1R$830,/,3,
)2508/$6,5$*,&$0385$18178.352'8.6,%,2(7$12/
'$5,/,0%$+.$<86(1*21
:FBTU.JYFE'PSNVMBUJPO
GPS#JPFUIBOPM1SPEVDUJPO
.BEFGSPN4FOHPO8PPE8BTUF
,QD:LQDUQL6UL.RPDUD\DWL 'MDUZDQWR 3XVDW3HQHOLWLDQGDQ3HQJHPEDQJDQ+DVLO+XWDQ -O*XQXQJ%DWX1R%RJRU 7HOS)D[ (PDLOLQDZLQDUQL#\DKRRFRP 'LWHULPD$JXVWXV'LUHYLVL)HEUXDUL'LVHWXMXL0HL "#453"$5
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
6DFFKDURP\FHVFHUHYLVDH5K\]RSXVRU\]DHDQGRWKHUVXEVWDQFHVZLWKYDULRXVWUHDWPHQWV&RPPHUFLDO\HDVWRI ² 6DFKDURP\FHVFHUHYLVDHZDVXVHGDVDFRPSDUDEOHFRQWURO5HVXOWVVKRZHGWKDW\HDVWPL[LQJZDVHIIHFWLYHWR SURGXFHHWKDQROFRQWHQWIURPOLJQRFHOOXORVHIHUPHQWDWLRQ7KHHWKDQROFRQWHQWLVUHODWLYHO\JUHDWHUWKDQWKRVHRI FRPPHUFLDO\HDVWZKLFKFRQVWLWXWHVRI DERXWHWKDQROFRQWHQW
.H\ZRUGV<HDVWPL[LQJVHQJRQZRRGZDVWHFRPPHUFLDO\HDVWIHUPHQWDWLRQHWKDQRO
$%675$.
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² +DVLOSHQHOLWLDQPHQXQMXNNDQEDKZDUDJLFDPSXUDQGHQJDQNRQVHQWUDVLSDOLQJHIHNWLI GLJXQDNDQ SDGDIHUPHQWDVLOLJQRVHOXORVDGHQJDQKDVLONDGDUHWDQROVHEHVDU.DGDUHWDQRO\DQJGLKDVLONDQ OHELKWLQJJLGDULNDGDUHWDQRO\DQJGLKDVLONDQGDULIHUPHQWDVLGHQJDQUDJLNRPHUVLDOVHEHVDU .DWDNXQFL5DJLFDPSXUDQVDEHWDQND\XVHQJRQUDJLNRPHUVLDOIHUPHQWDVLHWDQRO '2,KWWSGRLRUJMSKK
, 3(1'$+8/8$1
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
3HUODNXDQ SHQGDKXOXDQ \DLWX EHUXSD GHOLJQLILNDVLDWDXSHQJXUDQJDQNDGDUOLJQLQSDGD VDPSHO VXEVWUDW PHU XSDNDQ SHUODNXDQ SHQGDKXOXDQ\DQJKDUXVGLODNXNDQNDUHQDWDQSD GHOLJQLILNDVL NRQYHUVL VHOXORVD PHQMDGL VDQJDW UHQGDK/\QG6DODKVDWXPHWRGH
GHOLJQLILNDVLDGDODKGHQJDQSURVHVDONDOLDWDXNUDIW SXOSLQJ6HWHODKSURVHVKLGUROLVLVWDKDSDQSHQWLQJ ODLQQ\D DGDODK SURVHV IHU PHQWDVL \DLWX SHPHFDKDQ JOXNRVD PHQMDGL HWDQRO GDQ NDUERQ GLRNVLGDGHQJDQEDQWXDQPLNUREDUDJL0RVLHU :\PDQ
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
6DODK VDWX PHWRGH XQWXN PHQLQJNDWNDQ SURGXNVL ELRHWDQRO \DLWX GHQJDQ PHQFDUL IRUPXODVL UDJL FDPSXUDQ6DFFKDURP\FHV FHUHYLVLDH
