Professional Documents
Culture Documents
(/.12:+2:<68$3/,&$&,135&7,&$
(1(/&2175$72'()5$148,&,$
/LF0DUFR9LQLFLR$OIDUR5RGUtJH]
(VWHDUWtFXORUHDOL]DXQDUHYLVLyQGHOWHPDGHONQRZKRZHQVXVDVSHFWRVJHQHUDOHV\GHVGH
HOSXQWRGHYLVWDGHOFRQWUDWRKDFLHQGRXQpQIDVLVHQODUHODFLyQGHHVWDJXUDFRQODGHOD
IUDQTXLFLD6HSRGUtDGHFLUTXHQRHVSRVLEOHKDEODUGHIUDQTXLFLDVLQKDEODUGHNQRZKRZ
3UHFLVDPHQWH OD HVHQFLD GH OD IUDQTXLFLD VH HQFXHQWUD HQ OD H[SHULHQFLD DFXPXODGD \ HO
FRQRFLPLHQWRORJUDGRTXHVHFRQYLHUWHQTXL]iVHQHODFWLYRPiVLPSRUWDQWHGHODHPSUHVD
TXH WUDQVPLWH HO NQRZ KRZ (VH VDEHU FyPR KDFHUOR VREUH WRGR FXDQGR VH WUDWD GH XQ
QHJRFLRH[LWRVRDVtGHPRVWUDGRHQODSUiFWLFDYDOHREYLDPHQWHPXFKRGLQHUR/DJXUD
GHODIUDQTXLFLDKDSHUPLWLGRSRQHUDODOFDQFHGHORVLQYHUVLRQLVWDVHOSRGHULQYHUWLUHQXQ
QHJRFLRH[LWRVR\DHVWUXFWXUDGR\FRQWRGRVORVPDQXDOHV\UHFHWDVSXHVWDVDGLVSRVLFLyQ
SDUDSRGHUDVLPLODUHVHNQRZKRZDFDPELRGHXQSDJR(VWROHSHUPLWHDOLQYHUVLRQLVWD
SRGHUWHQHUXWLOLGDGHVFDVLTXHJDUDQWL]DGDVSXHVHOIRUPDWRGHQHJRFLRKDSUREDGRTXH
SXHGHJHQHUDUEHQHFLRVHFRQyPLFRV
6XPDULR
,QWURGXFFLyQ
&DStWXOR,
&RQFHSWRGH.QRZ+RZ
$
%
&
&RQFHSWXDOL]DFLyQGHNQRZKRZSRUORVGRFWULQDULRV
&RQFHSWRGHNQRZKRZHQHOGHUHFKRFRPSDUDGREUHYH
.QRZ+RZ\VHFUDHWRGHODLQIRUPDFLyQ
4XpVHSXHGHHQWHQGHUSRUORTXHHQODGRFWULQDOHJLVODFLyQ\MXULVSUXGHQFLDVHKDGDGRHQGHQRPLQDU
GHGLYHUVDVPDQHUDVFRPRLQIRUPDFLyQQRGLYXOJDGDLQIRUPDFLyQFRQGHQFLDOVHFUHWRFRPHUFLDOR
VHFUHWRLQGXVWULDO"
4XpVXFHGHFXDQGRVHSDWHQWL]DODLQIRUPDFLyQWHFQROyJLFD"
7UDQVPLVLyQRWUDQVIHUHQFLDGHWHFQRORJtDSRUHIHFWRGHUUDPHVSLOORYHU
/DSURWHFFLyQMXUtGLFDGHODLQIRUPDFLyQQRGLYXOJDGDHQJHQHUDO\HQHOFDVRGH&RVWD5LFD
D&DUDFWHUtVWLFDVFRQTXHGHEHFRQWDUODLQIRUPDFLyQQRGLYXOJDGDSDUDTXHVHDVXVFHSWLEOHGHSURWHFFLyQ
MXUtGLFD
E/DSURWHFFLyQMXUtGLFDGHODLQIRUPDFLyQHQHORUGHQDPLHQWRMXUtGLFRFRVWDUULFHQVH
&XiOHVVRQODVYHQWDMDVTXHSURSRUFLRQDODLQIRUPDFLyQWHFQROyJLFDQRGLYXOJDGD"
&DStWXOR,,
1DWXUDOH]DMXUtGLFDGHOFRQWUDWRGH.QRZ+RZ
&DStWXOR,,,
&DUDFWHUtVWLFDVGHOFRQWUDWRGH.QRZ+RZ
&DStWXOR,9
(OHPHQWRVGHOFRQWUDWRGH.QRZ+RZ
$
%
&
&HVLyQ
7UDQVPLVLyQGHOGHUHFKR
&RQWUDSUHVWDFLyQ
L)RUPDVGHSDJRRSUHFLRRUHJDOtDGHODFRQWUDSUHVWDFLyQ
(OPpWRGRGHVXPDMD
(OPpWRGRGHODVXPDMDGDDSOD]RV
(OPpWRGRGHODMDFLyQVREUHODVYHQWDVQHWDV
(OPpWRGRGHODVUHJDOtDVVREUHODVXWLOLGDGHVGHOUHFHSWRUGHO.QRZ+RZ
(OPpWRGRGHODVUHJDOtDVVREUHLQVXPRV\SURFHVRV
$OJXQDVRWUDVFOiXVXODV
&DStWXOR9
&OiXVXODVJHQHUDOHVGHOFRQWUDWRGH.QRZ+RZ
$
%
&
'
(
)
*
+
6XPLQLVWURGHO.QRZ+RZ
&RQGHQFLDOLGDG
([FOXVLYLGDG
7HUULWRULDOLGDG
6XE&RQFHVLRQHVGHO.QRZ+RZ
3OD]R
6ROXFLyQGHFRQLFWRVROLWLJLRV
&RPHQWDULRVQDOHV\SRVLELOLGDGGHLQFOXLURWUDVFOiXVXODV
&DStWXOR9,
.QRZ+RZ\)UDQTXLFLD
$
%
&
'
)UDQTXLFLD$VSHFWRVFRQFHSWXDOHV
&DUDFWHUtVWLFDVGHONQRZKRZWUDQVPLWLGRHQODIUDQTXLFLD
/DSURWHFFLyQGHOVHFUHWRFRPHUFLDOHQORVFRQWUDWRVGHIUDQTXLFLDSULQFLSDO
&OiXVXODVHQORVFRQWUDWRVGHIUDQTXLFLDSULQFLSDOSDUDSURWHJHUHONQRZKRZ
D&OiXVXODVGHFRQGHQFLDOLGDG
E&OiXVXODVGHQRFRPSHWHQFLD
F&OiXVXODVGHUHFLSURFLGDGJUDQWEDFN
G5HVWULFFLRQHVDOiPELWRGHXVR
&RQFOXVLyQ
%LEOLRJUDItD
5HYLVWD-XGLFLDO&RVWD5LFD16HWLHPEUH
(/.12:+2:<68$3/,&$&,135&7,&$
(1(/&2175$72'()5$148,&,$
/LF0DUFR9LQLFLR$OIDUR5RGUtJH]
,QWURGXFFLyQ
(OGHVDUUROORHFRQyPLFRGHODKXPDQLGDGKD
WHQLGRTXHYHUVLHPSUHFRQHOFRQRFLPLHQWR
\ SRGUtD GHFLUVH TXH OD KLVWRULD GH p[LWR GH
ODV FRPSDxtDV TXH KDQ ORJUDGR JUDQGHV
FRVDVVHGHEHHQEXHQJUDGRDTXHFRQRFHQ
DVSHFWRV GHO QHJRFLR TXH RWUDV FRPSDxtDV
QRKDQORJUDGRGHVDUUROODU(OQXHYRIDFWRUGH
SURGXFFLyQKR\HQODHUDGHODJOREDOL]DFLyQ
HVHOFRQRFLPLHQWR/DVYHQWDMDVFRPSHWLWLYDV
GH ODV QDFLRQHV \ GH ODV HPSUHVDV HQ OD
VRFLHGDG SRVWFDSLWDOLVWD VH PLGHQ SRU VX
GHVDUUROORWHFQROyJLFR/DHPSUHVDGHOVLJOR
;;,HVODHPSUHVDGHOFRQRFLPLHQWR(QHVWH
RUGHQGHLGHDVHO.QRZKRZVHSHUODFRPR
ODSLHGUDDQJXODUHQHOHVTXHPDSURGXFWLYR\
RUJDQL]DFLRQDOGHODVHPSUHVDV
$KRUD ELHQ HVWH FRQRFLPLHQWR QR VH EDVWD
SRU Vt VROR HV GHFLU FRPR OD KLVWRULD HV
XQ GHYHQLU HYROXWLYR OD LQQRYDFLyQ TXH VH
RULJLQDHQODLQYHVWLJDFLyQ\HOGHVDUUROORGH
LGHDV SURGXFWRV PpWRGRV GH IDEULFDFLyQ \
RUJDQL]DFLyQ SDUD SRGHU FRQWLQXDU VLHQGR
OD SULQFLSDO KHUUDPLHQWD GH GHVDUUROOR GHEH
FRQVWLWXLUVHHQXQDGLVFLSOLQDFRWLGLDQDHQHO
HMHUFLFLR GLDULR GH OD DFWLYLGDG HPSUHVDULDO
'H OR FRQWUDULR HO NQRZ KRZ TXH VH KD\D
ORJUDGRDGTXLULUTXHUHSUHVHQWDXQDYHQWDMD
FRPSHWLWLYDGHMDUtDGHVHUWDO
(QRWUDVpSRFDVKDEtDFRPSDxtDVTXHDFX
GtDQDPpWRGRVFRPRHOHVSLRQDMHLQGXVWULDO
SDUDREWHQHUHOFRQRFLPLHQWR\ODH[SHULHQFLD
QHFHVDULRV SDUD HVWDU D OD YDQJXDUGLD GHO
GHVDUUROOR HQ VX OtQHD GH QHJRFLR +R\ GtD
OD DGTXLVLFLyQ GH .QRZKRZ VH FRQVWLWX\H
HQXQDSLH]DIXQGDPHQWDOSDUDHVWDUDFRUGH
FRQORVQXHYRVUHWRVGHOFRQVXPLGRURSDUD
HVWDUDODYDQJXDUGLDHPSUHVDULDO\FRPSHWLU
FRQ p[LWR 0XFKDV HPSUHVDV QR FXHQWDQ
FRQ HO VXFLHQWH GHVDUUROOR WpFQLFR SDUD
SHQHWUDU HQ RWURV PHUFDGRV SRU HMHPSOR
HQ HO H[WUDQMHUR 6LQ HPEDUJR FXHQWDQ FRQ
UHFXUVRVQDQFLHURVTXHOHVSHUPLWHQDGTXLULU
WHFQRORJtDSDUDDFFHGHUDGLFKRVPHUFDGRV
/D WUDQVIHUHQFLD GH WHFQRORJtD \ .QRZ
KRZ OH SHUPLWHQ D ODV HPSUHVDV DKRUUDUVH
PXFKRV HVIXHU]RV \ WLHPSR YDOLRVR SXHV
SDUDGHVFXEULUXQDWHFQRORJtDSXHGHQSDVDU
GpFDGDV PLHQWUDV VX DGTXLVLFLyQ LQPHGLDWD
SXHGH FRQOOHYDU LQFOXVLYH HO PHMRUDPLHQWR
R SHUIHFFLRQDPLHQWR GH pVWD SRU SDUWH
GHOEHQHFLDULR
(O HVSHFWDFXODU GHVDUUROOR WHFQROyJLFR GH
ODV ~OWLPDV GpFDGDV VRUSUHQGHQWH SRU
VX DPSOLWXG \ SURIXQGLGDG KD H[LJLGR
GHO GHUHFKR PRGHORV FRQWUDFWXDOHV TXH
SUHWHQGHQ WXWHODU DVSHFWRV PDWHULDOHV
VRFLDOHV LQWHOHFWXDOHV SVLFROyJLFRV \ pWLFRV
GH ODV SHUVRQDV ODV LQVWLWXFLRQHV \ ODV
(VSHFLDOLVWDHQ'HUHFKR&RPHUFLDO8QLYHUVLGDGGH&RVWD5LFD
WUDWDGHXQQHJRFLRH[LWRVRDVtGHPRVWUDGR
HQ OD SUiFWLFD YDOH REYLDPHQWH PXFKR
GLQHUR/DJXUDGHODIUDQTXLFLDKDSHUPLWLGR
SRQHU DO DOFDQFH GH ORV LQYHUVLRQLVWDV HO
SRGHU LQYHUWLU HQ XQ QHJRFLR H[LWRVR \D
HVWUXFWXUDGR \ FRQ WRGRV ORV PDQXDOHV \
UHFHWDV SXHVWDV D GLVSRVLFLyQ SDUD SRGHU
DVLPLODUHVHNQRZKRZDFDPELRGHXQSDJR
(VWR OH SHUPLWH DO LQYHUVLRQLVWD SRGHU WHQHU
XWLOLGDGHV FDVL TXH JDUDQWL]DGDV SXHV HO
IRUPDWR GH QHJRFLR KD SUREDGR TXH SXHGH
JHQHUDU EHQHFLRV HFRQyPLFRV$O UHVSHFWR
HV RSRUWXQR HVWDEOHFHU GH PDQHUD FODUD OD
GLIHUHQFLDTXHH[LVWHHQWUHNQRZ\IUDQTXLFLD
&RQ HVH Q HV LPSRUWDQWH UHVHxDU DOJXQRV
DVSHFWRVTXHVHxDODHO'U9tFWRU3pUH]/D
IUDQTXLFLDFRPHUFLDOHVHQWUHRWUDVFRVDVXQ
FRQWUDWR GH WUDQVIHUHQFLD GH WHFQRORJtD GH
WUDQVIHUHQFLDGHNQRZKRZ6LQHPEDUJR
HONQRZKRZHVVyORXQRGHORVFRPSRQHQWHV
GH OD IUDQTXLFLD FRPHUFLDO $XQTXH HO
)UDQFKLVLQJ SXHGH LPSOLFDU WUDQVIHUHQFLD GH
NQRZKRZVXIXQFLyQYDPiVDOOi
(OSUHVHQWHWUDEDMRGHLQYHVWLJDFLyQSUHWHQGH
KDFHUXQDUHYLVLyQGHOWHPDGHONQRZKRZHQ
VXVDVSHFWRVJHQHUDOHV\GHVGHHOSXQWRGH
YLVWD GHO FRQWUDWR VREUH WRGR KDFLHQGR XQ
pQIDVLV HQ OD UHODFLyQ GH HVWD JXUD FRQ OD
GHODIUDQTXLFLD6HSRGUtDGHFLUTXHQRHV
SRVLEOH KDEODU GH IUDQTXLFLD VLQ KDEODU GH
NQRZ KRZ 3UHFLVDPHQWH OD HVHQFLD GH OD
IUDQTXLFLD VH HQFXHQWUD HQ OD H[SHULHQFLD
DFXPXODGD\HOFRQRFLPLHQWRORJUDGRTXHVH
FRQYLHUWHQTXL]iVHQHODFWLYRPiVLPSRUWDQWH
GHODHPSUHVDTXHWUDQVPLWHHONQRZKRZ(VH
VDEHU FyPR KDFHUOR VREUH WRGR FXDQGR VH
&DStWXOR,
&RQFHSWRGH.QRZ+RZ
$
&RQFHSWXDOL]DFLyQGHNQRZKRZ
SRUORVGRFWULQDULRV
&DStWXOR81,'52,7)UDQTXLFLDV
6WXPSI+HUEHUW(OFRQWUDWRGH.QRZ+RZ(GLWRULDO7HPLV%RJRWiS
