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
$EVWUDFW)DFLQJWKHHUDRI JOREDOEXVLQHVVFRPSHWLWLRQWKHFRPSDQ\LVUHTXLUHGWRFRQWLQXHWRLQQRYDWHDQGLPSURYHVXVWDLQDEO\ WRH[SDQGDQGPDLQWDLQWKHPDUNHW%XVLQHVVXQFHUWDLQW\EUHHGVDQHZDZDUHQHVVRI WKHLPSRUWDQFHRI ULVNHOHPHQWVLQHYHU\ GHFLVLRQPDNLQJ5LVNVDUHXQDYRLGDEOHEXWULVNVFDQEHZHOOPDQDJHGVRWKDWWKHSUREDELOLW\RI ORVVHVFDQEHPLWLJDWHG*UHHQ 6XSSO\&KDLQ0DQDJHPHQWH[DPLQHVWKHLQWHJUDWLRQRI HQYLURQPHQWDOFRQFHSWVLQVXSSO\FKDLQPDQDJHPHQW3ULRUUHVHDUFK VXJJHVWVWKDWWKHUHDUHULVNVLQ*6&0LPSOHPHQWDWLRQLQFOXGLQJSDUWQHUVKLSVPDQDJHPHQWSROLF\IDLOXUHVVXSSOLHUIDLOXUHV PDMRUFXVWRPHUIDLOXUHVWHFKQRORJ\DQGPDUNHWV7KLVULVNPD\UHVXOWLQGHOD\VLQGHOLYHU\ILQDQFLDOGHYLDWLRQDQGGDPDJHWR JRRGV RU RWKHU PDWWHUV WKDW PD\ DIIHFW WKH VPRRWK RSHUDWLRQ RI WKH EXVLQHVV 37 -DPX 6HKDW ZKLFK LV RQH RI WKH KHUEDO PDQXIDFWXUHUVLQ,QGRQHVLD7KHSUREOHPIDFHGLVWKHGHFOLQHLQWKHYDOXHRI SURGXFWVDOHV7KHUHIRUHWKHFRPSDQ\VHHNVWRLQFUHDVH WKHYDOXHRI VDOHVWKURXJKWKHIXOILOOPHQWRI WKHGHPDQGVRI HQYLURQPHQWDOO\IULHQGO\SURGXFWVWRSURYLGHDGGHGYDOXHWRLWVSURGXFWV 7KHSXUSRVHRI WKLVVWXG\LVWRHYDOXDWHWKHULVNRI *6&0LPSOHPHQWDWLRQDW37-DPX6HKDW7KHPHWKRGXVHGLV)X]]\ $QDO\WLFDO+LHUDUFK\3URFHVVWRGHWHUPLQHWKHSULRULW\RI ULVNDJHQWWKHQ3ODQ'R6WXG\$FWPHWKRGLVXVHGWRGHYHORS*6&0 LPSOHPHQWDWLRQVWUDWHJ\%DVHGRQWKHDQDO\VLVXVLQJ3'6$WKHSURSRVHGVWUDWHJ\LVWRXSGDWHWKHH[LVWLQJ6WDQGDUG2SHUDWLRQDO 3URFHGXUHLQWKHFRPSDQ\DQGVWDQGDUGL]HWKHSURGXFW .H\ZRUGV5LVNJUHHQVXSSO\FKDLQPDQDJHPHQWIX]]\DQDO\WLFDOKLHUDUFK\SURFHVVSODQGRVWXG\DFW &RUUHVSRQGLQJDXWKRU(PDLOQDQLHNK#JPDLOFRP WK WK WK 5HFHLYHG'HFHPEHU 5HYLVLRQ$SULO $FFHSWHG0D\ 3ULQW,6612QOLQH,661'2,KWWSG[GRLRUJMPW &RS\ULJKW#3XEOLVKHGE\8QLW5HVHDUFKDQG.QRZOHGJH6FKRRORI %XVLQHVVDQG0DQDJHPHQW,QVWLWXW7HNQRORJL%DQGXQJ6%0,7%
3HQLODLDQ5LVLNR
*UHHQ6XSSO\&KDLQ
PHQJJXQDNDQ
3HQGHNDWDQ
)X]]\
$+3²3'6$SDGD37-DPX6HKDW
1DQLHN8WDPL+DQGD\DQL 5DQL5XPLWDGDQ1DGLD&\QWKLD'HZL)DFXOW\RI (QJLQHHULQJ'LSRQHJRUR8QLYHUVLW\
3HQGDKXOXDQ
3RWHQVL SHQJHPEDQJDQ REDW KHUEDO GL ,QGRQHVLD VDQJDW PHQMDQMLNDQ +DO LQL GLGXNXQJ DGDQ\D NHUDJDPDQDQ KD\DWL \DQJ GLPLOLNL ,QGRQHVLD 0HQXUXW VXUYH\ QDVLRQDO WDKXQ VHEDQ\DN PDV\DUDNDW ,QGRQHVLD PHQJJXQDNDQ REDW WUDGLVLRQDO XQWXNSHQJREDWDQVHQGLULGDQMXPODKWHUVHEXW PHQLQJNDWPHQMDGLSDGDWDKXQ -HQLV REDW WUDGLVLRQDO \DQJ GLJXQDNDQ GDSDW EHUXSD REDW WUDGLVLRQDO EXDWDQ VHQGLUL MDPX JHQGRQJ PDXSXQ REDW WUDGLVLRQDO LQGXVWUL SDEULN%DGDQ3XVDW6WDWLVWLN
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
*UHHQ 6XSSO\ &KDLQ 0DQDJHPHQW *6&0 PHU XSDNDQ SHQJLQWHJ UDVLDQ SHPLNLUDQ OLQJNXQJDQ NH GDODPVXSSO\ FKDLQ PDQDJHPHQW GLPXODLGDULGHVDLQSURGXNSHPEHOLDQPDWHULDO GDQ VHOHNVL SHPDVRN SURVHV PDQXIDNWXU SHQJLULPDQ SURGXN DNKLU NH NRQVXPHQ GDQ MXJD SHQJHORODDQ SURGXN VHWHODK PDVD PDQIDDWQ\D6ULYDVWDYD
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
3HQHQWXDQ VWUDWHJL GHQJDQ PHQJJXQDNDQ SHQGHNDWDQ VLNOXV 3'6$ DGDODK XQWXN PHQHPXNDQVROXVL\DQJWHSDWGDQPHQJKLQGDUL SHQJXODQJDQNHVDODKDQSHPHFDKDQPDVDODKGL PDVDODPSDX
7XMXDQ SHQHOLWLDQ LQL DGDODK PHODNXNDQ SHQLODLDQULVLNRLPSOHPHQWDVLJUHHQVXSSO\FKDLQ PDQDJHPHQW SDGD 37 -DPX 6HKDW 6HFDUD WHUSHULQFLSHQHOLWLDQLQLEHUWXMXDQPHQHQWXNDQ NDWHJRUL GDQ VSHVLILNDVL SHQLODLDQ ULVLNRJUHHQ VXSSO\ FKDLQ GL 37 -DPX 6HKDW PHQHQWXNDQ ERERW GDUL PDVLQJPDVLQJ NDWHJRUL SHQLODLDQ ULVLNR PHQHQWXNDQ SHULQJNDW GDUL VHWLDS NDWHJRUL ULVLNR SHQLODLDQ GDQ PHUXPXVNDQ XVXODQVWUDWHJLSHUEDLNDQEHUGDVDUNDQNDWHJRUL ULVLNRJUHHQ VXSSO\ FKDLQ WHUEHVDU GHQJDQ SHQGHNDWDQVLNOXV3'6$
0HWRGRORJL3HQHOLWLDQ
9DULDEHO3HQHOLWLDQ
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
D 5LVLNR2SHUDVLRQDO
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
