7Hvlvsdudrewhqhuhowtwxorsurihvlrqdogh/Lfhqfldgrhq Hvwlyqfrqphqflyqhq Hvwlyq (Psuhvduldosuhvhqwdgrsru

3217,),&,$81,9(56,'$'&$7Ï/,&$'(/3(5Ò
)$&8/7$''(*(67,Ï1<$/7$',5(&&,Ï1

3(5),/'(/&21680,'25(&2/Ï*,&2'(/$/801238&3
³,'(17,),&$&,Ï1'(/$69$5,$%/(6
62&,2'(02*5È),&$6<36,&2*5È),&$6'(/
&203257$0,(172(&2/Ï*,&20(',$17(/$
$3/,&$&,Ï1'(/$1È/,6,6)$&725,$/<5(*5(6,Ï1
/,1($/´

7HVLVSDUDREWHQHUHOWtWXORSURIHVLRQDOGH/LFHQFLDGRHQ*HVWLyQFRQPHQFLyQHQ
*HVWLyQ(PSUHVDULDOSUHVHQWDGRSRU

$/(*5((63,12=$-RUJH
$5$2=(6&2%('2-XOLR(QULTXH
&+$9(=&8(9$*LDQFDUOR+DQV

$VHVRUDGRSRU>0JWU0LORV5LFKDUG/DX%DUED@

/LPDGHQRYLHPEUHGH

/DWHVLV
3(5),/'(/&21680,'25(&2/Ï*,&2'(/$/801238&3
³,'(17,),&$&,Ï1'(/$69$5,$%/(6
62&,2'(02*5È),&$6<36,&2*5È),&$6'(/
&203257$0,(172(&2/Ï*,&20(',$17(/$
$3/,&$&,Ï1'(/$1È/,6,6)$&725,$/<5(*5(6,Ï1
/,1($/´
KDVLGRDSUREDGD

BBBBBBBBBBBBBBBBBBBB
>3UHVLGHQWHGH-XUDGR@
'UD0DUWD/XFLD7RVWHV9LHLUD

>$VHVRUGHOD7HVLV@
0JWU0LORV5LFKDUG/DX%DUED

>7HUFHU-XUDGR@
0JWU0DUtDGH)iWLPD3RQFH5HJDODGR
L

'HGLFRHVWDLQYHVWLJDFLyQDWRGDVODVSHUVRQDVTXHPHGLHURQVXDSR\R\iQLPRHQWRGRHVWH
SURFHVR(QHVSHFLDODPLVSDGUHV0HU\\0DUFHORDPLVKHUPDQRV)UDQFHVFR3DWULFLD\
$EUDKDPSRUODSDFLHQFLD\HODSR\RFRQVWDQWH

-RUJH$OHJUH(VSLQR]D

'HGLFRODLQYHVWLJDFLyQDPLVSDGUHVSRUVXLQFRQGLFLRQDODSR\R\iQLPRVHQODGXUDFLyQGH
WRGRHVWHSURFHVR

-XOLR(QULTXH$UDR](VFREHGR

'HGLFyODSUHVHQWHLQYHVWLJDFLyQDPLPDGUHSRUVXFDULxR\DPRULQFRQGLFLRQDODPLSDGUH
SRUVXHPSUHQGLPLHQWR\SHUVHYHUDQFLDTXHWDQWRDGPLURDPLVKHUPDQRVSRUVXViQLPRV\
HQHUJtDV\DWRGDVODVSHUVRQDVTXHPHDSR\DURQGLUHFWDRLQGLUHFWDPHQWHHQODHODERUDFLyQGHOD
SUHVHQWHLQYHVWLJDFLyQ

*LDQFDUOR&KiYH]&XHYD

LL

7$%/$'(&217(1,'26
,1752'8&&,Ï1
&$3Ë78/20$5&27(Ï5,&2
5HVSRQVDELOLGDGVRFLDO$SDULFLyQ\GHVDUUROORHQODVRFLHGDGFRQWHPSRUiQHD
5HVSRQVDELOLGDGVRFLDOHPSUHVDULDO'HVDUUROORHFRQyPLFR\VRFLDOGHODVHPSUHVDV
/DUHVSRQVDELOLGDGVRFLDOQROXFUDWLYD3URJUHVRVRFLDOGHORVEHQLILFLDULRV
5HVSRQVDELOLGDGVRFLDOXQLYHUVLWDULD\VXSULQFLSDOJUXSRGHLQWHUpV
5HVSRQVDELOLGDGVRFLDOXQLYHUVLWDULD38&3)RUPDFLyQGHOFLXGDGDQRDPELHQWDO
0DUNHWLQJHFROyJLFR
3HUVSHFWLYDHPSUHVDULDO
3HUVSHFWLYDVRFLDO
&RPSRUWDPLHQWRGHOFRQVXPLGRU
3URFHVRGHGHFLVLyQGHFRPSUD
0RGHORGHFRPSRUWDPLHQWRGHOFRQVXPLGRU
&RPSRUWDPLHQWRGHOFRQVXPLGRUHFROyJLFR
9DULDEOHVGHOFRPSRUWDPLHQWRHFROyJLFR
)XQGDPHQWRVWHyULFRVGHODVKLSyWHVLVSODQWHDGDV
9DULDEOHVVRFLRGHPRJUiILFDV
9DULDEOHVSVLFRJUiILFDV
&$3Ë78/20(72'2/2*Ë$'(/$,19(67,*$&,Ï1
5HFROHFFLyQGHLQIRUPDFLyQ
+HUUDPLHQWD&XDQWLWDWLYD
+HUUDPLHQWD&XDOLWDWLYD
$QiOLVLVGHODLQIRUPDFLyQUHFRSLODGD
0RGHORGHDQiOLVLVIDFWRULDO
0RGHORVGHUHJUHVLRQHVOLQHDOHV
&$3Ë78/25(68/7$'26'(/$,19(67,*$&,Ï1
5HVXOWDGRVGHODVKHUUDPLHQWDVFXDQWLWDWLYDV
$QiOLVLVGHVFULSWLYR
5HVXOWDGRVVREUHHOFRPSRUWDPLHQWRHFROyJLFR
LLL

&DUDFWHUtVWLFDVVRFLRGHPRJUiILFDVGHOFRQVXPLGRUHFROyJLFR38&3
&DUDFWHUtVWLFDVSVLFRJUiILFDVGHOFRQVXPLGRUHFROyJLFR38&3
&$3Ë78/2&203257$0,(172'(/&21680,'25(&2/Ï*,&238&3
3HUILOGHODOXPQRHFROyJLFRTXHUHFLFOD
3HUILOGHODOXPQRHFROyJLFRTXHFRPSUDSURGXFWRVHFROyJLFRV
3HUILOGHODOXPQRHFROyJLFRFRQDFWLWXGIDYRUDEOHKDFLDHOPHGLRDPELHQWH
3HUILOGHODOXPQRHFROyJLFRTXHSDUWLFLSDHQSURJUDPDVRLQLFLDWLYDV
3HUILOGHODOXPQRHFROyJLFRTXHFRQRFHRVHLQIRUPDGHWHPDVHFROyJLFRV
&RQWUDVWHGHOFRPSRUWDPLHQWRHFROyJLFR38&3\ODVKLSyWHVLVSODQWHDGDV
&$3Ë78/2&21&/86,21(6<5(&20(1'$&,21(6
&RQFOXVLRQHV
5HFRPHQGDFLRQHV
5()(5(1&,$6
$1(;2$'HVDUUROORWHyULFRGHODVYDULDEOHVGHOPRGHOR
$1(;2%3URFHVRGHLQYHVWLJDFLyQHQODFRQVWUXFFLyQGHOSHUILOGHOFRPSRUWDPLHQWRGH
FRQVXPRHFROyJLFRGHORVDOXPQRV38&3
$1(;2&&XHVWLRQDULRSHUILOGHOFRQVXPLGRUHFROyJLFRHQOD38&3
$1(;2')DFWRUHVSVLFRJUiILFRVGHHYDOXDFLyQGHOSHUILOGHOFRQVXPLGRUHFROyJLFRVHJ~Q
)UDM\0DUWtQH]
$1(;2(5HVXOWDGRVGHODQiOLVLVGHVFULSWLYR
$1(;2)5HVXOWDGRVGHODQiOLVLVIDFWRULDODSOLFDGRDOFRPSURPLVRYHUEDO
$1(;2*5HVXOWDGRVGHODQiOLVLVIDFWRULDODSOLFDGRDOFRPSURPLVRUHDO
$1(;2+5HVXOWDGRVGHODQiOLVLVIDFWRULDODSOLFDGRDOFRPSURPLVRDIHFWLYR
LY

$1(;2,5HVXOWDGRVGHODQiOLVLVIDFWRULDODSOLFDGRDORVYDORUHV\HVWLORVGHYLGD9$/6
$1(;2-5HVXOWDGRVGHODQiOLVLVIDFWRULDODSOLFDGRDODSHUVRQDOLGDG
$1(;2.5HVXOWDGRVGHODQiOLVLVIDFWRULDODSOLFDGRDORVHVWLORVGHYLGDHFROyJLFD
$1(;2/5HVXOWDGRVGHODUHJUHVLyQOLQHDODSOLFDGDDOUHFLFODMHGHHQYDVHV\SURGXFWRV
$1(;205HVXOWDGRVGHODUHJUHVLyQOLQHDODSOLFDGDDODDFWLWXGUHDOKDFLDHOPHGLRDPELHQWH

$1(;215HVXOWDGRVGHODUHJUHVLyQOLQHDODSOLFDGDDODSDUWLFLSDFLyQHQSURJUDPDVH
LQLFLDWLYDVPHGLRDPELHQWDOHV
$1(;2f5HVXOWDGRVGHODUHJUHVLyQOLQHDODSOLFDGDDOFRQRFLPLHQWRHLQIRUPDFLyQ
PHGLRDPELHQWDO
$1(;225HVXOWDGRVGHODUHJUHVLyQOLQHDODSOLFDGDDODFRPSUDGHSURGXFWRVHFROyJLFRV
$1(;233HUILOGHODOXPQRTXHFRPSUDSURGXFWRVHFROyJLFRV
$1(;240RGHORGHJXtDGHHQWUHYLVWD
$1(;25&RQVHQWLPLHQWRLQIRUPDGRGHHQWUHYLVWDVDSURIXQGLGDG
Y

/,67$'(7$%/$6
7DEOD*XtDGHHQWUHYLVWDVDSURIXQGLGDG
7DEOD'LVWULEXFLyQGHODPXHVWUDSRUFDUUHUD
7DEOD&RPSRUWDPLHQWRKDFLDHOUHFLFODMH\RSLQLyQVREUHFRQWHQHGRUHV
7DEOD)UHFXHQFLDGHFRPSUDUHDOGHSURGXFWRVHFROyJLFRV
7DEOD)DFWRUHVGHOFRPSURPLVRUHDOFRQHOPHGLRDPELHQWH
7DEOD$QiOLVLVGH.02\SUXHEDGHHVIHULFLGDGGH%DUOHWW5HVXPHQ
7DEOD5HVXPHQGHYDULDEOHVGHSHQGLHQWHV\VXHVFDODGHPHGLFLyQ
7DEOD5HODFLRQHVHVWDGtVWLFDVGHOFRPSRUWDPLHQWRGHUHFLFODMH
7DEOD5HODFLRQHVHVWDGtVWLFDVGHOFRPSURPLVRUHDO
7DEOD5HODFLRQHV(VWDGtVWLFDVGHODSDUWLFLSDFLyQGHODOXPQR38&3
7DEOD5HODFLRQHV(VWDGtVWLFDVGHOFRQRFLPLHQWRHLQIRUPDFLyQGHODOXPQR38&3

YL

/,67$'(),*85$6
)LJXUD3URFHVRGHIRUPDFLyQHQFLXGDGDQtDDPELHQWDO
)LJXUD(OPDUNHWLQJWUDGLFLRQDO\HOPDUNHWLQJHFROyJLFR
)LJXUD'LPHQVLRQHVSDUDXQQXHYRHQWRUQRFRPSHWLWLYR
)LJXUD3URFHVRGHOFRPSRUWDPLHQWRGHFRPSUDVHJ~Q$VVDHO
)LJXUD([SOLFDFLyQGHOFRPSRUWDPLHQWRGHOFRQVXPLGRU
)LJXUD(VWUXFWXUD&OiVLFDGHOD3VLFRORJtD6RFLDO
)LJXUD0RGHORGHOFRPSRUWDPLHQWRHFROyJLFR
)LJXUD+LSyWHVLVGHODVYDULDEOHVVRFLRGHPRJUiILFDV
)LJXUD+LSyWHVLVGHORVYDORUHV\HVWLORVGHYLGD
)LJXUD+LSyWHVLVGHODSHUVRQDOLGDG
)LJXUD+LSyWHVLVGHODDFWLWXG
)LJXUD3URFHVRGHLQYHVWLJDFLyQ
)LJXUD(WDSDVGHOSURFHVRGHDQiOLVLVIDFWRULDO
)LJXUD3URFHVRGHDQiOLVLVIDFWRULDO
)LJXUD(FXDFLyQGHOPRGHORGHUHJUHVLyQOLQHDO
)LJXUD)RUPXODFDQWLGDGGHREVHUYDFLRQHVGHUHJUHVLyQOLQHDO
)LJXUD'LVWULEXFLyQSRUFHQWXDOGHODPXHVWUDSRUVH[R
)LJXUD'LVWULEXFLyQSRUFHQWXDOGHODPXHVWUDSRUJUXSRVGHHGDGHV
)LJXUD'LVWULEXFLyQSRUFHQWXDOGHODPXHVWUDSRUVLWXDFLyQODERUDO
)LJXUD3RUFHQWDMHVGHDOXPQRVHQIXQFLyQDOQ~PHURSURGXFWRVTXHUHFLFODQ
)LJXUD3RUFHQWDMHVGHDOXPQRVHQUHODFLyQDVXQLYHOGHFRPSURPLVRUHDOFRQHOPHGLR
DPELHQWH
)LJXUD3RUFHQWDMHGHDOXPQRVHQIXQFLyQDOQ~PHURGHSURJUDPDVRLQLFLDWLYDVTXH
SDUWLFLSDQ
)LJXUD3RUFHQWDMHGHDOXPQRVHQIXQFLyQDOQ~PHURGHSUHJXQWDVDFHUWDGDV
)LJXUD&RPSRUWDPLHQWRGHOUHFLFODMHHFROyJLFRUHVSHFWRDODVFDUDFWHUtVWLFDV
VRFLRGHPRJUiILFDV
)LJXUD&RPSRUWDPLHQWRGHFRPSUDGHDOLPHQWRVHFROyJLFRVUHVSHFWRDODVFDUDFWHUtVWLFDV
VRFLRGHPRJUiILFDV
)LJXUD&RPSRUWDPLHQWRGHFRPSUDGHSURGXFWRVGHOLPSLH]DHFROyJLFRVUHVSHFWRDODV
FDUDFWHUtVWLFDVVRFLRGHPRJUiILFDV
)LJXUD&RPSRUWDPLHQWRGHFRPSUDGHSURGXFWRVGHPDQXIDFWXUDHFROyJLFRVUHVSHFWRDODV
)LJXUD$FWLWXGHFROyJLFDUHDOUHVSHFWRDODVFDUDFWHUtVWLFDVVRFLRGHPRJUiILFDV
YLL

)LJXUD3DUWLFLSDFLyQHQSURJUDPDVRLQLFLDWLYDV38&3UHVSHFWRDODVFDUDFWHUtVWLFDV
VRFLRGHPRJUiILFDV
)LJXUD&RQRFLPLHQWRHLQIRUPDFLyQHFROyJLFDUHVSHFWRDODVFDUDFWHUtVWLFDV
VRFLRGHPRJUiILFDV
)LJXUD&DWHJRUtDVGHYDULDEOHVLQGHSHQGLHQWHVVHJ~QHOPRGHORGH)UDM\0DUWtQH]

YLLL

5(680(1(-(&87,92
/D SUHVHQWH LQYHVWLJDFLyQ WLHQH FRPR REMHWLYR SULQFLSDO OD FRQVWUXFFLyQ GHO SHUILO GHO
FRPSRUWDPLHQWR GHO FRQVXPLGRU HFROyJLFR GH ORV DOXPQRV 38&3 (VWR VH MXVWLILFD DQWH OD
SUREOHPiWLFD GH FyPR ORJUDU XQD JHVWLyQ DGHFXDGD GH OD UHVSRQVDELOLGDG VRFLDO XQLYHUVLWDULD
EDVDGDHQXQDXWpQWLFRGLDJQyVWLFRGHODVSHUFHSFLRQHVGHODFRPXQLGDGXQLYHUVLWDULD3RUHOOR
VHSODQWHDODFRQVWUXFFLyQGHOSHUILOGHFRPSRUWDPLHQWRGHFRQVXPRFRPRKHUUDPLHQWDTXHHO
PDUNHWLQJRIUHFHSDUDLGHQWLILFDUDTXHOODVYDULDEOHV\FDUDFWHUtVWLFDVSULQFLSDOHVGHHVWHWLSRGH
FRQVXPLGRU6HVHOHFFLRQDDOD3RQWLILFLD8QLYHUVLGDG&DWyOLFDGHO3HU~38&3FRPRIRFRGHO
SUHVHQWH HVWXGLR HQ YLVWD TXH VH OD FRQVLGHUD FRPR XQD GH ODV SULPHUDV XQLYHUVLGDGHV GH
/DWLQRDPpULFD HQ GHVDUUROODU \ SRQHU HQ SUiFWLFD SROtWLFDV GH UHVSRQVDELOLGDG XQLYHUVLWDULD
*yPH](VQHFHVDULRPHQFLRQDUTXHOD38&3GHQWURGHHVWDSROtWLFDGHUHVSRQVDELOLGDG
VRFLDOXQLYHUVLWDULDWLHQHFRPRREMHWLYRODE~VTXHGDGHXQDIRUPDFLyQLQWHJUDOFX\RUHVXOWDGRVH
UHIOHMHHQODIRUPDFLyQGHXQFLXGDGDQRDPELHQWDOFRQXQDFODUDFRPSUHQVLyQGHVXUROUHVSHFWR
DOPHGLRDPELHQWH38&3
/DLQYHVWLJDFLyQSODQWHDLGHQWLILFDUODVYDULDEOHVVRFLRGHPRJUiILFDV\SVLFRJUiILFDVTXH
IRUPDQSDUWHHLQIOX\HQHQHOFRPSRUWDPLHQWRGHOFRQVXPLGRUHFROyJLFRGHORVDOXPQRV38&3
(Q WDO VHQWLGR VH XWLOL]D HO PRGHOR GHO SHUILO GHO FRQVXPLGRU HFROyJLFR GH )UDM \ 0DUWtQH]
TXH H[SOLFD HO FRPSRUWDPLHQWR HFROyJLFR HQ EDVH D GRV WLSRV GH YDULDEOHV
LQGHSHQGLHQWHV\GHSHQGLHQWHV/DVYDULDEOHVLQGHSHQGLHQWHVRH[SOLFDWLYDVFRQVLGHUDGDVVRQGH
GRV WLSRV VRFLRGHPRJUiILFDV VH[R HGDG \ WUDEDMR \ SVLFRJUiILFDV YDORUHV \ HVWLORV GH YLGD
SHUVRQDOLGDG \ DFWLWXG 3RU HO ODGR GH ODV YDULDEOHV GHSHQGLHQWHV R D H[SOLFDU HO PRGHOR
XWLOL]DGR SRVHH WUHV YDULDEOHV \ VH DxDGLHURQ GRV PiV OR FXDO VH MXVWLILFD HQ HO FRQWH[WR
XQLYHUVLWDULR HYDOXDGR \ HO WLSR GH SHUILO TXH VH EXVFD FRQVWUXLU (VWDV FLQFR YDULDEOHV
GHSHQGLHQWHV VRQ OD FRPSUD GH SURGXFWRV HFROyJLFRV HO UHFLFODMH GH SURGXFWRV OD DFWLWXG
SRVLWLYD KDFLD HO PHGLR DPELHQWH OD SDUWLFLSDFLyQ HQ SURJUDPDV DPELHQWDOHV \ HO JUDGR GH
LQIRUPDFLyQRFRQRFLPLHQWRHFROyJLFR
3DUDSRGHUFRQVWUXLUHOSHUILOHLGHQWLILFDUODVFDUDFWHUtVWLFDVPiVUHOHYDQWHVVHHPSOHD
XQD PHWRGRORJtD PL[WD TXH LQYROXFUD KHUUDPLHQWDV FXDQWLWDWLYDV FRPR HO DQiOLVLV IDFWRULDO
UHJUHVLyQ OLQHDO \ UHJUHVLyQ ORJtVWLFD $GHPiV SRU OD SDUWH FXDOLWDWLYD VH FRPSOHPHQWD FRQ
HQWUHYLVWDVDORVSULQFLSDOHVFRRUGLQDGRUHVGHODUHVSRQVDELOLGDGVRFLDOHQOD38&3
&RPR UHVXOWDGR GH HVWD LQYHVWLJDFLyQ VH REWLHQH HO SHUILO GHO FRPSRUWDPLHQWR GHO
FRQVXPLGRUHFROyJLFRGHORVDOXPQRV38&3\ODVYDULDEOHVVRFLRGHPRJUiILFDV\SVLFRJUiILFDV
PiVLQIOX\HQWHVTXHGHWHUPLQDQHVWHWLSRGHFRPSRUWDPLHQWR$GHPiVOXHJRGHODFRQVWUXFFLyQ
GHOSHUILOGHWDOODGRVHIRUPXODQODVFRQFOXVLRQHVPiVUHOHYDQWHV\DOJXQDVUHFRPHQGDFLRQHVTXH
L[

SXHGHQVHUFRQVLGHUDGDVHQODJHVWLyQGHODSROtWLFDGH UHVSRQVDELOLGDGVRFLDOXQLYHUVLWDULDSRU
SDUWHGHOD38&3
[

,1752'8&&,Ï1
/D SUHVHQWH LQYHVWLJDFLyQ FRQVLGHUD D ORV HVWXGLDQWHV XQLYHUVLWDULRV FRPR DJHQWHV GH
FDPELR IUHQWH D XQR GH ORV PD\RUHV SUREOHPDV TXH SUHRFXSDQ D OD VRFLHGDG HO SURJUHVLYR
GHWHULRUR DPELHQWDO 'H KHFKR ORV SUREOHPDV DPELHQWDOHV FRPR OD FRQWDPLQDFLyQ GHO DLUH \
DJXD DFXPXODFLyQ GH OD EDVXUD HQ ODV FLXGDGHV \ GHSUHGDFLyQ GH ORV ERVTXHV SRQHQ HQ
PDQLILHVWR OD IDOWD GH XQD FXOWXUD \ FRPSURPLVR GH ORV FLXGDGDQRV HQ HO FXLGDGR GHO
PHGLRDPELHQWH (VSHFtILFDPHQWH HQ HO 3HU~ VH FDUHFH GH XQD SODQLILFDFLyQ \SDUWLFLSDFLyQGH
ORVGLIHUHQWHVVHFWRUHVLQYROXFUDGRVODVRFLHGDGFLYLOHOJRELHUQR\ODVHPSUHVDVHQHODYDQFH
GHSROtWLFDV\VROXFLRQHVPHGLRDPELHQWDOHV5iH] 'RXURMHDQQL
)UHQWHDHVWDSUREOHPiWLFDHVUHVSRQVDELOLGDGGHWRGRVHODFWXDU\SDUWLFLSDUDIDYRUGH
ODFRQVHUYDFLyQGHOPHGLRDPELHQWH1DFLRQHV8QLGDVVLHQGRQHFHVDULDODSDUWLFLSDFLyQ
GHODSREODFLyQODVGLYHUVDVLQVWLWXFLRQHVS~EOLFDV\SULYDGDVSDUDFRQVHJXLUHOPD\RULPSDFWR
SRVLEOH$OUHVSHFWRVHSXHGHUHVDOWDUHOUROGHODXQLYHUVLGDGHQODIRUPDFLyQGHXQDHGXFDFLyQ
HFROyJLFD\XQDFXOWXUDGHSURWHFFLyQDPELHQWDOHQODVRFLHGDG(QEDVHDHVWRODVXQLYHUVLGDGHV
ODWLQRDPHULFDQDVYLHQHQUHVDOWDQGRODLPSRUWDQFLDGHLQFOXLUODpWLFD\HOGHVDUUROORVRFLDOHQVX
GLUHFFLyQ HVWUDWpJLFD \ FUHDU FRQFLHQFLD VREUH OD LPSRUWDQFLD GH ODV SUiFWLFDV VRFLDOPHQWH
UHVSRQVDEOHV9DOODH\V'HPDQHUDVHPHMDQWHVHUHFODPDTXHODVXQLYHUVLGDGHVQRGHEHQ
OLPLWDUVH D IRUPDU VROR EXHQRV SURIHVLRQDOHV VLQR WDPELpQ FLXGDGDQRV FRPSURPHWLGRV HQ HO
GHVDUUROORGHVXSDtV\VHQVLEOHVDORVSUREOHPDVGHODVRFLHGDG\PHGLRDPELHQWH9DOODH\V'H
OD&UX] 6DVLD
$FDXVDGHHVWRVHYHQWRVVHLQWURGXFHHOWpUPLQRGHUHVSRQVDELOLGDGVRFLDOXQLYHUVLWDULD
568FRPR OD SROtWLFD GH FDOLGDG pWLFD HQ OD JHVWLyQ UHVSRQVDEOH GH ORV LPSDFWRV HGXFDWLYRV
FRJQLWLYRV ODERUDOHV \ DPELHQWDOHV TXH OD XQLYHUVLGDG JHQHUD HQ VX HQWRUQR \ FRPXQLGDG
XQLYHUVLWDULD 9DOODH\V (O SURSyVLWR GH OD 568 HV WUDQVIRUPDU OD XQLYHUVLGDG HQ XQD
SHTXHxDFRPXQLGDG HMHPSODUHQ DVSHFWRV FRPR ODGHPRFUDFLDHTXLGDG WUDQVSDUHQFLD\KDFHU
GHHOODXQPRGHORGHGHVDUUROORVRVWHQLEOHSROtWLFDVGHSURWHFFLyQGHOPHGLRDPELHQWHUHFLFODMH
GH SURGXFWRV H LQLFLDWLYDV 9DOODH\V 'HO PLVPR PRGR OD UHVSRQVDELOLGDG VRFLDO
XQLYHUVLWDULD SUHWHQGH TXH ODV XQLYHUVLGDGHV ORJUHQ DUWLFXODU VXV IXQFLRQHV JHVWLyQ GRFHQFLD
LQYHVWLJDFLyQ\H[WHQVLyQHQODSURGXFFLyQ\WUDQVPLVLyQGHVDEHUHVUHVSRQVDEOHVIRUPDFLyQGH
SURIHVLRQDOHV\FLXGDGDQRVLJXDOPHQWHUHVSRQVDEOHV*LO
(Q GHILQLWLYD HV HYLGHQWH YHU HO URO GH ODV XQLYHUVLGDGHV HQ OD REWHQFLyQ GH XQ SDtV
VRFLDOPHQWH UHVSRQVDEOH \ UHVSHWXRVR FRQ HO PHGLRDPELHQWH \D TXH HVWDV VRQ

HQFDUJDGDV GH LPSXOVDU D ORV HVWXGLDQWHV XQLYHUVLWDULRV D DGTXLULU ODV KDELOLGDGHV \

FRPSHWHQFLDV SDUD FRPSUHQGHU OD LPSRUWDQFLD GH OD UHVSRQVDELOLGDG VRFLDO \ ODV
SUiFWLFDVUHVSRQVDEOHVHQVXHQWRUQR'HHVWDPDQHUDODVXQLYHUVLGDGHVVHHQFDUJDQGH
HGXFDU D ORV IXWXURV OtGHUHV UHVSRQVDEOHV GH FUHDU ODV FRQGLFLRQHV KXPDQDV TXH
JDUDQWLFHQXQGHVDUUROORVRVWHQLEOHGHODVRFLHGDG\PHGLRDPELHQWH*yPH]
(QHOiPELWRQDFLRQDOOD3RQWLILFLD8QLYHUVLGDG&DWyOLFDGHO3HU~38&3HVODSULPHUD

XQLYHUVLGDG HQ HO 3HU~ HQ IRUPXODU \ GLVHxDU XQD SROtWLFD LQVWLWXFLRQDO WDQWR GH JHVWLyQ
DPELHQWDO FRPR GH UHVSRQVDELOLGDG VRFLDO XQLYHUVLWDULD TXH JXtH VX JHVWLyQ HQ WRUQR D ORV
QXHYRV UHWRV VRFLDOHV \ DPELHQWDOHV GH OD VRFLHGDG *yPH] (Q HVH VHQWLGR OD 38&3
EXVFD WUDQVPLWLU H LQYROXFUDU D WRGRV ORV PLHPEURV GH OD XQLYHUVLGDG HQ XQ SUR\HFWR GH
UHVSRQVDELOLGDG VRFLDO TXH DIURQWH ORV QXHYRV UHWRV pWLFRV GHVDUUROOR KXPDQR VRVWHQLEOH \ OD
PHMRUDGH ODVFRQGLFLRQHVGH YLGD GH RWURV DFWRUHVVRFLHGDG \PHGLRDPELHQWH 38&3
3RUHOOROD38&3FXHQWDFRQXQDGLUHFFLyQGHUHVSRQVDELOLGDGVRFLDO'LUHFFLyQ$FDGpPLFDGH
5HVSRQVDELOLGDG6RFLDO'$56TXHWLHQHFRPRILQDOLGDGFRPXQLFDUSDUWLFLSDU\FRPSURPHWHU
D WRGD OD FRPXQLGDG XQLYHUVLWDULD HQ ODV LQLFLDWLYDV GH UHVSRQVDELOLGDG XQLYHUVLWDULD 38&3
8QD GH ODV SULQFLSDOHV DFWLYLGDGHV GH OD '$56 HVWi RULHQWDGD D FRQFLHQWL]DU \
VHQVLELOL]DU D ORV DOXPQRV VREUH OD VLWXDFLyQ DPELHQWDO SRU PHGLR GH OD HQVHxDQ]D \ OD
SDUWLFLSDFLyQ HFROyJLFD WDOOHUHV GH ELRKXHUWRV FDPSDxDV GH UHFLFODMH SURJUDPDV GH FRQVXPR
HFROyJLFR SURJUDPDV GH LQYHVWLJDFLyQ HWF GH HVWD PDQHUD VH EXVFD OD IRUPDFLyQ GH XQ
FLXGDGDQRDPELHQWDO38&3
6LQ HPEDUJR ¢SXHGH OD 38&3 JDUDQWL]DU TXH VXV DOXPQRV HVWiQ LQYROXFUDGRV \
FRPSURPHWLGRVFRQODUHVSRQVDELOLGDGVRFLDOXQLYHUVLWDULDHQVXFRPSRUWDPLHQWR\FRQFLHQFLD"
$ SDUWLU GH OD HQWUHYLVWD FRQ OD FRRUGLQDGRUD GH OD '$56 FRPXQLFDFLyQ SHUVRQDO GH
VHWLHPEUH OD 38&3 FDUHFH GH XQ HVWXGLR VREUH HO DYDQFH GH VXV SROtWLFDV GH 568 HQ
UHODFLyQDOFRPSRUWDPLHQWRHFROyJLFRGHORVHVWXGLDQWHV(QRWUDVSDODEUDVOD'$56GHVFRQRFH
VLUHDOPHQWHVXVSURJUDPDVGHUHVSRQVDELOLGDGVRFLDOVRQHIHFWLYRV\HVWiQORJUDQGRPHMRUDUHO
FRPSRUWDPLHQWR HFROyJLFR GH VXV DOXPQRV /DPHQWDEOHPHQWH OD PD\RUtD GH XQLYHUVLGDGHV HQ
/DWLQRDPpULFD D~Q QR ORJUDQ SODQLILFDU FRPXQLFDU QL HYDOXDU ORV DYDQFHV GH VXV SROtWLFDV GH
UHVSRQVDELOLGDG VRFLDO GHELGR D OD IDOWD GHO DXWRGLDJQyVWLFR GH ODV SHUFHSFLRQHV GH VX
FRPXQLGDGXQLYHUVLWDULD*yPH]
$QWH HVWD SUREOHPiWLFD VXUJH HO FXHVWLRQDPLHQWR VREUH FyPR ORJUDU XQD JHVWLyQ
DGHFXDGD GH OD UHVSRQVDELOLGDG VRFLDO XQLYHUVLWDULD EDVDGD HQ XQ DXWpQWLFR GLDJQyVWLFR GH ODV
SHUFHSFLRQHV GH OD FRPXQLGDG XQLYHUVLWDULD 3RU HOOR VH LQWURGXFH HO FRQFHSWR GHO PDUNHWLQJ

FRPRXQDKHUUDPLHQWDGHDSR\RSDUDSRGHUHQFRQWUDUXQDVROXFLyQDORSODQWHDGR(OPDUNHWLQJ
VH FHQWUD HQ HO HVWXGLR GHO FRQVXPLGRU SRUTXH HV D TXLHQ YDQ GLULJLGRV ORV SURGXFWRV \R
VHUYLFLRV TXH XQD RUJDQL]DFLyQ SXHGD GHVDUUROODU \ RIUHFHU HV GHFLU HO HVWXGLR GHO S~EOLFR
REMHWLYR R PHWD 3RU HOOR FRQRFHU DO FRQVXPLGRU HV SULPRUGLDO SDUD HO GHVDUUROOR GH XQD
HVWUDWHJLD GH PDUNHWLQJ H[LWRVD \ TXH SXHGD VHU VRVWHQLEOH HQ HO WLHPSR 'HQWUR GH ODV
KHUUDPLHQWDV TXH HO PDUNHWLQJ RIUHFH VH HQFXHQWUD HO HVWXGLR GHO FRQVXPLGRU D WUDYpV GH OD
FRQVWUXFFLyQ GH XQSHUILO'HWHUPLQDUFXiO HV HOSHUILO GH XQGHWHUPLQDGR FRQVXPLGRUSHUPLWH
DGHFXDUORVSURGXFWRV\RVHUYLFLRVGHXQDRUJDQL]DFLyQDOS~EOLFRREMHWLYRRPHWD$ODSOLFDU
HVWD KHUUDPLHQWD D ORV REMHWLYRV GH OD UHVSRQVDELOLGDG VRFLDO HV SRVLEOH GHVDUUROODU XQ
GLDJQyVWLFRDGHFXDGRGHODFRPXQLGDGXQLYHUVLWDULDTXHUHVXOWHHQODFRUUHFWDLGHQWLILFDFLyQGH
ODVFDUDFWHUtVWLFDVUHODFLRQDGDVDOFRQVXPRHFROyJLFR
3DUDSRGHUFRQVWUXLUHOSHUILOGHFRPSRUWDPLHQWRGHVHDGRH[LVWHXQDDPSOLDYDULHGDGGH
WHRUtDV \ PRGHORV TXH GH PDQHUD LQGHSHQGLHQWH SODQWHDQ XQD PHWRGRORJtD \ HYDOXDFLyQ
GLIHUHQFLDGD (VWR SRUTXH QR H[LVWH XQD HYDOXDFLyQ SHUIHFWD R TXH UHVXOWH HQ HO SHUIHFWR
HQWHQGLPLHQWR GHO FRPSRUWDPLHQWR HFROyJLFR /D HOHFFLyQ GHO PRGHOR GH OD SUHVHQWH
LQYHVWLJDFLyQVHVXVWHQWDHQXQRGHORVREMHWLYRVGHODUHVSRQVDELOLGDGVRFLDOODE~VTXHGDGHOD
FRQFLHQWL]DFLyQ \ SDUWLFLSDFLyQ HFROyJLFD GH OD FRPXQLGDG XQLYHUVLWDULD (Q EDVH D HVWR OD
SHUVSHFWLYD GH HYDOXDFLyQ HOHJLGD SDUD OD SUHVHQWH LQYHVWLJDFLyQ HV OD GHO FRQVXPR HFROyJLFR
3DUD OR PHQFLRQDGR VH VHOHFFLRQy HO PRGHOR GH )UDM \ 0DUWtQH] \D TXH WLHQH FRPR
REMHWLYR OD FRQVWUXFFLyQ GH XQ SHUILO GH FRPSRUWDPLHQWR GH FRQVXPR HFROyJLFR EDVDGR HQ OD
HYDOXDFLyQVRFLRGHPRJUiILFD\SVLFRJUiILFDGHOS~EOLFRPHWD(VWHSURFHVRVHUHDOL]DPHGLDQWH
OD HYDOXDFLyQ GH WUHV YDULDEOHV EDVH YDORUHV \ HVWLORV GH YLGD SHUVRQDOLGDG \ ODV DFWLWXGHV
PHGLRDPELHQWDOHV
(Q EDVH D OR SUHVHQWDGR OD SUHJXQWD SULQFLSDO GH OD LQYHVWLJDFLyQ HV ¢&XiOHV VRQ ODV
YDULDEOHVVRFLRGHPRJUiILFDV\SVLFRJUiILFDVTXHGHWHUPLQDQHOSHUILOGHFRQVXPRHFROyJLFRGHO
DOXPQR38&3"
$SDUWLUGHHVWDSUHJXQWDSODQWHDGD\VHJ~QORHVSHFLILFDGRSRUHOPRGHORXWLOL]DGRSDUD
ODHYDOXDFLyQVHSRVWXODQODVVLJXLHQWHVKLSyWHVLV
(O VH[R IRUPD SDUWH GHO SHUILO GHO FRPSRUWDPLHQWR GHO FRQVXPLGRU HFROyJLFR GH ORV
DOXPQRV38&3
/D HGDG IRUPD SDUWH GHO SHUILO GHO FRPSRUWDPLHQWR GHO FRQVXPLGRU HFROyJLFR GH ORV
DOXPQRV38&3

/D VLWXDFLyQ ODERUDO IRUPD SDUWH GHO SHUILO GHO FRPSRUWDPLHQWR GHO FRQVXPLGRU
HFROyJLFRGHORVDOXPQRV38&3
/DVFDUDFWHUtVWLFDVGHODSHUVRQDOLGDGLQIOX\HQHQHOFRPSRUWDPLHQWRGHOFRQVXPLGRU
/DVFDUDFWHUtVWLFDVGHORVYDORUHV\HVWLORVGHYLGDLQIOX\HQHQHOFRPSRUWDPLHQWRGHO
FRQVXPLGRUHFROyJLFRGHORVDOXPQRV38&3
/DV FDUDFWHUtVWLFDV GH OD DFWLWXG LQIOX\HQ HQ HO FRPSRUWDPLHQWR GHO FRQVXPLGRU
'H DFXHUGR D OR H[SOLFDGR HO REMHWLYR SULQFLSDO VH FHQWUD HQ FRQVWUXLU HO SHUILO GHO
FRPSRUWDPLHQWR GH FRQVXPR HFROyJLFR GH ORV DOXPQRV 38&3 3DUD VX FXPSOLPLHQWR VH
SODQWHDQORVVLJXLHQWHVREMHWLYRVVHFXQGDULRV
,GHQWLILFDUODVYDULDEOHVTXHLQIOX\HQHQHOFRPSRUWDPLHQWRGHOFRQVXPLGRUHFROyJLFR
,QYHVWLJDUODJHVWLyQDPELHQWDOHQOD38&3DWUDYpVGHHQWUHYLVWDV\FRQIHUHQFLDVTXH
SHUPLWDXQDPD\RUFRPSUHVLyQVREUHHOFRQWH[WRDFWXDO
$SOLFDU HQ ORV DOXPQRV GH OD 38&3 OD KHUUDPLHQWD FXDQWLWDWLYD GHO 3HUILO GH
&RPSRUWDPLHQWR(FROyJLFRGH)UDM\0DUWtQH]
,GHQWLILFDU ODV YDULDEOHV VRFLRGHPRJUiILFDV \ SVLFRJUiILFDV PiV UHSUHVHQWDWLYDV GHO

PRGHORXWLOL]DGR
/D LQYHVWLJDFLyQ VH UHDOL]D FRQ XQ HQIRTXH PL[WR (Q SULPHU OXJDU HO HQIRTXH
FXDQWLWDWLYRVHEDVDHQXQDHQFXHVWDXWLOL]DGDHQXQHVWXGLRSUHYLRSDUDODGHWHUPLQDFLyQGHXQ
SHUILOGHOFRQVXPLGRUHFROyJLFRHOPRGHORGHFRQVXPLGRUHFROyJLFRGH)UDM\0DUWtQH]
(Q HVWH FDVR OD HQFXHVWD HV DSOLFDGD VREUH XQD PXHVWUD UHSUHVHQWDWLYD GH ORV DOXPQRV GH
SUHJUDGR GH OD 38&3 FRQ HO REMHWLYR GH LGHQWLILFDU ODV YDULDEOHV VRFLRHFRQyPLFDV \
SVLFRJUiILFDV TXH FRPSRQHQ HO SHUILO HFROyJLFR GHO DOXPQR (Q VHJXQGR OXJDU HO HQIRTXH
FXDOLWDWLYR WLHQH FRPR ILQDOLGDG RWRUJDU VRSRUWH D OD LQYHVWLJDFLyQ HVWR PHGLDQWH HQWUHYLVWDV
HVWUXFWXUDGDVDORVHQFDUJDGRVGHODSODQLILFDFLyQ\HMHFXFLyQGHODVSROtWLFDVGHUHVSRQVDELOLGDG
VRFLDO\GHORVGLYHUVRVSURJUDPDV\DFWLYLGDGHVHFROyJLFDVHQOD38&3$VLPLVPRHOSUHVHQWH
HVWXGLRHVYLDEOHGHELGRDTXHVHFXHQWDFRQHVWXGLRVSUHFHGHQWHVVREUHODFRQVWUXFFLyQGHSHUILO
GHOFRQVXPLGRUHFROyJLFRODIDFLOLGDGGHODHYDOXDFLyQGHODPXHVWUD\HOWLHPSRQHFHVDULRSDUD
VXGHVDUUROOR

/D LQYHVWLJDFLyQ VH GLYLGH HQ FLQFR FDStWXORV (O SULPHU FDStWXOR FRPSUHQGH HO PDUFR
WHyULFRGRQGHVHGHVDUUROODQORVWHPDVGHVGHXQHQIRTXHJHQHUDODORPiVSDUWLFXODU/RVWHPDV
TXHVHH[SRQHQVRQHQSULPHUOXJDUODUHVSRQVDELOLGDGVRFLDOGHVFULELpQGRODFRPRODWRPDGH
FRQFLHQFLD GH ODV RUJDQL]DFLRQHV VREUH VX URO FRQ OD VRFLHGDG \ JUXSRV GH LQWHUpV /XHJR VH
DERUGDHOWHPDGHODUHVSRQVDELOLGDGVRFLDOXQLYHUVLWDULD568VXGHVDUUROOR\FRPSURPLVRFRQ
ODVRFLHGDG\PHGLRDPELHQWH(QODVHJXQGDSDUWHGHOPDUFRWHyULFRVHUHVDOWDODLPSRUWDQFLD
GHO PDUNHWLQJ HFROyJLFR GHQWUR ODV RUJDQL]DFLRQHV VH UHDOL]D OD GLVWLQFLyQ HQWUH HO HQIRTXH
HPSUHVDULDO\VRFLDO\VHFRQFOX\HHQODQHFHVLGDGGHFRQRFHUDOS~EOLFRREMHWLYRRPHWDGHORV
GRVHQIRTXHV3RVWHULRUPHQWHHOPDUFRWHyULFRGHVDUUROODHOFRPSRUWDPLHQWRGHOFRQVXPLGRU\
SDUWLFXODUPHQWH FRPSRUWDPLHQWR GHO FRQVXPLGRU HFROyJLFR SDUD LGHQWLILFDU ORV IDFWRUHV TXH
LQIOX\HQ HQ HO SURFHVR GH GHFLVLyQ GH XQ FRQVXPLGRU QRUPDO \ XQ FRQVXPLGRU HFROyJLFR
DVLPLVPRFRPRWDPELpQORVPRGHORVGHPHGLFLyQGHODVYDULDEOHV3RU~OWLPRVHIRUPXODQODV
KLSyWHVLV GH OD LQYHVWLJDFLyQ VREUH ORV IXQGDPHQWRV WHyULFRV \ VH GHWDOODQ ODV YDULDEOHV
VRFLRGHPRJUiILFDV\SVLFRJUiILFDV
(Q HO VHJXQGR FDStWXOR VH GHWDOOD OD PHWRGRORJtD GH OD LQYHVWLJDFLyQ (Q OD SDUWH
FXDQWLWDWLYD VH GHVFULEH OD HQFXHVWD GHO SHUILO HFROyJLFR ORV PRGHORV GH DQiOLVLV IDFWRULDO
UHJUHVLyQ OLQHDO \ ORJtVWLFR 3RU HO ODGR FXDOLWDWLYR VH PHQFLRQD D ORV SULQFLSDOHV DFWRUHV TXH
OLGHUDQ ODV LQLFLDWLYDV GH JHVWLyQ PHGLRDPELHQWDO HQ OD 38&3 '$56 \ FRPLWp
PHGLRDPELHQWDO
(QHOWHUFHUFDStWXORVHDQDOL]DORVUHVXOWDGRVGHODLQYHVWLJDFLyQ3RUXQODGRVHHYDO~D
OD LQIRUPDFLyQ GH ODV YDULDEOHV VRFLRGHPRJUiILFDV GH IRUPD GHVFULSWLYD \ VH HPSOHD HO FKL
FXDGUDGR SDUD FRQRFHU VX VLJQLILFDQFLD HVWDGtVWLFD 3RU HO RWUR ODGR VH DSOLFD HO DQiOLVLV
IDFWRULDOUHJUHVLyQOLQHDO\ORJtVWLFDHQHOSURFHVRGHLGHQWLILFDUODVYDULDEOHVSVLFRJUiILFDVTXH
FRQVWLWX\HQHOSHUILOHFROyJLFRGHODOXPQR38&3
(QHOFXDUWRFDStWXORVHSUHVHQWDQORVSHUILOHVHFROyJLFRVGHODOXPQR38&3UHVXOWDGR
GHO FRQMXQWR GH YDULDEOHV VRFLRGHPRJUiILFDV \ SVLFRJUiILFDV 6H SUHVHQWDQ ORV SHUILOHV GH
DOXPQR TXH UHFLFOD FRPSUD GH SURGXFWRV HFROyJLFRV FRQ DFWLWXG IDYRUDEOH KDFLD HO PHGLR
DPELHQWHSDUWLFLSDHQSURJUDPDVHFROyJLFRVFRQRFHRVHLQIRUPDGHWHPDVHFROyJLFRV/XHJR
VHSUHVHQWDGHPDQHUDJHQHUDOHOSHUILOHFROyJLFRGHODOXPQR38&3\VHFRQWUDVWDODVKLSyWHVLV
SODQWHDGDVHQXQLQLFLR
(Q HO TXLQWR FDStWXOR VH SUHVHQWDQ ODV FRQFOXVLRQHV \ DOJXQDV UHFRPHQGDFLRQHV D ORV
JUXSRVGHLQWHUpVLQYROXFUDGRVHQHOHVWXGLR

&$3Ë78/20$5&27(Ï5,&2
(QHOSUHVHQWHFDStWXORVHDERUGDQORVWHPDVWHyULFRVGHVGHXQDSHUVSHFWLYDJHQHUDO\VH
GHVFLHQGHDODVPDWHULDVHVSHFtILFDVDGHVDUUROODUGHPDQHUDTXHOHSHUPLWDDOOHFWRUWHQHUXQD
YLVLyQLQWHJUDO\FRKHUHQWHGHORVFRQFHSWRVWHyULFRVTXHVRQUHOHYDQWHVHQODLQYHVWLJDFLyQ6H
HPSLH]DSRUHOGHVDUUROORGHODUHVSRQVDELOLGDGVRFLDOSDUDOXHJRDERUGDUHOWHPDGHOPDUNHWLQJ
HFROyJLFR GHVGH VXV GLVWLQWDV SHUVSHFWLYDV OD LPSRUWDQFLD GHO HVWXGLR GHO FRPSRUWDPLHQWR GHO
FRQVXPLGRU\VHILQDOL]DHQIXQGDPHQWDUODVYDULDEOHVTXHGHWHUPLQDQHOFRPSRUWDPLHQWRGHORV
FRQVXPLGRUHV7RGRHOORVHUiHOFLPLHQWRGHOSODQWHDPLHQWRGHODVKLSyWHVLVGHODLQYHVWLJDFLyQ
HQODSDUWHILQDOGHOFDStWXOR
5HVSRQVDELOLGDGVRFLDO$SDULFLyQ\GHVDUUROORHQODVRFLHGDGFRQWHPSRUiQHD
(OSURSyVLWRGHHVWDVHFFLyQHVDQDOL]DUODUHVSRQVDELOLGDGVRFLDO\VXDSDULFLyQHQODV
XQLYHUVLGDGHV (VSHFtILFDPHQWH VH KDFH pQIDVLV HQ OD JHVWLyQ GH OD UHVSRQVDELOLGDG VRFLDO HQ
WpUPLQRV DPELHQWDOHV HQ HO FRQWH[WR XQLYHUVLWDULR 3RU HOOR SULPHUR VH UHYLVD HO GHVDUUROOR
JHQHUDOGHFRQFHSWRGHUHVSRQVDELOLGDGVRFLDO\ODLPSRUWDQFLDHQVXVJUXSRVGHLQWHUpVOXHJR
VH UHYLVD OD UHVSRQVDELOLGDG VRFLDO HPSUHVDULDO 56( FRQ HO REMHWLYR GH FRQRFHU ORV
IXQGDPHQWRVGHODWHRUtDGHUHVSRQVDELOLGDGVRFLDOHQRUJDQL]DFLRQHVQROXFUDWLYDV)LQDOPHQWH
VH UHDOL]D XQD H[SRVLFLyQ GH OD UHVSRQVDELOLGDG VRFLDO XQLYHUVLWDULD \ HO URO GH OD XQLYHUVLGDG
FRPRDJHQWHGHFDPELRVRFLDOHQODVRFLHGDGDFWXDO
3DUD FRPHQ]DU 0RXUa‐/HLWH \ 3DGJHWW VRVWLHQHQ TXH HO FRQFHSWR GH
UHVSRQVDELOLGDGVRFLDOHVEDVWDQWHDPSOLRSXHVVHKDYHQLGRGHVDUUROODQGRDOSDVDUGHORVDxRV
HQ GLIHUHQWHV HQWRUQRV \ VHFWRUHV LQFOXVR HQ HO FRQWH[WR DFDGpPLFR 7RGR HOOR GHELGR
SULQFLSDOPHQWHDUD]RQHVUHODFLRQDGDVDOFDPELRFOLPiWLFRODSURWHFFLyQGHOPHGLRDPELHQWHOD
LQFOXVLyQ VRFLDO GH GLIHUHQWHV JUXSRV GH LQWHUpV \ DO UHFRQRFLPLHQWR GH ORV GHUHFKRV VRFLDOHV
6FKQHOOHU 7KRQL
6HJ~Q %iUEDUD 0Uy] ODV VRFLHGDGHV KDQ FRPSUHQGLGR TXH ORV UHFXUVRV VRQ
ILQLWRV\SDUDVHUVXVWHQWDEOHVVHUHTXLHUHLPSOHPHQWDUSROtWLFDVDPELHQWDOHVPHMRUHVSUiFWLFDV
GHSURGXFFLyQ\XQDHGXFDFLyQDPELHQWDODFRUGHDODVLWXDFLyQDPELHQWDOORFXDOKDRFDVLRQDGR
XQDPD\RUFRQFLHQFLDHFROyJLFDHQODVSHUVRQDV'HOPLVPRPRGRODJOREDOL]DFLyQ\ODVQXHYDV
WHFQRORJtDV GH OD FRPXQLFDFLyQ KDQ OOHYDGR XQ PHQVDMH FODUR GH FRQFLHQWL]DFLyQ VREUH OD
VLWXDFLyQ DFWXDO GHO SODQHWD )UDVHV WUDQVPLWLGDV SRU ORV PHGLRV GH FRPXQLFDFLyQ FRPR
³FDOHQWDPLHQWR JOREDO´ ³FDPELR FOLPiWLFR´ ³JDVHV LQYHUQDGHUR´ ³HVSHFLHV HQ YtD GH

H[WLQFLyQ´³SURGXFWRVWUDQVJpQLFRV´\³FRQFLHQFLDDPELHQWDO´KDQLPSXOVDGRDTXHVHUHDOLFHQ
SXEOLFDFLRQHVFLHQWtILFDV\GHQXQFLDVS~EOLFDVVREUHHOGHWHULRURDPELHQWDO*LOO
3RU HOOR VH SXHGH H[SUHVDU TXH OD UHVSRQVDELOLGDG VRFLDO HV UHVXOWDGR GH OD
JOREDOL]DFLyQHOFUHFLPLHQWRHFRQyPLFRGHODVSRWHQFLDVLQGXVWULDOHV\ODSUHRFXSDFLyQGHODV
SHUVRQDV VREUH OD VLWXDFLyQ DFWXDO GHO SODQHWD 'H LJXDO PDQHUD 3HUGRPR \ (VFREDU
PDQLILHVWD OD LQYROXFUDFLyQ GH ORV SUREOHPDV VRFLDOHV FRQ HO GHVDUUROOR HFRQyPLFR VLWXDGR
SULQFLSDOPHQWH HQ OD H[SDQVLyQ GH ODV JUDQGHV HPSUHVDV D RWURV WHUULWRULRV 3RU WDQWR ODV
HPSUHVDV DO WUDQVIRUPDUVH HQ WUDQVQDFLRQDOHV QHFHVLWDQ HVWDEOHFHU XQ FyGLJR GH
UHVSRQVDELOLGDG TXH JXLH VXV GHFLVLRQHV VREUH TXp GHEH KDFHU R UHDOL]DU HQ VXV RSHUDFLRQHV
DOUHGHGRUGHOPXQGR
(Q HVH VHQWLGR 0DUWtQH] +HUUHUD PHQFLRQD D XQ FRQFHSWR GH UHVSRQVDELOLGDG VRFLDO
PX\UHODFLRQDGRDOVHFWRUHPSUHVDULDOHODXWRUVHUHILHUHDORVYDORUHVKiELWRV\SULQFLSLRVTXH
WRGD RUJDQL]DFLyQ HPSUHVDULDO GHEH FXPSOLU FRQ HO SURSyVLWR GH FUHDU YDORU VRVWHQLEOH HQ
EHQHILFLRGHWRGRV
/D UHVSRQVDELOLGDG VRFLDO VH DSUR[LPD D XQ WLSR GH FRPSURPLVR SHUFHSWLEOH GH OD
HPSUHVD FRQ ORV YDORUHV pWLFRV TXH GHPXHVWUDQ VX HPSHxR SRU HO GHVDUUROOR VXVWHQWDEOH
EXVFDQGR LQWHJUDU HO FUHFLPLHQWR D QLYHO HFRQyPLFR OD SURWHFFLyQ DPELHQWDO \ HO ELHQHVWDU
VRFLDO FRPR SDUWH GH VX HVWUDWHJLD GH QHJRFLRV 0DUWtQH] +HUUHUD FLWDGR HQ $JXLOHUD
3XHUWR
&RPR VH KD YLVWR KDVWD DKRUD ODV HPSUHVDV GHEHQ FRQVLGHUDU HQ VX DGPLQLVWUDFLyQ HO
GHVDUUROORWHyULFRGHODUHVSRQVDELOLGDGVRFLDOHPSUHVDULDO'HVGHXQSXQWRGHYLVWDHVWUDWpJLFR
3RUWHU \ .UDPHU PHQFLRQDQ TXH HO HQIRTXH GH 56( IDYRUHFH D OD FRPSHWLWLYLGDG \ DO
UHQGLPLHQWRGHODVHPSUHVDVSRUORFXDOVXDSUHQGL]DMHHVQHFHVDULR\EHQHILFLRVRDOPRPHQWR
GHWRPDUGHFLVLRQHV'LFKRORDQWHULRU0HGLQD\6HYHULQRVHUHILHUHDODJHQHUDFLyQGH
UHVXOWDGRVGHOD56(GHODVLJXLHQWHPDQHUD
(VSRVLEOHTXHODHPSUHVDHQODPHGLGDTXHUHVSRQGHDSURSLDGDPHQWHDHVWDV
UHVSRQVDELOLGDGHVFUHHFDSLWDOVRFLDO(VWHFDSLWDOVRFLDOHVXQUHFXUVRLQWDQJLEOHTXHVH
SXHGH FUHDU R HOLPLQDU GH DFXHUGR FRQ ODV UHODFLRQHV TXH ODV HPSUHVDV PDQWLHQHQ FRQ
FDGDXQRGHVXVVWDNHKROGHUV6HWUDWDGHXQUHFXUVRLQWDQJLEOHSRUTXHHVXQLQFRUSyUHR
QRVHSXHGHSDOSDUGHELGRDTXHQRSRVHHXQFXHUSRItVLFR/DJHQHUDFLyQRGHVWUXFFLyQ
GHOFDSLWDOVRFLDOHVSURGXFWRGHODDSUHFLDFLyQVXEMHWLYDGHODVSHUVRQDVTXHVHYLQFXODQ
FRQ XQD RUJDQL]DFLyQ /D LPSRUWDQFLD TXH WRPDQ ORV JUXSRV GH LQWHUpV UHVSRQGH D OD

FRQFHSFLyQ VREUH HO WpUPLQR ©HPSUHVDª OR FXDO SDVD GH XQ PHUR LQVWUXPHQWR SDUD OD
JHQHUDFLyQGHUHQWDELOLGDGDXQDRUJDQL]DFLyQFRPSXHVWDSRUSHUVRQDVTXHLQWHUDFW~DQ
HQWUH HOODV HQ GRQGH IOX\HQ ORV VXHxRV DQKHORV \ UHTXHULPLHQWRV GH FDGD LQGLYLGXR
0HGLQD 6HYHULQRS
0HGLQD \ 6HYHULQR PHQFLRQDQ HO FRQFHSWR FODYH GH FDSLWDO VRFLDO HO FXDO VH
JHQHUD SRU PHGLR GH ODV UHODFLyQ \ WUDEDMR HQ FRQMXQWR GH OD HPSUHVD \ VXV JUXSRV GH LQWHUpV
VWDNHKROGHUV SRU HOOR OD FUHDFLyQ GH FDSLWDO VRFLDO ORJUD XQD YHQWDMD FRPSHWLWLYD \ OD
PDWHULDOL]DFLyQ GH OD HVWUDWHJLD PLVPD SRU HMHPSOR HO FRPSURPLVR GH ORV WUDEDMDGRUHV R HO
WUDEDMR HQ HTXLSR FRQ ODV FRPXQLGDGHV 3RU RWUR ODGR 5REHUW 3XWQDP HQ OD WHRUtD GH
FDSLWDOVRFLDOSUHFLVDTXHODJHQHUDFLyQGHFDSLWDOVRFLDOSRUSDUWHGHODVRUJDQL]DFLRQHVHVXQ
EXHQ LQGLFDGRU GHO GHVDUUROOR GH XQD HVWUDWHJLD GH UHVSRQVDELOLGDG VRFLDO SRUTXH PXHVWUD ORV
UHVXOWDGRVGHORVHVIXHU]RVHQFRQMXQWRGHODSODQLILFDFLyQHVWUDWpJLFDDVtFRPRHOGHVDUUROORGH
ORVJUXSRVGHLQWHUpV
3RU~OWLPROXHJRGHUHYLVDUODUHVSRQVDELOLGDGVRFLDO\ODLPSRUWDQFLDGHFUHDUFDSLWDO
VRFLDOHVQHFHVDULRSURIXQGL]DUODUHOHYDQFLDGHLGHQWLILFDUORVJUXSRVGHLQWHUpVHQHODYDQFHGH
XQD SROtWLFD GH UHVSRQVDELOLGDG VRFLDO HQ XQD RUJDQL]DFLyQ 3RU HO FRQWUDULR XQD PDO
FRPSUHQVLyQ \ HQWHQGLPLHQWR GH ORV JUXSRV GH LQWHUpV JHQHUD HIHFWRV GHVIDYRUDEOHV SDUD OD
RUJDQL]DFLyQ0RXUa‐Leite 3DGJHWW$OUHVSHFWR,ERUUDGHVFULEHHVWHWtSLFRHUURUHQOD
VLJXLHQWHFLWD
&XDQGR HO GLVFXUVR GH OD 56& VH FHQWUD VREUH ORV UHVXOWDGRV \ QR VREUH ODV
FRQVHFXHQFLDV GH ORV FRPSRUWDPLHQWRV SXHGH JHQHUDU LPSRUWDQWHV GHVHTXLOLEULRV (Q
HVWRVFDVRVODRULHQWDFLyQKDFLDORVJUXSRVGHLQWHUpVWLHQGHDUHFRQRFHU\DFHQWUDUOD
DWHQFLyQ GLUHFWLYD HQ XQ HQIRTXH SRVLWLYR GH ODV DFFLRQHV \ FRPSRUWDPLHQWRV GH ODV
HPSUHVDV D RULHQWDUVH DO UHSDUWR GH UHVXOWDGRV HQWUH ORV JUXSRV LPSOLFDGRV /RV
WpUPLQRVFODYHXWLOL]DGRVVRQHOUHVXOWDGRHOLQWHUpV\ODUHQWDELOLGDG\QRHOULHVJR\OD
YXOQHUDELOLGDGGHORVJUXSRV,ERUUDS
(Q VtQWHVLV OD FODYH HVWi HQ UHFRQRFHU TXLpQHV VRQ ORV JUXSRV GH LQWHUpV \ UHDOL]DU XQ
PDSHRDGHFXDGRGHORVPLVPRVDILQGHJHQHUDULQIRUPDFLyQLPSRUWDQWHSDUDODIRUPXODFLyQGH
HVWUDWHJLDVFRQFDGDXQRGHHOORV3RUHVWR.DWKHULQH7UHEHFNVXVWHQWDTXHHOHQIRTXHGH
UHVSRQVDELOLGDGVRFLDOQRGHEHSULRUL]DUODE~VTXHGDGHLQWHUHVHVSURSLRVGHODRUJDQL]DFLyQROD
HVSHFXODFLyQILQDQFLHUD3RUHOFRQWUDULRXQDSROtWLFDDGHFXDGDGHUHVSRQVDELOLGDGVRFLDOWLHQH
HO REMHWLYR FODUR GH UHFRQRFHU ORV JUXSRV GH LQWHUpV FRPR VRFLRV FODYH HQ HO DFFLRQDU \ VREUH
WRGR HQ OD WRPD GH GHFLVLRQHV $GHPiV GH IRUPDOL]DU DOLDQ]DV GRQGH VH FDGD SDUWH LQWHUHVDGD

SXHGD FRQVHJXLU VXV REMHWLYRV SURSXHVWRV \ ILQDOL]DU FRQ HO FUHFLPLHQWR FRQVHQVXDGR \
VXVWHQWDEOHDODUJRSOD]R0HGLQD 6HYHULQR
5HVSRQVDELOLGDGVRFLDOHPSUHVDULDO'HVDUUROORHFRQyPLFR\VRFLDOGHODV
HPSUHVDV
8QDYH]TXHHOOHFWRUHQWLHQGHHOFRQFHSWRGHUHVSRQVDELOLGDGVRFLDO\VXWUDVFHQGHQFLD
HQ OD JHVWLyQ GH ODV RUJDQL]DFLRQHV \ VXV JUXSRV GH LQWHUpV HO VLJXLHQWH SDVR HV GHVDUUROODU OD
UHVSRQVDELOLGDG VRFLDO HPSUHVDULDO 56( &RPR ELHQ VH PHQFLRQy HO GHVDUUROOR WHyULFR GH OD
UHVSRQVDELOLGDG VRFLDO HVWi PX\ UHODFLRQDGD DO FUHFLPLHQWR GH ODV HPSUHVDV SRU HOOR HV GH
LQWHUpVHVWXGLDUORFRPRDQWHFHGHQWHGHODUHVSRQVDELOLGDGVRFLDOHQRUJDQL]DFLRQHVQROXFUDWLYDV
\FRPRFRQVWUXFFLyQGHYHQWDMDFRPSHWLWLYD\VXVWHQWDELOLGDGHQODJHVWLyQRUJDQL]DFLRQDO
(Q SULQFLSLR OD &RPLVLyQ GH ODV &RPXQLGDGHV LQLFLD HO GHEDWH LQWHUQDFLRQDO
VREUHODWUDQVSDUHQFLD\FRQILDELOLGDGGHODVHPSUHVDVDOFRQVLGHUDUODVRVWHQLELOLGDGGHOSODQHWD
H LJXDOGDG GH ODV VRFLHGDGHV (Q HVH PDUFR VH GHILQH OD 56( HQ HO OLEUR YHUGH FRPR ³OD
LQWHJUDFLyQ YROXQWDULD SRU SDUWH GH ODV HPSUHVDV GH ODV SUHRFXSDFLRQHV VRFLDOHV \
PHGLRDPELHQWDOHVHQVXVRSHUDFLRQHV\VXVUHODFLRQHVFRQVXVLQWHUORFXWRUHV´&RPLVLyQGHODV
&RPXQLGDGHVS6HJ~QHVWiSXEOLFDFLyQODHPSUHVDVRFLDOPHQWHUHVSRQVDEOHQRVROR
GHEHFXPSOLUODVREOLJDFLRQHVRQRUPDVMXUtGLFDVGHOSDtVGRQGHRSHUDFRQGLFLRQHVODERUDOHV
IRUPDFLyQ ODERUDO WUDQVSDUHQFLD HWF $GLFLRQDOPHQWH WDPELpQ GHEH IRPHQWDU ODV SUiFWLFDV
VRFLDOHVTXHFRQWULEX\DQDOGHVDUUROORHFRQyPLFRVXVWHQWDEOHGHORVJUXSRVGHLQWHUpVGRQGHVH
HQFXHQWUH(QHVHVHQWLGRODVHPSUHVDVGHEHQFRQVLGHUDUDVSHFWRVFRPRHOFRPSURPLVRFRQVXV
WUDEDMDGRUHV\IDPLOLDVHOFXLGDGRGHOPHGLRDPELHQWH\HOGHVDUUROORGHODVRFLHGDGTXHVHYH
LQYROXFUDGRGLUHFWDRLQGLUHFWDPHQWHGHVXVDFWLYLGDGHV&RPLVLyQGHODV&RPXQLGDGHV
&RPRVHKDYLVWRVHH[LJHXQDSDUWLFLSDFLyQPiVDFWLYDGHODVHPSUHVDVFRQVXVJUXSRV
GHLQWHUpV)UHHPDQGHILQHDORVJUXSRVGHLQWHUpVWDPELpQOODPDGRVWDNHKROGHUVFRPR
ORV DFWRUHV TXH SXHGHQ YHUVH DIHFWDGRV R LQWHUHVDGRV SRU ODV DFWLYLGDGHV GH OD HPSUHVD 'HO
PLVPR PRGR 9DOODH\V PHQFLRQD TXH OD UHODFLyQ FRQ ORV JUXSRV GH LQWHUpV QR GHEH
IXQGDPHQWDUVH HQ HO DOWUXLVPR D FRVWD GHO LQWHUpV SURSLR QL WDPSRFR OD ILODQWURStD SXUD OD
GRQDFLyQFDULWDWLYDTXHQRWHQJDUHODFLyQFRQODVDFWLYLGDGHVGHODRUJDQL]DFLyQRODILODQWURStD
LQWHUHVDGD GRQDFLyQ SDUD SURPRFLRQDU HO SURGXFWR GH OD HPSUHVD \ DEULU QXHYRV PHUFDGRV
VLQR GHEH HVWDEOHFHUVH XQD UHODFLyQ D ODUJR SOD]R H LQYROXFUDUORV HQ HO PRGHOR FRUSRUDWLYR
HVWUDWHJLDV\SUiFWLFDVTXHFRQVLGHUHQSHUVSHFWLYDVVRFLDOHV\PHGLRDPELHQWDOHV

(QFXDQWRDOD56(\ODUHVSRQVDELOLGDGPHGLRDPELHQWDOODV1DFLRQHV8QLGDV
GHFODUDQODVHPSUHVDVGHEHRULHQWDUVXVHVIXHU]RVDOFXLGDGRDPELHQWDOPHGLDQWHHOLPSXOVRGH
LQLFLDWLYDV \ SUiFWLFDV PHGLRDPELHQWDOHV \ IDYRUHFHU HO GHVDUUROOR GH WHFQRORJtDV UHVSHWXRVDV
FRQ HO PHGLRDPELHQWH 3RU HOOR XQD HPSUHVD UHVSRQVDEOH FRQ HO PHGLRDPELHQWH RIUHFH XQ
VHUYLFLRRXQSURGXFWRTXHFXPSODXQDSURGXFFLyQHILFD]pWLFD\HFROyJLFDTXHXQFRQVXPLGRU
QHFHVLWHRGHVHH&RPLVLyQGHODV&RPXQLGDGHV6LQHPEDUJR+RSNLQVDGYLHUWH
TXHODHMHFXFLyQGHOD56(SRVLEOHPHQWHUHTXLHUDJDVWRVLQLFLDOHV\SURUURJDVKDVWDUHFLELUORV
EHQHILFLRVHVSHUDGRVSRUWDQWRQRKD\TXHGHVFXLGDUODUHQWDELOLGDGGHODHPSUHVD
(VWDV UD]RQHV PDQLILHVWDQ TXH OD HPSUHVD VRFLDOPHQWH UHVSRQVDEOH WLHQH XQD QXHYD
RSRUWXQLGDG GH JHQHUDU FRPSHWLWLYLGDG IDFLOLGDG DO LQJUHVR GH QXHYRV PHUFDGRV \ PHMRUDU VX
LPDJHQ IUHQWH D VXV FRQVXPLGRUHV *LO 'H KHFKR &DUDYHGR SUHFLVD TXH ORV
FOLHQWHV\XVXDULRVGHODV~OWLPDVGpFDGDVFXHVWLRQDQHQFyPRVHSURGXMRHOELHQRVHUYLFLRHQ
FXDQWR VL ORV SURFHVRV UHVSHWDQ HO FXLGDGR DPELHQWDO \ OD UHVSRQVDELOLGDG VRFLDO 3RU HVR OD
SUiFWLFD GH 56( ORJUD XQD PHMRU UHSXWDFLyQ H LPDJHQ HQ ORV FRQVXPLGRUHV DXPHQWDQGR
UHVXOWDGRV JOREDOHV HQ OD HPSUHVD 6FKZDOE /D DILUPDFLyQ DQWHULRU GHPXHVWUD TXH
HVWUDWpJLFDPHQWH HO JUXSR GH LQWHUpV PiV LPSRUWDQWH HQ HO GHVDUUROOR GH 56( VRQ ORV
FRQVXPLGRUHV SRUTXH SHUPLWH DQWLFLSDUVH IUHQWH D QXHYDV GHPDQGDV \ WHQGHQFLDV GH HVWRV
PHMRUDQGRODUHQWDELOLGDGGHODHPSUHVDHLPSXOVDQGRHOSURJUHVRVRVWHQLEOH*LO
&RPRVHKDYLVWRKDVWDDKRUDOD56(VHFHQWUDHQHOGHVDUUROORHFRQyPLFR\VRFLDOGHOD
HPSUHVD\VXVJUXSRVGHLQWHUpVHQEHQHILFLRGHOHQWRUQRDPELHQWDO\VRFLDO(VSHFtILFDPHQWHVH
GHEH SUHVWDU DWHQFLyQ D ODV QXHYDV QHFHVLGDGHV \ UHTXHULPLHQWRV GH ORV FRQVXPLGRUHV \D TXH
HOORVVRQHOHMHSULQFLSDOGHODVDFWLYLGDGHVGHOQHJRFLR\ODSROtWLFDGHUHVSRQVDELOLGDGVRFLDO
3DUD HO FDVR GH OD SUHVHQWH LQYHVWLJDFLyQ VH GHEH UHYLVDU OD UHVSRQVDELOLGDG VRFLDO HQ
RUJDQL]DFLRQHVVLQILQHVGHOXFURGHELGRDTXHHVWDVRUJDQL]DFLRQHVHVWiQPiVHQIRFDGDVHQOD
FUHDFLyQGHYDORUVRFLDODGLIHUHQFLDGHODVHPSUHVDVSRUHOORVXWUDEDMRHVWiPX\UHODFLRQDGR
DOSURJUHVRGHVXHQWRUQR\VXVJUXSRVGHLQWHUpV
/DUHVSRQVDELOLGDGVRFLDOQROXFUDWLYD3URJUHVRVRFLDOGHORVEHQLILFLDULRV
/D UHVSRQVDELOLGDG VRFLDOHQ RUJDQL]DFLyQ VLQ ILQHVGH OXFUR LQLFLD FXDQGR ODVJUDQGHV
FRUSRUDFLRQHV FRPXQLFDURQ ORV DYDQFHV \ H[SHULHQFLDV GH VXV SUiFWLFDV GH UHVSRQVDELOLGDG
VRFLDO $OEDUHGD (Q FRQVHFXHQFLD ODV RUJDQL]DFLRQHV QR OXFUDWLYDV HQ HVSHFLDO ODV
RUJDQL]DFLRQHVGHOWHUFHUVHFWRUHPSLH]DQDUHIOH[LRQDUVLVXIRUPDGHDFWXDUHVFRKHUHQWHFRQ
VXVYDORUHVTXHSHUVLJXHGHELGRDTXHVXPLVPRILQHVVHUVRFLDO9LGDO 7RUUHV'HVGH
RWUR SXQWR GH YLVWD ODV RUJDQL]DFLRQHV QR OXFUDWLYDV VLUYHQ DO GHVDUUROOR KXPDQR \ VRFLDO SRU

HQFLPDGHOUHVWRGHRUJDQL]DFLRQHVSRUHOORGHEHQSUHYHUTXHVX³PRGRGHKDFHU´\³UD]yQGH
VHU´ VHDQ DFRUGHV DO FDPELR VRFLDOPHQWH UHVSRQVDEOH GH VX HQWRUQR &DQ\HOOHV (Q HVH
VHQWLGRDPERVDXWRUHVFRLQFLGHQTXHODUHVSRQVDELOLGDGVRFLDOHQODRUJDQL]DFLyQQROXFUDWLYD
HPSLH]D FRQ OD FRKHUHQFLD GH VXV YDORUHV \ SURSXHVWDV VRFLDOHV TXH UHDOL]DQ HQ VX iPELWR GH
LQWHUYHQFLyQ
'H DFXHUGR FRQ &DQ\HOOHV OD UHVSRQVDELOLGDG VRFLDO HQ RUJDQL]DFLRQHV QR
OXFUDWLYDV21/HVHOSULQFLSLRRUJDQL]DFLRQDOGHFUHDU\PD[LPL]DUHOYDORUGHVXVJUXSRVGH
LQWHUpV PHGLDQWH XQ FRPSRUWDPLHQWR pWLFR DWHQFLyQ D ORV SUREOHPDV VRFLDOHV \ GHVDUUROOR
VRVWHQLEOH GHO VHU KXPDQR \ HO PHGLRDPELHQWH 3RU HOOR DO LJXDO TXH OD 56( HVWH WLSR GH
UHVSRQVDELOLGDGVRFLDOVHFHQWUDHQORVJUXSRVGHLQWHUpVFRPRVRFLRVHVWUDWpJLFRVHQVXDFFLyQ
VRFLDO 'H KHFKR 9LGDO \ 7RUUHV LGHQWLILFDQ VHLV JUXSRV GH LQWHUpV TXH LPSDFWDQ
GLUHFWDPHQWH HQ HO SURJUHVR GH OD UHVSRQVDELOLGDG VRFLDO HQ 21/ HVWRV VRQ ORV YROXQWDULRV
WUDEDMDGRUHVyUJDQRVGHOHVWDGRILQDQFLDGRUHVFRODERUDGRUHV\EHQHILFLDULRV
'HQWUR GH HVWRV JUXSRV GH LQWHUpV ORV EHQHILFLDULRV VRQ HO FRQMXQWR PiV LPSRUWDQWH \
FHQWUR GH OD UD]yQ GH VHU GH OD RUJDQL]DFLyQ SRUTXH WRGDV ODV DFWLYLGDGHV VRQ SHQVDGDV SDUD
DWHQGHU VXV QHFHVLGDGHV 9LGDO 7RUUHV (QWRQFHV DO LJXDO TXH OD 56( ODV 21/
FRQVLGHUDDORVEHQHILFLDULRVFRQVXPLGRUHVQ~FOHRSULQFLSDOGHODSODQLILFDFLyQHVWUDWpJLFDGH
ODUHVSRQVDELOLGDGVRFLDOLQFOXVRHOp[LWRGHODPLVPDGHSHQGHGHOFDPELRVRFLDOTXHVHORJUH
HQ HVWH JUXSR GH LQWHUpV $GHPiV -RVHS &DQ\HOOHV PHQFLRQD TXH ODV 21/ SXHGHQ
SURGXFLU UHODFLRQHV SULYLOHJLDGDV FRQ VXV EHQHILFLDULRV VL JHQHUDQ FRQRFLPLHQWRV VREUH QXHYDV
YLVLRQHV \ GLIHUHQWHV SHUVSHFWLYDV TXH IDFLOLWH OD LQWHUSUHWDFLyQ GH ORV EHQHILFLDULRV \ VXV
WHQGHQFLDV
5HVXPLHQGR VH SXHGH GHFLU TXH OD UHVSRQVDELOLGDG VRFLDO HQ 21/ HVWi PiV
FRPSURPHWLGD FRQ HO GHVDUUROOR VRFLDO GH VXV EHQHILFLDULRV \ DVt JHQHUDU LPSDFWRV SRVLWLYRV
VREUH OD VRFLHGDG \ HO PHGLRDPELHQWH )XQGDPHQWDOPHQWH OD UHVSRQVDELOLGDG VRFLDO \ VX
LPSRUWDQFLD QR GHEH VHU FRQVLGHUDGD FRPR XQD PRGD GHO VHFWRU HPSUHVDULDO QL WDPSRFR VROR
FRPRXQDEXHQDSUiFWLFD VLQRFRPRXQDRSRUWXQLGDGGHPD[LPL]DUJHVWLRQDU\FRPXQLFDUHO
YDORU SDUD VX JUXSR GH LQWHUpV EHQHILFLDULRV GH DFXHUGR DO PRGHOR SURSLR TXH XWLOL]D FDGD
RUJDQL]DFLyQQROXFUDWLYDSDUDJHQHUDUYDORUVRFLDO$OEDUHGD
5HVSRQVDELOLGDGVRFLDOXQLYHUVLWDULD\VXSULQFLSDOJUXSRGHLQWHUpV
6HJ~Q *DHWH OD KLVWRULD GH OD UHVSRQVDELOLGDG VRFLDO XQLYHUVLWDULD HPSH]y D
GHVDUUROODUVH FRPR WHPD GH LQWHUpV GHVGH HO VLJOR SDVDGR ORV SULQFLSDOHV LQGLFLRV GH OD

UHVSRQVDELOLGDG VRFLDO HQ ODV XQLYHUVLGDGHV GDWDQ GH ORV DxRV VHWHQWD FXDQGR VH HPSLH]D D
LQWURGXFLUXQJUDQFDPELRHQHOSDUDGLJPDGHODVXQLYHUVLGDGHV
/RV RUtJHQHV GHO FRQFHSWR GH UHVSRQVDELOLGDG VRFLDO XQLYHUVLWDULD SDUHFHQ HVWDU
UHODFLRQDGRVFRQORVHIHFWRVGHORVFDPELRVVRFLDOHVHQODHGXFDFLyQVXSHULRURFXUULGRV
GXUDQWHODGpFDGDGHORVVHWHQWDHQWUHRWURVHODFFHVRPHQRVHOLWLVWDDODVXQLYHUVLGDGHV
\ OD UHYDORUL]DFLyQ GHO FRQRFLPLHQWR SDUD OD VRFLHGDG \ OD HFRQRPtD *DHWH S

(Q GLFKR FRQWH[WR %RN SUHVHQWD XQ DQiOLVLV LQLFLDO VREUH OD HGXFDFLyQ
XQLYHUVLWDULD \ VX FRPSURPLVR FRQ OD VRFLHGDG VXVWHQWD TXH OD XQLYHUVLGDG HV XQD LQVWLWXFLyQ
YLWDOHQXQDVRFLHGDGSRVWLQGXVWULDO\DTXHXQDQDFLyQUHTXLHUHGHWUHVHOHPHQWRVIXQGDPHQWDOHV
SDUD VX FUHFLPLHQWR (VWRV HOHPHQWRV VRQ ORV QXHYRV GHVFXEULPLHQWRV FLXGDGDQRV DOWDPHQWH
FDSDFLWDGRV\FRQRFLPLHQWRVHVSHFLDOL]DGRV7RGRHOORHVSURSRUFLRQDGRSULQFLSDOPHQWHSRUOD
XQLYHUVLGDG\SRUORFRQVLJXLHQWHXQHOHPHQWRSULPDULRSDUDHOSURJUHVRVRFLDO
(Q SULPHU OXJDU IRUPDOPHQWH VH HPSH]y D GHVDUUROODU HO WpUPLQR GH UHVSRQVDELOLGDG
VRFLDO XQLYHUVLWDULD 568 FRPR XQ SUR\HFWR VRFLDO GH ORV RUJDQLVPRV HVSHFLDOL]DGRV GH ODV
1DFLRQHV 8QLGDV \ ODV XQLYHUVLGDGHV IXH HQ OD &RQIHUHQFLD 0XQGLDO VREUH OD (GXFDFLyQ
6XSHULRUUHDOL]DGDSRUOD81(6&2HQ\GRQGHVHLQWHQWDUHYROXFLRQDUODVEDVHVGH
OD HGXFDFLyQ VXSHULRU FRQ HO ILQ GH VDWLVIDFHU ODV QHFHVLGDGHV GH OD VRFLHGDG DFWXDO *yPH]

(QHIHFWROD81(6&2GHFODUDLQLFLDOPHQWHTXHOD5HVSRQVDELOLGDG6RFLDOHVXQ

SULQFLSLRLQGLVSHQVDEOHGHOVLVWHPDGHHGXFDFLyQVXSHULRUSRVWHULRUPHQWHOD81(6&2
SUHVHQWD XQ PDUFR JHQHUDO FRQFHSWXDO GH 568 WRPDQGR HQ FXHQWD HO FRQWH[WR GH OD
JOREDOL]DFLyQ \ ORV GHVDItRV GHO VLVWHPD GH HGXFDWLYR DFWXDO (Q HOOR VH H[SOLFD OD
WUDQVIRUPDFLyQ GH OD XQLYHUVLGDG FLHQWtILFD \ HPSUHVDULDO D OD XQLYHUVLGDG VRFLDOPHQWH
UHVSRQVDEOH GRQGH DO LJXDO TXH RWUDV RUJDQL]DFLRQHV GHEH DGRSWDU HVWUDWHJLDV GH
UHVSRQVDELOLGDG VRFLDO D ILQ GH VDWLVIDFHU ODV H[FHSWLYDV GH VXV JUXSRV GH LQWHUpV HVWXGLDQWHV
VRFLHGDGJRELHUQRHWFFRPRVHPXHVWUDHQODVLJXLHQWHFLWD
$QWH OD FRPSOHMLGDG GH ORV GHVDItRV PXQGLDOHV SUHVHQWHV \ IXWXURV OD HGXFDFLyQ
VXSHULRU WLHQH OD UHVSRQVDELOLGDG VRFLDO GH KDFHU DYDQ]DU QXHVWUD FRPSUHQVLyQ GH
SUREOHPDVSROLIDFpWLFRVFRQGLPHQVLRQHVVRFLDOHVHFRQyPLFDVFLHQWtILFDV\FXOWXUDOHV
DVtFRPRQXHVWUDFDSDFLGDGGHKDFHUOHVIUHQWH/DHGXFDFLyQVXSHULRUGHEHUtDDVXPLUHO
OLGHUD]JR VRFLDO HQ PDWHULD GH FUHDFLyQ GH FRQRFLPLHQWRV GH DOFDQFH PXQGLDO SDUD

DERUGDU UHWRV PXQGLDOHV HQWUH ORV TXH ILJXUDQ OD VHJXULGDG DOLPHQWDULD HO FDPELR
FOLPiWLFRODJHVWLyQGHODJXDHOGLiORJRLQWHUFXOWXUDOODVHQHUJtDVUHQRYDEOHV\ODVDOXG
S~EOLFD81(6&2S
&RPRVHSXHGHGLVWLQJXLUOD81(6&2UHDOL]DXQOODPDGRDODVLQVWLWXFLRQHVGH

HGXFDFLyQVXSHULRUDHQIUHQWDUDORVQXHYRVGHVDItRVGHOSDQRUDPDSROtWLFRVRFLDOHFRQyPLFR\
DPELHQWDO 3RU HOOR ODV XQLYHUVLGDGHV UHDOL]DQ XQD UHIOH[LyQ FROHFWLYD PiV FUtWLFD GH VX
FRQWULEXFLyQFRQODVRFLHGDG\VHGHILQHQQXHYRViPELWRVGHSDUWLFLSDFLyQGHODVXQLYHUVLGDGHV
DPHGLGDTXHDGRSWDQVXVSURSLDVLQWHUSUHWDFLRQHVGH568\SURPXHYHODVEXHQDVSUiFWLFDVGH
VXVRSHUDFLRQHVLQWHUQDVGHUHVSRQVDELOLGDGVRFLDO(QHVHPLVPRVHQWLGR%RNMXVWLILFD
OD SDUWLFLSDFLyQ GH OD XQLYHUVLGDG HQ UHVROYHU ORV SUREOHPDV VRFLDOHV EDMR XQD SHUVRQDOLGDG
FRRSHUDWLYD \ VROLGDULD FRQ XQ IXHUWH VHQWLGR GH UHVSRQVDELOLGDG VRFLDO D SDUWH GH VX FDUiFWHU
WUDGLFLRQDOGHLQVWLWXFLyQHGXFDWLYD\IRUPDWLYDSURIHVLRQDO
(Q VHJXQGR OXJDU XQ DVSHFWR LPSRUWDQWH GH OD 568 HV SRVLFLRQDU DO HVWXGLDQWH FRPR
FHQWURGHGHVDUUROORGHOSURFHVRIRUPDWLYR\DVLPLVPRLQFOXLUDORVVWDNHKROGHUVGHQWURGHOD
HVWUDWHJLDFRRSHUDWLYDGHODRUJDQL]DFLyQ3RUHVRFRPRPHQFLRQD0RQHYD\0DUWtQODV
XQLYHUVLGDGHVGHEHQLPSXOVDUOD568DWUDYpVGHSUR\HFWRV\SODQHVHVWUDWpJLFRVTXHVDWLVIDJDQ
ODV GHPDQGDV GH LQIRUPDFLyQ GH ORV GLVWLQWRV JUXSRV GH LQWHUpV IXQGDPHQWDOPHQWH ORV
HVWXGLDQWHV TXLHQHV VRQ HO Q~FOHR GH OD SURSLD FRPXQLGDG XQLYHUVLWDULD 'HO PLVPR PRGR
WRPDQGRFRPRUHIHUHQFLDD&RUWHVHOD568UHTXLHUHODFRODERUDFLyQ\SDUWLFLSDFLyQGH
ODV FRPXQLGDGHV ORFDOHV \ UHJLRQDOHV FRPR HO SHUVRQDO XQLYHUVLWDULR \ GH ORV HVWXGLDQWHV 3RU
HOORHVLPSRUWDQWHTXHORVGLUHFWLYRVXQLYHUVLWDULRVFRPSUHQGDQODQHFHVLGDGGHWUDQVIRUPDUODV
XQLYHUVLGDGHVHQRUJDQL]DFLRQHVOtGHUHVHQODFUHDFLyQGHYDORUVRVWHQLEOHSDUDODVRFLHGDG\VXV
JUXSRVGHLQWHUpV
3RURWURODGR$QGUDGHV\/DUUiQFRQVLGHUDQTXHODLQFOXVLyQGHODWHRUtDGHORV

VWDNHKROGHUVD~QQRVLGRDQDOL]DGDDSURIXQGLGDGHQOD568SRUHOFRQWUDULRHVXQWHPDTXHVH
HQFXHQWUD HQ YtDV GH GHVDUUROOR GHELGR D OD IDOWD GH FRPSURPLVR GH UHFRJHU H LQWHJUD ODV
GLIHUHQWHVH[SHFWDWLYDVGHORVJUXSRVGHLQWHUpVGHODVXQLYHUVLGDGHV
(Q LQVWLWXFLRQHV FRPR OD XQLYHUVLGDG FDUDFWHUL]DGDV HQ VX PD\RUtD SRU VX WLWXODULGDG
S~EOLFD \ SRU VHU GH QDWXUDOH]D VLQ iQLPR GH OXFUR DVt FRPR HO KHFKR GH TXH VX
SULQFLSDO ILQDOLGDG HV OD GH SURSRUFLRQDU VHUYLFLRV D OD FRPXQLGDG GH XQD IRUPD
HILFLHQWH QR KDQ FUHtGR RSRUWXQR LQIRUPDU VREUH ORV SRVLEOHV LPSDFWRV GH VXV
DFWLYLGDGHV QR WHQLHQGR HQ FXHQWD DVt OD LPSRUWDQFLD GH FRPXQLFDU GLFKDV

H[WHUQDOLGDGHV GH FDUD D VX UHSXWDFLyQ \ OHJLWLPLGDG VRFLDO IUHQWH D OD FRPXQLGDG
$QGUDGHV /DUUiQS
3RUHOFRQWUDULRH[LVWHQDXWRUHVFRPR'DKDQ\6HQROTXLHQHVFUHHQTXHOD568