3DUDOD/H\$OHPDQDNQRZKRZHVVLQyQL
PRGHDGHODQWRLQYHQWLYRSURFHGLPLHQWRGH
IDEULFDFLyQFRQVWUXFFLRQHV\GHPiVDGHODQ
WRVHQULTXHFHGRUHVGHODWpFQLFDTXHGHEHQ
VHUVHFUHWRGHHPSUHVDV
/DMXULVSUXGHQFLDLQJOHVDHQHVWHSXQWRKD
WRPDGRXQDSRVLFLyQLQQRYDGRUDDOFRQVLGHUDU
NQRZ KRZ FRPR XQ DFWLYR /RUG 5DGFOLII HQ
XQDFDXVDVFDOGRQGHVHLQWHQWDEDGHQLUODV
FRQVHFXHQFLDVWULEXWDULDVGHXQDLQIRUPDFLyQ
WHFQROyJLFD OOHJD D DGPLWLU OLWHUDOPHQWH TXH
NQRZKRZHVXQtWHPGHOFDSLWDOMR(OMXH]
8SMRKQDVXYH]HQHOFDVR+DQGOH\3DJH
Y %XWOHUZRUWK FRQVLGHUy TXH NQRZ KRZ
D SHVDU GH QR WHQHU XQ VLJQLFD SUHFLVR
HV XQ DFWLYR (YLGHQWHPHQWH WDO GHQLFLyQ
WLHQHGHVHUFDOLFDGD\DTXHODLQIRUPDFLyQ
WHFQROyJLFDQRVHFRQWDELOL]DFRPRXQHGLFLR
R EDVWD FRPR XQD SDWHQWH /R PLVPR
VXFHGH VLQ HPEDUJR FRQ RWURV HOHPHQWRV
LQPDWHULDOHV GH OD DFWLYLGDG FRPHUFLDO OD
UHVSHWDELOLGDG OD LPDJHQ OD HFLHQFLD GHO
HTXLSR GH YHQGHGRUHV HWF D SHVDU GH TXH
WDOHV tWHPV SXHGDQ VHU HYDOXDGRV HQ GLQHUR
HQFDVRGHYHQWDGHODHPSUHVD
(Q OD OH\ PH[LFDQD VREUH SURSLHGDG
LQGXVWULDODUWtFXORHONQRZKRZVHGHQH
GHODVLJXLHQWHPDQHUD
7RGD LQIRUPDFLyQ GH DSOLFDFLyQ LQGXVWULDO
TXH JXDUGH XQD SHUVRQD ItVLFD R PRUDO
1DUYiH]*DUFtD-RVp,JQDFLR2EOLJDFLRQHV\&RQWUDWRV0HUFDQWLOHV&RORPELD7HPLVS
(OFRQFHSWRMXUtGLFRGHNQRZKRZHQZZZGHQLVEDUERVDDGGUFRPFRQVXOWDGDHOGHVHWLHPEUHGHO
(OFRQFHSWRMXUtGLFRGHNQRZKRZHQZZZGHQLVEDUERVDDGGUFRPFRQVXOWDGDHOGHVHWLHPEUHGHO
(ODERUGDMHGHHVWHWHPDORHVWDUpKDFLHQGR
HQODPD\RUtDGHORVSXQWRVDWUDYpVGHWtWXORV
FRQSUHJXQWDVTXHSUHWHQGRLUFRQWHVWDQGR
FRQ EDVH HQ HO DQiOLVLV GH OD LQIRUPDFLyQ
REWHQLGDDFHUFDGHORVGLIHUHQWHVWHPDV
4XpVHSXHGHHQWHQGHUSRUORTXHHQ
ODGRFWULQDOHJLVODFLyQ\MXULVSUXGHQFLD
VHKDGDGRHQGHQRPLQDUGHGLYHUVDV
PDQHUDV FRPR LQIRUPDFLyQ QR
GLYXOJDGD LQIRUPDFLyQ FRQGHQ
FLDO VHFUHWR FRPHUFLDO R VHFUHWR
LQGXVWULDO"
$ ORV FRQRFLPLHQWRV TXH HQFLHUUD HO NQRZ
KRZ VH OHV KD GDGR HQ GHQRPLQDU GH PX\
GLYHUVDVPDQHUDVFRPRLQIRUPDFLyQVHFUHWD
LQIRUPDFLyQQRGLYXOJDGDVHFUHWRFRPHUFLDO
VHFUHWR HPSUHVDULDO R VHFUHWR LQGXVWULDO
HQWHQGLHQGR WRGDV HVDV GHQRPLQDFLRQHV
FRPRVLQyQLPRV
,PSRUWDQWHHQWRQFHVGHQWURGHHVWHDQiOLVLV
SRGHUGHOLPLWDUXQSRFRPiVHQGHWDOOHHVWRV
FRQFHSWRV 6H SRGUtD HQWHQGHU SRU VHFUHWR
FRPHUFLDO HO FRQMXQWR GH ODV LQIRUPDFLRQHV
HVFDVDVGHFDUiFWHUQDQFLHURHFRQyPLFR
FRPHUFLDO R WHFQROyJLFR TXH SHUPLWHQ D
OD HPSUHVD TXH ODV SRVHH XQD SRVLFLyQ
SULYLOHJLDGD/DLQIRUPDFLyQFRQGHQFLDOTXH
LJXDOPHQWHSXHGHVHUGHFDUiFWHUQDQFLHUR
FRPHUFLDO H LQFOXVLYH WHFQROyJLFR HV SDUWH
GH XQ VHFUHWR FRPHUFLDO WUDVPLWLGR EDMR
UHVHUYD GH GLIXVLyQ D FDPELR GH DOJXQD
YHQWDMD SDUD HO WUDVPLVRU /D FRQGLFLyQ GH
NQRZ KRZ GH HVH FRQRFLPLHQWR WpFQLFR
WUDQVPLWLGR FRQ UHVWULFFLyQ GH GLIXVLyQ VH
HQFXHQWUD GHWHUPLQDGD SRU OD VLWXDFLyQ GH
TXH VX SRVHVLyQ UHSUHVHQWH XQD YHQWDMD HQ
HOJLURGHQHJRFLRGHTXLHQODUHFLEH
*yPH] 6HJDGH VHxDOD DO UHIHULUVH DO
DVSHFWR RFXOWR GHO VHFUHWR TXH HO FDUiFWHU
UHVHUYDGR \ HO GHVFRQRFLPLHQWR SRU ORV
WHUFHURVHVXQSUHVXSXHVWRHVHQFLDOSDUDOD
H[LVWHQFLDGHOVHFUHWRLQGXVWULDO0iVD~QVH
SXHGH GHFLU TXH OD IDOWD GH GLYXOJDFLyQ GHO
VHFUHWR FRQVWLWX\H HO HOHPHQWR IXQGDPHQWDO
\ GHFLVLYR SDUD OD H[LVWHQFLD GHO VHFUHWR
LQGXVWULDO$JUHJDTXHHOFDUiFWHURFXOWR
GHORVFRQRFLPLHQWRVHVORTXHSURSRUFLRQD
XQD VLWXDFLyQ SULYLOHJLDGD DO HPSUHVDULR
SRVHHGRU GH ORV PLVPRV \ GLVSRQH GH
DOJR TXH VXV FRPSHWLGRUHV QR SXHGHQ
XWLOL]DUSRUTXHORGHVFRQRFHQRSRUTXHD~Q
FRQRFLpQGROR QR VDEHQ TXH HV HPSOHDGR
SRU VX FRPSHWLGRU /D IDOWD GH GLYXOJDFLyQ
HVSRUWDQWRODEDVHVREUHODTXHVHDVLHQWD
WRGDODFRQVWUXFFLyQGHOVHFUHWRLQGXVWULDO
(QQXHVWURSDtVHQORTXHVHUHHUHDHVWH
WHPDHQODMXULVSUXGHQFLDVHKDGHVWDFDGROR
VLJXLHQWH(QORTXHFRQFLHUQHSURSLDPHQWH
DO NQRZ KRZ R VHFUHWR HPSUHVDULDO
DEDUFD WDQWR ORV VHFUHWRV LQGXVWULDOHV FRPR
HPSUHVDULDOHV $VLPLVPR VH FRQFLEH HQ
GRFWULQD TXH VX HVHQFLD FRQVLVWH HQ XQ
VHFUHWRVREUHXQFRQMXQWRGHFRQRFLPLHQWRV
GH FDUiFWHU LQGXVWULDO GH SURGXFWRV R
SURFHGLPLHQWRV FRPHUFLDO R SDUD OD
SUHVWDFLyQ GH XQ VHUYLFLR TXH SURSRUFLRQD
XQDYHQWDMDFRPSHWLWLYDDTXLHQORSRVHH\
TXHVHHVIXHU]DSRUQRGLYXOJDUORV
4Xp VXFHGH FXDQGR VH SDWHQWL]D OD
LQIRUPDFLyQWHFQROyJLFD"
&XDQGR VH SDWHQWL]D OD LQIRUPDFLyQ
WHFQROyJLFD ORV (VWDGRV FRQFHGHQ XQD
H[FOXVLYLGDG OHJDO GH XVR GHO FRQRFLPLHQWR
R WHFQRORJtD TXH VH KD UHJLVWUDGR \ OH
FRQFHGHHOPRQRSROLRVREUHpVWH(VWRWUDH
FRPRUHVXOWDGRTXHHO(VWDGRTXHFRQFHGH
OD SDWHQWH OLEHUD OD GLYXOJDFLyQ \ IDYRUHFH
OD OLEUH FLUFXODFLyQ GH ODV LQIRUPDFLRQHV
WHFQROyJLFDV (V SRU HOOR TXH OD %,53,
%XDUHDX[ LQWHPDWLRQDX[ UpXQLV SRXU OD
SURWHFWLRQGHODSURSLHWpLQGXVWULDOOHOLWWHUDLUH
HW DUWLVWLTXH HQ VX PRGHOR GH OH\ SDUD
6LQDQL(YDQV0H\HU.ODXV,GHQWLI\LQJ6SLOORYHUVRI7HFKQRORJ\7UDQVIHUIURP)',7KH&DVHRI(VWRQLD&HQWUHIRU
(DVW(XURSHDQ6WXGLHV&RSHQKDJHQ%XVLQHVV6FKRROSFLWDGRSRU.HOVR+HUQiQGH])DELiQ/D7HRUtDGHO
'HUUDPDPLHQWRGH7HFQRORJtDFRPR3RVLEOH2ULJHQGHXQD1XHYD)LJXUD&RQWUDFWXDO7UDEDMR)LQDOGH*UDGXDFLyQ
SDUDRSWDUSRUHOJUDGRGH/LFHQFLDWXUDHQ'HUHFKR8QLYHUVLGDGGH&RVWD5LFDSiJ
.HOVR+HUQiQGH])DELiQ2S&LWSiJ
.HOVR+HUQiQGH])DELiQ2S&LWSiJ
HPSOHDEOHVHQODSUHVWDFLyQGHVHUYLFLRVHWF
7RGRVHOORVSUHVHQWDQODFDUDFWHUtVWLFDFRP~Q
GHFXPSOLUXQDIXQFLyQHFRQyPLFDGHSRGHU
VHU SURWHJLGRV PHGLDQWH VX PDQWHQLPLHQWR
HQ VHFUHWR \ GH UHTXHULU GH WXWHOD MXUtGLFD
SDUD VX HODERUDFLyQ XVR \ GLVHPLQDFLyQ
(VD FDUDFWHUtVWLFD HV OD TXH MXVWLFD OD
SURWHFFLyQGHODWHFQRORJtDLQGXVWULDO\ODTXH
GHEH LJXDOPHQWH IXQGDPHQWDU OD H[WHQVLyQ
GHO UpJLPHQ MXUtGLFR GH ORV FRQRFLPLHQWRV
WpFQLFRVDWRGRVHOORV
'H DFXHUGR D OR TXH KDQ VHxDODGR ORV
GRFWULQDULRV\VHKDSODQWHDGRHQHO$FXHUGR
VREUH ORV $VSHFWRV GH ORV 'HUHFKRV GH
3URSLHGDG ,QWHOHFWXDO UHODFLRQDGRV FRQ
HO &RPHUFLR $FXHUGR VREUH ORV $'3,&
WDPELpQ FRQRFLGR SRU VXV VLJODV HQ LQJOpV
75,3V HO FXDO HVWi FRQWHQLGR HQ XQ
DQH[RDO$FXHUGRSRUHOTXHVHHVWDEOHFHOD
2UJDQL]DFLyQ0XQGLDOGHO&RPHUFLRUPDGR
HQ 0DUUDNHFK HO GH DEULO GH SDUD
TXHODLQIRUPDFLyQQRFRPXQLFDGDSXHGDVHU
VXMHWDDSURWHFFLyQHVQHFHVDULRTXHVHGHQ
ODVVLJXLHQWHVFRQGLFLRQHV
L 4XH VHD VHFUHWD HQ HO VHQWLGR GH TXH
QR VHD HQ OD FRQJXUDFLyQ \ UHXQLyQ
SUHFLVDVGHVXVFRPSRQHQWHVFRQRFLGD
HQ JHQHUDO QL IiFLOPHQWH DFFHVLEOH SDUD
SHUVRQDV LQWURGXFLGDV HQ ORV FtUFXORV
HQTXHQRUPDOPHQWHVHXWLOL]DHOWLSRGH
LQIRUPDFLyQ HQ FXHVWLyQ &DEDQHOODV GH
ODV &XHYDV PDQLHVWD DO UHVSHFWR TXH
OD FRQGLFLyQ GH FRQGHQFLDOLGDG GH OD
WHFQRORJtD HV XQ UHTXLVLWR IXQGDPHQWDO
SDUDVXSURWHFFLyQMXUtGLFD
&DEDQHOODV GH ODV &XHYDV * 5pJLPHQ -XUtGLFR GH ORV &RQRFLPLHQWRV 7pFQLFRV %XHQRV$LUHV (GLWRULDO
+HOLDVWD65/SiJ
&DEDQHOODV GH ODV &XHYDV * 5pJLPHQ -XUtGLFR GH ORV &RQRFLPLHQWRV 7pFQLFRV %XHQRV$LUHV (GLWRULDO
+HOLDVWD65/SiJ
6HQWHQFLD17ULEXQDO6HJXQGR&LYLO6HFFLyQ6HJXQGD
UHODFLyQFRQHOWHPDGHOVHFUHWRFRPHUFLDOR
LQGXVWULDOSXHGDH[LVWLUHQQXHVWUDOHJLVODFLyQ
FRVWDUULFHQVH $O UHVSHFWR GHEHPRV GHFLU
TXH HQ DOJXQDV OH\HV VH UHJXODQ DVSHFWRV
TXH TXL]iV QR FRLQFLGHQ GH PDQHUD H[DFWD
FRQ HO WHPD HQ FXHVWLyQ SHUR TXH YDOH OD
SHQDPHQFLRQDU
SRUQHOSRGHUFRQWULEXLU\SURPRYHUOD
LQQRYDFLyQWHFQROyJLFD\ODWUDQVIHUHQFLD
\ GLIXVLyQ GH WHFQRORJtD HQ EHQHFLR
UHFtSURFR GH SURGXFWRUHV \ XVXDULRV
GH PRGR TXH VH IDYRUH]FD HO ELHQHVWDU
VRFLRHFRQyPLFR DVt FRPR HO HTXLOLEULR
