Investigación y Educación en Enfermería

ISSN: 0120-5307
revistaiee@gmail.com
Universidad de Antioquia
Colombia

Barrera Ortiz, Lucy; Galvis López, Clara Rocío; Moreno Fergusson, María Elisa; Pinto Afanador,
Natividad; Pinzón Rocha, María Luisa; Romero González, Esperanza; Sánchez Herrera, Beatriz
La habilidad de cuidado de los cuidadores familiares de personas con enfermedad crónica
Investigación y Educación en Enfermería, vol. XXIV, núm. 1, marzo, 2006, pp. 36-46
Universidad de Antioquia
Medellín, Colombia

Disponible en: http://www.redalyc.org/articulo.oa?id=105215400003

Cómo citar el artículo

Número completo
Sistema de Información Científica
Más información del artículo Red de Revistas Científicas de América Latina, el Caribe, España y Portugal
Página de la revista en redalyc.org Proyecto académico sin fines de lucro, desarrollado bajo la iniciativa de acceso abierto
 ,QYHVWLJDFLyQ5HVHDUFK
/DKDELOLGDGGHFXLGDGR
GHORVFXLGDGRUHVIDPLOLDUHVGHSHUVRQDV
FRQHQIHUPHGDGFUyQLFDD
%DUUHUD2UWL]/XF\E*DOYLV/ySH]&ODUD5RFtRF0RUHQR)HUJXVVRQ0DUtD(OLVDG3LQWR$IDQDGRU1DWLYLGDGH
3LQ]yQ5RFKD0DUtD/XLVDI5RPHUR*RQ]iOH](VSHUDQ]DJ6iQFKH]+HUUHUD%HDWUL]K
5(680(1
2EMHWLYR'HVFULELU\FRPSDUDUODKDELOLGDGHQHOFXLGDGRGHORV
FXLGDGRUHV IDPLOLDUHV GH SHUVRQDV FRQ HQIHUPHGDG FUyQLFD HQ
DTXHOORV TXH VH HQFXHQWUDQ YLQFXODGRV D SURJUDPDV GRFHQWH
DVLVWHQFLDOHV GH WUHV XQLGDGHV DFDGpPLFDV GH HQIHUPHUtD TXH
SHUWHQHFHQDODUHGGHWUDEDMRHQFXLGDGRDOSDFLHQWHFUyQLFR\
VXIDPLOLD
0DWHULDOHV\PpWRGRV6XPHWRGRORJtDUHVSRQGHDXQDFRPSD
UDFLyQGHHVWXGLRVGHVFULSWLYRVFXDQWLWDWLYRVGHFRUWHWUDQVYHUVDO
FRQXQDPXHVWUDGHFXLGDGRUHVGHOD8QLYHUVLGDGGHOD6DEDQD
GH8QLOODQRV\GHOD8QLYHUVLGDG1DFLRQDOGH&RORPELD(O
LQVWUXPHQWRSDUDODUHFROHFFLyQGHODLQIRUPDFLyQIXHHO,QYHQWDULR
GHKDELOLGDGGHFXLGDGR&$,ŠGH1JR]L1NRQJKR
5HVXOWDGRV $O ¿QDOL]DU HO HVWXGLR VH HYLGHQFLy XQ FRPSRUWD
PLHQWR VLPLODU HQ OD KDELOLGDG GH FXLGDGR GH ORV FXLGDGRUHV HQ
ODV WUHV LQVWLWXFLRQHV (VWRV UHVXOWDGRV FRQ¿UPDQ ORV KDOOD]JRV
GHODOLWHUDWXUD
&RQFOXVLRQHV (V FODUD OD QHFHVLGDG GH LQFOXLU HQ ODV SROtWLFDV
GHVDOXGS~EOLFD\HQODDFDGHPLDSURFHVRVTXHSUHSDUHQDORV
SURIHVLRQDOHVGHHQIHUPHUtDHQHOFXLGDGRGHORVFXLGDGRUHVGH
HQIHUPRVFUyQLFRVGLVFDSDFLWDGRV
3DODEUDVFODYH&XLGDGRUHVFXLGDGRUHVGHIDPLOLD
HQIHUPHGDGFUyQLFD
&yPRFLWDUHVWHDUWtFXOR SURJUDPD GH (QIHUPHUtD )DFXOWDG GH 6DOXG
%DUUHUD2/*DOYLV/&50RUHQR)0(3LQWR$13LQ]yQ
50/5RPHUR*(6iQFKH]+%/DKDELOLGDGGHFXLGDGR
GHORVFXLGDGRUHVIDPLOLDUHVGHSHUVRQDVFRQHQIHUPHGDG
,1752'8&&,Ï1
( Q &RORPELD VH KD FRPHQ
]DGR D WHQHU PD\RU FRQ
FLHQFLDGHOSUREOHPDGHVDOXGS~EOLFDTXH
UHSUHVHQWD OD HQIHUPHGDG FUyQLFD +DFHU
D$JUDGHFLPLHQWRV D OD 8QLYHUVLGDG 1DFLRQDO GH
&RORPELDD&2/&,(1&,$6DOD8QLYHUVLGDGGHOD
6DEDQD\D81,//$126SRUVXDSR\RFRQ¿DQ]D\
UHVSDOGRSDUDORJUDUUHGHV\DOLDQ]DVHQHQIHUPHUtD
HQSURGHOSDFLHQWHFUyQLFR\VXIDPLOLD2FWXEUHGH
'LFLHPEUHGH
E(QIHUPHUD (VSHFLDOLVWD HQ (QIHUPHUtD 3HGLiWULFD
0DJLVWHU HQ (QIHUPHULD 3URIHVRUD DVRFLDGD
)DFXOWDGGH(QIHUPHULD8QLYHUVLGDG1DFLRQDOGH
&RORPELD&RUUHRHOHFWUyQLFROEDUUHUDR#XQDOHGXFR
F (QIHUPHUD 0DJLVWHU HQ (QIHUPHUtD 3URIHVRUD
SURJUDPD GH (QIHUPHULD )DFXOWDG GH 6DOXG
8QLYHUVLGDG GH /RV /ODQRV &RUUHR HOHFWUyQLFR
HVFXHODBHQIHUPHULD#XQLOODQRVHGXFR
G(QIHUPHUD (VSHFLDOLVWD HQ (QIHUPHUtD &DUGLR
UUHVSLUDWRULD 3URIHVRUD )DFXOWDG GH (QIHUPHUtD
8QLYHUVLGDG GH OD 6DEDQD &RUUHR HOHFWUyQLFR
PDULDHPRUHQR#XQLVDEDQDHGXFR
H (QIHUPHUD(VSHFLDOLVWDHQ(QIHUPHUtD1HXURORJLD
\ 0DJLVWHU HQ (QIHUPHULD 3URIHVRUD DVRFLDGD
)DFXOWDGGH(QIHUPHUtD8QLYHUVLGDG1DFLRQDOGH
&RORPELD&RUUHRHOHFWUyQLFRUQSLQWRD#XQDOHGXFR
I (QIHUPHUD 0DJLVWHU HQ (QIHUPHUtD 3URIHVRUD
8QLYHUVLGDG GH ORV /ODQRV &RUUHR HOHFWUyQLFR
HVFXHODBHQIHUPHULD#XQLOODQRVHGXFR
J(QIHUPHUD 0DJLVWHU HQ (QIHUPHUtD 3URIHVRUD
FUyQLFD,QYHVWHGXFHQIHUP SURJUDPD GH (QIHUPHUtD )DFXOWDG GH 6DOXG
8QLYHUVLGDG GH ORV /ODQRV &RUUHR HOHFWUyQLFR
HVFXHODBHQIHUPHULD#XQLOODQRVHGXFR
K(QIHUPHUD0DJLVWHUHQFLHQFLDVGH(QIHUPHUtD3UR
5HFLELGRGHQRYLHPEUHGH IHVRUDDVRFLDGD)DFXOWDGGH(QIHUPHUtD8QLYHU
$SUREDGRGHPDU]RGH VLGDG1DFLRQDOGH&RORPELD&RUUHRHOHFWUyQLFR
FEVDQFKH]K#XQDOHGXFR

8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD 
 &DULQJDELOLW\RIIDPLO\
FDUHJLYHUVRIFKURQLFDOO\
GLVHDVHGSHRSOH

%DUUHUD2UWL]/XF\*DOYLV/ySH]&ODUD5RFtR0RUHQR)HUJXVVRQ0DUtD(OLVD3LQWR$IDQDGRU1DWLYLGDG
3LQ]yQ5RFKD0DUtD/XLVD5RPHUR*RQ]iOH](VSHUDQ]D6iQFKH]+HUUHUD%HDWUL]