I 5LVLNR WHUKDGDS 3HPHULQWDK GDQ 2UJDQLVDVL 7HUNDLW
5 L V L NR \ D Q J E H U K X E X Q J D Q G H Q J D Q NHWHQWXDQ SHPHULQWDK VHSHUWL NHELMDNDQ ILVNDO GDQ PRQHWHU FRQWURO KDUJD GDUL SHPHULQWDK SHPEDWDVDQ SHUGDJDQJDQ SHUDWXUDQSHPHULQWDKKDPEDWDQWHUKDGDS SHQGDSDWDQ UHSDWULDVL VHUWD SHQ\HGLDDQ SHOD\DQDQ SXEOLN \DQJ WLGDN PHPDGDL 0LOOHU
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
0HWRGH3HQJXPSXODQ'DWD
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
7HNQLN SHQJXPSXODQ GDWD \DQJ GLJXQDNDQ GDODPSHQHOLWLDQLQLDQWDUDODLQ
D 'DWDVHNXQGHU\DLWXGDWD\DQJGLJXQDNDQ XQWXN PHPEDQJXQ PRGHO UHIHUHQVL \DQJ UHOHYDQ GHQJDQ SHUPDVDODKDQ \DQJ DGD GDODPSHQHOLWLDQ'DWDVHNXQGHUGLSHUROHK GDUL OLWHUDWXU \DQJ VDOLQJ WHUNDLW GHQJDQ ZLOD\DKREVHUYDVL)RNXVREVHUYDVLDGDODK 37-DPX6HKDW
E :DZD Q F D U D \ D Q J G L O D N X N D Q X Q W X N PHQJXQJNDSNDQ IHQRPHQD \DQJ WHUMDGL SDGDUDQWDLSDVRN37-DPX6HKDW
F .XHVLRQHU GDODP SHQLODLDQ NDWHJRUL GDQ VSHVLILNDVL ULVLNR \DQJ WHUMDGL SDGD UDQWDL SDVRNGL37-DPX6HKDWVHUWDNXHVLRQHU SHPEHQWXNDQVWUDWHJLXQWXNPHQJKLQGDUL NHUXJLDQ\DQJWHUMDGLSDGDJUHHQVXSSO\FKDLQ G 3HQJDPDWDQ VHFDUD ODQJVXQJ WHUKDGDS
NRQGLVLUDQWDLSDVRNGL37-DPX6HKDW 5HVSRQGHQ SHQHOLWLDQ LQL WHUGLUL GDUL PDQDMHU 4&5Q'PDQDMHUSURGXNVL JXGDQJPDQDMHU VDOHV PDUNHWLQJ PDQDMHU SHPEHOLDQ GDQ PDQDMHUNHXDQJDQ
+DVLOGDQ3HPEDKDVDQ
3HQJRODKDQ GDWD \DQJ GLWDPSLONDQ DGDODK SHQJRODKDQ GDWD XQWXN NDWHJRUL &DUD XQWXN PHQJRODK VXENDWHJRUL VDPD GHQJDQ FDUD PHQJRODKNDWHJRULKDQ\DPHQJJXQDNDQGDWD \DQJEHUEHGD
3HQJRODKDQ'DWDGHQJDQ0HWRGH)X]]\$+3 'DWD KDVLO NXLVLRQHU GHQJDQ H[SHUW GDSDW GLOLKDWSDGD7DEHO'DWDNXLVLRQHULQLWHODK GLODNXNDQ SURVHV XML NRQVLVWHQVL VHKLQJJD GDSDWGLODNXNDQSURVHVSHQJRODKDQGDWD)X]]\ $+36HODQMXWQ\DSHQJRODKDQFDUD)X]]\$+3 \DLWXSHQ\XVXQDQQLODL7)1GDQPDWULNV7)1 VHKLQJJD GLGDSDWNDQ QLODL WRWDO 7)1 VHSHUWL GLVDMLNDQSDGD7DEHO
&KDQJPHPSHUNHQDONDQPHWRGHH[WHQW DQDO\VLV XQWXN QLODL VLQWHVLV SHUEDQGLQJDQ EHUSDVDQJDQ SDGD IX]]\ $+3 1LODL VLQWHVLV IX]]\ LQL EHUJXQD XQWXN SHUKLWXQJ DQ GHIX]]\ILNDVL EHULNXW DGDODK QLODL RUGLQDW GHIX]]\ILNDVL
'LODQMXWNDQGHQJDQQRUPDOLVDVLERERWYHFWRU 3URVHV QRUPDOLVDVL LQL EHUWXMXDQ XQWXN PHPSHUROHKQLODLDNKLUERERWXQWXNNDWHJRUL GDQ VSHVLILNDVL NDWHJ RUL ULVLNR 0DND GLGDSDWNDQ KDVLOORFDO ZHLJKW GDQJOREDO ZHLJKW VHFDUD NHVHOXUXKDQ VHEDJDL EHULNXW 7HUGDSDW SDGD7DEHOKDVLOSHPERERWDQ)X]]\$+3
7DEHO 'DWD.XLVLRQHU 5HVSRQGHQ .DWHJRUL 2 6 35 ) ' *2 2 ó ô 6 ó 35 ó ) ô ' *2 ó ô 2 6 ô 35 ó ) ó ' *2 ô ó 2 6 35 ) ' *2 ó 2 6 35 ) ' ó *2 2 ó 6 35 ó ) ô ' ô ó ó *2 ô ô ó ô 7DEHO 5HNDSLWXODVL1LODL7RWDO7)1 .DWHJRUL / 0 8 2 6 35 ) ' *2
.DWHJRUL5LVLNR /RFDO :HLJKWV 6SHVLILNDVL5LVLNR /RFDO ZHLJKWV *OREDO ZHLJKWV 2 5LVLNR 2SHUDVLRQDO 2 .HUXVDNDQ0HVLQ3HUDODWDQDWDX )DVLOLWDV 2 5LVLNRGHVDLQ 2 .HWHUEDWDVDQSHNHUMDWHUDPSLO 2 /HYHOWHNQRORJLKLMDX 6 5LVLNR3DVRNDQ 6 5LVLNRELD\DSHQJDGDDQ 6 .HVDODKDQ3HPDVRN8WDPD 6 ,VX.XDOLWDV3HPDVRN 6 *DQJJXDQ GDODP SDVRNDQ EDKDQ EDNXKLMDX 35 5LVLNR3URGXN 35 5LVLNRGHVDLQORJLVWLF 35 .HVDODKDQGDODPPHQMDJDGHVDLQ 35 5LVLNRPHQJHPEDOLNDQREOLJDVL 35 5LVLNR WHUKDGDS SHUVHGLDDQ GDQ GHVDLQ NDSDVLWDV GL SXVDWSXVDW GDXUXODQJ ) 5LVLNR)LQDQVLDO ) 6XPEHUGDQD ) ,QIODVLGDQQLODLWXNDUPDWDXDQJ ) 3HPEDWDVDQNHXDQJDQ ' 5LVLNR 3HUPLQWDDQ ' 5LVLNR%XOOZKLS(IIHFW ' 'LQDPLNDSDVDU ' .HKLODQJDQSHODQJJDQXWDPD ' 5LVLNRSHUVDLQJDQ *2 5LVLNR WHUKDGDS 3HPHULQWDK GDQ 2UJDQLVDVL 7HUNDLW *2 .HJDJDODQ WHUKDGDS PDQDMHPHQ NHELMDNDQ *2 5LVLNRSHUDWXUDQSHPHULQWDK *2 5LVLNR SHQ\LPSDQJDQ GDODP DUXV LQIRUPDVLGLVHOXUXKDQJJRWD*6& *2 .XUDQJQ\D WXMXDQ VWUDWHJLV SDGD SHUXVDKDDQ *2 5LVLNROHJDO *2 5LVLNRSDUWQHUVKLS 1LODL2UGLQDW'HIIX]LILNDVL 2 6 35 ) ' *2 2 6 35 ) ' *2 0LQ 7DEHO 5HNDSLWXODVL1LODL*OREDO:HLJKW.DWHJRULGDQ6XENDWHJRUL3HQLODLDQ5LVLNR*UHHQ6XSSO\&KDLQ 7DEHO 1LODL2UGLQDW'HIX]]\ILNDVL
