5RJHU 6FKPLGW 7HUPRJUDILD )OXNH ZZZ IOXNH SW
,1)250$á2 7®&1,&2 &20(5&,$/
9$17$*(16 '$ 7(&12/2*,$ ,5 )86,2170 2V WHUPÂJUDIRV VHPSUH TXLVHUDP XPD F´PDUD SRU LQIUDYHUPHOKRV FDSD] GH SURGX]LU LPDJHQV FRP XP DPSOR FDPSR GH YLV¶R )29 H XPD GHWDOKDGD UHVROX¸¶R HVSDFLDO 2 SUH¸R GH XPD F´PDUD SRU LQIUDYHUPHOKRV TXH FXPSULVVH HVWHV GRLV UHTXLVLWRV VHULD LPSRVV½YHO SDUD D PDLRULD GDV DSOLFD¸ÆHV 8P PRGR PDLV HFRQÂPLFR GH LQWHJUDU DPEDV DV IXQ¸ÆHV QXPD V F´PDUD FRQVLVWH HP FRPELQDU XPD LPDJHP YLV½YHO FRP DPSOR FDPSR GH YLV¶R FRP XPD LPDJHP SRU LQIUDYHUPHOKRV FRP XP FDPSR GH YLV¶R PDLV UHGX]LGR $ SULQFLSDO YDQWDJHP GHVWD FRPELQD¸¶R UHVLGH QD SRVVLELOLGDGH RIHUHFLGD DRV WHUPÂJUDIRV GH DQDOLVDU H LGHQWLILFDU SRU LQIUDYHUPHOKRV DV ]RQDV SUREOHP²WLFDV QXPD LPDJHP YLV½YHO Q½WLGD $JRUD RV W¹FQLFRV GH PDQXWHQ¸¶R GLVSÆHP GH XPD FRUUHVSRQG»QFLD GLUHFWD HQWUH XPD LPDJHP YLV½YHO H D ]RQD SUREOHP²WLFD LGHQWLILFDGD SRU LQIUDYHUPHOKRV $TXHOHV HQFDUUHJXHV GH YLVWRULDU HGLI½FLRV SRGHP XWLOL]DU HVWD WHFQRORJLD SDUD WUDWDU H UHVROYHU GLYHUVRV SUREOHPDV 'HVGH 0DLR GH HVW² GLVSRQ½YHO QR PHUFDGR XPD F´PDUD FRP WHFQRORJLD ,5 )XVLRQ 1HVWH GRFXPHQWR HQFRQWUDU² DOJXQV H[HPSORV GH WHUPRJUDILDV TXH DSURYHLWDP DV SRVVLELOLGDGHV RIHUHFLGDV SRU HVWD WHFQRORJLD SDUD D FRPELQD¸¶R GH LPDJHQV ,1752'8á2 $V LPDJHQV FDSWDGDV FRP OX] YLV½YHO V¶R JHUDOPHQWH PDLV Q½WLGDV H DSUHVHQWDP PDLRU GHILQL¸¶R H UHVROX¸¶R HVSDFLDO GR TXH DV LPDJHQV FDSWDGDV SRU LQIUDYHUPHOKRV ,VWR GHYH VH DR IDFWR GRV VHQVRUHV XWLOL]DGRV SDUD OX] YLV½YHO LQFRUSRUDUHP PXLWR PDLV HOHPHQWRV GH GHWHF¸¶R PDV GHYH VH SULQFLSDOPHQWH DR IDFWR GDV LPDJHQV YLV½YHLV VH JHUDUHP D SDUWLU GD UDGLD¸¶R UHIOHFWLGD HQTXDQWR DV LPDJHQV SRU LQIUDYHUPHOKRV TXH PRVWUDP D WHPSHUDWXUD GH XP FRUSR VH EDVHLDP QD UDGLD¸¶R HPLWLGD SRU GLWR FRUSR $ UDGLD¸¶R UHIOHFWLGD YLV½YHO SRGH SURGX]LU XP FRQWUDVWH Q½WLGR FRP OLPLWHV GHILQLGRV H GLIHUHQ¸DV GH LQWHQVLGDGH SRU H[HPSOR SRGH PRVWUDU XPD ILQD OLQKD EUDQFD MXQWR D RXWUD ILQD OLQKD QHJUD 1R HQWDQWR R FDORU OLEHUWDGR SHORV REMHFWRV ¹ WUDQVIHULGR