• 検索結果がありません。

JRQGLL WDFK\]RLWH UHSOLFDWLRQ 6% WKH Sǂ DQG Sǃ LQKLELWRU

)ORZF\WRPHWU\

SǂLVLQYROYHGLQPRGXODWLRQRIWKHLQWUDFHOOXODUHQYLURQPHQWWRFRQWURO 7 JRQGLL WDFK\]RLWH UHSOLFDWLRQ 6% WKH Sǂ DQG Sǃ LQKLELWRU

LQGXFHG VWDJH²FRQYHUVLRQ RI WKH SDUDVLWH LQ Sǂ²GHILFLHQW .23 FHOOV DW D VLPLODU HIILFLHQF\ 7KLV LQGLFDWHV WKDW LQLWLDWLRQ RI VWDJH²FRQYHUVLRQ E\

6%LVLQGHSHQGHQWRIKRVWFHOOSǂ,QKLELWLRQRIKRVWFHOOSǃDQGRU

GLUHFWHIIHFWRQWKHSDUDVLWHPD\WULJJHUVWDJH²FRQYHUVLRQ

3/.'8$/ H[SUHVVHV *)3 XQGHU WKH FRQWURO RI D EUDG\]RLWH²VSHFLILF DQWLJHQ%$*SURPRWHUDQGSDUDVLWHVVWURQJO\H[SUHVVLQJ%$*VKRZHG EULJKW *)3 IOXRUHVFHQFH 3DUDVLWHV ZLWK VWURQJ DQG ZHDN *)3 H[SUHVVLRQFDQEHFRQVLGHUHGWRUHSUHVHQWPDWXUHDQGLPPDWXUHEUDG\]RLWHV UHVSHFWLYHO\ 7KLV VWXG\ VKRZHG WKDW 6% PRUH HIIHFWLYHO\ LQGXFHV PDWXUDWLRQRIEUDG\]RLWHVLQ5.23VWKDQLQSǂ²GHILFLHQW.23V)LJ²

% & 7KLV LQGLFDWHV WKDW LQKLELWLRQ RI KRVW FHOO Sǂ LV DW OHDVW SDUWLDOO\

QHFHVVDU\ IRU SURJUHVVLRQ RI WKH SDUDVLWH VWDJH²FRQYHUVLRQ ,W LV XQNQRZQ ZK\ WKHLQKLELWLRQ RI Sǂ LQ 5.23V UHVXOWV LQ SDUDVLWH VWDJH²FRQYHUVLRQ ZKLOHFRPSOHWHGHILFLHQF\RIWKHPROHFXOHLVQHFHVVDU\LQ.23V,WLVSRVVLEOH WKDW WKH IXQFWLRQ RI Sǂ DFWLYLW\ LQ 5.23 PD\ EH VXEVWLWXWHG E\ RWKHU PROHFXOHVWKDWDUHUHVLVWDQWWR6%,QWKLVVWXG\WKHHIIHFWRID3,.

LQKLELWRUZDVDOVRH[DPLQHGEHFDXVH

6%LQKLELWVQRWRQO\SǂDQG Sǃ DFWLYLW\ EXW DOVR ZHDNO\ LQKLELWV 3URWHLQ .LQDVH %ǂ ZKLFK LV LQYROYHG LQ 3,.$NW VLJQDOLQJ SDWKZD\ DQG FRQVLVWV RI D VLJQDO FDVFDGH GRZQVWUHDP RI 3,. +RZHYHU DV VKRZQ LQ )LJ ² DQG 7DEOH ² 3,.LQKLELWRUVGLGQRWLQGXFHWKHSDUDVLWHVWDJH²FRQYHUVLRQ

6HYHUDO KRVW JHQHV LQYROYHG LQ

7 JRQGLL

GLIIHUHQWLDWLRQ KDYH SUHYLRXVO\

EHHQ LGHQWLILHG 2YHUH[SUHVVLRQ RI KXPDQ FHOO GLYLVLRQ DXWRDQWLJHQ²

&'$ZKLFKDUUHVWVWKHKRVWFHOOF\FOHLQKLELWVWDFK\]RLWHJURZWKDQG LQGXFHV H[SUHVVLRQ RI F\VW ZDOO SURWHLQ ,W LV DOVR NQRZQ WKDW LQ