GHGHUHFKRV\REOLJDFLRQHV
LLL /H\GHSURPRFLyQGHOD&RPSHWHQFLD
\ 'HIHQVD (IHFWLYD GHO &RQVXPLGRU
1 (Q VX $UWtFXOR VREUH OD
FRPSHWHQFLD GHVOHDO H[SUHVD FRPR
SURKLELGRV ORV DFWRV FRQWUDULRV D ODV
QRUPDV GH FRUUHFFLyQ GH ORV EXHQRV
XVRV PHUFDQWLOHV TXH FDXVHQ GDxR
\ HQ VX HQ VX LQFLVR G VH DFXVD DO
XVR OD LPLWDFLyQ OD UHSURGXFFLyQ R
OD HQDMHQDFLyQ LQGHELGRV GH PDUFDV
QRPEUHV FRPHUFLDOHV GHQRPLQDFLRQHV
GH RULJHQ H[SUHVLRQHV GH SURSDJDQGD
LQVFULSFLRQHV HQYROWXUDV HWLTXHWDV
HQYDVHV R FXDOTXLHU RWUR PHGLR GH
LGHQWLFDFLyQ FRUUHVSRQGLHQWH D ORV
ELHQHVRVHUYLFLRVSURSLHGDGGHWHUFHURV
3URKLELHQGR FXDOHVTXLHUD RWUR DFWR GH
FRPSHWHQFLD GHVOHDO TXH GLVWRUVLRQH R
WUDQVIRUPH HO PHUFDGR HQ SHUMXLFLR GHO
$UWtFXOR5HVSRQVDELOLGDG6HUiQUHVSRQVDEOHVTXLHQHVKD\DQDFWXDGRGHPDQHUDFRQWUDULDDORVXVRVFRPHUFLDOHV
KRQHVWRV \ TXH SRU VXV DFWRV R SUiFWLFDV KD\DQ XWLOL]DGR DGTXLULGR R GLYXOJDGR LQIRUPDFLyQ FRQGHQFLDO VLQ
OD DXWRUL]DFLyQ GHO WLWXODU DVLPLVPR ORV TXH REWHQJDQ EHQHFLRV HFRQyPLFRV GH WDOHV DFWRV R SUiFWLFDV /H\ GH
,QIRUPDFLyQQR'LYXOJDGD1GHGLFLHPEUHGH
&yGLJRGH7UDEDMR(GLFLyQ(GLWRULDO,QYHVWLJDFLRQHV-XUtGLFDV6$6DQ-RVp&RVWD5LFDDUWtFXOR
Y &yGLJR3HQDO1XHVWUR&yGLJR3HQDOHQ
GRV GH VXV DUWtFXORV WLSLFD \ VDQFLRQD
OD FRQGXFWD GH GLYXOJDFLyQ GH VHFUHWRV
FXDQGR HVWDEOHFH 6HUi UHSULPLGR FRQ
SULVLyQGHXQPHVDXQDxRRGHWUHLQWDD
FLHQGtDVPXOWDHOTXHWHQLHQGRQRWLFLDV
SRU UD]yQ GH VX HVWDGR RFLR HPSOHR
SURIHVLyQ R DUWH GH XQ VHFUHWR FX\D
GLYXOJDFLyQSXHGDFDXVDUGDxRORUHOHYH
VLQMXVWDFDXVD
6L VH WUDWDUH GH XQ IXQFLRQDULR S~EOLFR
R XQ SURIHVLRQDO VH LPSRQGUi DGHPiV
LQKDELOLWDFLyQ SDUD HO HMHUFLFLR GH FDUJRV \
RFLRV S~EOLFRV R GH SURIHVLRQHV WLWXODUHV
GHVHLVPHVHVDGRVDxRV
$GHPiVHQVXDUWtFXORHVWDEOHFH6HUi
UHSULPLGR FRQ SULVLyQ GH WUHV PHVHV D GRV
DxRV HO IXQFLRQDULR S~EOLFR TXH GLYXOJDUH
KHFKRVDFWXDFLRQHVRGRFXPHQWRVTXHSRU
OH\GHEHQTXHGDUVHFUHWRV
&XiOHV VRQ ODV YHQWDMDV TXH
SURSRUFLRQD OD LQIRUPDFLyQ WHFQROy
JLFDQRGLYXOJDGD"
&XDQGRQRVUHIHULPRVDOWHPDGHODVYHQWDMDV
TXH SXHGH SURSRUFLRQDU OD LQIRUPDFLyQ
WHFQROyJLFDQRGLYXOJDGDVHKDFHQHFHVDULR
WDPELpQ HVWDEOHFHU XQ GHVDUUROOR OyJLFR GH
DFXHUGRDOFXDOVHSXHGDTXHGDUFODURFRPR
VH JHQHUD HO YDORU HFRQyPLFR DWULEXLGR D
pVWD 3DUD HOOR SRGHPRV KDFHU XQD GLYLVLyQ
GHORVDVSHFWRVSULQFLSDOHV
D (O
FDUiFWHU
EHQHFLRVR
GHO
FRQRFLPLHQWR)RQW6HJXUDDOUHVSHFWR
VHxDOD TXH (O FDUiFWHU EHQHFLRVR
GHOVHFUHWRSURYLHQHGHODH[LJHQFLDGHO
FDUiFWHU FRPSHWLWLYR GHO FRQRFLPLHQWR
/D LQIRUPDFLyQ UHVHUYDGD GHEH
WHQHU FDUiFWHU FRPSHWLWLYR DO FRQIHULU
XQDYHQWDMDHFRQyPLFDHQHOPHUFDGR
3RGHPRVHQWRQFHVGHFLUTXHHQSULPHUD
LQVWDQFLDORTXHH[LVWHHVXQFRQRFLPLHQWR
HVSHFtFR GH FDUiFWHU EHQHFLRVR SDUD
TXLHQ OR SRVHH \ TXH DGHPiV FXHQWD
FRPRFDUDFWHUtVWLFDHOWHQHUXQFDUiFWHU
FRPSHWLWLYR HV GHFLU TXH OH RWRUJD XQD
YHQWDMDDVXSRVHHGRU
E /D YHQWDMD FRPSHWLWLYD (Q UHODFLyQ
FRQHVWHWHPDHODXWRU&iFHUHV%DUUD]D
(O DUWtFXOR GH OD /H\ GH %LRGLYHUVLGDG GHWHUPLQD ORV GHUHFKRV LQWHOHFWXDOHV FRPXQLWDULRV VXL JHQHULV FRPR
FRQRFLPLHQWRV SUiFWLFDV H LQQRYDFLRQHV GH ORV SXHEORV LQGtJHQDV \ ODV FRPXQLGDGHV ORFDOHV UHFRQRFLGRV SRU OD
VRODH[LVWHQFLDGHODSUiFWLFDFXOWXUDOUHODFLRQDGRVFRQORVUHFXUVRVJHQpWLFRV\ELRTXtPLFRVHQHOTXHQRVHUHTXLHUH
GHFODUDFLyQSUHYLDSHURLQYHQWDULDGRVVHJ~QHODUWtFXORUHFRQRFLPLHQWRH[SUHVRQLUHJLVWURRFLDOFRPSUHQGLHQGR
SUiFWLFDVIXWXUDVTXHDGTXLHUDQWDOFDWHJRUtD(VWHUHFRQRFLPLHQWRLPSOLFDTXHQLQJXQDGHODVIRUPDVGHSURWHFFLyQGH
ORVGHUHFKRVGHSURSLHGDGLQWHOHFWXDORLQGXVWULDOQDFLRQDOHLQWHUQDFLRQDODIHFWDUiQWDOHVSUiFWLFDVKLVWyULFDV/H\GH
%LRGLYHUVLGDG1GHGHDEULOGH
&yGLJR3HQDO$UWtFXOR
)RQW6$/D3URWHFFLyQ,QWHUQDFLRQDOGHO6HFUHWR(PSUHVDULDO0DGULG(XUROH[SiJ
&DStWXOR,,
1DWXUDOH]D-XUtGLFDGHOFRQWUDWR
GH.QRZ+RZ
/D QDWXUDOH]D MXUtGLFD GHO SUHVHQWH FRQWUDWR
HV PX\ GLVFXWLGD \ YDULDGD VLQ HPEDUJR
SDUDHIHFWRVGLGiFWLFRVORVDJUXSDUpHQGRV
YHUWLHQWHVSDUDOXHJRGDUODRSLQLyQSHUVRQDO
UHVSHFWLYD
$ (Q SULPHU OXJDU HVWi DTXHOOD YHUWLHQWH
TXH LQGLFD TXH OD QDWXUDOH]D MXUtGLFD GHO
FRQWUDWR GH .QRZ +RZ HVWi GDGD SRU OD
VLPLOLWXG GH RWURV FRQWUDWRV FRPSUDYHQWD
ORFDFLyQ GH VHUYLFLRV R GH REUD VRFLHGDG \
DUUHQGDPLHQWR \ SRU OD IDOWD GH UHJXODFLyQ
OHJDO SHUPLWH OD DSOLFDFLyQ SRU DQDORJtD GH
ODV QRUPDV TXH UHVSHFWLYDPHQWH UHJXODQ D
HVWRVFRQWUDWRV
6LQHPEDUJRHOORQRHVPX\H[DFWRGHELGR
TXH OD VLPLOLWXG QR LQGLFD DEVRUFLyQ GH HVWH
FRQWUDWR HQ RWUDV JXUDV GLVWLQWDV SRU ODV
SHFXOLDULGDGHV TXH OD KDFHQ GLIHUHQFLDU
GH RWURV FRQWUDWRV DGHPiV OD IDOWD GH
UHJXODFLyQQRLQGLFDODDSOLFDFLyQGHQRUPDV
GHVWLQDGDV D FRQWUDWRV HVSHFtFRV DO
FRQWUDULR GHEH GH LPSXOVDU OD QHFHVLGDG
GH OHJLVODU HVSHFtFDPHQWH DO FRQWUDWR GH
WUDQVPLVLyQGH.QRZ+RZ
&iFHUHV%DUUD]D&pVDU3URWHFFLyQ-XUtGLFDGHORV6HFUHWRV(PSUHVDULDOHV(G&X]FR/LPDSiJ
3RUWHOODQR'tH]3HGUR3URWHFFLyQGHOD,QIRUPDFLyQQRGLYXOJDGDHQ0DWHULDOGH/HFWXUD10DHVWUtDHQ'HUHFKR
GHOD3URSLHGDG,QWHOHFWXDO\GHOD&RPSHWHQFLD3RQWLFLD8QLYHUVLGDG&DWyOLFDGHO3HU~/LPD6HPHVWUH,
&DStWXOR,,,
&DUDFWHUtVWLFDVGHOFRQWUDWRGH
.QRZ+RZ
(O FRQWUDWR GH WUDQVPLVLyQ GH .QRZ +RZ
UHYLVWHODVVLJXLHQWHVFDUDFWHUtVWLFDV
(V XQ FRQWUDWR SULQFLSDO SRUTXH VX
QDFLPLHQWRQRGHSHQGHGHODFHOHEUDFLyQ
GHQHJRFLRMXUtGLFRDOJXQRVLQHPEDUJRHV
FRP~QTXHVHWUDQVHUDDFRPSDxDGRGH
RWUDV JXUDV MXUtGLFDV HVSHFLDOPHQWH
GHtQGROHFRQWUDFWXDOFRPRXQDDVLVWHQFLD
WpFQLFD XQD IUDQTXLFLD R XQ SDTXHWH
GH OLFHQFLD GHQWUR GH OD WUDQVIHUHQFLD
WHFQROyJLFD R GHQWUR GH FRQWUDWRV GH
FRODERUDFLyQHPSUHVDULDOHWF
(V XQ FRQWUDWR DWtSLFR DO QR HVWDU
UHJXODGR HQ HO RUGHQDPLHQWR MXUtGLFR
FRVWDUULFHQVH GH PDQHUD HVSHFtFD
1R REVWDQWH HQ RWUDV ODWLWXGHV H[LVWHQ
LQVWUXPHQWRV OHJDOHV TXH QRUPDQ D
HVWD JXUD FRQWUDFWXDO HQ OD 8QLyQ
(XURSHD DVLPLVPR DOJXQRV SDtVHV
ODWLQRDPHULFDQRV FRPR 0p[LFR %UDVLO
&KLOH \ $UJHQWLQD SUHVHQWDQ WH[WRV
OHJDOHVTXHDIHFWDQDOJXQRVDVSHFWRVGHO
FRQWUDWR GH WUDQVPLVLyQ GHO .QRZ +RZ
VHDHQVXLQVFULSFLyQRHQODVIRUPDVGH
WUDQVPLVLyQ\DOJXQDVFOiXVXODVSHURQR
ODUHJXODHQVXWRWDOLGDG
(V XQ FRQWUDWR FRPSOHMR SRUTXH VX
HVWUXFWXUD\REMHWRSXHGHQUHYHVWLUGLVWLQWRV
HVTXHPDV QHJRFLDEOHV SRU HMHPSOR XQD
FHVLyQGH.QRZ+RZFRQRSFLyQH[FOXVLYR
GH YHQWD GHO PLVPR R OD FRQFHVLyQ GH
ORV FRQRFLPLHQWRV WpFQLFRV UHVHUYDGRV
FRQMXQWDPHQWH FRQ HQWUHQDPLHQWR GH
SHUVRQDOWHFQRORJtDDGLFLRQDOHWF
(VXQFRQWUDWRFRQVHQVXDOSRUTXHVH
SHUIHFFLRQDFRQHOFRQVHQWLPLHQWRGHODV
SDUWHV HV GHFLU EDVWD FRQ HO FUXFH GH
ODRIHUWD\DFHSWDFLyQSDUDHOQDFLPLHQWR
GHO PLVPR XOWHULRUHV UHTXLVLWRV FRPR
HQWUHJDRLQVFULSFLyQGHEHVHUHQWHQGLGD
FRPR PHFDQLVPRV GH SXEOLFLGDG
\ SURWHFFLyQ MXUtGLFD D IDYRU GH ORV
FRQWUDWDQWHV
(V XQ FRQWUDWR FRQVWLWXWLYR SRUTXH
FUHD UHODFLRQHV MXUtGLFDV HQWUH ORV
FRQWUDWDQWHV DXQTXH HV IDFWLEOH OD
FHOHEUDFLyQ GH XQ FRQWUDWR PRGLFDWLYR
R UHJXODWRULR GHO PLVPR WHQGLHQWH D
PRGLFDU DxDGLU R HVSHFLFDU DOJXQRV
HOHPHQWRVGHOFRQWUDWRSULPLJHQLR
(V XQ FRQWUDWR GH SUHVWDFLRQHV
UHFtSURFDV GHELGR TXH FDGD SDUWH
GHEH UHDOL]DU XQD SUHVWDFLyQ D IDYRU GH
ODRWUDDVtSRUHMHPSORODSUHVWDFLyQGHO
WUDQVPLVRU HQ VXPLQLVWUDU HO .QRZ +RZ
\ OD FRQWUDSUHVWDFLyQ GHO UHFHSWRU GH
UHDOL]DU\XWLOL]DUPHMRUDVGHOPLVPRROD
SUHVWDFLyQGHOWUDQVPLVRUHQVXPLQLVWUDU
FRQRFLPLHQWRV DGLFLRQDOHV \ OD FRQWUD
SUHVWDFLyQ GHO UHFHSWRU HQ HPSOHDU HO
