¿Es el contrato de apoyo al emprendedor un instrumento de inserción laboral "estable" para los jóvenes andaluces?
Full text
¢(6(/&2175$72'($32<2$/ (035(1'('2581,167580(172'( ,16(5&,Ï1/$%25$/³(67$%/(´3$5$ /26-Ï9(1(6$1'$/8&(6" )FR-DYLHU&DOYR*DOOHJR 'RORUHV*yPH]'RPtQJXH] 0DUtD7HUHVD$UpYDOR4XLMDGD 3URIHVRUHV7LWXODUHV\&DWHGUiWLFD GHOD8QLYHUVLGDGGH6HYLOOD 3UR\HFWR'(5
680$5,2 ,1752'8&&,Ï1&217(;78$/,=$&,Ï1<2%-(7,926'((67$ &2081,&$&,Ï1 (/ &$( &202 ,167580(172 '( ,16(5&,Ï1 /$%25$/ '( /26 -Ï9(1(6 (1 $1'$/8&Ë$ $/*8126 '$726 62%5( 68 ()(&7,9,'$' (1 /26 35,0(526 ',(&,2&+2 0(6(6 '( 9,*(1&,$ (YROXFLyQ \ WLSRORJtD GH OD FRQWUDWDFLyQ XQ SHVR HVFDVDPHQWH &DUDFWHUtVWLFDVFRQWUDFWXDOHV\HPSUHVDULDOHVGHORV&$(FHOHEUDGRV HQWUHIHEUHURGH\HQHURGH &DUDFWHUtVWLFDVSHUVRQDOHVGHORVMyYHQHVFRQWUDWDGRVPHGLDQWH&$( HQWUHIHEUHURGH\HQHURGHJpQHURH[SHULHQFLDODERUDO 62%5(/$(67$%,/,'$''(/26&$( 5HDFWLYDFLyQGHODGHPDQGD\&$(XQDSULPHUDDSUR[LPDFLyQ 5HDFWLYDFLyQGHODGHPDQGD\HGDG 5HDFWLYDFLyQGHODGHPDQGD\JUDGRGHIRUPDFLyQGHORVMyYHQHV 5HDFWLYDFLyQGHODGHPDQGDQLYHOGHHVWXGLRV\JpQHUR &21&/86,21(6
,1752'8&&,Ï1&217(;78$/,=$&,Ï1<2%-(7,926'( (67$&2081,&$&,Ï1 +DVLGRXQOXJDUFRP~QHQQXHVWUDGRFWULQDSUiFWLFDPHQWHGHVGHVXPLVPD DGHODQWH FRPR XQD GH ODV SLH]DV IXQGDPHQWDOHV GH DTXHOOD UHIRUPD GHVWLQDGD D SRWHQFLDU DO PHQRV WHyULFDPHQWH OD FUHDFLyQ GH HPSOHR ³HVWDEOH´ SDUD ORV MyYHQHV PiV DPSOLD JHQHUDO R LQGLIHUHQFLDGD DO FHQWUDU VX DWHQFLyQ \ VREUH WRGR ORV UHTXLVLWRVSDUDVXYiOLGDHVWLSXODFLyQ~QLFDPHQWHHQODGLPHQVLyQGHODHPSUHVD FRQWUDWDQWH VLQ HVWDEOHFHU HQ FDPELR H[LJHQFLD DOJXQD HQ UHODFLyQ FRQ HO WUDEDMDGRU<DVtUHVXOWDEDHYLGHQWHTXHHODUW/H\RPLWtD\RPLWHWRGD H[LJHQFLD SHUVRQDO UHODWLYD DO IXWXUR WUDEDMDGRU HVSHFLDOPHQWH HQ UHODFLyQ FRQ DVSHFWRVWUDGLFLRQDOPHQWHGHVWDFDGRVHQHVWHWLSRGHQRUPDVFRPRVXHOHQVHUOD HGDGODH[SHULHQFLDRLQH[SHULHQFLDODERUDOSUHYLDHOQLYHOHGXFDWLYRRLQFOXVR ODSURSLDVLWXDFLyQRLQVFULSFLyQFRPRGHPDQGDQWHGHHPSOHRFRQYLUWLHQGRDVtD HVWDPRGDOLGDGHQXQDPHGLGDJHQpULFDDOPHQRVHQDSDULHQFLDGHIRPHQWRGHO HPSOHR <VLQHPEDUJRDQDGLHHVFDSDEDFyPRODIRFDOL]DFLyQGHVXDPSOLRDSDUDWR XQLGDDRWURVIDFWRUHV±FRPRHOKHFKRGHTXHVXDPSOLR\GLVFXWLGRSHULRGRGH SUXHEDTXL]iVLQWHQWDVHDUWLFXODU³IRUPDOPHQWH´XQDSUiFWLFDEDVWDQWHH[WHQGLGDHQ QXHVWURVLVWHPD\HQYLUWXGGHODFXDOPXFKDVHPSUHVDVFRQWUDWDQWHPSRUDOPHQWH GHIRUPDGLUHFWDRYtD(77DMyYHQHVFRPRLPSURSLRSHULRGRGHSUXHEDSDUD