KD GDGR XQ SDVR DGHODQWH HQ UHIHUHQFLD D RWURV WHPDV GH LQWHUpV (Q XQ FRQWH[WR DFWXDO
FDUDFWHUL]DGR SRU OD JOREDOL]DFLyQ OD SULYDWL]DFLyQ GH ODV XQLYHUVLGDGHV \ OD PD\RU
FRPSHWLWLYLGDG HQWUH ODV RUJDQL]DFLRQHV HVWi SURYRFDQGR TXH ODV XQLYHUVLGDGHV DGRSWHQ XQ
HQIRTXH GH JHVWLyQ HPSUHVDULDO TXH OHV SHUPLWD DVHJXUDU VX FRPSHWLWLYLGDG 'DKDQ 6HQRO
(Q HVH VHQWLGR ODV XQLYHUVLGDGHV FRQVLGHUDQ D OD UHVSRQVDELOLGDG VRFLDO FRPR XQD
HVWUDWHJLDGHSRVLFLRQDPLHQWRTXHOHVSHUPLWDJHQHUDUYHQWDMDVFRPSHWLWLYDV
6LQ HPEDUJR $QGUDGHV \ /DUUiQ UHIXWDQ OR DQWHV GLFKR HO YHUGDGHUR UHWR TXH
GHEHQ DVXPLU ODV XQLYHUVLGDGHV QR HV RIUHFHU XQ VHUYLFLR PiV DWUDFWLYR R FUHDU YHQWDMDV
FRPSHWLWLYDVVLQRLQFOXLUODUHVSRQVDELOLGDGVRFLDOFRPRSULQFLSLRLQVWLWXFLRQDOHQEHQHILFLRGH
VXVXVXDULRV\GHODVRFLHGDGPLVPD
(QWHUFHUOXJDUH[LVWHQGRVWLSRVGHFRQFHSFLRQHVGLVWLQWDVGHODUHVSRQVDELOLGDGVRFLDO
XQLYHUVLWDULD /D SULPHUD WDO YH] OD PiV DQWLJXD DQDOL]D D OD 568 HQ UHODFLyQ D ORV YDORUHV \
SULQFLSLRV H[SUHVDGRV HQ VX PLVLyQ 0DUWtQH] 3LFFR (O VHJXQGR HQIRTXH DQDOL]D OD
568 GHVGH OD SHUVSHFWLYD GH ORV LPSDFWRV TXH JHQHUD OD XQLYHUVLGDG HQ VX HQWRUQR 9DOODH\V
LGHQWLILFDFXDWURWLSRVGHLPSDFWRVHIHFWRVGLUHFWRVHLQGLUHFWRVTXHODXQLYHUVLGDGGHEH
JHVWLRQDUFRUUHFWDPHQWHDILQGHSURGXFLUEHQHILFLRVVRFLDOPHQWHUHVSRQVDEOHVSDUDODVRFLHGDG
/RVFXDWURLPSDFWRVXQLYHUVLWDULRVVRQORVRUJDQL]DFLRQDOHVHGXFDWLYRVFRJQLWLYRV\VRFLDOHV
(O SULPHUR LPSDFWR KDFH UHIHUHQFLD DO LPSDFWR TXH OD XQLYHUVLGDG WLHQH VREUH ORV
PLHPEURV GH VX RUJDQL]DFLyQ HVWXGLDQWHV SURIHVRUHV \ SHUVRQDO GLYHUVR \ HV GHFLU OD
FRPXQLGDG XQLYHUVLWDULD $Vt PLVPR UHVXOWDGR GH OD DFWLYLGDG GLDULD HQ HO FDPSXV GH OD
RUJDQL]DFLyQ XQLYHUVLWDULD RULJLQD XQ LPSDFWR HVSHFtILFR VREUH HO PHGLR DPELHQWH JHVWLyQ GH
UHVLGXRV GHIRUHVWDFLyQ WUDQVSRUWH \ FRQWDPLQDFLyQ 3RU WDO PRWLYR OD JHVWLyQ GHO SULPHU
LPSDFWR GHEH HVWDU GLULJLGD D FUHDU XQD FXOWXUD \ YDORUHV RUJDQL]DFLRQDOHV HQ EHQHILFLR \
DWHQFLyQ GHO PHGLRDPELHQWH (O VHJXQGR LPSDFWR VH FHQWUD HQ ORV SURFHVRV GH DSUHQGL]DMH
HQVHxDQ]D TXH OD XQLYHUVLGDG LPSDUWH HQ VXV DOXPQRV \ FyPR HO GHVDUUROOR GH OD HGXFDFLyQ
XQLYHUVLWDULD IRUPD SRWHQFLDOHV IXWXURV FLXGDGDQRV TXH YDQ D GHVHPSHxDU XQ URO VRFLDO HQ OD
VRFLHGDG3RUHOORODXQLYHUVLGDGQRVRORRFDVLRQDXQLPSDFWRHQODHGXFDFLyQSURIHVLRQDOGHO
HVWXGLDQWH VLQR LQYROXFUDU D VXV DOXPQRV HQ HO GHVDUUROOR GH FLXGDGDQRV VRFLDOPHQWH
UHVSRQVDEOHV(OWHUFHULPSDFWRTXHPHQFLRQD9DOODH\VHVHOFRJQLWLYRODVXQLYHUVLGDGHV
RFDVLRQDQXQLPSDFWRDWUDYpVGHOFRQRFLPLHQWRTXHSURGXFHHVSHFtILFDPHQWHWLHQHQHOFRQWURO

GHO LPSDFWR HQ UHVSHFWR D OD YHUGDG FLHQFLD OHJLWLPLGDG \ HQVHxDQ]D )LQDOPHQWH HO ~OWLPR
LPSDFWR LPSDFWR VRFLDO VH UHILHUH D OD SDUWLFLSDFLyQ GH OD XQLYHUVLGDG HQ HO GHVDUUROOR GH OD
VRFLHGDG\SURJUHVRGHOFDSLWDOVRFLDOHVGHFLUSRVLFLRQDDODXQLYHUVLGDGFRPRXQDFWRUVRFLDO
\UHIHUHQWHGHOLPSDFWRHQHOGHVDUUROORHFRQyPLFRVRFLDO\SROtWLFRGHODVRFLHGDG
$OUHVSHFWR*LOUHFDOFDODLPSRUWDQFLDGHHQWHQGHUORVLPSDFWRVXQLYHUVLWDULRVHQ

HO HQIRTXH GH UHVSRQVDELOLGDG VRFLDO 6HJ~Q HVWD DXWRUD OD FRPSUHQVLyQ GH ODV UHSHUFXVLRQHV
LQWHUQDV\H[WHUQDVGHODXQLYHUVLGDGSHUPLWHWRPDUGHFLVLRQHVDGPLQLVWUDWLYDVIDYRUDEOHVDORV
GRVSURSyVLWRVSULQFLSDOHVGHODXQLYHUVLGDGODIRUPDFLyQDFDGpPLFDKXPDQD\SURIHVLRQDO\
ODLQYHVWLJDFLyQFRQVWDQWHDPEDVGLULJLGDVSULQFLSDOPHQWHDORVHVWXGLDQWHV
3RUHOORDOLJXDOTXHODUHVSRQVDELOLGDGVRFLDOHQHPSUHVDV\21/GRQGHORVFOLHQWHV\
ORV EHQHILFLDULRV UHVSHFWLYDPHQWH VRQ HO SULQFLSDO JUXSR GH LQWHUpV \ UD]yQ GH VHU GH OD
RUJDQL]DFLyQ (Q HO FDVR GH ODV XQLYHUVLGDGHV ORV HVWXGLDQWHV VRQ HO FHQWUR GH WRGDV ODV
RSHUDFLRQHVGHODXQLYHUVLGDG\VXSULQFLSDOJUXSRGHLQWHUpV(VWHDVXQWRKDVLGRWUDWDGRHQOD
LQYHVWLJDFLyQGH9DOODH\VEDMRODVLJXLHQWHFLWD
(VWRVVRQORVHJUHVDGRVORVHPSOHDGRUHVGHORVIXWXURVSURIHVLRQDOHVORVSDGUHVGHORV
HVWXGLDQWHVODVIDPLOLDVGHORVHPSOHDGRVORVFROHJLRVSURIHVLRQDOHVWRGRVORVVHFWRUHV
GHO (VWDGR TXH VH YLQFXODQ FRQ OD XQLYHUVLGDG VHFWRU HGXFDWLYR FLHQFLD \ WHFQRORJtD
HFRQRPtDVRFLDODPELHQWDOHWFKDVWDODVJHQHUDFLRQHVIXWXUDVSRUTXHVXH[LVWHQFLD\
ELHQHVWDU GHSHQGH VXPDPHQWH GH OR TXH VH HQVHxD KR\ HQ ODV 8QLYHUVLGDGHV D ORV
IXWXURVFLHQWtILFRV\OtGHUHVSROtWLFRVGHOPXQGR9DOODH\VS
3RURWURODGRODXQLYHUVLGDGGH<XFDWiQSUHFLVDXQDGHILQLFLyQPiVFRPSOHWDGH568
GHQWURGHVXPDUFRWHyULFRGHJHVWLyQVRFLDOPHQWHUHVSRQVDEOHHQXQFDPSXVVRVWHQLEOH
&DSDFLGDG TXH WLHQH OD XQLYHUVLGDG GH GLIXQGLU \ SRQHU HQ SUiFWLFD XQ FRQMXQWR GH
SULQFLSLRVYDORUHVJHQHUDOHV\HVSHFtILFRSRUPHGLRGHFXDWURSURFHVRVFODYH*HVWLyQ
'RFHQFLD,QYHVWLJDFLyQ\([WHQVLyQ\FRQHOORUHQGLUFXHQWDVDVXVJUXSRVGHLQWHUpV\
DODVRFLHGDGHQVXFRQMXQWRGHORVFRPSURPLVRV\GHORVLPSDFWRVTXHVXVDFWLYLGDGHV
KDQWHQLGRGHMDQGRSRUVHQWDGRTXHDYDQ]DUHQHOFXPSOLPLHQWRGHODUHVSRQVDELOLGDG
VRFLDO HV DVHJXUDU VX VRVWHQLELOLGDG VRFLDO DPELHQWDO \ HFRQyPLFD 8QLYHUVLGDG
$XWyQRPDGH<XFDWiQS
(Q HVH VHQWLGR HV QHFHVDULR H[SOLFDU ORV FXDWUR SURFHVRV FODYHV PHQFLRQDGRV SRU OD
XQLYHUVLGDGGH<XFDWiQ3ULPHURHOSURFHVRGHJHVWLyQVHUHILHUHDODJHVWLyQUHVSRQVDEOHGHORV
UHFXUVRV \ FOLPD ODERUDO GH ODV XQLYHUVLGDGHV 6LPLODU D OD JHVWLyQ HPSUHVDULDO SHUVLJXH XQ

FRPSRUWDPLHQWR RUJDQL]DFLRQDO pWLFR SDUD ORV KiELWRV UXWLQDULRV GH WRGRV ORV LQWHJUDQWHV GH OD
XQLYHUVLGDG 8QLYHUVLGDG $XWyQRPD GH <XFDWiQ &RQ UHVSHFWR DO SURFHVR GH GRFHQFLD
9DOODH\VDILUPDTXHODXQLYHUVLGDGGHEHSUHRFXSDUVHSRUEULQGDUXQDLQWHJUDIRUPDFLyQ
DFDGpPLFD\SHGDJyJLFD(QRWUDVSDODEUDVVHEXVFDIRUPDUXQSHUILOGHOIXWXURSURIHVLRQDOTXH
ORJUp LQFRUSRUDU FRPSHWHQFLDV FLXGDGDQDV GH UHVSRQVDELOLGDG VRFLDO D EHQHILFLR GHO GHVDUUROOR
VRVWHQLEOHGHODVRFLHGDG7HUFHURHOSURFHVRGHLQYHVWLJDFLyQVHUHILHUH³ODLGHDHVGHRULHQWDU
ODDFWLYLGDGFLHQWtILFD\ODSUiFWLFDH[SHUWDKDFLDVXUHVSRQVDELOL]DFLyQVRFLDOQRVyORDWUDYpVGH
XQD QHJRFLDFLyQ GH ODV OtQHDV GH LQYHVWLJDFLyQ XQLYHUVLWDULD FRQ LQWHUORFXWRUHV H[WHUQRV´
9DOODH\VS3RU~OWLPRHOSURFHVRGHH[WHQVLyQGHVFULEHTXHODUHVSRQVDELOLGDGVRFLDO
QR GHEH TXHGDUVH H[FOXVLYDPHQWH GHQWUR GHO FDPSXV XQLYHUVLWDULR VLQR VH GHEH RUJDQL]DU
SUR\HFWRVFRQDFWRUHVH[WHUQRVGHPRGRTXHVHFRQVWLWX\DQYtQFXORVGHSXHQWHVFDSLWDOVRFLDO
SDUDHOGHVDUUROORVRFLDOGHORVSDUWLFLSDQWHV'RPtQJXH] 5DPD
'HHVWD PDQHUDHODSUHQGL]DMHORVSURFHVRV FODYHVGH ODVXQLYHUVLGDGHVHQ VXJHVWLyQ

GRFHQFLD LQYHVWLJDFLyQ \ H[WHQVLyQ SRVLELOLWD HQWHQGHU VX WUDQVFHQGHQFLD FRPR DJHQWHV GH
FDPELRVGHVXSURSLDFRPXQLGDG\ODVRFLHGDGHQODTXHVHGHVHQYXHOYH*LO
'HO PLVPR PRGR OD 568 SUHWHQGH TXH ODV XQLYHUVLGDGHV HVWpQ SUHRFXSDGDV SRU ORV
FDPELRV GH VX HQWRUQR \ TXH WHQJDQ SUHVHQWH TXH ODV IXWXUDV JHQHUDFLRQHV GH FLXGDGDQRV
DSXHVWDQ VXV H[SHFWDWLYDV GH SUR\HFWRV GH YLGD D XQD IRUPDFLyQ XQLYHUVLWDULD PiV ULJXURVD \
FUtWLFD6iQFKH]+HUUHUD=iUDWH 0RUHQR'HPDQHUDSXQWXDOHVSUHFLVRHQWHQGHUOD
UHVSRQVDELOLGDG VRFLDO GHVGH OD SHUVSHFWLYD GH SUREOHPDV DPELHQWDOHV \ VX UHODFLyQ FRQ OD
HGXFDFLyQXQLYHUVLWDULDFRPR³XQDIRUPDSDUDODFLXGDGDQtDSDUWLFLSDFLyQFUtWLFD\ODWRPDGH
UHVSRQVDELOLGDGHV HQ DFFLRQHV \ GHFLVLRQHV UHODWLYDV DO PHGLR QDWXUDO VRFLDO FXOWXUDO \
HFRQyPLFR´0RUJHUVHQ%UHLWLQJ0D\HU 9DUJDS
3DUD ILQHV GH OD LQYHVWLJDFLyQ VH GHEH UHVDOWDU HO WHPD PHGLRDPELHQWH GHQWUR GH OD
JHVWLyQ GH 568 $O UHVSHFWR *DUFtD )HUQDQGR \ )XHQWHV PHQFLRQDQ DFRQWHFLPLHQWRV
LQLFLDOHV GRQGH VH LQWURGXFH OD WHPiWLFD PHGLRDPELHQWDO DO GHVDUUROOR GH OD UHVSRQVDELOLGDG
VRFLDOHQODVXQLYHUVLGDGHV
3URJUDPD ,QWHUQDFLRQDO GH (GXFDFLyQ $PELHQWDO 3,($ FUHDGR SRU OD 81(6&2 \ HO
3180$ HQ \ OD &RQIHUHQFLD ,QWHUJXEHUQDPHQWDO GH 7ELOLVL HQ
HVWDEOHFLHURQFRPRSULRULGDGLQWURGXFLUODGLPHQVLyQDPELHQWDOHQODVXQLYHUVLGDGHV(Q
ORV DxRV SXEOLFDURQ WHPiWLFDV VREUH OD HGXFDFLyQ DPELHQWDO \ ODV FLHQFLDV
DPELHQWDOHV*DUFtDHWDOS

(VWH LQLFLR PDUFDUtD XQ SUHFHGHQWH LPSRUWDQWH SDUD OD LQFOXVLyQ GHO DVSHFWR
PHGLRDPELHQWDO HQ HO GHVDUUROOR GHO FRQRFLPLHQWR DFDGpPLFR \ IRUPDFLyQ WHyULFD GH OD 568
3RVWHULRUPHQWH *LO LQYHVWLJD VREUH OD UHVSRQVDELOLGDG VRFLDO GHVGH OD SHUVSHFWLYD
PHGLRDPELHQWDO\HOGHVDUUROORVXVWHQWDEOHGHODXQLYHUVLGDG
/DUHVSRQVDELOLGDGVRFLDOGHODVXQLYHUVLGDGHVGHVGHODSHUVSHFWLYDDQDOL]DGDVHWUDGXFH
HQ DVXPLU XQ FRPSURPLVR SRU FRQWULEXLU D OD VROXFLyQ GH ORV UHWRV PHGLRDPELHQWDOHV
TXHHQIUHQWDODKXPDQLGDG/DHGXFDFLyQSDUDODVXVWHQWDELOLGDGQRHVXQDRSFLyQVLQR
XQD SULRULGDG (Q XQ DVXQWR TXH FRPSHWH D ODV VRFLHGDGHV GHO PXQGR 3RU WDQWR OD
WUDQVIRUPDFLyQGHODXQLYHUVLGDGKDFLDHQWRUQRVVXVWHQWDEOHVUHTXLHUHODSDUWLFLSDFLyQGH
WRGRVORVLQWHUHVDGRV*LOSS
/DDQWHULRUFLWDKDFHUHIHUHQFLDDOFRPSURPLVRPHGLRDPELHQWDOGHODXQLYHUVLGDG\GH
VXVGLIHUHQWHVDFWRUHVSULQFLSDOPHQWHGHVGHHOHQIRTXHGHVXVWHQWDELOLGDGGHODVRFLHGDG$Vt
ODXQLYHUVLGDGDOVHUXQDLQVWLWXFLyQSULYLOHJLDGDGHODVRFLHGDGSXHGHORJUDUJUDQGHVFDPELRV
GHVGHVXVLVWHPDHGXFDWLYRLQYHVWLJDFLyQ\YROXQWDULDGRGHVXVDOXPQRV3DUWLFXODUPHQWHVREUH
HO YROXQWDULDGR PHGLRDPELHQWDO *LO PHQFLRQD TXH ORV DOXPQRV SXHGHQ UHIOH[LRQDU VX
WUDWRFRQHOPHGLRDPELHQWHDWUDYpVGHODSUiFWLFDGHOFXLGDGRDPELHQWDO
/DLPSRUWDQFLDGHLPSOHPHQWDUSURJUDPDV\SUR\HFWRVVRFLDOPHQWHUHVSRQVDEOHVHQODV
XQLYHUVLGDGHVUHSUHVHQWDODE~VTXHGDGHVROXFLRQHVORFDOHVDSUREOHPDVJOREDOHVHVSRU
HOOR TXH UHVXOWD SUHSRQGHUDQWH TXH HO iPELWR HGXFDWLYR UHDOLFH XQD SURIXQGD UHIOH[LyQ
VREUH HO VLJQLILFDGR GH OD XQLYHUVLGDG VRFLDOPHQWH UHVSRQVDEOH FRQ XQD YLVLyQ pWLFD
VRFLDOPHGLRDPELHQWDO\HFRQyPLFDSXHVHVHQHOODGRQGHVHIRUPDQORVIXWXURVOtGHUHV
GHRUJDQL]DFLRQHVKDFLDODFRQVWUXFFLyQGHXQDVRFLHGDGVXVWHQWDEOH*LOS
/D LQYHVWLJDFLyQ GH *LO IRUWDOHFH OD LGHD TXH ORV SURJUDPDV VRFLDOPHQWH
UHVSRQVDEOHV GH OD XQLYHUVLGDG VRQ XQD JUDQ KHUUDPLHQWD SDUD FUHDU YDORUHV FLXGDGDQRV HQ ORV
DOXPQRV \ SRVLELOLWDQ HQIUHQWDU ORV GHVDItRV PHGLRDPELHQWDOHV FRQ PD\RU p[LWR $Vt PLVPR
FRQVROLGDODIRUPDFLyQ\ GLiORJRHQWUH ORV HVWXGLDQWHVVREUHFRQFLHQWL]DFLyQGHORVSUREOHPDV
PHGLRDPELHQWDOHV\VXVSUREDEOHVVROXFLRQHV
$ORODUJRGHHVWDVHFFLyQVHKDGHVDUUROODGRORVGLIHUHQWHVHQIRTXHVGHUHVSRQVDELOLGDG
VRFLDO SULPHUR VH YLR OD 56( \ OD WHRUtD GH FUHDFLyQ GH FDSLWDO VRFLDO 3RVWHULRUPHQWH OD
UHVSRQVDELOLGDG HQ 21/ VHxDOD OD LPSRUWDQFLD GH LGHQWLILFDU DO SULQFLSDO JUXSR GH LQWHUpV ORV
EHQHILFLDULRV HQ HO GHVDUUROOR GH OD UHVSRQVDELOLGDG VRFLDO 3RU ~OWLPR ORV HVWXGLDQWHV VRQ HO
FHQWUR GH WRGDV ODV DFWLYLGDGHV GHO HQIRTXH GH 568 SRU HVR OD XQLYHUVLGDG GHEH OLGHUDU HO

FDPELR HQ ORV YDORUHV DFWLWXGHV \ FRPSRUWDPLHQWRV GH HVWRV D ILQ GH DIURQWDU ORV JUDQGHV
SUREOHPDVTXHDIHFWDQDODVRFLHGDG8QRGHORVPD\RUHVSUREOHPDVTXHDIHFWD\SUHRFXSDDOD
VRFLHGDG HV HO IXWXUR GHO PHGLRDPELHQWH SRU HOOR OD UHVSRQVDELOLGDG VRFLDO HQ WRGRV VXV
HQIRTXHV VROLFLWD VX LQWHUYHQFLyQ \ UHVSXHVWD 3UHFLVDPHQWH OD XQLYHUVLGDG HV OODPDGD SDUD
HQVHxDU\IRUPDUOD FRQFLHQFLD PHGLRDPELHQWDO HQ VX FRPXQLGDG FRQHOREMHWLYR GHORJUDUXQ
FDPELR HQ VX DFWLWXG \ KiELWRV GH UHVSRQVDELOLGDG \ SDUWLFLSDFLyQ HQ EHQHILFLR GHO
PHGLRDPELHQWH (Q HVH VHQWLGR HO SURFHVR GH FRQFLHQWL]DFLyQ PHGLRDPELHQWDO LQLFLD HQ OD
IRUPDFLyQ GH QXHYRV FLXGDGDQRV JHVWRUHV S~EOLFRV LQYHVWLJDGRUHV FLHQWtILFRV \ HPSUHVDULRV
TXH FRQWULEX\DQ D OD FRQVWUXFFLyQ GH XQD QXHYD VRFLHGDG PiV UHVSHWXRVD \ FRQVHUYDGRUD GHO
PHGLRDPELHQWH*LO
5HVSRQVDELOLGDGVRFLDOXQLYHUVLWDULD38&3)RUPDFLyQGHOFLXGDGDQR
DPELHQWDO
/D 3RQWLILFLD 8QLYHUVLGDG &DWyOLFD GHO 3HU~ 38&3 IXH IXQGDGDHQ H LQLFLy VXV
ODERUHV FRQ OD IDFXOWDG GH /HWUDV \ OD )DFXOWDG GH -XULVSUXGHQFLD WDPELpQ IXH OD SULPHUD
XQLYHUVLGDG SULYDGD FUHDGD HQ HO 3HU~ 38&3 $FWXDOPHQWH OD 38&3 HV UHFRQRFLGD
FRPR OD PHMRU XQLYHUVLGDG GHO SDtV \ XQD GH ODV PHMRUHV XQLYHUVLGDGHV GH OD UHJLyQ VHJ~Q OD
UHYLVWD$PpULFD(FRQyPLFD\46:RUOG8QLYHUVLW\5DQNLQJV(O&RPHUFLR
/D 38&3 HVWi FRPSXHVWD SRU )DFXOWDGHV TXH RIUHFHQ FDUUHUDV HQ SUHJUDGR
'HSDUWDPHQWRV$FDGpPLFRV\XQD(VFXHODGH3RVJUDGRSDUDORVSURJUDPDVGHPDHVWUtDV\
GRFWRUDGRVTXHVHGLFWDQHQODXQLYHUVLGDG(QHOVHJXQGRVHPHVWUHDFDGpPLFRGHOHVWDEDQ
PDWULFXODGRVHVWXGLDQWHVHQSUHJUDGR38&3
'HVGH HO ODGR RUJDQL]DFLRQDO OD 38&3 HV XQD RUJDQL]DFLyQ VLQ ILQHV GH OXFUR \ GH
FDUiFWHUHFOHVLiVWLFRHVGHFLUVXIXQFLyQDFDGpPLFD\FLHQWtILFDHVFRPSDWLEOHFRQHOPHQVDMHGH
ODGRFWULQDGHODLJOHVLDFDWyOLFD'HOPLVPRPRGROD$VDPEOHD8QLYHUVLWDULDPi[LPRyUJDQR
GHJRELHUQRGHODXQLYHUVLGDGFXHQWDFRQPLHPEURVGHOHSLVFRSDGRSHUXDQRDGHPiVGHOUHFWRU
YLFHUUHFWRUHVSURIHVRUHV\UHSUHVHQWDQWHVGHORVJUDGXDGRV\DOXPQRV/DX
/D $VDPEOHD 8QLYHUVLWDULD HVWDEOHFH HQ HO DUWtFXOR GHO HVWDWXWR TXH ³OD DFWLYLGDG
UHJXODGDGHUHVSRQVDELOLGDGVRFLDOXQLYHUVLWDULD\H[WHQVLyQXQLYHUVLWDULDHVREOLJDWRULDSDUDORV
HVWXGLDQWHV GH SUHJUDGR´ 38&3 S (Q HVH VHQWLGR VH LPSXOVD OD FUHDFLyQ GH OD
'LUHFFLyQ $FDGpPLFD GH 5HVSRQVDELOLGDG 6RFLDO '$56 HQ HO FRQ HO REMHWLYR GH
DVHJXUDUFRRUGLQDU\GHVDUUROODUWRGDVODVDFWLYLGDGHVGHUHVSRQVDELOLGDGVRFLDOXQLYHUVLWDULD

6HJ~Q7HVDQLD9HOiVTXH]GLUHFWRUDGHOD'$56³ODFLXGDGDQtDHVXQHMHFHQWUDOGHOD
568 6H WUDWD GH UHFXSHUDU HO SRWHQFLDO pWLFR \ SROtWLFR GH OD IRUPDFLyQ H LQYHVWLJDFLyQ
XQLYHUVLWDULDV´ 9HOiVTXH] S 3RU HOOR OD '$56 HV OD RUJDQL]DFLyQ HQFDUJDGD GH
FXPSOLU\GLULJLUWRGRVORVREMHWLYRVGHUHVSRQVDELOLGDGVRFLDOXQLYHUVLWDULDGHOD38&3
(QWHPDVDPELHQWDOHVOD38&3UHFRQRFHTXHHO3HU~HVXQSDtVYXOQHUDEOHDOFDPELR
FOLPiWLFR\TXHPXFKRVGHORVFRQIOLFWRVVRFLDOHVWLHQHQRULJHQHQSUREOHPDVPHGLRDPELHQWDOHV
3RU HVR GHQWUR GH VX 3ODQ HVWUDWpJLFR LQVWLWXFLRQDO 3(, VH FRPSURPHWH DO
GHVDUUROOR GH ODV FDSDFLGDGHV FLXGDGDQDV GH UHVSRQVDELOLGDG VRFLDO HQ HO iPELWR FXUULFXODU \
H[WUDFXUULFXODU38&3/DGLUHFWRUDGHOD'$56PHQFLRQDORVLJXLHQWHHQODFRQIHUHQFLD
³0HVDGH7UDEDMR&DPSXV6RVWHQLEOH´
/D UHVSRQVDELOLGDG VRFLDO XQLYHUVLWDULD SDUD OD XQLYHUVLGDG FDWyOLFD HV XQD SROtWLFD HV
XQDSROtWLFDXQLYHUVLWDULDSDUWHGHODIRUPDFLyQLQWHJUDOGHQXHVWURVDOXPQRV1RVRWURV
HQWHQGHPRV OD 568 FRPR OD SXHVWD HQ SUiFWLFD GH XQ HMHUFLFLR FLXGDGDQR OR TXH
TXHUHPRV HV TXH ORV DOXPQRV GH OD XQLYHUVLGDG HMHU]DQ D SDUWLU GH OD IRUPDFLyQ XQD
FLXGDGDQtD UHVSRQVDEOH XQD FLXGDGDQtD GHPRFUiWLFD \ HQ HVH VHQWLGR KDEODU GH ORV
REMHWLYRV GH GHVDUUROOR VRVWHQLEOH KDEODU GH FDPELR FOLPiWLFR HV SDUWH GH QXHVWUDV
WDUHDV\GHQXHVWUDVIXQFLRQHV:DQNH$OIDUR 9HOiVTXH]
$Vt OD 38&3 EXVFD RULHQWDU D VXV DOXPQRV KDFLD XQD FRQGXFWD FLXGDGDQD PiV
UHVSRQVDEOHKDFLDVXHQWRUQR(QWpUPLQRVPHGLRDPELHQWDOHVOD38&3SURSRQHODIRUPDFLyQHQ
FLXGDGDQtD DPELHQWDO FRPR VX SURSXHVWD SULQFLSDO GH UHVSRQVDELOLGDG VRFLDO (VWD WLHQH SRU
REMHWLYRSULQFLSDOTXHORVDOXPQRVHMHU]DQEXHQDVSUiFWLFDVPHGLRDPELHQWDOHVGHVGHVXOOHJDGD
DODXQLYHUVLGDG&RPRVHxDOD.HOO\$OIDUR&RRUGLQDGRUD'$56³/DIRUPDFLyQHQFLXGDGDQtD
DPELHQWDOFRQVLGHUDPRVTXHHVLPSRUWDQWHSRUTXHJHQHUDXQSHQVDPLHQWRFUtWLFRHVKRUL]RQWDO
KD\ EXHQDV SUiFWLFDV DPELHQWDOHV \ WHQHPRV LQFLGHQFLD HQ WRGRV ORV HVSDFLRV GH LQWHUDFFLyQ´
:DQNH$OIDUR 9HOiVTXH]
/DIRUPDFLyQGHODOXPQRHQXQFLXGDGDQRDPELHQWDOHQSDODEUDVGHOD&RRUGLQDGRUDGH
OD'$56VHH[SOLFDGHODVLJXLHQWHPDQHUD
/D IRUPDFLyQ GH FLXGDGDQtD DPELHQWDO OR HQWHQGHPRV GHVGH XQ SURFHVR QR VROR
IRUPDWLYR VLQR TXH OOHJD D WUDQVIRUPDU D ODV SHUVRQDV TXH OOHJDQ GHQWUR GH OD
XQLYHUVLGDG QR VROR HQ OR FRJQLWLYR GH WUDVPLWLU FRQRFLPLHQWRV VLQR TXH WHQJD OD
DFWLWXG SDUD UHFLELU HVH FRQRFLPLHQWR \ VDEHU \ TXH VLJQLILTXH FRPR UHVXOWDGR DOJXQD

DFFLyQHQWRQFHVHVXQSURFHVRIRUPDWLYRTXHOODPDDODVDFFLRQHVDPELHQWDOHV:DQNH
$OIDUR 9HOiVTXH]
(QHVHVHQWLGROD38&3LGHQWLILFDWUHVSURFHVRVFODYHVHQODIRUPDFLyQGHFLXGDGDQtD
DPELHQWDO 3ULPHUR HQ HO SURFHVR FRJQLWLYR OD XQLYHUVLGDG WUDQVPLWH ORV FRQRFLPLHQWRV
DPELHQWDOHVDORVDOXPQRV6HJXQGRHQHOSURFHVRDIHFWLYRVHFRQVLGHUDODGLVSRVLFLyQSRVLWLYD
GH ORV DOXPQRV D UHFLELU ORV FRQRFLPLHQWRV DPELHQWDOHV 3RU ~OWLPR VH HVSHUD TXH HO DOXPQR
SRQJDHQSUiFWLFDORDSUHQGLGRPHGLDQWHXQDDFFLyQDIDYRUGHOPHGLRDPELHQWH(QODILJXUD
VHLOXVWUDHOSURFHVRFRPSOHWRTXHHVSHUDWUDQVIRUPDUDODOXPQRHQXQFLXGDGDQRDPELHQWDO
)LJXUD3URFHVRGHIRUPDFLyQHQFLXGDGDQtDDPELHQWDO
&RJQLWLYR $IHFWLYR &RQGXFWD

7UDQVPLVLyQGH 'LVSRVLFLyQHQ $FFLyQGHO
FRQRFLPLHQWRV\ UHFLELUHO FRQRFLPLHQWRRVDEHU
VDEHUHV FRQRFLPLHQWR DGTXLULGR
)RUPDFLyQGHODOXPQRHQXQFLXGDGDQRDPELHQWDO

$GDSWDGRGH:DQNH$OIDUR\9HOiVTXH]
/D 38&3 LGHQWLILFD FXDWUR HMHV HVWUDWpJLFRV TXH FRQWULEX\HQ D OOHYDU D OD SUiFWLFD ODV
SROtWLFDV GH UHVSRQVDELOLGDG VRFLDO XQLYHUVLWDULDV HQ OD WHPiWLFD DPELHQWDO )RUPDFLyQ
LQYHVWLJDFLyQ UHODFLyQ FRQ HO HQWRUQR \ JHVWLyQ LQVWLWXFLRQDO (Q OD IRUPDFLyQ VH WLHQH GRV
OtQHDVGHDFFLyQODIRUPDFLyQIRUPDO\ODIRUPDFLyQQRIRUPDO/DSULPHUDWUDWDGHLQYROXFUDUD
ORV DOXPQRV PHGLDQWH FXUVRV FXUULFXODUHV GH UHVSRQVDELOLGDG VRFLDO SRU HMHPSOR HO FXUVR GH
HFROyJLFD HQ OD )DFXOWDG GH (VWXGLRV *HQHUDOHV /HWUDV GRQGH ORV DOXPQRV VH LQIRUPDQ \
UHDOL]DQ DFWLYLGDGHV GH FXLGDGR DPELHQWDO HQ HVSDFLRV GHQWUR GHO FDPSXV 3RU RWUD SDUWH OD
IRUPDFLyQQRIRUPDOVHUHILHUHDODVLQWHUYHQFLRQHVVDOLGDVFRQIHUHQFLDVWDOOHUHVFDPSDxDVHV
GHFLU WRGRV ORV FXUVRV GH H[WHQVLyQ GH tQGROH H[WUDFXUULFXODU GLULJLGRV D WRGD OD FRPXQLGDG
XQLYHUVLWDULD38&3(QHOHMHGHLQYHVWLJDFLyQVHHQFXHQWUDHO,QVWLWXWRGH&LHQFLDVGHOD
1DWXUDOH]D7HUULWRULR\(QHUJtDV5HQRYDEOHV,17(38&3TXHDJUXSDFHUFDGHYHLQWHJUXSRV
GHLQYHVWLJDFLyQFRQWHPiWLFDDPELHQWDO3RURWUDSDUWHHQHOHMHGHUHODFLyQFRQHOHQWRUQRVH
WLHQHODSROtWLFDGHJHVWLyQDPELHQWDOHOVLVWHPDGHJHVWLyQDPELHQWDOODFRKHUHQFLDDPELHQWDO
LQVWLWXFLRQDO\ODIRUPDFLyQHQ FLXGDGDQtDDPELHQWDO )LQDOPHQWHODJHVWLyQ LQVWLWXFLRQDOWUDWD

GHDSURYHFKDU\FRQVHUYDUORVUHFXUVRVGHOFDPSXVODJHVWLyQLQWHJUDOGHODFDOLGDGDPELHQWDO\
ODFRQFLHQFLDDPELHQWDOHQWUHORVPLHPEURVGHODFRPXQLGDGXQLYHUVLWDULD
(Q VXPD OD 38&3 HV XQD LQVWLWXFLyQ TXH VH SUHRFXSD GH TXH VXV SROtWLFDV GH
UHVSRQVDELOLGDG VRFLDO VHDQ HMHFXWDGDV \ TXH ORJUHQ WUDQVIRUPDU OD FRQGXFWD GH VX FRPXQLGDG
XQLYHUVLWDULD 3ULQFLSDOPHQWH OD IRUPDFLyQ GH HQ FLXGDGDQtD DPELHQWDO SUHWHQGH FDPELDU OD
DFWLWXGGHVXVDOXPQRVPHGLDQWHODIRUPDFLyQHQYDORUHV\EXHQDVSUiFWLFDVPHGLRDPELHQWDOHV
3RU HOOR HQ HO SURFHVR GH IRUPDFLyQ GHO FLXGDGDQR DPELHQWDO VH UHFRQRFH OD LPSRUWDQFLD GH
IRUPDUHQHODOXPQRXQDDFWLWXGDIDYRUGHOPHGLRDPELHQWH(QWDOVHQWLGRVHKDFHUHIHUHQFLDDO
FRPSRUWDPLHQWR HFROyJLFR \ FXiOHV VHUtDQ ODV HVWUDWHJLDV DSURSLDGDV TXH SURGX]FDQ GLFKR
FDPELRHQORVDOXPQRV38&3
0DUNHWLQJHFROyJLFR
'XUDQWH ORV ~OWLPRV DxRV VH KD SUHVHQWDGR XQ FUHFLPLHQWR GH ORV FRQVXPLGRUHV FRQ
FRQFLHQFLDHFROyJLFDSUHRFXSDGRVSRUORVSUREOHPDVDPELHQWDOHVTXHDIHFWDQQXHVWURSODQHWD\
ODQHFHVLGDGGHSURWHJHUOR\FXLGDUOR)UDM 0DUWtQH]$UDt]GHHOORODVRUJDQL]DFLRQHV
HPSLH]DQ D VHU SUHVLRQDGDV QR VRODPHQWH HQ FXPSOLU FRQ ODV UHJXODFLRQHV DPELHQWDOHV GH VXV
DFWLYLGDGHVSRUSDUWHGHOJRELHUQRVLQRWDPELpQDHVFXFKDUODVGHPDQGDVGHORVFRQVXPLGRUHV
SUHRFXSDGRVHQHOFXLGDGRGHOPHGLRDPELHQWH(VWDSUHRFXSDFLyQ\ODVHQVLELOL]DFLyQVRFLDOGHO
FXLGDGR\ODSUHVHUYDFLyQDPELHQWDORULJLQDTXHODVHPSUHVDVHPSLHFHQDLQFRUSRUDUGHQWURGH
VXVSURSXHVWDV\HVWUDWHJLDVHOHPHQWRVHFROyJLFRVGHPDUNHWLQJ+DPPDQ
(QHVWHVHQWLGRHOFRQFHSWRGHOPDUNHWLQJHVGHILQLGRHQXQSULPHUPRPHQWRSRU.RWOHU
\$UPVWURQJFRPROD³HQWUHJDGHVDWLVIDFFLyQDORVFOLHQWHVREWHQLHQGRXQDXWLOLGDG´VH
UHGHILQHDODVDWLVIDFFLyQGHWRGDXQDVRFLHGDGHQVXFRQMXQWR\GHOSODQHWDWDOFRPRVHPXHVWUD
HQODILJXUD
)LJXUD(OPDUNHWLQJWUDGLFLRQDO\HOPDUNHWLQJHFROyJLFR
0DUNHWLQJ &RQVXPLGRU

&RQVXPLGRU
0DUNHWLQJ
Sociedad Medio
(FROyJLFR Ambiente
$GDSWDGRGH&DORPDUGH

(VWH QXHYR FRQFHSWR HV OODPDGR PDUNHWLQJ HFROyJLFR WDPELpQ GHQRPLQDGR PDUNHWLQJ
YHUGH PHGLRDPELHQWDO HFRPDUNHWLQJ VRVWHQLEOH R UHVSRQVDEOH 6DQWHVPDVHV GHILQH HO
PDUNHWLQJHFROyJLFRFRPR
/DFRPHUFLDOL]DFLyQGHORVSURGXFWRV\HQYDVHVTXHVRQPHQRVWy[LFRVRFRQWDPLQDQWHV
TXH ORV QRUPDOHV PiV GXUDGHURV FRQWLHQHQ PDWHULDOHV UHXWLOL]DEOHV LQFRUSRUDQ
FRPSRQHQWHV UHFLFODGRV R VX IDEULFDFLyQ VXSRQH XQ PHQRU GHVJDVWH GH ORV UHFXUVRV
QDWXUDOHVRXQDPHQRUFRQWDPLQDFLyQGHOPHGLRDPELHQWH6DQWHVPDVHVS
3RUVXSDUWH&DORPDUGHSURSRQHXQDGHILQLFLyQPiVFRPSOHWDSXHVFRQVLGHUDD

ORVDFWRUHVLQYROXFUDGRVODVRFLHGDGHOFRQVXPLGRU\HOPHGLRDPELHQWH
(OPDUNHWLQJHFROyJLFRHVXQPRGRGHFRQFHELU\GHHMHFXWDUODUHODFLyQGHLQWHUFDPELR
FRQODILQDOLGDGGHTXHVHDVDWLVIDFWRULDSDUDODVSDUWHVTXHHQHOODLQWHUYLHQHQSDUDOD
VRFLHGDG\ SDUDHOHQWRUQRQDWXUDO7RGRHOORPHGLDQWHHOGHVDUUROORODYDORUDFLyQ OD
GLVWULEXFLyQ\ODSURPRFLyQSRUXQDGHODVSDUWHVGHORVELHQHVVHUYLFLRVRLGHDVTXHOD
RWUD SDUWH QHFHVLWD GH IRUPD TXH VH D\XGD D OD FRQVHUYDFLyQ \ D OD PHMRUD GHO PHGLR
DPELHQWH$OPLVPRWLHPSRVHFRQWULEX\HDOGHVDUUROORVRVWHQLEOHGHODHFRQRPtD\GH
ODVRFLHGDG&DORPDUGHS
(VWD~OWLPDGHILQLFLyQUHVDOWDTXHHOSURWDJRQLVPRGHOFRQVXPLGRUTXHEXVFDVDWLVIDFHU
VXV QHFHVLGDGHV HQ HO SURFHVR GH LQWHUFDPELR \D GHMD GH VHU OD ~QLFD SUHRFXSDFLyQ GHO
PDUNHWLQJ \ SDVD D IRUPDU SDUWH GH XQ FRQFHSWR PiV FRPSOHWR H LQWHJUDO 'RQGH ODV SDUWHV
LQYROXFUDGDVHOFRQVXPLGRUODVRFLHGDG\HOPHGLRDPELHQWHHPSLH]DQDLQWHJUDUSDUWHGHORV
REMHWLYRV GH ODV RUJDQL]DFLRQHV \ VH IRUPXODQ HVWUDWHJLDV GH VDWLVIDFHU ODV QHFHVLGDGHV GH OD
FRPXQLGDGDODSDUPLQLPL]DORVGDxRV\SURWHJHUDOPHGLRDPELHQWH
/RV GLVWLQWRV FRQFHSWRV GHO PDUNHWLQJ HFROyJLFR VH SXHGHQ DJUXSDU \ HQWHQGHU HQ GRV
JUDQGHV SHUVSHFWLYDV OD HPSUHVDULDO \ OD VRFLDO $PEDV DXQTXH GLVWLQWDV VRQ QR H[FOX\HQWHV
HQWUHVt\VHIRUPXODQGHDFXHUGRDOVHFWRURDODPLVLyQTXHWLHQHQODVRUJDQL]DFLRQHV
3HUVSHFWLYDHPSUHVDULDO
'HVGH OD SHUVSHFWLYD HPSUHVDULDO OD ILQDOLGDG HV TXH ODV HPSUHVDV GHVDUUROOHQ VXV
DFWLYLGDGHV GH DFXHUGR FRQ XQ FRPSURPLVR FRQ HO PHGLR DPELHQWH (VWR LPSOLFD XQ HQIRTXH
QXHYR GHVGH HO SURFHVR GH SODQLILFDFLyQ LPSOHPHQWDFLyQ \ FRQWURO GHO PDUNHWLQJ PL[
SURGXFWR SUHFLR GLVWULEXFLyQ \ FRPXQLFDFLyQ VLQ GHVFXLGDU ORV REMHWLYRV GH OD SURSLD
HPSUHVD \ OD VDWLVIDFFLyQ GH ODV QHFHVLGDGHV GH ORV FOLHQWHV 0DG FRPXQLFDFLyQ /D
GHILQLFLyQ GH 6DQWHVPDVHV YLVWD DQWHULRUPHQWH HQWUD D GHWDOODU ORV REMHWLYRV TXH ODV

RUJDQL]DFLRQHVWLHQHQDODKRUDGHUHDOL]DUVXVDFWLYLGDGHVHQGRQGH\DQRVHWUDWDGHWHQHUXQ
REMHWLYR PHUDPHQWH OXFUDWLYR EDVDGR HQ OD VDWLVIDFFLyQ GHO FRQVXPLGRU VLQR HQ DWHQGHU ODV
GHPDQGDVGHODVRFLHGDG\HOPHGLRDPELHQWH
3RU WDQWR ODV HPSUHVDV UHSODQWHDQ VXV REMHWLYRV FRQVLGHUDQGR QR VROR OD GLPHQVLyQ
HFRQyPLFDVLQRWDPELpQODVGLPHQVLRQHVVRFLDO\HFROyJLFD<WDOFRPRORH[SOLFD+RSIHQEHFN
HQODILJXUDODVHPSUHVDVQRSXHGHQHYLWDUHVWHFDPELRGHOHQWRUQRVLGHVHDQPDQWHQHU
ODFRPSHWLWLYLGDGUHVSHFWRDODVGHPiVRUJDQL]DFLRQHVHVGHFLUXQDPHMRUDGHOFRPSRUWDPLHQWR
DPELHQWDO GHXQDHPSUHVDSXHGHVXSRQHUXQD PHMRUDHQVXFRPSHWLWLYLGDG3RUFLHUWRHOOR VH
FRQVLJXH DO RULHQWDU ORV REMHWLYRV GH OD HPSUHVD D XQ EHQHILFLR FRP~Q FRQ ORV FOLHQWHV \ HO
PHGLRDPELHQWH
)LJXUD'LPHQVLRQHVSDUDXQQXHYRHQWRUQRFRPSHWLWLYR

'LPHQVLyQ(FRQyPLFD
Rentabilidad y liquidez
Rentabilidad y productividad
Innovación y desarrollo
Dimensión Social:

-Motivación y
Satisfacción en el trabajo Dimensión Ecológica:

'HVDUUROOR -Ahorro de materias Primas
-Seguridad Laboral
-Salud y condiciones de -Emisiones
6RVWHQLEOHGH
-Cuidado de Espacios naturales
trabajo
OD(PSUHVD -Calidad

$GDSWDGRGH+RSIHQEHFN
(Q HVH VHQWLGR HO PDUNHWLQJ HFROyJLFR HQ ODV RUJDQL]DFLRQHV VH FRQYLHUWH HQ ³XQ
SURFHVRGHJHVWLyQLQWHJUDOUHVSRQVDEOHGHODLGHQWLILFDFLyQDQWLFLSDFLyQ\VDWLVIDFFLyQGHODV
GHPDQGDVGHORVFOLHQWHV\GHODVRFLHGDGGHXQDIRUPDUHQWDEOH\VRVWHQLEOH´3HDWWLHS
$XQTXHHQXQLQLFLRSXHGHVLJQLILFDUXQLQFUHPHQWRHQVXVJDVWRVJHQHUDOHVLQYHUVLyQHQ
QXHYDVWHFQRORJtDVOLPSLDVFDSDFLWDFLyQGHSHUVRQDOHWFHQHOPHGLDQR\ODUJRSOD]RVLJQLILFD
XQDKRUURHQSURGXFFLyQGLVPLQXFLyQHQHQHUJtDHPSOHDGD\PDOXVRGHPDWHULDSULPDJDVWRV
OHJDOHVHYLWDUVDQFLRQHV\PXOWDV\FXLGDGRGHVXLPDJHQ
/RV FRQVXPLGRUHV HVWiQ HQWUDQGR D XQD HWDSD GH WUDQVIRUPDFLyQ GRQGH VH HV PiV
FRQVFLHQWH GHO WHPD DPELHQWDO \ VH EXVFDQ SURGXFWRV TXH QR FRQWDPLQHQ \ TXH VHDQ
HFRDPLJDEOHV FRQ HO PHGLR DPELHQWH $ OD SDU WDPELpQ ODV HPSUHVDV VH HVWiQ WUDQVIRUPDQGR
SXHVODVH[LJHQFLDVTXHORVFRQVXPLGRUHVGHPDQGHQDODVRUJDQL]DFLRQHVHQORVSURGXFWRVRVX

SURFHVRGHSURGXFFLyQDOUHVSHWR\FXLGDGRGHOPHGLRDPELHQWHSXHGHQGHWHUPLQDUDODSpUGLGD
GHFRPSHWLWLYLGDGUHVSHFWRDODVHPSUHVDVTXHVtORKDJDQ(VWRQRWLHQHTXHVLJQLILFDUXQULHVJR
SDUDODVRUJDQL]DFLRQHVVLQRXQFRPSURPLVR\XQDRSRUWXQLGDGGHPHMRUDRLQQRYDFLyQHQHO
GHVDUUROORGHORVSURGXFWRVRHQODHILFLHQFLDGHOSURFHVRGHSURGXFFLyQ
3HUVSHFWLYDVRFLDO
'HVGH OD SHUVSHFWLYD VRFLDO HO PDUNHWLQJ HFROyJLFR EXVFD HVWLPXODU \ IDFLOLWDU OD
DFHSWDFLyQ GH LGHDV \ FRPSRUWDPLHQWRV VRFLDOHV TXH VH FRQVLGHUHQ EHQHILFLRVRV SDUD OD
VRFLHGDG OR TXH VLJQLILFD GLIXQGLU LGHDV \ FRQGXFWDV PHGLRDPELHQWDOHV GHVHDEOHV HQWUH ORV
FLXGDGDQRV \ ORV GLVWLQWRV DJHQWHV VRFLDOHV R SRQHU IUHQR D DTXHOODV RWUDV LGHDV DFWLWXGHV R
DFFLRQHV FRQVLGHUDGDV SHUMXGLFLDOHV 0DG FRPXQLFDFLyQ (O PDUNHWLQJ HFROyJLFR HV
SDUWH LQWHJUDQWH GHO PDUNHWLQJ VRFLDO TXH HV DTXHO TXH PRGLILFD ODV FUHHQFLDV DFWLWXGHV \
FRPSRUWDPLHQWRGHODSREODFLyQKDFLDHOFXLGDGR\HOFRUUHFWRXVR\FRQVXPRGHORVUHFXUVRV
QDWXUDOHV
8QD GHILQLFLyQ VREUH HO PDUNHWLQJ HFROyJLFR HV HO GH ³XQ FRQMXQWR GH DFWXDFLRQHV
OOHYDGDV D FDER SRU LQVWLWXFLRQHV VLQ ILQHV GH OXFUR DGPLQLVWUDFLRQHV JUXSR GH HFRORJLVWDV
DVRFLDFLRQHV GH FRQVXPLGRUHV HWF SDUD GLIXQGLU LGHDV \ FRPSRUWDPLHQWRV
PHGLRDPELHQWDOPHQWH GHVHDEOHV HQWUH ORV FLXGDGDQRV \ ORV GLVWLQWR DJHQWHV VRFLDOHV \
HFRQyPLFRV´&KDPRUURS(OPDUNHWLQJHFROyJLFRGHVGHODSHUVSHFWLYDVRFLDOHVWi
RULHQWDGDKDFLDXQILQVRFLDO\VXVWHQWDEOH\QRFRQXQILQGHJHQHUDFLyQGHEHQHILFLRVFRPRHQ
OD SHUVSHFWLYD HPSUHVDULDO 3RU HOOR VHJ~Q &KDPRUUR ORV REMHWLYRV TXH HO PDUNHWLQJ
HFROyJLFR EXVFD LPSODQWDU HQ ODV SHUVRQDV VRQ FXDWUR LQIRUPDU \ HGXFDU VREUH WHPDV
DPELHQWDOHV HVWLPXODU DFFLRQHV EHQHILFLRVDV SDUD HO PHGLRDPELHQWH DKRUUR GH HQHUJtD \
FXLGDGR GHO DJXD FDPELDU FRPSRUWDPLHQWRV QRFLYRV SDUD HO HQWRUQR QDWXUDO \ FDPELDU ORV
YDORUHVGHODVRFLHGDG
8QDGHODVFDUDFWHUtVWLFDVGHOPDUNHWLQJHFROyJLFRHVTXHHOLQWHUpVUDGLFD\DQRVRORHQ
VDWLVIDFHU ODV QHFHVLGDGHV GHO FRQVXPLGRU VLQR WDPELpQ HQ TXH ODV GHFLVLRQHV TXH VH WRPHQ
UDGLTXHQ HQ PDQWHQHU HO HTXLOLEULR HFROyJLFR \ OD IRPHQWDFLyQ \ HO GHEHU GHO FLXGDGDQR GH
FXLGDUGHOPLVPR$VtODILQDOLGDGGHODVDFFLRQHVTXHLPSOHPHQWDQHOPDUNHWLQJHFROyJLFRHQ
OD SHUVSHFWLYD VRFLDO HV HO ORJUR GH XQ FDPELR HQ ODV LGHDV DFWLWXGHV FUHHQFLDV \ HO
FRPSRUWDPLHQWRLGHQWLILFDGRVGHXQPHUFDGRREMHWLYRRPHWD3RUHOORHOPDUNHWLQJHFROyJLFR
VHHQIRFDHQLQIOXLUHQHOFRPSRUWDPLHQWRYROXQWDULRGHOFRQVXPLGRU\HVWDEOHFHUVXVREMHWLYRV
DO ELHQHVWDU GHO S~EOLFR REMHWLYR R PHUFDGR PHWD \ GH WRGD OD VRFLHGDG VLQ GHMDU GH ODGR OD

FRODERUDFLyQ GH WRGRV ORV DFWRUHV LQYROXFUDGRV VHFWRU JXEHUQDPHQWDO VHFWRU LQWHUQDFLRQDO
WHUFHUVHFWRUVHFWRUSULYDGR\SREODFLyQREMHWLYRRPHUFDGRPHWD
/DSUHVHQWHLQYHVWLJDFLyQWUDEDMDFRQXQHQIRTXHRULHQWDGRDOPDUNHWLQJHFROyJLFRFRQ
XQDSHUVSHFWLYDSULQFLSDOPHQWHVRFLDO\XQRGHODVSULQFLSDOHVWDUHDVTXHFRQOOHYDHOORHVHOGH
FRQRFHU\GHILQLUHOSHUILO\FRPSRUWDPLHQWRGHODSREODFLyQREMHWLYRR PHUFDGRPHWDORFXDO
VLJQLILFD LGHQWLILFDU ODV YDULDEOHV TXH GHWHUPLQDQ HO FRPSRUWDPLHQWR HV GHFLU FDUDFWHUtVWLFDV
GHPRJUiILFDVSVLFRJUiILFDVYDORUHVFUHHQFLDVHVWLORGHYLGDHWF3DUDHOORHOVLJXLHQWHDFiSLWH
SURIXQGL]D HQ HO HVWXGLR GHO FRPSRUWDPLHQWR GHO FRQVXPLGRU \ ODV YDULDEOHV TXH SXHGHQ
GHWHUPLQDUVXFRPSRUWDPLHQWR
&RPSRUWDPLHQWRGHOFRQVXPLGRU
8QDSDUWDGRGHLPSRUWDQFLD\TXHFRPSOHPHQWDHOFRQFHSWRJHQHUDOGHOPDUNHWLQJHVHO
FRPSRUWDPLHQWRGHOFRQVXPLGRU6HJ~Q0RQIHUUHUHOPDUNHWLQJVHSXHGHHQWHQGHUGHOD
VLJXLHQWHPDQHUD
(OFHQWURGHODWHRUtD\ODSUiFWLFDGHOPDUNHWLQJVHVLW~DQHQHODIiQSRUSURSRUFLRQDU
YDORU\VDWLVIDFFLyQDVXVPHUFDGRV3DUDHOORHVHVHQFLDOTXHODHPSUHVDVHDFDSD]GH
LGHQWLILFDUODVQHFHVLGDGHVGHVXFOLHQWHGHGLVHxDU\GHVDUUROODURIHUWDVDMXVWDGDVDODV
PLVPDV\GHWUDQVPLWLUODV\DFHUFDUODVGHIRUPDHIHFWLYDKDFLDVXPHUFDGR0RQIHUUHU
S
'HELGR D OD LPSRUWDQFLD GH FRQRFHU DO FRQVXPLGRU H[LVWHQ WHRUtDV TXH WLHQH FRPR
REMHWLYRSRGHUFRQRFHUTXpHVORTXHPRWLYDODFRPSUDGHGHWHUPLQDGRSURGXFWR\RVHUYLFLR
$GHPiV LGHQWLILFDU ODV PRWLYDFLRQHV D ORV FRQVXPLGRUHV VH FRQYLHUWH HQ QHFHVLGDG SURSLD \
QHFHVDULD GH XQD RUJDQL]DFLyQ TXH GHEH EXVFDU FRQRFHU D VXV SRWHQFLDOHV FOLHQWHV R
FRQVXPLGRUHV\DTXHGHEHHQWHQGHUTXpHVORTXH HVWHUHTXLHUHRFXiOHVVRQ VXVSUHIHUHQFLDV
SDUD SRGHU RIUHFHUOH XQ SURGXFWR TXH VH DMXVWH D ODV QHFHVLGDGHV \ FDUDFWHUtVWLFDV SURSLDV GH
FDGDFOLHQWHRFRQVXPLGRU
7RGR OR PHQFLRQDGR VH SXHGH UHVXPLU HQ OD E~VTXHGD \ FRPSUHQVLyQ GHO SURFHVR GH
FRPSUD TXH PiV VH DMXVWH D OD UHDOLGDG GH ORV FRQVXPLGRUHV DO WRPDU XQD GHFLVLyQ HV GHFLU
GHVGHHOLQLFLRGHODQHFHVLGDGPLVPDKDVWDODHOHFFLyQGHGHWHUPLQDGRSURGXFWRRVHUYLFLRTXH
ILQDOL]DHQODVDWLVIDFFLyQGHGLFKDQHFHVLGDG

3URFHVRGHGHFLVLyQGHFRPSUD
&RPRVHKDSRGLGRREVHUYDUHOPDUNHWLQJQRVRORLPSOLFDODSDUWHRSHUDWLYDGHQWURGHO
SURFHVR GH HQWHQGLPLHQWR GH ORV FRQVXPLGRUHV VLQR WDPELpQ XQD SDUWH PiV HVWUDWpJLFD TXH
LQYROXFUDDFWLYLGDGHVFRPRODLQYHVWLJDFLyQGHPHUFDGRVODVHJPHQWDFLyQ\HOSRVLFLRQDPLHQWR
(Q HVSHFtILFR HV HQ OD LQYHVWLJDFLyQ GH PHUFDGRV GRQGH HO SURFHVR GH GHFLVLyQ GH FRPSUD
UHDOPHQWH VH FRQYLHUWH HQ XQ DVSHFWR HVWUDWpJLFR 8Q PRGHOR TXH GHVFULEH GH XQD PDQHUD
VHQFLOOD HVWH SURFHVR HV HOGH $VVDHOFLWDGRHQ 0DQ]RXOL H[SOLFDHO PRGHORGHOD
VLJXLHQWHPDQHUD
&RPLHQ]DSRUXQDQHFHVLGDGODFXDOGHVSLHUWDODLQFOLQDFLyQDVDWLVIDFHUODUD]yQSRUOD
FXDO HO SRWHQFLDO FRQVXPLGRU LQLFLD HO SURFHVDPLHQWR GH OD LQIRUPDFLyQ TXH EXVFD \
UHFLEH &RQ HOOD HMHFXWD XQD HYDOXDFLyQ GH OD PDUFD SDUD OXHJR GHFLGLU OD FRPSUD \
KDFHUXQDHYDOXDFLyQSRVWFRPSUD6LELHQVX0RGHORHVPDQLILHVWDPHQWHVHQFLOORQRKD
GHMDGRGHLPSDFWDUSURIXQGDPHQWHHQHOLGHDULRGHO0DUNHWLQJ\DTXHHQPXFKRVFDVRV
VH FRQYLUWLy HQ HO HVTXHPD LFyQLFR FRQ HO FXiO VH KD H[SOLFDGR GH IRUPD VLPSOH HO
SURFHVRGHGHFLVLyQGHFRPSUDGHORVFRQVXPLGRUHV0DQ]XROLS
)LJXUD3URFHVRGHOFRPSRUWDPLHQWRGHFRPSUDVHJ~Q$VVDHO
$GDSWDGRGH0DQ]XROL
6HJ~QHOPRGHORGHODILJXUDODVIDVHVTXHFRPSUHQGHVRQODVVLJXLHQWHVHOGHVSHUWDU
GH OD QHFHVLGDG HO SURFHVDPLHQWR GH OD LQIRUPDFLyQ OD HYDOXDFLyQ GH OD PDUFD R ODV PDUFDV
H[LVWHQWHV OD FRPSUD GHO SURGXFWR \ OD HYDOXDFLyQ SRV YHQWD R SRV FRPSUD GHVGH HO SXQWR GH
YLVWDHPSUHVDULDO

/DVLPSOLFLGDGGHHVWHPRGHORVHSXHGHQRWDUHQODPDQHUDSRUODFXDOGLYLGHODVIDVHV
HQWUHVPRPHQWRVLPSRUWDQWHV3ULPHURODH[LVWHQFLDGHODQHFHVLGDG\ORTXHLPSOLFDVHJXQGR
OD GHFLVLyQ GH FRPSUD \ ILQDOPHQWH OD HYDOXDFLyQ SRV FRPSUD GHO SURGXFWR \ GH OD PDUFD
DGTXLULGD (V XQ PRGHOR TXH GHPXHVWUD GH IRUPD JHQHUDO \ VHQFLOOD ORV DFRQWHFLPLHQWRV GH
PD\RU LPSRUWDQFLD HQ WRGR HO SURFHVR GH GHFLVLyQ GH FRPSUD 'H HVWD PDQHUD VH IDFLOLWD HO
HQWHQGLPLHQWR GH DOJXQRV FRQFHSWRV TXH VHUiQ DSOLFDGRV PiV DGHODQWH HQ OD FRQVWUXFFLyQ GHO
SHUILOGHOFRQVXPLGRUHFROyJLFR
(Q SULPHU OXJDU WRGR VXUJH FRQ OD QHFHVLGDG GHO FRQVXPLGRU 8Q LQGLYLGXR SRVHH XQ
Q~PHURGHWHUPLQDGRGHQHFHVLGDGHVTXHEXVFDVDWLVIDFHUGHFLHUWDPDQHUD$OJXQDVGHHOODVVH
SXHGHQ VDWLVIDFHU PHGLDQWH OD FRPSUD GH GHWHUPLQDGRV SURGXFWRV \R VHUYLFLRV (VWDV
QHFHVLGDGHVVRQGHWRGRWLSR\DGHPiVGHHOORHOQ~PHURGHRIHUWDVRSURSXHVWDVSDUDVDWLVIDFHU
GLFKDQHFHVLGDGWDPELpQHVDPSOLR3DUD5RGUtJXH]\%HQLWRORPiVLPSRUWDQWHTXHVH
GHEHHQWHQGHUFRQUHVSHFWRDODVQHFHVLGDGHVHVTXHFRQOOHYDQDWRPDUXQDGHFLVLyQ\DTXHVHUi
HVWDDFFLyQODTXHGHWHUPLQDUiHQTXpPHGLGDVHVDWLVIDFHRQRXQDQHFHVLGDG\HQTXpQLYHOR
SURSRUFLyQTXHGDVDWLVIHFKDILQDOPHQWHVLHQGRODHOHFFLyQSDUWHIXQGDPHQWDO\FUtWLFDHQWRGRHO
SURFHVRGHGHFLVLyQGHFRPSUD
(Q VHJXQGR OXJDU OD GHFLVLyQ GH FRPSUD VH SXHGH VXEGLYLGLU HQ GRV VXESURFHVRV R
IDVHV OD E~VTXHGD GH OD LQIRUPDFLyQ \ OD HYDOXDFLyQ GH GLFKD LQIRUPDFLyQ /D E~VTXHGD GH
LQIRUPDFLyQFRQVLVWHHQSRGHUREWHQHULQIRUPDFLyQGHODVGLVWLQWDVPDQHUDVSRUODFXDOVHSXHGH
VDWLVIDFHUGHWHUPLQDGDQHFHVLGDGWDOFRPRVHSXHGHHQWHQGHUDFRQWLQXDFLyQ
/DHYDOXDFLyQGHDOWHUQDWLYDVHVODIDVHGHOSURFHVRGHFRPSUDHQODFXDOHOFRQVXPLGRU
SURFHVD OD LQIRUPDFLyQ VREUH ODV GLIHUHQWHV PDUFDV RULHQWiQGRVH D OD GHFLVLyQ ILQDO
&DGDSURFHVRGHFRPSUDVHUi~QLFRHLUUHSHWLEOHSRUTXHFDPELDQODVFLUFXQVWDQFLDVGHO
PHUFDGR \ ODV QHFHVLGDGHV \ SDUWLFXODULGDGHV GHO FRPSUDGRU 5RGUtJXH] %HQLWR
S
/D LQIRUPDFLyQ VHUi UHOHYDQWH R QR GHSHQGLHQGR GH FDGD FRQVXPLGRU SHUR WRGR HOOR
LQIOX\H HQ OD WRPD GH GHFLVLRQHV 3RU RWUR ODGR PHQFLRQD 5RGUtJXH] \ %HQLWR TXH OD
SDUWLFXODULGDG GH HVWH WLSR GH QHFHVLGDGHV SXHV VL ELHQ HQ OD UHDOLGDG ORV LQGLYLGXRV R
FRQVXPLGRUHV UHSLWHQ OD PLVPD GHFLVLyQ GH FRPSUD \ OD PLVPD SUHIHUHQFLD SRU GHWHUPLQDGD
RSFLyQODLPSRUWDQFLDHVWiHQHOSURFHVRLQWHUQRTXHVHGHVDUUROODSDUDOOHJDUDGLFKDGHFLVLyQ
3RU HOOR LQIOX\HQ GLVWLQWRV WLSRV GH LQIRUPDFLyQ WDQWR LQWHUQRV FRPR H[WHUQRV VLHQGR VREUH
WRGRODVSURSLDVGHOFRQVXPLGRULQWHUQRVODVPiVUHOHYDQWHV\DTXHLQYROXFUDQDVSHFWRVPiV
SHUVRQDOHVGHOLQGLYLGXR7RGRVHVWRVDVSHFWRVSHUVRQDOHVTXHFDUDFWHUL]DQGHPDQHUD~QLFDD

ORV LQGLYLGXRV VH GHVDUUROODQ GH PDQHUD PiV H[WHQVD DO DQDOL]DU HO PRGHOR EiVLFR GHO
FRPSRUWDPLHQWRGHFRPSUDGHOFRQVXPLGRUGH.RWOHU\$UPVWURQJGRQGHVHGHWDOODQORV
IDFWRUHV TXH LQIOX\HQ HQ HO FRPSRUWDPLHQWR GHO FRQVXPLGRU HQ HO PRPHQWR SUHFLVR GH OD
GHFLVLyQGHFRPSUD
3RU~OWLPRFRQUHVSHFWRDODHYDOXDFLyQGHFRPSUDGHOSURGXFWR\RVHUYLFLRpVWDIRUPD
SDUWH GHO SRVLFLRQDPLHQWR TXH VH WLHQH VREUH GHWHUPLQDGD PDUFD GH SURGXFWR 7RGR VHUi
UHVXOWDGRGHHYDOXDUHQTXpWDQWDSURSRUFLyQVHFXEUHXQDQHFHVLGDGRQR\VHUiSULQFLSDOPHQWH
OD SHUFHSFLyQ TXH WHQJD HO FRQVXPLGRU GH OD PDUFD OD TXH DIHFWDUi GH DOJXQD PDQHUD GLFKR
SRVLFLRQDPLHQWR6HJ~Q5RGUtJXH]\%HQLWRWRGRHOSURFHVRJHQHUDOGHGHFLVLyQGHFRPSUDVH
SXHGHUHVXPLUGHODVLJXLHQWHPDQHUD
/DGHFLVLyQGHFRPSUDHVHOHVODEyQPiVFRPSOHMRHQHOSURFHVRGHWRPDGHGHFLVLRQHV
TXH VH HVWi HVWXGLDQGR SRUTXH HV HO PRPHQWR SRU DVt GHFLUOR µGH OD YHUGDG¶ HV OD
FXOPLQDFLyQ GH XQ UHFRUULGR PHQWDO HQFDPLQDGR DO DFLHUWR XQD YH] FRPSUDGR HO
SURGXFWRRVHUYLFLR\DQRTXHGDPiVRSFLyQTXHDVXPLUORVULHVJRV\YDORUDUODGHFLVLyQ
GHFRPSUDDWUDYpVGHOFRQVXPR5RGUtJXH] %HQLWRS
7RGR HVWH SURFHVR FRPSOHMR HV IXQGDPHQWDO SDUD HQWHQGHU OD LPSRUWDQFLD GHO
FRPSRUWDPLHQWRGHOFRQVXPLGRUGHQWURGHOSURFHVRGHGHFLVLyQGHFRPSUD\DTXHVRQPXFKRV
ORV IDFWRUHV TXH ILQDOPHQWH LQIOX\HQ HQ HO FRQVXPLGRU 3RU HOOR D FRQWLQXDFLyQ VH GHWDOOD XQ
PRGHOREiVLFRPHGLDQWHHOFXDOVHEXVFDLGHQWLILFDU\H[SOLFDUDTXHOORVIDFWRUHVGHWHUPLQDQWHV
HQODWRPDGHGHFLVLRQHVGHORVFRQVXPLGRUHV
0RGHORGHFRPSRUWDPLHQWRGHOFRQVXPLGRU
/XHJRGHKDEHUUHYLVDGRODLPSRUWDQFLDGHOPDUNHWLQJ\ODUHODFLyQHQWUHHVWHFRQFHSWR
\ HOGHO FRPSRUWDPLHQWRGHO FRQVXPLGRUHVSRVLEOHGHVDUUROODUD~QPiVHOWHPDVLVHWUDWDGH
FRPSUHQGHU HO FRPSRUWDPLHQWR GHO FRQVXPLGRU PHGLDQWH XQ PRGHOR TXH GHQRWH DTXHOODV
FDUDFWHUtVWLFDVJHQHUDOHVTXHGHILQHQDXQFRQVXPLGRU
(QSULPHUOXJDUVHJ~Q.RWOHUODWRPDGHGHFLVLRQHVSRUSDUWHGHOFRQVXPLGRUDEDUFDOR
VLJXLHQWH
(O PHUFDGyORJR GHVHD FRPSUHQGHU OD IRUPD HQ TXH ORV HVWtPXORV VH FRQYLHUWHQ HQ
UHVSXHVWDVGHODFDMDQHJUDGHOFRQVXPLGRUODFXDOLQFOX\HGRVSDUWHV(QSULPHUOXJDU
ODV FDUDFWHUtVWLFDV GHO FRPSUDGRU DIHFWDQ OD PDQHUD HQ TXH SHUFLEH ORV HVWtPXORV \
UHDFFLRQD DQWH HOORV (Q VHJXQGR OXJDU HO SURFHVR GH GHFLVLyQ PLVPR GHO FRPSUDGRU
LQIOX\HHQVXFRPSRUWDPLHQWR.RWOHU $UPVWURQJS

$GHPiVGHORPHQFLRQDGRSDUD.RWOHU\$UPVWURQJHVSRVLEOHFODVLILFDUDOJXQDV

GH ODV FDUDFWHUtVWLFDV PiV JHQHUDOHV GH XQ FRQVXPLGRU HQ IDFWRUHV \ HVWRV VRQ ORV VLJXLHQWHV
IDFWRUHVFXOWXUDOHVIDFWRUHVVRFLDOHVIDFWRUHVSHUVRQDOHV\IDFWRUHVSVLFROyJLFRV'HHVWHPRGR
HVWRV IDFWRUHV GHILQHQ D XQ FRQVXPLGRU PHGLDQWH XQD WHRUtD EiVLFD TXH DJUXSH DOJXQDVGH ODV
FDUDFWHUtVWLFDV PiV JHQHUDOHV VLQ UHDOL]DU XQ HQIRTXH GLIHUHQFLDGR HQ XQ WLSR GH FRQVXPR R
DOJ~QSURGXFWRHVSHFtILFR
3.2.1. Factores culturales
(Q SULPHU OXJDU HO IDFWRU FXOWXUDO DEDUFD DVSHFWRV FRPR OD FXOWXUD OD VXEFXOWXUD \ OD
FODVHVRFLDO3DUD.RWOHU³(VHORULJHQPiVEiVLFRGHORVGHVHRV\GHOFRPSRUWDPLHQWRGHXQD
SHUVRQD (O FRPSRUWDPLHQWR KXPDQR HQ JUDQ SDUWH VH DSUHQGH $O FUHFHU HQ XQD VRFLHGDG HO
QLxR DSUHQGH YDORUHV SHUFHSFLRQHV GHVHRV \ FRQGXFWDV EiVLFRV GH VX IDPLOLD \ GH RWUDV
LQVWLWXFLRQHVLPSRUWDQWHV´.RWOHU $UPVWURQJS
3RUHOORODFXOWXUDHVHOSULPHUFRQWDFWRFRQHOPXQGRH[WHUQRGRQGHVHYDIRUPDQGROD
SHUVRQDOLGDG\VREUHWRGRORVYDORUHVTXH FRPSRQHQQXHVWUR FRPSRUWDPLHQWR $VtDPHGLGD
TXH HO FRQWDFWR FRQ OD FXOWXUD VH YD DFUHFHQWDQGR OD LQIOXHQFLD TXH pVWD JHQHUD VREUH HO
LQGLYLGXR R FRQVXPLGRU VHUi PD\RU 7DPELpQ FDGD LQGLYLGXR WLHQH XQ QLYHO GLVWLQWR GH
LQIOXHQFLD GH OD FXOWXUD VREUH Vt PLVPR LQFOXVR HVWD LQIOXHQFLD SXHGH YDULDU FRQIRUPH OD
SHUVRQDYDFUHFLHQGR\FDPELDQGRFRQORVDxRV
7RGRHVWRQRHVDMHQRDOPDUNHWLQJSXHV.RWOHUPHQFLRQDTXH³HOKHFKRGHQRDMXVWDUVH
D HVWDV GLIHUHQFLDV GDUtD FRPR UHVXOWDGR XQ PDUNHWLQJ LQHILFD] R HUURUHV YHUJRQ]RVRV /RV
PHUFDGyORJRV VLHPSUH LQWHQWDQ ORFDOL]DU FDPELRV FXOWXUDOHV SDUD GHVFXEULU QXHYRV SURGXFWRV
TXHSXGLHUDQVHUGHVHDEOHV´.RWOHU $UPVWURQJS
8QFDPELRFXOWXUDOHVEDVWDQWHLPSRUWDQWH\DTXHSRUHMHPSORSXHGHVXUJLUXQFDPELR
FXOWXUDO FRQ UHVSHFWR DO WHPD GH OD SUHRFXSDFLyQ SRU OD VDOXG'H KHFKR HQ OD DFWXDOLGDG KD\
FDGDYH]PiVSHUVRQDVSUHRFXSDGDVSRUHQIHUPHGDGHVUHODFLRQDGDVDOFiQFHU\HVWRLPSOLFDTXH
PXFKRV UHFDSDFLWHQ OD JUDQ PD\RUtD GH VXV KiELWRV GH FRQVXPR SDUD GH DOJXQD PDQHUD
EHQHILFLDU VX VDOXG 'H HVWD PDQHUD XQ FDPELR FXOWXUDO SXHGH JHQHUDU XQD GLVPLQXFLyQ HQ OD
GHPDQGDGHGHWHUPLQDGRVSURGXFWRV\DXPHQWDUHOFRQVXPRGHRWURV
2WUR DVSHFWR UHODFLRQDGR DO IDFWRU FXOWXUDO HV OD VXEFXOWXUD (VWH IDFWRU VH SXHGH
HQWHQGHUFRPRXQDVSHFWRFXOWXUDOD~QPiVHVSHFtILFRTXHLQIOX\HGHPD\RUPDQHUDVREUHXQ
FRQVXPLGRU (VWH VH SXHGH HQWHQGHU GH OD VLJXLHQWH PDQHUD ³/DV VXEFXOWXUDV LQFOX\HQ ODV
QDFLRQDOLGDGHV ODV UHOLJLRQHV ORV JUXSRV UDFLDOHV \ ODV UHJLRQHV JHRJUiILFDV 0XFKDV

VXEFXOWXUDV FRQIRUPDQ LPSRUWDQWHV VHJPHQWRV GH PHUFDGR \ ORV PHUFDGyORJRV D PHQXGR

GLVHxDQ SURGXFWRV \ SURJUDPDV GH PDUNHWLQJ DGHFXDGRV D VXV QHFHVLGDGHV´ .RWOHU
$UPVWURQJ S 3RU HVR OD VXEFXOWXUD HV XQ DVSHFWR UHODFLRQDGR D OD FXOWXUD \ TXH
VLHPSUH VH GHEH GH DQDOL]DU HQ VX FRQMXQWR \D TXH OD FXOWXUD GHILQH DOJXQRV DVSHFWRV PiV
JHQHUDOHVHQORVLQGLYLGXRV6LQHPEDUJRHVWRGDDSDVRDTXHVHIRUPHQVXEFXOWXUDVGRQGHVH
SXHGHQLGHQWLILFDUDVSHFWRVPiVHVSHFtILFRV\SRGUtDQGHILQLUDXQFRQVXPLGRUGHPHMRUPDQHUD
)LQDOPHQWHFRQUHVSHFWRDOIDFWRUFXOWXUDO.RWOHU\$UPVWURQJLQFOX\HDODFODVH

VRFLDOFRPRDVSHFWRTXHGHILQHHOFRPSRUWDPLHQWRGHOFRQVXPLGRU1RUPDOPHQWHHVWHIDFWRUVH
UHODFLRQDDOQLYHOGHLQJUHVRVGHOLQGLYLGXR6LQHPEDUJRVHJ~QODWHRUtDGHOFRQVXPLGRUHVWR
DEDUFDPXFKRPiVTXHHVR
/DFODVHVRFLDOQRHVWiGHWHUPLQDGDSRUXQVRORIDFWRUFRPRORVLQJUHVRVVLQRTXHVH
GHWHUPLQD FRQVLGHUDQGR OD FRPELQDFLyQ GH OD RFXSDFLyQ ORV LQJUHVRV HO QLYHO
DFDGpPLFRODVSRVHVLRQHV\RWUDVYDULDEOHV>@6LQHPEDUJRODVOtQHDVHQWUHODVFODVHV
VRFLDOHVQRVRQILMDVQLUtJLGDVODJHQWHSRGUtDOOHJDUDXQDFODVHVRFLDOPiVDOWDRFDHUD
XQDPiVEDMD.RWOHU $UPVWURQJS
/DVFODVHVVRFLDOHVVRQLQIOX\HQWHVHQHOWLSRGHFRPSRUWDPLHQWRGHOFRQVXPLGRU\DTXH
GHWHUPLQDU DOJXQDV SUHIHUHQFLDV VREUH ORV SURGXFWRV R VHUYLFLRV TXH HVWiQ UHODFLRQDGRV D OD
FDSDFLGDGGHJDVWR1RREVWDQWHHVODSHUWHQHQFLDDXQDFODVHVRFLDOTXHSXHGHVHUDOWDREDMDOR
TXHUHDOPHQWHLQIOX\HHQHOFRPSRUWDPLHQWRGHOFRQVXPLGRU
/XHJRGHWRGRORUHYLVDGRVREUHHOIDFWRUFXOWXUDOVHSXHGHFRQFOXLUTXHHVXQIDFWRUGH
EDVWDQWHLPSRUWDQFLDTXHGHILQHPXFKRVDVSHFWRVDOLQLFLRGHODYLGDGHXQDSHUVRQD\SRUOR
WDQWR GHWHUPLQD HO FRPSRUWDPLHQWR GHO FRQVXPLGRU 6LQ HPEDUJR VH KD SRGLGR REVHUYDU TXH
HVWR QR HV GHO WRGR HVWiWLFR SXHV WDPELpQ H[LVWHQ YDULDFLRQHV HQ OD YLGD GH XQD SHUVRQD TXH
KDFHQYDULDUHVWRVDVSHFWRV(VSRUHOORTXHHVXQIDFWRUQRHVWiWLFRORFXDOOHGDXQDPD\RU\
SURIXQGDLQIOXHQFLDDOFRPSRUWDPLHQWRGHFRPSUDGHXQFRQVXPLGRU
3.2.2. Factores sociales
3DUD .RWOHU \ $UPVWURQJ HO IDFWRU VRFLDO DEDUFD DVSHFWRV FRPR HO JUXSR OD
IDPLOLD \ ORV UROHV \ HVWDWXV $GHPiV HVWH IDFWRU FRQVLGHUD QR VyOR D ODV UHODFLRQHV
LQWHUSHUVRQDOHV VLQR WDPELpQ H[LVWH XQD UHODFLyQ FRQ OD FXOWXUD \D TXH DPEDV IRUPDQ DO
LQGLYLGXRHQDVSHFWRVUHODFLRQDGRVDORVYDORUHV\DODSHUVRQDOLGDG
/RV JUXSRV VRFLDOHV HVWiQ IRUPDGRV SRU XQ Q~PHUR GHWHUPLQDGR GH LQGLYLGXRV 'HO
PLVPR PRGR ODV GHFLVLRQHV GHO JUXSR VRFLDO LQIOX\HQ VREUH ODV GHFLVLRQHV TXH WRPD DOJ~Q

PLHPEUR/DLQIOXHQFLDTXHORVJUXSRVSXHGHQWHQHUVREUHHOLQGLYLGXRHVPX\YDULDEOH6HJ~Q
.RWOHU\$UPVWURQJVHSXHGHGLVWLQJXLUHQWUHGRVWLSRV
/RVJUXSRVTXHHMHUFHQXQDLQIOXHQFLDGLUHFWD\DORVTXHXQLQGLYLGXRSHUWHQHFHVHOHV
OODPD JUXSRV GH SHUWHQHQFLD (Q FDPELR ORV JUXSRV GH UHIHUHQFLD IXQFLRQDQ FRPR
SXQWRVGLUHFWRV>FDUDDFDUD@RLQGLUHFWRVGHFRPSDUDFLyQRUHIHUHQFLDHQODIRUPDFLyQ
GHODVDFWLWXGHVRODFRQGXFWDGHXQDSHUVRQD.RWOHU $UPVWURQJS
(QHVHVHQWLGRORVGRVWLSRVGHJUXSRVWLHQHQXQDLQIOXHQFLDSDUWLFXODUVREUHHOFRPSRUWDPLHQWR
GHOFRQVXPLGRU8QDFRQGXFWDQRVRORVHEDVDHQDTXHOJUXSRGHOFXDOIRUPDSDUWHVLQRH[LVWHQ
RWURVJUXSRVTXHWDPELpQVLUYHQGHJXtDSDUDODGHWHUPLQDFLyQGHXQDFRQGXFWDHVSHFtILFDHQHO
LQGLYLGXRFRPRDTXHOORVJUXSRVDORVFXDOHVXQDSHUVRQDSXHGHDVSLUDUDIRUPDUSDUWH
(OVHJXQGRDVSHFWRHVODIDPLOLD.RWOHU\$UPVWURQJPHQFLRQDTXHHVXQIDFWRUFUXFLDO

HQODGHWHUPLQDFLyQGHOFRPSRUWDPLHQWR\ODFRQGXFWDGHOLQGLYLGXR&RPRGHWDOODHVWHDXWRUVH
SXHGHHQWHQGHUDODIDPLOLDHQVtFRPRXQJUXSRGHFRQVXPR
/D IDPLOLD HV OD RUJDQL]DFLyQ GH FRQVXPR PiV LPSRUWDQWH GH OD VRFLHGDG \ VH OH KD
LQYHVWLJDGRGHIRUPDH[WHQVD/RVPHUFDGyORJRVVHLQWHUHVDQHQORVUROHV\ODLQIOXHQFLD
GHOHVSRVRODHVSRVD\ORVKLMRVHQODFRPSUDGHGLVWLQWRVELHQHV\VHUYLFLRV.RWOHU
$UPVWURQJS
6LELHQVHSXHGHHQWHQGHUDODIDPLOLDFRPRXQJUXSRGHFRQVXPRHVWHWDPELpQDOLJXDO
TXH OD FXOWXUD LQIOX\H HQ HO GHOLQHDPLHQWR GHO FRPSRUWDPLHQWR GHO FRQVXPLGRU ,QFOXVR HV
SRVLEOHDILUPDUTXHWDQWRFXOWXUDFRPRIDPLOLDVRQODVEDVHVGHODFRQGXFWD\HOFRPSRUWDPLHQWR
GHXQFRQVXPLGRU/DUHODFLyQHQWUHLQGLYLGXR\IDPLOLDSXHGHQRHVWDUGHVDUUROODGDGHODPHMRU
PDQHUDDSHVDUGHHOORVXLQIOXHQFLDHVIXQGDPHQWDO
/RV ~OWLPRV DVSHFWRV VRQ ORV UROHV \ VWDWXV 8Q URO VH HVSHUD TXH HVWp DVLJQDGR D XQ
GHWHUPLQDGRLQGLYLGXRHQXQJUXSR'HEHGHILQLUDTXHOODVDFWLYLGDGHVDUHDOL]DUHOUROFDPELD
VHJ~QODVLWXDFLyQTXHSXHGDHVWDUYLYLHQGRXQDSHUVRQD\DVHDHQHOWUDEDMRHQHOKRJDUFRQOD
IDPLOLD HQ XQDILHVWDFRQORVDPLJRVHQ HOVXSHUPHUFDGR HWF(O FRQVXPR VHGHILQHFRPR OD
HOHFFLyQGHOFRQVXPLGRUVREUHGHWHUPLQDGRVELHQHVRVHUYLFLRVTXHVHEDVDQHQIXQFLyQGHOUROR
VWDWXVTXHVHGHVDUUROODHQXQPRPHQWRHVSHFtILFR
(Q JHQHUDO HO IDFWRU VRFLDO HV GHWHUPLQDQWH HQ HO FRPSRUWDPLHQWR GHO FRQVXPLGRU $O
LJXDOTXHHOIDFWRUFXOWXUDOQRVHGHVSUHQGHGHOLQGLYLGXR\QRFRQVLGHUDDOJ~QFDPELRDFRUWR
PHGLDQR R ODUJR SOD]R 3XHV VX LQIOXHQFLD HVWi GDGD \ VHUi VLHPSUH QHFHVDULD GH HYDOXDU DO

PRPHQWRGHOHVWXGLRGHXQWLSRGHFRQVXPLGRUHVSHFtILFRRGHOFRPSRUWDPLHQWRGHOFRQVXPLGRU
HQJHQHUDO
3.2.3. Factores personales
8Q FRQVXPLGRU WDPELpQ VH YH DIHFWDGR SRU DVSHFWRV PiV SHUVRQDOHV UHODFLRQDGRV D OD
HGDG RFXSDFLyQ VLWXDFLyQ HFRQyPLFD HVWLOR GH YLGD SHUVRQDOLGDG HQWUH RWURV (Q OR TXH
FRUUHVSRQGHDODHGDGSRUHMHPSOR.RWOHU\$UPVWURQJORGHILQHGHODVLJXLHQWHPDQHUD
/D JHQWH YDFDPELDQGR ORV ELHQHV \ VHUYLFLRV TXH DGTXLHUH D ORODUJR GH VXYLGD /RV
JXVWRVUHVSHFWRGHODFRPLGDODURSDORVPXHEOHV\ODVDFWLYLGDGHVUHFUHDWLYDVVXHOHQ
HVWDUUHODFLRQDGRVFRQODHGDG/DVFRPSUDVWDPELpQVHYHQDIHFWDGDVSRUODHWDSDHQHO
FLFORGHYLGDIDPLOLDU.RWOHU $UPVWURQJS
$GHPiVGHORPHQFLRQDGRVHJ~Q)LVFKHU\(VSHMRODLPSRUWDQFLDGHODHGDGHVWi

HQSURFHVRVGHQWURGHOPDUNHWLQJTXHFRQVLVWHQHQODVHJPHQWDFLyQGHPHUFDGRDJUXSDFLyQGH
FRQVXPLGRUHVSRUWLSR\SRUHGDGHV\DTXHHOFRQVXPR WDPELpQ VHGLIHUHQFLDSRUODHWDSDGH
YLGD HQ OD TXH HO LQGLYLGXR VH HQFXHQWUD SXHV WDQWR OD PDGXUH] FRPR ORV DxRV MXHJDQ XQ URO
FUXFLDOVREUHWRGRHQWLSRVGHSURGXFWRVTXHODSHUVRQDSXHGHOOHJDUDFRQVXPLGRU
3RU HO ODGR GH OD RFXSDFLyQ \ OD VLWXDFLyQ HFRQyPLFD XQ LQGLYLGXR R FRQVXPLGRU
WDPELpQ VH YH LQIOXHQFLDGR SRU HO DVSHFWR ODERUDO \ HO QLYHO GH LQJUHVRV HFRQyPLFRV
1RUPDOPHQWHHQORUHODFLRQDGRDODVSHFWRODERUDOHOLQGLYLGXRSDVDGHVHUGHSHQGLHQWHYLYLUHQ
IDPLOLD \ GHSHQGHU GH VXV SDGUHV D WHQHU WUDEDMR \ VHU LQGHSHQGLHQWH 'H HVWD PDQHUD HO
LQGLYLGXRHPSLH]DDWRPDUPHMRUHVGHFLVLRQHVGHFRPSUDTXHYD\DQDFRUGHDVXVSUHIHUHQFLDV\
QR QHFHVDULDPHQWH D OR TXH FRPR IDPLOLD DOJXQDV YHFHV VH SXHGH OOHJDU D GHFLGLU /D
LQGHSHQGHQFLDHFRQyPLFDHVPX\LPSRUWDQWHSDUDSRGHUHQWHQGHUHOFRPSRUWDPLHQWRGHFRPSUD
JHQHUDGR SRU ODV YDULDFLRQHV HQ HGDGHV \ SRU ODV YDULDFLRQHV HQ OD VLWXDFLyQ HFRQyPLFD TXH
WLHQHQXQHIHFWRGLVWLQWRHQFDGDWLSRGHFRQVXPLGRU
(O ~OWLPR DVSHFWR FRUUHVSRQGLHQWH D HVWH IDFWRU VH UHILHUH D ORV HVWLORV GH YLGD \ OD
SHUVRQDOLGDGGHORVLQGLYLGXRV8QHVWLORGHYLGDVHGHILQHVHJ~Q.RWOHUGHODVLJXLHQWHPDQHUD
³>@ HV HO SDWUyQ GH YLGD GH XQD SHUVRQD >@ (O HVWLOR GH YLGD LQFOX\H DOJR PiV TXH OD FODVH
VRFLDOR ODSHUVRQDOLGDGGHOLQGLYLGXRSHUILODVXSDWUyQ FRPSOHWR GHDFWXDFLyQHQHOPXQGR H
LQWHUDFFLyQFRQpVWH´.RWOHU $UPVWURQJS&RPRVHSXHGHREVHUYDUHOHVWLORGH
YLGD \D KDFH UHIHUHQFLD D DVSHFWRV PiV JHQHUDOHV \ GHWHUPLQDQWHV HQ OD FRQGXFWD GH XQ
LQGLYLGXRDGHPiVGHLQYROXFUDURWURVDVSHFWRVPiVSDUWLFXODUHV\DUHYLVDGRVDQWHULRUPHQWH3RU
RWURODGRODSHUVRQDOLGDG\DHVWiPiVUHODFLRQDGDFRPRFDUDFWHUtVWLFDV~QLFDVGHOLQGLYLGXRTXH

