02'(/2:$1,(,1ĩ<1,(56.,( ,661;
V*OLZLFH
:<75=<0$à2ĝû,67$7(&=12ĝû
%(/(.6à83Ï:75Ï-:$567:2:<&+
.
5=<6=72)0
$*18&.,,QVW\WXW0HFKDQLNL6WRVRZDQHM3ROLWHFKQLND3R]QDĔVND
HPDLONU]\V]WRIPDJQXFNL#SXWSR]QDQSO
6WUHV]F]HQLH 3U]HGPLRWHP SUDF\ Vą EHONLVáXS\ WUyMZDUVWZRZH SRGGDQH
]JLQDQLX OXE RVLRZHPX ĞFLVNDQLX 3U]HGVWDZLRQR GZD PRGHOH EHONLVáXSD
WUyMZDUVWZRZHJR 5yZQDQLD UyZQRZDJL GOD REX PRGHOL ]DSLVDQR NRU]\VWDMąF
]]DVDG\VWDFMRQDUQRĞFLFDáNRZLWHMHQHUJLLSRWHQFMDOQHM:\]QDF]RQRXJLĊFLDRUD]
QDSUĊĪHQLD Z EDGDQ\FK EHONDFK 6IRUPXáRZDQR L UR]ZLą]DQR SUREOHP
Z\ERF]HQLD RJyOQHJR VáXSyZ :\QLNL UR]ZLą]DĔ DQDOLW\F]Q\FK SRUyZQDQR
]EDGDQLDPL QXPHU\F]Q\PL 0(6 D WDNĪH ] HNVSHU\PHQWHP GOD Z\ERF]HQLD
RJyOQHJR
:352:$'=(1,(
7HRULD RUD] WHFKQRORJLD NRQVWUXNFML WUyMZDUVWZRZ\FK UR]ZLMDQD MHVW LQWHQV\ZQLH RG
SRáRZ\ GZXG]LHVWHJR ZLHNX ( 5HLVVQHU Z URNX VIRUPXáRZDá RSLV PDWHPDW\F]Q\
VNRĔF]RQ\FK XJLĊü Sá\W WUyMZDUVWZRZ\FK ) 3ODQWHPD Z U $6 :ROPLU Z U
+*$OOHQZU*ULJROXNLýXONRYZURUD]5RPDQyZZUDZVSyáF]HĞQLH
&DUUHUD > @ 0DJQXFNL L 2VWZDOG UHG >@ 0LFKDODN >@ RUD] 9LQVRQ >@ ]HEUDOL
LRSLVDOL SUREOHP\ Z\WU]\PDáRĞFL L VWDWHF]QRĞFL W\FK NRQVWUXNFML :\QLNL V]F]HJyáRZ\FK
EDGDĔ Z W\P ]DNUHVLH ZRVWDWQLFK ODWDFK SU]HGVWDZLOL %LUPDQ >@ &KDNUDEDUWL L LQQL >@
)DJHUEHUJL=HQNHUW>@+DGL>@-DVLRQLLQQL>@.RLVVLQLLQQL>@/RSDWLQL0RUR]RY
>@0DJQXFND%ODQG]LL0DJQXFNL>@0DJQXFND%ODQG]L>@0DJQXFNLLLQQL>
@0H\HU3LHQLQJ>@3DF]RVLLQQL>@6]\FLLQQL>@RUD]:RĨQLDN>@5G]HĔ
NRQVWUXNFMLWUyMZDUVWZRZ\FKSHáQLIXQNFMĊSRGáRĪDGODRNáDG]LQ.ODV\F]Q\PRGHO:LQNOHUD
SRGáRĪDVSUĊĪ\VWHJRQLHMHVWZ\VWDUF]DMąF\ZEDGDQLXPLHMVFRZHJRZ\ERF]HQLDPDUV]F]HQLD
RNáDG]LQ W\FK NRQVWUXNFML 3RGREQLH NODV\F]Q\ PRGHO NRQVWUXNFML WUyMZDUVWZRZHM GZLH
RNáDG]LQ\ LUG]HĔ QLH MHVW Z\VWDUF]DMąF\ Z EDGDQLX Z\WU]\PDáRĞFL NRQVWUXNFML NOHMRQ\FK
