Vous êtes sur la page 1sur 20

3DJH

WHFKQLFDOSUREOHPV7KXVFLUFXLWEUHDNHUGHYHORSPHQWFRQVWLWXWHVRQHRIWKHILHOGVZKHUHWKHPRVWDGYDQFHGWHFKQLTXHVDUHUHTXLUHG

6ZLWFKLQJDFWLRQUHIHUVWRWKHPXWXDOFRQYHUVLRQRIFRQGXFWRUDQGLQVXODWLQJPDWHULDOLQDSDUWRIWKHFLUFXLWDWDJLYHQSRWHQWLDO,QDGGLWLRQWRDUFSODVPDVHYHUDO
SK\VLFDOSKHQRPHQDDUHFDSDEOHRIEHLQJXWLOL]HGDVFLUFXLWHOHPHQWVH[DPSOHVDUHVHPLFRQGXFWLRQ LHFKDQJHRIFRQGXFWLYLW\E\FRQWURORIHOHFWURQHQHUJ\OHYHOLQD
VROLGPDWHULDO VXSHUFRQGXFWLYLW\ LHWHPSHUDWXUHFRQWUROLQDVXSHUFRQGXFWLYHDUHD DQGYDFXXPHOHFWURQFXUUHQW LHSRWHQWLDOFRQWURO +RZHYHUWKHVZLWFKLQJ
FDSDFLW\RIWKHVHSKHQRPHQDLVVRPHZKDWORZHUWKDQWKDWRIDUFSODVPD,QSRZHUFLUFXLWEUHDNHUVWKHLQWHQVLW\RIWKHFXUUHQWWKDWIORZVWKURXJKWKHFRQGXFWRUVDQG
WKHYROWDJHOHYHOWKDWPXVWEHVXVWDLQHGE\WKHLQVXODWLQJPDWHULDODUHYHU\KLJKDQGDWSUHVHQWWKHRQO\SUDFWLFDODSSURDFKPD\EHWKHXVHRIDUFSODVPD
3UHVHQWFRPPHUFLDOFLUFXLWEUHDNHUVUHVRUWWRSODVPDWHPSHUDWXUHFRQWURODVWKHEDVLVIRUWKHLUIXQFWLRQ7REHPRUHSUHFLVHDUFGLVFKDUJHLVXVHGDVDFLUFXLWHOHPHQW
IRUVZLWFKLQJ
+LVWRULFDOO\WKHILUVWLQGXVWULDOXVHVRIFLUFXLWEUHDNHUVGLGQRWDFWLYHO\WDNHDGYDQWDJHRIDUFSODVPD:KHQSDUWVRIWKHFRQGXFWRUDUHVHSDUDWHGLQRUGHUWRLQWHUUXSWD
FLUFXLWFXUUHQWDQDUFLVJHQHUDWHGEHIRUHWKHFXUUHQWLVH[WLQJXLVKHGLWLVFRQVLGHUHGWKDWFXUUHQWEUHDNLQJUHIHUVWRH[WLQJXLVKLQJWKLVDUF$UFGLVFKDUJHZDVWKRXJKW
WREHDQREVWDFOHWRFXUUHQWLQWHUUXSWLRQDQGWKHWHFKQLFDOFRQFHUQLQFLUFXLWLQWHUUXSWLRQZDVKRZTXLFNO\DQGHIIHFWLYHO\WRH[WLQJXLVKWKHDUF,QIDFWFXUUHQW
EUHDNLQJDQGDUFH[WLQFWLRQZHUHXVHGDVV\QRQ\PV+RZHYHUIURPWKHEDVLFVWDQGSRLQWWKDWVZLWFKLQJLVWKHLQWHUFRQYHUVLRQRIFRQGXFWRUDQGLQVXODWLQJPDWHULDOV
DUFSODVPDKDVYHU\GHVLUDEOHFKDUDFWHULVWLFVDQGKLJKYROWDJHDQGODUJHFXUUHQWFLUFXLWVZLWFKLQJLVSRVVLEOHRQO\ZLWKDQDUF
7KHGHVLUDEOHFKDUDFWHULVWLFVRIWKHDUFSODVPDRIFLUFXLWEUHDNHUVDUH  DVODUJHDUDQJHDVSRVVLEOHLQZKLFKWKHFRQGXFWLYLW\FKDQJHVDQG  DVTXLFND
FRQGXFWLYLW\FKDQJHDVSRVVLEOH$VIRUWKHUDQJHRIFRQGXFWLYLW\FKDQJHWKHFKDUDFWHULVWLFVGHSHQGHVVHQWLDOO\RQWKHSODVPDPDWHULDODQGWKHLQWURGXFWLRQRIQHZ
H[WLQJXLVKLQJPHGLDFRQVWLWXWHVDPDMRUVWHSLQWHFKQLFDOSURJUHVV2QWKHRWKHUKDQGWKHVSHHGZLWKZKLFKFRQGXFWLYLW\FKDQJHVGHSHQGVODUJHO\RQWKHSODVPD
PDWHULDODQGLVDOVRDIIHFWHGE\WKHSODVPDFRQWUROPHWKRG7KLVLVWKHUHDVRQWKHH[WLQFWLRQFKDPEHULVDYLWDOSDUWRIDFLUFXLWEUHDNHU
,QPDQ\FLUFXLWEUHDNHUVWKHDUFSODVPDFRQGXFWLYLW\LVFKDQJHGPDLQO\WKURXJKWHPSHUDWXUHFRQWURO7KHUHIRUHFXUUHQWEUHDNLQJRUWKHTXLFNUHGXFWLRQRIDUF
FRQGXFWLYLW\RIWHQUHOLHVRQVRPHWHFKQLFDOPHDQVIRUFRROLQJWKHDUF7KHWHFKQLFDOEDVLVIRUFLUFXLWEUHDNHUVOLHVLQFUHDWLQJDUFSODVPDRIDVKLJKDFRQGXFWLYLW\DV
SRVVLEOHFDUU\LQJDODUJHFXUUHQW



3DJH

FRROLQJLWHIIHFWLYHO\DQGTXLFNO\DQGFRQYHUWLQJLWLQWRDQLQVXODWLQJJDVVSDFHLQDVKRUWWLPH
2QDFFLUFXLWEUHDNHUVWKHFXUUHQWFURVVHV]HURHYHU\KDOIF\FOHRIWKHSRZHUIUHTXHQF\7KHUHIRUHLWLVWHFKQLFDOO\HDV\WRTXLFNO\FKDQJHWKHSODVPDFRQGXFWLYLW\
QHDUWKHFXUUHQW]HURDQGDVGHVFULEHGLQ6HFWLRQVXFKDQDSSURDFKLVHIIHFWLYHIRUDYRLGLQJVXUJHWURXEOHVXFKDVIODVKRYHUVLQWKHSRZHUV\VWHPHTXLSPHQW
7KHUHIRUHFXUUHQWEUHDNLQJE\DFFLUFXLWEUHDNHUVLVXVXDOO\FXUUHQW]HUREUHDNLQJDQGDVIRUWKHDUFEHKDYLRUDQGLWVUROHWKHFKDUDFWHULVWLFVQHDUWKHFXUUHQW]HUR
DUHSDUWLFXODUO\LPSRUWDQW
7KHUHPDLQGHURIWKLVFKDSWHUSURYLGHVEDVLFLQIRUPDWLRQRQFKDUDFWHULVWLFVRISRZHUFLUFXLWEUHDNHUDUFVSDFHDUFH[WLQFWLRQWKHFRQYHUVLRQIURPSODVPDWR
LQVXODWLQJVSDFHDQGLQIRUPDWLRQRQLQVXODWLQJVSDFHFKDUDFWHULVWLFV