HVWDPRGDOLGDGVHFRQYLUWLHUDDOPHQRVDSDUHQWHPHQWHHQXQRGHORVLQVWUXPHQWRV FHQWUDOHVRHQXQDGHODVPHGLGDV³HVWUHOOD´±VLVHTXLHUHXWLOL]DUHVWDWHUPLQRORJtD HQODOXFKDFRQWUDHODOWRGHVHPSOHRMXYHQLOTXHVRSRUWDHVSHFLDOPHQWHGXUDQWH HVWRV~OWLPRVDxRVQXHVWURPHUFDGRGHWUDEDMR 'HVGH HVWDV SUHPLVDV OD SUHVHQWH FRPXQLFDFLyQ QR SUHWHQGH REYLDPHQWH LQGDJDUHQHOSURIXVDPHQWHHVWXGLDGRUpJLPHQMXUtGLFRGHHVWDPRGDOLGDG /RVDXWRUHVGHHVWHWUDEDMRTXLVLHUDQDJUDGHFHUS~EOLFDPHQWHODSHUPDQHQWHDPDELOLGDGGHORVFRPSR QHQWHVGHO2EVHUYDWRULR$5*26 $VtSRUPHQFLRQDUDOJXQRV01025(129,'$³1RYHGDGHVHQPDWHULDGHPRGDOLGDGHVFRQ HPSUHQGHGRUHVXQDQXHYDYXHOWDGHWXHUFDDODSUHFDULHGDGFRPRIyUPXODGHIRPHQWRGHOHPSOHR´HQ5HYLVWD HQ$UDQ]DGL6RFLDOQ -XQWRDORVDQWHULRUHVSXHGHQFRQVXOWDUVHLJXDOPHQWH5(6&8'(5252'5Ë*8(=0/8&$6'8 *20(=$%(//(,5$³0HGLGDVSDUDIDYRUHFHUHOHPSOHRHVWDEOHHOFRQWUDWRGHDSR\RDORVHPSUHQGHGRUHV /DERUDOGLU,*$5&,$3(5527(-50(5&$'(58*8,1$/H[1RYD9DOODGROLG)- &$/92*$//(*2³0RGDOLGDGHVFRQWUDFWXDOHVGXDOLGDGHQHOPHUFDGR\UHIRUPDVODERUDOHVHQHOELHQLR D,,OD/H\´HQ'RFXPHQWDFLyQ/DERUDOQ3DUDXQDELEOLRJUDItDPiVDPSOLD
FRPSOHMRVLVWHPDGHLQFHQWLYRVHFRQyPLFRVQLWDQVLTXLHUDHQODVVHULDVGXGDV TXHVXVFLWDWDQWRGHVGHXQSXQWRGHYLVWDLQWHUQDFLRQDOFRPRFRQVWLWXFLRQDOVX DPSOtVLPRSHULRGRGHSUXHED'HIRUPDPXFKRPiVPRGHVWDSUHWHQGHDERUGDU FRQODLQHYLWDEOHEUHYHGDGSURSLDGHXQDFRPXQLFDFLyQGRVFXHVWLRQHVTXHVLQ HPEDUJRFRQVLGHUDPRVFHQWUDOHV /DSULPHUDLQGDJDUHQHOJUDGRGHXWLOL]DFLyQRQRGHHVWDPRGDOLGDG FRPRLQVWUXPHQWRGHLQVHUFLyQODERUDOGHORVMyYHQHVHQ$QGDOXFtD < HQ VHJXQGR OXJDU \ VL VH QRV SHUPLWH FRPR REMHWLYR IXQGDPHQWDO FRPSUREDUVLWUDQVFXUULGRXQFLHUWRWLHPSRGHVGHVXDSDULFLyQORVGDWRVGH DOJ~QUHJLVWURDGPLQLVWUDWLYR±EiVLFDPHQWHHOGHGHPDQGDQWHVGHHPSOHR QRVSHUPLWHYLVOXPEUDUFDViQGRORVFRQODPXHVWUDGHFRQWUDWRVUHDOL]DGRV GXUDQWHHVWHSULPHUDxRVLUHDOPHQWHHQHVWRVFDVRVQRVHQFRQWUDPRVDQWH XQ FRQWUDWR R XQD UHODFLyQ FLHUWDPHQWH HVWDEOH R VL SRU HO FRQWUDULR \ FRPRPXFKRV\DDQWLFLSiEDPRVQRVHQFRQWUDPRVHQODSUiFWLFDDQWHXQ FRPR YHUHPRV PHGLDQWH OD UHDFWLYDFLyQ GH OD GHPDQGD GHO WUDEDMDGRU FRQWUDWDGR VXSHULRU D OD GH XQD PXHVWUD GH UHIHUHQFLD GH FRQWUDWRV 3DUD HOOR \ FRPR GHFLPRV XWLOL]DUHPRV ORV GDWRV DSRUWDGRV GHVGH HO 2EVHUYDWRULR$UJRVGHO6HUYLFLR$QGDOX]GH(PSOHRUHODFLRQDQGRODEDVHGHGDWRV GHFRQWUDWDFLRQHVFRQODGHGHPDQGDQWHVGHHPSOHR\WRPDQGRFRPRJUXSRGH HVWHPLVPRSHULRGRGHWLHPSR9D\DPRVSXHVSRUSDUWHV