827 .ԥUlpry 0ø ùdploryd )+ =ԥUJԥuol ø$ +VH\qry
Yüklə 495,04 Kb. Pdf görüntüsü
|
- Bu səhifədəki naviqasiya:
- 25ø-ø1$/ 0Ԥ4$/Ԥ/Ԥ5 24 2011/ 1 (5)
- 0úDKLGԥ DOWÕQGD RODQ [ԥVWԥOԥULQ DQDPQHVWLN Yԥ NOLQLNL J|VWԥULFLOԥUL 1 7UDYPDGDQ ԥPԥOL\\DWD PGGԥW
- ԤPԥOL\\DW ԤPVRQUD*ø 4H\G ԤPԥOL\\DWGDQ VRQUDNÕ VWDWXV 1
- 25ø-ø1$/ 0Ԥ4$/Ԥ/Ԥ5
- 25ø-ø1$/ 0Ԥ4$/Ԥ/Ԥ5 26 2011/ 1 (5)
- 25ø-ø1$/ 0Ԥ4$/Ԥ/Ԥ5 27 2011/1 (5)
- Ʉɥɸɱɟɜɵɟ ɫɥɨɜɚ
- .H\ ZRUGV
|
25ø-ø1$/ 0Ԥ4$/Ԥ/Ԥ5 23
827 .ԥULPRY 0ø ùDPLORYD )+ =ԥUJԥUOL ø$ +VH\QRY (6 *g='$;ø/ø <$' &ø6ø0/Ԥ5ø1 ;$5ø& ('ø/0Ԥ6ø1'Ԥ *$8*( 3$56 3/$1$ 9ø75(.720ø<$1,1 7Ԥ7%ø4ø $NDGHPLN =ΩULIΩ ΨOL\HYD DGÕQD 0LOOL 2IWDOPRORJL\D 0ΩUNΩ]L %DNÕ ú $]ΩUED\FDQ $oDU V|]OԥU YLWUHNWRPL\D JDXJH SDUV SODQD J|]GD[LOL \DG FLVLP *|] DOPDVÕQÕQ GԥOLE NHoԥQ \DUDODQPDODUÕ GDKD oR[ DNWLY JԥQF ԥKDOL DUDVÕQGD UDVW JԥOPԥNOԥ ԥPԥN TDELOL\\ԥWLQLQ FLGGL D]DOPDVÕQD VԥEԥE ROXU %X \DUDODQPDODUGD J|]GD[LOL \DG FLVLPOԥULQ UDVW JԥOPԥ WH]OL\L DUDVÕQGD TH\G HGLOPLúGLU >@ 0ONL ԥKDOL DUDVÕQGD J|]GD[LOL \DG FLVLPOԥULQ ԥNVԥUL\\ԥWLQL PHWDO G|\Pԥ ]DPDQÕ PH\GDQD oÕ[DQ TԥOSԥOԥU WԥúNLO HWPԥNGԥGLU >@ *|]GD[LOL \DG FLVLPOԥULQ [DULF HGLOPԥVLQGԥ LON ԥYYԥO [DULFL PDTQLW ԥVDV YDVLWԥ ROVD GD YLWUHNWRPL\D WH[QLNDVÕQÕQ LQNLúDI HWPԥVL LOԥ SDUV SODQD YLWUHNWRPL\D \ROX DSDUÕFÕ PHWRGD oHYULOPLúGLU > @ *|]GD[LOL \DG FLVLPOԥULQ [DULF HGLOPԥVLQGԥ YLWUHNWRPL\D PHWRGODUÕQÕQ WԥWELTL EDNWHULDO HQGRIWDOPLW WRU TLúD TRSPDVÕ KDOODUÕQÕ D]DOWPD÷D Yԥ GDKD \NVԥN IXQNVLRQDO QԥWLFԥOԥU ԥOGԥ HWPԥ\ԥ LPNDQ YHUGL\L ԥGԥEL\\DWGD TH\G HGLOPLúGLU >@ 6RQ G|YUOԥUGԥ YLWUHRUHWLQDO FԥUUDKL\\ԥQLQ LQNLúDI LVWLTDPԥWOԥULQGԥQ ELUL NLoLN NԥVLNOL JDXJH PP JDXJH PP VRQ LOOԥUGԥ JDXJH PP JDXJH ± TH\F GLDPHWULQ VWDQGDUWÕGÕU YLWUHNWRPL\D PHWRGODUÕQÕQ WԥWELTLGLU > @ /DNLQ LQWUDRNXO\DU \DG FLVLPOԥULQ [DULF HGLOPԥVL GDKD PUԥNNԥE PGD[LOԥ KHVDE HGLOGL\LQGԥQ ELU oR[ PԥOOLÀԥU ԥQԥQԥYL JDXJH PP WH[QRORJL\D\D VWQON YHUPԥNGԥGLUOԥU >@ ԤGԥEL\\DWGD \DOQÕ] ELU QHoԥ LúGԥ NLoLN NԥVLNOL YLWUHNWRPL\DQÕQ J|]Q DU[D VHTPHQWLQGԥQ \DG FLVLPOԥULQ [DULF HGLOPԥVLQGԥ WԥELTLQLQ QԥWLFԥOԥUL KDTTÕQGD PԥOXPDW YHULOPLúGLU >@ %X LúOԥUGԥ \DG FLVPLQ [DULF HGLOPԥVL oQ VNOHURWRPL\DODUGDQ ELULQLQ JHQLúOԥGLOPԥVL Yԥ \D[XG ԥODYԥ OLPEDO NԥVLN DSDUÕOPDVÕ WԥWELT HGLOPLúGLU
WԥWELTLQLQ LONLQ QԥWLFԥOԥULQLQ |\UԥQLOPԥVLGLU 0DWHULDO Yԥ PHWRGODU øúGԥ FX LOGԥ $NDG =ԤOL\HYD DG 0LOOL 2IWDOPRORJL\D 0ԥUNԥ]LQGԥ J|] DOPDVÕQÕQ DU[D VHTPHQWLQGԥNL \DG FLVLPOԥUԥ J|Uԥ Wԥ[LUԥ VDOÕQPÕú FԥUUDKL PGD[LOԥ DSDUÕOPÕú J|]Gԥ [ԥVWԥ QԥWLFԥOԥU UHWURVSHNWLY RODUDT WԥKOLO HGLOPLúGLU ;ԥVWԥOԥULQ \Dú FLQV \DG FLVPLQ [VXVL\\ԥWOԥUL Yԥ V [DUDNWHULVWLNDVÕ FԥGYԥO Gԥ WԥVYLU HGLOPLúGLU 0úDKLGԥ G|YU D\GDQ D\D TԥGԥU ROPXúGXU PD\LQԥVLQLQ Eԥ]L KDOODUGD LVԥ ԥODYԥ RODUDT %VNDQ XOWUDVԥV PD\LQԥVLQLQ N|Pԥ\L LOԥ DSDUÕOPÕúÕGÕU