GDQ UDJL ODLQQ\D \DQJ WHSDW XQWXN SURVHV IHUPHQWDVL DJDU GDSDW PHQJKDVLONDQ ELRHWDQRO \DQJ WLQJJL 7XOLVDQ LQL PHPSHODMDUL IRUPXODVL UDJL FDPSXUDQ \DQJ HIHNWLI GDODP SURVHV IHUPHQWDVL OLPEDK ND\X XQWXN PHQJKDVLONDQ NDGDUELRHWDQROWLQJJL
,,%$+$1'$10(72'( $%DKDQ
%DKDQ XWDPD \DQJ GLJXQDNDQ DGDODK ND\X VHQJRQ)DOFDWDULDPROXFFDQDGDUL6XNDEXPL-DZD %DUDW GDQ UDJL FDPSXUDQ EHEHUDSD MHQLV MDPXU DQWDUDODLQ6DFFKDURP\FHVFHUHYLVDH 5K\]RSXVRU\]DH GDQ $VSHUJLOOXV RU\]DH GDQ UDJL NRPHUVLDO 6DFFKDURP\FHV FHUHYLVDH VHEDJDL SHPEDQGLQJ DWDX NRQWURO
$ODW \DQJ GLJXQDNDQ DQWDUD ODLQ WLPEDQJDQ NRPSRU OLVWULN GLVWLODWRU SHQJDGXN EOHQGHU DONRKROPHWHU EUL[PHWHU PDJQHWLF VWLUUHU *DV &KURPDWRJUDSK\ *&GHQJDQ NRQGLVL NRORP 29
R
),' GHWHNWRU VXKX DZDO & VXKX DNKLU
R R
& VXKX LQMHNWRU & GDQ VXKX GHWHNWRU R
& GHQJDQ SHPEDZD JDV QLWURJHQ GDQ KLGURJHQ GDQ VSHNWURSKRWRPHWHU GLVWLODWRU
SHQDQJDV DLU RYHQ GDQ KRW SODWHFDZDQ SHWUL
DXWRNODI LQFXEDWRU MDUXP RVH WDEXQJ UHDNVL NDQWRQJSODVWLNNDVVDNDSDVVWHULOGDQSHQJDGXN NDFD
%0HWRGH3HQHOLWLDQ
3HPEXDWDQUDJLFDPSXUDQ
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
3HUODNXDQ SHQGDKXOXDQ GHOLJQLILNDVL ND\X VHQJRQ
.D\X VHQJRQ WDQSD NXOLW GLFDFDK KLQJJD PHQMDGLOHPEDUDQWLSLVVHUSLKGDQGLNHULQJNDQ 6DPSHO NHULQJ XGDUD NHPXGLDQ GLEXDW SXOS GHQJDQFDPSXUDQDONDOL1D2+SDGDVXKX SHPDVDNDQ ² & VHODPD PHQLW 3XOS GLFXFL GHQJDQ 1D2+ GDQ DLU NHPXGLDQ GLVDULQJ GLELDUNDQ VDPSDL NHULQJ XGDUD KLQJJD GLKDVLONDQSXOSNHULQJXGDUDVHEDJDLEDKDQEDNX VXEVWUDW \DQJ VLDS GLODQMXWNDQ NH WDKDS VDNDULILNDVL GDQ IHUPHQWDVL 3XOS GLODUXWNDQ NH
GDODPDLUVHEDQ\DNZY'LODNXNDQDQDOLVD NDGDU OLJQLQ GDQ VHOXORVD ND\X VHQJRQ VHEHOXP GDQ VHVXGDK GLEXDW SXOS GHQJDQ PHWRGH 61,GDQ1RUPDQGDQ-HQNLQV:LVH
6DNDULILNDVLGDQIHUPHQWDVLVHFDUDVLPXOWDQ
3URVHV VDNDULILNDVL PHQJJXQDNDQ FDPSXUDQ HQ]LPVHOXODVHGDQ¢JOXNRVLGDVHGHQJDQ NRQVHQWUDVL HQ]LP )38J VXEVWUDW 6DPSHO EHUXSDSXOSVHQJRQVHEHUDWJODUXWDQEXIIHU P/ GDQ VXUIDNWDQ GLPDVXNNDQ NH GDODPHUOHQPH\HUODOXGLVLPSDQGDODPZDWHUEDWK VKDNHU 3HUODNXDQ WDQSD VXUIDNWDQ GLDQJJDS VHEDJDL NRQWURO SHUODNXDQ 3URVHV VDNDULILNDVL
