3(5$13$5$3,+$.'$/$03(1$1*$1$1.21)/,.',.(6$78$1
3(1*(/2/$$1+87$1352'8.6,'(/7$0$+$.$0
.$/,0$17$17,085
5IF3PMFPG4UBLFIPMEFSTPO$POGMJDU3FTPMVUJPOJOUIF1SPEVDUJPO'PSFTU
.BOBHFNFOU6OJUPG%FMUB.BIBLBN&BTU,BMJNBOUBO
6XUDWL 6\OYLDQL 3XVDW3HQHOLWLDQGDQ3HQJHPEDQJDQ6RVLDO(NRQRPL.HELMDNDQGDQ3HUXEDKDQ,NOLP -O*XQXQJ%DWX1R%RJRU,QGRQHVLD (PDLOWDWLVXUDWL#\DKRRFRLGV\OYLUHJ#\DKRRFRLG 'LWHULPD2NWREHUGLUHYLVL1RYHPEHUGLVHWXMXL'HVHPEHU "#453"$5
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
.H\ZRUGV'HOWDPDKDNDPSURGXFWLRQIRUHVWPDQDJHPHQWXQLWVWDNHKROGHUVWHQXULDOFRQIOLFW
$%675$.
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
, 3(1'$+8/8$1
0DVDODK WHQXULDO PHUXSDNDQ VDODK VDWX SHQ\HEDE XWDPD WHUMDGLQ\D NRQIOLN SHQJHORODDQ KXWDQGL,QGRQHVLD$GDEHEHUDSDVXPEHUNRQIOLN GDODP SHQJHORODDQ KXWDQ GLDQWDUDQ\D DGDODK NHWLGDNMHODVDQ VWDWXV NDZDVDQ KXWDQ NHWLGDN SDVWLDQKXNXPDWDVNDZDVDQKXWDQNHWLGDNMHODVDQ WDWD EDWDV NDZDVDQ KXWDQ SHUXEDKDQ WDWD JXQD ODKDQ GDQ SHUDPEDKDQ .XVWDQWLHW DO %HJLWX NRPSOHNVQ\D NRQIOLN \DQJ WHUMDGL ZDODXSXQXSD\D²XSD\DSHQ\HOHVDLDQNRQIOLNWHODK GLODNXNDQ EDQ\DN SLKDN WHWDSL XPXPQ\D KDQ\D EHUVLIDW VSRUDGLN GDQ WLGDN PHQ\HQWXK DNDU PDVDODKQ\D 0DUZD3XUQRPR 1XUURFKPDW 1XUURFKPDW 'KDUPDZDQ 2ELG]LQVNL 'HUPDZDQ (UEDXJK
'HOWD 0DKDNDP '0 PHUXSDNDQ NDZDVDQ \DQJ WHUGLUL GDUL SXODXSXODX EHVDU GDQ NHFLO 6HEDJDLHNRVLVWHPSHVLVLUWHUEHVDUGL.DOLPDQWDQ 7LPXU .DOWLP NDZDVDQ '0 PHPLOLNL OXDV
GDWDUDQVHNLWDUNP /XDVWHUVHEXWPHOLSXWL PDQJURYH \DQJ WXPEXK GL SXODX GHOWD GDQ NDZDVDQ PDQJURYH \DQJ WXPEXK GL GDUDWDQ .DOLPDQWDQ.3+3'HOWD0DKDNDP
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
%DQ\DNQ\D NHSHQWLQJDQ GL '0 PHQMDGLNDQ SRWHQVLNRQIOLNGLZLOD\DKLQLFXNXSEHVDUEHUXSD NRQIOLN YHUWLNDOKRUL]RQWDOGLDJRQDO WHUXWDPD WXPSDQJWLQGLKL]LQ .RQIOLN\DQJWHUMDGLVDQJDW NRPSOHNV PHOLEDWNDQ EDQ\DN SLKDN GLDQWDUDQ\D PHOLSXWL ELGDQJ HNRQRPL VRVLDO VXPEHU GD\D
DODP OLQJNXQJDQ KLQJJD SROLWLN 6\OYLDQL 6XU\DQGDUL 1DPXQ SRWHQVL NRQIOLN WHUVHEXWPDVLKEHUVLIDWODWHQGDQEHOXPWHUFDSWXUH GHQJDQMHODV
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
,,0(72'(3(1(/,7,$1 $/RNDVLGDQ:DNWX3HQHOLWLDQ 3HQHOLWLDQ GLODNXNDQGLNDZDVDQ'0.3+3 'HOWD0DKDNDP.DEXSDWHQ.XWDL.DUWDQHJDUD 3URYLQVL.DOWLPSDGDWDKXQGDQ %3HQJXPSXODQ'DWD
3HQJXPSXODQ GDWD SULPHU GLODNXNDQ PHODOXL ZDZDQFDUD GHQJDQ UHVSRQGHQ GDQ GLGXNXQJ SHQJDPDWDQ ODSDQJDQ )RFXV *UXS 'LVFXVVLRQ )*'VHEDQ\DNUHVSRQGHQ5HVSRQGHQGDODP SHQHOLWLDQLQLPHQFDNXSSDNDUGLEHEHUDSDLQVWDQVL WHUNDLWSDUDSLKDN\DQJWHUOLEDWGDQPDV\DUDNDW