OR GLIHUHQFLDQ GH ORV GHPiV (V PX\ SUREDEOH TXH OD SHUVRQDOLGDG SUHVHQWH XQD UHVSXHVWD
SRVLWLYDRQHJDWLYDDHVWtPXORVUHODFLRQDGRVDODFRPSUDRHOUHFKD]RDXQDPDUFDRSURGXFWR
HVSHFtILFR/RVHVWXGLRVVREUHHVWLORVGHYLGD\SHUVRQDOLGDGVRQDPSOLRV\FRPRSDUWHGHHVWD
LQYHVWLJDFLyQ VRQ GRV GH ODV YDULDEOHV TXH WHQGUiQ H[SOLFDFLyQ DO PRPHQWR GH GHVDUUROODU OD
WHRUtDXVDGDHQHOHVWXGLRGHOFRPSRUWDPLHQWRGHOFRQVXPLGRUHFROyJLFRHQOD38&3
3.2.4. Factores psicológicos
$OJXQRVGHORVDVSHFWRVTXHDEDUFDQHVWRVIDFWRUHVVRQODPRWLYDFLyQODSHUFHSFLyQHO
DSUHQGL]DMH\ODVFUHHQFLDV\DFWLWXGHV
/DVPRWLYDFLRQHVGHXQLQGLYLGXRVHHQIRFDQHQODVQHFHVLGDGHVTXH pVWHSXHGDWHQHU
(VGHFLUDPHGLGDTXHXQDQHFHVLGDGVHYD\DSUHVHQWDQGRHOLQGLYLGXREXVFDUiVDWLVIDFHUODHQ
FLHUWDPHGLGD7HyULFDPHQWH&KLDYHQDWRKDFHUHIHUHQFLDDODWHRUtDVREUHODMHUDUTXtDGH
QHFHVLGDGHV GH 0DVORZ EDVDGD HQ HO HVWXGLR GH DTXHOODV QHFHVLGDGHV TXH GHWHUPLQDQ HO
FRPSRUWDPLHQWR GH XQD SHUVRQD (VWD WHRUtD ODV FODVLILFD LQGLFDQGR EiVLFDPHQWH TXH FDGD
QHFHVLGDG VH SUHVHQWDUi GHSHQGLHQGR GH FyPR VH VDWLVIDJDQ ODV RWUDV /D HVFDOD SODQWHD XQD
HVFDOD GHSHQGLHQWH \D TXH DOJXQDV QHFHVLGDGHV LQFOXVR VRQ LPSRVLEOHV GH VHU VDWLVIHFKDV
,QFOXVRSRGUtDQVHUFDSDFHVGHQLVLTXLHUDVHUFRQVLGHUDGDVQHFHVLGDGHVSRUHOLQGLYLGXR3DUD
H[SOLFDUODSHUFHSFLyQ5LYHUD$UHOODQR\0ROHURPHQFLRQDQTXH
/D GHILQLFLyQ TXH VHOHFFLRQDPRV SDUWH GH OD H[LVWHQFLD GHO DSUHQGL]DMH \ FRQVLGHUD OD
SHUFHSFLyQFRPRXQSURFHVRGHWUHVIDVHV$VtSXHVODSHUFHSFLyQHVODLPDJHQPHQWDO
TXHVHIRUPDFRQD\XGDGHODH[SHULHQFLD\QHFHVLGDGHV(VUHVXOWDGRGHXQSURFHVRGH
VHOHFFLyQLQWHUSUHWDFLyQ\FRUUHFFLyQGHVHQVDFLRQHV5LYHUDHWDOS
(Q PDUNHWLQJ OD SHUFHSFLyQ VH FRQVLGHUD FRPR GHWHUPLQDQWH SDUD SRGHU HYDOXDU HO
SRVLFLRQDPLHQWRGHDOJXQDPDUFDHQODPHQWHGHOFRQVXPLGRU(VGHFLUODLPDJHQRODSRVLFLyQ
PHQWDO TXH WLHQH SDUD XQ FRQVXPLGRU (VWD SHUFHSFLyQ SXHGH RFXSDU XQD SRVLFLyQ DOWD TXH VH
WUDGX]FD HQ XQD SUHIHUHQFLD ~QLFD SRU XQD PDUFD SDUD XQ SURGXFWR HVSHFtILFR R XQD SRVLFLyQ
EDMD TXH VH WUDGX]FD HQ HO UHFKD]R H LQFOXVLYH OD JHQHUDOL]DFLyQ GH XQD PDUFD VREUH ORV RWURV
SURGXFWRVGHXQDPLVPDOtQHD
3RU VX SDUWH HO DSUHQGL]DMH FRPR FRQFHSWR EiVLFR ³>@ VH SXHGH GHILQLU FRPR HO
FRQMXQWR GH FDPELRV GH FRPSRUWDPLHQWR TXH VXIUH HO FRQVXPLGRU FRPR UHVXOWDGR GH
H[SHULHQFLDVDQWHULRUHV\TXHDIHFWDQDVXWHQGHQFLDLQQDWDGHUHVSXHVWDVDGLIHUHQWHVHVWtPXORV´
5LYHUD HW DO S /R TXH HO DSUHQGL]DMH JHQHUD GH SRU Vt VRQ FDPELRV HQ HO
FRPSRUWDPLHQWRSRUTXHQDWXUDOPHQWHODSHUVRQDVHDGDSWDDXQFDPELRGHFRQWH[WRGRQGHOD

FXOWXUD\ODVFRVWXPEUHVMXHJDQXQUROFODURDOPRPHQWRGHGHWHUPLQDUXQDYDULDFLyQDOWDREDMD
GHOFRPSRUWDPLHQWR
3RU~OWLPRODVFUHHQFLDV\DFWLWXGHVVHYLQFXODQDODFFLRQDUGHXQDSHUVRQD\HVSRVLEOH
GH LGHQWLILFDUODV FXDQGR XQD SHUVRQD GHFLGH SXHV XQD DFWLWXG QR HV QDGD PiV TXH OD
UHSUHVHQWDFLyQH[WHUQDGHWRGRORPHQFLRQDGRSUHYLDPHQWH$VLPLVPRODVFUHHQFLDVVHUHIOHMDQ
SRUSDUWHGHODVDFFLRQHVGHXQDSHUVRQDDOSUHIHULUDOJXQDVDFWLYLGDGHVSURGXFWRVRVHUYLFLRV
VREUH RWURV (Q HVWD SDUWH GHO DQiOLVLV GHO FRPSRUWDPLHQWR GHO FRQVXPLGRU HV HVHQFLDO OD
REVHUYDFLyQ SDUD GHWHUPLQDU KiELWRV \ DFWLWXGHV LGHQWLILFDEOHV SDUD VX SRVWHULRU HVWXGLR R
FRPSDUDFLyQFRQRWUDV\DH[LVWHQWHV
&DGD IDFWRU MXHJD XQ SDSHO LPSRUWDQWH HQ HO PRPHQWR GH WRPD GH GHFLVLRQHV GHO
FRQVXPLGRU \D TXH VL ELHQ FDGD IDFWRU DEDUFD XQ Q~PHUR GH YDULDEOHV TXH GHWHUPLQDQ XQ
FRPSRUWDPLHQWR HV SRVLEOH SRGHU FRQRFHU D XQ JUXSR GH FRQVXPLGRUHV DJUXSDQGR DTXHOODV
VHPHMDQ]DV VREUH VXV SUHIHUHQFLDV DO PRPHQWR GH WRPDU XQD GHFLVLyQ (VWDV FRQFOXVLRQHV GDQ
VRSRUWH WHyULFR D OR TXH OD SUHVHQWH LQYHVWLJDFLyQ EXVFD HQ UHODFLyQ DO GLVHxR GHO SHUILO GHO
FRQVXPLGRUHFROyJLFRGHODOXPQRXQLYHUVLWDULR38&3VREUHWRGRHQODDSOLFDFLyQGHODQiOLVLV
IDFWRULDOTXHVHH[SOLFDHQORVVLJXLHQWHVFDStWXORV
&RPSRUWDPLHQWRGHOFRQVXPLGRUHFROyJLFR
(Q OD DFWXDOLGDG H[LVWHQ GLYHUVDV WHRUtDV UHODFLRQDGDV DO HVWXGLR GHO SHUILO GHO
FRQVXPLGRUHFROyJLFReVWDVEXVFDQFRPSUHQGHUDHVWHQXHYRWLSRGHFRQVXPLGRUDSOLFDQGROD
WHRUtDGHOFRPSRUWDPLHQWRGHOFRQVXPLGRUDVtFRPRRWUDVKHUUDPLHQWDVGHOPDUNHWLQJFRPROD
LQYHVWLJDFLyQ\HOGHVDUUROORGHSHUILOHVGHFRQVXPLGRUHV3DUDODSUHVHQWHLQYHVWLJDFLyQVHKDFH
XVRGHODWHRUtDGHVDUUROODGDSRU)UDM\0DUWtQH]TXHGHVDUUROODQRVRORHOFRQFHSWRGHO
FRPSRUWDPLHQWR GHO FRQVXPLGRU HFROyJLFR VLQR TXH WDPELpQ GHVDUUROOR XQ PRGHOR GH
HYDOXDFLyQ GHO SHUILO GHO FRQVXPLGRU HFROyJLFR OR FXDO HV SULPRUGLDO SDUD ORV REMHWLYRV
SODQWHDGRVDOLQLFLRGHODLQYHVWLJDFLyQ6HJ~Q)UDM\0DUWtQH]VHSXHGHHQWHQGHUDOFRQVXPLGRU
HFROyJLFRGHODVLJXLHQWHPDQHUD
(OFRPSRUWDPLHQWRGHOFRQVXPLGRUHFROyJLFRVHFRQVLGHUDXQIHQyPHQRPX\FRPSOHMR
HQ HO TXH LQWHUYLHQHQ WDQWR YDULDEOHV LQWHUQDV DO LQGLYLGXR FRPR YDULDEOHV H[WHUQDV DO
PLVPR'HQWURGHODVYDULDEOHVLQWHUQDVVHHQFXHQWUDQORVYDORUHVODVLGHDV\RSLQLRQHV
OD SHUVRQDOLGDG \ OD DFWLWXG TXH HO LQGLYLGXR PXHVWUD DQWH FXDOTXLHU DFWLYLGDG TXH
GHVDUUROOD 'HQWUR GH ODV YDULDEOHV H[WHUQDV HVWDUtDQ OD LQIRUPDFLyQ OD SXEOLFLGDG ORV

JUXSRV VRFLDOHV OD IDPLOLD OD HGXFDFLyQ TXH LQIOX\H HQ ORV DVSHFWRV LQWHUQRV OR FXDO
KDFHTXHVXFRQGXFWDVHDPiVRPHQRVHFROyJLFD)UDM\0DUWtQH]S
3DUD)UDM\0DUWtQH]HOHVWXGLRGHOFRPSRUWDPLHQWRGHOFRQVXPLGRUHFROyJLFRKD

VLGR HVWXGLDGR GHVGH GLIHUHQWHV SHUVSHFWLYDV 3ULQFLSDOPHQWH KDFH UHIHUHQFLD D ODV VLJXLHQWHV
WUHVODSVLFRORJtDFRJQLWLYDODDQWURSRORJtDFRJQLWLYD\ODSVLFRORJtDVRFLDO
/D SHUVSHFWLYD GH OD SVLFRORJtD FRJQLWLYD VH EDVD HQ OD LQIRUPDFLyQ GLVSRQLEOH TXH HO
FRQVXPLGRUSXHGHOOHJDUDWHQHUHQXQPRPHQWRHVSHFtILFRGHGHFLVLyQGHFRPSUD/RFXDOHV
HVHQFLDOSDUDSRGHUYDORUDUXQGHWHUPLQDGRSURGXFWRVHJ~QORVHIHFWRVSRVLWLYRVRQHJDWLYRVTXH
SXHGHJHQHUDUDOPHGLRDPELHQWH(QODILJXUDHOSURFHVRGHGHFLVLyQVHJ~QHVWDSHUVSHFWLYD
VH XELFD HQ OD SDUWH VXSHULRU GHO FXDGUR FHQWUDO HV GHFLU VROR FRQVLGHUD HO FRQRFLPLHQWR GHO
LQGLYLGXRGHMDQGRGHODGRDVSHFWRVFRPRORVYDORUHVODDFWLWXGRODSHUVRQDOLGDG
)LJXUD([SOLFDFLyQGHOFRPSRUWDPLHQWRGHOFRQVXPLGRU
$GDSDWDGRGH:DJQHU
3RURWURODGRODSHUVSHFWLYDGHODDQWURSRORJtDFRJQLWLYDHVWiHQIRFDGDHQHOHVWXGLRGH
ODSHUVSHFWLYDFXOWXUDO\VXLQIOXHQFLDVREUHHOLQGLYLGXR/DFXOWXUDMXHJDXQUROLPSRUWDQWHHQ
ODSHUVRQDGHELGRDTXHIRUPDORVSULQFLSLRVEiVLFRVSRUORVFXDOHVVHULJH7RGRHVWRVHUHIOHMD
HQODH[SHULHQFLD\HQHOXVRGHVXFRQRFLPLHQWRFRQXQSURSyVLWRGHWHUPLQDGRHQOD ILJXUD
XELFDGDHQODSDUWHLQIHULRUGHOFXDGURFHQWUDO
3DUD)UDM\0DUWtQH]HVWDVYLVLRQHVVRQLPSRUWDQWHVGHPDQHUDLQGHSHQGLHQWH\

FRPSOHPHQWDULDDODYH]\DTXHHOFRPSRUWDPLHQWRSXHGHHVWDUGHILQLGRWDQWRSRUHOJUDGRGH
FRQRFLPLHQWRGHOLQGLYLGXRFRPRWDPELpQSRUODLQIOXHQFLDGHODFXOWXUD\ODPRWLYDFLyQTXHHO
LQGLYLGXRSXHGDWHQHUHQXQPRPHQWRGHWHUPLQDGR
3RU~OWLPR\FRPRUHVXOWDGRGHODQiOLVLVGHODVGRVSHUVSHFWLYDVSUHYLDVVHFRQVLGHUDD
OD SHUVSHFWLYD GH OD SVLFRORJtD VRFLDO FRPR OD EDVH GHO FRPSRUWDPLHQWR GHO FRQVXPLGRU

HFROyJLFR VHJ~Q )UDM \ 0DUWtQH] 6HJ~Q HVWD SHUVSHFWLYD \ OD ILJXUD SDUD SRGHU
FRPSUHQGHUHOFRPSRUWDPLHQWRGHXQDSHUVRQDHVQHFHVDULRREVHUYDUHVWHSURFHVRFRPRXQIOXMR
LQWHUFRQHFWDGR(VWRVHUHVXPHHQFyPRORVYDORUHV\HOHVWLORGHYLGDSURSLRGHXQLQGLYLGXRGD
IRUPDDXQDSHUVRQDOLGDGFDUDFWHUtVWLFDODTXHLQIOXHQFLDUtDHQXQDGHWHUPLQDDFWLWXGKDFLDDOJR
RDOJXLHQ(VWDDFWLWXGHVODTXHH[SOLFDUtDXQFRPSRUWDPLHQWRRFRQGXFWDHQHVSHFtILFR
)LJXUD(VWUXFWXUD&OiVLFDGHOD3VLFRORJtD6RFLDO
9$/25(6< &203257$0,(1
(67,/26'( 3(5621$/,'$' $&7,78' 72
9,'$
$GDSWDGRGH)UDM\0DUWtQH]
6LELHQODVWHRUtDVRSHUVSHFWLYDVUHYLVDGDVKDQVLGREDVWDQWHH[SOLFDWLYDVQRHVSRVLEOH
PHQFLRQDU DOJXQD WHRUtD TXH GH VXVWHQWR WRWDO VREUH HO FyPR H[SOLFDU HO FRPSRUWDPLHQWR GHO
FRQVXPLGRU HFROyJLFR (V SRU HVWD UD]yQ TXH )UDM \ 0DUWtQH] D SHVDU GHO XVR GH OD
SHUVSHFWLYDGHODSVLFRORJtDVRFLDOUHFDOFDODQRH[LVWHQFLDGHXQPRGHORLGyQHRSDUDHOHVWXGLR
GHHVWHWLSRGHFRQVXPLGRU
9DULDEOHVGHOFRPSRUWDPLHQWRHFROyJLFR
'HQWUR GH ODV YDULDEOHV EiVLFDV TXH LQIOX\HQ HQ HO FRPSRUWDPLHQWR GH FRQVXPLGRU
HFROyJLFR \ TXH VH EDVDQ HQ OD SVLFRORJtD VRFLDO HV SRVLEOH LGHQWLILFDU D ODV YDULDEOHV
GHPRJUiILFDV\VRFLRHFRQyPLFDVVH[RHGDGHGXFDFLyQ16(HWF\ODVSVLFRJUiILFDVYDORUHV
\HVWLORVGHYLGDDFWLWXG\SHUVRQDOLGDG$FRQWLQXDFLyQVHGHWDOODQFDGDXQDGHHVWDV\VREUH
WRGR VH DEDUFD ORV DVSHFWRV WHyULFRV TXH SODQWHDQ VX SDUWLFLSDFLyQ HQ HVWH WLSR GH
FRPSRUWDPLHQWRGHOFRQVXPLGRU
4.1.1. Variables demográficas y socioeconómicas
'HDFXHUGRD)UDM\0DUWtQH]ODVYDULDEOHVFRPRHOVH[RODHGDGODHGXFDFLyQ

HOLQJUHVRHOOXJDUGHUHVLGHQFLDHOHVWDGRFLYLOHWFVRQLPSRUWDQWHVHQPRPHQWRVSXQWXDOHV\
SDUD HVWXGLRV HVSHFtILFRV 3HUR QR VRQ PX\ UHOHYDQWHV DO PRPHQWR GH UHODFLRQDUODV FRQ RWUDV
YDULDEOHVTXHSXHGDQGHWHUPLQDUXQFRPSRUWDPLHQWRHFROyJLFR
$ SHVDU GH HOOR )UDM \ 0DUWtQH] GHVWDFD DOJXQDV LQYHVWLJDFLRQHV GH GLVWLQWRV
DXWRUHVTXHKDQHQFRQWUDGRFLHUWDVUHODFLRQHVHQVXVUHVXOWDGRVVREUHODVYDULDEOHVPHQFLRQDGDV
'HQWURGHORVUHVXOWDGRVREVHUYDGRVYHU$QH[R$VHUHVDOWDTXHXQQLYHOGHHGXFDFLyQDOWR\

SHUVRQDVSHUWHQHFLHQWHVDXQDFODVHVRFLDOPiVDOWDSUHVHQWDQXQDPD\RUUHODFLyQDOFRQVXPRGH
SURGXFWRV HFROyJLFRV \ D UHFLFODU HQYDVHV $GHPiV OD JHQWH MRYHQ PXHVWUD XQ PD\RU LQWHUpV
VREUH ORV SULQFLSLRV PHGLR DPELHQWDOHV DXQTXH ODV SHUVRQDV PD\RUHV HVWiQ PiV GLVSXHVWDV D
SDUWLFLSDU HQ DFWLYLGDGHV HFROyJLFDV SRU ~OWLPR ODV PXMHUHV WLHQGHQ D SDUWLFLSDU PiV HQ
DFWLYLGDGHVGHYROXQWDULDGRVREUHSURWHFFLyQGHOPHGLRDPELHQWHTXHORVKRPEUHV
2WURV DXWRUHV FRPR $JXLUUH $OGDPL](FKHYDUUtD &KDUWHULQD \ 9LFHQWH

UHDOL]DURQXQH[KDXVWLYRDQiOLVLVGHWUHLQWDHVWXGLRVHPStULFRVVREUHHOFRQVXPLGRUHFROyJLFR
SDUDGHVWDFDUODLPSRUWDQFLDGHGHILQLUHOSHUILOVRFLRGHPRJUiILFRGHOFRQVXPLGRUHFROyJLFRGH
PRGRTXHVLUYDHQRULHQWDUGHXQDPHMRUPDQHUDORVREMHWLYRV\ODGLUHFFLyQGHOPDUNHWLQJHQOD
WRPD GH GHFLVLRQHV ([LVWH XQDYDULHGDG GH UHVXOWDGRV GHGLVWLQWRV IDFWRUHV VRFLRGHPRJUiILFRV
TXHSXHGHQGHWHUPLQDUXQFRPSRUWDPLHQWRHFROyJLFRSDUDHVWHDXWRUYHU$QH[R$'HQWURGHO
DQiOLVLVORVUHVXOWDGRVTXHPiVGHVWDFDQVHHQFXHQWUDODUHODFLyQHQWUHXQPD\RUQLYHOHGXFDWLYR
FRQODPD\RUVHQVLELOL]DFLyQ\FRPSRUWDPLHQWR PiV HFROyJLFR $VtWDPELpQ VHREWXYR TXHOR
MyYHQHVSUHVHQWDQXQDPD\RUSUHRFXSDFLyQSRUHOPHGLRDPELHQWHPLHQWUDVTXHODJHQWHPD\RU
WLHQGHDPRVWUDUDFWLWXGHVPiVHFROyJLFDV)LQDOPHQWHVHDILUPDTXHHOVH[RDGLIHUHQFLDGHODV
LQYHVWLJDFLRQHV HQFRQWUDGDV SRU )UDM \ 0DUWtQH] QR DFW~D FRPR XQD YDULDEOH
GLVFULPLQDWRULDSDUDXQFRPSRUWDPLHQWRPiVRPHQRVHFROyJLFR
$ SHVDU TXH ODV YDULDEOHV GHPRJUiILFDV \ VRFLRHFRQyPLFDV VRQ PX\ OLPLWDGDV DO
PRPHQWRGHHVWDEOHFHUXQDUHODFLyQFRQXQFRPSRUWDPLHQWRHFROyJLFRGHOFRQVXPLGRUSXHGHQ
OOHJDUDVHUPX\YDOLRVDVHQPRPHQWRVSXQWXDOHV\FRPRSDQHOHVGHLQIRUPDFLyQWHPSRUDO3RU
HVWH PRWLYR ORV LQYHVWLJDGRUHV KDQ LQFOXLGR HO DQiOLVLV GH ODV YDULDEOHV SVLFRJUiILFDV SDUD
HQWHQGHU\H[SOLFDUGHXQDPHMRUPDQHUDHOFRPSRUWDPLHQWRHFROyJLFRGHOFRQVXPLGRUDWUDYpV
GHOHVWXGLRGHYDULDEOHVFRPRORVYDORUHV\HVWLORVGHYLGDSHUVRQDOLGDG\DFWLWXG
4.1.2. Variables psicográficas
(VWHWLSRGHYDULDEOHVHYDOXDGDVHVWiQEDVDGDVIXQGDPHQWDOPHQWHHQODSHUVSHFWLYDGHOD
SVLFRORJtDVRFLDOFRPRVHSXGRREVHUYDUHQODILJXUD(VWHPRGHORH[SOLFDDORVYDORUHVFRPR
FRQYLFFLRQHV EiVLFDV TXH GHILQHQ ODV FDUDFWHUtVWLFDV TXH IRUPDQ OD SHUVRQDOLGDG \ D OD YH]
HVWDEOHFHQXQDDFWLWXGPiVRPHQRVSRVLWLYDKDFLDDOJRRDOJXLHQTXHILQDOPHQWHVHUHIOHMDHQ
XQFRPSRUWDPLHQWRRXQDFRQGXFWDGHWHUPLQDGD)UDM\0DUWtQH]
D 9DULDEOHVGHYDORUHV\HVWLORVGHYLGD
$QLYHOWHyULFRHOHVWXGLRGH)UDM\0DUWtQH]LQFRUSRUDDODYDULDEOH ³YDORUHV´
FRPRIXQGDPHQWDOSDUDSRGHUFRQRFHUHOFRPSRUWDPLHQWRGHORVFRQVXPLGRUHVHFROyJLFRV(Q

SULPHUOXJDUVHUHILHUHD.OXFNKRKQFLWDGRHQ)UDM\0DUWtQH]TXLHQGHILQHHVWD

YDULDEOHFRPRXQDFRQFHSFLyQH[SOtFLWDRLPSOtFLWDGLVWLQWLYDGHXQLQGLYLGXRRFDUDFWHUtVWLFDV
GH XQ JUXSR GHO GHVHR TXH LQIOX\H HQ OD VHOHFFLyQ GH PRGRV PHGLRV \ ILQHV GLVSRQLEOHV GH
DFFLyQ6REUHHVWR+HQVKHOFRQVLGHUDTXHHQDTXHOPRPHQWRVHFRQFHEtDTXHORVYDORUHV
HVWDEDQ IRUPDGRV SRU WUHV HOHPHQWRV HQ UHODFLyQ GLQiPLFD HO DIHFWLYR HO FRJQLWLYR \ HO
LQWHQFLRQDO
3RU RWUR ODGR 5RNHDFK DSRUWD RWUD GHILQLFLyQ PiV SUHFLVD SDUD HVWH DXWRU ORV
YDORUHV VRQ XQD FUHHQFLD ILUPH GHVGH XQ SXQWR GH YLVWD SHUVRQDO R VRFLDO D ODV IRUPDV GH
FRQGXFWDRH[LVWHQFLDRSXHVWDV$SDUWLUGHHOOR5REELQVFRQVLGHUDORPHQFLRQDGRSRU
5RNHDFK\SODQWHDTXHORVYDORUHVVRQUHSUHVHQWDFLRQHVGHODVFRQYLFFLRQHVEiVLFDVGHTXHXQ
PRGRHVSHFtILFRGHFRQGXFWDRILQDOLGDGGHH[LVWHQFLDLQYHUVD3RUORWDQWRORVYDORUHVWDPELpQ
SXHGHQGHPRVWUDUDTXHOORTXHVHFRQVLGHUDFRPR³EXHQR´\ORTXHVHFRQVLGHUDFRPR³PDOR´
GHQWURGHXQDFRQGXFWD
(Q EDVH D WRGR OR PHQFLRQDGR HO HVWXGLR GH )UDM \ 0DUWtQH] FRQFOX\H HQ TXH HVWD
YDULDEOHSODQWHDORVLJXLHQWH
>@SXHGHWDPELpQ FRQFHELUVHFRPR ODLPSRUWDQFLDR HOYDORUTXHVHGD DODJHQWHD

GHWHUPLQDGRVFRQFHSWRVRFRVDV3RGUtDH[SOLFDUVHVXLQIOXHQFLDHQHOFRPSRUWDPLHQWR
GH ORV LQGLYLGXRV SRUTXH OR XWLOL]DPRV SDUD GHFLGLU HQWUH YDULDV DOWHUQDWLYDV FXDQGR
WHQHPRV TXH OOHYDU D FDER XQD DFFLyQ /D FLHQFLD GH OD SVLFRORJtD YH ORV YDORUHV ODV
DFWLWXGHV ORV FRPSRUWDPLHQWRV \ FUHHQFLDV FRPR ODV SLHGUDV DQJXODUHV TXH H[SOLFDQ
TXLpQHV VRPRV \ OR TXH KDFHPRV &RQVWLWX\HQ OD EDVH GH FyPR QRV YHPRV D QRVRWURV
PLVPRVFyPRYHPRVDORVGHPiV\FyPRLQWHUSUHWDPRVDOPXQGRHQJHQHUDO)UDM\
0DUWtQH]S
3RURWURODGR)UDM\0DUWtQH]GHVDUUROODQXQDFRPSDUDFLyQGHORVHVWXGLRVUHODFLRQDGRV
D ORV YDORUHV \ HVWLORV GH YLGD UHODFLRQDGRV DO FRPSRUWDPLHQWR HFROyJLFR GHO FRQVXPLGRU YHU
$QH[R$
(O PRGHOR GH OD SHUVSHFWLYD GH OD SVLFRORJtD VRFLDO UHSDVDGR SUHYLDPHQWH FRQVLGHUD D
HVWD YDULDEOH FRPR IXQGDPHQWDO 1R HV PHQRU VX SDUWLFLSDFLyQ H LQIOXHQFLD HQ HO DQiOLVLV GHO
FRPSRUWDPLHQWR HFROyJLFR GHO FRQVXPLGRU 3RU OR WDQWR HQ OD SUHVHQWH LQYHVWLJDFLyQ HVWD
YDULDEOH HV GH JUDQ UHOHYDQFLD SRU VHU FRQVLGHUDGD HQ HO PRGHOR FRPR XQD GH ODV SULQFLSDOHV
YDULDEOHVTXHRFDVLRQDQHOPROGHDPLHQWRGHOSHUILOGHOFRQVXPLGRU

E 9DULDEOHGHSHUVRQDOLGDG
/D SHUVRQDOLGDG HV XQ FRQMXQWR GH FDUDFWHUtVWLFDV SVLFROyJLFDV TXH GLVWLQJXHQ D XQ
LQGLYLGXR R JUXSR .RWOHU $UPVWURQJ (VWDV FDUDFWHUtVWLFDV GHWHUPLQDQ XQD GLVWLQWD
FRQGXFWDRFRPSRUWDPLHQWRDQWHGLIHUHQWHVVLWXDFLRQHV
5LYHUD $UHOODQR \ 0ROHUR GHILQHQ OD SHUVRQDOLGDG FRPR ³ODV SURSLHGDGHV
HVWUXFWXUDOHV \ GLQiPLFDV GH XQ LQGLYLGXR R LQGLYLGXRV WDO FRPR HVWDV VH UHIOHMDQ HQ VXV
UHVSXHVWDV HVSHFtILFDV R SHFXOLDUHV D ODV GLIHUHQWHV VLWXDFLRQHV SODQWHDGDV´ (VWRV DXWRUHV
DUJXPHQWDQ TXH OD SHUVRQDOLGDG QR VROR HVWi GHWHUPLQDGD SRU FDUDFWHUtVWLFDV LQQDWDV GH XQD
SHUVRQD VLQR WDPELpQ SRU OD DFXPXODFLyQ GH H[SHULHQFLDV \ DFFLRQHV GH XQ LQGLYLGXR FRQ VX
HQWRUQR UHVXPLHQGR TXH OD SHUVRQDOLGDG QR WLHQH XQD QDWXUDOH]D VRODPHQWH LQGLYLGXDO VLQR
PXOWLGLPHQVLRQDOSRUODFRQVWDQWHLQWHUDFFLyQFRQVXPHGLR
/DV WHRUtDV TXH H[SOLFDQ OD SHUVRQDOLGDG \ VX UHODFLyQ FRQ HO FRPSRUWDPLHQWR KDFHQ
UHIHUHQFLDV D ODV FDUDFWHUtVWLFDV TXH DIHFWDQ R DQWLFLSDQ XQD GHWHUPLQDGD UHVSXHVWD 'H HVWD
PDQHUD OD WHRUtD SVLFRDQDOtWLFD GHVDUUROODGD SRU )UHXG H[SOLFD TXH HO FRPSRUWDPLHQWR GH XQ
LQGLYLGXR HVWi JXLDGR SRU ORV LPSXOVRV ELROyJLFRV \ VH[XDOHV $GHPiV UHVDOWD TXH OD
SHUVRQDOLGDGHVXQFRQIOLFWRFRQVWDQWHGHIXHU]DVHOLG6XSHUHJR\(JRTXHUHIOHMDHOJUDGRGH
FRQVFLHQFLDLQWHUQDFRQODTXHDFW~DXQDSHUVRQDGHVGHODVQHFHVLGDGHVEiVLFDVRSULPLWLYDVTXH
H[SOLFDHOLGUHODFLRQDGDDXQDPRWLYDFLyQpWLFD\PRUDOGHO6XSHUHJR\HOHTXLOLEULRGHODVGRV
DQWHULRUHVGHO(JR6FKLIIPDQ.DQXN )ORUHV
$Vt PLVPR OD WHRUtD GH ORV UDVJRV HVWi HQIRFDGD OD PHGLFLyQ GH ODV FDUDFWHUtVWLFDV
SVLFROyJLFDVGHODSHUVRQDOLGDGUDVJRVGHODSHUVRQDOLGDG8QUDVJRHVGHILQLGRFRPRSDUWHGH
ORVHOHPHQWRVGLVWLQWLYRVGXUDGHURVTXHGLILHUHQGHSHUVRQDHQSHUVRQD3RUHMHPSORGHVFULELUD
XQD SHUVRQD VL HV VRFLDOPHQWH H[WURYHUWLGD PHGLDQWH XQ UDVJR GH H[WURYHUVLyQ R WRGR OR
FRQWUDULRVLQRORHVPHGLDQWHXQUDVJRGHLQWURYHUVLyQ$XQTXHH[LVWHQDOJXQRVUDVJRVTXHVRQ
UHOHYDQWHV SDUD HO FRPSRUWDPLHQWR GHO FRQVXPLGRU LQQRYDFLyQ HO JUDGR TXH XQD SHUVRQD
GLVIUXWDSUREDUFRVDVQXHYDVHOPDWHULDOLVPRHOJUDGRGHLPSRUWDQFLDTXHVHGDDODSRVHVLyQ\
DGTXLVLFLyQGHORVELHQHVODDXWRFRQVFLHQFLDHOJUDGRTXHXQDSHUVRQDVXSHUYLVD\FRQWURODOD
LPDJHQ GHO \R TXH SUR\HFWD KDFLD ORV GHPiV \ OD QHFHVLGDG GH FRJQLFLyQ HO JUDGR TXH OH
GHGLFDDSHQVDUHQODVFRVDV\HOHVIXHU]RSDUDSURFHVDUODLQIRUPDFLyQGHPDUFDV6RORPRQ

/DWHRUtDVRFLDORSVLFRDQDOtWLFDVRFLDOVHFHQWUDHQHOFyPRORVIDFWRUHVGHOHQWRUQRHQ
HO TXH XQ VXMHWR YLYH \ VH GHVDUUROOD LQIOX\HQ HQ OD SHUVRQDOLGDG 3RU WDO PRWLYR HO

FRPSRUWDPLHQWR GH XQD SHUVRQD HVWi GHWHUPLQDGR SRU IDFWRUHV VRFLDOHV PiV TXH SRU LPSXOVRV
ELROyJLFRVRIXHU]DVVXEFRQVFLHQWHVH[SOLFDGDVDQWHULRUPHQWH$VtORVWLSRVGHSHUVRQDOLGDGTXH
H[SOLFDHVWiWHRUtDVRQGHXQDSHUVRQDVXPLVDFRQIRUPHXQDDJUHVLYDHQFRQWUDGHWRGR\GH
WRGRV\XQDREMHWLYDLPSDUFLDO)UDM\0DUWtQH]
)LQDOPHQWHODWHRUtDGHDXWRFRQFHSWRGLVWLQJXHODVWHRUtDVUHODFLRQDGDVDOHVWXGLRGHOD
SHUVRQDOLGDG\DOFRQFHSWRGHXQRPLVPR(VGHFLUVHUHILHUHDFyPRXQLQGLYLGXRVHYHDXQR
PLVPR DXWRFRQFHSWR UHDO \ FyPR OR YHQ ORV GHPiV DXWRFRQFHSWR UHDO VRFLDO R FRPR XQ
LQGLYLGXRVHJXVWDUtDYHUDXQRPLVPRDXWRFRQFHSWRLGHDO\FRPRTXHUUtDTXHORVGHPiVOR
YLHVHQ DXWRFRQFHSWRLGHDOVRFLDO)UDM(VWDVFDUDFWHUtVWLFDVGHWHUPLQDQOD PDQHUDHQ
TXH XQD SHUVRQD DFW~D DGTXLHUH XQ SURGXFWR SDUWLFLSD HQ DFWLYLGDGHV HWF FRQ HO ILQ GH
HVWUHFKDU ODV GLIHUHQFLDV HQWUH XQ FRQFHSWR UHDO \ XQR LGHDO TXH SXHGH WHQHU DO PRPHQWR GH
DXWRHYDOXDUVH \ SUR\HFWDUVH D Vt PLVPR KDFLD ORV GHPiV (Q HO FDVR GHO FRPSRUWDPLHQWR
HFROyJLFRVHSXHGHDQDOL]DUVLORHVSRUFRQYLFFLyQRSRUSUR\HFWDUXQDLPDJHQGHWHUPLQDGDD
ORVGHPiV
(VWDVWHRUtDVD\XGDQDHQWHQGHUGHXQDPHMRUPDQHUDHOFRPSRUWDPLHQWRGHOFRQVXPLGRU
HFROyJLFR \ VX UHODFLyQ FRQ ODV GLVWLQWDV YDULDEOHV LQWHUQDV R H[WHUQDV TXH GHWHUPLQDQ OD
SHUVRQDOLGDG DGHPiV GH HVWDEOHFHU OD EDVH SDUD H[SOLFDU R DQDOL]DU OD FDSDFLGDG SUHGLFWLYDGH
HOOD &RPR \D VH H[SOLFy SUHYLDPHQWH QR H[LVWH XQD WHRUtD HQ HVSHFtILFR TXH HYDOXp D OD
SHUIHFFLyQ DO FRQVXPLGRU HFROyJLFR VH SXHGH GHFLU OR PLVPR GH ORV DVSHFWRV HYDOXDGRV HQ HO
SUHVHQWHDFiSLWH\DTXHH[LVWHQGLYHUVDVWHRUtDVTXHEXVFDQHQWHQGHUHOFRPSRUWDPLHQWRGHXQ
LQGLYLGXRVLQHPEDUJRHVFRPSOLFDGROOHJDUDXQDH[SOLFDFLyQSUHFLVD
F 9DULDEOHGHDFWLWXG
/DDFWLWXGHVXQD³SUHGLVSRVLFLyQDSUHQGLGDTXHLPSXOVDDOLQGLYLGXRDFRPSRUWDUVHGH
XQDPDQHUDFRQVLVWHQWHPHQWHIDYRUDEOHRGHVIDYRUDEOHHQUHODFLyQFRQXQREMHWRGHWHUPLQDGR´
6FKLIIPDQHWDOS/RVDXWRUHVUHVDOWDQTXHODDFWLWXGHVSHUGXUDEOHSRUTXHWLHQGH
D SHUPDQHFHU FRQ HO SDVR GHO WLHPSR SRU HMHPSOR FRQ HO UXLGR IXHUWH D SHVDU GHO SDVR GHO
WLHPSRVHSRGUtDGHVDUUROODUXQDDFWLWXGQHJDWLYDKDFLDWRGRVORVUXLGRVIXHUWHV$GHPiVLQGLFD
TXH ORV FRQVXPLGRUHV WLHQHQ DFWLWXGHV KDFLD XQ H[WHQVR UDQJR GH REMHWRV \ SRU WDO PRWLYR
HVFRJHQRSUHILHUHQXQGHWHUPLQDGRSURGXFWRRPDUFDRUHVSRQGHQGHXQDPDQHUDIDYRUDEOHR
GHVIDYRUDEOHDXQDDFFLyQGHWHUPLQDGDUHFLFODUERWHOODV\SDSHOHVRGHVHFKDUODV
&RQ HO ILQ GH HQWHQGHU OD UHODFLyQ GH ODV DFWLWXGHV FRQ HO FRPSRUWDPLHQWR ORV
LQYHVWLJDGRUHV KDQ FRQVWUXLGR DOJXQRV PRGHORV TXH OHV SHUPLWH FDSWDU ODV GLPHQVLRQHV

IXQGDPHQWDOHV GH XQD DFWLWXG 8QD GH HOODV HV HO PRGHOR GH ORV WUHV FRPSRQHQWHV GH ODV
DFWLWXGHVTXHFRQVLVWHHQTXHODVDFWLWXGHVVHFRQIRUPDQFRQWUHVFRPSRQHQWHVSULQFLSDOHVHO
FRJQLWLYRHODIHFWLYR\HOFRQDWLYRRLQWHQFLRQDO
(OFRPSRQHQWHFRJQLWLYRHVWiFRQVWLWXLGRSRUODVFRJQLFLRQHVGHOLQGLYLGXRHVGHFLUHO
FRQRFLPLHQWR \ ODV SHUFHSFLRQHV TXH pVWH KD DGTXLULGR PHGLDQWH XQD FRPELQDFLyQ GH VX
H[SHULHQFLD GLUHFWD FRQ HO REMHWR GH OD DFWLWXG (O FRPSRQHQWH DIHFWLYR VH UHILHUH D OR TXH XQ
FRQVXPLGRU VLHQWH UHVSHFWR D XQD FXHVWLyQ X REMHWR (V GHFLU VRQ ODV HPRFLRQHV R ORV
VHQWLPLHQWRVGHXQFRQVXPLGRUHQUHODFLyQFRQXQREMHWR)LQDOPHQWHHOFRPSRQHQWHFRQDWLYRR
LQWHQFLRQDOVHUHILHUHDODSUREDELOLGDGGHTXHXQLQGLYLGXRUHDOLFHXQDDFFLyQHVSHFtILFDRVH
FRPSRUWH GH XQD GHWHUPLQDGD PDQHUD HQ UHODFLyQ FRQ OD DFWLWXG IUHQWH DO REMHWR (Q HO
FRPSRQHQWHFRQDWLYRLPSOLFDODLQWHQFLyQSDUDKDFHUDOJRHQUHODFLyQFRQHOREMHWR6FKLIIPDQ
HWDO
0DORQH\ \ :DUG FRQVROLGDURQ VX FDUiFWHU WULGLPHQVLRQDO \ OR DSOLFDURQ HQ HO
HVWXGLR GH ODV DFWLWXGHV PHGLRDPELHQWDOHV (VWRV DXWRUHV LQWHQWDURQ UHDOL]DU HO DQiOLVLV GH OD
GHQRPLQDGD ³FULVLV HFROyJLFD´ R ³FULVLV GH XQ FRPSRUWDPLHQWR PDODGDSWDGR´ PHGLDQWH OD
PRGLILFDFLyQ GH DOJXQRV DVSHFWRV GHO FRPSRUWDPLHQWR KXPDQR 3DUD WDO PRWLYR H[SOLFDQ OD
QHFHVLGDG GH FRQRFHU D OD SREODFLyQ PHWD FRQRFHU TXp SLHQVD TXp VLHQWH \ OR TXH UHDOPHQWH
KDFHFRQHOWHPDPHGLRDPELHQWDO)UDM\0DUWtQH]
/DDFWLWXGQRUPDOPHQWHLQIOX\HHQODVDFFLRQHVGHODVSHUVRQDV\VHSRGUiUHIOHMDUHQHO
PRGR TXH ORV LQGLYLGXRV GHVDUUROODQ DOJXQD DFWLYLGDG 'H HVWD PDQHUD VH SXHGH GHFLU TXH
H[LVWHQGLYHUVDVPDQHUDVGHOOHJDUDFXPSOLUGHWHUPLQDGDWDUHD(VLPSRUWDQWHFRQRFHUHQTXp
PHGLGD XQD EXHQD R PDOD DFWLWXG LQIOX\H HQ HO FRPSRUWDPLHQWR GH XQD SHUVRQD \D TXH HV
HVHQFLDODOPRPHQWRGHDQDOL]DUXQDSUHIHUHQFLDSRUGHWHUPLQDGRWLSRGHFRQVXPR
(Q HVWH DSDUWDGR VH GHVDUUROODURQ ODV YDULDEOHV PiV LPSRUWDQWHV TXH IRUPDQ SDUWH GHO
PRGHORXWLOL]DGRSDUDODFRQVWUXFFLyQGHOSHUILOGHOFRQVXPLGRUHFROyJLFRGHORVDOXPQRV38&3
TXH VH SODQWHD HQ OD SUHVHQWH LQYHVWLJDFLyQ &DGD YDULDEOH WLHQH XQ GHWHUPLQDGR JUDGR GH
LPSRUWDQFLD VHJ~Q HO FRQWH[WR HQ HO TXH VH HQFXHQWUH XQ GHWHUPLQDGR WLSR GH FRQVXPLGRU (V
SRUHOORTXHORVUHVXOWDGRVVREUHSHUILOHVGHFRQVXPRGLILHUHQWDQWR7RGRHVWRVHUHVXPHHQOD
UD]yQ SRU OD FXDO PXFKDV HPSUHVDV EXVFDQ GHVDUUROODU SHUILOHV GH FRQVXPLGRU GH VX S~EOLFR
REMHWLYR R PHWD 3RU HOOR OD SUHVHQWH LQYHVWLJDFLyQ FRQVLGHUD TXH HV HVHQFLDO SDUD XQD
RUJDQL]DFLyQ\VXVREMHWLYRVSRGHUFRQRFHUODVSUHIHUHQFLDVGHORVFRQVXPLGRUHV(VWRDWUDYpV
GH PRGHORV GH HYDOXDFLyQ GHO FRPSRUWDPLHQWR TXH JHQHUHQ ORV PHMRUHV UHVXOWDGRV WRGR HVWR
SDUDHOEXHQGHVDUUROORHVWUDWpJLFR\RSHUDFLRQDO

)XQGDPHQWRVWHyULFRVGHODVKLSyWHVLVSODQWHDGDV
7RPDQGR FRPR SXQWR GH SDUWLGD OD OLWHUDWXUD H[SXHVWD VREUH HO FRPSRUWDPLHQWR GHO
FRQVXPLGRUHFROyJLFRDVtFRPRHODQiOLVLVGHODVYDULDEOHVTXHORFRQIRUPDQHOREMHWLYRGHOD
SUHVHQWHVHFFLyQHVGHVDUUROODUODVKLSyWHVLVGHODLQYHVWLJDFLyQ3DUDHOORVHWRPDQHQFXHQWDODV
YDULDEOHV \D H[SOLFDGDV \ TXH WHyULFDPHQWH HVWiQ LQYROXFUDGDV HQ HO FRPSRUWDPLHQWR GHO
FRQVXPLGRUHFROyJLFR
/DV KLSyWHVLV SODQWHDGDV VHUiQ UHFKD]DGDV R QR VHJ~Q ORV UHVXOWDGRV REWHQLGRV FRPR
SDUWHGHODDSOLFDFLyQGHODQiOLVLVIDFWRULDO\ODUHJUHVLyQOLQHDOTXHILQDOL]DQHQODFRQVWUXFFLyQ
GHO SHUILO GH FRPSRUWDPLHQWR HFROyJLFR GH ORV DOXPQRV 38&3 (O PRGHOR GH FRPSRUWDPLHQWR
HFROyJLFRXWLOL]DGRHVWiFRQIRUPDGRSRUXQDVHULHGHYDULDEOHVGHSHQGLHQWHVHLQGHSHQGLHQWHV
FRPRVHREVHUYDDFRQWLQXDFLyQ
)LJXUD0RGHORGHOFRPSRUWDPLHQWRHFROyJLFR
9DULDEOHV 9DULDEOHV'HSHQGLHQWHV
,QGHSHQGLHQWHV 5HFLFODMHGH3URGXFWRV
$FWLWXG 3DUWLFLSDFLyQHQ
9DORUHV\(VWLORVGH SURJUDPDVHLQLFLDWLYDV
9LGD9$/6\(VWLORV HFROyJLFRV
GHYLGD(FROyJLFRV &203257$0,(172
&RPSURPLVR5HDO (&2/Ï*,&2
3HUVRQDOLGDG &RQRFLPLHQWRH
,QIRUPDFLyQ
&RPSUDGHSURGXFWRV
HFROyJLFRV
(Q SULPHU OXJDU HO SURFHVR GH HYDOXDFLyQ GHO PRGHOR REVHUYDGR VH GD PHGLDQWH OD
HYDOXDFLyQGHODVYDULDEOHVLQGHSHQGLHQWHVTXHGDQIRUPDDOSHUILOSVLFRJUiILFRGHORVDOXPQRV
38&3(VHQHVWDHWDSDGHOSURFHVRGRQGHVHUHDOL]DODDSOLFDFLyQGHODQiOLVLVIDFWRULDOSDUDOD
DJUXSDFLyQGHODVYDULDEOHVSVLFRJUiILFDVHQIDFWRUHV
(QVHJXQGROXJDUODHYDOXDFLyQGHODVYDULDEOHVGHSHQGLHQWHVKDFHXVRGHODUHJUHVLyQ
OLQHDO\ORJtVWLFDTXHHVWDEOHFHODUHODFLyQHQWUHHVWHWLSRGHYDULDEOHV\ODVLQGHSHQGLHQWHV(VWR
VH UHDOL]D PHGLDQWH HO FUXFH GH OD LQIRUPDFLyQ REWHQLGD SDUD OD PHGLFLyQ GH FDGD WLSR GH
YDULDEOH (Q HO FDVR GH ODV YDULDEOHV GHSHQGLHQWHV VH REWLHQH OD LQIRUPDFLyQ GLUHFWDPHQWH GHO
LQGLYLGXRDOPRPHQWRGHODDSOLFDFLyQGHODHQFXHVWD3RURWURODGRHQHOFDVRGHODVYDULDEOHV
LQGHSHQGLHQWHV VH KDFH XVR GH ORV IDFWRUHV REWHQLGRV FRPR UHVXOWDGR GH OD DSOLFDFLyQ GHO
DQiOLVLVIDFWRULDO

(O GHWDOOH GH OD H[SOLFDFLyQ GHO PRGHOR GH )UDM \ 0DUWtQH] VH SXHGH UHYLVDU D
GHWDOOHHQODPHWRGRORJtDGHODLQYHVWLJDFLyQ
$FRQWLQXDFLyQVHSUHVHQWDQODVKLSyWHVLVFRUUHVSRQGLHQWHVDFDGDWLSRGHYDULDEOH9DOH
GHFLU TXH HQ HO FDVR GH ODV YDULDEOHV SVLFRJUiILFDV HVWDV VH IRUPXODQ HQ EDVH D ORV IDFWRUHV
UHVXOWDQWHV GHO DQiOLVLV IDFWRULDO \D TXH ODV HYDOXDFLRQHV GH HVWDV KLSyWHVLV VH UHDOL]DURQ
PHGLDQWHODDSOLFDFLyQGHODUHJUHVLyQOLQHDODFDGDYDULDEOHGHSHQGLHQWHGHOPRGHOR
9DULDEOHVVRFLRGHPRJUiILFDV
/DV FDUDFWHUtVWLFDV GHPRJUiILFDV \ VRFLRHFRQyPLFDV HVWiQ UHSUHVHQWDGDV SRU YDULDEOHV

FRPRODHGDGVH[RLQJUHVRQLYHOGHHGXFDFLyQFDUUHUDSURIHVLRQDOHQWUHRWURV/DUHODFLyQGH
ODV YDULDEOHV PHQFLRQDGDV FRQ XQ FRPSRUWDPLHQWR HFROyJLFR KD VLGR HVWXGLDGD SRU YDULRV
LQYHVWLJDGRUHV3RUXQODGRHOWUDEDMRGHLQYHVWLJDFLyQGH=HLGQHU\6KHFKWHUFLWDGRHQ
)UDM\0DUWtQH]PHQFLRQDTXHODVSHUVRQDVFRQXQQLYHOGHHVWXGLRVVXSHULRUHVWiQPiV
GLVSXHVWDV D FRQVXPLU SURGXFWRV HFROyJLFRV $VLPLVPR $UFXU\ 6FROOD\ \ -RKQVRQ
VHxDOD TXH ODV PXMHUHV VH LQYROXFUDQ PiV HQ DFWLYLGDGHV \ SURJUDPDV GH SURWHFFLyQ DO PHGLR
DPELHQWH 3RU ~OWLPR 'XQODS \ 9DQ /LHUH LQGLFDQ TXH ODV SHUVRQDV PiV MyYHQHV
SUHVHQWDQXQPD\RULQWHUpVSRUORVSULQFLSLRVPHGLRDPELHQWDOHV (QHOSUHVHQWHFDVR VHEXVFD
OOHJDUDFRQFOXVLRQHVVLPLODUHVPHGLDQWHODDSOLFDFLyQGHODVKHUUDPLHQWDVGHDQiOLVLVXWLOL]DGDV
DVtPLVPRVHEXVFDTXHHVWDVFRQFOXVLRQHVGHQVRSRUWHDODVUHFRPHQGDFLRQHVUHODFLRQDGDVDO
DQiOLVLVGHODLQIRUPDFLyQGHPRJUiILFD\VRFLRHFRQyPLFDSURSLDGHODOXPQR38&3
3DUDODHYDOXDFLyQGHHVWHWLSRGHYDULDEOHVVHFRQVLGHUDURQODVVLJXLHQWHVWUHVKLSyWHVLV
UHODFLRQDGDV D ORV IDFWRUHV GHPRJUiILFRV \ VRFLRHFRQyPLFRV ODV FXDOHV VH IRUPXODURQ GH
DFXHUGRDODVHQWUHYLVWDVUHDOL]DGDVDUHSUHVHQWDQWHVGHDFWLYLGDGHVHLQLFLDWLYDVRULHQWDGDVDOD
VHQVLELOL]DFLyQ \ FXLGDGR GHO PHGLR DPELHQWH HQ OD 38&3 \ VH UHIXHU]DQ FRQ OR UHYLVDGR
WHyULFDPHQWHDORODUJRGHODLQYHVWLJDFLyQ
)LJXUD+LSyWHVLVGHODVYDULDEOHVVRFLRGHPRJUiILFDV
9DULDEOHV6RFLRGHPRJUiILFDV
+D (O VH[R IRUPD SDUWH GHO SHUILO GHO FRPSRUWDPLHQWR GHO FRQVXPLGRU HFROyJLFR GH ORV
DOXPQRV 38&3
+E /D HGDG IRUPD SDUWH GHO SHUILO GHO FRPSRUWDPLHQWR GHO FRQVXPLGRU HFROyJLFR GH ORV
DOXPQRV 38&3
+F /D VLWXDFLyQ ODERUDO IRUPD SDUWH GHO SHUILO GHO FRPSRUWDPLHQWR GHO FRQVXPLGRU
HFROyJLFR GH ORV DOXPQRV 38&3

9DULDEOHVSVLFRJUiILFDV
/D HYDOXDFLyQ GH HVWRV IDFWRUHV VH UHDOL]D SRU FDWHJRUtDV HVWDV VRQ ODV VLJXLHQWHV
YDORUHV\HVWLORVGHYLGDSHUVRQDOLGDG\DFWLWXG(VWRVIDFWRUHVMXHJDQXQUROLPSRUWDQWHHQOD
HYDOXDFLyQSVLFRJUiILFDGHORVDOXPQRVODFXDOVHUHDOL]yFRQODDSOLFDFLyQGHODQiOLVLVIDFWRULDO
VREUH OD LQIRUPDFLyQ UHFRSLODGD $ FRQWLQXDFLyQ VH GHWDOODQ ODV YDULDEOHV TXH FRQIRUPDQ HVWH
IDFWRU\WDPELpQODVKLSyWHVLVSODQWHDGDVVHJ~QFDGDXQDGHpVWDV
5.2.1. Valores y estilos de vida
/DPHGLFLyQGHODSUHVHQWHYDULDEOHVHGDUiPHGLDQWHGRVWLSRVGHPpWRGRV(OSULPHU
PpWRGR HVWi UHODFLRQDGR D OD HVFDOD GH 9$/6 TXH VHJ~Q )UDM \ 0DUWtQH] HYDO~D ORV
YDORUHV\HVWLORVGHYLGDGHVGHXQSXQWRGHYLVWDJHQHUDO(OVHJXQGRPpWRGRHVHOTXHUHODFLRQD
ORHFROyJLFRFRQORVHVWLORVGHYLGD\VHUiHYDOXDGRGHPDQHUDFRQMXQWDFRQORVHVWLORVGHYLGD
/D PHGLFLyQ PHGLDQWH OD HVFDOD GH 9$/6 SURSXHVWD SRU 0LWFKHOO JHQHUy UHVXOWDGRV
SRVLWLYRVHQHOHVWXGLRGHOSHUILOGHOFRQVXPLGRUHFROyJLFRUHDOL]DGRSRU)UDM\0DUWtQH]
HQ=DUDJR]D$OJXQRVGHHVWRVUHVXOWDGRVIXHURQXWLOL]DGRVFRPRUHIHUHQFLDSDUDODIRUPXODFLyQ
GH ODV SUHVHQWHV KLSyWHVLV 3RU HO ODGR GH ORV HVWLORV GH YLGD UHODFLRQDGRV D OR HFROyJLFR VH
FRQVLGHUD OD LPSRUWDQFLD GHO PDQHMR GH LQIRUPDFLyQ HQ WHPDV HFROyJLFRV SRU SDUWH GHO
FRQVXPLGRU/DLQWHQFLyQHVWiHQFRPSUREDUVLHOPDQHMRGHLQIRUPDFLyQHFROyJLFDVHWUDGXFH
HQHVWLORVGHYLGDUHODFLRQDGRVDODVSUREOHPiWLFDVHFROyJLFDV\GLYHUVDVDOWHUQDWLYDVSRVLEOHVGH
VROXFLyQSURSLDVGHFDGDLQGLYLGXR/DH[SOLFDFLyQGHHVWDYDULDEOHVHSXHGHGDUVHJ~Q%DUUHLUR
/ySH]/RVDGD\5X]RTXLHQHVFRQVLGHUDQTXHODVHQVLELOLGDGDPELHQWDOVHWUDGXFHHQHO
LQWHUpV\SUHRFXSDFLyQSRUHOPHGLRDPELHQWH
)LJXUD+LSyWHVLVGHORVYDORUHV\HVWLORVGHYLGD
9DORUHV\HVWLORVGHYLGD
+D 8Q HVWLOR GH YLGD DXVWHUR R PRGHUDGR LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV

HFROyJLFR
+E 8Q SHQVDPLHQWR FRQVHUYDGRU HQ OD IDPLOLD \ OD UHOLJLyQ LQIOX\H HQ XQ FRPSRUWDPLHQWR

GH FRQVXPR PiV HFROyJLFR
+F (O JXVWR SRU ODV ~OWLPDV WHQGHQFLDV R PRGDV LQIOX\H HQ XQ FRPSRUDWPLHQWR GH FRQVXPR
PiV HFROyJLFR
+G /D SUiFWLFD GH XQD GLHWD YHJHWDULDQD LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV

HFROyJLFR

+H 8QD YLGD RUGHQDGD \ HTXLOLEUDGD LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV
HFROyJLFR

5.2.2. Personalidad
(Q HO FDVR GH OD SHUVRQDOLGDG HO WUDEDMR GH LQYHVWLJDFLyQ GH )UDM \ 0DUWtQH]
UHDOL]y XQD LQYHVWLJDFLyQ H[SORUDWRULD SDUD GHWHUPLQDU OD LQIOXHQFLD GH ODV FDUDFWHUtVWLFDV
GHVFULSWLYDVGHODSHUVRQDOLGDGFRQXQFRPSRUWDPLHQWRPiVHFROyJLFRVHJ~QODHVWUXFWXUD7KH
%LJ)LYHGH*ROGEHUJ6HOOHJyDODFRQFOXVLyQTXHH[LVWHQDOJXQDVFDUDFWHUtVWLFDVFRPR
OD UHVSRQVDELOLGDG \ HO RUGHQ TXH LQIOX\HQ HVWDGtVWLFDPHQWH HQ XQ FRPSRUWDPLHQWR PiV
HFROyJLFR 6LQ HPEDUJR SRU HMHPSOR D GLIHUHQFLD GH RWURV DXWRUHV VH HQFRQWUy TXH ODV
FDUDFWHUtVWLFDVGHXQPD\RUJUDGRGHVROLGDULGDGRH[WURYHUVLyQQRQHFHVDULDPHQWHLQIOX\HQHQ
XQ FRPSRUWDPLHQWR PiV HFROyJLFR /DV VLJXLHQWHV KLSyWHVLV IRUPXODGDV VH EDVDQ HQ GLFKRV
UHVXOWDGRVDORVTXHVHKDFHPHQFLyQDGHPiVHVQHFHVDULRPHQFLRQDUTXHHOFRQWH[WRHQHOFXDO
VHHVWiUHDOL]DQGRODDSOLFDFLyQGHOPRGHORSURSXHVWRSRU)UDMHVWRWDOPHQWHGLVWLQWR\OR
PiVSUREDEOHHVTXHHVWRVHUHIOHMHVREUHORVUHVXOWDGRVREWHQLGRV
)LJXUD+LSyWHVLVGHODSHUVRQDOLGDG
3HUVRQDOLGDG
+D (O JUDGR GH H[WURYHUVLyQ LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV HFROyJLFR
+E /D VROLGDULGDG \ VLPSDWtD LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV HFROyJLFR
+F /D UHVSRQVDELOLGDG \ HO FRQRFLPLHQWR GH ODV REOLJDFLRQHV LQIOX\H HQ XQ

FRPSRUWDPLHQWR GH FRQVXPR PiV HFROyJLFR
+G (O FDUiFWHU LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV HFROyJLFR
+H /D LQQRYDFLyQ \ ORV YDORUHV LQIOX\HQ HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV

HFROyJLFR
5.2.3. Actitud
3DUD HYDOXDU OD DFWLWXG HV QHFHVDULR HQWHQGHU OD UHODFLyQ HQWUH HVWD YDULDEOH \ HO
FRPSRUWDPLHQWR HFROyJLFR 6REUH HVWD UHODFLyQ H[LVWHQ HVWXGLRV TXH UHVSDOGDQ OD
FRUUHVSRQGHQFLD HQWUH OD DFWLWXG \ HO FRPSRUWDPLHQWR GHO FRQVXPLGRU VH UHILHUHQ D GLFKD
UHODFLyQ FRPR HVWULFWDPHQWH UHFtSURFDV FDXVDOHV 1DUHQGUD $O DQDOL]DU OD FRUUHODFLyQ
HQWUH DFWLWXG \ FRPSRUWDPLHQWR HFROyJLFR HO PRGHOR GH )UDM \ 0DUWtQH] SODQWHD WUHV
HOHPHQWRV FRQVWUXFWRUHV GH OD DFWLWXG PHGLRDPELHQWDO HVWRV VRQ HO FRPSURPLVR DIHFWLYR HO
FRPSURPLVRYHUEDO\HOFRPSURPLVRUHDO
'HVGHHVWHSXQWRGHYLVWDODHYDOXDFLyQGHODDFWLWXGRFRPSURPLVRVHUHDOL]DUiVHJ~QOD
WLSLILFDFLyQGHODVYDULDEOHVXWLOL]DGDVSUHYLDPHQWHSRU)UDM\0DUWtQH](OFRPSURPLVR

YHUEDOVHEDVDHQDTXHOODVDILUPDFLRQHVTXHGHQRWDQXQDGLVSRVLFLyQSRUHOFDPELRGHDTXHOORV
KiELWRVRFRVWXPEUHVTXHJHQHUDQSUREOHPDVDOPHGLRDPELHQWH3RURWURODGRHOFRPSURPLVR
UHDO VH EDVD HQ DILUPDFLRQHV TXH LPSOLFDQ XQD WRPD GH DFFLyQ SUHYLD \ FRQVWDQWH VREUH HO
FXLGDGR GHO PHGLR DPELHQWH 3RU ~OWLPR HO FRPSURPLVR DIHFWLYR HVWi EDVDGR HQ ODV
DILUPDFLRQHVTXHH[SUHVDQLQWHUpVRSUHRFXSDFLyQSRUODVLWXDFLyQDFWXDOGHOPHGLRDPELHQWH
(QUHVXPHQHVWRVWUHVWLSRVGHFRPSURPLVRVRQORVTXHVHUiQHYDOXDGRVHQUHODFLyQDOD
HYDOXDFLyQ GH OD YDULDEOH DFWLWXG /D HVFDOD GH ORV WLSRV GH FRPSURPLVR TXHGD GH OD VLJXLHQWH
PDQHUDFRPSURPLVRDIHFWLYRFRPSURPLVRYHUEDO\FRPSURPLVRUHDO(VWHRUGHQVHDUJXPHQWD
HQHOJUDGRGHLQWHQFLyQTXHLPSOLFDFDGDWLSRGHVGHORPiVDIHFWLYRRLQWHUQRDORPiVUHDOR
H[WHUQR TXH VH UHIOHMD HQ HO DFFLRQDU GHO LQGLYLGXR /D QHFHVLGDG SRU HQFRQWUDU FLHUWR WLSR GH
FRPSURPLVRUHIOHMDGRHQHOFRPSRUWDPLHQWRHFROyJLFRGHORVDOXPQRV38&3OOHYDDFRQVLGHUDU
HVWH WLSR GH HYDOXDFLyQ FRPR OD PiV ySWLPD \ DGHFXDGD $ FRQWLQXDFLyQ VH GHWDOODQ ODV
KLSyWHVLVSODQWHDGDVUHVSHFWLYDPHQWH
)LJXUD+LSyWHVLVGHODDFWLWXG
$FWLWXG &RPSURPLVR
+D (O FRPSRUPLVR YHUEDO LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV HFROyJLFR
+E (O FRPSURPLVR UHDO LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV HFROyJLFR
+F (O FRPSURPLVR DIHFWLYR LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV HFROyJLFR
&RPRVHSXHGHREVHUYDUHQODILJXUDODVKLSRWHVLVFRUUHVSRQGLHQWHVDOIDFWRUDFWLWXG
R FRPSURPLVR VRQHQWRWDO ([LVWHQKLSyWHVLVHQHVSHFtILFRSDUDFDGDWLSRGHFRPSURPLVR
HYDOXDGR HVWR VH SXHGH GLIHUHQFLDU VHJ~Q HO GHWDOOH DVLJQDGR DO LQLFLR GH FDGD KLSyWHVLV +9
+5\+$SDUDHOFRPSURPLVRYHUEDOUHDO\DIHFWLYRUHVSHFWLYDPHQWH
(Q HO SUHVHQWH DFiSLWH VH KDQ GHWDOODGR WRGDV ODV KLSyWHVLV XWLOL]DGDV HQ OD SUHVHQWH
LQYHVWLJDFLyQ DGHPiV VH KD HVSHFLILFDGR HO PRGHOR XWLOL]DGR DVt FRPR OD H[SOLFDFLyQ GH ORV
WLSRV GH YDULDEOHV XWLOL]DGDV \ OD IXQFLyQ GH FDGD XQD GH HOODV HQ OD IRUPDFLyQ GHO SHUILO GHO
FRQVXPLGRUHFROyJLFRGHORVDOXPQRVGHOD38&3
)LQDOPHQWH HQ EDVH D WRGR OR UHYLVDGR HQ HO PDUFR WHyULFR VH SXHGH FRQFOXLU TXH HO
PDUNHWLQJHFROyJLFRGHVGHVXSHUVSHFWLYDVRFLDOUHGHILQHHOFRQFHSWRGHOPDUNHWLQJWUDGLFLRQDO
DOLQWHJUDUHVWUDWpJLFDPHQWHHOWHPDDPELHQWDOHQODGHILQLFLyQGHOSHUILOGHOFRPSRUWDPLHQWRGHO

FRQVXPLGRU3RUHOORUHVXOWDQHFHVDULRFRQRFHU\HQWHQGHUORVGLVWLQWRVIDFWRUHVTXHLQIOX\HQHQ
HOFRPSRUWDPLHQWRGHOFRQVXPLGRUHFROyJLFRSRUTXHFRQRFHU\FRPSUHQGHUFyPRVHFRPSRUWD
HO S~EOLFR REMHWLYR R PHWD SXHGH RULHQWDU GH XQD PHMRU PDQHUD ODV DFFLRQHV R HVWUDWHJLDV TXH
XQDRUJDQL]DFLyQSXHGHHPSOHDU/RPHQFLRQDGRFREUDPD\RUVHQWLGRHQHOFDVRSDUWLFXODUGH
XQD LQVWLWXFLyQ HGXFDWLYD FRPR OD XQLYHUVLGDG TXH D WUDYpV GH SURJUDPDV H LQLFLDWLYDV
RULHQWDGDV DO FXLGDGR GHO PHGLR DPELHQWH EXVFD TXH ORV DOXPQRV WHQJDQ XQ FRPSRUWDPLHQWR
PiVUHVSRQVDEOH(VHO FDVRGH OD38&3 VHUHVDOWDODIRUPDFLyQGHO DOXPQRHQ XQFLXGDGDQR
DPELHQWDOFRPRSDUWHGHODSROtWLFDGHUHVSRQVDELOLGDGVRFLDOXQLYHUVLWDULDGRQGHHOREMHWLYRHV
TXH HO DOXPQR GHPXHVWUH XQ FRPSRUWDPLHQWR D IDYRU GHO PHGLRDPELHQWH GXUDQWH VX HWDSD
XQLYHUVLWDULD\SURIHVLRQDO3RUHOORHVQHFHVDULRODFRQVWUXFFLyQGHOSHUILOGHOFRPSRUWDPLHQWR
HFROyJLFR GHO DOXPQR XQLYHUVLWDULR 38&3 FRQ OD ILQDOLGDG GH TXH HO GHVDUUROOR GH WRGDV ODV
DFFLRQHVHLQLFLDWLYDVPHGLRDPELHQWDOHVSRUSDUWHGHOD38&3WHQJDQp[LWR\ORJUHQIRUPDUXQ
FLXGDGDQR FUtWLFR \ FRQVFLHQWH FRQ HO PHGLRDPELHQWH \ GHO PLVPR GHVGH VX IXWXUD SRVLFLyQ
SURIHVLRQDOHQODVRFLHGDGVHLQWHUHVHSDUWLFLSH\DFWXpDIDYRUGHODVROXFLyQGHORVSUREOHPDV
PHGLRDPELHQWDOHV <D TXH HO DOXPQR DSDUWH GH VHU XQ FRQVXPLGRU GH ELHQHV \ VHUYLFLRV
WDPELpQHVXQFRQVXPLGRUGHLGHDV7RGRHVWHSURFHVRDQDOL]DGRDWUDYpVGHOPDUFRWHyULFRVH
SXHGHREVHUYDUHQODILJXUDTXHUHVXPHODLPSRUWDQFLDGHFDGDWHPDUHYLVDGRFRPRSURFHVR
SDUDSRGHUOOHJDUDHQWHQGHUHOPRGHORGHOFRPSRUWDPLHQWRHFROyJLFR
)LJXUD3URFHVRGHLQYHVWLJDFLyQ
5HVSRQVDELOLGDG
VRFLDO
XQLYHUVLWDULD
(OPDUNHWLQJ
HFROyJLFR\
FRPSRUWDPLHQWR
GHFRPSUD
&RPSRUWDPLHQWR
(FROyJLFRGHO
DOXPQR38&3
&LXGDGDQR
DPELHQWDO\
VRFLDOPHQWH
UHVSRQVDEOH
(QHOVLJXLHQWHFDStWXORVHUHYLVDDGHWDOOHODPHWRGRORJtDGHODLQYHVWLJDFLyQUHSDVDQGR
HOPRGHORHVFRJLGRODVKHUUDPLHQWDVTXHXWLOL]DGDV\ORVWLSRVGHPHGLFLRQHVQHFHVDULDVSRGHU
HYDOXDUODVYDULDEOHV\IDFWRUHVTXHGHWHUPLQDQDXQFRQVXPLGRUHFROyJLFRVHJ~QORVDVSHFWRV
HYDOXDGRV

&$3Ë78/20(72'2/2*Ë$'(/$,19(67,*$&,Ï1
&RQ HO ILQ GH GHWHUPLQDU FXiOHV VRQ ORV IDFWRUHV TXH LQIOX\HQ \ GHWHUPLQDQ HO
FRPSRUWDPLHQWR HFROyJLFR GH ORV DOXPQRV XQLYHUVLWDULRV 38&3 VH RSWy SRU GHVDUUROODU OD
LQYHVWLJDFLyQFRQXQDOFDQFHH[SORUDWRULRSXHVHVXQWHPDSRFRHVWXGLDGR\QRDERUGDGRHQHO
FRQWH[WR HQ HO FXDO VH UHDOL]D HO SUHVHQWH HVWXGLR $GHPiV VLUYH FRPR FLPLHQWR SDUD IXWXURV
WUDEDMRVUHODFLRQDGRVDOWHPDHQFXHVWLyQ$VLPLVPRORVUHVXOWDGRVGHODLQYHVWLJDFLyQWLHQHQ
XQ DOFDQFH GHVFULSWLYR GHELGR D TXH EXVFD HVSHFLILFDU FDUDFWHUtVWLFDV UDVJRV \SURSLHGDGHV GH
SHUVRQDV \ FRQRFHU WHQGHQFLDV \ FRPSRUWDPLHQWRV HQ FRP~Q GHO REMHWLYR HQ HVWXGLR
+HUQiQGH])HUQiQGH] %DSWLVWD
(O SURFHVR GH LQYHVWLJDFLyQ LQYROXFUy GLVWLQWDV IDVHV GH ODV FXDOHV ODV PiV UHOHYDQWHV
IXHURQ ODV VLJXLHQWHV OD IDVH H[SORUDWRULD OD IDVH GH UHFROHFFLyQ GH LQIRUPDFLyQ \ OD IDVH GH
DQiOLVLV \ UHVXOWDGRV YHU $QH[R % (VWDV WUHV IDVHV GHO WUDEDMR GH LQYHVWLJDFLyQ FRPSUHQGHQ
WDQWRODSDUWHPiVEiVLFD \WHPSUDQDGHWRGRORUHDOL]DGRFRPRODVSDUWHVGHPD\RUDQiOLVLVH
LPSRUWDQFLD(OREMHWLYRGHGHWDOODUORPHGLDQWHXQIOXMRGHDFWLYLGDGHVLQWHUFRQHFWDGDVHVWiHQOD
QHFHVLGDGGHYLVXDOL]DUODVHFXHQFLD\WDPELpQHOGHWDOOHGHODLQIOXHQFLDHLQWHUUHODFLyQGHFDGD
IDVHPHQFLRQDGD
(Q SULPHU OXJDU OD IDVH H[SORUDWRULD FRQVLGHUD ORV DVSHFWRV PiV EiVLFRV GHVGH OD
LGHQWLILFDFLyQ GH OD SUREOHPiWLFD KDVWD OD UHFRSLODFLyQ GH OD LQIRUPDFLyQ WHyULFD \ VX VtQWHVLV
SDUDODFRPSUHQVLyQGHOSUREOHPDGHLQYHVWLJDFLyQ/RHVHQFLDOGHHVWDSULPHUDIDVHHVWiHQOD
IRUPXODFLyQGHORVREMHWLYRV\ORVOtPLWHVGHODSUHVHQWHLQYHVWLJDFLyQDVtFRPRODHOHFFLyQGHO
PRGHOR WHyULFR SDUD HO GHVDUUROOR GH OD SUREOHPiWLFD HQ HO FDVR HVSHFLDO GH OD 38&3 7RGRV
HVWRV WHPDV VH HQFXHQWUDQ GHWDOODGRV \ H[SOLFDGRV HQ OD SULPHUD SDUWH GH OD SUHVHQWH
LQYHVWLJDFLyQ
'H PDQHUD VHFXHQFLDO OD IDVH GH UHFROHFFLyQ GH LQIRUPDFLyQ FRQVLVWH HQ HO
SODQWHDPLHQWRGHODPHWRGRORJtDDXWLOL]DUSDUDSRGHUUHFRJHUWRGDODLQIRUPDFLyQQHFHVDULDSDUD
ODHVWLPDFLyQGHOPRGHOR\OOHJDUDORVREMHWLYRVSODQWHDGRVHQODIDVHH[SORUDWRULD(VWRLQFOX\H
ODVKHUUDPLHQWDVXWLOL]DGDVWDQWRFXDQWLWDWLYDVFRPRFXDOLWDWLYDVSDUDODUHFRSLODFLyQGHWRGDOD
LQIRUPDFLyQQHFHVDULD\HVHQFLDOSDUDHODQiOLVLVUHVSHFWLYR(VWDHWDSDHVUHYLVDGDHQHOSUHVHQWH
FDStWXOR\VHUHVXPHHQIXQGDPHQWDUHOSRUTXpGHODHOHFFLyQGHODVKHUUDPLHQWDVXWLOL]DGDVDVt
FRPR WDPELpQ OD H[SOLFDFLyQ JHQHUDO GHO PRGHOR \ HO SURFHVR WHyULFR GH IRUPXODFLyQ \
H[SOLFDFLyQGHORVUHVXOWDGRVREWHQLGRV

3RU~OWLPRODIDVHGHDQiOLVLV\HODERUDFLyQGHUHVXOWDGRVFRQVLVWHSULQFLSDOPHQWHHQOD
H[SOLFDFLyQ GHO SHUILO GHO FRQVXPLGRU HFROyJLFR GHO DOXPQR XQLYHUVLWDULR 38&3 $Vt FRPR
WDPELpQ OD IRUPXODFLyQ GH ODV FRQFOXVLRQHV \ UHFRPHQGDFLRQHV TXH HQ EDVH D ORV UHVXOWDGRV
REWHQLGRVSXHGDQVHUYLUGHPHMRUDHQODJHVWLyQDPELHQWDOGHOD38&3DSOLFDGDDORVDOXPQRV
XQLYHUVLWDULRV
5HFROHFFLyQGHLQIRUPDFLyQ
(OSURSyVLWRGHHVWDVHFFLyQHVHOGLVHxR\H[SOLFDFLyQGHODVSULQFLSDOHVKHUUDPLHQWDV
PHWRGROyJLFDVXWLOL]DGDVSDUDODUHFROHFFLyQGHODLQIRUPDFLyQDGHFXDGDSDUDODLQYHVWLJDFLyQ
&RPR VH LQGLFy HQ OD SDUWH LQWURGXFWRULD VH HVWi SULYLOHJLDQGR OD DSOLFDFLyQ GH XQ HQIRTXH
PL[WR HV GHFLU OD DSOLFDFLyQ WDQWR GH KHUUDPLHQWDV FXDOLWDWLYDV FRPR FXDQWLWDWLYDV $
FRQWLQXDFLyQVHGHVDUUROODFDGDWLSRGHKHUUDPLHQWDGHUHFROHFFLyQGHLQIRUPDFLyQXWLOL]DGDDVt
FRPRDIXQFLyQGHFDGDXQDGHHOODVHQHOSURFHVRGHWDOODGRHQHOSUHVHQWHFDStWXOR
+HUUDPLHQWD&XDQWLWDWLYD
(O HQIRTXH FXDQWLWDWLYR VH HQWLHQGH FRPR XQ SURFHVR VHFXHQFLDO \ SUREDWRULR TXH
PHGLDQWHODUHFROHFFLyQGHGDWRV\DQiOLVLVVHSXHGHOOHJDUDODGHFLVLyQGHUHFKD]DUODVKLSyWHVLV
SODQWHDGDVSUHYLDPHQWHDODIDVHGHDQiOLVLVGHODLQIRUPDFLyQUHFRSLODGD3DUDWDOILQVHXWLOL]DQ
PHGLFLRQHV QXPpULFDV TXH SRVWHULRUPHQWH VH DQDOL]DQ PHGLDQWH PpWRGRV HVWDGtVWLFRV /D
KHUUDPLHQWDFXDQWLWDWLYDXWLOL]DGDHQODIDVHGHUHFROHFFLyQGHLQIRUPDFLyQVHUiHOFXHVWLRQDULR
YHU $QH[R & TXH HV XQ FRQMXQWR GH SUHJXQWDV UHODFLRQDGDV D ODV YDULDEOHV TXH HO PRGHOR
SODQWHD PHGLU /D HQFXHVWD D XWLOL]DU HVWi FRPSXHVWD SRU SUHJXQWDV FHUUDGDV \ GHOLPLWDGDV HQ
RSFLRQHV\HVFDODV$VLPLVPRWLHQHODYHQWDMDGHVHUFRGLILFDGDIiFLOPHQWHHQHODQiOLVLVVLHQGR
GH SULQFLSDO SURYHFKR DO PRPHQWR GH OD IRUPXODFLyQ GH ODV FRQFOXVLRQHV \ UHFRPHQGDFLRQHV
UHVSHFWLYDV+HUQiQGH]HWDO
1.1.1. Modelo escogido
(Q OD E~VTXHGD GH XQ PRGHOR TXH H[SOLTXH ORV IDFWRUHV TXH GHWHUPLQDQ XQ
FRPSRUWDPLHQWR HFROyJLFR GHO FRQVXPLGRU VHXWLOL]y HO WUDEDMRGH LQYHVWLJDFLyQ UHDOL]DGRSRU
)UDM \ 0DUWtQH] HO FXDO FRQVWUX\H HO SHUILO GHO FRQVXPLGRU HFROyJLFR HQ OD FLXGDG
HVSDxRODGH=DUDJR]D
(VQHFHVDULRH[SOLFDUTXHHOPRGHORKDVLGRDGDSWDGRGHWDOPDQHUDTXHVHDDSOLFDEOHDO
FRQWH[WR XQLYHUVLWDULR WDQWR D QLYHO WHyULFR HV GHFLU DGDSWDU ODV GHILQLFLRQHV \ FRQFHSWRV

SURSLRVGHRWURSDtVFRPRWDPELpQDQLYHOGHFRPSUHQVLyQJUDPDWLFDO(VWRFRQHOREMHWLYRGH
HYLWDUFRQIXVLRQHVSRUSDUWHGHORVDOXPQRVDOPRPHQWRGHODUHFROHFFLyQGHLQIRUPDFLyQ
(VLPSRUWDQWHWDPELpQHOUHFRQRFHUGHPDQHUDJHQHUDO\DGHWDOOHHOPRGHORXWLOL]DGR
(VWH PRGHOR SUHVHQWD XQD VHULH GH YDULDEOHV WDQWR GHSHQGLHQWHV FRPR LQGHSHQGLHQWHV TXH
GHWHUPLQDQ HO FRPSRUWDPLHQWR HFROyJLFR GHO FRQVXPLGRU YHU ILJXUD $ FRQWLQXDFLyQ VH
UHDOL]DODH[SOLFDFLyQGHHVWDVYDULDEOHVTXHVRQFUXFLDOHVSDUDHODQiOLVLVGHODLQIRUPDFLyQ\OD
HODERUDFLyQGHORVUHVXOWDGRV
1.1.2. Definición y medición de factores
(OHVWXGLRGHOSHUILOGHOFRQVXPLGRUHFROyJLFRGHODOXPQRXQLYHUVLWDULRGHOD38&3VH
GHVDUUROODHQGRVSURFHVRVRIDVHVLQWHUUHODFLRQDGDV(QSULPHUOXJDUHOPRGHORGLVWLQJXHHQWUH
YDULDEOHV GHSHQGLHQWHV \ YDULDEOHV LQGHSHQGLHQWHV /DV YDULDEOHV LQGHSHQGLHQWHV VRQ DTXHOODV
YDULDEOHV TXH IRUPDQ SDUWH GHO IDFWRU SVLFRJUiILFR \D UHYLVDGRV WHyULFDPHQWH HV GHFLU ODV
YDULDEOHV UHODFLRQDGDV D ORV YDORUHV \ HVWLORV GH YLGD OD SHUVRQDOLGDG \ ODV DFWLWXGHV (VWDV
YDULDEOHVVRQHYDOXDGDVPHGLDQWHHODQiOLVLVIDFWRULDOTXHDJUXSDODVYDULDEOHVPHQFLRQDGDVHQ
QXHYRVIDFWRUHVTXHVHDQUHSUHVHQWDWLYRVGHOFDVRHYDOXDGRHQHVSHFtILFR
(Q VHJXQGR OXJDU HO SUHVHQWH PRGHOR GH HYDOXDFLyQ FRQVLGHUD XQD VHULH GH YDULDEOHV
GHSHQGLHQWHVTXHEiVLFDPHQWHVRQFLQFRHOUHFLFODMHGHSURGXFWRVHFROyJLFRVODSDUWLFLSDFLyQ
HQLQLFLDWLYDVRSURJUDPDVHFROyJLFRVODLQIRUPDFLyQRFRQRFLPLHQWRHFROyJLFRHOFRPSURPLVR
UHDO \ SRU ~OWLPR OD FRPSUD GH SURGXFWRV HFROyJLFRV 6H HVSHUD TXH HVWDV YDULDEOHV VHDQ
H[SOLFDGDV SRU ODV YDULDEOHV LQGHSHQGLHQWHV SRU HOOR VH GHQRPLQDQ D HVWDV ~OWLPDV FRPR ODV
YDULDEOHV H[SOLFDWLYDV (O GHWDOOH GHO FyPR VH PHGLUiQ HVWDV YDULDEOHV VH GHVDUUROOD D
FRQWLQXDFLyQ
D 9DULDEOHVLQGHSHQGLHQWHV
(VWH WLSR GH YDULDEOHV VRQ ODV PiV EiVLFDV GHO PRGHOR \D TXH VRQ ODV YDULDEOHV
H[SOLFDWLYDV GH ODV YDULDEOHV GHSHQGLHQWHV 3RU HQGH OD FRUUHFWD FRPSUHVLyQ GH HVWH WLSR GH
YDULDEOHV HV QHFHVDULD SDUD SRGHU OOHJDU D H[SOLFDU VX IXQFLyQ GHQWUR GH OD H[SOLFDFLyQ GHO
PRGHORGHFRPSRUWDPLHQWRHFROyJLFR
D9DULDEOHVGHPRJUiILFDV\VRFLRHFRQyPLFDV
(VWH SULPHU IDFWRU DJUXSD YDULDEOHV FRPR VH[R HO QLYHO GH HVWXGLRV DxR GH LQJUHVR
FDUUHUD SURIHVLRQDO \ SDUWLFLSDFLyQ ODERUDO &DGD XQD GH HVWDV YDULDEOHV VH FDUDFWHUL]D SRU OD
VLPSOLFLGDGGHVXPHGLFLyQ<DXQTXHVXLQIRUPDFLyQQRHVPX\UHOHYDQWHSDUDORVILQHVGHHVWD

LQYHVWLJDFLyQ JDQD QRWDEOH LPSRUWDQFLD FXDQGR VH UHODFLRQD FRQ RWUDV YDULDEOHV \D TXH VH
SXHGHQ HQFRQWUDU UHODFLRQHV GH FDXVDOLGDG TXH H[SOLTXHQ GHWHUPLQDGR FRPSRUWDPLHQWR (VWDV
YDULDEOHV VHUiQ HYDOXDGDV PHGLDQWH KHUUDPLHQWDV GH H[SOLFDFLyQ GHVFULSWLYDV DVt FRPR OD
DSOLFDFLyQGHOFKLFXDGUDGRFRPRKHUUDPLHQWDGHDQiOLVLVGHLQIRUPDFLyQ
D9DULDEOHVSVLFRJUiILFDV
/DV FDUDFWHUtVWLFDV GH WLSR SVLFRJUiILFDV RIUHFHQ XQ PD\RU HQWHQGLPLHQWR VREUH HO
FRPSRUWDPLHQWRGHOLQGLYLGXR(VWDVFRPSUHQGHQYDULDEOHVUHODFLRQDGDVDORVYDORUHV\HVWLORV
GHYLGDGHOLQGLYLGXRODSHUVRQDOLGDGRDFWLWXGHVGHORVPLVPRV/DLPSRUWDQFLDGHOHVWXGLRGH
HVWDVYDULDEOHVUDGLFDHQODDOWDLQIOXHQFLDTXHSXHGHOOHJDUDWHQHUVREUHHOSURFHVRGHWRPDGH
GHFLVLRQHV\DTXHVRQSDUWHGHODHYDOXDFLyQSVLFRJUiILFDTXHSODQWHDHOPRGHOR
/RV LQVWUXPHQWRV GH PHGLGD GH ODV YDULDEOHV SVLFRJUiILFDV HVWiQ EDVDGDV HQ GLVWLQWDV
DSRUWDFLRQHV GH HVWXGLRV HPStULFRV TXH D WUDYpV GH ORV DxRV KDQ FRQVROLGDGR LQIRUPDFLyQ
PHWRGROyJLFDVREUHHOFyPRPHGLUGLFKDVYDULDEOHV
(QSULPHUOXJDUODPHGLFLyQGHODYDULDEOHYDORUHV\HVWLORVGHYLGDVHXWLOL]DODHVFDOD
9$/6 9DOXHV DQG /LIHVW\OHV 6FDOH SURSXHVWD SRU 0LWFKHOO TXH HV XQD HVFDOD
FRQIRUPDGDSRUtWHPVVREUHYDORUHV\HVWLORVGHYLGDHQGRQGHHODOXPQRHQFXHVWDGRVHxDOD
HOJUDGRGHDFXHUGRRGHVDFXHUGRHQXQDHVFDODGH/LNHUW
(Q VHJXQGR OXJDU OD HYDOXDFLyQ GH OD YDULDEOH GH HVWLOR GH YLGD HFROyJLFR HVWi
UHODFLRQDGDDORPHQFLRQDGRSUHYLDPHQWHFRQODYDULDEOHGHYDORUHV\HVWLORVGHYLGD9$/6
6LQHPEDUJRWHyULFDPHQWHVHXWLOL]DXQDHVFDODSURSXHVWDSRU6iQFKH]*LO\*UDFLDTXH
HQ HVSHFtILFR GHVDUUROOD ORV HVWLORV GH YLGD GHVGH XQ HQIRTXH GHO FRPSRUWDPLHQWR HFROyJLFR
(VWDHVFDODHVWiUHODFLRQDGDDODLPSRUWDQFLDGHXQDYLGDVDQD\DXQFRQVXPRPiVHFROyJLFR
3DUDHVWDLQYHVWLJDFLyQWDPELpQVHXWLOL]DXQDHVFDODGH/LNHUWSDUDPHGLUHOJUDGRGHDFXHUGRR
GHVDFXHUGRTXHHOPRGHORSURSRQH
(Q WHUFHU OXJDU SDUD OD PHGLFLyQ GH OD YDULDEOH SHUVRQDOLGDG VH XWLOL]D OD HVFDOD ³%LJ
)LYH6WUXFWXUH´GH*ROGEHUJTXHH[SOLFDODSHUVRQDOLGDGGHXQLQGLYLGXRPHGLDQWHFLQFR
JUDQGHV UDVJRV H[WURYHUVLyQ FDUiFWHU HPRFLRQDO VLPSDWtD \ VROLGDULGDG KDFLD ORV GHPiV
FRQVFLHQFLD \ UHVSRQVDELOLGDG \ FUHDWLYLGDG R QLYHO LQWHOHFWXDO 'LFKDV FDUDFWHUtVWLFDV FRQVWDQ
GH tWHPV SRU FDGD GLPHQVLyQ HQ OD FXDO HO DOXPQR HQFXHVWDGR VHxDOD HO JUDGR GH
DFXHUGRRGHVDFXHUGRHQXQDHVFDODGH/LNHUW
)LQDOPHQWH OD YDULDEOH DFWLWXG D GLIHUHQFLD GH ODV GRV HVFDODV DQWHULRUHV TXH H[SOLFDQ
FXDOTXLHU FODVH GH FRPSRUWDPLHQWR XWLOL]D OD HVFDOD SURSXHVWD SRU 0DORQH\ :DUG \ %UDXFKW