R GLODNXNDQ VHODPD MDP SDGD VXKX & 6HODQMXWQ\DGLODNXNDQSURVHVIHUPHQWDVLGHQJDQ PHQJXNXU NDGDU JXOD SHUHGXNVL VHEHOXP GDQ VHVXGDKIHUPHQWDVL
)HUPHQWDVL
6DPSHO \DQJ WHODK GLVDNDULILNDVL GLWDPEDK 13.GDQ8UHD6HODQMXWQ\DGLWDPEDKUDJL FDPSXUDQ\DQJWHUGLULGDULFDPSXUDQ$RU\]DH5 RU\]DH GDQ 6 VHUHYLVDH VHEDJDL SHPEDQGLQJ GLJXQDNDQ UDJL NRPHUVLDO \DLWX 6DFFKDURP\FHV VHUHYLVDHGHQJDQ NRQVHQWUDVL UDJL FDPSXUDQ GDQ UDJL NRPHUVLDO VHEDQ\DN GDQ DE VHWLDS SHUODNXDQ 3URVHV IHUPHQWDVL GL ODNXNDQVHODPD²MDPSDGDVXKX²& 3HQJXMLDQNDGDUJXODSHUHGXNVLGDQELRHWDQRO D $QDOLVLVNDGDUJXODSHUHGXNVL
3HQHWDSDQNDGDUJXODSHUHGXNVLPHQJJXQDNDQ PHWRGH '16 0LOOHU 6HWHODK SURVHV VDNDULILNDVLGDQVHWHODKIHUPHQWDVLGLDPELOP/ ODUXWDQQ\DGDQGLDQDOLVDJXODSHUHGXNVLQ\D
E$QDOLVLVNDGDUHWDQRO
$QDOLVD NDQGXQJDQ HWDQRO SDGD VDPSHO PHQJJXQDNDQ PHVLQ *DV &KURPDWRJUDSK\ *& PHUN $JLOHQW 1 NRORP FDUERZD[ 0 GHWHNWRU ),' VXKX LQMHNWRU & VXKX DZDO &GDQVXKXDNKLU&GHQJDQNHQDLNDQVXKX &SHUPHQLW $QDOLVDGDWD 3HQHOLWLDQ GLODNXNDQ GHQJDQ PHWRGH 5DQFDQJDQ FDN HQJNDSGHVDLQIDNWRULDO[[$ / \DLWXVDPSHOVXUIDNWDQGDQWDQSDVXUIDNWDQMHQLV UDJL FDPSXUDQ GDQ NRPHUVL O D GDQNRQVHQWUDVL UDJL GDQ GHQJDQ GXDNDOLXODQJDQ
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
VHPSXUQD VHKLQJJD GDSDW PHQJKDVLONDQ NDGDU HWDQRO WLQJJL 5LVDQWR $GL +HUPLDWL &RQYHUVH2RVKLPD %XUQV
$$QDOLVLV .DGDU *XOD 3HUHGXNVL VHWHODK 6DNDULILNDVL
6HWHODK SURVHV VDNDULILNDVL VHOHVDL JXOD \DQJ GLKDVLONDQGLWDPEDKGHQJDQUDJL6FHUHYLVLDHGDQ GLODQMXWNDQ GHQJDQ SURVHV IHUPHQWDVL *XOD WHUVHEXWGLDQDOLVDNDGDUJXODSHUHGXNVLQ\DGHQJDQ PHQJJXQDNDQ PHWRGH '16 +DVLO NDGDU JXOD SHUHGXNVLVHEHOXPGDQVHVXGDKIHUPHQWDVLGDSDW GLOLKDWSDGD7DEHO
3DGD 7DEHO GDSDW GLOLKDW VHPXD SHUODNXDQ NRQVHQWUDVL UDJL SDGD UDJL FDPSXUDQ GDQ NRPHUVL O GHQJDQ PHQJJXQDNDQ 7ZHHQ D PHQJKDVLONDQ NDGDU JXOD SHUHGXNVL \DQJ OHELK WLQJJL GLEDQGLQJNDQ NRQWURO WDQSD VXUIDNWDQ 3HQHOLWLDQ WHUGDKXOX PHQMHODVNDQ EDKZD VDODK VDWX IXQJVL VXUIDNWDQ \DLWX PHPLOLNL SHQJDUXK SRVLWLI SDGD KLGUROLVLV GHQJDQ PHPSHUFHSDW UHDNVL KLGUROLVLV GHQJDQ PHQLQJNDWNDQ NHUMD HQ]LP GDODP PHUXEDK VHOXORVD PHQMDGL JOXNRVD