YLVLEOHODSUREOHPiWLFDGHORVFXLGDGRUHV
IDPLOLDUHV GH ODV SHUVRQDV FUyQLFDPHQWH
HQIHUPDVKDVWDORJUDUTXHVHPRGL¿TXHQ
ODVSROtWLFDVS~EOLFDVDOUHVSHFWRHVXQDGHODV
PHWDVTXHVHKDSURSXHVWRODHQIHUPHUtD
FRORPELDQD
(O SUHVHQWH HVWXGLR VXUJH FRPR
SDUWH GH XQ FRPSURPLVR FROHFWLYR GH
ODV GLIHUHQWHV LQVWLWXFLRQHV HGXFDWLYDV
GH HQIHUPHUtD HQ HO SDtV GRQGH VH KDQ
YHQLGR FRQVWUX\HQGR HQ ORV ~OWLPRV
$%675$&7
$LP7RGHVFULEHDQGWRFRPSDUHWKHDELOLWLHVRIIDPLO\FDUHJLYHUV
GHDOLQJZLWKFKURQLFDOO\LOOSHUVRQVEHORQJLQJWRWHDFKLQJPHGLFDO
FDUHSURJUDPVLQWKUHH1XUVLQJVFKRROVZLWKLQWKH³&KURQLFSDWLHQW
DQGKLVIDPLO\´ZRUNLQJQHWZRUN
0DWHULDOVDQG0HWKRGV$WUDQVYHUVDOFRPSDULVRQRIGHVFULSWLYH
DQG TXDQWLWDWLYH VWXGLHV ZDV DGDSWHG DV PHWKRGRORJ\ )RUW\
ILYH FDUHJLYHUV IURP 8QLYHUVLGDG GH OD 6DEDQD QLQHW\ IURP
8QLOODQRV DQG QLQHW\ IURP 8QLYHUVLGDG 1DFLRQDO GH &RORPELD
ZHUHVDPSOHG
DxRV UHGHV \ DOLDQ]DV SDUD HO GHVDUUROOR 7KHUHVHDUFKPDWHULDOZDVWKH&DULQJ$ELOLW\,QYHQWRU\&$,ŠE\
GHO FRQRFLPLHQWR (Q HO PDUFR GH HVWRV 1JR]L1NRQJKR
DFXHUGRV HQ  VH OOHYy D FDER HQ OD
5HVXOWV $W WKH HQG RI WKH VWXG\ VLPLODU DELOLWLHV ZHUH IRXQG LQ
)DFXOWDGGH(QIHUPHUtDGHOD8QLYHUVLGDG WKHFDUHJLYHUVRIWKHWKUHHLQVWLWXWLRQV7KRVHUHVXOWVFRQ¿UPWKH
1DFLRQDO GH &RORPELD HO 9 6HPLQDULR OLWHUDWXUH¿QGLQJVVLQFHWKHFDULQJDELOLW\LVGH¿FLHQWLQDOOFDVHV
,QWHUQDFLRQDO GH &XLGDGR GHQRPLQDGR
(QIHUPHUtDVLQIURQWHUDVGRQGHVHLQLFLy &RQFOXVLRQV,WZRXOGEHFRQYHQLHQWWRLQFOXGHLQWKHVRFLDOZHOIDUH
SROLFLHV DQG LQ WKH DFDGHPLF FXUULFXOD SURJUDPV WR SUHSDUH WKH
XQ WUDEDMR HQ UHG HQ HO iUHD GH FXLGDGR
QXUVLQJSURIHVVLRQDOVWRGHDOZLWKWKHFDUHVSURYLGHGWRFKURQLFDOO\
DO SDFLHQWH FUyQLFR \ VX IDPLOLD SDUD LOOSDWLHQWV
LQWHUFDPELDU LQIRUPDFLyQ DSR\DU HO
GHVDUUROOR GH SUR\HFWRV FRODERUDWLYRV .H\:RUGV&DUHJLYHUV
\ PRVWUDU XQ PD\RU LPSDFWR GH OD IDPLO\FDUHJLYHUVFKURQLFGLVHDVH
LQYHVWLJDFLyQ FLHQWtILFD HQ OD VRFLHGDG
FRORPELDQD\GH$PpULFD/DWLQDHQGRQGH
ODHQIHUPHGDGFUyQLFDKDDOFDQ]DGROtPLWHV
LQVRVSHFKDGRV
/RVREMHWLYRVHVSHFt¿FRVVRQ'HVFULELUDQDOL]DU\FRPSDUDUFyPR
(VWH HVWXGLR VXUJLy GH OD SUHJXQWD
VHSHUFLEHQHQGLFKRVFXLGDGRUHVHVWRVWUHVFRPSRQHQWHVGHOFXLGDGR
¢FyPR HV OD KDELOLGDG GH FXLGDGR GH ORV
FXLGDGRUHV IDPLOLDUHV GH SHUVRQDV FRQ
HQIHUPHGDGHVFUyQLFDV\YLQFXODGDVDORV
SURJUDPDV GRFHQWHDVLVWHQFLDOHV GH WUHV
XQLGDGHVXQLYHUVLWDULDVGH&RORPELDTXH
SHUWHQHFHQDODUHGGHWUDEDMRHQFXLGDGR
DOSDFLHQWHFUyQLFR\DVXIDPLOLD"
FRQRFLPLHQWRYDORU\SDFLHQFLD
&RQFHSWRVHVHQFLDOHV
(O HVWXGLR VH HVWUXFWXUy FRQ EDVH HQ WUHV FRQFHSWRV HVHQFLDOHV
 KDELOLGDG GH FXLGDGR GH ORV FXLGDGRUHV IDPLOLDUHV  FXLGDGRUHV
IDPLOLDUHV \  SHUVRQDV FRQ HQIHUPHGDG FUyQLFD GLVFDSDFLWDQWH /DV
 ,QYHVWLJDFLyQ\(GXFDFLyQHQ(QIHUPHUtD0HGHOOtQ9RO;;,91žPDU]RGH
 ,QYHVWLJDFLyQ5HVHDUFK
KDELOLGDGHV GH FXLGDGR GH ORV FXLGDGRUHV IDPLOLDUHV VRQ HO SRWHQFLDO
GH FXLGDGR TXH WLHQH OD SHUVRQD DGXOWD TXH DVXPH HO URO GH FXLGDGRU
SULQFLSDO GH XQ IDPLOLDU R SHUVRQD VLJQL¿FDWLYD TXH VH HQFXHQWUD HQ
VLWXDFLyQGHHQIHUPHGDGFUyQLFDGLVFDSDFLWDQWH(VWDKDELOLGDGLQFOX\H
ODV GLPHQVLRQHV FRJQRVFLWLYD \ DFWLWXGLQDO TXH VRQ LGHQWL¿FDGDV \
PHGLGDVVHJ~QORVLQGLFDGRUHVGHFRQRFLPLHQWRYDORU\SDFLHQFLDTXH
SURSRQH1JR]L21NRQJKR/DKDELOLGDGYLVWDDVtSXHGHPHGLUVHD
WUDYpVGHODFRPXQLFDFLyQGLUHFWDFRQFDGDSHUVRQD
$OKDEODUDTXtGHYLYLUFRQHQIHUPHGDGFUyQLFDGLVFDSDFLWDQWHVHKDFH
UHIHUHQFLDDODH[SHULHQFLDGHSDGHFHUXQWUDVWRUQRRUJiQLFR\IXQFLRQDO
TXHJHQHUDGLVFDSDFLGDGSHUPDQHQWH\UHTXLHUHODUJRVSHUtRGRVGHFXLGDGR
WUDWDPLHQWRSDOLDWLYR\FRQWUROSRUORFXDOODSHUVRQDGHEHPRGL¿FDUVX
HVWLORGHYLGD/DVSHUVRQDVTXHYLYHQHVWDVVLWXDFLRQHVVRQVHUHVDFWLYRV
\WUDVFHQGHQWHVTXHYLYHQ\WLHQHQODFDSDFLGDGGHFUHFHUHQHOFXLGDGR
'H HVWD PDQHUD VH DVXPH OD FRQFHSWXDOL]DFLyQ GH VDOXG SURSXHVWD SRU
1HZPDQ HQ OD TXH HVWDEOHFH TXH VDOXG HV XQ SDWUyQ GH WRWDOLGDG TXH
LQFOX\HH[SUHVLRQHVGHHQIHUPHGDG\GHQRHQIHUPHGDG\VHFRQWHPSOD
DOLQGLYLGXRFRPRWRWDOLGDGH[SUHVDGDHQXQSDWUyQ(OFRQRFLPLHQWRGHO
SDWUyQSXHGHVHU~WLODODJHQWHSDUDKDFHUVHFRQVFLHQWHGHVXLQWHUDFFLyQ
FRQHOWRGR/DHQIHUPHGDGFUyQLFDGLVFDSDFLWDQWHHVDTXHOODTXHSHUFLEH
HOLQGLYLGXRFRPRXQDGLVIXQFLyQSDUDFXPSOLUFRQVXUROVHJ~QSDUiPHWURV
HVSHUDGRV\TXHORKDDFRPSDxDGRSRUPiVGHVHLVPHVHV
$OKDEODUGHFXLGDGRUHVIDPLOLDUHVVHKDFHUHIHUHQFLDDODVSHUVRQDV
DGXOWDVFRQYtQFXORGHSDUHQWHVFRRFHUFDQtDTXHDVXPHQODVUHVSRQVDELOL
GDGHVGHOFXLGDGRGHXQVHUTXHULGRTXHYLYHHQVLWXDFLyQGHHQIHUPHGDG
FUyQLFDGLVFDSDFLWDQWH\SDUWLFLSDQFRQpOHQODWRPDGHGHFLVLRQHV(OORV
UHDOL]DQRVXSHUYLVDQODVDFWLYLGDGHVGHODYLGDGLDULDEXVFDQGRFRPSHQVDU
ODVGLVIXQFLRQHVH[LVWHQWHVHQHOUHFHSWRUGHOFXLGDGR
6HMXVWL¿FDHVWDLQYHVWLJDFLyQSRUFXDQWRHOSDWUyQHSLGHPLROyJLFR
TXH FDUDFWHUL]D D QXHVWUR SDtV KD OOHYDGR D ORV SULPHURV OXJDUHV OD
PRUELOLGDG \ PRUWDOLGDG SRU HQIHUPHGDGHV FUyQLFDV QR WUDQVPLVLEOHV
6HUHTXLHUHLQYHVWLJDFLyQSDUDKDFHU
HOGLDJQyVWLFRGHOLPSDFWRGHODV(&17HQ
ODUHJLyQFRQHO¿QGHSRGHUGHWHUPLQDU
VXVYHUGDGHURVFRVWRV\DVHJXUDUXQDSUH
YHQFLyQPiVHIHFWLYDHLQWHJUDODVtFRPR
XQPDQHMRDGHFXDGRTXHIRUWDOH]FDODUHFX
SHUDFLyQ\HYLWHODVFRPSOLFDFLRQHVLQQH
FHVDULDVGHHVWDSREODFLyQ8QDSURSXHVWD
FRPR pVWD SHUPLWLUi PD\RU FRRUGLQDFLyQ
LQWUDHLQWHUVHFWRULDODQLYHOLQWHUQDFLRQDO
DUPRQL]DU ODV SURSXHVWDV FRQ ORV SODQHV
ORFDOHV\IRPHQWDUODDWHQFLyQSULPDULD\
OD SDUWLFLSDFLyQ GH OD FRPXQLGDG FRPR
IDFWRUHVGHWHUPLQDQWHVGHOSURFHVRHQHO
TXHODDFDGHPLDUHVSRQGDDOSDSHOSURWD
JyQLFRDOTXHHVWiOODPDGD
6H UHTXLHUHQ WDPELpQ SURSXHVWDV
GH WUDEDMR TXH GHQ OXFHV D ODV DFFLRQHV
SUHYHQWLYDVSDUDHYLWDUULHVJRV\IRUWDOHFHU
ORV SRWHQFLDOHV FRQ ORV TXH FXHQWD OD
SREODFLyQ
/DFRPSDUDFLyQGHODSUREOHPiWLFD
HQORVGLIHUHQWHVSDtVHVSHUPLWHFRQWDUFRQ
XQ SDUiPHWUR TXH VHxDOH OD GL¿FXOWDG \
RSRUWXQLGDGTXHHQHOFDPSRGHFXLGDGRGH
ORVFXLGDGRUHVVHWLHQHHQODUHJLyQ
(O SUHVHQWH WUDEDMR VXUJH FRPR
XQD UHVSXHVWD QRYHGRVD SDUD PLUDU HO
QLYHO GH KDELOLGDG FRPR XQ DVSHFWR TXH
LQWHUYLHQH HQ HO ELHQHVWDU JHQHUDO GH
DTXHOORV TXH VH YHQ LQYROXFUDGRV HQ HO
PDQHMR GH VLWXDFLRQHV GH FURQLFLGDG \
(&17/DPRUWDOLGDGDWULEXLEOHD(&17SUHVHQWDXQDXPHQWRDEVROXWR
\UHODWLYRHQORVSRUFHQWDMHVGHIDOOHFLPLHQWRV\ORVDxRVGHYLGDSRWHQFLDO
SHUGLGRV (O JDVWR WRWDO SRU HQIHUPHGDG FUyQLFD VXSHUD HQ H[FHVR ORV
SUHVXSXHVWRVQDFLRQDOHVSDUDHVWH¿Q
6LQHPEDUJRQRHVHQHVWRVGDWRVGRQGHVHUHÀHMDHOPD\RULPSDFWR
GHODFURQLFLGDGHQODUHJLyQ(OGHVJDVWHGHDTXHOODVSHUVRQDVTXHVLQ
WHQHUORVHOHPHQWRVSDUDDVXPLUHOFXLGDGRVHYHQREOLJDGDVDKDFHUORHV
D~QGHVFRQRFLGR\WDPELpQORHVHOLPSDFWRTXHVREUHORVLQGLYLGXRVFRQ
HQIHUPHGDGFUyQLFDWLHQHHOTXHVXVFXLGDGRUHVQRHVWpQSUHSDUDGRV\QR
UHFLEDQODRULHQWDFLyQQHFHVDULDSDUDUHVSRQVDELOL]DUVHSRUHVWDVWDUHDV
/DVOtQHDVJHQHUDOHVGHDFFLyQSURSXHVWDVSDUDDERUGDUODV(&17
HQHOSDtVDFHSWDQTXHVRQXQSUREOHPDGHVDOXGS~EOLFDFUHFLHQWHTXH
UHTXLHUHQSDUDVXDERUGDMHODDSOLFDFLyQGHPHFDQLVPRVTXHHQIDWLFHQHQOD
SUHYHQFLyQUHWDUGHQODDSDULFLyQ\HYLWHQODFRPSOLFDFLyQVLQHPEDUJRQR
H[LVWHQUHJLVWURVXQL¿FDGRVQLGRFXPHQWDFLyQTXHHYLGHQFLHQODPDJQLWXG
GHODSUREOHPiWLFDGHOFXLGDGRGHODVDOXGGHFXLGDGRUHV\SDFLHQWHVSDUD
ODEXVFDGHVROXFLRQHVFRQEDVHVPiVUHDOHV\HIHFWLYDV
8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD 
SXHGHFRQVWLWXLUVHHQXQDJHQWHSURWHFWRU
GHVXFDOLGDGGHYLGDDGHPiVGHVHUXQD
IRUPD GH DUWLFXODFLyQ LQWHULQVWLWXFLRQDO
TXH SHUPLWH SRWHQFLDOL]DU HO UHFXUVR \
HO FRQRFLPLHQWR GH OD HQIHUPHUtD HQ HO
SDtV(VXQDLQYHVWLJDFLyQQHFHVDULDSDUD
EXVFDU ODV UHVSXHVWDV HQ XQ iPELWR TXH
QR VH KD H[SORUDGR GH PDQHUD VX¿FLHQWH
\TXHFRQVWLWX\HXQOODPDGRDUHFRQRFHU
ODVWDUHDVQDWXUDOHVGHODIDPLOLDIUHQWHDO
FXLGDGRGHODYLGDKXPDQD
$OUHYLVDUHOHVWDGRGHODUWHHQHVWH
FDPSRVHYHTXHYDULRVDXWRUHVGRFXPHQWDQ
HOLPSDFWRGHYLYLUFRQHQIHUPHGDGFUyQLFD
RGHFXLGDUDXQDSHUVRQDHQHVDVLWXDFLyQ
FRPRXQDH[SHULHQFLDTXHJHQHUDFDPELRV
SURIXQGRV HQ VXV YLGDV \ PRGLILFD VX
KDELOLGDGGHFXLGDGR
 /DKDELOLGDGGHFXLGDGRGHORVFXLGDGRUHVIDPLOLDUHVGHSHUVRQDVFRQHQIHUPHGDGFUyQLFD