%HULNXWDGDODKKDVLOSHUKLWXQJDQXQWXNERERW PDVLQJPDVLQJNDWHJRUL
5LVLNR RSHUDVLRQDO PHQGDSDWNDQ ERERW VHEHVDU ULVLNR SDVRNDQ PHQGDSDWNDQ ERERW VHEHVDU ULVLNR SURGXN PHQGDSDWNDQ ERERW VHEHVDU ULVLNR ILQDQVLDOPHQGDSDWNDQERERWVHEHVDU ULVLNRSHUPLQWDDQPHQGDSDWNDQERERWVHEHVDU GDQ ULVLNR WHUKDGDS SHPHULQWDK GDQ RUJDQLVDVLWHUNDLWPHQGDSDWNDQERERWVHEHVDU GDUL WRWDO ERERW NDWHJRUL VHFDUD NHVHOXUXKDQ
%RERW\DQJSDOLQJWLQJJLPHUXSDNDQNDWHJRUL ULVLNR SURGXN VHGDQJNDQ \DQJ SDOLQJ UHQGDK PHUXSDNDQ ULVLNR WHUKDGDS SHPHULQWDK GDQ RUJDQLVDVLWHUNDLW2OHKNDUHQDLWXERERWULVLNR SURGXNPHPLOLNLSULRULWDVNDWHJRUL\DQJOHELK SHQWLQJXQWXNGLODNXNDQGLEDQGLQJNDQGHQJDQ NDWHJRULNDWHJRULODLQQ\D
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
%RERW ULVLNR WHUKDGDS SHPHULQWDK GDQ RUJDQLVDVL WHUNDLW PHUXSDNDQ ERERW \DQJ SDOLQJ UHQGDK GLNDUHQDNDQ NDWHJRUL LQL WLGDN WHUNDLW ODQJVXQJ GHQJDQ ULVLNR JUHHQ VXSSO\ FKDLQ VHODLQ LWX 37 -DPX 6HKDW EHOXP GLIRNXVNDQGDODPPHQXMXJUHHQVXSSO\FKDLQ +DO ODLQ \DQJ PHQ\HEDENDQ NDWHJRUL LQL PHQMDGLERERWWHUHQGDKDGDODKSULRULWDVXWDPD GDULVHEDJLDQEHVDULQVWDQVLSHPHULQWDKDGDODK SHQLQJNDWDQSURGXNVLGDQNXDOLWDVKDVLOXQWXN PHPEXNDSDVDULQWHUQDVLRQDO
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
%HUGDVDUNDQ SHUKLWXQJDQ ERERW JOREDO NDWHJRUL ULVLNR RSHUDVLRQDO PHPLOLNL XUXWDQ ERERWORFDO ZHLJKW VXENDWHJRUL DGDODK VHEDJDL EHULNXW OHYHO WHNQRORJL KLMDX GHQJDQ QLODL WHUWLQJJL VHEHVDU .HUXVDNDQ PHVLQ SHUDODWDQDWDXIDVLOLWDVGLSRVLVLNHGXDGHQJDQ QLODL6HWHODKLWXNHWHUEDWDVDQSHNHUMD WHUDPSLOGHQJDQQLODLNHPXGLDQULVLNR GHVDLQGHQJDQQLODL6HGDQJNDQXQWXN XUXWDQERERWJOREDOZHLJKWVXENDWHJRULDGDODK VHEDJDL EHULNXW OHYHO WHNQRORJL KLMDX GHQJDQ QLODL WHUWLQJJL VHEHVDU .HUXVDNDQ PHVLQSHUDODWDQDWDXIDVLOLWDVGLSRVLVLNHGXD GHQJDQQLODL6HWHODKLWXNHWHUEDWDVDQ SHNHU MD WHUDPSLO GHQJ DQ QLODL NHPXGLDQULVLNRGHVDLQGHQJDQQLODL +DO LQL EHUDUWL EDKZD VXENDWHJRUL OHYHO WHNQRORJL KLMDX PHQXUXW PDQDMHU 37 -DPX 6HKDW PHPLOLNL WLQJNDW NHSHQWLQJDQ WHUEHVDU GHQJDQ QLODL GDUL WRWDO ERERW NDWHJRUL ULVLNR RSHUDVLRQDO VHFDUD NHVHOXUXKDQ 6HUWD WLQJNDWNHSHQWLQJDQWHUNHFLOGLWXQMXNNDQSDGD VXENDWHJRULULVLNRGHVDLQGHQJDQQLODL GDUL WRWDO ERERW NDWHJRUL ULVLNR RSHUDVLRQDO VHFDUD NHVHOXU XKDQ 6HGDQJNDQ XQWXN SHUKLWXQJDQ ERERW JOREDO VXENDWHJRUL OHYHO WHNQRORJL KLMDX PHQGDSDWNDQ ERERW WHUEHVDU GHQJDQWLQJNDWNHSHQWLQJDQVHUWDVXE NDWHJ RUL ULVLNR GHVDLQ GHQJ DQ WLQJNDW NHSHQWLQJDQ GDUL WRWDO ERERW VXE NDWHJRULVHFDUDNHVHOXUXKDQ
.DWHJRUL ULVLNR SDVRNDQ PHPLOLNL XUXWDQ ERERWORFDO ZHLJKWVXENDWHJRUL DGDODK VHEDJDL EHULNXWJDQJJXDQGDODPSDVRNDQEDKDQEDNX KLMDX GHQJDQ QLODL WHUWLQJJL VHEHVDU .HVDODKDQ SHPDVRN XWDPD GL SRVLVL NHGXD GHQJDQ QLODL 6HWHODK LWX ULVLNR ELD\D SHQJDGDDQGHQJDQQLODLNHPXGLDQLVX NXDOLWDV SHPDVRN GHQJDQ QLODL 6HGDQJNDQ XQWXN XUXWDQ ERERWJOREDO ZHLJKW VXENDWHJRULDGDODKVHEDJDLEHULNXWJDQJJXDQ GDODPSDVRNDQEDKDQEDNXKLMDXGHQJDQQLODL WHUWLQJJL VHEHVDU .HVDODKDQ SHPDVRN XWDPD GL SRVLVL NHGXD GHQJDQ QLODL 6HWHODKLWXULVLNRELD\DSHQJDGDDQGHQJDQQLODL NHPXGLDQLVXNXDOLWDVSHPDVRNGHQJDQ QLODL
+DO LQL EHUDUWL EDKZD VXENDWHJRUL JDQJJXDQ GDODP SDVRNDQ EDKDQ EDNX KLMDX PHQXUXW PDQDMHU 37 -DPX 6HKDW PHPLOLNL WLQJNDW NHSHQWLQJDQWHUEHVDUGHQJDQQLODLGDUL WRWDO ERERW NDWHJRUL ULVLNR SDVRNDQ VHFDUD NHVHOXUXKDQ6HUWDWLQJNDWNHSHQWLQJDQWHUNHFLO GLWXQMXNNDQ SDGD VXENDWHJRUL LVX NXDOLWDV SHPDVRNGHQJDQQLODLGDULWRWDOERERW NDWHJRUL ULVLNR SDVRNDQ VHFDUD NHVHOXUXKDQ 6HGDQJNDQ XQWXN SHUKLWXQJDQ ERERW JOREDO VXENDWHJRULJDQJJXDQGDODPSDVRNDQEDKDQ EDNX KLMDX PHQGDSDWNDQ ERERW WHUEHVDU GHQJDQWLQJNDWNHSHQWLQJDQVHUWDVXE NDWHJRUL LVX NXDOLWDV SHPDVRN GHQJDQ WLQJNDW NHSHQWLQJDQ GDUL WRWDO ERERW VXE NDWHJRULVHFDUDNHVHOXUXKDQ
