ɍȾɄ
ȼ
.
Ⱥ
.
ɉɨɬɚɛɚɲɧɿɣ
ɇ
ɇ
Ɉ
Ɉ
ȼ
ȼ
ɂ
ɂ
Ƀ
Ƀ
ɉ
ɉ
ȱ
ȱ
Ⱦ
Ⱦ
ɏ
ɏ
ȱ
ȱ
Ⱦ
Ⱦ
Ⱦ
Ⱦ
Ɉ
Ɉ
ȼ
ȼ
ɂ
ɂ
Ɂ
Ɂ
ɇ
ɇ
Ⱥ
Ⱥ
ɑ
ɑ
ȿ
ȿ
ɇ
ɇ
ɇ
ɇ
ə
ə
Ƚ
Ƚ
ȿ
ȿ
Ɉ
Ɉ
Ɇ
Ɇ
ȿ
ȿ
Ɍ
Ɍ
Ɋ
Ɋ
ȱ
ȱ
Ȳ
Ȳ
Ʌ
Ʌ
ȱ
ȱ
ȼ
ȼ
Ɉ
Ɉ
Ƚ
Ƚ
Ɉ
Ɉ
ɒ
ɒ
Ʌ
Ʌ
ɍ
ɍ
ɇ
ɇ
Ɉ
Ɉ
ɑ
ɑ
Ʉ
Ʉ
Ⱥ
Ⱥ
ɉ
ɉ
Ɋ
Ɋ
ɂ
ɂ
ɏ
ɏ
Ɋ
Ɋ
Ɉ
Ɉ
ɇ
ɇ
ȱ
ȱ
ɑ
ɑ
ɇ
ɇ
ȱ
ȱ
Ƀ
Ƀ
ɋ
ɋ
ȿ
ȿ
Ɋ
Ɋ
ɐ
ɐ
ȿ
ȿ
ȼ
ȼ
ȱ
ȱ
Ƀ
Ƀ
ɇ
ɇ
ȿ
ȿ
Ⱦ
Ⱦ
Ɉ
Ɉ
ɋ
ɋ
Ɍ
Ɍ
Ⱥ
Ⱥ
Ɍ
Ɍ
ɇ
ɇ
Ɉ
Ɉ
ɋ
ɋ
Ɍ
Ɍ
ȱ
ȱ
ɍ
ɍ
ɏ
ɏ
ȼ
ȼ
Ɉ
Ɉ
Ɋ
Ɋ
ɂ
ɂ
ɏ
ɏ
ɇ
ɇ
Ⱥ
Ⱥ
Ⱥ
Ⱥ
Ƚ
Ƚ
Ɍ
Ɍ
Ⱥ
Ⱥ
ȱ
ȱ
ɏ
ɏ
ɋ
ɋ
ɍ
ɍ
ɉ
ɉ
Ɉ
Ɉ
ȯ
ȯ
Ⱦ
Ⱦ
ɇ
ɇ
Ⱥ
Ⱥ
ɇ
ɇ
ɇ
ɇ
ȱ
ȱ
Ɂ
Ɂ
ɏ
ɏ
Ɉ
Ɉ
Ɂ
Ɂ
Ʌ
Ʌ
ȾɁ «Ⱦɧɿɩɪɨɩɟɬɪɨɜɫɶɤɚ ɦɟɞɢɱɧɚ ɚɤɚɞɟɦɿɹ ɆɈɁ ɍɤɪɚʀɧɢ» ɤɚɮɟɞɪɚ ɬɟɪɚɩɿʀ, ɤɚɪɞɿɨɥɨɝɿʀ ɬɚ ɫɿɦɟɣɧɨʀ ɦɟɞɢɰɢɧɢ ɎɉɈ (ɡɚɜ. – ɞ. ɦɟɞ. ɧ., ɩɪɨɮ. ȼ.Ⱥ. ɉɨɬɚɛɚɲɧɿɣ)
ɜɭɥ. Ⱦɡɟɪɠɢɧɫɶɤɨɝɨ, 9, Ⱦɧɿɩɪɨɩɟɬɪɨɜɫɶɤ, 49044, ɍɤɪɚʀɧɚ
SE «Dnipropetrovsk medical academy of Health Ministry of Ukraine» Department of therapy, cardiology and family medicine
Dzerzhinsky str., 9, Dnipropetrovsk, 49044, Ukraine e-mail: dsma@dsma.dp.ua
Ʉɥɸɱɨɜɿɫɥɨɜɚɯɪɨɧɿɱɧɚ ɫɟɪɰɟɜɚ ɧɟɞɨɫɬɚɬɧɿɫɬɶ, ɚɪɬɟɪɿɚɥɶɧɚ ɝɿɩɟɪɬɟɧɡɿɹ, ɿɲɟɦɿɱɧɚ ɯɜɨɪɨɛɚ ɫɟɪɰɹ, ɯɪɨɧɿɱɧɟ ɨɛɫɬɪɭɤɬɢɜɧɟ ɡɚɯɜɨɪɸɜɚɧɧɹ ɥɟɝɟɧɶ, ɝɟɨɦɟɬɪɿɹ ɥɿɜɨɝɨ ɲɥɭɧɨɱɤɚ
.H\ZRUGV chronic heart failure, arterial hypertension, ischemic heart disease, chronic obstructive pulmonary
disease, geometry of left ventricle
Ɋɟɮɟɪɚɬ ɇɨɜɵɣ ɩɨɞɯɨɞ ɤ ɨɩɪɟɞɟɥɟɧɢɸ ɝɟɨɦɟɬɪɢɢ ɥɟɜɨɝɨ ɠɟɥɭɞɨɱɤɚ ɩɪɢ ɯɪɨɧɢɱɟɫɤɨɣ ɫɟɪɞɟɱɧɨɣ ɧɟ ɞɨɫɬɚɬɨɱɧɨɫɬɢɭɛɨɥɶɧɵɯɫȺȽɢɂȻɋɜɫɨɱɟɬɚɧɢɢɫɏɈɁɅɉɨɬɚɛɚɲɧɢɣȼȺ ɐɟɥɶɸ ɢɫɫɥɟɞɨɜɚɧɢɹ ɛɵɥɨ ɨɩɪɟɞɟɥɟɧɢɟ ɧɚɩɪɚɜɥɟɧɢɣ ɢɡɦɟɧɟɧɢɹ ɝɟɨɦɟɬɪɢɢ ɥɟɜɨɝɨ ɠɟɥɭɞɨɱɤɚ (Ʌɀ) ɩɪɢ ɏɋɇ ɭ ɛɨɥɶɧɵɯ ɚɪɬɟɪɢɚɥɶɧɨɣ ɝɢɩɟɪɬɟɧɡɢɟɣ (ȺȽ), ɂȻɋ ɢ ɏɈȻɅ ɜ ɡɚɜɢɫɢɦɨɫɬɢ ɨɬ ɜɵɪɚɠɟɧɧɨɫɬɢ ɤɥɢɧɢɱɟɫɤɢɯ ɩɪɢɡɧɚɤɨɜ ɏɋɇ ɢ ɬɹɠɟɫɬɢ ɏɈȻɅ ɫɨɝɥɚɫɧɨ ɪɟɤɨɦɟɧɞɚɰɢɹɦ Ⱥɦɟɪɢɤɚɧɫɤɨɝɨ ɨɛɳɟɫɬɜɚ ɩɨ ɷɯɨɤɚɪɞɢɨɝɪɚɮɢɢ ɢ ȿɜɪɨɩɟɣɫɤɨɣ ɚɫɫɨɰɢɚɰɢɢ ɩɨ ɜɢɡɭɚɥɢɡɚɰɢɢ ɫɟɪɞɰɚ (2015). Ɇɵ ɨɛɫɥɟɞɨɜɚɥɢ 67 ɛɨɥɶɧɵɯ ɫ ɏɋɇ, ɚɫɫɨɰɢɢɪɨɜɚɧɧɨɣ ɫ ȺȽ ɢ ɫɬɚɛɢɥɶɧɨɣ ɂȻɋ ɜ ɫɨɱɟɬɚɧɢɢ ɫɨ ɫɬɚɛɢɥɶɧɨɣ ɏɈȻɅ. ȼ ɪɟɡɭɥɶɬɚɬɟ ɢɫɫɥɟɞɨɜɚɧɢɹ ɜɵɹɜɢɥɢ ɪɚɡɥɢɱɧɵɟ ɬɢɩɵ ɝɟɨɦɟɬɪɢɢ Ʌɀ: ɤɨɧɰɟɧɬɪɢɱɟɫɤɭɸ ɝɢɩɟɪɬɪɨɮɢɸ Ʌɀ (ȽɅɀ), ɷɤɫɰɟɧɬɪɢɱɟɫɤɭɸ ȽɅɀ, ɫɦɟɲɚɧɧɭɸ ȽɅɀ, ɞɢɥɚɬɚɰɢɨɧɧɭɸ ȽɅɀ, ɪɚɡɜɢɬɢɟ ɤɨɬɨɪɵɯ ɡɚɜɢɫɢɬ ɨɬ ɭɪɨɜɧɹ ɚɪɬɟɪɢɚɥɶɧɨɝɨ ɞɚɜɥɟɧɢɹ, ɮɢɛɪɨɡɧɵɯ ɢ ɢɲɟɦɢɱɟɫɤɢɯ ɢɡɦɟɧɟɧɢɣ ɦɢɨɤɚɪɞɚ, ɩɟɪɜɢɱɧɨɣ ɞɨɦɢɧɢɪɭɸɳɟɣ ɛɨɥɟɡɧɢ – ȺȽ, ɂȻɋ ɢɥɢ ɏɈȻɅ.