ԤPԥOL\\DWÕQ WH[QLNDVÕ .DWDUDNWDQÕQ IDNRHPXOVL¿NDVL\DVÕ ø2/LPSODQWDVL\DVÕ PP RSWLN KLVVԥQLQ GLDPHWUL Yԥ EX\QX] TLúD\D ;úԥNLOOL QH\ORQ WLNLú TR\XOGXTGDQ VRQUD OLPEGԥQ PP PԥVDIԥGԥ VWDQGDUW JDXJH
YLWUHNWRPL\D SRUWX DoÕOPÕú NDQ\XODODU \HUOԥúGLULOPLúGLU 0ԥUNԥ]L YLWUHNWRPL\D FRUH YLWUHFWRP\ DSDUÕOGÕTGDQ VRQUD WULDPVLQRORQ DVHWRQLGLQ N|Pԥ\L LOԥ DU[D KLDORLG PHPEUDQ TDOGÕUÕOPÕú Yԥ [DULF HGLOPLúGLU 7ULDPVLQRORQ DVHWRQLG
NULVWDOODUÕQGDQ ELU PLTGDU PԥTVԥGOL RODUDT SUROLIHUDWLY YLWUHRUHWLQRSDWL\DQÕQ SUR¿ODNWLNDVÕ oQ J|] GLELQGԥ VD[ODQÕOPÕúGÕU ELUL WÕ[DFOD ED÷ODQPÕú Yԥ \DG FLVPLQ |OoOԥULQԥ IRUPDVÕQD Yԥ ORNDOL]DVL\DVÕQD X\÷XQ RODUDT JDXJH 095 EÕoD÷Õ LOԥ ԥODYԥ VNOHURWRPRL\D DSDUÕOPÕú JDXJH SLQVHWOԥ \DG FLVLP [DULF HGLOPLúGLU 'DKD VRQUD VNOHUD 9LFU\O
VDSÕ LOԥ WLNLOPLú JDXJH SRUWX \HQLGԥQ DoÕOPÕú Yԥ VNOHURWRPL\D QDKL\ԥVLQGԥ WRU TLúDQÕQ SHULIHUL\DVÕ UHYL]L\D HGLOPLúGLU %XQGDQ VRQUD SDUV SODQD YLWUHNWRPL\D ԥPԥOL\\DWÕQÕQ VWDQGDUW SURVHGXUODUÕ OD]HU PD\HKDYD KDYDTD]
PEDGLOԥOԥUL VLOLNRQ LQ\HNVL\DVÕ Yԥ V JDXJH VNOHURWRPL\DGDQ LFUD HGLOPLúGLU ԤPԥOL\\DWÕQ VRQXQGD JDXJH VNOHURWRPL\DODUÕQ KHUPHWLNOL\L \R[ODQÕOPÕú OD]ÕP JԥOԥUVԥ 9LFU\O WLNLú TR\XOPXúGXU
4H\G \DOQÕ] KDOGD \DG FLVPL [DULF HWPԥN oQ \X[DUÕGD TH\G HGLOԥQ WH[QLNDGDQ IԥUTOL RODUDT ԥVDV VNOHURWRPL\DODUGDQ ELULQLQ JHQLúOԥQGLULOPԥVL WԥWELT HGLOPLúGLU KDOGD \DG FLVPLQ ]ԥGԥVLQLQ WԥVLUL QԥWLFԥVLQGԥ
WRU TLúDQÕQ UHTPDWRJHQ TRSPDVÕ Pԥ\\ԥQ HGLOPLúGLU Yԥ EX KDOGD FԥUUDKL ԥPԥOL\\DW SODQÕQD KԥP Gԥ VD[OD\ÕFÕ VLUNO\DM PP VLOLNRQ OHQW OLPEGԥQ PP GD[LO HGLOPLúGLU KDOGD EOOXU ]ԥGԥOԥQPԥGL\L oQ LON ԥPԥOL\\DW
SODQÕQD NDWDUDNWDQÕQ IDNRHPXOVL¿NDVL\DVÕ Yԥ ø2/ LPSODQWDVL\DVÕ GD[LO HGLOPԥPLúGLU $OÕQDQ QԥWLFԥOԥU 6366 SURTUDPÕQÕQ N|Pԥ\L LOԥ PԥOXPDW ED]DVÕQD \HUOԥúGLULOPLú VWDWLVWLN LúOԥQPԥOԥU EX
SURTUDP YDVLWԥVL LOԥ DSDUÕOPÕúGÕU 06' LOԥ TԥGԥU IԥUTOԥQPLúGLU KDOGD PLV PԥQúԥOL GLJԥU KDOGD LVԥ GDú TÕUÕQWÕVÕ J|]GD[LOL \DG FLVLP NLPL VD[ODQÕOPÕúÕGÕU 25ø-ø1$/ 0Ԥ4$/Ԥ/Ԥ5 24
ROoV RUWD KHVDEOD PPԥ EԥUDEԥU ROPXúGXU PDNVLPXP PP ho KDOGD \DG FLVPLQ J|] GD[LOLQGԥ X]XQ PGGԥW VD[ODQÕOPDVÕ PHWDOOR] KDOGD VLGHUR] KDOGD [DONR] ԥODPԥWOԥULQLQ PH\GDQD oÕ[PDVÕQD VԥEԥE ROPXúGXU DU[D GLYDUÕQD VDQFÕOPÕú HPEHGGHG Yԥ]L\\ԥWGԥ ROPXúGXU /DNLQ TH\G HWPԥN OD]ÕPGÕU NL \DG FLVPLQ LQWUDYLWUHDO ORNDOL]DVL\DVÕQÕQ KԥP SUHRSHUDWLY PD\LQԥ ]DPDQÕ KԥP Gԥ LQWUDRSHUDWLY WԥVGLT HGLLOGL\L KDOGD J|]Q
DU[D GLYDUÕQGD \DG FLVPLQ LONLQ ]ԥGԥVL LPSDFW VLWH DúNDU HGLOPLúGLU &ԥGYԥO
5H )H"
SSY TD] /3
5' GDKD VRQUD ,2/ SSY 6LO 9+ 7. &) ø2/ SSY 6LO &) 5' (50 WԥNUDU SSYVLO P JQ 5H )H 9+ 7. &) ø2/ SSY TD] 2.
5H )H 9+ 7. &) ø2/ SSY TD] 2. 5 P LO 9 &X ;DONR] 9+ 7. /3 ø2/ SSY 6LO &) 5' WԥNUDU ԥPԥOL\\DW SODQODúGÕUÕOÕU P JQ 9 )H 9+ 7. HM ø2/ SSY TD] 2. 7 P D\ 5H )H 6LGHUR] 5' 7.
