Sistema de ayuda a la consolidación de empresas de reciente creación a través de la red.

6LVWHPDGHD\XGDDODFRQVROLGDFLyQGHHPSUHVDVGHUHFLHQWHFUHDFLyQD WUDYpVGHODUHG 3XLJJHUPDQDO5\6DOYDGRU5 8QLYHUVLGDG3ROLWpFQLFDGH&DWDOXxD $YGD'LDJRQDO%DUFHORQD URPD#RHXSFHV UVY#RHXSFHV 5HVXPHQ 6HSURSRQHODFUHDFLyQGHXQHVSDFLRFRRSHUDWLYRHQWUHHPSUHVDVGHUHFLHQWHFUHDFLyQEDVDGR HQXQ2EVHUYDWRULRHPSUHVDULDOHQUHGFRQVHUYLFLRVHPSUHVDULDOHVFRPSDUWLGRVTXHSHUPLWD DUWLFXODU DFFLRQHV HQWUH HPSUHVDV \ HQWUH pVWDV \ OD $GPLQLVWUDFLyQ XQD KHUUDPLHQWD TXH DSURYHFKDODVFDSDFLGDGHVGHODVEDVHVGHGDWRV\GH,QWHUQHW ,QWURGXFFLyQ 6H SURSRQH OD FUHDFLyQ GH XQ HVSDFLR FRRSHUDWLYR TXH SHUPLWD DUWLFXODU DFFLRQHV HQWUH HPSUHVDV\HQWUHpVWDV\OD$GPLQLVWUDFLyQXQDKHUUDPLHQWDTXHDSURYHFKDODVFDSDFLGDGHV GH,QWHUQHW\GHVXVSURWRFRORVHQHOFDPSRGHODVQXHYDVWHFQRORJtDVGHODLQIRUPDFLyQ\GH ODFRPXQLFDFLyQ17,&6HWUDWDGHXQVLVWHPDTXHXWLOL]DQGRODVFDSDFLGDGHVGHODVEDVHV GH GDWRV GH ODV KHUUDPLHQWDV GH UHSUHVHQWDFLyQ JUiILFD \ GH ,QWHUQHW SHUPLWH FRPSDUWLU LQIRUPDFLyQ\VHUYLFLRV\SURSRUFLRQDUD\XGDHQODWRPDGHGHFLVLRQHVGHJHVWLyQDOIDFLOLWDU XQDFRPSDUDFLyQVLVWHPiWLFDGHORVYDORUHVGHORVLQGLFDGRUHVFODYHGHFDGDHPSUHVDFRQORV IDFWRUHVFODYHGHIUDFDVRH[WUDtGRVGHOD PHGLDGHORVJUXSRVGHHPSUHVDVGHOVHFWRUGHTXH DTXpOODIRUPDSDUWH (OVLVWHPDSURSXHVWRWLHQHIXQFLRQHVGH2EVHUYDWRULRHPSUHVDULDO\TXLHUHVHUYLUGHD\XGDDOD FRQVROLGDFLyQGHHPSUHVDVHVSHFLDOPHQWHHQVXIDVHGHLQLFLR\FRQVROLGDFLyQFXDQGRFRPR HVVDELGRVXWDVDGHPRUWDOLGDGHVPX\HOHYDGD (O2EVHUYDWRULRVHIRUPDDSDUWLUGHXQSDQHORJUXSRGHHPSUHVDVTXHLQWURGXFLUtDQVXVGDWRV DWUDYpVGHXQWHVWGHDXWRHYDOXDFLyQDQyQLPRGHYROFDGRDXWRPiWLFRHQODEDVHGHGDWRV/DV HPSUHVDVSDUWLFLSDQWHVSRGUtDQDFFHGHUDLQIRUPDFLRQHVGHOWLSR 'DWRVJHQHUDGRVSRUHOJUXSRGHHPSUHVDVRSDQHO xGHOSURSLRVHFWRULQGLFDGRUHVFUtWLFRVGHFDGDVHFWRUFDXVDVSULQFLSDOHVGHIUDFDVR xSDUDODFRPSDUDFLyQLQGLFDGRUHVPHGLRV\GHOGHODVPHMRUHVHPSUHVDV 'DWRVH[WHUQRVDOSDQHO xHQWRUQRPDFURHFRQyPLFR,3&SUHFLRGHOGLQHURFR\XQWXUDHFRQyPLFD xEDVH GH GDWRV GH LQQRYDFLRQHV HQ XQ FDPSR GHWHUPLQDGR MXQWR FRQ OD UHODFLyQ GH H[SHUWRVHQHOPLVPR xFRQWDFWRVFRQRWURVHPSUHQGHGRUHVRHQEXVFDGH QXHYRVVRFLRV  xFRQWDFWRV FRQ XQLYHUVLGDGHV FHQWURV GH LQQRYDFLyQ \ HPSUHVDV GH DVHVRUDPLHQWR \ VHUYLFLRVHPSUHVDULDOHV /DKHUUDPLHQWDGHILQLGDVHSXHGHXVDUFRPRLQVWUXPHQWRGHJHVWLyQDODYH]TXHLQWHJUDDODV HPSUHVDV HQ XQ HQWRUQR FRRSHUDWLYR XQD UHG WHFQROyJLFD TXH LPSXOVD HO HVStULWX GH LQQRYDFLyQ\ORVFRQRFLPLHQWRVGHVXVFRPSRQHQWHV (OWUDEDMRKDSDUWLGRGHOHVWXGLRUHDOL]DGRVREUHHPSUHVDVGHUHFLHQWHFUHDFLyQDILQDOHVGH \SULQFLSLRVGHOSRUHO&ROHJLRGH(FRQRPLVWDVGH&DWDOXxD\HO'HSDUWDPHQWRGH 