OODPDGD ($.6 (QYLURPHQWDO $WWLWXGH DQG .QRZOHGJH 6FDOH OD FXDO H[SOLFD XQD
DFWLWXG RULHQWDGD FRQ HO JUDGR GH FRPSURPLVR TXH WLHQH XQ LQGLYLGXR KDFLD HO PHGLRDPELHQWH
FRPSURPLVRUHDOYHUEDO\DIHFWLYR&DGDXQRGHHVWRVWUHVFRPSURPLVRVVHPLGHSRUtWHPV
PHGLDQWH ORV FXDOHV HO HQFXHVWDGR VHxDOD HO JUDGR GH DFXHUGR R GHVDFXHUGR HQ XQD HVFDOD GH
/LNHUW
E9DULDEOHVGHSHQGLHQWHV
(VWH WLSR GH YDULDEOHV WDPELpQ VH GHQRPLQDQ YDULDEOHV D H[SOLFDU \D TXH GHQWUR GHO
PRGHOR WHyULFR XWLOL]DGR HVWDV VRQ ODV TXH GHWHUPLQDQ HO FRPSRUWDPLHQWR GHO FRQVXPLGRU
HFROyJLFR 6HJ~Q )UDM \ 0DUWtQH] VRQ WLSRV GH FRPSRUWDPLHQWRV TXH SRU VX PLVPD
QDWXUDOH]D PDQLILHVWDQ XQFRPSRUWDPLHQWRHFROyJLFR /DVYDULDEOHVGHSHQGLHQWHVR D H[SOLFDU
GHODLQYHVWLJDFLyQVRQODVVLJXLHQWHVHOUHFLFODMHHFROyJLFRGHUHVLGXRV\SURGXFWRVODFRPSUD
GH SURGXFWRV HFROyJLFRV HO FRPSURPLVR UHDO HFROyJLFR OD SDUWLFLSDFLyQ HQ LQLFLDWLYDV
HFROyJLFDV\HOFRQRFLPLHQWR HLQIRUPDFLyQHFROyJLFD$FRQWLQXDFLyQVHGHWDOODFDGDXQDGH
ODVYDULDEOHVGHSHQGLHQWHVTXHIRUPDQSDUWHGHOPRGHORXWLOL]DGR
E9DULDEOHGHUHFLFODMHGHUHVLGXRV\SURGXFWRV
(VWD YDULDEOH HVWi EDVDGD HQ OD DFWLYLGDG GHO UHFLFODMH UHDOL]DGD SRU HO LQGLYLGXR /D
UD]yQ GH VX FRQVLGHUDFLyQ VH GD SRUTXH HO UHFLFODMH FRQVLVWH HQ OD UHXWLOL]DFLyQ GH DOJXQRV
SURGXFWRV R SDUWHV GHVHFKDGDV GH GLYHUVRV SURGXFWRV \D XWLOL]DGRV SDUD SRGHU VHU XVDGDV
QXHYDPHQWH GH HVWD PDQHUD VH FRQWULEX\H D OD GLVPLQXFLyQ GH ORV SURFHVRV SURGXFWLYRV GH
SURGXFWRV FRQWDPLQDQWHV \ OD H[SORWDFLyQ GH ORV UHFXUVRV QDWXUDOHV FRQ XQD IUHFXHQFLD TXH
GHWHULRUDHOPHGLRDPELHQWH
E9DULDEOHGHFRPSUDGHSURGXFWRVHFROyJLFRV
(VWD YDULDEOH HV LPSRUWDQWH SDUD OD GHWHUPLQDFLyQ GHO SHUILO GH FRPSRUWDPLHQWR
HFROyJLFRSRUVXUHODFLyQFRQHOFRPSURPLVRUHDO\DTXHLPSOLFDHODFFLRQDUGHOLQGLYLGXRSDUD
FRQWUDUUHVWDUHQFLHUWDPHGLGDODSUREOHPiWLFDHFROyJLFD3DUD)UDM\0DUWtQH]ODFRPSUD
GHSURGXFWRVHFROyJLFRVRFRPSUDHFROyJLFDFRPRODKDFHOODPDUVHFRQVLGHUDFRPRYDULDEOHD
H[SOLFDUGHELGRDTXHODFRPSUDGHSURGXFWRVHFROyJLFRVGHWHUPLQDXQDSUHRFXSDFLyQVREUHORV
SUREOHPDVTXHDIHFWDQDOPHGLRDPELHQWH(VWRHVWiUHODFLRQDGRFRQODWRPDGHDFFLRQHVSDUDOD
FRQWULEXFLyQ D OD VROXFLyQ GH OD SUREOHPiWLFD UHDOL]DQGR XQ HVIXHU]R QR VROR GH E~VTXHGD GH
LQIRUPDFLyQVLQRWDPELpQGHGHFLVLyQGHFRPSUD

/D KHUUDPLHQWD XWLOL]DGD HQ HVWD LQYHVWLJDFLyQ UHIOHMD OD FRPSUD GH SURGXFWRV
HFROyJLFRVHVSHFtILFDPHQWHHQWUHVFDWHJRUtDVODFRPSUDGHDOLPHQWRVHFROyJLFRVSURGXFWRVGH
OLPSLH]DHFROyJLFRV\SURGXFWRGHPDQXIDFWXUDHFROyJLFD
E9DULDEOHGHDFWLWXGRFRPSURPLVRUHDOKDFLDHOPHGLRDPELHQWH
(VWD YDULDEOH HV OD PiV LPSRUWDQWH SDUD HO PRGHOR GH FRPSRUWDPLHQWR GH FRQVXPLGRU
HFROyJLFR\DTXHSDUD)UDM\0DUWtQH]UHSUHVHQWDHOQLYHOGHLPSOLFDQFLDRLQWHQFLyQUHDO
GHO FRQVXPLGRU FRQ HO PHGLR DPELHQWH &RPR VH H[SOLFy SUHYLDPHQWH HO FRPSURPLVR UHDO D
GLIHUHQFLDGHORVRWURVWLSRVGHFRPSURPLVRHYDOXDGRVVHEDVDHQDFWLWXGHVPiVUHDOLVWDV\TXH
LPSOLFDQODGHFLVLyQGHOLQGLYLGXRSRUHPSH]DUFRQHOFDPELR(QODSUHVHQWHLQYHVWLJDFLyQ\HQ
HO FRQWH[WR HYDOXDGR VH EXVFD LGHQWLILFDU DTXHOODV DFWLWXGHV PiV UHDOLVWDV \ TXH GHQRWHQ OD
E~VTXHGD GH PHMRUDU OD SUREOHPiWLFD DPELHQWDO SRU SDUWH HQ HVWH FDVR HVSHFtILFR GH ORV
DOXPQRVXQLYHUVLWDULRV38&3
8QHVWXGLRVHPHMDQWHTXHEXVFDFRQVWUXLUHOSHUILOHFROyJLFRGHDOXPQRVXQLYHUVLWDULRV
PHGLDQWHHODQiOLVLVIDFWRULDO\UHJUHVLyQOLQHDOHVHOUHDOL]DGRSRU&HUGD*DUFLD'LD]\1XxH]
HQODXQLYHUVLGDGGH7DOFDHQ&KLOH(VWDLQYHVWLJDFLyQLQFOX\HHOPRGHORGH($.6GH
0DORQH\ HW DO FRPR XQD GH VXV WUHV YDULDEOHV GHSHQGLHQWHV SDUD GHWHUPLQDU HO
FRPSRUWDPLHQWRHFROyJLFRGHORVHVWXGLDQWHV/RVUHVXOWDGRVPRVWUDURQTXHHOFRPSRUWDPLHQWR
HFROyJLFRGHORVHVWXGLDQWHVQRHVWiDVRFLDGRDYDULDEOHVGHPRJUiILFDVFRPRHOJpQHUR\HGDG
3RURWURODGRYDULDEOHVGHSHQGLHQWHVFRPRODVSHUFHSFLRQHV\DFWLWXGHVHFROyJLFDVH[SOLFDQHO
FRPSRUWDPLHQWR HFROyJLFR GH ORV DOXPQRV )LQDOPHQWH ORV DXWRUHV FRQFOX\HQ TXH GRV GH VXV
YDULDEOHVGHSHQGLHQWHVVRQHVWDGtVWLFDPHQWHVLJQLILFDWLYDV
E9DULDEOHGHSDUWLFLSDFLyQHQLQLFLDWLYDVRSURJUDPDVHFROyJLFRV
(VWDYDULDEOHMXQWRDODYDULDEOHGHFRQRFLPLHQWRHLQIRUPDFLyQHFROyJLFDVRQODVGRV
YDULDEOHVTXHVHKDQDxDGLGRDOPRGHORDFULWHULRSURSLR<DTXHGHQWURGHODLQYHVWLJDFLyQGH
)UDM \ 0DUWtQH] \ )UDM OD SDUWLFLSDFLyQ HQ DFWLYLGDGHV GH FRQVHUYDFLyQ
PHGLRDPELHQWDO QR HVWi LQFOXLGD FRPR XQD YDULDEOH GHSHQGLHQWH 6LQ HPEDUJR HQ OD
LQYHVWLJDFLyQ HV UHOHYDQWH FRPSUHQGHU OD SDUWLFLSDFLyQ GH ORV DOXPQRV HQ ORV HYHQWRV
PHGLRDPELHQWDOHVTXHOD38&3XWLOL]DSDUDIRUPDUVXFRQGXFWDDIDYRUGHOPHGLRDPELHQWH(Q
HVH VHQWLGR 6WUDXJKDQ \ 5REHUWV HVWDEOHFHQ TXH OD SDUWLFLSDFLyQ GH ODV SHUVRQDV HQ
SURJUDPDV PHGLRDPELHQWDOHV GHWHUPLQD XQD FRQGXFWD PHGLRDPELHQWDO SRUTXH ORV LQGLYLGXRV
DFW~DQFRQYHQFLGRVTXHVXSDUWLFLSDFLyQFRQWULEX\HGHDOJXQDPDQHUDDUHVROYHUORVSUREOHPDV
DPELHQWDOHV

'HODPLVPDIRUPDHVWXGLRVVREUHODSDUWLFLSDFLyQGHODVSHUVRQDVHQPDQLIHVWDFLRQHV\
PRYLPLHQWRVHFROyJLFRV1DYDUURUHFRQRFHQODH[LVWHQFLDGHIDFWRUHVHQHOSHUILOVRFLDO
DPELHQWDOLVWD GHO FLXGDGDQR GH $QGDOXFtD TXH LQIOX\HQ HQ VX SDUWLFLSDFLyQ HQ HO FXLGDGR \
GHIHQVD GHO PHGLRDPELHQWH 6XV KDOOD]JRV UHVDOWDQ OD UHODFLyQ HVWDGtVWLFD HQWUH HO QLYHO GH
HVWXGLRODMXYHQWXG\DODWHQGHQFLDGHOFDPELRFXOWXUDOGHORVLQGLYLGXRVFRQVXSDUWLFLSDFLyQ
HFROyJLFD
(Q RWURV HVWXGLRV VLPLODUHV VREUH HO FRPSRUWDPLHQWR HFROyJLFR \ OD SDUWLFLSDFLyQ
HFROyJLFD OD LQYHVWLJDFLyQ GH 7LOLNLGRX \ 'HOLVWDYURX H[DPLQD OD SDUWLFLSDFLyQ
SURDPELHQWDOGHORVXQLYHUVLWDULRVFRQVXQLYHOGHLQYROXFUDPLHQWRHQHOUHFLFODMH\FRPSUDGH
SURGXFWRV DPLJDEOHV FRQ HO PHGLRDPELHQWH (Q HVWD LQYHVWLJDFLyQ VH HYLGHQFLD TXH ORV
HVWXGLDQWHV SUHILHUHQ SDUWLFLSDU HQ HYHQWRV GH UHFLFODMH \ DKRUUR HQHUJpWLFR TXH UHDOL]DU OD
FRPSUDRFRQVXPRGHSURGXFWRVHFROyJLFRV3DUDHOORVHXWLOL]yHODQiOLVLVIDFWRULDO\UHJUHVLyQ
OLQHDO /RV DXWRUHV FRQFOX\HQ TXH OD DFWLWXG SRVLWLYD HFROyJLFD GH ORV FRQVXPLGRUHV HVWi
LQIOXHQFLDGD SULQFLSDOPHQWH SRU VX SDUWLFLSDFLyQ DFWLYD HQ HYHQWRV SURDPELHQWDOHV TXH XQ
FRPSRUWDPLHQWRGHFRPSUDGHSURGXFWRVDPLJDEOHVFRQHOPHGLRDPELHQWH
E9DULDEOHGHLQIRUPDFLyQ\FRQRFLPLHQWRHFROyJLFR
(VWD YDULDEOH WDPELpQ VH DxDGH D FULWHULR SURSLR 'HELGR D TXH OD '$56 FRQVLGHUD HO
DVSHFWR FRJQLWLYR WUDQVPLVLyQ GH FRQRFLPLHQWRV \ VDEHUHV GH UHVSRQVDELOLGDG VRFLDO FRQ HO
PHGLRDPELHQWHFRPRSDUWHGHOSURFHVRIRUPDWLYRGHODOXPQRHQXQFLXGDGDQRDPELHQWDO'HO
PLVPRPRGRVHJ~QODLQYHVWLJDFLyQGH)UDMHOHOHPHQWRFRJQLWLYRHVWiUHODFLRQDGRFRQ
HOFRPSRUWDPLHQWRHFROyJLFRHQHOFXDOVHH[DPLQDSULQFLSDOPHQWHVXUHODFLyQFRQODVDFWLWXGHV
PHGLRDPELHQWDOHV 0iV DXQ H[LVWHQ LQYHVWLJDFLRQHV TXH XWLOL]DQ OD HVFDOD GH 0DORQH\ HW DO
SDUD FRQRFHU HO JUDGR GH FRQRFLPLHQWRV DPELHQWDOHV HQ UHODFLyQ DO FRPSRUWDPLHQWR
HFROyJLFR8QFDVRVLPLODUHVODLQYHVWLJDFLyQGH7DOL7DO(QHVWDLQYHVWLJDFLyQHODXWRU
SUHWHQGH GHPRVWUDU VL OD HGXFDFLyQ PHGLRDPELHQWDO DXPHQWD HO FRPSRUWDPLHQWR
PHGLRDPELHQWDOGHORVDOXPQRVHQXQDXQLYHUVLGDGHQ,VUDHO3HURVXVUHVXOWDGRVH[SRQHQTXH
OD HQVHxDQ]D PHGLRDPELHQWDO \ OD LQIRUPDFLyQ VREUH ORV SUREOHPDV DPELHQWDOHV ORJUD TXH ORV
DOXPQRV DFLHUWHQ PHMRU ODV SUHJXQWDV GH FRQRFLPLHQWRV GH 0DORQH\ HW DO PDV QR
PHMRUDVXFRPSRUWDPLHQWRDIDYRUGHOPHGLRDPELHQWH
(Q HO FDVR GH OD HYDOXDFLyQ GH OD SUHVHQWH YDULDEOH VH FRQVLGHUy FLQFR SUHJXQWDV FRQ
FLQFRDOWHUQDWLYDVFDGDXQDGRQGHVRORXQDHVODFRUUHFWD(VWHWLSRGHSUHJXQWDVVHWRPDURQGHO
PRGHOR ($.6 GH 0DORQH\ HW DO GRQGH DOJXQDV SUHJXQWDV VH DGDSWDURQ DO FRQWH[WR
QDFLRQDO\XQLYHUVLWDULR'HHVWDPDQHUDVHEXVFDGHWHUPLQDUVLH[LVWHXQDFDXVDOLGDGHQWUHHO

FRQRFLPLHQWR \ HO FRPSRUWDPLHQWR HFROyJLFR OR FXDO LQYROXFUD TXH WHQHU XQ PD\RU R PHQRU
FRQRFLPLHQWR UHODFLRQDGR D WHPDV DPELHQWDOHV LQIOX\HQ HQ XQ FRPSRUWDPLHQWR PiV R PHQRV
HFROyJLFRUHVSHFWLYDPHQWH
1.1.3. Diseño de la muestra
&RPR VH KD PHQFLRQDGR SUHYLDPHQWH OD DSOLFDFLyQ GH OD HQFXHVWD HV OD SULQFLSDO
KHUUDPLHQWDSRUODFXDOVHUHFRSLODODLQIRUPDFLyQQHFHVDULDVREUHHOFRPSRUWDPLHQWRHFROyJLFR
GHODOXPQR38&33RUHOORXQDVSHFWRFODYHGHODLQYHVWLJDFLyQHVGHILQLUHOGLVHxR\WDPDxR
GH OD PXHVWUD $O UHVSHFWR +HUQiQGH] )HUQiQGH] \ %DSWLVWD PHQFLRQDQ TXH ³3DUD HO SURFHVR
FXDQWLWDWLYRODPXHVWUDHVXQVXEJUXSRGHODSREODFLyQGHLQWHUpVVREUHHOFXDOVHUHFROHFWDUiQ
GDWRV \ TXH WLHQH TXH GHILQLUVH R GHOLPLWDUVH GH DQWHPDQR FRQ SUHFLVLyQ pVWH GHEHUi VHU
UHSUHVHQWDWLYRGHODSREODFLyQ´+HUQiQGH]HWDOS
7DOFRPRVHKDPHQFLRQDGRHVQHFHVDULRVHOHFFLRQDUODPXHVWUDDGHFXDGDTXHSHUPLWD
XQD DGHFXDGD UHFRSLODFLyQ GH OD LQIRUPDFLyQ QHFHVDULD DGHPiV TXH VH FRQVLGHUHQ ORV
VXILFLHQWHV VXMHWRV R LQGLYLGXRV HYDOXDGRV SDUD ODV KHUUDPLHQWDV GH DQiOLVLV GH LQIRUPDFLyQ
XWLOL]DGDV $ OR ODUJR GH WRGR OR UHYLVDGR VH KD UHFDOFDGR TXH HO DQiOLVLV GH OD LQIRUPDFLyQ
UHFRSLODGD SDUD GHWHUPLQDU HO SHUILO GHO FRQVXPLGRU HFROyJLFR VH UHDOL]D PHGLDQWH HO DQiOLVLV
IDFWRULDO \ HO DQiOLVLV GH UHJUHVLyQ OLQHDO HV QHFHVDULR PHQFLRQDU TXH HO SUHVHQWH HVWXGLR KDFH
XVRGHXQPXHVWUHRQRSUREDELOtVWLFRHOFXDOHVFRQYHQLHQWHDODPHWRGRORJtDFXDQWLWDWLYDGHOD
LQYHVWLJDFLyQDQiOLVLVIDFWRULDO
/D KHUUDPLHQWD SULQFLSDO GHO SUHVHQWH HVWXGLR HV HO DQiOLVLV IDFWRULDO 7HyULFDPHQWH VH
FDUDFWHUL]DSRUQRWHQHUXQFULWHULRGHILQLWLYRTXHHVWDEOH]FDXQPtQLPRGHVXMHWRVRLQGLYLGXRV
HYDOXDGRV 6LQ HPEDUJR H[LVWHQ DOJXQDV UHJODV EiVLFDV TXH VH SXHGHQ FRQVLGHUDU SDUD SRGHU
UHDOL]DU OD DSOLFDFLyQ GHO DQiOLVLV IDFWRULDO 6HJ~Q 9DOOHMR H[LVWHQ GRV FULWHULRV TXH
SXHGHQVHUWRPDGRVHQFXHQWDFRPRPtQLPRVSDUDSRGHUKDFHUXVRGHODQiOLVLVIDFWRULDOFRPR
KHUUDPLHQWDGHDQiOLVLV
(QEDVHDORVFULWHULRVPtQLPRVQHFHVDULRVWHyULFDPHQWHVHHVWDEOHFHORVLJXLHQWH³(O
Q~PHURGHVXMHWRVVHDHOGREOHGHOQ~PHURGHYDULDEOHV4XHODPXHVWUDQREDMHGHXQRV
VXMHWRV´ 9DOOHMR S (Q HO FDVR GHO PRGHOR GH FRPSRUWDPLHQWR GH FRQVXPLGRU
HFROyJLFR HVWH FRPSUHQGH XQ WRWDO GH YDULDEOHV R tWHPV FRPR SDUWH GH OD HYDOXDFLyQ
SVLFRJUiILFD GHO FRQVXPLGRU 3RU OR WDQWR HQ SULPHUD LQVWDQFLD HO SULPHU FULWHULR FRQVLGHUD HO
GREOHGHODVYDULDEOHVHYDOXDGDVHVGHFLUHVWRVHWUDGXFHHQODHYDOXDFLyQGHREVHUYDFLRQHV
FRPR PtQLPR $GHPiV HVWH WRWDO GH REVHUYDFLRQHV FXPSOH HO VHJXQGR FULWHULR TXH HVWDEOHFH

TXH OD PXHVWUD QR GHEH VHU PHQRU D VXMHWRV (QWRQFHV OD PXHVWUD XWLOL]DGD SDUD OD
DSOLFDFLyQ GHO HVWXGLR GHO FRPSRUWDPLHQWR GHO FRQVXPLGRU HFROyJLFR GHO DOXPQR 38&3 HV GH
DOXPQRVXQLYHUVLWDULRVODVFXDOHVVHUHDOL]DURQHQWUHHOGHRFWXEUH\GHQRYLHPEUHGHO

$VLPLVPRODXQLYHUVLGDGHVWiFRQIRUPDGDSRUXQDVHULHGHIDFXOWDGHVTXHDEDUFDQXQ
Q~PHUR GHWHUPLQDGR GH DOXPQRV HV SRU HVWR TXH VH RSWy SRU HVWUDWLILFDU OD PXHVWUD SRU
IDFXOWDGHV SXHV OD YHQWDMD IXQGDPHQWDO GH HPSOHDU XQD PXHVWUD HVWUDWLILFDGD HV FDSWDU ODV
FDUDFWHUtVWLFDV FODYHV GH OD SREODFLyQ \ REWHQHU XQ PHQRU HUURU GH HVWLPDFLyQ GH OR TXH VHUtD
UHDOL]DU XQD PXHVWUD DOHDWRULD VLPSOH )UDQNIRUW1DFKPLDV \ /HyQ*XHUUHUR (Q
FRQVHFXHQFLD OD LQYHVWLJDFLyQ GHEH JDUDQWL]DU TXH OD VHOHFFLyQ GH OD PXHVWUD FRQWHQJD XQ
Q~PHUR SURSRUFLRQDO GH DOXPQRV HQ FDGD IDFXOWDG \ DVLPLVPR XQD GLVWULEXFLyQ XQLIRUPH GH
KRPEUHV\PXMHUHVGHODSREODFLyQXQLYHUVLWDULDWRWDOVREUHODPXHVWUDGHODLQYHVWLJDFLyQ(VWR
VHOHFRQRFHFRPRPXHVWUDDOHDWRULDHVWUDWLILFDGDSURSRUFLRQDOHVGHFLUHOWDPDxRGHODPXHVWUD
GHFDGDHVWUDWRVHUiSURSRUFLRQDODOWDPDxRSREODFLyQWRWDOGHGLFKRHVWUDWR+HUQiQGH]HWDO

(QFRQFOXVLyQODPXHVWUDTXHVHXWLOL]DHQODUHFROHFFLyQGHLQIRUPDFLyQHOQ~PHURGH
REVHUYDFLRQHVHVWiIXQGDPHQWDGDHQODKHUUDPLHQWDGHDQiOLVLVGHLQIRUPDFLyQXWLOL]DGDHQHVWH
FDVR HO DQiOLVLV IDFWRULDO 6H KDQ YDOLGDGR ORV FULWHULRV HVWDEOHFLGRV SDUD SRGHU GHWHUPLQDU XQ
Q~PHURDGHFXDGRGHREVHUYDFLRQHV\TXHSXHGDQJHQHUDUODLQIRUPDFLyQVXILFLHQWHTXHJHQHUH
PHMRUHVUHVXOWDGRV$VtPLVPRVHFRQVLGHUyLPSRUWDQWHSRGHUGLYLGLUGLFKDVREVHUYDFLRQHVGH
PDQHUD SURSRUFLRQDO D WRGDV ODV IDFXOWDGHV GH OD 38&3 DVt FRPR WDPELpQ VHJ~Q OD YDULDEOH
VH[R \D TXH D FULWHULR SURSLR \ VHJ~Q OD LQIRUPDFLyQ UHYLVDGD SUHYLDPHQWH HV SUREDEOH TXH
H[LVWDXQDGLIHUHQFLDHQHOFRPSRUWDPLHQWRGHFRQVXPRHFROyJLFRDOHYDOXDUKRPEUHV\PXMHUHV
GHPDQHUDLQGHSHQGLHQWH
+HUUDPLHQWD&XDOLWDWLYD
/D SDUWH FXDOLWDWLYD KDFH XVR GH XQ WLSR GH KHUUDPLHQWD ODV HQWUHYLVWDV D SURIXQGLGDG
HVWUXFWXUDGDV &RPR VH H[SOLFy FRQ DQWHULRULGDG OD DSOLFDFLyQ GH HVWDV KHUUDPLHQWDV GDUi XQ
VRSRUWH FRQWH[WXDO D OR ODUJR GH OD SUHVHQWH LQYHVWLJDFLyQ (V GHFLU VHUYLUiQ QR VROR HQ OD
FRPSUHQVLyQ D IRQGR GH OD SUREOHPiWLFD VLQR WDPELpQ D\XGD D SRGHU FRPSDUDU DOJXQRV
UHVXOWDGRVFRQVHJXLGRVHQODHWDSDILQDO
(Q SULPHU OXJDU OD HQWUHYLVWD D SURIXQGLGDG HVWUXFWXUDGD HV XQ WLSR GH HQWUHYLVWD TXH
VLJXHXQDVHFXHQFLDGHWDOODGDDWUDYpVGHXQDVHULHGHSUHJXQWDVIRUPXODGDVSUHYLDPHQWHVHJ~Q

9DUJDV³(QODHQWUHYLVWDHVWUXFWXUDGDWRGDVODVSUHJXQWDVVRQUHVSRQGLGDVSRUODPLVPDVHULHGH
SUHJXQWDV SUHHVWDEOHFLGDV FRQ XQ OtPLWH GH FDWHJRUtDV SRU UHVSXHVWDV $Vt HQ HVWH WLSR GH
HQWUHYLVWDODVSUHJXQWDVVHHODERUDQFRQDQWLFLSDFLyQ\VHSODQWHDQDODVSHUVRQDV SDUWLFLSDQWHV
FRQFLHUWDULJLGH]RVLVWHPDWL]DFLyQ>«@´9DUJDVSS
2WUR DVSHFWR SULQFLSDO TXH VHxDOD 9DUJDV HV HO GH OD VHOHFFLyQ GHO HQWUHYLVWDGR (Q
UHDOLGDGHVWHWLSRGHHQWUHYLVWDVEXVFDSRGHUOOHJDUDFRQRFHUDVSHFWRVSULQFLSDOHVGHXQWHPD
GHWHUPLQDGR SRU HOOR OD VHOHFFLyQ LPSOLFDUtD HQFRQWUDU XQ FDQGLGDWR LGHDO TXH WHQJD OD
VXILFLHQWHLQIRUPDFLyQGLVSRQLEOHSDUDSRGHUFXPSOLUFRQORVREMHWLYRVSODQWHDGRV
7DEOD*XtDGHHQWUHYLVWDVDSURIXQGLGDG
(QWUHYLVWDGR 'HSDUWDPHQWR 7HPDVDWUDWDU
&ODXGLD7XHVWD &OLPDGHFDPELRV *HVWLyQGH&OLPDGH&DPELRV
.HO\$OIDUR '$56 *HVWLyQDPELHQWDOGHOD568HQOD

38&3

&RQ UHVSHFWR DO SHULRGR GH DSOLFDFLyQ GH ODV HQWUHYLVWDV HVWDV IXHURQ UHDOL]DGDV HQ OD
IDVH GH UHFROHFFLyQ GH LQIRUPDFLyQ /DV HQWUHYLVWDV GHWDOODGDV HQ OD WDEOD MXHJDQ XQ URO
HVWUDWpJLFRSDUDSRGHUHQWHQGHUODJHVWLyQDPELHQWDOGHOD38&3/RVGHSDUWDPHQWRVDORVTXH
VH KDFH PHQFLyQ WLHQHQ XQD IXQFLyQ HQ HVSHFtILFR GHQWUR GH OD 38&3 DVt FRPR XQ FDPSR GH
DFFLyQGHOLPLWDGRSDUDSRGHUFRQVHJXLUORVPHMRUHVUHVXOWDGRV
(QJHQHUDOODDSOLFDFLyQGHODVKHUUDPLHQWDVPHWRGROyJLFDVGHEHVHUYLUGHDSR\RWDQWR
DO PRPHQWR GHO SODQWHDPLHQWR GHO SUREOHPD FRPSUHQVLyQ \ HO HQWHQGLPLHQWR GHO PLVPR $Vt
FRPRWDPELpQHQODIDVHILQDOGHODLQYHVWLJDFLyQSDUDSRGHUVHUYLUGHDSR\RHQODYDOLGDFLyQGH
ODV KLSyWHVLV SODQWHDGDV \ IRUPXODFLyQ GH ODV UHFRPHQGDFLRQHV (V SRU HOOR TXH VH EXVFD XQD
LQWHJUDFLyQ GH ODV KHUUDPLHQWDV XWLOL]DGDV \D TXH D QLYHO FXDQWLWDWLYR \ FXDOLWDWLYR VRQ ODV
KHUUDPLHQWDVODVTXHEULQGHQODLQIRUPDFLyQQHFHVDULDHQWRGRHOWUDQVFXUVRGHODLQYHVWLJDFLyQ
SHURHOREMHWLYRQRHVWiHQHOVLPSOHXVRGHODVKHUUDPLHQWDVPHWRGROyJLFDVVLQRTXHWRGRVH
LQWHJUHHQFDGDSDUWHGHOSURFHVRGHGHVDUUROORSDUDREWHQHUPHMRUHVUHVXOWDGRV
$QiOLVLVGHODLQIRUPDFLyQUHFRSLODGD
+DVWD HO PRPHQWR VH KDQ H[SOLFDGR ODV KHUUDPLHQWDV TXH VH XWLOL]DQ WDQWR D QLYHO
FXDOLWDWLYRFRPRFXDQWLWDWLYRVLQHPEDUJRHQHOFDVRHVSHFLDOGHODKHUUDPLHQWDFXDQWLWDWLYDVH
QHFHVLWD GH XQ SURFHGLPLHQWR HVSHFtILFR SDUD UHDOL]DU HO UHVSHFWLYR DQiOLVLV GH OD LQIRUPDFLyQ

UHFRSLODGD (VWDV KHUUDPLHQWDV VRQ HO DQiOLVLV IDFWRULDO \ OD UHJUHVLyQ OLQHDO \ VHUiQ SURFHVRV
IXQGDPHQWDOHVHQHOPRPHQWRGHDQiOLVLVGHIDFWRUHV\YDULDEOHVTXHUHSUHVHQWDQHO\DH[SOLFDGR
PRGHORGHFRPSRUWDPLHQWRHFROyJLFR
0RGHORGHDQiOLVLVIDFWRULDO
(VWHHVWXGLRSUHVHQWDGRVHWDSDVGRQGHVHKDFHXVRGHODVPHQFLRQDGDVKHUUDPLHQWDVGH
DQiOLVLV(QHOFDVRHVSHFtILFRGHODQiOLVLVIDFWRULDOHVWDMXHJDXQUROFUXFLDOHQHODQiOLVLVGHODV
YDULDEOHVLQGHSHQGLHQWHVRHODQiOLVLVGHOSHUILOSVLFRJUiILFRGHORVDOXPQRV38&3(VWHPRGHOR
GHHYDOXDFLyQSVLFRJUiILFDSUHVHQWDXQDVHULHGHYDULDEOHVDJUXSDGDVHQIDFWRUHVYHU$QH[R'
$WUDYpVGHODDSOLFDFLyQGHODQiOLVLVIDFWRULDOEXVFDGHWHUPLQDUDTXHOODVQXHYDVDJUXSDFLRQHVR
IDFWRUHVTXHH[SOLTXHQHOSHUILOSVLFRJUiILFRGHODOXPQR38&3$GHPiVGHORPHQFLRQDGRHVWD
HWDSD GH DQiOLVLV JHQHUD OD LQIRUPDFLyQ QHFHVDULD SDUD SRGHU DSOLFDU OD UHJUHVLyQ OLQHDO H
LGHQWLILFDUHOSHUILOGHFRPSRUWDPLHQWRHFROyJLFRGHODOXPQR38&3
6HJ~Q9DOOHMRHODQiOLVLVIDFWRULDOEXVFDVLPSOLILFDUODLQIRUPDFLyQUHFRSLODGDD

WUDYpVGHXQDPDWUL]GHFRUUHODFLRQHVDGHPiVGHD\XGDUHQODLQWHUSUHWDFLyQGHGDWRVVREUHOD
UHODFLyQ TXH H[LVWH R QR HQWUH YDULDEOHV 0DOKRWUD UHFDOFD OD YHQWDMD GH HVWH DQiOLVLV DO
DILUPDUTXH³(QODLQYHVWLJDFLyQGHPHUFDGRVSXHGHKDEHUXQDJUDQFDQWLGDGGHYDULDEOHVTXH
HQVXPD\RUtDHVWiQFRUUHODFLRQDGDV\GHEHQUHGXFLUVHDXQQLYHOPDQHMDEOH´0DOKRWUD
S/RLGHDOHVKDFHUPDQHMDEOHWRGDODLQIRUPDFLyQGLVSRQLEOHQRFRQHOVLPSOHREMHWLYR
GHUHGXFLUORVGDWRVTXHVHSXHGDQ WHQHU VLQRGH UHFRSLODUVRORLQIRUPDFLyQLPSRUWDQWH\TXH
PHMRUH[SOLTXHGHWHUPLQDGRWLSRGHSHUILOGHFRQVXPLGRU
(O SURFHVR GH DQiOLVLV IDFWRULDO VH HQWLHQGH FRPR XQD VHULH GH HWDSDV YHU ILJXUD
$GHPiV VH GHWDOODQ ODV GLVWLQWDV IDVHV \ FyPR VH OOHYy HO SURFHVR SDUD OD DSOLFDFLyQ GH HVWD
KHUUDPLHQWD

)LJXUD(WDSDVGHOSURFHVRGHDQiOLVLVIDFWRULDO
$GDSWDGRGH0DOKRWUD
(O SULPHU SDVR GHO DQiOLVLV IDFWRULDO FRUUHVSRQGH D OD IRUPXODFLyQ GHO SUREOHPD GH
LQYHVWLJDFLyQPHGLDQWHODSUHJXQWD¢&XiOHVVRQORVIDFWRUHVTXHLQIOX\HQHQHOFRPSRUWDPLHQWR
GHOFRQVXPLGRUHFROyJLFRGHODOXPQR38&3"8QDYH]SURSXHVWDGLFKDSUHJXQWDVHHVWDEOHFLy
ORV REMHWLYRV UHODFLRQDGRV D LGHQWLILFDU ODV YDULDEOHV PiV GHWHUPLQDQWHV GH GLFKR
FRPSRUWDPLHQWR\DWUDYpVGHHOORSRGHUHVWDEOHFHUXQSHUILOGHFRPSRUWDPLHQWRHFROyJLFRGH
ODSREODFLyQHQHVWXGLR
3DUD WDO ILQ OD SUHVHQWH LQYHVWLJDFLyQ XVD FRPR UHIHUHQFLD HO PRGHOR GH SHUILO GH
FRPSRUWDPLHQWR HFROyJLFR GHO FRQVXPLGRU GH )UDM \ 0DUWtQH] \ IXQGDPHQWD HQ XQ
SULPHU PRPHQWR ORV DVSHFWRV WHyULFRV UHODFLRQDGRV D ODV YDULDEOHV TXH VH GHVHD LQYHVWLJDU
DFWLWXGFRPSURPLVRYHUEDOFRPSURPLVRDIHFWLYR\FRPSURPLVRUHDOYDORUHV\HVWLORVGHYLGD
9$/6 \ HVWLOR GH YLGD HFROyJLFR SHUVRQDOLGDG H[WURYHUVLyQ VROLGDULGDG FDUiFWHU QXHYDV
LGHDV\YDORUHV\UHVSRQVDELOLGDG
(Q HVWH SXQWR SDUD LGHQWLILFDU TXp IDFWRUHV GHWHUPLQDQ R QR XQ FRPSRUWDPLHQWR
HFROyJLFRVHXWLOL]DXQDVHULHGHSUHJXQWDVRtWHPVUHODFLRQDGRVDOIDFWRUHQFXHVWLyQ/DVFXiOHV

VRQPHGLGDVDWUDYpVGHODHVFDODGH/LNHUWHQXQUDQJRTXHYDGHODO(OYDORUH[SUHVDXQ
WRWDOGHVDFXHUGRHOYDORUH[SUHVDHOGHVDFXHUGRFRQODDILUPDFLyQHYDOXDGDHOYDORUKDFH
UHIHUHQFLDDODLQGLIHUHQFLDHOYDORUH[SUHVDXQJUDGRGHDFXHUGR\ILQDOPHQWHHOH[SUHVDXQ
FRPSOHWDPHQWHDFXHUGRFRQHOHQXQFLDGRDHYDOXDU&RQORVUHVXOWDGRVREWHQLGRVVHFRQVWUX\H
XQDPDWUL]GHGDWRVODVFXDOHVVHDQDOL]DUiQSDUDGHWHUPLQDUODFRUUHODFLyQH[LVWHQWH
&RQ UHVSHFWR DO DQiOLVLV UHDOL]DGR 0DOKRWUD VXJLHUH TXH HO Q~PHUR GH IDFWRUHV
TXHVHGHWHUPLQDUDFRPRUHVXOWDGRGHODDSOLFDFLyQGHOPRGHORVHSXHGHGDUVHJ~QDOJXQRGHORV
SURFHGLPLHQWRV PHQFLRQDGRV D FRQWLQXDFLyQ GHWHUPLQDFLyQ D SULRUL GHWHUPLQDFLyQ EDVDGD HQ
YDORUHVSURSLRVHQXQDJUiILFDGHVHGLPHQWDFLyQHQHOSRUFHQWDMHGHODYDULDQ]DH[SOLFDGDOD
FRQILDELOLGDG SRU OD GLYLVLyQ HQ PLWDGHV \ ODV SUXHEDV GH VLJQLILFDQFLD (Q UHODFLyQ D OD
GHWHUPLQDFLyQGHOQ~PHURGHIDFWRUHVTXHIRUPDUiQSDUWHGHOLQLFLRGHODSUHVHQWHLQYHVWLJDFLyQ
VHUiGDUiHQIXQFLyQDOPRGHORHVWDEOHFLGRSRU)UDM\0DUWtQH]TXHSODQWHDXQPRGHORGH
HYDOXDFLyQSVLFRJUiILFDEDVDGRHQIDFWRUHVHVWRVVRQODSHUVRQDOLGDGORVYDORUHV\HVWLORVGH
YLGD\ODDFWLWXG
3DUDODURWDFLyQGHIDFWRUHV9DOOHMRH[SOLFDTXHHVWHSURFHVRGHWHUPLQDHQVLHO

Q~PHUR GH IDFWRUHV HQ JHQHUDO FRPR XQD SDUWH GHO UHVXOWDGR GHO DQiOLVLV IDFWRULDO D UHDOL]DUVH
SDUD HO SUHVHQWH HVWXGLR VH XWLOL]DU OD URWDFLyQ 9DULPD[ TXH GHILQH 9DOOHMR GH OD VLJXLHQWH
PDQHUD
/R TXH VXHOH VXFHGHU FRQ HVWH WLSR GH URWDFLyQ HV TXH OR tWHPV R YDULDEOHV WLHQHQ XQD
FDUJD R SHVR PXFKR PD\RU HQ XQ IDFWRU \ PXFKR PHQRU HQ WRGRV ORV GHPiV HQ ODV
FROXPQDVIDFWRUHVQRVHQFRQWUDPRVFRPRWHQGHQFLDYDORUHVPX\DOWRVRPX\EDMRV
>@ORTXHVHEXVFDHVXQDHVWUXFWXUDVLPSOH9DOOHMRS
9DOOHMRH[SOLFDTXHXQPRGHORSXHGHHVWDURULJLQDOPHQWHEDVDGRHQXQQ~PHUR

GHWHUPLQDGRGHIDFWRUHVODDSOLFDFLyQGHOPLVPR\ORVGDWRVUHFROHFWDGRVJHQHUDTXHQRWRGRV
HVWRV IDFWRUHV SXHGDQ UHDOPHQWH H[SOLFDU HO PRGHOR \D TXH H[LVWHQ IDFWRUHV TXH GXUDQWH HO
DQiOLVLVIDFWRULDOQRFXPSODQFRQHOPtQLPRGHH[SOLFDFLyQUHTXHULGRVREUHHOPRGHOR'HHVWD
PDQHUDVHSODQWHDTXHSDUDODHYDOXDFLyQGHORVUHVXOWDGRVGHODQiOLVLVIDFWRULDOVHUHDOL]DUiQODV
URWDFLRQHV QHFHVDULDV HQ EDVH D OD PDWUL] GH FRPSRQHQWH URWDGR KDVWD OOHJDU D VLPSOLILFDU ODV
YDULDEOHV PHQRV UHSUHVHQWDWLYDV GHO PRGHOR DSOLFDGR D ORV DOXPQRV 38&3 *UiILFDPHQWH VH
SODQWHDHOSURFHVRGHODVLJXLHQWHPDQHUD

)LJXUD3URFHVRGHDQiOLVLVIDFWRULDO
(ODERUDFLyQGHOSHUILO
9DULDEOHV,QGHSHQGLHQWHV $SOLFDFLyQGHO$QiOLVLV)DFWRULDO SVLFRJUiILFRGHODOXPQR
38&3
$JUXSDFLRQHVSURSLDVGHO )RUPDFLyQGHQXHYDV 'HWDOOHGHQXHYRV
PRGHOR$FWLWXGHV9DORUHV\ DJUXSDFLRQHVHQIDFWRUHV IDFWRUHVTXHH[SOLFDQHO
(VWLORVGH9LGD9$/6\ $QiOLVLVGHLQGLFDGRUHV QXHYRPRGHOR
HVWLORGHYLGDHFROyJLFR UHVXOWDQWHV.02\%DUOHWW
3HUVRQDOLGDG 0DWUL]GH&RPSRQHQWH5RWDGR
\9DULDQ]D7RWDO([SOLFDGD
(O SURFHVR VH SXHGH HQWHQGHU HQ XQ VLPSOH IOXMR DO UHFRQRFHU ODV YDULDEOHV
LQGHSHQGLHQWHVTXHFRPSRQHQORVIDFWRUHVSURSLRVGHOPRGHORDDSOLFDU7RGDVHVWDVYDULDEOHV
VHUiQHYDOXDGDVDODVSHUVRQDVHQFXHVWDGDVTXHIRUPDQSDUWHGHODPXHVWUDXWLOL]DGDSDUDOD
SUHVHQWH LQYHVWLJDFLyQ &RQ OD LQIRUPDFLyQ UHFRSLODGD VH XWLOL]D HO DQiOLVLV IDFWRULDO FRPR
KHUUDPLHQWD FXDQWLWDWLYD TXH EXVFD DJUXSDU GLFKDV YDULDEOHV HQ IDFWRUHV D HVWH SURFHVR VH OH
UHFRQRFHFRPRRSWLPL]DFLyQGHOPRGHORHVGHFLUEXVFDUXQPRGHORPiVHILFLHQWHTXHH[SOLTXH
HOSHUILOSVLFRJUiILFRGHODOXPQRXQLYHUVLWDULR38&3
0RGHORVGHUHJUHVLRQHVOLQHDOHV
(O DQiOLVLV GH UHJUHVLyQ OLQHDO HV XQD WpFQLFD XWLOL]DGD SDUD HVWXGLDU OD UHODFLyQ HQWUH
YDULDEOHVPHGLDQWHXQDHFXDFLyQPDWHPiWLFDTXHSHUPLWHLGHQWLILFDUHOJUDGRGHUHODFLyQHQWUH
XQDRPiVYDULDEOHVLQGHSHQGLHQWHVFDXVD\ODYDULDEOHGHSHQGLHQWHUHVXOWDGR3DUGR 5XL]
(O REMHWLYR HV HVWLPDU R SUHGHFLU HO YDORU SURPHGLR GH OD YDULDEOH GHSHQGLHQWH HQ
WpUPLQRVGHORVYDORUHVFRQRFLGRVRILMRVPXHVWUDVUHSHWLWLYDVGHODVYDULDEOHVLQGHSHQGLHQWHV
*XMDUDWL 3RUWHU
6HJ~Q0DOKRWUDODUHJUHVLyQOLQHDOVHXWLOL]DHQSULPHUOXJDUSDUDGHWHUPLQDUOD

YDULDFLyQHVWDGtVWLFDPHQWHVLJQLILFDWLYDHQWUHODYDULDEOHGHSHQGLHQWHHLQGHSHQGLHQWHVHVGHFLU
VLH[LVWHXQDUHODFLyQYHUtGLFDHQVHJXQGROXJDUSDUDGHWHUPLQDUODIXHU]DGHODUHODFLyQHQWUHOD
YDULDEOH GHSHQGLHQWH H LQGHSHQGLHQWHV HQ WHUFHU OXJDU GHVFULELU OD HFXDFLyQ PDWHPiWLFD TXH
UHODFLRQDODVYDULDEOHVLQGHSHQGLHQWHVFRQODGHSHQGLHQWHHQFXDUWROXJDUSUHGHFLUORVYDORUHV
TXH SRGUtD DGRSWDU OD YDULDEOH GHSHQGLHQWH FRPR UHVXOWDGR GH OD HFXDFLyQ PDWHPiWLFD SRU

~OWLPRHYDOXDU\FRPSDUDUODVYDULDEOHVLQGHSHQGLHQWHVHQVXVDSRUWDFLRQHVDODHVWUXFWXUDGHO
PRGHOR
'HOPLVPRPRGR)LHOG0LOHV\)LHOGVHxDODQTXHHOPRGHORGHUHJUHVLyQOLQHDO

HV XWLOL]DGR HQ ODV LQYHVWLJDFLRQHV FRQ HO SURSyVLWR GH FRQWUDVWDU KLSyWHVLV TXH WHQJDQ XQD
UHODFLyQ FDXVDO GH FDUiFWHU SUHGLFWLYR \ H[SOLFDWLYR (O SULPHUR LQGLFD XQD SUHGLFFLyQ GH OD
YDULDEOH GHSHQGLHQWH PHMRU TXH OD HVWLPDFLyQ SRU OD PHGLD HO VHJXQGR OD UHODFLyQ HQWUH OD
YDULDEOHGHSHQGLHQWHHLQGHSHQGLHQWHHVGHPRVWUDGDSRUODH[LVWHQFLDGHOFRHILFLHQWHHVWDGtVWLFR
HQODHFXDFLyQGHUHJUHVLyQ(QFRQVHFXHQFLDODUHJUHVLyQOLQHDOSHUPLWHLGHQWLILFDUODVYDULDEOHV
LQGHSHQGLHQWHV TXH PHMRU H[SOLTXHQ HO PRGHOR \ GHVFDUWDU DTXHOODV YDULDEOHV TXH QR JXDUGHQ
UHODFLyQRDSRUWHQSRFDLQIRUPDFLyQ6REUHWRGRSRVLELOLWDUHOHYDUODLQIOXHQFLDGHODVYDULDEOHV
LQGHSHQGLHQWHVFRQODYDULDEOHGHSHQGLHQWH
&DEH UHVDOWDU TXH H[LVWHQ GRV WLSRV GH UHJUHVLyQ OLQHDO OD UHJUHVLyQ OLQHDO VLPSOH \ OD
UHJUHVLyQOLQHDOP~OWLSOH3RUXQODGRHOXVRGHODUHJUHVLyQOLQHDOVLPSOHSHUPLWHHQFRQWUDUHO
YDORU HVSHUDGR GH OD YDULDEOH GHSHQGLHQWH FXDQGR OD YDULDEOH LQGHSHQGLHQWH WRPD XQ YDORU
GHWHUPLQDGR :RROGULGJH (Q RWUDV SDODEUDV HO PRGHOR GH UHJUHVLyQ OLQHDO VLPSOH VH
FDUDFWHUL]D SRU DQDOL]DU OD LQIOXHQFLD GH GRV YDULDEOHV XQD GHSHQGLHQWH H LQGHSHQGLHQWH /D
HFXDFLyQGHOPRGHORGHUHJUHVLyQOLQHDOHVGHODVLJXLHQWHIRUPD
)LJXUD(FXDFLyQGHOPRGHORGHUHJUHVLyQOLQHDO

<W $%;W8W

< 9DULDEOHGHSHQGLHQWHH[SOLFDGDUHVSXHVWDHQGyJHQD

; 9DULDEOHLQGHSHQGLHQWHSUHGLFWRUDH[SOLFDWLYDH[yJHQD

$ 2UGHQDGDDORULJHQLQWHUFHSWR
'RQGH<WHVODYDULDEOHGHSHQGLHQWH\WHVHOUDQJRGHYDORUHVW «WTXHDGRSWD

PLHQWUDV;W HVODYDULDGOHLQGHSHQGLHQWH\HVODHQFDUJDGDGHH[SOLFDUHOFRPSRUWDPLHQWRGHOD
YDULDEOH GHSHQGLHQWH 'HO PLVPR PRGR $ \ % VRQ ORV SDUiPHWURV GHO PRGHOR HV GHFLU ORV
FRHILFLHQWHVGHUHJUHVLyQ\ILQDOPHQWH8WUHSUHVHQWDHOHUURUSDUDODREVHUYDFLyQTXHVHDVXPH
FRP~Q:RROGULGJH
3RU RWUR ODGR HO RWUR WLSR GH UHJUHVLyQ FRQRFLGR HV OD UHJUHVLyQ OLQHDO P~OWLSOH ODV
VXSRVLFLRQHV\SURFHGLPLHQWRVVRQVLPLODUHVDODUHJUHVLyQOLQHDOVLPSOH6HJ~Q5RMROD
UHJUHVLyQOLQHDOP~OWLSOHVHFDUDFWHUL]DSRUODXWLOL]DFLyQGHPiVGHXQDYDULDEOHLQGHSHQGLHQWH

ORFXDORIUHFHXQDYHQWDMDGHHPSOHDUPiVLQIRUPDFLyQHQODFRQVWUXFFLyQGHXQPRGHOR\SRU
HOORUHDOL]DUHVWLPDFLRQHVPiVSUHFLVDV
(Q UHIHUHQFLD D OD FDQWLGDG GH REVHUYDFLRQHV QHFHVDULDV SDUD UHDOL]DU XQD UHJUHVLyQ
OLQHDO:RROGULGJHPHQFLRQDTXHHOQ~PHURGHREVHUYDFLRQHVQRSXHGHVHUPHQRUDODV
YDULDEOHVLQGHSHQGLHQWHVTXHVHEXVFDHVWLPDUPiVXQR/DIyUPXODDGRSWDODVLJXLHQWHIRUPD
)LJXUD)RUPXODFDQWLGDGGHREVHUYDFLRQHVGHUHJUHVLyQOLQHDO
1!.
1 1~PHURGHREVHUYDFLRQHVHQFXHVWDV
. &DQWLGDGGHYDULDEOHVLQGHSHQGLHQWHV
(Q UHDOLGDG HO DXWRU UHVDOWD TXH HV UHFRPHQGDEOH FRQWDU FRQ XQD PD\RU FDQWLGDG GH
REVHUYDFLRQHVSRVLEOHVSDUDUHDOL]DUODUHJUHVLyQOLQHDO'HOPLVPRPRGR%DUyQ\7pOOH]
VXVWHQWDQTXHHQLQYHVWLJDFLRQHVFRQEDVHHVWDGtVWLFDODUHJODJHQHUDOHVLQFOXLUDOPHQRVYHLQWH
REVHUYDFLRQHVSRUFDGDYDULDEOHLQGHSHQGLHQWHTXHVHHVWLPHHQHOPRGHOR(QODLQYHVWLJDFLyQ
FRPRVHKDYLVWRDQWHULRUPHQWHODFDQWLGDGGHREVHUYDFLRQHVHVWiFDOFXODGDHQEDVHODWHRUtDGHO
DQiOLVLVIDFWRULDOSRUORFXDOVHWLHQHXQDPXHVWUDySWLPDSDUDUHDOL]DUODUHJUHVLyQOLQHDO
'HO PLVPR PRGR /HYLQ \ 5XELQ VXEUD\DQ TXH HQ OD SUiFWLFD ODV YDULDEOHV
GHSHQGLHQWHVHLQGHSHQGLHQWHVGHEHQFXPSOLUDOJXQRVFULWHULRVSDUDUHDOL]DUODUHJUHVLyQOLQHDO
3ULPHURODYDULDEOHGHSHQGLHQWHGHEHVHURUGLQDORHVFDODUHVGHFLUGHEHQSUHVHQWDUXQRUGHQR
XQDFDWHJRUtDLQWHUQDGHPtQLPRFLQFRYDORUHV6HJXQGRODVYDULDEOHVQRGHEHQVHUUHSHWLWLYDVR
UHGXQGDQWHV 7HUFHUR ODV YDULDEOHV GHEHQ WHQHU FLHUWD MXVWLILFDFLyQ WHyULFD (Q UHIHUHQFLD D OR
~OWLPR)LHOGHWDOFRQVLGHUDTXHHQODFRQVWUXFFLyQGHXQDUHJUHVLyQOLQHDOFRQILQHVGH
SUREDU XQD KLSyWHVLV HO PRGHOR WHyULFR GHEH HYLWDU OD LQFOXVLyQ GH YDULDEOHV LUUHOHYDQWHV \ OD
RPLVLyQ GH YDULDEOHV UHOHYDQWHV TXH WHyULFDPHQWH HVWiQ FRUUHODFLRQDGDV FRQ HO PRGHOR (Q WDO
VHQWLGR ODV YDULDEOHV GHSHQGLHQWHV H LQGHSHQGLHQWHV TXH VH FRQWUDVWDQ HQ OD LQYHVWLJDFLyQ
WHyULFDPHQWHHVWiQUHVSDOGDGRVSRUHOPRGHORUHDOL]DGRSRU)UDM\0DUWtQH]
6LQ HPEDUJR *XMDUDWL \ 3RUWHU VHxDODQ TXH HQ OD SUiFWLFD OD YDULDEOH
GHSHQGLHQWHQRVXHOHDGRSWDU~QLFDPHQWHYDORUHVRUGLQDOHVRHVFDODUHVSRUHMHPSORFDQWLGDGGH
HQYDVHV UHFLFODGRV SUHFLRV HVFDOD GH /LNHUW HWF $O FRQWUDULR SXHGHQ WRPDU YDORUHV
FXDOLWDWLYRVWDPELpQOODPDGRVQRPLQDOHVSRUHMHPSORVH[RUD]DFDWyOLFRRQRFDWyOLFRHWF
8QDIRUPDGHFXDQWLILFDUODYDULDEOHFXDOLWDWLYDHVDVLJQDUOHYDORUHVGH\GRQGH
LQGLFDODSUHVHQFLDGHODWULEXWR\ODDXVHQFLDGHGLFKRDWULEXWRSRUHMHPSORLQGLFDTXHOD

SHUVRQD KD FRPSUDGR DOJXQD YH] XQ SURGXFWR HFROyJLFR \ TXH QXQFD OR KD KHFKR (VWD
YDULDEOH VH GHQRPLQD GLFRWyPLFD \ VH XWLOL]D SDUD FODVLILFDU GDWRV HQ FDWHJRUtDV PXWXDPHQWH
H[FOX\HQWHV *XMDUDWL 3RUWHU $O UHVSHFWR ODV YDULDEOHV GLFRWyPLFDV VH XWLOL]DQ HQ
PRGHORV GH UHJUHVLyQ ORJtVWLFD FRPR YDULDEOHV GHSHQGLHQWHV HQ IRUPD VLPLODU DO PRGHOR GH
UHJUHVLyQOLQHDO(VFREDU)HUQiQGH] %HUQDUGL
3RU WDO PRWLYR OD XWLOL]DFLyQ GH OD YDULDEOH GHSHQGLHQWH GLFRWyPLFD MXVWLILFD OD
XWLOL]DFLyQ GHO PRGHOR GH UHJUHVLyQ ORJtVWLFD HVWH PRGHOR XWLOL]D XQD IXQFLyQ H[SRQHQFLDO D
GLIHUHQFLDGHODUHJUHVLyQOLQHDO3RUHOORVXREMHWLYRHVSUHGHFLUODSUREDELOLGDGGHRFXUUHQFLD
GHODYDULDEOHGHSHQGLHQWHHPSOHDQGRXQFRQMXQWRGHYDULDEOHVUHJUHVRUDVLQGHSHQGLHQWHV'HO
PLVPR PRGR SXHGH VHU WUDQVIRUPDGD ORJDUtWPLFDPHQWH D XQD HFXDFLyQ OLQHDO GH WRGDV ODV
YDULDEOHV SRU HVR VX LQWHUSUHWDFLyQ VH DVHPHMD DO DQiOLVLV GH XQD UHJUHVLyQ OLQHDO /RQJ
)UHHVH
&HQWUiQGRVHHQHODQiOLVLVGHODVHFXDFLRQHVGHUHJUHVLyQOLQHDO\ORJtVWLFDVHHYDO~DQ
ORV LQGLFDGRUHV PiV LPSRUWDQWHV TXH GHWHUPLQHQ OD UHODFLyQ \ HO JUDGR GH DVRFLDFLyQ HQWUH OD
YDULDEOHGHSHQGLHQWH\ ODYDULDEOHLQGHSHQGLHQWH 3RUHOORVHSRQHDSUXHEDSULQFLSDOPHQWHHO
YDORU GHO FRHILFLHQWH GH GHWHUPLQDFLyQ \ OD VLJQLILFDQFLD GHO PRGHOR \ YDULDEOHV \D TXH HVWRV
LQGLFDGRUHVSHUPLWHQGHVFULELUFDUDFWHUtVWLFDVGHOPRGHORHVWDGtVWLFRHLQIHULUFRUUHODFLRQHVHQWUH
ODVYDULDEOHV)LHOGHWDO
8QSULPHULQGLFDGRULPSRUWDQWHHVODSUXHEDGHVLJQLILFDFLyQGHOPRGHOR\ODVYDULDEOHV
LQGHSHQGLHQWHV OR FXDO VLUYH SDUD FRQWUDVWDU KLSyWHVLV SXHV HV OD SUXHED HVWDGtVWLFD GH OD
H[LVWHQFLD GH XQD UHODFLyQ HQWUH OD YDULDEOH GHSHQGLHQWH H LQGHSHQGLHQWHV (VWD SUXHED GH
VLJQLILFDQFLDSDUWHGHODIRUPXODFLyQGHXQDKLSyWHVLVHVWDGtVWLFDQXODHVGHFLUODUHODFLyQGHODV
YDULDEOHVHVFDXVDGDSRUHOD]DUVLQQLQJ~QWLSRGHLQIOXHQFLD(QFDPELRFXDQGRHOYDORUGH
VLJQLILFDQFLD SDUD HO FRHILFLHQWH GHO PRGHOR ³IWHVW´ R HO FRHILFLHQWH GH FDGD YDULDEOH
LQGHSHQGLHQWH ³WWHVW´ PHQRU D SHUPLWH UHFKD]DU OD KLSyWHVLV QXOD HV GHFLU OD YDULDEOH
LQGHSHQGLHQWHHVHVWDGtVWLFDPHQWHVLJQLILFDWLYDSDUDSUHGHFLUHOYDORUGHODGHSHQGLHQWHHQXQD
HFXDFLyQGHUHJUHVLyQOLQHDO*XMDUDWL 3RUWHU
2WURLQGLFDGRUTXHVHHYDO~DHVHOFRHILFLHQWHGHGHWHUPLQDFLyQ5OODPDGRDSDUWLUGH
DKRUD ³5 FXDGUDGR´ 0DWHPiWLFDPHQWH HV HO FRFLHQWH GH OD VXPD GH ORV FXDGUDGRV GH OD
UHJUHVLyQHQWUHODVXPDGHORVFXDGUDGRVGHODVYDULDEOHVLQGHSHQGLHQWHV&ROLQ :LQGPHLMHU
(O5FXDGUDGRLQGLFDODSURSRUFLyQGHODYDULDQ]DGHODYDULDEOHGHSHQGLHQWHH[SOLFDGD
SRUODVYDULDEOHVLQGHSHQGLHQWHVGHQWURGHODMXVWHGHOPRGHORGHUHJUHVLyQVXYDORUVLHPSUHVH
HQFXHQWUD HQWUH FHUR \ XQR 5 SRU HOOR XQ 5 FXDGUDGR PD\RU UHSUHVHQWD XQ PHMRU

PRGHOR TXH H[SOLFD HO FRPSRUWDPLHQWR GH OD YDULDEOH GHSHQGLHQWH 0ROLQD 5RGULJR
6LQHPEDUJR:RROGULGJHUHILHUHTXHQRHVXQEXHQLQGLFDGRUSDUDPHGLUODXWLOLGDGGHOD
UHJUHVLyQ SRUTXH QR GLVPLQX\H FXDQGR VH DXPHQWD HO Q~PHUR GH YDULDEOHV HQ OD UHJUHVLyQ D
SHVDUGHTXHODYDULDEOHDxDGLGDQRVHDUHOHYDQWHDOPRGHOR'HOPLVPRPRGR*XMDUDWL\3RUWHU
DxDGHQTXHHVLQH[DFWRVHOHFFLRQDUPRGHORVTXHWHQJDQXQ5FXDGURPD\RUPiVELHQHQ
XQDUHJUHVLyQ VHSULRUL]DU ODSHUWLQHQFLDOyJLFDGHODVYDULDEOHVLQGHSHQGLHQWHVFRQODYDULDEOH
GHSHQGLHQWHDWUDYpVGHVXVLJQLILFDQFLDHVWDGtVWLFD
(Q VtQWHVLV OD ILQDOLGDG GH XWLOL]DU OD UHJUHVLyQ OLQHDO \ ORJtVWLFD HV LGHQWLILFDU ODV
YDULDEOHV LQGHSHQGLHQWHV PiV LPSRUWDQWHV FRPSUREDU ODV KLSyWHVLV \ FRQRFHU ODV UHODFLRQHV
HVWDGtVWLFDPHQWHVLJQLILFDWLYDVHQWUHODVYDULDEOHVLQGHSHQGLHQWHV\GHSHQGLHQWHV'HDFXHUGRD
ORYLVWRHQFDStWXORVDQWHULRUHVHOSHUILOGHOFRQVXPLGRUHFROyJLFRGHOFRQVXPLGRUHFROyJLFRVH
H[SOLFD PHGLDQWH FXDWUR WLSRV GH FRPSRUWDPLHQWRV HFROyJLFRV UHFLFODMH GH SURGXFWRV
FRQRFLPLHQWR H LQIRUPDFLyQ PHGLRDPELHQWDO SDUWLFLSDFLyQ HQ LQLFLDWLYDV HFROyJLFDV FRPSUD
UHDO GH SURGXFWRV HFROyJLFRV \ DFWLWXG GH FRPSURPLVR UHDO HFROyJLFR (VWRV FXDWUR
FRPSRUWDPLHQWRV VRQ ODV YDULDEOHV GHSHQGLHQWHV HQ HO DQiOLVLV GH OD UHJUHVLyQ PLHQWUDV ORV
IDFWRUHVUHVXOWDQWHVGHODQiOLVLVIDFWRULDOVRQODVYDULDEOHVLQGHSHQGLHQWHV

&$3Ë78/25(68/7$'26'(/$,19(67,*$&,Ï1
(QHOSUHVHQWHFDStWXORVHPXHVWUDQORVUHVXOWDGRVREWHQLGRVOXHJRGHKDEHUUHDOL]DGRHO
WUDEDMRFXDQWLWDWLYR\FXDOLWDWLYR(OFDStWXORVHGLYLGHHQWUHVVHFFLRQHV(OSULPHURSUHVHQWDORV
UHVXOWDGRV GHO DQiOLVLV FXDQWLWDWLYR XQD YH] UHDOL]DGR HO WUDEDMR GH FDPSR HV GHFLU HO DQiOLVLV
GHVFULSWLYR DQiOLVLV IDFWRULDO \ OD UHJUHVLyQ VLPSOH HO VHJXQGR PXHVWUD ORV UHVXOWDGRV GHO
DQiOLVLVFXDOLWDWLYRDOXWLOL]DUODVKHUUDPLHQWDVFXDOLWDWLYDVSRUHMHPSORHQWUHYLVWDV3RU~OWLPR
VH UHDOL]D OD WULDQJXODFLyQ GH ORV GRV DQiOLVLV TXH FRQILUPD R QLHJD ODV KLSyWHVLV SODQWHDGDV
DQWHULRUPHQWH
5HVXOWDGRVGHODVKHUUDPLHQWDVFXDQWLWDWLYDV
$QiOLVLVGHVFULSWLYR
(Q HO SUHVHQWH DFiSLWH VH PXHVWUDQ ORV UHVXOWDGRV FRQ HO ILQ GH WHQHU XQ SULPHU
DFHUFDPLHQWRHQHOSHUILOHFROyJLFRGHORVDOXPQRV(QSULPHUOXJDUVHPXHVWUDQORVUHVXOWDGRV
VRFLRGHPRJUiILFRV UHODFLRQDGRV D ODV YDULDEOHV GH VH[R HGDG FDUUHUD HQWUH RWURV
3RVWHULRUPHQWHVHDQDOL]DQORVUHVXOWDGRVGHODVFDUDFWHUtVWLFDVSVLFRJUiILFDVYDORUHV\HVWLORV
GHYLGDSHUVRQDOLGDG\DFWLWXG
1.1.1. Características sociodemográficas
(PSH]DQGRFRQHOYDULDEOHVH[RVHSXHGHREVHUYDUHQODILJXUDTXHXQGHORV
HQFXHVWDGRV VRQ KRPEUHV \ XQ VRQ PXMHUHV (VWD GLVWULEXFLyQ JXDUGD UHODFLyQ FRQ OD
SREODFLyQGHORVDOXPQRVGHOD38&3TXHWDPELpQSUHVHQWDXQSRUFHQWDMHPD\RUGHKRPEUHV
UHVSHFWRDOGHPXMHUHV
)LJXUD'LVWULEXFLyQSRUFHQWXDOGHODPXHVWUDSRUVH[R
$VLPLVPR OD ILJXUD PXHVWUD OD GLVWULEXFLyQ UHVSHFWR D ORV UDQJRV GH HGDG GH OD
SREODFLyQHQFXHVWDGDODFXDOHVWiUHSUHVHQWDGDSULQFLSDOPHQWHSRUKRPEUHV\PXMHUHVMyYHQHV

&RPRVHDSUHFLDHOWLHQHXQDHGDGHQWUH\DxRVHOHQWUH\DxRVHO
HQWUH\DxRV\ILQDOPHQWHXQJUXSRGHGHORVHQFXHVWDGRVTXHWLHQHXQDHGDGGHPiV
GHDxRV
)LJXUD'LVWULEXFLyQSRUFHQWXDOGHODPXHVWUDSRUJUXSRVGHHGDGHV

$xRV
$xRV

$xRV
$xRV

$xRV $xRV $xRV $xRV

&RQ UHVSHFWR DO WHPD ODERUDO FRPR VH PXHVWUD HQ OD ILJXUD HO SRUFHQWDMH GH ORV
DOXPQRV TXH WUDEDMDQ R SUDFWLFDQ UHSUHVHQWD HO GH OD PXHVWUD PLHQWUDV ORV TXH QR HVWi
UHSUHVHQWDGDSRUXQGHHQFXHVWDGRV
)LJXUD'LVWULEXFLyQSRUFHQWXDOGHODPXHVWUDSRUVLWXDFLyQODERUDO
3RU~OWLPRODWDEODUHFRJHODIUHFXHQFLDGHHQFXHVWDGRVVHJ~QODFDUUHUDTXHHVWXGLD
/D38&3FXHQWDFRQIDFXOWDGHVHQWRWDO3RUHOORSDUDHIHFWRVGHPD\RUUHSUHVHQWDWLYLGDG\
HOLPLQDUHOVHVJRGHODPXHVWUDGHDFXHUGRDOSRUFHQWDMHGHDOXPQRVPDWULFXODGRVHQFDGDXQD

GH HOODV UHVSHFWR DO WRWDO GH DOXPQRV HQ OD 38&3 VH KL]R XQD GLVWULEXFLyQ GH ODV
REVHUYDFLRQHV
7DEOD'LVWULEXFLyQGHODPXHVWUDSRUFDUUHUD
)DFXOWDG 0XMHUHV +RPEUHV 7RWDO 3RUFHQWDMH
(VWXGLRV*HQHUDOHV/HWUDV

(VWXGLRV*HQHUDOHV&LHQFLDV
&LHQFLDVH,QJHQLHUtD
'HUHFKR
*HVWLyQ\$OWD'LUHFFLyQ
&LHQFLDV\$UWHVGHOD&RPXQLFDFLyQ
/HWUDV\&LHQFLDV+XPDQDV
$UTXLWHFWXUD\8UEDQLVPR
$UWHV\'LVHxR
&LHQFLDV6RFLDOHV
$UWHV(VFpQLFDV
(GXFDFLyQ
&LHQFLDV&RQWDEOHV
727$/

(QFRQFOXVLyQOD PXHVWUDGH ORVDOXPQRVGH OD38&3 HVWi FRQVWLWXLGDSULQFLSDOPHQWH

SRU XQD SREODFLyQ MRYHQ HQWUH D DxRV FRQ XQ UHVSHFWR DO WRWDO GH OD PXHVWUD (Q
FXDQWR DO VH[R OD GLVWULEXFLyQ HQWUH KRPEUH \ PXMHUHV HV FDVL OD PLVPD FRQ XQ \
UHVSHFWLYDPHQWH 5HVSHFWR D OD VLWXDFLyQ ODERUDO XQ GH ORV DOXPQRV QR VH HQFXHQWUDQ
SUDFWLFDQGR R WUDEDMDQGR HVWR VH SXHGH H[SOLFDU D TXH OD PD\RUtD HV XQD SREODFLyQ TXH VH
HQFXHQWUD HQ XQD HWDSD WHPSUDQD GH IRUPDFLyQ XQLYHUVLWDULD 3RU ~OWLPR OD PD\RUtD GH ORV
DOXPQRV HQFXHVWDGRV VRQ SULQFLSDOPHQWH GH (VWXGLRV *HQHUDOHV /HWUDV (VWXGLRV
*HQHUDOHV&LHQFLDV\&LHQFLDVH,QJHQLHUtD
6LJXLHQGR FRQ HO DQiOLVLV GHVFULSWLYR VH GHWDOOD ORV UHVXOWDGRV REWHQLGRV GH ODV
FDUDFWHUtVWLFDVSVLFRJUiILFDVGHODSREODFLyQHQFXHVWDGD
1.1.2. Características psicográficas
3DUDUHDOL]DUXQSULPHUDFHUFDPLHQWRGHOSHUILOGHOFRQVXPLGRUHFROyJLFR38&3DQLYHO
SVLFRJUiILFR VH FRPHQWD DOJXQRV GH ORV UHVXOWDGRV PiV UHOHYDQWHV REWHQLGRV GHO DQiOLVLV
GHVFULSWLYR 3DUD WDO ILQ VH PXHVWUD OD IUHFXHQFLD GH ORV GLVWLQWRV QLYHOHV GH GHVDFXHUGR \

DFXHUGRDVtFRPRODPHGLDGHFDGDtWHP&RPRDQWHULRUPHQWHVHPHQFLRQySDUDODUHDOL]DFLyQ
GH ODV SUHJXQWDV GHVWLQDGDV D DQDOL]DU GLFKDV FDUDFWHUtVWLFDV VH FRQVLGHUy XQD HVFDOD GH FLQFR
SXQWRVGHVGHXQYDORU³´TXHUHSUHVHQWDODSHUFHSFLyQ³WRWDOPHQWHHQGHVDFXHUGR´KDVWDXQ
YDORU GH ³´ TXH UHSUHVHQWD HO ³WRWDOPHQWH GH DFXHUGR´ 3DUD IDFLOLWDU OD PXHVWUD GH ORV
UHVXOWDGRVVHKDFRQVLGHUDGRDJUXSDUHQWUHVSXQWRVODHVFDODGHFLQFRGRQGHORVYDORUHV\
VH KDQ DJUXSDGR HQ HO JUXSR GH ³'HVDFXHUGR´ HO YDORU FRPR ³,QGLIHUHQWH´ \ ILQDOPHQWH HO
YDORU\FRPR³$FXHUGR´
$ FRQWLQXDFLyQ VH GHWDOODQ ORV UHVXOWDGRV REWHQLGRV SDUD ODV YDULDEOHV SVLFRJUiILFDV
YDORUHV\HVWLORVGHYLGD9$/6\HVWLORGHYLGDHFROyJLFRSHUVRQDOLGDG\DFWLWXG
D 9DORUHV\HVWLORVGHYLGD
3DUD OD SULPHUD YDULDEOH GH YDORUHV \ HVWLORV GH YLGD VH KDQ FRQVLGHUDGR GRV HVFDODV
YDORUHV\HVWLORVGHYLGDGH0LWFKHOO\ODHVFDODGH6iQFKH]HWDO3DUDQRKDFHU
WDQ H[WHQVD OD H[SOLFDFLyQ GH FDGD XQR GH ORV tWHPV VH GHWDOOD DTXHOORV UHVXOWDGRV PiV
VLJQLILFDWLYRV
(Q SULPHU OXJDU FRQ UHVSHFWR D OD HVFDOD GH YDORUHV \ HVWLORV GH YLGD R 9$/6 YHU
$QH[R ( VH REVHUYD XQD FDQWLGDG FRQVLGHUDEOH GH DOXPQRV D ODV TXH OHV LQWHUHVD DSUHQGHU
QXHYDV FRVDV \D VHD HQ OR DFDGpPLFR R HQ OR FXOWXUDO \ HOOR VH PXHVWUD HQ ORV VLJXLHQWHV
UHVXOWDGRVXQGHHQFXHVWDGRVHVWiGHDFXHUGRFRQODIUDVH³0HJXVWDDSUHQGHUVREUHDUWH
FXOWXUDHKLVWRULDDVLPLVPRXQGHHQFXHVWDGRVHVWiGHDFXHUGRFRQODIUDVH³0HJXVWDUtD
SDVDUXQDxRRPiVHQHOH[WUDQMHUR´\ILQDOPHQWHXQGHHQFXHVWDGRVHVWiGHDFXHUGRFRQ
ODIUDVH³(QRFDVLRQHVHVWR\LQWHUHVDGRSRUQXHYRVFRQRFLPLHQWRV´
$VLPLVPRHQFRQWUDPRVXQJUXSRGHDOXPQRVTXHOHVLQWHUHVDODYDULHGDGHQVXVYLGDV\
QR HVWDU LQPHUVRV HQ OD UXWLQD GLDULDFRPR VH SXHGH REVHUYDU HQ ORV VLJXLHQWHV UHVXOWDGRV XQ
GHHQFXHVWDGRVHVWiGHDFXHUGRFRQODIUDVH³0HJXVWDWRGRORHPRFLRQDQWHHQPLYLGD´XQ
GHHQFXHVWDGRVWDPELpQHVWiGHDFXHUGRFRQODIUDVH³0HJXVWDSUREDUFRVDVQXHYDV´XQ
GHHQFXHVWDGRVHVWiGHDFXHUGRFRQODIUDVH³0HJXVWDTXHKD\DYDULHGDGHQPLYLGD´\
ILQDOPHQWH XQ GH DOXPQRV HVWi HQ GHVDFXHUGR FRQ OD IUDVH ³0H JXVWD KDFHU ODV PLVPDV
FRVDVWRGRVORVGtDV´
2WUR UHVXOWDGR D GHVWDFDU HV TXH VH REVHUYD TXH HO GH ORV DOXPQRV HVWi HQ
GHVDFXHUGRFRQODIUDVH³/DYLGDGHXQDPXMHUHVWiSOHQDPHQWHUHDOL]DGDFXDQGRVHGHGLFDDVX
IDPLOLDHQFDUJiQGRVHGHVXVKLMRV´DVLPLVPRVHPXHVWUDTXHORVDOXPQRVQRSDUHFHWHQHUXQ
VHQWLPLHQWR UHOLJLRVR IXHUWH \D TXH XQ GH ORV DOXPQRV HVWiQ HQ GHVDFXHUGR FRQ OD IUDVH

FRPR OD ELEOLD DILUPD ³HO PXQGR IXH FUHDGR HQ VHLV GtDV´ \ XQ GH ORV DOXPQRV HVWi HQ
GHVDFXHUGR TXH ³(O JRELHUQR GHEHUtD IRPHQWDU OD HQVHxDQ]D GH OD UHOLJLyQ HQ ODV HVFXHODV
S~EOLFDV´3RU~OWLPRVLQOOHJDUDVHUPX\H[KDXVWLYRVHQODGHVFULSFLyQGHFDGDUHVXOWDGRVH
REVHUYDHQOD~OWLPDFROXPQDGHODWDEODHOSURPHGLRGHFDGDtWHPFRQVLGHUDQGRODHVFDODGH
/LNHUWGHFLQFRSXQWRV
(QVHJXQGROXJDUHVQHFHVDULRUHYLVDUORVUHVXOWDGRVGHODVHJXQGDHVFDODGHHVWLORVGH
YLGD GH ORV DOXPQRV R OD HVFDOD GH HVWLORV GH YLGD HFROyJLFRV OD FXDO UHVXPH ORV tWHPV
UHODFLRQDGR D GRV DVSHFWRV OD SUHRFXSDFLyQ SRU HO PHGLR DPELHQWH \ HO FXLGDGR GH OD VDOXG
MXQWRDOOHYDUXQDYLGDWUDQTXLODYHU$QH[R(5HVSHFWRDOSULPHURVHSXHGHREVHUYDUTXHORV
DOXPQRVGHOD38&3VtSUHVHQWDQXQDFODUDSUHRFXSDFLyQSRUHOPHGLRDPELHQWHDODSUHFLDU\
UHODFLRQDU ORV WUHV SULQFLSDOHV UHVXOWDGRV FRQ PD\RU SRUFHQWDMH GH DSUREDFLyQ XQ GH ORV
HQFXHVWDGRVHVWiGHDFXHUGRTXHODVRFLHGDGDFWXDOHVWiGHVWUX\HQGRODQDWXUDOH]DHVWRGHQRWDOD
FRQVFLHQFLD SRU SDUWH GHO DOXPQR TXH H[LVWH XQ SUREOHPD XQ GH HQFXHVWDGRV HVWi GH
DFXHUGR TXH VL QR VH WRPDQ ODV PHGLGD QHFHVDULDV HO GHWHULRUR GHO PHGLR DPELHQWH VHUi
LUUHYHUVLEOH HO DOXPQR HV FRQVFLHQWH GH OD QHFHVLGDG GH SODQHV GH DFFLyQ SDUD KDFHU IUHQWH DO
SUREOHPD H[LVWHQWH \ XQ GH ORV HQFXHVWDGRV HVWi GH DFXHUGR HQ TXH DUURMD OD EDVXUD HQ
FRQWHQHGRUHVVHOHFWLYRVORFXDOUHVXOWDHQXQDFFLRQDUSDUDHQIUHQWDUHOSUREOHPD
3RU RWUR ODGR UHVSHFWR DO VHJXQGR VH REVHUYD TXH ORV DOXPQRV GH OD 38&3 HVWiQ
RULHQWDGRV D OOHYDU XQD YLGD WUDQTXLOD \ RUGHQDGD \ HOOR VH FRUURERUD HQ ODV IUDVHV ³3URFXUR
HTXLOLEUDU WUDEDMR FRQ YLGD SULYDGD´ ³3URFXUR UHGXFLU HO HVWUpV´ \ ³3URFXUR OOHYDU XQD YLGD
RUGHQDGD \ PHWyGLFD´ FRQ XQ \ GH HQFXHVWDGRV TXH HVWiQ GH DFXHUGR
UHVSHFWLYDPHQWH
(QFRQFOXVLyQUHVSHFWRDODVFDUDFWHUtVWLFDVGHYDORUHV\HVWLORVGHYLGDGHORVDOXPQRV
GHOD38&3VHHYLGHQFLDXQDGLVSRVLFLyQHLQWHUpVSRUSDUWHGHHOORVGHDSUHQGHUQXHYDVFRVDV
\DVHDHQHOFDPSRGHODUWHFXOWXUDKLVWRULDHQWUHRWURVHOORVHFRQYLHUWHHQXQDIRUWDOH]DQR
VROR SDUD PDQWHQHUVH LQIRUPDGR VLQR SDUD UHIOHMDUOR HQ VX HVWLOR GH YLGD GLDULD $VLPLVPR OD
PD\RUtDQRVHPXHVWUDFRQXQDPHQWHFHUUDGDRFRQIRUPHFRQXQDYLGDPRQyWRQDRUXWLQDULD\D
TXHHVWiQGLVSXHVWRVDH[SHULPHQWDU\SUREDUQXHYDVFRVDV$OIRFDOL]DUHOHVWLORGHYLGDDXQR
HFROyJLFRORVUHVXOWDGRVREWHQLGRVVHUHODFLRQDQFRQORDQWHULRUPHQFLRQDGR\DTXHDOWUDWDUVH
GH XQ DOXPQR TXH VH PDQWLHQH LQIRUPDGR \ GLVSXHVWR D DSUHQGHU QXHYDV FRVDV SUHVHQWD XQD
PD\RU SUHRFXSDFLyQ \ SODQHV GH DFFLyQ KDFLD ORV GLVWLQWRV SUREOHPDV DFWXDOHV GHO PHGLR
DPELHQWH DVLPLVPR VH SRQH HQ SUiFWLFD XQD YLGD HTXLOLEUDGD\VDQD TXH FRQOOHYD QR VROR DO
FXLGDGRSHUVRQDOVLQRDOFXLGDGRGHOHQWRUQRTXHORURGHD<WRGRHOORVHYHIRUWDOHFLGRSRUODV

DFFLRQHV TXH OD XQLYHUVLGDG LPSOHPHQWD HQ FXDQWR D OD LQIRUPDFLyQ \ OD SDUWLFLSDFLyQ HQ
SURJUDPDVHLQLFLDWLYDVDORVDOXPQRVUHVSHFWLYDPHQWH
E 9DULDEOHGHSHUVRQDOLGDG
(Q HO SUHVHQWH DFiSLWH VH FRPHQWD OD FDUDFWHUtVWLFD GH OD SHUVRQDOLGDG OD FXDO SDUD OD
SUHVHQWH LQYHVWLJDFLyQ VH FRQVLGHUy GLYLGLUOD HQ FLQFR FDUDFWHUtVWLFDV FUHDWLYLGDG \ QLYHO
LQWHOHFWXDO VROLGDULGDG \ VLPSDWtD KDFLD ORV GHPiV FDUiFWHU HPRFLRQDO H[WURYHUVLyQ \
FRQFLHQFLD\UHVSRQVDELOLGDG&RPRDQWHULRUPHQWHVHPHQFLRQyVHKDQGLYLGLGRORVUHVXOWDGRV
HQ WUHV JUXSRV GHVDFXHUGR LQGLIHUHQWH \ DFXHUGR $VLPLVPR VH SUHVHQWDQ ORV SURPHGLRV GH
UHVXOWDGRVHQODHVFDODGHPHGLFLyQGH/LNHUWGHFDGDXQRGHORVtWHPVPDUFDGRV
2EVHUYDQGRORVUHVXOWDGRVREWHQLGRVSDUDODFUHDWLYLGDG\HOQLYHOLQWHOHFWXDOVHSXHGH
PHQFLRQDUTXHORVDOXPQRVGHOD38&3VHFRQVLGHUDQFUHDWLYRVYHU$QH[R(&RPRVHYHHQ
OD YDULDEOH HO FRQVLGHUD WHQHU XQD JUDQ LPDJLQDFLyQ HVWH UHVXOWDGR VH UHODFLRQD FRQOD
YDULDEOH\GRQGHXQGHORVHQFXHVWDGRVGHGLFDQXQWLHPSRSDUDUHIOH[LRQDU\XQ
GHORVHQFXHVWDGRVVHOHVRFXUUHQJUDQFDQWLGDGGHLGHDV$VLPLVPRVHREVHUYDTXHODPD\RUtD
GH ORV DOXPQRV FRQVLGHUDQ WHQHU XQ QLYHO LQWHOHFWXDO TXH VH SXHGH GHQRPLQDU DOWR GRQGH ODV
YDULDEOHV\SUHVHQWDQXQDPHGLDTXHRVFLODQHQWUH\GHXQYDORUPi[LPRGH
(QFXDQWRDODVROLGDULGDG\VLPSDWtDKDFLDORVGHPiVVHREVHUYDTXHORVDOXPQRVGHOD
38&3VHFRQVLGHUDQVROLGDULRVYHU$QH[R(SXHVODPD\RUtDGHHOORVHVWiQGHDFXHUGRFRQORV
SULPHURV VHLV tWHPV TXH UHIOHMDQ SRVLWLYDPHQWH HVWD FDUDFWHUtVWLFD $VLPLVPR HQ FXDQWR DO
SURPHGLR GH ODV UHVSXHVWDV PDUFDGDV VH REVHUYD OD PLVPD WHQGHQFLD GRQGH ORV tWHPV
UHODFLRQDGRVSRVLWLYDPHQWHSUHVHQWDQSURPHGLRTXHRVFLODQHQWUHDGHXQPi[LPRGH
\ODVYDULDEOHV\ TXHUHIOHMDQODQRVROLGDULGDG QLVLPSDWtDSUHVHQWDQXQSURPHGLR
PX\FHUFDQRD
6REUHORVUHVXOWDGRVDOFDUiFWHUHPRFLRQDOYHU$QH[R(VHREVHUYDTXHORVDOXPQRV

SUHVHQWDQ XQ FDUiFWHU QR WDQ PDUFDGR \D TXH ORV UHVXOWDGRV GH ODV PHGLDV HVWiQ FHUFDQDV DO
YDORU ³´ 6LQ HPEDUJR VH SXHGH LGHQWLILFDU FRQ XQ GH HQFXHVWDGRV TXH ORV DOXPQRV
XVXDOPHQWHVHVLHQWHQELHQ\XQVHVLHQWHUHODMDGRODPD\RUSDUWHGHOWLHPSR6LQHPEDUJR
ORVDOXPQRVSXHGHQSHUGHUIiFLOPHQWHHVWDHVWDELOLGDGHPRFLRQDOFRPRVHYHHQODYDULDEOH
GRQGHHOGHORVDOXPQRVVLHQWHQHVWUpVIiFLOPHQWH
/RV UHVXOWDGRV UHODFLRQDGRV D OD H[WURYHUVLyQ YHU $QH[R ( VH REVHUYD TXH XQ
LPSRUWDQWHSRUFHQWDMHGHDOXPQRVSUHVHQWDQXQDSHUVRQDOLGDGH[WURYHUWLGD(OORVHHYLGHQFLDHQ
ODYDULDEOHGRQGHXQGHORVDOXPQRVOHVJXVWDHVWDUURGHDGRGHJHQWH\HQODYDULDEOH

