Você está na página 1de 13



/DGLIXQFLyQGHODVLQYHVWLJDFLRQHV\HOIRUPDWR,05<'8QDSHVTXLVDDSURSyVLWRGHODOHFWXUDFUtWLFDGHORVDUWtFXORVFLHQWtILFRV

IndiceAnteriorSiguiente

/DGLIXVLyQGHODVLQYHVWLJDFLRQHV\HOIRUPDWR,05<'8QDSHVTXLVDD
SURSyVLWRGHODOHFWXUDFUtWLFDGHORVDUWtFXORVFLHQWtILFRV
Dr.C.JulioGarcadelJunco1yDr.C.MarioCastellanosVerdugo2

5(680(1
6HHVWXGLDODLPSRUWDQFLDGHOIRUPDWR,05<',QWURGXFFLyQ0pWRGRV5HVXOWDGRV\'LVFXVLyQSDUD
ODRUJDQL]DFLyQGHODUWtFXORFLHQWtILFRHQWUHORVLQYHVWLJDGRUHV\SURIHVRUHVGHPHUFDGHR\
RUJDQL]DFLyQGHHPSUHVDV&RQYLVWDVDLGHQWLILFDUTXpDVSHFWRVFRQVLGHUDQPiVLPSRUWDQWHVHQHVWD
HVWUXFWXUDVHLQWHUURJyDFDWHGUiWLFRVGHODViUHDVUHIHULGDV8QDYH]LQIRUPDWL]DGRVORVGDWRV
UHFRJLGRVVHDSOLFyHOPRGHORGH5DVFKSDUDGHWHUPLQDUORVDVSHFWRVFRQVLGHUDGRVFRPRORVPiV
LPSRUWDQWHVSRUHOJUXSRGHH[SHUWRVFRQVXOWDGRV/RVHVSHFLDOLVWDVFRQVXOWDGRVVHxDODURQXQWRWDOGH
DVSHFWRVFRPRORVPiVUHOHYDQWHVSDUDHYDOXDUODFDOLGDGGHXQDUWtFXORFLHQWtILFR)LQDOPHQWHD
SDUWLUGHORLQGLFDGRSRUORVH[SHUWRVFRQVXOWDGRVVHFRQIRUPyXQDJXtDSDUDODOHFWXUDFUtWLFDGHORV
DUWtFXORVFLHQWtILFRVHQODViUHDVGHOPHUFDGHR\ODRUJDQL]DFLyQHPSUHVDULDO
3DODEUDVFODYH$UWtFXORFLHQWtILFRHYDOXDFLyQH[SHUWRVPRGHOR5DVFKOHFWXUDFUtWLFD
$%675$&7
7KHLPSRUWDQFHRIWKHIRUPDW,05<',QWURGXFWLRQ0HWKRGV5HVXOWVDQG'LVFXVVLRQIRUWKH
RUJDQL]DWLRQRIWKHVFLHQWLILFDUWLFOHDPRQJWKHLQYHVWLJDWRUVDQGSURIHVVRUVRIPDUNHWLQJDQG
EXVLQHVVHVRUJDQL]DWLRQLVVWXGLHGSURIHVVRUVRIWKHUHIHUUHGDUHDVZHUHLQWHUYLHZHGLQRUGHUWR
NQRZZKLFKDUHWKHDVSHFWVFRQVLGHUHGE\WKHPDVWKHPRVWLPSRUWDQWLQWKLVVWUXFWXUH2QFHWKH
FROOHFWHGGDWDZHUHFRPSXWHUL]HG5DVFK
VPRGHOZDVDSSOLHGWRGHWHUPLQHWKHDVSHFWVFKRVHQDVWKH
PRVWVLJQLILFDQWE\WKHJURXSRIH[SHUWVFRQVXOWHG7KHVHVSHFLDOLVWVLQGLFDWHGDWRWDORIDVSHFWVDV
WKHPRVWUHOHYDQWWRHYDOXDWHWKHTXDOLW\RIDVFLHQWLILFDUWLFOH)LQDOO\IURPWKHDVSHFWVPHQWLRQHGE\
WKHH[SHUWVFRQVXOWHGDJXLGHIRUWKHFULWLFDOUHDGLQJRIWKHVFLHQWLILFDUWLFOHVLQWKHDUHDVRIPDUNHWLQJ
DQGEXVLQHVVRUJDQL]DWLRQZDVPDGH
.H\ZRUGV6FLHQWLILFDUWLFOHHYDOXDWLRQH[SHUW5DVFKPRGHOFULWLFDOUHDGLQJ
&RS\ULJKW(&,0('&RQWULEXFLyQGHDFFHVRDELHUWRGLVWULEXLGDEDMRORVWpUPLQRVGHOD/LFHQFLD
&UHDWLYH&RPPRQV5HFRQRFLPLHQWR1R&RPHUFLDO&RPSDUWLU,JXDOTXHSHUPLWHFRQVXOWDU
UHSURGXFLUGLVWULEXLUFRPXQLFDUS~EOLFDPHQWH\XWLOL]DUORVUHVXOWDGRVGHOWUDEDMRHQODSUiFWLFDDVt
FRPRWRGRVVXVGHULYDGRVVLQSURSyVLWRVFRPHUFLDOHV\FRQOLFHQFLDLGpQWLFDVLHPSUHTXHVHFLWH
DGHFXDGDPHQWHHODXWRURORVDXWRUHV\VXIXHQWHRULJLQDO
&LWD 9DQFRXYHU *DUFtDGHO-XQFR-&DVWHOODQRV9HUGXJR0/DGLIXVLyQGHODVLQYHVWLJDFLRQHV\HO
IRUPDWR,05<'XQDSHVTXLVDDSURSyVLWRGHODOHFWXUDFUtWLFDGHORVDUWtFXORVFLHQWtILFRV$FLPHG
  'LVSRQLEOHHQhttp://bvs.sld.cu/revistas/aci/vol15_1_07/aci04107.htm>&RQVXOWDGR
GtDPHVDxR@
(ODUWtFXORFLHQWtILFRHVHOSULPHUUHJLVWURS~EOLFR\RILFLDOGHXQDLQYHVWLJDFLyQ6XREMHWLYRHV
GLIXQGLUORVUHVXOWDGRVREWHQLGRVHQXQDLQYHVWLJDFLyQ\HVWDEOHFHUODSULRULGDGGHODXWRUVX
FDUDFWHUtVWLFDSULQFLSDOHVODUHSURGXFLELOLGDGGHORVH[SHULPHQWRVTXHFRQGXMHURQDVXVDXWRUHVDORV
UHVXOWDGRVPRVWUDGRV
6HJ~QHO&RXQFLORI6FLHQFH(GLWRUVHODUWtFXORFLHQWtILFRHVXQDSXEOLFDFLyQSULPDULDSRUHOORVXV
OHFWRUHVGHEHQHQFRQWUDUHQHVWDFODVHGHLQIRUPHVODLQIRUPDFLyQVXILFLHQWHSDUDDQDOL]DUODV
KWWSEYVVOGFXUHYLVWDVDFLYROBBDFLKWP





/DGLIXQFLyQGHODVLQYHVWLJDFLRQHV\HOIRUPDWR,05<'8QDSHVTXLVDDSURSyVLWRGHODOHFWXUDFUtWLFDGHORVDUWtFXORVFLHQWtILFRV

REVHUYDFLRQHVUHSHWLUORVH[SHULPHQWRV\HYDOXDUORVSURFHVRVLQWHOHFWXDOHVTXHFRQGXMHURQDVX
FUHDFLyQ1
3HURHVWRQRVLHPSUHVXFHGLyDVt'XUDQWHYDULRVVLJORVORVFLHQWtILFRVHODERUDURQ\SXEOLFDURQVXV
WUDEDMRVHQIRUPDPiVRPHQRVFRQYHQLHQWHQRREVWDQWHHVHQODV~OWLPDVGpFDGDVTXHHVWDDFWLYLGDG
DGTXLHUHXQFDUiFWHUFRQYHQFLRQDO\SURWRFRODU)XHHO$PHULFDQ1DWLRQDO6WDQGDUGV,QVWLWXWHHOTXH
HQHVWDEOHFLyFRPRQRUPDSDUDODSUHVHQWDFLyQGHDUWtFXORVFLHQWtILFRVHOIRUPDWR,05<'\
FRQHVWRIRUPDOL]y\GLRXQVHQWLGRPiVSUiFWLFRDHVWHHYHQWR
$FWXDOPHQWHHOIRUPDWR,05<'JR]DGHXQDDPSOLDSRSXODULGDGHQODVFLHQFLDVELRPpGLFDV\HV
SDUWHVXVWDQFLDOGHOERRPTXHH[SHULPHQWDQORVWHPDVUHODFLRQDGRVFRQODSUHVHQWDFLyQ\HYDOXDFLyQ
GHHVWDFODVHGHWUDEDMRV$WRQRFRQHVWDVLWXDFLyQ%ULWLVK0HGLFDO-RXUQDOSRUHMHPSORHQVHxDDVXV
OHFWRUHVDHQFRQWUDUDUWtFXORVPpGLFRVVyOLGRV\DUHDOL]DUVXOHFWXUDFUtWLFD211
,05<'DGRSWDGRXQLYHUVDOPHQWHHVHODFUyQLPRGHORVWpUPLQRVTXHFRQIRUPDQHOHVTXHOHWRGHO
DUWtFXORFLHQWtILFR
,QWURGXFFLyQ