2UJDQL]DFLyQGH(PSUHVDVGHOD83&TXHWUDEDMDURQFRQMXQWDPHQWH  /D FUHDFLyQ GH HPSUHVDV ODV QHFHVLGDGHV GH ODV QXHYDV HPSUHVDV \ ODV FDXVDV GH GHVDSDULFLyQ /DLPSRUWDQFLDGHODFUHDFLyQGHHPSUHVDV\HOHIHFWRTXHHOOR WLHQHVREUHODJHQHUDFLyQGH ELHQHVWDU VH FRQILUPD XQD YH] PiV FRPR XQR GH ORV DVSHFWRV FODYH TXH KD\ TXH FXLGDU \ SRWHQFLDU3RUHMHPSORHQ&DWDOXxDODVSHTXHxDV\PHGLDQDVHPSUHVDV3<0(H[LVWHQWHVHQ HUDQHQORVVHFWRUHVGHODLQGXVWULD HOFRPHUFLR\ORVVHUYLFLRV'HHOODVHO WHQtDPHQRVGHHPSOHDGRVHVGHFLUHUDQHPSUHVDVSHTXHxDV\PLFURHPSUHVDV(QORV PLVPRVVHFWRUHVHQHOQ~PHURGH3<0(HUDGHORFXDOVLJQLILFDXQVDOGRQHWR GHFRQXQLQFUHPHQWR GHOHQGRVDxRV (QOD7DEODVHSXHGHREVHUYDUHOLQFUHPHQWRUHODWLYRGHOQ~PHURGHHPSUHVDVGHODxR UHVSHFWR DO  SDUD FDGD VHFFLyQ GH OD &&$( 'HVWDFD HO LQFUHPHQWR GHO VHFWRU GH OD FRQVWUXFFLyQ  HO GH ODV DFWLYLGDGHV LQPRELOLDULDV \ DOTXLOHUHV \ VHUYLFLRV HPSUHVDULDOHV  PLHQWUDV TXH HQ RWUDV VHFFLRQHV HO Q~PHUR GH HPSUHVDV GLVPLQX\H FRPRSDVDHQLQGXVWULDVPDQXIDFWXUHUDV 6HFFLRQHV&&$( 3RUFHQWDMH &RQVWUXFFLyQ  $FWLYLGDGHVLQPRELOLDULDVDOTXLOHU\VHUYLFLRVHPSUHVDULDOHV  (GXFDFLyQ  0HGLDFLyQILQDQFLHUD  $FWLYLGDGHVVDQLWDULDV\YHWHULQDULDVVHUYLFLRVVRFLDOHV  7UDQVSRUWHDOPDFHQDPLHQWR\FRPXQLFDFLRQHV  7DEOD 9DULDFLyQGHOQ~PHURGHHPSUHVDVVHFFLRQHV&&$(HQHOSHUtRGR /RVSUREOHPDVGHODVQXHYDVHPSUHVDV 3DUDSURFHGHUDXQGLVHxRGHO2EVHUYDWRULRTXHDVHJXUHVXXWLOL]DFLyQHILFD]VHKDUHDOL]DGR XQ DQiOLVLV GH ODV SULQFLSDOHV QHFHVLGDGHV GH ODV HPSUHVDV HQ VXV HWDSDV GH FUHDFLyQ \ FRQVROLGDFLyQRGHVDUUROOR 6HJ~QHOHVWXGLRGHO&ROHJLRGH(FRQRPLVWDVGH&DWDOXxD\OD83&FLWDGRDQWHULRUPHQWHODV QHFHVLGDGHVSULQFLSDOHVTXHPDQLILHVWDQWHQHUODVHPSUHVDVGH&DWDOXxDHQHOPRPHQWRGHVX FUHDFLyQ\SRVWHULRUFRQVROLGDFLyQVRQ  UHVROYHU ODV REOLJDFLRQHV EXURFUiWLFDV \ GH WLSR OHJDO HVSHFLDOPHQWH HQ ORV VHFWRUHV GHO FRPHUFLR\HOWUDQVSRUWHGXUDQWHHOSULPHUSHUtRGR ILQDQFLDUHOFUHFLPLHQWRHQORVVHFWRUHVGHODFRQVWUXFFLyQ\KRVWHOHUtD DVHJXUDUHOPDQWHQLPLHQWRGHODFDOLGDGHQHOVHFWRUVHUYLFLRV\HQHOLQGXVWULDO IRUPDUDOSHUVRQDOHQORVVHFWRUHVGHODKRVWHOHUtD\ODLQGXVWULD DIURQWDUODVFDUJDVLPSRVLWLYDVHQORVVHFWRUHVGHOFRPHUFLR\GHOWUDQVSRUWH PHMRUDUODSURGXFWLYLGDGSRUWUDEDMDGRU $ PRGR GH UHVXPHQ VH SXHGH REVHUYDU D FRQWLQXDFLyQ OD FODVLILFDFLyQ GH ODV SULQFLSDOHV QHFHVLGDGHVSRUVHFWRUHV 3ULQFLSDOHVSUREOHPDV &RPHUFLR %XURFUDFLD\OHJDO &DUJDVLPSRVLWLYDV 6HUYLFLRVHPSUHVDULDOHV &DOLGDG 6HUYLFLR\SURFHVR ,QGXVWULD 3URGXFWR\SURFHVR 3HUVRQDO &RQVWUXFFLyQ )LQDQFLDFLyQ %XURFUDFLD\OHJDO 7UDQVSRUWH %XURFUDFLD\OHJDO &DUJDVLPSRVLWLYDV +RVWHOHUtD 3HUVRQDO )LQDQFLDFLyQ 7DEOD3UREOHPDVSULQFLSDOHVGHODVHPSUHVDVGHUHFLHQWHFUHDFLyQYDORUPHGLR