GRQGHXQGH ORVDOXPQRVOHJXVWDKDEODUFRQJHQWHGLIHUHQWHHQODVILHVWDVDVLPLVPRVH
REVHUYD HQ ODV YDULDEOHV \ TXH ORV DOXPQRV HVWiQ HQ GHVDFXHUGR FRQ ODV IUDVHV
³*HQHUDOPHQWH WHQJR SRFDV FRVDV TXH GHFLU´ \ ³0DV ELHQ PH JXVWD HVWDU HQ VHJXQGR SODQR´
FRQXQ\UHVSHFWLYDPHQWH6LQHPEDUJRVHSUHVHQWDDOJXQDVYDULDEOHVTXHPXHVWUDQ
ORFRQWUDULRXQGHDOXPQRVQROHVJXVWDOODPDUODDWHQFLyQ\XQQROHVJXVWDVHUHO
FHQWURGHDWHQFLyQHQXQDILHVWDSHURHOORVHSXHGHH[SOLFDUSRUODYDQLGDGFDUDFWHUtVWLFDTXH
SRFRVDOXPQRVUHFRQRFHQ
3DUD FRQFOXLU FRQ OD GHVFULSFLyQ GH OD SHUVRQDOLGDG GH ORV DOXPQRV GH OD 38&3 ORV
UHVXOWDGRVUHVSHFWRDORVtWHPVGHODFRQFLHQFLD\UHVSRQVDELOLGDGYHU$QH[R(UHIOHMDQTXHXQ
VLJQLILFDWLYRJUXSRGHDOXPQRVVHFRQVLGHUDQUHVSRQVDEOHV\RUGHQDGRV(OORVHUHIOHMDFRQXQ
\XQGHGHVDSUREDFLyQSRUSDUWHGHORVDOXPQRVGHQRFXPSOLUFRQVXVREOLJDFLRQHV\
QRVHURUGHQDGRFRQVXVFRVDV$VLPLVPRVHSXHGHREVHUYDUTXHODPHGLDGHORVtWHPV\
IUDVHVTXHVHUHODFLRQDQFRQXQFRPSRUWDPLHQWRGHRUGHQWLHQHXQDPHGLDDOWDGH\
UHVSHFWLYDPHQWH
(QFRQFOXVLyQVHPXHVWUDTXHHODOXPQR38&3VHSHUILODFRPRXQRFUHDWLYRFRQJUDQ
LPDJLQDFLyQ \ UHIOH[LYR DVLPLVPR HV VROLGDULR FRQ VXV FRPSDxHURV \ HPSiWLFR DQWH ODV
VLWXDFLRQHVDGYHUVDVQRSURSLDVTXHSXHGDOOHJDUDHQFRQWUDUHPRFLRQDOPHQWHHODOXPQR38&3
QR SUHVHQWD XQ ~QLFR FDUiFWHU PDUFDGR SRU XQ ODGR SXHGH OOHJDU D HVWDU WUDQTXLOR SHUR HV
YXOQHUDEOHDSHUGHUORUiSLGDPHQWH(QFXDQWRDODH[WURYHUVLyQVHPXHVWUDFRQXQDSHUVRQDOLGDG
RULHQWDGDXQSRFRPiVDVHUH[WURYHUWLGDTXHQRWHPHHVWDUURGHDGRGHJHQWHRVHUHOSULPHURHQ
LQLFLDU XQD FRQYHUVDFLyQ SXQWR TXH SXHGD H[SOLFDU DOJXQD UHODFLyQ FRQ OD SDUWLFLSDFLyQ HQ
SURJUDPDVHLQLFLDWLYDVHFROyJLFDVPiVDGHODQWH<HQFXDQWRDODFRQFLHQFLD\UHVSRQVDELOLGDG
SUHVHQWDXQDSHUVRQDOLGDGIXHUWHPHQWHUHVSRQVDEOH\RUGHQDGDDQWHODVGLVWLQWDVREOLJDFLRQHV\
SUR\HFWRV TXH SXHGD WHQHU (VWDV SULQFLSDOHV FDUDFWHUtVWLFDV GH SHUVRQDOLGDG VLUYHQ FRPR EDVH
SDUD FRPSUHQGHU ODV GLVWLQWDV FRQGXFWDV R FRPSRUWDPLHQWRV HFROyJLFRV DQWH GLIHUHQWHV
VLWXDFLRQHVPiVDGHODQWH
F 9DULDEOHGHDFWLWXGHVPHGLRDPELHQWDOHV
)LQDOPHQWH OD ~OWLPD FDUDFWHUtVWLFD SVLFRJUiILFD TXH VH GHWDOOD ODV DFWLWXGHV
PHGLRDPELHQWDOHVSRUSDUWHGHORVDOXPQRVGHOD38&33RUHOORVHFRQVLGHUDQWUHVPDQHUDVGH
HQWHQGHUORHOFRPSRUWDPLHQWRYHUEDOFRPSRUWDPLHQWRDIHFWLYR\HOFRPSRUWDPLHQWRUHDO
7HQLHQGR HQ FXHQWD OD GHVFULSFLyQ GH ODV DQWHULRUHV FDUDFWHUtVWLFDV SVLFRJUiILFDV HO
GHWDOOHGHORVUHVXOWDGRVUHVSHFWRDODVDFWLWXGHVVHSUHVHQWDFRQODPLVPDHVWUXFWXUD(QSULPHU

OXJDUHOFRPSURPLVRYHUEDOKDFLDHOPHGLRDPELHQWHSRUSDUWHGHORVDOXPQRVYHU$QH[R(
SUHVHQWD HQ JUDQ PHGLGD HO FRPSURPLVR HQ VX FXLGDGR D WUDYpV GH OD XWLOL]DFLyQ GH XQ PHGLR
WUDQVSRUWHPHQRVFRQWDPLQDQWHDILQGHUHGXFLUODSROXFLyQHQHODLUH,WHP\$XQTXHOD
GLVSRVLFLyQSRUSDUWH GH ORVDOXPQRVHVWDQ HVWDGtVWLFDPHQWHVLJQLILFDWLYDDO SXQWRGHHVWDU GH
DFXHUGR FRQ HO SDJR GH LPSXHVWR SDUD UHGXFLU OD FRQWDPLQDFLyQ DPELHQWDO FXDQGR VH WUDWD GH
WRPDU SRVWXUDV FRPR GRQDU HO VXHOGR GH XQ GtD R GLVWULEXLU SXEOLFLGDG OD PD\RUtD GH ORV
DOXPQRV QR OR KDUtDQ (Q VHJXQGR OXJDU HO FRPSURPLVR DIHFWLYR KDFLD HO PHGLR DPELHQWH
PRVWUDGR SRU SDUWH GH ORV DOXPQRV YHU $QH[R ( VH YH UHIOHMDGR HQ HO VHQWLPLHQWR GH
LQGLJQDFLyQ \ HQIDGR KDFLD HO JRELHUQR \ ODV HPSUHVDV GHO VHFWRU SULYDGR SRU OD LQDFFLyQ \
UHVSRQVDELOLGDGHQODFRQWDPLQDFLyQGHOPHGLRDPELHQWH,WHP\
(QWHUFHUOXJDUHOFRPSURPLVRUHDOKDFLDHOPHGLRDPELHQWHPRVWUDGRSRUORVDOXPQRV
HVPX\GLYHUVDYHU$QH[R(0LHQWUDVTXHHQDOJXQRVDVSHFWRVXQJUDQQ~PHURGHSHUVRQDVVH
LQYROXFUD RWURV QR OR KDFHQ 'HO PLVPR PRGR HO GH ORV DOXPQRV HVWiQ GH DFXHUGR HQ
KDFHUFRPSUDVGHSURGXFWRVTXHOOHYHQHQYDVHVUHFLFODEOHV\XQGHORVDOXPQRVHVWiQHQ
GHVDFXHUGR TXH QXQFD KDQ SDUWLFLSDGR HQ XQ DFWR TXH VH SUHRFXSD SRU DVSHFWRV
PHGLRDPELHQWDOHV YHU $QH[R ( 3RU RWUD SDUWH VH REVHUYD TXH ORV YDORUHV PHGLRV GH ODV
YDULDEOHV$5\$5HVFHUFDQRDTXHUHIOHMDTXHODPD\RUtDGHORVDOXPQRVQRVHKDVXVFULWR
D UHYLVWDV PHGLRDPELHQWDOHV R QR KD FRQWDFWDGR FRQ LQVWLWXFLRQHV VRFLDOHV R S~EOLFDV
PHGLRDPELHQWDOHV
(Q FRQFOXVLyQ FXDQGR VH WUDWD GH FRQRFHU TXp SLHQVDQ ORV DOXPQRV GH OD 38&3 VH
REVHUYD XQD GLVSRVLFLyQ SRU UHDOL]DU DFWLYLGDGHV HQ IDYRU DO FXLGDGR PHGLRDPELHQWDO XVDU
VLVWHPDVGHWUDQVSRUWHPiVHFROyJLFRSDJDUXQLPSXHVWRPHGLRDPELHQWDO\GHMDUGHFRPSUDUD
HPSUHVDV TXH FRQWDPLQDQ (O FXDO VH UHODFLRQD FRQ OR TXH VLHQWHQ FXDQGR PXHVWUDQ
LQGLJQDFLyQRHQIDGRFRQORVDFWRUHVLQYROXFUDGRVGHODFRQWDPLQDFLyQ$VLPLVPRDOFRQRFHU
TXH KDFHQ ORV DOXPQRV VH PXHVWUD XQD SDUWLFLSDFLyQ GLYHUVD ORV DOXPQRV FRPSUDQ SURGXFWRV
UHFLFODEOHV R SDUWLFLSDQ HQ SURJUDPDV PHGLRDPELHQWDOHV SHUR QR HVWiQ PX\ LQYROXFUDGRV
FXDQGRVHWUDWDGHFRQWDFWDUDLQVWLWXFLRQHVRUHYLVWDVPHGLRDPELHQWDOHV
5HVXOWDGRVVREUHHOFRPSRUWDPLHQWRHFROyJLFR
(Q HVWH LQFLVR VH SUHVHQWD ORV UHVXOWDGRV GHVFULSWLYRV UHVSHFWR DO FRPSRUWDPLHQWR
HFROyJLFRGHORVDOXPQRV3DUDVHUSUHFLVRVVHGHWDOODODVYDULDEOHVGHSHQGLHQWHVTXHPXHVWUDQ
XQ FRPSRUWDPLHQWR HFROyJLFR HQ XQD SREODFLyQ HQ FRP~Q \ SDUD HO SUHVHQWH HVWXGLy VH KD
XWLOL]DGR FLQFR YDULDEOHV HO FRPSRUWDPLHQWR KDFLD HO UHFLFODMH FRPSUD GH SURGXFWRV
HFROyJLFRVFRPSURPLVRUHDOKDFLDHOPHGLRDPELHQWHSDUWLFLSDFLyQHQSURJUDPDVRLQLFLDWLYDV

HFROyJLFDV \ FRQRFLPLHQWR H LQIRUPDFLyQ HFROyJLFD HVWDV GRV ~OWLPDV YDULDEOHV FRPR VH
PHQFLRQD DQWHULRUPHQWH IXHURQ VHOHFFLRQDGDV SRU HO FRQWH[WR HQ HO FXDO VRQ SDUWLFLSHV ORV
HVWXGLDQWHVXQLYHUVLGDGHFROyJLFD
1.2.1. Comportamiento hacia el reciclaje
&RPR VH SXHGH REVHUYDU HQ OD WDEOD OD PD\RUtD GH ORV HVWXGLDQWHV UHFLFODQ
SULQFLSDOPHQWH SDSHO \ SOiVWLFR /XHJR HQ PHQRUHV SRUFHQWDMHV UHFLFODQ FDUWyQ
SLODV YLGULR ODWDV \ RWURV HQYDVHV 'HO PLVPR PRGR VH
SUHJXQWyVLFRQVLGHUDQTXHH[LVWHQVXILFLHQWHVFRQWHQHGRUHVGHUHFLFODMHHQOD38&3WDEOD
FRPR UHVXOWDGRODJUDQ PD\RUtDGH ORVHQFXHVWDGRVXQFRQVLGHUDTXHH[LVWHQVXILFLHQWHV
FRQWHQHGRUHVGHSOiVWLFR\XQGHSDSHO3RURWURODGRORVHVWXGLDQWHVFUHHQTXHQRH[LVWHQ
VXILFLHQWHV FRQWHQHGRUHV GH YLGULR \ FDUWyQ DVLPLVPR FUHHQ TXH QR KD\
VXILFLHQWHVFRQWHQHGRUHVGHUHFLFODMHSDUDODVSLODV\ODWDV
7RGR HOOR SRGUtD VXJHULU XQD UHODFLyQ HQWUH DOWR FRPSRUWDPLHQWR GH UHFLFODMH GH ORV
HVWXGLDQWHVFRQHOSDSHO\SOiVWLFR\ODGLVSRQLELOLGDGGHHQFRQWUDUFRQWHQHGRUHVUHFLFODMHSDUD
HVWRVGRV0LHQWUDVTXHHOYLGULRFDUWyQSLODVODWDV\RWURVORVHQFXHVWDGRVFRLQFLGHQTXHQR
KD\VXILFLHQWHVFRQWHQHGRUHVSDUDHVWRVHQYDVHVORFXDOWLHQHUHODFLyQFXDQGRGHFODUDQTXHQR
UHFLFODQODPD\RUtDGHHVWRVSURGXFWRV
7DEOD&RPSRUWDPLHQWRKDFLDHOUHFLFODMH\RSLQLyQVREUHFRQWHQHGRUHV
5HFLFOD 6XILFLHQWHV&RQWHQHGRUHV
3URGXFWR
6L 1R 6L 1R
3DSHO
3OiVWLFR
&DUWyQ
3LODV
9LGULR
/DWDV

3DUD GHILQLU HO FRPSRUWDPLHQWR GH UHFLFODMH VH DJUXSD OD FDQWLGDG GH SURGXFWRV TXH
UHFLFODQLQJXQRXQRDWUHV\FXDWURDPiVUHVSHFWRDOWRWDOUHFLFODGR)LJXUD&RQHOORVH
REWLHQH TXH OR KDELWXDO HV UHFLFODU GH GRV D WUHV SURGXFWRV 3RU ~OWLPR SDUD GHWHUPLQDU HO
FRPSRUWDPLHQWRKDFLDHOUHFLFODMHVHGLYLGHQHQGRVJUXSRVDORVHQFXHVWDGRVORVTXHUHFLFODQ
GHWUHVDPHQRVSURGXFWRV\ORVTXHUHFLFODQGHFXDWURDPiV9DOHPHQFLRQDUTXH
HVWRV ~OWLPRV VRQ ORV TXH VH FRQVLGHUDQ FRQ XQ FRPSRUWDPLHQWR HFROyJLFR $VLPLVPR HVWD

YDULDEOH SHUPLWH GHVFXEULU HO FRPSRUWDPLHQWR GH UHFLFODMH GH ORV DOXPQRV OR FXDO VHUYLUi D
FRPSDUDUDPD\RUSURIXQGLGDGFRQDSDUWDGRVSRVWHULRUHV
)LJXUD3RUFHQWDMHVGHDOXPQRVHQIXQFLyQDOQ~PHURSURGXFWRVTXHUHFLFODQ
25% 22%
18%
20% 16% 16% 15%
15% 29%
7%
10%
3% 3% 71%
5%
0%
(QFRQFOXVLyQUHVSHFWRDOFRPSRUWDPLHQWRGHUHFLFODMHHQORVDOXPQRVGHOD38&3VH
HYLGHQFLDXQDFODUDSDUWLFLSDFLyQSRUSDUWHGHODOXPQDGRHQUHFLFODUGLVWLQWRVWLSRVGHSURGXFWRV
WDQWRGHQWURFRPRIXHUDGHODXQLYHUVLGDGVLHQGRORVSULQFLSDOHVSURGXFWRVUHFLFODGRVHOSDSHO\
HO SOiVWLFR (VWH WLSR GH FRPSRUWDPLHQWR PXHVWUD XQD GLVSRVLFLyQ \ FRQVFLHQFLD SRU SDUWH GHO
DOXPQRDFRQWULEXLUFRQHOFXLGDGRDOPHGLRDPELHQWH6LQHPEDUJRODPHQFLRQDGDGLVSRVLFLyQ
SXHGHGHEHUVHDODIDFLOLGDG\GLVSRQLELOLGDGSRUSDUWHGHODXQLYHUVLGDGHQRIUHFHUXQWDFKRR
SXQWR GH UHFLFODMH FHUFDQR XQ DSUR[ FRQVLGHUD TXH H[LVWH VXILFLHQWHV WDFKRV GH SDSHO \
SOiVWLFRRSRUODVGLVWLQWDVFDPSDxDVLQIRUPDWLYDV\SURJUDPDVRLQLFLDWLYDVGHODXQLYHUVLGDG
TXHLPSXOVDHOUHFLFODMHWDQWRGHQWURFRPRIXHUDGHODXQLYHUVLGDG
1.2.2. Comportamiento de compra de productos ecológicos
2WUR DVSHFWR LPSRUWDQWH SDUD HYLGHQFLDU HO FRPSRUWDPLHQWR HFROyJLFR HV FRQRFHU HO
FRPSRUWDPLHQWR GH FRPSUD GH SURGXFWRV HFROyJLFRV SRU SDUWH GH ORV DOXPQRV 3RU HOOR VH
FRQVLGHUDODFRPSUDHIHFWLYDFRPRXQLQGLFDGRUGHPHGLFLyQ
/D FRPSUD UHDO GH SURGXFWRV HFROyJLFRV VH KD PHGLGR D WUDYpV GH WUHV SURGXFWRV
DOLPHQWRVRUJiQLFRVOLPSLH]DHFROyJLFD\PDQXIDFWXUDHFROyJLFD/DWDEODUHIOHMDHOUHVXOWDGR
GH OD FRPSUD UHDO GH ORV WUHV WLSRV GH SURGXFWRV HFROyJLFRV VHOHFFLRQDGRV /RV UHVXOWDGRV
PXHVWUDQ TXH OD PD\RUtD GH ODV SHUVRQDV FRPSUDQ ORV VLJXLHQWHV SURGXFWRV HFROyJLFRV
RFDVLRQDOPHQWH DOLPHQWRV RUJiQLFRV \ OLPSLH]D HFROyJLFD $VLPLVPR KDQ
FRPSUDGRSURGXFWRVGHPDQXIDFWXUDHFROyJLFD

7DEOD)UHFXHQFLDGHFRPSUDUHDOGHSURGXFWRVHFROyJLFRV
6,
3URGXFWR(FROyJLFR 12
2FDVLRQDOPHQWH 'H)RUPD+DELWXDO
$OLPHQWRV
/LPSLH]D
0DQXIDFWXUD
6HSXHGHFRUURERUDUTXHPiVGHODPLWDGGHODVREVHUYDFLRQHVKDQFRPSUDGRRFDVLRQDO
RKDELWXDOPHQWHDOJXQRGHORVWUHVWLSRVGHSURGXFWRVHFROyJLFRVPHQFLRQDGRV/RVIDFWRUHVGH
HVWHUHVXOWDGRSRVLEOHPHQWHVHGHEDDORVHVIXHU]RVGHODXQLYHUVLGDGHQLQFHQWLYDUHOFRQVXPR
GHHVWRVSURGXFWRVDWUDYpVGHODLQIRUPDFLyQHYHQWRVRFRQIHUHQFLDVLQIRUPDWLYDVGHOFRQVXPR
VRVWHQLEOH \ ODV GLVWLQWDV DOWHUQDWLYDV GH FRQVXPR HFROyJLFR TXH LPSXOVD \ GLVSRQH YHQWD GH
DOLPHQWRVVDOXGDEOHHQORVFRPHGRUHVIHULDVGHYHQWDGHSURGXFWRVHFROyJLFRVHQWUHRWURV
1.2.3. Compromiso real con el medioambiente
(OFRPSURPLVRUHDOFRQHOPHGLRDPELHQWHTXHORVLQGLYLGXRVPDQLILHVWDQHVXQPRGR
PiV GH PHGLU HO FRPSRUWDPLHQWR HFROyJLFR 3RU HOOR VH XWLOL]y OD HVFDOD GH 0DORQH\ HW DO
FRPHQWDGD HQ OD SDUWH OLWHUDO TXH D WUDYpV GH QXHYH tWHPV PLGH HO JUDGR GH DFXHUGR R
GHVDFXHUGRSRUSDUWHGHODOXPQRYHU$QH[R&
3DUD OXHJR UHDOL]DU HO DQiOLVLV IDFWRULDO FRPHQWDGD HQ HO FDStWXOR DQWHULRU TXH QRV
LQGLTXH TXp tWHPV UHSUHVHQWDQ PHMRU OD YDULDEOH D DQDOL]DU (Q OD WDEOD VH PXHVWUD ORV
UHVXOWDGRV GHO DQiOLVLV IDFWRULDO TXH PHMRU H[SOLFDQ XQ FRPSURPLVR UHDO KDFLD HO PHGLR
DPELHQWH 8QD FRQGXFWD GH FRQVHUYDFLyQ PHGLRDPELHQWDO \ HO FRPSURPLVR UHDO HQ OD
SDUWLFLSDFLyQGHLQLFLDWLYDVHFROyJLFDV

1
Revisar la matriz de componente rotado en el anexo G que contiene la información a detalle.

7DEOD)DFWRUHVGHOFRPSURPLVRUHDOFRQHOPHGLRDPELHQWH
)DFWRU ËWHPV
% +HFDPELDGRGHSURGXFWRSRUUD]RQHVHFROyJLFDV
% +HFRQWDFWDGRFRQ,QVWLWXFLRQHVVRFLDOHVRS~EOLFDV
PHGLRDPELHQWDOHVSDUDLQIRUPDUPHVREUHORTXHSXHGRKDFHU
SDUDUHGXFLUODFRQWDPLQDFLyQ
% +HDVLVWLGRDXQDFRQIHUHQFLDRIUHFLGDSRUDOJXQD
&RQGXFWDGH&RQVHUYDFLyQ
RUJDQL]DFLyQTXHVHSUHRFXSDSRUODPHMRUDDPELHQWDO
PHGLRDPELHQWDO
% 3URFXURKDFHUFRPSUDVGHSURGXFWRVTXHOOHYHQHQYDVH
UHFLFODEOH
% (VWR\SHQGLHQWHGHODVSURSXHVWDVPHGLRDPELHQWDOHVTXH
UHDOL]DHOSDUWLGRSRUHOTXHYRWHHQODV~OWLPDVHOHFFLRQHV
SUHVLGHQFLDOHV
% 1XQFDKHLGRDXQDFRQIHUHQFLDVREUHWHPDVGHFXLGDGR
&RPSURPLVRUHDOHQOD DPELHQWDO
SDUWLFLSDFLyQGHLQLFLDWLYDV % 1XQFDKHSDUWLFLSDGRHQXQDFWRTXHVHSUHRFXSDSRU
HFROyJLFDV DVSHFWRV PHGLRDPELHQWDOHVSODQWDUXQiUEROOLPSLH]DGH
SDUTXHVHWF
6HGHEHOHHUHQVHQWLGRSRVLWLYR
3DUD FDGD XQR GH ORV IDFWRUHV UHVXOWDQWHV VH UHDOL]D OD PHGLD GH ORV tWHPV TXH ORV
FRPSRQHQ TXHGDQGR VROR GRV QXHYDV YDULDEOHV TXH SDUD FDGD DOXPQR WRPDUiQ XQ YDORU HQWUH
XQRDFLQFR&RQHOILQGHIDFLOLWDUORVUHVXOWDGRVGHFDGDIDFWRUVHDJUXSDQHQWUHVFDWHJRUtDV
TXH QRV LQGLFD VL VX FRPSURPLVR UHDO FRQ HO PHGLR DPELHQWH HV DOWR PHGLR R EDMR $Vt SRU
HMHPSOR DTXHOORV DOXPQRV TXH WHQJDQ XQ YDORU PD\RU D WUHV VXV FRPSURPLVRV VHUiQ DOWRV VL
WLHQHQXQYDORUPHQRUDWUHVVHUiQEDMRHLQGLIHUHQWHVLREWLHQHQXQYDORULJXDODWUHV
)LJXUD3RUFHQWDMHVGHDOXPQRVHQUHODFLyQDVXQLYHOGHFRPSURPLVRUHDOFRQHOPHGLR
DPELHQWH
&RQGXFWDGH&RQVHUYDFLyQ &RPSURPLVRUHDOHQODSDUWLFLSDFLyQGH
0HGLRDPELHQWDO ,QLFLDWLYDV(FROyJLFDV

%DMR %DMR

,QGLI
,QGLI

$OWR $OWR
(Q OD ILJXUD VH PXHVWUD HO SRUFHQWDMH GH DOXPQRV TXH VH VLW~DQ HQ FDGD XQD GH ODV
FDWHJRUtDV GHILQLGDV 6H REVHUYD TXH XQ GH DOXPQRV SUHVHQWDQ XQD FRQGXFWD GH
FRQVHUYDFLyQ PHGLRDPELHQWDO DOWD \ XQ XQ FRPSURPLVR UHDO HQ SDUWLFLSDU HQ LQLFLDWLYDV

HFROyJLFDV 3RU OR TXH VH SXHGH FRQFOXLU TXH DSUR[LPDGDPHQWH OD PLWDG GH ODV REVHUYDFLRQHV
SUHVHQWDXQPD\RUFRPSURPLVRUHDOKDFLDHOPHGLRDPELHQWH
1.2.4. Participación de programas o iniciativas ecológicas PUCP
&RPR VH PHQFLRQy DQWHULRUPHQWH OD SDUWLFLSDFLyQ HQ ORV SURJUDPDV R LQLFLDWLYDV
HFROyJLFDV GH OD 38&3 HV XQD YDULDEOH DGLFLRQDO H LGyQHD TXH VH FRQVLGHUy SDUD YDORUDU HO
FRPSRUWDPLHQWR HFROyJLFR GH ORV DOXPQRV /RV UHVXOWDGRV GH OD SDUWLFLSDFLyQ VH PXHVWUDQ HQ
IXQFLyQDOQ~PHURGHSURJUDPDVRLQLFLDWLYDVTXHHODOXPQRDVLVWLy\FRPRVHSXHGHDSUHFLDU
HQ OD )LJXUD XQ KD SDUWLFLSDGR DO PHQRV XQD YH] \ XQ QR KD SDUWLFLSDGR HQ
QLQJXQR GH ORV SURJUDPDV $VLPLVPR ORV UHVXOWDGRV VH GLYLGHQ HQ GRV JUXSRV ORV TXH
SDUWLFLSDQGRVRPHQRV\ORTXHSDUWLFLSDQHQWUHVRPiVSURJUDPDVPHGLRDPELHQWDOHV\FRPR
VHSXHGHREVHUYDUHQODPLVPDILJXUDXQGHORVDOXPQRVSDUWLFLSyHQWUHVRPiVSURJUDPDV
\XQGHGRVRPHQRV
)LJXUD3RUFHQWDMHGHDOXPQRVHQIXQFLyQDOQ~PHURGHSURJUDPDVRLQLFLDWLYDVTXH
SDUWLFLSDQ
40% 34%
30% 26%
18% 22%
20%
10%
10% 6% 78%
3% 2%
0%
(QVtQWHVLVQRVHREVHUYDXQDDOWDSDUWLFLSDFLyQHQRPiVSURJUDPDVRLQLFLDWLYDVSRU
SDUWHGHORVDOXPQRVGHOD38&3DSHVDUTXHPiVGHODPLWDGGHODVREVHUYDFLRQHVKD
SDUWLFLSDGRDOPHQRVXQDYH](VWROODPDODDWHQFLyQGHELGRDTXHODXQLYHUVLGDGSUHVHQWD
GLYHUVRVSURJUDPDVHFROyJLFRVHQVXFDOHQGDULRDFDGpPLFR
1.2.5. Conocimiento de información medioambiental
3RU ~OWLPR OD YDULDEOH GH FRQRFLPLHQWR H LQIRUPDFLyQ PHGLRDPELHQWDO VH KD
FRQVLGHUDGR FRPR XQD FDUDFWHUtVWLFD PiV GHO FRPSRUWDPLHQWR HFROyJLFR &RPR VH PHQFLRQy
DQWHULRUPHQWHOD38&3LQIRUPD\VHQVLELOL]DDORVDOXPQRVVREUHHOFXLGDGR\SUHVHUYDFLyQGHO
PHGLRDPELHQWHFRQODSUHPLVDTXHXQDOXPQRLQIRUPDGRHVPiVFRQVFLHQWH\UHVSRQVDEOHFRQ
VXHQWRUQR3RUHOORVHHYDOXyHOQLYHOGHFRQRFLPLHQWRDPELHQWDODORVDOXPQRVDWUDYpVGHXQ
WHVWGHFLQFRSUHJXQWDVFRQFLQFRDOWHUQDWLYDVFDGDXQR

/RV UHVXOWDGRV GH HVWH WHVW VH SXHGH REVHUYDU HQ OD ILJXUD GRQGH ORV DOXPQRV
DFHUWDURQSULQFLSDOPHQWHHQWUHXQDDWUHVSUHJXQWDVXQDGHDOXPQRV$VLPLVPRORV
UHVXOWDGRV VH GLYLGHQ HQ GRV JUXSRV HQ UHODFLyQ D OD FDQWLGDG GH SUHJXQWDV DFHUWDGDV ORV
DOXPQRVTXHDFHUWDURQGHGRVDPHQRVSUHJXQWDV\ORVDOXPQRVTXHDFHUWDURQGHWUHVD
PiVSUHJXQWDV
)LJXUD3RUFHQWDMHGHDOXPQRVHQIXQFLyQDOQ~PHURGHSUHJXQWDVDFHUWDGDV

36.8%
40%
30% 27.1% 28%
19.8%
20% 72%

10% 7.8% 8.1%
0.4%
0%
Ninguno Uno Dos Tres Cuatro Cinco
(QHOSUHVHQWHDSDUWDGRVHFRPSUXHEDODUHODFLyQHQWUHODVYDULDEOHVVRFLRGHPRJUiILFDV
GH ORV DOXPQRV GH OD 38&3 \ HO FRPSRUWDPLHQWR HFROyJLFR D WUDYpV GH OD UHODFLyQ H[LVWHQWH
HQWUHODVFLQFRPDQHUDVTXHVHKDFRQVLGHUDGRPHGLUHOFRPSRUWDPLHQWRHFROyJLFRUHFLFODMHGH
SURGXFWRVHFROyJLFRVFRPSRUWDPLHQWRGHFRPSUDUHDOFRPSURPLVRUHDOFRQHOPHGLRDPELHQWH
SDUWLFLSDFLyQHQSURJUDPDRLQLFLDWLYDVHFROyJLFDV\FRQRFLPLHQWRHLQIRUPDFLyQDPELHQWDO
'HQWURGHODVFDUDFWHUtVWLFDVVRFLRGHPRJUiILFDVGHOFRQVXPLGRUHFROyJLFRVHFRQVLGHUD
ODV WUHV FDUDFWHUtVWLFDV SODQWHDGDV HQ ODV KLSyWHVLV HO VH[R OD HGDG \ HO WUDEDMR (VWDV
FDUDFWHUtVWLFDV VH DQDOL]DQ D WUDYpV GH ODV WDEODV FUX]DGDV \ OD SUXHED &KL&XDGUDGR SDUD
GHWHUPLQDU VL H[LVWH DOJXQD DVRFLDFLyQ HQWUH ODV PHQFLRQDGDV YDULDEOHV FRQ ODV YDULDEOHV
GHSHQGLHQWHVTXHVHKDQFRQVLGHUDGRSDUDPHGLUHOFRPSRUWDPLHQWRHFROyJLFR
1.3.1. Comportamiento de reciclaje
(Q UHODFLyQ DO FRPSRUWDPLHQWR GH UHFLFODMH GH SURGXFWRV HFROyJLFRV UHVSHFWR D ODV
FDUDFWHUtVWLFDVVRFLRGHPRJUiILFDVVH[RHGDG\WUDEDMRRSUiFWLFDHQSULPHUOXJDUVHREVHUYD
HQODILJXUDTXHODUHODFLyQGHOVH[RFRQHOUHFLFODMHGHSURGXFWRVQ~PHURVGHSURGXFWRVTXH
UHFLFOD VH SUHVHQWD HQ PD\RU SRUFHQWDMH HQ ODV PXMHUHV TXH HQ ORV KRPEUHV ODV PXMHUHV
UHFLFODQ XQ HQWUH FXDWUR D PiV SURGXFWRV \ ORV KRPEUHV XQ SHUR DO FRPSUREDU OD

DVRFLDFLyQGHODVYDULDEOHVPHGLDQWHHOWHVWGHO&KL&XDGUDGRQRHQFRQWUDPRVUHODFLyQDOJXQD
(QVHJXQGROXJDUODUHODFLyQGHODHGDGUHVSHFWRDOUHFLFODMHVHREVHUYDTXHPiVGHOGHORV
DOXPQRV PD\RUHV D DxRV UHFLFODQ HQWUH FXDWUR D PiV SURGXFWRV PLHQWUDV TXH ORV DOXPQRV
PHQRUHV D DxRV PHQRV GHO VLQ HPEDUJR DO UHDOL]DU HO WHVW &KL&XDGUDGR QR LQGLFD OD
DVRFLDFLyQ HQWUH ODV GRV YDULDEOHV HV GHFLU OD HGDG QR HV XQD YDULDEOH TXH IRUPD SDUWH GHO
FRPSRUWDPLHQWRGHUHFLFODMH)LQDOPHQWHUHVSHFWRODYDULDEOHWUDEDMRRSUiFWLFDQRVHGLVWLQJXH
XQPD\RUQ~PHURGHSURGXFWRVUHFLFODGRVGHDTXHOORVDOXPQRVTXHWUDEDMDQGHORVTXHQRORV
GRV JUXSRV UHFLFODQ FHUFD DO HQWUH R PiV SURGXFWRV (VWR WDPELpQ VH UHIOHMD HQ ORV
UHVXOWDGRVGHO&KL&XDGUDGRGRQGHQRVHPXHVWUDODDVRFLDFLyQGHODVGRVYDULDEOHV
)LJXUD&RPSRUWDPLHQWRGHOUHFLFODMHHFROyJLFRUHVSHFWRDODVFDUDFWHUtVWLFDV
VRFLRGHPRJUiILFDV

(GDG
Sexo 7UDEDMDR3UiFWLFD

25% 27% 25% 32% 28%
32% 35% 31%

68% 75% 73% 75% 68% 69% 72%
65%
0XMHU +RPEUH DPiV 6t7UDEDMD1R7UDEDMD

(QFRQFOXVLyQVHSXHGHLQGLFDUTXHDSHVDUTXHORVUHVXOWDGRVGHVFULSWLYRVLQGLFDQXQ
PD\RUSRUFHQWDMHGHSURGXFWRVUHFLFODGRVSRUSDUWHGHODVPXMHUHV\DTXHOORVDOXPQRVPD\RUHV
DDxRVDOFRPSUREDUVXUHODFLyQHVWDGtVWLFDGHODVFDUDFWHUtVWLFDVVRFLRGHPRJUiILFDVVH[R
HGDG \ WUDEDMR R SUiFWLFD HQ HO FRPSRUWDPLHQWR GH XQ PD\RU R PHQRU Q~PHUR GH SURGXFWRV
UHFLFODGRVPHGLDQWHHOWHVWGH&KLFXDGUDGRQRVHGHPXHVWUDQLQJXQDUHODFLyQGHODVYDULDEOHV
PHQFLRQDGDV
1.3.2. Comportamiento de compra real de productos ecológicos
(Q UHODFLyQ DO FRPSRUWDPLHQWR GH FRPSUD UHDO GH SURGXFWRV HFROyJLFRV DOLPHQWRV
OLPSLH]D\PDQXIDFWXUD\ODVFDUDFWHUtVWLFDVVRFLRGHPRJUiILFDV6HPXHVWUDHQODILJXUDTXH
WDQWR KRPEUHV FRPR PXMHUHV \ UHVSHFWLYDPHQWH FRPSUDQ R KDQ FRPSUDGR DOJXQD
YH] DOLPHQWRV FXOWLYDGRV VLQ HO XVR GH SURGXFWRV TXtPLFRV $VLPLVPR QR VH GLVWLQJXH XQD

2
Para aceptar la relación de la variable sexo y el reciclaje ecológico, se debe anular la hipótesis nula que
establece la independencia de las variables (P<0.05), en la prueba resulta P=0.222.
3
Para aceptar la relación de la variable edad y el reciclaje ecológico, se debe anular la hipótesis nula que
establece la independencia de las variables (P<0.05), en la prueba resulta P=0.498.
4
Para aceptar la relación de la variable trabajo o práctica y el reciclaje ecológico, se debe anular la
hipótesis nula que establece la independencia de las variables (P<0.05), en la prueba resulta P=0.614.

GLIHUHQFLDQRWDEOHHQHOSRUFHQWDMHGHDOXPQRVTXHFRPSUDPiVHVWHWLSRGHSURGXFWRHQDOJ~Q
WUDPR GH HGDG GHELGR D TXH WRGRV SUHVHQWDQ HQWUH D GH FRPSUD GH DOLPHQWRV
HFROyJLFRV)LQDOPHQWHDOLJXDOTXHHOVH[R\ODHGDGTXHHODOXPQRVHHQFXHQWUHWUDEDMDQGRR
SUDFWLFDQGRQRPXHVWUDTXHDGTXLHUDRQRHVWHWLSRGHSURGXFWRFHUFDGHOGHDOXPQRVHQ
FDGDVLWXDFLyQ7RGRHVWRVHFRUURERUDDOUHDOL]DUHOWHVWGH&KL&XDGUDGRORFXDOGHPXHVWUD
TXH OD GHFLVLyQ GH FRPSUD GH HVWH WLSR GH SURGXFWR HV LQGLIHUHQWH D ODV YDULDEOH VH[R HGDG \
WUDEDMRRVLWXDFLyQODERUDO
)LJXUD&RPSRUWDPLHQWRGHFRPSUDGHDOLPHQWRVHFROyJLFRVUHVSHFWRDODV
6H[R (GDG 7UDEDMRR3UiFWLFD

9% 10%
11% 8% 9% 13% 9%
16% 1R
1R 1R
6t 6t 6t
91% 90% 87% 91%
89% 92% 91%
84%
0XMHU +RPEUH DPiV 6t7UDEDMD 1R7UDEDMD
5HVSHFWR D OD FRPSUD GH SURGXFWRV GH OLPSLH]D HFROyJLFD OD ILJXUD UHIOHMD TXH XQ
GHORVKRPEUHVFRPSUDQRKDQFRPSUDGRDOJXQDYH]HVWHWLSRGHSURGXFWRQRSHUMXGLFDQ
ODFDSDGHR]RQRRVLQIRVIDWRHQFDPELRHQODVPXMHUHVPXHVWUDTXHXQORKDDGTXLULGR
(OWUDPRGHHGDGFRQXQPD\RUSRUFHQWDMHGHDGTXLVLFLyQUHVSHFWRDORVGHPiVWUDPRVHVHOGH
DDxRVXQGHDOXPQRVORDGTXLHUHQRDGTXLULHURQOXHJRFRQXQGHDGTXLVLFLyQ
VH HQFXHQWUDQ ORV WUDPRV GH HGDG D \ D DxRV 3RU ~OWLPR QR VH PXHVWUD XQD
GLIHUHQFLD HQWUH ORV DOXPQRV TXH WUDEDMDQ R SUDFWLFDQ GH ORV TXH QR DPERV FHUFD GHO KD
FRPSUDGRDOJXQDYH]<DOFRPSUREDUODDVRFLDFLyQGHODVYDULDEOHGHWDOODVPHGLDQWHHOWHVWGHO
&KL&XDGUDG QR VH PXHVWUD UHODFLyQ DOJXQD HV GHFLU ODV YDULDEOHV VH[R HGDG \ WUDEDMR R
SUiFWLFDQRVRQYDULDEOHVGLVFULPLQDWRULDVHQODFRPSUDGHHVWHWLSRGHSURGXFWRV

5
Para aceptar la asociación de la variable sexo, edad y trabajo o práctica; y la compra ecológica de
alimentos, se debe anular la hipótesis nula que establece la independencia de las variables (P<0.05) en
las pruebas resultaron: P=0.669, P=689 y P=0.318.
6
Para aceptar la asociación de la variable sexo, edad y trabajo o práctica; y la compra ecológica de
alimentos, se debe anular la hipótesis nula que establece la independencia de las variables (P<0.05) en
las pruebas resultaron: P=0.385, P=0.548 y P=0.707.

)LJXUD&RPSRUWDPLHQWRGHFRPSUDGHSURGXFWRVGHOLPSLH]DHFROyJLFRVUHVSHFWRDODV
6H[R (GDG 7UDEDMR3UiFWLFD

13% 9%
40% 35% 1R 40% 33% 40% 47%
1R 1R
6t 6t 6t
87% 91%
60% 65% 60% 67% 60% 53%
5HVSHFWRDODFRPSUDGHPDQXIDFWXUDHFROyJLFDVHSXHGHREVHUYDUHQODILJXUDTXH
XQGHPXMHUHVFRPSUDQRKDQFRPSUDGRDOJXQDYH]SURGXFWRVFRQPDWHULDOHVUHXWLOL]DGRVR
UHFLFODGRVHQFDPELRHQORVKRPEUHVVRORHODGTXLULHURQHVWHWLSRGHSURGXFWRDVtPLVPR
DO UHDOL]DU HO WHVW GH &KL&XDGUDGR VH PXHVWUD OD DVRFLDFLyQ GH OD YDULDEOH VH[R \ FRPSUD GH
PDQXIDFWXUDHFROyJLFDORFXDOUHYHODTXHODVPXMHUHVIRUPDQSDUWHGHHVWHSHUILO(VWRVHSXHGH
HQWHQGHU \D TXH VH WUDWD GH SURGXFWRV TXH VH IDEULFDQ GH PDQHUD PDQXDO \ RULJLQDO FDUWHUDV
VRXYHQLUVHQWUHRWURV\SULQFLSDOPHQWHVRQGLULJLGRVDOS~EOLFRIHPHQLQR
)LJXUD&RPSRUWDPLHQWRGHFRPSUDGHSURGXFWRVGHPDQXIDFWXUDHFROyJLFRVUHVSHFWR
DODVFDUDFWHUtVWLFDVVRFLRGHPRJUiILFDV

21%
31% 40% 40% 41% 41% 38%
46%
1R 1R 1R
6t 6L 6t
69% 79%
54% 60% 60% 59% 59% 62%

(Q UHODFLyQ D OD HGDG QR VH GLVWLQJXHXQD GLIHUHQFLD HQ OD DGTXLVLFLyQ HQ ORVDOXPQRV
PHQRUHVDDxRVDSUR[LPDGDPHQWHXQHQFDGDWUDPRDXQTXHVLHQDTXHOORPD\RUHVD
DxRVORFXDOVHSXHGHH[SOLFDUSRUHOPD\RUSRGHUDGTXLVLWLYRTXHWLHQHQORVSURGXFWRVGH
PDQXIDFWXUD HFROyJLFRV HQ SURPHGLR FXHVWDQ PiV GH ORV TXH QR OR VRQ 3RU ~OWLPR WDQWR ORV
DOXPQRVTXHWUDEDMDQRSUDFWLFDQ\ORVTXHQRPXHVWUDQUHVXOWDGRVVLPLODUHVDSUR[LPDGDPHQWH
XQ $O UHDOL]DU HO WHVW GH &KLFXDGUDGR GH OD YDULDEOH HGDG \ HO WUDEDMR R SUiFWLFD QR VH

7
Se observa la asociación entre la variable sexo y la compra de manufactura ecológica, se anula la
hipótesis nula que establece independencia de las variables (P<0.05), debido a que P=0.020.

HQFXHQWUDDVRFLDFLyQFRQODDGTXLVLFLyQGHPDQXIDFWXUDHFROyJLFDHVGHFLUODVYDULDEOHVHGDG
\WUDEDMRRSUiFWLFDQRVRQYDULDEOHVGLVFULPLQDWRULDVHQODFRPSUDGHHVWHWLSRGHSURGXFWR
'HHVWDPDQHUDVRORVHREVHUYyTXHODYDULDEOHVH[RIRUPDSDUWHGHOSHUILOGHFRPSUD
GH SURGXFWRV GH PDQXIDFWXUD HFROyJLFRV (O UHVWR GH SURGXFWRV \ YDULDEOHV VRFLRGHPRJUiILFDV
HGDG\WUDEDMRVRQYDULDEOHTXHQRIRUPDQSDUWHGHOFRPSRUWDPLHQWRGHFRPSUDGHSURGXFWRV
HFROyJLFRVDOLPHQWRVROLPSLH]D
1.3.3. Actitud ecológica real
(QUHODFLyQDODDFWLWXGHFROyJLFDUHDOUHVSHFWRDODVFDUDFWHUtVWLFDVVRFLRGHPRJUiILFDV
VH[RHGDG\WUDEDMRRSUiFWLFDHQSULPHUOXJDUVHREVHUYDHQODILJXUDTXHODUHODFLyQGHO
VH[R FRQ XQ PD\RU R PHQRU FRPSURPLVR HFROyJLFR PDQLIHVWDGR HQ OD SDUWLFLSDFLyQ HQ
LQLFLDWLYDVGHOFXLGDGRGHOPHGLRDPELHQWHSODQWDUiUEROHVLUDFRQIHUHQFLDVHWFQRGLVWLQJXH
VL VH HV KRPEUH R PXMHU FDGD XQR SUHVHQWD XQ SRUFHQWDMH VLPLODU DSUR[LPDGDPHQWH XQ
SUHVHQWDQ XQ FRPSURPLVR DOWR (Q VHJXQGR OXJDU OD UHODFLyQ GH OD HGDG FRQ HO FRPSURPLVR
PXHVWUDTXHORVDOXPQRVGHDDxRV\DDxRVSUHVHQWDQXQFRPSURPLVRVLPLODUSHUR
DTXHOORVDOXPQRVPD\RUHVDDxRVPDQLILHVWDQXQDPD\RUSDUWLFLSDFLyQ)LQDOPHQWHUHVSHFWR
DODYDULDEOHWUDEDMRRSUiFWLFDQRVHGLVWLQJXHXQPD\RUFRPSURPLVRGHDTXHOORVDOXPQRVTXH
WUDEDMDQGHORVTXHQRORVGRVJUXSRVSUHVHQWDURQXQGHDOWRFRPSURPLVR
)LJXUD$FWLWXGHFROyJLFDUHDOUHVSHFWRDODVFDUDFWHUtVWLFDVVRFLRGHPRJUiILFDV

$OWR
33% 30% 22% 31% 29% $OWR
30% 29% $OWR 42%
15% ,QGLI 12%
15% 10% 10% 14% 13%
,QGLI 5% ,QGLI
55% 61% %DMR 57% 56% 63% 53% %DMR 56% 59%
%DMR

(QFRQFOXVLyQDOLJXDOTXHHQORVDQWHULRUHVFRPSRUWDPLHQWRVHFROyJLFRVUHFLFODMHGH
SURGXFWRV \ FRPSUD HFROyJLFD ODV YDULDEOHV VRFLRGHPRJUiILFDV QR IRUPDQ SDUWH GHO

8
Para aceptar la asociación de la variable edad y trabajo o práctica; y la compra de manufactura
ecológica, se debe anular la hipótesis nula que establece la independencia de las variables (P<0.05) en
las pruebas resultaron: P=0.431 y P=0.672.

FRPSURPLVRUHDOHFROyJLFR\HOORWDPELpQVHUHDILUPDDOUHDOL]DUHOWHVWGH&KLFXDGUDGRGRQGH
ODVWUHVYDULDEOHVGHHVWXGLRQRSUHVHQWDQDVRFLDFLyQDOJXQDFRQODDFWLWXGHFROyJLFD
1.3.4. Participación en programas o iniciativas PUCP
(QUHODFLyQDODSDUWLFLSDFLyQHQSURJUDPDRLQLFLDWLYDVGHOD38&3\ODVFDUDFWHUtVWLFDV
VRFLRGHPRJUiILFDV VH[R HGDG \ WUDEDMR R SUiFWLFD VH REVHUYD HQ OD ILJXUD TXH WDQWR
KRPEUHVFRPRPXMHUHVSUHVHQWDQHOPLVPRSRUFHQWDMHGHWUHVRPiVQ~PHURGHSDUWLFLSDFLRQHV
\ UHVSHFWLYDPHQWH DVLPLVPR UHVSHFWR D OD HGDG VH REVHUYD TXH OD PD\RU
SDUWLFLSDFLyQYDHQDXPHQWRDODHGDGGHVGHXQGHSDUWLFLSDFLyQGHORVDOXPQRVHQWUHD
DXQGHORVDOXPQRVPD\RUHVDDxRV3RU~OWLPRVHPXHVWUDXQDPD\RUSDUWLFLSDFLyQ
SRUSDUWHGHDTXHOORVDOXPQRVTXHWUDEDMDQGHSDUWLFLSDFLRQHVUHVSHFWRGHORVTXHQR
XQGHSDUWLFLSDFLRQHV$OUHDOL]DUHOWHVWGH&KLFXDGUDGRVHHYLGHQFLDODDVRFLDFLyQ
GH ODV YDULDEOHV HGDG \ VLWXDFLyQ ODERUDO FRQ OD SDUWLFLSDFLyQ GH ORV SURJUDPDV
PHGLRDPELHQWDOHV38&3
)LJXUD3DUWLFLSDFLyQHQSURJUDPDVRLQLFLDWLYDV38&3UHVSHFWRDODVFDUDFWHUtVWLFDV
VRFLRGHPRJUiILFDV

13% 24% 22%
21% 22% 16%
42% 37%

87% 76% 78% 84%
79% 78% 58% 63%

(QFRQFOXVLyQVHPXHVWUDTXHODHGDG\HOWUDEDMRRSUiFWLFDIRUPDSDUWHGHOSHUILOGH
SDUWLFLSDFLyQHQSURJUDPDVRLQLFLDWLYDVHFROyJLFDV
1.3.5. Conocimiento e información ecológicas
(Q UHODFLyQ DO FRQRFLPLHQWR H LQIRUPDFLyQ HFROyJLFD Q~PHUR GH DFLHUWRV \ ODV
FDUDFWHUtVWLFDVVRFLRGHPRJUiILFDVORVUHVXOWDGRVGHODILJXUDPXHVWUDQTXHHOKRPEUHWLHQHXQ
PD\RU SRUFHQWDMH GH PiV GH DFLHUWRV UHVSHFWR D ODV PXMHUHV \ UHVSHFWLYDPHQWH

9
Los resultados de la prueba Chi-cuadrado de las variables sexo, edad y trabajo o práctica resultan:
P=0.350, P=595 y P=0.933 respectivamente, por ello no se rechaza la hipótesis nula (se requiere que
P<0.05).
10
Para aceptar la asociación de la variable sexo, edad y trabajo o práctica; y la participación en
programa medioambientales, se debe anular la hipótesis nula que establece la independencia de las
variables (P<0.05) en las pruebas resultaron respectivamente: P=0.782, P=0.043 y P=0.000

$VLPLVPRUHVSHFWR DODHGDGVHREVHUYDXQDOWR PDUJHQGHDFLHUWRV SRUSDUWH GH ORVDOXPQRV

PD\RUHVDDxRVGHHGDGGHDFLHUWRGHPiVGHWUHVSUHJXQWDVORFXDOWLHQHVHQWLGRVLVH
KDFHUHIHUHQFLDTXHHODOXPQRDSUHQGHQXHYDVPLHQWUDVPiVDxRVFXPSOH3RU~OWLPRUHVSHFWRD
OD VLWXDFLyQ ODERUDO ORV DOXPQRV TXH VH HQFXHQWUDQ WUDEDMDQGR R SUDFWLFDQGR SUHVHQWDQ XQ
PD\RUQ~PHURGHDFLHUWRUHVSHFWRDORVTXHQR\UHVSHFWLYDPHQWH3HURDOUHDOL]DUHO
WHVWGH&KLFXDGUDGRQRVHPXHVWUDODDVRFLDFLyQGHODVYDULDEOHVVH[RHGDG\VLWXDFLyQFRQXQ
PD\RU FRQRFLPLHQWR GH WHPDV HFROyJLFRV HV GHFLU QR IRUPD SDUWH GH OD SDUWLFLSDFLyQ GH ORV
SURJUDPDVPHGLRDPELHQWDOHV38&3
)LJXUD&RQRFLPLHQWRHLQIRUPDFLyQHFROyJLFDUHVSHFWRDODVFDUDFWHUtVWLFDV
VRFLRGHPRJUiILFDV

26% 27% 28% 26% 35% 26%
31% 42%

74% 69% 73% 72% 74% 65% 74%
58%
1.4.1. Resultados del análisis factorial
(Q HO SUHVHQWH DFiSLWH VH SUHVHQWD EiVLFDPHQWH OD H[SOLFDFLyQ \ HO GHWDOOH GH ORV
UHVXOWDGRVREWHQLGRVPHGLDQWHODDSOLFDFLyQGHODKHUUDPLHQWDFXDQWLWDWLYD(OSURFHVRFRQVLVWLy
HQODDSOLFDFLyQGHODQiOLVLVIDFWRULDOVHJ~QFDGDFDWHJRUtDGHYDULDEOHV
$Vt PLVPR VH UHDOL]D HQWUH D URWDFLRQHV SRU FDGD FDWHJRUtD DQDOL]DGD &RPR VH
H[SOLFyHQODSDUWHPHWRGROyJLFDFDGDURWDFLyQLPSOLFDODE~VTXHGDGHXQPRGHORPiVHILFLHQWH
ORFXDOVHMXVWLILFDHQXQDDJUXSDFLyQFRQXQDPHQRUFDQWLGDGGHYDULDEOHV\HQHOGHVFDUWHGH
DTXHOODVYDULDEOHVTXHQRVRQUHSUHVHQWDWLYDVSDUDHOPRGHORHYDOXDGR
(Q HVWH DSDUWDGR VH H[SOLFD D GHWDOOH ORV UHVXOWDGRV REWHQLGRV GH OD DSOLFDFLyQ GH ODV
UHVSHFWLYDV URQGDV VHJ~Q ODV FDWHJRUtDV GH YDULDEOHV TXH IRUPDQ SDUWH GHO PRGHOR WHyULFR
XWLOL]DGR(ODQiOLVLVGHORPHQFLRQDGRVHUiDWUDYpVGHORVVLJXLHQWHVGRVLQGLFDGRUHVYDULDQ]D
WRWDO\H[SOLFDGD\HODQiOLVLV.02\SUXHEDGHHVIHULFLGDGGH%DUOHWW(VWRVLQGLFDGRUHVVHUiQ

11
Para aceptar la asociación de la variable sexo, edad y trabajo o práctica; y la participación en
programa medioambientales, se debe anular la hipótesis nula que establece la independencia de las
variables (P<0.05) en las pruebas resultaron respectivamente: P=0.393, P=0.581 y P=0.129

HVHQFLDOHVSDUDGHWHUPLQDUODVDJUXSDFLRQHVHQWUHYDULDEOHV\SRGHUDVHJXUDUODIDFWLELOLGDGGHO
PRGHORSDUDODDSOLFDFLyQGHODQiOLVLVIDFWRULDOFRPRKHUUDPLHQWDFXDQWLWDWLYD
D $SOLFDFLyQGHODQiOLVLV)DFWRULDO
(O SURFHVR GH DQiOLVLV IDFWRULDO VH SXHGH UHDOL]DU HQ GLVWLQWDV URQGDV ODV FXDOHV WLHQHQ
FRPRREMHWLYRHVWDEOHFHUXQPRGHORPiVHILFLHQWHDPHGLGDTXHVHYDUHSLWLHQGRHVWHSURFHVR
VHOHFFLRQDQGR \ DJUXSDQGR DTXHOODV YDULDEOHV TXH H[SOLFDQ GH PHMRU PDQHUD XQ PRGHOR
HYDOXDGR (Q HO SUHVHQWH WUDEDMR GH LQYHVWLJDFLyQ VH UHDOL]DQ ODV DSOLFDFLRQHV GHO SURFHVR GH
DQiOLVLVIDFWRULDOVHJ~QODVWUHVYDULDEOHVLQGHSHQGLHQWHV\VHSUHVHQWDQORVUHVXOWDGRVHQFXDWUR
JUDQGHVFDWHJRUtDVHQHOFDVRGHODYDULDEOHYDORUHV\HVWLORGHYLGDHFROyJLFRVHSUHVHQWDVHJ~Q
ORV GRV PRGHORV WHyULFRV PHQFLRQDGRV SUHYLDPHQWH FRPR VH SXHGH YHU OD ILJXUD $
FRQWLQXDFLyQ
)LJXUD&DWHJRUtDVGHYDULDEOHVLQGHSHQGLHQWHVVHJ~QHOPRGHORGH)UDM\0DUWtQH]
$FWLWXGHVPHGLRDPELHQWDOHV
&$7(*25,$6'(9$5,$%/(6 9DORUHV\(VWLORVGH9LGD9$/6

,1'(3(1',(17(6 3HUVRQDOLGDG
(VWLORVGH9LGD

(VWDV FXDWUR FDWHJRUtDV HVWiQ IRUPDGDV D VX YH] SRU ODV YDULDEOHV SURSLDV GHO
PRGHOR XWLOL]DGR HQ HO SUHVHQWH HVWXGLR /D DSOLFDFLyQ GHO DQiOLVLV IDFWRULDO VH UHDOL]y D FDGD
FDWHJRUtD PHQFLRQDGD DGHPiV GH HOOR HV QHFHVDULR H[SOLFDU TXH HQ HO FDVR GH OD FDWHJRUtD
³$FWLWXGHV PHGLRDPELHQWDOHV´ VH VXE GLYLGH HQ WUHV FDWHJRUtDV SDUD XQ PHMRU DQiOLVLV \
H[SOLFDFLyQ GH UHVXOWDGRV (VWDV WUHV QXHYDV FDWHJRUtDV FRQVLGHUDGDV VRQ ODV GH FRPSURPLVR
YHUEDOFRPSURPLVRUHDO\FRPSURPLVRDIHFWLYR3RUORWDQWRODDSOLFDFLyQGHODQiOLVLVIDFWRULDO
VHUiUHDOL]DGDDXQWRWDOGHFDWHJRUtDVGHYDULDEOHV
E $QiOLVLVGH.02SUXHEDGH%DUOHWW\YDULDQ]DWRWDOH[SOLFDGD
8Q SDVR SUHYLR D OD DSOLFDFLyQ GHO DQiOLVLV IDFWRULDO \ SRGHU SURFHGHU FRQ OD
UHDJUXSDFLyQySWLPDGHYDULDEOHVSDUDHOPRGHORXWLOL]DGRFRQVLVWHHQHODQiOLVLVGHODSUXHED
GH.02\GHHVIHULFLGDGGH%DUOHWW/RVUHVXOWDGRVGHHVWRVLQGLFDGRUHVYDUtDQHQIXQFLyQGHOD
URWDFLyQ R URQGD UHDOL]DGD VLQ HPEDUJR SDUD SRGHU VLPSOLILFDU OD LQIRUPDFLyQ D SUHVHQWDU D
FRQWLQXDFLyQVRORVHSUHVHQWDQORVUHVXOWDGRVREWHQLGRVDOILQDOGHODVURQGDVUHDOL]DGDVHQFDGD
FDWHJRUtD

(QSULPHUOXJDUVHHVSHUDTXHHOYDORUUHVXOWDQWHGHODSUXHEDGH.02VHDFHUFDQDD
(QHOFDVRGHORVUHVXOWDGRVREWHQLGRVSDUDFDGDFDWHJRUtDGHYDULDEOHVVHSXHGHREVHUYDUHQOD
WDEOD TXH ORV YDORUHV UHVXOWDQWHV RVFLODQ HQWUH \ ORV FXDOHV VRQ VXSHULRUHV DO
PtQLPRQHFHVDULR0DOKRWUD3RUORWDQWRVHSXHGHWHQHUFRPRSULPHUDFRQFOXVLyQTXH
QR H[LVWH SUREOHPD FRQ OD DSOLFDFLyQ GHO DQiOLVLV IDFWRULDO D WRGDV ODV FDWHJRUtDV GHO PRGHOR
XWLOL]DGR(QVHJXQGROXJDUSDUDFRPSUREDUODSUXHEDGHHVIHULFLGDGGH%DUOHWWVHGHEHUHFKD]DU
ODKLSyWHVLVQXODFRQXQGHQLYHOGHVLJQLILFDQFLD(QWRGRVORVFDVRVHYDOXDGRV\WDOFRPR
ODWDEODUHVXPHWRGDVODVFDWHJRUtDVGHYDULDEOHVREWXYLHURQXQYDORUGHORFXDOUDWLILFD
ODIDFWLELOLGDGGHODDSOLFDFLyQGHODQiOLVLVIDFWRULDOSDUDFDGDFDWHJRUtDGHYDULDEOHV
3RU~OWLPRVHKDFHUHIHUHQFLDDORVUHVXOWDGRVGHODYDULDQ]DWRWDOH[SOLFDGDFRPRWHUFHU
LQGLFDGRU TXH HVWDEOHFH OD H[SOLFDFLyQ GHO PRGHOR HYDOXDGR GH PDQHUD LQGHSHQGLHQWH SRU ODV
YDULDEOHV VHOHFFLRQDGDV DO ILQDO GH ODV URWDFLRQHV UHDOL]DGDV 6H HVWDEOHFH SDUD ODV FLHQFLDV
VRFLDOHV FRPR VDWLVIDFWRULD XQD H[SOLFDFLyQ FRPR PtQLPR GHO GH OD YDULDQ]D WRWDO +DLU
$QGHUVRQ7DWKDP %ODFN
7DEOD$QiOLVLVGH.02\SUXHEDGHHVIHULFLGDGGH%DUOHWW5HVXPHQ
.02\%DUOHWW 9DULDQ]D7RWDO
&DWHJRUtDGH9DULDEOHV 5RWDFLRQHV
.02 6LJQLILFDQFLD ([SOLFDGD
&RPSURPLVR(FROyJLFR9HUEDO
&RPSURPLVR(FROyJLFR5HDO
&RPSURPLVR(FROyJLFR$IHFWLYR
9DORUHV\(VWLORVGH9LGD9$/6
3HUVRQDOLGDG
(VWLORVGH9LGD(FROyJLFRV

/XHJR GH KDEHU UHYLVDGR ORV LQGLFDGRUHV PHQFLRQDGRV \ FRQWDU FRQ ORV UHVXOWDGRV
DGHFXDGRV SDUD OD DSOLFDFLyQ GHO DQiOLVLV IDFWRULDO \D HV SRVLEOH SRGHU UHYLVDU ORV UHVXOWDGRV
UHIOHMDGRVHQODVDJUXSDFLRQHVGHODVYDULDEOHVHQORVIDFWRUHVTXHVHUiQSDUWHGHOQXHYRPRGHOR
GHFRQVXPLGRUHFROyJLFRGHODOXPQRXQLYHUVLWDULRGHOD38&3
F $FWLWXGHVPHGLRDPELHQWDOHV
&RPRVHH[SOLFySUHYLDPHQWHGHQWURGHODSULPHUDFDWHJRUtDGHYDULDEOHVUHODFLRQDGDV
D ODV DFWLWXGHV PHGLRDPELHQWDOHV VH HQFXHQWUDQ ODV VLJXLHQWHV WUHV VXEFDWHJRUtDV FRPSURPLVR

UHDO FRPSURPLVR YHUEDO \ FRPSURPLVR DIHFWLYR ODV FXDOHV VHUiQ DQDOL]DGDV HQ ORV VLJXLHQWHV
SiUUDIRV
(O SULPHU SDVR SDUD HO DQiOLVLV GH ORV UHVXOWDGRV GHO DQiOLVLV IDFWRULDO FRQVLVWH HQ OD
UHYLVLyQ GH OD ³0DWUL] GH &RPSRQHQWH 5RWDGR´ (VWD PDWUL] PXHVWUD ODV DJUXSDFLRQHV GH
YDULDEOHVRIDFWRUHVSRVLEOHVHQEDVHDODVFRUUHODFLRQHVREWHQLGDVOXHJRGHODHYDOXDFLyQGHODV
YDULDEOHVTXHVHFRQVLGHUHQHQFDGDFDWHJRUtDPHGLDQWHHODQiOLVLVIDFWRULDO
3DUD HO FDVR GH &RPSURPLVR 9HUEDO VH WXYR FRPR UHVXOWDGR OD DJUXSDFLyQ GH ODV
YDULDEOHV HQ GRV IDFWRUHV VHJ~Q HO UHVXOWDGR GH OD PDWUL] GH FRPSRQHQWH URWDGR SDUD HO
FRPSURPLVR YHUEDO YHU $QH[R ) (VWH WLSR GH UHVXOWDGR VHUi HO PiV LPSRUWDQWH HQ FDGD
DSOLFDFLyQ GHO DQiOLVLV IDFWRULDO \D TXH OD SULPHUD SDUWH GHO SUHVHQWH HVWXGLR HVWi HQIRFDGD HQ
HQFRQWUDU DTXHOODV QXHYDV DJUXSDFLRQHV GH YDULDEOHV TXH IRUPDUDQ SDUWH GHO QXHYR PRGHOR GH
FRQVXPLGRU HFROyJLFR GHO DOXPQR XQLYHUVLWDULR GH OD 38&3 $GHPiV HVWRV UHVXOWDGRV VRQ OD
EDVHSDUDODVHJXQGDSDUWHGHODHYDOXDFLyQFXDQWLWDWLYDTXHVHUiPHGLDQWHODDSOLFDFLyQGHOD
UHJUHVLyQOLQHDOVREUHODVYDULDEOHVGHSHQGLHQWHVSURSXHVWDVSRUHOPRGHORXWLOL]DGR
$GHPiVGHODQiOLVLVGHODPDWUL]GHFRPSRQHQWHURWDGRHVQHFHVDULRUHYLVDUHOUHVXOWDGR
FRPRPRGHORRJUXSRHVGHFLUDQDOL]DUODH[SOLFDFLyQGHOQXHYRPRGHORIRUPDGRPHGLDQWHOD
QXHYDVHOHFFLyQGHYDULDEOHV(VWHLQGLFDGRUHVOD³9DULDQ]D7RWDO([SOLFDGD´TXHHVWDEOHFHHO
JUDGRSRUFHQWXDOGHH[SOLFDFLyQGHODVYDULDEOHVDJUXSDGDVHQIDFWRUHVVREUHHOPRGHORHQ
JHQHUDO6HJ~Q ORTXH VHSXHGHREVHUYDUHQODWDEOD ORVGRVIDFWRUHVUHVXOWDQWHVH[SOLFDQ HO
PRGHORHQXQORFXDOHVDGHFXDGRSDUDORHYDOXDGR\DTXHORPtQLPRSUHHVWDEOHFLGR
SDUDWRGRVORVPRGHORVDHYDOXDUHVGHGHH[SOLFDFLyQ
3RU~OWLPRHVQHFHVDULRUHYLVDUODVDJUXSDFLRQHVHQGHWDOOHHVGHFLUORVQXHYRVIDFWRUHV
GHOFRPSURPLVRYHUEDOYHU$QH[R)(VWRVGRVQXHYRVIDFWRUHVVRQ³HOFRPSURPLVRYHUEDOHQ
ODFRQFLHQFLDHFROyJLFD´\³FRPSURPLVRYHUEDOHQHOXVRGHUHFXUVRV´(OFRPSURPLVRYHUEDOVH
UHILHUH D OD LQWHQFLyQ GH XQ LQGLYLGXR D UHDOL]DU R QR GHWHUPLQDGD DFFLyQ /RV UHVXOWDGRV
REWHQLGRVHVWiQUHODFLRQDGRVDODLQWHQFLyQHQDGRSWDUDFWLYLGDGHVPHQRVFRQWDPLQDQWHV\DOXVR
GH UHFXUVRV HVWH ~OWLPR HQIRFDGR HQ HO XVR GH UHFXUVRV SURSLRV FRPR HO WLHPSR \ HO GLQHUR
SDUDODPHMRUDGHODVLWXDFLyQHFROyJLFD
(Q HO FDVR GH OD VXE FDWHJRUtD FRPSURPLVR UHDO \ DO LJXDO TXH OR UHDOL]DGR FRQ HO
&RPSURPLVR9HUEDOODSUHVHQWHFDWHJRUtDQHFHVLWyGHGRVURWDFLRQHVRHYDOXDFLRQHVODVFXDOHV
ILQDOL]DURQ FRQ OD DJUXSDFLyQ GH ODV YDULDEOHV HQ GRV IDFWRUHV VHJ~Q OD PDWUL] GH FRPSRQHQWH
URWDGRYHU$QH[R*

$O HYDOXDU RWURV UHVXOWDGRV REWHQLGRV VHJ~Q OD WDEOD VH REWLHQH XQ FRPR
UHVXOWDGRGHOLQGLFDGRUYDULDQ]DWRWDOH[SOLFDGD(VWHUHVXOWDGRHVPiVDMXVWDGRTXHORREWHQLGR
FRQHOFRPSURPLVRYHUEDOVLQHPEDUJRHVWiSRUHQFLPDGHORPtQLPRHVWDEOHFLGR
&RPR VH SRGUi REVHUYDU FRQ ODV SUy[LPDV FDWHJRUtDV GH YDULDEOHV HYDOXDGDV H[LVWHQ
UHVXOWDGRV VLPLODUHV \DTXHORTXHVHHVSHUDHVTXHDTXHOODVYDULDEOHVTXHIRUPHQ SDUWHGHXQ
IDFWRU HVWpQ UHODFLRQDGDV HQ VLJQLILFDGR \ VHQWLGR DO TXH KDJDQ UHIHUHQFLD DO LJXDO TXH ORV
UHVXOWDGRVGHORVQXHYRVIDFWRUHVGHOFRPSURPLVRUHDOYHU$QH[R*
3ULPHUR ³XQD FRQGXFWD GH FRQVHUYDFLyQ PHGLRDPELHQWDO´ TXH DJUXSD YDULDEOHV GH
VHQWLGR SDUWLFLSDWLYR HQ HYHQWRV SURSXHVWDV OHFWXUD \ GHPiV 6HJXQGR ³GHVLQWHUpV HQ OD
SUiFWLFD HFROyJLFD´ DJUXSD VROR D GRV YDULDEOHV TXH KDFH UHIHUHQFLD D OD SRFD R QXOD
SDUWLFLSDFLyQHQHYHQWRVRLQLFLDWLYDVHFROyJLFDV(VQHFHVDULRUHFRUGDUTXHHOFRPSURPLVRUHDO
KDFHUHIHUHQFLDDDFWLWXGHVSUHYLDPHQWHUHDOL]DGDVHVGHFLUH[LVWHXQDUHODFLyQGHH[SHULHQFLD
FRQ ORV HQXQFLDGRV TXH SODQWHDQ ODV YDULDEOHV \ SRU HQGH XQ PD\RU JUDGR GH FHUWH]D HQ
FRPSDUDFLyQDOFRPSURPLVRYHUEDO
3RU ~OWLPR \ SDUD WHUPLQDU FRQ HO DQiOLVLV GH ODV FDWHJRUtDV FRUUHVSRQGLHQWHV D ODV
DFWLWXGHVPHGLRDPELHQWDOHVVHUHDOL]yHODQiOLVLVDODFDWHJRUtDGHOFRPSURPLVRDIHFWLYR3DUD
HVWDVXEFDWHJRUtDGHYDULDEOHVVRODPHQWHVHUHDOL]yXQDURWDFLyQDGLIHUHQFLDGHODVRWUDVGRV
FDWHJRUtDVHYDOXDGDVSUHYLDPHQWH
3RUHOODGRGHODVDJUXSDFLRQHVHVWDFDWHJRUtDWDPELpQVHDJUXSDHQGRVIDFWRUHVFRPR
UHVXOWDGR GH OD DSOLFDFLyQ GHO DQiOLVLV IDFWRULDO \ OD PDWUL] GH FRPSRQHQWH URWDGR SDUD HVWD
FDWHJRUtD YHU $QH[R + +DVWD HO PRPHQWR VH REVHUYD XQD WHQGHQFLD D TXH ODV YDULDEOHV VH
DJUXSHQHQGRVIDFWRUHVVRODPHQWH/RFXDOVHH[SOLFDHQODFDQWLGDGGHYDULDEOHVDQDOL]DGD\D
TXHFRQRWUDVFDWHJRUtDV\DGLIHUHQFLDGHODVHYDOXDGDVKDVWDHOPRPHQWRHVQHFHVDULRUHDOL]DU
ODHYDOXDFLyQDJUXSRVGHDYDULDEOHV
(Q HO FDVR GH OD YDULDQ]D WRWDO H[SOLFDGD OD WDEOD HVWDEOHFH TXH ODV QXHYDV
DJUXSDFLRQHV GH YDULDEOHV H[SOLFDQ DO PRGHOR HQ XQ (VWH PRPHQWR HV PXFKR PiV
IDYRUDEOHTXHORREWHQLGRHQODHYDOXDFLyQGHOFRPSURPLVRUHDO\PiVSDUHFLGRDORREWHQLGR
FRPRSDUWHGHORVUHVXOWDGRVGHOFRPSURPLVRYHUEDO
&RPR DQiOLVLV SUHYLR D OD UHYLVLyQ GH ORV QXHYRV IDFWRUHV HQFRQWUDGRV VH SXHGH
PHQFLRQDUTXHHOFRPSURPLVRDIHFWLYRKDFHUHIHUHQFLDDXQWLSRGHDFWLWXGGHSUHRFXSDFLyQH
LQWHUpVHQGHWHUPLQDGDVLWXDFLyQRSUREOHPD

/DVGRVQXHYDVDJUXSDFLRQHVVRQOD³SUHRFXSDFLyQSRUODFRQWDPLQDFLyQRFDVLRQDGDSRU
WHUFHURV´\OD³VHQVLELOLGDGDORVULHVJRVTXHODFRQWDPLQDFLyQSXHGHFDXVDUHQXQRÝHU$QH[R
+ (VWRV UHVXOWDGRV WDPELpQ HVWiQ DFRUGHV D OR HVSHUDGR \D TXH VH SXHGHQ REVHUYDU ORV GRV
ODGRV GH XQD PRQHGD HV GHFLU WDQWR HO LQWHUpV R OD SUHRFXSDFLyQ FRPR HO GHVLQWHUpV SRU OD
FRQWDPLQDFLyQLQFOXVRODVYDULDEOHVTXHIRUPDQ SDUWHGH ORVIDFWRUHV PHQFLRQDGRVHVWiQ PX\
UHODFLRQDGDV\WLHQHQUHODFLyQGHVHQWLGR\VLJQLILFDGR
G &DWHJRUtDYDORUHV\HVWLORVGHYLGD9$/6
$ODQDOL]DUODVDJUXSDFLRQHVUHVXOWDQWHVVHJ~QODPDWUL]GHFRPSRQHQWHURWDGRSDUDOD
SUHVHQWHFDWHJRUtDGHYDULDEOHVYHU$QH[R,HVQHFHVDULRPHQFLRQDUTXHVHUHDOL]DURQURQGDV
GH DSOLFDFLyQ OR FXDO VH H[SOLFD HQ OD FDQWLGDG GH YDULDEOHV DQDOL]DGDV 'HQWUR GH ODV
YDULDEOHVTXHILQDOL]DURQHOSURFHVRVHHQFXHQWUDQDJUXSDFLRQHVHVGHFLUIDFWRUHVTXH
DSRUWDODFDWHJRUtDGH9DORUHV\(VWLORVGH9LGDDORVUHVXOWDGRVGHOPRGHORHQJHQHUDO
3DUDHOFDVRHVSHFtILFRGH9$/6\VHJ~QODWDEODODYDULDQ]DWRWDOH[SOLFDGDVDOHSRU
HQFLPDGHORUHYLVDGRSUHYLDPHQWH(OYDORUREWHQLGRHVGHHVGHFLUHOQXHYRPRGHOR
GH OD FDWHJRUtD GH YDULDEOHV 9$/6 H[SUHVDGR HQ ORV QXHYRV IDFWRUHV SXHGHQ H[SOLFDU HO
PRGHOR 9$/6 HQ FDVL XQ OR FXDO HV IDYRUDEOH \D TXH HV XQ PRGHOR FRQ XQD PD\RU
FDQWLGDG GH YDULDEOHV SRU HQGH OR HVSHUDGR HUD HQFRQWUDU XQ PD\RU Q~PHUR GH IDFWRUHV D
GLIHUHQFLDGHORVRWURVPRGHORVUHYLVDGRV\FRPRFRQVHFXHQFLDXQPD\RUYDORUGHODYDULDQ]D
WRWDOH[SOLFDGD
3RU~OWLPRDOUHYLVDUODVQXHYDVDJUXSDFLRQHVREWHQLGDVYHU$QH[R,WDPELpQWHQHPRV

DJUXSDFLRQHVGHDFXHUGRDORHVSHUDGR/RVFDVRVPiVUHVDOWDQWHVVRQORVIDFWRUHV³E~VTXHGDGH
QXHYDV HPRFLRQHV´ \ ³JXVWR SRU OD PRGD´ TXH VRQ ORV IDFWRUHV PD\RU FDQWLGDG GH YDULDEOHV
GHQWURGHHVWDFDWHJRUtD $OLJXDOTXHHQODVGHPiVHYDOXDFLRQHVODWHQGHQFLDHVODPLVPDHQ
SRGHU YLVXDOL]DU YDULDEOHV DJUXSDGDV FRQ XQ PLVPR VHQWLGR \ TXH UHDOPHQWH VH HVSHUD TXH
WHQJDQXQDUHODFLyQPXFKRPD\RUTXHFRQRWUDVYDULDEOHV
H &DWHJRUtD3HUVRQDOLGDG
(VWDFDWHJRUtDWXYRXQWRWDOGHWUHVURQGDVRURWDFLRQHVORFXDOVHH[SOLFDQXHYDPHQWH
HQODFDQWLGDGGHYDULDEOHVDQDOL]DGDV\DTXHHQHOSUHVHQWHFDVRVHDQDOL]DURQYDULDEOHV/DV
DJUXSDFLRQHVUHVXOWDQWHVVHJ~QODPDWUL]GHFRPSRQHQWHURWDSDUDODFDWHJRUtDSHUVRQDOLGDGVRQ
GHIDFWRUHVYHU$QH[R-6LHQGRHVWDODFDWHJRUtDGHYDULDEOHVTXHDSRUWDXQPD\RUQ~PHUR
GHIDFWRUHVDOPRGHORILQDO

$OLJXDOTXHFRQORHYDOXDGRHQHODQWHULRUFDVRODYDULDQ]DWRWDOH[SOLFDGDIXHVXSHULRU
DORVFDVRVHYDOXDGRVHQUHODFLyQDO&RPSURPLVR(FROyJLFR(OYDORUREWHQLGRHVGHWDO
FRPRPXHVWUDODWDEODORFXDOVHH[SOLFDWDPELpQHQODPD\RUFDQWLGDGGHYDULDEOHVHYDOXDGDV
\HOQ~PHURGHIDFWRUHVUHVXOWDQWHVDOILQDOGHODQiOLVLVUHDOL]DGR
/DV DJUXSDFLRQHV HQ IDFWRUHV SDUD OD SHUVRQDOLGDG QR WLHQHQ SUREOHPD DOJXQR YHU
$QH[R-(QUHODFLyQDODSHUVRQDOLGDGVHSXHGHGHFLUTXHWRGRVORVIDFWRUHVVRQLPSRUWDQWHV
GHELGR D TXH VL ELHQ WLHQHQ OD UHODFLyQ HQ VHQWLGR \ VLJQLILFDGR TXH VH EXVFD TXH WHQJDQ ODV
DJUXSDFLRQHV WDPELpQ H[LVWH XQD UHODFLyQ HQWUH IDFWRUHV HQ OD FDQWLGDG GH YDULDEOHV TXH HVWDV
DJUXSDQ 6RQ YDULDEOHV DJUXSDGDV HQ IDFWRUHV ODV FXDOHV HVWiQ ELHQ SURSRUFLRQDGDV \
IDFLOLWDURQODGHQRWDFLyQGHFDGDIDFWRU
6LELHQODLQIRUPDFLyQREVHUYDGDHVH[WHQVDHVQHFHVDULRSRGHUYLVXDOL]DUDGHWDOOHODV
DJUXSDFLRQHVHQFRQWUDGDVHQHVWHPRGHOR\DTXHHVXQDGHODVFDWHJRUtDVPiVUHSUHVHQWDWLYDV
SRUODVYDULDEOHVTXHODDJUXSDQ\SRUHOQ~PHURGHIDFWRUHVTXHDSRUWDDOPRGHORILQDOORFXDO
D\XGDDODREWHQFLyQGHPHMRUHVUHVXOWDGRV
I &DWHJRUtD(VWLORVGHYLGDHFROyJLFRV
/DV DJUXSDFLRQHV UHVXOWDQWHV SDUD OD FDWHJRUtD HVWLORV GH YLGD HFROyJLFRV VRQ GH
IDFWRUHV YHU $QH[R . 'H WRGDV ODV YDULDEOHV SHUWHQHFLHQWHV D OD FDWHJRUtD VRODPHQWH VH
FRQVLGHUDQFRPRSDUWHGHDTXHOODVTXHIRUPDQDORVIDFWRUHVTXHVHDxDGHQDORVUHVXOWDGRV
GHOPRGHORHQJHQHUDO
/DVDJUXSDFLRQHVUHVXOWDQWHVQRVRQPXFKDVFRPRHQORVFDVRVUHYLVDGRVGH9$/6\GH
SHUVRQDOLGDGVLQHPEDUJRHVWRVIDFWRUHVVRQGHVXPDLPSRUWDQFLDSDUDHOPRGHORILQDO\SDUD
SRGHUFRQVHJXLUORVUHVXOWDGRVHVSHUDGRVGHOSUHVHQWHHVWXGLR
(VWDFDWHJRUtDWLHQHODYDULDQ]DWRWDOH[SOLFDGDPiVDOWDSRVLEOH\DTXHFRPRVHREVHUYD
HQODWDEODVHREWLHQHXQYDORUGHFDVLPX\DSHVDUTXHORVUHVXOWDGRVVRORVHFRQFHQWUDQ
HQIDFWRUHV(VWRVHSXHGHH[SOLFDUHQODFDQWLGDGGHYDULDEOHVGHODFDWHJRUtDVLELHQHQORV
FDVRV GH &RPSURPLVR (FROyJLFR VH REWXYLHURQ IDFWRUHV SRU FDGD WLSR GH FRPSURPLVR
HYDOXDGRODVYDULDEOHVHYDOXDGDVQRHUDQPiVGHVLQHPEDUJRODFDWHJRUtDGHHVWLORVGHYLGD
HFROyJLFRVDJUXSDXQWRWDOGHYDULDEOHVGHODVFXDOHVIRUPDQSDUWHGHOQXHYRPRGHOR
3RU~OWLPRUHYLVDQGRODVDJUXSDFLRQHVUHVXOWDQWHVSDUDODSUHVHQWHFDWHJRUtDYHU$QH[R
.QRHVSRVLEOHGHQRWDUDOJXQDGHVYLDFLyQWDOFRPRORREVHUYDGRHQODVGHPiVHYDOXDFLRQHV
UHDOL]DGDV(QHOFDVRGHORVHVWLORVGHYLGDHFROyJLFRVHVWDVYDULDEOHVHVWiQPiVUHODFLRQDGDVD

ORWUDWDGRHQHOSUHVHQWHHVWXGLRDGLIHUHQFLDGH9$/6TXHVLELHQHYDO~DHVWLORVGHYLGDHVWRV
HVWiQUHODFLRQDGRVDXQDHYDOXDFLyQPiVJHQHUDOVLQHOWRTXHHFROyJLFRTXHVHQHFHVLWDSHURTXH
IRUPDSDUWHGHOPRGHOR\FXPSOHVXIXQFLyQFRPRWDO
&DGDIDFWRUHQFRQWUDGRIXHQRPEUDGRGHDFXHUGRDODVYDULDEOHVTXHODIRUPDEDQ\DTXH
DODSOLFDUODUHJUHVLyQOLQHDOVHWUDEDMyFRQHVWRVQXHYRVIDFWRUHVDGHPiVSDUDODVH[SOLFDFLRQHV
GHVDUUROODGDVHQHOSUHVHQWH\ORVVLJXLHQWHVFDStWXORVVHXVDUiQORVQRPEUHVDVLJQDGRVDFDGD
IDFWRUSDUDXQDPHMRUH[SOLFDFLyQ
)LQDOPHQWHWRGRVORVIDFWRUHVH[SOLFDGRVVRQDJUXSDFLRQHVGHODVYDULDEOHVTXHIRUPDQ
SDUWH GHO SHUILO SVLFRJUiILFR GH ORV DOXPQRV XQLYHUVLWDULRV GH OD 38&3 (VWR VH H[SOLFD HQ OD
DSOLFDFLyQ GH OD HQFXHVWD GHO PRGHOR GH )UDM \ 0DUWtQH] (VWD SULPHUD SDUWH SHUPLWH
LGHQWLILFDU DTXHOODV YDULDEOHV TXH VHUiQ HYDOXDGDV HQ EDVH D OD UHJUHVLyQ OLQHDO \ ODV YDULDEOHV
GHSHQGLHQWHV GHO PRGHOR 6LHQGR HVWH ~OWLPR SURFHVR HO FUXFLDO SDUD OD SRVWHULRU FRQVWUXFFLyQ
GHOSHUILOGHOFRPSRUWDPLHQWRGHFRQVXPRHFROyJLFRGHORVDOXPQRV38&3$FRQWLQXDFLyQVH
UHYLVDQORVUHVXOWDGRVREWHQLGRVPHGLDQWHODDSOLFDFLyQGHODVUHJUHVLRQHV(VWHSURFHVRVHEDVD
HQ OD E~VTXHGD GH UHODFLRQHV HQWUH YDULDEOHV GHSHQGLHQWHV SURSXHVWDV HQ XQ LQLFLR \ ODV
YDULDEOHV\IDFWRUHVUHVXOWDQWHVGHODDSOLFDFLyQGHODQiOLVLVIDFWRULDO
1.4.2. Resultados del análisis de regresiones
8QDYH]TXHVHKDLGHQWLILFDGRORVIDFWRUHVUHVXOWDQWHVGHODQiOLVLVIDFWRULDOHOVLJXLHQWH
SDVRHVH[SOLFDUORVUHVXOWDGRVREWHQLGRVHQODUHJUHVLyQOLQHDO\ORJtVWLFDDSDUWLUGHODVFXDWUR
YDULDEOHVGHSHQGLHQWHVHQIXQFLyQGHORVYHLQWLFXDWURIDFWRUHVUHVXOWDQWHVGHODQiOLVLVIDFWRULDO
ORV FXDOHV D SDUWLU GH DKRUD VH FRQYHUWLUiQ HQ YDULDEOHV LQGHSHQGLHQWHV 'HO PLVPR PRGR ODV
UHJUHVLRQHVVHUHDOL]DQFRQIRUPHDODDJUXSDFLyQGHYDULDEOHVGHORVVHLVPRGHORVSVLFRJUiILFRV
GH OD LQYHVWLJDFLyQ FRPSURPLVR YHUEDO FRPSURPLVR UHDO FRPSURPLVR DIHFWLYR 9$/6
SHUVRQDOLGDG\HVWLORGHYLGDHFROyJLFR
&RPR VH LQGLFy DQWHULRUPHQWH HO REMHWLYR SULQFLSDO GH XWLOL]DU ODV UHJUHVLRQHV HV
LGHQWLILFDUODVYDULDEOHVLQGHSHQGLHQWHVTXHPHMRUH[SOLFDQDODYDULDEOHGHSHQGLHQWH(QODWDEOD
VH UHVXPHQ ODV YDULDEOHV GHSHQGLHQWHV \ VXV IRUPDV FXDQWLWDWLYDV VROR HQ OD YDULDEOH
GHSHQGLHQWH ³&RPSUD GH SURGXFWRV HFROyJLFRV´ VH XWLOL]D OD UHJUHVLyQ ORJtVWLFD GHELGR D VX
QDWXUDOH]DGLFRWyPLFDGHODYDULDEOHGHSHQGLHQWHHQHOUHVWRGHYDULDEOHVVHDSOLFDODUHJUHVLyQ
OLQHDO

7DEOD5HVXPHQGHYDULDEOHVGHSHQGLHQWHV\VXHVFDODGHPHGLFLyQ
9DULDEOHVGHSHQGLHQWHV (VFDODGHPHGLFLyQ
&RPSRUWDPLHQWRGHUHFLFODMH &DQWLGDGGHSURGXFWRVTXHUHFLFOD
3URPHGLRGHHVFDODVHQODVSUHJXQWDV
&RPSURPLVRUHDOKDFLDHOPHGLRDPELHQWH
GHFRPSURPLVRUHDO
3DUWLFLSDFLyQHQLQLFLDWLYDVHFROyJLFDV &DQWLGDGGHLQLFLDWLYDVTXHSDUWLFLSD
&RQRFLPLHQWRHLQIRUPDFLyQPHGLRDPELHQWDO &DQWLGDGGHSUHJXQWDVDFHUWDGDV
DILUPDKDEHUFRPSUDGR
&RPSUDGHSURGXFWRVHFROyJLFRV
QLHJDKDEHUFRPSUDGR
6HXWLOL]yHOSURJUDPDHVWDGtVWLFR6366SDUDUHDOL]DUWRGDVODVUHJUHVLRQHVOLQHDOHV\HO
SURJUDPD6WDWDSDUDHOFDVRGHODVUHJUHVLRQHVORJtVWLFDVSRUHVRVHSUHVHQWDQORVUHVXOWDGRVHQ
WDEODVTXHVHFHQWUDQHQHODQiOLVLVHVWDGtVWLFR\TXHUHIOHMDQORVKDOOD]JRVPiVLPSRUWDQWHVGH
ODVUHJUHVLRQHVFRPRODVLJQLILFDQFLDHVWDGtVWLFD3RURWUDSDUWHVHDGYLHUWHDOOHFWRUTXHSDUDOD
LQWHUSUHWDFLyQGHORVUHVXOWDGRVVHGHEHQFRQVLGHUDUORVVLJXLHQWHVFULWHULRV
3ULPHURVHDQDOL]DODUHODFLyQLQGLYLGXDOGHFDGDYDULDEOHLQGHSHQGLHQWHFRQODYDULDEOH
GHSHQGLHQWH PHGLDQWH OD SUXHED GH VLJQLILFDQFLD HVWDGtVWLFD ³6LJQLILFDFLyQ GH 7WHVW´ OD FXDO
LQGLFD HO JUDGR GH FHUWLGXPEUH GH OD DVRFLDFLyQ HQWUH DPEDV YDULDEOHV 3RU FRQVLJXLHQWH SDUD
YDORUHV GH ³W´ PHQRUHV D VH DFHSWD TXH OD UHJUHVLyQ HQWUH OD YDULDEOH GHSHQGLHQWH H
LQGHSHQGLHQWH HV HVWDGtVWLFDPHQWH VLJQLILFDWLYD HV GHFLU TXH H[LVWH XQD UHODFLyQ FDXVDO HQWUH
DPEDVYDULDEOHV:RROGULGJH
3RVWHULRUPHQWH VH DQDOL]D HO FRHILFLHQWH EHWD ȕ GH OD YDULDEOH LQGHSHQGLHQWH (VWH
YDORU PLGH OD PDJQLWXG \ GLUHFFLyQ GH OD UHODFLyQ 'LFKR GH RWUD PDQHUD OD PDJQLWXG KDFH
UHIHUHQFLD D FXiQWR YDUtD OD YDULDEOH GHSHQGLHQWH SRU FDGD XQLGDG TXH DXPHQWD OD YDULDEOH
LQGHSHQGLHQWH'HOPLVPRPRGRODGLUHFFLyQUHILHUHDOWLSRGHUHODFLyQHQWUHYDULDEOHV(QRWUDV
SDODEUDV HO VLJQR SRVLWLYR HQ HO FRHILFLHQWH LQGLFD TXH H[LVWH XQD UHODFLyQ GLUHFWD HQWUH
DPEDVYDULDEOHVHQFDPELRHOVLJQRQHJDWLYRHQHOFRHILFLHQWHLQGLFDXQDUHODFLyQLQYHUVD
GRQGH DO DXPHQWDU ORV YDORUHV GH OD YDULDEOH LQGHSHQGLHQWH ORV YDORUHV GHSHQGLHQWHV
GLVPLQX\HQ
'HOPLVPRPRGRVHDQDOL]DORVUHVXOWDGRVGHOPRGHORPHGLDQWHODERQGDGGHDMXVWHGHO
PRGHORHOFXDOUHIOHMDVLODVYDULDEOHVVHDMXVWDQOLQHDOPHQWHDOPRGHOR3RUXQODGR5FXDGUDGR
LQGLFD OD SURSRUFLyQ TXH HO FRQMXQWR GH YDULDEOHV LQGHSHQGLHQWHV UHSUHVHQWD \ H[SOLFD D OD