/3 ø2/ SSY VLUN O\DM 6LO 2. øONLQ LúOԥQPԥ DSDUÕOPD\ÕE P LO 9 'Dú 9+ 7. /3 ø2/ SSY KDYD 2. 9 P JQ 5H )H 9+ SSY 6LO (50 WԥNUDU SSYTD] úԥIIDI EOOXU
FLVPԥ TDQVÕ]PD 5'WRU TLúDQÕQ TRSPDVÕ (50HSUHWLQDO PHPEUDQ /3LúÕT GX\÷XVX &)EDUPDT VD\Õ *|] DOPDVÕQÕQ GԥOLENHoԥQ \DUDODQPDODUÕ \DG FLVPLQ VD[ODQÕOPDVÕ LOԥ \DQDúÕ GLJԥU Gԥ\LúLNOLNOԥU R FPOԥGԥQ WUDYPDWLN NDWDUDNWD J|] úúԥYDUL FLVPԥ TDQVÕ]PD J|] VLGHUR] J|] [DONR] J|] WRU TLúDQÕQ TRSPDVÕ J|] LOԥ Gԥ PúD\LԥW ROXQPXúGXU $SDUÕODQ ԥPԥOL\\DWÕQ DQDWRPLN QԥWLFԥOԥULQԥ JԥOGLNGԥ J|]Gԥ ԥPԥOL\\DWGDQ VRQUDNÕ G|YUGԥ IԥVDGODU TH\GԥDOÕQPDPÕúGÕUԤPԥOL\\DWGDQVRQUDJ|]Gԥ WRUTLúDQÕQUHTPDWRJHQTRSPDVÕSHULUHWLQDOPHPEUDQODUÕQ IRUPDODúPDVÕ LOԥ PúDKLGԥ HGLOPLú EX J|]OԥULQ LNLVLQGԥ WԥNUDU FԥUUDKL ԥPԥOL\\DW UHWLQHNWRPL\D Yԥ VLOLNRQ WDPSRQDGDVÕ DSDUÕOPÕú ODNLQ VRQ QԥWLFԥGԥ EX J|]OԥUGԥ J|UPԥ IXQNVL\DVÕ DúD÷Õ ROPXúGXU 4H\G HWPԥN OD]ÕPGÕU NL EX J|]OԥUGԥQ ELULQGԥ GԥPLU PԥQúԥOL \DG FLVPLQ J|]GԥQ [DULF HGLOPԥVLQԥ ED[PD\DUDT VLGHUR] ԥODPԥWOԥULQLQ GDKD GD DUWPDVÕ PúDKLGԥ HGLOPLúGLU J|]Gԥ LVԥ ԥPԥOL\\DWGDQ VRQUD HSLUHWLQDO PHPEUDQÕQ IRUPDODúPDVÕ LOԥ PDNXOD QDKL\ԥVLQGԥ WUDNVLRQ Gԥ\LúLNOLNOԥU PH\GDQD oÕ[PÕú VLOLNRQXQ [DULF HGLOPԥVL ]DPDQÕ HSLUHWLQDO PHPEUDQ GD [DULF HGLOPLú Yԥ TD] WDPSRQDGDVÕ DSDUÕOPÕúGÕU $SDUÕODQ FԥUUDKL ԥPԥOL\\DWODUÕQ IXQNVLRQDO QԥWLFԥOԥULQLQLQ GLQDPLNDVÕ ùԥNLO Gԥ WԥVYLU HGLOPLúGLU 1,0 0,9
0,8 0,7
0,6 0,5
0,4 0,3
0,2 0,1
0,0 P reop_V A 1,0 0,9
0,8 0,7
0,6 0,5
0,4 0,3
0,2 0,1
0,0 Fi na l_ V A ùԥNLO *|]GD[LOL \DG FLVPԥ J|Uԥ DSDUÕOPÕú YLWUHNWRPL\D ԥPԥOL\\DWÕQGDQ VRQUD J|UPԥ LWLOL\LQLQ GLQDPLNDVÕ 25ø-ø1$/ 0Ԥ4$/Ԥ/Ԥ5 25
'LDTUDPGDQ J|UQG\ NLPL ԥPԥOL\\DWGDQ ԥYYԥO EWQ J|]OԥUGԥ J|UPԥ IXQNVL\DVÕ DúD÷Õ ROPXúGXU J|]Gԥ LúÕT GX\÷XVX ԤPԥOL\\DWGDQ VRQUD J|]OԥULQ ԥNVԥUL\\ԥWLQGԥ J|UPԥQLQ DUWPDVÕ J|] TH\Gԥ DOÕQPÕú J|]Gԥ J|UPԥ Gԥ\LúPԥPLú HSLUHWLQDO PHPEUDQÕQ LQNLúDI HWPԥVL LOԥ ED÷OÕ J|]Gԥ LVԥ J|UPԥ LWLOL\L WRU TLúDQÕQ TRSPDVÕ Yԥ VLGHUR] ԥODPԥWOԥULQLQ DUWPDVÕ LOԥ ԥODTԥGDU DúD÷Õ GúPúGU LúÕT GX\÷XVXQD TԥGԥU ùԥNLO Gԥ DSDUÕOPÕú ԥPԥOL\\DWODUGDQ ELULQLQ YLGHRIUDTPHQWOԥUL Yԥ J|]Q ԥPԥOL\\DWGDQ VRQUDNÕ Yԥ]L\\ԥWL WԥVYLU HGLOPLúGLU A %
' ( ) * H ùԥNLO *|]GD[LOL \DG FLVPLQ oÕ[DUÕOPDVÕ ԥPԥOL\\DWÕQÕQ PԥUKԥOԥOԥUL Yԥ ԥPԥOL\\DWGDQ VRQUDNÕ QԥWLFԥ $ ± ԥPԥOL\\DW |Q J|] DOPDVÕQÕQ J|UQú \DUDQÕQ ELULQFLOL FԥUUDKL LúOԥQPԥVLQGԥQ VRQUD % ± NDWDUDNWDQÕQ IDNRHPXOVL¿NDVL\DVÕ Yԥ ,2/ LPSODQWDVL\DVÕQGDQ VRQUD J|UQW & ± ԥODYԥ VNOHURWRPL\DGDQ \DG FLVPLQ SLQVHWOԥ [DULF HGLOPԥVL ' ± WULDPVLQRORQ DVHWRQLGLQ N|Pԥ\L LOԥ DU[D KLDORLG PHPEUDQÕQ TDOGÕUÕOPDVÕ ( ± \DG FLVPLQ WRUOX TLúDGDNÕ ]ԥGԥ \HUL LPSDFW VLWH ) ± ԥPԥOL\\DWÕQ VRQXQGD TD] WDPSRQDGDVÕ DSDUÕOGÕTGDQ VRQUD J|] DOPDVÕQÕQ J|UQú * ± D\GDQ VRQUD J|]Q ELRPLNURVNRSLN J|UQWV + ± J|] GLELQLQ D\ VRQUD WԥVYLUL ]ԥGԥ QDKL\ԥVL ԥWUDIÕQGD SLTPHQWOԥúPLú OD]HU RFDTODUÕ PúDKLGԥ HGLOLU 0]DNLUԥ *|]Q DU[D VHTPHQWLQGԥNL \DG FLVLPOԥULQ [DULF ROXQPDVÕQGD SDUV SODQD YLWUHNWRPL\D PHWRGXQXQ DSDUÕFÕ URO R\QDGÕ÷Õ DUWÕT PEDKLVԥ GR÷XUPXU >@ %XQXQOD EHOԥ PԥOOLÀԥULQ ԥNVԥUL\\ԥWL WUDYPDWLN J|]OԥUGԥ FԥUUDKL PGD[LOԥQLQ PUԥNNԥEOL\LQL Qԥ]ԥUԥ DODUDT ԥQԥQԥYL JDXJH WH[QLND\D VWQON YHULUOԥU %X ]DPDQ QDUDKDWoÕOÕT GR÷XUDQ PԥVԥOԥOԥUGԥQ ELUL NLPL WUDYPDWLN J|]OԥUGԥ WURNDU NDQ\XODQÕQ \HUOԥúGLULOPԥVL LOԥ ED÷OÕ SUREOHPOԥU Gԥ TH\G ROXQXU >@ /DNLQ VRQ RQLOOLNGԥ YLWUHRUHWLQDO FԥUUDKL\\ԥQLQ PXPL LQNLúDI PH\OOԥULQԥ Qԥ]ԥU VDOGÕTGD NLoLN NԥVLNOL JDXJH Yԥ GDKD NLoLN |OoO FԥUUDKL WH[QRORJL\DODUÕQ ԥQԥQԥYL JD LQDPOD ԥYԥ] HWPԥVL DúNDU J|UQPԥNGԥGLU &ԥUUDKL DOԥW DUVHQDOODUÕ GDKD oR[ JDXJH oQ \HQLOԥQPԥNGԥGLU (\QL ]DPDQGD JDXJH YLWUHNWRPL\D JQP]Gԥ JHWGLNFԥ GDKD D] WԥWELT ROXQPDTGDGÕU %XQODUÕ Qԥ]ԥUԥ DODUVDT WUDYPD KDOODUÕQGD GD JDXJH Yԥ GDKD NLoLN |OoO FԥUUDKL\\ԥQLQ \HU WXWPDVÕ TDoÕQÕOPD]GÕU .LoLN NԥVLNOL FԥUUDKL\\ԥ \DWURJHQ WUDYPDQÕQ D]DOPDVÕQD EHOԥOLNOԥ ԥPԥOL\\DWOD ED÷OÕ IԥVDGODUÕQ D]DOPDVÕ Yԥ VD÷DOPD G|YUQQ TÕVDOPDVÕQD úԥUDLW \DUDGÕU 6RQ LOOԥUGԥ NLoLN NԥVLNOL YLWUHNWRPL\DQÕQ J|]Q DU[D VHTPHQWLQGԥNL \DG FLVLPOԥULQ [DULF HGLOPԥVLQGԥ WԥWELTLQLQ PԥTEXO QԥWLFԥOԥUL EDUԥVLQGԥ ԥGԥEL\\DWGD Eԥ]L PԥOXPDWODU GԥUF HGLOPLúGLU >@ %X LúOԥUGԥ PԥOOLÀԥU \DG FLVPLQ [DULF HGLOPԥVL oQ VNOHURWRPL\DODUGDQ ELULQLQ 095 EÕoDTOD JHQLúOԥQGLULOPԥVLQL Yԥ \D OLPEDO NԥVLN DSDUÕOPDVÕQÕ WԥNOLI HGLUOԥU %L]LP WԥTGLP HWGL\LPL] LúGԥ IԥUTOL FԥKԥW \DG FLVPLQ [DULF ROXQPDVÕ oQ ԥODYԥ VNOHURWRPL\DQÕQ DSDUÕOPDVÕGÕU )LNULPL]Fԥ EX WH[QLNDQÕQ ELU QHoԥ VWQO\ YDUGÕU %LULQFL \DG FLVLP YL]XDOL]DVL\D HGLOGLNGԥQ VRQUD VNOHURWRPL\D ԥQ X\÷XQ ORNDOL]DVL\DGD \DG FLVPLQ IRUPDVÕQÕ Yԥ |OoOԥULQL Qԥ]ԥUԥ DOPDTOD DSDUÕOÕU øNLQFLVL \DG FLVLP [DULF HGLOGLNGԥQ VRQUD VNOHURWRPL\D QDKL\ԥVLQL UHYL]L\D HWPԥN GDKD UDKDWGÕU 6NOHURWRPL\D QDKL\ԥVLQGԥ LQNDUVHUDVL\D \ÕUWÕT Yԥ EXQXQ QԥWLFԥVLQGԥ JԥOԥFԥNGԥ SUROLIHUDVL\D Yԥ WRU TLúDQÕQ TRSPD ULVNLQLQ ROGX÷XQX Qԥ]ԥUԥ DOVDT \DG FLVPLQ [DULF HGLOPԥVL oQ JDXJH VNOHURWRPL\DODUGDQ ELUL LVWLIDGԥ HGLOԥUNԥQ GDKD VRQUD H\QL \HUGԥ OD]ÕP ROD ELOԥQ YLWUHNWRPL\D Yԥ \D OD]HU SURVHGXUODUÕQÕQ GDKD oԥWLQ ROPDVÕQÕ TH\G HWPԥN OD]ÕPGÕU 9ԥ QԥKD\ԥW VWDQGDUW JDXJH VNOHURWRPL\DVÕ JHQLúOԥQGLOPLúVԥ \DG FLVLP [DULF HGLOGLNGԥQ VRQUD ԥPԥOL\\DWÕQ GDYDPÕ oQ KԥPLQ JDXJH NDQ\XODQÕQ VWDELOOL\LQLQ D]DOPDVÕQÕQ PPNQ ROPDVÕQÕ TH\G HWPԥN OD]ÕPGÕU 25ø-ø1$/ 0Ԥ4$/Ԥ/Ԥ5 26