6DPSHO 4BNQMFT 3HUODNXDQ 5SFBUNFOU *XODSHUHGXNVL 3FEVDJOHTVHBSJO 6HEHOXPIHUPHQWDVL #FGPSF GFSNFOUBUJPO 6HVXGDKIHUPHQWDVL "GUFSGFSNFOUBUJPO 5DJLFDPSXUDQ .JYFEZFBTU $ % $ % $ % $ % 5DJLNRPHUVLDO$PNNFSDJBMZFBTU $ % $ % $ % $ %
7DEHO .DGDU JXOD SHUHGXNVL SXOS VHQJRQ VHEHOXP GDQ VHVXGDK IHUPHQWDVL )38J VXEVWUDW
5BCMF3FEVDJOHTVHBSDPOUFOUPGTFOHPOQVMQCFGPSFBOEBGUFSGFSNFOUBUJPO '16HTVCTUSBU
.HWHUDQJDQ5HPDUNV$WDQSDVXUIDNWDQ FRQWUROGDQ%VXUIDNWDQ VXUIDFWDQW5DWDUDWDGDULGXDXODQJDQ$YHUDJHIURP WZRUHSOLFDWHV
3DUN ,NHGD 2NXGD =KHQJ 3DQ
=KDQJ :DQJ -HQNLQV GDQ SURVHV VDNDULILNDVL GDQ IHU PHQWDVL VDWX ZDNWX 6LPXOWDQHRXV 6DFFKDULILFDWLRQ DQG )HUPHQWDWLRQ 66) $ONDVUDZL HW DO VHKLQJJD NDGDU JXOD SHUHGXNVL GHQJDQ SHQDPEDKDQ VXUIDNWDQ DNDQ OHELK WLQJJL GLEDQGLQJNDQ WDQSD VXUIDNWDQ NRQWURO
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
SHUXEDKDQ HQHUJL VHNLWDU 'DXG 6DILL 6\DPVX'DODPSURVHVIHUPHQWDVLJOXNRVD GLGHJUDGDVLPHQMDGLHWDQROGDQ&2 PHODOXLVXDWX MDOXU PHWDEROLVPH \DQJ GLVHEXW JOLNROLVLV -DOXU JOLNROLVLV GLVHEXW MXJD VHEDJDL MDOXU (PEGHQ 0H\HUKRII3DUQDV 6HED\DQJ 0HQXUXW
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
7DEHO$QDOLVLVNHUDJDPDQJXODSHUHGXNVL
5BCMF"OBMZTJTPGWBSJBODFPOSFEVDJOHTVHBS
6XPEHUNHUDJDPDQ GE -XPODKNXDGUDW .XDGUDWWHQJDK )KLWXQJ 3
4PVSDFPGWBSJBODF EC 4VNPG4RVBSF .FBO4RVBSF 'DBM $ % & ' $%&' *DODWHUURU 7RWDO
.HWHUDQJDQ 5HPDUNV $ MHQLV UDJL NLQGV RI \HDVW % NRQVHQWUDVL UDJL FRQFHQWUDWLRQ RI \HDVW & VDPSHO VDPSOH ' VHEHOXPVHVXGDKIHUPHQWDVLEHIRUHDIWHUIHUPHQWDWLRQ
PHPSHUFHSDW ODMX KLGUROLVLV GDQ PHQXUXQNDQ NDGDUHQ]LP\DQJGLEXWXKNDQ 2RVKLPD6DNDWD +DUDQR +HOOH'XII &RRSHU:X -X=KHQJHWDO
%.DGDU(WDQRO3XOS.D\X6HQJRQ