QRVUHPLWLPRVDOH[FHOHQWHWUDEDMRGH-025(12*(1e³/DLQFRQVWLWXFLRQDOLGDGGHOSHUtRGRGHSUXHED GHOFRQWUDWRGHDSR\RDORVHPSUHQGHGRUHV´&RPXQLFDFLyQDODV;;,9-RUQDGHV&DWDODQHV'H'UHW6RFLDO (VSHFLDOPHQWHHQUHODFLyQFRQODDGHFXDFLyQRQRGHVXH[FHSFLRQDO\UtJLGRSHULRGRGHSUXHEDWDQWR FRQHODUW&(FRPRFRQHO&RQYHQLR2,76REUHHOWHPDYpDVH)-&$/92*$//(*2³0RGDOLGDGHV GRUHVDUJXPHQWRVSDUDODLQFRQVWLWXFLRQDOLGDGGHOSHUtRGRGHSUXHED´&LYLWDV5HYLVWD(VSDQRODGH'HUHFKR 'HUHFKRGHO7UDEDMRHQHOFRQWH[WRGHFULVLVHFRQyPLFDV;;,,&RQJUHVR1DFLRQDOGH'HUHFKRGHO7UDEDMR \GHOD6HJXULGDG6RFLDOSHQGLHQWHGHSXEOLFDFLyQ0iVUHFLHQWHPHQWHSXHGHVHUGHLQWHUpVOD'HFLVLyQGHO (XURSHDQ&RPPLWWHH2I6RFLDO5LJKWVGH0D\HQUHODFLyQFRQOD5HFODPDFLyQ1RHQODTXH VHFRQVLGHUyTXHXQDPHGLGDEDVWDQWHVLPLODUDODHVSDxROD6HFWLRQRI$FW1RRI'HFHPEHU HODUWGHOD&DUWDVRFLDO(XURSHD
(/&$(&202,167580(172'(,16(5&,Ï1/$%2 5$/'(/26-Ï9(1(6(1$1'$/8&Ë$$/*8126'$ 72662%5(68()(&7,9,'$'(1/2635,0(526',( &,2&+20(6(6'(9,*(1&,$ (YROXFLyQ \ WLSRORJtD GH OD FRQWUDWDFLyQ XQ SHVR HVFDVDPHQWH &RPHQ]DQGRHQSULPHUOXJDUSRUHOJUDGRGHXWLOL]DFLyQGHHVWDPRGDOLGDG ODWHQGHQFLDTXH\DHQVXPRPHQWRVHxDODPRVHQUHODFLyQFRQORVSULPHURVPHVHV GHVXYLJHQFLDHO&$(OHMRVGHFRQYHUWLUVHHQHOSRVLEOH³FRQWUDWR~QLFR´SDUD ODV3\PHV\PLFURS\PHVHVSDxRODVKDEUtDWHQLGRDOPHQRVHQ$QGDOXFtD±DXQTXH XQSDSHO EDVWDQWH OLPLWDGR R LQFOXVR UHVLGXDO VREUH WRGR VL OR FRPSDUDPRV QR \D VROR FRQ HO FRQMXQWR GH OD FRQWUDWDFLyQ GHVDUUROODGD GXUDQWH GLFKR SHULRGR VLQR \ &RPXQLGDGGXUDQWHHVWHPLVPRODSVRWHPSRUDO±YHU7DEOD 7DEOD(YROXFLyQWHPSRUDO\SRUFHQWXDOGHORV&$(HQ$QGDOXFtD 0HV 7RWDO&$( &$( 7RWDO FRQWUDWDFLyQ &$( 7RWDOFRQWUDWRV IHE PDU DEU PD\ MXQ MXO DJR VHS RFW QRY GLF HQH IHE PDU DEU PD\ MXQ MXO DJR VHS 7RWDO )XHQWH$5*26\HODERUDFLyQSURSLD 9HiVH07$5(9$/2)-&$/92'*Ï0(=³*UDGR\WLSRGHXWLOL]DFLyQHQ$QGDOXFtDGHOFRQWUDWR GHDSR\RDOHPSUHQGHGRU´HQ7HPDVODERUDOHV9ROS 9pDQVH ORV GDWRV HQ KWWSZZZVHSHHVFRQWHQLGRHVWDGLVWLFDVGDWRVBHVWDGLVWLFRVFRQWUDWRVGDWRVHP SUHQGHGRUHVKWPO
'HKHFKR\FRPRVHDSUHFLDHQOD7DEODHQQXHVWUD&RPXQLGDG$XWyQRPD HVWH WLSR GH FRQWUDWRV WDQ VROR UHSUHVHQWDED HO GH ORV SDFWRV ODERUDOHV UHDOL]DGRVHQ$QGDOXFtDHQWUHIHEUHURGH\VHSWLHPEUHGH\HOGHO TXHPXFKRVSUHYHtDPRV\TXHLQFOXVROOHJyDSODQWHDUODSRVLELOLGDGGHTXHHVWD PRGDOLGDG WXYLHUD XQ FLHUWR HIHFWR VXVWLWXFLyQ GH OD FRQWUDWDFLyQ WHPSRUDO TXH GRPLQDFRPRGHWRGRVHVVDELGRHOPHUFDGRGHWUDEDMRDQGDOX]HVSHFLDOPHQWHHQ UHODFLyQFRQODVSHUVRQDVGHPHQRUHGDG H[SHULPHQWy