Curso "La decisión de invertir en las organizaciones"

7/17/2019 Curso "La decisión de invertir en las organizaciones"

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CURSO - “La decisión de invertiren las organizaciones”

ÍNDICE:

TEMA 1.- ANÁLISIS DE INVERSIONES

A) INVERSIÓN A.1) CONCEPTO A.2) SIGNIFICADO

A.3) ELEMENTOS QUE INTERVIENEN A.4) CLASIFICACIÓN

B) ELEMENTOS QUE DEFINEN LA INVERSIÓN

B.1) HORIZONTE TEMPORALDETERMINACIÓNVIDA FÍSICA

VIDA TÉCNICO COMERCIALVIDA TECONOLÓGICASUBDIVISIÓN DEL HORIZONTE TEMPORAL

B.2) DIMENSIÓN DE UN PROYECTO

B.3) FLUJOS DE CAJACONSIDERACIONES PREVIASDETERMINACIÓN

C) ASPECTOS A CONSIDERAR EN LA DECISIÓN DE INVERTIR

TEMA 2:EVALUACIÓN DE LOS PROYECTOS DE INVERSIÓN: MÉTODOS ESTÁTICOS

MÉTODOS DE VALORACIÓN Y SELECCIÓN DE INVERSIONES

MÉTODOS ESTÁTICOS

CLASIFICACIÓN DE LOS MÉTODOS ESTÁTICOSa) FLUJO DE CAJA TOTAL POR UNIDAD MONETARIA COMPROMETIDAb) FLUJO DE CAJA MEDIO ANUAL POR UNIDAD MONETARIA COMPROMETIDA

c) PLAZO DE RECUPERACIÓN DEL CAPITALd) TASA DE RENDIMIENTO CONTABLEe) COMPARACIÓN DE COSTES



TEMA 3:EVALUACIÓN DE LOS PROYECTOS DE INVERSIÓN: MÉTODOS DINÁMICOS

MÉTODOS DE VALORACIÓN Y SELECCIÓN DE INVERSIONES

MÉTODOS DINÁMICOS

CLASIFICACIÓN DE LOS MÉTODOS DINÁMICOS

PLAZO DE RECUPERACIÓN DEL CAPITAL CON DESCUENTOa) VALOR ACTUAL NETO O VALOR CAPITAL VENTAJAS INCONVENIENTES

b) TASA DE VALOR ACTUALVENTAJASINCONVENIENTES

HIPÓTESIS DE REINVERSIÓN DE LOS FLUJOS NETOS DE CAJA

TEMA 4:RELACIÓN ENTRE VAN Y TIR

A) RELACIÓN ENTRE LOS CRITERIOS DEL VAN Y DEL TIR

B) VAN GLOBAL Y TIR GLOBAL

TEMA 5:INFLACCIÓN E INVERSIONES

EL EFECTO DE LA INFLACIÓN EN LA SELECCIÓN DE LAS INVERSIONES

TEMA 1: LA EVALUACIÓN DE PROYECTOSEMPRESARIALES. CRITERIOS DE SELECCIÓN DE

INVERSIONES.

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aN 4A> :8S=<>A> >< BAG=98 9C BA8H9EA J CA> BA>H<> >< @9S98 9C BA8H9EAN '> E<B:=/M9=<FA> BA:8B:E:= <8 <C H:<F@A/ @9SA> J BAG=A>/ BA8 :8S=<>A> J S9>HA>N

eN 'C :F@D<>HA >< C:KD:E9 <8 <C F:>FA @<=:AEA <8 <C KD< >< E<;<8S9N

dN %A >< BA8>:E<=9 8:8SD89 E<EDBB:?8 E< C9 G9>< :F@A8:GC<N

kN )< BA8>:E<=9 C9 9FA=H:L9B:?8 BAFA <C f8:BA BA>H< KD< 8A E9 CDS9= 9 D89 >9C:E9<I<BH:;9 E< E:8<=A/ <> E<B:=/ <C f8:BA BA>H< KD< 8A S<8<=9 D8 @9SAN

TEMA 2: EVALUACIÓN DE LOS PROYECTOS DEINVERSIÓN: MÉTODOS ESTÁTICOS.

'C :8;<=>A= 98H< C9 E<B:>:?8 E< CC<;9= 9 B9GA D89 :8;<=>:?8 E<G< ;9CA=9= EA> BD<>H:A8<>PKD< C9 :8;<=>:?8 ><9 =<9C:L9GC< E<>E< <C @D8HA E< ;:>H9 <BA8?F:BA J KD< CA> B=:H<=:A> E<><C<BB:?8 E< :8;<=>:A8<> C9 9BA8><Q<8 BAFA C9 F<QA= 9CH<=89H:;9 @A>:GC<N

!8H< C9 @A>:G:C:E9E E< 9BAF<H<= E:I<=<8H<> @=AJ<BHA> E< :8;<=>:?8/ FDHD9F<8H<<WBCDJ<8H<> @A= =9LA8<> O:898B:<=9> A HYB8:B9>/ <> 8<B<>9=:A @=AB<E<= 9 >D F<E:B:?8 JBAF@9=9B:?8/ 9 O:8 E< <C<S:= <C FT> 9E<BD9EAN

'W:>H<8 EA> FYHAEA> E< <;9CD9B:?8 E< :8;<=>:A8<>/ CA> <>HTH:BA> A 9@=AW:F9EA>/ <8 CA>

KD< 8A >< H:<8<8 <8 BD<8H9 C9 E:F<8>:?8 H<F@A=9C E< CA> OCDQA> E< B9Q9 J CA> E:8TF:BA>/KD< BA8>:E<=98 <C I9BHA= H:<F@AN

!"#$%$& (&#)#*+$&

)A8 9KD<CCA> KD< 8A H:<8<8 <8 BD<8H9 <C I9BHA= H:<F@A/ @A= CA KD< CA> B9@:H9C<> E<E:I<=<8H<> FAF<8HA> E< H:<F@A H:<8<8 <C F:>FA ;9CA=/ CA KD< @D<E< CC<;9= 9 E<B:>:A8<><KD:;AB9E9>N %A AG>H98H</ <8 C9 @=TBH:B9 >A8 HAE9;V9 D>9EA> @9=9 AGH<8<= D89 @=:F<=9;9CA=9B:?8 J ><C<BB:?8 E< :8;<=>:A8<>N

+4!)$1$+!+$*% 2' 4,) 5_.,2,) ').l.$+,)

4A> FYHAEA> <>HTH:BA> @9=9 C9 ;9CA=9B:?8 J ><C<BB:?8 E< @=AJ<BHA> E< :8;<=>:?8 ><BC9>:O:B98 <8P

U 1CDQA E< B9Q9 HAH9C @A= D8:E9E FA8<H9=:9 BAF@=AF<H:E9N

U 1CDQA E< B9Q9 F<E:A 98D9C @A= D8:E9E FA8<H9=:9 BAF@=AF<H:E9N

U -C9LA E< =<BD@<=9B:?8 E<C B9@:H9C A @9JUG9BmN

U .9>9 E< =<8E:F:<8HA BA8H9GC<N

U +AF@9=9B:?8 E< BA>H<>N

9" 14 7 g , 2 ' +! g! ., .! 4 -, ( 7 % $2 ! 2 5,% '.! ( $!+,5-(,5'.$2!