*HQHUDO&KDUDFWHULVWLFVRI$UF3ODVPD
$ 
*DV7KHUPDO'LVVRFLDWLRQDQG7KHUPDO,RQL]DWLRQ
,QDGGLWLRQWRWKHWKUHHVWDWHVJDVOLTXLGDQGVROLGDVXEVWDQFHPD\KDYHDIRXUWKVWDWHWKDWLVUHIHUUHGWRDV3ODVPD,QVSDFHSODVPDLVPRVWJHQHUDODQG
RYHUZKHOPLQJLQYROXPHEXWRQHDUWKLWLVH[SHULHQFHGDVDUDWKHUVSHFLDOVWDWH7KHIRXUVWDWHVDUHGLVWLQJXLVKHGE\WKHFRQELQDWLRQDOVWDWXVRIWKHLUFRQVWLWXHQW
SDUWLFOHV0DLQWDLQLQJDVWDWHRUFKDQJLQJLWJHQHUDOO\GHSHQGVRQWHPSHUDWXUH:KHQWKHUPDOHQHUJ\LVJLYHQWRVROLGPROHFXOHVWKHPROHFXODUNLQHWLFHQHUJ\H[FHHGV
WKHFRPELQDWLRQDOHQHUJ\UHTXLUHGIRUPDLQWDLQLQJWKHVROLGVWDWHUHVXOWLQJLQDFKDQJHWRDOLTXLG7KHHQHUJ\UHTXLUHGDWWKLVWLPHLVRQWKHRUGHURIH9SHU
PROHFXOH/LNHZLVHE\SURYLGLQJHQRXJKHQHUJ\WRWKHOLTXLGPROHFXOHVWRRYHUFRPHWKHYDQGHU:DDOVIRUFHVWKHOLTXLGEHFRPHVDJDV$JDLQHQHUJ\RQWKHRUGHU
RIH9SHUPROHFXOHLVUHTXLUHG:KHQDJDVHRXVPROHFXOHUHFHLYHVPRUHWKDQWKHERQGHQHUJ\EHWZHHQLWVFRPSRQHQWDWRPVLWGLVVRFLDWHVLQWRVLQJOHDWRPVDQG
IXUWKHUPRUHLIWKHDWRPUHFHLYHVPRUHWKDQLWVLRQL]DWLRQSRWHQWLDOHQHUJ\RUELWDOHOHFWURQVLRQL]HOHDGLQJWRWKHSODVPDVWDWH
7KHHQHUJ\QHFHVVDU\IRULRQL]DWLRQLVH9SHUDWRPZKLFKLVKLJK7KHOLTXLGJDVHRXVRUSODVPDVWDWHVDUHPDLQWDLQHGE\WKHWHPSHUDWXUH7KLVPHDQVWKDWWKH
UHVXOWLQJVWDWHZKHQWKHFRPELQDWLRQLVUHOHDVHGFDQEHPDLQWDLQHGDVORQJDVWKHDYHUDJHWKHUPDONLQHWLFHQHUJ\RIWKHSDUWLFOHVDWWKDWWHPSHUDWXUHLVEH\RQGWKH
FRPELQDWLRQDOHQHUJ\:KHQDQHTXLOLEULXPLVPDLQWDLQHGIRUWKHVWDWHLWLVUHIHUUHGWRDVDWKHUPRG\QDPLFHTXLOLEULXPVWDWHDQGLWLVJRYHUQHGE\WKHVWDWLVWLFDO
PHFKDQLFDOUXOHVIRUWKDWVWDWH$



3DJH

JDVIRUH[DPSOHLVGHVFULEHGE\WKHFODVVLFVWDWLVWLFDOPHFKDQLFVRI0D[ZHOODQG%ROW]PDQQ
1H[WWKHWUDQVLWLRQIURPJDVWRDUFSODVPDLVFRQVLGHUHG$WKLJKWHPSHUDWXUHWKHNLQHWLFHQHUJ\RIJDVHRXVSDUWLFOHVLQFUHDVHVDQGHQHUJ\WUDQVIHUWKURXJKFROOLVLRQV
FDXVHVWKHUPDOGLVVRFLDWLRQDQGRUWKHUPDOLRQL]DWLRQ7KHUDWHRIWKHUPDOGLVVRFLDWLRQRULRQL]DWLRQRIDSDUWLFOH PROHFXOHRUDWRP LQWRVHYHUDOSDUWLFOHV DWRPV
LRQVRUHOHFWURQV LVWKHRUHWLFDOO\JLYHQDVDIXQFWLRQRIWHPSHUDWXUHWKDWLVWKHWKHUPDOGLVVRFLDWLRQRULRQL]DWLRQHTXLOLEULXPLVGHWHUPLQHGE\DQHTXLOLEULXPFRHIILFLHQW
WKDWLQFUHDVHVFRQVLGHUDEO\ZLWKWHPSHUDWXUH1LWURJHQZKLFKLVWKHPDLQFRPSRQHQWRIDLUXQGHUJRHVGLVVRFLDWLRQIURPWKHPROHFXOHWRVLQJOHDWRPV 1 11 
DW.RUKLJKHUDWDERXW.LWLRQL]HV 1 1H $VVKRZQLQ6HFWLRQGLVVRFLDWLRQRI6)PROHFXOHVLQWR)DWRPVDQG)PROHFXOHVEHFRPHV
SURPLQHQWDWDERXW.$W.IOXRULQHLRQL]DWLRQEHFRPHVSURPLQHQWDQGWKHFRQGXFWLYLW\DEUXSWO\VWDUWVWRLQFUHDVH
7KHH[LVWHQFHRIHOHFWURQVDQGLRQVSURGXFHGE\LRQL]DWLRQJLYHVFRQGXFWLYLW\WRDJDVHRXVVSDFHDQGWKLVVSDFHFRQGXFWLYLW\FDQEHGHVFULEHGDVDIXQFWLRQRI
WHPSHUDWXUH7KXVVSDFHFRQGXFWLYLW\LVDOVRDNLQGRIWKHUPRG\QDPLFVWDWHYDULDEOH
6SDFHFRQGXFWLYLW\FDQEHGHVFULEHGWKHRUHWLFDOO\E\XVLQJFODVVLFDOVWDWLVWLFDOPHFKDQLFV7KHGHJUHHRIVSDFHLRQL]DWLRQDVVXPLQJWKHUPDOHTXLOLEULXPFDQEHGHULYHG
WKHUPRG\QDPLFDOO\,WLVZHOONQRZQDV6DKD
VWKHUPDOLRQL]DWLRQHTXDWLRQ
5HFHQWO\YDULRXVVWXGLHVZHUHXQGHUWDNHQRQWKHFRPSRVLWLRQDQGFRQGXFWLYLW\RIDWKHUPDOHTXLOLEULXPVSDFHFRQWDLQLQJPDQ\NLQGVRISDUWLFOHV*HQHUDOO\VSHDNLQJ
VSDFHFRQGXFWLYLW\VKRZVDVDWXUDWLRQFKDUDFWHULVWLFGHSHQGHQWRQWHPSHUDWXUH)LJXUHVKRZVWKHUHODWLRQRIQLWURJHQFRQGXFWLYLW\YHUVXVWHPSHUDWXUH7KH
FRQGXFWLYLW\VWDUWVULVLQJSURJUHVVLYHO\DWDERXW.DQGWHQGVWRVDWXUDWHEH\RQG.
7KHDUFSODVPDLQDKLJKWHPSHUDWXUHDUHDFDQFRQVLGHUDEO\FKDQJHWKHFRQGXFWLYLW\SURYLGHGWKHWHPSHUDWXUHFDQEHFRQWUROOHGDQGLWLVFOHDUWKDWWKHH[WLQFWLRQRI
DUFSODVPDLQDFLUFXLWEUHDNHUFDQEHSHUIRUPHGE\FRROLQJWKDWDUFVSDFH
(YHQLIWKHVSDFHFRQGXFWLYLW\LVJLYHQDVVKRZQLQ)LJDVWKHUHVXOWRIDQLRQL]DWLRQHTXLOLEULXPXQLTXHO\GHWHUPLQHGE\WHPSHUDWXUHRUNLQHWLFHQHUJ\WKHWLPH
GHOD\LQUHDFKLQJVSDFHFRQGXFWLYLW\HTXLOLEULXPPXVWEHFRQVLGHUHG,IWKHWLPHGHOD\LVWRRORQJWKHFKDQJHLQFRQGXFWLYLW\FDQQRWIROORZWKHSODVPDFRROLQJTXLFNO\
HQRXJKDQGLQWKHFDVHRIDTXLFNWUDQVLHQWFKDQJHWKHFRQGXFWLYLW\FDQQRWEHFRQVLGHUHGDWKHUPRG\QDPLFVWDWHYDULDEOHZKLFKZRXOGRWKHUZLVHEHXQLTXHO\
GHWHUPLQHGE\WHPSHUDWXUH
7KHFRQGXFWLYLW\WLPHFRQVWDQWFDQEHFRQVLGHUHGVHSDUDWHO\DVWKHWLPHUHTXLUHGWRUHDFKDSDUWLFOHYHORFLW\GLVWULEXWLRQHTXLOLEULXPDQGDQ



