Sie sind auf Seite 1von 10

7HPD 

,QWURGXFFLyQ$SRUWDFLRQHVGHODDQWURSRORJtDDO7UDEDMR6RFLDO


7(0$

,QWURGXFFLyQ$SRUWDFLRQHVGHOD$QWURSRORJtDDO
7UDEDMR6RFLDO


ËQGLFHGHFRQWHQLGR

 ,QWURGXFFLyQ/D$QWURSRORJtD\VXVDSRUWDFLRQHVDO7UDEDMR6RFLDO
 /DDQWURSRORJtDVRFLDO
 (OREMHWRGHHVWXGLRGHODDQWURSRORJtDVRFLDOOD&XOWXUD\ODGLYHUVLGDGFXOWXUDO
 (OPpWRGRDQWURSROyJLFR
/DIDVHGHVFULSWLYDRHWQRJUiILFDGHOPpWRGRDQWURSROyJLFR
/DIDVHDQDOtWLFDRHWQROyJLFDGHOPpWRGRDQWURSROyJLFR
 $SRUWDFLRQHVGHODDQWURSRORJtDDSOLFDGDDOWUDEDMRVRFLDO
$SRUWDFLRQHVWHyULFDV
$SRUWDFLRQHVPHWRGROyJLFDV
$SRUWDFLRQHVpWLFDV
 %LEOLRJUDItD

 

3URID,[RQH)HUQDQGH]GH/DEDVWLGD  
7HPD 
,QWURGXFFLyQ$SRUWDFLRQHVGHODDQWURSRORJtDDO7UDEDMR6RFLDO

/DDQWURSRORJtDVRFLDO


(O VLJQLILFDGR HWLPROyJLFR GH OD SDODEUD µDQWURSRORJtD¶ GH RULJHQ JULHJR HV
µHVWXGLR GHO VHU KXPDQR¶ 'HELGR OD DPSOLWXG VLJQLILFDWLYD GHO WpUPLQR \ DWHQGLHQGR
VREUHWRGRDLQWHUHVHVSUiFWLFRV\GHHIHFWLYLGDGpVWHVHHVSHFtILFDPHGLDQWHHOXVRGH
DGMHWLYRVWDOHVFRPRµItVLFD¶µOLQJtVWLFD¶µPpGLFD¶RµVRFLDO¶HQWUHRWURV&RQHOORVH
LQGLFD TXH HO HVWXGLR GHO VHU KXPDQR TXHGD DFRWDGR D XQD GHWHUPLQDGD iUHD GH
FRQRFLPLHQWR$SHVDUGHORDQWHULRUODVVXEGLVFLSOLQDVLQGLFDGDVWDPELpQRFXSDQXQD
YDVWDiUHDGHFRQRFLPLHQWR(QHOFDVRFRQFUHWRTXHQRVRFXSDODDQWURSRORJtDVRFLDO
FX\R REMHWR GH HVWXGLR HV OD &XOWXUD VH HVFULEH HQ PD\~VFXOD SDUD GLVWLQJXLUOD GHO
FRQFHSWR FXOWXUDV  \ OD GLYHUVLGDG FXOWXUDO VH GLYLGH D VX YH] HQ RWUDV WDOHV FRPR
DQWURSRORJtDXUEDQDDQWURSRORJtDUXUDODQWURSRORJtDGHOGHVDUUROORDQWURSRORJtDGHOD
DOLPHQWDFLyQ HWF (Q GHILQLWLYD OD DQWURSRORJtD HV XQD DPSOLD GLVFLSOLQD FX\R HMH
FHQWUDOHVHOVHUKXPDQR

/DDQWURSRORJtDVRFLDOHVWXGLDDOVHUKXPDQRHQVRFLHGDG(OLQWHUpVJHQHUDOGH
ODDQWURSRORJtDVRFLDOHVHOHVWXGLRGHODGLYHUVLGDGGHUDVJRVFXOWXUDOHVSURSLRVGHODV
SHUVRQDV FRPR PLHPEURV GH XQ GHWHUPLQDGR JUXSR R FROHFWLYR (Q HVWH VHQWLGR OD
DQWURSRORJtD VRFLDO DO LJXDO TXH OD VRFLRORJtD OD SVLFRSHGDJRJtD R OD KLVWRULD HQWUH
RWUDVHVXQDFLHQFLDVRFLDOHQWDQWRTXHWRGDVHOODVVHRFXSDQGHDVSHFWRVUHODFLRQDGRV
FRQ ODV GLYHUVDV DFWLYLGDGHV R PDQLIHVWDFLRQHV WDQWR PDWHULDOHV FRPR LQPDWHULDOHV
VLPEyOLFDV  GHO VHU KXPDQR FRPR PLHPEUR GH OD VRFLHGDG 6LQ HPEDUJR OR TXH
GLIHUHQFLDDODDQWURSRORJtDVRFLDOGHOUHVWRGHFLHQFLDVVRFLDOHVVRQWDQWRVXREMHWRGH
HVWXGLRFRPRODPHWRGRORJtDTXHHPSOHDSDUDOOHJDUDOFRQRFLPLHQWR6REUHORVPLVPRV
KDEODUHPRVPiVDGHODQWH

