Tests Proyectivos.desbloqueado

7/29/2019 Tests Proyectivos.desbloqueado

http://slidepdf.com/reader/full/tests-proyectivosdesbloqueado 1/39

TESTS PROYECTIVOS:Aplicación al diagnósticoy tratamiento clínicos

Psicologia, 2

Maria Vives Gomila



TESTS PROYECTIVOS:APLICACIÓN AL DIAGNÓSTICO

Y TRATAMIENTO CLÍNICOS

Maria Vives Gomila

Psicologia, 2



Ë1',&(

35(6(17$&,Ï1

$*5$'(&,0,(1726

,1752'8&&,Ï1

&$3Ë78/2,/267(676352<(&7,926 ,QWURGXFFLyQ (OFRQFHSWRGHSUR\HFFLyQ 6LJQL¿FDGRGHOWpUPLQRµSUR\HFFLyQ¶HQ3VLFRORJtD (OFRQFHSWRGHSUR\HFFLyQHQOD2EUDGH6)UHXG (OFRQFHSWRGHSUR\HFFLyQHQORVWHVWVSUR\HFWLYRV /D3VLFRORJtD3UR\HFWLYDGH/$EW\/%HOODN

1DWXUDOH]DGHORVWHVWVSUR\HFWLYRV 'HVDUUROORGHORVWHVWVSUR\HFWLYRV /DSUXHEDGHµ$VRFLDFLyQGHSDODEUDV¶GH&*-XQJ

(OWHVWGH3VLFRGLDJQyVWLFRGH+5RUVFKDFK /RVWHVWVSUR\HFWLYRVWHPiWLFRV /RVWHVWVSUR\HFWLYRVJUi¿FRV (OWHVWGHODµ)LJXUD+XPDQD¶ (OWHVWGHODµ&DVDÈUERO3HUVRQD¶ (Oµ'LEXMRGHOD)DPLOLD¶

&DUDFWHUtVWLFDVGHORVWHVWVSUR\HFWLYRV &DUDFWHUtVWLFDVIRUPXODGDVSRU'$Q]LHX &RQVLGHUDFLRQHVHIHFWXDGDVSRU-(%HOO &DUDFWHUtVWLFDVSURSXHVWDVSRU65RVHQ]ZHLJ

7HRUtDVFRQODVTXHVHYLQFXODQ /D7HRUtD3VLFRDQDOtWLFD /D*HVWDOW /D3VLFRORJtD&RJQLWLYD

'LIHUHQFLDVHQWUHWpFQLFDV\WHVWVSUR\HFWLYRV &ODVL¿FDFLyQGHORVSULQFLSDOHVWHVWVSUR\HFWLYRV &ODVL¿FDFLyQGH/.)UDQN /DFODVL¿FDFLyQGH+-(\VHQFN /DVFDWHJRUtDVGH'$Q]LHX /DVFODVL¿FDFLRQHVGH6HPHRQRII\/LQGVH\ /DGLYLVLyQSODQWHDGDSRU5)HUQiQGH]%DOOHVWHURV /DSURSXHVWDGH*$JXLUUH

3ULQFLSDOHVUHYLVLRQHVHIHFWXDGDVVREUHHOXVRGHORVWHVWVSUR\HFWLYRV ,QYHVWLJDFLRQHVUHDOL]DGDVSRU,%:HLQHU $SRUWDFLRQHVGH5)UDQNGH9HUWKHO\ 5HYLVLyQGH5)HUQiQGH]%DOOHVWHURV

%LEOLRJUDItD



7HVWVSUR\HFWLYRV

&$3Ë78/2,,(/7(67'(36,&2',$*1Ï67,&2'(5256&+$&+ ,QWURGXFFLyQ 3UHVHQWDFLyQ\FDUDFWHUtVWLFDVGHODVOiPLQDV 0HWRGRORJtDXWLOL]DGDSRU+5RUVFKDFK &RQVLJQD\SURFHGLPLHQWR )DFWRUHVGHODSUXHED

7LSRVGHDQiOLVLVLQWHUSUHWDWLYRV $FRQWHFLPLHQWRVSHUVRQDOHV\VRFLRSURIHVLRQDOHVTXHLQÀX\HQHQODFUHDFLyQGHODSUXHED )RUPDFLyQDUWtVWLFD\FOtQLFDGHODXWRU ,QWHUpVSRUGLIHUHQFLDUODHVTXL]RIUHQLDGHRWUDVHQIHUPHGDGHVPHQWDOHV 'HVFXEULPLHQWRGHOSVLFRDQiOLVLVDWUDYpVGHODREUDGH&*-XQJ

7HRUtDGHODSHUVRQDOLGDGLQLFLDGDSRU5RUVFKDFK3ULQFLSDOHVHVWLORVGHUHVSXHVWD 3XQWRGHSDUWLGDGHVXVLQYHVWLJDFLRQHV 6LVWHPDV5RUVFKDFKHXURSHRV\QRUWHDPHULFDQRV 6LVWHPDV5RUVFKDFKGHODµ(VFXHOD(XURSHD¶ /DSULPLWLYDµ(VFXHOD6XL]D¶:0RUJXHQWKDOHU(2EHUKRO]HU*$5RHPHU /Dµ(VFXHOD6XL]R$OHPDQD¶(%RKP /Dµ(VFXHOD)UDQFR%HOJD¶0/RRVOL8VWHUL /Dµ(VFXHOD,QJOHVD¶7$OFRRN

6LVWHPDV5RUVFKDFKGHODµ(VFXHOD$PHULFDQD¶ 6LVWHPDGH%.ORSIHU 6LVWHPDGH6-%HFN (OSDSHOPHGLDGRUGH0+HUW] (OVLVWHPDGH)3LRWURZVNL (OVLVWHPDGH'5DSDSRUW\56FKDIHU

8WLOLGDG\DSOLFDFLRQHVGHODSUXHEDGH5RUVFKDFK %LEOLRJUDItD

&$3Ë78/2,,,(/6,67(0$&2035(+(16,92'(-((;1(5 ,QWURGXFFLyQ ,QWHJUDFLyQGHORVFLQFRVLVWHPDV5RUVFKDFKQRUWHDPHULFDQRV 0HWRGRORJtDGHDSOLFDFLyQGHODSUXHEDSUHSDUDFLyQSURFHGLPLHQWRGHDGPLQLVWUDFLyQ\IDVHV 3UHSDUDFLyQ\SURFHGLPLHQWRGHDGPLQLVWUDFLyQ )DVHVHQTXHVHGLYLGHODSUXHED )DVHGHµ$VRFLDFLyQ/LEUH¶2EMHWLYRV\FRQVLJQD )DVHGH¶(QFXHVWD¶2EMHWLYRV\FRQVLJQD )DVHGHµ([DPHQGHOtPLWHV¶2EMHWLYRV\FRQVLJQD

3URFHVRGHUHVSXHVWD 3URFHVRGHHQWUDGD\FRGL¿FDFLyQGHOHVWtPXOR

&ODVL¿FDFLyQGHOHVWtPXOR\RVXVSDUWHV ([FOXVLyQGHUHVSXHVWDVSRWHQFLDOHVPHGLDQWHVXRUGHQDFLyQ\FHQVXUD 6HOHFFLyQGHODVUHVSXHVWDVSRWHQFLDOHVVREUDQWHVHQIXQFLyQGHHVWLORVUDVJRV\HVWDGRV

&RGLILFDFLyQGHODVUHVSXHVWDV /RFDOL]DFLyQ 5HVSXHVWDJOREDO: 5HVSXHVWDGHGHWDOOHXVXDO' 5HVSXHVWDGHGHWDOOHLQXVXDO'G 5HVSXHVWDGHHVSDFLR6 &RGL¿FDFLyQGHP~OWLSOHViUHDV

&DOLGDGHYROXWLYD 5HVSXHVWDVGHVtQWHVLV

5HVSXHVWDV'4 5HVSXHVWDV'4Y

5HVSXHVWDV2UGLQDULDV'4R



5HVSXHVWDV9DJDV'4Y 'HWHUPLQDQWHV 'HWHUPLQDQWHVGHIRUPDSXUD) 'HWHUPLQDQWHVGHPRYLPLHQWR0)0P 0RYLPLHQWRKXPDQR 0RYLPLHQWRDQLPDO 0RYLPLHQWRLQDQLPDGR 0RYLPLHQWRVDFWLYRV\SDVLYRVDS

'HWHUPLQDQWHVGHFRORUFURPiWLFR)&&)&&Q 'HWHUPLQDQWHGHIRUPDFRORUFURPiWLFR 'HWHUPLQDQWHGHFRORUFURPiWLFRIRUPD 'HWHUPLQDQWHVGHFRORUSXUR\FRORUQRPLQDO

'HWHUPLQDQWHVGHFRORUDFURPiWLFR)&¶&¶)&¶ 'HWHUPLQDQWHVGHVRPEUHDGR 6RPEUHDGRWH[WXUD)77)7 6RPEUHDGR±YLVWD)99)9 6RPEUHDGRGLIXVR)<<)<

(OGHWHUPLQDQWHIRUPDGLPHQVLyQ)' 3DUHV\UHÀHMRV)UU) 5HVSXHVWDVGHSDUHV 5HVSXHVWDVGHUHÀHMR

'HWHUPLQDQWHVP~OWLSOHV'0 1LYHORFDOLGDGIRUPDO &DOLGDGIRUPDOVXSHULRU)4 &DOLGDGIRUPDORUGLQDULD)4R &DOLGDGIRUPDO~QLFD)4X &DOLGDGIRUPDOPHQRV)4

&RQWHQLGRV

5HVSXHVWDVSRSXODUHV $FWLYLGDGRUJDQL]DWLYD )HQyPHQRVRFyGLJRVHVSHFLDOHV 'LIHUHQFLDFLyQGHORVFyGLJRVHVSHFLDOHVVHJ~QQLYHOHVGHGLVIXQFLyQFRJQLWLYD )UDVHVLQXVXDOHV )UDVHGHVYLDGD'9 5HVSXHVWDGHVYLDGD'5 &RPELQDFLRQHVLQDGHFXDGDV,1&20)$%&20&217$0

/yJLFDLQDGHFXDGD$/2* 3HUVHYHUDQFLD\IUDFDVRHQODLQWHJUDFLyQ 3HUVHYHUDQFLD369 &RQIDEXODFLyQ&21)$%

&DUDFWHUtVWLFDVHVSHFLDOHVGHORVFRQWHQLGRV &RQWHQLGRDEVWUDFWR$% 0RYLPLHQWRDJUHVLYR(OIUDFDVRGHIHQVLYR$* 0RYLPLHQWRFRRSHUDWLYR&23 &RQWHQLGRPyUELGR025

5HVSXHVWDVSHUVRQDOL]DGDV3(5 )HQyPHQRVHVSHFLDOHVGHFRORU

%LEOLRJUDItD

&$3Ë78/2,9,17(535(7$&,Ï1'(/5256&+$&+ ,QWURGXFFLyQ

,QWHUSUHWDFLyQGHODµVHFXHQFLDGHFRGL¿FDFLyQ¶ ,QWHUSUHWDFLyQGHODVYDULDEOHVGHOµ5HVXPHQ(VWUXFWXUDO¶ 'HFLVLyQGHODYDOLGH]GHOSURWRFROR

ËQGLFH



7HVWVSUR\HFWLYRV

1~PHURGHUHVSXHVWDV5 (OYDORUGH/DPEGD/ 'HFLVLyQGHOSURFHGLPLHQWRGHLQWHUSUHWDFLyQPHGLDQWHODLGHQWL¿FDFLyQGHYDULDEOHVFODYH\YDULDEOHVWHUFLDULDVVLJQL¿FDWLYDV

,QWHUSUHWDFLyQGHOFRQWHQLGR 9DULDEOHVTXHFRPSRQHQHOµ5HVXPHQ(VWUXFWXUDO¶ 9DULDEOHVGH,GHDFLyQ (%LQWURYHUVLYR\(%SHU &ODVL¿FDFLyQGHORVWLSRVYLYHQFLDOHV 6LJQL¿FDGRGHODVYDULDEOHVGHO(%(OGHWHUPLQDQWHGHPRYLPLHQWRKXPDQR0 (OGHWHUPLQDQWHGHPRYLPLHQWRKXPDQR0\VXUHODFLyQFRQHOFRQWHQLGRKXPDQR+SXUD 'HWHUPLQDQWHVGHFRORUFURPiWLFR)&&)&\6XPDSRQGHUDGDGH&RORU(%0:6XP&

$QiOLVLVGHODVYDULDEOHVGHOODGRL]TXLHUGRGHOD([SHULHQFLD%DVHHE)0P&¶79< 'HWHUPLQDQWHVGHPRYLPLHQWRDQLPDO)0 'HWHUPLQDQWHVGHPRYLPLHQWRLQDQLPDGRP

5HODFLyQHQWUHORVPRYLPLHQWRVDFWLYRV\SDVLYRVDS0D0S ËQGLFHGHLQWHOHFWXDOL]DFLyQ$%$UW$\ 5HVSXHVWDVGHFRQWHQLGRPyUELGR025 $QiOLVLVGHORVFyGLJRVHVSHFLDOHVGHQLYHO&217$0\$/2* $QiOLVLVGHOGHWHUPLQDQWHGHPRYLPLHQWRKXPDQR01LYHOHVGHGLVWRUVLyQ04 $QiOLVLVFXDOLWDWLYRGHOGHWHUPLQDQWH06XUHODFLyQFRQHOFRQWHQLGRKXPDQR+

9DULDEOHVGHOFRQWUROWROHUDQFLDDOHVWUpV\HVWUpVVLWXDFLRQDO 9DULDEOHVGHO&RQWURO\ODWROHUDQFLDDOHVWUpV 'DMXVWDGD'DMHËQGLFHGH'p¿FLWGH5HFXUVRV&', (O(UOHEQLVW\SXV(%

([SHULHQFLDDFWXDORDFFHVLEOH($0:6XP& ([SHULHQFLD%DVHHE)0P&¶79< (VWLPXODFLyQH[SHULPHQWDGDRVXIULGDHV)0P&¶79<

9DULDEOHVGHO(VWUpVVLWXDFLRQDO &RPSDUDFLyQHQWUH'\'DM $QiOLVLVGHORVGHWHUPLQDQWHVP<7 $QiOLVLVGHODVUHVSXHVWDVFRPSOHMDV'0

9DULDEOHVGHOSURFHVDPLHQWRGHODLQIRUPDFLyQ /DPEGD/ ËQGLFHVGH(VWLOR2EVHVLYRH+LSHUYLJLODQFLD ËQGLFHGH(VWLOR2EVHVLYR2%6 ËQGLFHGH+LSHUYLJLODQFLD+9,

$FWLYLGDGRUJDQL]DWLYD\H¿FDFLDGHOSURFHVDPLHQWR )UHFXHQFLDGH==I =GLIHUHQFLD=G

5HODFLyQHQWUHORVFyGLJRVGHORFDOL]DFLyQ:''G /DSURSRUFLyQ:0 $QiOLVLVGHODFDOLGDGHYROXWLYD'4 /DDFWLYLGDGRUJDQL]DWLYD 3HUVHYHUDQFLD369

9DULDEOHVGHOD0HGLDFLyQFRJQLWLYD /DPEGD ËQGLFHGHHVWLORREVHVLYR 5HVSXHVWDVSRSXODUHV3

9DULDEOHVGHODFDOLGDGIRUPDO);;X;6;$:'$ /DYDULDEOH) /DYDULDEOH;



/DYDULDEOH;X /DYDULDEOH; /DYDULDEOH6 /DVYDULDEOHV;$\:'$

&21)$% 6HFXHQFLD\KRPRJHQHLGDGGHODVUHVSXHVWDVGHQLYHOIRUPDOPHQRV)4 1LYHOHVGHGLVWRUVLyQGHODVUHVSXHVWDVGHQLYHOIRUPDOPHQRV)4

9DULDEOHVGH$IHFWLYLGDG ËQGLFHGH'HSUHVLyQ'(3, (%H[WUDWHQVLYR 9DULDEOHVGHOODGRGHUHFKRGHODH[SHULHQFLDEDVHHE)0P&¶79< 'HWHUPLQDQWHVGHFRORUDFURPiWLFR)&¶&¶)&¶ 'HWHUPLQDQWHVGHVRPEUHDGRWH[WXUD)77)7 'HWHUPLQDQWHVGHVRPEUHDGRYLVWD)99)9 'HWHUPLQDQWHVGHVRPEUHDGRGLIXVR)<<)<

/DSURSRUFLyQDIHFWLYD$IU /DSURSRUFLyQGHOFRORU)&&)& 5HVSXHVWDVGHHVSDFLRHQEODQFR6 'HWHUPLQDQWHVP~OWLSOHV'0yEOHQGV&RPSRVLFLyQ\FXDOLGDG 5HODFLyQHQWUHODVYDULDEOHVGHFRORUDFURPiWLFR6XP&¶\ODVGHFRORUFURPiWLFR)&&)&

9DULDEOHVGH$XWRSHUFHSFLyQ ËQGLFHGH(JRFHQWULVPR>U5@\UHVSXHVWDVGHUHÀHMR)UU) )RUPDGLPHQVLyQ)'\VRPEUHDGRYLVWD9 &RQWHQLGRVKXPDQRV>++G++G@ 5HVSXHVWDVGHUHSUHVHQWDFLyQKXPDQD

&RQWHQLGRVGHDQDWRPtD$QUDGLRJUDItD;\\VH[R6[ &DWHJRUtDVSUR\HFWLYDVGHUHVSXHVWDORVGHWHUPLQDQWHVGHPRYLPLHQWR0)0P

ODVUHVSXHVWDVGHFRQWHQLGRPyUELGR025\GHQLYHOIRUPDOPHQRV)4 6REUHHODERUDFLRQHVYHUEDOHV 9DULDEOHVGHOD3HUFHSFLyQ\OD5HODFLyQLQWHUSHUVRQDO ËQGLFHVGH'p¿FLWGHUHFXUVRV&',H+LSHUYLJLODQFLD+9, 5HODFLyQGHPRYLPLHQWRVDFWLYRV\SDVLYRVDS 5HVSXHVWDVGHFRPLGD)G\WH[WXUD7 &RQWHQLGRVKXPDQRV>++G++G@ /RVFyGLJRVHVSHFLDOHV3(5&23\$* ËQGLFHGHDLVODPLHQWR%W&O*H/V1D5 5HODFLyQHQWUHUHVSXHVWDVGHPRYLPLHQWR0\SDUHV

$QiOLVLVGHORVtQGLFHVHVSHFLDOHVQRUHYLVDGRVHQODVDQWHULRUHVDJUXSDFLRQHVGHYDULDEOHV &RQVWHODFLyQGH6XLFLGLR3RWHQFLDOGH6XLFLGLR68,&&

ËQGLFHGH(VTXL]RIUHQLD6&=, &ULWHULRVEiVLFRVSDUDHOGLDJQyVWLFRGHHVTXL]RIUHQLDHQHO5RUVFKDFK3ULPHUËQGLFH &ULWHULRVEiVLFRVSDUDHOGLDJQyVWLFRGHHVTXL]RIUHQLDHQHO5RUVFKDFK6HJXQGRËQGLFH &ULWHULRVEiVLFRVSDUDHOGLDJQyVWLFRGHHVTXL]RIUHQLDHQHO5RUVFKDFK7HUFHUËQGLFH SUHYLRDO37, (O3HUFHSWXDO7KLQNLQJ,QGH[37,

(O(JR,PSDLUPHQW,QGH[ $QiOLVLVGHOFRQWHQLGRGHODVUHVSXHVWDV ,QWHJUDFLyQGHORVGDWRV\VtQWHVLVGLDJQyVWLFD 9DULDEOHVTXHIDFLOLWDQODLQGLFDFLyQGHWUDWDPLHQWR )LDELOLGDG\YDOLGH]HQHOWHVWGH5RUVFKDFK )LDELOLGDG

)LDELOLGDGµLQWHUMXHFHV¶ )LDELOLGDGHQWUHHYDOXDGRUHV )LDELOLGDGWHVWUHWHVW

ËQGLFH



7HVWVSUR\HFWLYRV

(VWDELOLGDGGHGHWHUPLQDGDVYDULDEOHV 9DOLGH] ,QWHUSUHWDFLyQµDFLHJDV¶ 9DOLGDFLyQGHKLSyWHVLVLQWHUSUHWDWLYDV 7pFQLFDGHODSDUHDPLHQWR

)LDELOLGDG\YDOLGH]HQHO5RUVFKDFKVHJ~Q,%:HLQHUHWDOW %LEOLRJUDItD

&$3Ë78/29(/5256&+$&+(1(/',$*1Ï67,&2'(/$36,&26,6(648,=2)5e1,&$ ,QWURGXFFLyQ 3XQWRGHSDUWLGDGHQXHVWUDVLQYHVWLJDFLRQHV 3ULQFLSLRVEiVLFRVXWLOL]DGRVHQODVLQYHVWLJDFLRQHVDPHULFDQDV

(VWXGLRSLORWRVREUHHOSDFLHQWHHVTXL]RIUpQLFRGHµH[DFHUEDFLyQDJXGD¶REMHWLYRDQiOLVLV\FRQFOXVLRQHV 2EMHWLYRGHOHVWXGLRSLORWR $QiOLVLVHIHFWXDGRV $QiOLVLVGLVFULPLQDQWH $QiOLVLVGHO5HVXPHQ(VWUXFWXUDO

&RQFOXVLRQHVGHOHVWXGLRSLORWR &RQWLQ~DODLQYHVWLJDFLyQVREUHHOSDFLHQWHHVTXL]RIUpQLFRHQODSURYLQFLDGH%DUFHORQD 6XMHWRV ,QVWUXPHQWRV 3URFHGLPLHQWR

$QiOLVLV\UHVXOWDGRV $QiOLVLVGLVFULPLQDQWHHQHOHVWXGLRSLORWR $QiOLVLVGHPHGLDV\GHVYLDFLRQHVWtSLFDVGHODVSULQFLSDOHVYDULDEOHVGHO5(GHOWHVW

GH5RUVFKDFK 0XHVWUDGHSDFLHQWHVHVTXL]RIUpQLFRVGHµH[DFHUEDFLyQDJXGD¶ 0XHVWUDGHSDFLHQWHVHVTXL]RIUpQLFRVµFUyQLFRV¶

$QiOLVLVFRPSDUDWLYRVHQWUHGRVPXHVWUDVGHHVTXL]RIUpQLFRVGHµH[DFHUEDFLyQDJXGD¶\µFUyQLFRV¶PHGLDQWHODµW¶GH6WXGHQW)LVKHU\ODµ8¶GH0DQQ:KLWQH\ (VWXGLRFRPSDUDWLYRHIHFWXDGRPHGLDQWHODµW¶GH6WXGHQW)LVKHU (VWXGLRFRPSDUDWLYRHIHFWXDGRPHGLDQWHODµ8¶GH0DQQ:KLWQH\

$QiOLVLVGHODWLSRORJtDGHOSHUtRGRDFWXDOGHHVTXL]RIUHQLDHQXQDPXHVWUDGHµDJXGRV¶\XQDGHµFUyQLFRV¶ $QiOLVLVFXDOLWDWLYRGHORVSULQFLSDOHVGHWHUPLQDQWHVGHOHVSDFLRHQEODQFR\GHDOJXQRVFRQWHQLGRV 5HYLVLyQGHOËQGLFHGHHVTXL]RIUHQLD

&RQFOXVLRQHV &RQ¿UPDFLyQGHODVKLSyWHVLV $QiOLVLVFXDOLWDWLYRV

%LEOLRJUDItD

&$3Ë78/29,5(/$&,21(6(175(/$6326,&,21(6(648,=23$5$12,'(<'(35(6,9$./(,1,$1$6<'(7(50,1$'$69$5,$%/(6(6758&785$/(6'(/7(67'(5256&+$&+ ,QWURGXFFLyQ 'HVDUUROORGHOWpUPLQRµSRVLFLyQ¶GHVFULSFLyQGHODVSRVLFLRQHVHVTXL]RSDUDQRLGHPL[WDRGHWUDQVLFLyQ\GHSUHVLYD

/DSRVLFLyQHVTXL]RSDUDQRLGH /DSRVLFLyQGHSUHVLYD /DSRVLFLyQPL[WDRGHWUDQVLFLyQ



$SOLFDFLyQGHODµWHRUtDGHODVSRVLFLRQHV¶HQODLQWHUSUHWDFLyQGHOWHVWGH5RUVFKDFK 2EMHWLYRV 0HWRGRORJtD 6XMHWRV ,QVWUXPHQWRV\SURFHGLPLHQWR

+LSyWHVLV &RUUHVSRQGHQFLDHQWUHODVSRVLFLRQHVµHVTXL]RSDUDQRLGHPL[WDRGHWUDQVLFLyQ\GHSUHVLYD¶\GHWHUPLQDGDVYDULDEOHVHVWUXFWXUDOHVGHOWHVWGH5RUVFKDFK (TXLYDOHQFLDHQWUHODVFDUDFWHUtVWLFDVGHODSRVLFLyQµHVTXL]RSDUDQRLGH¶\GHWHUPLQDGDVYDULDEOHVGHOWHVWGH5RUVFKDFK (TXLYDOHQFLDHQWUHODVFDUDFWHUtVWLFDVGHODSRVLFLyQGHSUHVLYD\GHWHUPLQDGDVYDULDEOHVGHOWHVWGH5RUVFKDFK (TXLYDOHQFLDHQWUHODVFDUDFWHUtVWLFDVGHODSRVLFLyQPL[WDRGHWUDQVLFLyQ\GHWHUPLQDGDVYDULDEOHVGHOWHVWGH5RUVFKDFK

$QiOLVLV\UHVXOWDGRV 3DFLHQWHVHVTXL]RIUpQLFRVGHµH[DFHUEDFLyQDJXGD¶\µFUyQLFRV¶ 3DFLHQWHVHVTXL]RIUpQLFRVGHµH[DFHUEDFLyQDJXGD¶ 3DFLHQWHVHVTXL]RIUpQLFRVµFUyQLFRV¶ (TXLYDOHQFLDHQWUHODVFDUDFWHUtVWLFDVGHODSRVLFLyQµHVTXL]RSDUDQRLGH¶\GHWHUPLQDGDVYDULDEOHVGHOWHVWGH5RUVFKDFKHQODVPXHVWUDVGHSDFLHQWHVµDJXGRV¶\µFUyQLFRV¶ (TXLYDOHQFLDHQWUHODVFDUDFWHUtVWLFDVGHODSRVLFLyQGHSUHVLYD\GHWHUPLQDGDVYDULDEOHVGHOWHVWGH5RUVFKDFKHQODVPXHVWUDVGHSDFLHQWHVµDJXGRV¶\µFUyQLFRV¶

