUDFLyQ  VHUYLFLRV HQ WpUPLQRV GH D XGDV SDUD
DVLVWHQFLDV D FRQJUHVRV EHFDV WLHPSR OLEUH SDUD HVWXGLR VXVWLWXFLRQHV HWF TXH VH
LQWHJUDUiQSUHVXSXHVWDULDPHQWH HQODSODQLILFDFLyQGHOD)DFXOWDG0RVHV
 $FHSWDFLyQ GHO DVHJXUDPLHQWR GH OD FDOLGDG IRUPDWLYD VLJXLHQGR ODV WUDGLFLRQHV GH
LQYHVWLJDFLyQDPHULFDQDFDQDGLHQVHDXVWUDOLDQD GHOD(XURSDRFFLGHQWDOTXHVHFRQFUHWDQ
HQ HO PRGHOR HYDOXDWLYRDXWRUUHJXODGR 9DQ 9XFKW  :HVWHUKHLMGHQ  TXH D VX YH]
UHFXHUGDODWUDGLFLyQGHODDFUHGLWDFLyQLQVWLWXFLRQDORODDSUR[LPDFLyQHYDOXDWLYDEDVDGDHQ
HOMXLFLRSURIHVLRQDO$ HUV*HSKDUW &ODUN&DOGHU
(VWDEOHFLPLHQWRGHOPRGHORGH HYDOXDFLyQDXWRUUHJXODGD GHILQLGRSRUORV FRPSRQHQWHV
EiVLFRV DXWRHYDOXDFLyQ GH DWULEXWRV IRUPDWLYRV LQWHUQRV  UHYLVLyQ GH ORV PLVPRV SRU
DVHVRUHVHVSHFLDOLVWDVH[WHUQRV0RUD

