Documente Academic
Documente Profesional
Documente Cultură
8'& 'HVFULSWRUV
(QJOLVK YHUVLRQ
&(1
(XURSHDQ &RPPLWWHH IRU 6WDQGDUGLVDWLRQ &RPLWp (XURSpHQ GH 1RUPDOLVDWLRQ (XURSlLVFKHV .RPLWHH IU 1RUPXQJ &HQWUDO 6HFUHWDULDW UXH GH 6WDVVDUW % %UXVVHOV
!8vturrrqhyy8@Irir
SrsI@I (("")!@
&RQWHQW
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
)LQDO GUDIW 2FWREHU %XLOWXS FRPSUHVVLRQ PHPEHUV %XFNOLQJ RI SODWHV 6HUYLFHDELOLW\ OLPLW VWDWHV *HQHUDO 6HUYLFHDELOLW\ OLPLW VWDWHV IRU EXLOGLQJV *HQHUDO 5HFRPPHQGDWLRQV IRU KRUL]RQWDO GHIOHFWLRQV '\QDPLF HIIHFWV )DVWHQHUV ZHOGV FRQQHFWLRQV DQG MRLQWV
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
)RUHZRUG
7KLV (XURSHDQ 6WDQGDUG (1 'HVLJQ RI 6WHHO 6WUXFWXUHV %XLOGLQJV KDV EHHQ SUHSDUHG RQ EHKDOI RI 7HFKQLFDO &RPPLWWHH &(17& 6WUXFWXUDO (XURFRGHV WKH 6HFUHWDULDW RI ZKLFK LV KHOG E\ %6, &(17& LV UHVSRQVLEOH IRU DOO 6WUXFWXUDO (XURFRGHV 7KH WH[W RI WKH GUDIW VWDQGDUG ZDV VXEPLWWHG WR WKH IRUPDO YRWH DQG ZDV DSSURYHG E\ &(1 DV (1 RQ <<<<00'' 1R H[LVWLQJ (XURSHDQ 6WDQGDUG LV VXSHUVHGHG
$JUHHPHQW EHWZHHQ WKH &RPPLVVLRQ RI WKH (XURSHDQ &RPPXQLWLHV DQG WKH (XURSHDQ &RPPLWWHH IRU 6WDQGDUGLVDWLRQ &(1 FRQFHUQLQJ WKH ZRUN RQ (852&2'(6 IRU WKH GHVLJQ RI EXLOGLQJ DQG FLYLO HQJLQHHULQJ ZRUNV %&&(1
DV D PHDQV WR SURYH FRPSOLDQFH RI EXLOGLQJ DQG FLYLO HQJLQHHULQJ ZRUNV ZLWK WKH HVVHQWLDO UHTXLUHPHQWV RI &RXQFLO 'LUHFWLYH ((& SDUWLFXODUO\ (VVHQWLDO 5HTXLUHPHQW 1 0HFKDQLFDO UHVLVWDQFH DQG VWDELOLW\ DQG (VVHQWLDO 5HTXLUHPHQW 1 6DIHW\ LQ FDVH RI ILUH DV D EDVLV IRU VSHFLI\LQJ FRQWUDFWV IRU FRQVWUXFWLRQ ZRUNV DQG UHODWHG HQJLQHHULQJ VHUYLFHV DV D IUDPHZRUN IRU GUDZLQJ XS KDUPRQLVHG WHFKQLFDO VSHFLILFDWLRQV IRU FRQVWUXFWLRQ SURGXFWV (1V DQG (7$V
!
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
"
7KH (XURFRGH VWDQGDUGV SURYLGH FRPPRQ VWUXFWXUDO GHVLJQ UXOHV IRU HYHU\GD\ XVH IRU WKH GHVLJQ RI ZKROH VWUXFWXUHV DQG FRPSRQHQW SURGXFWV RI ERWK D WUDGLWLRQDO DQG DQ LQQRYDWLYH QDWXUH 8QXVXDO IRUPV RI FRQVWUXFWLRQ RU GHVLJQ FRQGLWLRQV DUH QRW VSHFLILFDOO\ FRYHUHG DQG DGGLWLRQDO H[SHUW FRQVLGHUDWLRQ ZLOO EH UHTXLUHG E\ WKH GHVLJQHU LQ VXFK FDVHV
YDOXHV IRU SDUWLDO IDFWRUV DQGRU FODVVHV ZKHUH DOWHUQDWLYHV DUH JLYHQ LQ WKH (XURFRGH YDOXHV WR EH XVHG ZKHUH D V\PERO RQO\ LV JLYHQ LQ WKH (XURFRGH JHRJUDSKLFDO DQG FOLPDWLF GDWD VSHFLILF WR WKH 0HPEHU 6WDWH HJ VQRZ PDS WKH SURFHGXUH WR EH XVHG ZKHUH DOWHUQDWLYH SURFHGXUHV DUH JLYHQ LQ WKH (XURFRGH UHIHUHQFHV WR QRQFRQWUDGLFWRU\ FRPSOHPHQWDU\ LQIRUPDWLRQ WR DVVLVW WKH XVHU WR DSSO\ WKH (XURFRGH
/LQNV EHWZHHQ (XURFRGHV DQG SURGXFW KDUPRQLVHG WHFKQLFDO VSHFLILFDWLRQV (1V DQG (7$V
7KHUH LV D QHHG IRU FRQVLVWHQF\ EHWZHHQ WKH KDUPRQLVHG WHFKQLFDO VSHFLILFDWLRQV IRU FRQVWUXFWLRQ SURGXFWV DQG WKH WHFKQLFDO UXOHV IRU ZRUNV )XUWKHUPRUH DOO WKH LQIRUPDWLRQ DFFRPSDQ\LQJ WKH &( 0DUNLQJ RI WKH FRQVWUXFWLRQ SURGXFWV ZKLFK UHIHU WR (XURFRGHV VKRXOG FOHDUO\ PHQWLRQ ZKLFK 1DWLRQDOO\ 'HWHUPLQHG 3DUDPHWHUV KDYH EHHQ WDNHQ LQWR DFFRXQW
#
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
FRPPLWWHHV GUDIWLQJ GHVLJQ UHODWHG SURGXFW WHVWLQJ DQG H[HFXWLRQ VWDQGDUGV FOLHQWV HJ IRU WKH IRUPXODWLRQ RI WKHLU VSHFLILF UHTXLUHPHQWV GHVLJQHUV DQG FRQVWUXFWRUV UHOHYDQW DXWKRULWLHV
1XPHULFDO YDOXHV IRU SDUWLDO IDFWRUV DQG RWKHU UHOLDELOLW\ SDUDPHWHUV DUH UHFRPPHQGHG DV EDVLF YDOXHV WKDW SURYLGH DQ DFFHSWDEOH OHYHO RI UHOLDELOLW\ 7KH\ KDYH EHHQ VHOHFWHG DVVXPLQJ WKDW DQ DSSURSULDWH OHYHO RI ZRUNPDQVKLS DQG TXDOLW\ PDQDJHPHQW DSSOLHV
*HQHUDO
6FRSH
6FRSH RI (XURFRGH 6HH RI (1 6FRSH RI 3DUW RI (XURFRGH