0XHVWUDGHVXMHWRVQRSDFLHQWHVGHODµ7HUFHUD(GDG¶ (TXLYDOHQFLDHQWUHODVFDUDFWHUtVWLFDVGHODSRVLFLyQHVTXL]RSDUDQRLGH\GHWHUPLQDGDVYDULDEOHVGHOWHVWGH5RUVFKDFKHQODPXHVWUDGHQRSDFLHQWHVGHODµ7HUFHUD(GDG¶ (TXLYDOHQFLDHQWUHODVFDUDFWHUtVWLFDVGHODSRVLFLyQGHSUHVLYD\GHWHUPLQDGDVYDULDEOHVGHOWHVWGH5RUVFKDFKHQODPXHVWUDGHQRSDFLHQWHVGHODµ7HUFHUD(GDG¶

0XHVWUDGHQLxRVFRQµWUDVWRUQRVGHFDUiFWHU¶

(TXLYDOHQFLDHQWUHODVFDUDFWHUtVWLFDVGHODSRVLFLyQHVTXL]RSDUDQRLGH\GHWHUPLQDGDVYDULDEOHVGHOWHVWGH5RUVFKDFKHQODVPXHVWUDVGHQLxRVFRQµWUDVWRUQRVGHFDUiFWHU¶ (TXLYDOHQFLDHQWUHODVFDUDFWHUtVWLFDVGHODSRVLFLyQGHSUHVLYD\GHWHUPLQDGDVYDULDEOHVGHOWHVWGH5RUVFKDFKHQODVPXHVWUDVGHQLxRVFRQµWUDVWRUQRVGHFDUiFWHU¶

0XHVWUDGHQLxRVFDWDODQHVµQRSDFLHQWHV¶JUXSRFRQWUROLQIDQWLO (TXLYDOHQFLDHQWUHODVFDUDFWHUtVWLFDVGHODSRVLFLyQHVTXL]RSDUDQRLGH\GHWHUPLQDGDVYDULDEOHVGHOWHVWGH5RUVFKDFKHQXQDPXHVWUDGHQLxRVµQRSDFLHQWHV¶ (TXLYDOHQFLDHQWUHODVFDUDFWHUtVWLFDVGHODSRVLFLyQGHSUHVLYD\GHWHUPLQDGDVYDULDEOHVGHOWHVWGH5RUVFKDFKHQXQDPXHVWUDGHQLxRVµQRSDFLHQWHV¶

&RQFOXVLRQHV %LEOLRJUDItD

&$3Ë78/29,,/267(676352<(&7,926*5È),&26 ,QWURGXFFLyQ (OGLEXMRGHOD)LJXUD+XPDQD')+ (OFRQRFLPLHQWRGHODLQWHOLJHQFLDSRUPHGLRGHOGLEXMR 3URFHGLPLHQWR\FRQVLJQD (VWDQGDUL]DFLyQ\YDOLGH]

/D)LJXUD+XPDQDGH.0DFKRYHU 3URFHGLPLHQWR\FRQVLJQD $QiOLVLVGHORVDVSHFWRVHVWUXFWXUDOHV\GHFRQWHQLGR $QiOLVLVHVWUXFWXUDO $QiOLVLVGHFRQWHQLGR

(O'LEXMRGHOD)LJXUD+XPDQDGH(0.RSSLW] 1LYHOHYROXWLYR 1LYHOGHIHQVLYR/RVLQGLFDGRUHVHPRFLRQDOHV

ËQGLFH



7HVWVSUR\HFWLYRV

3URFHGLPLHQWR\FRQVLJQD &RQ¿DELOLGDG\YDOLGH]

(Oµ'LEXMRGHOD&DVDÈUERO3HUVRQD¶+73 /D¿JXUDGHOÈUEROGH.RFK $SOLFDFLyQGHO+733URFHGLPLHQWR\FRQVLJQD +73LQWHUURJDWRULRGHFDGDtWHP ,QWHUSUHWDFLyQGHORVDVSHFWRVIRUPDOHVRHVWUXFWXUDOHV\GHFRQWHQLGRGHORVtWHPV )DVHHVWUXFWXUDO 6HFXHQFLDGHHODERUDFLyQGHOGLEXMR 7DPDxR 3UHVLyQWUD]R\FDOLGDGGHODOtQHD (PSOD]DPLHQWRHQODKRMDGHSDSHOXELFDFLyQGHOGLEXMRVHJ~QORVHMHVKRUL]RQWDO \YHUWLFDO 0RYLPLHQWR 6LPHWUtD\SHUVSHFWLYD 6RPEUHDGR\ERUUDGR 'HWDOOHV

)DVHGHFRQWHQLGR ËWHPVGHODµ&DVD¶ ËWHPVGHOµÈUERO¶ ËWHPVGHODVµ)LJXUDVKXPDQDV¶

)LDELOLGDG\YDOLGH]HQORVWHVWVJUi¿FRV (O7HVWGHµOD)DPLOLD¶ ,QWURGXFFLyQ (YROXFLyQGHODFRQVLJQD 3URFHGLPLHQWR\FRQVLJQDGH&RUPDQ $QiOLVLVGHODVHVWUXFWXUDVIRUPDOHV\GHFRQWHQLGR 1LYHOJUi¿FR

1LYHOGHODVHVWUXFWXUDVIRUPDOHV $QiOLVLVGHFRQWHQLGR 0HFDQLVPRVGHGHIHQVDVXLQWHUSUHWDFLyQ 0HFDQLVPRGH1HJDFLyQ 9DORUL]DFLyQGHXQSHUVRQDMH 'HVYDORUL]DFLyQGHXQSHUVRQDMH 0HFDQLVPRGH)RUPDFLyQUHDFWLYD 0HFDQLVPRGH5HODFLyQDGLVWDQFLD 0HFDQLVPRGH$LVODPLHQWR 0HFDQLVPRGH5HJUHVLyQ 0HFDQLVPRGH5HSUHVLyQ 6tPERORVGHDQLPDOHV

,GHQWL¿FDFLyQFRQHODJUHVRU 5LYDOLGDGIUDWHUQD 6LWXDFLyQHGtSLFD\FRPSOHMRGH(GLSR

%LEOLRJUDItD

&$3Ë78/29,,,$3/,&$&,21(6'(/267(676352<(&7,926*5È),&26(/+73<(/7(67'(/$)$0,/,$ ,QWURGXFFLyQ $SRUWDFLRQHVGH(*UDVVDQRDOHVWXGLRGHORVWHVWVSUR\HFWLYRVJUi¿FRV )XQFLRQDPLHQWRQHXUyWLFRHQJUi¿FRV )XQFLRQDPLHQWRSVLFyWLFRHQJUi¿FRV

)XQFLRQDPLHQWRSVLFRSiWLFRHQJUi¿FRV (VWUXFWXUDVGHSHUVRQDOLGDGLQGLFDGRUHVGHSDWRORJtDHQJUi¿FRV 1XHVWUDVDSRUWDFLRQHVDOHVWXGLRGHOWHVWGHODµ&DVDÈUERO3HUVRQD¶+73



2EMHWLYRV 0HWRGRORJtD $QiOLVLVGHORVUHVXOWDGRVGHOJUXSRGHHVWXGLR $QiOLVLVHVWUXFWXUDO $QiOLVLVGHFRQWHQLGR 5HDFFLRQHVFDUDFWHUROyJLFDV 6XMHWRVSDVLYRGHSHQGLHQWHV 6XMHWRVSDVLYRDJUHVLYRV 6XMHWRVDJUHVLYRVRPX\DJUHVLYRV 6XMHWRVFRQIRUPDFLRQHVUHDFWLYDVGHOFDUiFWHU

&DUDFWHUtVWLFDVGHSUHVLYDV'LVWLPLDRQHXURVLVGHSUHVLYD &DUDFWHUtVWLFDVSVLFyWLFDV'HOLULXP\SVLFRVLVDWtSLFD 'H¿FLHQFLDVHQODRUJDQL]DFLyQGHOHVTXHPDFRUSRUDO &DUDFWHUtVWLFDVGH¶QRUPDOLGDG¶

0HWRGRORJtDDQiOLVLV\FRQFOXVLRQHVGHOJUXSRFRQWURO 0HWRGRORJtD $QiOLVLVGHORVUHVXOWDGRVGHOJUXSRFRQWURO $QiOLVLVHVWUXFWXUDO $QiOLVLVGHFRQWHQLGR

&RQFOXVLRQHV &RQFOXVLRQHVGHOµJUXSRGHHVWXGLR¶SULPHUDPXHVWUD &RQFOXVLRQHVGHOJUXSRFRQWURO

1XHVWUDVFRQWULEXFLRQHVDOHVWXGLRGHOWHVWGHµOD)DPLOLD¶ 2EMHWLYRV 0HWRGRORJtD $QiOLVLVGHORVUHVXOWDGRVGHOJUXSRGHHVWXGLR $QiOLVLVHVWUXFWXUDO $QiOLVLVGHFRQWHQLGR $QiOLVLVGHORVSULQFLSDOHV0HFDQLVPRVGHGHIHQVD 9DORUL]DFLyQGHORVSDGUHV 'HVYDORUL]DFLyQGHORVSDGUHV 0HFDQLVPRGH$LVODPLHQWR 0HFDQLVPRGH5HJUHVLyQ ([SUHVLyQLQGLUHFWDGHODDJUHVLYLGDG 5HDFFLRQHVGHSUHVLYDV 'LEXMRGHXQDIDPLOLDFRQP~OWLSOHVSHUVRQDMHV

$QiOLVLVGHORVUHVXOWDGRVGHOJUXSRFRQWURO $QiOLVLVHVWUXFWXUDO $QiOLVLVGHFRQWHQLGR $QiOLVLVGHORVSULQFLSDOHVPHFDQLVPRVGHGHIHQVD 9DORUL]DFLyQGHORVSDGUHV

'HVYDORUL]DFLyQGHORVSDGUHV ([SUHVLyQLQGLUHFWDGHODDJUHVLYLGDGIDPLOLDVFRQXQ~QLFRKLMR )DPLOLDVFRQP~OWLSOHVSHUVRQDMHVDxDGLGRVDOQ~FOHRRULJLQDO 0HFDQLVPRGHUHJUHVLyQDQWHHOQDFLPLHQWRGHXQKHUPDQR 1HJDFLyQRH[FOXVLyQGHDOJ~QPLHPEURGHODIDPLOLD

(VWUXFWXUDFLyQ\FRQFOXVLRQHV &RQFOXVLRQHVGHOµJUXSRGHHVWXGLR¶ &RQFOXVLRQHVGHOJUXSRFRQWURO &RQFOXVLRQHV

%LEOLRJUDItD

&$3Ë78/2,;(/7(6731 ,QWURGXFFLyQ 7HRUtDGHORVLQVWLQWRV

ËQGLFH



7HVWVSUR\HFWLYRV

)DVHVGHOGHVDUUROORGHODOtELGR )DVHVSUHHGtSLFDV )DVHRUDO )DVHDQDO )DVHIiOLFD

)DVHHGtSLFD )DVHGHODWHQFLD )DVHJHQLWDO

(VWUXFWXUDGHODSHUVRQDOLGDG (O(OOR (O6XSHU<R (O<R

7HQGHQFLDVVXFRUUHVSRQGHQFLDHQWUHODVIDVHVOLELGLQDOHV\ODVOiPLQDVGHOWHVW /iPLQDVGHODIDVHRUDOSDVLYD /iPLQDVGHODIDVHRUDODFWLYD /iPLQDVGHODIDVHDQDORViGLFRDQDO /iPLQDGHODIDVHIiOLFDWHPDViGLFRRGHFDVWUDFLyQ /iPLQDVGHODIDVHHGtSLFD (O&RPSOHMRGH(GLSR /iPLQDVGHFDVWLJRSDUWLGDRUHJUHVR\VROHGDG

0HFDQLVPRVGHGHIHQVDGHO<R 0HFDQLVPRVGHQHJDFLyQ\HVFRWRPL]DFLyQ ,QKLELFLyQFRPRIRUPDGHQHJDFLyQUHFKD]RGHORVVHQWLPLHQWRVRGHODWHQGHQFLD 0HFDQLVPRGHUHSUHVLyQ 0HFDQLVPRGHGHVSOD]DPLHQWR 0HFDQLVPRGHUDFLRQDOL]DFLyQ 0HFDQLVPRGHIRUPDFLyQUHDFWLYDRWUDQVIRUPDFLyQHQORFRQWUDULR 0HFDQLVPRGHUHODFLyQDGLVWDQFLD

0HFDQLVPRGHDLVODPLHQWR 0HFDQLVPRGHUHJUHVLyQ 2UtJHQHV7LHPSRVHQTXHVHGLYLGHODSUXHED*UDGRVGHFHQVXUD\SULQFLSDOHVWHPDV 2UtJHQHV\YLQFXODFLRQHVGHOWHVW 7LHPSRVHQTXHVHGLYLGHHOWHVW *UDGRVGHFHQVXUD 3ULQFLSDOHVWHPDV 7HPDVGHRUDOLGDG 7HPDVGHGHSHQGHQFLDLQGHSHQGHQFLD 7HPDViGLFRRUDO 7HPDVGHDQDOLGDG 7HPDVGHDJUHVLYLGDG\ULYDOLGDGIUDWHUQD

7HPDVGHFXOSD\FDVWLJR 7HPDVHGtSLFRV 7HPDVGHVH[RLQYHUWLGR 7HPDGHOSDGUHQXWULFLR 7HPDGHODPDGUHLGHDO

0HWRGRORJtDSURFHGLPLHQWR\FRQVLJQDV (O)URQWLVSLFLRFRQVLJQDVSUHYLDV 'HVFULSFLyQGHODµ+LVWRULD¶3ULPHUDFRQVLJQD 0pWRGRGHODV3UHIHUHQFLDVH,GHQWL¿FDFLRQHV6HJXQGDFRQVLJQD 3UHJXQWDVGLULJLGDV\GHVtQWHVLV (O+DGD

,QWHUSUHWDFLyQGHOWHVW

'LQDPLVPRGHOWHVW ,QWHUSUHWDFLyQGHOµ)URQWLVSLFLR¶SDGUHV\µIUDWULH¶ /D'HIHQVDGHO<R



7HPDVRULJLQDOHVIUDQFRV\FDPXÀDGRV +LVWRULDVVHJXLGDVROiPLQDVDLVODGDV

7HQGHQFLDVGHIHQVDVLGHQWL¿FDFLRQHVGRPLQDQWHV 2ULJLQDOLGDGGHODVWHQGHQFLDV /DµUHVRQDQFLDDIHFWLYD¶ /DGHIHQVDPiVIXHUWH 1HJDFLyQGHVHQWLPLHQWRV

,GHQWL¿FDFLRQHVGRPLQDQWHV 6tQWHVLVLQWHUSUHWDWLYD /DVLQVWDQFLDVSVtTXLFDV(OOR<R6XSHU<R 5HODFLRQHVFRQORVSDGUHVULYDOLGDGIUDWHUQD\(GLSR 5HODFLRQHVFRQORVKHUPDQRV &RQYHUJHQFLDGHtQGLFHV

9DOLGH]GHOWHVW %LEOLRJUDItD

&$3Ë78/2;&21&(3722%-(7,926<7,326'(36,&27(5$3,$'(&,6,Ï1'(,17(59(1&,Ï1<(9$/8$&,Ï1'(/75$7$0,(172 ,QWURGXFFLyQ 'H¿QLFLyQ\FDUDFWHUtVWLFDVGHODSVLFRWHUDSLD 2EMHWLYRVGHOWUDWDPLHQWR 7LSRVGHWUDWDPLHQWR /DSVLFRWHUDSLDIRFDO\EUHYH 2EMHWLYRV\FULWHULRVGHVHOHFFLyQGHOSDFLHQWH,QGLFDFLRQHV\FRQWUDLQGLFDFLRQHVGHODWHUDSLDIRFDO\EUHYH &RQFHSWR\HOHFFLyQGHOIRFRWHUDSpXWLFR ,QWHUYHQFLyQGHOWHUDSHXWD\GXUDFLyQGHOWUDWDPLHQWR

/DSVLFRWHUDSLDGHJUXSR $SRUWDFLRQHVGH6)UHXG &RQWULEXFLRQHVGH0.OHLQ /DDSRUWDFLyQGH:5%LRQ 7LSRVGHIXQFLRQDPLHQWRJUXSDO 6XSXHVWREiVLFRGHµGHSHQGHQFLD¶ 6XSXHVWREiVLFRGHµDWDTXH\IXJD¶ 6XSXHVWREiVLFRGHµHPSDUHMDPLHQWR¶

)RUPDFLyQGHOJUXSR,QGLFDFLRQHV\FRQWUDLQGLFDFLRQHVGHODWHUDSLD JUXSDO

/DSVLFRWHUDSLDSVLFRDQDOtWLFDLQGLYLGXDO )DVHSUHYLDDOWUDWDPLHQWR

'HFLVLyQGHLQLFLRGHOWUDWDPLHQWR (QFXDGUH $QiOLVLVGHOSURFHGLPLHQWR\GHODUHODFLyQWHUDSHXWDSDFLHQWH ,QLFLRGHVDUUROOR\¿QDOL]DFLyQGHOWUDWDPLHQWR ,QLFLR\GHVDUUROORGHOWUDWDPLHQWR )LQDOL]DFLyQGHOWUDWDPLHQWR

(YDOXDFLyQGHOWUDWDPLHQWR 6HJXLPLHQWR 'HFLVLyQGHWUDWDPLHQWR\HYDOXDFLyQGHODLQWHUYHQFLyQPHGLDQWHHOWHVWGH5RUVFKDFKHQSVLFRWHUDSLDVDODUJRSOD]R ,QWURGXFFLyQ 2EMHWLYRVHKLSyWHVLV

0pWRGR\SURFHGLPLHQWR &DUDFWHUtVWLFDVGHODPXHVWUD&XDGUR1, 5HVXOWDGRV\DQiOLVLV

ËQGLFH



7HVWVSUR\HFWLYRV

$QiOLVLVFRPSDUDWLYRGHORVSURWRFRORV5RUVFKDFKGHSDFLHQWHVREWHQLGRVDQWHV\GHVSXpVGHOWUDWDPLHQWR &RQFOXVLRQHV

9DULDEOHVGHODµ6HFXHQFLDGHFRGL¿FDFLyQ¶\GHOµ5HVXPHQ(VWUXFWXUDO¶GHOWHVWGH5RUVFKDFKTXHIDYRUHFHQODLQGLFDFLyQGHWUDWDPLHQWR 9DULDEOHVGHODµ6HFXHQFLDGHFRGL¿FDFLyQ¶LQGLFDGRUDVGHWUDWDPLHQWR 9DULDEOHVGHOµ5HVXPHQ(VWUXFWXUDO¶TXHIDYRUHFHQODGHFLVLyQGHWUDWDPLHQWR

%LEOLRJUDItD



,1752'8&&,Ï1

&DGDYH]HVPD\RUHOYDORUFRQFHGLGRDOGLDJQyVWLFRGHODSHUVRQDOLGDG\DSUXHEDVTXHFRPRHOWHVWGH5RUVFKDKORVWHVWVSUR\HFWLYRVJUi¿FRV\WHPiWLFRVVHDSOLFDQDGLDULRHQHOGLDJQyVWLFRLQGLFDFLyQ\HYDOXDFLyQGHOWUDWDPLHQWRSVLFROyJLFR

(Q3VLFRGLDJQyVWLFR ,QIDQWLO HV IUHFXHQWH XWLOL]DU GLEXMRV HQ ORV SULPHURV FRQWDFWRV FRQ HO QLxRLQFOXVRPXFKRVWUDWDPLHQWRVVHHIHFW~DQPHGLDQWHJUi¿FRVHOHJLGRVSRUHOQLxRGHIRUPDHVSRQWiQHD\FRPR

YHKtFXORGHFRPXQLFDFLyQFRQHOWHUDSHXWDGXUDQWHODµVHVLyQGHMXHJR¶RDOGHSRVLWDUHQODKRMDGHSDSHOVHQVDFLRQHV\VHQWLPLHQWRVTXHYHUEDOPHQWHOHUHVXOWDUtDPiVGLItFLOWUDQVPLWLU(QHOGLDJQyVWLFRFOtQLFR\HVFRODUWDPELpQHQVHOHFFLyQGHSHUVRQDOVXHOHDSOLFDUVHXQ5RUVFKDFK

SDUDFRQRFHUODSHUVRQDOLGDGGHOH[DPLQDGRHIHFWXDUXQSURQyVWLFRHLQGLFDUXQWUDWDPLHQWR$FWXDOPHQWHODLQYHVWLJDFLyQPHGLDQWH5RUVFKDFKHVWiHQSOHQDYLJHQFLDGDGDODVROLGH]GHODVQXPHURVDVLQYHVWLJDFLRQHVGH([QHUFRQRFLGDVDWUDYpVGHOD5RUVFKDFK)RXQGDWLRQOD5RUVFKDFK:RUNVKRSV\ORVDUWtFXORVGH:HLQHU0H\HU9LJOLRQHHWFVREUHVX¿DELOLGDG\YDOLGH]\TXHFRQWULEX\HQDPRVWUDUODPHQFLRQDGDVROLGH]GHHVWHYDOLRVRLQVWUXPHQWRGLDJQyVWLFR

2UJDQL]DUXQPDWHULDOTXHLQWHJUHFRQRFLPLHQWRVGHGLDJQyVWLFR\WUDWDPLHQWRTXHIRUPDQSDUWHGHORVSURJUDPDVGHHVWXGLRGHSUHJUDGR(YDOXDFLyQ3VLFROyJLFD\3VLFRGLDJQyVWLFR,QIDQWLO\GHO$GROHVFHQWH\ SRVWJUDGR 'LDJQyVWLFR GH 5RUVFKDFK \$QiOLVLV GH ORV FDPELRV GHVSXpV GHO WUDWDPLHQWR SDUD TXH SXHGDVHUXWLOL]DGRWDQWRDQLYHOWHyULFRFRPRDSOLFDGRFRQVWLWX\HXQRGHORVSULQFLSDOHVREMHWLYRVGHHVWD

SXEOLFDFLyQ2UGHQDU PHWRGROyJLFDPHQWH FDGD XQD GH ODV SUXHEDV GHVFULWDV SHUPLWH RIUHFHU DO HVWXGLRVR HLQWHUHVDGRHQHVWRVWHPDVORVSURFHGLPLHQWRVGHDSOLFDFLyQHLQWHUSUHWDFLyQ\HQHOFDVRGHO5RUVFKDFKFRQWULEX\HD IDYRUHFHU ODLQGLFDFLyQ\ HYDOXDFLyQGHOWUDWDPLHQWR'H XQDSDUWHFRPRPDWL]D$ÈYLODQRWRGRVORVWHVWVSUR\HFWLYRVSXHGHQPHGLUVHGHOPLVPRPRGRLQGHSHQGLHQWHPHQWHGHODFRQYHQLHQFLDLQWHUpV\H¿FDFLDGHVXXVR'HRWUDQXHVWUDYDORUDFLyQRWRUJDGDDOWHVWGH5RUVFKDFKVHLVFDStWXORV\QXHYHLQYHVWLJDFLRQHVSXHGHSDUHFHUREYLDSHURDVtSHQVDPRVTXLHQHVWXYLPRVODVXHUWHGHIRUPDUSDUWHGHHVWHSHTXHxRJUXSRGHHVWXGLRVRVTXHFUHFLPRVHQHODSUHQGL]DMHGHO5RUVFKDFKHQWRUQRDO3URI([QHUHQOD6RFLHGDG(VSDxRODGHO5RUVFKDFK\0pWRGRV3UR\HFWLYRVODGHOHJDFLyQGHOD5RUVFKDFK:RUNVKRSVHQ0DGULG\HQODVQXPHURVDVUHXQLRQHVFLHQWt¿FDV\FRQJUHVRVSURPRYLGRVSRUOD6RFLHGDG(VSDxROD\&DWDODQDGHO5RUVFKDFKODµ(XURSHDQ5RUVFKDFK$VVRFLDWLRQ¶\ODµ,QWHUQDWLRQDO5RUVFKDFK6RFLHW\¶FRQVXVQXPHURVDVGHOHJDFLRQHV

/DUHODFLyQHQWUH'LDJQyVWLFR3VLFRORJtD(YROXWLYD\3VLFRSDWRORJtDVHFRQVWDWDFRQODDSOLFDFLyQGHOµMXLFLRFOtQLFR¶±GHVGHODHQWUHYLVWD\DQDPQHVLV±DODQiOLVLV\YHUL¿FDFLyQGHODVKLSyWHVLVSODQWHDGDV\FRQODVDSRUWDFLRQHVGH%XFN+DPPHU0.RSSLW]*UDVVDQR&RUPDQHWFTXLHQHVQRVKDQOHJDGRLQGLFDGRUHVGHQRUPDOLGDG\SDWRORJtDTXHSXHGHQDSOLFDUVHHQHOHVWXGLRGHORVWHVWVSUR\HFWLYRVJUi¿FRV\WHPiWLFRV

'HWRGRVVRQFRQRFLGDVODVDSRUWDFLRQHVHIHFWXDGDVPHGLDQWHHOWHVWGH5RUVFKDFKDOHVWXGLRGHOD SHUVRQDOLGDG D OD LQGLFDFLyQ SODQL¿FDFLyQ \ HYDOXDFLyQ GHO WUDWDPLHQWR /DV LQYHVWLJDFLRQHV GH ([QHU:HLQHU(GEHUJHWF GDQEXHQD SUXHEDGHOXVR GHGLYHUVRVSURFHGLPLHQWRVGLDJQyVWLFRVDVt FRPRGHODLQÀXHQFLDTXHODSHUFHSFLyQDVRFLDFLyQSURFHVRVPQpPLFRVHVWUXFWXUDGHSHUVRQDOLGDG\HVWDGRVGHiQLPRHMHUFHQVREUHHOH[DPLQDGRHQHOPRPHQWRGHHPLWLUXQDUHVSXHVWD

(V FRQYHQLHQWH XWLOL]DU FULWHULRV GLDJQyVWLFRV 5'& '60 ,&' &)70($ TXH FRQWULEX\DQD OD FRPSUHQVLyQ GHO SDFLHQWH \ D VLWXDU VX SUREOHPiWLFD HQ XQDV FRRUGHQDGDV GH VDOXGHQIHUPHGDGVLQWRPDWRORJtDPDQL¿HVWDODWHQWHVLQTXHVXDSOLFDFLyQVXEVWLWX\DODGHRWURVSURFHGLPLHQWRVGLDJQyVWLFRV\