EiVLFDPHQWH HQ MXOLR GH XQ FLHUWR UHSXQWH WDQWR VREUH HO WRWDOGHODFRQWUDWDFLyQFRPRHQHOSRUFHQWDMHTXHHVWRVSDFWRVVXSRQHQVREUHHO SUHYLD FODUDPHQWH GHVFHQGHQWH SHUPLWLHQGR TXH SRU SULPHUD YH] GHVGH PDU]R GH HOQXPHURGH &$(UHDOL]DGRVGXUDQWHHVH PHVGHMXOLRGHIXHUD VXSHULRUDORVGDWRVGHOPLVPRPHVGHODxRDQWHULRU1RREVWDQWH\FRPRGHFLPRV VHWUDWDGHXQGDWRH[FHSFLRQDO<HOOR\DTXHHQORVGRVVLJXLHQWHVPHVHVHOQ~PHUR GH&$(UHDOL]DGRVHQ$QGDOXFtDKDVLGRQXHYDPHQWHLQIHULRUDORVGDWRVGHORV PLVPRVPHVHVGHODxRDQWHULRUVLELHQ±\HVWRHVLPSRUWDQWHHOGLIHUHQFLDOHQWUH ORVPLVPRVKDGHVFHQGLGRORTXHSDUHFHLQGLFDUXQDFLHUWDHVWDELOL]DFLyQHQVXXVR VXHQWUDGDHQYLJRUHQIHEUHURGH SURSRUFLRQDOSRUPHVHVVREUHHOWRWDOHMHGHODGHUHFKD )XHQWH$UJRV\HODERUDFLyQSURSLD (QFXDOTXLHUFDVRWDPSRFRSDUHFHTXHHQHVWRV~OWLPRVPHVHVKD\DKDELGR FDPELRVGUiVWLFRVVREUHODVWHQGHQFLDV\DVHxDODGDVHQWUDEDMRVDQWHULRUHV\UHODWLYDV DO UHVWR GH UDVJRV IXQGDPHQWDOHV GH HVWD FRQWUDWDFLyQ $Vt OD YLVLyQ DJUHJDGD
VHVJRKDFLDXQDXWLOL]DFLyQPiVIUHFXHQWHGHHVWDPRGDOLGDGFRQKRPEUHVTXHFRQ PXMHUHVGHFRQWUDWRVFRQYDURQHVIUHQWHDOGHPXMHUHV±YHU7DEOD GHOPLVPRPRGRTXHWDPSRFRVHDOWHUD±DXQTXHSDUHFHDWHQXDUVHODHVSHFLDO IUHFXHQFLDFRQODTXHVHUHDOL]DFRQMyYHQHV%DVWHUHFRUGDUFRPRPiVGHOGH HVWRVFRQWUDWRVVHUHDOL]DURQFRQSHUVRQDVGHRPHQRVDxRVGHHGDG &$( 7RWDO +20%5( 0HQRUGHDxRV 'HDxRV 'HDDxRV 0iVGHDxRV 7RWDO+20%5( 08-(5 0HQRUGHDxRV 'HDxRV 'HDDxRV 0iVGHDxRV 7RWDO08-(5 727$/ 7RGDVHGDGHV )XHQWH$UJRV\HODERUDFLyQSURSLD )LQDOPHQWH \ HQ HVWD YDORUDFLyQ JHQHUDO GHO XVR GH HVWD PRGDOLGDG FRPR LQVWUXPHQWRGHLQVHUFLyQWDQVyORFDEUtDGHVWDFDUFRPRODHYROXFLyQPiVUHFLHQWH VLJXHGHWHFWDQGR±YHU7DEODTXHODPD\RUtDGHHVWRV&$(VLJXHQGLVIUXWDQGR FRPR OD VHSDUDFLyQ HQWUH DPEDV VXEPRGDOLGDGHV SDUHFH UHFRUWDUVH VLQ GRVLQFHQWLYRVVLHQGRDGHPiVFLHUWDPHQWHGLVSDUHVWDFRPSRVLFLyQHQIXQFLyQGH ODHGDGGHOWUDEDMDGRUHPSOHDGR 5HFXpUGHVHFRPRHQORVRFKRSULPHURVPHVHVDQDOL]DGRVHQODSXEOLFDFLyQDQWHVVHxDODGDODSURSRUFLyQ HUDSUiFWLFDPHQWHGHO
6(;2 ('$' 7RWDO 7RWDOSRU HGDG 6,1 %21,),&$&,21(6 1,'('8&&,21(6 +20%5( 0HQRUGHDxRV 'HDxRV 'HDDxRV 0iVGHDxRV 7RWDO+20%5( 08-(5 0HQRUGHDxRV 'HDxRV 'HDDxRV 0iVGHDxRV 7RWDO08-(5 7RWDO &21 %21,),&$&,21(6 '('8&&,21(6 +20%5( 0HQRUGHDxRV 'HDxRV 'HDDxRV 0iVGHDxRV 7RWDO+20%5( 08-(5 0HQRUGHDxRV 'HDxRV 'HDDxRV 0iVGHDxRV 7RWDO08-(5 7RWDO )XHQWH$UJRV\HODERUDFLyQSURSLD &DUDFWHUtVWLFDV FRQWUDFWXDOHV \ HPSUHVDULDOHV GH ORV &$( FHOHEUDGRV HQWUHIHEUHURGH\HQHURGH