$UWHV H /HWUDV
(OHYDomR GD 1DUUDWLYD $WUDYpV GH 0HFkQLFDV GH
-RJDELOLGDGH
-RmR /XtV )HUQDQGHV &DVHLUR
'LVVHUWDomR SDUD REWHQomR GH *UDX GH 0HVWUH HP
'HVLJQ H 'HVHQYROYLPHQWR GH -RJRV 'LJLWDLV
R
FLFOR GH HVWXGRV
2ULHQWDGRU 3URI 'RXWRU )UXWXRVR *RPHV 0HQGHV GD 6LOYD
'HGLFDWyULD
4XHUR GHGLFDU HVWD GLVVHUWDomR D WRGDV DV SHVVRDV TXH DFUHGLWDP TXH RV YLGHRMRJRV VmR PHLRV HILFD]HV QmR Vy SDUD HQWUHWHU FRPR WDPEpP SDUD HGXFDU ID]HU UHIOHWLU H FRQWDU KLVWyULDV QXP FRQWH[WR PDLV SHVVRDO GHYLGR j VXD QDWXUH]D LQWHUDWLYD
$JUDGHFLPHQWRV
(P SULPHLUR OXJDU JRVWDULD GH DJUDGHFHU DR SURIHVVRU GRXWRU )UXWXRVR *RPHV 0HQGHV GD 6LOYD TXH DSHVDU GR PHXV DWUDVRV H DEVHQWLVPRV QR GHVHQYROYLPHQWR GD GLVVHUWDomR HVWHYH VHPSUH SURQWDPHQWH GLVSRQtYHO SDUD PH JXLDU H PRVWUDUPH FRPR PHOKRUDU RV PHXV HVWXGRV H D FRQV WUXomR GR SURMHWR
(P VHJXLGD TXHULD DJUDGHFHU D WRGRV RV SURIHVVRUHV GR 0HVWUDGR HP 'HVLJQ H 'HVHQYROYLPHQWR GH -RJRV 'LJLWDLV QD 8QLYHUVLGDGH GD %HLUD ,QWHULRU TXH WLYHUDP D FRUDJHP GH GHGLFDU WHPSR H HVIRUoR QD IXQGDomR H SUHVHUYDomR GHVWH FXUVR VDEHQGR RV SUHFRQFHLWRV TXH DLQGD SHUGXUDP VREUH RV YLGHRMRJRV PDV TXH PHVPR DVVLP DFUHGLWDP VHU XP PHLR GLJQR GH VHU HVWXGDGR H UHVSHLWDGR
7DPEpP PHUHFHGRU GH PXLWRV DJUDGHFLPHQWRV VmR RV PHXV SDLV TXH DR ORQJR GD PLQKD OLFHQ FLDWXUD H PHVWUDGR DSRVWDUDP H DFUHGLWDUDP HP PLP PHVPR TXDQGR IDOKHL GH LU D HQFRQWUR GDV VXDV H[SHFWDWLYDV H VHP RV TXDLV QmR VHULD SRVVtYHO VHU D SHVVRD TXH VRX KRMH
6HP HVTXHFHU TXHUR WDPEpP DJUDGHFHU D WRGRV RV PHXV FROHJDV DFDGpPLFRV TXH SURSRUFLRQDUDP PH IDQWiVWLFDV H[SHULrQFLDV DR ORQJR GRV DQRV HP TXH IXL XP HVWXGDQWH XQLYHUVLWiULR WRUQDQGR HVWHV DQRV HP DOJR LQHVTXHFtYHO H TXH SDUD VHPSUH PDUFDUmR D PLQKD YLGD
(P ~OWLPR PDV FHUWDPHQWH QmR PHQRV LPSRUWDQWH TXHULD DJUDGHFHU j PLQKD FROHJD GH SURMHWR ILQDO H PHOKRU DPLJD 0DIDOGD &ODUR TXH IRL D SHVVRD TXH PDLV DWXURX R PHX IHLWLR FKDWR H LQIDQWLO TXH IRL D DUTXLWHWD GR SURMHWR ILQDO TXH VHP HOD QmR HOD SRVVtYHO HVWDU IRUPDGR H TXH VHPSUH IRL XP JUDQGH DSRLR QRV PRPHQWRV PDLV GHVPRWLYDQWHV TXH XP WUDEDOKR QDWXUDOPHQWH WUD] (VWH HVWXGR H SURMHWR QmR p Vy PHX PDV WDPEpP GHOD
5HVXPR
*UDoDV D VHU XP PHLR UHODWLYDPHQWH MRYHP RV YLGHRMRJRV HVWmR D HQFDUDU SUREOHPDV HP UHODomR D FRPR RV VHXV HOHPHQWRV GHYHP HVWDU LQWHUFRQHFWDGRV H FRPR GHYHP VHU DSUHVHQWDGRV DRV VHXV MRJDGRUHV e FRPXP YHUVH XPD VHSDUDomR GH YDORU HQWUH D MRJDELOLGDGH H D KLVWyULD GXP YLGHR MRJR PHVPR DR SRQWR GH VH DFUHGLWDU TXH LQYHVWLU QXP RIXVFD R RXWUR QmR VHQGR SRVVtYHO DPERV WUDEDOKDUHP HP FRQMXQWR 7DO FUHQoD H[LVWH PDLRULWDULDPHQWH GHYLGR DR PpWRGR PDLV FRPXP GH DSUHVHQWDU XPD KLVWyULD QXP YLGHRMRJR VHU DWUDYpV GH PHLRV QmRLQWHUDWLYRV FRPR SRU H[HP SOR DV FXWVFHQHV $R XVDUHPVH PpWRGRV QmRLQWHUDWLYRV QXP YLGHRMRJR WDO p KDELWXDOPHQWH YLVWR FRPR XP PHQRVSUH]R j QDWXUH]D LQWHUDWLYD GR PHLR H TXH WRGR R VHX SRWHQFLDO QmR HVWi D VHU XWLOL]DGR DGLFLRQDOPHQWH FULDQGR XPD PDLRU VHSDUDomR HQWUH RV GRLV HOHPHQWRV &RP EDVH QLVWR QHVWD GLVVHUWDomR XPD VROXomR p SURFXUDGD SULPHLUR ROKDQGR PDLV DSURIXQGDGDPHQWH SDUD R SUREOHPD DQDOLVDQGR DV YDQWDJHQV H GHVYDQWDJHQV GH XVDU QDUUDo}HV QmRLQWHUDWLYDV OHQGR GLVFXVV}HV HQWUH DFDGpPLFRV TXH GHIHQGHP FDGD ODGR HQWUH D QDUUDWRORJLD H D OXGRORJLDP H ILQDOPHQWH GHVHQYROYHQGR XP YLGHRMRJR GH GHPRQVWUDomR FRP D LQWHQomR GH DSUHVHQWDU Pp WRGRV LQWHUDWLYRV FDSD]HV GH FRQWDU XPD KLVWyULD GH XPD IRUPD D SHUPLWLU TXH R MRJDGRU WHQKD XPD PHOKRU H[SHULrQFLD QDUUDWLYD
3DODYUDVFKDYH
&XWVFHQHV 1DUUDWLYD /RGRORJLD ,QWHUDWLYR )ORZ 6XVSHQVmR GH 'HVFUHQoD
$EVWUDFW
7KDQNV WR EHLQJ D UHODWLYHO\ \RXQJ PHGLXP YLGHRJDPHV VWLOO IDFH SUREOHPV UHJDUGLQJ KRZ LWV HOHPHQW VKRXOG EH LQWHUFRQQHFWHG DQG SUHVHQWHG WR WKH SOD\HUV ,W·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
.H\ZRUGV
&XWVFHQHV 1DUUDWLYH /XGRORJ\ ,QWHUDFWLYH )ORZ 6XVSHQVLRQ RI 'LVEHOLHI
&RQWH~GR
'HGLFDWyULD LLL $JUDGHFLPHQWRV Y 5HVXPR YLL $EVWUDFW L[ &RQWH~GR [L /LVWD GH )LJXUDV [LLL /LVWD GH 7DEHODV [YLL /LVWD GH $FU{QLPRV [L[ ,QWURGXomR 2EMHWLYRV 0HWRGRORJLDV 0pWRGR GH (VWXGR /LPLWHV GH (VWXGR (VWUXWXUD GD 'LVVHUWDomR (VWDGR GD $UWH ,QWURGXomR -RJRV 9LGHRMRJRV 1DUUDWLYD 'LILFXOGDGH GH /LJDomR HQWUH 1DUUDWLYD H -RJDELOLGDGH /XGRORJLD YV 1DUUDWRORJLD -RJDELOLGDGH YV 1DUUDWLYDV H[SOtFLWDV ,PSRUWkQFLD GD 1DUUDWLYD QD -RJDELOLGDGH )ORZ H 6XVSHQVmR GH 'HVFUHQoD /LPLWDomR 3DUFLDO GD -RJDELOLGDGH (PRomR H 6HQWLPHQWR &RQFOXVmR 3URMHWR 3UpSURGXomR )HUUDPHQWDV 8WLOL]DGDV 8QLW\ [L3 3RLQW&ORXG 5HFRJQL]HU <DUQ 6SLQQHU 'HVHQYROYLPHQWR GR 3URWyWLSR (VWpWLFD 0RYLPHQWR 'HVHQKR 'LiORJR 'HVLJQ GH 1tYHLV 3X]]OHV H HYHQWRV ,QWHUIDFH 5HVXOWDGR )LQDO &RQFOXVmR 'LILFXOGDGHV (QFRQWUDGDV 3DVVRV )XWXURV %LEOLRJUDILD $ &yGLJR GHVHQYROYLGR
% &' FRP PDWHULDLV H[WUD
% &RQWH~GR GR &'
/LVWD GH )LJXUDV
3ULPHLURV YLGHRMRJRV &ySLD GH VSULWH FRP FRORUDomR GLIHUHQWH GHYLGR jV OLPLWDo}HV FRPSXWDFLRQDLV (VWUXWXUD GH WUrV DWRV &XWVFHQH QR MRJR 3DFPDQ ,QWHUDomR HQWUH GXDV SHUVRQDJHQV QXPD FXWVFHQH (L[RV TXH UHSUHVHQWDP RV HOHPHQWRV TXH RV WUrV PHLRV QDUUDWLYRV LQWURGX]HP *UiILFR UHSUHVHQWDQWH GD UHGXomR GH LQWHUDWLYLGDGH TXDQGR FXWVFHQHV HQWUDP HP
FHQD &HQD RQGH /DUD VH HQFRQWUD MXQWD DR YHDGR DSyV R PDWDU *UiILFR VLPSOHV GR FRQFHLWR GH IORZ 3URWDJRQLVWD GR MRJR -RXUQH\ D FDPLQKDU QD QHYH 5RGD GDV (PRo}HV GH 3OXWFKLN 0RPHQWR QR ILQDO GR SUyORJR GR MRJR 7KH /DVW RI 8V 1DXJKW\ 'RJ 8VR GD PHFkQLFD GH GHVHQKR SDUD D FULDomR GH HVFDGDV 'HPRQVWUDomR GR 3 3RLQW&ORXG 5HFRJQL]HU QR ZHEVLWH RILFLDO GD IHUUDPHQWD
:REEURFN ,QWHUIDFH GR <DUQ $PELHQWH GH HVWLOR OLYUR SRSXS QR YLGHRMRJR 7HQJDPL 0RVWUD GH WUrV IDL[DV GLVWLQWDV RQGH R MRJDGRU VH FRQVHJXH PRYHU QR YLGHRMRJR
/LWWOH %LJ 3ODQHW JDPHVS\FRP
&DPDGDV GH DGHUHoRV 6HTXrQFLD GH IUDPHV QR VDOWR GR 0DULR QR YLGHRMRJR 6XSHU 0DULR %URV 1LQWHQGR
6HTXrQFLD GH IUDPHV QR VDOWR GD SHUVRQDJHP QR ,QN 7DOHV 'HWHWRU GH YpUWLFHV QXPD IDVH LQLFLDO GR SURMHWR 5HFRQKHFLPHQWR GH GHVHQKR H SRVWHULRU VXEVWLWXLomR SRU XP REMHWR (VFROKDV GH IDODV QR YLGHRMRJR 2[HQIUHH HQJDGJHWFRP 9DULDomR GR Q~PHUR GH EDO}HV GH IDOD QR ,QN 7DOHV &RQFHSW DUW GR QtYHO GHPRQVWUDWLYR GR ,QN 7DOHV GHVHQKDGR SRU 0DIDOGD &ODUR =RQD LQLFLDO GR QtYHO FULDGR =RQD ILQDO GR QtYHO FULDGR (OHPHQWR GH LQWHUIDFH TXH LQGLFD D SRVVLELOLGDGH GH URXEDU R PHO (VWLOR JUiILFR GRV REMHWRV TXH HVWmR QD SRVVH GD SURWDJRQLVWD 'LIHUHQoD GD SHUVSHWLYD GD FkPDUD TXDQGR HVWD IRFD D SHUVRQDJHP H TXDQGR IRFD
XPD SRUomR GR QtYHO ÉUHD LQLFLDO RQGH R MRJDGRU FRPHoD [LLL
(QWUDGD GD DOGHLD H iUHD GH LQWHUDomR FRP R JXDUGD 5LR GD DOGHLD H LQWURGXomR DR SODWIRUPLQJ 5RXORWWH GR XUVR RQGH p SRVVtYHO DGTXLULU R PHO 3UDoD SULQFLSDO GD DOGHLD RQGH VH VLWXD R PHUFDGR H RQGH p SRVVLYHO IDODU FRP
P~OWLSORV DOGH}HV 0RLQKR GH YHQWR QR WRSR GD FROLQD RQGH p SRVVtYHO DGTXLULU D IDULQKD &DVD GRV VHWH FDEULWLQKRV RQGH RFRUUH R LQFLGHQWH TXH LQLFLD D DYHQWXUD GR YLGHRMRJR (QWUDGD GD WRUUH GR FRUYR RQGH p DGTXLULGR R SRGHU GH GHVHQKDU 3ODWDIRUPDV WUHVSDVViYHLV H WRSR GD WRUUH GR FRUYR $ 6FULSW HQFDUUHJXH GH GHVDWLYDU D EDUUHLUD TXH LPSHGH R ORER GH DWUDYHVVDU D SRQWH
TXDQGR R ORER RIHUHFH PHO DR JXDUGD $ 3DUWH GR VFULSW TXH FRQWUROD D RULHQWDomR GD FkPDUD HP WRGRV RV IUDPHV $ 3DUWH GR VFULSW TXH FRQWUROD D RULHQWDomR GD FkPDUD HP WRGRV RV IUDPHV $ 6FULSW TXH WRUQD R FRUYR YLVtYHO DSyV R HYHQWR GD IXJD GRV VHWH FDEULWLQKRV $QWHV
GLVVR R FRUYR HQFRQWUDVH RFXOWR $ 3DUWH GR VFULSW TXH YHULILFD D SUR[LPLGDGH GR MRJDGRU D XP 13& H TXH ID] D
OLJDomR DR VLVWHPD GH GLiORJR $ 3DUWH GR VFULSW TXH YHULILFD D SUR[LPLGDGH GR MRJDGRU D XP 13& H TXH ID] D
OLJDomR DR VLVWHPD GH GLiORJR $ 3DUWH GR VFULSW TXH SHUPLWH GHVHQKDU QR HVSDoR GH MRJR TXH HQYLD RV GDGRV
SDUD R VLVWHPD GH UHFRQKHFLPHQWR GH GHVHQKRV H TXH WUDWD RV GDGRV UHFHELGRV GHVVH PHVPR VLVWHPD SDUD LPHGLDWDPHQWH VXEVWLWXLU SRU XPD ILJXUD FRP GLPHQ V}HV FRUUHVSRQGHQWHV $ 3DUWH GR VFULSW TXH SHUPLWH GHVHQKDU QR HVSDoR GH MRJR TXH HQYLD RV GDGRV