NWyU\FK RSLV SU]HGVWDZLá *RG]LPLUVNL >@ %DGDQLD WHRUHW\F]QH Z SUDF\ XNLHUXQNRZDQR QD
XRJyOQLHQLHPRGHOXEHONLWUyMZDUVWZRZHM±VDQGZLF]RZHM
3U]HGPLRWHP SUDF\ Vą NOHMRQH EHONL WUyMZDUVWZRZH ] UG]HQLHP ] SLDQNL PHWDORZHM
2NáDG]LQ\]UG]HQLHPSRáąF]RQHVąFLHQNąZDUVWZąNOHMXRJUXERĞFLW 3R]RVWDáHJUXERĞFLE
Z\QRV]ą RNáDG]LQW D UG]HQLDI W =DWHP JUXERĞü FDáNRZLWD WUyMZDUVWZRZHM EHONL NOHMRQHMF
I EF W W
W
+ U\V %HOND R GáXJRĞFL / SRGSDUWD SU]HJXERZR QD REX NRĔFDFK
REFLąĪRQDMHVWSDUąVLáSRSU]HF]Q\FK) RUD]ĞFLVNDMąFąVLáąRVLRZą )
.0$*18&.,
5\V6FKHPDWNOHMRQHMEHONLWUyMZDUVWZRZHM]REFLąĪHQLHP
02'(/0$7(0$7<&=1<%(/.,
'HIRUPDFMĊ SáDVNLHJR SU]HNURMX SRSU]HF]QHJR NOHMRQHM EHONL WUyMZDUVWZRZHM SRND]DQR
OLQLDF]HUZRQDQDU\V=DáRĪRQRĪHXJLĊFLHZ MHVWWDNLHVDPRGODNDĪGHMZDUVWZ\
[
5\V6FKHPDWGHIRUPDFMLSáDVNLHJRSU]HNURMXWUyMZDUVWZRZHMEHONLNOHMRQHM
3U]HPLHV]F]HQLD VW\F]QH GOD NROHMQ\FK ZDUVWZ QD SRGVWDZLH WHJR U\VXQNX VIRUPXáRZDQR
QDVWĊSXMąFR
x RNáDG]LQ\JyUQD ¸
¹
¨ ·
©§
d
¸d
¹
¨ ·
©
§
[ [ ] [ GROQD
[ d] d [ [
[ W «¬ª GZG[r
[»¼º
X ] F ] \
:<75=<0$à2ĝû,67$7(&=12ĝû%(/(.6à83Ï:75Ï-:$567:2:<&+
x ZDUVWZ\NOHMXJyUQD
¸d d
¹
¨ ·
©§
[ ] GROQD
d] d [
»¼
« º
¬
ª
¸¹
¨ ·
©§ r
r
[ [ [ [
G[
W GZ [
X ] F ] \ ] \ \
x UG]HĔ
d d
]
[ W «¬ªGZG[
[»¼º
X ] F] \
JG]LH
WF
] ]ZVSyáU]ĊGQDEH]Z\PLDURZD
WF
[ [ X
\
WF
[ [ X
\ SU]HPLHV]F]HQLD
EH]Z\PLDURZH
F E
W [ W
F I
W
[ W SDUDPHWU\EH]Z\PLDURZH
:DUVWZ\EHONLVąZ\NRQDQH]PDWHULDáyZVSUĊĪ\VW\FK]DWHPHQHUJLDRGNV]WDáFHQLDEHONL
G] G[
8 E/
L W
[]L []L [L [L
³ ¦³
««¬ª L »»¼ºH V J W
H
JG]LH
x RGNV]WDáFHQLDNROHMQ\FKZDUVWZL Ϳ
[ [ XL
[L w
w ]
H
G[
[ GZ ]
[ XL
[]L
w
w ]
J
x QDSUĊĪHQLDNROHMQ\FKZDUVWZL Ϳ
L [ L L
[ (H
V W[] L *LJ[] L ( L * PRGXá\ VSUĊĪ\VWRĞFL PDWHULDáyZ NROHMQ\FK ZDUVWZ L ( ( (I ( ( (E
(F
( DQDORJLF]QLHGOD* E V]HURNRĞüEHONLL
3UDFDREFLąĪHQLD
G[ G[
) GZ Z )
: /
³
¨©§ ¸¹·JG]LHZ XJLĊFLHSRGVLáą )