&XiOHVHOSUREOHPDHVWXGLDGR\SRUTXpVHHVWXGLD"

0pWRGRV

&yPR\FRQTXpPDWHULDOHVVHHVWXGLyHOSUREOHPD"

5HVXOWDGRV

4XpVHHQFRQWUy"

'LVFXVLyQ

4XpVLJQLILFDORKDOODGR"

/DHVWUXFWXUD,05<'VHHPSOHDDGHPiVHQODSUHSDUDFLyQGHRWURVGRFXPHQWRVFLHQWtILFRV
GLIHUHQWHVDORVDUWtFXORVFRPRODVWHVLV12FRQIHUHQFLDV\KDVWDHQVD\RVGHGLYXOJDFLyQVLELHQOD
LQPHQVDPD\RUtDGHHOORVREWLHQHQSRVWHULRUPHQWHVXPD\RUGLIXVLyQHQUHYLVWDVDFDGpPLFDV\
SURIHVLRQDOHVDVtFRPRHQRWURVPHGLRVGHGLYXOJDFLyQFLHQWtILFD13,14
6HJ~Q,05<'HQODVHFFLyQGHLQWURGXFFLyQVHSUHVHQWDQORVDQWHFHGHQWHVGHOSUREOHPD\VH
MXVWLILFDODUD]yQSRUODTXHVHDERUGDVXHVWXGLR(QHODFiSLWHGHPpWRGRVVHUHILHUHQORV
SURFHGLPLHQWRVXWLOL]DGRVSDUDUHVROYHUHOSUREOHPD\ORVPDWHULDOHVHPSOHDGRV(QORVUHVXOWDGRVVH
PXHVWUDQORVGDWRVJHQHUDGRVSRUHOWUDEDMR\HQODGLVFXVLyQHODXWRULQWHUSUHWDVXVKDOOD]JRVHQ
UHODFLyQFRQRWURVHVWXGLRV\DUJXPHQWDODYDOLGH]GHOSURGXFWRILQDO
$KRUDELHQHVWHPRGHORQRVHDMXVWDDWRGDVODVGLVFLSOLQDVFLHQWtILFDVVXGLVHxRVHEDVDHQXQ
HVTXHPDH[SHULPHQWDOTXHVXUJHDOFRQFHSWXDUODVDFWLYLGDGHVLWHUDWLYDVHQVD\RHUURUGHOD
LQYHVWLJDFLyQ\VXGHVFULSFLyQSDVRSRUSDVR/DLQWHQFLyQHVTXHFXDOTXLHUOHFWRUFRQXQ
FRQRFLPLHQWRVLPLODUDORVDXWRUHVGHOLQIRUPHSXHGDUHSHWLUHOH[SHULPHQWR\ORJUDUORVPLVPRV
UHVXOWDGRV(VWRSRUXQODGRSRVLELOLWDYDOLGDUODLQYHVWLJDFLyQSULPDULD\SRURWURDEULUQXHYRV
FDPLQRVDOHVWXGLRFLHQWtILFR
/DFLHQFLDVHFDUDFWHUL]DSRUUHVROYHUVHJ~QHOPpWRGRFLHQWtILFRSUREOHPDVGHGLItFLOVROXFLyQSDUD
ODVIRUPDVRUGLQDULDVGHUD]RQDPLHQWR\SDUDVXGLIXVLyQHVQHFHVDULRGRPLQDUHOHVWLORDSURSLDGR
SDUDHVWRVILQHV15,16
&RQHOPpWRGRFLHQWtILFRVHFXPSOHQORVPtQLPRVUHTXHULGRVSDUDTXHODFRPXQLGDGFLHQWtILFDDFHSWH
XQWUDEDMRGHLQYHVWLJDFLyQSRUTXHHVWHHVTXLHQULJHWRGDODDFWLYLGDGFLHQWtILFDGHOLQYHVWLJDGRU
GHVGHODJHVWDFLyQGHOSUREOHPDKDVWDODGLIXVLyQGHOUHVXOWDGR\HVODQRUPDWLYDTXHSUHVLGH\
VRSRUWDFDGDXQDGHODVDFWXDFLRQHVSURSLDVGHOLQYHVWLJDGRU
KWWSEYVVOGFXUHYLVWDVDFLYROBBDFLKWP