YDULDEOH GHSHQGLHQWH HQ HVH FDVR FXDQWR PD\RU VHD HO 5 FXDGUDGR PHMRU HV HO PRGHOR SDUD
H[SUHVDU HO FRPSRUWDPLHQWR GH OD YDULDEOH GHSHQGLHQWH DVLPLVPR VH XWLOL]D HO ³5 FXDGUDGR
DMXVWDGR´ FRPR XQ LQGLFDGRU SDUD FRPSDUDU ORV PRGHORV GH UHJUHVLyQ SRUTXH HVWH LQGLFDGRU
SHQDOL]DODLQFOXVLyQGHYDULDEOHVLQGHSHQGLHQWHVDODUHJUHVLyQ
)LQDOPHQWH VH GHWHUPLQD OD VLJQLILFDQFLD HVWDGtVWLFD GHO PRGHOR PHGLDQWH OD SUXHED
³6LJQLILFDFLyQ GH )WHVW´ OD SUREDELOLGDG GH TXH OD KLSyWHVLV IXHUD QXOD HQ FDVR HO YDORU VHD
PD\RUD(VWRTXLHUHGHFLUTXHSDUDYDORUHVHVPHQRUHVDVHUHFKD]DODKLSyWHVLVQXOD
\VHDILUPDTXHHOPRGHORGHUHJUHVLyQHVYiOLGR:RROGULGJH
D &DUDFWHUtVWLFDVGHOFRPSRUWDPLHQWRGHUHFLFODMHGHHQYDVHV\SURGXFWRV
(Q HVWD SULPHUD SDUWH VH DQDOL]D HO FRPSRUWDPLHQWR GH UHFLFODMH PHGLDQWH OD YDULDEOH
GHSHQGLHQWH ³UHFLFODMH´ &RPR VH YLR DQWHULRUPHQWH HVWD YDULDEOH LQGLFD OD FDQWLGDG GH
SURGXFWRVTXHORVDOXPQRVUHFLFODQSDSHOYLGULRSOiVWLFRHWFWRPDYDORUHVGHVGHFHURKDVWD
VLHWH (Q HVH VHQWLGR VH H[SOLFD OD YDULDEOH GHSHQGLHQWH HQ IXQFLyQ GH ORV PRGHORV
SVLFRJUiILFRV DFWLWXGHV PHGLRDPELHQWDOHV YDORUHV \ HVWLORV GH YLGD SHUVRQDOLGDG \ HVWLOR GH
YLGD HFROyJLFR $ FRQWLQXDFLyQ VH SUHVHQWD ORV UHVXOWDGRV GH ODV UHJUHVLRQHV OLQHDOHV GHO
FRPSRUWDPLHQWRGHUHFLFODMHGHODOXPQR38&3
(QSULPHUOXJDUHODQiOLVLVGHODVDFWLWXGHVPHGLRDPELHQWDOHVVHUHDOL]DDWUDYpVGHORV
WUHVPRGHORVTXHORFRPSRQHQHOFRPSURPLVRYHUEDOFRPSURPLVRDIHFWLYR\FRPSURPLVRUHDO
&DGDPRGHORSUHVHQWDGRVYDULDEOHVLQGHSHQGLHQWHVHQVXIXQFLyQGHUHJUHVLyQYHU$QH[RV)*
\+
6H SXHGH REVHUYDU TXH ODV WUHV UHJUHVLRQHV P~OWLSOHV GH ORV WUHV WLSRV GH FRPSURPLVR
VRQHVWDGtVWLFDPHQWHVLJQLILFDWLYDV\DTXHORVYDORUHVVRQPHQRUHVDYHU$QH[R/'HO
PLVPR PRGR WRGDV ODV YDULDEOHV LQGHSHQGLHQWHV LQGLYLGXDOPHQWH VRQ HVWDGtVWLFDPHQWH
VLJQLILFDWLYDVDH[FHSFLyQGHODVHJXQGDYDULDEOHLQGHSHQGLHQWHHQODUHJUHVLyQGHOFRPSURPLVR
YHUEDOGLVSRVLFLyQXVDUUHFXUVRVSURSLRVHQEHQHILFLRGHOPHGLRDPELHQWH
(VFRQYHQLHQWHUHVDOWDUTXHODUHJUHVLyQGHOFRPSURPLVRUHDOHFROyJLFRGHORVDOXPQRV
HVWiPX\DVRFLDGRDVXFRPSRUWDPLHQWRKDFLDHOUHFLFODMHSRUHQFLPDGHVXFRPSURPLVRYHUEDO
\DIHFWLYR(VWR GHELGR DODLQWHUSUHWDFLyQ GH VX VLJQLILFDQFLD FHUFDQDDOFHUR\³5FXDGUDGR
DMXVWDGR´ (Q HVH VHQWLGR VH LQWHUSUHWD TXH ORV DOXPQRV 38&3 PDQLILHVWDQ VX
FRPSURPLVRUHDOPHGLRDPELHQWDOPHGLDQWHHOPD\RUUHFLFODMHGHHQYDVHV\SURGXFWRV

3DUWLFXODUPHQWH VREUH HO FRPSURPLVR UHDO VH SXHGH VHxDODU TXH VXV YDULDEOHV
LQGHSHQGLHQWHV ³&RQGXFWD GH FRQVHUYDFLyQ PHGLRDPELHQWDO´ \ ³&RPSURPLVR UHDO HQ OD
SDUWLFLSDFLyQGHLQLFLDWLYDVHFROyJLFDV´WLHQHQXQDPD\RULQIOXHQFLDHQFRPSRUWDPLHQWRUHDOGH
UHFLFODMHHVWRTXLHUHGHFLUTXHORVDOXPQRVTXHUHDOL]DQDFWLYLGDGHVTXHD\XGHQDFRQVHUYDUHO
PHGLR DPELHQWH SRU HMHPSOR FDPELDU HO FRQVXPR GH XQ SURGXFWR SRU UD]RQHV HFROyJLFDV R
LQIRUPDUVHVREUHTXpDFWLYLGDGHVSXHGHQKDFHUSDUDGLVPLQXLUODFRQWDPLQDFLyQSUHVHQWDQXQD
PD\RUFRQGXFWDGHUHFLFODMH
'HOPLVPRPRGRODVYDULDEOHVLQGHSHQGLHQWHVGHOFRPSURPLVRDIHFWLYR³3UHRFXSDFLyQ
SRU OD FRQWDPLQDFLyQ RFDVLRQDGD SRU WHUFHURV´ \ ³6HQVLELOLGDG D ORV ULHVJRV TXH OD
FRQWDPLQDFLyQ SXHGH RFDVLRQDU HQ XQR´ VRQ HVWDGtVWLFDPHQWH VLJQLILFDWLYDV (VWR HTXLYDOH D
GHFLUTXHORVDOXPQRV38&3SRVHHQXQDGLVSRVLFLyQHPRFLRQDOSRVLWLYDUHVSHFWRDOFXLGDGRGHO
PHGLRDPELHQWH \ TXH OR PDQLILHVWDQ PHGLDQWH VX FRPSRUWDPLHQWR GH UHFLFODMH 'HO PLVPR
PRGR HO FRHILFLHQWH LQGLFD XQD UHODFLyQ GLUHFWD HQWUH ODV YDULDEOHV LQGHSHQGLHQWHV \
GHSHQGLHQWHHVGHFLUPLHQWUDVPD\RUVHLQFHQWLYHVXSUHRFXSDFLyQRVHQVLELOLGDGDOFXLGDGRGHO
PHGLRDPELHQWHPD\RUVHUiVXFRQGXFWDGHUHFLFODMH
3RU RWUR ODGR HQ HO PRGHOR GH FRPSURPLVR YHUEDO OD ~QLFD YDULDEOH HVWDGtVWLFDPHQWH
VLJQLILFDWLYDGHOPRGHORHVOD³,QWHQFLyQHQDGRSWDUDFWLYLGDGHVPHQRVFRQWDPLQDQWHVÓRFXDO
LQGLFDODDVRFLDFLyQGHOFRPSRUWDPLHQWRKDFLDHOUHFLFODMHGHORVDOXPQRV38&3\VXLQWHQFLyQ
HQDGRSWDUDFWLYLGDGHVPHQRVFRQWDPLQDQWHVSRUHMHPSORDOXPQRVTXHGHMDUtDQGHFRPSUDUD
HPSUHVDVTXHFRQWDPLQHQRGLVSXHVWRVDXWLOL]DUXQWUDQVSRUWHPHQRVFRQWDPLQDQWH
(QVHJXQGROXJDUORVUHVXOWDGRVGHODUHJUHVLyQP~OWLSOHDSOLFDGDDOPRGHORGHYDORUHV
\HVWLORVGHYLGD9$/6LQGLFDQTXHHOPRGHORQRH[SOLFDHOFRPSRUWDPLHQWRKDFLDHOUHFLFODMH
YHU$QH[R/6LQHPEDUJRODYDULDEOH³9LGDUXWLQDULD´HVOD~QLFDYDULDEOHHVWDGtVWLFDPHQWH
VLJQLILFDWLYDSRUHVRVHUHDOL]DXQDUHJUHVLyQOLQHDOVLPSOHXWLOL]DQGRHVWDYDULDEOH
(Q OD DSOLFDFLyQ GH OD UHJUHVLyQ OLQHDO VLPSOH FRQ OD YDULDEOH ³9LGD 5XWLQDULD´ YHU
$QH[R / VH REWLHQHQ XQ PHMRU 5 FXDGUDGR DMXVWDGR D GLIHUHQFLD GH OD SULPHUD
UHJUHVLyQ P~OWLSOH GH 9$/6 SRU HVWR ORV UHVXOWDGRV GH OD VHJXQGD UHJUHVLyQ VRQ PiV
H[SOLFDWLYRVTXHORVSULPHURVUHVXOWDGRV7DPELpQHVLQWHUHVDQWHPRVWUDUODUHODFLyQLQYHUVDGH
ODYDULDEOHLQGHSHQGLHQWH³9LGD5XWLQDULD´GHDFXHUGRDOUHVXOWDGRGHOFRHILFLHQWHQHJDWLYR
3RUHOORORVDOXPQRVPDQLILHVWDQXQDFRQGXFWDGHUHFLFODMHHQFXDQWRVXYLGDQRVHD
UXWLQDULDGLFKRGHRWUDPDQHUDXQ HVWLORGHYLGDYLQFXODGRDODYDULDFLyQHLQQRYDFLyQGHODV
DFWLYLGDGHVGLDULDVHVWiDVRFLDGDDXQDFRQGXFWDKDFLDHOUHFLFODMH

(QWHUFHUOXJDUORVUHVXOWDGRVGHODDSOLFDFLyQGHODUHJUHVLyQOLQHDOP~OWLSOHDOUHFLFODMH
HQ IXQFLyQ GH OD SHUVRQDOLGDG YHU $QH[R / VHxDOD TXH VROR XQD YDULDEOH LQGHSHQGLHQWH HV
HVWDGtVWLFDPHQWH VLJQLILFDWLYD HQ OD UHJUHVLyQ GH OD SHUVRQDOLGDG GH ORV DOXPQRV TXH
UHFLFODQ3RUHOORVHUHDOL]DUODUHJUHVLyQOLQHDOVLPSOHFRQODYDULDEOH³&UHDWLYLGDG\QLYHOGH
LQWHOHFWXDOLGDG´ &XDQGR VH DQDOL]D HO UHVXOWDGR GH OD VHJXQGD UHJUHVLyQ YHU $QH[R / VH
LQWHUSUHWD TXH ORV DOXPQRV 38&3 GH SHUVRQDOLGDG FUHDWLYD H LQWHOHFWXDO PXHVWUDQ XQ PD\RU
FRPSRUWDPLHQWRKDFLDHOUHFLFODMH
(Q FXDUWR OXJDU UHVSHFWR D ORV UHVXOWDGRV GH OD UHJUHVLyQ P~OWLSOH GHO HVWLOR GH YLGD
HFROyJLFR GH ORV DOXPQRV YHU $QH[R / ODV YDULDEOHV HVWDGtVWLFDPHQWH VLJQLILFDWLYDV VRQ
³+iELWRV HFROyJLFRV´ \ ³9LGD HTXLOLEUDGD´ 3RU HOOR VH FRQILUPD TXH ORV DOXPQRV TXH WHQJDQ
KiELWRV GH FXLGDGR GHO PHGLRDPELHQWH \ SRVHDQ XQD RULHQWDFLyQ D OOHYDU XQD YLGD HTXLOLEUDGD
PXHVWUDQXQPHMRUFRPSRUWDPLHQWRGHUHFLFODMH$VtPLVPR VHGHPXHVWUDTXHODUHJUHVLyQHV
PX\ HVWDGtVWLFDPHQWH VLJQLILFDWLYD FHUFDQR DO FHUR \ H[SOLFD HQ OD FRQGXFWD GH
UHFLFODMHGHORVDOXPQRVYHU$QH[R/
5HVXPLHQGR ORV UHVXOWDGRV GH ODV UHJUHVLRQHV GHO FRPSRUWDPLHQWR GH UHFLFODMH GH ORV
DOXPQRV 38&3 3ULPHUR VH PRVWUy TXH ODV UHJUHVLRQHV GH ODV DFWLWXGHV PHGLRDPELHQWDOHV
&RPSURPLVRYHUEDOFRPSURPLVRUHDO\FRPSURPLVRDIHFWLYRH[SOLFDQHOFRPSRUWDPLHQWRGH
UHFLFODMH HQ SDUWLFXODU HO FRPSURPLVR UHDO HFROyJLFR FREUD XQD PD\RU UHOHYDQFLD SRU HOOR VH
SXHGH DILUPDU TXH ORV DOXPQRV H[SUHVDQ VX FRQGXFWD UHDO PHGLRDPELHQWDO PX\ DVRFLDGD DO
UHFLFODMH GH HQYDVHV \ SURGXFWRV 3RU HO FRQWUDULR ORV PRGHORV GH YDORUHV \ HVWLORV GH YLGD
9$/6\SHUVRQDOLGDGWLHQHQSRFDUHODFLyQFRQODFRQGXFWDGHUHFLFODMHVRORXQDYDULDEOHHV
HVWDGtVWLFDPHQWHVLJQLILFDWLYDHQFDGDPRGHOR(QUHIHUHQFLDDHOORORVDOXPQRVTXHOOHYHQXQ
HVWLOR GH YLGD QR UXWLQDULR \ FDUDFWHUL]DGR SRU XQD SHUVRQDOLGDG FUHDWLYD H LQWHOHFWXDO
PDQLILHVWDQXQFRPSRUWDPLHQWRKDFLDHOUHFLFODMH(QOD~OWLPDUHJUHVLyQVHFRPSUXHEDTXHHO
PRGHOR GH HVWLOR GH YLGD HFROyJLFR WLHQH UHODFLyQ FRQ HO FRPSRUWDPLHQWR GH UHFLFODMH VH
GHVFULEH TXH ODV YDULDEOHV KiELWRV HFROyJLFRV \ YLGD HTXLOLEUDGD H[SOLFDQ HVWDGtVWLFDPHQWH
VLJQLILFDWLYDPHQWHODFRQGXFWDGHUHFLFODMH
E &DUDFWHUtVWLFDVGHODDFWLWXGUHDOKDFLDHOPHGLRDPELHQWH
(QHVWDVHFFLyQVHDQDOL]DQORVUHVXOWDGRVGHOFRPSURPLVRUHDOGHORVHVWXGLDQWHVFRPR
VHKDUHYLVDGRHQODOLWHUDWXUDHOFRPSURPLVRUHDOHVXQPRGHORLPSRUWDQWHTXHVLUYHSDUDPHGLU
HOFRPSRUWDPLHQWRHFROyJLFRGHORVLQGLYLGXRV'HHVHPRGRODYDULDEOHGHSHQGLHQWHDFWLWXGR

FRPSURPLVRUHDOKDFLDHOPHGLRDPELHQWH´HVWiFRPSXHVWDSRUHOSURPHGLRGHORVQXHYHtWHPV
GHODHVFDODGH0DORQH\HWDOXWLOL]DGDHQODHQFXHVWDGHODLQYHVWLJDFLyQ
$O LJXDO TXH HQ DQWHULRUHV VHFFLRQHV VH SUHVHQWDQ ODV UHJUHVLRQHV HQ IXQFLyQ GH ORV
PRGHORV SVLFRJUiILFRV D H[FHSFLyQ GHO PRGHOR GH DFWLWXGHV PHGLRDPELHQWDOHV GRQGH VROR VH
DSOLFDHQORVPRGHORVGHFRPSURPLVRYHUEDO\DIHFWLYR
(Q SULPHU OXJDU ORV UHVXOWDGRV GH ODV UHJUHVLRQHV P~OWLSOHV GHPXHVWUDQ TXH H[LVWHQ
UHODFLRQHVHVWDGtVWLFDPHQWHVLJQLILFDWLYDVGHOFRPSURPLVRUHDOFRQORVPRGHORVGHFRPSURPLVR
DIHFWLYR \ FRPSURPLVR YHUEDO YHU $QH[R 0 (Q SDUWLFXODU FDGD PRGHOR FXHQWD FRQ XQD
YDULDEOHHVWDGtVWLFDPHQWHVLJQLILFDWLYDHOFRPSURPLVRYHUEDOHVWiDVRFLDGDPHGLDQWHODYDULDEOH
³,QWHQFLyQHQDGRSWDUDFWLYLGDGHVPHQRVFRQWDPLQDQWHV´\HOFRPSURPLVRDIHFWLYRVHUHODFLRQD
D WUDYpV GH OD YDULDEOH ³3UHRFXSDFLyQ SRU OD FRQWDPLQDFLyQ RFDVLRQDGD SRU WHUFHURV´ (Q
FRQWUDVWH OD UHJUHVLyQ GHO FRPSURPLVR DIHFWLYR UHVXOWD PHMRU H[SOLFDWLYR H LQIOX\HQWH TXH HO
FRPSURPLVR YHUEDO GH DFXHUGR D OD LQWHUSUHWDFLyQ GH VX VLJQLILFDQFLD FHUFDQD DO FHUR \ 5
FXDGUDGRDMXVWDGR3RUHOORVHLQWHUSUHWDTXHODDFWLWXGDIDYRUGHOPHGLRDPELHQWHGH
ORVDOXPQRVHVWiPRWLYDGDSULQFLSDOPHQWHSRUVXSUHRFXSDFLyQSRUORVSUREOHPDVDPELHQWDOHV
(OVLJXLHQWHPRGHORTXHVHDQDOL]DVRQORVYDORUHV\HVWLORVGHYLGDGHORVDOXPQRVTXH
PiV DFW~DQ D IDYRU GHO PHGLR DPELHQWH YHU $QH[R 0 6H SXHGH GHFLU TXH OD YDULDEOH
LQGHSHQGLHQWH³*XVWRSRUODPRGD´VHUHODFLRQDSRVLWLYDPHQWHFRQODFRQGXFWDUHDOHV
GHFLUORVDOXPQRVTXHJXVWDQGHODPRGDWLHQGHQDFRPSRUWDUVHPiVDIDYRUGHOPHGLRDPELHQWH
&RQ UHVSHFWR D ORV UHVXOWDGRV GHO PRGHOR GH SHUVRQDOLGDG VROR OD YDULDEOH
LQGHSHQGLHQWH ³3DFLHQFLD´ HV HVWDGtVWLFDPHQWH VLJQLILFDWLYD YHU $QH[R 0 /RV
UHVXOWDGRV GH OD VHJXQGD UHJUHVLyQ OLQHDO VLPSOH HPSOHDQGR OD YDULDEOH LQGHSHQGLHQWH
³3DFLHQFLD´ YHU $QH[R 0 LQGLFDQ TXH ORV DOXPQRV GH SHUVRQDOLGDG SDFLHQWH PDQLILHVWDQ XQ
PD\RUFRPSURPLVRUHDOHFROyJLFR
3DUD ILQDOL]DU VH SUHVHQWDQ ORV UHVXOWDGRV HQ HO FDVR GH ORV HVWLORV GH YLGD HFROyJLFR
VROR GRV YDULDEOHV VRQ HVWDGtVWLFDPHQWH VLJQLILFDWLYDV HQ OD UHJUHVLyQ ³+iELWRV HFROyJLFRV´ \
³3UiFWLFD \ FRQVXPR HFROyJLFR´ YHU DQH[R 0 /RV UHVXOWDGRV GH OD VHJXQGD UHJUHVLyQ OLQHDO
YHU $QH[R 0 LQGLFDQ TXH ORV KiELWRV HFROyJLFRV \ OD SUiFWLFD \ FRQVXPR HFROyJLFR VLHQGR
HVWD ~OWLPD YDULDEOH FRQ PD\RU QLYHO GH VLJQLILFDQFLD 3RU OR WDQWR HV LPSRUWDQWH
H[SRQHU TXH HO FRQVXPR YHJHWDULDQR \ OD GHIHQVD GH OD QDWXUDOH]D PDQLILHVWDQ XQD PD\RU
FRQGXFWDDIDYRUGHOPHGLRDPELHQWHGHORVDOXPQRV38&3

(Q VXPD ORV UHVXOWDGRV GHO FRPSURPLVR UHDO HFROyJLFR PDQLILHVWDQ TXH SULPHUR HO
FRPSURPLVRDIHFWLYRH[SOLFDPHMRUODFRQGXFWDUHDOVREUHHOFRPSURPLVRYHUEDO3RUWDQWROD
SUHRFXSDFLyQ GH ORV DOXPQRV D ORV SUREOHPDV PHGLRDPELHQWDOHV RFDVLRQDGRV SRU WHUFHURV
HPSUHVDV R JRELHUQR RFDVLRQD XQD PD\RU FRQGXFWD UHDO HFROyJLFD 6HJXQGR VH UHYLVy ORV
PRGHORV GH 9$/6 \ SHUVRQDOLGDG GRQGH FDUDFWHUtVWLFDV FRPR HO JXVWR SRU OD PRGD \ OD
SDFLHQFLD UHVXOWDURQ HVWDU DVRFLDGDV DO FRPSRUWDPLHQWR UHDO HFROyJLFR 3RU ~OWLPR HQ OD
UHJUHVLyQGHOPRGHORGHHVWLORGHYLGDHFROyJLFRVHH[DPLQyTXHSULQFLSDOPHQWHODSUiFWLFD\
FRQVXPRHFROyJLFRVHUHODFLRQDQDODDFWLWXGIDYRUDEOHKDFLDHOPHGLRDPELHQWH
F &DUDFWHUtVWLFDGHODSDUWLFLSDFLyQHQSURJUDPDVHLQLFLDWLYDV
PHGLRDPELHQWDOHV38&3
/XHJR GH H[SRQHU ORV UHVXOWDGRV GH ODV UHJUHVLRQHV OLQHDOHV HQ ORV FRPSRUWDPLHQWRV
KDFLD HO UHFLFODMH \ FRQRFLPLHQWR H LQIRUPDFLyQ PHGLRDPELHQWDO /D VLJXLHQWH YDULDEOH TXH VH
GHEHDQDOL]DUHVODSDUWLFLSDFLyQHQHYHQWRVPHGLRDPELHQWDOHVGHORVDOXPQRV38&3&RPRVH
KD GLFKR OD YDULDEOH GHSHQGLHQWH ³3DUWLFLSDFLyQ´ LQGLFD OD FDQWLGDG GH HYHQWRV
PHGLRDPELHQWDOHVTXHORVDOXPQRVSDUWLFLSDQHQOD38&3HQHVHVHQWLGRHOYDORUGHODYDULDEOH
VHHQFXHQWUDGHVGHFHURKDVWDQXHYH
$ FRQWLQXDFLyQ VH SUHVHQWDQ ORV UHVXOWDGRV DO LJXDO TXH HQ ORV DQWHULRUHV FDVRV
SULPHUR DFWLWXGHV PHGLRDPELHQWDOHV &RPSURPLVR YHUEDO FRPSURPLVR UHDO \ FRPSURPLVR
DIHFWLYRVHJXQGRYDORUHV\HVWLORVGHYLGD9$/6WHUFHURSHUVRQDOLGDG\FXDUWRHVWLORVGH
YLGDHFROyJLFR
3DUDHPSH]DUVHH[SRQHQORVUHVXOWDGRVGHODVUHJUHVLRQHVP~OWLSOHVHQIXQFLyQGHODV
DFWLWXGHVPHGLRDPELHQWDOHVYHU$QH[R16HREVHUYDTXHODVGRVYDULDEOHVLQGHSHQGLHQWHVGHO
FRPSURPLVR UHDO HVWiQ PX\ DVRFLDGDV D OD SDUWLFLSDFLyQ GH ORV HVWXGLDQWHV FRQ XQ QLYHO GH
VLJQLILFDQFLDFHUFDQDDOFHUR$VtPLVPRHOFRPSURPLVRUHDOH[SOLFDHQODSDUWLFLSDFLyQ
HQ HYHQWRV HFROyJLFRV GH DFXHUGR D OD LQWHUSUHWDFLyQ GHO 5 FXDGUDGR 3RU HOOR VH FRPSUXHED
TXH OD FRQGXFWD UHDO GH ORV DOXPQRV HVWi UHODFLRQDGD D OD SDUWLFLSDFLyQ GH HYHQWRV
PHGLRDPELHQWDOHVGHOD38&33RURWUDSDUWHORVUHVXOWDGRVHQHOFDVRGHOFRPSURPLVRDIHFWLYR
LQGLFDQTXHVRORODYDULDEOH³6HQVLELOLGDGDORVULHVJRVTXHODFRQWDPLQDFLyQSXHGHRFDVLRQDUHQ
XQR´HVHVWDGtVWLFDPHQWHVLJQLILFDWLYDSRUHVRVHUHDOL]DXQDVHJXQGDUHJUHVLyQOLQHDOVLPSOHHQ
IXQFLyQGHHVWDYDULDEOH
/RV UHVXOWDGRV GH OD VHJXQGD UHJUHVLyQ OLQHDO VLPSOH YHU $QH[R 1 VHxDODQ TXH OD
YDULDEOH LQGHSHQGLHQWH ³6HQVLELOLGDG D ORV ULHVJRV TXH OD FRQWDPLQDFLyQ SXHGH RFDVLRQDU HQ

XQR´HVWiDVRFLDGDDODSDUWLFLSDFLyQ(VGHFLUSRUHOODGRHPRFLRQDOGHORVDOXPQRVVX

SDUWLFLyQ HQ ORV HYHQWRV PHGLRDPELHQWDOHV HVWi LQIOXHQFLDGR SRU VX FRQGXFWD DIHFWLYD D ORV
ULHVJRVTXHVXSRQHODFRQWDPLQDFLyQHQXQR
(QVHJXQGROXJDUORVUHVXOWDGRVGHODUHJUHVLyQP~OWLSOHHQHOPRGHORGH9$/6LQGLFDQ
TXH ODV YDULDEOHV ³%~VTXHGD GH QXHYDV HPRFLRQHV´ \ ³*XVWR SRU OD PRGD´ VRQ ODV YDULDEOHV
HVWDGtVWLFDPHQWH VLJQLILFDWLYDV YHU $QH[R 1 3RU HOOR ORV UHVXOWDGRV HYLGHQFLDQ TXH ODV
WHQGHQFLDVGHE~VTXHGDGHQXHYDVHPRFLRQHV\JXVWRSRUODPRGDVHDVRFLDQSRVLWLYDPHQWHFRQ
XQDPD\RUSDUWLFLSDFLyQHQHYHQWRVHFROyJLFRVGHORVDOXPQRVGHOD38&3
'HODPLVPDPDQHUDVHSUHVHQWDQORVUHVXOWDGRVGHODUHJUHVLyQP~OWLSOHHQHOPRGHOR
GH SHUVRQDOLGDG YHU $QH[R 1 $O UHVSHFWR VROR GRV YDULDEOHV VRQ HVWDGtVWLFDPHQWH
VLJQLILFDWLYDV HQ HO PRGHOR ³6ROLGDULGDG \ FRPSDxHULVPR KDFLD ORV GHPiV´ \ ³&UHDWLYLGDG \
QLYHOLQWHOHFWXDO´(QORVVHJXQGRVUHVXOWDGRVGHODUHJUHVLyQDSOLFDGDDOPRGHORGHSHUVRQDOLGDG
YHU $QH[R 1 VH GHVSUHQGH TXH HO FDUiFWHU VROLGDULR FUHDWLYR H LQWHOHFWXDO GH ORV DOXPQRV
38&3PDQLILHVWDXQDPD\RUSDUWLFLSDFLyQGHORVDOXPQRV38&3HQHYHQWRVHFROyJLFRV
3RU~OWLPRHQORVUHVXOWDGRVGHOPRGHORGHHVWLORVGHYLGDHFROyJLFRVVHPXHVWUDXQD
UHODFLyQ PX\ FHUFDQD HQWUH ORV HVWLORV GH YLGD HFROyJLFRV \ OD SDUWLFLSDFLyQ HQ HYHQWRV
HFROyJLFRV GH DFXHUGR DO QLYHO GH VLJQLILFDQFLD FHUFDQD DO FHUR \ 5 FXDGUDGR YHU
$QH[R 1 'HO PLVPR PRGR OD VHJXQGD UHJUHVLyQ P~OWLSOH H[SUHVD GRV YDULDEOHV
HVWDGtVWLFDPHQWH VLJQLILFDWLYDV ³+iELWRV HFROyJLFRV´ \ ³9LGD HTXLOLEUDGD´ (Q HVSHFtILFR OD
YLGD HTXLOLEUDGD TXH FRPSUHQGH HO FXLGDGR GH OD VDOXG PHQWDO \ ItVLFD LQIOX\H HQ XQ PD\RU
FRPSRUWDPLHQWRGHSDUWLFLSDFLyQGHHYHQWRVHFROyJLFRV
$ OD YLVWD GH ORV UHVXOWDGRV VH UHYHOD TXH HO FRPSRUWDPLHQWR GH SDUWLFLSDFLyQ GH ORV
DOXPQRV 38&3 HV PX\ HVWDGtVWLFDPHQWH VLJQLILFDWLYD HQ OD FRQGXFWD UHDO HFROyJLFD HV GHFLU
HVWi FRPSUREDGR TXH ORV DOXPQRV PDQLILHVWDQ VX FRPSRUWDPLHQWR HFROyJLFR D WUDYpV GH OD
SDUWLFLSDFLyQ HQ ORV HYHQWRV 38&3 'HO PLVPR PRGR ODV WHQGHQFLDV GH E~VTXHGD GH QXHYDV
HPRFLRQHV \ JXVWR SRU OD PRGD GH ORV DOXPQRV PRWLYDQ VX SDUWLFLSDFLyQ HFROyJLFD 3RU RWUR
ODGRODVYDULDEOHVGHSHUVRQDOLGDGFRPRODVROLGDULGDGFUHDWLYLGDG\QLYHOLQWHOHFWXDOLQIOX\HQ
SRVLWLYDPHQWH HQ OD FRQGXFWD GH SDUWLFLSDFLyQ GH ORV DOXPQRV 38&3 3DUD WHUPLQDU ORV
UHVXOWDGRVGHHVWLORVGHYLGDHFROyJLFRVSRQHQHQHYLGHQFLDTXHORVKiELWRVHFROyJLFRV\ODYLGD
HTXLOLEUDGDVHUHODFLRQDQSRVLWLYDPHQWHDODSDUWLFLSDFLyQHFROyJLFD

G &DUDFWHUtVWLFDVGHOFRQVXPLGRUVREUHFRQRFLPLHQWRHLQIRUPDFLyQ
PHGLRDPELHQWDO
(Q HVWD VHFFLyQ VH SUHVHQWDQ ORV UHVXOWDGRV GH OD UHJUHVLyQ OLQHDO GRQGH OD YDULDEOH
GHSHQGLHQWH ³&RQRFLPLHQWR H LQIRUPDFLyQ PHGLRDPELHQWDO´ HV GHILQLGD FRPR HO Q~PHUR GH
SUHJXQWDVGHLQIRUPDFLyQHFROyJLFDDFHUWDGDVSRUORVDOXPQRV(VWDYDULDEOH HVLQWHUHVDQWH GH
FRQRFHU HQ YLVWD TXH VL XQ DOXPQR PHMRU LQIRUPDGR VREUH HO FRQWH[WR PHGLRDPELHQWDO
PDQLILHVWDXQPHMRUFRPSRUWDPLHQWRHFROyJLFR
(Q SULPHU OXJDU UHVSHFWR D ORV WUHV PRGHORV GH DFWLWXGHV PHGLRDPELHQWDOHV
FRPSURPLVR YHUEDO FRPSURPLVR UHDO \ FRPSURPLVR DIHFWLYR VRODPHQWH XQD YDULDEOH GHO
FRPSURPLVRYHUEDOHVHVWDGtVWLFDPHQWHVLJQLILFDWLYDHQODUHJUHVLyQYHU$QH[Rf(VGHFLUXQ
DOXPQR FRQ XQ FRPSURPLVR UHDO PHGLRDPELHQWDO QR QHFHVDULDPHQWH HVWi LQIRUPDGR VREUH ORV
SUREOHPDV R LQLFLDWLYDV HFROyJLFDV 6H FRPSUXHED TXH OD YDULDEOH ³,QWHQFLyQ HQ DGRSWDU
DFWLYLGDGHV PHQRV FRQWDPLQDQWHV´ HV OD ~QLFD YDULDEOH HVWDGtVWLFDPHQWH VLJQLILFDWLYD 3RU OR
WDQWRVHWLHQHXQDUHODFLyQSRVLWLYDHQWUHODLQWHQFLyQGHORVDOXPQRVGHOD38&3HQSUDFWLFDU
DFWLYLGDGHVPHQRVFRQWDPLQDQWHV\VXFRQGXFWDHQLQIRUPDUVHVREUHORVSUREOHPDVHLQLFLDWLYDV
HFROyJLFDV
(Q VHJXQGR OXJDU ORV UHVXOWDGRV HQ OD UHJUHVLyQ OLQHDO P~OWLSOH HQ IXQFLyQ D OD ORV
YDORUHV \ HVWLOR GH YLGD 9$/6 GH ORV DOXPQRV 38&3 VROR PXHVWUD XQD YDULDEOH &DSDFLGDG
,QWHOHFWXDOHVWDGtVWLFDPHQWHVLJQLILFDWLYDHQHOPRGHORSRUHVRVHSUHVHQWDQORVUHVXOWDGRVGH
OD VHJXQGD UHJUHVLyQ OLQHDO VLPSOH HQ IXQFLyQ GH OD YDULDEOH LQGHSHQGLHQWH ³&DSDFLGDG
LQWHOHFWXDOÝHU$QH[Rf(VLQWHUHVDQWHREVHUYDUTXHHO5FXDGUDGRDMXVWDGRGHHVWHPRGHOR
PHMRUDORFXDOLQGLFDTXHHVWDYDULDEOHH[SOLFDPHMRUDODYDULDEOHGHSHQGLHQWHDFRPSDUDFLyQ
GHO PRGHOR LQLFLDO GH 9$/6 3RU FRQVLJXLHQWH VH FRQVLGHUD TXH OD FDSDFLGDG LQWHOHFWXDO HVWi
UHODFLRQDGDSRVLWLYDPHQWHFRQORVFRQRFLPLHQWRVPHGLRDPELHQWDOHVHVGHFLUORVDOXPQRVTXH
GHFODUDQWHQHUXQDPD\RUFDSDFLGDGLQWHOHFWXDOHVWiQPHMRULQIRUPDGRVVREUHORVSUREOHPDVH
LQLFLDWLYDVHFROyJLFDV
(Q WHUFHU OXJDU VH LQWHUSUHWDQ ORV UHVXOWDGRV REWHQLGRV HQ OD UHJUHVLyQ P~OWLSOH GH OD
SHUVRQDOLGDG 1XHYDPHQWH VH REWLHQH XQD VROD YDULDEOH &UHDWLYLGDG \ QLYHO LQWHOHFWXDO
HVWDGtVWLFDPHQWH VLJQLILFDWLYD HQ HO PRGHOR 1R REVWDQWH HO PRGHOR VREUHVDOH FRPR
VLJQLILFDWLYRYHU$QH[RfORFXDOLQGLFDTXHODSHUVRQDOLGDGGHORVDOXPQRVVLLQIOX\HHQVX
QLYHO GH FRQRFLPLHQWR H LQIRUPDFLyQ HFROyJLFR &XDQGR VH UHDOL]D OD VHJXQGD UHJUHVLyQ GHO
PRGHOR GH SHUVRQDOLGDG YHU $QH[R f DO LJXDO TXH HQ HO PRGHOR GH 9$/6 HO QLYHO GH

LQWHOHFWXDOGHORVDOXPQRVHVWiUHODFLRQDGRSRVLWLYDPHQWHFRQVXVFRQRFLPLHQWRVHLQIRUPDFLyQ
HFROyJLFR
(QFXDUWROXJDUODUHJUHVLyQOLQHDOP~OWLSOHGHORVHVWLORVGHYLGDHFROyJLFRLQGLFDQR
KD\ XQD UHODFLyQ FRQ ORV FRQRFLPLHQWRV H LQIRUPDFLyQ HFROyJLFR YHU $QH[R f (Q RWUDV
SDODEUDVORVDOXPQRVFRQXQHVWLORGHYLGDHFROyJLFRQRQHFHVDULDPHQWHHVWiQLQIRUPDGRVVREUH
ORVSUREOHPDVHLQLFLDWLYDVHFROyJLFDV1RREVWDQWHVHWLHQHXQDVRODYDULDEOHHVWDGtVWLFDPHQWH
VLJQLILFDWLYD +iELWRV HFROyJLFRV /RV UHVXOWDGRV GH OD VHJXQGD UHJUHVLyQ OLQHDO VLPSOH
HYLGHQFLDQ OD UHODFLyQ SRVLWLYD GH ORV KiELWRV HFROyJLFRV FRQ ORV FRQRFLPLHQWR H LQIRUPDFLyQ
HFROyJLFRYHU$QH[Rf(QFRQFUHWRORVDOXPQRV38&3TXHWHQJDQKiELWRVHFROyJLFRVSRU
HMHPSOR SUHIHUHQFLD SRU SURGXFWRV UHFLFODGRV R FRODERUDU HQ WDUHDV GH FRQVHUYDFLyQ
PHGLRDPELHQWDOFRQRFHQPiVVREUHODVLQLFLDWLYDV\SUREOHPDVPHGLRDPELHQWDOHV
(QVtQWHVLVORVUHVXOWDGRVREWHQLGRVGHPXHVWUDQTXHORVPRGHORVGHFRPSURPLVRUHDO\
HVWLORV GH YLGD HFROyJLFRV QR HVWiQ UHODFLRQDGRV FRQ HO QLYHO GH FRQRFLPLHQWRV H LQIRUPDFLyQ
HFROyJLFR 3RU WDQWR ORV DOXPQRV TXH WLHQHQ XQD FRQGXFWD UHDO DPELHQWDO \ XQ HVWLOR GH YLGD
HFROyJLFRQRQHFHVDULDPHQWHHVWiQLQIRUPDGRV\FRQRFHQORVSUREOHPDVPHGLRDPELHQWDOHV3RU
HOFRQWUDULRHOLQWHUpV\DWHQFLyQDORVHIHFWRVGHODFRQWDPLQDFLyQHQUHIHUHQFLDDODFRQGXFWD
LQWHQFLRQDO \ ORV KiELWRV HFROyJLFRV HQ HVWLORV GH YLGD HFROyJLFRV LPSOLFDQ XQD UHODFLyQ
SRVLWLYDFRQORVFRQRFLPLHQWRVHLQIRUPDFLyQHFROyJLFD3RURWUDSDUWHORVUHVXOWDGRVGH9$/6
\SHUVRQDOLGDGGHORVHVWXGLDQWHV38&3GHVFULELHURQTXHSULQFLSDOPHQWHODFXDOLGDGLQWHOHFWXDO
VHDVRFLDDXQPD\RUFRQRFLPLHQWRPHGLRDPELHQWDOGHKHFKRH[LVWHXQDUHODFLyQFRKHUHQWHFRQ
HOPD\RUFRQRFLPLHQWRVREUHODVLWXDFLyQDPELHQWDO
H &DUDFWHUtVWLFDGHOFRPSRUWDPLHQWRGHFRPSUDGHSURGXFWRVHFROyJLFRV
(Q HVWD ~OWLPD VHFFLyQ VH GHVFULEHQ ORV UHVXOWDGRV GH ODV UHJUHVLRQHV ORJtVWLFDV GH OD
YDULDEOH GHSHQGLHQWH ³&RPSUD GH SURGXFWRV HFROyJLFRV´ HVWD YDULDEOH GLFRWyPLFD WRPD GRV
YDORUHV XQR FXDQGR HO DOXPQR DILUPD KDEHU FRPSUDGR DOJXQD YH] XQ SURGXFWR HFROyJLFR
DOLPHQWRVRUJiQLFRV OLPSLH]D HFROyJLFD \PDQXIDFWXUDHFROyJLFD\FHURFXDQGR QRKD\D
FRPSUDGRQXQFDHVWDFODVHGHSURGXFWRV'HOPLVPRPRGRVHSUHVHQWDHODQiOLVLVSRUVHSDUDGR
SDUDORVWUHVWLSRVGHFRPSUDGHSURGXFWRHFROyJLFR³$OLPHQWRV´³/LPSLH]D´\³0DQXIDFWXUD´
HQIXQFLyQGHODVYDULDEOHVLQGHSHQGLHQWHVGHORVPRGHORVSVLFRJUiILFRV
$GLIHUHQFLDGHODVDQWHULRUHVUHJUHVLRQHVVHDSOLFDODUHJUHVLyQORJtVWLFDSDUDH[SOLFDU
ODV UHODFLRQHV HQWUH YDULDEOHV VLQ HPEDUJR VH XWLOL]DQ ORV PLVPRV LQGLFDGRUHV HVWDGtVWLFRV

SULQFLSDOPHQWHHOJUDGRGHVLJQLILFDQFLDGHODVYDULDEOHVLQGHSHQGLHQWHVODFXDOWLHQHODPLVPD
LQWHUSUHWDFLyQTXHHQUHVXOWDGRVSUHYLRV
3DUD LQLFLDU VH SUHVHQWDQ ORV UHVXOWDGRV HQ IXQFLyQ GH ODV DFWLWXGHV PHGLRDPELHQWDOHV
YHU$QH[R2SULPHURVHLQWHUSUHWDTXHQLQJXQDYDULDEOHGHODVDFWLWXGHVPHGLRDPELHQWDOHVVH
UHODFLRQD FRQ OD FRPSUD GH DOLPHQWRV RUJiQLFRV VHJXQGR VROR OD YDULDEOH ³&RQGXFWD GH
FRQVHUYDFLyQ PHGLRDPELHQWDO´ VH UHODFLRQD SRVLWLYDPHQWH FRQ OD FRPSUD GH SURGXFWRV GH
OLPSLH]D HFRDPLJDEOHV FRQ HO PHGLR DPELHQWH ILQDOPHQWH OD FRPSUD GH SURGXFWRV GH
PDQXIDFWXUD HFROyJLFRV VH UHODFLRQDQ FRQ OD PD\RUtD GH YDULDEOHV GH ODV DFWLWXGHV HFROyJLFDV
SULQFLSDOPHQWHHOPRGHORGHFRPSURPLVRYHUEDOHVVLJQLILFDWLYRHQODH[SOLFDFLyQGHODYDULDEOH
GHSHQGLHQWHODLQWHQFLyQHQDGRSWDUDFWLYLGDGHVPHQRVFRQWDPLQDQWHVVHUHODFLRQDGLUHFWDPHQWH
FRQ OD FRPSUD GH SURGXFWRV GH PDQXIDFWXUD HFROyJLFD HQ FDPELR OD GLVSRVLFLyQ D XVDU ORV
UHFXUVRVHFRQyPLFRVHQEHQHILFLRGHOPHGLRDPELHQWHWLHQHXQDUHODFLyQLQYHUVDFRQODYDULDEOH
GHSHQGLHQWH'HOPLVPRPRGRODFRPSUDGHSURGXFWRVGHPDQXIDFWXUDHFROyJLFDSRUHMHPSOR
FDUWHUDV R PRFKLODV GH PDWHULDOHV UHFLFODGRV VH DVRFLDQ D OD FRQGXFWD UHDO GH FRQVHUYDFLyQ
HFROyJLFD\DODVHQVLELOLGDGGHORVDOXPQRVDORVULHVJRVGHODFRQWDPLQDFLyQ
(QVHJXQGROXJDUORVUHVXOWDGRVGHOPRGHORGHYDORUHV\HVWLORVGHYLGD9$/6YHU

$QH[R2VHxDODQTXHODFRPSUDGHDOLPHQWRV\OLPSLH]DQRVHUHODFLRQDQFRQQLQJXQDYDULDEOH
GHO PRGHOR 3RU HO FRQWUDULR ~QLFDPHQWH OD YDULDEOH ³*XVWR SRU OD PRGD´ VH UHODFLRQD
SRVLWLYDPHQWH FRQ OD FRPSUD GH SURGXFWRV GH PDQXIDFWXUD HFROyJLFD HQ RWUDV SDODEUDV OD
WHQGHQFLD GHO JXVWR SRU OD PRGD GH ORV DOXPQRV 38&3 PRWLYD OD FRPSUD GH SURGXFWRV
HFROyJLFRV
'HVGHORVUHVXOWDGRVGHODUHJUHVLyQOLQHDODSOLFDGDHQIXQFLyQGHODSHUVRQDOLGDGGHORV
DOXPQRVYHU$QH[R2VHREVHUYDTXHODYDULDEOH³3DFLHQFLD´VHUHODFLRQDSRVLWLYDPHQWHFRQ
OD FRPSUD GH DOLPHQWRV RUJiQLFRV \ SRU HO RWUR ODGR OD FRPSUD GH SURGXFWRV GH
OLPSLH]DHFROyJLFDVHUHODFLRQDGHIRUPDLQYHUVDFRQODYDULDEOH³FDUiFWHUHPRFLRQDO´
PLHQWUDV TXH OD FRPSUD GH PDQXIDFWXUD HFROyJLFD QR VH UHODFLRQD FRQ OD SHUVRQDOLGDG GH ORV
DOXPQRV$OUHVSHFWRVHLQILHUHTXHORVDOXPQRV38&3GHFDUiFWHULQVHQVLEOHHLQFRQPRYLEOH
VRQ PiV SURSHQVRV D OD FRPSUD GH SURGXFWRV GH OLPSLH]D HFROyJLFD DVLPLVPR ORV DOXPQRV
SDFLHQWHV\WUDQTXLORVSUHILHUHQRSWDUSRUODFRPSUDGHDOLPHQWRVRUJiQLFRV
3RU ~OWLPR VH H[SRQHQ ORV UHVXOWDGRV GH ODV UHJUHVLRQHV DSOLFDGDV HQ IXQFLyQ GHO
PRGHORGHHVWLORVGHYLGDHFROyJLFRVYHU$QH[R2ORVUHVXOWDGRVPXHVWUDQTXHVRORHOPRGHOR
GHHVWLORVGHYLGDHFROyJLFRVHUHODFLRQDFRQODFRPSUDGHSURGXFWRVGHPDQXIDFWXUDHFROyJLFD
HVSHFtILFDPHQWH ORV DOXPQRV TXH SRVHDQ KiELWRV HFROyJLFRV PDQLILHVWDQ VX FRPSRUWDPLHQWR

PHGLDQWH OD FRPSUD GH SURGXFWRV HFROyJLFRV HV LQWHUHVDQWH YHU TXH OD YDULDEOH ³3UiFWLFD \
FRQVXPRHFROyJLFR´QRVHUHODFLRQDFRQODFRPSUDGHDOLPHQWRVHFROyJLFRVORFXDOLQGLFDTXH
OD FRPSUD \ FRQVXPR GH DOLPHQWRV RUJiQLFRV QR VH UHODFLRQD FRQ XQ HVWLOR GH YLGD GH ORV
DOXPQRVTXHWLHQHSRUREMHWLYRHOFXLGDGRDPELHQWDO
(QVtQWHVLVHOFRPSRUWDPLHQWRGHFRPSUDGHORVDOXPQRVPXHVWUDPD\RUHVUHVXOWDGRV
H[SOLFDWLYRV HQ OD FRQGXFWD GH FRPSUD GH PDQXIDFWXUD HFROyJLFD $GHPiV SRQH HQ HYLGHQFLD
TXHORVDOXPQRV PDQLILHVWDQ VXVDFWLWXGHVHFROyJLFDV FRPSURPLVR YHUEDOFRPSURPLVRUHDO\
FRPSURPLVR DIHFWLYR SRU PHGLR GH OD FRPSUD GH SURGXFWRV HFROyJLFRV KHFKRV GH PDWHULDOHV
UHXWLOL]DGRV R UHFLFODGRV 7DPELpQ LQGLFD TXH GH ORV SURGXFWRV HFROyJLFRV TXH VH RIUHFHQ
RFDVLRQDOPHQWH D OD YHQWD HQ 38&3 ORV DOXPQRV DVRFLDQ OD FRPSUD GH ORV SURGXFWRV GH
PDQXIDFWXUD\OLPSLH]DDXQDPHMRUFRQVHUYDFLyQGHOPHGLRDPELHQWH(QFDPELRODFRPSUD\
FRQVXPR GH DOLPHQWRV HFROyJLFRV QR QHFHVDULDPHQWH HVWi UHODFLRQDGR D XQD FRQGXFWD UHDO
HFROyJLFD'HVGHHOSXQWRGHYLVWDGHHVWLORVGHYLGDODWHQGHQFLDDODFRPSUDGHSURGXFWRVGH
PDQXIDFWXUDHFROyJLFDVHDVRFLDDOJXVWRSRUODPRGD\DORVKiELWRVHFROyJLFRV)LQDOPHQWHOD
SHUVRQDOLGDGLQGLFDTXHORVDOXPQRVSDFLHQWHVFRPSUDQDOLPHQWRVRUJiQLFRV\ORVDOXPQRVGH
FDUiFWHULQVHQVLEOHFRQWUDULRDOFDUiFWHUHPRFLRQDOVHLQFOLQDQSRUODFRPSUDGHSURGXFWRVGH
OLPSLH]DHFROyJLFD
(V LPSRUWDQWH WDPELpQ PHQFLRQDU TXH ORV UHVXOWDGRV GH ODV UHJUHVLRQHV PRVWUDURQ 5
FXDGUDGRVPHQRUHVDO6LQHPEDUJRVHJ~Q:HLWHQHQODSUiFWLFDDOJXQRVFDPSRV
GH HVWXGLR SRVHHQ XQD PD\RU YDULDFLyQ HQWUH VXV GDWRV 3RU HOOR VXV UHVXOWDGRV PXHVWUDQ 5
FXDGUDGRV EDMRV 3RU HMHPSOR ORV HVWXGLRV TXH LQWHQWDQ H[SOLFDU HO FRPSRUWDPLHQWR KXPDQR
JHQHUDOPHQWH WLHQHQ 5 FXDGUDGRV SRU GHEDMR GHO GHELGR D TXH ODV SHUVRQDV VRQ PiV
GLItFLOHV GH SUHGHFLU TXH ORV PRGHORV PDFURHFRQyPLFRV FRPR HO 3%, QLYHO GH HPSOHDELOLGDG
LPSXHVWRV HFW 'HO PLVPR PRGR ORV HVWXGLRV PDFURV QDFLRQDOHV R UHJLRQDOHV REWHQGUiQ
PD\RUPHQWH 5 FXDGUDGRV DOWRV GHELGR D XQ JUDQ Q~PHUR GH REVHUYDFLRQHV \ D XQD WHQGHQFLD
HQWUHVXVYDULDEOHV(QHVHVHQWLGRFRPRVHPHQFLRQDDOLQLFLRHOREMHWLYRGHODVUHJUHVLRQHVHV
LGHQWLILFDUODVYDULDEOHVHVWDGtVWLFDPHQWHVLJQLILFDWLYDVTXHH[SOLFDQDODVYDULDEOHVGHSHQGLHQWHV
\FRPSRQHQHOSHUILOHFROyJLFRGHORVDOXPQRV38&3

&$3Ë78/2&203257$0,(172'(/&21680,'25
(&2/Ï*,&238&3
(Q HO SUHVHQWH FDStWXOR VH FRQVWUX\H HO SHUILO GH FRPSRUWDPLHQWR GHO FRQVXPLGRU
HFROyJLFR 38&3 D WUDYpV GH ODV FLQFR PDQLIHVWDFLRQHV FRPSRUWDPLHQWR GH UHFLFODMH
FRPSRUWDPLHQWR GH FRPSUD FRPSURPLVR UHDO FRQ HO PHGLR DPELHQWH SDUWLFLSDFLyQ HQ
SURJUDPDV R LQLFLDWLYDV 38&3 \ HO FRQRFLPLHQWR H LQIRUPDFLyQ HFROyJLFD HVWDV GRV ~OWLPDV
FRQVLGHUDGDVVHJ~QHOFRQWH[WR
(QHOFDStWXORDQWHULRUVHDQDOL]DURQORVUHVXOWDGRVGHODVYDULDEOHVVRFLRGHPRJUiILFRV\
SVLFRJUiILFRVGHODOXPQR38&3HOSULPHURPHGLDQWHODHODERUDFLyQGHWDEODVGHFRQWLQJHQFLD\
FRQWUDVWHV GH OD &KLFXDGUDGR\ HO VHJXQGR PHGLDQWH OD HODERUDFLyQGHO DQiOLVLV IDFWRULDO\ OD
UHJUHVLyQ OLQHDO \ ORJtVWLFD &RQ HO ILQ GH VLQWHWL]DU ORV UHVXOWDGRV REWHQLGRV VH SUHVHQWDQ ORV
UHV~PHQHVGHFDGDXQDGHHOODVUHODFLyQHVWDGtVWLFDRQR3DUDUOXHJRUHDOL]DUHOFRQWUDVWHGH
ODVYDULDEOHVTXHLQIOX\HQHQXQPD\RUFRPSRUWDPLHQWRHFROyJLFRFRQHOREMHWLYRGHUHFKD]DUR
QRODVKLSyWHVLVGHODLQYHVWLJDFLyQ
3HUILOGHODOXPQRHFROyJLFRTXHUHFLFOD
$ WUDYpV GH ORV UHVXOWDGRV GH ODV UHODFLRQHV HVWDGtVWLFDV UHDOL]DGDV HQ HO FDStWXOR
DQWHULRU HQ OD 7DEOD VH SXHGHQ REVHUYDU TXp YDULDEOHV IRUPDQ SDUWH R LQIOX\HQ HQ HO
FRPSRUWDPLHQWRGHUHFLFODMHGHODOXPQR38&3(QWpUPLQRVJHQHUDOHVVHSXHGHFRPHQWDUTXH
ODV YDULDEOHV VRFLRGHPRJUiILFDV D GLIHUHQFLD GH ODV SVLFRJUiILFDV QR IRUPD SDUWH GHO
FRPSRUWDPLHQWRGHUHFLFODMH
7DEOD5HODFLRQHVHVWDGtVWLFDVGHOFRPSRUWDPLHQWRGHUHFLFODMH
6RFLRGHPRJUiILFD 5HODFLyQ(VWDGtVWLFD
6(;2 12
('$' 12
75$%$-2 12
3VLFRJUiILFR 5HODFLyQ(VWDGtVWLFD
$FWLWXGR&RPSURPLVR9HUEDO
,QWHQFLyQHQDGRSWDUDFWLYLGDGHVPHQRVFRQWDPLQDQWHV 6,
'LVSRVLFLyQDXVDUUHFXUVRVDEHQHILFLRPHGLRDPELHQWDO 12
$FWLWXGR&RPSURPLVR5HDO
&RQGXFWDGHFRQVHUYDFLyQPHGLRDPELHQWDO 6,
&RPSURPLVRUHDOHQODSDUWLFLSDFLyQGHLQLFLDWLYDVHFROyJLFDV 6,

7DEOD5HODFLRQHVHVWDGtVWLFDVGHOFRPSRUWDPLHQWRGHUHFLFODMH&RQWLQXDFLyQ
3VLFRJUiILFR 5HODFLyQ(VWDGtVWLFD
$FWLWXGR&RPSURPLVR$IHFWLYR
3UHRFXSDFLyQSRUODFRQWDPLQDFLyQRFDVLRQDGRVSRUWHUFHURV 6,
6HQVLELOLGDGDORVULHVJRVTXHODFRQWDPLQDFLyQSXHGHRFDVLRQDUHQXQR 6,
(VWLORGH9LGD(FROyJLFR
+iELWRVHFROyJLFRV 6,
9LGD(TXLOLEUDGD 6,
3UDFWLFD\&RQVXPRHFROyJLFR 12
%~VTXHGDGHQXHYDVHPRFLRQHV 12
*XVWRSRUODPRGD 12
&UHDWLYLGDG 12
3HQVDPLHQWRUHOLJLRVR 12
9LGDUXWLQDULD 6,
&DSDFLGDGLQWHOHFWXDO 12
3HUVRQDOLGDG
6ROLGDULGDG\FRPSDxHULVPRKDFLDORVGHPiV 12
&DUiFWHUHPRFLRQDO 12
&UHDWLYLGDG\QLYHOGHLQWHOHFWXDOLGDG 6,
5HVSRQVDELOLGDG\PHWLFXORVLGDG 12
2UGHQ 12
&DUiFWHUH[WURYHUWLGR 12
&DUiFWHULQWURYHUWLGR 12
7UDQTXLOLGDG 12
3DFLHQFLD 12
'HEHLQWHUSUHWDUVHGHPDQHUDQHJDWLYD
(Q RWUDV SDODEUDV HO SHUILO GH ORV DOXPQRV TXH UHFLFODQ QR HVWi GHILQLGR SRU
FDUDFWHUtVWLFDV GH VH[R HGDG \ OD VLWXDFLyQ ODERUDO 3RU RWUR ODGR VH REVHUYDQ TXH DOJXQDV
FDUDFWHUtVWLFDVSVLFRJUiILFDVH[SOLFDQXQPD\RUFRPSRUWDPLHQWRGHUHFLFODMH
$Vt UHVSHFWR D OD DFWLWXG HFROyJLFD ORV DOXPQRV TXH UHFLFODQ PiV VRQ DTXHOORV TXH
YHUEDOPHQWHWLHQHQODLQWHQFLyQGHDGRSWDUDFWLYLGDGHVPHQRVFRQWDPLQDQWHVSRUHMHPSORXVDU
WUDQVSRUWHVDOWHUQDWLYRVRFRPSUDUDHPSUHVDVUHVSRQVDEOHVFRQHOPHGLRDPELHQWH$VLPLVPR
VRQ DOXPQRV TXH SDUWLFLSDQ HQ LQLFLDWLYDV HFROyJLFDV \ PXHVWUDQ XQD FRQGXFWD UHDO GH
FRQVHUYDFLyQSRUHMHPSORPHGLDQWHHOLQWHUpVHQODVSROtWLFDVPHGLRDPELHQWDOHVGHOJRELHUQR\
ODDGTXLVLFLyQGHSURGXFWRVFRQHQYDVHVUHFLFODEOHV3RU~OWLPRVRQDOXPQRVDORVTXHPiVOHV

DIHFWD OD FRQWDPLQDFLyQ RFDVLRQDGR SRU WHUFHURV VRFLHGDG HPSUHVDV \ JRELHUQR \ VH
SUHRFXSDQSRUORVGDxRVTXHSXHGHRFDVLRQDUHQVXVIDPLOLDVRHQHOORV
5HVSHFWRDORVYDORUHVRHVWLORVGHYLGDVRQDTXHOORVDOXPQRVTXHQROHVJXVWDXQDYLGD
UXWLQDULDHVGHFLUVRQDOXPQRVPiVGLQiPLFRVRTXHEXVFDQVDOLUGHODPRQRWRQtD5HVSHFWRDO
HVWLORGHYLGDHFROyJLFRVRQDOXPQRVTXHSUHVHQWDQKiELWRVHFROyJLFRVSRUHMHPSORDUURMDUOD
EDVXUD HQ FRQWHQHGRUHV VHOHFWLYRV \ XQD YLGD HTXLOLEUDGD HQWUH HO WUDEDMR \ OD YLGD SULYDGD
)LQDOPHQWHVRQDOXPQRVTXHSUHVHQWDQXQDSHUVRQDOLGDGPiVFUHDWLYD
3HUILOGHODOXPQRHFROyJLFRTXHFRPSUDSURGXFWRVHFROyJLFRV
(O SHUILO GHO DOXPQR TXH FRPSUD SURGXFWRV HFROyJLFRV VH GLYLGH HQ WUHV SHUILOHV PiV
HVSHFtILFRV HQ UHODFLyQ D WUHV WLSRV GH SURGXFWRV HFROyJLFRV DOLPHQWDFLyQ OLPSLH]D \
PDQXIDFWXUD(QHO$QH[R3VHUHVXPHQORVUHVXOWDGRVREWHQLGRVGHHVWRVWUHVWLSRVGHFRPSUDV
(Q SULPHU OXJDU VH REVHUYD TXH HO SHUILO GHO DOXPQR 38&3 TXH FRPSUD DOLPHQWRV RUJiQLFRV
VRORVHFDUDFWHUL]DSRUVXSDFLHQFLD(QVHJXQGROXJDUODSHUVRQDOLGDGGHODOXPQRTXHFRPSUD
SURGXFWRV GH OLPSLH]D HFROyJLFD HV GH FDUiFWHU QR HPRFLRQDO $GHPiV HVWRV DOXPQRV SRVHHQ
XQD FRQGXFWD GH FRQVHUYDFLyQ PHGLRDPELHQWDO FRPSUDQ SURGXFWRV FRQ HQYDVH UHFLFODEOH R
HVWiQDODH[SHFWDWLYDGHODVSROtWLFDVPHGLRDPELHQWDOHVGHOJRELHUQR
(QWHUFHUOXJDUODVPXMHUHVVHDVRFLDQDODFRPSUDGHPDQXIDFWXUDHFROyJLFD5HVSHFWR
DODVDFWLWXGHVPHGLRDPELHQWDOHVHVWHSHUILOVHFDUDFWHUL]DSRUVXLQWHQFLyQSRVLWLYDHQUHDOL]DU
DFWLYLGDGHV PHQRV FRQWDPLQDQWHV WUDQVSRUWHV DOWHUQDWLYRV \ FRPSUDU D HPSUHVDV UHVSRQVDEOHV
FRQHOPHGLRDPELHQWHVXFRPSRUWDPLHQWRGHFRQVHUYDFLyQPHGLRDPELHQWDO\VXVHQVLELOLGDGD
ORVHIHFWRVTXHODFRQWDPLQDFLyQPHGLRDPELHQWDOSXHGHDIHFWDUOHVGLUHFWDPHQWH3RURWURODGR
ORV DOXPQRV TXH FRPSUDQ SURGXFWRV GH PDQXIDFWXUD HFROyJLFD D SHVDU TXH SUHVHQWDQ XQD
FRQGXFWDGHFRQVHUYDFLyQPHGLRDPELHQWDOQRVpLQYROXFUDQGHPDVLDGRHQODVPLVPDVDVtQR
HVWiQ GLVSXHVWRV D JDVWDU VX WLHPSR HQ GLVWULEXLU SXEOLFLGDG H LQIRUPDFLyQ VREUH HO PHGLR
DPELHQWH3RUHOODGRGHHVWLORVGHYLGDVHSXHGHGHFLUTXHHOJXVWRSRUODPRGD\ORVKiELWRV
HFROyJLFRVDFWXDUFRQVHFXHQWHPHQWHDOFDPELRFOLPiWLFR\DUURJDUODEDVXUDHQFRQWHQHGRUHV
PRWLYDQODFRPSUDGHHVWRVSURGXFWRVGHPDQXIDFWXUDHFRORJtD
(QVtQWHVLVHOSHUILOGHFRPSUDGHORVDOXPQRV38&3HVWiPiVUHODFLRQDGRDODFRPSUD
GH SURGXFWRV GH PDQXIDFWXUD HFROyJLFD (VSHFtILFDPHQWH ODV DOXPQDV 38&3 IRUPDQ SDUWH GH
HVWH SHUILO 'HO PLVPR PRGR OD FRPSUD GH PDQXIDFWXUD HFROyJLFD \GH OLPSLH]D HFROyJLFD VH
DVRFLDPiVDXQDFRQGXFWDGHFRQVHUYDFLyQUHDOGHOPHGLRDPELHQWH3RUHOFRQWUDULRODFRPSUD
GHDOLPHQWRVRUJiQLFRVQRVHDVRFLDDQLQJXQDDFWLWXGPHGLRDPELHQWDO

3HUILOGHODOXPQRHFROyJLFRFRQDFWLWXGIDYRUDEOHKDFLDHOPHGLRDPELHQWH
6H LGHQWLILFDURQ VHLV YDULDEOHV TXH JXDUGDQ XQD UHODFLyQ SRVLWLYD FRQ XQD DFWLWXG
IDYRUDEOH KDFLD HO PHGLRDPELHQWH LQWHQFLyQ HQ DGRSWDU DFWLYLGDGHV PHQRV FRQWDPLQDQWHV
SUHRFXSDFLyQ SRU OD FRQWDPLQDFLyQ RFDVLRQDGD SRU WHUFHURV JXVWR SRU OD PRGD SDFLHQFLD
KiELWRVHFROyJLFRVYLGDHTXLOLEUDGDYHUWDEOD3RUHOORHOSHUILOGHODOXPQRFRQXQDDFWLWXG
IDYRUDEOHKDFLDHOPHGLRDPELHQWHHVWiFRPSXHVWRVRORSRUYDULDEOHVSVLFRJUiILFDV
3ULPHUR VX DFWLWXG PHGLRDPELHQWDO VH FDUDFWHUL]DGD SRU VX LQWHQFLyQ HQ DGRSWDU
DFWLYLGDGHV PHQRV FRQWDPLQDQWHV XVR GH WUDQVSRUWHV DOWHUQDWLYRV \ FRPSUD D HPSUHVDV
UHVSRQVDEOHV FRQ HO PHGLR DPELHQWH \ VX SUHRFXSDFLyQ SRU OD FRQWDPLQDFLyQ RFDVLRQDGD SRU
WHUFHURVVRFLHGDGHPSUHVDV\JRELHUQR
7DEOD5HODFLRQHVHVWDGtVWLFDVGHOFRPSURPLVRUHDO
6(;2 12
('$' 12
75$%$-2 12
3VLFRJUiILFRV 5HODFLyQ(VWDGtVWLFD
3UHRFXSDFLyQSRUODFRQWDPLQDFLyQRFDVLRQDGSRUWHUFHURV 6,
6HQVLELOLGDGDORVULHVJRVTXHODFRQWDPLQDFLyQSXHGHRFDVLRQDUHQXQR 12
9LGD(TXLOLEUDGD 12
*XVWRSRUODPRGD 6,
&UHDWLYLGDG 12
9LGDUXWLQDULD 12

7DEOD5HODFLRQHVHVWDGtVWLFDVGHOFRPSURPLVRUHDO&RQWLQXDFLyQ
3HUVRQDOLGDG
2UGHQ 12
7UDQTXLOLGDG 12
3DFLHQFLD 6,

3RUHOODGRGHORVYDORUHV\HVWLORVGHYLGDHOSHUILOGHHVWHDOXPQRJXVWDSRUODPRGD
FRODERUDFRQDOJXQDRUJDQL]DFLyQHQGHIHQVDGHODQDWXUDOH]D\SUDFWLFDXQDGLHWD YHJHWDULDQD
)LQDOPHQWH OD SDFLHQFLD HV OD SULQFLSDO FXDOLGDG GH VX SHUVRQDOLGDG HV GHFLU WLHQH XQ PHMRU
FRQWUROVREUHVXVUHDFFLRQHV\FRQGXFWDIUHQWHDVXHQWRUQR
3HUILOGHODOXPQRHFROyJLFRTXHSDUWLFLSDHQSURJUDPDVRLQLFLDWLYDV
(QOD7DEODVHSUHVHQWDQORVUHVXOWDGRVGHODVUHODFLRQHVHVWDGtVWLFDVHQWUHYDULDEOHV
VRFLRGHPRJUiILFDV\SVLFRJUiILFDVFRQVLGHUDGDV\HOFRPSRUWDPLHQWRGHODOXPQRTXHSDUWLFLSD
HQ SURJUDPDV H LQLFLDWLYDV HFROyJLFDV 38&3 &RPR VH SXHGH REVHUYDU D GLIHUHQFLD GH ORV
DQWHULRUHV SHUILOHV ODV YDULDEOHV VRFLRGHPRJUiILFDV VL IRUPDQ SDUWH GH OD SDUWLFLSDFLyQ
DVLPLVPR VH HYLGHQFLD OD UHODFLyQ GH DOJXQDV FDUDFWHUtVWLFDV SVLFRJUiILFDV HQ HVWH WLSR GH
FRPSRUWDPLHQWR
7DEOD5HODFLRQHV(VWDGtVWLFDVGHODSDUWLFLSDFLyQGHODOXPQR38&3
6(;2 12
('$' 6,
75$%$-2 6,
,QWHQFLyQHQDGRSWDUDFWLYLGDGHVPHQRVFRQWDPLQDQWHV 12

7DEOD5HODFLRQHV(VWDGtVWLFDVGHODSDUWLFLSDFLyQGHODOXPQR38&3&RQWLQXDFLyQ
&RQGXFWDGHFRQVHUYDFLyQPHGLRDPELHQWDO 6,
&RPSURPLVRUHDOHQODSDUWLFLSDFLyQGHLQLFLDWLYDVHFROyJLFDV 6,
3UHRFXSDFLyQSRUODFRQWDPLQDFLyQRFDVLRQDGSRUWHUFHURV 12
6HQVLELOLGDGDORVULHVJRVTXHODFRQWDPLQDFLyQSXHGHRFDVLRQDUHQXQR 6,
9LGD(TXLOLEUDGD 6,
%~VTXHGDGHQXHYDVHPRFLRQHV 6,
*XVWRSRUODPRGD 6,
&UHDWLYLGDG 12
9LGDUXWLQDULD 12
3HUVRQDOLGDG
6ROLGDULGDG\FRPSDxHULVPRKDFLDORVGHPiV 6,
2UGHQ 12
7UDQTXLOLGDG 12
3DFLHQFLD 12

(Q UHODFLyQ D ODV FDUDFWHUtVWLFDV VRFLRGHPRJUiILFDV VH PXHVWUD TXH OD HGDG \ OD
VLWXDFLyQGHWUDEDMRVHDVRFLDFRQODSDUWLFLSDFLyQHQORVSURJUDPDVHLQLFLDWLYDV38&3HVGHFLU
ORV DOXPQRV TXH PiV SDUWLFLSDQ HQ ORV SURJUDPDV R LQLFLDWLYDV 38&3 VRQ DTXHOORV DOXPQRV
HQWUH D DxRV \GH D PiV DVLPLVPR VH PXHVWUD XQD PD\RUSDUWLFLSDFLyQ GH DTXHOORV
DOXPQRVTXHVHHQFXHQWUDQWUDEDMDQGRRSUDFWLFDQGR
(Q UHODFLyQ D ODV FDUDFWHUtVWLFDV SVLFRJUiILFDV ORV DOXPQRV TXH PiV SDUWLFLSDQ VRQ
DTXHOORV TXH SUHVHQWDQ XQ FRPSURPLVR UHDO HV GHFLU DTXHOORV DOXPQRV TXH HVWiQ D OD

H[SHFWDWLYD GH ODV SROtWLFDV PHGLR DPELHQWDOHV SRU SDUWH GHO JRELHUQR FRPSUDQ SURGXFWRV GH
HQYDVHV UHFLFODEOHV \ SDUWLFLSDQ HQ HYHQWRV PHGLRDPELHQWDOHV IXHUD GH OD XQLYHUVLGDG
FRQIHUHQFLDV SURJUDPDV HWF 5HVSHFWR D ORV YDORUHV \ HVWLORV GH YLGD VRQ DOXPQRV TXH
EXVFDQQXHYDVHPRFLRQHV\SUHVHQWDQWHQGHQFLDVYDQJXDUGLVWDVDWUDYpVGHOJXVWRSRUODPRGD
5HVSHFWR DO HVWLOR GHYLGDHFROyJLFR VRQ DOXPQRV TXH WLHQHQXQKiELWR HFROyJLFR \ SUHVHQWDQ
XQDYLGDHTXLOLEUDGDHVWRWLHQHVHQWLGRGHELGRDTXHORVDOXPQRVTXHDFW~DQFRQVHFXHQWHPHQWH
DO FDPELR FOLPiWLFR WHQGUiQ XQD PD\RU GLVSRVLFLyQ D DFWXDU HQ HVWRV SURJUDPDV )LQDOPHQWH
DTXHOORV DOXPQRV PiV FUHDWLYRV \ VROLGDULRV FRQ VXV FRPSDxHURV SDUWLFLSDQ PiV HQ HVWRV
SURJUDPDVSRVLEOHPHQWHSRUODFODUDLQWHUDFFLyQ\HOWUDEDMRHQHTXLSRTXHVHFDUDFWHUL]DQGH
HVWRVSURJUDPDV
3HUILOGHODOXPQRHFROyJLFRTXHFRQRFHRVHLQIRUPDGHWHPDVHFROyJLFRV
(QUHODFLyQDODOXPQRTXHFRQRFHRVHLQIRUPDPiVVREUHWHPDVHFROyJLFRVVRQSRFDV
ODV FDUDFWHUtVWLFDV TXH LQIOX\HQ HQ HVWH WLSR GH SHUILO &RPR VH PXHVWUD HQ OD 7DEOD QR VH
LGHQWLILFDUHODFLyQFRQDOJXQDGHODVFDUDFWHUtVWLFDVVRFLRGHPRJUiILFDVDVLPLVPRVRQSRFDVODV
FDUDFWHUtVWLFDVSVLFRJUiILFDVTXHLQIOX\HQHQHVWHWLSRGHFRPSRUWDPLHQWRODVFXDOHVVHDVRFLDQD
FDUDFWHUtVWLFDVSURSLDVGHHVWHWLSRGHSHUILOFRPRODFDSDFLGDGLQWHOHFWXDO
6(;2 12
('$' 12
75$%$-2 12
&RQGXFWDGHFRQVHUYDFLyQPHGLRDPELHQWDO 12
&RPSURPLVRUHDOHQODSDUWLFLSDFLyQGHLQLFLDWLYDVHFROyJLFDV 12
3UHRFXSDFLyQSRUODFRQWDPLQDFLyQRFDVLRQDGSRUWHUFHURV 12
6HQVLELOLGDGDORVULHVJRVTXHODFRQWDPLQDFLyQSXHGHRFDVLRQDUHQXQR 12

&RQWLQXDFLyQ
9LGD(TXLOLEUDGD 12
*XVWRSRUODPRGD 12
&UHDWLYLGDG 12
9LGDUXWLQDULD 12
&DSDFLGDGLQWHOHFWXDO 6,
3HUVRQDOLGDG
2UGHQ 12
7UDQTXLOLGDG 12
3DFLHQFLD 12

$VtUHVSHFWRDODVFDUDFWHUtVWLFDVVRFLRGHPRJUiILFDVQRVHREVHUYDUHODFLyQDOJXQDFRQ
HO PD\RU R PHQRU FRQRFLPLHQWR R LQWHUpV GH LQIRUPDFLyQ HQ WHPDV HFROyJLFRV (V GHFLU QL OD
HGDGQLHOVH[RQLHO WUDEDMDUIRUPDQSDUWHGHHVWHWLSRGHFRPSRUWDPLHQWR(QUHODFLyQDODV
FDUDFWHUtVWLFDVSVLFRJUiILFDVVHREVHUYDTXHXQDOXPQRTXHVHFRPSURPHWHGHPDQHUDYHUEDOD
DGRSWDU DFWLYLGDGHV PHQRV FRQWDPLQDQWHV VH LQIRUPD R FRQRFH PiV VREUH WHPDV HFROyJLFRV
$VLPLVPRVHPXHVWUDODUHODFLyQGLUHFWDGHXQDPD\RUFDSDFLGDGLQWHOHFWXDO\XQDSHUVRQDOLGDG
FUHDWLYDFRQFRQRFHUHLQIRUPDUVHPiVVREUHHVWRVWHPDV
&RQWUDVWHGHOFRPSRUWDPLHQWRHFROyJLFR38&3\ODVKLSyWHVLVSODQWHDGDV
(O SUHVHQWH DSDUWDGR WLHQH FRPR REMHWLYR FRQWUDVWDU ODV GLVWLQWDV YDULDEOHV
VRFLRGHPRJUiILFDV\SVLFRJUiILFDVTXHIRUPDQSDUWHRLQIOX\HQHQHOFRPSRUWDPLHQWRHFROyJLFR

(VWH FRQWUDVWH VH UHDOL]D FRQ ORV UHVXOWDGRV GH ODV KHUUDPLHQWDV FXDQWLWDWLYDV YLVWD HQ ORV
DQWHULRUHVDFiSLWHVFRQHOILQGHDFHSWDURUHFKD]DUODVKLSyWHVLVSODQWHDGDV
3DUD OD LQYHVWLJDFLyQ VH KD DGDSWDGR HO PRGHOR GH )UDM \ 0DUWtQH] \ VH KDQ
LQFRUSRUDGR GRV PDQLIHVWDFLRQHV TXH GHWHUPLQDQ XQ FRPSRUWDPLHQWR HFROyJLFR HQ OD
XQLYHUVLGDG SDUWLFLSDFLyQ HQ SURJUDPDV R LQLFLDWLYDV HFROyJLFD 38&3 \ HO FRQRFLPLHQWR H
LQIRUPDFLyQGHWHPDVPHGLRDPELHQWDOHV3RU~OWLPRVHUHVDOWDTXHORVUHVXOWDGRVGHOSUHVHQWH
FRQWUDVWH VH UHDOL]DURQ VREUH OD EDVH GH OD PXHVWUD JHQHUDO \ ORV UHVXOWDGRV REWHQLGRV GH OD
PLVPD
/DVFDUDFWHUtVWLFDVVRFLRGHPRJUiILFDVVRQPX\OLPLWDGDVDOPRPHQWRGHHVWDEOHFHUXQD
UHODFLyQFRQXQFRPSRUWDPLHQWRHFROyJLFRGHELGRDTXHVRQSRFDVODVYDULDEOHVUHODFLRQDGDFRQ
HO PLVPR \ QLQJXQD HVWi SUHVHQWH HQ ORV FLQFR WLSRV GH FRPSRUWDPLHQWR FRQVLGHUDGRV /DV
YDULDEOHV VRFLRGHPRJUiILFDV TXH VH HYDO~DQ VRQ HO VH[R HGDG \ OD VLWXDFLyQ GH WUDEDMR GHO
DOXPQR
(QSULPHUOXJDUODYDULDEOHVH[RPXHVWUDVXDVRFLDFLyQHVWDGtVWLFDVRORHQODFRPSUDGH
PDQXIDFWXUD HFROyJLFD \ VRQ ODV PXMHUHV ODV TXH PiV DGTXLHUHQ HVWH WLSR GH SURGXFWR HVWR
SRVLEOHPHQWHVHGHEDDOJXVWRSRUODPRGDTXHWDPELpQVHDVRFLDFRQODDGTXLVLFLyQGHHVWHWLSR
GH SURGXFWR 5HVSHFWR D OD SDUWLFLSDFLyQ HQ SURJUDPDV R LQLFLDWLYDV PHGLRDPELHQWDOHV \ HQ HO
UHFLFODMHQRVHREVHUYDXQPD\RUFRPSRUWDPLHQWRGHXQDRGHO RWUR 3RUORWDQWRODKLSyWHVLV
+DTXHSODQWHD³HOVH[RIRUPDSDUWHGHOSHUILOGHOFRPSRUWDPLHQWRGHOFRQVXPLGRUHFROyJLFR
GH ORV DOXPQRV 38&3´ QR VH UHFKD]D SDUD HO FDVR HVSHFtILFR GH OD FRPSUD GH SURGXFWRV GH
PDQXIDFWXUDHFROyJLFRV
(Q VHJXQGR OXJDU OD YDULDEOH HGDG VROR PXHVWUD DVRFLDFLyQ HQ OD SDUWLFLSDFLyQ GH ORV
SURJUDPDV R LQLFLDWLYDV PHGLRDPELHQWDOHV 38&3 GRQGH DTXHOORV DOXPQRV FRQ PiV DxRV GH
HGDG PXHVWUDQ XQD PD\RU SDUWLFLSDFLyQ HQ HVWH WLSR GH FRPSRUWDPLHQWR (VWR ~OWLPR WLHQH
UHODFLyQ FRQ ORV WUDEDMRV GH LQYHVWLJDFLyQ YLVWRV HQ HO PDUFR WHyULFR GRQGH ORV UHVXOWDGRV
PRVWUDEDQXQPD\RULQWHUpVSRUSDUWHGHORVMyYHQHVHQORVSULQFLSLRVPHGLRDPELHQWDOHVSHUR
XQDPD\RUSDUWLFLSDFLyQHQDFWLYLGDGHVHQORVMyYHQHVGHPD\RUHGDG3RUORWDQWRODKLSyWHVLV
+E TXH SODQWHD TXH ³OD HGDG IRUPD SDUWH GHO SHUILO GHO FRPSRUWDPLHQWR GHO FRQVXPLGRU
HFROyJLFRGHORVDOXPQRV38&3´QRVHUHFKD]DVRORSDUDXQFDVRSDUWLFXODUHOGHSDUWLFLSDFLyQ
HQSURJUDPDVRLQLFLDWLYDVGHODXQLYHUVLGDG

(QWHUFHUOXJDUODYDULDEOHWUDEDMRDOLJXDOTXHODHGDGVRORPXHVWUDXQDDVRFLDFLyQFRQ
XQD FDUDFWHUtVWLFD GHO FRPSRUWDPLHQWR HFROyJLFR OD SDUWLFLSDFLyQ HQ SURJUDPDV R LQLFLDWLYDV
38&3 $VLPLVPR HQ HO DQiOLVLV GHVFULSWLYR VH REVHUYD TXH ORV DOXPQRV TXH VH HQFXHQWUDQ
ODEXUDQGR SUHVHQWDQ XQD PD\RU SDUWLFLSDFLyQ GH GLVWLQWRV SURJUDPDV PHGLRDPELHQWDOHV (Q OD
PLVPDUHODFLyQ.RWOHUDILUPDTXHXQLQGLYLGXRSXHGHYHUVHLQIOXHQFLDGRSRUHODVSHFWR
ODERUDO\HVWRHQODDFWXDOLGDGQRVRUSUHQGHODPD\RUtDGHODVJUDQGHVHPSUHVDVSUHVHQWDXQD
SROtWLFDPHGLRDPELHQWDOIXHUWH3RUORWDQWRODKLSyWHVLV+FTXHSODQWHD³ODVLWXDFLyQODERUDO
IRUPDSDUWHGHOSHUILOGHOFRPSRUWDPLHQWRGHOFRQVXPLGRUHFROyJLFRGHORVDOXPQRV38&3´QR
VHUHFKD]DSDUDHOFDVRSDUWLFXODUGHSDUWLFLSDFLyQHQSURJUDPDVRLQLFLDWLYDV38&3
/D LPSRUWDQFLD GH LGHQWLILFDU TXp FDUDFWHUtVWLFDV SVLFRJUiILFDV LQIOX\HQ HQ HO
FRPSRUWDPLHQWRGHOFRQVXPLGRUHFROyJLFR38&3VHYXHOYHUHOHYDQWHDOFRPSUHQGHUTXHFDGD
XQD GH ODV YDULDEOHV TXH OD FRPSRQHQ SXHGHQ LPSXOVDU D ORV LQGLYLGXRV D UHVSRQGHU GH XQD
PDQHUD IDYRUDEOH R GHVIDYRUDEOH DQWH XQD DFFLyQ GHWHUPLQDGD FRPR SRU HMHPSOR UHFLFODU
ERWHOODV\SDSHOHVRGHVHFKDUODVFRPSUDUSURGXFWRVHFROyJLFRVRQRKDFHUORHQWUHRWURV
/DVYDULDEOHVSVLFRJUiILFDVTXHVHHYDO~DQVHJXLUiQODVHFXHQFLDWHyULFDGHODHVWUXFWXUD
FOiVLFD GH OD SVLFRORJtD VRFLDO EDVH GHO FRPSRUWDPLHQWR HFROyJLFR GHO FRQVXPLGRU SURSXHVWD
SRU)UDM\0DUWtQH]YDORUHV\HVWLORVGHYLGDSHUVRQDOLGDG\ODDFWLWXGHFROyJLFD
6.2.1. Los valores y estilos de vida como variable que influye en el

comportamiento del consumidor ecológico
(QUHODFLyQDORVYDORUHV\HVWLORVGHYLGDVHHYDOXyDWUDYpVGHGRVPRGHORVODHVFDOD
9$/6 SURSXHVWD SRU 0LWFKHOO \ OD HVFDOD SURSXHVWD SRU 6iQFKH] HW DO /DV
KLSyWHVLV GH ODV YDULDEOHV TXH LQIOX\HQ HQ XQ PD\RU FRPSRUWDPLHQWR HFROyJLFR VRQ HVWLOR GH
YLGDDXVWHURRPRGHUDGR+DSHQVDPLHQWRFRQVHUYDGRUHQODIDPLOLD\UHOLJLyQ+EJXVWR
SRUODPRGD+FFRQVXPRVDOXGDEOH+G\YLGDRUGHQDGD\HTXLOLEUDGD+H
3RU XQ ODGR ORV UHVXOWDGRV UHIOHMDQ TXH HO DOXPQR FRQ XQ HVWLOR GH YLGD DXVWHUR R
PRGHUDGR \ XQ SHQVDPLHQWR FRQVHUYDGRU FRQ OD IDPLOLD \ UHOLJLyQ QR VRQ VLJQLILFDWLYRV FRQ
QLQJXQRGHORVFLQFRWLSRVGHFRPSRUWDPLHQWRVHFROyJLFRVYLVWRVDORODUJRGHODLQYHVWLJDFLyQ
)7HVW!(OUHVXOWDGRREWHQLGRHVGLVWLQWRFRQORYLVWRHQORVWUDEDMRVOLWHUDOHVGH/LHYHUV
HW DO \ 'H <RXQJ TXH Vt DVRFLDQ HVWDV YDULDEOHV D XQ FRPSRUWDPLHQWR PiV
HFROyJLFR3RUORWDQWRODVKLSyWHVLV+D\+EVHUHFKD]DQ

