Sei sulla pagina 1di 4



&ODVVLFDO9LEUDWLQJ6WULQJ

&ODVVLFDO9LEUDWLQJ6WULQJ
&RQWHQWV
3UREOHP6HWXS
7KH'LIIHUHQWLDO(TXDWLRQ
*HQHUDO6ROXWLRQ
6DWLVI\LQJWKH,QLWLDO&RQGLWLRQV
([DPSOHVSOXFNHGVWULQJVWUXFNVWULQJ
3UREOHPV
5HIHUHQFHV

3UREOHP6HWXS
&RQVLGHUDIOH[LEOHVWULQJKHOGVWDWLRQDU\DWERWKHQGVDQGIUHHWRYLEUDWHWUDQVYHUVHO\VXEMHFWRQO\WRWKH
UHVWRULQJIRUFHVGXHWRWHQVLRQLQWKHVWULQJ'HGXFHWKH'(IRUVXFKV\VWHPVDQGGHILQHDOOSDUDPHWHUV
WKDWGLVWLQJXLVKWKHV\VWHPV'RWKLVZLWKDVWULQJRIQRUPDOOHQJWKODQGXVLQJWKHFRRUGLQDWHVGHSLFWHG
KHUH
)LJXUHVKRZLQJFRRUGLQDWHVDQGGHILQLQJV\PEROVIRUWKHWUDQVYHUVHYLEUDWLQJVWULQJ

7KHOHQJWKRIWKHVWULQJLVlGLVWDQFH

DORQJWKHVWULQJIURPWKHOHIWHQGLV[LWVGLVSODFHPHQWRUZDYHIRUPLV\ [W 

7KH'LIIHUHQWLDO(TXDWLRQ
2XUK\SRWKHVLVLVWKDWWKHVWULQJLVXQGHUFRQVWDQWWHQVLRQ7HVWDEOLVKHGZKHQLWZDVVWUHWFKHGEHWZHHQ
LWVIL[HGHQGSRLQWV7KHWUDQVYHUVHGLVSODFHPHQWDWSRVLWLRQ[DORQJWKHVWULQJDWWLPHWLVGHQRWHG\ [W 
2XUDLPLVWRGHGXFHWKHSDUWLDOGLIIHUHQWLDOHTXDWLRQ 3'( JRYHUQLQJ\ [W 
7KHWDQJHQWWRWKHVWULQJDW\ [W LVLQGLFDWHGLQWKHILJXUHLWIRUPVWKHK\SRWHQXVHRIDULJKWWULDQJOHZLWK
OHJVSDUDOOHODQGSHUSHQGLFXODUWRWKHXQGLVSODFHGVWULQJSRVLWLRQ$OVRVKRZQLVDFRS\RIWKHWDQJHQW
WULDQJOH OHJVG[G\DQGK\SRWHQXVHGV DQGDVLPLODUWULDQJOHZLWKOHJV7[ WKHFRPSRQHQWRIWHQVLRQ
DORQJWKH[GLUHFWLRQ 7\ WKDWSDUDOOHOWRGLVSODFHPHQW DQGK\SRWHQXVH7 WHQVLRQLQWKHVWULQJ ,IZH
VXSSRVHWKDWGLVSODFHPHQWVDUHVPDOOWKHQ7[LVDSSUR[LPDWHO\HTXDOWR7EXW7\LVJLYHQE\7\ 7\
[
&RQVLGHUDVKRUWVHJPHQWRIWKHVWULQJOHQJWKG[DW[ZKHUHLWVGLVSODFHPHQWLV\ [W 7KHPDVVRIVXFKD
VHJPHQWLVPG[ZKHUHPLVWKHOLQHDUPDVVGHQVLW\RIWKHVWULQJ'HQRWHWKHDFFHOHUDWLRQRIWKLVVHJPHQW
DV\ [W  \W$FFRUGLQJWR1HZWRQ
VODZVWKHDFFHOHUDWLRQLVGHWHUPLQHGE\WKHQHWIRUFHRQWKH
VHJPHQWP\ [W  )1RZWKHQHWIRUFHLVWKHGLIIHUHQFHLQ7\DWWKHOHIWDQGULJKWHQGVRIWKHVHJPHQW
KWWSZZZLGHDZVXHGX4XDQWXP9LEUBVWULQJKWP