'HSHQGLHQGR GHO LPSDFWR TXH OD WDQWRODVSHUVRQDVGLVSXHVWDVDD\XGDUOHFRPRVXSHUFHSFLyQGHHVDGLV

HQIHUPHGDG JHQHUD HQ HO FXLGDGR GH OD SRQLELOLGDGVRQSDUWHIXQGDPHQWDOGHVXKDELOLGDG
VDOXG GH ODV SHUVRQDV LQYROXFUDGDV \ GH
'HLJXDOIRUPDODFDOLGDG\ODQDWXUDOH]DGHODVUHODFLRQHVIDPLOLDUHV
ODV KDELOLGDGHV TXH SDFLHQWHV \ IDPLOLDV
VRQUHOHYDQWHVHQHOWLSRGHVRSRUWHUHFLELGR/RTXHVHYHHQPRPHQWRV
H[LJHQ GH ORV FXLGDGRUHV HQ GLIHUHQWHV
GHFULVLVHVPXFKDVYHFHVXQUHÀHMRGHUHODFLRQHVSDVDGDVHQGRQGHHO
HVFHQDULRVGHFXLGDGRVHFDWHJRUL]DURQODV
VHQWLPLHQWRGHDIHFWRSDUHFHIRUWDOHFHUDVSHFWRVGHELHQHVWDUGHHQIHUPRV
HQIHUPHGDGHVFUyQLFDVHQFXDWURJUDQGHV
\FXLGDGRUHV6HKDGHPRVWUDGRTXHORVVHUYLFLRVGLVSRQLEOHVQRVH
JUXSRV  DTXHOODV TXH SDUD PHMRUDU VX
HPSOHDQWDQWRHQIXQFLyQGHODVDOXG\ELHQHVWDUGHORVIDPLOLDUHVVLQRGHOD
SURQyVWLFRUHTXLHUHQXQDPRGL¿FDFLyQHQ
JUDYHGDGGHODHQIHUPHGDGFRQORFXDOSRGUtDDVXPLUVHTXHORVFXLGDGRUHV
HOHVWLORGHYLGDGHODVSHUVRQDVODVTXH
VHPDQWLHQHQHQXQVHJXQGRSODQRGHQWURGHODIDPLOLD
SURGXFHQGRORUOLPLWDFLyQRPXWLODFLyQ
ODVTXHSURGXFHQXQLQWHQVRVHQWLPLHQWR 'HRWUDSDUWHDOJXQRVDXWRUHVSUHVHQWDQFRPRSDUWHGHHVWHDSR\R
GHSpUGLGDRDIURQWDPLHQWRGHODPXHUWH\ GHOFRQWH[WRH[SHULHQFLDVFRQJUXSRVGHDSR\RIRUPDOFRQIRUPDGRVSRU
DTXHOODVTXHDOWHUDQHQIRUPDLPSRUWDQWH
ODFDSDFLGDGGHVRFLDOL]DFLyQGHOFXLGDGRU
RGHOUHFHSWRUGHOFXLGDGR(VWDGLYLVLyQ
KD SHUPLWLGR IRPHQWDU HO FXLGDGR HQ ODV
GLIHUHQWHVVLWXDFLRQHVGHYLGDTXHDIURQWDQ
ORVFXLGDGRUHVIDPLOLDUHVGHTXLHQYLYHFRQ
XQDHQIHUPHGDGFUyQLFD
/D IDPLOLD VH KD YLVWR DIHFWDGD SRU
VXWHQGHQFLDDSDVDUGHH[WHQVDDQXFOHDU
SRU VX UHVWULFFLyQ GH HVSDFLR GH YLYLHQGD
\SRUHOFDPELRGHUROGHODPXMHUTXHKD
FRPHQ]DGR D VHU HMH FHQWUDO GHO PHUFDGR
ODERUDO SHUR D SHVDU GH HOOR FRQWLQ~D
FRQHOUROGHFXLGDGRUDGHODVSHUVRQDVFRQ
HQIHUPHGDG FRPR XQD GH VXV SULQFLSDOHV
UHVSRQVDELOLGDGHV /DV IDPLOLDV WUDWDQ GH
RUJDQL]DUVH\VREUHSRQHUVHSDUDDIURQWDU
GH OD PHMRU IRUPD HVWDV GHPDQGDV GH
FXLGDGR&RQDOJXQDIUHFXHQFLDGHELGRD
OD SRFD KDELOLGDG FRQ TXH FXHQWDQ FRPR
FXLGDGRUHV VH SURGXFHQ VHQWLPLHQWRV GH
LPSRWHQFLDDQWHODUHVSRQVDELOLGDGHVWRV
VHQWLPLHQWRVYDUtDQGHSHQGLHQGRGHODHGDG
SURIHVLRQDOHV GH OD VDOXG FRPR YDOLRVDV SDUD ODV IDPLOLDV (Q DOJXQRV
FDVRVODVLPSOHDSUREDFLyQVRFLDOODRULHQWDFLyQODFRPSDxtDRHOUHOHYR
WHPSRUDOGHSDUWHGHGLIHUHQWHVPLHPEURVGHJUXSRVIRUPDOHVHLQIRUPDOHV
VRQVX¿FLHQWHVSDUDLQFUHPHQWDURUHFRQRFHUVXSURSLDKDELOLGDG\HO
LPSDFWRHQODYLGDGHODVIDPLOLDV
/DV VLWXDFLRQHV GH HQIHUPHGDG FUyQLFD JHQHUDQ GLYHUVRV JUDGRV
GH LQFHUWLGXPEUH HQ HO WUDQVFXUVR GH VX HYROXFLyQ SRU HVWH PRWLYR HO
DSR\R SURIHVLRQDO SDUD IRPHQWDU HO GHVDUUROOR GH OD KDELOLGDG GH ORV
FXLGDGRUHVIDPLOLDUHVGHSHUVRQDVFRQHQIHUPHGDGFUyQLFDHQWpUPLQRVGH
FRQRFLPLHQWRYDORU\SDFLHQFLDSRGUtDSHUPLWLUDODVSHUVRQDVDIHFWDGDV
XQPD\RUJUDGRGHWUDQTXLOLGDG/DHQIHUPHUDSXHGHSUHYHUVLWXDFLRQHV
GHGL¿FXOWDGRULHVJRFRQHO¿QGHHYLWDUODVROOHYDUODVHQIRUPDDGHFXDGD
6LQHPEDUJRHVSUHFLVRWHQHUXQGLDJQyVWLFRPiVFRPSOHWRGHODVLWXDFLyQ
GHORVFXLGDGRUHVHQORVGLIHUHQWHVHVFHQDULRVGHOFXLGDGR
7UDEDMDU XQD HVWUXFWXUD RUJDQL]DGD TXH RULHQWH D ORV FXLGDGRUHV
\ IRPHQWH VX KDELOLGDG GH FXLGDGR D WUDYpV GH XQ PRGHOR SHUPLWH OD
FRQVHFXFLyQGHPHWDVGHFXLGDGRGHHQIHUPHUtDIDYRUHFHODRULHQWDFLyQ
GHOGHVHPSHxRSURIHVLRQDOHQUHVSXHVWDDODVQHFHVLGDGHVKXPDQDVDODYH]
TXHDSR\DHOHQWHQGLPLHQWRWRWDOGHODSURSLDFRQGXFWD\HYLWDUHDFFLRQHV
DGYHUVDVHQHOFXLGDGRU
+D\ FDUDFWHUtVWLFDV GH OD SURSLD HQIHUPHGDG FUyQLFD TXH SXHGHQ
WHQHULPSDFWRHQODKDELOLGDGGHFXLGDGRGHORVFXLGDGRUHVIDPLOLDUHV
HO JpQHUR OD FXOWXUD SHUR VLHPSUH HVWiQ
SUHVHQWHV \ JHQHUDQ XQ HOHYDGR QLYHO GH
HVWUpV 0XFKDV SHUVRQDV VLQ HPEDUJR
OH GDQ XQ VLJQL¿FDGR PX\ SURIXQGR D OD
H[SHULHQFLDGHFXLGDGRGHXQIDPLOLDUFRQ
HQIHUPHGDGFUyQLFDORTXHORVKDFHVHQWLUVH
~WLOHVHLPSRUWDQWHV
(ODPELHQWHHVLPSRUWDQWHSDUDGHEL
OLWDURIRUWDOHFHUODKDELOLGDGGHFXLGDGRGH
ORVFXLGDGRUHVIDPLOLDUHV9DULRVHVWXGLRV
GH HQIHUPHUtD VHxDODQ HO VRSRUWH VRFLDO
FRPRXQDVSHFWRUHOHYDQWHHQHODIURQWD
PLHQWR GH pVWD \ RWUDV FULVLV HQ HO FXUVR
GHODYLGD3DUDHOFXLGDGRUSULQFLSDO
«QXHVWUDLGLRVLQFUDVLDVHGLIHUHQFLDGHODVDMRQDHQORTXHVLJQL¿FD
³VHUFXLGDGRU´(QWUHQRVRWURVHVIUHFXHQWHODGL¿FXOWDGSDUDLGHQWL¿FDU
TXLpQHVHOFXLGDGRUSULQFLSDOFXDQGRKD\YDULRVHQODIDPLOLDTXHFXPSOHQ
IXQFLRQHVGHFXLGDGRWDPELpQHOFRQFHSWRGHIDPLOLDULGDGHVPX\GLIHUHQWH
HQWUHQRVRWURVDOH[SXHVWRHQODOLWHUDWXUD
2WUR IDFWRU TXH VH GHEH WHQHU HQ FXHQWD VRQ ORV SUREOHPDV GH
FRPSRUWDPLHQWRTXHVXUJHQFRQODHQIHUPHGDG/DFDSDFLGDGIXQFLRQDO
GHO SDFLHQWH \ GHO FXLGDGRU \ OD FDSDFLGDG PLVPD GH HVWH ~OWLPR SDUD
GDUFXLGDGRGHPDQHUDWDOTXHVDWLVIDJDORVUHTXHULPLHQWRVVRFLDOHV\GHO
FRQWH[WRUHVXOWDQVHUGH¿QLWLYDV(OWLSRODFDQWLGDG\HOWLHPSRHVSHUDGR
GH FXLGDGR QHFHVDULR FRQWULEX\HQ WDPELpQ D PDQWHQHU R GHVDUUROODU
KDELOLGDGHQHOFXLGDGRU\GL¿HUHQGHORVUHSRUWDGRVHQRWUDVODWLWXGHV
HOFXLGDGRGHWUHJXDHVYLYLGRGHRWUDPDQHUDHQHVSHFLDOHQIDPLOLDVGH
HVWUXFWXUDFRPSOHMD\QXPHURVD
 ,QYHVWLJDFLyQ\(GXFDFLyQHQ(QIHUPHUtD0HGHOOtQ9RO;;,91žPDU]RGH
