(.63/25$6,%$.7(5,(1'2),7,.'$1327(16,1<$'$/$0
3(1*+$0%$7$1-$085$.$5387,+
5,*,'2325860,&5232586
([SORUDWLRQRI(QGRSK\WLF%DFWHULDDQG,WV3RWHQF\WR,QKLELW:KLWH5RRW)XQJL 5LJLGRSRUXVPLFURSRUXV %XGL6(7<$:$1 ,QWDQ%(5/,$1GDQ1XU(NR35$6(7<2 %DODL3HQHOLWLDQ*HWDV3XVDW3HQHOLWLDQ.DUHW -DODQ3DWWLPXUD.06DODWLJD-DZD7HQJDK (PDLOEXGVH#\DKRRFRP 'LWHULPD$JXVWXV'LUHYLVL6HSWHPEHU'LVHWXMXL2NWREHU $EVWUDFW 2QHRIWKHFRQWUROPHDVXUHVRIZKLWH URRW GLVHDVH ZKLFK LV SURPLVLQJ WR EH GHYHORSHG LQ WKH IXWXUH LV ELRORJLFDO FRQWURO XVLQJ PLFURELDO DQWDJRQLVWV (QGRSK\WLF EDFWHULDKDYHEHHQXVHGWRLQKLELWWKHJURZWK RISDWKRJHQV2EMHFWLYHRIWKLVVWXG\ZHUHWR H[SORUHDQGLGHQWLI\WKHHQGRSK\WLFEDFWHULD IURPUXEEHUDQGUHYHDOLWVSRWHQF\DJDLQVW5 PLFURSRUXV)LYHEDFWHULDOVWUDLQVZLWKLQLWLDO LQKLELWLRQ ]RQH ZHUH LVRODWHG IURP HQGHPLF
VWUDLQ $ $ $ DQG QRQHQGHPLF
VWUDLQ*1*1DUHDVRIZKLWHURRWGLVHDVH 'LUHFWRSSRVLWLRQWHVWVKRZHGWKDWLVRODWH$ KDVZLGHVWLQKLELWLRQ]RQHFPRQGD\V DIWHU LQRFXODWLRQ DPRQJ LVRODWHV 0ROHFXODU LGHQWLILFDWLRQ EDVHG RQ 6 U51$ DQG J\U% JHQH VHTXHQFHV UHYHDOHG WKDW WKH VHOHFWHG LVRODWH $ EHORQJV WR WKH%DFLOOXV FHUHXV
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
5LJLGRSRUXVPLFURSRUXV/LPDLVRODWEHUKDVLO GLLVRODVL GDUL WDQDPDQ VHKDW GL DUHDO HQGHPLN-$3LVRODW$$$GDQDUHDO QRQ HQGHPLN -$3 LVRODW *1 *1 8ML RSRVLVL ODQJVXQJ PHQXQMXNNDQ LVRODW $ PHPLOLNL ]RQD SHQJKDPEDWDQ WHUEHVDU FP SDGD KDUL VHWHODK LQRNXODVL GLEDQGLQJNDQ LVRODW ODLQQ\D ,GHQWLILNDVL VHFDUDPROHNXOHUEHUGDVDUNDQVHNXHQVJHQ SDUVLDO6U51$GDQJHQJ\UDVHVXEXQLW% WHUKDGDSLVRODW$DGDODK%DFLOOXVFHUHXV
$NWLYLWDV HQ]LP SURWHDVH GLWXQMXNNDQ ROHK LVRODW $ SDGD PHGLXP VNLP PLON GDQ NHPDPSXDQQ\D PHQFDLUNDQ JHODWLQ SDGD KDULNHHQDPVHWHODKLQRNXODVL.HPDPSXDQ PHQJKDPEDWILOWUDWHNVWUDVHOXOHU\DQJGLXML G H Q J D Q P H W R G H S D S H U G L V N E H O X P PHQXQMXNNDQ ]RQD SHQJKDPEDWDQ \DQJ NRQVLVWHQ SDGD WLDS NRQVHQWUDVL ILOWUDW HNVWUDVHOXOHU \DQJ GLEHULNDQ 3DGD KDUL NHWLJDVHWHODKLQRNXODVL+6,WLGDNWHUGDSDW SHUEHGDDQQ\DWDDQWDUSHUODNXDQ3HQJXMLDQ
OHELK ODQMXW WHUKDGDS% FHUHXV LVRODW $ SHUOX GLSHUWLPEDQJNDQ NHPEDOL NDUHQD SRWHQVLDQWDJRQLVPHQ\D\DQJPDVLKOHPDK WHUKDGDS5PLFURSRUXVGDQDGDQ\DSRWHQVL ODLQ VHEDJDL SHQ\HEDE SHQ\DNLW EDJL PDQXVLD
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
8 S D \ D S H Q F H J D K D Q G D Q SHQJHQGDOLDQ \DQJ WHODK GLODNXNDQ XQWXN SHQJHQGDOLDQ-$3GLPXODLGHQJDQWLQGDNDQ SHQFHJDKDQPHODOXLSHPERQJNDUDQWXQJJXO GDQ SHPEHUVLKDQ VLVDVLVD DNDU WDQDPDQ V H E H O X P Q \ D S H Q J R O D K D Q W D Q D K SHQJJXQDDQ ELELW EHEDV -$3 SHQDQDPDQ WDQDPDQ SHQXWXS WDQDK NDFDQJDQ SHQDEXUDQ EHOHUDQJ KLQJJD WLQGDNDQ SHQJHQGDOLDQ GHQJDQ PHQJJXQDNDQ IXQJLVLGD NLPLD PDXSXQ IXQJLVLGD KD\DWL D W D X E L R I X Q J L V L G D 6 X M D W Q R 3DZLURVRHPDUGMR 6LWXPRUDQJHW DO )DNWD GL ODSDQJDQ PHQXQMXNNDQ EDKZD XSD\D WHUVHEXW PDVLK EDQ\DN PHQJDODPLNHQGDODWHUXWDPDGDODPWHNQLV SHODNVDQDDQ GDQ ELD\DQ\D 3HQHOLWLDQ LQL SHUOX GLODNXNDQ XQWXN PHQJHNVSORUDVL SRWHQVL SHQJHQGDOLDQ VHFDUD ELRORJL \DQJ VHODPDLQLGLNHQDOUHODWLIPXUDKGDQPXGDK GDODPSHODNVDQDDQQ\D
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
% D F L O O X V D P \ O R O L T X H I D F L H Q V D W D X
0LFUREDFWHULXPROHRYRUDQVSDGDNRQVHQWUDVL
FIXP/ GDSDW PHQXUXQNDQ MXPODK SURSDJXO)XVDULXP YHUWLFLOOLRLGHV GL GDODP MDULQJDQ DNDU WDQDPDQ MDJXQJ 7DQHW DO WHODK EHUKDVLO PHQJLVRODVL EDNWHUL HQGRILWLN GDUL WDQDPDQ NDUHW \DQJ PHQXQMXNNDQ SRWHQVL SHQJKDPEDWDQ KLQJJD WHUKDGDS SHQ\DNLW OD\X )XVDULXPSDGDSLVDQJ