/D DQWURSRORJtD FRPR FLHQFLD VRFLDO QDFLy HQ OD VHJXQGD PLWDG GHO VLJOR ;,;
FRQFUHWDPHQWHHQHOFRQWH[WRFRORQLDO/DDQWURSRORJtDHQVXVFRPLHQ]RVRIUHFLyDODV
PHWUySROLV HXURSHDV LQIRUPDFLyQ PX\ YDOLRVD UHVSHFWR D OD HVWUXFWXUD VRFLDO \ ODV
FRVWXPEUHV GH ORV SXHEORV FRORQL]DGRV (O FRQRFLPLHQWR SURIXQGR VREUH DTXHOODV
FXOWXUDVH[yWLFDVWHQtDXQLQWHUpVSUiFWLFRSDUDHVWRVSDtVHVHXURSHRV$TXHOORVSULPHURV

3URID,[RQH)HUQDQGH]GH/DEDVWLGD  
7HPD 
,QWURGXFFLyQ$SRUWDFLRQHVGHODDQWURSRORJtDDO7UDEDMR6RFLDO

DQWURSyORJRV REWXYLHURQ LQIRUPDFLyQ UHOHYDQWH VREUH HO VLVWHPD GH SDUHQWHVFR OD
UHJLyQODVFUHHQFLDVODHFRQRPtDRORVVLVWHPDVGHJRELHUQRORFDOHVHQWUHRWURV3RUOR
WDQWRODDQWURSRORJtDVRFLDOVXUJLyFRPRXQDGLVFLSOLQDFX\RiPELWRGHFRQRFLPLHQWR
UHVLGtD HQ ODV VRFLHGDGHV SUHLQGXVWULDOHV R QR RFFLGHQWDOHV HQ FRQWUDSRVLFLyQ D OD
VRFLRORJtDTXHVHGHGLFDUtDDODQiOLVLVGHODVVRFLHGDGHVLQGXVWULDOHVXRFFLGHQWDOHV$
SDUWLU GH PHGLDGRV GHO VLJOR ;; VLQ HPEDUJR OD DQWURSRORJtD FRPHQ]y D LQYHVWLJDU
LQGLVWLQWDPHQWHVRFLHGDGHVVLPSOHV\FRPSOHMDV

([LVWHQ QXPHURVDV GHILQLFLRQHV VREUH DQWURSRORJtD VRFLDO DXQTXH WRGDV HOODV


FRPSDUWHQ DOJXQRV DVSHFWRV FRPXQHV /RV PiV UHVHxDEOHV VRQ TXH VH WUDWD GH XQD
GLVFLSOLQDHPStULFDFRPSDUDWLYDWUDQVFXOWXUDO\KROtVWLFD

/DDQWURSRORJtDVRFLDOHVXQDGLVFLSOLQDHPStULFDHQWDQWRTXHODVFRQFOXVLRQHV
TXHREWLHQHUHVSHFWRDODQDWXUDOH]DGHORVVHUHVKXPDQRV\ODVVRFLHGDGHVHQFRQFUHWR
QR SURYLHQH GH GHGXFFLRQHV DEVWUDFWDV VREUH OD UHDOLGDG VLQR GH XQ FRQRFLPLHQWR
GHULYDGR GH REVHUYDFLRQHV VLVWHPiWLFDV /D DQWURSRORJtD HV HPStULFD HQ WDQWR TXH HO
FRQRFLPLHQWRTXHSURGXFHSURYLHQHVLHPSUHGHODH[SHULHQFLD\ODSURSLDUHDOLGDG

&XDQGR GHFLPRV TXH OD DQWURSRORJtD VRFLDO HV FRPSDUDWLYD HQ UHDOLGDG QRV
UHIHULPRVDXQDVSHFWRIXQGDPHQWDOGHVXPHWRGRORJtD/DDQWURSRORJtDVRFLDOFRPSDUD
VRFLHGDGHVRPHMRUGLFKRODGLYHUVLGDGGHUDVJRVFXOWXUDOHVTXHVHSXHGHQHQFRQWUDUHQ
ORV GLVWLQWRV FROHFWLYRV R JUXSRV KXPDQRV (VWD FRPSDUDFLyQ HV VLVWHPiWLFD HQ WDQWR
TXH SURFHVR RUGHQDGR UHJXODU \ FRQWURODGR \ SRU HOOR FRQVWLWX\H XQ SULQFLSLR R
FDUDFWHUtVWLFDIXQGDPHQWDOGHOPpWRGRDQWURSROyJLFR

/DDQWURSRORJtDWDPELpQHVWUDQVFXOWXUDOSRUTXHQRVyORUHDOL]DFRPSDUDFLRQHV
HQWUH HOHPHQWRV FDUDFWHUtVWLFRV GH XQD PLVPD FXOWXUD VLQR TXH WDPELpQ HVWDEOHFH
FRQH[LRQHVFRQUDVJRVVLPLODUHVGHRWUDVFXOWXUDV'HHVWDIRUPDODDQWURSRORJtDVRFLDO
GDFXHQWDGHODGLYHUVLGDGFXOWXUDO\FRQWULEX\HPHGLDQWHODFRPSDUDFLyQDHQFRQWUDU
VLPLOLWXGHV \ GLIHUHQFLDV HQWUH SXHEORV \ FRPXQLGDGHV GH WRGR HO PXQGR (O HQIRTXH

