MODELO TPACK - Grupo de Tecnología Educativa - Universidad de
/$ )250$&,Ð1 '(/
352)(625$'2 (1 7,&
02'(/2 73$&.
LA FORMACIÓN DEL
PROFESORADO EN TIC:
MODELO TPACK
(Conocimiento Tecnológico,
Pedagógico y de Contenido)
Julio Cabero Almenara (dir.)
Julio Barroso Osuna - Adriana María Cadena León –
Carlos Castaño Garrido - Uriel R. Cukieman - Mª del
Carmen Llorente Cejudo - Óscar M. Gallego Pérez María Granada Pérez Rastrollo - Tania Jiménez Inmaculada Maiz Olazabalaga - Verónica Marín Díaz –
Santiago Mengual Andrés - Ileana Miyar -Juan M.
Muñoz González - Begoña E. Sampedro Requena - José
Luis Serrano Sánchez - Rosabel Roig Vela – Mary Paz
Prendes Espinosa – Angel Puentes Puente- Juana María
Ortega Tudela - Ana María Ortiz Colón.
José Luis Pérez Diez de los Ríos – Rocío Pérez García
(estadísticos)
6HFUHWDULDGR GH 5HFXUVRV $XGLRYLVXDOHV \ 1XHYDV 7HFQRORJtDV GH
OD 8QLYHUVLGDG GH 6HYLOOD /RV DXWRUHV
3URKLELGD OD UHSURGXFFLyQ WRWDO R SDUFLDO VLQ SHUPLVR HVFULWR GHO
HGLWRU
(GLWD 6HFUHWDULDGR GH 5HFXUVRV $XGLRYLVXDOHV \ 1XHYDV 7HFQRORJtDV
GH OD 8QLYHUVLGDG GH 6HYLOOD
,6%1 ,PSULPH 3XEOLGLVD 6$
,QYHVWLJDFLyQ ILQDQFLDGD SRU HO *UXSR GH LQYHVWLJDFLyQ 'LGiFWLFD
*,' $QiOLVLV 7HFQROyJLFR \ FXDOLWDWLYR &yGLJR GH JUXSR GH OD
&RQVHMHUtD GH (GXFDFLyQ GH OD -XQWD GH $QGDOXFtD +80
ÌQGLFH
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ
7,&««««««««««««««««««««««««««««
(O PRGHOR 73$&. GH FDSDFLWDFLyQ GHO SURIHVRUDGR HQ 7,&
FRQRFLPLHQWRV WHFQROyJLFRV SHGDJyJLFRV \ GLVFLSOLQDULRV««««
,QWURGXFFLyQ«««««««««««««««««««««««
5HIHUHQFLDV FRQFHSWXDOHV GHO PRGHOR 73$&. ««««««««
$OJXQDV DSRUWDFLRQHV GHO PRGHOR 73$&. «««««««««
$SOLFDFLRQHV GHO PRGHOR ««««««««««««««««
/D LQYHVWLJDFLyQ REMHWLYRV IDVHV PXHVWUD H LQVWUXPHQWRV GH
UHFRJLGD \ DQiOLVLV GH OD LQIRUPDFLyQ««««««««««««««
2EMHWLYRV GH OD LQYHVWLJDFLyQ«««««««««««««««
)DVHV GH OD LQYHVWLJDFLyQ««««««««««««««««
,QVWUXPHQWRV GH UHFRJLGD GH LQIRUPDFLyQ FRQVWUXFFLyQ \
ILDELOL]DFLyQ««««««««««««««««««««««
/D PXHVWUD««««««««««««««««««««««
7pFQLFDV GH DQiOLVLV«««««««««««««««««««
5HVXOWDGRV«««««««««««««««««««««««««
&RQFOXVLRQHV H LPSOLFDFLRQHV«««««««««««««««««
5HIHUHQFLDV ELEOLRJUiILFDV««««««««««««««««««
$QH[R
&XHVWLRQDULR &RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR \ GH FRQWHQLGR
73$&. ««««««««««««««««
/XFHV \ VRPEUDV GH OD
IRUPDFLyQ GHO SURIHVRUDGR
HQ 7,&
(Q ORV ~OWLPRV WLHPSRV ODV LQVWLWXFLRQHV GHGLFDGDV D OD
IRUPDFLyQ LQGHSHQGLHQWHPHQWH GHO QLYHO HGXFDWLYR TXH DERUGHQ VH
HVWiQ YLHQGR DOWDPHQWH WUDQVIRUPDGDV SRU OD SUHVHQFLD GH ODV
´7HFQRORJtDV GH OD ,QIRUPDFLyQ \ &RPXQLFDFLyQ´ 7,& < HOORV VH
YHUiQ HQpUJLFDPHQWH LQIOXHQFLDGDV HQ XQ IXWXUR FHUFDQR SRU VX
LQFUHPHQWR WDQWR D QLYHO FXDQWLWDWLYR FRPR FXDOLWDWLYR FRPR
SRGHPRV LQIHULU GH ODV OHFWXUDV GH ORV GLIHUHQWHV LQIRUPHV +RUL]RQ
TXH VH HVWiQ SXEOLFDQGR *DUFtD \ RWURV 'XUDOO \ RWURV -RKQVRQ \ RWURV \ GRQGH VH QRV KDFH UHIHUHQFLD D PHGLRV
VRFLDOHV DSOLFDFLRQHV PyYLOHV JDPLILFDFLyQ HQWRUQRV FRODERUDWLYRV
DQDOtWLFDV GH DSUHQGL]DMHV :HE VHPiQWLFD HQWRUQRV SHUVRQDOHV GH
DSUHQGL]DMH 3/( R UHDOLGDG DXPHQWDGD HQWUH RWUDV
$KRUD ELHQ VX LQFRUSRUDFLyQ HQ HO DXOD SDVD SRU XQ F~PXOR
GH
YDULDEOHV
RUJDQL]DWLYDV
OHJLVODWLYDV
HFRQyPLFDV«
\
QHFHVDULDPHQWH SRU OR TXH HO SURIHVRUDGR SHUFLED UHVSHFWR D HOODV \
SRU HO JUDGR GH IRUPDFLyQ TXH SRVHD UHVSHFWR D ODV PLVPDV (O
FRPSRUWDPLHQWR GH ODV 7,& HQ ORV FRQWH[WRV HGXFDWLYRV YD D GHSHQGHU
GH OR TXH HO GRFHQWH VHD FDSD] GH KDFHU FRQ HOODV GH VX FDSDFLGDG
SDUD FUHDU FRQ ODV PLVPDV QXHYDV HVFHQRJUDItDV FRPXQLFDWLYDV \ GH
VX IDFXOWDG SDUD DGDSWDUOD D ORV SUREOHPDV HGXFDWLYRV TXH GHVHH
UHVROYHU \ D ODV FDUDFWHUtVWLFDV FRJQLWLYDV \ VRFLDOHV GH VXV
HVWXGLDQWHV 1R GHEHPRV ROYLGDUQRV TXH HO SDSHO GHO SURIHVRU HV FODYH
SDUD FXDOTXLHU UHIRUPD H LQQRYDFLyQ HGXFDWLYD eO HV HO TXH DGDSWD D
VX FODVH FXDOTXLHU HOHPHQWR TXH OH HV RIUHFLGR \ XQR GH HOORV VRQ ODV
7,& 3RU WDQWR VX IRUPDFLyQ HV FODYH SDUD JDUDQWL]DU FXDOTXLHU
SXHVWD HQ DFFLyQ
$QWH HVWD VLWXDFLyQ QR HV GHVFDEHOODGR DILUPDU TXH OD
IRUPDFLyQ GHO SURIHVRUDGR HQ HVWRV HOHPHQWRV FXUULFXODUHV HV FODYH
SDUD TXH SXHGDQ VHU LQFRUSRUDGDV ODV 7,& D ORV SURFHVRV GH
HQVHxDQ]DDSUHQGL]DMH \ TXH SRU WDQWR VHD FRPSOHWDPHQWH
QHFHVDULR TXH VH FRQYLHUWD HQ XQR GH ORV VDEHUHV HQ ORV FXDOHV GHEHQ
ŶŶŶ
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
YHUVH QHFHVDULDPHQWH IRUPDGR \ UHVSHFWR D ORV FXDOHV GHEHQ PRVWUDU
XQD HOHYDGD FRPSHWHQFLD GLJLWDO $UDQFLELD \ RWURV (UWPHU \
2WWHQEUHLI/HIWZLFK 5RVDULR \ 9iVTXH] 6LOYD \
$VWXGLOOR 7HULJL *XWLpUUH] 9HUD \ RWURV 1HFHVLGDG GH IRUPDFLyQ TXH QR GHEHPRV ROYLGDU HV SHUFLELGD SRU ORV
SURSLRV SURIHVRUHV FRPR XQD GH ODV YDULDEOHV FUtWLFDV TXH IDYRUHFHUtD
OD LQFRUSRUDFLyQ GH ODV 7,& D ODV LQVWLWXFLRQHV HGXFDWLYDV 6LJDOpV \
RWURV 0XHOOHU \ RWURV *XWLpUUH] < DO PLVPR
WLHPSR GHEHPRV WDPELpQ UHFRQRFHU TXH ORV GRFHQWHV PXHVWUDQ DOWRV
QLYHOHV GH LQWHUpV KDFLD OD LQFRUSRUDFLyQ GH ODV 7,& HQ ORV HQWRUQRV
GH IRUPDFLyQ SHUFLELHQGRORV FRPR PHGLRV VLJQLILFDWLYRV \ QHFHVDULRV
SDUD HO GHVDUUROOR GH VX SUiFWLFD SURIHVLRQDO GH OD HQVHxDQ]D
PRVWUDQGR DO PLVPR WLHPSR DFWLWXGHV VLJQLILFDWLYDV KDFLD ODV
PLVPDV %XOOyQ \ RWURV -LPR\LDQQQLV \ .RPLV *DUFtD
9DOFiUFHO \ 'DQHUL *XHUUD \ RWURV 'RPtQJXH] *X]PiQ \ RWURV 6DQJ \ RWURV 5DPtUH] &DxHGR \
&OHPQHWH &DEHUR D *XWLHUUH] 3HUFHSFLRQHV TXH
WDPELpQ ODV HQFRQWUDPRV HQ DTXHOORV SURIHVRUHV TXH VH HQFXHQWUDQ
HQ DFFLRQHV GH IRUPDFLyQ HQ SUHVHUYLFLR R LQLFLDO 0DUtQ \ 5HFKH
2UWL] \ RWURV $O PLVPR WLHPSR DO KDEODU GH FRPSHWHQFLDV 7,& GHEHUtDPRV
KDFHUOR GHVGH GLIHUHQWHV SHUVSHFWLYDV \D TXH SXHGHQ XWLOL]DUVH SDUD
OD GRFHQFLD LQYHVWLJDFLyQ JHVWLyQ H LQYHVWLJDFLyQ \ JHVWLyQ 3UHQGHV
\ RWURV 3UHQGHV \ *XWLpUUH] WRGR HOOR FRPR
FRQVHFXHQFLD GH OD GLYHUVLGDG GH IXQFLRQHV TXH HO GRFHQWH GHEH
GHVHPSHxDU GLVHxDGRU RSHUDGRU RULHQWDGRU JHVWRU H LQYHVWLJDGRU
TXH OH UHTXHULUiQ XQD VHULH GH FXDOLGDGHV SHUVRQDOHV DFWLWXG
HPRFLyQ LQWXLFLyQ VHQVLELOLGDG \ YHUJHQ]D \ GRFHQWHV
FRQRFLPLHQWRV KDELOLGDGHV GLGiFWLFDV PDQHMR GH WHFQRORJtDV
HGXFDWLYDV JHVWLyQ DFDGpPLFD \ SURFHVRV GH DSUHQGL]DMH 0RUHQR
&RPR VHxDOD *XWLpUUH] SRU FRPSHWHQFLD HQ 7,& GH
ORV SURIHVRUHV SRGHPRV HQWHQGHU ORV ´YDORUHV FUHHQFLDV
FRQRFLPLHQWRV FDSDFLGDGHV \ DFWLWXGHV SDUD XWLOL]DU DGHFXDGDPHQWH
ODV WHFQRORJtDV LQFOX\HQGR WDQWR ORV RUGHQDGRUHV FRPR ORV GLIHUHQWHV
SURJUDPDV H ,QWHUQHW TXH SHUPLWHQ \ SRVLELOLWDQ OD E~VTXHGD HO
DFFHVR OD RUJDQL]DFLyQ \ OD XWLOL]DFLyQ GH OD LQIRUPDFLyQ FRQ HO ILQ GH
FRQVWUXLU FRQRFLPLHQWRµ
7DO QHFHVLGDG GH IRUPDFLyQ HV PiV QHFHVDULD HQ OD
DFWXDOLGDG VL WHQHPRV HQ FXHQWD TXH OD IRUPDFLyQ YLUWXDO WDQWR HQ
VX PRGDOLGDG GH HOHDUQLQJ FRPR EOHDUQLQJ FDGD YH] YD JDQDQGR
PiV WHUUHQR H[LJLpQGROH DO GRFHQWH TXH VHSD GHVDUUROODU VX DFWLYLGDG
SURIHVLRQDO LQPHUVR HQ HVFHQDULRV YLUWXDOHV FRPR VRQ ODV
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
SODWDIRUPDV GH WHOHIRUPDFLyQ 'HO 0RUDO \ 9LOODOXVWUH &RPR VH
HVWi YLQLHQGR D GHFLU OD UHG VH KD FRQYLUWLHQGR HQ OD YHUGDGHUD DXOD
IRUPDWLYD GH OD VRFLHGDG GHO FRQRFLPLHQWR
3HUR DQWHV GH FRQWLQXDU QRV JXVWDUtD VHxDODU DOJXQRV
DVSHFWRV TXH UHVSHFWR D OD IRUPDFLyQ HQ 7,& TXH QRV KD DSRUWDGR OD
LQYHVWLJDFLyQ \ SDUD HOOR QRV DSR\DUHPRV HQ XQD VHULH GH WUDEDMRV
5RPiQ \ 5RPHUR /ORUHQWH &DEHUR E
:DFKLUD \ .HHQJZH 7VDL \ &KDL %XOOyQ \ RWURV +HFKWHU \ 9HUPHWWH *XWLpUUH] 5RLJ \ )ORUHV (VWDV DSRUWDFLRQHV VRQ
+D\ XQD WHQGHQFLD JHQHUDO HQ HO SURIHVRUDGR SDUD
DXWRHYDOXDUVH FRPR TXH QR VH HQFXHQWUDQ FDSDFLWDGRV SDUD
XWLOL]DU ODV 7,& TXH WLHQHQ D VX GLVSRVLFLyQ HQ ODV
LQVWLWXFLRQHV HGXFDWLYDV
/D VLPSOH H[LVWHQFLD GH WHFQRORJtD DXQTXH HVWD VHD
DEXQGDQWH \ VXILFLHQWH FRQRFLPLHQWR WHFQROyJLFR \ FRQ ODV
DFWLWXGHV SRVLWLYDV R IXHUWHV FUHHQFLDV KDFLD OD LQWHJUDFLyQ GH
OD WHFQRORJtD QR JDUDQWL]D XQD LPSOHPHQWDFLyQ H[LWRVD
3RU OR JHQHUDO VH HQFXHQWUDQ IRUPDGRV SDUD PDQHMDUODV
WpFQLFDPHQWH VL ELHQ VX JUDGR GHSHQGH GH OD QRYHGDG GH OD
WHFQRORJtD
$ILUPDQ TXH ODV HPSOHDQ HQ VX GRPLFLOLR SHUR QR HQ ODV
LQVWDQFLDV HGXFDWLYDV
0XFKDV YHFHV QR KD H[LVWLGR FRUUHODFLyQ HQWUH OD LQYHUVLyQ
HFRQyPLFD HQ WHFQRORJtD \ HO DXPHQWR GH VX XVR SDUD
DFWLYLGDGHV GH IRUPDFLyQ
,QGLFDQ SRVHHU SRFD IRUPDFLyQ SDUD LQFRUSRUDUODV HQ ORV
SURFHVRV GH HQVHxDQ]DDSUHQGL]DMH
6X FDSDFLWDFLyQ HV PHQRU FRQIRUPH HV PiV QRYHGRVD OD
WHFQRORJtD HQ FXHVWLyQ
3RVHHQ PHQRV IRUPDFLyQ SDUD HO GLVHxR \ OD SURGXFFLyQ GH
PHGLRV TXH SDUD VX XWLOL]DFLyQ GLGiFWLFD
,QGHSHQGLHQWHPHQWH GH YDULDEOHV FRPR OD HGDG \ HO JpQHUR
SRU OR JHQHUDO HO SURIHVRUDGR PXHVWUD JUDQ LQWHUpV SRU HVWDU
IRUPDGR SDUD OD XWLOL]DFLyQ GH HVWRV LQVWUXPHQWRV GLGiFWLFRV
$XQTXH FRPR HV OyJLFR SRU OR PLVPR TXH SDVD HQ RWUDV
YDULDEOHV HO SURIHVRUDGR PiV MRYHQ VH HQFXHQWUD PiV
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
SUHRFXSDGR SRU VX LQFRUSRUDFLyQ XWLOL]DFLyQ \ IRUPDFLyQ
TXH ORV GH PiV HGDG
$GPLWHQ TXH QR KDQ UHFLELGR XQD YHUGDGHUD FXDOLILFDFLyQ D
OR ODUJR GH VXV HVWXGLRV SDUD LQFRUSRUDUODV D VX SUiFWLFD
SURIHVLRQDO
/D JUDQ PD\RUtD GHO SURIHVRUDGR UHFRQRFH TXH VH KD
DXWRIRUPDGR UHVSHFWR DO DSUHQGL]DMH GH ODV 7,& \ HOOR KD VLGR
LQGHSHQGLHQWHPHQWH GH OD 7,& HQ FXHVWLyQ
0XHVWUDQ JUDQGHV SUREOHPDV SDUD UHODFLRQDUODV FRQ ODV
SUiFWLFDV HGXFDWLYDV JHQHUDOHV \ ODV UHIHULGDV D ODV
GLVFLSOLQDV TXH LPSDUWH
(O SURIHVRUDGR QR GHVHD DSUHQGHU SURJUDPDV \ OHQJXDMHV
VRILVWLFDGRV GH GLVHxR GH SURJUDPDV VLQR VRODPHQWH
DSURYHFKDU ODV SRVLELOLGDGHV HGXFDWLYDV TXH ORV PLVPRV QRV
RIUHFHQ
3HUFLEHQ OD QHFHVLGDG TXH OD DGPLQLVWUDFLyQ HGXFDWLYD FUHH
LQVWLWXFLRQHV TXH ODV DSR\H HQ HO DVHVRUDPLHQWR SDUD OD
XWLOL]DFLyQ \ OD SURGXFFLyQ GH PHGLRV
/D IRUPDFLyQ GHEH VHU PiV DPSOLD TXH OD PHUD FDSDFLWDFLyQ
WHFQROyJLFDLQVWUXPHQWDO
( LQGHSHQGLHQWHPHQWH GH OR FRPHQWDGR DO LQLFLR LQGLFDQ
TXH HQ DOJ~Q PRPHQWR KDQ SDUWLFLSDGR HQ DOJXQD RSFLyQ GH
IRUPDFLyQ \ SHUIHFFLRQDPLHQWR GHO SURIHVRUDGR +HFKR TXH VH
FRUUHVSRQGH FRQ TXH HQ OD PD\RUtD GH ORV SDtVHV ODV
LQVWLWXFLRQHV HGXFDWLYDV KDQ UHDOL]DGR \ RUJDQL]DGRV SODQHV
GH IRUPDFLyQ SHUPDQHQWH SDUD FDSDFLWDUORV
$KRUD ELHQ IUHQWH D HVWH LQWHUpV TXH GHVSLHUWD \ OD
SHUFHSFLyQ GH OD QHFHVLGDG GH HVWDU IRUPDGR HQ HOORV QRV
HQFRQWUDPRV FRQ XQD VHULH GH VLWXDFLRQHV SDUDGyMLFDV FRPR VRQ ODV
VLJXLHQWHV
D
/RV SURIHVRUHV ODV XWLOL]DQ PiV SDUD VXV DVSHFWRV
SHUVRQDOHV TXH LQVWLWXFLRQDOHV SDUD OD HQVHxDQ]D
&RPR SRQHQ GH PDQLILHVWR GLIHUHQWHV HVWXGLRV HQ
LQYHVWLJDFLRQHV ORV SURIHVRUHV OOHJDQ D XWLOL]DU ODV 7,&
PiV SDUD ILQHV SHUVRQDOHV \ GH FRPXQLFDFLyQ TXH SDUD
XVRV HGXFDWLYRV 0Y9HH \ RWURV *X]PiQ \ RWURV
9HUD \ RWURV \ HQWUH DPERV WLSRV GH XVRV
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
ORV SURIHVRUHV GLVFULPLQDQ SHUIHFWDPHQWH $UHD $JXDGHG \ 7LUDGR (OOR QRV HPSLH]D D VXJHULU TXH
HO FRQRFLPLHQWR TXH WLHQHQ ORV SURIHVRUHV UHVSHFWR D ODV
7,& QR HV WDQ YDJR FRPR GHVGH FLHUWRV VHFWRUHV VH TXLHUH
KDFHU FUHHU
E
/RV SURIHVRUHV ODV XWLOL]DQ SDUD DVSHFWRV PDUJLQDOHV
/RV HVWXGLRV WDPELpQ OOHJDQ D VHxDODU TXH SRU OR JHQHUDO
ORV XVRV D ORV TXH ORV SURIHVRUHV GHVWLQDQ ODV 7,& FXDQGR
OD DSOLFDQ HQ ORV FRQWH[WRV GH IRUPDFLyQ VRQ PiV ELHQ
OLPLWDGRV \ JLUDQ DOUHGHGRU GH OD PRWLYDFLyQ OD
WUDQVPLVLyQ GH LQIRUPDFLyQ \ OD FRPXQLFDFLyQ *DUFtD
9DOFiUFHO
\
'DQHUL
)HUQiQGH]
'HVJUDFLDGDPHQWH
QRV
HQFRQWUDPRV
FRQ
SRFDV
XWLOL]DFLRQHV LQQRYDGRUDV FRPR SXHGHQ VHU ODV UHIHULGDV
D VX PRYLOL]DFLyQ FRPR LQVWUXPHQWRV GH FRQRFLPLHQWR
SRU SDUWH GH ORV DOXPQRV VX LQFRUSRUDFLyQ SDUD OD
HYDOXDFLyQ GH ORV HVWXGLDQWHV R VX PRYLOL]DFLyQ SDUD HO
WUDEDMR FRODERUDWLYR *XWtpUUH] 8VRV TXH FRPR
VHxDODQ &ROO \ RWURV VRQ EDVWDQWH DPSOLRV
/DV 7,& FRPR LQVWUXPHQWRV PHGLDGRUHV GH ODV
UHODFLRQHV HQWUH ORV DOXPQRV \ ORV FRQWHQGLGRV \ WDUHDV
GH DSUHQGL]DMH /DV 7,& FRPR LQVWUXPHQWRV
PHGLDGRUHV GH ODV UHODFLRQHV HQWUH ORV SURIHVRUHV \ ORV
FRQWHQLGRV \ WDUHDV GH HQVHxDQ]D \ DSUHQGL]DMH /DV
7,& FRPR LQVWUXPHQWRV PHGLDGRUHV GH ODV UHODFLRQHV
HQWUH ORV SURIHVRUHV \ ORV DOXPQRV R HQWUH ORV DOXPQRV
/DV 7,& FRPR LQVWUXPHQWRV PHGLDGRUHV GH OD DFWLYLGDG
FRQMXQWD GHVSOHJDGD SRU ORV SURIHVRUHV \ ORV DOXPQRV
GXUDQWH OD UHDOL]DFLyQ GH ODV WDUHDV R DFWLYLGDGHV GH
HQVHxDQ]D DSUHQGL]DMH \ /DV 7,& FRPR LQVWUXPHQWRV
FRQILJXUDGRUHV GH HQWRUQRV R HVSDFLRV GH WUDEDMR \ GH
DSUHQGL]DMH 7DO OLPLWDFLyQ GH XVRV OR SRGHPRV WDPELpQ
REVHUYDU HQ DTXHOODV LQYHVWLJDFLRQHV FHQWUDGDV HQ OD
LQFRUSRUDFLyQ GH OD IRUPDFLyQ YLUWXDO \ HQ HO XVR TXH
KDFHQ ORV SURIHVRUHV GH ODV SODWDIRUPDV GH WHOHIRUPDFLyQ
R /06 (VWXGLRV TXH QRV DSXQWDQ TXH ODV SODWDIRUPDV
PiV TXH VHUYLU SDUD FUHDU DFWLYLGDGHV GH IRUPDFLyQ
LQQRYDGRUDV OR TXH HVWiQ KDFLHQGR HV UHSURGXFLU HQ
HVWDV DXODV YLUWXDOHV ODV PHWRGRORJtDV WUDGLFLRQDOHV TXH
VH OOHYDQ D FDER HQ ODV DXODV SUHVHQFLDOHV VLUYLHQGR PiV
TXH FRPR LQVWUXPHQWRV LQQRYDGRUHV FRPR VLPSOHV
LQVWUXPHQWRV GH FRQWURO LQVWLWXFLRQDO GH ORV HVWXGLDQWHV
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
\ PHURV UHSRVLWRULRV GH REMHWRV GH DSUHQGL]DMH SDUD ORV
HVWXGLDQWHV
F
3RFR QLYHOHV GH XWLOL]DFLyQ
$O PLVPR WLHPSR ODV LQYHVWLJDFLRQHV DSXQWDQ TXH ORV
SURIHVRUHV WLHQGHQ D QR XWLOL]DU ODV SRVLELOLGDGHV TXH ODV
GLIHUHQWHV KHUUDPLHQWDV TXH VH LQFRUSRUDQ D ORV /06
RIUHFHQ D ORV SURIHVRUHV
$OJXQDV GH HVWDV FRQVHFXHQFLDV KDQ VLGR GHELGDV DO WLSR GH
IRUPDFLyQ GHO SURIHVRUDGR TXH EiVLFDPHQWH VH KD UHDOL]DGR TXH
FRPR VHxDODQ $OPHULFK \ RWURV KD HVWDGR PDUFDGD SRU XQD
VHULH GH HUURUHV ´D OD IDOWD GH IRUPDFLyQ HQ OD YHUWLHQWH SHGDJyJLFD
GHELGR D OD IRFDOL]DFLyQ HQ OD WHFQROyJLFD E HO GHILFLHQWH DMXVWH GH ORV
SURJUDPDV GH IRUPDFLyQ D ORV FRQRFLPLHQWRV \ KDELOLGDGHV GHO
SURIHVRUDGR \ F OD IDOWD GH WLHPSR SDUD OOHYDU D FDER ODV
LQQRYDFLRQHV FRQ ODV 7,& MXQWR DO LQVXILFLHQWH VHJXLPLHQWR GHO
GHVDUUROOR HQ HO DXODµ
(VWD QHFHVLGDG GH IRUPDFLyQ KD VLGR SHUFLELGD GHVGH
GLIHUHQWHV DVSHFWRV \ FRQ GLVWLQWDV SURSXHVWDV GH SODQHV GH
IRUPDFLyQ GHO SURIHVRUDGR UHDOL]DGRV HQ 7,& KDQ VLGR FULWLFDGRV HQ
GLIHUHQWHV DVSHFWRV VX IXHUWH RULHQWDFLyQ LQVWUXPHQWDO REYLDQGR HO
FRPSRQHQWH WHFQROyJLFR VX FRQFHSFLyQ FRPR DFFLRQHV FHUUDGDV
ROYLGDQGR HO VHJXLPLHQWR TXH HQ HO DXOD HO SURIHVRU HIHFWXDED GH ORV
FRQRFLPLHQWRV DGTXLULGRV HO VHU FRQFHELGRV GHVGH ODV QHFHVLGDGHV GH
ORV WpFQLFRV \ QR GHVGH ORV SUREOHPDV FRQ ORV FXDOHV ORV GRFHQWHV VH
HQIUHQWDEDQ HQ HO DXOD R HO QR FRQWHPSODU TXH VH GHEHQ HVWDEOHFHU
GLIHUHQWHV QLYHOHV GH IRUPDFLyQ \ FDSDFLWDFLyQ &DEHUR *RNWDV
\ RWURV $OPHULFK \ RWURV $O DERUGDU HO WHPD GH ODV FRPSHWHQFLDV TXH ORV SURIHVRUHV
GHEHQ WHQHU SDUD OD LQFRUSRUDFLyQ GH ODV 7,& XQR GH ORV SULPHURV
SXQWRV GH UHIHUHQFLDV QRV HQFRQWUDPRV ODV GLIHUHQWHV SROtWLFDV TXH VH
KDQ IRUPXODGRV UHVSHFWR D ORV HVWiQGDUHV GH IRUPDFLyQ TXH ORV
SURIHVRUHV GHEHQ SRVHHU < HQ HVWH VHQWLGR GLIHUHQWHV KDQ VLGR ODV
SURSXHVWDV UHDOL]DGDV SRU GLVWLQWDV LQVWLWXFLRQHV ´1DWLRQDO &RXQFLO
IRU $FUHGLWDWLRQ RI WHDFKHU HGXFDWLRQµ ´7HDFKHU 7UDLQLQJ
$JHQF\µ ´,QWHUQDWLRQDO 6RFLHW\ IRU 7HFKQRORJ\ LQ (GXFDWLRQµ
0LQLVWHULR GH (GXFDFLyQ GH &KLOH R HO SUR\HFWR GH OD
8QHVFR VREUH ´(VWiQGDUHV GH FRPSHWHQFLDV 7,& SDUD
GRFHQWHVµ 3URSXHVWDV TXH KDQ VLGR DQDOL]DGDV HQ GLIHUHQWHV WUDEDMRV
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
HVSHFtILFRV %XOOyQ \ RWURV )HUQiQGH] 3UHQGHV \
*XWLHUUH] D ORV FXDOHV UHPLWLPRV DO OHFWRU PiV D ODV REUDV
RULJLQDOHV SXHV DTXt SRU PRWLYRV GH HVSDFLR QR QRV SRGUHPRV
GHGLFDU D DQDOL]DUODV DXQTXH VL QRV JXVWDUtD VHxDODU GRV DVSHFWRV D
FRQWHPSODU D OD KRUD GH HVWDEOHFHU SROtWLFDV SDUD OD FDSDFLWDFLyQ HQ
7,& GHO SURIHVRUDGR D $VXPLU GLIHUHQWHV QLYHOHV GH FDSDFLWDFLyQ GH
ORV GRFHQWHV HQ 7,& 6HJXUD \ RWURV SRU HMHPSOR QRV KDEOD GH
WUHV QLYHOHV GH FRPSHWHQFLDV TXH GHEHQ DGTXLULU WRGRV ORV SURIHVRUHV
EiVLFDV HQ ODV TXH VH LQFOX\HQ HQ HOODV ODV TXH GHEHQ SRVHHU SDUD
GHVHPSHxDU VX WDUHD SURIHVLRQDO DYDQ]DGDV VLHQGR ODV TXH GHEHQ
DGTXLULU SDUD GHVHPSHxDU VXV WDUHDV GH XQD PDQHUD PiV DXWyQRPD
\ PiV FUHDWLYD \ ODV HVSHFtILFDV ODV FXDOHV VRQ ODV LQKHUHQWHV DO
GHVHPSHxR GH GHWHUPLQDGRV SXHVWRV GRFHQWHV TXH H[LJHQ HO
FRQRFLPLHQWR \ GRPLQLR GH XWLOLGDGHV \ DSOLFDFLRQHV HVSHFtILFDV \ E
3HUFLELU GLIHUHQWHV DVSHFWRV HQ ORV FXDOHV ORV SURIHVRUHV GHEHQ VHU
FRPSHWHQWHV SDUD OD LQFRUSRUDFLyQ GH ODV 7,& SHGDJyJLFRV VRFLDOHV
pWLFRVOHJDOHV WpFQLFRV \ HVFRODUHV GH JHVWLyQ HVFRODU \ GH GHVDUUROOR
SURIHVLRQDO
$VXPLHQGR ORV DVSHFWRV VHxDODGRV \ FHQWUiQGRQRV HQ OD
FDSDFLWDFLyQ GH ORV GRFHQWHV HVWDPRV GH DFXHUGR FRQ &DEHUR D FXDQGR SODQWHD TXH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& GHEH
KDFHUVH FRQWHPSODQGR XQ YDVWR DEDQLFR GH GLPHQVLRQHV TXH
HVSHFtILFD HQ ODV VLJXLHQWHV
,QVWUXPHQWDO WHQHU QHFHVDULDPHQWH XQ PtQLPR GH
FRPSHWHQFLD SDUD HO PDQHMR LQVWUXPHQWDO GH ODV GLIHUHQWHV
7,& VLQ TXH HOOR VLJQLILTXH TXHUHU FRQYHUWLUOR HQ XQ WpFQLFR
SURIHVLRQDO
6HPLROyJLFDHVWpWLFD GRPLQDU ORV GLIHUHQWHV OHQJXDMHV TXH
XWLOL]DQ ODV 7,& SDUD VDEHU FRGLILFDU \ GHFRGLILFDU VXV
PHQVDMHV
&XUULFXODU KDFHU KLQFDSLp HQ TXH ORV PHGLRV FXDOTXLHU
WLSR GH PHGLR VRQ H[FOXVLYDPHQWH PDWHULDOHV FXUULFXODUHV
TXH GHEHUiQ VHU PRYLOL]DGRV FXDQGR HO DOFDQFH GH ORV
REMHWLYRV OR MXVWLILTXH \ H[LVWD XQ SUREOHPD GH FRPXQLFDFLyQ
D UHVROYHU
3UDJPiWLFD DGTXLVLFLyQ GH SDXWDV GH DFFLyQ DGDSWDGDV D
FDGD PHGLRV QR GHEH VLJQLILFDU HO FDHU HQ XQ UHFHWDULR GH
SURSXHVWDV GH DFFLyQ SHUR VL HQ KDFHU YHU DO GRFHQWH TXH ODV
SURSXHVWDV GH DFFLyQ GLIHUHQFLDGDV UHSHUFXWLUiQ HQ
SURGXFWRV FRJQLWLYRV \ DFWLWXGLQDOHV GLIHUHQFLDGRV
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
3VLFROyJLFD SDUD SHUFLELU TXH ODV 7,& VRQ PHGLRV TXH QR
VyOR WUDVPLWHQ LQIRUPDFLyQ \ KDFHQ GH PHGLDGRUHV HQWUH OD
UHDOLGDG \ ORV VXMHWRV VLQR TXH DO PLVPR WLHPSR VRQ
VLVWHPDV VLPEyOLFRV TXH GHVDUUROODQ KDELOLGDGHV FRJQLWLYDV
HVSHFtILFDV
3URGXFWRUDGLVHxDGRUD IDFLOLWDU TXH HO SURIHVRU GHMH GH VHU
XQ PHUR FRQVXPLGRU GH 7,& \ DOFDQFH QLYHOHV SDUD OD
SURGXFFLyQ WDQ QHFHVDULRV HQ XQ PXQGR PDUFDGR SRU OD
:HE 6HOHFFLyQHYDOXDFLyQ HO SURIHVRUDGR GHEH WDPELpQ SRVHHU
ODV GHVWUH]DV VXILFLHQWHV QR VyOR SDUD OD XWLOL]DFLyQ \ GLVHxR
GH ODV 7,& VLQR WDPELpQ SDUD VX VHOHFFLyQ \ HYDOXDFLyQ
ÔOWLPDPHQWH VH KD VHxDODGR TXH XQR GH ORV UROHV TXH GHEHUi
GHVHPSHxDU HO SURIHVRU GHO IXWXUR HV HO GH FXUDGRU GH
FRQWHQLGRV
&UtWLFD TXH OOHJXH D FRPSUHQGHUODV GHVGH XQD SHUVSHFWLYD
TXH SRGUtDPRV GHQRPLQDU FRPR UHDOtVWLFD HV GHFLU GHVGH
XQD SHUVSHFWLYD TXH UHODWLYLFH HO SRGHU TXH VH OH KDQ
DVLJQDGR GHVGH FLHUWRV VHFWRUHV < VXSHUH ODV YLVLRQHV
DSRFDOtSWLFDV H LQWHJUDGRUDV TXH (FR LQGLFDED HQ 2UJDQL]DWLYD FDGD YH] VH HVWi SRQLHQGR PiV GH PDQLILHVWR
TXH HO FRPSRQHQWH RUJDQL]DWLYR HV GHWHUPLQDQWH GH ORV
UHVXOWDGRV TXH VH REWHQJDQ FRQ ODV 7,& SRU WDQWR HO SURIHVRU
GHEH WHQHU FRQRFLPLHQWRV SDUD HVWDEOHFHU GLIHUHQWHV
HVWUXFWXUDV RUJDQL]DWLYDV FRQ HOORV
$FWLWXGLQDO SRWHQFLDUOD UHVSHFWR D ODV 7,& DFWLWXGHV QL GH
DEVROXWR UHFKD]R QL GH DEVROXWD VXPLVLyQ VLQR SRU HO
FRQWUDULR OD GH FRQFHGHU D ORV PHGLRV VX YHUGDGHUR VHQWLGR \
VLJQLILFDGR HO GH LQVWUXPHQWRV FXUULFXODUHV TXH HQ OD
LQWHUDFFLyQ FRQ RWURV FRPSRQHQWHV SRWHQFLDUDQ OD
DGTXLVLFLyQ \ HO SHUIHFFLRQDPLHQWR GH KDELOLGDGHV HQ ORV
HVWXGLDQWHV \ OD FUHDFLyQ GH HVFHQDULRV IRUPDWLYRV
HVSHFtILFRV
,QYHVWLJDGRUD SRWHQFLDUOHV OD LGHD GH TXH QR VRQ
PHUDPHQWH FRQVXPLGRUHV GH UHVXOWDGRV GH LQYHVWLJDFLRQHV
UHDOL]DGDV SRU RWUDV SHUVRQDV VLQR TXH WDPELpQ GHEHQ GH
GHVHPSHxDU HVWD DFWLYLGDG SURIHVLRQDO
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
&RPXQLFDWLYD TXH VHD FDSD] GH HVWDEOHFHU GLIHUHQWHV
PRGHORV GH FRPXQLFDFLyQ VLQFUyQLFD \ DVLQFUyQLFD FRQ ODV
7,& \ FUHDU GLYHUVRV HVFHQDULRV GH FRPXQLFDFLyQ FRQ HOODV
3DUD ILQDOL]DU HVWH SULPHU FDStWXOR QRV JXVWDUtD VHxDODU TXH
SDUD OD LQFRUSRUDFLyQ GH ODV 7,& QR HV VXILFLHQWH FRQ XQ
GHWHUPLQLVPR WHFQROyJLFR QL FRQ XQ GHWHUPLQLVPR SHGDJyJLFR \ TXH
SRVLEOHPHQWH VH QHFHVLWH XQR VLVWpPLFR $O PLVPR WLHPSR \ FRPR
VHxDOD 3UHQVN\ GH QXHYR HVWR HV XQD SDUDGRMD SRUTXH
SDUD WHQHU PiV p[LWR HQ HO XVR GH WHFQRORJtDV HQ VXV DXODV ORV
SURIHVRUHV QR QHFHVLWDQ DSUHQGHU D XVDUODV HOORV PLVPRV DXQTXH VL
TXLHUHQ SXHGHQ KDFHUOR /R TXH ORV SURIHVRUHV Vt QHFHVLWDQ VDEHU HV
FyPR OD WHFQRORJtD SXHGH \ GHEH VHU XVDGD SRU ORV HVWXGLDQWHV SDUD
PHMRUDU VX SURSLR DSUHQGL]DMH < HV SUHFLVDPHQWH HQ HVWH HQWUDPDGR GRQGH VH HQPDUFD HO
PRGHOR GH IRUPDFLyQ GHO SURIHVRUDGR GHQRPLQDGR 73$&. TXH D
FRQWLQXDFLyQ YDPRV D SUHVHQWDU \ VREUH HO TXH VH FHQWUD QXHVWUR
WUDEDMR
(O PRGHOR 73$&. GH
FDSDFLWDFLyQ GHO
SURIHVRUDGR HQ 7,&
FRQRFLPLHQWRV
WHFQROyJLFRV SHGDJyJLFRV
\ GH FRQWHQLGRV
,QWURGXFFLyQ
'RV GH ORV JUDQGHV SUREOHPDV FRQ ORV TXH QRV KHPRV
HQFRQWUDGR HQ OD IRUPDFLyQ GHO SURIHVRUDGR GH FDUD D OD XWLOL]DFLyQ
HGXFDWLYD GH ODV 7,& KDQ VLGR SRU XQD SDUWH OD H[FHVLYD
WHFQLILFDFLyQ GH ORV FXUVRV TXH VH KDQ RUJDQL]DGR \ SRU RWUD OD IDOWD
GH PRGHORV FRQFHSWXDOHV FRQ ORV TXH FRQWDPRV SDUD OD FDSDFLWDFLyQ
TXH D\XGDUDQ D ORV SURIHVRUHV D LQWHJUDU GH IRUPD HILFD] HQ VX
SUiFWLFD HGXFDWLYD ORV GLIHUHQWHV UHFXUVRV WHFQROyJLFRV FRQ TXH HO
SURIHVRUDGR FXHQWD SDUD OD UHDOL]DFLyQ GH VX DFWLYLGDG SURIHVLRQDO
< HV EDMR HVWDV SHUVSHFWLYDV GHVGH OD FXDO GLIHUHQWHV DXWRUHV
.RHKOHU \ 0LVKUD 0LVKUD \ .RHKOHU 6FKPLGW 6DKLQ
7KRPSVRQ \ 6H\PRXU 6FKPLGW %DUDQ 7KRPSVRQ 0LVKUD
.RHKOHU \ 6KLQ D \ E .RHKOHU 6KLQ \ 0LVKUD KDQ
IRUPXODGR HO PRGHOR GHQRPLQDGR 73$&. 7HFKQRORJLFDO 3HGDJRJLFDO
&RQWHQW .QRZOHGJH²&RQRFLPLHQWR 7HFQROyJLFR 3HGDJyJLFR \ GH
&RQWHQLGR R 'LVFLSOLQDULR TXH WRGR SURIHVRU SDUD OD LQFRUSRUDFLyQ GH
ODV 7,& GHEH SRVHHU WUHV WLSRV GH FRQRFLPLHQWRV EiVLFRV
WHFQROyJLFRV SHGDJyJLFRV \ GH FRQWHQLGRV FRQWHQLGRV GLVFLSOLQDULRV
TXH GHVDUUROOD HQ VX DFWLYLGDG SURIHVLRQDO
3HUR DQWHV GH FRPHQ]DU DERUGDU VXV EDVHV \ HVTXHPDV QRV
JXVWDUtD VHxDODU XQD VHULH GH DVSHFWRV
D +D VLGR XQ PRGHOR TXH DXQTXH VH KD GHVDUUROODGR \
H[WHQGLGR IXQGDPHQWDOPHQWH HQ ((88 GH $PpULFD DXQTXH
HQ ORV ~OWLPRV WLHPSRV VH HVWi DPSOLDQGR VX LQYHVWLJDFLyQ \
XWLOL]DFLyQ HQ RWURV FRQWH[WRV FRPR SRU HMHPSOR HO DVLiWLFR
Ŷ Ŷ Ŷ /D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
-DQJ \ 7VDL /LDQJ \ RWURV R HXURSHR .D\D
(PUH \ .D\D -LPR\LDQQLV 5RLJ \ )ORUHV *UDKDP VHxDOD OD LPSRUWDQFLD TXH HO PRGHOR KD
WHQLGR SDUD DVRFLDFLRQHV UHODFLRQDGDV FRQ OD IRUPDFLyQ GHO
SURIHVRUDGR \ OD DSOLFDFLyQ GH ODV WHFQRORJtDV GH OD
LQIRUPDFLyQ \ FRPXQLFDFLyQ FRPR VRQ OD ´6RFLHW\ IRU
LQIRUPDWLRQ 7HFKQRORJ\ DQG 7HDFKHU (GXFDWLRQµ 6,7( \ OD
´$PHULFDQ (GXFDWLRQDO 5HVHDUFK $VVRFLDWLRQµ $(5$
E /DV SXEOLFDFLRQHV VREUH HO PRGHOR VH KDQ DPSOLDGR HQ ORV
~OWLPRV WLHPSRV FRPR VHxDODQ &KDL .RK \ 7VDL GHVGH HO DxR KD H[LVWLGR XQ DXPHQWR SURJUHVLYR GH ORV
DUWtFXORV TXH VREUH HVWD WHPiWLFD VH KDQ LGR SXEOLFDQGR \
ODV LQYHVWLJDFLRQHV TXH VREUH HO PLVPR VH KDQ GHVDUUROODGR
3XEOLFDFLRQHV TXH FRPR WDPELpQ VHxDODQ ORV DXWRUHV
DQWHULRUPHQWH FLWDGRV VH KDQ FHQWUDGR HQ UHYLVWDV FRPR ODV
VLJXLHQWHV $XVWUDODVLD -RXUQDO RI (GXFDWLRQDO 7HFKQRORJ\
&RPSXWHUV
(GXFDWLRQ -RXUQDO RI 7HFKQRORJ\ 7HDFKHU
(GXFDWLRQ R -RXUQDO RI 6FLHQFH (GXFDWLRQ DQG 7HFKQRORJ\ SRU
FLWDU DOJXQDV (VWD H[WHQVLyQ KD VLGR WDPELpQ DSXQWDGD SRU
.RHKOHU 0LVKUD \ &DLQ F /D LPSRUWDQFLD GHO PRGHOR SRGHPRV WDPELpQ FRQVWDWDUOD SRU
OD DSDULFLyQ GH XQD DVRFLDFLyQ GHVWLQDGD D VX DQiOLVLV
GLIXVLyQ GH LQYHVWLJDFLRQHV \ FRQILJXUDFLyQ GH XQD
FRPXQLGDG
YLUWXDO
GH
SURIHVRUHV
H
LQYHVWLJDGRUHV
SUHRFXSDGRV SRU HO PRGHOR OD FXDO FXHQWD FRQ SUHVHQFLD HQ
UHGHV VRFLDOHV FRPR )DFHERRN 0HQGHOH\ \ 7ZLWWHU
KWWSZZZWSDFNRUJ >ILJ Q @
G (O PRGHOR KD VLGR XWLOL]DGR \ KD GHPRVWUDGR VX HILFDFLD
WDQWR HQ GLIHUHQWHV FRQWH[WRV HGXFDWLYRV FRPR HQ GLVWLQWRV
QLYHOHV GH HQVHxDQ]D \ SDUD GLYHUVDV DFFLRQHV TXH YDQ GHVGH
OD LQYHVWLJDFLyQ KDVWD OD IRUPDFLyQ GHO SURIHVRUDGR VLQ
ROYLGDUQRV GH OD FRQVWUXFFLyQ GH XQ PRGHOR WHyULFR TXH
SXGLHUD JDUDQWL]DU OD FRPSUHQVLyQ GHO FRPSRUWDPLHQWR GH
ODV 7,& HQ ORV SURFHVRV GH HQVHxDQ]DDSUHQGL]DMH $QGHUVRQ
\ %DUKDP H $VXPH FRPR UHIHUHQFLD GH DQiOLVLV GLIHUHQWHV GLVFLSOLQDV
FXUULFXODUHV HQ FRQFUHWR PDWHPiWLFDV UHGHV VRFLDOHV
FLHQFLDV \ OHFWRHVFULWXUD
I 3HUPLWH HO DQiOLVLV GHO FRQRFLPLHQWR GH ORV SURIHVRUHV SDUD OD
XWLOL]DFLyQ HGXFDWLYD GH ODV 7,& WDQWR GH ORV TXH VH
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
HQFXHQWUDQ HQ HMHUFLFLR FRPR HQ DFFLRQHV GH SUHVHUYLFLR R GH
IRUPDFLyQ
)LJ Q 3RUWDO DVRFLDFLyQ 73$&. KWWSZZZWSDFNRUJ
5HIHUHQFLDV FRQFHSWXDOHV GHO PRGHOR 73$&.
$ OD KRUD GH SUHVHQWDU HO PRGHOR GH 73$&. HODERUDGR SRU
.RHKOHU \ 0LVKUD \ 0LVKUD \ .RHKOHU QR SRGHPRV
ROYLGDUQRV TXH VH DSR\D HQ OD LGHD GHO FRQVWUXFWR GHO DQiOLVLV GHO
&RQRFLPLHQWR 'LGiFWLFR GHO &RQWHQLGR 3&. IRUPXODGR RULJLQDOPHQWH
SRU 6KXOPDQ \ (O WUDEDMR GH 6KXOPDQ VH DSR\D HQ OD
LGHD GH TXH ORV PDHVWURV GHEHQ SRVHHU FRQRFLPLHQWRV UHODFLRQDGRV
WDQWR FRQ HO FRQWHQLGR FRPR FRQ OD 3HGDJRJtD \ HQ FRQVHFXHQFLD OD
HGXFDFLyQ HO SHUIHFFLRQDPLHQWR GRFHQWH \ ORV SURJUDPDV GH
GHVDUUROOR SURIHVLRQDO TXH SDUD HOORV VH SRQJDQ HQ IXQFLRQDPLHQWR
GHEHUtDQ SURSRUFLRQDU RSRUWXQLGDGHV GH DSUHQGL]DMH SDUD TXH HVWRV
ORV GHVDUUROOHQ \ ORV SXHGDQ SRQHU HQ DFFLyQ
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
$SR\iQGRVH HQ HVWD LGHD .RHKOHU \ 0LVKUD \ 0LVKUD \
.RHKOHU IRUPXODURQ VX PRGHOR 73$&. HO FXDO SHUVLJXH
UHIOH[LRQDU VREUH ORV GLIHUHQWHV WLSRV GH FRQRFLPLHQWRV TXH ORV
SURIHVRUHV QHFHVLWDQ SRVHHU SDUD LQFRUSRUDU ODV 7,& GH IRUPD HILFD]
\ DVt FRQVHJXLU FRQ HOODV HIHFWRV VLJQLILFDWLYRV HQ HO DSUHQGL]DMH GH
VXV DOXPQRV (O PRGHOR SDUWH GH OD DVXQFLyQ GH TXH ORV SURIHVRUHV
QHFHVLWDQ WUHV WLSRV GH FRQRFLPLHQWR SDUD OOHYDU D FDER HVWD DFFLyQ
WHFQROyJLFRV SHGDJyJLFRV \ GH FRQWHQLGRV R GLVFLSOLQDU ILJ Q )LJ Q 0RGHOR 73$&. KWWSWSDFNRUJ
8QD YHUVLyQ JUiILFD GHO PRGHOR PiV GHVDUUROODGR SRGHPRV
FRQVXOWDUOD HQ OD ILJ Q \ TXH DO PLVPR WLHPSR QRV RIUHFH XQ PDSD
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
FRQFHSWXDO GH ODV SRVLELOLGDGHV GHO PRGHOR \ VXV GLIHUHQWHV
GLPHQVLRQHV
)LJ Q 0RGHOR 73$&.