/DUXWDQ KDVLO VDNDULILNDVL GLWDPEDK UDJL 6 FHUHYLVLDH 13. GDQ XUHD VHEDJDL QXWULVL (WDQRO KDVLO IHUPHQWDVL GLVHEXWEHHU \DQJ GLGDODPQ\D PDVLK WHUGDSDW FDPSXUDQ VXEVWUDW PDXSXQ JXOD \DQJ WLGDN WHUIHUPHQWDVL 8QWXN PHQJHWDKXL NDGDU HWDQRO GLODNXNDQ GLVWLODVL JXQD PHPXUQL NDQFDPSXUDQWHUVHEXW\DQJGLODNXNDQSDGDVXKX ²&+DVLONDGDUHWDQROSXOSND\XVHQJRQ EHEHUDSDSHUODNXDQGDSDWGLOLKDWSDGD7DEHO 'DUL 7DEHO GDSDW GLNHWDKXL SHQJDUXK SHUODNXDQMHQLVUDJLGDQNRQVHQWUDVLUDJLWHUKDGDS
ELRHWDQRO\DQJGLKDVLONDQ6HPXDSHUODNXDQMHQLV UDJLFDPSXUDQPHQXQMXNNDQSURGXNVLELRHWDQRO OHELK WLQJJL GDULSDGD UDJL NRPHUVLDO 6 FHUHYLVDH SDGD NRQVHQWUDVL ² GDQ PHQXUXQ VHWHODK 'HPLNLDQ SXOD VHPXD SHUODNXDQ \DQJ PHQJJXQDNDQ VXUIDNWDQ PHQJKDVLONDQ NDGDU HWDQRO \DQJ MDXK OHELK WLQJJL GLEDQGLQJ WDQSD VXUIDNWDQNRQWURO+DOLQLGLVHEDENDQIXQJVLGDUL VXUIDNWDQVHEDJDLHQ]\PHVWDELOL]HUVGDQPHQMDJD GHQDWXULVDVL VXUIDNWDQ GDSDW PHPSHQJDUXKL VWUXNWXU VXEVWUDW \DQJ GLJXQDNDQ GDODP SURVHV VDNDULILNDVL VXUIDNWDQ GDSDW PHPSHQJDUXKL LQWHUDNVLHQ]LPGDQVXEVWUDWNKXVXVQ\DPHQMDJD WHUMDGLQ\D SHQ\HUDSDQ HQ]LP SDGD OLJQLQ GDQ VXEVWUDW%DOOHVWHURVHWDO$ONDVUDZLHWDO VHKLQJJD HQ]LP GDSDW EHNHUMD GHQJDQ PDNVLPDOSDGDVDDWKLGUROLVLVGDQIHUPHQWDVL\DQJ PHQJDNLEDWNDQNDGDUHWDQRO\DQJOHELKWLQJJL 6DPSHO 4BNQMFT 3HUODNXDQ 5SFBUNFOUT .DGDU(WDQRO &UIBOPMDPOUFOU 5DJLFDPSXUDQ.JYFEZFBTU $ % $ % $ % $ % 5DJLNRPHUVLDO$PNNFSDJBMZFBTU $ % $ % $ % $ % 7DEHO5DWDUDWDNDGDUHWDQROSXOSND\XVHQJRQ 5BCMF&UIBOPMDPOUFOUBWFSBHFPGTFOHPOXPPEQVMQ .HWHUDQJDQ5HPDUNV -HQLVUDJLDGDGXDUDJLFDPSXUDQ0L[HG\HDVWLHGDQUDJLNRPHUVLDO&RPPHUFLDO\HDVWLH .RQVHQWUDVLUDJL<HDVWFRQFHQWUDWLRQ 6DPSHO6DPSOHDWDQSDVXUIDNWDQ ZLWKRXWVXUIDFWDQW GDQEGLWDPEDKVXUIDNWDQ VXUIDFWDQWDGGHG8ODQJDQNDOL7ZRUHSOLFDWHV
'LEDQGLQJNDQ GHQJDQ SHQHOLWLDQ 'DXG HW DO
WHUQ\DWDSHUODNXDQGHQJDQUDJLNRPHUVLDO 6DFKDURP\FHVFHUHYLFDHVHEHVDUWDQSDVXUIDNWDQ GDSDWPHQJKDVLONDQNDGDUHWDQROKDPSLU VDPD GHQJDQ SHUODNXDQ SHQDPEDKDQ6 FHUHYLFDH GDQ $ QLJHU SDGD VDPSHO ND\X VHQJRQ \DQJ PHQJKDVLONDQ NDGDU HWDQRO .HPXGLDQ DQDOLVLV NHUDJDPDQ SDGD 7DEHO PHQXQMXNNDQ EDKZD SHQJDUXK PDFDP UDJL $ PDFDP VDPSHO%GDQNRQVHQWUDVLUDJL&EHUSHQJDUXK VDQJDW Q\DWD SDGD NDGDU ELRHWDQRO \DQJ GLKDVLONDQ