'DWD VHNXQGHU GLSHUROHK GDUL EHUEDJDL GRNXPHQ EHUXSD ODSRUDQ KDVLOKDVLO SHQHOLWLDQ SDSHU SURVLGLQJ KDVLO SHQGDWDDQLQYHQWDULVDVL GDQVWXGLOLWHUDWXU & $QDOLVLV'DWD $QDOLVLVVWDNHKROGHU GLJXQDNDQ XQWXN PHQJ LGHQWLILNDVLNHSHQWLQJDQGDQSHUDQSDUDSLKDNDWDX DNWRUVHEDJDLSHPDQJNXSHQJHORODODKDQRE\HN GDQIDNWRUSHQ\HEDE\DQJPHQLPEXONDQNRQIOLN 7HNQLN $QDOLVLV \DQJ GLJXQDNDQ DGDODK 3RZHU ,QWHUHVW /HJLWLPDF\ 3,/ 7HNQLN LQL PHOLKDW NHNKDVDQ VDOLHQF\ GDQ SRVLVL SDUD SHPDQJNX NHSHQWLQJDQ GDQ EHUGDVDUNDQ NHNKDVDQ VHUWD SRVLVL\DQJGLPLOLNL 3HPDQJNX .HSHQWLQJDQ VWDNHKROGHU DGDODK PHUHND \DQJ VDQJDW EHUSHQJDUXK DWDX GLSHQJD UXKLROHKSHUVRDODQQ\D0XO\DQD 3DV\D .HNXDWDQ 3RZHU DGDODKNHPDPSXDQ XQWXN PHPHQDQJNDQ NHSHQWLQJDQQ\D GHQJDQ PHQJ JXQDNDQNHNXDWDQHNRQRPLGDQNHXDQJDQSROLWLN ILVLN GDQ GD\D SDNVD LQIRUPDVL GDQ NRPXQLNDVL \DQJGLPLOLNL1XUURFKPDW<RYL+DGL\DWL6LGLT (UEDXJK .HSHQWLQJDQ ,QWHUHVW PHQJLQGLNDVLNDQ WLQJJL UHQGDKQ\D GDPSDN \DQJ PXQJNLQ WLPEXO GDUL VLWXDVL DWDX SUR\HN WHUKDGDS NHSHQWLQJDQ SDUD SHPDQJNXNHSHQWLQJDQ1XUURFKPDWHWDO .HDEVDKDQ /HJLWLPDF\ DGDODK SHQJDNXDQ GDUL SLKDN ODLQ DWDV VWDWXV SHQJKDUJDDQ GDQ NODLP 1XUURFKPDW'DUXVPDQ (ND\DQL 0HQXUXW&KHYDOLHU %XFNOHVNDWHJRUL SHPDQJNX NHSHQWLQJDQ WHUEDJL PHQMDGL GHODSDQ \DNQL .DWHJRUL 3,/ GRPLQDQ NHNXDWDQ SRZHU VDQJDWNXDWNHSHQWLQJDQLQWHUHVWWHUSHQJDUXK OHJLWLPDVLWLQJJL
.DWHJRUL 3, EHUWHQDJDSRZHU VDQJDW NXDW
LQWHUHVW WHUSHQJDUXK NODLP W G N GLDNXL DWDXL D OHJLWLPDVLOHPDK
.DWHJRUL3/EHUSHQJDUXKSRZHUVDQJDWNXDW NODLPGLDNXLDWDXOHJLWLPDVLNXDWLQWHUHVW W G NL D WHUSHQJDUXK
.DWHJRUL ,/ UHQWDQ LQWHUHVW WHUSHQJDUXK NODLPGLDNXLDWDXOHJLWLPDVLEDJXVWHWDSLWDQSD
SRZHU
.DWHJRUL3GRUPDQSRZHUVDQJDWNXDWLQWHUHVW W G NWHUSHQJDUXKGDQNODLPW G NGLDNXLL D L D .DWHJRUL/EHUSHUKDWLDQNODLPGLDNXLWHWDSL
WLGDNWHUSHQJDUXKGDQWLGDNNXDW
.DWHJRUL,PDUJLQDOWHUSHQJDUXKWHWDSLNODLP WLGDNGLDNXLGDQWLGDNNXDW
3HULQJNDW ODLQODLQ SHPDQJNX NHSHQWLQJDQ \DQJWLGDNPHPSXQ\DLNHWLJDQ\D
'DODP PHPEXDWDQDOLVLVGHQJDQWHNQLN3,/ GLLQJLQNDQVHPXDSLKDNEHUSDUWLVLSDVLWHWDSLWLGDN VHUWD PHUWD PHOLEDWNDQ VHPXD SHPDQJNX NHSHQWLQJDQ .XVXPHGL $FKPDG 7DKDSDQDQDOLVLV0XO\DQD 3DV\D
0HQJLGHQWLILNDVL SDUD SLKDN \DQJ EHU NHSHQWLQJDQ
0HQJLQGLNDVLNDQ WLQJJLUHQGDKQ\D NHNXDWDQ \DQJ GDSDW GLJXQDNDQ ROHK SDUD SLKDN 3DUD SLKDN \DQJ WLGDN GDSDW PHQGD\DJXQDNDQ NHNXDWDQQ\DPHPSXQ\DLQLODLUHQGDK
0HQJLQGLNDVLNDQ GDPSDN \DQJ PXQJNLQ PXQFXO GDUL VLWXDVL NRQIOLN WHUKDGDS NHSHQ WLQJDQSDUDSLKDN %HUGDVDUNDQGLDJQRVLV3,/WHUVHEXWDQWDUSDUD SLKDNGDSDWEHUSRWHQVLXQWXNEHUDOLDQVLGDQDWDX EHNHUMD VDPDQDPXQVHEDOLNQ\DMXJDGDSDWWHUMDGL NRQIOLNVDWXVDPDODLQQ\D ,,,+$6,/'$13(0%$+$6$1 $+DVLO *DPEDUDQ8PXP/RNDVL3HQHOLWLDQ
'0 GHQJDQ OXDV KD WHUOHWDN DQWDUD
µ µ %7 GDQ µ
GLWHWDSNDQ ZLOD\DK NHUMD VHOXDV KD 6HFDUD DGPLQLVWUDVL .DZDVDQ +XWDQ 'HOWD 0DKDNDPEHUDGDGLWLJDNHFDPDWDQ\DLWX0XDUD -DZD $QJJDQD GDQ 0XDUD %DGDN .DEXSDWHQ .XWDL .DUWDQHJDUD :LOD\DK '0 VHEHODK XWDUD EHUEDWDVDQ GHQJDQ .HFDPDWDQ $QJJDQD GDQ .HFDPDWDQ 0XDUD %DGDN VHEHODK WLPXU EHU EDWDVDQ GHQJDQ 6HODW 0DNDVVDU VHEHODK VHODWDQ EHUEDWDVDQ GHQJDQ .HFDPDWDQ 0XDUD -DZD VHEHODK EDUDW EHUEDWDVDQ GHQJDQ .HFDPDWDQ $QJJDQDGDQ6DQJDVDQJD