8NáDG WU]HFK UyZQDĔ UyZQRZDJL Z\]QDF]RQ\ ] ]DVDG\ VWDFMRQDUQRĞFL FDáNRZLWHM HQHUJLL
SRWHQFMDOQHMG
8H : ͿMHVWZQDVWĊSXMąFHMSRVWDFL
G[
Z G EW
) G[
G G[
G G[
Z G
F
D \ D \
D
> @
[ [
W [
* G[
G G[
G G[
Z G
F
E \ \
D \ D \
D
> @
[
W [ * W [
[
* G[
G G[
G G[
Z G
F F F
E \ \ \
D \ D \
D
.0$*18&., JG]LH
F
E E I
I& (& (
(
D
[ [
& (
(I I E D
D ¸
¹
¨ ·
©
§
(I[ (E [
D
D (F(E[ [
D
[ (E D
D
(F (E[
D &I [
[[»¼º
«¬ª
[ [ [ [
[ [
& I &E [
[ «¬ª »¼º
[ [
&E [
0RPHQW]JLQDMąF\
[ E
¦³
]G] EW ¨¨©§ GG[Z GG[ GG[ ·¸¸¹0 F
L W [L E
L
D \ D \
D
V
VWąG
F E
EW [ 0 G[
G G[
G G[
Z
G D \ D \
D
6LáDSRSU]HF]QD
[ E G] EW
>
*[ * *
[
@
4 F E F E
L W L []
L
\ \
W
¦³
5yZQDQLDLVąUyZQRZDĪQH]DWHPGRGDOV]\FKEDGDĔSU]\MPXMHVLĊXNáDGVNáDGDMąF\
VLĊ]WU]HFKUyZQDĔL
.ODV\F]Q\ PRGHO EHONL WUyMZDUVWZRZHM QLH XZ]JOĊGQLD FLHQNLHM ZDUVWZ\ NOHMX MHVW ZLĊF
V]F]HJyOQ\PSU]\SDGNLHPEHONLSLĊFLRZDUVWZRZHMU\V
5\V6FKHPDWGHIRUPDFMLSáDVNLHJRSU]HNURMXNODV\F]QHMEHONLWUyMZDUVWZRZHM
5yZQDQLDUyZQRZDJLZ\SURZDG]RQHDQDORJLF]QLHMDNGODEHONLNOHMRQHMVąSRVWDFL
:<75=<0$à2ĝû,67$7(&=12ĝû%(/(.6à83Ï:75Ï-:$567:2:<&+
G[
Z G EW
) G[
G G[
Z G
F
D \
D
[
W
* G[
G G[
Z G
F F\ D \
D
JG]LH (I& I (F
D (I&I (F
D
D (I[ (F
D
&I
[[&I [[[[ WI WF\ XI WF3RGREQLHPRPHQW]JLQDMąF\LVLáDSRSU]HF]QD
[ E
¦³
]G] EW ¨¨©§ GG[Z GG[ ¸¸¹·0 F
L W [L E
L
D \ D
V
VWąG
F E
EW [ 0 G[
G G[
Z
G D \
D
RUD]
[ E G] EW *
[
4 F F
L W []L L
\
¦³
W5yZQLHĪZW\PSU]\SDGNXUyZQDQLDLVąUyZQRZDĪQH]DWHPZGDOV]\FKEDGDQLDFK
EĊG]LHUR]ZLą]\ZDQ\XNáDGGZyFKUyZQDĔL
=*,1$1,(%(/.,75Ï-:$567:2:(-32'2%&,Ąĩ(1,(03235=(&=1<0
%HONDREFLąĪRQDGZLHPDVLáDPLSRSU]HF]Q\PL) U\VZF]ĊĞFLĞURGNRZHMMHVWZVWDQLH
F]\VWHJR]JLQDQLDQDWRPLDVWZF]ĊĞFLDFKRGáXJRĞFLDFK/ Z\VWĊSXMH]JLQDQLHLĞFLQDQLHVLáą
SRSU]HF]Qą0RPHQW]JLQDMąF\ZOHZHMF]ĊĞFLEHONL0E
[ )[GODd[ d/QDWRPLDVW
ZF]ĊĞFLĞURGNRZHM0E
[ )/GOD/[//8NáDGGZyFKUyZQDĔLSR
