












Prepara tus exámenes y mejora tus resultados gracias a la gran cantidad de recursos disponibles en Docsity
Gana puntos ayudando a otros estudiantes o consíguelos activando un Plan Premium
Prepara tus exámenes
Prepara tus exámenes y mejora tus resultados gracias a la gran cantidad de recursos disponibles en Docsity
Prepara tus exámenes con los documentos que comparten otros estudiantes como tú en Docsity
Encuentra los documentos específicos para los exámenes de tu universidad
Estudia con lecciones y exámenes resueltos basados en los programas académicos de las mejores universidades
Responde a preguntas de exámenes reales y pon a prueba tu preparación
Consigue puntos base para descargar
Gana puntos ayudando a otros estudiantes o consíguelos activando un Plan Premium
Comunidad
Pide ayuda a la comunidad y resuelve tus dudas de estudio
Ebooks gratuitos
Descarga nuestras guías gratuitas sobre técnicas de estudio, métodos para controlar la ansiedad y consejos para la tesis preparadas por los tutores de Docsity
Asignatura: tecnicas de recerca, Profesor: antonio solanas, Carrera: Psicologia, Universidad: UB
Tipo: Apuntes
1 / 20
Esta página no es visible en la vista previa
¡No te pierdas las partes importantes!













/$2%6(59$&,Ï1&2020e72'2&,(17Ë),&2 ,QWURGXFFLyQ /D FLHQFLD FRPLHQ]D FRQ OD REVHUYDFLyQ TXH SXHGH VHU FRQVLGHUDGD FRPR HO PpWRGR PiV DQWLJXR \ PRGHUQR GH UHFRJLGD GH GDWRV (VWD DILUPDFLyQ DSDUHQWHPHQWH FRQWUDGLFWRULD VH MXVWLILFDSRUODJUDQHYROXFLyQTXHKDH[SHULPHQWDGRHOPpWRGRREVHUYDFLRQDOHQORV~OWLPRVDxRV $KRUDELHQODREVHUYDFLyQVLQPiVQRSXHGHVHUFRQVLGHUDGDFRPRPpWRGRFLHQWtILFR3RUHOOR UHVXOWDFRQYHQLHQWHGLVWLQJXLUHQWUHODREVHUYDFLyQRUGLQDULD\ODREVHUYDFLyQFLHQWtILFD (Q OD REVHUYDFLyQ RUGLQDULD QR FLHQWtILFD VH UHDOL]DQ SHUFHSFLRQHV FDVXDOHV X RFDVLRQDOHV FRPSUREDQGRORVKHFKRVWDO\FRPRVHSUHVHQWDQHVSRQWiQHDPHQWHVLQKLSyWHVLVSUHYLDHVGHFLU VLQ LQWHQFLRQDOLGDG GH EXVFDU XQD UHODFLyQ HQWUH GRV R PiV YDULDEOHV \ QR HQ HO VHQWLGR GH REVHUYDFLyQ VLQ WHRUtD ±FRPR \D YLPRV FXDOTXLHU REVHUYDFLyQ HV XQD HQWLGDG S~EOLFD IRUPXODGD HQ DOJ~Q OHQJXDMH S~EOLFR TXH FRQOOHYD WHRUtDV FRQ GLYHUVRV JUDGRV GH JHQHUDOLGDG \ FRPSOHMLGDG SRU OR TXH DOJXQDV WHRUtDV GHEHQ SUHFHGHU D WRGRV ORV HQXQFLDGRVREVHUYDFLRQDOHV /D REVHUYDFLyQ FLHQWtILFD HV DTXHOOD TXH XWLOL]D KLSyWHVLV H[SUHVDV \ PDQLILHVWDV D SHVDU GH TXH VH SXHGDQ REWHQHU REVHUYDFLRQHV FLHQWtILFDV SRU D]DU R QR FRQH[LRQDGDV FRQ REMHWLYRV GH LQYHVWLJDFLyQ VHUHQGLSLW\ (OSULQFLSDOREMHWLYRGHODREVHUYDFLyQHVODFRPSUREDFLyQGHOIHQyPHQRTXHVHWLHQHIUHQWHD OD YLVWD FRQ OD SUHRFXSDFLyQ GH HYLWDU \ SUHFDYHU ORV HUURUHV GH OD REVHUYDFLyQ TXH SRGUtDQ DOWHUDU OD SHUFHSFLyQ GH XQ IHQyPHQR R OD FRUUHFWD H[SUHVLyQ GHO PLVPR (Q WDO VHQWLGR HO REVHUYDGRUVHGLVWLQJXHGHOWHVWLJRRUGLQDULR\DTXHHVWH~OWLPRQRLQWHQWDOOHJDUDOGLDJQyVWLFR DGHPiVVRQPXFKRVORVVXFHVRVTXHOHSDVDQGHVDSHUFLELGRV /D REVHUYDFLyQ HV SRU WDQWR XQ LQVWUXPHQWR EiVLFR SDUD HO ORJUR HPStULFR GH QXHVWURV REMHWLYRVFRQVWLWX\HXQRGHORVDVSHFWRVLPSRUWDQWHVGHOPpWRGRFLHQWtILFR /DREVHUYDFLyQVHFRQVLGHUDXQDWpFQLFDFLHQWtILFDHQODPHGLGDTXH FDUDFWHUtVWLFDVGHODREVHUYDFLyQFLHQWtILFD 6LUYHDXQREMHWLYR\DIRUPXODGRGHLQYHVWLJDFLyQ (VSODQLILFDGDVLVWHPiWLFDPHQWH ¢TXpVHREVHUYDFyPR\FXiQGR" (V FRQWURODGD \ UHODFLRQDGD FRQ SURSRVLFLRQHV PiV JHQHUDOHV HQ YH] GH VHU SUHVHQWDGDFRPRXQDVHULHGHFXULRVLGDGHVLQWHUHVDQWHV (VWiVXMHWDDFRPSUREDFLRQHVGHYDOLGH]\ILDELOLGDG 'LIHUHQFLDHQWUHREVHUYDFLyQ\H[SHULPHQWDFLyQ