/DGLIXQFLyQGHODVLQYHVWLJDFLRQHV\HOIRUPDWR,05<'8QDSHVTXLVDDSURSyVLWRGHODOHFWXUDFUtWLFDGHORVDUWtFXORVFLHQWtILFRV

(VHOPpWRGRFLHQWtILFRHOTXHVXVWHQWDSRUWDQWRORVHVWiQGDUHVGHFDOLGDGGHXQHVFULWRFLHQWtILFR\
HVWRVHVWiQGDUHVGHFDOLGDGVHUHIOHMDQHQODHVWUXFWXUD,05<'GHODUWtFXORFLHQWtILFR
,05<'D\XGDDODXWRUDRUJDQL]DU\HVFULELUVXWH[WR\RIUHFHUHFHWDVRXQPDSDGHFDUUHWHUDV
SDUDJXLDUDGLUHFWRUHVUHYLVRUHV\OHFWRUHVHQODFRQVXOWDFRPSUHQVLyQ\HYDOXDFLyQGHXQLQIRUPHGH
XQDLQYHVWLJDFLyQFLHQWtILFD17,18
+DVWDHOPRPHQWRVHKDQUHDOL]DGRYDULRVHVWXGLRVVREUHODLPSRUWDQFLDGHODHVWUXFWXUDGHODUWtFXOR
FLHQWtILFR1926(OORVUHDILUPDQODLPSRUWDQFLD\FRQYHQLHQFLDGHOXVRGHHVWHIRUPDWRSHURHQOD
E~VTXHGDELEOLRJUiILFDUHDOL]DGDQRSXGRLGHQWLILFDUVHQLQJ~QHVWXGLRTXHDERUGDUDTXpDVSHFWRVGH
FDGDEORTXHGHHVDHVWUXFWXUDFRQVLGHUDQORVH[SHUWRVPiVLPSRUWDQWHV(VWHHVSUHFLVDPHQWHHO
REMHWLYRGHOSUHVHQWHWUDEDMR
0e72'26
/DSREODFLyQREMHWRGHHVWXGLRHVWXYRFRPSXHVWDSRUXQWRWDOGHFDWHGUiWLFRVHQHOiUHDGHOD
RUJDQL]DFLyQGHHPSUHVDV\HQPDUNHWLQJ
3DUDREWHQHUODLQIRUPDFLyQEXVFDGDVHXWLOL]yODHQFXHVWDSRVWDOGHELGRDODIDFLOLGDGTXHSUHVHQWD
SDUDOOHJDUDXQDSREODFLyQWDQGLVSHUVDJHRJUiILFDPHQWHFRPRODDQDOL]DGD3RVWHULRUPHQWHVH
HPSOHyHOFRUUHRHOHFWUyQLFRSDUDDXPHQWDUHOSRUFHQWDMHGHUHVSXHVWD
(OFXHVWLRQDULRXWLOL]DGRRFXSDXQDH[WHQVLyQGHXQDSiJLQD\FRPSUHQGHDVSHFWRVUHODFLRQDGRVFRQHO
PpWRGRFLHQWtILFR\ODFDOLGDGGHORVLQIRUPHV(QHVWHVHSLGHDOH[SHUWRTXHSXQW~HHQWUH\
Pi[LPR VHJ~QODLPSRUWDQFLDTXHFRQFHGHDFDGDDVSHFWRHYDOXDGR DQH[R /RVDVSHFWRVVH
SUHVHQWDURQQXPHUDGRVGHODOVLQGLYLVLyQDOJXQDSRUODVVHFFLRQHVTXHFRQIRUPDQHOIRUPDWR
,05<'\VLQLQGLFDUVXUHODFLyQFRQQLQJXQDGHODVHWDSDVTXHHVWDEOHFHHOPpWRGRFLHQWtILFR
/DFRGLILFDFLyQGHORVDVSHFWRVVHUHDOL]yDSDUWLUGHVXDJUXSDFLyQVHJ~QODVVHFFLRQHVGHOIRUPDWR
,05<'(OFXHVWLRQDULRVHVRPHWLyDXQDSUXHEDSUHYLDFRQYLVWDVDFRQRFHUODDSWLWXGGHO
LQVWUXPHQWRSDUDUHFRJHUODLQIRUPDFLyQGHODLQYHVWLJDFLyQ
/RVDVSHFWRVXWLOL]DGRVSDUDUHDOL]DUODHYDOXDFLyQVHREWXYLHURQHQSDUWHGHODFRQVXOWDGH
HVWXGLRVUHODFLRQDGRVFRQHOWHPD211,13,17,18,26,27DXQTXHGHELGRDODDXVHQFLDGHLQYHVWLJDFLRQHV
FRQFDUDFWHUtVWLFDVVLPLODUHVDODSUHVHQWHHOGHVHPSHxRGHORVDXWRUHVUHSUHVHQWyXQLPSRUWDQWH
HVIXHU]RGHDGDSWDFLyQ\VtQWHVLV
/DFRGLILFDFLyQGHORVDVSHFWRVVHUHDOL]yGHODVLJXLHQWHIRUPDDVSHFWRVDOUHODFLRQDGRVFRQHO
WtWXOR\HOUHVXPHQDVSHFWRV\DOVHUHILHUHQDODLQWURGXFFLyQDVSHFWRVSDUDOD
PHWRGRORJtD GHODOUHIHULGRVDOVXMHWR\HO\GHODOUHIHULGRVDOPpWRGRV HOEORTXHGH
UHVXOWDGRVWDPELpQLQFOX\yDVSHFWRVHO\SDUDHODQiOLVLVGHORVGDWRVHOSDUDOD
SUHVHQWDFLyQ\GHODOSDUDODVHFFLyQGHUHVXOWDGRVORVDVSHFWRVDOLQWHUURJDQSRUOD
LPSRUWDQFLDGHORVIDFWRUHVUHODFLRQDGRVFRQODGLVFXVLyQ\SRU~OWLPRORVDVSHFWRV\HYDO~DQ
ODLPSRUWDQFLDGHODELEOLRJUDItD
8QDYH]FHUUDGRHOSURFHVRGHUHFHSFLyQGHORVFXHVWLRQDULRVVHSURFHGLyDODDXWRPDWL]DFLyQGHORV
GDWRVPHGLDQWHODFUHDFLyQGHXQDEDVHGHGDWRVHQ6366\VHXWLOL]y%LJVWHSV28SDUDDSOLFDUHO
PRGHORGH5DVFK
(QFRQFUHWRPHGLDQWHHOSURJUDPD6366VHHVWXGLDURQODVFDUDFWHUtVWLFDVGHVFULSWLYDVGHODSREODFLyQ
\WDPELpQVHFRPSDUDURQODVPHGLDVGHORVJUXSRVGHH[SHUWRVSDUDYHULILFDUSRVLEOHVGLIHUHQFLDVD
SDUWLUGHXQDQiOLVLVGHODYDULDQ]D&RQHOPRGHORGH5DVFKVHREWXYRODFODVLILFDFLyQGHWRGRVORV
DVSHFWRV\GHWRGRVORVH[SHUWRVVREUHXQDPLVPDOtQHDTXHUHSUHVHQWDODYDULDEOHODWHQWH&DOLGDGGH
XQLQIRUPHFLHQWtILFR
KWWSEYVVOGFXUHYLVWDVDFLYROBBDFLKWP





/DGLIXQFLyQGHODVLQYHVWLJDFLRQHV\HOIRUPDWR,05<'8QDSHVTXLVDDSURSyVLWRGHODOHFWXUDFUtWLFDGHORVDUWtFXORVFLHQWtILFRV

(OPRGHORGH5DVFKHVXQDPHWRGRORJtDGHWUDEDMRUHFRQRFLGD\DYDODGDHQRWURVFDPSRV2942
'HVDUUROODGRSRU5DVFK  XQPDWHPiWLFRGDQpVTXHORDSOLFyDVXVHVWXGLRVGHSVLFRPHWUtD
UHFLELySRVWHULRUPHQWHXQDQRWDEOHDWHQFLyQHQOD8QLYHUVLGDGGH&KLFDJRSRU:ULJKW43,44
0RGHORGH5DVFK
%DVDGRHQODSUREDELOLGDGGH5DVFKGHWHFWD\FXDQWLILFDDTXHOORVDVSHFWRVUHOHYDQWHVGHODODWHQFLD
TXHVXE\DFHQHQORVGDWRV5HTXLHUHODGHILQLFLyQGHXQDYDULDEOHRFRQVWUXFFLyQWHyULFDTXH
SHUPLWDODFXDQWLILFDFLyQ\PHGLFLyQGHORVDVSHFWRVFXDOLWDWLYRVODWHQWHV FDOLGDGGHOPDQXVFULWR 
TXHHQHVWHFDVRVHUHIOHMDHQODLPSRUWDQFLDTXHORVH[SHUWRVFRQFHGHQDORVHVWiQGDUHVGHFDOLGDG
HVWDEOHFLGRVSRUHOPpWRGRFLHQWtILFR
3RVLELOLWDGHVDUUROODUXQDWHRUtDDSDUWLUGHODHODERUDFLyQGHXQDYDULDEOHODWHQWHRFRQVWUXFWRGHILQLGD
SRUFLHUWRVDVSHFWRVGHIRUPDTXHODVREVHUYDFLRQHVRGDWRVQRVRQPiVTXHPDQLIHVWDFLRQHVGHGLFKD
YDULDEOH29<SURSRUFLRQDHQWRQFHVXQDPHGLGDREMHWLYDDSDUWLUGHODFRQYHUVLyQGHODV
REVHUYDFLRQHVHQHVFDODVOLQHDOHV\ODUHODFLyQGHORVDQiOLVLVFXDOLWDWLYRVFRQPpWRGRVFXDQWLWDWLYRV
1RUPDOPHQWHORVDQiOLVLVGHGDWRVVHUHDOL]DQSULQFLSDOPHQWHGHVGHXQSXQWRGHYLVWDGHVFULSWLYR/DV
WpFQLFDVFRPRHODQiOLVLVIDFWRULDORHOGHFRUUHVSRQGHQFLDRPRGHORVORJLDVXWLOL]DGRVQRFRQFLEHQ
ODYDULDEOHFRPRXQFRQWLQXRXQLGLPHQVLRQDOGHILQLGRSRUXQRVDVSHFWRVeVWDHVODGLIHUHQFLD
IXQGDPHQWDOHQWUHODWpFQLFDGH5DVFKEDVDGDHQHO,WHP5HVSRQVH7KHRU\\HOUHVWRGHORVPRGHORV
H[LVWHQWHV
/DPHGLGDGH5DVFKHVSRUWDQWRPiVLGyQHDTXHFXDOTXLHUDGHORVRWURVPpWRGRVDOUHGXFLUORVGDWRV
GHPDWULFHVHQYDULDEOHVXQLGLPHQVLRQDOHV/DUHODFLyQGHORVDQiOLVLVFXDOLWDWLYRVFRQPpWRGRV
FXDQWLWDWLYRVVHUHDOL]DFRQHOREMHWLYRGHFRPSUHQGHU\DSUHQGHUGHORVGDWRVREVHUYDGRV
&XDQGRVHDSOLFDHVWHPRGHORQRVHSUHWHQGHVDEHUTXpH[SHUWRH[LJHPiVRTXpDVSHFWRUHFLEHPD\RU
SXQWXDFLyQSRUTXHHVWDLQIRUPDFLyQVHGHGXFHGHODREVHUYDFLyQGLUHFWDGHORVGDWRVGHSDUWLGDVLQR
FXiOORKDFHPHMRUHQUHODFLyQDOUHVWR\FRQIRUPHDVXVSRVLELOLGDGHVVHJ~QORVHVWiQGDUHVGH
FDOLGDGHOHJLGRVSRUTXHFDGDH[SHUWRSXHGHWHQHUXQDYDORUDFLyQGLIHUHQWH\GHDKtODQHFHVLGDGGH
PHGLUODFDOLGDGGHXQHVFULWRFLHQWtILFR\VLWXDUORVDVSHFWRVDORODUJRGHXQDOtQHDRFRQWLQXR
(QGHILQLWLYDHOPRGHORGH5DVFKVLQWHWL]DWRGDVODVSRVLFLRQHVDORODUJRGHOFRQWLQXRTXHUHSUHVHQWD
ODYDULDEOHODWHQWH\SURSRUFLRQDXQDPHGLGDGHODFDOLGDGGHOHVFULWRSDUDFDGDXQRGHORVH[SHUWRV46
\SDUDFDGDXQDGHODVFDUDFWHUtVWLFDVTXHGHEHUHXQLUXQWUDEDMRFLHQWtILFR\TXHKDQIXHURQHYDOXDGDV
SRUORVH[SHUWRVDVtFRPRFRPSRUWDPLHQWRVDQyPDORVRLUUHJXODUHV GHVDMXVWHV WDQWRGHORVH[SHUWRV
FRPRGHODVFDUDFWHUtVWLFDVHYDOXDGDVSDUDFUHDUXQLQVWUXPHQWRGHPHGLGDGHODFDOLGDGGHOHVFULWR
FLHQWtILFR
$KRUDELHQHOREMHWLYRGHODLQYHVWLJDFLyQHVREWHQHUXQRUGHQGHODVFDUDFWHUtVWLFDVTXHSUHVHQWDXQ
GRFXPHQWRFLHQWtILFR/DPHGLDQDIXHHOSHUFHQWLOHOHJLGR\SDUDHOORHOPRGHORGH5DVFKVHDSOLFyD
ODVFDUDFWHUtVWLFDV GL TXHGHEHUHXQLUXQWUDEDMRFLHQWtILFRHYDOXDGDVSRUORVH[SHUWRV EQ (VWRV
GDWRVVHGLVSXVLHURQHQXQDWDEODGHGREOHHQWUDGDRUGHQDGRVORVH[SHUWRVHQILODV\ODV
FDUDFWHUtVWLFDVHQFROXPQDVSDUDREWHQHUFRPRUHVXOWDGRXQDPDWUL]GHSRU ILODV\
FROXPQDV 
/RVSDUiPHWURVEQ\GLVHHVWLPDURQPHGLDQWHHOPpWRGRGH0i[LPDYHURVLPLOLWXGFRQORV
DOJRULWPRV3UR[\8QFRQGHOSURJUDPDLQIRUPiWLFR%LJVWHSVSDUDREWHQHUXQDPHGLGDGHODFDOLGDG
GHXQHVFULWRFLHQWtILFRSDUDFDGDH[SHUWRHQFXHVWDGR
(QGHILQLWLYDDTXHOORVYDORUHVPD\RUHVTXHODPHGLDQDVRQORVTXHPHQRVFDOLGDGDSRUWDQDOHVFULWR
FLHQWtILFR GHODPHGLDQDKDFLDDUULED 3RUHOFRQWUDULRORVDVSHFWRVFRQPHQRUYDORUTXHODPHGLDQD
VRQORVTXHPiVFDOLGDGDSRUWDQDOGRFXPHQWRFLHQWtILFR
KWWSEYVVOGFXUHYLVWDVDFLYROBBDFLKWP