SDUD R VLVWHPD GH UHFRQKHFLPHQWR GH GHVHQKRV H TXH WUDWD RV GDGRV UHFHELGRV GHVVH PHVPR VLVWHPD SDUD LPHGLDWDPHQWH VXEVWLWXLU SRU XPD ILJXUD FRP GLPHQ V}HV FRUUHVSRQGHQWHV $ 3DUWH GR VFULSW TXH SHUPLWH GHVHQKDU QR HVSDoR GH MRJR TXH HQYLD RV GDGRV
SDUD R VLVWHPD GH UHFRQKHFLPHQWR GH GHVHQKRV H TXH WUDWD RV GDGRV UHFHELGRV GHVVH PHVPR VLVWHPD SDUD LPHGLDWDPHQWH VXEVWLWXLU SRU XPD ILJXUD FRP GLPHQ V}HV FRUUHVSRQGHQWHV $ 6FULSW TXH DWLYD TXDQGR R MRJDGRU VDOWD GD WRUUH GR FRUYR VLQDOL]DQGR R ILQDO GD
GHPRQVWUDomR GR YLGHRMRJR DWUDYpV GH XP GHVYDQHFLPHQWR SDUD EUDQFR FRP XPD IUDVH GH DJUDGHFLPHQWR GH SDUWLFLSDomR $ 6FULSW TXH LQLFLD R HYHQWR ILQDO RQGH RV FRUGHLURV IRMHP GH FDVD RV DOGH}HV VH
GHVORFDP GH PRGR D EORTXHDU D SDVVDJHP GR MRJDGRU SDUD SDUWHV DQWHULRUHV GR QtYHO IRUoDQGRR D LU GH HQFRQWUR DR FRUYR TXH WDPEpP VH WRUQD YLVtYHO D SDUWLU GHVVH LQVWDQWH [LY
$ 6FULSW TXH SHUPLWH D UHFROKD GD IDULQKD H D UHPRomR GR REMHWR UHSUHVHQWDQWH GD IDULQKD GHQWUR GD FHQD GH MRJR $ 6FULSW TXH SHUPLWH D UHFROKD GR PHO H D UHPRomR GR REMHWR UHSUHVHQWDQWH GR PHO
GHQWUR GD FHQD GH MRJR $ 6FULSW TXH SHUPLWH DR MRJDGRU DJDUUDU H DUUDVWDU GHVHQKRV TXH IDoD H LPSHGH D
YLUDJHP GR VSULWH GD SHUVRQDJHP SULQFLSDO TXDQGR HVWD HVWi D SX[DU DOJR QD VXD GLUHomR $ 3DUWH GR VFULSW TXH HVWi HQFDUUHJXH GH WRUQDU YLVtYHO D LQWHUIDFH TXH LQIRUPD
R MRJDGRU GRV REMHWRV TXH WHP HP SRVVH H TXH WRUQD HVVHV tFRQHV WUDQVO~FLGRV TXDQGR D SHUVRQDJHP MRJiYHO VH HQFRQWUD HP PRYLPHQWR $ 3DUWH GR VFULSW TXH HVWi HQFDUUHJXH GH WRUQDU YLVtYHO D LQWHUIDFH TXH LQIRUPD
R MRJDGRU GRV REMHWRV TXH WHP HP SRVVH H TXH WRUQD HVVHV tFRQHV WUDQVO~FLGRV TXDQGR D SHUVRQDJHP MRJiYHO VH HQFRQWUD HP PRYLPHQWR $ 3DUWH GR VFULSW TXH HVWi HQFDUUHJXH GH WRUQDU YLVtYHO D LQWHUIDFH TXH LQIRUPD
R MRJDGRU GRV REMHWRV TXH WHP HP SRVVH H TXH WRUQD HVVHV tFRQHV WUDQVO~FLGRV TXDQGR D SHUVRQDJHP MRJiYHO VH HQFRQWUD HP PRYLPHQWR $ 6FULSW TXH SHUPLWH j FkPDUD PXGDU GH SRVLomR H GHVOLJDUVH GR MRJDGRU TXDQGR
HVWH HQWUD D iUHD FRUUHVSRQGHQWH DR PHUFDGR H TXH ID] D FDPDUD YROWDU DR VHX SRVLFLRQDPHQWR SUHGHILQLGR TXDQGR R MRJDGRU VDL GHVVD iUHD $ 6FULSW 4XH FULD XPD iUHD GH WULJJHU TXH GHVDWLYD D FROLVmR GXPD SODWDIRUPD FRU
UHVSRQGHQWH SHUPLWLQGR DR MRJDGRU TXH D WUHVSDVVH GH EDL[R SDUD FLPD PDV TXH D WRUQD VyOLGD TXDQGR R MRJDGRU Mi VH HQFRQWUD DFLPD GHOD UHVXOWDQGR QXPD SOD WDIRUPD WUHVSDVViYHO 3HUPLWH WDPEpP TXH R MRJDGRU SDVVH GH FLPD SDUD EDL[R TXDQGR HVWH FDUUHJD HP VLPXOWkQHR QR ERWmR FRUUHVSRQGHQWH GH EDL[R H GH VDOWR $ 6FULSW JHVWRU GD LQWHUIDFH OLJDGD DR SHUVRQDJHP MRJiYHO H TXH FRQWpP RV EDO}HV
GH IDOD GR MRJDGRU 7DPEpP WRUQD SRVVtYHO R HIHLWR GH IOXWXDomR TXH FDGD EDOmR GH IDOD WHP LQGLYLGXDOPHQWH $ 3DUWH GR VFULSW HQFDUUHJXH GR PRYLPHQWR GD SHUVRQDJHP HP WRGRV RV HL[RV LQ
FOXLQGR R DIHFWR GD JUDYLGDGH R GHVOL]H D DQXODomR GH IRUoD GH DVFHQVmR YHUWLFDO TXDQGR R MRJDGRU EDWH HP DOJXP WHWR H D GHWHomR GH XPD SODWDIRUPD WUHVSDVVi YHO QRV SpV GD SHUVRQDJHP 7DPEpP HVWi HQFDUUHJXH GH WRGD D DQLPDomR TXH R VSULWH SRVVXL HVWDQGR OLJDGR DR DQLPDWRU GR 8QLW\ $ 3DUWH GR VFULSW HQFDUUHJXH GR PRYLPHQWR GD SHUVRQDJHP HP WRGRV RV HL[RV LQ
FOXLQGR R DIHFWR GD JUDYLGDGH R GHVOL]H D DQXODomR GH IRUoD GH DVFHQVmR YHUWLFDO TXDQGR R MRJDGRU EDWH HP DOJXP WHWR H D GHWHomR GH XPD SODWDIRUPD WUHVSDVVi YHO QRV SpV GD SHUVRQDJHP 7DPEpP HVWi HQFDUUHJXH GH WRGD D DQLPDomR TXH R VSULWH SRVVXL HVWDQGR OLJDGR DR DQLPDWRU GR 8QLW\
$ 3DUWH GR VFULSW HQFDUUHJXH GR PRYLPHQWR GD SHUVRQDJHP HP WRGRV RV HL[RV LQ FOXLQGR R DIHFWR GD JUDYLGDGH R GHVOL]H D DQXODomR GH IRUoD GH DVFHQVmR YHUWLFDO TXDQGR R MRJDGRU EDWH HP DOJXP WHWR H D GHWHomR GH XPD SODWDIRUPD WUHVSDVVi YHO QRV SpV GD SHUVRQDJHP 7DPEpP HVWi HQFDUUHJXH GH WRGD D DQLPDomR TXH R VSULWH SRVVXL HVWDQGR OLJDGR DR DQLPDWRU GR 8QLW\ $ 3DUWH GR VFULSW HQFDUUHJXH GR PRYLPHQWR GD SHUVRQDJHP HP WRGRV RV HL[RV LQ
FOXLQGR R DIHFWR GD JUDYLGDGH R GHVOL]H D DQXODomR GH IRUoD GH DVFHQVmR YHUWLFDO TXDQGR R MRJDGRU EDWH HP DOJXP WHWR H D GHWHomR GH XPD SODWDIRUPD WUHVSDVVi YHO QRV SpV GD SHUVRQDJHP 7DPEpP HVWi HQFDUUHJXH GH WRGD D DQLPDomR TXH R VSULWH SRVVXL HVWDQGR OLJDGR DR DQLPDWRU GR 8QLW\ $ 3DUWH GR VFULSW HQFDUUHJXH GR PRYLPHQWR GD SHUVRQDJHP HP WRGRV RV HL[RV LQ
FOXLQGR R DIHFWR GD JUDYLGDGH R GHVOL]H D DQXODomR GH IRUoD GH DVFHQVmR YHUWLFDO TXDQGR R MRJDGRU EDWH HP DOJXP WHWR H D GHWHomR GH XPD SODWDIRUPD WUHVSDVVi YHO QRV SpV GD SHUVRQDJHP 7DPEpP HVWi HQFDUUHJXH GH WRGD D DQLPDomR TXH R VSULWH SRVVXL HVWDQGR OLJDGR DR DQLPDWRU GR 8QLW\ $ 6FULSW HQFDUUHJXH GH OHYDQWDU H EDL[DU DGHUHoRV GR FHQiULR FRQIRUPD D SUR[LPL
GDGH GR MRJDGRU DGLFLRQDOPHQWH VHQGR SRVVtYHO FRQWURODU D YHORFLGDGH GH DVFHQ VmR H GHVFHQVmR $ 6FULSW TXH ID] DV SiV GR PRtQKR DQGDUHP j URGD $ 6FULSW TXH ID] D WHVWXUD GD iJXD PRYHUVH QXPD GHWHUPLQDGD GLUHomR FULDQGR D
LOXVmR GH XP ULR QR DPELHQWH GH MRJR
/LVWD GH 7DEHODV
(OHPHQWRV GH GHILQLomR GH XP MRJR
/LVWD GH $FU{QLPRV
8%, 8QLYHUVLGDGH GD %HLUD ,QWHULRU
13& 1RQ3OD\DEOH &KDUDFWHU 3HUVRQDJHP 1mR-RJiYHO
&DStWXOR
,QWURGXomR
1R LQtFLR GRV DQRV RV YLGHRMRJRV VXUJLUDP FRPR XP VLPSOHV PHLR GH GHPRQVWUDomR WHFQROy JLFD GH XPD IRUPD O~GLFD &RPHoDQGR SRU VHUHP GHVHQYROYLGRV HP DPELHQWHV DFDGpPLFRV QXPD DOWXUD RQGH D FDSDFLGDGH FRPSXWDFLRQDO HUD EDVWDQWH UHGX]LGD FRPSDUDGD j GH KRMH HP GLD WR GRV HVVHV MRJRV IRFDYDPVH VRPHQWH QDV PHFkQLFDV GH MRJDELOLGDGH LJQRUDQGR FRPSOHWDPHQWH D FRQVWUXomR GH XP FRQWH[WR QDUUDWLYR
3DVVDGDV GXDV GpFDGDV RV YLGHRMRJRV HQWUDUDP QR PHUFDGR FRP R DSDUHFLPHQWR GH FRQVRODV H PiTXLQDV DUFDGH H MRJRV IDEULFDGRV SDUD HVWDV FRPHoDUDP D DSUHVHQWDU DOJR TXH DQWHV QmR H[LVWLD QR PHLR XPD QDUUDWLYD 0HVPR TXH EUHYH H OLPLWDGD QD DOWXUD XPD QDUUDWLYD VHUYLD SDUD PRWLYDU R XWLOL]DGRU D MRJDU GDQGROKH XP SURSyVLWR LH XPD UHFRPSHQVD j VXSHUDomR GH REVWiFXORV TXH RV MRJRV LQHUHQWHPHQWH WrP 8P GRV SULPHLURV H[HPSORV p R MRJR GH DUFDGH
'RQNH\ .RQJ 1LQWHQGR RQGH p SRVVtYHO YHU DR LQLFLDU XP PDFDFR JLJDQWH D UDSWDU D
SUHWHQGHQWH GR SURWDJRQLVWD FRQWURODGR SHOR MRJDGRU H D ULUVH DSyV R WHU IHLWR R TXH SRGH VHU LQWHUSUHWDGR QmR Vy FRPR XPD SURYRFDomR j SHUVRQDJHP MRJiYHO FRPR WDPEpP DR MRJDGRU $R ORQJR GR MRJR D SHUVRQDJHP TXH SUHFLVD GH VHU VDOYD H[FODPD SRU DMXGD PRWLYDQGR R XWLOL]DGRU D FRQWLQXDU D MRJDU DWp DR ~OWLPR QtYHO R TXDO FDVR YHQoD PRVWUD R PDFDFR JLJDQWH D FDLU GD WRUUH RQGH PDQWLQKD D UHIpP HQTXDQWR R SURWDJRQLVWD H D VXD SUHWHQGHQWH VH UH~QHP QRYDPHQWH $SHVDU GH VLPSOHV D QDUUDWLYD SUHVHQWH QR MRJR HUD DOJR ~QLFR QD DOWXUD SRLV PXLWRV RXWURV YLGHRMRJRV GD DOWXUD FRPR 6SDFH ,QYDGHUV 7DLWR H 3DF0DQ 1DPFR SXQKDP R MRJDGRU QXP DPELHQWH MRJiYHO VHP FRQWH[WR QDUUDWLYR HP WRGD D VXD GXUDomR
'HVGH HQWmR DV QDUUDWLYDV SUHVHQWHV QRV MRJRV IRUDPVH DSULPRUDQGR DR ORQJR GRV DQRV SDUFLDO PHQWH JUDoDV j UiSLGD HYROXomR GDV WHFQRORJLDV GH LQIRUPDomR DV TXDLV RV YLGHRMRJRV XVDP FRPR IXQGDomR (VVH SURJUHVVR WHFQROyJLFR IH] FRP TXH YiULRV GHVHQYROYHGRUHV GH MRJRV H[SORUDVVHP WpFQLFDV SDUD D FULDomR GH QDUUDWLYDV PDLV FRPSOH[DV H IRL QR FLQHPD TXH HOHV PDLRULWDULDPHQWH VH LQVSLUDUDP SRLV p D OLQJXDJHP QDUUDWLYD PDLV SUy[LPD GRV MRJRV GHYLGR D XVDUHP WpFQLFDV DXGLRYLVXDLV SDUD WUDQVPLWLU D JUDQGH PDLRULD GH LQIRUPDomR DR HVSHFWDGRU
&RQVHTXHQWHPHQWH FRPHoDUDP D VXUJLU YiULRV MRJRV FRPR 0HWDO *HDU 6ROLG .RQDPL H
8QFKDUWHG 1DXJKW\ 'RJ TXH RIHUHFHP H[SHULrQFLDV EDVWDQWH FLQHPDWRJUiILFDV DWUDYpV
GH FXWVFHQHV PRPHQWRV DXWRPDWL]DGRV RQGH R MRJDGRU QmR WHP FRQWUROR VREUH D SHUVRQDJHP TXH QRUPDOPHQWH RSHUD H TXH JHUDOPHQWH p XVDGD FRPR IHUUDPHQWD GH DYDQoR QDUUDWLYR 1R
HQWDQWR R XVR GHVWD WpFQLFD DSUHVHQWD SUREOHPDV SRLV FULD XP GLVWDQFLDPHQWR HQWUH R SURJUHVVR GH QDUUDWLYD H PRPHQWRV GH MRJDELOLGDGH RQGH D KLVWyULD GR MRJR QmR DYDQoD e FRP EDVH QHVWH SUREOHPD TXH HVWD GLVVHUWDomR VH GHVHQYROYHX RQGH VH SURFXURX MXQWDU MRJDELOLGDGH H QDUUDWLYD GH XPD IRUPD PDLV XQLIRUPH H PRVWUDU FRPR LVVR SRGH EHQHILFLDU D H[SHULrQFLD GR MRJDGRU
