Вы находитесь на странице: 1из 16

(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R'HFHPEHU




3\UXYLFDFLGDVDQHZWKHUDSHXWLFSHHOLQJDJHQWLQDFQHPHODVPD
DQGZDUWV

=HLQDE7RVVRQ(QD\DW$WWZDDQG6DKDU$O0RNDGHP

(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO  'HFHPEHU

PDLOWRGUHQD\DWDWWZD#\DKRRFRP

'HSDUWPHQWRI'HUPDWRORJ\DQG9HQHUHRORJ\±)DFXOW\RIPHGLFLQH
=DJD]LJXQLYHUVLW\

$FFHSWHGIRUSXEOLFDWLRQLQ1RYHPEHU

$EVWUDFW

%DFNJURXQGS\UXYLFDFLG &+&2&22+ DQ NHWRDFLGKDV


EHHQUHFHQWO\IRUPXODWHGLQDK\GURHWKDQROLFYHKLFOHDWFRQFHQWUDWLRQRI
IRUXVHDVDVXSHUILFLDO±PHGLXPSHHOLQJDJHQWIRUWKHWUHDWPHQW
RIVHYHUDOGHUPDWRORJLFDOGLVHDVHV

2EMHFWLYHWKHDLPRIWKLVVWXG\ZDVWRHYDOXDWHWKHHIILFDF\DQG
WROHUDELOLW\RIS\UXYLFDFLGDVDFKHPLFDOSHHOLQWKHWUHDWPHQWRI
SDSXORSXVWXODUDFQHPHODVPDDQGFRPPRQZDUWV

0HWKRGVWKLVVWXG\ZDVFRQGXFWHGRQSDWLHQWV7KLUW\SDWLHQWV
DIIHFWHGE\SDSXORSXVWXODUDFQHDQGSDWLHQWVZLWKPHODVPDZHUH
WUHDWHGZLWKS\UXYLFDFLGHYHU\ZHHNVIRUDWRWDORI
PRQWKV)XOOFOLQLFDOH[DPLQDWLRQZDVGRQHIRUDOOSDWLHQWV7KHVHYHULW\
RIDFQHZDVDVVHVVHGE\WKH*OREDO$FQH*UDGLQJ6\VWHP *$*6 DQG
RIPHODVPDE\WKH0HODVPD$UHD6HYHULW\,QGH[ 0$6, EHIRUHDQGDIWHU
HDFKVHVVLRQ7KHRWKHUSDWLHQWVZLWKFRPPRQZDUWVWUHDWHGZLWK
S\UXYLFDFLG  DVDFKHPLFDOSDLQWWZLFHGDLO\IRUZHHNV

5HVXOWVDKLJKO\VLJQLILFDQWGHFUHDVHLQWKH*$*6DQG0$6,
VFRUHVIRUSDWLHQWVZLWKDFQHDQGPHODVPDUHVSHFWLYHO\ZDVUHSRUWHGDIWHU
WUHDWPHQW S 3DWLHQWVZLWKHSLGHUPDOW\SHPHODVPDGHPRQVWUDWHG
DEHWWHUUHVSRQVHWRWUHDWPHQWWKDQWKRVHZLWKPL[HGDQGGHUPDOW\SH
PHODVPD S &RPSOHWHFOHDULQJLQDOOZDUWVZDVDFKLHYHGLQ
SDWLHQWV7KUHHSDWLHQWVVKRZHGLPSURYHPHQWEXWGLGQRWFRPSOHWHWKH
VWXG\1RVLGHHIIHFWVZHUHREVHUYHGGXULQJRUDIWHUWUHDWPHQW

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R'HFHPEHU

&RQFOXVLRQSHHOLQJZLWKS\UXYLFDFLGFDQEHFRQVLGHUHGDQ
HIIHFWLYHVDIHDQGZHOOWROHUDWHGSURFHGXUHLQWKHWUHDWPHQWRISDWLHQWV
DIIHFWHGE\SDSXORSXVWXODUDFQHPHODVPDDQGZDUWV

,QWURGXFWLRQ

9DULRXVFKHPLFDOSHHOLQJDJHQWVKDYHEHHQXVHGLQWKHORFDO
WUHDWPHQWRIPLOGWRPRGHUDWHSDSXORSXVWXODUDFQHHLWKHUDORQHRULQ
DVVRFLDWLRQZLWKRWKHUWKHUDSLHV$VHULHVRIVXSHUILFLDOFKHPLFDOSHHOV
FDQJLYHGUDPDWLFLPSURYHPHQWLQDFWLYHDFQHRYHUDVKRUWSHULRGRIWLPH
>@

'LIIHUHQWWKHUDSHXWLFPRGDOLWLHVKDYHEHHQXVHGLQWKHWUHDWPHQWRI
PHODVPD+RZHYHUWKHRSWLPDOFKHDSDQGVDIHDJHQWKDVQRWEHHQ
GLVFRYHUHG%OHDFKLQJDJHQWVDQGFKHPLFDOSHHOVZHUHWKHPRVW
IUHTXHQWO\XVHGPHWKRGVLQWKHWUHDWPHQWRIPHODVPD&KHPLFDOSHHOV
KDYHEHFRPHHVWDEOLVKHGDVWKHWUHDWPHQWRIFKRLFHLQPHODVPD
HVSHFLDOO\LQOLJKWHUFRPSOH[LRQHGLQGLYLGXDOV&KHPLFDOSHHOLQJFDQEHD
PRGDOLW\WRUHPRYHH[FHVVHSLGHUPDOSLJPHQWLQWKHHSLGHUPDODQGPL[HG
W\SHVRIPHODVPD>@

7UHDWPHQWRIFRPPRQZDUWVUHPDLQVDWKHUDSHXWLFFKDOOHQJHIRUWKH
GHUPDWRORJLVWV$OWKRXJKDUHHVWLPDWHGWRUHVROYHVSRQWDQHRXVO\
ZLWKLQWZR\HDUV7KHUHLVQRVLQJOHWUHDWPHQWWKDWLVHIIHFWLYHDQG
GLIIHUHQWW\SHVRIWUHDWPHQWPD\EHFRPELQHG5HVHDUFKLQWRHIILFDF\RI
WUHDWPHQWPXVWWDNHLQWRDFFRXQWWKHSRVVLELOLW\RIVSRQWDQHRXV
UHJUHVVLRQ7KHLGHDODLPVRIWUHDWPHQWRIZDUWVDUH L WRUHPRYHWKH
ZDUWZLWKQRUHFXUUHQFH LL WRSURGXFHQRVFDUVDQG LLL WRLQGXFHOLIH
ORQJLPPXQLW\>@

