williams trompeta
TRANSCRIPT
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 1/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
/$)/(;,%,/,'$'
(UQHVW 'RXJODV 6:LOOLDPV
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 2/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
(/$8725
UQHVW 'RXJODV 6 :LOOLDPV1DFLy HQ1XHYR 5LFKPRQG ,QGLDQD WHPSUDQDPHQWH FRPHQ]y FRQ OD FRUQHWD EDMR OD WXWHOD GH VX SDGUH GXUDQWH ODJXHUUDKLVSDQRDPHULFDQDLQWHJUyHO5HJLPLHQWRGH9ROXQWDULRVGH,QGLDQDDO
FRQFOXLUVXHWDSDHQHOHMpUFLWRFRQWLQXyFRQVXFDUUHUDGHHMHFXWDQWH
(Q -RKQ3KLOOLS6RXVD ORVHOHFFLRQySDUDKDFHUXQDJLUDFRQVXEDQGDSRU(XURSDHVHPLVPRDxRVHFRQYLUWtRHQVROLVWD\SULPHUFRUQHWtQHQODEDQGDGHO5HJLPLHQWRHQ2QWDULR HQ VHPXGDD%RVWRQGRQGHWRFD FRQYDULDVDJUXSDFLRQHV \EDQGDVSRVWHULRUPHQWHHQ IXQGyVXSURSLRQHJRFLRHGLWRULDOGRQGHSXEOLFyPXFKDVREUDVDOJXQDVGHODVFXDOHVIXHURQFDWDORJDGDVFRQSRVWHULRULGDGFRPRPDHVWUDV
(QVH FDVD FRQ.DWKHULQH 5DQNLQ XQD GH VXVHVWXGLDQWHV\ MXQWRV VHPXGDQ D&RORUDGR GRQGHWHQtDXQFRPSURPLVRGHYHUDQRFRQOD+HUPDQ%HOOVWHGW%DQG FRQODTXHUHDOL]DHQ XQDODUJDJLUDSRU$XVWUDOLD\SRVWHULRUPHQWHHQ RWUDODUJDJLUDPXQGLDO
:LOOLDPV FRQWLQXy VX H[LWRVD FDUUHUD FRPR VROLVWD HQ VH FRQYLHUWHHQ HO SULPHU WURPSHWD GH OD 2UTXHVWD GH 9tFWRU +HUEHUW \ SULPHU WURPSHWD GH OD 2UTXHVWD GH)LODGHOILD WDPELpQ HUD HO VROLVWD HQ OD EDQGD GH *ROGPDQ HQ HUD P~VLFRSHUPDQHQWHHQODEDQGDGHP~VLFDGH%URRNO\Q
/RV SODQHV SDUD ODFUHDFLyQGH ODHVFXHOD GH0~VLFD(UQHVW :LOOLDPV FRPHQ]DURQ HQ GHVSXpV GH VX VDOLGD GH OD 2UTXHVWD GH )LODGHOILD GHVGH DWHQGtD D
HVWXGLDQWHV SULYDGRV HQ VH FRQYLHUWH HQ HO FRQGXFWRU GH OD EDQGD &RQZD\ GHO(MpUFLWRDILOLDGDDOFRQVHUYDWRULRGH ,WKDFDSHURHQ ODGHMDSDUD IXQGDU OD(UQHVW:LOOLDPV 6FKRRO RI 0XVLF HQ VX FDVD GH%URRNO\Q ODHVFXHOD IORUHFLy VX HGLILFLRSULQFLSDODORMyDORVHVWXGLDQWHV\HUDHOVLWLRSHUIHFWRSDUDORVHQVD\RVFRPLGDV\FODVHVRWURVWUHVHGLILFLRVSURSRUFLRQDURQGRUPLWRULRVDGLFLRQDOHVFXDUWRVGHSUiFWLFDYHVWtEXORV\PHGLRV UHFUHDWLYRVSDUD ORVHVWXGLDQWHV LQFOXVRHO%HGIRUG<0&$HUDVLWLRSULQFLSDOSDUDPXFKRVFRQFLHUWRV
(Q HVVHOHFFLRQDGRSRUOD8QLYHUVLGDGGH1XHYD<RUN FRPRGLUHFWRUGHVX%DQGDGH&RQFLHUWRVODSXVRHQSHUIHFWRRUGHQ\DVRFLyDOD(UQHVW:LOOLDPV6FKRRORI0XVLFDOD8QLYHUVLGDGGH1XHYD<RUNFRVDTXHOHEULQGyPiVFUpGLWRDODHVFXHODSXHVVXVHVWXGLDQWHVDOFRQFOXLUVHOHVRWRUJDEDHOJUDGRGH EDFKLOOHU
(O SODQGHHVWXGLRVHQ OD(VFXHODGH:LOOLDPV GLRPD\RUpQIDVLV DO WDOHQWRDUWtVWLFR ODWpFQLFDIRUPDFLyQRUTXHVWDO\FRUDOODIDFXOWDGEXVFySUHSDUDUDORVHVWXGLDQWHVSDUDTXHORJUDUDQDOFDQ]DUODVPHMRUHVFRQGLFLRQHVDVtFRPRIRUPDUSHUVRQDOLGDGHVH[LJHQWHVHQODSURIHVLyQDPHQXGRVRUSUHQGtDDXQHVWXGLDQWHSLGLHQGROHXQD DFWXDFLyQFRPRVROLVWDGXUDQWHHOHQVD\RDXQFXDQGRHOPDWHULDOVHKDEtDDVLJQDGRHQXQDVHFFLyQDQWHULRU