3DJH

)LJ
1LWURJHQSODVPDFRQGXFWLYLW\YHUVXVWHPSHUDWXUH 6)LV
GHVFULEHGLQ)LJRI&KDSWHU
1DNDQLVKLHWDO &RS\ULJKW-,((

LRQHOHFWURQUHFRPELQDWLRQVSHHG$VIRUWKHIRUPHULIHDFKSDUWLFOHH[SHULHQFHVVHYHUDOHODVWLFFROOLVLRQVZLWKRWKHUSDUWLFOHVWKHSDUWLFOHYHORFLW\GLVWULEXWLRQ
UHDFKHVDORFDOHTXLOLEULXPDQGWKHUHIRUHVHYHUDOWLPHVWKHUHFLSURFDORIWKHQXPEHURISDUWLFOHFROOLVLRQVPD\EHUHJDUGHGDVWKHDSSUR[LPDWHWLPHWRUHDFK
HTXLOLEULXP7KLVLVDERXWVHFIRUPROHFXOHVRUDWRPVDQGVHFIRUHOHFWURQVXQGHUWKHWHPSHUDWXUHDQGSUHVVXUHFRQGLWLRQVRIDQRUGLQDU\DUFSODVPD
)URPWKHSRVVLEOHLRQHOHFWURQUHFRPELQDWLRQPHFKDQLVPVWKUHHW\SHVRIUHFRPELQDWLRQVGLVVRFLDWLYHUHFRPELQDWLRQWKUHHERG\UHFRPELQDWLRQDQGWZRVWHS
UHFRPELQDWLRQDUHFRQVLGHUHGGRPLQDQW)URPH[SHULPHQWDODQGWKHRUHWLFDOFRQVLGHUDWLRQVVHFLVJLYHQDVWKHWLPHUHTXLUHGIRUDQLRQHOHFWURQ
UHFRPELQDWLRQ
7KHVSHHGWRUHDFKLRQL]DWLRQHTXLOLEULXPLVKLJKHUWKDQWKHWUDQVLHQWSKHQRPHQRQVSHHGHQFRXQWHUHGLQFLUFXLWEUHDNHUVVRLWLVUHDVRQDEOHWRDVVXPHWKDWWKHDUF
SODVPDSKHQRPHQRQFRQWULEXWLQJWRFXUUHQWLQWHUUXSWLRQLVDOPRVWDOZD\VDWDQLRQL]DWLRQHTXLOLEULXPVWDWH



3DJH

% 
+HDW&DSDFLW\DQG&RROLQJRI3ODVPD
&XUUHQWLQWHUUXSWLRQLVGRPLQDWHGE\WKHFRROLQJRIWKHSODVPDLQDQLRQL]DWLRQHTXLOLEULXP7KHUHDUHVHYHUDOFRROLQJSURFHVVHVWKHIRXUPRVWLPSRUWDQWPHFKDQLVPV
DUH
,VHQWURSLFFRROLQJ
&RROLQJE\WKHUPDOFRQGXFWLRQ
&RROLQJE\PL[LQJZLWKFRROEDFNJURXQGJDV
&RROLQJE\UDGLDWLRQORVV
,QPHFKDQLVPWKHHQHUJ\LVUDGLDWHGLQWKHIRUPRIOLJKW HLWKHUXOWUDYLROHWYLVLEOHRULQIUDUHG 7KLVOLJKWLVDEVRUEHGE\WKHVXUURXQGLQJJDVZKLFKLVXVXDOO\RSWLFDOO\
GHQVHDQGWKLVKHOSVLQWUDQVIHUULQJWKHKHDWHQHUJ\:KLFKSURFHVVLVGRPLQDQWDPRQJWKHVHGHSHQGVRQWKHFKDUDFWHULVWLFVRIWKHPHGLXP,VHQWURSLFFRROLQJLV
LPSRUWDQWIRUDPHGLXPZLWKDKLJKVSHFLILFKHDWUDWLR VXFKDVDLU LVGHILQHGDV&S&YZKHUH&SLVFRQVWDQWSUHVVXUHVSHFLILFKHDWDQG&YLVFRQVWDQWYROXPH
VSHFLILFKHDWIRUH[DPSOH  IRUDLUDQG  IRU6) VHH$SSHQGL[ 3URFHVVHVDQGEHFRPHGRPLQDQWLQDQ6)DUFEHFDXVHRIWKHKLJKWKHUPDO
FRQGXFWLYLW\DQGKLJKGLVVRFLDWLRQHQHUJ\RIWKHJDV
,VHQWURSLFFRROLQJRFFXUVGXULQJWKHIORZRISODVPDDORQJWKHSUHVVXUHJUDGLHQW$GLDEDWLFH[SDQVLRQGXULQJWKHIORZFDXVHVORVVRILQWHUQDOHQHUJ\DQGFRROLQJLVJLYHQ
E\GLY

LVIORZYHOLFLW\DQGSLVSUHVVXUH 

&RROLQJE\WKHUPDOFRQGXFWLRQLQYROYHVWKHWUDQVIHURIWKHUPDOHQHUJ\GXHWRWKHWHPSHUDWXUHJUDGLHQW7KHUPDOFRQGXFWLRQLQSODVPDLVQRWDVVWUDLJKWIRUZDUGDVWKDW
LQWKHVROLGERG\EXWLWLVGHSHQGHQWRQYDULRXVVWDWHVLQWKHJDV7KHUHIRUHDQHTXLYDOHQWWKHUPDOFRQGXFWLYLW\ LVFRQYHQLHQWLQH[SUHVVLQJHIIHFWLYHFRROLQJDVGLY 
JUDG 7 SHUXQLWYROXPH ZKHUH7GHQRWHGWHPSHUDWXUH 
7KHSURFHVVHVRILVHQWURSLFFRROLQJDQGFRROLQJE\WKHUPDOFRQGXFWLRQDUHREVHUYHGZLWKRXWKDYLQJDQ\PDVVIORZWKURXJKWKHERXQGDU\RIWKHSODVPDGXULQJLWV
PRWLRQEHFDXVHWKHWKHUPDOIORZLQWKHODWWHUSURFHVVGRHVQRWUHTXLUHLW7KHSURFHVVRIFRROLQJE\PL[LQJZLWKEDFNJURXQGJDVLVDUHVXOWRIWKHGLIIHUHQFHLQ
WHPSHUDWXUHRIWKHPDVVHVIORZLQJLQWRDQGRXWRIWKHYROXPHZLWKWKHYHORFLW\X7KLVLVJLYHQE\DWHUPH[SUHVVHGLQWKHIRUP JUDG K  ZKHUH LVJDVGHQVLW\
DQGKLVWRWDOWKHUPDOHQHUJ\RUHQWKDOS\LQSODVPD 
7KHSURFHVVHVRIH[KDXVWLQJWKHHQHUJ\LQWRWKHVXUURXQGLQJVDUHDVPHQWLRQHGDQGWKHUDWHRIFRROLQJLVDOVRGRPLQDWHGE\WKHVSHFLILFKHDWRIWKHSODVPD&S$ORZ
VSHFLILFKHDWFDSDFLW\LVJRRGIRUUDSLGFRROLQJDVZHOODVKLJKHQHUJ\GLVVLSDWLRQ7KHVSHFLILFKHDWRIWKHJDVLVDFRPSOH[IXQFWLRQRIWHPSHUDWXUHLWLVJLYHQE\&S 
GKG7



3DJH

7KHHQHUJ\GLVVLSDWHGE\WKHGLVVRFLDWLRQRIPROHFXOHVLQWRDWRPVDQGWKHHQHUJ\RILRQL]DWLRQDSSHDUDVDKHDWVLQNDQGZKHQWKHVHSURFHVVHVDUHDFWLYHWKHVSHFLILF
KHDWDSSHDUVWREHKLJK6SHFLILFKHDWDVDIXQFWLRQRIWHPSHUDWXUHLVVKRZQLQ)LJIRUDLU7KHFXUYHKDVWZRSURPLQHQWSHDNVFRUUHVSRQGLQJWRGLVVRFLDWLRQDQG
LRQL]DWLRQ6XOIXUKH[DIOXRULGH 6) JDVLVDQLPSRUWDQWLQWHUUXSWLRQPHGLXPLQPRGHUQWHFKQRORJ\LWVVSHFLILFKHDWLVVKRZQLQ)LJ
7KHVSHFLILFKHDW&SLVFDOFXODWHGRQWKHDVVXPSWLRQWKDWWKHJDVLVLQDWKHUPDOHTXLOLEULXPVWDWH+RZHYHULQDFWXDODUFSODVPDWKHWHPSHUDWXUHFKDQJHFDQQRWDOZD\V
EHDVVXPHGWREHVORZHQRXJKWRHQVXUHWKHUPDOHTXLOLEULXP(VSHFLDOO\LQWKHFXUUHQWGHFUHDVLQJSKDVHRIWKHDUFWKHUHFRPELQDWLRQRIWKHDWRPVLQWRPROHFXOHVLV
UDWKHUVORZ W\SLFDOO\VHF ZKHUHDVGHLRQL]DWLRQLVIDVW W\SLFDOO\VHF 7KHUHIRUHWKHG\QDPLF&SLQWKHSURFHVVRIFRROLQJRIWKHDUFLVUHSUHVHQWHGE\
&SIUDWKHUWKDQWKHTXDVLVWDWLF&SFXUYHLQ)LJ DLU 
7KHQRQHTXLOLEULXPVWDWHLQWKHSURFHVVRIFRROLQJFDXVHGE\WKHGLIIHUHQFHEHWZHHQWKHWLPHFRQVWDQWVRIGHLRQL]DWLRQDQGDVVRFLDWLRQLVLPSRUWDQWLQXQGHUVWDQGLQJWKH
LQWHUUXSWLRQRIDQDLUEODVWHGDUF'HLRQL]DWLRQ 1H 1 RFFXUVEHIRUHDVVRFLDWLRQ 11 1 DQGWKLVSURFHVVPDNHVWKHFRQGXFWLYLW\RIWKHSODVPDORZ
ZLWKRXWLQWHUIHUHQFHIURPWKHVORZDVVRFLDWLRQ7KHVSHFLILFKHDWRI6) )LJ RQWKHRWKHUKDQG