HQXQDHVFDODGHD6ROp )HWDO (QHVWHPLVPRHVWXGLR6ROp)HWDOVHUHFRJHQORVSULQFLSDOHVUHWRVTXHVHSUHVHQWDQ DODVHPSUHVDVGHUHFLHQWHFUHDFLyQ(QWUHHOORVGHVWDFDQ DIURQWDUXQDIXHUWHULYDOLGDGHVSHFLDOPHQWHHQORVVHFWRUHVLQGXVWULDO\GHVHUYLFLRV GHILQLU HVWUDWHJLDV VREUH LQQRYDFLyQ HQ HO iUHD FRPHUFLDO FRQ OD RIHUWD GH QXHYRV SURGXFWRV\ODGLYHUVLILFDFLyQ JHVWLRQDUHODXPHQWRGHOQ~PHURGHFOLHQWHVGHODVHPSUHVDV\ORVFREURV /DVQHFHVLGDGHVGHODVHPSUHVDVVHHQWLHQGHQDTXtFRPRIDFWRUHVTXHOLPLWDQVXFUHFLPLHQWR\ FRQVROLGDFLyQVLELHQWDPELpQ SRGUtDQ VHU FDXVD GHSUREOHPDVTXHDFRUWRRPHGLRSOD]R SURYRFDUDQVXGHVDSDULFLyQ3RUWDQWRVHKDFUHtGRQHFHVDULRFRPSOHPHQWDUODHQXPHUDFLyQ GHODVQHFHVLGDGHVFRQHOHVWDEOHFLPLHQWRGHORVLQGLFDGRUHVFODYHGHIUDFDVRHVGHFLUGHORV IDFWRUHVTXHSXHGHQOOHYDUDODGHVDSDULFLyQGHODHPSUHVD /RVLQGLFDGRUHVGHIUDFDVRGHODVHPSUHVDV 8Q SXQWR EiVLFR GHO WUDEDMR HV OD HOHFFLyQ GH ORV LQGLFDGRUHV FODYH SDUD GHWHUPLQDU FRQ VXILFLHQWH DQWHODFLyQ ORV SUREOHPDV JUDYHV GH ODV HPSUHVDV \ WHQHU DVt OD RSRUWXQLGDG GH WRPDU PHGLGDV FRUUHFWRUDV D WLHPSR 6H VDEH TXH HO Q~PHUR GH LQGLFDGRUHV SXHGH VHU WDQ DPSOLRFRPRLQVXILFLHQWH  027,926'()5$&$62,1',&$'25(6 ,*HVWLyQ 'HILFLHQWHJHVWLyQ\PDODRUJDQL]DFLyQGHODHPSUHVD ,,(VWUXFWXUD (VWUXFWXUDHPSUHVDULDOLQDGHFXDGD &RQWDELOLGDGLQFRUUHFWD\GHVFRQRFLPLHQWRGHORVSUHFLRVGHFRVWH (VWUXFWXUDILQDQFLHUDLQDGHFXDGDGLILFXOWDGHVILQDQFLHUDV 3ODQLILFDFLyQ GH OD ILQDQFLDFLyQ LQDGHFXDGD \R SURJUDPDV GH LQYHUVLyQGHPDVLDGRLPSRUWDQWHV 6XSUHVLyQGHODILQDQFLDFLyQEDQFDULD %DMDUHQWDELOLGDG ,,,(FRQyPLFR±)LQDQFLHUR )DOWDGHOLTXLGH] ,95HFXUVRV+XPDQRV *DVWRVGHSHUVRQDOHOHYDGRV *HVWLyQGHVWRFNVLQFRUUHFWD 92SHUDFLRQHV %DMDSURGXFWLYLGDG )$&725(6 ,17(5126 9,&OLHQWHV )UDFDVRGHFOLHQWHV ,(QWRUQRHFRQyPLFR &R\XQWXUDHFRQyPLFD ,,(QWRUQRODERUDO (YROXFLyQVRFLR±ODERUDO ,,, 0HUFDGR &RPSRUWDPLHQWRGHOVHFWRU (YROXFLyQWHFQROyJLFD ,97HFQRORJtD 5' 'LILFXOWDGGHFREUR )$&725(6 (;7(5126 9,PSDJDGRV ,PSDJDGRV 27526 ,3HUPDQHQFLDGHOHPSUHQ GHGRUHQODHPSUHVD 7DEOD0RWLYRVHLQGLFDGRUHVSULQFLSDOHVGHIUDFDVRGHODVHPSUHVDV 2EMHWLYRVTXHVHSHUVLJXHQFRQHO2EVHUYDWRULR (O REMHWLYR SULQFLSDO GHO 2EVHUYDWRULR HV FRQVROLGDU ODV HPSUHVDV TXH KDQ VLGR FUHDGDV UHFLHQWHPHQWHHQXQSHUtRGRGHVXYLGDHQHOTXHFRPRVHKDGLFKRORVtQGLFHVGHPRUWDOLGDG VRQHOHYDGRV6LELHQH[LVWHQLQVWUXPHQWRVSHQVDGRVSDUDD\XGDUDODFUHDFLyQGHHPSUHVDVDO GHVDUUROOR GH ODV LGHDV R GHO SODQ GH QHJRFLR \ VH RIUHFHQ VHUYLFLRV GH LQFXEDFLyQ GH HPSUHVDVFXHVWDPiVHQFRQWUDUD\XGDVDODFRQVROLGDFLyQ\FUHFLPLHQWRGHODVPLVPDV (QHVWHFRQWH[WRXQ2EVHUYDWRULRRULHQWDGRDVHFWRUHVFRQFUHWRVGHODDFWLYLGDGHPSUHVDULDO \ D ODV GLYHUVDV iUHDV OHJDO ILVFDO