&'²GHILFLHQWPLFHWKHUHLVDGHFUHDVHLQWKHQXPEHURIF\VWVLQWKHEUDLQ +RZHYHU WKH H[SUHVVLRQ OHYHOV RI &'$ DQG &' LQ WKH EUDLQ DQG VNHOHWDOPXVFOHVDUHQRWYHU\GLIIHUHQWIURPWKRVHLQRWKHURUJDQV

7KXV LW UHPDLQV XQNQRZQ ZK\ VWDJH²FRQYHUVLRQ RI

7 JRQGLL

IURP WKH WDFK\]RLWHWREUDG\]RLWHVWDJHSUHIHUHQWLDOO\RFFXUVLQWKHEUDLQDQGPXVFOH ,QWKLVVWXG\LWLVUHYHDOHGWKDWKRVWFHOOSǂLVLQYROYHGLQWKHSURJUHVVRI SDUDVLWH VWDJH²FRQYHUVLRQ 2UJDQWLVVXH²VSHFLILF Sǂ H[SUHVVLRQ DQGRU DFWLYLW\PD\WKHUHIRUHEHUHODWHGWRWKLVSUHIHUHQFH

)L J² 3DUDVLWHJURZWKLQ.23VDQG5.23VDWKDQGKSL

7KHQXPEHURI3/.'8$/SDUDVLWHVSHUYDFXROHLQ.23VDQG5.23VDW KDQGKSL6WDWLVWLFDODQDO\VLVZDVFDUULHGRXWXVLQJ3DLUHGW²WHVW7KH GDWDUHSUHVHQWWKHDYHUDJHDQG6'RILQGHSHQGHQWH[SHULPHQWV

S

S

)LJ² %UDG\]RLWHGLIIHUHQWLDWLRQLQ.23VDQG5.23VDWGD\VSL

$ )UHTXHQF\ RI *)3²H[SUHVVHG 3/.'8$/ EUDG\]RLWHV LQ .23V DQG 5.23V LQIHFWHG ZLWK WKH SDUDVLWHV % 'LVWULEXWLRQ RI *)3 H[SUHVVLQJ SDUDVLWH&*)3IOXRUHVFHQWLQWHQVLW\RI3/.'8$/LQ.23VDQG5.23V

$129$ ZDV XVHG IRU FRPSDULVRQV EHWZHHQ PRUH WKDQ WZR JURXSV ,I WKH UHVXOW RI DQ $129$ ZDV VLJQLILFDQW D SRVW KRF 7XNH\².UDPHU WHVW ZDV SHUIRUPHG 7KH GDWD UHSUHVHQW WKH DYHUDJH DQG 6' RI LQGHSHQGHQW

H[SHULPHQWV

S S

)LJ² 7KHHIIHFWRI3,.LQKLELWRURQ

7JRQGLL

GLIIHUHQWLDWLRQ

3/.'8$/LQIHFWHGDQG3,.LQKLELWRUVWUHDWHG.23VDQG5.23VDW GD\VSL

*(1(5$/',6&866,21

*(1(5$/',6&866,21*(1(5$/',6&866,21

*(1(5$/',6&866,21

,QWKLVVWXG\

7JRQGLL

²LQIHFWHGOHXNRF\WHVZHUHGHPRQVWUDWHGWRDGKHUH WR +$

YLD

&' &KDSWHU /HXNRF\WHV DUH UHSRUWHG WR EH WKH SULPDU\

WUDQVSRUWHU RI

7 JRQGLL

DQG SDUDVLWH²LQIHFWHG OHXNRF\WHV DUH VXJJHVWHG WR H[WUDYDVDWH IURP WKH EORRGVWUHDP LQWR WKH WLVVXH PDWUL[ ZLWK WKH SDUDVLWH LQVLGH&'ZKLFKELQGVWR(&0FRPSRQHQWVLQFOXGLQJ+$LV UHSRUWHGWRSOD\DQLPSRUWDQWUROHLQOHXNRF\WHPLJUDWLRQ$SUHYLRXVVWXG\