)LJ
6SHFLILFKHDWDWFRQVWDQWDLUSUHVVXUHYHUVXVWHPSHUDWXUH
1DNDQLVKLHWDO&RS\ULJKW-,((



3DJH

)LJ
6SHFLILFKHDWDWFRQVWDQW6)SUHVVXUHYHUVXVWHPSHUDWXUH

VKRZVGLIIHUHQWEHKDYLRUDVWKHSHDNFRUUHVSRQGLQJWRGLVVRFLDWLRQDSSHDUVEHORZ.DQGDW.LRQL]DWLRQEHFRPHVVLJQLILFDQW7KLVPHDQVWKDWWKH
QRQHTXLOLEULXPVWDWHGXULQJWKHFRROLQJSURFHVVFDXVHGE\WKHGLIIHUHQFHEHWZHHQWKHWLPHFRQVWDQWVRIGHLRQL]DWLRQDQGDVVRFLDWLRQGRHVQRWSDUWLFXODUO\KHOSLQ
ORZHULQJWKHHOHFWULFDOFRQGXFWLYLW\RIWKHSODVPD+RZHYHUWKHKLJKVSHFLILFKHDWFRUUHVSRQGLQJWRGLVVRFLDWLRQLQFRPSDULVRQZLWKWKHSHDNFRUUHVSRQGLQJWR
LRQL]DWLRQVXJJHVWVDGLIIHUHQWSURFHVVRIFRROLQJ$SHFXOLDUFRROLQJLVFDXVHGZKHQORZWHPSHUDWXUHJDVEHORZ.ZKLFKLVQRWGLVVRFLDWHGLVLQMHFWHGLQWRWKH
KRWSODVPD7KHORZWHPSHUDWXUHJDVDEVRUEVVLJQLILFDQWGLVVRFLDWLRQHQHUJ\IURPWKHKLJKWHPSHUDWXUHJDV6HOHFWLRQRIWKHLQWHUUXSWLRQPHGLXPUHTXLUHVDGHHSHU
XQGHUVWDQGLQJRIWKHGHWDLOHGSURFHVVRISODVPDEHKDYLRU

0DWKHPDWLFDO$UF0RGHOV
$ 
(QHUJ\(TXLOLEULXPLQ3ODVPD
7KHSKHQRPHQRQE\ZKLFKWKHDUFLVDFWXDOO\H[WLQJXLVKHGLQFLUFXLWEUHDNHUVLVYHU\FRPSOLFDWHGDQGFDQQRWEHH[SODLQHGDFFXUDWHO\DQGTXDQWLWDWLYHO\,WLVXVHIXO
KRZHYHUWRHPSOR\DPRGHOWKDWLVTXDQWLWDWLYHO\EDVHGRQWKHJHQHUDOFKDUDFWHULVWLFVRIDUFSODVPDVWDWHGDERYHLQRUGHUWRXQGHUVWDQGWKHEDVLFVRIFLUFXLWEUHDNHUV
7KHG\QDPLFFKDUDFWHULVWLFVRIDUF



3DJH

SODVPDOLHLQDQHQHUJ\HTXLOLEULXPUHODWLRQVKLSWKDWLVJLYHQE\WKHJHQHUDOH[SUHVVLRQ

ZKHUH
(,

LQSXWSRZHUDWXQLWOHQJWK>:@

HQHUJ\VWRUHGLQDUF>-@

WLPH>VHF@

GLY

HQHUJ\ORVVE\LVHQWURSLFFRROLQJ>:@

GLY JUDG 7

WKHUPDOFRQGLWLRQORVV>:@

JUDG K
6 7

ORVVE\PDVVIORZ FRQYHFWLRQORVV >:@


UDGLDWLRQORVV>:@

7KLVUHODWLRQLQGLFDWHVWKDWWKHKHDWJHQHUDWHGLVHTXDOWRWKHVXPRIWKHVWRUHGHQHUJ\LQFUHDVHDQGWKHKHDWORVV
7KHDQDO\WLFDOPRGHOVRI0D\UDQG&DVVLHWKDWGHDOZLWKWKHDUFSKHQRPHQRQPDFURVFRSLFDOO\XQGHUVXFKDUHODWLRQVKLSDUHZHOONQRZQ,QWKHVHPRGHOVWKHDUFLV
UHJDUGHGDVDVLQJOHFLUFXLWHOHPHQWWKDWFDQEHH[SUHVVHGE\DUFUHVLVWDQFH5RUDUFFRQGXFWDQFH*6XFKDUFPRGHOVDUHNQRZQDVPDWKHPDWLFDODUFPRGHOVLQ
FRQWUDVWWRSK\VLFDODUFPRGHOVLQZKLFKWKHLQWHUQDOVWUXFWXUHRIDQDUFLVDQDO\]HGDVGHVFULEHGLQ&KDSWHU7KH0D\UDQG&DVVLHPDWKHPDWLFDOPRGHOVDUH
RXWOLQHGEHORZ7DEOHFRPSDUHVWKHWZR
% 
0D\U$UF0RGHO
,QWKH0D\UDUFPRGHOWKHDUFLVUHJDUGHGDVDKRPRJHQHRXVF\OLQGULFDOFROXPQRIFRQVWDQWGLDPHWHUDQGWKHDUFFRQGXFWDQFHWUDQVLWLRQLVDWWULEXWHGWRDWUDQVLWLRQLQ
WKHGHJUHHRILRQL]DWLRQ)XUWKHUDFRQVWDQWKHDWORVV1VXSSRVLQJWKHUPDOFRQGXFWLRQLVDVVXPHGLQVROYLQJWKHHQHUJ\HTXLOLEULXPHTXDWLRQ$VDUFFRQGXFWDQFH*
WKHLRQL]DWLRQGHJUHHREWDLQHGIURP6DKD
VH[SUHVVLRQLVFRQVLGHUHGDQGWRIDFLOLWDWHWKHGHYHORSPHQWRIVXEVHTXHQWH[SUHVVLRQVWKHIXQFWLRQLVDSSUR[LPDWHG
VRPHZKDWDV

ZKHUH.DQG4DUHFRQVWDQWV7KHHQHUJ\HTXLOLEULXPHTXDWLRQLV



3DJH
7DEOH&RPSDULVRQRIWKH0D\U$UF0RGHODQGWKH&DVVLH$UF0RGHO


6RXUFH-,((  &RS\ULJKW-,((

+HQFH0D\U
VH[SUHVVLRQLVGHGXFHGDV

ZKHUH  41KDVDWLPHGLPHQVLRQDQGLVFDOOHGWKHDUFWLPHFRQVWDQW,WFRLQFLGHVZLWKWKHWLPHFRQVWDQWRIDUFFRROLQJZKHQWKHDUFWKHUPDOLQSXWLVUHPRYHG
0D\U
VDUFPRGHOLVVXLWDEOHIRUWKHDQDO\VLVRIDUHODWLYHO\VPDOOFXUUHQWDUHD
& 
&DVVLH$UF0RGHO
,Q&DVVLH
VDUFPRGHOWKHDUFLRQL]DWLRQGHJUHHLVVXIILFLHQWO\KLJKDQGWKHDUFFRQGXFWDQFHWUDQVLWLRQLVDWWULEXWHGWRDFKDQJHLQDUFFURVVVHFWLRQDODUHD$7KH
HQHUJ\HTXLOLEULXPHTXDWLRQLVVROYHGRQWKHDVVXPSWLRQWKDW



3DJH

WKHKHDWORVV1GHSHQGVPDLQO\RQFRQYHFWLRQORVVDQGLVSURSRUWLRQDOWRWKHDUFFURVVVHFWLRQDODUHD$/LNHZLVHDUFFRQGXFWDQFH*DQGVWRUHGKHDW4DUHGHHPHG
WREHSURSRUWLRQDOWRWKHDUFFURVVVHFWLRQDODUHD$7KHQFRQVLGHULQJWKHXQLWOHQJWKJLYHV

ZKHUHKLVHQWKDOS\DQG1
LVWKHKHDWORVVDWXQLWFURVVVHFWLRQ+HQFHWKHHQHUJ\HTXLOLEULXPHTXDWLRQ  EHFRPHV

6XEVWLWXWLQJIRU$DFFRUGLQJWRWKHUHODWLRQ

ZKHUH LVFRQGXFWLYLW\ JLYHV

+HUHDJDLQ  41LVWKHVDPHDUFWLPHFRQVWDQWDVGHILQHGIRU  ( 1*KROGVDQGFRUUHVSRQGVWRDUFYROWDJHDWWKHVWHDG\VWDWHZKHUHKHDWJHQHUDWHGE\