SDUD RV REMHFWRV DGMDFHQWHV R TXH SURYRFD JUDGD¸ÆHV GH WHPSHUDWXUD TXH DSDJDP RV OLPLWHV GRV REMHFWRV QD LPDJHP SRU LQIUDYHUPHOKRV 2XWUD GDV UD]ÆHV SHODV TXDLV DV LPDJHQV FRP OX] YLV½YHO V¶R PDLV Q½WLGDV GR TXH DV LPDJHQV SRU LQIUDYHUPHOKRV ¹ TXH QDV SULPHLUDV SRGHPRV REVHUYDU DV FRUHV DV IRUPDV H DV LQWHQVLGDGHV WDO FRPR V¶R DSUHQGLGDV SHOR ROKR KXPDQR &RPR FRQVHTX»QFLD RV REMHFWRV FDSWXUDGRV SRGHP LQWHUSUHWDU VH PDLV IDFLOPHQWH QDV LPDJHQV YLV½YHLV $V LQWHQVLGDGHV Q¶R YLV½YHLV GDV LPDJHQV SRU LQIUDYHUPHOKRV PRVWUDP FRUHV IDOVDV R TXH ³V YH]HV SURYRFD HUURV GH LQWHUSUHWD¸¶R $ SURFXUD GH XPD F´PDUD TXH SRVVD FDSWXUDU XPD LPDJHP TXH FRPELQH R GHWDOKH GD LPDJHP YLV½YHO H D
> @
UREËWLFD
PHGLGD GH WHPSHUDWXUD GD LPDJHP SRU LQIUDYHUPHOKRV LPSXOVLRQRX D )OXNH D ODQ¸DU QR PHUFDGR XPD F´PDUD SRU LQIUDYHUPHOKRV TXH FRPELQD DPERV RV WLSRV GH LPDJHQV QXPD VÂ (VWD F´PDUD HPSUHJD XPD LQRYDGRUD WHFQRORJLD FRP XP FXVWR UHGX]LGR FXMD SDWHQWH HVW² HP SURFHVVR SDUD UHVROYHU R SUREOHPD GH SDUDOD[H TXH VH SURGX] DR FRPELQDU DV LPDJHQV REWLGDV D SDUWLU GH GXDV ÂSWLFDV GLIHUHQWHV D YLV½YHO H D GH LQIUDYHUPHOKRV 6HP D WHFQRORJLD ,5 )XVLRQÎ ¹ SURY²YHO TXH VH SURGX]DP FRQIXVÆHV QR PRPHQWR GH LQWHUSUHWDU DV LPDJHQV
&202 02675$5 80$ =21$ 352%/(0é7,&$ '(7(&7$'$ 325 ,1)5$9(50(/+26 180$ ,0$*(0 9,6ì9(/ $ ILJXUD LOXVWUD FRPR D WHFQRORJLD GH MXQ¸¶R SRGH LGHQWLILFDU D ORFDOL]D¸¶R H[DFWD GH XPD ]RQD SUREOHP²WLFD GHWHFWDGD D SDUWLU GH LQIUDYHUPHOKRV 7UDWD VH GH XP PXUR GH EORFRV GH FLPHQWR QR TXDO DOJXQV EORFRV Q¶R IRUDP UHFKHDGRV FRP FLPHQWR FRQIRUPH HVWLSXODGR SHOR FRQWUDWR $ LPDJHP IRL WLUDGD GHQWUR GR HGLI½FLR SHOD PDQK¶ TXDQGR RV EORFRV YD]LRV WLQKDP HVIULDGR GXUDQWH D QRLWH PDLV GR TXH RV EORFRV TXH VH HQFRQWUDYDP FKHLRV FRPR FRQVHTX»QFLD GD VXD SRXFD FDSDFLGDGH SDUD PDQWHU R FDORU $ ORFDOL]D¸¶R H[DFWD H R DOFDQFH FRQFUHWR GR SUREOHPD SXGHUDP GHWHUPLQDU VH PHGLDQWH D WHFQRORJLD GH MXQ¸¶R FRQILJXUDQGR D F´PDUD FRPR GH LPDJHP YLV½YHO H GH LPDJHP SRU LQIUDYHUPHOKRV