XWLOL]DFLyQR³p[LWR´GHHVWDPRGDOLGDGHQHODFWXDOHQWRUQRHFRQyPLFRSRGHPRV GDUXQSDVRPiV\FHQWUDUQXHVWURDQiOLVLVHQXQHVWXGLRDOJRPiVSURIXQGRGH XQDPXHVWUDPiVUHGXFLGDGHHVWDFRQWUDWDFLyQ6HWUDWDGHOJUXSRGH&$( HVWLSXODGRVHQWUHIHEUHURGH\HQHURGHDPERVLQFOXLGRV±HOSULPHUDxR SRUWDQWRGHYLJHQFLDGHHVWDPRGDOLGDG\TXHVHUiDGHPiVHOTXHDQDOL]DUHPRV DHIHFWRVGHGHWHUPLQDUHOREMHWLYRFHQWUDOGHHVWDFRPXQLFDFLyQHVWRHVLQGDJDU HQVXPD\RURPHQRUHVWDELOLGDGPHGLGDDWUDYpVGHODUHDFWLYDFLyQRQRGHOD GHPDQGDGHHVWRVHPSOHDGRV (QFXDOTXLHUFDVRORSULPHURTXHFDEHH[WUDHUGHODQiOLVLVGHHVWRVPLFURGDWRV HVTXHODDQWHULRUPHQWHSURSXHVWDUHODFLyQHQWUHODIRFDOL]DFLyQGHORVLQFHQWLYRV HQSHUVRQDVMyYHQHV\VXDOWRXVRHQHVWDFRKRUWHSDUHFHGHPRVWUDUVHSOHQDPHQWH (QHVWHFDVRVHSDUWHGHTXHHOGHORVFRQWUDWRVGHHVWDPXHVWUDUHGXFLGD GHKHFKRPiVGHOVLLQFOXLPRVWDPELpQDORVGHDxRVVHFRQFHQWUDQ
HQ HO JUXSR GH HGDG PiV MRYHQ 3XHV ELHQ EDVWD XQD PHUD YLVXDOL]DFLyQ GHO HVHVSHFLDOPHQWHHOHYDGRSUHFLVDPHQWHHQORVJUXSRVGHHGDGGHKDVWDDxRV DxRV\PD\RUHVGHDxRV(QHVWDVFRKRUWHVODPHQFLRQDGD SURSHQVLyQ D ODLQFHQWLYDFLyQKDFHTXHHQWUHHO\HOGHHVWRV&$(FRQWHPSOHQDOJXQD RODVGRVPHGLGDVIUHQWHDXQDPHGLDJHQHUDOGHOSDUDHOFRQMXQWRGHOD PXHVWUD(QFDPELRHQHOJUXSRGHDDxRVHQHOTXHVHFRQFHQWUDQHO GHOWRWDOGH&$(GHOSHULRGRFRQVLGHUDGRVyORHOWLHQHQDOJ~QGHHVWRVGRV LQFHQWLYRVHFRQyPLFRVORTXHVXSRQHTXHORV&$(LQFHQWLYDGRVGHHVWHFROHFWLYR VRORUHSUHVHQWDQHOGHOWRWDOGH&$(LQFHQWLYDGRV GHGXFFLRQHV )XHQWH$UJRV\HODERUDFLyQSURSLD 3RU RWUD SDUWH VL DWHQGHPRV D OD GLVWULEXFLyQ GH ORV &$( HQ IXQFLyQ GHO PD\RUSURSRUFLyQGHFRQWUDWRVVHFRQFHQWUDHQHQWLGDGHVPX\SHTXHxDVPiVGHO HQRUJDQL]DFLRQHVGHDWUDEDMDGRUHV\PiVGHOHQHPSUHVDVGH WUDEDMDGRUHVPLHQWUDVTXHHOQ~PHURGH&$(HQHQWLGDGHVGHPHGLDQRWDPDxR HV VHQVLEOHPHQWH LQIHULRU 6RQ SRU WDQWR HVWDV PLFUR RUJDQL]DFLRQHV ODV TXH HQ SULQFLSLRPiVKDQXWLOL]DGRHVWDQXHYDPRGDOLGDGORTXHSRUFLHUWRFRLQFLGLUtDFRQ HOKHFKRGHTXHWDPELpQVRQHVWHWLSRGHHPSUHVDVODVTXHDOPHQRVHQDSDULHQFLD VXHOHQ GDU PD\RU YDORU D OD SUHVHQFLD GH HVWRV LQFHQWLYRV HQ HO SURFHVR GH VHOHFFLyQ%DVWHVHxDODUFRPRGHORV&$(HQHPSUHVDVGHDWUDEDMDGRUHV HOGLVIUXWDQGHLQFHQWLYRVHFRQyPLFRVPLHQWUDVTXHHQHOJUXSRGHD WUDEDMDGRUHVVyORHOGLVIUXWDGHHVWRVLQFHQWLYRV