SURVW\FK SU]HNV]WDáFHQLDFK VSURZDG]D VLĊ GR MHGQHJR ] MHGQą QLH]QDQą IXQNFMą\
[ Z
SRVWDFL
EWF
[ [ 4
G[ N G
D D D
\ D
\
JG]LH
D D D
D
F F
*
N W
&DáNDWHJRUyZQDQLD
F FEW
* [ N[ 4
&
N[
&
[ VLQK FRVK
D
\ D
6LáDSRSU]HF]QD4
[ GOD) d[ d/QDWRPLDVWZF]ĊĞFLĞURGNRZHM4
[ =DWHPGOD
SU]HG]LDáX d[ d/ XZ]JOĊGQLDMąF ZDUXQNL EU]HJRZH
G[
G\ RUD] \
/
Z\]QDF]RQRVWDáH&
*FEWF
)
& N/
FRVK
D
D L]DSLVDQRIXQNFMĊ
.0$*18&.,
*FEWF
) N/
[ N[
FRVK
FRVK
D
\ »D
¼
« º
¬
ª
1DWRPLDVW GOD F]ĊĞFL ĞURGNRZHM EHONL /[// IXQNFMD \
[ { &DáNXMąF
UyZQDQLH SR XZ]JOĊGQLHQLX L VSHáQLHQLX ZDUXQNyZ FLąJáRĞFL SU]HPLHV]F]HĔ GOD
/
[ Z\]QDF]RQRXJLĊFLHĞURGNDEHONL
PD[
WDQK
F F EWF
/ / ) / / EW
* / ) N/
N/
Z /
Z D D
D
»»
¼ º
««
¬
ª ¸
¹
¨ ·
©
§
»
¼
« º
¬ ª
¸¸¹·
¨¨©§
¸¹
¨ ·
©
§
OXESRXZ]JOĊGQLHQLXZáDĞFLZRĞFLIXQNFMLWDQK
N/ |GODN/]DSLVDQR
PD[
F F
F EW
/ / ) / / EW
* / ) Z N/
D D D
»»
¼ º
««
¬
ª ¸
¹
¨ ·
©
§
¸¸¹
¨¨© ·
§
¸¸¹·
¨¨©§
: V]F]HJyOQ\P SU]\SDGNX JG\ EHOND REFLąĪRQD MHVW VLáą VNXSLRQą ) ) Z ĞURGNX
UR]SLĊWRĞFL/ / XJLĊFLHĞURGNDEHONL
PD[
F F
F EW
/ ) EW
* / ) Z N/
D D
D
¸¹
¨ ·
©§
¸¸¹·
¨¨©§
3U]\NáDGRZR GOD EHONL R GáXJRĞFL / PP V]HURNRĞFL E PP JUXERĞFL ZDUVWZ
PP
WI LWF PPVWDá\FKPDWHULDáRZ\FK(I 03D(F 03DQF
REFLąĪRQHM VLáą ) N1 Z ĞURGNX UR]SLĊWRĞFL Z\]QDF]RQR QD SRGVWDZLH ZDUWRĞü
XJLĊFLD ZPD[$QDO PP 3RQDGWR GOD SRUyZQDQLD Z\NRQDQR REOLF]HQLD QXPHU\F]QH
0(6$EDTXVWHMEHONLLRWU]\PDQRZPD[0(6 PP5yĪQLFDPLĊG]\W\PLZDUWRĞFLDPL
MHVW PQLHMV]D RG 2NáDG]LQ\ PRGHORZDQR HOHPHQWDPL SRZáRNRZ\PL QDWRPLDVW UG]HĔ
HOHPHQWDPLEU\áRZ\PL
$QDORJLF]QHUR]ZLą]DQLHMHVWGODEHONLNOHMRQHM±SLĊFLRZDUVWZRZHM8NáDGWU]HFKUyZQDĔ
LVSURZDG]DVLĊGRMHGQHJR]NWyUHJRZ\]QDF]DVLĊIXQNFMĊ\
[ DQDVWĊSQLH
RWU]\PXMHVLĊUyZQDQLHUyĪQLF]NRZH]Z\F]DMQHF]ZDUWHJRU]ĊGXQLHMHGQRURGQH
EWF
[ [ 4 G[ D
D G G[
D G
\ D
\
\
JG]LH
WF
D E
E D D
D D D
D
[
D *E
D E E E E D D
D D D D D
D D D