/DGLIXQFLyQGHODVLQYHVWLJDFLRQHV\HOIRUPDWR,05<'8QDSHVTXLVDDSURSyVLWRGHODOHFWXUDFUtWLFDGHORVDUWtFXORVFLHQWtILFRV

5(68/7$'26
(OGHORVHQFXHVWDGRVHQWUHJyHOFXHVWLRQDULRUHFLELGR8QWRWDOGHUHVSXHVWDVSURFHGHQGH
ORVH[SHUWRVHQRUJDQL]DFLyQGHHPSUHVDV\GHORVHVSHFLDOLVWDVHQ0DUNHWLQJ$ODQDOL]DUORV
JUXSRVGHH[SHUWRVSRUVHSDUDGRVHREVHUYyXQQLYHOGHUHVSXHVWDGHOHQHOiUHDGH
0DUNHWLQJ\XQHQWUHORVHVSHFLDOLVWDVHQRUJDQL]DFLyQGHHPSUHVDV$GHPiVORVGDWRVQRVH
DMXVWDQDXQDGLVWULEXFLyQQRUPDOQLFRQILUPDQGLIHUHQFLDVHQWUHORVJUXSRVGHH[SHUWRV
6HREWXYRXQRUGHQGHODVFDUDFWHUtVWLFDVTXHSUHVHQWDXQGRFXPHQWRFLHQWtILFR DQH[R 
6LVHFRQVLGHUDODDJUXSDFLyQGHORVDVSHFWRVVHJ~QHOIRUPDWR,05<'ODVFDUDFWHUtVWLFDVGHOD
LQWURGXFFLyQTXHDSRUWDQPiVFDOLGDGDXQHVFULWRFLHQWtILFRVRQRFKR  FXDWUR  GHODV
FDUDFWHUtVWLFDVGHODGLVFXVLyQGHODVFDUDFWHUtVWLFDVGHORVUHVXOWDGRV  \GHODPHWRGRORJtD
 \GHODVFDUDFWHUtVWLFDVFRPSUHQGLGDVHQODVUHIHUHQFLDV  
/DVFDUDFWHUtVWLFDVGHODLQWURGXFFLyQVRQ
'HVWDFDORVUHVXOWDGRV\FRQFOXVLRQHVSULQFLSDOHV
(QXQFLDORVREMHWLYRVSODQWHDGRV
,QGLFDODPHWRGRORJtD\ORVSURFHGLPLHQWRVEiVLFRV
([SRQHHOSURSyVLWRTXHMXVWLILFDODLQYHVWLJDFLyQ
([SOLFDODQDWXUDOH]DGHOSUREOHPD
([SRQHODVUD]RQHVSDUDHOHJLUXQDPHWRGRORJtDGHWHUPLQDGD
5HDOL]DXQDQiOLVLVGHODVLWXDFLyQDQWHVGHODLQYHVWLJDFLyQ
([SRQHORVDUJXPHQWRVTXHMXVWLILFDQODLQYHVWLJDFLyQ
/DVFDUDFWHUtVWLFDVGHODGLVFXVLyQSRUVXSDUWHVRQ
0XHVWUDFRPRFRQFXHUGDQRQRORVUHVXOWDGRVFRQODVKLSyWHVLV
([SRQHODVFRQVHFXHQFLDVWHyULFDVGHOWUDEDMR
([SRQHODVSRVLEOHVDSOLFDFLRQHVSUiFWLFDVGHOWUDEDMR
/RVKDOOD]JRVVHGLVFXWHQHQUHODFLyQFRQODVOLPLWDFLRQHVVHVJRVRSUREOHPDVHQFRQWUDGRV
(QWUHODVFDUDFWHUtVWLFDVGHORVPpWRGRVVHFRQVLGHUDURQ
'HILQHFRQFODULGDGODVYDULDEOHV
/RVREMHWLYRVHKLSyWHVLVVRQHVSHFtILFRV
'HILQHFRQFODULGDGODSREODFLyQGHHVWXGLR
3DUDORVH[SHUWRVODVFDUDFWHUtVWLFDVGHORVUHVXOWDGRVVRQ
/DLQWHUSUHWDFLyQGHORVUHVXOWDGRVHVDGHFXDGD
/RVKDOOD]JRVHVWiQSUHVHQWDGRVGHIRUPDFODUD\VHQFLOOD
/DVGHILQLFLRQHVGHWpUPLQRV\FULWHULRVHPSOHDGRVSDUDHODQiOLVLVVRQFODURV\DSURSLDGRV
7DPELpQVHFRQVLGHUDLPSRUWDQWHSRUORVH[SHUWRVTXH
/DVFLWDVELEOLRJUiILFDVVRQUHOHYDQWHVSDUDODLQYHVWLJDFLyQGHVDUUROODGD
/DVUHIHUHQFLDVELEOLRJUiILFDVVHDQH[DFWDV
',6&86,1
6REUHODEDVHGHORVGDWRVUHFRJLGRVVHREWXYRXQDPHGLGDILDEOH\YDOLGDGHODYDULDEOHODWHQWH
FRQVWUXLGDSDUDFDGDH[SHUWR\SDUDFDGDFDUDFWHUtVWLFDHYDOXDGD6LVHFRQVLGHUDODDJUXSDFLyQGHORV
DVSHFWRVVHJ~QHOIRUPDWR,05<'HVDGHFXDGRVHxDODUTXHORVH[SHUWRVFRQVLGHUDQPiVLPSRUWDQWH
KWWSEYVVOGFXUHYLVWDVDFLYROBBDFLKWP