KWWSFPDSVHUYHUXQDYDUUDHVVHUYOHW6%5HDG5HVRXUFH6HUYOHW"ULG
/&;-/%40'95 SDUW1DPH KWPOWH[W
&RPR KHPRV VHxDODGR HO PRGHOR QRV VLJXLHUH TXH ORV
SURIHVRUHV GHEHQ SRVHHU XQ FRQRFLPLHQWR WHFQROyJLFR UHVSHFWR D
FyPR IXQFLRQDQ GHVGH HVWH SXQWR GH YLVWD ODV 7,& WDQWR GH IRUPD
JHQHUDO FRPR GH PDQHUD HVSHFtILFD \ ODV PDQHUDV GH XWLOL]DUODV XQ
FRQRFLPLHQWR SHGDJyJLFR UHVSHFWR D FyPR HQVHxDU HILFD]PHQWH \ XQ
FRQRFLPLHQWR VREUH HO FRQWHQLGR R GLVFLSOLQDU UHVSHFWR D OD PDWHULD
TXH GHEHQ HQVHxDU
$KRUD ELHQ OR VLJQLILFDWLYR TXH SURSRQH HO PRGHOR HV TXH
SDUD TXH XQ SURIHVRU VH HQFXHQWUH FDSDFLWDGR SDUD OD LQFRUSRUDFLyQ
GH ODV 7,& HQ ORV HVFHQDULRV IRUPDWLYRV QR HV VXILFLHQWH FRQ OD
FRPSUHQVLyQ \ SHUFHSFLyQ GH HVWRV WUHV FRPSRQHQWHV SHUFLELGRV GH
IRUPD DLVODGD
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
&. &RQRFLPLHQWR VREUH HO FRQWHQLGR GH OD PDWHULD
3. &RQRFLPLHQWR SHGDJyJLFR
&7 &RQRFLPLHQWR WHFQROyJLFR
VLQR TXH WDPELpQ GHEH SHUFLELUORV
FRQRFLPLHQWRV
HQ
LQWHUDFFLyQ
FRQ RWURV
3&. &RQRFLPLHQWR 3HGDJyJLFR GHO &RQWHQLGR
7&. &RQRFLPLHQWR GH OD XWLOL]DFLyQ GH ODV WHFQRORJtDV
73. &RQRFLPLHQWR SHGDJyJLFR WHFQROyJLFR
73$&. &RQRFLPLHQWR 7HFQROyJLFR SHGDJyJLFR \ GH
FRQWHQLGR
7HQLHQGR HQ FXHQWD HO LQWHUpV TXH HO PRGHOR KD GHVSHUWDGR \
UHFRQRFLHQGR TXH KD WHQLGR XQ IXHUWH GHVDUUROOR HQ ORV ~OWLPRV
WLHPSRV HQ OR TXH VH UHILHUH D OD FDSDFLWDFLyQ GHO SURIHVRUDGR
WDPSRFR GHEHPRV GHMDU GH UHFRQRFHU FRPR KDQ DSXQWDGR GLIHUHQWHV
DXWRUHV $QJHOL \ 9DODPLGHV &R[ \ *UDKDP TXH ORV
GLVWLQWRV HOHPHQWRV GH ORV TXH FRQVWD QR KDQ VLGR ELHQ H[SOLFDGRV \
GHVDUUROODGRV SRU VXV FUHDGRUHV \ TXH QHFHVLWDQ XQD YHUGDGHUD
SURIXQGL]DFLyQ ,JXDOPHQWH ODV LQWHUDFFLRQHV QR VRQ IiFLOPHQWH
FRPSUHQVLEOHV SRU ORV SURIHVRUHV D OD KRUD GH DXWRGLDJQyVWLFDUVH \
DXWRLQIRUPDU UHVSHFWR D VXV GLIHUHQWHV QLYHOHV GH FRQRFLPLHQWRV
(Q HVWD OtQHD &R[ \ *UDKDP OOHYDQ D FDER XQD
LQYHVWLJDFLyQ SDUD HVWDEOHFHU XQD DFODUDFLyQ WHUPLQROyJLFD GH ORV
GLIHUHQWHV HOHPHQWRV GHO PRGHOR \ SDUD HOOR UHDOL]DQ WDQWR XQD
UHYLVLyQ FRQFHSWXDO GH ODV GLIHUHQWHV GHILQLFLRQHV TXH VH KDQ
HVWDEOHFLGR GH VXV GLVWLQWRV FRPSRQHQWHV FRPR XQD VHULH GH
HQWUHYLVWDV D GLYHUVRV LQYHVWLJDGRUHV SDUD DFODUDU OR TXH HQWLHQGHQ
SRU OD GLIHUHQWHV GLPHQVLRQHV GHO PRGHOR 3. &. 7. 3&. 7&.
73. \ 73$&. \ ODV GLVFUHSDQFLDV TXH HVWDEOHFHQ HQWUH HOORV
/OHJDQGR D OD FRQFOXVLyQ GH TXH VH QHFHVLWD XQD DFODUDFLyQ \
HVSHFLILFDFLyQ GH ORV GLIHUHQWHV FRPSRQHQWHV IRUPXODGRV SRU .RHKOHU
\ 0LVKUD \ 0LVKUD \ .RHKOHU $GHPiV GH HQ HO WUDEDMR
LQGLFDGR SXHGH REVHUYDUVH XQD UHYLVLyQ GH VX FRQFHSWXDOL]DFLyQ \
GH OD QHFHVLGDG GH PDWL]DFLyQ GH VXV GLPHQVLRQHV HQ HO WUDEDMR GH
*UDKDP $XWRU TXH UHFODPD OD QHFHVLGDG GH IXQGDPHQWDU HO
PRGHOR VLQR TXHUHPRV HQFRQWUDUQRV FRQ PXFKRV UHVXOWDGRV GH
LQYHVWLJDFLRQHV FRQWUDGLFWRULDV \ GH GLItFLO GH LQFOXLU HQ HO PRGHOR
$ FRQWLQXDFLyQ YDPRV D SUHVHQWDU HQ OD WDEOD Q DOJXQDV
GH ODV FRQFOXVLRQHV PiV VLJQLILFDWLYDV D ODV TXH OOHJDQ ORV DXWRUHV
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
DQWHULRUPHQWH FLWDGRV WUDV UHDOL]DU VX HVWXGLR DXQTXH WDPELpQ
LQFRUSRUDUHPRV ODV H[SOLFDFLRQHV \ PDWL]DFLRQHV TXH 6FKPLGW
%DUDQ 7KRPSVRQ 0LVKUD .RHKOHU \ 6KLQ D \ E -LPR\LDQQLV
\ *UDKDP VHxDODQ UHVSHFWR D ODV H[SOLFDFLRQHV GH FDGD
XQD GH ODV GLPHQVLRQHV SDUD IDFLOLWDU GH HVWD IRUPD VX FRPSUHQVLyQ
&RQRFLPLHQWRV
([SOLFDFLyQ
&RQRFLPLHQWR
3HGDJyJLFR
3.
/D GHILQLFLyQ GHO FRQRFLPLHQWR SHGDJyJLFR VH
UHILHUH DO FRQRFLPLHQWR TXH WLHQH HO SURIHVRU GH
ODV DFWLYLGDGHV SHGDJyJLFDV JHQHUDOHV TXH SRGUtD
XWLOL]DU \ GH ORV SURFHVRV \ SUiFWLFDV GHO PpWRGR
GH HQVHxDQ]D \ FyPR VH UHODFLRQDQ FRQ HO
SHQVDPLHQWR \ ORV SURSyVLWRV HGXFDWLYRV (VWDV
DFWLYLGDGHV JHQHUDOHV VRQ LQGHSHQGLHQWHV GH XQ
FRQWHQLGR HVSHFtILFR R WHPD OR TXH VLJQLILFD TXH
VH SXHGHQ XWLOL]DU FRQ FXDOTXLHU FRQWHQLGR \
SXHGHQ LQFOXLU HVWUDWHJLDV SDUD PRWLYDU D ORV
HVWXGLDQWHV D OD FRPXQLFDFLyQ FRQ ORV
HVWXGLDQWHV \ ORV SDGUHV SDUD SUHVHQWDU OD
LQIRUPDFLyQ D ORV HVWXGLDQWHV \ PDQHMR GH FODVH
HQWUH PXFKRV RWUDV PXFKDV FRVDV $GHPiV HVWD
FDWHJRUtD LQFOX\H D JHQHUDOHV DFWLYLGDGHV TXH
SRGUtDQ VHU DSOLFDGDV HQ WRGRV ORV GRPLQLRV GH
FRQWHQLGR WDOHV FRPR HO DSUHQGL]DMH SRU
GHVFXEULPLHQWR
DSUHQGL]DMH
FRRSHUDWLYR
DSUHQGL]DMH EDVDGR HQ SUREOHPDV HWF UHILHUH D
ORV PpWRGRV \ SURFHVRV GH HQVHxDQ]D H LQFOX\H
ORV FRQRFLPLHQWRV HQ HO DXOD JHVWLyQ HYDOXDFLyQ SODQLILFDFLyQ GH FODVHV \ HO DSUHQGL]DMH GH ORV
HVWXGLDQWHV
6LQ HPEDUJR DOJXQDV DFWLYLGDGHV SHGDJyJLFDV
SXHGHQ JHQHUDOL]DUVH SDUD VHU XWLOL]DGDV HQ
YDULRV WHPDV D WUDYpV GH P~OWLSOHV GLVFLSOLQDV
(VWH FRQRFLPLHQWR JHQHUDOL]DGR SHUPLWH D ORV
SURIHVRUHV VHU PiV HILFLHQWH \ HILFDFHV \D TXH
SXHGHQ VDFDU XQ JUXSR GH DFWLYLGDGHV TXH
SXHGHQ XWLOL]DUVH D WUDYpV GH GLIHUHQWHV WHPDV HQ
OXJDU GH FUHDU ~QLFDV DFWLYLGDGHV SDUD FDGD WHPD
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
&RQRFLPLHQWR
GHO FRQWHQLGR
&.
(O FRQRFLPLHQWR GH ORV FRQWHQLGRV HV HO
FRQRFLPLHQWR UHDO TXH OH SURIHVRUDGR WLHQH GH
DTXHOOR TXH GHEH VHU OD HQVHxDQ]D GH IRUPD
VLPSOLILFDGD SRGUtDPRV GHFLU TXH VH UHILHUH D ODV
SRVLEOHV UHSUHVHQWDFLRQHV TXH WLHQHQ ORV
SURIHVRUHV VREUH WHPDV HVSHFtILFRV HQ XQ iUHD
GHWHUPLQDGD HV GHFLU QRV OODPD OD DWHQFLyQ
UHVSHFWR D TXH ORV SURIHVRUHV GHEHQ FRQRFHU ORV
FRQWHQLGRV TXH GHEHQ HQVHxDU ORV KHFKRV ORV
FRQFHSWRV VXV WHRUtDV« (VWH FRQRFLPLHQWR HV
LQGHSHQGLHQWH GH ODV DFWLYLGDGHV SHGDJyJLFDV R
FyPR VH SRGUtD XWLOL]DU HVDV UHSUHVHQWDFLRQHV
SDUD HQVHxDU /RV SURIHVRUHV GHEHQ VDEHU TXH HO
FRQRFLPLHQWR GHO FRQWHQLGR HV GLIHUHQWH HQ
IXQFLyQ GH OD WLSRORJtD GH ORV FRQWHQLGRV
&RQRFLPLHQWR
WHFQROyJLFR
7.
(O FRQRFLPLHQWR WHFQROyJLFR VH GHILQH FRPR HO
FRQRFLPLHQWR TXH ORV SURIHVRUHV WLHQHQ UHVSHFWR D
FyPR ODV GLIHUHQWHV WHFQRORJtDV VH SUHVHQWDQ SDUD
GHVDUUROODU VX DFWLYLGDG SURIHVLRQDO GH OD
HQVHxDQ]D &RQRFLPLHQWR 7HFQROyJLFR UHIHULGR D
GLYHUVDV WHFQRORJtDV TXH YDQ GHVGH ODV PiV
HOHPHQWDOHV \ WUDGLFLRQDOHV FRPR HO YtGHR KDVWD
ODV PiV QRYHGRVDV FRPR ,QWHUQHW OD SL]DUUD
GLJLWDO R ODV KHUUDPLHQWDV GH OD :HE &RQRFLPLHQWR
3HGDJyJLFR \
GH &RQWHQLGR
3&.
(V XQ FRQRFLPLHQWR VLWXDGR HQ XQ iUHD FRQFUHWD
\ SRU WDQWR HV GLIHUHQWH SDUD GLYHUVDV iUHDV GH
FRQWHQLGR (VWH VH GLYLGH HQ FRQRFLPLHQWR GHO
VXMHWR DFWLYLGDGHV \ DFWLYLGDGHV UHODFLRQDGRV FRQ
HO WHPD HVSHFtILFR
(VWH WLSR GH FRQRFLPLHQWR GLGiFWLFR GHO
FRQWHQLGR WDPELpQ LQFOX\H FRPSUHQVLyQ GH ODV
UHSUHVHQWDFLRQHV VREUH WHPDV HVSHFtILFRV HQ XQD
GLVFLSOLQD GHWHUPLQDGD \ FyPR VH SRGUtD XWLOL]DU
FRPR SDUWH GH ODV DFWLYLGDGHV GH HQVHxDQ]D SDUD
SURPRYHU HO DSUHQGL]DMH GH ORV HVWXGLDQWHV 3RU
WDQWR XQ SURIHVRU FRQ XQ 3&. HOHYDGR VDEH FyPR
XWLOL]DU UHSUHVHQWDFLRQHV GH WySLFRV HVSHFtILFRV
HQ FRQMXQFLyQ FRQ ODV FDUDFWHUtVWLFDV GH ORV
VXMHWRV R DFWLYLGDGHV VREUH WHPDV HVSHFtILFRV
SDUD D\XGDU D ORV HVWXGLDQWHV D DSUHQGHU (VWH
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
FRQRFLPLHQWR SHUPLWH GLVFULPLQDU ORV TXH VRQ
IiFLOHV R GLItFLOHV GH DSUHQGHU SRU SDUWH GH ORV
HVWXGLDQWHV DVt FRPR OD GLVFULPLQDFLyQ GH ORV
FRQRFLPLHQWRV UHIHULGRV D ODV LGHDV FLHQWtILFDV
HUUyQHDV TXH ORV DOXPQRV VXHOHQ WHQHU KDFLD
GLIHUHQWHV WLSRV GH FRQWHQLGRV
&RQRFLPLHQWR
7HFQROyJLFR \
GH &RQWHQLGR
7&.
(V FRPSOLFDGR SDUD ORV SURIHVRUHV HVWH WLSR GH
FRQRFLPLHQWRV HO FXDO DOXGH D FyPR UHSUHVHQWDU
FRQFHSWRV FRQ OD WHFQRORJtD 6H UHILHUH DO
FRQRFLPLHQWR GH FyPR OD WHFQRORJtD SXHGH FUHDU
QXHYDV
UHSUHVHQWDFLRQHV
SDUD
FRQWHQLGRV
HVSHFtILFRV
(O
FRQRFLPLHQWR
GH
HVWDV
UHSUHVHQWDFLRQHV
H[LVWH
LQGHSHQGLHQWH
GHO
FRQRFLPLHQWR DFHUFD GH VX XVR HQ XQ FRQWH[WR
SHGDJyJLFR HQ OD PHGLGD HQ TXH ODV WHFQRORJtDV
XWLOL]DGDV HQ ODV UHSUHVHQWDFLRQHV VH FRQYLHUWHQ
HQ OD FRUULHQWH SULQFLSDO TXH WUDQVIRUPD HO
FRQRFLPLHQWR HQ HO FRQRFLPLHQWR GHO FRQWHQLGR
&RQRFLPLHQWR
GH
FyPR
VH
IDFLOLWD
OD
UHSUHVHQWDFLyQ GH FRQWHQLGRV VHUtD FRQVLGHUDGR
7&. PLHQWUDV TXH HO FRQRFLPLHQWR GH FyPR OD
FDOFXODGRUD JUiILFD WUDGLFLRQDO IDFLOLWD HVDV
UHSUHVHQWDFLRQHV VHUtD &. 7RGR HOOR LPSOLFD
WDPELpQ XQ FRQRFLPLHQWR UHVSHFWR D FyPR ORV
HVWXGLDQWHV VRQ WUDQVIRUPDGRV SRU ORV HQWRUQRV
WHFQROyJLFRV HVSHFtILFRV TXH VH XWLOLFHQ
&RQRFLPLHQWR
7HFQROyJLFR
3HGDJyJLFR
73.
(Q HO PRGHOR HODERUDGR 73. HV XQ FRQRFLPLHQWR
GH ODV DFWLYLGDGHV SHGDJyJLFDV JHQHUDOHV TXH XQ
SURIHVRU SXHGH UHDOL]DU XWLOL]DQGR ODV WHFQRORJtDV
6H UHILHUH SRU WDQWR DO FRQRFLPLHQWR GH FyPR ODV
GLYHUVDV WHFQRORJtDV SXHGHQ VHU XWLOL]DGDV HQ OD
HQVHxDQ]D \ SDUD FRPSUHQGHU TXH HO XVR GH OD
WHFQRORJtD SXHGH FDPELDU OD IRUPD GH HQVHxDU GH
ORV SURIHVRUHV \ GH RUJDQL]DU OD HVFHQRJUDItD GH OD
HQVHxDQ]D (O 73. SRGUtD LQFOXLU HO FRQRFLPLHQWR
GH FyPR PRWLYDU D ORV HVWXGLDQWHV PHGLDQWH OD
WHFQRORJtD R OD IRUPD GH LQYROXFUDUORV HQ HO
DSUHQGL]DMH FRRSHUDWLYR HPSOHDQGR OD WHFQRORJtD
'H QXHYR HVWDV DFWLYLGDGHV VRQ LQGHSHQGLHQWHV
GH XQ FRQWHQLGR HVSHFtILFR R GH XQ WHPD QR
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
SRUTXH QR LPSOLTXHQ HO FRQWHQLGR SHUR VL SRUTXH
VH SXHGHQ XWLOL]DU HQ FXDOTXLHU GRPLQLR GH
FRQWHQLGR /DV WHFQRORJtDV TXH VH XWLOL]DQ
FRQYLHUWHQ HO 73. HQ WUDQVSDUHQWH R XELFXR
GHQWUR GHO FRQRFLPLHQWR SHGDJyJLFR WHQLHQGR HQ
FXHQWD TXH SRQHU HO pQIDVLV HQ ODV WHFQRORJtDV \D
QR HV QHFHVDULR (VWD GLPHQVLyQ GHEH WDPELpQ
OOHYDUQRV D UHIOH[LRQDU VREUH FyPR GHWHUPLQDGDV
WHFQRORJtDV SXHGHQ IDYRUHFHU OD DSOLFDFLyQ GH
HVWUDWHJLDV GLGiFWLFDV HVSHFtILFDV
&RQRFLPLHQWR
WHFQROyJLFR
SHGDJyJLFR GHO
FRQWHQLGR
73$&.
(O 73$&. VH UHILHUH DO FRQRFLPLHQWR GH XQ
SURIHVRU VREUH FyPR FRRUGLQDU HO XVR GH ODV
DFWLYLGDGHV HVSHFtILFDV GH ODV PDWHULDV R
DFWLYLGDGHV VREUH WHPDV HVSHFtILFRV $7
KDFLpQGROR FRQ UHSUHVHQWDFLRQHV VREUH WHPDV
FRQFUHWRV HPSOHDQGR ODV 7,& SDUD IDFLOLWDU HO
DSUHQGL]DMH GHO HVWXGLDQWH $ PHGLGD TXH ODV
WHFQRORJtDV XWLOL]DGDV HQ HVDV DFWLYLGDGHV \
UHSUHVHQWDFLRQHV VH YXHOYHQ RPQLSUHVHQWHV HO
73$&. VH WUDQVIRUPD HQ 3&. (Q GHILQLWLYD VH
DOXGH DO FRQRFLPLHQWR GLGiFWLFR GHO FRQWHQLGR
UHIHULGR D ORV FRQRFLPLHQWRV UHTXHULGRV SRU ORV
SURIHVRUHV SDUD LQWHJUDU OD WHFQRORJtD HQ VX
HQVHxDQ]D HQ FXDOTXLHU iUHD GH FRQWHQLGR
7DEOD Q 'LPHQVLRQHV GHO PRGHOR 73$&. \ VXV
FRQFHSWXDOL]DFLRQHV
(VWRV WLSRV GH FRQRFLPLHQWRV LPSOLFDUiQ TXH HO GRFHQWH GHED
WHQHU IRUPDFLyQ \ H[SHULHQFLD HQ GLIHUHQWHV DVSHFWRV GH ORV WUHV
FRPSRQHQWHV EiVLFRV GHO PRGHOR \ GH ODV GLIHUHQWHV FRPELQDFLRQHV
TXH GH ORV PLVPRV VH GHVSUHQGHQ HV GHFLU HQ OR UHIHULGR DO
FRQRFLPLHQWR HQ FRQWHQLGR SHGDJyJLFR 3&. FRQWHQLGR WHFQROyJLFR
7&. \ FRQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR 73. DO UHVSHFWR
-LPR\LDQQLV QRV KDEOD TXH GHWHUPLQDGRV FRQRFLPLHQWRV
LPSOLFDQ GLIHUHQWHV GRPLQLRV GH FRQWHQLGRV FRQFUHWRV TXH GHEHQ
GRPLQDU ORV GRFHQWHV HQ FRQFUHWR QRV LQGLFD ORV VLJXLHQWHV
&RQRFLPLHQWR GH &RQWHQLGR 3HGDJyJLFR
&RQRFLPLHQWR &LHQWtILFR
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
&LHQFLDV &XUULFXOXP
7UDQVIRUPDFLyQ GHO &RQRFLPLHQWR &LHQWtILFR
'LILFXOWDGHV GH DSUHQGL]DMH GH ORV HVWXGLDQWHV VREUH
GHWHUPLQDGRV FDPSRV FLHQWtILFRV
(VWUDWHJLDV GH DSUHQGL]DMH
3HGDJRJtD *HQHUDO
&RQWH[WR (GXFDWLYR
&RQRFLPLHQWR GH &RQWHQLGR 7HFQROyJLFR
5HFXUVRV \ KHUUDPLHQWDV GLVSRQLEOHV SDUD WHPDV GH
FLHQFLD
+DELOLGDGHV RSHUDWLYDV \ WpFQLFDV UHODFLRQDGDV FRQ
FRQRFLPLHQWRV FLHQWtILFRV HVSHFtILFRV
7UDQVIRUPDFLyQ GHO FRQRFLPLHQWR FLHQWtILFR
7UDQVIRUPDFLyQ GH ORV SURFHVRV FLHQWtILFRV
&RQRFLPLHQWR 7HFQROyJLFR 3HGDJyJLFR
/DV HVWUDWHJLDV GH DSUHQGL]DMH EDVDGDV HQ ODV 7,&
(O IRPHQWR GH OD LQYHVWLJDFLyQ FLHQWtILFD FRQ ODV 7,&
(O DSR\R D ODV KDELOLGDGHV GH LQIRUPDFLyQ
$QGDPLDMH GH ORV HVWXGLDQWHV
0DQHMR GH
HVWXGLDQWHV
ODV
GLILFXOWDGHV
WpFQLFDV
GH
ORV
3RU VX SDUWH 0RX]D .DUFKPHU.OHLQ 1DQGDNXPDU \ <LOPD]
QRV UHILHUHQ XQD VHULH GH HYLGHQFLDV TXH SXHGHQ VHU
WHQLGDV HQ FXHQWD D OD KRUD GH FRQRFHU HO GRPLQLR GH GLIHUHQWHV WLSRV
GH FRQRFLPLHQWR TXH SXHGHQ SRVHHU ORV SURIHVRUHV VREUH DOJXQDV GH
ODV GLPHQVLRQHV UHFRJLGDV SRU HO PRGHOR
(O FRQRFLPLHQWR WHFQROyJLFR 7.
o
2SHUDU HO KDUGZDUH GH ORV HTXLSRV LQIRUPiWLFRV
o
(O XVR GH KHUUDPLHQWDV GH VRIWZDUH HVWiQGDU SRU
HMHPSOR 06 :RUG 3RZHU3RLQW QDYHJDGRUHV GH ,QWHUQHW
FRUUHR HOHFWUyQLFR
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
o
,QVWDODFLyQ \ H[WUDFFLyQ GH GLVSRVLWLYRV SHULIpULFRV
SRU HMHPSOR XQLGDGHV 86% PLFUyIRQRV \ VRIWZDUH
HTXLSRV GH VROXFLyQ GH SUREOHPDV
o
(O XVR GH XQ YRFDEXODULR DGHFXDGR
&RQRFLPLHQWRV SHGDJyJLFRV 7HFQROyJLFR 73. o
0RWLYDU D ORV HVWXGLDQWHV D WUDYpV GH OD WHFQRORJtD
o
'LIHUHQFLDU OD LQVWUXFFLyQ FXDQGR VH XWLOL]D OD
WHFQRORJtD
o
&DSDFLGDG SDUD RUJDQL]DU HO WUDEDMR HQ FRODERUDFLyQ
FRQ OD WHFQRORJtD
o
9DORUDU HO XVR UHVSRQVDEOH SRU
HVWXGLDQWHV GH ORV HTXLSRV XWLOL]DGRV
SDUWH
GH
ORV
o
(O GHVDUUROOR GH HVWUDWHJLDV SDUD HYDOXDU HO WUDEDMR
GHO DOXPQR FRQ OD WHFQRORJtD
o
&RQRFLPLHQWR GH OD H[LVWHQFLD GH XQD YDULHGDG GH
KHUUDPLHQWDV SDUD WDUHDV SDUWLFXODUHV
o
&RQRFHU HO WLHPSR QHFHVDULR SDUD HQVHxDU FRQ
WHFQRORJtDV SDUWLFXODUHV
o
&DSDFLGDG SDUD SUHYHU SRVLEOHV SUREOHPDV GH ORV
HVWXGLDQWHV FRQ GHWHUPLQDGDV WHFQRORJtDV \ SODQLILFDU
DFWLYLGDGHV UHOHYDQWHV SDUD DSR\DU D ORV HVWXGLDQWHV
o
*HQHUDFLyQ GH DOWHUQDWLYDV HQ HO FDVR GH IDOORV
WHFQROyJLFRV
o
&DSDFLGDG
SDUD
H[SOLFDU
XQ
SURFHGLPLHQWR
LQIRUPiWLFR D ORV DOXPQRV SRU HMHPSOR D WUDYpV GH
VLPXODGRUHV
&RQRFLPLHQWR GLGiFWLFR GHO FRQWHQLGR WHFQROyJLFR
73$&. o
(O XVR GH OD WHFQRORJtD SDUD IDFLOLWDU ORV PpWRGRV GH
WHPDV
HVSHFtILFRV
SHGDJyJLFRV
SRU
HMHPSOR
OD
LQYHVWLJDFLyQ FLHQWtILFD ODV IXHQWHV SULPDULDV HQ ORV
HVWXGLRV VRFLDOHV HWF
o
(O XVR GH OD WHFQRORJtD
UHSUHVHQWDFLyQ GH FRQWHQLGR
SDUD
IDFLOLWDU
OD
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
o
(O XVR GH OD WHFQRORJtD SDUD KDFHU IUHQWH D OD
FRPSUHQVLyQ GHO FRQWHQLGR GH DSUHQGL]DMH SRU HMHPSOR HO
FRQRFLPLHQWR SUHYLR GHO FRQWHQLGR ORV FRQFHSWRV HUUyQHRV
GH GLUHFFLyQ PHMRUDU OD FRPSUHQVLyQ GHO FRQWHQLGR
8QD GH ODV FUtWLFDV TXH VH OH KD IRUPXODGR DO PRGHOR VH
UHILHUH D VX IXHUWH FDUiFWHU JHQHUDOLVWD SRU HOOR VH KDQ LGR
HVWDEOHFLHQGR RWUD VHULH GH SURSXHVWDV TXH KDQ OOHJDGR D PDWL]DU TXH
GHQWUR GHO FRQWH[WR GHEHPRV LQFRUSRUDU GLVWLQWRV WLSRV GH
FRPSRQHQWHV TXH OR OOHJDQ D PDWL]DU \ KDFHUOR PiV RSHUDWLYR ILJ Q
)LJ Q 0RGHOR 73$&.
KWWSHGWWSDFNZLNLVSDFHVFRP&RQWH[W ,QIOXHQFH RQ 73$&.
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
'HVGH QXHVWUR SXQWR GH YLVWD OD SURSXHVWD SUHVHQWDGD HQ OD
ILJ Q GHEHUtDPRV DPSOLDUOD FRQ WUHV FRPSRQHQWHV QR UHFRJLGRV HQ
OD ILJXUD DQWHULRU ODV TXH KHPRV GHQRPLQDGR HVWUXFWXUD
RUJDQL]DWLYD OD DXWRHILFDFLD SHUFLELGD TXH HO GRFHQWH WLHQH UHVSHFWR D
OD WHFQRORJtD \ OR TXH SRGUtDPRV GHQRPLQDU FRPR HOHPHQWRV
LQWDQJLEOHV HV GHFLU WRGRV ORV DVSHFWRV LQYLVLEOHV LGHROyJLFRV \
pWLFRV TXH PDUFDQ HO FXUUtFXOXP \ OD DFFLyQ IRUPDWLYD GHO GRFHQWH HQ
HO FRQWH[WR FRQFUHWR GRQGH DFW~D
)LJ Q 0RGHOR 73$&. DPSOLDGR
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
1R VHUtD FRUUHFWR ILQDOL]DU HVWRV FRPHQWDULRV VLQ VHxDODU
DOJXQDV GH ODV OLPLWDFLRQHV TXH VH OH KDQ UHDOL]DGR DO PRGHOR \ TXH
GH DFXHUGR FRQ HO WUDEDMR GH *UDKDP SRGHPRV FRQFUHWDUODV
HQ ODV VLJXLHQWHV
3XHVWR TXH HO PRGHOR GHO 73$&. VH DSR\D HQ HO FRQFHSWR GHO
3&. GH 6KXOPDQ \ HV QHFHVDULD OD FRPSUHQVLyQ
GHO PLVPR SDUD FRPSUHQGHUOR
$OJXQDV GH ODV GLPHQVLRQHV GHO PRGHOR VRQ PX\ DPSOLDV \
PDO GHILQLGDV
1R VH WLHQHQ HQ FXHQWD ODV FUHHQFLDV GH ORV GRFHQWHV VREUH OD
HQVHxDQ]D \ HO DSUHQGL]DMH FRPR SRU RWUD SDUWH \D KHPRV
VHxDODGR QRVRWURV DQWHULRUPHQWH HQ OD ILJ Q $OJXQDV DSRUWDFLRQHV GHO PRGHOR 73$&.
$XQTXH GHVGH FLHUWRV VHFWRUHV VH YLHQH UHFODPDQGR OD
QHFHVLGDG GH DXPHQWDU ODV LQYHVWLJDFLRQHV VREUH HO PRGHOR 73$&.
&KDL .RK \ 7VDL QR SRGHPRV GHMDU GH REYLDU TXH
SURJUHVLYDPHQWH VH KDQ DPSOLDGR \ KDQ LGR DSRUWDQGR XQD VHULH GH
UHVXOWDGRV TXH VRQ ORV TXH D FRQWLQXDFLyQ YDPRV D SUHVHQWDU
7HQHPRV TXH VHxDODU GHVGH HO SULQFLSLR TXH ODV
LQYHVWLJDFLRQHV TXH VH KDQ FHQWUDGR HQ SURFXUDU FRQRFHU OD
VLJQLILFDFLyQ GHO PRGHOR SDUD D\XGDU D FRPSUHQGHU FyPR VH HVWi
LQWHJUDQGR OD WHFQRORJtD HQ HO DXOD \ FyPR HO SURIHVRUDGR VH DSURSLD
GH HOOD *HZHUF 3HUQDV \ 9DUHOD /LX 0DKHU <RXQJ <RXQJ \ +DPLOWRQ KDQ SXHVWR GH PDQLILHVWR VX
VLJQLILFDFLyQ SDUD D\XGDU D ORV PDHVWURV D LQWHJUDU OD WHFQRORJtD HQ HO
DXOD 'H WRGDV IRUPDV WDPELpQ QRV HQFRQWUDPRV FRQ DSRUWDFLRQHV
TXH VHxDODQ TXH ORV GRFHQWHV VXHOHQ QR WHQHU OD PLVPD FDSDFLGDG
SDUD LGHQWLILFDU \ DSURSLDUVH GH OD PLVPD IRUPD ORV GLIHUHQWHV WLSRV
GH FRQRFLPLHQWRV H[SXHVWRV HQ HO PRGHOR 3RU RWUD SDUWH =HONRZVNL \
RWURV HQFRQWUDURQ HQ VX LQYHVWLJDFLyQ TXH HO FRQRFLPLHQWR GH
ORV FRQWHQLGRV \ FRQVWUXFWRV GH VDEHU SHGDJyJLFR VRQ YiOLGRV \
ILDEOHV PLHQWUDV TXH HO FRQRFLPLHQWR SHGDJyJLFR GHO FRQWHQLGR HO
FRQRFLPLHQWR GHO FRQWHQLGR WHFQROyJLFR \ ORV GRPLQLRV GHO
FRQRFLPLHQWR SHGDJyJLFR WHFQROyJLFRV VRQ GLItFLOHV GH VHSDUDU \
DXWRLQIRUPDU UHVSHFWR D VX FRPSHWHQFLD SRU SDUWH GH ORV IXWXURV
SURIHVRUHV (Q HVWD OtQHD HQFRQWUDURQ UHVXOWDGRV VLPLODUHV 1LHVV
\ 0RX]D .DUFKPHU.OHLQ 1DQGDNXPDU \ <LOPD] /D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
/RV HVWXGLRV LQGLFDQ TXH ODV GLIHUHQWHV IXQFLRQHV
WHFQROyJLFDV SXHGHQ IDFLOLWDU HO GHVDUUROOR SRU SDUWH GH XQ SURIHVRU
GHO 73$&. VL ELHQ HOOR QR HV VXILFLHQWH SDUD LQWHJUDU OD WHFQRORJtD HQ
OD HQVHxDQ]D 3RU HO FRQWUDULR OD JUDQ PD\RUtD GH PDHVWURV FX\RV
FRQRFLPLHQWRV GHO FRQWHQLGR \ SHGDJyJLFR VRQ HOHYDGRV WLHQHQ
GLILFXOWDG HQ OD E~VTXHGD GH WHFQRORJtD DGHFXDGD SDUD GHVDUUROODU VX
LGHD GH 73$&. VRQ WDUHDV IDFWLEOHV /LX 3DUD HOOR SXHGH VHU
VLJQLILFDWLYR VHJXLU OD VHFXHQFLD VLJXLHQWH FRPHQ]DU FRQ OD VHOHFFLyQ
GH ORV REMHWLYRV TXH VH GHVHDQ DOFDQ]DU SDUD OD DFFLyQ IRUPDWLYD
VHOHFFLRQDU ODV DFWLYLGDGHV GH DSUHQGL]DMH VHFXHQFLDU ODV
DFWLYLGDGHV \ VHOHFFLRQDU ODV WHFQRORJtDV PiV DSURSLDGDV SDUD ODV
DFWLYLGDGHV VHOHFFLRQDGDV
8QD GH HVWDV DSRUWDFLRQHV VH KD FHQWUDGR HQ HO DQiOLVLV GH
ODV FDUDFWHUtVWLFDV GH ORV SURIHVRUHV \ VX UHODFLyQ FRQ ORV GLIHUHQWHV
WLSRV GH FRQRFLPLHQWRV HVWDEOHFLGRV HQ HO PRGHOR < DO UHVSHFWR /LDQJ
\ RWURV HQ OD LQYHVWLJDFLyQ TXH HIHFWXDURQ FRQ SURIHVRUHV GH
SUHHVFRODU HQFRQWUDURQ TXH FRQIRUPH ORV GRFHQWHV DXPHQWDEDQ HQ
HGDG PRVWUDEDQ FLHUWR JUDGR GH UHVLVWHQFLD D HQWRUQRV GH HQVHxDQ]D
TXH LQWHJUDUDQ OD WHFQRORJtD HQFRQWUDQGR WDPELpQ TXH HO
SURIHVRUDGR GH SUHHVFRODU FRQ XQD HGXFDFLyQ VXSHULRU WHQGtD D WHQHU
PiV FRQRFLPLHQWR GHO XVR GH OD WHFQRORJtD \ OD LQWHJUDFLyQ GH ODV 7,&
HQ HO HQWRUQR GRFHQWH 7DPELpQ FRPR KDQ VXJHULGR 6WHZDUW
$QWRQHQNR 6KDQH \ 0XUDYLWD ORV GRFHQWHV H[SHULPHQWDGRV
FRQVLGHUDQ ODV KHUUDPLHQWDV WHFQROyJLFDV FRPR PHFDQLVPR SDUD
LQYROXFUDU D ORV HVWXGLDQWHV \ ORJUDU JDQDQFLDV GH LQVWUXFFLyQ
PLHQWUDV TXH ORV QRYDWRV \ ORV IXWXURV SURIHVRUHV TXH VH HQFXHQWUDQ
HQ DFFLRQHV GH SUHVHUYLFLR WLHQGHQ D SHUFLELU ODV WHFQRORJtDV
SULQFLSDOPHQWH FRPR XQ PHFDQLVPR SDUD PHMRUDU OD JHVWLyQ GHO DXOD
\ QR WDQWR SDUD FUHDU DFFLRQHV GH LQQRYDFLyQ HGXFDWLYD
/RV HVWXGLRV WDPELpQ VHxDODQ TXH ORV SURIHVRUHV PXHVWUDQ
XQ DOWR JUDGR GHO FRQRFLPLHQWR GHO FRQWHQLGR SHUR QR DVt GHO
FRQRFLPLHQWR WHFQROyJLFR 5RLJ \ )ORUHV 3RU VX SDUWH -DQJ \ 7VDL HQFRQWUDURQ FyPR OD
H[SHULHQFLD HQ OD HQVHxDQ]D LQIOXtD HQ OD FRQILJXUDFLyQ GHO 73$&. GH
ORV SURIHVRUHV /RV GRFHQWHV FRQ H[SHULHQFLD WHQGtDQ D FDOLILFDU VX
FRQRFLPLHQWR GH ORV FRQWHQLGRV \ HO FRQRFLPLHQWR GLGiFWLFR GHO
FRQWHQLGR HQ FRQWH[WR VLJQLILFDWLYDPHQWH PiV DOWR TXH KLFLHURQ ORV
SURIHVRUHV GH FLHQFLDV QRYDWRV 6LQ HPEDUJR HO SURIHVRUDGR FRQ
PHQRV H[SHULHQFLD HQ OD HQVHxDQ]D WHQGtDQ D FDOLILFDU VXV
FRQRFLPLHQWRV GH WHFQRORJtD \ FRQRFLPLHQWR GHO FRQWHQLGR WHFQROyJLFR
HQ HO FRQWH[WR VLJQLILFDWLYDPHQWH PD\RU TXH HO LQGLFDGR SRU GRFHQWHV
FRQ PiV H[SHULHQFLD HQ OD HQVHxDQ]D 'HVGH QXHVWUR SXQWR GH YLVWD
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
ORV ~OWLPRV KDOOD]JRV HQFRQWUDGRV VH SRGUtDQ H[SOLFDU SRU DVRFLDFLyQ
HQWUH H[SHULHQFLD SURIHVLRQDO GRFHQWH \ HGDG GH ORV SURIHVRUHV
3RU RWUD SDUWH \ FRPR \D DSXQWDPRV DQWHULRUPHQWH HQ OD
ILJXUDV Q \ DOJXQDV LQYHVWLJDFLRQHV KDQ SXHVWR GH PDQLILHVWR
TXH ORV IDFWRUHV LQWUDSHUVRQDOHV WDOHV FRPR OD DXWRHILFDFLD
H[SHFWDWLYDV GH UHVXOWDGRV \ ORV LQWHUHVHV IDYRUHFHQ OD PRWLYDFLyQ GH
ORV GRFHQWHV SDUD LQWHJUDU OD WHFQRORJtD H LQIOXLU HQ VX 73$&.
6WHZDUW $QWRQHQNR 6KDQH \ 0XUDYLWD (Q OR TXH VH UHILHUH DO JpQHUR GH ORV SURIHVRUHV GLVWLQWRV
HVWXGLRV KDQ HQFRQWUDGR GLIHUHQFLDV VHJ~Q HVWH (UGRJDQ \ 6DKLQ
-DQJ \ 7VDL /LQ \ RWURV $Vt (UGRJDQ \ 6DKLQ
HQFRQWUDURQ TXH ORV SURIHVRUHV GH PDWHPiWLFDV WHQtDQ XQ
73$&. PiV HOHYDGR TXH ODV SURIHVRUDV 3RU VX SDUWH /LQ \ RWURV
HQ VX HVWXGLR KDOODURQ TXH ODV PDHVWUDV WHQtDQ PiV
FRQILDQ]D HQ HO GHQRPLQDGR ´FRQRFLPLHQWR SHGDJyJLFRµ SHUR PHQRV
FRQILDQ]D HQ ORV FRQRFLPLHQWRV WUDGLFLRQDOHV IUHQH D ORV GDWRV
DSRUWDGRV SRU ORV KRPEUHV TXLHQHV SUHVHQWDEDQ XQD PHQRU
FRQILDQ]D HQ HO SULPHUR \ XQD PD\RU HQ HO VHJXQGR .RK \ RWURV
H[DPLQDURQ HO 73$&. GH SURIHVRUHV HQ IRUPDFLyQ \
HQFRQWUDURQ GLIHUHQFLDV GH JpQHUR HQ HO FRQRFLPLHQWR WHFQROyJLFR HO
FRQRFLPLHQWR GHO FRQWHQLGR \ HO FRQRFLPLHQWR GH OD HQVHxDQ]D FRQ OD
WHFQRORJtD 6LQ HPEDUJR XQ KDOOD]JR GLIHUHQWH VH SUHVHQWy HQ HO
HVWXGLR GH -DQJ \ 7VDL TXLHQHV HQFRQWUDURQ TXH 73$&. GH ORV
SURIHVRUHV GH FLHQFLDV \ PDWHPiWLFDV HOHPHQWDOHV QR SUHVHQWDEDQ
GLIHUHQFLDV HQ IXQFLyQ GHO JpQHUR /D LQYHVWLJDFLyQ VREUH 73$&.
EDVDGD HQ H[SHULHQFLD GRFHQWH VXJLHUH UHVXOWDGRV YDULDEOHV WDPELpQ
/HH \ 7VDL 73$&. H[DPLQDGRV ORV PDHVWURV HQ VHUYLFLR HQ HO
FRQRFLPLHQWR EDVDGR HQ OD :HE GHVFXEULHQGR TXH ORV PDHVWURV FRQ
PiV H[SHULHQFLD SHUFLEtDQ VX 73$&. FRQ UHVSHFWR D OD :HE PiV EDMR
TXH ORV PDHVWURV FRQ PHQRV H[SHULHQFLD 6LQ HPEDUJR -DQJ \ 7VDL
HQFRQWUDURQ TXH HO FRQRFLPLHQWR GH FRQWHQLGR GH ORV
SURIHVRUHV FRQ PiV H[SHULHQFLD GH OD FLHQFLD EiVLFD \ PDWHPiWLFDV
IXHURQ VLJQLILFDWLYDPHQWH PiV DOWRV TXH ORV PDHVWURV FRQ PHQRV
H[SHULHQFLD
'H WRGDV IRUPDV WDPELpQ GHEHPRV VHxDODU TXH DOJXQRV
HVWXGLRV FRPR HO UHDOL]DGR SRU 7RNPDN ,QFLNDEL \ 2]JHOHQ HQFRQWUDURQ TXH QR KDEtD GLIHUHQFLDV VLJQLILFDWLYDV HQWUH ODV FLHQFLDV
QDWXUDOHV PDWHPiWLFDV \ FLHQFLDV \ FLHQFLDV VRFLDOHV DOIDEHWL]DFLyQ
SDUD 73$&. TXH PRVWUDURQ ORV SURIHVRUHV HQ IRUPDFLyQ 6LQ
HPEDUJR KXER GLIHUHQFLDV VLJQLILFDWLYDV HQWUH ODV FLHQFLDV QDWXUDOHV
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
\ ODV FLHQFLDV VRFLDOHV HQ HO FRQRFLPLHQWR WHFQROyJLFR SURIHVRUHV HQ
IRUPDFLyQ \ ORV FRQRFLPLHQWRV GH FRQWHQLGR WHFQROyJLFR
-DQJ \ 7VDL HQ OD LQYHVWLJDFLyQ TXH UHDOL]DURQ FRQ ORV
SURIHVRUHV GH FLHQFLDV GH VHFXQGDULD KDOODURQ UHODFLRQHV HVWDGtVWLFDV
HQ IXQFLyQ GHO JpQHUR GH ORV SURIHVRUHV \ VX H[SHULHQFLD GRFHQWH HQ
GLIHUHQWHV VXEHVFDODV GHO 73$&. /RV SURIHVRUHV GH FLHQFLDV
FDOLILFDURQ VXV FRQRFLPLHQWRV GH WHFQRORJtD VLJQLILFDWLYDPHQWH PiV
DOWR TXH ODV SURIHVRUDV
8Q JUXSR GH LQYHVWLJDFLRQHV KDQ SXHVWR GH PDQLILHVWR FyPR
HO FRQRFLPLHQWR TXH ORV SURIHVRUHV WLHQHQ UHVSHFWR DO FRQRFLPLHQWR
SHGDJyJLFR DFHUFD GH VXV PpWRGRV GH HQVHxDQ]D HVSHFtILFRV \ VX
FRQRFLPLHQWR UHVSHFWR GH ORV SURFHVRV GH DSUHQGL]DMH GH ORV
HVWXGLDQWHV WLHQH XQ LPSDFWR VREUH FyPR DSOLFDQ GH IRUPD FRQFUHWD
XQD WHFQRORJtD FRPR SXVLHURQ GH PDQLILHVWR $QGHUVRQ \ %DUKDP
UHVSHFWR D OD IRUPDFLyQ RQOLQH R 0DKHU HQ OD
LQFRUSRUDFLyQ GH ORV L3DG
$SOLFDFLRQHV GHO PRGHOR
/DV DSOLFDFLRQHV TXH HVWiQ WHQLHQGR HO PRGHOR 73$&. GH
IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& VRQ GLYHUVDV \ SRGHPRV
VLQWHWL]DUODV HQ GLIHUHQWHV WLSRV FRPR SUHVHQWDPRV D FRQWLQXDFLyQ
)RUPDFLyQ GH ORV HVWXGLDQWHV HQ HO GHVDUUROOR GH ORV HQWRUQRV
WHFQROyJLFRV &KDL .RK \ 7VDL )RUPDFLyQ \ SHUIHFFLRQDPLHQWR GHO SURIHVRUDGR HQ HO iPELWR
GH OD LQFRUSRUDFLyQ GH ODV 7,& HQ ORV SURFHVRV GH HQVHxDQ]D
DSUHQGL]DMH -LPR\LDQQLV 0DHQJ 0XOYH\ 6PHWDQD \
%HOO 5LHQWLHV \ RWURV ([SOLFDFLyQ GH ODV GHFLVLRQHV TXH DGRSWDQ ORV SURIHVRUHV SDUD
OD LQFRUSRUDFLyQ GH ODV 7,& D ORV SURFHVRV GH HQVHxDQ]D
DSUHQGL]DMH %UDQWOH\'LDV \ (UWPHU (O GHVDUUROOR GH FRQRFLPLHQWRV KDELOLGDGHV \ GHVWUH]DV GH ORV
HGXFDGRUHV GH GRFHQWHV SDUD LGHQWLILFDU TXp WLSR GH
WHFQRORJtDV \ OD IRUPD HQ TXH VH SRGUtD LQWHJUDU HQ OD SUiFWLFD
HVFRODU SDUD PHMRUDU HO GHVDUUROOR HQ OD HGXFDFLyQ FLHQWtILFD GH
ORV HVWXGLDQWHV -LPR\LDQQLV 6HUYLU GH HOHPHQWR GH GLVFXVLyQ HQWUH ORV SURIHVRUHV SDUD
PHMRUDU VX DSUHQGL]DMH HQ OD DSOLFDFLyQ GH ODV 7,& D ORV
SURFHVRV GH HQVHxDQ]DDSUHQGL]DMH -LPR\LDQQLV /XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
HVSHFtILFDV
,QFRUSRUDFLRQHV GH WHFQRORJtDV
%DUKDP 0DKHU $QGHUVRQ
\
,QVWUXPHQWR SDUD HO GHVDUUROOR GH LQYHVWLJDFLRQHV FHQWUDGDV HQ
OD XWLOL]DFLyQ GH ODV 7,& HQ FRQWH[WRV HGXFDWLYRV $QGHUVRQ \
%DUKDP (O DQiOLVLV GH REMHWRV GH DSUHQGL]DMH SURGXFLGRV HQ GLIHUHQWHV
IRUPDWRV SDUD VHU LQFRUSRUDGRV D OD IRUPDFLyQ 'ULMYHUV \
RWURV 6PLWK 9DORUDFLyQ GH DFFLRQHV IRUPDWLYDV HPSUHQGLGDV SDUD OD
IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& WDQWR HQ VHUYLFLR FRPR HQ
VLWXDFLRQHV GH SUHVHUYLFLR +X :DONHU \ +VLDR /LX
5LHQWLHV \ RWURV 0RX]D .DUFKPHU.OHLQ
1DQGDNXPDU \ <LOPD] &RPR SRGHPRV REVHUYDU VX iPELWR GH XWLOL]DFLyQ HV EDVWDQWH
DPSOLR \ SRVLEOHPHQWH ORV QXHYRV HVWXGLRV TXH VH GHVDUUROOHQ
DPSOLDUiQ ORV FRQWH[WRV GH DSOLFDFLyQ 9RRJW \ RWURV TXH
OOHYDURQ D FDER XQD UHYLVLyQ GH ORV DUWtFXORV \ UHYLVWDV TXH VREUH HO
73$&. VH SXEOLFDURQ HQWUH \ HQFRQWUDQGR GRV JUDQGHV
OtQHDV GH GLUHFFLyQ D ORV HVWXGLRV TXH VH FHQWUDEDQ HQ GLVFXWLU \
SHUIHFFLRQDU ODV EDVHV WHyULFDV GHO PRGHOR \ E ODV GLULJLGDV D
FXHVWLRQHV SUiFWLFDV GH DQiOLVLV GH ORV GLIHUHQWHV WLSRV GH
FRQRFLPLHQWRV TXH PRVWUDEDQ ORV SURIHVRUHV
/D LQYHVWLJDFLyQ
REMHWLYRV IDVHV PXHVWUD H
LQVWUXPHQWR GH UHFRJLGD \
DQiOLVLV GH OD
LQIRUPDFLyQ
2EMHWLYRV GH OD LQYHVWLJDFLyQ
/RV REMHWLYRV JHQHUDOHV TXH SUHWHQGHPRV DOFDQ]DU HQ QXHVWUR
HVWXGLR ORV GHFODUDPRV HQ ORV VLJXLHQWHV WpUPLQRV
•
7UDGXFLU DO HVSDxRO \ ILDELOL]DU HO LQVWUXPHQWR SDUD HO
DQiOLVLV GH ODV SRVLELOLGDGHV GHO PRGHOR 73$&. IRUPXODGR
SRU 6FKPLGW %DUDQ 7KRPSVRQ 0LVKUD .RHKOHU \ 6KLQ
•
$QDOL]DU OD XWLOLGDG GHO PRGHOR 73$&. SDUD OD IRUPDFLyQ
GHO SURIHVRUDGR HQ 7,&
•
&RQRFHU ORV GLIHUHQWHV WLSRV GH FRQRFLPLHQWR TXH SRVHHQ
ORV SURIHVRUHV GH DFXHUGR DO PRGHOR 73$&.
