6WXG\RQ%XVLQHVV&RPSHWLWLRQ$PRQJ6PDOO)XUQLWXUH
5DWWDQ,QGXVWULHVLQ.RWD3DOX5HJHQF\&HQWUDO6XODZHVL
2OHK%\ 7UL\RQR3XVSLWRMDWL $%675$&77KH DLPV RI WKLV VWXG\ ZHUH WR ILQG RXW KRZ EXVLQHVV FRPSHWLWLRQ DPRQJ VPDOO UDWWDQ IXUQLWXUH LQGXWULHVLQ.RWD3DOX5HJHQF\&HQWUDO6XODZHVLLQIOXHQFHWKHLQFRPHRIWKHRZQHUVDQGWKHGHYHORSPHQWRIWKH LQGXVWULHV5HVXOWVRIWKHVWXG\VKRZHGWKDWPDUNHWRIUDWDQIXUQLWXUHZDVOLPLWHG$WQRUPDOGHPDQGSURGXFWLRQ RIUDWWDQIXUQLWXUHZDVDURXQGVHWSHUPRQWKDQGLQFUHDVHGWREHFRPHVHWSHUPRQWKDWKLJK GHPDQG,QDGGLWLRQWKHEXVLQHVVFRPSHWLWLRQDPRQJLQGXVWULHVZDVKLJK$VDUHVXOWWKHLQFRPHREWDLQHGE\ WKHRZQHUVZDVORZDURXQG5S5SSHULQGXVWU\SHUPRQWK,QWKHIXWXUHWKHEXVLQHVV FRPSHWLWLRQDPRQJWKHPZLOOVWLOOEHKLJKDQGWKHGHYHORSPHQWRIWKHLQGXVWULHVLVGLIILFXOWWREHFRQGXFWHG 5HJLRQDOJRYHUQPHQWFDQKHOSWKHGHYHORSPHQWRIWKHLQGXVWU\E\HQODUJLQJWKHPDUNHWRIUDWWDQIXUQLWXUH WKURXJKLQFUHDVLQJUHJLRQDOEXGJHWIRUUDWWDQIXUQLWXUH .H\ZRUGV%XVLQHVVFRPSHWLWLRQIXUQLWXUHUDWWDQLQGXVWU\OLPLWHGPDUNHW $%675$. 6WXGLLQLEHUPDNVXGXQWXNPHQJNDMLVHMDXKPDQDSHUVDLQJDQXVDKDDQWDULQGXVWULNHFLOPHEHOURWDQGL NDEXSDWHQ .RWD 3DOX PHPSHQJDUXKL SHQGDSDWDQ SHPLOLN GDQ SHQJHPEDQJDQ LQGXVWUL +DVLO VWXGL PHQXQMXNNDQEDKZDSDVDUPHEHOURWDQDGDODKWHUEDWDV3DGDNRQGLVLSHUPLQWDDQQRUPDOSURGXNVLPHEHO URWDQDGDODKVHNLWDUVHWPHEHOSHUEXODQGDQPHQLQJNDWPHQMDGLVHWPHEHOSHUEXODQSDGD NRQGLVLSHUPLQWDDQWLQJJL6HODLQLWX SHUVDLQJDQXVDKDDQWDULQGXVWULVDQJDWWLQJJL$NLEDWQ\DSHQGDSDWDQ \DQJGLSHUROHKSHPLOLNLQGXVWULVDQJDWUHQGDKVHNLWDU5S5SSHULQGXVWULSHUEXODQ'L PDVDPHQGDWDQJSHUVDLQJDQXVDKDGLSHUNLUDNDQPDVLKWHWDSWLQJJLMXPODKLQGXVWULWLGDNEDQ\DNEHUXEDKGDQ SHQJHPEDQJDQXVDKDVXOLWGLODNXNDQ3HPHULQWDKGDHUDKGDSDWPHPEDQWXSHQJHPEDQJDQLQGXVWULPHEHO GHQJDQFDUDPHPSHUOXDVSDVDUPHEHODQWDUDODLQPHODOXLSHQLQJNDWDQEHODQMDPHEHOGDHUDK .DWDNXQFL3HUVDLQJDQXVDKDLQGXVWULPHEHOURWDQSDVDUWHUEDWDV , 