Vous êtes sur la page 1sur 9

3XEOLF 5HODWLRQV RQ WKH 1HW

6HEXDK 3HUVSHNWLI %DUX +XPDV

(OYLQDUR $UGLDQWR

$%675$.

7HNQRORJL LQWHUQHW WHODK PHQJXEDK SROD NRPXQLNDVL 3XEOLF 5HODWLRQV VHEHOXPQ\D \DQJ PDVLK
NRQYHQVLRQDO VHSHUWL NRPXQLNDVL GDUL DWDV NH EDZDK EDZDK NH DWDV KRULVRQWDO DWDX SROD
NRPXQLNDVL PDVVD \DQJ GLODNXNDQ 6HPXD LWX WHODK PHUHND WLQJJDONDQ
GHQJDQ SROD \DQJ OHELK DNWXDO VHWHODK ODKLUQ\D ,QWHUQHW ,QWHUQHW GDQ LQWUDQHW LQL PHPEDZD SROD
GL HUD LQIRUPDVL GDODP EHQWXN MDULQJDQ WHNQRORJL \DQJ PHPXQJNLQNDQ VHWLDS RUDQJ PHQJDNVHV
NH PDQD VDMD XQWXN PHPHPQXKL NHEXWXKDQQ\D %DJL RUJDQLVDVL DWDX SHUXVDKDDQ \DQJ
PHQJDGRSVL ,QWHUQHW DNDQ PHQJDODPL SHUNHPEDQJDQ SHVDW GL WHQJDK WHQJDK PDV\DUDNDW
LQIRUPDVL \DQJ VHPDNLQ KHWHURJHQ GDQ GDSDW PHUDXS NKDOD\DN
DWDX SDVDU VDVDUDQ \DQJ OHELK EHVDU MXPODKQ\D
0HODOXL LQWHUQHW SXOD DQQXDO UHSRUW ODSRUDQ WDKXQDQ \DQJ GLEXDW GLYLVL 35 SHUXVDKDDQ GDSDW
PHPDVXNNDQQ\D NH GDODP VLWXV :HE SHUXVDKDDQ DWDX SHUXVDKDDQ MDVD 35 GL LQWHUQHW

3HQGDKXOXDQ VHVXDWX \DQJ WLGDN ELVD GLWDZDU WDZDU ODJL XQWXN


EHUVHQWXKDQ GHQJDQ WHNQRORJL NRPXQLNDVL
3HUNHPEDQJDQ 3XEOLF 5HODWLRQV 35 EDLN PXWDNKLU \DQJ EHUQDPD LQWHUQHW LQL .LQL VXGDK DGD
VHEDJDL LOPX PDXSXQ SURIHVL WLGDN ELVD WHUOHSDV SURJUDP 35 DWDX NRQVXOWDQ 35 \DQJ GLWDZDUNDQ
GDUL SHUNHPEDQJDQ WHNQRORJL NRPXQLNDVL PHODOXL LQWHUQHW VHKLQJJD VHEDJDL SHQJJXQD
3HQJDUXK WHNQRORJL NRPXQLNDVL WHUKDGDS 35 ELVD LQWHUQHW RUDQJ ELVD PHQJDNVHVQ\D DWDX PHPDVDQJ
EHUEHQWXN KDQ\D VHEDJDL PHGLD 35 DWDX LNODQ MDVD 35 GDODP LQWHUQHW SDGD VLWXV VLWXV
PHQMDGLNDQ VHEXDK NHJLDWDQ 35 \DQJ PHPLOLNL LQWHUQHW \DQJ EDQ\DN GLDNVHV EHUEDJDL SXEOLN
SHUVSHNWLI EDUX VHKLQJJD PHPXQFXONDQ LVWLODK SHQJJXQD LQWHUQHW
F\EHU 35 1HW 35 GDQ QDPD ODLQ EHQWXN NHJLDWDQ .LQL GDODP PHPDVXNL HUD LQIRUPDVL
DWDX ELGDQJ NDMLDQ 35 GDODP GXQLD F\EHU GXQLD NRPXQLNDVL SHUDQDQ WHNQRORJL NRPXQLNDVL SHUOX
PD\D GLDGRSVL ROHK LQVDQ 35 EDLN VHEDJDL XVHU PDXSXQ
3RSXODULWDV LVWLODK F\EHU PXODL PXQFXO VHNLWDU PHPEXDW FRQWHQW WHNQRORJL WHUVHEXW (UD LQIRUPDVL
DNKLU WDKXQ DQ NHWLND MDULQJDQ NRPSXWHU LQL VHSHUWL GLNDWDNDQ $OYLQ 7RIIOHU
VXGDK PDPSX PHQ\LPSDQ GDQ PHQJLULP GDWD GDODP PHUXSDNDQ JHORPEDQJ NHWLJD \DQJ VDQJDW SHQWLQJ
MXPODK EHVDU GHQJDQ NHFHSDWDQ \DQJ VDQJDW GDODP VHMDUDK XPDW PDQXVLD (UD VHEHOXPQ\D
WLQJJL 5RJHUV GDODP EXNXQ\D &RPPXQLFDWLRQ DGDODK JHORPEDQJ NHGXD GLWDQGDL GHQJDQ
7HFKQRORJ\ PHQJHPXNDNDQ WHODK WHUMDGL ZXMXG SHUNHPEDQJDQ LQGXVWUL \DNQL WHQDJD KHZDQ GDQ
WHNQRORJL NRPXQLNDVL PXWDNKLU SDGD SDVFD PDQXVLD GLJDQWL GHQJDQ PHVLQ *HORPEDQJ
DQ GHQJDQ PXQFXOQ\D NRPSXWHU GDQ VDWHOLW SHUWDPD DGDODK 3HUWDQLDQ 1DVXWLRQ
35 VHEDJDL LOPX MXJD SURIHVL PHUXSDNDQ

