&DQDVWDGH&XELHUWRV
&RORTXHORVFXELHUWRVHQODVFDQDVWDVGHUHWLURGH
FXELHUWRV\DFFHVRULRVHQDOJXQRVPRGHORV/RV
REMHWRVSXQWLDJXGRVWDOHVFRPRWHQHGRUHV\FXFKLOORV
SRGUiQVHUFRORFDGRVFRQORVPDQJRVKDFLDDUULEDD
ILQGHSURWHJHUVXVPDQRV3DUDHOPHMRUUHQGLPLHQWR
GHOODYDGRFRORTXHRWURVXWHQVLOLRVWDOHVFRPR
FXFKDUDVFRQORVPDQJRVKDFLDDEDMR(YLWHTXHORV
XWHQVLOLRVTXHGHQXELFDGRVMXQWRVORFXDOSRGUiHYLWDU
TXHVHODYHQGHIRUPDDGHFXDGD$OUHDOL]DUODFDUJD
GLVWULEX\DORVXWHQVLOLRVGHIRUPDSDUHMDHQODFDQDVWD
/DVFDQDVWDVGHFXELHUWRV\DFFHVRULRVHQDOJXQRV
PRGHORVSRGUiQWDPELpQVHUXVDGDVSDUDXWHQVLOLRV
SHTXHxRVWDOHVFRPRFXFKDUDVGHPHGLFLyQWHWLQDVGH
ELEHURQHVWDSDVGHSOiVWLFRRUHFLSLHQWHVGHPDt]/DV
WDSDVGHODVFDQDVWDVGHFXELHUWRVHQDOJXQRVPRGHORV
VHSXHGHQFHUUDUFRQXWHQVLOLRVSHTXHxRVDGHQWUR
/DFDQDVWDGHFXELHUWRVPRQWDGDHQODSXHUWDHQ
DOJXQRVPRGHORVSRGUiVHUSRVLFLRQDGDWDQWRVREUH
ODSXHUWDDVHJXUDQGRODFDQDVWDDODSXHUWDDWUDYpV
GHOXVRGHORVGRVVDOLHQWHVGHPRQWDMHRDOHVWDQWH
DVHJXUDQGRODFDQDVWDDOHVWDQWHDWUDYpVGHOXVRGHO
DVDHQODSDUWHIURQWDOGHOHVWDQWHLQIHULRUSDUDDGMXQWDU
ODVOHQJHWDVHQODSDUWHWUDVHUDGHODFDQDVWD
/DFDQDVWDGHDFFHVRULRVHQDOJXQRVPRGHORV
SRGUiVHUSRVLFLRQDGDFRORFDQGRORVJDQFKRVHQOD
SDUWHWUDVHUDGHODFDQDVWDVREUHHOFDEOHVXSHULRUD
ORVFRVWDGRVGHOHVWDQWHLQIHULRU
/DV)OH[%DVNHWVFDQDVWDVIOH[LEOHVHQDOJXQRV
PRGHORVSRGUiQVHUSRVLFLRQDGDVHQODSDUWHIURQWDO
WDQWRGHOHVWDQWHVXSHULRUFRPRGHOLQIHULRU$VHJXUH
ODFDQDVWDDOHVWDQWHXVDQGRHODVDHQODSDUWHIURQWDO
GHORVHVWDQWHVVXSHULRUHLQIHULRUSDUDDGMXQWDUODV
OHQJHWDVHQODSDUWHWUDVHUDGHODFDQDVWD
1RFDUJXHXWHQVLOLRVJUDQGHVRDOWRGRQGHSXHGDQ
EORTXHDUHOGLVSHQVDGRUGHGHWHUJHQWHRTXHGHQ
DWUDSDGRVHQWUHODSXHUWD\ODMXQWDFXDQGRODSXHUWD
VHFLHUUH
&RQILJXUDFLRQHVGHOOXJDUGHFDUJD« *($SSOLDQFHVFRP
6LJDHVWDVSDXWDVSDUDFDUJDUFRQILJXUDFLRQHVGHOXJDUHV/DVIXQFLRQHV\DSDULHQFLDGHORVHVWDQWHV\
FDQDVWDVGHFXELHUWRVSXHGHQYDULDUFRQUHODFLyQDVXPRGHOR
(VWDQWH6XSHULRU³FRQILJXUDFLRQHVGHOXJDUHVHQDOJXQRVPRGHORV
(VWDQWH6XSHULRU³FRQILJXUDFLRQHVGHOXJDUHVHQDOJXQRVPRGHORV
6LJDHVWDVSDXWDVSDUDFDUJDUFRQILJXUDFLRQHVGHOXJDUHV/DVIXQFLRQHV\DSDULHQFLDGHORVHVWDQWHV\
FDQDVWDVGHFXELHUWRVSXHGHQYDULDUFRQUHODFLyQDVXPRGHOR
(VWDQWH6XSHULRU³FRQILJXUDFLRQHVGHOXJDUHVHQDOJXQRVPRGHORV (VWDQWH,QIHULRU³FRQILJXUDFLRQHVGHOXJDUHVHQDOJXQRVPRGHORV
0RGHORV*')\
*')
127$1RFRORTXHSODFDVLQIHULRUHVDµHQODSDUWH
WUDVHUDGHOHVWDQWHLQIHULRUWRPHFRPRUHIHUHQFLDODV
ILJXUDVTXHDSDUHFHQPiVDUULED
&DQDVWDGH
&XELHUWRV
&DQDVWDGH
&XELHUWRV
$VDV
6DOLHQWHV
GH
0RQWDMH
(OUHQGLPLHQWRySWLPRGHO
ODYDGRGHFXELHUWRVVHORJUD
FRQODFDQDVWDGHFXELHUWRV
PRQWDGDHQODSXHUWD
0RGHORV*')
*'7\*'7
0RGHORV*')\
*')
0RGHORV*')
*'7\*'7
127$3DUDXQPHMRUUHQGLPLHQWRGHOODYDGRPRQWHODV
FDQDVWDVGHFXELHUWRVHQODSXHUWDLQWHUQD
0RGHORV*')\
*')
0RGHORV*')
*'7\*'7
0RGHORV*')\
*')
0RGHORV*')
*'7\*'7
127$3DUDXQPHMRUUHQGLPLHQWRGHOODYDGRPRQWHODV
FDQDVWDVGHFXELHUWRVHQODSXHUWDLQWHUQD