•
$QDOL]DU VL ORV GLIHUHQWHV WLSRV GHO FRQRFLPLHQWR TXH WLHQHQ
ORV SURIHVRUHV GH DFXHUGR DO PRGHOR 73$&. YLHQHQ
GHWHUPLQDGRV SRU HO SDtV GH XELFDFLyQ GH ORV SURIHVRUHV OD
XQLYHUVLGDG GRQGH WUDEDMDED R FXUVDED ORV HVWXGLRV HO
QLYHO GRQGH LPSDUWtD OD GRFHQFLD R VX JpQHUR
•
&RQRFHU ODV SHUFHSFLRQHV TXH ORV SURIHVRUHVDOXPQRV
WLHQHQ UHVSHFWR DO 73$&. GH VXV SURIHVRUHV \ DQDOL]DU VL
H[LVWHQ GLIHUHQFLDV HQWUH OD DXWRSHUFHSFLyQ GHO 73$&. \ OD
SHUFHSFLyQ GHO 73$&. GHO RWUR
Ŷ Ŷ Ŷ /D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
)DVHV GH GHVDUUROOR GH OD LQYHVWLJDFLyQ
(O HVWXGLR TXH SUHVHQWDPRV SRGUtDPRV HQFXDGUDUOR GH
DFXHUGR FRQ %LVTXHUUD \ $UQDO \ RWURV HQ XQR GH WLSR
GHVFULSWLYR TXH FRPR LQGLFDQ ORV ~OWLPRV DXWRUHV FLWDGRV ´ WLHQHQ
FRPR SULQFLSDO REMHWLYR FRQRFHU ORV FDPELRV TXH VH SURGXFHQ HQ ORV
VXMHWRV FRQ HO WUDQVFXUVR GHO WLHPSR ODV GLVWLQWDV PDWL]DFLRQHV GHO
PpWRGR GH HQFXHVWD RULHQWDGDV D OD GHVFULSFLyQ GH XQD VLWXDFLyQ
GDGD HO HVWXGLR GH FDVRV PiV FHQWUDGRV HQ GHVFULELU \ DQDOL]DU
GHWDOODGDPHQWH XQLGDGHV R HQWLGDGHV HGXFDWLYDV ~QLFDV \ HO PpWRGR
REVHUYDFLRQDO FDUDFWHUL]DGR SRUTXH OD LQIRUPDFLyQ HV UHFRJLGD GH
IRUPD GLUHFWD GH ORV VXMHWRV REVHUYDGRV \ QR PHGLDQWH VXV
UHVSXHVWDVµ $UQDO \ RWURV < PiV FRQFUHWDPHQWH HQ ORV GHQRPLQDGRV ´H[ SRVW IDFWRµ
TXH VRQ DTXHOORV HQ ORV TXH HO LQYHVWLJDGRU VH SODQWHD OD YDOLGDFLyQ
GH ODV KLSyWHVLV FXDQGR HO IHQyPHQR \D KD VXFHGLGR %LVTXHUUD
R VH HQFXHQWUD HQ IDVH GH GHVDUUROOR 'LFKR HQ RWURV WpUPLQRV
~QLFDPHQWH UHFRJHUHPRV LQIRUPDFLyQ \ QR LQWURGXFLUHPRV QL
PDQLSXODUHPRV QLQJXQD YDULDEOH
(O WLSR GH PXHVWUHR TXH VH KD XWLOL]DGR HV HO QR
SUREDELOtVWLFRLQFLGHQWDO TXH HV DTXHO HQ HO FXDO HO LQYHVWLJDGRU
VHOHFFLRQD GLUHFWD H LQWHQFLRQDOPHQWH OD PXHVWUD GHELGR
IXQGDPHQWDOPHQWH D TXH WLHQH IiFLO DFFHVR D OD PLVPD \ HV
UHSUHVHQWDWLYD GH OD SREODFLyQ 6DEDULHJR /RV LQVWUXPHQWRV TXH VH KDQ XWLOL]DGR SDUD HO GLDJQyVWLFR
KDQ VLGR GLYHUVRV \ SRU OR JHQHUDO VH KDQ FHQWUDGR HQ ORV
FXHVWLRQDULRV $EELWW 6WHZDUW $QGHUVRQ \ %DUKDP $QWRQHQNR 6KDQH \ 0XUDYLWD 0RX]D .DUFKPHU.OHLQ
1DQGDNXPDU \ <LOPD] 5RLJ \ )ORUHV OD REVHUYDFLyQ QR
SDUWLFLSDQWH *HZHUF 3HUQDV \ 9DUHOD \ OD HQWUHYLVWD
*HZHUF 3HUQDV \ 9DUHOD 0DGHULFN 0RX]D .DUFKPHU
.OHLQ 1DQGDNXPDU \ <LOPD] ([LVWLHQGR LQYHVWLJDFLRQHV
GRQGH VH KDQ FRPELQDGR DOJXQRV GH HOORV
8QD UHYLVLyQ GH ORV GLIHUHQWHV WLSRV GH LQVWUXPHQWRV
XWLOL]DGRV HQ HO GLDJQyVWLFR GHO 73$&. SXHGH REVHUYDUVH HQ ORV
WUDEDMRV GH .RHKOHU 6KLQ \ 0LVKUD \ &KDL .RK \ 7VDL (Q QXHVWUR HVWXGLR ~QLFDPHQWH VH XWLOL]DUi XQD WpFQLFD GH
UHFRJLGD GH LQIRUPDFLyQ HO FXHVWLRQDULR HODERUDGR SRU 6FKPLGW
%DUDQ 7KRPSVRQ 0LVKUD .RHKOHU \ 6KLQ XWLOL]DGR SDUD HO
GLDJQyVWLFR GHO PRGHOR 73$&. ,QVWUXPHQWR TXH GLJiPRVOR GH
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
HQWUDGD KD VLGR XQR GH ORV PiV XWLOL]DGRV SRU ORV GLIHUHQWHV HVWXGLRV
$EELWW 6WHZDUW $QWRQHQNR 6KDQH \ 0XUDYLWD 5RLJ \
)ORUHV 0RX]D .DUFKPHU.OHLQ 1DQGDNXPDU \ <LOPD] (O FXHVWLRQDULR TXH IXH DGPLQLVWUDGR YtD ,QWHUQHW ILJ Q )LJ Q &XHVWLRQDULR DSOLFDGR YtD ,QWHUQHW
3DUD IDFLOLWDU OD FRPSUHQVLyQ GH ODV GLIHUHQWHV IDVHV TXH
KHPRV VHJXLGR HQ QXHVWUD LQYHVWLJDFLyQ SXHGHQ REVHUYDUVH ODV
PLVPDV HQ OD ILJXUD TXH SUHVHQWDPRV D FRQWLQXDFLyQ ILJ Q /D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
REVISIÓN DE LA LITERATURA
IDENTIFICACIÓN DE
INSTRUMENTOS
TRADUCCIÓN
VALIDEZ/FIABILIDAD DEL CUESTIONARIO
DETERMINACIÓN
UNIVERSIDADES
PARTICIPANTES
APLICACIÓN
TRATAMIENTO DE LOS DATOS
CONCLUSIONES
)LJXUD Q )DVHV GH GHVDUUROOR GHO HVWXGLR
,QVWUXPHQWR GH UHFRJLGD GH LQIRUPDFLyQ FRQVWUXFFLyQ \
ILDELOL]DFLyQ
&RPR \D KHPRV VHxDODGR HO FXHVWLRQDULR TXH KHPRV
HODERUDGR HV HO HODERUDGR SRU 6FKPLGW %DUDQ 7KRPSVRQ 0LVKUD
.RHKOHU \ 6KLQ &XHVWLRQDULR TXH HVWDED FRPSXHVWR SRU tWHPV TXH SUHWHQGtDQ UHFRJHU LQIRUPDFLyQ HQ ODV GLIHUHQWHV
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
GLPHQVLRQHV TXH GH IRUPD LQGLYLGXDO H LQWHUDFFLyQ FRPSRQtDQ HO
PRGHOR 73$&. HQ FRQFUHWR
&RQRFLPLHQWR WHFQROyJLFR 7. tWHPV
&RQRFLPLHQWR GHO FRQWHQLGR &. tWHPV
&RQRFLPLHQWR SHGDJyJLFR 3. tWHPV
&RQRFLPLHQWR SHGDJyJLFR GHO FRQWHQLGR 3&. tWHPV
&RQRFLPLHQWR WHFQROyJLFR GHO FRQWHQLGR 7&. tWHPV
&RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR 73. tWHPV
&RQRFLPLHQWR WHFQROyJLFR
73$&. tWHPV
SHGDJyJLFR
GHO
FRQWHQLGR
(O LQVWUXPHQWR WDPELpQ RIUHFH XQD VHULH GH tWHPV SDUD TXH
ORV SURIHVRUHVDOXPQRV YDORUDUiQ HO 73$&. GH VXV SURIHVRUHV GH OD
DFFLyQ IRUPDWLYD TXH HVWDEDQ OOHYDQGR FDER tWHPV
(O FXHVWLRQDULR HODERUDGR SRU 6FKPLGW %DUDQ 7KRPSVRQ
0LVKUD .RHKOHU \ 6KLQ WHQtD XQD FRQVWUXFFLyQ WLSR /LNHUW
FRQ FLQFR RSFLRQHV GH UHVSXHVWDV 0' PX\ HQ GHVDFXHUGR ' HQ
GHVDFXHUGR 1 QL GH DFXHUGR QL HQ GHVDFXHUGR $ GH DFXHUGR \
0$ PX\ GH DFXHUGR $XQTXH ORV WUHV ~OWLPRV tWHPV GHO FXHVWLRQDULR
´(Q JHQHUDO ¢DSUR[LPDGDPHQWH TXp SRUFHQWDMH GH VXV IRUPDGRUHV
FRPR GRFHQWH HQ PDWHULD GH FLHQFLDV OH KDQ IDFLOLWDGR XQ PRGHOR
HILFD] SDUD FRPELQDU HQ VX GRFHQFLD FRQWHQLGRV WHFQRORJtDV \
HQIRTXHV GRFHQWHV"µ ´(Q JHQHUDO ¢DSUR[LPDGDPHQWH TXp SRUFHQWDMH
GH VXV SURIHVRUHV QR GHGLFDGRV D IRUPDFLyQ GH GRFHQWHV OH KDQ
IDFLOLWDGR XQ PRGHOR HILFD] SDUD FRPELQDU FRQWHQLGRV WHFQRORJtDV \
HQIRTXHV
GRFHQWHV
HQ
VX
GRFHQFLD"µ
\
´(Q
JHQHUDO
¢DSUR[LPDGDPHQWH TXp SRUFHQWDMH GH VXV SURIHVRUHV DVHVRUHV SDUD OD
HGXFDFLyQ GRQGH LPSDUWR GRFHQWH OH KDQ IDFLOLWDGR XQ PRGHOR HILFD]
SDUD FRPELQDU HQ VX GRFHQFLD FRQWHQLGRV WHFQRORJtDV \ HQIRTXHV
GRFHQWHV"µ TXH SHUVHJXtDQ OD HYDOXDFLyQ GHO ´73$&.µ GH VXV
SURIHVRUHV SRU SDUWH GH ODV SHUVRQDV TXH FXPSOLPHQWDEDQ HO
FXHVWLRQDULR ODV RSFLRQHV GH UHVSXHVWDV TXH VH OH RIUHFtDQ HUDQ
FXDWUR R PHQRV \ ,QGLFDU TXH GLFKR LQVWUXPHQWR KD VLGR XQR GH ORV
XVXDOPHQWH XWLOL]DGRV SDUD HO GLDJQyVWLFR GH ODV FRPSHWHQFLDV GH ORV
GRFHQWHV GH DFXHUGR DO PRGHOR LQGLFDGR &KDL .RK \ 7VDL /D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
$ ODV SUHJXQWDV TXH FRQIRUPDURQ HO LQVWUXPHQWR QRVRWURV OH
LQFRUSRUDPRV GHVWLQDGDV D FRQRFHU OD 8QLYHUVLGDG GRQGH
WUDEDMDEDQ ORV HVWXGLDQWHV VX SDtV VX JpQHUR \ HO QLYHO HGXFDWLYR
GRQGH LPSDUWtD OD GRFHQFLD /R FXDO QRV SHUPLWLUtD DERUGDU DOJXQRV
GH ORV REMHWLYRV TXH QRV KHPRV SODQWHDGR
/D YHUVLyQ ILQDO GHO FXHVWLRQDULR SXHGH REVHUYDUVH HQ HO
$QH[R GH OD SUHVHQWH SXEOLFDFLyQ
([LVWHQ GLIHUHQWHV PpWRGRV SDUD OD REWHQFLyQ GHO tQGLFH GH
ILDELOLGDG GH XQ LQVWUXPHQWR PHGLGD GH HVWDELOLGDG PpWRGR GH
IRUPDV DOWHUQDWLYDV R SDUDOHODV PpWRGR GH PLWDGHV SDUWLGDV
FRHILFLHQWH DOID GH &URPEDFK \ FRHILFLHQWH .5 /DV GRV SULPHUDV
UHTXLHUHQ DSOLFDU HO FXHVWLRQDULR PiV GH XQD YH] DO PLVPR JUXSR OD
TXLQWD HV SDUD RSFLRQHV GLFRWyPLFDV \ OD WHUFHUD \ OD FXDUWD VH
XWLOL]DQ HVSHFtILFDPHQWH SDUD HVFDODV WLSR /LNHUW VLHQGR GH HVWDV GRV
OD PiV SRWHQWH OD GH &URPEDFK 2'Z\HU \ %HUQDXHU $O
PLVPR WLHPSR GHEHPRV UHFRQRFHU TXH HV OD PiV XVXDO %DUURVR \
&DEHUR \ TXH RIUHFH PiV IOH[LELOLGDG FRQ ORV WLSRV GH GDWRV
TXH SXHGH VHU XWLOL]DGD 2'Z\HU \ %HUQDXHU (Q EDVH D OR DQWHULRU WRPDPRV OD GHFLVLyQ GH DSOLFDU HO
FRHILFLHQWH GH FRQVLVWHQFLD LQWHUQD DOID GH &URPEDFK REWHQLHQGR XQD
SXQWXDFLyQ GHO 6HxDODU TXH H[FOXVLYDPHQWH OR OOHYDPRV D
FDER FRQ ODV GLPHQVLRQHV TXH FRPSRQtDQ HO PRGHOR 73$&. \ SRU
WDQWR QR WXYLPRV HQ FXHQWD OR UHIHULGR D ODV SHUFHSFLRQHV TXH SRGtDQ
WHQHU ORV DOXPQRV UHVSHFWR DO 73$&. GH VXV SURIHVRUHV HQWUH RWURV
PRWLYRV SRUTXH HQ ODV LQYHVWLJDFLRQHV TXH SRVWHULRUPHQWH OR KDQ
DSOLFDGR QR OR KDQ FRQVLGHUDGR
/RV YDORUHV WDQ FHUFDQRV DO Pi[LPR QRV OOHYDQ D
FRQVLGHUDU EDVWDQWH DFHSWDEOHV ORV GLYHUVRV tQGLFHV GH ILDELOLGDG
HQFRQWUDGRV 5HFXpUGHVH TXH GH DFXHUGR FRQ 0DWHR FRUUHODFLRQHV VLWXDGDV HQWUH HO LQWHUYDOR \ SRGUtDPRV
FRQVLGHUDUODV FRPR ´PX\ DOWDVµ \ HQ FRQVHFXHQFLD GHQRWDUtDQ DOWRV
QLYHOHV GH ILDELOLGDG GH ORV GLIHUHQWHV LQVWUXPHQWRV HODERUDGRV
7DPELpQ TXLVLPRV REWHQHU ORV tQGLFHV GH ILDELOLGDG SDUD FDGD
XQR GH ODV GLPHQVLRQHV TXH FRQIRUPDEDQ HO FXHVWLRQDULR
DOFDQ]DQGR ORV YDORUHV TXH SUHVHQWDPRV D FRQWLQXDFLyQ
&RQRFLPLHQWR WHFQROyJLFR 7. &RQRFLPLHQWR GHO FRQWHQLGR &. &RQRFLPLHQWR SHGDJyJLFR 3. /XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
&RQRFLPLHQWR SHGDJyJLFR GHO FRQWHQLGR 3&. &RQRFLPLHQWR WHFQROyJLFR GHO FRQWHQLGR 7&. &RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR 73. &RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR GHO FRQWHQLGR
73$&. 6XEHVFDOD GHO 73$&. GH ORV SURIHVRUHV 7DPELpQ HQ HVWRV FDVRV SRGUtDPRV FRQVLGHUDU GH
YHUGDGHUDPHQWH DFHSWDEOH ORV GLIHUHQWHV tQGLFHV GH ILDELOLGDG
REWHQLGRV SDUD FDGD XQD GH ODV SDUWHV
,QGLFDU TXH ORV tQGLFHV GH ILDELOLGDG REWHQLGRV SRU QRVRWURV
IXHURQ VXSHULRUHV D ORV DOFDQ]DGRV SDUD FDGD XQD GH ODV GLPHQVLRQHV
SRU VXV FUHDGRUHV FX\RV YDORUHV IXHURQ
&RQRFLPLHQWRV WHFQROyJLFRV 7. &RQRFLPLHQWRV SHGDJyJLFRV 3. &RQRFLPLHQWRV VREUH FRQWHQLGRV SHGDJyJLFRV 3&. &RQRFLPLHQWRV VREUH FRQWHQLGRV WHFQROyJLFRV 7&. &RQRFLPLHQWRV WHFQROyJLFRSHGDJyJLFRV 73. &RQRFLPLHQWRV VREUH FRQWHQLGRV WHFQROyJLFRSHGDJyJLFRV
73$&. 3RU VX SDUWH .D\D (PUH \ .D\D TXH XWLOL]DURQ HO
PLVPR FXHVWLRQDULR REWXYLHURQ XQ FRHILFLHQWH DOID GH &URPEDFK GHO
SDUD OD HVFDOD JOREDO \ FRHILFLHQWHV GH FRUUHODFLyQ tWHPWRWDO
IXHURQ HQWUH \ ,QGLFDU TXH HQ OD GLPHQVLyQ GHO FRQRFLPLHQWR VREUH HO
FRQWHQLGR UHDOL]DQ HO tQGLFH GH ILDELOLGDG GH PDQHUD LQGLYLGXDO SDUD
ORV GH PDWHPiWLFDV FLHQFLDV VRFLDOHV FLHQFLD \ OLWHUDWXUD
REWHQLHQGR YDORUHV GH \ UHVSHFWLYDPHQWH
&RQ HO REMHWR GH DQDOL]DU OD UHODFLyQ GH FDGD XQR GH ORV
FRPSRQHQWHV LQWHUQRV GH FDGD tWHP FRQ HO WRWDO GHO FRHILFLHQWH
LQWHUQR ∝ DOFDQ]DGR KHPRV REWHQLGR OD FRUUHODFLyQ tWHPWRWDO GH OD
JOREDOLGDG GHO LQVWUXPHQWR SDUD FRQRFHU VL OD HOLPLQDFLyQ GH DOJXQRV
GH ORV tWHPV DXPHQWDUtD HO tQGLFH GH ILDELOLGDG GHO LQVWUXPHQWR (Q OD
WDEOD Q SUHVHQWDPRV ORV UHVXOWDGRV DOFDQ]DGRV
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
0HGLD GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
9DULDQ]D GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
&RUUHODFLyQ
HOHPHQWRWRWDO
FRUUHJLGD
9
$OID GH
&URPEDFK
VL VH
HOLPLQD HO
HOHPHQWR
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9 9
9
9
9
9
9
9
9
9 9 9
9
9 /XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
0HGLD GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
9DULDQ]D GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
&RUUHODFLyQ
HOHPHQWRWRWDO
FRUUHJLGD
9
$OID GH
&URPEDFK
VL VH
HOLPLQD HO
HOHPHQWR
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
9
0HGLD GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
9DULDQ]D GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
&RUUHODFLyQ
HOHPHQWRWRWDO
FRUUHJLGD
$OID GH
&URPEDFK
VL VH
HOLPLQD HO
HOHPHQWR
7DEOD Q &RUUHODFLyQ tWHPWRWDO FXHVWLRQDULR GHO FXHVWLRQDULR
FRPSOHWR
7DPELpQ TXLVLPRV FRQRFHU VL OD HOLPLQDFLyQ GH DOJ~Q tWHP
FRQFUHWR DXPHQWDUtD OD FRUUHODFLyQ GH OD GLPHQVLyQ \ SDUD HOOR
WDPELpQ REWXYLPRV OD FRUUHODFLyQtWHP WRWDO
&RQRFLPLHQWR WHFQROyJLFR 7.
0HGLD GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
9DULDQ]D GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
&RUUHODFLyQ
HOHPHQWRWRWDO
FRUUHJLGD
9
$OID GH
&URPEDFK
VL VH
HOLPLQD HO
HOHPHQWR
9
9
9
9
9
9
7DEOD Q &RUUHODFLyQ tWHPWRWDO FXHVWLRQDULR GHO
& WHFQROyJLFR 7.
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
&RQRFLPLHQWR GHO FRQWHQLGR &.
0HGLD GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
9DULDQ]D GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
&RUUHODFLyQ
HOHPHQWRWRWDO
FRUUHJLGD
9
$OID GH
&URPEDFK
VL VH
HOLPLQD HO
HOHPHQWR
9
9
9
9
9
9
9
9 9
9
9
7DEOD Q &RUUHODFLyQ tWHPWRWDO FXHVWLRQDULR
GHO & GHO FRQWHQLGR &.
&RQRFLPLHQWR SHGDJyJLFR 3.
0HGLD GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
9DULDQ]D GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
&RUUHODFLyQ
HOHPHQWRWRWDO
FRUUHJLGD
9
$OID GH
&URPEDFK
VL VH
HOLPLQD HO
HOHPHQWR
9
9
9
9
9 9 7DEOD Q &RUUHODFLyQ tWHPWRWDO FXHVWLRQDULR
GHO & SHGDJyJLFR 3.
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
&RQRFLPLHQWR SHGDJyJLFR GH FRQWHQLGR 3&.
0HGLD GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
9DULDQ]D GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
&RUUHODFLyQ
HOHPHQWRWRWDO
FRUUHJLGD
9
$OID GH
&URPEDFK
VL VH
HOLPLQD HO
HOHPHQWR
9
9 9
7DEOD Q &RUUHODFLyQ tWHPWRWDO FXHVWLRQDULR
GHO & SHGDJyJLFR GHO FRQWHQLGR 3&.
&RQRFLPLHQWR WHFQROyJLFR GHO FRQWHQLGR 7&.
0HGLD GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
9DULDQ]D GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
&RUUHODFLyQ
HOHPHQWRWRWDO
FRUUHJLGD
9
$OID GH
&URPEDFK
VL VH
HOLPLQD HO
HOHPHQWR
9
9
9
7DEOD Q &RUUHODFLyQ tWHPWRWDO FXHVWLRQDULR
GHO & WHFQROyJLFR GHO FRQWHQLGR 7&.
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
&RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR 73.
0HGLD GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
9DULDQ]D GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
&RUUHODFLyQ
HOHPHQWRWRWDO
FRUUHJLGD
9
$OID GH
&URPEDFK
VL VH
HOLPLQD HO
HOHPHQWR
9
9
9
9
7DEOD Q &RUUHODFLyQ tWHPWRWDO FXHVWLRQDULR
GHO & WHFQROyJLFR SHGDJyJLFR 73.
&RQRFLPLHQWR
73$&.
WHFQROyJLFR
SHGDJyJLFR
GHO
FRQWHQLGR
0HGLD GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
9DULDQ]D GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
&RUUHODFLyQ
HOHPHQWRWRWDO
FRUUHJLGD
9
$OID GH
&URPEDFK
VL VH
HOLPLQD HO
HOHPHQWR
9
9
9
9
9
9
9
7DEOD Q &RUUHODFLyQ tWHPWRWDO FXHVWLRQDULR
GHO & WHFQROyJLFR SHGDJyJLFR GHO FRQWHQLGR 73$&.
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
6XEHVFDOD GHO 73$&. GH ORV SURIHVRUHV
0HGLD GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
9DULDQ]D GH OD
HVFDOD VL VH
HOLPLQD HO
HOHPHQWR
&RUUHODFLyQ
HOHPHQWRWRWDO
FRUUHJLGD
9
$OID GH
&URPEDFK
VL VH
HOLPLQD HO
HOHPHQWR
9
9
9
9
9
9
9
9
9
9
7DEOD Q &RUUHODFLyQ tWHPWRWDO FXHVWLRQDULR GHO & WHFQROyJLFR
SHGDJyJLFR GHO FRQWHQLGR 73$&. GH ORV SURIHVRUHV
(Q SULPHU OXJDU FRPHQWDU TXH WRGDV ODV FRUUHODFLRQHV VRQ
VLJQLILFDWLYDV DO QLYHO GH VLJQLILFDFLyQ LQIHULRU DO 3RU RWUD SDUWH
\ SRU ORV UHVXOWDGRV DOFDQ]DGRV HQ WRGRV ORV LQVWUXPHQWRV OD
HOLPLQDFLyQ GH DOJXQRV GH ORV tWHPV QR PHMRUDUtD OD FRQVLVWHQFLD
LQWHUQD GH ORV LQVWUXPHQWRV 3RU HOOR DGRSWDPRV OD GHFLVLyQ GH
PDQWHQHU ORV tWHPV RULJLQDOHV \ QR HOLPLQDU QLQJXQR GH VXV
HOHPHQWRV
(Q FRQVHFXHQFLD SRGHPRV VHxDODU TXH GDGDV ODV
SXQWXDFLRQHV REWHQLGDV \ ORV SURFHGLPLHQWRV TXH KHPRV VHJXLGR
SDUD FRQVWUXLU HO LQVWUXPHQWR D WUDYpV GH OD FRQVXOWD D ORV
SURIHVRUHV PiV OD UHDOL]DFLyQ GHO HVWXGLR SLORWR ORV LQVWUXPHQWRV TXH
KHPRV HODERUDGR HVSHFtILFDPHQWH SDUD QXHVWUR HVWXGLR PXHVWUDQ
XQRV QLYHOHV VLJQLILFDWLYRV GH ILDELOLGDG \ YDOLGH]
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
/D PXHVWUD
,QGLFDU GHVGH HO SULQFLSLR TXH HO PXHVWUHR TXH KHPRV
UHDOL]DGR HV GH WLSR LQWHQFLRQDO HV GHFLU QHFHVLWDPRV FRQWDU FRQ OD
FRODERUDFLyQ YROXQWDULD GH ORV SURIHVRUHV HQ VLWXDFLyQ GH IRUPDFLyQ
UHODFLRQDGD FRQ WHPiWLFDV HGXFDWLYDV (Q FRQFUHWR HO Q~PHUR WRWDO
GH SURIHVRUHV SDUWLFLSDQWHV IXHURQ GH GLIHUHQWHV SDtVHV
/DWLQRDPHULFDQRV \ TXH VH UHSDUWtDQ SRU SDtVHV WDO FRPR
SUHVHQWDPRV HQ OD WDEOD Q 3DtV
)UHFXHQFLD
3RUFHQWDMH
$UJHQWLQD
&RORPELD
(VSDxD
0p[LFR
7RWDO
3HUGLGRV VLVWHPD
5HS~EOLFD
'RPLQLFDQD
9HQH]XHOD
7DEOD Q )UHFXHQFLD \ SRUFHQWDMH SRU SDtVHV
/RV SURIHVRUHV SHUWHQHFtDQ R HVWDEDQ UHDOL]DQGR D DFFLRQHV
IRUPDWLYDV UHODFLRQDGDV FRQ OD FDSDFLWDFLyQ HQ HO WHUUHQR HGXFDWLYR
HQ ODV VLJXLHQWHV 8QLYHUVLGDGHV SRU SDtVHV
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
3DtV
8QLYHUVLGDG
(VSDxD
$OLFDQWH &yUGRED 3DEOR 2ODYLGH -DpQ
6HYLOOD \ 0XUFLD
5HS~EOLFD 'RPLQLFDQD
8QLYHUVLGDG $3(& \ 8QLYHUVLGDG 1DFLRQDO
3HGUR +HQUtTXH] 8UHxD
$UJHQWLQD
,QVWLWXWR 7HFQROyJLFR 1DFLRQDO
0p[LFR
$XWyQRPD GH 7DPDXOLSDV
&RORPELD
$XWyQRPD GH %XFDUDPDQJD
9HQH]XHOD
&DUDERER
7DEOD Q 8QLYHUVLGDGHV SDUWLFLSDQWHV SRU SDtVHV
7HQHPRV TXH VHxDODU GRV DVSHFWRV D TXH HO EDMR Q~PHUR GH
SURIHVRUHV TXH SDUWLFLSDURQ SRU 9HQH]XHOD VH GHELy DO PRPHQWR
KLVWyULFR HQ HO FXDO IXHURQ UHFRJLGRV ORV GDWRV GH DOWD FRQIXVLyQ
SROtWLFD \ E VH UHFRJLHURQ EDMRV Q~PHURV GH UHVSXHVWDV SRU SDUWH GH
ODV 8QLYHUVLGDGHV GH +XHOYD \ HO 3DtV 9DVFR (Q DPEDV VLWXDFLRQHV
ORV GDWRV IXHURQ HOLPLQDGRV FXDQGR UHDOL]DPRV HVWXGLRV HVSHFtILFRV
UHVSHFWR D ODV FRPSDUDFLRQHV HQWUH 8QLYHUVLGDGHV
/RV DOXPQRVSURIHVRUHV TXH FRQIRUPDURQ OD PXHVWUD GH
QXHVWUR HVWXGLR IXHURQ FRPR \D KHPRV VHxDODGR 'H HOORV HO
I IXHURQ PXMHUHV \ HO I KRPEUHV ILJ Q /XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
ϭϬϬϬ
ϴϬϬ
ϲϬϬ
ϰϬϬ
ϮϬϬ
Ϭ
,ŽŵďƌĞƐ
DƵũĞƌĞƐ
)LJXUD Q *pQHUR GH ORV SURIHVRUHV
3RU OR TXH VH UHILHUH DO QLYHO HGXFDWLYR HQ HO FXDO
GHVHPSHxDEDQ VX DFWLYLGDG SURIHVLRQDO ORV SUHVHQWDPRV HQ OD WDEOD
Q )UHFXHQFLD
3RUFHQWDMH
,QIDQWLO3ULPDULD
6HF%DFK)3
8QLYHUVLWDULR
3RVWJUDGR
1LYHO HGXFDWLYR
2WURV
1LQJXQR
7RWDO
3HUGLGRV VLVWHPD
7DEOD Q )UHFXHQFLD \ SRUFHQWDMH HQ IXQFLyQ GHO QLYHO HGXFDWLYR
GRQGH ORV HQFXHVWDGRV UHDOL]DEDQ VX DFWLYLGDG SURIHVLRQDO
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
3DUD ILQDOL]DU HVWDV UHIHUHQFLDV D ODV FDUDFWHUtVWLFDV JHQHUDOHV
GH OD PXHVWUD VHxDODU TXH WRGRV HOORV HVWDEDQ UHDOL]DQGR DFWLYLGDGHV
IRUPDWLYDV UHODFLRQDGDV FRQ OD FDSDFLWDFLyQ HQ HGXFDFLyQ \
PHWRGRORJtDV GLGiFWLFDV \ HQ WHFQRORJtDV GH OD LQIRUPDFLyQ \
FRPXQLFDFLyQ
7pFQLFDV GH DQiOLVLV
3DUD OD UHDOL]DFLyQ GH ORV DQiOLVLV HVWDGtVWLFRV VH KD XWLOL]DGR
HO SURJUDPD 6366 EDMR :LQGRZV PHGLDQWH OD VXSHUYLVLyQ GHO 'U HQ
(VWDGtVWLFD ' -RVp /XtV 3pUH] 'tH] GH ORV 5tRV GH OD )DFXOWDG GH
(FRQyPLFDV GH OD 8QLYHUVLGDG GH 6HYLOOD
/RV DQiOLVLV TXH VH KDQ HIHFWXDGR ORV HVTXHPDWL]DPRV HQ OD
WDEOD Q GRQGH DO PLVPR WLHPSR HVSHFLILFDPRV ORV REMHWLYRV TXH
KHPRV SUHWHQGLGR DOFDQ]DU FRQ HOORV
2EMHWLYRV
7HVWFRQWUDVWHV HVWDGtVWLFRV
XWLOL]DGRV
$QiOLVLV JOREDO GH ORV UHVXOWDGRV
(VWDGtVWLFD GHVFULSWLYD 0HGLDV
GHVYLDFLRQHV WtSLFDV IUHFXHQFLDV \
SRUFHQWDMHV
)LDELOLGDG GH GLIHUHQWHV tWHPV GHO
FXHVWLRQDULR
&RHILFLHQWH GH FRQVLVWHQFLD LQWHUQD ∝
GH &URPEDFK &RHILFLHQWH GH
FRUUHODFLyQ tWHPWRWDO LQVWUXPHQWR
([LVWHQFLD GH GLIHUHQFLDV HQWUH .UXVNDO:DOOLV : GH :LO[FRVRQ \ 8
GLIHUHQWHV GRPLQLRV \ WLSRV GH GH 0DQQ:KLWQH\
FRQRFLPLHQWRV HQ IXQFLyQ GH
GLIHUHQWHV YDULDEOHV JpQHUR SDtV
XQLYHUVLGDG«
&RPSDUDFLRQHV P~OWLSOHV
3UXHED GH FRPSDUDFLRQHV P~OWLSOHV
WHVW GH 'XQQ
5HODFLRQHV HQWUH ORV GLIHUHQWHV &RUUHODFLyQ GH 3HDUVRQ
GRPLQLRV GH FRQRFLPLHQWR
7DEOD Q 7pFQLFDV GH DQiOLVLV XWLOL]DGDV \ REMHWLYRV DVLJQDGRV
5HVXOWDGRV
3DUD IDFLOLWDU OD FRPSUHQVLyQ GH ORV UHVXOWDGRV REWHQLGRV HQ
QXHVWUR HVWXGLR ORV YDPRV D SUHVHQWDU GH DFXHUGR DO VLJXLHQWH
RUGHQ HQ SULPHU OXJDU RIUHFHUHPRV ORV DQiOLVLV GHVFULSWLYRV
DOFDQ]DGRV SDUD WRGRV ORV SURIHVRUHV TXH IRUPDQ OD PXHVWUD
SRVWHULRUPHQWH SUHVHQWDUHPRV ORV UHVXOWDGRV DOFDQ]DGRV SRU HO
FROHFWLYR GH SURIHVRUHV HQ IXQFLyQ GH VX SDtV GH SURFHGHQFLD JpQHUR
QLYHO HQ HO FXDO GHVHPSHxDEDQ VX DFWLYLGDG SURIHVLRQDO
FRQWUDVWDQGR HQ WRGRV ORV FDVRV VL ODV GLIHUHQFLDV HQFRQWUDGDV
SXHGHQ VHU FRQVLGHUDGDV VLJQLILFDWLYDV GHVGH XQ SXQWR GH YLVWD
HVWDGtVWLFR VHJXLGDPHQWH DQDOL]DUHPRV ODV SRVLEOHV FRUUHODFLRQHV
TXH SRGUtDQ HVWDEOHFHUVH HQWUH ODV GLIHUHQWHV GLPHQVLRQHV GH
FRQRFLPLHQWR TXH VH HVWDEOHFHQ HQ HO PRGHOR 73$&. \ SRU ~OWLPR
DQDOL]DUHPRV ODV YLVLRQHV TXH ORV DOXPQRVSURIHVRUHV HQFXHVWDGRV
PRVWUDEDQ UHVSHFWR DO 73$&. GH VXV SURIHVRUHV
5HVXOWDGRV DOFDQ]DGRV SRU ORV SURIHVRUHV
3RU OR TXH VH UHILHUH D ODV IUHFXHQFLDV \ SRUFHQWDMHV
DOFDQ]DGRV HQ WRGRV ORV tWHPV HQ OD WDEOD Q SUHVHQWDPRV ORV
UHVXOWDGRV DOFDQ]DGRV 3DUD XQD FRUUHFWD LQWHUSUHWDFLyQ GHEH WHQHUVH
HQ FXHQWD TXH ODV RSFLRQHV GH UHVSXHVWDV TXH VH OH RIUHFLHURQ HUDQ
FLQFR 0' PX\ HQ GHVDFXHUGR ' HQ GHVDFXHUGR 1 $' QL GH
DFXHUGR QL HQ GHVDFXHUGR $ GH DFXHUGR 0$ PX\ GH DFXHUGR
Ŷ Ŷ Ŷ /D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
ÌWHP
0'
&RQRFLPLHQWR WHFQROyJLFR 7.
6p UHVROYHU PLV SUREOHPDV
WpFQLFRV
$VLPLOR
FRQRFLPLHQWRV
WHFQROyJLFRV IiFLOPHQWH
0H PDQWHQJR DO GtD GH ODV
QXHYDV WHFQRORJtDV LPSRUWDQWHV
$ PHQXGR MXHJR \ KDJR
SUXHEDV FRQ OD WHFQRORJtD
&RQR]FR PXFKDV WHFQRORJtDV
GLIHUHQWHV
7HQJR ORV FRQRFLPLHQWRV
WpFQLFRV TXH QHFHVLWR SDUD XVDU OD
WHFQRORJtD
+H WHQLGR RSRUWXQLGDGHV
VXILFLHQWHV
GH
WUDEDMDU
FRQ
GLIHUHQWHV WHFQRORJtDV
&RQRFLPLHQWR GHO FRQWHQLGR &.
0DWHPiWLFDV
7HQJR
VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
PDWHPiWLFDV
6p DSOLFDU XQ PRGR GH
SHQVDPLHQWR PDWHPiWLFR
7HQJR YDULRV PpWRGRV \
HVWUDWHJLDV SDUD GHVDUUROODU PL
FRQRFLPLHQWR VREUH PDWHPiWLFDV
(VWXGLRV VRFLDOHV
7HQJR
VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
HVWXGLRV
VRFLDOHV
6p DSOLFDU XQ PRGR GH
SHQVDPLHQWR KLVWyULFR
7HQJR YDULRV PpWRGRV \
HVWUDWHJLDV SDUD GHVDUUROODU PL
FRQRFLPLHQWR
VREUH
HVWXGLRV
VRFLDOHV
&LHQFLDV
7HQJR
VXILFLHQWHV
FRQRFLPLHQWRV VREUH FLHQFLDV
6p DSOLFDU XQ PRGR GH
SHQVDPLHQWR FLHQWtILFR
7HQJR YDULRV PpWRGRV \
HVWUDWHJLDV SDUD GHVDUUROODU PL
FRQRFLPLHQWR VREUH FLHQFLDV
'
1
$'
$
0$
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
/HFWRHVFULWXUD
7HQJR
VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
DOIDEHWL]DFLyQ OHFWRHVFULWRUD
6p DSOLFDU XQ PRGR GH
SHQVDPLHQWR OLWHUDULR
7HQJR YDULRV PpWRGRV \
HVWUDWHJLDV SDUD GHVDUUROODU PL
FRQRFLPLHQWR VREUH DOIDEHWL]DFLyQ
OHFWRHVFULWRUD
&RQRFLPLHQWR SHGDJyJLFR 3.
6p
FyPR
HYDOXDU
HO
UHQGLPLHQWR GHO DOXPQDGR HQ HO
DXOD
6p DGDSWDU PL GRFHQFLD D OR
TXH HO DOXPQDGR HQWLHQGH R QR
HQWLHQGH HQ FDGD PRPHQWR
6p DGDSWDU PL HVWLOR GH
GRFHQFLD
D
DOXPQDGRV
FRQ
GLIHUHQWHV HVWLORV GH DSUHQGL]DMH
6p HYDOXDU HO DSUHQGL]DMH GHO
DOXPQDGR GH GLYHUVDV PDQHUDV
GLIHUHQWHV
6p XWLOL]DU XQD DPSOLD
YDULHGDG GH HQIRTXHV GRFHQWHV HQ
HO HQWRUQR GHO DXOD
6R\ FRQVFLHQWH GH ORV
DFLHUWRV \ HUURUHV PiV FRPXQHV
GHO DOXPQDGR HQ OR UHIHUHQWH D
FRPSUHQVLyQ GH FRQWHQLGRV
6p FyPR RUJDQL]DU \
PDQWHQHU OD GLQiPLFD HQ HO DXOD
&RQRFLPLHQWR SHGDJyJLFR GHO FRQWHQLGR 3&.
3XHGR VHOHFFLRQDU HQIRTXHV
GRFHQWHV GH PDQHUD HILFD] SDUD
JXLDU HO SHQVDPLHQWR \ HO
DSUHQGL]DMH GHO DOXPQDGR HQ
PDWHPiWLFDV
3XHGR VHOHFFLRQDU HQIRTXHV
GRFHQWHV GH PDQHUD HILFD] SDUD
JXLDU HO SHQVDPLHQWR \ HO
DSUHQGL]DMH GHO DOXPQDGR HQ
OHFWRHVFULWXUD
3XHGR VHOHFFLRQDU HQIRTXHV
GRFHQWHV GH PDQHUD HILFD] SDUD
JXLDU HO SHQVDPLHQWR \ HO
DSUHQGL]DMH GHO DOXPQDGR HQ
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
FLHQFLDV
3XHGR VHOHFFLRQDU HQIRTXHV
GRFHQWHV GH PDQHUD HILFD] SDUD
JXLDU HO SHQVDPLHQWR \ HO
DSUHQGL]DMH GHO DOXPQDGR HQ
HVWXGLRV VRFLDOHV
&RQRFLPLHQWR WHFQROyJLFR GHO FRQWHQLGR 7&.
&RQR]FR WHFQRORJtDV TXH
SXHGR XVDU SDUD FRPSUHQGHU \
HODERUDU
FRQWHQLGRV
VREUH
PDWHPiWLFDV
&RQR]FR WHFQRORJtDV TXH
SXHGR XVDU SDUD FRPSUHQGHU \
HODERUDU
FRQWHQLGRV
VREUH
OHFWRHVFULWXUD
&RQR]FR WHFQRORJtDV TXH
SXHGR XVDU SDUD FRPSUHQGHU \
HODERUDU
FRQWHQLGRV
VREUH
FLHQFLDV
&RQR]FR WHFQRORJtDV TXH
SXHGR XVDU SDUD FRPSUHQGHU \
HODERUDU
FRQWHQLGRV
VREUH
HVWXGLRV VRFLDOHV
&RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR 73.
6p VHOHFFLRQDU WHFQRORJtDV
TXH
PHMRUDQ
ORV
HQIRTXHV
GRFHQWHV SDUD XQD OHFFLyQ
6p VHOHFFLRQDU WHFQRORJtDV
TXH PHMRUDQ HO DSUHQGL]DMH GHO
DOXPQDGR HQ XQD OHFFLyQ
0L IRUPDFLyQ FRPR GRFHQWH
PH KD KHFKR UHIOH[LRQDU PiV
GHWHQLGDPHQWH VREUH OD IRUPD HQ
TXH OD WHFQRORJtD SXHGH LQIOXLU HQ
ORV HQIRTXHV GRFHQWHV TXH HPSOHR
HQ HO DXOD
$GRSWR XQ SHQVDPLHQWR
FUtWLFR VREUH OD IRUPD GH XWLOL]DU OD
WHFQRORJtD HQ HO DXOD
3XHGR DGDSWDU HO XVR GH ODV
WHFQRORJtDV VREUH ODV FXDOHV HVWR\
DSUHQGLHQGR
D
GLIHUHQWHV
DFWLYLGDGHV GRFHQWHV
&RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR GHO FRQWHQLGR 73$&.
3XHGR LPSDUWLU OHFFLRQHV TXH
FRPELQDQ
DGHFXDGDPHQWH
PDWHPiWLFDV
WHFQRORJtDV
\
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
HQIRTXHV GRFHQWHV
3XHGR LPSDUWLU OHFFLRQHV TXH
FRPELQDQ
DGHFXDGDPHQWH
OHFWRHVFULWXUD
WHFQRORJtDV
\
HQIRTXHV GRFHQWHV
3XHGR LPSDUWLU OHFFLRQHV TXH
FRPELQDQ
DGHFXDGDPHQWH
FLHQFLDV WHFQRORJtDV \ HQIRTXHV
GRFHQWHV
3XHGR LPSDUWLU OHFFLRQHV TXH
FRPELQDQ
DGHFXDGDPHQWH
HVWXGLRV VRFLDOHV WHFQRORJtDV \
HQIRTXHV GRFHQWHV
6p VHOHFFLRQDU WHFQRORJtDV
SDUD XVDU HQ HO DXOD TXH PHMRUDQ
ORV FRQWHQLGRV TXH LPSDUWR OD
IRUPD GH LPSDUWLUORV \ OR TXH
DSUHQGH HO DOXPQDGR
6p XVDU HQ PLV PDWHULDOHV
GRFHQWHV SDUD HO DXOD HVWUDWHJLDV
TXH
FRPELQDQ
FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV GRFHQWHV
VREUH ORV FXDOHV KH DSUHQGLGR
3XHGR JXLDU \ D\XGDU D RWUDV
SHUVRQDV D FRRUGLQDU HO XVR GH
FRQWHQLGRV
WHFQRORJtDV
\
HQIRTXHV GRFHQWHV HQ PL FHQWUR
GRFHQWH
\R
UHJLyQ
DGPLQLVWUDWLYD
3XHGR
VHOHFFLRQDU
WHFQRORJtDV
TXH
PHMRUDQ
HO
FRQWHQLGR GH ODV OHFFLRQHV
7DEOD Q )UHFXHQFLDV \ SRUFHQWDMH 1RWD 0' PX\ HQ
GHVDFXHUGR ' HQ GHVDFXHUGR 1 $' QL GH DFXHUGR QL HQ
GHVDFXHUGR $ GH DFXHUGR 0$ PX\ GH DFXHUGR
8QD SULPHUD REVHUYDFLyQ GH OD WDEOD DQWHULRU OR SULPHUR TXH
QRV LQGLFD HV TXH OD PD\RUtD GH ORV SURIHVRUHV TXH HVWDEDQ
UHDOL]DQGR DFFLRQHV IRUPDWLYDV UHODFLRQDGDV FRQ OD HGXFDFLyQ TXH
FXPSOLPHQWDURQ HO FXHVWLRQDULR VH PRVWUDEDQ ´GH DFXHUGRµ FRQ OD
RSFLyQ TXH VH OH IRUPXODED HV PiV HQ OD JUDQ PD\RUtD GH ORV tWHPV
OD VXPD GH ODV RSFLRQHV GH UHVSXHVWDV ´GH DFXHUGRµ \ ´PX\ GH
DFXHUGRµ VXSHUDEDQ HO FLQFXHQWD SRU FLHQWR SDUD FDGD tWHP GH OD
GLVWULEXFLyQ (Q QLQJXQR GH ORV FDVRV OD VXPD GH ODV RSFLRQHV ´PX\
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
HQ GHVDFXHUGRµ \ HQ ´GHVDFXHUGRµ DOFDQ]DURQ HO YHLQWLFLQFR SRU
FLHQWR GH GLVWULEXFLyQ SDUD FDGD tWHPV
3UHVHQWDGDV ODV IUHFXHQFLDV \ SRUFHQWDMHV DOFDQ]DGRV HQ
FDGD XQR GH ORV tWHPV RIUHFHUHPRV ODV SXQWXDFLRQHV PHGLDV \ ODV
GHVYLDFLRQHV WtSLFDV DOFDQ]DGDV 3DUD HOOR OH FRQFHGLPRV OD
SXQWXDFLyQ GH ´µ D OD RSFLyQ GH UHVSXHVWDV ´PX\ HQ GHVDFXHUGRµ \
GH ´µ D OD GH ´PX\ GH DFXHUGRµ HQ OD WDEOD Q SUHVHQWDPRV ORV
YDORUHV DOFDQ]DGRV
ÌWHP
&RQRFLPLHQWR WHFQROyJLFR 7.
