)RUPXODU QU 3O QHNOLSSHU 3UROLQH FP WLO PHOOHPVWRU GULYHQKHG 0RGHOQU RJ RSHIWHU %UXJHUKnQGERJ 'DQVN
)RURUG +RV 7RUR ¡QVNHU YL DW GX EOLYHU KHOW WLOIUHGV PHG GLW Q\H 7RUR SURGXNW 'X HU GHUIRU YHONRPPHQ WLO DW NRQWDNWH GHQ ORNDOH DXWRULVHUHGH IRUKDQGOHU KYLV GX KDU EUXJ IRU \GHUOLJHUH RSO\VQLQJHU HOOHU KM OS L IRUELQGHOVH PHG HIWHUV\Q RULJLQDOH UHVHUYHGHOH HOOHU DQGHW 1nU GX NRQWDNWHU HQ DXWRULVHUHW IRUKDQGOHU HOOHU IDEULNNHQ VNDO GX DOWLG RSO\VH SURGXNWHWV PRGHO RJ VHULHQXPPHU 'LVVH QXPUH J¡U GHW PXOLJW IRU IRUKDQGOHUHQ HOOHU VHUYLFHPHGDUEHMGHUHQ DW JLYH GLJ SU FLVH RSO\VQLQJHU RP OLJH QHWRS GLW SU
,QGKROG $GYDUVHOV RJ EUXJVDQYLVQLQJVVNLOWH 0RQWHULQJ /¡VH GHOH 0RQWHULQJ DI GUHMHKMXO 0RQWHULQJ DI E UHUDPPH Sn GULYHQKHG 0RQWHULQJ DI GHIOHNWRUVN UP 0RQWHULQJ DI IRUUHVWH VN UPSODGH 0RQWHULQJ DI NOLSSHSODGH 0RQWHULQJ DI GULYUHP %HWMHQLQJ
6LNNHUKHG $GYDUVHOV RJ EUXJVDQYLVQLQJVVNLOWH $GYDUVHOV RJ EUXJVDQYLVQLQJVVNLOWHQH HU OHWWH DW In ¡MH Sn IRU EUXJHUHQ 'H HU DQEUDJW L Q UKHGHQ DI DOOH SRWHQWLHOW IDUOLJH VWHGHU 8GVNLIW RJ HUVWDW EHVNDGLJHGH ERUWNRPQH VNLOWH 6H EUXJHUKnQGERJHQ WLO GULYHQKHGHQ IRU DW VH HQ V\PEROIRUNODULQJ 3t v9(567( '(/ $) 6.u5(1+('(1 'HO QU 3t v9(567( '(/ $) 6.u5(1+('(1 'HO QU 29(5 8'%/u61,1*6t%1,1* 'HO QU 3t 6,'(51( $) %u5(5$00(1 'HO QU 3t 7v01,1*6'u.