WKHDUFDQGDUFORVVDUHHTXDO&DVVLH
VDUFPRGHOLVVXLWDEOHIRUWKHDQDO\VLVRIDUHODWLYHO\ODUJHFXUUHQWDUHD
' 
$OWHUQDWLYH0DWKHPDWLFDO0RGHO
7KHFODVVLFDUFPRGHOVGHVFULEHGVRIDUKDYHRIWHQEHHQXVHGIRUVWXGLHVRILQWHUUXSWLRQEHKDYLRU7KH\H[SODLQLQWHUUXSWLRQTXLWHZHOOTXDOLWDWLYHO\EXWQRW
TXDQWLWDWLYHO\)RUDJDVEODVWFLUFXLWEUHDNHUZLWK6)DVDQH[WLQFWLRQPHGLXPFDOFXODWHGUHVXOWVREWDLQHGZLWKWKHVHFODVVLFPRGHOVKDYHRQO\SRRUDJUHHPHQWZLWK
H[SHULPHQWDOUHVXOWV7KHUHIRUHVHYHUDOQHZPRGHOVKDYHEHHQSURSRVHG2QHRIWKHVHDUFPRGHOVLVVKRZQEHORZ
6ZDQVRQHWDO  LQWURGXFHGWKHKHDWIOX[SRWHQWLDO6IRUDQDUFFROXPQDQGGHGXFHGDQDUFG\QDPLFFKDUDFWHULVWLFH[SUHVVLRQRIQRUPDOL]HGIRUPNQRZQDVWKH
WKHUPDODUFPRGHOZKLFKUHGXFHVWRWKH&DVVLHDQG0D\UHTXDWLRQVZKHQWKHHOHFWULFDOFRQGXFWLYLW\YDULHVOLQHDUO\DQGH[SRQHQWLDOO\ZLWKWKHKHDWIOX[SRWHQWLDO
ZKHUH7LVWHPSHUDWXUHDQG LVWKHUPDOFRQGXFWLYLW\ )LUVWWKHWKHUPDOHTXDWLRQLVJLYHQDVIROORZV



3DJH

ZKHUH
,

DUFFXUUHQW

UDGLDOFRRUGLQDWH

UD

DUFUDGLXV

WLPH
WKHUPDOGLIIXVLYLW\    &SZKHUH LVJDVGHQVLW\DQG&SLV
VSHFLILFKHDW
DWXUEXOHQWGLIIXVLRQIDFWRU
HOHFWULFDOFRQGXFWLYLW\

7RGHYHORSDWKHUPDODUFPRGHO6ZDQVRQHWDODVVXPHWKDWWKHKHDWIOX[SRWHQWLDODQGHOHFWULFDOFRQGXFWLYLW\ERWKKDYH%HVVHOIXQFWLRQUDGLDOGLVWULEXWLRQV7KHQ
H[SUHVVLRQ  LVQRUPDOL]HGDV

ZKHUH


FHQWHUOLQHKHDWIOX[SRWHQWLDO
DUFYROWDJH

(


FHQWHUOLQHHOHFWULFDOFRQGXFWLYLW\
LVWKHQRUPDOL]HGDUFWLPHFRQVWDQWGHILQHGWRREWDLQDPRUHXVHIXO
HTXDWLRQIRUP

( 
0HDVXUHG9DOXH)HHGEDFN0RGHO
$VPHDVXUHPHQWWHFKQLTXHVIRUSKHQRPHQDQHDUWKHFXUUHQW]HURKDYHEHHQDGYDQFHGLWKDVEHFRPHFOHDUWKDWWKHDUFWLPHFRQVWDQWLVQRWQHFHVVDULO\FRQVWDQWZLWK
WLPH2WKHUPRGHOVKDYHWKHUHIRUHEHHQSURSRVHGE\5HJURV+RFKUDLQHUDQGRWKHUVLQZKLFKWKHDUFWLPHFRQVWDQWORVVRURWKHUDUFFRQVWDQWVDUHGHWHUPLQHGDV
IXQFWLRQVRISDUDPHWHUV FXUUHQWDUFUHVLVWDQFHHWF EDVHGRQPHDVXUHGYDOXHV
+RFKUDLQHUDQGRWKHUVLQWURGXFHGWKHUHODWLRQVKLSEHWZHHQWKHDUFFRQGXFWDQFHJDQGWKHVWHDG\VWDWHDUFFRQGXFWDQFH*

ZKHUH LVDQDUFWLPHFRQVWDQWGHWHUPLQHGIURPWKHPHDVXUHGYDOXHVRIJDQGGJGW



3DJH

,QDQRWKHURIWKHVHPRGHOVWKHUHODWLRQEHWZHHQWKHDUFYROWDJH9DDQGFXUUHQW,DVDVWDWLFFKDUDFWHULVWLFRIWKHDUFLVDVVXPHGWREH

DQGWKHWLPHFRQVWDQW LVJLYHQDVDG\QDPLFFKDUDFWHULVWLFRIDUF

ZKHUH LVVXSSRVHGWREHDIXQFWLRQRIDUFUHVLVWDQFH5RQWKHEDVLVRIPDQ\PHDVXUHPHQWV7KHDUFFKDUDFWHULVWLFLVH[SUHVVHGE\WKHIRXUSDUDPHWHUV1  DQG


Q7KHHQHUJ\ORVVLVDVVXPHGWREHSURSRUWLRQDOWRWKHPWKSRZHURIVWRUHGHQHUJ\48VLQJWKHUHODWLRQ

DQGH[SUHVVLRQV   WKHIROORZLQJG\QDPLFFKDUDFWHULVWLFH[SUHVVLRQLVREWDLQHG

7KLVPRGHOLQGLFDWHVWKDWWKHDUFWLPHFRQVWDQWLVDIXQFWLRQRIUHVLVWDQFHDVVKRZQLQ(T  $FFRUGLQJWRWKHVHPHWKRGVIXUWKHUVLPXODWLRQFDQEHGRQHZLWKDQ


HOHFWULFFLUFXLWWKDWLVDQH[SUHVVLRQRIWKHPRGHO7KHDUFUHVLVWDQFHFDQEHREWDLQHGE\FDOFXODWLQJWKHFXUUHQWIORZLQJWKURXJKDVHULHVFLUFXLWRIUHVLVWDQFHDQG
LQGXFWDQFHZLWKDXQLYHUVDOFLUFXLWDQDO\]LQJSURJUDP6LQFHDUFFKDUDFWHULVWLFVDUHLQWURGXFHGLQWKHFLUFXLWDQDO\]LQJSURJUDPWKHLQWHUUXSWLQJFKDUDFWHULVWLFVXQGHU
JLYHQFLUFXLWFRQGLWLRQVFDQHDVLO\EHDQDO\]HG

'LHOHFWULF6WUHQJWK5HFRYHU\DIWHU&XUUHQW,QWHUUXSWLRQ
7KHFLUFXLWLQWHUUXSWLRQLVFRPSOHWHZKHQWKHFLUFXLWEUHDNHUSROHVKDYHUHFRYHUHGVXIILFLHQWGLHOHFWULFVWUHQJWKWRDFLUFXLWUHFRYHU\YROWDJHDIWHUDUFH[WLQFWLRQQHDU
FXUUHQW]HURDVGHVFULEHGDERYH+HUHWKHGLHOHFWULFVWUHQJWKUHFRYHU\FKDUDFWHULVWLFVRISRVWSODVPDVSDFHSOD\DQLPSRUWDQWUROH
$ 
&ROG5HFRYHU\DQG+RW5HFRYHU\
7KHGLHOHFWULFVWUHQJWKUHFRYHU\FKDUDFWHULVWLFVEHWZHHQFLUFXLWEUHDNHUFRQWDFWVZKHQWKHFLUFXLWEUHDNHUKDVEHHQRSHQHGXQGHUQRORDGRUKDVWXUQHGRIIDVPDOO
FXUUHQWDUHLQKHUHQWWRWKDWFLUFXLWEUHDNHUDQGWKHSURFHVVRIUHFRYHULQJQRUPDOGLHOHFWULFVWUHQJWKLVUHIHUUHGWRDVDFROGUHFRYHU\7KH