'C OCDQA E< B9Q9 HAH9C @A= D8:E9E FA8<H9=:9 BAF@=AF<H:E9/ H9FG:Y8 E<8AF:89EA =9H:ABA>H<UG<8<O:B:A/ B9CBDC9 C9 =<8H9G:C:E9E E< C9 :8;<=>:?8N -9=9 <CCA/ BAF@9=9 C9 >DF9 E<CA> OCDQA> 8<HA> E< B9Q9 BA8 C9 B98H:E9E KD< =<KD:<=< C9 :8;<=>:?8N

): C9 =<8H9G:C:E9E <> :SD9C 9 D8A C9 :8;<=>:?8 >< BA8>:E<=9 :8E:I<=<8H</ >: <> F<8A= KD<D8A/ >< =<BM9L9=T <C @=AJ<BHA/ J >: <> F9JA= KD< D8A/ ><=T 9B<@H9EAN -A= H98HA/ ><=T

F<QA= C9 :8;<=>:?8 BD98HA F9JA= ><9 <C ;9CA= AGH<8:EA <8 <C BAB:<8H<N

4A> :8BA8;<8:<8H<> KD< @=<><8H9 <>H< B=:H<=:A >< E<=:;98 ID8E9F<8H9CF<8H< E< C9 >DF9E< F9S8:HDE<> M<H<=ASY8<9> 9C 8A BA8>:E<=9= C9 ;9=:9GC< H:<F@A/ >:<8EA :F@A>:GC<E<H<=F:89= BDTC E< ;9=:A> @=AJ<BHA> <> FT> I9;A=9GC< 9C H<8<= C9 F:>F9 =<8H9G:C:E9EN'CCA :F@:E< BAF@9=9= :8;<=>:A8<> BA8 E:>H:8H9 ED=9B:?8 A OCDQA> E< B9Q9 S<8<=9EA> <8FAF<8HA> :8:B:9C<> A O:89C<>N

!E<FT>/ <C ;9CA= AGH<8:EA 8A @D<E< BA8>:E<=9=>< D89 ;9=:9GC< E< =<8H9G:C:E9E J9 KD<<C f8:BA =<KD:>:HA KD< >< <W:S< <> KD< >< =<BD@<=< C9 B98H:E9E :8:B:9CF<8H< :8;<=H:E9N

G" 147g, 2' +!g! 5'2$, !%7!4 -,( 7%$2!2 5,%'.!($!+,5-(,5'.$2!

'C OCDQA E< B9Q9 F<E:A 98D9C @A= D8:E9E FA8<H9=:9 BAF@=AF<H:E9 :8H=AEDB< D89;9=:98H< 9C FYHAEA 98H<=:A= 9C B9CBDC9= <C OCDQA 8<HA E< B9Q9 @A= <C 8fF<=A E< @<=:AEA>

E< C9 :8;<=>:?8N

): C9 =<8H9G:C:E9E <> :SD9C 9 D8A @9=H:EA <C 8fF<=A E< @<=VAEA>/ C9 :8;<=>:?8 ><BA8>:E<=9 :8E:I<=<8H</ >: <> F<8A=/ >< =<BM9L9=T <C @=AJ<BHA/ J >: <> F9JA=/ ><=T9B<@H9EA/ >:<8EA F<QA= C9 :8;<=>:?8 BD98HA F9JA= ><9 <C ;9CA= AGH<8:EAN

49 =<8H9G:C:E9E KD< >< AGH:<8< <> 98D9C @<=A BA8 HAEA> CA> :8BA8;<8:<8H<> E<C FYHAEA98H<=:A= 9C 8A H<8<= <8 BD<8H9 <C H:<F@AN

B" -4!], 2' ('+7-'(!+$*% 2'4 +!-$.!4

'C @C9LA E< =<BD@<=9B:?8 E<C B9@:H9C A @9JUG9Bm B9CBDC9 <C 8fF<=A E< 9XA> KD< H9=E9 <8=<BD@<=9=>< <C E<><FGAC>A :8:B:9C/ >:<8EA @=<I<=:GC<> 9KD<CC9> :8;<=>:A8<> BDJA @C9LAE< =<BD@<=9B:?8 <>@<=9EA ><9 <C FT> BA=HA/ @=:F98EA C9 C:KD:E<L >AG=< C9 =<8H9G:C:E9EN

+D98EA CA> OCDQA> E< B9Q9 >A8 BA8>H98H<> >< B9CBDC9 E:;:E:<8EA <C E<><FGAC>A :8:B:9C @A=<C OCDQA E< B9Q9/ F:<8H=9> >: Y>HA> >A8 ;9=:9GC<> >< E<H<=F:89=T 9BDFDCT8EACA> M9>H9KD< >D >DF9 ><9 :SD9C 9C E<><FGAC>A <I<BHD9EA/ J BD98EA <C 8fF<=A E< 9XA> 8A <><W9BHA >< <I<BHf9 D89 9@=AW:F9B:?8N

4A> :8BA8;<8:<8H<> KD< @=<><8H9 <>H< B=:H<=:A >< E<=:;98 E< C9 DH:C:L9B:?8 E<

F9S8:HDE<> M<H<=ASY8<9> J E< C9 I9CH9 E< BA8>:E<=9B:?8 E< CA> IA8EA> KD< >< S<8<=98E<>@DY> E< =<BD@<=9= <C E<><FGAC>A :8:B:9C EA8E< <>H=:G9 C9 =<8H9G:C:E9E E< C9:8;<=>:?8N

E" .!)! 2' ('%2$5$'%., +,%.!Z4'

49 H9>9 E< =<8E:F:<8HA BA8H9GC< >< B9CBDC9 F<E:98H< D8 BAB:<8H< <8H=< <C G<8<O:B:ABA8H9GC< 98D9C F<E:A @=<;:>HA hE<>@DY> E< E<EDB:= C9> 9FA=H:L9B:A8<> J CA>:F@D<>HA>" J C9 :8;<=>:?8 8<H9 F<E:9N

