Determinacion de La Estructura de Financiamiento Optima Para

5/24/2018 Determinacion de La Estructura de Financiamiento Optima Para

http:///reader/full/determinacion-de-la-estructura-de-financiamiento-optima-par

ESCUELA SUPERIOR POLITCNICA DEL LITORAL

Facultad de Ciencias Humansticas y Econmicas

DETERMINACIN DE LA ESTRUCTURA DE FINANCIAMIENTO PTIMA

PARA EMPRESAS ECUATORIANAS: CASO AVCOLA FERNNDEZ S.A.

TESIS DE !RADO

Previo a a o!"e#$i%# &e T'"(o &e:

IN)ENIERA COMERCIAL * EMPRESARIAL

E+,e$iai-a$i%# Fi#a#-a+

P"esentada #o"$

PAOLA SOLAN)E LARREA SUUILANDA

MARA ELIZA/ET0 RODR)UEZ PARRE1O

!UA%A&UIL ' ECUADOR

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DEDICATORIA

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A!RADECI,IENTO

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TRI-UNAL DE !RADO

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E$o#. Mar'a Ee#a Ro3ero Mo#"o4a

DIRECTORA DE TESIS

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DECLARACI0N E1PRESA

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2NDICE !ENERAL

DEDICATORIA I

A!RADECI,IENTO II

TRI-UNAL DE !RADO III

DECLARACI0N E1PRESA I/

INDICE !ENERAL /

INTRODUCCI0N /III

34 CAPITULO 34 ESTRUCTURA DE FINANCIA,IENTO 3*

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+(+ ve#"a2a+ 4 &e+ve#"a2a+ H

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.... Ve#"a2a+ $o3,e"i"iva+ &e a+ e3,re+a+ 7a3iiare+ @@

.. S'#"e+i+ @B

)4 CAPITULO )4 AN5LISIS DE LA INDUSTRIA A/2COLA )6

@.. E Mer$a&o Av'$oa Si"(a$i%# M(#&ia. @

@.@. Per+,e$"iva+ &e Mer$a&o Av'$oa. @H

@.B. E Mer$a&o &e Car#e &e Poo e# A3=ri$a &e S(r B

@.G. E Se$"or Av'$oa e# e E$(a&or B

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@.... A#;i+i+ &e o+ Ra"io+ Fi#a#$iero+ &eAv'$oa Fer#;#&e- BG

@...@. A#;i+i+ Ver"i$a &e o+ ,ri#$i,ae+ r(!ro+

&e o+ E+"a&o+ Fi#a#$iero+ &e Av'$oa Fer#;#&e-. B

@...B A#;i+i+ 0ori-o#"a &e o+ ,ri#$i,ae+ r(!ro+

&e o+ E+"a&o+ Fi#a#$iero+ &e Av'$oa Fer#;#&e- GG

74 CAPITULO 74 DESARROLLO DEL ,ODELO DE FINANCIA,IENTO 89

B. S(,(e+"o+ &e a Pro4e$$i%# G

B.@ Pro4e$$i%# &e o+ E+"a&o+ Fi#a#$iero+ G

B.B Pro,(e+"a+ &e Fi#a#$ia3ie#"o

B.G Eva(a$i%# &e Re+("a&o+ @

CONCLUSIONES % RECO,ENDACIONES 68

-I-LIO!RAF2A 6:

ANE1OS 6;

8



INTRODUCCI0N

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CAPITULO 3

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&e ,ro&($$i%# 3(#&ia &e $ar#e+ e+ /ra+i $o# (# "o"a &e H5H 3io#e+ &e

"o#ea&a+ 4 (#a ,ar"i$i,a$i%# a #ive 3(#&ia &e 5B +ie#&o +( ,ri#$i,a

,ro&($$i%# a &e $ar#e &e ave $o# 5 3io#e+ &e "o#ea&a+. E $(ar"o

,ro&($"or 3(#&ia &e $ar#e+ e+ Ae3a#ia $o# (# "o"a &e 5 3io#e+ &e

"o#ea&a+ 4 (#a ,ar"i$i,a$i%# a #ive 3(#&ia &e @5. La ,ro&($$i%# 3;+i3,or"a#"e e+ a &e $ar#e &e $er&o $o# G5@G 3io#e+ &e "o#ea&a+. E 8(i#"o

,ro&($"or 3(#&ia &e $ar#e+ e+ Fra#$ia $o# (# "o"a &e 5@ 3io#e+ &e

"o#ea&a+ 4 (#a ,ar"i$i,a$i%# a #ive 3(#&ia &e @5 +ie#&o a ,ro&($$i%#

3;+ i3,or"a#"e e+ a &e $ar#e &e $er&o $o# @5BG 3io#e+ &e "o#ea&a+. @

E# M=



a6o+. E ,re$io 3e&io o7i$ia e# E+,a6a e# e @ 9a +i&o &e 5H WX5

5@ WX >5H? +(,erior a ,re$io 3e&io rei+"ra&o e# e a6o @. E a6o

@H +e 9a i#i$ia&o $o# (# iero &e+$e#+o &e a+ $o"i-a$io#e+ +e(i&o &e(# a-a e# e +e(#&o "ri3e+"re 45 7i#a3e#"e5 (# &e+$e#+o e# o+ 3e+e+ &e

3a4o 4 2(#io. Co# e+"a +i"(a$i%#5 a 3e&ia e# o 8(e va &e a6o +e +i"Ka e#

5B WX. E# a+ &o+ K"i3a+ +e3a#a+5 +e 9a a$(3(a&o (# &e+$e#+o &e

,re$io o7i$ia 8(e +e +i"Ka (# 5@ ,or &e!a2o &e rei+"ra&o e# a 3i+3a

+e3a#a &e a6o @ 4 8(e a +( ve- re+("a +er (# 5H i#7erior a

$orre+,o#&ie#"e &e @. De e+"a 3a#era +e $o#+oi&a aK# 3;+ e

$o3,or"a3ie#"o &ivere#"e &e 3er$a&o re+,e$"o a o+ a6o+ a#"eriore+ 4a(3e#"a e &i7ere#$ia #ea"ivo re+,e$"o a ,re$io 3e&io $o3(#i"ario 9a+"a

(# 5B@.

)4) Pe"s#ecti



La $o3,o+i$i%# &e a ,ro&($$i%# +e 9a 3o&i7i$a&o +(+"a#$ia3e#"e

e# o+ K"i3o+ G a6o+5 4a 8(e a $ar#e va$(#a re&($e a i3,or"a#$ia &e G@

a @5 a $ar#e &e $er&o a(3e#"a eve3e#"e &e B a G@5 4 a $ar#e &e,oo 3;+ 8(e &(,i$a +( ,ar"i$i,a$i%# a $re$er &e @ a @HB.

La ,ro&($$i%# "o"a &e $ar#e &e ,oo a #ive 3(#&ia a+$ie#&e a 5

3io#e+ &e "o#ea&a+ ,ro&($"o &e a 7ae#a &e G 3i 3io#e+ &e ave+ &e (#

,e+o ,ro3e&io &e 5G . E $re$i3ie#"o rei+"ra&o e# o+ K"i3o+ G a6o+

e# ,ro&($$i%#5 ave+ 7ae#a&a+ 4 re#&i3ie#"o 7(e &e GH5 BHG 4 @

re+,e$"iva3e#"e.

La ,ro&($$i%# &e $ar#e &e ,oo &e o+ ,a'+e+ e# &e+arroo a ,ar"ir &e

5 e+ +(,erior a a &e o+ ,a'+e+ &e+arroa&o+ >are&e&or &e B 3io#e+

4 @ 3io#e+5 re+,e$"iva3e#"e5 $o3o ,ro3e&io &e o+ K"i3o+ a6o+?. Si#

e3!aro a &i7ere#$ia 3;+ #o"a!e e+"; $e#"ra&a e# a "a+a &e $re$i3ie#"o:

3ie#"ra+ e# o+ &e+arroa&o+ a "a+a ,ro3e&io a#(a e+ &e B5G5 e# o+

,a'+e+ e# &e+arroo $a+i +e &(,i$a a #ive &e 5B a#(a5 &i#a3i+3o 8(e

+e re,i"e a(#8(e e# 3e#or 3a#i"(& ,ara a+ o"ra+ $ar#e+.