 ,QYHVWLJDFLyQ5HVHDUFK
6HJ~QODUHJLyQVHYHQGLIHUHQFLDVHQORVFRPSRUWDPLHQWRVGHODVID
PLOLDVHQODIRUPDGHFXLGDUDVXVHQIHUPRVHQVXFDSDFLGDGGHGDUFXLGDGR
DQWLFLSDWRULRSURWHFFLyQSUHYHQFLyQVXSHUYLVLyQ\FXLGDGRLQVWUXPHQWDO$
SHVDUGHHOORKD\XQVHQWLPLHQWRFRP~QTXHUHÀHMDXQDKDELOLGDGFRPSUR
PHWLGDSRUFXDQWRHOVHUFXLGDGRUIDPLOLDUGHXQDSHUVRQDFRQHQIHUPHGDG
FUyQLFDVLJQL¿FDWHQHUTXHGHMDUHOWUDEDMRRPRGL¿FDUODYLGDSDUDDVXPLU
HVDVWDUHDV
/RV FXLGDGRUHV SULQFLSDOHV \ TXLHQHV ORV DSR\DQ GH PDQHUD
LPSRUWDQWHHQHOFXLGDGRWLHQHQFRQIUHFXHQFLDXQVHQWLPLHQWRGHFDUJD
JHQHUDGRSRUODUHVSRQVDELOLGDGGHFXLGDUDRWUDSHUVRQDGHSHQGLHQWHHQ
PXFKRVDVSHFWRVGHODYLGDGLDULD\SRUHOHVWUpVGHWRPDUFRQVWDQWHPHQWH
GHFLVLRQHVTXHDIHFWDQODSURSLDYLGD\ODGHOVHUTXHULGR
5HFRQRFLHQGRTXHODPD\RUtDGHORVHQIHUPRVFUyQLFRVYLYHQFRQ
(OFXLGDGRTXHVLHPSUHHVWiDVRFLDGR
DXQDH[SUHVLyQKXPDQDGHVXSHUYLYHQFLD
VH PDQLILHVWD HQ QXHVWUD KDELOLGDG GH
FXLGDU$TXHO D TXLHQ VH KD FXLGDGR HV
SRU OR JHQHUDO FDSD] GH FXLGDU \ HO
FUHFLPLHQWR TXH HVWR SHUPLWH HV PXWXR
VHQVLWLYR\FRPSUHQVLYR\GHEHFRQWDUDO
PHQRVFRQWUHVHOHPHQWRVGHOSURFHVRGH
D\XGD /D DXWHQWLFLGDG GH TXLHQ D\XGD
HO UHFRQRFLPLHQWR SRVLWLYR KDFLD OD RWUD
SHUVRQD\ODFRPSUHQVLyQHPSiWLFD
&XDWUR VXSXHVWRV TXH IXQGDPHQWDQ
HOLQYHQWDULRGHKDELOLGDGGHFXLGDGRVRQ
VXVIDPLOLDV\TXHVXVFXLGDGRUHVHVWiQHQFRQGLFLRQHVGHYXOQHUDELOLGDG  HO FXLGDGR HV PXOWLGLPHQVLRQDO FRQ
VHSXHGHYHUODKDELOLGDGGHFXLGDGRDWUDYpVGHORVVLVWHPDVIDPLOLDUHV FRPSRQHQWHV FRJQLWLYRV \ DFWLWXGLQDOHV
SDUD FRQVLGHUDU HQ HO IXWXUR XQ PpWRGR ~WLO HQ HO GHVDUUROOR GH GLFKDV WRGRVORVLQGLYLGXRVWLHQHQHOSRWHQFLDO
KDELOLGDGHVFRPRXQDIRUPDGHDSR\RDORVFXLGDGRUHVSDUDDIURQWDUHVWD GHVHUFXLGDGRUHVHOFXLGDGRVHSXHGH
SUREOHPiWLFD'HHVWDPDQHUDVHSRGUiQHYLWDUORVHIHFWRVQHJDWLYRVTXHWUDHQ DSUHQGHU\HOFXLGDGRHVFXDQWL¿FDEOH
FRPRUHVXOWDGRDOWHUDFLyQGHODKDELOLGDGGHFXLGDGRSXHVWRTXHDIHFWDQOD (OLQYHQWDULRGHKDELOLGDGGHFXLGDGRTXH
VDOXGGHOFXLGDGRU\ODUHODFLyQPLVPDGHOFXLGDGR 1NRQJKRSURSRQHUHFRQRFHODQHFHVLGDG
GHOFXLGDGRSDUDODVXSHUYLYHQFLDKXPD
(OIRPHQWRGHODKDELOLGDGGHFXLGDGRFRPRXQDIRUPDGHFXLGDUD QDDWUDYpVGHtWHPVLQFOXLGRVHQWUHV
ORVFXLGDGRUHVHVXQDWDUHDLPSRUWDQWHGHHQIHUPHUtD/DVVXJHUHQFLDVGH FDWHJRUtDV LQLFLDOPHQWH SUHVHQWDGDV SRU
DOJXQRVDXWRUHVKDQVLGRDGRSWDGDVSRUGLIHUHQWHVSURIHVLRQDOHVSHURQR 0D\HURII TXH VRQ FRQRFLPLHQWR YDORU
VHFRQRFHQUHSRUWHVHQODOLWHUDWXUDVREUHORVHIHFWRVHQHOGHVDUUROORGH \SDFLHQFLD(VWHLQVWUXPHQWRHVPXOWLGL
KDELOLGDGGHFXLGDGRFRQHOHPSOHRGHODVPLVPDV PHQVLRQDOHLQFOX\HGRPLQLRVDIHFWLYRV\
5HFRQRFHUDORVFXLGDGRUHVFRPRXQFRPSRQHQWHHVHQFLDOGHOVLVWHPD FRJQLWLYRV4XLHQHVWLHQHQDOWDVFDOL¿FD
GHFXLGDGRGHODVDOXGH[LJHDFHSWDUVXSRWHQFLDO\VXVOLPLWDFLRQHV\GDU FLRQHVSDUDHOFXLGDGRSXHGHQVHUPRGHORV
OHVKHUUDPLHQWDVSDUDPHMRUDUVXKDELOLGDGHQWpUPLQRVGHLQFUHPHQWDUVX RPHQWRUHVSDUDTXLHQHVODVWLHQHQEDMDV
FDSDFLGDGGHDIURQWDPLHQWRGHPDQHUDWDOTXHVDWLVIDJDQODVQHFHVLGDGHV /D KDELOLGDG GH FXLGDGR HV PiV
GHODSHUVRQDHQIHUPDUHVSRQGDQDODSUREOHPiWLFDIDPLOLDUPDQWHQJDQ LPSRUWDQWH HQ DOJXQDV VLWXDFLRQHV \ HQ
VXSURSLDVDOXG\IRPHQWHQODEXHQDUHODFLyQFXLGDGRUSHUVRQDFXLGDGD FLHUWDV SURIHVLRQHV TXH HQ RWUDV SRU OR
UHFRQRFLHQGR\HVWDEOHFLHQGRDSR\RVIRUPDOHVHLQIRUPDOHVPDQHMDQGR WDQWRODDXWRUDUHFRPLHQGDTXHVHHPSOHH
ORVVHQWLPLHQWRVGHLQDGHFXDFLyQRFXOSD\SODQHDQGRVXSURSLRIXWXUR\
FRPRJXtDYRFDFLRQDO\FRPRKHUUDPLHQWD
HOGHVXJUXSRIDPLOLDU
HQODDVHVRUtDSDUDTXLHQHVTXLHUHQDVXPLU
(Q HVH VHQWLGR ODV HQIHUPHUDV SXHGHQ VHUYLU D ORV FXLGDGRUHV SDUD UROHVTXHLPSOLFDQKDELOLGDGHVGHFXLGDGR
IRPHQWDU \ DSR\DU HVDV FRQGXFWDV DGDSWDWLYDV FRPR SDUWH GH OD KDELOLGDG WDOHVFRPRHOGHORVFXLGDGRUHVIDPLOLDUHV
GHFXLGDU1RHVODERUGHHQIHUPHUtDDVXPLUXQUROGHMXHFHVVLQREXVFDU GHSHUVRQDVFRQHQIHUPHGDGFUyQLFD
FRPSUHQGHUODUHDOLGDGGHODH[SHULHQFLDGHFXLGDGRGHODVDOXGKXPDQD\
/DKDELOLGDGGHFXLGDGRGHOFXLGDGRU
DSR\DUDORWURHQHOFUHFLPLHQWRGHVXKDELOLGDGGHFXLGDGRFRPRFXLGDGRU
YDUtDGHSHQGLHQGRGHVXJUDGRGHIDPLOLD
/DUHVSRQVDELOLGDG\ODVWDUHDVGHFXLGDGRUHTXLHUHQHOGHVDUUROOR ULGDG FRQ HO FRQWH[WR HO VLJQL¿FDGR TXH
GH KDELOLGDG GH TXLHQ ODV DVXPH \ HO UHFRQRFLPLHQWR GH OD PLVPD HV HVWRWHQJDSDUDODSHUVRQDRODVRFLHGDG
LPSRUWDQWHSDUDSURPRYHUORVDSR\RVQHFHVDULRVHQVXGHVDUUROOR HVGHFLUODGLIHUHQFLDHQWUHYHUDOFXLGD
/D PHGLFLyQ GH OD KDELOLGDG GH FXLGDGR GH ORV FXLGDGRUHV FRPR GRUFRPRXQDPDQLIHVWDFLyQGHVHUHQHO
XQ WRGR IXH SURSXHVWD SRU 1NRQJKR TXLHQ FRQ EDVH HQ XQ HVWXGLR PXQGR GH DSUHFLDU HO VLJQL¿FDGR GH VHU
IHQRPHQROyJLFRGHVDUUROOyHO,QYHQWDULRGH+DELOLGDGGH&XLGDGR&$, XQDSHUVRQDFXLGDGRUDRODREOLJDFLyQGH
'LFKR LQYHQWDULR SHUPLWH FXDQWL¿FDU HO JUDGR GH KDELOLGDG GH FXLGDGR FXLGDU(OFXLGDGRUTXHHVKiELODVtORUH
TXHXQDSHUVRQDSXHGHWHQHUFRQRWURV6HJ~QODDXWRUDHOFXLGDGRUFRQ ÀHMDPHGLDQWHXQDDFWLWXGGHFRPSURPLVR
KDELOLGDGH[SHULPHQWDXQDVHQVDFLyQGHSHUWHQHQFLD\YtQFXOR\HVHVWDEOH FRQXQDSUHVHQFLDDXWpQWLFDDVXPLHQGROD
\UHVLOLHQWHDOHVWUpV UHVSRQVDELOLGDG FUHFLHQGR PXWXDPHQWH