0RQWHULQJ /¡VH GHOH %HP UN $QYHQG QHGHQVWnHQGH VNHPD WLO DW LGHQWLILFHUH VDPOHGHOHQH %(6.5,9(/6( $17$/ $19(1'(/6(6)250c/ 0RQWHULQJ DI GUHMHKMXO 7U\NVNLYH $IVWDQGVVW\NNH +ROGHULQJ % UHUDPPH 6NUXH PHG IODQJH µ [ PP µ )ODQJHP¡WULN µ -XVWHULQJVDNVHO .RQWUDP¡WULN µ $IVWDQGVVW\NNH PP µ )MHGHU %¡VQLQJ 6SOLWSLQG /nVHFOLSV )RUUHVWH VN UPSODGH %ROW µ [ PP µ /nVHP¡WULN µ 'HIOHNWRUVN UP %ROW
,QVWDOODWLRQ 0RQWHULQJ DI GUHMHKMXO $QEULQJ WR WU\NVNLYHU Sn GUHMHKMXOVJDIOHQ )LJ ,QGV W GUHMHKMXOVJDIOHQ L E UHUDPPHQV PRQWHULQJVU¡U )LJ $QEULQJ WR WU\NVNLYHU RJ DIVWDQGVVW\NNHW Sn GUHMHKMXOVJDIOHQ RJ IDVWJ¡U GLVVH YHG KM OS DI HQ KROGHWDS )LJ 0RQWHULQJ DI E UHUDPPH Sn GULYHQKHGHQ -XVWpU KXOOHUQH L E UHUDPPHQ LQG HIWHU PRQWHULQJVKXOOHUQH L GULYHQKHGHQV UDPPH )LJ )DVWJ¡U KYHU VLGH DI E UHUDPPHQ WLO GULYHQKHGHQ PHG WUH µ [ PP µ VNUXHU PHG IODQJH RJ
,QVWDOODWLRQ 0RQWHULQJ DI GHIOHNWRUVN UP 0nO PP LQG IUD GHW EDJHVWH XGYHQGLJH KM¡UQH DI JU VGHIOHNWRUHQ RJ PDUNpU HQ OLQLH WLO GHW LQGYHQGLJH KM¡UQH )LJ 6N U JU VGHIOHNWRUHQ WLO ODQJV OLQLHQ 0DUNpU RJ ERU HW KXO Sn PP PP IUD GHQ QHGHUVWH NDQW RJ PP LQGH L IRUKROG WLO HQGHQ DI JU VGHIOHNWRUHQ )LJ +ROG GHIOHNWRUVN UPHQ YDQGUHW ODQJV GHQ EDJHVWH GHO DI GHIOHNWRUHQ 0DUNpU RJ ERU HW DQGHW KXO Sn PP L JU VGHIOHNWRUHQ )LJ )DVWJ¡U GHIOHNWRUVN UPHQ WLO JU VGH
,QVWDOODWLRQ 0RQWHULQJ DI NOLSSHSODGH 0RQWHULQJ DI GULYUHP 3ODFpU NOLSSHSODGHQ XQGHU E UHUDPPHQ 0RQWpU NOLSSHSODGHQ Sn E UHUDPPHQ PHG ILUH VSOLWSLQGH RJ OnVHFOLSV )LJ $IPRQWpU GH KnQGWDJ GHU IDVWJ¡U URWRUVNMROGHW WLO GHQ ¡YHUVWH GHO DI VN UHQKHGHQ RJ DIPRQWpU URWRUVNMROGHW 0RQWpU GULYUHPPHQ RPNULQJ GULYHQKHGHQV UHPVNLYH RJ L GHQ ¡YHUVWH ULOOH Sn GHQ YHQVWUH VSLQGHOUHPVNLYH 5HPPHQ VNDO Y UH SODFHUHW PHOOHP UHPVW\UHQH )LJ 0RQWpU URWRUVNMROGHW Sn VN UHQKHGHQ LJHQ RJ
,QVWDOODWLRQ 'UHM WR PP µ NRQWUDP¡WULNNHU FD FP µ RS Sn KYHU MXVWHULQJVDNVHO )LJ 6NXE HW PP µ DIVWDQGVVW\NNH IMHGHU RJ E¡VQLQJ RS Sn KYHU MXVWHULQJVDNVHO .RQWUROOpU DW E¡VQLQJHQ HU PRQWHUHW PHG IODQJHGHOHQ L UHWQLQJ PRG IMHGHUHQ )LJ )LJXU PP µ NRQWUDP¡WULN PP µ DIVWDQGVVW\NNH )MHGHU )LJXU P P FP µ PHOOHP )RUUHVWH NRQWUDP¡WULN DIVWDQGVVW\NNH RJ %DJHVWH NRQWUDP¡WUL