3DJH

FLUFXLWEUHDNHUHOHFWURGHVKDSHFRQWDFWGLVWDQFHDQGG\QDPLFJDVGHQVLW\GLVWULEXWLRQLQWKHLQVXODWHGVSDFHDOODIIHFWWKHUHFRYHU\FKDUDFWHULVWLFV7KH\JHQHUDOO\
LQFUHDVHZLWKGLVWDQFHEHWZHHQFRQWDFWVDQGVDWXUDWHWRDFHUWDLQYDOXHDWWKHILQDOFRQWDFWSRVLWLRQ
7KHGLHOHFWULFVWUHQJWKUHFRYHU\DIWHUDFXUUHQWLVLQWHUUXSWHGE\DFLUFXLWEUHDNHULVDKRWUHFRYHU\DFWLRQDQGLVVOLJKWO\GLIIHUHQWIURPDFROGUHFRYHU\(YHQDIWHUWKH
FXUUHQWLVLQWHUUXSWHGDWFXUUHQW]HURDQGWKHSODVPDKDVGLVDSSHDUHGWKHLQVXODWLQJJDVLQWKHSRVWSODVPDVSDFHLVUDWKHUKRWDQGLWVLQVXODWLRQFKDUDFWHULVWLFVGLIIHU
FRQVLGHUDEO\IURPWKRVHRIDFROGJDV7KHGLHOHFWULFVWUHQJWKRIWKHSRVWSODVPDVSDFHLVUHVWRUHGE\PHDQVRIWKHKRWJDVFRROLQJ,WLVUHODWHGWRWKHUHVLGXDOKRWJDV
TXDQWLW\LQWKHSRVWSODVPDVSDFH7KHUHIRUHWKHUHFRYHU\LVTXLFNZKHQWKHVSDFHFRROLQJIRUFHLVKLJKDQGWKHLQLWLDOUDWHRIULVHRIWKHGLHOHFWULFVWUHQJWKUHFRYHU\
FKDUDFWHULVWLFVEHFRPHVVORZDVWKHEUHDNLQJFXUUHQWRUDUFGXUDWLRQWLPHLQFUHDVHV
% 
$QDO\VLVRI'LHOHFWULF6WUHQJWK5HFRYHU\&KDUDFWHULVWLFV
$VDOUHDG\VWDWHGWKHGLHOHFWULFUHFRYHU\FKDUDFWHULVWLFVDUHDIIHFWHGE\WKHORFDOHOHFWULFILHOGFRQFHQWUDWLRQRQWKHHOHFWURGHORFDOJDVGHQVLW\GLVWULEXWLRQLQKLJK
VSHHGJDVIORZEHWZHHQFRQWDFWVWKHKLVWRU\RIWKHKRWJDVKHDWHGE\DODUJHFXUUHQWDUFDQGRWKHUIDFWRUV7KHVHFKDUDFWHULVWLFVDUHEHLQJVWXGLHGE\PHDQVRI
FRPSXWHUVLPXODWLRQ$VDQH[DPSOHDQDO\]HGUHVXOWVRIFROGUHFRYHU\FKDUDFWHULVWLFVDUHVKRZQLQ)LJ7KHVHUHVXOWVZHUHREWDLQHGE\D[LV\PPHWULFWZR
GLPHQVLRQDODQDO\VLVEXWWKUHHGLPHQVLRQDODQDO\VHVFDQDOVREHGRQH)LJXUHDUHSUHVHQWVDILHOGDQDO\VLVDQG)LJELQGLFDWHVWKHUHVXOWVRIJDVIORZDQDO\VLV
7KHUHVXOWVDOORZSUHGLFWLRQRIGLHOHFWULFVWUHQJWKUHFRYHU\FKDUDFWHULVWLFVZLWKDUHDVRQDEOHGHJUHHRIDFFXUDF\7KHUHVXOWVDUHFRPSDUHGZLWKPHDVXUHGGDWDLQ)LJ
FDQGWKH\FRQFOXGHZHOOZLWKHDFKRWKHU$VIRUWKHKRWUHFRYHU\WKHODUJHFXUUHQWDUFHQHUJ\LVGLIILFXOWWRHVWLPDWHDQGDSUDFWLFDOWROHUDEOHDFFXUDF\KDVQRW\HW
EHHQREWDLQHG3UHVHQWO\DQHQHUJ\LQMHFWLRQPHWKRGVLPXODWLQJDQDUFFROXPQDQGVHYHUDORWKHUGHYLFHVLVXQGHUVWXG\DQGIXUWKHUGHYHORSPHQWVDUHH[SHFWHGLQWKLV
ILHOG VHH6HFWLRQ 

7\SLFDO$UF&KDUDFWHULVWLFV
&XUUHQWLQWHUUXSWLRQE\DUFSODVPDDQGGLHOHFWULFUHFRYHU\FKDUDFWHULVWLFVRISRVWSODVPDVSDFHKDYHEHHQRXWOLQHGDERYH)HDWXUHVRIW\SLFDODUFSODVPDVWKDWDSSHDU
LQSUHVHQWGD\FRPPHUFLDOFLUFXLWEUHDNHUVDUHGHVFULEHGLQWKLVVHFWLRQ



3DJH

)LJ
$QDO\VLVRIGLHOHFWULFVWUHQJWKUHFRYHU\FKDUDFWHULVWLF
1DNDQLVKLHWDO&RS\ULJKW&,*5(



3DJH

$ 
)HDWXUHVRI6)$UFV
6XOIXUKH[DIOXRULGHJDV 6) LVFRPPRQO\XVHGDVDQH[WLQFWLRQPHGLXPIRUODUJHFDSDFLW\FLUFXLWEUHDNHUV,WKDVH[FHOOHQWLQVXODWLRQDQGH[WLQFWLRQFKDUDFWHULVWLFV,WV
DUFFKDUDFWHULVWLFVDUHVRPHZKDWXQXVXDOFRPSDUHGZLWKWKHDUFSODVPDFKDUDFWHULVWLFVRIRWKHUJDVHVSDUWLFXODUO\DLUDQGQLWURJHQ
6XOIXUKH[DIOXRULGHZDVLQLWLDOO\LQWURGXFHGDVDQLQVXODWLQJJDVEHFDXVHLWVGLHOHFWULFVWUHQJWKLVVHYHUDOWLPHVWKDWRIDLU,WVSK\VLFDOFKDUDFWHULVWLFVDUHGHVFULEHGLQ
&KDSWHU,WVH[WLQFWLRQDELOLW\LVFRQVLGHUDEOHDQGWKHVSHHGDWZKLFKLWFKDQJHVIURPDFRQGXFWLYHDUFWRDQLQVXODWLQJPDWHULDOLVYHU\KLJK,WVPHDVXUHGDUFWLPH
FRQVWDQWLVWKDWRIDQDUFLQVWDWLFDLUZKLFKDJUHHVZLWKWKHIDFWWKDWLWVEUHDNLQJFDSDFLW\LVWLPHVWKDWRIDLUIRUFXUUHQWDVZHOODVIRUYROWDJH
7KHH[WUHPHO\ODUJHH[WLQFWLRQDELOLW\RIWKH6)DUFFDQQRWEHH[SODLQHGE\DVLQJOHPHFKDQLVP7ZRUHPDUNDEOHFKDUDFWHULVWLFVFDQEHFLWHGDVSDUWLFXODUHYLGHQFHRI
LWVSHFXOLDUWKHUPDOQDWXUHDQGLWVVWURQJHOHFWURQHJDWLYLW\
 
7KHUPDO&KDUDFWHULVWLFVRI6)
6XOIXUKH[DIOXRULGHZKLFKLVDSRO\DWRPLFPROHFXODUJDVKDVDYHU\FRPSOLFDWHGGLVVRFLDWLYHUHDFWLRQDWKLJKWHPSHUDWXUHVWKDWKDVQRWEHHQFRPSOHWHO\FODULILHG
+RZHYHUUHDVRQDEOHWKHUPDOFKDUDFWHULVWLFVDWKLJKWHPSHUDWXUHFDQEHDVVLJQHGRQWKHEDVLVRIH[SHULPHQWDODQGVWDWLVWLFDOPHFKDQLFDOWHFKQLTXHV
6XSSRVHWKHUHLVDQDUFLQWKHJDVDQGWKDWWKHKHDWIORZHPLWWHGUDGLDOO\IURPLWVFHQWHULV ,QVWDWLFJDV GHSHQGVPDLQO\RQWKHUPDOFRQGXFWLRQDQGFDQEH
GHVFULEHGDV

ZKHUHG7GULVWKHWHPSHUDWXUHJUDGLHQWRIWKHDUFLQWKHUDGLDOGLUHFWLRQ LVFRQVLGHUHGQHDUO\FRQVWDQWDORQJWKHUDGLDOGLUHFWLRQZLWKLQWKHWHPSHUDWXUHUDQJHRI
FRQFHUQ
$VLVHYLGHQWODWHUIURP)LJVDQGWKHWHPSHUDWXUH . DWZKLFKWKHFRQGXFWLYLW\LQFUHDVHVDEUXSWO\LQ6)LVUDWKHUKLJKHUWKDQWKHWHPSHUDWXUH
. DWZKLFKWKHWKHUPDOFRQGXFWLYLW\SHDNGXHWRGLVVRFLDWLRQDSSHDUV7KHUHIRUHIRUWKHDUFFROXPQDW.RUKLJKHUZKHUHDQDUFFXUUHQWIORZV LVVPDOO
DQGWKHUHIRUHG7GULVODUJH7KHIODPHRQWKHFROXPQH[WHULRULVDW. LVODUJHDQGWKHUHIRUHG7GUGHFUHDVHVFRQVLGHUDEO\LQWKHWHPSHUDWXUHGLVWULEXWLRQ$V
VKRZQLQ)LJWKHFHQWUDOFROXPQGHYHORSVDFRQVSLFXRXVSHDNWKHWHPSHUDWXUHGLVWULEXWLRQLQWKHRXWHUIODPHLVYHU\ORZDQGIODWDQGWKHFXUUHQWIORZ
FRQFHQWUDWHVDWWKH