7KLV 3DUW RI (1 JLYHV D JHQHUDO EDVLV IRU WKH VWUXFWXUDO GHVLJQ RI VWHHO EXLOGLQJV VWHHO SDUWV RI FRPSRVLWH EXLOGLQJV RU EXLOGLQJV WKDW DUH PDLQO\ RI RWKHU FRQVWUXFWLRQ PDWHULDOV DQG DOVR VWHHO WHPSRUDU\ ZRUNV LQ EXLOGLQJV ,W JLYHV SURYLVLRQV WKDW VXSSOHPHQW PRGLI\ RU VXSHUVHGH WKH HTXLYDOHQW SURYLVLRQV JLYHQ LQ WKH YDULRXV SDUWV RI (1 7KLV 3DUW DOVR JLYHV GHWDLOHG DSSOLFDWLRQ UXOHV WKDW DUH PDLQO\ DSSOLFDEOH WR FRPPRQO\ XVHG W\SHV RI EXLOGLQJV :KHUH WKH DSSOLFDELOLW\ RI WKHVH UXOHV LV OLPLWHG IRU SUDFWLFDO UHDVRQ RU GXH WR VLPSOLILFDWLRQV WKHLU XVH DQG DQ\ OLPLWV RI DSSOLFDELOLW\ DUH H[SODLQHG LQ WKH WH[W 3URYLVLRQV IRU WKH VWUXFWXUDO ILUH GHVLJQ WKH GHVLJQ RI FROG IRUPHG WKLQ JDXJH PHPEHUV DQG VKHHWLQJ WKH GHVLJQ ZLWK VWDLQOHVV VWHHOV DQG ZLWK WHQVLOH HOHPHQWV DUH LQFOXGHG LQ (1 DQG WKHUHIRUH QRW GHDOW ZLWK LQ WKLV SDUW 3URYLVLRQV IRU FRPSRVLWH FRPSRQHQWV DUH FRYHUHG LQ (1 7KH GHVLJQ RI VWHHO EHDULQJ SLOHV DQG VWHHO VKHHW SLOH ZDOOV LV FRYHUHG LQ (1 3URYLVLRQV IRU WKH GHVLJQ RI FUDQH VXSSRUWLQJ VWUXFWXUHV DUH LQFOXGHG LQ (1
7KLV VWDQGDUG LV FRQFHUQHG RQO\ ZLWK SURYLVLRQV IRU UHVLVWDQFH VHUYLFHDELOLW\ DQG GXUDELOLW\ RI EULGJH VWUXFWXUHV 2WKHU DVSHFWV RI GHVLJQ DUH QRW FRQVLGHUHG ([HFXWLRQ LV FRYHUHG WR WKH H[WHQW WKDW LV QHFHVVDU\ WR LQGLFDWH WKH TXDOLW\ RI WKH FRQVWUXFWLRQ PDWHULDOV DQG SURGXFWV WKDW VKRXOG EH XVHG DQG WKH VWDQGDUG RI ZRUNPDQVKLS RQ VLWH QHHGHG WR FRPSO\ ZLWK WKH DVVXPSWLRQV RI WKH GHVLJQ UXOHV )RU WKH H[HFXWLRQ RI VWHHO EXLOGLQJV UHIHUHQFH VKRXOG EH PDGH WR (1 [[[
$
(1 GRHV QRW FRYHU WKH VSHFLDO UHTXLUHPHQWV RI VHLVPLF GHVLJQ 5HIHUHQFH VKDOO EH PDGH WR WKH UHTXLUHPHQWV JLYHQ LQ (1 ZKLFK FRPSOHPHQWV DQG PRGLILHV WKH UXOHV RI (1 VSHFLILFDOO\ IRU WKLV SXUSRVH 7KH IROORZLQJ VXEMHFWV DUH GHDOW ZLWK LQ (1 6HFWLRQ 6HFWLRQ 6HFWLRQ 6HFWLRQ 6HFWLRQ 6HFWLRQ 6HFWLRQ 6HFWLRQ ,QWURGXFWLRQ %DVLV RI GHVLJQ 0DWHULDOV 'XUDELOLW\ 6WUXFWXUDO DQDO\VLV 8OWLPDWH OLPLW VWDWHV 6HUYLFHDELOLW\ OLPLW VWDWHV &RQQHFWLRQV
6HFWLRQ WR SURYLGH DGGLWLRQDO FODXVHV WR WKRVH JLYHQ LQ (1 %DVLV RI VWUXFWXUDO GHVLJQ 6HFWLRQ GHDOV ZLWK PDWHULDO SURSHUWLHV RI SURGXFWV XVHG LQ EXLOGLQJ GHVLJQ 6HFWLRQ JLYHV JHQHUDO UXOHV IRU GXUDELOLW\ 6HFWLRQ UHIHUV WR WKH VWUXFWXUDO DQDO\VLV RI EXLOGLQJ VWUXFWXUHV 6HFWLRQ JLYHV GHWDLOHG UXOHV IRU WKH GHVLJQ RI FURVV VHFWLRQV DQG PHPEHUV 6HFWLRQ JLYHV UXOHV IRU VHUYLFHDELOLW\ 6HFWLRQ UHIHUV WR FRQQHFWLRQV XVHG LQ EXLOGLQJ
$VVXPSWLRQV
6HH RI (1
'HILQLWLRQV
)RU WKH SXUSRVHV RI WKLV 3DUW RI (1 LQ DGGLWLRQ WR WKH GHILQLWLRQV JLYHQ LQ (1 DQG (1 WKH IROORZLQJ GHILQLWLRQV DSSO\ 'UDIW QRWH WR EH LQVHUWHG ODWHU
6\PEROV
)RU WKH SXUSRVH RI WKLV VWDQGDUG WKH IROORZLQJ V\PEROV DSSO\
%DVLV RI GHVLJQ
5HTXLUHPHQWV
%DVLF UHTXLUHPHQWV 6HH RI (1 5HOLDELOLW\ PDQDJHPHQW 6HH RI (1 'HVLJQ ZRUNLQJ OLIH GXUDELOLW\ DQG UREXVWQHVV *HQHUDO
7KH GHVLJQ ZRUNLQJ OLIH VKRXOG EH WDNHQ DV WKH SHULRG IRU ZKLFK D EXLOGLQJ LV UHTXLUHG WR EH XVHG IRU LWV LQWHQGHG SXUSRVH 7KH LQWHQGHG GHVLJQ ZRUNLQJ OLIH RI D SHUPDQHQW EXLOGLQJ VKRXOG EH WDNHQ DV \HDUV XQOHVV RWKHUZLVH VSHFLILHG 127( )RU WHPSRUDU\ EXLOGLQJV WKH GHVLJQ ZRUNLQJ OLIH VKRXOG EH GHILQHG LQ WKH 1DWLRQDO $QQH[ )RU VWUXFWXUDO HOHPHQWV WKDW FDQQRW EH GHVLJQHG IRU WKH WRWDO GHVLJQ OLIH RI WKH EXLOGLQJ VHH 'XUDELOLW\
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
7KH GHVLJQ VKRXOG HQVXUH WKDW ZKHQ GDPDJH GXH WR DFFLGHQWDO DFWLRQV RFFXUV WKH UHPDLQLQJ VWUXFWXUH FDQ VXVWDLQ DW OHDVW WKH DFFLGHQWDO ORDG FRPELQDWLRQ 7KH HIIHFWV RI GHWHULRUDWLRQ RI PDWHULDO FRUURVLRQ RU IDWLJXH ZKHUH UHOHYDQW VKRXOG EH WDNHQ LQWR DFFRXQW E\ DSSURSULDWH FKRLFH RI PDWHULDO VHH (1 DQG GHWDLOV VHH (1 RU VWUXFWXUDO UHGXQGDQF\ DQG FRUURVLRQ SURWHFWLRQ V\VWHP 127( 7KH 1DWLRQDO $QQH[ PD\ JLYH PRUH GHWDLOHG SURYLVLRQV IRU VWUXFWXUDO UHGXQGDQF\