2< <>H9 IA=F9/ <C G<8<O:B:A BA8H9GC< 98D9C F<E:A ><=T C9 >DF9 E< HAEA> CA> G<8<O:B:A>98D9C<> BA8>:E<=9EA> @9=H:EA @A= <C 8fF<=A E< @<=:AEA> <8 <C KD< >< M98 AGH<8:EA J C9

:8;<=>:?8 8<H9 F<E:9 ><=T <C E<><FGAC>A E< C9 :8;<=>:?8 F<8A> <C ;9CA= =<>:ED9C/ E:;:EAHAEA @A= EA>N

4A> :8BA8;<8:<8H<> E< <>H< B=:H<=:A >A8 CA> E<=:;9EA> E< ><= D8 FYHAEA <>HTH:BAN

!E<FT>/ 9f8 BD98EA C9> :8;<=>:A8<> H<8S98 C9 F:>F9 ED=9B:?8/ <C FYHAEA 8A BA8>:E<=9KD< CA> G<8<O:B:A> @D<E98 ><= =<:8;<=H:EA>N

<" +,5-!(!+$*% 2' +,).')

49 BAF@9=9B:?8 E< BA>H<> >< =<9C:L9 B9CBDC98EA CA> BA>H<> 98D9C<> KD< BA==<>@A8E<8 9C9> E:>H:8H9> :8;<=>:A8<>N 2< Y>H9> >< <C<S:=T C9 KD< H<8S9 F<8A= BA>H<N

4A> :8BA8;<8:<8H<> KD< @=<><8H9 <>H< B=:H<=:A E<=:;98 E< C9 E:O:BDCH9E E< B9CBDC9= CA>BA>H<> HAH9C<>/ J9 KD< Y>HA> :8H<S=98 9 CA> BA>H<> O:QA> J 9 CA> BA>H<> CA> ;9=:9GC<>N

4A> BA>H<> O:QA> >A8 :8E<@<8E:<8H<> E<C ;ACDF<8 E< @=AEDBB:?8 J ;<8H9/ F:<8H=9> KD<@9=9 BA8AB<= CA> BA>H<> ;9=:9GC<> >< M9 E< <>H:F9= <C ;ACDF<8 E< @=AEDBB:?8/ CA BD9C <>E:OVB:C E< @=<;<= E< 98H<F98AN

!E<FT>/ <>H< FYHAEA 8: DH:C:L9 OCDQA> E< B9Q9 8: @<=F:H< B9CBDC9= C9 =<8H9G:C:E9E E< C9

:8;<=>:?8N

!"#$%$& %*,)!*+$&-

)A8 9KD<CCA> KD< BA8>:E<=98 KD< 9C H=98>BD==:= <C H:<F@A/ C9> B98H:E9E<> E< E:8<=AAGH<8:E9> A @9S9E9> <8 FAF<8HA> >DB<>:;A> 8A @D<E<8 ><= BAF@9=9E9> J9 KD< CA>B9@:H9C<> H:<8<8 E:>H:8HA> ;9CA= <8 ID8B:?8 E<C FAF<8HA <8 KD< >< S<8<=98N

!>V/ @9=9 989C:L9= @=AJ<BHA> E< :8;<=>:?8 >< M9 E< :8BA=@A=9= <C I9BHA= H:<F@A/=<BD==:<8EA 9 C9 9BHD9C:L9B:?8 A E<>BD<8HA @9=9 D8:O:B9= >D ;9CA= J CD<SA @=AB<E<= 99B<@H9=CA> A 9 =<BM9L9=CA> >AG=< C9 G9>< E< >D BAF@9=9B:?8 BA8 CA> BA>H<>N

TEMA 3: EVALUACIÓN DE LOS PROYECTOS DEINVERSIÓN: MÉTODOS DINÁMICOS.

'C :8;<=>A= 98H< C9 E<B:>:?8 E< CC<;9= 9 B9GA D89 :8;<=>:?8 E<G< ;9CA=9= EA> BD<>H:A8<>PKD< C9 :8;<=>:?8 ><9 =<9C:L9GC< E<>E< <C @D8HA E< ;:>H9 <BA8?F:BA J KD< CA> B=:H<=:A> E<><C<BB:?8 E< :8;<=>:A8<> C9 9BA8><Q<8 BAFA C9 F<QA= 9CH<=89H:;9 @A>:GC<N

!8H< C9 @A>:G:C:E9E E< 9BAF<H<= E:I<=<8H<> @=AJ<BHA> E< :8;<=>:?8/ FDHD9F<8H<<WBCDJ<8H<> @A= =9LA8<> O:898B:<=9> A HYB8:B9>/ <> 8<B<>9=:A @=AB<E<= 9 >D F<E:B:?8 JBAF@9=9B:?8/ 9 O:8 E< <C<S:= <C FT> 9E<BD9EAN

'W:>H<8 EA> FYHAEA> E< <;9CD9B:?8 E< :8;<=>:A8<>/ CA> <>HTH:BA> A 9@=AW:F9EA>/ <8 CA>KD< 8A >< H:<8<8 <8 BD<8H9 C9 E:F<8>:?8 H<F@A=9C E< CA> OCDQA> E< B9Q9 J CA> E:8TF:BA>/KD< BA8>:E<=98 <C I9BHA= H:<F@AN

+4!)$1$+!+$*% 2' 4,) 5_.,2,) 2$%l5$+,)

4A> FYHAEA> E:8TF:BA> @9=9 C9 ;9CA=9B:?8 J ><C<BB:?8 E< @=AJ<BHA> E< :8;<=>:?8 ><BC9>:O:B98 <8P

U -C9LA E< =<BD@<=9B:?8 E<C B9@:H9C BA8 E<>BD<8HA h-(2"N

U &9CA= 9BHD9C 8<HA h&!%" A ;9CA= B9@:H9C h&+"N

U .9>9 E< ;9CA= 9BHD9CN

U .9>9 E< =<HA=8A A H:@A E< =<8E:F:<8HA :8H<=8A h.$("N

9" -4!], 2' ('+7-'(!+$*% 2'4 +!-$.!4 +,% 2')+7'%.,

'C @C9LA E< =<BD@<=9B:?8 E<C B9@:H9C BA8 E<>BD<8HA h-(2" A @9JUG9Bm BA8 E<>BD<8HAB9CBDC9 <C 8fF<=A E< 9XA> KD< H9=E9 <8 =<BD@<=9=>< <C E<><FGAC>A :8:B:9C/ >:<8EA