GHPRQVWUDWHGXS²UHJXODWHGH[SUHVVLRQRI

7JRQGLL

²LQIHFWHGOHXNRF\WH&' DQG DQ LQFUHDVH LQ WKH QXPEHU RI +$²DGKHUHG OHXNRF\WHV FRQWDLQLQJ

7 JRQGLL

+RZHYHU DQ\ FDXVDO UHODWLRQEHWZHHQ KLJKHU&' H[SUHVVLRQ DQG+$DGKHVLRQDFWLYLW\RI

7JRQGLL²

LQIHFWHGOHXNRF\WHVLVXQNQRZQ8VLQJ

&'²GHILFLHQW PRXVH VSOHQRF\WHV

7 JRQGLL

²LQIHFWHG OHXNRF\WH DFFXPXODWLRQRQ+$

YLD

&'ZDVUHYHDOHG7KLVVXJJHVWVWKDW&'RQWKH VXUIDFHRI

7JRQGLL

²LQIHFWHGOHXNRF\WHVFRQWULEXWHVWRSDUDVLWHGLVVHPLQDWLRQ WRSHULSKHUDORUJDQVE\ELQGLQJWRWKH(&0RIYDVFXODUHQGRWKHOLXPDQGRU WLVVXH $OWKRXJK LW KDV EHHQ UHSRUWHG WKDW +$²ELQGLQJ VSOHHQ FHOOV DUH XQGHWHFWDEOH XQWLO GD\ DIWHU

LQ YLYR

DOORDQWLJHQ VWLPXODWLRQ DQG DUH

PD[LPDODWGD\OHXNRF\WHVLQFUHDVHGDGKHUHQFHWR+$ZLWKLQKRI

7 JRQGLL

LQIHFWLRQ )LJ ² ² 7KH SDUDVLWH²LQYDGHG OHXNRF\WHV VKRZHG UHODWLYHO\ KLJKHU PLJUDWLRQ WKDQ QRQ²LQYDGHG FHOOV 1HYHUWKHOHVV WKH QXPEHU RI *)3²SRVLWLYH DQG *)3&'.2 OHXNRF\WHV UHPDLQLQJ LQ SHULSKHUDORUJDQVZDVWKHVDPHLQGLFDWLQJWKDWKRVWOHXNRF\WHDGKHVLRQWR YDVFXODUHQGRWKHOLXPLVD&'²LQGHSHQGHQWPHFKDQLVP6WLPXODWLRQRIWKH

WURSKREODVW²GHULYHGFKRULRFDUFLQRPDFHOOOLQH%H:RZLWK

7JRQGLL

²LQIHFWHG FHOOVXSHUQDWDQWLQFUHDVHG7+3²PRQRF\WLFFHOODGKHVLRQWRWKH%H:RFHOO

PRQROD\HU

YLD

LQWHUFHOOXODUDGKHVLRQPROHFXOH²,&$0²RQWKH%H:RFHOO VXUIDFH,&$0²FDQWKHUHIRUHEHVXJJHVWHGWRKDYHDSRWHQWLDOUROHLQ

WKHDGKHVLRQRI

7JRQGLL

²LQIHFWHGFHOOVWRWKHHQGRWKHOLXP

7JRQGLL

JURZWKLVUHSRUWHGWRGLIIHUEHWZHHQFHOOW\SHVDPRQJSHULSKHUDO EORRG OHXNRF\WHV DQG WKH SDUDVLWH SUHIHUHQWLDOO\ LQIHFWV DQG GLYLGHV LQ PRQRF\WHVUDWKHUWKDQLQRWKHUOHXNRF\WHV&'E²SRVLWLYHP\HORLGFHOOV SUHGRPLQDQWO\ DGKHUH WR +$ &KDSWHU LQGLFDWLQJ WKH HIIHFWLYH GLVVHPLQDWLRQ RI WKH SDUDVLWHV XVLQJ PRQRF\WHV ZKLFK FRQWDLQ ODUJHU QXPEHUVRIWKHSDUDVLWHSHUFHOOFRPSDUHGZLWKRWKHUW\SHVRIOHXNRF\WHVDQG ZKLFKSUHIHUHQWLDOO\PLJUDWHWRWLVVXHV,QFKDSWHUKRZHYHUWKHQXPEHURI