.DWHJRULULVLNRSURGXNPHPLOLNLXUXWDQERERW ORFDO ZHLJKW VXENDWHJRUL DGDODK VHEDJDL EHULNXWULVLNRWHUKDGDSSHUVHGLDDQGDQGHVDLQ NDSDVLWDV GL SXVDWSXVDW GDXU XODQJ GHQJDQ QLODL WHU WLQJ JL VHEHVDU 5LVLNR PHQJHPEDOLNDQ REOLJDVL GL SRVLVL NHGXD GHQJDQ QLODL 6HWHODK LWX NHVDODKDQ GDODP PHQMDJD GHVDLQ GHQJDQ QLODL NHPXGLDQ ULVLNR GHVDLQ ORJLVWLN GHQJDQ QLODL 6HGDQJNDQXQWXNXUXWDQERERWJOREDO ZHLJKW VXENDWHJRUL DGDODK VHEDJDL EHULNXW ULVLNRWHUKDGDSSHUVHGLDDQGDQGHVDLQNDSDVLWDV GLSXVDWSXVDWGDXUXODQJGHQJDQQLODLWHUWLQJJL VHEHVDU5LVLNRPHQJHPEDOLNDQREOLJDVL GLSRVLVLNHGXDGHQJDQQLODL6HWHODKLWX NHVDODKDQGDODPPHQMDJDGHVDLQGHQJDQQLODL NHPXGLDQULVLNRGHVDLQORJLVWLNGHQJDQ QLODL
+DO LQL EHUDUWL EDKZD VXENDWHJRUL ULVLNR WHUKDGDS SHUVHGLDDQ GDQ GHVDLQ NDSDVLWDV GL SXVDWSXVDW GDXU XODQJ PHQXUXW PDQDMHU 37 -DPX 6HKDW PHPLOLNL WLQJNDW NHSHQWLQJDQ WHUEHVDUGHQJDQQLODLGDULWRWDOERERW NDWHJRUL ULVLNR SURGXN VHFDUD NHVHOXUXKDQ 6HUWDWLQJNDWNHSHQWLQJDQWHUNHFLOGLWXQMXNNDQ SDGDVXENDWHJRULULVLNRGHVDLQORJLVWLNGHQJDQ QLODL GDUL WRWDO ERERW NDWHJRUL ULVLNR SURGXNVHFDUDNHVHOXUXKDQ6HGDQJNDQXQWXN SHUKLWXQJDQERERWJOREDOVXENDWHJRULULVLNR
WHUEHVDU GHQJDQ WLQJNDW NHSHQWLQJDQ VHUWDVXENDWHJRULULVLNRGHVDLQORJLVWLNGHQJDQ WLQJNDW NHSHQWLQJDQ GDUL WRWDO ERERW VXENDWHJRULVHFDUDNHVHOXUXKDQ
.DWHJRUL ULVLNR ILQDQVLDO PHPLOLNL XUXWDQ ERERWORFDO ZHLJKW VXENDWHJRUL DGDODK VHEDJDL EHULNXW VXPEHU GDQD GHQJDQ QLODL WHUWLQJJL VHEHVDU3HPEDWDVDQNHXDQJDQGLSRVLVL NHGXDGHQJDQQLODL6HWHODKLWXLQIODVL GDQQLODLWXNDUPDWDXDQJGHQJDQQLODL 6HGDQJNDQ XQWXN XUXWDQ ERERWJOREDO ZHLJKW VXENDWHJRUL DGDODK VHEDJDL EHULNXW VXPEHU GDQD GHQJDQ QLODL WHUWLQJJL VHEHVDU 3HPEDWDVDQNHXDQJDQGLSRVLVLNHGXDGHQJDQ QLODL6HWHODKLWXLQIODVLGDQQLODLWXNDU PDWDXDQJGHQJDQQLODL+DOLQLEHUDUWL EDKZD VXENDWHJRUL VXPEHU GDQD PHQXUXW PDQDMHU 37 -DPX 6HKDW PHPLOLNL WLQJNDW NHSHQWLQJDQWHUEHVDUGHQJDQQLODLGDUL WRWDO ERERW NDWHJRUL ULVLNR ILQDQVLDO VHFDUD NHVHOXUXKDQ6HUWDWLQJNDWNHSHQWLQJDQWHUNHFLO GLWXQMXNNDQSDGDVXENDWHJRULLQIODVLGDQQLODL WXNDUPDWDXDQJGHQJDQQLODLGDULWRWDO ERERW NDWHJ RUL ULVLNR ILQDQVLDO VHFDUD NHVHOXUXKDQ 6HGDQJNDQ XQWXN SHUKLWXQJDQ ERERW JOREDO VXENDWHJRUL VXPEHU GDQD PHQGDSDWNDQ ERERW WHUEHVDU GHQJDQ WLQJNDW NHSHQWLQJDQ VHUWD VXENDWHJRUL LQIODVL GDQ QLODL WXNDU PDWD XDQJ GHQJDQ WLQJNDW NHSHQWLQJDQ GDUL WRWDO ERERW VXE NDWHJRULVHFDUDNHVHOXUXKDQ
.DWHJRUL ULVLNR SHUPLQWDDQ PHPLOLNL XUXWDQ ERERWORFDO ZHLJKW VXENDWHJRUL DGDODK VHEDJDL EHULNXW NHKLODQJDQ SHODQJJDQ XWDPD GHQJDQ QLODL WHU WLQJ JL VHEHVDU 5LVLNR SHUVDLQJDQGLSRVLVLNHGXDGHQJDQQLODL 6HWHODKLWXGLQDPLNDSDVDUGHQJDQQLODL NHPXGLDQ ULVLNREXOOZKLS HIIHFW GHQJDQ QLODL 6HGDQJNDQ XQWXN XUXWDQ ERERWJOREDO ZHLJKW VXENDWHJRUL DGDODK VHEDJDL EHULNXW NHKLODQJDQ SHODQJJDQ XWDPD GHQJDQ QLODL WHUWLQJJLVHEHVDU5LVLNRSHUVDLQJDQGL SRVLVL NHGXD GHQJDQ QLODL 6HWHODK LWX GLQDPLNDSDVDUGHQJDQQLODLNHPXGLDQ ULVLNREXOOZKLSHIIHFWGHQJDQQLODL
+DOLQLEHUDUWLEDKZDVXENDWHJRULNHKLODQJDQ SHODQJJDQ XWDPD PHQXUXW PDQDMHU 37 -DPX 6HKDW PHPLOLNL WLQJNDW NHSHQWLQJDQ WHUEHVDU GHQJDQQLODLGDULWRWDOERERWNDWHJRUL ULVLNR SHUPLQWDDQ VHFDUD NHVHOXUXKDQ 6HUWD WLQJNDWNHSHQWLQJDQWHUNHFLOGLWXQMXNNDQSDGD VXENDWHJRUL ULVLNREXOOZKLS HIIHFW GHQJDQ QLODL GDUL WRWDO ERERW NDWHJRUL ULVLNR SHUPLQWDDQ VHFDUD NHVHOXUXKDQ 6HGDQJNDQ XQWXNSHUKLWXQJDQERERWJOREDOVXENDWHJRUL NHKLODQJDQ SHODQJJDQ XWDPD PHQGDSDWNDQ ERERW WHUEHVDU GHQJDQ WLQJNDW NHSHQWLQJDQ VHUWD VXENDWHJRUL ULVLNREXOOZKLS HIIHFW GHQJDQ WLQJNDW NHSHQWLQJDQ GDUL WRWDO ERERWVXENDWHJRULVHFDUDNHVHOXUXKDQ