/DGLIXQFLyQGHODVLQYHVWLJDFLRQHV\HOIRUPDWR,05<'8QDSHVTXLVDDSURSyVLWRGHODOHFWXUDFUtWLFDGHORVDUWtFXORVFLHQWtILFRV

HQXQHVFULWRFLHQWtILFRODLQWURGXFFLyQ\DFRQWLQXDFLyQXELFDQODGLVFXVLyQ\ORVUHVXOWDGRVSDUD
FRQFHGHUXQDLPSRUWDQFLDOLJHUDPHQWHPHQRUDODPHWRGRORJtD/DVUHIHUHQFLDVELEOLRJUiILFDVWDPELpQ
VHFRQVLGHUDQLPSRUWDQWHV
/RVH[SHUWRVGH0DUNHWLQJFRQVLGHUDURQLPSRUWDQWHVTXH/DVSUXHEDVHVWDGtVWLFDVVRQODVSUHFLVDV
(OGLVHxRHVFRJLGRSDUDUHDOL]DUODLQYHVWLJDFLyQHVHOPiVDSURSLDGR\6HGHVFULEHQORV
SURFHGLPLHQWRVGHVHOHFFLyQGHODSREODFLyQ(VWDVFDUDFWHUtVWLFDVQRVHFRQVLGHUDURQLJXDOPHQWH
LPSRUWDQWHVSRUORVH[SHUWRVHQJHQHUDOQLSRUORVH[SHUWRVGHOiUHDGHRUJDQL]DFLyQGHHPSUHVDV
/DFUHDFLyQGHXQLQVWUXPHQWRSDUDHYDOXDUODFDOLGDGGHXQLQIRUPHGHLQYHVWLJDFLyQSDUDORV
H[SHUWRVGLUHFWRUHVGHSURJUDPDVGHGRFWRUDGRPLHPEURVGHWULEXQDOHVGHWHVLVHWFSDUDODOHFWXUD
FUtWLFDHVHVHQFLDOSDUDDVLVWLUDORVHVSHFLDOLVWDVHQODYDOLGDFLyQGHODLQIRUPDFLyQTXHGLDULDPHQWH
UHFLEHQ DQH[R 
/DKHUUDPLHQWDFRQIRUPDGDSRUFDUDFWHUtVWLFDVFRPSUHQGHORVDVSHFWRVDSRUWDGRVSRUHOXVRGHOD
PHGLDQDFRPRSHUFHQWLOPiVODVFDUDFWHUtVWLFDV~QLFDVTXHGLIHUHQFLDURQORVGRVJUXSRVGHH[SHUWRV
HQFXHVWDGRV
/DLQFOXVLyQGHODVFDUDFWHUtVWLFDVTXHGLIHUHQFLDQDXQR\RWURJUXSRSRVLELOLWDKRPRJHQL]DUHO
LQVWUXPHQWRSDUDDPEDVSREODFLRQHVGHH[SHUWRV
/DLPSRUWDQFLDUHODWLYDGHFDGDXQRGHORVDSDUWDGRVREORTXHVODGHWHUPLQDQORVUHVXOWDGRVGHOD
DSOLFDFLyQHOPRGHORGH5DVFK/RVUHVXOWDGRVDSXQWDQDTXHODLQWURGXFFLyQHVODSDUWHGHOHVFULWR
FLHQWtILFRTXHPD\RUFDOLGDGDSRUWDVHJXLGDGHODGLVFXVLyQ\ODVUHIHUHQFLDVELEOLRJUiILFDV/RV
EORTXHVUHIHULGRVDUHVXOWDGRV\PHWRGRORJtDVRQORVTXHHQRUGHQGHFUHFLHQWHDSRUWDQPHQRU
FDOLGDG
(ORUGHQGHFDGDYDULDEOHGHQWURGHVXEORTXHHVHOTXHHVWDEOHFHHOPRGHORGH5DVFK\HQWUH
SDUpQWHVLVDOILQDOGHFDGDDVSHFWRVHLQGLFDHORUGHQGHLPSRUWDQFLDJOREDOTXH5DVFKKD
GHWHUPLQDGRSDUDODVYDULDEOHV
/DSUHVHQFLDGHODVFDUDFWHUtVWLFDVUHIHULGDVHQXQHVFULWRFLHQWtILFRDXQFXDQGRHOODVUHFLEDQXQD
SXQWXDFLyQPtQLPDFRQFHGHQFDOLGDGDOHVFULWRFLHQWtILFR
/DDXVHQFLDGHYDORUHVWRHVQRSXQWXDULQGLFDUtDTXHHOHVFULWRWLHQHGHILFLHQFLDVHLPSOLFDUtDXQD
YDORUDFLyQQHJDWLYDVDOYRTXHHODXWRUUHDOLFHPRGLILFDFLRQHVSRVWHULRUHVSDUDFRUUHJLUVXV
GHILFLHQFLDV
6HRSWySRUSUHVHQWDUXQDHVFDODGHD FRUWD FRQHOILQGHHYLWDUTXHHOLQYHVWLJDGRUWRPH
SRVLFLRQHVLQWHUPHGLDVFXDQGRHYDO~DXQHVFULWRFLHQWtILFRDSRUWDUUDSLGH]DODWDUHDGHHYDOXDFLyQ
/DKHUUDPLHQWDDGHPiVGHDSRUWDULQIRUPDFLyQSDUDODHYDOXDFLyQGHODFDOLGDGGHXQLQIRUPHGH
LQYHVWLJDFLyQSXHGHHPSOHDUVHSDUDGLULJLUFRUUHFWDPHQWHHOWUDEDMRFLHQWtILFR
3XHGHTXHODUHVSXHVWDDODVLQWHUURJDQWHVSODQWHDGDVQRVHDFyPRGDRIiFLOPHQWHDFHSWDGD(VGLItFLO
RSLQDUVREUHODFDOLGDGGHORVWUDEDMRVFLHQWtILFRVDVtFRPRHVWDEOHFHUXQGLDJQyVWLFRIXQGDPHQWDGR\
UD]RQDEOHPHQWHFUtWLFRGHHOORVSHURODUHDOL]DFLyQGHWUDEDMRVFRPRHOSUHVHQWHSXHGHDEULUXQGHEDWH
IUXFWtIHURVREUHODFDOLGDGGHORVDUWtFXORVFLHQWtILFRV
(OXVRGHXQDPHWRGRORJtDFRPRODXWLOL]DGDHQHOSUHVHQWHWUDEDMREDVDGDHQHOPRGHORGH5DVFK
IDFLOLWDODUHDOL]DFLyQGHLQYHVWLJDFLRQHVVLPLODUHVFRQRWUDVSREODFLRQHVGHH[SHUWRV(OORFRQWULEXLUtD
VXVWDQFLDOPHQWHDODFUHDFLyQGHLQVWUXPHQWRVGHHYDOXDFLyQGHODUWtFXORFLHQWtILFRGHDPSOLRDOFDQFH
GRQGHVHFRUULJLHUDQODVGLIHUHQFLDVSURSLDVGHFDGDJUXSRGHH[SHUWRV$VtWDOYH]SXHGHTXHOD
VHFFLyQGHPpWRGRVFREUHPD\RULPSRUWDQFLDFRPRVHOHFRQFHGHHQHOFDPSRFOtQLFRPpGLFRSRUTXH
FRPRVHUHFRQRFHORVDVSHFWRVUHODFLRQDGRVFRQODFDOLGDGGHODPHWRGRORJtDHPSOHDGDVRQ
KWWSEYVVOGFXUHYLVWDVDFLYROBBDFLKWP