SDUDVLWHVGLGQRWGLIIHUEHWZHHQLQMHFWLRQRI*)3²SRVLWLYHDQG*)3&'.2 VSOHQRF\WHV 7KHVH UHVXOWV VXJJHVW WKDW SDUDVLWH GLVVHPLQDWLRQ SUHGRPLQDQWO\GHSHQGVRQLWVSUROLIHUDWLRQZLWKLQOHXNRF\WHVUDWKHUWKDQRQ OHXNRF\WH PLJUDWLRQ DQG WKDW K RI VSOHQRF\WH FXOWXUH ZLWK WKH SDUDVLWH EHIRUHLQMHFWLRQLVLQVXIILFLHQWIRUWKHLUSUROLIHUDWLRQ

7JRQGLL

²LQIHFWHGOHXNRF\WHVDUHWUDQVSRUWHGWRWKHEUDLQZKHUHFKURQLF LQIHFWLRQFDQEHHVWDEOLVKHG6HYHUDOW\SHVRIFHOOVLQWKHEUDLQFDQFRQWDLQ ODWHQW F\VWV LQFOXGLQJ PLFURJOLDO FHOOV DQG DVWURF\WHV 0LFURJOLDO FHOOV DQG DVWURF\WHV ERWK DULVH IURP FLUFXODWLQJ KHPDWRSRLHWLF FHOOV ZKLFK LQILOWUDWHLQWRWKHEUDLQ,WLVWKHUHIRUHSRVVLEOHWKDWPLFURJOLDOFHOOVDQG DVWURF\WHV FRQWDLQLQJ ODWHQW F\VWV DUH GHULYHG IURP WDFK\]RLWH²LQIHFWHG OHXNRF\WHV LQ WKH FLUFXODWLRQ 7KHUH LV QR HYLGHQFH WKDW OHXNRF\WHV RXWVLGH WKHEUDLQFRQWDLQEUDG\]RLWHVVXJJHVWLQJWKDWWDFK\]RLWHVILUVWGLIIHUHQWLDWH LQWR EUDG\]RLWHV ZLWKLQ OHXNRF\WHV DIWHU LQYDGLQJ WKH EUDLQ )XUWKHU EUDG\]RLWHVKDYHEHHQGHWHFWHGLQQHXUDOFHOOVLQDGGLWLRQWRPLFURJOLDOFHOOV DQG DVWURF\WHV VXJJHVWLQJ WKDW WKH HQYLURQPHQW LQ WKH EUDLQ LQGXFHV EUDG\]RLWHGLIIHUHQWLDWLRQ,WLVXQFOHDUZK\EUDG\]RLWHVDUHSUHGRPLQDQWO\

LQGXFHGLQWKHEUDLQ7KHEUDLQKDVEHHQUHSRUWHGWRDOORZ

7JRQGLL

WR

VXUYLYHIRUORQJSHULRGVDQGLWLVDOOHJHGWKDWVRPHRIWKHORQJ²VXUYLYLQJ

SDUDVLWHV GLIIHUHQWLDWH LQWR EUDG\]RLWHV +RZHYHU WKH W\SH ,, VWUDLQ RI

7 JRQGLL

WDFK\]RLWHWKDWIRUPVEUDG\]RLWHVDQGODWHQWF\VWV

LQYLYR

VKRZHGSRRU GLIIHUHQWLDWLRQ LQWR EUDG\]RLWHV LQ FXOWXUHG KRVW FHOOV

LQ YLWUR

GDWD QRW VKRZQ LQGLFDWLQJ WKDW ORQJ²VXUYLYDO LV QRW LQGLVSHQVDEOH IRU EUDG\]RLWH GLIIHUHQWLDWLRQ,QDGGLWLRQDEUDG\]RLWH²VSHFLILFDQWLJHQZDVLQGXFHGE\K WUHDWPHQW ZLWK DONDOLQH PHGLXP 7KLV LQGLFDWHV WKDW EUDG\]RLWH FRQYHUVLRQ FDQ VWDUW LQ D IHZ KRXUV ZKLFK LV VXIILFLHQW WLPH IRU WKH WDFK\]RLWHVWRGLIIHUHQWLDWHEHIRUHWKH\DUHHOLPLQDWHGLQSHULSKHUDORUJDQV +RVWFHOOSǂZDVIRXQGWREHLQYROYHGLQWKHSURJUHVVRIVWDJH²FRQYHUVLRQ IURP WDFK\]RLWH WR EUDG\]RLWH &KDSWHU $OWKRXJK Sǂ DFWLYLW\ LQ WKH