.DWHJRUL ULVLNR WHUKDGDS SHPHULQWDK GDQ RUJDQLVDVL WHUNDLW PHPLOLNL XUXWDQ ERERWORFDO ZHLJKW VXENDWHJRUL DGDODK VHEDJDL EHULNXW ULVLNR OHJDO GHQJDQ QLODL WHUWLQJJL VHEHVDU 5LVLNRSHUDWXUDQSHPHULQWDKGLSRVLVL NHGXD GHQJDQ QLODL 6HWHODK LWX ULVLNR SDUWQHUVKLS GHQJDQ QLODL .HPXGLDQ NXUDQJQ\D WXMXDQ VWUDWHJLV SDGD SHUXVDKDDQ ULVLNRSHQ\LPSDQJDQGDODPDUXVLQIRUPDVLGL VHOXUXKDQJJRWD*6&GDQNHJDJDODQWHUKDGDS PDQDMHPHQ NHELMDNDQ GHQJDQ QLODLORFDO ZHLJKW PDVLQJPDVLQJDGDODK 6HGDQJNDQ XQWXN XUXWDQ ERERWJOREDO ZHLJKW VXENDWHJRULDGDODKVHEDJDLEHULNXWULVLNROHJDO GHQJDQ QLODL WHUWLQJJL VHEHVDU 5LVLNR SHUDWXUDQSHPHULQWDKGLSRVLVLNHGXDGHQJDQ QLODL 6HWHODK LWX ULVLNR SDUWQHUVKLS GHQJDQ QLODL .HPXGLDQ NXUDQJQ\D WXMXDQ VWUDWHJLV SDGD SHUXVDKDDQ ULVLNR SHQ\LPSDQJDQGDODPDUXVLQIRUPDVLGLVHOXUXK DQJ JRWD *6& GDQ NHJDJDODQ WHUKDGDS PDQDMHPHQ NHELMDNDQ GHQJDQ QLODLORFDO ZHLJKW PDVLQJPDVLQJDGDODK +DOLQLEHUDUWLEDKZDVXENDWHJRULULVLNROHJDO PHQXUXW PDQDMHU 37 -DPX 6HKDW PHPLOLNL WLQJNDW NHSHQWLQJDQ WHUEHVDU GHQJDQ QLODL GDUL WRWDO ERERW NDWHJRUL ULVLNR WHUKDGDS SHPHULQWDK GDQ RUJDQLVDVL WHUNDLW VHFDUDNHVHOXUXKDQ6HUWDWLQJNDWNHSHQWLQJDQ WHUNHFLO GLWXQMXNNDQ SDGD VXENDWHJRUL NHJDJDODQ WHUKDGDS PDQDMHPHQ NHELMDNDQ GHQJDQQLODLGDULWRWDOERERWNDWHJRUL
ULVLNR WHUKDGDS SHPHULQWDK GDQ RUJDQLVDVL WHUNDLW VHFDUD NHVHOXUXKDQ 6HGDQJNDQ XQWXN SHUKLWXQJDQERERWJOREDOVXENDWHJRULULVLNR OHJDO PHQGDSDWNDQ ERERW WHUEHVDU GHQJDQ WLQJNDWNHSHQWLQJDQVHUWDVXENDWHJRUL NHJDJDODQ WHUKDGDS PDQDMHPHQ NHELMDNDQ GHQJDQ WLQJNDW NHSHQWLQJDQ GDUL WRWDO ERERWVXENDWHJRULVHFDUDNHVHOXUXKDQ
6XENDWHJRUL WHUEHVDU WHUGDSDW SDGD VXPEHU GDQD \DLWX GHQJDQ ERERWJOREDO ZHLJKW VHEHVDU +DO LQL EHUDUWL VXENDWHJRUL VXPEHU GDQDVHEDJDLVXENDWHJRULWHUEHVDUGLEDQGLQJ GHQJDQVXENDWHJRULODLQQ\D6XENDWHJRULLQL WLGDN WHUOHSDV KXEXQJDQQ\D GHQJDQ NDWHJRUL \DQJ GLPLOLNL VHKLQJJD PHVNLSXQ PHPLOLNL ERERW WHUEHVDU \DQJ QDQWLQ\D PHQMDGL IRNXV SHUPDVDODKDQ XWDPD DGDODK NDWHJRUL GHQJDQ ERERWWHUEHVDU+DOLQLGLVHEDENDQROHKERERW VXENDWHJRUL SHQLODLDQQ\D WLGDN EHUVDPDDQ DWDX LQGHSHQGHQ DQWDUD VXENDWHJRUL ULVLNR VDWX GHQJDQ ODLQQ\D 6HODLQ LWX VXENDWHJRUL \DQJ PHPLOLNL QLODL WHUEHVDU EHUDUWL VXE NDWHJRULWHUVHEXWEHUSHQJDUXKEHVDUWHUKDGDS NDWHJRULGLDWDVQ\D2OHKNDUHQDLWXWXMXDQGDUL $+3\DQJGLKDVLONDQOHELKEHUIRNXVSDGDKDVLO NDWHJRUL WHUEHVDU NDUHQD ERERW \DQJ WHUEHVDU PHPLOLNLGDPSDN\DQJOHELKVHULXVGLEDQGLQJ NDWHJRULODLQQ\D 3HQJRODKDQ'DWDGHQJDQ0HWRGH3'6$ 3ODQ3HUHQFDQDDQ6WUDWHJL 5HQFDQDWLQGDNDQXQWXNPHQJKLODQJNDQDNDU SHQ\HEDEPDVDODKGLDQWDUDQ\DSDGDEDJLDQLQL PHQJHMDU NXDQWLWDV GHQJDQ VXDWX GDIWDU NHPXQJNLQDQ VROXVL \DQJ OXDV VHPHQWDUD EDJLDQ NHGXD PHQ\HPSLWNDQ GDIWDU WHUVHEXW VDPSDL PHQMDGL GDIWDU ULQJNDV GHQJDQ NHPXQJNLQDQVROXVLWHUEDLN+DOLQLGLODNXNDQ WLP PDQDMHPHQ GHQJDQ PHOLKDW VNRU SDLUZDVH FRPSDULVRQWHUKDGDSVHWLDSNDWHJRULULVLNRPDND GLGDSDWNDQKDVLOGDIWDUVROXVLWHUSLOLK\DLWX
0HODNXNDQ PRQLWRULQJ GDQ HYDOXDVL \DQJ EHUNHODQMXWDQ WHUKDGDS SHNHUMD RSHUDVL SURGXNVL GDQ SHQJJXQDDQ PHVLQ VHUWD SHUDODWDQ
0HQFDUL VSHVLILNDVL DODW GDQ EDKDQ EDNX G H Q J D Q D O W H U Q D W L I O D L Q X Q W X N P H Q J H I L V L H Q N D Q K D U J D W D Q S D PHQJRUEDQNDQ NXDOLWDV \DQJ VXGDK GLVHSDNDWL
0HPSHUEDKDUXL SURVHGXU \DQJ WHODK GLWHWDSNDQ ROHK SHUXVDKDDQ PHODOXL 6WDQGDUG2SHUDWLRQDO3URFHGXUH623
3HQJJXQDDQ DNWLYD PRGDO GDQ VDKDP VHUWDSLQMDPDQVHFDUDHIHNWLI
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
6ROXVL7HUSLOLK