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
VDWX NHVDWXDQ HNRVLVWHP '0 .3+3 'HOWD 0DKDNDP
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
PHPSXQ\DL SRWHQVL HNRQRPL WLQJJL 3HU
HNRQRPLDQ 3URYLQVL .DOLPDQWDQ 7LPXU VDQJDW WHUJDQWXQJSDGD6'$\DQJDGDGL'HOWD0DKDNDP 6'$EHUXSDPDQJURYHPHPSXQ\DLQLODLOLQGXQJ GDQ NRQVHUYDVL \DQJ VDQJDW GLSHUOXNDQ GDQ LQL PHQMDGL FRQFHUQ SHPHULQWDK QDPXQ VHFDUD HNRQRPL VXOLW GLNXDQWLILNDVLNDQ 6XPEHU GD\D DODP GL 'HOWD PDKDNDP GLPDQIDDWNDQ EDQ\DN SLKDN 6\OYLDQLHW DO GLDQWDUDQ\D DGDODK VHEDJDLEHULNXW
0LQ\DNGDQJDVEXPLGLNHORODROHKSHUXVDKDDQ .RQWUDNWRU .RQWUDN .HUMD 6DPD ...6 3HUWDPLQD (3 727$/ ( 3 ,QGRQHVLH &KHYURQ 9LFR XQWXN NHSHQWLQJDQ HNRQRPL QHJDUD GLEDZDK SHQJDZDVDQ 6DWXDQ .HUMD .KXVXVPLQ\DNGDQJDV6..0LJDV
+XWDQPDQJURYHGLEXNDXQWXNSHULNDQDQGDUDW WDPEDNROHKPDV\DUDNDWXQWXNNHSHQWLQJDQ HNRQRPL
3HUXEDKDQWXWXSDQODKDQPHQMDGLNHEXQVDZLW GDQ NDUHW SHUWDPEDQJDQ EDWXEDUD GDQ SHPXNLPDQ
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
:LOD\DK ' \DQJ GLGRPLQDVL ROHK UDWDDQ0 OXPSXU SDVDQJ VXUXW PHPEXDW EHEHUDSD MHQLV YHJHWDVL PDQJURYH WXPEXK NHPEDQJ GHQJDQ VXEXU $NVHV PHQXMX ZLOD\DK '0\DQJ UHODWLI PXGDK PHODOXL NDQDONDQDO VHGLPHQ PHPEXDW SHPEXNDDQ ODKDQ WDPEDN GL KXWDQ PDQJURYH PHQMDGLVHPDNLQPXGDK$GLVXNPDHWDO
'HJUDGDVL OLQJNXQJDQ GL .3+3 'HOWD 0DKDNDP PHQ\HEDENDQ UXVDNQ\D HNRVLVWHP KXWDQ PDQJURYH .RQGLVL KXWDQ PDQJURYH KDPSLUUXVDN/DMXGHJUDGDVLKXWDQUDZDLQL VDQJDW FHSDW WHUXWDPD NRQYHUVL PHQMDGL ODKDQ EXGL GD\D SHPXNLPDQ SHUVDZDKDQ GDQ SHUWDPEDNDQ VHKLQJJD HNRVLVWHP PDQJURYH VHPDNLQ EHUNXUDQJ *DQJJXDQ LQL PDNLQ ODPD PDNLQ PHOXDV GDQ WLGDN WHUNHQGDOL \DQJ PHQJDNLEDWNDQSHQ\XVXWDQWXWXSDQODKDQVHFDUD FHSDW /HELKGDULVHSDUXKNDZDVDQGDUDWDQGHOWD NLQLVXGDKWLGDNGLWXPEXKLROHKWHWXPEXKDQGDQ SHSRKRQDQ 3HUOX ZDNWX GDQ GXNXQJDQ VHPXD SLKDN XQWXN PHQJHPEDOLNDQ KXWDQ PDQJURYH NHPEDOLVDPSDLGHQJDQ8SD\D²XSD\D\DQJ GLODNXNDQGHQJDQPHQJJDODNNDQVLOYRILVKHU\ .3+3'HOWD0DKDNDPGDODPPHQJHPEDQJ NDQSURJUDPV\OYRILVKHU\SHUOXPHPHUKDWLNDQQLODL
EHQHILWFRVWUDWLR%&5+DVLOSHQHOLWLDQ6HWLDZDQHW DO EDKZD QLODL %&5 WDPEDN VLVWHP HNVWHQVLIWUDGLVLRQDOPHQXQMXNDQQLODLQHJDWLI GDQ WDPEDN VLVWHPV\OYRILVKHU\ EHUQLODL SRVLWLI DUWLQ\D EDKZD SHPDQIDDWDQ WDPEDN GHQJDQ VLVWHP
V\OYRILVKHU\ DNDQ PHQGDWDQJNDQ NHXQWXQJDQ GDQ OD\DN GLODNVDQDNDQ SDGD VDDW LQL 'HQJDQ PHODNVDQDNDQ SURJUDP V\OYRILVKHU\ DNDQ PHQ GDWDQJNDQ NHXQWXQJDQ EDLN LWX EDJL QHOD\DQ EXGLGD\D PDXSXQ PDV\DUDNDW WHUXWDPD GDUL NHXQWXQJDQ MDVD OLQJNXQJDQ SHQDQDPDQ PDQJURYH \DQJ EHUNHODQMXWDQ %XQWLQJ %RVPD YDQ=ZLHWHQ 6LGLN