EUDLQ GXULQJ

7 JRQGLL

LQIHFWLRQ LV XQNQRZQ WKHUH LV WKH SRVVLELOLW\ WKDW EUDLQ²VSHFLILFG\QDPLFVRISǂDFWLYLW\UHVXOWLQVWDJH²FRQYHUVLRQDQGF\VW IRUPDWLRQLQWKHEUDLQ

,QWKLVVWXG\WKHEHKDYLRURI

7JRQGLL

LQDQLQWHUPHGLDWHKRVWLQFOXGLQJ SDUDVLWH GLVVHPLQDWLRQ E\ WKH SDUDVLWH²LQIHFWHG OHXNRF\WHV DQG FKURQLF LQIHFWLRQ ZDV GHPRQVWUDWHG &' LV VXJJHVWHG WR EH LQYROYHG LQ SDUDVLWH GLVVHPLQDWLRQWRSHULSKHUDORUJDQVLQLQWHUPHGLDWHKRVWV,WLVLPSRUWDQWWR

XQGHUVWDQG WKH ZD\ LQ ZKLFK SDUDVLWHV DUH WUDQVPLWWHG E\ LQIHFWHG OHXNRF\WHV 7KHUHIRUH WKLV VWXG\ DGGV YDOXDEOH NQRZOHGJH WKDW ZLOO KHOS SUHYHQW V\VWHPLF LQIHFWLRQ 7KLV LV DOVR LPSRUWDQW IRU SUHYHQWLRQ IURP FKURQLFLQIHFWLRQEHFDXVHDUHGXFWLRQLQWKHQXPEHURISDUDVLWHVWUDQVPLWWHG WR WKH RUJDQV FDQ UHVXOW LQ D GHFUHDVH LQ WKH QXPEHU RI ODWHQW F\VWV ,Q DGGLWLRQ WR SUHYHQW VWDJH²FRQYHUVLRQ RI WKH SDUDVLWH LQ WKH RUJDQV DQ XQGHUVWDQGLQJ RI WKH PHFKDQLVP RI EUDG\]RLWH GLIIHUHQWLDWLRQ LV HVVHQWLDO 7KHVH UHVXOWV VKRZ WKDW FKURQLF LQIHFWLRQ FRXOG SRVVLEO\ EH FRQWUROOHG E\

UHJXODWLQJKRVWFHOOSǂ

7KHVH VWXGLHV H[SDQG NQRZOHGJH RI WKH

7 JRQGLL

OLIH F\FOH LQ LWV LQWHUPHGLDWHKRVWV7KLVZLOOOHDGWREHWWHUSURWHFWLRQRIKXPDQVDQGRWKHU

PDPPDOVDJDLQVW

7JRQGLL

LQIHFWLRQ

$&.12:/('*(0(176

$&.12:/('*(0(176

$&.12:/('*(0(176

$&.12:/('*(0(176

0\FRPSOHWLRQRIWKLVVWXG\FRXOGQRWKDYHEHHQDFFRPSOLVKHGZLWKRXW WKHVXSSRUWSDWLHQFHDQGJXLGDQFHRIWKHIROORZLQJSHRSOH,WLVWRWKHPWKDW ,RZHP\GHHSHVWJUDWLWXGH

)LUVW RI DOO , ZRXOG OLNH WR H[SUHVV P\ GHHS JUDWLWXGH WR 'U $NLKLUR 8QQR7KH8QLYHUVLW\RI1DJR\DIRUKLVYDOXDEOHDGYLFHV

6HFRQGDO\ , DP JUDWHIXO WR GHDU GHSDUWHG 3URIHVVRU 3URIHVVRU 'U +LVDVKL ,QRNXPD 2ELKLUR 8QLYHUVLW\ RI $JULFXOWXUH DQG 9HWHULQDU\

0HGLFLQH 3URIHVVRU 'U7DGDVKL,WDJDNL ,ZDWH 8QLYHUVLW\ 3URIHVVRU 'U -XQVXNH 6KLUDL 7RN\R 8QLYHUVLW\ RI $JULFXOWXUH DQG 7HFKQRORJ\ DQG 3URIHVVRU 'U 6DGDWRVKL 0DHGD *LIX 8QLYHUVLW\ 7KH 8QLWHG *UDGXDWH 6FKRRORI9HWHULQDU\6FLHQFH*LIX8QLYHUVLW\