WHUDSpXWLFRVFRQRFLGRV±REVHUYDFLyQFOtQLFD\VLVWHPiWLFDHQWUHYLVWDVDQDPQHVLVWpFQLFDVRWHVWV±(QHVWDREUDVHDSRUWDQLQYHVWLJDFLRQHVUHDOL]DGDVPHGLDQWHHOWHVWGH5RUVFKDFK\ORVWHVWVSUR\HFWLYRV

JUi¿FRV6HWUDWDGHUHVXOWDGRVRULJLQDOHVREWHQLGRVPHGLDQWHHO5RUVFKDFKGHSDFLHQWHVHVTXL]RIUpQLFRV



7HVWVSUR\HFWLYRV

LQWHUQDGRVHQODSURYLQFLDGH%DUFHORQD%DUFHORQpVGHQLxRVFRQWUDVWRUQRVGHFDUiFWHUSDFLHQWHVSVLFyWLFRV\QRSDFLHQWHV1PXHVWUDDPSOLDGDKR\DFRPRLQFLSLHQWHJUXSRFRQWURO

/RVUHVXOWDGRVREWHQLGRVFRQODDSOLFDFLyQGHGHWHUPLQDGRVWHVWVSUR\HFWLYRVJUi¿FRV\WHPiWLFRVD QLxRV\ DGROHVFHQWHV KDQ SHUPLWLGRPRVWUDU VX FRLQFLGHQFLD FRQ ODV LQYHVWLJDFLRQHV H LQGLFDGRUHV GH SDWRORJtDSRVWXODGRVSRU*UDVVDQR)LJXUD+XPDQD\+733&RUPDQWHVWGHOD)DPLOLDWHVW31\FRQORVFULWHULRVGHO'60,9REWHQLHQGRHQJUi¿FRVFLQFRFDWHJRUtDVGHVXMHWRVGHUHDFFLRQHVFDUDFWHUROyJLFDVFDUDFWHUtVWLFDVGHSUHVLYDVSVLFyWLFDVGH¿FLHQFLDVHQODRUJDQL]DFLyQGHOHVTXHPDFRUSRUDO\FDUDFWHUtVWLFDVFRQVLGHUDGDVGHQRUPDOLGDG

/DLPSRUWDQFLDFRQFHGLGDDODLQGLFDFLyQ\YDORUDFLyQGHOWUDWDPLHQWRXQDGHODV~OWLPDVIDVHVGHO SURFHVRGHHYDOXDFLyQSVLFROyJLFD FRQVWLWX\HRWURGHORVREMHWLYRVGHHVWHSURJUDPDTXHPHKDOOHYDGRDUHXQLUHQHO~OWLPRFDStWXORORVGLVWLQWRVDERUGDMHVWHUDSpXWLFRVSDUDTXHHOLQWHUHVDGRSXHGDFRQRFHUDGHPiVGHGLVWLQWRVFRQFHSWRV\RSLQLRQHVVREUHSVLFRWHUDSLDDOJXQRVGHORVWLSRVGHLQWHUYHQFLyQTXHVHDSOLFDQHQQXHVWURPHGLRGHVGHOD3VLFRORJtD'LQiPLFDSVLFRWHUDSLDIRFDO\EUHYHSVLFRWHUDSLDGHJUXSRSVLFRWHUDSLDLQGLYLGXDOGLIHUHQFLDGDGHOWUDWDPLHQWRSVLFRDQDOtWLFR

/D LQGLFDFLyQ \ HYDOXDFLyQGH OD LQWHUYHQFLyQPHGLDQWH HO WHVW GH5RUVFKDFKSHUPLWH HVWXGLDU ODHYROXFLyQ\H¿FDFLDGHOWUDWDPLHQWR\FRQRFHUORVFDPELRVHIHFWXDGRVDO¿QDOL]DUVXDSOLFDFLyQ(ODQiOLVLVGHOSURFHVRWHUDSpXWLFRSXHGHOOHYDUVHDFDERQRVyORFRQOD REVHUYDFLyQH LQWHUSUHWDFLyQGHO FRQWHQLGRODWHQWH\PDQL¿HVWRGHODVDVRFLDFLRQHVVLQRWDPELpQPHGLDQWHODDSOLFDFLyQGHODWHRUtDGHODVµSRVLFLRQHV¶NOHLQLDQDVDOGLVFXUVRGHOSDFLHQWH/DVFDUDFWHUtVWLFDVGHODVSRVLFLRQHVHVTXL]RSDUDQRLGH\GHSUHVLYDFRQFHSWRVDWXUDGRGHµUHODFLRQHVGHREMHWRDQVLHGDGHV\GHIHQVDV¶\FRQXQVLJQL¿FDGRWDQWRHYROXWLYRFRPR SDWROyJLFRSXHGHQREVHUYDUVHHQGLIHUHQWHVPRPHQWRVGHXQDPLVPDVHVLyQWHUDSpXWLFD\HQ HOWUDQVFXUVRGHOWUDWDPLHQWR'HOPLVPRPRGRVHKDGHWHFWDGRXQDFRUUHODFLyQH[LVWHQWHHQWUHODVFDUDFWHUtVWLFDVGHDPEDV SRVLFLRQHV\GHWHUPLQDGDVYDULDEOHVGHOWHVWGH5RUVFKDFKTXHSXHGHQLGHQWL¿FDUODV



&$3Ë78/2,/267(676352<(&7,926

,1752'8&&,Ï1

/RV WHVWV SUR\HFWLYRV VRQ SUXHEDV XWLOL]DGDV WUDGLFLRQDOPHQWH HQ HO GLDJQyVWLFR GLQiPLFR GH OD SHUVRQDOLGDG6X SUHVHQFLDHQODOLWHUDWXUDFLHQWt¿FDFRPLHQ]DFXDQGR-XQJSXEOLFDVX WHVWGHµ$VRFLDFLyQGH3DODEUDV¶\FRQWLQ~DWRGDYtDHQWUH\DxRVHQORVTXH/&RUPDQ\+3KLOOLSVRQ

DORVTXHSRGUtDPRVFRQVLGHUDUGRVGHORV~OWLPRVDXWRUHVFOiVLFRVQRVSUHVHQWDQVXVUHVSHFWLYRVWHVWVGHµ5HODFLRQHVREMHWDOHV¶\GHOµ'LEXMRGHOD )DPLOLD¶(QWUH\VHFUHDQQXPHURVDVSUXHEDVTXHVHGHVDUUROODQHQVtQWHVLVHQHODSDUWDGR\PiVH[WHQVDPHQWHHQORVVLJXLHQWHVFDStWXORV

,QYHVWLJDFLRQHVSRVWHULRUHVDVRQODVDSRUWDFLRQHVGH-(([QHUDOLQWHJUDUORVFLQFRVLVWHPDV5RUVFKDFKQRUWHDPHULFDQRVHQXQ~QLFRVLVWHPDµ7KH&RPSUHKHQVLYH6\VWHP¶ODVLQGDJDFLRQHVGH6%ODWWHQHOiUHDGHODVUHODFLRQHVGHREMHWRODVFRQWULEXFLRQHVHIHFWXDGDVSRU6/HY\\(0.RSSLW]DODFRPSUHQVLyQGHOWHVWGHODµ)LJXUD+XPDQD¶ODVLQYHVWLJDFLRQHV\DSRUWDFLRQHVGH(+DPPHU6/HY\(*UDVVDQR0/6LTXLHU\(*$U]HQRDOHVWXGLRGHOµ+73¶\GHOµ'LEXMRGHOD)LJXUD+XPDQD¶HQQLxRVDGROHVFHQWHV\DGXOWRV

-0/OXtVDSOLFDHOWHVWGHODµ)DPLOLD¶DWUHVPXHVWUDVDFXPXODGDVGHQLxRV\DGROHVFHQWHVHVFRODUL]DGRVGHFODVHPHGLDDOWD\EDMDGH%DUFHORQD)LQDOPHQWH7)DJXOKDFUHDHOWHVWµeUDVHXQDYH]¶TXH

SUHVHQWDFRPRSULPLFLDHQ/LVERD\GHVSXpVHQ%RVWRQ\5RPDHQHOPDUFRGHORV;,9

;9\;9,,µ,QWHUQDWLRQDO5RUVFKDFK&RQJUHVVRIWKH3URMHFWLYH0HWKRGV¶UHVSHFWLYDPHQWH/DVSUXHEDVSUR\HFWLYDVVHXWLOL]DQIRUPDQGRSDUWHGHO3URFHVRGLDJQyVWLFRHQODIDVHGHUHFRSLODFLyQGHLQIRUPDFLyQHQODLQGLFDFLyQSODQL¿FDFLyQ\HYDOXDFLyQGHOWUDWDPLHQWRRFRPREDWHUtDPtQLPDHQODLQYHVWLJDFLyQGHGHWHUPLQDGDVSDWRORJtDVHVWXGLRVVREUHHOSDFLHQWHHVTXL]RIUpQLFRERUGHUOLQHGHSUHVLYRHWFSUXHEDVTXHVXHOHQLUSUHFHGLGDVGHXQDHQWUHYLVWDFOtQLFD\RGHXQDSULPHUDHQWUHYLVWDDSDGUHVHQHOFDVRGHQLxRV\DGROHVFHQWHVMyYHQHV

(/&21&(372'(352<(&&,Ï1

7RGDUHIHUHQFLDDORVWHVWVSUR\HFWLYRVQRVOOHYDDFRQVLGHUDUHOFRQFHSWRGHSUR\HFFLyQHQHOTXHVHEDVDQ\SRUHOTXHVHLQWHUSUHWDQHQVXPD\RUtDHVSHFLDOPHQWHHQORTXHFRQFLHUQHDODQiOLVLVFXDOLWDWLYRGHODVUHVSXHVWDVODLQWHUUHODFLyQFRQHOH[DPLQDGRUUHDFFLRQHVGHFRODERUDFLyQHLQKLELFLyQUHVSHFWRDO

SURFHGLPLHQWRWUDQVIHUHQFLDFRQWUDWUDQVIHUHQFLDHWF6LJXLHQGR D - /DSODQFKH \ - % 3RQWDOLV SXHGHQ DWULEXLUVH GRV VLJQL¿FDGRV DO FRQFHSWR

GH µSUR\HFFLyQ¶$(QSULPHUOXJDUVHWUDWDGHXQWpUPLQRXVDGRHQXQVHQWLGRPX\JHQHUDOHQ1HXURORJtD\)LVLRORJtD

SDUDGHVLJQDUOD RSHUDFLyQPHGLDQWHODFXDOXQ KHFKRQHXUROyJLFRR ¿VLROyJLFRVHGHVSOD]D\VHORFDOL]DHQHOH[WHULRUELHQSDVDQGRGHOFHQWURDODVXSHU¿FLHELHQSDVDQGRGHOVXMHWRDOREMHWR

+DPPHUFRPSDUDQXPHURVRVGLEXMRVHQEODQFR\QHJURFRQSURGXFFLRQHVJUi¿FDVDFURPiWLFDVDGHPiVGHFRPSOHPHQWDUODVLQYHVWLJDFLRQHVGH%XFNVREUHHO+73UHFRSLODQGRODPD\RUSDUWHGHODSURGXFFLyQH[LVWHQWHVREUHWHVWVSUR\HFWLYRVJUi¿FRV*UDVVDQRUHODFLRQDODSURGXFFLyQJUi¿FDFRQODFODVL¿FDFLyQSVLTXLiWULFD6LTXLHU\*DUFtD$U]HQRHODERUDQXQDGHODVVtQWHVLVHQ7pFQLFDV3UR\HFWLYDVTXHPiVVHKDQXWLOL]DGRHQJUDQSDUWHGHODV)DFXOWDGHVGH3VLFRORJtDGHQXHVWURSDtVHQODGpFDGDGHORV



%(QVHJXQGROXJDU\GHVGHHOSXQWRGHYLVWDSVLFRDQDOtWLFRODSUR\HFFLyQHVµODRSHUDFLyQSRUPHGLRGHODFXDOHOVXMHWRH[SXOVDIXHUDGHVtORFDOL]D\SUR\HFWDHQHORWURSHUVRQDRFRVDFXDOLGDGHVVHQWLPLHQWRVGHVHRVLQFOXVRREMHWRVTXHQRUHFRQRFHRTXHUHFKD]DHQVtPLVPR¶-/DSODQFKH-%3RQWDOLV

6LJQL¿FDGRGHOWpUPLQRµSUR\HFFLyQ¶HQ3VLFRORJtD

(O WpUPLQR µ3UR\HFFLyQ¶ WLHQH HQ 3VLFRORJtD GLIHUHQWHV VLJQL¿FDGRV \ GD QRPEUH D ORV VLJXLHQWHV SURFHVRV

(VXQSURFHVRGHLQWHUSUHWDFLyQGHOPXQGRH[WHUQRXWLOL]DGRSRUWRGRVHQIXQFLyQGHODVFDUDFWHUtVWLFDVSHUVRQDOHVLGHDVGHVHRVHWF5HFRUGHPRVODKLSyWHVLVSUR\HFWLYDHQHOODHOVXMHWRSHUFLEHHQIXQFLyQGHVXHVWUXFWXUDGHSHUVRQDOLGDG\GHODVFDUDFWHUtVWLFDVGHVXPXQGRLQWHUQRIDQWDVtDVPHFDQLVPRVGHGHIHQVDUHODFLyQGHREMHWRTXHVHUiQGLIHUHQWHVVHJ~QVHXELTXHQHQODSRVLFLyQHVTXL]RSDUDQRLGHRODGHSUHVLYD/)UDQN5DSDSRUW.OHLQ

3UR\HFFLyQSDUD5DSDSRUWµ(VWRGRPRGRGHRUJDQL]DUHOPXQGRSULYDGRGHOVXMHWR7RGRVHJPHQWRGHFRPSRUWDPLHQWRPXHVWUDODLPSURQWDGHODRUJDQL]DFLyQGHODSHUVRQDOLGDGUHVSHFWLYD\SHUPLWHODUHFRQVWUXFFLyQGHORVSULQFLSLRVRUJDQL]DWLYRVHVSHFt¿FRVGHHVWDSHUVRQDOLGDG¶

6H GHVLJQDFRQHO QRPEUH GHSUR\HFFLyQDO IHQyPHQR GHOD WUDQVIHUHQFLD SRU HOTXHHO SDFLHQWH SUR\HFWDVREUHHODQDOLVWDODLPDJHQGHVXSDGUHXRWURVDGXOWRVWUDQVIHUHQFLDSVLFRDQDOtWLFD)UHXG

(VHOSURFHVRTXHHQSVLFRDQiOLVLVVHGHQRPLQDLGHQWL¿FDFLyQ)UHXGHOVXMHWRVHDVLPLODDRWUDVSHUVRQDVRVHUHVVHDQDQLPDGRVRLQDQLPDGRV/D)RQWDLQHSUR\HFWDHQORVDQLPDOHVGHVXVµ)iEXODV¶VHQWLPLHQWRV\UD]RQDPLHQWRVDQWURSRPyU¿FRVVXEUD\D'$Q]LHX

2WURVLJQL¿FDGRHVHOGHODSUR\HFFLyQFRPRPHFDQLVPRGHGHIHQVDFRQVLVWHQWHHQDWULEXLUDOPXQGRH[WHUQRGHVHRVVHQWLPLHQWRVRUHFXHUGRVTXHHOVXMHWRFRQVLGHUDLQDFHSWDEOHVRQRSXHGHWROHUDU6)UHXG

&RQVWLWX\HXQDGHIHQVDSULPDULDIUHQWHDODDQVLHGDGFRQWULEX\HDDOWHUDUODSHUFHSFLyQH[WHULRU\VHGDGHIRUPDH[WUHPDHQODSDUDQRLD6)UHXG

(OFRQFHSWRGHSUR\HFFLyQHQOD2EUDGH6)UHXG

(OSULPHURHQXWLOL]DUHOWpUPLQRµSUR\HFFLyQ¶HV6)UHXGHQHQVXREUDµ/DQHXUDVWHQLD\ODQHXURVLVGHDQJXVWLD¶HQODTXHD¿UPDTXHµODSVLTXHGHVDUUROODXQDQHXURVLVGHDQJXVWLDFXDQGRQRVHVLHQWHHQFRQGLFLRQHVGHFRQWURODUODH[FLWDFLyQTXHVXUJHHQGyJHQDPHQWH\DFW~DFRPRVLKXELHUD

SUR\HFWDGRHVWDH[FLWDFLyQDOPXQGRH[WHULRU¶(Q HQ µ1XHYDV REVHUYDFLRQHV VREUH ODV QHXURSVLFRVLV GH GHIHQVD¶ 6 )UHXG D¿UPD TXH OD

SUR\HFFLyQ HV XQ SURFHVR TXH FRQVLVWH HQ DWULEXLU ORV SURSLRV LPSXOVRV VHQWLPLHQWRV R DIHFWRV D RWUDV SHUVRQDVFRPRXQIHQyPHQRGHIHQVLYR

(QHO µFDVR6FKUHEHU¶ 6 )UHXG HQµ2EVHUYDFLRQHV SVLFRDQDOtWLFDV VREUH XQFDVRGH

SDUDQRLD¶HODERUD GH QXHYR HVWH FRQFHSWR DXQTXH HQ HVWH FDVR VH REVHUYD MXQWR D RWURV PHFDQLVPRV GHGHIHQVD(OSDUDQRLFRWUDQVIRUPDVXVWHQGHQFLDVKRPRVH[XDOHVSUR\HFWDVXV UHSUHVHQWDFLRQHVLQWROHUDEOHVTXHYXHOYHQDpOGHVGHIXHUDHQIRUPDGHUHSURFKHV

(O µ<R ORDPR¶ VH WUDQVIRUPDPHGLDQWH OD UHSUHVLyQ SUR\HFFLyQ \ IRUPDFLyQUHDFWLYDHQµpOPHRGLD¶

<RORDPRWHQGHQFLDKRPRVH[XDOGDSDVRSRUUHSUHVLyQ\IRUPDFLyQUHDFWLYDD<RORRGLRTXHWDPSRFRSXHGHVHUWROHUDGR\TXHDVXYH]VHWUDQVIRUPDFRPRPHGLRGHOLEHUDUVH

GHHVWHµHVWRUER¶HQeOPHRGLD/DDWULEXFLyQGHORGLRRFXUUHSRUTXHODDSDULFLyQGHODUHSUHVHQWDFLyQWHQGHQFLDKRPRVH[XDOHQOD

FRQFLHQFLD<RORDPRTXHGDSURKLELGDSRUHO6XSHU<R(OVHQWLPLHQWRGHDPRUVHWUDQVIRUPDHQVXFRQWUDULRQRORDPRVLQRTXHORRGLR6LQHPEDUJRHVWHVHQWLPLHQWRKRVWLO\RORRGLRQRSXHGHVHUWROHUDGRGXUDQWH

PXFKRWLHPSRHQODFRQFLHQFLD\VHWUDQVIRUPDQXHYDPHQWHHQµeOPHRGLD¶SRUTXHVLHPSUHHVPiVIiFLOHQIUHQWDUVHDXQSHOLJURSUR\HFWDGRHQHOH[WHULRUeOPHRGLDTXHDXQRLQWHULRUL]DGR<RORDPRSURKLELGR<RORRGLRSRUTXHPHSHUVLJXH\QRSXHGRKDFHURWUDFRVD6)UHXG$Q]LHX

24 Tests proyectivos



(QWRGRVHVWRVFDVRVODSUR\HFFLyQVHGHVFULEHFRPRXQDµGHIHQVDSULPDULDIUHQWHDODDQVLHGDG¶\FRQVWLWX\HHODEXVRGHXQPHFDQLVPRQRUPDOFRQVLVWHQWHHQµEXVFDUHQHOH[WHULRUHORULJHQGHXQGLVSODFHU¶(OSDUDQRLFRSUR\HFWDVXVUHSUHVHQWDFLRQHVLQWROHUDEOHVTXHYXHOYHQDpOGHVGHIXHUDHQIRUPDGHUHSURFKHVDWUDYpVGHORVPHFDQLVPRVGHUHSUHVLyQIRUPDFLyQUHDFWLYD\SUR\HFFLyQ

(QHOFDVR6FKUHEHU)UHXGUHGHVFULEHHOFRQWHQLGRGHOVLVWHPDGHOLUDQWHGHHVWHSDFLHQWH

µ6HFRQVLGHUDEDOODPDGRDUHGLPLUDOPXQGR\GHYROYHUOHODELHQDYHQWXUDQ]DSHUGLGD3HURVyORSRGUtDFRQVHJXLUORGHVSXpVGHKDEHUVHWUDQVIRUPDGRHQPXMHU¶2EUDVFRPSOHWDVS

(Qµ7yWHP\WDE~¶6)UHXGODSUR\HFFLyQVLJXHVLHQGRXQSURFHVRGHIHQVLYRIUHQWHDODDQVLHGDG6LQHPEDUJRHQHVWDPLVPDREUDODSUR\HFFLyQQRVyORHVXWLOL]DGDFRPRGHIHQVDVLQRIRUPDQGR

SDUWHGHXQSURFHVRHYROXWLYRQDWXUDOHQHOTXHQRVLHPSUHKD\FRQÀLFWRV/DSUR\HFFLyQGHSHUFHSFLRQHVLQWHUQDV DO H[WHULRU HV XQ PHFDQLVPR SULPLWLYRTXH LQÀX\H HQ QXHVWUDV SHUFHSFLRQHV VHQVRULDOHV GH WDOPDQHUDTXHSDUWLFLSDHQODFRQVWUXFFLyQGHQXHVWURPXQGRLQWHUQRLGHQWL¿FDFLyQSUR\HFWLYDLGHQWL¿FDFLyQFRQHODJUHVRUHWF

3HURHVFRQODµ,QWHUSUHWDFLyQGHORVVXHxRV¶FXDQGR)UHXGFRQVLJXHXQYHUGDGHURLPSDFWRDOGHVFULELUHOIXQFLRQDPLHQWRGHXQVLVWHPDSURWRPHQWDOGHVFRQRFLGRKDVWDHQWRQFHV6HWUDWDGHXQDGHODVLGHDVQXFOHDUHVGHODWHRUtDSVLFRDQDOtWLFDODSUHVHQFLDGHXQFRQWHQLGRODWHQWHRFXOWRLQREVHUYDEOHDVLPSOHYLVWDUHODFLRQDGRFRQRWURVFODUDPHQWHPDQL¿HVWRV(QHVWDWUDQVIRUPDFLyQGHOFRQWHQLGRODWHQWHPDWHULDOLGHROyJLFRHQFRQWHQLGRPDQL¿HVWRLQWHUYLHQHQGRVPHFDQLVPRVIXQGDPHQWDOHVODFRQGHQVDFLyQ \HOGHVSOD]DPLHQWR

)UHXGLQWURGXFHODKLSyWHVLVGHOGHWHUPLQLVPRSVtTXLFRRKLSyWHVLVGHODFDXVDOLGDGSVtTXLFDSRUODFXDOJUDFLDVDODSUR\HFFLyQODUHVSXHVWDGHOSDFLHQWHSXHGHFRQVWLWXLUXQUHÀHMRGHXQFRQWHQLGRPiVRFXOWRLQREVHUYDEOH\TXHPHGLDQWHODLQWHUSUHWDFLyQSRGUiFRQYHUWLUVHHQREVHUYDEOH

(Q HVWD REUD SUR\HFFLyQ SXHGH LQWHUSUHWDUVH FRPR µSUR\HFFLyQ GH XQ GHVHR¶ \ WDPELpQ FRPRµVDWLVIDFFLyQ DOXFLQDWRULD GH GHVHRV¶ µ8Q VXHxR HV XQD SUR\HFFLyQ XQD H[WHUQDOL]DFLyQ GH XQ SURFHVRLQWHULRUFX\DVDVSLUDFLRQHVKDQTXHGDGRVDWLVIHFKDV¶(OVXMHWRHQHVWDGRGHVXHxRFDUHFHGHOFULWHULRSDUDGLIHUHQFLDUµHQWUHODVSHUFHSFLRQHVVHQVRULDOHVSURFHGHQWHVGHOH[WHULRU\ODVSURFHGHQWHVGHOLQWHULRU¶(Qµ/D

OLWHUDWXUDFLHQWt¿FDVREUHORVSUREOHPDVRQtULFRV¶S3RURWURODGRDOGRUPLUVHUHFRQVWLWX\HHOQDUFLVLVPRSULPLWLYRJUDFLDVDXQDUHJUHVLyQWHPSRUDO2WUDIRUPDGHUHJUHVLyQDXQDIDVHSULPLWLYDGHOGHVDUUROOROLELGLQDOVHGDDWUDYpVGHODµVDWLVIDFFLyQDOXFLQDWRULDGHGHVHRV¶(QODµ,QWURGXFFLyQDOQDUFLVLVPR¶ORVGHVHRVQRUHDOL]DGRVSXHGHQSUR\HFWDUVHHQORVVXHxRV¶S

(QHQVXREUDµ/RLQFRQVFLHQWH¶6)UHXGGHVFULEHODFRQVWUXFFLyQGHODVIRELDV(QODIRELDHOLQGLYLGXRSXHGHSURWHJHUVHSRUPHGLRGHWHQWDWLYDVGHIXJDFRQWUDXQSHOLJURH[WHUQR

µ(O<RVHFRPSRUWDFRPRVLHOSHOLJURGHDSDULFLyQGHODDQJXVWLDQRSURFHGLHVHGHXQLPSXOVRLQVWLQWLYRVLQRGHXQDSHUFHSFLyQ\HQFRQVHFXHQFLDSXHGHUHDFFLRQDUFRQWUDHVWDDPHQD]DH[WHULRUSRUPHGLRGHODVWHQWDWLYDV GH IXJD TXH VXSRQHQ ODV SUHFDXFLRQHV IyELFDV¶ µ/R LQFRQVFLHQWH¶ S WHPD TXH FRQWLQ~DWUDWDQGRPiVDGHODQWHHQµ,QKLELFLyQVtQWRPD\DQJXVWLD¶

3RVWHULRUPHQWH )UHXG DJUHJD TXH MXQWR D OD SUR\HFFLyQ GH DVSHFWRV LQFRQVFLHQWHV FRH[LVWH OD SHUFHSFLyQGHDVSHFWRVFRQVFLHQWHV/DSUR\HFFLyQHVXQµSURFHVR SVtTXLFRSULPDULR¶SDUHFLGR DOUHDOL]DGRGXUDQWHHOVXHxRµUHDOL]DFLyQDOXFLQDWRULDGHGHVHRV¶TXHWDPELpQRFXUUHHQODWUDQVIHUHQFLDSVLFRDQDOtWLFD&XDGURV,\,,