3RWHQVL NRQIOLN \DQJ DGD DQWDUD PDV\DUDNDW GHQJDQSHUXVDKDDQPLJDVGDSDWGLDWDVLDQWDUDODLQ GHQJDQ SHPEHEDVDQ ODKDQ ROHK SHUXVDKDDQ GDQ GLWDQDPL PDQJURYH PDV\DUDNDW GLEHULNDQ JDQWL ODKDQNRPSHQVDVLVHEHVDU5SVDPSDL GHQJDQ 5S SHU KHNWDU XQWXN ODKDQ \DQJ VXGDK DGD WDPEDNQ\D SHQFHPDUDQEHUXSD NHERFRUDQSLSDJDV\DQJPHQ\HEDENDQNHPDWLDQ XGDQJSDUDSHWDPEDNPDV\DUDNDWPHPLQWDJDQWL UXJLVHEHVDU5S..6\OYLDQLHWDO
6XPEHU6RXUFH.3+3'HOWD0DKDNDP
*DPEDU3HWDZLOD\DK.3+3'HOWD0DKDNDP
7DKXQ DQ PHUXSDNDQ WDKXQ GLPXODLQ\D
NHEDQJNLWDQ SDUD SXQJJDZD SHUPLQWDDQ XGDQJ SDVDU LQWHUQDVLRQDO VHPDNLQ PHQLQJNDW SHPEXNDDQWDPEDNPXODLGLODNXNDQVHFDUDEHVDU EHVDUDQ
/DKDQ\DQJVHPXODNHEXQNHODSDKXWDQEDNDX GDQ QLSDK GDODP VHNHMDS EHUXEDK PHQMDGL WDPEDN VHKLQJJD SHUNHPEDQJDQ OXDVDQ WDPEDN \DQJVHPXODKDQ\DPHORQMDNPHQFDSDL SDGD WDKXQ 6DDW LQL PDWD SHQFDKDULDQ PDV\DUDNDW ORNDO WHUJDQWXQJ GDUL KXWDQ PDQJURYH%RVPDHWDO
3HPDQIDDWDQ GDQ SHQJHORODDQ 6'$ GL 'HOWD 0DKDNDP VHODPD SXOXKDQ WDKXQ WHUQ\DWD PHPEXDKNDQ NHUXVDNDQ \DQJ OXDU ELDVD SDGD HNRVLVWHPZLOD\DKSHVLVLUEHUXSDKLODQJQ\DKXWDQ PDQJURYH HURVL DEUDVL MXJD SHQFHPDUDQ OLQJNXQJDQ'DPSDNWXUXQDQNHUXVDNDQLQLFXNXS EHVDUEDLNGDPSDNHNRQRPLPDXSXQVRVLDO6DODK VDWX GHVD GL NDZDVDQ .3+3 'HOWD 0DKDNDP
DGDODK'HVD6DOLNLPHPLOLNLVLPSDQDQPLQ\DNGDQ JDV \DQJ GLWDPEDQJ ROHK EHUEDJDL SHUXVDKDDQ PXOWLQDVLRQDO6HNWRULQLPHPEHULNDQNRQWULEXVL \DQJEHVDUXQWXNSHQGDSDWDQQDVLRQDO'DHUDKLQL MXJD PHPLOLNL KXWDQ EDNDX \DQJ PHQGRURQJ PDV\DUDNDWQ\D XQWXN PHPEXDW WDPEDN XGDQJ \DQJOXDV(UZLDQWRQR 4RULDK
.RQIOLN.3+3'HOWD0DKDNDP
0HQXUXW3UXLWW 5XELQNRQIOLNDGDODK SHUVHSVL PHQJHQDL SHUEHGDDQ NHSHQWLQJDQ \DQJ VHVXQJJXKQ\D SHUFHLYHG GLYHUJHQFH RI LQWHUHVW .RQIOLN SHQJXDVDDQ WDQDK PXQFXO GDUL SHUVHSVL GDQLQWHUSUHWDVL\DQJEHUEHGD\DQJGLPLOLNLDQWDU SLKDNWHUKDGDSKDNPHUHNDDWDVWDQDKGDQVXPEHU GD\DKXWDQ
3HQ\HOHVDLDQ NRQIOLN NHKXWDQDQ KDUXV PHPHUKDWLNDQ WLSRORJL NRQIOLN \DQJ DGD -LND GLOLKDWGDULDNWRU\DQJWHUOLEDWPDNDNRQIOLNGDSDW GLJRORQJNDQNHGDODPEHEHUDSDNDWHJRUL6DILWULHW DO
.RQIOLN DQWDUD PDV\DUDNDW DGDW GHQJDQ .HPHQWHULDQ.HKXWDQDQ
.RQIOLNDQWDUDPDV\DUDNDWGHQJDQSHPHULQWDK .RQIOLN DQWDUD SHPHULQWDK GDHUDK GHQJDQ
SHPHULQWDKSXVDW
.RQIOLN DQWDUD PDV\DUDNDW GHVDSHQGDWDQJ GHQJDQSHPHULQWDK
.RQIOLNDQWDUDFDORWDQDKGHQJDQHOLWHSROLWLN +DVLO SHQHOLWLDQ GDUL %RXUJHRLV
VWDNHKROGHUV'HOWD0DKDNDP WHUEDJLPHQMDGLWLJD VXE NHORPSRN XWDPD \DLWX SDUD SLKDN \DQJ PHPEHULNDQ OD\DQDQ \DQJ GLEXWXKNDQ XQWXN SHPDQIDDWDQ GDQ SHQJHORODDQ 6'$ WHUXWDPD SHPHULQWDK GDQ OHPEDJD VZDGD\D PDV\DUDNDW /60 SDUD SLKDN \DQJ WHUOLEDW ODQJVXQJ GDODP SURGXNVLGDQ SHUGDJDQJDQ PLQ\DNGDQ JDVGDQ SDUD SLKDN \DQJ VHFDUD ODQJVXQJ WHUOLEDW GDODP SURGXNVLGDQSHUGDJDQJDQSURGXNNHODXWDQ
3RWHQVL NRQIOLN \DQJ WHUMDGL GL .3+3 'HOWD 0DKDNDPGDSDWGLSLODKPHQMDGLWXMXKNHORPSRN \DLWX SHUWDPD SHPHULQWDK SXVDW NHGXD SHPHULQWDK GDHUDK NHWLJD OHPEDJD VZDGD\D PDV\DUDNDW /60 GDQ DNDGHPLVL NHHPSDW SHUXVDKDDQ PLQ\DN GDQ JDV NHOLPD QHOD\DQ NHHQDP SHUXVDKDDQ SHUNHEXQDQ GDQ SHUWDP EDQJDQ GDQ NHWXMXK PDV\DUDNDW VHNLWDU KXWDQ7DEHO