E &e a $ar#e &e ,oo &e o+ ,a'+e+ &e+arroa&o+ +e ,ro&($e e#

Nor"ea3=ri$a5 4 e @ e# E(ro,a O$$i&e#"a. E#"re o+ ,a'+e+ e# &e+arroo

e G e+ ,ro&($i&o ,or A+ia >? 4 ,or A3=ri$a La"i#a 4 Cari!e >B?.

Ta#"o a $ar#e va$(#a $o3o a &e ,oo 4 $er&o 3(e+"ra# (# $re$i3ie#"o e#

e7i$ie#$ia +(,erior a re+"o &e a+ $ar#e+. I#$(+o a+ $ar#e+ &e ave e



9a4 $a+o+ $o3o A+ia &e+arroa&a >I+rae 4 Qa,%#? $o# ,e+o+ 3e&io+ &e

5 4 $re$i3ie#"o &e G.

)47 El ,e"cado de Ca"ne de Pollo en Am"ica del Su"

E# A3=ri$a &e S(r5 e# "a#"o e vo(3e# &e ,ro&($$i%# &e $ar#e &e

,oo 4 !ovi#a +e (!i$a ,ara $a&a (#a a$"(a3e#"e e# are&e&or &e a+ @5

3io#e+ &e "o#ea&a+5 a $ar#e &e ,oo e+ a 8(e 9a rei+"ra&o (# a(3e#"o

i3,re+io#a#"e &e ve$e+5 3ie#"ra+ 8(e a $ar#e va$(#a 4 &e $er&o a,e#a++(,era# (# a(3e#"o &e @ 4 B ve$e+ re+,e$"iva3e#"e e# o+ K"i3o+ G a6o+.

Vario+ ,a'+e+ &e e+"a rei%# e



i#&(+"ria &e a $ar#e 4 9(evo+ &e ,oo. De#"ro &e $a&a (#o &e e+"o+

3er$a&o+ eao+5 ai#a+ 4

,oo+? +e &i+"ri!(4e &e a +i(ie#"e 3a#era: +ierra >G?5 Co+"a >G? 4

Orie#"e 4 )a;,ao+ e >?. La ,ro&($$i%# #a$io#a &e 9(evo+ &e ai#a

,or +e3a#a a+$e#&'a a >GH5 3io#e+ &e (#i&a&e+?5 $o# !a+e e# e 3i+3o$e#+o. La &i+"ri!($i%# eor;7i$a $orre+,o#&i%: Ma#a!' >BG?5 Pi$9i#$9a

>@G?5 T(#(ra9(a >?5 Lo+ R'o+ >?5 4 )(a4a+ >G?. Pi$9i#$9a5

T(#(ra9(a 4 Ma#a!' $o#$e#"raro# e G ,or $ie#"o &e a ,ro&($$i%#

#a$io#a &e 9(evo+ &e ai#a &e $a3,o 4 &e ,a#"ee+ av'$oa+. Si#

e3!aro5 a 3a4or ,ro&($$i%# &e 9(evo+ ,rovie#e &e o+ ,a#"ee+ av'$oa+

>H?BG.

E vaor &e a ,ro&($$i%# #a$io#a &e $ar#e &e ,oo re,re+e#"% e

&e PI/ &e a a$"ivi&a& ar'$oa a B &e &i$ie3!re &e @5 a &e 9(evo+ e

B5 8(e 9ar'a 8(e e +e$"or av'$oa a,or"e e# $o#2(#"o $o# e @B.

33F(e#"e: Revi+"a Avi$("(ra E$(a"oria#a No. 5 Si"(a$i%# 4 Per+,e$"iva+ &e a Avi$("(ra e# eE$(a&or5 7e!rero @@.34Fente: U"i3o Ce#+o Na$io#a Aro,e$(ario CNA @5 ,(!i$a&o e &e 3a4o &e @@.>$orre+,o#&e a a,ro&($$i%# &e (#a +e3a#a?. A#e



SeK# a+ ,ro4e$$io#e+ &e CONAVE a ,ro&($$i%# &e $ar#e &e ,oo

,ara e @@ a+$e#&er'a a 3i "35 8(e ,(e&e# variar +eK# a+

$o#&i$io#e+ &e 3er$a&oB.

E $o#+(3o ,er $;,i"a &e $ar#e &e ,oo e# e 3er$a&o #a$io#a

,re+e#"a (# a(3e#"o +i#i7i$a"ivo e# $o3,ara$i%# $o# o"ra+ $ar#e+J e+ a+'

8(e5 &(ra#"e e ,erio&o @ +e rei+"ra (# $re$i3ie#"o &e ,or

$ie#"o5 a ,ar"ir &e .H a a6oB

)484) Anlisis de la Com#etencia

La I#&(+"ria Av'$oa e$(a"oria#a "ie#e $ara$"er'+"i$a oio,%i$a ,(e+

e &e 3er$a&o e+ 3a#e2a&o ,or PRONACA 4 e G re+"a#"e +e

re,ar"e e#"re a+ +i(ie#"e+ e3,re+a+: Av'$oa Fer#;#&e-5 )r(,o Oro5 )r(,o

A#9a-er5 Po7a+a5 Av'$oa Pra&era5 A#&i#a5 Ao4;# A3!a"o e#"re o"ra+BH.

E G &e a ,ro&($$i%# &e 3a"eria ,ri3a rei+"ra a i#"erve#$i%# &e

PRONACA5 a "rav=+ &e o+ ,rora3a+ &e 7o3e#"o ar'$oa 8(e e+"a

e3,re+a e#"rea a o+ 3e&ia#o+ ,ro&($"ore+ &e 3a'- 4 +o4aB.

PRONACA i#&(+"ria 8(e $o#$e#"ra a 3a4or ,ro&($$i%# av'$oa "a#"o

&e 9(evo+ $o3o &e ,oo+ &e+"i#a +( ,ro&($$i%# a $(!rir e 3er$a&o

#a$io#a a "rav=+ &e +(+ ,ro,io+ &i+"ri!(i&ore+ 4 &e o+ ,ri#$i,ae+

+(,er3er$a&o+ &e Pa'+. O"ra+ i#&(+"ria+ av'$oa+ &e+"i#a# +( ,ro&($$i%# a

#eo$io &e a+a&ero+ 4 re+"a(ra#"e+ 4 o+ 3;+ ,e8(e6o+ 7o$ai-a# +(+

ve#"a+ e# "ie#&a+ 4 3er$a&o+ ,o,(are+ e# "o&a+ a+ ,rovi#$ia+ &e ,a'+.

E+"a a$"ivi&a& +e $ara$"eri-a ,or8(e a+ e3,re+a+ ra#&e+ +o# a+

8(e +o!revive# e# e 3er$a&o5 a +er (# #eo$io &e vo(3e#5 $o# a"o+

36F(e#"e: Pro4e$"o SICAXDire$$i%# &e A#;i+i+ &e Po'"i$a+XMA) >K"i3o+ &a"o+?.37F(e#"e: U"i3o Ce#+o Na$io#a Aro,e$(ario CNA @5 ,(!i$a&o e &e 3a4o &e @@.>$orre+,o#&e a a,ro&($$i%# &e (#a +e3a#a?.38Fente: Revi+"a Avi$("(ra E$(a"oria#a No. 5 Si"(a$i%# 4 Per+,e$"iva+ &e a Avi$("(ra e# eE$(a&or5 7e!rero @@.39

Fente: M("ie#a$e5 I#7or3e +o!re e +e$"or Av'$oa5 A6o 5 #K3ero @5 ao+"o @

33



re8(eri3ie#"o+ +a#i"ario+ 4 eeva&o+ #ivee+ &e "e$#oo'a. U#a ,a#"a

av'$oa $o3,e"i"iva &e3a#&a (#a i3,or"a#"e i#ver+i%# i#i$ia.