6ROXVL WHUSLOLK LQL GLEXDW VHWHODK PHPEXDW ERERW SDGD VHWLDS NDWHJRUL ULVLNR GDQ SHQHQWXDQVWUDWHJLSDGDVHWLDSULVLNR\DQJDGD %RERW WHUEHVDU WHUGDSDW SDGD NDWHJRUL ULVLNR SURGXN GHQJDQ VWUDWHJL \DQJ WHUSLOLK DGDODK P H P S H U E D K D U X L S U R V H G X U \ D Q J W H O D K GLWHWDSNDQ ROHK SHUXVDKDDQ PHODOXL6WDQGDUG 2SHUDWLRQDO 3URVHGXUH 623 6ROXVL VHWLDS
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
2SHUDWRUEHOXPPHPLOLNLVNLOOGDODP
PHQJRSHUDVLNDQPHVLQ6HODLQLWXSHODWLKDQ\DQJ GLEHULNDQSDGDNDU\DZDQEDUXPHUXSDNDQ OXOXVDQEDUXVHKLQJJDEHOXPPHPLOLNL SHQJDODPDQNHUMDVHEHOXPQ\D 0HPEHULNDQSHODWLKDQ WHUKDGDSNDU\DZDQGDODP PHODNXNDQWXJDVQ\D
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
%HUGDVDUNDQ KDVLO NXHVLRQHU \DQJ GLEDJLNDQ NHSDGDSDUDPDQDMHUGDQGLRODKPHQJJXQDNDQ WRROV)X]]\ $QDO\WLFDO +LHUDUFK\ 3U RFHVV GLGDSDWNDQ ERERW PDVLQJ PDVLQJ NDWHJRUL %HULNXWDGDODKKDVLOSHUKLWXQJDQXQWXNERERW PDVLQJPDVLQJNDWHJRUL
5LVLNR RSHUDVLRQDO PHQGDSDWNDQ ERERW VHEHVDU ULVLNR SDVRNDQ PHQGDSDWNDQ ERERW VHEHVDU ULVLNR SURGXN PHQGDSDWNDQ ERERW VHEHVDU ULVLNR ILQDQVLDO PHQGDSDWNDQ ERERW VHEHVDU ULVLNRSHUPLQWDDQPHQGDSDWNDQERERWVHEHVDU GDQ ULVLNR WHUKDGDS SHPHULQWDK GDQ RUJDQLVDVLWHUNDLWPHQGDSDWNDQERERWVHEHVDU GDUL WRWDO ERERW NDWHJRUL VHFDUD NHVHOXUXKDQ
%RERW\DQJSDOLQJWLQJJLPHUXSDNDQNDWHJRUL ULVLNR SURGXN VHGDQJNDQ \DQJ SDOLQJ UHQGDK PHUXSDNDQ ULVLNR WHUKDGDS SHPHULQWDK GDQ RUJDQLVDVLWHUNDLW2OHKNDUHQDLWXERERWULVLNR SURGXNPHPLOLNLSULRULWDVNDWHJRUL\DQJOHELK SHQWLQJXQWXNGLODNXNDQGLEDQGLQJNDQGHQJDQ NDWHJRULNDWHJRULODLQQ\D
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
.RQVXPHQDNDQPHPXWXVNDQXQWXNPHPEHOL VXDWX SURGXN MLND SURGXN \DQJ GLWDZDUNDQ WHUVHEXWWHUVHGLDGDQEHUPDQIDDWEDJLQ\D NHSXWXVDQ SDGD KXEXQJDQ GDUL SURGXN DWDX MDVD NRQVXPHQ DNDQ PHPXWXVNDQ XQWXN PHPEHOL VXDWX SURGXN MLND SURGXN WHUVHEXW PHPSXQ\DLKXEXQJDQGHQJDQ\DQJGLLQJLQNDQ NRQVXPHQ.RWOHU
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
5LVLNR SURGXN \DQJ WHUMDGL GL GDODP VXDWX SURVHVSURGXNVLGDSDWPHUXJLNDQGLEHUEDJDL KDO PLVDOQ\D ELD\D ZDNWX NHVXOLWDQ S H U X V D K D D Q X Q W X N P H P S H U E D L N L G D Q PHPDQDMHPHQXODQJULVLNRWHUVHEXWPDXSXQ GDPSDN WHUKDGDS NHODQJVXQJDQ SHUXVDKDDQ GDODP MDQJND ZDNWX WHUWHQWX DSDELOD WHUODOX VHULQJ PHODNXNDQ NHVDODKDQ SURGXNVL 0DVLK WLQJJLQ\DDQJNDUHMHFWVDDWSURGXNVLMDPXVHUWD W L G D N W H U S H Q X K L Q \ D W D U J H W S U R G X N V L PHQ\HEDENDQ ULVLNR SURGXN LQL PHQMDGL KDO \DQJ VDQJDW GLVRURWL VDDW LQL 'LKDUDSNDQ VHWHODK PHODNXNDQ HYDOXDVL EHUNDOD WHUKDGDS SHNHUMDGDQPXODLPHQHUDSNDQVLVWHPUHZDUG
GDQ SXQLVKPHQW PDND DNDQ PHQLQJNDWNDQ
PRWLYDVL SHNHUMD GDODP PHQFDSDL WDUJHW SURGXNVLQ\D
%RERW ULVLNR WHUKDGDS SHPHULQWDK GDQ RUJDQLVDVL WHUNDLW PHUXSDNDQ ERERW \DQJ SDOLQJ UHQGDK GLNDUHQDNDQ NDWHJRUL LQL WLGDN WHUNDLWODQJVXQJGHQJDQULVLNRJUHHQVXSSO\FKDLQ VHODLQ LWX 37 -DPX 6HKDW EHOXP GLIRNXVNDQ GDODPPHQXMXJUHHQVXSSO\FKDLQ+DOODLQ\DQJ PHQ\HEDENDQ NDWHJRUL LQL PHQMDGL ERERW WHUHQGDKDGDODKSULRULWDVXWDPDGDULVHEDJLDQ EHVDULQVWDQVLSHPHULQWDKDGDODKSHQLQJNDWDQ SURGXNVL GDQ NXDOLWDV KDVLO XQWXN PHPEXND SDVDULQWHUQDVLRQDO
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
$QDOLVLVGDQ3HPEDKDVDQ3'6$
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
+DVLOGDULSHUEDQGLQJDQEHUSDVDQJDQGLLQSXW
NHGDODPVRIWZDUH H[SHUW FKRLFH VHKLQJ JD
GLGDSDWNDQ PDWULNV VROXVL WHUEDLN 7LP PDQDMHPHQPHPSHUVHPSLWGDIWDUVROXVLDZDO VDPSDLPHQMDGLGDIWDUULQJNDVGHQJDQPHOLKDW ERERW WHUEHVDU SDGD VHWLDS NDWHJRUL ULVLNR VHKLQJJDGLGDSDWNDQHQDPVROXVL\DQJWHUEDLN \DLWX
D 0HODNXNDQ PRQLWRULQJ GDQ HYDOXDVL \DQJ
EHUNHODQMXWDQ WHUKDGDS SHNHUMD RSHUDVL SURGXNVL GDQ SHQJJXQDDQ PHVLQ VHUWD SHUDODWDQ
E 0HQFDUL VSHVLILNDVL DODW GDQ EDKDQ EDNX