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 3/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
$GHPiV GH UHDOL]DU PXFKRV HVWUHQRV H[LJtD D ORV HVWXGLDQWHV VX SDUWLFLSDFLyQ HQFRQFXUVRV GHFRPSRVLFLyQ IXQGy HO FDPSDPHQWR(UQHVW :LOOLDPV 0XVLF HQ HQ1XHYD <RUN HQ HO FDPSDPHQWR VH FRQYLUWLyHQXQD H[WHQVLyQ GH OD(VFXHOD GH%URRNO\QGDQGRpQIDVLVDORVPLVPRVFRQFHSWRVHOFDPSDPHQWRRSHUyKDVWDODPXHUWHGH:LOOLDPV HQ HQ XQ IXHJRJROSHy HO HGLILFLRSULQFLSDO GHO FDPSDPHQWRGHVWUX\HQGRPXFKRVGHORVDUFKLYRVHVFRODUHV\ODELEOLRWHFDHVSRUHOORTXHORVSRFRVPDWHULDOHVTXHH[LVWHQVRQGHJUDQYDORU
/D(UQHVW:LOOLDPV6FKRRO \HOFDPSDPHQWRIXHURQGLVHxDGRVSDUDWUDEDMDU\PDQWHQHU XQD DOWD FDOLGDG DXQTXH HO HQWUHQDPLHQWR HUD ULJXURVR HO OHPD HVFRODU HUD VHU HQWUHQDGR SRU :LOOLDPV HV WHQHU p[LWR PXFKRV GH VXV DOXPQRV ORJUDURQ FDUUHUDVSURPLQHQWHVFRPRHMHFXWDQWHVFRPRORVFDVRVGH)UDQN(OVDVV5D\PRQG&ULVDUD5REHUW+RIIPDQ-RVHSK/RVK*LOEHUW0LWFKHOO*HRUJH6+RZDUG1HG0DKRQH\\/HRQDUG%6PLWKHQWUHRWURV
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 4/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
)/(;,%,/,'$'
DUDKDEODUGH IOH[LELOLGDG QXQFDH[LVWLUiVXILFLHQWHHVSDFLRQLWLHPSRHVWHHVXQ
WHPD DPSOLR SURIXQGR \ FRPSOLFDGR JHQHUDOPHQWH PX\ PDQLSXODGR SRFRHQWHQGLGR D FDEDOLGDG SHUR GH XQ YDORU FDSLWDO SDUD WRGRV ORV HMHFXWDQWHV GHLQVWUXPHQWRVGHYLHQWRPHWDO
*HQHUDOPHQWH VH OH OODPD )OH[LELOLGDGHV GH ODELRV SHUR \R HVWLPR TXH HVWR QR HVFRUUHFWR VREUH WRGR VL SDUWLPRV GHO SULQFLSLR TXH OD ~QLFD WDUHD GH ORV ODELRV HQ ODHMHFXFLyQGHORVLQVWUXPHQWRVGHYLHQWRPHWDOHV YLEUDU (VFLHUWRTXHORVODELRVSDUWLFLSDQHQHOSURFHVRSHURWDPELpQSDUWLFLSDQRWUDVSDUWHVGHODDQDWRPtDGHOFXHUSRKXPDQR FRQ
ODPLVPDLPSRUWDQFLDHVWHHVXQIHQyPHQRPX\FRPSDUWLGR
/RSULPHURTXHGHEHPRVGHILQLUHVHOWpUPLQRµ¶)OH[LELOLGDG¶¶HOFXDOVLHPSUHTXHGDHQ
HO HQWRUQR GH OD LPDJLQDFLyQ HVWH QR HV PiV TXH OD SURSLHGDG TXH WHQHPRV ORVHMHFXWDQWHV GH SRGHU FXEULU FRQ QXHVWUDV FDUDFWHUtVWLFDV ItVLFDV SURSLDV XQ UDQJR
GHWHUPLQDGR GHQWUR GHO UDQJR GHO LQVWUXPHQWR HVWRV VRQ GRV IDFWRUHVTXH VH GHEHQ
HVWDUELHQGHILQLGRVQRHVORPLVPRµ¶UDQJRGHOLQVWUXPHQWR µ¶TXHµ¶UDQJRGHWHUPLQDGR¶¶ SRU HMHPSOR OD WURPSHWD HV XQ LQVWUXPHQWR TXH FXEUH XQ UDQJR GH IUHFXHQFLDV
HVWDEOHFLGR HQWUH ORV \ ORV +] DSUR[LPDGDPHQWH HVWH HVHO UDQJRGHO
LQVWUXPHQWR SHUR QR WRGRV ORV HMHFXWDQWHV SXHGHQ SURGXFLU HQ WRGR HVWH UDQJR VROR
FXEUHQSDUWHGHHOHVWHHVHOUDQJRGHWHUPLQDGR
!
