Sunteți pe pagina 1din 7

$QDO\VLVRI7KHUPDO%DODQFHRI'LHVHO(QJLQHDQG

,GHQWLILFDWLRQRI6FRSHIRU:DVWH+HDW5HFRYHU\


3XEOLVKHG


6DFKOHHQ6LQJK$EKLQDY*DUJ$QNLW*XSWDDQG$VKRN3HUPXGH
0DUXWL6X]XNL,QGLD/WG

&RS\ULJKW6$(,QWHUQDWLRQDO
GRL

$%675$&7
'LHVHO HQJLQHV DV SULPH PRYHUV IRU SDVVHQJHU FDUV DUH
EHFRPLQJ SRSXODU SULPDULO\ GXH WR WKHLU VXSHULRU WKHUPDO
HIILFLHQF\ +RZHYHU WKH SHDN WKHUPDO HIILFLHQF\ GRHV QRW
H[FHHGWRHYHQLQWKHEHVWHQJLQHV+XJHHIIRUWVDUH
EHLQJ SXW LQ WR LPSURYH HQJLQH HIILFLHQFLHV WR PHHW HYHU
VWULQJHQWIXHOHFRQRP\UHTXLUHPHQWV6XFKHIIRUWVDUHPDLQO\
IRFXVHG RQ FRPEXVWLRQ LPSURYHPHQW DQG SDUDVLWLF ORVVHV
UHGXFWLRQ+RZHYHUDODUJHSDUWRIWKHHQHUJ\LQSXWWRHQJLQH
LVORVWWRFRROLQJV\VWHPH[KDXVWJDVHVDQGRWKHUKHDWORVVHV
6XFKORVVHVDUHKLJKHUDWSDUWDQGORZORDGVZKLFKLVZKHUH
WKHHQJLQHRSHUDWHVLQQRUPDOXVDJHFRQGLWLRQV
7KLV SDSHU DQDO\VHV LQ GHWDLO WKH YDULRXV HQHUJ\ ORVVHV DW
GLIIHUHQW HQJLQH RSHUDWLQJ UHJLPHV 4XDQWLILFDWLRQ RI ORVVHV
DQG XQGHUVWDQGLQJ RI ORVV PHFKDQLVP VHUYHV DV D VWDUWLQJ
SRLQWIRUIXWXUHWHFKQRORJLHVWRUHFRYHUWKHORVWHQHUJ\
 4XDQWLILFDWLRQ RI ORVVHV /RVVHV LQ GLIIHUHQW V\VWHPV DUH
TXDQWLILHGDWGLIIHUHQWHQJLQHRSHUDWLQJUHJLPHV
 0HFKDQLVPV RI HQHUJ\ ORVV DW GLIIHUHQW UHJLPHV DUH
DQDO\]HGDQGSUHVHQWHG
:DVWHKHDWUHFRYHU\(QHUJ\ORVWLQWKHH[KDXVWVWUHDPRYHU
WKH HQJLQH RSHUDWLQJ PDS LV SUHVHQWHG ([SHULPHQWV DQG
DQDO\VLVIRUHQHUJ\UHFRYHU\DUHQRWH[DPLQHGLQWKLVSDSHU