D
F E
W [ D *
D E E ¸¸¹·
¨¨©§
[
*E D D D D E D
E EE
D D D D
D D E D
D D D
D D D E D
E EE
[
*E
¸¸¹·
¨¨©§
D D D
D D
D D D
E D *F
D D D E D
:<75=<0$à2ĝû,67$7(&=12ĝû%(/(.6à83Ï:75Ï-:$567:2:<&+
6WąG SR Z\]QDF]HQLX\
[ RNUHĞOD VLĊ\
[ =QDMąF RELH IXQNFMH\
[ L\
[ ]UyZQDQLD Z\]QDF]D VLĊ XJLĊFLH EHONL 3RVWĊSRZDQLH WR MHVW REV]HUQH L ]áRĪRQH
5R]ZLą]DQLHSU]\EOLĪRQHXNáDGXWU]HFKUyZQDĔLSU]HGVWDZLRQRZSUDF\>@
5R]NáDG QDSUĊĪHĔ QRUPDOQ\FK Z SU]HNURMX ĞURGNRZ\P L WQąF\FK Z SU]HNURMX SU]\
SRGSRU]H EHONL NOHMRQHM SRND]DQR QD U\V 0RGXá\ VSUĊĪ\VWRĞFL ZDUVWZ NOHMX
03D
(E UG]HQLD (F 03D RNáDG]LQ (I 03D JUXERĞFL ZDUVWZ
JUXERĞFLZDUVWZWI PPLWF PPWE PP3R]RVWDáHZ\PLDU\MDNGODNODV\F]QHM
EHONLWUyMZDUVWZRZHM
5\V5R]NáDG\QDSUĊĪHĔQRUPDOQ\FKV[LWQąF\FKW[]ZSU]HNURMDFKEHONL
1DSUĊĪHQLDWQąFHW[]ZZDUVWZLHNOHMXVąQLHFRPQLHMV]HQLĪZUG]HQLXEHONL
2SUDFRZDQR PRGHO QXPHU\F]Q\ 0(6 $EDTXV EHONL L Z\]QDF]RQR GOD SRUyZQDQLD
]UR]ZLą]DQLHPDQDOLW\F]Q\PQDSUĊĪHQLDZSU]HNURMXSRSU]HF]Q\PU\V
5\V5R]NáDG\QDSUĊĪHĔQRUPDOQ\FKV[LWQąF\FKW[]ZSU]HNURMDFKEHONL0(6
:<%2&=(1,(6à83$75Ï-:$567:2:(*2
2EFLąĪHQLHNU\W\F]QHĞFLVNDQHMEHONLVáXSDU\VZ\]QDF]RQRUR]ZLą]XMąFXNáDGUyZQDĔ
UyZQRZDJLLXZ]JOĊGQLDMąFPRPHQW]JLQDMąF\0E
[ )Z
[ 3U]\MĊWRWU]\
QLH]QDQHIXQNFMHZSRVWDFL>@
¸¹
¨ ·
©
§ / Z [ [
Z DVLQ S ¸
¹
¨ ·
©
§ / [ \D S[
\ FRV ¸
¹
¨ ·
©
§ /
[ \D S[
\ FRV
JG]LHZD\D\DSDUDPHWU\
2WU]\PDQRXNáDGWU]HFKMHGQRURGQ\FKUyZQDĔDOJHEUDLF]Q\FK=ZDUXQNX
.0$*18&.,
GHW
D D D
D D D
D D I D
JG]LH EWF
I )
Z\]QDF]RQRREFLąĪHQLH±RVLRZąVLáĊNU\W\F]Qą
3U]\NáDGRZRGODEHONLVáXSDRGáXJRĞFL/ PPV]HURNRĞFLE PPJUXERĞFLZDUVWZ
PP
WI L WF PP WE PP VWDá\FK PDWHULDáRZ\FK (I 03D
03D
(F (E 03DQF QE ĞFLVNDQHJR VLáą) RVLRZą Z\]QDF]RQR QD SRGVWDZLH ZDUWRĞü REFLąĪHQLD VLá\ NU\W\F]QHM )$QDO&5 N1 3RQDGWR GOD
SRUyZQDQLDZ\NRQDQRREOLF]HQLDQXPHU\F]QH0(6$EDTXVLRWU]\PDQR)0(6&5 N1