0DWHULDOV
*HQHUDO
6HH RI (1
'XUDELOLW\
6HH RI (1 )RU EXLOGLQJ VWUXFWXUHV QR IDWLJXH DVVHVVPHQW LV QRUPDOO\ UHTXLUHG H[FHSW DV IROORZV
D 0HPEHUV VXSSRUWLQJ OLIWLQJ DSSOLDQFHV RU UROOLQJ ORDGV E 0HPEHUV VXEMHFW WR UHSHDWHG VWUHVV F\FOHV IURP YLEUDWLQJ PDFKLQHU\ F 0HPEHUV VXEMHFW WR ZLQGLQGXFHG YLEUDWLRQV G 0HPEHUV VXEMHFW WR FURZGLQGXFHG RVFLOODWLRQV %XLOGLQJV ZLWK DQ LQWHUQDO VWUXFWXUH SURWHFWHG E\ D IDFDGH QRUPDOO\ GRQ
W QHHG DQ\ FRUURVLRQ SURWHFWLRQ 'UDIW QRWH 7KLV LV WKH FDVH IRU DQ LQWHUQDO UHODWLYH KXPLGLW\ OHVV RU HTXDO WR
6WUXFWXUDO DQDO\VLV
6WUXFWXUDO PRGHOOLQJ IRU DQDO\VLV
6WUXFWXUDO PRGHOOLQJ DQG EDVLF DVVXPSWLRQV 6HH RI (1
)RU WKH VWUXFWXUDO PRGHOOLQJ DQG EDVLF DVVXPSWLRQV IRU FRPSRQHQWV RI EXLOGLQJV VHH DOVR (1 DQG (1 -RLQW PRGHOOLQJ 6HH RI (1 *URXQG VWUXFWXUH LQWHUDFWLRQ 6HH RI (1
%HDPDQGFROXPQ W\SH SODQH IUDPHV LQ EXLOGLQJV PD\ EH FKHFNHG ZLWK ILUVW RUGHU WKHRU\ LI WKH IROORZLQJ FULWHULRQ LV VDWLVILHG
d + 1 (G K + (G
ZKHUH dH K + 1
@q
LV WKH KRUL]RQWDO GLVSODFHPHQW EHORQJLQJ WR + DFFRUGLQJ WR ILUVW RUGHU WKHRU\ DW WKH WRS RI WKH VWRUH\ UHODWLYH WR WKH ERWWRP RI WKH VWRUH\ LV WKH VWRUH\ KHLJKW LV D UHIHUHQFH KRUL]RQWDO UHDFWLRQ DW WKH ERWWRP RI WKH VWRUH\ LV WKH WRWDO YHUWLFDO UHDFWLRQ DW WKH ERWWRP RI WKH VWRUH\
@q
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
,PSHUIHFWLRQV
%DVLV 6HH RI (1
3DJH SU(1 [[ ,PSHUIHFWLRQV IRU JOREDO DQDO\VLV 6HH RI (1
)RU EXLOGLQJIUDPHV WKH HIIHFW RI LPSHUIHFWLRQV VKRXOG EH DOORZHG IRU LQ IUDPH DQDO\VLV E\ PHDQV RI DQ HTXLYDOHQW LPSHUIHFWLRQ LQ WKH IRUP RI DQ LQLWLDO VZD\ LPSHUIHFWLRQ f VHH )LJXUH GHWHUPLQHG IURP f
f a a
u
a LV WKH UHGXFWLRQ IDFWRU IRU KHLJKW K DSSOLFDEOH WR FRQWLQXRXV FROXPQV a K = a LV WKH UHGXFWLRQ IDFWRU IRU WKH QXPEHU RI FROXPQV LQ D URZ a P =
K
+ P
7KHVH LQLWLDO VZD\ LPSHUIHFWLRQV DSSO\ LQ DOO KRUL]RQWDO GLUHFWLRQV EXW QHHG RQO\ EH FRQVLGHUHG LQ RQH GLUHFWLRQ DW D WLPH 7KH SRVVLEOH WRUVLRQDO HIIHFWV RQ WKH VWUXFWXUH RQ DQWLV\PPHWULF VZD\V RQ WZR RSSRVLWH IDFHV VKRXOG DOVR EH FRQVLGHUHG VHH )LJXUH
R
R +
L
R
)RU EXLOGLQJ IUDPHV ZLWK VZD\ LPSHUIHFWLRQV DFFRUGLQJ WR DOVR PHPEHU LPSHUIHFWLRQV DFFRUGLQJ WR VKRXOG EH WDNHQ LQWR DFFRXQW LQ DGGLWLRQ 7KH\ PD\ EH QHJOHFWHG LI WKH IROORZLQJ FULWHULRQ DSSOLHV
l
$ I\ 1 (G
LV WKH GHVLJQ YDOXH RI WKH FRPSUHVVLRQ IRUFH LV WKH LQSODQH QRQGLPHQVLRQDO VOHQGHUQHVV FDOFXODWHG XVLQJ D EXFNOLQJ OHQJWK HTXDO WR WKH V\VWHP OHQJWK
$V D VLPSOLILHG PHWKRG IRU WKH FDOFXODWLRQ RI DFWLRQ HIIHFWV IROORZLQJ D ILUVWRUGHU DQDO\VLV VHH (1 WKH SODVWLF JOREDO DQDO\VLV PD\ EH UHSODFHG E\ DQ HODVWLF JOREDO DQDO\VLV DQG PRGLI\LQJ WKH FDOFXODWHG HODVWLF EHQGLQJ PRPHQWV E\ UHGLVWULEXWLQJ XS WR RI WKH SHDN FDOFXODWHG PRPHQW LQ DQ\ PHPEHU SURYLGHG WKDW D WKH LQWHUQDO IRUFHV DQG PRPHQWV LQ WKH IUDPH UHPDLQ LQ HTXLOLEULXP ZLWK WKH DSSOLHG ORDGV DQG E DOO WKH PHPEHUV LQ ZKLFK WKH PRPHQWV DUH UHGXFHG KDYH &ODVV RU &ODVV FURVVVHFWLRQV VHH (1
WRUVLRQDO EXFNOLQJ LI WKH VWDEOH OHQJWK RI VHJPHQW / FRUUHVSRQGLQJ WR WKH VOHQGHUQHVV l I RI WKH HTXLYDOHQW FRPSUHVVLRQ IODQJH GRHV QRW H[FHHG
l =
I
N / l L l
F F I ]
0
F
F 5G
\ 6G
ZKHUH 0
Tq
LV WKH PD[LPXP GHVLJQ YDOXH RI WKH EHQGLQJ PRPHQW ZLWKLQ WKH UHVWUDLQW VSDFLQJ
F 5G
=:
I
\
0
LV D VOHQGHUQHVV FRUUHFWLRQ IDFWRU IRU PRPHQW GLVWULEXWLRQ EHWZHHQ UHVWUDLQWV VHH 7DEOH LV WKH UDGLXV RI J\UDWLRQ RI WKH FRPSUHVVLRQ IODQJH DERXW WKH PLQRU D[LV WKH VHFWLRQ LQFOXGLQJ RI WKH FRPSUHVVHG SDUW RI WKH ZHE DUHD
s
( = e I
\
e=
I\
s
I LQ 1PP
!