3(1'$+8/8$1 3HUVDLQJDQXVDKDPHPSHQJDUXKLNHXQWXQJDQGDQNHODQJVXQJDQXVDKD3DGDNHDGDDQ SDVDUSHUVDLQJDQVHPSXUQDEDUDQJ\DQJVDPDKRPRJHQGLSURGXNVLROHKEDQ\DNSHUXVDKDDQGDQ GLMXDOGHQJDQKDUJD\DQJVDPD'HQJDQKDUJDMXDOWHUVHEXWSHUXVDKDDQ\DQJHILVLHQPHPSHUROHK NHXQWXQJDQ QRUPDO GDSDW EHUWDKDQ GL SDVDU GDQ PHPSXQ\DL NHVHPSDWDQ XQWXN EHUNHPEDQJ 3HUXVDKDDQ\DQJWLGDNHILVLHQPHPSHUROHKNHXQWXQJDQGLEDZDKQRUPDODWDXPHQGHULWDNHUXJLDQ GDQJXOXQJWLNDU
3DGD SDVDU SHUVDLQJDQ WLGDN VHPSXUQD EDUDQJ \DQJ VDPD GLSURGXNVL ROHK VDWX DWDX EHEHUDSD SHUXVDKDDQ 3DGD NDVXV KDQ\D DGD VDWX SHUXVDKDDQ GL SDVDU SDVDU PRQRSROL SHUVDLQJDQXVDKDWLGDNWHUMDGL3HUXVDKDDQSDGDSDVDUPRQRSROLWHUVHEXWPHPSXQ\DLNHPDPSXDQ XQWXNPHQJDWXUMXPODKGDQKDUJDEDUDQJ\DQJGLMXDOVHKLQJJDPHPSHUROHKNHXQWXQJDQGLDWDV QRUPDO 3HQJHPEDQJDQ XVDKD SDGD NHDGDDQ WDQSD SHUVDLQJDQ LQL KDQ\D GLODNXNDQ MLND DGD SHQLQJNDWDQSHUPLQWDDQ
3DGD NDVXV DGD EHEHUDSD SHUXVDKDDQ GL SDVDU SDVDU ROLJRSROL SHUVDLQJDQ XVDKD GLSHQJDUXKLROHKSHULODNXSHQJXVDKD0HUHNDGDSDWEHNHUMDVDPDXQWXNPHQHQWXNDQKDUJDMXDO VHKLQJJDPHPSHUROHKNHXQWXQJDQGLDWDVQRUPDODWDXVDOLQJEHUVDLQJVHFDUDVHPSXUQDVHKLQJJD PHQGDSDW NHXQWXQJDQ QRUPDO 'HQJDQ NHXQWXQJDQ WHUVHEXW SHUXVDKDDQ \DQJ DGD GL SDVDU ROLJRSRO\PHPSXQ\DLNHVHPSDWDQXQWXNEHUNHPEDQJ
'L.DEXSDWHQ.RWD3DOXWHUGDSDWSHUXVDKDDQDWDXLQGXVWULNHFLOPHEHOURWDQ,05GLPDQD VHEDJLDQ WHODK EHURSHUDVL VHMDN WDKXQ DQ 'HQJDQ MXPODK \DQJ WHUEDWDV ,05 WHUVHEXW PHPSXQ\DLNHVHPSDWDQEHNHUMDVDPDXQWXNPHQHWDSNDQKDUJDMXDOPHPSHUROHKNHXQWXQJDQGL DWDV QRUPDO GDQ EHUNHPEDQJ +LQJJD DNKLU WDKXQ ,05 WHUVHEXW EHOXP PHQJDODPL SHUNHPEDQJDQ\DQJEHUDUWL3HUDODWDQSURGXNVLWHWDSPDQXDOGDQPHEHOKDQ\DGDSDWGLMXDOXQWXN SDVDUORNDO
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