6p UHVROYHU PLV SUREOHPDV WpFQLFRV
$VLPLOR FRQRFLPLHQWRV WHFQROyJLFRV IiFLOPHQWH
0H PDQWHQJR DO GtD GH ODV QXHYDV WHFQRORJtDV
LPSRUWDQWHV
$ PHQXGR MXHJR \ KDJR SUXHEDV FRQ OD WHFQRORJtD
&RQR]FR PXFKDV WHFQRORJtDV GLIHUHQWHV
7HQJR ORV FRQRFLPLHQWRV WpFQLFRV TXH QHFHVLWR SDUD
XVDU OD WHFQRORJtD
+H WHQLGR RSRUWXQLGDGHV VXILFLHQWHV GH WUDEDMDU
FRQ GLIHUHQWHV WHFQRORJtDV
&RQRFLPLHQWR GHO FRQWHQLGR &.
0DWHPiWLFDV
7HQJR
VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
PDWHPiWLFDV
6p DSOLFDU XQ PRGR GH SHQVDPLHQWR PDWHPiWLFR
7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD
GHVDUUROODU PL FRQRFLPLHQWR VREUH PDWHPiWLFDV
(VWXGLRV VRFLDOHV
7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH HVWXGLRV
VRFLDOHV
6p DSOLFDU XQ PRGR GH SHQVDPLHQWR KLVWyULFR
7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD
GHVDUUROODU PL FRQRFLPLHQWR VREUH HVWXGLRV VRFLDOHV
&LHQFLDV
7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH FLHQFLDV
6p DSOLFDU XQ PRGR GH SHQVDPLHQWR FLHQWtILFR
7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD
GHVDUUROODU PL FRQRFLPLHQWR VREUH FLHQFLDV
/HFWRHVFULWXUD
7HQJR
VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
DOIDEHWL]DFLyQ OHFWRHVFULWRUD
6p DSOLFDU XQ PRGR GH SHQVDPLHQWR OLWHUDULR
7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD
0HGLD
'7LS
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
GHVDUUROODU PL FRQRFLPLHQWR VREUH DOIDEHWL]DFLyQ
OHFWRHVFULWRUD
&RQRFLPLHQWR SHGDJyJLFR 3.
6p FyPR HYDOXDU HO UHQGLPLHQWR GHO DOXPQDGR HQ HO
DXOD
6p DGDSWDU PL GRFHQFLD D OR TXH HO DOXPQDGR
HQWLHQGH R QR HQWLHQGH HQ FDGD PRPHQWR
6p DGDSWDU PL HVWLOR GH GRFHQFLD D DOXPQDGRV FRQ
GLIHUHQWHV HVWLORV GH DSUHQGL]DMH
6p HYDOXDU HO DSUHQGL]DMH GHO DOXPQDGR GH GLYHUVDV
PDQHUDV GLIHUHQWHV
6p XWLOL]DU XQD DPSOLD YDULHGDG GH HQIRTXHV
GRFHQWHV HQ HO HQWRUQR GHO DXOD
6R\ FRQVFLHQWH GH ORV DFLHUWRV \ HUURUHV PiV
FRPXQHV GHO DOXPQDGR HQ OR UHIHUHQWH D FRPSUHQVLyQ GH
FRQWHQLGRV
6p FyPR RUJDQL]DU \ PDQWHQHU OD GLQiPLFD HQ HO
DXOD
&RQRFLPLHQWR SHGDJyJLFR GHO FRQWHQLGR 3&.
3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV GH PDQHUD
HILFD] SDUD JXLDU HO SHQVDPLHQWR \ HO DSUHQGL]DMH GHO
DOXPQDGR HQ PDWHPiWLFDV
3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV GH PDQHUD
HILFD] SDUD JXLDU HO SHQVDPLHQWR \ HO DSUHQGL]DMH GHO
DOXPQDGR HQ OHFWRHVFULWXUD
3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV GH PDQHUD
HILFD] SDUD JXLDU HO SHQVDPLHQWR \ HO DSUHQGL]DMH GHO
DOXPQDGR HQ FLHQFLDV
3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV GH PDQHUD
HILFD] SDUD JXLDU HO SHQVDPLHQWR \ HO DSUHQGL]DMH GHO
DOXPQDGR HQ HVWXGLRV VRFLDOHV
&RQRFLPLHQWR WHFQROyJLFR GHO FRQWHQLGR 7&.
&RQR]FR WHFQRORJtDV TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU FRQWHQLGRV VREUH PDWHPiWLFDV
&RQR]FR WHFQRORJtDV TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU FRQWHQLGRV VREUH OHFWRHVFULWXUD
&RQR]FR WHFQRORJtDV TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU FRQWHQLGRV VREUH FLHQFLDV
&RQR]FR WHFQRORJtDV TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU FRQWHQLGRV VREUH HVWXGLRV
VRFLDOHV
&RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFRV 73.
6p VHOHFFLRQDU WHFQRORJtDV TXH PHMRUDQ ORV
HQIRTXHV GRFHQWHV SDUD XQD OHFFLyQ
6p VHOHFFLRQDU WHFQRORJtDV TXH PHMRUDQ HO
DSUHQGL]DMH GHO DOXPQDGR HQ XQD OHFFLyQ
0L IRUPDFLyQ FRPR GRFHQWH PH KD KHFKR
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
UHIOH[LRQDU PiV GHWHQLGDPHQWH VREUH OD IRUPD HQ TXH OD
WHFQRORJtD SXHGH LQIOXLU HQ ORV HQIRTXHV GRFHQWHV TXH
HPSOHR HQ HO DXOD
$GRSWR XQ SHQVDPLHQWR FUtWLFR VREUH OD IRUPD GH
XWLOL]DU OD WHFQRORJtD HQ HO DXOD
3XHGR DGDSWDU HO XVR GH ODV WHFQRORJtDV VREUH ODV
FXDOHV HVWR\ DSUHQGLHQGR D GLIHUHQWHV DFWLYLGDGHV
GRFHQWHV
&RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR GHO FRQWHQLGR 73$&.
3XHGR
LPSDUWLU
OHFFLRQHV
TXH
FRPELQDQ
DGHFXDGDPHQWH PDWHPiWLFDV WHFQRORJtDV \ HQIRTXHV
GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV
TXH
FRPELQDQ
DGHFXDGDPHQWH OHFWRHVFULWXUD WHFQRORJtDV \ HQIRTXHV
GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV
TXH
FRPELQDQ
DGHFXDGDPHQWH FLHQFLDV WHFQRORJtDV \ HQIRTXHV
GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV
TXH
FRPELQDQ
DGHFXDGDPHQWH HVWXGLRV VRFLDOHV WHFQRORJtDV \
HQIRTXHV GRFHQWHV
6p VHOHFFLRQDU WHFQRORJtDV SDUD XVDU HQ HO DXOD TXH
PHMRUDQ ORV FRQWHQLGRV TXH LPSDUWR OD IRUPD GH
LPSDUWLUORV \ OR TXH DSUHQGH HO DOXPQDGR
6p XVDU HQ PLV PDWHULDOHV GRFHQWHV SDUD HO DXOD
HVWUDWHJLDV TXH FRPELQDQ FRQWHQLGRV WHFQRORJtDV \
HQIRTXHV GRFHQWHV VREUH ORV FXDOHV KH DSUHQGLGR
3XHGR JXLDU \ D\XGDU D RWUDV SHUVRQDV D FRRUGLQDU
HO XVR GH FRQWHQLGRV WHFQRORJtDV \ HQIRTXHV GRFHQWHV HQ
PL FHQWUR GRFHQWH \R UHJLyQ DGPLQLVWUDWLYD
3XHGR VHOHFFLRQDU WHFQRORJtDV TXH PHMRUDQ HO
FRQWHQLGR GH ODV OHFFLRQHV
7DEOD Q 0HGLDV \ GHVYLDFLRQHV WtSLFDV REWHQLGDV HQ FDGD XQR GH
ORV tWHPV GHO LQVWUXPHQWR DGPLQLVWUDGR
'H QXHYR WHQHPRV TXH VHxDODU TXH ODV YDORUDFLRQHV TXH
UHDOL]DURQ ORV SURIHVRUHV TXH IXHURQ HQFXHVWDGRV VRQ EDVWDQWH
HOHYDGDV \ VH VLW~DQ HQ YDORUHV PX\ VXSHULRUHV DO YDORU FHQWUDO GHO
$O PLVPR WLHPSR LQGLFDU TXH tWHPV VH KDQ DOFDQ]DGRV YDORUHV
VXSHULRUHV DO YDORU ´µ
3DUD FDGD XQD GH ODV GLPHQVLRQHV TXH FRQIRUPDEDQ ODV
GLIHUHQWHV GLPHQVLRQHV GHO PRGHOR 73$&. ODV SXQWXDFLRQHV PHGLDV
PiV DOWDV ODV HQFRQWUDPRV HQ ORV tWHPV TXH SUHVHQWDPRV HQ OD WDEOD
Q /XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
ÌWHP
0HGLD
&RQRFLPLHQWR WHFQROyJLFR 7.
$VLPLOR FRQRFLPLHQWRV WHFQROyJLFRV IiFLOPHQWH
&RQRFLPLHQWR GHO FRQWHQLGR &.
0DWHPiWLFDV
7HQJR
VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
PDWHPiWLFDV
(VWXGLRV VRFLDOHV
7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH HVWXGLRV
VRFLDOHV
&LHQFLDV
6p DSOLFDU XQ PRGR GH SHQVDPLHQWR FLHQWtILFR
/HFWRHVFULWXUD
7HQJR
VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
DOIDEHWL]DFLyQ OHFWRHVFULWRUD
&RQRFLPLHQWR SHGDJyJLFR 3.
6p FyPR HYDOXDU HO UHQGLPLHQWR GHO DOXPQDGR HQ HO
DXOD
6p DGDSWDU PL GRFHQFLD D OR TXH HO DOXPQDGR
HQWLHQGH R QR HQWLHQGH HQ FDGD PRPHQWR
6p HYDOXDU HO DSUHQGL]DMH GHO DOXPQDGR GH GLYHUVDV
PDQHUDV GLIHUHQWHV
&RQRFLPLHQWR SHGDJyJLFR GHO FRQWHQLGR 3&.
3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV GH PDQHUD
HILFD] SDUD JXLDU HO SHQVDPLHQWR \ HO DSUHQGL]DMH GHO
DOXPQDGR HQ OHFWRHVFULWXUD
&RQRFLPLHQWR WHFQROyJLFR GHO FRQWHQLGR 7&.
&RQR]FR WHFQRORJtDV TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU FRQWHQLGRV VREUH OHFWRHVFULWXUD
&RQRFLPLHQWRV WHFQROyJLFR SHGDJyJLFRV 73.
0L IRUPDFLyQ FRPR GRFHQWH PH KD KHFKR
UHIOH[LRQDU PiV GHWHQLGDPHQWH VREUH OD IRUPD HQ TXH OD
WHFQRORJtD SXHGH LQIOXLU HQ ORV HQIRTXHV GRFHQWHV TXH
HPSOHR HQ HO DXOD
&RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR GHO FRQWHQLGR 73&.
3XHGR VHOHFFLRQDU WHFQRORJtDV TXH PHMRUDQ HO
FRQWHQLGR GH ODV OHFFLRQHV
'7LS
7DEOD Q ÌWHPV FRQ PD\RU SXQWXDFLyQ PHGLD HQ FDGD XQD GH ODV
HVFDODV TXH FRQIRUPDQ HO 73$&.
/RV UHVXOWDGRV HQFRQWUDGRV QRV SHUPLWHQ LQGLFDU TXH ORV
SURIHVRUHVDOXPQRV TXH HVWDEDQ UHDOL]DQGR DFFLRQHV IRUPDWLYDV VH
HQFXHQWUDQ FRQ FDSDFLGDG SDUD DVLPLODU ORV GLIHUHQWHV FRQRFLPLHQWRV
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
WHFQROyJLFRV TXH VH OH YD\DQ SUHVHQWDQGR ´$VLPLOR FRQRFLPLHQWRV
WHFQROyJLFRV IiFLOPHQWHµ ² DVt FRPR TXH SRVHHQ XQ DGHFXDGR
FRQRFLPLHQWR FLHQWtILFR HQ ODV GLIHUHQWHV JUDQGHV iUHDV FXUULFXODUHV
UHVSHFWR D ODV FXDOHV VH OHV SUHJXQWDED HQ HO FXHVWLRQDULR ´7HQJR
VXILFLHQWHV FRQRFLPLHQWRV VREUH PDWHPiWLFDVµ ´7HQJR
VXILFLHQWHV FRQRFLPLHQWRV VREUH HVWXGLRV VRFLDOHVµ ² ´7HQJR
VXILFLHQWHV FRQRFLPLHQWRV VREUH FLHQFLDV ² ´7HQJR VXILFLHQWHV
FRQRFLPLHQWRV VREUH DOIDEHWL]DFLyQ OHFWRHVFULWRUDµ ² 3RU OR TXH
VH UHILHUH DO FRQRFLPLHQWR SHGDJyJLFR ODV SXQWXDFLRQHV PiV HOHYDGDV
QRV OD HQFRQWUDPRV HQ DTXHOODV UHIHULGDV D OD FDSDFLGDG TXH ORV
SURIHVRUHV PRVWUDEDQ SDUD HYDOXDU D ORV HVWXGLDQWHV DVt FRPR HO
VDEHU DGDSWDU VX GRFHQFLD D ORV UHTXHULPLHQWRV GH ORV DOXPQRV ´6p
FyPR HYDOXDU HO UHQGLPLHQWR GHO DOXPQDGR HQ HO DXODµ ´6p
HYDOXDU HO DSUHQGL]DMH GHO DOXPQDGR GH GLYHUVDV PDQHUDV GLIHUHQWHV ´6p DGDSWDU PL GRFHQFLD D OR TXH HO DOXPQDGR HQWLHQGH R QR
HQWLHQGH HQ FDGD PRPHQWRµ (Q HO FDVR GH OD GLPHQVLyQ UHIHULGD D ORV FRQRFLPLHQWRV
SHGDJyJLFRV GH ORV FRQWHQLGRV VREUH HO FRQRFLPLHQWR WHFQROyJLFR GHO
FRQWHQLGR \ GHO FRQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR OD PHGLD PiV
DOWD TXH VH DOFDQ]DURQ HQ ODV WUHV GLPHQVLRQHV VH GLHURQ HQ SULPHUR
OXJDU SRU ORV SURIHVRUHV GH OHFWRHVFULWXUD VHJXLGRV GH ORV GH HVWXGLRV
VRFLDOHV FLHQFLDV RFXSDQGR ORV GH PDWHPiWLFDV ODV ~OWLPDV
SRVLFLRQHV
(Q HO FDVR GH OD GLPHQVLyQ TXH KDFtD UHIHUHQFLD DO
FRQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR GHO FRQWHQLGR OD SXQWXDFLyQ
PHGLD PiV HOHYDGD QRV OD HQFRQWUDPRV HQ OD FDSDFLGDG TXH
PXHVWUDQ ORV SURIHVRUHV SDUD VHOHFFLRQDU WHFQRORJtDV SDUD HO
DSUHQGL]DMH ´3XHGR VHOHFFLRQDU WHFQRORJtDV TXH PHMRUDQ HO FRQWHQLGR
GH ODV OHFFLRQHVµ 3DUD ILQDOL]DU HVWRV ORV FRPHQWDULRV GH FDUiFWHU JHQHUDO
VHxDODU TXH ODV SXQWXDFLRQHV WDQWR HQ VXV YDORUHV PHGLRV FRPR HQ
ODV GHVYLDFLRQHV WtSLFDV DOFDQ]DGDV HUDQ EDVWDQWH XQLIRUPHV HQ FDGD
XQR GH ORV tWHPV TXH FRQIRUPDEDQ ODV GLIHUHQWHV GLPHQVLRQHV
&RPR KHPRV VHxDODGR DQWHULRUPHQWH HO LQVWUXPHQWR UHFRJH
LQIRUPDFLyQ HQ GLIHUHQWHV VXEHVFDODV TXH KDFHQ UHIHUHQFLD D ORV
GLIHUHQWHV WLSRV GH FRQRFLPLHQWRV TXH VH DQDOL]DQ FRQ HO
LQVWUXPHQWR $ FRQWLQXDFLyQ SDVDUHPRV D SUHVHQWDU ODV PHGLDV \
GHVYLDFLRQHV WtSLFDV TXH QRV KHPRV HQFRQWUDGRV SDUD ODV PLVPDV
WDEOD Q /XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
'LPHQVLRQHV
0
& WHFQROyJLFR 7.
& FRQWHQLGR &.
& SHGDJyJLFR 3.
& SHGDJyJLFR GHO FRQWHQLGR 3&.
& WHFQROyJLFR GHO FRQWHQLGR 7&.
& WHFQROyJLFR SHGDJyJLFRV 73.
& WHFQROyJLFR SHGDJyJLFR GHO FRQWHQLGR 73$&.
6XPD 7RWDO
'7
7DEOD Q 0HGLDV \ GHVYLDFLRQHV WtSLFDV HQFRQWUDGDV HQ ODV
VXEHVFDODV TXH FRQIRUPDQ HO LQVWUXPHQWR
&RPR SRGHPRV REVHUYDU SRU ORV YDORUHV SUHVHQWDGRV HQ OD
WDEOD Q ODV SXQWXDFLRQHV PHGLDV VLW~DQ ODV UHVSXHVWDV FHUFDQD
D OD RSFLyQ ´GH DFXHUGRµ VLHQGR HQ WRGRV ORV FDVRV OD SXQWXDFLyQ
PHGLD DOFDQ]DGD VXSHULRU D \ FRQ XQDV GHVYLDFLRQHV WtSLFDV PX\
KRPRJpQHDV \ QR PX\ HOHYDGDV
2UGHQDGDV ODV GLIHUHQWHV VXEHVFDODV GH PD\RU D PHQRU HQ
IXQFLyQ GH ORV YDORUHV PHGLRV DOFDQ]DGRV OD GLVWULEXFLyQ TXH
HQFRQWUDPRV HV OD VLJXLHQWH
•
& SHGDJyJLFR 3. •
& WHFQROyJLFR SHGDJyJLFRV 73. •
& WHFQROyJLFR SHGDJyJLFR GHO FRQWHQLGR 73$&. •
& WHFQROyJLFR 7. •
& WHFQROyJLFR GHO FRQWHQLGR 7&. •
& FRQWHQLGR &. •
& SHGDJyJLFR GHO FRQWHQLGR 3&. /D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
'LFKD RUGHQDFLyQ QRV VXJLHUH TXH ODV SHUVRQDV TXH
FXPSOLPHQWDURQ HO FXHVWLRQDULR VH PRVWUDEDQ FRPSHWHQWHV HQ OR TXH
VH UHILHUH DO FRQRFLPLHQWR SHGDJyJLFR \ DO FRQRFLPLHQWR TXH VH
JHQHUD GHVGH OR WHFQROyJLFR \ ODV GLIHUHQWHV FRPELQDFLRQHV TXH FRQ HO
PLVPR VH SRGtDQ HVWDEOHFHU 5HVXOWD OODPDWLYR TXH ODV GLPHQVLRQHV
UHIHULGDV DO GRPLQLR GH ORV FRQWHQLGRV GLVFLSOLQDUHV WDQWR GH IRUPD
JOREDO UHVSHFWR D DTXHOODV FRPR D VX GRPLQLR SHGDJyJLFR \
WHFQROyJLFR GHO FRQWHQLGR HV GHFLU HO FRQRFLPLHQWR UHDO TXH HO
SURIHVRUDGR WLHQH GH DTXHOOR TXH GHEH HQVHxDU \ D OD UHSUHVHQWDFLyQ
TXH WLHQH GH XQ iUHD HVSHFtILFD
8QD YH] SUHVHQWDGR ORV UHVXOWDGRV JHQHUDOHV HQFRQWUDGRV
SDVDUHPRV D RIUHFHU ORV REWHQLGRV HQ IXQFLyQ GH GLIHUHQWHV
FDUDFWHUtVWLFDV GH ORV SURIHVRUHV TXH FXPSOLPHQWDURQ HO FXHVWLRQDULR
FRPR VRQ VX JpQHUR HO QLYHO GH HQVHxDQ]D GRQGH GHVDUUROOD VX
DFWLYLGDG SURIHVLRQDO HO SDtV GH UHVLGHQFLD \ OD 8QLYHUVLGDG GRQGH
HVWDEDQ UHDOL]DQGR OD DFFLyQ IRUPDWLYD
5HVXOWDGRV DOFDQ]DGRV HQ IXQFLyQ GHO JpQHUR GH ORV
SURIHVRUHV
3RU OR TXH VH UHILHUH D ORV YDORUHV PHGLRV \ ODV GHVYLDFLRQHV
WtSLFDV TXH DOFDQ]DPRV WHQLHQGR HQ FXHQWD HO JpQHUR GH ORV
SURIHVRUHV TXH FXPSOLPHQWDURQ HO FXHVWLRQDULR ODV SXQWXDFLRQHV
TXH REWXYLPRV ODV SUHVHQWDPRV HQ OD WDEOD Q ÌWHP
&RQRFLPLHQWR WHFQROyJLFR 7.
6p UHVROYHU PLV SUREOHPDV WpFQLFRV
$VLPLOR FRQRFLPLHQWRV WHFQROyJLFRV
IiFLOPHQWH
0H PDQWHQJR DO GtD GH ODV QXHYDV
WHFQRORJtDV LPSRUWDQWHV
$ PHQXGR MXHJR \ KDJR SUXHEDV FRQ OD
WHFQRORJtD
&RQR]FR PXFKDV WHFQRORJtDV GLIHUHQWHV
7HQJR ORV FRQRFLPLHQWRV WpFQLFRV TXH
QHFHVLWR SDUD XVDU OD WHFQRORJtD
+H WHQLGR RSRUWXQLGDGHV VXILFLHQWHV GH
WUDEDMDU FRQ GLIHUHQWHV WHFQRORJtDV
&RQRFLPLHQWR GHO FRQWHQLGR &.
0DWHPiWLFDV
+RPEUHV
0
'7
0XMHUHV
0
'7
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH
PDWHPiWLFDV
6p DSOLFDU XQ PRGR GH SHQVDPLHQWR
PDWHPiWLFR
7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
PDWHPiWLFDV
(VWXGLRV VRFLDOHV
7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH
HVWXGLRV VRFLDOHV
6p DSOLFDU XQ PRGR GH SHQVDPLHQWR
KLVWyULFR
7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD
GHVDUUROODU PL FRQRFLPLHQWR VREUH HVWXGLRV
VRFLDOHV
&LHQFLDV
7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH
FLHQFLDV
6p DSOLFDU XQ PRGR GH SHQVDPLHQWR
FLHQWtILFR
7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD
GHVDUUROODU PL FRQRFLPLHQWR VREUH FLHQFLDV
/HFWRHVFULWXUD
7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH
DOIDEHWL]DFLyQ OHFWRHVFULWRUD
6p DSOLFDU XQ PRGR GH SHQVDPLHQWR
OLWHUDULR
7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
DOIDEHWL]DFLyQ OHFWRHVFULWRUD
&RQRFLPLHQWR SHGDJyJLFR 3.
6p FyPR HYDOXDU HO UHQGLPLHQWR GHO
DOXPQDGR HQ HO DXOD
6p DGDSWDU PL GRFHQFLD D OR TXH HO
DOXPQDGR HQWLHQGH R QR HQWLHQGH HQ FDGD
PRPHQWR
6p DGDSWDU PL HVWLOR GH GRFHQFLD D
DOXPQDGRV
FRQ
GLIHUHQWHV
HVWLORV
GH
DSUHQGL]DMH
6p HYDOXDU HO DSUHQGL]DMH GHO DOXPQDGR
GH GLYHUVDV PDQHUDV GLIHUHQWHV
6p XWLOL]DU XQD DPSOLD YDULHGDG GH
HQIRTXHV GRFHQWHV HQ HO HQWRUQR GHO DXOD
6R\ FRQVFLHQWH GH ORV DFLHUWRV \ HUURUHV
PiV FRPXQHV GHO DOXPQDGR HQ OR UHIHUHQWH D
FRPSUHQVLyQ GH FRQWHQLGRV
6p FyPR RUJDQL]DU \ PDQWHQHU OD
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
GLQiPLFD HQ HO DXOD
&RQRFLPLHQWR SHGDJyJLFR GHO FRQWHQLGR 3&.
3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV GH PDQHUD HILFD] SDUD JXLDU HO SHQVDPLHQWR \ HO
DSUHQGL]DMH GHO DOXPQDGR HQ PDWHPiWLFDV
3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV GH PDQHUD HILFD] SDUD JXLDU HO SHQVDPLHQWR \ HO
DSUHQGL]DMH GHO DOXPQDGR HQ OHFWRHVFULWXUD
3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV GH PDQHUD HILFD] SDUD JXLDU HO SHQVDPLHQWR \ HO
DSUHQGL]DMH GHO DOXPQDGR HQ FLHQFLDV
3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV GH PDQHUD HILFD] SDUD JXLDU HO SHQVDPLHQWR \ HO
DSUHQGL]DMH GHO DOXPQDGR HQ HVWXGLRV
VRFLDOHV
&RQRFLPLHQWR WHFQROyJLFR GHO FRQWHQLGR 7&.
&RQR]FR WHFQRORJtDV TXH SXHGR XVDU SDUD FRPSUHQGHU \ HODERUDU FRQWHQLGRV VREUH
PDWHPiWLFDV
&RQR]FR WHFQRORJtDV TXH SXHGR XVDU SDUD FRPSUHQGHU \ HODERUDU FRQWHQLGRV VREUH
OHFWRHVFULWXUD
&RQR]FR WHFQRORJtDV TXH SXHGR XVDU SDUD FRPSUHQGHU \ HODERUDU FRQWHQLGRV VREUH
FLHQFLDV
&RQR]FR WHFQRORJtDV TXH SXHGR XVDU SDUD FRPSUHQGHU \ HODERUDU FRQWHQLGRV VREUH
HVWXGLRV VRFLDOHV
&RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFRV 73.
6p VHOHFFLRQDU WHFQRORJtDV TXH PHMRUDQ ORV HQIRTXHV GRFHQWHV SDUD XQD OHFFLyQ
6p VHOHFFLRQDU WHFQRORJtDV TXH PHMRUDQ HO DSUHQGL]DMH GHO DOXPQDGR HQ XQD OHFFLyQ
0L IRUPDFLyQ FRPR GRFHQWH PH KD KHFKR UHIOH[LRQDU PiV GHWHQLGDPHQWH VREUH OD IRUPD
HQ TXH OD WHFQRORJtD SXHGH LQIOXLU HQ ORV
HQIRTXHV GRFHQWHV TXH HPSOHR HQ HO DXOD
$GRSWR XQ SHQVDPLHQWR FUtWLFR VREUH OD IRUPD GH XWLOL]DU OD WHFQRORJtD HQ HO DXOD
3XHGR DGDSWDU HO XVR GH ODV WHFQRORJtDV VREUH ODV FXDOHV HVWR\ DSUHQGLHQGR D
GLIHUHQWHV DFWLYLGDGHV GRFHQWHV
&RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR GHO FRQWHQLGR 73$&.
3XHGR LPSDUWLU OHFFLRQHV TXH FRPELQDQ DGHFXDGDPHQWH PDWHPiWLFDV WHFQRORJtDV \
HQIRTXHV GRFHQWHV
3XHGR LPSDUWLU OHFFLRQHV TXH FRPELQDQ /XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
DGHFXDGDPHQWH OHFWRHVFULWXUD WHFQRORJtDV \
HQIRTXHV GRFHQWHV
3XHGR LPSDUWLU OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH
FLHQFLDV
WHFQRORJtDV
\
HQIRTXHV GRFHQWHV
3XHGR LPSDUWLU OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH HVWXGLRV VRFLDOHV WHFQRORJtDV
\ HQIRTXHV GRFHQWHV
6p VHOHFFLRQDU WHFQRORJtDV SDUD XVDU HQ
HO DXOD TXH PHMRUDQ ORV FRQWHQLGRV TXH
LPSDUWR OD IRUPD GH LPSDUWLUORV \ OR TXH
DSUHQGH HO DOXPQDGR
6p XVDU HQ PLV PDWHULDOHV GRFHQWHV SDUD
HO DXOD HVWUDWHJLDV TXH FRPELQDQ FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV GRFHQWHV VREUH ORV
FXDOHV KH DSUHQGLGR
3XHGR JXLDU \ D\XGDU D RWUDV SHUVRQDV D
FRRUGLQDU HO XVR GH FRQWHQLGRV WHFQRORJtDV \
HQIRTXHV GRFHQWHV HQ PL FHQWUR GRFHQWH \R
UHJLyQ DGPLQLVWUDWLYD
3XHGR VHOHFFLRQDU WHFQRORJtDV TXH
PHMRUDQ HO FRQWHQLGR GH ODV OHFFLRQHV
7DEOD Q 0HGLDV \ GHVYLDFLRQHV WtSLFDV SRU tWHPV GHO 73$&. HQ
IXQFLyQ GHO JpQHUR GH ORV SURIHVRUHVDOXPQRV TXH FXPSOLPHQWDURQ HO
FXHVWLRQDULR
&RPR SRGHPRV REVHUYDU HQ OD WDEOD DQWHULRU OD JUDQ PD\RUtD
GH ORV FDVRV ODV SXQWXDFLRQHV PHGLDV DOFDQ]DGDV SRU ORV KRPEUHV
HUDQ VXSHULRUHV DO GH ODV PXMHUHV DXQTXH UHVXOWD OODPDWLYR TXH HQ
ORV WUHV tWHPV UHIHULGRV DO FRQRFLPLHQWR GH FRQWHQLGRV GH
OHFWRHVFULWXUD ODV SXQWXDFLRQHV DOFDQ]DGDV SRU ODV PXMHUHV HUDQ
VXSHULRUHV D OD GH ORV KRPEUHV
6HxDODU WDPELpQ TXH ODV GHVYLDFLRQHV WtSLFDV DOFDQ]DGDV QR
IXHURQ PX\ HOHYDGDV HQ QLQJXQR GH ORV FDVRV DGHPiV GH VHU PX\
KRPRJpQHDV OR FXDO QRV LQGLFDED XQD FLHUWD HVWDELOLGDG HQ ODV
FRQWHVWDFLRQHV RIUHFLGDV HQWUH ODV SHUVRQDV TXH FXPSOLPHQWDURQ HO
FXHVWLRQDULR
3RU OR TXH VH UHILHUH D ODV SXQWXDFLRQHV PHGLDV \ ODV
GHVYLDFLRQHV WtSLFDV DOFDQ]DGDV HQ FDGD XQD GH ODV VXEHVFDODV TXH
FRQIRUPDEDQ HO LQVWUXPHQWR GH DQiOLVLV GHO PRGHOR 73$&. ODV
SUHVHQWDPRV HQ OD WDEOD Q /D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
'LPHQVLRQHV
0DVFXOLQR
0
& WHFQROyJLFR 7.
'7
)HPHQLQR
0
'7
FRQWHQLGR 73$&.
6XPD 7RWDO
& FRQWHQLGR &.
& SHGDJyJLFR 3.
&
SHGDJyJLFR
GHO
FRQWHQLGR
GHO
FRQWHQLGR
3&.
&
WHFQROyJLFR
7&.
& WHFQROyJLFR SHGDJyJLFRV 73.
& WHFQROyJLFR SHGDJyJLFR GHO
7DEOD Q 9DORUHV PHGLRV \ VXV GHVYLDFLRQHV WtSLFDV SDUD FDGD XQD
GH ODV VXEHVFDODV GHO PRGHOR 73$&. HQ IXQFLyQ GHO JpQHUR GH ORV
SURIHVRUHVDOXPQRV
/D REVHUYDFLyQ GH ODV SXQWXDFLRQHV DOFDQ]DGDV HQ OD WDEOD
DQWHULRU QRV OOHYD D VHxDODU WUHV DVSHFWRV IXQGDPHQWDOHV D ODV
SXQWXDFLRQHV PD\RULWDULDPHQWH VH VLW~DQ WDQWR HQ ORV KRPEUHV
FRPR HQ ODV PXMHUHV HQ OD SXQWXDFLyQ GHO ´µ OR TXH QRV OOHYDUtD D
VHxDODU TXH LQGHSHQGLHQWHPHQWH GHO JpQHUR GH ORV SURIHVRUHV VH
PRVWUDEDQ GH DFXHUGR FRQ ODV IRUPXODFLRQHV TXH VH OHV SODQWHDEDQ
HQ ORV tWHPV E TXH ODV SXQWXDFLRQHV PHGLDV GH ORV KRPEUHV IXHURQ
OLJHUDPHQWH VXSHULRU HQ WRGDV ODV VXEHVFDODV GHO PRGHORV 73$&. TXH
ODV PRVWUDGD SRU ODV PXMHUHV \ F OD HVWDELOLGDG GH ODV SXQWXDFLRQHV
DOFDQ]DGDV SRU ORV GRV FROHFWLYRV
&RQ HO REMHWR GH FRQRFHU VL H[LVWtDQ GLIHUHQFLDV VLJQLILFDWLYDV
HQWUH ODV FRQWHVWDFLRQHV RIUHFLGDV HQ HO FXHVWLRQDULR \ HQ ODV
GLPHQVLRQHV TXH OR FRQIRUPDEDQ HQ IXQFLyQ GHO JpQHUR GHO
SURIHVRUDGR TXH OR FXPSOLPHQWy DSOLFDPRV OD SUXHED QR
SDUDPpWULFD GH 8 GH 0DQQ ² :KLWQH\ TXH HV HTXLYDOHQWH D OD W GH
6WXGHQW SHUR GH JUDQ SRWHQFLD FXDQGR VRQ PXHVWUDV LQGHSHQGLHQWHV
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
\ QR QRUPDOHV FRPR HQ QXHVWUR FDVR 3DUGR \ 5XL] 6LHJHO
/DV KLSyWHVLV TXH IRUPXODUHPRV VRQ ODV VLJXLHQWHV
+ KLSyWHVLV QXOD 1R H[LVWHQ GLIHUHQFLDV VLJQLILFDWLYDV
HQWUH ODV GLIHUHQWHV GLPHQVLRQHV GH FRQWHQLGRV
HVWDEOHFLGDV HQ HO LQVWUXPHQWR GH DQiOLVLV GH 73$&. \ HO
JpQHUR GH ORV SURIHVRUHV FRQ XQ ULHVJR DOID GHO
HTXLYRFDUQRV GHO + KLSyWHVLV DOWHUQDWLYD 6L H[LVWHQ GLIHUHQFLDV
VLJQLILFDWLYDV HQWUH ODV GLIHUHQWHV GLPHQVLRQHV GH
FRQWHQLGRV HVWDEOHFLGDV HQ HO LQVWUXPHQWR GH DQiOLVLV GH
73$&. \ HO JpQHUR GH ORV SURIHVRUHV FRQ XQ ULHVJR DOID
GHO HTXLYRFDUQRV GHO 7UDV OD DSOLFDFLyQ GH OD 8 GH 0DQQ ² :KLWQH\ ORV YDORUHV TXH
DOFDQ]DPRV ORV SUHVHQWDPRV HQ OD WDEOD Q 'LPHQVLyQ
7.
&.
3.
3&.
7&.
73.
73$&.
7RWDO
8 GH 0DQQ
:KLWQH\
: GH
:LOFR[RQ
=
6LJ DVLQWyW
ELODWHUDO
7DEOD Q 8 GH 0DQQ:KLWQH\ HQ ODV FRQWHVWDFLRQHV RIUHFLGDV SRU
ORV SURIHVRUHV SDUD ORV GLIHUHQWHV QLYHOHV GH FRQRFLPLHQWR GHO PRGHOR
73$&. \ HO JpQHUR 7. & WHFQROyJLFR &. & GHO FRQWHQLGR 3. &
SHGDJyJLFR 3&. & SHGDJyJLFR GHO FRQWHQLGR 7&. & WHFQROyJLFR
GHO FRQWHQLGR 73. & WHFQROyJLFR SHGDJyJLFR 73$&. &
WHFQROyJLFR SHGDJyJLFR GHO FRQWHQLGR VLJQLILFDWLYR DO \ VLJQLILFDWLYR DO (O YDORU DOFDQ]DGR QRV SHUPLWH UHFKD]DU OD KLSyWHVLV QXOD HQ
GLIHUHQWHV WLSRV GH FRQRFLPLHQWRV HQ FRQFUHWR HQ ORV VLJXLHQWHV WLSRV
GH FRQRFLPLHQWRV
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
FRQRFLPLHQWR WHFQROyJLFR 7.
FRQRFLPLHQWR WHFQROyJLFR GHO FRQWHQLGRV 7&.
FRQRFLPLHQWR
73$&.
WHFQROyJLFR
SHGDJyJLFR
GHO
FRQWHQLGR
7DPELpQ QRV SHUPLWLUtD UHFKD]DU OD + HQ OR UHIHULGR D OD
H[LVWHQFLD GH GLIHUHQFLDV VLJQLILFDWLYDV HQ IXQFLyQ GHO JpQHUR HQ OD
JOREDOLGDG GHO LQVWUXPHQWR
,QGLFDU TXH HQ WRGRV ORV FDVRV ODV KLSyWHVLV QXODV
IRUPXODGDV ODV UHFKD]DPRV FRQ XQ ULHVJR DOID GH HTXLYRFDUQRV GHO
R LQIHULRU
/DV GLIHUHQFLDV FRPR SRGHPRV REVHUYDU SRU ORV YDORUHV
PHGLRV DOFDQ]DGRV \ TXH QRVRWURV SUHVHQWDPRV HQ OD WDEOD Q IXHURQ IDYRUDEOH D ORV KRPEUHV
$O PLVPR WLHPSR GHEHPRV VHxDODU TXH VH KDQ HQFRQWUDGR
GLIHUHQFLDV HQ IXQFLyQ GHO JpQHUR GH ORV SURIHVRUHV HQ OD JOREDOLGDG
GHO LQVWUXPHQWR (Q HVWH FDVR HO QLYHO GH UHFKD]R GH OD + VH
HVWDEOHFH WDPELpQ DO QLYHO GH VLJQLILFDFLyQ GHO \ OyJLFDPHQWH
WDPELpQ HQ HVWH FDVR ODV DXWRSHUFHSFLRQHV GH ORV KRPEUHV IXHURQ
VXSHULRUHV D OD GH ODV PXMHUHV /XHJR HQ FRQFOXVLyQ SRGHPRV VHxDODU
TXH H[LVWHQ GLIHUHQFLDV VLJQLILFDWLYDV HQ IXQFLyQ GHO JpQHUR GHO
SURIHVRUDGR
&RPR FRQVHFXHQFLD GH HVWRV DQiOLVLV SRGHPRV VHxDODU TXH
ODV DXWRSHUFHSFLRQHV TXH WHQtDQ ORV SURIHVRUHV TXH FXPSOLPHQWDURQ
HO FXHVWLRQDULR UHVSHFWR D VX 73$&. WDQWR HQ VX JOREDOLGDG FRPR HQ
ODV GLIHUHQWHV GLPHQVLRQHV TXH FRQIRUPDQ HO LQVWUXPHQWR HUDQ
GLIHUHQWHV HQ IXQFLyQ GH VX JpQHUR YDORUiQGRVH ORV KRPEUHV SRU
HQFLPD GH ODV PXMHUHV HQ FDVL WRGDV ODV GLPHQVLRQHV VDOYR HQ HO
´FRQRFLPLHQWR SHGDJyJLFR GHO FRQWHQLGRµ GRQGH ODV DXWRYDORUDFLRQHV
GH ODV PXMHUHV HUDQ VXSHULRUHV D OD GH ORV KRPEUHV
'LIHUHQFLDV HQWUH ORV SURIHVRUHV SRU SDtVHV
8QD YH] DQDOL]DGDV ODV GLIHUHQFLDV HQFRQWUDGDV SRU JpQHUR
SDVDUHPRV D DQDOL]DU VL KDEtDQ GLIHUHQFLDV VLJQLILFDWLYDV GHVGH XQ
SXQWR GH YLVWD HVWDGtVWLFR HQ IXQFLyQ GH ORV GLVWLQWRV SDtVHV TXH
FRPSRQtDQ OD PXHVWUD
(Q SULPHU OXJDU SDVDUHPRV D SUHVHQWDU ORV YDORUHV PHGLRV \
ODV GHVYLDFLRQHV WtSLFDV DOFDQ]DGDV SDUD FDGD XQR GH ORV tWHPV TXH
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
FRQIRUPDEDQ HO FXHVWLRQDULR 6HxDODU
SUHVHQWDUHPRV HQ ODV WDEODV Q \ ÌWHP
$UJHQWLQD
0
'7
&RQRFLPLHQWR WHFQROyJLFR 7.
6p UHVROYHU PLV
SUREOHPDV WpFQLFRV
$VLPLOR
FRQRFL
PLHQWRV
WHFQROyJLFRV
IiFLOPHQWH
0H PDQWHQJR DO GtD
GH ODV QXHYDV WHFQRORJtDV
LPSRUWDQWHV
$ PHQXGR MXHJR \
KDJR SUXHEDV FRQ OD
WHFQRORJtD
&RQR]FR PXFKDV
WHFQRORJtDV GLIHUHQWHV
7HQJR
ORV
FRQRFLPLHQWRV
WpFQLFRV
TXH QHFHVLWR SDUD XVDU OD
WHFQRORJtD
+H
WHQLGR
RSRUWXQLGDGHV
VXILFLHQWHV GH WUDEDMDU
FRQ
GLIHUHQWHV
WHFQRORJtDV
&RQRFLPLHQWR GHO FRQWHQLGR &.
0DWHPiWLFDV
7HQJR VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
PDWHPiWLFDV
6p DSOLFDU XQ
PRGR GH SHQVDPLHQWR
PDWHPiWLFR
7HQJR
YDULRV
PpWRGRV \ HVWUDWHJLDV
SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
PDWHPiWLFDV
(VWXGLRV VRFLDOHV
7HQJR VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
HVWXGLRV VRFLDOHV
6p DSOLFDU XQ
TXH
ORV
&RORPELD
0
'7
UHVXOWDGRV
ORV
(VSDxD
0
'7
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
PRGR GH SHQVDPLHQWR
KLVWyULFR
7HQJR
YDULRV
PpWRGRV \ HVWUDWHJLDV
SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
HVWXGLRV VRFLDOHV
&LHQFLDV
7HQJR VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
FLHQFLDV
6p DSOLFDU XQ
PRGR GH SHQVDPLHQWR
FLHQWtILFR
7HQJR
YDULRV
PpWRGRV \ HVWUDWHJLDV
SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
FLHQFLDV
/HFWRHVFULWXUD
7HQJR VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
DOIDEHWL]DFLyQ
OHFWRHVFULWRUD
6p DSOLFDU XQ
PRGR GH SHQVDPLHQWR
OLWHUDULR
7HQJR
YDULRV
PpWRGRV \ HVWUDWHJLDV
SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
DOIDEHWL]DFLyQ
OHFWRHVFULWRUD
&RQRFLPLHQWR SHGDJyJLFR 3.
6p FyPR HYDOXDU HO
UHQGLPLHQWR
GHO
DOXPQDGR HQ HO DXOD
6p DGDSWDU PL
GRFHQFLD D OR TXH HO
DOXPQDGR HQWLHQGH R QR
HQWLHQGH
HQ
FDGD
PRPHQWR
6p DGDSWDU PL HVWLOR
GH GRFHQFLD D DOXPQDGRV
FRQ GLIHUHQWHV HVWLORV GH
DSUHQGL]DMH
6p
HYDOXDU
HO
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
DSUHQGL]DMH
GHO
DOXPQDGR GH GLYHUVDV
PDQHUDV GLIHUHQWHV
6p XWLOL]DU XQD
DPSOLD
YDULHGDG
GH
HQIRTXHV GRFHQWHV HQ HO
HQWRUQR GHO DXOD
6R\ FRQVFLHQWH GH
ORV DFLHUWRV \ HUURUHV PiV
FRPXQHV GHO DOXPQDGR
HQ
OR
UHIHUHQWH
D
FRPSUHQVLyQ
GH
FRQWHQLGRV
6p FyPR RUJDQL]DU \
PDQWHQHU OD GLQiPLFD HQ
HO DXOD
&RQRFLPLHQWR SHGDJyJLFR GHO FRQWHQLGR 3&.
3XHGR VHOHFFLRQDU
HQIRTXHV GRFHQWHV GH
PDQHUD HILFD] SDUD JXLDU
HO SHQVDPLHQWR \ HO
DSUHQGL]DMH
GHO
DOXPQDGR
HQ
PDWHPiWLFDV
3XHGR VHOHFFLRQDU
HQIRTXHV GRFHQWHV GH
PDQHUD HILFD] SDUD JXLDU
HO SHQVDPLHQWR \ HO
DSUHQGL]DMH
GHO
DOXPQDGR
HQ
OHFWRHVFULWXUD
3XHGR VHOHFFLRQDU
HQIRTXHV GRFHQWHV GH
PDQHUD HILFD] SDUD JXLDU
HO SHQVDPLHQWR \ HO
DSUHQGL]DMH
GHO
DOXPQDGR HQ FLHQFLDV
3XHGR VHOHFFLRQDU
HQIRTXHV GRFHQWHV GH
PDQHUD HILFD] SDUD JXLDU
HO SHQVDPLHQWR \ HO
DSUHQGL]DMH
GHO
DOXPQDGR HQ HVWXGLRV
VRFLDOHV
&RQRFLPLHQWR WHFQROyJLFR GHO FRQWHQLGR 7&.
&RQR]FR WHFQRORJtDV
TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
FRQWHQLGRV
VREUH
PDWHPiWLFDV
&RQR]FR WHFQRORJtDV
TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU
FRQWHQLGRV
VREUH
OHFWRHVFULWXUD
&RQR]FR WHFQRORJtDV
TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU
FRQWHQLGRV
VREUH
FLHQFLDV
&RQR]FR WHFQRORJtDV
TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU
FRQWHQLGRV
VREUH
HVWXGLRV VRFLDOHV
&RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR 73.
6p
VHOHFFLRQDU
WHFQRORJtDV TXH PHMRUDQ
ORV HQIRTXHV GRFHQWHV
SDUD XQD OHFFLyQ
6p
VHOHFFLRQDU
WHFQRORJtDV TXH PHMRUDQ
HO
DSUHQGL]DMH
GHO
DOXPQDGR
HQ
XQD
OHFFLyQ
0L IRUPDFLyQ FRPR
GRFHQWH PH KD KHFKR
UHIOH[LRQDU
PiV
GHWHQLGDPHQWH VREUH OD
IRUPD
HQ
TXH
OD
WHFQRORJtD SXHGH LQIOXLU
HQ ORV HQIRTXHV GRFHQWHV
TXH HPSOHR HQ HO DXOD
$GRSWR
XQ
SHQVDPLHQWR FUtWLFR VREUH
OD IRUPD GH XWLOL]DU OD
WHFQRORJtD HQ HO DXOD
3XHGR DGDSWDU HO
XVR GH ODV WHFQRORJtDV
VREUH ODV FXDOHV HVWR\
DSUHQGLHQGR D GLIHUHQWHV
DFWLYLGDGHV GRFHQWHV
&RQRFLPLHQWR VREUH WHFQROyJLFR SHGDJyJLFR GHO
3XHGR
LPSDUWLU
OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH
FRQWHQLGR 73$&.
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
PDWHPiWLFDV WHFQRORJtDV
\ HQIRTXHV GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH
OHFWRHVFULWXUD
WHFQRORJtDV \ HQIRTXHV
GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH FLHQFLDV
WHFQRORJtDV \ HQIRTXHV
GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH HVWXGLRV
VRFLDOHV WHFQRORJtDV \
HQIRTXHV GRFHQWHV
6p
VHOHFFLRQDU
WHFQRORJtDV SDUD XVDU HQ
HO DXOD TXH PHMRUDQ ORV
FRQWHQLGRV TXH LPSDUWR
OD IRUPD GH LPSDUWLUORV \
OR
TXH
DSUHQGH
HO
DOXPQDGR
6p XVDU HQ PLV
PDWHULDOHV GRFHQWHV SDUD
HO DXOD HVWUDWHJLDV TXH
FRPELQDQ
FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV
GRFHQWHV VREUH ORV FXDOHV
KH DSUHQGLGR
3XHGR JXLDU \
D\XGDU D RWUDV SHUVRQDV
D FRRUGLQDU HO XVR GH
FRQWHQLGRV WHFQRORJtDV \
HQIRTXHV GRFHQWHV HQ PL
FHQWUR GRFHQWH \R UHJLyQ
DGPLQLVWUDWLYD
3XHGR VHOHFFLRQDU
WHFQRORJtDV TXH PHMRUDQ
HO FRQWHQLGR GH ODV
OHFFLRQHV
7DEOD Q 3XQWXDFLRQHV PHGLDV \ GHVYLDFLRQHV WtSLFDV DOFDQ]DGDV
SRU ORV SURIHVRUHV HQ ORV GLIHUHQWHV tWHPV GH TXH FRQVWDED HO
LQVWUXPHQWR 73$&. SRU SDtVHV ,
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
ÌWHP
0p[LFR
0
'7
&RQRFLPLHQWR WHFQROyJLFR 7.