%HWMHQLQJ 7¡PQLQJ IUD VLGHQ HOOHU JU VDIVN UPQLQJ ,QGNREOLQJ DI VN UHNQLYHQV NUDIWXGWDJ 372 3O QHNOLSSHUHQ HU XGVW\UHW PHG HQ K QJVOHW JU VGHIOHNWRUDIVN UPQLQJ GHU NDVWHU GHW DINOLSSHGH JU V WLO VLGHQ RJ QHG PRG SO QHQ 6W\UHNQDSSHUQH WLO VN UHNQLYHQV NUDIWXGWDJ 372 RJ VLNNHUKHGVKnQGWDJHW WLO VN UHNQLYHQ W QGHU RJ VOXNNHU IRU GHQ HOHNWULVNH NREOLQJ RJ LQGNREOHU RJ XGNREOHU VN UHNQLYHQ )$5( )$5( +YLV LNNH GHU HU PRQWHUHW JU VDIVN UPQLQJ HOOHU JU VRSVDPOHU XGV WWHU GX GLJ VHOY RJ DQGUH IRU NRQWDNW PH
%HWMHQLQJ -XVWHULQJ DI NOLSSHK¡MGHQ .OLSSHK¡MGHQ NDQ MXVWHUHV IUD WLO PP µ L WULQ Sn PP µ YHG DW IO\WWH VSOLWEROWHQ WLO HW DQGHW KXO L EHVODJHW L KYHUW KM¡UQH DI VN UHQKHGHQ )LJ -XVWHULQJ DI GH PLGWHUVWH PnOHKMXO 0nOHKMXOHQH VNDO LQGVWLOOHV L GHW NRUUHNWH KXO IRU KYHU HQNHOW LQGVWLOOLQJ DI NOLSSHK¡MGHQ 0RWRUHQ VNDO VWDQGVHV I¡U NOLSSHK¡MGHQ MXVWHUHV 1nU NOLSSHK¡MGHQ HU LQGVWLOOHW VNDO EROWHQ RJ P¡WULNNHQ DIPRQWHUHV )LJ %HP UN $OOH ILUH SLQGH VNDO Y UH SODFHUHW L GH
%HWMHQLQJ 7LSV RP JU VVOnQLQJ +¡MW RPGUHMQLQJVWDO )RU DW RSQn GHQ EHGVWH JU VVOnQLQJ RJ PDNVLPDO OXIWFLUNXODWLRQ VNDO PRWRUHQ EHWMHQHV Sn ´+857,*µ 'HU VNDO Y UH HW PLQLPXP DI OXIW PHOOHP SO QHNOLSSHUHQ RJ JU VVHW IRU DW NXQQH NOLSSH JU VVHW RUGHQWOLJW RJ GHUIRU VNDO GX LNNH LQGVWLOOH NOLSSHK¡MGHQ IRU ODYW HOOHU ODGH SO QHNOLSSHUHQ Y UH RPJLYHW DI XNOLSSHW JU V )RUV¡J DOWLG DW KROGH GHQ HQH VLGH DI SO QHNOLSSHUHQ IUL IRU XNOLSSHW JU V Vn SO QHNOLSSHUHQ NDQ In GHQ Q¡GYHQGLJH OXIW 6OnQLQJ DI HQ SO QH IR
%HWMHQLQJ 9HGOLJHKROGHOVH DI VN UHNQLYHQH +ROG VN UHNQLYHQH VNDUSH JHQQHP KHOH JU VVOnQLQJVV VRQHQ GD HQ VNDUS NQLY VN UHU JU VVHW UHQW DI XGHQ DW ULYH GHW RYHU HOOHU In GHW WLO DW IORVVH +YLV JU VVHW ULYHV RYHU HOOHU IORVVHU EOLYHU HQGHUQH EUXQH KYLONHW IRUVLQNHU Y NVWHQ RJ ¡JHU ULVLNRHQ IRU V\JGRPPH .