)4847 Pa"tici#acin de me"cado

La Cor,ora$i%# Fer#;#&e- e# e 3er$a&o #a$io#a &e $ar#e &e ,oo+5

$(!re K#i$a3e#"e a &e3a#&a &e a ,rovi#$ia &e )(a4a+5 4 e+,e$'7i$a3e#"e

&e a $i(&a& &e )(a4a8(i. E +e3e#"o &e $ie#"e+ a 8(e a"ie#&e5 a "rav=+

&e +( '#ea &e &i+"ri!($i%# ,ri#$i,aJ o+ o$ae+ &e DISCARNA S.A. e+ e

$orre+,o#&ie#"e a o+ +e$"ore+ 3e&io5 4 3e&io !a2o5 3o"ivo ,or e $(a a

$o3,e"e#$ia $o# Pro#a$a #o e+ (# o!+";$(o5 ,(e+ e+"a e3,re+a &i+"ri!(4e

e# a $i(&a& ,ri#$i,a3e#"e a "rav=+ &e S(,er3a



Se ea!orar; (# e+"(&io &i#;3i$o &e o+ ,ri#$i,ae+ ra"io+5 i#i$iare3o+

#(e+"ro e+"(&io $o# o+ "atios de liGuideB>$a,a$i&a& &e a e3,re+a ,ara

9a$er 7re#"e a +(+ &e(&a+ e# e $or"o ,a-o?5 $(4o ,ri#$i,a ra"io e+ a "aBnci"culante o e+"(&io &e a +ove#$ia &e a e3,re+a5 a $(a ,o&e3o+ #o"ar

+e 9a 3a#"e#i&o ,or &e!a2o &e e# e ,er'o&o &e o!+erva$i%# >@B@?5

a ,e+ar &e 8(e e# e K"i3o a6o 3e2or% #o"a!e3e#"e >.? $o# re+,e$"o a

a6o a#"erior >.@G?5 o %,"i3o +er'a 8(e +e 3a#"e#a +o!re . 4 @5 ,ara

&i+3i#(ir a ,ro!a!ii&a& &e +(+,e#&er ,ao+ 9a$ia "er$ero+ e# e $or"o

,a-o.

Co# re+,e$"o a a "aBn cida o ,r(e!a ;$i&a5 e# a $(a +e

&i+3i#(4e e I#ve#"ario ,ara "e#er (#a 3e2or ,er+,e$"iva &e a +ove#$ia &e

a e3,re+a5 +e ,(e&e #o"ar (#a $o#+i&era!e &i+3i#($i%# $o# re+,e$"o a a

ra-%# $ir$(a#"e5 ea#&o a (# #ive 3(4 $r'"i$o e# o+ a6o+ @@ >.

4 .G re+,e$"iva3e#"e?5 o $(a a(3e#"a e ,eiro &e +(+,e#+i%# &e ,ao+

a "er$ero+ ,or a$"ivo+ $ir$(a#"e+ i#+(7i$ie#"e+5 e# e+"e $a+o a ra-%# &e!er'a

3a#"e#er+e $er$a#a a (#o.

La "aBn de eecti



,a-o5 a(#8(e $o#vier"a e# &i#ero "o&o+ +(+ a$"ivo+5 e+"e &e!e +er $er$a#o

a .5 e# #(e+"ro $a+o o+ re+("a&o+ +o# #ea"ivo+.

Lo+ das de medicin de inte""e la in"e la

in



La "aBn de la calidad de la deuda #o+ ,er3i"e a#ai-ar 8(e

,or$e#"a2e &e o+ ,a+ivo+ +o# a $or"o ,a-o5 $o3o 4a +e 9a!'a 3e#$io#a&oa#"e+ e# o+ $(a"ro+ ,ri3ero+ a6o+5 e+"; ra-%# e+ &e 5 e# e @ +e

re&(2o a (# H.

La e3,re+a ,re+e#"a a+"o+ 7i#a#$iero+ ,or $a#"i&a&e+ rea"iva3e#"e

!a2a+ &e!i&o a 8(e +oo 3a#"ie#e# o!ia$i%# !a#$aria &e $i#$o $i7ra+ !a2a+

8(e +e $a#$ear; e# e a6o e# $(r+o5 3o"ivo ,or e $(a a+ ra-o#e+

rea$io#a&a+ a o+ a+"o+ 7i#a#$iero+ #o +o# +i#i7i$a"iva+.

Co# re+,e$"o a o+ "atios de o#e"acin>a#ai-a e $i$o &e ro"a$i%#

&e ee3e#"o e$o#%3i$o +ee$$io#a&o?5 a "otacin de in"a"

4 das de "otacin de cuentas #o" co>"a"#o +o# +i#i7i$a"ivo+.

37



La "otacin de las cuentas #o" #a@a"#o+ i#&i$a e# 8(e rea$i%#

&(ra#"e (# a6o +e ,aaro# a+ $(e#"a+ ,or ,aar ,e#&ie#"e+5 e# #(e+"ro

,er'o&o &e a#;i+i+ ,o&e3o+ #o"ar 8(e e# ,ro3e&io a+ $(e#"a+ ,or ,aar+e $a#$ea# e# (#a rea$i%# &e @ a &'a+ &(ra#"e e a6o5 e



Co# re+,e$"o a a(3e#"o &e "endimiento so>"e los acti"e el ca#ital9a varia&o &e 3a#era

&i7ere#"e5 +ie#&o e# e a6o @ &e .H5 e 3;+ !a2o &e ,er'o&o5 a

e



A B &e Di$ie3!re &e )**7o+ A$"ivo+ Corrie#"e+ re,re+e#"a!a# e

GB5@ &e "o"a &e o+ A$"ivo+5 &e#"ro &e e+"e r(!ro e B5HB era# C(e#"a+

,or Co!rar 4 e 5H I#ve#"ario+. Lo+ A$"ivo+ Fi2o+ era# e 5G &e"o"a &e o+ A$"ivo+.

D(ra#"e e+"e 3i+3o a6o5 o+ Pa+ivo+ To"ae+ 7(ero# US

G[HB.H5G &e o+ $(ae+ e era# Pa+ivo+ &e Cor"o Pa-o5 e+"e a6o

#o 9(!o Pa+ivo+ &e Laro Pa-o. Lo+ Pa+ivo+ Corrie#"e+5 re,re+e#"aro# e

5 $o# rea$i%# a "o"a &e Pa+ivo+ 3;+ e Pa"ri3o#io5 +ie#&o e+"e (#

a"o ,or$e#"a2e &e e#&e(&a3ie#"o a $or"o ,a-o. E "o"a &e Pa"ri3o#io e#e+e a6o 7(e &e US G.B5B r(!ro 8(e re,re+e#"a e 5G &e o+ Pa+ivo+

To"ae+ &e a Co3,a6'a.

La+ Ve#"a+ Ne"a+ earo# a US H[@H.G5 e Co+"o &e Ve#"a+

re,re+e#"% e 5HG &e a+ 3i+3a+5 e# e+"e a6o +e rei+"ra# ,=r&i&a+ e# a

Co3,a6'a ,or o 8(e #o +e rei+"ra U"ii&a& a#"e+ &e i3,(e+"o+5 o+ )a+"o+

&e A&3i#i+"ra$i%# 4 Ve#"a+ re,re+e#"aro# e G5 &e a+ Ve#"a+.


G@5 &e "o"a &e o+ A$"ivo+5 &e#"ro &e e+"e r(!ro e B5GH era# C(e#"a+

,or Co!rar 4 e G5B@ I#ve#"ario+. Lo+ A$"ivo+ Fi2o+ era# e 5HG &e "o"a

&e o+ A$"ivo+.

D(ra#"e e+"e 3i+3o a6o5 o+ Pa+ivo+ To"ae+ 7(ero# US

G[H.GB@5H &e o+ $(ae+ e H5 era# Pa+ivo+ &e Cor"o Pa-o 4 a

&i7ere#$ia $orre+,o#&'a a Pa+ivo+ &e Laro Pa-o >5B?. Lo+ Pa+ivo+

Corrie#"e+5 re,re+e#"aro# e 5G $o# rea$i%# a "o"a &e Pa+ivo+ 3;+ e

Pa"ri3o#io5 3ie#"ra+ 8(e e &e Laro Pa-o e 5B. E "o"a &e Pa"ri3o#io

e# e+e a6o 7(e &e US H.5 r(!ro 8(e re,re+e#"a e 5BH &e o+

Pa+ivo+ To"ae+ &e a Co3,a6'a.