)LJXUD *UD¸DV ³ WHFQRORJLD GH MXQ¸¶R LPDJHP YLV½YHO SRU LQIUDYHUPHOKRV ¹ SRVVLYHO LGHQWLILFDU VH FODUDPHQWH D ]RQD GH XP PXUR GH EORFRV FLPHQWR FRP IDOWD GH HQFKLPHQWR
$ FRPELQD¸¶R GH DPERV RV WLSRV GH LPDJHP SRGH VHU DMXVWDGD D SDUWLU GH XPD LPDJHP WRWDOPHQWH SRU LQIUDYHUPHOKRV DW¹ D XPD LPDJHP FRPSOHWDPHQWH YLV½YHO SDVVDQGR SRU GLIHUHQWHV Q½YHLV GH MXQ¸¶R $ ILJXUD PRVWUD D LPDJHP GH XP SDLQHO GH LQWHUUXSWRUHV FRP GLIHUHQWHV SURSRU¸ÆHV GH
&RPR R IRFR GD F´PDUD SRU LQIUDYHUPHOKRV FRP WHFQRORJLD GH MXQ¸¶R GH LPDJHP SRU LQIUDYHUPHOKRV LPDJHP YLV½YHO ¹ FDOLEUDGR QD I²EULFD R IRFR SRGH VHU FRQILJXUDGR DMXVWDQGR D OHQWH DW¹ TXH D LPDJHP LQIUDYHUPHOKD H D YLV½YHO FRLQFLGDP WDO FRPR GHPRQVWUDGR QDV LPDJHQV GD ILJXUD 1XPD LPDJHP PLVWD ¹ PHOKRU VHOHFFLRQDU XPD OLQKD KRUL]RQWDO H DMXVWDU R IRFR DW¹ TXH D OLQKD KRUL]RQWDO LQIUDYHUPHOKD FRUUHVSRQGD ³ OLQKD KRUL]RQWDO YLV½YHO (VWD W¹FQLFD SHUPLWH FRQVHJXLU XP IRFR SUHFLVR GD LPDJHP LQIUDYHUPHOKD
)LJXUD 1XPD LPDJHP FRPELQDGD GH OX] YLV½YHO H SRU LQIUDYHUPHOKRV ¹ SRVV½YHO REVHUYDU DV HWLTXHWDV GRV HTXLSDPHQWRV H DV ]RQDV SUREOHP²WLFDV
1XP DUP²ULR HO¹FWULFR RQGH VH DJUXSDP Y²ULRV FRPSRQHQWHV LG»QWLFRV RX VLPLODUHV ¹ GLI½FLO LGHQWLILFDU TXDO GHOHV HVW² D VHU YHULILFDGR VH DSHQDV VH WHP GLVSRQ½YHO XPD LPDJHP SRU LQIUDYHUPHOKRV -² TXH VH SRGH YHU XP GHGR QXPD LPDJHP SRU LQIUDYHUPHOKRV SRU YH]HV RV W¹FQLFRV VROXFLRQDYDP HVWH LQFRQYHQLHQWH GH XP PRGR DOJR SHULJRVR FRORFDQGR XP GHGR SHUWR GD ]RQD SUREOHP²WLFD SDUD PDUFDU D ORFDOL]D¸¶R H[DFWD GR FRPSRQHQWH SUREOHP²WLFR RX VRE HVWXGR ,VWR M² Q¶R ¹ QHFHVV²ULR JUD¸DV ³ SRVVLELOLGDGH GH XWLOL]DU XP SRQWHLUR ODVHU FRP D WHFQRORJLD ,5 )XVLRQ
,5 )XVLRQ HOLPLQD D DUULVFDGD SU²WLFD GH DVVLQDODU FRP XP GHGR QXP DUP²ULR HO¹FWULFR R FRPSRQHQWH VRE HVWXGR SRU VREUHDTXHFLPHQWR
)LJXUD $ FRPELQD¸¶R GH XPD LPDJHP GH OX] YLV½YHO FRP SRQWHLUR ODVHU FRP XPD LPDJHP SRU LQIUDYHUPHOKRV DVVHJXUD D SHUIHLWD LGHQWLILFD¸¶R GR SRQWR GH LQWHUHVVH QD LPDJHP UHVXOWDQWH
