Vous êtes sur la page 1sur 8

(VVD\VRQ

0LGGOH%HQJDOL/LWHUDWXUH
6WXGLHVE\
'DYLG/&XUOH\5DKXO3HWHU'DV
0D]KDUXO,VODP$P]DG+RVVDLQ0LDQ
$VLP5R\DQG:LOOLDP/6PLWK
HGLWHGE\

5DKXO3HWHU'DV

),50$./035,9$7(/,0,7('
&$/&877$ttttttttttt
3XEOLVKHGE\
)LUPD./03ULYDWH/LPLWHG
%%%*DQJXO\6WUHHW
&DOFXWWD
,1',$

)LUVW3XEOLVKHG&DOFXWWD

5DKXO3HWHU'DV

,6%1

3ULQWHGE\
...XQGX

7..XQGX
8QLN&RORXU3ULQWHUV
$3RWXDWROD/DQH
&DOFXWWD
,1',$
(GLWRUV3UHIDFH

$OOFRQWULEXWLRQVWRWKLVYROXPHDUHWKHRXWFRPHRISDQHOVRQ0LGGOH%HQ
JDOL , RUJDQLVHG DW WZR LQWHUQDWLRQDO FRQIHUHQFHV GHWDLOV DUH JLYHQ LQ WKH
QRWHVWRWKHYDULRXVHVVD\V7KHDXWKRUVVKRZHGUHPDUNDEOHSDWLHQFHDQG
IRUEHDUDQFHQRWRQO\ZLWKWKHOHQJWK\SURFHVVRISUHSDUDWLRQRIWKLVFROOHF
WLRQEXWDOVRDVUHJDUGVWKHRIWHQWHGLRXVDQGPD\EHHYHQQLWSLFNLQJHGL
WRULDOUHPDUNVFKDQJHVDQGTXHULHV,DPH[WUHPHO\JUDWHIXOWRWKHP
7KDQNVDUHGXHIXUWKHUWRWKHSXEOLVKHURIWKLVERRNZKRVSRQWDQHRXVO\D
JUHHGWREULQJLWRXWDWKLVRZQULVNDQGWKHQZDLWHGSDWLHQWO\IRUVHYHUDO
\HDUVIRULWVFRPSOHWLRQDQGIRUKHOSLQW\SLQJRQHRIWKHFRQWULEXWLRQVWR
0V&RUQHOLD%UDQGW
$ SUREOHP HQFRXQWHUHG GXULQJ WKH SUHSDUDWLRQ RI WKH YROXPH ZDV WKH
WUDQVOLWHUDWLRQRI1HZ,QGR$U\DQLQWKLVFDVHPRVWO\EXWQRWRQO\%HQJDOL
$SDUWLFXODUO\YH[LQJTXHVWLRQLQWUDQVOLWHUDWLQJ1HZ,QGR$U\DQZULWWHQLQ
LQGLJHQRXVVFULSWVLVZKHWKHURUQRWWRWDNHLQWRFRQVLGHUDWLRQWKHPXWHD
DQGLIRQHGRHVKRZWRGLIIHUHQWLDWHFRQVRQDQWVZKLFKWKXVFRPHLQWRFRQ
WDFWIURPWKRVHZKLFKDUHSDUWVRIDOLJDWXUH7KLVLVTXLWHDSDUWIURPWKH
TXHVWLRQRIWKHPHWKRGXVHGWRUHSURGXFHWKHLQGLYLGXDOVLJQVRIWKH,QGLDQ
DOSKDEHWVZKLFKPD\JLYHULVHWRDEL]DUUHULHVXFKDVE\ZD\RIH[DPSOH
YEHLQJXVHGLQWKH/DWLQVFULSWIRUEKRIWKH%HQJDOLVFULSWLQPDQ\SXEOLFD
WLRQVKDLOLQJIURP%HQJDODQGLQSDUWLFXODU%DQJODGHVK
6RPH1HZ,QGR$U\DQODQJXDJHVVXFKDV%HQJDOLDQG$VVDPHVHSRVHD
VSHFLDOSUREOHPQRWFDXVHGE\IRULQVWDQFHODQJXDJHVVXFKDV+LQGLEH
FDXVHWKHLUSURQXQFLDWLRQLVQRWLQDJUHHPHQWZLWKWKH,QGLDQVFULSWXVHGWR
UHSURGXFHWKHP7KLVLVZKHUHWKHGLIIHUHQFHEHWZHHQWKHWHUPVWUDQVFULS
WLRQDQGWUDQVOLWHUDWLRQEHFRPHVDSSDUHQWWKRXJKERWKDUHUHSURGXFWLRQV
DWUDQVOLWHUDWLRQVWULYHVWRIDLWKIXOO\UHSURGXFHWKHRULJLQDOVFULSW,QSULQFL
SOHWKLVVKRXOGSUHFOXGHDQ\FRQVLGHUDWLRQVUHJDUGLQJSURQXQFLDWLRQLQSUDF
WLFHKRZHYHULWKDVEHFRPHDFRQYHQWLRQWRXVXDOO\PDNHVRPHVRUWRIDO

