Sunteți pe pagina 1din 3



7KH3HUVRQDOLW\3URILOHRIWKH'UXJ$GGLFW_5DVFDQX_(XURSHV-RXUQDORI3V\FKRORJ\

$ERXW

&XUUHQW,VVXH

6XEPLVVLRQ

6FLHQWLILF&RPPLWWHH

(GLWRULDO%RDUG

5HJLVWHU

+RPH!9RO1R  !5DVFDQX

7KH3HUVRQDOLW\3URILOHRIWKH'UXJ$GGLFW
9RO1R 

$UFKLYHV
9ROXPH
9ROXPH
9ROXPH
9ROXPH
9ROXPH
9ROXPH
9ROXPH
9ROXPH
9ROXPH
9ROXPH
9ROXPH

-RXUQDO&RQWHQW
6HDUFK

5HYLHZRIUHFHQWGUXJFRQVXPSWLRQGDWDLQ5RPDQLDDQGRWKHU&HQWUDODQG(DVWHUQ(XURSHDQFRXQWULHV
5X[DQGUD5DVFDQX
3K'8QLYHUVLW\RI%XFKDUHVW

3HUVRQDOLW\WUDLWVDVSUHGLVSRVLQJIDFWRUVWRDGGLFWLRQRUWKHDSSHWLWHIRUGUXJ'UXJDGGLFWLRQPD\EHFRQVLGHUHGDVD
UHVXOWRIWKHLQWHUVHFWLRQEHWZHHQSURGXFWGUXJDQGHQYLURQPHQWDOIDFWRUVHGXFDWLRQDOIDFWRUVDQGWKRVHIDFWRUV
FRQILJXULQJWKHLQWLPDWHVWUXFWXUHRISHUVRQDOLW\$PRQJHQYLURQPHQWDOIDFWRUVWKHPRVWDFFHSWHGDUHVRFLDODQG
HFRQRPLFGHSULYDWLRQVSDUHQWVXQHPSOR\PHQWSRYHUW\OLPLWHGPDWHULDOFRQGLWLRQVGLVRUJDQL]HGIDPLOLHVE\GLYRUFHRU
DEDQGRQPHQWVLQJOHSDUHQWIDPLOLHV/LYLQJFRQGLWLRQVLQGLVRUJDQL]HGFRPPXQLWLHVH[FHVVLYHPRELOLW\IURPD
FRPPXQLW\WRDQRWKHUPRVWRIDOOWKRXJKGHFDGHVRIDFFHVVLELOLW\WRGUXJVDQGDOFRKROJURXSDIILOLDWLRQWRGUXJ
XVHUVIDPLO\DQWHFHGHQWVRIDOFRKROLVPSDLQIXOWUDXPDWLFHYHQWVVHSDUDWLRQVGHDWKRIDFORVHSHUVRQHWF

6HDUFK

5HQRZQHGDXWKRUVOLVWDPRQJHGXFDWLRQDOIDFWRUVH[FHVVLYHO\VHYHUHGLVFLSOLQHLQIDPLO\RUH[DJJHUDWHGWROHUDQFH

$GYDQFHG6HDUFK

SHUPLVVLYHDWWLWXGHRISDUHQWVYHUVXVGUXJFRQVXPSWLRQ2WKHUIDFWRUVDUHDOVRFRQVLGHUHGHPRWLRQDOGHSULYDWLRQD

%URZVH

VHYHUHIDPLO\HQYLURQPHQWRUDYLROHQWRQHXVHRIHGXFDWLRQDOPHWKRGVZLWKRVFLOODWLQJQRWHVDQGGLVDJUHHPHQWV

%\,VVXH
%\$XWKRU
%\7LWOH

$UWLFOH7RROV
$EVWUDFW
3ULQWWKLVDUWLFOH

EHWZHHQSDUHQWV0RVWRIWKHWLPHWKRVHPHWKRGVIDLOWRRIIHUDVSDFHRISHUVRQDOYDOXHDQGFRKHUHQWQRUPDWLYLW\DQG
IDPLO\HQYLURQPHQWVGRPLQDQWQRWHLVWKHODFNRIFRPPXQLFDWLRQRUWKHGHILFLWLQFRPPXQLFDWLRQEHWZHHQSDUHQWVDQG
FKLOGUHQ
)DPLO\E\H[LVWHQWLQWULQVLFG\VIXQFWLRQVDQGLQDGHTXDWHHGXFDWLRQDOPHWKRGVRIIHUHGWRWKHFKLOGUHQPD\UHSUHVHQWD
VHULRXVULVNIDFWRULQIOXHQFLQJWKHGHEXWRIGUXJFRQVXPSWLRQ+RZHYHUQRWDOOWKHLQGLYLGXDOVFRQIURQWHGZLWKWKHVH
HQYLURQPHQWDODQGHGXFDWLRQDOIDFWRUVEHFRPHDGGLFWHG7KLVKDSSHQVPRVWO\GXHWRWKHIDFWWKDWSV\FKRORJLFDOO\WKH

,QGH[LQJPHWDGDWD

IDFWRUPHGLDWLQJWKHZD\LQZKLFKWKRVHFRQGLWLRQVDUHERWKSHUFHLYHGDQGUHIOHFWHGLVWKHJOREDOSHUVRQDOLW\VWUXFWXUH

+RZWRFLWHLWHP

,WLVZHOONQRZQIDFWWKDWWKHUHDUHSHUVRQVPRUHIUDJLOHLQWHUPVRISHUVRQDOLW\VWUXFWXUHVZKLOHRWKHUVKDYHIHDWXUHV

)LQGLQJ5HIHUHQFHV
5HYLHZSROLF\
(PDLOWKLVDUWLFOH
/RJLQUHTXLUHG

WKDWSURWHFWDQGKHOSWKHPWRGHWHUGUXJFRQVXPSWLRQ
7KHUHDUHVWXGLHVKLJKOLJKWLQJDFRUUHODWLRQEHWZHHQEHKDYLRUGLVRUGHUVLQFOXGLQJK\SHUDFWLYLW\DQGODWHUOLIHGUXJ
FRQVXPSWLRQ,QIDFWVWDUWLQJZLWKFKLOGKRRGWKLVIDFWGUDZVDWWHQWLRQWRZDUGVDSDUWLFXODUW\SHRISHUVRQDOLW\
VWUXFWXUHPRUHGLIILFXOWVSHFLDOWKDWLQWKHFDVHRIDODFNRIJXLGDQFHPD\WXUQLQWRDGLVKDUPRQLFSHUVRQDOLW\'UXJ
FRQVXPSWLRQLQWKLVSDUWLFXODUFDVHLVDUHVXOWRIWKHLPSXOVLYHEHKDYLRUJHQHUDWHGE\WKLVSDUWLFXODUSHUVRQDOLW\W\SH