D $XWRHYDOXDFLyQ (V OD EDVH SDUD XQD DXWRUUHIOH[LyQ SHUVRQDO H LQVWLWXFLRQDO VREUH HO
IXQFLRQDPLHQWRGHODVPHWDVGHODWLWXODFLyQGHORVSODQHVGHHVWXGLRHQTXHVHDUWLFXODQGH
ORVSURJUDPDVTXHORVKDFHQS~EOLFRVGHORVUHVXOWDGRVTXHVHDOFDQ]DQGHORVFULWHULRVGH
DGPLVLyQGHORVHVWXGLDQWHVGHORVVHUYLFLRVD XGDVLQVWDODFLRQHVHLQWHUFDPELRVGHODV
SUiFWLFDVTXHUHFLEHQORVHVWXGLDQWHVGHODHVWUXFWXUDDFDGpPLFD SURIHVLRQDOGHORVUROHV
GHIRUPDGRU SURIHVRUGHODRUJDQL]DFLyQDGPLQLVWUDWLYDTXHSRVLELOLWDHOFRQRFLPLHQWR OD
LQIRUPDFLyQVREUHHOHTXLSDPLHQWR IDFLOLGDGHVDFDGpPLFDV UHFUHDWLYDVGHORVVHUYLFLRVGH
ELEOLRWHFD FRQ VXV KRUDULRV  SUHVXSXHVWRV GH ODV DFWLYLGDGHV H[WUDDFDGpPLFDV GH OD
DSHUWXUDDODLQQRYDFLyQ GHOFDPELRGHODVWLWXODFLRQHV/DDXWRHYDOXDFLyQVHSXHGHWUDGXFLU
HQXQDSDQRSOLDGHHVWUDWHJLDVWHFQROyJLFDV6LPPRQV
L(ODXWRHVWXGLRVHUiXQDDFWLYLGDGPRWLYDGDGHVGHORVDJHQWHVGHODWLWXODFLyQ
LL(ODXWRHVWXGLRHVXQFRPSURPLVRLQVWLWXFLRQDOGHOD)DFXOWDGGH(GXFDFLyQ$SDUWLUGH
ORVKDOOD]JRVVHHVWDEOHFHUiQGHFLVLRQHVGHPHMRUDVREUHODWLWXODFLyQ
LLL(QHODXWRHVWXGLRLQWHUYHQGUiQDJHQWHVUHSUHVHQWDWLYRVGHODWLWXODFLyQIRUPDGRUHV
SURIHVRUHVHVWXGLDQWHV SHUVRQDOGHODDGPLQLVWUDFLyQ VHUYLFLRV$WDOILQVHFRQVWLWXLUi
XQFRPLWpGHDXWRHYDOXDFLyQGHODWLWXODFLyQ 
LY/RVUHVXOWDGRVGHOLQIRUPHVHUiQLQWHOLJLEOHVSDUDWRGDVODVDXGLHQFLDV
Y/DDXWRHYDOXDFLyQUHTXLHUHIiFLODFFHVLELOLGDGDORVGDWRVTXHVLJQLILFDWLHPSRUHFXUVRV
SHUVRQDOHVSDUDKDFHUDFWLYLGDGHVGHFDPSRHQFXHVWDVDHVWXGLDQWHV QLxRVKHUUDPLHQWDV
SDUD REWHQHU UHWURDFFLyQ RSLQLRQHV GH GLUHFWRUHV  SURIHVRUHV GH FHQWURV HVFRODUHV 
UHFXUVRVPDWHULDOHV
YL'LVHxDU YDOLGDULQGLFDGRUHVVREUHIRUPDGRUHVSURIHVRUHVHVWXGLDQWHVUHFXUVRVGH
GHSDUWDPHQWR UHVXOWDGRV RWURVFULWHULRVLQYHVWLJDFLyQ VHUYLFLRVVHJ~Q7DEOD1
YLL &RQVWUXLU XQD *X D DG KRF SDUD OD HYDOXDFLyQ H[WHUQD TXH SURSRUFLRQH LQIRUPDFLyQ
EiVLFDDOFRPLWpGHHYDOXDGRUHVH[WHUQRV TXHLQFOX DDSUR[LPDGDPHQWHODVVLJXLHQWHV
GLPHQVLRQHV RULJHQ GH OD )DFXOWDG GH (GXFDFLyQ PLVLyQ PHWDV REMHWLYRV  HVWUDWHJLDV
FRQWH[WRSODQLILFDFLyQHLQIRUPDFLyQJHVWLyQGHFDOLGDG SURFHGLPLHQWRVGHDVHJXUDPLHQWR
UHQGLPLHQWRGHODXQLYHUVLGDG HYLGHQFLDGHH[FHOHQFLDHQODHQVHxDQ]D HODSUHQGL]DMH
UHQGLPLHQWRGHOD)DFXOWDGGH(GXFDFLyQ HYLGHQFLDGHH[FHOHQFLDHQODLQYHVWLJDFLyQ OD
HQVHxDQ]D UHQGLPLHQWR GH OD )DFXOWDG GH (GXFDFLyQ  HYLGHQFLD GH H[FHOHQFLD HQ OD
FRPXQLGDG HQORVVHUYLFLRVSURIHVLRQDOHVOLGHUD]JRGHSDUWDPHQWDOGHVDUUROORVLPSRUWDQWHV
 UHFLHQWHV SULRULGDGHV SDUD OD PHMRUD GHVHPSHxRV SURIHVLRQDOHV GH ORV HVWXGLDQWHV
HJUHVDGRV GRFXPHQWRVGLVSRQLEOHVEDMRSHWLFLyQ

E(YDOXDFLyQH[WHUQD
3URIHVRUDGR9ROXPHQ1~PHUR


L$QiOLVLVGHORVLQGLFDGRUHVFXDQWLWDWLYRVJHQHUDGRVVREUHODDFWXDFLyQ ODFDOLGDGSRU
HOFRPLWpGHHYDOXDFLyQ UHYLVLyQSRUORVHYDOXDGRUHVH[WHUQRV
LL-XLFLRGHODXWRHVWXGLRGHODLQYHVWLJDFLyQSRUORVHYDOXDGRUHVH[WHUQRV
LLL(QWUHYLVWDVVHPLHVWUXFWXUDGDVFRQLQIRUPDQWHVFODYHV RVHOHFFLRQDGRVDOD]DUGHOD
)DFXOWDG GHOVLVWHPDHVFRODU