*|]GD[LOL \DG FLVLPOԥULQ [DULF HGLOPԥVLQGԥQ VRQUD WRU TLúDQÕQ UHTPDWRJHQ TRSPDVÕQÕQ EDú YHUPԥVL ԥGԥEL\\DWGD TH\G HGLOPLú Yԥ WH]OL\L DUDVÕQGD J|VWԥULOPLúGLU >@ 7RU TLúDQÕQ UHTPDWRJHQ TRSPDVÕQÕQ PPNQ VԥEԥEOԥUL \DG FLVPLQ WRU TLúDGDNÕ ]ԥGԥOԥUL Yԥ \D \DWURJHQ \ÕUWÕTODU SUROLIHUDWLY YLWUHRUHWLQRSDWL\DQÕQ LQNLúDIÕ NLPL J|VWԥULOPLúGLU ԤPԥOL\\DW ]DPDQÕ DU[D KLDORLG PHPEUDQÕQ D\UÕOPDVÕ EDUԥGԥ ¿NLUOԥU ]LGGL\\ԥWOLGLU %ԥ]L PԥOOLÀԥU ԥPԥOL\\DW ]DPDQÕ DU[D KLDORLGLQ TRSDUÕOPDVÕQÕQ WԥNLGOԥ W|YVL\\ԥ HWGLNOԥUL KDOGD >@ GLJԥUOԥUL >@ EX PDQHYULQ ULVNOL ROGX÷XQX GLJԥUOԥUL LVԥ KԥU ]DPDQ X÷XUOX ROPDGÕ÷ÕQÕ TH\G HGLUOԥU %L]LP EWQ ԥPԥOL\\DWODUGD ԥPԥOL\\DW ]DPDQÕ DU[D KLDORLGLQ VQL VXUԥWGԥ D\UÕOPDVÕ Kԥ\DWD NHoLULOPLúGLU oQNL ]ԥQQLPL]Fԥ DU[D KLDORLG PHPEUDQÕQ D\UÕOPDVÕ HSLUHWLQDO PHPEUDQÕQ LQNLúDI HWPԥVL Yԥ WRU TLúDQÕQ TRSPDVÕ ULVNLQL D]DOGÕU 7RU TLúDQÕQ UHTPDWRJHQ TRSPDVÕQÕQ TDUúÕVÕQÕ DOPDT oQ SUR¿ODNWLN RODUDT VLUNO\DM OHQWLQLQ WLNLOPԥVLQL Gԥ W|YVL\\ԥ HGԥQOԥU Gԥ YDUGÕU > @ 0úDKLGԥ HWGL\LPL] [ԥVWԥOԥULQ \DOQÕ] ELULQGԥ WRU TLúDQÕQ TRSPDVÕ ԥPԥOL\\DWD TԥGԥU P|YFXG ROGX÷X oQ VLUNO\DM OHQWLQGԥQ LVWLIDGԥ HGLOPLú Yԥ DQDWRPLN QԥWLFԥ PYԥIIԥTL\\ԥWOL ROPXúGXU 6NOHUDO NԥVL\LQ JHQLúOԥQGLULOLOPԥVL Gԥ |]|]O\QGԥ SUROLIHUDWLY YLWUHRUHWLQRSDWL\D ULVNLQL DUWÕUPDTOD WRU TLúDQÕQ TRSPDVÕ ULVNLQL DUWÕUD ELOԥU :LURVWNR Yԥ KԥPPԥOOLÀԥU >@ PP |OoQ VNOHURWRPL\DODU oQ \X[DUÕ KԥGG NLPL TH\G HGLUOԥU %L]LP PúDKLGԥOԥULPL]Gԥ \DG FLVLPOԥULQ |OoV J|VWԥULOԥQGԥQ NLoLN ROGX÷X oQ EWQ KDOODUGD \DG FLVLPOԥU VNOHURWRPL\DODUGDQ [DULF HGLOPLúGLU %L]LP PúDKLGԥOԥUGԥ ԥPԥOL\\DWGDQ VRQUDNÕ G|YUGԥ WRU TLúDQÕQ TRSPDVÕ J|]Gԥ TH\Gԥ DOÕQPÕúGÕU 4H\Gԥ DOÕQDQ TRSPDGDQ VL LON ԥPԥOL\\DWODU ]DPDQÕ \ԥQL \DG FLVPL oÕ[DUPDT oQ VNOHURWRPL\DQÕQ JHQLúOԥQGLULOPԥVL PHWRGX LVWLIDGԥ HGLOGL\L KDOODUGD J|UQPúGU %XUDGD WRU TLúDQÕQ TRSPDVÕQÕ VNOHURWRPL\D QDKL\ԥVLQGԥ PPNQ RODQ \DWURJHQ \ÕUWÕTODU SUROLIHUDWLY Gԥ\LúLNOLNOԥU Yԥ |\UԥQPԥ G|YUQQ [ԥWDVÕ OHDUQLQJ FXUYH LOԥ ԥODTԥOԥQGLUPԥN PPNQGU $SDUGÕ÷ÕPÕ] PúDKLGԥOԥUGԥ TH\G HWPԥN LVWԥGL\LPL] GDKD ELU [VXVL\\ԥW SDUV SODQD YLWUHNWRPL\D ]DPDQÕ WRU TLúDGD JL]OL ]ԥGԥOԥUL LPSDFW VLWH DúNDU HWPԥN LPNDQÕ \DUDWPDVÕGÕU %L]LP PúDKLGԥOԥUGԥ J|]GԥQ Gԥ \DG FLVLP WRU TLúDGD ]ԥGԥ \DUDWGÕTGDQ VRQUD EDúTD ORNDOL]DVL\DVÕQÕ Gԥ\LúPLúGLU 4H\G HWPԥN OD]ÕPGÕU NL EX J|]OԥUGԥ ԥPԥOL\\DWGDQ TDEDT DSDUÕOPÕú PD\LQԥ ]DPDQÕ \DG FLVPLQ ORNDOL]DVL\DVÕ LQWUDYLWUHDO RODUDT TH\G HGLOPLú %VNDQ PD\LQԥVL WRU TLúDGDNÕ LONLQ ]ԥGԥ QDKL\ԥVLQL TH\G HWPԥPLúGLU 0úDKLGԥ DOWÕQGD RODQ J|]OԥULQ ԥNVԥUL\\ԥWLQGԥ J|]GԥQ Gԥ YL]XDOL]DVL\DQÕ oԥWLQOԥúGLUԥQ GLJԥU Gԥ\LúLNOLNOԥULQ WUDYPDWLN NDWDUDNWD úúԥYDUL FLVPԥ TDQVÕ]PD PúDKLGԥ HGLOGL\LQL Qԥ]ԥUԥ DOVDT \DG FLVPLQ [DULF HGLOPԥVLQGԥ SDUV SODQD YLWUHNWRPL\D PHWRGXQXQ GDKD VWQ ROPDVÕQD ELU GDKD úDKLG ROPDT PPNQGU $SDUÕODQ ԥPԥOL\\DWODUÕQ IXQNVLRQDO QԥWLFԥOԥULQԥ ED[GÕTGD \NVԥN IXQNVLRQDO QԥWLFԥOԥU Yԥ DUWÕT ԥOGԥ HGLOԥQ J|]GԥQ LEDUԥW Yԥ GDKD DúD÷Õ QԥWLFԥOԥU HGLOԥQ GLJԥU J|]GԥQ LEDUԥW TUXS Qԥ]ԥUԥ oDUSÕU *|UPԥ QԥWLFԥOԥULQLQ GDKD DúD÷Õ ROGX÷X TUXSGD [ԥVWԥGԥ WRU TLúDQÕQ TRSPDVÕ J|]Gԥ SUHRSHUDWLY J|]Gԥ SRVWRSHUDWLY ROPDVÕ Yԥ J|]Gԥ LVԥ HSLPDNXO\DU PHPEUDQÕQ LQNLúDI HWPԥVL DúD÷Õ IXQNVLRQDO QԥWLFԥOԥULQ ԥVDV VԥEԥEL NLPL TH\G HGLOԥ ELOԥU +ԥP ԥPԥOL\\\DWGDQ ԥYYԥONL KԥP Gԥ FԥUUDKL ԥPԥOL\\DWGDQ VRQUDNÕ WRU TLúDQÕQ TRSPDVÕ J|]GD[LOL \DG FLVLPOԥU ]DPDQÕ J|UPԥ LWLOL\L oQ ԥQ PKP PԥQ¿ SURTQRVWLN IDNWRU NLPL ELU oR[ PԥOOLI WԥUԥ¿QGԥQ TH\G HGLOPLúGLU >@ %XQGDQ EDúTD EX J|]OԥUGԥQ oQGԥ PHWDOOR] ԥODPԥWOԥULQLQ ROPDVÕ J|UPԥ IXQNVL\DVÕQÕQ DúD÷Õ ROPDVÕ oQ GDKD ELU VԥEԥEGLU 2QODUGDQ ELULQGԥ LVԥ KԥWWD GԥPLU PԥQúԥOL \DG FLVLP [DULF HGLOGLNGԥQ VRQUD VLGHUR] ԥODPԥWOԥULQLQ GDKD GD DUWPDVÕ Yԥ J|UPԥQLQ LúÕT GX\÷XVXQD TԥGԥU D]DOPDVÕ PúDKLGԥ HGLOPLúGLU %HOԥOLNOԥ DSDUÕODQ LONLQ PúDKLGԥOԥU J|]GD[LOL \DG FLVLPOԥULQ [DULF HGLOPԥVLQGԥ JDXJH SDUV SODQD YLWUHNWRPL\DQÕQ ԥQԥQԥYL JDXJH YLWUHNWRPL\D\D PYD¿T DQDWRPLN Yԥ IXQNVLRQDO QԥWLFԥOԥU J|VWԥUPԥNOԥ [ԥVWԥOԥU oQ GDKD NRPIRUWOX ԥPԥOL\\DWGDQ VRQUDNÕ JHGLúԥ LPNDQ \DUDGD ELOPԥVLQL J|VWԥULU %XQXQOD EHOԥ ԥQԥQԥYL YLWUHNWRPL\D WH[QLNDVÕQGD PúDKLGԥ HGLOԥQ IԥVDGODUÕQ ELU oR[X WRU TLúDQÕQ UHTPDWRJHQ TRSPDVÕ HSLUHWLQDO PHPEUDQ JDXJH YLWUHNWRPL\DGD GD UDVW JԥOPԥNGԥGLU 7ԥNOLI HGLOԥQ PHWRGXQ ԥQԥQԥYL YLWUHNWRPL\DGDQ VWQO\Q Pԥ\\ԥQ HWPԥN HOԥFԥ Gԥ ԥPԥOL\\DWÕQ Eԥ]L WH[QLNL PRPHQWOԥULQLQ ԥKԥPL\\ԥWLQL GDKD DTUHVVLY SHULIHULN YLWUHNWRPL\D DU[D PHPEUDQÕQ D\UÕOPDVÕ SUR¿ODNWLN VLUNO\DM Yԥ V Gԥ\ԥUOԥQGLUPԥN oQ GDKD E|\N KԥFPGԥ Yԥ GDKD X]XQ PGGԥWOL PúDKLGԥOԥUԥ HKWL\DF YDUGÕU Ԥ'Ԥ%,<<$7 *DXGLR $5 ,QWUDRFXODU IRUHLJQ ERGLHV ,Q $OEHUW '0 -DFRELHF )$ HGV 3ULQFLSOHV DQG 3UDFWLFH RI 2SKWKDOPRORJ\ 3KLODGHOSKLD :% 6DXQGHUV &RPSDQ\ ± 2SLQLRQ LQ 2SKWKDOPRORJ\ ± 0L\DNH < $QGR ) 6XUJLFDO UHVXOWV RI YLWUHFWRP\ LQ RFXODU WUDXPD 5HWLQD
5HFFKLD )0 $DEHUJ 7 -U 6WHUQEHUJ 3 -U 0DQDJHPHQW RI ,2)% ,Q 5\DQ 6- HG 5HWLQD (OVHYLHU 0RVE\ )RXUWK HGLWLRQ 9RO ,,,
:HLFKHO (' 25ø-ø1$/ 0Ԥ4$/Ԥ/Ԥ5 27
0HVWHU 9 .XKQ ) )HUURXV LQWUDRFXODU IRUHLJQ ERGLHV UHWDLQHG LQ WKH SRVWHULRU VHJPHQW PDQDJHPHQW RSWLRQV DQG UHVXOWV ,QWHUQDWLRQDO RSKWKDOPRORJ\ :HLVVJROG '- .DXVKDO 3 /DWH RQVHW RI UKHJPDWRJHQRXV UHWLQDO GHWDFKPHQWV DIWHU VXFFHVVIXO SRVWHULRU VHJPHQW LQWUDRFXODU IRUHLJQ ERG\ UHPRYDO %U - 2SKWKDOPRO ± &KDXGKU\ ,$ 6KDPVL )$$O+DUWKL ($O7KHHE$ (O]DULGL ( 5LOH\ )& ,QFLGHQFH DQG YLVXDO RXWFRPH RI HQGRSKWKDOPLWLV DVVRFLDWHG ZLWK LQWUDRFXODU IRUHLJQ ERGLHV *UDHIH¶V $UFK &OLQ ([S 2SKWKDOPRO ±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± :LURVWNR -: %KDWLD 6 0LHOHU :) 0F&DEH &0 5HPRYDO RI LQWUDRFXODU IRUHJLQ ERGLHV ,Q 3H\PDQ *$ 0HIIHUW 6$ &RQZD\ 0' HGV 9LWUHRUHWLQDO VXUJLFDO WHFKQLTXHV ,QIRUPD 6HFRQG HGLWLRQ