L
LL (VVD\VRQ0LGGOH%HQJDOL/LWHUDWXUH

ORZDQFHIRUWKHPXWHD%XWZLWKRUZLWKRXWVXFKDOORZDQFHDIDLWKIXOUH
SURGXFWLRQRIWKHRULJLQDOVFULSWWKURXJK/DWLQOHWWHUVDQGGLDFULWLFVLJQVFUH
DWHV OLWWOH GLIILFXOW\ IRU SURQRXQFLQJ ODQJXDJHV OLNH +LQGL LQ WKH FDVH RI
%HQJDOLPDWWHUVDUHQRWWKDWHDV\9DULRXVPHWKRGVRIFRPELQHGUHSURGXF
WLRQRIWKHSURQXQFLDWLRQDQGWKHRULJLQDOVFULSWKDYHEHHQVXJJHVWHGDQG
WULHGEXWVRIDUQRQHRIWKHPKDVEHHQIXOO\VDWLVIDFWRU\WKHPDWWHUKDVEHHQ
GLVFXVVHGLQGHWDLOE\0DULR3UD\HU6XOSUREOHPDGHOODWUDVOLWWHUD]LRQHGHJOL
DOIDEHWLLQGLDQLXQVLVWHPDGLWUDVOLWWHUD]LRQHLQWHJUDWRSHUODOLQJXD%HQJD
O5LYLVWDGHJOL6WXGL2ULHQWDOLSS
,QWKLVERRNWUDQVOLWHUDWLRQKDVEHHQXQGHUVWRRGWRSHUWDLQVWULFWO\WRWKH
UHSURGXFWLRQRIWKHVFULSWZLWKRXWUHJDUGIRUSURQXQFLDWLRQH[FHSWIRUWKH
PXWH D 1R KRPRJHQHRXV V\VWHP YDOLG IRU DOO WKH FRQWULEXWLRQV KDV EHHQ
XVHGQHYHUWKHOHVVWKHWUDQVOLWHUDWLRQIROORZHGLQDOOWKHHVVD\VDOORZVDQXQ
DPELJXRXVUHFRQYHUVLRQLQWRWKHRULJLQDOVFULSWVRPHWKLQJZKLFKLQSKLOR
ORJLFDOFRQWH[WVVXFKDVKHUHFDQEHLPSRUWDQWDQGZKLFKHIIRUWVWRWDNH
LQWRDFFRXQWWKHSURQXQFLDWLRQWRRPRUHRIWHQWKDQQRWUHQGHULPSRVVLEOH
7KHILUVWVWXG\LQWKLVFROOHFWLRQE\'DYLG/&XUOH\$VVLVWDQW3URIHVVRU
LQWKH'HSDUWPHQWRI/LEHUDO6WXGLHVRI:HVWHUQ:DVKLQJWRQ8QLYHUVLW\DW
%HOOLQJKDP86$H[DPLQHVWKHLQWHUDFWLRQEHWZHHQPHUFKDQWVDQGUXOHUVRQ
WKHEDVLVRI0XNXQGDUPV&DPDJDO,QWKHWULDQJXODUSURFHVVRILQWHU
DFWLRQEHWZHHQDPHUFKDQWKLVRYHUORUGDQGWKHUXOHURIWKHSODFHLQZKLFK
KHKDVFRPHWRWUDGHWKHUHDUHDFFRUGLQJWRWKLVVWXG\PRWLYHVDQGIRUFHV
DWZRUNRYHUDQGDERYHWKRVHRISHFXQLDU\JDLQWKHH[FKDQJHSURIIHULQJRU
DFFHSWDQFHRIJRRGVFDQDWWKHVDPHWLPHEHSDUWRIDSURFHVVRIQHJRWLD
WLQJFODLPLQJRUDFNQRZOHGJLQJDSDUWLFXODUGHJUHHRIUHODWLYHSUHVWLJHDQG
VWDWXV,QWKLVSURFHVVWKHPHUFKDQWILQGVKLPVHOILQDQDPELJXRXVSRVLWLRQ
RIVLPXOWDQHRXVVWUHQJWKDQGZHDNQHVVZKLFKGHWHUPLQHVWKHQDWXUHRIKLV
UHODWLRQVKLSZLWKWKHWZRUXOHUV%\ORRNLQJDWZKDWWKHSRHWSRUWUD\VDQG
KRZKHGRHVWKLVWKLVHVVD\VHHNVWRDUULYHDWWKHZRUNLQJVRIWKLVSURFHVV
DWWKHVDPHWLPHLWH[DPLQHVKRZWKHSRHWJUDSSOHVZLWKFRQWUDGLFWLRQVDQG
FRQIOLFWVDQGWULHVWRUHVROYHWKHVHLQNHHSLQJZLWKWKHOLQHVRIKLVVWRU\
(GLWRUV3UHIDFH LLL