,1752'8&7,21
&RPSUHVVLRQ LJQLWLRQ HQJLQHV DUH NQRZQ IRU WKHLU VXSHULRU
WKHUPDO HIILFLHQF\ FRPSDUHG ZLWK VSDUN LJQLWLRQ HQJLQHV
+RZHYHUUHTXLUHPHQWVWRUHGXFHIXHOFRQVXPSWLRQDQG&2
HPLVVLRQVDUHSODFLQJHYHULQFUHDVLQJGHPDQGVWRLPSURYHWKH
HIILFLHQFLHV
&RQYHQWLRQDOGHYHORSPHQWIRFXVHVRQ
6KRUW WHUP ,PSURYLQJ FRPEXVWLRQ HIILFLHQF\ UHGXFLQJ
LQWHUQDOORVVHVDQGUHGXFLQJRSWLPL]LQJGHPDQGIURPHQJLQH
GULYHQDFFHVVRULHVRQH[LVWLQJSURGXFWV
0HGLXP WR /RQJ WHUP 1HZ FRPEXVWLRQ FRQFHSWV
'RZQVL]LQJ'RZQVSHHGLQJDQG(OHFWULILFDWLRQ
7KHVHDSSURDFKHVGRQRWIXOO\WDUJHWWKHEDVLFHQHUJ\EDODQFH
LQDFRPEXVWLRQHQJLQH/DUJHSDUWRIWKHHQHUJ\LQSXWWRWKH
HQJLQHLVORVWRUZDVWHG0RUHRYHUWKLVEDODQFHYDULHVKXJHO\
ZLWKWKHHQJLQHRSHUDWLQJSRLQW
7KLV SDSHU DWWHPSWV WR TXDQWLI\ WKH HQHUJ\ EDODQFH RI D
SDVVHQJHU FDU GLHVHO HQJLQH RYHU WKH HQJLQH RSHUDWLQJ PDS
8QGHUVWDQGLQJ WKH HQHUJ\ EDODQFH DQG WKH PHFKDQLVPV
GULYLQJ WKHP ZLOO RSHQ XS YDULRXV SRVVLELOLWLHV WR LPSURYH
RYHUDOOHQJLQHHIILFLHQF\E\WDUJHWLQJEDVLFHQHUJ\EDODQFH
1RWH WKDW WKH HQHUJ\ EDODQFHV GLVFXVVHG LQ WKLV SDSHU DUH DOO
EDVHG RQ ILUVW ODZ RI WKHUPRG\QDPLFV DQG V\VWHP
LUUHYHUVLELOLWLHVDUHQRWFRQVLGHUHG


%$6,&(1(5*<%$/$1&(DQG
&+$//(1*(6
%DVLF HQHUJ\ VFKHPH ILUVW ODZ  RI DQ LQWHUQDO FRPEXVWLRQ
HQJLQHLVVKRZQLQ)LJXUH

(QHUJ\ PDSSLQJ ZDV SHUIRUPHG DW VWHDG\ VWDWH SRLQWV $W


HDFK RSHUDWLQJ SRLQW WKH FRRODQW WHPSHUDWXUH ZDV YDULHG WR
VHHWKHHIIHFWRQHQHUJ\EDODQFHDQGWRWKURZOLJKWRQWKHORVV
PHFKDQLVPV,QSXWHQHUJ\ZDVKHOGFRQVWDQWE\PDLQWDLQLQJ
FRQVWDQWLQMHFWHGIXHOTXDQWLW\DQGLQMHFWLRQSDUDPHWHUV
7DEOH(QJLQH'HWDLOV

)LJ%DVLF(QHUJ\6FKHPH )LUVW/DZ
,QSXW HQHUJ\  8VHIXO RXWSXW  (QHUJ\ ORVW WR FRROLQJ 
(QHUJ\ORVWWRH[KDXVW2WKHUORVVHV
7KH8VHIXO2XWSXWFRPSRQHQWLVZKDWLVDYDLODEOHDVEUDNH
SRZHU WR SURSHO WKH DXWRPRELOH 7KLV FDQ YDU\ IURP  WR
RILQSXWHQHUJ\GHSHQGLQJRQRSHUDWLQJFRQGLWLRQ

(1(5*<%$/$1&($1'/266
0(&+$1,606

$ERYH VLWXDWLRQ SUHVHQWV WKH IROORZLQJ SRVVLELOLWLHV IRU


DQDO\VLV

)LJXUH  VKRZV WKH HQHUJ\ EDODQFH DW  USP DQG 


GHJUHHV&FRRODQWWHPSHUDWXUH

(YHQLQEHVWFDVHWKH8VHIXO2XWSXWLVQRWKLJKHUWKDQ
 RI LQSXW HQHUJ\ :KHUH LV UHVW RI WKH HQHUJ\ ORVW" &DQ
WKHORVVHVEHUHGXFHGUHFRYHUHG"
7KHEDODQFHYDULHVZLGHO\ZLWKRSHUDWLQJFRQGLWLRQRIWKH
HQJLQH:KDWDUHWKHSDUDPHWHUVDIIHFWLQJWKHEDODQFH"+RZ
FDQWKH\EHFRQWUROOHGWRLQFUHDVHHIILFLHQFLHV"
7KLV SDSHU DWWHPSWV WR SURYLGH DQVZHUV WR WKHVH TXHVWLRQV
EDVHGRQSUDFWLFDOWHVWLQJRQHQJLQHEHQFK