QRPEUH R PDUFD GHO WUDQVPLVRU R GHO
WLWXODU R GH XQ WHUFHUR (Q VXPD H[LVWH
XQDUHFLSURFLGDGGHSUHVWDFLRQHVTXHQR
VLHPSUH SXHGH VHU HO SDJR GH UHJDOtDV
HQHOFDVRGHFHVLyQGHO.QRZ+RZ
DXQTXH OD PLVPD VHD OD PiV XVXDO
\ TXH DSRUWD LQWHUHVDQWHV EHQH
FLRVHFRQyPLFRV
(VXQFRQWUDWRFRQPXWDWLYRSRUTXHODV
SDUWHV WLHQHQ OD SRVLELOLGDG GH FRQRFHU
SRUDQWLFLSDGRORVVDFULFLRV\EHQHFLRV
TXHLPSRUWDODFHOHEUDFLyQGHOFRQWUDWR
(VXQFRQWUDWRTXHSRUVXVHIHFWRVHV
JHQHUDOPHQWHGHHMHFXFLyQLQPHGLDWD
HV GHFLU ODV SUHVWDFLRQHV VRQ H[LJLGDV
DO PRPHQWR GH FHOHEUDUVH HO FRQWUDWR
DXQTXHODVSDUWHVSXHGHQFRQYHQLUTXH
ORVHIHFWRVGHOPLVPRFXPSOLPLHQWRGHO
VLQDODJPD HVSHFtFR VHD GHVSXpV GH
FHOHEUDGRHOFRQWUDWR
&DStWXOR,9
)RUPDVGHWUDQVPLVLyQGHO
.QRZ+RZ
$
&HVLyQ
&DEDQHOODV GH ODV &XHYDV *XLOOHUPR &RQWUDWRV GH OLFHQFLD \ GH WUDQVIHUHQFLD GH WHFQRORJtD HQ HO 'HUHFKR
3ULYDGR(GLWRULDO+HOLDVWD%XHQRV$LUHVSiJ
%
7UDQVPLVLyQGHOGHUHFKR
&DEDQHOODV GH ODV &XHYDV *XLOOHUPR &RQWUDWRV GH OLFHQFLD \ GH WUDQVIHUHQFLD GH WHFQRORJtD HQ HO 'HUHFKR
3ULYDGR(GLWRULDO+HOLDVWD%XHQRV$LUHVSiJ
$OEDODGHMR0DQXHO'HUHFKRFLYLO7RPR,,9ROXPHQ,,DYD(GLFLyQ(GLWRULDO&LYLWDV0DGULGS
&
&RQWUDSUHVWDFLyQ
&KXOLi9LFHQW(GXDUGR<%HOWUiQ$ODQGHWH7HUHVD$VSHFWRV-XUtGLFRVGHORV&RQWUDWRV$WtSLFRVSiJ
&DEDQHOODV GH ODV &XHYDV *XLOOHUPR &RQWUDWRV GH OLFHQFLD \ GH WUDQVIHUHQFLD GH WHFQRORJtD HQ HO 'HUHFKR
3ULYDGR(GLWRULDO+HOLDVWD%XHQRV$LUHVSiJ
$ULDV6FKUHLEHU 3H]HW 0D[ ([HJHVLV GHO &yGLJR &LYLO SHUXDQR GH 7RPR ,, UD (GLFLyQ (GLWRULDO 6DQ
-HUyQLPR/LPDSiJ
D XQDSRUFHQWXDOVREUHODVYHQWDVQHWDV
E XQSRUFHQWXDOVREUHODVYHQWDVEUXWDV
F XQ SRUFHQWXDO VREUH FDGD SURGXFWR
HODERUDGR
G XQ SRUFHQWXDO VREUH FDGD SURGXFWR
YHQGLGR
H XQ SRUFHQWXDO VREUH FLHUWR WLSR GH PHGL
GDV\DVHDGHORQJLWXGYROXPHQRSHVR
3RUVXSDUWH&DEDQHOODVVHxDODODVVLJXLHQ
WHVYDULDQWHV
D
E
F
G
H
I
J
K
(QFXDQWRDORVPpWRGRVRIRUPDVGHDFXHUGR
D ORV FXDOHV VH HVWDUtD KDFLHQGR HO FiOFXOR
GHOSUHFLRRODVUHJDOtDVDOJXQRVGRFWULQDULRV
KDQSURSXHVWRDOJXQRV(ODXWRU&RJRUQRKD
HQXQFLDGRORVVLJXLHQWHV
L
M
N
VXPDMDSDJDGHUDDOFRQWDGR
VXPDMDSDJDGHUDDSOD]RV
SRUFHQWDMHGHODVYHQWDVQHWDV
SRUFHQWDMHVGHODVYHQWDVEUXWDV
WDVD HVSHFtFD SRU FDGD XQLGDG
PDQXIDFWXUDGD
WDVDHVSHFtFDSRUFDGDXQLGDGYHQGLGD
SRUFHQWDMH GHO YDORU GHO SURGXFWR
OLFHQFLDGR
SRUFHQWDMH GHO LQFUHPHQWR GHO YDORU GH
ORV ELHQHV GH ORV FXDOHV HO SURGXFWR
OLFHQFLDGRHVXQFRPSRQHQWH
WDVDHVSHFtFDHQIXQFLyQGHOHPSOHRGH
GHWHUPLQDGRSURFHVR
WDVD HVSHFtFD HQ IXQFLyQ GHO HPSOHR
GH HOHPHQWRV SURSRUFLRQDGRV SRU HO
OLFHQFLDQWH
SRUFHQWDMHGHODVXWLOLGDGHVREWHQLGDV
DOJXQR GH ORV SURFHGLPLHQWRV
LQGLFDGRV GH F D N VXSUD FRQ OD
HVWLSXODFLyQ GH UHJDOtDV PtQLPDV Pi[L
PDVRYDULDEOHV
(OPpWRGRGHODVXPDMD
(VWH PpWRGR VH UHHUH D DTXHOOD IRUPD GH
SDJR FXDQGR ODV SDUWHV FRQYLHQHQ TXH HO
&RJRUQR(GXDUGR*XLOOHUPR7HRUtD\SUiFWLFDGHORVQXHYRVFRQWUDWRV(GLWRULDO0HUX%XHQRV$LUHVS
&DEDQHOODV GH ODV &XHYDV *XLOOHUPR &RQWUDWRV GH OLFHQFLD \ GH WUDQVIHUHQFLD GH WHFQRORJtD HQ HO 'HUHFKR
3ULYDGR(GLWRULDO+HOLDVWD%XHQRV$LUHVSiJ
UHFHSWRUGHONQRZKRZSDJXHXQDVRODVXPD
SUHYLDPHQWH DFRUGDGD HQ HO FRQWUDWR R
ELHQ XQD VXPD MD SRU FDGD REMHWR YHQGLGR
6WXPSI DO UHVSHFWR VHxDOD /D OLTXLGDFLyQ
PiVIiFLOFXDQGRODVSDUWHVFRQYLHQHQHQTXH
HOEHQHFLDULRSDJXHRELHQSRUHOREMHWRTXH
KD SURGXFLGR VREUH OD EDVH GHO FRQWUDWR R
ELHQSRUFDGDREMHWRYHQGLGRXQDVXPDMD
(VWD PRGDOLGDG SUHVHQWD OD GHVYHQWDMD GH
TXH HO WUDQVPLVRU GHO NQRZ KRZ QR WLHQH
SDUWLFLSDFLyQ HQ ORV LQFUHPHQWRV XOWHULRUHV
GHOSUHFLRFXDQGRHOFRQWUDWRVHHVWDEOH]FD
DODUJRSOD]RH[FHSWRHQHOFDVRGHTXHVH
SDFWHXQDFOiXVXODGHSUHFLRVPyYLOHV
(OPpWRGRGHODVXPDMDGDDSOD]RV
'H DFXHUGR D HVWD IRUPD GH SDJR VH SDFWD
XQDVXPDDSDJDUGXUDQWHXQFLHUWRSHUtRGR
GHWLHPSRFRQXQDGHWHUPLQDGDSHULRGLFLGDG
(VWD PRGDOLGDG SUHVHQWD OD YHQWDMD GH XQ
LPSDFWRPHQRUVREUHODVQDQ]DV\ODOLTXLGH]
GHO UHFHSWRU GHO NQRZ KRZ 7UDH FRQVLJR OD
GHVYHQWDMDGHTXHVHGHEHWUDWDUGHPLWLJDU
ORVHIHFWRVGHODGHYDOXDFLyQPRQHWDULD\GH
ODLQDFLyQSRUPHGLRGHDOJXQDFOiXVXODHQ
ODFXDOVHSUHYHDHVWDVLWXDFLyQ
(O PpWRGR GH OD MDFLyQ VREUH ODV
YHQWDVQHWDV
(Q UHODFLyQ FRQ HVWD IRUPD GH SDJR HV
QHFHVDULR HVWDEOHFHU TXH VH GHEH HQWHQGHU
SRUYHQWDVQHWDV&RUUHDHQXQFLDXQFRQFHSWR
GHYDORUQHWRGHODVYHQWDVGHORVSURGXFWRV
OLFHQFLDGRV (O YDORU GH OD IDFWXUDFLyQ HQ
SXHUWDGHIiEULFDGHGXFLGRVORVGHVFXHQWRV
ERQLFDFLRQHV \ GHYROXFLRQHV PHQRV HO
6WXPSI+HUEHUW(OFRQWUDWRGH.QRZ+RZ(GLWRULDO7HPLV%RJRWiSiJ
&RUUHD&DUORV0/D/H\GH7UDQVIHUHQFLDGH7HFQRORJtDHQHO([WHULRU'HUHFKR&LYLO\GHODV2EOLJDFLRQHVS
(QORTXHUHVSHFWDDODVUHJDOtDVHQUHODFLyQ
D SURFHVRV SXHGH VHU FDOFXODGR VREUH OD
EDVHGHODFXDQWLFDFLyQGHGLFKRHPSOHR
$OJXQDVRWUDVFOiXVXODV
$SDUWHGHODVYDULDQWHVVHxDODGDVHQODIRUPD
GHSDJRGHUHJDOtDVVHSXHGHQSDFWDURWUDV
FOiXVXODV(QWUHHOODVSRGHPRVPHQFLRQDU
&OiXVXODV GH DYHUDJLQJ 'H DFXHUGR D
HVWDFOiXVXODVHDFUHGLWDQDIXWXURVSHULRGRV
ORVH[FHVRVSDJDGRVVREUHHOOtPLWHPtQLPR
HQORVSHULRGRVDQWHULRUHV
&OiXVXODGRZQSD\PHQWRXWRISRFNHWH[
SHQVHV(QHOODVHHVWLSXODTXHHOUHFHSWRU
GHEHDERQDUDOWUDQVPLVRUXQDGHODQWRDOPR
PHQWRGHVXVFULELUHOFRQWUDWRDQTXHFRP
SHQVHORVGHVHPEROVRVLQLFLDOHVUHDOL]DGRV
(OFULWHULRGHXQWHUFHURDUELWURRMXH](Q
HVWH FDVR HV QHFHVDULR VHxDODU TXH SRU OD
QDWXUDOH]DPLVPDGHONQRZKRZQRVHSRGUtD
KDEODUGHXQSUHFLRGHPHUFDGRRSUHFLRGH
FRVWXPEUHSRUORTXHHVWHFULWHULRGHWHUFHUR
GHEHYDORUDUVHFRQEDVHHQXQDYDULHGDGGH
IDFWRUHVDFRQVLGHUDU
&OiXVXODV TXH FRQWHQJDQ XQ FULWHULR
UHODFLRQDGRFRQHOSOD]R
L 3XHGHQ HQFRQWUDUVH FULWHULRV FRPR HO
GH FRQVLGHUDU HO ODSVR GXUDQWH HO FXDO
SXHGH UD]RQDEOHPHQWH VXSRQHUVH TXH
VH PDQWHQGUi HO YDORU GH OD WHFQRORJtD
RSRUODSRVLELOLGDGGHREWHQHUHOPLVPR
.QRZ +RZ GH RWUD IXHQWH R TXH VHD
GHVDUUROODGDSRUHOUHFHSWRU
GHOLQLFLRGHOSDJRDQWHVGHODWUDQVPLVLyQ
GHO .QRZ +RZ WRGR HOOR GHELGR D ODV
YDULDEOHVFRPRODWHFQRORJtDWUDQVIHULGD
ORVSURGXFWRVQDOHVGHOHPSOHRGHO.QRZ
+RZRSRUXQDGHQLFLyQLQGHSHQGLHQWH
(Q OD OHJLVODFLyQ GH OD 8QLyQ (XURSHD
SXHGHSDFWDUVHODREOLJDFLyQGHOUHFHSWRU
GHO .QRZ +RZ GH VHJXLU SDJDQGR XQ
FDQRQ KDVWD OD H[SLUDFLyQ GHO DFXHUGR
LQGHSHQGLHQWHPHQWH TXH HO .QRZ +RZ
FRQFHGLGRKD\DSDVDGRDVHUGHGRPLQLR
S~EOLFR SRU OD DFFLyQ GH WHUFHURV (VWR
~OWLPR QR DSOLFD VL IXH SRU DFFLyQ GHO
WUDQVPLVRU GHO .QRZ +RZ $~Q SRGUtD
FRQVLGHUDUVHDXWRUL]DUORVSDJRVFRQWLQXRV
GXUDQWHHOSHULRGRGHYLJHQFLDGHODFXHUGR
HQ DTXHOORV FDVRV HQ TXH DPEDV SDUWHV
VHDQ SHUIHFWDPHQWH FRQVFLHQWHV GH TXH
OD SULPHUD YHQWD GHO SURGXFWR GLYXOJDUtD
QHFHVDULDPHQWH HO .QRZ +RZ VDOYR VL
VHSXHGHHVWDEOHFHUTXHHOUHFHSWRUSXGR
KDEHU GHVDUUROODGR HO .QRZ +RZ SRU
Vt PLVPR HQ XQ EUHYH SOD]R GH WLHPSR
FRPSDUDGR FRQ HO SHULRGR GH SDJRV
FRQWLQXRVVLUHVXOWDGHPDVLDGRODUJR
&DStWXOR9
&OiXVXODV*HQHUDOHVGHO
FRQWUDWRGH.QRZ+RZ
(OFRQWUDWRTXHSXHGDHVWDEOHFHUVHHQWUHODV
SDUWHVSDUDODFHVLyQRWUDQVPLVLyQGHONQRZ
KRZ HVWDUtD FRQIRUPDGR SRU XQD VHULH GH
FOiXVXODVHQODVTXHVHSODVPDODYROXQWDGGH
pVWDV\TXHWLHQHQFRPRQHOSRGHUSURWHJHU
ORVGHUHFKRVGHDPERV\GHMDUHVWDEOHFLGDV
DVLPLVPRODVREOLJDFLRQHV
$ 6XPLQLVWURGHO.QRZ+RZ
REMHWRSRUHOUHVSHFWLYRFRQWUDWRDOUHVSHFWR
3ODWH FRPHQWD /D GHVLJQDFLyQ GHO REMHWR
VHKDUiSRUODPHQFLyQGHOSULQFLSLRHVHQFLDO
GH OD REUD \ GHVSXpV SRU OD LQGLFDFLyQ GHO
UHVXOWDGR TXH HOOD SURSRUFLRQH 3RU OR