)LQDOO\,ZLVKWRWKDQNWKHPHPEHUVRI*LIX8QLYHUVLW\/DERUDWRU\RI 9HWHULQDU\3DUDVLWRORJLFDO'LVHDVHVIRUWKHLUZDUPVXSSRUW

5()(5(1&(6 5()(5(1&(6 5()(5(1&(6 5()(5(1&(6

$QWDO²6]DOPiV 3 (YDOXDWLRQ RI &' LQ KRVW GHIHQFH (XU

-&OLQ,QYHVW²

%ODFN 0: %RRWKUR\G -& /\WLF F\FOH RI

7R[RSODVPD JRQGLL

0LFURELRO0RO%LRO5HY²

%RKQH : +HHVHPDQQ - *URVV 8 ,QGXFWLRQ RI

EUDG\]RLWH²VSHFLILF

7R[RSODVPD JRQGLL

DQWLJHQV LQ JDPPD LQWHUIHURQ²WUHDWHGPRXVHPDFURSKDJHV,QIHFW,PPXQ² %RKQH : +HHVHPDQQ - *URVV 8 5HGXFHG UHSOLFDWLRQ RI

7R[RSODVPD JRQGLL

LV QHFHVVDU\ IRU LQGXFWLRQ RI EUDG\]RLWH²VSHFLILF DQWLJHQVDSRVVLEOHUROHIRUQLWULFR[LGHLQWULJJHULQJVWDJHFRQYHUVLRQ ,QIHFW,PPXQ²

%RQGHU&6&ODUN651RUPDQ08-RKQVRQ3.XEHV38VHRI

&' E\ &' 7K DQG 7K O\PSKRF\WHV WR UROO DQG DGKHUH %ORRG

²

%R\OH-36DHLM-3%RRWKUR\G-&

7R[RSODVPDJRQGLL

LQFRQVLVWHQW GLVVHPLQDWLRQ SDWWHUQV IROORZLQJ RUDO LQIHFWLRQ LQ PLFH ([S 3DUDVLWRO

²

%URZQ ./ 0DLWL $ -RKQVRQ 3 5ROH RI VXOIDWLRQ LQ

&'²PHGLDWHGK\DOXURQDQELQGLQJLQGXFHGE\LQIODPPDWRU\PHGLDWRUV LQ KXPDQ &' SHULSKHUDO EORRG PRQRF\WHV - ,PPXQRO

²

%UXPOLN 0- :HL 6)LQVWDG .1HVELW-+\PDQ /( /DFH\ 0 %XURZ 0( &XULHO 7- ,GHQWLILFDWLRQ RI D QRYHO PLWRJHQ²DFWLYDWHG

SURWHLQNLQDVHLQ

7R[RSODVPDJRQGLL

,QW-3DUDVLWRO² %UXQHW-3IDII$:$ELGL$8QRNL01DNDPXUD<*XLQDUG0.OHLQ-3

&DQGROIL ( 0RXVOL 0

7R[RSODVPD JRQGLL

H[SORLWV 8+5) DQG LQGXFHV KRVW FHOO F\FOH DUUHVW DW * WR HQDEOH LWV SUROLIHUDWLRQ &HOO 0LFURELRO²

&DPS5/6FKH\QLXV$-RKDQVVRQ&3XUp(&'LVQHFHVVDU\

IRU RSWLPDO FRQWDFW DOOHUJLF UHVSRQVHV EXW LV QRW UHTXLUHG IRU QRUPDO OHXNRF\WHH[WUDYDVDWLRQ-([S0HG²

&KDL=6DUFHYLF%0DZVRQ$7RK%+6(7²UHODWHGFHOOGLYLVLRQ DXWRDQWLJHQ² &'$ DUUHVWV FHOO JURZWK

- %LRO &KHP

²

&KDQ*%LYLQV²6PLWK(56PLWK066PLWK30<XURFKNR$' 7UDQVFULSWRPH DQDO\VLV UHYHDOV KXPDQ F\WRPHJDORYLUXV UHSURJUDPV PRQRF\WH GLIIHUHQWLDWLRQ WRZDUG DQ 0 PDFURSKDJH - ,PPXQRO