3HUVDLQJDQ XVDKD DQWDU ,05 GL NDEXSDWHQ .RWD 3DOX WLGDN WHSDW GLDQDOLVLV GHQJDQ PHQJJXQDNDQ PRGHOPRGHO SHUVDLQJDQ KDUJD WHUVHEXW NDUHQD VHEDJLDQ DWDX VHOXUXK DVXPVL WHUVHEXWWLGDNWHUSHQXKL3HUWDPDVHWLDS,05 PHQJKDVLONDQEHUEDJDLPRGHOPHEHODWDXPHEHO \DQJ GLSURGXNVL WLGDN KRPRJHQ .HGXD PRGDO XVDKD ,05 WHUEDWDV VHKLQJJD WLGDN GDSDW PHPSURGXNVLPHEHOVHVXDLGHQJDQ\DQJGLKDUDSNDQ$NLEDWQ\DMXPODKGDQKDUJDMXDOPHEHOGDSDW
EHUEHGD GHQJDQ \DQJ GLKLWXQJ GHQJDQ PHQJJXQDNDQ PRGHO SHUVDLQJDQ KDUJD WHUVHEXW 0RGDO XVDKDWHUVHEXWGDSDWEHUXEDKVHWLDSVDDWVHKLQJJDNHVHLPEDQJDQKDUJDWLGDNVWDELO.HWLJDSDVDU PHEHOURWDQGL.RWD3DOXDGDODKWHUEDWDV0RGHOPRGHOWHUVHEXWWLGDNPHPEDKDVSDVDUEDUDQJ\DQJ WHUEDWDV 'DODPVWXGLLQLSHUVDLQJDQXVDKDGLDQDOLVLVVHFDUDNXDOLWDWLILQGLNDWLIGDQGLXNXUGHQJDQ PHQJJXQDNDQSDUDPHWHUSHQGDSDWDQJDMLGDQNHXQWXQJDQ\DQJGLSHUROHKSHPLOLN,05EXNDQ SDUDPHWHUNHXQWXQJDQ$ODVDQQ\DSHPLOLN,05XPXPQ\DWLGDNPHPEHGDNDQDQWDUDSHQGDSDWDQ \DQJ EHUDVDO GDUL JDML GDQ \DQJ EHUDVDO GDUL NHXQWXQJDQ 3HUVDLQJDQ XVDKD GLQLODL WLQJJL GDQ SHOXDQJSHQJHPEDQJDQXVDKDGLQLODLUHQGDKMLNDSHQGDSDWDQ\DQJGLSHUROHKVDWXDWDXOHELKSHPLOLN ,05UHQGDKGDQVHEDOLNQ\D
% 3HQJXPSXODQ'DWD
3HQJXPSXODQGDWDGLODNXNDQSDGDEXODQ2NWREHU'DWD\DQJGLNXPSXONDQDGDODKGDWD SULPHUGDQVHNXQGHU\DQJPHOLSXWLPRGHOPHEHONXDOLWDVPHEHOELD\DSURGXNVLKDUJDMXDOGDQGDWD ODLQ \DQJ WHUNDLW GHQJDQ SHUVDLQJDQ XVDKD 3HQJXPSXODQ GDWD GLODNXNDQ GHQJDQ PHWRGH SHQJDPDWDQSHQJXNXUDQSHQLODLDQGDQZDZDQFDUDGHQJDQSHPLOLN,05PHQJJXQDNDQGDIWDU SHUWDQ\DDQ\DQJGLVLDSNDQ
& 3HQJRODKDQ'DWD
3HQGDSDWDQ SHPLOLN ,05 \DQJ EHUDVDO GDUL JDML GDQ NHXQWXQJDQ GLKLWXQJ GHQJDQ PHQJJXQDNDQUXPXVEHULNXW QQ , 3L4L;&L4L L L GLPDQD , SHQGDSDWDQ5SWDKXQ3L KDUJDPHEHOPRGHOL5SVHW4L MXPODK SHQMXDODQPHEHOPRGHOLVHWWDKXQ; ELD\DWHWDSSURGXNVLPLQXVJDML 5SWDKXQ&L ELD\DRSHUDVLRQDOSURGXNVLPHEHOPRGHOL5SVHW 3HUVDLQJDQXVDKDGLDQJJDSWLQJJLMLNDSHQGDSDWDQVDWXDWDXOHELKSHPLOLN,05VDPDDWDX NXUDQJGDUL5SMXWDSHUWDKXQDWDX5SMXWDSHUEXODQ