(;3(5,0(17$7,213/$1$1'6(7
83
$ VWDQGDUG PRGHUQ SDVVHQJHU FDU GLHVHO HQJLQH LV WDNHQ XS
IRUDQDO\VLV(QJLQHGHWDLOVDUHVKRZQLQ7DEOH
7HVW HQJLQH ZDV VHWXS RQ D VWHDG\ VWDWH WHVW EHQFK IRU
PDSSLQJ 9HKLFOH VHWXSV ZHUH XVHG IRU UDGLDWRU DQG FDELQ
KHDWHU &KLOOHG ZDWHU ZDV XVHG DV FRROLQJ PHGLD IRU HQJLQH
FRRODQWWHPSHUDWXUHFRQWURO,QWHUFRROHUFRROHGXVLQJFKLOOHG
ZDWHUZDVXVHGIRUERRVWDLUWHPSHUDWXUHFRQWURO








)LJ(QHUJ\%DODQFHDWUSP&FRRODQW
WHPSHUDWXUH
$W ORZ %0(3 ODUJH SDUW RI WKH LQSXW HQHUJ\ LV ORVW WR
FRRODQW 7KLV LV SULPDULO\ EHFDXVH WKH FRRODQW IORZ LV
FRQVWDQW LUUHVSHFWLYH RI ORDG VLQFH WKH FRRODQW SXPS LV
GLUHFWO\ GULYHQ E\ FUDQNVKDIW 3XPS VL]HG IRU DGHTXDWH
FRROLQJDWIXOOORDGEHFRPHVRYHUVL]HGDWSDUWORDGV



(QHUJ\ ORVW LQ H[KDXVW VWUHDP DIWHU WXUERFKDUJHU LV DOVR


VXEVWDQWLDO
7KLVNLQGRIEDODQFHOHDGVWR%6)&FKDUDFWHULVWLFDVVKRZQLQ
)LJXUH

,WFDQEHVHHQWKDWDPDMRUSDUWRIWKHLQSXWHQHUJ\LVORVWWR
WKHFRRODQW7KLVLQFOXGHVWKHKHDWWUDQVIHUUHGLQ(*5FRROHU
DV ZHOO 2QO\  RI WKH LQSXW HQHUJ\ LV DYDLODEOH DW WKH
IO\ZKHHO $ VXEVWDQWLDO SDUW LV DOVR ORVW LQ WKH H[KDXVW
([KDXVW ORVV LV WKH HQHUJ\ LQ WKH H[KDXVW VWUHDP DIWHU
WXUERFKDUJHU
,QFUHDVLQJWKHFRRODQWWHPSHUDWXUHE\GHJUHHV&FKDQJHV
WKH EDODQFH VLJQLILFDQWO\ &RRODQW ORVV UHGXFHV DV H[SHFWHG
3DUW RI WKH UHFRYHUHG HQHUJ\ FRPHV RXW DV LQFUHDVHG EUDNH
SRZHU DQG DQRWKHU SDUW DV LQFUHDVHG H[KDXVW ORVV 7KH
PHFKDQLVPV GULYLQJ WKH FKDQJH LQ EDODQFH DUH H[SODLQHG LQ
)LJXUH

)LJ%6)&WUHQGDWUSP&FRRODQW
WHPSHUDWXUH
&KDQJLQJ WKH FRRODQW WHPSHUDWXUH FRXOG OHDG WR ORZHULQJ RI
FRRODQW ORVVHV DQG LPSURYHPHQW LQ %6)& 7KLV DVSHFW LV
H[SORUHGLQGHWDLOIRUWZRRSHUDWLQJSRLQWV
)LJXUH  VKRZV WKH HQHUJ\ EDODQFH DW  USP  EDU
%0(3 7KLVLVVKRZQIRUWZRGLVWLQFWFRRODQWWHPSHUDWXUHV
DQGGHJUHHV&