@=<I<=:GC<> 9KD<CC9> :8;<=>:A8<> BDJA @C9LA E< =<BD@<=9B:?8 <>@<=9EA ><9 <C FT> BA=HA/@=:F98EA C9 C:KD:E<L >AG=< C9 =<8H9G:C:E9EN

49 E:I<=<8B:9 =<>@<BHA 9C @C9LA E< =<BD@<=9B:?8 E<C B9@:H9C <>HTH:BA =9E:B9 <8 KD< H:<8<<8 BD<8H9 <C E:I<=<8H< ;9CA= E< CA> B9@:H9C<> <8 FAF<8HA> E< H:<F@A E:>H:8HAN

49> :8;<=>:A8<> KD< FT> :8H<=<>98 ><Sf8 <>H< B=:H<=:A >A8 9KD<CC9> KD< H<8S98 D8 @C9LAE< =<BD@<=9B:?8 E<C B9@:H9C BA8 E<>BD<8HA CA FT> @<KD<XA @A>:GC<N !>V/ E< <8H=< ;9=:A>@=AJ<BHA> E< :8;<=>:?8 >< <C<S:=T 9KD<C KD< H<8S9 D8 @C9LA F<8A= E< =<BD@<=9B:?8 J9KD< >< =<>B9H9 <C B9@:H9C CA FT> =T@:E9F<8H< @A>:GC<N

4A> :8BA8;<8:<8H<> KD< @=<><8H9 <>H< B=:H<=:A >< E<=:;98 E< @=:F9= C9 C:KD:E<L E< C9>:8;<=>:A8<> >AG=< >D =<8H9G:C:E9E J E< 8A H<8<= <8 BD<8H9 CA> OCDQA> S<8<=9EA> BA8@A>H<=:A=:E9E 9C @=A@:A @C9LA E< =<BD@<=9B:?8N

G" &!4,( !+.7!4 %'., , &!4,( +!-$.!4

'C ;9CA= 9BHD9C 8<HA A ;9CA= B9@:H9C <> C9 E:I<=<8B:9 <8H=< <C ;9CA= 9BHD9C:L9EA E< C9>BA==:<8H<> E< BAG=A> <>@<=9EA> KD< @=AF<H< S<8<=9= C9 :8;<=>:?8 9 CA C9=SA E< >D ;:E9J <C ;9CA=/ H9FG:Y8 9BHD9C:L9EA/ E< CA> @9SA> @=<;:>HA>/ <> E<B:=/ <C ;9CA= 9BHD9C:L9EA E<HAEA> CA> =<8E:F:<8HA> <>@<=9EA>N

+A8>:>H< <8 C9 9BHD9C:L9B:?8 E< HAEA> CA> OCDQA> E< B9Q9 9 D8 H:@A E< E<>BD<8HA m/ 9D8KD<CA> OCDQA> E< B9Q9 @D<E<8 ><= BA8>H98H<> A E:I<=<8H<> J <C H:@A E< E<>BD<8HA H9FG:Y8@D<E< B9FG:9= B9E9 9XA/ CD<SA <W:>H<8 EA> A@B:A8<>P

aN +A8>:E<=9= CA> E:I<=<8H<> H:@A> E< E<>BD<8HA/ ma/ me/ md/ NNN/ m8/ 9@C:B9GC<> 9 CA>E:I<=<8H<> 9XA> E< ED=9B:?8 E< C9 :8;<=>:?8N

eN , G:<8/ <>H:F9= D89 f8:B9 H9>9 E< E<>BD<8HA @9=9 HAEA> CA> 9XA>N

\<FA> E< :8E:B9= KD</ <8 <C >D@D<>HA E< <W:>H:= D8 ;9CA= =<>:ED9C 9C O:89C E< C9 ;:E9 fH:CE< C9 :8;<=>:?8/ <>H< ;9CA= =<@=<><8H9 D89 <8H=9E9 E< E:8<=A E<C 9XA 8 J >< >DF9=T 9COCDQA E< B9Q9 E<C fCH:FA 9XA E< ;:E9 E< C9 :8;<=>:?8N

.<8:<8EA <8 BD<8H9 CA 98H<=:A=/ D89 ;<L 9BHD9C:L9EA> CA> OCDQA> E< B9Q9 <>@<=9EA>=<>H9FA> <C ;9CA= 9BHD9C:L9EA E< CA> E<><FGAC>A>N

2< IA=F9 KD< 9KD<CC9 :8;<=>:?8 KD< @=<><8H< ;9CA= 9BHD9C 8<HA F9JA= ><=T C9 KD<O:89CF<8H< >< ><C<BB:A89=T/ >:<F@=< KD< ><9 @A>:H:;A J9 KD< <8 B9>A BA8H=9=:A <C@=AJ<BHA E< :8;<=>:?8 8A ><=V9 =<BAF<8E9GC<N

&'%.!g!)P

'>H< B=:H<=:A @=<><8H9 C9 ;<8H9Q9 E< H<8<= <8 BD<8H9 CA> E:I<=<8H<> ;9CA=<> E< CA> OCDQA>E< B9Q9 ><Sf8 CA> @<=VAEA> E< H:<F@A <8 KD< >< :8S=<><8 A S9>H<8/ <> E<B:=/MAFAS<8<:L9 C9> F9>9> FA8<H9=:9> @9=9 KD< @D<E98 ><= =<I<=:E9> 9 D89 F:>F9 I<BM9N

!E<FT>/ <> D8 FYHAEA E< ;9CA=9B:?8/ E< ><C<BB:?8 J E< A=E<89B:?8 A Q<=9=KD:L9B:?8 E<:8;<=>:A8<>N

2< ;9CA=9B:?8 E< @=AJ<BHA> E< :8;<=>:?8 @A=KD< F:E< C9 =<8H9G:C:E9E <>@<=9E9 <8 ;9CA=9G>ACDHA J 9BHD9CN

2< ><C<BB:?8 E< @=AJ<BHA> @A=KD< @<=F:H< >9G<= KDY :8;<=>:A8<> E<G<8 CC<;9=>< 9 B9GAJ BDTC<> 8A/ <8 ID8B:?8 E< C9 =<8H9G:C:E9E B9CBDC9E9N

): <C &!% <> F9JA= KD< B<=A/ C9 :8;<=>:?8 <> <I<BHD9GC< A 9BA8><Q9GC<N

): <C &!% <> :SD9C 9 B<=A/ C9 :8;<=>:?8 <> :8E:I<=<8H<N

): <C &!% <> F<8A= KD< B<=A/ C9 :8;<=>:?8 8A <> <I<BHD9GC< A >9H:>I9BHA=:9N

3/ E< A=E<89B:?8 A Q<=9=KD:L9B:?8 E< @=AJ<BHA> E< :8;<=>:?8 @A=KD< @<=F:H<BC9>:O:B9=C9> @A= S=9EA E< @=<I<=<8B:9 <8 ID8B:?8 E< CA> =<>DCH9EA> AGH<8:EA>/ E< IA=F9KD< >: <C :8;<=>A= H:<8< C:F:H9B:A8<> E< =<BD=>A> O:898B:<=A> @D<E< <C<S:=N