6p UHVROYHU PLV
SUREOHPDV WpFQLFRV
$VLPLOR
FRQRFLPLHQWRV
WHFQROyJLFRV IiFLOPHQWH
0H PDQWHQJR DO GtD
GH ODV QXHYDV WHFQRORJtDV
LPSRUWDQWHV
$ PHQXGR MXHJR \
KDJR SUXHEDV FRQ OD
WHFQRORJtD
&RQR]FR PXFKDV
WHFQRORJtDV GLIHUHQWHV
7HQJR
ORV
FRQRFLPLHQWRV
WpFQLFRV
TXH QHFHVLWR SDUD XVDU OD
WHFQRORJtD
+H
WHQLGR
RSRUWXQLGDGHV
VXILFLHQWHV GH WUDEDMDU
FRQ
GLIHUHQWHV
WHFQRORJtDV
&RQRFLPLHQWR GHO FRQWHQLGR &.
0DWHPiWLFDV
7HQJR VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
PDWHPiWLFDV
6p DSOLFDU XQ
PRGR GH SHQVDPLHQWR
PDWHPiWLFR
7HQJR
YDULRV
PpWRGRV \ HVWUDWHJLDV
SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
PDWHPiWLFDV
(VWXGLRV VRFLDOHV
7HQJR VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
HVWXGLRV VRFLDOHV
6p DSOLFDU XQ
PRGR GH SHQVDPLHQWR
KLVWyULFR
5
'RPLQLFDQD
0
'7
9HQH]XHOD
0
'7
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
7HQJR
YDULRV
PpWRGRV \ HVWUDWHJLDV
SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
HVWXGLRV VRFLDOHV
&LHQFLDV
7HQJR VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
FLHQFLDV
6p DSOLFDU XQ
PRGR GH SHQVDPLHQWR
FLHQWtILFR
7HQJR
YDULRV
PpWRGRV \ HVWUDWHJLDV
SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
FLHQFLDV
/HFWRHVFULWXUD
7HQJR VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
DOIDEHWL]DFLyQ
OHFWRHVFULWRUD
6p DSOLFDU XQ
PRGR GH SHQVDPLHQWR
OLWHUDULR
7HQJR
YDULRV
PpWRGRV \ HVWUDWHJLDV
SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
DOIDEHWL]DFLyQ
OHFWRHVFULWRUD
&RQRFLPLHQWR SHGDJyJLFR 3.
6p FyPR HYDOXDU HO
UHQGLPLHQWR
GHO
DOXPQDGR HQ HO DXOD
6p DGDSWDU PL
GRFHQFLD D OR TXH HO
DOXPQDGR HQWLHQGH R QR
HQWLHQGH
HQ
FDGD
PRPHQWR
6p DGDSWDU PL HVWLOR
GH GRFHQFLD D DOXPQDGRV
FRQ GLIHUHQWHV HVWLORV GH
DSUHQGL]DMH
6p
HYDOXDU
HO
DSUHQGL]DMH
GHO
DOXPQDGR GH GLYHUVDV
PDQHUDV GLIHUHQWHV
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
6p XWLOL]DU XQD
DPSOLD
YDULHGDG
GH
HQIRTXHV GRFHQWHV HQ HO
HQWRUQR GHO DXOD
6R\ FRQVFLHQWH GH
ORV DFLHUWRV \ HUURUHV PiV
FRPXQHV GHO DOXPQDGR
HQ
OR
UHIHUHQWH
D
FRPSUHQVLyQ
GH
FRQWHQLGRV
6p FyPR RUJDQL]DU \
PDQWHQHU OD GLQiPLFD HQ
HO DXOD
&RQRFLPLHQWRV SHGDJyJLFR GHO FRQWHQLGR 3&.
3XHGR VHOHFFLRQDU
HQIRTXHV GRFHQWHV GH
PDQHUD HILFD] SDUD JXLDU
HO SHQVDPLHQWR \ HO
DSUHQGL]DMH
GHO
DOXPQDGR
HQ
PDWHPiWLFDV
3XHGR VHOHFFLRQDU
HQIRTXHV GRFHQWHV GH
PDQHUD HILFD] SDUD JXLDU
HO SHQVDPLHQWR \ HO
DSUHQGL]DMH
GHO
DOXPQDGR
HQ
OHFWRHVFULWXUD
3XHGR VHOHFFLRQDU
HQIRTXHV GRFHQWHV GH
PDQHUD HILFD] SDUD JXLDU
HO SHQVDPLHQWR \ HO
DSUHQGL]DMH
GHO
DOXPQDGR HQ FLHQFLDV
3XHGR VHOHFFLRQDU
HQIRTXHV GRFHQWHV GH
PDQHUD HILFD] SDUD JXLDU
HO SHQVDPLHQWR \ HO
DSUHQGL]DMH
GHO
DOXPQDGR HQ HVWXGLRV
VRFLDOHV
&RQRFLPLHQWR WHFQROyJLFR GHO FRQWHQLGR 7&.
&RQR]FR WHFQRORJtDV
TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU
FRQWHQLGRV
VREUH
PDWHPiWLFDV
&RQR]FR WHFQRORJtDV
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU
FRQWHQLGRV
VREUH
OHFWRHVFULWXUD
&RQR]FR WHFQRORJtDV
TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU
FRQWHQLGRV
VREUH
FLHQFLDV
&RQR]FR WHFQRORJtDV
TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU
FRQWHQLGRV
VREUH
HVWXGLRV VRFLDOHV
&RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFRV 73.
6p
VHOHFFLRQDU
WHFQRORJtDV TXH PHMRUDQ
ORV HQIRTXHV GRFHQWHV
SDUD XQD OHFFLyQ
6p
VHOHFFLRQDU
WHFQRORJtDV TXH PHMRUDQ
HO
DSUHQGL]DMH
GHO
DOXPQDGR
HQ
XQD
OHFFLyQ
0L IRUPDFLyQ FRPR
GRFHQWH PH KD KHFKR
UHIOH[LRQDU
PiV
GHWHQLGDPHQWH VREUH OD
IRUPD
HQ
TXH
OD
WHFQRORJtD SXHGH LQIOXLU
HQ ORV HQIRTXHV GRFHQWHV
TXH HPSOHR HQ HO DXOD
$GRSWR
XQ
SHQVDPLHQWR FUtWLFR VREUH
OD IRUPD GH XWLOL]DU OD
WHFQRORJtD HQ HO DXOD
3XHGR DGDSWDU HO
XVR GH ODV WHFQRORJtDV
VREUH ODV FXDOHV HVWR\
DSUHQGLHQGR D GLIHUHQWHV
DFWLYLGDGHV GRFHQWHV
&RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR GHO FRQWHQLGR 73$&.
3XHGR
LPSDUWLU
OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH
PDWHPiWLFDV WHFQRORJtDV
\ HQIRTXHV GRFHQWHV
3XHGR
LPSDUWLU
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH
OHFWRHVFULWXUD
WHFQRORJtDV \ HQIRTXHV
GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH FLHQFLDV
WHFQRORJtDV \ HQIRTXHV
GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH HVWXGLRV
VRFLDOHV WHFQRORJtDV \
HQIRTXHV GRFHQWHV
6p
VHOHFFLRQDU
WHFQRORJtDV SDUD XVDU HQ
HO DXOD TXH PHMRUDQ ORV
FRQWHQLGRV TXH LPSDUWR
OD IRUPD GH LPSDUWLUORV \
OR
TXH
DSUHQGH
HO
DOXPQDGR
6p XVDU HQ PLV
PDWHULDOHV GRFHQWHV SDUD
HO DXOD HVWUDWHJLDV TXH
FRPELQDQ
FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV
GRFHQWHV VREUH ORV FXDOHV
KH DSUHQGLGR
3XHGR JXLDU \
D\XGDU D RWUDV SHUVRQDV
D FRRUGLQDU HO XVR GH
FRQWHQLGRV WHFQRORJtDV \
HQIRTXHV GRFHQWHV HQ PL
FHQWUR GRFHQWH \R UHJLyQ
DGPLQLVWUDWLYD
3XHGR VHOHFFLRQDU
WHFQRORJtDV TXH PHMRUDQ
HO FRQWHQLGR GH ODV
OHFFLRQHV
7DEOD Q 3XQWXDFLRQHV PHGLDV \ GHVYLDFLRQHV WtSLFDV DOFDQ]DGDV
SRU ORV SURIHVRUHV HQ ORV GLIHUHQWHV tWHPV GH TXH FRQVWDED HO
LQVWUXPHQWR 73$&. SRU SDtVHV ,,
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
&RPR SRGHPRV REVHUYDU HQ ODV WDEODV DQWHULRUHV VRQ ORV
SURIHVRUHV GH OD 5HS~EOLFD 'RPLQLFDQD ORV TXH KDQ WHQGLGR D
SXQWXDUVH GH IRUPD PiV HOHYDGD HQ OD PD\RUtD GH ORV tWHPV (V GH
VHxDODU TXH SRU OR JHQHUDO ODV SXQWXDFLRQHV DOFDQ]DGDV SRU ORV
SURIHVRUHV GH ORV SDtVHV ODWLQRDPHULFDQRV HUDQ VXSHULRUHV D ODV
RIUHFLGDV SRU ORV HVSDxROHV
3UHVHQWDGDV ODV SXQWXDFLRQHV PHGLDV \ VXV GHVYLDFLRQHV
WtSLFDV SDUD FDGD XQR GH ORV tWHPV SDVDUHPRV D RIUHFHU HQ ODV WDEODV
Q \ ODV SXQWXDFLRQHV PHGLDV \ ODV GHVYLDFLRQHV WtSLFDV
DOFDQ]DGDV SDUD FDGD XQD GH ODV GLPHQVLRQHV TXH FRQIRUPDQ HO
PRGHOR 73$&.
'LPHQVLRQHV
& WHFQROyJLFR 7.
& FRQWHQLGR &.
& SHGDJyJLFR 3.
& SHGDJyJLFR GHO
FRQWHQLGR 3&.
& WHFQROyJLFR GHO
FRQWHQLGR 7&.
& WHFQROyJLFR
SHGDJyJLFRV 73.
& WHFQROyJLFR
SHGDJyJLFR GHO
FRQWHQLGR 73$&.
6XPD 7RWDO
$UJHQWLQD
0
'7
&RORPELD
0
'7
(VSDxD
0
'7
7DEOD Q 0HGLD \ GHVYLDFLRQHV WtSLFDV GH ODV GLPHQVLRQHV GHO
73$&. WHQLHQGR HQ FXHQWD ORV SDtVHV GH ORV SURIHVRUHV ,
'LPHQVLRQHV
& WHFQROyJLFR 7.
& FRQWHQLGR &.
& SHGDJyJLFR 3.
& SHGDJyJLFR GHO FRQWHQLGR 3&.
& WHFQROyJLFR GHO FRQWHQLGR 7&.
& WHFQROyJLFR SHGDJyJLFRV 73.
& WHFQROyJLFR SHGDJyJLFR GHO
FRQWHQLGR 73$&.
6XPD 7RWDO
0p[LFR
5 'RPLQLFDQD
7DEOD Q 0HGLD \ GHVYLDFLRQHV WtSLFDV GH ODV GLPHQVLRQHV GHO
73$&. WHQLHQGR HQ FXHQWD ORV SDtVHV GH ORV SURIHVRUHV ,,
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
&RPR SRGHPRV REVHUYDU SRU ODV WDEODV Q \ KDQ VLGR
ORV SURIHVRUHV GH 0p[LFR ORV TXH KDQ REWHQLGR ODV PHGLDV PiV DOWDV
HQ HO PD\RU Q~PHUR GH VXEHVFDODV GHO 7$&3. 6LHQGR ORV SURIHVRUHV
DUJHQWLQRV ORV TXH WHQtDQ ODV SXQWXDFLRQHV PiV EDMDV HQ WRGDV ODV
GLPHQVLRQHV GHO LQVWUXPHQWR GH GLDJQyVWLFR GH 73$&.
(Q OD WDEOD Q RIUHFHPRV XQD RUGHQDFLyQ GH PD\RU D
PHQRU SXQWXDFLyQ DOFDQ]DGDV SRU ORV SURIHVRUHV GH ORV GLVWLQWRV
SDtVHV
'LPHQVLRQHV
& WHFQROyJLFR 7.
& FRQWHQLGR &.
& SHGDJyJLFR 3.
& SHGDJyJLFR GHO FRQWHQLGR
3&.
& WHFQROyJLFR GHO FRQWHQLGR
7&.
& WHFQROyJLFR SHGDJyJLFRV
73.
& WHFQROyJLFR SHGDJyJLFR GHO
FRQWHQLGR 73$&.
6XPD 7RWDO
$UJ
2UGHQDFLyQ
&ROPE
(VS
0[
5'
7DEOD Q 2UGHQDFLyQ SRU SDtVHV HQ IXQFLyQ GH OD
SXQWXDFLyQ DOFDQ]DGD HQ ODV GLIHUHQWHV VXEHVFDODV
&RQ HO REMHWR GH FRQRFHU VL H[LVWtDQ GLIHUHQFLDV VLJQLILFDWLYDV
HQWUH ODV FRQWHVWDFLRQHV RIUHFLGDV HQ HO FXHVWLRQDULR SRU ORV
SURIHVRUHV HQ IXQFLyQ GHO SDtV GRQGH HVWDEDQ GHVDUUROODQGR OD
DFWLYLGDG IRUPDWLYD DSOLFDPRV OD SUXHED GH .UXVNDO:DOLV 6LHJHO
/DV KLSyWHVLV TXH FRQWUDVWDUHPRV VRQ ODV VLJXLHQWHV
+ KLSyWHVLV QXOD 1R H[LVWHQ GLIHUHQFLDV VLJQLILFDWLYDV
HQWUH ODV FRQWHVWDFLRQHV RIUHFLGDV SRU ORV SURIHVRUHV HQ ORV
GLIHUHQWHV QLYHOHV GH FRQRFLPLHQWR GHO PRGHOR 73$&. \ HO
SDtV GRQGH GHVDUUROOD VX DFWLYLGDG SURIHVLRQDO FRQ XQ ULHVJR
DOID GHO HTXLYRFDUQRV GHO + KLSyWHVLV DOWHUQDWLYD 6L H[LVWHQ GLIHUHQFLDV
VLJQLILFDWLYDV HQWUH ODV FRQWHVWDFLRQHV RIUHFLGDV SRU ORV
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
SURIHVRUHV HQ ORV GLIHUHQWHV QLYHOHV GH FRQRFLPLHQWR GHO
PRGHOR 73$&. \ HO SDtV GRQGH GHVDUUROOD VX DFWLYLGDG
SURIHVLRQDO FRQ XQ ULHVJR DOID GHO HTXLYRFDUQRV GHO /RV YDORUHV HQFRQWUDGRV ORV SUHVHQWDPRV HQ OD WDEOD Q 'LPHQVLyQ
1
.:DOLV
JO
7.
&.
3.
3&.
7&.
73.
73&.
7RWDO
6LJ DVLQWyW
ELODWHUDO
7DEOD Q .UXVNDO:DOLV HQ ODV FRQWHVWDFLRQHV RIUHFLGDV SRU ORV
SURIHVRUHV SDUD ORV GLIHUHQWHV QLYHOHV GH FRQRFLPLHQWR GHO PRGHOR
73$&. \ HO SDtV GRQGH GHVDUUROOD VX DFWLYLGDG SURIHVLRQDO 7. &
WHFQROyJLFR &. & GHO FRQWHQLGR 3. & SHGDJyJLFR 3&. &
SHGDJyJLFR GHO FRQWHQLGR 7&. & WHFQROyJLFR GHO FRQWHQLGR 73.
& WHFQROyJLFR SHGDJyJLFR 73$&. & WHFQROyJLFR SHGDJyJLFR GHO
FRQWHQLGR VLJQLILFDWLYR DO \ VLJQLILFDWLYR DO /RV YDORUHV REWHQLGRV WUDV OD DSOLFDFLyQ GHO HVWDGtVWLFR
.UXVNDO:DOLV QRV OOHYDQ D UHFKD]DU WRGDV ODV + TXH VH KDQ
IRUPXODGR FRQ XQ ULHVJR DOID GH HTXLYRFDUQRV GHO R LQIHULRU (V
GHFLU HO SDtV GRQGH GHVDUUROODQ VX DFWLYLGDG SURIHVLRQDO GH OD
HQVHxDQ]D \ GRQGH HVWDEDQ GHVDUUROODQGR VX DFWLYLGDG IRUPDWLYD
LQIOX\H HQ ODV UHVSXHVWDV RIUHFLGDV DQWH ORV GLIHUHQWHV QLYHOHV GH
FRQRFLPLHQWR UHFRJLGRV HQ HO PRGHOR 73$&. R GLFKR HQ RWURV
WpUPLQRV OD SHUFHSFLyQ TXH ORV SURIHVRUHV PXHVWUDQ UHVSHFWR D VX
73$&. \ ODV GLIHUHQWHV VXEHVFDODV TXH OR FRQIRUPD YDUtD HQ IXQFLyQ
GHO SDtV GRQGH VH HQFRQWUDEDQ GHVDUUROODQGR VX DFWLYLGDG SURIHVLRQDO
R FXUVDQGR ORV HVWXGLRV
&RQ HO REMHWR GH SURIXQGL]DU HQ ODV GLIHUHQFLDV HQFRQWUDGDV
HQWUH ORV GLVWLQWRV SDtVHV DSOLFDPRV OD SUXHED GH FRPSDUDFLRQHV
P~OWLSOHV GHO WHVW GH 'XQQ ORV UHVXOWDGRV DOFDQ]DGRV VH
RIUHFHQ HQ OD WDEOD Q /D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
'LPHQVLyQ
7.
&.
3.
3&.
3DtVHV
$UJHQWLQD(VSDxD
$UJHQWLQD5HS~EOLFD
'RPLQLFDQD
$UJHQWLQD&RORPELD
$UJHQWLQD0p[LFR
(VSDxD5HS~EOLFD 'RPLQLFDQD
(VSDxD&RORPELD
(VSDxD0p[LFR
5HS~EOLFD
'RPLQLFDQD
&RORPELD
5HS~EOLFD 'RPLQLFDQD0p[LFR
&RORPELD0p[LFR
$UJHQWLQD(VSDxD
$UJHQWLQD5HS~EOLFD
'RPLQLFDQD
$UJHQWLQD&RORPELD
$UJHQWLQD0p[LFR
(VSDxD5HS~EOLFD 'RPLQLFDQD
(VSDxD&RORPELD
(VSDxD0p[LFR
5HS~EOLFD
'RPLQLFDQD
&RORPELD
5HS~EOLFD 'RPLQLFDQD0p[LFR
&RORPELD0p[LFR
$UJHQWLQD(VSDxD
$UJHQWLQD5HS~EOLFD
'RPLQLFDQD
$UJHQWLQD&RORPELD
$UJHQWLQD0p[LFR
(VSDxD5HS~EOLFD 'RPLQLFDQD
(VSDxD&RORPELD
(VSDxD0p[LFR
5HS~EOLFD
'RPLQLFDQD
&RORPELD
5HS~EOLFD 'RPLQLFDQD0p[LFR
&RORPELD0p[LFR
$UJHQWLQD(VSDxD
$UJHQWLQD5HS~EOLFD
'RPLQLFDQD
$UJHQWLQD&RORPELD
$UJHQWLQD0p[LFR
(VSDxD5HS~EOLFD 'RPLQLFDQD
(VSDxD&RORPELD
(VSDxD0p[LFR
5HS~EOLFD
'RPLQLFDQD
(VWDGtVWLFR
1 VLJ
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
7&.
73.
73$&.
7RWDO
&RORPELD
5HS~EOLFD 'RPLQLFDQD0p[LFR
&RORPELD0p[LFR
$UJHQWLQD(VSDxD
$UJHQWLQD5HS~EOLFD
'RPLQLFDQD
$UJHQWLQD&RORPELD
$UJHQWLQD0p[LFR
(VSDxD5HS~EOLFD 'RPLQLFDQD
(VSDxD&RORPELD
(VSDxD0p[LFR
5HS~EOLFD
'RPLQLFDQD
&RORPELD
5HS~EOLFD 'RPLQLFDQD0p[LFR
&RORPELD0p[LFR
$UJHQWLQD(VSDxD
$UJHQWLQD5HS~EOLFD
'RPLQLFDQD
$UJHQWLQD&RORPELD
$UJHQWLQD0p[LFR
(VSDxD5HS~EOLFD 'RPLQLFDQD
(VSDxD&RORPELD
(VSDxD0p[LFR
5HS~EOLFD
'RPLQLFDQD
&RORPELD
5HS~EOLFD 'RPLQLFDQD0p[LFR
&RORPELD0p[LFR
$UJHQWLQD(VSDxD
$UJHQWLQD5HS~EOLFD
'RPLQLFDQD
$UJHQWLQD&RORPELD
$UJHQWLQD0p[LFR
(VSDxD5HS~EOLFD 'RPLQLFDQD
(VSDxD&RORPELD
(VSDxD0p[LFR
5HS~EOLFD
'RPLQLFDQD
&RORPELD
5HS~EOLFD 'RPLQLFDQD0p[LFR
&RORPELD0p[LFR
$UJHQWLQD(VSDxD
$UJHQWLQD5HS~EOLFD
'RPLQLFDQD
$UJHQWLQD&RORPELD
$UJHQWLQD0p[LFR
(VSDxD5HS~EOLFD 'RPLQLFDQD
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
(VSDxD&RORPELD
(VSDxD0p[LFR
5HS~EOLFD
'RPLQLFDQD
&RORPELD
5HS~EOLFD 'RPLQLFDQD0p[LFR
&RORPELD0p[LFR
7DEOD Q &RPSDUDFLRQHV HQ ODV FRQWHVWDFLRQHV RIUHFLGDV SRU ORV
SURIHVRUHV SDUD ORV GLIHUHQWHV QLYHOHV GH FRQRFLPLHQWR GHO PRGHOR
73$&. \ HO SDtV GRQGH GHVDUUROOD VX DFWLYLGDG SURIHVLRQDO 7. &
WHFQROyJLFR &. & GHO FRQWHQLGR 3. & SHGDJyJLFR 3&. &
SHGDJyJLFR GHO FRQWHQLGR 7&. & WHFQROyJLFR GHO FRQWHQLGR 73.
& WHFQROyJLFR SHGDJyJLFR 73$&. & WHFQROyJLFR SHGDJyJLFR GHO
FRQWHQLGR VLJQLILFDWLYR DO \ VLJQLILFDWLYR DO &RPR SRGHPRV REVHUYDU HQ OD WDEOD DQWHULRU ODV GLIHUHQFLDV
IXQGDPHQWDOHV VH KDQ GDGR HQWUH ORV VLJXLHQWHV SDtVHV
$UJHQWLQD ² 0p[LFR GLIHUHQFLD HQ VLHWH GLPHQVLRQHV
(VSDxD ² 0p[LFR GLIHUHQFLD HQ VLHWH GLPHQVLRQHV
$UJHQWLQD ² 5HS~EOLFD 'RPLQLFDQD GLIHUHQFLD HQ FLQFR
GLPHQVLRQHV
$UJHQWLQD ² &RORPELD GLIHUHQFLD HQ FLQFR GLPHQVLRQHV
(VSDxD ² 5HS~EOLFD 'RPLQLFDQD GLIHUHQFLD HQ FLQFR
GLPHQVLRQHV
(VSDxD ² &RORPELD GLIHUHQFLD HQ FLQFR GLPHQVLRQHV
1R VH HQFRQWUDURQ GLIHUHQFLDV VLJQLILFDWLYDV HQ QLQJXQD GH
ODV GLPHQVLRQHV GHO 73$&. HQWUH ORV VLJXLHQWHV SDUHV GH SDtVHV
$UJHQWLQD ² (VSDxD
5HS~EOLFD 'RPLQLFDQD ² &RORPELD
&RORPELD ²0p[LFR
$ PDQHUD GH VtQWHVLV SRGHPRV GHFLU TXH ORV DQiOLVLV TXH
KHPRV UHDOL]DGR QRV SHUPLWHQ VHxDODU TXH KD\ GLIHUHQFLDV HQ ODV
YDORUDFLRQHV HIHFWXDGDV SRU ORV SURIHVRUHV HQ HO PRGHOR GH 73$&. HQ
IXQFLyQ GHO SDtV GRQGH VH HQFRQWUDEDQ UHDOL]DQGR VX DFWLYLGDG
SURIHVLRQDO
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
'LIHUHQFLDV SRU QLYHO HGXFDWLYR GRQGH HMHUFHQ VX DFWLYLGDG
SURIHVLRQDO
$ FRQWLQXDFLyQ SDVDUHPRV D DQDOL]DU VL KDEtD GLIHUHQFLDV
VLJQLILFDWLYDV HQ ODV SXQWXDFLRQHV PRVWUDGDV SRU ORV SURIHVRUHV TXH
FXPSOLPHQWDURQ HO FXHVWLRQDULR HQ ORV GLIHUHQWHV tWHPV \
GLPHQVLRQHV GHO PRGHOR 73$&. HQ IXQFLyQ GH VX QLYHO HGXFDWLYR
GRQGH GHVHPSHxDEDQ VX DFWLYLGDG SURIHVLRQDO < GH QXHYR
VHJXLUHPRV HO PLVPR SURFHGLPLHQWR TXH KHPRV HVWDEOHFLGR
DQWHULRUPHQWH SULPHUR SUHVHQWDUHPRV ODV SXQWXDFLRQHV PHGLDV
DOFDQ]DGDV SDUD ILQDOL]DU FRQ ODV YDORUDFLRQHV PHGLDV DOFDQ]DGDV HQ
FDGD XQD GH ODV HVFDODV TXH FRPSRQHQ HO PRGHOR 73$&.
(Q ODV WDEODV Q \ SXHGHQ REVHUYDUVH ODV
SXQWXDFLRQHV PHGLD \ GHVYLDFLRQHV WtSLFDV REWHQLGDV HQ ORV
GLIHUHQWHV tWHPV HQ IXQFLyQ GHO QLYHO HGXFDWLYR GRQGH HMHUFtDQ VX
DFWLYLGDG SURIHVLRQDO GH OD HQVHxDQ]D
ÌWHP
,QIDQWLO
0
'7
&RQRFLPLHQWR WHFQROyJLFR 7.
6p UHVROYHU PLV
SUREOHPDV WpFQLFRV
$VLPLOR
FRQRFLPLHQWRV
WHFQROyJLFRV IiFLOPHQWH
0H PDQWHQJR DO GtD
GH ODV QXHYDV WHFQRORJtDV
LPSRUWDQWHV
$ PHQXGR MXHJR \
KDJR SUXHEDV FRQ OD
WHFQRORJtD
&RQR]FR PXFKDV
WHFQRORJtDV GLIHUHQWHV
7HQJR
ORV
FRQRFLPLHQWRV
WpFQLFRV
TXH QHFHVLWR SDUD XVDU OD
WHFQRORJtD
+H
WHQLGR
RSRUWXQLGDGHV
VXILFLHQWHV GH WUDEDMDU
FRQ
GLIHUHQWHV
WHFQRORJtDV
&RQRFLPLHQWR GHO FRQWHQLGR &.
0DWHPiWLFDV
6HF%)3
0
'7
0
8QLY
'7
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
7HQJR VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
PDWHPiWLFDV
6p DSOLFDU XQ
PRGR GH SHQVDPLHQWR
PDWHPiWLFR
7HQJR
YDULRV
PpWRGRV \ HVWUDWHJLDV
SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
PDWHPiWLFDV
(VWXGLRV VRFLDOHV
7HQJR VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
HVWXGLRV VRFLDOHV
6p DSOLFDU XQ
PRGR GH SHQVDPLHQWR
KLVWyULFR
7HQJR
YDULRV
PpWRGRV \ HVWUDWHJLDV
SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
HVWXGLRV VRFLDOHV
&LHQFLDV
7HQJR VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
FLHQFLDV
6p DSOLFDU XQ
PRGR GH SHQVDPLHQWR
FLHQWtILFR
7HQJR
YDULRV
PpWRGRV \ HVWUDWHJLDV
SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
FLHQFLDV
/HFWRHVFULWXUD
7HQJR VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
DOIDEHWL]DFLyQ
OHFWRHVFULWRUD
6p DSOLFDU XQ
PRGR GH SHQVDPLHQWR
OLWHUDULR
7HQJR
YDULRV
PpWRGRV \ HVWUDWHJLDV
SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
DOIDEHWL]DFLyQ
OHFWRHVFULWRUD
&RQRFLPLHQWR SHGDJyJLFR 3.
6p FyPR HYDOXDU HO
UHQGLPLHQWR
GHO
DOXPQDGR HQ HO DXOD
6p DGDSWDU PL
GRFHQFLD D OR TXH HO
DOXPQDGR HQWLHQGH R QR
HQWLHQGH
HQ
FDGD
PRPHQWR
6p DGDSWDU PL HVWLOR
GH GRFHQFLD D DOXPQDGRV
FRQ GLIHUHQWHV HVWLORV GH
DSUHQGL]DMH
6p
HYDOXDU
HO
DSUHQGL]DMH
GHO
DOXPQDGR GH GLYHUVDV
PDQHUDV GLIHUHQWHV
6p XWLOL]DU XQD
DPSOLD
YDULHGDG
GH
HQIRTXHV GRFHQWHV HQ HO
HQWRUQR GHO DXOD
6R\ FRQVFLHQWH GH
ORV DFLHUWRV \ HUURUHV PiV
FRPXQHV GHO DOXPQDGR
HQ
OR
UHIHUHQWH
D
FRPSUHQVLyQ
GH
FRQWHQLGRV
6p FyPR RUJDQL]DU \
PDQWHQHU OD GLQiPLFD HQ
HO DXOD
&RQRFLPLHQWR SHGDJyJLFR GHO FRQWHQLGR 3&.
3XHGR VHOHFFLRQDU
HQIRTXHV GRFHQWHV GH
PDQHUD HILFD] SDUD JXLDU
HO SHQVDPLHQWR \ HO
DSUHQGL]DMH
GHO
DOXPQDGR
HQ
PDWHPiWLFDV
3XHGR VHOHFFLRQDU
HQIRTXHV GRFHQWHV GH
PDQHUD HILFD] SDUD JXLDU
HO SHQVDPLHQWR \ HO
DSUHQGL]DMH
GHO
DOXPQDGR
HQ
OHFWRHVFULWXUD
3XHGR VHOHFFLRQDU
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
HQIRTXHV GRFHQWHV GH
PDQHUD HILFD] SDUD JXLDU
HO SHQVDPLHQWR \ HO
DSUHQGL]DMH
GHO
DOXPQDGR HQ FLHQFLDV
3XHGR VHOHFFLRQDU
HQIRTXHV GRFHQWHV GH
PDQHUD HILFD] SDUD JXLDU
HO SHQVDPLHQWR \ HO
DSUHQGL]DMH
GHO
DOXPQDGR HQ HVWXGLRV
VRFLDOHV
&RQRFLPLHQWR WHFQROyJLFR GHO FRQWHQLGR 7&.
&RQR]FR WHFQRORJtDV
TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU
FRQWHQLGRV
VREUH
PDWHPiWLFDV
&RQR]FR WHFQRORJtDV
TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU
FRQWHQLGRV
VREUH
OHFWRHVFULWXUD
&RQR]FR WHFQRORJtDV
TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU
FRQWHQLGRV
VREUH
FLHQFLDV
&RQR]FR WHFQRORJtDV
TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU
FRQWHQLGRV
VREUH
HVWXGLRV VRFLDOHV
&RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR 73.
6p
VHOHFFLRQDU
WHFQRORJtDV TXH PHMRUDQ
ORV HQIRTXHV GRFHQWHV
SDUD XQD OHFFLyQ
6p
VHOHFFLRQDU
WHFQRORJtDV TXH PHMRUDQ
HO
DSUHQGL]DMH
GHO
DOXPQDGR
HQ
XQD
OHFFLyQ
0L IRUPDFLyQ FRPR
GRFHQWH PH KD KHFKR UH
IOH[LRQDU PiV GHWHQLGD
PHQWH VREUH OD IRUPD HQ
TXH OD WHFQRORJtD SXHGH
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
LQIOXLU HQ ORV HQIRTXHV
GRFHQWHV TXH HPSOHR HQ
HO DXOD
$GRSWR
XQ
SHQVDPLHQWR FUtWLFR VREUH
OD IRUPD GH XWLOL]DU OD
WHFQRORJtD HQ HO DXOD
3XHGR DGDSWDU HO
XVR GH ODV WHFQRORJtDV
VREUH ODV FXDOHV HVWR\
DSUHQGLHQGR D GLIHUHQWHV
DFWLYLGDGHV GRFHQWHV
&RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR GHO FRQWHQLGR 73$&.
3XHGR
LPSDUWLU
OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH
PDWHPiWLFDV WHFQRORJtDV
\ HQIRTXHV GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH
OHFWRHVFULWXUD
WHFQRORJtDV \ HQIRTXHV
GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH FLHQFLDV
WHFQRORJtDV \ HQIRTXHV
GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH HVWXGLRV
VRFLDOHV WHFQRORJtDV \
HQIRTXHV GRFHQWHV
6p
VHOHFFLRQDU
WHFQRORJtDV SDUD XVDU HQ
HO DXOD TXH PHMRUDQ ORV
FRQWHQLGRV TXH LPSDUWR
OD IRUPD GH LPSDUWLUORV \
OR
TXH
DSUHQGH
HO
DOXPQDGR
6p XVDU HQ PLV
PDWHULDOHV GRFHQWHV SDUD
HO DXOD HVWUDWHJLDV TXH
FRPELQDQ
FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV
GRFHQWHV VREUH ORV FXDOHV
KH DSUHQGLGR
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
3XHGR JXLDU \
D\XGDU D RWUDV SHUVRQDV
D FRRUGLQDU HO XVR GH
FRQWHQLGRV WHFQRORJtDV \
HQIRTXHV GRFHQWHV HQ PL
FHQWUR GRFHQWH \R UHJLyQ
DGPLQLVWUDWLYD
3XHGR VHOHFFLRQDU
WHFQRORJtDV TXH PHMRUDQ
HO FRQWHQLGR GH ODV
OHFFLRQHV
7DEOD Q 0HGLDV \ GHVYLDFLRQHV WtSLFDV DOFDQ]DGRV SRU tWHPV
WHQLHQGR HQ FXHQWD HO QLYHO HGXFDWLYR GRQGH HMHUFtDQ VX DFWLYLGDG
SURIHVLRQDO GH OD HQVHxDQ]D ORV SURIHVRUHV ,
ÌWHP
3RVWJUDGR
0
'7
&RQRFLPLHQWR WHFQROyJLFR 7.
6p UHVROYHU PLV
SUREOHPDV WpFQLFRV
$VLPLOR
FRQRFLPLHQWRV
WHFQROyJLFRV IiFLOPHQWH
0H PDQWHQJR DO GtD
GH ODV QXHYDV WHFQRORJtDV
LPSRUWDQWHV
$ PHQXGR MXHJR \
KDJR SUXHEDV FRQ OD
WHFQRORJtD
&RQR]FR PXFKDV
WHFQRORJtDV GLIHUHQWHV
7HQJR
ORV
FRQRFLPLHQWRV
WpFQLFRV
TXH QHFHVLWR SDUD XVDU OD
WHFQRORJtD
+H
WHQLGR
RSRUWXQLGDGHV
VXILFLHQWHV GH WUDEDMDU
FRQ
GLIHUHQWHV
WHFQRORJtDV
&RQRFLPLHQWR GHO FRQWHQLGR &.
0DWHPiWLFDV
7HQJR VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
PDWHPiWLFDV
0
2WURV
'7
1LQJXQR
0
'7
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
6p DSOLFDU XQ
PRGR GH SHQVDPLHQWR
PDWHPiWLFR
7HQJR
YDULRV
PpWRGRV \ HVWUDWHJLDV
SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
PDWHPiWLFDV
(VWXGLRV VRFLDOHV
7HQJR VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
HVWXGLRV VRFLDOHV
6p DSOLFDU XQ
PRGR GH SHQVDPLHQWR
KLVWyULFR
7HQJR
YDULRV
PpWRGRV \ HVWUDWHJLDV
SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
HVWXGLRV VRFLDOHV
&LHQFLDV
7HQJR VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
FLHQFLDV
6p DSOLFDU XQ
PRGR GH SHQVDPLHQWR
FLHQWtILFR
7HQJR
YDULRV
PpWRGRV \ HVWUDWHJLDV
SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
FLHQFLDV
/HFWRHVFULWXUD
7HQJR VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
DOIDEHWL]DFLyQ
OHFWRHVFULWRUD
6p DSOLFDU XQ
PRGR GH SHQVDPLHQWR
OLWHUDULR
7HQJR
YDULRV
PpWRGRV \ HVWUDWHJLDV
SDUD GHVDUUROODU PL FRQR
FLPLHQWR VREUH DOIDEH
WL]DFLyQ OHFWRHVFULWRUD
&RQRFLPLHQWR SHGDJyJLFR 3.
6p FyPR HYDOXDU HO
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
UHQGLPLHQWR
GHO
DOXPQDGR HQ HO DXOD
6p DGDSWDU PL
GRFHQFLD D OR TXH HO
DOXPQDGR HQWLHQGH R QR
HQWLHQGH
HQ
FDGD
PRPHQWR
6p DGDSWDU PL HVWLOR
GH GRFHQFLD D DOXPQDGRV
FRQ GLIHUHQWHV HVWLORV GH
DSUHQGL]DMH
6p
HYDOXDU
HO
DSUHQGL]DMH
GHO
DOXPQDGR GH GLYHUVDV
PDQHUDV GLIHUHQWHV
6p XWLOL]DU XQD
DPSOLD
YDULHGDG
GH
HQIRTXHV GRFHQWHV HQ HO
HQWRUQR GHO DXOD
6R\ FRQVFLHQWH GH
ORV DFLHUWRV \ HUURUHV PiV
FRPXQHV GHO DOXPQDGR
HQ
OR
UHIHUHQWH
D
FRPSUHQVLyQ
GH
FRQWHQLGRV
6p FyPR RUJDQL]DU \
PDQWHQHU OD GLQiPLFD HQ
HO DXOD
&RQRFLPLHQWR SHGDJyJLFR GHO FRQWHQLGR 3&.
3XHGR VHOHFFLRQDU
HQIRTXHV GRFHQWHV GH
PDQHUD HILFD] SDUD JXLDU
HO SHQVDPLHQWR \ HO
DSUHQGL]DMH
GHO
DOXPQDGR
HQ
PDWHPiWLFDV
3XHGR VHOHFFLRQDU
HQIRTXHV GRFHQWHV GH
PDQHUD HILFD] SDUD JXLDU
HO SHQVDPLHQWR \ HO
DSUHQGL]DMH
GHO
DOXPQDGR
HQ
OHFWRHVFULWXUD
3XHGR VHOHFFLRQDU
HQIRTXHV GRFHQWHV GH
PDQHUD HILFD] SDUD JXLDU
HO SHQVDPLHQWR \ HO
DSUHQGL]DMH
GHO
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
DOXPQDGR HQ FLHQFLDV
3XHGR VHOHFFLRQDU
HQIRTXHV GRFHQWHV GH
PDQHUD HILFD] SDUD JXLDU
HO SHQVDPLHQWR \ HO
DSUHQGL]DMH
GHO
DOXPQDGR HQ HVWXGLRV
VRFLDOHV
&RQRFLPLHQWR WHFQROyJLFR GHO FRQWHQLGR 7&.
&RQR]FR WHFQRORJtDV
TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU
FRQWHQLGRV
VREUH
PDWHPiWLFDV
&RQR]FR WHFQRORJtDV
TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU
FRQWHQLGRV
VREUH
OHFWRHVFULWXUD
&RQR]FR WHFQRORJtDV
TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU
FRQWHQLGRV
VREUH
FLHQFLDV
&RQR]FR WHFQRORJtDV
TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU
FRQWHQLGRV
VREUH
HVWXGLRV VRFLDOHV
&RQRFLPLHQWRV WHFQROyJLFR SHGDJyJLFRV 73.
6p
VHOHFFLRQDU
WHFQRORJtDV TXH PHMRUDQ
ORV HQIRTXHV GRFHQWHV
SDUD XQD OHFFLyQ
6p
VHOHFFLRQDU
WHFQRORJtDV TXH PHMRUDQ
HO
DSUHQGL]DMH
GHO
DOXPQDGR
HQ
XQD
OHFFLyQ
0L IRUPDFLyQ FRPR
GRFHQWH PH KD KHFKR
UHIOH[LRQDU
PiV
GHWHQLGDPHQWH VREUH OD
IRUPD
HQ
TXH
OD
WHFQRORJtD SXHGH LQIOXLU
HQ ORV HQIRTXHV GRFHQWHV
TXH HPSOHR HQ HO DXOD
$GRSWR
XQ
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
SHQVDPLHQWR FUtWLFR VREUH
OD IRUPD GH XWLOL]DU OD
WHFQRORJtD HQ HO DXOD
3XHGR DGDSWDU HO
XVR GH ODV WHFQRORJtDV
VREUH ODV FXDOHV HVWR\
DSUHQGLHQGR D GLIHUHQWHV
DFWLYLGDGHV GRFHQWHV
&RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR GHO FRQWHQLGR 73&.
3XHGR
LPSDUWLU
OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH
PDWHPiWLFDV WHFQRORJtDV
\ HQIRTXHV GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH
OHFWRHVFULWXUD
WHFQRORJtDV \ HQIRTXHV
GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH FLHQFLDV
WHFQRORJtDV \ HQIRTXHV
GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH HVWXGLRV
VRFLDOHV WHFQRORJtDV \
HQIRTXHV GRFHQWHV
6p
VHOHFFLRQDU
WHFQRORJtDV SDUD XVDU HQ
HO DXOD TXH PHMRUDQ ORV
FRQWHQLGRV TXH LPSDUWR
OD IRUPD GH LPSDUWLUORV \
OR
TXH
DSUHQGH
HO
DOXPQDGR
6p XVDU HQ PLV
PDWHULDOHV GRFHQWHV SDUD
HO DXOD HVWUDWHJLDV TXH
FRPELQDQ
FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV
GRFHQWHV VREUH ORV FXDOHV
KH DSUHQGLGR
3XHGR JXLDU \
D\XGDU D RWUDV SHUVRQDV
D FRRUGLQDU HO XVR GH
FRQWHQLGRV WHFQRORJtDV \
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
HQIRTXHV GRFHQWHV HQ PL
FHQWUR GRFHQWH \R UHJLyQ
DGPLQLVWUDWLYD
3XHGR VHOHFFLRQDU
WHFQRORJtDV TXH PHMRUDQ
HO FRQWHQLGR GH ODV
OHFFLRQHV
7DEOD Q 0HGLDV \ GHVYLDFLRQHV WtSLFDV DOFDQ]DGRV SRU tWHPV
WHQLHQGR HQ FXHQWD HO QLYHO HGXFDWLYR GRQGH HMHUFtDQ VX DFWLYLGDG
SURIHVLRQDO GH OD HQVHxDQ]D ORV SURIHVRUHV ,,
&RPR SRGHPRV REVHUYDU HQ ODV GRV WDEODV DQWHULRUHV ODV
SXQWXDFLRQHV PHGLDV PiV HOHYDGDV VH KDQ GDGR HQ ORV SURIHVRUHV
TXH GHVHPSHxDQ VX DFWLYLGDG SURIHVLRQDO HQ OD 8QLYHUVLGDG \ TXH
HVWDEDQ UHDOL]DQGR DFWLYLGDGHV IRUPDWLYDV UHODFLRQDGDV FRQ OD
HGXFDFLyQ
3RU OR TXH VH UHILHUH D ODV PHGLDV \ GHVYLDFLRQHV WtSLFDV
HQFRQWUDGDV HQ ODV GLIHUHQWHV VXEHVFDODV TXH FRQIRUPDEDQ HO
FXHVWLRQDULR ORV SUHVHQWDPRV HQ ODV WDEODV Q \ 'LPHQVLRQHV
& WHFQROyJLFR 7.
& FRQWHQLGR &.
& SHGDJyJLFR 3.
& SHGDJyJLFR GHO
FRQWHQLGR 3&.
& WHFQROyJLFR GHO
FRQWHQLGR 7&.
& WHFQROyJLFR
SHGDJyJLFRV 73.
& WHFQROyJLFR
SHGDJyJLFR GHO
FRQWHQLGR 73$&.
6XPD 7RWDO
,QIDQWLO3ULPDULD
0
'7
6HF%DFK)3
0
'7
8QLYHUVLWDULR
0
'7
7DEOD Q 0HGLDV \ GHVYLDFLRQHV WtSLFDV DOFDQ]DGDV HQ ODV
GLIHUHQWHV VXEHVFDODV GHO 73$&. WHQLHQGR HQ FXHQWD HO QLYHO
HGXFDWLYR GRQGH HMHUFtDQ VX DFWLYLGDG SURIHVLRQDO GH OD HQVHxDQ]D ORV
SURIHVRUHV ,,
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
'LPHQVLRQHV
& WHFQROyJLFR 7.
& FRQWHQLGR &.
& SHGDJyJLFR 3.
& SHGDJyJLFR GHO
FRQWHQLGR 3&.
& WHFQROyJLFR GHO
FRQWHQLGR 7&.
& WHFQROyJLFR
SHGDJyJLFRV 73.
& WHFQROyJLFR
SHGDJyJLFR GHO
FRQWHQLGR 73$&.
6XPD 7RWDO
3RVWJUDGR
0
'7
2WURV
0
'7
1LQJXQR
0
'7
7DEOD Q 0HGLDV \ GHVYLDFLRQHV WtSLFDV DOFDQ]DGRV HQ ODV
GLIHUHQWHV VXEHVFDODV GHO 73$&. WHQLHQGR HQ FXHQWD HO QLYHO
HGXFDWLYR GRQGH HMHUFtDQ VX DFWLYLGDG SURIHVLRQDO GH OD HQVHxDQ]D ORV
SURIHVRUHV ,,
&RPR SRGHPRV REVHUYDU HQ ODV GRV WDEODV DQWHULRUHV ODV
SXQWXDFLRQHV PHGLDV PiV HOHYDGDV VH KDQ GDGR HQ ORV SURIHVRUHV
TXH GHVHPSHxDQ VX DFWLYLGDG SURIHVLRQDO HQ OD 8QLYHUVLGDG \ TXH
HVWDEDQ UHDOL]DQGR DFWLYLGDGHV IRUPDWLYDV UHODFLRQDGDV FRQ OD
HGXFDFLyQ
'H QXHYR SDUD IDFLOLWDU OD FRPSUHQVLyQ GH ORV UHVXOWDGRV
DOFDQ]DGRV HQ OD WDEOD Q YDPRV D SUHVHQWDU OD RUGHQDFLyQ
DOFDQ]DGD
'LPHQVLRQHV
& WHFQROyJLFR 7.
& FRQWHQLGR &.
& SHGDJyJLFR 3.
& SHGDJyJLFR GHO FRQWHQLGR 3&.
& WHFQROyJLFR GHO FRQWHQLGR 7&.
& WHFQROyJLFR SHGDJyJLFRV 73.
& WHFQROyJLFR SHGDJyJLFR GHO
FRQWHQLGR 73$&.
6XPD 7RWDO
2UGHQDFLyQ
8QLY 3RVW
,QI
6HF
2
1J
7DEOD Q 2UGHQDFLyQ HQ IXQFLyQ GH OD SXQWXDFLyQ
DOFDQ]DGD HQ ODV GLIHUHQWHV VXEHVFDODV VHJ~Q HO QLYHO HGXFDWLYR
GRQGH GHVDUUROODQ VX DFWLYLGDG SURIHVLRQDO
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
&RPR SRGHPRV REVHUYDU ORV UHVXOWDGRV SRU ODV GLIHUHQWHV
GLPHQVLRQHV GHO 73$&. WDPELpQ DSXQWDQ GLIHUHQFLDV HQ IXQFLyQ GHO
QLYHO HGXFDWLYR HQ HO FXDO GHVDUUROODQ VX DFWLYLGDG SURIHVLRQDO 'H
QXHYR ODV SXQWXDFLRQHV PiV DOWDV QRV ODV HQFRQWUDPRV HQ ORV
SURIHVRUHV TXH LPSDUWHQ GRFHQFLD HQ OD 8QLYHUVLGDG
5HVXOWD OODPDWLYR FRPR SRGHPRV REVHUYDU D SDUWLU GH OD
RUGHQDFLyQ UHDOL]DGD HQ OD WDEOD Q ODV ~OWLPDV SRVLFLRQHV VXHOHQ
GDUVH HQ OD JUDQ PD\RUtD GH ORV GLIHUHQWHV WLSRV GH FRQRFLPLHQWRV
TXH VH DQDOL]DQ HQ HO PRGHOR GHO 73$&. VRQ RFXSDGDV SRU ODV
HVWXGLDQWHV TXH VHxDODED R TXH QR WUDEDMDQ HQ QLQJ~Q QLYHO
HGXFDWLYR R UHDOL]DEDQ RWUDV DFWLYLGDGHV /XHJR OD SUiFWLFD HGXFDWLYD
DPSOtD ORV FRQRFLPLHQWRV GRPLQDGRV SRU ODV SHUVRQDV HQFXHVWDGDV
&RQ HO REMHWR GH FRQRFHU VL H[LVWtDQ GLIHUHQFLDV VLJQLILFDWLYDV
HQWUH ODV FRQWHVWDFLRQHV RIUHFLGDV HQ HO FXHVWLRQDULR SRU ORV
SURIHVRUHV HQ IXQFLyQ GHO QLYHO GRQGH HMHUFtDQ VX DFWLYLGDG
SURIHVLRQDO DSOLFDPRV GH QXHYR HO HVWDGtVWLFR GH .UXVNDO:DOLV
6LHJHO (Q HVWH FDVR ODV KLSyWHVLV TXH FRQWUDVWDUHPRV VRQ ODV
VLJXLHQWHV
+ KLSyWHVLV QXOD 1R H[LVWHQ GLIHUHQFLDV VLJQLILFDWLYDV
HQWUH ODV FRQWHVWDFLRQHV RIUHFLGDV SRU ORV SURIHVRUHV HQ
IXQFLyQ GHO QLYHO GRQGH HMHUFtDQ VX DFWLYLGDG SURIHVLRQDO HQ
ORV GLIHUHQWHV QLYHOHV GH FRQRFLPLHQWR GHO PRGHOR 73$&. \ HO
SDtV GRQGH GHVDUUROOD VX DFWLYLGDG SURIHVLRQDO FRQ XQ ULHVJR
DOID GHO HTXLYRFDUQRV GHO + KLSyWHVLV DOWHUQDWLYD 6L H[LVWHQ GLIHUHQFLDV
VLJQLILFDWLYDV HQWUH ODV FRQWHVWDFLRQHV RIUHFLGDV SRU ORV
SURIHVRUHV HQ IXQFLyQ GHO QLYHO GRQGH HMHUFtDQ VX DFWLYLGDG
SURIHVLRQDO HQ ORV GLIHUHQWHV QLYHOHV GH FRQRFLPLHQWR GHO
PRGHOR 73$&. \ HO SDtV GRQGH GHVDUUROOD VX DFWLYLGDG
SURIHVLRQDO FRQ XQ ULHVJR DOID GHO HTXLYRFDUQRV GHO /RV YDORUHV HQFRQWUDGRV ORV SUHVHQWDPRV HQ OD WDEOD Q /D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
'LPHQVLyQ
1
.:DOLV
JO
7.