3\UXYLFDFLG &+&2&22+ DQ NHWRDFLGKDVEHHQUHFHQWO\


XVHGDVDPHGLXPFKHPLFDOSHHOLQJDJHQW3\UXYLFDFLGKDVSURYHQLWV
HIILFDF\IRUWKHWUHDWPHQWRIPDQ\GHUPDWRORJLFDOFRQGLWLRQVVXFKDV
DFQHVXSHUILFLDOVFDUULQJSKRWRGDPDJHJUHDV\VNLQDFWLQLFNHUDWRVLV
ZDUWVDQGSLJPHQWDU\GLVRUGHUV>@

7KHDLPRIWKHSUHVHQWVWXG\ZDVWRHYDOXDWHWKHHIILFDF\DQGVDIHW\
RIS\UXYLFDFLGLQGLIIHUHQWFRQFHQWUDWLRQV  DVDFKHPLFDO
SHHOLQJLQWKHWUHDWPHQWRISDSXORSXVWXODUDFQHDQGPHODVPDDQGDVD
FKHPLFDOSDLQWLQWKHWUHDWPHQWRIFRPPRQZDUWV

3DWLHQWVDQGPHWKRGV

6L[W\SDWLHQWVZHUHVHOHFWHGIURPWKH'HUPDWRORJLFRXWSDWLHQW
FOLQLFRI=DJD]LJ8QLYHUVLW\+RVSLWDOGXULQJWKHSHULRGIURP1RYHPEHU
WR-XQH7KH\ZHUHGLYLGHGLQWRWKUHHJURXSV

*URXS$,QFOXGHGSDWLHQWVZLWKSDSXORSXVWXODUDFQH 
IHPDOHVPDOHV 7KH\ZHUHVXEMHFWHGWRFKHPLFDOSHHOLQJZLWKS\UXYLF
DFLG

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R'HFHPEHU

*URXS%,QFOXGHGSDWLHQWVZLWKPHODVPD IHPDOHVPDOH 


7KH\ZHUHVXEMHFWHGWRFKHPLFDOSHHOLQJZLWKS\UXYLFDFLG

*URXS&,QFOXGHGSDWLHQWVZLWKFRPPRQZDUWV IHPDOHV
PDOHV 7KH\ZHUHVXEMHFWHGWRXVHS\UXYLFDFLGDVDFKHPLFDOSDLQW

)XOOKLVWRU\ZDVWDNHQIURPHDFKFDVH)XOOFOLQLFDODQG
GHUPDWRORJLFDOH[DPLQDWLRQZDVGRQH$Q\WRSLFDORUV\VWHPLFWUHDWPHQW
ZDVGLVFRQWLQXHGDWOHDVWRQHPRQWKEHIRUHWKHEHJLQQLQJRIWKHVWXG\

&OLQLFDODVVHVVPHQW

7KHGHJUHHRIDFQHVHYHULW\ZDVVFRUHGEHIRUHDQGDIWHUHDFKVHVVLRQ
XVLQJDJOREDODFQHJUDGLQJV\VWHP *$*6 7KLVV\VWHPGLYLGHVWKH
IDFHFKHVWDQGEDFNLQWRVL[DUHDV IRUHKHDGHDFKFKHHNQRVHFKLQDQG
FKHVWDQGEDFN DQGDVVLJQVDIDFWRURIRUWRHDFKDUHDEDVHGRQ
VL]H(DFKW\SHRIOHVLRQLVJLYHQDYDOXHGHSHQGLQJRQVHYHULW\1R
OHVLRQV,•RQHFRPHGRQH•RQHSDSXOH•RQHSXVWXOH•RQH
QRGXOH7KHVFRUHIRUHDFKDUHDLVWKHSURGXFWRIWKHPRVWVHYHUHOHVLRQ
PXOWLSOLHGE\WKHDUHDIDFWRU7KHVHLQGLYLGXDOVFRUHVDUHWKHQDGGHGWR
REWDLQWKHWRWDOVFRUH$VFRUHRI±LVFRQVLGHUHGPLOG±
PRGHUDWH±VHYHUHDQG!YHU\VHYHUH>@

:RRGV¶OLJKWZDVGRQHWRGLIIHUHQWLDWHEHWZHHQHSLGHUPDODQG
GHUPDOPHODVPD0HODVPDVHYHULW\ZDVVFRUHGEHIRUHDQGDIWHUHDFK
VHVVLRQXVLQJPHODVPDDUHDDQGVHYHULW\LQGH[ 0$6, 

7KH0$6,VFRUHLVDQLQGH[XVHGWRTXDQWLI\WKHVHYHULW\RI
PHODVPDDQGFKDQJHVGXULQJWKHUDS\$FFRUGLQJWRWKH0$6,VFRUHWKH
IDFHLVGLYLGHGLQWRIRXUDUHDVIRUHKHDGULJKWPDODUOHIWPDODUDQG
FKLQ²WKDWFRUUHVSRQGVWRDQGRIWKHWRWDOIDFH
DUHDUHVSHFWLYHO\7KHPHODVPDLQHDFKRIWKHVHDUHDVZDVJUDGHGRQ
WKUHHYDULDEOHVSHUFHQWDJHRIWRWDODUHDLQYROYHGRQDVFDOHRI QR
LQYROYHPHQW WR ±LQYROYHPHQW GDUNQHVVRQDVFDOHRI
DEVHQW WR VHYHUH DQGKRPRJHQHLW\RQDVFDOHRI DEVHQW WR
PD[LPXP 7KH0$6,ZDVWKHQFDOFXODWHGE\WKHIROORZLQJHTXDWLRQ

0$6,  ' +  $  ' +  $  ' +
 $  ' +  $ 
:KHUH'LVGDUNQHVV+LVKRPRJHQHLW\$LVDUHD)LVIRUHKHDG
05LVULJKWPDODU0/LVOHIWPDODU&LVFKLQDQGWKHYDOXHV
DQGDUHUHVSHFWLYHSHUFHQWDJHVRIWRWDOIDFLDODUHD>@

&KHPLFDOSHHOLQJSURFHGXUH

%HIRUHWKHFKHPLFDOSHHOLQJSURFHGXUHWKHVNLQZDVFOHDQVHGZLWK
FRWWRQJDX]HVRDNHGLQHWKDQRO3\UXYLFDFLG WR LQD
ZHOOEDODQFHGZDWHUHWKDQROVROXWLRQZDVDSSOLHGWRWKHVNLQZLWKDFRWWRQ
WLSSHGDSSOLFDWRUIRU±PLQVWDUWLQJDWWKHIRUHKHDGFRQWLQXHGWRWKH