3URID,[RQH)HUQDQGH]GH/DEDVWLGD  
7HPD 
,QWURGXFFLyQ$SRUWDFLRQHVGHODDQWURSRORJtDDO7UDEDMR6RFLDO

WUDQVFXOWXUDO GH OD DQWURSRORJtD VRFLDO FRQWULEX\H D GHVFXEULU OD GLYHUVLGDG FXOWXUDO \
UHFRQRFLHQGR DVt TXH QR H[LVWH XQ ~QLFR PRGHOR FXOWXUDO (Q FRQVHFXHQFLD WRGRV ORV
UDVJRVFXOWXUDOHV \WRGDVODVFXOWXUDVVRQLJXDOPHQWHLPSRUWDQWHVHLQWHUHVDQWHVSDUDOD
DQWURSRORJtD VRFLDO HQ WDQWR TXH IRUPDQ SDUWH GH VX REMHWR GH HVWXGLR )LQDOPHQWH OD
DQWURSRORJtDD\XGDDUHFRQRFHUTXHDSHVDUGHODGLYHUVLGDGWDPELpQH[LVWHQVLPLOLWXGHV
HQWUH FXOWXUDV ODV FXDOHV VRQ SURGXFWR GH QXHVWUD SURSLD FRQGLFLyQ KXPDQD (Q
GHILQLWLYD ODV QHFHVLGDGHV \ ORV GHVHRV SHUVRQDOHV \ FROHFWLYRV GH ODV SHUVRQDV
SHUWHQHFLHQWHVDGLIHUHQWHVJUXSRVVRFLDOHVVRQEDVWDQWHVLPLODUHVHQHOIRQGR

)LQDOPHQWH OD DQWURSRORJtD VRFLDO PDQWLHQH XQ HQIRTXH KROtVWLFR \D TXH SDUD
UHDOL]DU HO DQiOLVLV GH FXDOTXLHU IHQyPHQR VRFLDO pVWD VLHPSUH WLHQH HQ FXHQWD ODV
P~OWLSOHV LQWHUDFFLRQHV TXH WLHQHQ OXJDU HQ HO PLVPR (O HVWXGLR GH XQ GHWHUPLQDGR
IHQyPHQR HQ VX WRWDOLGDG LPSOLFD WHQHU HQ FXHQWD FULWHULRV WHPSRUDOHV SHUVSHFWLYD
VLQFUyQLFD \ GLDFUyQLFD  HFRQyPLFRV SROtWLFRV H LGHROyJLFRV HQWUH RWURV 6yOR DVt
OOHJDUHPRVDREWHQHUXQFRQRFLPLHQWRFRPSOHWR\UHDOLVWDVREUHHOIHQyPHQRHVWXGLDGR

(OREMHWRGHHVWXGLRGHODDQWURSRORJtDVRFLDOOD&XOWXUD\ODGLYHUVLGDG
FXOWXUDO


/RTXHGLVWLQJXHDODDQWURSRORJtDGHOUHVWRGHFLHQFLDVVRFLDOHVVRQSRUXQODGR
VX REMHWR GH HVWXGLR \SRU RWUR OD PHWRGRORJtD TXH HPSOHDSDUD VX DQiOLVLV 'LFKR HQ
SRFDV SDODEUDV HO REMHWR GH HVWXGLR GH OD DQWURSRORJtD VRFLDO HV OD &XOWXUD \ OD
GLYHUVLGDGGHVXVIRUPDV3HURODDXWpQWLFDGLILFXOWDGFRQVLVWHHQGHWHUPLQDUTXpHVSRU
ORWDQWRODFXOWXUD

(O WpUPLQR FXOWXUD SURYLHQH GHO WpUPLQR HQ ODWtQ µFXOW¶ TXH HWLPROyJLFDPHQWH
VLJQLILFD ³FXOWLYR´ ³FXOWR´ R ³FXOWLYDU´ (O XVR GHO PLVPR SRU SDUWH GH ODV FLHQFLDV
VRFLDOHV IXH FRQVLGHUDEOHPHQWH SRVWHULRU 6LQ HPEDUJR H[LVWHQ WDQWDV GHILQLFLRQHV GH
FXOWXUD FRPR FRUULHQWHV DQWURSROyJLFDV R LQFOXVR VHUtD PiV DGHFXDGR GHFLU FRPR
DQWURSyORJRV \ DQWURSyORJDV 3RU HOOR OHMRV GH LQWHQWDU SURGXFLU XQD ~QLFD GHILQLFLyQ

3URID,[RQH)HUQDQGH]GH/DEDVWLGD  
7HPD 
,QWURGXFFLyQ$SRUWDFLRQHVGHODDQWURSRORJtDDO7UDEDMR6RFLDO

VREUH HVWH WpUPLQR UHVXOWDUi PXFKR PiV DGHFXDGR \ IUXFWtIHUR UHFRJHU DTXHOODV
FDUDFWHUtVWLFDVRDVSHFWRVLUUHIXWDEOHVVREUHHOPLVPR