8VHU
8VHUQDPH

6HOILPDJHLVDOVRDIDFWRUSOD\LQJDQLPSRUWDQWUROHLQWKHGHEXWDQGPDLQWHQDQFHRIGUXJFRQVXPSWLRQ$QXQIDYRUDEOH

3DVVZRUG

VHOILPDJHHLWKHUXQVWUXFWXUHGFKDUDFWHUL]HGE\ODFNRIVHOIFRQILGHQFHDQGLQIHULRULW\FRPSOH[PD\JHQHUDWHD

5HPHPEHUPH
/RJ,Q

,QIRUPDWLRQ
)RU5HDGHUV
)RU$XWKRUV
)RU/LEUDULDQV

1RWLILFDWLRQV
9LHZ
6XEVFULEH
8QVXEVFULEH

UHEHOOLRXVDWWLWXGHRURQWKHFRQWUDU\DQDWWLWXGHRIZLWKGUDZDODQGUHWUDFWLOLW\VRFLDOLVRODWLRQDQGH[FHVVLYHWLPLGLW\
$GGLFWLRQH[SHUWVDFFHSWWKHLGHDWKDWUHEHOOLRXVDWWLWXGHDQGGUXJVDUHRQWKHVDPHVLGHRIWKHEDUULFDGHVLQFHGUXJ
FRQVXPSWLRQLWVHOILVVRFLDOO\GLVDSSURYHGPRUHWKDQWKDWLWLVLQFULPLQDWHGDQGOHJDOO\SXQLVKHG$WWKHRWKHUH[WUHPH
VRPHWLPHVWLPLGLW\GRHVQRWRIIHUWKHRSSRUWXQLW\RIQRUPDOUHODWLRQVKLSDFFRPSOLVKPHQWVJHQHUDWLQJPD[LPXPRI
GLVFRPIRUW,IWKHSHUVRQGLVFRYHUVWKDWWKHUHDUHVXEVWDQFHVDEOHWRFDXVHDVWDWHRIZHOOEHLQJVSRQWDQHLW\DQGODFNRI
LQKLELWLRQWKHSDWKWRZDUGVWKHFRQVXPSWLRQGHFLVLRQPD\EHH[WUHPHO\VKRUW
$Q[LHW\LVDQRWKHUSHUVRQDOLW\WUDLWFRQVLGHUHGSUHGLVSRVLQJIDFWRUWRGUXJFRQVXPSWLRQ$Q[LHW\DVDIHDUZLWKRXW
REMHFWLVWUDQVODWHGLQWRWKHVXEMHFWVOLIHWURXJKXQHTXDORXWRIVFDOHUHDFWLRQVWRHYHQWVLQDGHTXDF\DQGHOHPHQWVRI
VWUHVV7KHUHDUHFDVHVZKHQDQ[LRXVSHUVRQVPD\XVHGHSUHVVDQWVXEVWDQFHVRIFHQWUDOQHUYRXVV\VWHPV WKDWLQGXFH
DVWDWHRIUHOD[DWLRQ LQRUGHUWRHVFDSHWKLVVWDWHRIDFXWHDQGJUDYHSV\FKRORJLFDOVXIIHULQJ
&KLOGUHQZKRPQRWKLQJZDVHYHUUHIXVHGZKRJHWHYHU\WKLQJWKH\GHPDQGXQFRQGLWLRQDOO\ULVNWRGHYHORSKHGRQLVWLF
SHUVRQDOLW\VWUXFWXUHVEHFDXVHWKH\GHYHORSDYLHZRIOLIHDVDFRQWLQXRXVSDWKRISOHDVXUDEOHHYHQWVDQGQRWKLQJWKDW
FRXOGGULYHWKHPWRSOHDVXUHPXVWEHPLVVHG$VDSRVLWLYHDWWLWXGHWRZDUGVHYHU\WKLQJJHQHUDWLQJDQGPHDQLQJ
SOHDVXUHKHGRQLVPLVEHFRPLQJDULVNIDFWRUIRUGUXJFRQVXPSWLRQ
$QHGXFDWLRQDOHQYLURQPHQWVKRZLQJWROHUDQFHWRGUXJVPD\OHDGWREXLOGLQJDVHWRIQRUPVDQGYDOXHVWKDWDFFHSW
GUXJFRQVXPSWLRQDVDQRUPDOEHKDYLRU7KHVHSRVLWLYHDWWLWXGHVWRZDUGVGUXJVDUHSUHGLVSRVLQJIRUVXUHWRGUXJ
DGGLFWLRQDQGGHSHQGHQF\

