Decisiones de Financiamiento y Políticas de Dividendos

 

Feairn7 Whsbkh Mh`k

Lemnftn7 Kfj. Nlktc Ghrh Hskjfhturh7 Hlakfkstrhmkýf Dkfhfmknrh

Lnmkskefns ln Dkfhfmkhaknfte y _e`átkmhs ln lkvklnfles

 

LNMK]KÝF LN DKFHFMKHAKNF\E 

Nf n` èaikte dkfhfmknre, `hs lnmkskefns qun sn teahf punlnf m`hskdkmhrsn nf les tkpes7 lnmkskefns ln kfvnrskýf y `hs lnmkskefns ln dkfhfmkhaknfte.

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Nstn tkpe ln lnmkskefns, h lkdnrnfmkh ln `hs lnmkskefns ln kfvnrskýf, sef teahlhs muhfle sn tknfnf p`hfns ln rnh`kzhr uf preynmte h `hrje p`hze. Muhfle sn teahf lnmkskefns ln dkfhfmkhaknfte ns nf iusmh ln epmkefns nf `es anrmhles dkfhfmknres phrh pelnr hsá lhr dkfhfmkhmkýf h` fnjemke, preynmte e naprnsh nf derahmkýf.

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N` eigntkve ln nste ns mefemnr telhs `hs vhrkhftns vhrkhftns nxkstnftns qun qun snhf ndkmknftns, phrh eitnfnr uf dkfhfmkhaknfte y n`njkr `h qun aès sn hlhptn h `hs fnmnsklhlns y nxpnmthtkvhs qun sn tnfjhf.

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Muhfle sn pesnnf lnulhs per n` fnjemke nxkstnftn y sk nsths fe chf skle sh`lhlhs ln derah hlnmuhlh, fe ns n` aeanfte klnh` phrh iusmhr ln dkfhfmkhaknfte dkfhfmkhaknftes. s.

 

LNMK]KÝF LN _E@Á\KMH LN LKTKLNFLE] 

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@es lkvklnfles sef `hs utk`klhlns qun `hs meaphøáhs `ksthlhs nf `h ie`sh ln vh`erns rnphrtnf nftrn sus hmmkefksths. @h pe`átkmh ln lkvklnfles ns lkdnrnftn nf mhlh naprnsh y punln snr infndkmkesh phrh sus hmmkefksths e tele `e meftrhrke, lnsmuirn `es aetkves. Ynstrkmmkefns `njh`ns7 chy rnstrkmmkefns `njh`ns qun hdnmthf h `es lkvklnfles, chy qun tnfnr nf munfth nsths rnstrkmmkefns nf n` aeanfte ln dkghr `h pe`átkmh ln lkvklnfles. Ynstrkmmkefns kftnrfhs7 aumchs vnmns n` rnphrte ln lkvklnfles sn vn rnstrkfjkle per `h lkspefkik`klhl ln rnmurses ln `h naprnsh. _nrspnmtkvhs ln mrnmkaknfte ln `h naprnsh7 `h naprnsh punln tnfnr dunftns h`tnrfhtkvhs ln mhpkth` e epertufklhlns ln kfvnrskýf qun hdnmtnf h `es lkvklnfles y `es rnluzmhf. Mefsklnrhmkefns ln` anrmhle7 n` prnmke ln `hs hmmkefns ln ufh lntnrakfhlh sn punln vnrpe`átkmh hdnmthle `hs pnrspnmtkvhs qun tnfjhf `esnaprnsh hmmkefksths seirn su ln per lkvklnfles.

 

M@H]N] LN LKTKLNFLE]. hmmkýf , ns lnmkr, ln lnmkln n` aefte qun sn vh h rnphrtkr nftrn sus @es lkvklnfles sef mhftklhlns dkghs per hmmkýf, hmmkefksths anlkhftn `es lkvklnfles y sn lkvkln nftrn n` teth` ln hmmkefns. Nstn aefte ferah`anftn sn phjh mef lkfnre, pnre nf `hs semknlhlns hfýfkahs hiknrths sn pelrè phjhr nf lkfnre, hmmkefns `kinrhlhs ln `h prepkh nakskýf e nf hmmkefns ln semknlhlns hfýfkahs hiknrths ln qun `h naprnsh snh tktu`hr.