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
7DEOH -REV RI WKH RZQHU RI WKH LQGXVWU\ RWKHU WKDQ PDQDJLQJ VPDOO IXUQLWXUH UDWWDQ LQGXVWU\6)5, ,056)5, 3HNHUMDDQVHODLQPHQJHOROD,05 -REVRWKHUWKDQPDQDJLQJ65), 68% 3HJDZDLQHJHUL *RYHUQPHQWHPSOR\HH ,'$ 3HJDZDLQHJHUL *RYHUQPHQWHPSOR\HH .$, 3HJDZDLQHJHULSHPEXDWPHEHO *RYHUQPHQWHPSOR\HHZRUNHU $%$ 3HJDZDLQHJHULSHGDJDQJ *RYHUQPHQWHPSOR\HHYHQGRU 725 3HQMDKLWZDUWHOSHPEXDWPHEHO *DUPHQWWHOHFRPPXQLFDWLRQZRUNHU
3DVDUPHEHO +DVLOSHQJDPDWDQGLUXDQJSDPHUGDQZDZDQFDUDGHQJDQSHPLOLN,05PHQXQMXNNDQEDKZD SDVDUPHEHOURWDQGLNDEXSDWHQ.RWD3DOXDGDODKWHUEDWDV3URGXNVLPHEHOURWDQSDGDNRQGLVL SHUPLQWDDQQRUPDOKDQ\DVHNLWDUVHWPHEHOSHU,05SHUEXODQDWDXKDQ\DVHNLWDUVHW PHEHOSHUEXODQXQWXNVHOXUXK,053DGDNRQGLVLSHUPLQWDDQWLQJJLSURGXNVLPHQLQJNDWOHELKGDUL 6HGDQJNDQMXPODKGDQPRGHOPHEHO\DQJPHQMDGLSHUVHGLDDQPDVLQJPDVLQJDGDODK PHEHOSHU,05GDQPRGHOSHU,055LQFLDQSURGXNVLGDQSHUVHGLDDQPHEHOGDSDWGLOLKDWSDGD 7DEHO7DEHO 3URGXNVL GDQ SHUVHGLDDQ PHEHO
7DEOH3URGXFWLRQDQGVWRFNRIIXUQLWXUH 8UDLDQ,WHP 6DWXDQ8QLW 3URGXNVLSHU,05 3URGXFWLRQSHU6)5, VHWEXODQ VHWPRQWK 3URGXNVLVHOXUXK,05 3URGXFWLRQSHU6)5, VHWEXODQ VHWPRQWK 3HUVHGLDDQPHEHO 6WRFNRIIXUQLWXUH -XPODK7RWDO VHW,05 VHW6)5, 0RGHO 0RGHO EXDK,05 7\SH6)5,
+DVLOSHQJDPDWDQMXJDPHQXQMXNNDQEDKZDKDQ\DGDULPRGHOPHEHO\DQJWHUVHGLDGL UXDQJSDPHUVHOXUXK,050HEHOPRGHOVHGDQSRWGDQNLSDVWHUVHGLDGLVHWLDS,05GDQPHEHO PRGHOVXGXWVHJLHQDPGDQFHQJNHKWHUVHGLDKDQ\DGLVHEDJLDQ,056HGDQJNDQPRGHOODLQQ\D \DLWX PHEHO PRGHO VDPSLUDQ PDODV PDNDQ GDQ EDU WLGDN WHUVHGLD QDPXQ GDSDW GLEHOL PHODOXL SHVDQDQ6HWLDS,05PHPSXQ\DLIRWRVHOXUXKPRGHOPHEHOXQWXNPHQJDQWLVLSDVLSHVDQDQPHEHO % 3HUVDLQJDQ8VDKD6WUDWHJLXVDKD
6WUDWHJLXVDKD\DQJGLODNXNDQROHKVHPXDSHPLOLN,05SDGDGDVDUQ\DDGDODKVDPD\DLWX PHQHNDQ ELD\D SURGXNVL 'HQJDQ VWUDWHJL WHUVHEXW EDKDQ EDNX \DQJ GLJXQDNDQ EHUNXDOLWDV FDPSXUDQKDUJDPXUDKSHUDODWDQSURGXNVLGLSLOLKPDQXDOELD\DLQYHVWDVLUHQGDKGDQVLVWHP XSDKWHQDJDNHUMDDGDODKERURQJDQ