(Q SULPHU OXJDU GHEHPRV WHQHU HQ FXHQWD TXH OD FXOWXUD HV XQD FDUDFWHUtVWLFD
HVSHFtILFD \ SDUWLFXODU GH ORV VHUHV KXPDQRV FRQFUHWDPHQWH DTXHOOD TXH QRV
GLIHUHQFLDGHOUHVWRGHORVDQLPDOHV3DUDTXHH[LVWDFXOWXUDHVQHFHVDULRGLVSRQHUGHXQ
VLVWHPD FRJQLWLYR SUHYLDPHQWH HVWDEOHFLGR (VWH VLVWHPD TXH H[LVWH D SULRUL VyOR HQWUH
ORVKXPDQRVHVVXFDSDFLGDGSDUDVLPEROL]DUHVGHFLUSDUDFRQVWUXLUVLJQLILFDGRVVREUH
XQD VHULH GH VLJQLILFDQWHV \ SURFHGHU GH HVWD PDQHUD D LQWHUSUHWDU OD UHDOLGDG
FLUFXQGDQWH

(QVHJXQGROXJDUODFXOWXUDHVJUXSDO\FROHFWLYDQRHVXQUDVJRSDUWLFXODUGHO
LQGLYLGXR/DFXOWXUDH[LVWHHQWDQWRTXHHOVHUKXPDQRHVXQVHUVRFLDOTXHYLYHLQVHUWR
HQXQDVRFLHGDG&RPRFRQVHFXHQFLDGHHVWDFDUDFWHUtVWLFDODFXOWXUDSHUPDQHFHHQHO
WLHPSR \QRGHVDSDUHFH FRQODVSHUVRQDV \DTXH IRUPDSDUWHGHOFRQRFLPLHQWR \GHOD
IRUPD GH YLGD GHO JUXSR (Q GHILQLWLYD OD FXOWXUD VH WUDQVPLWH GH JHQHUDFLyQ HQ
JHQHUDFLyQ\VLQHPEDUJRHVWRVUDVJRV\FDUDFWHUtVWLFDVFRP~QPHQWHFRPSDUWLGDVHVWiQ
SRUHQFLPDGHODVLQGLYLGXDOLGDGHV

/DFXOWXUDHVSRUORWDQWRXQUDVJRFDUDFWHUtVWLFRGHOVHUKXPDQRHOFXDOMXQWR
FRQ ODV FDUDFWHUtVWLFDV ELROyJLFDV \ SVLFROyJLFDV FRPSRQH OD WRWDOLGDG GH OD HVHQFLD
KXPDQD 7DO \ FRPR VH KD DILUPDGR OD FXOWXUD HV FRPSDUWLGD FROHFWLYDPHQWH \
WUDQVPLWLGDGHXQDJHQHUDFLyQDRWUDORTXHVLJQLILFDTXHODFXOWXUDHVDSUHQGLGD$O
SURFHVRGHDSUHQGL]DMHGHXQDGHWHUPLQDGDFXOWXUDVHOHGHQRPLQDHQFXOWXUDFLyQ(VWH
DSUHQGL]DMHGHODFXOWXUDVHSURGXFHGHPDQHUDWDQWRFRQVFLHQWHFRPRLQFRQVFLHQWH$
PHQXGR ODV SHUVRQDV DSUHQGHPRV DVSHFWRV UHOHYDQWHV GH OD FXOWXUD HQ OD TXH QRV
GHVDUUROODPRVGHPDQHUDPHFiQLFDR DXWRPiWLFD FXDQGRLQWHUDFWXDPRVFRQHOUHVWRGH
PLHPEURVGHOJUXSRRGHVHPSHxDPRVFRQQRUPDOLGDGODVWDUHDVFRWLGLDQDV

3URID,[RQH)HUQDQGH]GH/DEDVWLGD  
7HPD 
,QWURGXFFLyQ$SRUWDFLRQHVGHODDQWURSRORJtDDO7UDEDMR6RFLDO

(OKHFKRGHTXHODFXOWXUDVHWUDQVPLWD JHQHUDFLRQDOPHQWHGHQWURGHO JUXSRQR
VLJQLILFDTXHpVWDVHDHVWiWLFD\VHPDQWHQJDLQDOWHUDEOHHQHOWLHPSR/DFXOWXUDHVXQD
UHDOLGDG HVWDEOH \ FDPELDQWH DO PLVPR WLHPSR /DV FXOWXUDV FDPELDQ SRUTXH DVt OR
KDFHQ ODV SHUVRQDV \ OD UHDOLGDG VRFLDO HQ OD TXH pVWDV VH GHVHQYXHOYHQ 6LQ HPEDUJR
SDUDTXHXQDGHWHUPLQDGDFXOWXUDVLJDVLHQGRLGHQWLILFDGDFRPRWDODORODUJRGHOWLHPSR
DSHVDUGHORVFDPELRVSURGXFLGRVGHQWURGHODPLVPDUHVXOWDLQGLVSHQVDEOHTXHFLHUWRV
HOHPHQWRVRFDUDFWHUtVWLFDVGHODPLVPDSHUPDQH]FDQLQDOWHUDEOHVGXUDQWHPiVWLHPSR
2WUDV FDUDFWHUtVWLFDV GH OD FXOWXUD VLQ HPEDUJR FDPELDUiQ D PD\RU YHORFLGDG /RV
HOHPHQWRV TXH SHUPDQHFHQ HVWDEOHV GXUDQWH PiV WLHPSR GHQWUR GH XQD PLVPD FXOWXUD
UHSUHVHQWDQ OD HVWUXFWXUD VRFLDO GHO JUXSR HO VLVWHPD GH SDUHQWHVFR OD UHOLJLyQ R OD
OHQJXDVRQVyORDOJXQRVGHHOORV 