(OYLQDUR $UGLDQWR 3XEOLF 5HODWLRQV RQ WKH 1HW 6HEXDK 3HUVSHNWLI %DUX +XPDV
$SD ,WX ,QWHUQHW" PHQ\DMLNDQ EHULWD DWDX DUWLNHOQ\D WHQWDQJ LQWHUQHW
PXODL GDUL SHQJHQDODQ LQWHUQHW SHQJJXQDDQQ\D
,QWHUQHW PHUXSDNDQ MDULQJDQ ORQJJDU GDUL GDPSDNQ\D VDPSDL SUHGLNVL DNDQ PXQFXOQ\D VXDWX
ULEXDQ MDULQJDQ NRPSXWHU \DQJ PHQMDQJNDX MXWDDQ NRPXQLWDV NRWD EDUX \DQJ GLSHUWDXWNDQ GLVDWXNDQ
RUDQJ GL VHOXUXK GXQLD 0LVL DZDOQ\D DGDODK ROHK LQWHUQHW 0LVDOQ\D PXQFXO &\EHU %DQGXQJ
PHQ\HGLDNDQ VDUDQD EDJL SDUD SHQHOLWL XQWXN NRWD %DQGXQJ VHEDJDL NRPXQLWDV LQWHUQHW
PHQJDNVHV GDWD GDUL VHMXPODK VXPEHU GD\D 0HQXUXW /D4XH\ QLODL \DQJ GLWDZDUNDQ
SHUDQJNDW NHUDV NRPSXWHU \DQJ PDKDO 1DPXQ LQWHUQHW GDSDW GLNLDVNDQ VHEDJDL VLVWHP MDODQ UD\D
VHNDUDQJ LQWHUQHW WHODK EHUNHPEDQJ PHQMDGL DMDQJ GHQJDQ WUDQVSRUWDVL EHUNHFHSDWDQ WLQJJL \DQJ
NRPXQLNDVL \DQJ VDQJDW FHSDW GDQ HIHNWLI VHKLQJJD PHPSHUSHQGHN ZDNWX SHUMDODQDQ $QGD $WDX
WHODK PHQ\LPSDQJ MDXK GDUL PLVL DZDOQ\D 'HZDVD GDSDW MXJD GLLEDUDWNDQ VHEXDK SHUSXVWDNDDQ \DQJ
LQL LQWHUQHW WHODK PHQMDGL VHGHPLNLDQ EHVDU GDQ GDSDW $QGD NXQMXQJL VHWLDS VDDW GHQJDQ
EHUGD\D VHEDJDL DODW LQIRUPDVL GDQ NRPXQLNDVL NHOHQJNDSDQ EXNX VXPEHU LQIRUPDVL GDQ
\DQJ WDN GDSDW NLWD DEDLNDQ /D4XH\ NHPXQJNLQDQ SHQHOXVXUDQ LQIRUPDVL \DQJ WDN
6HSHUWL DSD \DQJ GLNHPXNDQ /D4XH\ NLQL WHUEDWDV $WDX MXJD VHEDJDL VHEXDK MDPXDQ SHVWD
SHUNHPEDQJDQ SHQJJXQDDQ LQWHUQHW VXGDK VHPDODP VXQWXN GHQJDQ SHQHULPD WDPX UDPDK \DQJ
VHPDNLQ OXDV GDQ PHQFDNXS EHUEDJDL NDODQJDQ VLDS PHQ\DPEXW NHKDGLUDQ $QGD VHWLDS VDDW
'DODP SHQHUELWDQ PHGLD PDVVD FHWDN PLVDOQ\D
0DMDODK %HULWD 0LQJJXDQ 7HPSR VHPSDW GLEUHGHO
$VDO 0XDVDO ,QWHUQHW
ROHK 5H]LP 2UGH %DUX PXQFXO 7HPSR ,QWHUDNWLI
7DEORLG 'HWLN GLEHUDQJXV PXQFXO 'HWLN &RP -DJDW UD\D LQWHUQHW WHUFLSWD ROHK VXDWX OHGDNDQ
.DODQJDQ VXUDW NDEDU GDQ PDMDODK XPXP VXGDK WDN WHUGXJD GL WDKXQ \DLWX GHQJDQ ODKLUQ\D
PHOHQJNDSL EHULWD EHULWDQ\D VHODLQ GL NHUWDV GDSDW $53$1(7 VXDWX SUR\HN HNVSHULPHQ GDUL
GLDNVHV PHODOXL LQWHUQHW .DODQJDQ ODLQ \DQJ .HPHQWHULDQ 3HUWDKDQDQ $PHULND 6HULNDW EHUQDPD
PHPDNDL LQWHUQHW SUDNWLVL 35 LQGXVWUL WHOHYLVL DUWLV '$53$ 'HSDUWPHQW RI 'HIHQVH $GYDQFHG 5H
SDUD SHQGLGLN JXUX DWDX GRVHQ SHQJHOROD VHDUFK 3URMHFW $JHQF\ 0LVL DZDOQ\D VHGHUKDQD
SHUSXVWDNDDQ SHQJJHPDU NRPSXWHU GDQ \DLWX PHQFRED PHQJJDOL WHNQRORJL MDULQJDQ \DQJ
SHQJXVDKD GDSDW PHQJKXEXQJNDQ SDUD SHQHOLWL GHQJDQ
%HUDQHND UDJDP PRWLI PHUHND PHPDNDL EHUEDJDL VXPEHU GD\D \DQJ MDXK VHSHUWL NRPSXWHU
LQWHUQHW PXODL GDUL VHNDGDU WLGDN PDX GLDQJJDS GDQ SDQJNDODQ GDWD \DQJ EHVDU
RUDQJ JDJDS WHNQRORJL KDQ\D LQJLQ PHQ\DOXUNDQ .HEHUKDVLODQ $53$1(7 PHPEDQWX
QLODL UHNUHDWLI \DNQL NHVHQDQJDQ PHODNXNDQ PHPEXGLGD\DNDQ VHMXPODK MDULQJDQ ODLQQ\D \DQJ
FKDWLQJ LQWHUQHW VHSHUWL EDQ\DN GLODNXNDQ ROHK NHPXGLDQ PHQMDGL VDOLQJ EHUKXEXQJDQ 'XD SXOXK
SHODMDU DWDX PDKDVLVZD \DQJ GHPDP PHQJXQMXQJL OLPD WDKXQ NHPXGLDQ VLVWHP LQL EHUHYROXVL PHQMDGL
ZDUXQJ LQWHUQHW VHNDGDU EHUNRPXQLNDVL \DQJ WDN VXDWX ³RUJDQLVPH´ \DQJ VHPDNLQ OXDV
DGD XMXQJ SDQJNDOQ\D VD\ KHOOR SDFDUDQ VHNDGDU SHUNHPEDQJDQQ\D \DQJ PHQFDNXS SXOXKDQ MXWD
PHQFDUL WHPDQ JDXO GDQ VHEDJDLQ\D 0HUHND RUDQJ GDQ ULEXDQ MDULQJDQ /LKDW /D4XH\
PHODNXNDQ FKDWLQJ LQL ELVD VDPSDL EHUMDP MDP DWDX VHUWD 5HGGLFN GDQ .LQJ
KDQ\D LQJLQ PHQJDNVHV VLWXV VLWXV SRUQRJUDIL 0HQXUXW /D4XH\ VHEDJDLDQ EHVDU SHQJJXQD
VHSHUWL PDMDODK 3OD\ER\ 0D\ )DLU GDQ PDMDODK PHOXNLVNDQ LQWHUQHW DWDX ³1HW´ VHEDJDL VXDWX
VHMHQLV ODLQQ\D $GD SXOD NDODQJDQ \DQJ PHPDQJ ³MDULQJDQ GDUL MDULQJDQ´ SHUWXPEXKDQQ\D WDN
LQJLQ PHQJDNVHV LQWHUQHW XQWXN KDO KDO \DQJ SHUQDK EHUKHQWL LQWHUQHW WLGDN KDQ\D
SURGXNWLI VHSHUWL SHQJXVDKD \DQJ PHQFDUL SHOXDQJ PHQJKXEXQJNDQ $QGD GHQJDQ VHEXDK NRPSXWHU
ELVQLV GRVHQ GDQ SHQHOLWL \DQJ PHQJDNVHV MXUQDO ODLQ WHWDSL MXJD PHQJKXEXQJNDQ $QGD GHQJDQ
LOPLDK XQWXN SHQJHPEDQJDQ LOPXQ\D VHPXD NRPSXWHU ODLQQ\D \DQJ MXJD WHUVDPEXQJ
%HUEDJDL PHGLD PDVVD FHWDN NLQL EDQ\DN NH ,QWHUQHW 1DPXQ MDQJDQODK $QGD

0 (',$725 9RO 1R
PHPED\DQJNDQ ,QWHUQHW VHEDJDL VHPDFDP :RUOG :LGH :HEE GDQ :$,6 GDSDW PHPEDQWX
KLPSXQDQ NRPSXWHU ,QWHUQHW DGDODK VHPDFDP MDJDW $QGD PHPEDZD SXODQJ VHPXD VXPEHU GD\D LQL
UD\D \DQJ WHUXV PHQHUXV EHUNHPEDQJ PHPLOLNL 0HQXUXW 5HGGLFN GDQ .LQJ VLWXV VLWXV \DQJ
JHRJUDIL ³FXDFD´ GDQ EXGD\D VHQGLUL GLWHPSDWL *RSKHU VHULQJ GLQDPDNDQ ³OXEDQJ´
'DODP EROD GXQLD F\EHU LQL EHUEDJDL RUDQJ KROHV *RSKHU XPXPQ\D PHQDZDUNDQ DNVHV \DQJ
GDUL SHQMXUX GXQLD EHUNRPXQLNDVL PHODOXL ]RQD PXGDK SDGD VXPEHU VXPEHU LQWHUQHW ODLQQ\D
ZDNWX \DQJ EHUEHGD WDQSD VDOLQJ EHUWDWDS PXND
GDQ LQIRUPDVLQ\D WHUVHGLD VHODPD MDP VHKDUL GDUL 3XEOLF 5HODWLRQV RQ WKH 1HW 6HEXDK
ULEXDQ WHPSDW .LQL PHODOXL WHOHFRQIHUHQFH DWDX 3HUVSHNWLI %DUX +XPDV
LQWHUDNWLI ELVD PHODNXNDQ WDWDS PXND GDUL PDVLQJ
PDVLQJ OHQVD YLGHR \DQJ GLSDVDQJ SDGD NRPSXWHU 3HQJJJXQDDQ LQWHUQHW ROHK SDUD SURIHVLRQDO
,QWHUQHW WHUXV EHUNHPEDQJ 3HUWXPEXKDQ GDQ PHUXSDNDQ FLNDO EDNDO GDUL SHUNHPEDQJDQ
NHODULVDQ LQWHUQHW LQL SHUOX GLSDKDPL 'L VDWX VLVL WHNQRORJL LQWHUQHW %DQ\DN DKOL PHQ\HEXWNDQ
LQWHUQHW GDSDW GLEDQGLQJNDQ GHQJDQ SHPDNDLDQ LQWHUQHW WHUXWDPD SDGD PDVD NULVLV
SHUNHPEDQJDQ PHVLQ IDNV SDGD DNKLU GDVDZDUVD NRPXQLNDVL PHQJLGHQWLILNDVL PDVDODK PDQDMHPHQ
DQ ³6LVWHP IDNV´ \DQJ PHQGXQLD LWX WLGDNODK GDQ NRPXQLNDVL LQWHUDNWLI 3HQJJXQDDQ ODLQQ\D
GLEDQJXQ GDODP ZDNWX VHPDODP LD EHUNHPEDQJ DGDODK SHPEXDWDQ QHZVOHWWHU WHUELWDQ EHUNDOD
GDUL EHEHUDSD PHVLQ IDNV GL VLQL GDQ GL VDQD .HWLND HOHNWURQLN SHQJLULPDQ SHVDQ NHSDGD NKDOD\DN
NDODQJDQ ELVQLV PXODL PHQ\DGDUL DNDQ PDQIDDW GDQ VDVDUDQ GDQ DSOLNDVL LQWHUQHW GDQ ZHE RQH WR RQH
GD\D JXQDQ\D NHKDGLUDQ EHUEDJDL PHVLQ IDNV GDODP NHJLDWDQ PDUNHWLQJ GDQ NRPXQLNDVL +ROW]
PHQMDGL KDO \DQJ OXPUDK 1LODL VHWLDS PHVLQ IDNV
WHUXV PHQLQJNDW GDQ VHPDNLQ PXGDK SXOD 0HQXUXW +ROW] NHEDQ\DNDQ DNWLYLWDV 3XEOLF
PHPSHUROHKQ\D 5HODWLRQV 35 GDODP LQWHUQHW PDVLK WHUEDWDV SDGD
,QWHUQHW PHUXSDNDQ MDULQJDQ NRPSXWHU SHQJJXQDDQ PHGLD VDWX DUDK GDUL DWDV NH EDZDK
WHUEHVDU GL GXQLD GDQ GLOLKDW GDUL VHJL MXPODK XQWXN SHQHUELWDQ LQIRUPDVL PDVLK PHQJJXQDNDQ
MDULQJDQ PHUXSDNDQ RUDQJ GDQ VXPEHUGD\D \DQJ IRUPXOD NRPXQLNDVL PDVVD \DQJ WUDGLVLRQDO
WHUVDPEXQJNDQ ,QWHUQHW WHUXV PHQMDGL VHPDNLQ 'LWDPEDK ODJL EDQ\DN SHUXVDKDDQ \DQJ EHOXP
EHVDU GDQ NDUHQD LWX VHPDNLQ ³EHUQLODL´ PHQJDGRSVL LQWHUQHW VHEDJDL PHGLD 35 DWDX
NDWDNDQODK VHWLDS PHQLW /D4XH\ SHUXVDKDDQ
.RPXQLNDVL \DQJ PHPEHGDNDQ LQWHUQHW GDQ 6DDW LQL EDQ\DN SUDNWLVL 35 VHEXW +ROW]
MDULQJDQ JOREDO ODLQQ\D GDUL WHNQRORJL NRPXQLNDVL EHUELFDUD DWDV QDPD SHUXVDKDDQ WHODK
WUDGLVLRQDO XQJNDS /D4XH\ DGDODK WLQJNDW PHPSHUWLPEDQJNDQ SHQJJXQDDQ LQWHUQHW VHEDJDL
LQWHUDNVL GDQ NHFHSDWDQ \DQJ GDSDW GLQLNPDWL VDODK VDWX VWUDWHJL NRPXQLNDVL 35 0HUHND WLGDN
SHQJJXQD XQWXN PHQ\LDUNDQ SHVDQQ\D 7DN DGD SXQ\D SLOLKDQ ODLQ GDQ PHQMDGLNDQ ,QWHUQHW PHQMDGL
PHGLXP \DQJ PHPEHUL VHWLDS SHQJJXQDQ\D EDJLDQ GDUL EXGD\D SHUXVDKDDQ 0HODOXL LQWHUQHW
NHPDPSXDQ XQWXN EHUNRPXQLNDVL VHFDUD VHNHWLND LQL SXOD VHWLDS LQGLYLGX ELVD PHQMDGL SHQHUELW
GHQJDQ ULEXDQ RUDQJ ,QIRUPDVL SHQWLQJ WHUVHGLD NRQVXPHQ DWDX PHODNXNDQ NDPSDQ\H XQWXN
GL LQWHUQHW MXPODKQ\D WHUXV PHQLQJNDW ,QL PHPSHQJDUXKL SHULODNX NRQVXPHQ .KXVXV GDODP
PHQFDNXS EHUEDJDL DUVLS JUDWLV GDQ DUVLS XPXP ELGDQJ PHPEXND SHUVSHNWLI EDUX
NDWDORJ SHUSXVWDNDDQ OD\DQDQ SHPHULQWDK GDQ 7HNQRORJL LQWHUQHW WHODK PHQJXEDK SROD
EHUEDJDL SDQJNDODQ GDWD NRPHUVLDO NRPXQLNDVL 35 VHEHOXPQ\D \DQJ PDVLK
,QWHUQHW LEDUDW FDLUDQ \DQJ EHUXEDK VHWLDS NRQYHQVLRQDO VHSHUWL NRPXQLNDVL GDUL DWDV NH
GHWLN EHJLWX EHULWDQ\D PHQJDOLU PDND SDQGDQJDQ EDZDK EDZDK NH DWDV KRULVRQWDO DWDX SROD
\DQJ EHUEHGD ODSRUDQ GDQ DQHND SHQGDSDW NRPXQLNDVL PDVVD \DQJ GLODNXNDQ 6HPXD LWX WHODK
PHQJDLUL EHUEDJDL DUVLS GDQ IRUXP 3HUNDNDV PHUHND WLQJJDONDQ GHQJDQ SROD \DQJ OHELK DNWXDO
SHODFDN FDQJJLK GHQJDQ QDPD VHSHUWL *RSKHU VHWHODK ODKLUQ\D LQWHUQHW