9HQWDMDVOLPLWDFLRQHV\GLILFXOWDGHVGHODREVHUYDFLyQ 9HQWDMDV (QWUHWRGDVODVTXHSUHVHQWDFDEHVHxDODUODVVLJXLHQWHV +DFHSRVLEOHREWHQHUODLQIRUPDFLyQWDO\FRPRRFXUUH 1RV SHUPLWHQ FRQRFHU PXFKDV IRUPDV GH FRQGXFWD TXH VRQ FRQVLGHUDGDV VLQ LPSRUWDQFLD SRU ORV VXMHWRV REVHUYDGRV VHJXQGD QDWXUDOH]D PLHQWUDV TXH VRQ SHUFLELGDVSRUORVREVHUYDGRUHV $OJXQDV LQYHVWLJDFLRQHV VH RFXSDQ GH VXMHWRV QLxRV DQLPDOHV TXH QR SXHGHQ SURSRUFLRQDULQIRUPHVYHUEDOHVSRUODVHQFLOODUD]yQGHTXHQRSXHGHQKDEODUGHELHQGR XWLOL]DUQHFHVDULDPHQWHODREVHUYDFLyQFRPRPpWRGRGHUHFRJLGDGHGDWRV 6HSXHGHQUHDOL]DUHQFDVRVGRQGHH[LVWDXQDUHVLVWHQFLDDODLQYHVWLJDFLyQSRUSDUWHGH ORV VXMHWRV $XQTXH OD REVHUYDFLyQ QR SXHGH VXSHUDU VLHPSUH WDO UHVLVWHQFLD LPSOLFD PHQRVODFRRSHUDFLyQDFWLYDSRUSDUWHGHORVVXMHWRVREVHUYDGRV /LPLWDFLRQHV /DSRVLELOLGDGGHUHJLVWUDUDFRQWHFLPLHQWRVVLPXOWiQHRVFRQVXRFXUUHQFLDHVSRQWiQHDHV ~WLO VLQ HPEDUJR HV LPSRVLEOH SUHGHFLU OD RFXUUHQFLD HVSRQWiQHD GH XQ VXFHVR FRQ OD SUHFLVLyQ QHFHVDULD SDUD SHUPLWLUQRV HVWDU SUHVHQWHV SDUD VX REVHUYDFLyQ SH XQD FDWiVWURIH 3RVLELOLGDGGHTXHLQWHUILHUDQIDFWRUHVH[WUDxRV\RFXOWRV DOJRTXHLQWHUUXPSH /D SRVLELOLGDG SUiFWLFD GH DSOLFDU ODV WpFQLFDV GH REVHUYDFLyQ VH KDOOD OLPLWDGD SRU OD GXUDFLyQ GH ORV VXFHVRV KLVWRULD GH XQD YLGD R SRU DFRQWHFLPLHQWRV TXH GLILFXOWDQ R LPSRVLELOLWDQ OD SUHVHQFLD GH REVHUYDGRUHV D FDXVD GH VX QDWXUDOH]D SH XQD FULVLV IDPLOLDU ([LVWH OD LGHD GH TXH ODV WpFQLFDV GH REVHUYDFLyQ SUHVHQWDQ OD OLPLWDFLyQ GH QR SRGHU FXDQWLILFDU VXV GDWRV $FWXDOPHQWHSRGHPRVFRQVLGHUDUHUUyQHDWDOLQWHUSUHWDFLyQ\VL ELHQQRWRGRVORVGDWRVREVHUYDFLRQDOHVGHEHQVHUFXDQWLILFDGRVHVLPSRUWDQWHGHVWDFDU TXHSXHGHQVHUOR 'LILFXOWDGHVGHODVREVHUYDFLRQHV
6HxDODUHPRVFXDWURFULWHULRVSULQFLSDOHVTXHGHEHQWHQHUVHHVSHFLDOPHQWHHQFXHQWD\D TXHVXVXSHUDFLyQFRQVWLWX\HODFODYHGHOp[LWR\HQFXDOTXLHUFDVRGHEHQSUHYHQLUVH\VL\D H[LVWHQVXEVDQDU6LQRVHVXEVDQDQQRHVDGHFXDGRXWLOL]DUODREVHUYDFLyQ 2EVWiFXORVJHQHUDOHVOLJDGRVDODSHUFHSFLyQFRPRRSHUDFLyQKXPDQD3RGHPRVSHQVDU TXHODREVHUYDFLyQVLODUHSUHVHQWDPRVHQXQHVTXHPDPX\VLPSOHHVODFRQMXQFLyQGH OD SHUFHSFLyQ \ OD LQWHUSUHWDFLyQ 2 3 , 3RU FRQVLJXLHQWH VH SUHFLVD XQD EXHQD LQWHJULGDGVHQVRULDOSDUDXQDREVHUYDFLyQFRUUHFWD (FXDFLyQ SHUVRQDO GHO REVHUYDGRU VH UHILHUH D WRGDV DTXHOODV GLILFXOWDGHV TXH VRQ RULJLQDGDVSRUODPDQHUDGHVHUSDUWLFXODU\VXEMHWLYDGHOREVHUYDGRUVREUHWRGRHOJUDGR GHLQWHUSUHWDFLyQSHUVRQDO 2EVWiFXORVSURYHQLHQWHVGHOFXDGUR GHUHIHUHQFLDWHyULFR(VQRVyOR~WLOVLQRQHFHVDULR REVHUYDU WHQLHQGR XQ FRQRFLPLHQWR SUHYLR GH OR TXH VH YD D REVHUYDU \D TXH OD REVHUYDFLyQ WRWDOPHQWH SDVLYD WDPELpQ WLHQH VXV GHVYHQWDMDV VLQ HPEDUJR HVWH PDUFR GHUHIHUHQFLDWHyULFRWDPELpQSXHGHLQFLGLUH[FHVLYDPHQWHHQODREVHUYDFLyQHFOLSVDQGR OD SURSLD UHDOLGDG TXH VH