'H 6RX]D '6 +RZFURIW 0- 0DQDJHPHQW RI SRVWHULRU VHJPHQW LQWUDRFXODU IRUHLJQ ERGLHV \HDUV H[SHULHQFH &DQ - 2SKWKDOPRO ± :LFNKDP / ;LQJ : %XQFH & 6XOOLYDQ 3 2XWFRPHV RI VXUJHU\ IRU SRVWHULRU VHJPHQW LQWUDRFXODU IRUHLJQ ERGLHV²D UHWURVSHFWLYH UHYLHZ RI \HDUV RI FOLQLFDO H[SHULHQFH *UDHIH¶V $UFK &OLQ ([S 2SKWKDOPRO ± &KRZ '5 *DUUHWVRQ %5 .XF]\QVNL % :LOOLDPV *$ 0DUJKHULR 5 &R[ 06 7UHVH 07 +DVVDQ 7 )HUURQH 3 ([WHUQDO YHUVXV LQWHUQDO DSSURDFK WR WKH UHPRYDO RI PHWDOOLF LQWUDRFXODU IRUHLJQ ERGLHV 5HWLQD ± (O$VUDU $0 $O$PUR 6$ .KDQ 10 .DQJDYH ' 9LVXDO RXWFRPH DQG SURJQRVWLF IDFWRUV DIWHU YLWUHFWRP\ IRU SRVWHULRU VHJPHQW IRUHLJQ ERGLHV (XU - 2SKWKDOPRO ± $]DG 59 .XPDU 1 6KDUPD <5 9RKUD 5 5ROH RI SURSK\ODFWLF VFOHUDO EXFNOLQJ LQ WKH PDQDJHPHQW RI UHWDLQHG LQWUDRFXODU IRUHLJQ ERGLHV &OLQ ([SHULPHQW 2SKWKDOPRO Ʉɟɪɢɦɨɜ Ɇ ɂ ɒɚɦɢɥɨɜɚ Ɏ Ƚ Ɂɚɪɝɹɪɥɢ ɂ Ⱥ Ƚɭɫɟɣɧɨɜ ɗ ɋ ɉɊɂɆȿɇȿɇɂȿ *$8*( 3$56 3/$1$ ȼɂɌɊȿɄɌɈɆɂɂ ɉɊɂ ɍȾȺɅȿɇɂɂ ȼɇɍɌɊɂȽɅȺɁɇɕɏ ɂɇɈɊɈȾɇɕɏ ɌȿɅ ɇɚɰɢɨɧɚɥɶɧɵɣ ɐɟɧɬɪ Ɉɮɬɚɥɶɦɨɥɨɝɢɢ ɢɦɟɧɢ ɚɤɚɞɟɦɢɤɚ Ɂɚɪɢɮɵ Ⱥɥɢɟɜɨɣ ɝ Ȼɚɤɭ Ⱥɡɟɪɛɚɣɞɠɚɧ Ʉɥɸɱɟɜɵɟ ɫɥɨɜɚ ɜɢɬɪɷɤɬɨɦɢɹ JDXJH SDUV SODQD ɜɧɭɬɪɢɝɥɚɡɧɨɟ ɢɧɨɪɨɞɧɨɟ ɬɟɥɨ ɊȿɁɘɆȿ
ɐɟɥɶ Ⱥɧɚɥɢɡɢɪɨɜɚɬɶ ɩɟɪɜɢɱɧɵɟ ɪɟɡɭɥɶɬɚɬɵ JDXJH ɜɢɬɪɟɤɬɨɦɢɢ ɩɪɢ ɭɞɚɥɟɧɢɢ ɢɧɨɪɨɞɧɵɯ ɬɟɥ Ɇɚɬɟɪɢɚɥɵ ɢ ɦɟɬɨɞɵ ɉɪɨɜɟɞɟɧ ɪɟɬɪɨɫɩɟɤɬɢɜɧɵɣ ɚɧɚɥɢɡ ɞɚɧɧɵɯ ɝɥɚɡ ɛɨɥɶɧɵɯ ɩɨɞɜɟɪɝɲɢɯɫɹ ɯɢɪɭɪɝɢɱɟɫɤɨɦɭ ɭɞɚɥɟɧɢɸ ɜɧɭɬɪɢɝɥɚɡɧɵɯ ɢɧɨɪɨɞɧɵɯ ɬɟɥ ɫ ɩɪɢɦɟɧɟɧɢɟɦ JDXJH SDUV SODQD ɜɢɬɪɟɤɬɨɦɢɢ ɜ ɝɝ ɉɟɪɢɨɞ ɧɚɛɥɸɞɟɧɢɹ ɫɨɫɬɚɜɥɹɥ ɨɬ ɬɢ ɞɨ ɬɢ ɦɟɫɹɰɟɜ ɋɪɟɞɧɢɣ ɜɨɡɪɚɫɬ ɛɨɥɶɧɵɯ ɧɚ ɦɨɦɟɧɬ ɨɩɟɪɚɰɢɢ ɫɨɫɬɚɜɥɹɥ ɝɨɞ ȼɫɟ ɛɨɥɶɧɵɟ ɛɵɥɢ ɦɭɠɫɤɨɝɨ ɩɨɥɚ ȼ ɫɥɭɱɚɹɯ ɨɬɦɟɱɚɥɢɫɶ ɠɟɥɟɡɨɫɨɞɟɪɠɚɳɢɟ ɢɧɨɪɨɞɧɵɟ ɬɟɥɚ ɋɨɩɭɬɫɬɜɭɸɳɢɦɢ ɢɡɦɟɧɟɧɢɹɦɢ ɝɥɚɡ ɛɵɥɢ ± ɬɪɚɜɦɚɬɢɱɟɫɤɢɟ ɤɚɬɚɪɚɤɬɵ ɫɥɭɱɚɟɜ ɝɟɦɨɮɬɚɥɶɦ ɫɥɭɱɚɟɜ ɨɬɫɥɨɣɤɚ ɫɟɬɱɚɬɤɢ ɫɥɭɱɚɣ Ɍɟɯɧɢɤɚ ɨɩɟɪɚɰɢɢ ɉɪɨɢɡɜɟɞɟɧɚ ɮɚɤɨɷɦɭɥɶɫɢɮɢɤɚɰɢɹ ɬɪɚɜɦɚɬɢɱɟɫɤɨɣ ɤɚɬɚɪɚɤɬɵ ɫ ɢɦɩɥɚɧɬɚɰɢɹ ɂɈɅ ɧɚ ɜɫɟɯ ɝɥɚɡɚɯ ɡɚ ɢɫɤɥɸɱɟɧɢɟɦ ɯ Ɂɚɬɟɦ ɩɪɨɢɡɜɟɞɟɧɚ ɫɬɚɧɞɚɪɬɧɚɹ JDXJH ɜɢɬɪɟɤɬɨɦɢɹ ɫ ɨɬɞɟɥɟɧɢɟɦ ɫ ɩɨɦɨɳɶɸ ɬɪɢɚɦɰɢɧɨɥɨɧɚ ɡɚɞɧɟɝɨ ɝɢɚɥɨɢɞɚ Ⱦɥɹ ɭɞɚɥɟɧɢɹ ɢɧɨɪɨɞɧɨɝɨ ɬɟɥɚ Ɇ95 ɧɨɠɨɦ ɫɨɡɞɚɜɚɥɚɫɶ ɞɨɩɨɥɧɢɬɟɥɶɧɚɹ ɫɤɥɟɪɨɬɨɦɢɹ ɤɨɬɨɪɚɹ ɫɪɚɡɭ ɠɟ ɩɨɫɥɟ ɭɞɚɥɟɧɢɹ ɢɧɨɪɨɞɧɨɝɨ ɬɟɥɚ ɡɚɲɢɜɚɥɚɫɶ ɉɪɨɞɨɥɠɟɧɢɟ ɨɩɟɪɚɰɢɢ ɨɫɭɳɟɫɬɜɥɹɥɨɫɶ ɱɟɪɟɡ ɫɬɚɧɞɚɪɬɧɵɟ JDXJH ɫɤɥɟɪɨɬɨɦɢɢ Ɍɚɦɩɨɧɚɞɚ ɫɢɥɢɤɨɧɨɜɵɦ ɦɚɫɥɨɦ ɩɪɨɢɡɜɟɞɟɧɚ ɜ ɫɥɭɱɚɹɯ ɝɚɡɨɦ ɜ ɫɥɭɱɚɹɯ ɢ ɜɨɡɞɭɯɨɦ ɜ ɫɥɭɱɚɟ ȼ ɨɞɧɨɦ ɫɥɭɱɚɟ ɝɞɟ ɞɨ ɨɩɟɪɚɰɢɢ ɞɢɚɝɧɨ ɫɬɢɪɨɜɚɧɚ ɨɬɫɥɨɣɤɚ ɫɟɬɱɚɬɤɢ ɛɵɥɨ ɩɪɨɢɡɜɟɞɟɧɨ ɫɤɥɟɪɚɥɶɧɨɟ ɜɞɚɜɥɟɧɢɟ ɫ ɩɨɦɨɳɶɸ ɰɢɪɤɥɹɠɧɨɣ ɥɟɧɬɵ
25ø-ø1$/ 0Ԥ4$/Ԥ/Ԥ5 28
Ɋɟɡɭɥɶɬɚɬɵ ɢ ɨɛɫɭɠɞɟɧɢɟ ȼ ɪɟɡɭɥɶɬɚɬɟ ɩɪɨɜɟɞɟɧɧɨɣ ɨɩɟɪɚɰɢɢ ɨɫɬɪɨɬɚ ɡɪɟɧɢɹ ɭɥɭɱɲɢɥɚɫɶ ɜ ɦɢ ɫɥɭɱɚɹɯ ɢɡ ɜ ɯ ɫɥɭɱɚɹɯ ɨɧɚ ɛɵɥɚ ɨɬ ɞɨ ɜ ɨɦ ɫɥɭɱɚɟ ɡɪɟɧɢɟ ɧɟ ɢɡɦɟɧɢɥɨɫɶ ɜ ɨɦ ɫɥɭɱɚɟ ɭɯɭɞɲɢɥɨɫɶ ɞɨ ɫɜɟɬɨɨɳɭɳɟɧɢɹ ɇɢɡɤɢɟ ɮɭɧɤɰɢɨɧɚɥɶɧɵɟ ɪɟɡɭɥɶɬɚɬɵ ɛɵɥɢ ɫɜɹɡɚɧɵ ɫ ɫɢɞɟɪɨɡɨɦ ɫɥɭɱɚɹ ɯɚɥɶɤɨɡɨɦ ɫɥɭɱɚɣ ɨɬɫɥɨɣɤɨɣ ɫɟɬɱɚɬɤɢ ɞɨ ɫɥɭɱɚɣ ɢ ɩɨɫɥɟ ɨɩɟɪɚɰɢɢ ɫɥɭɱɚɹ ɪɚɡɜɢɬɢɟɦ ɷɩɢɦɚɤɭɥɹɪɧɨɣ ɦɟɦɛɪɚɧɵ ɫɥɭɱɚɹ ɉɨɜɬɨɪɧɨɟ ɨɩɟɪɚɬɢɜɧɨɟ ɜɦɟɲɚɬɟɥɶɫɬɜɨ ɛɵɥɨ ɩɪɨɜɟɞɟɧɨ ɦ ɛɨɥɶɧɵɦ ɩɪɢ ɨɬɫɥɨɣɤɟ ɫɟɬɱɚɬɤɢ ɢ ɩɪɢ ɷɩɢɪɟɬɢɧɚɥɶɧɨɣ ɦɟɦɛɪɚɧɟ ɱɬɨ ɧɟ ɭɥɭɱɲɢɥɨ ɨɫɬɪɨɬɵ ɡɪɟɧɢɹ ɜ ɷɬɢɯ ɝɥɚɡɚɯ
ɪɟɡɭɥɶɬɚɬɵ ɫɯɨɠɢɟ ɫ ɪɟɡɭɥɶɬɚɬɚɦɢ ɬɪɚɞɢɰɢɨɧɧɨɣ JDXJH ɜɢɬɪɟɤɬɨɦɢɟɣ ɨɩɢɫɚɧɧɨɣ ɜ ɥɢɬɟɪɚɬɭɪɟ Ɉɞɧɚɤɨ ɬɪɟɛɭɟɬɫɹ ɛɨɥɶɲɟɟ ɱɢɫɥɨ ɧɚɛɥɸɞɟɧɢɣ ɢ ɛɨɥɟɟ ɞɥɢɬɟɥɶɧɵɟ ɫɪɨɤɢ ɨɬɞɚɥɟɧɧɵɯ ɪɟɡɭɥɶɬɚɬɨɜ ɞɥɹ ɭɫɬɚɧɨɜɥɟɧɢɹ ɩɪɟɢɦɭɳɟɫɬɜɚ ɪɚɡɥɢɱɧɵɯ ɦɟɬɨɞɨɜ ɩɨ ɚɧɚɬɨɦɢɱɟɫɤɨɣ ɢ ɮɭɧɤɰɢɨɧɚɥɶɧɨɣ ɪɟɚɛɢɥɢɬɚɰɢɢ ɛɨɥɶɧɵɯ .DULPRY 0, 6KDPLORYD )+ =DUJDUOL ,$ +XVH\QRY (6 5(68/76 2) *$8*( 3$56 3/$1$ 9,75(&720< )25 5(029$/ 2) ,175$2&8/$5 )25(,*1 %2',(6