/DSUR\HFFLyQHVWiLPSOLFDGDHQORVWHVWVSUR\HFWLYRVSHURQRHVHO~QLFRSURFHVRVLQRTXHVHGDFRPRYHUHPRVPiVDGHODQWHFRQMXQWDPHQWHFRQODSHUFHSFLyQ&DS,,

/DFRQGHQVDFLyQHVXQRGHORVPHFDQLVPRVHVHQFLDOHVGHOIXQFLRQDPLHQWRLQFRQVFLHQWHTXHVHGHVDUUROODHQORVVXHxRV\HQHO

TXHXQVRORHOHPHQWRUHSUHVHQWD\FRQGHQVDGLYHUVDVFDGHQDVDVRFLDWLYDV(OPHFDQLVPRGHGHVSOD]DPLHQWRSHUPLWHTXHODFDUJDOLELGLQDODVRFLDGDLQLFLDOPHQWHDXQDUHSUHVHQWDFLyQVHGHVSUHQGD\VHYLQFXOHDRWUDVUHSUHVHQWDFLRQHVPXFKRPHQRVLQWHQVDVSHURUHODFLRQDGDVFRQHOOD

)UHXG6/RLQFRQVFLHQWH2EUDVFRPSOHWDV9RO9,0DGULG%LEOLRWHFD1XHYD

25Los tests proyectivos



&8$'521,&21&(372'(352<(&&,Ï1(1/$2%5$'()5(8'

$f2 2%5$ &217(1,'2

/$1(85$67(1,$< 352<(&&,Ï1'(6&21752/ /$1(8526,6'( /DSVLTXHVGHVDUUROODXQDQHXURVLVGHDQJXVWLDFXDQGRQRVHVLHQWHHQ $1*867,$ FRQGLFLRQHVGHFRQWURODUODµH[FLWDFLyQVH[XDO¶TXHVXUJHHQGyJHQDPHQWH

18(9$6 352<(&&,Ï1'()(16$ 2%6(59$&,21(6 (VXQSURFHVRTXHFRQVLVWHHQDWULEXLUORVSURSLRVLPSXOVRVVHQWLPLHQWRVR 62%5(/$6 DIHFWRVDRWUDVSHUVRQDVFRPRXQIHQyPHQRGHIHQVLYR 1(85236,&26,6 '('()(16$

/$,17(535(7$&,Ï1 352<(&&,Ï1352<(&&,Ï1'('(6(26 '(/2668(f26 8QVXHxRHVXQDSUR\HFFLyQ«GHXQSURFHVRLQWHULRUFX\DVDVSLUDFLRQHVKDQ

TXHGDGRVDWLVIHFKDV/RVVXHxRVGHµUHDOL]DFLyQGHGHVHRV¶VHRULHQWDQGHVGHHO SUHVHQWHKDFLDHOSDVDGRKDFLDHOUHFXHUGRDXQTXHSXHGDQHODERUDUVHSVLFR DQDOtWLFDPHQWHHQHOSUHVHQWH

$1È/,6,6 352<(&&,Ï1&216(59$&,Ï1'(/1$5&,6,602 )5$*0(17$5,2 (OSDFLHQWHDWULEX\HDRWUDVSHUVRQDVODUHVSRQVDELOLGDGGHORTXHOHRFXUUH '(81$+,67(5,$ /DSUR\HFFLyQW LHQHODIXQFLyQGHFRQVHUYDUVXHVWUXFWXUD\FRQVWLWX\H µ&$62'25$¶ XQDGHIHQVDIUHQWHDODSURSLDLPDJHQ

2%6(59$&,21(6 352<(&&,Ï1'()(16$35,0$5,$)5(17($/$$16,('$' 36,&2$1$/Ë7,&$6 (OSDUDQRLFRWUDQVIRUPDVXVWHQGHQFLDVKRPRVH[XDOHVSUR\HFWDVXV 62%5(81&$62'( UHSUHVHQWDFLRQHVLQWROHUDEOHVTXHYXHOYHQDpOGHVGHIXHUDHQIRUPDGH 3$5$12,$µ&$62 UHSURFKHV(OVXMHWREXVFDHQHOH[WHULRUODFDXVDGHXQGLVSODFHUGHOLULRVGHVHU

6&+5(%(5¶ SHUVHJXLGRGHOLULRVGHJUDQGH]D&RQVWLWX\HXQSURFHVRGHLQWURYHUVLyQGHOD OLELGRVH[XDO

7Ï7(0<7$%Ò 352<(&&,Ï1'()(16$)RUPDSDUWHGHXQSURFHVRHYROXWLYRQDWXUDOHQHO TXHQRVLHPSUHKD\FRQÀLFWR

,1752'8&&,Ï1$/ 352<(&&,Ï1352<(&&,Ï1'('(6(26 1$5&,6,602 /RVGHVHRVQRUHDOL]DGRVSXHGHQSUR\HFWDUVHHQORVVXHxRVGRQGHHOORJUR FRQWULEX\HDLQFUHPHQWDUODDXWRHVWLPD6HUHODFLRQDODOLELGRGHO<R\ODOLELGR REMHWDO




&8$'521,,&21&(372'(352<(&&,Ï1(1/$2%5$'()5(8'

$f2 2%5$ &217(1,'2

/$638/6,21(6< 352<(&&,Ï11$5&,6,602

686'(67,126 6HHVWDEOHFHGHVGHXQSXQWRGHYLVWDHFRQyPLFRODUHODFLyQH[LVWHQWHHQWUH SUR\HFFLyQ\QDUFLVLVPR)UHXGGHVFULEHXQHVWDGLRSULPLWLYRQDUFLVLVWDGH DXWRFRPSODFHQFLDFRPRSDVRSUHYLRHQODHYROXFLyQGHOEHEp YLQFXODGRGHVGHXQ SULQFLSLRDODµUHODFLyQGHREMHWR¶

/2,1&216&,(17( 352<(&&,Ï19,1&8/$'$$0(&$1,6026'('()(16$ /DSUR\HFFLyQDSDUHFHUHODFLRQDGDLJXDOPHQWHFRQRWURVPHFDQLVPRVGH GHIHQVD/DSUR\HFFLyQHTXLYDOHDXQSURFHVRSVtTXLFRSULPDULRSDUHFLGRDO UHDOL]DGRGXUDQWHHOVXHxR6HH[SOLFDHOGHVDUUROORGHOPHFDQLVPRGHODIRELD µFDVRGHOSHTXHxR+DQV¶

/$$',&,Ï10(7$ 1$785$/(=$352<(&7,9$'(/2668(f26 36,&2/Ï*,&$$/$ 0RVWUDUtDHOGHVLQWHUpVSRUHOPXQGRH[WHUQR\FyPRpVWHHVLQWURGXFLGR

7(25Ë$'(/26 VXWLOPHQWH\GHIRUPDLQFRQVFLHQWHHQHOFRQWHQLGRGHOVXHxR 68(f26

0È6$//È'(/ /$352<(&&,Ï17(1'(1&,$'(5,9$'$'(/$6&21',&,21(6 35,1&,3,2'(/ '((48,/,%5,2',1È0,&2<(&21Ï0,&23UHGRPLQDQHQHORUJDQLVPR 3/$&(5 ODVWHQGHQFLDVTXHEXVFDQHOHTXLOLEULRDVLPLODQGRHOHTXLOLEULRDORTXHGDSODFHU \HOGHVHTXLOLEULRDORTXHRULJLQDGLVSODFHURDXPHQWRGHWHQVLyQ(QWURQFDUtD FRQORVSRVWXODGRVGHOD3VLFRORJtD&RJQLWLYDGH-3LDJHW\OD(VFXHODGH *LQHEUD

,1+,%,&,Ï1 352<(&&,Ï13$6235(9,2$/'(63/$=$0,(172 6Ë1720$< '(/$)2%,$ $1*867,$ (QHOFDVRGHOSHTXHxR+DQVpVWHSUR\HFWD\GHVSOD]DDOH[WHULRUVXV

IDQWDVtDV\VHQWLPLHQWRVFRQYLUWLHQGRHQIRELDDOFDEDOORHOPLHGRTXHVLHQWH KDFLDVXSDGUH

(OFRQFHSWRGHSUR\HFFLyQHQORVWHVWVSUR\HFWLYRV

(OFRQFHSWRGHSUR\HFFLyQTXHVHDSOLFDHQORVWHVWVSUR\HFWLYRVGL¿HUHGHOXWLOL]DGRSRU6)UHXGHQXQDSULPHUDpSRFD\DTXHHQHOODHODXWRUVyORKDFHUHIHUHQFLDDODSUR\HFFLyQGHDVSHFWRVLQFRQVFLHQWHV\GHIHQVLYRV0LHQWUDVTXHORVWHVWVSUR\HFWLYRVIDYRUHFHQODSUR\HFFLyQGHDVSHFWRVWDQWRLQFRQVFLHQWHVFRPRFRQVFLHQWHVYLQFXODGRVDODQRUPDOLGDG\DODSDWRORJtD(MHPSORVTXHSXHGHQREVHUYDUVHHQHO5RUVFKDFKRHQHOWHVW31HQWUHRWURVFXDQGRHOVXMHWRUHFWL¿FDXQFRQWHQLGRHQODHQFXHVWDFRQWURODQGRDVtODHPLVLyQGHXQSRVLEOHFyGLJRHVSHFLDO5RUVFKDFKRVHGH¿HQGHGHODSUR\HFFLyQGHVXVWHQGHQFLDVHQSUHIHUHQFLDVHLGHQWL¿FDFLRQHV3,HQHOWHVW31DOQHJDUVRVOD\DURUDFLRQDOL]DUXQFRQWHQLGRTXHKXELHUDH[SUHVDGRFRQDQWHULRULGDGHQODµ+LVWRULD¶GHSHQGHGHODLQWHQVLGDG\IRUWDOH]DGHODGHIHQVDSDUDFRQVLGHUDUDOPHFDQLVPRQRUPDORSDWROyJLFR

/DVFRQFOXVLRQHVGH+ROPHVFLWDGDVSRUÈYLODVHxDODQTXHHQWRGDSHUFHSFLyQKD\ SUR\HFFLyQ\TXHpVWDQRHV~QLFDPHQWHLQFRQVFLHQWHFRLQFLGLHQGRFRQORSRVWXODGRSRU6)UHXGDSDUWLUGH

(Q\$ÈYLODUHYLVD\GHVWDFDGLIHUHQWHVKLSyWHVLVDOJXQDVGLUHFWDPHQWHUHODFLRQDGDVFRQHOFRQFHSWRGHSUR\HFFLyQ+LSyWHVLV3UR\HFWLYDFOiVLFD¶ 3DUWHGHOFRQFHSWRIUHXGLDQR TXH FRQVLGHUD ODSUR\HFFLyQFRPR XQD

GHIHQVDSULPDULDIUHQWHDODDQJXVWLD+LSyWHVLVµ+ROtVWLFDIXQFLRQDO¶ 6HFRQFLEH OD SHUVRQDOLGDG FRPR XQ WRGR HQLQWHUDFFLyQ FRQWLQXD \ GLQiPLFD FRQ HO PHGLR H[WHUQR /D KLSyWHVLV KROtVWLFD GHWHUPLQy OD




QXHYDRULHQWDFLyQGHORVWHVWVSUR\HFWLYRVHQODTXHVXUJHHOFRQFHSWR GH DSHUFHSFLyQ \ GLVWRUVLyQ DSHUFHSWLYD WpUPLQRV XWLOL]DGRV SRU %HOODNHQVXFXiGUXSOHFODVL¿FDFLyQ&DS,+LSyWHVLVGHODµ'HVYLDFLyQ¶ (VWDKLSyWHVLVVRVWLHQHTXHFRQORVWHVWVSUR\HFWLYRVVHLQWHQWDnFRQRFHU ODVGHVYLDFLRQHVSHUVRQDOHVGHODVSDXWDVGHUHVSXHVWDSURFHGHQWHVGH ORVVLVWHPDVLQGLYLGXDOHVGHODPD\RUtDGHODVSHUVRQDV+LSyWHVLVGHOµ1LYHOGH 3DUWHGHODDPELJHGDGGHORVHVWtPXORVTXHFRQÀX\HQHQHVWRVWHVWV,DGDSWDFLyQ¶ ORVFXDOHVLQÀX\HQHQODVGLIHUHQFLDVLQGLYLGXDOHV,HQODSHUFHSFLyQGHO REMHWR/DVUHVSXHVWDVVHFODVL¿FDQGHDFXHUGRDODVIRUPDVGHSHUFLELUHO HVWtPXOR &RPR IRFR SULQFLSDO &RPR WUDVIRQGR GHO FDPSR SHUFHSWLYR&RPRUHVLGXRGHH[SHULHQFLDVDQWHULRUHV+LSyWHVLVGHORVµ(VWDGRV 6HJ~QHVWD KLSyWHVLV HO SURFHVRSHUFHSWLYRHVWDUtD GHWHUPLQDGRSRUGLUHFWLYRV¶ HVWDGRVLQWHUQRV\HVSHFt¿FRVGHORUJDQLVPR+LSyWHVLVGHODµ$FWLYLGDG 6H YLQFXOD OD DFWLYDFLyQ GHO SURFHVR SHUFHSWLYR D OD GLVSRVLFLyQ

SHUFHSWLYD¶ LQGLYLGXDO+LSyWHVLVGHODµ6LWXDFLyQ 3DUWH GHOLQWHQWRGH DGDSWDU ORVWHVWVSUR\HFWLYRVD OD FRQVLGHUDFLyQH[SHULPHQWDO¶ GHO FRQGXFWLVPR PHGLDFLRQDO (25 GRQGH HO SDSHO GH 2 HV SDUD DOJXQRVVLPLODUDOGHOVLWXDFLRQLVPR6HJ~QODKLSyWHVLVVLWXDFLRQDO H[SHULPHQWDO ORV WHVWV SUR\HFWLYRV VH DSOLFDUtDQ HQ XQD VLWXDFLyQ H[SHULPHQWDOHQODTXHHOFRQWUROGHGHWHUPLQDGDVYDULDEOHVH[WHUQDV\ PHGLDFLRQDOHVSRWHQFLDUtDHODQiOLVLVGHODVUHVSXHVWDVDOWHVW+LSyWHVLVµ&RJQLWLYR 'HVGHHVWDKLSyWHVLVVHGDVRSRUWHDORVSURFHGLPLHQWRVGHSURFHVDUH[SHULPHQWDO¶ OD LQIRUPDFLyQ DSOLFDQGR XQ PRGHOR GH SURFHVDPLHQWR D OD VLWXDFLyQ GHWHVWDOWUDWDUGHFRQRFHUDWUDYpVGHODLQWHUSUHWDFLyQGHORVHVWtPXORV OR TXH SDVDSRU OD PHQWHGHO VXMHWRGHVGH OD SUHVHQWDFLyQGHO FDPSR HVWLPXODUGHODOiPLQDKDVWDTXHVHSURGXFHODUHVSXHVWDLQYHVWLJDFLRQHV VREUH HO SURFHVR GH UHVSXHVWD LQLFLDGDV SRU 5RUVFKDFK \ FRQWLQXDGDV SRU([QHU\RWURVDXWRUHV

+LSyWHVLVµ&RJQLWLYo$SOLFDGD¶ 6HJ~QHVWDKLSyWHVLV VH FRQFLEHOD SUR\HFLyQFRPRODH[SUHVLyQ GHO FRPSRUWDPLHQWRHQFXELHUWRGHXQLQGLYLGXRHQUHODFLyQDORVHVWtPXORV UHOHYDQWHVSXGLHQGRVHUXQLQGLFDGRUGHODFDSDFLGDGGHDGDSWDFLyQDOD UHDOLGDG+LSyWHVLVµ([LVWHQFLDOKXPDQLVWD¶ 'HVGHHVWDKLSyWHVLVSURFHGHQWHGHHQIRTXHVKXPDQLVWDV\H[LVWHQFLDOHV VREUHODSHUVRQDOLGDGHOWUDWDPLHQWRSVLFROyJLFR\OD3VLFRORJtD&OtQLFD VH RWRUJD D ODV µWpFQLFDV SUR\HFWLYDV¶ OD FDSDFLGDG GH SRGHU FRQFHSWXDOL]DU OD H[SHULHQFLD GH ORV GHPiVGH IRUPDVLVWHPiWLFD\ FRQVLVWHQWH

/D3VLFRORJtD3UR\HFWLYDGH/$EW\/%HOODN/$EW\/%HOODNLQWHQWDQKDFHUGHOD3VLFRORJtD3UR\HFWLYDXQDWHRUtDLQGHSHQGLHQWHTXH

FRQVWLWX\DODEDVHGHORVWHVWVSUR\HFWLYRV6HJ~Q/%HOODNHOVXSXHVWREiVLFRGH)UHXGHVTXHµORVUHFXHUGRVGHODVSHUFHSFLRQHVSDVDGDVLQÀX\HQVREUHODSHUFHSFLyQGHHVWtPXORVDFWXDOHV\QRVyORFRQ¿QHVGHGHIHQVD¶(QFRQVHFXHQFLDSRVWXODTXHWRGDSHUFHSFLyQDFWXDOVXIUHODLQÀXHQFLDGHODSHUFHSFLyQSDVDGD

/%HOODNSURSRQHXWLOL]DUHOWpUPLQRGHµDSHUFHSFLyQ¶HQOXJDUGHOGHSUR\HFFLyQFXDQGRVHUH¿HUHDORVSURFHVRVSHUFHSWLYRVJHQHUDOHV$VtGH¿QHODµDSHUFHSFLyQ¶FRPRµODLQWHUSUHWDFLyQGLQiPLFDPHQWHVLJQL¿FDWLYD TXH XQ RUJDQLVPR KDFH GH XQD SHUFHSFLyQ¶ \ GLVWLQJXH FXDWUR PRGDOLGDGHV GH µGLVWRUVLyQDSHUFHSWLYD¶SUR\HFFLyQLQYHUWLGDSUR\HFFLyQVLPSOHVHQVLELOL]DFLyQ\H[WHUQDOL]DFLyQ

$EW/%HOODN/ /D3VLFRORJtD3UR\HFWLYD%XHQRV$LUHV3DLGyV




/D SUR\HFFLyQ LQYHUWLGD HV HO JUDGR Pi[LPR GH µGLVWRUVLyQ DSHUFHSWLYD¶ SURSLRGH OD SDUDQRLD5HFRUGHPRVHOFDVR6FKUHEHUHQHOTXHODSUR\HFFLyQHVHOPHFDQLVPRSUHGRPLQDQWH,GiQGRVHMXQWRDRWURVPHFDQLVPRVODLQYHUVLyQGHODIHFWR

/D SUR\HFFLyQ VLPSOH HV XQ WLSR GH DSHUFHSFLyQ LJXDOPHQWH LQFRQVFLHQWH \ GH FDUDFWHUtVWLFDVVLPLODUHVSHURVLQOOHJDUDOJUDGRGHSDWRORJtDDQWHULRU

/DVHQVLELOL]DFLyQVHKDOODYLQFXODGDDSURFHVRVQHXUyWLFRV\DTXHQRVHREVHUYDODJUDYHGLVWRUVLyQTXHPXHVWUDQRWURVWLSRVGHSUR\HFFLyQ

/DH[WHUQDOL]DFLyQVHREVHUYDHQSURFHVRVSUHFRQVFLHQWHV\SVHXGRQRUPDOHVHQORVTXHHOVXMHWR SXHGHUHFRQRFHUVXVSUR\HFFLRQHV

8QDDPSOLDFLyQGHHVWHWHPDVHHQFXHQWUDHQ/$EW\/%HOODN/D3VLFRORJtD3UR\HFWLYD/DVLQYHVWLJDFLRQHVFLWDGDV\RGHVDUUROODGDVHQORVSUy[LPRVFDStWXORVSXHGHQFRQVWLWXLUXQDPXHVWUDGHODFRQWULEXFLyQGHO5RUVFKDFK\ODVWpFQLFDVSUR\HFWLYDVDOGLDJQyVWLFR\ODLQWHUYHQFLyQSVLFROyJLFD

1$785$/(=$'(/267(676352<(&7,926(O SULPHUR HQ FUHDU OD H[SUHVLyQµ0pWRGRV 3UR\HFWLYRV¶ HV / . )UDQN HQ HQ VX DUWtFXOR

µ3URMHFWLYH0HWKRGVIRUWKHVWXG\RISHUVRQDOLW\¶SDUDGHVLJQDUODVSUXHEDVSVLFROyJLFDVTXHLPSOLFDQOD SUHVHQWDFLyQGHXQDVLWXDFLyQHVWtPXORTXHSXHGHVHUUHVSRQGLGDGHPXFKDVPDQHUDV\TXHHYRFDHQHOVXMHWRFDUDFWHUtVWLFDVGHVXSHUVRQDOLGDG

)UDQNDSOLFDHOFRQFHSWRGHµSUR\HFFLyQ¶FRQREMHWRGHPRVWUDUFyPRHOVXMHWRFRQWHPSODODUHDOLGDGHQIXQFLyQGHODVH[SHULHQFLDVDGTXLULGDVHQHOSDVDGR\GHVXVFDUDFWHUtVWLFDVLQWHUQDV

µ3RGHPRVFDSWDUODSHUVRQDOLGDGGHOLQGLYLGXRHLQGXFLUORDUHYHODUVXPDQHUDSDUWLFXODUGHRUJDQL]DUOD

H[SHULHQFLDRIUHFLpQGROHXQFDPSRGHREMHWRVPDWHULDOHV\ H[SHULHQFLDVUHODWLYDPHQWHSRFRHVWUXFWXUDGR\ SRFRGRWDGRGHRUJDQL]DFLyQFXOWXUDOD¿QGHTXHSXHGDSUR\HFWDUVREUHHVHFDPSRPDOHDEOHVXPDQHUDGHYHUODYLGDHOVHQWLGRTXHWLHQHQSDUDpOVXVYDORUHVVXVHVWUXFWXUDV\VREUHWRGRVXVVHQWLPLHQWRV¶RSXVFLW

'HHVWHPRGRVHSURYRFDODSUR\HFFLyQGHOPXQGRLQWHUQRLQVWDQGRDOVXMHWRDTXHRUJDQLFHHOFDPSRGHHVWtPXORVORLQWHUSUHWH\SXHGDUHDFFLRQDUDQWHpODIHFWLYDPHQWH&RQVWLWX\HRWUDKLSyWHVLVVREUHODSUR\HFFLyQ

)UDQNFUHDVHJ~Q'$Q]LHXODH[SUHVLyQµPpWRGRSUR\HFWLYR¶FRQREMHWRGHGHVWDFDUHOSDUHQWHVFRH[LVWHQWHHQWUHWUHVSUXHEDVSVLFROyJLFDV\DFRQRFLGDVHQHVWDpSRFD

(OWHVWGHµ$VRFLDFLyQGHSDODEUDV¶GH-XQJ(OWHVWGHODVµ0DQFKDVGHWLQWD¶GH+5RUVFKDFK(OWHVWGHµ$SHUFHSFLyQWHPiWLFD¶GH+$0XUUD\/DV LQYHVWLJDFLRQHV GH / . )UDQN FRQVWLWX\HQ HO SULPHU LQWHQWR GH VLVWHPDWL]DU HVWDV SUXHEDV

ODVFXDOHVVHEDVDQHQODKLSyWHVLVGHQRPLQDGDDSDUWLUGH5DSDSRUWµKLSyWHVLVSUR\HFWLYD¶

VHJ~QODFXDOHQFXDOTXLHUSHUFHSFLyQGHXQDVLWXDFLyQH[WHUQDLQWHUYLHQHQDVSHFWRVLQWHUQRVSRUORTXHODVHVWUXFWXUDVSVLFROyJLFDV(OOR<R6XSHU\RRUDVJRVHVHQFLDOHVGHODSHUVRQDOLGDGDWUDYpVGHOLQFRQVFLHQWH\GHOFRQWHQLGRODWHQWHGHODVUHVSXHVWDVSXHGHQDSDUHFHUHQHOFRPSRUWDPLHQWRPDQL¿HVWRUHVSXHVWDVDORVHVWtPXORVGHOWHVW

5DSDSRUWVRVWLHQH

µ6LWRGDDFWLYLGDGGHXQLQGLYLGXRGDGROOHYDHQVtHOVHOORGHVXLQGLYLGXDOLGDGVLVHODLQWHUSUHWDFRUUHFWDPHQWHFXDOTXLHUFRQGXFWDGHEHUiVHUYLUFRPRtQGLFHGHVXLQGLYLGXDOLGDG\GHVXVFDUDFWHUtVWLFDVGHDGDSWDFLyQRLQDGDSWDFLyQ¶

:KLWH SURSRQH OODPDUD HVWDV SUXHEDV WHVWVGHLPDJLQDFLyQ%HOODFN ORVGHQRPLQDWHVWVGHDSHUFHSFLyQ:%&DWWHOOWHVWVGLQiPLFRV\(\VHQFNWHVWVQRHVWUXFWXUDGRV7DOFRPR

/DDXWRUDVHUH¿HUHDODVQXPHURVDVDSRUWDFLRQHVGH([QHU:HLQHU\XQODUJRHWFpWHUDGHDXWRUHVTXHDSOLFDURQVLQFRQVWLWXLUXQDµUpSOLFD¶DOJXQDVGHODVLQYHVWLJDFLRQHVGH([QHU%XFN*UDVVDQRHWF




VXEUD\DÈYLODHOFRQFHSWRGHSUR\HFFLyQXWLOL]DGRSRU/)UDQNHVHOPLVPRTXHDSOLFDUtD/HZLQDOUHIHULUVHDODRUJDQL]DFLyQGHOFDPSRSHUFHSWLYR

6HYHUiQDOJXQDVGHVXVSULQFLSDOHVFDUDFWHUtVWLFDVDVtFRPRODVFODVL¿FDFLRQHVDSRUWDGDVSRUGLYHUVRVHVWXGLRVRV

'(6$552//2'(/267(676352<(&7,926

/RVWHVWVSUR\HFWLYRVVHEDVDQHQODFRQFHSFLyQGHOLQGLYLGXRFRPRXQWRGRFRQFHSFLyQKROtVWLFDGHODSHUVRQDOLGDGGRWDGRGHXQDHVWUXFWXUDLQWHUQDGLQiPLFD\SHUVRQDOUHJLGDSRUOH\HVHFRQyPLFDV\HVSHFt¿FDV6XREMHWLYRHVIDYRUHFHUHOFRQRFLPLHQWRGHODSHUVRQDOLGDGLQGLYLGXDOUHÀHMDGDHQODFRQGXFWD\H[SUHVDGDDWUDYpVGHODVUHVSXHVWDVGDGDVSRUHOVXMHWR\UHJLVWUDGDVHQVXVUHVSHFWLYRVSURWRFRORV