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 5/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
/DEDVHGHODEXHQDIOH[LELOLGDG HVODµ¶DOWDFRRUGLQDFLyQµ¶ GHWRGRVORVIDFWRUHVGH
ODHMHFXFLyQGRQGHHOPD\RUSHVRORDVXPHQOD SRVLFLyQGHODHPERFDGXUDOD ]RQDGH
YLEUDFLyQ OD SRVWXUDGHODOHQJXDHO IOXMRGHDLUH \HOXVRGHODVVtODEDVGHHMHFXFLyQRWURVIDFWRUHVWLHQHQWDPELpQGHWHUPLQDGDLPSRUWDQFLDHVWRVSXHGHQVHUOD SRVWXUD GHHMHFXFLyQ OD UHODMDFLyQ PXVFXODU OD DSHUWXUD GH OD JDUJDQWD HO GHVDUUROOR GHOSHQVDPLHQWRDQDOtWLFR\UHIOH[LYR FRQHOItQGHORJUDU UHDFFLRQHVLQFRQGLFLRQDGDVSDUDOXHJRFRQHOWUDEDMRGHHMHUFLFLRVSRGHUFRQVHJXLUHO Pi[LPRUHQGLPLHQWRHWF
6RODPHQWHFRQHOHVWXGLRGHORVHMHUFLFLRVTXHEULQGDQORVOLEURVPpWRGRVPDWHULDOHVHWFGHGLFDGRVDOWHPDGHODIOH[LELOLGDG QRVHORJUDQORVPHMRUHVUHVXOWDGRVHVQHFHVDULRXQWUDEDMRPDQFRPXQDGR GHWRGRVORVIDFWRUHVDQWHVH[SUHVDGRVHOWURPSHWLVWDPiVTXHFXDOTXLHU RWUR LQVWUXPHQWLVWD WLHQH TXH DXQDU LQWHOLJHQFLD HVWXGLRV \ FRQGLFLRQHVItVLFDV SRUTXHHOPD\RUSRUFLHQWRGHUHVSRQVDELOLGDGHQHOUHVXOWDGRILQDOGHOWUDEDMRHVWiHQHOSURSLRHMHFXWDQWH \QRHQVXLQVWUXPHQWRORVHMHUFLFLRVVROREULQGDQODSRVLELOLGDG
GHHQWUHQDUQRVPpWRGLFDPHQWHHQHOORJURGHODµ¶ DOWDFRRUGLQDFLyQ µ¶
)OH[LELOLGDGQRVLJQLILFDORJUDUODELRVTXHFXEUDQXQJUDQUHJLVWURVLQRORJUDUFRQGLFLRQHV
ItVLFDV \ SVLFROyJLFDV DGHFXDGDVSDUDORJUDUFXEULUXQDPSOLRUDQJR GHODPDQHUDPiVIiFLOFRPRGD \QDWXUDO SRVLEOH
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 6/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
'HVJORVHPRVGHPDQHUDPiVFODUDORVIDFWRUHVSULQFLSDOHV GHODµ¶DOWDFRRUGLQDFLyQµ¶DVtVHFRPSUHQGHUiPHMRUHOIHQRPHQRGHOD IOH[LELOLGDG
3RVLFLyQGHODHPERFDGXUD'HEHVHUDGHODQWDGDWUDWDQGRGHTXHORVODELRVTXHGHQGHIRUPDUHGRQGHDGDODVFRPLVXUDVFRQWURODQHVWDSRVLFLyQ\HYLWDQODIXJDGHDLUHHVWDSRVWXUDSURSRUFLRQDPD\RUFDQWLGDGGHWHMLGR ODELDOHQOD]RQDGHYLEUDFLyQHYLWDTXHHO ODELRVH GLVWLHQGD\ ODYLEUDFLyQVH KDJDPiVSHTXHxD D\XGD DHOLPLQDU ODQHIDVWDWHQGHQFLDDOPRYLPLHQWRSDUDHMHFXWDULQWHUYDORVDELHUWRVPDQWLHQHODPDQGLEXODLQIHULRU EDMRFRQWUROGHEHTXHGDUELHQFODURTXHOD~QLFDWDUHDGHORVODELRVHV YLEUDU
=RQDGHYLEUDFLyQ(VHOOXJDUGRQGHHOWHMLGRODELDOYLEUD SURGXFWRGHODDFFLyQGHODFROXPQDGHDLUHOD]RQDPiVDGHFXDGDSDUDHOORHVHOOyEXOR FHQWUDO \ODHQGLGXUDOREXODULQIHULRU HVWiHQPDUFDGDIXQGDPHQWDOPHQWHDOUHGHGRUGHODJXMHURGHVDOLGDGHODLUHHVWD]RQDHVYLWDOHQHOORJURGHODSURGXFFLyQGHOVRQLGR\VXVUHJLVWURVPLHQWUDV