127( L PD\ EH WDNHQ DV WKH UDGLXV RI J\UDWLRQ DERXW WKH PLQRU D[LV WKH VHFWLRQ L
I ]
= $
HII I
HII I
+ $
ZKHUH , LV WKH HIIHFWLYH VHFRQG PRPHQW RI DUHD RI WKH FRPSUHVVLRQ IODQJH DERXW WKH PLQRU D[LV RI WKH VHFWLRQ
rsss
$ $ DQG $
rsss
LV WKH HIIHFWLYH DUHDV RI WKH IODQJH LV WKH HIIHFWLYH DUHDV RI WKH FRPSUHVVHG ZHE $
rss
rssp
rssp
127( 7KH VOHQGHUQHVV OLPLW l F PD\ EH JLYHQ LQ WKH 1DWLRQDO $QQH[ $ OLPLW YDOXH l F = LV UHFRPPHQGHG
y
- y
,I WKH VOHQGHUQHVV RI WKH FRPSUHVVLRQ IODQJH l I H[FHHGV WKH OLPLW JLYHQ LQ WKH GHVLJQ EXFNOLQJ UHVLVWDQFH PRPHQW PD\ EH WDNHQ DV
E 5G
= N lc 0
I
F 5G
EXW 0
E 5G
F 5G
ZKHUH c
LV WKH PDJQLILFDWLRQ IDFWRU DFFRXQWLQJ IRU WKH VDIHVLGHGQHVV RI WKH HTXLYDOHQW FRPSUHVVLRQ HOHPHQW
I
127( 7KH PDJQLILFDWLRQ IDFWRU PD\ EH JLYHQ LQ WKH 1DWLRQDO $QQH[ $ YDOXH N UHFRPPHQGHG 7KH EXFNOLQJ FXUYHV WR EH XVHG LQ VKRXOG EH WDNHQ DV IROORZV FXUYH F IRU UROOHG VHFWLRQV FXUYH G IRU ZHOGHG VHFWLRQV SURYLGHG WKDW ZKHUH K W
= LV
K e W
I
LV WKH RYHUDOO GHSWK RI WKH FURVVVHFWLRQ LV WKH WKLFNQHVV RI WKH FRPSUHVVLRQ IODQJH
127( )RU ODWHUDO WRUVLRQDO EXFNOLQJ RI FRPSRQHQWV RI EXLOGLQJ VWUXFWXUHV VHH $QQH[ % /DWHUDO WRUVLRQDO EXFNOLQJ RI IUDPHV *HQHUDO PHWKRG
6HH RI (1 /DWHUDO WRUVLRQDO EXFNOLQJ RI SRUWDO IUDPHV ZLWK SODVWLF GHVLJQ
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
:KHUH D SODVWLF KLQJH ORFDWLRQ RFFXUV LPPHGLDWHO\ DGMDFHQW WR RQH HQG RI D KDXQFK WKH WDSHUHG VHJPHQW QHHG QRW EH WUHDWHG DV D VHJPHQW DGMDFHQW WR D SODVWLF KLQJH ORFDWLRQ LI WKH IROORZLQJ FULWHULD DUH VDWLVILHG )RU WKUHH IODQJH KDXQFKHV D WKH UHVWUDLQW DW WKH SODVWLF KLQJH ORFDWLRQ VKRXOG EH ZLWKLQ D GLVWDQFH G DORQJ WKH OHQJWK RI WKH WDSHUHG VHJPHQW QR WKH XQLIRUP VHJPHQW E WKH KDXQFK UHPDLQV HODVWLF WKURXJKRXW LWV OHQJWK )RU WZR IODQJH KDXQFKHV D WKH PRPHQW DW WKH ODWHUDO UHVWUDLQW GRHV QRW H[FHHG DOORZ IRU DQ D[LDO ORDG
E WKH OHQJWK / WR WKH DGMDFHQW ODWHUDO UHVWUDLQW WR WKH FRPSUHVVLRQ IODQJH GRHV QRW H[FHHG OLPLWLQJ OHQJWK
127( $ ODWHUDO WRUVLRQDO EXFNOLQJ YHULILFDWLRQ RI WDSHUHG VHJPHQWV WR GHWHUPLQH WKH VWDEOH OHQJWK PD\ EH SHUIRUPHG DFFRUGLQJ WR $QQH[ % %HQGLQJ DQG D[LDO FRPSUHVVLRQ 6HH RI (1
:LWK UHIHUHQFH WR (1 $QQH[ $ )LJXUH $ WKH OLPLWV IRU YHUWLFDO GHIOHFWLRQV JLYHQ LQ 7DEOH DUH UHFRPPHQGHG
7DEOH ([DPSOH IRU OLPLWLQJ GHVLJQ YDOXHV IRU GHIOHFWLRQV DV D IXQFWLRQ RI VSDQ / RU WZLFH WKH OHQJWK RI D FDQWLOHYHU
6HUYLFHDELOLW\ UHTXLUHPHQW &KDUDFWHULVWLF FRPELQDWLRQ RI DFWLRQV
h p
'HIOHFWLRQ d -d ,UUHYHUVLEOH OLPLW VWDWHV /LPLW GHIRUPDWLRQV WR FRQWURO FUDFNLQJ IRU SDUWLFXODU HOHPHQWV 3DUWLWLRQV EULWWOH SDUWLWLRQ ZDOOVQRW UHLQIRUFHG / UHLQIRUFHG SDUWLWLRQ ZDOOV / UHPRYDEOH SDUWLWLRQ ZDOOV / &HLOLQJV SODVWHUHG FHLOLQJ / IDOVH FHLOLQJ / )ORRULQJ ULJLG IORRULQJ HJ FHUDPLF WLOHV / IOH[LEOH IORRULQJ HJ IOH[LEOH IORRU FRYHULQJ / ,UUHYHUVLEOH /LPLW 6WDWHV /LPLW GHIOHFWLRQ WR HQVXUH GUDLQDJH RI ZDWHU 5RRI FRYHULQJ ULJLG FRYHULQJ / IOH[LEOH FRYHULQJ / 5HFRPPHQGDWLRQV IRU KRUL]RQWDO GHIOHFWLRQV
:LWK UHIHUHQFH WR (1 $QQH[ $ )LJXUH $ WKH OLPLWV IRU KRUL]RQWDO GHIOHFWLRQV JLYHQ LQ 7DEOH DUH UHFRPPHQGHG
7DEOH ([DPSOHV IRU OLPLWLQJ GHVLJQ YDOXHV RI KRUL]RQWDO GHIOHFWLRQV DV D IXQFWLRQ RI KHLJKW + RI WKH EXLOGLQJ VWRUH\ KHLJKW D+ RU VSDQ /
6HUYLFHDELOLW\ UHTXLUHPHQW 3DUWLWLRQV $SSHDUDQFH RI WKH VWUXFWXUH '\QDPLF HIIHFWV &RPELQDWLRQ RI DFWLRQV &KDUDFWHULVWLF DX D+ DX D+
7KH YLEUDWLRQV RI VWUXFWXUH RQ ZKLFK WKH SXEOLF FDQ ZDON VKDOO EH OLPLWHG WR DYRLG VLJQLILFDQW GLVFRPIRUW WR XVHUV 127( 7KH QDWXUDO IUHTXHQF\ I PD\ EH HVWLPDWHG DV DQ DSSUR[LPDWLRQ IRU VLPSO\ VXSSRUWHG EHDPV DV IROORZV
I=
d
ZKHUH d LV WKH GHIOHFWLRQ LQ >PP@ 127( 7KH 1DWLRQDO $QQH[ PD\ VSHFLI\ OLPLWV IRU YLEUDWLRQ RI IORRUV