2EMHWLYRV
(VWD GLVVHUWDomR WHYH FRPR REMHWLYR SULQFLSDO R GHVHQYROYLPHQWR GH XP MRJRSURMHWR RQGH IRUDP LPSOHPHQWDGDV WpFQLFDV TXH IDYRUHFHP R TXH p FRQKHFLGR FRPR KDUPRQLD OXGRQDUUDWLYD (VWH WHUPR p R RSRVWR D GLVVRQkQFLD OXGRQDUUDWLYD XP WHUPR RULJLQDOPHQWH FULDGR SRU &OLQW +RFNLQJ +RFNLQJ H GHILQHVH SRU XP FRQIOLWR HQWUH D PHQVDJHP TXH D QDUUDWLYD WUDQVPLWH H D TXH D MRJDELOLGDGH SURPRYH FULDQGR XP FKRTXH HQWUH DV GXDV TXH SRGH TXHEUDU D LPHUVmR GR MRJDGRU H DIHWDU D H[SHULrQFLD JHUDO GR MRJR )RL FRP EDVH QHVWH REMHWLYR TXH VH FKHJRX j TXHVWmRFKDYH GD GLVVHUWDomR
&RPR p TXH PHFkQLFDV GH JDPHSOD\ SRGHP SURPRYHU XPD H[SHULrQFLD QDUUDWLYD"
1D WHQWDWLYD GH VH UHVSRQGHU D HVWD SHUJXQWD IRL IHLWR XP HVWXGR LQLFLDO QmR Vy VREUH D RULJHP GRV YLGHRMRJRV H GD QDUUDWLYD FRPR jV VXDV QDWXUH]DV DQWDJyQLFDV R TXH ID] FRP TXH D XQLmR HQWUH DPEDV VHMD GLItFLO $LQGD QR HVWXGR WHyULFR IRUDP DSUHVHQWDGDV UD]}HV SHODV TXDLV p LPSRUWDQWH D H[LVWrQFLD GH XPD QDUUDWLYD QXP YLGHRMRJR FRPR HVWD SRGH FULDU XPD H[SHULrQFLD ~QLFD DR MRJDGRU H[FOXVLYD D HVWH PHLR
$R ORQJR GD GLVVHUWDomR IRUDP WDPEpP DSUHVHQWDGRV MRJRV SUHVHQWHV QR PHUFDGR DOJXQV VHU YLQGR GH H[HPSOR GH GLVVRQkQFLD OXGRQDUUDWLYD ³ VHQGR DSUHVHQWDGDV DV UD]}HV TXH R ID]HP JDQKDU HVVD FDUDFWHUtVWLFD ³ H RXWURV GH H[HPSOR GH KDUPRQLD OXGRQDUUDWLYD DRV TXDLV VHUmR DSRQWDGRV RV HOHPHQWRV TXH QR ILQDO VH WRUQDUDP UHIHUrQFLDV SDUD R SURMHWR SUiWLFR
0HWRGRORJLDV
0pWRGR GH (VWXGR
&RPHoDQGR SHOR HVWXGR WHyULFR IRUDP OLGRV YiULRV WH[WRV DFDGpPLFRV WDQWR DQWLJRV ³ QD EXVFD GH FRQKHFLPHQWR VREUH PHLRV O~GLFRV H QDUUDWLYRV FOiVVLFRV ³ FRPR HVWXGRV PDLV UHFHQWHV QmR OLPLWDGRV DR PHLR HVFULWR H[SDQGLQGRVH D RXWURV FRPR R DXGLRYLVXDO XVDGRV QD SHVTXLVD GH
WHPDV PDLV UHFHQWHV GHYLGR j UHODWLYD MXYHQWXGH GRV YLGHRMRJRV H DRV HVWXGRV VREUH HOHV
1D HVFROKD GH YLGHRMRJRV GH H[HPSOR XVRXVH R FRQKHFLPHQWR GR DXWRU VREUH WtWXORV FRP RV TXDLV R PHVPR Mi HVWi IDPLOLDUL]DGR H MRJRV DQDOLVDGRV HP RXWURV HVWXGRV VREUH RV WHPDV FRQWLGRV QHVWD GLVVHUWDomR
1D FRQVWUXomR GR MRJRSURMHWR IRL XVDGR XP PRWRU GH GHVHQYROYLPHQWR GH MRJRV JUDWXLWR H SDUD DOpP GR FRQWH~GR GHVHQYROYLGR SHOD HTXLSD IRUDP XWLOL]DGRV YiULRV DVVHWV GLVSRQtYHLV
QD ,QWHUQHW H GH XVR OLYUH HP SURGXWRV FRPHUFLDLV
/LPLWHV GH (VWXGR
&RP PLOKDUHV GH WtWXORV ODQoDGRV DR ORQJR GRV DQRV H GH]HQDV GH JpQHURV GH MRJR H[LVWHQWHV PRVWUDUVHLD XPD GHPDQGD LPSRVVtYHO SURFXUDU HP WRGRV HOHV IRUWHV H[HPSORV GH GLVVRQkQFLD RX KDUPRQLD OXGRQDUUDWLYD 3RU WDLV FDXVDV DFKRXVH QHFHVViULR FULDU XP OLPLWH GH HVWXGRV GH MRJRVH[HPSOR VHQGR R SULPHLUR SRQWR D LGDGH TXH R MRJR GHYH WHU &RPR D WHFQRORJLD HYROXLX GUDVWLFDPHQWH GHVGH R LQtFLR GR VpFXOR H FRPR RV YLGHRMRJRV VH DSURYHLWDP GDV QRYDV WHFQRORJLDV GHVHQYROYLGDV VHULD LQMXVWR FRPSDUDU D DSUHVHQWDomR QDUUDWLYD HQWUH XP MRJR GRV DQRV H XP GRV WHPSRV GH KRMH $VVLP VHQGR VHUmR Vy HVFROKLGRV MRJRV ODQoDGRV DWp GH] DQRV DWUiV j HVFULWD GHVWD GLVVHUWDomR
2 JpQHUR GH MRJR p RXWUR SRQWR D WHU HP DWHQomR SRLV DV H[SHULrQFLDV TXH HVWHV RIHUHFHP DRV VHXV XWLOL]DGRUHV SRGH GLIHUHQFLDU EDVWDQWH VH RV VHXV JpQHURV IRUHP PXLWR GLVWLQWRV e LPSRV VtYHO XP YLGHRMRJR GH FRUULGDV IUHQpWLFDV FRPR 7KH &UHZ ,YRU\ 7RZHU RIHUHFHU D PHVPD H[SHULrQFLD TXH XP MRJR GH JHVWmR GH XPD TXLQWD FRPR 6WDUGHZ 9DOOH\ &RQFHUQHG$SH 'H DFRUGR FRP R MRJRSURMHWR GHVHQYROYLGR VHUmR DQDOLVDGRV YLGHRMRJRV GR JpQHUR DYHQWXUD SODWDIRUPD RX DPERV
$SHVDU GH RV YLGHRMRJRV Mi FRQVHJXLUHP FRQWHU QDUUDWLYDV FRPSOH[DV FRPR XP SRQWR IRUWH GR SURGXWR Ki MRJRV DLQGD KRMH TXH HVFROKHP IRFDUVH PDLRULWDULDPHQWH HP PHFkQLFDV H GHL[DP D QDUUDWLYD HP SODQR VHFXQGiULR 1HVWHV MRJRV KDYHU XPD GLVFUHSkQFLD HQWUH HVWDV GXDV FRP SRQHQWHV QmR p WmR UHSURYDGRU SRLV QmR p R TXH RV GHVHQYROYHGRUHV GHVWDFDP QR SURGXWR FRPR IDWRU GH YHQGD 6y YLGHRMRJRV FRP XP JUDQGH IRFR QD QDUUDWLYD p TXH VHUmR DYDOLDGRV QHVWD GLVVHUWDomR
&RPR ~OWLPR SRQWR p LPSRUWDQWH DSRQWDU TXH DSHVDU GH R PHUFDGR GRV YLGHRMRJRV VHU JOREDO PXLWRV WtWXORV VmR H[FOXVLYRV GH FHUWDV UHJL}HV DOJXQV SRVVXLQGR DWp EDUUHLUDV OLQJXtVWLFDV VHQGR PDLV QRWyULD D GLIHUHQoD HQWUH R PHUFDGR RFLGHQWDO H RULHQWDO H HVWDQGR R DXWRU QXPD iUHD GH
5HFXUVRV Mi GHVHQYROYLGRV SDUD UiSLGD DSOLFDomR HP PRWRUHV GH GHVHQYROYLPHQWR GH MRJRV
PHUFDGR RFLGHQWDO QR JORER D H[SORUDomR GH YLGHRMRJRV HVWi OLPLWDGD D HVVD iUHD
&RP EDVH QD LQIRUPDomR DSUHVHQWDGD SRGHPVH UHVXPLU RV OLPLWHV GH HVWXGR DRV VHJXLQWHV SRQWRV
/DQoDGR QR Pi[LPR Ki GH] DQRV DWUiV
0HVPR JpQHUR GH MRJR SODWIRUPHU HRX DYHQWXUD
3RVVXLU XPD LQWHQomR QDUUDWLYD
(VWDU DFHVVtYHO QRV PHUFDGRV DRV TXDLV R DXWRU WHP DFHVVR
(VWUXWXUD GD 'LVVHUWDomR
3DUD DOpP GHVWH SULPHLUR FDStWXOR TXH VHUYLX FRPR XPD LQWURGXomR DR WHPD H j SHUJXQWD FKDYH j TXDO VH SUHWHQGH UHVSRQGHU SRGHPRV FRQWDU FRP PDLV FDStWXORV
2 VHJXQGR FDStWXOR UHIOHWH VREUH R RV HVWXGRV DFDGpPLFRV VREUH TXDLV R SURMHWR VH DSRLD LQ FOXLQGR XPD LQWURGXomR FRQWH[WXDO GRV FRQFHLWRV EDVH GH YLGHRMRJR H QDUUDWLYD
2 WHUFHLUR FDStWXOR FRQWpP R UHODWyULR GR GHVHQYROYLPHQWR GR SURMHWR DV VXDV YiULDV IDVHV GH HYROXomR GRV VHXV FRPSRQHQWHV MRJRVH[HPSOR QRV TXDLV YiULDV PHFkQLFDV GR SURMHWR VH EDVHLDP H DV IHUUDPHQWDV GH WHUFHLURV XVDGDV
2 TXDUWR H ~OWLPR FDStWXOR WUDWDVH GD FRQFOXVmR j TXDO VH FKHJRX DSyV R GHVHQYROYLPHQWR GR SURMHWR FRPR RV HVWXGRV GD GLVVHUWDomR IRUDP LPSOHPHQWDGRV H FRPR LVVR DFUHVFHQWRX YDORU DR SURGXWR QD RSLQLmR GR DXWRU 7DPEpP DTXL VH IDOD VREUH DV GLILFXOGDGHV TXH VXUJLUDP DR ORQJR GD HVFULWD GD WHVH H GHVHQYROYLPHQWR GR MRJR DVVLP FRPR RV SDVVRV IXWXURV VREUH D SUHSDUDomR GR MRJRSURMHWR SDUD VHU FRORFDGR QR PHUFDGR GRV YLGHRMRJRV
&DStWXOR
(VWDGR GD $UWH
,QWURGXomR
-RJRV
%ULQFDU p XPD DWLYLGDGH IXQGDPHQWDO QR GHVHQYROYLPHQWR GH YiULRV VHUHVYLYRV SRGHQGR VHU YLVWD D RFRUUHU WDQWR HQWUH FULDQoDV RX FULDV FRPR HQWUH DGXOWRV KXPDQRV RX DQLPDLV $SH VDU GDV EULQFDGHLUDV GH FULDQoDV H GH DGXOWRV VHUHP KDELWXDOPHQWH GLIHUHQWHV WRGDV HODV WrP XP SURSyVLWR SDUD DOpP GR SUD]HU H EHPHVWDU 7RGD D EULQFDGHLUD DFDED SRU VHUYLU GH WUHLQR D XPD DSWLGmR VHMD HOD ItVLFD PHQWDO RX VRFLDO SRGHQGR HVWD VHU QHFHVViULD SRVWHULRUPHQWH QXP DPELHQWH UHDO +XL]LQJD 8P FDVR QRWiYHO VmR OH}HV EULQFDUHP HQWUH VL TXDQGR VH HQFRQWUDP HP WHPSR GH UHSRXVR PDQWHQGR D VXD DSWLGmR ItVLFD SDUD SRVWHULRUPHQWH HVWDUHP PHOKRU SUHSDUDGRV SDUD FDoDU RX SDUD TXDQGR p QHFHVViULR GHIHQGHUHP DV VXDV FULDV 2 +R PHP SDUD DOpP GH DQWLJDPHQWH WDPEpP SDUWLFLSDU QHVWHV FRVWXPHV FULRX XPD UDPLILFDomR GH EULQFDGHLUDV TXH KRMH HP GLD VmR GHQRPLQDGDV GH MRJRV TXH KRMH HP GLD VmR XPD SDUWH LQGLVSHQViYHO GH YiULDV FXOWXUDV KXPDQDV &DLOORLV
$SHVDU GD VXD SUHVHQoD PXQGLDO RX WDOYH] SRU HVVD PHVPD UD]mR p GLItFLO HQFRQWUDU XPD GHIL QLomR SUHFLVD GR TXH VH WUDWD XP MRJR FRP 'DYLG 3DUOHWW 3DUOHWW D DILUPDU TXH p LQ~WLO WHQWDU HQFRQWUDU XPD VLPSOHV GHILQLomR GHYLGR j JUDQGH YDULHGDGH GH FDUDFWHUtVWLFDV GRV YiULRV MRJRV H[LVWHQWHV PXQGLDOPHQWH $LQGD DVVLP YiULRV HVWXGLRVRV WRPDUDP FRPR UHVSRQVDELOLGDGH FKHJDU D XPD GHILQLomR PDLV SUy[LPD SRVVtYHO GR TXH DFUHGLWDP VHU YHUGDGHLUDPHQWH XP MRJR H PHVPR YDULDQGR OLJHLUDPHQWH HQWUH VL Ki P~OWLSORV SRQWRV TXH RV DXWRUHV FRQFRUGDP TXH GHOLQHLD XP MRJR GH TXDOTXHU RXWUD DWLYLGDGH (ULF =LPPHUPDQ H .DWLH 6DOHQ DQDOLVDP WH[WRV GH RXWURV DXWRUHV QD SURFXUD GHVWD GHOLQHDomR QR VHX OLYUR 5XOHV RI 3OD\ *DPH 'HVLJQ )XQGD
PHQWDOV 6DOHQ DQG =LPPHUPDQ -XQWDQGR HVVHV WH[WRV DR OLYUR GH =LPPHUPDQ H 6DOHQ
FKHJRXVH D VHLV SRQWRV GHOLPLWDGRUHV QD GHILQLomR GH XP MRJR
2 SRQWR PDLV TXH PDLV IDFLOPHQWH VH IDOD TXDQGR VH GLVFXWH D GHILQLomR GH XP MRJR p D H[LVWrQFLD GH LQWHUDWLYLGDGH SRLV R SUySULR YHUER ·MRJDU· VLJQLILFDU ·WRPDU SDUWH QXPD DWLYLGDGH O~GLFD SRU SUD]HU RX UHFUHLR EULQFDU· $EW 6XLWV 6XWWRQ6PLWK H =LPPHUPDQ IDODP HVSHFLILFDPHQWH -RJDU LQ 'LFLRQiULR LQIRSpGLD GD /tQJXD 3RUWXJXHVD 3RUWR 3RUWR (GLWRUD >FRQVXOW