)LJ0HFKDQLVPVGULYLQJWKHFKDQJHLQ(QHUJ\
%DODQFH
,QFUHDVHLQFRRODQWWHPSHUDWXUHOHDGVWRUHGXFWLRQLQ)0(3
DVH[SHFWHG3XPSLQJZRUN 30(3 DOVRUHGXFHV7KLVLVGXH
WRWKHDGGLWLRQDOHQHUJ\LQWKHH[KDXVWJDVHVZKLFKLVXWLOL]HG
E\ WKH WXUERFKDUJHU ([KDXVW JDV SUHVVXUH DQG WHPSHUDWXUH
EHIRUH WXUELQH LQFUHDVH +HQFH WKH ERRVW SUHVVXUH LQFUHDVHV
OHDGLQJ WR D UHGXFWLRQ LQ GHOWD SUHVVXUH DFURVV HQJLQH
,QGLFDWHG0(3 ,0(3 LQFUHDVHVZKLFKLQGLFDWHVDQLQFUHDVH
LQ ZRUN RQ SLVWRQ $OO WKHVH IDFWRUV FRQWULEXWH WR LQFUHDVHG
%0(3DWVDPHIXHOOLQJZKLFKOHDGVWRDVXEVWDQWLDOUHGXFWLRQ
LQ%6)&
)LJ(IIHFWRI&RRODQWWHPSHUDWXUHRQ(QHUJ\%DODQFH
DWUSP









1H[W ZH H[DPLQH WKH HQHUJ\ EDODQFH DW D KLJKHU VSHHGORDG


SRLQW USPEDU%0(3 

,W ZDV QRWLFHG WKDW WKH (*5 UDWH KDG UHGXFHG VLJQLILFDQWO\
ZLWKLQFUHDVHLQFRRODQWWHPSHUDWXUH7KLVLVSUREDEO\GXHWR
WKH (*5 FRQWURO WU\LQJ WR PDLQWDLQ DLU PDVV VHW SRLQW
+RZHYHU FKDQJH LQ (*5 UDWH ZLOO DIIHFW WKH 30(3 DQG
FRPEXVWLRQ
,QRUGHUWRVHSDUDWHWKHHIIHFWRI(*5IURPHIIHFWRIHQHUJ\
EDODQFH FKDQJH PHDVXUHPHQWV ZHUH GRQH DW  USP 
EDU ZLWK(*5VZLWFKHGRII(QHUJ\EDODQFHLQWKLVFRQGLWLRQ
LVVKRZQLQ)LJ

)LJ(IIHFWRI&RRODQWWHPSHUDWXUHRQ(QHUJ\%DODQFH
DWUSP
&RPSDUHG ZLWK  USP  EDU SRLQW  FRRODQW ORVV LV
VXEVWDQWLDOO\ ORZHU  RI WKH LQSXW HQHUJ\ LV DYDLODEOH DV
XVHIXOZRUN([KDXVWORVVLVVOLJKWO\KLJKHU
&KDQJH LQ HQHUJ\ EDODQFH ZLWK LQFUHDVH LQ FRRODQW
WHPSHUDWXUHLVQRWDVGUDVWLFDVDWUSPSRLQW7KHUHLVDQ
LQFUHDVH LQ EUDNH SRZHU EXW RWKHU IDFWRUV GR QRW FKDQJH
PXFK

)LJ(QHUJ\EDODQFHDWUSPZLWK(*5VZLWFKHG
RII
7KHUHDUHVLJQLILFDQWFKDQJHVLQWKHHQHUJ\EDODQFHFRPSDUHG
ZLWK (*5 DFWLYH FRQGLWLRQ &RRODQW ORVV LV UHGXFHG DW
LQFUHDVHGWHPSHUDWXUH

)LJ0HFKDQLVPVGULYLQJWKHFKDQJHLQ(QHUJ\
%DODQFH
,QFUHDVH LQ FRRODQW WHPSHUDWXUH OHDGV WR DQ H[SHFWHG
UHGXFWLRQ LQ )0(3 7KHUH LV D VOLJKW LQFUHDVH LQ ERRVW
SUHVVXUH ZLWK UHGXFWLRQ LQ GHOWD 3 DFURVV HQJLQH +RZHYHU
WKHUH LV QR VXEVWDQWLDO UHGXFWLRQ LQ 30(3 7KHUH LV D VOLJKW
UHGXFWLRQLQ%6)&SULPDULO\GXHWRWKHUHGXFWLRQLQ)0(3

)LJ0HFKDQLVPVGULYLQJWKHFKDQJHLQ(QHUJ\
%DODQFHDWUSPZLWK(*5VZLWFKHGRII
:LWK LQFUHDVHG FRRODQW WHPSHUDWXUH )0(3 LV UHGXFHG DV
H[SHFWHG &RQWUDU\ WR WKH UHVXOWV LQ ZLWK (*5 FRQGLWLRQ