$QQH[ $ >LQIRUPDWLYH@ 6LPSOLILHG SURYLVLRQV IRU WKH GHVLJQ RI FRQWLQXRXV IORRU EHDPV
'UDIW QRWH 7R EH GUDIWHG DIWHU DJUHHPHQW LQ WKH &(1 7& &RRUGLQDWLRQ *URXS
)LJXUH % %XFNOLQJ OHQJWK UDWLR /FU / IRU D FROXPQ LQ D QRQVZD\ PRGH
)LJXUH % %XFNOLQJ OHQJWK UDWLR /FU / IRU D FROXPQ LQ D VZD\ PRGH % )OH[XUDO EXFNOLQJ RI PHPEHUV LQ WULDQJXODWHG DQG ODWWLFH VWUXFWXUHV
% *HQHUDO )RU FKRUG PHPEHUV JHQHUDOO\ DQG IRU RXWRISODQH EXFNOLQJ RI ZHE PHPEHUV WKH EXFNOLQJ OHQJWK / VKDOO EH WDNHQ DV HTXDO WR WKH V\VWHP OHQJWK / XQOHVV D VPDOOHU YDOXH LV MXVWLILHG E\ DQDO\VLV
p
:HE PHPEHUV PD\ EH GHVLJQHG ILU LQSODQH EXFNOLQJ XVLQJ D EXFNOLQJ OHQJWK VPDOOHU WKDQ WKH V\VWHP OHQJWK SURYLGHG WKH FKRUGV VXSSO\ DSSURSULDWH HQG UHVWUDLQW DQG WKH HQG FRQQHFWLRQV VXSSO\ DSSURSULDWH IL[LW\ DW OHDVW EROWV LI EROWHG
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`l VKRXOG EH REWDLQHG DV IROORZV
rss
l l l
HII Y
IRU EXFNOLQJ DERXW YY D[LV IRU EXFNOLQJ DERXW \\ D[LV IRU EXFNOLQJ DERXW ]] D[LV %
HII \
HII ]
ZKHUH`l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
p
7KH EXFNOLQJ OHQJWK / RI DQ , RU + VHFWLRQ FKRUG PHPEHU VKRXOG EH WDNHQ DV / IRU LQSODQH EXFNOLQJ DQG / IRU RXWRISODQH EXFNOLQJ XQOHVV D VPDOOHU YDOXH LV MXVWLILHG E\ DQDO\VLV
p
7KH EXFNOLQJ OHQJWK / RI D KROORZ VHFWLRQ EUDFH PHPEHU ZLWK EROWHG FRQQHFWLRQV VKRXOG EH WDNHQ DV / IRU ERWK LQSODQH DQG RXWRISODQH EXFNOLQJ
p
7KH EXFNOLQJ OHQJWK / RI D KROORZ VHFWLRQ EUDFH PHPEHU ZLWKRXW FURSSLQJ RU IODWWHQLQJ ZHOGHG DURXQG LWV SHULPHWHU WR KROORZ VHFWLRQ FKRUGV PD\ JHQHUDOO\ EH WDNHQ DV / IRU ERWK LQSODQH DQG RXWRI SODQH EXFNOLQJ $OWHUQDWLYHO\ LWV EXFNOLQJ OHQJWK PD\ EH GHWHUPLQHG E\ XVLQJ WKH H[SUHVVLRQV JLYHQ LQ 7DEOH %
p
,I WKH FRQGLWLRQV DW HDFK HQG RI EUDFH PHPEHU GLIIHU WKH EXFNOLQJ OHQJWK / VKRXOG EH WDNHQ DV WKH DULWKPHWLF PHDQ RI WKH UHVSHFWLYH YDOXHV RI WKH WZR HQG FRQGLWLRQV
p
7DEOH % ,QSODQH DQG RXWSODQH EXFNOLQJ OHQJWK IDFWRUV IRU KROORZ VHFWLRQ EUDFH PHPEHUV ZHOGHG WR KROORZ VHFWLRQ FKRUGV
&KRUG PHPEHU &+6 %UDFH PHPEHU &+6 &+6 / /
p
G / = /G /
FU FU
G / = /E /
E / = /E /
2XWRISODQH
ZKHUH &+6 GHQRWHV D FLUFXODU KROORZ VHFWLRQ PHPEHU 5+6 GHQRWHV D UHFWDQJXODU KROORZ VHFWLRQ PHPEHU E E G G K
K / = /E /
FU
LV WKH ZLGWK RI D UHFWDQJXODU KROORZ VHFWLRQ FKRUG PHPEHU RXWRISODQH LV WKH ZLGWK RI D UHFWDQJXODU KROORZ VHFWLRQ EUDFH PHPEHU RXWRISODQH LV WKH GLDPHWHU RI D FLUFXODU KROORZ VHFWLRQ FKRUG PHPEHU LV WKH GLDPHWHU RI D FLUFXODU KROORZ VHFWLRQ EUDFH PHPEHU LV WKH KHLJKW RI D UHFWDQJXODU KROORZ VHFWLRQ FKRUG PHPEHU LQSODQH
(1
ZKHUH 1 1
FU \
- 1 )(1
FU ]
- 1 )(1
FU 7
- 1 ) L - ] 1 (1
FU \
- 1 ) - \ 1 (1
FU ]
- 1) =
%
p
LV WKH HODVWLF FULWLFDO IRUFH IRU IOH[XUDO EXFNOLQJ DERXW WKH \\ D[LV LV WKH HODVWLF FULWLFDO IRUFH IRU IOH[XUDO EXFNOLQJ DERXW WKH ]] D[LV
p
FU 7
p (, = *, + L l
Z W 7
L = L \ + L] + \ + ]
* , , L L
LV WKH VKHDU PRGXOXV LV WKH WRUVLRQ FRQVWDQW RI WKH JURVV FURVVVHFWLRQ LV WKH ZDUSLQJ FRQVWDQW RI WKH JURVV FURVVVHFWLRQ LV WKH UDGLXV RI J\UDWLRQ RI WKH JURVV FURVVVHFWLRQ DERXW WKH \\ D[LV LV WKH UDGLXV RI J\UDWLRQ RI WKH JURVV FURVVVHFWLRQ DERXW WKH ]] D[LV
\ ] DUH WKH VKHDU FHQWUH FRRUGLQDWHV ZLWK UHVSHFW WR WKH FHQWURLG RI WKH JURVV FURVVVHFWLRQ
7
%
FU 7)
=1
FU 7
SURYLGHG 1
pU
1
p
DQG 1
p
)RU FURVVVHFWLRQV WKDW DUH V\PPHWULFDO DERXW WKH \\ D[LV HJ [
FU 7)
+ 1 = b 1 1
FU \
FU 7
FU \
1 - 1
FU 7
FU \
+ \ 1 L 1
FU 7
FU
%
\ ZKHUH b = - L
7KH EXFNOLQJ OHQJWK / IRU WRUVLRQDO RU WRUVLRQDOIOH[XUDO EXFNOLQJ VKDOO EH GHWHUPLQHG WDNLQJ LQWR DFFRXQW WKH GHJUHH RI WRUVLRQDO DQG ZDUSLQJ UHVWUDLQW DW HDFK HQG RI WKH V\VWHP OHQJWK /
FU7 7
7KH YDOXH RI /
FU7
/