REVHUYD SH WHQGHQFLD GHO REVHUYDGRU D FRGLILFDU VHJ~Q OD WHRUtDDODTXHVHDGKLHUH 0RGLILFDFLyQGHORVVXMHWRV\GHODVVLWXDFLRQHVSRUHOKHFKRGHVXSURSLDREVHUYDFLyQ /D VLWXDFLyQ GH VHQWLUVH REVHUYDGR HQJHQGUD XQRV HIHFWRV SURSLRV PRGLILFDQGR DVt ODV REVHUYDFLRQHVDODOWHUDUVHORVFRPSRUWDPLHQWRV/DXWLOL]DFLyQGHGHWHUPLQDGRVPHGLRVR ODFiPDUDRFXOWDSRGUtDVHUXQDEXHQDVROXFLyQ &/$6,),&$&,Ï1'(/$2%6(59$&,Ï1 (QIXQFLyQGHODVLVWHPDWL]DFLyQ 2EVHUYDFLyQQRVLVWHPDWL]DGDRFDVLRQDORQRFRQWURODGD /DGLVWLQFLyQHQWUHREVHUYDFLyQFRQWURODGD\QRFRQWURODGDVHHVWDEOHFHVHJ~QVHUHDOLFHR QRFRQSUHYLDVLVWHPDWL]DFLyQRSUHFLVLyQFLHQWtILFD/DREVHUYDFLyQQRVLVWHPDWL]DGDSXHGHVHU XQPHGLR~WLOSDUDODE~VTXHGDGHXQDSUREOHPiWLFDTXHRULHQWDKDFLDXQDLQYHVWLJDFLyQSRVWHULRU 1RREHGHFHDQLQJXQDUHJOD3RUWDQWRHVWHWLSRGHREVHUYDFLyQVHDSOLFDHVSHFLDOPHQWHFXDQGR D~QVHVDEHUHODWLYDPHQWHSRFRHQWRUQRDOREMHWRDLQYHVWLJDU/DREVHUYDFLyQUHDOL]DGDHQHVWH HVWXGLR H[SORUDWRULR HVWi FDUDFWHUL]DGD SRU XQD DWHQFLyQ SRFR HVWUXFWXUDGD SHUR DELHUWD HO Pi[LPRHQWRGDVODVGLUHFFLRQHV\DWRGRVORVFRPSRUWDPLHQWRVTXHVHVXFHGDQ(QGHILQLWLYDVH DFXPXODQ XQDV REVHUYDFLRQHV TXH SXHGHQ VLQ HPEDUJR VXVFLWDU XQD RULHQWDFLyQ XQD LGHD GH LQYHVWLJDFLyQ 2EVHUYDFLyQVLVWHPDWL]DGDRFRQWURODGD
R 6HVXHOHHPSOHDUHVSHFLDOPHQWHHQHOHVWXGLRGHSHTXHxRVJUXSRV R /DV XQLGDGHV GH WLHPSR GH REVHUYDFLyQ FDQWLGDG GH WLHPSR LQFOXLGR HQ XQD DQRWDFLyQ SRU XQ REVHUYDGRU SXHGHQ YDULDU GH HVFDVRV VHJXQGRV D KRUDV HQ IXQFLyQ GH OD FRQGXFWDTXHHVWHPRVREVHUYDQGR R 1R GHEH ROYLGDUVH HO FRQWH[WR HQ HO FXDO WUDQVFXUUH OD VLWXDFLyQ R FRPSRUWDPLHQWR REVHUYDGRSXHVWRTXHHQPXFKDVRFDVLRQHVVHWUDWDGHOHIHFWRGHWHUPLQDQWH )DVHVGHODREVHUYDFLyQVLVWHPDWL]DGD 6HJ~Q)UDLVVH VRQFXDWUR /DREVHUYDFLyQTXHSHUPLWHGHVFXEULUORVKHFKRVGHHVWXGLR\FRQRFHUORVFRQSUHFLVLyQ (VWDEOHFLPLHQWRGHKLSyWHVLVVREUHODVUHODFLRQHVTXHSXHGDQH[LVWLUHQWUHORVKHFKRV 9HULILFDFLyQGHODVKLSyWHVLV (ODERUDFLyQGHORVUHVXOWDGRV\VXVLQWHUSUHWDFLRQHV /DWHUFHUDIDVHFRQVWLWX\HHOSURFHVRGHREVHUYDFLyQFLHQWtILFDSURSLDPHQWHGLFKR(VWHHV HOPRPHQWRFODYHTXHPDUFDODGLIHUHQFLDFLyQH[LVWHQWHHQWUHREVHUYDFLyQ\H[SHULPHQWDFLyQHO GHODYHULILFDFLyQGHODVKLSyWHVLV 7LSRVGHREVHUYDFLyQVLVWHPDWL]DGD (QIXQFLyQGHOJUDGRGHVLVWHPDWL]DFLyQGHPHQRUDPD\RU 2EVHUYDFLyQ SUHSDUDGD6HUHFRJHQORVGDWRVREVHUYDFLRQDOHVHQXQDHVIHUDGHWHUPLQDGD GHDQWHPDQRKDFLHQGRUHODFLyQDXQRVIDFWRUHVSUHFLVRVHVWDEOHFLGRVHQODKLSyWHVLV&RQVWLWX\H SRUWDQWRODIDVHGHYHULILFDFLyQGHKLSyWHVLV(VWDREVHUYDFLyQSXHGHWHQHUOXJDUHQGLIHUHQWHV PDUFRV 1DWXUDO6HHVWXGLDHOFRPSRUWDPLHQWRGHORVLQGLYLGXRVHQODVFLUFXQVWDQFLDVGHVXYLGD FRWLGLDQD /D SVLFRORJtD SURIHVLRQDO \ OD VRFLDO XWLOL]DQ SULQFLSDOPHQWH HVWD WpFQLFD REVHUYDFLyQGHO FRPSRUWDPLHQWRGHFRPSUDGRUHVGHREUHURVHQVXWUDEDMRHWF(OFOLPD GH XQD SHUIHFWD REVHUYDFLyQ UDGLFD HQ TXH HO JUXSR GH SHUVRQDV REVHUYDGDV \ ORV LQYHVWLJDGRUHVVHFRPSRUWHQQRUPDOPHQWH 'H ODERUDWRULR (O REVHUYDGRU SUHSDUD GH DQWHPDQR ORV DVSHFWRV SULQFLSDOHV GH OD VLWXDFLyQGHPRGRTXHSXHGDQVDWLVIDFHUVXVILQHVGHLQYHVWLJDFLyQ\UHGXFLUHOSHOLJURGH LQWHUIHUHQFLDVLQHVSHUDGDV &OtQLFD /DV FRQGLFLRQHV GHO HQWRUQR VRQ ILMDGDV SRU HO LQYHVWLJDGRU VH WLHQH HQ FXHQWD WRGRVORVUDVJRVVHPLROyJLFRVGHXQHQIHUPRHOFXDOJHQHUDOPHQWHVDEHTXHHVWiVLHQGR