9HGOLJHKROGHOVH 2YHUVLJW RYHU HIWHUV\QVLQWHUYDOOHU (IWHUV\QVDUEHMGH +YHU EUXJ 6N UHNQLYH NRQWUROOHUHV WLPHU WLPHU ; ; 6N UHNQLYHQHV VSLQGHOOHMHU VP¡UHV ; 'UHMHKMXO VP¡UHV ; ; %HVNDGLJHGH RYHUIODGHU PDOHV 6N UHNQLYH )RU DW VLNUH HQ JRG JU VVOnQLQJ VNDO NQLYHQH KROGHV VNDUSH 'HW NDQ Y UH SUDNWLVN DW KDYH HNVWUD NQLYH L IRUELQGHOVH PHG VOLEQLQJ RJ XGVNLIWQLQJ $'9(56(/ )$5( (Q NQLY GHU HU VOLGW HOOHU EHVNDGLJHW NDQ Jn L VW\NNHU RJ GHOH DI NQLYHQ NDQ EOLYH VO\QJHW XG RJ UDPPH SHU
9HGOLJHKROGHOVH (IWHUV\Q DI VN UHNQLYHQH .RQWURO DI HYHQWXHOW E¡MHGH VN UHNQLYH (IWHUVH VN UNDQWHUQH )LJ +YLV NDQWHUQH LNNH HU VNDUSH HOOHU KDU KDNNHU VNDO VN UHNQLYHQH DIPRQWHUHV RJ VOLEHV 6H DIVQLWWHW 6OLEQLQJ DI VN UHNQLYH Sn VLGH (IWHUVH VN UHNQLYHQH LV U GHW EXHGH RPUnGH )LJ +YLV VN UHNQLYHQH HU EHVNDGLJHGH HOOHU VOLGWH HOOHU KYLV GHU EORW HU WHJQ Sn HQ UHYQH L GHWWH RPUnGH GHO )LJ VNDO GX VWUDNV PRQWHUH HQ Q\ VN UHNQLY 'UHM VN UHNQLYHQH UXQGW LQGWLO HQGHU
9HGOLJHKROGHOVH $'9(56(/ )$5( (Q VN UHNQLY GHU HU E¡MHW HOOHU EHVNDGLJHW NDQ Jn L VW\NNHU RJ GHOH DI NQLYHQ NDQ EOLYH VO\QJHW XG RJ UDPPH SHUVRQHU GHU EHILQGHU VLJ L Q UKHGHQ DI PDVNLQHQ HOOHU GHQ SHUVRQ GHU EHWMHQHU SO QHNOLSSHUHQ +9$' .$1 '(5 6.( 'HOH DI NQLYHQ NDQ EOLYH VO\QJHW XG RJ IRUnUVDJH DOYRUOLJ SHUVRQVNDGH HOOHU G¡G 6c'$1 81'*c6 )$5(1 (Q E¡MHW HOOHU EHVNDGLJHW VN UHNQLY VNDO DOWLG XGVNLIWHV PHG HQ Q\ VN UHNQLY 'X Pn DOGULJ ILOH HOOHU Sn DQGHQ PnGH ODYH VNDUSH KDNNHU
9HGOLJHKROGHOVH 6OLEQLQJ DI VN UHNQLYHQH $QYHQG HQ ILO WLO DW VOLEH EHJJH VN UNDQWHU Sn VN UHNQLYHQ )LJ %HYDU GHQ RSULQGHOLJH YLQNHO 6N UHNQLYHQ EHYDUHU EDODQFHQ KYLV GHU IMHUQHV GHQ VDPPH P QJGH PDWHULDOH Sn EHJJH VN UNDQWHU P )LJXU 6OLE L GHQ RSULQGHOLJH YLQNHO .RQWUROOpU VN UHNQLYHQV EDODQFH YHG DW SODFHUH GHQ Sn HQ )LJ +YLV VN UHNQLYHQ IRUEOLYHU L HQ YDQGUHW SRVLWLRQ HU NQLYHQ DIEDODQFHUHW RJ NDQ EHQ\WWHV +YLV NQLYHQ LNNH HU DIEDODQFHUHW VNDO GHU NXQ VOLEHV P