(QXQFLDGR&RQWUROTXHQRHVXQPHFDQLFLVPRSXUR

8QSURFHVRIRUPDWLYRHVODFRPSUHQVLyQSRUHOHVWXGLDQWHGHOWUiQVLWRGHODVDFFLRQHVTXH
GHVHPERFDQ HQ HO DSUHQGL]DMH GH OD SURIHVLyQ GRFHQWH (O FRQWURO GHO SURFHVR QR HV HO
GRPLQLR GH OD PHFiQLFD GH ORV FXUVRV DVLJQDWXUD D DVLJQDWXUD (V OD FRPSUHQVLyQ GH VX
FRQWH[WRFXOWXUDOHKLVWyULFRHQOD)DFXOWDGHVHOHQWHQGLPLHQWRGHV PLVPRFRPRODIRUPD
KXPDQD GH H[LVWHQFLD .HUGHPDQ  %DMR OD WULYLDOLGDG  OD UXWLQD GHO FDOHQGDULR
FRUULHQWHHQXQDFODVHFXUVRR'HSDUWDPHQWRGHXQD)DFXOWDGFRPRODGH(GXFDFLyQSXHGH
H[LVWLU HO HQFDQWR PLVWHULRVR H LQH[SUHVDEOH GH XQ IRUPDGRU HQVHxDQGR HQ HO DXOD OD
PXOWLSOLFLGDG GH WXWRU DV DWHQGLHQGR D GXGDV  UHFODPDFLRQHV GH HVWXGLDQWHV HO GHVHR GH
pVWRVGHUHFLELUUHWURDFFLyQWUDVORVH[iPHQHVORVWUDEDMRVGHFDPSRUHDOL]DGRVSRUSDUHMDV
GHHVWXGLDQWHV*ORYHUODVXSHUYLVLyQGHODVSUiFWLFDVHQORVFHQWURVHVFRODUHVSRU
WXWRUHV GH FROHJLRV ORV PDWHULDOHV PXOWLPHGLD D GLVSRVLFLyQ GH HVWXGLDQWHV SDUD OD
SODQLILFDFLyQGHOHFFLRQHVHLQWHJUDFLyQGHDSUHQGL]DMHV&HUSD&KDQGOHU 6ZHOHUOD
WXWRU DWHOHPiWLFDSRUPHGLRGHLQWHUQHWFRPRXQFRURLQDXGLEOHGHDFFLRQHVDQyQLPDVTXH
YRPLWD OD )DFXOWDG FRPR XQ IOXMR FDOODGR GH WUDEDMRV HVFULWRV GHVSXpV GHO SUDFWLFXP
WUDQVDFFLRQHVRUDOHVHQDXODVSDVLOORVODERUDWRULRV ELEOLRWHFDV FDQVDQFLRVGHY VSHUDVGH
H[iPHQHVTXHSURYRFDQGHVHUFLRQHVGHHVWXGLDQWHVGHODVDXODVVHUHVUHVTXHEUDMDGRVSRU
H[iPHQHV  VLVWHPDV FUHGLWLFLRV LPSRUWDGRV TXH HVWiQ SLGLHQGR LQQXPHUDEOHV PRGRV GH
SURJUHVDUHQODSURIHVLyQGHODHQVHxDQ]D(QHVHODUJRFDPLQRSRUODJHRJUDI DXQLYHUVLWDULD
GH OD )DFXOWDG SDUiEROD GHO UHFRUULGR GHO HVWXGLDQWH GH OD SRVWPRGHUQLGDG ORV DJHQWHV
IRUPDWLYRV YDQ D HQFRQWUDU ODV FRQWUDGLFFLRQHV GH ORV PpWRGRV GH HQVHxDQ]D  WXWRU D HO
VHQWLGR GH OD UHWURDFFLyQ ODV FRPSUREDFLRQHV GH ORV HVIXHU]RV HQ OD HQFUXFLMDGD GH XQD
MXYHQWXGLQTXLHWDTXHLQWHUURJDVXUHDOLGDGGHDSUHQGL]DMHFRPRSURIHVLRQDO(OFRQWUROGHO
SURFHVRGHHQVHxDQ]DHQWUHQDPLHQWRWXWRU D HYDOXDFLyQFRQVLVWHHQYHUORGHVGHHOSXQWR
GHYLVWDGHORVHVWXGLDQWHV,QFOX HODSUHVHQWDFLyQGHORVGDWRVDFXPXODGRVGHODSUiFWLFD
%URZQODDVLVWHQFLDLQGLYLGXDODORVHVWXGLDQWHVFRQGLVWLQWRVQLYHOHVGHGLILFXOWDGOD
UHWURDFFLyQHOVHJXLPLHQWRGHVXSURJUHVRHODMXVWHGHOFXUVRDVXSURJUHVRODHYDOXDFLyQ 
HOPDQWHQLPLHQWRGHOUHJLVWURGHVXSURJUHVR3RUWDQWRVHH[LJLUiXQFRQWURODORVPpWRGRV
GHHQVHxDQ]D WXWRU DRWURDODUHWURDFFLyQTXHVHGDDORVHVWXGLDQWHV HOVHJXLPLHQWRGH
VXGHVDUUROORVHDVHJXUDUiODFRQVHFXFLyQGHPHWDVIRUPDWLYDVVHYDORUDUiHODSUHQGL]DMH
GHHVWXGLDQWHV VHGHFLGLUiTXpUHJLVWURVGHVXDFWXDFLyQVHPDQWLHQHQ DUFKLYDQ