/DGLIXQFLyQGHODVLQYHVWLJDFLRQHV\HOIRUPDWR,05<'8QDSHVTXLVDDSURSyVLWRGHODOHFWXUDFUtWLFDGHORVDUWtFXORVFLHQWtILFRV

IXQGDPHQWDOHVHOPpWRGRXWLOL]DGRGHWHUPLQDODFDOLGDGGHORVUHVXOWDGRVGHXQDLQYHVWLJDFLyQ
FLHQWtILFD\SRUWDQWRGHVXLQIRUPHHODUWtFXORDXQTXHFyPRHVOyJLFRHQFDGDFDPSRH[LVWLUiQ
GLIHUHQFLDVHQFXDQWRDODLPSRUWDQFLDUHODWLYDTXHVHDVLJQDFDGDVHFFLyQGHODUWtFXORSHURTXHHQ
QLQJ~QPRPHQWRGHEHQVHUHOUHVXOWDGRGHODLJQRUDQFLDVREUHODLPSRUWDQFLDGHOPpWRGR\VX
FDUiFWHUGHWHUPLQDQWHVREUHORVUHVXOWDGRVGHFXDOTXLHULQYHVWLJDFLyQ
5()(5(1&,$6%,%/,2*5),&$6
 &RXQFLORI6FLHQFH(GLWRUV'LVSRQLEOHHQhttp://www.councilscienceeditors.org/>&RQVXOWDGR
GHVHSWLHPEUHGHO@
 7ULVKD*3DSHUVWKDWWHOO\RXZKDWWKLQJVFRVW HFRQRPLFDQDO\VHV %ULWLVK0HGLFDO-RXUQDO

 7ULVKD*3DSHUVWKDWUHSRUWGLDJQRVWLFRUVFUHHQLQJWHVWV%ULWLVK0HGLFDO-RXUQDO

 7ULVKD*3DSHUVWKDWUHSRUWGUXJWULDOV%ULWLVK0HGLFDO-RXUQDO
 7ULVKD*6WDWLVWLFVIRUWKHQRQVWDWLVWLFLDQ,,6LJQLILFDQWUHODWLRQVDQGWKHLUSLWIDOOV%ULWLVK
0HGLFDO-RXUQDO
 7ULVKD*6WDWLVWLFVIRUWKHQRQVWDWLVWLFLDQ,%ULWLVK0HGLFDO-RXUQDO
 7ULVKD*$VVHVVLQJWKHPHWKRGRORJLFDOTXDOLW\RISXEOLVKHGSDSHUV%ULWLVK0HGLFDO-RXUQDO

 7ULVKD**HWWLQJ\RXUEHDULQJV GHFLGLQJZKDWWKHSDSHULVDERXW %ULWLVK0HGLFDO-RXUQDO

 7ULVKD*7KH0HGOLQHGDWDEDVH%ULWLVK0HGLFDO-RXUQDO
 7ULVKD*3DSHUVWKDWVXPPDULVHRWKHUSDSHUV V\VWHPDWLFUHYLHZVDQGPHWDDQDO\VHV %ULWLVK
0HGLFDO-RXUQDO
 7ULVKD*5RG73DSHUVWKDWJREH\RQGQXPEHUV TXDOLWDWLYHUHVHDUFK %ULWLVK0HGLFDO-RXUQDO

 (FR8&yPRVHKDFHXQDWHVLV7pFQLFDV\SURFHGLPLHQWRVGHLQYHVWLJDFLyQHVWXGLR\HVFULWXUD
0DGULG*HGLVD
 'D\5$&yPRHVFULELU\SXEOLFDUWUDEDMRVFLHQWtILFRV:DVKLQJWRQ2UJDQL]DFLyQ
3DQDPHULFDQDGHOD6DOXG
 $DURQVRQ66W\OHLQVFLHQWLILFZULWLQJ&XUUHQW&RQWHQWV
 %XQJH0/DLQYHVWLJDFLyQFLHQWtILFD%DUFHORQD$ULHO
 $VHQVL$UWLJD93DUUD3XMDQWH$(OPpWRGRFLHQWtILFR\ODQXHYDILORVRItDGHODFLHQFLD
$QDOHVGH'RFXPHQWDFLyQ
 6XPPHUV-2*XLGHOLQHVIRU&RQGXFWLQJ5HVHDUFKDQG3XEOLVKLQJLQ0DUNHWLQJ)URP
&RQFHSWXDOL]DWLRQ7KURXJKWKH5HYLHZ3URFHVV-RXUQDORIWKH$FDGHP\RI0DUNHWLQJ6FLHQFH
  
 0DUL-$0DQXDOGHUHGDFFLyQFLHQWtILFDWDHG'LVSRQLEOHHQ
http://caribjsci.org/epub1/index.htm >&RQVXOWDGRGHVHSWLHPEUHGHO@
 %HHG&%HHG&0HDVXULQJWKH4XDOLW\RI$FDGHPLF-RXUQDOV7KH&DVHRI(FRQRPLFV@RXUQDO
RI3RVW.H\QHVLDQ(FRQRPLFV  
 $JXLQDJD2QWRVR(1HJUROYDUH]-0$JXLQDJD2QWRVR,*RQ]iOH]-LPpQH]-*XLOOpQ
*ULPD)/DUHYLVLyQGHPDQXVFULWRVFLHQWtILFRVHQ$OHUJRORJtD5HYLVWD(VS$OHUJRO,QPXQRO
&OLQ  
 'RQRKXH-0)R[-%$0XOWLPHWKRG(YDOXDWLRQRI-RXUQDOVLQWKH'HFLVLRQDQG0DQDJHPHQW
6FLHQFHVE\86$FDGHPLFV2PHJD7KH,QWHUQDWLRQDO-RXUQDORI0DQDJHPHQW6FLHQFH

 (VWHEDQ$/DLQYHVWLJDFLyQGH0DUNHWLQJHQ(VSDxD0DGULG&LYLWDV(GLFLRQHV
 'tH]GH&DVWUR(&1DYDUUR*DUFtD$$QiOLVLVVREUHODHYDOXDFLyQGHSRQHQFLDV(Q%HVW
3DSHUV3URFHHGLQJVLQ,;,QWHUQDWLRQDO&RQIHUHQFH$('(07HPXFR$('(0S

 &HUYLxR-&UX],*yPH]0/DYDORUDFLyQGHODVUHYLVWDVGH0DUNHWLQJHVSDxRODV5HYLVWD
'LVWULEXFLyQ\&RQVXPR
KWWSEYVVOGFXUHYLVWDVDFLYROBBDFLKWP





/DGLIXQFLyQGHODVLQYHVWLJDFLRQHV\HOIRUPDWR,05<'8QDSHVTXLVDDSURSyVLWRGHODOHFWXUDFUtWLFDGHORVDUWtFXORVFLHQWtILFRV

 &HUYLxR-&UX],*yPH]09DORUDFLyQ\SUHIHUHQFLDGHODVUHYLVWDVDFDGpPLFDVHQHOiUHDGH
0DUNHWLQJXQDDSOLFDFLyQGHODQiOLVLVFRQMXQWR,&(7ULEXQDGH(FRQRPtD  
 %OHVD$)RUWDQHW,2ULHQWDFLRQHVSDUDODSXEOLFDFLyQGHWUDEDMRVFLHQWtILFRVHQUHYLVWDV
LQWHUQDFLRQDOHVXQHVWXGLRH[SORUDWRULRHQHOiUHDGH&RPHUFLDOL]DFLyQH,QYHVWLJDFLyQGH
0HUFDGRV(Q&DPLVyQ=RUQR]D&2OWUD0HVWUH0-)ORU3HULV0/ HGV 9,,,7DOOHUGH
0HWRGRORJtDGHOD$&('((QIRTXHVSUREOHPDV\PpWRGRVGHLQYHVWLJDFLyQHQ(FRQRPtD\
'LUHFFLyQGH(PSUHVDV&DVWHOOyGHOD3ODQD3XEOLFDFLRQHVGHOD8QLYHUVLWDW-DXPH,
 $PHULFDQ1DWLRQDO6WDQGDUGV,QVWLWXWH$PHULFDQQDWLRQDOVWDQGDUGIRUZULWLQJDEVWUDFWV
'LVSRQLEOHHQKWWSwww.ansi.org>&RQVXOWDGRGHVHSWLHPEUHGHO@
 :ULJKW%'/LQDFUH-0  $8VHU
V*XLGHWR%LJVWHSV&KLFDJR0HVD3UHVV
 OYDUH]3$QiOLVLVFDWHJyULFRPHGLDQWHHO0RGHORGH5DVFK5HODFLyQFRQODVIXQFLRQHV
KLSHUEyOLFDV(VWXGLRGHO-,7([WUHPDGXUD'HSDUWDPHQWRGH0DWHPiWLFDV8QLYHUVLGDGGH
([WUHPDGXUD
 OYDUH]37UDQVIRUPLQJQRQFDWHJRULFDOGDWDIRU5DVFKDSSOLFDWLRQV7KLUG,QWHUQDWLRQDO
2XWFRPHV0HDVXUHPHQW&RQIHUHQFH0HDVXUHPHQWRIKHDOWFDUHRXWFRPHV&KLFDJR
1RUWZHVWHUQ8QLYHUVLW\0HGLFDO6FKRRO
 OYDUH]3%ODQFR0$  5HOLDELOLW\RIWKHVHQVRU\GDWDRIDSDQHORIWDVWHUV-RXUQDORI
WKH6FLHQFHRI)RRGDQG$JULFXOWXUH
 OYDUH]3*DOHUD&,QGXVWULDO0DUNHWLQJ$SSOLFDWLRQVRI4XDQWXP0HDVXUHPHQW7HFKQLTXHV
,QGXVWULDO0DUNHWLQJ0DQDJHPHQW  
 OYDUH]3*DUFtDGHO-XQFR-&RUUHODFLyQHQWUHORVSHUILOHVSURIHVLRQDO\DFDGpPLFRGHORV
HMHFXWLYRVHVSDxROHV'LUHFFLyQ\2UJDQL]DFLyQ  
 OYDUH]33XOJDUtQ$7KH5DVFKPRGHO0HDVXULQJWKHLPSDFWRIVFLHQWLILFMRXUQDOV
$QDO\WLFDO&KHPLVWU\-RXUQDORIWKH$PHULFDQ6RFLHW\IRU,QIRUPDWLRQ6FLHQFH