3RSXODVL EDNWHUL HQGRILWLN \DQJ EHUDVDOGDULSRSXODVLHSLILWSDGDSHUPXNDDQ DNDU PDXSXQ SHUPXNDDQ GDXQ \DQJ GLNHWDKXLPDPSXPDVXNNHGDODPMDULQJDQ WDQDPDQ HQGRILW GDSDW GLLQYHVWDVLNDQ NH
ELELW GDQ EDKDQ WDQDP .HWLND EHUDGD GL
GDODP MDULQJDQ WDQDPDQ EDNWHUL HQGRILWLN DNDQ PHQHPSDWL EDJLDQ WHUWHQWX SDGD MDULQJDQ WDQDPDQ DWDX VHFDUD VLVWHPLN PHODNXNDQ NRORQLVDVL 0LNURRUJDQLVPH WHUVHEXWGDSDWKLGXSGLGDODPVHOGLUXDQJ DQWDUVHODWDXSDGDVLVWHPMDULQJDQDQJNXW WDQDPDQ %HEHUDSD JHQXV \DQJ GLODSRUNDQ VHEDJDLEDNWHULHQGRILWLN\DQJGLLVRODVLGDUL EHUEDJDLMHQLVWDQDPDQDQWDUDODLQ%DFLOOXV 3VHXGRPRQDV 3DQWRHD $FLQHWREDFWHU
$JUREDFWHULXP 6HUUDWLD %XUNKROGHULD &XUWREDFWHULXPGDQ6SKLQJRPRQDV/LHWDO
8OULFKHWDO
3HQHOLWLDQ LQL GLODNXNDQ XQWXN PHQJHNVSORUDVL GDQ PHQJLGHQWLILNDVL LVRODW EDNWHUL HQGRILWLN GDUL SHUDNDUDQ WDQDPDQ NDUHW VHUWD PHQJXML SRWHQVLQ\D VHEDJDL DQWDJRQLV WHUKDGDS5 PLFURSRUXV 3RWHQVL DQWDJRQLV GLNHWDKXL GHQJDQ XML RSRVLVL ODQJVXQJ DGD WLGDNQ\D DNWLYLWDV HQ]LP SURWHDVH GDQ NHPDPSXDQ SHQJKDPEDWDQ ROHK ILOWUDW HNVWUDVHOXOHU LVRODW EDNWHUL GHQJDQPHWRGHSDSHUGLVN
%$+$1'$10(72'(
%DKDQ WDQDPDQ \DQJ GLJXQDNDQ GDODP SHQHOLWLDQ LQL DGDODK VDPSHO DNDU WDQDPDQNDUHW7DQDPDQ0HQJKDVLONDQ70 \DQJ VHKDW GL DUHDO HQGHPLN -$3 IHQRWLS SRKRQ PHQ\HUXSDL WDQDPDQ VHHGOLQJ GL GDHUDK 6LNLMDQJ 0DWL 5LDX VHUWD VDPSHO DNDUWDQDPDQNDUHWVHKDWNORQ*7GLDUHDO QRQ HQGHPLN -$3 GL *HWDV -DZD 7HQJDK %DKDQ XWDPD ODLQQ\D DQWDUD ODLQ PHGLXP
7U\SWLF 6R\ $JDU 76$ VRGLXP KLSRNORULW WHNQLVNRQVHQWUDVLLVRODW5PLFURSRUXV 68DVDOLVRODW6XPDWHUD8WDUDDTXDGHVW PHGLXPVNLP PLON GDQ PHGLXP XQWXN XML SHQFDLUDQ JHODWLQ %DKDQ \DQJ GLJXQDNDQ XQWXN PHQJHNVWUDNVL '1$ NURPRVRP EDNWHUL\DLWXODUXWDQSHQ\DQJJD7ULV('7$ P0VRGLXP GRGHF\O VXOIDWH 6'6 1D&O 0 &7$% 1D&O VROXWLRQ
FKORURIRUP LVRDP\O DOFRKRO &,$$
SKHQROFKORURIRUP1LVRDP\ODOFRKRO3&,$$ LVRSURSDQRO GDQ HWDQRO %DKDQ \DQJ G L S H U J X Q D N D Q G D O D P S U R V H V DPSOLILNDVL3&5 PHOLSXWL '1$ WHPSODWH
'UHDP7DT *UHHQ PDVWHUPL[ 7KHUPR 6FLHQWLILF *R7DT *UHHQ 0DVWHU 0L[ [ 3URPHJD86$QXFOHDVHIUHHZDWHUSULPHU \DQJ GLSHUJXQDNDQ XQWXN LGHQWLILNDVL EDNWHUL EHUGDVDUNDQ JHQ SDUVLDO 6 U51$ \DLWX ) GDQ 5 SULPHU \DQJ
GLSHUJXQDNDQ XQWXN LGHQWLILNDVL EDNWHUL EHUGDVDUNDQJHQJ\UDVHVXEXQLW%\DLWX) J\U% GDQ 5J\U% 6HGDQJNDQ EDKDQ XQWXN YLVXDOLVDVL KDVLO 3&5 GHQJDQ HOHNWURIRUHVLV \DLWX DJDURVD 7%( [ EXIIHU ODUXWDQ
HWKLGLXPEURPLGH(W%UORDGLQJEXIIHUGDQ ES'1$/DGGHU
(NSORUDVL GDQ 3HQJXMLDQ $QWDJRQLVPH VHFDUD,Q9LWUR
,VRODVL GLODNXNDQ GDUL EDJLDQ DNDU WDQDPDQ NDUHW 6WXGL LQL GLPXODL GHQJDQ PHODNXNDQ NROHNVL LVRODW VHUWD SHQDSLVDQ VHFDUDLQYLWURWHUKDGDSNHPDPSXDQXQWXN PHQHNDQSHUNHPEDQJDQSHQ\DNLW
,VRODVL EDNWHUL HQGRILWLN GLODNXNDQ GHQJDQ FDUD PHQJDPELO J EDJLDQ W D Q D P D Q V H O D Q M X W Q \ D G L G L V L Q I H N V L S H U P X N D D Q Q \ D G H Q J D Q V R G L X P KLSRNORULW VHODPD VDWX PHQLW NHPXGLDQ EDJLDQWDQDPDQWHUVHEXWGLFXFLGHQJDQDLU VWHULO NDOL XQWXN PHQJKLODQJNDQ VLVD VLVD \DQJ PHQHPSHO %DKDQ \DQJ WHODK GLGLVLQIHNVL GLJLOLQJ GHQJDQ PRUWDU VWHULO GDODP PO DLU VWHULO /DUXWDQ WHUVHEXW GLWHWHVNDQSDGDFDZDQSHWULVHEDQ\DNVDWX WHWHVGDQGLWDPEDKNDQPHGLD1XWULHQW$JDU
1$DWDX7U\SWLF6R\$JDU76$\DQJPDVLK
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