(OYLQDUR $UGLDQWR 3XEOLF 5HODWLRQV RQ WKH 1HW 6HEXDK 3HUVSHNWLI %DUX +XPDV
,QWHUQHW GDQ LQWUDQHW LQL PHPEDZD SHUVSHNWLI KXEXQJDQ EDLN XQWXN PHPSHUWDKDQNDQ GXNXQJDQ
GDQ SROD EDUX GL HUD LQIRUPDVL GDODP EHQWXN SXEOLN LQWHUQDO GDQ HNVWHUQDOQ\D 3XEOLN DNDQ
MDULQJDQ WHNQRORJL \DQJ PHPXQJNLQNDQ VHWLDS RU VDQJDW WHUJDQWXQJ NHSDGD 35 VHEDJDL VXPEHU
DQJ PHQJDNVHV NHPDQD VDMD XQWXN PHPHQXKL LQIRUPDVL EHULWD \DQJ WLGDN WHUVDML GL VXUDWNDEDU
NHEXWXKDQQ\D %DJL RUJDQLVDVL DWDX SHUXVDKDDQ GDQ PHGLD PDVVD ODLQ 0HODOXL LWHUQHW 35 GDSDW
\DQJ PHQJDGRSVL LQWHUQHW DNDQ PHQJDODPL PHQJKHPDW ELD\D GLEDQGLQJ KDUXV PHQJLULP SUHVV
SHUNHPEDQJDQ SHVDW GL WHQJDK WHQJDK PDV\DUDNDW UHOHDVH PHODOXL SRV DWDX IDNV
LQIRUPDVL \DQJ VHPDNLQ KHWHURJHQ GDQ GDSDW .HQGDWL 35 PHODNXNDQ SHQJJXQDDQ LQWHUQHW
PHUDXS NKDOD\DN DWDX SDVDU VDVDUDQ \DQJ OHELK WLGDN EHUDUWL KDUXV PHQ\HSHOHNDQ PHGLD ODLQQ\D
EHVDU MXPODKQ\D 0HGLD VHODLQ LQWHUQHW WHWDS PHQMDGL EDJLDQ SHQWLQJ
0HODOXL LQWHUQHW SXOD DQQXDO UHSRUW ODSRUDQ GDODP PHODNXNDQ SHQ\HEDUDQ EHULWD DWDX LQIRUPDVL
WDKXQDQ \DQJ GLEXDW GLYVLVL 35 SHUXVDKDDQ GDSDW 35
PHPDVXNNDQQ\D NH GDODP VLWXV ZHE SHUXVDKDDQ .HXQWXQJDQ 35 GDODP PHQJJXQDNDQ LQWHUQHW
DWDX SHUXVDKDDQ MDVD 35 GL LQWHUQHW 7LGDN SHUOX LQIRUPDVL FHSDW VDPSDL SDGD SXEOLN EDJL
PHQJLULPNDQQ\D VHSHUWL FDUD FDUD NRQYHQVLRQDO 35 LQWHUQHW GDSDW EHUIXQJVL VHEDJDL LNODQ PHGLD
PHODOXL SHQJLULPDQ YLD SRV GDQ ODLQQ\D DODW PDUNHWLQJ VDUDQD SHQ\HEDUDQ LQIRUPDVL GDQ
,QWHUQHW EDJL 35 GDSDW PHODNXNDQ SURPRVL VLDSD SXQ GDSDW PHQJDNVHV LQWHUQHW
SHQJJXQDDQ LQWHUQHW GDQ FRPPHUFLDO RQOLQH \DQJ WLGDN WHUEDWDV ROHK UXDQJ GDQ ZDNWX GDQ
PDPSX PHQMDQJNDX SXEOLN \DQJ OHELK OXDV .LQL LQWHUQHW GDSDW PHPEXND NHVHPSDWDQ PHODNXNDQ
GXQLD 35 PHPDVXNL PDVD NHHPDVDQ NDUHQD KXEXQJDQ NRPXQLNDVL GDODP ELGDQJ SHPDVDUDQ
WHNQRORJL LQWHUQHW LQL WHODK PHPEDZD SUDNWLVL VHFDUD ODQJVXQJ
PDPSX PHQFDSDL SXEOLN VDVDUDQ VHFDUD ODQJVXQJ /HELK MDXK 6KHO +ROW] GDODP EXNX 3XE
WDQSD LQWHUYHQVL GDUL SLKDN SLKDN ODLQ VHSHUWL OLF 5HODWLRQV RQ WKH 1HW PHQJHPXNDNDQ EHEHUDSD
UHGDNVL DWDX ZDUWDZDQ GL PHGLD PDVVD \DQJ SHQGHNDWDQ VWUDWHJL 35 \DLWX GL DQWDUDQ\D
ELDVDQ\D EHUWLQGDN VHEDJDL SHQMDJD JDZDQJ SHVDQ SHUWHPXDQ DQWDU SLKDN PDQDMHPHQ \DQJ WHODK GL
NRPXQLNDVL GDQ PHODNXNDQ SHQ\HQVRUDQ WHUKDGDS EUHDILQJ ROHK 35 GHQJDQ SHUZDNLODQ GDUL NDQWRU
SHVDQ LQIRUPDVL 35 EDJL NKDOD\DN SXEOLN SDMDN PHQJDGDNDQ RSHQ KRXVH XQWXN
%HEHUDSD GL DQWDUDQ\D \DQJ ELVD GLODNXNDQ PHQJLQIRUPDVLNDQ SURJUDP SRUJDP SHUXVDKDDQ
SUDNWLVL 35 PHODOXL SHQJJXQDDQ LQWHUQHW DGDODK \DQJ WHODK PHPSHNHUMDNDQ NDU\DZDQ ORNDO
VHEDJDL EHULNXW NRPXQLWDV WHUGHNDW \DQJ PHPLOLNL NHDKOLDQ
3HUWDPD 35 KDUXV PHQ\DGDUL EDKZD PHPDGDL PHQJLULP SUHVV UHOHDVH WHQWDQJ
NKDOD\DN SXEOLN GDSDW PHQJDNVHV VHPXD 3UHVV LQYHVWDVL SHUXVDKDDQ VHEDJDL LQIRUPDVL NRPXQLWDV
5HOHDVH DWDX 1HZV 5HOHDVH \DQJ GLNLULPNDQ PHODOXL ORNDO GDQ GDPSNQ\D WHUKDGDS VRVLDO HNRQRPL
LQWHUQHW DWDX VHUYHU GHQJDQ PHQJJXQDNDQ NDWD PHUHND PHPEXDW ZHEVLWH VLWXV ZHE
NDWD \DQJ PXGDK GLFDUL GDQ GLSDKDPL NKDOD\DN SHUXVDKDDQ PHPEHQWXN FLWUD SRVLWLI GL PDWD
.HGXD SXEOLN GDSDW PHQJDNVHV SUHVV UHOHDVH SXEOLNQ\D GDQ EHUSDUWLVSDVL GDODP NHORPSRN
GDODP KRPH SDJH \DQJ DGD GL :RUOG :LGH :HE GLVNXVL WHUWHQWX GDQ PHPELFDUDNDQ SHUNHPEDQJDQ
ELOD SHUXVDKDDQ LWX WHODK PHPLOLNL KRPH SDJH GDQ VLWXDVL QHJDUD
.HWLJD 35 GDSDW PHPEXDW PDLOLQJ OLVW GDUL .HEHUKDVLODQ SURJUDP 35 WHUJDQWXQJ SDGD
SXEOLNQ\D 0DLOLQJ OLVW DGDODK SHUDQJNDW HOHNWURQLN VLDSD SXEOLNQ\D EDJDLPDQD VWUDWHJL \DQJ
\DQJ GDSDW PHQ\HEDUNDQ SUHVV UHOHDVH NHSDGD GLJXQDNDQ GDSDW WLGDNQ\D PHPSHQJDUXKL
SXEOLNQ\D PHODOXL NRWDN H PDLO NHPDPSXDQ SHUXVDKDDQ GDODP PHPELQD
6HPXD DNWLYLWDV 35 GL DWDV \DQJ PHODOXL KXEXQJDQ EDLN GDQ GLDORJ \DQJ VHKDW DJDU
LQWHUQHW WHUVHEXW PHPXQJNLQNDQ 35 PHQMDOLQ SHUXVDKDDQ GDQ SXEOLNQ\D VHPDNLQ GHNDW

0 (',$725 9RO 1R
.KDOD\DN GDQ 3HQJXNXUDQ .HJLDWDQ 35 %HUDSD EDQ\DN ZDUWDZDQ \DQJ EHUODQJJDQDQ
GDODP ,QWHUQHW H PDLO $QGD"
$GD EHUDSD ZDUWDZDQ \DQJ WHUGDIWDU \DQJ
.HJLDWDQ 0HGLD 5HODWLRQV +XEXQJDQ 3HUV SHUQDK PHQJJXQDNDQ KXEXQJDQ OHZDW ZHE
:DODXSXQ RUJDQLVDVL PHPLOLNL EHUEDJDL PDFDP VLWH GDQ PHQJXQMXQJL VLWXV $QGD" .H PDQD
SXEOLN SHUV PHGLD \DQJ GLJXQDNDQ 35 WHWDS VDPD DUDK PHUHND" %HUDSD EDQ\DN LQIRUPDVL \DQJ
6HODLQ VHEDJDL NHORPSRN WHUSHQWLQJ XQWXN PHUHND PXDW"
EHUNRPXQLNDVL SHUV MXJD WHUPDVXN SXEOLN 35 \DQJ 6HEHUDSD OHQJNDS EDKDQ LQIRUPDVL GDUL ZHE
SDOLQJ PXGDK PHQJDNVHV LQWHUQHW .HEHUKDVLODQ VLWH 35 \DQJ GLWXOLV ROHK ZDUWDZDQ \DQJ
PHODNXNDQ NRPXQLNDVL PHODOXL LQWHUQHW EHUPXOD GDUL EHUVDQJNXWDQ"
SHOHWDNDQ SHQJJXQD PHGLD VHEDJDL SXEOLN \DQJ $SDNDK ZDUWDZDQ EHUXVDKD PHQFDUL NODULILNDVL
PHPLOLNL GHGLNDVL WLQJJL GDQ PHPLOLNL VWUDWHJL NKXVXV LQIRUPDVL SDGD 35 PHQJHQDL SHUXVKDDQ \DQJ
\DQJ VHVXDL GHQJDQ NHEXWXKDQ 'DODP KXEXQJDQ GLEHULWDNDQ RUDQJ ODLQ"
SHUV LQL LGHDOQ\D UHSRUWHU GLEDQWX GDODP PHODNXNDQ %HUDSD MXPODK ZDUWDZDQ \DQJ LNXW
WXJDVQ\D \DQJ VHDUDK GHQJDQ WXMXDQ 35 \DQJ EHUSDUWLVLSDVL GDODP NRQIHUHQVL SHUV \DQJ
PHPELQD KXEXQJDQ KDUPRQLV DQWDUD SHUXVDKDDQ GLDGDNDQ 35"
GHQJDQ SXEOLNQ\D +ROW] .HJLDWDQ KXEXQJDQ LQYHVWRU GDQ NRPXQLWDV
6LWXV PHGLD UHODWLRQV GLEXDW VHFDUD VHNVDPD ILQDQVLDO PHUXSDNDQ SXEOLN \DQJ SHQWLQJ GDODP
XQWXN NHSHUOXDQ SHUV \DQJ PHQMDGL VDVDUDQ SHUXVDKDDQ 352 WLGDN KDQ\D KDUXV VHODOX PHPEHUL
SHOD\DQDQ SHUXVDKDDQ RUJDQLVDVL 6LWXV GDODP LQIRUPDVL NHSDGD SHUV WHQWDQJ SHUXVDKDDQ
LQWHUQHW LQL PHUXSDNDQ PHGLD NKXVXV \DQJ GDSDW VHKLQJJD PHUHND WLGDN PHQMXDO VDKDP \DQJ PHUHND
PHPXGDKNDQ SHUV GDQ UHSRUWHU GDODP PHQMDODQNDQ PLOLNL GDQ PHODNXNDQ WLQGDNDQ \DQJ PHUXJLNDQ
WXJDV MXUQDOLVWLN PHUHND \DLWX GHQJDQ PHQ\HGLDNDQ SHUXVDKDDQ %DQ\DN \DQJ GDSDW GLODNXNDQ GHQJDQ
RQOLQH UHVRXUFHV \DQJ PHPXQJNLQNDQ SHUV OHELK ,QWHUQHW XQWXN PHPSURPRVLNDQ PHUHN GDJDQJ
VHULQJ PHQJDNVHV VLWXV SHUXVDKDDQ XQWXN VHEDJDL LQYHVWDVL \DQJ PHQJXQWXQJNDQ /DSRUDQ
PHPSHUROHK LQIRUPDVL \DQJ DNXUDW DNWXDO GDQ 7DKXQDQ PHODOXL ZHE GDSDW PHPEHULNDQ QLODL
LQIRUPDVL NKXVXV \DQJ WLGDN GLSHUROHK GDUL VXPEHU WDPEDK \DQJ EHUDUWL EDJL DQDOLV SHQJDPDW VDKDP
EHULWD ODLQ LQYHVWRU SLDODQJ EURNHU %DQ\DN GDUL NRPXQLWDV
35 GDSDW PHPEDQJXQ KXEXQJDQ SHUV \DQJ LQYHVWRU PHQJDQJJDS SHQ\DMLDQ LQIRUPDVL SDGD
SRVLWLI ELODPDQD 35 GDSDW PHPEDQJXQ UHSXWDVL LQWHUQHW VHEDJDL VXDWX MDVD
UHSXWDVL SHUXVDKDDQ GDQ 35 2IILFHU 352 GDSDW 'HQJDQ PHQ\DMLNDQ LQIRUPDVL WHUVHEXW VHFDUD
GLSHUFD\D PHQMDGL VXPEHU EHULWD NHPXGLDQ SHUV RQ OLQH SDUD LQYHVWRU GDQ DQJJRWD NRPXQLWDV
EHNHUMDVDPD XQWXN PHPSHUROHK LQIRUPDVL EDKDQ ILQDQVLDO GDSDW PHQJDNVHV IDNWD GDQ GDWD GHQJDQ
EHULWD \DQJ GLEXWXKNDQ VHQGLULQ\D VHKLQJJD WLGDN PHUPHEDQL 35 GHQJDQ
$NDQ VDQJDW PHQJXQWXQJNDQ ELOD LQWHUQHW SHNHUMDDQ LWX
GLJXQDNDQ VHEDJDL VXDWX IDVLOLWDV GDODP PHODNXNDQ 8QWXN PHPELQD KXEXQJDQ LQYHVWRU PHODOXL
SHQGHNDWDQ GDODP KXEXQJDQ SHUV VHKLQJJD 35 LQWHUQHW GDQ PHODNXNDQ SHQJXNXUDQQ\D SHUOX
OHELK SURIHVLRQDO GDQ PHPSHUPXGDK SHNHUMDDQ SHUV GLSHUKDWLNDQ KDO KDO VHEDJDL EHULNXW
LWX VHQGLUL $SDNDK SHUXVDKDDQ $QGD WHUPDVXN VHNWRU
8SD\D SHQJXNXUDQ XQWXN GDSDW PHQJHWDKXL SXEOLN %801 DWDX VZDVWD" -LND GLNHOROD ROHK
HIHNWLI WLGDNQ\D RQOLQH GDODP KXEXQJDQ SHUV VZDVWD PDND LQIRUPDVL \DQJ VLIDWQ\D ILQDQVLDO
DGDODK GHQJDQ PHQMDZDE VHMXPODK SHUWDQ\DDQ PXQJNLQ WHUEDWDV GDQ SXEOLNQ\D WHUODOX NHFLO
EHULNXW LQL XQWXN PHPEHQWXN KXEXQJDQ LQYHVWRU \DQJ
%HUDSD EDQ\DN ZDUWDZDQ \DQJ PHPEHULNDQ SRVLWLI
DODPDW H PDLO Q\D XQWXN PHQGDSDWNDQ SUHVV $SDNDK GRNXPHQ \DQJ EHUKXEXQJDQ GHQJDQ
UHOHDVH GDQ LQIRUPDVL ODLQQ\D LQYHVWRU SDOLQJ VHULQJ GLPLQWD ROHK SXEOLN"