9HGOLJHKROGHOVH -XVWHULQJ DI VN UHQKHGHQ ,QGVWLOOLQJ DI GHQ ODQJVJnHQGH K OGQLQJ +YLV HQ VN UHNQLY NOLSSHU ODYHUH HQG GHQ DQGHQ NQLY VNDO GHQ MXVWHUHV Sn I¡OJHQGH PnGH .RQWUROOpU G NWU\NNHW $QEULQJ VN UHNQLYHQH Sn ODQJV )LJ 0nO DIVWDQGHQ YHG SRVLWLRQ ´&µ RJ ´'µ )LJ IUD HQ SODQ RYHUIODGH WLO VN UHNQLYHQHV VN UNDQW )LJ 3O QHNOLSSHUHQ VNDO Y UH PP µ ODYHUH L GHQ IRUUHVWH SRVLWLRQ ´&µ HQG L GHQ EDJHVWH SRVLWLRQ ´'µ 6WDQGV PRWRUHQ IMHUQ Q¡JOHQ RJ DIPRQWpU
9HGOLJHKROGHOVH +YLV GX YLO QGUH GHQ ODQJVJnHQGH K OGQLQJ VNDO GX IO\WWH GHW VDPPH DQWDO WU\NVNLYHU Sn EHJJH GUHMHKMXOVJDIOHU )O\W WU\NVNLYHUQH IUD GHQ ¡YHUVWH GHO DI E UHUDPPHQV PRQWHULQJVU¡U WLO GHQ QHGHUVWH GHO IRU DW K YH SO QHNOLSSHUHQV IRUHQGH )O\W WU\NVNLYHUQH IUD GHQ QHGHUVWH GHO DI E UHUDPPHQV PRQWHULQJVU¡U WLO GHQ ¡YHUVWH GHO IRU DW V QNH SO QHNOLSSHUHQV IRUHQGH )LJ ,QGVWLOOLQJ DI GHQ WY UJnHQGH QLYHOOHULQJ .RQWUROOpU VN UHQKHGHQV WY UJnHQGH QLYHOOHULQJ .RQWUROOpU G NWU\N
9HGOLJHKROGHOVH 6P¡ULQJ DI OHMHU RJ E¡VQLQJHU 6N UHQKHGHQ VNDO VP¡UHV UHJHOP VVLJW 6H DIVQLWWHW 2YHUVLJW RYHU HIWHUV\QVLQWHUYDOOHU Sn VLGH 6P¡U PHG OLWKLXP EDVHUHW XQLYHUVDOIHGW QU HOOHU PRO\EGHQ EDVHUHW XQLYHUVDOIHGW 6WDQGV PRWRUHQ IMHUQ Q¡JOHQ RJ DIPRQWpU W QGU¡UVNDEOHW HOOHU W QGU¡UVNDEOHUQH IUD W QGU¡UHW HOOHU W QGU¡UHQH $IPRQWpU GH KnQGWDJ GHU IDVWJ¡U URWRUVNMROGHW WLO GHQ ¡YHUVWH GHO DI VN UHQKHGHQ RJ DIPRQWpU URWRUVNMROGHW $IPRQWpU GULYUHPPHQ 6H WULQ RJ L DIVQLWWH
9HGOLJHKROGHOVH 8GVNLIWQLQJ DI GULYUHP +YLV GHU O\GHU HQ K\OHWRQH QnU UHPPHQ URWHUHU KYLV VN UHNQLYHQH JOLGHU XQGHU JU VVOnQLQJ KYLV UHPNDQWHUQH HU IORVVHGH HOOHU KYLV GHU IRUHNRPPHU EU QGP UNHU RJ UHYQHU HU GHW HW WHJQ Sn DW GULYUHPPHQ HU VOLGW 8GVNLIW GULYUHPPHQ KYLV HW DI RYHQVWnHQGH WLOI OGH J¡U VLJ J OGHQGH 6WDQGV PRWRUHQ IMHUQ Q¡JOHQ RJ DIPRQWpU W QGU¡UVNDEOHW HOOHU W QGU¡UVNDEOHUQH IUD W QGU¡UHW HOOHU W QGU¡UHQH $IPRQWpU GH KnQGWDJ GHU IDVWJ¡U URWRUVNMROGHW WLO GHQ ¡YHUVW