REVHUYDGR 3RU HOOR VH VHxDODQ FRPR FRQGLFLRQHV SUHYLDV OD H[LVWHQFLD GH XQ FOLPD IDYRUDEOH\ODREWHQFLyQGHXQDPXWXDUHODFLyQGHVLPSDWtDREVHUYDGRUREVHUYDGR 2EVHUYDFLyQ HTXLSDGD 6RQ REVHUYDFLRQHV FRQWURODGDV GRQGH VH HPSOHDQ WHVW HVSHMRV XQLGLUHFLRQDOHVVLHQGRPD\RUVXJUDGRGHVLVWHPDWL]DFLyQ*HQHUDOPHQWHVHUHDOL]DQHQHOPDUFR GHOODERUDWRULRWDPELpQVHSXHGHQUHDOL]DUHQXQPDUFRFOtQLFR /D FUtWLFD TXH VH VXHOH KDFHU D OD REVHUYDFLyQ VLVWHPDWL]DGD HV HO WHPRU GH TXH GLFKRV SURFHGLPLHQWRV GHIRUPHQ HO FRQWHQLGR GH OD REVHUYDFLyQ \ DOHMHQ DO REVHUYDGRU GH KHFKRV LPSRUWDQWHV\VLJQLILFDWLYRV 2EVHUYDFLyQPX\VLVWHPDWL]DGD 6H GLIHUHQFLD GH OD DQWHULRU \ HQ HVSHFLDO GH OD QR VLVWHPDWL]DGD SRU ODV VLJXLHQWHV SURSLHGDGHV %DViQGRVH HQ XQD WHRUtD H[SOtFLWD VH DtVODQ ODV YDULDEOHV TXH GHWHUPLQDQ HO FRPSRUWDPLHQWR /D WHRUtD FRPSUHQGH HQXQFLDGRV HPStULFDPHQWH FRPSUREDEOHV DFHUFD GHODUHODFLyQHQWUHYDULDEOHV (O SURFHVR GH REVHUYDFLyQ VH HVWUXFWXUD HQ FDWHJRUtDV GH REVHUYDFLyQ GHILQLGDV FRQ SUHFLVLyQ VREUH ODV TXH VH RUGHQDQ WRGDV ODV REVHUYDFLRQHV UHOHYDQWHV QR VH UHJLVWUD QDGDTXHQRFDLJDGHQWURGHHVWDVFDWHJRUtDV /DV FRQGLFLRQHV R VLWXDFLRQHV GH SDUWLGD VRQ VRPHWLGDV D FRQWURO SDUD SRVLELOLWDU REVHUYDFLRQHVFRPSDUDEOHV (QIXQFLyQGHODSDUWLFLSDFLyQGHOREVHUYDGRU 2EVHUYDFLyQH[WHUQDRQRSDUWLFLSDQWH /DREVHUYDFLyQHVH[WHUQDRQRSDUWLFLSDQWHFXDQGRHOREVHUYDGRUQRSHUWHQHFHDOJUXSR REMHWRGHHVWXGLR+D\GRVWLSRVGHREVHUYDFLyQH[WHUQD 'LUHFWD UHDOL]DGD VREUH HO WHUUHQR HQ FRQWDFWR LQPHGLDWR FRQ OD UHDOLGDG 6H IXQGD SULQFLSDOPHQWHHQODHQWUHYLVWD\HOFXHVWLRQDULR ,QGLUHFWD VH EDVD HQ ORV GDWRV HVWDGtVWLFRV FHQVRV HWF \ IXHQWHV GRFXPHQWDOHV DUFKLYRVSUHQVDJUDEDFLRQHVPDJQHWRIyQLFDV 2EVHUYDFLyQLQWHUQDRSDUWLFLSDQWH 3URFHVR FDUDFWHUL]DGR SRU TXH HO REVHUYDGRU GH XQD IRUPD FRQVFLHQWH \ VLVWHPiWLFD FRPSDUWH GHQWUR GH OR TXH SHUPLWHQ ODV FLUFXQVWDQFLDV ODV DFWLYLGDGHV GH OD YLGD \ HQ RFDVLRQHVORVLQWHUHVHV\DIHFWRGHXQJUXSRGHSHUVRQDV(OSURSyVLWRHVREWHQHUGDWRVVREUH
RULJLQDUVHHQYDULDVSDUWHVGHOFXHUSR/DFRQGXFWDQRYHUEDOGDGRVWLSRVGHLQIRUPDFLyQ 6LJQLILFDGR GLUHFWR HVSHFtILFR HQIDWL]DU FRQWUDGHFLU D\XGDU HQ OD LQWHUSUHWDFLyQ VLQ UHODFLyQFRQHOFRQWHQLGRYHUEDO 6LJQLILFDGRJHQHUDOGDQGRLQIRUPDFLyQVREUHHOQLYHOGHDFWLYLGDGDFXPXODFLyQRGHVFDUJD GHWHQVLyQRDQVLHGDGHQXQWLHPSRHQXQWLHPSRHVSHFtILFR 'HQWURGHODFRQGXFWDQRYHUEDOSRGHPRVFRQVLGHUDUWUHVWLSRVUHOHYDQWHVGHFRQGXFWD R ([SUHVLRQHVIDFLDOHVVHOHVSUHVWDDWHQFLyQDOHVWXGLDUHPRFLRQHV R &DPELRV GH PLUDGD LQWHUFDPELRV GH PLUDGDV VtPEROR GH UHODFLRQHV DIHFWLYDV HQWUH SHUVRQDVVLWXDFLRQHVGHFRPSHWLFLyQLQFRPRGLGDGHWF R 0RYLPLHQWRV GHO FXHUSR PRYLPLHQWR GH ODV PDQRV DOWHUDFLyQ \ HTXLOLEULR SRVWXUDO &RQGXFWDHVSDFLDO /DVSHUVRQDVVRQDFWLYDVVHDUUHPROLQDQVHPXHYHQVHYDQYDFLODQJXDUGDQODVGLVWDQFLDV RPXHVWUDQFXDOTXLHURWURWLSRGHHVWUXFWXUDHQHOHVSDFLRTXHHVWiDVXDOUHGHGRU /D FRQGXFWD HVSDFLDO HV XQ GDWR VLJQLILFDWLYR SH HVSDFLR SHUVRQDO (O HVWDEOHFLPLHQWR GH GLVWDQFLD HQWUH SHUVRQDV HMHPSOLILFD HO XVR GH GDWRV UHIHUHQWHV D UHODFLRQHV HVSDFLDOHV +DOO KDVHxDODGRGLVWLQWRVWLSRVGHGLVWDQFLDV 'LVWDQFLD tQWLPD FXDQGR OD SUHVHQFLD