% (ODVWLF FULWLFDO PRPHQW IRU EHDPV % &URVVVHFWLRQV V\PPHWULFDO DERXW WKH PLQRU D[LV ,Q WKH FDVH RI D EHDP RI XQLIRUP FURVVVHFWLRQ WKDW LV V\PPHWULFDO DERXW WKH PLQRU D[LV IRU EHQGLQJ DERXW WKH PDMRU D[LV WKH HODVWLF FULWLFDO PRPHQW IRU ODWHUDOWRUVLRQDO EXFNOLQJ LV JLYHQ E\ WKH JHQHUDO IRUPXOD
N , Z N/ *, W p (, ] & & ] J & ] M >& ] J & ] M @ p (, ] N/ N Z ,]
0FU
%
ZKHUH * , , ,
W
( n
LV WKH WRUVLRQ FRQVWDQW LV WKH ZDUSLQJ FRQVWDQW LV WKH VHFRQG PRPHQW RI DUHD DERXW WKH PLQRU D[LV LV WKH OHQJWK RI WKH EHDP EHWZHHQ SRLQWV ZKLFK KDYH ODWHUDO UHVWUDLQW
/
& & DQG & DUH IDFWRUV GHSHQGLQJ RQ WKH ORDGLQJ DQG HQG UHVWUDLQW FRQGLWLRQV
] ]
D
] M = ] V - \ + ]
$
) ,] G$
\
LV WKH FRRUGLQDWH RI WKH SRLQW RI ORDG DSSOLFDWLRQ LV WKH FRRUGLQDWH RI WKH VKHDU FHQWUH
M
127( 6HH DQG IRU VLJQ FRQYHQWLRQV DQG IRU DSSUR[LPDWLRQV IRU ]
7KH HIIHFWLYH OHQJWK IDFWRUV N DQG NZ YDU\ IURP IRU IXOO UHVWUDLQW WR IRU QR UHVWUDLQW ZLWK IRU RQH HQG IL[HG DQG RQH HQG IUHH 7KH QRUPDO FRQGLWLRQV RI UHVWUDLQW DW HDFK HQG DUH N
UHVWUDLQHG DJDLQVW ODWHUDO PRYHPHQW IUHH WR URWDWH RQ SODQ UHVWUDLQHG DJDLQVW URWDWLRQ DERXW WKH ORQJLWXGLQDO D[LV IUHH WR ZDUS UHVWUDLQHG DJDLQVW PRYHPHQW LQ SODQH RI ORDGLQJ IUHH WR URWDWH LQ SODQ
127(
WKH IDFWRU N UHIHUV WR HQG URWDWLRQ RQ SODQ ,W LV DQDORJRXV WR WKH UDWLR / IRU D FRPSUHVVLRQ PHPEHU WKH IDFWRU N UHIHUV WR HQG ZDUSLQJ
Z Z
8QOHVV VSHFLDO SURYLVLRQ IRU ZDUSLQJ UHVWUDLQW LV PDGH N VKRXOG EH WDNHQ DV
9DOXHV RI & & DQG & DUH JLYHQ LQ 7DEOH % DQG 7DEOH % IRU YDULRXV ORDG FDVHV DV LQGLFDWHG E\ WKH VKDSH RI WKH EHQGLQJ PRPHQW GLDJUDP RYHU WKH OHQJWK / EHWZHHQ ODWHUDO UHVWUDLQWV 9DOXHV DUH JLYHQ FRUUHVSRQGLQJ WR YDULRXV YDOXHV RI N DQG LQ 7DEOH % DOVR FRUUHVSRQGLQJ WR YDULRXV YDOXHV RI N
Z
)RU FDVHV ZLWK N WKH YDOXH RI & IRU GRXEO\ V\PPHWULF SURILOHV DQG DQ\ UDWLR RI HQG PRPHQW ORDGLQJ DV LQGLFDWHG LQ 7DEOH % LV JLYHQ DSSUR[LPDWHO\ E\
%
7KH VLJQ FRQYHQWLRQ IRU GHWHUPLQLQJ ]M VHH )LJXUH % LV
] LV QHJDWLYH IRU WKH FRPSUHVVLRQ IODQJH ] LV SRVLWLYH ZKHQ WKH IODQJH ZLWK WKH ODUJHU YDOXH RI , LV LQ FRPSUHVVLRQ DW WKH SRLQW RI ODUJHVW PRPHQW
M ]
'UDIW QRWH $FFRUGLQJ WR 3URI ,YDQ %DOD] WKLV VHQWHQFH LV QRW FRUUHFW DQG VKRXOG EH GHOHWHG HJ VHH IL[HG EHDPV ] LV FOHDUO\ GHILQHG E\ ] M = ] V - \ + ]
M
) ,] G$
\
IRU JUDYLW\ ORDGV ]J LV QHJDWLYH IRU ORDGV DSSOLHG DERYH WKH VKHDU FHQWUH LQ WKH JHQHUDO FDVH ]J LV QHJDWLYH IRU ORDGV DFWLQJ WRZDUGV WKH VKHDU FHQWUH IURP WKHLU SRLQW RI DSSOLFDWLRQ
'UDIW QRWH 3URI ,YDQ %DOD] VXJJHVWV WKDW VLJQ FRQYHQWLRQ VKRXOG EH FKDQJHG 5HIHUHQFH LV DOVR PDGH WR ',1 7 DQG WKH IRUPDW RI (T
Turhprr 8rv
Turhprr
\ \
8rvq
8rvq
Urv
Urv
)LJXUH % 6LJQ FRQYHQWLRQ IRU GHWHUPLQLQJ ]M 6LJQ FRQYHQWLRQ VKRXOG EH FKDQJHG
'UDIW QRWH 0RGLILFDWLRQV SURSRVHG E\ 3URI ,YDQ %DOD] )RU DQ ,VHFWLRQ ZLWK XQHTXDO IODQJHV
,Z = - y
ZKHUH y I =
IF
I
K ,] V
%
, IF - , IW , IF + , W
I
, LV WKH VHFRQG PRPHQW RI DUHD RI WKH FRPSUHVVLRQ IODQJH DERXW WKH PLQRU D[LV RI WKH FURVVVHFWLRQ , LV WKH VHFRQG PRPHQW RI DUHD RI WKH WHQVLRQ IODQJH DERXW WKH PLQRU D[LV RI WKH FURVVVHFWLRQ
IW
] = y
M
K
ZKHQ y
I
% %
] =y
M
K
ZKHQ y <
I
K K ] M = y I + / V K K K ] M = y I + / V K
/
ZKHQ y
I
% %
ZKHQ y I <
ZKHUH K LV WKH GHSWK RI WKH OLS % %LV\PPHWULF FURVV VHFWLRQV 7KH HODVWLF FULWLFDO PRPHQW IRU ODWHUDOWRUVLRQDO EXFNOLQJ RI D EHDP RI XQLIRUP V\PPHWULFDO FURVV VHFWLRQ ZLWK HTXDO IODQJHV ]
M
0FU
p (, ] & N/
N N Z
, Z N/ *, W , p (, & ] J & ] J ] ]
%
3DJH SU(1 [[ DQG IRU WUDQVYHUVH ORDGV DSSOLHG DW WKH VKHDU FHQWUH ]J )RU WKHVH
0FU
p (, ] & N/
N N Z
, Z N/ *, W , p (, ] ]
NZ
%
0FU
p (, ] , Z / *, W & , ] p (, ] /
%
7DEOH % 9DOXHV RI IDFWRUV & & DQG & FRUUHVSRQGLQJ WR YDOXHV RI IDFWRU N (QG PRPHQW ORDGLQJ
/RDGLQJ DQG VXSSRUW FRQGLWLRQV %HQGLQJ PRPHQW GLDJUDP
y y
2
9DOXHV RI N
&
&
2"#
2 !