40



La+ Ve#"a+ Ne"a+ earo# a US @[.H5H e Co+"o &e Ve#"a+

re,re+e#"% e 5H &e a+ 3i+3a+5 e#era#&o (#a U"ii&a& a#"e+ &e

i3,(e+"o+ e8(ivae#"e a 5@ &e a+ Ve#"a+5 o+ )a+"o+ &e A&3i#i+"ra$i%#4 Ve#"a+ re,re+e#"aro# e B5H &e a+ Ve#"a+. La U"ii&a& Ne"a &e e2er$i$io

&e+,(=+ &e I3,(e+"o a a Re#"a 4 Par"i$i,a$i%# &e o+ Tra!a2a&ore+ 7(e &e

5 $o# rea$i%# a a+ Ve#"a+.


@G5@ &e "o"a &e o+ A$"ivo+5 &e#"ro &e eo+ e H5 era# C(e#"a+ ,or

Co!rar 4 e 5GG I#ve#"ario+. Lo+ A$"ivo+ Fi2o+ era# e 5@ &e "o"a &eo+ A$"ivo+.

E# e+"e 3i+3o a6o o+ Pa+ivo+ To"ae+ 7(ero# US G[@.G5GH &e

o+ $(ae+ e era# Pa+ivo+ &e Cor"o Pa-o. Lo+ Pa+ivo+ Corrie#"e+

re,re+e#"aro# e H5 $o# rea$i%# a "o"a &e Pa+ivo 3;+ e Pa"ri3o#io.

E "o"a &e Pa"ri3o#io e# e+e a6o 7(e &e US H.@BB5 8(e re,re+e#"a e

5G &e "o"a &e Pa+ivo 3;+ Pa"ri3o#io.

La+ Ve#"a+ Ne"a+ earo# a US [.5 e Co+"o &e Ve#"a+

re,re+e#"% e 5 &e a+ 3i+3a+5 e#era#&o (#a U"ii&a& a#"e+ &e

i3,(e+"o+ e8(ivae#"e a 5H &e a+ Ve#"a+5 o+ )a+"o+ &e A&3i#i+"ra$i%#

4 Ve#"a+ re,re+e#"aro# e 5 &e a+ Ve#"a+.

La U"ii&a& Ne"a &e e2er$i$io &e+,(=+ &e I3,(e+"o a a Re#"a 4

Par"i$i,a$i%# &e o+ Tra!a2a&ore+ 7(e &e 5 $o# rea$i%# a a+ Ve#"a+.


@@5@ &e "o"a &e o+ A$"ivo+5 &e#"ro &e eo+ e B5@ era# C(e#"a+ ,or

Co!rar 4 e H5B I#ve#"ario+. Lo+ A$"ivo+ Fi2o+ era# e 5 &e "o"a &e

o+ A$"ivo+.

41



E# e+"e 3i+3o a6o o+ Pa+ivo+ To"ae+ 7(ero# US G[G.5H &e

o+ $(ae+ e era# Pa+ivo+ &e Cor"o Pa-o. Lo+ Pa+ivo+ Corrie#"e+

re,re+e#"aro# e B5 $o# rea$i%# a "o"a &e Pa+ivo 3;+ e Pa"ri3o#io.E "o"a &e Pa"ri3o#io e# e+e a6o 7(e &e US BGB.5B 8(e re,re+e#"a e

5GG &e "o"a &e Pa+ivo 3;+ Pa"ri3o#io.

La+ Ve#"a+ Ne"a+ earo# a US B[[email protected]@ e Co+"o &e Ve#"a+

re,re+e#"% e @5H &e a+ 3i+3a+5 e#era#&o (#a U"ii&a& a#"e+ &e

i3,(e+"o+ e8(ivae#"e a 5 &e a+ Ve#"a+5 o+ )a+"o+ &e A&3i#i+"ra$i%#

4 Ve#"a+ re,re+e#"aro# e 5G@ &e a+ Ve#"a+.

La U"ii&a& Ne"a &e e2er$i$io &e+,(=+ &e I3,(e+"o a a Re#"a 4

Par"i$i,a$i%# &e o+ Tra!a2a&ore+ 7(e &e 5G $o# rea$i%# a a+ Ve#"a+.

D(ra#"e e a6o @ a ("ii&a& +e vio a7e$"a&a ,or e &e+$e#+o &e a+

ve#"a+ e# @55B.@H &e!i&o a #ervio+i+3o &e ,K!i$o ,or e r(3or &e

$o#"aio &e a ri,e aviar5 a&i$io#a3e#"e +e i#$re3e#"a# o+ a+"o+ &ea&3i#i+"ra$i%# &e!i&o a 8(e +e $o#"ra"o e2e$("ivo+ $o# e ,ro,%+i"o &e

3e2orar a+ ve#"a+ 4 e $o#"ro &e $ai&a& &e o+ ,ro&($"o+.

A B &e Di$ie3!re &e )**: o+ A$"ivo+ Corrie#"e+ re,re+e#"a# e

BB5B &e "o"a &e o+ A$"ivo+5 &e#"ro &e eo+ e G5 era# C(e#"a+ ,or

Co!rar 4 e @H5B I#ve#"ario+. Lo+ A$"ivo+ Fi2o+ +o# e @5@ &e "o"a &e

o+ A$"ivo+.

Cor,ora$i%# Fer#;#&e- e+ (#a i#&(+"ria 2ove# &e&i$a&a a a $ria#-a5

7ae#a 4 $o3er$iai-a$i%# &e ,ro&($"o+ $;r#i$o+. A+' $o3o "a3!i=# a a

$o3er$iai-a$i%# &e o"ro+ ,ro&($"o+ $o3,e3e#"ario+. S( ,ri#$i,a $ie#"e

e+ De+$ar#a S.A. 4 o+ ,ao+ +o# &e 3(4 $or"o ,a-o5 $o#+e$(e#"e3e#"e

42



o+ voK3e#e+ &e a+ $(e#"a+ ,or $o!rar +o# rea"iva3e#"e !a2o+ 4 #o "ie#e#

rie+o+ &e $o!ra!ii&a&GB.

Av'$oa Fer#;#&e- S.A. "ie#e (#a ,a#i7i$a$i%# e7i$ie#"e ,ara e $o#"ro

&e +(+ i#ve#"ario+ $o#7or3e a a+ #e$e+i&a&e+ reae+ 8(e ,re+e#"a e

3er$a&o. Lo+ i#ve#"ario+ re,re+e#"a# e @H.B &e "o"a &e A$"ivo+ 4 e

@ $o# re+,e$"o a a+ ve#"a+.

A $ierre &e e+"e ,er'o&o o+ Pa+ivo+ To"ae+ 7(ero# US B[B.HB5@G

&e o+ $(ae+ e H5G +o# Pa+ivo+ &e Cor"o Pa-o 4 e 5 era#Pa+ivo+ &e Laro Pa-o. Lo+ Pa+ivo+ Corrie#"e+ re,re+e#"a# e 5 $o#

rea$i%# a "o"a &e Pa+ivo 3;+ e Pa"ri3o#io5 3ie#"ra+ 8(e e &e aro ,a-o

e 5.

E "o"a &e Pa"ri3o#io a $ierre &e Di$ie3!re &e @ e+ &e US

@[H.5H 8(e re,re+e#"a e GB5@ &e "o"a &e Pa+ivo 3;+ Pa"ri3o#io.

E $a,i"a &e a e3,re+a "o"ai-a a #ovie3!re &e K"i3o a6o

5H5. 3io#e+J G &e "a 3o#"o $orre+,o#&e a a,or"e+

,a"ri3o#iae+ 4 GH a $r=&i"o &e ,rovee&ore+ +i# $o+"o 7i#a#$iero. De+"a$a

&e o +e6aa&o 8(e a#"e+ &e a e3i+i%#5 Av'$oa Fer#;#&e- #o ,re+e#"a

e#&e(&a3ie#"o +(2e"o a ,ao &e i#"ere+e+GG.

La Co3,a6'a 3a#"ie#e &e(&a+ ,ri#$i,a3e#"e $o# ,rovee&ore+ &e

ai3e#"o+ ,ara $er&o+ 4 ave+ ,ara e &e+arroo #or3a &e +( ,ro&($$i%#. A+'

3i+3o ,or $o#$e,"o &e i#+(3o+ ,ara e 3i+3o ,ro,%+i"o. Lo+ ,a+ivo+ a

43!ros"ecto de (erta !l$ca. !r$#era $s$%n de (l$,ac$ones. Avcola Fernndez S.A. 20 de

Ferero del 200844!ros"ecto de (erta !l$ca. !r$#era $s$%n de (l$,ac$ones. Avcola Fernndez S.A. 20 de

Ferero del 2008

43



,rovee&ore+ ,or $o#$e,"o &e ai3e#"o e+";# re+,a&a&o+ $o# 9i,o"e$a+ &e

ra#2a+ &e $er&o+ 4 (#a ra#2a &e ,oo+G.