3DJH

)LJ

7HPSHUDWXUHGLVWULEXWLRQRI6)
JDVSODVPD

FROXPQ7KLVLVZK\ZLWK6)DYHU\WKLQDQGEULJKWDUFLVVHHQDQGKDUGO\DQ\RXWHUIODPHLVYLVLEOH
:LWKDQDUFLQDLURUQLWURJHQRQWKHRWKHUKDQGWKHWHPSHUDWXUHDWZKLFKWKHFRQGXFWLYLW\VWDUWVLQFUHDVLQJDQGWKHWHPSHUDWXUHDWZKLFK ULVHVDOPRVWFRLQFLGHDQG
WKHUHIRUHG7GULVDOPRVWWKHVDPHDWWKHFROXPQDQGLQWKHRXWHUIODPHDQGWKHRXWHUIODPHVHFWLRQKDVDODUJHFURVVVHFWLRQDODUHDDQGDUDWKHUKLJKWHPSHUDWXUH
:LWKWKH6)DUFDQH[WUHPHO\VPDOODUFWLPHFRQVWDQWLVREWDLQHGEHFDXVHRIFRROLQJE\DWKHUPDOFRQGXFWLRQPHFKDQLVPGXHWRWKHGLVVRFLDWLRQSHFXOLDUWRWKLVJDV
PHQWLRQHGHDUOLHU5HVSRQGLQJTXLFNO\WRLQFUHDVHVDQGGHFUHDVHVLQFXUUHQWWKHDUFFURVVVHFWLRQDODUHDFKDQJHVDQGQHDUWKHFXUUHQW]HURLWGURSVDEUXSWO\OHDYLQJ
DWKLQDUFFROXPQZKLFKH[LVWVGRZQWRDYHU\ORZFXUUHQWOHYHO
7KHIDFWWKDWDQDUURZDUFFROXPQH[LVWVGRZQWRDORZFXUUHQWLQ6)LVDYHU\DGYDQWDJHRXVFKDUDFWHULVWLFZKHQWKHJDVLVFRQVLGHUHGDVDFXUUHQWEUHDNLQJHOHPHQW
RIDFLUFXLWEUHDNHU,WSURYLGHVDQLGHDOHOHPHQWIRUVZLWFKLQJDFWLRQRUDTXLFNFKDQJHDWFXUUHQW]HURIURPDJRRGFRQGXFWRUWRDQLQVXODWLQJPDWHULDO7KHUHIRUHHYHQ
ZKHQEUHDNLQJDVPDOOFXUUHQWWKHFROXPQFRQWUDFWVFRQWLQXRXVO\GRZQWRWKHFXUUHQW]HURDQGWKHFXUUHQWLVQRWIRUFHGWRWXUQRIIQRUGRHVFXUUHQWFKRSSLQJRFFXU
DQGVZLWFKLQJVXUJHVDUHOLPLWHGWRDORZOHYHO



3DJH

 
(OHFWULFDO1HJDWLYLW\RI6)
7KHKDORJHQHOHPHQWDQGKDORJHQFRPSRXQGJDVHVKDYHKLJKHOHFWURQHJDWLYLWLHVVRWKDWPROHFXOHVDQGGLVVRFLDWHGDWRPVWHQGWRIRUPQHJDWLYHLRQVHDVLO\7KLV
WHQGHQF\LVYHU\VWURQJLQWKHFDVHRI6)(OHFWURQVGLVVRFLDWHGE\WKHDUFDQGFRQWULEXWLQJWRFRQGXFWLRQDUHVWURQJO\DWWUDFWHGE\6)DQGWKHKDORJHQPROHFXOHVDQG
DWRPVSURGXFHGE\LWVGHFRPSRVLWLRQ7KHPRELOLW\RIWKHFKDUJHGSDUWLFOHVGURSVFRQVLGHUDEO\DQGWKURXJKDWZRVWHSUHFRPELQDWLRQSURFHVVQHJDWLYHLRQV
FRPELQHZLWKSRVLWLYHLRQVWRUHWXUQWRQHXWUDOPROHFXOHVDQGDWRPVZKHUHXSRQWKHVSDFHFRQGXFWLYLW\GLVDSSHDUVYHU\TXLFNO\7KLVDSSDUHQWO\KDVWKHVDPHHIIHFWDV
ZKHQWKHFRROLQJIRUFHLQWKHLRQL]DWLRQVSDFHLVYHU\VWURQJ7KHWUDQVLWLRQUDWHRIWKHVSDFHFRQGXFWLYLW\EHFRPHVYHU\KLJKQHDUWKHFXUUHQW]HURRIWKHDUFDQG
DORQJZLWKWKHWKHUPDOFKDUDFWHULVWLFVRIDYHU\ILQHDUFVWDWHGDERYHWKHDUFFRQVWDQWEHFRPHVVPDOO
7KLVSURFHVVFDQEHVLPSOLILHGWRW\SLFDOUHDFWLRQVDVIROORZV

+HUHWKHUHODWLRQVKLSEHWZHHQSDUWLFOHGHQVLWLHVLV

)RUDUFH[WLQFWLRQWKHDUFVKRXOGSUHIHUDEO\EHLQWRXFKZLWKDVPDQ\QHXWUDOPROHFXOHVDV6)DVSRVVLEOH,QDKLJKYHORFLW\DLUIORZWKHDUFLVH[WLQJXLVKHGEHFDXVH
RIWKHWKHUPRG\QDPLFLVHQWURSLFFRROLQJRIDLUEXWLQWKH6)DWPRVSKHUHWKHDUFLVH[WLQJXLVKHGE\WKH6)IORZ
$WWDFKPHQWRIHOHFWURQVLQWKHFDVHRI6)LVPDUNHGE\DSKHQRPHQRQFDOOHGUHVRQDQFHDWWDFKPHQWE\ZKLFKDYHU\VWURQJUHVRQDWLQJHOHFWURQDWWDFKPHQWLVFDUULHG
RXWDWDUDWKHUORZHQHUJ\7KHUHVRQDQFHDWWDFKPHQWSKHQRPHQRQRFFXUVQRWRQO\ZLWK6)PROHFXOHVEXWDOVRZLWK))DQGRWKHUVSHFLHVWUDQVLHQWO\SURGXFHGE\
6)GHFRPSRVLWLRQ0HDVXUHGUHVXOWVDUHVKRZQLQ)LJ1HDUWKHFXUUHQW]HURLQSDUWLFXODUPDQ\)LRQVDUHSURGXFHGZLWKWKLVUHVRQDQFH)LJXUHVKRZVWKH
QHJDWLYHLRQLQWHQVLW\FKDQJHQHDUFXUUHQW]HUR2QDFFRXQWRIWKLVSKHQRPHQRQZKHQWKHDUFLVPDLQWDLQHGVWDEO\GRZQWRDUDWKHUORZFXUUHQWOHYHOWKHHQHUJ\OHYHORIWKHHOHFWURQVLV
UHGXFHGWROHVVWKDQDFHUWDLQOHYHO IRUH[DPSOH$GRZQWRDORZUHVRQDQFHOHYHO WKH\DWWDFKTXLFNO\DQGWKHVSDFHFRQGXFWLYLW\FKDQJHVDEUXSWO\7KLVIDFWSURYLGHVDIDLUO\JRRG

H[SODQDWLRQRIWKHDUFH[WLQFWLRQFDSDFLW\RI)