3URGXNVL ELRHWDQRO \DQJ GLKDVLONDQ ROHK UDJL FDPSXUDQPDXSXQUDJLNRPHUVLDOPDVLK WHU PDVXN UHQGDK %DQ\DN IDNWRU \DQJ PHPSHQJDUXKL SURVHV SURGXNVL ELRHWDQRO GDUL OLJQRVHOXORVD DQWDUD ODLQ VXKX S+ VXPEHU NDUERQVXPEHUQLWURJHQGDQZDNWXLQNXEDVLUDJL $QLQG\DZDWL %LOD GLEDQGLQJNDQ GHQJDQ KDVLO SHQHOLWLDQ 1RYLDQL 6XSDUWRQR GDQ 6LDGL \DQJ PHQJJXQDNDQ UDJL NRPHUVLDO
6DFFKDURP\FHV VHUHYLDVH SDGD VHUEXN JHUJDML ND\X VHQJRQODXWWHUQ\DWDGHQJDQZDNWXIHUPHQWDVL KDUL GDSDW PHQJKDVLONDQ HWDQRO VHEHVDU %HUDUWLSDGDSHQHOLWLDQLQLPDVLKSHUOXZDNWXEDJL PLNUREDEHNHUMDVHFDUDPDNVLPDOXQWXNPHUXEDK JXOD PHQMDGL HWDQRO 5LYHUD HW DO PHQ\DWDNDQ SHPEXDWDQ ELRHWDQRO GDUL DPSDV WHEX\DQJEDQ\DNPHQJDQGXQJJOXNRVDGDQ
[\ORVD GHQJDQ SHQDPEDKDQ WHWHV WHEX YY \DQJ GLFDPSXU GHQJDQ UDJL SDGD SURVHV IHUPHQWDVL VHODPD MDP GDSDW PHQJKDVLONDQ HWDQRO JO UHQGHPHQ JJ GDQ SURGXNWLYLWDVJOMDP5LYHUDHWDO
,9.(6,038/$1'$16$5$1 $.HVLPSXODQ
3HQDPEDKDQ VXUIDNWDQ GDSDW PHQVWDELONDQ NHUMDHQ]LPGDODPPHUXEDKVHOXORVDPHQMDGLJXOD VHKLQJJD MXPODK JOXNRVD WRWDO \DQJ GLKDVLONDQ JXOD SHUHGXNVL PHQMDGL OHELK WLQJ JL GLEDQGLQJNDQ WDQSD VXUIDNWDQ +DO LQL DNDQ PHQJDNLEDWNDQ JXOD VHEDJDL VXPEHU PDNDQDQ XQWXNUDJLVHPDNLQEDQ\DNXQWXNGLUXEDKPHQMDGL HWDQROEDLNSDGDUDJLFDPSXUDQPDXSXQSDGDUDJL NRPHUVLDO5DJLFDPSXUDQ\DQJHIHNWLI DGDODKUDJL FDPSXUDQPHQJKDVLONDQNDGDUHWDQROVHEHVDU %6DUDQ
3URVHV GHOLJQLILNDVL KDUXV GLODNXNDQ VHEHOXP SURVHV VDNDULILNDVL GDQ SHQJJXQDDQ VXUIDNWDQ GDSDW PHQLQJNDWNDQ NDGDU JXOD SHUHGXNVL GDQ NDGDUHWDQROSXOSND\XVHQJRQGHQJDQNRPELQDVL SHQJJXQDDQUDJLUDFLNDQSDGDSURVHVIHUPHQWDVL 7DEHO$QDOLVLVNHUDJDPDQNDGDUHWDQROSXOSND\XVHQJRQ 5BCMF"OBMZTJTPGWBSJBODFPOFUIBOPMDPOUFOUJOTFOHPOXPPEQVMQ 6XPEHUNHUDJDPDQGE-XPODKNXDGUDW.XDGUDWWHQJDK)KLWXQJ3 4PVSDFPGWBSJBODF4VNPG4RVBSF.FBO4RVBSF' DBM $ % & $%& *DODW(UURU 7RWDO