&XDQGR KDEODPRV VREUH FXOWXUD GHEHPRV WHQHU HQ FXHQWD VL OR KDFHPRV FRQ
PD\~VFXOD R FRQ PLQ~VFXOD /D &XOWXUD WDO \ FRPR KHPRV FRPSUREDGR HV XQD
FDUDFWHUtVWLFDXQLYHUVDOGHODHVSHFLHKXPDQDFRQFUHWDPHQWHDTXHOODTXHQRVGLVWLQJXH
GHOUHVWRGHOPXQGRDQLPDO7RGRVORVJUXSRVKXPDQRVKDQGHVDUUROODGRODFXOWXUDDOR
ODUJR GH OD KLVWRULD \ HVWR KD GDGR FRPR UHVXOWDGR OD FUHDFLyQ GH ODV FXOWXUDV &DGD
FROHFWLYR GHVDUUROOD VX SURSLD FXOWXUD R OR TXH HV OR PLVPR VX PDQHUD SDUWLFXODU GH
DGDSWDUVH DO PHGLR HQ HO TXH KDELWD \ GH HQWHQGHU ODV IRUPDV GH LQWHUDFFLyQ HQWUH ORV
PLHPEURVTXHORFRPSRQHQ$VtODVGLIHUHQWHVWUDGLFLRQHVFXOWXUDOHVUHSUHVHQWDGDVSRU
VRFLHGDGHVHVSHFtILFDVSURGXFHQFXOWXUDVSDUWLFXODUHV/DGHVFULSFLyQ\HODQiOLVLVGH
HVWDV SDUWLFXODULGDGHV FXOWXUDOHV HV SUHFLVDPHQWH OR TXH OH LQWHUHVD D OD DQWURSRORJtD
VRFLDO

)LQDOPHQWHGHEHPRVWHQHUHQFXHQWDTXHODFXOWXUDHVLQWHJUDOHQHOVHQWLGRGH
TXHPROGHDRFRQGLFLRQDODWRWDOLGDGGHORVDVSHFWRVTXHWLHQHQTXHYHUFRQODYLGDGH
ODV SHUVRQDV /D DQWURSRORJtD QR LQWHUSUHWD OD FXOWXUD FRPR UHILQDPLHQWR HGXFDFLyQ R
HQWHQGLPLHQWRVLQRTXHFRQVLGHUDTXHFXDOTXLHUSHTXHxRGHWDOOHGHODYLGDFRWLGLDQDGH
ODVSHUVRQDV XQJHVWRODIRUPDGHVHQWDUVHTXpVHFRPH\FyPRODURSDODVIRUPDVGH
HQWUHWHQLPLHQWRHWF FRQVWLWX\HXQUDVJRFXOWXUDOLPSRUWDQWHGLJQRGHVHUHVWXGLDGR6H
SXHGHOOHJDUDHVWXGLDUODFXOWXUDSDUWLFXODUGHXQDGHWHUPLQDGDVRFLHGDGDSDUWLUGHOGtD
DGtDGHVXVPLHPEURV\DTXHODFXOWXUDPROGHDRFRQGLFLRQDQRWDEOHPHQWHODIRUPDGH

3URID,[RQH)HUQDQGH]GH/DEDVWLGD  
7HPD 
,QWURGXFFLyQ$SRUWDFLRQHVGHODDQWURSRORJtDDO7UDEDMR6RFLDO

SHQVDU GH VHQWLU \ DFWXDU GH ODV SHUVRQDV 3RU HOOR QHFHVDULDPHQWH OD DQWURSRORJtD
VRFLDOWLHQHTXHVHUXQDGLVFLSOLQDKROtVWLFD

3DUD WHUPLQDU FRQ HVWH SXQWR KD\ TXH VDEHU TXH ORV DVSHFWRV R HOHPHQWRV TXH
FRPSRQHQXQDGHWHUPLQDGDFXOWXUDVRQWDQWRPDWHULDOHVFRPRLQPDWHULDOHV(QWUHORV
FRPSRQHQWHV PDWHULDOHV GH XQD FXOWXUD VH HQFXHQWUDQ WRGRV ORV REMHWRV SURGXFLGRV R
HPSOHDGRV SDUD HO GHVDUUROOR GH OD PLVPD YLYLHQGD XWHQVLOLRV GH FRFLQD PHGLRV GH
WUDQVSRUWHYHVWLPHQWDREMHWRVSDUDHORFLRHWF 3RUVXSDUWHODFXOWXUDLQPDWHULDOVH
FRPSRQHGHWRGRVORVFRQRFLPLHQWRVIRUPDVGHDFWXDUVHQWLPLHQWRVHLGHDVSURSLDV \
FDUDFWHUtVWLFDVGHOJUXSR

(OPpWRGRDQWURSROyJLFRHWQRJUDItD\DQiOLVLV


/DSDODEUDPHWRGRORJtDSURYLHQHGHOJULHJR\VXGHILQLFLyQHWLPROyJLFDVLJQLILFD
µPiVDOOi¶ PHWi ³FDPLQR´ DGRV \³HVWXGLR´ ORJRV (OµFDPLQRSDUDHOHVWXGLR¶GHOD
FXOWXUD FRPR REMHWR GH HVWXGLR  TXH HPSOHD OD DQWURSRORJtD VRFLDO HV HO VHJXQGR
HOHPHQWRTXHGLVWLQJXHODPLVPDGHOUHVWRGHFLHQFLDVVRFLDOHV WDO\FRPRUHFRUGDUHLVHO
SULPHUR HV HO SURSLR REMHWR GH HVWXGLR  (VWR VH GHEH D OD SDUWLFXODULGDG \ OD
HVSHFLILFLGDGGHHVWHPpWRGR