²

&KDQJ +5 *UDX *( 3HFKqUH -& 5ROH RI 71) DQG ,/² LQ

LQIHFWLRQVZLWK

7R[RSODVPDJRQGLL

,PPXQRORJ\²

&KDQJ/.DULQ00DPPDOLDQ0$3NLQDVHVLJQDOOLQJFDVFDGHV

1DWXUH

²

&KDQQRQ-<6HJXLQ50.DVSHU/+'LIIHUHQWLDOLQIHFWLYLW\DQG

GLYLVLRQ RI

7R[RSODVPD JRQGLL

LQ KXPDQ SHULSKHUDO EORRG OHXNRF\WHV ,QIHFW,PPXQ²

&KHUQRJRURYD 3 =HLVHU 5 (FWRQXFOHRWLGDVHV LQ VROLG RUJDQ DQG DOORJHQHLF KHPDWRSRLHWLF FHOO WUDQVSODQWDWLRQ - %LRPHG %LRWHFKQRO

&KLQFKLOOD0*XHUUHUR20&DWDULQHOOD*5H\HV/1DWXUDODQG

LQGXFHG GLVVHPLQDWLRQ RI

7R[RSODVPD JRQGLL

H[SHULPHQWDO PRGHO LQ ZKLWHPLFHDQGKDPVWHUV5HY%LRO7URS²

&REE 0+ 0$3 NLQDVH SDWKZD\V 3URJ %LRSK\V 0RO %LRO

²

&RXUUHW 1 'DUFKH 6 6RQLJR 3 0LORQ * %X]RQL²*kWHO ' 7DUGLHX[ ,

&'FDQG&'E²H[SUHVVLQJPRXVHOHXNRF\WHVWUDQVSRUWVLQJOH

7R[RSODVPDJRQGLL

WDFK\]RLWHVWRWKHEUDLQ%ORRG²

'DYLHV 63 5HGG\ + &DLYDQR 0 &RKHQ 3 6SHFLILFLW\ DQG PHFKDQLVP RI DFWLRQRI VRPH FRPPRQO\ XVHG SURWHLQ NLQDVH LQKLELWRUV

%LRFKHP-²

'H*UHQGHOH+&(VWHVV33LFNHU/-6LHJHOPDQ0+&'DQG LWV OLJDQG K\DOXURQDWH PHGLDWH UROOLQJ XQGHU SK\VLRORJLF IORZ D QRYHO O\PSKRF\WH²HQGRWKHOLDO FHOO SULPDU\ DGKHVLRQ SDWKZD\ - ([S 0HG

²

'H*UHQGHOH+&(VWHVV36LHJHOPDQ0+5HTXLUHPHQWIRU&' LQDFWLYDWHG7FHOOH[WUDYDVDWLRQLQWRDQLQIODPPDWRU\VLWH6FLHQFH

²

GH/D0RWWH&$+DVFDOO9&&DODEUR$<HQ²/LHEHUPDQ%6WURQJ6$

0RQRQXFOHDU OHXNRF\WHV SUHIHUHQWLDOO\ ELQG

YLD

&' WR K\DOXURQDQRQKXPDQLQWHVWLQDOPXFRVDOVPRRWKPXVFOHFHOOVDIWHUYLUXV LQIHFWLRQRUWUHDWPHQWZLWKSRO\,&-%LRO&KHP²

GHOD0RWWH&$+DVFDOO9&'UD]ED-%DQG\RSDGK\D\6.6WURQJ6$

0RQRQXFOHDUOHXNRF\WHVELQGWRVSHFLILFK\DOXURQDQVWUXFWXUHVRQ FRORQ PXFRVDO VPRRWK PXVFOH FHOOV WUHDWHG ZLWK SRO\LQRVLQLF DFLGSRO\F\WLG\OLF DFLG LQWHU²DOSKD²WU\SVLQ LQKLELWRU LV FUXFLDO WR VWUXFWXUHDQGIXQFWLRQ$P-3DWKRO²