GHVWD FRPSRQHQWH PDV WDPEpP DSRQWDP TXH HVWD Vy SRU VL p GHPDVLDGR DEUDQJHQWH SRLV TXDOTXHU DWLYLGDGH TXH RULJLQH XPD HVSpFLH GH UHVSRVWD p SRU GHILQLomR LQWHUDWLYD QmR VHQGR OLPLWDGD D MRJRV &UDZIRUG H &RVWLN\DQ WDPEpP PHQFLRQDP D WRPDGD GH GHFLV}HV FRPR XPD SDUWH IXQGDPHQWDO GRV MRJRV PDV FRPR XPD GHFLVmR PHQWDO p VHJXLGD SRU XPD DomR HVWH SRQWR SRGH VHU XQLGR j LQWHUDWLYLGDGH
3DUD XPD DWLYLGDGH VHU O~GLFD ³ H SRVVLYHOPHQWH XP MRJR ³ WHP TXH UHVXOWDU HP SUD]HU H GHVIUXWH GR XP RX YiULRV SDUWLFLSDQWHV H p LPSRVVtYHO R VXUJLPHQWR GH WDO VH QmR Ki D YROXQWDULHGDGH SDUD SDUWLFLSDU QHVVDV DWLYLGDGHV 'HVVD IRUPD &DOORLV 6XLWV H 6XWWRQ6PLWK FRQVLGHUDP SHUWLQHQWH WRGR H TXDOTXHU SDUWLFLSDQWH GH XP MRJR YROXQWDULDUVH SDUD R ID]HU SRLV DR VHUVH IRUoDGD D SDUWLFLSDomR R MRJR SDVVD D SRGHU VHU FRQVLGHUDGR XP WUDEDOKR RX XPD WDUHID DXVHQWH GH SUD]HU =LPPHUPDQ DSRQWD TXH DSHVDU GD YROXQWDULHGDGH VHU XP SRQWR YiOLGR QD FDUDFWHUL]DomR GH XP MRJR HVWD UHIOHWH VREUH D DWLYLGDGH GH MRJDU H QmR VREUH R MRJR HP VL
2 SRQWR TXH WRGRV RV DXWRUHV H[FHSWR &RVWLN\DQ PHQFLRQDUDP VHU HVVHQFLDO QD GHVFULomR GH XP MRJR p D H[LVWrQFLD GH UHJUDV TXH OLPLWDP R TXH XP MRJDGRU SRGH H QmR SRGH ID]HU TXDQGR SDUWLFLSD QXP MRJR 6XLW HQWUD HP PDLRU GHWDOKH VREUH HVWH SRQWR HVSHFLILFDQGR TXH DV UH JUDV SURtEHP PpWRGRV PDLV HILFLHQWHV GH VXSHUDU REVWiFXORV GH PDQHLUD D FULDU FRQGLo}HV TXH WRUQHP R MRJR PDLV LQWHUHVVDQWH H MXVWR
$VVLP FRPR DV UHJUDV D JUDQGH PDLRULD GRV DXWRUHV FRQVLGHUD REMHWLYRV FRPR XP IDFWRU GHWHU PLQDQWH QD FDUDFWHUL]DomR GH XP MRJR +XL]LQJD p R ~QLFR DXWRU TXH QmR ID] TXDOTXHU PHQomR VREUH REMHWLYRV PDV WDO SRGH VHU GHYLGR D +XL]LQJD HVWXGDU PDLV R EULQFDU HP YH] GR MRJR &DLOORLV VHQGR TXH R SULPHLUR QmR SRVVXL XP REMHWLYR SUHGHILQLGR DR LQYpV GR VHJXQGR H DSHVDU GH &DOORLV H &UDZIRUG QmR DSUHVHQWDUHP R REMHWLYR FRPR XP GRV SRQWRV GD GHILQL omR GH MRJR p SRVVtYHO YHU D PHQomR DR PHVPR QR WH[WR GH RXWURV SRQWRV SUHVHQWHV QDV VXDV REUDV 2XWUR SRQWR TXH VH SRGH FRQVLGHUDU TXH WHP OLJDomR DRV REMHWLYRV GR MRJR p R HOHPHQWR GH FRQIOLWR SRLV SDUD XP MRJDGRU DWLQJLU R REMHWLYR GXP MRJR p QHFHVViULR TXH HVWH HQIUHQWH FRQIOLWRV LQGHSHQGHQWHPHQWH VH IRUHP UHJUDV RX REVWiFXORV QR FDVR GH MRJRV LQGLYLGXDLV H GH FRRSHUDomR RX RXWURV MRJDGRUHV FRP REMHWLYRV DQWDJyQLFRV HP MRJRV FRPSHWLWLYRV
7DQWR WHPSRUDOPHQWH FRPR HVSDFLDOPHQWH RV MRJRV VmR LVRODGRV GD YLGD UHDO DILUPDP +XL]LQJD &DOORLV &UDZIRUG H =LPPHUPDQ ,VVR QmR TXHU GL]HU TXH VLWXDP IRUD GR GRPtQLR GD UHDOLGDGH H TXH QmR VHJXHP DV OHLV GR WHPSR H HVSDoR PDV TXH HP DPERV VmROKH FULDGRV OLPLWHV WDPEpP FRQKHFLGRV FRPR WHPSR GH MRJR FRPR RV PLQXWRV ³ PDLV SRVVtYHLV SURORQJDPHQWRV ³ QXP MRJR GH IXWHERO H D iUHD GH MRJR FRPR XPD PHVD QD PDLRULD GRV MRJRV GH FDUWDV H GH WDEXOHLUR RQGH IRUD GHVVH LQWHUYDOR H iUHD R MRJR GHL[D GH H[LVWLU
$GDSWDQGR RV HOHPHQWRV SUHYLDPHQWH DSUHVHQWDGRV H QD WDEHOD SUHVHQWH QR OLYUR GH 6DOHQ H
@ 'LVSRQtYHO QD ,QWHUQHW KWWSV ZZZLQIRSHGLDSWGLFLRQDULRVOLQJXDSRUWXJXHVDMRJDU
=LPPHUPDQ 6DOHQ DQG =LPPHUPDQ SRGH FKHJDUVH j VHJXLQWH WDEHOD RQGH VH YHULILFD R TXH FDGD DXWRU GHIHQGH FRPR GHILQLomR GH MRJR
7DEHOD (OHPHQWRV GH GHILQLomR GH XP MRJR
(OHPHQWRV GH GHILQLomR GH XP MRJR ,QWHUDWLYLGDGH 9ROXQWDULHGDGH 5HJUDV 2EMHWLYRV ,VRODPHQWR 3DUOHWW $EW +XL]LQJD &DLOORLV 6XLWV &UDZIRUG &RVWLN\DQ $YHGRQ 6XWWRQ6PLWK 6DOHQ =LPPHUPDQ
e SRVVtYHO FRQFOXLU TXH DSHVDU GH QmR KDYHU XPD GHILQLomR DEVROXWD GR TXH FRQVWLWXL XP MRJR RV SRQWRV SUpYLRV VmR LPSRUWDQWHV QD GLVWLQomR HQWUH HVWHV H TXDOTXHU RXWUD DWLYLGDGH
)RUD GD GHILQLomR GH MRJR 5RJHU &DOORLV &DLOORLV DSUHVHQWRX XP JUXSR GH FDWHJRULDV TXH DMXGDP QD GLIHUHQFLDomR HQWUH MRJRV H D SHUFHEHU R IRFR DWUDWLYR GH FDGD XP (VWDV TXDWUR FDWHJRULDV VmR $J{Q $OHD 0LPLFU\ H ,OLQ[
$J{Q UHVXPHVH DR HOHPHQWR FRPSHWLWLYR SUHVHQWH QD JUDQGH PDLRULD GRV MRJRV DWUDYpV GR
FRQIURQWR GLUHWR HQWUH GXDV RX PDLV HQWLGDGHV LQGHSHQGHQWHV (VWH FRQIURQWR QmR VH WUDWD QH FHVVDULDPHQWH GH FRQIOLWR ItVLFR SRGHQGR VHU GHPRQVWUDGR GH LQ~PHUDV RXWUDV PDQHLUDV XVDQGR GLYHUVDV SHUtFLDV KXPDQDV FRPR DJLOLGDGH RX LQWHOHFWR 'HVSRUWRV VmR R H[HPSOR TXH PDLV IDFLO PHQWH VH LQVHUH QHVWD FDWHJRULD PDV RXWURV MRJRV TXH UHTXHLUDP D DGYHUVLGDGH HQWUH HQWLGDGHV VHMDP HODV LQGLYLGXDLV RX FROHWLYDV VmR FRQVLGHUDGRV MRJRV DJ{Q 2 REMHWLYR GHVWH JpQHUR GH MRJRV p D GHPRQVWUDomR GH DSWLG}HV VHMDP HODV ItVLFDV RX PHQWDLV SDUD VHUYLU GH FRPSDUDomR LPHGLDWD FRP RXWURV SDUWLFLSDQWHV QXPD HVSpFLH GH FRUULGD SDUD SURYDU TXHP p R PHOKRU QXP GHWHUPLQDGR DVSHWR KXPDQR
2ULJLQDGD GR ODWLP H FRP R VLJQLILFDGR GH ·DOHDWyULR FKDQFH· DOHD SUHWHQGH FDWHJRUL]DU WRGRV RV MRJRV TXH FRQWpP TXDOTXHU HOHPHQWR IRUD GR FRQWUROR GRV MRJDGRUHV TXH SRVVD LQIOXHQFLDU R UHVXOWDGR GR MRJR WDPEpP FRQKHFLGD FRPR VRUWH 2V MRJRV TXH PDLV IDFLOPHQWH VH FDWHJRUL]DP FRPR DOHD VmR RV MRJRV GH FDVLQR PDV H[LVWHP WDPEpP RXWURV MRJRV TXH FRQWpP R HOHPHQWR GH DOHDWRULHGDGH ³ PHVPR TXH HP PHQRU HVFDOD ³ FRPR MRJRV TXH GmR XVR D GDGRV RX XP EDUDOKR SRLV QHVWHV p LPSRVVtYHO WHU FRQWUROR WRWDO VREUH R PRYLPHQWR GRV GDGRV TXDQGR HVWHV VDHP GD PmR GR MRJDGRU RX GDV FDUWDV TXH VmR GLVWULEXtGDV QR LQtFLR HRX GXUDQWH R MRJR -RJRV IRFDGRV HP DOHD VmR DWUDWLYRV SHOR IDFWR TXH SHUPLWHP TXH TXDOTXHU SHVVRD JDQKH LQGHSHQGHQWHPHQWH VH p D PDLV KiELO RX QmR SRLV D VRUWH SRGH ILFDU GR ODGR GH TXDOTXHU LQGLYtGXR D TXDOTXHU DOWXUD H HVWi IRUD GR FRQWUROR GH TXDOTXHU XP FULDQGR WRWDOPHQWH RX SDUFLDOPHQWH XP Sp GH LJXDOGDGH HQWUH FRQFRUUHQWHV
*UDoDV DR LVRODPHQWR QDWXUDO TXH RV MRJRV WrP GD YLGD UHDO DOJXQV GHOHV DRV TXDLV OKH p GDGR R QRPH GH PLPLFU\ SHUPLWHP TXH R MRJDGRU WRPH XP SDSHO ILFWtFLR TXH GH FHUWD PDQHLUD DIHWD R VHX FRPSRUWDPHQWR RX PDQHLUD GH SHQVDU 'H IDFWR R SRQWR IRFDO GHVWH JpQHUR GH MRJRV p D IXJD DR TXRWLGLDQR GD UHDOLGDGH SHUPLWLQGR D WRPDGD GH XP SDSHO H[WUDRUGLQiULR TXH VH WRPDGR IRUD GR MRJR SRGHULD FDXVDU HVWUDQKH]D D HVSHFWDGRUHV -RJRV FRP HOHPHQWRV GH
PLPLFU\ SHUPLWHP HQWmR TXH MRJDGRUHV VH WRUQHP DOJR TXH QRUPDOPHQWH QmR VmR PDV RQGH
HVVH QRYR VHU WHP XP SDSHO IXQFLRQDO GHQWUR GR MRJR e SRVVtYHO YHULILFDUVH HVWH HOHPHQWR HP MRJRV RQGH H[LVWH XP FRQWH[WR QDUUDWLYR FRPR QR MRJR GH WDEXOHLUR 'XQJHRQV 'UDJRQV *\JD[ DQG $UQHVRQ RQGH D FDGD SDUWLFLSDQWH p GDGR XP SDSHO GH SHUVRQDJHP FDGD XP GHODV FRP IXQFLRQDOLGDGHV GLIHUHQWHV H DSHVDU GH XPD SHVVRD QmR GHL[DU GH VHU TXHP p TXDQGR LQFRUSRUD HVVH SDSHO D VXD PDQHLUD GH SHQVDU RX DJLU SRGH PXGDU SDUD PHOKRU LQFRUSRUDU D SHUVRQDJHP TXH OKH p DWULEXtGD VRPHQWH SDUD R SUD]HU TXH WDO WUDQVIRUPDomR WUD] RX SDUD PHOKRUDU D FKDQFH GH YLWyULD VH D PXGDQoD GH SHUVRQDOLGDGH RX SRVWXUD IRU RSRUWXQD QR MRJR
3RU ~OWLPR LOLQ[ WUDWDVH GD VHQVDomR GH YHUWLJHP RX GH DGUHQDOLQD TXH DOJXQV MRJRV RULJLQDP DWUDYpV GD SUHVHQoD GH DWLYLGDGHV TXH TXHEUDP D HVWDELOLGDGH H VHJXUDQoD ItVLFD $SHVDU GH MRJRV FDWHJRUL]DGRV FRPR LOLQ[ SRGHUHP VHU YLVWRV FRPR XPD DWLYLGDGH GH ULVFR D GHVFDUJD GH DGUHQDOLQD SHUPLWH TXH R MRJDGRU HQWUH QXP HVWDGR GH r[WDVH GH WDO PDQHLUD TXH DWLYLGD GHV GR TXRWLGLDQR UDUDPHQWH SURSRUFLRQDP $WLYLGDGHV TXH SRGHP FRPSURPHWHU D VHJXUDQoD ItVLFD FRPR GHVSRUWRV UDGLFDLV GHVSRUWRV GH FRPEDWH FRUULGDV H EULQFDGHLUDV HVWRQWHDQWHV VmR H[HPSORV GHVWD FDWHJRULD GH MRJRV TXH YLVD H[SHULPHQWDU FRP RV OLPLWHV GR VHU SRQGRRV UHSHWLWLYDPHQWH j SURYD
3DUD DOpP GDV TXDWUR FDWHJRULDV GH MRJRV SURSRVWDV &DOORLV HVFUHYHX WDPEpP VREUH XP HVSHFWUR GH GRLV H[WUHPRV DQWDJyQLFRV RQGH TXDOTXHU MRJR VH LQVHUH PDV QXQFD SHUWHQFHQGR WRWDOPHQWH D XP ODGR RX DR RXWUR &DLOORLV 'H XP ODGR HQFRQWUDVH SDLGLD D OLEHUGDGH GH EULQFDU LQVWLQWLYDPHQWH VHP REMHWLYR SDUD DOpP GD GLYHUVmR H EHPHVWDU H j TXDO QmR VmR LPSLQJLGDV UHJUDV RX OLPLWHV 1R ODGR RSRVWR D SDLGLD OXGXV DEUDQJH R FRQFHLWR GH UHJUDV H RUGHP OLPLWHV QD OLEHUGDGH TXH SHUPLWHP TXH DWLYLGDGHV VHMDP RULHQWDGDV SDUD XP REMHWLYR SUHFLVR