2 #
yM
2
2 #
2 !
2"#
2
7DEOH % 9DOXHV RI IDFWRUV & & DQG & FRUUHVSRQGLQJ WR YDOXHV RI IDFWRU N 7UDQVYHUVH ORDGLQJ FDVHV
/RDGLQJ DQG VXSSRUW FRQGLWLRQV
Z
Z
)
)
F /
9DOXHV RI N
&
9DOXHV RI IDFWRUV &
&
% 0LQLPXP UHVWUDLQWV DORQJ FROXPQV DQG EHDPV % /DWHUDO UHVWUDLQWV ,I WUDSH]RLGDO VKHHWLQJ DFFRUGLQJ WR (1 LV FRQQHFWHG WR D EHDP DQG WKH FRQGLWLRQ H[SUHVVHG E\ HTXDWLRQ % LV PHW WKH EHDP DW WKH FRQQHFWLRQ PD\ EH UHJDUGHG DV EHLQJ ODWHUDOO\ UHVWUDLQHG LQ WKH SODQH RI WKH VKHHWLQJ
p p + + 6 (, *, (, W ] K Z O O K
ZKHUH 6
%
LV WKH SRUWLRQ RI WKH VKHDU VWLIIQHVV SURYLGHG E\ WKH VKHHWLQJ IRU WKH H[DPLQHG EHDP FRQQHFWHG WR WKH VKHHWLQJ DW HDFK ULE
, ] LV WKH VHFRQG PRPHQW RI DUHD RI WKH FURVV VHFWLRQ DERXW WKH PLQRU D[LV RI WKH FURVV VHFWLRQ
,I WKH VKHHWLQJ LV FRQQHFWHG WR D EHDP DW HYHU\ VHFRQG ULE RQO\ 6 VKDOO EH VXEVWLWXWHG E\ 6 127( (T % PD\ DOVR EH XVHG WR GHWHUPLQH WKH ODWHUDO VWDELOLW\ RI EHDP IODQJHV XVHG LQ FRPELQDWLRQ ZLWK RWKHU W\SHV RI FODGGLQJ WKDQ WUDSH]RLGDO VKHHWLQJ SURYLGHG WKDW WKH FRQQHFWLRQV DUH RI VXLWDEOH GHVLJQ 'UDIW QRWH ,W KDV WR EH FKHFNHG LI WKH UHTXLUHPHQWV LQ (1 DUH VXIILFLHQW IRU WKH DOORZDQFH JLYHQ DERYH % 7RUVLRQDO UHVWUDLQW 'UDIW QRWH 7R EH GHYHORSHG WR LGHQWLI\ SURGXFW UHTXLUHPHQWV
% 6WDEOH OHQJWKV RI VHJPHQW FRQWDLQLQJ SODVWLF KLQJHV IRU RXWRISODQH EXFNOLQJ
% 8QLIRUP PHPEHUV ZLWK ELV\PPHWULF ,VHFWLRQV % 6WDEOH OHQJWKV EHWZHHQ DGMDFHQW ODWHUDO UHVWUDLQWV 7KH OHQJWK / EHWZHHQ UHVWUDLQWV RI D VHJPHQW RI D PHPEHU FRQWDLQLQJ D SODVWLF KLQJH FDQ GHYHORS IXOO SODVWLF DFWLRQ LI / LV QRW JUHDWHU WKDQ /P ZKHUH
/P =
L ]
SO
I \
%
SURYLGHG WKDW WKH PHPEHU LV UHVWUDLQHG DW WKH KLQJH DV UHTXLUHG E\ (1 UHVWUDLQW DW D SODVWLF KLQJH DQG WKDW
HLWKHU WKHUH DUH ODWHUDO UHVWUDLQWV DW ERWK HQGV RI WKH VHJPHQW WR WKH FRPSUHVVLRQ IODQJH ZKHUH RQH IODQJH LV LQ FRPSUHVVLRQ WKURXJKRXW WKH OHQJWK RI WKH VHJPHQW RU WKHUH DUH ODWHUDO UHVWUDLQWV DW ERWK HQGV RI WKH VHJPHQW DQG D WRUVLRQDO UHVWUDLQW WR WKH PHPEHU DW D GLVWDQFH WKDW VDWLVILHV WKH UHTXLUHPHQWV IRU /
V P
)RU WDSHUHG ,VHFWLRQV ZLWK XQLIRUP IODQJHV / PD\ EH FDOFXODWHG XVLQJ WKH VHFWLRQ SURSHUWLHV RI WKH GHHSHVW VHFWLRQ % 6WDEOH OHQJWK EHWZHHQ WRUVLRQDO UHVWUDLQWV )RU PHPEHUV XQGHU FRQVWDQW PRPHQW DQG QR D[LDO FRPSUHVVLRQ D VHJPHQW RI D PHPEHU FRQWDLQLQJ D SODVWLF KLQJH FDQ GHYHORS IXOO SODVWLF DFWLRQ LI / LV QRW JUHDWHU WKDQ / SURYLGHG WKDW
N
WKH PHPEHU LV UHVWUDLQHG DW WKH KLQJH DV UHTXLUHG E\ (1 UHVWUDLQW DW D SODVWLF KLQJH WKHUH DUH RQH RU PRUH LQWHUPHGLDWH UHVWUDLQWV EHWZHHQ WKH WRUVLRQDO UHVWUDLQWV DW D VSDFLQJ WKDW VDWLVILHV WKH UHTXLUHPHQWV IRU /
P
ZKHUH
%
)RU PHPEHUV XQGHU OLQHDU PRPHQW JUDGLHQW DQG D[LDO FRPSUHVVLRQ D VHJPHQW RI D PHPEHU FRQWDLQLQJ D SODVWLF KLQJH FDQ GHYHORS IXOO SODVWLF DFWLRQ LI / LV QRW JUHDWHU WKDQ / SURYLGHG WKDW
WKH PHPEHU LV UHVWUDLQHG DW WKH KLQJH DV UHTXLUHG E\ (1 UHVWUDLQW DW D SODVWLF KLQJH WKHUH DUH RQH RU PRUH LQWHUPHGLDWH UHVWUDLQWV EHWZHHQ WKH WRUVLRQDO UHVWUDLQWV DW D VSDFLQJ WKDW VDWLVILHV WKH UHTXLUHPHQWV IRU /
P
ZKHUH
0 / = & / 0 + D1
SO 5N V P N SO 1 5N
(G
%
& D