30(3 LV UHGXFHG 7KHUH LV DQ LQFUHDVH LQ DLU PDVV ZKLFK
OHDGVWREHWWHUIXHOXWLOL]DWLRQDQGKHQFHLQFUHDVHLQ,0(3

$Q LQWHUHVWLQJ REVHUYDWLRQ IURP WKH PDSSLQJ LV WKH HQHUJ\


ORVV LQ H[KDXVW $OWKRXJK LW LV ORZHU WKDQ FRRODQW ORVV WKH
HQHUJ\ORVVLQDEVROXWHWHUPVLVVXEVWDQWLDO)LJXUHVKRZV
WKHSRZHUORVWLQH[KDXVWLQ.ZRQWKHHQJLQHPDS

)LJ39GLDJUDPDWUSPZLWK(*5VZLWFKHGRII
39GLDJUDPLVVKRZQLQ)LJIRUZLWKRXW(*5FRQGLWLRQ
5HGXFWLRQLQSXPSLQJZRUN 30(3 LVFOHDUO\YLVLEOHLQWKH
SXPSLQJ ORRS FXUYH ,QFUHDVH LQ ,0(3 LV PDLQO\ GXH WR
HDUOLHU VWDUW RI FRPEXVWLRQ 7KLV FRXOG EH GXH WR KLJKHU
WHPSHUDWXUH DUH HQG RI FRPSUHVVLRQ DQG KLJKHU DLU PDVV
,QFUHDVHG ,0(3 ORZHU 30(3 DQG )0(3 DOO OHDG WR KLJKHU
%0(3DWVLPLODUIXHOOLQJDQGKHQFHORZHU%6)&
,Q VXPPDU\ LQFUHDVLQJ FRRODQW WHPSHUDWXUH OHDGV WR
VLJQLILFDQW LPSURYHPHQW DW ORZ ORDGV ZKHUHDV WKH HIIHFW LV
QRWYHU\KLJKDWKLJKHUORDGV
$QRWKHUHIIHFWRILQFUHDVLQJFRRODQWWHPSHUDWXUHLVLQFUHDVHG
H[KDXVW JDV WHPSHUDWXUH EHIRUH WKH GLHVHO R[LGDWLRQ FDWDO\VW
'2& ,QFUHDVHLVKLJKHUDWORZHUVSHHGORDGSRLQWV7KLVLV
EHQHILFLDO LQ WHUPV RI IDVWHU OLJKW RII RI '2& DQG KHQFH
UHGXFHG&27+&HPLVVLRQV

)LJ3RZHU N: ORVWLQ([KDXVWRQ(QJLQHPDS
(YHQ LQ ORZ VSHHG DQG ORZPHGLXP ORDG DUHDV VXEVWDQWLDO
HQHUJ\ LV DYDLODEOH LQ WKH H[KDXVW 7KLV FKDQJHV ZLWK WKH
FRRODQW WHPSHUDWXUH DV H[SODLQHG LQ SUHYLRXV FKDSWHUV
5HFRYHULQJ WKLV ORVW HQHUJ\ E\ ZDVWH KHDW UHFRYHU\
PHFKDQLVPVFRXOGOHDGWRVXEVWDQWLDOLPSURYHPHQWLQRYHUDOO
V\VWHPHIILFLHQF\

&255(/$7,21:,7+9(+,&/(
86$*(
,Q SUHYLRXV FKDSWHUV HQHUJ\ EDODQFH DQG WKH LQIOXHQFLQJ
SDUDPHWHUVKDYHEHHQH[SODLQHG0HFKDQLVPVEHKLQGYDULRXV
ORVVHVKDYHEHHQH[SODLQHGZLWKH[SHULPHQWDOGDWD
,Q WKLV FKDSWHU ZH H[SORUH WKH SRWHQWLDO IRU HIILFLHQF\
LPSURYHPHQW LQ DFWXDO YHKLFOH XVDJH DUHD 0,'& LV XVHG DV
WKHUHIHUHQFHGULYHF\FOH2QHSRLQWRQWKHF\FOH NPKU LV
VHOHFWHG DQG DQDO\]HG LQ GHWDLO 7KH VDPH SRLQW RFFXUV IRXU
WLPHV LQ WKH F\FOH DW GLIIHUHQW FRRODQW WHPSHUDWXUHV 7KLV LV
VKRZQLQ)LJXUH
$QDO\VLV IRU SRWHQWLDO LPSURYHPHQW LQ %6)& DQG RWKHU
SDUDPHWHUV E\ LQFUHDVLQJ WKH FRRODQW WHPSHUDWXUH IURP
FXUUHQWOHYHOLVVKRZQLQ)LJXUH'HWDLOHGHQHUJ\EDODQFH
IRU/RRSLVVKRZQLQ)LJXUH