3HQJDPDWDQ GLODNXNDQ VHWLDS KDUL GHQJDQ PHQJXNXU SDQMDQJ SHUWXPEXKDQ NRORQL MDPXU \DLWX GDUL WHSL SRWRQJDQ LQRNXOXP DZDO 5 PLFURSRUXV KLQJJD NH XMXQJ S H U W X P E X K D Q N R O R Q L V H U W D ] R Q D SHQJKDPEDWDQ\DQJWHUEHQWXN
,GHQWLILNDVL ,VRODW 7HUSLOLK %HUGDVDUNDQ 6HNXHQV*HQ6U51$GDQJ\U%
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
VKDNHU VHODPD MDP 6HODQMXWQ\D HNVWUDNVL '1$ GLODNXNDQ VHVXDL GHQJDQ 1LVKLJXFKLHWDOWDQSDPHQJJXQDNDQ ODUXWDQSURWHLQDVH.3HOHW'1$GLUHVXVSHQVL GHQJDQ 7(EXIIHU VHEDQ\DN Í/ GDQ GLVLPSDQSDGD& $PSOLILNDVL3&56U51$GDQJ\U% %DNWHUL GLLGHQWLILNDVL EHUGDVDUNDQ JHQ SDUVLDO 6 U51$ GDQ J\U% 3URVHV LGHQWLILNDVL GLDZDOL GHQJDQ DPSOLILNDVL JHQ SDUVLDO6U51$GHQJDQ3&5PHQJJXQDNDQ X U X W D Q E D V D S U L P H U ) ²$*$*777*$7&07**&7&$*² GDQ S U L P H U 5 7$&**<7$&&77*77$&*$&77² 3ULPHU )GDQ5PHQJKDVLONDQDPSOLNRQJHQ SDUVLDO6U51$EDNWHULEHUXNXUDQ ES .RPSRVLVL FDPSXUDQ 3&5 XQWXN PHQJDPSOLILNDVL JHQ SDUVLDO 6 U51$ DGDODK *R7DT *UHHQ 0DVWHU 0L[ VHEDQ\DN ÍOVXVSHQVL'1$VHEDQ\DNÍOSULPHU )VHEDQ\DNÍOSULPHU5ÍOGDQ QXFOHDVH IUHH ZDWHU ÍO VHKLQJJD YROXPH DNKLUVXVSHQVLDGDODKÍ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
EXIIHUGHQJDQESGDQNE'1$ODGGHU $QDOLVLVGDWDKDVLOVHNXHQVLQJ 6HNXHQVLQJ GLODNXNDQ GHQJDQ VW PHQJLULPKDVLO3&5NHSHUXVDKDDQ %$6( 0DOD\VLD+DVLO3&5GLPDVXNNDQNHGDODP WDEXQJ HSHQGRUI NHPXGLDQ GLEHUL SDUDILOP SDGDWXWXSQ\D7XEH\DQJEHULVLKDVLO3&5 GLOHWDNNDQ GL DWDV VWHUHRIRUP NHPXGLDQ GLNHPDV GDODPLFH ER[ GDQ GLNLULPNDQ NH
VW
SHUXVDKDDQ %$6(0DOD\VLD6HNXHQVLQJ EHUWXMXDQ XQWXN PHQJHWDKXL XUXWDQ EDVD '1$ LVRODW EDNWHUL \DQJ DNDQ GLJXQDNDQ X Q W X N P H O L K D W G D Q P H Q H Q W X N D Q NHNHUDEDWDQ VSHVLHV LVRODW EDNWHUL GHQJDQ EDVLVGDWDGDWDEDVHEDNWHUL\DQJDGDSDGD
*HQH%DQN+DVLOVHNXHQVLQJNURPRVRP'1$ EDNWHUL \DQJ GLSHUROHK GLDQDOLVLV GDQ GLEDQGLQJNDQ GHQJDQ EDVLV GDWD \DQJ DGD SDGD 1&%, PHQJJXQDNDQ 3URJUDP %/$67 XQWXNPHQJHWDKXLKRPRORJLVHNXHQVLVRODW EDNWHUL WHUVHEXW GHQJDQ VSHVLHV EDNWHUL ODLQQ\D 6HODQMXWQ\D GLODNXNDQ DQDOLVLV KXEXQJDQVLPLODULWDVGDQILORJHQHWLNEDNWHUL KDVLO VHNXHQVLQJ PHQJJXQDNDQ SURJUDP 6RIWZDUH 0HJD 6HWHODK LWX GLJXQDNDQ 3URJUDP 7UHH9LHZ SDGD 0HJD XQWXN PHPSHUROHK JDPEDUDQ SRKRQ ILORJHQHWLN EDNWHULWHULGHQWLILNDVL
3HQJXMLDQ$NWLYLWDV(Q]LP3URWHDVH 8MLGDODPPHGLXPVNLPPLON 3HQJXMLDQ LQL GLODNXNDQ GHQJDQ PHQJJXQDNDQPHGLXPVNLPPLONPHQJLNXWL 6HW\DZDQ\DQJWHGLULGDUL. +32 J/ .+ 32 J/ 0J62 + 2 J/ )H62 + 2 J/ =Q62 J/ DJDU J/ GDQVNLP PLON
J/ ,VRODW EDNWHUL EHUXPXU MDP GLJRUHVNDQ SDGD PHGLXP XML NHPXGLDQ GLLQNXEDVLNDQSDGDVXKXNDPDUVHODPD MDP$NWLYLWDVHQ]LPSURWHDVH\DQJWHUMDGL GLWXQMXNNDQ GHQJDQ PXQFXOQ\D ]RQD EHQLQJDWDXKDORGLVHNLWDUNRORQLEDNWHUL 8MLSHQFDLUDQJHODWLQ 3HQJXMLDQ LQL GLODNXNDQ PHQJLNXWL PHWRGH &KDNUDERUW\ 0DKDSDWUD GDQ 5R\ \DLWXGHQJDQPHQXVXNNDQMDUXPRVH \DQJ WHODK GLFHOXSNDQ NH GDODP VXVSHQVL EDNWHUL XML SDGD PHGLXP JHODWLQ GDODP WDEXQJ UHDNVL 0HGLXP JHODWLQ \DQJ GLJXQDNDQ WHUGLUL GDULEHHI H[WUDFW J/
SHSWRQHJ/GDQJHODWLQJ/0HGLD J H O D W L Q \ D Q J W H O D K G L L Q R N X O D V L
R
GLLQNXEDVLNDQ SDGD VXKX & GDQ GLODNXNDQ SHQJDPDWDQ VHWLDS KDUL VHNDOL VHODPD KDUL 3DGD VDDW SHQJDPDWDQ WDEXQJ SHUODNXDQ GDQ WDEXQJ NRQWURO GLPDVXNNDQ NH GDODP OHPDUL HV \DQJ
R
EHUVXKX &VHODPDPHQLWKLQJJDWDEXQJ NRQWURO \DQJ GLWXVXN GHQJDQ DLU VWHULO PHPEHNX $NWLYLWDV SURWHROLWLN LVRODW \DQJ GLXML GLWXQMXNNDQ GHQJDQ PHQFDLUQ\D JHODWLQVHWHODKGLPDVXNNDQNHGDODPOHPDUL HV