WDQWR HO WUDQVPLVRU HVWi REOLJDGR D SRQHU
HQFRQRFLPLHQWRGHOUHFHSWRUWRGRHOEDJDMH
GH LQIRUPDFLyQ TXH VHD QHFHVDULR SDUD VX
SXHVWD HQ SUiFWLFD DGRSWDQGR GLYHUVDV
IRUPDVFRPRODFRPXQLFDFLyQSRUHVFULWRSRU
PHFDQLVPRVHOHFWUyQLFRVHQWUHQDPLHQWRGHO
SHUVRQDO HQWUH RWURV DVt FRPR OD HQWUHJD
GHO VRSRUWH PDWHULDO SODQRV PDQXDOHV
HWF GHVWLQDGRV D OD FRPSUHQVLyQ GHO
UHFHSWRU R GHO SHUVRQDO GHO PLVPR VL D
HVWHSXQWRQRVHOOHJDHVLQ~WLOHQWRQFHVOD
WUDQVPLVLyQGHO.QRZ+RZ
%&RQGHQFLDOLGDG
$O UHVSHFWR &DEDQHOODV LQGLFD FOiXVXODV
H[SUHVDV VREUH FRQGHQFLDOLGDG ODV
FXDOHV VRQ D DFODUDFLyQ GH OD WLWXODULGDG
\ RULJHQ GH OD WHFQRORJtD E DFODUDFLyQ GH
ODV REOLJDFLRQHV GH FRQGHQFLDOLGDG F
LQGLFDFLyQGHPpWRGRVGHVWLQDGRVDSUHYHQLU
TXH ORV SRVLEOHV WHUFHURV TXH DGTXLHUDQ
LUUHJXODUPHQWH OD LQIRUPDFLyQ SXHGDQ
DUJXPHQWDU EXHQD IH \ G H[WHQVLyQ GH OD
REOLJDFLyQ GH FRQGHQFLDOLGDG D SDUWHV TXH
RULJLQDOPHQWHQRHVWDUtDQVXMHWDVDODPLVPD
R UHVSHFWR D TXLHQHV HQ SULQFLSLR SRGUtD
FRPXQLFDUODLQIRUPDFLyQUHFLELGD
3RU VX SDUWH 6LQJK \ )LQQHJDQ LQGLFDQ ODV
FOiXVXODV GH FRQGHQFLDOLGDG DGRSWDGDV
XVXDOPHQWH HQ ORV SDtVHV HQ GHVDUUROOR D
ODWHFQRORJtDHO.QRZ+RZ\ODLQIRUPDFLyQ
&DEDQHOODV GH ODV &XHYDV *XLOOHUPR &RQWUDWRV GH OLFHQFLD \ GH WUDQVIHUHQFLD GH WHFQRORJtD HQ HO 'HUHFKR
3ULYDGR(GLWRULDO+HOLDVWD%XHQRV$LUHVSiJV
5DQD 6LQJK)LQQHJDQ 0DUFXV &XHVWLyQ GH FRQGHQFLDOLGDG HQ ORV FRQWUDWRV GH WUDQVIHUHQFLD GH WHFQRORJtD FRQ
SDtVHVHQGHVDUUROOR'HUHFKR,QGXVWULDOS
HPSOHRGHO.QRZ+RZ\DOSURGXFWRTXHVH
RULJLQHGHOPLVPRGHELGRTXHHQHVWH~OWLPR
FDVR HO UHFHSWRU SXHGH YHQGHUOR SHUR VH
SXHGHSDFWDUHQTXHiUHD
6XE&RQFHVLRQHVGHO.QRZ+RZ
6H UHHUH D DTXHOOD FOiXVXOD TXH UHJXOD OD
VLWXDFLyQHQTXHHOEHQHFLDULRGHODFHVLyQ
GHO.QRZ+RZSXHGDFRQFHGHUVXEFHVLRQHV
HVGHFLUTXHSXHGDWUDQVPLWLUHO.QRZ+RZ
D WHUFHURV (Q HVWH WLSR GH FOiXVXODV VH
SXHGH SHUPLWLU R SURKLELU VXEFHVLRQHV QR
REVWDQWH GHEH GH LQGLFDUVH H[SUHVDPHQWH
FXDOTXLHUD GH HVWDV GRV SRVLELOLGDGHV SRU
VHJXULGDGMXUtGLFD
&XDQGRVHSHUPLWHODWUDQVPLVLyQGHO.QRZ
+RZ FHGLGR D WHUFHURV OD UHODFLyQ MXUtGLFD
HQWUH HO UHFHSWRU TXH OR VXEFRQFHGH \ HO
WUDQVPLVRURULJLQDULRVHPDQWLHQH(OWHUFHUR
QR WLHQH QLQJXQD UHODFLyQ GLUHFWD HQ HVH
DVSHFWR FRQ HO WUDQVPLVRU RULJLQDULR (V
FODURTXHWRGDWUDQVPLVLyQXOWHULRUGHO.QRZ
+RZ HQFLHUUD ULHVJRV FRQVLGHUDEOHV GHELGR
TXH VH GHEH GH H[WHQGHU \ HVSHFLFDU ORV
PHFDQLVPRV GH DFWXDFLyQ GH ODV FOiXVXODV
GH FRQGHQFLDOLGDG H[FOXVLYLGDG \ WHUUL
WRULDOLGDG DVt FRPR OD FRQWUDSUHVWDFLyQ OD
PRGDOLGDGGHSDJRGHUHJDOtDVDGHPiVGH
TXHVHGHEHQSUHYHUODVSRVLEOHVVLWXDFLRQHV
GHDEXVRGHOGHUHFKR
(QHOFDVRGHTXHVHSHUPLWHODVXEFRQFH
VLyQHOWUDQVPLVRURULJLQDOGHEHGHSUHFLVDU
HO FXPSOLPLHQWR GH VXV UHJDOtDV SRU OR WDQ
WRVLHOUHFHSWRURULJLQDOWHQtDTXHSDJDUUH
JDOtDVSRUXQLGDG\SRUYROXPHQGHYHQWDV
WHQGUi HQWRQFHV HQ FDVR GH GXGD TXH SD
JDUODVWDPELpQSRUORVSURGXFWRVIDEULFDGRV
&DEDQHOODV GH ODV &XHYDV *XLOOHUPR &RQWUDWRV GH OLFHQFLD \ GH WUDQVIHUHQFLD GH WHFQRORJtD HQ HO 'HUHFKR
3ULYDGR(GLWRULDO+HOLDVWD%XHQRV$LUHVSiJ
\YHQGLGRVSRUHOVXEUHFHSWRUUHVSRQGLHQGR
DGHPiVSRUHOLQFXPSOLPLHQWRGHpVWHVDOYR
TXH VH SDFWH UHVSRQVDELOLGDG VROLGDULD 6LQ
HPEDUJR VL VH KD SDFWDGR HO SDJR GH XQD
VXPDMDSRUUHJDOtDVQRKDEUiTXHHIHFWXDU
SDJRVDGLFLRQDOHVSRUODVXEFRQFHVLyQVDO
YRSDFWRHQFRQWUDULR$VLPLVPRVHGHEHGH
LPSRQHU DO VXEUHFHSWRU ODV PLVPDV REOLJD
FLRQHVTXHHOUHFHSWRURULJLQDOKDFRQWUDtGR
)
3OD]R
YHQWDSRUODVVLJXLHQWHVUD]RQHV(QSULPHU
OXJDUSRUTXHQRHVSUiFWLFDXVXDOODFHOHEUD
FLyQGHXQFRQWUDWRGHWUDQVPLVLyQGHO.QRZ
+RZ FRQ SOD]R LQGHWHUPLQDGR (Q VHJXQGR
OXJDUVLKXELHVHWDOVLWXDFLyQGHOFRQWHQLGR
GH ODV FOiXVXODV SXHGH LQWHUSUHWDUVH TXH OD
PLVPDVHWUDWDGHXQDFHVLyQGHO.QRZ+RZ
\ QR GH XQD YHQWD DVt WHQHPRV OD FOiXVXOD
GH SURKLELFLyQ GH VXEFRQFHVLRQHV FOiXVX
OD GH SDJR GH UHJDOtDV FOiXVXOD WHUULWRULDO
HWF(QWHUFHUOXJDUHQDSOLFDFLyQGHODUHJOD
VREUHSOD]RLQGHWHUPLQDGRDOH[LVWLUODSRVL
ELOLGDG GH UHVROXFLyQ HQ FXDOTXLHU PRPHQWR
D SHWLFLyQ GH FXDOTXLHUD GH ODV SDUWHV HOOR
LPSOLFD TXH QR H[LVWH XQD WUDQVIHUHQFLD GH
SURSLHGDGGHQLWLYD
(OYHQFLPLHQWRGHOSOD]RGHYLJHQFLDGHOFRQ
WUDWR GH FHVLyQ GH FRQRFLPLHQWRV WpFQLFRV
LPSOLFD XQD VHULH GH FRQVHFXHQFLDV HQWUH
ODV FXDOHV WHQHPRV FHVH HQ HO XVR \ H[
SORWDFLyQ GHO .QRZ +RZ FHGLGR FHVH GH OD
FRQGHQFLDOLGDGVDOYRSDFWRHQFRQWUDULROD
GHYROXFLyQSRUSDUWHGHOUHFHSWRUGHORVFR
QRFLPLHQWRVWpFQLFRVUHFLELGRVDVtFRPROD
LQIRUPDFLyQDGLFLRQDO\ODVPHMRUDV
* 6ROXFLyQGHFRQLFWRVROLWLJLRV
&RQVLVWHHQTXHODVSDUWHVDQWHODH[LVWHQFLD
GHXQDFRQWURYHUVLDVHGLULMDQDQWHXQyUJD
QR OHJLWLPDGR TXH VROXFLRQH HO FRQLFWR GH
LQWHUHVHVODPLVPDSXHGHVHUHODUELWUDORHO
yUJDQRMXULVGLFFLRQDO
$VLPLVPRVHGHEHGHWDOODUHOSDtVTXHWHQ
GUiODMXULVGLFFLyQVHDHOGHOWUDQVPLVRUGHO
UHFHSWRURGHOSDtVHQTXHVHHPSOHDHO.QRZ
+RZ FXDQGR VHD GLIHUHQWH DO GH ODV SDUWHV
QDOPHQWH VH SXHGH HVSHFLFDU ODV FDUJDV
HMKRQRUDULRVSRUHOHPSOHRGHODUELWURHQ
ODVROXFLyQGHOFRQLFWR
GHWHUPLQDGRVWLSRVGHSURGXFWRV\RVHUYLFLRV
\TXHFRPSUHQGHSRUORPHQRV
/DSUHVWDFLyQFRQWLQXDSRUHOIUDQTXLFLDGRU
DO IUDQTXLFLDGR GH DVLVWHQFLD GXUDQWH OD
YLJHQFLDGHODFXHUGR
&DStWXOR9,
.QRZ+RZ\)UDQTXLFLD
$)UDQTXLFLD$VSHFWRVFRQFHSWXDOHV
(Q HO 'HUHFKR &RPXQLWDULR (XURSHR HO
5HJODPHQWR&((HQDSOLFDFLyQGH
XQDSROtWLFDFRPXQLWDULDGHFRPSHWHQFLDKD
GHQLGRODIUDQTXLFLDFRPRVLJXH
(OFRQWUDWRHQYLUWXGGHOFXDOXQDHPSUHVDHO
IUDQTXLFLDGRUFHGHDODRWUDHOIUDQTXLFLDGR
DFDPELRGHXQDFRQWUDSUHVWDFLyQQDQFLHUD
GLUHFWD R LQGLUHFWD HO GHUHFKR D OD H[SORWD
FLyQ GH XQD IUDQTXLFLD SDUD FRPHUFLDOL]DU
3RUIUDQTXLFLDVHHQWLHQGH
8Q FRQMXQWR GH GHUHFKRV GH SURSLHGDG
LQGXVWULDO R LQWHOHFWXDO UHODWLYRV D PDU
FDV QRPEUHV FRPHUFLDOHV UyWXORV GH
HVWDEOHFLPLHQWR PRGHORV GH XWLOLGDG
GLVHxRV GHUHFKRV GH DXWRU .QRZKRZ R
SDWHQWHV TXH GHEHUiQ H[SORWDUVH SDUD OD
UHYHQWD GH SURGXFWRV R OD SUHVWDFLyQ GH
VHUYLFLRVDORVXVXDULRVQDOHV
(Q QXHVWUR RUGHQDPLHQWR VL ELHQ HV FLHUWR
HO FRQWUDWR GH IUDQTXLFLD QR HQFXHQWUD XQD
UHJXODFLyQ HVSHFtFD QR REVWDQWH HQ OD
MXULVSUXGHQFLD HVWD JXUD KD VLGR REMHWR
GH DOJ~Q GHVDUUROOR FRPR VH HVWDEOHFH D
FRQWLQXDFLyQ9,/DFRQWUDWDFLyQYHULFDGD
HQWUH ODV SDUWHV FRQVWLWX\H XQ FRQWUDWR
PHUFDQWLOPRGHUQR(VHOGHIUDQTXLFLD(VH
WLSRGHFRQYHQLRQRHVWiUHJXODGRSRUQXHVWUR
RUGHQDPLHQWR6LJXLHQGRODGRFWULQD\ORVS
ULQFLSLRV JHQHUDOHV GHO 'HUHFKR PHUFDQWLO
SXHGH VHU LGHQWLFDGR MXULVSUXGHQFLDOPHQWH
$UWtFXOR GH OD /H\ 2UJiQLFD GHO 3RGHU
-XGLFLDO (V XQ FRQWUDWR GH FRQFHVLyQ
PHUFDQWLO (Q pO XQ HPSUHVDULR FRQFHGHQWH
OODPDGR IUDQTXLFLDQWH VH REOLJD D RWRUJDU D
XQ HPSUHVDULR FRQFHVLRQDULR GHQRPLQDGR
6HQWHQFLD1GHODVKRUDVGHOGHMXOLRGHGHOD6DOD3ULPHUDGHOD&RUWH6XSUHPDGH-XVWLFLD
-X]JDGR&LYLOGH&DUWDJR6HQWHQFLD13URFHVR2UGLQDULRGH0HUHFXPEp6$FRQWUD$OYDUR$PDGRU*DPERD
IUDQTXLFLD(VGHLPSRUWDQFLDHQSULPHUOXJDU
SDUD HO IUDQTXLFLDGRU \D TXH HV HO NQRZ
KRZ TXH KD DFXPXODGR GXUDQWH DxRV HQ
VX DFWLYLGDG FRPR HPSUHVDULR \ VREUH WRGR
FRPRIUDQTXLFLDGRUHOTXHMXQWRDVXVRWURV
DFWLYRVGHSURSLHGDGLQWHOHFWXDOHVGLVWLQWLYR
GH VX VLVWHPD GH IUDQTXLFLD \ GDUi D WRGRV
ORV PLHPEURV GH OD UHG XQD YHQWDMD VREUH
VXVFRPSHWLGRUHV/DFRPXQLFDFLyQGHHVWH
NQRZKRZ MXQWR FRQ OD FRQFHVLyQ GH ODV
QHFHVDULDVOLFHQFLDVGHSURSLHGDGLQWHOHFWXDO
HLQGXVWULDOIRUPDUiODEDVHVREUHODFXDOORV