(OPpWRGRDQWURSROyJLFRFRQVWDGHGRVIDVHVFODUDPHQWHGLIHUHQFLDGDV \GHQWUR
GHFDGDXQDGHHOODVVHGHVDUUROODQXQDVHULHGHWpFQLFDVGHLQYHVWLJDFLyQGLIHUHQWHV/D
SULPHUD IDVH GHO PpWRGR HV OD IDVH GHVFULSWLYD R IDVH HWQRJUiILFD \ OD VHJXQGD OD IDVH
DQDOtWLFDRIDVHHWQROyJLFD

 /DIDVHGHVFULSWLYDRHWQRJUiILFDGHOPpWRGRDQWURSROyJLFR


/D HWQRJUDItD FRQVLVWH HQ HO HVWXGLR SHUVRQDO \ GH SULPHUD PDQR GH FXDOTXLHU
IHQyPHQR FXOWXUDO (O HVWXGLR GHEH UHDOL]DUVH LQ VLWX HV GHFLU HQ HO SURSLR OXJDU GH

3URID,[RQH)HUQDQGH]GH/DEDVWLGD  
7HPD 
,QWURGXFFLyQ$SRUWDFLRQHVGHODDQWURSRORJtDDO7UDEDMR6RFLDO

SURGXFFLyQFXOWXUDOSRUORTXHHORODDQWURSyORJDGHEHUiGHVSOD]DUVHGXUDQWHXQWLHPSR
GHWHUPLQDGR D OD FRPXQLGDG HVWXGLDGD (VWH KHFKR GHWHUPLQD WDO \ FRPR YHUHPRV OD
SULQFLSDOWpFQLFDGHUHFRJLGDGHLQIRUPDFLyQHWQRJUiILFDHOWUDEDMRGHFDPSR

7DO\FRPR\DVHKDDILUPDGRODDQWURSRORJtDVRFLDOHVXQDGLVFLSOLQDHPStULFD
(OFRQRFLPLHQWRTXHSURGXFHSURFHGHGHODSURSLDH[SHULHQFLD\SDUDHOORVHEDVDHQHO
DQiOLVLVGHODSUiFWLFDVRFLDO(VWDSULPHUDHWDSDGHOPpWRGRDQWURSROyJLFRFRQVLVWHHQOD
GHVFULSFLyQ GH OD WRWDOLGDG GH OD UHDOLGDG TXH VH YD D HVWXGLDU 3DUD HODERUDU WDO
GHVFULSFLyQSUHYLDPHQWHVHUHDOL]DUiXQDREVHUYDFLyQVLVWHPiWLFDVREUHODPLVPD&RQ
VLVWHPiWLFD QRV UHIHULPRV D TXH HO R OD DQWURSyORJD UHDOL]DUi XQ VHJXLPLHQWR SDXWDGR
GHO JUXSR HQ FXHVWLyQ UHFRJLHQGR \ UHJLVWUDQGR QRUPDWLYDPHQWH WRGD OD LQIRUPDFLyQ
UHOHYDQWHSDUDHODQiOLVLVGHOREMHWRGHHVWXGLR

/DV SULQFLSDOHV WpFQLFDV GH UHFRJLGD GH LQIRUPDFLyQ GXUDQWH OD SULPHUD IDVH
HWQRJUiILFDVRQHOWUDEDMRGHFDPSRODREVHUYDFLyQSDUWLFLSDQWHHOFXDGHUQRGHFDPSR
ODHQWUHYLVWDHQSURIXQGLGDGHOWUDEDMRFRQLQIRUPDQWHVSULYLOHJLDGRVHOUHODWRGHYLGDR
ORV JUXSRV GH GLVFXVLyQ /DV WpFQLFDV GH UHFRJLGD GH LQIRUPDFLyQ HQ DQWURSRORJtD
FRQVLVWHQHQXQFRQMXQWRGHSURFHGLPLHQWRVTXHVHHPSOHDQFRQHOILQGHGHWHUPLQDUORV
SDVRVTXHKD\TXHVHJXLUSDUDREWHQHUORVGDWRVHWQRJUiILFRV/RVGDWRVHWQRJUiILFRVVRQ
XQ FRQMXQWR GH HQXQFLDGRV TXH FRQWLHQHQ LQIRUPDFLyQ DFHUFD GH ODV FDUDFWHUtVWLFDV GH
QXHVWURREMHWRGHHVWXGLR