5yĪQLFDPLĊG]\W\PLZDUWRĞFLDPLMHVWPQLHMV]DRG%DGDQLDGRĞZLDGF]DOQHĞFLVNDQ\FK
EHOHNVáXSyZ NOHMRQ\FK WUyMZDUVWZRZ\FK Z\ND]Dá\ QLHFR QLĪV]H ZDUWRĞFL REFLąĪHĔ
NU\W\F]Q\FK) ([S&5 N1U\V1DOHĪ\]D]QDF]\üĪHZáDĞFLZRĞFLPHFKDQLF]QHUG]HQLD
] SLDQNL PHWDORZHM Vą QLHOLQLRZH QDWRPLDVW PRGHOH DQDOLW\F]Q\ L QXPHU\F]Q\ 0(6
XZ]JOĊGQLDá\OLQLRZą]DOHĪQRĞüQDSUĊĪHQLHRGNV]WDáFHQLH
5\V:\ERF]HQLHĞFLVNDQHMRVLRZREHONLVáXSDWUyMZDUVWZRZHJR±EDGDQLDGRĞZLDGF]DOQH
=$.2ē&=(1,(
.RQVWUXNFMH ZDUVWZRZH Z\WZDU]DQH Vą ] UyĪQ\FK PDWHULDáyZ 6SRVyE áąF]HQLD ZDUVWZ
PRĪH E\ü SU]\F]\Qą LFK QLV]F]HQLD SU]H] UR]ZDUVWZLHQLH 3U]HGPLRWHP EDGDĔ MHVW NOHMRQD
EHOND WUyMZDUVWZRZD NWyUHM PRGHO XZ]JOĊGQLD FLHQNą ZDUVWZĊ NOHMX %DGDQLD WHRUHW\F]QH
Z\ND]Dá\SHZQąUyĪQLFĊZZDUWRĞFLDFKQDSUĊĪHĔWQąF\FKZFLHQNLHMZDUVWZLHNOHMXLUG]HQLD
:<75=<0$à2ĝû,67$7(&=12ĝû%(/(.6à83Ï:75Ï-:$567:2:<&+
1DSUĊĪHQLDWQąFHZZDUVWZLHNOHMXVąQLHFRQLĪV]HQLĪZUG]HQLXPLPRĪHZDUWRĞüPRGXáX
VSUĊĪ\VWRĞFLNOHMXMHVWZLĊNV]DRGZDUWRĞFLPRGXáXUG]HQLD:Sá\ZFLHQNLHMZDUVWZ\NOHMXQD
XJLĊFLH EHONL OXE REFLąĪHQLH NU\W\F]QH Z\ERF]HQLD RJyOQHJR MHVW QLH]QDF]Q\ FR Z\QLND
]UR]ZLą]DQLDPRGHOXNODV\F]QHJRLSLĊFLRZDUVWZRZHJREHONL
/,7(5$785$
%LUPDQ9'\QDPLFZULQNOLQJLQVDQGZLFKEHDPV³&RPSRVLWHV´3DUW%9RO
S
&DUUHUD($QDVVHVVPHQWRIPL[HGDQGFODVVLFDOWKHRULHVRQJOREDODQGORFDOUHVSRQVHRI
PXOWLOD\HUHGRUWKRWURSLFSODWHV³&RPSRVLWH6WUXFWXUHV´9ROS
&DUUHUD ( +LVWRULFDO UHYLHZ RI =LJ=DJ WKHRULHV IRU PXOWLOD\HUHG SODWHV DQG VKHOOV
³$SSOLHG0HFKDQLFV5HYLHZV´$60(9ROS
&KDNUDEDUWL$&KDODN+'0RKG$,$EGXO+6$QHZ)(PRGHOEDVHGRQKLJKHU
RUGHU ]LJ]DJ WKHRU\ IRU WKH DQDO\VLV RI ODPLQDWHG VDQGZLFK EHDP ZLWK VRIW FRUH
³&RPSRVLWH6WUXFWXUHV´9ROS
)DJHUEHUJ / =HQNHUW ' ,PSHUIHFWLRQLQGXFHG ZULQNOLQJ PDWHULDO IDLOXUH LQ VDQGZLFK
SDQHOV³-RXUQDORI6DQGZLFK6WUXFWXUHVDQG0DWHULDOV´9ROS
*RG]LPLUVNL-:\WU]\PDáRĞüGRUDĨQDNRQVWUXNF\MQ\FKSRáąF]HĔNOHMRZ\FK:DUV]DZD