GH OD VHJXQGD SHUVRQD UHVSHFWR D OD SULPHUD HV LQFRQIXQGLEOHDWUDYpVGHHVWtPXORVVHQVRULDOHVYLVWDWDFWRDOLHQWR FP 'LVWDQFLDSHUVRQDOSHTXHxDHVIHUDSURWHFWRUDTXHPDQWLHQHXQLQGLYLGXRHQWUHVtPLVPR \ORVRWURV FP 'LVWDQFLDVRFLDOVHSXHGHQFLUFXQVFULELUDORVOXJDUHVGHWUDEDMR FP &RQGXFWDH[WUDOLQJtVWLFD &XDQGR XQD SHUVRQD GLFH DOJR ODV SDODEUDV R FRQWHQLGR OLQJtVWLFR FRQVWLWX\HQ XQD SDUWH UHODWLYDPHQWH SHTXHxD GH OD FRQGXFWD YHUEDO TXH HO REVHUYDGRU SXHGH UHJLVWUDU (O UHVWR VRQ tQGLFHV VLJQLILFDWLYRV GH SURFHVRV SVLFROyJLFRV TXH UHTXLHUHQ XQD FXLGDGRVD FRQVLGHUDFLyQ $OJXQDVUHSXHVWDVGHFRQGXFWDH[WUDOLQJtVWLFDVRQ R 9RFDO FDUDFWHUtVWLFDV YRFDOHV GH LQWHQVLGDG WRQR \ WLPEUH SXHGHQ VHU LQGLFDGRUHV GH HVWDGRVHPRFLRQDOHV
R 7HPSRUDOODXWLOL]DFLyQGHSDWURQHVGHWLHPSRQRVSURSRUFLRQDXQDQiOLVLVHVWUXFWXUDOGHO KDEODVLOHQFLRVLQWHUYDORGHWLHPSRHQWUHHOPRPHQWRHQTXHXQDSHUVRQDGHMDGHKDEODU \RWUDHPSLH]DHWF R &RQWLQXLGDG PX\ OLJDGD D OD GLPHQVLyQ WHPSRUDO VHUtD OD WHQGHQFLD D LQWHUUXPSLU D GRPLQDUHWF &RQGXFWDOLQJtVWLFD (O KDEOD HV OD FRQGXFWD PiV IUHFXHQWHPHQWH REVHUYDGD FXDQGR ODV SHUVRQDV VH KDEODQ ³LQ VLWX´\ODPiVFRP~QTXHVHREVHUYDRUHJLVWUDHVHOFRQWHQLGRPDQLILHVWR 5(*,67522%6(59$&,21$/ 8QDYH]HOHJLGDODVLWXDFLyQDREVHUYDU\HVWDEOHFLGDVODVKLSyWHVLVGHEHPRVSDVDUHQSULPHU OXJDU D OD GHILQLFLyQ GH ODV FRQGXFWDV D REVHUYDU WDQ RSHUDFLRQDOPHQWH FRPR VHD SRVLEOH HQ VHJXQGROXJDUGHEHPRVHOHJLULQGLFDGRUHVRFDWHJRUtDVTXHVHXWLOL]DUiQSDUDDQRWDUODFRQGXFWD SDVDQGR SRVWHULRUPHQWH D VX UHJLVWUR UHDOL]DGR JHQHUDOPHQWH SRU PiV GH XQ REVHUYDGRU (Q ~OWLPR OXJDU H[DPLQDUHPRV OD ILDELOLGDG GH ORV GDWRVREVHUYDFLRQDOHVFRPSDUDQGRORVUHJLVWURV UHDOL]DGRVSRUORVREVHUYDGRUHV (OLGHDOFRP~QDWRGRVORVREVHUYDGRUHVHVTXHODREVHUYDFLyQVHDREMHWLYD(QWURQFDQGRFRQ HO WHPD TXH QRV RFXSD HO XVR GH WpFQLFDV H LQVWUXPHQWRV GH UHJLVWUR FRQWULEX\H GH PDQHUD LPSRUWDQWH D DXPHQWDU HVWD REMHWLYLGDG \D TXH QRV SHUPLWH SHUIHFFLRQDU ODV UHVSXHVWDV SHUFHSWLYDV \ REWHQHU UHJLVWURV DGHFXDGRV 6RQ PXFKRV ORV LQVWUXPHQWRV XWLOL]DGRV HQ OD REVHUYDFLyQYLGHRVPDJQHWyIRQRVHWF 1LYHOGHVLVWHPDWL]DFLyQHQHOUHJLVWUR (OQLYHOGHVLVWHPDWL]DFLyQHQHOUHJLVWURHVIXQFLyQGHODIDVHRHVWDGRHQTXHVHHQFXHQWUDHO HVWXGLRREVHUYDFLRQDO\DODYH]HVWiHQHVWUHFKDGHSHQGHQFLDGHODFRQGXFWDRGHODViUHDVGH FRQGXFWDUHJLVWUDGDV (QSULQFLSLRSRGHPRVSDUWLUGHODH[LVWHQFLDGHUHJLVWURVQRVLVWHPDWL]DGRV\VLVWHPDWL]DGRV DXQTXHHVHYLGHQWHODUHODWLYL]DFLyQGHHVWRVWpUPLQRV\WRGDXQDVHULHGHVLWXDFLRQHVLQWHUPHGLDV VLVWHPDWL]DFLyQ 5HJLVWURQRVLVWHPDWL]DGR 6H WUDWD GH XQD GHVFULSFLyQ VLPSOHOODQD\HQHVWLORQDUUDWLYRTXHUHFRJHFXDOLWDWLYDPHQWH WRGDV ODV FDUDFWHUtVWLFDV GH OD FRQGXFWD HVFHQD R VLWXDFLyQ TXH REVHUYDPRV (M OLEUR SDUD QDUUDUXQGtD +D\RFDVLRQHVHQTXHFRQYLHQHWHQHUHQFXHQWDODVXFHVLyQFURQROyJLFDHQHOUHJLVWURD SDUWLUGHLQWHUYDORVGHWLHPSRGHPD\RURPHQRUORQJLWXG(VWHWLSRGHUHJLVWURHVHOTXHVHXWLOL]D