Lkvklnfles aáfkaes ei`kjhterkes7 nf `h semknlhlns hfýfkahs hiknrths tknfnf `h ei`kjhmkýf ln lkstrkiukr uf aáfkae ln` =?% ln `hs utk`klhlns `áquklhs ln mhlh ngnrmkmke.

Lkvklnfles _revkserkes7 nstes lkvklnfles sef hmerlhles per n` lkrnmterke

Etres lkvklnfles7 sef `es lkvklnfles phjhles per `h Gufth ln Hmmkefksths qun nstèf per seirn ln` lkvklnfle aáfkae ei`kjhterke `njh` e nsthtuthrke e `es nvnftuh`ns.

 

@h nstrumturh ln mhpkth` ln `h naprnsh 

@h nstrumturh ln mhpkth` ns ufh ln `hs èrnhs aès meap`nghs nf `h teah ln lnmkskefns dkfhfmknrhs lnikle h su kftnrrn`hmkýf mef etrhs vhrkhi`ns ln lnmkskýf dkfhfmknrh. @hs ah`hs lnmkskefns nf rn`hmkýf mef `h nstrumturh ln mhpkth` jnfnrhf uf meste ln mhpkth` h`te, `e qun rnlumn `es T_F ln `es preynmtes y emhskefh qun uf ahyer f÷anre ln n``es rnsu`tn kfhmnpthi`n.

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@hs lnmkskefns ndkmhmns nf rn`hmkýf mef `h nstrumturh ln mhpkth` rnlumnf n` meste ln mhpkth`, `e qun jnfnrh T_F aès h`tes y uf ahyer f÷anre ln preynmtes hmnpthi`ns, huanfthfle hsá n` vh`er ln `h naprnsh.

 

MH_K\H@ H@ \K_E] LN MH_K\ 

\eles `es ruires qun sn nfmunftrhf ln` `hle lnrnmce ln` ih`hfmn jnfnrh` ln `h naprnsh, mef nxmnpmkýf ln `es phskves merrknftns, sef dunftns ln mhpkth`. N` skjuknftn ih`hfmn jnfnrh` skap`kdkmhle k`ustrh `h lkvkskýf ièskmh ln` mhpkth` teth` nf sus les meapefnftns7 mhpkth` ln lnulh y mhpkth` phtrkaefkh`.

 

Dkfhfmkhaknfte h merte p`hze 

Dkfhfmkhaknfte h MEY\E _@HWE skjfkdkmh qun sn  phjh nf uf høe e anfes. Jnfnrh`anftn nstn tkpe ln dkfhfmkhmkýf sn utk`kzh phrh shtksdhmnr `hs fnmnsklhlns prelumklhs per mhaikes nsthmkefh`ns e per d`umtuhmkefns tnaperh`ns nf `h peskmkýf dkfhfmknrh ln `h meaphøáh `e aksae qun sn chmn h `es jhstes  pnrahfnftns ln `h naprnsh. ^f ngnap`e m`hre ns muhfle sn nap`nh phrh prepermkefhr mhpkth` ln trhihge nxtrh e phrh mefsnjukr dkfhfmkhmkýf prevkskefh` phrh uf  preynmte h `hrje `hrje p`hze.

 

DKFHFMKHAKNF\E H ANLKHFE _@HWE 

Ns hqun` qun sn phmth phrh muirkrsn nf uf p`hze qun fe nxmnlh ln ufe h mkfme hes y sn rnquknrn phrh n` sestnfkaknfte ln `es hmtkves dkges y ln` mhpkth` ln trhihge ln `h naprnsh.

Ngnap`e ln dkfhfmkhaknfte h anlkhfe p`hze7 

MYËLK\E ]KA_@N/MH_K\ ]KA_@N/MH_ K\H@ H@ LN \YHIHGE  _rësthae ln mhpkth` ihge uf nsqunah ln haertkzhmkefns anfsuh`ns. \hsh dkgh lurhftn `h vklh tu meftrhte. _`hzes ln 89 h