&ODVVLFDO9LEUDWLQJ6WULQJ

G[QDPHO\) G7\ GG[ 7\[ G[ 7\[G[7KHQWKH'(IRUWKHYLEUDWLQJVWULQJ


EHFRPHVP\W 7\[2QO\WKHUDWLR7PLVLPSRUWDQWWRWKHSUREOHPDQGLWLVGHQRWHGE\
F 7P6LQFHFKDVXQLWVOHQJWKRYHUWLPHZHH[SHFWWKLVWREHWKHZDYHYHORFLW\)LQDOO\ZHDUHWR
VROYH
\W F\[
WKHRQHGLPHQVLRQDOZDYHHTXDWLRQ DSDUWLDOGLIIHUHQWLDOHTXDWLRQVHFRQGRUGHULQHDFKRIWDQG[ 7KH
ERXQGDU\FRQGLWLRQVDUH\   \ l  DQGLQLWLDOFRQGLWLRQVDUH\ [ DQG\
[ 

7KH*HQHUDO6ROXWLRQ
7KHYLEUDWLQJVWULQJSUREOHPFDQEHVROYHGXVLQJWKHPHWKRGRIVHSDUDWLRQRIYDULDEOHV6LQFH\LVD
IXQFWLRQRI[DQGWZHORRNIRUDVROXWLRQLQWKHIRUPRIDSURGXFW\ [W  ; [ 7 W 8SRQVXEVWLWXWLRQ
LQWRWKHZDYHHTXDWLRQWKHSURGXFWIRUPUHTXLUHVWKDW; G7GW  F7 G;G[ 1RZWKHYDULDEOHVFDQ
EHVHSDUDWHGLIERWKVLGHVDUHGLYLGHGE\WKH3URGXFW; [ 7 W 

7KHOHIWKDQGVLGH

DIXQFWLRQRIWDORQHLVHTXDOWRWKHULJKWKDQGVLGHDIXQFWLRQRI[DORQHIRUDOOYDOXHVRI[DQGW)RUWKH
LQGHSHQGHQWYDULDEOHV[DQGWWKLVLVRQO\SRVVLEOHLIERWKVLGHVDUHHTXDOWRWKHVDPHFRQVWDQWVD\I
7KHQWKHRULJLQDOQGRUGHU3'(EHFRPHVWZRQGRUGHU2'(VFRXSOHGWKURXJKWKHVHSDUDWLRQFRQVWDQW
I

(DFKRIWKHVH2'(VKDVJHQHUDOVROXWLRQVLQFLUFXODUIXQFWLRQV; [  $VLQ I[F %FRV I[F DQG7 W


&VLQ IW 'FRV IW ZKHUH$%&DQG'DUHDUELWUDU\LQWHJUDWLRQFRQVWDQWV
7KHSURGXFWIRUPRIVROXWLRQLVFDOOHGDVWDQGLQJZDYHIRUWKHIROORZLQJUHDVRQV)RUJLYHQI$DQG%
WKHIDFWRU; [ LVDZDYHVKDSHJLYLQJWKHVWULQJGLVSODFHPHQWDW[)RUWKHVDPHIDQGIRUJLYHQ&DQG'
WKHIDFWRU7 W RVFLOODWHVZLWKDQJXODUIUHTXHQF\IDOWHUQDWLQJEHWZHHQSRVLWLYHDQGQHJDWLYHYDOXHV7KXV
WKHZDYHVKDSH; [ GRHVQRWFKDQJHZLWKWLPHRQO\LWVDPSOLWXGHRVFLOODWHVDVGLFWDWHGE\7 W 

6DWLVI\LQJWKH,QLWLDO&RQGLWLRQV
)XQGDPHQWDODQGRYHUWRQHVRUKDUPRQLFV
:LWKERWKHQGVRIWKHVWULQJWLHGWRULJLGZDOOVWKHGLVSODFHPHQWVDWWKHERXQGDULHVDUHJLYHQ
E\\ W  \ lW  )URPWKHOHIWERXQGDU\ZHDUHOHGWR% &VLQ IW 'FRV IW  
6XSSRVLQJWKDWWKH7 W LWPHDQVWKDW% )URPWKHULJKWERXQGDU\FRQGLWLRQZHDUHOHG
WR$VLQ IlF >&VLQ IW 'FRV IW @ $JDLQWKHWLPHIDFWRULVQRW]HURVRWKDWWKHIUHTXHQF\
KDVWRVDWLVI\VLQ IlF  RUI QFlZKHUHQLVDQLQWHJHU6WDQGLQJZDYHVROXWLRQVWKRVH
WKDWIDFWRUDFFRUGLQJWR; [ 7 W H[LVWRQO\IRUQDWXUDOQRUPDOFKDUDFWHULVWLFRUHLJHQ
IUHTXHQFLHVGHWHUPLQHGE\WKHVWULQJOHQJWKDQGZDYHVSHHG lDQGF :KHQQ WKH
VWDQGLQJZDYHLVWKHIXQGDPHQWDOZKHQQ LWLVWKHILUVWRYHUWRQHDQGVRIRUWK
KWWSZZZLGHDZVXHGX4XDQWXP9LEUBVWULQJKWP