:17
+DGL%.:ULQNOLQJRIVDQGZLFKFROXPQFRPSDULVRQEHWZHHQILQLWHHOHPHQWDQDO\VLV
DQGDQDO\WLFDOVROXWLRQV³&RPSRVLWH6WUXFWXUHV´9ROS
-DVLRQ30DJQXFNL.:\ERF]HQLH]PDUV]F]HQLHRNáDG]LQ\EHONLWUyMZDUVWZRZHMSU]\
F]\VW\P]JLQDQLXÄ0RGHORZDQLH,QĪ\QLHUVNLH´QUWV±
-DVLRQ30DJQXFND%ODQG]L(6]\F::DVLOHZLF]30DJQXFNL.*OREDODQGORFDO
EXFNOLQJ RI D VDQGZLFK EHDPUHFWDQJXODU SODWH ZLWK PHWDO IRDP FRUH ,Q 7KH WK ,QWHUQDWLRQDO&RQIHUHQFHRQ7KLQ:DOOHG6WUXFWXUHV7LPLVRDUD5RPDQLDS
.RLVVLQ96KLSVKD$6NYRUWVRY9(IIHFWRISK\VLFDOQRQOLQHDULW\RQORFDOEXFNOLQJLQ
VDQGZLFK EHDPV ³-RXUQDO RI 6DQGZLFK 6WUXFWXUHV DQG 0DWHULDOV´ 9RO S
/RSDWLQ $9 0RUR]RY (9 6\PPHWULFDO IDFLQJ ZULQNOLQJ RI FRPSRVLWH VDQGZLFK
SDQHOV³-RXUQDORI6DQGZLFK6WUXFWXUHVDQG0DWHULDOV´9ROS
0DJQXFND%ODQG]L(0DJQXFNL.(IIHFWLYHGHVLJQRIDVDQGZLFKEHDPZLWKDPHWDO
IRDPFRUH³7KLQ:DOOHG6WUXFWXUHV´9ROS
0DJQXFND%ODQG]L ( 0DWKHPDWLFDO PRGHOOLQJ RI VKHDU HIIHFW RI VDQGZLFK EHDP ,Q
&RQIHUHQFHRQ1XPHULFDO$QDO\VLVDQG$SSOLHG0DWKHPDWLFV´7(6LPRQVHWDO(GV
S
0DJQXFND%ODQG]L ( 6WDWHF]QRĞü EHOHN L Sá\W WUyMZDUVWZRZ\FK RUD] EHOHN
FLHQNRĞFLHQQ\FKNV]WDáWRZDQ\FKQD]LPQR5R]SUDZ\QU3R]QDĔ:\G3RO3R]Q
0DJQXFNL . 2VWZDOG 0 UHG 6WDWHF]QRĞü L RSW\PDOL]DFMD NRQVWUXNFML
WUyMZDUVWZRZ\FK 3R]QDĔ =LHORQD *yUD :\G ,QVW 7HFKQRORJLL (NVSORDWDFML Z
5DGRPLX
0DJQXFNL.-DVLRQ30DJQXFND%ODQG]L(3DF]RV3/RFDOHODVWLFEXFNOLQJRIWKLQ
ZDOOHG FKDQQHO EHDPV DQG VDQGZLFK EHDPV ,Q 7KH 6L[WK 0,7 &RQIHUHQFH RQ
&RPSXWDWLRQDO )OXLG DQG 6ROLG 0HFKDQLFV ± )RFXV $GYDQFHV LQ 6ROLGV 6WUXFWXUHV
0DVVDFKXVHWWV,QVWLWXWHRI7HFKQRORJ\&DPEULGJH86$
.0$*18&.,
0DJQXFNL.-DVLRQ36]\F:6P\F]\ĔVNL06WUHQJWKDQGEXFNOLQJRIDVDQGZLFK
EHDPZLWKWKLQELQGLQJOD\HUVEHWZHHQIDFHVDQGDPHWDOIRDPFRUH,Q7KH:RUOG
&RQJUHVV RQ $GYDQFHV LQ 6WUXFWXUDO (QJLQHHULQJ DQG 0HFKDQLFV $6(0¶ 6HRXO
.RUHDS