&.
3.
3&.
7&.
73.
73$&.
7RWDO
6LJ DVLQWyW
ELODWHUDO
7DEOD Q .UXVNDO:DOLV HQ ODV FRQWHVWDFLRQHV RIUHFLGDV SRU ORV
SURIHVRUHV SDUD ORV GLIHUHQWHV QLYHOHV GH FRQRFLPLHQWR GHO PRGHOR
73$&. \ HO QLYHO HGXFDWLYR GRQGH GHVDUUROOD VX DFWLYLGDG SURIHVLRQDO
7. & WHFQROyJLFR &. & GHO FRQWHQLGR 3. & SHGDJyJLFR 3&.
& SHGDJyJLFR GHO FRQWHQLGR 7&. & WHFQROyJLFR GHO FRQWHQLGR
73. & WHFQROyJLFR SHGDJyJLFR 73$&. & WHFQROyJLFR SHGDJyJLFR
GHO FRQWHQLGR VLJQLILFDWLYR DO \ VLJQLILFDWLYR DO /RV YDORUHV REWHQLGRV WUDV OD DSOLFDFLyQ GHO HVWDGtVWLFR
.UXVNDO:DOLV QRV OOHYDQ D UHFKD]DU WRGDV ODV + TXH VH KDQ
IRUPXODGR FRQ XQ ULHVJR DOID GH HTXLYRFDUQRV GHO R LQIHULRU
'LFKR HQ RWURV WpUPLQRV HO QLYHO HGXFDWLYR GRQGH HVWiQ
GHVHPSHxDQGR VX DFWLYLGDG SURIHVLRQDO ODV SHUVRQDV HQFXHVWDGDV
LQIOX\H HQ ODV UHVSXHVWDV RIUHFLGDV DQWH ORV GLIHUHQWHV QLYHOHV GH
FRQRFLPLHQWR UHFRJLGRV HQ HO PRGHOR 73$&.
'H QXHYR \ FRQ HO REMHWR GH SURIXQGL]DU HQ ODV GLIHUHQFLDV
HQWUH ORV GLVWLQWRV QLYHOHV GRQGH GHVDUUROODEDQ VX DFWLYLGDG
SURIHVLRQDO DSOLFDPRV OD SUXHED GH FRPSDUDFLRQHV P~OWLSOHV GHO WHVW
GH 'XQQ REWHQLHQGR ORV UHVXOWDGRV TXH SUHVHQWDPRV HQ OD
WDEOD Q 'LPHQVLyQ
7.
1LYHO
(VWDGtVWLFR
1 VLJ
,QIDQWLO3ULPDULD2WURV
,QIDQWLO3ULPDULD1LQJXQR
,QIDQWLO3ULPDULD6HF%DFK)3
,QIDQWLO3ULPDULD3RVWJUDGR
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
&.
,QIDQWLO3ULPDULD8QLYHUVLWDULR
2WURV1LQJXQR
2WURV6HF%DFK)3
2WURV3RVWJUDGR
2WURV8QLYHUVLWDULR
1LQJXQR6HF%DFK)3
1LQJXQR3RVWJUDGR
1LQJXQR8QLYHUVLWDULR
6HF%DFK)33RVWJUDGR
6HF%DFK)38QLYHUVLWDULR
3RVWJUDGR8QLYHUVLWDULR
,QIDQWLO3ULPDULD2WURV
,QIDQWLO3ULPDULD1LQJXQR
,QIDQWLO3ULPDULD6HF%DFK)3
,QIDQWLO3ULPDULD3RVWJUDGR
,QIDQWLO3ULPDULD8QLYHUVLWDULR
2WURV1LQJXQR
2WURV6HF%DFK)3
2WURV3RVWJUDGR
2WURV8QLYHUVLWDULR
1LQJXQR6HF%DFK)3
1LQJXQR3RVWJUDGR
1LQJXQR8QLYHUVLWDULR
6HF%DFK)33RVWJUDGR
6HF%DFK)38QLYHUVLWDULR
3RVWJUDGR8QLYHUVLWDULR
3.
,QIDQWLO3ULPDULD2WURV
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
,QIDQWLO3ULPDULD1LQJXQR
2WURV6HF%DFK)3
2WURV3RVWJUDGR
2WURV8QLYHUVLWDULR
2WURV,QIDQWLO3ULPDULD
1LQJXQR6HF%DFK)3
1LQJXQR3RVWJUDGR
1LQJXQR8QLYHUVLWDULR
1LQJXQR,QIDQWLO3ULPDULD
6HF%DFK)33RVWJUDGR
6HF%DFK)38QLYHUVLWDULR
6HF%DFK)3,QIDQWLO3ULPDULD
3RVWJUDGR8QLYHUVLWDULR
,QIDQWLO3ULPDULD6HF%DFK)3
,QIDQWLO3ULPDULD3RVWJUDGR
,QIDQWLO3ULPDULD8QLYHUVLWDULR
2WURV1LQJXQR
2WURV6HF%DFK)3
2WURV3RVWJUDGR
2WURV8QLYHUVLWDULR
1LQJXQR6HF%DFK)3
1LQJXQR3RVWJUDGR
1LQJXQR8QLYHUVLWDULR
6HF%DFK)33RVWJUDGR
6HF%DFK)38QLYHUVLWDULR
3RVWJUDGR8QLYHUVLWDULR
3&.
2WURV1LQJXQR
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
7&.
3RVWJUDGR,QIDQWLO3ULPDULD
8QLYHUVLWDULR,QIDQWLO3ULPDULD
2WURV8QLYHUVLWDULR
2WURV,QIDQWLO3ULPDULD
2WURV3RVWJUDGR
2WURV6HF%DFK)3
1LQJXQR8QLYHUVLWDULR
1LQJXQR,QIDQWLO3ULPDULD
1LQJXQR3RVWJUDGR
1LQJXQR6HF%DFK)3
8QLYHUVLWDULR,QIDQWLO3ULPDULD
8QLYHUVLWDULR6HF%DFK)3
,QIDQWLO3ULPDULD3RVWJUDGR
,QIDQWLO3ULPDULD6HF%DFK)3
3RVWJUDGR6HF%DFK)3
1LQJXQR2WURV
1LQJXQR,QIDQWLO3ULPDULD
1LQJXQR6HF%DFK)3
1LQJXQR3RVWJUDGR
1LQJXQR8QLYHUVLWDULR
2WURV,QIDQWLO3ULPDULD
2WURV6HF%DFK)3
2WURV3RVWJUDGR
2WURV8QLYHUVLWDULR
2WURV1LQJXQR
8QLYHUVLWDULR3RVWJUDGR
73.
,QIDQWLO3ULPDULD6HF%DFK)3
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
,QIDQWLO3ULPDULD3RVWJUDGR
,QIDQWLO3ULPDULD8QLYHUVLWDULR
6HF%DFK)33RVWJUDGR
6HF%DFK)38QLYHUVLWDULR
2WURV,QIDQWLO3ULPDULD
2WURV6HF%DFK)3
2WURV3RVWJUDGR
2WURV8QLYHUVLWDULR
1LQJXQR,QIDQWLO3ULPDULD
1LQJXQR6HF%DFK)3
1LQJXQR3RVWJUDGR
1LQJXQR8QLYHUVLWDULR
,QIDQWLO3ULPDULD6HF%DFK)3
,QIDQWLO3ULPDULD3RVWJUDGR
,QIDQWLO3ULPDULD8QLYHUVLWDULR
6HF%DFK)33RVWJUDGR
6HF%DFK)38QLYHUVLWDULR
3RVWJUDGR8QLYHUVLWDULR
1LQJXQR2WURV
1LQJXQR,QIDQWLO3ULPDULD
1LQJXQR6HF%DFK)3
1LQJXQR3RVWJUDGR
1LQJXQR8QLYHUVLWDULR
2WURV,QIDQWLO3ULPDULD
2WURV6HF%DFK)3
3RVWJUDGR8QLYHUVLWDULR
73$&.
7RWDO
2WURV1LQJXQR
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
2WURV3RVWJUDGR
2WURV8QLYHUVLWDULR
,QIDQWLO3ULPDULD6HF%DFK)3
,QIDQWLO3ULPDULD3RVWJUDGR
,QIDQWLO3ULPDULD8QLYHUVLWDULR
6HF%DFK)33RVWJUDGR
6HF%DFK)38QLYHUVLWDULR
3RVWJUDGR8QLYHUVLWDULR
7DEOD Q &RPSDUDFLRQHV HQ ODV FRQWHVWDFLRQHV RIUHFLGDV SRU ORV
SURIHVRUHV SDUD ORV GLIHUHQWHV QLYHOHV GH FRQRFLPLHQWR GHO PRGHOR
73$&. \ HO SDtV GRQGH GHVDUUROOD VX DFWLYLGDG SURIHVLRQDO 7. &
WHFQROyJLFR &. & GHO FRQWHQLGR 3. & SHGDJyJLFR 3&. &
SHGDJyJLFR GHO FRQWHQLGR 7&. & WHFQROyJLFR GHO FRQWHQLGR 73.
& WHFQROyJLFR SHGDJyJLFR 73$&. & WHFQROyJLFR SHGDJyJLFR GHO
FRQWHQLGR VLJQLILFDWLYR DO \ VLJQLILFDWLYR DO 6LQ TXHUHU HQWUDU HQ PXFKDV SURIXQGLGDGHV ORV UHVXOWDGRV
H[SXHVWRV HQ OD WDEOD Q QRV SHUPLWHQ VHxDODU TXH ODV
SXQWXDFLRQHV REWHQLGDV HQ ODV GLIHUHQWHV GLPHQVLRQHV GHO 73$&.
YDUtDQ HQ IXQFLyQ GHO QLYHO HGXFDWLYR HQ HO FXDO GHVDUUROOD VX
DFWLYLGDG SURIHVLRQDO ORV GRFHQWHV TXH FXPSOLPHQWDURQ HO
LQVWUXPHQWR < SRU OR JHQHUDO ODV GLIHUHQFLDV VH HVWDEOHFLHURQ HQWUH
ORV TXH WUDEDMDEDQ HQ OD 8QLYHUVLGDG FRQ HO UHVWR GH VXV FRPSDxHURV
TXH WUDEDMDEDQ HQ RWURV QLYHOHV GH HQVHxDQ]D
&RPR VtQWHVLV GH ORV DQiOLVLV UHDOL]DGRV HQ HVWH QLYHO
SRGHPRV VHxDODU TXH HO QLYHO GRFHQWH GRQGH WUDEDMDEDQ ORV
SURIHVRUHV HQFXHVWDGRV UHSHUFXWtD VREUH ORV GLIHUHQWHV GRPLQLRV TXH
LQGLFDEDQ WHQHU GH ORV FRQRFLPLHQWRV UHFRJLGRV HQ HO PRGHOR 73$&.
5HVXOWD OODPDWLYR FRPR ORV HQFXHWDGRV TXH VHxDODEDQ TXH QR
HVWDEDQ WUDEDMDQGR R TXH GHVHPSHxDEDQ VX DFWLYLGDG SURIHVLRQDO HQ
LQVWLWXFLRQHV GLIHUHQWHV D ODV HGXFDWLYDV ODV SXQWXDFLRQHV 73$&.
DOFDQ]DGDV HUDQ ODV PHQRUHV GH OD PXHVWUD
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
'LIHUHQFLDV HQWUH ORV SURIHVRUHV SRU 8QLYHUVLGDGHV
1XHVWUR ~OWLPR FRQWUDVWH GH GLIHUHQFLDV OR YDPRV D UHDOL]DU
SDUD DQDOL]DU VL KDEtD GLIHUHQFLDV VLJQLILFDWLYDV HQ IXQFLyQ GH ODV
8QLYHUVLGDGHV GRQGH HVWDEDQ GHVDUUROODQGR ODV DFFLRQHV IRUPDWLYDV
$ FRQWLQXDFLyQ SDVDUHPRV D DQDOL]DU VL H[LVWtDQ GLIHUHQFLDV HQ ODV
FRQWHVWDFLRQHV TXH ORV SURIHVRUHV HQFXHVWDGRV KDEtDQ RIUHFLGR HQ HO
FXHVWLRQDULR GH DQiOLVLV GHO 73$&. HQ IXQFLyQ GH OD 8QLYHUVLGDG
GRQGH HVWDEDQ FXUVDQGR ORV HVWXGLRV GH IRUPDFLyQ
(Q SULPHU OXJDU FRPR KHPRV YHQLGR UHDOL]DQGR SDVDUHPRV
D SUHVHQWDU ORV YDORUHV PHGLRV \ ODV GHVYLDFLRQHV WtSLFDV DOFDQ]DGDV
SDUD FDGD XQR GH ORV tWHPV TXH FRQIRUPDEDQ HO FXHVWLRQDULR SDUD
SRVWHULRUPHQWH SDVDU D OOHYDU D FDER ORV HVWDGtVWLFRV GH FRQWUDVWHV \
OD SUHVHQWDFLyQ GH ODV SXQWXDFLRQHV PHGLDV SDUD FDGD XQD GH ODV
GLPHQVLRQHV TXH FRQIRUPDQ HO 73$&.
(Q ODV WDEODV Q \ VH RIUHFHQ ORV UHVXOWDGRV TXH
KHPRV DOFDQ]DGR
ÌWHP
$OLFDQWH
&yUGRED
0
'7
0
'7
&RQRFLPLHQWR WHFQROyJLFR 7.
6p
UHVROYHU
PLV
SUREOHPDV
WpFQLFRV
$VLPLOR
FRQRFLPLHQWRV
WHFQROyJLFRV
IiFLOPHQWH
0H
PDQWHQJR
DO
GtD
GH
ODV
QXHYDV
WHFQRORJtDV
LPSRUWDQWHV
$ PHQXGR
MXHJR \ KDJR
SUXHEDV FRQ OD
WHFQRORJtD
&RQR]FR
PXFKDV
WHFQRORJtDV
GLIHUHQWHV
6HYLOOD
0
'7
8$3(&
0
'7
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
7HQJR ORV
FRQRFLPLHQWRV
WpFQLFRV
TXH
QHFHVLWR
SDUD
XVDU
OD
WHFQRORJtD
+H WHQLGR
RSRUWXQLGDGHV
VXILFLHQWHV GH
WUDEDMDU
FRQ
GLIHUHQWHV
WHFQRORJtDV
&RQRFLPLHQWR GHO FRQWHQLGR &.
0DWHPiWLFDV
7HQJR
VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
PDWHPiWLFDV
6p
DSOLFDU
XQ
PRGR
GH
SHQVDPLHQWR
PDWHPiWLFR
7HQJR
YDULRV PpWRGRV
\
HVWUDWHJLDV
SDUD
GHVDUUROODU PL
FRQRFLPLHQWR
VREUH
PDWHPiWLFDV
(VWXGLRV VRFLDOHV
7HQJR
VXILFLHQWHV
FRQRFLPLHQWRV
VREUH HVWXGLRV
VRFLDOHV
6p
DSOLFDU
XQ
PRGR
GH
SHQVDPLHQWR
KLVWyULFR
7HQJR
YDULRV PpWRGRV
\
HVWUDWHJLDV
SDUD
GHVDUUROODU PL
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
FRQRFLPLHQWR
VREUH HVWXGLRV
VRFLDOHV
&LHQFLDV
7HQJR
VXILFLHQWHV
FRQRFLPLHQWRV
VREUH FLHQFLDV
6p
DSOLFDU
XQ
PRGR
GH
SHQVDPLHQWR
FLHQWtILFR
7HQJR
YDULRV PpWRGRV
\
HVWUDWHJLDV
SDUD
GHVDUUROODU PL
FRQRFLPLHQWR
VREUH FLHQFLDV
/HFWRHVFULWXUD
7HQJR
VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
DOIDEH
WL]DFLyQ
OHFWRHVFULWRUD
6p
DSOLFDU
XQ
PRGR
GH
SHQVDPLHQWR
OLWHUDULR
7HQJR
YDULRV PpWRGRV
\
HVWUDWHJLDV
SDUD
GHVDUUROODU PL
FRQRFLPLHQWR
VREUH
DOIDEHWL]DFLyQ
OHFWRHVFULWRUD
&RQRFLPLHQWR SHGDJyJLFR 3.
6p FyPR
HYDOXDU
HO
UHQGLPLHQWR GHO
DOXPQDGR HQ HO
DXOD
6p
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
DGDSWDU
PL
GRFHQFLD D OR
TXH
HO
DOXPQDGR
HQWLHQGH R QR
HQWLHQGH
HQ
FDGD PRPHQWR
6p
DGDSWDU
PL
HVWLOR
GH
GRFHQFLD
D
DOXPQDGRV FRQ
GLIHUHQWHV
HVWLORV
GH
DSUHQGL]DMH
6p HYDOXDU
HO DSUHQGL]DMH
GHO DOXPQDGR
GH
GLYHUVDV
PDQHUDV
GLIHUHQWHV
6p XWLOL]DU
XQD
DPSOLD
YDULHGDG
GH
HQIRTXHV
GRFHQWHV HQ HO
HQWRUQR
GHO
DXOD
6R\
FRQVFLHQWH GH
ORV DFLHUWRV \
HUURUHV
PiV
FRPXQHV
GHO
DOXPQDGR HQ OR
UHIHUHQWH
D
FRPSUHQVLyQ
GH FRQWHQLGRV
6p FyPR
RUJDQL]DU
\
PDQWHQHU
OD
GLQiPLFD HQ HO
DXOD
&RQRFLPLHQWR
3XHGR
VHOHFFLRQDU
HQIRTXHV
GR
FHQWHV
GH
PDQHUD HILFD]
SHGDJyJLFR GHO FRQWHQLGR 3&.
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
SDUD JXLDU HO
SHQVDPLHQWR \
HO DSUHQGL]DMH
GHO DOXPQDGR
HQ
PDWHPiWLFDV
3XHGR
VHOHFFLRQDU
HQIRTXHV
GRFHQWHV
GH
PDQHUD HILFD]
SDUD JXLDU HO
SHQVDPLHQWR \
HO DSUHQGL]DMH
GHO DOXPQDGR
HQ
OHFWRHVFULWXUD
3XHGR
VHOHFFLRQDU
HQIRTXHV
GR
FHQWHV
GH
PDQHUD HILFD]
SDUD JXLDU HO
SHQVDPLHQWR \
HO DSUHQGL]DMH
GHO DOXPQDGR
HQ FLHQFLDV
3XHGR
VHOHFFLRQDU
HQIRTXHV
GRFHQWHV
GH
PDQHUD HILFD]
SDUD JXLDU HO
SHQVDPLHQWR \
HO DSUHQGL]DMH
GHO DOXPQDGR
HQ
HVWXGLRV
VRFLDOHV
&RQRFLPLHQWR
&RQR]FR
WHFQRORJtDV TXH
SXHGR
XVDU
SDUD
FRPSUHQGHU \
HODERUDU
FRQWHQLGRV
VREUH
PDWHPiWLFDV
WHFQROyJLFR GHO FRQWHQLGR 7&.
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
&RQR]FR
WHFQRORJtDV TXH
SXHGR
XVDU
SDUD
FRPSUHQGHU \
HODERUDU
FRQWHQLGRV
VREUH
OHFWRHVFULWXUD
&RQR]FR
WHFQRORJtDV TXH
SXHGR
XVDU
SDUD
FRPSUHQGHU \
HODERUDU
FRQWHQLGRV
VREUH FLHQFLDV
&RQR]FR
WHFQRORJtDV TXH
SXHGR
XVDU
SDUD
FRPSUHQGHU \
HODERUDU
FRQWHQLGRV
VREUH HVWXGLRV
VRFLDOHV
&RQRFLPLHQWRV WHFQROyJLFR SHGDJyJLFRV 73.
6p
VHOHFFLRQDU
WHFQRORJtDV TXH
PHMRUDQ
ORV
HQIRTXHV
GRFHQWHV SDUD
XQD OHFFLyQ
6p
VHOHFFLRQDU
WHFQRORJtDV TXH
PHMRUDQ
HO
DSUHQGL]DMH GHO
DOXPQDGR
HQ
XQD OHFFLyQ
0L
IRUPDFLyQ
FRPR GRFHQWH
PH KD KHFKR
UHIOH[LRQDU PiV
GHWHQLGDPHQWH
VREUH OD IRUPD
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
HQ
TXH
OD
WHFQRORJtD
SXHGH
LQIOXLU
HQ ORV HQIRTXHV
GRFHQWHV
TXH
HPSOHR HQ HO
DXOD
$GRSWR XQ
SHQVDPLHQWR
FUtWLFR VREUH OD
IRUPD
GH
XWLOL]DU
OD
WHFQRORJtD HQ HO
DXOD
3XHGR
DGDSWDU HO XVR
GH
ODV
WHFQRORJtDV
VREUH
ODV
FXDOHV
HVWR\
DSUHQGLHQGR D
GLIHUHQWHV
DFWLYLGDGHV
GRFHQWHV
&RQRFLPLHQWRV WHFQROyJLFR SHGDJyJLFR GHO FRQWHQLGR 73$&.
3XHGR
LPSDUWLU
OHFFLRQHV
TXH
FRPELQDQ
DGHFXDGDPHQWH
PDWHPiWLFDV
WHFQRORJtDV
\
HQIRTXHV
GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV
TXH
FRPELQDQ
DGHFXDGDPHQWH
OHFWRHVFULWXUD
WHFQRORJtDV
\
HQIRTXHV
GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV
TXH
FRPELQDQ
DGHFXDGDPHQWH
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
FLHQFLDV
WHFQRORJtDV
\
HQIRTXHV
GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV
TXH
FRPELQDQ
DGHFXDGDPHQWH
HVWXGLRV
VRFLDOHV
WHFQRORJtDV
\
HQIRTXHV
GRFHQWHV
6p
VHOHFFLRQDU
WHFQRORJtDV
SDUD XVDU HQ HO
DXOD
TXH
PHMRUDQ
ORV
FRQWHQLGRV TXH
LPSDUWR
OD
IRUPD
GH
LPSDUWLUORV \ OR
TXH DSUHQGH HO
DOXPQDGR
6p XVDU
HQ
PLV
PDWHULDOHV
GRFHQWHV SDUD
HO
DXOD
HVWUDWHJLDV TXH
FRPELQDQ
FRQWHQLGRV
WHFQRORJtDV
\
HQIRTXHV
GRFHQWHV VREUH
ORV FXDOHV KH
DSUHQGLGR
3XHGR
JXLDU \ D\XGDU
D
RWUDV
SHUVRQDV
D
FRRUGLQDU
HO
XVR
GH
FRQWHQLGRV
WHFQRORJtDV
\
HQIRTXHV
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
GRFHQWHV HQ PL
FHQWUR GRFHQWH
\R
UHJLyQ
DGPLQLVWUDWLYD
3XHGR
VHOHFFLRQDU
WHFQRORJtDV TXH
PHMRUDQ
HO
FRQWHQLGR
GH
ODV OHFFLRQHV
7DEOD Q 0HGLDV \ GHVYLDFLRQHV WtSLFDV GH ORV UHVXOWDGRV
DOFDQ]DGRV HQ ORV GLIHUHQWHV tWHPV WHQLHQGR HQ FXHQWD OD
8QLYHUVLGDG GRQGH HO SURIHVRUDOXPQRV HVWDED FXUVDQGR VXV
HVWXGLRV ,
ÌWHP
7DPDXOLSDV
%XFDUDPDQJD
0
'7
0
'7
&RQRFLPLHQWR WHFQROyJLFR 7.
6p
UHVROYHU
PLV
SUREOHPDV
WpFQLFRV
$VLPLOR
FRQRFLPLHQWRV
WHFQROyJLFRV
IiFLOPHQWH
0H
PDQWHQJR
DO
GtD
GH
ODV
QXHYDV
WHFQRORJtDV
LPSRUWDQWHV
$ PHQXGR
MXHJR \ KDJR
SUXHEDV FRQ OD
WHFQRORJtD
&RQR]FR
PXFKDV
WHFQRORJtDV
GLIHUHQWHV
7HQJR ORV
FRQRFLPLHQWRV
WpFQLFRV
TXH
QHFHVLWR
SDUD
XVDU
OD
0
8+38
'7
0
871
'7
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
WHFQRORJtD
+H WHQLGR
RSRUWXQLGDGHV
VXILFLHQWHV GH
WUDEDMDU
FRQ
GLIHUHQWHV
WHFQRORJtDV
&RQRFLPLHQWR GHO FRQWHQLGR &.
0DWHPiWLFDV
7HQJR
VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
PDWHPiWLFDV
6p
DSOLFDU
XQ
PRGR
GH
SHQVDPLHQWR
PDWHPiWLFR
7HQJR
YDULRV PpWRGRV
\
HVWUDWHJLDV
SDUD
GHVDUUROODU PL
FRQRFLPLHQWR
VREUH
PDWHPiWLFDV
(VWXGLRV VRFLDOHV
7HQJR
VXILFLHQWHV
FRQRFLPLHQWRV
VREUH HVWXGLRV
VRFLDOHV
6p
DSOLFDU
XQ
PRGR
GH
SHQVDPLHQWR
KLVWyULFR
7HQJR
YDULRV PpWRGRV
\
HVWUDWHJLDV
SDUD
GHVDUUROODU PL
FRQRFLPLHQWR
VREUH HVWXGLRV
VRFLDOHV
&LHQFLDV
7HQJR
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
VXILFLHQWHV
FRQRFLPLHQWRV
VREUH FLHQFLDV
6p
DSOLFDU
XQ
PRGR
GH
SHQVDPLHQWR
FLHQWtILFR
7HQJR
YDULRV PpWRGRV
\
HVWUDWHJLDV
SDUD
GHVDUUROODU PL
FRQRFLPLHQWR
VREUH FLHQFLDV
/HFWRHVFULWXUD
7HQJR
VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
DOIDEHWL]DFLyQ
OHFWRHVFULWRUD
6p
DSOLFDU
XQ
PRGR
GH
SHQVDPLHQWR
OLWHUDULR
7HQJR
YDULRV PpWRGRV
\
HVWUDWHJLDV
SDUD
GHVDUUROODU PL
FRQRFLPLHQWR
VREUH
DOIDEHWL]DFLyQ
OHFWRHVFULWRUD
&RQRFLPLHQWR SHGDJyJLFR 3.
6p FyPR
HYDOXDU
HO
UHQGLPLHQWR GHO
DOXPQDGR HQ HO
DXOD
6p
DGDSWDU
PL
GRFHQFLD D OR
TXH
HO
DOXPQDGR
HQWLHQGH R QR
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
HQWLHQGH
HQ
FDGD PRPHQWR
6p
DGDSWDU
PL
HVWLOR
GH
GRFHQFLD
D
DOXPQDGRV FRQ
GLIHUHQWHV
HVWLORV
GH
DSUHQGL]DMH
6p HYDOXDU
HO DSUHQGL]DMH
GHO DOXPQDGR
GH
GLYHUVDV
PDQHUDV
GLIHUHQWHV
6p XWLOL]DU
XQD
DPSOLD
YDULHGDG
GH
HQIRTXHV
GRFHQWHV HQ HO
HQWRUQR
GHO
DXOD
6R\
FRQVFLHQWH GH
ORV DFLHUWRV \
HUURUHV
PiV
FRPXQHV
GHO
DOXPQDGR HQ OR
UHIHUHQWH
D
FRPSUHQVLyQ
GH FRQWHQLGRV
6p FyPR
RUJDQL]DU
\
PDQWHQHU
OD
GLQiPLFD HQ HO
DXOD
&RQRFLPLHQWR
3XHGR
VHOHFFLRQDU
HQIRTXHV
GRFHQWHV
GH
PDQHUD HILFD]
SDUD JXLDU HO
SHQVDPLHQWR \
HO DSUHQGL]DMH
GHO DOXPQDGR
HQ
SHGDJyJLFR GHO FRQWHQLGR 3&.
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
PDWHPiWLFDV
3XHGR
VHOHFFLRQDU
HQIRTXHV
GRFHQWHV
GH
PDQHUD HILFD]
SDUD JXLDU HO
SHQVDPLHQWR \
HO DSUHQGL]DMH
GHO DOXPQDGR
HQ
OHFWRHVFULWXUD
3XHGR
VHOHFFLRQDU
HQIRTXHV
GRFHQWHV
GH
PDQHUD HILFD]
SDUD JXLDU HO
SHQVDPLHQWR \
HO DSUHQGL]DMH
GHO DOXPQDGR
HQ FLHQFLDV
3XHGR
VHOHFFLRQDU
HQIRTXHV
GRFHQWHV
GH
PDQHUD HILFD]
SDUD JXLDU HO
SHQVDPLHQWR \
HO DSUHQGL]DMH
GHO DOXPQDGR
HQ
HVWXGLRV
VRFLDOHV
&RQRFLPLHQWR
&RQR]FR
WHFQRORJtDV TXH
SXHGR
XVDU
SDUD
FRPSUHQGHU \
HODERUDU
FRQWHQLGRV
VREUH
PDWHPiWLFDV
&RQR]FR
WHFQRORJtDV TXH
SXHGR
XVDU
SDUD
FRPSUHQGHU \
WHFQROyJLFR GHO FRQWHQLGR 7&.
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
HODERUDU
FRQWHQLGRV
VREUH
OHFWRHVFULWXUD
&RQR]FR
WHFQRORJtDV TXH
SXHGR
XVDU
SDUD
FRPSUHQGHU \
HODERUDU
FRQWHQLGRV
VREUH FLHQFLDV
&RQR]FR
WHFQRORJtDV TXH
SXHGR
XVDU
SDUD
FRPSUHQGHU \
HODERUDU
FRQWHQLGRV
VREUH HVWXGLRV
VRFLDOHV
&RQRFLPLHQWR
6p
VHOHFFLRQDU
WHFQRORJtDV TXH
PHMRUDQ
ORV
HQIRTXHV
GRFHQWHV SDUD
XQD OHFFLyQ
6p
VHOHFFLRQDU
WHFQRORJtDV TXH
PHMRUDQ
HO
DSUHQGL]DMH GHO
DOXPQDGR
HQ
XQD OHFFLyQ
0L
IRUPDFLyQ
FRPR GRFHQWH
PH KD KHFKR
UHIOH[LRQDU PiV
GHWHQLGDPHQWH
VREUH OD IRUPD
HQ
TXH
OD
WHFQRORJtD
SXHGH
LQIOXLU
HQ ORV HQIRTXHV
GRFHQWHV
TXH
WHFQROyJLFR SHGDJyJLFRV 73.
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
HPSOHR HQ HO
DXOD
$GRSWR XQ
SHQVDPLHQWR
FUtWLFR VREUH OD
IRUPD
GH
XWLOL]DU
OD
WHFQRORJtD HQ HO
DXOD
3XHGR
DGDSWDU HO XVR
GH
ODV
WHFQRORJtDV
VREUH
ODV
FXDOHV
HVWR\
DSUHQGLHQGR D
GLIHUHQWHV
DFWLYLGDGHV
GRFHQWHV
&RQRFLPLHQWR
3XHGR
LPSDUWLU
OHFFLRQHV
TXH
FRPELQDQ
DGHFXDGDPHQWH
PDWHPiWLFDV
WHFQRORJtDV
\
HQIRTXHV
GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV
TXH
FRPELQDQ
DGHFXDGDPHQWH
OHFWRHVFULWXUD
WHFQRORJtDV
\
HQIRTXHV
GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV
TXH
FRPELQDQ
DGHFXDGDPHQWH
FLHQFLDV
WHFQRORJtDV
\
HQIRTXHV
GRFHQWHV
3XHGR
WHFQROyJLFR SHGDJyJLFR GHO FRQWHQLGR 73$&.
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
LPSDUWLU
OHFFLRQHV
TXH
FRPELQDQ
DGHFXDGDPHQWH
HVWXGLRV
VRFLDOHV
WHFQRORJtDV
\
HQIRTXHV
GRFHQWHV
6p
VHOHFFLRQDU
WHFQRORJtDV
SDUD XVDU HQ HO
DXOD
TXH
PHMRUDQ
ORV
FRQWHQLGRV TXH
LPSDUWR
OD
IRUPD
GH
LPSDUWLUORV \ OR
TXH DSUHQGH HO
DOXPQDGR
6p XVDU
HQ
PLV
PDWHULDOHV
GRFHQWHV SDUD
HO
DXOD
HVWUDWHJLDV TXH
FRPELQDQ
FRQWHQLGRV
WHFQRORJtDV
\
HQIRTXHV
GRFHQWHV VREUH
ORV FXDOHV KH
DSUHQGLGR
3XHGR
JXLDU \ D\XGDU
D
RWUDV
SHUVRQDV
D
FRRUGLQDU
HO
XVR
GH
FRQWHQLGRV
WHFQRORJtDV
\
HQIRTXHV
GRFHQWHV HQ PL
FHQWUR GRFHQWH
\R
UHJLyQ
DGPLQLVWUDWLYD
3XHGR
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
VHOHFFLRQDU
WHFQRORJtDV TXH
PHMRUDQ
HO
FRQWHQLGR
GH
ODV OHFFLRQHV
7DEOD Q 0HGLDV \ GHVYLDFLRQHV WtSLFDV GH ORV UHVXOWDGRV
DOFDQ]DGRV HQ ORV GLIHUHQWHV tWHPV WHQLHQGR HQ FXHQWD OD
8QLYHUVLGDG GRQGH HO SURIHVRUDOXPQRV HVWDED FXUVDQGR VXV
HVWXGLRV ,,
ÌWHP
0XUFLD
0
'7
&RQRFLPLHQWR WHFQROyJLFR 7.
6p UHVROYHU PLV
SUREOHPDV WpFQLFRV
$VLPLOR
FRQRFLPLHQWRV
WHFQROyJLFRV IiFLOPHQWH
0H PDQWHQJR DO GtD
GH ODV QXHYDV WHFQRORJtDV
LPSRUWDQWHV
$ PHQXGR MXHJR \
KDJR SUXHEDV FRQ OD
WHFQRORJtD
&RQR]FR PXFKDV
WHFQRORJtDV GLIHUHQWHV
7HQJR
ORV
FRQRFLPLHQWRV
WpFQLFRV
TXH QHFHVLWR SDUD XVDU OD
WHFQRORJtD
+H
WHQLGR
RSRUWXQLGDGHV
VXILFLHQWHV GH WUDEDMDU
FRQ
GLIHUHQWHV
WHFQRORJtDV
&RQRFLPLHQWR GHO FRQWHQLGR &.
0DWHPiWLFDV
7HQJR VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
PDWHPiWLFDV
6p DSOLFDU XQ
PRGR GH SHQVDPLHQWR
PDWHPiWLFR
7HQJR
YDULRV
PpWRGRV \ HVWUDWHJLDV
0
-DpQ
'7
3DEOR 2ODYLGH
0
'7
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
PDWHPiWLFDV
(VWXGLRV VRFLDOHV
7HQJR VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
HVWXGLRV VRFLDOHV
6p DSOLFDU XQ
PRGR GH SHQVDPLHQWR
KLVWyULFR
7HQJR
YDULRV
PpWRGRV \ HVWUDWHJLDV
SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
HVWXGLRV VRFLDOHV
&LHQFLDV
7HQJR VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
FLHQFLDV
6p DSOLFDU XQ
PRGR GH SHQVDPLHQWR
FLHQWtILFR
7HQJR
YDULRV
PpWRGRV \ HVWUDWHJLDV
SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
FLHQFLDV
/HFWRHVFULWXUD
7HQJR VXILFLHQWHV
FRQRFLPLHQWRV
VREUH
DOIDEHWL]DFLyQ
OHFWRHVFULWRUD
6p DSOLFDU XQ
PRGR GH SHQVDPLHQWR
OLWHUDULR
7HQJR
YDULRV
PpWRGRV \ HVWUDWHJLDV
SDUD
GHVDUUROODU
PL
FRQRFLPLHQWR
VREUH
DOIDEHWL]DFLyQ
OHFWRHVFULWRUD
&RQRFLPLHQWR SHGDJyJLFR 3.
6p FyPR HYDOXDU HO
UHQGLPLHQWR
GHO
DOXPQDGR HQ HO DXOD
6p DGDSWDU PL
GRFHQFLD D OR TXH HO
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
DOXPQDGR HQWLHQGH R QR
HQWLHQGH
HQ
FDGD
PRPHQWR
6p DGDSWDU PL HVWLOR
GH GRFHQFLD D DOXPQDGRV
FRQ GLIHUHQWHV HVWLORV GH
DSUHQGL]DMH
6p
HYDOXDU
HO
DSUHQGL]DMH
GHO
DOXPQDGR GH GLYHUVDV
PDQHUDV GLIHUHQWHV
6p XWLOL]DU XQD
DPSOLD
YDULHGDG
GH
HQIRTXHV GRFHQWHV HQ HO
HQWRUQR GHO DXOD
6R\ FRQVFLHQWH GH
ORV DFLHUWRV \ HUURUHV PiV
FRPXQHV GHO DOXPQDGR
HQ
OR
UHIHUHQWH
D
FRPSUHQVLyQ
GH
FRQWHQLGRV
6p FyPR RUJDQL]DU \
PDQWHQHU OD GLQiPLFD HQ
HO DXOD
&RQRFLPLHQWR SHGDJyJLFR GHO FRQWHQLGR 3&.
3XHGR VHOHFFLRQDU
HQIRTXHV GRFHQWHV GH
PDQHUD HILFD] SDUD JXLDU
HO SHQVDPLHQWR \ HO
DSUHQGL]DMH
GHO
DOXPQDGR
HQ
PDWHPiWLFDV
3XHGR VHOHFFLRQDU
HQIRTXHV GRFHQWHV GH
PDQHUD HILFD] SDUD JXLDU
HO SHQVDPLHQWR \ HO
DSUHQGL]DMH
GHO
DOXPQDGR
HQ
OHFWRHVFULWXUD
3XHGR VHOHFFLRQDU
HQIRTXHV GRFHQWHV GH
PDQHUD HILFD] SDUD JXLDU
HO SHQVDPLHQWR \ HO
DSUHQGL]DMH
GHO
DOXPQDGR HQ FLHQFLDV
3XHGR VHOHFFLRQDU
HQIRTXHV GRFHQWHV GH
PDQHUD HILFD] SDUD JXLDU
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
HO SHQVDPLHQWR \ HO
DSUHQGL]DMH
GHO
DOXPQDGR HQ HVWXGLRV
VRFLDOHV
&RQRFLPLHQWR WHFQROyJLFR GHO FRQWHQLGR 7&.
&RQR]FR WHFQRORJtDV
TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU
FRQWHQLGRV
VREUH
PDWHPiWLFDV
&RQR]FR WHFQRORJtDV
TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU
FRQWHQLGRV
VREUH
OHFWRHVFULWXUD
&RQR]FR WHFQRORJtDV
TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU
FRQWHQLGRV
VREUH
FLHQFLDV
&RQR]FR WHFQRORJtDV
TXH SXHGR XVDU SDUD
FRPSUHQGHU \ HODERUDU
FRQWHQLGRV
VREUH
HVWXGLRV VRFLDOHV
&RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFRV 73.
6p
VHOHFFLRQDU
WHFQRORJtDV TXH PHMRUDQ
ORV HQIRTXHV GRFHQWHV
SDUD XQD OHFFLyQ
6p
VHOHFFLRQDU
WHFQRORJtDV TXH PHMRUDQ
HO
DSUHQGL]DMH
GHO
DOXPQDGR
HQ
XQD
OHFFLyQ
0L IRUPDFLyQ FRPR
GRFHQWH PH KD KHFKR
UHIOH[LRQDU
PiV
GHWHQLGDPHQWH VREUH OD
IRUPD
HQ
TXH
OD
WHFQRORJtD SXHGH LQIOXLU
HQ ORV HQIRTXHV GRFHQWHV
TXH HPSOHR HQ HO DXOD
$GRSWR
XQ
SHQVDPLHQWR FUtWLFR VREUH
OD IRUPD GH XWLOL]DU OD
WHFQRORJtD HQ HO DXOD
3XHGR DGDSWDU HO
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
XVR GH ODV WHFQRORJtDV
VREUH ODV FXDOHV HVWR\
DSUHQGLHQGR D GLIHUHQWHV
DFWLYLGDGHV GRFHQWHV
&RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR GHO FRQWHQLGR 73$&.
3XHGR
LPSDUWLU
OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH
PDWHPiWLFDV WHFQRORJtDV
\ HQIRTXHV GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH
OHFWRHVFULWXUD
WHFQRORJtDV \ HQIRTXHV
GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH FLHQFLDV
WHFQRORJtDV \ HQIRTXHV
GRFHQWHV
3XHGR
LPSDUWLU
OHFFLRQHV TXH FRPELQDQ
DGHFXDGDPHQWH HVWXGLRV
VRFLDOHV WHFQRORJtDV \
HQIRTXHV GRFHQWHV
6p
VHOHFFLRQDU
WHFQRORJtDV SDUD XVDU HQ
HO DXOD TXH PHMRUDQ ORV
FRQWHQLGRV TXH LPSDUWR
OD IRUPD GH LPSDUWLUORV \
OR
TXH
DSUHQGH
HO
DOXPQDGR
6p XVDU HQ PLV
PDWHULDOHV GRFHQWHV SDUD
HO DXOD HVWUDWHJLDV TXH
FRPELQDQ
FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV
GRFHQWHV VREUH ORV FXDOHV
KH DSUHQGLGR
3XHGR JXLDU \
D\XGDU D RWUDV SHUVRQDV
D FRRUGLQDU HO XVR GH
FRQWHQLGRV WHFQRORJtDV \
HQIRTXHV GRFHQWHV HQ PL
FHQWUR GRFHQWH \R UHJLyQ
DGPLQLVWUDWLYD
3XHGR VHOHFFLRQDU
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
WHFQRORJtDV TXH PHMRUDQ
HO FRQWHQLGR GH ODV
OHFFLRQHV
7DEOD Q 0HGLDV \ GHVYLDFLRQHV WtSLFDV GH ORV UHVXOWDGRV
DOFDQ]DGRV HQ ORV GLIHUHQWHV tWHPV WHQLHQGR HQ FXHQWD OD
8QLYHUVLGDG GRQGH HO SURIHVRUDOXPQRV HVWDED FXUVDQGR VXV
HVWXGLRV ,,,
6LQ HQWUDU HQ XQ DQiOLVLV PX\ SRUPHQRUL]DGR GH ODV
SXQWXDFLRQHV DOFDQ]DGDV XQD UiSLGD RMHDGD D ODV WDEODV QRV SHUPLWH
VHxDODU TXH KD\ GLIHUHQFLDV HQ IXQFLyQ GH ODV SXQWXDFLRQHV
DOFDQ]DGDV WHQGLHQGR D VHU ODV GH 81$3(& ODV PiV HOHYDGDV
&RQ HO REMHWR GH FRQRFHU VL ODV GLIHUHQFLDV TXH VH SHUFLEtDQ
VHUtDQ VLJQLILFDWLYDV GHVGH XQ SXQWR GH YLVWD HVWDGtVWLFR HQWUH ODV
FRQWHVWDFLRQHV RIUHFLGDV HQ HO FXHVWLRQDULR SRU ORV SURIHVRUHV HQ
IXQFLyQ GH VX SDtV GH SURFHGHQFLD DSOLFDPRV OD SUXHED GH .UXVNDO
:DOLV 6LHJHO /DV KLSyWHVLV TXH FRQWUDVWDUHPRV VRQ ODV VLJXLHQWHV
+ KLSyWHVLV QXOD 1R H[LVWHQ GLIHUHQFLDV VLJQLILFDWLYDV
HQWUH ODV FRQWHVWDFLRQHV RIUHFLGDV SRU ORV SURIHVRUHV HQ ORV
GLIHUHQWHV QLYHOHV GH FRQRFLPLHQWR GHO PRGHOR 73$&. \ OD
8QLYHUVLGDG GRQGH FXUVDQ VXV HVWXGLRV FRQ XQ ULHVJR DOID
GHO HTXLYRFDUQRV GHO + KLSyWHVLV DOWHUQDWLYD 6L H[LVWHQ GLIHUHQFLDV
VLJQLILFDWLYDV HQWUH ODV FRQWHVWDFLRQHV RIUHFLGDV SRU ORV
SURIHVRUHV HQ ORV GLIHUHQWHV QLYHOHV GH FRQRFLPLHQWR GHO
PRGHOR 73$&. \ OD 8QLYHUVLGDG GRQGH FXUVDQ VXV HVWXGLRV
FRQ XQ ULHVJR DOID GHO HTXLYRFDUQRV GHO /RV YDORUHV HQFRQWUDGRV ORV SUHVHQWDPRV HQ OD WDEOD Q /D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
'LPHQVLyQ
1
.:DOLV
JO
7.
&.
3.
3&.
7&.
73.
73$&.
7RWDO
6LJ DVLQWyW
ELODWHUDO
7DEOD Q .UXVNDO:DOLV HQ ODV FRQWHVWDFLRQHV RIUHFLGDV SRU ORV
SURIHVRUHV SDUD ORV GLIHUHQWHV QLYHOHV GH FRQRFLPLHQWR GHO PRGHOR
73$&. \ HO SDtV GRQGH GHVDUUROOD VX DFWLYLGDG SURIHVLRQDO 7. &
WHFQROyJLFR &. & GHO FRQWHQLGR 3. & SHGDJyJLFR 3&. &
SHGDJyJLFR GHO FRQWHQLGR 7&. & WHFQROyJLFR GHO FRQWHQLGR 73.
& WHFQROyJLFR SHGDJyJLFR 73$&. & WHFQROyJLFR SHGDJyJLFR GHO
FRQWHQLGR VLJQLILFDWLYR DO \ VLJQLILFDWLYR DO /RV YDORUHV REWHQLGRV WUDV OD DSOLFDFLyQ GHO HVWDGtVWLFR
.UXVNDO:DOLV QRV OOHYDQ D UHFKD]DU WRGDV ODV + TXH VH KDQ
IRUPXODGR FRQ XQ ULHVJR DOID GH HTXLYRFDUQRV GHO R LQIHULRU
'LFKR HQ RWURV WpUPLQRV ORV QLYHOHV GH FRQRFLPLHQWR RIUHFLGR SRU ORV
SURIHVRUHV HQ HO PRGHOR GHO 73$&. HUD GLIHUHQWH HQ IXQFLyQ GH OD
8QLYHUVLGDG GRQGH HVWDEDQ FXUVDQGR ORV HVWXGLRV
(Q HVWH FDVR DO VHU WDQWR YROXPLQRVR HO Q~PHUR GH
FRPSDUDFLRQHV P~OWLSOHV TXH GHEHPRV UHDOL]DU \ DO QR VHU VX
FRQFUHFLyQ YHUGDGHUDPHQWH VLJQLILFDWLYR SDUD ORV REMHWLYRV TXH
SHUVHJXLPRV HQ QXHVWUR WUDEDMR QRV YDPRV D SUHVHQWDU ORV
UHVXOWDGRV DOFDQ]DGRV WUDV OD DSOLFDFLyQ GH OD SUXHED GH
FRPSDUDFLRQHV P~OWLSOHV GHO WHVW GH 'XQQ +R VLPSOHPHQWH
VHxDODU TXH HQFRQWUDPRV GLIHUHQFLDV VLJQLILFDWLYDV HQWUH
FRPSDUDFLRQHV HQWUH 8QLYHUVLGDGHV
&RUUHODFLRQHV HQWUH ODV VXEHVFDODV 73$&.
&RQ HO REMHWR GH FRQRFHU ODV GLIHUHQWHV UHODFLRQHV TXH VH
SRGtDQ HVWDEOHFHU HQWUH ODV GLVWLQWDV GLPHQVLRQHV TXH DQDOL]DED HO
FXHVWLRQDULR 73$&. DSOLFDPRV HO FRHILFLHQWH GH FRUUHODFLyQ GH
3HDUVRQ REWHQLHQGR ORV UHVXOWDGRV TXH SUHVHQWDPRV HQ OD WDEOD Q
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
6XEHVFDODV
73$&.
& 7HFQROyJLFR
7.
& GHO
FRQWHQLGR &.
& SHGDJyJLFR
3.
7.
&.
3.
3&.
7&.
73.
73$&.
& SHGDJyJLFR
GHO FRQWHQLGR
3&.
& WHFQROyJLFR
GHO FRQWHQLGR
7&.
& WHFQROyJLFR
SHGDJyJLFRV
73.
& WHFQROyJLFR
SHGDJyJLFRV
GHO FRQWHQLGR
73$&.
7DEOD Q &RUUHODFLRQHV HQWUH ODV VXEHVFDODV GHO PRGHOR 73$&.
1RWD /RV UHVXOWDGRV TXH QRV KHPRV HQFRQWUDGR QRV SHUPLWHQ
VHxDODU GLIHUHQWHV DVSHFWRV
(Q SULPHU TXH WRGDV ODV FRUUHODFLRQHV HQFRQWUDGDV KDQ
VLGR VLJQLILFDWLYDV DO QLYHO GH VLJQLILFDFLyQ GHO /DV FRUUHODFLRQHV HQFRQWUDGDV YDUtDQ GHVGH
0RGHOR 73$&.3. DO 73.73$&.