&ODVVLFDO9LEUDWLQJ6WULQJ

*HQHUDO6ROXWLRQ
,QJHQHUDOWKHGLVSODFHPHQWRIWKHYLEUDWLQJVWULQJLVJLYHQE\
\ [W  

DVXSHUSRVLWLRQ OLQHDUFRPELQDWLRQ RIPDQ\QDWXUDOPRGHVRIYLEUDWLRQRIWKHVWULQJ6LQFH


WKHVLQHDQGFRVLQHIXQFWLRQVDUHLQGHSHQGHQWLWLVDOZD\VSRVVLEOHWRGHWHUPLQHWKHYDOXHV
RI&QDQG'QIURPWKHLQLWLDOZDYHIRUP\ [ DQGLQLWLDOZDYHYHORFLW\\
[ XVLQJ

UHVSHFWLYHO\&OHDUO\WKLV
DPRXQWVWRWZRDSSOLFDWLRQVRIWKH)RXULHUVHULHVWRILQGWKH)RXULHUFRHIILFLHQWV'QDQG&Q

([DPSOHV
3OXFNHGVWULQJ$XQLIRUPVWULQJXQGHUWHQVLRQDQGRIOHQJWK/LVGLVSODFHGDWLWVFHQWHUDGLVWDQFH
KDQGUHOHDVHGIURPLQLWLDOYHORFLW\]HUR)LQGLWVGLVSODFHPHQWVDVDIXQFWLRQRIWLPH\ [W 7KDWLV
WKHLQLWLDOYHORFLW\LV\
[  ZKLOHLWVLQLWLDOGLVSODFHPHQWLV\ [  K[/IRU[/DQG
\ [  K /[ /IRU/[/7KLVLVDPRGHOIRUSOXFNHGVWULQJVRQDKDUSRUJXLWDU$QVZHU
\ [W  

1RWHWKDWWKHRGGRYHUWRQHVDUHSUHVHQWEXWHYHQRYHUWRQHVDUHDEVHQWWKHDPSOLWXGHVDOWHUQDWHLQ
VLJQDQGGHFUHDVHZLWKWKHVTXDUHRIWKHRYHUWRQHIUHTXHQF\
6WUXFNVWULQJ,QFRQWUDVWWRDSOXFNHGVWULQJWKHVWUXFNVWULQJLVLQLWLDOO\QRWGLVSODFHGEXWKDV
LQLWLDOYHORFLW\LPSDUWHGE\DKDPPHUDSSOLHGDWVRPHVHJPHQW6XSSRVHDKDPPHUKDYLQJZLGWKV
VWULNHVWKHVWULQJDWDSRVLWLRQGVRWKDWWKHLQLWLDOVWULQJYHORFLW\LV\
[  
VWDUWLQJIURPUHVWLQJSRVLWLRQ\ [  )LQGLWVGLVSODFHPHQWVDV

DIXQFWLRQRIWLPH\ [W $QVZHU\ [W  


,QWKLVFDVHQRWHWKDWERWKHYHQDQGRGGRYHUWRQHVDUHSUHVHQWWKHDPSOLWXGHVDUHDOORIWKHVDPH
VLJQDQGGHFUHDVHZLWKWKHVTXDUHRIWKHIUHTXHQF\

3UREOHPV
$XQLIRUPVWHHOSLDQRVWULQJRIOHQJWKIHHWLVXQGHUDWHQVLRQRISRXQGVWKURXJKRXWLWVOHQJWK
7KHZLUHKDVOLQHDUGHQVLW\OEIWDQGFURVVVHFWLRQDOUDGLXVRILQ D &DOFXODWHWKH
KWWSZZZLGHDZVXHGX4XDQWXP9LEUBVWULQJKWP





&ODVVLFDO9LEUDWLQJ6WULQJ

YHORFLW\RIWUDQVYHUVHZDYHVLQWKHVWULQJF E :KDWLVWKHIXQGDPHQWDOIUHTXHQF\RIYLEUDWLRQRI
WKLVVWULQJ"
$XQLIRUPVWULQJZLWKOHQJWK/XQGHUWHQVLRQLVSOXFNHGDW[ /ZLWKDQDPSOLWXGHKDQG
UHOHDVHG)LQGWKHUHVXOWLQJPRWLRQ\ [W 

5HIHUHQFHV
6FKDXP
V2XWOLQH6HULHV7KHRU\DQG3UREOHPVRI0HFKDQLFDO9LEUDWLRQV>6FKDXP3XEOLVKLQJ&R
@
1:0F/DFKODQ7KHRU\RI9LEUDWLRQV>'RYHU@
+RPH
&UHDWHGRUXSGDWHGE\5'3RVKXVWD

KWWSZZZLGHDZVXHGX4XDQWXP9LEUBVWULQJKWP



Potrebbero piacerti anche