!a2a+ &e!i&o a 8(e +oo 3a#"ie#e# o!ia$i%# !a#$aria &e $i#$o $i7ra+ !a2a+

8(e +e $a#$ear; e# e ,re+e#"e a6o.

Av'$oa Fer#;#&e- S.A.5 a,rove$9a a,ro"os de los EstadosFinancie"os de A



Para a ea!ora$i%# &e re+,e$"ivo a#;i+i+ +e $o#+i&erar; e ,er'o&o

$orre+,o#&ie#"e &e a6o @B a a6o @G.

La+ ve#"a+ e# e+"o+ K"i3o+ $i#$o a6o+ 9a# evo($io#a&o &e a

+i(ie#"e 3a#era:

E# e @G +e i#$re3e#"a# e# e G $o# rea$i%# a @B.

E# e @ +e i#$re3e#"a# e# e @5H $o# rea$i%# a @G.

E# e @ &i+3i#(4e# e# e 5H $o# rea$i%# a @.

E# e @ +e i#$re3e#"aro# e# e .H $o# rea$i%# a @.

E# e @ o+ i#re+o+ a(3e#"aro# e# (# @.H 4 +e &io (#a

re&($$i%# e# o+ $o+"o+ &e a&3i#i+"ra$i%# $o# re+,e$"o a @G5 e+ ,or e+o

8(e e# e+"e a6o a e3,re+a &e$i&e rei#ver"ir ,ar"e &e a+ ("ii&a&e+

e#era&a+. E 3a4or i#$re3e#"o e# ve#"a+ +e &io e# e a6o @G $o#

re+,e$"o a @B5 4a 8(e e# e+"e K"i3o +e ,ro&(2ero# ,=r&i&a+ ,or ,ar"e &e

a e3,re+a.

E @ 7(e (# a6o &i7'$i ,ara e +e$"or ,or e r(3or &e $o#"aio &e a

ri,e aviar5 4 ,or e#&e ,ara a $o3,a6'a5 ,rovo$a#&o re&($$i%# e# o+

i#re+o+ ,or ve#"a+ 4 e# a+ ("ii&a&e+ e#era&a+5 4a 8(e &a&a a !a2a e# a+

ve#"a+ +e i#$re3e#"aro# o+ a+"o+ &e a&3i#i+"ra$i%# $o# e ,ro,%+i"o &e

3e2orar o+ i#re+o+ 4 a $ai&a& &e o+ ,ro&($"o+.

E# e+"e a6o +e $a#$ea# US @.G5H &e I3,(e+"o a a Re#"a

i#$re3e#";#&o+e a US G.@5 e# e @ o 8(e +i#i7i$a (# i#$re3e#"o

&e B5H@ $o# rea$i%# a a6o a#"erior >@?5 e#era#&o "a3!i=# (#

a(3e#"o e# a ("ii&a& &e e2er$i$io.

46!ros"ecto de (erta !l$ca. !r$#era $s$%n de (l$,ac$ones. Avcola Fernndez S.A. 20 de

Ferero del 2008. Anexo 7: atos "ara la elaorac$%n del Anl$s$s or$zontal de Avcola Fernndez

S.A. !er$odo 20032007

45



E a(3e#"o &e a i#7a$i%# e# e ,a'+ 4 a $ri+i+ 3(#&ia &e ai3e#"o+

9a# ,rovo$a&o (# #o"a!e i#$re3e#"o e# o+ ,re$io+ &e e+"e ,ro&($"o5 o

$(a ,o#e e# ,eiro e &e+arroo &e e+"e +e$"or5 &e+&e @ +e 9arei+"ra&o (# $re$i3ie#"o a#(a &e e# e+"a ;rea5 ,ero +e ,rev= 8(e

e+"e a6o #o o$(rrir; o 3i+3o5 4a 8(e o+ $o#+(3i&ore+ 9a# e3,e-a&o a

re+"ri#ir a a&8(i+i$i%# &e $ar#e &e ,oo 4 9(evo+G.

47Anexo 3: Artclo de !rensa: !el$,ra el cons#o de "ollos en el &cador. &*( A*( &

&)('(S. $to; $ernes 16 de a



CAP2TULO 7

DESARROLLO DEL ,ODELO DE FINANCIA,IENTO

E o!2e"ivo &e a#;i+i+ &e +e$"or5 a e3,re+a 4 o+ 7a$"ore+ 8(e

&e"er3i#a# a e+"r($"(ra &e 7i#a#$ia3ie#"o &e Av'$oa Fer#;#&e- S.A. e+

e+"a!e$er e #ive &e &e(&a $o# e $(a a e3,re+a 3a



Av'$oa Fer#;#&e-5 !a+a +(+ &e$i+io#e+ 7i#a#$iera+ e# a "eor'a &e a

2erar8('a &e ,re7ere#$ia+G. *a 8(e e# ,ri3era i#+"a#$ia +e 7i#a#$iov'a $a,i"a ,ro,io5 (eo $r=&i"o &e +(+ ,rovee&ore+5 +e(i&o ,or (#

,e8(e6o 7i#a#$ia3ie#"o !a#$ario ,ara "er3i#ar $o# (#a e3i+i%# &e

o!ia$io#e+ v'a 3er$a&o &e vaore+.


!a2a+ &e!i&o a 8(e +oo 3a#"ie#e# o!ia$i%# !a#$aria &e $i#$o $i7ra+

!a2a+8(e +e $a#$ear; e# e a6o e# $(r+o $o# a re+,e$"iva e3i+i%#&e &e(&a5 ,or o 8(e +%o +e "o3ar; $o3o ,a+ivo+ e vaor "o"a &e a

e3i+i%# 4 $o3o a+"o+ 7i#a#$iero+ e



Lo+ a+"o+ o,era$io#ae+ +e o!"(viero# &e o+ i#re+o+ a,i$a#&o a

rea$i%# e#"re e+"o+ r(!ro+5 $o# re+,e$"o a a+ ve#"a+ &e $a&a a6oJ e+&e$ir o+ a+"o+ o,era$io#ae+ ,ro3e&io +o# .@$o# re+,e$"o a

o+ i#re+o+5 e+"e ,or$e#"a2e +e ("ii-% e# e e+$e#ario &e(&a $ero ,or

$ie#"o. E &i#ero 8(e i#re+a ,or a e3i+i%# &e o!ia$io#e+ +er;

("ii-a&o e# (# ,ara 7i#a#$iar ,ar"e &e $a,i"a &e "ra!a2o &e a

e3,re+a. /a2o e +(,(e+"o &e 8(e +e $oo$a# e &e a+

o!ia$io#e+ +e a+(3e (#a 3a4or e7i$ie#$ia e# o+ ,ro$e+o+5 ,or o

8(e ,ara a ,ro4e$$i%# &e o+ &i7ere#"e+ #ivee+ &e &e(&a5 o+ a+"o+o,era$io#ae+ &i+3i#(ir;# e# (# &o+ ,or $ie#"o.

Lo+ a+"o+ a&3i#i+"ra"ivo+ +e o!"ie#e# &e o+ i#re+o+ a,i$a#&o a

rea$i%# e#"re e+"o+ r(!ro+5 $o# re+,e$"o a a+ ve#"a+ &e $a&a a6oJ e+

&e$ir o+ a+"o+ a&3i#i+"ra"ivo+ +o# B.BB $o# re+,e$"o a o+

i#re+o+. Da&o 8(e a "a+a &e $re$i3ie#"o ,ara o+ a+"o+

a&3i#i+"ra"ivo+ e+ 3e#o+ +i#i7i$a"iva a 3a#"e#&re3o+ $o#+"a#"e.

Para o+ &i7ere#"e+ #ivee+ &e &e(&a a varia$i%# &e a "a+a &e i#"er=+

,ro3e&io &e a &e(&a >R&? +er; &e (# .5 4a 8(e e+"e e+ e

,or$e#"a2e a $(a o+ !a#$o+ var'a# +(+ "a+a+ &e i#"er=+ a aro

,a-o. E# e $a+o &e 8(e a &e(&a a(3e#"e R& a(3e#"ar; e# &i$9o

,or$e#"a2e5 4 vi$ever+a e# e $a+o &e 8(e e+"a &i+3i#(4a.