$EVWUDFW1RYHODSSURDFKIRULGHQWLILFDWLRQRIOHIWYHQWULFOHJHRPHWU\LQSDWLHQWVZLWKFKURQLFKHDUWIDLOXUH$+ DQG,+'LQFRPELQDWLRQZLWK&23'3RWDEDVKQL\9$ The aim of this study was to examine the direction of change of left ventricle (LV) geometry in patients with chronic heart failure (CHF), arterial hypertension (AH) and ischemic heart disease (IHD) in combination with chronic obstructive pulmonary disease (COPD) in dependence on severity of clinical signs of CHF and COPD based on recommendation of American Society of Echocardiography and European Association of Cardiovascular Images (2015). We examined 67 patients with CHF, associated with AH and stable IHD and stable COPD. By the results of this study there were determined different types of left ventricle geometry: concentric LV hypertrophy (LVH), eccentric LVH, mixed LVH, dilated LVH, dependent on blood pressure level, fibrosic and ischemic myocardial changes,, primary predominant disease – AH, IHD or COPD.
ɍ ɪɟɚɥɶɧɿɣ ɤɥɿɧɿɱɧɿɣ ɩɪɚɤɬɢɰɿ ɜɢɡɧɚɱɚɥɶɧɟ ɦɿɫɰɟ ɩɨɫɿɞɚɽ ɤɨɦɨɪɛɿɞɧɚ ɩɚɬɨɥɨɝɿɹ ɳɨ ɜɧɨɫɢɬɶ ɩɟɜɧɿ ɨɫɨɛɥɢɜɨɫɬɿ ɜ ɩɟɪɟɛɿɝ ɬɚ ɬɪɭɞɧɨɳɿ ɜ ɞɿɚɝɧɨɫɬɢɰɿɣɥɿɤɭɜɚɧɧɿɨɤɪɟɦɢɯɧɨɡɨɥɨɝɿɣɩɪɢʀɯ ɩɨɽɞɧɚɧɧɿ >@ Ɉɫɬɚɧɧɿɦ ɱɚɫɨɦ ɩɪɢɜɟɪɬɚɽ ɭɜɚɝɭ ɩɨɽɞɧɚɧɧɹ ɩɚɬɨɥɨɝɿʀ ɫɟɪɰɟɜɨɫɭɞɢɧɧɨʀ ɿ ɞɢ ɯɚɥɶɧɨʀɫɢɫɬɟɦȼɍɤɪɚʀɧɿɹɤɿɜɤɪɚʀɧɚɯɁɚɯɨɞɭ ɚɪɬɟɪɿɚɥɶɧɚ ɝɿɩɟɪɬɟɧɡɿɹ ȺȽ ɿɲɟɦɿɱɧɚ ɯɜɨɪɨɛɚ ɫɟɪɰɹ ȱɏɋ ɿ ɫɟɪɰɟɜɚ ɧɟɞɨɫɬɚɬɧɿɫɬɶ ɋɇ ɽ ɧɚɣɛɿɥɶɲ ɩɨɲɢɪɟɧɢɦɢ ɩɪɢɱɢɧɚɦɢ ɡɚɯɜɨɪɸ ɜɚɧɨɫɬɿ ɿ ɫɦɟɪɬɧɨɫɬɿ > @ ɏɪɨɧɿɱɧɟ ɨɛ ɫɬɪɭɤɬɢɜɧɟɡɚɯɜɨɪɸɜɚɧɧɹɥɟɝɟɧɶɏɈɁɅɩɨɫɿɞɚɽ ɬɪɟɬɽ ɦɿɫɰɟ ɫɟɪɟɞ ɧɚɣɛɿɥɶɲ ɱɚɫɬɢɯ ɩɪɢɱɢɧ ɫɦɟɪɬɧɨɫɬɿ >@ ɏɜɨɪɨɛɢ ɫɟɪɰɟɜɨɫɭɞɢɧɧɨʀ ɫɢɫɬɟɦɢ ɏɋɋ ɿ ɏɈɁɅ ɦɚɸɬɶ ɫɩɿɥɶɧɿ ɮɚɤɬɨɪɢ ɪɢɡɢɤɭ ɩɚɥɿɧɧɹ ɿ ɫɢɫɬɟɦɧɟ ɡɚɩɚɥɟɧɧɹ ɳɨ
ɄɅȱɇȱɑɇȺ
ɆȿȾɂɐɂɇȺ
ɜɢɠɢɜɚɧɿɫɬɸ>@ɁɚɬɪɢɦɤɚɜɞɿɚɝɧɨɫɬɢɰɿȱɆ ɜɢɤɨɪɢɫɬɚɧɧɿɤɨɪɨɧɚɪɨɝɪɚɮɿʀɱɚɫɿɬɚɩɪɨɜɟɞɟɧɧɿ ɪɟɩɟɪɮɭɡɿʀ ɚ ɬɚɤɨɠ ɡɚɫɬɨɫɭɜɚɧɧɿ ɥɿɤɿɜ ɞɥɹ ɜɬɨɪɢɧɧɨʀ ɩɪɨɮɿɥɚɤɬɢɤɢ ɽ ɩɨɬɟɧɰɿɚɥɶɧɢɦɢ ɱɢɧ ɧɢɤɚɦɢɹɤɿɩɨɹɫɧɸɸɬɶɛɿɥɶɲɜɢɫɨɤɭɫɦɟɪɬɧɿɫɬɶ ɩɿɫɥɹ ȱɆ ɭ ɩɚɰɿɽɧɬɿɜ ɡ ɏɈɁɅ >@ ɏɈɁɅ ɚɫɨɰɿɣɨɜɚɧɟ ɡɿ ɡɪɨɫɬɚɧɧɹɦ ɪɢɡɢɤɭ ɪɚɩɬɨɜɨʀ ɫɟɪɰɟɜɨʀ ɫɦɟɪɬɿ Ɉɫɨɛɥɢɜɨ ɡɪɨɫɬɚɽ ɪɢɡɢɤ ɭ ɩɚɰɿɽɧɬɿɜ ɡ ɱɚɫɬɢɦɢ ɡɚɝɨɫɬɪɟɧɧɹɦɢ ɩɪɨɬɹɝɨɦ ɪɨɤɿɜ ɩɿɫɥɹ ɞɿɚɝɧɨɫɬɭɜɚɧɧɹ ɏɈɁɅ ɐɟ ɽ ɧɨɜɢɦ ɿɧɞɢɤɚɬɨɪɨɦɳɨɜɤɚɡɭɽɧɚɧɟɨɛɯɿɞɧɿɫɬɶɞɿɣɳɨɞɨ ɩɨɩɟɪɟɞɠɟɧɧɹ ɪɚɩɬɨɜɨʀ ɫɟɪɰɟɜɨʀ ɫɦɟɪɬɿ >@ ɉɪɹɦɢɦ ɝɟɦɨɞɢɧɚɦɿɱɧɢɦ ɧɚɫɥɿɞɤɨɦ ɏɈɁɅ ɽ ɯɪɨɧɿɱɧɟ ɥɟɝɟɧɟɜɟ ɫɟɪɰɟ >@ Ɉɞɧɚɤ ɡɚɥɭɱɟɧɧɹ ɫɟɪɰɟɜɨɫɭɞɢɧɧɨʀ ɫɢɫɬɟɦɢ ɩɪɢ ɏɈɁɅ ɽ ɛɿɥɶɲ ɫɤɥɚɞɧɢɦ >@ Ȼɿɥɶɲɿɫɬɶ ɩɚɰɿɽɧɬɿɜ ɡ ɏɈɁɅ ɩɨ ɦɢɪɚɽɱɟɪɟɡɋɇɧɿɠɜɿɞɞɢɯɚɥɶɧɨʀɧɟɞɨɫɬɚɬɧɨɫɬɿ >@ Ɋɢɡɢɤ ɫɟɪɰɟɜɨɫɭɞɢɧɧɢɯ ɭɫɤɥɚɞɧɟɧɶ ɩɪɢ ɏɈɁɅ ɡɛɿɥɶɲɭɽɬɶɫɹ ɜ ɪɚɡɭ ɚ ɿɧɫɭɥɶɬɿɜ ± ɭ ɪɚɡɭ>@