(OWUDEDMRGHFDPSRHVODWpFQLFDGHUHFRJLGDGHLQIRUPDFLyQFDUDFWHUtVWLFDGHO
PpWRGR DQWURSROyJLFR \ GHQWUR GHO FRQWH[WR GH HVWXGLR FUHDGR SRU OD PLVPD VH
GHVDUUROODQ HO UHVWR GH WpFQLFDV (O WUDEDMR GH FDPSR FRQVLVWH HQ OD UHFRJLGD GH
LQIRUPDFLyQLQVLWXVREUHODUHDOLGDGTXHTXHUHPRVDQDOL]DU(VWRDPHQXGRVXSRQHHO
GHVSOD]DPLHQWR GHO DQWURSyORJR R DQWURSyORJD D OD FRPXQLGDG GH HVWXGLR HQ FXHVWLyQ
(VWD HVWDQFLD TXH VHUi WHPSRUDO SRGUi UHDOL]DUVH GH XQD PDQHUD PiV R PHQRV LQWHQVD
GHSHQGLHQGRVLGXUDQWHHOWLHPSRTXHGXUHODIDVHHWQRJUiILFDHORODDQWURSyORJDGHFLGH
FRQYLYLU FRQ ORV PLHPEURV GH OD FRPXQLGDG R SRU HO FRQWUDULR SUHILHUH UHDOL]DU
GHVSOD]DPLHQWRV SXQWXDOHV D OD PLVPD (VWD FRQYLYHQFLD FRQ OD FRPXQLGDG OR TXH

3URID,[RQH)HUQDQGH]GH/DEDVWLGD  
7HPD 
,QWURGXFFLyQ$SRUWDFLRQHVGHODDQWURSRORJtDDO7UDEDMR6RFLDO

SUHWHQGH HV IDYRUHFHU HO DQiOLVLV GHO IHQyPHQR VRFLDO HQ FXHVWLyQ GH XQD PDQHUD
KROtVWLFD(QFXDOTXLHUFDVRGXUDQWHHOWUDEDMRGHFDPSRVHHQWUDHQFRQWDFWRFRQRWUDV
SHUVRQDV ODV FXDOHV UHSUHVHQWDQ QXHVWUD IXHQWH GH GDWRV $Vt ODV UHODFLRQHV TXH
PDQWHQJDPRV FRQ HO µRWUR¶ GHWHUPLQDUi DO PLVPR WLHPSR HO WLSR GH UHODFLyQ TXH HVH
µRWUR¶PDQWHQGUiFRQQRVRWURV(QFXDOTXLHUFDVRODUHVSRQVDELOLGDGILQDOGHFRQVWUXLU
WDOHV UHODFLRQHV VLHPSUH VHUi GHO LQYHVWLJDGRU R LQYHVWLJDGRUD +D\ TXH WHQHU PX\
SUHVHQWH TXH OD QDWXUDOH]D GH ORV GDWRV TXH VH REWHQJDQ PHGLDQWH HO WUDEDMR GH FDPSR
GHSHQGHUi HQ JUDQ PHGLGD GH QXHVWUD DFWLWXG KDFLD ODV RWUDV SHUVRQDV \ GHO JUDGR GH
FRQILDQ]DTXHFRQVLJDPRVHVWDEOHFHUFRQHOODV

'HODDSOLFDFLyQGHODWpFQLFDJHQHUDOGHOWUDEDMRGHFDPSRHORODDQWURSyORJD
REWHQGUi GRV WLSRV GH GDWRV HWQRJUiILFRV (Q SULPHU OXJDU DTXHOORV GDWRV UHFRJLGRV
GHVGH OD SHUVSHFWLYD HPLF HV GHFLU D SDUWLU GH ODV H[SOLFDFLRQHV SURGXFLGDV SRU ORV
SURSLRV SURWDJRQLVWDV DFHUFD GHO IHQyPHQR FXOWXUDO TXH HVWHPRV HVWXGLDQGR \ TXH
UHFRJHUHPRV JUDFLDV WDPELpQ D RWUDV WpFQLFDV FRPR SRU HMHPSOR ODV HQWUHYLVWDV HQ
SURIXQGLGDG 3RU RWUR ODGR ORV GDWRV SURFHGHQWHV GHVGH OD SHUVSHFWLYD HWLF TXH HV
DTXHOODHQODTXHSUHYDOHFHODH[SOLFDFLyQHODERUDGDSRUHORODSURSLDDQWURSyORJDFRPR
SHUVRQD HVWXGLRVD GH OD FXOWXUD HQ FXHVWLyQ 8Q EXHQ WUDEDMR HWQRJUiILFR HV DTXHO TXH
FRPELQDDGHFXDGDPHQWHORVGDWRVSURFHGHQWHVWDQWRGHODSHUVSHFWLYDHPLFFRPRGHOD
HWLF

/RV GRV SLODUHV IXQGDPHQWDOHV GHO WUDEDMR GH FDPSR VRQ OD REVHUYDFLyQ
SDUWLFLSDQWH\HOFXDGHUQRGHFDPSR

&XDQGR HO R OD DQWURSyORJD UHDOL]D REVHUYDFLyQ SDUWLFLSDQWH QR VyOR YH OD
UHDOLGDGVLQRTXHODPLUD0LUDULPSOLFDLQWHQFLRQDOLGDGHVGHFLUFHQWUDUODDWHQFLyQHQ
XQR R YDULRV DVSHFWRV TXH VH FRQVLGHUDQ UHOHYDQWHV R VLJQLILFDWLYRV SRU DOJ~Q PRWLYR
5HDOL]DU REVHUYDFLyQ SDUWLFLSDQWH VXSRQH TXH OD SHUVRQD TXH YD D HVWXGLDU XQD
GHWHUPLQDGD FXOWXUD VH LQWURGXFH H LQWHJUD HQ OD FRPXQLGDG HVWXGLDGD SDUWLFLSDQGR HQ
ODV DFWLYLGDGHV WDQWR FRWLGLDQDV FRPR H[FHSFLRQDOHV TXH WLHQHQ OXJDU HQ OD PLVPD (O
REMHWLYR ILQDO HV FRQVHJXLU XQD VLWXDFLyQ SULYLOHJLDGD TXH SHUPLWD DO DQWURSyORJR R