3HQJXMLDQ $QWDJRQLVPH (NVWUDVHOXOHU GHQJDQ 0HWRGH &DNUDP .HUWDV 6DULQJ )LOWHU3DSHU'LVN
)LOWUDW LVRODW EDNWHUL \DQJ GLXML GLSHUVLDSNDQGHQJDQGLWXPEXKNDQWHUOHELK GDKXOXSDGDPHGLXP7U\SWLF6R\%URWK76% VHODPD MDP NHPXGLDQ GLVHQWULIXJDVL GHQJDQ NHFHSDWDQ USP VHODPD PHQLW GDQ ILOWUDW \DQJ GLSHUROHK GLVDULQJ P H Q J J X Q D N D Q N H U W D V I L O W H U G H Q J D Q NHUDSDWDQP6HODQMXWQ\DILOWUDWGDSDW ODQJVXQJ GLJXQDNDQ DWDX GLVLPSDQ SDGD R VXKX & 3HQJXMLDQ GLODNXNDQ GHQJDQ PHQJXQDNDQ PHGLXP 76$ GDODP FDZDQ
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
+$6,/'$13(0%$+$6$1
(NSORUDVL GDQ 3HQJXMLDQ $QWDJRQLVPH VHFDUD,Q9LWUR
(NVSORUDVL \DQJ GLODNXNDQ GDUL EDJLDQDNDUWDQDPDQNDUHWVHKDWGLSHUROHK LVRODWEDNWHULHQGRILWLN\DLWXLVRODWEHUDVDO GDUL DUHDO HQGHPLN MDPXU DNDU SXWLK $ $ GDQ $ GDQ LVRODW EHUDVDO GDUL GDHUDKQRQHQGHPLN*1GDQ*1,VRODW WHUVHEXW PHQXQMXNNDQ UHVSRQ DQWDJRQLV WHUKDGDS-$3\DQJVDPDSDGDKDULNHHPSDW VHWHODK LQRNXODVL NHFXDOL LVRODW $ \DQJ PHPLOLNL]RQDSHQJKDPEDWDQFP7DEHO
3 H Q J D P D W D Q M X J D G L O D N X N D Q WHUKDGDS SHUWXPEXKDQ PLVHOLXP 5 PLFURSRUXV KLQJJD KDUL VHWHODK LQRNXODVL NDUHQDSDGDSHQJDPDWDQKDULNHVHEDJLDQ SHUODNXDQ GDQ NRQWURO WHODK PHPHQXKL FDZDQ SHWUL 3HUWXPEXKDQ PLVHOLXP 5 PLFURSRUXV WHUOLKDW SDOLQJ ODPEDW SDGD SHUODNXDQ LVRODW $ \DQJ WLGDN EHUEHGD Q\DWDGHQJDQLVRODW$GDQ$7DEHO
,VRODW ,VRODWH 5HUDWD]RQDSHQJKDPEDWDQ ,QKLELWLRQ]RQH FP +6, '$, +6, '$, +6, '$, $ D D D $ E EF E $ E E E *1 E F E *1 D F E .RQWURO F F E
7DEHOQ =RQDSHQJKDPEDWDQEHEHUDSDLVRODWEDNWHULHQGRILWLNGHQJDQXMLRSRVLVLODQJVXQJ WHUKDGDSMDPXUDNDUSXWLK5PLFURSRUXVSDGDPHGLXP76$7DEOHQ 7KHGLUHFWLQKLELWLRQ]RQHRIEDFWHULDOLVRODWHVDJDLQVW5PLFURSRUXVRQ76$PHGLXP
.HWHUDQJDQ5HPDUNV
$QJND \DQJ GLLNXWL KXUXI \DQJ VDPD GDODP VDWX NRORP WLGDN EHUEHGD Q\DWD EHUGDVDUNDQ XML
'XQFDQ0XOWLSOH5DQJH7HVWSDGDWLQJNDWNHSHUFD\DDQ)LJXUHVIROORZHGE\WKHVDPHOHWWHULQ
WKHVDPHFROXPQLQGLFDWHVQRVLJQLILFDQWGLIIHUHQFHEDVHGRQ'057DWOHYHO
+6, +DUL6HWHODK,QRNXODVL'$, 'D\V$IWHU,QRFXODWLRQ
,GHQWLILNDVL %HUGDVDUNDQ 6HNXHQV *HQ 6U51$GDQJ\U%
, G H Q W L I L N D V L V H F D U D P R O H N X O H U GLODNXNDQ WHUKDGDS LVRODW $ \DQJ PHZDNLOLLVRODWEDNWHULHQGRILWLNEHUDVDOGDUL WDQDPDQVHKDWGLDUHDOHQGHPLNMDPXUDNDU SXWLK ,GHQWLILNDVL GLODNXNDQ EHUGDVDUNDQ VHNXHQVJHQ6U51$GDQJ\UDVH%+DVLO 3&5PHQJJXQDNDQXUXWDQEDVDSULPHU6 U51$)$*$*777*$7&07**&7&$*
G D Q 5
7$&**<7$&&77*77$&*$&77 GDQ SULPHU J\UDVH % \DLWX )J\U%
&&&$$*&77$$&7*&$&7***$$$7<
G D Q 5 J \ U %
&**$$77&**$7&&$&57&**&57&% PHQXQMXNNDQ EDKZD '1$ LVRODW $ PDPSXWHUDPSOLILNDVLPHQJJXQDNDQSULPHU 6 U51$ GHQJDQ SDQMDQJ EDVD ES GDQ PHQJJXQDNDQ SULPHU J\U% SDGD ES 9LVXDOLVDVL KDVLO 3&5 JHQ 6 U51$ GDQ *\U% \DQJ PHQJJXQDNDQ JHO DJDURVD GLEDZDK 89 7UDQVOXPLQDWRU GDSDWGLOLKDWSDGD*DPEDU
3URGXN 3&5 GHQJDQ NHGXD SULPHU WHUVHEXW VHODQMXWQ\D GLVHNXHQVLQJ XQWXN ,VRODW ,VRODWH 3HUWXPEXKDQNRORQLMDPXU )XQJDOFRORQ\JURZWK FP +6, '$, +6, '$, $ FG G $ E G $ EF G *1 EF F *1 G E .RQWURO D D
7DEHOQ 3HUWXPEXKDQNRORQLMDPXUDNDUSXWLK5PLFURSRUXVGHQJDQXMLRSRVLVLODQJVXQJ EHEHUDSDLVRODWEDNWHULHQGRILWLNSDGDPHGLXP76$
7DEOHQ 5PLFURSRUXVFXOWXUHJURZWKRQGLUHFWRSSRVLWLRQWHVWWRVHYHUDOEDFWHULDOLVRODWHVRQ 76$PHGLXP
.HWHUDQJDQ5HPDUNV
$QJND\DQJGLLNXWLKXUXI\DQJVDPDGDODPVDWXNRORPWLGDNEHUEHGDQ\DWDEHUGDVDUNDQXML'XQFDQ
0XOWLSOH5DQJH7HVWSDGDWLQJNDWNHSHUFD\DDQ)LJXUHVIROORZHGE\WKHVDPHOHWWHULQWKHVDPH