3DUD-(%HOO ,ODSHUVRQDOLGDGHVXQDHVWUXFWXUDGLQiPLFDTXHVHGHVDUUROODGHELGRDLQÀXHQFLDV¿VLROyJLFDVSVLFROyJLFDV\VRFLRFXOWXUDOHV(QGLFKRGHVDUUROORWDQWRODHVWUXFWXUDGHSHUVRQDOLGDGFRPRODLQÀXHQFLDGHOPHGLRVHUHÀHMDQHQODFRQGXFWD

(QWUHORVSULPHURVDXWRUHVGHGLFDGRVDOHVWXGLRGHORVWHVWVSUR\HFWLYRVGHVWDFDQD¿QDOHVGHOVLJOR;,;%XUW\*DOWRQTXLHQHVLQGDJDQODVSRWHQFLDOLGDGHVSUR\HFWLYDVGHXQPDWHULDOEDVDGRHQXQDOLVWDGHSDODEUDVTXHKDEtDTXHUHODFLRQDU

(QODSULPHUDGpFDGDGHOVLJOR;;:HUWKHLPHULQYHVWLJDGLFKDVWpFQLFDVSDUDGHWHUPLQDUODFXOSDELOLGDGHLQRFHQFLDGHORVDFXVDGRVGiQGROHVFLHUWD¿DELOLGDGGLDJQyVWLFDDXQTXHVHWUDWDEDD~QGHWUDEDMRVLQFLSLHQWHV6LQHPEDUJRIXHURQ&*-XQJ.HQW\5RVDQRIIORVSULPHURVHQXWLOL]DUORVWHVWVSUR\HFWLYRVFRQPXFKRPD\RUULJRUFLHQWt¿FR6HGHEHD.HQW\5RVDQRIIHQDXQTXHGHIRUPDSUHOLPLQDUODYDOLGDFLyQGHOµWHVWGH$VRFLDFLyQGH3DODEUDV¶GH-XQJ

/DSUXHEDGHµ$VRFLDFLyQGHSDODEUDV’GH&*-XQJ

-XQJEDViQGRVHHQODLQWHUSUHWDFLyQGHORVVXHxRVHODERUDXQDSUXHEDGHµ$VRFLDFLyQGHSDODEUDV¶TXHVHJ~Q'$Q]LHXQDFHEDMRODLQÀXHQFLDGHOD3VLFRORJtD$VRFLDFLRQLVWDGHO3VLFRDQiOLVLVLQFLSLHQWH\OD&ODVL¿FDFLyQ3VLTXLiWULFDGHODpSRFD ,UHYLVDGDSRU(%OHXOHU

(OµDVRFLDFLRQLVPR¶TXH\DVHKDEtDH[SDQGLGRD¿QDOHVGHO;,;WUDWDEDGHH[SOLFDUODYLGDPHQWDOIXQGiQGRVHHQODDVRFLDFLyQGHLGHDV3UREDEOHPHQWHORVWUDEDMRVGH*DOWRQVREUHODDVRFLDFLyQGH

SDODEUDVLQÀXLUtDQHQ6 )UHXGSDUDTXLHQ GLFKDVµDVRFLDFLRQHV¶VHLPSRQtDQDOD FRQFLHQFLD\VHUHODFLRQDEDQFRQORVUHFXHUGRVLQIDQWLOHV

/DVHJXQGDIXHQWHHQHOGHVDUUROORGHORVWHVWVSUR\HFWLYRVHVHOµSVLFRDQiOLVLV¶\FRQFUHWDPHQWHODREUDGH6)UHXGµ3VLFRSDWRORJtDGHODYLGDFRWLGLDQD¶'HDKtSDUWLUtDODLGHDGHUHODFLRQDUODVDVRFLDFLRQHVGHSDODEUDVFRQODVSUHRFXSDFLRQHVSHUVRQDOHVHLQFRQVFLHQWHVGHOVXMHWR'HHVWHPRGR-XQJEDViQGRVHHQODLGHDGHTXHODLQWURGXFFLyQGHSHQVDPLHQWRV

LQFRQVFLHQWHVHQODFRQFLHQFLDSRGtDFDPELDUHOVHQWLGRGHODIUDVHHQXQFLDTXHµODDOWHUDFLyQGHODFDGHQDGHDVRFLDFLRQHV¶FRQVWLWX\HHOLQGLFLRGHODSUHVHQFLDGHXQSHQVDPLHQWRODWHQWHHQODFRQFLHQFLDKHFKRTXHSHUPLWHUHYHODUODVWHQGHQFLDVRFRQÀLFWRVPiVSURIXQGRV'LFKDDOWHUDFLyQVHREVHUYDHQHO5RUVFKDFKHQODVGHQRPLQDGDVUHVSXHVWDVGHVYLDGDVJUDYHVRSDWRJQRPyQLFDV'9JUDYHVKR\'5(Q09LYHVRHQODVUHVSXHVWDVGHVYLDGDVGHQLYHO'5-([QHUHWFHQODVTXHHOSDFLHQWHSLHUGHVXREMHWLYLGDGFDPELDQGRGHIRUPDPiVRPHQRVOODPDWLYDHOVHQWLGRXRULHQWDFLyQGHODIUDVHYpDVHHQHO&DS,,,

/D WHUFHUD LQÀXHQFLD µOD FODVL¿FDFLyQ SVLTXLiWULFD GH OD pSRFD¶ SURFHGH GH ( %OHXOHU TXLHQGLIHUHQFLDGRVIRUPDVGHHQIHUPHGDGPHQWDOODµGHPHQWLDSUDHFR[¶\ODµORFXUDPDQtDFRGHSUHVLYD¶

&RPRVHYHUiPiVDGHODQWHODDXWRUDKDFHUHIHUHQFLDDO GHVDUUROORGHODVLQVWDQFLDVSVtTXLFDVDODH[LVWHQFLDGH XQPXQGRLQWHUQRFDSD]GHHODERUDUIDQWDVtDVLQFRQVFLHQWHVTXHVHVLUYHGHPHFDQLVPRVGHGHIHQVD ORVFXDOHVVHSRQHQHQIXQFLRQDPLHQWRDOHUWDGRVSRUODSUHVHQFLDGHXQFRQÀLFWRHQWUHODVLQVWDQFLDVSVtTXLFDVRDOWUDWDUGHVXSHUDUGHIRUPDQDWXUDORFRQÀLFWLYDXQDHWDSDGHOGHVDUUROORSVLFROyJLFR




µ/DGHPHQWLDSUDHFR[¶DODTXHGHQRPLQDHVTXL]RIUHQLDWLHQHHQWUHVXVVtQWRPDVIXQGDPHQWDOHVODHVFLVLyQGHO<RODGLVWRUVLyQSHUFHSWLYDIDOWDGHFRQWDFWRFRQODUHDOLGDG\HODXWLVPRDGHPiVGHGHOLULRV\DOXFLQDFLRQHVTXHVHGHVFULEHQHQHOFULWHULRQ~PHURGHOµ5HVHDUFK'LDJQRVWLF&ULWHULD¶5'&\HQORVFULWHULRVSDUDHOGLDJQyVWLFRGLIHUHQFLDOGHHVTXL]RIUHQLDGHVFULWRVHQHO'60,9

µ/DORFXUDPDQtDFRGHSUHVLYD¶GHQRPLQDGDORFXUDFLUFXODUSRU)DOUHWIXHGH¿QLGDSRUGLFKRDXWRUFRPRODUHSURGXFFLyQVXFHVLYD\UHJXODUGHOHVWDGRPDQtDFRGHSUHVLYRGHOHVWDGRPHODQFyOLFR\GHXQLQWHUYDORO~FLGRPiVRPHQRVODUJR7DPELpQIXHGHQRPLQDGDORFXUDGHGREOHIRUPDSRU%DLOODUJHUHQFDUDFWHUL]iQGRVHSRUODVXFHVLyQGHGRVSHUtRGRVGHH[FLWDFLyQ\GHSUHVLyQ

3DUHFHVHUTXHODGLIHUHQFLDFLyQHQWUHHVWDVGRVFODVHVGHHQIHUPHGDGPHQWDO\GHDKtHOLQWHUpVTXH SXHGHQ WHQHU ODV OtQHDV DQWHULRUHVPRYHUtD D-XQJDHVWDEOHFHU GRVIRUPDVGH SHQVDUD ODV TXHGHQRPLQDLQWURYHUVLyQ\H[WUDYHUVLyQSXQWRGHOTXHSDUWH+ 5RUVFKDFKSDUDLQLFLDUVX WHRUtDGH ODSHUVRQDOLGDGLQGDJDFLRQHVFRQWLQXDGDVDFWXDOPHQWHSRU([QHUTXLHQDVXYH]LQWHQWDH[SOLFDUODWHRUtDSDUWLHQGRGH ODV GLIHUHQFLDV VXVFLWDGDV HQ OD LQWHUSUHWDFLyQ GH ORV HVWLORV SUHIHUHQWHV GH UHVSXHVWD GHVDUUROODGRVDPSOLDPHQWHHQHO&DS,9

(OWHVWGH3VLFRGLDJQyVWLFRGH+5RUVFKDFK

'HVSXpVGHODSULPHUDJXHUUDPXQGLDOHQ VHSXEOLFD ODSUXHEDGH ODVµPDQFKDVGHWLQWD¶GH5RUVFKDFKFRQVLGHUDGDQRFRPRXQDSUXHEDGHLPDJLQDFLyQVLQRGHSHUVRQDOLGDG'$Q]LHX\GHSHUFHSFLyQ-(([QHU\DTXHODRUJDQL]DFLyQLQGLYLGXDOGHODSHUVRQDOLGDGHVODTXHHVWUXFWXUDODSHUFHSFLyQGHHVWDVPDQFKDV/DDSOLFDFLyQGHHVWDSUXHEDSHUPLWHGHVFULELUODVFDUDFWHUtVWLFDVSVLFROyJLFDVGHOLQGLYLGXRFODVL¿FDUODVGHDFXHUGRDXQDVHULHGHFDWHJRUtDVSVLFROyJLFDV\R

SVLFRSDWROyJLFDVHVWDEOHFHUXQSURQyVWLFRWRPDUGHFLVLRQHVWHUDSpXWLFDVSODQL¿FDUODLQWHUYHQFLyQ\FRQODDSOLFDFLyQGHXQVHJXQGR5RUVFKDFKHYDOXDUORVFDPELRVFRQVHJXLGRVFRQHOWUDWDPLHQWR

(QODGpFDGDGHORVWUHLQWDHOµ3V\FKRGLDJQRVWLN¶VHLQWURGXFHHQORV((88PRWLYDGRSRUHOp[RGRLQYROXQWDULR GH LQYHVWLJDGRUHV TXH FRPR %HFN .ORSIHU +HUW] 3LRWURZVNL\5DSDSRUWDEDQGRQDQODFRQIURQWDFLyQHXURSHD\VHFRQYLHUWHQHQFDEH]DVGHHVFXHODGHORVFLQFRVLVWHPDV5RUVFKDFKQRUWHDPHULFDQRV3DUDOHODPHQWHHQ(XURSDGHVWDFDQODVLQGDJDFLRQHV\DSRUWDFLRQHVGH%RKP/RRVOL8VWHUL\$OFRRFN

(QWUH\SUREDEOHPHQWHDOJXQRVDxRVDQWHV([QHULQLFLDODUHFRSLODFLyQ\VtQWHVLVGHORVFLQFRVLVWHPDV5RUVFKDFKH[LVWHQWHVHQ1RUWHDPpULFDSURFHVRTXHFXOPLQDUtDHQFRQODSXEOLFDFLyQGHVXµ&RPSUHKHQVLYH6\VWHP¶UHYLVDGRFRQVWDQWHPHQWH\GRQGHVXEUD\DHOSDSHOGHODSHUFHSFLyQHQODHODERUDFLyQGHODUHVSXHVWDWDOFRPR\DVHxDODED5RUVFKDFKHQ

/DSODQL¿FDFLyQ\HYDOXDFLyQGHODLQWHUYHQFLyQKDQVLGRREMHWLYRVPiVUHFLHQWHVSRWHQFLDGRVSRUODVLQYHVWLJDFLRQHVGH([QHU:HLQHU\PiVDFWXDOPHQWHSRU3K(UJEHUJ

DGHPiVGHOLQWHUpV\ODQHFHVLGDGTXHDOJXQRVWHUDSHXWDVKDQGHPRVWUDGRDOLQYHVWLJDU

-XQJGH¿QHODµLQWURYHUVLyQ¶SDUWLHQGRGHODWHUPLQRORJtDSVLFRDQDOtWLFDVHJ~QODFXDOµXQDSDUWHGHODPRUTXHSUHYLDPHQWHVHGLULJLUtDDXQREMHWRUHDOVHµLQWURYLHUWH¶VHµUHWUDH¶ VHRULHQWDKDFLDDGHQWURKDFLDHOSURSLRVXMHWR¶$VtOD LQWURYHUVLyQVHFDUDFWHUL]DSRUXQDUHODFLyQPiVELHQQHJDWLYDFRQHOREMHWR/DFRQGXFWDGHOLQWURYHUWLGRYLHQHFRQGLFLRQDGDSRUIDFWRUHVVXEMHWLYRVTXHLQÀX\HQHQVXDGDSWDFLyQDOPHGLR6XIXQFLyQSULPRUGLDOHVHOSHQVDPLHQWR3RUVXSDUWHODH[WUDYHUVLyQVHFDUDFWHUL]DSRUXQDUHODFLyQSRVLWLYDFRQHOREMHWRVLHQGRVXIXQFLyQSULPRUGLDOHOVHQWLPLHQWR(OH[WUDYHUVLYRHVXQDSHUVRQDTXHVXHOHDGDSWDUVHDODVQRUPDVVRFLDOHVYLJHQWHV

5RUVFKDFKGHQRPLQDLQWURYHUVLYRDO LQGLYLGXRTXHµYLYHPiVKDFLDGHQWURTXHKDFLDDIXHUD¶\H[WUDWHQVLYRDOLQGLYLGXRTXHWLHQGHDYLYLUPiVKDFLDIXHUD¶\TXHVHFDUDFWHUL]DSRUXQDPRWLOLGDGH[FLWDEOH\XQDDIHFWLYLGDGLQHVWDEOH$JUHJDXQWHUFHUWLSRDOTXHGHQRPLQyDPELWHQGHQWH\PiVWDUGHLQWURGXFHHOFRQFHSWRGHFRDUWDWLYRSRUVXWHQGHQFLDDODFRDUWDFLyQGHORVGHWHUPLQDQWHVGHPRYLPLHQWR00\RGHFRORU&&,QFOXVRREVHUYDUtDTXHHQORVSURWRFRORVFRQXQLQFUHPHQWRGHGLFKDVUHVSXHVWDVpVWDVVXFHGtDQDODVUHVSXHVWDVGHIRUPDSXUD)

(OLQWURYHUVLYRSRVWXOD([QHUWLHQGHDXWLOL]DUSULPRUGLDOPHQWHODUHÀH[LyQWDQWRSDUDVROXFLRQDUVXVSUREOHPDVFRPRSDUDVDWLVIDFHUVXVQHFHVLGDGHV(OH[WUDWHQVLYREXVFDUHVROYHUVXVGL¿FXOWDGHVPHGLDQWHODLQWHUDFFLyQFRQHOPXQGRTXHOHURGHDPLHQWUDVTXHHODPELJXDORDPELWHQGHQWHFDUHFHGHXQHVWLORGH¿QLGRGHUHVSXHVWDFRPSRUWiQGRVHXQDVYHFHVFRPRLQWURYHUVLYRRWUDVFRPRH[WUDWHQVLYR$FWXDOPHQWH([QHUDJUHJDDORVDQWHULRUHVORVHVWLORVFRQ/DPEGDDOWRRHVWLORVHYLWDWLYRV





WDQWRODHYROXFLyQGHOSURFHVRWHUDSpXWLFRFHQWUDGDHQODLQWHUDFFLyQWHUDSHXWDSDFLHQWHFRPRORVFDPELRVGHOVXMHWRGHWHFWDGRVHQHODQiOLVLVGHGLFKDLQWHUDFFLyQ\DOFRPSDUDUORVUHVXOWDGRVREWHQLGRVHQXQDVHJXQGDDGPLQLVWUDFLyQGHODSUXHEDFRQORVSURFHGHQWHVGHXQDSULPHUDDSOLFDFLyQ([QHU\:HLQHU([QHU\6DQJODGH9LYHVDE5RUVFKDFKQRVHOLPLWDEDDLQWHUSUHWDUHOFRQWHQLGRGHODVDVRFLDFLRQHVGHVXVSDFLHQWHVVLQRTXHDQDOL]DEDHOSURFHVRGHREWHQFLyQGHODUHVSXHVWDDODTXHFRQVLGHUDEDGHWHUPLQDGDSRUODSHUFHSFLyQ5RUVFKDFK([QHUÈYLOD

(QVHSXEOLFDHOWHVWGH6]RQGLSRFRXWLOL]DGRKR\HQGtD\TXHVHDSOLFDEDIXQGDPHQWDOPHQWHDOGLDJQyVWLFRGHODSVLFRSDWtD

/RVWHVWVSUR\HFWLYRVWHPiWLFRV

(Q&'0RUJDQ\+$0XUUD\SUHVHQWDQHOWHVWGHµ$SHUFHSFLyQ7HPiWLFD¶7$70XUUD\DPSOtDHOFRQFHSWR IUHXGLDQR GHSUR\HFFLyQ FRQFLELpQGRORFRPR XQSURFHVR QDWXUDO QRQHFHVDULDPHQWHGHIHQVLYRHQHOTXHHOVXMHWRDSDUWLUGHXQDVHVFHQDVPRVWUDGDVGHEHHODERUDUXQDKLVWRULD'HULYDGRVGHO7$7VRQHOWHVWGHµ$SHUFHSFLyQ,QIDQWLO¶&$7GH/%HOODN\6-%HOODFNODDSOLFDFLyQGHO7$7DSHUVRQDVGHHGDG6$7\HO WHVWµ3DWWH1RLU¶31GH/&RUPDQ(Q$ÈYLODHIHFW~DXQDDGDSWDFLyQGHO7$7HQODSREODFLyQHVSDxROD

+3KLOOLSVRQHQ FRQVWUX\HVX WHVW VLJXLHQGRHO PRGHORGHO 7$7 6XREMHWLYR HUD LQYHVWLJDUODVUHODFLRQHVLQWHUSHUVRQDOHVPHGLDQWHODSHUFHSFLyQ\ODSUR\HFFLyQ3KLOOLSVRQSDUWLHQGRGHODWHRUtD

SVLFRDQDOtWLFD GH ODV µUHODFLRQHV REMHWDOHV¶6 )UHXG .OHLQ )DLUEDLUQ *XQWULS SRVWXOD TXH µHQ FXDOTXLHU VHFXHQFLD GH FRQGXFWD HQ XQD VLWXDFLyQ HVWtPXOR GDGD OiPLQDV GHO 7$7R GHO5RUVFKDFK HO H[DPLQDGR KDFH XQD VHOHFFLyQ HQ HO FDPSR SHUFHSWLYR \ HVWUXFWXUD OR TXHpO HOLJH SDUDDGHFXDUORDODVUHODFLRQHVREMHWDOHVLQFRQVFLHQWHVTXHIDQWDVHyHQVXYLGDWHPSUDQD¶DOWUDWDUGHVDWLVIDFHUXQDQHFHVLGDGSULPLWLYD'HHVWHPRGRORTXHpOYHDHVWDUiHQIXQFLyQGHODVUHODFLRQHVREMHWDOHVTXHFRQVWUX\yHQVXGtDSDUDSURWHJHUVHGHVXVGHVHRV\IDQWDVtDVLQFRQVFLHQWHV&XDGURQR,,,

/RVWHVWVSUR\HFWLYRVJUi¿FRV

(QWUH\KXERXQDSUROLIHUDFLyQGHWHVWVSUR\HFWLYRVJUi¿FRVFX\RGHVDUUROOR\DSOLFDFLRQHVVHH[SOLFDUiQPiVH[WHQVDPHQWHHQORVFDStWXORV9,,\9,,,/RVWHVWVSUR\HFWLYRVJUi¿FRVPiVXWLOL]DGRVVRQ

(OWHVWGHODµ)LJXUD+XPDQD¶'$3.0DFKRYHU6/HY\0.RSSLW](OWHVWGHODµ&DVDÈUERO3HUVRQD¶+73-1%XFN%XFN\:DUUHQ+

+DPPHU\6/HY\(OWHVWGHODµ)DPLOLD¶/&RUPDQ5&%XUQV\6+.DXIPDQ-0/OXtV(

=HQHTXHOL5)UDQNGH9HUWKHO\

4.4.1.Test de la ‘Figura Humana’

(Q HO WHVW GH OD µ)LJXUD +XPDQD¶ '$3 VREUHVDOHQ ODV LQYHVWLJDFLRQHV GH ) *RRGHQRXJK .0DFKRYHU\0.RSSLW]*RRGHQRXJKHVWXGLDODLQWHOLJHQFLDSRUPHGLRGHOGLEXMR0DFKRYHU

EDViQGRVHHQHOGLEXMRGHODSHUVRQDHLQYHVWLJDFLRQHVGH*RRGHQRXJKGHVDUUROODVXSURSLRWHVWLQFOX\HQGRHQODFRQVLJQDODVHJXQGD¿JXUDKXPDQD)LQDOPHQWH(0.RSSLW] 1967, WUDWDGHFRQRFHUHQJUi -

ficos, el QLYHOGHPDGXUH]PHQWDOGHOH[DPLQDGRDSDUWLUGHODQiOLVLVHYROXWLYRGHVXVGLEXMRV\HOJUDGRGHdistorsión DIHFWLYDEDViQGRVHHQHODQiOLVLVGHORVLQGLFDGRUHVHPRFLRQDOHV

4.4.2.Test de la ‘Casa, Árbol, Persona’

(OVHJXQGRJUDQJUXSRGHWHVWVSUR\HFWLYRVJUi¿FRVFRPSUHQGHHOWHVWGHODµ&DVDÈUERO3HUVRQD¶+73GH%XFNLQGDJDFLRQHVTXHFRQWLQXDURQ+DPPHU\/HY\\%XFN



MXQWDPHQWH FRQ:DUUHQ(*UDVVDQR5)UDQN\SRVWHULRUPHQWH DOJXQRVGHQRVRWURV3pUH])UHL[HV5RYLUD\9LYHV%DUERVDHWDOWHUV9LYHVKHPRVWUDWDGRGHPRVWUDUODUHODFLyQH[LVWHQWHHQWUHGHWHUPLQDGDVSURGXFFLRQHVJUi¿FDV\ORVFRUUHVSRQGLHQWHVLQGLFDGRUHVSVLFRSDWROyJLFRVVXUHODFLyQFRQRWUDVSUXHEDV\FRQFDGDSHUtRGRHYROXWLYR

4.4.3.‘Dibujo de la Familia’

(OWHUFHUWHVWJUi¿FRPiVGLIXQGLGRHQQXHVWURPHGLRHVHOWHVWGHOµ'LEXMRGHOD)DPLOLD¶&RUPDQEDViQGRVHHQODWHRUtDIUHXGLDQDFOiVLFDWUDWDGHFRQRFHUHQFDGDQLxR\DGROHVFHQWHH[DPLQDGRHOJUDGRGHGHSHQGHQFLDDJUHVLYLGDGULYDOLGDGIUDWHUQDHOWLSRGHUHODFLyQLQWHUSHUVRQDOHOPHFDQLVPRGHGHIHQVDXWLOL]DGRYDORUL]DFLyQGHVYDORUL]DFLyQDLVODPLHQWRUHJUHVLyQH[SUHVLyQLQGLUHFWDGHODDJUHVLYLGDGUHDFFLRQHVGHSUHVLYDVHWF .HOSUHGRPLQLRGHXQDLQVWDQFLDSVtTXLFD(OOR<R6XSHU<R\ODE~VTXHGDGHOHTXLOLEULRFRPRIRUPDGHUHVROYHUXQFRQÀLFWRDXQTXHSDUDHOORHOSDFLHQWHVHVLUYDGHGHIHQVDVREVHVLYDV\UHJUHVLYDV2WUDVDSRUWDFLRQHVDOGLEXMRGHODµ)DPLOLD¶FRUUHVSRQGHQD5&%XUQV\6+.DXIPDQ5)UDQNGH9HUWKHO\-0/OXtV\(=HTXHQHOOL

/RVWHVWVSUR\HFWLYRVWLHQHQVXPD\RUDXJHHQWUH\LPSXOVDGRVSRUHOYLJRUGHOD3VLFRORJtD'LQiPLFD\OD3VLFRORJtDGHOD)RUPD3RGUtDGHFLUVHWDOFRPRFRPHQWDED(,EixH]+XHOYDTXH

SDXODWLQDPHQWH KDQ VLGR GH QXHYR UHYDORUL]DGRV JUDFLDV DO HPSXMH GH OD 3VLFRORJtD &RJQLWLYD TXH WLHQHHQWUHVXVREMHWLYRVHOHVWXGLRGHORVSURFHVRVPHQWDOHVGHVDUUROORGHODUHVSXHVWDFRQWHQLGRV\HVWUXFWXUDVGHOSHQVDPLHQWRHVWXGLRVLQLFLDGRVSRU5RUVFKDFK\FRQWLQXDGRVSRUQXPHURVRVDXWRUHVFX\RVUHVXOWDGRVUHVXPH ([QHU HQ $FWXDOPHQWH VX XVR YXHOYH D HVWDU YLJHQWH \ VRQ QXPHURVDV ODV µ6RFLHGDGHV5RUVFKDFK¶QDFLRQDOHVHXURSHDVHLQWHUQDFLRQDOHV \GLIHUHQWHVORVSURIHVLRQDOHVDOJXQRVSVLFRDQDOLVWDVQXPHURVRVWHUDSHXWDV\SVLFyORJRVFOtQLFRVGHGLFDGRVDOD LQYHVWLJDFLyQGHO5RUVFKDFKODVWpFQLFDV\ ORVWHVWVSUR\HFWLYRV&XDGUR1,,,