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R'HFHPEHU

FKHHNVWKHFKLQDQGWKHQWKHQRVHLQDFORFNZLVHIDVKLRQZLWKWKHHQWLUH
DSSOLFDWLRQWDNLQJVHFRQGVXQWLOWKHDSSHDUDQFHRIHU\WKHPD3\UXYLF
DFLGZDVWKHQLQDFWLYDWHGE\WKHDSSOLFDWLRQRIDVROXWLRQRIVRGLXP
ELFDUERQDWHLQZDWHU

7UHDWPHQWVZHUHUHSHDWHGHYHU\ZHHNVIRUDWRWDORIPRQWKV
$FQHDQGPHODVPDSDWLHQWVZHUHLQLWLDOO\WUHDWHGZLWKS\UXYLFDFLG
3DWLHQWVZKRVKRZHGHYLGHQWHU\WKHPDDQGRUZKLWHIURVWGHVTXDPDWLRQ
DQGFOLQLFDOLPSURYHPHQWZLWKWKHILUVWWZRDSSOLFDWLRQVFRQWLQXHGWREH
WUHDWHGZLWKS\UXYLFDFLGZKHUHDVSDWLHQWVZKRGLGQRWVKRZWKHVH
VLJQVZLWKS\UXYLFDFLGZHUHVXEVHTXHQWO\WUHDWHGZLWKS\UXYLF
DFLG

7KHSRVWWUHDWPHQWUHJLPHQFRQVLVWHGRIFXWDQHRXVK\GUDWLRQDQG
GDLO\XVHRIDKLJKVSHFWUXPVXQVFUHHQGXULQJWKHZKROHWUHDWPHQWSHULRG

3DWLHQWVZKRVXIIHULQJIURPZDUWVDSSOLHGDSODLQS\UXYLFDFLG
IRUPXODWLRQWZLFHDGD\RQWKHZDUWVZLWKWKHWLSRIDZRRGHQWRRWKSLFN
7KHGXUDWLRQRIWUHDWPHQWYDULHVDFFRUGLQJWRVL]HRIWKHOHVLRQIURP
ZHHNV

(YDOXDWLRQRISDWLHQWV

)ROORZXSHYDOXDWLRQRISDWLHQWVZDVGRQHDWZHHNVLQWHUYDOV
GXULQJSHHOLQJVHVVLRQVDQGWKHQPRQWKO\$WHDFKYLVLWFKDQJHVLQ
FOLQLFDODSSHDUDQFHZHUHDVVHVVHG3KRWRJUDSKVRIULJKWOHIWSURILOHVDQG
IXOOIDFHZHUHWDNHQIRUHDFKSDWLHQWEHIRUHSHHOLQJDIWHUHDFKVHVVLRQDQG
DWWKHHQGRIWKHUDS\WRDVVHVVWKHLPSURYHPHQWRIOHVLRQV:RRGV¶OLJKW
H[DPLQDWLRQFRQILUPHGWKHWKHUDSHXWLFHIILFDF\RIS\UXYLFDFLG

7KHQXPEHURIVHVVLRQVIRUHDFKSDWLHQWUDQJHGIURPWZRWRVL[
GHSHQGVRQWKHSDWLHQWVDWLVIDFWLRQDQGWKHUHVSRQVHRIWKHWUHDWPHQW

5HVXOWV

*URXS$ $FQHJURXS 

7ZHQW\VHYHQSDWLHQWV  ZHUHIHPDOHVDQGWKUHHSDWLHQWV  


ZHUHPDOHVWKHLUDJHVUDQJHGIURP WR\HDUV ZLWKDPHDQRI“


7KHGLIIHUHQFHLQWKHDYHUDJH*$*6VFRUHEHIRUHDQGDIWHUWUHDWPHQW
ZDVVWDWLVWLFDOO\KLJKO\VLJQLILFDQW 3 7DEOH

9HU\JRRGUHVSRQVHLQWKHIRUPRIFRPSOHWHGLVDSSHDUDQFHRI
FRPHGRQHVSDSXOHVDQGSXVWXOHVZDVQRWLFHGLQSDWLHQWV
 *RRGUHVSRQVHLQWKHIRUPRIGLVDSSHDUDQFHRIPRUHWKDQRI
OHVLRQVZDVQRWLFHGLQSDWLHQWV  0RGHUDWHUHVSRQVHLQWKHIRUPRI
LPSURYHPHQWRIRIOHVLRQVDQGPLOGUHVSRQVHLQWKHIRUPRI
LPSURYHPHQWRIOHVVWKDQRIOHVLRQVZHUHQRWLFHGLQSDWLHQWV

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R'HFHPEHU

 DQGSDWLHQWV  UHVSHFWLYHO\ ILJ 7KHUHZDVD


VLJQLILFDQWFRUUHODWLRQEHWZHHQWKHGHJUHHRIDFQHDQGWKHUHVSRQVHWR
WUHDWPHQW 3 3DWLHQWVZLWKPLOGDFQHVKRZHGVLJQLILFDQWO\EHWWHU
UHVSRQVHWRWUHDWPHQWWKDQRWKHUW\SHV7DEOH


 0HDQ“6'
%HIRUH “
$IWHU “
%HIRUHDIWHU “
3HUFHQWRIFKDQJH “
5DQJH 

3DLUHGW 
3 +LJKO\VLJQLILFDQW 

7DEOH  0HDQ*$*6VFRUHEHIRUHDQGDIWHUSHHOLQJ




 $FQH/HVLRQ
'HJUHHRI  7RWDO
 LPSURYHPHQW  6HYHUH 0RGHUDWH 0LOG
 1R    1R    1R   1R  
 9HU\JRRG        
 *RRG        
 0RGHUDWH        
 0LOG        
 7RWDO        

7DEOH  5HODWLRQVKLSEHWZHHQWKHGHJUHHRIDFQHDQGWKH
UHVSRQVHWRWUHDWPHQW

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R'HFHPEHU

 

 
)LJ$SDWLHQWZLWKPLOG )LJ%SDWLHQWZLWKPLOGDFQH
DFQHEHIRUHWUHDWPHQW
 DIWHUWUHDWPHQWZLWKS\UXYLFDFLG
 

 

 
)LJ$SDWLHQWZLWK )LJ%SDWLHQWZLWKPRGHUDWH
PRGHUDWHDFQHEHIRUH DFQHDIWHUWUHDWPHQWZLWKS\UXYLF
WUHDWPHQW  DFLG 

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R'HFHPEHU

 