FROXPQLQGLFDWHVQRVLJQLILFDQWGLIIHUHQFHEDVHGRQ'057DWOHYHO
*DPEDU9LVXDOLVDVLKDVLO3&5LVRODW$PHQJJXQDNDQSULPHU6U51$GDQJ\U% )LJXUH$JDURVHJHOHOHFWURSKRUHVLVRI3&5SURGXFWEDVHGRQ6U51$DQGJ\U%JHQHRI LVRODWH$ .HWHUDQJDQ5HPDUNV NE PDUNHUNE PDUNHU 6U51$ES 6U51$ES J\U%ES J\U%ES PHQJHWDKXLXUXWDQEDVD'1$LVRODWEDNWHUL GDODP KDO LQL LVRODW $ \DQJ DNDQ GLJXQDNDQ XQWXN PHQHQWXNDQ KXEXQJDQ NHNHUDEDWDQ VSHVLHV LVRODW EDNWHUL GHQJDQ
GDWDEDVH '1$ EDNWHUL \DQJ EHUDGD GL
*HQH%DQN +DVLO VHNXHQVLQJ '1$ EDNWHUL GLDQDOLVLV GDQ GLEDQGLQJNDQ GHQJDQ
G D W D E D V H \ D Q J D G D S D G D 1 & % , PHQJJXQDNDQ SURJUDP %/$67 XQWXN PHQJHWDKXL KRPRORJLQ\D WHUKDGDS VSHVLHV EDNWHUL ODLQQ\D +RPRORJL VHNXHQV LVRODW $EHUGDVDUNDQJHQ6U51$GDSDWGLOLKDW SDGD7DEHO
%HUGDVDUNDQVHNXHQVJHQ6U51$ LVRODW$WHUPDVXNDWDXPLULSGHQJDQLVRODW
%DFLOOXV FHUHXV $7&& GHQJDQ KRPRORJL 6HODQMXWQ\D GLODNXNDQ D Q D O L V L V K X E X Q J D Q V L P L O D U L W D V G D Q ILORJHQHWLNEDNWHUL%DFLOOXVVSSLVRODW$ KDVLO VHNXHQVLQJ GHQJDQ PHQJJXQDNDQ 3URJUDP 0HJD +DVLO DQDOLVLV KXEXQJDQ ILORJHQHWLNEDNWHUL%DFLOOXVVSSEHUGDVDUNDQ JHQ6U51$GDSDWGLOLKDWSDGD*DPEDU
7DEHO+RPRORJLVHNXHQVJHQ6U51$LVRODW$GHQJDQPHQJJXQDNDQ3URJUDP%/$67 7DEOH6U51$JHQHVHTXHQFHVLPLODULW\RILVRODWH$XVLQJ%/$673URJUDP 1R ,VRODW ,VRODWH +RPRORJL +RPRORJ\ .RGHDNVHV $FFHVVLRQFRGH %DFLOOXVFHUHXV$7&& 15B %DFLOOXVWKXULQJLHQVLV1%5& $% %DFLOOXVDQWKUDFLV$PHV 15B %DFLOOXVZHLKHQVWHSKDQHQVLV'60 15B %DFLOOXVP\FRLGHV& $< %DFLOOXVVXEWLOLVVXEVSVSL]L]HQLL'60 '4 %DFLOOXVPRMDYHQVLV,)2 15B %DFLOOXVYDOOLVPRUWLV'60 15B %DFLOOXVDP\OROLTXHIDFLHQV1%5& 15B 3DHQLEDFLOOXVSRO\P\[D'607 +*
*DPEDU+DVLODQDOLVLVKXEXQJDQILORJHQHWLNVHNXHQVEDNWHUL%DFLOOXVVSSGDQLVRODW$ EHUGDVDUNDQJHQ6U51$,VRODW$PHQMDGLVDWXNHORPSRNGHQJDQ%DFLOOXV FHUHXV$7&&
)LJXUH 7KH SK\ORJHQHWLF WUHH EDVHG RQ 6 U51$ JHQH RI%DFLOOXV VSS LQFOXGHG WKH LVRODWHVRI$,VRODWH$ZDVJURXSHGDQGFORVHO\UHODWHGWR%DFLOOXVFHUHXV
$7&&
+DVLODQDOLVLVILORJHQHWLNVHNXHQVJHQ 6 U51$ EDNWHUL LVRODW $ PHPLOLNL KXEXQJDQ NHNHUDEDWDQ \DQJ GHNDW GHQJDQ VSHVLHVEDNWHUL%DFLOOXVFHUHXV$7&& +DOLQLPHQXQMXNNDQEDKZDSDGDVHNXHQV EDNWHUL$EHUGDVDUJHQ6U51$FXNXS NRQVLVWHQ VHEDJDL %DFLOOXV FHUHXV EDLN EHUGDVDUNDQ KRPRORJL PDXSXQ GHQJDQ DQDOLVLV ILORJHQHWLN 6HODQMXWQ\D KRPRORJL VHNXHQVEDNWHUL%DFLOOXVVSSDWDXLVRODW$ MXJD GLDQDOLVLV EHUGDVDUNDQ VHNXHQV JHQ J\U% 6HFDUD OHQJNDS QLODL KRPRORJLQ\D GDSDWGLOLKDWVHSHUWLSDGD7DEHO
6 H N X H Q V E D N W H U L L V R O D W $ EHUGDVDUNDQ JHQ '1$ J\UDVH VXEXQLW % PDVLK PHQXQMXNNDQ KDVLO \DQJ VDPD GHQJDQVHNXHQVEHUGDVDUNDQJHQ6U51$ ,VRODW$WHUPDVXNDWDXPLULSGHQJDQLVRODW
%DFLOOXV FHUHXV $7&& GHQJDQ KRPRORJL 6HODQMXWQ\D GLODNXNDQ D Q D O L V L V K X E X Q J D Q V L P L O D U L W D V G D Q ILORJHQHWLN EDNWHUL %DFLOOXV VSS KDVLO VHNXHQVLQJWHUVHEXWPHQJJXQDNDQ3URJUDP
0HJD 0HQXUXW DQDOLVLV KXEXQJDQ ILORJHQHWLNLQLVHNXHQVEDNWHUL%DFLOOXVVSS EHUGDVDUNDQ JHQ J\U% MXJD PHPLOLNL KXEXQJDQ NHNHUDEDWDQ \DQJ GHNDW GHQJDQ
%DFLOOXVFHUHXV$7&&VHSHUWLWDPSDN SDGD*DPEDU
%HUGDVDUNDQDQDOLVLVILORJHQHWLNJHQ
6U51$GDQJ\UDVHVXEXQLW%LVRODW$ WHUPDVXN VDWX NHORPSRN GHQJDQ EDNWHUL
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
DQWLIXQJDOWHUKDGDSEHEHUDSDMDPXUSDWRJHQ WDQDPDQ VHSHUWL)XVDULXP R[\VSRUXP GDQ
0DJQDSKRUWKHJULVHD=KDRHWDO
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
%DFLOOXVVXEWLOLVVXEVSVXEWLOLV%&5& '4
3DHQLEDFLOOXVSRO\P\[D,$0 $%