ILQDQFLHUD SHUVRQDO FRPHUFLDO \ YHQWDV SXHGH VHU XQ LQVWUXPHQWR DGHFXDGR SDUD PHMRUDU OD JHVWLyQ GH ODV HPSUHVDV \ WDPELpQ SDUD D\XGDU D OD $GPLQLVWUDFLyQFXDQGRKDGHDFWXDUHQSROtWLFDLQGXVWULDO (Q FRQFUHWR HO 2EVHUYDWRULR KD GH SHUPLWLU D SDUWLU GHO WUDWDPLHQWR GH OD LQIRUPDFLyQ UHFRJLGD x$JUXSDU ORV YDORUHV GH DFWLYLGDG GH OD HPSUHVD SDUD ORV LQGLFDGRUHV FODYH GH IUDFDVRRGHp[LWRTXHVHKDQLGHQWLILFDGR x(VWDEOHFHU ORV YDORUHV GH HVWRV LQGLFDGRUHV TXH FRUUHVSRQGHQ D OD PHGLD R D ODV PHMRUHVHPSUHVDV HLGHQWLILFDUFRPSRUWDPLHQWRVHPSUHVDULDOHVGHGHFOLYHFRPR UHIHUHQFLDSDUDLGHQWLILFDUSRVLEOHVSUREOHPDVIXWXURV $SDUWLUGHODVEDVHVGHGDWRVLQWURGXFLGDV x7HQHUYDORUHVGHUHIHUHQFLDGHORVLQGLFDGRUHVGHOHQWRUQRHFRQyPLFR  x,GHQWLILFDUDFFLRQHVHVWUDWpJLFDVWHQGLHQWHVDODLQQRYDFLyQWHFQROyJLFDFRPHUFLDO HWF x(VWDEOHFHU UHODFLRQHV FRQ VRFLRV DOLDQ]DV HVWUDWpJLFDV \ RWURV VHUYLFLRV SURIHVLRQDOHVSDUDODHPSUHVD 3RUWDQWRKD\TXHHVWDEOHFHUORVLQGLFDGRUHVGHIUDFDVR\VXVYDORUHVGHUHIHUHQFLDSDUDFDGD VHFWRU GH DFWLYLGDG D WUDYpV GH OD SRQGHUDFLyQ GH ORV YDORUHV VHFWRULDOHV FRUUHVSRQGLHQWHV (VWRSHUPLWLUiDODVHPSUHVDVLGHQWLILFDUODVVHxDOHVGHSRVLEOHVSUREOHPDVIXWXURVRGHLQLFLR GHGHFOLYHFRQGLVWLQWRVQLYHOHVGHJUDYHGDGSRUHMHPSORXQDHYROXFLyQGHODVYHQWDVSRU GHEDMRGHODGHOVHFWRUVHSXHGHFRQVLGHUDUXQDVHxDOOHYHUHODWLYDPHQWHIiFLOGHFRUUHJLUOD DSDULFLyQGHSpUGLGDVGXUDQWHXQSHUtRGRFRQWLQXDGR\DHVEDVWDQWHPiVJUDYH\XQLQGLFDGRU WHUPLQDOVHUtDXQDVLWXDFLyQGHGHVFDSLWDOL]DFLyQ\ GHSpUGLGDGHFRQILDQ]DSRUSDUWHGHORV DFUHHGRUHV 3RURWURODGRVHUHFRJHODLQIRUPDFLyQVREUHHOHVSDFLRGHVRSRUWHGHODVHPSUHVDVIRUPDGR SRUWRGDVODVLQVWLWXFLRQHVTXHSXHGHQD\XGDUDVXPDUFKDFRPRXQLYHUVLGDGHVHPSUHVDVGH FDSLWDO ULHVJR DQJHOV UHFXUVRV GH OD $GPLQLVWUDFLyQ EHQFKPDUNLQJ DVHVRUDPLHQWR HWF (VWDLQIRUPDFLyQVHLQFRUSRUDDOREVHUYDWRULR\ KDGHSURYHHUDODHPSUHVD GHORVUHFXUVRV GHPDQGDGRVHQFDGDPRPHQWRHQIXQFLyQGHODVQHFHVLGDGHVTXHVHYDQGHWHFWDQGR (O2EVHUYDWRULRSURFHGLPLHQWRGHWUDEDMR (OQ~FOHRGHOWUDEDMRSDUDODFUHDFLyQ\SXHVWDHQPDUFKDGHO2EVHUYDWRULRSHUPDQHQWHGHODV 3<0( FDWDODQDV VHUi HO HVWDEOHFLPLHQWR GH ORV LQGLFDGRUHV FUtWLFRV GHO IXQFLRQDPLHQWR \ VXSHUYLYHQFLDGHODVHPSUHVDV6HGHEHWHQHUHQFXHQWDTXHORVYDORUHVGHHVWRVLQGLFDGRUHV QRVHUiQILMRVVLQRTXHGHSHQGHUiQ GHODFR\XQWXUDHFRQyPLFD\GHODGLQiPLFDGHODVSURSLDV HPSUHVDV $Vt HV LPSRUWDQWH GHILQLU HO GLVHxR \ IXQFLRQDPLHQWR GHO 2EVHUYDWRULR D WUDYpV GH XQ PHFDQLVPRGHUHFRJLGDSHULyGLFDGHGDWRVVXYROFDGRHQXQDEDVHGHGDWRVUHODFLRQDO\OD HODERUDFLyQGHLQIRUPHV *UiILFRHVTXHPDGHO2EVHUYDWRULR 3$1(/'( (035(6$6 ,QGLFDGRUHVLQWHUQRV ,QGLFDGH[WHUQRV ,QQRYDFLRQHV (PSUHQGHGRUHV 6HUYLFLRV ,QIRUPHVDXWRHYDOXDFLyQ ,QIRUPHVFUHDFLyQHPSUHVDV &RQVXOWDV 0DQWHQLPLHQWR  (OSXQWRGHSDUWLGD &RPRVHKDGLFKRHOSXQWRGHSDUWLGDGHOWUDEDMRHVHOHVWXGLRUHDOL]DGRSRUHO'HSDUWDPHQWR GH2UJDQL]DFLyQGH(PSUHVDVGHOD83&\HO&ROHJLRGH(FRQRPLVWDVGH&DWDOXxD(OFLWDGR HVWXGLRDSRUWyORVVLJXLHQWHVUHVXOWDGRV  ,GHQWLILFDFLyQGHOPDUFRGHUHIHUHQFLDODSREODFLyQ\ODPXHVWUDGHHPSUHVDVDHVWXGLDU  &UHDFLyQ\SDVDMHGHODHQFXHVWDSDUDUHFRJHUORVYDORUHVGHORVLQGLFDGRUHV  ,QWHUSUHWDFLyQGHODVUHVSXHVWDV\UHGDFFLyQGHOLQIRUPHGHVFULSWLYR  ,GHQWLILFDFLyQGHORVLQGLFDGRUHVGHIUDFDVR\p[LWRGHODDFWLYLGDGGHODVHPSUHVDV  &UHDFLyQGHOFXHVWLRQDULRGHDXWRHYDOXDFLyQ  (OFRQWH[WRGHUHIHUHQFLDGHODVHPSUHVDVVHGHILQLyDWUDYpVGHLQGLFDGRUHVFR\XQWXUDOHV FX\RVYDORUHVSXHGHQKDFHUEXHQRVORVUHVXOWDGRVHQXQFRQWH[WRGHFULVLV\PDORVHQXQD VLWXDFLyQGHERQDQ]DHFRQyPLFDHYROXFLyQGHO3,%GHOSDURGHO,3&GHORVLPSDJDGRV\ GHOWLSRGHLQWHUpV/DSREODFLyQDHVWXGLDUVHHVWDEOHFLyFRQODD\XGDGHODVHVWDGtVWLFDVGH GLQiPLFD HPSUHVDULDO HQ &DWDOXxD FRQVLGHUDQGR HO Q~PHUR GH HPSUHVDV H[LVWHQWHV HO VDOGRGHHPSUHVDVFUHDGDV\GHVDSDUHFLGDV\ VXGLVWULEXFLyQSRUVHFWRUHVGHDFWLYLGDG\ XQDHVWDGtVWLFDGHODSHUVRQDOLGDGMXUtGLFDGHODVHPSUHVDV3RU~OWLPRVHILMyXQDPXHVWUD SRUFHQWXDODSDUWLUGH x(ODQiOLVLVJHRJUiILFRSDUDHVWXGLDUODGLVWULEXFLyQGHHPSUHVDVHQHOWHUULWRULR\OD GLQiPLFDGHFUHDFLyQGHHPSUHVDVHQODVGLYHUVDVFRPDUFDV x/DGLVWULEXFLyQVHFWRULDOGHODVHPSUHVDV /RTXHSHUPLWLyHVWDEOHFHUXQDPXHVWUDGHHVWXGLRGHHPSUHVDVDJUXSDGDVHQVHLVVHFWRUHV GHDFWLYLGDGVHJ~QODFODVLILFDFLyQ&&$(\VLWXDGDVHQODVFRPDUFDVPiVGLQiPLFDV  8QD YH] GHILQLGRV ORV FDPSRV D H[SORUDU VH UHGDFWy OD HQFXHVWD D SDUWLU GH RWUDV \D H[LVWHQWHVLQWURGXFLHQGRODVSUHJXQWDVTXHVHFRQVLGHUDURQQHFHVDULDVSDUDFRPSOHWDUOD LQYHVWLJDFLyQ(OSDVDMHGHODHQFXHVWDKHFKRGHPRGRSUHVHQFLDOSHUPLWLyUHHODERUDUOD HQFXHVWDHLQFOXLUODVPRGLILFDFLRQHVQHFHVDULDVSDUDPHMRUDUVXHIHFWLYLGDG  /D LQWHUSUHWDFLyQ HVWDGtVWLFD GH ODV UHVSXHVWDV UHFRJLGDV \ VX YDORUDFLyQ OOHYDURQ D OD UHGDFFLyQGH XQLQIRUPH VREUHODFUHDFLyQ\ FRQVROLGDFLyQGHHPSUHVDVHQ&DWDOXxDOR TXHGHEHVXSRQHUXQLQVWUXPHQWRGHSODQLILFDFLyQGHSROtWLFDLQGXVWULDO'HWRGDVPDQHUDV HOWDPDxRUHGXFLGRGHODPXHVWUDHQUHODFLyQFRQODSREODFLyQQRSHUPLWHJHQHUDOL]DUORV UHVXOWDGRVREWHQLGRV  (QFDPELRHODQiOLVLVGHUHVXOWDGRVVtSHUPLWLyHOHVWDEOHFLPLHQWRGHORVLQGLFDGRUHVPiV VLJQLILFDWLYRV HQ OD PDUFKD \ FRQVROLGDFLyQ GH ODV HPSUHVDV HVWXGLDGDV \ TXH VHUiQ GH SOHQD XWLOLGDG SDUD HO GLVHxR GH OD HVWUXFWXUD GHO 2EVHUYDWRULR (VWRV LQGLFDGRUHV HVWiQ UHFRJLGRVHQODWDEODPRVWUDGDDQWHULRUPHQWH  (O FXHVWLRQDULR GHO WHVW GH DXWRHYDOXDFLyQ SHQVDGR SDUD UHFRJHU LQIRUPDFLyQ VREUH ODV HPSUHVDVGHOSDQHOVHUHGDFWyDSDUWLUGHODHQFXHVWDSDVDGDDODVHPSUHVDVGHOSDQHO(O