.HWHUDQJDQ5HPDUNV$ -HQLVUDJL<HDVWW\SHV% VDPSHOVDPSOHV& .RQVHQWUDVLUDJL<HDVWFRQFHQWUDWLRQ1\DWD 6LJQLILFDQW6DQJDWQ\DWD9HU\VLJQLILFDQW7LGDNQ\DWD1RWVLJQLILFDQW3 3HOXDQJ3UREDELOLW\
8FDSDQ7HULPD.DVLK
3HQXOLV PHQJXFDSNDQ WHULPD NDVLK NHSDGD 3XVDW3HQHOLWLDQGDQ3HQJHPEDQJDQ+DVLO+XWDQ 3++ \DQJ WHODK PHPELD\DL SHQHOLWLDQ LQL PHODOXL ',3$ 3++ WDKXQ GDQ VHPXD SLKDN \DQJ WHODK PHPEDQWX GDODP SHODNVDQDDQ SHQHOLWLDQ WHUXWDPD SDUD WHNQLVL GL ODERUDWRULXP .HOWL3HQJRODKDQ.LPLD(QHUJLGDQ+DVLO+XWDQ %XNDQ .D\X GDQ %LRORJL GDQ 3HQJDZHWDQ +DVLO +XWDQ3++
'$)7$53867$.$
$ONDVUDZL 0 (ULNVVRQ 7 %|UMHVVRQ -:LQJUHQ $ *DOEH 0 7MHUQHOG ) =DFFKL*7KHHIIHFWRI 7ZHHQ RQ VLPXOWDQHRXV VDFFKDULILFDWLRQ DQG IHUPHQWDWLRQ RI VRIWZRRG WR HWKDQRO
(Q]\PHDQG0LFURELDO7HFKQRORJ\ GRL6 $QLQG\DZDWL 7 3URVSHN HQ]LP GDQ
OLPEDK OLJQRVHOXORVD XQWXN SURGXNVL ELRHWDQRO%HULWD6HOXORVD $UQDWD ,: $QJJUHQL $$0
5HND\DVD ELRSURVHV SURGXNVL ELRHWDQRO GDULXELND\XGHQJDQWHNQLNNRNXOWXUUDJL WDSH GDQ6DFFKDURP\FHV FHUHYLVLDH$JURLQWHN
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
QLJHU GDQ 6DFFKDURP\FHV FHUHYLVDH -XUQDO
3HUHQQLDO
+HOOH66'XII6-% &RRSHU'* (IIHFW RI VXUIDFWDQWV RQ FHOOXORVH K\GURO\VLV %LRWHFKQRORJ\ DQG %LRHQJLQHHULQJ
.RSSUDP 5 2OVVRQ / &RPELQHG VXEVWUDWH HQ]\PH DQG \LHVW IHHG LQ VLPXOWDQHRXV VDFFKDULILFDWLRQ DQG IHUPHQWDWLRQDOORZELRHWKDQROSURGXFWLRQ IURP SUHWUHDWHG VSUXFH ELRPDVV DW KLJK VROLGVORDGLQJ%LRWHFKQRORJ\IRU%LRIXHOV
/\QG/52YHUYLHZDQGHYDOXDWLRQRI IXHO HWKDQRO IURP FHOOXORVLF ELRPDVV" 7HFKQRORJ\ HFRQRPLV WKH HQYLURPHQW DQGSROLF\$QQXDO5HYLHZRI (QHUJ\DQGWKH
(QYLURQPHQW
0LOOHU*/8VHRI 'LQLWURVDOLF\OLF$FLG UHDJHQW IRU GHWHUPLQDWLRQ RI UHGXFLQJ VXJDU$QDO\WLFDO &KHPLVWU\
GRLDFD
0RVLHU 1 :\PDQ & )HDWXUH RI SURPLVLQJ WHFKQRORJLHV IRU SUHWUHDWPHQW RI OLJQRFHOOXORVLF ELRPDVV %LRUHVRXUFH
7HFQRORJ\
1RYLDQL + 6XSDUWRQR 6LDGL . 3HQJRODKDQ OLPEDK VHUEXN JHUJDML ND\X VHQJRQ ODXW PHQMDGL ELRHWDQRO PHQJ JXQDNDQ 6DFFKDURP\FHV FHUHYLVDH ,QGRQHVLDQ -RXUQDORI &KHPLFDO6FLHQFH 2RVKLPD + 6DNDWD 0 +DUDQR <