JHQHUDOL]DGRHOXVRGHHVWDPRGDOLGDGFRPRFRQWUDWRVWHPSRUDOHVVLQFDXVD'H KHFKRHVHYLGHQWHTXHFHUFDGHGRVWHUFHUDVSDUWHVGHORV&$(FHOHEUDGRVGXUDQWH VH GHGXFHQ VL OLPLWiUDPRV OD PXHVWUD D ORV FRQWUDWRV HVWLSXODGRV GH IHEUHUR D VHSWLHPEUHGHHQORVTXHODWDVDGHUHDFWLYDFLyQGHODGHPDQGDD~QVLHQGR UHODFLyQ VH PDQWLHQH \ QR SDUHFH KDEHU IXQFLRQDGR FRPR XQ VLPSOH FRQWUDWR WHPSRUDOVLQFDXVD 1RREVWDQWHGHORTXHWDPSRFRFDEHGXGDHVGHTXHODPRUWDOLGDGGHHVWD PRGDOLGDGHVEDVWDQWHPiVDOWD\SRUWDQWRODUHODFLyQEDVWDQWHPHQRVHVWDEOH LQFHQWLYRVDXQTXHGHVGHOXHJRQRGHMDGHVHUOODPDWLYRTXHLQFOXVRHQHOFDVR GHORV&$(LQFHQWLYDGRVHQGyQGHVtH[LVWHQFRQVHFXHQFLDVQHJDWLYDVGHULYDGDV GHVXH[WLQFLyQLQFOXVRGXUDQWHHOSHULRGRGHSUXHEDHVWDWDVDGHUHDFWLYDFLyQGH RUGLQDULRV &RQWRGRHVHYLGHQWHTXHHVWRVGDWRVSXGLHUDQUHVXOWDUVHVJDGRVSRUODHVFDVD DQWLJHGDGGHSDUWHGHODPXHVWUDHQHVSHFLDO\DTXHPXFKRVGHORV&$(DQDOL]DGRV D~QQRKDEUtDQVXSHUDGRHODxRGHOSHULRGRGHSUXHED3RUHOORKHPRVDQDOL]DGR LJXDOPHQWHHOFRQMXQWRGHFRQWUDWRV&$(FHOHEUDGRVHQWUHIHEUHUR\VHSWLHPEUHGH \TXHSRUWDQWRDRFWXEUHGHKDEUtDQDJRWDGRHVWHSHULRGRGHH[WLQFLyQ DFDXVDOQRLQGHPQL]DGD 3XHVELHQVLUHGXFLPRVDVtODPXHVWUDVHGHWHFWDREYLDPHQWHTXHODUHDFWLYDFLyQ GHODGHPDQGDHVD~QPiVLQWHQVDDOWHQHUORVFRQWUDWRVFRPRPHGLDXQDPD\RU DQWLJHGDG0iVGHOGHWUDEDMDGRUHVTXHIRUPDOL]DURQHVWRVFRQWUDWRVKDQ UHDFWLYDGRVXGHPDQGD<VREUHWRGRUHVXOWDOODPDWLYRTXHHVWRKD\DVXFHGLGRHQ PiVGHOGHORV&$(QRLQFHQWLYDGRVORTXHGHMDFRQVWDQFLDGHTXHFDVLXQRGH FDGDGRVFRQWUDWRVGHHVWHWLSRQRVREUHYLYLyDVXSULPHUDxRGHYLGD 7LSRGHFRQWUDWR ÒOWLPDIHFKD &HOHEUDFLyQ &RQWUDWRV 5HDFWLYDFLyQ GHPDQGD 3RUFHQWDMHGH 5HDFWLYDFLyQ 'HPDQGD ,QG2UGLQDULR +DVWDHQHUR +DVWDVHS &$(WRWDO +DVWDHQHUR +DVWDVHS &$(LQFHQWLYDGR +DVWDHQHUR +DVWDVHS &$(QRLQFHQWLYDGR +DVWDHQHUR +DVWDVHS )XHQWH$UJRV\HODERUDFLyQSURSLD
(QFXDOTXLHUFDVRREVpUYHVHTXHODVGLIHUHQFLDVVHKDFHQHQHVWHFDVRD~QPiV DFXVDGDVHQUHODFLyQFRQORV&$(LQFHQWLYDGRV\QRLQFHQWLYDGRV6LHOSULPHUFDVR ODWDVDGHUHDFWLYDFLyQDSHQDVVHLQFUHPHQWDHQSXQWRVSRUFHQWXDOHVVREUHHO VXEFRQMXQWRGHODPXHVWUDHOHQFDVRGHORV&$(QRLQFHQWLYDGRVHVWHLQFUHPHQWR GHODPLVPDWDVDHVGHFHUFDGHFLQFRSXQWRVORTXHSDUHFHGHPRVWUDUTXHHQHVWH ~OWLPRFDVRODHVWDELOLGDGHVFLHUWDPHQWHPHQRUGXUDQWHVXSULPHUDxRGHYLGD 5HDFWLYDFLyQGHODGHPDQGD\HGDG 6LHQVHJXQGROXJDULQWHQWDPRVGHVDJUHJDUHVWRVGDWRVSRUJUXSRVGHHGDG YXHOYHQDVHUGHPDQGDQWHVGHHPSOHRSDUDWRGRV\FDGDXQRGHORVJUXSRVGHHGDG HVWiSRUHQFLPDGHO\HOSRUFHQWDMHPiVHOHYDGRGHPRUWDQGDGPHGLGRDWUDYpV GHODUHDFWLYDFLyQGHODGHPDQGDVHSURGXFHHQHOJUXSRGHDDxRVORTXHHV *U )XHQWH$UJRV\HODERUDFLyQSURSLD 5HDFWLYDFLyQGHODGHPDQGD\JUDGRGHIRUPDFLyQGHORVMyYHQHV 3RURWUDSDUWH\VLDQDOL]DPRVHVWDUHDFWLYDFLyQSRQLpQGRODHQFRQH[LyQFRQHO