789 9CH<=89H:;9 E< Q<=9=KD:L9B:?8 C?S:B9 @AE=V9 BA8>:>H:= <8 CA> >:SD:<8H<> B=:H<=:A>P

4A> @=AJ<BHA> E< :8;<=>:?8 BA8 ;9CA= 8<S9H:;A A 8DCA >< =<BM9L98N

4A> E< ;9CA= @A>:H:;A E<G<=T8 Q<=9=KD:L9=>< <8 A=E<8 9 C9 =<8H9G:C:E9EN

-9=9 ><= ><C<BB:A89EA> E<G<=T8 A=E<89=>< E< F9JA= 9 F<8A= @=<I<=<8B:9N

$%+,%&'%$'%.')P

'>H< FYHAEA @=<><8H9 EA> S=98E<> :8BA8;<8:<8H<> KD< >A8 C9 E:O:BDCH9E E< <>@<B:O:B9=C9 H9>9 E< E<>BD<8HA m J <C >D@A8<= KD< CA> OCDQA> E< B9Q9 >A8 =<:8;<=H:EA>N

./ 01213456/0 07 789731213/: 4;/ 6/8/ 07 078347;6< >< @D<E< >AC;<8H9= DH:C:L98EA <CH:@A E< :8H<=Y> KD< =:S< <8 <C F<=B9EA O:898B:<=A/ J9 KD< >D@A8< D8 BA>H< E<A@A=HD8:E9E @9=9 <C :8;<=>A= 9C :8FA;:C:L9= D8 B:<=HA :F@A=H< E< B9@:H9CN

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TEMA 4: RELACIÓN ENTRE VAN Y TIR.

!" ('4!+$*% '%.(' 4,) +($.'($,) 2'4 &!% 3 2'4 .$(

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49 BA8BCD>:?8 9 C9 KD< @AE=V9 CC<S9=>< <> KD< 9FGA> B=:H<=:A> BA:8B:E<8 BD98EA >< H=9H9E< 9B<@H9= A =<BM9L9= D8 @=AJ<BHA E< :8;<=>:?8/ CA KD< 8A> CC<;9=V9 9 @<8>9= KD< 9FGA>FYHAEA> >A8 9CH<=89H:;A>/ CA BD9C <> D8 <==A=/ J9 KD< >: G:<8 <W:>H< BA:8B:E<8B:9 <8 C9>E<B:>:A8<> E< =<BM9LA A 9B<@H9B:?8/ >A8 B=:H<=:A> KD< @D<E<8 CC<;9= 9 D89Q<=9=KD:L9B:?8 E< :8;<=>:A8<> E:>H:8H9> BA8EDB:<8EA 9 E:I<=<8H<> >ACDB:A8<> <8 C9

><C<BB:?8 <8H=< E:>H:8H9> 9CH<=89H:;9>N): <>H9FA> 98H< EA> @=AJ<BHA> E< :8;<=>:?8 E:>H:8HA>/ ! J Z/ @D<E<8 >DB<E<= EA> BA>9>P

6D< 8A M9J9 E:>B=<@98B:9> <8H=< 9FGA> B=:H<=:A>/ J9 KD< <8 <>H< B9>A <C @=AJ<BHA ! <>@=<I<=:GC< 9C Z ><Sf8 <C &!% J <C .$(/ @9=9 BD9CKD:<= ;9CA= E< mN

, G:<8 KD< <W:>H98 E:>B=<@98B:9>/ BAFA <8 <C B9>A KD< >< =<BAS< 9 BA8H:8D9B:?8N )<Sf8<C ;9CA= E< m/ <C &!% E<C @=AJ<BHA ! @D<E< ><= F9JA= A F<8A= KD< <C E<C @=AJ<BHA Z/@DE:<8EA BA8H=9E<B:= 9C B=:H<=:A .$(/ @9=9 <C BD9C <C @=AJ<BHA E< :8;<=>:?8 Z <>@=<I<=:GC< 9C !N

'C @D8HA E< BA=H< E< 9FGA> @=AJ<BHA> E< :8;<=>:?8 >< E<8AF:89 :8H<=><BB:?8 E< 1:>M<=h&!% !o &!% Z" J >D ;9CA= <8 C9 9G>B:>9 H9>9 E< =<HA=8A >AG=< <C BA>H< 1:>M<=N '>H9 H9>99 >D ;<L =<BAS< EA> >:S8:O:B9EA>P

U +D98EA <C H:@A E< E<>BD<8HA <> F9JA= KD< =/ 8A <W:>H:<8EA E:>B=<@98B:9> <8H=< <CFYHAEA E<C &!% J <C .$(N

U +D98EA <C H:@A E< E<>BD<8HA <> F<8A= KD< =/ <W:>H:<8EA E:>B=<@98B:9> <8H=< <CFYHAEA E<C &!% J <C .$(N

49 BA8BCD>:?8 <> KD ;9=:A> @=AJ<BHA> E< :8;<=>:?8 <8 CA> KD< 8A <W:>H9 8:8SD89:8H<=><BB:?8 E< 1:>M<= <> D89 BA8E:B:?8 >DO:B:<8H< @9=9 KD< CA> EA> B=:H<=:A>BA8EDLB98 9 C9 F:>F9 Q<=9=KD:L9B:?8N

eN ): <W:>H< @D8HA E< BA=H</ @<=A mv=/ ><=T BA8E:B:?8 >DO:B:<8H</ @<=A 8A 8<B<>9=:9/9FGA> FYHAEA> H9FG:Y8 CC<;9=T8 9 C9 F:>F9 >ACDB:?8N