)LJ(IIHFWRI&RRODQWWHPSHUDWXUHRQ([KDXVWJDV
WHPSHUDWXUH


)LJ(IIHFWRI&RRODQWWHPSHUDWXUHRQ(QHUJ\
%DODQFHDWNPKUVWHSLQ0,'&/RRS
)LJ9HKLFOHGULYLQJ3DWWHUQLQ0,'&/RRSSRLQW
VHOHFWHGIRUDQDO\VLV9HKLFOHVSHHGRINPKUDW
GLIIHUHQWFRRODQWWHPSHUDWXUHV

$QDO\VLVIRU%6)&,PSURYHPHQW
)LJXUH  VKRZV WKH FKDQJH LQ %6)& H[KDXVW JDV
WHPSHUDWXUH EHIRUH'2& DQGERRVWSUHVVXUHZLWKFKDQJHLQ
FRRODQWWHPSHUDWXUH
9DOXHVDUHVKRZQIRUILUVWVHFRQGDQGWKLUGRFFXUUHQFHLQWKH
F\FOH  UHVSHFWLYHO\ QDPHG /RRS /RRS  DQG /RRS 
&RRODQWWHPSHUDWXUHLQSUHVHQWFRQGLWLRQRQ0,'&LVVKRZQ
LQ)LJXUH
,QFUHDVLQJ FRRODQW WHPSHUDWXUH OHDGV WR VLJQLILFDQW
LPSURYHPHQWLQ%6)&,QFUHDVHLQHQHUJ\FRQWHQWLQH[KDXVW
OHDGVWRLQFUHDVHGERRVWSUHVVXUHZKLFKFDQOHDGWRKLJKHUDLU
PDVV DQG EHWWHU WUDQVLHQW UHVSRQVH ([KDXVW JDV WHPSHUDWXUH
EHIRUH WKH '2& LQFUHDVHV VXEVWDQWLDOO\ 7KLV FDQ OHDG WR
ORZHU&27+&HPLVVLRQVGXHWRIDVWHUOLJKWRIIRIWKH'2&
'HWDLOHGDQDO\VLVIRU/RRSLVVKRZQLQ)LJXUH
,QFUHDVHLQFRRODQWWHPSHUDWXUHIURPWRGHJUHHV&OHDGV
WRGUDVWLFFKDQJHLQHQHUJ\EDODQFH%LJUHGXFWLRQLQFRRODQW
ORVV WUDQVODWHV WR VLJQLILFDQW LQFUHDVH LQ EUDNH SRZHU DQG
H[KDXVWORVV7KLVFKDQJHUHVXOWVLQUHGXFHG%6)&

&21&/86,21
(QHUJ\EDODQFHRIDPRGHUQSDVVHQJHUFDUGLHVHOHQJLQHKDV
EHHQSUHVHQWHG
'LIIHUHQWORVVHVDQGWKHPHFKDQLVPVGULYLQJWKHEDODQFH
KDYHEHHQDQDO\]HGEDVHGRQH[SHULPHQWDOGDWDDQG
SUHVHQWHG
)LJ(IIHFWRIFKDQJHLQ&RRODQWWHPSHUDWXUHRQ
YDULRXVHQJLQHSDUDPHWHUV

$QDO\VLVVKRZVWKDWWKHUHLVKXJHSRWHQWLDOWRLPSURYH
RYHUDOOHIILFLHQF\E\WDUJHWLQJYDULRXVORVVHV
7KHUPDOPDQDJHPHQWFDQSURYLGHVLJQLILFDQWLPSURYHPHQW
LQIXHOFRQVXPSWLRQZLWKDGGLWLRQDOLPSURYHPHQWVLQ
HPLVVLRQDIWHUWUHDWPHQWV\VWHPSHUIRUPDQFHDQGWUDQVLHQW
UHVSRQVH

6LJQLILFDQWDPRXQWRIHQHUJ\LVORVWLQWKHH[KDXVW7KLVKDV
EHHQTXDQWLILHGIURPH[SHULPHQWDOGDWD
:DVWHKHDWUHFRYHU\KDVWKHSRWHQWLDOWRGUDVWLFDOO\LPSURYH
SRZHUWUDLQHIILFLHQF\)XWXUHZRUNZLOOIRFXVRQGHYHORSLQJ
DQGHYDOXDWLQJPHFKDQLVPVWRUHFRYHUWKLVZDVWHKHDW