FXHVWLRQDULR UHFRJH ORV YDORUHV SULQFLSDOHV FXDOLWDWLYRV \ FXDQWLWDWLYRV GH OD PDWUL] GH LQGLFDGRUHVGHFDXVDVGHIUDFDVR\SHUPLWHUHODFLRQDUORVFRQORVYDORUHVVHFWRULDOHVWDQWR  GH OD PHGLD FRPR GH ODV HPSUHVDV LQFOXtGDV HQ HO  FRQ PHMRUHV UHVXOWDGRV (VWD LQIRUPDFLyQ TXHGD DOPDFHQDGD HQ OD EDVH GH GDWRV GLVSRQLEOH SDUD VX WUDWDPLHQWR HVWDGtVWLFR /DUHGGHVRSRUWH &RPRVHKDGLFKRHO2EVHUYDWRULRSURSXHVWRSXHGHVHUXWLOL]DGRSDUDHOHVWDEOHFLPLHQWRGH XQDUHGGHVRSRUWHDODVHPSUHVDV(VWDUHGHVWDUiIRUPDGDSRU /DEDVHGHGDWRVGHLQQRYDFLRQHV (QHVWDEDVHVHUHFRJHUiQODVGLIHUHQWHVHVWUDWHJLDVTXHVLJXHQODVHPSUHVDVHQDVSHFWRVFRPR HOSURGXFWRHOPHUFDGRHOiPELWRJHRJUiILFRODFRPHUFLDOL]DFLyQRHOSURFHVR$XQTXHVX JHQHUDOL]DFLyQ \ XWLOL]DFLyQ HQ RWURV FDVRV SDUWLFXODUHV PXFKDV YHFHV QR HV SRVLEOH SXHGH JHQHUDULGHDVDPDQHUDGHEHQFKPDUNLQJ\SHUPLWHHVWDEOHFHUUHODFLRQHVHQWUHODVHPSUHVDV TXHIDFLOLWHQODFRODERUDFLyQ &RQH[LyQFRQRWURVHPSUHQGHGRUHV\IXHQWHVGHILQDQFLDFLyQ (O2EVHUYDWRULRWDPELpQSHUPLWHSRQHUDODVHPSUHVDVHQFRQWDFWRFRQ x(PSUHQGHGRUHVFRQDFWLYLGDGHVFRPSOHPHQWDULDVRDVRFLDGDVTXHVHSXHGDQLQFRUSRUDUDO SUR\HFWRFRQIXQFLRQHVGLYHUVDV x,QYHUVRUHV SRWHQFLDOHV UHODFLRQDGRV FRQ HO 2EVHUYDWRULR HPSUHVDV GH FDSLWDO ULHVJR ³DQJHOV´HQWLGDGHVILQDQFLHUDVTXHSXHGHQILQDQFLDUHOFUHFLPLHQWRGHODVHPSUHVDV &RQH[LyQFRQFHQWURVGHLQYHVWLJDFLyQ\GHVHUYLFLRVH[SHUWRV $VLPLVPRODUHGSXHGHRIUHFHU x([SHUWRV GH JHVWLyQ TXH SXHGHQ RIUHFHU FRQVHMR \R VHUYLFLRV D ODV HPSUHVDV TXH OR GHVHHQ x(PSUHVDVGHVHUYLFLRVDYDQ]DGRVFRQVXPLQLVWURVHVSHFLDOL]DGRV8QLYHUVLGDGHVFHQWURV GHLQYHVWLJDFLyQ (OIXQFLRQDPLHQWRGHO2EVHUYDWRULR &RPR VH VDEH OD GLILFXOWDG SULQFLSDO SDUD HO IXQFLRQDPLHQWR GH XQ 2EVHUYDWRULR HV OD ILQDQFLDFLyQ GH VXV FRVWHV GH PDQWHQLPLHQWR TXH VRQ PX\ HOHYDGRV (Q HO FDVR GHO 2EVHUYDWRULR TXH VH SURSRQH HVWD GLILFXOWDG VH UHVXHOYH D WUDYpV GH GRV PHFDQLVPRV OD XWLOL]DFLyQ GHO FXHVWLRQDULR GH DXWRHYDOXDFLyQ \ HO UHFXUVRV D ODV QXHYDV WHFQRORJtDV GH OD LQIRUPDFLyQ17,& (OFXHVWLRQDULRGHDXWRHYDOXDFLyQ /DLQWHUIDVHXVXDULR±VLVWHPDGHOFXHVWLRQDULRHVWiIRUPDGDSRUXQHQWRUQRJUiILFRTXHSRUXQ ODGRSHUPLWHUHFRJHUODLQIRUPDFLyQDWUDYpVGHIRUPXODULRVSUHGHILQLGRV\DOPLVPRWLHPSR SUHVHQWDDODHPSUHVDODFRPSDUDFLyQGHVXVLQGLFDGRUHVFRQORVVHFWRULDOHVPHGLDQWHWDEODV  GHYDORUHVDEVROXWRVSRUFHQWXDOHV\JUiILFRV(OFXHVWLRQDULRYDDFRPSDxDGRGHXQPDQXDOGH LQVWUXFFLRQHV\HMHPSORVGHXWLOL]DFLyQ (VWH FXHVWLRQDULR REWHQLGR GHO HVWXGLR UHSHWLGDPHQWH PHQFLRQDGR VH SDVDUtD GH PDQHUD SHULyGLFD\SHUPLWLUtDODUHFRJLGDGHGDWRVGHODVHPSUHVDVGHOSDQHO&RPRVHKDH[SOLFDGR ORVGDWRVREWHQLGRVVHDOPDFHQDQHQODEDVHGHGDWRV\FRPELQDGRVFRQORVYDORUHVGHORV