La &e,re$ia$i%# +e 3a#"e#&r; $o#+"a#"e ,ara "o&o+ o+ ,er'o&o+.

A+(3i3o+ ,er,e"(i&a& a ,ar"ir &e 8(i#"o a6o &e a ,ro4e$$i%#.

74) P"oyeccin de los Estados Financie"os

52 Anexo 6: atos "ara la elaorac$%n del Anl$s$s ert$cal de Avcola Fernndez S.A. !erodo 2003200753

Anexo 6: atos "ara la elaorac$%n del Anl$s$s ert$cal de Avcola Fernndez S.A. !erodo 20032007

49



Se reai-% a ,ro4e$$i%# &e o+ E+"a&o+ Fi#a#$iero+ &e Av'$oa

Fer#;#&e- e# !a+e a o+ +(,(e+"o+ 3e#$io#a&o+ a#"erior3e#"e5 ,ara o$(a +e "o3o (# ,er'o&o &e $i#$o a6o+ >@B Y @?.

Reai-a3o+ a ,ro4e$$i%# a ,ar"ir &e @H "o3a#&o e# $(e#"a (# #ive

e+"i3a&o &e e#&e(&a3ie#"o >L?5 8(e e+ B.B re+("a&o &e (#a "a+a

,ro3e&io &e $re$i3ie#"o &e o+ a$"ivo+ &e ,erio&o &e a#;i+i+ 8(e 7(e &e (#

. &a#&o $o3o re+("a&o (# "o"a &e a$"ivo+ &e [B5G.. La "a+a

&e $re$i3ie#"o &e o+ a$"ivo+ +e a $a$(% e# !a+e a $re$i3ie#"o ,ro3e&io&e o+ K"i3o+ $i#$o a6o+.

I#$(i3o+ $o3o ,a+ivo+ &e @H a &e(&a ,or a+ o!ia$io#e+

$o#"ra'&a+ 8(e e+ &e @[.5 &e o $(a +e o!"(vo (# #ive &e &e(&a &e

B.B 8(e e+ e ,or$e#"a2e 8(e ("ii-are3o+ $o3o !a+e &e a#;i+i+ ,ara a+

,ro4e$$io#e+ 4 &e+&e e $(a reai-are3o+ a+ re+,e$"iva+ varia$io#e+ ,ara

o+ &i+"i#"o+ #ivee+ &e e#&e(&a3ie#"o.

Ea!orare3o+ e 7(2o &e $a2a &e a$$io#i+"a ,ro4e$"a&o ,ara $a&a #ive

&e e#&e(&a3ie#"o ,ro,(e+"o5 $o# o $(a 9aare3o+ e Vaor &e a E3,re+a

,ara e a$$io#i+"a. Para a ,er,e"(i&a& ("ii-are3o+ a "a+a &e $re$i3ie#"o

re7eri&a e# o+ +(,(e+"o+ >?.

Para a ea!ora$i%# &e o+ 7(2o+ &e $a2a &e a$$io#i+"a +e ("ii-% (#a "a+a

&e re#&i3ie#"o e+,era&o ,or e a$$io#i+"a >Re?5 3e&ia#"e e Mo&eo &e

Va(a$i%# &e A$"ivo+ &e Ca,i"a >CAPM?.

Re$ R7 >E$(a&or? >R3 R7?

50



Re$ Re#&i3ie#"o E+,era&o ,or e A$$io#i+"a

R ECU$ /o#o+ &e Te+oro &e EE UU >R7 U+a? Ta+a Pa+iva Re7ere#$ia

/a#$o Ce#"ra &e E$(a&or.

Rm J R$ Pri3a ,or Rie+o &e Mer$a&o >? e+";#&ar.

Para o!"e#er e a,aa#$a&o &e Av'$oa Fer#;#&e- ("ii-a3o+ e

,ro3e&io &e a I#&(+"riaG5 (#a "a+a &e i3,(e+"o+ &e @ 4 o+ &i7ere#"e+

#ivee+ &e &e(&a ,ro,(e+"o+.

Indust"y$ Poult"y

!umber of firms

54

???.da#odaran.co#;+evered and /nlevered Cetas < ndstr



eta .#$E Ratio .HTa% rate .

Unlevered Beta *4;)&ash$Firm 'alue .@(nle)ered eta corrected for cash .G

Fuente" .&a3o&ara#.$o3

E vaor a$"(a &e a &e(&a +e o!"e#&r; e# !a+e a L a$"(a re7eri&o

a#"erior3e#"e >B.B? 4 (#a "a+a &e i#"er=+ o!"e#i&a e# !a+e a ,ro3e&io

&e a "a+a 7i2a 4 a "a+a varia!e &e a+ o!ia$io#e+ e3i"i&a+ >.B?.

E vaor a$"(a &e a E3,re+a5 o $a$(a3o+ &e a +(3a &e Vaor A$"(a

&e A$$io#i+"a 4 &e Vaor A$"(a &e a De(&a.

747 P"o#uestas de Financiamiento

Ea!ora3o+ a "rav=+ &e (# a#;i+i+ &e e+$e#ario+ a+ &i+"i#"a+

+i"(a$io#e+ 8(e +e ,o&r'a# ,re+e#"ar $o# o+ #ivee+ &e &e(&a. E#$o#"ra#&o

,or 3e&io &e r;7i$o a e+"r($"(ra &e e#&e(&a3ie#"o %,"i3o5 e+ &e$ir e

vaor 3;



La e+"r($"(ra &e e#&e(&a3ie#"o %,"i3o ,ara e $a+o &e Av'$oa

Fer#;#&e-5 re+("% +er 5 e ,(#"o 3;



ve#"a+J $o#+i&era3o+ o+ re+("a&o+ o!"e#i&o+ ,ara #ive %,"i3o &e

e#&e(&a3ie#"o $o3o 7a$"i!e+ >? 4a 8(e a e3i+i%# &e o!ia$io#e+

"ie#e $o3o ,ri#$i,a o!2e"ivo i#ver"ir e# $a,i"a &e "ra!a2o5 ,ara &e e+"a3a#era 3e2orar e 3a#e2o o,era$io#a &e a $o3,a6'a a(3e#"a#&o o+

i#re+o+ 4 &i+3i#(4e#&o e $o+"o e



CONCLUSIONES % RECO,ENDACIONES

Conclusiones

Co#o$e3o+ 8(e Av'$oa Fer#;#&e- S.A. 3a#e2a +( e+"r($"(ra &e

7i#a#$ia3ie#"o &e a$(er&o a a "eor'a &e a 2erar8('a &e ,re7ere#$ia+

3e#$io#a&a ,revia3e#"e5 e+ ,or e+o +( ,re7ere#$ia ,or e $a,i"a ,ro,io 4

$r=&i"o &ire$"o $o# +(+ ,rovee&ore+5 $o# e+"o evi"a# "e#er ,ro!e3a+ ,or

a+i3e"r'a &e i#7or3a$i%#.

La+ e3,re+a+ 7a3iiare+ +(ee# +er (# ,o$o i#"(i"iva+ a 3o3e#"o &e

e+"a!e$er +( e+"r($"(ra &e 7i#a#$ia3ie#"o5 e+"o e



&e+arroe5 4a 8(e e a#;i+i+ 9i+"%ri$o 3(e+"ra 8(e o+ $o+"o+ e#era&o+ +o#

e



Recomendaciones

Av'$oa Fer#;#&e- S.A. a,rove$9a a,ro



-I-LIO!RAFIA

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DE LUNA /UTZ5 a"er >@G? Teor'a &e o,$io#e+ 4 e+"r($"(ra

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Fi#a#-a+ Cor,ora"iva+.

VELAZUEZ VADILLO5 Fer#a#&o>@G? Ee3e#"o+ E



M*ERS5 S"ear"5 >@? T9e 2o(r#a o7 E$o#o3i$ Per+,e$"ive+

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,re&i$"io#+ a!o(" &ivi&e Fi#a#$ia S"(&ie+.

FAULENDER5 Mi$9ae5 FLANNER*5 Mar5 ATSON 0a#i#+

>@H? Do A&2(+"3e#" Co+"+ I3,e&e "9e reai-a"io# o7 "are"

Ca,i"a S"r($"(re.

SARMIENTO LOTERO5 Ra7ae >@G?5 La E+"r($"(ra &e

7i#a#$ia3ie#"o &e a+ e3,re+a+: (#a evi&e#$ia "eori$a 4

e$o#o3="ri$a ,ara Coo3!ia.

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. .,ro#a$a.$o3

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. .,ari+i.#e"

59
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ANE1OS

60



ANE1O 34 Antecedentes de A



e+"a&o(#i&e#+e+ 8(e e ve#&'a# ,ri#$i,a3e#"e a R(+ia. C(a#&o o+ r(+o+

,ara!a# &e $o3,rar5 e ,re$io &e ,oo+ &e E+"a&o+ U#i&o+ $a'a5 4 e Sr.

Fer#;#&e- a,rove$9a!a ,ara a!a+"e$er+e. E# e a6o @ 4a &o3i#a!a a+a"a+ 4 !a2a+ &e #eo$io. A ,ar"ir &e e+e a6o5 e #eo$io 4a era o

+(7i$ie#"e3e#"e +%i&o ,ara ,er3i"ire $re$er &e 3a#era e



$o# a"a "e$#oo'aJ 45 $a,a$i"a$i%# a o+ e3,ea&o+5 o 8(e ,er3i"e o!"e#er

(# 3e2or &e+e3,e6o a a e3,re+a $o# e 7i# e#"rear (# +ervi$io $o3,e"o a

o+ $ie#"e+ +i# 8(e #e$e+aria3e#"e "ra+a&e e+"e $o+"o a ,re$io 7i#a &e,ro&($"o.

A&i$io#a3e#"e 3e&ia#"e aia#-a+ e+"ra"=i$a+5 a e3,re+a +e 9a

i#"era&o $o# ,er+o#a+ 8(e $(e#"a# $o# ra#2a+ &e+o$(,a&a+5 a+ $(ae+

,o+ee# i#7rae+"r($"(ra o 8(e o"ora a ,oo !e!e5 !aa#$ea&o e i#+(3o+5

,ara 8(e eo+ &e+arroe# e+"a e"a,a &e $re$i3ie#"o &e ,oo 7i2a#&o (#

,re$io ,revia3e#"e. Ca!e i#&i$ar 8(e e+"e "i,o &e I#"era$i%# +e o a,i$a e#

E$(a&or 4 e# vario+ ,a'+e+ &e La"i#oa3=ri$a5 $o3o "a3!i=# e# EE.UU5

e+"ra"eia 8(e ,er3i"e $o#"roar o+ $o+"o+ 4 ,re$io+ &e e+"a 3a#era

3i#i3i-ar o+ rie+o+ &e ,ro&($$i%# &iver+i7i$a#&o e# +e$"ore+ e+"a e"a,a e#

a $r'a &e ,oo.

La E3,re+a e+ ,ar"e &e a Cor,ora$i%# Fer#;#&e-5 (# r(,o

e3,re+aria 8(e o,era e# e E$(a&or &e+&e 9a$e 3;+ &e a6o+5 +ie#&o

e+"a (#a i#&(+"ria rea"iva3e#"e #(eva &e&i$a&a a a $ria#-a5 7ae#a 4$o3er$iai-a$i%# &e ,ro&($"o+ $;r#i$o+ a+' $o3o a a $o3er$iai-a$i%# &e

o"ro+ ,ro&($"o+ $o3,e3e#"ario+5 8(e e+ re$o#o$i&a ,or +( ,re$io 4

a"e#$i%# ,er+o#ai-a&a.

Ca!e re+a"ar 8(e5 a Cor,ora$i%# $o# e o!2e"o &e a$a#-ar (#a

3a4or i#"era$i%# 9ori-o#"a 4 ver"i$a5 9a i#$(r+io#a&o "a3!i=# e# e

#eo$io &e $o3i&a+ ,re,ara&a+5 orie#"a&a ,ri3or&ia3e#"e a Parria&a+@.

SeK# a+ ,ro4e$$io#e+ &e CONAVE a ,ro&($$i%# &e $ar#e &e ,oo

,ara e @ "er3i#ar'a e# @@ 3i "o#ea&a+. E# $(a#"o a $o#+(3o 4 a

&e3a#&a5 e $o#+(3o &e ,ro&($"o+ av'$oa+ e# Ve#e-(ea5 Coo3!ia 4 PerK

e+ +(,erior a &e E$(a&orB5 ,or eo ,ar"e &e a ,ro&($$i%# #a$io#a "ie#e

60F(e#"e: Pro+,e$"o e3i+i%# &e !o#o+ Av'$oa Fer#;#&e- A#"e$e&e#"e+ @H61F(e#"e: Pro+,e$"o e3i+i%# &e !o#o+ Av'$oa Fer#;#&e- A#"e$e&e#"e+ @H62F(e#"e: Pro+,e$"o e3i+i%# &e !o#o+ Av'$oa Fer#;#&e- A#"e$e&e#"e+ @H63

F(e#"e: P;i#a E/5Pro4e$"o SICA/IRFXMA)E$(a&or

63



$o3o &e+"i#o a e



,ro&($$i%# e+ $o3er$iai-a&a a "rav=+ &e o+ +(,er3er$a&o+ Av'$oa

Fer#;#&e- 4 +(+ &i+"ri!(i&ore+. E ,ro4e$"o ,or$i#o +e i#i$i% 9a$e (#o+

a6o+ $o# a a&8(i+i$i%# &e (# ,ie &e $r'a ,rove#ie#"e &e a e#="i$a PIC5 a$(a e+ '&er 3(#&ia e# 3e2ora3ie#"o e i#ve+"ia$i%# ,or$i#a. E+"e ,ie &e

$r'a e+"; $o3,(e+"o ,or $er&a+ Ca3!oro(9 @@ >3a&re+ C@@? 4

a!(eo+ 0P $o# +(+ re+,e$"iva+ '#ea+ &e !erra$o+.

A ,ar"ir &e @G a $ar#e &e $er&o 9a "e#i&o (# re,(#"e e# $ai&a&5

e+"o &e!i&o a 8(e e# a+ ra#2a+ +e vie#e 3a#e2a#&o !(e#a e#="i$a. 0a$e

(# a6o e ,re$io &e e+"a $ar#e 7($"(a!a e# 5H 4 @5 &%are+ ,or io a a

$a#a +i# $a!e-a5 e# e+"o+ 3o3e#"o+ +e e#$(e#"ra e# a,ro



!(e# ,re$io a ,ro&($"or 4 (# !(e# 3er$a&o. Co3o 7a$"ore+ &e rie+o o

a3e#a-a+ a a i#&(+"ria ,o&e3o+ 3e#$io#ar a a+ e#7er3e&a&e+ &e o+

a#i3ae+. U#a 3aa ,(!i$i&a& +o!re e+a+ e#7er3e&a&e+ 4 e e7e$"o 8(ee+"a ,(e&a "e#er +o!re o+ 9(3a#o+5 ,or e2e3,o5 a ri,e aviar5 a $(a e#

+( 3o3e#"o a7e$"% a $o#+(3o &e ,oo.

De a' 8(e Av'$oa Fer#;#&e- !(+8(e a &iver+i7i$a$i%# e#"re &i+"i#"o+

"i,o+ &e $ar#e+ ro2a+ 4 !a#$a+ $o# e 7i# &e a"e#(ar e rie+o . Lo+ 7a$"ore+

$i3;"i$o+ e# e+o+ +i"io+ 4 a+ ,o'"i$a+ (!er#a3e#"ae+5 ,o&r'a# "a3!i=#

+er (#a a3e#a-aJ +i# e3!aro e $o#"ro e+"ri$"o &e o+ $o+"o+ 4 a a"a

,ro&($"ivi&a&5 e ,er3i"e# a Av'$oa Fer#;#&e- S.A. 3a#"e#er ,re$io+ !a2o+

a +(+ ,ro&($"o+ o 8(e o+ 9a$e o+ ,re7eri&o+ e# o+ e+"ra"o+ 3e&io+ 4 !a2o+

&e a ,o!a$i%#.