(QXQFLDGR/DSHUPDQHQFLDHQODGLUHFFLyQGHXQYDORU

(O VHJXLPLHQWR HV FRQVXVWDQFLDO FRQ HO FRQWURO GH OD FDOLGDG GH XQ SURFHVR IRUPDWLYR
2VFLODHQODWHQWDWLYDGHOFRPLWpGHFDOLGDGGHDXVFXOWDUHOPXQGRGHOD)DFXOWDGTXHVHOH
RIUHFHHQHVDE~VTXHGDGHODLGHQWLGDGDFDGpPLFD SURIHVLRQDOGHODLQVWLWXFLyQHQWUHXQ
JUXSR GH IRUPDGRUHV HVWXGLDQWHV SURIHVRUHV GH FROHJLRV  RWUDV FRPSDx DV GH
SURIHVLRQDOHV 'LI FLO WDUHD HV OD GH REVHUYDU DWHQWDPHQWH HO FXUVR GH XQD )DFXOWDG R ORV
PRYLPLHQWRV GH VXV SHUVRQDV SRU HO YDLYpQ GH LGHDV SRU HO UHWURFHVR GH LQQRYDFLRQHV
QDUUDGDVGHVGHDWULOHVHQODVFODVHVXQLYHUVLWDULDVIUHQWHDYDORUHVGHUHDOLVPRGHODHVFXHOD
SRUORVYLWDOLVPRVGHIRUPDGRUHVTXHWUDQVPLWHQSHUFHSFLRQHVGHSRVWPRGHUQLGDG SRU
ORV FXHVWLRQDPLHQWRV FRQWLQXRV GHO PXQGR HVFRODU TXH FDPELD YHUWLJLQRVR (V XQD FXOWXUD
XQLYHUVLWDULDVLQJXODUGRQGHORVIRUPDGRUHVGHEHQFRPSDUWLUFRQORVSURIHVRUHVWXWRUHVGH
FROHJLRVXVUHIOH[LRQHVVREUHODHQVHxDQ]D VHUVLQFHURVFRQORVSULQFLSLRVTXHSRVWXODQHQ
OD IRUPDFLyQ GH PDHVWURV FDELHQGR HVSHUDU TXH HVWD LQWLPLGDG R FRODERUDFLyQ DFDGpPLFD
GHMHKXHOODHQORV HVWXGLDQWHV TXHVHDSHUGXUDEOH3HURQR VXHOH VHU DV (OHVWXGLDQWH
OOHJDDFXHVWLRQDUTXLpQHVHVHGHVFRQRFLGRIRUPDGRUXQDVYHFHVRHVHSURIHVRUWXWRURWUDV
YHFHVWDQIDPLOLDUTXH FRQYLYHFRQ pO /DVRFLDOL]DFLyQHVODSDODEUDPiVLQWHUHVDQWHTXH
H[LVWH SDUD MX]JDU HVDV UHODFLRQHV FRPR XQD ELVDJUD TXH DEUH XQD SXHUWD D OD YLGD
SURIHVLRQDO GH HVWXGLDQWHV 8Q H[WHULRU TXH OHV FRQGXFH D FRPSUHQGHU D ORV QLxRV D
FRQVHJXLUXQDFRQFLHQFLDGHUHDOLGDGVRFLDOKDVWDDGTXLULUXQDFRQFLHQFLDpWLFDLQGLYLGXDOLVWD
+ROOLJDQ