3RURWURODGRHOJXVWRSRUODPRGDVtHVXQDFDUDFWHUtVWLFDHVWDGtVWLFDPHQWHVLJQLILFDWLYD
HQHOFRPSRUWDPLHQWRHFROyJLFR(VWRVHFRUURERUDVXUHODFLyQHQODSDUWLFLSDFLyQGHSURJUDPDV
R LQLFLDWLYDV 38&3 )7HVW OD DFWLWXG HFROyJLFD UHDO )7HVW \ OD FRPSUD GH
SURGXFWRV GH PDQXIDFWXUD HFROyJLFD )7HVW $VLPLVPR HQ WRGDV SUHVHQWD XQ
FRHILFLHQWHȕSRVLWLYRORFXDOVLJQLILFDTXHDPD\RUHOJXVWRSRUODPRGDHOFRPSRUWDPLHQWR
HFROyJLFRWDPELpQVHUiPD\RU3RUHOORODKLSyWHVLV+FTXHLQGLFDORDQWHULRUQRVHUHFKD]D
$VLPLVPR HO FRQVXPR VDOXGDEOH SRU SDUWH GH ORV DOXPQRV GH OD 38&3 HV XQD
FDUDFWHUtVWLFDHVWDGtVWLFDPHQWHVLJQLILFDWLYDSUHVHQWHHQXQDDFWLWXGHFROyJLFDUHDOSRUPHGLRGH
OD SUiFWLFD \ FRQVXPR HFROyJLFR )7HVW (VWR VH UHODFLRQD FRQ OR YLVWR HQ OD SDUWH
GHVFULSWLYDGRQGHORVDOXPQRVFRPHQFRQIUHFXHQFLDIUXWDV\YHUGXUDV\FRQPRGHUDFLyQ
FDUQH URMD $VLPLVPR SUHVHQWD XQ FRHILFLHQWH SRVLWLYR OR FXDO UHIOHMD TXH D PD\RU HO
FRQVXPRVDOXGDEOHHOFRPSRUWDPLHQWRHFROyJLFRVHUiPD\RU3RUORWDQWRODKLSyWHVLV+GTXH
LQGLFDORDQWHULRUQRVHUHFKD]D
3RU ~OWLPR XQ HVWLOR GH YLGD RUGHQDGR \ HTXLOLEUDGR HV XQD FDUDFWHUtVWLFD
HVWDGtVWLFDPHQWHVLJQLILFDWLYDHQXQFRPSRUWDPLHQWRHFROyJLFR(VWRVHPXHVWUDFRQVXUHODFLyQ
HQ HO UHFLFODMH HFROyJLFR 77HVW \ OD SDUWLFLSDFLyQ HQ SURJUDPDV R LQLFLDWLYDV GH OD
38&3 77HVW $VLPLVPR SUHVHQWD XQ FRHILFLHQWH SRVLWLYR OR FXDO UHIOHMD TXH ORV
DOXPQRV TXH SURFXUDQ OOHYDU XQD YLGD PHWyGLFD R HTXLOLEUDQ HO WUDEDMR FRQ OD YLGD SULYDGD
SDUWLFLSDQ\UHFLFODQPiV3RUORWDQWRODKLSyWHVLV+HTXHLQGLFDORDQWHULRUQRVHUHFKD]D
6.2.2. La personalidad como variable que influye en el comportamiento del

consumidor ecológico.
3DUDHOFDVRGHODSHUVRQDOLGDGVHHYDO~DVHJ~QHOPRGHORGH³7KH%LJ)LYH)DFWRUÓD
FXDO LQWHJUD ODV FDUDFWHUtVWLFDV GH H[WURYHUVLyQ VROLGDULGDG KDFLD ORV GHPiV UHVSRQVDELOLGDG \
VHQWLGRGHORUGHQHVWDELOLGDGHPRFLRQDO\QLYHOGHLPDJLQDFLyQHLQWHOHFWR3RUHOORVHSODQWHy
XQD KLSyWHVLV SRU FDGD FDUDFWHUtVWLFD TXH OD FRPSRQH +D +E +F +G \ +H
UHVSHFWLYDPHQWH \ DVt HYDOXDU VX LQIOXHQFLD HQ HO FRPSRUWDPLHQWR HFROyJLFR GHO DOXPQR
38&3
/RV UHVXOWDGRV TXH VH KDQ REWHQLGR GH ORV DQiOLVLV GH UHJUHVLyQ UHIOHMDQ TXH OD
H[WURYHUVLyQ \ OD UHVSRQVDELOLGDG \ HO RUGHQ QR VRQ HVWDGtVWLFDPHQWH VLJQLILFDWLYDV )7HVW !
HQ QLQJXQD GH ODV FDUDFWHUtVWLFDV YLVWDV GH FRPSRUWDPLHQWR HFROyJLFR 3RU OR WDQWR ODV
KLSyWHVLV+D\+FVHUHFKD]DQ

3RU RWUR ODGR VH REVHUYD TXH OD VROLGDULGDG KDFLD ORV GHPiV Vt HV XQD YDULDEOH
HVWDGtVWLFDPHQWHVLJQLILFDWLYD)7HVW FRQODFDUDFWHUtVWLFDHFROyJLFDGHSDUWLFLSDFLyQHQ
SURJUDPDVHLQLFLDWLYDV38&3DVLPLVPRSUHVHQWDXQFRHILFLHQWHEHWDȕSRVLWLYRFRQORFXDO
VHGHWHUPLQDTXHORVDOXPQRVPiVVROLGDULRVFRQODVGHPiVSHUVRQDVVXHOHQSDUWLFLSDUPiVHQ
SURJUDPDVRLQLFLDWLYDVHFROyJLFDVGHODXQLYHUVLGDG3RUORWDQWRODKLSyWHVLV+ETXHVHxDODOD
PHQFLRQDGDFLWDQRVHUHFKD]D
5HVSHFWR D OD HVWDELOLGDG HPRFLRQDO \ HO QLYHO GH LPDJLQDFLyQ H LQWHOHFWR VH REVHUYD
TXH VRQ HVWDGtVWLFDPHQWH VLJQLILFDWLYDV FRQ OD PD\RUtD GH ODV FDUDFWHUtVWLFDV GH XQ
FRPSRUWDPLHQWRHFROyJLFR(OSULPHURVHUHODFLRQDGHPDQHUDSRVLWLYDFRQHOFRPSURPLVRUHDO
HFROyJLFRHVGHFLUORVDOXPQRVPiVSDFLHQWHVSUHVHQWDQXQFRPSRUWDPLHQWRPiVHFROyJLFR<
HO VHJXQGR VH REVHUYD TXH HO PD\RU GHVDUUROOR GH OD FUHDWLYLGDG \ HO QLYHO LQWHOHFWXDO GHO
DOXPQRLQIOX\HHQXQPD\RUFRPSRUWDPLHQWRGHUHFLFODMHFRQRFLPLHQWRGHWHPDVDPELHQWDOHV\
ODSDUWLFLSDFLyQHQSURJUDPDVHLQLFLDWLYDV3RUORWDQWRODVKLSyWHVLV+G\+HQRVHUHFKD]DQ
6.2.3. La actitud como variable que influye en el comportamiento del consumidor

ecológico.
/D DFWLWXG HFROyJLFD VH HYDOXy HQ WUHV QLYHOHV DFWLWXG YHUEDO DFWLWXG DIHFWLYD \ OD
DFWLWXG UHDO (O ILQ GHO HVWXGLR GH FDGD QLYHO HQ ORV DOXPQRV GH OD 38&3 HV FRQRFHU ¢TXp
SLHQVD"¢TXpVLHQWH"\¢TXpKDFH"HODOXPQRGHOD38&3DQWHODSUREOHPiWLFDPHGLRDPELHQWDO
3RU HOOR SDUD FDGD QLYHO VH SODQWHy XQD KLSyWHVLV TXH VH FRQWUDVWD FRQ ODV FDUDFWHUtVWLFDV GHO
FRPSRUWDPLHQWRHFROyJLFRVVHJ~QHORUGHQGHORVQLYHOHVHQXQLQLFLR+D+E\+F
/RV UHVXOWDGRV TXH VH REWXYLHURQ GH ODV UHJUHVLRQHV D GLIHUHQFLD GH ODV DQWHULRUHV
YDULDEOHV HVWiQ SUHVHQWH HQ FDVL WRGDV ODV FDUDFWHUtVWLFDV TXH GHILQHQ XQ FRPSRUWDPLHQWR
HFROyJLFR (Q SULPHU OXJDU OD DFWLWXG YHUEDO VH REVHUYD TXH HV HVWDGtVWLFDPHQWH VLJQLILFDWLYD
WDQWR FRQ HO UHFLFODMH FRPR HO FRPSURPLVR UHDO DPELHQWDO (V GHFLU ORV DOXPQRV TXH
YHUEDOPHQWHHVWiQGLVSXHVWRVRWHQJDODLQWHQFLyQHQDGRSWDUDFWLYLGDGHVPHQRVFRQWDPLQDQWHV
SUHVHQWDQXQFRPSRUWDPLHQWRPiVHFROyJLFR3RUORWDQWRODKLSyWHVLV+DQRVHUHFKD]D
5HVSHFWRDODDFWLWXGDIHFWLYDORVUHVXOWDGRVGHODQiOLVLVIDFWRULDORSWLPL]DURQHOPRGHOR
HQGRVYDULDEOHVODSUHRFXSDFLyQSRUODFRQWDPLQDFLyQGHWHUFHURV\ODVHQVLELOLGDGDORVULHVJRV
TXHODFRQWDPLQDFLyQSXHGHRFDVLRQDUHQXQR$OUHDOL]DUODUHJUHVLyQVHDSUHFLDTXHODSULPHUD
HV HVWDGtVWLFDPHQWH VLJQLILFDWLYD FRQ XQ PD\RU SHUILO GH UHFLFODMH GH SURGXFWRV HFROyJLFRV \
FRPSURPLVR UHDO \ OD VHJXQGD HV HVWDGtVWLFDPHQWH VLJQLILFDWLYD FRQ HO SHUILO GH UHFLFODMH GH

SURGXFWRVHFROyJLFRV\ODSDUWLFLSDFLyQHQSURJUDPDVRLQLFLDWLYD3RUHOORODKLSyWHVLV+ETXH
LQGLFDTXHHODOXPQRVHYHLQIOXHQFLDGRFRQODDFWLWXGDIHFWLYDQRVHUHFKD]D
)LQDOPHQWHODDFWLWXGUHDOLQGLFDVLUHDOPHQWHHODOXPQRSRQHHQSUiFWLFDODSUHYHQFLyQ
\HOFXLGDGRPHGLRDPELHQWDO/RVUHVXOWDGRVGHODQiOLVLVIDFWRULDORSWLPL]DURQHOPRGHORHQGRV
YDULDEOHVODFRQGXFWDGHFRQVHUYDFLyQPHGLRDPELHQWDO\HOFRPSURPLVRUHDOHQODSDUWLFLSDFLyQ
GHLQLFLDWLYD$OFRPSUREDUODVLJQLILFDQFLDHVWDGtVWLFDGHHVWDVYDULDEOHVFRQODVFDUDFWHUtVWLFDV
PHGLRDPELHQWDOHV VH REVHUYD TXH WDQWR HO UHFLFODMH GH SURGXFWRV HFROyJLFRV FRPR OD
SDUWLFLSDFLyQ HQ SURJUDPDV R LQLFLDWLYD 38&3 VRQ HVWDGtVWLFDPHQWH VLJQLILFDWLYDV 3RU HOOR OD
KLSyWHVLV+FTXHLQGLFDTXHDFWLWXGUHDOLQIOX\HHQHOFRPSRUWDPLHQWRHFROyJLFRQRVHUHFKD]D

&$3Ë78/2&21&/86,21(6<5(&20(1'$&,21(6
$ OR ODUJR GH OD LQYHVWLJDFLyQ VH DSOLFDURQ GLYHUVDV KHUUDPLHQWDV GH DQiOLVLV
FXDQWLWDWLYR WDEODV FUX]DGDV FKLFXDGDUDGR DQiOLVLV IDFWRULDO UHJUHVLyQ OLQHDO \ UHJUHVLyQ
ORJtVWLFD /RV KDOOD]JRV KDQ SHUPLWLGR LGHQWLILFDU ODV YDULDEOHV VRFLRGHPRJUiILFDV \
SVLFRJUiILFDVTXHFRPSRQHQHOSHUILOHFROyJLFRGHORVDOXPQRV38&3DWUDYpVGHOUHFKD]RRQR
GHODVKLSyWHVLVSODQWHDGDV
(O FRPSRUWDPLHQWR GHO FRQVXPLGRU HFROyJLFR VH KD PHGLGR D WUDYpV GH FLQFR
FRPSRUWDPLHQWRV TXH UHSUHVHQWDQ XQ FRPSRUWDPLHQWR HFROyJLFR UHFLFODMH GH HQYDVHV \
SURGXFWRVDFWLWXGDIDYRUGHOPHGLRDPELHQWHFRPSUDGHSURGXFWRVHFROyJLFRVSDUWLFLSDFLyQHQ
SURJUDPDV H LQLFLDWLYDV 38&3 \ HO FRQRFLPLHQWR H LQIRUPDFLyQ GH WHPDV PHGLRDPELHQWDOHV
(VWRV GRV ~OWLPRV FRPSRUWDPLHQWRV VH DGLFLRQDURQ DO PRGHOR GHO SHUILO HFROyJLFR GH ORV
DOXPQRVGH)UDM\0DUWtQH]
&RQFOXVLRQHV
/DVSULQFLSDOHVFRQFOXVLRQHVVREUHORVFLQFRSHUILOHVTXHH[SUHVDQXQFRPSRUWDPLHQWR
HFROyJLFRVHPHQFLRQDQDFRQWLQXDFLyQ
(OUHFLFODMHSRUSDUWHGHORVDOXPQRVGHOD38&3HVWiPX\DVRFLDGRHVWDGtVWLFDPHQWHDO
FRPSRUWDPLHQWR HFROyJLFR /D PD\RUtD GH DOXPQRV UHFLFOD DO PHQRV XQ WLSR GH SURGXFWR
SULQFLSDOPHQWH HO SDSHO \ SOiVWLFR 5HVSHFWR DO ODGR SVLFRJUiILFR HO SHUILO GHO DOXPQR TXH
UHFLFOD VH FDUDFWHUL]D SRU VXV DFWLWXGHV PHGLRDPELHQWDO HVSHFtILFDPHQWH OD DFWLWXG GH
FRPSURPLVRUHDOHFROyJLFRPDQLILHVWDXQPD\RUFRPSRUWDPLHQWRGHUHFLFODMH
/DFRPSUDGHSURGXFWRVGHDOLPHQWDFLyQOLPSLH]D\PDQXIDFWXUDHFROyJLFDSRUSDUWHGH
ORVDOXPQRVGHOD38&3PXHVWUDTXHPiVGHODPLWDGGHODPXHVWUDKDQFRPSUDGRDOJXQDYH]
ORVWUHVWLSRVGHSURGXFWRVPHQFLRQDGRV(OSHUILOGHODOXPQRTXHFRPSUDDOLPHQWRVHFROyJLFRV
VH FDUDFWHUL]D SRU VX SHUVRQDOLGDG SDFLHQWH (O SHUILO GHO DOXPQR TXH FRPSUD SURGXFWRV GH
OLPSLH]DWLHQHXQDFRQGXFWDGHFRQVHUYDFLyQPHGLRDPELHQWDO\XQFDUiFWHUHPRFLRQDOLQHVWDEOH
/D FRPSUD GH SURGXFWRV GH PDQXIDFWXUD HFROyJLFD VH UHODFLRQD D XQD DFWLWXG D IDYRU GHO
PHGLRDPELHQWH6HSUHVHQWDQKDOOD]JRVLQWHUHVDQWHVODVPXMHUHVFRPSUDQHVWHWLSRGHSURGXFWRV
\VHUHODFLRQDDXQDWHQGHQFLDGHJXVWRSRUODPRGD
/D DFWLWXG D IDYRU GHO PHGLRDPELHQWH GH ORV DOXPQRV 38&3 HVWi PRWLYDGD
SULQFLSDOPHQWHSRUVXSUHRFXSDFLyQDODFRQWDPLQDFLyQRFDVLRQDGDSRUWHUFHURV\DODSUiFWLFD\

FRQVXPRHFROyJLFR8QRGHORVUHVXOWDGRVTXHPiVOODPDODDWHQFLyQHVVXUHODFLyQFRQHOJXVWR
SRUODPRGD
/D SDUWLFLSDFLyQ HQ ORV SURJUDPD R LQLFLDWLYDV PHGLRDPELHQWDOHV 38&3 HVWi PX\
UHODFLRQDGD DO FRPSRUWDPLHQWR HFROyJLFR 6HPHMDQWH D ORV HVWXGLRV GH &HUGD HW DO \
7LOLNLGRX\'HOLVWDYURXTXHHQFRQWUDURQUHODFLRQHVHVWDGtVWLFDVHQWUHHOFRPSRUWDPLHQWR
HFROyJLFR\ODSDUWLFLSDFLyQGHORVLQGLYLGXRVHQHYHQWRVSURDPELHQWDOHV(VWRVHGHEHUHVDOWDU
GHELGR DTXH OD 38&3 XWLOL]D ORV SURJUDPDV H LQLFLDWLYDV HFROyJLFDV FRPR XQD HVWUDWHJLD SDUD
IRUPDUXQFRPSRUWDPLHQWRHFROyJLFRHQVXVDOXPQRV3RUHOODGRVRFLRGHPRJUiILFRODHGDG\OD
VLWXDFLyQODERUDOVRQFDUDFWHUtVWLFDVTXHIRUPDSDUWHGHHVWHSHUILO$VLPLVPRODVFDUDFWHUtVWLFDV
SVLFRJUiILFDVFRPRODE~VTXHGDGHQXHYDVHPRFLRQHVHOJXVWRSRUODPRGDODVROLGDULGDG\OD
FUHDWLYLGDGPRWLYDQODSDUWLFLSDFLyQHQORVHYHQWRVHFROyJLFRV38&3
(OFRQRFLPLHQWRRLQIRUPDFLyQHQWHPDVPHGLRDPELHQWDOHVSRUSDUWHGHORVDOXPQRVQR
VH DVRFLD FRQ OD DFWLWXG HFROyJLFD UHDO SRU OR WDQWR XQD SHUVRQD TXH DFW~D D IDYRU GHO PHGLR
DPELHQWH QR QHFHVDULDPHQWH HVWi LQIRUPDGD VREUH WHPDV PHGLRDPELHQWDO 6LPLODU D ORV
KDOOD]JRV GH 7DOL 7DO GRQGH QR VH LGHQWLILFy XQD UHODFLyQ HVWDGtVWLFD FDXVDO HQWUH XQD
PD\RUHGXFDFLyQDPELHQWDO\HOFRPSRUWDPLHQWRHFROyJLFRHQXQLYHUVLWDULRV
6REUH ODV FDUDFWHUtVWLFDV TXH FRPSRQHQ HO SHUILO GH FRQVXPLGRU HFROyJLFR GHO DOXPQR
38&3VHGHEHPHQFLRQDUTXHHVWDVQRQHFHVDULDPHQWHWLHQHQTXHFRLQFLGLUHQORVFLQFRSHUILOHV
YLVWRV 6LQ HPEDUJR HV UHOHYDQWH PHQFLRQDU DTXHOODV TXH FRLQFLGH HQ OD PD\RUtD GH ORV FLQFR
SHUILOHV3RUHVRVHFRQFOX\HVREUHHOSHUILOGHODOXPQRHFROyJLFR38&3ORVLJXLHQWH
/DVYDULDEOHVVRFLRGHPRJUiILFDVVH[RHGDG\WUDEDMRFRPRVHYLRHQHOPDUFRWHyULFR
QRVRQORVPiVDGHFXDGRVSDUDGHILQLUXQFRPSRUWDPLHQWRHFROyJLFR
/RVYDORUHV\HVWLORVGHYLGDGHODOXPQR38&3PDQLILHVWDODVVLJXLHQWHVFDUDFWHUtVWLFDV
OD E~VTXHGD GH QXHYDV HPRFLRQHV HO JXVWR SRU OD PRGD OD FDSDFLGDG LQWHOHFWXDO OD YLGD QR
UXWLQDULDORVKiELWRVHFROyJLFRV\XQDYLGDHTXLOLEUDGD3ULQFLSDOPHQWHHOJXVWRSRUODPRGD\
KiELWRVHFROyJLFRVVRQFDUDFWHUtVWLFDVLPSRUWDQWHVTXHH[SOLFDQHOFRPSRUWDPLHQWRHFROyJLFRGH
ORVDOXPQRV
3RU HO ODGR GH OD SHUVRQDOLGDG OD FUHDWLYLGDG \ HO QLYHO GH LQWHOHFWXDOLGDG VRQ ODV
FDUDFWHUtVWLFDV GH PD\RU LQIOXHQFLD HQ HO FRPSRUWDPLHQWR HFROyJLFR GH ORV DOXPQRV $GHPiV
H[LVWHQRWURVUDVJRVGHODSHUVRQDOLGDGFRPRODSDFLHQFLDVROLGDULGDG\FRPSDxHULVPRKDFLDORV
GHPiVTXHLQIOX\HQHQHOFRPSRUWDPLHQWRGHUHFLFODMH

3RU ~OWLPR ODV DFWLWXGHV PHGLRDPELHQWDOHV PRVWUDURQ ORV VLJXLHQWHV KDOOD]JRV (Q HO
FDVRGHOFRPSURPLVRYHUEDOH[LVWHXQDSUHGLVSRVLFLyQDUHDOL]DUDFWLYLGDGHVTXHFRQWULEX\DQD
UHVROYHU XQ SUREOHPD SHUR TXH D~Q QR VH WUDGXFH HQ XQD DFFLyQ 3RU HO ODGR GH FRPSURPLVR
UHDO VH LGHQWLILFDURQ GRV FDUDFWHUtVWLFDV SULQFLSDOHV XQD FRQGXFWD GH FRQVHUYDFLyQ
PHGLRDPELHQWDO \ HO FRPSURPLVR UHDO HQ OD SDUWLFLSDFLyQ GH LQLFLDWLYDV HFROyJLFDV VH
FRPSUXHEDORH[SXHVWRSRU1DUHQGUDTXHPHQFLRQDXQDUHODFLyQPX\HVWUHFKDHQWUHOD
DFWLWXG\HOFRPSRUWDPLHQWRHFROyJLFR3RUHOODGRGHOFRPSURPLVRDIHFWLYRVHGHPXHVWUDQXQD
GLVSRVLFLyQ HPRFLRQDO SRVLWLYD GH ORV DOXPQRV TXH VH UHIOHMD HQ OD SUHRFXSDFLyQ SRU ORV
SUREOHPDVDPELHQWDOHV
5HFRPHQGDFLRQHV
/DLQIRUPDFLyQSUHVHQWDGDVHKDHODERUDGRHQEDVHDXQDPXHVWUDHQXQHQWRUQR\HQXQ
PRPHQWR GHWHUPLQDGR 1R REVWDQWH ORV UHVXOWDGRV SXHGHQ VHU FRQVLGHUDGRV FRPR XQD
DSUR[LPDFLyQ DO FRPSRUWDPLHQWR HFROyJLFR GHO DOXPQR 38&3 'H HOORV VH SXHGHQ PHQFLRQDU
DOJXQDVEUHYHVUHFRPHQGDFLRQHVDORVDFWRUHVLQWHUHVDGRVHQVXHVWXGLR
'HVGHHOSXQWRGHYLVWDGHOPDUNHWLQJODVHVWUDWHJLDVGHOD38&3GHEHQVHJPHQWDUVHGH
DFXHUGR D ORV GLVWLQWRV SHUILOHV HFROyJLFRV GH ORV DOXPQRV UHFLFODMH SDUWLFLSDFLyQ FRPSUD GH
SURGXFWRV HFROyJLFRV FRPSURPLVR UHDO \ FRQRFLPLHQWR DPELHQWDO $VLPLVPR SODQLILFDU ORV
SURJUDPDVHQIRUPDFLyQGHFLXGDGDQtDDPELHQWDOLQFRUSRUDQGRORVFULWHULRVGHOSHUILOHFROyJLFR
GHO DOXPQR 38&3 \D TXH HVWR OH SHUPLWH FDQDOL]DU ODV FDPSDxDV R FRPXQLFDFLRQHV VREUH XQ
GHWHUPLQDGR JUXSR GH DOXPQRV &RPR UHVXOWDGR VH GHEHQ WHQHU GLYHUVDV HVWUDWHJLDV SDUD
SHUVXDGLUORV HQ UHFLFODU FRQYRFDUORV D HYHQWRV HFROyJLFRV R SURPRFLRQDU OD YHQWD GH XQ
SURGXFWRHFROyJLFR
'HVGH HO DVSHFWR FRJQLWLYR GH ORV DOXPQRV OD 38&3 GHEH LGHQWLILFDU FXiOHV VRQ ODV
UD]RQHVGHTXHODDFWLWXGDIDYRUGHOPHGLRDPELHQWHQRHVWpUHODFLRQDGDFRQHOFRQRFLPLHQWRD
PHGLRDPELHQWDO GH ORV DOXPQRV 6H UHFRPLHQGD UHDOL]DU XQD LQYHVWLJDFLyQ PiV SURIXQGD TXH
EXVTXHH[SOLFDUHVWHWLSRGHFRPSRUWDPLHQWR\DTXHUHSUHVHQWDXQREVWiFXORHQHOSURFHVRHQ
IRUPDFLyQHQFLXGDGDQtDDPELHQWDO
(OFRPSURPLVRUHDOPHGLRDPELHQWHQRLQIOX\HHQODFRPSUDGHDOLPHQWRVRUJiQLFRVGH
ORVDOXPQRV38&3$SHVDUGHHOORORVDOXPQRVPDQLILHVWDQSDUWLFLSDUPD\RUPHQWHHQHYHQWRV
38&3 GH SURPRFLyQ GH DOLPHQWRV HFROyJLFRV (V SRVLEOH TXH H[LVWDQ RWUDV PRWLYDFLRQHV QR
HFROyJLFDVHQORVDOXPQRVTXHSURPXHYDVXFRPSUD6HDFRQVHMDTXHOD38&3FRQVLGHUHHVWD
UHODFLyQDOPRPHQWRGHRULHQWDUXQDDFWLYLGDGPHGLRDPELHQWDO

6H KD GHPRVWUDGR TXH H[LVWH XQD UHODFLyQ HQWUH HO JXVWR SRU OD PRGD ORV KiELWRV
HFROyJLFRV \ OD FRPSUD GH SURGXFWRV GH PDQXIDFWXUD HFROyJLFD FRQ HO FRPSRUWDPLHQWR 6HUtD
LQWHUHVDQWHUHDOL]DULQYHVWLJDFLRQHVIXWXUDVSDUWLHQGRGHHVWDUHODFLyQXQDRSFLyQHVOD³0RGD
(FROyJLFD´ GHVFULWD FRPR OD WHQGHQFLD HQ SURGXFLU URSD FRQ PDWHULDOHV HFROyJLFRV \ TXH
LQYROXFUDWDPELpQXQHVWLORGHYLGDSDUDXQJUXSRGHFRQVXPLGRUHV&DVWUR'HOPLVPR
PRGR OD 38&3 SXHGH LPSXOVDU LQYHVWLJDFLRQHV LQLFLDWLYDV R SURJUDPDV VREUH WHPDV
UHODFLRQDGRVDODPRGDHFROyJLFDODFXDOWHQGUtDODDFHSWDFLyQ\DFRJLGDGHORVDOXPQRV
'HVGH HO SXQWR GH YLVWD GH OD JHVWLyQ OD 38&3 GHEH FRQWLQXDU FRQ OD SROtWLFD HQ
IRUPDFLyQ HQ FLXGDGDQtD DPELHQWDO \D TXH ORV UHVXOWDGRV PXHVWUDQ XQ JUDQ SRUFHQWDMH GH
DOXPQRV TXH UHFLFODQ FRPSUDQ SURGXFWRV HFROyJLFRV SHUR D~Q IDOWD XQD SDUWLFLSDFLyQ PiV
DFWLYD HQ ORV SURJUDPDV H LQLFLDWLYDV GH ORV PLVPRV 'HO PLVPR PRGR ORV HQFDUJDGRV GH ORV
SURJUDPDV GHEHQ HYDOXDU \ PHGLU HO LPSDFWR GH WRGD DFWLYLGDG GH UHVSRQVDELOLGDG VRFLDO SDUD
VDEHUVLORVHVWXGLDQWHVHVWiQORJUDQGRWUDQVIRUPDUVXDFWLWXGDIDYRUGHOPHGLRDPELHQWH3DUD
HOORSXHGHDSOLFDUEUHYHVHQFXHVWDVRUHDOL]DUHQWUHYLVWDVDORVSDUWLFLSDQWHV

5()(5(1&,$6
$JXLOHUD$ 3XHUWR'&UHFLPLHQWR(PSUHVDULDOEDVDGRHQOD5HVSRQVDELOLGDG
6RFLDO3HQVDPLHQWR *HVWLyQ±5HFXSHUDGRGH
KWWSZZZUHGDO\FRUJSGISGI

$JXLUUH06$OGDPL](FKHYDUUtD&&KDUWHULQD-\9LFHQWH$8QPRGHORGH
FRPSRUWDPLHQWRDSDUWLUGHODUHFRSLODFLyQ\DQiOLVLVGHODHYLGHQFLDHPStULFD(O
FRQVXPLGRUHFROyJLFRSS5HFXSHUDGRGH
KWWSVWXG\OLEHVGRFHOFRQVXPLGRUHFRO&%JLFRSGIDYDLODEOH

$OEDUHGD/&RUSRUDWHUHVSRQVLELOLW\JRYHUQDQFHDQGDFFRXQWDELOLW\IURPVelf‐
UHJXODWLRQWRco‐regXODWLRQ&RUSRUDWH*RYHUQDQFH7KH,QWHUQDWLRQDO-RXUQDORI
%XVLQHVVLQ6RFLHW\±5HFXSHUDGRGH
KWWSGRLRUJ

$QGUDGHV- /DUUiQ)$QiOLVLVGHODUHVSRQVDELOLGDGVRFLDOXQLYHUVLWDULDGHVGH
GLIHUHQWHVHQIRTXHVWHyULFRV5HYLVWDLEHURDPHULFDQDGH(GXFDFLyQ6XSHULRU
±5HFXSHUDGRGH
KWWSVULHVXQLYHUVLDQHWDUWLFOHYLHZ)LOH

$UFXU\7$6FROOD\6- -RKQVRQ736H['LIIHUHQFHVLQ(QYLURQPHQWDO&RQFHUQ
DQG.QRZOHGJH7KH&DVHRIDFLG5DLQ6H[5ROHVD-RXUQDORI5HVHDUFK
5HFXSHUDGRGH
KWWSVGRLRUJ%)

%DUyQ) 7pOOH])7HUFHU&LFOR(Q&LHQFLDVGH/D6DOXG<0HGLFLQD$SXQWHGH
%LRHVWDGtVWLFD±5HFXSHUDGRGH
KWWSVZZZELRHVWDGLVWLFDXPDHVEDURQDSXQWHVILFKHURVFDSSGI

%DUUHLUR-0/ySH]0È/RVDGD)5X]R($QiOLVLVGHODVGLPHQVLRQHV
FRJQRVFLWLYD\DIHFWLYDGHOFRPSRUWDPLHQWRHFROyJLFRGHOFRQVXPLGRU5HYLVWD*DOHJD
GH(FRQRPtD5HFXSHUDGRGH
KWWSZZZUHGDO\FRUJDUWLFXORRD"LG

%RN'%H\RQGWKHLYRU\WRZHU6RFLDOUHVSRQVLELOLWLHVRIWKHPRGHUQXQLYHUVLW\
0DVVDFKXVHWWV+DUYDUG8QLYHUVLW\3UHVV

&DORPDUGH-0iUNHWLQJHFROyJLFR0DGULG(GLFLRQHV3LUiPLGH

&DQ\HOOHV-/DUHVSRQVDELOLGDGVRFLDOGHODVRUJDQL]DFLRQHVQROXFUDWLYDV5HYLVWDGH
&RQWDELOLGDG<'LUHFFLyQ±5HFXSHUDGRGH
KWWSZZZDFFLGRUJUHYLVWDGRFXPHQWV/DBUHVSRQVDELOLGDGBVRFLDOBHQBODVB(QWLGDGHVB
1RB/XFUDWLYDVSGI

&DUDYHGR%(OSDSHOGHODVRFLHGDGFLYLOHQODUHVSRQVDELOLGDGHPSUHVDULDO/D
UHVSRQVDELOLGDGVRFLDOGHODHPSUHVDHQ$PpULFD/DWLQDSS:DVKLQJWRQ
)RQGR0XOWLODWHUDOGH,QYHUVLRQHV%DQFR,QWHUDPHULFDQRGH'HVDUUROOR

&DVWUR0/DPRGDHFROyJLFD\HOUHFLFODMHFRPRDOWHUQDWLYDVGHGHVDUUROORGHODV

0<3(6HQ&RVWD5LFD,QVWLWXWR1DFLRQDOGH$SUHQGL]DMH5HFXSHUDGRGH
KWWSZZZXQHYRFXQHVFRRUJQHWZRUNXS/DBPRGDBHFROJLFDB\BHOBUHFLFODMHBFRPRBDOW
HUQDWLYDVBGHBGHVDUUROORBGHBODVBBBBSGI
&HUGD$*DUFtD/'tD]0 1~xH]&3HUILO\&RQGXFWD$PELHQWDOGHORV

(VWXGLDQWHVGHOD8QLYHUVLGDGGH7DOFD&KLOH3DQRUDPD6RFLRHFRQyPLFR
5HFXSHUDGRGH

&KDPRUUR$(O0DUNHWLQJ(FROyJLFR/HFFLyQ0HGLR$PELHQWH5HFXSHUDGRGH
KWWSZZZFDPSXVRUJOHFFLRQHFRPDUNHWLQJ

&KLDYHQDWR,,QWURGXFFLyQDODWHRUtDJHQHUDOGHODDGPLQLVWUDFLyQ0p[LFR0F*UDZ
+LOO,QWHUDPHULFDQD

&ROLQ$ :LQGPHLMHU)$$Q5VTXDUHGPHDVXUHRIJRRGQHVVRIILWIRUVRPH
FRPPRQQRQOLQHDUUHJUHVVLRQPRGHOV-RXUQDORI(FRQRPHWULFV±
5HFXSHUDGRGH
KWWSVGRLRUJ6

&RPLVLyQGHODV&RPXQLGDGHV)RPHQWDUXQPDUFRHXURSHRSDUDODUHVSRQVDELOLGDG
VRFLDOGHODVHPSUHVDV/LEUR9HUGH%UXVHODV&RPLVLyQGHODV&RPXQLGDGHV(XURSHDV
5HFXSHUDGRGH
KWWSZZZHXURSDUOHXURSDHXPHHWGRFVFRPPLWWHHVGHYHFRPBHV
SGI

&RUWHVH$'7KH&ULWLFDO5ROHRI+LJKHU(GXFDWLRQLQ&UHDWLQJD6XVWDLQDEOH)XWXUH
3ODQQLQJIRU+LJKHU(GXFDWLRQ±5HFXSHUDGRGH
KWWSVZZZFDSLODQRXFD:RUN$UHD'RZQORDG$VVHWDVS["LG

'DKDQ*6 6HQRO,&RUSRUDWH6RFLDO5HVSRQVLELOLW\LQ+LJKHU(GXFDWLRQ
,QVWLWXWLRns ,VWDQEXO%LOJL$PHULFDQ,QWHUQDWLRQDO-RXUQDORI&RQWHPSRUDU\5HVHDUFK
±5HFXSHUDGRGH
KWWSZZZDLMFUQHWFRPMRXUQDOV9ROBB1RBB0DUFKBSGI

'RPtQJXH]- 5DPD&/D5HVSRQVDELOLGDG6RFLDO8QLYHUVLWDULDHQOD(GXFDFLyQD
'LVWDQFLDVWHG&KLPERWH(GLWRULDO*UiILFD5HDO6$&

'XQODS5( 9DQ/LHUH.'7KH1HZ(QYLURPHQWDO3DUDGLJP$3URSRVHG
,QVWUXPHQWDQG3UHOLPLQDU\5HVXOWV-RXUQDORI(QYLURQPHQWDO(GXFDWLRQ

(O&RPHUFLRGHMXOLRGH/D38&3FXPSOHDxRV\HVWDVUD]RQHVODKDFHQ
LQROYLGDEOH(O&RPHUFLRSS5HFXSHUDGRGH
KWWSHOFRPHUFLRSHOLPDSXFSFXPSOHDQRVUD]RQHVLQROYLGDEOH

(VFREDU0)HUQiQGH]( %HUQDUGL)$QiOLVLVGHGDWRVFRQ6WDWD&XDGHUQRV
0HWRGROyJLFRV±5HFXSHUDGRGH
KWWSFDVXVXVDOHVEORJPRGHVWRHVFREDUILOHV(VFREDU)HUQDQGH]\%HUQDUGL
SGI

)LHOG$0LOHV- )LHOG='LVFRYHULQJVWDWLVWLFVXVLQJ5/RV$QJHOHV6DJH

)LVFKHU/ (VSHMR-0HUFDGRWHFQLDWDHG0p[LFR0F*UDZ+LOO
,QWHUDPHULFDQD

)UDM$(,QIOXHQFLDGHODV&DUDFWHUtVWLFDV3VLFRJUiILFDV\GH&RQRFLPLHQWRHQHO
&RPSRUWDPLHQWRGHO&RQVXPLGRUHFROyJLFRXQDDSOLFDFLyQHPStULFD7HVLV'RFWRUDO
8QLYHUVLGDGGH=DUDJR]D=DUDJR]D(VSDxD5HFXSHUDGRGH
KWWSZZZDUDJRQHVHVWDWLFRV,PSRUW)LOHVGRFV$UHDV&RQYRFDWRULDV3UHPLRV7HVLV
7(6,6B(B)5$-BSGI

)UDM$( 0DUWLғQH]6(&RPSRUWDPLHQWRHFROyJLFRGHORVFRQVXPLGRUHV0DGULG
(6,&(GLWRULDO

)UDQNIRUW1DFKPLDV& /HyQ*XHUUHUR$6RFLDO6WDWLVWLFVIRUD'LYHUVH6RFLHW\
6$*(3XEOLFDWLRQV

)UHHPDQ5(6WUDWHJLFPDQDJHPHQW$VWDNHKROGHUDSSURDFK0DUVKILHOG0$
3LWPDQ

*DHWH5/D5HVSRQVDELOLGDG6RFLDO8QLYHUVLWDULDFRPR3ROtWLFD3~EOLFD8QHVWXGLRGH
&DVR'RFXPHQWRV\$SRUWHVHQ$GPLQLVWUDFLyQ3~EOLFD\*HVWLyQ(VWDWDO
5HFXSHUDGRGH

*DUFtD$)HUQDQGR/ )XHQWHV45HVSRQVDELOLGDGVRFLDODPELHQWDOGHODV
8QLYHUVLGDGHV&RORPELDQDV5HYLVWDGH,QYHVWLJDFLyQ$JUDULD\$PELHQWDO±
5HFXSHUDGRGH
KWWSVGLDOQHWXQLULRMDHVGHVFDUJDDUWLFXORSGI

*LOO)3UDFWLFLQJHQYLURQPHQWDOUHVSRQVLEility : ORFDODQGJOREDOGLPHQVLRQV6RFLDO
5HVSRQVLELOLW\-RXUQDO±5HFXSHUDGRGH
KWWSGRLRUJ

*LO)/DUHVSRQVDELOLGDGVRFLDOXQLYHUVLWDULDGHVGHODSHUVSHFWLYDDPELHQWDO
8QLYHUVLGDG\'HVDUUROOR6XVWHQWDEOH7HVLVGH0DHVWUtDHQ$GPLQLVWUDFLyQGHOD
8QLYHUVLGDG1DFLRQDO$XWyQRPDGH0p[LFR0p[LFR')0p[LFR5HFXSHUDGRGH
KWWSSWGDJRVWRSGI

*ROGEHUJ/5$QDOWHUQDWLYHGHVFULSWLRQRISHUVRQDOLW\7KH%LJ)LYHIDFWRU
VWUXFWXUH-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\5HFXSHUDGR
GH
KWWSSV\FQHWDSDRUJIXOOWH[WSGI

*yPH]/7KH,PSRUWDQFHRI8QLYHUVLW\6RFLDO5HVSRQVLELOLW\LQ+LVSDQLF$PHULFD$
5HVSRQVLEOH7UHQGLQ'HYHORSLQJ&RXQWULHVLQ*DEULHO(ZHMH&RUSRUDWH6RFLDO
5HVSRQVLELOLW\DQG6XVWDLQDELOLW\(PHUJLQJ7UHQGVLQ'HYHORSLQJ(FRQRPLHV&ULWLFDO
6WXGLHVRQ&RUSRUDWH5HVSRQVLELOLW\*RYHUQDQFHDQG6XVWDLQDELOLW\±
5HFXSHUDGRGH
KWWSZZZHPHUDOGLQVLJKWFRPGRLDEV6

*XMDUDWL'1 3RUWHU'&(FRQRPHWUtD0p[LFR0F*UDZ+LOO,QWHUDPHULFDQD

+DLU-)$QGHUVRQ5(7DWKDP5/ %ODFN:&$QiOLVLV0XOWLYDULDQWH0DGULG
(GLWRULDO3HDUVRQ

+DPPDQ$(OPDUNHWLQJYHUGHXQFRPSURPLVRGHWRGRV7LHPSRGH2SLQLyQ
&DPELRVFRQFHSWRV\UHDOLGDGHV5HFXSHUDGRGH
KWWSVZZZHVDQHGXSHSXEOLFDFLRQHVWLHPSRBGHBRSLQLRQBDQWRQLHWDBKDPD
QQSGI

+HQVKHO$07KH5HODWLRQVKLS%HWZHHQ9DOXHVDQG%HKDYLRXU$'HYHORSPHQWDO
+\SRWKHVLV&KLOG'HYHORSPHQWSS5HFXSHUDGRGH
KWWSVZZZMVWRURUJVWDEOH

+HUQiQGH]5)HUQiQGH]& %DSWLVWD36HOHFFLyQGHODPXHVWUD0HWRGRORJtDGH
/D,QYHVWLJDFLyQHGSS0p[LFR0F*UDZ+LOO

+RSIHQEHFN:'LUHFFLyQ\PiUNHWLQJHFROyJLFRVFRQFHSWRVLQVWUXPHQWRV\HMHPSORV
SUiFWLFRV(GLWRULDO'HXVWR

+RSNLQV0&RUSRUDWHVRFLDOUHVSRQVLELOLW\ DQLVVXHVSDSHU3ROLF\,QWHJUDWLRQ
'HSDUWPHQW:RUOG&RPPLVVLRQRQWKH6RFLDO'LPHQVLRQRI*OREDOL]DWLRQ
5HFXSHUDGRGH
KWWSQDWOH[LORFKZFPVSJURXSVSXEOLFGJUHSRUWV
LQWHJUDWLRQGRFXPHQWVSXEOLFDWLRQZFPVBSGI

,ERUUD0+DFLDXQDWHRUtDpWLFDGHLGHQWLILFDFLyQ\UHOHYDQFLDGHORVJUXSRVGHLQWHUés :
5HVSRQVDELOLGDGLQWHQFLRQDOLGDG\SUHYLVLyQSRGHU\GHSHQGHQFLDXUJHQFLD\
YXOQHUDELOLGDG5HYLVWD*OREDOL]DFLyQ&RPSHWLWLYLGDG\*REHUQDELOLGDG±
5HFXSHUDGRGH
KWWSGRLRUJ*&*91

.RWOHU3 $UPVWURQJ*)XQGDPHQWRVGH0DUNHWLQJ0p[LFR(GLWRULDO3HDUVRQ

.RWOHU3 $UPVWURQJ*0DUNHWLQJ9HUVLyQSDUD/DWLQRDPpULFD0p[LFR3HDUVRQ
HGXFDFLyQGH0p[LFR

/DX0(OILQDQFLDPLHQWRS~EOLFR\SULYDGRHQODHGXFDFLyQVXSHULRU\VXHIHFWRHQOD
HYROXFLyQGHOYDORUGHORVGHUHFKRVDFDGpPLFRV7HVLVGH0DHVWUtDHQ3ROtWLFD\
*HVWLyQ8QLYHUVLWDULDGHOD3RQWLILFLD8QLYHUVLGDG&DWyOLFDGHO3HU~/LPD3HU~
5HFXSHUDGRGH
KWWSWHVLVSXFSHGXSHUHSRVLWRULRKDQGOH

/HYLQ5, 5XELQ'6(VWDGtVWLFDSDUDDGPLQLVWUDFLyQ\HFRQRPtD0p[LFR
3HDUVRQ(GXFDFLyQ

/RQJ-6 )UHHVH-5HJUHVVLRQPRGHOVIRUFDWHJRULFDOGHSHQGHQWYDULDEOHVXVLQJ
6WDWD7H[DV6WDWD&RUS/3

0DG&RPXQLFDFLyQ7RGRPDUNHWLQJ\PiV)XQGDPHQWRVSULQFLSLRVFRQFHSWRV\
HVWUDWHJLDV0DGULG)&(GLWRULDO

0DOKRWUD1,QYHVWLJDFLyQGHPHUFDGRVXQHQIRTXHDSOLFDGRWDHG0p[LFR
3HDUVRQ(GXFDFLyQ

0DOKRWUD1,QYHVWLJDFLyQGHPHUFDGRVXQHQIRTXHSUiFWLFRWDHG0p[LFR
3HDUVRQ(GXFDFLyQ

0DORQH\0 :DUG0(FRORJ\/HW
VKHDUIURPWKHSHRSOH$QREMHFWLYHVFDOHIRU
WKHPHDVXUHPHQWRIHFRORJLFDODWWLWXGHVDQGNQRZOHGJH$PHULFDQ3V\FKRORJLVW
5HFXSHUDGRGH
KWWSSV\FQHWDSDRUJUHFRUG

0DORQH\0:DUG0 %UDXFKW*$5HYLVHG6FDOHIRUWKHPHDVXUHPHQWRI
HFRORJLFDODWWLWXGHVDQGNQRZOHGJH$PHULFDQ3V\FKRORJLVW±5HFXSHUDGR
GHKWWSSV\FQHWDSDRUJUHFRUG

0DQ]RXOL-8QD9LVLyQ5HQRYDGRUDVREUHHOSURFHVRGHGHFLVLyQGH&RPSUD5HYLVWD
)&(±5HFXSHUDGRGH
KWWSZZZDFDGHPLDHGX8QDB9LVLyQB5HQRYDGRUDB6REUHBHOB3URFHVRB'HB'
HFLVLyQBGHB&RPSUD

0DUWtQH]2 3LFFR-5HVSRQVDELOLGDGVRFLDOGHODVXQLYHUVLGDGHV%XHQRV$LUHV
'78%$

0HGLQD$ 6HYHULQR35HVSRQVDELOLGDGHPSUHVDULDOJHQHUDFLyQGHFDSLWDOVRFLDOGH
ODVHPSUHVDV&RQWDELOLGDG<1HJRFLRV±5HFXSHUDGRGH
KWWSVGLDOQHWXQLULRMDHVGHVFDUJDDUWLFXORSGI

0LWFKHOO$7KH1LQH$PHULFDQ/LIH6W\OHV:KRZHDUH :KHUHZHDUH*RLQJ
0DFPLOODQ3XEOLVKLQJ&RPSDQ\

0RQHYD- 0DUWtQ(8QLYHUVLGDG\GHVDUUROORVRVWHQLEOHDQiOLVLVGHODUHQGLFLyQGH
FXHQWDVGHODVXQLYHUVLGDGHVS~EOLFDVGHVGHXQHQIRTXHGHUHVSRQVDELOLGDGVRFLDO5,&6
±5HFXSHUDGRGH
KWWSZZZREVHUYDWRULR
LEHURDPHULFDQRRUJ5,&*1&%$B-RV&$B0DULDQRB0RQHYDB\B(PLOLRB
0DUW&$'QB9DOOHVS&$'QSGI

0RQIHUUHU')XQGDPHQWRVGHPDUNHWLQJ8QLYHUVLWDW-DXPH5HFXSHUDGRGH
KWWSUHSRVLWRULXMLHV[POXLELWVWUHDPKDQGOHVSGI

0ROLQD- 5RGULJR0,QWURGXFFLyQDOD(VWDGtVWLFDDSOLFDGDDOD3VLFRORJtD
(VWDGtVWLFDDSOLFDGDDOD3VLFRORJtD±5HFXSHUDGRGH
KWWSRFZXYHVFLHQFLDVGHODVDOXGSUXHEDVWBSGI

0RUJHUVHQ)%UHLWLQJ60D\HU0 9DUJD$(GXFDFLyQSDUDHO'HVDUUROOR
6RVWHQLEOH(GLWRULDO*UDR

0RXUa‐Leite5 3DGJHWW5+LVWRULFDOEDFNJURXQGRIFRUSRUDWHVRFLDO
UHVSRQVLELOLW\6RFLDO5HVSRQVLELOLW\-RXUQDO5HFXSHUDGRGH
KWWSVGRLRUJ

0Uy]%(FRORJLFDO,QQRYDWLRQVLQWKH&RQFHSWRI&RUSRUDWH6RFLDO5HSRQVLELOLW\
.QRZOHGJH0DQDJHPHQWH,QQRYDWLRQ5HFXSHUDGRGH
KWWSZZZWRNQRZSUHVVQHW,6%1SDSHUV0/SGI

1DFLRQHV8QLGDV&XPEUHGH-RKDQQHVEXUJR5HVHxDGH(VSDxD±
5HFXSHUDGRGH
KWWSZZZXQRUJHVDDJHQGDQDWOLQIRZVVGVSDLQSGI

1DFLRQHV8QLGDV&RQIHUHQFLDGHODV1DFLRQHV8QLGDVVREUHHO'HVDUUROOR6RVWHQLEOH
5LR±5HFXSHUDGRGH
KWWSZZZXQRUJHVVXVWDLQDEOHIXWXUHSGIVSDQLVKBULRPDVSGI

1DUHQGUD.(QYLURQPHQWDODWWLWXGHDQGHFRORJLFDOEHKDYLRXURILQGLDQFRQVXPHUV
6RFLDO5HVSRQVLELOLW\-RXUQDO5HFXSHUDGRGH
KWWSZZZHPHUDOGLQVLJKWFRPGRLDEV
1DYDUUR&(OGHEDWH\ODFXHVWLyQDPELHQWDO9LVLyQFLYLOGHORVDFWRUHV\SROtWLFDV

5HYLVWDGH(VWXGLRV5HJLRQDOHV±5HFXSHUDGRGH
3DUGR$ 5XL]0$$QiOLVLVGHGDWRVFRQ6366%DVH0DGULG0F*UDZ+LOO

3HUGRPR- (VFREDU$/DLQYHVWLJDFLyQHQ56E XQDUHYLVLyQGHVGHHO
0DQDJPHQW3ULPHU&RQJUHVRVREUH3DFWR*OREDO\5HVSRQVDELOLGDG6RFLDO
±5HFXSHUDGRGH
KWWSUHYLVWDVMDYHULDQDHGXFRLQGH[SKSFXDGHUQRVBDGPRQDUWLFOHYLHZ)LOH

3HDWWLH.(QYLURQPHQWDOPDUNHWLQJPDQDJHPHQW/RQGUHV3LWPDQ3XEOLVKLQJ

3RUWHU0 .UDPHU0(VWUDWHJLD\6RFLHGDG+DUYDUG%XVLQHVV5HYLHZ±
5HFXSHUDGRGH
KWWSZZZIXQGDFLRQVHUHVRUJ/LVWV,QIRUPHV$WWDFKPHQWV(VWUDWHJLD\
6RFLHGDGSGI

38&3(QIRTXHGHODUHVSRQVDELOLGDGVRFLDOXQLYHUVLWDULDHQOD38&38QDSURSXHVWD
/LPD38&3'LUHFFLyQ$FDGpPLFDGH5HVSRQVDELOLGDG6RFLDO

38&33ROtWLFDVGH5HVSRQVDELOLGDG6RFLDO8QLYHUVLWDULD'$565HFXSHUDGRGH
KWWSGDUVSXFSHGXSHZSFRQWHQWXSORDGV'$56SROLWLFD56838&3SGI

38&3D(VWDWXWR3RQWLILFLD8QLYHUVLGDG&DWyOLFDGHO3HU~5HFXSHUDGRGH
KWWSILOHVSXFSHGXSHKRPHSXFSXSORDGV(VWDWXWR3RQWLILFLD
8QLYHUVLGDG&DWROLFDGHO3HUXSGI
38&3E¢3RUTXp5HVSRQVDELOLGDG6Rcial Universitaria ?0XUDOGH(VWXGLRV*HQHUDOHV
/HWUDV±5HFXSHUDGRGH
KWWSIDFXOWDGSXFSHGXSHJHQHUDOHVOHWUDVSXEOLFDFLRQUHYLVWDPXUDOOHWUDV

38&3D6HWH6XSOHPHQWR(VSHFLDO±5HFXSHUDGRGH
KWWSILOHVSXFSHGXSHKRPHSXFSXSORDGVVXSOHPHQWRVHWH
38&3SGI

38&3EDxRV38&35HFXSHUDGRGH

KWWSZZZSXFSHGXSHODXQLYHUVLGDGQXHVWUDXQLYHUVLGDGSXFSFLIUDVGDWRV
DFDGHPLFRV

3XWPDQ57KHSURVSHURXV&RPPXQLW\6RFLDO&DSLWDODQG3XEOLF/LIH7KH$PHULFDQ
3URVSHFW5HFXSHUDGRGH
KWWSVWDVNXOHVKFRPZSFRQWHQWXSORDGVSURVSHURXVFRPPXQLW\SGI

5iH]( 'RXURMHDQQL0/RVSULQFLSDOHVSUREOHPDVDPELHQWDOHVSROtWLFDPHQWH
UHOHYDQWHVHQHO3HU~6LVWHPD1DFLRQDOGH,QIRUPDFLyQ$PELHQWDO5HFXSHUDGRGH
KWWSVLQLDPLQDPJRESHGRFXPHQWRVSULQFLSDOHVSUREOHPDVDPELHQWDOHV
SROLWLFDPHQWHUHOHYDQWHVSHUX

5LYHUD-$UHOODQR5 0ROHUR9&RQGXFWDGHOFRQVXPLGRU(VWUDWHJLDV\WiFWLFDV
DSOLFDGDVDOPDUNHWLQJ0DGULG(VLF(GLWRULDO

5LYHUD-$UHOODQR5 0ROHUR9&RQGXFWDGHOFRQVXPLGRUWHUFHUDHGLFLyQ
0DGULG(VSDxD(GLWRULDO(VLF

5REELQV6&RPSRUWDPLHQWR2UJDQL]DFLRQDO7HRUtD\3UiFWLFD0p[LFR3UHQWLFH+DOO
+LVSDQRDPHULFDQD

5RGUtJXH]' %HQLWR53URFHVRGHGHFLVLyQGHOFRQVXPLGRU)DFWRUHVH[SOLFDWLYRV
GHOYLVLRQDGRGHSHOtFXODVHQVDODGHFLQHGHORVMyYHQHVXQLYHUVLWDULRVHVSDxROHV7HVLV
GRFWRUDO8QLYHUVLWDW,QWHUQDFLRQDOGH&DWDOXQ\D&DWDOXQ\D(VSDxD5HFXSHUDGRGH
KWWSVVWXG\OLEHVGRFSURFHVRGHGHFLVLyQGHOFRQVXPLGRU

5RMR-05HJUHVLyQOLQHDOP~OWLSOH0DGULG(VSDxD&HQWURGH&LHQFLDV+XPDQDV\
6RFLDOHV/DERUDWRULRGH(VWDGtVWLFD5HFXSHUDGRGH
KWWSVHVVOLGHVKDUHQHWNDULQLWDUHJUHVLRQOLQHDOPXOWLSOH

5RNHDFK07KH1DWXUHRIKXPDQYDOXHV1XHYD<RUN)UHH3UHVV

6DQWHVPDVHV00iUNHWLQJ&RQFHSWRV\HVWUDWHJLDV0DGULG3LUiPLGH

6iQFKH]&+HUUHUD$=iUDWH/ 0RUHQR:/D5HVSRQVDELOLGDG6RFLDO
8QLYHUVLWDULD568HQHO&RQWH[WRGHO&DPELRGHOD(GXFDFLyQ6XSHULRU9LUWXDO
(GXFD±5HFXSHUDGRGH
KWWSVHVVOLGHVKDUHQHWQRUPDQWUXMLOORODUHVSRQVDELOLGDGVRFLDOXQLYHUVLWDULDHQHO
FRQWH[WRGHOFDPELRGHODHGXFDFLQVXSHULRU

6iQFKH]0*LO-\*UDFLD$)UHQRVDOFUHFLPLHQWRGHOPHUFDGRHFROyJLFR¢(O
SUHFLRRODDFWLWXGKDFLDHOPHGLRDPELHQWH"5HYLVWD(VSDxRODGH,QYHVWLJDFLyQGH
0DUNHWLQJ(6,&5HFXSHUDGRGH
KWWSZZZXQDYDUUDHVSHUVRQDOPBVDQFKH]IUHQRV3')

6FKLIIPDQ/*.DQXN// )ORUHV)9&RPSRUWDPLHQWRGHOFRQVXPLGRU
0p[LFR3HDUVRQ(GXFDFLyQ

6FKQHOOHU& 7KRQL(8QLYHUVLWLHVDQGWKHLU6RFLDO5HVSRQVLELOLWLHV.QRZOHGJH

6RFLHWLHV5HFXSHUDGRSRU
KWWSZZZVHDDLUZHELQIR&ROODERUDWLRQV865B$6()SGI

6FKZDOE0/DUHVSRQVDELOLGDGGHODHPSUHVDDQWHORVFRQVXPLGRUHV/D
UHVSRQVDELOLGDGVRFLDOGHODHPSUHVDHQ$PpULFD/DWLQDSS:DVKLQJWRQ
)RQGR0XOWLODWHUDOGH,QYHUVLRQHV%DQFR,QWHUDPHULFDQRGH'HVDUUROOR

6RORPRQ0&RPSRUWDPLHQWRGHOFRQVXPLGRU1DXFODSDQGH-XiUH]0p[LFR3HDUVRQ
6WUDXJKDQ5' 5REHUWV-$(QYLURQPHQWDOVHJPHQWDWLRQDOWHUQDWLYHVDORRNDW

JUHHQFRQVXPHUEHKDYLRULQWKHQHZPLOOHQQLXP-RXUQDORI&RQVXPHU0DUNHWLQJ
±5HFXSHUDGRGH
KWWSGRLRUJ
7DO73UHVHUYLFHWHDFKHUV¶UHIOHFWLRQVRQDZDUHQHVVDQGNQRZOHGJHIROORZLQJDFWLYH

OHDUQLQJLQHQYLURQPHQWDOHGXFDWLRQ,QWHUQDWLRQDO5HVHDUFKLQ*HRJUDSKLFDODQG
(QYLURQPHQWDO(GXFDWLRQ±
KWWSGRLRUJ
7LOLNLGRX, 'HOLVWDYURX$7\SHVDQGLQIOXHQWLDOIDFWRUVRIFRQVXPHUV¶Qon‐

SXUFKDVLQJHFRORJLFDOEHKDYLRUV%XVLQHVV6WUDWHJ\DQGWKH(QYLURQPHQW±
7UHEHFN.([SORULQJWKHUHVSRVLYHQHVVRIFRPSDQLHVFRUSRUDWHVRFLDOUHVSRQVLELOLW\WR
VWDNHKROGHUV6RFLDO5HVSRQVLELOLW\-RXUQDO5HFXSHUDGRGH
KWWSVGRLRUJ

81(6&2/D(GXFDFLyQ6XSHULRUHQHO6LJOR;;,9LVLyQ\$FFLyQ&RQIHUHQFLD
0XQGLDO6REUH(GXFDFLyQ6XSHULRU5HFXSHUDGRGH
KWWSXQHVGRFXQHVFRRUJLPDJHVVSGI

81(6&27KH1HZ'\QDPLFVRI+LJKHU(GXFDWLRQDQG5HVHDUFKIRU6RFLHWDO&KDQJH
DQG'HYHORSPHQW:RUOG&RQIHUHQFHRQ+LJKHU(GXFDWLRQ±5HFXSHUDGRGH
KWWSZZZXQHVFRRUJILOHDGPLQ08/7,0(',$+4('('SGI:&+(B:'B
2XWOLQHB-XQHSGI

8QLYHUVLGDG$XWyQRPDGH<XFDWiQ>8$'<@0RGHORGH5HVSRQVDELOLGDG6RFLDO
8QLYHUVLWDULD3ODQ'HVDUUROOR,QVWLWXFLRQDO5HFXSHUDGRGH
KWWSZZZSGLXDG\P[SULPHUDBDJHQGDGRF0RGHORGH568SGI

9DOODH\V)5HVSRQVDELOLGDG6RFLDO8QLYHUVLWDULD3URSXHVWDSDUDXQDGHILQLFLyQ
PDGXUD\HILFLHQWH3URJUDPDSDUDODIRUPDFLyQHQ+XPDQLGDGHV±5HFXSHUDGRGH
KWWSZZZELEOLRWHFDYLUWXDOLQIRZS
FRQWHQWXSORDGV5HVSRQVDELOLGDGB6RFLDOB8QLYHUVLWDULDB)UDQFRLVB9DOODH\VSGI

9DOODH\V)¢4XpHVODUHVSRQVDELOLGDGVRFLDOXQLYHUVLWDULD"3RQWLILFD8QLYHUVLGDG
&DWyOLFD'HO3HU~5HFXSHUDGRGH
KWWSDXVMDORUJZSFRQWHQWXSORDGV4XHHVOD5HVSRQVDELOLGDG6RFLDO8QLYHUVLWDULD
)UDQFRLV9DOODH\VSGI

9DOODH\V)'HOD&UX]& 6DVLD35HVSRQVDELOLGDGVRFLDOXQLYHUVLWDULD0DQXDO

GHSULPHURVSDVRV0p[LFR0F*UDZ+LOO,QWHUDPHULFDQD

9DOOHMR30(O$QiOLVLV)DFWRULDOHQODFRQVWUXFFLyQHLQWHUSUHWDFLyQGHWHVWVHVFDODV\
FXHVWLRQDULRV5HFXSHUDGRGH
KWWSZHEXSFRPLOODVHVSHUVRQDOSHWHULQYHVWLJDFLRQ$QDOLVLV)DFWRULDOSGI

9DUJDV-/DHQWUHYLVWDHQODLQYHVWLJDFLyQFXDOLWDWLYD1XHYDVWHQGHQFLDV\UHWRV
3URJUDPDGH$XWRHYDOXDFLyQ$FDGpPLFD&DOLGDGHQOD(GXFDFLyQ6XSHULRU3URJUDPD
GH$XWRHYDOXDFLyQ$FDGpPLFD8QLYHUVLGDG(VWDWDOD'LVWDQFLD
5HFXSHUDGRGH
KWWSELEOLRWHFDLFDSDFFU%/,9,&2/(&&,21B813$1%2/B',&,(0%5(BB
81('LQYHVWLJDFLRQBFXDOLWDWLYDSGI

:DJQHU6$8QGHUVWDQGLQJ*UHHQ&RQVXPHU%HKDYLRXU$4XDOLWDWLYH&RJQLWLYH
$SSURDFK/RQGRQDQG1HZ<RUN5RXWOHGJH

9HOiVTXH]78QLYHUVLGDGFLXGDGDQtD\5HVSRQVDELOLGDG6RFLDO8QDUHODFLyQ
QHFHVDULD'$565HFXSHUDGRGH
KWWSGDUVSXFSHGXSHZSFRQWHQWXSORDGV'$567HVDQLD9HOD]TXH]
8QLYHUVLGDGFLXGDGDQLDUHVSRQVDELOLGDGVRFLDOSGI

9LGDO3 7RUUHV'/DUHVSRQVDELOLGDGVRFLDOGHODVRUJDQL]DFLRQHVQROXFUDWLYDV
$SUR[LPDFLyQFRQFHSWXDO\GHVDUUROORGHOPRGHOR562&ROHFFLyQ3DSHUVGH
,QYHVWLJDFLyQ5HFXSHUDGRGH
KWWSZZZHQWUHPXQGRVRUJGDWDEDVHVUHVSVRF%'SGI

:DQNH$$OIDUR. 9HOiVTXH]71RYLHPEUH&DPSXVVRVWHQLEOHV,QLFLDWLYDVGH
FDPSXVVRVWHQLEOHVOOHYDGDVDFDERSRUOD8QLYHUVLGDG/LEUHGH%HUOtQ)8%\
3RQWLILFLD8QLYHUVLGDG&DWyOLFDGHO3HU~38&3&RQIHUHQFLDOOHYDGDDFDERHQOD
8QLYHUVLGDG&DWyOLFDGHO3HU~/LPD3HU~

:HLWHQ:3V\FKRORJ\7KHPHVDQG9DULDWLRQV&HQJDJH/HDUQLQJ

:RROGULGJH-0,QWURGXFFLR̗QDODHFRQRPHWUL̗D8QHQIRTXHPRGHUQR0DGULG
7KRPVRQ

$1(;2$'HVDUUROORWHyULFRGHODVYDULDEOHVGHOPRGHOR
7DEOD$9DULDEOHVVRFLRGHPRJUiILFDV
9DULDEOHV 5HVXOWDGRVPiVUHOHYDQWHV
/DVPXMHUHVSDUWLFLSDQPiVHQODVDFWLYLGDGHVYROXQWDULDVGHOSURWHFFLyQGHOPHGLR
6H[R
DPELHQWH$UFXU\HWDO
/DJHQWHPiVMRYHQPXHVWUDPiVLQWHUpVVREUHORVSULQFLSLRVPHGLRDPELHQWDOHV
(GDG %XWWHO<ODJHQWHPiVPD\RUSDUWLFLSDQPiVHQDFWLYLGDGHVHFROyJLFDV
'XQODS 9DQ/LHUH
/DVSHUVRQDVFRQQLYHOGHHVWXGLRV\FODVHVRFLDODOWRVSUHVHQWDQXQDPD\RU
1LYHOGHHVWXGLRV UHODFLyQFRQHOFRQVXPRGHSURGXFWRVHFROyJLFRV\XQDPD\RUSDUWLFLSDFLyQHQHO
\&ODVHVRFLDO UHFLFODMHGHHQYDVHV=HLGQHU\6FKHFKWHUFRQVHUYDFLyQGHORVUHFXUVRV
IXWXURV1HXPDQ
/DVSHUVRQDVFDVDGDVVHPXHVWUDQPiVSUHRFXSDGDVSRUODFRQVHUYDFLyQGHORV
6WDWXVVRFLDO
UHFXUVRVIXWXURV1HXPDQ
/DVIDPLOLDVFRQKLMRVHVWDUiQPHQRVGLVSXHVWDVDSDJDUPiVSRUSURGXFWRV
1~PHURGHKLMRV
HFROyJLFRV-DFNVRQ
/XJDUGH /DVSHUVRQDVTXHYLYHQSUy[LPDVDHVSDFLRVQDWXUDOHVPRVWUDURQPD\RU
UHVLGHQFLD SUHRFXSDFLyQSRUODQDWXUDOH]D5DQNLQ
$PD\RUQLYHOGHUHQWDPD\RUVHUiODDFWLWXGGHDKRUURGHOFRQVXPLGRU%DOGHUMDKQ
5HQWD


7DEOD$9DULDEOHVVRFLRGHPRJUiILFDVGHOFRPSRUWDPLHQWRHFROyJLFR
9$5,$%/(662&,2'(02*5È),&26'(7(50,1$17(6'(/&203257$0,(172
(&2/Ï*,&2
-yYHQHVSUHRFXSDFLyQSRUHOPHGLRDPELHQWHHQJHQHUDODSDUWLUGHDxRV
(GDG
0DGXURVWLHQGHQDPRVWUDUDFWLWXGHVPiVIDYRUDEOHVKDFLDHOUHFLFODMH
(GXFDFLyQ $PD\RUQLYHOHGXFDWLYRPD\RUVHQVLELOL]DFLyQ\FRPSRUWDPLHQWRPiVHFROyJLFR
$PD\RUQLYHOGHLQJUHVRVPD\RUSURSHQVLyQKDFLDODSUHRFXSDFLyQ\
,QJUHVRV
FRPSRUWDPLHQWRVHFROyJLFRV1RPXHVWUDQFRPSRUWDPLHQWRGH1RFRQVXPR!!
3UHVWLJLR (VFDVDVREVHUYDFLRQHV3URIHVLRQDOHVGHPD\RUSUHVWLJLRVRFLDOSUHGLVSRVLFLyQPiV
SURIHVLRQDO IDYRUDEOHKDFLDORVSUREOHPDV\FRPSRUWDPLHQWRVHFROyJLFRV
6HREVHUYDXQDPDUFDGDWHQGHQFLDDVHUPiVHFROyJLFRHQORVUHVLGHQWHVXUEDQRV
5HVLGHQFLD
IUHQWHDORVUXUDOHV
6H[R (OVH[RQRHVXQDYDULDEOHGLVFULPLQDWRULDGHOFRPSRUWDPLHQWRHFROyJLFR
(VFDVDVREVHUYDFLRQHV(OHVWDGRFLYLOQRSDUHFHLQIOXLUHQHOFRPSRUWDPLHQWR
(VWDGR&LYLO
HFROyJLFR
/DVSHUVRQDVFRQLGHRORJtDOLEHUDORSURJUHVLVWDVWLHQGHQDVHUPiVHFROyJLFDVTXH
,GHRORJtDSROtWLFD
ODVFRQVHUYDGRUDV
$ILOLDFLyQSROtWLFD 1RHVXQDYDULDEOHGLVFULPLQDWRULD
$GDSWDGRGH$JXLUUHHWDO

7DEOD$9DULDEOHVYDORUHV\HVWLORVGHYLGD
$XWRUHV 5HVXOWDGRVPiVUHOHYDQWHV
5HODFLRQDORVYDORUHVGHKRQHVWLGDGHLQWHOLJHQFLDFRQXQDFRQGXFWD
HVSHFtILFDVREUHODFRUUHFFLyQGHXQRVH[iPHQHVSRUSDUWHGHORVSURSLRV
DOXPQRV(VWHDXWRUHQFXHQWUDTXHODVFKLFDVPiVPD\RUHVFRQXQRV
+HQVKHO
YDORUHVGHKRQHVWLGDGHLQWHOLJHQFLDHOHYDGRVVHFRPSRUWDQGHIRUPD
UHVSRQVDEOHHQODFRUUHFFLyQ3RUWDQWRSRGHPRVFRQFOXLUTXHODSRVHVLyQ
GHHVWHWLSRGHYDORUHVGHWHUPLQDXQFRPSRUWDPLHQWRXRWUR
*LEERQV\:LFNOXQG /RVYDORUHVDOWUXLVWDVGHD\XGD\GHUHDOL]DFLyQHVWiQPiVUHODFLRQDGRVD

%DWVRQet al. XQFRPSRUWDPLHQWRSRVLWLYRKDFLDWRGRORVRFLDO
/DVSHUVRQDVTXHVHFDUDFWHUL]DQSRUXQDSDUWLFLSDFLyQUHOLJLRVDDFWLYD
/LHYHUVet al.
PXHVWUDQXQDDFWLWXGSRVLWLYDKDFLDODVRFLHGDG
/DVDWLVIDFFLyQGHYLYLUGHXQDIRUPDDXVWHUDHVWiDVRFLDGDDXQDFRQGXFWD
'H<RXQJ SRVLWLYDKDFLDHOUHFLFODMHGHSDSHO\FULVWDO\KDFLDODUHXWLOL]DFLyQGH
HQYDVHV
&RQWUDVWDQGRVPpWRGRVGHPHGLGDGHYDORUHVGHOFRQVXPLGRUOD/LVWDGH
9DORUHV/29\OD(VFDODGH9DORUHV\(VWLORVGH9LGD9$/6/OHJDQ
.DKOHet al,
DODFRQFOXVLyQGHTXHOD/29WLHQHPD\RUXWLOLGDGSUHGLFWLYDTXHOD
9$/6SDUDFRQRFHUODVWHQGHQFLDVGHFRPSRUWDPLHQWRGHOFRQVXPLGRU
$QDOL]DQWUHVWLSRVGHFRPSRUWDPLHQWRDWUDYpVGHGLIHUHQWHVYDULDEOHV
OOHJDQGRDOUHVXOWDGRGHTXHORVYDORUHVSHUVRQDOHVHVWiQPX\
UHODFLRQDGRVFRQFRQGXFWDVGHD\XGDPHGLRDPELHQWDOGLVFULPLQDFLyQGH
*UDQ]LQ\2OVHQ
SURGXFWRVUHFLFODMH$GHPiVDILUPDQTXHORVYDORUHVSHUVRQDOHVVRQ
PX\~WLOHVSDUDH[SOLFDUODVDFWLWXGHVGHODVSHUVRQDVKDFLDODSURWHFFLyQ
PHGLRDPELHQWDO
$QDOL]DQHOLQWHUpVPHGLRDPELHQWDODWUDYpVGHGLIHUHQWHVYDORUHV
OOHJDQGRDODFRQFOXVLyQGHTXHODHIHFWLYLGDGSRUORVSUREOHPDV
*UXQHUW\5RKPH
PHGLRDPELHQWDOHVHVODTXHLQIOX\HHQODGLVFULPLQDFLyQGHVLXQ
FRQVXPLGRUHVWiPiVRPHQRVLQWHUHVDGRSRUHVWRVSUREOHPDV

$1(;2%3URFHVRGHLQYHVWLJDFLyQHQODFRQVWUXFFLyQGHOSHUILOGHO
FRPSRUWDPLHQWRGHFRQVXPRHFROyJLFRGHORVDOXPQRV38&3
)LJXUD%)DVHVGHWUDEDMRSDUDODFRQVWUXFFLyQHOSHUILOGHFRPSRUWDPLHQWRGHFRQVXPR

$1(;2&&XHVWLRQDULRSHUILOGHOFRQVXPLGRUHFROyJLFRHQOD38&3
3UR\HFWRGH7HVLV3HUILOGHOFRQVXPLGRUHFROyJLFR38&3

)LFKD WpFQLFD (QFXHVWDGLULJLGD D ORV HVWXGLDQWHVGHSUHJUDGRGH OD 3RQWLILFLD 8QLYHUVLGDG &DWyOLFDGHO
3HU~38&3PDWULFXODGRVHQHOVHPHVWUHDFDGpPLFR,,
(VWLPDGRD FRODERUDGRUD OD SUHVHQWH HQFXHVWD IRUPD SDUWH GH XQD LQYHVWLJDFLyQ DFDGpPLFD TXH WLHQH
FRPRREMHWLYRGHWHUPLQDUTXpIDFWRUHVLQIOX\HQHQHOFRPSRUWDPLHQWRHFROyJLFRGHORVDOXPQRV38&3
3RUWDOPRWLYRVHDSUHFLDFRQWHVWDUFRQVLQFHULGDG\YHUDFLGDGODVVLJXLHQWHVSUHJXQWDV9DOHPHQFLRQDU
TXHWRGDODLQIRUPDFLyQTXHSURSRUFLRQHVHUiHVWULFWDPHQWHFRQILGHQFLDO\VHUiXWLOL]DGDVyORSDUDILQHV
GHOHVWXGLR$JUDGHFHPRVVXJHQWLODSR\R
&RPSRUWDPLHQWR (FROyJLFR UHDOL]DU FRQGXFWDV UHODFLRQDGDV FRQ HO FRQVXPR HFROyJLFR VDFULILFLRV
SHUVRQDOHVDIDYRUGHOPHGLRDPELHQWH\ODSDUWLFLSDFLyQHQSURGHOPHGLRDPELHQWH

'DWRV*HQHUDOHV

)DFXOWDG

(VWXGLRV*HQHUDOHV/HWUDV )DFXOWDGGH&LHQFLDV&RQWDEOHV
(VWXGLRV*HQHUDOHV&LHQFLDV )DFXOWDGGH&LHQFLDVH,QJHQLHUtD
)DFXOWDGGH$UTXLWHFWXUD\8UEDQLVPR )DFXOWDGGH&LHQFLDV\$UWHVGHOD&RPXQLFDFLyQ
)DFXOWDGGH$UWHV\'LVHxR )DFXOWDGGH'HUHFKR
)DFXOWDGGH$UWHV(VFpQLFDV )DFXOWDGGH(GXFDFLyQ
)DFXOWDGGH&LHQFLDV6RFLDOHV )DFXOWDGGH*HVWLyQ\$OWD'LUHFFLyQ
)DFXOWDGGH/HWUDV\&LHQFLDV+XPDQDV

7UDEDMR &LFORGH
6H[R (GDG (VFDOD
3UiFWLFDV LQJUHVR
+RPEUH ±DxRV 6L
0XMHU ±DxRV 1R
±DxRV
DPiVDxRV

3UHJXQWDVVREUHFRPSRUWDPLHQWRDPELHQWDO

,QGLFDFLRQHV3RUIDYRUFRQWHVWHVRORXQDRSFLyQHQHOFDVLOOHURPDUFDQGRFRQXQD;

¢5HFLFODXVWHGORVVLJXLHQWHV &UHHTXHHQOD38&3H[LVWHQ

SURGXFWRV" VXILFLHQWHVFRQWHQHGRUHVGHUHFLFODMH
6, 12 6, 12
3DSHOSHULyGLFRV
3OiVWLFR
&DUWyQ
9LGULR
3LODV
/DWDV
2WURVHQYDVHVWHWUD

SDFN

1XQFD 2FDVLRQDOPHQWH 'HIRUPD
KDELWXDO
¢+DFRQVXPLGRDOJXQDYH]DOLPHQWRV
RUJiQLFRV OHFKHYHUGXUDV\RJXUW"
Sin la utilización de productos químicas,

(pesticidas, transgénicos, preservantes)
¢+DFRPSUDGRDOJXQDYH]SURGXFWRVGH
OLPSLH]DHFROyJLFD "
*Ecoamigables: no perjudiquen la capa de

ozono o sin fosfato.

6, 12
¢+DFRPSUDGRDOJXQDYH]SURGXFWRVGHPDQXIDFWXUDHFROyJLFR
&XDGHUQRVPRFKLODVFDUWHUDVVRXYHQLUV"
*hechos con materiales reutilizados y reciclados
¢(VWDUtDGLVSXHVWRDFRPSUDUKDELWXDOPHQWHDOLPHQWRVRUJiQLFRVDOPLVPR
SUHFLRTXHORVQRRUJiQLFRV"

¢(VWDUtDGLVSXHVWRDFRPSUDUKDELWXDOPHQWHSURGXFWRVGHOLPSLH]DHFROyJLFD
DOPLVPRSUHFLRTXHORVQRHFROyJLFRV"
¢(VWDUtDGLVSXHVWRDFRPSUDUSURGXFWRGHPDQXIDFWXUDHFROyJLFDDOPLVPR
SUHFLRTXHORVQRHFROyJLFRV"

¢&RPSUDUtDDOLPHQWRVRUJiQLFRV" 6, 12
&RQXQSUHFLRPiVFDURQDUDQMDVGHD6ROHVNJ

¢&RPSUDUtDXQSURGXFWRGHOLPSLH]DHFROyJLFD" 6, 12
&RQXQSUHFLRPiVFDURGHVRGRUDQWHGHD6ROHV

¢&RPSUDUtDXQSURGXFWRGHPDQXIDFWXUDHFROyJLFR" 6, 12
&RQXQSUHFLRPiVFDURPRFKLODGHD6ROHV

,QGLFDFLRQHV3RUIDYRUSRGUtDLQGLFDUQRVHQTXpPHGLGDHVWDUtDGLVSXHVWRDFRPSURPHWHUVHFRQODV
VLJXLHQWHVVHQWHQFLDVVLHQGR
7RWDOPHQWHHQGHVDFXHUGR (QGHVDFXHUGR ,QGLIHUHQWH 'HDFXHUGR 7RWDOPHQWHGH
DFXHUGR

(VWDUtDGLVSXHVWRDFRQGXFLUXQDELFLFOHWDHQOXJDUGHWRPDUHODXWRE~VSDUD
LUDWUDEDMDUHVWXGLDUDILQGHUHGXFLUODFRQWDPLQDFLyQGHODLUH
(VWDUtDGLVSXHVWRDXVDUXQVLVWHPDGHWUDQVSRUWHPHQRVFRQWDPLQDQWHSDUD
D\XGDUDUHGXFLUODSROXFLyQGHODLUH
'RQDUtDHOVXHOGRGHXQGtDDXQDLQVWLWXFLyQSDUDTXHD\XGHDPHMRUDUHO

PHGLRDPELHQWH
'HMDUtDGHFRPSUDUSURGXFWRVDHPSUHVDVTXHFRQWDPLQDQHOPHGLR
DPELHQWHLQFOXVRDXQTXHIXHVHXQLQFRQYHQLHQWHSDUDPt
(VFULELUtDDXQDUHYLVWDUHODFLRQDGDFRQORVSUREOHPDVPHGLRDPELHQWDOHV
1RLUtDGHFDVDHQFDVDDILQGHGLVWULEXLUSXEOLFLGDGHLQIRUPDFLyQVREUHHO
PHGLRDPELHQWH
1RSDJDUtDXQLPSXHVWRPHGLRDPELHQWDOSRUODFRQWDPLQDFLyQDXQTXHHOOR
UHDOPHQWHD\XGHDUHGXFLUODFRQWDPLQDFLyQDPELHQWDO

,QGLFDFLRQHV3RUIDYRU0DUTXHFRQVLQFHULGDG;XQDVRORRSFLyQFRQODTXHHVWHPiVGHDFXHUGRR
GHVDFXHUGRVLJXLHQGRODVLJXLHQWHHVFDOD
DFXHUGR

1XQFDKHFRPSUDGRXQSURGXFWRSRUTXHWXYLHUDPHQRUHVHIHFWRV
FRQWDPLQDQWHV
(VWR\SHQGLHQWHGHODVSURSXHVWDVPHGLRDPELHQWDOHVTXHUHDOL]DHOSDUWLGR
SRUHOTXHYRWHHQODV~OWLPDVHOHFFLRQHVSUHVLGHQFLDOHV
+HFRQWDFWDGRFRQ,QVWLWXFLRQHVVRFLDOHVRS~EOLFDVPHGLRDPELHQWDOHVSDUD
LQIRUPDUPHVREUHORTXHSXHGRKDFHUSDUDUHGXFLUODFRQWDPLQDFLyQ
3URFXURKDFHUFRPSUDVGHSURGXFWRVTXHOOHYHQHQYDVHUHFLFODEOH
+HDVLVWLGRDXQDFRQIHUHQFLDRIUHFLGDSRUDOJXQDRUJDQL]DFLyQTXHVH
SUHRFXSDSRUODPHMRUDDPELHQWDO
+HFDPELDGRGHSURGXFWRSRUUD]RQHVHFROyJLFDV
1XQFDKHSDUWLFLSDGRHQXQDFWRTXHVHSUHRFXSDSRUDVSHFWRV
PHGLRDPELHQWDOHVSODQWDUXQiUEROOLPSLH]DGHSDUTXHVHWF
1XQFDKHLGRDXQDFRQIHUHQFLDVREUHWHPDVGHFXLGDGRDPELHQWDO
(VWR\VXVFULWRDUHYLVWDVTXHSXEOLFDQDUWtFXORVVREUHPHGLRDPELHQWH

0HDVXVWDSHQVDUTXHODFRPLGDTXHLQJLHURHVWiFRQWDPLQDGRFRQ
SHVWLFLGDV

0HHQIXUHFHSHQVDUTXHHO*RELHUQRQRKDFHQDGDSDUDD\XGDUDFRQWURODU
ODFRQWDPLQDFLyQGHOPHGLRDPELHQWH
/OHJRDLQGLJQDUPHFXDQGRSLHQVRVREUHHOGDxRFDXVDGRDODVSODQWDV\
DQLPDOHVSRUODFRQWDPLQDFLyQ
0HGHSULPRHQORVGtDVTXHKD\FRQWDPLQDFLyQHQHODPELHQWHQLHEOD
KXPRPDORVRORUHV
&XDQGRSLHQVRHQFRPRFRQWDPLQDQODVLQGXVWULDVPHHQIDGRPXFKR
1XQFDPHKDDIHFWDGRODFRQWDPLQDFLyQ\DTXHVHH[DJHUDPXFKRVREUHHO
WHPD
&DVLQXQFDPHSUHRFXSRVREUHORVHIHFWRVTXHHOKXPRSXHGHFDXVDUHQPL
IDPLOLD\HQPt

3UHJXQWDVVREUHYDORUHV\HVWLORGHYLGDGHORVDOXPQRV38&3
,QGLFDFLRQHV 3RU IDYRU 0DUTXH FRQ VLQFHULGDG ; XQD VROR RSFLyQ FRQ OD TXH HVWH PiV GH DFXHUGR R

6R\PiVKiELOTXHODPD\RUtDGHODVSHUVRQDV
0HJXVWDODJHQWH\ODVFRVDVH[WUDYDJDQWHV
0HJXVWDTXHKD\DYDULHGDGHQPLYLGD
0HJXVWDKDFHUODVPLVPDVFRVDVWRGRVORVGtDV
6LJRODV~OWLPDVWHQGHQFLDV\PRGDV
&RPRODELEOLDDILUPD³HOPXQGRIXHFUHDGRHQVHLVGtDV´
0HJXVWDHVWDUDFDUJRGHXQJUXSR
0HJXVWDDSUHQGHUVREUHDUWHFXOWXUDHKLVWRULD
0HJXVWDWRGRORHPRFLRQDQWHHQPLYLGD
(QUHDOLGDGVRORHVWR\LQWHUHVDGRHQDOJXQDVFRVDV
3UHILHURKDFHU\RPLVPRDOJRDQWHVTXHFRPSUDUOR
0HJXVWDHVWDUDODPRGDPiVTXHHOUHVWRGHODJHQWH
(OJRELHUQRGHEHUtDIRPHQWDUODHQVHxDQ]DGHODUHOLJLyQHQODVHVFXHODV

S~EOLFDV
(QRFDVLRQHVHVWR\LQWHUHVDGRSRUQXHYRVFRQRFLPLHQWRV
6R\XQDSHUVRQDLQWHOHFWXDO
'HERDGPLWLUTXHPHJXVWDSUHVXPLU
0HJXVWDSUREDUFRVDVQXHYDV
0HLQWHUHVDODPHFiQLFDORVPRWRUHV\HOWUDEDMR
0HJXVWDLUYHVWLGRDOD~OWLPDWHQGHQFLD
+R\HQGtDKD\PXFKRVH[RHQOD79
0HJXVWDGLULJLUDRWURV
0HJXVWDUtDSDVDUXQDxRRPiVHQHOH[WUDQMHUR
$PHQXGRDQKHORVHQWLUPHDQLPDGRHQPLYLGD
$GPLWRTXHPHLQWHUHVDQSRFDVFRVDV
0HJXVWDKDFHUFRVDVGHPDGHUDPHWDO\RWURVPDWHULDOHV
4XLHURVHUFRQVLGHUDGRFRPRXQDSHUVRQDFRQHVWLOR\TXHYDDODPRGD
/DYLGDGHXQDPXMHUHVWiSOHQDPHQWHUHDOL]DGDFXDQGRVHGHGLFDDVX
IDPLOLDHQFDUJiQGRVHGHVXVKLMRV
0HJXVWDHOUHWRGHKDFHUFRVDVTXHQXQFDKDEtDKHFKRDQWHV
0HJXVWDDSUHQGHUFRVDVDXQTXHHVWDVQRVHDQ~WLOHVHQPLYLGD
0HJXVWDKDFHUFRVDVFRQPLVSURSLDVPDQRV
6LHPSUHEXVFRFRVDVHPRFLRQDQWHHQPLYLGD
0HJXVWDKDFHUFRVDVQXHYDV\HPRFLRQDQWHV
0HJXVWDHFKDUXQYLVWD]RHQORVFRQFHVLRQDULRVGHFDUURV\RWLHQGDVGH
FRPSXWDGRUHV
0HJXVWDUtDHQWHQGHUPiVVREUHFyPRIXQFLRQDHOXQLYHUVR
0HJXVWDODUXWLQDHQPLYLGD

3UHJXQWDVUHODFLRQDGDVDODSHUVRQDOLGDGGHODOXPQR38&3
,QGLFDFLRQHV 3RU IDYRU 0DUTXH FRQ VLQFHULGDG ; XQD VROR RSFLyQ FRQ OD TXH HVWH PiV GH DFXHUGR R
DFXHUGR

3UHJXQWDVGH3HUVRQDOLGDGUHODFLRQDGDVFRQHOJUDGR(;7529(56,Ï1
(QXQDILHVWDPHJXVWDVHUHOFHQWURGHDWHQFLyQ
0HJXVWDHVWDUURGHDGRGHJHQWH
6XHORVHUTXLHQFRPLHQ]DODVFRQYHUVDFLRQHV
(QODVILHVWDVPHJXVWDKDEODUFRQJHQWHGLIHUHQWH
1RPHLPSRUWDVHUHOFHQWURGHPLUDGHODJHQWH
1RKDEORGHPDVLDGR
0DVELHQPHJXVWDHVWDUHQXQVHJXQGRSODQR
*HQHUDOPHQWHWHQJRSRFDVFRVDVTXHGHFLU
1RPHJXVWDOODPDUODDWHQFLyQ
0HPDQWHQJRFDOODGRFRQODJHQWHTXHQRFRQR]FR

3UHJXQWDVGH3HUVRQDOLGDGUHODFLRQDGDVFRQHOJUDGRGH62/,'$5,'$'
<6,03$7,$
6LHQWRLQWHUpVSRUODJHQWH
0HVROLGDUL]RFRQORVVHQWLPLHQWRVGHRWUDVSHUVRQDV
0LFRUD]yQHVPX\VHQVLEOHKDFLDORVGHPiV
0HJXVWDVDFDUWLHPSRSDUDORVGHPiV
&RPSDUWRODVHPRFLRQHVGHORVGHPiV
0HJXVWDKDFHUTXHODJHQWHVHVLHQWDWUDQTXLOD
5HDOPHQWHODJHQWHQRPHLQWHUHVD
&ULWLFR\KDEORPDOGHODVSHUVRQDV
1RPHLQWHUHVDQORVSUREOHPDVGHORVGHPiV
1RPHSUHRFXSRSRUORVGHPiV

3UHJXQWDVGH3HUVRQDOLGDGUHODFLRQDGDVFRQHOJUDGRGH
5(63216$%,/,'$'
0HJXVWDHVWDUSUHSDUDGRSDUDORTXHVHD
0HJXVWDSUHVWDUDWHQFLyQDORVGHWDOOHV
5HDOL]RHOWUDEDMRGHFDVDUiSLGDPHQWH
0HJXVWDHORUGHQ
1RUPDOPHQWHVLJRXQHVTXHPDXQSODQ
6R\PX\PHWLFXORVRFRQPLWUDEDMR
'HMRODVFRVDVHQFXDOTXLHUVLWLR
6R\PX\GHVRUGHQDGRFRQWRGDVPLVFRVDV
(QRFDVLRQHVPHROYLGRGHGHMDUODVFRVDVHQVXVLWLR
1RVXHORFXPSOLUFRQPLVREOLJDFLRQHV

3UHJXQWDVGH3HUVRQDOLGDGUHODFLRQDGDVFRQHOJUDGRGH&$5È&7(5
(VWR\UHODMDGRODPD\RUSDUWHGHOWLHPSR
1RUPDOPHQWHPHVLHQWRPX\ELHQ
6LHQWRHVWUpVIiFLOPHQWH
/DVFRVDVPHPROHVWDQFRQIDFLOLGDG
0HHQIDGRFRQUDSLGH]
&DPELRPLHVWDGRGHiQLPRIiFLOPHQWH
0HLUULWRFRQIDFLOLGDG
6RORHQRFDVLRQHVPHVLHQWRELHQ
/DVFRVDVQRVXHOHQDEXUULUPH
5DUDYH]PHLUULWR