5RWDQ SROLVK \DQJ GLSOLK VHEDJDL EDKDQ EDNX PHEHO DGDODK \DQJ PHPSXQ\DL XNXUDQ FDPSXUDQFPPEXNDQURWDQSROLVKGHQJDQXNXUDQ!PDWDXP+DUJDURWDQSROLVK WHUVHEXWPDVLQJPDVLQJDGDODK5SSHUNJ5S5SSHUNJGDQ5SSHUNJ 'HQJDQDVXPVLUHQGHPHQPHEHOGDULURWDQSROLVKXNXUDQFDPSXUDQPDNDELD\DEDKDQEDNX URWDQXNXUDQFDPSXUDQOHELKUHQGDKGLEDQGLQJELD\DEDKDQEDNXURWDQXNXUDQODLQQ\D
3HUVDLQJDQXVDKD\DQJWLQJJLWHODKPHQGRURQJSHQJXVDKDXQWXNPHPDQIDDWNDQVHEDQ\DN PXQJNLQ EDKDQ EDNX \DLWX PHPEXDW PHEHO VHVXDL GHQJDQ XNXUDQ EDKDQ EDNX \DQJ WHUVHGLD 6HODPDEDKDQEDNXWHUVHGLDPHEHOGLEXDWGHQJDQXNXUDQVWDQGDU-LNDEDKDQEDNXGHQJDQXNXUDQ \DQJGLSHUOXNDQWLGDNWHUVHGLDPDNDPHEHOGLEXDWGHQJDQXNXUDQ\DQJGLVHVXDLNDQ3HQ\HVXDLDQ GDSDWWHUMDGLSDGDNRPSRVLVLGLDPHWHUURWDQ\DQJGLJXQDNDQPDXSXQXNXUDQSDQMDQJOHEDUGDQ WLQJJLQ\D
3HQ\HVXDLDQ XNXUDQ PHEHO GLODNXNDQ NDUHQD NHWHUVHGLDDQ URWDQ VHVXDL GHQJDQ XNXUDQ \DQJ GLSHUOXNDQ WHUEDWDV 5RWDQ \DQJ GLJXQDNDQ EHUXNXUDQ FDPSXUDQ GDQ GLEHOL GDODP NDUXQJ WLGDNELVDGLSLOLK$NLEDWSHQ\HVXDLDQXNXUDQPHEHO\DQJWHUMDGLVHFDUDWHUXVPHQHUXVGXDPRGHO PHEHOWHODKPHQJDODPLSHUXEDKDQXNXUDQ3DGDDZDOQ\DNXUVLPRGHOSRWGDQNLSDVPDVLQJPDVLQJ
3HUPLQWDDQQRUPDO
PHPSXQ\DLXNXUDQSDQMDQJMDUDNDQWDUEDJLDQVDPSLQJNXUVLFPGDQFP6DDWLQLXNXUDQ SDQMDQJ\DQJXPXPGLJXQDNDQXQWXNPDVLQJPDVLQJPRGHOWHUVHEXWDGDODKFPGDQFP %HQWXNPHEHOPRGHOSRWMXJDEHUXEDK%DJLDQEHODNDQJPHEHOPRGHOSRW\DQJDZDOQ\DEHUEHQWXN PHQ\HUXSDLKXUXI8EDJLDQXMXQJPHOHQJNXQJVHNDUDQJEHUEHQWXNPHQ\HUXSDLKXUXI9EDJLDQ XMXQJWDQSDOHQJNXQJDQ
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
*DPEDU 3DVDU PHEHO GHQJDQ WLQJNDW SURGXNVL EHUEHGD GDQ ELD\D WHWDSVDPDXQWXNVHWLDS,05
)LJXUH )XUQLWXUH PDUNHW ZLWK GLIIHUHQW OHYHO RI SURGXFWLRQ DQG HTXDO IL[HGFRVWVIRUHDFK6)5,