e LPSRUWDQWH UHIRUoDU D LGHLD TXH QHQKXP MRJR p WRWDOPHQWH SDLGLD RX OXGXV SRLV GHL[DULDP GH VHU XP MRJR VH DVVLP IRVVH 6H XPD DWLYLGDGH IRU FRPSRVWD VRPHQWH GH HOHPHQWRV SDLGLD VLJ QLILFD TXH QHOD QmR Ki REMHWLYRV QHP UHJUDV GRLV SRQWRV HOHPHQWDUHV GRV MRJRV UHVXPLQGRVH VRPHQWH D XPD EULQFDGHLUD HVSRQWkQHD 1R FDVR RSRVWR VH XPD DWLYLGDGH Vy FRQWHU UHJUDV H OLPLWHV LVVR SURtEH D H[SORUDomR GH DERUGDJHQV TXH RV MRJRV REULJDWRULDPHQWH SUHFLVDP OLPLWDQGRVH D VHU XP FRQMXQWR GH RUGHQV VHP SRVVLELOLGDGH GH YDULDomR RX H[SHULPHQWDomR RXWUR HOHPHQWR HVVHQFLDO j FRPSRVLomR GH XP MRJR e SRVVtYHO HQWmR DILUPDU TXH WRGRV RV MRJRV SRVVXHP WDQWR SDLGLD FRPR OXGXV FDGD XP HP TXDQWLGDGHV GLIHUHQWHV )DFLOPHQWH p YLVWD WDO DILUPDomR HP YiULRV MRJRV UHFRQKHFLGRV 1R IXWHERO H[LVWH D UHJUD GH QmR XVDU DV PmRV RX
EUDoRV QR WUDQVSRUWH GD EROD SDUD D EDOL]D GR DGYHUViULR PDV DSHVDU GH RV SpV VHUHP RV PHP EURV PDLV XVDGRV QHVWH GHVSRUWR WDPEpP Ki D OLEHUGDGH GH GH XVDU R WRUVR H FDEHoD SDUD RV MRJDGRUHV WHUHP PDLV OLEHUGDGH QR PDQHMR GD EROD (P MRJRV GH WDEXOHLUR FRPR R PRQRSyOLR H[LVWH D UHJUD GD GLUHomR GD WUDYHVVLD GR WDEXOHLUR H TXH p QHFHVViULR SDJDU TXDQGR XP MRJD GRU VH HQFRQWUD QD FDVD GH RXWUR 1R HQWDQWR QHQKXP MRJDGRU p REULJDGR D FRPSUDU WHUUHQRV VHPSUH TXH D SHoD UHSRXVD QXP GHOHV TXH HVWHMD OLYUH 7DPEpP QmR HVWi LQGLFDGR HP QHQKXPD UHJUD TXH RV MRJDGRUHV QmR SRGHP D TXDOTXHU DOWXUD QHJRFLDU WURFDV GH SURSULHGDGHV H DOJXQV MRJDGRUHV WRPDP HVVD OLEHUGDGH SDUD WRUQDU R MRJR PDLV LQWHUHVVDQWH SDUD HOHV 1R ILQDO XP HVSHWUR WmR YDVWR SHUPLWH XPD LQILQLWD YDULDomR GH MRJRV TXH WrP QtYHLV GLIHUHQWHV GH SDLGLD H
OXGXV GLILFLOPHQWH VHQGR XP LJXDO DR RXWUR
9LGHRMRJRV
&RP R DSDUHFLPHQWR GR FRPSXWDGRU HP DPELHQWHV DFDGpPLFRV QR ILQDO GRV DQRV SURIHVVRUHV H DOXQRV FRPHoDUDP D GHVHQYROYHU SURJUDPDV SDUD WHVWDU DV FDSDFLGDGHV WHFQROyJLFDV GDV Pi TXLQDV DOJXQV GHVWHV DFDEDQGR SRU VHUHP YHUV}HV GLJLWDLV GH MRJRV DQDOyJLFRV IDPRVRV FRPR R MRJRGRJDOR H WpQLV )LJXUD )RL DVVLP TXH QDVFHUDP RV YLGHRMRJRV MRJRV TXH XVDP D WHFQRORJLD FRPSXWDFLRQDO SDUD FULDU XPD UHSUHVHQWDomR DXGLRYLVXDO FRP TXDO RV XWLOL]DGRUHV SRGHP LQWHUDJLU
$LQGD TXH LQLFLDOPHQWH HVWHV MRJRV WHQKDP HVWDGR GLVSRQtYHLV VRPHQWH D PHPEURV GH LQVWLWXL o}HV DFDGpPLFDV H H[SRVWRV HP IHLUDV WHFQROyJLFDV FRPR D ([SRVLomR 1DFLRQDO &DQDGHQVH RQGH R SULPHLUR YLGHRMRJR GR MRJR GR JDOR IRL LQLFLDOPHQWH DSUHVHQWDGR QmR IRUDP QHFHVViULDV PDLV GH GXDV GpFDGDV SDUD RV YLGHRMRJRV DWLQJLUHP R PHUFDGR JHUDO DWUDYpV GH FRQVRODV H PiTXLQDV GH DUFDGH 'HVGH HQWmR D UiSLGD HYROXomR WHFQROyJLFD SHUPLWLX D WDPEpP UiSLGD HYROXomR GRV YLGHRMRJRV SDVVDQGR GD OLPLWDomR TXH RV SURFHVVDGRUHV GH RLWR ELWV WLQKDP )LJXUD SDUD FRPSXWDGRUHV FDSD]HV GH SURFHVVDU LQIRUPDomR GH IRUPD WmR UiSLGD TXH SHUPLWH D FRQVWUXomR GH YLGHRMRJRV D XP QtYHO GH GHWDOKH PHFkQLFR H JUiILFR EDVWDQWH VHPHOKDQWH j YLGD UHDO
2 TXH GLIHUHQFLD RV YLGHRMRJRV GRV MRJRV DQDOyJLFRV ³ SDUD DOpP GD LQWHUIDFH GLJLWDO ³ p R XVR GR FRPSXWDGRU SDUD H[HFXWDU RSHUDo}HV OyJLFDV TXH SHUPLWH D H[LVWrQFLD GH IXQFLRQDOLGDGHV TXH VHULDP PDLV GHPRUDGDV RX DWp LPSRVVtYHLV GH UHSOLFDU QXP DPELHQWH DQDOyJLFR (P 53*VFOiVVL
FRV FRPR 'XQJHRQV 'UDJRQV FiOFXORV VmR UHDOL]DGRV SDUD D H[HFXomR GH P~OWLSODV RSHUDo}HV FDGD XPD RFXSDQGR PHURV VHJXQGRV PDV TXH DFXPXODGDV UHYHODP XP WHPSR FRQVLGHUiYHO DSOL FDGR QHVWD WDUHID 7DUHID TXH XP FRPSXWDGRU FRQVHJXH FRUUHU HP WHPSR LPSHUFHWtYHO FRPR p SRVVtYHO YHU HP LQ~PHURV YLGHRMRJRV GH 53* 2XWUR DVSHWR TXH Gi XPD YDQWDJHP DRV YLGHRMRJRV VREUH RV MRJRV DQDOyJLFRV p D FDSDFLGDGH JUiILFD SRLV DR VLWXDUVH QXP DPELHQWH HVWULWDPHQWH
5ROH 3OD\LQJ *DPH
)LJXUD 3ULPHLURV YLGHRMRJRV
PRE\JDPHVFRP YLGHRJDPHKLVWRU\ZLNLDFRP
GLJLWDO p SRVVtYHO FULDU HIHLWRV YLVXDLV TXH FDSWDP D DWHQomR GRV MRJDGRUHV TXH p LPSRVVtYHO UHSOLFDU QXP MRJR DQDOyJLFR
$SyV GD FULVH GH RQGH D LQG~VWULD GH YLGHRMRJRV VRIUHX XPD JUDQGH UHFHVVmR HFRQyPLFD GHYLGR j VDWXUDomR GH MRJRV H TXH GXUDQWH GRLV DQRV S{V HP FDXVD D YLDELOLGDGH HFRQyPLFD GD LQG~VWULD 6ZLQN GHXVH XP UHQDVFLPHQWR JUDoDV j HQWUDGD GD 1LQWHQGR (QWHUWDLQPHQW
6\VWHP QR PHUFDGR RFLGHQWDO HP FRP MRJRV LFyQLFRV FRPR 6XSHU 0DULRV %URV 1LQWHQGR
H 7KH /HJHQG RI =HOGD 1LQWHQGR TXH MXQWRV YHQGHUDP PDLV GH PLOK}HV GH XQL GDGHV 2 VXFHVVR GD FRQVROD SHUPLWLX TXH R LQWHUHVVH GR S~EOLFR UHVVXUJLVVH H GDt HP GLDQWH RV YLGHRMRJRV JDQKDUDP FDGD YH] PDLV XP OXJDU QD YLGD TXRWLGLDQD GDV SHVVRDV WDPEpP SRU HIHLWR GD FUHVFHQWH DGRomR GH FRPSXWDGRUHV SHVVRDLV FDSD]HV GH FRUUHU MRJRV H PDLV UHFHQWHPHQWH R PHUFDGR PRELOH TXH p GH IiFLO DFHVVR DR S~EOLFR
2 FUHVFLPHQWR GR VXFHVVR GRV YLGHRMRJRV p YLVtYHO QmR Vy QR VHX LPSDFWR FXOWXUDO FRPR WDPEpP
)LJXUD &ySLD GH VSULWH FRP FRORUDomR GLIHUHQWH GHYLGR jV OLPLWDo}HV FRPSXWDFLRQDLV IDFWV]RQH
QR VHX UHQGLPHQWR HFRQyPLFR (P IH]VH XP HVWXGR .RUWHNDDV RQGH VH UHJLV WRX XPD UHFHLWD JOREDO GH ELOL}HV GH GyODUHV QD YHQGD GH YLGHRMRJRV H[FOXLQGR D YHQGD GH VLVWHPDV RX SHULIpULFRV H HP SRXFR PDLV GH XPD GpFDGD IRL DVVLQDODGR XP FUHVFLPHQWR GH DSUR[LPDGDPHQWH FRP XP UHQGLPHQWR GH ELOL}HV GH GyODUHV HP PDLRU SDUWH GHYLGR DR UiSLGR FUHVFLPHQWR GR PHUFDGR PRELOH TXH GHVGH R VXUJLPHQWR GR SULPHLUR L3KRQH HP Mi FRQTXLVWRX GR UHQGLPHQWR GR PHUFDGR GH YLGHRMRJRV (VWi WDPEpP SUHYLVWR TXH HVWHV YDORUHV FRQWLQXHP D DXPHQWDU FRP D UHFHLWD JOREDO GD LQG~VWULD D DWLQJLU RV ELOL}HV GH GyODUHV
1DUUDWLYD
$VVLP FRPR RV MRJRV DV QDUUDWLYDV ID]HP SDUWH GD FXOWXUD KXPDQD GHVGH RV WHPSRV DQWLJRV FKHJDQGR D HVWDU SUHVHQWH PHVPR QD SUpKLVWyULD DWUDYpV GH SLQWXUDV H JUDYXUDV QDV SDUHGHV GH FDYHUQDV RQGH XPD VHTXrQFLD GH LPDJHQV FRQWDYDP KLVWyULDV VLPSOHV GH ULWXDLV H KiELWRV 8P GRV SURSyVLWRV TXH DV KLVWyULDV VHPSUH WLYHUDP IRL GH WUDQVPLWLU FRQKHFLPHQWRV VREUH R PXQGR GH XPD JHUDomR SDUD D VHJXLQWH TXHU VHMD DWUDYpV GH SLQWXUD GDQoD IDOD RX RXWUR PHLR SURYDQGR VHU HVVHQFLDO SDUD D VREUHYLYrQFLD H HYROXomR GH VRFLHGDGHV HP WHPSRV DQWLJRV 0DV D QDUUDWLYD DQWLJD QmR VH OLPLWDYD DR UHODWR FRPSOHWDPHQWH ILHO GH HYHQWRV SDVVDGRV -i QR VpFXOR ;;, D& D (SRSHLD GH *LOJDPHVK ³ D PDLV DQWLJD REUD OLWHUiULD UHJLVWDGD ³ Mi FRQWDYD FRP SRHWL]DomR GH HYHQWRV FULDQGR XPD FDPDGD GH ILFomR QR TXH VH DFUHGLWDP VHU DFRQWHFLPHQWRV UHDLV $ ILFomR TXH Mi QHVVH WHPSR VH PRVWUDYD SUHVHQWH IRL WRUQDQGR FDGD YH] PDLV QRWiYHO FRP WHDWURV QD *UpFLD DQWLJD FRPSRVWRV FRPSOHWDPHQWH SRU ILFomR TXH QD DOWXUD HUDP FRQVLGHUDGRV HYHQWRV GH KRQUD D GHXVHV H SRUWDQWR GH Pi[LPD LPSRUWkQFLD $ WUDJHGLD ILFWtFLD DSUHVHQWDGD QHVVHV HYHQWRV PDUFRX WDQWR D SRSXODomR GR PXQGR RFLGHQWDO TXH DV VXDV LQIOXrQFLDV PDQWrPVH DLQGD KRMH JUDoDV DR TXH p FRQKHFLGR FRPR ·&kQRQH 2FLGHQWDO· XP FRQMXQWR GH DXWRUHV FRQVLGHUDGRV H[HPSODUHV TXH ³ DWUDYpV GDV VXDV REUDV ³ PROGDUDP D FXOWXUD DUWtVWLFD RFLGHQWDO %ORRP 1DUUDWLYDV RULXQGDV GH WH[WR H IDOD SDVVDUDP HQWmR D VHU DGDSWDGDV SDUD YiULRV PHLRV DUWtVWLFRV GHPRQVWUDQGR D VXD LQWHUWH[WXDOLGDGH $R ORQJR GRV DQRV PHLRV PDLV PRGHUQRV
FRPR FLQHPD DQLPDomR H YLGHRMRJRV FRQWLQXDUDP HVVD DGDSWDomR HQFRQWUDQGR LQVSLUDomR XQV QRV RXWURV DFDEDQGR SRU FULDU REUDV TXH VmR XPD DPDOJDPD GH YiULRV HOHPHQWRV GH RULJHQV GLVWLQWDV
$SHVDU GD YDULHGDGH GH QDUUDWLYDV H[LVWHQWHV H GD GLYHUVLGDGH GH PHLRV RQGH HODV SRGHP HVWDU SUHVHQWHV Ki HOHPHQWRV SULPRUGLDLV H XPD HVWUXWXUD GHILQLGD TXH SHUPLWHP TXH QDUUDWLYDV VHMDP UHFRQKHFLGDV GH HQWUH RXWURV JpQHURV GH WH[WR LQGHSHQGHQWHPHQWH GD FXOWXUD RX SHUtRGR KLVWyULFR $ULVWyWHOHV %XWFKHU IDOD VREUH VHLV HOHPHQWRV FRPSRVLWRUHV GH XPD WUDJpGLD H D LPSRUWkQFLD GH FDGD XP QmR VHQGR QR HQWDQWR REULJDWyULR TXH WRGRV HVWHMDP SUHVHQWHV SRLV DOJXQV PHLRV DUWtVWLFRV SRVVXHP OLPLWHV HP DOJXQV GRV HOHPHQWRV TXH $ULVWyWHOHV DSUHVHQWD 3DUD DOpP GRV HOHPHQWRV GH XPD WUDJpGLD $ULVWyWHOHV DSRQWRX SDUD XPD HVWUXWXUD TXH REVHUYRX TXH WRGDV DV QDUUDWLYDV SRVVXHP VHSDUDQGRD HP WUrV DWRV (VVD HVWUXWXUD HP FRQMXQWR FRP RV HOHPHQWRV IRUPDUDP R FkQRQH QDUUDWLYR TXH P~OWLSODV REUDV H PHLRV VHJXLUDP FRPR UHJUD WRUQDQGRVH XP DUTXpWLSR GD FRQVWUXomR GH QDUUDWLYDV