3URIHVRUDGR9ROXPHQ1~PHUR


(Q OD 7DEOD 1  HVWDEOH]FR XQ VLVWHPD GH FRPXQLFDFLyQ SDUD HO VHJXLPLHQWR GH ORV
SURFHVRVGHFDOLGDG


)8(17(

&RPLWpGHFDOLGDGIRUPDWLYD

0(16$-( 
-XLFLRVREUHODFDOLGDGGHOSUDFWLFXP

&$1$/ 
&DUSHWD&ROOLQVGHOSUDFWLFXPHQWUHYLVWDV
LQIRUPHV

5(&(3725 
$XGLHQFLDGHOD)DFXOWDG GHOVLVWHPDHVFRODU

()(&72 
&DPELRVRULHQWDGRVDODPHMRUDSURIHVLRQDO

7DEOD1/DFRPXQLFDFLyQSDUDHOVHJXLPLHQWRGHORVSURFHVRVGHFDOLGDG



(QXQFLDGR/DGLJQLGDGFRPRFRQVWUXFFLyQIRUPDWLYD

¢4XpRFXUUHVLQRVHDOFDQ]DQORVQLYHOHVGHSURIHVLRQDOLGDGTXHVHHVSHUDPLHQWUDVVH
FRQWURODHOSURFHVR"/DFRUUHFFLyQGHHUURUHVQRHVXQDWHQWDGRDODGLJQLGDGGHIRUPDGRUHV
SURIHVRUHVRHVWXGLDQWHV(ODVHJXUDPLHQWRGHFDOLGDGHVVHQVLEOHDODVRIHQVDVRIDOWDVGH
FRQVLGHUDFLyQ/DDFFLyQFRUUHFWLYDQRKXPLOOD7HQGUiTXHH[LVWLUWLHPSRSDUDODUHFWLILFDFLyQ
ODFUHDFLyQGHFDGDFDVRWLHPSRSDUDODHQPLHQGDGHORVWUDEDMRVGHGLVFXVLyQ G DVSDUD
HVDVPDQRVTXHOHYDQWDQ GHMDQFDHUXQDSUHJXQWDHQFODVHFROHJLRGHVSDFKRFRQVHMRGH
'HSDUWDPHQWRRMXQWDGH)DFXOWDGWLHPSRSDUDHOIRUPDGRU RFDVLRQHVSDUDHOHVWXGLDQWH
WLHPSR SDUD FLHQ LQGHFLVLRQHV  GLOHPDV GH OD FRPLVLyQ GH FDOLGDG  WLHPSR SDUD FLHQ
YLVLRQHV  UHYLVLRQHV GHO SODQ GH HVWXGLRV GH ODV PHWRGRORJ DV GH ODV WXWRU DV GH ORV
VLVWHPDVGHHYDOXDFLyQ GHORVFRQWHQLGRVGHODVPDWHULDV(QGHILQLWLYDWLHPSRSDUDFRQWDU
ODVGLVFUHSDQFLDV SDUDDEULUODVSXHUWDVGHODSURIHVLyQFRPRXQDLQWHUURJDFLyQUHIOH[LYDHQ
FDGDFDVR+DUULQJWRQ4XLQQ/HHULQJ +RGVRQ