(OYLQDUR $UGLDQWR 3XEOLF 5HODWLRQV RQ WKH 1HW 6HEXDK 3HUVSHNWLI %DUX +XPDV
$SD WXMXDQ GDUL KXEXQJDQ GHQJDQ LQYHVWRU" .HJLDWDQ +XEXQJDQ .RPXQLWDV %LVQLV GDSDW
$SDNDK $QGD PHQFRED PHQDULN OHELK EDQ\DN EHUIXQJVL KDQ\D ELOD LD GLWHULPD ROHK PDV\DUDNDW
LQYHVWRU VHFDUD LQGLYLGX DWDX OHPEDJD" NDUHQD NHJLDWDQ ELVQLV GLWXMXNDQ XQWXN PDV\DUDNDW
%DJDLPDQD LQYHVWRU XWDPD $QGD PHPSHUROHK VHKLQJJD SHUXVDKDDQ ELVD PHPSHUROHK
LQIRUPDVL" %DJDLPDQD $QGD GDSDW NHEHUDGDDQQ\D GDUL NRPXQLWDV .RPXQLWDV
PHQ\HGLDNDQ LQIRUPDVL GDQ UHIHUHQVL VHKLQJJD PHQFDNXS NRPXQLWDV OXDV GL GDHUDK SHUXVDKDDQ
PXGDK GLGDSDW" NRPXQLWDV PDV\DUDNDW \DQJ WLQJJDO GHNDW
$SDNDK NHDGDDQ ILQDQVLDO $QGD EDLN DWDX SHUXVDKDDQ NHORPSRN SDUWLVLSDVL QHJDUD
EXUXN" %DJDLPDQD $QGD LQJLQ PHPSRVLVLNDQ NHORPSRN SHQGLGLNDQ RUJDQLVDVL NRPXQLWDV
LQYHVWDVL PHUHN SHUXVDKDDQ $QGD GDODP RUJDQLVDVL VRVLDO GDQ NKDOD\DN NKXVXV 0HODOXL
SHQDPSLOQDQ\D" LQWHUQHW GDSDW PHQHQWXNDQ VSHVLILNDVL WDUJHW ELVQLV
$SDNDK PDVDODK WHUEDUX \DQJ $QGD KDGDSL EHUGDVDUNDQ KXEXQJDQ NRPXQLWDV
GDSDW PHQLPEXONDQ GDPSDN SRVLWLIDWDX QHJDWLI &DUD \DQJ SDOLQJ PXGDK DGDODK PHQJJXQDNDQ
WHUKDGDS QLODL ILQDQVLDO SHUXVDKDDQ $QGD" ZHE XQWXN PHPSXEOLNDVLNDQ WHQWDQJ ODSRUDQ DSD
VDMD \DQJ GLODNXNDQ SHUXVDKDDQ GDODP PHPELQD
.HJLDWDQ +XEXQJDQ 3HPHULQWDK 35 GDODP KXEXQJDQ NRPXQLWDV %HULNXW LQL GDIWDU \DQJ GDSDW
PHPELQD KXEXQJDQ HNVWHUQDO GHQJDQ SHPHULQWDK GLDSOLNDVLNDQ SDGD VLWXV $QGD PHQGDIWDU NH
NHQGDWL FXNXS NUXVLDO PHUXSDNDQ KDO \DQJ SHQWLQJ PDLOLQJ OLVW PHQ\HEDUNDQ XQGDQJDQ RSHQ
NDUHQD NHODQJVXQJDQ KLGXS SHUXVDKDDQ WLGDN KRXVH PHPEHULNDQ LQIRUPDVL WHQWDQJ
WHUOHSDV GDUL SHUDQ SHPHULQWDK 8QWXN PHPXODL SHPEHULDQ KDGLDK UHZDUG SURPRVL WHQWDQJ
LQLVLDWLI PHQGLULNDQ VHEXDK SHUXVDKDDQ DWDX SUR\HN DWDX SURJUDP EHUVDPD GDQ NRQWULEXVL
OHPEDJD XPSDPDQ\D KDUXV EHUXUXVDQ GHQJDQ WHUKDGDS VHQL GDQ EXGD\D
SHPHULQWDK 6HPHQMDN DNWD SHQGLULDQ SHUXVDKDDQ 0HQJDODPL .ULVLV .RPXQLNDVL 0DQDMDPHQ
DWDX OHPEDJD GLWDQGDWDQJDQL QRWDULV NLWD KDUXV NULVLV PHUXSDNDQ VXDWX DNWLYLWDV GDODP VXDWX
PHQGDIWDUNDQQ\D NH 'HSDUWHPHQ .HKDNLPDQ RUJDQLVDVL SHUXVDKDDQ \DQJ VHULQJ GLDEDLNDQ
VHNDUDQJ 'HSDUWHPHQ +XNXP GDQ +$0 ,QWHUQHW WHODK PHPEXDW VHPDNLQ EXUXN SHQDQJDQDQ
PHQJXUXV 1RPRU 3RNRN :DMLE 3DMDN 13:3 WHUKDGDS NULVLV %HUNDW HUD LQIRUPDVL GDQ EHJLWX
EHULNXW SHQHWDSDQ SHQJXVDKD NHQD SDMDN KDUXV EDQ\DNQ\D PRGHO NRPXQLNDVL NULVLV GDSDW
EHUKXEXQJDQ GHQJDQ 'LWMHQ 3DMDN 'HSDUWHPHQ PHQJXEDK NHDGDDQ VHPXOD \DQJ WLGDN WDKX DSD
.HXDQJDQ 3HQJXUXVDQ 6XUDW ,MLQ 8VDKD DSD PHQMDGL PHPDQIDDWNDQ EHUEDJDL IDNWRU GHQJDQ
3HUGDJDQJDQ 6,83 KDUXV GLODNXNDQ NH PHQJDPELO NHSXWXVDQ DWDX WLQGDNDQ \DQJ VDQJDW
'HSDUWHPHQ 3HUGDJDQJDQ GDQ 3HULQGXVWULDQ L]LQ FHSDW
ORNDVL NH SHPHULQWDK VHWHPSDW L]LQ LQYHVWDVL NH 6HODPD NULVLV SHUXVDKDDQ GDQ SDUD HNVHNXWLI
%DGDQ .RRUGLQDVL 3HQDQDPDQ 0RGDO %.30 GLKDGDSNDQ SDGD SRVLVL SHQJDPELODQ NHSXWXVDQ
VDPSDL PHUHNUXW SHJDZDL SHUXVDKDDQ KDUXV NULWLV GL EDZDK NHDGDDQ WHNDQDQ \DQJ EHJLWX
EHUXUXVDQ GHQJDQ 'HSDUWHPHQ 7HQDJD .HUMD LQWHQV WLQJNDW VWUHVV \DQJ WLQJJL NHWHOLWLDQ GDQ
+XEXQJDQ 3HPHULQWDK SDGD LQWLQ\D NHFHUPDWDQ WHUKDGDS IDNWRU OLQJNXQJDQ HNVWHUQDO
PHUXSDNDQ XSD\D PHPEHQWXN GDQ WHNDQDQ ZDNWX FXNXS GUDPDWLN GDQ NHWLGDNMHODVDQ
PHQJHPEDQJNDQ VDOLQJ SHQJHUWLDQ SHPDKDPDQ LQIRUPDVL
DNVHV GDQ GXNXQJDQ RSWLPDO VHUWD NHUMDVDPD 3HUDQDQ ,QWHUQHW SDGD .ULVLV 7HUGDSDW
LQVWLWXVLRQDO GDUL SHPHULQWDK WHUKDGDS NHEHUDGDDQ EHEHUDSD NULVLV \DQJ EHUDZDO GDUL QHW GDQ NHPXGLDQ
NHELMDNVDQDDQ GDQ RSHUDVL VHEXDK SHUXVDKDDQ PHQMDGL VXE\HN GLVNXVL GDQ SXEOLNDVL VHFDUD
0HQMDOLQ NRPXQLNDVL GHQJDQ SHPHULQWDK VHVXDL RQOLQH +DO \DQJ SDOLQJ SHQWLQJ $QGD KDUXV
GHQJDQ SHUNHPEDQJDQ WHNQRORJL NRPXQLNDVL PHUHQFDQDNDQ DSD \DQJ KDUXV $QGD ODNXNDQ XQWXN
VHSHUWL HOHNWURQLF PDLO ID[ VHUYHU 9&' GDQ PHQJKDGDSL NULVLV
LQWHUQHW VXGDK WLGDN DVLQJ ODJL 'XQLD LQWHUQHW WHODK PHQMDGL WHPSDW EDJL RU