8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD 

FRQ OD SHUVRQD FXLGDGD \ YLYLHQGR XQD
PRWLYDFLyQKDFLDHOFXLGDGR
3DUD FRQFOXLU HV SULPRUGLDO VHxDODU
ORV P~OWLSOHV SRWHQFLDOHV IXQFLRQHV \
ULHVJRVHQVDOXGTXHWLHQHQORVFXLGDGRUHV
IDPLOLDUHV GH SHUVRQDV FRQ HQIHUPHGDG
FUyQLFD \ TXH ORV DIHFWDQ WDQWR D HOORV
FRPR D ORV UHFHSWRUHV GH VX FXLGDGR
6L ELHQ HV FLHUWR TXH VH KD DGHODQWDGR
LQYHVWLJDFLyQVREUHODKDELOLGDGGHFXLGDGR
GH ORV FXLGDGRUHV HQ OD ~OWLPD GpFDGD
OD PD\RUtD GH ORV HVWXGLRV QR DSRUWDQ DO
FRQRFLPLHQWR GH OD UHJLyQ \ WLHQHQ SRFD
DSOLFDELOLGDG SDUD JHQHUDU DOWHUQDWLYDV
~WLOHVHQODDVLVWHQFLDGLVHxRGHSROtWLFDV
\IRUPDFLyQIUHQWHDHVWDVVLWXDFLRQHVGH
FXLGDGRGHODVDOXG
/DSUHVHQWHLQYHVWLJDFLyQFRQVWLWX\H
/DKDELOLGDGGHFXLGDGRGHORVFXLGDGRUHVIDPLOLDUHVGHSHUVRQDVFRQHQIHUPHGDGFUyQLFD
DXWRUL]DFLRQHVGHOSUR\HFWRGHLQYHVWLJDFLyQDSOLFDGRSDUDGHVFULELUOD
KDELOLGDGGHFXLGDGRGHORVFXLGDGRUHVIDPLOLDUHVGHSHUVRQDVFRQHQIHU
PHGDGHVFUyQLFDVHQWpUPLQRVGHFRQRFLPLHQWRYDORU\SDFLHQFLDHVWD
GHVFULSFLyQLQFOX\yDGHPiVXQDFDUDFWHUL]DFLyQPtQLPDGHOJUXSR
(QFXDQWRDPDWHULDOHV\PpWRGRVYDOHODSHQDVHxDODUTXHHOHVWXGLR
WLHQH XQ GLVHxR GHVFULSWLYR FRPSDUDWLYR \ WUDQVYHUVDO FX\R DERUGDMH
HVFXDQWLWDWLYR6XSREODFLyQGHHVWXGLRODFRQIRUPDURQORVFXLGDGRUHV
IDPLOLDUHVGHSHUVRQDVFRQHQIHUPHGDGFUyQLFDGLVFDSDFLWDQWHGHOSDtV/D
PXHVWUDIXHLQWHQFLRQDO\UHVSRQGLyDODVFRQGLFLRQHVGHFDGDIDFXOWDG
(QOD8QLYHUVLGDGGHOD6DEDQDHOJUXSRGHFXLGDGRUHVGHSHUVRQDV
HV DWHQGLGR HQ OD &OtQLFD 8QLYHUVLWDULD 7HOHWyQ GHQWUR GHO SURJUDPD
GHUHKDELOLWDFLyQLQWHJUDO(Q8QLOODQRVHOJUXSRHVWiYLQFXODGRDO,66
WDQWR HQ KRVSLWDOL]DFLyQ FRPR HQ FRQVXOWD H[WHUQD \ VRQ HQ WRWDO 
FXLGDGRUHV(QOD8QLYHUVLGDG1DFLRQDOGH&RORPELDVHFXHQWDFRQXQ
SUR\HFWR GH H[WHQVLyQ HQ HO TXH VH WLHQHQ FXLGDGRUHV YLQFXODGRV SRU
FRQVXOWDH[WHUQDKRVSLWDOL]DFLyQ\FXLGDGRHQFDVDVHLQFOX\HURQSDUD
HVWRFXLGDGRUHV
(OLQVWUXPHQWRSDUDODUHFROHFFLyQGHODLQIRUPDFLyQIXHHO,QYHQWDULR
XQ DSRUWH LPSRUWDQWH TXH PRVWUDUi ODV
KDELOLGDGHV GH FXLGDGR GH FXLGDGRUHV
GH SHUVRQDV FRQ HQIHUPHGDG FUyQLFD HQ
WUHV XQLGDGHV DFDGpPLFDV TXH RIUHFHQ
SURJUDPDVSDUDFXLGDGRUHVHQ&RORPELD
HQGRQGHWUDEDMDUiHQXQIXWXURSUy[LPR
\DSDUWLUGHHVWHGLDJQyVWLFRSURSXHVWDV
HVSHFt¿FDVGHLQWHUYHQFLyQ
0(72'2/2*Ë$
6HLQLFLyFRQDFXHUGRVLQWHULQVWLWXFLRQDOHV
TXHRULHQWDURQODFRQFHSWXDOL]DFLyQGHOHV
WXGLRHQWpUPLQRVGHFURQLFLGDG\KDELOLGDG
GHFXLGDGR6HGHVDUUROOyGHSDUWHGHOJUXSR
LQYHVWLJDGRUGHOD)DFXOWDGGH(QIHUPHUtD
GHOD8QLYHUVLGDG1DFLRQDOGH&RORPELDXQ
SURWRFRORGHLQYHVWLJDFLyQTXHIXHVRPH
WLGRDUHYLVLyQ\FUtWLFDSRUSDUWHGHRWURV
LQYHVWLJDGRUHV6HKLFLHURQOXHJRORVDMXVWHV
FRQYHQLGRV6HDFRUGyTXHFDGDSUR\HFWR
WHQGUiDXWRUtDORFDO\HOSUR\HFWRFROHFWLYR
DXWRUtDFRPSDUWLGDHQGRQGHVHGDUtDQORV
FUpGLWRVDOJUXSRGHOD8QLYHUVLGDG1DFLRQDO
TXHFRQYRFy\JHVWyODSURSXHVWDGHWUDEDMR
FRODERUDWLYR
GH KDELOLGDG GH FXLGDGR &$, Š SRU VXV VLJODV HQ LQJOpV HPSOHDGR
FRQ SHUPLVR HVFULWR GH OD DXWRUD (VWH LQVWUXPHQWR WLHQH  tWHPV FRQ
JUDGXDFLyQGHWLSR/LNHUW\VHFRPSRQHGHWUHVVXEHVFDODV&RQRFLPLHQWR
YDORU\SDFLHQFLD
/DVUHVSXHVWDVWLSR/LNHUWYDQGHDFRQORVSXQWDMHVPiVDOWRV
LQGLFDQGRPD\RUJUDGRGHFXLGDGRSDUDXQtWHPSRVLWLYDPHQWHIRUPXODGR
3DUD ORV tWHPV QHJDWLYDPHQWH IRUPXODGRV HO SXQWDMH VH LQYLHUWH /DV
UHVSXHVWDVDORVtWHPVVHVXPDQSDUDFDGDVXEHVFDODGDQGRXQSXQWDMH
WRWDOSDUDFDGDXQDGHHOODV/DVXEHVFDODGH&RQRFLPLHQWRFRQVLVWH
HQ  tWHPV HO 9DORU HQ  tWHPV \ OD 3DFLHQFLD WLHQH  tWHPV /D
FRQ¿DELOLGDGIXHGH\ODYDOLGH]GH
$XQTXHHO&$,VHKL]RSDUDDXWRDGPLQLVWUDUVHODVLQYHVWLJDGRUDV
GHFLGLHURQDSR\DUVXDSOLFDFLyQSUHYLRHQWUHQDPLHQWRFROHFWLYR\GH
VDUUROORGHSUXHEDVSLORWRHYLWDQGRDVtGLILFXOWDGHVGHLQWHUSUHWDFLyQ
FRQSREODFLRQHVGHEDMDHVFRODULGDG(OLQVWUXPHQWRUHFLELyDOJXQRV
DMXVWHVLGLRPiWLFRVREVHUYDQGRFRQDSR\RGHXQDWUDGXFWRUDRILFLDO
TXHVHPDQWXYLHUDVXVLJQLILFDGRVHPiQWLFRRULJLQDO6HOHKL]RSUH
YLDPHQWH XQ HVWXGLR GH FRQILDELOLGDG HQ HO FRQWH[WR L (Q WRGRV ORV
FDVRV VH GLOLJHQFLy XQ FRQVHQWLPLHQWR LQIRUPDGR /DV HQWUHYLVWDV
WRPDURQHQSURPHGLRPLQXWRV
/RV GDWRV VH PDQHMDURQ GH DFXHUGR FRQ ODV LQVWUXFFLRQHV GH OD
DXWRUDSDUDHOPDQHMRGHOLQVWUXPHQWRVHLQFRUSRUDURQDXQDPDWUL]GH
([FHOSDUDKDFHUOXHJRXQDGHVFULSFLyQ\H[SORUDFLyQGHORVFRPSRQHQWHV
FRQDSR\RGHHVWDGtVWLFDGHVFULSWLYD\FRPSDUDWLYDDWUDYpVGHOSURJUDPD
$QLYHOORFDOFDGDXQDGHODVXQLYHU 6366SDTXHWHHVWDGtVWLFRGHFLHQFLDVVRFLDOHV6HFRQWyFRQHODSR\R
VLGDGHVDFDGpPLFDVWUDPLWyODVUHVSHFWLYDV GHXQDSURIHVLRQDOHVSHFLDOLVWDHQHVWDGtVWLFD

L &RUUHGRUN&RQ¿DELOLGDGGHOLQVWUXPHQWRLQYHQWDULRGHKDELOLGDGGHFXLGDGRWUDGXFLGRDOHVSDxRO>7HVLVGHPDHVWUtD@6DQWDIpGH%RJRWi8QLYHUVLGDG
1DFLRQDOGH&RORPELD)DFXOWDGGHHQIHUPHUtD

 ,QYHVWLJDFLyQ\(GXFDFLyQHQ(QIHUPHUtD0HGHOOtQ9RO;;,91žPDU]RGH
 ,QYHVWLJDFLyQ5HVHDUFK

5(68/7$'26
&DUDFWHUtVWLFDVGHORVFXLGDGRUHV
GHODPXHVWUD

$ FRQWLQXDFLyQ VH GHVFULEH FDGD XQR GH

ORV JUXSRV GH FXLGDGRUHV HVWXGLDGRV HQ
FXDQWRDVHUYLFLRVH[RHGDGUHODFLyQGH
HGDGFRQHOSDFLHQWHWLHPSRGHH[SHULHQFLD
FRPRFXLGDGRU\JUDGRGHGHSHQGHQFLDGH
ODSHUVRQDDODFXDOFXLGD