0DJQXFNL . -DVLRQ 3 6P\F]\ĔVNL 0 0RGHORZDQLH EHOHN WUyMZDUVWZRZ\FK : ,,
.RQJUHV0HFKDQLNL3ROVNLHM3R]QDĔ
0DJQXFNL.:\WU]\PDáRĞüLVWDWHF]QRĞüEHOHNWUyMZDUVWZRZ\FK:;,,NRQIQDXN
WHFKÄ7HFKQLNL.RPSXWHURZHZ,QĪ\QLHULL´6áRNN%HáFKDWRZDS
0H\HU3LHQLQJ+56DQGZLFKSODWHVVWUHVVHVGHIOHFWLRQEXFNOLQJDQGZULQNOLQJORDGV±
DFDVHVWXG\³-RXUQDORI6DQGZLFK6WUXFWXUHVDQG0DWHULDOV´9ROS
0LFKDODN % 3á\W\ NRPSR]\WRZHSRG UHG & :RĨQLDND : 0HFKDQLND 7HFKQLF]QD
0HFKDQLNDVSUĊĪ\VW\FKSá\WLSRZáRN79,,,:DUV]DZD:\G1DXN3:1V
3DF]RV3=LHOQLFD-:DVLOHZLF]3/LPLWORDGRIDUHFWDQJXODUSODWHZLWKPHWDOIRDP
FRUH ZLWK DSSOLFDWLRQ WR VDQGZLFK EHDP ,Q 7KH WK ,QWO &RQIHUHQFH RQ 7KLQ:DOOHG
6WUXFWXUHV7LPLVRDUD5RPDQLDS
5RPDQyZ ) :\WU]\PDáRĞü NRQVWUXNFML ZDUVWZRZ\FK VWDW\ND VWDWHF]QRĞü GUJDQLD
EDGDQLDGRĞZLDGF]DOQH=LHORQD*yUD:\G:6,
6]\F:/DV]F]\N=0DJQXFNL.(ODVWLFEXFNOLQJFRPSUHVVHGVDQGZLFKF\OLQGULFDO
SDQHO ZLWK WKUHH HGJHV VLPSO\ VXSSRUWHG DQG RQH HGJH IUHH ³7KLQ:DOOHG 6WUXFWXUHV´
9ROS
9LQVRQ-56DQGZLFKVWUXFWXUHV³$SSOLHG0HFKDQLFV5HYLHZV´$60(9RO
S
:RĨQLDN0,QWHUDNFMDSá\W\]SRGáRĪHPVSUĊĪ\VW\PSRGUHG&:RĨQLDND0HFKDQLND
7HFKQLF]QD0HFKDQLNDVSUĊĪ\VW\FKSá\WLSRZáRN79,,,:DUV]DZD:\G1DXN3:1
V
675(1*7+$1'%8&./,1*2)6$1':,&+%($06&2/8016
6XPPDU\ 7KH VXEMHFW RI WKH SDSHU DUH VDQGZLFK EHDPV ORDGHG LQ IRXUSRLQW
EHQGLQJ RU D[LDOO\ FRPSUHVVHG 7ZR PRGHOV RI WKH EHDPV DUH SUHVHQWHG 7KH
HTXDWLRQ RI HTXLOLEULXP LV REWDLQHG EDVHG RQ WKH SULQFLSOH RI VWDWLRQDU\ WRWDO
SRWHQWLDO HQHUJ\ 7KH DQDO\WLFDO VROXWLRQ RI WKLV HTXDWLRQ LV FRPSRVHG RI
K\SHUEROLFIXQFWLRQV1XPHULFDOFDOFXODWLRQVDUHUHDOL]HGIRUDIDPLO\RIVDQGZLFK
EHDPV ZLWK GLIIHUHQW PHFKDQLFDO SURSHUWLHV RI WKH FRUH 0RUHRYHU )(0
LQYHVWLJDWLRQV DUH UHDOL]HG 5HVXOWV RI ERWK PHWKRGV IRU JOREDO EXFNOLQJ DUH
FRPSDUHGZLWKH[SHULPHQWDOWHVWV
3UDFD ILQDQVRZDQD SU]H] 0LQLVWHUVWZR 1DXNL L 6]NROQLFWZD :\ĪV]HJR ± *UDQW
QU%7RUD]'6