QLYHOGHHVWXGLRVGHOHPSOHDGRORVGDWRVVRQDOPHQRVDQXHVWURMXLFLRQXHYDPHQWH IUHFXHQWHUHDFWLYDFLyQGHODGHPDQGDVRQFODUDPHQWHDTXHOORVTXHFRUUHVSRQGHQD SHUVRQDVVLQHVWXGLRVHQWUHORVTXHHOGHORVFRQWUDWRVVHKDH[WLQJXLGR(VWH JUXSRHVVHJXLGRSRUDTXHOORVTXHQRKDQFRPSOHWDGRVXVHVWXGLRVSULPDULRVHQWUH ORVTXHHOLQGLFDGRUDVFHQGHUtDDOGHORVGHPDQGDQWHV(QFDPELRHQHORWUR H[WUHPRVHVLWXDUtDQORVFROHFWLYRVFRQHVWXGLRVGH6HJXQGR\7HUFHU&LFOR\ GH3ULPHU&LFOR3RGHPRVREVHUYDUSRUWDQWRTXHFXDQWRPHQRUHVHOQLYHO GHIRUPDFLyQGHOWUDEDMDGRUPD\RUHVODSURSRUFLyQGHUHDFWLYDFLyQGHGHPDQGD IDYRUHFHUFODUDPHQWHODHVWDELOLGDGGHHVWHWLSRGHWUDQVLFLyQ
1,9(/'((678',26 &$( 6,15($&7,9$&,Ï1 '(/$'(0$1'$ &21 5($&7,9$&,Ï1'( /$'(0$1'$ 7RWDO 7RWDO 7RWDO 6LQ(VWXGLRV (VWXGLRV3ULPDULRV ,QFRPSOHWRV (VWXGLRV3ULPDULRV&RPSOHWRV 3URJUDPDGH)RUPDFLyQ 3URIHVLRQDO (GXFDFLyQ*HQHUDO 7pFQLFR3URIHVLRQDO6XSHULRU 3ULPHU&LFOR 6HJXQGR\7HUFHU&LFOR 2WURV 7RWDO )XHQWH$UJRV\HODERUDFLyQSURSLD (Q HVWH FRQWH[WR OD 7DEOD QRV PXHVWUDQ FRPR VH KDQ GLVWULEXLGR ODV UHDFWLYDFLRQHVSRUJUXSRVGHHGDG\QLYHOGHHVWXGLRVUHVSHFWLYDPHQWH'HVGHHVWD SHUVSHFWLYDUHVXOWDOODPDWLYRFRPSUREDUFRPRHQDOJXQRVQLYHOHVGHHVWXGLRVSRU HMHPSORORVSULPDULRVFRPSOHWRVHOIDFWRUHGDGQRSDUHFHWHQHUXQJUDQLPSDFWR GHMDQGRDXQODGRFODURHVWiHOJUXSRGHDxRVTXHSRUVXHVFDVDGLPHQVLyQ GHVLQHVWXGLRVRWpFQLFRSURIHVLRQDOVXSHULRUVLH[LVWHQLPSRUWDQWHVGLIHUHQFLDV HQWUHORVGRVH[WUHPRVGHODHVFDODGHHGDG±MyYHQHV\GHPD\RUHGDG\ORV WUDEDMDGRUHVGHHQWUHDDxRV
7DEOD'LVWULEXFLyQ&$(FRQUHDFWLYDFLyQGHGHPDQGDSRU1LYHOGH(VWXGLRV\*UXSRVGH(GDG 6LQ (VWXGLRV (VWXGLRV 3ULPDULRV ,QFRPSOHWRV (VWXGLRV 3ULPDULRV &RPSOHWRV 3URJUDPD GH )RUPDFLyQ 3URIHVLRQDO (GXFDFLyQ *HQHUDO 7pFQLFR 3URIHVLRQDO 6XSHULRU 3ULPHU &LFOR 6HJXQGR \7HUFHU &LFOR 2WURV 7RWDO 7RWDO &$( 5HDFWLYDFLyQ +DVWD DxRV &$( 5HDFWLYDFLyQ DxRV &$( 5HDFWLYDFLyQ D DxRV &$( 5HDFWLYDFLyQ R 0iV DxRV &$( 5HDFWLYDFLyQ )XHQWH$UJRV\HODERUDFLyQSURSLD
5HDFWLYDFLyQGHODGHPDQGDQLYHOGHHVWXGLRV\JpQHUR )LQDOPHQWH HQ OD 7DEOD SRGHPRV REVHUYDU FRPR VH KDQ UHSDUWLGR HVWRV FRQWUDWRVHQIXQFLyQGHOVH[R\HOSRUFHQWDMHTXHHQFDGDXQRGHORVFDVRVKD LGRVHJXLGRGHXQDSRVWHULRUUHDFWLYDFLyQGHODGHPDQGD3XHVELHQHQJHQHUDO QR SDUHFH TXH HO IDFWRU JpQHUR VHD HVSHFLDOPHQWH UHOHYDQWH D HVWRV HIHFWRV 6L DFDVRFDEHGHWHFWDUXQFLHUWDWHQGHQFLDDXQDPD\RUUHDFWLYDFLyQGHODGHPDQGD H[WLQFLyQGHOFRQWUDWRHQHOFDVRGHODVPXMHUHV±IUHQWHDOSHURTXHQR 