PLHPEURVGHODUHGFRQGX]FDQVXVQHJRFLRV
4XH OR KDJDQ GH PDQHUD XQLIRUPH HVWi
DVHJXUDGR SRU ODV IXQFLRQHV VXSHUYLVRUDV
GHOIUDQTXLFLDGRU\HQHOFDVRGHODIUDQTXLFLD
SULQFLSDO GHO VXEIUDQTXLFLDGRU 3DUD HO
VXEIUDQTXLFLDGRU \ HO VXEIUDQTXLFLDGR OD
FRPXQLFDFLyQ GHO NQRZKRZ FRPHUFLDO GHO
IUDQTXLFLDGRUWLHQHJUDQYDORUHFRQyPLFR\D
TXH HVH NQRZKRZ FRPHUFLDO OHV SHUPLWLUi
EHQHFLDUVH GH XQ VLVWHPD TXH \D KD VLGR
SUREDGR\TXHKDGHPRVWUDGRVHUH[LWRVR
/DWUDQVPLVLyQGHO.QRZKRZHQODIUDQTXLFLD
RFXSD XQ OXJDU GHVWDFDGR VREUH WRGR HV
KDELWXDO OD WUDQVPLVLyQ GH FRQRFLPLHQWRV
GH FDUiFWHU FRPHUFLDO UHODWLYRV D OD
FRPHUFLDOL]DFLyQ GHO SURGXFWR D OD JHVWLyQ
GHO QHJRFLR \ D OD DGPLQLVWUDFLyQ GH OD
HPSUHVD (VWD WUDQVPLVLyQ LQFOX\H PpWRGRV
HPSUHVDULDOHV GH SUHVWDFLyQ GH VHUYLFLRV
GH IDEULFDFLyQ HWF 6H WUDWD GH XQ ELHQ
LQPDWHULDOTXHYLHQHDPDWHULDOL]DUVHDWUDYpV
GHORVGRFXPHQWRVRPDQXDOHVGRQGHHVWiQ
H[SOLFDGDV ODV H[SHULHQFLDV HPSUHVDULDOHV
VREUH XQ GHWHUPLQDGR UDPR R DFWLYLGDG GHO
FRPHUFLR (VWH FRQMXQWR GH H[SHULHQFLDV
VRQGHXQYDORUHFRQyPLFRPX\VLJQLFDWLYR
SRUTXH GH RWUD PDQHUD DO IUDQTXLFLDGR
8QDYH]TXHHO.QRZKRZKDVLGRWUDQVPLWLGR
DOIUDQTXLFLDGRSRUPHGLRGHXQDOLFHQFLDVH
UHTXLHUH GH XQD SHUPDQHQWH DFWXDOL]DFLyQ
LQQRYDFLyQ \ GHVDUUROOR GH DFXHUGR D OD
HYROXFLyQ HFRQyPLFD GHO PHUFDGR D ODV
QHFHVLGDGHVGHODFOLHQWHODRDODVWpFQLFDV
HPSUHVDULDOHV3RUORTXHFRQVWDQWHPHQWHVH
UHTXLHUH GH XQ LQWHUFDPELR GH H[SHULHQFLDV
R IHHG EDFN HQWUH HO IUDQTXLFLDQWH \ ORV
IUDQTXLFLDGRVGHODUHGDQGHPHMRUDUFDGD
YH] HO .QRZKRZ \ HO SUHVWLJLR GH OD UHG
(VWR FRQOOHYD SRU FRQVLJXLHQWH D TXH FDGD
XQD GH ODV HPSUHVDV IUDQTXLFLDGDV GHED
LQFOXLUFDPELRVPHMRUDV\YDULDFLRQHVHQVXV
PpWRGRVHPSUHVDULDOHV
(QWUHODVFDUDFWHUtVWLFDVTXHWLHQHTXHWHQHU
HQFXHQWDXQ.QRZ+RZTXHVHWUDQVPLWHHQ
OD IUDQTXLFLD GHVWDFD VX IXQFLRQDOLGDG (VWH
FRQFHSWR GHEH VHU SUiFWLFR ~WLO IXQFLRQDO \
EHQHFLRVR SDUD HO GHVDUUROOR GHO QHJRFLR
'HEHVHUXQSXQWRGHUHIHUHQFLDSDUDDFWXDU
EDMRFXDOTXLHUFLUFXQVWDQFLDTXHSXHGDVXUJLU
\ VX DSOLFDFLyQ GHEH WUDHU FRQVHFXHQFLDV
SRVLWLYDV3RURWURODGRGHEHVHUXQVLVWHPD
SUREDGRTXHORVSURFHGLPLHQWRVKD\DQVLGR
HQVD\DGRV \ FRPSUREDGRV SUHYLDPHQWH \
RIUH]FDQ OD VHJXULGDG DGHFXDGD $GHPiV
WLHQH TXH VHU RULJLQDO HVWD FDUDFWHUtVWLFD OR
*XtD 81,'52,7 GH )UDQTXLFLDV &DStWXOR .QRZ KRZ \ VHFUHWRV FRPHUFLDOHV /D IXQFLyQ GHO NQRZ KRZ HQ ORV
FRQWUDWRVGHIUDQTXLFLD
KDFHFRQGHQFLDOGXUDQWHODYLGDGHOFRQWUDWR
\ FXDQGR QDOLFH 2WUR KHFKR LPSRUWDQWH
HV TXH VHD HVSHFtFR TXH HO FRQMXQWR GH
WpFQLFDVVHDQLQGLYLGXDOL]DGDVHLGHQWLFDGDV
GH IRUPD FRQFUHWD SDUD FDGD FDVR TXH VH
SUHVHQWH(OKHFKRGHTXHHQHOPLVPRLQFOX\D
XQDLQIRUPDFLyQLPSRUWDQWHSDUDODYHQWDGH
ORVSURGXFWRVRODSUHVWDFLyQGHORVVHUYLFLRV
SDUD OD SUHVHQWDFLyQ GH ORV SURGXFWRV ODV
UHODFLRQHV FRQ OD FOLHQWHOD \ HQ JHQHUDO OD
JHVWLyQ RSHUDWLYD \ DGPLQLVWUDWLYD HV XQD
D\XGD LPSRUWDQWtVLPD SDUD RULHQWDU D ORV
IUDQTXLFLDGRVSRUORTXHGHEHVHUVXVWDQFLDO
$ FRQWLQXDFLyQ VH HQXQFLD XQ GHWDOOH GH
ODV FDUDFWHUtVWLFDV PiV LPSRUWDQWHV TXH VH
FRQVLGHUD GHEH FRQWDU HO .QRZKRZ TXH VH
WUDQVPLWHHQODIUDQTXLFLD
D 3UiFWLFR \ SUREDGR 'H VLQJXODU
LPSRUWDQFLD UHVXOWD VX DVSHFWR SUiFWLFR
GHVGH TXH VH LQLFLD OD IDEULFDFLyQ KDVWD
FXDQGR OOHJD DO S~EOLFR (O VHFUHWR
FRPHUFLDOGHEHVHUSUiFWLFRHQFXDQWRDOD
DGPLQLVWUDFLyQPDUNHWLQJ\RUJDQL]DFLyQ
&RPR LQJUHGLHQWH DGLFLRQDO GHEH KDEHU
VLGR SUREDGR HV GHFLU TXH VHJ~Q OD
H[SHULHQFLDGHPRVWUDGDpVWHGHEHKDFHU
SURGXFLGRySWLPRVUHVXOWDGRVFRPHUFLDOHV
R LQGXVWULDOHV 3RU HOOR VH DUPD TXH HO
.QRZKRZHVXQFRQMXQWRGHH[SHULHQFLDV
TXH VXUJHQ GH OD SUiFWLFD HPSUHVDULDO
DGTXLULGDSRUHOIUDQTXLFLDQWH
E 6XVWDQFLDO H LGHQWLFDGR (Q FXDQWR
D OR VXVWDQFLDO VH UHHUH D TXH LQFOX\D
LQIRUPDFLyQ FODYH SDUD OD YHQWD GH
ELHQHV \ HO VXPLQLVWUR GH VHUYLFLRV
\ HVSHFLDOPHQWH HQ OR UHODWLYR DO
SURFHGLPLHQWR \ SUHVHQWDFLyQ GH ODV
/ySH]*X]PiQ)DELiQ&RQWUDWRV,QWHUQDFLRQDOHVGH7UDQVIHUHQFLDGH7HFQRORJtDSiJ
FRQVWDQWHPHQWHVXJHUHQFLDVHLQWHUFDP
ELRVGHH[SHULHQFLDVFRQHOIUDQTXLFLDQWH
I )iFLOPHQWH WUDQVPLVLEOH 2WUD FDUDF
WHUtVWLFD IXQGDPHQWDO FRQ TXH GHEH
FRQWDU HO NQRZ KRZ HV OD IDFLOLGDG
SDUD OD WUDQVPLVLyQ GHO FRQRFLPLHQWR
\ H[SHULHQFLD TXH pVWH UHSUHVHQWD
(V FODUR TXH VL QR KD\ WUDQVPLVLyQ GHO
NQRZ KRZ QR KD\ IUDQTXLFLD DVt TXHGD
HYLGHQFLDGR HQ HO VLJXLHQWH H[WUDFWR
GH VHQWHQFLD 'H PDQHUD TXH SDUD HO
VXVFULWR OD JUDYHGDG GHO LQFXPSOLPLHQWR
GHO DFWRU HVWULED HQ TXH DO GHMDU GH
HQWUHJDUOH WRGRV ORV PDQXDOHV HO
GHPDQGDGR LQFXUULy HQ XQD GH ODV
IRUPDV PiV JUDYHV GH LQFXPSOLPLHQWR
FRQWUDFWXDO GH OD IUDQTXLFLD \ HV OD
QHJDWLYD D OD WUDQVPLVLyQ GHO NQRZ
KRZ VL QR VH WUDVPLWH HO NQRZ KRZ QR
KD\ IUDQTXLFLD QR KD\ QHJRFLR \ QR HV
SRVLEOH DVt SDUD HO IUDQTXLFLDGR OOHYDU D
FDERVXVFRPSURPLVRVGHRSHUDFLyQGH
OD IUDQTXLFLD SXHV VL QR VDEH FyPR
QR KD\ IRUPD GH HMHFXWDU HO FRQWUDWR \
DXQTXHODDFWLYLGDGFRPHUFLDOVHPDQWXYR
SRU PXFKR WLHPSR OD SRVLELOLGDG GH OD
UHDOL]DFLyQWRWDO\HMHFXFLyQGHOFRQWUDWR
GHIUDQTXLFLDVHKL]RLPSRVLEOH
$KRUD ELHQ OD WUDQVPLVLyQ GHO NQRZ KRZ
SDUD SRGHU ORJUDU HO HIHFWR UHTXHULGR GHEH
VHUFRPSOHWDQRSXHGHVHUSDUFLDOOLPLWDGD
RIUDJPHQWDGD(VWDSUREOHPiWLFDHVWUDWDGD
HQ OD PLVPD MXULVSUXGHQFLD VHxDODGD HQ HO
VLJXLHQWH VHQWLGR 'H HVWD PDQHUD HO DFWRU
LQFXPSOLyFRQXQDREOLJDFLyQHVHQFLDOSDUD
FRQHOGHPDQGDGRFXDOHUDWUDQVPLWLUOH72'2
HO NQRZ KRZ \ QR VROR SDUWH GHO pO FRPR
OR KL]R YpDVH TXH HQ HVWH FDVR HO VDEHU
-X]JDGR&LYLOGH&DUWDJR6HQWHQFLD13URFHVR2UGLQDULRGH0HUHFXPEp6$FRQWUD$OYDUR$PDGRU*DPERD
-X]JDGR&LYLOGH&DUWDJR6HQWHQFLD13URFHVR2UGLQDULRGH0HUHFXPEp6$FRQWUD$OYDUR$PDGRU*DPERD
QHFHVDULDVSDUDSURWHJHUODLQIRUPDFLyQ(Q
PXFKDVMXULVGLFFLRQHVORVWULEXQDOHVKDQDSOL
FDGR OD OODPDGD SUXHED GH UDFLRQDOLGDG D
ODV PHGLGDV GH SURWHFFLyQ DGRSWDGDV SDUD
MDU TXp LQIRUPDFLyQ GHEHUtD VHU FRQVLGHUD
GD VHFUHWD /D ORVRItD VXE\DFHQWH D HVWH
H[DPHQ FRQVLVWH HQ TXH QR VHD SRVLEOH
UHFODPDUSURWHFFLyQFRQWUDODVYLRODFLRQHVGH
ODLQIRUPDFLyQVHFUHWDVLHOFRPSRUWDPLHQWR
GHOSURSLHWDULRRGHODSHUVRQDTXHFRQWUROD
ODLQIRUPDFLyQQRHVFRPSDWLEOHFRQODLQWHQ
FLyQGHPDQWHQHUODVHFUHWD
(QUHODFLyQFRQHVWHWySLFRHVGHLPSRUWDQFLD
VHxDODU OR TXH DO UHVSHFWR KD HVWDEOHFLGR
OD *XtD 81,'52,7 GH )UDQTXLFLDV (Q
XQD UHODFLyQ GH IUDQTXLFLD SULQFLSDO HV
QDWXUDOPHQWH GH FRQVLGHUDEOH LPSRUWDQFLD
SDUD HO IUDQTXLFLDGRU TXH VX NQRZKRZ VHD
XVDGRFRUUHFWDPHQWHSRUHOVXEIUDQTXLFLDGRU
\ORVVXEIUDQTXLFLDGRV\TXHHOVHFUHWRGHO
NQRZKRZ VHD WRWDOPHQWH SURWHJLGR (Q OD
SUiFWLFD HO NQRZKRZ VHUi QRUPDOPHQWH
FRPXQLFDGR PHGLDQWH HO PDQXDO GH
RSHUDFLRQHV\PHGLDQWHODIRUPDFLyQLQLFLDO\
FRQWLQXDSURSRUFLRQDGDSRUHOIUDQTXLFLDGRU
(Q XQD VLWXDFLyQ GH IUDQTXLFLD SULQFLSDO
OD REOLJDFLyQ GH WUDQVPLWLU HO NQRZKRZ
VH UHHUH QR VyOR DO NQRZKRZ TXH HVWi
GLVSRQLEOH DO FRPLHQ]R GH OD UHODFLyQ VLQR
WDPELpQ DO TXH VH GHVDUUROOH GXUDQWH HO
WLHPSR GH YLGD GHO FRQWUDWR &RQ HO WLHPSR
ODV WpFQLFDV DGRSWDGDV SRU HO VLVWHPD GH
IUDQTXLFLD VHUiQ DFWXDOL]DGDV SDUD WHQHU HQ
FXHQWDODH[SHULHQFLDJDQDGDHQHOHMHUFLFLR
GH OD IUDQTXLFLD DVt FRPR HO GHVDUUROOR
GH QXHYDV WpFQLFDV \ RWUDV PHMRUDV /RV
PHGLRVSRUORVTXHODVWpFQLFDVDFWXDOL]DGDV
VRQ FRPXQLFDGDV D ORV PLHPEURV GH OD UHG
VRQ WtSLFDPHQWH QXHYDV HGLFLRQHV X RWUDV