(QXQFLDGR)DQWDV DVHQUDL]DGDVHQODSUiFWLFD SUR HFWDGDVKDFLDHOIXWXUR

(QODVRFLHGDGGHODFDOLGDGWRWDOHOYDORUPi[LPRTXHFRWL]DHQEROVDHVODLPDJHQGH
VDWLVIDFFLyQ /D VDWLVIDFFLyQ FRQIRUPD OD RSLQLyQ GH FDOLGDG /D RSLQLyQ OD GHFLGHQ ORV
DJHQWHV 8Q FRPLWp GH FDOLGDG GHEH VHU XQD PXHVWUD TXLQWDHVHQFLDGD GH ORV DJHQWHV
IRUPDWLYRV'HVXIDOORGHSHQGHODLPDJHQGHVDWLVIDFFLyQODRSLQLyQ ODGHILQLFLyQGHOR
SRO WLFDPHQWHFRUUHFWRHQODJHVWLyQGHFDOLGDGGHOD)DFXOWDG/DVDFFLRQHVFRUUHFWLYDVGHO
FRPLWp VRQ FRPR HMpUFLWRV GH DERJDGRV TXH SRUILDUDQ SRU VHOHFFLRQDU DOWHUQDWLYDV 
GHVOXPEUDUDQ D ORV HVWXGLDQWHV SURYRFDQGR VX DGPLUDFLyQ FRQ SDODEUDV DFWRV R FRVDV
5LHEHU  1RDK  6RQ DYHQWDMDGRV GH OD UHLYLQGLFDFLyQ FRQ GHVSDUSDMR H LQJHQLHU D
IRUPDWLYDTXHDOWLHPSRTXHKDFHQMXVWLFLDPRGLILFDQKRO VWLFDHPS ULFDLQWHUSUHWDWLYD 
HPSDWLFDPHQWH IHQyPHQRV VRFLDOHV (O FRPLWp FUHH HQ ORV PLVPRV YDORUHV TXH VXV
GHVWLQDWDULRV WUDEDMR LQQRYDGRU YLVLyQ GHPRFUiWLFD GH OD HGXFDFLyQ UHQGLPLHQWR 
H[FHOHQFLDHQODHQVHxDQ]DFU WLFD&DEHOOR (FNPHLHU&XDOTXLHULGHDRFRVDTXHVH
XVD SDUD LQVFULELU XQD DFFLyQ VH GHQRPLQD UHJLVWUR GH FDOLGDG 8Q VLVWHPD IRUPDWLYR GH
FDOLGDGHILFLHQWH H[LWRVRHVHOTXHEXVFDFXDOTXLHURSRUWXQLGDGGHHQVHxDQ]DSDUDXWLOL]DU
GRFXPHQWRVFRWLGLDQRVGHFODVHFRPRUHJLVWURVGHFDOLGDG'LQNHOPDQ

(QXQFLDGR(OSRUTXpGHODVFRVDVODUHODWLYL]DFLyQGHORVSUREOHPDV

/D DXGLWRU D HV HO SURFHGLPLHQWR SRU PHGLR GHO FXDO OD )DFXOWDG YHULILFD TXH VH KDQ
LPSODQWDGR ORV SURFHGLPLHQWRV GH FDOLGDG SUHYLVWRV SDUD HO SODQ GH HVWXGLRV 7RGRV ORV
FRPSRQHQWHV GH XQ SODQ GH HVWXGLRV VRQ GH FDOLGDG FXDQGR VDEHQ ILMDU H LQWHUSUHWDU VX
PLVLyQ TXH FDQRQL]DQ $ WUDYpV GH DTXHOOD OD FRPLVLyQ GH FDOLGDG VLHQWD ORV UHVXOWDGRV