/DV FRUUHODFLRQHV PiV DOWDV VH KDQ GDGR HQWUH 73$&. \
7. &. 3. 3&. 7&.
7&. \ 73. WRGDV HOODV VLJQLILFDWLYDV DO
QLYHO GH VLJQLILFDFLyQ GHO 3DUD ILQDOL]DU HVWH DSDUWDGR VHxDODU TXH ORV UHVXOWDGRV
HQFRQWUDGRV VRQ VLPLODUHV HQ ORV YDORUHV GH VLJQLILFDFLyQ \ HQ ORV
YDORUHV FRQFUHWRV D ORV DOFDQ]DGRV SRU ODV SHUVRQDV TXH HODERUDURQ
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
HO LQVWUXPHQWR 6FKPLGW %DUDQ 7KRPSVRQ 0LVKUD .RHKOHU \ 6KLQ
&RPSDUDFLRQHV HQWUH ODV DXWRSHUFHSFLRQHV TXH ORV
HQFXHVWDGRV WLHQHQ GH VX 73$&. \ ODV TXH WLHQHQ UHVSHFWR D VXV
SURIHVRUHV
&RPR LQGLFDPRV HQ VX PRPHQWR HQ HO FXHVWLRQDULR TXH VH
OHV DGPLQLVWUy D ORV HVWXGLDQWHV XQD GH VXV SDUWHV LED UHIHULGD D OD
SHUFHSFLyQ TXH WHQtDQ GHO 73$&. GH ORV SURIHVRUHV TXH OHV HVWDEDQ
GHVDUUROODQGR ODV DFFLRQHV IRUPDWLYDV (Q OD WDEOD Q SUHVHQWDPRV ODV IUHFXHQFLDV \ SRUFHQWDMHV TXH QRV KHPRV
HQFRQWUDGR HQ FDGD XQR GH ORV tWHPV TXH FRQIRUPDED HVWD
GLPHQVLyQ DXQTXH WHQHPRV TXH VHxDODU TXH HOLPLQDPRV HO ~OWLPR
\D TXH HUD GH WDO JUDGR GH HVSHFLILFLGDG TXH QR VH DGHFXDED D ORV
REMHWLYRV TXH QRV KHPRV SODQWHDGR QRVRWURV HQ QXHVWUR WUDEDMR
ÌWHP
0'
0RGHORV GH 73$&. HQ ORV SURIHVRUHV
0LV
IRUPDGRUHV
FRPR
GRFHQWH
HQ
PDWHULD
GH
PDWHPiWLFDV
FRPELQDQ
DGHFXDGDPHQWH
FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV GRFHQWHV
HQ VX GRFHQFLD
0LV
IRUPDGRUHV
FRPR
GRFHQWH
HQ
PDWHULD
GH
OHFWRHVFULWXUD
FRPELQDQ
DGHFXDGDPHQWH
FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV GRFHQWHV
HQ VX GRFHQFLD
0LV
IRUPDGRUHV
FRPR
GRFHQWH HQ PDWHULD GH FLHQFLDV
FRPELQDQ
DGHFXDGDPHQWH
FRQWHQLGRV
WHFQRORJtDV
\
HQIRTXHV
GRFHQWHV
HQ
VX
GRFHQFLD
0LV
IRUPDGRUHV
FRPR
GRFHQWH HQ PDWHULD GH HVWXGLRV
VRFLDOHV
FRPELQDQ
DGHFXDGDPHQWH
FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV GRFHQWHV
HQ VX GRFHQFLD
'
1
$'
$
0$
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
0LV
IRUPDGRUHV
FRPR
GRFHQWH HQ PDWHULD GH WHFQRORJtD
SDUD HO DSUHQGL]DMH FRPELQDQ
DGHFXDGDPHQWH
FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV GRFHQWHV
HQ VX GRFHQFLD
0LV IRUPDGRUHV HQ PDWHULD
GH
SHGDJRJtD
FRPELQDQ
DGHFXDGDPHQWH
FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV GRFHQWHV
HQ VX GRFHQFLD
0LV SURIHVRUHV QR GHGLFDGRV
D
IRUPDFLyQ
GH
GRFHQWHV
FRPELQDQ
DGHFXDGDPHQWH
FRQWHQLGRV
WHFQRORJtDV
\
HQIRTXHV
GRFHQWHV
HQ
VX
GRFHQFLD R PHQRV \ 0LV SURIHVRUHV DVHVRUHV SDUD
OD HGXFDFLyQ GRQGH LPSDUWR
GRFHQFLD
FRPELQDQ
DGHFXDGDPHQWH
FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV GRFHQWHV
HQ VX GRFHQFLD
(Q
JHQHUDO
¢DSUR[LPDGDPHQWH
TXp
SRUFHQWDMH GH ORV SURIHVRUHV GH
IRUPDFLyQ
GRFHQWH
OH
KDQ
SURSRUFLRQDGR XQD PRGHOR HILFD]
GH
FRPELQDU
FRQWHQLGRV
WHFQRORJtDV DSURSLDGR D VX
HQVHxDQ]D"
(Q
JHQHUDO
¢DSUR[LPDGDPHQWH
TXp
SRUFHQWDMH GH VXV SURIHVRUHV QR
GHGLFDGRV D VX IRUPDFLyQ GH
GRFHQWHV OH KDQ IDFLOLWDGR XQ
PRGHOR HILFD] SDUD FRPELQDU
FRQWHQLGRV WHFQRORJtDV DSURSLDGR
D VX HQVHxDQ]D"
7DEOD Q )UHFXHQFLDV \ SRUFHQWDMH 1RWD 0' PX\ HQ
GHVDFXHUGR ' HQ GHVDFXHUGR 1 $' QL GH DFXHUGR QL HQ
GHVDFXHUGR $ GH DFXHUGR 0$ PX\ GH DFXHUGR 1RWD HQ ORV
tWHPV \ ODV RSFLRQHV GH UHVSXHVWD VRQ R PHQRV
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
8QD SULPHUD REVHUYDFLyQ D OD WDEOD DQWHULRU OR SULPHUR TXH
QRV LQGLFD HV TXH OD PD\RUtD GH ORV SURIHVRUHV TXH FXPSOLPHQWDURQ
HO FXHVWLRQDULR VH PRVWUDEDQ ´GH DFXHUGRµ FRQ OD RSFLyQ TXH VH OH
IRUPXODED UHVSHFWR DO GRPLQLR TXH VREUH ORV GLIHUHQWHV DVSHFWRV TXH
WHQtDQ VXV SURIHVRUHV 6LQ HPEDUJR D GLIHUHQFLD GH ORV UHVXOWDGRV
PRVWUDGRV HQ VX 73$&. YpDVH WDEOD Q PiV GHO FLQFXHQWD SRU
FLHQWR GH VX GLVWULEXFLyQ VH VLWXDED HQ OD VXPD GH ODV UHVSXHVWDV
RIUHFLGDV HQ ODV RSFLRQHV ´QL GH DFXHUGR QL HQ GHVDFXHUGRµ \ ´GH
DFXHUGRµ
$O PLVPR WLHPSR LQGLFDU TXH HQ ORV tWHPV UHIHULGRV D ORV
SURIHVRUHV TXH OHV KDEtDQ RIUHFLGR XQ PRGHOR HILFD] SDUD FRPELQDU
HQ VX GRFHQFLD FRQWHQLGRV WHFQRORJtDV \ HQIRTXHV GRFHQWHV OD JUDQ
PD\RUtD LQGLFDED ODV RSFLRQHV GH UHVSXHVWDV TXH RIUHFtDQ XQD RSFLyQ
GH HVWDU GH DFXHUGR FRQ HOOD
3UHVHQWDGDV ODV IUHFXHQFLDV \ SRUFHQWDMHV DOFDQ]DGRV HQ ORV
tWHPV GRQGH VH OHV SUHJXQWDED UHVSHFWR DO 73$&. GH VXV SURIHVRUHV
SUHVHQWDUHPRV ORV YDORUHV PHGLRV \ VXV GHVYLDFLRQHV WtSLFDV
DOFDQ]DGDV HQ ORV GLIHUHQWHV tWHPV WDEOD Q ,QGLFDU TXH YDPRV
REYLDU ORV WUHV tWHPV TXH KDFtDQ UHIHUHQFLD D SRUFHQWDMHV
ÌWHP
0RGHORV GH 73$&.
0LV IRUPDGRUHV FRPR GRFHQWH HQ PDWHULD
GH PDWHPiWLFDV FRPELQDQ DGHFXDGDPHQWH
FRQWHQLGRV WHFQRORJtDV \ HQIRTXHV GRFHQWHV HQ
VX GRFHQFLD
0LV IRUPDGRUHV FRPR GRFHQWH HQ PDWHULD
GH OHFWRHVFULWXUD FRPELQDQ DGHFXDGDPHQWH
FRQWHQLGRV WHFQRORJtDV \ HQIRTXHV GRFHQWHV HQ
VX GRFHQFLD
0LV IRUPDGRUHV FRPR GRFHQWH HQ PDWHULD
GH
FLHQFLDV
FRPELQDQ
DGHFXDGDPHQWH
FRQWHQLGRV WHFQRORJtDV \ HQIRTXHV GRFHQWHV HQ
VX GRFHQFLD
0LV IRUPDGRUHV FRPR GRFHQWH HQ PDWHULD
GH HVWXGLRV VRFLDOHV FRPELQDQ DGHFXDGDPHQWH
FRQWHQLGRV WHFQRORJtDV \ HQIRTXHV GRFHQWHV HQ
VX GRFHQFLD
0LV IRUPDGRUHV FRPR GRFHQWH HQ PDWHULD
GH WHFQRORJtD SDUD HO DSUHQGL]DMH FRPELQDQ
DGHFXDGDPHQWH
FRQWHQLGRV
WHFQRORJtDV
\
HQIRTXHV GRFHQWHV HQ VX GRFHQFLD
0LV IRUPDGRUHV HQ PDWHULD GH SHGDJRJtD
FRPELQDQ
DGHFXDGDPHQWH
FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV GRFHQWHV HQ VX GRFHQFLD
0HGLD
'7LS
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
0LV SURIHVRUHV DVHVRUHV SDUD OD HGXFDFLyQ
GRQGH
LPSDUWR
GRFHQFLD
FRPELQDQ
DGHFXDGDPHQWH
FRQWHQLGRV
WHFQRORJtDV
\
HQIRTXHV GRFHQWHV HQ VX GRFHQFLD
7DEOD Q 0HGLDV \ GHVYLDFLRQHV WtSLFDV REWHQLGDV HQ FDGD XQR GH
ORV tWHPV UHIHULGRV DO 73$&. GH ORV SURIHVRUHV TXH GHVDUUROODEDQ ODV
DFFLRQHV IRUPDWLYDV
&RPR SRGHPRV REVHUYDU OD SXQWXDFLyQ PiV DOWD VH
GHVDUUROOy HQ HO tWHP ´0LV IRUPDGRUHV FRPR GRFHQWH HQ PDWHULD GH
WHFQRORJtD SDUD HO DSUHQGL]DMH FRPELQDQ DGHFXDGDPHQWH FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV GRFHQWHV HQ VX GRFHQFLDµ \ OD PHQRV
HOHYDGD HQ ´0LV IRUPDGRUHV FRPR GRFHQWH HQ PDWHULD GH PDWHPiWLFDV
FRPELQDQ DGHFXDGDPHQWH FRQWHQLGRV WHFQRORJtDV \ HQIRTXHV
GRFHQWHV HQ VX GRFHQFLDµ (Q HO LQVWUXPHQWR KDEtD WUHV SUHJXQWDV TXH GRQGH VH OHV
SUHJXQWDED TXH LQGLFDUiQ HO SRUFHQWDMH GH GRPLQLR GHO PLVPR SRU
VXV SURIHVRUHV RIUHFLpQGROHV FXDWUR RSFLRQHV GH UHVSXHVWDV R
PHQRV \ (Q OD WDEOD Q VH
SUHVHQWDQ ORV UHVXOWDGRV DOFDQ]DGRV
ÌWHP
(Q JHQHUDO ¢DSUR[LPDGDPHQWH
TXp SRUFHQWDMH GH ORV SURIHVRUHV
GH IRUPDFLyQ GRFHQWH OH KDQ
SURSRUFLRQDGR XQD PRGHOR HILFD]
GH
FRPELQDU
FRQWHQLGRV
WHFQRORJtDV
DSURSLDGR
D
VX
HQVHxDQ]D"
(Q JHQHUDO ¢DSUR[LPDGDPHQWH
TXp SRUFHQWDMH GH VXV SURIHVRUHV
QR GHGLFDGRV D VX IRUPDFLyQ GH
GRFHQWHV OH KDQ IDFLOLWDGR XQ
PRGHOR HILFD] SDUD FRPELQDU
FRQWHQLGRV WHFQRORJtDV DSURSLDGR
D VX HQVHxDQ]D"
(Q JHQHUDO ¢DSUR[LPDGDPHQWH
TXp SRUFHQWDMH GH VXV SURIHVRUHV
DVHVRUHV SDUD OD HGXFDFLyQ GRQGH
LPSDUWR GRFHQFLD OH KDQ IDFLOLWDGR
XQ PRGHOR HILFD] SDUD FRPELQDU
) ) ) ) /D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
HQ
VX
GRFHQFLD
FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV GRFHQWHV"
7DEOD Q )UHFXHQFLD \ SRUFHQWDMHV 1RWD \ R PHQRV &RPR SRGHPRV REVHUYDU HQ ORV WUHV FDVRV VLW~DQ ORV
SURIHVRUHV TXH OHV HQVHxDURQ HVWRV FRQRFLPLHQWRV HQWUH \ $XQTXH UHVXOWD OODPDWLYR TXH FDVL HO QRV VHxDODQ TXH PHQRV GHO
ORV IRUPDURQ HQ HVWRV DVSHFWRV
&RPR KHPRV VHxDODGR DQWHULRUPHQWH HO LQVWUXPHQWR UHFRJH
LQIRUPDFLyQ HQ GLIHUHQWHV VXEHVFDODV TXH KDFHQ UHIHUHQFLD D ORV
GLVWLQWRV WLSRV GH FRQRFLPLHQWRV TXH VH DQDOL]DQ FRQ HO LQVWUXPHQWR
$ FRQWLQXDFLyQ SDVDUHPRV D SUHVHQWDU ODV PHGLDV \ GHVYLDFLRQHV
WtSLFDV FRQ TXH QRV KHPRV HQFRQWUDGRV WDEOD Q HQ OR UHIHULGR D
OD SXQWXDFLyQ TXH VH DVLJQDEDQ ORV SURIHVRUHV HQFXHVWDGRV HQ VX
73$&. \ HQ HO TXH OH DVLJQDEDQ D VXV SURIHVRUHV
'LPHQVLRQHV
0
73$&. SURSLR
73$&. GH ORV SURIHVRUHV
'7
7DEOD Q 0HGLDV \ GHVYLDFLRQHV WtSLFDV HQFRQWUDGDV HQ ODV
VXEHVFDODV TXH FRQIRUPDQ HO LQVWUXPHQWR
3XQWXDFLRQHV PHGLDV TXH FRPR SRGHPRV REVHUYDU QRV
VHxDODQ TXH ORV SURIHVRUHV HQFXHVWDGRV WLHQGHQ D SXQWXDUVH GH
IRUPD VXSHULRU D FyPR SXQW~DQ D VXV SURIHVRUHV
8QD YH] SUHVHQWDGR ORV UHVXOWDGRV JHQHUDOHV HQFRQWUDGRV
SDVDUHPRV D DQDOL]DU VL KD\ GLIHUHQFLDV HQWUH HO 73$&. VHxDODGR
SDUD Vt PLVPR SRU ORV SURIHVRUHV \ ORV VHxDODGRV SDUD ORV SURIHVRUHV
TXH OHV KDEtDQ LPSDUWLGR GRFHQFLD HV GHFLU YDPRV D FRQWUDVWDU ODV
UHVSXHVWDV RIUHFLGDV SRU ODV SHUVRQDV TXH FXPSOLPHQWDURQ HO
FXHVWLRQDULR HQ ORV tWHPV \ FRQ \ /XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
3DUD HIHFWXDU GLFKRV DQiOLVLV DSOLFDUHPRV HO WHVW GH :LOFR[RQ
HQ SULPHU OXJDU SDUD OD JOREDOLGDG GH WRGRV ORV GDWRV SUHVHQWDGRV HQ
HO FRQMXQWR GH OD GLPHQVLyQ \ \ SRVWHULRUPHQWH SDUD FDGD XQR GH
ORV tWHPV
3RU OR TXH VH UHILHUH D OD JOREDOLGDG GH ORV UHVXOWDGRV ODV
KLSyWHVLV TXH YDPRV D FRQWUDVWDU VRQ ODV VLJXLHQWHV
+ 1R KD\ GLIHUHQFLDV VLJQLILFDWLYDV HQWUH OD YLVLyQ TXH ORV
HQFXHVWDGRV WLHQHQ GH VX 73$&. \ HO GH ORV SURIHVRUHV TXH
OHV KDEtDQ LPSDUWLGR GRFHQFLD FRQ XQ ULHVJR DOID GH
HTXLYRFDUQRV
+ 6L KD\ GLIHUHQFLDV VLJQLILFDWLYDV HQWUH OD YLVLyQ TXH ORV
HQFXHVWDGRV WLHQHQ GH VX 73$&. \ HO GH ORV SURIHVRUHV TXH
OHV KDEtDQ LPSDUWLGR GRFHQFLD FRQ XQ ULHVJR DOID GH
HTXLYRFDUQRV
3DUD FRQWUDVWDU HVWD KLSyWHVLV ORV
HQFRQWUDPRV ORV SUHVHQWDPRV HQ OD WDEOD Q &RPSDUDFLyQ GLPHQVLRQHV
&RQRFLPLHQWRV TXH VREUH 73$&. FUHHQ
SRVHHU ORV HQFXHVWDGRV &RQRFLPLHQWRV
UHVXOWDGRV
TXH
: GH :LOFR[RQ
1LYHO VLJ
TXH VREUH 73$&. ORV HQFXHVWDGRV RSLQDQ
TXH SRVHHQ ORV SURIHVRUHV
7DEOD Q : GH :LOFR[RQ SDUD OD FRPSDUDFLyQ GH OD GLPHQVLyQ
UHIHULGD D ORV FRQRFLPLHQWRV TXH VREUH 73$&. FUHHQ SRVHHU ORV
HQFXHVWDGRV FRQRFLPLHQWRV TXH VREUH 73$&. ORV HQFXHVWDGRV
RSLQDQ TXH SRVHHQ ORV SURIHVRUHV 1RWD VLJQLILFDWLYRV DO &RPR SRGHPRV REVHUYDU ORV UHVXOWDGRV DOFDQ]DGRV QRV
SHUPLWHQ UHFKD]DU OD + IRUPXODGD TXH VH UHILHUH D OD QR H[LVWHQFLD
GH GLIHUHQFLDV VLJQLILFDWLYDV HQWUH ORV FRQRFLPLHQWRV TXH VREUH
73$&. FUHHQ SRVHHU ORV HQFXHVWDGRV FRQRFLPLHQWRV TXH VREUH
73$&. ORV HQFXHVWDGRV RSLQDQ TXH SRVHHQ ORV SURIHVRUHV HQ
FRQVHFXHQFLD SRGHPRV LQGLFDU TXH H[LVWHQ WDOHV GLIHUHQFLDV FRQ XQ
ULHVJR DOID GH HTXLYRFDUQRV GHO R LQIHULRU
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
/D YDORUDFLyQ QHJDWLYD GH ORV UHVXOWDGRV DOFDQ]DGRV QRV
LQGLFD TXH ODV DXWRSXQWXDFLRQHV TXH VH DVLJQDQ ORV HQFXHVWDGRV HQ
VX 73$&. VRQ VXSHULRUHV D OD TXH ORV PLVPRV OH DVLJQDQ D VXV
SURIHVRUHV 2 GLFKR HQ RWURV WpUPLQRV ORV DOXPQRV VH YDORUDQ GH
IRUPD PiV SRVLWLYDV TXH VXV DOXPQRV
8QD YH] UHDOL]DGR HO DQiOLVLV SDUD OD JOREDOLGDG GH ORV tWHPV
SUHVHQWDUHPRV ORV REWHQLGRV SDUD FDGD XQR GH HOORV 'H QXHYR SDUD
HIHFWXDU GLFKRV DQiOLVLV DSOLFDUHPRV HO WHVW GH :LOFR[RQ \
FRQWUDVWDUHPRV ODV VLJXLHQWHV KLSyWHVLV SDUD FDGD XQR GH ORV tWHPV
+ 1R KD\ GLIHUHQFLDV VLJQLILFDWLYDV HQWUH OD YLVLyQ TXH ORV
HQFXHVWDGRV WLHQHQ GH VX 73$&. \ HO GH ORV SURIHVRUHV TXH
OHV KDEtDQ LPSDUWLGR GRFHQFLD FRQ XQ ULHVJR DOID GH
HTXLYRFDUQRV
+ 6L KD\ GLIHUHQFLDV VLJQLILFDWLYDV HQWUH OD YLVLyQ TXH ORV
HQFXHVWDGRV WLHQHQ GH VX 73$&. \ HO GH ORV SURIHVRUHV TXH
OHV KDEtDQ LPSDUWLGR GRFHQFLD FRQ XQ ULHVJR DOID GH
HTXLYRFDUQRV
/RV UHVXOWDGRV TXH KHPRV DOFDQ]DGR SDUD FDGD XQR GH ORV
tWHPV ORV SUHVHQWDPRV HQ OD WDEOD Q ÌWHPV FRPSDUDGR
,PSDUWLU
OHFFLRQHV
TXH
FRPELQDQ
DGHFXDGDPHQWH PDWHPiWLFDV WHFQRORJtDV \
: GH :LOFR[RQ
1LYHO VLJ
HQIRTXHV GRFHQWHV
,PSDUWLU
OHFFLRQHV
TXH
FRPELQDQ
DGHFXDGDPHQWH OHFWRHVFULWXUD WHFQRORJtDV \
HQIRTXHV GRFHQWHV
,PSDUWLU
OHFFLRQHV
DGHFXDGDPHQWH
TXH
FLHQFLDV
FRPELQDQ
WHFQRORJtDV
\
HQIRTXHV GRFHQWHV
,PSDUWLU
OHFFLRQHV
DGHFXDGDPHQWH
TXH
FRPELQDQ
HVWXGLRV
VRFLDOHV
WHFQRORJtDV \ HQIRTXHV GRFHQWHV
6HOHFFLRQDU WHFQRORJtDV SDUD XVDU HQ HO DXOD
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
TXH PHMRUDQ ORV FRQWHQLGRV TXH LPSDUWR OD
IRUPD GH LPSDUWLUORV \ OR TXH DSUHQGH HO
DOXPQDGR
8VDU HQ PLV PDWHULDOHV GRFHQWHV SDUD HO DXOD
HVWUDWHJLDV
TXH
FRPELQDQ
FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV GRFHQWHV VREUH ORV
FXDOHV KH DSUHQGLGR
*XLDU \ D\XGDU D RWUDV SHUVRQDV D FRRUGLQDU
HO XVR GH FRQWHQLGRV WHFQRORJtDV \ HQIRTXHV
GRFHQWHV HQ PL FHQWUR GRFHQWH \R UHJLyQ
DGPLQLVWUDWLYD
6HOHFFLRQDU
WHFQRORJtDV
FRQWHQLGR GH ODV OHFFLRQHV
TXH
PHMRUDQ
HO
7DEOD Q : GH :LOFR[RQ SDUD OD FRPSDUDFLyQ GH tWHPV UHIHULGRV DO
73$&. GH ORV HQFXHVWDGRV \ OD YLVLyQ TXH ORV DOXPQRV WLHQHQ HQ HO
73$&. GH VXV SURIHVRUHV 1RWD VLJQLILFDWLYRV DO /RV YDORUHV DOFDQ]DGRV QRV SHUPLWHQ UHFKD]DU OD KLSyWHVLV
QXOD HQ WRGRV ORV FRQWUDVWHV UHDOL]DGRV FRQ XQ ULHVJR DOID GH
HTXLYRFDUQRV GHO R LQIHULRU (Q FRQVHFXHQFLD SRGHPRV VHxDODU
TXH ODV YDORUDFLRQHV TXH KDQ UHDOL]DGR ODV SHUVRQDV TXH
FXPSOLPHQWDURQ HO FXHVWLRQDULR UHVSHFWR D VX 73$&. \ ODV TXH KDQ
UHDOL]DGR UHVSHFWR D VXV SURIHVRUHV VRQ GLIHUHQWHV (O VLJQR QHJDWLYR
GH ORV YDORUHV : GH :LOFR[RQ REWHQLGRV QRV SHUPLWHQ LQGLFDU TXH ODV
SXQWXDFLRQHV TXH VH FRQFHGLHURQ ORV GRFHQWHV IXHURQ VXSHULRUHV D
ODV TXH OHV FRQFHGLHURQ D VXV GRFHQWHV
&RQFOXVLRQHV H
LPSOLFDFLRQHV
'H QXHVWUD LQYHVWLJDFLyQ VH SXHGHQ REWHQHU XQD VHULH GH
FRQFOXVLRQHV (Q SULPHU OXJDU TXH VL XQR GH ORV REMHWLYRV TXH
SUHWHQGtDPRV DOFDQ]DU VH UHIHUtD D OD WUDGXFFLyQ \ ILDELOL]DFLyQ GH XQ
LQVWUXPHQWR TXH IXHUD GH XWLOLGDG SDUD HO GLDJQyVWLFR GHO PRGHOR GH
IRUPDFLyQ GHO SURIHVRUDGR GHQRPLQDGR 73$&. HODERUDGR SRU .RHKOHU
\ 0LVKUD \ 0LVKUD \ .RHKOHU OR SULPHUR TXH WHQHPRV
TXH VHxDODU HV TXH OR KHPRV FRQVHJXLGR \ HOOR OR SRGHPRV FRQFUHWDU
SRU ORV VLJXLHQWHV PRWLYRV
D 6H KD VHOHFFLRQDGR XQR GH ORV LQVWUXPHQWRV PiV XWLOL]DGR
SDUD HO GLDJQyVWLFR GHO PRGHOR 73$&. GHO SURIHVRUDGR HQ
FRQFUHWR HO HODERUDGR SRU 6FKPLGW %DUDQ 7KRPSVRQ
0LVKUD .RHKOHU \ 6KLQ E /D ILDELOLGDG TXH KHPRV REWHQLGR GHO LQVWUXPHQWR WDQWR GH
PDQHUD FRQMXQWD FRPR SDUD FDGD XQD GH ODV
GLPHQVLRQHV TXH OR FRQIRUPDQ FRPR HO QR VXJHULUQRV ODV
FRUUHODFLRQHV tWHPWRWDO DOFDQ]DGDV QRV SHUPLWHQ LQGLFDU
TXH HO LQVWUXPHQWR SRVHH XQRV QLYHOHV DOWRV GH ILDELOLGDG \
TXH SXHGH VHU XWLOL]DGR HQ OD WUDGXFFLyQ TXH KHPRV UHDOL]DGR
QRVRWURV HQ WRGRV VXV tWHPV /RV tQGLFHV REWHQLGRV SRU
QRVRWURV IXHURQ OLJHUDPHQWH VLPLODUHV D ORV DOFDQ]DGRV SRU
ORV DXWRUHV GHO LQVWUXPHQWR 6FKPLGW %DUDQ 7KRPSVRQ
0LVKUD .RHKOHU \ 6KLQ F $O PLVPR WLHPSR TXHUHPRV VHxDODU TXH ODV FRUUHODFLRQHV
HQWUH ODV GLIHUHQWHV GLPHQVLRQHV TXH FRQIRUPDEDQ HO
LQVWUXPHQWR IXHURQ VLJQLILFDWLYDV GHVGH XQ SXQWR GH YLVWD
HVWDGtVWLFR OR FXDO QRV SHUPLWH LQGLFDU OD FRQVLVWHQFLD GHO
LQVWUXPHQWR IRUPXODGR SRU 6FKPLGW %DUDQ 7KRPSVRQ
0LVKUD .RHKOHU \ 6KLQ 6HxDODU HQ HVWH DVSHFWR TXH
ORV UHVXOWDGRV HQFRQWUDGRV IXHURQ VLPLODUHV D ORV REWHQLGRV
SRU 6FKPLGW %DUDQ 7KRPSVRQ 0LVKUD .RHKOHU \ 6KLQ
HQ VX LQYHVWLJDFLyQ
/DV SXQWXDFLRQHV REWHQLGDV SRU QRVRWURV HQ OD JOREDOLGDG GHO
LQVWUXPHQWR FRPR HQ ODV FRUUHODFLRQHV HQWUH ODV GLIHUHQWHV
GLPHQVLRQHV TXH OR FRQIRUPDQ QRV SHUPLWH VHxDODU OD VLJQLILFDFLyQ
GHO PRGHOR SDUD OD IRUPDFLyQ GHO SURIHVRUDGR VREUH WRGR HQ OR TXH VH
UHILHUH D OD UHIOH[LyQ GH QR KDFHU HQ ODV DFFLRQHV IRUPDWLYDV WDQWR
Ŷ Ŷ Ŷ /D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
KLQFDSLp HQ ORV DVSHFWRV WHFQROyJLFRV VLQR PiV ELHQ HQ RWURV
FRPSRQHQWHV TXH QRV VXJLHUH HO PRGHOR TXH GLFKR VHD GH SDVR HV
GRQGH REWLHQHQ ODV SXQWXDFLRQHV PiV EDMDV SRU SDUWH GH ORV
HQFXHVWDGRV (Q HVWH DVSHFWR GH OD IDOWD GH VLJQLILFDFLyQ HQ HO
FRQRFLPLHQWR GHO FRQWHQLGR SRU ORV SURIHVRUHV HQFXHVWDGRV QXHVWURV
KDOOD]JRV FRLQFLGHQ FRQ ORV DOFDQ]DGRV SRU 1LHVV =HONRZVNL \
RWURV \ 0RX]D .DUFKPHU.OHLQ 1DQGDNXPDU \ <LOPD]
$ GLIHUHQFLD GH OR HQFRQWUDGR SRU RWURV LQYHVWLJDGRUHV HQ VXV
HVWXGLRV $QJHOL \ 9DODPLGHV &R[ \ *UDKDP *UDKDP
TXH ORV OOHYDEDQ D VXJHULU TXH ORV SURIHVRUHV QR FRPSUHQGtDQ
HO PRGHOR HQ QXHVWUR WUDEDMR QR QRV KHPRV HQFRQWUDGR SUREOHPDV D
OD KRUD GH OD DGPLQLVWUDFLyQ GHO LQVWUXPHQWR 'H WRGDV IRUPDV OD
WUDVODFLyQ GLUHFWD GH OD FRPSUHQVLyQ GHO LQVWUXPHQWR D OD
FRPSUHQVLyQ GHO PRGHOR GHO 73$&. GHEH KDFHUVH FRQ FDXWHOD (OOR
QRV OOHYD D UHFODPDU FRPR KDQ VXJHULGR GLIHUHQWHV DXWRUHV *UDKDP
&KDL .RK \ 7VDL OD QHFHVLGDG GH OOHYDU D FDER PiV
LQYHVWLJDFLRQHV SRU XQD SDUWH \ D HVWXGLRV FRQFHSWXDOHV SRU RWUD
,QGHSHQGLHQWHPHQWH GH ORV UHVXOWDGRV DOFDQ]DGRV SRU
QRVRWURV FUHHPRV QHFHVDULR LQGLFDU HQ OD QHFHVLGDG GH EXVFDU FRPR
WDPELpQ VXJLHUHQ 0RX]D \ RWURV QXHYRV LQVWUXPHQWRV
DSR\DGRV QR HQ ORV DXWRLQIRUPHV VLQR HQ HO DQiOLVLV GH HYLGHQFLDV
1RV KHPRV HQFRQWUDGR XQD IXHUWH WHQGHQFLD HQ ORV
SURIHVRUHV HQFXHVWDGRV TXH HVWDEDQ UHDOL]DQGR DFFLRQHV IRUPDWLYDV
VREUH WHPiWLFDV GH HGXFDFLyQ D DXWRYDORUDUVH GH IRUPD PX\
SRVLWLYD HQ WRGRV ORV QLYHOHV GH FRQRFLPLHQWR TXH FRQIRUPDQ HO
PRGHOR 73$&. WHFQROyJLFR FRQWHQLGR SHGDJyJLFR SHGDJyJLFR GHO
FRQWHQLGR WHFQROyJLFR GHO FRQWHQLGR WHFQROyJLFR SHGDJyJLFR \
WHFQROyJLFR SHGDJyJLFR GHO FRQWHQLGR VL ELHQ WHQHPRV TXH VHxDODU
TXH VH PRVWUDEDQ PiV FRPSHWHQWHV HQ OR TXH VH UHIHUtD D ORV
FRQRFLPLHQWRV SHGDJyJLFRV \ D WRGRV HQ ORV TXH HQWUDED HQ
FRQVLGHUDFLyQ HO FRPSRQHQWH WHFQROyJLFR TXH HQ ORV TXH HQWUDED HQ
IXQFLRQDPLHQWR HO FRPSRQHQWH GHO FRQRFLPLHQWR GHO FRQWHQLGR 'H
WRGDV IRUPDV HO FRQRFLPLHQWR WHFQROyJLFR VREUHVDOtD UHVSHFWR D ORV
GHPiV (OOR QRV OOHYD GH QXHYR D VHxDODU OD QHFHVLGDG GH FDPELDU OD
IRUPDFLyQ HQ 7,& FHQWUDGD HQ FRPSRQHQWHV WHFQROyJLFRV
SULRULWDULDPHQWH
(Q OR TXH VH UHILHUH DO JpQHUR ORV UHVXOWDGRV HQFRQWUDGRV SRU
QRVRWURV VRQ VLPLODUHV D ORV DOFDQ]DGRV SRU (UGRJDQ \ 6DKLQ -DQJ \ 7VDL \ /LQ \ RWURV $XQTXH ODV YDORUDFLRQHV UHDOL]DGDV SRU ORV KRPEUHV \ ODV
PXMHUHV IXHUR HOHYDGDV HQ WRGRV ORV QLYHOHV GH FRQRFLPLHQWR
DQDOL]DGRV SRU HO PRGHOR 73$&. WHQHPRV TXH VHxDODU TXH OD GH ORV
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
KRPEUHV KDQ VLGR PiV HOHYDGDV SRU ORV JHQHUDO TXH OD GH ODV
PXMHUHV HQ FDVL WRGRV ORV QLYHOHV GH FRQRFLPLHQWRV GHO PRGHOR
73$&. ~QLFDPHQWH ODV SXQWXDFLRQHV GH ODV PXMHUHV IXHURQ
VXSHULRUHV HQ OD GLPHQVLyQ ´FRQRFLPLHQWR SHGDJyJLFR GHO FRQWHQLGRµ
6HxDODU DO PLVPR WLHPSR TXH GLIHUHQWHV GLPHQVLRQHV ODV GLIHUHQFLDV
IXHURQ VLJQLILFDWLYDV GHVGH XQ SXQWR GH YLVWD HVWDGtVWLFR HVWDV
GLIHUHQFLDV VLJQLILFDWLYDV VH GLHURQ HQ WRGDV ODV GLPHQVLRQHV GRQGH
HQWUDED HQ DFFLyQ HO FRPSRQHQWH WHFQROyJLFR OR FXDO QRV VXJLHUH XQ
PD\RU GRPLQLR GH HVWH WLSR GH FRQRFLPLHQWR SRU SDUWH GH ORV KRPEUHV
TXH GH ODV PXMHUHV TXH IXHURQ HQFXHVWDGRV
7DPELpQ QRV KHPRV HQFRQWUDGR TXH ODV SXQWXDFLRQHV HQ HO
73$&. GH ORV SURIHVRUHV HQFXHVWDGRV YDULDEDQ HQ IXQFLyQ GHO SDtV \
GH OD 8QLYHUVLGDG GRQGH HVWDEDQ FXUVDQGR VXV HVWXGLRV (OOR
WDPELpQ SRGUtD H[SOLFDU ODV GLIHUHQFLDV HQFRQWUDGDV HQ OR TXH VH
UHILHUH D ODV GLIHUHQWHV 8QLYHUVLGDGHV GRQGH FXUVDEDQ ORV HVWXGLRV
HQ HVWH FDVR SRU OR JHQHUDO ODV SXQWXDFLRQHV GH ORV SURIHVRUHV TXH
FXUVDEDQ HVWXGLRV HQ 8QLYHUVLGDGHV /DWLQRDPHULFDQDV IXHURQ
VXSHULRUHV D OD GH ORV TXH ORV FXUVDEDQ HQ 8QLYHUVLGDGHV HVSDxRODV
(VWRV UHVXOWDGRV QRV OOHYDQ GH QXHYR D VHxDODU OD LPSRUWDQFLD TXH VH
OH GHEH GDU DO FRQWH[WR \ D XQD VHULH GH YDULDEOHV ODV DFWLWXGHV GHO
SURIHVRUDGR ODV YLVLRQHV TXH WHQJDQ VREUH ODV 7,& ORV DVSHFWRV
LQWDQJLEOHV HWF FRPR DSXQWDPRV QRVRWURV HQ OD ILJXUD Q &RPR FDEUtD HVSHUDU HO QLYHO HGXFDWLYR HQ HO FXDO LPSDUWtD
VX GRFHQFLD UHSHUFXWtD HQ ODV DXWRYDORUDFLRQHV TXH ORV SURIHVRUHV
UHDOL]DEDQ UHVSHFWR D VX GRPLQLR GH ORV GLIHUHQWHV QLYHOHV GH
FRQRFLPLHQWRV DQDOL]DGRV GH DFXHUGR FRQ HO PRGHOR 73$&. HQ
FRQFUHWR ORV HQFXHVWDGRV TXH LQGLFDEDQ TXH R QR HVWDEDQ
WUDEDMDQGR HQ HVWH PRPHQWR HQ QLQJXQD LQVWLWXFLyQ HGXFDWLYD R
UHDOL]DEDQ VX DFWLYLGDG HQ RWURV GLIHUHQWHV D ORV VXJHULGRV HQ OD
HQFXHVWD SULPDULD EDFKLOOHUDWR XQLYHUVLGDG R SRVWJUDGR IXHURQ
ORV TXH VH YDORUDURQ PiV EDMRV HQ WRGRV ORV QLYHOHV GH FRQRFLPLHQWRV
SRU WDQWR SRGUtDPRV VHxDODU FRQ FODULGDG TXH OD H[SHULHQFLD GHO
SURIHVRUDGR LQIOX\H HQ VX 73$&. 5HVXOWDGR REWHQLGR TXH FRLQFLGH
FRQ ORV DOFDQ]DGRV SRU -DQJ \ 7VDL 6HxDODU TXH FXDQGR VH OOHYy D FDER XQ DQiOLVLV HVWDGtVWLFR HQ
WRGRV ORV FRQRFLPLHQWRV WHQLHQGR HQ FXHQWD ORV QLYHOHV GRQGH
GHVDUUROODEDQ VX DFWLYLGDG SURIHVLRQDO \ HO SDtV GRQGH FXUVDEDQ ORV
HVWXGLRV ODV GLIHUHQFLDV HQFRQWUDGDV IXHURQ VLJQLILFDWLYDV KDEODQGR
HVWDGtVWLFDPHQWH
3RU ~OWLPR LQGLFDU TXH ODV SHUFHSFLRQHV TXH SUHVHQWDQ ORV
HQFXHVWDGRV UHVSHFWR D VX GRPLQLR HQ HO 73$&. HUD VXSHULRU D OD GH
VXV SURIHVRUHV < DGHPiV TXH WDOHV GLIHUHQFLDV HUDQ VLJQLILFDWLYDV
GHVGH XQ SXQWR GH YLVWD HVWDGtVWLFR
5HIHUHQFLDV
%LEOLRJUiILFDV
$EELWW - 0HDVXULQJ 7HFKQRORJLFDO 3HGDJRJLFDO &RQWHQW
.QRZOHGJH LQ 3UHVHUYLFH 7HDFKHU (GXFDWLRQ $ 5HYLHZ RI
&XUUHQW 0HWKRGV DQG ,QVWUXPHQWV -RXUQDO RI 5HVHDUFK RQ
7HFKQRORJ\ LQ (GXFDWLRQ $JXDGHG , \ 7LUDGR 5 2UGHQDGRUHV HQ ORV SXSLWUHV
LQIRUPiWLFD \ WHOHPiWLFD HQ HO SURFHVR GH HQVHxDQ]D
DSUHQGL]DMH HQ ORV FHQWURV GH $QGDOXFtD 3L[HO%LW 5HYLVWD GH
0HGLRV \ (GXFDFLyQ $OPHULFK * \ RWURV /DV FRPSHWHQFLDV \ HO XVR GH ODV
7HFQRORJtDV GH OD ,QIRUPDFLyQ \ &RPXQLFDFLyQ SRU HO
SURIHVRUDGR HVWUXFWXUD GLPHQVLRQDO 5HYLVWD (OHFWUyQLFD GH
,QYHVWLJDFLyQ (GXFDWLYD &RQVXOWDGR HO GH
VHSWLHPEUH
GH
HQ
KWWSUHGLHXDEFP[YROQRFRQWHQLGRDOPHULFKVXDUH]KW
PO
$QGHUVRQ $ \ %DUKDP 1 8VLQJ WKH 73$&. IUDPHZRUN WR
XQLWH GLVFLSOLQHV LQ RQOLQH OHDUQLQJ $XVWUDODVLDQ -RXUQDO RI
(GXFDWLRQDO 7HFKQRORJ\ $QJHOL
& \ 9DODQLGHV 1 (SLVWHPRORJLFDO DQG
PHWKRGRORJLFDO
LVVXHV
IRU
WKH
FRQFHSWXDOL]DWLRQ
GHYHORSPHQW DQG DVVHVVPHQW RI ,&7²73&. $GYDQFHV LQ
WHFKQRORJLFDO SHGDJRJLFDO FRQWHQW NQRZOHGJH 73&.
&RPSXWHUV (GXFDWLRQ $UDQFLELD 0 \ RWURV &RQFHSFLRQHV GHO SURIHVRU VREUH HO XVR
HGXFDWLYR GH ODV 7HFQRORJtDV GH OD ,QIRUPDFLyQ \ OD
&RPXQLFDFLyQ 7,& DVRFLDGDV D SURFHVRV GH HQVHxDQ]D
DSUHQGL]DMH HQ HO DXOD HVFRODU (VWXGLRV 3HGDJyJLFRV ;;;9,
1 $UHD 0 (O SURFHVR GH LQWHJUDFLyQ \ XVR SHGDJyJLFR GH ODV
7,& HQ ORV FHQWURV HGXFDWLYRV 8Q HVWXGLR GH FDVRV 5HYLVWD
GH (GXFDFLyQ Ŷ Ŷ Ŷ /D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
$UQDO - \ RWURV ,QYHVWLJDFLyQ HGXFDWLYD )XQGDPQHWRV \
PHWRGRORJtD %DUFHORQD /DERU
%DGtD $ \ RWURV 3HUFHSFLyQ GH ORV GRFHQWHV VREUH ORV
IDFWRUHV TXH DIHFWDQ HO XVR HGXFDWLYR GH ODV 7,& HQ HO DXOD
HTXLSDGD GH WHFQRORJtD (OHFWURQLF -RXUQDO RI 5HVHDUFK LQ
(GXFDWLRQDO
3V\FKRORJ\
KWWSZZZLQYHVWLJDFLRQ
SVLFRSHGDJRJLFDRUJUHYLVWDQHZHQJOLVK&RQWDGRU$UWLFXOR
SKS" %DUUHUH 5 FRRG /D LQYHVWLJDFLyQ \ HO GHVDUUROOR GH 7,& HQ
,EHURDPpULFD 6LWXDFLyQ DFWXDO \ WHQGHQFLDV 3DSHOHV GHO
REVHUYDWRULR Q 2EVHUYDWRULR ,EHURDPHULFDQR GH OD
&LHQFLD OD 7HFQRORJtD \ OD 6RFLHGDG GHO &HQWUR GH $OWRV
(VWXGLRV 8QLYHUVLWDULRV GH OD 2(, \ OD $(&,'
%DUUR 6 \ %XUULOOR 3 /DV 7,& HQ HO VLVWHPD XQLYHUVLWDULR
HVSDxRO XQ DQiOLVLV HVWUDWpJLFR 5HVXPHQ (MHFXWLYR
0DGULG &58(
%DUURVR - \ &DEHUR - /D LQYHVWLJDFLyQ HGXFDWLYD HQ 7,&
9LVLRQHV SUiFWLFDV 0DGULG 6tQWHVLV
%DUURVR - \ &DEHUR - 1XHYRV HVFHQDULRV GLJLWDOHV 0DGULG
3LUiPLGH
%HFWD D $ UHYLHZ RI WKH UHVHDUFK OLWHUDWXUH RQ EDUULHUV WR WKH
XSWDNH RI ,&7 E\ WHDFKHUV %HFWD $ UHYLHZ RI WKH UHVHDUFK
OLWHUDWXUH RQ EDUULHUV WR WKH XSWDNH RI ,&7 E\ WHDFKHUV
%HFWD
%HFWD E (QDEOLQJ WHDFKHUV WR PDNH VXFFHVVIXO XVH RI ,&7
%HFWD KWWSZZZEHFWDRUJXN %LVTXHUUD 5 FRRUG 0HWRGRORJtD GH OD LQYHVWLJDFLyQ
HGXFDWLYD 0DGULG /D 0XUDOOD
%UDQWOH\'LDV /
(UWPHU 3$ *ROGLORFNV DQG 73$&. ,V
WKH FRQVWUXFW ´MXVW ULJKW" -RXUQDO RI 5HVHDUFK RQ 7HFKQRORJ\
LQ (GXFDWLRQ %ULFHxR 0 \ RWURV 3ODQ GH IRUPDFLyQ HQ WHFQRORJtDV GH
LQIRUPDFLyQ \ FRPXQLFDFLyQ SDUD HO SURIHVRUDGR GH
HGXFDFLyQ PHGLD GHO LQVWLWXWR HVFXHOD 3L[HO%LW 5HYLVWD GH
0HGLRV \ (GXFDFLyQ /XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
%XOOyQ 3 \ RWURV &RPSHWHQFLDV WHFQROyJLFDV GHO SURIHVRUDGR
GH OD )DFXOWDG GH 2GRQWRORJtD GH OD 8QLYHUVLGDG GH 6HYLOOD
6HYLOOD *,'
%XVWRV & &UHHQFLDV GRFHQWHV \ XVR GH 1XHYDV 7HFQRORJtDV
GH OD ,QIRUPDFLyQ \ &RPXQLFDFLyQ HQ SURIHVRUHV GH FLQFR
HVWDEOHFLPLHQWRV FKLOHQRV GH HGXFDFLyQ EiVLFD \ PHGLD
8QLYHUVLWDV 3V\FKRORJLFD &DEHUR - /D IRUPDFLyQ GHO SURIHVRUDGR SDUD HO PDQHMR GH ODV
7,& HQ ORV SURFHVRV GH HQVHxDQ]DDSUHQGL]DMH HQ
0$57Ì1(= ) FRRG ,QFRUSRUDFLyQ GH ODV 7,& HQ ORV
SURJUDPDV DFDGpPLFRV GH ODV 8QLYHUVLGDGHV (VWDWDOHV
&RVWDUULFHQVHV 0XUFLD 'LHJR 0DUtQ &DEHUR - (GXFDFLyQ ¢0DUFD PRGD R QXHYD YLVLyQ GH OD
HGXFDFLyQ" HQ &$67$f2 & FRRG :HE (O XVR GH OD
ZHE HQ OD 6RFLHGDG GHO &RQRFLPLHQWR &DUDFDV 8QLYHUVLGDG
0HWURSROLWDQD &DEHUR - D /D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& XQDV
UHIHUHQFLDV FRQFHSWXDOHV HQ 6,/9$ - \ 6$/,1$6 -
FRRUGV ,QQRYDQGR FRQ 7,& HQ OD IRUPDFLyQ LQLFLDO GRFHQWH
$VSHFWRV WHyULFRV \ FDVRV FRQFUHWRV 6DQWLDJR GH &KLOH
8QLYHUVLGDG 6DQWLDJR GH &KLOH &DEHUR - D /D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& XQDV
UHIHUHQFLDV FRQFHSWXDOHV HQ 6,/9$ - \ 6$/,1$6 -
FRRUGV ,QQRYDQGR FRQ 7,& HQ OD IRUPDFLyQ LQLFLDO GRFHQWH
$VSHFWRV WHyULFRV \ FDVRV FRQFUHWRV 6DQWLDJR GH &KLOH
8QLYHUVLGDG 6DQWLDJR GH &KLOH &DEHUR - E )RUPDFLyQ GHO 3URIHVRUDGR XQLYHUVLWDULR HQ 7,&
$SOLFDFLyQ GHO PpWRGR 'HOSKL SDUD OD VHOHFFLyQ GH ORV
FRQWHQLGRV IRUPDWLYR (GXFDFLyQ ;;, &DEHUR - \ RWURV /D IRUPDFLyQ \ HO SHUIHFFLRQDPLHQWR GHO
SURIHVRUDGR HQ QHXYDV WHFQRORJtDV UHWRV KDFLD HO IXWXUR HQ
)(55(6 - \ 0$548e6 3 FRRUGV &RPXQLFDFLyQ
HGXFDWLYD \ QXHYDV WHFQRORJtDV 0DGULG 3UD[LV &DVWDxR & \ RWURV 3UiFWLFDV HGXFDWLYDV HQ HQWRUQRV 0DGULG 6tQWHVLV
&HEULiQ 0 7HFQRORJtDV GH OD FRPXQLFDFLyQ \ OD LQIRUPDFLyQ
DSOLFDGD D OD HGXFDFLyQ 0iODJD 3UR\HFWR GH &iWHGUD
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
&KDL &6 .RK - +/ \ 7VDL && $ 5HYLHZ RI
7HFKQRORJLFDO 3HGDJRJLFDO &RQWHQW .QRZOHGJH (GXFDWLRQDO
7HFKQRORJ\ 6RFLHW\ ²
&ROO & \ RWURV /D XWLOL]DFLyQ GH ODV WHFQRORJtDV GH OD
LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ OD HGXFDFLyQ GHO GLVHxR
WHFQRSHGDJyJLFR D ODV SUiFWLFDV GH XVR (Q &ROO & \
0RQHUHR & HGV 3VLFRORJiL GH OD HGXFDFLyQ YLUWXDO 0DGULG
0RUDWD &R[ 6 \ *UDKDP &K 'LDJUDPPLQJ 73$&. LQ 3UDFWLFH
8VLQJ DQ (ODERUDWHG 0RGHO RI WKH 73$&. )UDPHZRUN WR
$QDO\]H DQG 'HSLFW 7HDFKHU .QRZOHGJH 7HFK7UHQGV 'HO 0RUDO 0( \ 9LOODOXVWUH / 'LGiFWLFD XQLYHUVLWDULD HQ OD
HUD FRPSHWHQFLDV GRFHQWHV HQ FDPSXV YLUWXDOHV 5HYLVWD
GH 8QLYHUVLGDG \ 6RFLHGDG GHO &RQRFLPLHQWR YRO Q 'RPtQJXH] 5 )RUPDFLyQ FRPSHWHQFLD \ DFWLWXGHV VREUH ODV
7,& GHO SURIHVRUDGR GH VHFXQGDULD 8Q LQVWUXPHQWR GH
HYDOXDFLyQ (WLF#1HW >SXEOLFDFLyQ HQ OtQHD@ ,; 5HFXSHUDGR GH KWWSJRRJO-.4'F2
'ULMYHUV 3 \ RWURV 'LJLWDO UHVRXUFHV LQYLWLQJ FKDQJHV LQ PLG
DGRSWLQJ WHDFKHUV· SUDFWLFHV DQG RUFKHVWUDWLRQV 'LJLWDO
UHVRXUFHV LQYLWLQJ FKDQJHV LQ PLGDGRSWLQJ WHDFKHUV·
SUDFWLFHV DQG RUFKHVWUDWLRQV ='0 'XQQ 2 - 0XOWLSOH &RPSDULVRQV 8VLQJ 5DQN 6XPV
7HFKQRPHWULFV ²
'XUDOO ( \ RWURV 3HUVSHFWLYDV WHFQROyJLFDV HGXFDFLyQ
VXSHULRU HQ ,EHURDPpULFD $XVWLQ 7H[DV 7KH 1HZ
0HGLD &RQVRUWLXP
(FR 8 $SRFDOtSWLFRV H LQWHJUDGRV %DUFHORQD /XPHQ
(UGRJDQ $ \ 6DKLQ , 5HODWLRQVKLS EHWZHHQ PDWK WHDFKHU
FDQGLGDWHV
WHFKQRORJLFDO SHGDJRJLFDO DQG FRQWHQW NQRZOHGJH
73$&. DQG DFKLHYHPHQW OHYHOV 3URFHGLD6RFLDO DQG
%HKDYLRUDO 6FLHQFHV (UWPHU 3 $ \ 2WWHQEUHLW/HIWZLFK $7 7HDFKHU 7HFQRORJ\
&KDQJH +RZ .QRZOHGJH &RQILGHQFH %HOLHIV DQG &XOWXUH
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
,QWHUVHFW -RXUQDO RI 5HVHDUFK RQ 7HFKQRORJ\ LQ (GXFDWLRQ
)HUQiQGH] -& &RPSHWHQFLDV 7,& GH ORV GRFHQWHV SDUD OD
VRFLHGDG GHO &RQRFLPLHQWR 6DQWLDJR GH &RPSRVWHOD )DFXOWDG
GH (GXFDFLyQ WHVLV GRFWRUDO LQpGLWD
*DLUtQ
- )RUPDFLyQ GHO SURIHVRUDGR
FRPSHWHQFLDV %RUGyQ EDVDGD
HQ
*DUFtD , \ RWURV ,QIRUPH +RUL]RQ (GLFLyQ ,EHURDPHULFDQD
$XVWLQ 7H[DV 7KH 1HZ 0HGLD &RQVRUWLXP
*DUFtD9DOFiUFHO $ \ 'DQHUL 0 /D LQWHJUDFLyQ GH ODV
WHFQRORJtDV GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ HQ OD
HQVHxDQ]D XQLYHUVLWDULD FyPR DIURQWDQ ORV SURIHVRUHV HO
FDPELR DO HVSDFLR HXURSHR GH HGXFDFLyQ VXSHULRU HQ 5RLJ 5
GLU ,QYHVWLJDFLyQ H LQQRYDFLyQ HQ HO FRQRFLPLHQWR HGXFDWLYR
DFWXDO $OFR\ 0DUILO *DUFtD9DOFiUFHO $ \ 7HMHGRU ) - (YDOXDFLyQ GH SURFHVRV
GH LQQRYDFLyQ HVFRODU EDVDGRV HQ HO XVR GH ODV 7,&
GHVDUUROODGRV HQ OD &RPXQLGDG GH &DVWLOOD \ /HyQ 5HYLVWD GH
(GXFDFLyQ *HZHUF $ 3HUQDV ( \ 9DUHOD - &RQRFLPLHQWR WHFQROyJLFR
GLGiFWLFR GHO FRQWHQLGR HQ OD HQVHxDQ]D GH ,QJHQLHUtD
,QIRUPiWLFD XQ HVWXGLR GH FDVR FRODERUDWLYR FRQ OD
SHUVSHFWLYD GHO GRFHQWH \ ORV LQYHVWLJDGRUHV 5HYLVWD GH
'RFHQFLD 8QLYHUVLWDULD *RNWDV < \ RWURV $ UHYLHZ RI ,&7 UHODWHG FRXUVHV LQ SUH
VHUYLFH WHDFKHU HGXFDWLRQ SURJUDPV $VLD 3DFLILF (GXFDWLRQ
5HYLHZ *UDKDP &K 7KHRUHWLFDO FRQVLGHUDWLRQV IRU XQGHUVWDQGLQJ
WHFKQRORJLFDO SHGDJRJLFDO FRQWHQW NQRZOHGJH 73$&.