KWWSHMRSSV\FKRSHQHXDUWLFOHYLHZKWPO





7KH3HUVRQDOLW\3URILOHRIWKH'UXJ$GGLFW_5DVFDQX_(XURSHV-RXUQDORI3V\FKRORJ\
3HUVRQDOLW\LQLWVG\QDPLFVWRZDUGVUHDFKLQJPDWXULW\IROORZVDFRPSOLFDWHGDQGGLIILFXOWSDWKGXULQJVRPHSDUWLFXODU
SHULRGVLQOLIH$GROHVFHQFHLVDWLPHFKDUDFWHUL]HGE\PXOWLSOHSK\VLRORJLFDODQGSV\FKRORJLFDOWUDQVIRUPDWLRQV$WD
FHUWDLQSRLQWGXULQJWKLVWLPHWKHDGROHVFHQWVPD\EHFRPHYXOQHUDEOHXQGHUPXOWLSOHDVSHFWV$GROHVFHQWVDUHDULVN
SRSXODWLRQFRQFHUQLQJGUXJFRQVXPSWLRQ0RVWRIGHEXWVWDNHSODFHHVSHFLDOO\GXULQJWKLVWLPHWKHSHUVRQDOLW\EHLQJ
LPPDWXUHWKHV\VWHPRIYDOXHVLVQRWEXLOW\HWDQGWHPSWDWLRQWRWU\DQGH[SHULPHQWQHZWKLQJVLVVWLOOSUHVHQW
1DWXUDOO\RQHPD\DVNKLPVHOIKHUVHOIZKHWKHUWKHVHSHUVRQDOLW\W\SHVVSHFLILFWRGUXJGHSHQGHQF\HQWHUHIIHFWLYHO\
XQGHUWKHSV\FKRSDWKRORJLFDOXPEUHOODRUDUHMXVWQRUPDOSHUVRQDOLWLHVZLWKDFHUWDLQGHJUHHRISV\FKRORJLFDOIUDJLOLW\
$QWRLQHDQG0DXULFH3RURW  VWDWHWKDWGUXJXVHUVPD\EHFODVVLILHGLQWRWKHIROORZLQJFDWHJRULHVSV\FKRWLFVDQG
SUHSV\FKRWLFVSV\FKRSDWKVLPPDWXUHSHUVRQDOLWLHVDQGSHUVRQDOLWLHVZKRDGMXVWHGWKHPVHOYHVWRWKHJURXSSUHVVXUH
7KHSHUVRQDOLW\VWUXFWXUHRIDUHDOGUXJDGGLFWLVRISDWKRORJLFDOQDWXUHIRUWKHILUVWWZRFDWHJRULHVGUXJVSOD\LQJDQ
LPSRUWDQWUROHLQGHFRPSHQVDWLRQRIWKHVHIUDJLOHSHUVRQDOLWLHV7KRVHEHORQJLQJWKHODVWFDWHJRULHVDERYHPHQWLRQHG
DUHQRWSDWKRORJLFDOSHUVRQDOLWLHVWKH\DUHXVXDOO\WHHQDJHUVDQGLPPDWXUH\RXQJVWHUVKDYLQJSUHGLVSRVLQJSHUVRQDOLW\
WUDLWVZKROLYHLQDKLJKULVNHQYLURQPHQWIDYRUDEOHWRGUXJFRQVXPSWLRQ
%HKDYLRXUDOWHUDWLRQVLQGXFHGE\GUXJFRQVXPSWLRQLQWKHSHUVRQDOLW\VWUXFWXUH
'UXJXVHOHDGVYHU\RIWHQWRWKHVRFDOOHGGHILFLHQF\V\QGURPH7KLVLVFKDUDFWHUL]HGE\WKHIROORZLQJHOHPHQWV
GHILFLWRIDFWLYLW\LVHVSHFLDOO\FKDUDFWHUL]HGE\WKHHIIRUWWRJHWWKHGUXJMXVWLI\LQJLWVLQHUWLDE\SVHXGR