6800$5<
2EMHFWLYH 7R UHYLHZ WKH SUHOLPLQDU\ UHVXOWV RI JDXJH SDUV SODQD YLWUHFWRP\ IRU UHPRYDO RI LQWUDRFXODU IRUHLJQ ERGLHV 0DWHULDOV DQG PHWKRGV $ UHWURVSHFWLYH UHYLHZ ZDV FRQGXFWHG RQ H\HV RI SDWLHQWV ZKR XQGHUZHQW GHOD\HG VXUJLFDO UHPRYDO RI LQWUDRFXODU IRUHLJQ ERGLHV E\ JDXJH SDUV SODQD YLWUHFWRP\ LQ )ROORZXS SHULRG ZDV WR PRQWKV 7HFKQLTXH RI VXUJHU\ &DWDUDFW SKDFRHPXOVL¿FDWLRQ DQG ,2/ LPSODQWDWLRQ ZDV SHUIRUPHG LQ DOO H[FHSW H\HV WKHQ VWDQGDUG JDXJH YLWUHFWRP\ ZDV SHUIRUPHG ZLWK SRVWHULRU K\DORLG VHSDUDWLRQ IDFLOLWDWHG ZLWK WULDPFLQRORQH $GGLWLRQDO VFOHURWRP\ XVLQJ 095 EODGH ZDV FUHDWHG IRU UHPRYDO RI IRUHLJQ ERG\ WKHQ VXWXUHG 7KHQ VXUJHU\ ZDV FRPSOHWHG ZLWK VWDQGDUG JDXJH VFOHURWRPLHV ZLWK VLOLFRQH RLO FDVHV JDV FDVHV RU DLU FDVH WDPSRQDGH ,Q FDVH ZLWK UHWLQDO GHWDFKPHQW GLDJQRVHG SULRU WR VXUJHU\ VFOHUDO EXFNOLQJ ZDV GRQH ZLWK PP VLOLFRQH EDQG 5HVXOWV 7KH PHDQ DJH DW WKH WLPH RI VXUJHU\ ZDV \HDUV $OO SDWLHQWV ZHUH PDOH 0RVW RI IRUHLJQ ERGLHV RXW RI ZHUH IHUURXV &RQFRPLWDQW RFXODU FKDQJHV ZHUH WUDXPDWLF FDWDUDFW FDVHV YLWUHRXV KHPRUUKDJH FDVHV UHWLQDO GHWDFKPHQW FDVH VLGHURVLV FDVHV FKDOFRVLV FDVH 9LVXDO DFXLW\ LPSURYHG LQ RI FDVHV LQ FDVHV EHLQJ WR ,Q FDVH YLVLRQ UHPDLQHG XQFKDQJHG LQ FDVH GHWHULRUDWHG WR OLJKW SHUFHSWLRQ /RZHU YLVXDO UHVXOWV ZHUH DVVRFLDWHG ZLWK VLGHURVLV EXOEL FDVHV FKDOFRVLV FDVH SUHRSHUDWLYH UHWLQDO GHWDFKPHQW FDVH SRVWRSHUDWLYH UHWLQDO GHWDFKPHQW SDWLHQWV DQG GHYHORSPHQW RI HSLPDFXODU PHPEUDQH FDVHV 5HSHDW VXUJHU\ ZDV SHUIRUPHG LQ FDVHV IRU UHWLQDO GHWDFKPHQW DQG IRU HSLUHWLQDO PHPEUDQH EXW YLVLRQ GLG QRW LPSURYH LQ WKHVH FDVHV &RQFOXVLRQ JDXJH YLWUHFWRP\ IRU UHPRYDO RI LQWUDRFXODU IRUHJQ ERGLHV \LHOGV UHVXOWV FRPSDUDEOH WR WUDGLWLRQDO JDXJH YLWUHFWRP\ WHFKQLTXHV GHVFULEHG LQ OLWHUDWXUH 0RUH REVHUYDWLRQV ORQJHU IROORZXS QHHGHG WR GH¿QH VXSHULRULW\ RI GLIIHUHQW JDXJH WHFKQLTXHV UHJDUGLQJ DQDWRPLFDO DQG IXQFWLRQDO UHVXOWV .RUUHVSRQGHQVL\D oQ .ԥULPRY 0ú¿T øVUD¿O R÷OX WLEE HOPOԥUL QDPL]ԥGL úԥNԥUOL GLDEHWLQ J|] IԥVDGODUÕ ú|EԥVLQLQ UԥKEԥUL HPDLO PXVK¿NN#PDLOUX ùDPLORYD )DLTԥ +DFÕEDOD TÕ]Õ WLEE HOPOԥUL QDPL]ԥGL J|]Q ]ԥGԥVL SODVWLN Yԥ UHNRQVWUXNWLY FԥUUDKL\\ԥVL ú|EԥVLQLQ UԥKEԥUL =ԥUJԥUOL øOKDP $÷DVԥI R÷OX WLEE HOPOԥUL QDPL]ԥGL J|]Q ]ԥGԥVL SODVWLN Yԥ UHNRQVWUXNWLY FԥUUDKL\\ԥVL ú|EԥVLQLQ EDú HOPL LúoLVL +VH\QRY (PLO 6OH\PDQ R÷OX J|]Q ]ԥGԥVL SODVWLN Yԥ UHNRQVWUXNWLY FԥUUDKL\\ԥVL ú|EԥVLQLQ KԥNLPRIWDOPRORTX hQYDQ $NDGHPLN =ΩULIΩ ΨOL\HYD DGÕQD 0LOOL 2IWDOPRORJL\D 0ΩUNΩ]L $= %DNÕ úΩK &DYDG[DQ No 7HO (PDLO DGPLQLVWUDWRU#H\HD] ZZZH\HD] Yüklə 495,04 Kb. Dostları ilə paylaş:
|