&DUDFWHUtVWLFDVGHORVFXLGDGRUHV
GHOSURJUDPDGHOD8QLYHUVLGDG
GH/D6DEDQD

(O JUXSR FRQVWy GH  FXLGDGRUHV (O

 GH ORV SDFLHQWHV VH HQFRQWUDEDQ HQ
HO VHUYLFLR GH &RQVXOWD H[WHUQD 'H 
FXLGDGRUHV  HUDQ KRPEUHV  \
PXMHUHV6XVHGDGHVHVWDEDQ
FRPSUHQGLGDVHQWUHORV\DxRVSDUDHO
HQWUH\DxRVHO\HUDQ
PD\RUHVGHDxRVHO(QFXDQWR
D OD UHODFLyQ GH HGDG FXLGDGRU SHUVRQD
FXLGDGDIXHGHOSDFLHQWHHQXQPD\RUUDQJR
GHHGDGDOGHVXFXLGDGRUHQHOGH
ORV FDVRV GHO PLVPR UDQJR GH HGDG HQ HO
$OWGRUIHU$OEUHFKW
GHWDOOH6XVDQD\ORVYLHMRVÏOHRVREUHWDEOD[FP3LQRWHFD$QWLJXD0~QLFK \PHQRUTXHHOUDQJRGHOFXLGDGRUHQ
HO(OWLHPSRGHH[SHULHQFLDFRPR
FXLGDGRUHUDGHDPHVHVHQHOGH
ORVFDVRVDPHVHVHQHOD
PHVHVHQHO\PiVGHPHVHV
'HQWUR GH ORV DVSHFWRV pWLFRV VH WXYR HQ FXHQWD GHPRVWUDU DQWHV HQXQGHORVFDVRV/DIXQFLRQDOLGDG
GHLQLFLDUHOHVWXGLRTXHODLQIRUPDFLyQHVLPSRUWDQWHSDUDFXDOL¿FDUHO PHGLGDDWUDYpVGHOSHU¿O38/6(6UHSRUWy
FXLGDGR GH HQIHUPHUtD /RV SDUWLFLSDQWHV UHFLELHURQ LQIRUPDFLyQ DFHUFD TXHHOQLYHOGHGHSHQGHQFLDHUDEDMRHQHO
GHORVREMHWLYRVGHOHVWXGLRVXVPpWRGRV\ODXWLOLGDGGHVXVUHVXOWDGRV GHORVUHFHSWRUHVGHFXLGDGRPHGLR
6XSDUWLFLSDFLyQIXHYROXQWDULD\SRGtDQUHWLUDUVHHQHOPRPHQWRTXHOR HQ HO  \ DOWR HQ HO  YpDVH
GHVHDUDQ /D LQIRUPDFLyQ WXYR XQ PDQHMR FRQ¿GHQFLDO /RV ULHVJRV TXH WDEOD
FRUULHURQORVSDUWLFLSDQWHVIXHURQPtQLPRV\GHVHULGHQWL¿FDGRORFRQWUDULR
HOHVWXGLRVHKXELHUDVXVSHQGLGRGHPDQHUDLQPHGLDWD6HFRQWyFRQDYDOGH &DUDFWHUtVWLFDVGHORVFXLGDGRUHV
OD8QLYHUVLGDG1DFLRQDOGH&RORPELD/D8QLYHUVLGDGGHOD3DWDJRQLD\OD GHOSURJUDPDGHOD8QLYHUVLGDG
(VFXHODGH(QIHUPHUtDGH*XDWHPDODDGHPiVGHODDSUREDFLyQGHMXUDGRV GH/RV/ODQRV
LQWHUQRV\H[WHUQRVSDUDSRGHUGDULQLFLRDOHVWXGLR6HVROLFLWyDXWRUL]DFLyQ
(OJUXSRGHOD8QLYHUVLGDGGHORV/ODQRV
GH1JR]L1NKRQJRSDUDHOHPSOHRGHOLQVWUXPHQWR
FRQVWDEDGHFXLGDGRUHV(OGHHOORV
(Q FXDQWR DO LPSDFWR DPELHQWDO HVWD LQYHVWLJDFLyQ IXH FDOL¿FDGD VHHQFRQWUDEDQHQHOVHUYLFLRGH&RQVXOWD
SRU H[SHUWRV FRQ FHUR HV GHFLU VH WUDWD GH XQ HVWXGLR TXH QR JHQHUD ([WHUQD\HOHQ+RVSLWDOL]DFLyQ7UHFH
FRQWDPLQDFLyQQLWLHQHLPSOLFDFLRQHVDPELHQWDOHVM FXLGDGRUHV FRUUHVSRQGLHQWHV DO 

M $PELHQWDO&RQVXOWRUHVŠ$VHVRUtDDOSUR\HFWRDFDUJRGHO'U/XLV%HUQDUGR6iQFKH]6DQWDIpGH%RJRWi

8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD 
 /DKDELOLGDGGHFXLGDGRGHORVFXLGDGRUHVIDPLOLDUHVGHSHUVRQDVFRQHQIHUPHGDGFUyQLFD

HUDQGHVH[RPDVFXOLQR\HOGH 7DEOD&DUDFWHUtVWLFDVGHODPXHVWUD

VH[RIHPHQLQR(OHVWDEDQHQWUH 81,9(56,'$'
&$5$&7(5Ë67,&$ 7(/(7Ï1 81,//$126
ORV\ORVDxRVXQHQWUH 1$&,21$/
*5832 1R  1R  1R 
\DxRV\HOHUDQPD\RUHVGH
&RQVXOWD
DxRV(OWHQtDQXQDHGDGPD\RUDO 1Ò0(52 ([WHUQD
     
UDQJRGHODHGDGGHOFXLGDGRUHO +RVSLWDOL]DFLyQ      
GHQWURGHOUDQJRGHOFXLGDGRU\HO +RPEUHV      
WHQtDQXQDHGDGPHQRU(OGHORV 6(;2 0XMHUHV      
FXLGDGRUHVFRQWDEDQFRQXQDH[SHULHQFLD       
('$''(/&8,       
GHDPHVHVHOGHDPHVHV '$'25 \      
HO  GH  D  PHVHV \ XQ  ('$''(/$ !FXLGDGRU      
WHQtDQXQDH[SHULHQFLDPD\RUDPHVHV 3(5621$&21
(1)(50('$' FXLGDGRU      
(OQLYHOGHIXQFLRQDOLGDGPHGLGRDWUDYpV
5(63(&72
GHOSHU¿O38/6(6UHSRUWyTXHXQ $/&8,'$'25 FXLGDGRU      

GH ODV SHUVRQDV FXLGDGDV SUHVHQWDEDQ ±      

XQ EDMR QLYHO GH FRPSOHMLGDG  7,(032'( ±      
QLYHOPHGLR\XQXQDOWRQLYHOGH &8,'$'2(1       
0(6(6
FRPSOHMLGDGYpDVHWDEOD \      
      
&DUDFWHUtVWLFDVGHORVFXLGDGRUHV 38/6(6       
GHOSURJUDPDGHOD8QLYHUVLGDG       

1DFLRQDOGH&RORPELD )XHQWH'DWRVGHODLQYHVWLJDFLyQ

(O JUXSR GH OD 8QLYHUVLGDG 1D

FLRQDO GH &RORPELD IXH WDPELpQ GH 
FXLGDGRUHV (O  SHUWHQHFtDQ DO
VHUYLFLRGH&RQVXOWD([WHUQD\HO
DOVHUYLFLRGH+RVSLWDOL]DFLyQ(O
HUDQKRPEUHV\XQPXMHUHV6X
HGDGGHOFXLGDGRURVFLODEDHQWUHORV\
DxRVHQHOGHORVFDVRVHQWUH
\DxRVHO\HUDQPD\RUHV
GHHOGHORVFDVRV/DHGDG
1LYHOGHKDELOLGDGGHFXLGDGRJHQHUDO\SRUFRPSRQHQWHV
1LYHOGHKDELOLGDGGHFXLGDGRJHQHUDO\SRUFRPSRQHQWHVGHORVFXLGD
GRUHVGHOSURJUDPDGHOD8QLYHUVLGDGGH/D6DEDQD
(OQLYHOGHFXLGDGRHVySWLPRHQHOGHORVFDVRV\GHILFLHQWH
HQXQGHORVFDVRV(OQLYHOGHFRQRFLPLHQWRIXHGHILFLHQWHHQ
HOGHORVFDVRV\ySWLPRHQHO(QXQGHORVFDVRV
HOYDORUVHPRVWUyGHILFLHQWH\HQXQySWLPR/DSDFLHQFLDIXH
GHILFLHQWH HQ HO  GH ORV FDVRV \ ySWLPD HQ HO  YpDVH
GHOSDFLHQWHHUDVXSHULRUDOUDQJRGHOD
HGDGGHVXFXLGDGRUHQHOGHORV
FDVRVHQHOPLVPRUDQJRGHODGHOFXL
GDGRUHQHOLQIHULRUHQHO
GHORVFDVRV(OGHORVFXLGDGRUHV
WHQtDQXQDH[SHULHQFLDGHDPHVHVHO
GHDPHVHVGHD
PHVHV\WHQtDQPiVGHPHVHV
GHH[SHULHQFLDHQHOFXLGDGR(OQLYHOGH
WDEOD
1LYHOGHKDELOLGDGGHFXLGDGRJHQHUDO\SRUFRPSRQHQWHV
GHORVFXLGDGRUHVGHOSURJUDPDGHOD8QLYHUVLGDGGHORV/ODQRV
(O QLYHO HV ySWLPR HQ HO  GH ORV FDVRV \ GH¿FLHQWH HQ HO
(OQLYHOGHFRQRFLPLHQWRIXHGH¿FLHQWHHQHOGHORVFDVRV\
ySWLPRHQXQGHHOORV(QXQGHORVFDVRVHOYDORUIXHGH¿FLHQWH
\IXHySWLPRHQHOGHORVFDVRV/DSDFLHQFLDIXHGHILFLHQWHHQXQ
IXQFLRQDOLGDGPHGLGRDWUDYpVGHOSHUILO
38/6(6 UHSRUWy TXH SUHVHQWDEDQ EDMR
QLYHO GH GHSHQGHQFLD HO  GH ORV
FDVRVXQQLYHOPHGLRHO\XQDOWR
QLYHO GH GHSHQGHQFLD HO  GH ORV
GHORVFDVRV\HQXQGHHOORVySWLPDYpDVHWDEOD
1LYHOGHKDELOLGDGGHFXLGDGRJHQHUDO\SRUFRPSRQHQWHV
GHORVFXLGDGRUHVGHOSURJUDPDGHOD8QLYHUVLGDG1DFLRQDOGH&RORPELD
(Q HO  GH ORV FDVRV HO QLYHO GH FXLGDGR IXH ySWLPR \
FDVRVYpDVHWDEOD GHILFLHQWHHQXQGHHOORV(OFRQRFLPLHQWRIXHGHILFLHQWHHQHO
GHORVFDVRV\ySWLPRHQXQ(QXQHOYDORU
6LPLOLWXGHV \ GLIHUHQFLDV HQ ODV FDUDF IXHGHILFLHQWH\HQXQySWLPR/DSDFLHQFLDIXHGHILFLHQWHHQHO
WHUtVWLFDV GH ORV FXLGDGRUHV HQ ORV WUHV GHORVFDVRV\ySWLPDHQHOGHHOORVYpDVHWDEOD
SURJUDPDV