DFWXDOL]DFLRQHV GHO PDQXDO GH RSHUDFLRQHV
\ OD RUJDQL]DFLyQ SRU HO IUDQTXLFLDGRU GH
SURJUDPDV \R HQFXHQWURV SHULyGLFRV GH
*XtD 81,'52,7 GH )UDQTXLFLDV &DStWXOR .QRZ KRZ \ VHFUHWRV FRPHUFLDOHV /D IXQFLyQ GHO NQRZ KRZ HQ ORV
FRQWUDWRVGHIUDQTXLFLD
%LDQFKL$OHVVDQGUR7XWHODGHORVFRQRFLPLHQWRVWpFQLFRVQRSDWHQWDGRV&RQWUDWRVGH.QRZ+RZ\REOLJDFLyQGHQR
FRPXQLFDFLyQDWHUFHURV'HUHFKR,QGXVWULDOSiJ
FXDOH[SORWDEDODIUDQTXLFLDRHQXQWHUULWRULR
GRQGHFRPSHWLUtDFRQRWURPLHPEURGHODUHG
GHIUDQTXLFLDRFRQHOIUDQTXLFLDGRUGXUDQWH
WRGDODYLJHQFLDGHOFRQWUDWR\HQXQSHUtRGR
SRVWHULRUDODFRQFOXVLyQGHpVWH
(O FRQWHQLGR GH XQD FOiXVXOD GH QR
FRPSHWHQFLDGHEHVHUQHJRFLDGR\ODVOH\HV
GHO WHUULWRULR H[DPLQDGDV SDUD HVWDEOHFHU
KDVWD TXp SXQWR SXHGHQ KDFHUVH FXPSOLU
HQ WpUPLQRV GH GXUDFLyQ iPELWR \ DSOLFDEL
OLGDGWHUULWRULDO
F &OiXVXODVGHUHFLSURFLGDGJUDQWEDFN
/RVFRQWUDWRVGHIUDQTXLFLDSULQFLSDO\VXE
IUDQTXLFLD SRGUtDQ WDPELpQ LQFOXLU OR TXH
VH FRQRFH FRPR FOiXVXODV GH UHFLSURFLGDG
JUDQWEDFN'HDFXHUGRFRQHVWDVFOiXVXODV
DO VXEIUDQTXLFLDGRU R VXEIUDQTXLFLDGR VH
OH SLGH TXH WUDQVPLWD FXDOTXLHU H[SHULHQFLD
TXH KD\D REWHQLGR HQ OD H[SORWDFLyQ GH
OD IUDQTXLFLD DO IUDQTXLFLDGRU DVt FRPR
TXH FRQFHGD DO IUDQTXLFLDGRU \ D ORV RWURV
VXEIUDQTXLFLDGRUHV \ VXEIUDQTXLFLDGRV
GH OD UHG XQD OLFHQFLD QR H[FOXVLYD SDUD HO
NQRZKRZUHVXOWDQWHGHHVDH[SHULHQFLD8Q
VXEIUDQTXLFLDGRU R VXEIUDQTXLFLDGR SXHGH
HQ RWUDV SDODEUDV VHU FRQWUDFWXDOPHQWH
REOLJDGR D FRQFHGHU DO IUDQTXLFLDGRU XQD
OLFHQFLD SDUD ORV GHVDUUROORV \ PHMRUDV TXH
KD\DKHFKRDONQRZKRZFRPRUHVXOWDGRGH
VXSURSLDH[SHULHQFLDHQHOQHJRFLR/DUD]yQ
SRU OD TXH ODV FOiXVXODV GH UHFLSURFLGDG
JUDQWEDFN VRQ JHQHUDOPHQWH DGPLWLGDV
HVTXHODUHGGHIUDQTXLFLDHVXQDHVWUXFWXUD
LQWHJUDGDTXHHVWiEDVDGDHQODFRRSHUDFLyQ
GH XQ Q~PHUR GH HPSUHVDV GLIHUHQWHV \
TXH HO IUDQTXLFLDGRU \ WRGRV \ FDGD XQR GH
*XtD 81,'52,7 GH )UDQTXLFLDV &DStWXOR .QRZ KRZ \ VHFUHWRV FRPHUFLDOHV &OiXVXODV HQ ORV FRQWUDWRV GH
IUDQTXLFLDSULQFLSDOSDUDSURWHJHUHONQRZKRZ
,EtGHP
G 5HVWULFFLRQHVDOiPELWRGHXVR
eVWDV FOiXVXODV WLHQHQ SRU REMHWR TXH QR
SXHGD VHU YDULDGR HO GHVWLQR SDUD HO TXH
IXHUD FRQFHGLGR HO NQRZ KRZ HV GHFLU VH
WUDWDGHQRXVDUHONQRZKRZSDUDSURSyVLWRV
GLYHUVRVGHOJLURGHODHPSUHVDIUDQTXLFLDGD
&RQ HVWR VH SUHWHQGH WDPELpQ TXH QR VHD
XVDGR HO NQRZ KRZ HQ XQD DFWLYLGDG HQ OD
FXDOQRVHFRPSHQVHDOIUDQTXLFLDGRUFRPR
SURSLHWDULR GHO NQRZ KRZ \ VLQ TXH WHQJD
pVWH FRQWURO GH FyPR VH XWLOL]D VX NQRZ
KRZ (VWH WLSR GH FOiXVXODV SXHGHQ WHQHU
DSOLFDFLyQ VL DVt KD VLGR HVWDEOHFLGR D~Q
GHVSXpV GH OD QDOL]DFLyQ GHO FRQWUDWR SRU
XQFLHUWRSHUtRGRGHWLHPSR
&RQFOXVLRQHV
)LQDOPHQWH D PDQHUD GH FRQFOXVLRQHV PH
SDUHFHLPSRUWDQWHUHVDOWDUDOJXQRVDVSHFWRV
TXHDFRQWLQXDFLyQGHWDOOR
,EtGHP
(VGHWRGRSXQWRGHYLVWDGHVWDFDEOHOD
LPSRUWDQFLD GHO NQRZ KRZ FRPR PHGLR
GH WUDQVIHUHQFLD GH WHFQRORJtD SRU
FXDQWR SHUPLWH FRPR VH KD UHLWHUDGR
D WUDYpV GH WRGR HVWH HVWXGLR TXH
LQYHUVLRQLVWDV FRQ UHFXUVRV SXHGDQ
DFFHGHU D IRUPDV SUREDGDV GH KDFHU
QHJRFLRV \ GHVDUUROODU HPSUHVDV TXH
GH QR VHU DVt SRGUtDQ VXV HVIXHU]RV
HVWDUFRQGHQDGRVDOIUDFDVR1RTXLHUR
FRQHVWRTXHDFDERGHVHxDODUUHVWDUOH
PHULWRV D OD FDSDFLGDG FUHDWLYD GH
LQQRYDGRUHV \ SLRQHURV D OR TXH PH
UHHUR HV D TXH FRPR VH KD VHxDODGR
GHVDUUROODU LGHDV HPSUHVDULDOHV FXHVWD
PXFKRGLQHURWLHPSR\VDFULFLR
$VLPLVPR LPSRUWDQWH VHxDODU TXH QR
FDEH GXGD GH TXH HO DVSHFWR PHGXODU
SDUDHOGHVDUUROORGHXQDIUDQTXLFLDHVHO
VDEHUFyPRKDFHUHVGHFLUHONQRZKRZ
TXHVHWUDQVPLWH(OHQIRTXHGHOSUHVHQWH
HVWXGLRSUHFLVDPHQWHHVDQDOL]DUODJXUD
GHO NQRZ KRZ SHUR HQ VX DSOLFDFLyQ
SUiFWLFD HQ HO FRQWUDWR GH IUDQTXLFLD
(Q HO SUHVHQWH HVWXGLR UHLWHUDGDPHQWH
VH KD VHxDODGR TXH VLQ NQRZ KRZ QR
SXHGH KDEHU IUDQTXLFLD ([LVWH HQWUH
HVWDV GRV JXUDV XQD VLPELRVLV XQD
KHUPDQGDG LQGLVROXEOH HO NQRZ KRZ HV
HO DVSHFWR HVHQFLDO GH OD IUDQTXLFLD HV
ODIyUPXODHOVHFUHWRVLQRVHWLHQHHVD
IyUPXODH[LWRVDSUREDGDHQODSUiFWLFD
QR SRGUtDPRV KDEOD GH IUDQTXLFLD
3RGUtDPRV GHFLU DYHQWXUiQGRQRV D
KDFHU XQD GHQLFLyQ TXH OD IUDQTXLFLD
HV OD H[SUHVLyQ FRQWUDFWXDO D WUDYpV GH
OD FXDO XQD HPSUHVD WUDQVPLWH D RWUD
XQ FRQRFLPLHQWR UHVHUYDGR FRQ YDORU
FRPHUFLDO TXH OH RWRUJD XQD YHQWDMD
FRPSHWLWLYD HQ HO PHUFDGR DO FXDO
VH OH GHQRPLQD LQWHUQDFLRQDOPHQWH
FRPRNQRZKRZ
&RQVLGHUR FRPR RWUD FRQFOXVLyQ TXH
OD PRGDOLGDG GHO FRQWUDWR GH IUDQTXLFLD
WLHQH XQD LPSRUWDQFLD DGLFLRQDO SDUD OD
WRWDOLGDG GHO HQWRUQR HFRQyPLFR GH XQ
SDtVSRUFXDQWRDWUDYpVGHHVWDJXUD
VHORJUDXQDH[SDQVLyQLPSRUWDQWHGHOD
DFWLYLGDGHFRQyPLFDTXHVHYHUHHMDGD
HQ DVSHFWRV FRPR OD JHQHUDFLyQ GH
HPSOHR $O UHVSHFWR VHxDOD HO VHxRU
+RQRUDWR*RQ]iOH]*HUHQWH)LQDQFLHUR
GH 0DF 'RQDOGV HQ &RVWD 5LFD HQ
HQWUHYLVWD TXH DSDUHFH HQ HO OLEUR (O
&RQWUDWRGH)UDQFKLVLQJ(OSUHVWLJLR\
HO FUHFLPLHQWR TXH LPSOLFD SDUD HO SDtV
LQFOXVLYH SRUTXH HQ FDGD UHVWDXUDQWH
VRQDOPHQRVHPSOHDGRVGLUHFWRV\
RLQGLUHFWRVVLHQGRPXFKDVODV
IDPLOLDVTXHVHEHQHFLDQHQHOSDtV
0HSDUHFHLPSRUWDQWHWDPELpQGHQWURGH
HVWDVFRQFOXVLRQHVKDFHUXQDUHVHxDGH
DOJXQDVYHQWDMDVTXHRIUHFHODIUDQTXLFLD
SDUD HO IUDQTXLFLDGR VREUH WRGR SRU
FXDQWR pVWH FRQVWLWX\H HO VXMHWR PiV
WtSLFRGHHQFRQWUDUVHHQQXHVWUDUHDOLGDG
HVGHFLUHQQXHVWUDHFRQRPtDSXHVVLQ
WHPRU D HTXLYRFDUPH VH SXHGH GHFLU
TXHKD\PD\RUFDQWLGDGGHIUDQTXLFLDGRV
HQ UHODFLyQ FRQ ORV IUDQTXLFLDQWHV TXH
SXHGDQ H[LVWLU DXQTXH QR TXLHUR GHFLU
FRQ HVWR TXH QR VH KD\DQ GHVDUUROODGR
IUDQTXLFLDVSRUFRPSDxtDVQDFLRQDOHV\
TXHQRPHFDEHGXGDGHODLPSRUWDQFLD
GHOGHVDUUROORGHpVWDV
(QODPD\RUtDGHORVFDVRVQRUHTXLHUH
H[SHULHQFLD DQWHULRU HQ HO QHJRFLR
DXQTXH HV FLHUWR TXH SDUD TXH VH OH
RWRUJXH OD IUDQTXLFLD HO IUDQTXLFLDQWH
OH H[LJH FRQGLFLRQHV GH FDSDFLGDG
HPSUHVDULDOHLGRQHLGDGSHUVRQDO
)XHQWHV9DUJDV%HUQDO\-LPpQH]9)DELR(O&RQWUDWRGHIUDQFKLVLQJHOFRQWUDWRGHIUDQTXLFLDFRPHUFLDOHG
6DQ-RVp&5,-6$
5HFXUVRGH$SHODFLyQFRQWUDODVHQWHQFLDGHSULPHUDLQVWDQFLD1GHOGHMXOLRGHOIROLRYXHOWR
,EtGHPIROLR
UHFRQYHQWRUDGRVDVSHFWRVTXHPHSDUHFHQ
FDUGLQDOHVFXDQGRVHxDOD(OFXDUWRPRWLYR
WDPELpQ GHEH UHFKD]DUVH SRU FXDQWR QR
H[LVWH WDO FRQWUDGLFFLyQ HQ OD VHQWHQFLD
SXHVWRTXHODPLVPDFODUDPHQWHVHUHHUHDO
FXPSOLPLHQWRSDUFLDOSHURWDPELpQHVWDEOHFH
TXH OR LQFXPSOLGR SRU HO DFWRU GHYLHQH HQ
JUDYH\SRUWDOPRWLYRVHLPSRQHHOUHFKD]R
GH VXV SUHWHQVLRQHV$GHPiV HVWD SDUWH
VHxDODTXHODDUPDFLyQGHTXHORVPDQXDOHV
VH HQWUHJDURQ FDUHFH GH YHUDFLGDG SXHV
OD QR HQWUHJD TXHGy HYLGHQFLDGD HQ ORV
KHFKRV SUREDGRV 0iV DGHODQWH VH VHxDOD
HQ OD H[SUHVLyQ GH DJUDYLRV &RPR VpWLPD
REMHFLyQVHSURWHVWDFRQWUDODFRQFOXVLyQGH
TXHODDFWRUDQRFXPSOLyDFDEDOLGDGFRQHO
WUDVODGRGHODWRWDOLGDGGHONQRZKRZDTXHVH
KDEtDREOLJDGRHQHOFRQWUDWRSHURHTXLYRFD
HODSHODQWHHODUJXPHQWRSXHVQXHYDPHQWH
FDH HQ OD H[SRVLFLyQ VXEMHWLYD GHMDQGR
GH DQDOL]DU \ OHHU ORV KHFKRV SUREDGRV G
H I \ J TXH DFUHGLWDQ DEXQGDQWHPHQWH VX
LQFXPSOLPLHQWR KHFKRV TXH QR FRPEDWH HO
UHFXUUHQWHSRUORTXHORVDFHSWDTXHGDQGR
DFUHGLWDGR TXH PXFKDV GH ODV REOLJDFLRQHV
IXQGDPHQWDOHVUHODWLYDVDOVDEHUFyPRTXH
GHELyWUDVPLWLUDOGHPDQGDGRUHFRQYHQWRUQR
ORKL]RHQWUHODVTXHVHFLWDQODVUHODWLYDVD
ODDGPLQLVWUDFLyQPDQHMRGHFRQWDELOLGDGHV
PDQXDOHV HQ JHQHUDO WRGDV ODV FXDOHV VH
FLWDQ XQD D XQD HQ OD VHQWHQFLD LPSXJQDGD
FRPRLQFXPSOLGDV
%LEOLRJUDItD