7DEHO+RPRORJLVHNXHQVJHQJ\U%LVRODW$PHQJJXQDNDQ3URJUDP%/$67
7DEOH*\U%JHQHVHTXHQFHVLPLODULW\RILVRODWH$XVLQJ%/$673URJUDP
*DPEDU+DVLODQDOLVLVKXEXQJDQILORJHQHWLNVHNXHQVEDNWHUL%DFLOOXVVSSGDQLVRODW$ EHUGDVDUNDQJHQ*\U%,VRODW$PHQMDGLVDWXNHORPSRNGHQJDQ%DFLOOXVFHUHXV
$7&&
)LJXUH 7KHSK\ORJHQHWLFWUHHEDVHGRQJ\U%JHQHRI%DFLOOXVVSSLQFOXGHGWKHLVRODWHVRI $,VRODWH$ZDVJURXSHGDQGFORVHO\UHODWHGWR%DFLOOXVFHUHXV$7&&
\DQJ GLKXEXQJNDQ ROHK LNDWDQ SHSWLGD (Q]LPSURWHROLWLN\DQJGLVHEXWMXJDSURWHDVH DWDX SURWHLQDVH PHUXSDNDQ HQ]LP \DQJ PDPSX PHPHFDK UDQWDL SDQMDQJ SURWHLQ PHQMDGL PROHNXO \DQJ OHELK NHFLO SHSWLGD DWDX EDKNDQ PHQMDGL NRPSRQHQ WHUNHFLO SHQ\XVXQSURWHLQDVDPDPLQR
+DVLOSHQJXMLDQ%DFLOOXVFHUHXVLVRODW $SDGDPHGLXPVNLPPLONPHQXQMXNNDQ DGDQ\DDNWLYLWDVHQ]LPSURWHDVH\DQJVDQJDW OHPDKGLWDQGDLGHQJDQDGDQ\D]RQDEHQLQJ \DQJ WLSLV GL VHNLWDU NRORQL GLEDQGLQJNDQ GHQJDQ NRQWURO SRVLWLI *DPEDU 1DEUGDOLN *UDWD GDQ /DWDOD MXJD PHQ\HEXWNDQ EDKZD VDODK VDWX LVRODW
%DFLOOXV FHUHXV\DQJ GLXMLQ\D \DLWX LVRODW * W X P E X K R S W L P X P G D Q G D S D W PHQJHNVSUHVLNDQ DNWLYLWDV SURWHROLWLN SDGD
R PHGLXPVNLP PLON KDQ\D SDGD VXKX &
R R
GDQ &6HGDQJNDQSDGDVXKX &LVRODW WHUVHEXW PHQXQMXNNDQ DNWLYLWDV SURWHROLWLN \DQJVDQJDWUHQGDKSDGDPHGLXPVNLPPLON 8MLSHQFDLUDQJHODWLQ
*HODWLQ PHUXSDNDQ VDODK VDWX VXEVWUDW\DQJPHQJDQGXQJSURWHLQVHKLQJJD GDSDW GLJXQDNDQ XQWXN PHQJXML DGD WLGDNQ\D DNWLYLWDV SURWHROLWLN EDNWHUL 0HGLXPJHODWLQVHPLVROLGDNDQPHOHOHKDWDX
R
PHQFDLU SDGD VXKX GL DWDV & $QRQLP QDPXQ DNDQ VHJHUD PHPEHNX NHPEDOL DSDELOD GLPDVXNNDQ NH GDODP OHPDULSHQGLQJLQ
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
% H U G D V D U N D Q K D V L O S H Q J X M L D Q WHUVHEXW WDPSDN EDKZD %DFLOOXV FHUHXV LVRODW $ GDSDW PHQJKDVLONDQ HQ]LP JHODWLQDVH GHQJDQ NHFHSDWDQ \DQJ ODPEDW %DFLOOXV VSS SDGD XPXPQ\D GDSDW PHQJKDVLONDQHQ]LPJHODWLQDVHSDGDSHULRGH LQNXEDVL MDP RSWLPXP MDP S+ PHGLXPRSWLPXPVXKXRSWLPXP R
SDGD & GHQJDQ VXPEHU NDUERQ \DQJ EHUDVDO GDUL ODNWRVD %DODQ 1HWKDML 6DQNDU -D\DODNVKPL 0HQXUXW .HEDEFL GDQ &LKDQJLU DNWLYLWDV SURWHDVH \DQJ WHUWLQJJL GDUL LVRODW%DFLOOXV
R
FHUHXV\DQJGLXMLQ\DDGDODKSDGDVXKX & GDQS+
*DPEDU$NWLYLWDVHQ]LPSURWHDVHLVRODW%FHUHXV$SDGDPHGLXPVNLPPLON$\DQJ GLWDQGDLGHQJDQDGDQ\D]RQDEHQLQJ\DQJWLSLVGLVHNLWDUNRORQLWDQGDSDQDK GLEDQGLQJNDQGHQJDQNRQWUROSRVLWLIGHQJDQ]RQDEHQLQJ\DQJOHEDU%
)LJXUH 3URWHDVHDFWLYLW\RI%FHUHXV$ZDVPDUNHGE\DWKLQFOHDU]RQHRQVNLPPLON PHGLXP$FRPSDUHGWRWKHZLGHGLVWLQFWLYHSURWHDVHDFWLYLW\%
*DPEDU+DVLOXMLSHQFDLUDQJHODWLQGHQJDQPDVDLQNXEDVLGDQKDUL$GDQDGDQ\D DNWLYLWDVSURWHROLWLN%FHUHXVLVRODW$\DQJGLWXQMXNNDQGHQJDQPHQFDLUQ\D JHODWLQPXODLKDULNH%
)LJXUH*HODWLQHOLTXHIDFWLRQE\%FHUHXV$ZLWKDQLQFXEDWLRQSHULRGRIDQGGD\V$ DQGWKHPHOWLQJRIJHODWLQHVWDUWLQJRQGD\%
7DEHO+DVLOXMLSHQFDLUDQJHODWLQ%FHUHXVLVRODW$
7DEOH*HODWLQHOLTXHIDFWLRQWHVWUHVXOWE\%FHUHXV$ 0DVD,QNXEDVLKDUL ,QFXEDWLRQSHULRGGD\ .RQWURO &RQWURO $
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
SHQJKDPEDWDQKDQ\DWHUEHQWXNKLQJJDKDUL NHVHWHODKLQRNXODVLSDGDNRQVHQWUDVL VXVSHQVLHNVWUDVHOXOHUGDODPDTXDGHVVWHULO +DVLO LQL EHOXP NRQVLVWHQ NDUHQD SDGD NRQVHQWUDVLWHUWLQJJLWLGDNWHUEHQWXN ]RQD SHQJKDPEDWDQ 'DQ SDGD KDUL NHWLJD WLGDN WHUGDSDW DGDQ\D ]RQD SHQJKDPEDWDQ SDGD VHPXD NRQVHQWUDVL 7DEHO 3HUWXPEXKDQ PLVHOLXP5 PLFURSRUXV MXJD WDPSDN EHOXP PHPEHULNDQ KDVLO \DQJ NRQVLVWHQVHVXDLSHUODNXDQNRQVHQWUDVLGDQ WLGDN WHUMDGL SHQJKDPEDWDQ \DQJ EHUDUWL 7DEHO