LV WKH PRGLILFDWLRQ IDFWRU IRU OLQHDU PRPHQW JUDGLHQW LV WKH GLVWDQFH EHWZHHQ WKH FHQWURLG RI WKH PHPEHU ZLWK WKH SODVWLF KLQJH DQG WKH FHQWURLG RI WKH UHVWUDLQW PHPEHUV
)RU PHPEHUV XQGHU QRQOLQHDU PRPHQW JUDGLHQW DQG D[LDO FRPSUHVVLRQ D VHJPHQW RI D PHPEHU FRQWDLQLQJ D SODVWLF KLQJH FDQ GHYHORS IXOO SODVWLF DFWLRQ LI / LV QRW JUHDWHU WKDQ / SURYLGHG WKDW
V
WKH PHPEHU LV UHVWUDLQHG DW WKH KLQJH DV UHTXLUHG E\ (1 UHVWUDLQW DW D SODVWLF KLQJH WKHUH DUH RQH RU PRUH LQWHUPHGLDWH UHVWUDLQWV EHWZHHQ WKH WRUVLRQDO UHVWUDLQWV DW D VSDFLQJ WKDW VDWLVILHV WKH UHTXLUHPHQWV IRU /
P
ZKHUH
/V = &Q /N
&
Q
%
% +DXQFKHG RU WDSHUHG PHPEHUV )RU XQLIRUP PHPEHUV XQGHU OLQHDU RU QRQOLQHDU PRPHQW JUDGLHQW DQG D[LDO FRPSUHVVLRQ D VHJPHQW RI D PHPEHU FRQWDLQLQJ D SODVWLF KLQJH FDQ GHYHORS IXOO SODVWLF DFWLRQ LI / LV QRW JUHDWHU WKDQ / SURYLGHG WKDW
V
WKH PHPEHU LV UHVWUDLQHG DW WKH KLQJH DV UHTXLUHG E\ (1 UHVWUDLQW DW D SODVWLF KLQJH WKHUH DUH RQH RU PRUH LQWHUPHGLDWH UHVWUDLQWV EHWZHHQ WKH WRUVLRQDO UHVWUDLQWV DW D VSDFLQJ WKDW VDWLVILHV WKH UHTXLUHPHQWV IRU /
P
ZKHUH
/V =
/ F
N
&Q /N F
%
LV WKH OHQJWK GHULYHG IRU D XQLIRUP PHPEHU ZLWK D FURVVVHFWLRQ HTXDO WR WKH VKDOORZHVW VHFWLRQ LV WKH YDOXH GHILQHG LQ %
% 0RGLILFDWLRQ IDFWRUV IRU PRPHQW JUDGLHQWV LQ PHPEHUV UHVWUDLQHG DORQJ WKH WHQVLRQ IODQJH % /LQHDU PRPHQW JUDGLHQWV 7KH PRGLILFDWLRQ IDFWRU &P PD\ EH GHWHUPLQHG IURP
&P =
LQ ZKLFK
% + %b W + % b W
%
p +
% =
FU(
p (,
W
1 FU7 =
EHWZHHQ UHVWUDLQWV WR ERWK IODQJHV DW VSDFLQJ /W ZLWK LQWHUPHGLDWH ODWHUDO UHVWUDLQWV WR WKH WHQVLRQ IODQJH
LV = L \ + L] + D
ZKHUH D LV WKH GLVWDQFH EHWZHHQ WKH FHQWURLG RI WKH PHPEHU DQG WKH FHQWURLG RI WKH UHVWUDLQLQJ PHPEHUV VXFK DV UDIWHUV % 1RQ OLQHDU PRPHQW JUDGLHQWV 7KH PRGLILFDWLRQ IDFWRU & PD\ EH GHWHUPLQHG IURP
Q
&Q =
[5 + 5 + 5 + 5 + 5 + (5 6 - 5 ( )]
%
LQ ZKLFK 5 WR 5 DUH WKH YDOXHV RI 5 DFFRUGLQJ WR RU DW WKH HQGV TXDUWHU SRLQWV DQG PLGOHQJWK VHH )LJXUH % DQG RQO\ SRVLWLYH YDOXHV RI 5 VKRXOG EH LQFOXGHG
5 LV WKH JUHDWHU RI 5 RU 5
( V
5( 5 5 5
5(
5
5
5
5
5
5
56
5
56 5 5 5 5
5(
5( 5 5 5 5 5 56
5
:KHQ FKHFNLQJ WKH ODWHUDO UHVLVWDQFH DFFRUGLQJ WR (1 7KH YDOXH RI 5 VKRXOG EH REWDLQHG IURP
5=
ZKHUH :
\ 6G
I :
\
%
\ HO F
\HOF
LV WKH HODVWLF PRGXOXV RI WKH VHFWLRQ IRU FDOFXODWLQJ WKH FRPSUHVVLYH VWUHVV IURP PDMRU D[LV PRPHQWV
)RU DQ ,VHFWLRQ ZLWK ' % DQG [ WKH WDSHU IDFWRU F VKRXOG EH REWDLQHG DV IROORZV IRU WDSHUHG PHPEHUV RU VHJPHQWV
' F = + [ - '
PD[
PLQ
-
%
' F = + [ - '
ZKHUH % ' ' ' ' / [ /
K
/ /\
K
%
LV WKH EUHDGWK RI WKH PLQLPXP GHSWK FURVVVHFWLRQ LV WKH DGGLWLRQDO GHSWK RI WKH KDXQFK RU WDSHU VHH )LJXUH % LV WKH PD[LPXP GHSWK RI FURVVVHFWLRQ ZLWKLQ WKH OHQJWK / VHH )LJXUH %
\
PD[
PLQ
LV WKH PLQLPXP GHSWK RI FURVVVHFWLRQ ZLWKLQ WKH OHQJWK / VHH )LJXUH %
\
LV WKH YHUWLFDO GHSWK RI WKH XQKDXQFKHG VHFWLRQ VHH )LJXUH % LV WKH OHQJWK RI KDXQFK ZLWKLQ WKH OHQJWK / VHH )LJXUH %
\
LV WKH OHQJWK EHWZHHQ SRLQWV DW ZKLFK WKH FRPSUHVVLRQ IODQJH LV ODWHUDOO\ UHVWUDLQHG LV WKH WRUVLRQDO LQGH[ RI WKH PLQLPXP GHSWK FURVVVHFWLRQ VHH [[[[
' PLQ
'V 'K
/K
'V
/\
/K
' PD[
/\
/\
'K
F +DXQFKHG VHJPHQW
D 7DSHUHG VHJPHQW
E +DXQFKHG VHJPHQW