PiVSHTXHxRVHDHODJXMHUR\PiVIXHUWHVHDODFROXPQDGHDLUH ODVYLEUDFLRQHVVHUiQPiVUiSLGDV \HOVRQLGRPiVDJXGRPLHQWUDVPD\RUVHDHODJXMHURVHORJUDUiPHQRU SUHVLyQ HQ OD FROXPQD GH DLUH SRU WDQWR ODV YLEUDFLRQHV VHUiQ PiV OHQWDV \ HOVRQLGRPiVJUDYH
&XDQGRVHKDEOHGHFRQGHQVDFLyQ GH OD HPERFDGXUD QRVHVWDUHPRV UHILULHQGR D ODPD\RUR PHQRUDEHUWXUDGHO DJXMHURODELDO HQOD ]RQDGH YLEUDFLyQHVWRQRLPSOLFDPRYLPLHQWRVGHODHPERFDGXUDVLQRODFRQWUDFFLyQ RGLODWDFLyQ GHOWHMLGRDOUHGHGRUGHGLFKRDJXMHUR
3RVWXUDGHODOHQJXD/DOHQJXDMXHJDXQSDSHOLQGLVSHQVDEOHHQODFRPXQLFDFLyQRUDOGHQRVHUSRUHOODQRVHSXGLHUDDUWLFXODUSDODEUDDOJXQDHQHOFDVRGHODHMHFXFLyQGHXQ
LQVWUXPHQWRGHYLHQWRPHWDOUHDOL]DXQDIXQVLyQPX\SDUHFLGDDOPRYHUVHSURGXFHFRUWHVHQODFROXPQDGHDLUH \HVWRVFRUWHVVHUHIOHMDQHQODVYLEUDFLRQHVGHOODELRUHFXUVRTXHVHGHEHXVDUSDUDDUWLFXODUGHWHUPLQDGRVIUDVHRVWpFQLFDGHYRFDOL]DFLyQGRPLQDU HVWR QR HV QDGD IiVLO VREUH WRGR SRUTXH H[LVWHQ PRYLPLHQWRV GH OD OHQJXD FDVLLPSHUFHSWLEOHVSRURWUDSDUWHHQGHSHQGHQFLDGHODSRVWXUDTXHHOODDVXPDGHQWURGHODFDYLGDGEXFDOODFROXPQDGHDLUHDGTXLHUHGHWHUPLQDGDVFDUDFWHUtVWLFDVPLHQWUDVPiVSODQD HVWp OD FROXPQD GH DLUH VHUi PiV JUXHVD \ PHQRV SRWHQWH SRU WDQWR VLTXHUHPRVSURGXFLUHQHOUHJLVWURDJXGRODOHQJXDGHEHDVXPLUXQDSRVWXUDDUTXHDGD\UHWUDtGDFRPRXQSHWDORGHURVDGHHVWDIRUPDHOHVSDFLRHQWUHODF~SXODGHODOHQJXDHQ IRUPDGH SHWDOR \HO FLHOR GH OD ERFD HVPiV SHTXHxR OR TXHKDFH DXPHQWDU ODYHORFLGDG GHOD FROXPQD GHDLUHGHHVWDPDQHUDVHSURGXFLUi XQD YLEUDFLyQPiVDJXGD
)OXMRGHDLUH(VHOIDFWRUPiVLPSRUWDQWH GHWRGRVVLQDLUHQRKDEUiYLEUDFLRQHVSRU WDQWRQRKDEUi VRQLGRGHVXFDOLGDG GHSHQGHUiHO UHVXOWDGR ILQDO HOHMHFXWDQWHWLHQHTXHEULQGDUOHDHVWHIDFWRUHOPD\RUFXLGDGRGHORFRQWUDULRVXVUHVXOWDGRVVHUiQPDORVDXQTXHGRPLQHD ODSHUIHFFLyQORV GHPiVIDFWRUHVSDUDHOSURFHVR UHVSLUDWRULRH[LVWHQWpFQLFDVODVTXHUHFRPLHQGRHVWXGLDUVHULDPHQWH
8VRGHODVVtODEDVGHHMHFXFLyQ 6RQXQHOHPHQWRGHJUDQD\XGDHQ ODHMHFXFLyQVHHQFXHQWUDQ HQHOFHQWUR GHO VRQLGR TXH VHTXLHUHHPLWLUVHJ~QHOUHJLVWURHVFRPR LU GLUHFWDPHQWHDOREMHWLYRVRQRURVLQLQFOXLUDUPRQLFRVDFRPSDxDQWHV FODULILFDHOVRQLGR \D\XGDDHPLWLUFRUUHFWDPHQWHHVSDUWHGHODWpFQLFDGHYRFDOL]DFLyQ
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 7/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
$QDOL]DQGRFXLGDGRVDPHQWHWRGRVHVWRVIDFWRUHVVHSHUFDWDUiGHTXH ODIOH[LELOLGDG GHODELRV HVXQPLWRODIOH[LELOLGDG HVXQSUREOHPDPXFKRPiVFRPSOHMRHLPSRUWDQWHDOSXQWRTXHVHSXGLHUDDILUPDUTXHOD µ¶HMHFXFLyQHQORVLQVWUXPHQWRVGHYLHQWRPHWDO
HVPiVTXHWRGR )OH[LELOLGDG µ¶