727$/ 5($&7,9$&,Ï1'(0$1'$ 125($&7,9$&,Ï1 7RWDO 7RWDO WRWDO KRPEUHV WRWDO FRQWUDWRV 7RWDO WRWDO KRPEUHV WRWDO FRQWUDWRV +20%5(6 08-(5(6 727$/ )XHQWH$UJRV\HODERUDFLyQ3URSLD 3RUVXSDUWHOD7DEODQRVPXHVWUDFRPRVH KDQ UHSDUWLGR ORV FRQWUDWRV H[WLQJXLGRVHQHOFDVRGHODVPXMHUHVSRUJUXSRVGHHGDG\QLYHOGHHVWXGLRV(Q JHQHUDOVRQGDWRVTXHPXHVWUDQODVPLVPDVWHQGHQFLDVVHxDODGDVDQWHULRUPHQWH ODVWDVDVGHH[WLQFLyQVHFHQWUDQHQORVFROHFWLYRVFRQPHQRVQLYHOGHIRUPDFLyQ HVSHFLDOPHQWHHQWUHHOFROHFWLYRGHHQWUH\DxRVGLVPLQX\HQGRQRUPDOPHQWH ±DXQTXHFRQDOJXQDVH[FHSFLRQHVFRQIRUPHVHDYDQ]DHQHOQLYHOGHHVWXGLRV1R REVWDQWH\DOLJXDOTXHRFXUUtDHQUHODFLyQFRQORVGDWRVJHQHUDOHVDQWHVHQXQFLDGRV WDPELpQHQHVWHFDVRH[LVWHQQLYHOHVGHHVWXGLRVHQORVTXHHOIDFWRUHGDGQRSDUHFH UHDFWLYDFLyQGHGHPDQGD
6LQ (VWXGLRV (VWXGLRV 3ULPDULRV ,QFRPSOH (VWXGLRV 3ULPDULRV &RPSOHWRV 3URJUDPD 'H )RUPDFLyQ 3URIHVLRQDO (GXFDFLyQ *HQHUDO 7pFQLFR 3URIHVLRQDO 6XSHULRU 3ULPHU &LFOR 6HJXQGR \ 7HUFHU &LFOR 2WURV 7RWDO +DVWD DxRV 727$/ 5HDFWLY 5HDF DxRV 727$/ 5HDFWLY 5HDF DxRV 727$/ 5HDFWLY 5HDF R 0iV DxRV 727$/ 5HDFWLY 5HDF )XHQWH$UJRV\HODERUDFLyQ3URSLD
&21&/86,21(6 7UDVWRGROR\DGLFKR\WUDQVFXUULGR\DPiVGHXQDxR\PHGLRGHVXHQWUDGD HQYLJRUODSULPHUDFRQFOXVLyQDODTXHFDEUtDOOHJDUHVTXHQRSDUHFHTXHHO&$( KD\DDOFDQ]DGRODVH[SHFWDWLYDVHQFXDQWRDVXXVRTXHHQXQSULQFLSLRSDUHFtDQ SUHYHUVH(QXQHQWRUQRUHFHVLYRHVWDPRGDOLGDGHVWiWHQLHQGRXQXVREDVWDQWH UHGXFLGRRFDVLWHVWLPRQLDOFRQXQFLHUWRVHVJRPDVFXOLQR\HQODPD\RUtDGH RFDVLRQHVLQFHQWLYDGR3RUHOORQRHVH[WUDxRTXHVHJXUDPHQWHFRPRFRQVWDWDFLyQ GHHVWHFLHUWRIUDFDVROD(VWUDWHJLDGH(PSUHQGLPLHQWR\(PSOHR-RYHQ \FRQVLJXLHQWHPHQWHHO5'/\OD/H\DFDEDUDQLQFRUSRUDQGRXQD QXHYD EDWHUtD GH PRGDOLGDGHV FRQWUDFWXDOHV TXH LQFOXVR HQ RFDVLRQHV SDUHFHQ DVXPLUXQDOyJLFD±FRQWUDWDFLyQWHPSRUDOVLQFDXVDIRPHQWDGDHQVXWUDQVIRUPDFLyQ SDUDWRGRWLSRGHHPSUHVDVDGPLWLHQGRLQFOXVRXQDFLHUWDSDUFLDOLGDGGHODMRUQDGD SRUHMHPSORHQHOFRQWUDWRGHSULPHUHPSOHRUDGLFDOPHQWHRSXHVWDDDTXHOODHQ ODTXHSDUHFLyLQVSLUDUVHHVWDPRGDOLGDG (Q FXDOTXLHU FDVR QR SDUHFH TXH HVWD PRGDOLGDG KD\D VLGR XVDGD PD\RULWDULDPHQWHFRPRXQFRQWUDWRWHPSRUDOVLQFDXVDGHXQDGXUDFLyQLQIHULRUDO DxR<VLQHPEDUJRODDOWDWDVDGHUHDFWLYDFLyQGHGHPDQGDGHHVWRVWUDEDMDGRUHV SDUHFH LJXDOPHQWH GHPRVWUDU TXH HVWH WLSR GH FRQWUDWRV JHQHUDQ XQD UHODFLyQ HVWDELOLGDG\SRUWDQWRHOp[LWRHQODWUDQVLFLyQKDFLDXQHPSOHRHVWDEOHHVPiV DOWDPLHQWUDVPD\RUVHDHOQLYHOGHHVWXGLRVGHOHPSOHDGR