 OYDUH]33XOJDUtQ$7KH5DVFKPRGHO0HDVXULQJLQIRUPDWLRQIURPNH\ZRUGV7KHGLDEHWHV
ILHOG-RXUQDORIWKH$PHULFDQ6RFLHW\IRU,QIRUPDWLRQ6FLHQFH
 OYDUH]33XOJDUtQ$7KHGLIXVLyQRIVFLHQWLILFMRXUQDOVDQDO\]HGWKURXJKFLWDWLRQV-RXUQDORI
WKH$PHULFDQ6RFLHW\IRU,QIRUPDWLRQ6FLHQFH
 OYDUH]33XOJDUtQ$(TXDWLQJUHVHDUFKSURGXFWLRQLQGLIIHUHQWVFLHQWLILFILHOGV,QIRUPDWLRQ
3URFHVVLQJ 0DQDJHPHQW  
 OYDUH]33XOJDUtQ$0HDVXULQJLQIRUPDWLRQWKURXJWURSLFDOVXEKHDGLQJVRIWKH0HGOLQH
GDWDEDVHDFDVHRIVWXG\-RXUQDORI,QIRUPDWLRQ6FLHQFH
 OYDUH]3%ODQFR0$*XHUUHR00/DYDULDEOHODWHQWHFDOLGDGPHGLGDDWUDYpVGHO0RGHOR
GH5DVFK(Q$FWDV9-RUQDGDVGHOD$VRFLDFLyQ(VSDxRODGH3URIHVRUHV8QLYHUVLWDULRVGH
0DWHPiWLFDVHQOD(FRQRPtD\OD(PSUHVD0iODJD$6(380$S
 OYDUH]3%ODQFR0$*XHUUHR00$QiOLVLVGHODYDOLGH]GHORVGDWRVDWUDYpVGHO0RGHORGH
5DVFK(Q$FWDVGHOD;,,5HXQLyQ$QXDO$6(3(/7(63$f$&yUGRYD$6(3(/7
 OYDUH]33XOJDUtQ$(VFDORQD,:DWKLVZURPJZLWKREVROHVFHQFH"-RXUQDORIWKH$PHULFDQ
6RFLHW\IRU,QIRUPDWLRQ6FLHQFH
 6DQWRV-//DVDWLVIDFFLyQGHOWXULVWDHQHOGHVWLQR0DUEHOOD0HGLGD\DQiOLVLVPHGLDQWHHO
0RGHORGH5DVFK0iODJD&('0$
 :ULJKW%'6ROYLQJ0HDVXUHPHQW3UREOHPVZLWKWKH5DVFK0RGHO-RXUQDORI(GXFDWLRQDO
0HDVXUHPHQW  
 :ULJKW%'6WRQH0+%HVW7HVWRI'HVLJQ&KLFDJR0HVD3UHVV
 5DVFK*3UREDELOLVWLF0RGHOVIRU6RPH,QWHOOLJHQFHDQG$WWDLQPHQW7HVWV&KLFDJR7KH
8QLYHUVLW\RI&KLFDJR3UHVV
 $QGULFK'5DVFK0RGHOIRU0HDVXUHPHQW%HYHUO\+LOOV6DJH

5HFLELGRGHQRYLHPEUHGHO$SUREDGRGHGLFLHPEUHGHO
'U&-XOLR*DUFtDGHO-XQFR'HSDUWDPHQWR$GPLQLVWUDFLyQGH(PSUHVDV\0DUNHWLQJ)DFXOWDGGH
&LHQFLDV(FRQyPLFDV\(PSUHVDULDOHV8QLYHUVLGDGGH6HYLOOD$YH5DPyQ\&DMDOQR
KWWSEYVVOGFXUHYLVWDVDFLYROBBDFLKWP





/DGLIXQFLyQGHODVLQYHVWLJDFLRQHV\HOIRUPDWR,05<'8QDSHVTXLVDDSURSyVLWRGHODOHFWXUDFUtWLFDGHORVDUWtFXORVFLHQWtILFRV

6HYLOOD(VSDxD&RUUHRHOHFWUyQLFRdeljunco@us.es
$QH[R&XHVWLRQDULRHQYLDGRDORVH[SHUWRV
3RUIDYRUDFRQWLQXDFLyQYDORUHHQWUH SRFRLPSRUWDQWH \ PX\LPSRUWDQWH ODVVLJXLHQWHV
FDUDFWHUtVWLFDVTXHGHEHUHXQLUXQWUDEDMRFLHQWtILFR
127$(6&5,%$81$;'21'(&255(6321'$
6HxDODHOOXJDU\ODIHFKDGHUHDOL]DFLyQ

     

,QGLFDODPHWRGRORJtD\ORVSURFHGLPLHQWRVEiVLFRV

     

'HVWDFDORVUHVXOWDGRV\FRQFOXVLRQHVSULQFLSDOHV

     

,QFOX\HSDODEUDVFODYHDSURSLDGDV

     

([SOLFDODQDWXUDOH]DGHOSUREOHPD

     

5HDOL]DXQDQiOLVLVGHODVLWXDFLyQDQWHVGHODLQYHVWLJDFLyQ

     

([SRQHHOSURSyVLWRTXHMXVWLILFDODLQYHVWLJDFLyQ

     

([SRQHORVDUJXPHQWRVTXHMXVWLILFDQODLQYHVWLJDFLyQ

     

(QXQFLDORVREMHWLYRVSODQWHDGRVHQHOPLVPR

     

(OWHPDHVGHLQWHUpVJHQHUDOSDUDODFRPXQLGDGFLHQWtILFD

     

(OWHPDHVGHLQWHUpVJHQHUDOSDUDODVRFLHGDG

     

(OWHPDHVRULJLQDO\QRYHGRVR

     

([SRQHODVUD]RQHVSDUDHOHJLUXQDPHWRGRORJtDGHWHUPLQDGD

     

'HILQHFRQFODULGDGODSREODFLyQGHHVWXGLR

     

6HGHVFULEHQORVSURFHGLPLHQWRVGHVHOHFFLyQGHODSREODFLyQ

     

([SOLFDHOFiOFXORGHOWDPDxRGHODPXHVWUD

     

/RVSURFHGLPLHQWRVSDUDODUHFRJLGDGHLQIRUPDFLyQHVWiQGHVFULWRV

     

'HILQHFRQFODULGDGODVYDULDEOHV

     

/RVREMHWLYRVHKLSyWHVLVVRQHVSHFtILFRV

     

KWWSEYVVOGFXUHYLVWDVDFLYROBBDFLKWP





/DGLIXQFLyQGHODVLQYHVWLJDFLRQHV\HOIRUPDWR,05<'8QDSHVTXLVDDSURSyVLWRGHODOHFWXUDFUtWLFDGHORVDUWtFXORVFLHQWtILFRV

/RVREMHWLYRVHKLSyWHVLVVRQPHQVXUDEOHV

     

(OGLVHxRHVFRJLGRSDUDUHDOL]DUODLQYHVWLJDFLyQHVHOPiVDSURSLDGR

     

/DVGHILQLFLRQHVGHWpUPLQRV\FULWHULRVHPSOHDGRVSDUDHODQiOLVLVVRQ
FODURV\DSURSLDGRV

     