)LJ%SDWLHQWZLWKVHYHUHDFQH
)LJ$SDWLHQWZLWKVHYHUH
DIWHUWUHDWPHQWZLWKS\UXYLFDFLG
DFQHEHIRUHWUHDWPHQW
  

*URXS% 0HODVPDJURXS 

)RXUWHHQSDWLHQWV  ZHUHIHPDOHVDQGRQHPDOHSDWLHQW


 WKHLUDJHVUDQJHGIURP WR\HDUV ZLWKDPHDQRI“

)DPLO\KLVWRU\RIPHODVPDZDVSRVLWLYHLQSDWLHQWV  )LYH


SDWLHQWV  KDGSUHYLRXVSUHJQDQF\DQGSDWLHQWV  KDG
UHFHLYHGRUDOFRQWUDFHSWLYHSLOOV)RUW\ILYHSHUFHQWRIPHODVPDSDWLHQWV
VKRZHGH[DFHUEDWLRQRIPHODVPDRQH[SRVXUHWRVXQ$OOSDWLHQWVKDG
PHODVPDIRUPRUHWKDQ\HDUVDQGDOORIWKHFDVHVZHUHUHVLVWDQWWR
SUHYLRXVPHGLFDOWKHUDSLHV

%\ZRRG¶VOLJKWH[DPLQDWLRQSDWLHQWV  KDGHSLGHUPDO


PHODVPDSDWLHQWV  KDGGHUPDOPHODVPDDQGSDWLHQWVKDG
PL[HGPHODVPD  

7KHGLIIHUHQFHLQWKHDYHUDJH0$6,VFRUHEHIRUHDQGDIWHU
WUHDWPHQWZDVVWDWLVWLFDOO\KLJKO\VLJQLILFDQW 3 7DEOH

*RRGUHVSRQVHLQWKHIRUPRILPSURYHPHQWRIPRUHWKDQRI
PHODVPDZDVQRWLFHGLQSDWLHQWV  0RGHUDWHUHVSRQVHLQWKHIRUP
RILPSURYHPHQWRIRIPHODVPDZDVQRWLFHGLQSDWLHQWV
 )LYHSDWLHQWV  UHSRUWHGPLOGUHVSRQVHLQWKHIRUPRI
LPSURYHPHQWRIOHVVWKDQRIPHODVPD ILJ 1RUHVSRQVHZDV
REVHUYHGLQSDWLHQWV  

7KHUHZDVDVLJQLILFDQWFRUUHODWLRQEHWZHHQWKHGHJUHHRI
LPSURYHPHQWDQGW\SHRIPHODVPD3DWLHQWVZLWKHSLGHUPDOW\SHRI
PHODVPDVKRZHGVLJQLILFDQWO\EHWWHUUHVSRQVHWRWUHDWPHQWWKDQRWKHU
W\SHV7DEOH

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R'HFHPEHU



 0HDQ“6'
%HIRUH “
$IWHU “
%HIRUH±DIWHU “
3HUFHQWRIFKDQJH “
5DQJH 

3DLUHGW 
3 +LJKO\VLJQLILFDQW 

7DEOH  0HDQ0$6,VFRUHEHIRUHDQGDIWHUSHHOLQJ



7\SHRI3LJPHQWDWLRQ
'HJUHHRI 7RWDO
LPSURYHPHQW (SLGHUPDO'HUPDO 0L[HG
1R  1R  1R  1R 
*RRG        
0RGHUDWH        
0LOG        
1RUHVSRQVH        
7RWDO        

; 
3 VLJQLILFDQW 

7DEOH  5HODWLRQVKLSEHWZHHQWKHW\SHRIPHODVPDDQGWKH
UHVSRQVHWRWUHDWPHQW

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R'HFHPEHU

 

 

)LJ$SDWLHQWZLWK )LJ%SDWLHQWZLWKHSLGHUPDO
HSLGHUPDOPHODVPDEHIRUH PHODVPDDIWHUWUHDWPHQW
WUHDWPHQW ZLWKS\UXYLFDFLG



 

 

)LJ$SDWLHQWZLWKPL[HG )LJ%SDWLHQWZLWKPL[HG
PHODVPDEHIRUHWUHDWPHQW
 PHODVPDDIWHUWUHDWPHQW
ZLWKS\UXYLFDFLG


*URXS& :DUWJURXS 

1LQHSDWLHQWV  ZHUHIHPDOHVDQGVL[SDWLHQWV  ZHUH


PDOHVWKHLUDJHUDQJHGIURP WR\HDUV ZLWKDPHDQRI“

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R'HFHPEHU

7RWDOFOHDULQJLQDOOZDUWVZDVDFKLHYHGLQSDWLHQWV  DQG


YHULILHGE\SK\VLFDOH[DPLQDWLRQ ILJ 7KUHHSDWLHQWV  VKRZHG
LPSURYHPHQWEXWZHUHORVWWRIROORZXS



 

 
)LJ$SDWLHQWZLWKFRPPRQ )LJ%SDWLHQWZLWKFRPPRQ
ZDUWEHIRUHWUHDWPHQW
 ZDUWDIWHUWUHDWPHQWZLWKS\UXYLF
DFLG 

&KHPLFDOSHHOLQJZLWKS\UXYLFDFLGZDVZHOOWROHUDWHGE\DOO
SDWLHQWVDQGQRLPPHGLDWHRUODWHVLGHHIIHFWVZHUHREVHUYHG$SSOLFDWLRQ
RIVRGLXPELFDUERQDWHVROXWLRQTXLFNO\UHPRYHVWKHEXUQLQJ
VHQVDWLRQDOWKRXJKHU\WKHPDJHQHUDOO\SHUVLVWVIRUDIHZKRXUVDIWHU
SHHOLQJ$SSOLFDWLRQRIS\UXYLFDFLGLVIROORZHGE\DYHU\PLOG
GHVTXDPDWLRQSHUVLVWLQJIRU±GD\VDIWHUSHHOLQJZKLFKGRHVQRW
VHHPWRLQWHUIHUHZLWKWKHSDWLHQW
VVRFLDOOLIH

'LVFXVVLRQ

6HYHUDOSURSHUWLHVRIS\UXYLFDFLGPDNHLWSDUWLFXODUO\HIIHFWLYHDVD
WRSLFDOSHHOLQJDJHQW$WWKHHSLGHUPDOOHYHODSSOLFDWLRQRIS\UXYLFDFLG
LQFRQFHQWUDWLRQVUDQJLQJIURPWRLQGXFHVNHUDWLQRF\WH
GHWDFKPHQWHSLGHUPRO\VLVDQGWKLQQLQJRIWKHXSSHUHSLGHUPDOOD\HUV
$WWKHGHUPDOOHYHOS\UXYLFDFLGKDVEHHQGHPRQVWUDWHGWRFDXVHDQ
LQFUHDVHLQSURGXFWLRQRIFROODJHQHODVWLFILEHUVDQGJO\FRSURWHLQV
3\UXYLFDFLGDOVRKDVVHERVWDWLFDQGDQWLPLFURELDODFWLYLWLHV>@)LQDOO\
WKHFKHPLFDOHTXLOLEULXPZLWKODFWLFDFLGXQGHUSK\VLRORJLFDOFRQGLWLRQV
PDNHVS\UXYLFDFLGDSDUWLFXODUO\HIIHFWLYHDQGZHOOWROHUDWHGSHHOLQJ
DJHQW>@