3URID,[RQH)HUQDQGH]GH/DEDVWLGD  
7HPD 
,QWURGXFFLyQ$SRUWDFLRQHVGHODDQWURSRORJtDDO7UDEDMR6RFLDO

DQWURSyORJDREVHUYDUODFRPXQLGDGGHVGHVXSURSLRLQWHULRU'HELGRDODSDUWLFXODULGDG
GHHVWDWpFQLFDKD\TXHWHQHUPX\SUHVHQWHVWRGDVODVFRQVLGHUDFLRQHVpWLFDVFXDQGRVH
YD D DQDOL]DU DO µRWUR¶ /D SHUVRQD TXH VH DGHQWUH HQ XQD FRPXQLGDG SDUD LQYHVWLJDUOD
GHEHVDEHUTXHSRUOR PHQRVDOSULQFLSLRVHOHSXHGHRFXOWDUDEXQGDQWHLQIRUPDFLyQ
6yORFXDQGRHVDSHUVRQDVHKD\DJDQDGRODFRQILDQ]DGHOJUXSRSRGUiOOHJDUDFRQRFHU
HOPLVPRGHVGHVXLQWHULRU

/DWpFQLFDGHODREVHUYDFLyQSDUWLFLSDQWHVLELHQSDUHFHVHQFLOODUHTXLHUHPXFKD
SUHSDUDFLyQ SUHYLD DVt FRPR VHU ULJXURVRV FRQ OD LQIRUPDFLyQ UHFRJLGD $QWHV GH
LQWURGXFLUQRVHQODFRPXQLGDGGHEHPRVWHQHUELHQFODURTXpTXHUHPRVHVWXGLDUVREUHOD
PLVPD REMHWRGHHVWXGLRHKLSyWHVLVGHWUDEDMR FyPRORYDPRVDDERUGDU PHWRGRORJtD
GHWUDEDMR \WDPELpQFyPRYDPRVDVLVWHPDWL]DUHVDLQIRUPDFLyQ WpFQLFDVGHUHFRJLGD
GHLQIRUPDFLyQ\DQiOLVLV 6LJXLHQGRFRQHVWH~OWLPRSXQWRHOHPSOHRGHOFXDGHUQRGH
FDPSRHVXQDGHODVKHUUDPLHQWDVGHUHFRJLGD\VLVWHPDWL]DFLyQGHODLQIRUPDFLyQPiV
DPSOLDPHQWHXWLOL]DGDVHQDQWURSRORJtD

(OFXDGHUQRGHQRWDVRGHFDPSRHVHOLQVWUXPHQWRTXHHORODDQWURSyORJDXWLOL]D
SDUDDSXQWDUWRGDODLQIRUPDFLyQUHOHYDQWHSDUDVXHVWXGLRGXUDQWHHOWLHPSRTXHGXUDHO
WUDEDMRGHFDPSR(OSULQFLSDOFULWHULRHVUHFRJHUWRGDODLQIRUPDFLyQTXHVHFRQVLGHUH
UHOHYDQWH SDUD HO HVWXGLR GH PDQHUD GHWDOODGD \ FRQFLVD \ D SRGHU VHU HQ HO PLVPR
LQVWDQWH HQ HO TXH ORV FRQWHFLPLHQWRV WLHQHQ OXJDU 3RU HOOR HV LPSRUWDQWH UHFRJHU ORV
GDWRV FRQ ULJXURVLGDG \ HQ OD PHGLGD GH OR SRVLEOH QR GHMDU QDGD SDUD GHVSXpV /RV
GDWRV TXH QHFHVDULDPHQWH GHEHUiQ VHU DSXQWDGRV HQ HO FXDGHUQR GH FDPSR VHUiQ
DTXHOORV TXH KDJDQ UHIHUHQFLD DO FRQWH[WR GH SURGXFFLyQ GH ORV PLVPRV $ PHQXGR
WDPELpQVHXWLOL]DQRWURVLQVWUXPHQWRVGHUHFRJLGDGHLQIRUPDFLyQFRPRJUDEDGRUDVGH
YR] R FiPDUDV GH YtGHR (Q FXDOTXLHU FDVR WRGRV ORV GDWRV VH UHFRJHUiQ GH PDQHUD
VLVWHPiWLFD\WRGRVHOORVSDVDUiQDFRQVWLWXLUODVIXHQWHVGHLQIRUPDFLyQSULPDULDVREUH
ODV TXH SRVWHULRUPHQWH HO HVWXGLRVR R HVWXGLRVD GH OD FXOWXUD GHEHUi HODERUDU HO WH[WR
HWQRJUiILFR R GHVFULSWLYR (VWH WH[WR FRQVWLWXLUi OD EDVH R PDWHULD SULPD VREUH OD TXH
SRVWHULRUPHQWHVHUHDOL]DUiHODQiOLVLVDQWURSROyJLFR

3URID,[RQH)HUQDQGH]GH/DEDVWLGD  

Das könnte Ihnen auch gefallen