3UHJXQWDVGH3HUVRQDOLGDGUHODFLRQDGDVFRQHOJUDGRGH18(9$6,'($6
<9$/25(6

0HH[SUHVRFRQJUDQIDFLOLGDG
7HQJRXQDJUDQLPDJLQDFLyQ
0LVLGHDVVRQPDJQLILFDV
(QWLHQGRODVFRVDVFRQJUDQUDSLGH]
3DUDH[SUHVDUXQDPLVPDLGHDXWLOL]RGLIHUHQWHVSDODEUDV
0HJXVWDGHGLFDUWLHPSRSDUDUHIOH[LRQDUVREUHODVFRVDV
6HPHRFXUUHQJUDQFDQWLGDGGHLGHDV
0HFXHVWDHQWHQGHUODVLGHDVDEVWUDFWDV
1RPHLQWHUHVDQODVLGHDVDEVWUDFWDV
0LLPDJLQDFLyQQRVXHOHVHUPX\EXHQD

,QGLFDFLRQHV3RUIDYRU0DUTXHFRQVLQFHULGDG;XQDVRORRSFLyQFRQODTXHHVWHPiVGHDFXHUGRR
DFXHUGR

3UHJXQWDVVREUHHOPHGLRDPELHQWH
/DVRFLHGDGDFWXDOHVWiGHVWUX\HQGRODQDWXUDOH]D
3UHILHURFRQVXPLUSURGXFWRVUHFLFODGRV
$UURMRODEDVXUDHQFRQWHQHGRUHVVHOHFWLYRV
6LQRVHWRPDQODVPHGLGDVQHFHVDULDVHOGHWHULRURGHOPHGLRDPELHQWH
VHUiLUUHYHUVLEOH
&RODERURHQODVWDUHDVGHFRQVHUYDFLyQGHOPHGLRDPELHQWH
0HSUHRFXSRGHODVFRQVHFXHQFLDVGHODDFWLYLGDGKXPDQDVREUHHOFDPELR
FOLPiWLFR\DFWXyFRQVHFXHQWHPHQWH
&RQWURORODLQJHVWDGHVDO
3UDFWLFRXQDGLHWDYHJHWDULDQD
+DJRHMHUFLFLRFRQUHJXODULGDG
3URFXURQRFRPHUDOLPHQWRVSUHFRFLQDGRV

&RPRFRQIUHFXHQFLDIUXWDV\YHUGXUDV
&RPRFRQPRGHUDFLyQFDUQHURMD
3HUWHQH]FRDXQDDVRFLDFLyQGHGHIHQVDGHQDWXUDOH]D
3URFXURFRPHUDOLPHQWRVVLQDGLWLYRVVDERUL]DQWHFRORUDQWHVDMLQRPRWR
3HULyGLFDPHQWHFKHTXHRPLVDOXGYROXQWDULDPHQWH
3URFXURUHGXFLUHOHVWUpV
9LVLWRDOGHQWLVWDFRQUHJXODULGDG
3URFXUROOHYDUXQDYLGDRUGHQDGD\PHWyGLFD
3URFXURHTXLOLEUDUWUDEDMRFRQYLGDSULYDGD
/HRODVHWLTXHWDVGHORVSURGXFWRV

,QGLFDFLRQHV3RUIDYRU0DUTXHFRQ;XQDVRORRSFLyQTXHFRQVLGHUHFRUUHFWD

/DHFRORJtDHVWDGHVFULWDFRPRHOHVWXGLRGH /DFRQWDPLQDFLyQGHOVXHOR
/DUHODFLyQHQWUHHOKRPEUH\HOPHGLR QRUPDOPHQWHVHGHEHD
DPELHQWH (VFDVH]GHOOXYLD
/DUHODFLyQHQWUHRUJDQLVPRV\HOPHGLR 0pWRGRVDJUtFRODVQRDGHFXDGRV
DPELHQWH 0HWDOHVYHQHQRVRV
/DFRQWDPLQDFLyQ\VXFRQWURO 8QDURWDFLyQGHORVFXOWLYRVSREUH
(OPHGLRDPELHQWH 1RVDEH1RFRQWHVWD
1RVDEH1RFRQWHVWD

(OKXPRGHQXHVWUDVFLXGDGHVSURFHGH
¢6DEHTXpHV/D+RUDGHO3ODQHWD"
IXQGDPHQWDOPHQWHGH
8QDFDPSDxDDPELHQWDOLVWDSDUDFHOHEUDU
$XWRPyYLOHV
HOGtDGHODWLHUUD
8QDFDPSDxDVRFLDOSDUDDKRUUDUHQHUJtD $YLRQHV
DQLYHOPXQGLDO 3ODQWDVLQGXVWULDOHV
8QJHVWRVLPEyOLFRGHODOXFKDFRQWUDHO (OLPLQDFLyQGHEDVXUDV
FDPELRFOLPiWLFRDQLYHOPXQGLDO 1RVDEH1RFRQWHVWD
8QDLQLFLDWLYDGHOD218SDUD
FRQFLHQWL]DUDODSREODFLyQVREUHHOFDPELR
FOLPiWLFR
1RVDEH1RFRQWHVWD

¢4XpHVODKXHOODHFROyJLFDXQLYHUVLWDULD"
8QDLQLFLDWLYDGHODVXQLYHUVLGDGHVDQLYHOPXQGLDOSDUD
SURWHJHUHOPHGLRDPELHQWHDWUDYpVGHFRQFLHQWL]DFLyQGHORV
DOXPQRV
8QLQGLFDGRUTXHSHUPLWHFRPSDUDUHOFRQVXPRGHOD
FRPXQLGDGXQLYHUVLWDULDFRQODSURGXFWLYLGDGHFROyJLFDGHELHQHV
\VHUYLFLRV
8QDFDPSDxDXQLYHUVLWDULDSDUDUHGXFLUODVHPLVLRQHVGH&2\
DXPHQWDUODSODQWDFLyQGHiUEROHVHQHOFDPSXV

8QDFDPSDxDXQLYHUVLWDULDTXHIRPHQWDHOFRQVXPRGH
SURGXFWRVHFROyJLFRVGHORVHVWXGLDQWHV
1RVDEH1RFRQWHVWD

¢&XiQWRFUHHTXHKDLQIOXHQFLDGROD38&3HQVXFRPSRUWDPLHQWR
(FROyJLFR"
1DGD 3RFR %DVWDQWH 0XFKR

,QGLFDFLRQHV3XHGHPDUFDUPiVGHXQDRSFLyQ

¢&XiOGHHVWDVXQLGDGHVRGHSDUWDPHQWRVGHOD38&3FRQRFH"
&OLPDGH&DPELRV
'LUHFFLyQ$FDGpPLFDGH5HVSRQVDELOLGDG6RFLDO'$56
/D2ILFLQDGH3URPRFLyQ6RFLDO\$FWLYLGDGHV&XOWXUDOHV
23526$&
,QVWLWXWRGH&LHQFLDV1DWXUDOHV7HUULWRULR\(QHUJtD,17(
2ILFLQD5HVSRQVDEOHGH$FWLYLGDGHV8QLYHUVLWDULDV±5$8
D1LQJXQRGHORVDQWHULRUHV

¢+HSDUWLFLSDGRGHORVVLJXLHQWHVHYHQWRV 'HORVHYHQWRVHxDODGRVPHLQWHUHVDR
RUJDQL]DGRVSRUOD38&3" LQWHUHVDUtDSDUWLFLSDUHQORVVLJXLHQWHVHYHQWRV

1DGD 3RFR %DVWDQWH 0XFKR
([SRVLFLRQHVFKDUODV\FRQIHUHQFLDV
PHGLRDPELHQWDOHV
7DOOHUHVGHHGXFDFLyQDPELHQWDO
SODQWDFLyQ\ELRKXHUWRV
6HPDQD$PELHQWDO38&3
3ODQWDFLyQGHiUEROHVHQOD38&3
(FRVDOLGD/RPDGH$PDQFDHV
0RYLOt]DWHHQ%LFL38&3
&DPSDxDGH3DSHO
)HULDGH$OLPHQWDFLyQ6DOXGDEOH
+D]ODSRUWX3OD\D38&3

)LQGHODHQFXHVWD
£0XFKDVJUDFLDV

$1(;2')DFWRUHVSVLFRJUiILFRVGHHYDOXDFLyQGHOSHUILOGHO
FRQVXPLGRUHFROyJLFRVHJ~Q)UDM\0DUWtQH]
7DEOD')DFWRUHVDFWLWXG
)DFWRU 9DULDEOHV
(VWDUtDGLVSXHVWRDFRQGXFLUXQDELFLFOHWDHQOXJDUGHWRPDUHODXWRE~VSDUDLUD
WUDEDMDUHVWXGLDUDILQGHUHGXFLUODFRQWDPLQDFLyQGHODLUH
(VWDUtDGLVSXHVWRDXVDUXQVLVWHPDGHWUDQVSRUWHPHQRVFRQWDPLQDQWHSDUDD\XGDUD
UHGXFLUODSROXFLyQGHODLUH
'RQDUtDHOVXHOGRGHXQGtDDXQDLQVWLWXFLyQSDUDTXHD\XGHDPHMRUDUHOPHGLRDPELHQWH
'HMDUtDGHFRPSUDUSURGXFWRVDHPSUHVDVTXHFRQWDPLQDQHOPHGLRDPELHQWHLQFOXVR
DXQTXHIXHVHXQLQFRQYHQLHQWHSDUDPt
(VFULELUtDDXQDUHYLVWDUHODFLRQDGDFRQORVSUREOHPDVPHGLRDPELHQWDOHV
1RLUtDGHFDVDHQFDVDDILQGHGLVWULEXLUSXEOLFLGDGHLQIRUPDFLyQVREUHHOPHGLR
DPELHQWH
1RSDJDUtDXQLPSXHVWRPHGLRDPELHQWDOSRUODFRQWDPLQDFLyQDXQTXHHOORUHDOPHQWH
D\XGHDUHGXFLUODFRQWDPLQDFLyQDPELHQWDO
1XQFDKHFRPSUDGRXQSURGXFWRSRUTXHWXYLHUDPHQRUHVHIHFWRVFRQWDPLQDQWHV
(VWR\SHQGLHQWHGHODVSURSXHVWDVPHGLRDPELHQWDOHVTXHUHDOL]DHOSDUWLGRSRUHOTXHYRWH
HQODV~OWLPDVHOHFFLRQHVSUHVLGHQFLDOHV
+HFRQWDFWDGRFRQ,QVWLWXFLRQHVVRFLDOHVRS~EOLFDVPHGLRDPELHQWDOHVSDUDLQIRUPDUPH
VREUHORTXHSXHGRKDFHUSDUDUHGXFLUODFRQWDPLQDFLyQ
$&7,78' 3URFXURKDFHUFRPSUDVGHSURGXFWRVTXHOOHYHQHQYDVHUHFLFODEOH
+HDVLVWLGRDXQDFRQIHUHQFLDRIUHFLGDSRUDOJXQDRUJDQL]DFLyQTXHVHSUHRFXSDSRUOD
PHMRUDDPELHQWDO
1XQFDKHSDUWLFLSDGRHQXQDFWRTXHVHSUHRFXSDSRUDVSHFWRVPHGLRDPELHQWDOHVSODQWDU
XQiUEROOLPSLH]DGHSDUTXHVHWF
1XQFDKHLGRDXQDFRQIHUHQFLDVREUHWHPDVGHFXLGDGRDPELHQWDO
(VWR\VXVFULWRDUHYLVWDVTXHSXEOLFDQDUWtFXORVVREUHPHGLRDPELHQWH
0HDVXVWDSHQVDUTXHODFRPLGDTXHLQJLHURHVWiFRQWDPLQDGRFRQSHVWLFLGDV
0HHQIXUHFHSHQVDUTXHHO*RELHUQRQRKDFHQDGDSDUDD\XGDUDFRQWURODUOD
FRQWDPLQDFLyQGHOPHGLRDPELHQWH
/OHJRDLQGLJQDUPHFXDQGRSLHQVRVREUHHOGDxRFDXVDGRDODVSODQWDV\DQLPDOHVSRUOD
FRQWDPLQDFLyQ
0HGHSULPRHQORVGtDVTXHKD\FRQWDPLQDFLyQHQHODPELHQWHQLHEODKXPRPDORV
RORUHV
&XDQGRSLHQVRHQFRPRFRQWDPLQDQODVLQGXVWULDVPHHQIDGRPXFKR

1XQFDPHKDDIHFWDGRODFRQWDPLQDFLyQ\DTXHVHH[DJHUDPXFKRVREUHHOWHPD
&DVLQXQFDPHSUHRFXSRVREUHORVHIHFWRVTXHHOKXPRSXHGHFDXVDUHQPLIDPLOLD\HQ
Pt
7DEOD')DFWRUHVYDORUHV\HVWLORVGHYLGD
)DFWRU 9DULDEOHV
&RPRODELEOLDDILUPD³HOPXQGRIXHFUHDGRHQVHLVGtDV´
(OJRELHUQRGHEHUtDIRPHQWDUODHQVHxDQ]DGHODUHOLJLyQHQODVHVFXHODVS~EOLFDV
(QRFDVLRQHVHVWR\LQWHUHVDGRSRUQXHYRVFRQRFLPLHQWRV
9$/6
9DORUHV\ 'HERDGPLWLUTXHPHJXVWDSUHVXPLU
HVWLORVGH 0HJXVWDSUREDUFRVDVQXHYDV
9LGD
0HJXVWDKDFHUFRVDVGHPDGHUDPHWDO\RWURVPDWHULDOHV
4XLHURVHUFRQVLGHUDGRFRPRXQDSHUVRQDFRQHVWLOR\TXHYDDODPRGD
/DYLGDGHXQDPXMHUHVWiSOHQDPHQWHUHDOL]DGDFXDQGRVHGHGLFDDVXIDPLOLD
HQFDUJiQGRVHGHVXVKLMRV
0HJXVWDHOUHWRGHKDFHUFRVDVTXHQXQFDKDEtDKHFKRDQWHV
0HJXVWDDSUHQGHUFRVDVDXQTXHHVWDVQRVHDQ~WLOHVHQPLYLGD

0HJXVWDHFKDUXQYLVWD]RHQORVFRQFHVLRQDULRVGHFDUURV\RWLHQGDVGHFRPSXWDGRUHV
0HJXVWDUtDHQWHQGHUPiVVREUHFyPRIXQFLRQDHOXQLYHUVR

7DEOD')DFWRUHVSHUVRQDOLGDG
)DFWRU 9DULDEOHV
1RKDEORGHPDVLDGR
3(5621$/,'$'
0HJXVWDHORUGHQ
0HHQIDGRFRQUDSLGH]

5DUDYH]PHLUULWR
3DUDH[SUHVDUXQDPLVPDLGHDXWLOL]RGLIHUHQWHVSDODEUDV
0HJXVWDGHGLFDUWLHPSRSDUDUHIOH[LRQDUVREUHODVFRVDV
7DEOD')DFWRUHVHVWLORVGHYLGDHFROyJLFRV
)DFWRU 9DULDEOHV
6LQRVHWRPDQODVPHGLGDVQHFHVDULDVHOGHWHULRURGHOPHGLRDPELHQWHVHUi
LUUHYHUVLEOH
&RODERURHQODVWDUHDVGHFRQVHUYDFLyQGHOPHGLRDPELHQWH
0HSUHRFXSRGHODVFRQVHFXHQFLDVGHODDFWLYLGDGKXPDQDVREUHHOFDPELR
FOLPiWLFR\DFWXyFRQVHFXHQWHPHQWH
(67,/26'( +DJRHMHUFLFLRFRQUHJXODULGDG
9,'$ 3URFXURQRFRPHUDOLPHQWRVSUHFRFLQDGRV
(&2/Ï*,&26
3URFXURFRPHUDOLPHQWRVVLQDGLWLYRVVDERUL]DQWHFRORUDQWHVDMLQRPRWR

$1(;2(5HVXOWDGRVGHODQiOLVLVGHVFULSWLYR
7DEOD(3RUFHQWDMHGHIUHFXHQFLD\YDORUPHGLRSDUDODHVFDOD9$/6
9DORUHV\(VWLORVGH9LGD 'HVDF ,QGLI $FXHU 0HGLD

&RPRODELEOLDDILUPD³HOPXQGRIXHFUHDGRHQVHLV

GtDV´

(OJRELHUQRGHEHUtDIRPHQWDUODHQVHxDQ]DGHOD

UHOLJLyQHQODVHVFXHODVS~EOLFDV
(QRFDVLRQHVHVWR\LQWHUHVDGRSRUQXHYRV

FRQRFLPLHQWRV
'HERDGPLWLUTXHPHJXVWDSUHVXPLU
0HJXVWDSUREDUFRVDVQXHYDV

0HJXVWDKDFHUFRVDVGHPDGHUDPHWDO\RWURV

PDWHULDOHV
4XLHURVHUFRQVLGHUDGRFRPRXQDSHUVRQDFRQHVWLOR

\TXHYDDODPRGD

/DYLGDGHXQDPXMHUHVWiSOHQDPHQWHUHDOL]DGD

FXDQGRVHGHGLFDDVXIDPLOLDHQFDUJiQGRVHGHVXVKLMRV
0HJXVWDHOUHWRGHKDFHUFRVDVTXHQXQFDKDEtD

KHFKRDQWHV
0HJXVWDDSUHQGHUFRVDVDXQTXHHVWDVQRVHDQ~WLOHV

HQPLYLGD

0HJXVWDHFKDUXQYLVWD]RHQORVFRQFHVLRQDULRVGH

FDUURV\RWLHQGDVGHFRPSXWDGRUHV
0HJXVWDUtDHQWHQGHUPiVVREUHFyPRIXQFLRQDHO

XQLYHUVR
7DEOD(3RUFHQWDMHGHIUHFXHQFLD\YDORUPHGLRSDUDHVWLORVGHYLGDHFROyJLFRV
(VWLORVGHYLGD 'HVDF ,QGLI $FXHU 0HGLD
6LQRVHWRPDQODVPHGLGDVQHFHVDULDVHOGHWHULRURGHO

PHGLRDPELHQWHVHUiLUUHYHUVLEOH
&RODERURHQODVWDUHDVGHFRQVHUYDFLyQGHOPHGLR

DPELHQWH
0HSUHRFXSRGHODVFRQVHFXHQFLDVGHODDFWLYLGDG
KXPDQDVREUHHOFDPELRFOLPiWLFR\DFWXy
FRQVHFXHQWHPHQWH
+DJRHMHUFLFLRFRQUHJXODULGDG
3URFXURQRFRPHUDOLPHQWRVSUHFRFLQDGRV
3URFXURFRPHUDOLPHQWRVVLQDGLWLYRVVDERUL]DQWH

FRORUDQWHVDMLQRPRWR

7DEOD(5HVXOWDGRVHQSRUFHQWDMHGHODFUHDWLYLGDG\QLYHOLQWHOHFWXDO3HUVRQDOLGDG
&UHDWLYLGDG\QLYHOLQWHOHFWXDO 'HVDF ,QGLI $FXHU 0HGLD
3DUDH[SUHVDUXQDPLVPDLGHDXWLOL]RGLIHUHQWHV

SDODEUDV
0HJXVWDGHGLFDUWLHPSRSDUDUHIOH[LRQDUVREUHODV

FRVDV
7DEOD ( 5HVXOWDGRV HQ SRUFHQWDMH GH OD VROLGDULGDG \ VLPSDWtD KDFLD ORV GHPiV
3HUVRQDOLGDG
6ROLGDULGDG\VLPSDWtDKDFLDORVGHPiV 'HVDF ,QGLI $FXHU 0HGLD
6LHQWRLQWHUpVSRUODJHQWH

7DEOD(5HVXOWDGRVHQSRUFHQWDMHGHFDUiFWHUHPRFLRQDO3HUVRQDOLGDG
&DUiFWHUHPRFLRQDO 'HVDF ,QGLI $FXHU 0HGLD
0HHQIDGRFRQUDSLGH]


5DUDYH]PHLUULWR
7DEOD(5HVXOWDGRVHQSRUFHQWDMHGHH[WURYHUVLyQ3HUVRQDOLGDG
([WURYHUVLyQ 'HVDF ,QGLI $FXHU 0HGLD
1RKDEORGHPDVLDGR
7DEOD(5HVXOWDGRVHQSRUFHQWDMHGHODFRQFLHQFLD\UHVSRQVDELOLGDG3HUVRQDOLGDG
&RQFLHQFLD\UHVSRQVDELOLGDG 'HVDF ,QGLI $FXHU 0HGLD
0HJXVWDHORUGHQ
7DEOD ( 5HVXOWDGRV HQ SRUFHQWDMH GHO FRPSURPLVR YHUEDO FRQ HO PHGLR DPELHQWH
$FWLWXG
&RPSURPLVRYHUEDOKDFLDHOPHGLRDPELHQWH 'HVDF ,QGLI $FXHU 0HGLD
(VWDUtDGLVSXHVWRDFRQGXFLUXQDELFLFOHWDHQOXJDUGH
WRPDUHODXWRE~VSDUDLUDWUDEDMDUHVWXGLDUDILQGHUHGXFLU
ODFRQWDPLQDFLyQGHODLUH

(VWDUtDGLVSXHVWRDXVDUXQVLVWHPDGHWUDQVSRUWH
PHQRVFRQWDPLQDQWHSDUDD\XGDUDUHGXFLUODSROXFLyQGHO
DLUH
'RQDUtDHOVXHOGRGHXQGtDDXQDLQVWLWXFLyQSDUDTXH

D\XGHDPHMRUDUHOPHGLRDPELHQWH
'HMDUtDGHFRPSUDUSURGXFWRVDHPSUHVDVTXH
FRQWDPLQDQHOPHGLRDPELHQWHLQFOXVRDXQTXHIXHVHXQ
LQFRQYHQLHQWHSDUDPt
(VFULELUtDDXQDUHYLVWDUHODFLRQDGDFRQORVSUREOHPDV

PHGLRDPELHQWDOHV
1RLUtDGHFDVDHQFDVDDILQGHGLVWULEXLUSXEOLFLGDGH

LQIRUPDFLyQVREUHHOPHGLRDPELHQWH
1RSDJDUtDXQLPSXHVWRPHGLRDPELHQWDOSRUOD
FRQWDPLQDFLyQDXQTXHHOORUHDOPHQWHD\XGHDUHGXFLUOD
FRQWDPLQDFLyQDPELHQWDO
7DEOD ( 5HVXOWDGRV HQ SRUFHQWDMH GHO FRPSURPLVR DIHFWLYR FRQ HO PHGLR DPELHQWH
$FWLWXG
&RPSURPLVRDIHFWLYRKDFLDHOPHGLRDPELHQWH 'HVDF ,QGLI $FXHU 0HGLD
0HDVXVWDSHQVDUTXHODFRPLGDTXHLQJLHURHVWi

FRQWDPLQDGRFRQSHVWLFLGDV
0HHQIXUHFHSHQVDUTXHHO*RELHUQRQRKDFHQDGDSDUD

D\XGDUDFRQWURODUODFRQWDPLQDFLyQGHOPHGLRDPELHQWH
/OHJRDLQGLJQDUPHFXDQGRSLHQVRVREUHHOGDxR

FDXVDGRDODVSODQWDV\DQLPDOHVSRUODFRQWDPLQDFLyQ
0HGHSULPRHQORVGtDVTXHKD\FRQWDPLQDFLyQHQHO

DPELHQWHQLHEODKXPRPDORVRORUHV
&XDQGRSLHQVRHQFRPRFRQWDPLQDQODVLQGXVWULDVPH

HQIDGRPXFKR
1XQFDPHKDDIHFWDGRODFRQWDPLQDFLyQ\DTXHVH

H[DJHUDPXFKRVREUHHOWHPD
&DVLQXQFDPHSUHRFXSRVREUHORVHIHFWRVTXHHOKXPR

SXHGHFDXVDUHQPLIDPLOLD\HQPt

7DEOD(5HVXOWDGRVHQSRUFHQWDMHGHOFRPSURPLVRUHDOFRQHOPHGLRDPELHQWH$FWLWXG
&RPSURPLVRUHDOKDFLDHOPHGLRDPELHQWH 'HVDF ,QGLI $FXHU 0HGLD
1XQFDKHFRPSUDGRXQSURGXFWRSRUTXHWXYLHUD

PHQRUHVHIHFWRVFRQWDPLQDQWHV
(VWR\SHQGLHQWHGHODVSURSXHVWDVPHGLRDPELHQWDOHV
TXHUHDOL]DHOSDUWLGRSRUHOTXHYRWHHQODV~OWLPDV
HOHFFLRQHVSUHVLGHQFLDOHV
+HFRQWDFWDGRFRQ,QVWLWXFLRQHVVRFLDOHVRS~EOLFDV
PHGLRDPELHQWDOHVSDUDLQIRUPDUPHVREUHORTXHSXHGR
KDFHUSDUDUHGXFLUODFRQWDPLQDFLyQ
3URFXURKDFHUFRPSUDVGHSURGXFWRVTXHOOHYHQHQYDVH

UHFLFODEOH

+HDVLVWLGRDXQDFRQIHUHQFLDRIUHFLGDSRUDOJXQD

RUJDQL]DFLyQTXHVHSUHRFXSDSRUODPHMRUDDPELHQWDO
1XQFDKHSDUWLFLSDGRHQXQDFWRTXHVHSUHRFXSDSRU
DVSHFWRVPHGLRDPELHQWDOHVSODQWDUXQiUEROOLPSLH]DGH
SDUTXHVHWF
1XQFDKHLGRDXQDFRQIHUHQFLDVREUHWHPDVGH

FXLGDGRDPELHQWDO
(VWR\VXVFULWRDUHYLVWDVTXHSXEOLFDQDUWtFXORVVREUH

PHGLRDPELHQWH

$1(;2)5HVXOWDGRVGHODQiOLVLVIDFWRULDODSOLFDGRDOFRPSURPLVR
YHUEDO
7DEOD)0DWUL]GHFRPSRQHQWHURWDGRFRPSURPLVRYHUEDO
&RPSURPLVR9HUEDO
9$5,$%/(

$
$
$
$
$
7DEOD)$JUXSDFLRQHVIDFWRUHVFRPSURPLVRYHUEDO
120%5(
)$&725 9DULDEOHV
)$&725
'HMDUtDGHFRPSUDUSURGXFWRVDHPSUHVDV
TXHFRQWDPLQDQHOPHGLRDPELHQWH
$
LQFOXVRDXQTXHIXHVHXQLQFRQYHQLHQWH
,17(1&,Ï1(1 SDUDPt
$'237$5
(VWDUtDGLVSXHVWRDXVDUXQVLVWHPDGH
$&7,9,'$'(6 )$&725B$
$ WUDQVSRUWHPHQRVFRQWDPLQDQWHSDUD
0(126
D\XGDUDUHGXFLUODSROXFLyQGHODLUH
&203520,62 &217$0,1$17(6
9(5%$/ 'RQDUtDHOVXHOGRGHXQGtDDXQD
$ LQVWLWXFLyQSDUDTXHD\XGHDPHMRUDUHO
PHGLRDPELHQWH
1RSDJDUtDXQLPSXHVWRPHGLRDPELHQWDO
',6326,&,21$ SRUODFRQWDPLQDFLyQDXQTXHHOOR
86$55(&85626 $
UHDOPHQWHD\XGHDUHGXFLUOD
3523,26(1 FRQWDPLQDFLyQDPELHQWDO
)$&725B$
%(1(),&,2'(/
0(',2 1RLUtDGHFDVDHQFDVDDILQGHGLVWULEXLU
$0%,(17( $ SXEOLFLGDGHLQIRUPDFLyQVREUHHOPHGLR
DPELHQWH

$1(;2*5HVXOWDGRVGHODQiOLVLVIDFWRULDODSOLFDGRDOFRPSURPLVR
UHDO
7DEOD*0DWUL]GHFRPSRQHQWHURWDGRFRPSURPLVRUHDO
&RPSURPLVR5HDO
9$5,$%/(

%
%
%
%
%
%
%
7DEOD*$JUXSDFLRQHVIDFWRUHVFRPSURPLVRUHDO
120%5()$&725 )$&725 9$5,$%/(6
+HFDPELDGRGHSURGXFWRSRUUD]RQHV
%
HFROyJLFDV
3URFXURKDFHUFRPSUDVGHSURGXFWRV
%
TXHOOHYHQHQYDVHUHFLFODEOH
+HFRQWDFWDGRFRQ,QVWLWXFLRQHV
VRFLDOHVRS~EOLFDVPHGLRDPELHQWDOHV
%
&21'8&7$'( SDUDLQIRUPDUPHVREUHORTXHSXHGR
&216(59$&,21 )$&725B% KDFHUSDUDUHGXFLUODFRQWDPLQDFLyQ
0(',2$0%,(17$/
+HDVLVWLGRDXQDFRQIHUHQFLDRIUHFLGD
&203520,62
% SRUDOJXQDRUJDQL]DFLyQTXHVH
5($/
SUHRFXSDSRUODPHMRUDDPELHQWDO
(VWR\SHQGLHQWHGHODVSURSXHVWDV
PHGLRDPELHQWDOHVTXHUHDOL]DHOSDUWLGR
%
SRUHOTXHYRWHHQODV~OWLPDV
HOHFFLRQHVSUHVLGHQFLDOHV
1XQFDKHLGRDXQDFRQIHUHQFLDVREUH
%
WHPDVGHFXLGDGRDPELHQWDO
'(6,17(5(6(1/$
35$&7,&$ )$&725B% 1XQFDKHSDUWLFLSDGRHQXQDFWRTXHVH
(&2/Ï*,&$ SUHRFXSDSRUDVSHFWRV
%
PHGLRDPELHQWDOHVSODQWDUXQiUERO
OLPSLH]DGHSDUTXHVHWF

$1(;2+5HVXOWDGRVGHODQiOLVLVIDFWRULDODSOLFDGRDOFRPSURPLVR
DIHFWLYR
7DEOD+0DWUL]GHFRPSRQHQWHURWDGRFRPSURPLVRDIHFWLYR
&RPSURPLVR$IHFWLYR
9$5,$%/(

&
&
&
&
&
&
&
7DEOD+$JUXSDFLRQHVIDFWRUHVFRPSURPLVRDIHFWLYR
120%5(
)$&725 9DULDEOHV
)$&725
&XDQGRSLHQVRHQFRPRFRQWDPLQDQODV
&
LQGXVWULDVPHHQIDGRPXFKR
0HGHSULPRHQORVGtDVTXHKD\
& FRQWDPLQDFLyQHQHODPELHQWHQLHEOD
KXPRPDORVRORUHV
35(2&83$&,Ï1
325/$ 0HHQIXUHFHSHQVDUTXHHO*RELHUQRQR
&217$0,1$&,Ï1 )$&725B& & KDFHQDGDSDUDD\XGDUDFRQWURODUOD
2&$6,21$'$ FRQWDPLQDFLyQGHOPHGLRDPELHQWH
&203520,62 3257(5&(526 /OHJRDLQGLJQDUPHFXDQGRSLHQVRVREUH
$)(&7,92 & HOGDxRFDXVDGRDODVSODQWDV\DQLPDOHV
SRUODFRQWDPLQDFLyQ
0HDVXVWDSHQVDUTXHODFRPLGDTXH
&
LQJLHURHVWiFRQWDPLQDGRFRQSHVWLFLGDV
6(16,%,/,'$'$
1XQFDPHKDDIHFWDGRODFRQWDPLQDFLyQ
/265,(6*26 &
\DTXHVHH[DJHUDPXFKRVREUHHOWHPD
48(/$
&217$0,1$&,21 )$&725B&
38('( &DVLQXQFDPHSUHRFXSRVREUHORV
2&$6,21$5(1 & HIHFWRVTXHHOKXPRSXHGHFDXVDUHQPL
812 IDPLOLD\HQPt

$1(;2,5HVXOWDGRVGHODQiOLVLVIDFWRULDODSOLFDGRDORVYDORUHV\
HVWLORVGHYLGD9$/6
7DEOD,0DWUL]GHFRPSRQHQWHURWDGRYDORUHV\HVWLORVGHYLGD9$/6
9DORUHV\HVWLORVGHYLGD9$/6
9$5,$%/(

'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
7DEOD,$JUXSDFLRQHVIDFWRUHVYDORUHV\HVWLORVGHYLGD9$/6
120%5(
)$&725 9$5,$%/(6
)$&725
6LHPSUHEXVFRFRVDVHPRFLRQDQWHVHQPL
'
YLGD
0HJXVWDKDFHUFRVDVQXHYDV\
'
%8648('$'( HPRFLRQDQWHV
9$/25(6< 18(9$6 )$&725B' ' 0HJXVWDSUREDUFRVDVQXHYDV
(67,/26'( (02&,21(6
9,'$9$/6 ' 0HJXVWDWRGRORHPRFLRQDQWHHQPLYLGD
0HJXVWDHOUHWRGHKDFHUFRVDVTXHQXQFD
'
KDEtDKHFKRDQWHV
' 0HJXVWDLUYHVWLGRDOD~OWLPDWHQGHQFLD
*8672325
)$&725B' 0HJXVWDHVWDUDODPRGDPiVTXHHOUHVWRGH
/$02'$ '
ODJHQWH

4XLHURVHUFRQVLGHUDGRFRPRXQDSHUVRQD
'
FRQHVWLOR\TXHYDDODPRGD
' 6LJRODV~OWLPDVWHQGHQFLDV\PRGDV
0HJXVWDKDFHUFRVDVGHPDGHUDPHWDO\
'
RWURVPDWHULDOHV
0HLQWHUHVDODPHFiQLFDORVPRWRUHV\HO
&5($7,9,'$' )$&725B' '
WUDEDMR
3UHILHURKDFHU\RPLVPRDOJRDQWHVTXH
'
FRPSUDUOR
(OJRELHUQRGHEHUtDIRPHQWDUODHQVHxDQ]D
'
3(16$0,(172 GHODUHOLJLyQHQODVHVFXHODVS~EOLFDV
)$&725B'
5(/,*,262 &RPRODELEOLDDILUPD³HOPXQGRIXH
'
FUHDGRHQVHLVGtDV´
' 0HJXVWDODUXWLQDHQPLYLGD
9,'$
)$&725B' 0HJXVWDKDFHUODVPLVPDVFRVDVWRGRVORV
587,1$5,$ '
GtDV
' 6R\XQDSHUVRQDLQWHOHFWXDO
&$3$&,'$'
)$&725B' 6R\PiVKiELOTXHODPD\RUtDGHODV
,17(/(&78$/ '
SHUVRQDV

$1(;2-5HVXOWDGRVGHODQiOLVLVIDFWRULDODSOLFDGRDODSHUVRQDOLGDG
7DEOD-0DWUL]GHFRPSRQHQWHURWDGRSHUVRQDOLGDG
3HUVRQDOLGDG
9$5,$%/(

)
)
)
)
)
)
)
)
)
+
+
+
+
,
,
,
,
,
*
*
*
*
*
*
*
*
(
(
(
(
(
(
+
+
+
+

7DEOD-$JUXSDFLRQHVIDFWRUHVSHUVRQDOLGDG
120%5()$&725 )$&725 9$5,$%/(6
0HVROLGDUL]RFRQORV
) VHQWLPLHQWRVGHRWUDV
SHUVRQDV
0LFRUD]yQHVPX\VHQVLEOH
)
KDFLDORVGHPiV
0HJXVWDVDFDUWLHPSRSDUDORV
)
GHPiV
0HPDQWHQJRFDOODGRFRQOD
)
JHQWHTXHQRFRQR]FR
62/,'$5,'$'<
&203$f(5,602 )$&725B()*+, 1RPHSUHRFXSRSRUORV
)
+$&,$/26'(0$6 GHPiV
5HDOPHQWHODJHQWHQRPH
)
LQWHUHVD
&RPSDUWRODVHPRFLRQHVGH
)
ORVGHPiV
0HJXVWDKDFHUTXHODJHQWHVH
)
VLHQWDWUDQTXLOD
1RPHLQWHUHVDQORVSUREOHPDV
)
GHORVGHPiV
3(5621$/,'$' + 0HHQIDGRFRQUDSLGH]
+ 0HLUULWRFRQIDFLOLGDG
&$5È&7(5
)$&725B()*+, /DVFRVDVPHPROHVWDQFRQ
(02&,21$/ +
IDFLOLGDG
&DPELRPLHVWDGRGHiQLPR
+
IiFLOPHQWH
, 7HQJRXQDJUDQLPDJLQDFLyQ
(QWLHQGRODVFRVDVFRQJUDQ
,
UDSLGH]
&5($7,9,'$'<
1,9(/'( )$&725B()*+, , 0LVLGHDVVRQPDJQLILFDV
,17(/(&78$/,'$'
0LLPDJLQDFLyQQRVXHOHVHU
,
PX\EXHQD
3DUDH[SUHVDUXQDPLVPDLGHD
,
XWLOL]RGLIHUHQWHVSDODEUDV
6R\PX\PHWLFXORVRFRQPL
*
WUDEDMR
5(63216$%,/,'$'
)$&725B()*+, * 1RUPDOPHQWHVLJRXQ
<0(7,&8/26,'$' HVTXHPDXQSODQ
* 0HJXVWDHORUGHQ

0HJXVWDHVWDUSUHSDUDGRSDUD
*
ORTXHVHD
0HJXVWDSUHVWDUDWHQFLyQDORV
*
GHWDOOHV
'HMRODVFRVDVHQFXDOTXLHU
*
VLWLR
6R\PX\GHVRUGHQDGRFRQ
25'(1 )$&725B()*+, *
WRGDVPLVFRVDV
(QRFDVLRQHVPHROYLGRGH
*
GHMDUODVFRVDVHQVXVLWLR
6XHORVHUTXLHQFRPLHQ]DODV
(
FRQYHUVDFLRQHV
&$5È&7(5 (QODVILHVWDVPHJXVWDKDEODU
)$&725B()*+, (
(;7529(57,'2 FRQJHQWHGLIHUHQWH
0HJXVWDHVWDUURGHDGRGH
(
JHQWH
0DVELHQPHJXVWDHVWDUHQXQ
(
VHJXQGRSODQR
&$5È&7(5
)$&725B()*+, ( 1RPHJXVWDOODPDUOD
,17529(57,'2 DWHQFLyQ
( 1RKDEORGHPDVLDGR
(VWR\UHODMDGRODPD\RUSDUWH
+
GHOWLHPSR
75$148,/,'$' )$&725B()*+,
1RUPDOPHQWHPHVLHQWRPX\
+
ELHQ
+ /DVFRVDVQRVXHOHQDEXUULUPH
3$&,(1&,$ )$&725B()*+,
+ 5DUDYH]PHLUULWR

$1(;2.5HVXOWDGRVGHODQiOLVLVIDFWRULDODSOLFDGRDORVHVWLORVGH
YLGDHFROyJLFD
7DEOD.0DWUL]GHFRPSRQHQWHURWDGRHVWLORVGHYLGDHFROyJLFRV
(VWLORVGHYLGDHFROyJLFRV
9$5,$%/(

-
-
-
-
-
-
-
-
7DEOD.$JUXSDFLRQHVIDFWRUHVHVWLORVGHYLGDHFROyJLFRV
120%5(
)$&725 9$5,$%/(6
)$&725
0HSUHRFXSRGHODVFRQVHFXHQFLDVGHOD
- DFWLYLGDGKXPDQDVREUHHOFDPELRFOLPiWLFR
\DFWXyFRQVHFXHQWHPHQWH
+$%,726 &RODERURHQODVWDUHDVGHFRQVHUYDFLyQGHO
)$&725B- -
(&2/Ï*,&26 PHGLRDPELHQWH
- $UURMRODEDVXUDHQFRQWHQHGRUHVVHOHFWLYRV
(67,/26'(
9,'$
(&2/Ï*,&2 - 3UHILHURFRQVXPLUSURGXFWRVUHFLFODGRV
3URFXUROOHYDUXQDYLGDRUGHQDGD\
-
9,'$ PHWyGLFD
)$&725B-
(48,/,%5$'$
- 3URFXURHTXLOLEUDUWUDEDMRFRQYLGDSULYDGD
3HUWHQH]FRDXQDDVRFLDFLyQGHGHIHQVDGH
35È&7,&$< -
QDWXUDOH]D
&216802 )$&725B-
(&2/Ï*,&2 - 3UDFWLFRXQDGLHWDYHJHWDULDQD

$1(;2/5HVXOWDGRVGHODUHJUHVLyQOLQHDODSOLFDGDDOUHFLFODMHGH
HQYDVHV\SURGXFWRV
7DEOD/5HVXOWDGRVGHODUHJUHVLyQOLQHDODSOLFDGDDOUHFLFODMHHQIXQFLyQGHO
FRPSURPLVRYHUEDO
$QiOLVLVGH5HJUHVLyQ/LQHDO
9DULDEOH'HSHQGLHQWH 5HFLFODMH
9DULDEOHVLQGHSHQGLHQWHV &RPSURPLVR9HUEDO
%RQGDGGH$MXVWHGHO0RGHOR
1GH9DULDEOHVLQGHSHQGLHQWHV
5FXDGUDGR
5FXDGUDGR$MXVWDGR
6LJQLILFDQFLDPRGHOR E
,QIOXHQFLDGH9DULDEOHV,QGHSHQGLHQWHV
9DULDEOHVLQGHSHQGLHQWHV)DFWRUHV &RHILFLHQWHEHWDȕ 6LJQLILFDQFLDW
,QWHQFLyQHQDGRSWDUDFWLYLGDGHVPHQRVFRQWDPLQDQWHV
'LVSRVLFLyQDXVDUUHFXUVRVDEHQHILFLR

PHGLRDPELHQWDO

7DEOD/5HVXOWDGRVGHODVHJXQGDUHJUHVLyQOLQHDODSOLFDGDDOUHFLFODMHHQIXQFLyQGHO
FRPSURPLVRYHUEDO
$QiOLVLVGH5HJUHVLyQ/LQHDO5RWDFLyQ
1~PHURGH9DULDEOHVLQGHSHQGLHQWHV
5FXDGUDGR
5FXDGUDGR$MXVWDGR
9DULDEOHVLQGHSHQGLHQWHV &RHILFLHQWHEHWDȕ 6LJQLILFDQFLDW

FRPSURPLVRUHDO
9DULDEOHVLQGHSHQGLHQWHV &RPSURPLVR5HDO
5FXDGUDGR
5FXDGUDGR$MXVWDGR
&RQGXFWDGHFRQVHUYDFLyQPHGLRDPELHQWDO
&RPSURPLVRUHDOHQODSDUWLFLSDFLyQGHLQLFLDWLYDV

HFROyJLFDV
FRPSURPLVRDIHFWLYR
9DULDEOHVLQGHSHQGLHQWHV &RPSURPLVR$IHFWLYR
5FXDGUDGR
5FXDGUDGR$MXVWDGR
3UHRFXSDFLyQSRUODFRQWDPLQDFLyQRFDVLRQDGRVSRU

WHUFHURV
6HQVLELOLGDGDORVULHVJRVTXHODFRQWDPLQDFLyQSXHGH

RFDVLRQDUHQXQR
7DEOD/5HVXOWDGRVGHODUHJUHVLyQOLQHDODSOLFDGDDOUHFLFODMHHQIXQFLyQGHORVYDORUHV\
HVWLORVGHYLGD9$/6

9DULDEOHVLQGHSHQGLHQWHV 9$/6
5FXDGUDGR
5FXDGUDGR$MXVWDGR
%~VTXHGDGHQXHYDVHPRFLRQHV
*XVWRSRUODPRGD
&UHDWLYLGDG
3HQVDPLHQWRUHOLJLRVR
9LGDUXWLQDULD
&DSDFLGDGLQWHOHFWXDO
7DEOD/5HVXOWDGRVGHODVHJXQGDUHJUHVLyQOLQHDODSOLFDGDDOUHFLFODMHHQIXQFLyQGHORV
YDORUHV\HVWLORVGHYLGD9$/6
5FXDGUDGR
5FXDGUDGR$MXVWDGR
9LGDUXWLQDULD
7DEOD/5HVXOWDGRVGHODUHJUHVLyQOLQHDODSOLFDGDDOUHFLFODMHHQIXQFLyQGHOD
SHUVRQDOLGDG
9DULDEOHVLQGHSHQGLHQWHV 3HUVRQDOLGDG

5FXDGUDGR
5FXDGUDGR$MXVWDGR
6ROLGDULGDG\FRPSDxHULVPRKDFLDORVGHPiV
&DUiFWHUHPRFLRQDO
&UHDWLYLGDG\QLYHOGHLQWHOHFWXDOLGDG
5HVSRQVDELOLGDG\PHWLFXORVLGDG
2UGHQ
&DUiFWHUH[WURYHUWLGR
&DUiFWHULQWURYHUWLGR
7UDQTXLOLGDG
3DFLHQFLD
7DEOD/5HVXOWDGRVGHODVHJXQGDUHJUHVLyQOLQHDODSOLFDGDDOUHFLFODMHHQIXQFLyQGHOD
SHUVRQDOLGDG
5FXDGUDGR
5FXDGUDGR$MXVWDGR

7DEOD/5HVXOWDGRVGHODVHJXQGDUHJUHVLyQOLQHDODSOLFDGDDOUHFLFODMHHQIXQFLyQGH/RV
HVWLORVGHYLGDHFROyJLFRV

9DULDEOHVLQGHSHQGLHQWHV (VWLORVGHYLGD(FROyJLFR
5FXDGUDGR
5FXDGUDGR$MXVWDGR
+iELWRVHFROyJLFRV
9LGD(TXLOLEUDGD
3UDFWLFD\&RQVXPRHFROyJLFR

7DEOD/5HVXOWDGRVGHODVHJXQGDUHJUHVLyQOLQHDODSOLFDGDDOUHFLFODMHHQIXQFLyQGH
ORVHVWLORVGHYLGDHFROyJLFRV
5FXDGUDGR
5FXDGUDGR$MXVWDGR
+iELWRVHFROyJLFRV
9LGD(TXLOLEUDGD

$1(;205HVXOWDGRVGHODUHJUHVLyQOLQHDODSOLFDGDDODDFWLWXGUHDO
KDFLDHOPHGLRDPELHQWH
7DEOD05HVXOWDGRVGHODUHJUHVLyQOLQHDODSOLFDGDDODDFWLWXGUHDOKDFLDHOPHGLR
DPELHQWHHQIXQFLyQGHOFRPSURPLVRYHUEDO
9DULDEOH'HSHQGLHQWH $FWLWXGUHDOKDFLDHOPHGLRDPELHQWH
5FXDGUDGR
5FXDGUDGR$MXVWDGR
6LJQLILFDQFLD7WHVW E

PHGLRDPELHQWDO
7DEOD05HVXOWDGRVGHODVHJXQGDUHJUHVLyQOLQHDODSOLFDGDDODDFWLWXGUHDOKDFLDHO
PHGLRDPELHQWHHQIXQFLyQGHOFRPSURPLVRYHUEDO
5FXDGUDGR
5FXDGUDGR$MXVWDGR

DPELHQWHHQIXQFLyQGHOFRPSURPLVRDIHFWLYR
5FXDGUDGR
5FXDGUDGR$MXVWDGR

WHUFHURV
6HQVLELOLGDGDORVULHVJRVTXHODFRQWDPLQDFLyQSXHGH

RFDVLRQDUHQXQR
PHGLRDPELHQWHHQIXQFLyQGHOFRPSURPLVRDIHFWLYR
5FXDGUDGR
5FXDGUDGR$MXVWDGR

WHUFHURV

DPELHQWHHQIXQFLyQGHORVYDORUHV\HVWLORVGHYLGD9$/6
5FXDGUDGR
5FXDGUDGR$MXVWDGR
%XVTXHGDGHQXHYDVHPRFLRQHV
*XVWRSRUODPRGD
&UHDWLYLGDG
9LGDUXWLQDULD
DPELHQWHHQIXQFLyQGHORVYDORUHV\HVWLORVGHYLGD9$/6
5FXDGUDGR
5FXDGUDGR$MXVWDGR
*XVWRSRUODPRGD

DPELHQWHHQIXQFLyQGHODSHUVRQDOLGDG
5FXDGUDGR
5FXDGUDGR$MXVWDGR
6ROLGDULGDG\FRPSDxHULVPRKDFLDORVGHPDV
&DUiFWHUHPRFLRQDO
2UGHQ
7UDQTXLOLGDG
3DFLHQFLD
PHGLRDPELHQWHHQIXQFLyQGHODSHUVRQDOLGDG
5FXDGUDGR
5FXDGUDGR$MXVWDGR
3DFLHQFLD

DPELHQWHHQIXQFLyQGHORVHVWLORVGHYLGDHFROyJLFRV
5FXDGUDGR
5FXDGUDGR$MXVWDGR
KiELWRVHFROyJLFRV
9LGD(TXLOLEUDGD
PHGLRDPELHQWHHQIXQFLyQGHORVHVWLORVGHYLGDHFROyJLFRV
5FXDGUDGR
5FXDGUDGR$MXVWDGR
+iELWRVHFROyJLFRV

$1(;215HVXOWDGRVGHODUHJUHVLyQOLQHDODSOLFDGDDOD
SDUWLFLSDFLyQHQSURJUDPDVHLQLFLDWLYDVPHGLRDPELHQWDOHV
7DEOD15HVXOWDGRVGHODUHJUHVLyQOLQHDODSOLFDGDDODSDUWLFLSDFLyQHQSURJUDPDVH
LQLFLDWLYDVHQIXQFLyQGHOFRPSURPLVRYHUEDO
9DULDEOH'HSHQGLHQWH 3DUWLFLSDFLyQ
5FXDGUDGR
5FXDGUDGR$MXVWDGR
,QWHQFLyQHQDGRSWDUDFWLYLGDGHVPHQRV

FRQWDPLQDQWHV

PHGLRDPELHQWDO
LQLFLDWLYDVHQIXQFLyQGHOFRPSURPLVRUHDO
5FXDGUDGR
5FXDGUDGR$MXVWDGR

HFROyJLFDV

LQLFLDWLYDVHQIXQFLyQGHOFRPSURPLVRDIHFWLYR
5FXDGUDGR
5FXDGUDGR$MXVWDGR

WHUFHURV
6HQVLELOLGDGDORVULHVJRVTXHODFRQWDPLQDFLyQ

SXHGHRFDVLRQDUHQXQR
7DEOD15HVXOWDGRVGHODVHJXQGDUHJUHVLyQOLQHDODSOLFDGDDODSDUWLFLSDFLyQHQ
SURJUDPDVHLQLFLDWLYDVHQIXQFLyQGHOFRPSURPLVRDIHFWLYR
5FXDGUDGR
5FXDGUDGR$MXVWDGR

SXHGHRFDVLRQDUHQXQR

LQLFLDWLYDVHQIXQFLyQGHORVYDORUHV\HVWLORVGHYLGD9$/6
5FXDGUDGR
5FXDGUDGR$MXVWDGR
%XVTXHGDGHQXHYDVHPRFLRQHV
*XVWRSRUODPRGD
&UHDWLYLGDG
9LGDUXWLQDULD
SURJUDPDVHLQLFLDWLYDVHQIXQFLyQGHORVYDORUHV\HVWLORVGHYLGD9$/6
5FXDGUDGR
5FXDGUDGR$MXVWDGR
*XVWRSRUODPRGD

LQLFLDWLYDVHQIXQFLyQGHODSHUVRQDOLGDG
5FXDGUDGR
5FXDGUDGR$MXVWDGR
&DUiFWHUHPRFLRQDO
2UGHQ
7UDQTXLOLGDG
3DFLHQFLD

SURJUDPDVHLQLFLDWLYDVHQIXQFLyQGHODSHUVRQDOLGDG
5FXDGUDGR
5FXDGUDGR$MXVWDGR

LQLFLDWLYDVHQIXQFLyQGHORVHVWLORVGHYLGDHFROyJLFRV
5FXDGUDGR
5FXDGUDGR$MXVWDGR
+iELWRVHFROyJLFRV
9LGD(TXLOLEUDGD
SURJUDPDVHLQLFLDWLYDVHQIXQFLyQGHORVHVWLORVGHYLGDHFROyJLFRV
5FXDGUDGR
5FXDGUDGR$MXVWDGR
+DELWRVHFROyJLFRV
9LGD(TXLOLEUDGD

$1(;2f5HVXOWDGRVGHODUHJUHVLyQOLQHDODSOLFDGDDOFRQRFLPLHQWR
HLQIRUPDFLyQPHGLRDPELHQWDO
7DEOD f 5HVXOWDGRV GH OD UHJUHVLyQ OLQHDO DSOLFDGD DO FRQRFLPLHQWR H LQIRUPDFLyQ
PHGLRDPELHQWDOHQIXQFLyQDOFRPSURPLVRYHUEDO
9DULDEOH'HSHQGLHQWH &RQRFLPLHQWRHLQIRUPDFLyQ
1GH9DULDEOHVLQGHSHQGLHQWHV
5FXDGUDGR
5FXDGUDGR$MXVWDGR

FRQWDPLQDQWHV

PHGLRDPELHQWDO

7DEOD f 5HVXOWDGRV GH OD VHJXQGD UHJUHVLyQ OLQHDO DSOLFDGD DO FRQRFLPLHQWR H
LQIRUPDFLyQPHGLRDPELHQWDOHQIXQFLyQDOFRPSURPLVRYHUEDO
5FXDGUDGR
5FXDGUDGR$MXVWDGR

FRQWDPLQDQWHV

PHGLRDPELHQWDOHQIXQFLyQDOFRPSURPLVRUHDO

5FXDGUDGR
5FXDGUDGR$MXVWDGR

HFROyJLFDV

PHGLRDPELHQWDOHQIXQFLyQDOFRPSURPLVRDIHFWLYR
5FXDGUDGR
5FXDGUDGR$MXVWDGR

WHUFHURV

SXHGHRFDVLRQDUHQXQR

PHGLRDPELHQWDOHQIXQFLyQGHORVYDORUHV\HVWLORVGHYLGD9$/6
5FXDGUDGR
5FXDGUDGR$MXVWDGR
*XVWRSRUODPRGD
&UHDWLYLGDG


9LGDUXWLQDULD

LQIRUPDFLyQPHGLRDPELHQWDOHQIXQFLyQGHORVYDORUHV\HVWLORVGHYLGD9$/6
5FXDGUDGR
5FXDGUDGR$MXVWDGR

PHGLRDPELHQWDOHQIXQFLyQGHODSHUVRQDOLGDG
5FXDGUDGR
5FXDGUDGR$MXVWDGR
&DUiFWHUHPRFLRQDO
2UGHQ
7UDQTXLOLGDG
3DFLHQFLD

LQIRUPDFLyQPHGLRDPELHQWDOHQIXQFLyQGHODSHUVRQDOLGDG
5FXDGUDGR
5FXDGUDGR$MXVWDGR

PHGLRDPELHQWDOHQIXQFLyQGHORVHVWLORVGHYLGDHFROyJLFRV
5FXDGUDGR
5FXDGUDGR$MXVWDGR
+iELWRVHFROyJLFRV
9LGD(TXLOLEUDGD
LQIRUPDFLyQPHGLRDPELHQWDOHQIXQFLyQGHORVHVWLORVGHYLGDHFROyJLFRV
5FXDGUDGR
5FXDGUDGR$MXVWDGR


+iELWRVHFROyJLFRV

$1(;225HVXOWDGRVGHODUHJUHVLyQOLQHDODSOLFDGDDODFRPSUDGH
SURGXFWRVHFROyJLFRV
7DEOD25HVXOWDGRVGHODUHJUHVLyQOLQHDODSOLFDGDDODFRPSUDGHSURGXFWRVHFROyJLFRV
HQIXQFLyQGHOFRPSURPLVRYHUEDO
$QiOLVLVGH5HJUHVLyQ/LQHDO/RJtVWLFD
9DULDEOH,QGHSHQGLHQWH &RPSURPLVR9HUEDO
&RPSUDGH &RPSUDGH &RPSUDGH
9DULDEOH'HSHQGLHQWH
$OLPHQWRV /LPSLH]D 0DQXIDFWXUD
1~PHURGHIDFWRUHV
5FXDGUDGR
6LJQLILFDQFLD7WHVW
&RHI &RHI &RHI
)DFWRUHV W W W
ȕ ȕ ȕ
,QWHQFLyQHQDGRSWDUDFWLYLGDGHV

PHQRVFRQWDPLQDQWHV
'LVSRVLFLyQDXVDUUHFXUVRVD

EHQHILFLRPHGLRDPELHQWDO
HQIXQFLyQGHOFRPSURPLVRUHDO
9DULDEOH,QGHSHQGLHQWH &RPSURPLVR5HDO
9DULDEOH'HSHQGLHQWH
1~PHURGHIDFWRUHV
5FXDGUDGR
6LJQLILFDQFLD7WHVW
&RHI &RHI &RHI
)DFWRUHV W W W
ȕ ȕ ȕ
&RQGXFWDGHFRQVHUYDFLyQ

PHGLRDPELHQWDO
&RPSURPLVRUHDOHQODSDUWLFLSDFLyQ

GHLQLFLDWLYDVHFROyJLFDV

HQIXQFLyQGHOFRPSURPLVRDIHFWLYR
9DULDEOH,QGHSHQGLHQWH &RPSURPLVR$IHFWLYR
9DULDEOH'HSHQGLHQWH
1~PHURGHIDFWRUHV
5FXDGUDGR
6LJQLILFDQFLD7WHVW
&RHI W &RHI
)DFWRUHV W &RHIȕ W
ȕ ȕ
3UHRFXSDFLyQSRUODFRQWDPLQDFLyQ

RFDVLRQDGRVSRUWHUFHURV
6HQVLELOLGDGDORVULHVJRVTXHOD
FRQWDPLQDFLyQSXHGHRFDVLRQDUHQ
XQR
HQIXQFLyQGHORVYDORUHV\HVWLORVGHYLGD9$/6
$QiOLVLVGH5HJUHVLyQ/LQHDO/RJLVWLFD
9DULDEOH,QGHSHQGLHQWH 9$/6
9DULDEOH'HSHQGLHQWH
1~PHURGHIDFWRUHV
5FXDGUDGR
6LJQLILFDQFLD7WHVW
W W
)DFWRUHV &RHIȕ &RHIȕ &RHIȕ W

*XVWRSRUODPRGD
&UHDWLYLGDG
9LGDUXWLQDULD


HQIXQFLyQGHODSHUVRQDOLGDG
9DULDEOH,QGHSHQGLHQWH 3HUVRQDOLGDG
9DULDEOH'HSHQGLHQWH
1~PHURGHIDFWRUHV
5FXDGUDGR
6LJQLILFDQFLD7WHVW
&RHI &RHI
)DFWRUHV W W &RHIȕ W
ȕ ȕ
6ROLGDULGDG\FRPSDxHULVPRKDFLDORV

GHPiV
&DUiFWHUHPRFLRQDO
2UGHQ
7UDQTXLOLGDG
3DFLHQFLD

HQIXQFLyQGHORVHVWLORVGHYLGDHFROyJLFRV
9DULDEOH,QGHSHQGLHQWH (VWLORVGHYLGD(FROyJLFR
9DULDEOH'HSHQGLHQWH
1~PHURGHIDFWRUHV
5FXDGUDGR
6LJQLILFDQFLD7WHVW

W
)DFWRUHV &RHIȕ &RHIȕ W &RHIȕ W

+iELWRVHFROyJLFRV
9LGD(TXLOLEUDGD

$1(;233HUILOGHODOXPQRTXHFRPSUDSURGXFWRVHFROyJLFRV
7DEOD35HVXPHQGHUHVXOWDGRVGHOSHUILOGHODOXPQRTXHFRPSUDSURGXFWRVHFROyJLFRV
6RFLRGHPRJUiILFD $OLPHQWRV /LPSLH]D 0DQXIDFWXUD
6(;2 12 12 6,
('$' 12 12 12
75$%$-2 12 12 12

3VLFRJUiILFRV $OLPHQWRV /LPSLH]D 0DQXIDFWXUD
12 12 6,
FRQWDPLQDQWHV
12 12 6,
PHGLRDPELHQWDO
&RQGXFWDGHFRQVHUYDFLRQPHGLDPELHQWDO 12 6, 6,
12 12 12
HFROyJLFDV
3UHRFXSDFLyQSRUODFRQWDPLQDFLyQRFDVLRQDGSRU
12 12 12
WHUFHURV
12 12 6,
SXHGHRFDVLRQDUHQXQR
%XVTXHGDGHQXHYDVHPRFLRQHV 12 12 12
*XVWRSRUODPRGD 12 12 6,
&UHDWLYLGDG 12 12 12
3HQVDPLHQWRUHOLJLRVR 12 12 12
9LGDUXWLQDULD 12 12 12
&DSDFLGDGLQWHOHFWXDO 12 12 12
+DELWRVHFROyJLFRV 12 12 6,
9LGD(TXLOLEUDGD 12 12 12
3UDFWLFD\&RQVXPRHFyORJLFR 12 12 12
3HUVRQDOLGDG
6ROLGDULGDG\FRPSDxHULVPRKDFLDORVGHPDV 12 12 12
&DUiFWHUHPRFLRQDO 12 6, 12

&UHDWLYLGDG\QLYHOGHLQWHOHFWXDOLGDG 12 12 12

5HVSRQVDELOLGDG\PHWLFXORVLGDG 12 12 12
2UGHQ 12 12 12
&DUiFWHUH[WURYHUWLGR 12 12 12
&DUiFWHULQWURYHUWLGR 12 12 12
7UDQTXLOLGDG 12 12 12
3DFLHQFLD 6, 12 12

$1(;240RGHORGHJXtDGHHQWUHYLVWD
)HFKDGH5HDOL]DFLyQ
&DUJRHQODRUJDQL]DFLyQ&RRUGLQDGRUDGH&OLPDGH&DPELRV
1RPEUH&ODXGLD7XHVWD
,QWURGXFFLyQ
%XHQRVWDUGHVVRPRVDOXPQRVGHODFDUUHUDGH*HVWLyQ\$OWD'LUHFFLyQGHOD38&3QXHVWURV
QRPEUHV VRQ -XOLR $UDR] -RUJH $OHJUH \ *LDQFDUOR &KDYH] (O SURSyVLWR GH OD HQWUHYLVWD HV
FRQRFHU PiV DFHUFD GH OD RUJDQL]DFLyQ \ VX ODERU HQ HO FXLGDGR GHO PHGLR DPELHQWH HVWD
HQWUHYLVWD HV VROR SDUD ILQHV DFDGpPLFRV \ VH JXDUGDUi OD FRQILGHQFLDOLGDG GHO FDVR $QWHV GH
LQLFLDUODHQWUHYLVWDOHSHGLPRVHOSHUPLVRFRUUHVSRQGLHQWHSDUDJUDEDUODFRQYHUVDFLyQ
6HFXHQFLDGHSUHJXQWDV\UHSUHJXQWDV
3DUDHPSH]DUSRGUtDFRPHQWDUQRVEUHYHPHQWHVXIXQFLyQGHQWURGHODLQLFLDWLYDFOLPD
GHFDPELRV
¢4XpHV&OLPDGH&DPELRV"¢&XiOHVHODOFDQFHGHODRUJDQL]DFLyQ"
¢&XiOHV VRQ VXV REMHWLYRV SULQFLSDOHV FRQ UHVSHFWR D ORV DOXPQRV OD XQLYHUVLGDG \ OD
VRFLHGDGHQJHQHUDO"
$FWXDOPHQWH¢FRQFXiQWRVFRODERUDGRUHVFXHQWD&OLPDGH&DPELRV"
¢&RQTXHXQLGDGHVRGHSDUWDPHQWRVGHQWURGHODXQLYHUVLGDGUHDOL]DWUDEDMRFRQMXQWR"
¢0DQHMDQ YROXQWDULRV" ¢6H WLHQH DOJ~Q UHTXLVLWR" ¢&yPR WRPDQ VX SDSHO \ ORV
LQYROXFUDQGHQWURGHODSURSXHVWD"
¢&yPR VH IRUPDOL]D XQ SUR\HFWR LQLFLDWLYD R SURSXHVWD GH &OLPD GH &DPELRV" ¢6H
WRPD UHIHUHQFLDV GH SURJUDPDV R LQLFLDWLYDV GH RWUDV XQLYHUVLGDGHV QDFLRQDO FRPR
LQWHUQDFLRQDOHV"
¢6H WLHQH XQ SURFHVR GH HYDOXDFLyQ GH ODV DFWLYLGDGHV R SUR\HFWRV DSOLFDGRV" 3RGUtD
H[SOLFDUQRVHOSURFHVRGHHYDOXDFLyQGHFDGDSURSXHVWDGH&OLPDGH&DPELRVOOHYDGDD
ODSUiFWLFD
¢6HWLHQHDOJ~QLQGLFDGRU\RHYDOXDFLyQGHOLPSDFWRHQORVDOXPQRV"
¢4Xp SURJUDPDV FRQVLGHUD KD OOHJDGR D FRQWDU FRQ XQ PD\RU DOFDQFH GHQWUR GH OD
FRPXQLGDGXQLYHUVLWDULD"¢&RQVLGHUDTXHH[LVWHQSURJUDPDVTXHIUDFDVDURQRWXYLHURQ
GHILFLHQFLDVQRWDEOHV"¢3RUTXp"
¢6HWLHQHDOJ~QHVWXGLRGHODVLWXDFLyQDFWXDOHQODXQLYHUVLGDGUHVSHFWRDODFRQFLHQFLD
\ODVEXHQDVSUiFWLFDVDPELHQWDOHVSRUSDUWHGHORVDOXPQRV"¢&UHHTXHHVLPSRUWDQWH
FRQRFHUOR"¢3RUTXp"
¢&OLPD GH FDPELRV SRVHH XQ HVWXGLR SDUHFLGR D OD LQYHVWLJDFLyQ GH XQ SHUILO GH
FRQVXPLGRUYHUGHRUHVSRQVDEOHGHODOXPQRTXHYLQFXOHWRGDHVDLQIRUPDFLyQFRQORV
SURJUDPDVLQLFLDWLYDV\SUR\HFWRVTXHVHSURSRQHQ"
([SOLFDUQXHVWUDSURSXHVWDHOGHVDUUROORGHOSHUILOGHOFRQVXPLGRUHFROyJLFRGHODOXPQR38&3
³,GHQWLILFDFLyQ GH ODV YDULDEOHV VRFLRGHPRJUiILFDV \ SVLFRJUiILFDV GHO FRPSRUWDPLHQWR

HFROyJLFR PHGLDQWH OD DSOLFDFLyQ GHO DQiOLVLV IDFWRULDO \ UHJUHVLyQ OLQHDO´ 2EMHWLYRV \
0HWRGRORJtD%UHYH
¢&XiOFUHHTXHHVHOWLSRGHSHUILOGHODOXPQRHFROyJLFR38&3"
¢&XiOHVHOWLSRGHSHUILOGHOYROXQWDULDGRGH&OLPDGH&DPELRV"
¢8VWHGFUHHTXHORVIDFWRUHVVRFLRGHPRJUiILFR\RSVLFRJUiILFRV3HUVRQDOLGDG$FWLWXG
\YDORUHV\HVWLORGHYLGDLQIOX\HQHQHOFRPSRUWDPLHQWR"¢&XiOLQIOX\HPiV"
¢&RQVLGHUD TXH HVWD LQYHVWLJDFLyQ EHQHILFLDULD HO GHVHPSHxR \ HO DOFDQFH GH ORV
SURJUDPDVHLQLFLDWLYDHQFDUJDGDVHQFRQFLHQWL]DUHLQIRUPDUVREUHODVEXHQDVSUiFWLFDV
DPELHQWDOHV"

(17(175(9,67$$&225',1$'25$'(/$'$56
)HFKDGH5HDOL]DFLyQ
&DUJRHQODRUJDQL]DFLyQ&RRUGLQDGRUDDPELHQWDOGHOD'$56
1RPEUH.HO\$OIDUR
,QWURGXFFLyQ
%XHQRVWDUGHVVRPRVDOXPQRVGHODFDUUHUDGH*HVWLyQ\$OWD'LUHFFLyQGHOD38&3QXHVWURV
QRPEUHV VRQ -XOLR $UDR] -RUJH $OHJUH \ *LDQFDUOR &KDYH] (O SURSyVLWR GH OD HQWUHYLVWD HV
FRQRFHU PiV DFHUFD GH OD RUJDQL]DFLyQ \ VX ODERU HQ HO FXLGDGR GHO PHGLR DPELHQWH HVWD
HQWUHYLVWD HV VROR SDUD ILQHV DFDGpPLFRV \ VH JXDUGDUi OD FRQILGHQFLDOLGDG GHO FDVR $QWHV GH
LQLFLDUODHQWUHYLVWDOHSHGLPRVHOSHUPLVRFRUUHVSRQGLHQWHSDUDJUDEDUODFRQYHUVDFLyQ
6HFXHQFLDGHSUHJXQWDV\UHSUHJXQWDV
3DUDHPSH]DUSRGUtDFRPHQWDUQRVEUHYHPHQWHVXIXQFLyQGHQWURGHOD'$56
¢4XpHV'$56"
¢&XiOHVHODOFDQFHGHODRUJDQL]DFLyQ"
¢&XiOHV VRQ VXV REMHWLYRV SULQFLSDOHV FRQ UHVSHFWR D ORV DOXPQRV OD XQLYHUVLGDG \ OD
VRFLHGDGHQJHQHUDO"
¢&RQTXpXQLGDGHVRGHSDUWDPHQWRVGHQWURGHODXQLYHUVLGDGUHDOL]DWUDEDMRFRQMXQWR"
5HVSHFWRDODJHVWLyQPHGLRDPELHQWDO¢&XiOHVHOREMHWLYRSULQFLSDO"
¢4XpSURJUDPDVRSUR\HFWRVPDQHMDOD'$56"¢&XiOHVODUHFHSFLyQSRUSDUWHGHORV
DOXPQRV"
¢0DQHMDQYROXQWDULRV"¢([LVWHDOJ~QUHTXLVLWRSDUDVHUOR"
¢6HWLHQHDOJ~QHVWXGLRGHODVLWXDFLyQDFWXDOHQODXQLYHUVLGDGUHVSHFWRDODFRQFLHQFLD
\ODVEXHQDVSUiFWLFDVDPELHQWDOHVSRUSDUWHGHORVDOXPQRV"¢&UHHTXHHVLPSRUWDQWH
FRQRFHUOR"¢3RUTXp"
¢6HFXHQWDFRQDOJ~QHVWXGLRDFHUFDGHOSHUILOGHOFRQVXPLGRUHFROyJLFR38&3"
([SOLFDUQXHVWUDSURSXHVWDHOGHVDUUROORGHOSHUILOGHOFRQVXPLGRUHFROyJLFRGHODOXPQR38&3
³,GHQWLILFDFLyQ GH ODV YDULDEOHV VRFLRGHPRJUiILFDV \ SVLFRJUiILFDV GHO FRPSRUWDPLHQWR
HFROyJLFR PHGLDQWH OD DSOLFDFLyQ GHO DQiOLVLV IDFWRULDO \ UHJUHVLyQ OLQHDO´ 2EMHWLYRV \
0HWRGRORJtD%UHYH
¢&XiOFUHHTXHHVHOWLSRGHSHUILOGHODOXPQRHFROyJLFR38&3"
¢8VWHGFUHHTXHORVIDFWRUHVVRFLRGHPRJUiILFR\RSVLFRJUiILFRV3HUVRQDOLGDG$FWLWXG
\YDORUHV\HVWLORGHYLGDLQIOX\HQHQHOFRPSRUWDPLHQWR"¢&XiOLQIOX\HPiV"
¢&RQVLGHUD TXH HVWD LQYHVWLJDFLyQ EHQHILFLDULD HO GHVHPSHxR \ HO DOFDQFH GH ORV
SURJUDPDVHLQLFLDWLYDHQFDUJDGDVHQFRQFLHQWL]DUHLQIRUPDUVREUHODVEXHQDVSUiFWLFDV
DPELHQWDOHV"

$1(;25&RQVHQWLPLHQWRLQIRUPDGRGHHQWUHYLVWDVDSURIXQGLGDG
)LJXUD5&RQVHQWLPLHQWRLQIRUPDGRGHHQWUHYLVWDDSURIXQGLGDGUHDOL]DGDD
UHSUHVHQWDQWHGH'LUHFFLyQ$FDGpPLFDGH5HVSRQVDELOLGDG6RFLDO'$56

)LJXUD5&RQVHQWLPLHQWRLQIRUPDGRGHHQWUHYLVWDDSURIXQGLGDGUHDOL]DGDD
UHSUHVHQWDQWHGH&OLPDGH&DPELRV

7Hvlvsdudrewhqhuhowtwxorsurihvlrqdogh/Lfhqfldgrhq Hvwlyqfrqphqflyqhq Hvwlyq (Psuhvduldosuhvhqwdgrsru

Enviado por

Dados do documento

Título original

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

7Hvlvsdudrewhqhuhowtwxorsurihvlrqdogh/Lfhqfldgrhq Hvwlyqfrqphqflyqhq Hvwlyq (Psuhvduldosuhvhqwdgrsru

Enviado por

Direitos autorais:

Formatos disponíveis

$1(;2,5HVXOWDGRVGHODQiOLVLVIDFWRULDODSOLFDGRDORVYDORUHV\HVWLORVGHYLGD 9$/6 

HQFDUJDGDV GH LPSXOVDU D ORV HVWXGLDQWHV XQLYHUVLWDULRV D DGTXLULU ODV KDELOLGDGHV \

(QHOiPELWRQDFLRQDOOD3RQWLILFLD8QLYHUVLGDG&DWyOLFDGHO3HU~ 38&3 HVODSULPHUD

 ,GHQWLILFDU ODV YDULDEOHV VRFLRGHPRJUiILFDV \ SVLFRJUiILFDV PiV UHSUHVHQWDWLYDV GHO

(QHIHFWROD81(6&2  GHFODUDLQLFLDOPHQWHTXHOD5HVSRQVDELOLGDG6RFLDOHVXQ

&RPRVHSXHGHGLVWLQJXLUOD81(6&2  UHDOL]DXQOODPDGRDODVLQVWLWXFLRQHVGH

3RURWURODGR$QGUDGHV\/DUUiQ  FRQVLGHUDQTXHODLQFOXVLyQGHODWHRUtDGHORV

3RUHOFRQWUDULRH[LVWHQDXWRUHVFRPR'DKDQ\6HQRO  TXLHQHVFUHHQTXHOD568

$OUHVSHFWR*LO  UHFDOFDODLPSRUWDQFLDGHHQWHQGHUORVLPSDFWRVXQLYHUVLWDULRVHQ

'HHVWD PDQHUDHODSUHQGL]DMHORVSURFHVRV FODYHVGH ODVXQLYHUVLGDGHVHQ VXJHVWLyQ

&RJQLWLYR $IHFWLYR &RQGXFWD

3RUVXSDUWH&DORPDUGH  SURSRQHXQDGHILQLFLyQPiVFRPSOHWDSXHVFRQVLGHUDD

$GHPiVGHORPHQFLRQDGRSDUD.RWOHU\$UPVWURQJ  HVSRVLEOHFODVLILFDUDOJXQDV

3.2.1. Factores culturales

VXEFXOWXUDV FRQIRUPDQ LPSRUWDQWHV VHJPHQWRV GH PHUFDGR \ ORV PHUFDGyORJRV D PHQXGR

)LQDOPHQWHFRQUHVSHFWRDOIDFWRUFXOWXUDO.RWOHU\$UPVWURQJ  LQFOX\HDODFODVH

3.2.2. Factores sociales

(OVHJXQGRDVSHFWRHVODIDPLOLD.RWOHU\$UPVWURQJ  PHQFLRQDTXHHVXQIDFWRUFUXFLDO

3.2.3. Factores personales

$GHPiVGHORPHQFLRQDGRVHJ~Q)LVFKHU\(VSHMR  ODLPSRUWDQFLDGHODHGDGHVWi

3.2.4. Factores psicológicos

3DUD)UDM\0DUWtQH]  HOHVWXGLRGHOFRPSRUWDPLHQWRGHOFRQVXPLGRUHFROyJLFRKD

3DUD)UDM\0DUWtQH]  HVWDVYLVLRQHVVRQLPSRUWDQWHVGHPDQHUDLQGHSHQGLHQWH\

4.1.1. Variables demográficas y socioeconómicas

'HDFXHUGRD)UDM\0DUWtQH]  ODVYDULDEOHVFRPRHOVH[RODHGDGODHGXFDFLyQ

2WURV DXWRUHV FRPR $JXLUUH $OGDPL](FKHYDUUtD &KDUWHULQD \ 9LFHQWH  

4.1.2. Variables psicográficas

SULPHUOXJDUVHUHILHUHD.OXFNKRKQ FLWDGRHQ)UDM\0DUWtQH] TXLHQGHILQHHVWD

>@SXHGHWDPELpQ FRQFHELUVHFRPR ODLPSRUWDQFLDR HOYDORUTXHVHGD DODJHQWHD

$GDSWDGRGH)UDM\0DUWtQH]  

/DV FDUDFWHUtVWLFDV GHPRJUiILFDV \ VRFLRHFRQyPLFDV HVWiQ UHSUHVHQWDGDV SRU YDULDEOHV

5.2.1. Valores y estilos de vida

+D 8Q HVWLOR GH YLGD DXVWHUR R PRGHUDGR LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV

+E 8Q SHQVDPLHQWR FRQVHUYDGRU HQ OD IDPLOLD \ OD UHOLJLyQ LQIOX\H HQ XQ FRPSRUWDPLHQWR

+G /D SUiFWLFD GH XQD GLHWD YHJHWDULDQD LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV

+D (O JUDGR GH H[WURYHUVLyQ LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV HFROyJLFR

+E /D VROLGDULGDG \ VLPSDWtD LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV HFROyJLFR

+F /D UHVSRQVDELOLGDG \ HO FRQRFLPLHQWR GH ODV REOLJDFLRQHV LQIOX\H HQ XQ

+G (O FDUiFWHU LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV HFROyJLFR

+H /D LQQRYDFLyQ \ ORV YDORUHV LQIOX\HQ HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV

+D (O FRPSRUPLVR YHUEDO LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV HFROyJLFR

+E (O FRPSURPLVR UHDO LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV HFROyJLFR

+F (O FRPSURPLVR DIHFWLYR LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV HFROyJLFR

1.1.1. Modelo escogido

1.1.2. Definición y medición de factores

1.1.3. Diseño de la muestra

(QWUHYLVWDGR 'HSDUWDPHQWR 7HPDVDWUDWDU

&ODXGLD7XHVWD &OLPDGHFDPELRV *HVWLyQGH&OLPDGH&DPELRV

.HO\$OIDUR '$56 *HVWLyQDPELHQWDOGHOD568HQOD

6HJ~Q9DOOHMR  HODQiOLVLVIDFWRULDOEXVFDVLPSOLILFDUODLQIRUPDFLyQUHFRSLODGDD

3DUDODURWDFLyQGHIDFWRUHV9DOOHMR  H[SOLFDTXHHVWHSURFHVRGHWHUPLQDHQVLHO

9DOOHMR  H[SOLFDTXHXQPRGHORSXHGHHVWDURULJLQDOPHQWHEDVDGRHQXQQ~PHUR

6HJ~Q0DOKRWUD  ODUHJUHVLyQOLQHDOVHXWLOL]DHQSULPHUOXJDUSDUDGHWHUPLQDUOD

'HOPLVPRPRGR)LHOG0LOHV\)LHOG  VHxDODQTXHHOPRGHORGHUHJUHVLyQOLQHDO

'RQGH< W HVODYDULDEOHGHSHQGLHQWH\WHVHOUDQJRGHYDORUHV W «W TXHDGRSWD

1.1.1. Características sociodemográficas

(VWXGLRV*HQHUDOHV/HWUDV    

(QFRQFOXVLyQOD PXHVWUDGH ORVDOXPQRVGH OD38&3 HVWi FRQVWLWXLGDSULQFLSDOPHQWH

1.1.2. Características psicográficas

6REUHORVUHVXOWDGRVDOFDUiFWHUHPRFLRQDO YHU$QH[R( VHREVHUYDTXHORVDOXPQRV

1.2.1. Comportamiento hacia el reciclaje

1.2.2. Comportamiento de compra de productos ecológicos

1.2.3. Compromiso real con el medioambiente

$1(;2,5HVXOWDGRVGHODQiOLVLVIDFWRULDODSOLFDGRDORVYDORUHV\HVWLORVGHYLGD9$/6

(QHOiPELWRQDFLRQDOOD3RQWLILFLD8QLYHUVLGDG&DWyOLFDGHO3HU~38&3HVODSULPHUD

,GHQWLILFDU ODV YDULDEOHV VRFLRGHPRJUiILFDV \ SVLFRJUiILFDV PiV UHSUHVHQWDWLYDV GHO

(QHIHFWROD81(6&2GHFODUDLQLFLDOPHQWHTXHOD5HVSRQVDELOLGDG6RFLDOHVXQ

&RPRVHSXHGHGLVWLQJXLUOD81(6&2UHDOL]DXQOODPDGRDODVLQVWLWXFLRQHVGH

3RURWURODGR$QGUDGHV\/DUUiQFRQVLGHUDQTXHODLQFOXVLyQGHODWHRUtDGHORV

3RUHOFRQWUDULRH[LVWHQDXWRUHVFRPR'DKDQ\6HQROTXLHQHVFUHHQTXHOD568

$OUHVSHFWR*LOUHFDOFDODLPSRUWDQFLDGHHQWHQGHUORVLPSDFWRVXQLYHUVLWDULRVHQ

'HHVWD PDQHUDHODSUHQGL]DMHORVSURFHVRV FODYHVGH ODVXQLYHUVLGDGHVHQ VXJHVWLyQ

3RUVXSDUWH&DORPDUGHSURSRQHXQDGHILQLFLyQPiVFRPSOHWDSXHVFRQVLGHUDD

$GHPiVGHORPHQFLRQDGRSDUD.RWOHU\$UPVWURQJHVSRVLEOHFODVLILFDUDOJXQDV

VXEFXOWXUDV FRQIRUPDQ LPSRUWDQWHV VHJPHQWRV GH PHUFDGR \ ORV PHUFDGyORJRV D PHQXGR

)LQDOPHQWHFRQUHVSHFWRDOIDFWRUFXOWXUDO.RWOHU\$UPVWURQJLQFOX\HDODFODVH

(OVHJXQGRDVSHFWRHVODIDPLOLD.RWOHU\$UPVWURQJPHQFLRQDTXHHVXQIDFWRUFUXFLDO

$GHPiVGHORPHQFLRQDGRVHJ~Q)LVFKHU\(VSHMRODLPSRUWDQFLDGHODHGDGHVWi

3DUD)UDM\0DUWtQH]HOHVWXGLRGHOFRPSRUWDPLHQWRGHOFRQVXPLGRUHFROyJLFRKD

3DUD)UDM\0DUWtQH]HVWDVYLVLRQHVVRQLPSRUWDQWHVGHPDQHUDLQGHSHQGLHQWH\

'HDFXHUGRD)UDM\0DUWtQH]ODVYDULDEOHVFRPRHOVH[RODHGDGODHGXFDFLyQ

2WURV DXWRUHV FRPR $JXLUUH $OGDPL](FKHYDUUtD &KDUWHULQD \ 9LFHQWH

SULPHUOXJDUVHUHILHUHD.OXFNKRKQFLWDGRHQ)UDM\0DUWtQH]TXLHQGHILQHHVWD

>@SXHGHWDPELpQ FRQFHELUVHFRPR ODLPSRUWDQFLDR HOYDORUTXHVHGD DODJHQWHD

$GDSWDGRGH)UDM\0DUWtQH]

+D 8Q HVWLOR GH YLGD DXVWHUR R PRGHUDGR LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV

+E 8Q SHQVDPLHQWR FRQVHUYDGRU HQ OD IDPLOLD \ OD UHOLJLyQ LQIOX\H HQ XQ FRPSRUWDPLHQWR

+G /D SUiFWLFD GH XQD GLHWD YHJHWDULDQD LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV

+D (O JUDGR GH H[WURYHUVLyQ LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV HFROyJLFR

+E /D VROLGDULGDG \ VLPSDWtD LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV HFROyJLFR

+F /D UHVSRQVDELOLGDG \ HO FRQRFLPLHQWR GH ODV REOLJDFLRQHV LQIOX\H HQ XQ

+G (O FDUiFWHU LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV HFROyJLFR

+H /D LQQRYDFLyQ \ ORV YDORUHV LQIOX\HQ HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV

+D (O FRPSRUPLVR YHUEDO LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV HFROyJLFR

+E (O FRPSURPLVR UHDO LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV HFROyJLFR

+F (O FRPSURPLVR DIHFWLYR LQIOX\H HQ XQ FRPSRUWDPLHQWR GH FRQVXPR PiV HFROyJLFR

6HJ~Q9DOOHMRHODQiOLVLVIDFWRULDOEXVFDVLPSOLILFDUODLQIRUPDFLyQUHFRSLODGDD

3DUDODURWDFLyQGHIDFWRUHV9DOOHMRH[SOLFDTXHHVWHSURFHVRGHWHUPLQDHQVLHO

9DOOHMRH[SOLFDTXHXQPRGHORSXHGHHVWDURULJLQDOPHQWHEDVDGRHQXQQ~PHUR

6HJ~Q0DOKRWUDODUHJUHVLyQOLQHDOVHXWLOL]DHQSULPHUOXJDUSDUDGHWHUPLQDUOD

'HOPLVPRPRGR)LHOG0LOHV\)LHOGVHxDODQTXHHOPRGHORGHUHJUHVLyQOLQHDO

'RQGH<WHVODYDULDEOHGHSHQGLHQWH\WHVHOUDQJRGHYDORUHVW «WTXHDGRSWD

(VWXGLRV*HQHUDOHV/HWUDV

(QFRQFOXVLyQOD PXHVWUDGH ORVDOXPQRVGH OD38&3 HVWi FRQVWLWXLGDSULQFLSDOPHQWH

6REUHORVUHVXOWDGRVDOFDUiFWHUHPRFLRQDOYHU$QH[R(VHREVHUYDTXHORVDOXPQRV

0XMHU +RPEUH DPiV 6t7UDEDMD1R7UDEDMD

0XMHU +RPEUH DPiV 6t7UDEDMD 1R7UDEDMD

6H[R (GDG 7UDEDMR3UiFWLFD

0XMHU +RPEUH DPiV 6t7UDEDMD1R7UDEDMD

0XMHU +RPEUH DPiV 6t7UDEDMD 1R7UDEDMD

0XMHU +RPEUH DPiV 6t7UDEDMD 1R7UDEDMD

$VLPLVPRUHVSHFWR DODHGDGVHREVHUYDXQDOWR PDUJHQGHDFLHUWRV SRUSDUWH GH ORVDOXPQRV

0XMHU +RPEUH DPiV 6t7UDEDMD1R7UDEDMD

&$7(*25,$6'(9$5,$%/(6 9DORUHV\(VWLORVGH9LGD9$/6

&RPSURPLVR(FROyJLFR9HUEDO

&RPSURPLVR(FROyJLFR5HDO

&RPSURPLVR(FROyJLFR$IHFWLYR

9DORUHV\(VWLORVGH9LGD9$/6

3HUVRQDOLGDG

(VWLORVGH9LGD(FROyJLFRV

3RU~OWLPRDOUHYLVDUODVQXHYDVDJUXSDFLRQHVREWHQLGDVYHU$QH[R,WDPELpQWHQHPRV

XQR´HVWiDVRFLDGDDODSDUWLFLSDFLyQ(VGHFLUSRUHOODGRHPRFLRQDOGHORVDOXPQRVVX

(QVHJXQGROXJDUORVUHVXOWDGRVGHOPRGHORGHYDORUHV\HVWLORVGHYLGD9$/6YHU

&DVWUR0/DPRGDHFROyJLFD\HOUHFLFODMHFRPRDOWHUQDWLYDVGHGHVDUUROORGHODV

&HUGD$*DUFtD/'tD]0 1~xH]&3HUILO\&RQGXFWD$PELHQWDOGHORV

)LHOG$0LOHV- )LHOG='LVFRYHULQJVWDWLVWLFVXVLQJ5/RV$QJHOHV6DJH

XMDUDWL'1 3RUWHU'&(FRQRPHWUtD0p[LFR0FUDZ+LOO,QWHUDPHULFDQD

1DYDUUR&(OGHEDWH\ODFXHVWLyQDPELHQWDO9LVLyQFLYLOGHORVDFWRUHV\SROtWLFDV

38&3EDxRV38&35HFXSHUDGRGH

6FKQHOOHU& 7KRQL(8QLYHUVLWLHVDQGWKHLU6RFLDO5HVSRQVLELOLWLHV.QRZOHGJH

6WUDXJKDQ5' 5REHUWV-$(QYLURQPHQWDOVHJPHQWDWLRQDOWHUQDWLYHVDORRNDW

7DO73UHVHUYLFHWHDFKHUV¶UHIOHFWLRQVRQDZDUHQHVVDQGNQRZOHGJHIROORZLQJDFWLYH

7LOLNLGRX, 'HOLVWDYURX$7\SHVDQGLQIOXHQWLDOIDFWRUVRIFRQVXPHUV¶Qon‐

9DOODH\V)'HOD&UX]& 6DVLD35HVSRQVDELOLGDGVRFLDOXQLYHUVLWDULD0DQXDO

*LEERQV\:LFNOXQG /RVYDORUHVDOWUXLVWDVGHD\XGD\GHUHDOL]DFLyQHVWiQPiVUHODFLRQDGRVD

+RPEUH ±DxRV 6L

0XMHU ±DxRV 1R

0HJXVWDODJHQWH\ODVFRVDVH[WUDYDJDQWHV

0HJXVWDTXHKD\DYDULHGDGHQPLYLGD

0HJXVWDKDFHUODVPLVPDVFRVDVWRGRVORVGtDV

6LJRODV~OWLPDVWHQGHQFLDV\PRGDV

0HJXVWDDSUHQGHUVREUHDUWHFXOWXUDHKLVWRULD

0HJXVWDWRGRORHPRFLRQDQWHHQPLYLGD