(678',235(/,0,1$5
RORTXHHOGHGRHQHOFDUWLODJRWLUyLGHR QXH]GH$GiQFDQWDODVVtODEDVGHXVRWD ±HREVHUYHVXPRYLPLHQWR\HOGHODOHQJXDGHVGHVXEDVHDVXFHQWURDOWRFDU HO HMHPSOR $ XVDQGR ODV VtODEDV WD ± H KDJDHOPRYLPLHQWR GHO FDUWLODJR GH OD
PLVPDPDQHUDTXHORQRWyFRQHOGHGR
(VHYLGHQWHTXHHOFDUWLODJR \ODOHQJXD UHFRUUHQXQDGLVWDQFLDPD\RUFXDQGRVHHMHFXWD
XQLQWHUYDORGHFXDUWDTXHXQRGHWHUFHUDSRUWDQWRPLHQWUDVPD\RUHVHOLQWHUYDORPiVJUDQGHVHUiHOFDPELRHVWHSULQFLSLRVHUiHVWXGLDGR \FXOWLYDGR SDUDORJUDUXQDWpFQLFDH[DFWDSUDFWLTXHORFRQWRGRVORVLQWHUYDORV\KDJDEXHQXVRGHODVVtODEDV
$ODSOLFDUFRUUHFWDPHQWHHVWRVSUHFHSWRVGHQWURGHORVVLJXLHQWHVHVWXGLRVHOHVWXGLDQWHSDFLHQWHSUiFWLFR \FXLGDGRVR SRGUiDGTXLULUEXHQDWpFQLFDH[DFWLWXG \IOXLGH]GHEHORJUDUHPLWLUORVWRQRVGHIRUPDOOHQDVLKDFHWRGRFRUUHFWDPHQWHORJUDUiXQDWpFQLFDFRQILDEOH\VHJXUD
(678',26
&
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 8/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 9/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 10/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 11/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 12/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 13/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 14/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 15/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 16/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 17/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 18/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 19/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 20/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 21/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
3$57(,,
/RV WRQRV DOWRV /D WURPSHWD HV XQ LQVWUXPHQWR GRQGH VH UHTXLHUH VHU DSOLFDGR \SHUVHYHUDQWH SDUD GHVDUUROODU XQD WpFQLFD FRQILDEOH XQD SHUVRQD FRQ HVWDVFDUDFWHUtVWLFDVSXHGHDGTXLULUODVKDELOLGDGHVQHFHVDULDV SDUDGRPLQDUHOLQVWUXPHQWR\VXVUHJLVWURV
&RQVHJXLUHOGRPLQLRGHOUHJLVWURDJXGR QRGHEHVHUYLVWRFRPRSULYLOHJLRGHSRFRVHVWRHVSHUIHFWDPHQWHSRVLEOHSDUDFXDOTXLHUHMHFXWDQWHVRORKD\TXHWUDEDMDUSRUHOGRPLQLRGH WUHV IDFWRUHV IXQGDPHQWDOHV OD UHVSLUDFLyQ OD HPERFDGXUD \ HO WUDEDMR GH ODOHQJXD WDPSRFR ORV UHJLVWURVDJXGRVGHEHQ VHU WRPDGRV FRPR OR IXQGDPHQWDO HQ OD
HMHFXFLyQ GHO LQVWUXPHQWR OD WURPSHWD HV ULFD HQ SRVLELOLGDGHV SDUD VHU XQ EXHQHMHFXWDQWHVHUHTXLHUHQPXFKDVPiVFRVDVTXHGRPLQDUHOUHJLVWURDJXGR