6XPEHU6RXUFH*RRJOHPDS
*DPEDU/HWDN.3+3'HOWD0DKDNDP )LJXUH /D\RXWRI .3+3'HOWD0DKDNDP
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
'XNXQJDQ SDUD SLKDN WHUXWDPD GXNXQJDQ SHPHULQWDK VDQJDW GLSHUOXNDQ GDODP SHQJHP EDQJDQ.3+3'HOWD0DKDNDP+DVLOSHQHOLWLDQ WHUNDLW NDWHJRULVDVL WLSRORJL .3+ PHQXQMXNNDQ EDKZD VHEDQ\DN .3+ PDVLK WHUPDVXN NH GDODP 7LSH % GDQ 7LSH & \DQJ PHPLOLNL NHWHUEDWDVDQGDODP6'0GDQGXNXQJDQGDULSDUD SLKDN%XGLQLQJVLKHWDO
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
3DUD SLKDN WHUJDEXQJ GDODP /60 GDQ DNDGHPLVL\DLWX<D\DVDQ0DQJURYH/HVWDUL<0/
7KH1DWXUH&RQVHUYDWLRQ71&)RUHVWVDQG&OLPDWH &KDQJH 3URJUDPPHWKH 'HXWVFKH *HVHOOVFKDIW IU ,QWHUQDWLRQDOH =XVDPPHQDUEHLW )25&/,0(*,=
:RUOG :LOGOLIH )XQG ::) GDQ 8QLYHUVLWDV 0XODZDUPDQ GHQJDQ NHSHQWLQJDQ SHQGDP SLQJDQNHSDGDPDV\DUDNDWGDQSHUXVDKDDQWHUNDLW NHOHVWDULDQ HNRVLVWHP PDQJURYH /60 GDQ DNDGHPLVL PHODNXNDQ SHQGDPSLQJDQ GDODP UDQJND SURVHV SHQ\DGDUDQ NHSDGD PDV\DUDNDW WHUNDLW SHODNVDQDDQ DNXDNXOWXU \DQJ GDSDW PHQGDWDQJNDQGDPSDNSRVLWLI EDJLSHQLQJNDWDQ VRVLDO HNRQRPL PDV\DUDNDW VHUWD VHEDJDL XSD\D XQWXN PHQMDJD NHVHLPEDQJDQ GDQ NHOHVWDULDQ KXWDQPDQJURYH6XSULDWPDQ
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
1HOD\DQ WHUGLUL GDUL QHOD\DQ WDQJNDS GDQ QHOD\DQ EXGLGD\D GLPDQD QHOD\DQ WDQJNDS PHQDQJNDS LNDQ GL OHSDV SDQWDL VHSDQMDQJ NDZDVDQ 'HOWD 0DKDNDP GDQ QHOD\DQ EXGLGD\D PHPEXNDWDPEDN²WDPEDNXQWXNEXGLGD\DXGDQJ .HSHQWLQJDQ QHOD\DQ DGDODK XQWXN NHSHQWLQJDQ HNRQRPLGHQJDQSHPDQIDDWDQVXPEHUGD\DDODP WHWDSLXPXPQ\DSHPDQIDDWDQVXPEHUGD\DDODP WHUVHEXW WDQSD PHPHUKDWLNDQ NHOHVWDULDQ GDQ NHEHUODQMXWDQ VXPEHU GD\D VHKLQJJD HNRVLVWHP PDQJURYHPHQMDGLUXVDN0HUHNDVHFDUDODQJVXQJ WHUOLEDWGDODPSURGXNVLGDQSHUGDJDQJDQSURGXN NHODXWDQ
3HUXVDKDDQ SHUNHEXQDQ GDQ SHUWDPEDQJDQ WHUGLULGDULSHUXVDKDDQ SHUXVDKDDQ\DQJEHJHUDN GLELGDQJSHUNHEXQDQGHQJDQNRPRGLWLXPXQ\D NHODSD VDZLW GDQ NDUHW GDQ MXJD SHUWDPEDQJDQ EDWXEDUD
0DV\DUDNDW XPXPQ\D DGDODK PDV\DUDNDW VHNLWDU KXWDQ DWDX \DQJ EHUEDWDVDQ ODQJVXQJ GHQJDQ NDZDVDQ KXWDQ GHQJDQ PHPEXND
3HULQJNDW ODLQODLQ SHPDQJNX NHSHQWLQJDQ \DQJ WLGDN PHPSXQ\DL NHWLJDQ\D GDODP SRWHQVLNRQIOLNGL.3+3'HOWD0DKDNDPWLGDN DGDNDWHJRULSHULQJNDWODLQ²ODLQ %HUGDVDUNDQKDVLOGLDJQRVLV3,/VHSHUWLWHUOLKDW SDGD 7DEHO PHQXQMXNNDQ EDKZD DQWDU SDUD SHPDQJNXNHSHQWLQJDQGDSDWWHUMDGLSRWHQVLNHUMD VDPD GDQ SRWHQVL NRQIOLN 3RWHQVL NHUMD VDPD WHUMDGLDQWDUDSDUDSLKDN\DQJVDPDVDPDPHP SXQ\DLNHSHQWLQJDQSRVLWLI ,DWDXDQWDUDSDUD SLKDN \DQJ VDPDVDPD PHPSXQ\DL NHSHQWLQJDQ QHJDWLI , 3RWHQVL NRQIOLN WHUMDGL DQWDUD SDUD SLKDN\DQJEHUODZDQDQNHSHQWLQJDQQ\D\DLWX, GDQ,3RQWHQVLNRQIOLNWHUMDGLDQWDUDSHPHULQWDK SXVDW SHPHULQWDK GDHUDK PDV\DUDNDW GHQJDQ SHUXVDKDDQPLJDVQHOD\DQ
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