7ULEXQDO6HJXQGR&LYLO6HFFLyQ6HJXQGD
6HQWHQFLD1
,EtGHPIROLR
,EtGHPIROLR
/H\HV
&yGLJRGH7UDEDMR
(GLFLyQ
(GLWRULDO,QYHVWLJDFLRQHV-XUtGLFDV6$
6DQ-RVp&RVWD5LFD
&yGLJR3HQDO
/H\ GH %LRGLYHUVLGDG 1 GH GH
DEULOGH
/H\GH,QIRUPDFLyQQR'LYXOJDGD1
GHGLFLHPEUHGH
/H\GH3URPRFLyQ\'HIHQVD(IHFWLYDGHO
&RQVXPLGRU\VXUHJODPHQWR1GHO
GHMXOLRGH
/H\PH[LFDQDVREUHSURSLHGDGLQGXVWULDO
-XULVSUXGHQFLD
-X]JDGR&LYLOGH&DUWDJR
6HQWHQFLD1
3URFHVR 2UGLQDULR GH 0HUHFXPEp 6$
FRQWUD$OYDUR$PDGRU*DPERD
6DOD3ULPHUDGHOD&RUWH6XSUHPDGH-XVWLFLD
6HQWHQFLD 1 GH ODV KRUDV GHO
GHMXOLRGH
7ULEXQDO6XSHULRU&LYLOGH&DUWDJR
3URFHVR 2UGLQDULR GH 0HUHFXPEp 6$
FRQWUD$OYDUR$PDGRU*DPERD
5HFXUVRGH$SHODFLyQ\([SUHVLyQGH$JUDYLRV
GH OD SDUWH GHPDQGDGD UHFRQYHQWRUD HQ
OHJDMRGHSURFHVRGHVHJXQGDLQVWDQFL
%UDYR0HOJDU6LGQH\$OH[
&RQWUDWRVPRGHUQRVHPSUHVDULDOHV
7RPR,(GLWRULDO)HFDW/LPD
5HJODPHQWDFLyQ,QWHUQDFLRQDO
&DEDQHOODVGHODV&XHYDV*XLOOHUPR
&RQWUDWRV GH OLFHQFLD \ GH WUDQVIHUHQFLD
GHWHFQRORJtDHQHO'HUHFKR3ULYDGR
(GLWRULDO+HOLDVWD%XHQRV$LUHV
&DEDQHOODVGHODV&XHYDV*XLOOHUPR
5pJLPHQ MXUtGLFR GH ORV FRQRFLPLHQWRV
WpFQLFRV .QRZ +RZ \ VHFUHWRV
FRPHUFLDOHVHLQGXVWULDOHV
(GLWRULDO+HOLDVWD%XHQRV$LUHV
&iFHUHV%DUUD]D&pVDU
3URWHFFLyQ -XUtGLFD GH ORV 6HFUHWRV
(PSUHVDULDOHV
/LPD(G&X]FR
/LEURV
$OEDODGHMR0DQXHO
'HUHFKR FLYLO 7RPR ,, 9ROXPHQ ,, DYD
(GLFLyQ
(GLWRULDO&LYLWDV0DGULG
&DVWDxHGD-RUJH(XJHQLR
,QVWLWXFLRQHV GHO 'HUHFKR FLYLO 7RPR ,
UD(GLFLyQ
(GLWRULDO8QLYHUVLGDG1DFLRQDO0D\RUGH6DQ
0DUFRV
$OEDODGHMR0DQXHO
(OQHJRFLRMXUtGLFR
(GLWRULDO%RVFK%DUFHORQD
&RJRUQR(GXDUGR*XLOOHUPR
7HRUtD\SUiFWLFDGHORVQXHYRVFRQWUDWRV
(GLWRULDO0HUX%XHQRV$LUHV
$ULDV6FKUHLEHU3H]HW0D[
([HJHVLV GHO &yGLJR &LYLO SHUXDQR GH
7RPR ,, UD (GLFLyQ (GLWRULDO 6DQ
-HUyQLPR/LPD
&RUUHD&DUORV
&OiXVXODV UHVWULFWLYDV HQ OD WUDQVIHUHQFLD
GHWHFQRORJtD
'HUHFKR&RPHUFLDO\GHODV2EOLJDFLRQHV
$ULDV6FKUHLEHU
3H]HW
0D[?$ULDV
6FKUHLEHU3H]HWQJHOD
/RVFRQWUDWRVPRGHUQRV
(GLWRULDO*DFHWD-XUtGLFD/LPD
%HDXPRQW&DOOLUJRV5LFDUGR
'HUHFKR FRPHUFLDO \ UHHVWUXFWXUDFLyQ
HPSUHVDULDO
(GLWRULDO$OWHUQDWLYDV/LPD
&KXOLi9LFHQW(GXDUGR<%HOWUiQ$ODQGHWH
7HUHVD
$VSHFWRV-XUtGLFRVGHORV&RQWUDWRV$WtSLFRV
(GLWRULDO%RVFK%DUFHORQD
(QQHFFHUXV/XGZLJ.LSS7KHRGRU:ROII
0DUWtQ
7UDWDGRGH'HUHFKRFLYLO7RPR,9ROXPHQ,,
(GLWRULDO%RVFK%DUFHORQD
)LJXHURD%XVWDPDQWH+HUQiQ
7HPDVGH'HUHFKRQDQFLHUREDQFDULR\
EXUViWLO
(GLWRULDO6DQ0DUFRV/LPD
/ySH]*X]PiQ)DELiQ
&RQWUDWRV ,QWHUQDFLRQDOHV GH 7UDQVIH
UHQFLDGH7HFQRORJtD(O.QRZ+RZ
(GLFLRQHV-XUtGLFDV*867$92,%$f(=
)RQW6$
/D 3URWHFFLyQ ,QWHUQDFLRQDO GHO 6HFUHWR
(PSUHVDULDO
0DGULG(XUROH[
0DVVDJXHU-RVp
(O&RQWUDWRGH/LFHQFLDGH.QRZ+RZ
(GLWRULDO%RVFK%DUFHORQD
0LJXHOGH$VHQFLR3HGUR$
&RQWUDWRV ,QWHUQDFLRQDOHV VREUH 3URSLHGDG
,QGXVWULDO
(GLWRULDO&LYLWDV(VSDxD
0RQWR\D0DQIUHGL8OLVHV
'HUHFKRFRPHUFLDO
(GLWRULDO*ULMOH\
3ODWH&HOLD%RJOLQR0yQLFD
.QRZ +RZ 'HUHFKR &RPHUFLDO \ GH
ODV2EOLJDFLRQHV
3XHQWH\/DYDOOH0DQXHOGHOD
(VWXGLRVVREUHHO&RQWUDWRGH&RPSUDYHQWD
(GLWRULDO*DFHWD-XUtGLFD/LPD
6LHUUDOWD5tRV$QtEDO
$VSHFWRV MXUtGLFRVHFRQyPLFRV GH ODV
LQYHUVLRQHV H[WUDQMHUDV HQ 'HUHFKR
LQWHUQDFLRQDOHFRQyPLFR
(GLWRULDO 3RQWLFLD 8QLYHUVLGDG &DWyOLFD GHO
3HU~/LPD
6WXPSI+HUEHUW
(OFRQWUDWRGH.QRZ+RZ
(GLWRULDO7HPLV%RJRWi
9LGDO5DPtUH])HUQDQGR
/D FRQFHQWUDFLyQ GH ODV VRFLHGDGHV
WUDQVQDFLRQDOHV\ODOHJLVODFLyQOLPLWDWLYD
GHVXDFFLRQDUHQHO3HU~
)RUR GHO &ROHJLR GH $ERJDGRV GH /LPD
/;;,9
5HYLVWDV
%LDQFKL$OHVVDQGUR
7XWHOD GH ORV FRQRFLPLHQWRV WpFQLFRV QR
SDWHQWDGRV
&RQWUDWRVGH.QRZ+RZ\REOLJDFLyQGHQR
FRPXQLFDFLyQDWHUFHURV
'HUHFKR,QGXVWULDO
*X]PiQ(VSLFKH/XtV
$OJXQDV FRQVLGHUDFLRQHV GHO FRQWUDWR
GH.QRZ+RZ
5HYLVWDGHOD)DFXOWDGGH'HUHFKR\&LHQFLDV
3ROtWLFDVGHOD8QLYHUVLGDG,QFD*DUFLODVRGH
OD9HJD
3pUH]9DUJDV9tFWRU
(O &RQWUDWR GH )UDQTXLFLD &RPHUFLDO
)UDQFKLVLQJ /D UHJXODFLyQ GH ODV
IUDQTXLFLDV FRPHUFLDOHV IUDQFKLVLQJ
HQ (XURSD \ VX SRVLEOH LQFLGHQFLD HQ
$PpULFD/DWLQD
5HYLVWD-XGLFLDO&RVWD5LFD$xR;9,,1
MXOLR
5DQD6LQJK)LQQHJDQ0DUFXV
&XHVWLyQ GH FRQGHQFLDOLGDG HQ ORV
FRQWUDWRV GH WUDQVIHUHQFLD GH WHFQRORJtD
FRQSDtVHVHQGHVDUUROOR
'HUHFKR,QGXVWULDO
7HVLV
-LPpQH])DOODV-RVp'LPDV
3DWRORJtDVGHO&RQWUDWRGHNQRZKRZ
)DFXOWDGGH'HUHFKR8QLYHUVLGDGGH&RVWD5LFD
7HVLVSDUDRSWDUSRUHOJUDGRGH/LFHQFLDGR
HQ'HUHFKR
.HOVR+HUQiQGH])DELiQ
/D 7HRUtD GHO 'HUUDPDPLHQWR GH 7HF
QRORJtD FRPR 3RVLEOH 2ULJHQ GH XQD
1XHYD)LJXUD&RQWUDFWXDO
)DFXOWDGGH'HUHFKR8QLYHUVLGDGGH&RVWD5LFD
7UDEDMR )LQDO GH *UDGXDFLyQ SDUD RSWDU SRU
HOJUDGRGH/LFHQFLDWXUDHQ'HUHFKR
,QWHUQHW
KWWSFOYOH[FRP FRQVXOWDGD HO GH
VHWLHPEUHGHO
.RNNR$7DQVLQL5=HMiQ0
3URGXFWLYLW\ VSLOORYHUV IURP )', LQ WKH
8UXJXD\DQPDQXIDFWXULQJVHFWRU
KWWSGHFRQHGXX\ FRQVXOWDGD HO GH
QRYLHPEUHGHO
(OFRQFHSWRMXUtGLFRGHNQRZKRZHQ
KWWSGHQLVEDUERVDDGGUFRPFRQVXOWDGD
HOGHVHWLHPEUHGHO
$E0DUtD'RORUHV2UEH
(OFRQWUDWRGH)UDQTXLFLDHQ
K W W S Z Z Z G H U H F K R H F X D G R U F R P
FRQVXOWDGDHOGHRFWXEUHGHO
KWWSHVZLNLSHGLDRUJ FRQVXOWDGD HO
GHVHWLHPEUHGHO
.QRZKRZHO$'1GHODVIUDQTXLFLDVHQ
ZZZIXVLRQYLUWXDOFKLOHFRP
KWWSZZZIXVLRQYLUWXDOFO FRQVXOWDGD HO
GHVHWLHPEUHGHO
)RQWDQH]'LDQD
/DVIUDQTXLFLDVYHQWDMDV\GHVYHQWDMDV
KWWSZZZJHVWLRSROLVFRPFRQVXOWDGDHO
GHQRYLHPEUHGHO
&RUUHD&DUORV
/D OHJLVODFLyQ DUJHQWLQD VREUH WUDQV
IHUHQFLDGHWHFQRORJtDGHOH[WHULRUHQ
KWWSZZZMXULGLFDVXQDPP[FRQVXOWDGD
HOGHRFWXEUHGHO
*DUFtD0RUHQR9tFWRU&DUORVSURIHVRUGH
OD)DFXOWDGGH'HUHFKRGHOD81$0
$QiOLVLVGHOD1XHYD/H\VREUHHO&RQWURO
\ 7UDQVIHUHQFLD GH 7HFQRORJtD \ HO XVR \
H[SORWDFLyQGHSDWHQWHV\PDUFDVHQ
KWWSZZZMXULGLFDVXQDPP[FRQVXOWDGD
HOGHRFWXEUHGHO
KWWSZZZODSUHQVDFRPQLFRQVXOWDGDHO
GHVHWLHPEUHGHO
/LF $QGU\WK $JXLODU 9LOODQ /LF /LXGPLOD
0RUiQ 0DUWtQH] /LF $QWyQ 0LOLDQ
.RQGDNRY
/RV FRQWUDWRV GH OLFHQFLD GH PDUFD
\ NQRZKRZ FRPR KHUUDPLHQWD HQ OD
SUHYHQFLyQGHFRQLFWRVHQ
KWWSOH[XKFX FRQVXOWDGD HO GH
VHWLHPEUHGHO
&DQXGDV&DUORV
.QRZ+RZ\)UDQTXLFLDVHQ
KWWSZZZPHUFDGHRFRP FRQVXOWDGD HO
GHVHWLHPEUHGHO
KWWSZZZPLFURVRIWFRP FRQVXOWDGD HO
GHVHWLHPEUHGHO
&RQWUDWRV0RGHUQRV
/XLV$OIRQVR5RGUtJXH]&D]RUODHQ
KWWSZZZPRQRJUDDVFRP FRQVXOWDGD
HOGHRFWXEUHGHO
KWWSPSSHUXYFRPFRQVXOWDGDHOGH
VHWLHPEUHGHO
K W W S Z Z Z S R G H U M X G L F L D O J R F U
FRQVXOWDGDHOGHRFWXEUHGHO
$QtEDO6LHUUDOWD5tRV
&2175$7$&,1 ,17(51$&,21$/ '(
0$5&$63$7(17(6<.12:+2:
9QLYHUVLWDVQ~PHUR
3RQWLFLD8QLYHUVLGDG-DYHULDQD%RJRWi
&RORPELDHQ
KWWSUHGDO\FXDHPH[P[ FRQVXOWDGD HO
GHRFWXEUHGHO
&UHVSR-RUJH9HOi]TXH])UDQFLVFR-
(;7(51$/,'$'(6 7(&12/*,&$6 '(
/$ ,19(56,1 (;75$1-(5$ ',5(&7$
0(',&,1<()(&726
KWWSZZZUHYLVWDVLFHFRPFRQVXOWDGDHO
GHQRYLHPEUHGHO
KWWSZZZURGULJXH]YHODUGHFRPSH
FRQVXOWDGDHOGHVHWLHPEUHGHO
%HQDYHQWH&KRUUHV+HVEHUW
(O FRQWUDWR GH NQRZ KRZ R GH SURYLVLyQ
GH FRQRFLPLHQWRV WpFQLFRV $VSHFWRV
D VHU FRQVLGHUDGRV SDUD VX UHJXODFLyQ
QRUPDWLYD
,XVHW3UD[LV>RQOLQH@HQ
KWWSZZZVFLHORFO FRQVXOWDGD HO GH
VHWLHPEUHGHO
:HLVV3HWHU
&XiO WHFQRORJtD VH WUDQVHUH \ D
TXLpQ"
3URSLHGDG,QGXVWULDO\$UWtVWLFDHQ
KWWSZZZVFFLHORFO
K W W S Z Z Z W H V L V S U R \ H F W R V F R P
FRQVXOWDGDHOGHVHWLHPEUHGHO
)RUPDFLyQ\NQRZKRZHQ
KWWSZZZWRUPRFO FRQVXOWDGD HO GH
VHWLHPEUHGHO
$QWD\%RODxRV$QWRQLR
(ONQRZKRZFRQFHSWR\FDUDFWHUtVWLFDVHQ
KWWSZZZXVVHGXSH FRQVXOWDGD HO
GHVHWLHPEUHGHO
KWWSYOH[FRPFRQVXOWDGDHOGHVHWLHP
EUHGHO