(QKDQFHPHQWRI HQ]\PDWLFK\GURO\VLVRI FHOOXORVH E\ VXUIDFWDQW %LRWHFKQRORJ\ DQG %LRHQJLQHHULQJ
3DUN (< ,NHGD < 2NXGD 1 (PSLULFDO HYDOXDWLRQ RI FHOOXODVH RQ HQ]\PDWLFK\GURO\VLVRI ZDVWHRIILFHSDSHU
%LRWHFKQRORJ\ DQG %LRSURFHVV (QJLQHHULQJ GRL%) 3HOF]DU 0 &KDQ 'DVDUGDVDU
PLNURELRORJL -DNDUWD 8QLYHUVLWDV ,QGRQHVLD 3UHVV
5LVDQWR '6 $GL /( +HUPLDWL 3HUODNXDQJHORPEDQJPLNURGXDMHQLVND\X
FHSDW WXPEXK XQWXN SURGXNVL ELRHWDQRO
-XUQDO,OPXGDQ7HNQRORJL.D\X7URSLV
5LYHUD%70XQL]%25RGULJXH]-*&DJDO $&*RQ]DOHV-0' 8VFDQJD0* %LRHWKDQRO SURGXFWLRQ IURP K \ G U R O \ ] H G V X J D U F D Q H E D J J D V H VXSSOHPHQWHGZLWKPRODVVHV%LQDPL[HG \HDVWFXOWXUH5HQHZDEOH(QHUJ\
6HED\DQJ ) 3HPEXDWDQ HWDQRO GDUL PRODVHVHFDUDIHUPHQWDVRPHQJJXQDNDQVHO
6DFFKDURP\FHV FHUHYLVLDH \DQJ WHULPRELOLVDVL SDGDNDOVLXPDOJLQDW7HNQRORJL3URVHV
6WHQEHUJ.7HQJERUJ&*DOEH0 =DFFKL * 2SWLPLVDWLRQ RI VWHDP SUHWUHDWPHQW RI 62 LPSUHJQDWHG PL[HG
VRIWZRRGV IRU HWKDQRO SURGXFWLRQ-RXUQDO RI &KHPLFDO7HFKQRORJ\DQG%LRWHFKQRORJ\ GRL 6,&, $ , ' -&7%!&2= 6WHQEHUJ.7HUERUJ&*DEOH0 =DFFKL* 2SWLPDOLVDWLRQ RI VWHDP SUHWUHDWPHQW RI 62 LPSUHJQDWHG PL[HG
VRIWZRRGV IRU HWKDQRO SURGXFWLRQ-RXUQDO &KHPLFDO7HFKQRORJ\%LRWHFKQRORJ\
7DKHU]DGHK0- .DULPL.(Q]\PH EDVHGKLGURO\VLVSURFHVVIRUHWKDQROIURP OLJQRFHOOXORVLF PDWHULDOV%LR5HVRXUFHV
8VPDQD $6 5LDQGD 6 1RYLD 3HQJDUXK YROXPH HQ]LP GDQ ZDNWX IHUPHQWDVL WHUKDGDS NDGDU HWDQRO %DKDQ EDNX WDQGDQ NRVRQJ NHODSD VDZLW GHQJDQ SUHWUHDWPHQW DONDOL-XUQDO ,OPLDK 7HNQLN
0HVLQ
:LUDDWPDMD , 3HQJXMLDQ NDUDNWHULVWLN ILVLND ELRJDVROLQH VHEDJDL EDKDQ EDNDU DOWHUQDWLI SHQJJDQWL PHVLQ PXUQL-XUQDO ,OPLDK7HNQLN0HVLQ
:LVH /( :RRG FKHPLVWU\ 1HZ <RUN 5HLQKROG3XEOLVKHU&RUSRUDWLRQ
:X- -X/.(QKDQFLQJHQ]\PDWLF VDFFKDULILFDWLRQ RI ZDVWH QHZVSULQW E\ VXUIDFWDQW DGGLWLRQ %LRWHFKQRORJ\ 3URJUHVV
=KHQJ<3DQ=/=KDQJ5+:DQJ'+ -HQNLQV % 1RQLRQLF VXUIDFWDQWV DQG QRQFDWDO\WLF SURWHLQ WUHDWPHQW RQ HQ]\PDWLF K\GURO\VLV RI SUHWUHDWHG FUHHSLQJZLOGU\HJUDVV$SSOLHG%LRFKHPLVWU\ DQG%LRWHFKQRORJ\