, 5DKXO3HWHU'DV3URIHVVRUIRUWKH3KLORORJ\RI0RGHUQ,QGLDQ/DQ
JXDJHV 1HXLQGLVFKH3KLORORJLH DWWKH+DOOHFDPSXVRIWKH0DUWLQ/XWKHU
8QLYHUVLWW +DOOH:LWWHQEHUJ *HUPDQ\ DP WKH DXWKRU RI WKH QH[W VWXG\
7DNLQJDVLWVSRLQWRIGHSDUWXUHWKHTXHVWLRQRIZKHUHWKHWUDGLQJYR\DJHRI
&QGRLQWKH0DQDVPDJDOOHGWRLWH[DPLQHVYDULRXVLQFLGHQWVRIMRXUQH\
LQJRUIORWDWLRQRQULYHUVUHFRXQWHGLQWKHQDUUDWLYHWUDGLWLRQVRIWKHGLIIHUHQW
OLWHUDU\YHUVLRQVRIWKHVWRU\RIWKH6QDNH*RGGHVVFXUUHQW7KLVOHDGVWRGH
OLEHUDWLRQVRQKHUDERGHRQWKHORFDWLRQRIWKHUHDOPVRIWKHGHDGDQGRIWKH
JRGVDQGRQKHUFRQQHFWLRQZLWKWKHVH
7KHELUWKSODFHDQGWLPHRI6DL{DG6XO|WQDUHWKHVXEMHFWRIWKHQH[WFRQWUL
EXWLRQE\0D]KDUXO,VODPZKREHIRUHKLVUHWLUHPHQWKHOGYDULRXVDSSRLQW
PHQWVDPRQJWKHPWKRVHRI3URIHVVRUIRU%HQJDOLDQG9LFH&KDQFHOORURI
5DMVKDKL 8QLYHUVLW\ LQ 5DMVKDKL %DQJODGHVK DQG 'LUHFWRU *HQHUDO RI WKH
%DQJOD$FDGHP\DW'KDND%DQJODGHVK,QWKHSURFHVVRISUHVHQWLQJKLVHYL
GHQFHIRUFRPLQJWRFRQFOXVLRQVQRWQHFHVVDULO\LQDFFRUGZLWKZKDWPDQ\
VFKRODUVKDYHKLWKHUWRKHOGWREHWKHIDFWVLQWKLVFDVHWKHDXWKRUDOVRFRP
PHQWVRQWKHVLJQLILFDQFHRIWKHSRHW7KRXJKKHGRHVQRWUHPDUNVSHFLILFDO
O\RQWKLVSRLQWLWQHYHUWKHOHVVVKLQHVWKURXJKKLVGHOLEHUDWLRQVWKDW6DL{DG
6XO|WQQRWRQO\RQHRIWKHILUVW0XVOLPSRHWVWRZULWHLQ%HQJDOLEXWDOVR
WKHSURGXFWRIDPXOWLUHOLJLRXVPXOWLFXOWXUDODQGPXOWLHWKQLFHQYLURQPHQW
DQGDQLPSRUWDQWUHSUHVHQWDWLYHRIDQ,VODPLPEXHGGHHSO\ZLWKORFDOHOH
PHQWVPD\EHUHJDUGHGDVDSURPLQHQWLFRQRI%HQJDOLLGHQWLW\7KLVLVD
VLJQLILFDQWFKDUDFWHULVWLFHVSHFLDOO\LQWKHFRQWH[WRIWKHRQJRLQJVHDUFKIRU
LGHQWLW\GHILQHGE\WKHWKUHHIDFWRUV%HQJDOL%DQJODGHVKLDQG0XVOLP
$IWHUWKLV$P]DG+RVVDLQ0LDQUHWLUHG)RXQGDWLRQ&XUDWRURIWKH)OLQ
GHUV8QLYHUVLW\$UW0XVHXPDW$GHODLGH$XVWUDOLDDQG9LVLWLQJ)HOORZRI
WKH6FKRRORI$UWRIWKHVDPHXQLYHUVLW\GHVFULEHVKRZDQFLHQWUXLQVDW0D
KDVWKDQJDUKLQ%DQJODGHVKDUHDVVRFLDWHGZLWKYDULRXVLQFLGHQWVIURPWKH
0DQDVPDJDOE\WKHORFDOSHRSOHDQGKRZWKHLUEHOLHILQWKHYHUDFLW\RI
WKHLUDVFULSWLRQVFRQWLQXHVULJKWGRZQWRWKHSUHVHQWLUUHVSHFWLYHRISHUVRQDO
UHOLJLRXVDIILOLDWLRQ7KHDXWKRUZKRHVWDEOLVKHGWKH(DVW3DNLVWDQ8QLWRI
LY (VVD\VRQ0LGGOH%HQJDOL/LWHUDWXUH