SKLORVRSKLFDODQGDQWLVRFLDOUHDVRQLQJ,WLVIUHTXHQWO\FRPPRQLQRSLDFHDXVHU
GHILFLWLQLQWHOOHFWLYHRSHUDWLRQDODUHDVORZLGHDWLRQWURXEOHVRIDWWHQWLRQDQGPHPRU\
GHILFLWRIGLVSRVLWLRQDQGDIIHFWLYLW\,WLVUDWKHULQWHUHVWLQJWKDWRQO\WKHGUXJUHPDLQVLQYHVWHGZLWKDIIHFWLYLW\
7KLVVWDWHUHPLQGVXVRIWKHDIIHFWLYHLQGLIIHUHQFHRIKHEHSKUHQLFDQGDOVRIDYRUVWKHGHSUHVVLYHVWDWHVHVSHFLDOO\
GXULQJWKHWLPHRIXQKDELWXDWLRQIDFWWKDWOHDGVPDQ\WLPHVWRUHODSVHV UHDSSHDUDQFHRIDGGLFWLYHEHKDYLRU
GHSHQGHQF\ 
&RQFHUQLQJHVSHFLDOO\RSLDFHDFRQVXPSWLRQWKHUHLVWKHGDQJHURILQVWDOOLQJDUDSLGDQGFRQVWDQWGHILFLWDU\V\QGURPH
,QWKHFDVHRIKDOOXFLQRJHQLFGUXJVWKHUHLVDULVNRISURORQJHGGHOXVLRQV\QGURPHVVLPLODUWRVFKL]RSKUHQLFSDWWHUQ,Q
FDQQDELVFRQVXPSWLRQWKHV\QGURPHRIODFNRIPRWLYDWLRQDSSHDUVZKLOHLQWKHXVHRIDPSKHWDPLQHVSDUDQRLG
GHOXVLRQDOUHDFWLRQVDUHFRPPRQ,QWKHFDVHRIH[FHVVLYHGRVHXVDJHFRQIXVLRQDORURQHURLGFRQIXVLRQDOVWDWHVDUH
FRPPRQ
,QWKHFDVHRISURORQJHGXVHRIGUXJVZHPD\QRWLFHDQLQKLELWLRQRISV\FKRORJLFDOGHYHORSPHQWGXHWRWKHIDFWWKDW
WKHGUXJGHSHQGHQWSHUVRQLVRUJDQL]LQJKLVKHURZQOLIHDURXQGWKHGUXJREWDLQLQJSURFHVVDQGVWRSVEHLQJ
LQWHUHVWHGLQRWKHUOLIHH[SHULHQFHVDQGKLVKHUDFTXLVLWLRQVDUHGHFUHDVLQJVXEVWDQWLDOO\,PSOLFLWO\RQHPD\QRWLFHD
GHOD\RISV\FKRORJLFDOGHYHORSPHQWDQGLQFDVHWKHGHSHQGHQF\RFFXUVDWD\RXQJHUDJHWKHFRQVHTXHQFHVDUHRI
SV\FKRVRPDWLFQDWXUH)ROORZLQJWKHGHYHORSPHQWRIGHSHQGHQF\VWDWHDQGZKLOHPDWHULDOPHDQVDUHGHFUHDVLQJD
JUDYHGHWHULRUDWLRQRIPRUDOMXGJPHQWWDNHVSODFHWKHIWUREEHU\LQMXULRXVWDONLQJPHQDFLQJEDWWHULQJEHLQJDOO
FRQVLGHUHGE\WKHGUXJDGGLFWDVQRUPDOOLIHEHKDYLRU
'UXJDGGLFWLRQHPSKDVL]HVGHYLDQWEHKDYLRUDQGWKHLGHDRILQFDSDFLW\IDLOXUHE\WKHIHHGEDFNPHFKDQLVP,ILQLWLDOO\
WKHGUXJPDQDJHGWRFUHDWHWKHVHQVDWLRQRIGHDOLQJZLWKSUREOHPVE\LJQRULQJWKHPDIWHUDQDFWLYHSHULRGRIGUXJ