0 (',$725 9RO 1R
DQJ RUDQJ XQWXN PHPSHUROHK LQIRUPDVL WHUEDUX PHPSHUWLPEDQJNDQ PHPSXQ\DL H PDLO DWDX
WHQWDQJ NULVLV DWDX KDO KDO WLGDN WHUGXJD %DKNDQ KXEXQJDQ NHORPSRN GLVNXVL \DQJ VDPD EDLNQ\D
VDDW LQL LQWHUQHW WHODK PHQMDGL VXDWX VDUDQD \DQJ 3HQJJXQDDQ ( 0DLO 6HEDLNQ\D NLWD PHPLOLNL
WLGDN GDSDW GLOHSDVNDQ XQWXN PHQJHNVSUHVLNDQ DODPDW H PDLO XQWXN SXEOLN JXQD VDOLQJ
SHUDVDDQ SHQGDSDW GDQ VLNDS WHQWDQJ EHUEDJDL EHUKXEXQJDQ VHODPD NULVLV 'HQJDQ PHQ\HGLDNDQ
EHULWD \DQJ SHQWLQJ XQWXN NLWD DNVHV RQOLQH NLWD GDSDW PHQJXUDQJL WHOHSRQ \DQJ
%LDVDQ\D RUDQJ PHQJDQGDONDQ LQWHUQHW XQWXN GLWHULPD SHUXVDKDDQ
PHQGDSDWNDQ LQIRUPDVL WHUNLQL GHQJDQ PHPEXND -LND PHPSXQ\DL H PDLO NH KRPH SDJH NLWD
KRPH SDJH VHSHUWL &11 061%& GDQ ODLQQ\D GDSDW PHQJXQGDQJ SHQGDSDW NRPHQWDU
NDUHQD EHULWD SDGD LQWHUQHW VHODOX WHUXV SHUWDQ\DDQ SXEOLN -LND NLWD PHODNXNDQ GHPLNLDQ
GLSHUEDKDUXL VHWLDS VDDW EHUVLDS VLDSODK XQWXN PHQMDZDE H PDLO \DQJ
3HQJJXQDDQ :HEVLWH 3HUXVDKDDQ +RPH GLWHULPD %DKNDQ MLND SHQJLULP KDQ\D PHQGDSDWNDQ
SDJH DGDODK WHPSDW SHUWDPD \DQJ PHZDNLOL MDZDEDQ DXWR UHVSRQV SHQHULPD GDUL LQIRUPDVL
SHQJOLKDWDQ SXEOLN VHEDJDL UHVSRQ LQIRUPDVL SDGD PHQJHQDL EDJDLPDQD H PDLO LWX GLJXQDNDQ $XWR
VHEXDK NULVLV 0HPSXQ\DL VHEXDK WHPSODWH XQWXN UHVSRQV GDSDW MXJD GLNLULP NHSDGD PHUHND \DQJ
KRPHSDJH EHUDUWL VLDS VLDS XQWXN VLQJJDK SDGD PHQDQ\DNDQ SHUWDQ\DDQ VHVXDL GHQJDQ MDZDEDQ
NULVLV \DQJ EHUKXEXQJDQ GHQJDQ LQIRUPDVL \DQJ WHODK GLVLDSNDQ ( PDLO \DQJ VHPEURQR FDFL
3HQGHNDWDQ KRPH SDJH WLGDN GLEDWDVL NDUHQD GDSDW PDNL GDQ NHOXKDQ NHOXKDQ \DQJ WLGDN EHUGDVDU
GLODNXNDQ VHVHULQJ PXQJNLQ PHQHPSDWNDQ GDSDW GLEXDQJ 3HUWDQ\DDQ VHULXV VHEDLNQ\D
NHPEDOLKDODPDQ GHSDQ \DQJ DGD NKXVXVQ\D MLN GLVDPSDLNDQ NH VXPEHU \DQJ FRFRN XQWXN
KDO LWX GLIRNXVNDQ SDGD SHPDVDUDQ VXSD\D GDSDW SHQDQJDQDQ \DQJ WHSDW
PHQ\HOHPDWNDQ NULVLV
'DODP KDO LQL NLWD GDSDW PHQ\HGLDNDQ VHEXDK 0HQJXNXU (IHNWLYLWDV .HJLDWDQ +XPDV
OLQN KXEXQJDQ SDGD UHJXOHU KRPH SDJH
6HKLQJJD VHPXD \DQJ GDWDQJ PHQFDUL LQIRUPDVL 2QOLQH
NKXVXV PDVLK GDSDW PHQHPXNDQQ\D .LWD GDSDW 7RSLN \DQJ GLELFDUDNDQ NDOL LQL DGDODK
PHPEHULNDQ VDWX EDJLDQ GDUL KDODPDQ GHSDQ XQWXN SHQJXNXUDQ KDVLO GHQJDQ IRNXV SDGD SHQJXNXUDQ
SHUQ\DWDDQ LQWL GDQ PHQ\HGLDNDQ KXEXQJDQ HIHNWLYLWDV NHJLDWDQ NHJLDWDQ NHKXPDVDQ RQOLQH
KXEXQJDQ OHELK ULQFL $WDX NLWD GDSDW PHQ\HGLDNDQ 3HQJXNXUDQ HIHNWLYLWDV VHWLDS NHJLDWDQ NHKXPDVDQ
VHEXDK OLQN \DQJ PXGDK SDGD KRPH SDJH GL PDQD KDUXV GLGDVDUNDQ SDGD WXMXDQ \DQJ WHODK
LQIRUPDVL WHQWDQJ NULVLV GLJDEXQJNDQ .XQFLQ\D GLWHWDSNDQ 3HQHWDSDQ WXMXDQ WHUVHEXW
MDQJDQ PHPEXDW RUDQJ GDSDW PHQJJDOL LQIRUPDVL GLODNVDQDNDQ SDGD WDKDS SHUHQFDQDDQ NHJLDWDQ
WHUVHEXW <DNLQNDQ EDKZD KDO LWX PHPSHUMHODV NHJLDWDQ NRPXQLNDVL 0HQJDSD" .DUHQD VXDWX
EDKZD NLWD VHGDQJ PHQ\HOHPDWNDQ NULVLV GDQ NHJLDWDQ NHKXPDVDQ KDQ\D GLNDWDNDQ EHUKDVLO ELOD
LQIRUPDVL \DQJ WHUVHGLD SDGD ZHE VLWH WXMXDQ NHJLDWDQ WHUVHEXW WHUFDSDL
.LWD MXJD KDUXV PHPSXQ\DL WHPSODWH \DQJ 7XMXDQ GDUL VHWLDS NHJLDWDQ KDUXV ELVD GLXNXU
VHODOX VLDS XQWXN PHQJKXEXQJNDQ LQIRUPDVL GDUL .DUHQD LWX WXMXDQ KDUXV GLGHILQLVLNDQ VHFDUD
KRPH SDJH +DO LQL GDSDW PHOLEDWNDQ HOHPHQ HOHPHQ NXDOLWDWLI 8NXUDQ \DQJ GLJXQDNDQ XQWXN PHQJXNXU
NKXVXV GDUL ZHE SDJH VHSHUWL DODW QDYLJDVL WHPSDW NHJLDWDQ NHJLDWDQ WHUVHEXW KDUXV GLWHWDSNDQ
LQIRUPDVL DNWXDO NXQFL SHQJKXEXQJ VDWX EDJLDQ GHQJDQ PHPSHUWLPEDQJNDQ EHEHUDSD IDNWRU \DLWX
NH PHGLD SHQJKXEXQJ 7HPSODWH WHPSODWH SDJH IDNWRU NKDOD\DN IDNWRU PHGLD GDQ IDNWRU KDVLO
\DQJ GDSDW GLSHUVLDSNDQ XQWXN NXQFL NHQ\DWDDQ &DUD SHQJXNXUDQ HIHNWLYLWDV NHJLDWDQ
KDODPDQ SHQJKXEXQJ PHQ\HGLDNDQ KXEXQJDQ NH NHKXPDVDQ WUDGLVLRQDO WHUVHEXW EHUODNX MXJD GDODP
EDJLDQ VLWH \DNQL DJHQ DJHQ SHPHULQWDK \DQJ PHQJXNXU HIHNWLYLWDV NHJLDWDQ NHKXPDVDQ GL
PHODODLNDQ KDVLO SHQDQJDQDQ SDGD NULVLV GDQ LQWHUQHW 7HWDSL SHQJJXQDDQ WHNQRORJL EDUX GDODP
VHULQJ PHQMDZDE SHUWDQ\DDQ NLWD PXQJNLQ NHJLDWDQ 35 PHQLPEXONDQ WDQWDQJDQ WDQWDQJDQ