G H Q J D Q D O W H U Q D W L I O D L Q X Q W X N P H Q J H I L V L H Q N D Q K D U J D W D Q S D PHQJRUEDQNDQ NXDOLWDV \DQJ VXGDK GLVHSDNDWL
F 0HPSHUEDKDUXL SURVHGXU \DQJ WHODK
GLWHWDSNDQ ROHK SHUXVDKDDQ PHODOXL
6WDQGDUG2SHUDWLRQDO3URVHGXUH623
G 3HQJJXQDDQ DNWLYD PRGDO GDQ VDKDP
VHUWDSLQMDPDQVHFDUDHIHNWLI
H 0HODNXNDQ SHUWXNDUDQ LQIRUPDVL VHFDUD
WUDQVSDUDQ GHQJDQ SLKDN GLVWULEXWRU GDQ
VXSSOLHU
I 0HPEHULNDQSHODWLKDQWHUKDGDSNDU\DZDQ
GDODPPHODNXNDQWXJDVQ\D
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
0DQIDDW VWDQGDUGLVDVL EDJL 37 -DPX 6HKDW DGDODK
D 0HPEHULNDQ NHPXGDKDQ GDODP PHPEXDW
SURVHGXUGHQJDQIRUPDW\DQJVXGDKVLDS 'LEXDW GDQ EHUODNX VHFDUD XPXP GDODP SHPHFDKDQPDVDODK\DQJEHUXODQJ
E 0HQJXUDQJL SHUDODWDQ VHU WD ZDNWX
SHUVLDSDQSDGDOLQLSURGXNVLGDQPHPEXDW EHUWDKDQQ\D SURVHV SURGXNVL WHUWHQWX GHQJDQVHGLNLWSHUXEDKDQ
F 0 H Q J H I H N W L I N D Q S H P H U L N V D D Q G D Q SHQJXMLDQ VHUWD SURVHGXU SHQJHQGDOLDQ PXWXXQWXNPHQJXUDQJLSURGXN\DQJWDN P H P H QX K L V S H V L I L N D V L U H M H F W G D Q SHQJHUMDDQXODQJUHZRUNLQJ
G 0HPXQJNLQNDQ SHQJDGDDQ EDKDQ EDNX
VHSHUWLPDWHULDOGDQNRPSRQHQ\DQJGDSDW GLSHUWXNDUNDQ GDUL VWRN \DQJ WHUVHGLD GHQJDQOHELKPXGDKVHUWDWDQSDNHKLODQJDQ ZDNWX
H 0HQJXUDQJL SHUVHGLDDQ GDQ VLVD PDWHULDO
NRPSRQHQGDQSURGXNDNKLU
I 0HPIDVLOLWDVL SHODWLKDQ EDJL VWDI GDQ
RSHUDWRU J 0 H Q J X U D Q J L E L D\ D S D G D S H NH U M D D Q DGPLQLVWUDWLI K 0 H P I D V L O L W D V L S H P D V D U D Q G D Q PHQLQJNDWNDQNHSHUFD\DDQNRQVXPHQGDQ L 0HQGRURQJWHUFDSDLQ\DSURGXNWLYLWDV\DQJ OHELK WLQJJL GL VHWLDS GLYLVLGHSDUWHPHQ \DQJ EHUDUWL SHQJXUDQJDQ ELD\D KDUJD UHQGDK SHQMXDODQ WLQJJL GDQ NHXQWXQJDQ OHELKEHVDU $QDOLVLVGDQ3HPEDKDVDQ6ROXVL7HUSLOLK 6 R O X V L W H U S L O L K L Q L G L E X D W G H Q J D Q PHPSHUWLPEDQJNDQSHUPDVDODKDQXWDPD\DLWX SHQXUXQDQRP]HW\DQJWHUMDGLROHKNDUHQDLWX GLODNXNDQLGHQWLILNDVLSHQ\HEDESHUPDVDODKDQ LQL GHQJDQ PHQJJXQDNDQIX]]\ $+3 GDUL
IUDPHZRUN0DQJOD GNN 6HWHODK
GLODNXNDQ SHPERERWDQ WHUKDGDS NDWHJRUL ULVLNR PDND GLGDSDWNDQ ERERW WHUEHVDU \DLWX ULVLNR SURGXN VHWDODK GLFDUL KDVLO GHQJDQ PHWRGH 3'6$ PDND GLGDSDWNDQ VWUDWHJL W H U S L O L K X Q W X N U L V L NR S U R G X N D G D O D K P H P S H U E D K D U X L S U R V H G X U \ D Q J W H O D K GLWHWDSNDQ ROHK SHUXVDKDDQ PHODOXL6WDQGDUG
2SHUDWLRQDO3URVHGXUH623
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
0HQ\HGLDNDQ OLQJNXQJDQ GDQ RSHUDVLRQDO
\DQJ GLSHUOXNDQ GDODP PHODNXNDQ SHNHUMDDQVHFDUDEHQDU
0HPDVWLNDQ RSHUDVL SURGXNVL GLODNXNDQ
VHFDUD NRQVLVWHQ XQWXN PHPSHUWDKDQNDQ NRQWURONXDOLWDVSURVHVGDQSURGXNVL 0HPDVWLNDQ SURVHV \DQJ EHUNHODQMXWDQ WLGDN PHQJDODPL JDQJJXDQ GDQ VHOHVDL VHVXDLGHQJDQMDGZDO\DQJGLWHWDSNDQ 0H\DNLQNDQ EDKZD SURVHGXU \DQJ GLVHSDNDWL DNDQ GLODNVDQDNDQ GHQJDQ SHQ\HVXDLDQ DQWDUD SHUXVDKDDQ GDQ UHJXODVLSHPHULQWDK 0HQ\DMLNDQ VHSHUWL GRNXPHQ XQWXN PHPEHULWDKXNDQ SHPDNDL WHQWDQJ SURVHV \DQJWHUWXOLVSDGD623 0HQ\DMLNDQFKHFNOLVWEDJLDXGLWRU
0HQ\DMLNDQ UHNDPDQ KLVWRULV GDUL EDJDLPDQDPHQJDSDGDQNDSDQODQJNDK ODQJNDK GDODP SURVHV WHUNDLW VHKLQJJD GDSDWGLWLQMDXSDGDSHPHULNVDDQGDGDNDQ 8QLWHG6WDWHV(QYLURPHQWDO3URWHFWLRQ$JHQF\
3HPEXDWDQ VWUDWHJL \DQJ GLWXQMXNNDQ SDGD VHWLDS NDWHJRUL ULVLNR GLJXQDNDQ XQWXN PHQJHWDKXL VWUDWHJL WHUKDGDS VHWLDS NDWHJRUL ULVLNR\DQJDGD.DUHQDVHWLDSULVLNRPHPLOLNL SHUPDVDODKDQPDVLQJPDVLQJPHVNLSXQWLGDN WHUODOX EHVDU ERERWQ\D DWDX GDPSDN \DQJ GLKDVLONDQQ\D
6LPSXODQ
%HUGDVDUNDQKDVLOGDULSHQHOLWLDQGDSDWGLDPELO NHVLPSXODQVHEDJDLEHULNXW
7HUGDSDWNDWHJRULGDQVSHVLILNDVLSHQLODLDQ ULVLNRJUHHQ VXSSO\ FKDLQ .DWHJRUL WHUVHEXW DGDODKULVLNRRSHUDVLRQDOULVLNRSDVRNDQULVLNR SURGXNULVLNRILQDQVLDOULVLNRSHUPLQWDDQGDQ ULVLNR WHUKDGDS SHPHULQWDK GDQ RUJDQLVDVL WHUNDLW