 ,QYHVWLJDFLyQ\(GXFDFLyQHQ(QIHUPHUtD0HGHOOtQ9RO;;,91žPDU]RGH
 ,QYHVWLJDFLyQ5HVHDUFK

6LPLOLWXGHV\GLIHUHQFLDVHQHOFRQRFLPLHQWRYDORU\SDFLHQFLD SHURSUHGRPLQDQORVFXLGDGRUHVPD\RUHVGH
GHORVFXLGDGRUHVHQORVWUHVPHGLRV  DxRV (VWR HV XQD FODUD GHPRVWUDFLyQ
GH ODV GL¿FXOWDGHV GH XQD JHQHUDFLyQ TXH
7DEOD1LYHOGHKDELOLGDGGHFXLGDGRJHQHUDO\SRUFRPSRQHQWHV
OD OLWHUDWXUD GHQRPLQD ³JHQHUDFLyQ HQ
ViQGZLFK´ VREUH OD FXDO DGHPiV GH OD
&$5$&7(5Ë67,&$ 7(/(7Ï1 81,//$126
81,9(56,'$' FDUJD ODERUDO \ GH FULDQ]D GH ORV KLMRV
1$&,21$/
UHFDHHOFXLGDGRGHORVIDPLOLDUHVTXHVH
1LYHO 1R  1R  1R 
%DMR      
HQFXHQWUDQHQVLWXDFLyQGHHQIHUPHGDGR
+$%,/,'$''( GHSHQGHQFLD
&8,'$'2 0HGLR      
$OWR      
(QFXDQWRDODUHODFLyQHQWUHODHGDG
%DMR      
0HGLR      
GHOFXLGDGRU\ODGHODSHUVRQDFXLGDGD
&212&,0,(172
$OWR       ORVJUXSRVVHFRPSRUWDURQGHPDQHUDPX\
%DMR       GLIHUHQWH&RQGLVWULEXFLyQHTXLWDWLYDGH
9$/25
0HGLR       HGDGHV HQ HO JUXSR GH OD 8QLYHUVLGDG
$OWR       GH OD 6DEDQD PD\RUtD GH SDFLHQWHV FRQ
%DMR       HGDG PD\RU TXH ORV FXLGDGRUHV HQ OD
0HGLR      
3$&,(1&,$ 8QLYHUVLGDG GH ORV /ODQRV \ OD PD\RUtD
$OWR      
GH SDFLHQWHV FRQ PHQRU HGDG TXH VXV
)XHQWH'DWRVGHODLQYHVWLJDFLyQ
FXLGDGRUHV HQ OD 8QLYHUVLGDG 1DFLRQDO
GH&RORPELD(VWDGLYHUVLGDGUHVXOWDPX\
&RPSDUDFLyQHQWUHORVQLYHOHVGHKDELOLGDGGHFXLGDGRJHQHUDO
GLItFLO GH H[SOLFDU \ SRGUtD DVRFLDUVH D
\SRUFRPSRQHQWHV
UD]RQHVGHPLJUDFLyQXRFXSDFLyQGHORV
$OKDFHUSUXHEDVGHFRPSDUDFLyQHVWDGtVWLFDHQWUHORVWUHVJUXSRV FXLGDGRUHVFX\DGLQiPLFDHVFRPSOHMDH
QRVHHQFRQWUDURQGLIHUHQFLDVHVWDGtVWLFDPHQWHVLJQL¿FDWLYDVHQWUHHOORV LPSUHGHFLEOH
QLHQODKDELOLGDGGHFXLGDGRJHQHUDOQLHQQLQJXQRGHVXVFRPSRQHQWHV (Q FXDQWR DO WLHPSR GH FXLGDGR
YpDVHWDEOD HO JUXSR GH OD 8QLYHUVLGDG GH OD 6DEDQD
WLHQHHOPD\RUSRUFHQWDMHGHDPHVHV
7DEOD&RPSDUDFLyQHVWDGtVWLFDHQWUHORVQLYHOHV DGLIHUHQFLDGHORVRWURVTXHORWLHQHQHQ
GHKDELOLGDGGHFXLGDGRJHQHUDO\SRUFRPSRQHQWHV
\PiV(VWRSRGUtDH[SOLFDUVHGHELGRD
&203$5$&,Ñ1 ODFRQGLFLyQGH5HKDELOLWDFLyQGHOVHUYLFLR
86$%$1$±81,//$126 9$/25'(S
81,9(56,'$'1$&,21$/
GRQGHIXHURQFDSWDGRVORVXVXDULRV

+$%,/,'$''(&8,'$'2  $OFRPSDUDUHOQLYHOGHIXQFLRQDOLGDG

GHODVSHUVRQDVFXLGDGDVVHYHXQPD\RU
&212&,0,(172 
FRPSURPLVRHQORVJUXSRVGHOD8QLYHUVLGDG
9$/25  GHOD6DEDQD\OD8QLYHUVLGDGGHORV/ODQRV
3$&,(1&,$  TXH HQ TXLHQHV VRQ DWHQGLGRV SRU ORV
FXLGDGRUHVGHOSURJUDPDGHOD8QLYHUVLGDG
)XHQWH'DWRVGHODLQYHVWLJDFLyQ358(%$FKL
1DFLRQDO GH &RORPELD OR FXDO FRLQFLGH
FRQODSURSRUFLyQGHSHUVRQDVDWHQGLGDVHQ
'LVFXVLyQ VXVFDVDVFRQFXLGDGRUHVFDSWDGRVDWUDYpV
GHODDWHQFLyQDPEXODWRULD
$O DQDOL]DU ORV GDWRV GH ORV WUHV JUXSRV VH HQFXHQWUD TXH HQ HO URO GH
(QFXDQWRDOD+DELOLGDGGH&XLGDGR
FXLGDGRUHVKD\PD\RUQ~PHURGHPXMHUHVTXHGHKRPEUHVORTXHUDWL¿FD
\VXGLVWULEXFLyQSRUFRPSRQHQWHVVHYHXQ
ORV UHSRUWHV GH OD OLWHUDWXUD VREUH XQD SULRULGDG GHO JpQHUR IHPHQLQR
FRPSRUWDPLHQWRVLPLODUHQORVWUHVJUXSRV
DVXPLHQGRHVWDUHVSRQVDELOLGDG
(QHOORVTXHGDFODURTXHODPD\RUSDUWHGH
'HRWUDSDUWHVHREVHUYDTXHKD\XQPD\RUQ~PHURGHFXLGDGRUHVGH ORV FXLGDGRUHV IDPLOLDUHV TXH UHVSRQGHQ
ODJHQHUDFLyQLQWHUPHGLDH[FHSWRHOJUXSRGHOD8QLYHUVLGDGGHOD6DEDQD SRU VXV VHUHV TXHULGRV HQ VLWXDFLyQ GH
HQGRQGHHOJUXSRGHHGDGLQWHUPHGLDPDQWLHQHXQSRUFHQWDMHVLJQL¿FDWLYR HQIHUPHGDGFUyQLFDQRWLHQHQFRQGLFLRQHV

8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD 

ySWLPDVSDUDODSUHVWDFLyQGHOFXLGDGRQLHQ
OD +DELOLGDG7RWDO QL HQ ORV FRPSRQHQWHV
TXHODFRQVWLWX\HQTXHVRQHOFRQRFLPLHQWR
HOYDORU\ODSDFLHQFLD
7HQLHQGRHQFXHQWDTXHHOUROGHOFXL
GDGRUHVGH¿QLWLYRSDUDODSHUVRQDTXHYLYH
VLWXDFLRQHVGHHQIHUPHGDGFUyQLFDTXHGH
HVWHQLYHOGHKDELOLGDGSXHGHGHSHQGHUHO
DOLYLRGHXQHVWDGRGHLQFHUWLGXPEUHSHUPD
QHQWHHVHVHQFLDOIRUWDOHFHUGLFKRQLYHO
0iVDOOiGHOWLSRODLQWHQVLGDG\HO
WLHPSR TXH WHQJD HO FXLGDGRU HMHUFLHQGR
VX URO HV LPSRUWDQWH JDUDQWL]DUOH XQ
FRQRFLPLHQWR DGHFXDGR XQ UHVSDOGR
VX¿FLHQWH HQ WpUPLQRV GH VRSRUWH VRFLDO
LGRQHLGDG HQ OD WRPD GH GHFLVLRQHV \ XQ
UHGLPHQVLRQDPLHQWR GH OD H[SHULHQFLD
PLVPD 3DUDGyMLFDPHQWH HO VLVWHPD TXH
ORV FRPSURPHWH D DIURQWDU VLWXDFLRQHV
GHO FXLGDGR GH VXV IDPLOLDUHV FDGD YH]
PiVFRPSOHMDVQRWLHQHSROtWLFDVTXHORV
UHVSDOGHQ
(QIHUPHUtDGHEHJHQHUDUXQUHVSDOGR
TXHPRGL¿TXHORVFRPSRQHQWHVFRJQLWLYRV
\ DFWLWXGLQDOHV SDUD TXH ORV LQGLYLGXRV
SRWHQFLHQ VX FDSDFLGDG GH FXLGDGRUHV
SURWHJLpQGRVHDVtPLVPRV\DODVSHUVRQDV
TXH SRU VLWXDFLyQ GH GLVFDSDFLGDG R
HQIHUPHGDGGHSHQGHQGHGLFKDKDELOLGDG
(QPXFKDVRFDVLRQHVODVIDPLOLDVEXVFDQ
HYDGLU HVWDV UHVSRQVDELOLGDGHV SRU IDOWD
GH OD FDSDFLWDFLyQ GH PRWLYDFLyQ \ GH
UHVSDOGR DGHFXDGR (QIHUPHUtD WLHQH OD
XUJHQWHQHFHVLGDGGHSURSRQHUDOWHUQDWLYDV
GH LQWHUYHQFLyQ TXH YHOHQ SRU HVWH
VHJPHQWR GHVSURWHJLGR \ YXOQHUDEOH GH
/DKDELOLGDGGHFXLGDGRGHORVFXLGDGRUHVIDPLOLDUHVGHSHUVRQDVFRQHQIHUPHGDGFUyQLFD
FXLGDGRVXKDELOLGDGHVGH¿FLHQWHHQORVFRPSRQHQWHVTXHODFRQVWLWX\HQ
&RQRFLPLHQWRYDORU\SDFLHQFLD
&XPSOLHQGR ORV REMHWLYRV GHO HVWXGLR DO FRPSDUDU FDGD XQR GH
ORV FRPSRQHQWH GH FRQRFLPLHQWR YDORU \ SDFLHQFLD QHFHVDULRV SDUD
HO FXLGDGR HQ HO SHUVRQDO GH HQIHUPHUtD REMHWR GH QXHVWUR HVWXGLR VH
LGHQWL¿Fy XQD VLWXDFLyQ GH FRPSRUWDPLHQWR VLPLODU HQ ORV WUHV JUXSRV
$SUR[LPDGDPHQWHXQDFXDUWDSDUWHUHSUHVHQWDGDHQWUH\FXHQWDQ
FRQXQQLYHODOWRHOUHVWRQRHVySWLPRORTXHFRQWULEX\HDULHVJRVHQ
HOFXLGDGR
&RQ UHVXOWDGRV FRPR ORV GHVFULWRV VH UHFRPLHQGD FXLGDU D ORV
FXLGDGRUHV SHUPLWLpQGROHV XQ FUHFLPLHQWR FRQWLQXR IRUWDOHFLHQGR VX
KDELOLGDGSDUDFXLGDUDWUDYpVGHOUHFRQRFLPLHQWRGHVXODERU
(Q ODV XQLGDGHV DFDGpPLFDV VH GHEHQ LPSOHPHQWDU SURFHVRV GH
IRUPDFLyQHLQYHVWLJDWLYRVTXHSUHSDUHQDORVSURIHVLRQDOHVGHHQIHUPHUtDHQ
HOFXLGDGRGHORVFXLGDGRUHVGHSHUVRQDVTXHYLYHQVLWXDFLyQGHHQIHUPHGDG
FUyQLFDGLVFDSDFLWDQWH(OFXLGDGRGHOFXLGDGRUGHEHIRUPDUSDUWHGHODV
SROtWLFDV GH VDOXG \ VHU LQFRUSRUDGRV HQ ORV SURJUDPDV DVLVWHQFLDOHV
GLULJLGRVDODSREODFLyQ
6H VXJLHUH HO DSR\R GH ODV LQVWLWXFLRQHV FRPSURPHWLGDV FRQ ODV
SHUVRQDVHQVLWXDFLyQGHHQIHUPHGDGFUyQLFDGLVFDSDFLWDQWHSDUDIRUWDOHFHU
ODKDELOLGDGHOFXLGDGRGHOFXLGDGRU
5()(5(1&,$6%,%/,2*5È),&$6
 1NRQJKR 1 7KH FDULQJ DELOLW\ LQYHQWRU\ (Q 6WULFNODQG 2/ :DOW] &)
0HDVXUHPHQWRIQXUVLQJRXWFRPHV0HDVXULQJFOLHQWVHOIFDUHDQGFRSLQJVNLOOV
1HZ<RUN6SULQJHUSS
 .HIIHU 0- 0RGHOR GH VDOXG (Q 0DUULQHU7RPH\$ 0RGHORV \ WHRUtDV GH
HQIHUPHUtDHG0DGULG+DUFRXUW%UDFHSS
 .HIIHU 0- 0RGHOR GH VDOXG (Q 0DUULQHU7RPH\$ 0RGHORV \ WHRUtDV GH
HQIHUPHUtDHG0DGULG+DUFRXUW%UDFHSS
 %HUQVWHLQ+\PDQ5&RUELQ-&KURQLFLOOQHVV5HVHDUFKDQGWKHRU\IRUQXUVLQJ
SUDFWLFH1HZ<RUN6SULQJHUSS
 /XENLQ,&KURQLFLOOQHVVHV,PSDFWDQGLQWHUYHQWLRQVHG7RURQWR-RQHV 
%DUOHWWSS
 /DPHQGROD)1HZPDQ0/DSDUDGRMDGHO9,+6,'$FRPRH[SDQVRUGHOD
ODSREODFLyQ FRQFLHQFLD$GYQXUVVFL
 6iQFKH]%+DELOLGDGGHFXLGDGRGHORVFXLGDGRUHVGHSHUVRQDVHQVLWXDFLyQGH
&21&/86,21(6 HQIHUPHGDGFUyQLFD(Q*UXSRGH&XLGDGR(ODUWH\ODFLHQFLDGHOFXLGDGR
%RJRWi8QLELEORVSS
<68*(5(1&,$6
 %DUUHUD/3LQWR16iQFKH]%&ODVL¿FDFLyQGHODHQIHUPHGDGFUyQLFDGHVGH
HOSXQWRGHYLVWDGHOFXLGDGR0LQLWH[WRDVLJQDWXUDPDHVWUtDiUHDGHpQIDVLV,,
$O GHVFULELU \ FRPSDUDU OD KDELOLGDG GH FXLGDGRDOSDFLHQWHFUyQLFRHG%RJRWi8QLYHUVLGDG1DFLRQDOGH&RORPELD
FXLGDGR GH ORV FXLGDGRUHV IDPLOLDUHV SS
GH SHUVRQDV FRQ HQIHUPHGDG FUyQLFD HQ  6iQFKH] % (O FXLGDGR GH OD VDOXG GH SHUVRQDV TXH YLYHQ VLWXDFLRQHV GH
DTXHOORV TXH VH HQFXHQWUDQ YLQFXODGRV D HQIHUPHGDGFUyQLFDHQ$PpULFD/DWLQD$FWXDOHQIHUP
SURJUDPDVGRFHQWH DVLVWHQFLDOHV GH ODV 'DYLGKL]DU5(QWHQGLHQGRODLPSRWHQFLDGHORVPLHPEURVGHIDPLOLDFXLGDGRUHV
WUHV XQLGDGHV DFDGpPLFDV GH HQIHUPHUtD GHHQIHUPRVFUyQLFRV*HULDWUQXUV
VH GHWHUPLQy XQ FRPSRUWDPLHQWR VLPLODU
0XL$ /D FDUJD GHO FXLGDGR HQWUH KLMDV FXLGDGRUDV EODQFDV \ QHJUDV /D
FRQ GLILFXOWDGHV HQ OD SUHVWDFLyQ GHO SHUVSHFWLYDGHODWHRUtDGHURO*HURQWRORJLVW