VHTXHGDFRQODPLUDGD VXPDGUHVHOHYDQWD ILMD %HVDDVXKLMR &DUORVHVEHVDGRSRU VXPDGUH &DUORVVDOWDJR]RVR &DUORVUtH 8QDYH]SUHSDUDGRHVWHUHJLVWURGHEHPRVKDOODUXQVLVWHPDGHFyGLJRVRVtPERORVTXHQRV SHUPLWDQ UHSUHVHQWDU OD HVFHQD GHVFULWD 6HUi QHFHVDULR GLVWLQJXLU HQWUH ODV PRGDOLGDGHV GH UHVSXHVWDHLQGLFDUXQVLJQRSDUDODVPDQLIHVWDFLRQHVSUHVHQWDGDV SRVWXUD 6 VHQWDUVH $% DEUD]DU &HVSDFLDO $ DFXGLURDFHUFDUVH 6/ VDOWDU ([SUHVLyQIDFLDO 6U VRQUHtU 5 UHtU 0I PLUDGDILMD 0 PLUDU % EHVDU &YHUEDO /O OODPDU &DWHJRUL]DFLyQ (VXQLQWHQWRSURJUHVLYRGHDJUXSDUODLQIRUPDFLyQUHFRJLGDHQEDVHDFLHUWRVFULWHULRVTXH HQ XQRV FDVRV HVWDEDQ SHUIHFWDPHQWH SHUILODGRV GH DQWHPDQR \ HQ RWURV VRQ VXVFHSWLEOHV GH UHYLVLRQHV\DGDSWDFLRQHV$XQTXHHQHVWHPRPHQWRGHOWHPDQRVHVWDPRVGHGLFDQGRDOUHJLVWUR GHODREVHUYDFLyQLQFOXLPRVODUHGXFFLyQGHGDWRVDFDWHJRUtDVSRUTXHORVSURFHVRVGHUHJLVWUR\ FRGLILFDFLyQ WUDQVIRUPDFLyQGHORVGDWRVFXDOLWDWLYRVREWHQLGRVHQODREVHUYDFLyQGHIRUPDTXH VHDQVXVFHSWLEOHVGHWUDWDPLHQWRFXDOLWDWLYR VXHOHQRFXUULUVLPXOWiQHDPHQWH 0HGLDQWH OD FDWHJRUL]DFLyQ FODVLILFDPRV ORV GLIHUHQWHV FRPSRUWDPLHQWRVREVHUYDGRVHQXQ FLHUWRQ~PHURGHFDWHJRUtDVFRPRHOWpUPLQRTXHGHVLJQDXQDFODVHGDGDGHIHQyPHQRVGRQGHVH SXHGDFRORFDUHOFRPSRUWDPLHQWRREVHUYDGR 3DVRVSDUDUHDOL]DUODFDWHJRUL]DFLyQ $QiOLVLVFRQFHSWXDOHOREMHWLYRGHODFODVLILFDFLyQODFRQGXFWDDREVHUYDUGHEHWHQHUXQD HVSHFLILFDFLyQDGHFXDGD¢4XpVHYDDREVHUYDU"¢'yQGH"¢&yPR" 'LVWLQFLyQHQWUHFDWHJRUtDVPROHFXODUHV\PRODUHV &RQGXFWDPROHFXODUUHVSXHVWDVORPiVSHTXHxDVSRVLEOHVGHODVREVHUYDGDV &RQGXFWDPRODUDJUXSDFLyQGHUHVSXHVWDPROHFXODUHVHQXQDXQLGDGFRQVLJQLILFDGR SURSLRSHDJUHVLyQ
'HFLVLyQ VREUH HO WDPDxR R DPSOLWXG GH FDGD FDWHJRUtD 6H GHEH DWHQGHU D XQD GLVFULPLQDFLyQ SRVLWLYD HQWUH HOODV \ D TXH VX Q~PHUR QR VHD WDQ H[FHVLYDPHQWH HOHYDGR FRPRSDUDTXHLPSLGDRGLILFXOWHXQUHJLVWURSRVWHULRUFRUUHFWR *UDGRGHFRLQFLGHQFLDHQWUHGLVWLQWDVSHUVRQDVTXHFDWHJRUL]DQODPLVPDFRQGXFWDSRUTXH JDUDQWL]DHQFLHUWRPRGRODYDOLGH]GHODFODVLILFDFLyQ 'HILQLUODVFDWHJRUtDVGHIRUPDTXHVHDQLGHQWLILFDEOHVLQHTXtYRFDPHQWH &iOFXORGHOFRHILFLHQWH ႢUD]yQGHRFXUUHQFLDGHXQDFRQGXFWDSRULQWHUYDORGHWLHPSR VL DVXPLPRVXQLGDGHVWHPSRUDOHVGHREVHUYDFLyQ ,QWHUYDOR & & & & & , , , , , ႛ & ႛ & ႛ & ႛ & ႛ & ႢL ႛ &LQ&L FXDOTXLHUFDWHJRUtD Q QGHLQWHUYDORV (VWR QRV GD HO tQGLFH Ⴂ SDUD FDGD Ⴂ Ⴂ Ⴂ Ⴂ Ⴂ6L Ⴂ HV QXOR QR VH GD HVD FRQGXFWDRHVWiPDOGHILQLGD'HHVWHPRGRLUHPRVDILQDQGRHOVLVWHPDGHFDWHJRUtDVKDVWDTXH HVWHFXPSOHPtQLPDPHQWHODVFRQGLFLRQHVRSDVRVTXHKHPRVHQXQFLDGR 3DUDILQDOL]DUFRQHVWHDSDUWDGRGHFDWHJRUL]DFLyQVHxDODUHPRVDOJXQDVGLPHQVLRQHVTXHVRQ SDUWLFXODUPHQWH~WLOHVHQODFRQVWUXFFLyQGHVLVWHPDVGHFDWHJRUtDV D([KDXVWLYLGDG7RGRVORVFRPSRUWDPLHQWRVSRVLEOHVVRQFODVLILFDGRVHQXQDXRWUDGHODV FDWHJRUtDV SHUPLWLHQGR DO PHQRV HYDOXDU OD SURSRUFLyQ GH WRGRV ORV FRPSRUWDPLHQWRV REVHUYDEOHV TXH GHEHQ LQFOXLUVH HQ XQD GHWHUPLQDGD FDWHJRUtD (V GHFLU QR H[LVWHQ FRPSRUWDPLHQWRV TXH QR HVWpQ LQFOXLGRV HQ DOJXQDV GH ODV FDWHJRUtDV (Q HO FDVR GH VLVWHPDVQRH[KDXVWLYRVORVFRPSRUWDPLHQWRVQRFODVLILFDGRVHQQLQJXQDGHODVFDWHJRUtDV HVWDEOHFLGDV SUHYLDPHQWH FRQVWLWX\HQ XQD TXH VH SRGUtD GHQRPLQDU ³FDWHJRUtD IXHUD GHO VLVWHPD´ E 5D]RQDPLHQWR +D\ VLVWHPDV GH FDWHJRUtDV TXH REOLJDQ D LQIHULU XQ FRPSRUWDPLHQWR LPSOtFLWR D SDUWLU GHO FRPSRUWDPLHQWR ItVLFR PLHQWUDV TXH RWURV VLVWHPDV SHUPLWHQ D ORV REVHUYDGRUHVDQRWDUGLUHFWDPHQWHHOFRPSRUWDPLHQWRWDOFRPRORKDQSHUFLELGRVLQ TXHVHD SUHFLVDODPiVPtQLPDUHIOH[LyQ SHVHPXHVWUDDJUHVLYREXVFDGRPLQDU F &DWHJRUtDV FRQWLQXDV \ GLVFRQWLQXDV /DV FDWHJRUtDV SXHGHQ HVWDU UHSUHVHQWDGDV SRU GLIHUHQWHVSXQWRVGHXQDPLVPDOtQHDFRQWLQXDPLHQWUDVTXHRWUDVFRPSUHQGHQFDWHJRUtDV TXHQRVHSXHGHQVLWXDUHQXQFRQWLQXR