FRQVXPSWLRQWKLVDSSHDUVDVDQHFHVVLW\HYHQZLWKVSHFLILFSKHQRPHQRQPRUHDQGPRUHDFXWHDQGWKHSHUVRQEHJLQV
WRDXJPHQWVXEVWDQFHGRVHVKRSLQJKHVKHZLOOPDQDJHWRGLVWDQFHKLPVHOIKHUVHOIIURPWKHP
$IWHUIHZF\FOHVRIWKLVW\SHH[LVWHQFHRI;SUREOHPGUXJFRQVXPSWLRQDVDQLJQRULQJPHFKDQLVPWKHLGHDRI
LQFDSDFLW\RIVROYLQJGXHWRWKHODFNRIDELOLWLHVWKHIHHOLQJRILQHIILFLHQF\LQSHUVRQDOOLIHDVDFRQVHTXHQFHRIWKHOLIH
VW\OHFRPPRQWRGUXJDGGLFWVVHOIFRQILGHQFHLVKHDYLO\ORZHUHGVHOILPDJHLVGHWHULRUDWLQJLVHYHQGHVWUXFWXULQJLQ
WKHFDVHLWXVHGWRH[LVWDVDVWURQJVWUXFWXUH
&RQVLGHULQJDOOWKHDERYHPHQWLRQHGIDFWVZHPD\QRWLFHWKDWDOOWKHDOWHUDWLRQVSURGXFHGE\GUXJGHSHQGHQF\DW
SHUVRQDOLW\OHYHODUHSURIRXQGDQGYLVLEOHDQGWKH\FDQHYHQDIIHFWWKHSHUVRQDOLW\FRUHZKHQGHSHQGHQF\KDVEHHQ
LQVWDOOHGIRUDZKLOH7KLVIDFWKLJKO\UHFRPPHQGVWKHXVHRISV\FKRWKHUDS\DVDVLQHTXDQRQLQWHUYHQWLRQRI
UHVWUXFWXULQJDQGRSWLPL]LQJRISHUVRQDOLW\DQGFRQVWUXFWLQJDQHZOLIHVW\OHZLWKHOHPHQWVRIHPRWLRQDODQGVRFLDO
EDODQFH
(YDOXDWLRQUHSRUWIRU
'UXJUHODWHGFULPLQDOEHKDYLRUG\QDPLFDVVHVVHGEHWZHHQKDVNQRZQDVLJQLILFDQWULVHIURPRIIHQFHV
LQWRUHFRUGHGLQDQGWRLQ,QSHUFHQWDJH\HDULVFKDUDFWHUL]HGE\DULVHRI
RIWKHQXPEHURIFULPLQDORIIHQFHVYHUVXVDQGDULVHRIYHUVXV
5HJDUGLQJWKHHQYLURQPHQWZKHUHWKHFULPLQDOEHKDYLRUKDVWDNHQSODFHXUEDQHQYLURQPHQWWDNHVWKHILUVWSODFH
 FRQILUPLQJWKDWXUEDQFRPPXQLWLHVIDYRUGUXJGLVWULEXWLRQHVSHFLDOO\ELJFLWHV7KHUHDUHWKRXJKWZRGLVWULFWV
LQWKHUXUDOHQYLURQPHQWZKHUHWKHQXPEHURIFULPLQDORIIHQFHVLVELJJHUWKDQWKHQXPEHUUHFRUGHGLQWKHXUEDQ
HQYLURQPHQW6DWX0DUH LQUXUDOHQYLURQPHQWYHUVXVLQXUEDQHQYLURQPHQW 6LELX YHUVXV DQG6XFHDYD
YHUVXV 
5RPDQLDFULPLQDOEHKDYLRULVPDLQO\H[SUHVVHGUHODWHGWRWKHSRVVHVVLRQRIVPDOOGUXJTXDQWLWLHVIRUSULYDWH
FRQVXPSWLRQDQGVHOOLQJEX\LQJRSHUDWLRQVVSHFLILFWRWKHVPDOOVWUHHWWUDIILF