 ,QYHVWLJDFLyQ\(GXFDFLyQHQ(QIHUPHUtD0HGHOOtQ9RO;;,91žPDU]RGH
 ,QYHVWLJDFLyQ5HVHDUFK

%RZHUV%&XLGDGRLQWHUJHQHUDFLRQDO&XLGDGRUHVDGXOWRV\VXVSDGUHVDQFLDQRV 8QLYHUVLGDG1DFLRQDOGH&RORPELD)DFXOWDG
$GYQXUVVFL GH(QIHUPHUtDS
'HOODVHJD&+HDOWKLQWKHVDQGZLFKJHQHUDWLRQ*HULDWUQXUV *UXSRGHFXLGDGRDOSDFLHQWHFUyQLFR(Q
 0HPRULDV GHO 9 6HPLQDULR LQWHUQDFLRQDO
6iQFKH]%/DH[SHULHQFLDGHVHUFXLGDGRUDGHXQDSHUVRQDHQVLWXDFLyQFUyQLFD GH&XLGDGR(QIHUPHUtDVLQIURQWHUDV
GHHQIHUPHGDG,QYHVWHGXFHQIHUP 0D\%RJRWi8QLYHUVLGDG1DFLRQDO
+LOEHUW *$ 6RFLDO VXSSRUW LQ FKURQLF LOOQHVV (Q 6WULFNODQG 2/:DOW] &) GH&RORPELD)DFXOWDGGH(QIHUPHUtD
0HDVXUHPHQWRIQXUVLQJRXWFRPHV0HDVXULQJFOLHQWVHOIFDUHDQGFRSLQJVNLOOV S
1HZ<RUN6SULQJHUSS / XENLQ , &KURQLF ,OOQHVV LPSDFW DQG
1RUEHFN-6RFLDOVXSSRUW$QQX5HY1XUV5HV LQWHUYHQWLRQVHG7RURQWR-RQHV %DUOHWW
)DQQ\5LQFyQ(QWUHYLVWD&XLGDGRUIDPLOLDU6DQWDIpGH%RJRWi&LWDGR 3XESS
SRU6iQFKH]%(Q/DH[SHULHQFLDGHVHUFXLGDGRU8QHVWXGLRIHQRPHQROyJLFR 7LOOLH $ &XLGDGRUHV 7HQJDQ &XLGDGR
>3UR\HFWR GH LQYHVWLJDFLyQ@ 6DQWDIp GH %RJRWi 8QLYHUVLGDG 1DFLRQDO GH *HULDWUQXUV
&RORPELD)DFXOWDGGH(QIHUPHUtD *ULI¿Q0&XLGDQGRDORV&XLGDGRUHV(O
6iQFKH]%/DH[SHULHQFLDGHVHUFXLGDGRUDGHXQDSHUVRQDHQVLWXDFLyQFUyQLFD URO GH HQIHUPHUtD HQ XQ HVWDEOHFLPLHQWR
GHHQIHUPHGDG,QYHVWHGXFHQIHUP FRUSRUDWLYR *HULDWU QXUV  
6PLWK&8QPRGHORGHFXLGDGRH¿FLHQWHSDUDDGXOWRVGHSHQGLHQWHVGHWHFQRORJtD 
UHVLGHQWHVHQHOKRJDU$GYQXUVVFL 6iQFKH]%+DELOLGDGGHFXLGDGRGHOFXLGDGRU
0RUWRQ//DXUHQFH)(OLPSDFWRGHODHQIHUPHGDGFUyQLFDHQODVDOXG\ELHQHVWDU IDPLOLDU GH SHUVRQDV FRQ HQIHUPHGDG
GHPLHPEURVGHODIDPLOLD*HURQWRORJLVW FUyQLFD (Q *UXSR GH &XLGDGR )DFXOWDG
GH (QIHUPHUtD 8QLYHUVLGDG 1DFLRQDO GH
%HYHUO\*/DHQIHUPHUtDGHORV2IUHFHUVHUYLFLRDOFOLHQWH1XUVLQJ
&RORPELD6DQWDIpGH%RJRWD(ODUWH\OD

FLHQFLD GHO FXLGDGR 6DQWDIp GH %RJRWD
0F&DUURQ(6XSSRUWLQJWKHIDPLOLHVRIFDQFHUSDWLHQWV1XUVLQJ 8QLELEORVSS

1NRQJKR 1 7KH FDULQJ DELOLW\ LQYHQWRU\
$\DOD15LYHUD6$IURQWDPLHQWRGHXQRVJUXSRVIDPLOLDUHVDQWHODHQIHUPHGDG (Q6WULFNODQG2/:DOW]&)0HDVXUHPHQW
WHUPLQDO\PXHUWHGHXQVHUTXHULGRHQHOPXQLFLSLRGH)XQ]D&XQGLQDPDUFD RIQXUVLQJRXWFRPHV6HOIFDUHDQGFRSLQJ
>7UDEDMRGHJUDGR@%RJRWi8QLYHUVLGDG1DFLRQDOGH&RORPELD)DFXOWDGGH 1HZ<RUN6SULQJHUSS
(QIHUPHUtDSS
1NRQJKR 1 7KH FDULQJ DELOLW\ LQYHQWRU\
9DOHQWH6$R\DPD'+HOSLQJ\RXUSDWLHQWRYHUFRPHORQHOLQHVV1XUVLQJ (Q6WULFNODQG2/:DOW]&)0HDVXUHPHQW
 RIQXUVLQJRXWFRPHV6HOIFDUHDQGFRSLQJ
9LGDYHU9&RQFHSWRVVREUHHQIHUPHGDGFUyQLFD\FXLGDGRHQFDVD(Q6WULFNODQG 1HZ<RUN6SULQJHUSS
2/ :DOW] &) 0HDVXUHPHQW RI QXUVLQJ RXWFRPHV 6HOI FDUH DQG FRSLQJ 0D\HURII02Q&DULQJ1HZ<RUN+DUSHU
1HZ<RUN6SULQJHUSS 5RZSS
(QJODQG0'RPLQLRGHFRQWHQLGRVSDUDSODQHDFLyQGHOFXLGDGRLGHQWL¿FDGR %R\NLQ$6KRHQKRIIHU61XUVLQJDVFDULQJ
SRUFXLGDGRUHVDGXOWRV,0$*( $PRGHOIRUWUDQVIRUPLQJSUDFWLFH6XGEXU\
&XUO$ &XDQGR ORV FXLGDGRUHV IDPLOLDUHV KDFHQ GXHOR SRU HO SDFLHQWH GH -RQHV %DUWOHWWSS
$O]KHLPHU*HULDWUQXUV *UXSRGH&XLGDGR)DFXOWDGGH(QIHUPHUtD
%XWOHU 5 /HZLV 0$JLQJ DQG PHQWDO KHDOWK 3RVLWLYH SV\FKRVRFLDO DQG 8QLYHUVLGDG1DFLRQDOGH&RORPELD$YDQFHV
ELRPHGLFDODSSURDFKHVHG6W/RXLV0RVE\S FRQFHSWXDOHV GHO *UXSR GH &XLGDGR (Q
 *UXSR GH FXLGDGR DO SDFLHQWH FUyQLFR (Q 0HPRULDV GHO 9 6HPLQDULR 'LPHQVLRQHV GHO FXLGDGR 6DQWDIp GH
LQWHUQDFLRQDOGH&XLGDGR(QIHUPHUtDVLQIURQWHUDV0D\%RJRWi %RJRWi8QLELEORVSS

8QLYHUVLGDGGH$QWLRTXLD)DFXOWDGGH(QIHUPHUtD