3 RU HMHPSOR UHJLVWUR GH ODV PDQLIHVWDFLRQHV GH DJUHVLYLGDG GH XQ VXMHWR HQ XQD ULxD 6L OLVWDPRV ODV PDQLIHVWDFLRQHV GH FRQGXFWD DJUHVLYD HQ HVWD VLWXDFLyQ UHVXOWDUtDQ SUREDEOHV ODV VLJXLHQWHVJULWDUHPSXMDULQVXOWDUSHJDU *ULWDU (PSXMDU ,QVXOWDU 3 HJDU ),$%,/,'$' (QSULQFLSLRSRGHPRVHQWHQGHUSRUILDELOLGDGODVLPLODULGDGRFRQFRUGDQFLDHQHOUHJLVWURGH GRVREVHUYDGRUHVTXHSHUFLEHQVLPXOWiQHDPHQWHXQDRYDULDVFRQGXFWDVRHYHQWRV ËQGLFHGHSRUFHQWDMHGHDFXHUGR 'HELGRDOpQIDVLVFRQVLGHUDEOHGDGRDOHVWDEOHFLPLHQWRGHLQWHUYDORVGHWLHPSRFRPRXQLGDG EiVLFD VH SODQWHy OD H[LVWHQFLD GH XQ tQGLFH GH ILDELOLGDG TXH VH DSR\DUD SUHFLVDPHQWH HQ HO FRQFHSWRGHLQWHUYDORGHDFXHUGR6XH[SUHVLyQHV ËQGLFHGHSRUFHQWDMH QGHLQWHUYDORVGHDFXHUGR GHDFXHUGR QGHLQWHUYGHDFXHUGRQGHLQWHUYGHGHVDFXHUGR (VWH tQGLFH KD VLGR PX\ GLVFXWLGR \ FXHVWLRQDGR 1R WLHQH HQ FXHQWD OD QR RFXUUHQFLD GH OD FRQGXFWD 6H FRQVLGHUD HO LQWHUYDOR GH DFXHUGR FRPR DTXHO HQ TXH DPERV REVHUYDGRUHV FRLQFLGHQHQUHJLVWUDURHQQRUHJLVWUDURELHQHOLQWHUYDORHQTXHDPERVREVHUYDGRUHVUHJLVWUDQ ODPLVPDIUHFXHQFLDGHUHVSXHVWD 3DUDFRPSUHQGHUORHQJDxRVRTXHUHVXOWDHOtQGLFHYHDPRVHOVLJXLHQWHFDVR 2 2 ) [ 1RKDQUHJLVWUDGRQLQJXQDFRLQFLGHQFLDUHVSHFWRDODDSDULFLyQGHODFRQGXFWD\VLQHPEDUJR VX)HVGHO
7DPELpQVLKD\GHVDFXHUGRHQODIUHFXHQFLDGHRFXUUHQFLDHOtQGLFHUHVXOWDLQDGHFXDGR 2 2 ) [ 8Q tQGLFH PHMRUDGR HV DTXHO HQ TXH VH FDOFXOHQ GRV YDORUHV GH ILDELOLGDG XQR SDUD RFXUUHQFLDVGHFRQGXFWD\RWURSDUDODVQRRFXUUHQFLDVHQHOTXHVRORVHWHQGUtDQHQFXHQWDORV LQWHUYDORV ³HQ EODQFR´ SDUD DPERV REVHUYDGRUHV \ SRVWHULRUPHQWH SURPHGLDUtDPRV DPERV tQGLFHV 2 2 )RFXUUHQFLD [ )QRRFXUUHQ [ )PHGLD 6LQ HPEDUJR HVWH tQGLFH WDPSRFR VROXFLRQD HO SUREOHPD GH OD IUHFXHQFLD GH FRQGXFWD 'H DTXtVXUJLySRVWHULRUPHQWHHOtQGLFHJOREDOGH+RSNQLV\+HUP )JOREDO 2\1\7 [ 2\ QGHLQWHUYDORVHQTXHORVREVHUYDGRUHV2\2UHJLVWUDQOD5FRPRRFXUUHQFLDV 1\ QGHLQWHUYDORVHQTXHORVREVHUYDGRUHV2\2UHJLVWUDQOD5FRPRQRRFXUUHQFLD 7 QWRWDOGHLQWHUYDORV 2 2 $FXHUWRW 2\ 1\ )JOREDO [ 'RVREVHUYDGRUHVHQXQDVHVLyQGHLQWHUYDORVUHJLVWUDQ\LQWHUYDORVGHRFXUUHQFLD FRLQFLGLHQGRHQXQRGHHOOR+DOODHOJUDGRGHILDELOLGDGJOREDO )JOREDO [
JUXSR PHGLDQWH XQ SUHWH[WR QR RFXOWiQGRVH LQGLFDQGR D ORV VXMHWRV VX SURSyVLWR SRU DGHODQWDGR $QXODFLyQGHOJUDGRGHLQWHUIHUHQFLD:HEE\FRO SUHVHQWDQDOJXQDVVXJHUHQFLDV SDUDLQWHQWDUHOLPLQDUHOHIHFWRPHGLDQWHPpWRGRVQRLQWURPLVLYRV(QWUHHOORVVHHQFXHQWUDQ PHGLGDVGHHURVLyQUHODFLRQDGDVFRQHOXVRVHOHFWLYRGHREMHWRVQDWXUDOHV SHODPHGLGD GHODDFWLYLGDGGHORVQLxRVSRUHOULWPRGHGHVJDVWHGHVXV]DSDWRV PpWRGRVDJUHJDWLYRV GHUHFROHFFLyQGHGDWRVTXHVHUHILHUHQDORVDUWtFXORVTXHVRQGHSRVLWDGRVSRUORVVXMHWRV SH Q~PHUR GH FROLOODV DUFKLYRV TXH VRQ UHJLVWURV SHUPDQHQWHV SDUD OD SUXHED GH KLSyWHVLV SHUHJLVWURVHVFRODUHVRGHHPSUHVD 5HODFLRQHVREVHUYDGRUREVHUYDGR $PHQRVTXHVHKDOOHRFXOWRWUDVXQHVSHMRXQLGLUHFFLRQDOGHREVHUYDFLyQHOREVHUYDGRU GHEHSUHSDUDUFXLGDGRVDPHQWHVXHQWUDGDHQODVLWXDFLyQ\DVHJXUDUVHGHTXHWRGRVORVVXMHWRV TXH YDQ D