ɋɭɩɭɬɧɹɋɇɞɿɚɝɧɨɫɬɭɽɬɶɫɹɭɩɚɰɿɽɧɬɿɜɡ ɏɈɁɅ ɹɤɚ ɦɚɣɠɟ ɜ ɩɨɥɨɜɢɧɿ ɜɢɩɚɞɤɿɜ ɦɚɽ ɫɢɫɬɨɥɿɱɧɭ ɞɢɫɮɭɧɤɰɿɸ Ʌɒ ɋɟɪɟɞ ɩɚɰɿɽɧɬɿɜ ɡ ɋɇ ɩɨɲɢɪɟɧɿɫɬɶ ɏɈɁɅ ɞɨɫɹɝɚɽ ɹɤɟ ɦɟɧɲɟ ɧɿɠ ɭ ɜɿɞɩɨɜɿɞɚɽ ȱȱȱ,9 ɫɬɚɞɿʀ ɡɚ ɤɥɚɫɢɮɿɤɚ ɰɿɽɸ *2/' >@ Ȼɿɥɶɲ ɬɹɠɤɟ ɏɈɁɅ ɫɩɨɫɬɟ ɪɿɝɚɽɬɶɫɹɭɜɢɩɚɞɤɚɯɋɇɡɿɡɛɟɪɟɠɟɧɨɸɎȼɅɒ >@ɉɪɢɫɩɿɜɿɫɧɭɜɚɧɧɿɋɇɿɏɈɁɅɪɢɡɢɤɫɦɟɪɬɿ ɡɪɨɫɬɚɽ ɧɚ >@ ɍ ɞɨɫɥɿɞɠɟɧɧɿ (XURSHDQ +HDUW )DLOXUH 3LORW 6XUYH\ ɩɨɲɢɪɟɧɿɫɬɶ ɏɈɁɅ ɫɟɪɟɞ ɩɚɰɿɽɧɬɿɜ ɡ ɋɇ ɫɬɚɧɨɜɢɥɚ ɋɩɨɫɬɟɪɿ ɝɚɥɚɫɹ ɬɟɧɞɟɧɰɿɹ ɞɨ ɡɛɿɥɶɲɟɧɧɹ ɫɦɟɪɬɧɨɫɬɿ ɧɚ ɩɨɪɿɜɧɹɧɨ ɡ ɬɚɤɨɸ ɩɪɢ ɜɿɞɫɭɬɧɨɫɬɿ ɏɈɁɅ ɑɚɫɬɨɬɚ ɋɇ ɡɿ ɡɧɢɠɟɧɨɸ ɿ ɡɛɟɪɟɠɟɧɨɸ Ɏȼ Ʌɒ ɜɿɞɪɿɡɧɹɥɚɫɹ ɧɟɞɨɫɬɨɜɿɪɧɨ >@ ɍ ɞɨɫɥɿɞɠɟɧɧɿ &DUGLRYDVFXODU +HDOWK 6WXG\ ɜɫɬɚɧɨɜɥɟɧɨ ɳɨ ɭ ɩɚɰɿɽɧɬɿɜ ɩɨɯɢɥɨɝɨ ɜɿɤɭ ɡ ɋɇ ɧɚɣɜɢɳɢɣ ɪɢɡɢɤ ɫɦɟɪɬɿ ɫɩɨɫɬɟɪɿɝɚɽɬɶɫɹ ɭ ɜɢɩɚɞɤɚɯ ɩɨɽɞɧɚɧɧɹ ɫɢɫɬɨɥɿɱɧɨʀ ɞɢɫɮɭɧɤɰɿʀɅɒ ɡ ɩɨɪɭɲɟɧɧɹɦ ɥɟɝɟ ɧɟɜɨʀ ɮɭɧɤɰɿʀ Ɍɨɦɭ ɜ ɬɚɤɨɝɨ ɤɨɧɬɢɧɝɟɧɬɭ ɭ ɜɢɩɚɞɤɚɯ ɋɇ ɫɥɿɞ ɜɢɡɧɚɱɚɬɢ ɬɚɤɨɠ ɫɬɚɧ ɥɟ ɝɟɧɟɜɨʀ ɮɭɧɤɰɿʀ >@ Ɂɚ ɞɚɧɢɦɢ :RUFHVWHU +HDUW )DLOXUH6WXG\ɝɨɫɩɿɬɚɥɿɡɨɜɚɧɢɯɩɚɰɿɽɧɬɿɜɡ ɝɨɫɬɪɨ ɞɟɤɨɦɩɟɧɫɨɜɚɧɨɸ ɋɇ ɦɚɥɢ ɜ ɚɧɚɦɧɟɡɿ ɏɈɁɅ ɋɟɪɟɞ ɩɚɰɿɽɧɬɿɜ ɡ ɏɈɁɅ ɹɤɿ ɛɭɥɢ ɜɢɩɢɫɚɧɿɡɝɨɫɩɿɬɚɥɸɫɦɟɪɬɧɿɫɬɶɩɪɨɬɹɝɨɦɿ ɪɨɤɿɜ ɧɚ ɿ ɩɟɪɟɜɢɳɭɜɚɥɚ ɬɚɤɭ ɭ ɩɚ ɰɿɽɧɬɿɜ ɛɟɡ ɏɈɁɅ ɜɿɞɩɨɜɿɞɧɨ >@ ɏɈɁɅ ɱɚɫɬɨ ɡɭɫɬɪɿɱɚɽɬɶɫɹ ɭ ɩɚɰɿɽɧɬɿɜ ɡ ɋɇ ɹɤ ɡɿ ɡɧɢɠɟɧɨɸ ɬɚɤɿɡɛɟɪɟɠɟɧɨɸɎȼɅɒɚɜɛɿɥɶɲɨɫɬɿɜɢɩɚɞɤɿɜ ɡɚɥɢɲɚɽɬɶɫɹɧɟɞɿɚɝɧɨɫɬɨɜɚɧɨɸɍɩɚɰɿɽɧɬɿɜɡɋɇ ɩɨɬɪɿɛɟɧɫɤɪɢɧɿɧɝɧɚɧɚɹɜɧɿɫɬɶɏɈɁɅɭɫɬɚɛɿɥɶɧɭ ɮɚɡɭɩɟɪɟɛɿɝɭ>@ɌɚɤɢɦɱɢɧɨɦɏɈɁɅɽɜɿɪɨɝɿɞ ɧɢɦɿɧɟɡɚɥɟɠɧɢɦɩɪɟɞɢɤɬɨɪɨɦɫɦɟɪɬɧɨɫɬɿɩɪɢɋɇ ɹɤɡɿɡɧɢɠɟɧɨɸɬɚɤɿɡɛɟɪɟɠɟɧɨɸɎȼɅɒ>@
ɋɬɪɭɤɬɭɪɧɨɮɭɧɤɰɿɨɧɚɥɶɧɿ ɡɦɿɧɢ ɫɟɪɰɹ
ɡɨɤɪɟɦɚ ɥɿɜɨɝɨ ɲɥɭɧɨɱɤɚ Ʌɒ ɽ ɨɫɧɨɜɨɸ ɪɟ ɦɨɞɟɥɸɜɚɧɧɹ ɫɟɪɰɹ ɬɨɦɭ ɜɢɡɧɚɱɟɧɧɹ ɝɟɨɦɟɬɪɿʀ Ʌɒɦɚɽɜɚɠɥɢɜɟɡɧɚɱɟɧɧɹɹɤɭɞɿɚɝɧɨɫɬɢɰɿɬɚɤɿ ɭ ɜɢɛɨɪɿ ɧɚɩɪɹɦɤɭ ɥɿɤɭɜɚɧɧɹ Ʉɥɚɫɢɱɧɢɣ ɩɿɞɯɿɞ ɞɨɫɬɪɚɬɢɮɿɤɚɰɿʀɝɟɨɦɟɬɪɿʀɅɒɜɤɥɸɱɚɽɤɪɢɬɟɪɿʀ ɤɨɧɰɟɧɬɪɢɱɧɨɝɨ ɪɟɦɨɞɟɥɸɜɚɧɧɹ ɤɨɧɰɟɧɬɪɢɱɧɨʀ ɬɚɟɤɫɰɟɧɬɪɢɱɧɨʀɝɿɩɟɪɬɪɨɮɿʀɅɒɈɫɬɚɧɧɿɦɱɚɫɨɦ ɡɚɩɪɨɩɨɧɨɜɚɧɨ ɛɿɥɶɲ ɪɟɬɟɥɶɧɢɣ ɩɿɞɯɿɞ ɞɨ ɫɬɪɚ ɬɢɮɿɤɚɰɿʀɝɟɨɦɟɬɪɿʀɅɒɭɩɚɰɿɽɧɬɿɜɡȺȽ>@ Ɇɟɬɨɸ ɞɨɫɥɿɞɠɟɧɧɹ ɛɭɥɨ ɜɢɡɧɚɱɟɧɧɹ ɧɚ ɩɪɹɦɤɿɜ ɡɦɿɧɢ ɝɟɨɦɟɬɪɿʀ Ʌɒ ɭ ɩɚɰɿɽɧɬɿɜ ɡ ȺȽ ɿ ɫɬɚɛɿɥɶɧɨɸȱɏɋɭɩɨɽɞɧɚɧɧɿɡɏɈɁɅɡɚɥɟɠɧɨɜɿɞ ɜɢɪɚɠɟɧɨɫɬɿ ɤɥɿɧɿɱɧɢɯ ɨɡɧɚɤ ɏɋɇ ɿ ɬɹɠɤɨɫɬɿ ɏɈɁɅ ɡɝɿɞɧɨ ɡ ɪɟɤɨɦɟɧɞɚɰɿɹɦɢ Ⱥɦɟɪɢɤɚɧɫɶɤɨɝɨ ɬɨɜɚɪɢɫɬɜɚ ɡ ɟɯɨɤɚɪɞɿɨɝɪɚɮɿʀ ɬɚ ȯɜɪɨɩɟɣɫɶɤɨʀ ɚɫɨɰɿɚɰɿʀ ɡ ɜɿɡɭɚɥɿɡɚɰɿʀ ɫɟɪɰɹ ȯɜɪɨɩɟɣɫɶɤɨɝɨ ɤɚɪɞɿɨɥɨɝɿɱɧɨɝɨɬɨɜɚɪɢɫɬɜɚ>@
ɛɿɥɶɲɿɫɬɶ ɱɨɥɨɜɿɤɿɜ ɩɚɥɢɥɚ ɩɪɨɬɹɝɨɦ ɛɚɝɚɬɶɨɯ ɪɨɤɿɜ ɭ ɫɟɪɟɞɧɶɨɦɭ ɩɚɱɤɨɪɨɤɿɜ ɉɚɰɿɽɧɬɿɜ ɡ ɏɈɁɅ ɪɨɡɩɨɞɿɥɹɥɢ ɧɚ ɝɪɭɩɢ $ % & ' ɚ ɤɨɠɧɭ ɝɪɭɩɭ ɩɨɞɿɥɹɥɢ ɡɚ ɪɿɜɧɟɦ ɬɹɠɤɨɫɬɿ ɛɪɨɧɯɿɚɥɶɧɨʀ ɨɛɫɬɪɭɤɰɿʀ ɡɝɿɞɧɨ ɡ ɤɥɚɫɢɮɿɤɚɰɿɽɸ *2/' ɬɚ ɪɢɡɢɤɨɦ ɡɚɝɨɫɬɪɟɧɶ ɏɈɁɅ ɫɬɭɩɟɧɹ ɜɫɬɚɧɨɜɥɟɧɨɭɡɧɢɯɭɝɪɭɩɿ©ɋª±
ɚɜɝɪɭɩɿ©'ª±ȾɨɏɈɁɅɫɬɭɩɟɧɹɜɿɞɧɟɫɟɧɨ ɩɚɰɿɽɧɬɚɡɹɤɢɯɭɝɪɭɩɿ©ɋªɛɭɥɨɚ ɜɝɪɭɩɿ©'ªɏɈɁɅɫɬɭɩɟɧɹɜɢɹɜɥɟɧɨɥɢɲɟ ɜ ɯɜɨɪɢɯ ɹɤɿ ɜɿɞɩɨɜɿɞɚɥɢ ɝɪɭɩɿ ©ȼª Ɋɨɡɩɨɞɿɥɯɜɨɪɢɯɡɚɥɟɠɧɨɜɿɞɜɢɪɚɠɟɧɨɫɬɿɏɋɇɿ ɏɈɁɅɜɿɞɨɛɪɚɠɟɧɨɜɬɚɛɥɢɰɿ
Ɍ ɚ ɛ ɥ ɢ ɰ ɹ 1 .
ɊɨɡɩɨɞɿɥɩɚɰɿɽɧɬɿɜɨɫɧɨɜɧɨʀɝɪɭɩɢɡɚɥɟɠɧɨɜɿɞɜɢɪɚɠɟɧɨɫɬɿɏɋɇɿɏɈɁɅ
ɏɈɁɅɝɪȼ
Q ɏɈɁɅɝɪɋQ ɏɈɁɅɝɪ'Q
ɋɬɚɞɿɹɏɋɇ
*2/' *2/' *2/' *2/' *2/' *2/'
ȱQ
ȱȱȺQ
ɉɒɇQ
ȱȱȻQ
ȼɫɶɨɝɨ
ɉ ɪ ɢ ɦ ɿ ɬ ɤ ɚ ɉɒɇ±ɩɪɚɜɨɲɥɭɧɨɱɤɨɜɚɧɟɞɨɫɬɚɬɧɿɫɬɶ
ȿɯɨɄȽ ɜɢɤɨɧɭɜɚɥɢ ɧɚ ɚɩɚɪɚɬɿ ³6RQRV´ ɮɿɪɦɢ+HZOHWW3DFNDUGɡɚɞɨɩɨɦɨɝɨɸɦɟɯɚɧɿɱɧɨɝɨ ɞɚɬɱɢɤɚ ɩɨɬɭɠɧɿɫɬɸ Ɇɝɰ ɡ ɨɞɧɨɱɚɫɧɢɦ ɡɚ ɩɢɫɨɦ ȿɄȽ ȼɢɡɧɚɱɟɧɧɹ ɞɿɚɫɬɨɥɿɱɧɢɯ ɥɿɧɿɣɧɢɯ ɿ ɨɛ¶ɽɦɧɢɯ ɪɨɡɦɿɪɿɜ Ʌɒ ɬɚ ɬɢɩɿɜ ɝɟɨɦɟɬɪɿʀ Ʌɒ ɜɢɤɨɧɭɜɚɥɢ ɡɝɿɞɧɨ ɡ ɪɟɤɨɦɟɧɞɚɰɿɹɦɢ Ⱥɦɟɪɢ ɤɚɧɫɶɤɨɝɨɬɨɜɚɪɢɫɬɜɚɡɟɯɨɤɚɪɞɿɨɝɪɚɮɿʀȺɌȿɬɚ ȯɜɪɨɩɟɣɫɶɤɨʀɟɯɨɤɚɪɞɿɨɝɪɚɮɿɱɧɨʀɚɫɨɰɿɚɰɿʀȯȿȺ ɪɨɤɭ > @ ȼɢɤɨɪɢɫɬɨɜɭɜɚɥɢ ɧɨɜɢɣ ɩɿɞ
ɯɿɞ ɞɨ ɫɬɪɚɬɢɮɿɤɚɰɿʀ ɝɟɨɦɟɬɪɿʀ Ʌɒ ɳɨ ɜɿɞɨɛɪɚ ɠɟɧɨɧɚɪɢɫɭɧɤɭȼɿɞɧɨɫɧɭɬɨɜɳɢɧɭɫɬɿɧɤɢɅɒ ȼɌɋɅɒ ɪɨɡɪɚɯɨɜɭɜɚɥɢ ɡɚ ɜɿɞɧɨɲɟɧɧɹɦ ɫɭɦɢ ɞɿɚɫɬɨɥɿɱɧɢɯ ɬɨɜɳɢɧ ɦɿɠɲɥɭɧɨɱɤɨɜɨʀ ɩɟɪɟɝɨ ɪɨɞɤɢ Ɍɦɲɩ ɿ ɡɚɞɧɶɨʀ ɫɬɿɧɤɢ Ʌɒ Ɍɡɫɥɲ ɞɨ ɤɿɧɰɟɜɨɞɿɚɫɬɨɥɿɱɧɨɝɨ ɪɨɡɦɿɪɭ Ʌɒ ɄȾɊɥɲ Ɇɚɫɭ Ʌɒ ɹɤɭ ɿɧɞɟɤɫɭɜɚɥɢ ɞɨ ɩɥɨɳɿ ɩɨɜɟɪɯɧɿ ɬɿɥɚ ȱɆɅɒ ɪɨɡɪɚɯɨɜɭɜɚɥɢ ɡɚ ɮɨɪɦɭɥɨɸ ɆɅɒɝ ɯɄȾɊȱɆɀɉɁɋɅɒñɯ
ɍɦɨɜɧɿɩɨɡɧɚɱɤɢȼɌɋɅɒ±ɜɿɞɧɨɫɧɚɬɨɜɳɢɧɚɫɬɿɧɤɢɅɒȽɅɒ±ɝɿɩɟɪɬɪɨɮɿɹɅɒȱɆɅɒ±ɿɧɞɟɤɫɦɚɫɢɅɒ ɋɬɪɚɬɢɮɿɤɚɰɿɹɝɟɨɦɟɬɪɿʀɥɿɜɨɝɨɲɥɭɧɨɱɤɚ
ȼɌɋɅɒ
Ƚ Ʌ ɒ
ȱ Ɇ Ʌ ɒ
ɄȾɈɥɲ
ɇɨɪɦɚɥɶɧɢɣɅɒ ȾɢɥɚɬɚɰɿɹɅɒ Ʉɨɧɰɟɧɬɪɢɱɧɚ
ɝɿɩɟɪɬɪɨɮɿɹ
Ʉɨɧɰɟɧɬɪɢɱɧɟ ɪɟɦɨɞɟɥɸɜɚɧɧɹ
ɇɨɪɦɚɥɶɧɢɣ Ʌɒ
Ɏɿɡɿɨɥɨɝɿɱɧɚ ɝɿɩɟɪɬɪɨɮɿɹ Ɂɦɿɲɚɧɚ
ɝɿɩɟɪɬɪɨɮɿɹ Ⱦɢɥɚɬɚɰɿɣɧɚɝɿɩɟɪɬɪɨɮɿɹ
ȿɤɫɰɟɧɬɪɢɱɧɚ ɝɿɩɟɪɬɪɨɮɿɹ
ɄɅȱɇȱɑɇȺ
ɆȿȾɂɐɂɇȺ
Ⱦɥɹ ɯɚɪɚɤɬɟɪɢɫɬɢɤɢ ɜɢɪɚɠɟɧɨɫɬɿ ɡɦɿɧ ɄȾɈȱ
ȱɆɅɒ ɿ ȼɌɋɅɒ ɡɚɥɟɠɧɨ ɜɿɞ ɫɬɚɬɿ ɜɢɤɨɪɢɫɬɨ ɜɭɜɚɥɢɬɚɛɥɢɰɿɌɢɩɢɝɟɨɦɟɬɪɿʀɅɒɜɢɡɧɚɱɚɥɢɡɚɤɪɢɬɟɪɿɹɦɢɜɿɞɨɛɪɚɠɟɧɢɦɢɜɬɚɛɥɢɰɿ
Ɍ ɚ ɛ ɥ ɢ ɰ ɹ 2
ȽɪɚɞɚɰɿɹɄȾɈȱȱɆɅɒɬɚȼɌɋɅɒɡɚɥɟɠɧɨɜɿɞɫɬɚɬɿ
ɡɝɿɞɧɨɡɪɟɤɨɦɟɧɞɚɰɿɹɦɢȺɦɟɪɢɤɚɧɫɶɤɨɝɨɬɨɜɚɪɢɫɬɜɚɡɟɯɨɤɚɪɞɿɨɝɪɚɮɿʀ
ɬɚȯɜɪɨɩɟɣɫɶɤɨʀɚɫɨɰɿɚɰɿʀɡɜɿɡɭɚɥɿɡɚɰɿʀɫɟɪɰɹ
ȱɆɅɒɝɦðɠɱ ɇɨɪɦɚ ɡɛɿɥɶɲɟɧɧɹɇɟɡɧɚɱɧɟ ɡɛɿɥɶɲɟɧɧɹɉɨɦɿɪɧɟ ɡɛɿɥɶɲɟɧɧɹȼɢɪɚɠɟɧɟ
ɀɿɧɤɢ ± ± ±
ɑɨɥɨɜɿɤɢ ± ± ±
ȼɌɋɅɒɭɦɨɞɠɱ
ɀɿɧɤɢ ± ± ±
ɑɨɥɨɜɿɤɢ ± ± ±
ɄȾɈȱɦɥɦðɠɱ
ɀɿɧɤɢ ± !