)DEXOD (P SULPHLUR OXJDU $ULVWyWHOHV IDOD VREUH D IDEXOD GD WUDJpGLD VHU R DVSHWR PDLV LPSRUWDQWH GH HQWUH WRGRV RV RXWURV SRLV XPD WUDJpGLD ·p XPD LPLWDomR QmR GR +RPHP PDV GH XPD DomR H GD YLGD· H GH WDO IRUPD XPD QDUUDWLYD QmR GHYH UHIOHWLU VREUH R
FDUiFWHU GDV VXDV SHUVRQDJHQV PDV RV HYHQWRV TXH DV URGHLDP LQVLVWLQGR TXH p SRVVtYHO FULDU XPD WUDJpGLD VHP PRVWUDU FDUiFWHU PDV LPSRVVtYHO GH R ID]HU VHP DomR
&DUiFWHU 2 &DUiFWHU GH XPD SHUVRQDJHP SHUPLWH TXH D DXGLrQFLD GD REUD SHUFHED DV VXDV FDUDFWHUtVWLFDV SVLFROyJLFDV H D FRQVLVWrQFLD GDV VXDV Do}HV FULDQGR XPD HQWLGDGH FUHGtYHO PHVPR GHQWUR GH XPD IDEXOD 3DUD R HVSHFWDGRU R FDUiFWHU GDV SHUVRQDJHQV GHYH VHU DSUHVHQWDGR UHVXOWDQWH GH Do}HV H QmR YLFHYHUVD LVWR p QmR VH GHYH MXVWLILFDU Do}HV DWUDYpV GR FDUiFWHU SUHGHILQLGR GD SHUVRQDJHP SRLV D IDEXOD GHYH SHUPDQHFHU FRPR R HOHPHQWR PDLV LPSRUWDQWH
3HQVDPHQWR 2 SHQVDPHQWR WUDWD GR HIHLWR UHIOHWLYR H HPRFLRQDO TXH DV IDODV GDV SHUVR QDJHQV FDXVDP TXDQGR HVWDV H[S}HV LQIRUPDo}HV UHOHYDQWHV j IDEXOD
'LFomR $ GLFomR UHIOHWH VREUH D PDQHLUD FRPR DV IDODV VmR HQWUHJXHV GH IRUPD D SRGHU GLVWLQJXLU XP SHUJXQWD GH XPD DILUPDomR RX GH XP FRPDQGR HQWUH RXWUDV RSo}HV
&DQWR 6DEHQGR TXH R WH[WR GD REUD GH $ULVWyWHOHV VH LQFLGH VREUH D DWXDomR WHDWUDO R FDQWR UHWUDWD RV FRURV SUHVHQWHV QDV DWXDo}HV GR JpQHUR PDV WDO HOHPHQWR WDPEpP p DSOLFDGR HP RXWURV PHLRV DWUDYpV GH VRQV DPELHQWDLV RX EDQGDV VRQRUDV
7UDGXomR OLYUH GR DXWRU 7H[WR RULJLQDO µ7UDJHG\ LV DQ LPLWDWLRQ QRW RI PHQ EXW RI DQ DFWLRQ DQG RI
OLIH µ
(VSHWiFXOR 3RU ~OWLPR R HVSHWiFXOR DERUGD R HOHPHQWR YLVXDO GD QDUUDWLYD LQFOXLQGR FHQiULRV YHVWXiULR H HP DOJXQV FDVRV HIHLWRV YLVXDLV
'HYLGR j PDQHLUD FRPR DV WUDJpGLDV WHDWUDLV HUDP FRQVWUXtGDV QD VXD DOWXUD $ULVWyWHOHV ³ SDUD DOpP GH DILUPDU TXH XPD QDUUDWLYD HUD FRPSRVWD SRU XP LQtFLR PHLR H ILP ³ LQVHULX HQWUH DWRV FRURV TXH WLQKDP D IXQomR GH H[SRU DRV HVSHFWDGRUHV D IDEXOD DWp DL SDVVDGD GH XPD IRUPD VXPDULDGD FDQWDGD FRP XP WRP TXH DMXGDVVH D HVWDEHOHFHU XP HVWDGR GH HVStULWR DSURSULDGR SDUD RV HYHQWRV GD WUDJpGLD $R ORQJR GRV DQRV H FRP DOWHUDo}HV QDV DGDSWDo}HV SDUD RXWURV PHLRV HVWD HVWUXWXUD GH WUrV DWRV )LJXUD IRL PROGDGD SRU 6\G )LHOG )LHOG R TXDO WUDQVIRUPRX R LQtFLR PHLR H ILP GH $ULVWyWHOHV QD LQWURGXomR FRQIURQWR H UHVROXomR H RQGH DQWHV VH VLWXDYDP RV FRURV SDVVDUDP SRVWHULRUPHQWH D H[LVWLU RV SRQWRV GH SORW TXH VHUYHP GH WUDQVLomR GH XP DWR SDUD R VHJXLQWH DSUHVHQWDQGR XP HYHQWR LPSRUWDQWH TXH PXGD D GLUHomR GD QDUUDWLYD GH XPD IRUPD SHUFHWtYHO H TXH GH WDO PDQHLUD FDSWD D DWHQomR GR HVSHFWDGRU
)LJXUD (VWUXWXUD GH WUrV DWRV WYWURSHVRUJ
$ LQWURGXomR p D IDVH LQLFLDO GH XPD QDUUDWLYD H VHUYH SDUD FRQWH[WXDOL]DU R HVSHFWDGRU VREUH D SHUVRQDJHP SULQFLSDO RXWUDV SHUVRQDJHQV VHFXQGiULDV FRP TXHP D SULQFLSDO WHP UHODo}HV R PXQGR HP TXH HVWDV HVWmR SUHVHQWHV H D SUHPLVVD GD KLVWyULD TXH VH YDL GHVHQURODU (VWH DWR WHUPLQD FRP D RFRUUrQFLD GR LQFLGHQWH PRWLYDGRU R SULPHLUR SRQWR GH SORW TXH HPSXUUD D SHUVRQDJHP SULQFLSDO SDUD IRUD GD VXD ]RQD GH FRQIRUWR SDUD D TXDO QmR p SRVVtYHO YROWDU H TXH VHUYH GH LPSXOVR SDUD TXH R SURWDJRQLVWD SURFXUH D UHVROXomR GR FRQIURQWR DSUHVHQWDGR QHVWH PRPHQWR
2 FRQIURQWR p R PDLRU DWR QXPD REUD QDUUDWLYD RFXSDQGR FHUFD GH GD PHVPD ³ TXDQGR DV UHVWDQWH RFXSDP FDGD XPD ³ RQGH VH GHVHQUROD JUDQGH SDUWH GD DomR SRLV p QHVWH DWR TXH D SHUVRQDJHP SULQFLSDO HQIUHQWD XP JUDQGH Q~PHUR GH REVWiFXORV RV TXDLV QmR FRQVHJXH IDFLOPHQWH VXSHUDU VHP SULPHLUR QHFHVVLWDU GH ILFDU PDLV IRUWH RX PDLV FRQVFLHQWH GRV VHXV
OLPLWHV H SRWHQFLDLV PXGDQGR SHUPDQHQWHPHQWH TXHP p JHUDOPHQWH SDUD R PHOKRU 1R ILQDO GHVWH DWR HQFRQWUDVH R VHJXQGR SRQWR GH SORW RQGH R SURWDJRQLVWD HQFRQWUD DV FRQGLo}HV TXH DFUHGLWD VHUHP QHFHVViULDV SDUD R ~OWLPR FRQIURQWR H H DQWHV TXH DWLQMD R FOLPD[ D QDUUDWLYD p WUDQVSRUWDGD SDUD R DWR WUrV D UHVROXomR
$ UHVROXomR R WHUFHLUR H ~OWLPR DWR p RQGH VH VLWXD R FOLPD[ R SRQWR GH PDLRU WHQVmR H GUDPD QD QDUUDWLYD H RQGH DSyV LVVR Ki R GHFOtQLR GH DomR TXH DFDED QD UHVROXomR $SyV WRGRV RV REVWiFXORV SUHVHQWHV QR DWR ,, TXH PROGDP D SHUVRQDJHP SDUD DOJR PDLRU R FOLPD[ DSUHVHQWD R ~OWLPR REVWiFXOR TXH R SURWDJRQLVWD SUHFLVD GH VXSHUDU SDUD DWLQJLU D VXD PHWD $SyV HVVH PRPHQWR D SHUJXQWD GD KLVWyULD p UHVSRQGLGD QmR REULJDWRULDPHQWH GH XP PRGR HP TXH R SURWDJRQLVWD WULXQID SRGHQGR UHVXOWDU QXP ILQDO GHVDIRUWXQDGR PDV RQGH HVWH DSUHQGH XPD OLomR GH YDORU TXH QmR DSUHQGHULD FDVR QmR HPEDUFDVVH QD DYHQWXUD WRUDQGRVH HP DOJR PDLV GR TXH HUD DQWHV
'LILFXOGDGH GH /LJDomR HQWUH 1DUUDWLYD H -RJDELOLGDGH
/XGRORJLD YV 1DUUDWRORJLD
&RP D LQVHUomR GRV YLGHRMRJRV QR PHUFDGR WH[WRV DFDGpPLFRV VREUH RV PHVPRV FRPHoDUDP D VHU DSUHVHQWDGRV PDV JUDoDV j MXYHQWXGH GRV YLGHRMRJRV FRPR PHGLXP H SURGXWR QmR H[LVWLD DLQGD XPD iUHD GH HVWXGR HVSHFLDOL]DGD R TXH IH] FRP TXH VXUJLVVH D QHFHVVLGDGH GH RV HVWXGRV RULJLQDUHP GH RXWUDV iUHDV DFDGpPLFDV Mi HVWDEHOHFLGDV FRPR HFRQRPLD QD FRQVWUXomR GH XP VLVWHPD HFRQyPLFR YLUWXDO RX DUTXLWHWXUD QR GHVLJQ H GHVHQYROYLPHQWR GH QtYHLV H HVWUXWXUDV 0DV PDLV QRWiYHO IRL R HVWXGR QDUUDWROyJLFR GRV YLGHRMRJRV JUDoDV jV VHPHOKDQoDV TXH HVWHV SRVVXtDP FRP RXWURV PHLRV QDUUDWLYRV PDLV DQWLJRV WRGRV FRQWDQGR FRP SHUVRQDJHQV DPEL HQWHV H HYHQWRV 1DUUDWRORJLVWDV FRPHoDUDP HQWmR QD DOWXUD D YHU RV YLGHRMRJRV FRPR PHLRV SURSHQVRV SDUD D H[SRVLomR GH KLVWyULDV H TXH HVWHV QmR GHYLDP VHU YLVWRV VRPHQWH FRPR XP SURGXWR WHFQROyJLFR /DXUHO *UDoDV D LVVR WpFQLFDV QRUPDOPHQWH XVDGDV QDV DUWHV PDLV DQWLJDV IRUDP SURSRVWDV SDUD VHUHP DSOLFDGDV QRV YLGHRMRJRV SDUD OKHV DFUHVFHQWDU YDORU FRPR SURGXWR DUWtVWLFR /DXUHO 1R HQWDQWR DOJXQV DFDGpPLFRV WLQKDP XPD RSLQLmR GLVWLQWD VREUH FRPR RV YLGHRMRJRV GHYLDP VHU HVWXGDGRV H DYDOLDGRV (VWHV DXWRUHV DFXVDYDP RV QDUUD WRORJLVWDV GH TXHUHUHP FRORQL]DU RV YLGHRMRJRV SDUD DV GLVFLSOLQDV DUWtVWLFDV $DUVHWK H GHIHQGLDP TXH YLGHRMRJRV GHYLDP VHU DYDOLDGRV HVWULWDPHQWH SHOR FRQMXQWR GH UHJUDV H PHFk QLFDV TXH SRVVXHP TXH LVVR p TXH OKHV Gi YDORU H TXH D QDUUDWLYD GH XP YLGHRMRJRMRJR p XP SHTXHQR GHWDOKH TXH ³ VH PRGLILFDGR RX UHPRYLGR ³ QmR DIHWD R VHX YDORU -XXO
2SLQL}HV WmR RSRVWDV IH] FRP TXH R DXWRU H DFDGpPLFR *RQ]DOR )UDVFD )UDVFD VHQWLVVH D
QHFHVVLGDGH GH FULDU XPD GLVFLSOLQD GH HVWXGR TXH XQLILFDVVH WRGRV RV FRQKHFLPHQWRV DGTXLULGRV GDV RXWUDV iUHDV PDV TXH WDPEpP VH WRUQDVVH LQGHSHQGHQWH GDV GHPDLV HVFUHYHQGR D VHJXLQWH SURSRVWD
2 WHUPR QDUUDWRORJLD WHYH GH VHU LQYHQWDGR SDUD XQLILFDU RV WUDEDOKRV TXH RV DFDGpPLFRV GH GLVFLSOLQDV GLIHUHQWHV HVWDYDP D ID]HU VREUH QDUUDWLYD 2 HVWXGR VR EUH MRJRV HVWi QXPD VLWXDomR VHPHOKDQWH RV WySLFRV WrP HVWDGR D VHU YDVWDPHQWH HVWXGDGRV DWUDYpV GH GLVFLSOLQDV GLIHUHQWHV SRU H[HPSOR SVLFRORJLD DQWURSRORJLD HFRQRPLD H VRFLRORJLD 1R HQWDQWR HVWHV HVWXGRV VmR JHUDOPHQWH LQGHSHQGHQWHV IRFDQGRVH HP SHTXHQDV FDUDFWHUtVWLFDV H VHP ROKDU SDUD RV PDLRUHV SDGU}HV GH FR QKHFLPHQWR 1yV LUHPRV SURSRU R WHUPR OXGRORJLD RULXQGR GH OXGXV TXH HP ODWLP VLJQLILFD µMRJRµ SDUD UHIHULU j DLQGD QmRH[LVWHQWH µGLVFLSOLQD TXH HVWXGD MRJRV H R DWR GH MRJDUµ $VVLP FRPR D QDUUDWRORJLD D OXGRORJLD GHYH WDPEpP VHU LQGHSHQGHQWH GR PHLR TXH DSRLD D DWLYLGDGH
$SHVDU GH )UDVFD WHU VXJHULGR R XVR GR WHUPR OXGRORJLD SDUD FULDU XPD XQLmR HQWUH RV GRLV JUXSRV GH DFDGpPLFRV PHQFLRQDGRV DFLPD R WHUPR DFDERX SRU VHU DVVRFLDGR jTXHOHV TXH HUDP FRQWUD D YLVmR QDUUDWROyJLFD QR HVWXGR GRV YLGHRMRJRV PDQWHQGR RX DWp DPSOLDQGR D GLVFXVVmR HQWUH DV GXDV FRPXQLGDGHV 5\DQ 2 DXWRU HVFUHYHX TXDWUR DQRV GHSRLV XP RXWUR DUWLJR GH QRPH /XGRORJLVWV /RYH 6WRULHV 7RR 1RWHV )URP $ 'HEDWH 7KDW 1HYHU 7RRN 3ODFH RQGH WHQWD FRUULJLU YiULRV PDOHQWHQGLGRV TXH DFUHGLWD WHUHP OHYDGR j GLVFXVVmR HQWUH QDUUDWRORJLVWDV H OXGRORJLVWDV H TXH QD UHDOLGDGH QmR HQFRQWUD HP QHQKXP HVWXGR DOJXpP GH XPD GDV GLVFLSOLQDV D FRQVLGHUDU D SHUVSHWLYD RSRVWD FRPR LQYiOLGD