*HQHUDOPHQWHVHHVWLPDTXHSURGXFLUHQ ORVUHJLVWURVDJXGRVHVPiVGLItFLOTXHKDFHUORHQHO UHJLVWURPHGLR \JUDYH HVWRQR HVGHO WRGRDVt HV FLHUWR TXH VH UHTXLHUHDOJ~QHVIXHU]R H[WUD SHUR ODFODYH GH WRGR HVWiHQ ORJUDU OD DOWD FRRUGLQDFLyQ GH WRGRV ORVIDFWRUHVGHODHMHFXFLyQ
(O HMHFXWDQWH GHEH DSUHQGHU D XWLOL]DU FRUUHFWDPHQWH FDGD XQR GH ORV HOHPHQWRV TXHLQWHUYLHQHQHQODHMHFXFLyQFDGDXQRGHHOORVGHEHKDFHUVRODPHQWHVXWUDEDMRGHHVWDPDQHUDVHORJUDUiXQPD\RUUHQGLPLHQWR
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 22/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
(;7(16,21(6
/RVVLJXLHQWHVHVWXGLRVFRPLHQ]DQHQ ODWDQRWDGH ODHVFDODHMHFXWHQDWXUDOPHQWH \FRQ XQ SURFHGLPLHQWR IDYRUDEOH QXQFD GHVFXLGHV ORV WRQRV EDMRV FXDQGR WRTXHVSHUIHFWDPHQWH ORV HVWXGLRV SDVH D VXV RWUDV YDULDQWHV GH DUWLFXODFLRQHV LQGLFDGDV HVLPSRUWDQWHHMHFXWDUGHIRUPD OHQWD\VHJXUD
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 23/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 24/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 25/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 26/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 27/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 28/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 29/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 30/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 31/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
/DERTXLOOD
'HWRGRVORVDGLWDPHQWRVTXHVHXVDQFRQODWURPSHWDHOPiVLPSRUWDQWHHV ODERTXLOODHOWURPSHWLVWDSXHGHSUHVFLQGLUGHFXDOTXLHUDGHHOORVPHQRVGHHOODVLQODERTXLOODVHUtDLPSRVLEOH HMHFXWDUSRUWDOPRWLYRHVWLPRTXHHVLPSRUWDQWHKDFHUXQDOWRSDUDHVWXGLDUODPHMRU
3XHGHTXHDOJXQDSHUVRQDHVWLPHTXHHVWHDGLWDPHQWRHVVRORSDUD FRORFDU ORV ODELRVSHQVDUDVtVHUtDHOPiVJUDQGHGHORVHUURUHVLQGHSHQGLHQWHPHQWHGHGLFKDIXQVLyQVXIXQGDPHQWRHVPXFKRPiVH[WHQVRSXHVHQHOODVHFRQIRUPD HOVRQLGRVLQHOODWRGRVHUtDHQYDQR
$ODQDOL]DUXQDERTXLOOD KD\TXHFRQRFHUVXFRQILJXUDFLyQ \FXDOHVVRQVXVSDUWHV HQOD ILJXUDDQWHULRU HVWRHVWiPX\ ELHQ GHILQLGR UHSUHVHQWD XQFRUWH WUDQVYHUVDO GHXQDERTXLOOD GH HVWDPDQHUD WRGR VHUiPiV IiFLO GH HQWHQGHU GHO FRQRFLPLHQWR GH VXVSDUWHV \VXVIXQFLRQHV VHGHULYDUiODGHGXFFLyQGHVXVFDUDFWHUtVWLFDVDFRQWLQXDFLyQWUDWDUpGHGHVFULELUFDGDXQDGHHVWDVSDUWHVSDUDTXHXVWHGVHLOXVWUH\SXHGDHQWHQGHU
PHMRUFXDOHVHOWUDEDMR\HOREMHWLYRIXQGDPHQWDOGHXQD ERTXLOOD