ɑɨɥɨɜɿɤɢ !
ɉ ɪ ɢ ɦ ɿ ɬ ɤ ɚ ɄȾɈȱ±ɿɧɞɟɤɫɤɿɧɰɟɜɨɞɿɚɫɬɨɥɿɱɧɨɝɨɨɛ¶ɽɦɭɅɒ
Ɇɚɬɟɦɚɬɢɤɨɫɬɚɬɢɫɬɢɱɧɢɣ ɚɧɚɥɿɡ ɪɟɡɭɥɶɬɚɬɿɜ ɞɨɫɥɿɞɠɟɧɧɹ ɩɪɨɜɨɞɢɥɢ ɡɚ ɞɨɩɨɦɨɝɨɸ ɥɿɰɟɧ ɡɿɣɧɨʀɩɪɨɝɪɚɦɢ67$7,67,&$ɜɟɪɫɿɹɫɟɪɿɣ ɧɢɣɧɨɦɟɪ $*$5()$ɡɪɨɡɪɚɯɭɜɚɧ
ɧɹɦ ɫɟɪɟɞɧɿɯ ɜɟɥɢɱɢɧ Ɇ ɫɟɪɟɞɧɶɨɤɜɚɞɪɚɬɢɱ ɧɨɝɨ ɜɿɞɯɢɥɟɧɧɹ 6' ɩɨɦɢɥɤɢ ɫɟɪɟɞɧɶɨʀ ɜɟɥɢ ɱɢɧɢ P Ɋɟɡɭɥɶɬɚɬɢ ɩɪɟɞɫɬɚɜɥɟɧɨ ɹɤ 06' Ɂɚ ɞɨɫɬɨɜɿɪɧɿɜɿɞɦɿɧɧɨɫɬɿɩɪɢɣɦɚɥɢɜɟɥɢɱɢɧɭS
Ɍ ɚ ɛ ɥ ɢ ɰ ɹ 3
ɄɪɢɬɟɪɿʀɞɿɚɝɧɨɫɬɢɤɢɬɢɩɿɜɝɟɨɦɟɬɪɿʀɅɒɡɝɿɞɧɨɡɪɟɤɨɦɟɧɞɚɰɿɹɦɢȺɦɟɪɢɤɚɧɫɶɤɨɝɨ
ɬɨɜɚɪɢɫɬɜɚɡɟɯɨɤɚɪɞɿɨɝɪɚɮɿʀɬɚȯɜɪɨɩɟɣɫɶɤɨʀɚɫɨɰɿɚɰɿʀɡɜɿɡɭɚɥɿɡɚɰɿʀɫɟɪɰɹ
ɌɢɩɢɝɟɨɦɟɬɪɿʀɅɒ ɦɥɦðɄȾɈȱ ȱɆɅɒɝɦð ȼɌɋɅɒɭɦɨɞ
ɇɨɪɦɚɥɶɧɢɣɅɒ ɱɠ ±
ɎɿɡɿɨɥɨɝɿɱɧɚȽɅɒ ! !ɱ!ɠ ±
ɄɨɧɰɟɧɬɪɢɱɧɟɪɟɦɨɞɟɥɸɜɚɧɧɹɅɒ ɱɠ !
ȿɤɫɰɟɧɬɪɢɱɧɟɪɟɦɨɞɟɥɸɜɚɧɧɹɅɒ ɱɠ !
ɄɨɧɰɟɧɬɪɢɱɧɚȽɅɒ !ɱ!ɠ !
ɁɦɿɲɚɧɚȽɅɒ ! !ɱ!ɠ !
ȾɢɥɚɬɚɰɿɣɧɚȽɅɒ ! !ɱ!ɠ
ɊȿɁɍɅɖɌȺɌɂɌȺȲɏɈȻȽɈȼɈɊȿɇɇə
ɍ ɬɚɛɥɢɰɿ ɩɪɟɞɫɬɚɜɥɟɧɨ ɪɟɡɭɥɶɬɚɬɢ ɚɧɚɥɿɡɭ ɞɿɚɫɬɨɥɿɱɧɢɯɥɿɧɿɣɧɢɯɿɨɛ¶ɽɦɧɢɯɩɨɤɚɡɧɢɤɿɜɅɒ ɜ ɨɫɧɨɜɧɿɣ ɿ ɝɪɭɩɚɯ ɩɨɪɿɜɧɹɧɧɹ ɍ ɰɿɥɨɦɭ ɫɟɪɟɞ ɯɜɨɪɢɯɧɚȺȽɿȱɏɋɜɩɨɽɞɧɚɧɧɿɡɏɈɁɅɨɫɧɨɜɧɚ ɝɪɭɩɚɜɢɹɜɥɟɧɨɞɨɫɬɨɜɿɪɧɟɡɛɿɥɶɲɟɧɧɹɄȾɈȱ
ɩɨɪɿɜɧɹɧɨ ɧɟ ɥɢɲɟ ɡ ɤɨɧɬɪɨɥɶɧɨɸ ɝɪɭɩɨɸ ɚ ɣ ɯɜɨɪɢɦɢɧɚȺȽȱɏɋɿɏɈɁɅɝɪɭɩɡɿɫɬɚɜɥɟɧɧɹɍ ɩɚɰɿɽɧɬɿɜɡȱɏɋɿȺȽɭɩɨɽɞɧɚɧɧɿɡɏɈɁɅɫɟɪɟɞɧɹ ɜɟɥɢɱɢɧɚȼɌɋɅɒɫɬɚɧɨɜɢɥɚ
Ɍ ɚ ɛ ɥ ɢ ɰ ɹ 4
Ʌɿɧɿɣɧɿɣɨɛ¶ɽɦɧɿɞɿɚɫɬɨɥɿɱɧɿɪɨɡɦɿɪɢɥɿɜɨɝɨɲɥɭɧɨɱɤɚ
ɜɨɫɧɨɜɧɿɣɝɪɭɩɿɬɚɝɪɭɩɚɯɩɨɪɿɜɧɹɧɧɹ06'
ɉɚɪɚɦɟɬɪɢ ɄɨɧɬɪɨɥɶQ ȺȽɛɟɡɏɋɇQ ȱɏɋɛɟɡɏɋɇQ ɏɈɁɅɛɟɡɏɋɇQ ȺȽȱɏɋɏɈɁɅɡɏɋɇQ
ɄȾɊɫɦ
ɄȾɊȱɫɦɦð
ɄȾɈɦɥ
ɄȾȱɦɥɦð
ɉ ɪ ɢ ɦ ɿ ɬ ɤ ɚ ±ɞɨɫɬɨɜɿɪɧɚSɪɿɡɧɢɰɹɡɤɨɧɬɪɨɥɶɧɨɸɝɪɭɩɨɸ
ɍ ɬɚɛɥɢɰɿ ɜɿɞɨɛɪɚɠɟɧɨ ɡɦɿɧɢ ɞɿɚɫɬɨɥɿɱɧɢɯ ɥɿɧɿɣɧɢɯ ɿ ɨɛ¶ɽɦɧɢɯ ɪɨɡɦɿɪɿɜ Ʌɒ ɡɚɥɟɠɧɨ ɜɿɞ ɫɬɚɞɿʀɏɋɇɍɰɿɥɨɦɭɫɩɨɫɬɟɪɿɝɚɥɨɫɹɞɨɫɬɨɜɿɪɧɟ ɡɛɿɥɶɲɟɧɧɹɄȾɈȱɩɨɪɿɜɧɹɧɨɡɤɨɧɬɪɨɥɶɧɨɸɝɪɭ ɩɨɸɁɝɿɞɧɨɡɞɚɧɢɦɢɬɚɛɥɢɰɿɜɨɫɧɨɜɧɿɣɝɪɭɩɿ
ȱɆɅɒ ɞɨɫɬɨɜɿɪɧɨ ɩɟɪɟɜɢɳɭɜɚɜ ɬɚɤɢɣ ɹɤ ɭ ɤɨɧɬɪɨɥɶɧɿɣ ɝɪɭɩɿ ɬɚɤ ɿ ɜ ɝɪɭɩɚɯ ɩɨɪɿɜɧɹɧɧɹ Ɉɞɧɚɤɩɪɢɜɟɪɬɚɽɭɜɚɝɭɜɟɥɢɤɢɣɪɿɜɟɧɶɫɟɪɟɞɧɶɨ ɤɜɚɞɪɚɬɢɱɧɨɝɨ ɜɿɞɯɢɥɟɧɧɹ ɳɨ ɜɤɚɡɭɽ ɧɚ ɡɧɚɱɧɭ ɝɟɬɟɪɨɝɟɧɧɿɫɬɶɯɜɨɪɢɯ
Ɍ ɚ ɛ ɥ ɢ ɰ ɹ 5
Ʌɿɧɿɣɧɿɣɨɛ¶ɽɦɧɿɞɿɚɫɬɨɥɿɱɧɿɪɨɡɦɿɪɢɥɿɜɨɝɨɲɥɭɧɨɱɤɚɭɯɜɨɪɢɯɡȺȽɬɚȱɏɋ
ɭɩɨɽɞɧɚɧɧɿɡɏɈɁɅɭɪɿɡɧɢɯɤɥɿɧɿɱɧɢɯɩɿɞɝɪɭɩɚɯɏɋɇ06'
ɉɚɪɚɦɟɬɪɢ ɄɨɧɬɪɨɥɶQ ɏɋɇȱɫɬɚɞɿʀQ ɏɋɇȱȱȺɫɬɚɞɿʀQ Q ɉɒɇ ɏɋɇȱȱȻɫɬɚɞɿʀQ ɍɰɿɥɨɦɭɩɨɝɪɭɩɿQ
ɄȾɊɫɦ
ɄȾɊȱɫɦɦð
ɄȾɈɦɥ
ɄȾɈȱɦɥɦð
ɉ ɪ ɢ ɦ ɿ ɬ ɤ ɚ ±ɞɨɫɬɨɜɿɪɧɚSɪɿɡɧɢɰɹɡɤɨɧɬɪɨɥɶɧɨɸɝɪɭɩɨɸ
ȱɧɞɢɜɿɞɭɚɥɶɧɢɣ ɚɧɚɥɿɡ ɞɨɜɿɜ ɳɨ ɩɪɢ ɏɋɇ ȱ ɫɬɚɞɿʀ ɜɟɥɢɱɢɧɚ ȼɌɋɅɒ ɫɬɚɧɨɜɢɥɚ ȼɢɪɚɠɟɧɚ ɞɢɥɚɬɚɰɿɹ Ʌɒ ɡ ȼɌɋɅɒ ɦɟɧɲɟ ɟɤɫɰɟɧɬɪɢɱɧɚȽɅɒɡɚɪɟɽɫɬɪɨɜɚɧɚɭɜɢɩɚɞɤɚɯ ɍɯɜɨɪɢɯȼɌɋɅɒɩɟɪɟɜɢɳɭɜɚɥɚ ɩɪɢɩɨɦɿɪɧɿɣɞɢɥɚɬɚɰɿʀɅɒɡɦɿɲɚɧɚȽɅɒȼ ɜɢɩɚɞɤɭ ȼɌɋɅɒ ɩɟɪɟɜɢɳɭɜɚɥɚ ɩɪɢ ɧɨɪɦɚɥɶɧɢɯ ɞɿɚɫɬɨɥɿɱɧɢɯ ɩɚɪɚɦɟɬɪɚɯ Ʌɒ ɤɨɧ ɰɟɧɬɪɢɱɧɚȽɅɒɈɬɠɟɭɯɜɨɪɢɯɧɚȺȽɬɚȱɏɋɭ ɩɨɽɞɧɚɧɧɿɡɏɈɁɅɨɫɨɛɥɢɜɨɝɨɿɝɨɫɬɭɩɟɧɹ
ɡɚ *2/' ɬɚ ɤɥɿɧɿɱɧɢɯ ɝɪɭɩ ȼ ɿ ɋ ɩɟɪɟɜɚɠɚɽ ɮɨɪɦɭɜɚɧɧɹȽɅɒɡɦɿɲɚɧɨɝɨɬɢɩɭ
ɄɅȱɇȱɑɇȺ
ɆȿȾɂɐɂɇȺ
ɌɚɤɢɦɱɢɧɨɦɭɩɚɰɿɽɧɬɿɜɡɏɋɇȱȱȺɫɬɚɞɿʀɩɪɢ ȱɏɋɿȺȽɭɩɨɽɞɧɚɧɧɿɡɏɈɁɅɜɢɹɜɥɟɧɚɲɢɪɨɤɚ ɩɚɥɿɬɪɚ ɬɢɩɿɜ ɝɟɨɦɟɬɪɿʀ Ʌɒ ɡ ɩɟɪɟɜɚɠɚɧɧɹɦ ɩɟɪɟɛɭɞɨɜɢ ɝɟɨɦɟɬɪɿʀ Ʌɒ ɭ ɛɿɤ ɞɢɥɚɬɚɰɿʀ