WKH([SORUDWLRQDQG([FDYDWLRQ%UDQFKRIWKH'HSDUWPHQWRI$UFKDHRORJ\
DQG0XVHXPV*RYHUQPHQWRI3DNLVWDQFROOHFWHGWKHGDWDSHUVRQDOO\ZKLOH
DW0DKDVWKDQJDUKIRXQGLQJWKH$UFKDHRORJLFDO0XVHXPRQHRIWKHWKUHH
PXVHXPVKHKDVHVWDEOLVKHGLQZKDWLVQRZ%DQJODGHVK7KLVVWXG\SUHVHQWV
XVZLWKDQH[DPSOHRIWKHDFWXDOHIIHFWVRIWKHEHOLHIV\VWHPDQDO\VHGLQWKH
IROORZLQJVWXG\DQGWRVRPHH[WHQWDOVRLQWKHSUHFHGLQJRQH
$VLP5R\IRUPHU'LUHFWRURIWKH$VLD&HQWUHRIWKH8QLYHUVLW\RI7DVPD
QLDDW+REDUW$XVWUDOLDDQGFXUUHQWO\DVHQLRUDFDGHPLFLQWKH6FKRRORI
+LVWRU\DQG&ODVVLFVRIWKHVDPHXQLYHUVLW\WKHQRQFHPRUHWDNHVXSWKH
VXEMHFWRIWKHSURFHVVRIIRUPDWLRQRIDVSHFLILF%HQJDOL,VODPLFLGHQWLW\
7KRXJKKLVDUWLFOHFRQWDLQVPXFKWKDWLVDUHLWHUDWLRQRIKLVSUHYLRXVFRP
PHQWVXSRQWKHVXEMHFWLWDOVRGLVFXVVHVDQGFULWLFDOO\HYDOXDWHVQHZPDWHUL
DOUHOHYDQWWRWKLV0RUHRYHULWLVVSHFLILFDOO\WDLORUHGWRWKHQHHGVRIWKLV
FROOHFWLRQRIHVVD\VGLUHFWHGIRUHPRVWDWDUHDGHUVKLSQRWPDGHXSSULPDULO\
RIVRFLDOVFLHQWLVWVRUKLVWRULDQVZKLFKPD\RQWKHRQHKDQGSHUFHLYHWKH
VDPHSKHQRPHQDIURPDGLIIHUHQWSRLQWRIYLHZDQGZLWKGLIIHUHQWSULRUL
WLHVZKLOHLWPD\RQWKHRWKHUKDQGSHUKDSVQRWEHDVDZDUHRIFHUWDLQLV
VXHV$QDZDUHQHVVZKLFKLVPXOWLGLVFLSOLQDU\LVKRZHYHULPSHUDWLYHIRUDQ
XQGHUVWDQGLQJRIFUXFLDOIDFWRUVZKLFKDUHQRWRQO\RIKLVWRULFDOLQWHUHVWEXW
FRQWLQXHYHU\PXFKWRLQIOXHQFHSUHVHQWGHYHORSPHQWV