3\UXYLFDFLGLVDQ NHWRDFLG NHWRDFLGVDUHOHVVK\GURSKLOLF


WKDQ K\GUR[\DFLGVEHFDXVHWKH±& 2JURXSKDVDORZHUDIILQLW\IRU
ZDWHUPROHFXOHVWKDQWKH±2+JURXSRI K\GUR[\DFLGV7KXVS\UXYLF
DFLGLVZHOOVXLWHGIRUWUHDWLQJJUHDV\VXUIDFHVVXFKDVWKHVNLQ>@

7KHHIIHFWRIS\UXYLFDFLGGHSHQGVRQWKHFRQFHQWUDWLRQXVHGDQGWKH
GXUDWLRQRIDSSOLFDWLRQEHIRUHQHXWUDOL]DWLRQ/RZHUFRQFHQWUDWLRQVRI
S\UXYLFDFLGUDQJLQJEHWZHHQDQGLQDZHOOEDODQFHG
SURSRUWLRQEHWZHHQZDWHUDQGHWKDQRODQGVKRUWWHUPDSSOLFDWLRQV ±
PLQ DUHFXUUHQWO\XVHGWRREWDLQDVXSHUILFLDOPHGLXPSHHOLQJ>@

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R'HFHPEHU

$ZLGHYDULHW\RIDJHQWVKDYHEHHQVKRZQWREHHIIHFWLYHIRU
VXSHUILFLDOSHHOLQJ +\GUR[\DFLG-HVVQHU
VVROXWLRQUHVRUFLQRODQG
WULFKORURDFHWLFDFLG 7&$ DUHFRPPRQO\XVHGLQRIILFHSHHOFRPSRXQGV
>@$VHULHVRIVXSHUILFLDOFKHPLFDOSHHOVFDQJLYHGUDPDWLF
LPSURYHPHQWLQDFWLYHDFQHRYHUDVKRUWSHULRGRIWLPH>@

,QWKLVVWXG\S\UXYLFDFLGZDVXVHGDVDFKHPLFDOSHHOLQJ
DJHQWRQSDWLHQWVZLWKSDSXORSXVWXODUDFQH7KHUHVXOWVVKRZHGWKDW
WKHDYHUDJH*$*6GHFUHDVHZDVDQGLWZDVKLJKO\VLJQLILFDQW
3 RISDWLHQWVVKRZHGYHU\JRRGUHVSRQVHRI
SDWLHQWVVKRZHGJRRGUHVSRQVHRISDWLHQWVVKRZHGPRGHUDWH
UHVSRQVHZKLOHRISDWLHQWVVKRZHGPLOGUHVSRQVH3\UXYLFDFLGZDV
ZHOOWROHUDWHGE\DOOSDWLHQWVDQGQRLPPHGLDWHRUODWHVLGHHIIHFWVZDV
REVHUYHG

2XUVWXG\VKRZHGS\UXYLFDFLGZDVHIIHFWLYHLQUHGXFLQJERWK
LQIODPPDWRU\DQGQRQLQIODPPDWRU\DFQHOHVLRQV7KHVHDQWL
LQIODPPDWRU\DQGFRPHGRO\WLFSURSHUWLHVPDNHLWDYHU\XVHIXOSHHO

7KHUHLVQRUHSRUWHGXVHRIS\UXYLFDFLGSHHOLQJLQDFQHH[FHSWRQH
UHSRUW&RWHOOHVVDHWDO>@REVHUYHGDVLJQLILFDQWLPSURYHPHQWRIWKH
PLOGWRPRGHUDWHSDSXORSXVWXODUDFQHDIWHUS\UXYLFDFLGSHHOZLWKDQ
RYHUDOOLPSURYHPHQWRIDFQHLFOHVLRQVLQRIFDVHV2XUUHVXOWZDVLQ
DJUHHPHQWZLWKWKDWRIKLVVWXG\DQGZHSURYHGWKHHIILFDF\RIS\UXYLF
DFLGQRWRQO\LQWKHWUHDWPHQWRIPLOGWRPRGHUDWHDFQHEXWDOVRLQWKH
VHYHUHIRUP

3\UXYLFDFLGKDVDVWURQJFRPHGRO\WLFHIIHFWEHFDXVHRILWVOLSRSKLOLF
QDWXUH/LSRSKLOLFDJHQWFDQSHQHWUDWHWKHPLOLHXRIWKHVHEDFHRXVXQLW
WKHUHIRUHOLSRSKLOLFLW\LVLPSRUWDQWIRUFRPHGRO\VLV>@7KHVH
DQWLPLFURELDODQGFRPHGRO\WLFSURSHUWLHVPDNHLWDYHU\XVHIXOSHHOLQ
SDWLHQWVZLWKDFQH

2QWKHRWKHUKDQG K\GUR[\DFLGVDUHK\GURSKLOLFDQGGRQRWKDYH
DQWLLQIODPPDWRU\SURSHUWLHV7KXVWKHLUDFWLYLW\LQWKHWUHDWPHQWRIDFQH
LVQRWDVJUHDWQRUGRWKH\SURGXFHSHHOLQJLQRLO\FRPSOHFWHG
LQGLYLGXDOV>@

&KHPLFDOSHHOVKDYHEHFRPHHVWDEOLVKHGDVWKHWUHDWPHQWRIFKRLFH
LQPHODVPDHVSHFLDOO\LQOLJKWHUFRPSOH[LRQHGLQGLYLGXDOV>@

$VSUHYLRXVO\UHSRUWHG>@PRVWRIRXUPHODVPDSDWLHQWV
ZHUHIHPDOHV7KLVLVDQDWXUDOSKHQRPHQRQEHFDXVHRIWKHIHPDOH
KRUPRQDODFWLYLW\GXULQJSUHJQDQF\WRJHWKHUZLWKWKHXVHRIFRQWUDFHSWLYH
SLOOVZDVUHSRUWHGWRH[DFHUEDWHPHODVPD

,QDJUHHPHQWZLWKSUHYLRXVUHSRUWV>@WKHIDPLO\KLVWRU\RI
PHODVPDSDWLHQWVVXJJHVWVWKHLPSRUWDQFHRIJHQHWLFIDFWRUVSUHJQDQF\
DQGVXQH[SRVXUHLQWKHSDWKRJHQHVLVRIWKLVFRQGLWLRQ