+DVLOSHQJXMLDQGLDWDVPDVLKVHVXDL GHQJDQSHQJXMLDQRSRVLVLODQJVXQJGLDZDO SHQHOLWLDQGLPDQD%DFLOOXVFHUHXVLVRODW$ PHPLOLNL WLQJNDW DQWDJRQLVPH \DQJ OHPDK WHUKDGDSMDPXUDNDUSXWLK5PLFURSRUXVGDQ DNWLYLWDV XML SURWHDVH \DQJ FXNXS ODPEDW 6HODLQLWXWHUGDSDWEHEHUDSDKDO\DQJGDSDW PHPSHQJDUXKL KDVLO GL DWDV DQWDUD ODLQ
7DEHO=RQDSHQJKDPEDWDQEHUEDJDLNRQVHQWUDVLILOWUDW%FHUHXVLVRODW$GHQJDQPHWRGH
ILOWHUSDSHUGLVNWHUKDGDSMDPXUDNDUSXWLK5PLFURSRUXVSDGDPHGLXP76$
7DEOH,QKLELWLRQ]RQHRI5PLFURSRUXVFXOWXUHE\H[WUDFHOOXODUILOWUDWHRI%FHUHXV$XVLQJ ILOWHUSDSHUGLVNPHWKRGRQ76$PHGLXP .RQVHQWUDVL &RQFHQWUDWLRQ 5HUDWD]RQDSHQJKDPEDWDQ ,QKLELWLRQ]RQH FP +6, '$, +6, '$, +6, '$, E E D D D D E E D E E D .RQWURO E E D
.HWHUDQJDQ5HPDUNV$QJND \DQJ GLLNXWL KXUXI \DQJ VDPD GDODP VDWX NRORP WLGDN EHUEHGD Q\DWD EHUGDVDUNDQ XML
'XQFDQ0XOWLSOH5DQJH7HVWSDGDWLQJNDWNHSHUFD\DDQ)LJXUHVIROORZHGE\WKHVDPHOHWWHULQ
WKHVDPHFROXPQLQGLFDWHVQRVLJQLILFDQWGLIIHUHQFHEDVHGRQ'057DWOHYHO
+6, +DUL6HWHODK,QRNXODVL'$, 'D\V$IWHU,QRFXODWLRQ
7DEHO3HUWXPEXKDQPLVHOLXPMDPXUDNDUSXWLK5PLFURSRUXVGHQJDQXMLRSRVLVLODQJVXQJ ILOWUDW%DFLOOXVFHUHXVLVRODW$GHQJDQPHWRGHILOWHUSDSHUGLVNSDGDPHGLXP76$
7DEOH5PLFURSRUXVFXOWXUHJURZWKVKRZQRQGLUHFWRSSRVLWLRQWHVWDJDLQVWH[WUDFHOOXODU ILOWUDWHRI%FHUHXV$XVLQJILOWHUSDSHUGLVNPHWKRGRQ76$PHGLXP
.RQVHQWUDVL &RQFHQWUDWLRQ 5HUDWDSHUWXPEXKDQNRORQL )XQJDOFXOWXUHJURZWK FP +6, '$, +6, '$, +6, '$, D D D E E E D D D D D D .RQWURO D D D
.HWHUDQJDQ5HPDUNV$QJND \DQJ GLLNXWL KXUXI \DQJ VDPD GDODP VDWX NRORP WLGDN EHUEHGD Q\DWD EHUGDVDUNDQ XML
'XQFDQ0XOWLSOH5DQJH7HVWSDGDWLQJNDWNHSHUFD\DDQ)LJXUHVIROORZHGE\WKHVDPHOHWWHULQ
WKHVDPHFROXPQLQGLFDWHVQRVLJQLILFDQWGLIIHUHQFHEDVHGRQ'057DWOHYHO
+6, +DUL6HWHODK,QRNXODVL'$, 'D\V$IWHU,QRFXODWLRQ GLGXJD NRQVHQWUDVL VXVSHQVL HNVWUDVHOXOHU
\DQJ GLJXQDNDQ PDVLK WHUODOX UHQGDK GDQ DGDQ\DNHUXVDNDQHQ]LPDWDXVHQ\DZDODLQ \DQJ EHUSHUDQ NDUHQD SHQ\LPSDQDQ GDODP
R
VXKX &VHEHOXPGLJXQDNDQ .(6,038/$1
%DNWHUL HQGRILWLN LVRODW $ PDPSX PHQJKDPEDWSHUWXPEXKDQNRORQLMDPXU5 P L F U R S R U X V V H F D U D L Q Y L W U R G H Q J D Q SHQJKDPEDWDQ \DQJ OHPDK ,VRODW WHUVHEXW PDPSX PHQJKDVLONDQ HQ]LP HNVWUDVHOXOHU VHSHUWLSURWHDVHGDQJHODWLQDVHWHWDSLPDVLK EHOXP PHPEHULNDQ SHQJKDPEDWDQ \DQJ
Q\DWD WHUKDGDS NRORQL5 PLFURSRUXV SDGD SHQJXMLDQ ILOWUDW HNVWUDVHOXOHU PHODOXL PHWRGHFDNUDPNHUWDVVDULQJ%HUGDVDUNDQ LGHQWLILNDVLPROHNXOHUVHNXHQVJHQ6U51$ GDQ JHQ J\UDVH VXEXQLW % LVRODW $ WHUPDVXN NH GDODP NHORPSRN EDNWHUL
%DFLOOXVFHUHXV
8&$3$17(5,0$.$6,+
8FDSDQ WHULPD NDVLK GLVDPSDLNDQ NHSDGD %DODL 3HQHOLWLDQ *HWDV 3XVDW 3HQHOLWLDQ .DUHW DWDV EDQWXDQ GDQD ,Q +RXVH VHKLQJJD GDSDW WHUODNVDQDQ\D SHQHOLWLDQLQL6HODLQLWXXFDSDQWHULPDNDVLK
MXJD GLVDPSDLNDQ NHSDGD /DERUDWRULXP
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
'LUHNWRUDW -HQGHUDO 3HUNHEXQDQ
'DWDOXDVVHUDQJDQ237NDUHWQDVLRQDO GDQ WDNVDVL NHUXJLDQ KDVLO -DNDUWD ,QGRQHVLD'LWMHQEXQ
+DOOPDQQ-%HUJ* 6FKXO]% ,VRODWLRQ SURFHGXUHV IRU HQGRSK\WLF PLFURRUJDQLVP,Q 6FKXO] % %R\OH & 6LHEHU71HGV6RLO%LRORJ\ 9ROXPH 0LFURELDO 5RRW (QGRSK\WHV %HUOLQ *HUPDQ\ 6SULQJHU9HUODJ %HUOLQ+HLGHOEHUJ
-RVHSK. 'HND+.%LRFRQWURO WHFKQLTXHV,Q-DFRE&.6ULQLYDV 3 5R\ & % HGV$ /DERUDWRU\ PDQXDO IRU LQWHUQDWLRQDO WUDLQLQJ RQ V W U D W H J L H V I R U P D Q D J H P H Q W R I &RU\QHVSRUD/HDI)DOO'LVHDVHRI+HYHD EUDVLOLHQVLV .RWWD\DP ,QGLD 5XEEHU 5HVHDUFK,QVWLWXWHRI,QGLD