*DPEDU 3DVDU PHEHO GHQJDQ WLQJNDW SURGXNVLGDQELD\DWHWDSVDPD XQWXNVHWLDS,05
)LJXUH )XUQLWXUHPDUNHWZLWKHTXDOOHYHO RISURGXFWLRQDQGIL[HGFRVWVIRU HDFK6)5,
*DPEDU 3DVDU PHEHO GHQJDQ WLQJNDW SURGXNVL EHUEHGD GDQ ELD\D WHWDSVDPDXQWXNVHWLDS,05
)LJXUH )XUQLWXUH PDUNHW ZLWK GLIIHUHQW OHYHO RI SURGXFWLRQ DQG IL[HG FRVWVIRUHDFK6)5,
*DPEDUD6XSODL,05 *DPEDUE 6XSODL,05 *DPEDUF 6XSODLSDVDUPHEHO %LD\D&RVW 4 4 3F 4 *DPEDUD6XSODL,05 )LJXUHD6XSSO\RI6)5,
*DPEDUE6XSODL,05 *DPEDUF 6XSODLSDVDUPHEHO
%LD\D&RVW %LD\D&RVW 3F 4 4 4 %LD\D&RVW *DPEDUD6XSODL,05 )LJXUHD6XSSO\RI6)5, *DPEDUE6XSODL,05 *DPEDUF6XSODLSDVDUPHEHO %LD\D&RVW %LD\D&RVW
%LD\D&RVW
%LD\D&RVW %LD\D&RVW3F
4
4
4
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
FDWWHUSHQWLQPLQ\DNWDQDKGDQXSDKSHPEXDWDQPHEHOEHUNLVDUDQWDUD5SSHUVHWVDPSDL 5SSHUVHWWHUJDQWXQJPRGHOPHEHO\DQJGLSURGXNVL%LD\DSURGXNVLPHEHOVHUWDSURGXNVL GDQ KDUJD PHEHO GLVDMLNDQ SDGD7DEHO GDQ 6HGDQJNDQ SHQGDSDWDQ XVDKD \DQJ GLSHUROHK PDVLQJPDVLQJSHPLOLN,05GLVDMLNDQSDGD7DEHO 7DEHO%LD\DSURGXNVLPHEHO 7DEOH3URGXFWLRQFRVWVRIIXUQLWXUH
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
&3HQJHPEDQJDQ8VDKD
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
DNWLIPHODNXNDQXVDKDSDGDNRQGLVLSHUPLQWDDQPHEHOWLQJJL 0HUHNDWLGDNPHPSXQ\DLWHPSDW XVDKDGLVHQWUDLQGXVWULPHEHOURWDQVHKLQJJDKDUXVPHQJHOXDUNDQELD\DXQWXNVHZDWHPSDWXVDKD GDQPXQJNLQJDMLXQWXNSHNHUMD\DQJPHQJHOROD,05 3DGDNRQGLVLSHUPLQWDDQPHEHOQRUPDO WDPSDNQ\DVXOLWEDJLPHUHNDXQWXNEHUVDLQJGDQPHPSHUROHKNHXQWXQJDQ\DQJZDMDU
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
'$)7$53867$.$
%XGLRQR(NRQRPL0LNUR%3)(<RJ\DNDUWD
1LFKROVRQ : 0LFURHFRQRPLF7KHRU\ %DVLF 3ULQVLSOH DQG ([WHQVLRQ7KH 'U\GHQ 3UHVV 2UODQGR)ORULGD86$
7LVGHO&$0LFURHFRQRPLFV7KH7KHRU\RI(FRQRPLF$OORFDWLRQ-KRQ:LOH\DQG6RQV 3DUN5RDG%ULVEDQH$XVWUDOLD