&RQWRUQR ERUGH R DUR (V HO SXQWR GH XQLyQ HQWUH OD ERTXLOOD DFRSODGD DOLQVWUXPHQWR \ HO HMHFXWDQWH GH pO GHSHQGH HQ JUDQ PHGLGD OD VHQVDFLyQ GHFRPRGLGDG TXHGHEHH[SHULPHQWDUHOP~VLFRSDUDGHWHUPLQDUHOXVRRQRGHXQDERTXLOODHVWDSRGUiFXPSOLUORVUHTXHULPLHQWRVSDUDHOWUDEDMRTXHpOQHFHVLWDSHURVLQROHTXHGDFRPRGDQRVHUiVHOHFFLRQDGDHQHVWDVHQVDFLyQGHFRPRGLGDG HVPX\LPSRUWDQWHHOJURVRU\ODIRUPDGHOERUGHHOHMHFXWDQWHWHQGUiVLHPSUHPX\HQFXHQWDHVWRVDVSHFWRVHVHOSXQWRGRQGHFLHUUDODFDMDDF~VWLFD TXHHVHQORTXHVHFRQYHUWLUi ODFRSDFXDQGRVHFRORTXHQORVODELRVHQHODURRFRQWRUQR
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 32/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
%RUGH LQWHUQR'HILQH HOGLDPHWUR GH OD FRSD HQ VX QLYHO VXSHULRU GH VX DEHUWXUDGHSHQGHUiODFDQWLGDGGHWHMLGRODELDOTXHHQWUHGHQWURGHODFRSDGHODERTXLOOD\WHQGUi
PXFKRTXHYHUFRQODVFDUDFWHUtVWLFDVDFXVWLFDV TXHDGTXLHUDHO]XPELGR UHVXOWDQWHGHODYLEUDFLyQ
'LDPHWURGHODFRSD6HFRPSOHPHQWDFRQODVFDUDFWHUtVWLFDVGHO ERUGHLQWHUQR GHILQHHQJUDQPHGLGDODVFDUDFWHUtVWLFDVDFXVWLFDVGHO]XPELGRMXQWRDODSURIXQGLGDGGHODFRSDFRQIRUPDQODFDMDDFXVWLFDGHODERTXLOOD
&RSD (V YLUWXDOPHQWH OD FDMD DFXVWLFD GH OD ERTXLOOD HQ HOOD JUDFLDV D GLIHUHQWHVIHQRPHQRVItVLFRV\DF~VWLFRVVHGHILQHQODVFDUiFWHUtVWLFDVTXHWHQGUiHO]XPEXGRTXHSRVWHULRUPHQWHVHDPSOLILFDUiHQHOLQVWUXPHQWR\XVWHGHVFXFKDUiFRPRUHVXOWDGRILQDOVX SURIXQGLGDG MXJDUi HQ WRGR OR DQWHULRUPHQWH GLFKR XQ LPSRUWDQWH SDSHO ORV WUHV
DVSHFWRVIXQGDPHQWDOHVDPHGLUHQODVFDUDFWpULVWLFDVGHXQDFRSDVRQVXGLDPHWURVXSURIXQGLGDG \ODPDVDPHWDOLFDDVRFLDGD DHOODRWURDVSHFWRLPSRUWDQWHHV ODFDOLGDGGHOUHFXEULPLHQWR
*UDQR(VHODJXMHURSRUGRQGHVDOHHO]XPELGRHODERUDGRGHQWURGHODFRSDSURGXFWRGHODYLEUDFLyQ GHORVODELRVHOGLDPHWURGHHVWHDJXMHURHVLPSRUWDQWHIXQGDPHQWDOPHQWHSRUTXHWHUPLQDGHHVWUXFWXUDUHO]XPELGRPLHQWUDVPHQRUVHDHVWHGLDQHWURHO]XPELGRWLHQGHDVHUPiVDJXGR RWURDVSHFWRGHSHQGLHQWHGHOJUDQRHVODSUHVLyQ UHVXOWDQWHGHOGLDPHWURGHOJUDQRIUHQWHDODIXHU]DGHODFROXPQDGHDLUHHVHVWHHOSXQWRTXHJHQHUDPD\RUUHVLVWHQFLD DOSDVRGHODFROXPQDGHDLUHHQODHMHFXFLyQGHODWURPSHWD
&XHUSRR7XGHO(VODSDUWHFRQODFXDOODERTXLOODVHDFRSODDOLQVWUXPHQWRPDQWLHQHODVFDUDFWHUtVWLFDVTXHDGTXLHUHHO]XPELGRTXHVDOHGHODFRSD\HVGRQGHFRPLHQ]DHOSURFHVRGHDPSOLILFDFLyQGHOVRQLGR DSDUWLUGHHOODVHFRPLHQ]DDUHVWLWXLUHOGLDPHWURGHODWXEHUHUtDGHOLQVWUXPHQWR\WLHQHPXFKRTXHYHUFRQODDILQDFLyQ
+DVWDHVWRVPRPHQWRVVHKDQDQDOL]DGRODVSDUWHVGHODERTXLOOD \VXVIXQFLRQHVDFRQWLQXDFLyQWUDWDUHPRVGHGHVFULELUGHPDQHUDEUHYHHOSURFHVR