6HUHDOL]DQFRQWUDVWHVHVWDGtVWLFRVGHKLSyWHVLV

     

/DVDJUXSDFLRQHVFDWHJRUtDV\FODVLILFDFLRQHVVRQODVDSURSLDGDVSDUDORV
     
REMHWLYRVGHOHVWXGLR

/RVKDOOD]JRVHVWiQSUHVHQWDGRVGHIRUPDVHQFLOOD\FODUD

     

/DVWDEODV\JUiILFRVQRSUHVHQWDQGLVFUHSDQFLDVFRQHOWH[WR

     

/DVWDEODV\JUiILFRVSUHVHQWDQREVHUYDFLRQHVUHOHYDQWHV

     

/DLQWHUSUHWDFLyQGHORVUHVXOWDGRVHVDGHFXDGD

     

/DVSUXHEDVHVWDGtVWLFDVVRQODVSUHFLVDV

     

0XHVWUDFyPRFRQFXHUGDQRQRORVUHVXOWDGRVFRQODVKLSyWHVLV

     

6HMXVWLILFDODDXVHQFLDGHGDWRV

     

/DVFRQFOXVLRQHVVHSXHGHQH[WUDSRODU

     

/RVKDOOD]JRVVHGLVFXWHQHQUHODFLyQFRQODVOLPLWDFLRQHVVHVJRVR
SUREOHPDVHQFRQWUDGRV

     

6HYDORUDQH[SOLFDFLRQHVDOWHUQDWLYDVSDUDORVUHVXOWDGRV

     

([SRQHODVFRQVHFXHQFLDVWHyULFDVGHOWUDEDMR

     

([SRQHODVSRVLEOHVDSOLFDFLRQHVSUiFWLFDVGHOWUDEDMR

     

6HFRPSDUDQORVUHVXOWDGRVFRQRWURVHVWXGLRV

     

/DVUHIHUHQFLDVELEOLRJUiILFDVVRQH[DFWDV

     

/DVUHIHUHQFLDVELEOLRJUiILFDVVHSXHGHQYHULILFDU

     

/DVFLWDVELEOLRJUiILFDVVRQUHOHYDQWHVSDUDODLQYHVWLJDFLyQGHVDUUROODGD

     

KWWSEYVVOGFXUHYLVWDVDFLYROBBDFLKWP





/DGLIXQFLyQGHODVLQYHVWLJDFLRQHV\HOIRUPDWR,05<'8QDSHVTXLVDDSURSyVLWRGHODOHFWXUDFUtWLFDGHORVDUWtFXORVFLHQWtILFRV

$QH[R&ODVLILFDFLyQGHODVFDUDFWHUtVWLFDVHYDOXDGD

$QH[R+HUUDPLHQWDGHHYDOXDFLyQGHHVFULWRVFLHQWtILFRV ((&
(VFULWRFLHQWtILFR1R
7tWXOR
,1752'8&&,1 ,PSRUWDQFLD

0X\PDO

0X\ELHQ

'HVWDFDORVUHVXOWDGRV\FRQFOXVLRQHVSULQFLSDOHV 

(QXQFLDORVREMHWLYRVSODQWHDGRVHQHOPLVPR 

,QGLFDODPHWRGRORJtD\ORVSURFHGLPLHQWRVEiVLFRV 

([SRQHHOSURSyVLWRTXHMXVWLILFDODLQYHVWLJDFLyQ 

([SOLFDODQDWXUDOH]DGHOSUREOHPD 

([SRQHODVUD]RQHVSDUDHOHJLUXQDPHWRGRORJtDGHWHUPLQDGD 

KWWSEYVVOGFXUHYLVWDVDFLYROBBDFLKWP





/DGLIXQFLyQGHODVLQYHVWLJDFLRQHV\HOIRUPDWR,05<'8QDSHVTXLVDDSURSyVLWRGHODOHFWXUDFUtWLFDGHORVDUWtFXORVFLHQWtILFRV

5HDOL]DXQDQiOLVLVGHODVLWXDFLyQDQWHVGHODLQYHVWLJDFLyQ 

([SRQHORVDUJXPHQWRVTXHMXVWLILFDQODLQYHVWLJDFLyQ 

'HILQHFRQFODULGDGODVYDULDEOHV 

/RVREMHWLYRVHKLSyWHVLVVRQHVSHFtILFRV 

'HILQHFRQFODULGDGODSREODFLyQGHHVWXGLR 

(OGLVHxRHVFRJLGRSDUDUHDOL]DUODLQYHVWLJDFLyQHVHOPiVDSURSLDGR


6HGHVFULEHQORVSURFHGLPLHQWRVGHVHOHFFLyQGHODSREODFLyQ 

/DLQWHUSUHWDFLyQGHORVUHVXOWDGRVHVDGHFXDGD 

/RVKDOOD]JRVHVWiQSUHVHQWDGRVGHIRUPDVHQFLOOD\FODUD 

'HILQLFLRQHVGHWpUPLQRV\FULWHULRVHPSOHDGRVHQHODQiOLVLVVRQ
FODURV\DSURSLDGRV 

/DVWDEODV\JUiILFRVQRSUHVHQWDQGLVFUHSDQFLDVFRQHOWH[WR 

/DVSUXHEDVHVWDGtVWLFDVVRQODVSUHFLVDV 

0XHVWUDFyPRFRQFXHUGDQRQRORVUHVXOWDGRVFRQODVKLSyWHVLV 

([SRQHODVFRQVHFXHQFLDVWHyULFDVGHOWUDEDMR 

([SRQHODVSRVLEOHVDSOLFDFLRQHVSUiFWLFDVGHOWUDEDMR 

+DOOD]JRVVHGLVFXWHQHQUHODFLyQDODVOLPLWDFLRQHVVHVJRVR
SUREOHPDVHQFRQWUDGRV 

0(72'2/2*$ ,PSRUWDQFLD

5(68/7$'26 ,PSRUWDQFLD

',6&86,1 ,PSRUWDQFLD

%,%/,2*5$)$ ,PSRUWDQFLD
/DVFLWDVELEOLRJUiILFDVVRQUHOHYDQWHVSDUDODLQYHVWLJDFLyQ
GHVDUUROODGD 
KWWSEYVVOGFXUHYLVWDVDFLYROBBDFLKWP





/DGLIXQFLyQGHODVLQYHVWLJDFLRQHV\HOIRUPDWR,05<'8QDSHVTXLVDDSURSyVLWRGHODOHFWXUDFUtWLFDGHORVDUWtFXORVFLHQWtILFRV

/DVUHIHUHQFLDVELEOLRJUiILFDVVRQH[DFWDV 

DoctorenCiencias.CatedrticoenOrganizacindeEmpresas.ProfesorTitular.Departamento
AdministracindeEmpresasyMarketing.FacultaddeCienciasEconmicasyEmpresariales.Universidadde
Sevilla.
2 DoctorenCiencias.CatedrticoenOrganizacindeEmpresas.ProfesorTitular.Departamento
AdministracindeEmpresasyMarketing.FacultaddeCienciasEconmicasyEmpresariales.Universidadde
Sevilla.

)LFKDGHSURFHVDPLHQWR
&ODVLILFDFLyQ$UWtFXORRULJLQDO
7pUPLQRVVXJHULGRVSDUDODLQGL]DFLyQ
6HJ~Q'H&61
$57&8/2'(5(9,67$),50$(',725$
-2851$/$57,&/(38%/,6+,1*
6HJ~Q'H&,2
$57&8/26&,(17),&26$5%,75$-(5%,7526(9$/8$&,1'(/$&$/,'$'
),50$(',725$
6&,(17,),&$57,&/(63((55(9,(:3((55(9,(:(5648$/,7<(9$/8$7,21
38%/,6+,1*
1

%,5(0('HVFULSWRUHVHQ&LHQFLDVGHOD6DOXG 'H&6 6DR3DXOR%,5(0(

'LVSRQLEOHHQhttp://decs.bvs.br/E/homepagee.htm
2

'tD]GHO&DPSR63URSXHVWDGHWpUPLQRVSDUDODLQGL]DFLyQHQ&LHQFLDVGHOD,QIRUPDFLyQ
'HVFULSWRUHVHQ&LHQFLDVGHOD,QIRUPDFLyQ 'H&, 'LVSRQLEOHHQhttp://cis.sld.cu/E/tesauro.pdf
IndiceAnteriorSiguiente

KWWSEYVVOGFXUHYLVWDVDFLYROBBDFLKWP



Você também pode gostar