KWWSHMRSSV\FKRSHQHXDUWLFOHYLHZKWPO





7KH3HUVRQDOLW\3URILOHRIWKH'UXJ$GGLFW_5DVFDQX_(XURSHV-RXUQDORI3V\FKRORJ\
)ROORZLQJDQDO\VLVRIWKHG\QDPLFVRILQYHVWLJDWHGSHUVRQVE\WKHDJHRISDUWLFLSDQWVFULWHULRQKDVEHHQQRWLFHGD
FRQVWDQWWHQGHQF\RIGHFUHDVHEHWZHHQ
FDWHJRU\RISHUVRQVDERYH\HDUVROGKDYHLVLQFUHDVLQJLQ  IROORZHGE\DUHODWLYHVWDELOLVDWLRQLQ
  
SHUVRQVLQYHVWLJDWHGRIDJHEHWZHHQDQG\HDUVROGLVWKHPDLQFDWHJRU\ LQLQ
DQGLQ 
WHQGHQF\RIVWDELOL]DWLRQRI\RXQJSHUVRQVDJH \HDUVROG LQYROYHGLQFRPPLWWLQJWKLVW\SHRIFULPLQDO
RIIHQFHVLVFRPSOHWHGE\LWVIODWWHQLQJWHQGHQF\ LQLQDQGLQ 
SHUFHQWDJHRIPLQRUVOHJDOO\UHVSRQVLEOHLQYHVWLJDWHGLQVLPLODUFDXVHVUHPDLQVUHODWLYHO\FRQVWDQWLQWKHODVW
WKUHH\HDUV LQLQDQGLQ 
'XULQJRIIHQFHVUHODWHGWRWUDIILFDQGXVHRIGUXJVFRQVLGHULQJVH[FULWHULRQKDYHEHHQGRQHPRVWO\E\
PHQ DYHUDJHSHUFHQWDJHLV ZRPHQVLPSOLFDWLRQEHLQJDFWLYHRQO\GXULQJ  
&RQVLGHULQJHGXFDWLRQOHYHOFULWHULRQLWKDVEHHQQRWLFHGWKDWDPRQJLQYHVWLJDWHGSHUVRQVJ\PQDVLXPJUDGXDWHV
UHSUHVHQWWKHFDWHJRU\WKHPRVWLQYROYHGLQWKHILHOGRIFULPLQDOEHKDYLRXUUHODWHGWRGUXJVZKLOHKLJKVFKRROJUDGXDWHV
KROGDVHFRQGSRVLWLRQ7KHDQDO\VLVSURYLGHVDQLQFUHDVHLQWKHQXPEHURIXQLYHUVLW\JUDGXDWHV LQLQ
DQGLQ 
'XULQJWKHPHQWLRQHGSHULRGLQWKHILHOGRIGUXJUHODWHGFULPLQDOEHKDYLRXUKDVEHHQQRWLFHGDUDWKHUODUJHLPSOLFDWLRQ
RIXQHPSOR\HGSHUVRQVWKHQXPEHURIWKRVHSHUVRQVUHDFKHGLQWKHWRSSHUFHQWDJHRI7KHIDFWWKDWWKH
ODUJHVWSDUWRIWKLVFDWHJRU\LVUHSUHVHQWHGE\\RXQJSHRSOH LQDQGLQ LVHYHQPRUH
FRQFHUQLQJ
5HJDUGLQJWKHHWKQLFHOHPHQWLQGUXJUHODWHGDFWLYLWLHVSHRSOHEHORQJLQJWRURPDFRPPXQLW\DUHWKHPRVWLQWHUHVWHGLQ
WKLVLOOHJDODFWLYLW\LQWHUPVRIFRQVLVWHQWDPRXQWVRIPRQH\LQYROYHG LQURPDFRPPXQLW\PHPEHUV
LQYHVWLJDWHGLQLQ 
5HJDUGLQJWKHZD\RIFKDUJLQJWKHFRQGHPQHGPLQRUVWKHLPSRUWDQFHRIFULPLQDORIIHQFHVFRQYLQFHGMXGJHVWRDSSO\
SHQDOWLHVPRVWO\FRQFHUQLQJWKHIUHHGRPGHSULYLQJRQHV LQLQDQGLQ 
&DQQDELVLVZLGHO\VSUHDGLQ(XURSHHVSHFLDOO\DPRQJ\RXQJSHRSOH7KHUHDUHVWXGLHVVKRZLQJWKDWRI
\RXQJVWHUV \HDUVROG LQ(XURSHDQ8QLRQKDYHWULHGFDQQDELVDQGKDYHXVHGFDQQDELVGXULQJDSHULRGRI
WKHLUOLYHV0RUHWKDQRI\RXQJSHRSOHKDYHXVHGFDQQDELVGXULQJODVW\HDULQ)UDQFH  LQ6SDLQ  LQ
*UHDW%ULWDLQ  LQ'HQPDUN  DQG1HWKHUODQGV  7KHOHDVWDIIHFWHGFRXQWULHVDUH$XVWULD*UHHFH
/X[HPEXUJ3RUWXJDODQG6ZHGHQ
$SDUWLFXODULW\RIGUXJXVHLQ&HQWUDODQG(DVWHUQ(XURSHLVWKHVRFLRHFRQRPLFVLWXDWLRQRIWKHVHFRXQWULHVWKH
GLIIHUHQWLDWHGHYHORSPHQWDQGVWUHQJWKHQLQJRIWKHVWDWHRIODZ5HJDUGLQJFDQQDELVFRQVXPSWLRQVXUYH\VFRQGXFWHG
LQVFKRROVVKRZDSUHYDOHQFHRIFRQVXPSWLRQDURXQGWKHDJHRIRQDYHUDJHVWDUWLQJIURPLQ5RPDQLDWR