1R ILQDO D GLVFXVVmR DFDERX SRU DFDOPDU FRP DOJXQV DXWRUHV D DILUPDUHP TXH DPEDV DV SHUV SHWLYDV VmR FRUUHWDV TXH RV MRJRV FRQVHJXHP RIHUHFHU WDQWR H[SHULrQFLDV QDUUDWLYDV FRPR SX UDPHQWH O~GLFDV GHSHQGHQGR GH FRPR VmR FRQVWUXtGRV .RNRQLV PDV R HIHLWR VHSDUDGRU QXQFD FKHJRX D GHVDSDUHFHU H DFDERX SRU VH UHIOHWLU QRXWUDV FRPXQLGDGHV DGHSWDV GH YLGHRMR JRV WDQWR QRV MRJDGRUHV FRPR QRV FUtWLFRV
7UDGXomR OLYUH GR DXWRU 7H[WR RULJLQDO 7KH WHUP QDUUDWRORJ\ KDG WR EH LQYHQWHG WR XQLI\ WKH ZRUNV
WKDW VFKRODUV IURP GLIIHUHQW GLVFLSOLQHV ZHUH GRLQJ DERXW QDUUDWLYH 7KH UHVHDUFK DERXW JDPHV DQG SOD\ LV LQ D VLPLODU VLWXDWLRQ WKH WRSLFV KDYH EHHQ EURDGO\ VWXGLHG IURP GLIIHUHQW GLVFLSOLQHV IRU H[DPSOH SV\FKRORJ\ DQWKURSRORJ\ HFRQRP\ DQG VRFLRORJ\ +RZHYHU WKHVH VWXGLHV DUH JHQHUDOO\ LQGHSHQGHQW IRFXVLQJ RQ VPDOO FKDUDFWHULVWLFV DQG ZLWKRXW ORRNLQJ IRU ELJJHU SDWWHUQV RI XQGHUVWDQGLQJ :H ZLOO SURSRVH WKH WHUP OXGRORJ\ IURP OXGXV WKH /DWLQ ZRUG IRU µJDPHµ WR UHIHU WR WKH \HW QRQH[LVWHQW µGLVFLSOLQH WKDW VWXGLHV JDPH DQG SOD\ DFWLYLWLHVµ -XVW OLNH QDUUDWRORJ\ OXGRORJ\ VKRXOG DOVR EH LQGHSHQGHQW IURP WKH PHGLXP WKDW VXSSRUWV WKH DFWLYLW\
-RJDELOLGDGH YV 1DUUDWLYDV H[SOtFLWDV
$WUDYpV GD SUHVHQoD GH HOHPHQWRV QDUUDWLYRV FRPR SHUVRQDJHQV DPELHQWHV H HYHQWRV RV YLGH RMRJRV PRVWUDUDP WHU SRWHQFLDO GH LQFRUSRUDU KLVWyULDV QXP PHLR LQWHUDWLYR 3DUD DFUHVFHQWDU YDORU DRV VHXV SURGXWRV RV GHVHQYROYHGRUHV SURFXUDUDP LQVSLUDomR QRV VHXV DQWHFHVVRUHV QDU UDWLYRV FRSLDQGR DV VXDV WpFQLFDV SDUD D LPSOHPHQWDomR GH QDUUDWLYDV TXH FDWLYDVVHP PDLV RV MRJDGRUHV 'H HQWUH WRGDV HODV R FLQHPD IRL DTXHOD TXH PDLV IRL HVWXGDGD GHYLGR D ³ DVVLP FRPR RV YLGHRMRJRV ³ VHU XP PHLR DXGLRYLVXDO TXH WRPD SURYHLWR GH XP HFUm SDUD D WUDQVPLVVmR GH LQIRUPDomR
1R HQWDQWR D DGDSWDomR GH XP PHLR FLQHPDWRJUiILFR SDUD R O~GLFR PRVWURX QmR VHU IiFLO QHP GLUHWD 7DO GHYHVH jV GLIHUHQoDV TXH RV YLGHRMRJRV WrP GDV DUWHV QDUUDWLYDV WUDGLFLRQDLV GHQR PLQDGDPHQWH D LQWHUDWLYLGDGH 2QGH QDV DUWHV WUDGLFLRQDLV R HVSHFWDGRU WHP XP SDSHO H[FOX VLYDPHQWH SDVVLYR VHQGROKH HQWUHJXH D QDUUDWLYD VHP UHTXLVLWR GH DomR QRV YLGHRMRJRV WDO Mi QmR p SRVVtYHO (VWHV SRVVXHP R TXH R DFDGpPLFR (VSHQ - $DUVHWK $DUVHWK FKDPD GH
/HLWXUD (UJyGLFD XP JpQHUR GH OHLWXUD TXH UHTXHU XP HVIRUoR QmRWULYLDO SRU SDUWH GR OHLWRU SDUD
HVWH SRGHU DYDQoDU QR WH[WR 1XP YLGHRMRJR HVWH HVIRUoR WUDGX]VH SDUD MRJDELOLGDGH SRLV p DWUDYpV GDV Do}HV H HVFROKDV TXH XP MRJDGRU SURJULGH QD QDUUDWLYD GH XP MRJR 3RUpP QD WHQ WDWLYD GD LQFRUSRUDomR GH XPD QDUUDWLYD WUDEDOKDGD SHORV GHVHQYROYHGRUHV VXUJH XP FRQIOLWR VREUH TXHP WHP D DXWRULD VREUH RV HYHQWRV GH XP MRJR 1DV DUWHV QDUUDWLYDV WUDGLFLRQDLV VHQGR H[HPSOR OLYURV H ILOPHV D KLVWyULD p SUHYLDPHQWH FULDGD H WUDEDOKDGD DQWHV GH VHU DSUHVHQWDGD DR S~EOLFR H TXDQGR p DSUHVHQWDGD HVWD Mi HQFRQWUD GHILQLGD H LQDOWHUiYHO 8P YLGHRMRJR QR HQWDQWR FRQWpP VHPSUH DOJXP JUDX GH PXWDELOLGDGH $ LQWHUDWLYLGDGH TXH HVWHV SURPRYHP ID] FRP TXH WRGDV DV Do}HV TXH R MRJDGRU GHVHPSHQKH UHVXOWHP HP HYHQWRV ~QLFRV JHUDGRV H[FOX VLYDPHQWH SRU HOH QDTXHOH PRPHQWR e HVVHQFLDOPHQWH LPSRVVtYHO GRLV MRJDGRUHV UHSOLFDUHP H[DWDPHQWH DV PHVPDV Do}HV DR ORQJR GH WRGR XP MRJR WRUQDQGRVH FDGD XP R DXWRU GDV VXDV KLVWyULDV GHQWUR GR PHLR $SyV D DQiOLVH GH WRGRV RV SRQWRV p HQWHQGLGR TXH WDQWR RV GHVHQYRO YHGRUHV FRPR MRJDGRUHV WrP XPD PmR VREUH D KLVWyULD TXH XP MRJR FRQWD 2QGH RV MRJDGRUHV FRQVHJXHP FULDU QDUUDWLYDV LPSOtFLWDV ~QLFDV D FDGD XP HQTXDQWR MRJDP RV GHVHQYROYHGRUHV FULDP KLVWyULDV H[SOtFLWDV DWUDYpV GH PHLRV VREUH RV TXDLV RV MRJDGRUHV QmR WrP FRQWUROR )RL FRP EDVH QHVVD OLPLWDomR GH DXWRULGDGH GR MRJDGRU TXH QDVFHX R PpWRGR GH QDUUDomR TXH p DWXDOPHQWH R PDLV FRPXP DV FXWVFHQHV
&XWVFHQHV VmR PRPHQWRV RQGH R MRJDGRU QmR WHP TXDOTXHU FRQWUROR VREUH RV HYHQWRV GHFRU
UHQWHV VHQGR HVWHV WHPSRUDULDPHQWH JHULGRV SHOR VLVWHPD GH MRJR GH IRUPD DXWRPiWLFD H LQDO WHUiYHO (VWD WRPDGD GH SRVVH SHOR VLVWHPD SHUPLWH TXH VH IDEULTXHP LQVWkQFLDV RQGH WRGDV DV Do}HV RFRUUHP VHPSUH GD PHVPD PDQHLUD WDQWR HVSDFLDOPHQWH FRPR WHPSRUDOPHQWH DV VLP JDUDQWLQGR TXH FHUWRV DFRQWHFLPHQWRV QXP MRJR VmR ILpLV j YLVmR GRV VHXV GHVHQYROYHGRUHV $SHVDU GH FXWVFHQHV Mi VHUHP YLVtYHLV HP MRJRV FRPR R 3DF0DQ )LJXUD HVWDV Vy DWLQJLUDP
XP QtYHO FLQHPDWRJUiILFR FRP D LQWURGXomR GH JUiILFRV ' HP MRJRV
)LJXUD &XWVFHQH QR MRJR 3DFPDQ MR\VWLFNGLYLVLRQFRP
1HVWD HYROXomR WHFQROyJLFD SDUD DOpP GH VH WHU FRPHoDGR D XVDU SROtJRQRV QD PRGHODomR GH DPELHQWHV H SHUVRQDJHQV XP GRV HOHPHQWRV TXH PDLV VH WUDQVIRUPRX IRL D FkPDUD YLUWXDO 2QGH QRV MRJRV ' D FkPDUD WHP XPD RULHQWDomR IL[D WRPDQGR PDLRULWDULDPHQWH XPD SHUVSHWLYD GH VLGHVFUROO RX WRSGRZQ QRV MRJRV ' HVWD SHUPLWH TXH R kQJXOR TXH PRVWUD D DomR
VHMD GLQkPLFR SRGHQGRVH PRYHU HP WHPSR UHDO TXHU VHMD DXWRPDWLFDPHQWH SHOR VLVWHPD GH MRJR RX PDQXDOPHQWH SHOR MRJDGRU &RP HVVD OLEHUGDGH TXH RV MRJRV ' WURX[HUDP WRUQRXVH SRVVtYHO R XVR GH YiULDV WpFQLFDV GH ILOPDJHP SULQFLSDOPHQWH DTXHODV TXH UHTXHUHP XPD FkPDUD GLQkPLFD H FRQVHTXHQWHPHQWH DV FXWVFHQHV SDVVDUDP D DVVHPHOKDUVH EDVWDQWH D FHQDV GH ILOPHV )LJXUD
)LJXUD ,QWHUDomR HQWUH GXDV SHUVRQDJHQV QXPD FXWVFHQH GXQLDJDPHVFRLG
$SHVDU GH DV FXWVFHQHV SHUPLWLUHP XPD PDLRU DGLomR GH HOHPHQWRV FLQHPDWRJUiILFRV QRV MRJRV VH QmR IRUHP GHYLGDPHQWH XVDGDV WDPEpP SRGHP WUD]HU FRQVLJR P~OWLSODV GHVYDQWDJHQV SDUD R PHLR TXH DV DFROKH 2 H[HPSOR PDLV QRWiYHO ³ H Mi EUHYHPHQWH UHIHULGR ³ p D REULJDomR GR GHVFDUWH FRPSOHWR GD LQWHUDWLYLGDGH R PDLRU HOHPHQWR GLIHUHQFLDO HQWUH RV YLGHRMRJRV H RXWURV PHLRV QDUUDWLYRV 7HUHQFH /HH GHVLJQHU GH VRP H SURJUDPDGRU QD HTXLSD +LWER[ 7HDP GHVHQYROYHGRUHV GR MRJR 'XVWIRUFH +LWER[ 7HDP HVFUHYHX QR EORJ GD HTXLSD XP DUWLJR /HH VREUH DV YiULDV IRUPDV GH DSUHVHQWDU XPD QDUUDWLYD H DV GHVYDQWDJHQV GR XVR GH
7HUPR LQJOrV XVDGR SDUD YLVWD ODWHUDO 7HUPR LQJOrV SDUD YLVWD DpUHD
DOJXQV PpWRGRV FLQHPDWRJUiILFRV QD FRPXQLFDomR GH KLVWyULDV HP MRJRV 2 DXWRU GR DUWLJR DSRQWD TXH FRPR RV ILOPHV DGLFLRQDP R HOHPHQWR GH H[SHULrQFLD VHQVRULDO QD WUDQVPLVVmR GH LGHLDV HP UHODomR DRV OLYURV RV YLGHRMRJRV DFUHVFHQWDP R HOHPHQWR GH LQWHUDWLYLGDGH DRV GHPDLV )LJXUD H VH QmR VH WLUDU SURYHLWR GRV HOHPHQWRV GLIHUHQFLDLV GH FDGD PHLR QD DSUHVHQWDomR GH XPD KLVWyULD D REUD DFDED SRU VDLU GHIHWLYD SRLV R PHLR QDUUDWLYR QmR HVWi D VHU XVDGR HP WRGR R VHX SRWHQFLDO
)LJXUD (L[RV TXH UHSUHVHQWDP RV HOHPHQWRV TXH RV WUrV PHLRV QDUUDWLYRV LQWURGX]HP KLWER[WHDPFRP
/HH WDPEpP FRPSDUD R XVR GH FLQHPiWLFDV HP YLGHRMRJRV FRP R XVR GH LQWHUWtWXORV QRV ILOPHV PXGRV 2QGH QHVWHV ILOPHV RV PRPHQWRV GH LQWHUWtWXORV UHGX]HP D H[SHULrQFLD VHQVRULDO D ]HUR GHYLGR j LPDJHP DQLPDGD GHVDSDUHFHU HQTXDQWR R WH[WR p H[LELGR QR FDVR GRV MRJRV DV
FXWVFHQHV UHGX]HP D LQWHUDWLYLGDGH D ]HUR REULJDQGR R MRJDGRU D SDVVDU GH XP DWRU D HVSHWDGRU
)LJXUD
)LJXUD *UiILFR UHSUHVHQWDQWH GD UHGXomR GH LQWHUDWLYLGDGH TXDQGR FXWVFHQHV HQWUDP HP FHQD
KLWER[WHDPFRP
*UDoDV j IDFLOLGDGH GH FRQWUROR GH HYHQWRV TXH RFRUUHP GHQWUR GH FXWVFHQHV H DR GHVHMR GH PRVWUDU QDUUDWLYDV WUDEDOKDGDV HP GHWDOKH DOJXQV GHVHQYROYHGRUHV RSWDP SRU H[SRU D PDLRULD VH QmR WRGDV DV SDUWHV LPSRUWDQWHV GD KLVWyULD QHVWHV PRPHQWRV QmRLQWHUDWLYRV 7DO GHFLVmR UHIOHWHVH QD H[SHULrQFLD GRV MRJDGRUHV RV TXDLV SRGHP VHQWLU TXH WRGDV DV Do}HV IHLWDV QRV
PRPHQWRV MRJiYHLV QmR WrP LPSDFWR QDUUDWLYR H TXH R MRJR QmR FRQILD QHOHV SDUD WRPDU GHFLV}HV LPSRUWDQWHV DXWRQRPDPHQWH 'H IDFWR RV GRLV PRPHQWRV GH MRJR SRGHPVH HQFRQWUDU WmR GHVOLJDGRV TXH D SHUVRQDJHP SUHVHQWH QDV FXWVFHQHV p HVVHQFLDOPHQWH GLIHUHQWH GD SHUVRQDJHP TXH R MRJDGRU FRQWUROD