3DJH

)LJ
$WWDFKPHQWFURVVVHFWLRQYHUVXVHOHFWURQHQHUJ\
1DNDQLVKLHWDO&RS\ULJKW-,((

)LJ
1HJDWLYHLRQFXUUHQWQHDUFXUUHQW]HUR
1DNDQLVKLHWDO&RS\ULJKW-,((



3DJH

% 
)HDWXUHVRI9DFXXP$UFV
 
$UF%HKDYLRU
7KHVXEVWDQFHWKDWIRUPVDQDUFLQYDFXXPLVDPHWDOYDSRUHPLWWHGIURPWKHFDWKRGHZKHUHDVLWLVWKHJDVLWVHOILQDQDUFIRUPHGLQJDVRUDLUEODVWFLUFXLWEUHDNHUV
7KHUHIRUHWKHYDFXXPDUFLVFDOOHGDPHWDOYDSRUDUF7KHPHWDOYDSRUSUHVVXUHRIDYDFXXPFLUFXLWEUHDNHULVTXLWHORZFRPSDUHGZLWKWKHSUHVVXUHRIDJDVFLUFXLW
EUHDNHU,WLVHVWLPDWHGWREHRQWKHRUGHURIVHYHUDOKXQGUHGSDVFDOV7KLVORZSUHVVXUHDUFVKRZVYDULRXVSHFXOLDUIHDWXUHV7KHUHLVQRYROWDJHGURSLQWKHDUF
FROXPQRUWKHDQRGH7KHUHH[LVWVRQO\DFDWKRGHYROWDJHGURS7KHUHIRUHWKHDUFYROWDJHRIDYDFXXPDUFLVYHU\ORZDQGLVNHSWFRQVWDQWLQGHSHQGHQWO\RIDUF
FXUUHQW,WGHSHQGVRQWKHFDWKRGHPDWHULDODQGQRWRQWKHHOHFWURGHJDS7KHW\SLFDODUFYROWDJHRIDFRSSHUHOHFWURGHLVDERXW9
,QYDFXXPDORWRISDUDOOHODUFVDSSHDULQSURSRUWLRQRIDFDWKRGHWRDFXUUHQWRIDERXW$PRYLQJUDSLGO\DQGUHSHOOLQJHDFKRWKHU7KLVDUFPRGHLVFDOOHGWKH
GLIIXVHDUFPRGH+RZHYHUWKHPRYHPHQWRIWKHDUFVVORZVDQGPDQ\FDWKRGHVSRWVIRUPJURXSVZKHQWKHDUFFXUUHQWLVLQFUHDVHGEH\RQGDERXWN$)LQDOO\
WKH\FRQYHUJHWRDWKLFNDUFLQZKLFKWKHYDSRUSUHVVXUHEHFRPHVKLJKDQGWKHDUFVKRZVWKHFKDUDFWHULVWLFVRIKLJKSUHVVXUHDUFVOLNHJDVHRXVDUFVZKHUHYROWDJH
GURSVH[LVWLQWKHDUFFROXPQDQGWKHDQRGH7KLVDUFPRGHLVFDOOHGWKHFRQVWULFWHGDUFPRGH
)XUWKHUPRUHYDFXXPDUFEHKDYLRUFDQEHREVHUYHGLQDPDJQHWLFILHOGHVSHFLDOO\DSHUSHQGLFXODURUD[LDOPDJQHWLFILHOG:KHQDSHUSHQGLFXODUPDJQHWLFILHOGLV
DSSOLHGWRDVPDOOFXUUHQWYDFXXPDUFWKHDUFPRYHVLQWKHGLUHFWLRQDJDLQVWWKHM%IRUFH7KLVSKHQRPHQRQLVNQRZQDVUHWURJUDGHPRWLRQRIDYDFXXPDUF
:KHQWKHDUFFXUUHQWEHFRPHVODUJHWKHUHWURJUDGHPRWLRQGLVDSSHDUV7KHPRYHPHQWRIDODUJHFXUUHQWYDFXXPDUFXQGHUDSHUSHQGLFXODUPDJQHWLFILHOGREH\VWKHM
%IRUFH$QD[LDOPDJQHWLFILHOGKDVDYHU\XVHIXOHIIHFWWKDWSUHYHQWVIRUPDWLRQRIWKHFRQVWULFWHGDUFPRGH,WPDNHVWKHYDFXXPDUFPDLQWDLQWKHGLIIXVHDUFPRGH
DWFXUUHQWVJUHDWHUWKDQN$
 
$UF([WLQFWLRQLQ9DFXXP
$FLUFXLWLVEURNHQE\H[WLQFWLRQRIDYDFXXPDUFDWDFXUUHQW]HURSHULRGLQWKHVDPHZD\DVLQRWKHUFLUFXLWEUHDNHUV+RZHYHUH[WLQFWLRQLQYDFXXPGRHVQRWQHHG
DQ\DGGLWLRQDOPHDVXUHOLNHWKHSXIIHUDFWLRQLQJDVFLUFXLWEUHDNHUV$UFH[WLQFWLRQFDQEHDFKLHYHGE\GLIIXVHDFWLRQLQDYDFXXP7KHUHDUHUHVLGXHVRIPHWDOYDSRU
DQGSODVPDLQWKHLQWHUHOHFWURGHVSDFHDWFXUUHQW]HURWLPHZKLFKGLIIXVHIURPWKHLQWHUHOHFWURGHVSDFHWRRXWHUVSDFHDQGFRQGHQVHRUUHFRPELQHRQZDOOVXUIDFHV
7KHUHVLGXDOSODVPD



3DJH

DOVRHQDEOHVDVLJQLILFDQWSRVWDUFFXUUHQWWRIORZXQGHUWKHWUDQVLHQWUHFRYHU\YROWDJHEXLOGXS$QLRQVKHDWKIRUPVLQIURQWRIWKHQHZFDWKRGHGXHWRWKHSRVWDUF
FXUUHQW7KLVLRQVKHDWKFDQEULQJDERXWODUJHGLHOHFWULFVWUHQJWK7KHUHVLGXDOPHWDOYDSRUDOVRDIIHFWVWKHGLHOHFWULFUHFRYHU\
7KHGLHOHFWULFUHFRYHU\VFKHPHRIDYDFXXPDUFFDQEHFODVVLILHGLQWRWKUHHFDWHJRULHVDFFRUGLQJWRWKHUHVLGXDOPHWDOYDSRUSUHVVXUHDQGSODVPD
'LHOHFWULFUHFRYHU\WKDWLVJRYHUQHGE\WKHLQWHUHOHFWURGHJDSDQGWKHHOHFWURGHPDWHULDOEHFDXVHRIYHU\WKLQUHVLGXDOPHWDOYDSRUDQGSODVPD
'LHOHFWULFUHFRYHU\WKDWLVJRYHUQHGE\WKHWKLFNQHVVRIWKHLRQVKHDWKEHFDXVHRIWKLFNUHVLGXDOSODVPD
'LHOHFWULFUHFRYHU\WKDWLVJRYHUQHGE\3DVKHQ
VODZEHFDXVHRIWKLFNUHVLGXDOPHWDOYDSRU
7KHDFWXDOUHFRYHU\FKDUDFWHULVWLFVDUHFRPELQHGLQDFRPSOLFDWHGIDVKLRQZLWKWKHVHPHFKDQLVPV7KHYDFXXPDUFKDVDSURPLQHQWIHDWXUHUHODWLYHWRHOHFWULFDO
EUHDNGRZQGXULQJWKHUHFRYHU\SHULRGWKHUHLVQRWKHUPDOEUHDNGRZQ5HLJQLWLRQLQDYDFXXPDUFRFFXUVRQO\E\GLHOHFWULFEUHDNGRZQ
6LQFHWKHYDFXXPDUFLVTXLWHGLIIHUHQWIURPWKHJDVHRXVDUFVGHVFULEHGHDUOLHUWKHPDWKHPDWLFDODUFPRGHOVSUHVHQWHGIRUJDVHRXVDUFVFDQQRWEHXVHGIRULW
([WHQVLYHIXQGDPHQWDOVWXGLHVDUHQHHGHGWRSURGXFHDPDWKHPDWLFDOPRGHO+RZHYHUDYDFXXPDUFFDQEHH[WLQJXLVKHGYHU\TXLFNO\LQDYHU\ODUJHFXUUHQWDQGWKH
YDFXXPFLUFXLWEUHDNHULVWKHPRVWVXFFHVVIXODSSOLFDWLRQRIWKHYDFXXPDUF

6ZLWFKLQJ&RQGLWLRQVLQWKH(OHFWULF3RZHU6\VWHP
07VXNXVKL.+LUDVDZD<.XURVDZD

,QWHUUXSWLQJ&XUUHQW
$ 
7\SHVRI6KRUW&LUFXLW)DXOWVDQG6KRUW&LUFXLW&XUUHQWV
$FLUFXLWEUHDNHUPXVWEHFDSDEOHRIPDNLQJFDUU\LQJDQGLQWHUUXSWLQJWKHFXUUHQWXQGHUERWKQRUPDODQGDEQRUPDOFRQGLWLRQVHVSHFLDOO\LQWKHFDVHRIDVKRUWFLUFXLW
IDXOW%HIRUHLQVWDOOLQJDFLUFXLWEUHDNHULWLVQHFHVVDU\WRHVWLPDWHWKHPD[LPXPVKRUWFLUFXLWFXUUHQWWKDWFDQRFFXULQWKHHOHFWULFSRZHUV\VWHPDQGWKHQVHOHFWD
FLUFXLWEUHDNHUWKDQFDQLQWHUUXSWDQGPDNHWKHHVWLPDWHGFXUUHQW
0DQ\W\SHVRIVKRUWFLUFXLWIDXOWVRFFXULQHOHFWULFSRZHUV\VWHPV7DEOHVKRZVWKHUHODWLRQEHWZHHQWKHVKRUWFLUFXLWFXUUHQWDQGWKHW\SHRIVKRUWFLUFXLWIDXOW,Q
WKLVWDEOH(LVWKHSKDVHYROWDJHDQG;;



Vous aimerez peut-être aussi