LQGLFDGRUHVGHOHQWRUQR\GHODFR\XQWXUDVHFRQYLHUWHQHQXQLQVWUXPHQWRGHDXWRHYDOXDFLyQ DGLVSRVLFLyQGHODVHPSUHVDVTXHSXHGHQFRPSDUDUVXVGDWRVFRQORVGHOUHVWRGHHPSUHVDV GHO SDQHO 'H HVWD PDQHUD HO FXHVWLRQDULR D\XGDUtD D OD ILGHOL]DFLyQ GH ODV HPSUHVDV FRODERUDGRUDVSDUDODVFXDOHVVHUtDXQDKHUUDPLHQWDGHJHVWLyQLQWHUHVDQWH /RVSXQWRVFODYHGHOSURFHVRRSHUDWLYRVRQ  3DVR GH FXHVWLRQDULRV SHULyGLFRV HQ DxRV VXFHVLYRV D ODV HPSUHVDV GHO SDQHO /D LQWURGXFFLyQGHGDWRVVHKDUiGHPDQHUDDXWRPiWLFDSRUSDUWHGHODVHPSUHVDVDWUDYpVGH XQDSiJLQDZHELGHXQSURJUDPDLQFRUSRUDGRGHWUDQVPLVLyQGHGDWRV(VWROHVSHUPLWLUi DGHPiVUHDOL]DUXQSURFHVRGHDXWRHYDOXDFLyQ  $OPDFHQDMHGHORVGDWRVHQXQSURJUDPD$FFHVVTXHSHUPLWDXQWUDWDPLHQWRHILFLHQWHGH ORV PLVPRV \ OD HODERUDFLyQ GH LQIRUPHV DVt FRPRHOFiOFXOR \ HVWDEOHFLPLHQWRGH ORV YDORUHVFUtWLFRVGHORVLQGLFDGRUHVGHIUDFDVRFRPRUHVXOWDGRGHODQiOLVLVGHODHYROXFLyQ UHFRJLGDSRUHO2EVHUYDWRULR  &RUUHFFLyQGHORVHOHPHQWRVGHILQLGRUHVGHOHQWRUQR\GHORVLQGLFDGRUHVGHIUDFDVRSDUD WHQHU HQ FXHQWD OD FR\XQWXUD HFRQyPLFD GH FDGD PRPHQWR FRVD TXH SHUPLWLUi D ODV HPSUHVDV XQD YDORUDFLyQ PiV UHDOLVWD GH VXV SURSLRV LQGLFDGRUHV \ OD DQWLFLSDFLyQ GH SRVLEOHVSUREOHPDV&RQWUROGHORVFDPELRVHVWUXFWXUDOHVGHOVHFWRUTXHVHGHEHQUHIOHMDU HQHOSDQHODWUDYpVGHFDPELRVHQODPXHVWUDGHHPSUHVDV  ,QWURGXFFLyQGHOHVEDVHVGHGDWRVTXHKDQGHSHUPLWLUODIRUPDFLyQGHODUHGGHVRSRUWH LQQRYDFLRQHVVHUYLFLRVLQYHUVRUHV /DLQWHUSUHWDFLyQGHODVUHVSXHVWDVVHKDFHDGRVQLYHOHV x'H DJUHJDFLyQ GH GDWRV FRQMXQWDPHQWH \ SRU VHFWRUHV FRQ HO HVWDEOHFLPLHQWR GH HVWDGtVWLFDV\VXSRVWHULRUFRPSDUDFLyQFRQYDORUHVVHFWRULDOHVGLVSRQLEOHV x/RVGDWRVREWHQLGRVGHIRUPDDJUXSDGDTXHGDQDGLVSRVLFLyQGHODVHPSUHVDVGH ODUHGTXHODVTXLHUDQFRQVXOWDU7DPELpQDWUDYpVGHXQLQIRUPHVREUHFUHDFLyQGH HPSUHVDVSXHGHQVHUXVDGRVSRUOD$GPLQLVWUDFLyQSDUDHYDOXDUODFRQYHQLHQFLDR QRGHSRVLEOHVDFWXDFLRQHV (O PDQWHQLPLHQWR GHO 2EVHUYDWRULR UHTXLHUH OD FRUUHFFLyQ GH ORV HOHPHQWRV GHILQLGRUHV GHO HQWRUQR\ODLQWURGXFFLyQGHORVFDPELRVDFDHFLGRVHQHOSDQHO x5HFRJHUODVYDULDFLRQHVGHODFR\XQWXUD x5HFRJHU ODV SRVLEOHV DOWDV \ EDMDV GH ODV HPSUHVDV GHO SDQHO PRWLYDGDV SRU ORV FDPELRVVHFWRULDOHVHVWUXFWXUDOHV 3RUVXSDUWHWDPELpQGHEHUiSURFHGHUVH DODDFWXDOL]DFLyQGHOHVEDVHVGHGDWRVGHODUHGGH VRSRUWHFRQORVOLQNVLQFRUSRUDGRV  xEDVHVGHLQQRYDFLRQHV xEDVHVGHHPSUHQGHGRUHV xUHGGHLQYHUVRUHV (OPDQWHQLPLHQWRGHODEDVHGHGDWRVGHEHFRUUHVSRQGHUDODVHPSUHVDVGHDFXHUGRFRQVXV QHFHVLGDGHVFRQODSDUWLFLSDFLyQGHORVRUJDQLVPRVGHLQYHVWLJDFLyQS~EOLFRVRSULYDGRVTXH IRUPHQSDUWHGHODUHGGHO2EVHUYDWRULR /DV17,&\ORVEHQHILFLRVTXHODVHPSUHVDVGHODUHGRSDQHOREWLHQHQGHVXXVR /DVQXHYDVWHFQRORJtDVGHODLQIRUPDFLyQ\GHODVWHOHFRPXQLFDFLRQHV17,&HQHVWHFDVROD EDVHGHGDWRVUHODFLRQDOHOVHUYLGRUGHOVLVWHPD\ODUHG,QWHUQHWVRQFODYHVSDUDFUHDU\KDFHU YLDEOHHO6LVWHPD2EVHUYDWRULRHQ5HGHQODVFRQGLFLRQHVPiVDGHFXDGDV(VWDVWHFQRORJtDV DSRUWDQXQDPHMRUDHQODHILFLHQFLDGHOSURFHVDPLHQWRGHODLQIRUPDFLyQSHURWDPELpQ\PiV LPSRUWDQWHSRVLELOLWDQODFUHDFLyQGHXQHQWRUQRGHWUDEDMRFRRSHUDWLYRTXHPHMRUDHQ~OWLPD LQVWDQFLDODHILFDFLDGHORVSURFHVRVGHJHVWLyQ\GHWRPDGHGHFLVLRQHVORTXHVHWUDGXFHHQ XQ DXPHQWR GH ORV QLYHOHV GH FRQVROLGDFLyQ GH ODV HPSUHVDV GH UHFLHQWH FUHDFLyQ SHUWHQHFLHQWHVDODUHG (Q FRQFUHWR ODV WHFQRORJtDV HQ QXHVWUR FDVR SHUPLWHQ DXPHQWDU OD HILFLHQFLD DO IDFLOLWDU OD HQWUDGDGHGDWRVGHORVLQGLFDGRUHVGHIRUPDGLUHFWDSRUSDUWHGHODVHPSUHVDVGHOSDQHORHQ UHGFDOFXODU DXWRPiWLFDPHQWH ORVYDORUHVPHGLRVGHORVLQGLFDGRUHVGHWRGDVODVHPSUHVDV GHOSDQHOGHXQJUXSRGHHOODVGHVHFWRUFRQFUHWRGHODVGHOPHMRUHV\SUHVHQWDUORV UHVXOWDGRVHQYDORUHVDEVROXWRVHQSRUFHQWDMHVRHQIRUPDWRJUiILFRDWRGDVODVHPSUHVDVTXH VHKDOODQLQWHUFRQHFWDGDV0HMRUDWDPELpQODHILFLHQFLDHQHOPDQWHQLPLHQWRGHOD%'\HQOD GLVWULEXFLyQGHODLQIRUPDFLyQDODVHPSUHVDV 7DPELpQFRPRVHKDDILUPDGRDQWHULRUPHQWHHOXVRGHODV17,&SDUDKDFHURSHUDWLYDODUHG HVWDPELpQGHWHUPLQDQWHSDUDOD PHMRUDGHODHILFDFLD\DTXH SHUPLWHQPHMRUDUODWRPDGH GHFLVLRQHV DO IDFLOLWDU HQWUH ODV HPSUHVDV LQIRUPDFLyQ HPSUHVDULDO DFWXDOL]DGD HFRQyPLFD ILQDQFLHUD FRPHUFLDO HWF \ HMHFXWDU XQ SURFHVR GH DXWRHYDOXDFLyQ D QLYHO LQGLYLGXDO GH HPSUHVDTXHSHUPLWDDOPLVPRWLHPSRSHUFLELUVHxDOHVDQWLFLSDGDVGHORVSRVLEOHVSUREOHPDV IXWXURVDFFHGHUDLQIRUPDFLyQVREUHODVLQQRYDFLRQHVEiVLFDVHQHOUHVSHFWLYRVHFWRUTXHKDQ VLGR JXDUGDGDV HQ OD %' GH LQQRYDFLRQHV \ TXH SXHGH HQWHQGHUVH FRPR XQ VHUYLFLR GH YLJLODQFLDWHFQROyJLFDTXHODVHPSUHVDVGHODUHGVHKDQGDGRVXEFRQWUDWDQGRHVWDDFWLYLGDG\ SRU ~OWLPR SRVLELOLWDU XQ HQWRUQR GH FRRSHUDFLyQ FRQ ODV RWUDV HPSUHVDV HQ ORV iPELWRV FLWDGRVDOIDFLOLWDUODFRPXQLFDFLyQFRQRWURVHPSUHQGHGRUHV\RH[SHUWRV 8Q HOHPHQWR EiVLFR UHODWLYR DO YDORU GHO VLVWHPD 2EVHUYDWRULR HQ 5HG HV OD FDSDFLGDG TXH WLHQHGHJHVWLyQGHODLQIRUPDFLyQ\GHOFRQRFLPLHQWRTXHVHREWLHQHFRQHO2EVHUYDWRULRR 5HG$WUDYpVGHODVKHUUDPLHQWDVHVWDGtVWLFDVDSOLFDGDVDORVGDWRVREWHQLGRVGHOFRQMXQWRGH HPSUHVDV GHO SDQHO GXUDQWH DxRV VH GHGXFHQORV PRGHORV GH JHVWLyQ PiV RSRUWXQRV D FDGD FDVRORTXHSHUPLWHSURFHGHUDXQPHMRUDSURYHFKDPLHQWRGHODVH[SHULHQFLDVLQGLYLGXDOHV\ GH JUXSR GH ORV LQWHJUDQWHV GHO SDQHO \ WHQHU XQD DGHFXDGD JHVWLyQ GHO FRQRFLPLHQWR SDUD FDGD HPSUHVD SHUWHQHFLHQWH D OD UHG \ GH OD SURSLD UHG \ HQ ~OWLPD LQVWDQFLD D XQD GLVPLQXFLyQGHOtQGLFHGHPRUWDOLGDGGHODVHPSUHVDVHQ HVWDHWDSDGHVXYLGD