Av'$oa Fer#;#&e- S.A. e+ +i#%#i3o &e Car#e+ &e Cai&a& e#

)(a4a8(iJ +( ,o+i$io#a3ie#"o e+ e+e. E# e 3er$a&o &e ,oo+ +(

,ro&($$i%# o$(,a e "er$er (ar a #ive #a$io#a5 (eo &e PRONACA 4

Poo Oro. La &i7ere#$ia$i%# $o# o+ &e3;+5 e+ 8(e Av'$oa Fer#;#&e- S.A."ie#e $a#a ,ro,io &e $o3er$iai-a$i%# 9a+"a ear a $o#+(3i&or 7i#a e#

3($9o+ $a+o+. La "e#&e#$ia &e a i#&(+"ria &e ,ro&($"o+ $;r#i$o+ e# e

E$(a&or5 e+ &e $re$i3ie#"o. Ca&a ve- +e $o#+(3e 3a4or $a#"i&a& &e

$ar#e+ e# e ,a'+. E+,e$ia3e#"e $ar#e !a#$a >,oo5 $er&o?5 e# a3!o+

$a+o+ a e3,re+a "ie#e (#a ,ro&($$i%# a"a3e#"e $o3,e"i"iva.

E# $(a#"o a re(a$io#e+ (!er#a3e#"ae+ 8(e ,(&iera# a7e$"ar a

+e$"or5 Av'$oa Fer#;#&e- S.A. $o# +( e+"ra"eia &e #o +(!ir ,re$io+5 $ree

8(e e+"; e# a '#ea &e a+ ,o'"i$a+ &e )o!ier#o Ce#"ra. A#"e e i#$re3e#"o

&e ,re$io+ &e a+ 3a"eria+ ,ri3a+5 Av'$oa Fer#;#&e- S.A. ,a#i7i$%5 4 9o4

e2e$("a e7i$ie#"e+ ,ro$e+o+ ,ro&($"ivo+ 4 a,i$a a"a e#="i$a e# +(

,ro&($$i%#.

69F(e#"e: Pro+,e$"o e3i+i%# &e !o#o+ Av'$oa Fer#;#&e- @H70F(e#"e: Pro+,e$"o e3i+i%# &e !o#o+ Av'$oa Fer#;#&e- @H71

F(e#"e: Pro+,e$"o &e e3i+i%# &e !o#o+ &e Av'$oa Fer#;#&e- @H

66



La+ Nor3a+ M(#i$i,ae+ 4 &e Me&io A3!ie#"e a+ $(3,e a

$a!ai&a&. Av'$oa Fer#;#&e- S.A. !(+$a a$"(a3e#"e a Cer"i7i$a$i%#

0ACCP >Si+"e3a &e I#o$(i&a&?5 ,ara o $(a 9a e+"a!e$i&o (# e+"ri$"o,rora3a &e a+e+ora3ie#"o ,ara $(3,ir $o# a+ e



ANE1O )4 Estadsticas de la P"oduccin de HueG?5 3a4or

8(e e# e PerK >G? 4 3e#or 8(e e# Coo3!ia >? B. La e+"a$io#ai&a& e#

e ,re$io e+ 3ar$a&a ,or o+ 9;!i"o+ &e $o#+(3o. Lo+ 3e+e+ &e 2(io 4

ao+"o >va$a$io#e+ e# E$(a&or?Ge ,re$io &i+3i#(4e $o#+i&era!e3e#"e5

re$(,er;#&o+e e# &i$ie3!re.

ANE1O 74 A"tculo de P"ensa$ Peli@"a el consumo de #ollos en el

Ecuado"4 DINERO DIARIO DE NE)OCIOS. *uito+ 'iernes ,- de Mao del

/001

73F(e#"e:E Co3er$io. B &e 3ar-o &e @@74F(e#"e: Para 2(io &e @@ e ,re$io &e (# 9(evo ,or (#i&a& a $o#+(3i&or are&e&or &e $"v+ &e&%ar >US 5 e io &e 9(evo+?75F(e#"e: E+"i3a$io#e+ reai-a+ e# !a+e a $i7ra+ Si+"e3a $e#"ra &e rie+o+ Di$@ 4 3a4o @@

X$i7ra+ ,rovi+io#ae+

68



Los consumidores han reducido la com2ra de carne de esta a)e

debido al incremento de hasta el ,-3 en el 2recio del 2roducto

E E$(a&or e+ (# ,a'+ $o# (#a a"a &e3a#&a &e ,oo 4 +(+ &eriva&o+.

SeK# e K"i3o $e#+o av'$oa #a$io#a5 &(ra#"e @5 $a&a e$(a"oria#o

$o#+(3i% (# ,ro3e&io &e @ io+ &e e+"a $ar#e5 +i"(;#&oa $o3o e

,ro&($"o &e orie# a#i3a &e 3a4or ,re7ere#$ia.

Si# e3!aro5 e a(3e#"o &e a i#7a$i%# e# e ,a'+ 4 a $ri+i+ 3(#&ia

&e ai3e#"o+ 9a# ,rovo$a&o (# #o"a!e i#$re3e#"o e# o+ ,re$io+ &e e+"e

,ro&($"o5 o $(a ,o#e e# ,eiro e &e+arroo &e e+"e +e$"or. Qo+e Orea#a5

&ire$"ivo &e a Cor,ora$i%# Na$io#a &e Avi$("ore+ &e E$(a&or >Co#ave?5

+e6aa 8(e &e+&e @ +e 9a rei+"ra&o (# $re$i3ie#"o a#(a &e e#

e+"a ;rea5 ,ero +e ,rev= 8(e e+"e a6o #o o$(rrir; o 3i+3o5 4a 8(e o+

69



$o#+(3i&ore+ 9a# e3,e-a&o a re+"ri#ir a a&8(i+i$i%# &e $ar#e &e ,oo 4

9(evo+.

A$"(a3e#"e5 a i!ra &e ,oo +e (!i$a e# (# ,ro3e&io &e 5H5 4 a

$(!e"a &e @ 9(evo+5 e# B5 o 8(e re,re+e#"a (# i#$re3e#"o &e 9a+"a e

B e# o+ ,re$io+ 8(e e+"o+ ,ro&($"o+ "e#'a# a ,ri#$i,io+ &e @H.

E# Co#ave eA7a!a?5 +e6aa 8(e e +e$"or 9a e#7re#"a&o &i7i$("a&e+ &e+&e 9a$e &o+

a6o+. La ("ii-a$i%# &e 3a'- 4 a +o4a5 ,ri#$i,ae+ 3a"eria+ ,ri3a+ ,ara a

7a!ri$a$i%# &e ai3e#"o ,ara ave+5 e# a ,ro&($$i%# &e !io$o3!(+"i!e+

orii#a a e+$a+e- &e e+"o+ ra#o+5 $o# o 8(e +( ,re$io e# e 3er$a&o

i#"er#a$io#a a(3e#"a.

A+' "a3!i=# e i#$re3e#"o &e a &e3a#&a &e e+"o+ ,ro&($"o+ e# o+

3er$a&o+ $9i#o+ e i#&io+ 9a +(!i&o +(+ vaore+. To&o e+"o5 +(3a&o a a+

&e7i$ie#"e+ $o+e$9a+ ,or a+ $o#&i$io#e+ $i3;"i$a+ 4 e i#$re3e#"o &e

,e"r%eo5 9a $o#+,ira&o ,ara 8(e o+ ,ro&($"ore+ &e !aa#$ea&o+ +e

e#$(e#"re# e# $ri+i+5 4a 8(e #o e+";# ora#&o e ,(#"o &e e8(ii!rio5 i#&i$a

0i&ao.

70



Para e +e$"or av'$oa 4 &e o+ !aa#$ea&o+5 a +o($i%# ra&i$a e# e

a,o4o e+"a"a ,ara i#$re3e#"ar a ,ro&($$i%# &e 3a'-. Si e# e "erri"orio

#a$io#a e3,ie-a# a +e3!rar+e +ie"e "o#ea&a+ 3="ri$a+ ,or 9e$";rea5 +eevi"ar'a a i3,or"a$i%# &e ra#o &e+&e o+ EEUU5 4 e ,re$io &e !aa#$ea&o

&i+3i#(ir'a. M;+ &e @ ,ro&($"ore+ e+,era# (#a +ai&a a e+"a +i"(a$i%#5

8(e ,o#e e# rie+o e $o#+(3o &e (#a &e a+ 7(e#"e+ ,ro"ei$a+ 7avori"a+ &e

o+ e$(a"oria#o+.

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