DJURIRUHVWU\ SHQLQJNDWDQ NDSDVLWDV PDV\DUDNDW NHJLDWDQLQLGDSDWGLODNXNDQEHNHUMD VDPDGHQJDQ
PDV\DUDNDW GDQ /60 %ORN .KXVXVWHUXWDPD XQWXN LQIUDVWUXNWXU PLJDV VXPXU PLJDV GDQ MDULQJDQ SLSD VHUWD ODKDQ XQWXN SHPDQIDDWDQ KXWDQ SHQGLGLNDQ GDQ HQHOLWLDQS +33 0XDUD .DHOL\DQJGDSDWGLODNXNDQEHNHUMD VDPDGHQJDQ SHUXVDKDDQ6.. LJDVGDQ0 %DODL%HVDU3HQHOLWLDQ 'LSWHURNDUSD%3'
+DVLOSHQHOLWLDQ6\OYLDQL 6XU\DQGDUL EDKZD .3+ SDGD XPXPQ\D WHODK PHODNXNDQ NRRUGLQDVL GDODP KDO SHQGDQDDQ EDLN GHQJDQ SHPHULQWDK SXVDW PDXSXQ SHPHULQWDK GDHUDK EHJLWX MXJD GHQJDQ .3+3 'HOWD 0DKDNDP .RRUGLQDVLGDODPKDOSHQGDQDDQGLODNXNDQEDLN GHQJDQ SHPHULQWDK SXVDW DWDXSXQ SHPHULQWDK GDHUDK
3RWHQVL NRQIOLN WHUMDGL DQWDUD SHUXVDKDDQ PLJDV GHQJDQ QHOD\DQ DWDX GHQJDQ PDV\DUDNDW 3DGD WDWDUDQ DNDU UXPSXW WHUGDSDW SHUVRDODQ NRPXQLNDVL \DQJ NXUDQJ EDLN DQWDUD QHOD\DQ PDV\DUDNDW GHQJDQ SHUXVDKDDQ PLJDV WHUNDLW SURGXNWLILWDV WDPEDN NHUXVDNDQ WDPEDN DNLEDW ODOX ODODQJ NHQGDUDDQ RSHUDVLRQDO SHUXVDKDDQ PDXSXQDGDQ\DSHPEDWDVDQ²SHPEDWDVDQGDHUDK WDQJNDSDQ LNDQ EDJL QHOD\DQ WUDGLVLRQDO 'LQDV 3HUNHEXQDQ GDQ .HKXWDQDQ .DEXSDWHQ .XWDL .DUWDQHJDUD D 3HUDQ .3+3 'HOWD 0DKDNDPFXNXSVWUDWHJLVVHEDJDLSHQHQJDKDJDU WLGDNWHUMHEDNXQWXNPHQGXNXQJVDODKVDWXSLKDN VHFDUDEHUOHELKDQ6HODLQVHEDJDLSHQHQJDKPDND .3+3 'HOWD 0DKDNDP MXJD SHUOX EHUWLQGDN VHODNX NRRUGLQDWRU GDQ OHDGLQJ DJHQF\ \DQJ PHQVLQHUJLNDQVHPXDDNWLYLWDVGL'HOWD0DKDNDP GDULVHOXUXKSHPDQJNXNHSHQWLQJDQ\DQJWHUOLEDW EDLNODQJVXQJPDXSXQWLGDNODQJVXQJ
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
0DV\DUDNDW 3HUPXNLPDQ 3HPXNLPDP 0DV\DUDNDWVHNLWDUNDZDVDQ
6XPEHU6RXUFHV $QDOLVLVGDWDSULPHU 3ULPDU\GDWDDQDO\VLV
1R 3HPDQJNXNHSHQWLQJDQ 6WDNHKROGHUV .HNXDWDQ 3RZHU3 .HSHQWLQJDQ ,QWHUHVW, /HJLWLPDVL /HJLWLPDF\/ .DWHJRUL3,/ &DWHJRU\3,/ 3HPHULQWDKSXVDW 7LQJJL 7LQJJL 7LQJJL 3,/ 3HPHULQWDKGDHUDK 5HQGDK 7LQJJL 7LQJJL ,/ /60GDQDNDGHPLVL 7LQJJL 5HQGDK 7LQJJL 3/ 3HUXVDKDDQPLQ\DNGDQJDV 7LQJJL 7LQJJL 7LQJJL 3,/ 1HOD\DQ 7LQJJL 7LQJJL 5HQGDK 3, 3HUXVDKDDQSHUNHEXQDQGDQ SHUWDPEDQJDQ 5HQGDK 5HQGDK 7LQJJL / 0DV\DUDNDW 5HQGDK 7LQJJL 5HQGDK ,
*DPEDU'LDJUDP9HQQ.HNKDVDQ3HPDQJNX.HSHQWLQJDQ )LJXUH9HQQ'LDJUDPRI 6SHFLDOWLHV6WDNHKROGHUV
6XPEHU6RXUFHV$QDOLVLVGDWDSULPHU3ULPDU\GDWDDQDO\VLV
7DEHO+DVLO'LDJQRVLV3,/
7DEOH5HVXOWRI 'LDJQRVWLF3,/
6XPEHU6RXUFHV$QDOLVLVGDWDSULPHU3ULPDU\GDWDDQDO\VLV
.HWHUDQJDQ5HPDUN,NHSHQWLQJDQ\DQJEHUGDPSDNSRVLWLISRVLWLYHLQWHUHVW ,NHSHQWLQJDQ\DQJEHUGDPSDNQHJDWLI QHJDWLYHLQWHUHVW 3RZHU ,QWHUHVW /HJLWLPDF\ 3HPDQJNX .HSHQWLQJDQ 6WDNHKROGHUV .DWHJRUL 3,/ &DWHJRU\ 3,/ .HSHQWLQJDQ ,QWHUHVW 3RWHQVL.HUMDVDPD &RRSHUDWLRQ3RWHQWLDO 3RWHQVL.RQIOLN &RQIOLFWV3RWHQWLDO
1HWUDO 3RVLWLI 1HJDWLI $QWDU,QWHU $QWDU,QWHU