'XEH\ -3 $ UHYLHZ RI WR[RSODVPRVLV LQ FDWWOH 9HW 3DUDVLWRO

²

'XEH\ -3 /LQGVD\ '6 6SHHU &$ 6WUXFWXUHV RI

7R[RSODVPD JRQGLL

WDFK\]RLWHV EUDG\]RLWHV DQG VSRUR]RLWHV DQG ELRORJ\ DQG GHYHORSPHQWRIWLVVXHF\VWV&OLQ0LFURELRO5HY²

'XEH\-3+LVWRU\RIWKHGLVFRYHU\RIWKHOLIHF\FOHRI

7R[RSODVPD JRQGLL

,QW-3DUDVLWRO²

'XFK$GH1DGDO(3RVDV)7KHSDQG+RJ6$3.VFRQWURO FHOO F\FOH SURJUHVVLRQ LQ UHVSRQVH WR HQYLURQPHQWDO VWUHVVHV )(%6 /HWW ²

(JOLWLV0$0H]H\(+HPDWRSRLHWLFFHOOVGLIIHUHQWLDWHLQWRERWK PLFURJOLDDQGPDFURJOLDLQWKHEUDLQVRIDGXOWPLFH3URF1DWO$FDG6FL 86$²

(VWHVV3'H*UHQGHOH+&3DVFXDO96LHJHOPDQ0+)XQFWLRQDO DFWLYDWLRQ RI O\PSKRF\WH &' LQ SHULSKHUDO EORRG LV D PDUNHU RI DXWRLPPXQHGLVHDVHDFWLYLW\-&OLQ,QYHVW²

(YDQV 7* 6FKZDUW]PDQ -' 3XOPRQDU\ WR[RSODVPRVLV 6HPLQ 5HVSLU,QIHFW²

)LVFKHU+*1LW]JHQ%5HLFKPDQQ**URVV8+DGGLQJ8+RVW

FHOOVRI

7R[RSODVPDJRQGLL

HQF\VWDWLRQLQLQIHFWHGSULPDU\FXOWXUHIURP PRXVHEUDLQ3DUDVLWRO5HV²

)R[ %$ *LJOH\ -3 %]LN '-

7R[RSODVPD JRQGLL

ODFNV WKH HQ]\PHV UHTXLUHG IRU GH QRYR DUJLQLQH ELRV\QWKHVLV DQG DUJLQLQH VWDUYDWLRQWULJJHUVF\VWIRUPDWLRQ,QW-3DUDVLWRO²

)X%:DQJ)6XQ5/LQJ%7LDQ=:HL+&'EDQG&' UHIOHFW GLVWLQFW SRSXODWLRQ DQG IXQFWLRQDO VSHFLDOL]DWLRQ LQ KXPDQ QDWXUDONLOOHUFHOOV,PPXQRORJ\²

*D]]LQHOOL57+DUWOH\-:)UHGULFNVRQ71&KDWWRSDGK\D\6.6KHU$

0RUVH +& UG 2SSRUWXQLVWLF LQIHFWLRQV DQG UHWURYLUXV²LQGXFHG LPPXQRGHILFLHQF\ VWXGLHV RI DFXWH DQG FKURQLF LQIHFWLRQV ZLWK

7R[RSODVPD JRQGLL

LQ PLFH LQIHFWHG ZLWK /3²%0 PXULQH OHXNHPLD

YLUXVHV,QIHFW,PPXQ²

*HH./LP:0D:1DQGDQ''LD]²0LWRPD).R]ORZVNL0.XPDU$

'LIIHUHQWLDOUHJXODWLRQRI&'H[SUHVVLRQE\OLSRSRO\VDFFKDULGH /36DQG71)²DOSKDLQKXPDQPRQRF\WLFFHOOVGLVWLQFWLQYROYHPHQWRI F²-XQ1²WHUPLQDONLQDVHLQ/36²LQGXFHG&'H[SUHVVLRQ-,PPXQRO

²

*XHUUHUR 20 &KLQFKLOOD 0

7R[RSODVPD JRQGLL

(XFRFFLGLD 6DUFR\VWLGDH GLVVHPLQDWLRQ SDWWHUQ LQ UDWV DIWHU RUDO LQIHFWLRQ ZLWK RRF\VWVRIDQDYLUXOHQWVWUDLQ5HY%LRO7URS²²

+LGH * 0RUOH\ (. +XJKHV -0 *HUZDVK 2 (OPDKDLVKL 06 (OPDKDLVKL .+ 7KRPDVVRQ ' :ULJKW ($ :LOOLDPV 5+ 0XUSK\ 5*

6PLWK -( (YLGHQFH IRU KLJK OHYHOV RI YHUWLFDO WUDQVPLVVLRQ LQ

関連したドキュメント