'C @=AGC<F9 =9E:B9 <8 KD< 9FGA> B=:H<=:A> F:E<8 BA>9> E:I<=<8H<>N

'C &!% F:E< C9 =<8H9G:C:E9E 9G>ACDH9 E< D8 @=AJ<BHA E< :8;<=>:?8 F:<8H=9> KD< <C .$(C9 =<8H9G:C:E9E =<C9H:;9N

-A= AH=9 @9=H</ <C B=:H<=:A E<C &!% @=<>D@A8< KD< CA> OCDQA> E< B9Q9 >A8 =<:8;<=H:EA>><Sf8 C9 H9>9 E< E<>BD<8HA m/ F:<8H=9> KD< <C .$( >D@A8< KD< >< =<:8;:<=H<8 ><Sf8 C9H9>9 E< =<8E:F:<8HA :8H<=8A E<C @=AJ<BHA/ E< IA=F9 KD< >: DH:C:L9FA> D89 H9>9 BAFf8E< =<:8;<=>:?8/ CA> @=AJ<BHA> BAF@<H:EA=<> H<8E=T8 BC9>:O:B9B:A8<> :EY8H:B9>:8E<@<8E:<8H<F<8H< E< KD< >< DH:C:B< <C &!% A <C .$(N

789 @A>:GC< >ACDB:?8 @9=9 C9 ><C<BB:?8 J A=E<89B:?8 Q<=T=KD:B9 E< @=AJ<BHA> E<:8;<=>:?8 <> C9 DH:C:L9B:?8 E< CA> B=:H<=:A> E<C &!% 04,Z!4 J E<C .$( 04,Z!4h)ACAFA8"N

Z" &!% 04,Z!4 3 .$( 04,Z!4

!FGA> @=AB<E:F:<8HA> BA8>:E<=98 <W@CVB:H9F<8H< KD< CA> OCDQA> 8<HA> E< B9Q9 ><=<:8;:<=H<8 <8 9BH:;A> KD< @=A@A=B:A898 D89 =<8H9G:C:E9E :SD9C 9 C9 H9>9 E< =<8H9G:C:E9EFV8:F9 E< CA> 9BH:;A> E< <F@=<>9/ F:<8H=9> KD< CA> 8<S9H:;A> M9J KD< =<O:898B:9=CA>BA8 =<BD=>A> O:898B:<=A> KD< >D@A8<8 @9=9 C9 <8H:E9E D8 BA>H< F<E:A @A= D8:E9EFA8<H9=:9 :SD9C 9C BA>H< E< B9@:H9CN

)D@A8S9FA> D8 @=AJ<BHA E< :8;<=>:?8 BA8 C9> >:SD:<8H<> B9=9BH<=V>H:B9>P

H=a H=e H= d H= 8 U! 1a 1 e 1 d 1 8

b a e d 8ma m e m d m 8

2A8E<FGAC>A :8:B:9C E< C9 :8;<=>:?8N

1QP 1CDQA 8<HA E< B9Q9 S<8<=9EA @A= C9 :8;<=>:?8N

mQP +A>H< E< B9@:H9C E<C 9XA QN

H=QP .9>9 E< =<:8;<=>:?8 @9=9 CA> OCDQA> 8<HA> E< B9Q9N

8P 2D=9B:?8 H<F@A=9C E<C @=AJ<BHAN

'C &!% SCAG9C <> <C ;9CA= 9BHD9C:L9EA E< HAEA> CA> =<8E:F:<8HA> <>@<=9EA>/ >D@D<>H9>D89> H9>9> E< =<:8;<=>:?8 H= J D8 BA>H< E< B9@:H9C m/ @9=9 B9E9 @<=:AEAN +A8>:E<=9=<FA>BA8>H98H<> H98HA C9 H9>9 E< =<:8;<=>:?8 BAFA <C BA>H< E< B9@:H9C @9=9 HAEA> CA> 9XA> KD<ED=9 C9 =<:8;<=>:?8N !89CVH:B9F<8H 9KD<CC9 H9>9 E< 9BHD9C:L9B:?8 KD< M9B< B<=A <C &!% SCAG9C/@=A@A=B:A898EA D89 F<E:E9 E< =<8H9G:C:E9E =<C9H:;9 G=DH9N 49 <W@=<>:?8 ><=V9P

49> 8A=F9> 9 ><SD:= @9=9 9B<@H9= A =<BM9L9= D8 @=AJ<BHA E< :8;<=>:?8/ 9>V BAFA @9=9<>H9GC<B<= D8 A=E<8 E< @=<I<=<8B:9 <8H=< D8 BA8QD8HA E< @=AJ<BHA> =<8H9GC<> >A8:EY8H:B9> 9 C9> KD< @=A@A=B:A898 CA> FAE<CA> &!% J .$( <8 >D IA=FDC9B:?8 M9G:HD9CN

'C @=:8B:@9C @=AGC<F9 KD< @=<><8H9 <> C9 O:Q9B:?8 E< C9 H9>9 E< =<:8;<=>:?8/ <W:>H:<8EA

E:;<=>9> A@:8:A8<> KD< 9@D8H98 9 ;9CA=<> E:>H:8HA>N %A> KD<E9=<FA> BA8 C9 @=A@D<>H9E< )ACAFA8 KD< DH:C:L9 C9 H9>9 E< =<8H9G:C:E9E FV8:F9 E< C9 <F@=<>9N

5<E:98H< C9 O:Q9B:?8 E< <>H9 H9>9 E< =<:8;<=>:?8 >ACDB:A89FA> <C @=AGC<F9 E< C9E:>@9=:E9E <8 C9 A=E<89B:?8 E< CA> @=AJ<BHA> E< :8;<=>:?8 >:F@C<> J MAFASY8<A>N!E<FT>/ AI=<B< AH=9 ;<8H9Q9 KD< <> C9 @A>:G:C:E9E E< @AE<= BAF@9=9= @=AJ<BHA> KD< 8A>A8 MAFASY8<A>/ <> E<B:=/ BA8 E:I<=<8H< E:F<8>:?8 h@=AJ<BHA> KD< 8A H:<8<8 C9 F:>F9ED=9B:?8 <8 <C H:<F@A A G:<8 KD< 8A >:S8:O:B98 C9 F:>F9 :8;<=>:?8 :8:B:9C"N

-A= <Q<F@CAP

): BAF@9=9FA> <C @=AJ<BHA Z BA8 <C ! M9G=V9 KD< H<8<= <8 BD<8H9P

aN 6D< <8 <C @=AJ<BHA Z >< E:>@A8< E< eb DN FN KD< 8A >< ;98 9 ><=:8FA;:C:L9E9>/ >:8A KD< >< :8;<=H:=T8 J >< AGH<8E=T D89 =<8H9G:C:E9E:8E<@<8E:<8H< E< C9 E<C @=AJ<BHA E< :8;<=>:?8N

eN 6D< <8 <C @=AJ<BHA !/ 9 @9=H:= E<C BD9=HA 9XA/ >< E:>@A8< E< D8 B9@:H9C KD< ><;AC;<=T 9 BACAB9= <8 AH=A @=AJ<BHA J/ @A= H98HA/ M9 E< BA8>:E<=9=>< 9 C9 MA=9E< BAF@9=9= ! BA8 ZN