3HPHULQWDKSXVDW 3,/ 'DSDWWHUMDGL DQWDUD3HPHULQWDK SXVDW3HPHULQWDK GDHUDKGHQJDQ PDV\DUDNDW 'DSDWWHUMDGL DQWDUD SHUXVDKDDQ PLJDVGHQJDQ QHOD\DQ 3RWHQVLNRQIOLNGDSDW WHUMDGLVHFDUDELODWHUDO GDQDWDXDOLDQVLDQWDUD SHPLOLN,SHPHULQWDK SXVDWSHPHULQWDK GDHUDKGHQJDQ PDV\DUDNDWGHQJDQ SHPLOLN,SHUXVDKDDQ PLQ\DNGDQJDV GHQJDQ QOD\DQ 3HPHULQWDK GDHUDK ,/ /60GDQ DNDGHPLVL 3/ 3HUXVDKDDQ PLQ\DNGDQJDV 3,/ 1HOD\DQ 3, 3HUXVDKDDQ SUNHEXQDQGDQ SHUWDPEDQJDQ / 0DV\DUDNDW ,
,9.(6,038/$1'$16$5$1 $.HVLPSXODQ
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
%6DUDQ
.RPXQLNDVL\DQJLQWHQVDQWDUDSDUDSLKDNGL NDZDVDQ.3+3'HOWD0DKDNDPPHUXSDNDQVDODK VDWX UHVROXVL NRQIOLN \DQJ HIHNWLI 3DUD SLKDN GLKDUDSNDQGDSDWEHNHUMDVDPDGDODPSHQJHORODDQ NDZDVDQ.3+3'HOWD0DKDNDP
8&$3$17(5,0$.$6,+ "$,/08-8%(&.&/5
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
%RXUJHRLV 5 $ VRFLR HFRQRPLF DQG LQVWLWXWLRQDO DQDO\VLV RI 0DKDNDP 'HOWD VWDNHKROGHUV 5HWULHYHG -XOL IURP KWWSVZZZUHVHDUFKJDWHQHWSXEOLFDWLRQ
%XGLQLQJVLK.(NDZDWL6*DPLQ6\OYLDQL(< 6 )HQWL 6 7LSRORJL GDQ VWUDWHJL SHQJHPEDQJDQ NHVDWXDQ SHQJHORODDQ KXWDQ GL ,QGRQHVLD -XUQDO $QDOLVLV .HELMDNDQ
.HKXWDQDQ
%XQWLQJ6:%RVPD5+YDQ=ZLHWHQ3$ 0 6LGLN $ 6 %LRHFRQRPLF PRGHOLQJ RI VKULPS DTXDFXOWXUH VWUDWHJLHV IRU WKH 0DKDNDP 'HOWD ,QGRQHVLD-RXUQDO $TXDFXOWXUH (FRQRPLFV 0DQDJHPHQW K W W S G R L R U J
&KHYDOLHU-0 %XFNOHV'-$JXLGHWR FROODERUDWLYH LQTXLU\ DQG VRFLDO HQJDJHPHQW ,QWHUQDWLRQDO'HYHORSPHQW5HVHDUFK&HQWUH 6$*(3XEOLFDWLRQV,QGLD3YW/WG5HWULHYHG $JXVWXVIURPZZZVDJHSXELQ 'LQDV 3HUNHEXQDQ GDQ .HKXWDQDQ .DEXSDWHQ .XWDL.DUWDQHJDUDD'RNXPHQ5HQFDQD 3HQJHORODDQ.HVDWXDQ3HQJHORODDQ+XWDQ3URGXNVL 'HOWD 0DKDNDP .DEXSDWHQ .XWDL .DUWDQHJDUD 7DKXQ 7HQJJDURQJ 'LQDV 3HUNHEXQDQ GDQ .HKXWDQDQ .DEXSDWHQ .XWDL.DUWDQHJDUD
'LQDV 3HUNHEXQDQ GDQ .HKXWDQDQ .DEXSDWHQ .XWDL .DUWDQHJDUD E 3HQJHORODDQ NDZDVDQKXWDQGL'HOWD0DKDNDP7HQJJDURQJ 'LQDV3HUNHEXQDQGDQ.HKXWDQDQ.DEXSD WHQ.XWDL.DUWDQHJDUD
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
.HSXWXVDQ0HQWHUL3HUWDQLDQ1RPRU.SWV 8P WHQWDQJ 7DWD *XQD +XWDQ .HVHSDNDWDQ3URSLQVL.DOLPDQWDQ7LPXU .3+3 'HOWD 0DKDNDP 6HNLODV .HVDWXDQ
3HQJHORODDQ +XWDQ 3URGXNVL .3+3 'HOWD 0DKDNDP 7HQJJDURQJ .DEXSDWHQ .XWDL .DUWDQHJDUD
.XVWDQWL $ 1XJURKR % 'DUXVPDQ ' 1XUURFKPDW ' .URWW 0 6FKXVVHU & $FWRU LQWHUHVW DQG FRQIOLFW LQ VXVWDLQDEOH PDQJURYH IRUHVW PDQDJHPHQW$ FDVH IURP ,QGRQHVLD,QWHUQDWLRQDO -RXUQDO RI 0 D U L Q H 6 F L H Q F H KWWSGRLRUJLMPV .XVXPHGL 3 $FKPDG 5 $QDOLVLV
VWDNHKROGHU GDQ NHELMDNDQ SHPEDQJXQDQ .3+ 0RGHO 0DURV GL 3URYLQVL 6XODZHVL 6HODWDQ-XUQDO $QDOLVLV .HELMDNDQ .HKXWDQDQ
/HQJJRQR 3 'KDUPDZDQ $ 6RHWDUWR ( 'DPDQKXUL ' .HEDQJNLWDQ HNRQRPL ORNDO NHPXQFXODQ SRQJJDZD SHUWDPEDNDQ GDQ IHQRPHQD LQGXVWUL SHQJRODKDQXGDQJHNVSRUGL'HOWD0DKDNDP
-XUQDO6RVLRORJL3HGHVDDQ 0DUZD - 3XUQRPR + 1XUURFKPDW ' 5
0DQDJLQJ WKH ODVW IURQWLHU RI ,QGRQHVLDQ IRUHVWLQ3DSXD%RJRU$.(&23GDQ,3% 0XO\DQD $ 3DV\D * 6LVWHP DQDOLVLV