e HUUyQHR DFKDUVH TXH D PRWLYDomR GR MRJDGRU HVWi VHPSUH DOLQKDGD j GD SHUVRQDJHP TXH FRQWUROD SRLV SRGH YDULDU GH MRJDGRU SDUD MRJDGRU H DWp YDULDU GHSHQGHQWH GR HVWDGR GH HVStULWR FRP TXDO XP MRJDGRU VH HQFRQWUD HP PRPHQWRV GLIHUHQWHV 6\OYHVWHU &RP RV PXQGRV ILFWtFLRV TXH RV YLGHRMRJRV RIHUHFHP p QRUPDO TXH D FXULRVLGDGH HP DOJXPDV SHVVRDV GHVSHUWH UHVXOWDQGR QXPD YRQWDGH GH H[SORUDU R DPELHQWH H SURFXUDU RV OLPLWHV GR TXH R MRJR SHUPLWH ID]HU SRLV DR FRQWUiULR GD UHDOLGDGH RV YLGHRMRJRV QmR FDXVDP DPHDoDV j YLGD GR MRJDGRU QD UHDOL]DomR GH FHUWDV Do}HV (VWD VLPSOHV GLVFUHSkQFLD HQWUH D PRWLYDomR GR MRJDGRU H GD SHUVRQDJHP SRGH VHU R VXILFLHQWH SDUD TXHEUDU D VXVSHQVmR GH GHVFUHQoD &ROHULGJH XP HVWDGR GH LPHUVmR HP TXH XPD SHVVRD HQWUD TXDQGR DFHLWD ³ SRU WHPSR OLPLWDGR ³ XPD REUD ILFWtFLD FRPR UHDOLGDGH (VVD TXHEUD GHYHVH D P~OWLSORV MRJRV FRORFDUHP D SHUVRQDJHP MRJiYHO QXPD VLWXDomR SUHFiULD SDUD QDUUDWLYDPHQWH MXVWLILFDU D DomR GR MRJDGRU PDV VH HVVH SHULJR QmR IRU VHQWLGR QRV PRPHQWRV MRJiYHLV WRGD D WHQVmR FULDGD QDV FXWVFHQHV GHVYDQHFH LQVWDQWDQHDPHQWH H[SXOVDQGR R MRJDGRU GR PXQGR ILFWtFLR SRLV R MRJR DFDERX GH SHUGHU D VXD FRQVLVWrQFLD QDUUDWLYD 4XDQGR R MRJDGRU GHL[D GH HVWDU LQYHVWLGR QD KLVWyULD GR MRJR R GLVWDQFLDPHQWR HQWUH D QDUUDWLYD H D MRJDELOLGDGH DFHQWXDVH DLQGD PDLV SRLV Mi TXH D ILFomR QmR IRL FDSD] GH HQWUHWHU D PHQWH GR MRJDGRU HVWH YDL SURFXUDU HVVD VHQVDomR ID]HQGR R TXH DFKDU PDLV LQWHUHVVDQWH QR PRPHQWR PHVPR TXH HVVD DWLYLGDGH Yi FRQWUD R UXPR TXH D KLVWyULD HVWi D WHQWDU VDOLHQWDU 1HVWHV FDVRV p PXLWR SURYiYHO DFRQWHFHU R TXH p FKDPDGR GH 'HVN
-XPSLQJ 6\OYHVWHU D UHDOL]DomR GH XPD DomR SHOR MRJDGRU TXH D SHUVRQDJHP ILFWtFLD
QXQFD IDULD QR FRQWH[WR QDUUDWLYR HP TXH VH HQFRQWUD GHYLGR jV VXDV PRWLYDo}HV GH DomR VHUHP EDVWDQWH GLVWLQWDV H GDt UHVXOWD D FULDomR GH XPD SHUVRQDJHP GLIHUHQWH GDTXHOD SUHVHQWH QRV PRPHQWRV FLQHPiWLFRV
8P GRV MRJRV TXH PDLV UHWUDWD LVWR p 7RPE 5DLGHU &U\VWDO '\QDPLFV RQGH /DUD &URIW ³ D SHUVRQDJHP SULQFLSDO H FRQWUROiYHO ³ p DSUHVHQWDGD FRPR XPD MRYHP LQH[SHULHQWH QD FDUUHLUD GH DUTXHyORJD PDV GHWHUPLQDGD PHVPR DVVLP 0DV DQWHV TXH /DUD SXGHVVH HQFRQWUDU DYHQWXUDV XPD DYHQWXUD HQFRQWURX D HOD H DSyV XP QDXIUiJLR D SURWDJRQLVWD HQFRQWURXVH VR]LQKD QXPD LOKD GHVFRQKHFLGD $ SHUVRQDJHP WHQWD SURFXUDU RV VHXV DPLJRV TXH SDUWLOKDYDP D H[SHGLomR QDYDO FRP HOD H HQWUHWDQWR HQFRQWUD XP DUFR TXH GHFLGH WUD]HU FRP HOD SDUD D DMXGDU D VREUHYLYHU QR DPELHQWH KRVWLO HP TXH VH HQFRQWUD $SHVDU GD QDUUDWLYD H DV PHFkQLFDV GR MRJR DWp DTXL HVWDUHP SHUIHLWDPHQWH DOLQKDGDV FRP D SHUVRQDJHP D DQGDU OHQWDPHQWH GHYLGR D IHULPHQWRV TXDQGR R MRJDGRU WHQWDYD ID]rOD PH[HUVH H DR DXWRPDWLFDPHQWH /DUD ROKDU j YROWD FRP SUXGrQFLD DOJR FUHGtYHO WHQGR HP FRQWD D VLWXDomR HP TXH VH HQFRQWUDYD p D SDUWLU GDTXL TXH VH FRPHoD D QRWDU P~OWLSODV IDOKDV QHVWD OLJDomR (P SULPHLUR OXJDU SRXFR DSyV DSDQKDU
R DUFR /DUD H[FODPD SDUD VL PHVPD TXH QHFHVVLWD GH DUUDQMDU FRPLGD VH TXHU VREUHYLYHU (P SRXFRV LQVWDQWHV R MRJDGRU Yr XP YHDGR TXH SRGH FDoDU H DSyV R DQLPDO WHU VLGR DFHUWDGR H R MRJDGRU VH DSUR[LPDU GR FRUSR GR DQLPDO XPD FXWVFHQH FRPHoD $TXL p PRVWUDGR TXH R DQLPDO DLQGD HVWi YLYR H HP VRIULPHQWR H p QHVVH LQVWDQWH TXH /DUD SHGH GHVFXOSD H DSOLFD XP ~OWLPR JROSH SDUD DFDEDU FRP D GRU GR VHU YLYR )LJXUD e HVWDEHOHFLGR TXH D SURWDJRQLVWD p DOJXpP TXH YDORUL]D D YLGD H TXH Vy PDWD DOJR VH IRU HVWULWDPHQWH QHFHVViULR PDV DV PHFkQLFDV GH MRJR FRQWUDULDP D PHQVDJHP TXH D KLVWyULD DFDERX GH GLYXOJDU SRLV HQFRQWUDPVH RXWURV DQLPDLV QD iUHD ³ RXWURV YHDGRV LQFOXtGRV ³ TXH SRGHP VHU PRUWRV H GHVWD YH] QmR Vy QmR Ki HIHLWR QHJDWLYR SVLFROyJLFR SDUD D SHUVRQDJHP FRPR VmR GDGRV SRQWRV GH H[SHULrQFLD FRPR UHFRPSHQVD SRU FDGD PRUWH TXH VmR XVDGRV SDUD HYROXLU DV KDELOLGDGHV GD SURWDJRQLVWD 3RXFR WHPSR GHSRLV /DUD H RV VHXV DPLJRV DJRUD UHXQLGRV VmR DSDQKDGRV SRU PHUFHQiULRV DUPDGRV TXH RV DPHDoDP GH PRUWH 2 JUXSR WHQWD HYHQWXDOPHQWH HVFDSDU H /DUD HVFRQGHVH PDV UDSLGDPHQWH p YLVWD SRU XP PHPEUR GRV PHUFHQiULRV H RV GRLV DFDEDP SRU HQWUDU HP FRQIOLWR ItVLFR 1R ILQDO GD DomR D SHUVRQDJHP SULQFLSDO WHP XPD DUPD GH IRJR QDV PmRV H p REULJDGD D GLVSDUDU VREUH R LQLPLJR VH QmR TXHU VHU PRUWD SRU HOH $SyV R JDWLOKR VHU SUHVVLRQDGR H R PHUFHQiULR PRUUHU GH IRUPD JURWHVFD /DUD PRVWUDVH WUDXPDWL]DGD SHOR VXFHGLGR FKHJDQGR D WHU UHIOH[RV GH YyPLWR R TXH SRGH VHU FRQVLGHUDGD XPD UHDomR FRPXP GDGDV DV FLUFXQVWkQFLDV PDV DSyV HVWD PRUWH KXPDQD p SHUPLWLGR DR MRJDGRU PDWDU TXDOTXHU RXWUR KRPHP PDLV XPD YH] j WURFD GH SRQWRV GH H[SHULrQFLD SDUD D PHOKRULD GD SHUVRQDJHP HP YH] GH VH VHU SHQDOL]DGR SRU LU FRQWUD RV SULQFtSLRV PRUDLV GD SHUVRQDJHP H TXDOTXHU WHQWDWLYD GH IXUWLYLGDGH QmR p UHFRPSHQVDGD DWp VH SRGHQGR FRQVLGHUDU FRPR SHQDOL]DomR SRLV /DUD DFDED PDLV IUDFD GR TXH VH UHFRUUHU j YLROrQFLD
)LJXUD &HQD RQGH /DUD VH HQFRQWUD MXQWD DR YHDGR DSyV R PDWDU WHFKVREFRP
3RGHVH FRQFOXLU TXH DFDEDP SRU KDYHU GXDV /DUD &URIW QHVWH MRJR 1R ODGR QDUUDWLYR D SUR WDJRQLVWD p DOJXpP TXH Vy PDWD VH QHFHVViULR SDUD D VXD VREUHYLYrQFLD H TXH PRVWUD PHGR GD VLWXDomR SHULJRVD HP TXH VH HQFRQWUD -i D /DUD GRV PRPHQWRV GH MRJDELOLGDGH QmR KHVLWD HP PDWDU RXWURV VHUHV YLYRV SDUD SURYHLWR SUySULR PRVWUDQGR XPD SHUtFLD LQVWDQWkQHD VREUH DUWHV TXH QXQFD SUDWLFRX FRPR R DUFR H IOHFKD
3DUD DOpP GHVWD LQFRQVLVWrQFLD DIHWDU D FDUDFWHUL]DomR GH XPD SHUVRQDJHP WDPEpP DIHWD D
UHODomR TXH R MRJDGRU WHP FRP HOD 4XDQGR R MRJR VH HQFRQWUD HP PRPHQWRV MRJiYHLV R MRJDGRU H[SHULHQFLD RV HYHQWRV HP SULPHLUD SHVVRD SRLV LQFRUSRUDVH QD SHUVRQDJHP H p HOH TXH UHDJH DR TXH R MRJR OKH DSUHVHQWD GDt VXUJLUHP IUDVHV FRPR ´&RQVHJXL UHVROYHU R SX]]OHµ RX ´)LQDOPHQWH GHUURWHL HVWH PRQVWURµ PHVPR TXH DV Do}HV HP VL VHMDP YLVXDOPHQWH IHLWDV SRU XPD HQWLGDGH GHQWUR GR MRJR 0DV TXDQGR R MRJR HQWUD QXP PRPHQWR QmRLQWHUDWLYR H SULQFLSDOPHQWH VH D SHUVRQDJHP DJLU GH XPD PDQHLUD PXLWR GLVWLQWD GH FRPR DJH QDV PmRV GR MRJDGRU ID] FRP TXH D SHUVRQDJHP GHL[H GH SDUHFHU XPD H[WHQVmR GR MRJDGRU QDTXHOH DPELHQWH ILFWtFLR H SDVVH D VHU XPD LGHQWLGDGH FRPSOHWDPHQWH LQGHSHQGHQWH PHVPR TXH Vy SRU EUHYHV LQVWDQWHV 'HVVH VXFHGLGR UHVXOWD R TXH /HH /HH FKDPD GH ·GLVVRQkQFLD GH LGHQWLGDGH· D GLILFXOGDGH HP R MRJDGRU SHUFHEHU R VHX SDSHO QR MRJR VH HVWi D VHU LQFRUSRUDGR QD SHUVRQDJHP RX VH HVWi VRPHQWH D JXLiOD SRLV HVWD PRVWUD WHU XPD SHUVRQDOLGDGH HVWDEHOHFLD QDV FXWVFHQHV PDV p SHUPLWLGR DR MRJDGRU ID]HU Do}HV TXH YmR FRQWUD HVVD SHUVRQDOLGDGH TXDQGR HVWH WHP FRQWUROR VREUH HOD
)RL FRP EDVH QHVWHV WHPDV TXH &OLQW +RFNLQJ ³ DWXDO GLUHWRU FULDWLYR QD 8ELVRIW 0RQWUHDO ³ HVFUHYHX QR VHX EORJ SHVVRDO VREUH R WHPD ·'LVVRQkQFLD /XGRQDUUDWLYD· +RFNLQJ XP WHUPR FXQKDGR SHOR PHVPR TXH VHUYH FRPR XPD GHVFULomR JHQHUDOL]DGD GD GLVFUHSkQFLD HQWUH D FRPSRQHQWH QDUUDWLYD H D FRPSRQHQWH O~GLFD SUHVHQWH HP YiULRV MRJRV 1HVVH DUWLJR +RFNLQJ DSRQWD SDUD R MRJR %LRVKRFN . %RVWRQ FRPR XP H[HPSOR TXH VRIUH GH GLVVRQkQFLD OXGRQDUUDWLYD H FRPR LVVR LPSHGH R MRJDGRU GH VH FRQHFWDU D DPERV RV HOHPHQWRV QDUUDWLYR H O~GLFR DR PHVPR WHPSR SRLV HVWHV HQFRQWUDPVH HP FRQIOLWR REULJDQGRR RX D LJQRUDU D SDUWH QDUUDWLYD H VRPHQWH MRJDU R MRJR SHOR R TXH HOH p OXGLFDPHQWH RX LQYHVWLUVH QD QDUUDWLYD H WHU TXH WROHUDU XPD MRJDELOLGDGH TXH QmR YDL GH HQFRQWUR j KLVWyULD SUHVHQWH 1RXWUR DUWLJR RQOLQH %UHWW 0DNHGRQVNL 0DNHGRQVNL DSRQWD RV MRJRV 0D[ 3D\QH 5RFNVWDU 6WXGLRV H 0DVV (IIHFW %LR:DUH FRPR RXWUDV YtWLPDV GHVWD GLYHUJrQFLD GDV FRPSRQHQWHV GH MRJRV SRGHQGRVH FKHJDU j FRQFOXVmR TXH GLVVRQkQFLD OXGRQDUUDWLYD p DOJR TXH HVWi SUHVHQWH HP P~OWLSORV YLGHRMRJRV FRQKHFLGRV
,PSRUWkQFLD GD 1DUUDWLYD QD -RJDELOLGDGH
)ORZ H 6XVSHQVmR GH 'HVFUHQoD
1mR REVWDQWH jV GHVYDQWDJHQV GR XVR GH PpWRGRV QmRLQWHUDWLYRV QRV YLGHRMRJRV p WDPEpP LPSRUWDQWH DSRQWDU TXH H[LVWH XPD XWLOLGDGH ³ H HP FHUWRV FDVRV D QHFHVVLGDGH ³ HP XVDU WDLV WpFQLFDV SDUD XPD QDUUDWLYD FRPSOH[D VHU EHP UHWUDWDGD
7RGR R PHLR GH HQWUHWHQLPHQWR VHMD HOH DWUDYpV GH DWLYLGDGH O~GLFD RX DWUDYpV GD H[SRVLomR D