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R'HFHPEHU

,QRXUVWXG\WKHGHFUHDVHLQWKHPHDQ0$6,VFRUHZDVDQGLW
ZDVKLJKO\VLJQLILFDQW 3 RIPHODVPDSDWLHQWVVKRZHGJRRG
UHVSRQVHRISDWLHQWVVKRZHGPRGHUDWHUHVSRQVHRI
SDWLHQWVVKRZHGPLOGUHVSRQVHZKLOHRISDWLHQWVVKRZHGQR
UHVSRQVH

$VH[SHFWHGDEHWWHUUHVSRQVHZDVREVHUYHGLQSDWLHQWVZLWK
HSLGHUPDOW\SHFRPSDUHGWRPL[HGW\SHPHODVPD0LOGRUQRUHVSRQVH
ZDVREVHUYHGLQWKHSDWLHQWVZLWKGHUPDOW\SHPHODVPD

7RRXUNQRZOHGJHWKLVLVWKHILUVWUHSRUWDERXWXVLQJS\UXYLFDFLGDV
DWRSLFDOSHHOLQJDJHQWLQWUHDWPHQWRIPHODVPD0RVWRIWKHSUHYLRXV
H[SHULHQFHZLWK K\GUR[\DFLGVSHHOVLQPHODVPDZDVOLPLWHGWRJO\FROLF
DFLGZKLFKUHSRUWHGWREHHIIHFWLYH0RVWSDWLHQWVWUHDWHGSUHYLRXVO\
ZLWKJO\FROLFDFLGFKHPLFDOSHHOVZHUHVNLQW\SHV,,±,,,>@:KHUHDV
LQRXUVWXG\DOOSDWLHQWVWUHDWHGZLWKS\UXYLFDFLGZHUHVNLQW\SHV,9±9
DFFRUGLQJWR)LW]SDWULFNFODVVLILFDWLRQ,QWHUHVWLQJO\DOOUHFUXLWHGSDWLHQWV
WROHUDWHGS\UXYLFDFLGFKHPLFDOSHHO

,QVWXGLHVZLWKJO\FROLFDFLGSHHOWKHGHFUHDVHLQWKHPHDQ0$6,
VFRUHZDV7KHWLPHQHHGHGWRDFKLHYHDQDFFHSWDEOHFRVPHWLF
UHVSRQVHZDVFRPSDUDEOHWRWKDWLQWKHVHVWXGLHV3UHWUHDWPHQWZDVXVHG
LQWKHIRUPRIWRSLFDOWUHWLQRLQDQGDVXQVFUHHQZLWKDVXQ
SURWHFWLRQIDFWRURIDSSOLHGGDLO\E\DOOSDWLHQWVIRUZHHNV
6LPLODUO\SRVWSHHOWUHDWPHQWZDVWUHWLQRLQDQGK\GURTXLQRQH
DSSOLHGDIWHUWKHILUVWKRXUVDIWHUSHHO>@

:KHUHDVLQRXUVWXG\QRSUHRUSRVWSHHOWUHDWPHQWVZHUHXVHG
RQO\DVXQVFUHHQZDVDSSOLHG7KHVHGLIIHUHQFHVLQWKHSUHDQGSRVWSHHO
WUHDWPHQWVVKRXOGEHFRQVLGHUHGLQWKHFRPSDULVRQRIERWKVWXGLHV
EHFDXVHS\UXYLFDFLGFKHPLFDOSHHOZDVSURYHGWREHDQHIIHFWLYH
PRGDOLW\LQPHODVPDZLWKQRSUHRUSRVWSHHOWUHDWPHQW

6KDUTXLHHWDO>@XVHGIXOOVWUHQJWKODFWLFDFLGVROXWLRQDVD
SHHOLQJDJHQWHYHU\ZHHNV2XUUHVXOWVGLIIHUHGQRWDEO\IURPWKHUHVXOW
UHSRUWHGE\WKHPDVWKH\IRXQGWKDWWKHGHFUHDVHLQWKHPHDQ0$6,ZDV
7KLVFRXOGEHDWWULEXWHGWRWKHIDFWWKDWWKHLUSDWLHQWVKDGHSLGHUPDO
PHODVPDRQO\$OVRWKHUHLVVHDVRQDODQGUDFLDOYDULDWLRQDQGPRVWRIWKH
\HDULVVXQQ\LQRXUFRXQWU\6RPHRIWKHLUSDWLHQWVFRPSODLQHGRI
GLVFRPIRUWRUUHGQHVVRIWKHIDFH&RPSDUHGWRODFWLFDFLGSHHOS\UXYLF
DFLGSHHOZDVIRXQGWREHOHVVLUULWDWLQJDQGEHWWHUWROHUDWHG

3\UXYLFDFLGSHHOVDUHZHOODFFHSWHGE\SDWLHQWVEHFDXVHRIWKHYHU\
OLPLWHGGLVFRPIRUWLQWKHSRVWSHHOSHULRG(U\WKHPDODVWVIRURQO\
PLQXWHVDIWHUWKHSHHOLQJSURFHGXUHDQGGHVTXDPDWLRQLILWRFFXUVLV
XVXDOO\YHU\VOLJKW:HGLGQRWREVHUYHDQ\FDVHRISHUVLVWHQWHU\WKHPDDV
ZHOODVDQ\FDVHRISRVWLQIODPPDWRU\K\SHUSLJPHQWDWLRQ

3\UXYLFDFLGGLIIHUHQWLDWHGIURPRWKHUSHHOLQJDJHQWVVXFKDV
VDOLF\OLFDFLGZKLFKFDXVHHU\WKHPDGU\QHVVGHVTXDPDWLRQRIWKH

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R'HFHPEHU

WUHDWHGDUHDVDQGFUXVWLQJ>@

.XZDKDUDDQG5DVEHUU\>@UHSRUWHGWKDWSLJPHQWDU\FKDQJHVDQG
SURORQJHGHU\WKHPDZHUHWKHPRVWFRPPRQFRPSOLFDWLRQVIROORZLQJ
FKHPLFDOSHHOZLWKJO\FROLFDFLG

+\SHUSLJPHQWDWLRQLVWKHFRPPRQO\REVHUYHGVLGHHIIHFWZLWK
VXSHUILFLDOSHHOVHVSHFLDOO\ZLWK7&$LQSHRSOHOLYLQJLQWURSLFDO
FRXQWULHVZLWKLQWHQVHXOWUDYLROHWH[SRVXUHVXFKDV,QGLD>@

2XUVWXG\SURYHGWKHHIILFDF\RIFKHPLFDOSHHOZLWKS\UXYLFDFLG
LQWKHWUHDWPHQWRIPHODVPD+RZHYHUWKHUHVXOWVRISHHOLQJZHUH
WRRPXFKSURPLVLQJLQSDSXORSXVWXODUDFQHWKDQWKDWRIPHODVPD