0,'&0RGLILHG,QGLDQ'ULYLQJ&\FOH
'2&'LHVHO2[LGDWLRQ&DWDO\VW
7B785287([KDXVWJDVWHPSHUDWXUHEHIRUH'2&
62&6WDUWRI&RPEXVWLRQ EHIRUH7'&

5()(5(1&(6
'HILQLQJ(QJLQH(IILFLHQF\/LPLWV2DN5LGJH1DWLRQDO
/DERUDWRU\WK'((5&RQIHUHQFH
2RPRUL+DQG2JLQR6:DVWH+HDW5HFRYHU\RI
3DVVHQJHU&DU8VLQJD&RPELQDWLRQRI5DQNLQH%RWWRPLQJ
&\FOHDQG(YDSRUDWLYH(QJLQH&RROLQJ6\VWHP6$(
7HFKQLFDO3DSHUGRL
&DWHUSLOODU'LHVHOHQJLQHZDVWHKHDWUHFRYHU\XWLOL]LQJ
(OHFWULF7XUERFRPSRXQGWHFKQRORJ\SUHVHQWHGDW'((5
&RQIHUHQFH
'LHVHO(QJLQH(QHUJ\%DODQFH6WXG\2SHUDWLQJRQ'LHVHO
DQG%LRGLHVHO)XHOVE\6FRWW-:DOODFHSUHVHQWHGDW2KLR
8QLYHUVLW\


&217$&7
$VKRN3HUPXGH
DVKRNSHUPXGH#PDUXWLFRLQ
6DFKOHHQ6LQJK
VDFKOHHQVLQJK#PDUXWLFRLQ

$&.12:/('*0(176
7KH DXWKRUV ZRXOG OLNH WR WKDQN WKH PDQDJHPHQW RI 0DUXWL
6X]XNL ,QGLD /LPLWHG IRU SURYLGLQJ WKH UHVRXUFHV WR H[HFXWH
WKHSURMHFWDQGDOVRIRUSHUPLVVLRQWRSXEOLVK

'(),1,7,216$&521<06
$%%5(9,$7,216
0(30HDQ(IIHFWLYH3UHVVXUH
,0(3,QGLFDWHG0(3
30(33XPSLQJ0(3
)0(3)ULFWLRQ0(3
%0(3%UDNH0(3
%6)&%UDNH6SHFLILF)XHO&RQVXPSWLRQ
)()XHO(FRQRP\
7KH(QJLQHHULQJ0HHWLQJV%RDUGKDVDSSURYHGWKLVSDSHUIRUSXEOLFDWLRQ,WKDV
VXFFHVVIXOO\FRPSOHWHG6$(
VSHHUUHYLHZSURFHVVXQGHUWKHVXSHUYLVLRQRIWKHVHVVLRQ
RUJDQL]HU7KLVSURFHVVUHTXLUHVDPLQLPXPRIWKUHH  UHYLHZVE\LQGXVWU\H[SHUWV
$OOULJKWVUHVHUYHG1RSDUWRIWKLVSXEOLFDWLRQPD\EHUHSURGXFHGVWRUHGLQD
UHWULHYDOV\VWHPRUWUDQVPLWWHGLQDQ\IRUPRUE\DQ\PHDQVHOHFWURQLFPHFKDQLFDO
SKRWRFRS\LQJUHFRUGLQJRURWKHUZLVHZLWKRXWWKHSULRUZULWWHQSHUPLVVLRQRI6$(
,661

3RVLWLRQVDQGRSLQLRQVDGYDQFHGLQWKLVSDSHUDUHWKRVHRIWKHDXWKRU V DQGQRW
QHFHVVDULO\WKRVHRI6$(7KHDXWKRULVVROHO\UHVSRQVLEOHIRUWKHFRQWHQWRIWKHSDSHU
6$(&XVWRPHU6HUYLFH
7HO LQVLGH86$DQG&DQDGD
7HO RXWVLGH86$
)D[
(PDLO&XVWRPHU6HUYLFH#VDHRUJ
6$(:HE$GGUHVVKWWSZZZVDHRUJ
3ULQWHGLQ86$

S-ar putea să vă placă și