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
%HUGDVDUNDQ KDVLO DQDOLVLV PHQJJXQDNDQ 3'6$ \DQJ WHODK GLODNXNDQ PDND GDSDW GLVLPSXONDQ EDKZD VROXVL WHUEDLN XQWXN
SHUPDVDODKDQJUHHQVXSSO\FKDLQ37-DPX6HKDW
\DQJ PHPLOLNL ERERW WHUEHVDU DGDODK ULVLNR SURGXN GHQJDQ VWUDWHJL PLWLJDVLQ\D DGDODK P H P S H U E D K D U X L S U R V H G X U \ D Q J W H O D K GLWHWDSNDQ ROHK SHUXVDKDDQ PHODOXL6WDQGDUG
2SHUDWLRQDO 3URVHGXUH 623 \DQJ DGD GL
SHUXVDKDDQ GDQ PHODNXNDQ VWDQGDUGLVDVL SURGXN
'DIWDU3XVWDND
$&1LHOVHQ,QGRQHVLD6XUYH\RI FRQVXPHU
EHKDYLRXUDQGSHUFHSWLRQVWRZDUGPRGHUQDQG
WUDGLWLRQDO WUDGH FKDQQHOV -DNDU WD
'HSDUWHPHQ 3HUGDJDQJDQ 5HSXEOLN ,QGRQHVLD %DGDQ 3XVDW 6WDWLVWLN %36 %HUEDJDL SHQHUELWDQ -DZD 7HQJDK 'DODP $QJND 6HPDUDQJ%36 &KDQJ'<$SSOLFDWLRQRI WKHH[WHQW DQDO\VLVPHWKRGRQIX]]\$+3(XURSHDQ
-RXUQDO RI 2SHUDWLRQDO 5HVHDUFK
'LVSHULQGDJ /DSRUDQ ´NDMLDQ NHVLDSDQ
8 0 . 0 U D P D K O L Q J N X Q J D Q G D O D P PHQGDSDWNDQDNVHVSHPELD\DDQµ-DNDUWD .DUWDO % 6RI\DKRJOX & 7KH
VHOHFWLRQ RI JOREDO VXSSO\ FKDLQ ULVN PDQDJHPHQW VWUDWHJLHV E\ XVLQJ IX]]\ DQDO\WLFDOKLHUDUFK\SURFHVVDFDVHIURP 7XUNH\ 3URFHGLD 6RFLDO DQG %HKDYLRUDO
6FLHQFHV²
.RWOHU 3 $UPVWURQJ * 3ULQVLS
SULQVLS SHPDVDUDQ -LOLG (UODQJJD
-DNDUWD
0DQJOD6..XPDU3 %DUXD0. )OH[LEOHGHFLVLRQPRGHOLQJIRUHYDOXDWLQJJUHHQ VXSSO\ FKDLQ ULVNV XVLQJ IX]]\ $+3 P H W K R G R O R J \ L Q 3 U R F H H G L Q J V R I */2*,)7 'HFHPEHU² ' H F H P E H U , , 7 ' H O K L , Q G L D SS² 0DQJOD6..XPDU3 %DUXD0. )OH[LEOHGHFLVLRQDSSURDFKIRUDQDO\VLQJ
0DQJOD 6 . .XPDU 3 %DUXD 0 . 5LVN $QDO\VLV LQ JUHHQ VXSSO\ FKDLQXVLQJIX]]\$+3DSSURDFKDFDVH VWXG\5HVRXUFHV&RQVHUYDWLRQDQG5HF\FOLQJ ²
0DQJOD 6 . .XPDU 3 %DUXD 0 . $Q LQWHJUDWHG PHWKRGRORJ\ RI )7$DQGIX]]\$+3IRUULVNDVVHVVPHQW LQJUHHQVXSSO\FKDLQ,QW-2SHUDWLRQDO 5HVHDUFK 0DQXM, 0HQW]HU-7*OREDOVXSSO\ FKDLQ ULVN PDQDJHPHQW-RXUQDO RI %XVLQHVV/RJLVWLFV
0H\HU0$ %RRNHU-0(OLFLWLQJ
DQG DQDO\]LQJ H[SHUW MXGJPHQW /RQGRQ $FDGHPLF3UHVV
0LOOHU . ' $ IUDPHZRUN IRU L Q W H J U D W H G U L V N P D Q D J H P H Q W L Q
LQWHU QDWLRQDO EXVLQHVV-RXU QDO RI
,QWHUQDWLRQDO %XVLQHVV 6WXGLHV
1LJDP $ .DXVKLN 5 ,PSDFW RI EUDQG HTXLW\ RQ FXVWRPHU SXUFKDVH GHFLVLRQV DQ HPSLULFDO LQYHVWLJDWLRQ ZLWKVSHFLDOUHIHUHQFHWRKDWFKEDFNFDU RZQHUV LQ FHQWUDO KDU\DQD,QWHUQDWLRQDO -RXUQDO RI &RPSXWDWLRQDO (QJLQHHULQJ
0DQDJHPHQW
2UWK 8 :ROI 0 'RGG 7 + 'LPHQVLRQV RI ZLQH UHJLRQ HTXLW\ DQG WKHLUVLPSDFWRQFXQVXPHUVSUHIHUHQFH -RXUQDO RI 3URGXFW DQG %UDQG 0DQDJHPHQW
4LDQOHL / 7KH 6WXG\ RQ WKH ULVN
PDQDJHPHQW RI DJULFXOWXUDO SURGXFWV JUHHQ
QG VXSSO\FKDLQEDVHGRQV\VWHPDWLFDQDO\VLV ,QWHUQDWLRQDO &RQIHUHQFH RQ %XVLQHVV &RPSXWLQJDQG*OREDO,QIRUPDWL]DWLRQ 6KDQJKDLSS 5XLPLQ0<DR/ +XDQJ57KH JUHHQ VXSSO\ FKDLQ PDQDJHPHQW ULVN
DQDO\VLV$GYDQFHG0DWHULDOV5HVHDUFK
6LQKD 3 5 :KLWPDQ / ( 0DO]DKQ ' 0HWKRGRORJ \ WR PLWLJ DWH VXSSOLHU ULVN LQ DQ DHURVSDFH VXSSO\ FKDLQ,QWHUQDWLRQDO-RXUQDORI 6XSSO\FKDLQ
PDQDJHPHQW
6ULYDVWDYD 6 *UHHQ VXSSO\ FKDLQ PDQDJHPHQWDVWDWHRI WKHDUWOLWHUDWXUH UHYLHZ-RXUQDO RI 2WDJR 0DQDJHPHQW *UDGXDWH5HYLHZ 6XJL\RQR0HPDKDPL3HQHOLWLDQ.XDQWLWDLI %DQGXQJ$OSKDEHW 6YHQVVRQ * $ $ &RQFHSWXDO I U D P H ZR U N I R U W K H D Q D O \ V L V R I Y X O Q H U D E L O L W \ L Q V X S S O \ F K D L Q V ,QWHUQDWLRQDO-RXUQDORI 3K\VLFDO'LVWULEXWLRQ
/RJLVWLFV0DQDJHPHQW 8QLWHG 6WDWHV (QYLURPHQWDO 3URWHFWLRQ $JHQF\ *XLGDQFH IRU SUHSDULQJ 623V6WDQGDUG2SHUDWLQJ3URFHGXUHV(3$ 4$* 2IILFH RI ,QWHUQDWLRQDO ,QIRUPDWLRQ:DVKLQJWRQ'&86$ <DQJ = . /L - $VVHVVPHQW RI JUHHQVXSSO\FKDLQULVNEDVHGRQFLUFXODU HFRQRP\,((( WK LQWHU QDWLRQDO
FRQIHUHQFH RQ LQGXVWULDO HQJLQHHULQJ DQG
HQJLQHHULQJ PDQDJHPHQW ,( (0