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 33/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
&XDQGRHOHMHFXWDQWHFRORFDVXVODELRVHQHODURGHODERTXLOODODFDYLGDGGHODFRSD VHFRQYLHUWH GH KHFKR HQ XQD FDMD GH UHVRQDQFLD DO YLEUDU ORV ODELRV VH SURGXFH XQ]XPELGRHOFXDOHVWiHQFRUUHVSRQGHQFLDFRQ ODSUHVLyQGHODFROXPQDGHDLUH VREUH
ORVODELRV\ODDEHUWXUDGHOD]RQDYLEUDWRULDHVWH]XPELGRDOFKRFDUFRQODVSDUHGHVGHODFRSDDGTXLHUHGHWHUPLQDGDVFDUDFWHUtVWLFDV UHVRQDQWHV\DF~VWLFDV HTXLYDOHQWHVDODVFDUDFWHUtVWLFDV SDUWLFXODUHVGHOD FRSD RFDMD UHVRQDQWH\ ODPDVD PHWDOLFD TXHODURGHDDOVDOLUSRUHOJUDQRHVWH]XPELGRVHFRQYLHUWHHQXQDHVSHFLHGH VLOELGRHOFXDOFRPLHQ]DVXSURFHVRGHDPSOLILFDFLyQHQHOSURSLRWXGHOGHODERTXLOOD
'HORDQWHVGLFKRVHLQILHUHTXHGHODVSDUWHVGHODERTXLOODODFRSDHOJUDQR \HOWXGHOVRQ ODVTXH GHWHUPLQDQHQHO VRQLGR\HODUR H[WHULRU GHWHUPLQDHQ ODFRPRGLGDGTXHSXHGDVHQWLUHOHMHFXWDQWHFXDQGR ODFRSD \HOJUDQR VRQSHTXHxRVHOVRQLGRWLHQGHDVHU PiV DJXGR VL OD FRSD IXHUD SURIXQGD \ HO JUDQR PiV DELHUWR HO VRQLGR VHUiSURSHQVR D VHUPDV JUDYH D SHVDU GH HOOR Vp GH HMHFXWDQWHV TXH XWLOL]DQ ERTXLOODV
SURIXQGDV\GHJUDQRDOJRDELHUWRV \WLHQHQXQJUDQGRPLQLRGHOUHJLVWURDJXGRWDPELpQVp GHRWURVTXH XWLOL]DQERTXLOODV GHFRSD \JUDQR SHTXHxRVSHUR VX UHJLVWUR HVPX\OLPLWDGRSRUOR TXHTXLHURUHVDOWDU TXH OD ERTXLOOD HVLPSRUWDQWH SHURQR DO SXQWR GHKDFHUGHHOODVXQPLWRORLPSRUWDQWHHVPiVTXHWRGROD FRUUHFWDSUHSDUDFLyQ
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 34/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
(VWXGLRVSUHSDUDWRULRVSDUDHOWULQR
3DUDODSUHSDUDFLyQGHOWULQRHQHOUHJLVWURVXSHULRUVLQHOUHFXUVRGHOFDPELRGHSLVWyQ
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 35/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 36/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
7ULQRV0DQWHQJD ODHPERFDGXUDVHJXUD OD OHQJXDDFWLYDHOIOXMRGHDLUHDGHFXDGRHMHFXWHHOWULQRVROR FRQHOPRYLPLHQWR GH ODOHQJXD\ HO XVRGH ODVVtODEDV FRUUHFWDVWRRHHRRHH« FRQWUROH HO PRYLPLHQWR GHO FDUWLODJR WLUyLGHR ORV P~VFXORV GH ODPDQGtEXOD QRGHEHQHVWDUWHQVRV
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 37/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 38/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06
8/8/2019 Williams Trompeta
http://slidepdf.com/reader/full/williams-trompeta 39/39
/$)/(;,%,/,'$'(51(67'28*/$66:,//,$06