ɉɪɢɜɟɪɬɚɽ ɭɜɚɝɭ ɬɟ ɳɨ ɫɟɪɟɞ ɯɜɨɪɢɯ ɰɿɽʀ ɩɿɞɝɪɭɩɢ ɏɈɁɅ ɜɿɞɩɨɜɿɞɚɥɨ ɜɢɤɥɸɱɧɨ ɦɭ ɿ ɦɭɫɬɭɩɟɧɸɡɚ*2/'ɿɤɥɿɧɿɱɧɢɦɝɪɭɩɚɦɋɿ'
Ɍ ɚ ɛ ɥ ɢ ɰ ɹ 6
ɆɚɫɚɬɚɿɧɞɟɤɫɦɚɫɢɅɒɜɨɫɧɨɜɧɿɣɿɝɪɭɩɚɯɩɨɪɿɜɧɹɧɧɹ
Ʉɨɧɬɪɨɥɶ ȺȽɛɟɡɏɋɇ ȱɏɋɛɟɡɏɋɇ ɏɈɁɅɛɟɡɏɋɇ ȺȽȱɏɋɏɈɁɅɡɏɋɇ ɉɚɪɚɦɟɬɪɢ
Q Q Q Q Q
ɆɅɒɝ
ȱɆɅɒɝɦð
ɉ ɪ ɢ ɦ ɿ ɬ ɤ ɚ ±ɞɨɫɬɨɜɿɪɧɚSɪɿɡɧɢɰɹɡɤɨɧɬɪɨɥɶɧɨɸɝɪɭɩɨɸ
ɍ ɜɢɩɚɞɤɚɯ ɡ ɏɋɇ ȱȱȻ ɫɬɚɞɿʀ ɫɟɪɟɞɧɹ ɜɟɥɢ ɱɢɧɚȼɌɋɅɒɫɬɚɧɨɜɢɥɚɍ ɜɢɩɚɞɤɚɯ ɦɚɥɚ ɦɿɫɰɟ ɜɢɪɚɠɟɧɚ ɞɢɥɚɬɚɰɿɹ Ʌɒ ɡ ɧɢɯ ɭ ȼɌɋɅɒ ɫɬɚɧɨɜɢɥɚ ɦɟɧɲɟ ɟɤɫɰɟɧɬɪɢɱɧɚ ȽɅɒ ɚ ɜ ɿɧɲɢɯ ɯɜɨɪɢɯ ȼɌɋɅɒ ɡɧɚɯɨɞɢɥɚɫɹ ɜ ɦɟɠɚɯ ɞɢɥɚ ɬɚɰɿɣɧɚȽɅɒɍɯɜɨɪɢɯɡɜɿɞɫɭɬɧɶɨɸ ɞɢɥɚɬɚɰɿɽɸ Ʌɒ ɩɨɤɚɡɧɢɤ ȼɌɋɅɒ ɩɟɪɟɜɢɳɭɜɚɜ ɤɨɧɰɟɧɬɪɢɱɧɚȽɅɒɋɥɿɞɡɚɭɜɚɠɢɬɢɳɨɜ ɰɿɣ ɩɿɞɝɪɭɩɿ ɯɜɨɪɢɯ ɏɈɁɅ ɭ ɩɟɪɟɜɚɠɧɿɣ ɛɿɥɶ ɲɨɫɬɿ ɜɢɩɚɞɤɿɜ ɜɿɞɩɨɜɿɞɚɥɨ ɦɭ ɿ ±ɦɭ ɫɬɭɩɟɧɸɡɚ*2/'ɿɤɥɿɧɿɱɧɿɣɝɪɭɩɿ'
ɍɩɚɰɿɽɧɬɿɜɡɤɥɿɧɿɱɧɨɿɡɨɥɶɨɜɚɧɨɸɩɪɚɜɨɲɥɭ ɧɨɱɤɨɜɨɸ ɏɋɇ ɉɒɇ ɫɟɪɟɞɧɹ ɜɟɥɢɱɢɧɚ ȼɌɋɅɒ ɫɬɚɧɨɜɢɥɚ ɍ ɜɢ ɩɚɞɤɚɯ ɧɟ ɜɢɹɜɥɟɧɨ ɞɢɥɚɬɚɰɿʀ Ʌɒ ɚ ȼɌɋɅɒ ɩɟɪɟɜɢɳɭɜɚɥɚ ɬɨɛɬɨ ɫɩɨɫɬɟɪɿɝɚɥɚɫɹ ɤɨɧ ɰɟɧɬɪɢɱɧɚȽɅɒɍɯɜɨɪɢɯɡɞɢɥɚɬɚɰɿɽɸɅɒɿ ɩɨɤɚɡɧɢɤɨɦ ȼɌɋɅɒ ɛɿɥɶɲɟ ɞɿɚɝɧɨɫɬɨɜɚɧɚ ɡɦɿɲɚɧɚ ȽɅɒ ɍ ɰɿɣ ɩɿɞɝɪɭɩɿ ɯɜɨɪɢɯ ɬɹɠɤɿɫɬɶ ɏɈɁɅ ɜɿɞɩɨɜɿɞɚɥɚ ɦɭ ɫɬɭɩɟɧɸ ɡɚ *2/' ɿ ɤɥɿɧɿɱɧɢɦɝɪɭɩɚɦ&ɿ'
ɉɪɨɜɟɞɟɧɟ ɞɨɫɥɿɞɠɟɧɧɹ ɞɨɡɜɨɥɢɥɨ ɜɫɬɚɧɨ ɜɢɬɢɳɨɧɚɩɪɹɦɤɢɡɦɿɧɢɝɟɨɦɟɬɪɿʀɅɒɩɪɢɏɋɇ ɭ ɯɜɨɪɢɯ ɧɚ ȺȽ ɬɚ ȱɏɋ ɭ ɩɨɽɞɧɚɧɧɿ ɡ ɏɈɁɅ ɪɿɡɧɨɦɚɧɿɬɧɿ ɧɚ ɹɤɿ ɡɨɤɪɟɦɚ ɜɩɥɢɜɚɸɬɶ ɪɿɜɟɧɶ ɚɪɬɟɪɿɚɥɶɧɨɝɨ ɬɢɫɤɭ ɝɿɩɟɪɬɪɨɮɿɹ Ʌɒ ɪɨɡɜɢɬɨɤ ɮɿɛɪɨɡɧɢɯ ɬɚ ɿɲɟɦɿɱɧɢɯ ɡɦɿɧ ɭ ɦɿɨɤɚɪɞɿ ɧɚ ɬɥɿ ɝɿɩɨɤɫɿʀ
ȼɂɋɇɈȼɄɂ
Ɉɞɧɢɦ ɡ ɜɢɡɧɚɱɧɢɯ ɦɟɯɚɧɿɡɦɿɜ ɪɨɡɜɢɬɤɭ ɿ
ɩɪɨɝɪɟɫɭɜɚɧɧɹ ɏɋɇ ɭ ɯɜɨɪɢɯ ɧɚ ȺȽ ɬɚ ȱɏɋ ɭ ɩɨɽɞɧɚɧɧɿɡɏɈɁɅɽɪɟɦɨɞɟɥɸɜɚɧɧɹɅɒ
ɉɪɢɏɋɇɭɯɜɨɪɢɯɧɚȺȽɬɚȱɏɋɭɩɨɽɞɧɚɧ
ɧɿ ɡ ɏɈɁɅ ɫɩɨɫɬɟɪɿɝɚɽɬɶɫɹ ɪɿɡɧɢɣ ɩɪɨɮɿɥɶ ɝɟɨ ɦɟɬɪɿʀ Ʌɒ ɡɚɥɟɠɧɨ ɜɿɞ ɬɢɩɭ ɿ ɫɬɚɞɿʀ ɏɋɇ ɩɟɪɟɜɚɠɚɸɱɨʀɫɢɦɩɬɨɦɚɬɢɤɢȱɏɋȺȽɚɛɨɏɈɁɅ
Ɂɚɫɬɨɫɭɜɚɧɧɹ ɧɨɜɨɝɨ ɩɿɞɯɨɞɭ ɞɨ ɛɿɥɶɲ
ɪɟɬɟɥɶɧɨʀ ɫɬɪɚɬɢɮɿɤɚɰɿʀ ɧɚɩɪɹɦɤɿɜ ɪɟɦɨɞɟɥɸ ɜɚɧɧɹ Ʌɒ ɭ ɬɚɤɨɝɨ ɤɨɧɬɢɧɝɟɧɬɭ ɯɜɨɪɢɯ ɽ ɛɚɡɢɫɨɦ ɞɥɹ ɩɨɞɚɥɶɲɨɝɨ ɜɢɜɱɟɧɧɹ ɩɪɨɝɧɨ ɫɬɢɱɧɨɝɨɡɧɚɱɟɧɧɹɨɤɪɟɦɢɯɬɢɩɿɜɝɟɨɦɟɬɪɿʀɅɒ ɦɨɠɥɢɜɨɫɬɿɜɩɥɢɜɭɬɟɪɚɩɿʀɧɚʀɯɩɪɨɝɪɟɫɭɜɚɧɧɹɿ ɧɟɫɩɪɢɹɬɥɢɜɢɣɧɚɩɪɹɦɨɤɬɪɚɧɫɮɨɪɦɚɰɿʀ
ɋ
ɋ
ɉ
ɉ
ɂ
ɂ
ɋ
ɋ
Ɉ
Ɉ
Ʉ
Ʉ
Ʌ
Ʌ
ȱ
ȱ
Ɍ
Ɍ
ȿ
ȿ
Ɋ
Ɋ
Ⱥ
Ⱥ
Ɍ
Ɍ
ɍ
ɍ
Ɋ
Ɋ
ɂ
ɂ
ȾɡɹɤȽȼ ɗɮɮɟɤɬɢɜɧɨɫɬɶ ɢɜɚɛɪɚɞɢɧɚ ɭ ɩɚ
ɰɢɟɧɬɨɜ ɫ ɤɚɪɞɢɨɪɟɫɩɢɪɚɬɨɪɧɨɣ ɩɚɬɨɥɨɝɢɟɣ ȽȼȾɡɹɤ ɍɤɪ ɩɭɥɶɦɨɧɨɥ ɠɭɪɧɚɥ ± ± ʋ ɞɨɞɚɬɨɤ±ɋ
ȾɨɥɝɭɲɟɜɚɘȺ ȕɚɝɨɧɢɫɬɵ ɪɚɡɥɢɱɧɨɣ ɞɥɢ ɬɟɥɶɧɨɫɬɢɞɟɣɫɬɜɢɹɭɩɚɰɢɟɧɬɨɜɫɫɨɱɟɬɚɧɢɟɦɫɟɪɞɟɱ ɧɨɫɨɫɭɞɢɫɬɨɣɩɚɬɨɥɨɝɢɢɢɛɪɨɧɯɨɨɛɫɬɪɭɤɬɢɜɧɵɯɡɚ ɛɨɥɟɜɚɧɢɣɘȺȾɨɥɝɭɲɟɜɚɄȺɁɵɤɨɜɂȿɑɚɡɨɜɚ ɉɪɚɤɬɩɭɥɶɦɨɧɨɥɨɝɢɹ±±ʋ±ɋ
ɄɨɜɚɥɶȿȺ ɏɋɇ ɩɪɢ ɤɨɦɨɪɛɢɞɧɵɯ ɫɨɫɬɨɹ ɧɢɹɯɜɵɛɨɪɨɩɬɢɦɚɥɶɧɨɝɨȕɛɥɨɤɚɬɨɪɚȿȺɄɨɜɚɥɶ Ɂɞɨɪɨɜ¶ɹɍɤɪɚʀɧɢ±±ʋ±ɋ
ɍɧɿɮɿɤɨɜɚɧɢɣ ɤɥɿɧɿɱɧɢɣ ɩɪɨɬɨɤɨɥ ɩɟɪɜɢɧɧɨʀ ɜɬɨɪɢɧɧɨʀɫɩɟɰɿɚɥɿɡɨɜɚɧɨʀɬɪɟɬɢɧɧɨʀɜɢɫɨɤɨɫɩɟɰɿɚ
ɥɿɡɨɜɚɧɨʀ ɦɟɞɢɱɧɨʀ ɞɨɩɨɦɨɝɢ ©Ⱥɪɬɟɪɿɚɥɶɧɚ ɝɿɩɟɪ ɬɟɧɡɿɹªɇɚɤɚɡɆɈɁɍɤɪɚʀɧɢʋɜɿɞɪɨɤɭ