(OYLQDUR $UGLDQWR 3XEOLF 5HODWLRQV RQ WKH 1HW 6HEXDK 3HUVSHNWLI %DUX +XPDV
\DQJ EHUDW 3DGD XPXPQ\D SDUD &(2 EHUVLNDS EDLN GL PHGLD FHWDN PDXSXQ HOHNWURQLN ,NODQ LQL
VNHSWLV WHUKDGDS SHQJJXQDDQ WHNQRORJL EDUX GDODP GLPDNVXGNDQ XQWXN PHQLPEXONDQ UDVD SHQDVDUDQ
NHJLDWDQ NHKXPDVDQ LQL 0HUHND OHELK WHUWDULN SDGD NKDOD\DN VHKLQJJD SDGD KDUL SHOXQFXUDQ EDQ\DN
SHQJHPEDOLDQ LQYHVWDVL GDQ EHUKDUDS EDKZD VHWLDS VHNDOL RUDQJ PHQXQJMXQJL ZHEVLWH WHUVHEXW :HEVLWH
SHQJXQMXQJ VLWXV DNDQ PHODNXNDQ WUDQVDNVL \DQJ GLEXDW VHPHQDULN PXQJNLQ VHKLQJJD RUDQJ PHUDVD
PHQJKDVLONDQ XDQJ 2OHK NDUHQD LWX 3XEOLF 5HOD VHQDQJ GDQ NDJXP GDQ PDX PHPEHULNDQ LQIRUPDVL
WLRQV 2IILFHU 352 KDUXV PDPSX PH\DNLQNDQ ULQFL PHQJHQDL GLULQ\D (IHNWLYLWDV NHJLDWDQ 35
PHUHND EDKZD SHQJJXQDDQ WHNQRORJL EDUX GDODP RQOLQH LQL GLXNXU GHQJDQ PHQJKLWXQJ MXPODK RU
NHJLDWDQ NHKXPDVDQ WHUVHEXW GDSDW PHPEDQWX DQJ \DQJ PHQJXQMXQJL GDQ PHPEHULNDQ LQIRUPDVL
SHQFDSDLDQ WXMXDQ GDQ PDPSX PHQJHPEDOLNDQ ULQFL PHQJHQDL GLULQ\D SDGD ZHEVLWH WHUVHEXW
LQYHVWDVL \DQJ WHODK GLWDQDPNDQ .HGXD ODSRUDQ SHQMXDODQ EXODQDQ GDUL
6D\DQJQ\D SDGD XPXPQ\D SHQJXMLDQ SHQJHFHU UHVPL .DPSDQ\H 35 \DQJ GLDGDNDQ
HIHNWLYLWDV NHJLDWDQ NDPSDQ\H NRPXQLNDVL PHODOXL VHKXEXQJDQ GHQJDQ NHKDGLUDQ NHJLDWDQ
LQWHUQHW OHELK GLIRNXVNDQ SDGD DODW EXNDQ SDGD SHUXVDKDDQ GL LQWHUQHW GDSDW PHQGDWDQJNDQ SDUD
KDVLOQ\D &RQWRKQ\D DGDODK SDGD SHQJXMLDQ KLWV SHODQJJDQ EDUX ZDODXSXQ VLWXV WLGDN PHODNXNDQ
\DLWX DODW XQWXN PHQJXNXU MXPODK ILOH \DQJ WHODK WUDQVDNVL DWDX MXDO EHOL 'DODP VLWXV PHUHND GDSDW
GL GRZQORDG GDUL VHUYHU XQWXN PHQJXNXU PHQJHWDKXL VHPXD \DQJ LQJLQ PHUHND NHWDKXL
HIHNWLYLWDV NHJLDWDQ NHKXPDVDQ -XPODK KLWV LQL PHQJHQDL SHUXVDKDDQ WHUVHEXW GDQ SURGXN \DQJ
VHULQJNDOL GLDVXPVLNDQ VHEDJDL VXDWX NHEHUKDVLODQ GLKDVLONDQ 'DUL VLWX SXOD PHUHND GDSDW PHQHQWXNDQ
SDGDKDO NHQ\DWDDQQ\D WLGDNODK GHPLNLDQ DSD \DQJ LQJLQ PHUHND EHOL :DODXSXQ SHUXVDKDDQ
+LWV WLGDN ELVD PHQXQMXNNDQ EHUDSD KDODPDQ WLGDN PHQMXDO VHFDUD ODQJVXQJ QDPXQ GDUL GDWD
\DQJ WHODK GLNXQMXQJL DSD \DQJ SHUXVDKDDQ \DQJ PHUHND EHULNDQ $QGD GDSDW PHPEHULNDQ
LQJLQNDQ XQWXN GLOLKDW ROHK SHQJXQMXQJ DSDNDK LQIRUPDVL PHQJHQDL WHPSDW WHPSDW PHQMXDO SURGXN
SHQJXQMXQJ PHUXSDNDQ NKDOD\DN VDVDUDQ +LWV MXJD $QGD 0HODOXL KXEXQJDQ \DQJ WHODK GLELQD
WLGDN ELVD PHQHQWXNDQ DSDNDK VLWXV EHUKDVLO SHUXVDKDDQ ELVD PHQGDSDWNDQ LQIRUPDVL ODSRUDQ
PHPSHQJDUXKL RSLQL VLNDS GDQ WLQJNDK ODNX GDUL SDUD SHQJHFHU PHQJHQDL GL PDQD SHPEHOL
8QWXN PHQJKLQGDUL KDO LQL SHUXVDKDDQ PHQJHWDKXL SHQJHFHU WHUVHEXW GDQ EHUDSD
SHUXVDKDDQ VRIWZDUH WHODK PHQJHPEDQJNDQ SUR MXPODKQ\D VHFDUD SDVWL 'HQJDQ EHJLWX
JUDP \DQJ GDSDW PHUHNDP VHFDUD DNXUDW MXPODK SHUXVDKDDQ GDSDW PHQJHWDKXL MXPODK SDVDU \DQJ
RUDQJ \DQJ WHODK PHQJXQMXQJL VLWXV GRPDLQ DVDO SDVWL
SHQJXQMXQJ GRPLVLOL SHQJXQMXQJ KDODPDQ DSD .HWLJD PHQJXNXU WLQJNDK ODNX NKDOD\DN
\DQJ GLNXQMXQJL SHQJXQMXQJ ZDNWX \DQJ 0HQJXNXU GDPSDN GDUL NHJLDWDQ LQWHUQHW GDSDW
GLKDELVNDQ SHQJXQMXQJ XQWXN VHWLDS KDODPDQ GDQ GLOLKDW GDUL SHULODNX NKDOD\DN 3HUXVDKDDQ KDUXV
DSD \DQJ GLODNXNDQ SHQJXQMXQJ SDGD VHWLDS PHPIDVLOLWDVL VLWXV PHUHND GHQJDQ VHJDOD LQIRUPDVL
KDODPDQ 7HWDSL WHUQ\DWD LQIRUPDVL WHUVHEXW EHOXP \DQJ SHUOX GLNHWDKXL PDV\DUDNDW 'DODP VLWXV
FXNXS KDUXV DGD SHQJXMLDQ ODQMXWDQ \DQJ WHUVHEXW MXJD KDUXV GLOHQJNDSL GHQJDQ LQIRUPDVL
GLGDVDUNDQ SDGD GDWD GHPRJUDIL SHQJXQMXQJ EDJDLPDQD GDQ VDOXUDQ DSD \DQJ GDSDW GLSDNDL
0HWRGH 0HQJXNXU (IHNWLYLWDV 3URJUDP 35 SHQJXQMXQJ XQWXN PHQ\DPSDLNDQ XPSDQ EDOLNQ\D
2QOLQH 3HUWDPD PHQJKLWXQJ MXPODK RUDQJ \DQJ NHSDGD SHUXVDKDDQ 3HQJNXUXDQ GDSDW GLOLKDW
PHQJXQMXQJL GDQ PHPEHULNDQ LQIRUPDVL ULQFL SDGD EHUDSD EDQ\DN RUDQJ \DQJ PHPEHULNDQ
PHQJHQDL GLULQ\D SDGD ZHEVLWH WHUVHEXW 'DODP XPSDQ EDOLN PHODOXL VDOXUDQ VDOXUDQ \DQJ
VXDWX NDPSDQ\H 352 SURIHVLRQDO KDUXV GLVHGLDNDQ EHUDSD EDQ\DN \DQJ PHQJJXQDNDQ MDVD
PHQJLQWHJUDVLNDQ EHUEDJDL PHGLD VHEDJDL SHUXVDKDDQ ELOD SHUXVDKDDQ LWX MDVD GDQ
SXEOLVLWDV PLVDOQ\D XQWXN SHOXQFXUDQ ZHEVLWH VHEDJDLQ\D
EDUX GLEXDW LNODQ VHFDUD VHULDO PXODL EHEHUDSD KDUL .HHPSDW PHPDQWDX OLSXWDQ PHGLD %HEHUDSD
VHEHOXP SHOXQFXUDQ VDPSDL SDGD KDUL SHOXQFXUDQ VWXGL NDVXV PHPEXNWLNDQ EDKZD SHQJJXQDDQ