VHU REVHUYDGRV GHVHDQ DFHSWDUOH (V XQ DVSHFWR HVWH GH JUDQ LPSRUWDQFLD OD REWHQFLyQGHODJUDGRWRWDOGHWRGRVORREVHUYDGRV6LHPSUHTXHVHDSRVLEOHHOREVHUYDGRUWUDWDUi GH FUHDU XQD LPSUHVLyQ GH SHUVRQD QHXWUDO (Q JHQHUDO ORV REVHUYDGRUHV SDUHFHQ HVWDU DFRVWXPEUDGRVDODSUHVHQFLDGHOREVHUYDGRUVLODFRQGXFWDGHpVWHORVFRQYHQFHGHTXHQRKD\ GDxRSDUDHOORV 9DULDELOLGDGGHOREVHUYDGRU 6XFDXVDVHKDOODHQODSURSLDFXDOLGDGKXPDQDLPSHUIHFFLRQHVItVLFDV\GHIDFXOWDGHV PHQWDOHV (O LQGLYLGXR HV XQ REVHUYDGRU VXPDPHQWH VXMHWR D HUURU 3HVH D VXV PHMRUHV LQWHQFLRQHVHOREVHUYDGRUKXPDQRVHKDOODOLPLWDGRSRUODVHQVLELOLGDGGHVXDSDUDWRSHUFHSWLYR SRUODVPDUFDV\FDWHJRUtDVGHTXHGLVSRQHSDUDHORUGHQDPLHQWRGHVXH[SHULHQFLDVHQVLEOHDVt FRPRSRUORVDVSHFWRVPRWLYDFLRQDOHV\SVLFROyJLFRVTXHOHFRQGXFHDODXWRHQJDxR'HDTXtVH GHGXFHVXQRDSWLWXGSDUDUHSHWLUXQDREVHUYDFLyQH[DFWDPHQWHGHODPLVPDIRUPD\REWHQLHQGR HOPLVPRUHVXOWDGR YDULDELOLGDG 3RVLEOHVROXFLyQUHSHWLUODREVHUYDFLyQ\WRPDUHOSURPHGLRGH ORVYDORUHVREVHUYDGRVXWLOL]DUFDWHJRUtDVGLVFULPLQDWLYDV\PHGLEOHVHWF 3UREOHPDVGHVHVJR 6HVJRWHQGHQFLDDREVHUYDUXQIHQyPHQRGHXQDPDQHUDTXHGLILHUHGHODREVHUYDFLyQ ³YHUGDGHUD´ FRQVLVWHQWHPHQWH 3RU OR JHQHUDO QR KD\ IRUPD GH GHWHUPLQDU HVWH YDORU ³YHUGDGHUR´HOREMHWLYR IXQGDPHQWDOHVODGHWHUPLQDFLyQGHHVHVHVJR6HGLVWLQJXHQGRVWLSRV JHQHUDOHVGHHUURUHV 6HVJR GH REVHUYDFLyQ VH UHDOL]D XQ HVIXHU]R SDUD SURGXFLU XQ UHVXOWDGR FRKHUHQWH SHURVHVXSULPHQGHWDOOHVUHFRUGDGRVTXHQRSDUHFHQDGHFXDGRV3RVWHULRUPHQWHVHUHDOL]D XQDUHFRQVWUXFFLyQ\HQWRQFHVVHLQWURGXFHQGHWDOOHVQRH[DFWRV &XDQGR XQD LQIRUPDFLyQ FRPSOHMD VH WUDVODGD D XQ OHQJXDMH H[FHVLYDPHQWH VLPSOH(VWRLPSOLFDVHVJRV SpUGLGDGHODSRUFLyQPHGLDGHOPHQVDMH
/RV HVIXHU]RV GH XQ LQYHVWLJDGRU DO HVWXGLDU XQ IHQyPHQR VLHPSUH DIHFWDQ D pVWH \ OH LPSULPHQ XQD DOWHUDFLyQ (O REVHUYDGRU HV LQHYLWDEOHPHQWH XQD SDUWH GHO HQWRUQR \ FRPR ORV GHPiVDVSHFWRVGHpVWHGHEHLQIOXHQFLDUDOHYHQWR7DOHVHIHFWRVVRQPX\SHUWXUEDGRUHVHQODV FLHQFLDVKXPDQDV\DTXHVRQKXPDQRVORVVXMHWRVGHHVWXGLR\ORVREVHUYDGRUHV\HVWRSURGXFH XQDLQWHUDFFLyQHVSHFLDOHQWUHDPERV )RUPDFLyQ\DGLHVWUDPLHQWRGHREVHUYDGRUHV +H\QV\=DQGHU VXJLHUHQYDULDVIDVHVGHHQWUHQDPLHQWR 6HFRPLHQ]DSRUH[SOLFDUDORVIXWXURVREVHUYDGRUHVORVIXQGDPHQWRVWHyULFRV\HO ILQGHOHVWXGLR (VGHVHDEOHTXHORVREVHUYDGRUHVHQVD\HQFRPRKDFHUREVHUYDFLRQHVVLQWHQHUTXH FRQWDUFRQXQSURWRFRORSUHFLVRGHREVHUYDFLyQ 5HDOL]DFLyQGHFRQVWDWDFLRQHVPiVSUHFLVDVXWLOL]DQGRHOSURWRFRORGHREVHUYDFLyQ TXHWHQGUiQTXHVHJXLU /RV REVHUYDGRUHV HVWiQ D SXQWR GH SRQHU D SUXHED VXV FDSDFLGDGHV5HDOL]DQ SUXHEDVGHREVHUYDFLyQ (VWHHQVD\RYLHQHVHJXLGRSRUXQDODUJDGLVFXVLyQGHODH[SHULHQFLDYLYLGDSRUORV FDQGLGDWRVREVHUYDGRUHVORVFXDOHVWURSH]DUiQFRQWRGDFODVHGHGLILFXOWDGHV (VUHFRPHQGDEOHGDUDORVREVHUYDGRUHVODRFDVLyQGHPDQHMDUXQDSUXHEDSLORWR VREUHXQJUXSRFRPSDUDEOHDOTXHWHQGUiQTXHREVHUYDU *UDFLDVDODSUXHEDDQWHULRUVHSRGUiUHDOL]DUXQDHYDOXDFLyQGHOWUDEDMRUHDOL]DGR SRU ORV FDQGLGDWRV REVHUYDGRUHV $QWHV GH FRPHQ]DU HO WUDEDMR HIHFWLYR GH LQYHVWLJDFLyQGHORVKHFKRV (V PiV HILFD] HO DGLHVWUDPLHQWR HQ FRQMXQWR FXDQGR ORV FDQGLGDWRV SDUWLFLSDQ HIHFWLYDPHQWH HQ ODV GLVFXVLRQHV FRQVWUXFFLyQ GHO HVTXHPD GH REVHUYDFLyQ UHDOL]DQ VXJHUHQFLDVHWF