ɍɧɿɮɿɤɨɜɚɧɢɣ ɤɥɿɧɿɱɧɢɣ ɩɪɨɬɨɤɨɥ ɩɟɪɜɢɧɧɨʀ ɜɬɨɪɢɧɧɨʀ ɫɩɟɰɿɚɥɿɡɨɜɚɧɨʀ ɬɪɟɬɢɧɧɨʀ ɜɢɫɨɤɨɫɩɟ ɰɿɚɥɿɡɨɜɚɧɨʀɦɟɞɢɱɧɨʀɞɨɩɨɦɨɝɢ©ɋɬɚɛɿɥɶɧɚɿɲɟɦɿɱɧɚ ɯɜɨɪɨɛɚ ɫɟɪɰɹª ɇɚɤɚɡ ɆɈɁ ɍɤɪɚʀɧɢ ʋ ɜɿɞ
%DUQHV3-6\VWHPLFPDQLIHVWDWLRQVDQGFRPRUEL GLWLHVRI&23'3-%DUQHV%5&HOOL(XU5HVSLU-± ±9RO±3±
&DPSR* ,PSDFW RI &23' RQ ORQJWHUP RXW FRPH DIWHU 67VHJPHQW HOHYDWLRQ P\RFDUGLDO LQIDUFWLRQ UHFHLYLQJ SULPDU\ SHUFXWDQHRXV FRURQDU\ LQWHUYHQWLRQ *&DPSR3*XDVWDURED$0DU]RFFKL$6DQWDUHOOL>HW DO@&KHVW±9RO±3
&DPSR*2YHUYLHZRIWKHSKDUPDFRORJLFDOFKDO OHQJHV IDFLQJ SK\VLFLDQV LQ WKH PDQDJHPHQW RI SDWLHQWV ZLWK FRQFRPLWDQW FDUGLRYDVFXODU GLVHDVH DQG FKURQLF REVWUXFWLYH SXOPRQDU\ GLVHDVH * &DPSR 5 3DYDVLQL 6%LVFDJOLD0&RQWROL&&HFRQL(XU+HDUW-±&DU GLRYDVF3KDUPDFRWKHU±±9RO±3
&DUGLRYDVFXODU DQG PRUWDOLW\ RXWFRPHV LQ WKH HOGHUO\ ZLWK LPSDLUHG FDUGLDF DQG SXOPRQDU\ IXQFWLRQ 7KH &DUGLRYDVFXODU +HDOWK 6WXG\ &+6 6:DKHHG 3+0&KDYHV-0*DUGLQ--&DR-$P+HDUW$V VRF±±9RO±3
&23'LQSDWLHQWVZLWKVWDEOHKHDUWIDLOXUHLQWKH SULPDU\ FDUH VHWWLQJ 0-9DON %'%URHNKXL]HQ $0RVWHUG 13 =XLWKRII >HW DO@ ,QWHU - &23' ± ±9RO±3±
&RPRUELGLWLHV LQ SDWLHQWV ZLWK KHDUW IDLOXUH DQ DQDO\VLV RI WKH (XURSHDQ +HDUW )DLOXUH 3LORW 6XUYH\ 90YDQ'HXUVHQ58UVR&/DURFKH.'DPPDQ>HWDO@ (XU-+HDUW)DLOXUH9RO3
)LVKHU.$,PSDFWRI&23'RQWKHPRUWDOLW\DQG WUHDWPHQW RI SDWLHQWV KRVSLWDOL]HG ZLWK DFXWH GHFRPSHQ VDWHGKHDUWIDLOXUH7KH:RUFHVWHU+HDUW)DLOXUH6WXG\$ 0DVWHUV 7KHVLV 8QLYHUVLW\ RI 0DVVDFKXVHWWV 0HGLFDO 6FKRRO*6%6'LVVHUWDWLRQVDQG7KHVHV3DSHU KWWSHVFKRODUVKLSXPDVVPHGHGXJVEVBGLVV
*DDVFK:+ /HIW YHQWULFXODU VWUXFWXUDO UHPRGH OLQJ LQ KHDOWK DQG GLVHDVHZLWK VSHFLDO HPSKDVLV RQ YROXPHPDVVDQGJHRPHWU\:+*DDVFK05=LOH-$P&ROO&DUGLRO±±9RO±3±
*OREDO ,QLWLDWLYH IRU FKURQLF REVWUXFWLYH OXQJ GLVHDVH ± JOREDO VWUDWHJ\ IRU WKH GLDJQRVLV PDQDJHPHQW DQGSUHYHQWLRQIRUFKURQLFREVWUXFWLYHSXOPRQDU\GLVHDVH 8SGDWHG
*X]LN7-³5DGLFDO´/LQN%HWZHHQ&KURQLF2E VWUXFWLYH3XOPRQDU\'LVHDVHDQG&DUGLRYDVFXODU'LVHDVH" 7-*X]LN 7*URG]LFNL +\SHUWHQVLRQ ± ± 9RO±3
,PSDFWRIFKURQLFREVWUXFWLYHSXOPRQDU\GLVHDVH RQ DFXWH SKDVH RXWFRPH RI P\RFDUGLDO LQIDUFWLRQ
.:DNDED\DVKL0$*RQ]DOH]&'HOKD\H,%HQ'RU *0DOXHQGD $P - &DUGLRO ± ± 9RO ± 3±
,QFUHDVHGULVNRIP\RFDUGLDOLQIDUFWLRQDQGVWURNH IROORZLQJ H[DFHUEDWLRQ RI &23' *&'RQDOGVRQ -5+XUVW &-6PLWK 5%+XEEDUG >HW DO@ &KHVW ± ±9RO±3±
/DKRXVVH / &KURQLF REVWUXFWLYH SXOPRQDU\ GL VHDVH DQG VXGGHQ FDUGLDF GHDWK WKH 5RWWHUGDP VWXG\ //DKRXVVH011LHPHLMHU0(YDQGHQ%HUJ(XU +HDUW - GRLHXUKHDUWMHKY $GYDQFH $FFHVV SXEOLVKHG$SULO
/DLQVFDN0 +HDUW IDLOXUH FKURQLF REVWUXFWLYH SXOPRQDU\ GLVHDVH DQG DVWKPD QXPEHUV IDFWV DQG FKDOOHQJHV 0/DLQVFDN 6'$QNHU (6& +HDUW )DLOXUH±±9RO±3