0DQ\GLIIHUHQWWUHDWPHQWPRGDOLWLHVRIFRPPRQZDUWVH[LVW
LQFOXGLQJYDULRXVGHVWUXFWLYHDQGLPPXQRWKHUDSHXWLFPRGDOLWLHV
'HVWUXFWLYHWKHUDSLHVLQFOXGHWRSLFDOVDOLF\OLFDFLGSRGRSK\OOLQ
FU\RWKHUDS\SKRWRG\QDPLFWKHUDS\ODVHUWKHUDS\DQGEOHRP\FLQ
LQMHFWLRQ>@ZKLOHLPPXQRWKHUDSLHVLQFOXGHRUDOFLPLWLGLQHFRQWDFW
VHQVLWL]DWLRQLPLTXLPRGWRSLFDOWDFUROLPXV SLPHFUROLPXVDQG
LQWUDOHVLRQDOLPPXQRWKHUDS\>@

,QWKHSUHVHQWVWXG\DIWHUDSSOLFDWLRQRIS\UXYLFDFLGWKHZDUW
EHFDPHVOLJKWO\ZKLWLVKLQFRORUDQGWKHVXSHUILFLDOOD\HUSHHOHGRII
LQGLFDWLQJDNHUDWRO\WLFHIIHFW$OWKRXJKS\UXYLFDFLGLVFDXVWLF
FDUHIXODSSOLFDWLRQRYHUWKHZDUWDUHDRQO\SUHYHQWVLWVKDUPIXOHIIHFWVRQ
WKHVNLQ

S\UXYLFDFLGDSSOLFDWLRQIRUZDUWVZDVVDIHDQGHIIHFWLYHZLWK
PLQLPDOVLGHHIIHFWVS\UXYLFDFLGLVHFRQRPLFDODQGGRHVQRWUHTXLUHDQ\
VRSKLVWLFDWHGHTXLSPHQW,WLVSDLQOHVVFDQEHXVHGLQFKLOGUHQDQGDOVR
IRUWKHWUHDWPHQWRISHULXQJXDOZDUWV,WGRHVQRWUHTXLUHDQ\ORFDO
DQHVWKHVLDDQGVFDUULQJLVPLQLPDO$PRQJWKHYDULRXVFDXVWLFDFLGVXVHG
LQWKHWUHDWPHQWRIFRPPRQZDUWVVDOLF\OLFDFLGLVWKHZHDNHVW
WULFKORURDFHWLFDFLGLVRIPHGLXPVWUHQJWKDQGELFKORURDFHWLFDFLGLVWKH
VWURQJHVW3\UXYLFDFLGLVVWURQJHUWKDQVDOLF\OLFDFLGEXWOHVVFDXVWLFWKDQ
WULFKORURDFHWLFDFLG7KHPHFKDQLVPRIDFWLRQRIVDOLF\OLFDFLGLQZDUWV
LQYROYHVNHUDWRO\VLVRIYLUDOO\LQIHFWHGWLVVXHV>@7ULFKORURDFHWLFDFLG
DQGELFKORURDFHWLFDFLGDUHSRZHUIXOLUULWDQWVWKDWZRUNE\K\GURO\]LQJ
WKHFHOOXODUSURWHLQVOHDGLQJWRLQIODPPDWLRQDQGFHOOGHDWK>@

7KHUHLVRQO\RQHUHSRUWE\+DODV]>@DERXWXVLQJS\UXYLFDFLG
ZLWKRUZLWKRXWDGGHG±IOXRURXUDFLOLQWKHWUHDWPHQWRIZDUWV
2YHUDOORIKLVSDWLHQWVWUHDWHGZLWKHLWKHURIWKHWZRIRUPXODWLRQV
H[SHULHQFHGFRPSOHWHFOHDULQJRIWKHLUOHVLRQVDIWHUGDLO\XVH2XUUHVXOW
ZDVLQDJUHHPHQWZLWKWKHSUHYLRXVUHVXOWDQGWRWDOFOHDULQJLQDOOZDUWV
ZDVDFKLHYHGLQSDWLHQWV  1RVHYHUHRUVHULRXVDGYHUVHHYHQWV
ZHUHGRFXPHQWHGGXULQJWKHWUHDWPHQWWLPH1RHU\WKHPDHGHPDRU
VFDULQJKDYHEHHQUHSRUWHGLQRXUVWXG\

 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R'HFHPEHU

,QFRQFOXVLRQSDWLHQWVHOHFWLRQLVYHU\LPSRUWDQWLQREWDLQLQJWKH
EHVWUHVXOWV7KHIXOOIDFHUHSHDWHGFKHPLFDOSHHOLQJXVLQJ
S\UXYLFDFLGLVDVDIHDQGHIIHFWLYHWKHUDS\IRUPDQDJHPHQWRI
SDSXORSXVWXODUDFQHDQGPHODVPD

$FFRUGLQJWRWKLVVWXG\HUDGLFDWLRQRIPHODVPDFRPSOHWHO\LVYHU\
GLIILFXOW,QRXUFRPPXQLW\DQGGXHWRRXUFOLPDWHWKHUHJXODUH[SRVXUH
WRXOWUDYLROHWUD\VZLWKWKHORQJVXPPHUWLPHGDUNHUVNLQW\SHKLJK
SULFHGVXQVFUHHQVDVUHJDUGVLQFRPHDUHJUHDWREVWDFOHVIRUSHUPDQHQW
PHODVPDFXUH)RUWKDWZHFXUUHQWO\FRQWLQXLQJIROORZLQJSDWLHQWVRIDFQH
DQGPHODVPDWRPDLQWDLQWKHREWDLQHGUHVXOWV,QRXUYLHZWKLVPD\DOVR
DFWDVDSURSK\OD[LVIURPUHFXUUHQFH

&RQVHTXHQWO\ZHEHOLHYHWKDWS\UXYLFDFLGDSSOLFDWLRQFDQ
VHUYHDVDVDIHFKHDSDQGHIIHFWLYHDOWHUQDWLYHLQWKHWUHDWPHQWRI
FRPPRQZDUWV

5HIHUHQFHV


&RWHOOHVVD&0DQXQWD7*KHUVHWLFK,HWDO7KHXVHRIS\UXYLF
DFLGLQWKHWUHDWPHQWRIDFQH-(XU$FDG'HUPDWRO9HQHUHRO


6KDUTXLH.($O7LNUHHW\00DQG$O0DVKDGDQL6$/DFWLF
DFLGDVDQHZWKHUDSXWLFSHHOLQJDJHQWLQPHODVPD'HUPDWRO6XUJ


6WHUOLQJ-&+DQGILHOG-RQHV6DQG+XGVRQ30*XLGHOLQHVIRU
PDQDJHPHQWRIFXWDQHRXVZDUWV%U-'HUPDWRO  

%HUDUGHVFD(&DPHOL13ULPDYHUD*HWDO&OLQLFDODQG
LQVWUXPHQWDOHYDOXDWLRQRIVNLQLPSURYHPHQWDIWHUWUHDWPHQWZLWKDQHZ
S\UXYLF$FLGSHHO'HUPDWRO6XUJ  