&8$'521,,,25,*(1<'(6$552//2'(/$67e&1,&$6</267(676352<(&7,926

$¿QDOHV %XUW\ *DOWRQLQGDJDQODVSRWHQFLDOLGDGHVGHXQWHVWEDVDGRHQOLVWDVGHSDODEUDVTXHGHEtDQGHO;,; UHODFLRQDUVH

:HUWKHLPHUXWLOL]DGLFKDVWpFQLFDVSDUDGHWHUPLQDUODFXOSDELOLGDGHLQRFHQFLDGHORVDFXVDGRV

-XQJEDViQGRVHHQODLQWHUSUHWDFLyQGHORVVXHxRVHODERUDHOWHVWGHµ$VRFLDFLyQGHSDODEUDV¶ TXHQDFHUtDEDMRODLQÀXHQFLDGH /D3VLFRORJtD$VRFLDFLRQLVWD¿QDOHV;,; /D7HRUtDPVLFRDQDOtWLFD /D&ODVL¿FDFLyQ3VLTXLiWULFDGH(%OHXOHU

6HSXEOLFDµHO3VLFKRGLDJQRVWLN¶GH+5RUVFKDFK

)*RRGHQRXJKXWLOL]DHOWHVWGHODµ)LJXUD+XPDQD¶FRQREMHWRGHHVWXGLDUODLQWHOLJHQFLDSRU PHGLRGHOGLEXMRLQYHVWLJDFLRQHVTXHUHFRJHUi.0DFKRYHUSDUDHVWXGLDUHOWHVWGHOD)+GHVGH XQDSHUVSHFWLYDSUR\HFWLYD

6]RQGLDSOLFDµHOWHVW¶DOGLDJQyVWLFRGHODSVLFRSDWtD

&'0RUJDQ\+$0XUUD\FUHDQHOWHVWGHµ$SHUFHSFLyQ7HPiWLFD¶7$7

/%HOODFN6-%HOODFNHODERUDQHOµ7$7LQIDQWLO¶&$7+\SDUDSHUVRQDVPD\RUHV6$7

-1%XFNLGHDHOWHVWGHODµ&DVDÈUERO3HUVRQD+73¶

/DVGHIHQVDVREVHVLYDV\UHJUHVLYDVQRVyORFRQVWLWX\HQPHFDQLVPRVGHGHIHQVDSDWROyJLFRVVLQRTXHFRQWULEX\HQDOGHVDUUROOR SVLFROyJLFRQRUPDO6RFLHGDG&DWDODQDGHO5RUVFKDFK6&5<036RFLHGDG(VSDxRODGHO5RUVFKDFK6(5<03(XURSHDQ5RUVFKDFK6RFLHW\

(5$,QWHUQDWLRQDO5RUVFKDFK6RFLHW\,56





.0DFKRYHU \SRVWHULRUPHQWH/HY\DJUHJDD ODFRQVLJQDGHO+73HOGLEXMRGHODVHJXQGD ¿JXUDKXPDQD+733

/&RUPDQFUHDHOWHVW31

+3KLOOLSVRQSUHVHQWDHOWHVWGHµ5HODFLRQHV2EMHWDOHV¶752 /&RUPDQHODERUDHOWHVWGHOµ'LEXMRGHOD)DPLOLD¶

$ODVDSRUWDFLRQHVDQWHULRUHVVHKDQDJUHJDGRHQWUHRWUDVODVVLJXLHQWHV

-(([QHUUHIXQGH ORVFLQFRVLVWHPDV5RUVFKDFK QRUWHDPHULFDQRV HQ XQ ~QLFR VLVWHPD 7KH &RPSUHKHQVLYH6\VWHP

(+DPPHU6/HY\%XFN\:DUUHQDPSOtDQODLQYHVWLJDFLyQGHO+73

*UDVVDQR 6LTXLHU*$U]HQR5 )UDQN DSRUWDQ QXHYRVGDWRV DODVLQYHVWLJDFLRQHVGHO ')+ +73WHVWGHODSDUHMD\WHVWGH3KLOOLSVRQ

(0.RSSLW]VLVWHPDWL]DHOWHVWGHOµ'LEXMRGHOD)LJXUD+XPDQD¶

$ÈYLODHIHFW~DXQDDGDSWDFLyQGHO7$7HQODSREODFLyQHVSDxROD

&$5$&7(5Ë67,&$6'(/267(676352<(&7,926

6RQQXPHURVRVORVDXWRUHV$Q]LHX%HOO0HLOL6DPL$OL5RVHQ]ZHLJHWFTXHFRLQFLGHQHQDWULEXLUDORVWHVWVSUR\HFWLYRVXQDVHULHGHFDUDFWHUtVWLFDV

&DUDFWHUtVWLFDVIRUPXODGDVSRU'$Q]LHX

$Q]LHXLGHQWL¿FDODVVLJXLHQWHV(QSULPHUOXJDUVXEUD\DODVLWXDFLyQGHOLEHUWDGGHUHVSXHVWD\HOPDUJHQGHWLHPSRGHOTXHVHGLVSRQH

DQWHODH[SRVLFLyQGHXQPDWHULDOVHDHVWtPXORFRQVLJQDRDFWLYLGDGTXHVHSURSRQJDDOVXMHWR(QORVWHVWVSUR\HFWLYRVQRVHGDQUHVSXHVWDVFRUUHFWDVRLQFRUUHFWDVSUHYLDPHQWHSUHSDUDGDVVLQR

TXHHOVXMHWRUHVSRQGHDODVPDQFKDVGHWLQWDDODVOiPLQDVRDODVFRQVLJQDVSURSXHVWDVKDFLHQGRXVRGHVXVPHFDQLVPRVSHUFHSWLYRSUR\HFWLYRV

/RVHVWtPXORVHQJHQHUDOVRQSRFRHVWUXFWXUDGRVDPELJXRVHVSHFLDOPHQWHHQGHWHUPLQDGDVSUXHEDVPDQFKDVGLEXMRVSDODEUDVGDQGROXJDUDXQDJUDQFDQWLGDGGHUHVSXHVWDV(VWHKHFKRGL¿FXOWDVX

HVWDQGDUL]DFLyQDSUHFLDFLyQVRVWHQLGDSRU%HOO/RVWHVWVSUR\HFWLYRVSHUPLWHQUHYHODU\DTXtFRLQFLGHQXHYDPHQWHFRQ%HOOµODSHUVRQDOLGDGWRWDOR SDUWHVGHHOODLQFOXLGDVHQXQDYLVLyQJOREDO¶6HXWLOL]DSDUDHOORHODQiOLVLVGHODVUHVSXHVWDVRVXLQWHUURJDWRULRSRVWHULRU

&RQVLGHUDFLRQHVHIHFWXDGDVSRU-(%HOO

%HOOVXEUD\DTXHGHELGRDODJUDQYDULHGDGGHWpFQLFDVSUR\HFWLYDVH[LVWHQWHVHKDFHGLItFLOJHQHUDOL]DUVREUHHOODV\FLWDDOJXQDVFDUDFWHUtVWLFDVFRPXQHV

/D SULPHUD HV OD SUHVHQFLD GH XQ HVWtPXOR TXH QR PDQL¿HVWD R VyOR OR KDFH SDUFLDOPHQWH HO

YHUGDGHURSURSyVLWRGHOH[DPLQDGRUDOUHTXHULUXQDUHVSXHVWD(VWDSULPHUDFDUDFWHUtVWLFDFRQVLVWHHQUHGXFLUHOFRQWUROFRQVFLHQWHGHOVXMHWRVREUHVXFRQGXFWDSDUDTXHVHDDQDOL]DGD\RULJLQDUHVSXHVWDVTXHUHÀHMDQVXSURSLDLQGLYLGXDOLGDG



/DLQWHUSUHWDFLyQTXHHOVXMHWRKDFHGHODVLWXDFLyQGHWHVWRIUHFHHOSULPHUUHÀHMRGHVXSHUVRQDOLGDG6HVXSRQHTXHHOVXMHWRRUJDQL]DORVVXFHVRVHQIXQFLyQGHVXVPRWLYDFLRQHVSHUFHSFLRQHVDFWLWXGHVLGHDVHPRFLRQHV\GHWRGRVORV«DVSHFWRVGHVXSHUVRQDOLGDG(QFXDQWRDFHSWDHVWDKLSyWHVLVHOH[DPLQDGRUSXHGHXVDUFDVLWRGDODFRQGXFWDGHOLQGLYLGXRFRPRXQDWpFQLFDSUR\HFWLYDLQFOX\HQGRWRGRVORVWLSRVGH WHVWVTXH FRQVLGHUDQHFHVDULRVSDUDHO REMHWLYRGHO GLDJQyVWLFR(Q ODSUiFWLFDDO PHQRV HQ OD HODERUDFLyQ GH DOJXQDV VLWXDFLRQHV TXH KDFH HO VXMHWR KD GHPRVWUDGR VHUYLU GHLQGLFDGRUGHODSHUVRQDOLGDG\DHVWHWLSRGHSUXHEDVVHOHKDDSOLFDGRODGHQRPLQDFLyQGHWpFQLFDV

SUR\HFWLYDV(OVHJXQGRDVSHFWRGHOPpWRGRFRP~QDODVWpFQLFDVSUR\HFWLYDVHVTXHEULQGDQXQDPXHVWUDGHOD

FRQGXFWDLQGLYLGXDOVX¿FLHQWHPHQWHH[SUHVLYD\FRQVX¿FLHQWHEUHYHGDGFRPRSDUDVHUFOtQLFDPHQWHXWLOL]DEOH\ OREDVWDQWHHVWLPXODQWHFRPR SDUDSURYRFDUXQDVHULHGH UHVSXHVWDV GHO VXMHWR (QODLQWHUSUHWDFLyQGHODVUHSXHVWDVHODFHQWRUHFDHVREUHHOHOHPHQWRSHUVRQDODFXVDGRHQODGLYHUVLGDGGHFRQGXFWDV/DVWpFQLFDVSUR\HFWLYDVDFHQW~DQSULPHUDPHQWHODSHFXOLDULGDGGHUHVSXHVWDVDTXHOODVFXDOLGDGHVTXHGLVWLQJXHQHQWUHVtDORVLQGLYLGXRV3RUWDQWRODPHMRUWpFQLFDHVODTXHFRQWURODXQPD\RUUHSHUWRULRGHUHVSXHVWDVHQHOPHQRUWLHPSRSRVLEOH

(QWDQWRTXHXQRGHORVREMHWLYRVGHHVWRVPpWRGRVGHLQWHUSUHWDFLyQFRQVLVWHHQHODERUDUQRUPDVHVWiQGDUHOYDORUGHWDOHVQRUPDVUHVLGHQRWDQWRHQHOKHFKRGHTXHDJUXSDQMXQWDPHQWHSHUVRQDVSRUVXVVHPHMDQ]DVVLQRHQFXDQWRLQGLFDQGLVFUHSDQFLDVRGHVHPHMDQ]DVFRQODVQRUPDV(VWRVLJQL¿FDTXHODVUHVSXHVWDVDXQWHVWSUR\HFWLYRVRQPHQRVIiFLOHVGHDEVWUDHUFXDQWLWDWLYDPHQWHHQXQDVLPSOHIyUPXODTXHODVHOHFFLRQHVUHJLVWUDGDVHQORVLQYHQWDULRVGHSHUVRQDOLGDG(VWRVLJQL¿FDDGHPiVTXHODVUHVSXHVWDVDORVWHVWVSUR\HFWLYRVVRQPiVGLItFLOHVGHWUDWDUHVWDGtVWLFDPHQWHTXHORVWLSRVGHUHVSXHVWDVOLPLWDGDVTXHVXPLQLVWUDQORVWHVWVGHSDSHO\OiSL]KDFLHQGRDVtGHODHVWLPDFLyQ\YDOLGH]GHODVWpFQLFDVXQSURFHGLPLHQWRGLItFLOSHURHVHQFLDO

8QDWHUFHUDFDUDFWHUtVWLFDFRP~QDOPpWRGRGHODVWpFQLFDVSUR\HFWLYDVHVFRQVLGHUDUODFRQGXFWDUHJLVWUDGDWDQWRFRPRODSHUVRQDOLGDGTXHODSURGXFHFRPRXQDWRWDOLGDGRUJDQL]DGDeVWDHVXQDUD]yQDGLFLRQDOSRUODFXDOHODQiOLVLVFXDQWLWDWLYRQRVHORJUDIiFLOPHQWH'HQWURGHOUHJLVWURWRWDOGHODFRQGXFWDDXQtWHPHVSHFt¿FROHFRUUHVSRQGHUiXQDYDULHGDGGHVLJQL¿FDGRVGHSHQGLHQWHVGHODPDQHUDHQTXHHVLQWHJUDGRGHQWURRVHSDUDGRGHODWRWDOLGDG¶(Q7pFQLFDVSUR\HFWLYDV

%DUFHORQD3DLGyV

&DUDFWHUtVWLFDVSURSXHVWDVSRU65RVHQ]ZHLJ

5RVHQ]ZHLJUHODFLRQDEDSVLFRDQiOLVLV\WHVWVSUR\HFWLYRVDOUHIHULUVHDGHWHUPLQDGDVFDUDFWHUtVWLFDVGHORVSURFHGLPLHQWRVGHDVRFLDFLyQOLEUHFRQORVTXHHOVXMHWRH[SUHVDVXVIDQWDVtDVHQORVWHVWVSUR\HFWLYRV\ODVWHQVLRQHV\HVWtPXORVREVHUYDGRVHQORVPRPHQWRVSUHYLRVDOVXHxR

µ/DV PLVPDV WHQVLRQHV VXE\DFHQWHV D ORV VXHxRV VXE\DFHQ WDPELpQ D ODV IDQWDVtDV ORV HVWtPXORVLQPHGLDWDPHQWHSUHVHQWHVHQHOVXHxRFRUUHVSRQGLHQWHVDORVHVWtPXORVQHXWURVGHORVPpWRGRVSUR\HFWLYRV\ORVIUDJPHQWRVPQpPLFRVWLHQHQODPLVPDSRVLELOLGDGGHVHUH[SUHVDGRVHQDPERVFDVRV/DDVRFLDFLyQOLEUHHVIRPHQWDGDHQODLQWHUSUHWDFLyQSRVWRQtULFDGHOPLVPRPRGRTXHVHH[LJHDOVXMHWRODDVRFLDFLyQOLEUHSRUPHGLRGHWHVWVGHVWLQDGRVDSURYRFDUIDQWDVtDV¶)DQWDV\DQGLWVVWXG\E\WHVWSURFHGXUHV-RXUQ$EQ6RF3VLFRO

0HLOLFRQVLGHUDODVWpFQLFDVSUR\HFWLYDVFRPR

µ*UXSRV GH WpFQLFDV \ SURFHGLPLHQWRV TXH SUHWHQGHQ GHVFXEULU OD HVWUXFWXUD IXQGDPHQWDO GH OD SHUVRQDOLGDG\ ORVPRWLYRVGHXQLQGLYLGXR SDUDTXHHODERUHXQPDWHULDORHVWtPXORRELHQTXHUHDFFLRQHDQWHpVWRVOLEUHPHQWHGHXQDIRUPDQRSUHGHWHUPLQDGD\VLQQLQJXQDUHIHUHQFLDDXQVLVWHPDSUHHVWDEOHFLGRGHUHVSXHVWDVH[DFWDVRFHUUDGDV¶

6DPL$OLHQVXEUD\DTXH/RVSURFHGLPLHQWRVSUR\HFWLYRVKDELWXDOHVWLHQHQODSDUWLFXODULGDGGH

FRQIURQWDUDOVXMHWRFRQXQPDWHULDODPRUIRTXHGHEHVHUHVWUXFWXUDGRDFWLYD\HVSRQWiQHDPHQWH

0HLOLHTXLSDUDWpFQLFDVDWHVWVSUR\HFWLYRVUHVDOWDQGRVXVFDUDFWHUtVWLFDVFRPXQHV





7(25Ë$6&21/$648(6(9,1&8/$1

/RVWHVWVSUR\HFWLYRVVHYLQFXODQSULQFLSDOPHQWHDODWHRUtDSVLFRDQDOtWLFDODWHRUtDGHOD*HVWDOW\OD3VLFRORJtD&RJQLWLYD

/D7HRUtD3VLFRDQDOtWLFD

/RVWHVWVSUR\HFWLYRVVHUHODFLRQDQFRQOD7HRUtD3VLFRDQDOtWLFDSRUTXHFRQVXDSOLFDFLyQ6HHIHFW~DXQHVWXGLRIXQFLRQDOGHODSHUVRQDOLGDGFRLQFLGLHQGRFRQODQRFLyQGHHVWUXFWXUDSVtTXLFD

\GHVDUUROORLQWHUQRGHOLQGLYLGXR6H FRQVLGHUD DO LQGLYLGXR FRPR XQD WRWDOLGDG FRPR XQ VLVWHPD SVLFROyJLFR HVWUXFWXUDO TXH VH

DXWRUUHJXOD\ULJHSRUOH\HVHFRQyPLFDV6HUHODFLRQDQORVPHFDQLVPRVSVLFROyJLFRVGHOLQGLYLGXRFRQODFXOWXUD6HDSOLFDQORVPpWRGRVKLSRWpWLFRGHGXFWLYR\DQDOtWLFRLQGXFWLYR

6HDGPLWHHOGHWHUPLQLVPRSVtTXLFRSRUHOTXHWRGRVORVIHQyPHQRVSVtTXLFRVWLHQHQXQDFDXVDXQVLJQL¿FDGR\XQDDFFLyQHFRQyPLFD

(OSVLFRDQiOLVLVDSRUWDHODQiOLVLVGHFRQWHQLGRODLQWHUSUHWDFLyQGHOVLPEROLVPRGHODVUHVSXHVWDVODLQWHUSUHWDFLyQGHODUHVLVWHQFLDHODQiOLVLVGHODWUDQVIHUHQFLD\FRQWUDWUDQVIHUHQFLDHOWLSRGHPHFDQLVPRGHGHIHQVDHODQiOLVLVGHODUHODFLyQWHUDSHXWDSDFLHQWHDSOLFDGRDODVLWXDFLyQGHWHVW6)UHXG0.OHLQ+6HJDO$)UHXG%LRQ&RUPDQ

/D*HVWDOW

/D3VLFRORJtD3UR\HFWLYDVHUHODFLRQDFRQOD*HVWDOWSRUTXHWDPELpQDSOLFDHODQiOLVLVIRUPDOGHORVUHVXOWDGRV H[SUHVDQGRHQ WpUPLQRV PDWHPiWLFRVORV GLIHUHQWHVIDFWRUHV GHFODVL¿FDFLyQ \ VXV UHODFLRQHVFXDQWLWDWLYDV %HOO/$EW /%HOODN ODVUHODFLRQHV \ GLIHUHQFLDFLyQ HQWUH FDGD SDUWH \ ODWRWDOLGDGTXHFRQVWLWX\HHQJUi¿FRVXQRGHORVSULQFLSDOHVLQGLFDGRUHVGHQRUPDOLGDGRSDWRORJtD

/D3VLFRORJtD&RJQLWLYD

/RVWHVWVSUR\HFWLYRVWLHQHQHQFRP~QFRQOD3VLFRORJtD&RJQLWLYDHOHVWXGLRGHOSURFHVDPLHQWRGHODLQIRUPDFLyQ\OD HODERUDFLyQGHOFRQWHQLGRGHODUHVSXHVWD6XDQiOLVLVSHUPLWHDOHQWUHYLVWDGRUFRQRFHUHOWLSRGHYDULDEOHVTXHKDQLQWHUYHQLGRHQODHPLVLyQGHXQDUHVSXHVWD8QFODURH[SRQHQWHORFRQVWLWX\HHO

GHQRPLQDGRµSURFHVRGHUHVSXHVWD¶HQHO5RUVFKDFKSRUHOTXHGHVSXpVGHORFDOL]DU\RUJDQL]DUORVHOHPHQWRVHVWLPXODUHVGHOiUHDODVSDODEUDVGHOVXMHWRSHUPLWHQDOHQWUHYLVWDGRUGHWHFWDUODVFDUDFWHUtVWLFDVGHODPDQFKDTXHKDQLQÀXLGRHQODHPLVLyQGHVXVUHVSXHVWDVIRUPDFRORUFURPiWLFRFRORUDFURPiWLFRFDWHJRUtDVGHFODURVFXURREMHWRVLJXDOHVRUHÀHMDGRVµSURFHVR¶FLWDGRSRU([QHU\HQHOTXH\DVHKDEtDLQWHUHVDGR5RUVFKDFK

',)(5(1&,$6(175(7e&1,&$6<7(676352<(&7,926

(QODPHGLGDHQTXHVHKDQLGHQWL¿FDGR\XWLOL]DGRHVWDVSUXHEDVVHKDQUHFRQRFLGRXQDVYHFHVFRPR

WHVWVRWUDVFRPRWpFQLFDVVLELHQSRGHPRVDSUHFLDUVXGLIHUHQFLDJUDFLDVDODVGH¿QLFLRQHVIRUPXODGDVHQHOµ$&RPSUHKHQVLYH'LFWLRQDU\RI3V\FKRORJLFDODQG3V\FKRDQDOLWLFDO7HUPV¶/RQGRQ1<RUN/RQJPDQV\HQHOGLFFLRQDULR(QJOLVK+%H(QJOLVK&$



/D7pFQLFDSUR\HFWLYDHV

8QµSURFHGLPLHQWRSDUDGHVFXEULUHVWLORVFDUDFWHUtVWLFDVGHOFRPSRUWDPLHQWRGHXQDSHUVRQDSRUPHGLRGHOD REVHUYDFLyQGHXQDFRQGXFWDHQUHVSXHVWD DXQD VLWXDFLyQTXHQRSUHVXSRQHR H[LJHXQD GHWHUPLQDGDUHVSXHVWD¶6HJ~QHVWRODHQWUHYLVWDODVHVLyQGHMXHJRRHOGLEXMRSXHGHQFRQVLGHUDUVHWpFQLFDVSUR\HFWLYDV

(QJOLVK+%H(QJOLVK&$

(O7HVWSUR\HFWLYRHV

µ8QDVLWXDFLyQUHODWLYDPHQWHQRHVWUXFWXUDGDDXQTXHHVWiQGDUDODTXHXQSUREDQGRGHEHUHVSRQGHUFRQWDQSRFDVUHVWULFFLRQHVFRPRVHDSRVLEOHHQVXIRUPDGHUHVSXHVWD¶'HOGLFFLRQDULR(QJOLVKH(QJOLVK

6HUHTXLHUHFRQVLGHUDU/DSUHVHQFLDGHXQHVWtPXORDPELJXRDH[FHSFLyQGHDOJXQRVWHVWVSUR\HFWLYRVWHPiWLFRVDXQTXH

¿MR8QWLSRGHUHVSXHVWDTXHHVWiPiVGHWHUPLQDGDSRUODUHDOLGDGLQWHUQDGHOVXMHWRTXHSRUHOHVWtPXOR

PLVPR

&RPRFDUDFWHUtVWLFDVPHWRGROyJLFDVHOWHVWSUR\HFWLYRSUHFLVDGH8QPDWHULDOHVWDQGDUL]DGRHQFXDQWRDODFRQVLJQDSURFHGLPLHQWR\REWHQFLyQGHORVGDWRV8QDIRUPDGHSUHVHQWDFLyQ\FRQVLJQDWLSL¿FDGRV

(OXVRGHHVWRVWHVWVSDUWHGHODKLSyWHVLV\DFRPHQWDGDHQDSDUWDGRVDQWHULRUHVGHTXHODUHVSXHVWDTXHGDHOVXMHWRHVWiPiVGHWHUPLQDGDSRUVXUHDOLGDGLQWHUQDTXHSRUODVFDUDFWHUtVWLFDVPLVPDVGHOHVWtPXOR'HWRGRVHVVDELGRTXHODXWLOL]DFLyQGHHVWtPXORVDPELJXRVIDYRUHFHODSUR\HFFLyQGHODSHUVRQDOLGDGRDVSHFWRVGHHOOD

0XFKRV DXWRUHV DXQTXH QR WRGRV XWLOL]DURQ HVWtPXORV DPELJXRV HQ OD FRQVWUXFFLyQ GH ORV WHVWV SUR\HFWLYRVODVOiPLQDVFUHDGDVSRU3KLOOLSVRQSURSRUFLRQDQXQPDWHULDOPiVDPELJXRTXHHOGH0XUUD\HQHO7$75RUVFKDFKSRUVXSDUWHLGHDXQWHVWHQHOTXHGHWHUPLQDGDVOiPLQDV\iUHDVVXVFLWDQUHVSXHVWDVPX\

FRQFUHWDVDODVTXHGHQRPLQDSRSXODUHV$GHPiVGHORVWHVWVSUR\HFWLYRVGHWHUPLQDGRVWHVWVGHLQWHOLJHQFLDVXEWHVWVGHFRPSUHQVLyQ\GH

YRFDEXODULRGHODVHVFDODVGH:HFKVOHUFRQWLHQHQUHDFWLYRVTXHSHUPLWHQREWHQHULQIRUPDFLyQFXDOLWDWLYDVREUHFDUDFWHUtVWLFDVGHODSHUVRQDOLGDGGHOH[DPLQDGR

&/$6,),&$&,Ï1'(/2635,1&,3$/(67(676352<(&7,926

3XHGHQHQFRQWUDUVHWDQWDVFODVL¿FDFLRQHVFRPRDXWRUHVVHKDQGHGLFDGRDVXHVWXGLRHLQYHVWLJDFLyQ6HH[SRQHQDFRQWLQXDFLyQODVFODVL¿FDFLRQHVGH/)UDQN(\VHQFN$Q]LHX6HPHRQRI/LQGVH\)HUQiQGH]%DOOHVWHURV\$JXLUUH

&ODVL¿FDFLyQGH/.)UDQN

/D SULPHUD FODVL¿FDFLyQ FRQRFLGD SURFHGH GH / )UDQN TXLHQ DJUXSD ODV WpFQLFDV HQFRQVWLWXWLYDVLQWHUSUHWDWLYDVFDWiUWLFDVFRQVWUXFWLYDV\UHIUDFWDULDV

&RQVWLWXWLYDVeOVXMHWRLPSRQHRSUR\HFWDVXHVWUXFWXUDVREUHXQPDWHULDORXQDIRUPDDPRUIDRPDOHDEOHRVREUHXQFDPSRSDUFLDOPHQWHHVWUXFWXUDGRFRPRFRPSOHWDUGLEXMRVRHVWUXFWXUDUODVPDQFKDVGHWLQWDHQHOµ5RUVFKDFK¶