LQ&]HFK5HSXEOLF(YHQVLQFHWKHPLGRIODVWGHFDGHWKHSUREOHPRIRSLDFHDXVHDQGHVSHFLDOO\KHURLQXVHKDYH
JHQHUDWHGFRQFHUQVLQWKHPDMRULW\RIWKHVHFRXQWULHV(YHQWKRXJKWKHGDWDSURYLGHGE\LQWHUQDWLRQDODJHQFLHVDUH
UDWKHUVFDUFHDJHQHUDOWHQGHQF\RIVWDELOL]LQJWKHGUXJFRQVXPSWLRQLQ&]HFK5HSXEOLF+XQJDU\6ORYDN5HSXEOLF
6ORYHQLDDQGSRVVLEO\%XOJDULDPD\EHHVWLPDWHGDORQJZLWKDQLQFUHDVHLQ(VWRQLD/LWKXDQLD3RODQGDQG5RPDQLD
HVSHFLDOO\KHURLQFRQVXPSWLRQ &RFDLQHFRQVXPSWLRQLVXQGHUWKH:HVWHUQ(XURSHOHYHOEXWDQLQFUHDVHFDQEH
QRWLFHGLQ$OEDQLD&URDWLD/LWKXDQLDDQG3RODQG,Q6ORYHQLDDQG&]HFK5HSXEOLFWKHFRQVXPSWLRQKDVEHHQVWDELOL]HG
ZKLOHLQ+XQJDU\DGHFUHDVHKDVEHHQQRWLFHG5HFHQWGDWDVKRZWKDWDPSKHWDPLQHW\SHVWLPXODQWVHVSHFLDOO\
(FVWDV\DUHQRZXVHGLQH[SHULPHQWDODQGUHFUHDWLRQDOXVHXQGHUWKHQDPHRIFOXEGUXJVZLWKDQLQFUHDVHGUDWHRI
SUHYDOHQFHRIFRQVXPSWLRQDWWKHDYHUDJHDJHRIIRUH[DPSOHLQ/LWKXDQLDDQGLQ&]HFK5HSXEOLF/LWKXDQLD
DQG6ORYHQLD
7KHFXUUHQWVLWXDWLRQLVDODUPLQJLIZHFRQVLGHUVWXGLHVGRQHE\VRPHQRQJRYHUQPHQWDORUJDQL]DWLRQVRURWKHU
5RPDQLDQRUIRUHLJQLQVWLWXWLRQV 81,&()81$,'6206HWF WKDWHVWLPDWHDQXPEHURIGUXJXVHUVRI
LQMHFWDEOHGUXJVLQ%XFKDUHVWRQO\DQGWKHDVVLVWDQFHVHUYLFHV LQ%XFKDUHVW DUHOHIWSDUDGR[LFDOO\PRVWRIWKHWLPH
ZLWKRXWSDWLHQWV
'XHWRDODFNRIXQLWDU\DQGFRRUGLQDWHGDFWLRQVE\LQVWLWXWLRQVLQFKDUJHDGLVWRUWHGVRFLDOUHSUHVHQWDWLRQUHJDUGLQJ
GUXJXVHUVZDVFUHDWHG7KLVOHDGWRXQMXVWLILDEOHH[FOXVLRQDFWLRQVE\VRFLHW\DQGDORVVRIFRQILGHQFHGUXJXVHUV
H[SHULHQFHWRZDUGVWKHVHDVVLVWDQFHVHUYLFHV$WWKHVDPHWLPHPHGLDSULQWSUHVVWHOHYL]LRQKDYHVXEVWDQWLDOO\
FRQWULEXWHGWRFUHDWLQJDQHJDWLYHLPDJHRIWKHFRQVXPHUGHVFULEHGH[FOXVLYHO\E\FULPLQDOEHKDYLRUDWWDFKHGWRWKLV
SDWKRORJLFDOVWDWHRUE\PRUELGWKHPHVUHVSRQVLEOHIRUKLJK79UDWLQJV
8QGHUWKHVHFLUFXPVWDQFHVFLYLOVRFLHW\VUHDFWLRQWKDWEHFRPHVPRUHDQGPRUHDFWLYHO\LQYROYHGLQWKHDVVLVWDQFHRI
GUXJXVHUVLVMXVWLILDEOH7KHUHLVZRUWKPHQWLRQLQJHVSHFLDOO\WKHLQYROYHPHQWRIWKHSHUVRQVGLUHFWO\DIIHFWHGGHVSLWH
WKHILQDQFLDODQGEXUHDXFUDWLFGLIILFXOWLHVRIGHYHORSLQJSULYDWHDOWHUQDWLYHVLQWKLVILHOG7KHUHIRUHLQ2UDGHDWKH7UXVW
IRXQGDWLRQKDVFUHDWHGD'D\&HQWUHIRUWKHDVVLVWDQFHRIGUXJXVHUVZKLOH5RPDQLDQ%OXH&URVV$VVRFLDWLRQKDV
GHYHORSHGWZRWKHUDSHXWLFFRPPXQLWLHVIRUGUXJDQGDOFRKROXVHUVLQ9XUSDUDQG6XUD0LFDLQ6LELXGLVWULFW
2WKHULPSRUWDQWREMHFWLYHVLQDVVXULQJTXDOLW\VHUYLFHVLQWKHWUHDWPHQWRIGUXJXVHLVWKHSURIHVVLRQDOWUDLQLQJRI
VSHFLDOLVWV SV\FKLDWULVWVJHQHUDOSUDFWLWLRQHUVSV\FKRORJLVWVPHGLFDOQXUVHVVRFLDOZRUNHUVHWF DQGWKHGHYHORSPHQW
RIDFXUULFXOXPIRUWKHP

KWWSHMRSSV\FKRSHQHXDUWLFOHYLHZKWPO



S-ar putea să vă placă și