'8 E<O:8:H:;9/ 8A >< @D<E<8 BAF@9=9= @=AJ<BHA> E< :8;<=>:?8 >:8 MAFAS<8<:L9=CA>/<W:>H:<8EA E:I<=<8H<> FYHAEA> @9=9 CAS=9=CAN

!89C:L9=<FA> D8A E< <>HA> FYHAEA> E< MAFAS<8<:L9B:?8/ >D@A8:<8EA KD< C9 H9>9 E<=<:8;<=>:?8 <> BA8AB:E9 J BA8>H98H< @9=9 CA> OCDQA> 8<HA> E< B9Q9 E< CA> @=AJ<BHA> KD<>< BAF@9=98/ 9>V BAFA KD< <C BA>H< E< B9@:H9C E< C9 <F@=<>9 <> BA8>H98H< 9 CA C9=SA E<C@<=:AEA E< @C98:O:B9B:?8N +A8>:>H<8H< <8P

-=:F<=A BA8>:E<=9= D8 E<><FGAC>A :8:B:9C BAFf8/ KD< ><=T <C E<C @=AJ<BHA E< F9JA=E<><FGAC>A :8:B:9CN

)<SD8EA BA8>:E<=9= D8 MA=:LA8H< H<F@A=9C BAFf8/ KD< ><=T <C E<C @=AJ<BHA E< F9JA=

ED=9B:?8N

!89CVH:B9F<8H736< F @F GD G E G H G ;

C D E H ;

A:<>736 <C @=AJ<BHA Z M9G=V9 KD< H<8<= <8 BD<8H9 C9 :8;<=>:?8 E< C9> \ DN FN KD<8A 9G>A=G< <C @=AJ<BHA 9 D89 H9>9 E< =<:8;<=>:?8 H= <8 CA> 8 @<=:AEA> BA8>:E<=9EA>N

A:<>736<=V9P

'C &!% E<C @=AJ<BHA Z ><=V9P

'8 <C B9>A E<C .$(/ H<8E=V9FA>P

$F9S:8<FA> <C B9>A E< KD< C9 E:I<=<8B:9 <>HY <8 C9 ED=9B:?8 E<C @=AJ<BHAN

A:<>736< F @F GD GE GH G;

C D E H ;

A:<>736H9FA> 98H< D8 @=AJ<BHA Z BDJ9 ED=9B:?8 <8 <C H:<F@A <> FT> C9=S9 KD< <C B9>A E<C@=AJ<BHA !N

4A> ;9CA=<> 9BHD9C<> 8<HA> ><=V98P

-A= AH=9 @9=H</ CA> .$( ><=V98P

%A> KD<E9 @A= BA8>:E<=9= <C B9>A <8 <C KD< ABD==98 C9> EA> B:=BD8>H98B:9> 989C:L9E9>98H<=:A=F<8H E<><FGAC>A> :8:B:9C<> J CA> MA=:LA8H<> H<F@A=9C<> ><98E:>H:8HA>N

A:<>736< F

@F GD GE GH G; C D E H ;

A:<>736 KD< !v!x J KD< 8yv8N

-A= AH=9 @9=H</ C9> .$(P

TEMA 5: EL EFECTO DE LA INFLACIÓN EN LASELECCIÓN DE LAS INVERSIONES.

%A <> CA F:>FA D89 B98H:E9E E< E:8<=A <W@=<>9E9 <8 EA> H:<F@A> E:I<=<8H<>N 2< D8C9EA/ @A=KD< 9C B9@:H9C E< MAJ >< C< @AE=V9 AGH<8<= D89 =<8H9G:C:E9E J/ E< AH=A/ C9>B98H:E9E<> <W@=<>9E9> <8 E:I<=<8H<> FAF<8HA> E< H:<F@A 8A >A8 BAF@9=9GC</ E<G:EA

9C <I<BHA E< C9 E<OC9B:?8 A E< C9 :8OC9B:?8N

'>HA >:S8:O:B9 KD< <C E:8<=A @D<E< S989= A @<=E<= ;9CA= <8 <C H:<F@A/ E< H9C F98<=9/ KD<D89 B98H:E9E !/ <8 <C @<=:AEA b @D<E< H<8<= E:>H:8HA ;9CA= KD< <C @<=:AEA >:SD:<8H<N

'8 D89 :8;<=>:?8 =<@=<><8H9FA> D8 FA;:F:<8HA E< OCDQA> E< B9Q9 <8 <C H:<F@A/<W@=<>9EA> <8 D8:E9E<> FA8<H9=:9> BA==:<8H<> E<C @<=:AEAP

@F GD G E G H G ;

C D E H ;

-9=9 M9B<= D8 GD<8 <>HDE:A E< <;9CD9B:?8 E< :8;<=>:A8<> ><=T 8<B<>9=:A <W@=<>9= CA>OCDQA> E< B9Q9 <8 ;9CA=<> BA8>H98H<> J9 KD< E< CA BA8H=9=:A BAF@9=9FA> F9S8:HDE<>BA8 E:I<=<8H<> B9@9B:E9E<> 9EKD:>:H:;9>/ <> E<B:=/ BA8 D8 B9=TBH<= M<H<=ASY8<AN -9=9

<CCA/ >< M9 E< E<OC9BH9= <>9> B98H:E9E<> J <W@=<>9=C9> 9 @=<B:A> BA8>H98H<> <8 =<C9B:?8 9CFAF<8HA <8 KD< >< :8:B:? C9 :8;<=>:?8N

'8 C9 <C:F:89B:?8 E<C <I<BHA E< C9 :8OC9B:?8 >AG=< CA> OCDQA> 8<HA> E< B9Q9 E< D8 @=AJ<BHAE< :8;<=>:?8 E:I<=<8B:9=<FA> H=<> @A>:GC<> B9>A>P

/M *;?7:81<;78 7; 5/8 N47 5/ 34/;6O/ 07 5<8 254=<8 ;76<8 07 3/=/ 8<;1;0797;017;678 075 P:/0< 07 1;25/31Q;

'>H9FA> 98H< D8 B9>A FDJ @9=H:BDC9=/ @ABA BAFf8/ E< :8;<=>:A8<> BDJ9 BA==:<8H< E<

BAG=A> J @9SA> >< M9J98 @=<O:Q9E9> E< 98H<F98A F<E:98H< D8 BA8H=9HA <8 <C KD< 8A ><BA8H<F@C9 8:8SD89 BCTD>DC9 E< =<;:>:?8 98H< <C B9FG:A S<8<=9C E< CA> @=<B:A>/ A G:<8:8;<=>:A8<> BDJA> BAG=A> J @9SA> 8A <>HT8 @=<<>H9GC<B:E9> E< 98H<F98A @<=A 8A <> E<>D@A8<= KD< CA> OCDQA> E< B9Q9 ><98 FAE:O:B9EA> <8 >D BD98HV9 @A= C9 :8OC9B:?8N