9HGOLJHKROGHOVH 8GVNLIWQLQJ DI E¡VQLQJHU WLO GUHMHKMXOVJDIIHO ,QGV W HQ VWLIWXGVODJHU L PRQWHULQJVU¡UHW RJ N¡U E¡VQLQJHUQH IRUVLJWLJW XG )LJ 5HQJ¡U PRQWHULQJVU¡UHW LQGYHQGLJW 'UHMHKMXOVJDIOHUQH HU PRQWHUHW L E¡VQLQJHU GHU HU VNXEEHW LQG ¡YHUVW RJ QHGHUVW L E UHUDPPHQV PRQWHULQJVU¡U +YLV GX YLO NRQWUROOHUH E¡VQLQJHUQH VNDO GX IO\WWH GUHMHKMXOVJDIOHUQH IUHP RJ WLOEDJH VDPW IUD VLGH WLO VLGH +YLV HQ DI GUHMHKMXOVJDIOHUQH HU O¡V HU E¡VQLQJHUQH VOLGWH RJ VNDO XGVNLIWHV 6P¡U GH Q\H E¡VQL
9HGOLJHKROGHOVH (IWHUV\Q DI GUHMHKMXO RJ E¡VQLQJHU 'UHMHKMXOHQH GUHMHU Sn HW UXOOHOHMH GHU XQGHUVW¡WWHV DI HQ Q¡JOHE¡VQLQJ +YLV E¡VQLQJHQ VP¡UHV M YQOLJW HU VOLWDJHQ EHJU QVHW +YLV E¡VQLQJHQ LNNH VP¡UHV M YQOLJW EOLYHU GHQ KXUWLJW VOLGW +YLV GUHMHKMXOHW HU O¡VW VN\OGHV GHW RIWH DW E¡VQLQJHQ HU VOLGW $IPRQWpU OnVHP¡WULNNHQ RJ KMXOEROWHQ GHU IDVWJ¡U GUHMHKMXOHW WLO JDIOHQ )LJ $IPRQWpU E¡VQLQJHQ RJ WU N GHUHIWHU Q¡JOHE¡VQLQJHQ RJ UXOOHOHMHW XG DI KMXOQDYHW )LJ $IPRQWpU GHQ
9HGOLJHKROGHOVH 8GVNLIWQLQJ DI JU VGHIOHNWRUDIVN UPQLQJHQ $IPRQWpU GH OnVHP¡WULNNHU EROWH RJ IMHGUH GHU IDVWJ¡U GHIOHNWRUDIVN UPQLQJHQV VWDWLY WLO GUHMHEHVODJHW )LJ +YLV GUHMHEHVODJHW VNDO XGVNLIWHV VNDO GX DIPRQWHUH GH EU GGHEROWH RJ NHJOHOnVHP¡WULNNHU GHU IDVWJ¡U GHW JDPOH EHVODJ WLO GHQ ¡YHUVWH GHO DI XGEO VQLQJVnEQLQJHQ 'HUHIWHU VNDO GX PRQWHUH GHW Q\H GUHMHEHVODJ .
)HMOILQGLQJ 352%/(0 8QRUPDOH YLEUDWLRQHU 8M YQ NOLSSHK¡MGH 6N UHNQLYHQH URWHUHU LNNH 08/,*( c56$*(5 $)+-/31,1* 6N UHNQLYHQ HOOHU VN UHNQLYHQH HU E¡MHGH HOOHU XGH DI EDODQFH 0RQWpU HQ HOOHU IOHUH Q\H VN UHNQLYH 6N UHNQLYHQV PRQWHULQJVEROW HU O¡V 7LOVS QG VN UHNQLYHQV PRQWHULQJVEROW 0RWRUHQV PRQWHULQJVEROWH HU O¡VH 7LOVS QG PRWRUHQV PRQWHULQJVEROWH /¡VH UHPWU N WLO HQWHQ PRWRU WRPJDQJ HOOHU VN UHNQLYHQ 7LOVS QG GHQ UHOHYDQWH UHPVNLYH 0RWRUHQV UHPVN