0 (',$725 9RO 1R
ZHEVLWH XQWXN PHGLD UHODWLRQV GDSDW PHQGHNDWNDQ SHUXVDKDDQ GHQJDQ SXEOLNQ\D
PHQLQJNDWNDQ WLQJNDW OLSXWDQ GL PHGLD PDVVD 'XQLD 35 GDODP LQWHQHW WHODK PHPEXND SHUVSHNWLI
GHQJDQ PHPEXND ZHEVLWH GDUL SHUXVDKDDQ SDUDGLJPD EDUX GDODP ELGDQJ KXEXQJDQ
ZDUWDZDQ ELVD PHQGDSDWNDQ EHULWD KDQ\D GHQJDQ PDV\DUDNDW +XPDV 35 0
PHQJ FXW GDQ PHP SDVWH LQIRUPDVL \DQJ DGD GL
ZHEVLWH WHUVHEXW XQWXN NHPXGLDQ GLMDGLNDQ EHULWD
-DGL VDODK VDWX FDUD \DQJ GDSDW GLJXQDNDQ XQWXN 6XPEHU %DFDDQ
PHQJXNXU HIHNWLYLWDV NHJLDWDQ 35 RQOLQH DGDODK
GHQJDQ PHPDQWDX EHUDSD EDQ\DN LQIRUPDVL GDUL +ROW] 6KHO 3XEOLF 5HODWLRQV RQ WKH 1HW 1HZ
ZHEVLWH \DQJ GLMDGLNDQ EHULWD GL PHGL PDVVD <RUN $PDFRP
.HOLPD PHPDQWDX SHQDPEDKDQ GDWD EDVH -HINLQV )UDQN 3XEOLF 5HODWLRQV $OLK %DKDVD
6LIDW LQWHUQHW \DQJ ³RQH WR RQH´ PHPXQJNLQNDQ +DULV 0XQDQGDU -DNDUWD (UODQJJD
352 XQWXN PHQGDSDWNDQ LQIRUPDVL ULQFL WHQWDQJ /D4XH\ 7UDF\ 6DKDEDW ,QWHUQHW 3HQHUMHPDK
NKDOD\DN VDVDUDQ \DQJ WLGDN GDSDW GLSHUROHK GDUL +DQV - :RVSDNULN %DQGXQJ 3HQHUELW ,7%
WDWDQDQ NRPXQLNDVL \DQJ ODLQ \DQJ NRQYHQVLRQDO
1DVXWLRQ =XONDUHPHLQ 7HNQRORJL .RPXQLNDVL
2UJDQLVDVL \DQJ PHQJXQMXQJL ZHEVLWH DNDQ
GDODP 3HUVSHNWLI /DWDU %HODNDQJ G DQ
PHPEHULNDQ LQIRUPDVL \DQJ ULQFL WHQWDQJ GLULQ\D 3HUNHPEDQJDQQ\D -DNDUWD /HPEDJD 3HQHUELW )(
XQWXN NHSHUOXDQ WHUWHQWX PLVDOQ\D XQWXN PHQFDUL 8QLYHUVLWDV ,QGRQHVLD
SHNHUMDDQ VHKLQJJD LQIRUPDVL PHQJHQDL RUDQJ
5HGGLFN 5DQG\ GDQ (OOLRW .LQJ ,QWHUQHW XQWXN
WHUVHEXW DNDQ PDVXN NH GDODP GDWD EDVH PDUNHW
:DUWDZDQ XQWXN 6HPXD 2UDQJ 3HQHUMHPDK
LQJ SHUXVDKDDQ \DQJ VHZDNWX ZDNWX DNDQ 0DVUL 0DULV -DNDUWD <D\DVDQ 2ERU ,QGRQHVLD
GLJXQDNDQ ROHK SHUXVDKDDQ 3HQDPEDKDQ
LQIRUPDVL SDGD GDWD EDVH LQLODK \DQJ ELVD GLMDGLNDQ 5RJHUV (YHUHWW 0 &RPPXQLFDWLRQ 7HFKQRORJ\
DODW XNXU HIHNWLYLWDV NHJLDWDQ 35 RQOLQH 1HZ PHGLD LQ 6RFLHW\ 1HZ <RUN )UHH 3UHVV
:HEVWHU )UDQN 7KHRULHV RI WKH ,QIRUPDWLRQ 6RFL
3HQXWXS HW\ /RQGRQ DQG 1HZ <RUN 5RXWOHGJH
%HUGDVDUNDQD XUDLDQ GL DWDV GDSDW :ULVWRQ :DOWHU % 7KH 7ZLOLJKW RI 6RYHULJQW\
GLVLPSXONDQ EDKZD SHQJJXQDDQ LQWHUQHW GDODP 3HQHUMHPDK /LHQ $PDOLD GDQ /LQD 6 6XPDQWUL
NHJLDWDQ 35 WHODK WHUEXNWL HIHNWLI GDODP PHQHNDQ %DQGXQJ 5HPDMD 5RVGDNDU\D
ELD\D RSHUDVLRQDO VHPLQLP PXQJNLQ GDQ PDPSX

(OYLQDUR $UGLDQWR 3XEOLF 5HODWLRQV RQ WKH 1HW 6HEXDK 3HUVSHNWLI %DUX +XPDV

Vous aimerez peut-être aussi