,QWHUSUHWDWLYDVeQHOODVHOVXMHWRLQWHUSUHWDXQDVLWXDFLyQHVWtPXORWHVWVWHPiWLFRVµ7$731&$7¶

&DWiUWLFDVeOH[DPLQDGRGHVFDUJDHQXQDVLWXDFLyQHVWtPXORVXVDIHFWRVRVHQWLPLHQWRVORVMXJXHWHV\ODDUFLOOD





&RQVWUXFWLYDVaSDUWLUGHXQPDWHULDOHVWtPXORHOVXMHWRFRQVWUX\HVLWXDFLRQHVµRUJDQL]DGRUDVGHVXYLGD¶HOWHVWGHOµ0RVDLFR¶HOWHVWGHOµ')+GH0DFKRYHU¶

5HIUDFWDULDVeOVXMHWRH[SUHVDGLIHUHQWHVDVSHFWRVGHVXFRPSRUWDPLHQWRFRPRHQODJUDIRORJtD

/DFODVL¿FDFLyQGH+-(\VHQFN

(\VHQFNORVFODVL¿FDHQWHVWVGHFRPSOHWDULQWHUSUHWDWLYRVGHSURGXFFLyQ\GHREVHUYDFLyQ7HVWVGHFRPSOHWDUsHSLGHDOVXMHWRTXHFRPSOHWHXQDFDGHQDGHDVRFLDFLRQHVRXQDIUDVHRXQD

KLVWRULDFRQVLGHUDGDVFRPRHVWtPXORLQLFLDO7HVWVLQWHUSUHWDWLYRVsHSUHVHQWDDOVXMHWRXQHVWtPXORDSDUWLUGHOTXHGHEHLQWHUSUHWDUFRQVWLWXLUR

FRQWDUXQDKLVWRULD7HVWVGHSURGXFFLyQaSDUWLUGHXQDVLWXDFLyQGHMXHJRVHSLGHDOVXMHWRTXHUHDOLFHXQDFRQVWUXFFLyQ

TXHGHEHLQWHUSUHWDURTXHGLEXMHRSLQWH7HVWVGHREVHUYDFLyQeQXQDVLWXDFLyQPiVRPHQRVHVWUXFWXUDGDVHREVHUYDHOFRPSRUWDPLHQWRGHO

VXMHWR

/DVFDWHJRUtDVGH'$Q]LHX

$Q]LHXHVWDEOHFHGRVFDWHJRUtDVGHWHVWVWHPiWLFRV\HVWUXFWXUDOHV7HVWVWHPiWLFRV f DFLOLWDQHOFRQRFLPLHQWRGHORVFRQWHQLGRVPiVVLJQL¿FDWLYRVGHODSHUVRQDOLGDG

GHOH[DPLQDGRWDOHVFRPRPHFDQLVPRVGHGHIHQVDGHVHRVRPRPHQWRVIXQGDPHQWDOHVGHVXYLGD3HUWHQHFHQDHVWDFDWHJRUtDHOWHVWGHµ$SHUFHSFLyQ7HPiWLFD¶7$7GLEXMRVRQDUUDFLRQHVOLEUHVTXHVHGHEHQFRPSOHWDUDQiOLVLVGHFXDGURVIRWRJUDItDVRGRFXPHQWRV

7HVWVHVWUXFWXUDOHVtUDGXFHQODIRUPDSDUWLFXODUGHDSUHKHQGHU\RHVWUXFWXUDUHOFDPSRHVWLPXODU(O

WHVWPiVUHSUHVHQWDWLYRGHHVWDFDWHJRUtDHVHOµ5RUVFKDFK¶

/DVFODVL¿FDFLRQHVGH6HPHRQRII\/LQGVH\2WUDVFODVL¿FDFLRQHVVRQODVGH6HPHQRII\/LQGVH\TXHGLIHUHQFLDQORVWHVWVSUR\HFWLYRV

VHJ~QHOREMHWRGHPHGLGDHOHVWtPXORRODWDUHDSURSXHVWD6HJ~Q HOREMHWR GHPHGLGD 6HPHRQRII ORV GLVWULEX\H HQGHVFULSWLYRV GHGLDJQyVWLFR \GH

WHUDSLD6HJ~QHOHVWtPXORORVFODVL¿FDHQWHVWVGHHVWtPXORYLVXDOYHUEDOGHHVWtPXORVFRQFUHWRV\RWURVHVWtPXORV

7HVWVGHHVWtPXORYLVXDOlRVHVWtPXORVSXHGHQVHUPiVRPHQRVHVWUXFWXUDGRVFRPRRFXUUHHQHO

µ5RUVFKDFK¶HQHOµ7$7¶RHQHOWHVWGHµ5HODFLRQHV2EMHWDOHV¶752'HHVWtPXORYHUEDOsHGHULYDQGHODOLVWDGHSDODEUDVGH-XQJ,WHVWGHµ$VRFLDFLyQGHSDODEUDV¶GH SUHVHQWDFLyQRUDO\WHVWGHµ&RPSOHWDU)UDVHV¶±GHSUHVHQWDFLyQHVFULWD

'HHVWtPXORVFRQFUHWRVlRVHVWtPXORVVRQREMHWRVUHDOHVRUHSURGXFFLRQHVDHVFDOD'HRWURVHVWtPXORVeVWtPXORVWiFWLOHVVRQRURVSHOtFXODVHWF

6HJ~Q ODWDUHDSURSXHVWD/LQGVH\ ORVGLVWULEX\HHQWHVWVGH DVRFLDFLyQ GHHODERUDFLyQGHFRPSOHWDUGHHOHFFLyQ\GHH[SUHVLyQ

7HVWVGHDVRFLDFLyQ sHWUDWDGHSUXHEDVTXHSHUPLWHQDVRFLDUDXQHVWtPXORXQDUHVSXHVWDFRPRHOµ5RUVFKDFK¶RHOWHVWGHµ$VRFLDFLyQGHSDODEUDV¶

'HHODERUDFLyQRFRQVWUXFWLYRVsRQLQVWUXPHQWRVTXHSHUPLWHQHODERUDUXQDKLVWRULDRXQFXHQWR,µ7$731&$7752¶

'HFRPSOHWDUELHQXQDIUDVHRXQUHODWReOWHVWGHµ5RVHQ]ZHLJ¶\HOGHFRPSOHWDUIUDVHV'HHOHFFLyQXRUGHQDPLHQWReOVXMHWRHOLJHHQWUHGLIHUHQWHVHVWtPXORVJHQHUDOPHQWHYLVXDOHV ,

µ6]RQGL31¶



'HH[SUHVLyQsHWUDWDGHSUXHEDVTXHSHUPLWHQREVHUYDUWDQWRODFRQGXFWDH[SUHVLYDGHOVXMHWRDOTXHVHYDORUDFRPRHOUHVXOWDGR¿QDOGLEXMRMXHJRSVLFRGUDPD

/DGLYLVLyQSODQWHDGDSRU5)HUQiQGH]%DOOHVWHURV

)HUQiQGH]%DOOHVWHURVDPSOtDODFODVL¿FDFLyQGH'$Q]LHXVXEVWLWX\HQGRWHVWV SRUWpFQLFDVDODVTXHGLYLGHHQHVWUXFWXUDOHVWHPiWLFDVH[SUHVLYDVFRQVWUXFWLYDV\DVRFLDWLYDV

(VWUXFWXUDOHVeOVXMHWRGHEHHVWUXFWXUDUXQPDWHULDOVHPLHVWUXFWXUDGRGLFLHQGRORTXHYHFRQORTXHUHÀHMDFDUDFWHUtVWLFDVLQWHUQDVPiVRPHQRVHVWDEOHVGHVXSHUVRQDOLGDGFRPRHOWHVWGHµ5RUVFKDFK¶

7HPiWLFDV eO VXMHWR D SDUWLU GH OD RUJDQL]DFLyQ GH XQRV HVWtPXORV YLVXDOHV PiV R PHQRVHVWUXFWXUDGRVGHEHQDUUDUXQDKLVWRULDµ7$731&$7\752¶

([SUHVLYDVsHSLGHDOVXMHWRTXHUHDOLFHXQGLEXMR(Oµ+73¶HOGLEXMRGHOD)LJXUDKXPDQD'$3HWF

&RQVWUXFWLYDVeOVXMHWRGHEHFRQVWUXLUXRUJDQL]DUXQPDWHULDOVHJ~QODVGLIHUHQWHVFRQVLJQDVµ/DVHVLyQGHMXHJRGLDJQyVWLFD¶HOWHVWGHOµ3XHEOR¶RGHODµ$OGHDLPDJLQDULD¶

$VRFLDWLYDVeOVXMHWRGHEHDVRFLDUDODSDODEUDHVWtPXORXQDSDODEUDXQDIUDVHRXQFXHQWR eOWHVWGHµ$VRFLDFLyQGHSDODEUDV¶

/DSURSXHVWDGH*$JXLUUH

$JXLUUHSURSRQHXQD WULSOHFODVL¿FDFLyQWHVWVGHHYRFDFLyQPHGLDQWHDVRFLDFLyQSHUFHSWLYDWHVWV GH HYRFDFLyQ \ UHSURGXFFLyQ PHGLDQWH H[SUHVLyQ JUi¿FD \ WHVWV GH HODERUDFLyQ GH XQD VLWXDFLyQ

SHUFLELGD

(Q ORV WHVWV GH HYRFDFLyQ PHGLDQWH DVRFLDFLyQ SHUFHSWLYD OD UHVSXHVWD VH HYRFD D SDUWLU GH XQHVWtPXORYLVXDORDXGLWLYReOWHVWGHµ5RUVFKDFK¶\HOWHVWGHµ$VRFLDFLyQGHSDODEUDV¶(Q ORV WHVWV GHHYRFDFLyQ \ UHSURGXFFLyQPHGLDQWH H[SUHVLyQJUi¿FD HOVXMHWRGHEH UHSUHVHQWDU

JUi¿FDPHQWH ODV FDUDFWHUtVWLFDV GH XQ REMHWR HYRFDGR SRU OD FRQVLJQD ,QFOX\H WRGRV ORV WHVWV SUR\HFWLYRVJUi¿FRVµ'$3¶µ+73¶WHVWGHOµ$QLPDO¶WHVWGHµOD)DPLOLD¶

(QORVWHVWVGHHODERUDFLyQGHXQDVLWXDFLyQSHUFLELGDDSDUWLUGHXQHVWtPXORRGHXQDVLWXDFLyQ SUHVHQWHHOVXMHWRGHEHFRQVWUXLUXQDKLVWRULDTXHLPSOLFDXQLQLFLRXQGHVDUUROOR\XQ¿QDOµ7$7¶&$7¶µ31¶µ752¶

*UDFLDVDODVHFXHQFLDGHORVUHODWRVHQORVWHVWVWHPiWLFRVHOSVLFyORJRSXHGHREVHUYDUODHWDSDHYROXWLYDTXHDWUDYLHVDHOQLxRVXVIDQWDVtDVLQFRQVFLHQWHVWLSRGHDQJXVWLDPHFDQLVPRVTXHXWLOL]DSDUDVXSHUDUODDVtFRPRODSDWRORJtDUHOHYDQWHHOWLSRGHUHODFLyQGHREMHWRTXHHVWDEOHFH\HOSUHGRPLQLRGHXQD

LQVWDQFLDSVtTXLFD

35,1&,3$/(65(9,6,21(6()(&78$'$662%5((/862'(/267(676352<(&7,926

+DQVLGRYDULRVORVDXWRUHVTXHKDQLQYHVWLJDGRWDQWRODIUHFXHQFLDGHVXXVRFRPRODYLJHQFLDGHDSOLFDFLyQGHHVWDVSUXHEDVHQHOSURFHVRGLDJQyVWLFRLQGLFDFLyQSODQL¿FDFLyQ\HYDOXDFLyQGHOWUDWDPLHQWR(QHVWHVHQWLGRVHUHYLVDQORVWUDEDMRVGH,%:HLQHU5)UDQN\HOVRQGHRGHRSLQLyQ HIHFWXDGRSRU 5)HUQiQGH]%DOOHVWHURV TXH UHDOL]DGRVHQpSRFDV\ SDtVHVGLIHUHQWHV\SHUWHQHFLHQGRVXVDXWRUHVDHQIRTXHVWHyULFRVWDPELpQGLYHUVRVOOHJDQDHVWDEOHFHUHQDOJXQRVSXQWRVFRQVLGHUDFLRQHV\FRQFOXVLRQHVVLPLODUHV





,QYHVWLJDFLRQHVUHDOL]DGDVSRU,%:HLQHU

:HLQHU HQ VX DUWtFXOR µ'RHV 3VLFKRGLDJQRVWLF KDYH D IXWXUH"¶VREUHHOXVRGHORVWHVWVHQ ((88 VH SUHJXQWD VL ORV WHVWV WUDGLFLRQDOHV HVWiQ SDVDGRVGH PRGD \ UHYLVD ORV UHVXOWDGRV GH GRVHQFXHVWDV

/DUHDOL]DGDSRU6XQGEHUJ8QDUpSOLFDDODPLVPDHIHFWXDGDGLH]DxRVPiVWDUGHSRU%/XELQ5:DOOLV\&3D\QH

'LFKDVLQGDJDFLRQHVOHSHUPLWHQFRQ¿UPDUHQSULPHUOXJDUTXHHQHOHVWXGLRGH6XQGEHUJ EDVDGR HQ OD H[SHULHQFLD GH VHUYLFLRV GH RULHQWDFLyQ \ GLDJQyVWLFR VH REVHUYD HO SUHGRPLQLR GH ODVVLJXLHQWHVSUXHEDV

(OWHVWGH5RUVFKDFK7HVWGHµ$SHUFHSFLyQ7HPiWLFD¶7$7(Oµ'LEXMRGHXQD3HUVRQD¶'$3(OWHVWµ*XHVWiOWLFR9LVRPRWRU¶

(QVHJXQGROXJDUUHYLVDODUpSOLFDGHOWUDEDMRGH6XQGEHUJHIHFWXDGDSRU/XELQ:DOOLV\3DLQH\FRQVWDWDORVLJXLHQWH(OQ~PHURGHVHUYLFLRVFOtQLFRVTXHXWLOL]DEDQHO5RUVFKDFKHQWUHVXVLQVWUXPHQWRVGLDJQyVWLFRV

KDEtDDXPHQWDGRUHVSHFWRGHSDVDQGRGHD /DIUHFXHQFLDGHDSOLFDFLyQGHORVWHVWV\VXSRUFHQWDMHGHXVRHUDQPX\DOWRV

&XDQGRHQ7KHOHQ9DUEOH\-RKQVRQLQYHVWLJDQODHQVHxDQ]DGHORVWHVWVSUR\HFWLYRVHQODV)DFXOWDGHVGH3VLFRORJtDGHODVXQLYHUVLGDGHVQRUWHDPHULFDQDVFRQ¿UPDQORVLJXLHQWH

6yORHOGHORVHQFXHVWDGRVFUHHQTXHHO5RUVFKDFKQRGHEHUtDIRUPDUSDUWHGHORVSURJUDPDVGHOLFHQFLDWXUD(OSLHQVDTXHVXHQVHxDQ]DGHEHUtDVHURSFLRQDO0LHQWUDVTXHHOORFRQVLGHUDREOLJDWRULRSDUDORVDOXPQRVGH3VLFRORJtD&OtQLFD

3RVWHULRUPHQWHHQXQDVHJXQGDHQFXHVWDUHDOL]DGDDSDUWLUGHSURJUDPDVGH3VLFRORJtD&OtQLFD6KHPEHUJ\.HHOH\REWLHQHQUHVXOWDGRVVHPHMDQWHVDORVDQWHULRUHV$ODxRVLJXLHQWH/HYLWWUHÀHMDODRSLQLyQGHOGHORVGLUHFWRUHVGHSUiFWLFDVTXLHQHVFRQVLGHUDQTXHVXVDOXPQRVGHEHQFRQRFHU\DSOLFDUORVWHVWVSUR\HFWLYRV

$OJXQRVDxRVGHVSXpV5LW]OHU\'HO*DXGLRVHxDODQTXHHQHOGHORVSURJUDPDVGHGRFWRUDGRDSUREDGRVSRUOD$3$VHUHFRPLHQGDODHQVHxDQ]DGHO5RUVFKDFK\HQHOVXFRQWHQLGRHVFRQVLGHUDGRHVHQFLDOHQXQFXUVRGH'LDJQyVWLFR3VLFROyJLFR'RVDxRVPiVWDUGH:DGH\FRODERUDGRUHVUHFRPLHQGDQFRQRFHUHQSULPHUOXJDUHO5RUVFKDFK\GHVSXpVHO7$7:DLV%HQGHU\WHVWVJUi¿FRV$FWXDOPHQWH\DSHVDUGHVXVGHWUDFWRUHVQRVyORQRKDGHFUHFLGRHOYDORUGHORVWHVWVSUR\HFWLYRVVLQRTXHVHKDYLVWRLQFUHPHQWDGDVXLQYHVWLJDFLyQWDOFRPRVHYHUiHQORVSUy[LPRVFDStWXORV

(Q :HLQHU UHYLVDVX DUWtFXOR µ'RHV 3VLFKRGLDJQRVWLF KDYH D IXWXUH¶ SXEOLFDGR GLH] DxRV

DQWHV\FRQpO,ODXWLOL]DFLyQGHORVLQVWUXPHQWRVSVLFRGLDJQyVWLFRVSDUDODHYDOXDFLyQGHODLQWHOLJHQFLD\OD SHUVRQDOLGDGHQORV((88, eQWUHFX\RVUHVXOWDGRVFRQVWDWD

7UHVWpFQLFDVWUDGLFLRQDOHVPX\XWLOL]DGDVHQSVLFRGLDJQyVWLFRVHHQFXHQWUDQHQWUHORVWHVWVPiVDSOLFDGRVHQORV((88

:$,60LQHVVRWD0XOWLIDVLF3HUVRQDOLW\,QYHQWRU\003,TXHRFXSDHOVHJXQGROXJDU5RUVFKDFK

4XHODUHYLVLyQHIHFWXDGDSRU:DGH\%DNHUPXHVWUDTXHGHORVHQFXHVWDGRVHOXWLOL]DEDQWHVWV FRQ VXV SDFLHQWHV \ HO KDFtD XVR GH VXV UHVXOWDGRV HQ DOJ~Q PRPHQWRGHOWUDWDPLHQWR

³'RHV3VLFKRGLDJQRVWLFKDYHDIXWXUH"¢7LHQHIXWXURHO3VLFRGLDJQyVWLFR"6HSUHVHQWDSRUSULPHUDYH]WUDGXFLGDDOFDVWHOODQRHQODREUDGH$OHMDQGURÈYLOD\&DUORV5RGUtJXH]6XWLO3VLFRGLDJQyVWLFR&OtQLFR%LOEDR'HVFOpHGH%URXZHU(OIXWXURGHO3VLFRGLDJQyVWLFRUHYLVDGRSXHGHHQFRQWUDUVHHQQXHVWURSDtVHQODREUDDQWHVFLWDGDGH$ÈYLOD\&5RGUtJXH]

6XWLO



/DFRQYHQLHQFLDGHTXHORVDOXPQRVUHVLGHQWHVHQFHQWURVGHSUiFWLFDVREWXYLHUDQXQDSUHSDUDFLyQHQ3VLFRGLDJQyVWLFRPHMRU\PiVH[WHQVDTXHODSURSRUFLRQDGDSRUORVSURJUDPDVGHOLFHQFLDWXUD

'HHVWHPRGRFXDQGR3HW]HO\%HUQGWVROLFLWDURQGHGLUHFWRUHVGH&HQWURVTXHVHxDODUDQORVWUHVWLSRVGHFXUVRVTXHTXHUUtDQYHUUHÀHMDGRVHQHOFHUWL¿FDGRGHXQDVSLUDQWHDSVLFyORJRFOtQLFRWRGRVHOORVVHUH¿ULHURQDOGLDJQyVWLFRSVLFROyJLFR

*UDFLDVDXQDHQFXHVWDUHDOL]DGDSRU/HY\\)R[HQWUHODVSHUVRQDVTXHKDEtDQSURPRYLGR SXHVWRVGHWUDEDMRSDUDSVLFyORJRVFOtQLFRVHQHOGHORVVHUYLFLRVHQFXHVWDGRVVHHVSHUDEDTXHORVDVSLUDQWHVIXHUDQFDSDFHVGHDSOLFDUWHVWV\TXHHQHOLQFOX\HUDQWHVWVSUR\HFWLYRVHQVXVSURJUDPDVGRFHQWHV

(QORVFHQWURVGH6DOXG0HQWDOHQFXHVWDGRVSRU%URZQ\0DF*XLUHFRQHOPLVPRREMHWLYR,VHREVHUYyTXHORVLQVWUXPHQWRVTXHVHDSOLFDEDQFRQPD\RUIUHFXHQFLDHUDQHO5RUVFKDFKVHJXLGRGHO'$37$7%HQGHU\003,

$SRUWDFLRQHVGH5)UDQNGH9HUWKHO\)UDQNGH9HUWKHO\LEDViQGRVHHQODVSXEOLFDFLRQHVDSDUHFLGDVHQORVFLQFRDxRVDQWHULRUHVDVX

HGLFLyQHQHOµ-RXUQDORI3HUVRQDOLW\$VVHVVPHQW¶DQDOL]DGHVGH%RVWRQHOHVWDGRGHODHYDOXDFLyQ\HOXVRGHORVWHVWVHQ((88'LFKDLQGDJDFLyQOHSHUPLWLUtDGHWHFWDUHODXJHTXHHQODDFWXDOLGDGWLHQHQHQ1RUWHDPpULFDQRVyORORVWHVWVSUR\HFWLYRVVLQRWDPELpQORVWHVWVWUDGLFLRQDOHVODPD\RUtDGHORVFXDOHVKDQVLGRUHYLVDGRV

(QFXDQWRDODVWpFQLFDVDXWRDGPLQLVWUDGDVSHUVLVWHODSRSXODULGDGGHO003,HQVXYHUVLyQWUDGLFLRQDO\DFWXDOL]DGD,\VHUHYDORUL]DFDGDYH]PiVHO,QYHQWRU\&OtQLF0XOWLD[LDOGH0LOORQ0&0,,,\0&0,,,,GDGDVXFRPSDWLELOLGDGFRQHO0DQXDO(VWDGtVWLFR'60,9

(QORVWHVWVSUR\HFWLYRVVHFRQVWDWDHOSUHGRPLQLRGHO5RUVFKDFK ,VHJXLGRDXQTXHPX\GHOHMRVSRUHO7$76HLQFOX\HQDOJXQRVWUDEDMRVUHIHULGRVDOWHVWGHµ+RO]PDQ¶DOWHVWGHµ5RVHQ]ZHLJ¶µ0$3WHVW¶µ+DQG7HVW¶\GHULYDGRVGHO7$7&$7\31DVtFRPRDOJXQRVWHVWVJUi¿FRVWHVWGHOµ'LEXMRGHOD)LJXUD

+XPDQD¶WHVWGHODµ&DVDÈUERO3HUVRQD¶WHVWGHOµ$QLPDO¶\WHVWGHµOD)DPLOLD¶(OFDULVPD\YLWDOLGDGGHORVWHVWVSUR\HFWLYRVHQJHQHUDO\GHO5RUVFKDFKHQSDUWLFXODUGLFH5)UDQNHQGLFKDFRPXQLFDFLyQSDUHFHGHEHUVHDXQDGREOH\SDUDOHODFRUULHQWHGHE~VTXHGD\GHVFXEULPLHQWR

/DSULPHUDVHGHEHDODXJHREWHQLGRSRUODVLQYHVWLJDFLRQHVGH([QHUGHVGHDQWHVGHKDVWDODDFWXDOLGDG\DODDSOLFDFLyQGHO6LVWHPD&RPSUHKHQVLYRDOGLDJQyVWLFRLQGLFDFLyQSODQL¿FDFLyQ\HYDOXDFLyQGHOSURFHVRWHUDSpXWLFR/DLQGDJDFLyQ SHUPDQHQWHGH ODVYDULDEOHV HVWUXFWXUDOHV\ ODFHUWH]D GHVXV LQWHUUHODFLRQHV HQHOGLDJQyVWLFR GLIHUHQFLDO KD KHFKR SRVLEOH VX FDGD YH] PiV ¿QD LQWHUSUHWDFLyQ WDQWR FXDQWLWDWLYDDQiOLVLVGHOUHVXPHQHVWUXFWXUDOFRPRFXDOLWDWLYDDQiOLVLVGHODVHFXHQFLDGHFRGL¿FDFLyQ\GHODVUHVSXHVWDVSUR\HFWLYDVSURYHQLHQWHVGHODDVRFLDFLyQOLEUH\GHODHQFXHVWD

/DVHJXQGDFRUULHQWHGHRULHQWDFLyQPiVGLQiPLFD\FHQWUDGDHQODVUHODFLRQHVGHREMHWRVHGHEHDOHVIXHU]RGH%ODWW\FRODERUDGRUHVTXHD~QVLQROYLGDUHODQiOLVLVFXDQWLWDWLYR

LQFLGHQHQHODQiOLVLVGHOFRQWHQLGRGHODVUHVSXHVWDV

(VWDFUtWLFDHVWDUtDDFWXDOPHQWHEDVWDQWHVROYHQWDGDFRQODLQWURGXFFLyQHQODOLFHQFLDWXUDGHOµ3UiFWLFXP¶DVLJQDWXUDTXHHQGHWHUPLQDGRV&HQWURVFRQVWLWX\HXQDYHUGDGHUDLQPHUVLyQHQODH[SHULHQFLDGLDULDPX\VLPLODUDODTXHH[SHULPHQWDQORVSURIHVLRQDOHVGHOD6DOXG0HQWDO

6LUHFRJLpUDPRVODRSLQLyQGHORVGLUHFWRUHVGHORV&HQWURVGHSUiFWLFDVTXHDFWXDOPHQWHFRODERUDQFRQQXHVWUR3RVWJUDGR\0DVWHUGHµ3VLFRORJtD'LQiPLFD¶,VHREVHUYDUtDTXHODVSUXHEDVTXHFRQPiVIUHFXHQFLDVHDSOLFDQHQGLFKRV&HQWURVVRQHQWUHYLVWDFOtQLFDJUi¿FRV:,6&\:$,6003,\WHVWVSUR\HFWLYRVWHPiWLFRV31R&$7(QORVKRVSLWDOHVSVLTXLiWULFRV\HQORV&HQWURVFRQHVSHFLDOLVWDVHQHOWHVWVHDSOLFDHQWUHRWUDVSUXHEDVHO5RUVFKDFK6LVWHPD&RPSUHKHQVLYR

)UDQNGH9HUWKHO\L5µ7HPDVHQ(YDOXDFLyQ3VLFROyJLFD'HVDItRVGHORVDxRV¶&RQIHUHQFLDLQFOXLGDHQHOiUHDGHµ'LDJQyVWLFR(YDOXDFLyQ\$VHVRUDPLHQWR 3VLFROyJLFR¶&RQJUHVR ËEHURDPHULFDQR GH 3VLFRORJtD 0DGULG&ROHJLR2¿FLDO GH3VLFyORJRV