7KHILQDOFRQWULEXWLRQLVE\:LOOLDP/6PLWKZKRVHSRVLWLRQDWWKH,QVWL
WXWLRQHQ IU 2ULHQWDOLVND 6SUnN RI 6WRFNKROPV 8QLYHUVLWHW DW 6WRFNKROP
6ZHGHQLVGHSHQGLQJRQWKHV\VWHPRIUHIHUHQFHURXJKO\HTXLYDOHQWWRWKDW
RI D 5HDGHU RU DQ $VVRFLDWH 3URIHVVRU 8QLYHUVLWHWVOHNWRU  ,Q D VWXG\
VSDQQLQJWKHPDMRUOLWHUDU\ODQJXDJHVRIWKH6RXWK$VLDQ(DVWWKHDXWKRU
VHHNVWRGLVHQWDQJOHWKHYDULRXVVWUDQGVWKDWKDYHFRPELQHGWRIRUPWKHLP
DJHRILYDLQWKHVRFDOOHGIRONOLWHUDWXUHSD\LQJSDUWLFXODUDWWHQWLRQWRWKH
SOXUDOLW\RIDJULFXOWXUDOGHLWLHVZKLFKDFFRUGLQJWRKLVDQDO\VLVOLHDWWKHURRW
RIWKLVILJXUH+HUHWRRZHWKXVVHHDIRFXVRQORFDOHOHPHQWVKLGGHQEHQHDWK
WKHYHQHHURIDZLGHUWUDGLWLRQ
5DKXO3HWHU'DV
&217(176

'$9,'/&85/(<7ULEXWH([FKDQJHDQGWKH/LPLQDOLW\RI)RUHLJQ
0HUFKDQWVLQ0XNXQGDV&DPDJDO                        
5$+8/3(7(5'$67KH-RXUQH\WR'DNL3DQDQGWKH$ERGHRI
WKH6QDNH*RGGHVVLQWKH0DQDVPDJDO                     
0$=+$58/,6/$06DL{DG6XO|WQ+LV%LUWKSODFHDQG7LPH        
$0=$'+266$,10,$1$UFKDHRORJLFDO6LWHV,QDQG$URXQG0DKD
VWKDQJDUK$VVRFLDWHGZLWKWKH/HJHQGVRI%HKXO/DNKLQGDU     
$6,052<7KH,QWHUIDFHRI0LGGOH%HQJDOL0XVOLP/LWHUDWXUHDQG
WKH3URFHVVRI,VODPLVDWLRQLQ%HQJDO                       
:,//,$0/60,7+LYD/RUGRIWKH3ORXJK                   

Vous aimerez peut-être aussi