&RPSXWHUV (GXFDWLRQ ²
*XHUUD 6 \ RWURV 8WLOL]DFLyQ GH ODV 7,& SRU HO SURIHVRUDGR
XQLYHUVLWDULR FRPR UHFXUVR GLGiFWLFR &RPXQLFDU *XHUUHUR -) \ *LVEHUW 0 (O FDPELR RUJDQL]DFLRQDO HQ OD
8QLYHUVLGDG D WUDYpV GHO XVR GH ORV FDPSXV YLUWXDOHV GHVGH
OD SHUVSHFWLYD GH ORV HVWXGLDQWHV 3t[HO%LW 5HYLVWD GH 0HGLRV
\ (GXFDFLyQ /D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
*XWLHUUH] , 3HUILO GHO SURIHVRU XQLYHUVLWDULR HVSDxRO HQ WRUQR
D ODV FRPSHWHQFLDV HQ WHFQRORJtDV GH OD LQIRUPDFLyQ \ OD
FRPXQLFDFLyQ 3t[HO%LW 5HYLVWD GH 0HGLRV \ (GXFDFLyQ *X]PiQ 7 \ RWURV )RUPDFLyQ GRFHQWH SDUD OD LQWHJUDFLyQ GH
ODV 7,& HQ OD SUiFWLFD HGXFDWLYD $SHUWXUD KWWSZZZXGJYLUWXDOXGJP[DSHUWXUDQXP $UWLFX
ORV$UWB3URFHVRKWP +HFKWHU 53 \ 9HUPHWWH /$ 7HFKQRORJ\ LQWHJUDWLRQ LQ .
VFLHQFH FODVVURRPV $Q DQDO\VLV RI EDUULHUV DQG LPSOLFDWLRQV
7KHPHV LQ 6FLHQFH 7HFKQRORJ\ (GXFDWLRQ +R 5 +DQGERRN RI 8QLYDULDWH DQG 0XOWLYDULDWH 'DWD
$QDO\VLV DQG ,QWHUSUHWDWLRQ ZLWK 6366 &KDSPDQ
+DOO
&5& 1HZ <RUN
+VX 6 'HYHORSLQJ D VFDOH IRU WHDFKHU LQWHJUDWLRQ RI
LQIRUPDWLRQ DQG FRPPXQLFDWLRQ WHFKQRORJ\ LQ JUDGHV -RXUQDO RI &RPSXWHU $VVLVWHG /HDUQLQJ +X +: :DONHU . \ +VLDR :< 'HYHORSLQJ HOHPHQWDU\
SUHVHUYLFH WHDFKHUV· WHFKQRORJLFDO SHGDJRJLFDO DQG FRQWHQW
NQRZOHGJH IRU OHDUQLQJ DQG WHDFKLQJ GLYLVLRQ RI IUDFWLRQV
,QWHUQDWLRQDO -RXUQDO RI 7HFKQRORJ\ .QRZOHGJH DQG 6RFLHW\
,PEHUQyQ ) \ RWURV ´&RPSHWHQFLDV HQ ORV SURFHVRV GH
HQVHxDQ]DDSUHQGL]DMH YLUWXDO \ VHPLSUHVHQFLDOµ &RPXQLFDU
,QWHUQDWLRQDO VRFLHW\ IRU WHFKQRORJ\ LQ HGXFDWLRQ (VWiQGDUHV
QDFLRQDOHV ((88 GH 7HFQRORJtDV GH ,QIRUPDFLyQ \
&RPXQLFDFLyQ
7,&
SDUD
GRFHQWHV
[KWWSZZZHGXWHNDRUJHVWDQGDUHVPDHVSKS
-DQJ 6 \ 7VDL 0 ([SORULQJ WKH 73$&. RI 7DLZDQHVH
VHFRQGDU\
VFKRRO VFLHQFH
WHDFKHUV
XVLQJ
D QHZ
FRQWH[WXDOL]HG 73$&. PRGHO $XVWUDODVLDQ -RXUQDO RI
(GXFDWLRQDO 7HFKQRORJ\ /XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
-LPR\LDQQLV $ 'HYHORSLQJ D 7HFKQRORJLFDO 3HGDJRJLFDO
&RQWHQW .QRZOHGJH )UDPHZRUN IRU 6FLHQFH (GXFDWLRQ
,PSOLFDWLRQV RI D 7HDFKHU 7UDLQHUV· 3UHSDUDWLRQ 3URJUDP
3URFHHGLQJV RI ,QIRUPLQJ 6FLHQFH
,7 (GXFDWLRQ &RQIHUHQFH
,Q6,7( -LPR\LDQQLV $ \ .RPLV 9 ([DPLQLQJ WHDFKHUV· EHOLHIV DERXW
,&7 LQ HGXFDWLRQ LPSOLFDWLRQV RI D WHDFKHU SUHSDUDWLRQ
7HDFKHU 'HYHORSPHQW -RKQVRQ / \ RWURV 10& 3HUVSHFWLYDV 7HFQROyJLFDV
(GXFDFLyQ 6XSHULRU HQ $PpULFD /DWLQD 8Q $QiOLVLV
5HJLRQDO GHO ,QIRUPH +RUL]RQWH GHO 10& $XVWLQ 7H[DV 7KH
1HZ 0HGLD &RQVRUWLXP
.D\D = (PUH , \ .D\D 2 $GDSWDWLRQ RI 7HFKQRORJLFDO
3HGDJRJLFDO
&RQWHQW
.QRZOHGJH
6FDOH
WR
7XUNLVK
(GXFDWLRQDO 6FLHQFHV 7KHRU\ 3UDFWLFH .RHKOHU 0 \ 0LVKUD 3 ,QWURGXFLQJ 7HFKQRORJLFDO
3HGDJRJLFDO .QRZOHGJH HQ $$&7( (GV 7KH +DQGERRN RI
7HFKQRORJLFDO 3HGDJRJLFDO &RQWHQW .QRZOHGJH IRU (GXFDWRUV
5RXWOHGJH7D\ORU
)UDQFLV *URXS IRU WKH $PHULFDQ
$VVRFLDWLRQ RI &ROOHJHV RI 7HDFKHU (GXFDWLRQ
.RHKOHU 0 0LVKUD 3 \ &DLQ : :KDW ,V 7HFKQRORJLFDO
3HGDJRJLFDO &RQWHQW .QRZOHGJH 73$&." -RXUQDO RI
(GXFDWLRQ .RHKOHU 0 6KLQ 7 6 \ 0LVKUD 3 +RZ GR ZH PHDVXUH
73$&. OHW PH FRXQW WKH ZD\V ,Q 5 5 5RQDX & 5 UDNHV
0 / 1LHVV (GV (GXFDWLRQDO WHFKQRORJ\ WHDFKHU
NQRZOHGJH DQG FODVVURRP LPSDFW $ UHVHDUFK KDQGERRN RQ
IUDPHZRUNV DQG DSSURDFKHV SS ² +HUVKH\ 3$ ,*,
*OREDO
.RK - + / \ RWURV ([DPLQLQJ WKH WHFKQRORJLFDO
SHGDJRJLFDO FRQWHQW NQRZOHGJH RI 6LQJDSRUH SUHVHUYLFH
WHDFKHUV ZLWK D ODUJHVFDOH VXUYH\ -RXUQDO RI &RPSXWHU
$VVLVWHG /HDUQLQJ ²
/HH 0 +
7VDL && ([SORULQJ WHDFKHUV· SHUFHLYHG VHOI
HIILFDF\ DQG WHFKQRORJLFDO SHGDJRJLFDO FRQWHQW NQRZOHGJH
ZLWK UHVSHFW WR HGXFDWLRQDO XVH RI WKH:RUOG :LGH :HE
,QVWUXFWLRQDO 6FLHQFH ²
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
/LDQJ -+ \ RWURV 6XUYH\LQJ LQVHUYLFH SUHVFKRRO WHDFKHUV
WHFKQRORJLFDO SHGDJRJLFDO FRQWHQW NQRZOHGJH $XVWUDODVLDQ
-RXUQDO RI (GXFDWLRQDO 7HFKQRORJ\ /LQ- \ RWURV $Q ,QYHVWLJDWLRQ RI /HDUQHUV· &ROODERUDWLYH
.QRZOHGJH &RQVWUXFWLRQ 3HUIRUPDQFHV DQG %HKDYLRU
3DWWHUQV LQ DQ $XJPHQWHG 5HDOLW\ 6LPXODWLRQ 6\VWHP
&RPSXWHUV (GXFDWLRQ ²
/LX 6+ ([SORULQJ WKH ,QVWUXFWLRQDO 6WUDWHJLHV RI (OHPHQWDU\
6FKRRO 7HDFKHUV ,QWHUQDWLRQDO (GXFDWLRQ 6WXGLHV /ORUHQWH 0& $VSHFWRV IXQGDPHQWDOHV GH OD IRUPDFLyQ GHO
SURIHVRUDGR HQ 7,& 3L[HO%LW 5HYLVWD GH 0HGLRV \ (GXFDFLyQ
0DGHULFN -$ 9DOLGLW\ RI 6XEMHFWLYH 6HOI$VVHVVPHQW RI 'LJLWDO
&RPSHWHQFH $PRQJ 8QGHUJUDGXDWH 3UHVHUYLFH 7HDFKHUV
81/9 7KHVHV'LVVHUWDWLRQV3URIHVVLRQDO 3DSHUV&DSVWRQHV
3DSHU 0DHQJ - 0XOYH\ % 6PHWDQD / \ %HOO 5 3UHVHUYLFH
7HDFKHUV· 73$&. 8VLQJ 7HFKQRORJ\ WR 6XSSRUW ,QTXLU\
,QVWUXFWLRQ -RXUQDO 6FLHQFH (GXFDWLRQDO 7HFKQRORJ\ 0DKHU ' 3UHVHUYLFH 3ULPDU\ 7HDFKHUV· 8VH RI L3DGV WR
6XSSRUW 7HDFKLQJ ,PSOLFDWLRQV IRU 7HDFKHU (GXFDWLRQ
(GXFDWLRQDO 5HVHDUFK IRU 6RFLDO &KDQJH (56& 0DUtQ 9 \ 5HFKH (O 8QLYHUVLGDG DFWLWXGHV \ DSWLWXGHV
DQWH ODV 7,& GHO DOXPQDGR GH QXHYR LQJUHVR HQ OD HVFXHOD
XQLYHUVLWDULD GH PDJLVWHULR GH OD 8&2 3t[HO%LW 5HYLVWD GH
0HGLRV \ (GXFDFLyQ 0DWHR - /D LQYHVWLJDFLyQ H[SRVWIDFWR HQ %LVTXHUUD 5
FRRUG 0HWRGRORJtD GH OD LQYHVWLJDFLyQ HGXFDWLYH 0DGULG OD
0XUDOOD 0F9HH 0 \ RWURV 7HDFKHUV DQG WHDFKHU HGXFDWRUV OHDUQLQJ
IURP QHZ OLWHUDFLHV DQG QHZ WHFKQRORJLHV 7HDFKLQJ
(GXFDWLRQ 0LQLVWHULR GH HGXFDFLyQ GH &KLOH (VWiQGDUHV HQ 7HFQRORJtD GH
OD ,QIRUPDFLyQ \ OD &RPXQLFDFLyQ SDUD OD )RUPDFLyQ ,QLFLDO
'RFHQWH 6DQWLDJR GH &KLOH 0LQLVWHULR GH (GXFDFLyQ
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
0LVKUD 3 \ .RHKOHU - 7HFKQRORJLFDO 3HGDJRJLFDO &RQWHQW
.QRZOHGJH $ QHZ IUDPHZRUN IRU WHDFKHU NQRZOHGJH
7HDFKHUV &ROOHJH 5HFRUG 0RUHQR 0 3RU XQD GRFHQFLD VLJQLILFDWLYD HQ HQWRUQRV
FRPSOHMRV *XDGDODMDUD 8QLYHUVLGDG 9LUWXDO GH *XDGDODMDUD
0RX]D &K .DUFKPHU.OHLQ 5 1DQGDNXPDU 5 \ <LOPD] 6
,QYHVWLJDWLQJ WKH LPSDFW RI DQ LQWHJUDWHG DSSURDFK WR
WKH GHYHORSPHQW RI SUHVHUYLFH WHDFKHUV· WHFKQRORJLFDO
SHGDJRJLFDO FRQWHQW NQRZOHGJH 73$&. &RPSXWHUV \
(GXFDWLRQ 0XHOOHU - \ RWURV ,GHQWLI\LQJ GLVFULPLQDWLQJ YDULDEOHV
EHWZHHQ WHDFKHUV ZKR IXOO\ LQWHJUDWH FRPSXWHUV DQG WHDFKHUV
ZLWK OLPLWHG LQWHJUDWLRQ &RPSXWHUV
(GXFDWLRQ 1DWLRQDO FRXQFLO IRU DFFUHGLWDWLRQ RI WHDFKHU HGXFDWLRQ 7HFKQRORJ\ DQG WKH QHZ SURIHVVLRQDO WHDFKHU 3UHSDULQJ IRU
VW &HQWXU\ FODVVURRP :DVKLQJWRQ 1&$7(
1LHVV 0 / 5HWKLQNLQJ SUHVHUYLFH PDWKHPDWLFV WHDFKHUV·
SUHSDUDWLRQ
WHFKQRORJLFDO
SHGDJRJLFDO
DQG
FRQWHQW
NQRZOHGJH 73$&. ,Q ' 3ROO\ & 0LPV
. 3HUVLFKLWWH
(GV
'HYHORSLQJ WHFKQRORJ\ULFK WHDFKHU HGXFDWLRQ
SURJUDPV .H\ LVVXHV SS ² +HUVKH\ 3$ ,*, *OREDO
2'Z\HU / \ %HUQDXHU - 4XDQWLWDWLYH UHVHDUFK IRU
TXDOLWDWLYH UHVHDUFK /RQGRQ .RJDQ 3DJH
2(, 0HWDV HGXFDWLYDV /D HGXFDFLyQ TXH TXHUHPRV SDUD
OD JHQHUDFLyQ GH ORV ELFHQWHQDULRV 0DGULG 2(,
2UWL] $ \ RWURV )RUPDFLyQ HQ WLF GH IXWXURV PDHVWURV GHVGH
HO DQiOLVLV GH OD SUiFWLFD HQ OD XQLYHUVLGDG GH -DpQ 3t[HO%LW
5HYLVWD GH 0HGLRV \ (GXFDFLyQ 3DUGR $ \ 5XL] 0 6366 *XtD SDUD HO DQiOLVLV GH GDWRV
0DGULG 0F*UDZ+LOO
3DSDQDVWDVLRX ( &
$QJHOL & (YDOXDWLQJ WKH 8VH RI ,&7
LQ (GXFDWLRQ 3V\FKRPHWULF 3URSHUWLHV RI WKH 6XUYH\ RI
)DFWRUV $IIHFWLQJ 7HDFKHUV 7HDFKLQJ ZLWK 7HFKQRORJ\ 6)$
7 (GXFDWLRQDO 7HFKQRORJ\ 6RFLHW\ /D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
3HGDJRJLFDO &RQWHQW .QRZOHGJH IRU (GXFDWRUV 5RXWOHGJH7D\ORU
)UDQFLV *URXS IRU WKH $PHULFDQ $VVRFLDWLRQ RI &ROOHJHV RI
7HDFKHU (GXFDWLRQ
3UHQGHV 03 \ *XWLpUUH] , &RPSHWHQFLDV WHFQROyJLFDV GHO
SURIHVRUDGR HQ ODV XQLYHUVLGDGHV HVSDxRODV 5HYLVWD GH
(GXFDFLyQ 0D\RDJRVWR 3UHQGHV 03 \ RWURV &RPSHWHQFLDV SDUD HO XVR GH ODV 7,& GH
ORV IXWXURV PDHVWURV &RPXQLFDU 3UHQVN\ 0 (QVHxDU D QDWLYRV GLJLWDOHV 0DGULG 60
5DPtUH] ( &DxHGR ,
&OHPHQWH 0 /DV DFWLWXGHV \
FUHHQFLDV GH ORV SURIHVRUHV GH VHFXQGDULD VREUH HO XVR GH
,QWHUQHW HQ HO DXOD &RPXQLFDU ;,; GRL
5DQJHO $ \ 3HxDORVD ( $OIDEHWL]DFLyQ GLJLWDO HQ GRFHQWHV GH
HGXFDFLyQ VXSHULRU FRQVWUXFFLyQ \ SUXHED HPStULFD GH XQ
LQVWUXPHQWR GH HYDOXDFLyQ 3t[HO%LW 5HYLVWD GH 0HGLRV \
(GXFDFLyQ 5LHQWLHV % \ RWURV 2QOLQH WUDLQLQJ RI 73$&. VNLOOV RI KLJKHU
HGXFDWLRQ VFKRODUV $ FURVVLQVWLWXWLRQDO LPSDFW VWXG\
(XURSHDQ -RXUQDO RI 7HDFKHU (GXFDWLRQ 5RLJ 5 \ )ORUHV & &RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR \
GLVFLSOLQDULR GHO SURIHVRUDGR HO FDVR GH XQ FHQWUR HGXFDWLYR
LQWHOLJHQWH ('87(& 5HYLVWD (OHFWUyQLFD GH 7HFQRORJtD
(GXFDWLYD
KWWSHGXWHFUHGLULVHV5HYHOHF5HYHOHFQB5RLJ
)ORUHVKWPO 5RPiQ 3 \ 5RPHUR 5 /D IRUPDFLyQ GHO SURIHVRUDGR HQ ODV
WHFQRORJtDV GH OD LQIRUPDFLyQ \ FRPXQLFDFLyQ /DV
WHFQRORJtDV HQ OD IRUPDFLyQ GHO SURIHVRUDGR HQ &DEHUR -
FRRG 7HFQRORJtD HGXFDWLYD 0DGULG 0F*UDZ+LOO 5RVDULR + \ 9iVTXH] / )RUPDFLyQ GHO GRFHQWH XQLYHUVLWDULR
HQ HO XVR GH 7,& &DVR 8QLYHUVLGDGHV S~EOLFDV \ SULYDGDV 8
GH &DUDERER \ 8 0HWURSROLWDQD 3t[HO%LW 5HYLVWD GH 0HGLRV
\ (GXFDFLyQ 6DEDULHJR 0 (O SURFHVR GH LQYHVWLJDFLyQ HQ %LVTXHUUD 5
FRRG 0HWRGRORJtD GH OD LQYHVWLJDFLyQ HGXFDWLY 0DGULG /D
0XUDOOD /XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
6DQJ * \ RWURV 3UHGLFWLQJ ,&7 LQWHJUDWLRQ LQWR FODVVURRP
WHDFKLQJ LQ &KLQHVH SULPDU\ VFKRROV H[SORULQJ WKH FRPSOH[
LQWHUSOD\ RI WHDFKHUUHODWHG YDULDEOHV -RXUQDO RI &RPSXWHU
$VVLVWHG /HDUQLQJ 6FKPLGW ' %DUDQ ( 7KRPSVRQ $ 0LVKUD 3 .RHKOHU 0
6KLQ
7
D
([DPLQLQJ
SUHVHUYLFH
WHDFKHUV·
GHYHORSPHQW RI WHFKQRORJLFDO SHGDJRJLFDO FRQWHQW NQRZOHGJH
LQ DQ LQWURGXFWRU\ LQVWUXFWLRQDO WHFKQRORJ\ FRXUVH ,Q * ,DQ
: 5REHUWD 0 .DUHQ & 5RJHU
: 'HH $QQD (GV
3URFHHGLQJV RI WKH 6RFLHW\ IRU ,QIRUPDWLRQ 7HFKQRORJ\
7HDFKHU (GXFDWLRQ ,QWHUQDWLRQDO &RQIHUHQFH SS ²
&KHVDSHDNH 9$ $$&(
6FKPLGW ' %DUDQ ( 7KRPSVRQ $ 0LVKUD 3 .RHKOHU 0
6KLQ 7 E 7HFKQRORJLFDO SHGDJRJLFDO FRQWHQW
NQRZOHGJH 73$&. 7KH GHYHORSPHQW DQG YDOLGDWLRQ RI DQ
DVVHVVPHQW LQVWUXPHQW IRU SUHVHUYLFH WHDFKHUV -RXUQDO RI
5HVHDUFK RQ 7HFKQRORJ\ LQ (GXFDWLRQ ²
6FKPLGW ' 6DKLQ ( % 7KRPSVRQ $
6H\PRXU - 'HYHORSLQJ HIIHFWLYH WHFKQRORJLFDO SHGDJRJLFDO DQG FRQWHQW
NQRZOHGJH 73$&. LQ SUH.² WHDFKHUV ,Q . 0F)HUULQ 5
:HEHU 5 &DUOVHQ
' $ :LOOLV (GV 3URFHHGLQJV RI WKH
6RFLHW\ IRU ,QIRUPDWLRQ 7HFKQRORJ\
7HDFKHU (GXFDWLRQ
,QWHUQDWLRQDO &RQIHUHQFH SS ² &KHVDSHDNH
9$ $$&(
6HJDUUD ' 7KH 5ROH RI &LWL]HQV DV &UHDWRUV RI .QRZOHGJH
(OHDUQLQJHXURSDLQIRKWWSZZZHOHDUQLQJHXURSDLQIRLQGH
[SKS"SDJH GRF GRFBLG GRFOQJ PHQX]RQH 6HJXUD 0 \ RWURV /DV 7,& HQ OD HGXFDFLyQ SDQRUDPD
LQWHUQDFLRQDO \ VLWXDFLyQ HVSDxROD 0DGULG )XQGDFLyQ
6DQWLOODQD
6KXOPDQ / 6 7KRVH ZKR XQGHUVWDQG .QRZOHGJH JURZWK LQ
WHDFKLQJ (GXFDWLRQDO 5HVHDUFKHU 6KXOPDQ / 6 .QRZOHGJH DQG WHDFKLQJ )RXQGDWLRQV RI WKH
QHZ UHIRUP +DUYDUG (GXFDWLRQDO 5HYLHZ 6LHJHO 6 (VWDGtVWLFD QR SDUDPpWULFD DSOLFDGD D ODV FLHQFLDV
GH OD FRQGXFWD 0p[LFR 7ULOODV 6LHPHQV * 7HDFKLQJ
LQ
6RFLDO
DQG
7HFKQRORJLFDO
1HWZRUNV
KWWSZZZFRQQHFWLYLVPFD"S /D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
6LJDOpV & \ RWURV /D LQWHJUDFLyQ GH LQWHUQHW HQ OD HGXFDFLyQ
HVFRODU HVSDxROD VLWXDFLyQ DFWXDO \ SHUVSHFWLYDV GH IXWXUR
%DUFHORQD 82&
6LOYD -
$VWXGLOOR $ ,QVHUFLyQ GH 7,& HQ OD )RUPDFLyQ
,QLFLDO 'RFHQWH %DUUHUDV \ 2SRUWXQLGDGHV 5HYLVWD
,EHURDPHULFDQD GH (GXFDFLyQ 5HFXSHUDGR GH
KWWSZZZULHRHLRUJGHORVOHFWRUHV6LOYDSGI
6PLWK 6 7KURXJK WKH WHDFKHU·V H\HV 8QSDFNLQJ WKH 73$&.
RI GLJLWDO IDEULFDWLRQ LQWHJUDWLRQ LQ PLGGOH VFKRRO ODQJXDJH
DUWV -RXUQDO RI 5HVHDUFK RQ 7HFKQRORJ\ LQ (GXFDWLRQ 6WHZDUW - $QWRQHQNR 3 6KDQH - \ 0XUDYLWD 3 -RXUQDO
RI $JULFXOWXUDO (GXFDWLRQ ² 6XiUH] - $OPHULFK * *DUJDOOR % \ $OLDJD ) /DV
FRPSHWHQFLDV GHO SURIHVRUDGR HQ 7,& HVWUXFWXUD EiVLFD
(GXFDFLyQ ;; 6XiUH]5RGUtJXH] - 0 \ RWURV /DV FRPSHWHQFLDV HQ 7,& GHO
SURIHVRUDGR
,QIOXHQFLD
GH
IDFWRUHV
SHUVRQDOHV
\
FRQWH[WXDOHV 8QLYHUVLWDV 3V\FKRORJLFD 'LVSRQLEOH
HQ
KWWSUHYLVWDVMDYHULDQDHGXFR
LQGH[SKSUHY3V\FKRDUWLFOHYLHZ
>&RQVXOWD
GH VHSWLHPEUH@
7HDFKHU 7UDLQLQJ $JHQF\ 7KH XVH RI ,&7 LQ 6XEMHFW 7HDFKLQJ ²
([SHFWHG 2XWFRPHV RI WKH 1HZ 2SSRUWXQLWLHV )XQG ,&7
7UDLQLQJ ,QLWLDWLYH IRU 7HDFKHUV LQ (QJODQG :DOHV DQG
1RUWKHUQ ,UHODQG 5HFXSHUDGR GH KWWSZZZ FDQWHDFK
JRYXN
7HULJL ) 9,,, )RUR /DWLQRDPHULFDQR GH (GXFDFLyQ VDEHUHV
GRFHQWHV TXp GHEH VDEHU XQ GRFHQWH \ SRU TXp %XHQRV $LUHV
6DQWLOODQD
7KH 'HYHORSPHQW DQG 9DOLGDWLRQ RI DQ $VVHVVPHQW ,QVWUXPHQW IRU
3UHVHUYLFH 7HDFKHUV -RXUQDO RI 5HVHDUFK RQ 7HFKQRORJ\ LQ
(GXFDWLRQ 7RNPDN + ,QFLNDEL /
2]JHOHQ 6 $Q LQYHVWLJDWLRQ RI
FKDQJH LQ PDWKHPDWLFV VFLHQFH DQG OLWHUDF\ HGXFDWLRQ SUH
VHUYLFH WHDFKHUV· 73$&. $VLDQ3DFLILF (GXFDWLRQ 5HVHDUFKHU
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
7VDL && \ &KDL & 6 7KH ´WKLUGµRUGHU EDUULHU IRU
WHFKQRORJ\ LQWHJUDWLRQ LQVWUXFWLRQ ,PSOLFDWLRQV IRU WHDFKHU
HGXFDWLRQ %XLOGLQJ WKH ,&7 FDSDFLW\ RI WKH QH[W JHQHUDWLRQ RI
WHDFKHUV LQ $VLD $XVWUDODVLDQ -RXUQDO RI (GXFDWLRQDO
7HFKQRORJ\ 7XELQ ' 7\SRORJ\ RI ,&7 LPSOHPHQWDWLRQ DQG WHFKQRORJ\
DSSOLFDWLRQ &RPSXWHUV LQ WKH 6FKRROV ²
8QHVFR (VWiQGDUHV GH FRPSHWHQFLDV HQ 7,& SDUD GRFHQWHV
5HFXSHUDGR
GH
KWWSZZZHGXWHNDRUJPRGXORV
81(6&2 1RUPDV VREUH FRPSHWHQFLDV 7,& SDUD GRFHQWHV
KWWSZZZRHLHVWLFQRUPDVWLFPRGXORV
FRPSHWHQFLDVSGI 9HUD -$ \ RWURV (YDOXDFLyQ GH FRPSHWHQFLDV EiVLFDV HQ WLF
HQ GRFHQWHV GH HGXFDFLyQ VXSHULRU HQ 0p[LFR 3t[HO%LW
5HYLVWD GH 0HGLRV \ (GXFDFLyQ 9RRJW - )LVVHU 3 3DUHMD 5REOLQ 1 7RQGHXU -
YDQ %UDDN -
7HFKQRORJLFDO SHGDJRJLFDO FRQWHQW NQRZOHGJH³D
UHYLHZ RI WKH OLWHUDWXUH -RXUQDO RI &RPSXWHU $VVLVWHG
/HDUQLQJ ²
:DFKLUD 3 \ .HHQJZH - 7HFKQRORJ\ LQWHJUDWLRQ EDUULHUV
8UEDQ VFKRRO PDWKHPDWLFV WHDFKHUVெ SHUVSHFWLYHV -RXUQDO RI
6FLHQFH (GXFDWLRQ 7HFKQRORJ\ <RXQJ -5 <RXQJ -/
+DPLOWRQ & 7KH XVH RI
FRQILGHQFH LQWHUYDOV DV D PHWDDQDO\WLF OHQV WR VXPPDUL]H
WKH HIIHFWV RI WHDFKHU HGXFDWLRQ WHFKQRORJ\ FRXUVHV RQ
SUHVHUYLFH WHDFKHU 73$&. -RXUQDO RI 5HVHDUFK RQ 7HFKQRORJ\
LQ (GXFDWLRQ =HONRZVNL - *OHDVRQ - &R[ '&
%LVPDUFN 6 'HYHORSLQJ DQG YDOLGDWLQJ D UHOLDEOH 73$&. LQVWUXPHQW IRU
VHFRQGDU\ PDWKHPDWLFV SUHVHUYLFH WHDFKHUV -RXUQDO RI
5HVHDUFK RQ 7HFKQRORJ\ LQ (GXFDWLRQ $QH[R
&XHVWLRQDULR ´&RQRFLPLHQWR
WHFQROyJLFR SHGDJyJLFR \ GH
FRQWHQLGR 73$&.µ
&RQRFLPLHQWR WHFQROyJLFR 7. 0' 0X\ HQ
GHVDFXHUGR ' 'HVDFXHUGR 1 1L HQ GHVDFXHUGR QL HQ
DFXHUGR $ 'H DFXHUGR '$ 0X\ GH DFXHUGR
6p UHVROYHU PLV SUREOHPDV WpFQLFRV
$VLPLOR FRQRFLPLHQWRV WHFQROyJLFRV IiFLOPHQWH
0H PDQWHQJR DO GtD GH ODV QXHYDV WHFQRORJtDV
LPSRUWDQWHV
$ PHQXGR MXHJR \ KDJR SUXHEDV FRQ OD WHFQRORJtD
&RQR]FR PXFKDV WHFQRORJtDV GLIHUHQWHV
7HQJR ORV FRQRFLPLHQWRV WpFQLFRV TXH QHFHVLWR SDUD
XVDU OD WHFQRORJtD
+H WHQLGR RSRUWXQLGDGHV VXILFLHQWHV GH WUDEDMDU FRQ
GLIHUHQWHV WHFQRORJtDV
&RQRFLPLHQWR GHO FRQWHQLGR &. 0' 0X\ HQ
GHVDFXHUGR ' 'HVDFXHUGR 1 1L HQ GHVDFXHUGR QL HQ
DFXHUGR $ 'H DFXHUGR '$ 0X\ GH DFXHUGR
0DWHPiWLFDV
7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH PDWHPiWLFDV
6p DSOLFDU XQ PRGR GH SHQVDPLHQWR PDWHPiWLFR
7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD GHVDUUROODU PL
FRQRFLPLHQWR VREUH PDWHPiWLFDV
(VWXGLRV VRFLDOHV
7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH HVWXGLRV
VRFLDOHV
6p DSOLFDU XQ PRGR GH SHQVDPLHQWR KLVWyULFR
7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD GHVDUUROODU PL
FRQRFLPLHQWR VREUH HVWXGLRV VRFLDOHV
&LHQFLDV
Ŷ Ŷ Ŷ /D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH FLHQFLDV
6p DSOLFDU XQ PRGR GH SHQVDPLHQWR FLHQWtILFR
7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD GHVDUUROODU PL
FRQRFLPLHQWR VREUH FLHQFLDV
/HFWRHVFULWXUD
7HQJR VXILFLHQWHV FRQRFLPLHQWRV VREUH DOIDEHWL]DFLyQ
OHFWRHVFULWRUD
6p DSOLFDU XQ PRGR GH SHQVDPLHQWR OLWHUDULR
7HQJR YDULRV PpWRGRV \ HVWUDWHJLDV SDUD GHVDUUROODU PL
FRQRFLPLHQWR VREUH DOIDEHWL]DFLyQ OHFWRHVFULWRUD
&RQRFLPLHQWR SHGDJyJLFR 3. 0' 0X\ HQ
GHVDFXHUGR ' 'HVDFXHUGR 1 1L HQ GHVDFXHUGR QL HQ
DFXHUGR $ 'H DFXHUGR '$ 0X\ GH DFXHUGR
6p FyPR HYDOXDU HO UHQGLPLHQWR GHO DOXPQDGR HQ HO
DXOD
6p DGDSWDU PL GRFHQFLD D OR TXH HO DOXPQDGR HQWLHQGH R
QR HQWLHQGH HQ FDGD PRPHQWR
6p DGDSWDU PL HVWLOR GH GRFHQFLD D DOXPQDGRV FRQ
GLIHUHQWHV HVWLORV GH DSUHQGL]DMH
6p HYDOXDU HO DSUHQGL]DMH GHO DOXPQDGR GH GLYHUVDV
PDQHUDV GLIHUHQWHV
6p XWLOL]DU XQD DPSOLD YDULHGDG GH HQIRTXHV GRFHQWHV
HQ HO HQWRUQR GHO DXOD
6R\ FRQVFLHQWH GH ORV DFLHUWRV \ HUURUHV PiV FRPXQHV
GHO DOXPQDGR HQ OR UHIHUHQWH D FRPSUHQVLyQ GH FRQWHQLGRV
6p FyPR RUJDQL]DU \ PDQWHQHU OD GLQiPLFD HQ HO DXOD
&RQRFLPLHQWR SHGDJyJLFR GHO FRQWHQLGR 3&.
0' 0X\ HQ GHVDFXHUGR ' 'HVDFXHUGR 1 1L HQ
GHVDFXHUGR QL HQ DFXHUGR $ 'H DFXHUGR '$ 0X\ GH
DFXHUGR
3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV GH PDQHUD HILFD]
SDUD JXLDU HO SHQVDPLHQWR \ HO DSUHQGL]DMH GHO DOXPQDGR HQ
PDWHPiWLFDV
3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV GH PDQHUD HILFD]
SDUD JXLDU HO SHQVDPLHQWR \ HO DSUHQGL]DMH GHO DOXPQDGR HQ
OHFWRHVFULWXUD
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV
SDUD JXLDU HO SHQVDPLHQWR \ HO DSUHQGL]DMH
FLHQFLDV
3XHGR VHOHFFLRQDU HQIRTXHV GRFHQWHV
SDUD JXLDU HO SHQVDPLHQWR \ HO DSUHQGL]DMH
HVWXGLRV VRFLDOHV
GH PDQHUD HILFD]
GHO DOXPQDGR HQ
GH PDQHUD HILFD]
GHO DOXPQDGR HQ
&RQRFLPLHQWR WHFQROyJLFR GHO FRQWHQLGR 7&.
0' 0X\ HQ GHVDFXHUGR ' 'HVDFXHUGR 1 1L HQ
GHVDFXHUGR QL HQ DFXHUGR $ 'H DFXHUGR '$ 0X\ GH
DFXHUGR
&RQR]FR WHFQRORJtDV TXH SXHGR XVDU SDUD FRPSUHQGHU \
HODERUDU FRQWHQLGRV VREUH PDWHPiWLFDV
&RQR]FR WHFQRORJtDV TXH SXHGR XVDU SDUD FRPSUHQGHU \
HODERUDU FRQWHQLGRV VREUH OHFWRHVFULWXUD
&RQR]FR WHFQRORJtDV TXH SXHGR XVDU SDUD FRPSUHQGHU \
HODERUDU FRQWHQLGRV VREUH FLHQFLDV
&RQR]FR WHFQRORJtDV TXH SXHGR XVDU SDUD FRPSUHQGHU \
HODERUDU FRQWHQLGRV VREUH HVWXGLRV VRFLDOHV
&RQRFLPLHQWR
WHFQROyJLFR
SHGDJyJLFRV
73.
0' 0X\ HQ GHVDFXHUGR ' 'HVDFXHUGR 1 1L HQ
GHVDFXHUGR QL HQ DFXHUGR $ 'H DFXHUGR '$ 0X\ GH
DFXHUGR
6p VHOHFFLRQDU WHFQRORJtDV TXH PHMRUDQ ORV HQIRTXHV
GRFHQWHV SDUD XQD OHFFLyQ
6p VHOHFFLRQDU WHFQRORJtDV TXH PHMRUDQ HO DSUHQGL]DMH
GHO DOXPQDGR HQ XQD OHFFLyQ
0L IRUPDFLyQ FRPR GRFHQWH PH KD KHFKR UHIOH[LRQDU
PiV GHWHQLGDPHQWH VREUH OD IRUPD HQ TXH OD WHFQRORJtD
SXHGH LQIOXLU HQ ORV HQIRTXHV GRFHQWHV TXH HPSOHR HQ HO DXOD
$GRSWR XQ SHQVDPLHQWR FUtWLFR VREUH OD IRUPD GH
XWLOL]DU OD WHFQRORJtD HQ HO DXOD
3XHGR DGDSWDU HO XVR GH ODV WHFQRORJtDV VREUH ODV FXDOHV
HVWR\ DSUHQGLHQGR D GLIHUHQWHV DFWLYLGDGHV GRFHQWHV
&RQRFLPLHQWR WHFQROyJLFR SHGDJyJLFR GHO FRQWHQLGR
73$&. 0' 0X\ HQ GHVDFXHUGR ' 'HVDFXHUGR 1 1L HQ
/D IRUPDFLyQ GHO SURIHVRUDGR HQ 7,& PRGHOR 73$&.
GHVDFXHUGR QL HQ DFXHUGR $ 'H DFXHUGR '$ 0X\ GH
DFXHUGR
3XHGR LPSDUWLU OHFFLRQHV TXH FRPELQDQ DGHFXDGDPHQWH
PDWHPiWLFDV WHFQRORJtDV \ HQIRTXHV GRFHQWHV
3XHGR LPSDUWLU OHFFLRQHV TXH FRPELQDQ DGHFXDGDPHQWH
OHFWRHVFULWXUD WHFQRORJtDV \ HQIRTXHV GRFHQWHV
3XHGR LPSDUWLU OHFFLRQHV TXH FRPELQDQ DGHFXDGDPHQWH
FLHQFLDV WHFQRORJtDV \ HQIRTXHV GRFHQWHV
3XHGR LPSDUWLU OHFFLRQHV TXH FRPELQDQ DGHFXDGDPHQWH
HVWXGLRV VRFLDOHV WHFQRORJtDV \ HQIRTXHV GRFHQWHV
6p VHOHFFLRQDU WHFQRORJtDV SDUD XVDU HQ HO DXOD TXH
PHMRUDQ ORV FRQWHQLGRV TXH LPSDUWR OD IRUPD GH LPSDUWLUORV
\ OR TXH DSUHQGH HO DOXPQDGR
6p XVDU HQ PLV PDWHULDOHV GRFHQWHV SDUD HO DXOD
HVWUDWHJLDV TXH FRPELQDQ FRQWHQLGRV WHFQRORJtDV \ HQIRTXHV
GRFHQWHV VREUH ORV FXDOHV KH DSUHQGLGR
3XHGR JXLDU \ D\XGDU D RWUDV SHUVRQDV D FRRUGLQDU HO
XVR GH FRQWHQLGRV WHFQRORJtDV \ HQIRTXHV GRFHQWHV HQ PL
FHQWUR GRFHQWH \R UHJLyQ DGPLQLVWUDWLYD
3XHGR VHOHFFLRQDU WHFQRORJtDV TXH PHMRUDQ HO FRQWHQLGR
GH ODV OHFFLRQHV
0RGHORV GH 73$&. HQ VXV SURIHVRUHV 0' 0X\ HQ
GHVDFXHUGR ' 'HVDFXHUGR 1 1L HQ GHVDFXHUGR QL HQ
DFXHUGR $ 'H DFXHUGR '$ 0X\ GH DFXHUGR
0LV IRUPDGRUHV FRPR GRFHQWH HQ PDWHULD GH
PDWHPiWLFDV
FRPELQDQ
DGHFXDGDPHQWH
FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV GRFHQWHV HQ VX GRFHQFLD
0LV IRUPDGRUHV FRPR GRFHQWH HQ PDWHULD GH
OHFWRHVFULWXUD
FRPELQDQ
DGHFXDGDPHQWH
FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV GRFHQWHV HQ VX GRFHQFLD
0LV IRUPDGRUHV FRPR GRFHQWH HQ PDWHULD GH FLHQFLDV
FRPELQDQ DGHFXDGDPHQWH FRQWHQLGRV WHFQRORJtDV \
HQIRTXHV GRFHQWHV HQ VX GRFHQFLD
0LV IRUPDGRUHV FRPR GRFHQWH HQ PDWHULD GH HVWXGLRV
VRFLDOHV FRPELQDQ DGHFXDGDPHQWH FRQWHQLGRV WHFQRORJtDV \
HQIRTXHV GRFHQWHV HQ VX GRFHQFLD
0LV IRUPDGRUHV FRPR GRFHQWH HQ PDWHULD GH WHFQRORJtD
/XFHV \ VRPEUDV GH OD IRUPDFLyQ GHO SURIHVRUDGR HQ 7,&
SDUD HO DSUHQGL]DMH FRPELQDQ DGHFXDGDPHQWH FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV GRFHQWHV HQ VX GRFHQFLD
0LV IRUPDGRUHV HQ PDWHULD GH SHGDJRJtD FRPELQDQ
DGHFXDGDPHQWH FRQWHQLGRV WHFQRORJtDV \ HQIRTXHV GRFHQWHV
HQ VX GRFHQFLD
0LV SURIHVRUHV QR GHGLFDGRV D IRUPDFLyQ GH GRFHQWHV
FRPELQDQ DGHFXDGDPHQWH FRQWHQLGRV WHFQRORJtDV \
HQIRTXHV GRFHQWHV HQ VX GRFHQFLD
0LV SURIHVRUHV DVHVRUHV SDUD OD HGXFDFLyQ GRQGH
LPSDUWR GRFHQFLD FRPELQDQ DGHFXDGDPHQWH FRQWHQLGRV
WHFQRORJtDV \ HQIRTXHV GRFHQWHV HQ VX GRFHQFLD
1RWD ODV RSFLRQHV GH UHVSXHVWDV SDUD ORV WUHV ~OWLPRV tWHPV
VRQ R PHQRV \ (Q JHQHUDO ¢DSUR[LPDGDPHQWH TXp SRUFHQWDMH GH ORV
SURIHVRUHV GH IRUPDFLyQ GRFHQWH OH KDQ SURSRUFLRQDGR XQD
PRGHOR HILFD] GH FRPELQDU FRQWHQLGRV WHFQRORJtDV
DSURSLDGR D VX HQVHxDQ]D"
(Q JHQHUDO ¢DSUR[LPDGDPHQWH TXp SRUFHQWDMH GH VXV
SURIHVRUHV QR GHGLFDGRV D VX IRUPDFLyQ GH GRFHQWHV OH KDQ
IDFLOLWDGR XQ PRGHOR HILFD] SDUD FRPELQDU FRQWHQLGRV
WHFQRORJtDV DSURSLDGR D VX HQVHxDQ]D"
(Q JHQHUDO ¢DSUR[LPDGDPHQWH TXp SRUFHQWDMH GH VXV
SURIHVRUHV DVHVRUHV SDUD OD HGXFDFLyQ GRQGH LPSDUWR
GRFHQFLD OH KDQ IDFLOLWDGR XQ PRGHOR HILFD] SDUD FRPELQDU HQ
VX GRFHQFLD FRQWHQLGRV WHFQRORJtDV \ HQIRTXHV GRFHQWHV"
6FKPLGW ' %DUDQ ( 7KRPSVRQ $ 0LVKUD 3 .RHKOHU 0
6KLQ 7 7HFKQRORJLFDO SHGDJRJLFDO FRQWHQW NQRZOHGJH
73$&. 7KH GHYHORSPHQW DQG YDOLGDWLRQ RI DQ DVVHVVPHQW
LQVWUXPHQW IRU SUHVHUYLFH WHDFKHUV -RXUQDO RI 5HVHDUFK RQ
7HFKQRORJ\ LQ (GXFDWLRQ ²
© Copyright 2024