&RPXQLFDFLyQOHtGDHQHO,HU&RQJUHVRËEHUR$PHULFDQRGH3VLFRORJtD0DGULG





5HYLVLyQGH5)HUQiQGH]%DOOHVWHURV

)HUQiQGH] %DOOHVWHURV D SDUWLU GH DOJXQDV GH ODV LQYHVWLJDFLRQHV UHYLVDGDV SRU , :HLQHUODVOOHYDGDVDFDERSRU6XQGEHUJ\ODVGH/XELQ:DOOLV\3DLQH ,UHDOL]DXQDHQFXHVWDGHRSLQLyQHQWUHORVSVLFyORJRVFOtQLFRVHVSDxROHVFRQPiVGHWUHVDxRVGHH[SHULHQFLD6XREMHWLYRHUDFRQRFHUWDQWRHOHVWDGRGHO3VLFRGLDJQyVWLFRHQQXHVWURSDtVFRPRHOWLSRGHSUXHEDVTXHPiVVHXWLOL]DQDODSOLFDUXQGLDJQyVWLFRFOtQLFR3DUDHOORHODERUDUtDHOµ&XHVWLRQDULRGH2SLQLyQVREUH'LDJQyVWLFR¶FRQHOTXHREWLHQHORVVLJXLHQWHVUHVXOWDGRV

(O 3VLFRGLDJQyVWLFR KDFH UHIHUHQFLD IXQGDPHQWDOPHQWH D OD PHGLGD GH YDULDEOHV SVLFROyJLFDVREWHQLGDVPHGLDQWHORVWHVWV

(O'LDJQyVWLFRWUDVSDVDODSXUDDSOLFDFLyQGHSUXHEDVSVLFROyJLFDVGHVWDFDQGRHQWUHVXVREMHWLYRVOD SUHGLFFLyQRULHQWDFLyQ\WUDWDPLHQWR

/DVWpFQLFDVSUHIHULGDV\ PiVXWLOL]DGDV SRU ORVSVLFyORJRV FOtQLFRV HVSDxROHVVRQ ODHQWUHYLVWDHO WHVW GH5RUVFKDFK\ ODVSUXHEDVGHLQWHOLJHQFLD GH:HFKVOHU /RV HQFXHVWDGRV FRQVLGHUDQTXHHO5RUVFKDFKODHQWUHYLVWD\ODVHVFDODVGH:HFKVOHUVRQODVPHMRUHVWpFQLFDVTXHVHDSOLFDQHQ3VLFRGLDJQyVWLFR

/DV SULQFLSDOHV GH¿FLHQFLDV REVHUYDGDV HQWUH ORV LQVWUXPHQWRV GH QXHVWUD GLVFLSOLQD VH GHEHQD GH¿FLHQFLDV GH HVWDQGDUL]DFLyQ \ D OD IDOWD GH ULJRU FLHQWt¿FR HQ HO SURFHVR GH VX FRQVWUXFFLyQ

(O QLYHO GH JUDWL¿FDFLyQ GH ORV SURIHVLRQDOHV TXH VH GHGLFDQ D OD 3VLFRORJtD $SOLFDGD SXHGHFRQVLGHUDUVHPHGLR

/DFDOLGDGGHODHQVHxDQ]DXQLYHUVLWDULD\HVSHFLDOPHQWHGHODGLVFLSOLQD3VLFRGLDJQyVWLFRVHJ~QORV HQFXHVWDGRV HVGH¿FLHQWH'LFKDFUtWLFDSDUHFHUHODFLRQDUVHFRQ ODQHFHVLGDGGH LQFUHPHQWDUODVFODVHVSUiFWLFDVHOWUDEDMRHQJUXSRVUHGXFLGRV\PHMRUDUHOQLYHOGHORVGRFHQWHV$WRGRHVWRUHVSRQGHUtD0&0DUWRUHOODOLQVLVWLUHQODVLWXDFLyQGHSUHFDULHGDGLQFOXVRGHQXOLGDGGHODVD\XGDVTXHGHEHUtDQGHVWLQDUVHDPHMRUDUODFDOLGDGGHODGRFHQFLDLQYHUVLyQHQGRWDFLyQGHPHGLRV

SURFHGLPLHQWRV \IRUPDFLyQFRQWLQXDGD WRGDYtD LQVX¿FLHQWH, IDOWDGHSURIHVRUDGRFRODERUDGRUHQ SUiFWLFDV

/RVWUHVLQYHVWLJDGRUHVDOXGLGRV:HLQHU)UDQNGH9HUWKHO\\)HUQiQGH]%DOOHVWHURV SHUWHQHFLHQWHV D pSRFDV \ SDtVHV GLIHUHQWHV FRLQFLGHQ HQ HO OXJDU TXH HQ QXHVWUDGLVFLSOLQDRFXSDQHO5RUVFKDFK\HO7$7VLELHQ\UHVSHFWRDORVWHVWVSUR\HFWLYRVJUi¿FRV:HLQHUVLW~DHOWHVWGHOµ'LEXMRGHOD)LJXUD+XPDQD¶HQWHUFHUOXJDUPLHQWUDV5)UDQNXELFDHQODPLVPDWHUFHUDSRVLFLyQDXQFRQMXQWRGHWHVWVSUR\HFWLYRVJUi¿FRVHQWUHORVTXHLQFOX\HHOWHVWGHOµ'LEXMRGHOD)LJXUD+XPDQD¶HOWHVWGHODµ&DVDÈUERO3HUVRQD¶+73HOWHVWGHµOD)DPLOLD¶HOWHVWGHOµ$QLPDO¶\HOWHVWGHµOD3DUHMD¶

(QQXHVWURSDtVHOLQFUHPHQWR\YLWDOLGDGGHORVWHVWVSUR\HFWLYRVVHGHEHDOWUDEDMRGHQXPHURVRV SURIHVLRQDOHV TXH LQFOXVR GHVGH DQWHV GH VH KDEtDQ LQLFLDGR HQ HO HVWXGLR GH GLFKDV SUXHEDV \ GHO5RUVFKDFKVLJXLHQGRHQHVWH~OWLPRWHVWGLIHUHQWHVRULHQWDFLRQHV 1RVUHIHULPRVDHVWXGLRVRVFRPR-6DODV&6iLQ]$PRU$6HUUDWH-3HUWHMR0(5RPDQR\XQ

ODUJRHWFpWHUD\DGHVFULWRHQ5HVSHFWRDO5RUVFKDFKHQSDUWLFXODUKDQVLGRODVHQVHxDQ]DVGH([QHUDOJXQDVFRODERUDFLRQHVGH

:HLQHU\PiVDFWXDOPHQWHGH3K(GEHUJTXHFRQVXDSRUWDFLyQDQXDOHLQLQWHUUXPSLGDGHVGHKDVWDHQ%DUFHORQD\0DGULGKDnGDGRVROLGH]DOHVWXGLRHQVHxDQ]D\DSUHQGL]DMHGHOWHVWHVWLPXODQGRHQ(VSDxDVXULJXURVDLQYHVWLJDFLyQ\GHVDUUROOR

(Q&DWDOXxDHQPXFKRVGHORV&HQWURVGH$VLVWHQFLD3ULPDULD,QIDQWLOHV&$3,36GHQRPLQDGRVDFWXDOPHQWHµ&HQWURVGH6DOXG0HQWDO,QIDQWR-XYHQLOHV¶&60,-KDKDELGRXQLQFUHPHQWRGHODIUHFXHQFLDGHDSOLFDFLyQGHO5RUVFKDFKWHVWVSUR\HFWLYRVWHPiWLFRV31\&$7\WHVWVSUR\HFWLYRVJUi¿FRV'LEXMR

$OJXQRVGHGLFKRVSURIHVLRQDOHVVHQXWUtDQLQFOXVRHQODFRGL¿FDFLyQHLQWHUSUHWDFLyQGHYDULRVVLVWHPDVDOPLVPRWLHPSR-6DODVIXHXQRGHORVSLRQHURVGHOD3VLFRORJtD$SOLFDGDHQQXHVWURSDtV/D'UD&RQFHSFLyQ6iLQ]$PRUGLVFtSXODGH0DUJDULWD/RRVOL8VWHULIXHTXLHQLQWURGXMRVXPpWRGRHQ(VSDxD

\ODSULPHUDSURIHVRUDGH7pFQLFDV3UR\HFWLYDVTXHHQVHxyHOWHVWHQ%DUFHORQD'HWRGRVHVFRQRFLGDVXSDUWLFLSDFLyQHQHO&RQJUHVRGH5RPD\VXYLQFXODFLyQDODHVFXHODIUDQFREHOJD



/LEUH+733\WHVWGHOD)DPLOLDLQFUHPHQWRTXHSRGUtDHVWDUUHODFLRQDGRFRQHOUHVXUJLPLHQWR\H[SDQVLyQGHOD3VLFRORJtD'LQiPLFD\GHO'LDJQyVWLFR'LQiPLFRGHOD3HUVRQDOLGDG

7RGR HVWH SURJUHVR KD VLGR SRVLEOH JUDFLDV D XQ JUXSR GH SVLTXLDWUDV \ SVLFyORJRV YLQFXODGRV DOD 8QLYHUVLGDG GH %DUFHORQD DVtFRPR D GHWHUPLQDGRV FRRUGLQDGRUHV GH UHFRQRFLGRV &HQWURV GH 6DOXG0HQWDOS~EOLFRV\SULYDGRVGH&DWDOXxDFRQVFLHQWHVGHODLPSRUWDQFLDGHLQYHVWLJDUHOSURFHVRGLDJQyVWLFR OD FRPSUHQVLyQ GHO SURFHVR WHUDSpXWLFR \ HO DQiOLVLV GH ORV FDPELRV REVHUYDGRV DO ¿QDOL]DU HOWUDWDPLHQWR

%,%/,2*5$)Ë$

$%7/%(//$. /D3VLFRORJtD3UR\HFWLYD%XHQRV$LUHV3DLGyV$*8,55(*//RV7HVWVSUR\HFWLYRV%DUFHORQD/DHUWHV$/&22&.7 /DSUXHEDGH5RUVFKDFKHQODSUiFWLFD0p[LFR)RQGRGH&XOWXUD(FRQyPLFD$0(6/%0(75$8;5:52'(//-/:$/.(551&KLOG5RUVFKDFK5HVSRQVHV1<RUN%UXQQHU

0DW]HO$1=,(8' /RV0pWRGRV3UR\HFWLYRV%XHQRV$LUHVÁ EDFR2ULJLQDOGHOIUDQFpVÈ9,/$$7pFQLFDVSUR\HFWLYDV(Q$%ODQFR $SXQWHVGH3VLFRGLDJQyVWLFR9DOHQFLD3URPROLEURÈ9,/$$ /DV WpFQLFDVSUR\HFWLYDV HQORV ~OWLPRVYHLQWHDxRV$VSHFWRVFRQFHSWXDOHV \ WHQGHQFLDVGHOD LQYHVWLJDFLyQ

Proceedings Book 3RUWXJDO6RFLHGDG3RUWXJXHVDGH5RUVFKDFKÈ9,/$$52'5Ë*8(=687,/& 3VLFRGLDJQyVWLFR&OtQLFR0DGULG(XGHPDÈ9,/$$32&+-&RPSLODGRUV 0DQXDOGHWpFQLFDVGHSVLFRWHUDSLD0DGULG6LJOR;;,GH(VSDxD(GLWRUHV

6$%(&.6- /H7HVWGH5RUVFKDFK9,3DUtV3UHVVHV8QLYHUVLWDLUHVGH)UDQFH%(&.6- /H7HVWGH5RUVFKDFK9,,3DUtV3UHVVHV8QLYHUVLWDLUHVGH)UDQFH%(&.6- 5RUVFKDFKµV7HVW9,,,$GYDQFHVLQLQWHUSUHWDWLRQ1<RUN*UXQHDQG6WUDWWRQ%(//-(7pFQLFDV3UR\HFWLYDV%DUFHORQD3DLGyV%(//$./7HVWGH$SHUFHSFLyQ7HPiWLFDLQIDQWLOFRQ¿JXUDVDQLPDOHV &$7+%XHQRV$LUHV3DLGyV%/$776-%(5*0$1:+$0HWKRGRORJ\IRUWKHXVHRIWKH5RUVFKDFKLQ&OLQLFDO5HVHDUFK -RXUQDORI3HUVRQDOLW\

$VVHVVPHQW %/(8/(5( 'HPHQWLD3UDHFR[RUWKH*URXSRI6FKL]RSKUHQLD1HZ<RUN,QWHUQDWLRQDO8QLYHUVLWLHV3UHVV2ULJLQDO

GHODOHPiQ %2+0( 3VLFRGLDJQyVWLFRGH5RUVFKDFK0DGULG0RUDWD2ULJLQDOGHODOHPiQ49%2+0(9DGHPeFXP del test de Rorschach0DGULG0RUDWD2ULJLQDOGHODOHPiQ%2+0(0DQXDOGHO3VLFRGLDJQyVWLFRGH5RUVFKDFK0DGULG0RUDWD2ULJLQDOGHODOHPiQ49%8&.-17KH+RXVH7UHH3HUVRQ7HVW 9LUJLQLD&RORQ\%85165&.$8)0$16+ Los dibujos kinéticos de la familia como técnica diagnóstica%XHQRV$LUHV3DLGyV&(/(1(5* /DVWpFQLFDVSUR\HFWLYDV6XHVWDWXVHSLVWHPROyJLFRDFWXDO %XHQRV$LUHV3VLTXp&250$1 / (O WHVW GH OD )DPLOLD HQ OD SUiFWLFDPpGLFRSHGDJyJLFD %XHQRV$LUHV .DSHOXV] 2ULJLQDOGHO IUDQFpV

'(6$17,$*2)-)(51È1'(=0-*8(55$/5 3VLFRGLDJQyVWLFRGLQiPLFRDWUDYpVGHODVWpFQLFDVSUR\HFWLYDV

6DODPDQFD$PDU~(GLFLRQHV(5'(/<,0+ 3VLFRDQiOLVLV/D3VLFRORJtD&RJQLWLYDGH)UHXG %DUFHORQD/DERU(;1(5-(7KH5RUVFKDFK$&RPSUHKHQVLYH6\VWHP9RO, 1<RUN-:LOH\6RQV(;1(5-(7KH5RUVFKDFK$&RPSUHKHQVLYH6\VWHP9RO,, 1<RUN-:LOH\6RQV(;1(5-(7KH5RUVFKDFK$&RPSUHKHQVLYH6\VWHP9, 5HY(G1<RUN-:LOH\6RQV(;1(5-( $5RUVFKDFK:RUNERRNIRUWKH&RPSUHKHQVLYH6\VWHP7KLUG(GLWLRQ$VKHYLOOH1RUWK&DUROLQD5RUVFKDFK

:RUNVKRSV(;1(5-( $3ULPHUIRU5RUVFKDFK,QWHUSUHWDWLRQ$VKHYLOOH1RUWK&DUROLQD5RUVFKDFK:RUNVKRSV)LIWK(GLWLRQ(;1(5-( $5RUVFKDFK:RUNERRNIRUWKH&RPSUHKHQVLYH6\VWHP$VKHYLOOH5RUVFKDFK:RUNVKRSV(<6(1&.+-8VRV\DEXVRVGHOD3VLFRORJtD0DGULG%LEOLRWHFD1XHYD)(51È1'(=%$//(67(5265 3VLFRGLDJQyVWLFR0DGULG&LQFHO)(51È1'(=%$//(67(5265 3VLFRGLDJQyVWLFR0DGULG81(')(51È1'(=%$//(67(5265 ,QWURGXFFLyQDOD(YDOXDFLyQ3VLFROyJLFD,\,,0DGULG3LUiPLGH)(51È1'(=%$//(67(5265 (YDOXDFLyQ3VLFROyJLFD0DGULG3LUiPLGH)5$1./.3URMHFWLYH0HWKRGVIRUWKH6WXG\RI3HUVRQDOLW\ -RXUQDORI3V\FKRORJ\)5$1.'(9(57+(/<,5 ,QWHUDFFLyQ\SUR\HFWRIDPLOLDU(YDOXDFLyQLQGLYLGXDOGLiGLFD\JUXSDOSRUPHGLRGHOWHVWGH

ODIDPLOLDFLQpWLFDDFWXDO\SURVSHFWLYD%DUFHORQD*HGLVD)5$1.'(9(57+(/<,5 7HPDVHQ(YDOXDFLyQ3VLFROyJLFD%XHQRV$LUHV/XJDU)5$1.'(95&RQIHUHQFLDOHtGDHQHOiUHDGH'LDJQyVWLFR(YDOXDFLyQ\$VHVRUDPLHQWR3VLFROyJLFR,HU&RQJUHVR,EHUR

$PHULFDQRGH3VLFRORJtD0DGULG-XOLR





)5(8'6 /DQHXUDVWHQLD\ODQHXURVLVGHDQJXVWLD2EUDVFRPSOHWDV9RO, 0DGULG%LEOLRWHFD1XHYD2ULJLQDOGHODOHPiQ

)5(8'6 1XHYDVREVHUYDFLRQHVVREUHODV QHXURSVLFRVLVGHGHIHQVD2EUDV FRPSOHWDV9RO, 0DGULG%LEOLRWHFD1XHYD2ULJLQDOGHODOHPiQ

)5(8'6 /D LQWHUSUHWDFLyQ GH ORV VXHxRV2EUDVFRPSOHWDV9RO ,, 0DGULG%LEOLRWHFD1XHYD2ULJLQDOGHODOHPiQ

)5(8' 6 /D OLWHUDWXUD FLHQWt¿FD VREUH ORV SUREOHPDVRQtULFRV¶ 2EUDV FRPSOHWDV 9RO ,, 0DGULG%LEOLRWHFD 1XHYD2ULJLQDOGHODOHPiQ

)5(8'6 3VLFRSDWRORJtDGHODYLGDFRWLGLDQD2EUDVFRPSOHWDV9RO,,, 0DGULG%LEOLRWHFD1XHYD2ULJLQDOGHODOHPiQ

)5(8'6 $QiOLVLVIUDJPHQWDULRGHXQDKLVWHULD(OFDVR'RUD2EUDVFRPSOHWDV9RO,,, 0DGULG%LEOLRWHFD1XHYD2ULJLQDOGHODOHPiQ

)5(8'6 $QiOLVLVGHODIRELDGHXQQLxRGHFLQFRDxRV2EUDVFRPSOHWDV9RO,9 0DGULG%LEOLRWHFD1XHYD2ULJLQDOGHODOHPiQ

)5(8'67yWHP\WDE~2EUDVFRPSOHWDV9RO9 0DGULG%LEOLRWHFD1XHYD2ULJLQDOGHODOHPiQ)5(8'6 ,QWURGXFFLyQDOQDUFLVLVPR2EUDVFRPSOHWDV9RO9,0DGULG%LEOLRWHFD1XHYD2ULJLQDOGHODOHPiQ)5(8'6 /DDQJXVWLD2EUDVFRPSOHWDV9RO9, 0DGULG%LEOLRWHFD1XHYD2ULJLQDOGHODOHPiQ)5(8'60iVDOOiGHOSULQFLSLRGHSODFHU2EUDVFRPSOHWDV9RO9,, 0DGULG%LEOLRWHFD1XHYD2ULJLQDOGHODOHPiQ

)5(8'6 ,QKLELFLyQVtQWRPD\DQJXVWLD2EUDV FRPSOHWDV9RO 9,,,0DGULG%LEOLRWHFD1XHYD2ULJLQDOGHODOHPiQ

*22'(128*+)/7HVWGHLQWHOLJHQFLDLQIDQWLOSRUPHGLRGHOGLEXMRGHOD¿JXUDKXPDQD%XHQRV$LUHV3DLGyV2ULJLQDO

GHOLQJOpV*5$66$12( ,QGLFDGRUHVSVLFRSDWROyJLFRVHQWpFQLFDVSUR\HFWLYDV%XHQRV$LUHV3DLGyV+$00(5(7HVWVSUR\HFWLYRVJUi¿FRV %DUFHORQD3DLGyV2ULJLQDOGHOLQJOpV+(57=055RUVFKDFKWZHQW\\HDUVDIWHU 3V\FKRO%XOO+(57=057KHRUJDQL]DWLRQDFWLYLW\(Q05LFNHUV2YVLDQNLQD 5RUVFKDFK3V\FKRORJ\1<RUN-:LOH\-81*&*7KH$VVRFLDWLRQ0HWKRG $PHULFDQ-RXUQDORI3V\FKRORJ\./23)(5%7pFQLFDGHO3VLFRGLDJQyVWLFRGH5RUVFKDFK%XHQRV$LUHV3DLGyV2ULJLQDOGHOLQJOpV./23)(5%'DYLGVRQ++0DQXDOLQWURGXFWRULRDODWpFQLFDGHO5RUVFKDFK%XHQRV$LUHV3DLGyV2ULJLQDOGHOLQJOpV

.233,7=(0 (O'LEXMRGHOD)LJXUD+XPDQDHQ ORVQLxRV(GLFLyQ%XHQRV$LUHV*XDGDOXSH2ULJLQDOGHOLQJOpV

/$3/$1&+(-3217$/,6-% 'LFFLRQDULRGH3VLFRDQiOLVLV%DUFHORQD/DERU

/(9<05)2;+03V\FKRORJLFDOWHVWLQJLVDOLYHDQGZHOO 3URIHVVLRQDO3V\FKRORJ\/226/,867(5,070DQXDOSUiFWLFRGHOWHVWGH5RUVFKDFK0DGULG5LDOS2ULJLQDOGHOIUDQFpV/8%,1%:$//,653$<1(&3DWWHUQVRISV\FKRORJLFDOWHVWVXVDJHLQWKH8QLWHG6WDWHV 3URIHVVLRQDO

3V\FKRORJ\//8Ë6-0 Test de la Familia&XDQWL¿FDFLyQ\DQiOLVLVGHYDULDEOHVVRFLRFXOWXUDOHV\GHHVWUXFWXUDIDPLOLDU%DUFHORQD

2LNRVWDX0(,/,50DQXDOGH'LDJQyVWLFR3VLFROyJLFR0DGULG0RUDWD0855$<+$7KHPDWLF$SSHUFHSW iRQ7HVW 0DQXDO+DUYDUG8QLYHUVLW\3ULQWLQJ2I¿FH3+,//,3621+7HVWGH µ5HODFLRQHV2EMHWDOHV¶ 7520DQXDO%XHQRV$LUHV3DLGyV2ULJLQDOGHOLQJOpV(GFDVW

3,2752:6.,)$5RUVFKDFK&RPSHQGLXPUHYLVHGDQGHQODUJHG(Q-$%UXVVHOHWDOWHUV(GWV $5RUVFKDFK7UDLQLQJ

0DQXDO8WLFD1<RUN6WDWH+RVSLWDO3UHVV3,2752:6.,) 5RUVFKDFK3V\FKRORJ\1<RUN-:LOH\DQG6RQV5$3$3257'*,//006&+$)(557HVWVGH'LDJQyVWLFR3VLFROyJLFR5H(G%XHQRV$LUHV3DLGyV2ULJLQDO

GHOLQJOHV5$3$3257'7HVWVGHGLDJQyVWLFRSVLFROyJLFR%XHQRV$LUHV3DLGyV5,7=/(5%$'(/*$8',2$&$VXUYH\RI5RUVFKDFKWHDFKLQJLQ$3$DSSURYHGFOLQLFDOJUDGXDWHSURJUDPV -RXUQDO

RI3HUVRQDOLW\$VVHVVPHQW5256&+$&++HG 3VLFRGLDJQyVWLFR%XHQRV$LUHV3DLGyV2ULJLQDOGHODOHPiQ526(1=:(,*6)DQWDV\LQSHUVRQDOLW\DQGLWVVWXG\E\WHVWVSURFHGXUHV -RXUQDO$EQ6RF3VLFRO 529,5$72'$)0 (O5RUVFKDFK1XHYDVDSRUWDFLRQHVGH-(([QHUDO6LVWHPD&RPSUHKHQVLYR(VWXGLRVLVWHPiWLFR\

DQiOLVLVLQWHUUHODFLRQDGRGHYDULDEOHV0DGULG6LJOR;;,6$/$6-$QiOLVLVGHO3VLFRGLDJQyVWLFRGH5RUVFKDFKHQXQFDVRGHHVTXL]RIUHQLD $UFK1HXURELRO7;,, S6$/$6- (O3VLFRGLDJQyVWLFRGH5RUVFKDFK0DGULG0RUDWD6$0,$/, 'HODSUR\HFFLyQ0DGULG3HWUHO6&+$)(557KH&OLQLFDO$SSOLFDWLRQRISV\FKRORJLFDOWHVWV1<RUN,QWHUQDWLRQDO8QLYHUVLWLHV3UHVV6&+$)(55 3V\FKRDQDOLWLFLQWHUSUHWDWLRQLQ5RUVFKDFKWHVWLQJ 1<RUN*UXQHDQG6WUDWWRQ6,48,(50/*$5&Ë$$5=(120( /DV7pFQLFDV3UR\HFWLYDV\HOSURFHVRSVLFRGLDJQyVWLFR%XHQRV$LUHV1XHYD

YLVLyQ9,9(6 *20,/$ 0 (O 5RUVFKDFK ,QVWUXPHQWR GH 'LDJQyVWLFR \ 3URQyVWLFR HQ OD 'LIHUHQFLDFLyQ GH HVTXL]RIUHQLD

%DUFHORQD338



:(,1(5,'RHV3V\FKRGLDJQRVLVKDYHDIXWXUH" -RXUQDORI3HUVRQDOLW\$VVHVVPHQW WUDGXFFDVWHOODQDHQÈYLOD\5RGUtJXH]6XWLORSXVFLW

:(,1(5,%7KHIXWXUHRI3V\FKRGLDJQRVLVUHYLVLWHG -RXUQDORI3HUVRQDOLW\$VHVVPHQW:(,1(5,%D&RQVLGHUDWLRQVLQFROOHFWLQJ5RUVFKDFKUHIHUHQFHGDWD -RXUQDORI3HUVRQDOLW\$VVHVVPHQW :(,1(5 , % E $GYDQFLQJ WKH VFLHQFH RI SV\FKRORJLFDO DVVHVVPHQW7KH 5RUVFKDFK 7HVW DV H[HPSODU 3V\FKRORJLFDO $VVHVVPHQW


Tests Proyectivos.desbloqueado

Documents

Transcript of Tests Proyectivos.desbloqueado