'RVKL$=DKHHU$DQG6WLOOHU0-$FRPSDULVRQRIFXUUHQWDFQH
JUDGLQJV\VWHPVDQGSURSRVDORIDQRYHOV\VWHP,QW-'HUPDWRO
±

.LPEURXJK*UHHQ&.*ULIILWKV&()LQNHO/-HWDO7RSLFDO
UHWLQRLFDFLGIRUPHODVPDLQEODFNSDWLHQWV$UFK'HUPDWRO


*ULIILQ7'9DQ6FRWW(-DQG0DGGLQ67KHXVHRIS\UXYLFDFLG
DVDFKHPLFDOSHHOLQJDJHQW-'HUPDWRO6XUJ2QFRO±


9DQ6FRWW(-DQG<X5-$OSKDK\GUR[\DFLGVWKHUDSHXWLF
SRWHQWLDOV&DQ-'HUPDWRO±


 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R'HFHPEHU

*KHUVHWLFK,%UD]]LQL%3HULVW.HWDO3\UXYLFDFLGSHHOVIRUWKH
WUHDWPHQWRISKRWRDJLQJ'HUPDWROVXUJ  

%URG\+-&KHPLFDO3HHOLQJ1HZ<RUN0RVE\<HDU%RRN±


%DXPDQQ/&RVPHWLF'HUPDWRORJ\1HZ<RUN0F*UDZ+LOO
±

/D\WRQ0$UHYLHZRQWKHWUHDWPHQWRIDFQHYXOJDULV,QWHU-RI
&OLQLFDO3UDFWLFH  

.OLJPDQ$0$FRPSDUDWLYHHYDOXDWLRQRIDQRYHOORZVWUHQJWK
VDOLF\OLFDFLGFUHDPDQGJO\FROLFDFLGSURGXFWVRQKXPDQVNLQ
&RVPHW'HUPDWRO6±6

*ULPHV30HODVPD(WLRORJLFDQG7KHUDSHXWLF&RQVLGHUDWLRQV
$UFK'HUPDWRO

-DYDKHUL60+DQGD6.DXU,HWDO6DIHW\DQGHIILFDF\RI
JO\FROLFDFLGIDFLDOSHHOLQ,QGLDQZRPHQZLWKPHODVPD,QW-
'HUPDWRO±

1RXUL.%RZQHV/&KDWLHU7HWDO&RPELQDWLRQWUHDWPHQWRI
PHODVPDZLWKSXOVHG&2ODVHUIROORZHGE\4VZLWFKHGDOH[DQGULWH
ODVHU$SLORWVWXG\'HUPDWRO6XUJ  

0DQDORWR5DQG$OVWHU7(UELXP<$*ODVHUUHVXUIDFLQJIRU
UHIUDFWRU\PHODVPD'HUPDWRO6XUJ  

+XUOH\0(*XHYDUD,/*RQ]DOHV50HWDO(IILFDF\RI
JO\FROLFDFLGSHHOVLQWKHWUHDWPHQWRIPHODVPD$UFK'HUPDWRO
±

3DWKDN0$)LW]SDWULFN7%DQG.UDXV(:8VHIXOQHVVRI
5HWLQRLFDFLGLQWKHWUHDWPHQWRIPHODVPD-$P$FDG'HUPDWROYRO
,VVXH3WSS

-LPERZ.DQG0LQDPLWVXML<7RSLFDOWKHUDSLHVIRUPHODVPDDQG
GLVRUGHUVRIK\SHUSLJPHQWDWLRQ'HUPDWRO7KHUDS

&XQOLIIHDQG+ROODQG.7&OLQLFDODQGODERUDWRU\VWXGLHVRQWKH
WUHDWPHQWZLWKD]HODLFDFLGFUHDPIRUDFQH$FWD
'HUP9HQHUHRO±

/DZUHQFH1&R[6(DQG%URG\+-7UHDWPHQWRIPHODVPD
ZLWK-HVVQHU
VVROXWLRQYHUVXVJO\FROLFDFLG$FRPSDULVRQRIFOLQLFDO
HIILFDF\DQGHYDOXDWLRQRIWKHSUHGLFWLYHDELOLW\RI:RRG
VOLJKW
H[DPLQDWLRQ-$P$FDG'HUPDWRO


 
(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO9RO1R'HFHPEHU

/HH+DQG.LP+6DOLF\OLF$FLG3HHOVIRUWKH7UHDWPHQWRI$FQH
9XOJDULVLQ$VLDQ3DWLHQWV'HUPDWRO6XUJ

.XZDKDUD57DQG5DVEHUU\%&KHPLFDOSHHO(PHGLFLQH
KWWSZZZHPHGLFLQHFRPGHUPWRSLFKWP

.LONHQQ\00HUOLQ.3OXQNHWW$HWDO7KHSUHYDOHQFHRI
FRPPRQVNLQFRQGLWLRQVLQ$XVWUDOLDQVFKRROVWXGHQWVDFQHYXOJDULV
%U-'HUPDWRO

'D\DOO6PLWK'-7UHDWPHQWRIZDUWVDWWKHWXUQRIWKHQHZ
PLOOHQQLXP$XVW-'HUPDWRO

+RUQ7'-RKQVRQ60+HOP50HWDO,QWUDOHVLRQDO
LPPXQRWKHUDS\RIZDUWVZLWK0XPSV&DQGLGD7ULFKRSK\WRQVNLQWHVW
DQWLJHQ$UFK'HUPDWRO  

*ROGIDUE07*XSWD$.*XSWD$0HWDO7KHUDS\IRUKXPDQ
SDSLOORPDYLUXVLQIHFWLRQLQQRQJHQLWDOVLWHV'HUPDWRO&OLQ  


=KX:<%ODXYHOW$*ROGVWHLQ%$HWDO'HWHFWLRQZLWKWKH
SRO\PHUDVHFKDLQUHDFWLRQRIKXPDQSDSLOORPDYLUXV'1$LQFRQG\ORPDWD
DFFXPLQDWDWUHDWHGLQYLWURZLWKOLTXLGQLWURJHQWULFKORURDFHWLFDFLGDQG
SRGRSK\OOLQ-$P$FDG'HUPDWRO 3W 

+DODV]&/7UHDWPHQWRIZDUWVZLWKWRSLFDOS\UXYLFDFLGZLWKDQG
ZLWKRXWDGGHGIOXRURXUDFLO&XWLV


‹(J\SWLDQ'HUPDWRORJ\2QOLQH-RXUQDO


 

Вам также может понравиться