$ 7(&12/2*,$ ,5 )86,21 )$&,/,7$ 2 )2&2 '( 80$ &ç0$5$ 7(502*5é),&$ 2 IRFR GH XPD F´PDUD WHUPRJU²ILFD WHQGR SRU EDVH D FODUH]D H D QLWLGH] GD LPDJHP LQIUDYHUPHOKD REVHUYDGD QHP VHPSUH ILFD W¶R VLPSOHV H HYLGHQWH FRPR QXPD F´PDUD GH OX] YLV½YHO ,VWR GHYH VH DR IDFWR GDV LPDJHQV SRU LQIUDYHUPHOKRV Q¶R VHUHP JHUDOPHQWH W¶R Q½WLGDV TXDQWR DV LPDJHQV YLV½YHLV FRPR M² VH UHIHULX QD LQWURGX¸¶R GHVWH GRFXPHQWR $LQGD TXH Q¶R VH FRQVLJD VHPSUH XPD FODUH]D PDLRU QD LPDJHP TXDQWR PDLRU IRU D SUHFLV¶R GR IRFR QXPD LPDJHP SRU LQIUDYHUPHOKRV PDLRU VHU² D SUHFLV¶R GDV PHGLGDV GD WHPSHUDWXUD QR FDVR GH GLIHUHQ¸DV P½QLPDV QDV PHGLGDV ,VWR ¹ HVSHFLDOPHQWH LPSRUWDQWH QD DOWXUD GH REWHU LPDJHQV GH REMHFWRV TXH LPSOLTXHP XP &DPSR GH 9LV¶R ,QVWDQW´QHR ,)29 HQWUH XP H GRLV
&21&/86á2 $ WHFQRORJLD ,5 )XVLRQ GH )OXNH &RUSRUDWLRQ SURSRUFLRQD JUDQGHV YDQWDJHQV DRV WHUPÂJUDIRV M² TXH FRPELQD D PHGLGD GH WHPSHUDWXUD SUÂSULD GDV LPDJHQV SRU LQIUDYHUPHOKRV FRP D QLWLGH] H D UHVROX¸¶R HVSDFLDO FDUDFWHU½VWLFDV GDV LPDJHQV YLV½YHLV
$*5$'(&,0(1726 2 DXWRU GHVHMD DJUDGHFHU D 3DXO 7ZLWH GD 3RZHU ,QF H D 5RG +RII GD 5HVWRUDWLRQ &RQVXOWDQWV ,QF SHORV H[HPSORV GH LPDJHQV FRUUHVSRQGHQWHV D DSOLFD¸ÆHV UHDLV
5()(5è1&,$6 .LUN -RKQVRQ 7RP 0F0DQXV H 5RJHU 6FKPLGW |&RPPHUFLDO )XVLRQ &DPHUD} 7KHUPRVHQVH ;;9,,, 63,( 3URFHHGLQJV 9RO
2 ,)29 XVDGR QHVWH GRFXPHQWR ¹ R FDPSR GH YLV¶R LQVWDQW´QHR
JHRP¹WULFR HVSHFLILFDGR FRPR HTXLYDOHQWH DR SDVVR GD PDWUL] GH GHWHFWRUHV PLFUDV GLYLGLGR HQWUH D ORQJLWXGH IRFDO GD OHQWH PP TXH ¹ LJXDO D PUDG QR FDVR FRQFUHWR GD F´PDUD XVDGD QHVWH GRFXPHQWR 3DUD FRQVHJXLU XPD PHGLGD SUHFLVD GD
> @
)LJXUD $ WHFQRORJLD GH MXQ¸¶R SRGH DMXGDU D GHVWDFDU XPD LPDJHP SRU LQIUDYHUPHOKRV DR SHUPLWLU DMXVWDU R HQIRTXH DW¹ TXH D
WHPSHUDWXUD DV GLPHQVÆHV GD ]RQD GH HVWXGR GHYHP VHU WU»V
LPDJHP SRU LQIUDYHUPHOKRV H D LPDJHP YLV½YHO FRLQFLGDP
RX PDLV YH]HV PDLRUHV GR TXH R ,)29 JHRP¹WULFR
UREËWLFD
9$17$*(16 '$ 7(&12/2*,$ ,5 )86,2170
LQWHQFLRQDOPHQWH SDUD ID]HU FRLQFLGLU R IHL[H GH OX] GR SRQWHLUR FRP D ]RQD SUREOHP²WLFD TXH VH Y» QD LPDJHP PLVWD $VVLP R IHL[H GH OX] GR SRQWHLUR PDUFD D ORFDOL]D¸¶R H[DFWD GD ]RQD SUREOHP²WLFD GD SDUHGH