.HEDEFL2 &LKDQJLU1,VRODWLRQ RI SURWHDVH SURGXFLQJ QRYHO%DFLOOXV FHUHXV DQG GHWHFWLRQ RI RSWLPDO F R Q G L W L R Q V $ I U L F D Q - R X U Q D O R I %LRWHFKQRORJ\ .XNOLQVN\6REUDO-$UDXMR:/0HQGHV 53L]]LUDQL.OHLQHU$$ $]HYHGR - / , V R O D W L R Q D Q G F K D U D F W H U L ] D W L R Q R I H Q G R S K \ W L F EDFWHULD IURP VR\EHDQ *O\FLQH PD[ JURZQ LQ VRLO WUHDWHG ZLWK JO\SKRVDWH KHUELFLGH 3ODQW DQG 6RLO
² 'RL V /L:- -LDQJ5%7KHLVRODWLRQ DQG FKDUDFWHULVWLF DQDO\VLV RI DQWDJRQLVWLF VXEVWDQFH SURGXFHG E\ %UHYLEDFLOOXV ODWHURVSRUXV ; -RXUQDORI%LRORJ\ /L-+:DQJ(7&KHQ:) &KHQ: ; *HQHWLF GLYHUVLW\ DQG SRWHQWLDOIRUSURPRWLRQRISODQWJURZWK GHWHFWHGLQQRGXOHHQGRSK\WLFEDFWHULD RI VR\EHDQ JURZQ LQ +HLORQJMLDQJ SURYLQFH RI &KLQD 6RLO %LRORJ\ %LRFKHPLVWU\ ² 'RL MVRLOELR
/L ) ; 0D + 4 /LX - =KDQJ & $QWDJRQLVWLFHIIHFWVRI%DFLOOXV FHUHXV VWUDLQ % RQ PRUSKRORJ\ XOWUDVWUXFWXUH DQG F\WRSK\VLRORJ\ RI
%RWU\WLV FLQHUHD 3ROLVK -RXUQDO RI 0LFURELRORJ\
0F,QW\UH/%HUQDUG.%HQLDF',VDDF 5HQWRQ-/ 1DVHE\'& ,GHQWLILFDWLRQRI%DFLOOXVFHUHXVJURXS VSHFLHVDVVRFLDWHGZLWKIRRGSRLVRQLQJ RXWEUHDNV LQ %ULWLVK &ROXPELD &DQDGD $SSO (QYLURQ 0LFURELRO ' R L $(0
1DEUGDOLN0*UDWD. /DWDOD$ 3URWHRO\WLF DFWLYLW\ RI%DFLOOXV FHUHXV VWUDLQV3URFHHGLQJV RI (&2SROH
1LVKLJXFKL 0 . 'RXNDNLV 3 (JDQ 0 .L]LULDQ ' 3KLOOLSV $ 3UHQGLQL / 5RVHQEDXP+&7RUUHV(:\QHU <'H6DOOH5 *LULEHW* '1$LVRODWLRQ3URWRFROV ,Q 'H6DOOH 5 :KHHOHU : *LULEHW * HGV
7HFKQLTXHV LQ 0ROHFXODU 6\VWHPDWLFV DQG (YROXWLRQ %DVHO *HUPDQ\ %LUNKlXVHU
3HUHLUD 3 1HVFL $ (WFKHYHUU\ 0 * (IILFDF\ RI EDFWHULDO VHHG WUHDWPHQWV IRU WKH FRQWURO RI )XVDULXP YHUWLFLOOLRLGHV LQ PDL]H 5LR &XDUWR %UD]LO6SULQJHU
5DVKLG 6 &KDUOHV 7 & *OLFN % 5 ,VRODWLRQ DQG FKDUDFWHUL]DWLRQ RI QHZ SODQW JURZWKSURPRWLQJ EDFWHULDO HQGRSK\WHV $SSOLHG 6RLO ( F R O R J \ ' R L MDSVRLO
6HQHVL6 *KHODUGL(3URGXFWLRQ VHFUHWLRQ DQG ELRORJLFDO DFWLYLW\ RI
%DFLOOXV FHUHXVHQWHURWR[LQV 7R[LQV ' R L WR[LQV
6HW\DZDQ%3DZLURVRHPDUGMR6 +DGL + %LRIXQJLVLGD7ULNR &RPEL VHEDJDL VDODK VDWX SHQJHQGDOL MDPXU DNDUSXWLKSDGDWDQDPDQNDUHW:DUWD 3HUNDUHWDQ
6HW\DZDQ % ,GHQWLILNDVL GDQ XML DQWDJRQLVPH EDNWHUL GDUL UL]RVIHU
0LPRVDVS7HUKDGDSMDPXUDNDUSXWLK
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
7DOOHQW60.RWHZLF].06WUDLQ($ %HQQHWW 5 : (IILFLHQW LVRODWLRQDQGLGHQWLILFDWLRQRI%DFLOOXV FHUHXVJURXS -RXUQDO RI $2$& ,QWHUQDWLRQDO 'RL MDRDFLQW
7DQ')X/+DQ%6XQ;=KHQJ3 =KDQJ - ,GHQWLILFDWLRQ RI DQ HQGRSK\WLFDQWLIXQJDOEDFWHULDOVWUDLQ LVRODWHG IURP WKH UXEEHU WUHH DQG LWV DSSOLFDWLRQLQWKHELRORJLFDOFRQWURORI EDQDQD IXVDULXP :LOW 3/R6 21( ' R L MRXUQDOSRQH
8OULFK . 8OULFK $ (ZDOG ' 'LYHUVLW\ RI HQGRSK\WLF EDFWHULDO FRPPXQLWLHV LQ SRSXODU JURZQ XQGHU ILHOG FRQGLWLRQV )(06 0LFURELRORJ\ ( F R O R J \ ² ' R L M[ <DPDPRWR6 +DUD\DPD63&5 DPSOLILFDWLRQDQGGLUHFWVHTXHQFLQJRI J\U%JHQHVZLWKXQLYHUVDOSULPHUVDQG WKHLU DSSOLFDWLRQ WR WKH GHWHFWLRQ DQG WD[RQRPLF DQDO\VLV RI 3VHXGRPRQDV SXWLGD 6WUDLQV $SSO (QYLURQ 0LFURELRO²
<LQ+&DR/;LH0&KHQ44LX* =KRX-:X/:DQJ' /LX; %DFWHULDO GLYHUVLW\ EDVHG RQ 6U51$DQGJ\U%JHQHVDW<LQVKDQ PLQH &KLQD6\VWHPDWLF DQG $SSOLHG 0LFURELRORJ\ ² 'RL MV\DSP =KDR/;X<6XQ5'HQJ=<DQJ: :HL * ,GHQWLILFDWLRQ DQG FKDUDFWHUL]DWLRQ RI WKH HQGRSK\WLF SODQWJURZWKSURPSWHU%DFLOOXVFHUHXV
VWUDLQ 04 LVRODWHG IURP 6RSKRUD DORSHFXURLGHVURRW QRGXOHV%UD]LOLDQ -RXUQDO RI 0LFURELRORJ\ ' R L 6