'8 <C B9>A KD< M<FA> E<>B=:HA H<8E=<FA> 8 OCDQA> BDJ9 B9@9B:E9E 9EKD:>:H:;9 <>E:>H:8H9 J @A= CA H98HA >A8 F9S8:HDE<> M<H<=ASY8<9>N ! C9 MA=9 E< 9BHD9C:L9= <>HA> OCDQA>8A >ACA >< M9 E< H<8<= <8 BD<8H9 <C BA>H< E< B9@:H9C m/ >:8A C9 E<OC9B:?8 ><Sf8 D89 H9>99BDFDC9H:;9 E< :8OC9B:?8 A :8B=<F<8HA S<8<=9C E< CA> @=<B:A>/ KD< >D@A8<FA>BA8>H98H< 9 CA C9=SA E<C @=AJ<BHA E< :8;<=>:?8/ SN

2< F98<=9 S=TO:B9 CA KD< >< M9B< <> CA >:SD:<8H:?8 E<C &!% ><=V9P

2< C9 C<BHD=9 E< <>H9 I?=FDC9 J9 >< @D<E< E<EDB:= B?FA 98H< C9 @=<><8B:9 E< :8OC9B:?8C9> <W@<BH9H:;9> E< =<8H9G:C:E9E E:>F:8DJ<8 <8 D8 @=AJ<BHAN

49 .$( KD<E9=V9 <W@=<>9E9 E< C9 >:SD:<8H< F98<=9P

'8 <>H9 I?=FDC9 C9 :8B?S8:H9 ><=V9 = A C9 H9>9 :8H<=89 E< =<8H9G:C:E9E =<9CN -AE=V9FA>A@<=9= E< C9 >:SD:<8H< IA=F9P

2<8AF:89= a`=yoha`="ha`S"N

!KDV =x ><=V9 C9 H9>9 E< =<8H9G:C:E9E 9@9=<8H<N 49 H9>9 E< =<8H9G:C:E9E =<9C >< AGH<8E=V9E<>@<Q98EAN

ha`=x"o ha`="ha`S"a ` =xoa ` S ` = ` =S

a ` =x U a U S o = ha ` S"=x U S o = ha ` S"

= o h=x U S" p ha ` S"

\<FA> >D@D<>HA KD< C9 :8OC9B:?8 @<=F98<B< BA8>H98H< ED=98H< <C @=AJ<BHA E<:8;<=>:?8N '>HA =<EDB< G9>H98H< C9 E:O:BDCH9E E< <>H:F9= C9 H9>9 E< :8OC9B:?8 E< B9E9 D8AE< CA> @<=:AEA> IDHD=A>/ >:F@C:O:B98EA G9>H98H< CA> BTCBDCA>/ 9D8KD< 9D8 <W:>H< C9E:O:BDCH9E E< H<8<= KD< <>H:F9= D89 H9>9 F<E:9 @9=9 HAEA> CA> 9XA>N

'>H9 >ACDB:?8 <> @A>:GC< <8 @9V><> BA8 G9Q9> H9>9> E< :8OC9B:?8/ <8 B9>A BA8H=9=:A/ M9G=V9KD< =<9C:L9= C9 <>H:F9B:?8 @9=9 B9E9 D8A E< CA> @<=:AEA>N

RM *;?7:81<;78 7; 5/8 N47 5/ 34/;6O/ 07 5<8 254=<8 ;76<8 07 3/=/ 8<; /S736/0<89<: 75 ;1?75 07 1;25/31Q;

'8 C9 F9JA=V9 E< C9> :8;<=>:A8<> @9=<B< FT> C?S:BA @<8>9= KD< CA> OCDQA> E< B9Q9 8A >A8:8E<@<8E:<8H<> E<C 8:;<C E< :8OC9B:?8N -A= <Q<F@CA/ >: C9 <F@=<>9 9EKD:<=< D8 8D<;A<KD:@A J <C V8E:B< S<8<=9C E< @=<B:A> >DG</ <> :8HD:GC< KD< <C <F@=<>9=:A :8B=<F<8H< <C@=<B:A E< >D> @=AEDBHA> @9=9 8A @<=E<= B9@9B:E9E 9EKD:>:H:;9N , @A= <Q<F@CA/:8;<=>:A8<> <8 C9> KD< F<E:98H< BA8H=9HA >< @=<;<9 C9 BA==<BB:?8 E< C9 >DG:E9 E< CA>

@=<B:A>/ BAFA @D<E< ><= D8 9CKD:C<=N2< <>H9 IA=F9 BA8>:E<=9=<FA> S BAFA C9 H9>9 E< :8OC9B:?8 J I <C H98HA @A= D8A <8 KD< ><:8B=<F<8H9 <C ;9CA= 8AF:89C E< CA> OCDQA> 8<HA> E< B9Q9 BAFA BA8><BD<8B:9 E< C9:8OC9B:?8N 2< <>H9 IA=F9 E:I<=<8B:9FA> EA> BA8B<@HA>P C9 H9>9 E< :8OC9B:?8 S<8<=9C E<CA> @=<B:A> J C9 ;9=:9B:?8 KD< >DI=<8 CA> BAG=A> J @9SA> E<C @=AJ<BHAN 789 <> D89 H9>9 E<:8OC9B:?8 <WH<=89 9C @=AJ<BHA J C9 AH=9 :8H<=89N

'C &!% ><=V9P

2<C F:>FA FAEA <C .$(P

49 =<C9B:?8 <W:>H<8H< <8H= E<B:=/ <8H=< C9 H9>9 :8H<=89 J <WH<=89 E< C9 :8;<=>:?88A> :8IA=F9 >AG=< C9 :8OCD<8B:9 I9;A=9GC< A 8A KD< H:<8< >AG=< <C @=AJ<BHA C9 :8OC9B:?8N!C :SD9C KD< <8 <C @=:F<= B9>A C9 =<8H9G:C:E9E E<C @=AJ<BHA E< :8;<=>:?8 >< ;<=T9I<BH9E9/ 9D8KD< <8 <>H< B9>A C9 =<C9B:?8 E<@<8E<=T E< C9 :8OC9B:?8 <WH<=89 J E< C9BA==<BB:?8 KD< BA8CC<;9 <C @=AJ<BHA E< :8;<=>:?8N

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Curso "La decisión de invertir en las organizaciones"

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