VRVLDO GDODP SHQDQJDQDQ VHQJNHWD 0DWHUL 3HODWLKDQ .RQIOLN %RJRU 3XVDW /LWEDQJ 6RVLDO(NRQRPL.HELMDNDQGDQ3HUXEDKDQ ,NOLP &,)25
1XUURFKPDW ' 5 +DVDQ 0 ) 6XKDUMLWR ' +DGLDQWR $ (ND\DQL 0 6XGDUPDOLN « 5\DQGL((NRQRPLSROLWLNNHKXWDQDQ 0HQJXUDL PLWRV GDQ IDNWD SHQJHORODDQ KXWDQ 1XUURFKPDW '5 +DVDQ 0 (GV &HWDNDQNHGXD(GLVLUHYLVL-DNDUWD,1'() 1XUURFKPDW'5<RYL(<+DGL\DWL26LGLT
0 (UEDXJK-7&KDQJLQJSROLFLHV RYHUWLPEHUVXSSO\DQGLWVSRWHQWLDOLPSDFWV WR WKH IXUQLWXUH LQGXVWULHV RI -HSDUD ,QGRQHVLD-XUQDO 0DQDMHPHQ +XWDQ 7URSLND -RXUQDO RI 7URSLFDO )RUHVW 0DQDJHPHQW KWWSGRLRUJMWIP 1XU URFKPDW '5 'KDU PDZDQ $+
2ELG]LQVNL.'HUPDZDQ$ (UEDXJK-7 &RQWHVWLQJ QDWLRQDO DQG LQWHUQDWLRQDOIRUHVWUHJLPHV&DVHRI WLPEHU OHJDOLW\FHUWLILFDWLRQIRUFRPPXQLW\IRUHVWVLQ &HQWUDO-DYD,QGRQHVLD-RXUQDORI )RUHVW3ROLF\ DQG (FRQRPLFV 5HWULHYHG IURP (/6(9,(5 KWWSG[GRLRUJ MIRUSRO
1XUURFKPDW'5'DUXVPDQ'5 (ND\DQL 0 .HELMDNDQ SHPEDQJXQDQ NHKXWDQDQ GDQ OLQJNXQJDQ 7HRUL GDQ LPSOHPHQWDVL %RJRU ,3%3UHVV
3HUDWXUDQ %XSDWL .XWDL .DUWDQHJDUD 1RPRU 7DKXQWHQWDQJ3HQHWDSDQ.3+3'HOWD 0DKDNDP
3UXLWW'* 5XELQ-=7HRULNRQIOLN VRVLDO<RJ\DNDUWD3XVWDND3HODMDU
3XVSLWRMDWL7'DUXVPDQ'7DUXPLQJNHQJ5 & 3XUQDPD % 3UHIHUHQVL SHPDQJNX NHSHQWLQJDQ GDODP SHQJHORODDQ KXWDQ SURGXNVL 6WXGL NDVXV GL .HVDWXDQ 3HPDQJNXDQ +XWDQ %RJRU-XUQDO $QDOLVLV .HELMDNDQ.HKXWDQDQ
6DILWUL 0 $ 0XKVKL 0 $ 0XKDMLU 0 6KRKLEXGGLQ 0 $UL]RQD < 6LUDLW 0 6DQWRVD + 0HQXMX NHSDVWLDQ GDQ NHDGLODQWHQXULDO-DNDUWD(SLVWHPD,QVWLWXWH 6DQMDWPLNR 3 'HOWD 0DKDNDP GDODP
WUDQVLVL3HUVSHNWLI VRVLRKLVWRULVSHUXEDKDQ VRVLDO NRPXQLWDV SHVLVLU GDQ LPSOLNDVLQ\D WHUKDGDS GHJUDGDVL NDZDVDQ PDQJURYH GL .DOLPDQWDQ 7LPXU,QVWLWXWH RI 1DWXUDO DQG 5HJLRQDO5HVRXUFKHV,155
6HWLDZDQ < %HQJHQ ' * .XVPDQD & 3HUWLZL6(VWLPDVLQLODLHNVWHUQDOLWDV NRQYHUVL KXWDQ PDQJ URYH PHQMDGL SHUWDPEDNDQGL'HOWD0DKDNDP.DEXSDWHQ .XWDL .DUWDQHJDUD -XUQDO 3HQHOLWLDQ +XWDQ
7DQDPDQ
6LGLN $ 6 7KH FKQDJHV RI PDQJURYH
HFRV\VWHP LQ 0DKDNDP GHOWD ,QGRQHVLD D FRPSOH[ VFRDLFOHQYLURQPHQWDO SDWWHUQ RI OLQNDJHV LQ UHVRXUFHV XWLOL]DWLRQ %RUQHR 5HVHDUFK-RXUMQDO
6XKDUGLPDQ $ 7VX\XNL 6 6XPDU\RQR 0 6XOLVWLRDGL < % *HRVWDWLVWLFDO DSSURDFK IRU VLWH VXLWDELOLW\ PDSSLQJ RI GHJUDGHGPDQJURYHIRUHVWLQWKH0DKDNDP 'HOWD ,QGRQHVLD -RXUQDO RI *HRJUDSKLF , Q I R U P D W L R Q 6 \ V W H P KWWSGRLRUJMJLV 6XSULDWPDQ ' ' $ 1 %XNX 3DQGXDQ
SHQJHORODDQ WDPEDN UDPDK OLQJNXQJDQ PRGHO VLOYRILVKHU\ .XWDL .DUWDQHJDUD <D\DVDQ 0DQJURYH/HVWDUL'HOWD0DKDNDP
6\OYLDQL 6XU\DQGDUL ( < .DMLDQ LPSOHPHQWDVLQRUPDVWDQGDUSURVHGXUGDQ NULWHULD GDODP SHQJHRUJDQLVDVLDQ NDZDVDQ NHVDWXDQ SHQJHORODDQ KXWDQ-XUQDO $QDOLVLV .HELMDNDQ.HKXWDQDQ
6\OYLDQL6XU\DQGDUL(<6DNXQWDOD16XUDWL +DNLP , 3RWHQVL GDQ UHVROXVL NRQIOLN NDZDVDQ KXWDQ /DSRUDQ +DVLO 3HQHOLWLDQ %RJRU 3XVDW /LWEDQJ 6RVLDO (NRQRPL .HELMDNDQGDQ3HUXEDKDQ,NOLP