0DFOD\ ' &DUGLRYDVFXODU GLVHDVH LQ &23' '0DFOD\ : 0DF1HH &KHVW ± ± 9RO ± 3±
3UHYDOHQFH RI PDMRU FRPRUELGLWLHV LQ VXEMHFWV ZLWK &23' DQG LQFLGHQFH RI P\RFDUGLDO LQIDUFWLRQ DQG VWURNHDFRPSUHKHQVLYHDQDO\VLVXVLQJGDWDIURPSULPDU\ FDUH -5)HDU\ /&5RGULJXHV &-6PLWK 5%+XEEDUG-(*LEVRQ7KRUD[±±9RO ±3
5HFRPPHQGDWLRQV IRU FDUGLDF FKDPEHU TXDQWLIL FDWLRQE\HFKRFDUGLRJUDSK\DQXSGDWHIURPWKH$PHULFDQ 6RFLHW\ RI (FKRFDUGLRJUDSK\ DQG WKH (XURSHDQ $V VRFLDWLRQ RI &DUGLRYDVFXODU ,PDJLQJ -$P6RF (FKR FDUGLRJU±±9RO±3
5HFRPPHQGDWLRQV RQ WKH XVH RI HFKRFDUGLR JUDSK\LQDGXOWK\SHUWHQVLRQDUHSRUWIURPWKH(XURSHDQ $VVRFLDWLRQRI&DUGLRYDVFXODU,PDJLQJ($&9,DQGWKH $PHULFDQ 6RFLHW\ RI (FKRFDUGLRJUDSK\ $6( 7+ 0DUZLFN 7& *LOOHEHUW * $XULJHPPD - &KLULQRV >HW DO@(XU+HDUW-&DUGLRYDVF,PDJ±±9RO± 3±
5RWKQLH .- &ORVLQJ WKH PRUWDOLW\ JDS DIWHU D P\RFDUGLDOLQIDUFWLRQLQSHRSOHZLWKDQGZLWKRXWFKURQLF REVWUXFWLYHSXOPRQDU\GLVHDVH.-5RWKQLH/6PHHWK (+HUUHWW+HDUW±±9RO±3±
7KH7DVN)RUFHRQ0\RFDUGLDO5HYDVFXODUL]DWLRQ RI WKH (XURSHDQ 6RFLHW\ RI &DUGLRORJ\ (6& DQG WKH (XURSHDQ $VVRFLDWLRQ IRU &DUGLR7KRUDFLF 6XUJHU\ ($&76 *XLGHOLQHV RQ P\RFDUGLDO UHYDVFXODUL]DWLRQ (XU+HDUW-±±9RO±3±
5
5
(
(
)
)
(
(
5
5
(
(
1
1
&
&
(
(
6
6
']LDN*9 >(IIHFWLYHQHVV RI LYDEUDGLQH LQ SD
WLHQWV ZLWK FDUGLRUHVSLUDWRU\ SDWKRORJ\@ 8NU 3XOPRQRO =KVXSO5XVVLDQ
'ROJXVKHYD<$=LNRY.$&KDVRYD,<>%DJR QLVWV GLIIHUHQW DFWLRQV LQ SDWLHQWV ZLWK FRPELQHG FDU GLRYDVFXODU SDWKRORJ\ DQG EURQFKRREVWUXFWLYH GLVHDVHV@ 3UDFWLFDOSXOPRQRORJ\5XVVLDQ
.RYDO($>&+)LQFRPRUELWLHVFRQGLWLRQFKRLFH RIRSWLPDOEEORFNHU@+HDOWKRI8NUDLQH 5XVVLDQ
>2QDSSURYDODQGLPSOHPHQWDWLRQRIPHGLFDODQG WHFKQRORJLFDO GRFXPHQWV RQ VWDQGDUWL]DWLRQ RI PHGLFDO FDUH LQ DUWHULDO K\SHUWHQWLRQ 2UGHU 1 0R+ RI 8NUDLQH@8NUDLQLDQ@
>2QDSSURYDODQGLPSOHPHQWDWLRQRIPHGLFDODQG WHFKQRORJLFDO GRFXPHQWV RQ VWDQGDUWL]DWLRQ RI PHGLFDO FDUHLQVWDEOHLVFKHPLFKHDUWGLVHDVH2UGHU10R+ RI8NUDLQH@8NUDLQLDQ
ɄɅȱɇȱɑɇȺ
ɆȿȾɂɐɂɇȺ
FDUH LQ FKURQLF REVWUXFWLYH SXOPRQDU\ GLVHDVH 2UGHU 1 0R+RI8NUDLQH@8NUDLQLDQ@
%DUQHV3-&HOOL%56\VWHPLFPDQLIHVWDWLRQVDQG
&DPSR**XDVWDURED30DU]RFFKL$6DQWDUHOOL $9DUDQL(9LJQDOL/6DQJLRUJLR37RQGL66HUHQHOOL & 'H 3DOPD 5 6DLD ) ,PSDFW RI &23' RQ ORQJWHUP RXWFRPH DIWHU 67VHJPHQW HOHYDWLRQ P\RFDUGLDO LQIDU FWLRQ UHFHLYLQJ SULPDU\ SHUFXWDQHRXV FRURQDU\ LQWHU YHQWLRQ&KHVW
&DPSR * 3DYDVLQL 5 %LVFDJOLD 6 &RQWROL 0 &HFRQL & 2YHUYLHZ RI WKH SKDUPDFRORJLFDO FKDOOHQJHV IDFLQJ SK\VLFLDQV LQ WKH PDQDJHPHQW RI SDWLHQWV ZLWK FRQFRPLWDQW FDUGLRYDVFXODU GLVHDVH DQG FKURQLF REVWUXF WLYH SXOPRQDU\ GLVHDVH (XU +HDUW - ± &DUGLRYDVF 3KDUPDFRWKHU
:DKHHG6&KDYHV3+0*DUGLQ-0&DR--&DU GLRYDVFXODUDQGPRUWDOLW\RXWFRPHVLQWKHHOGHUO\ZLWKLP SDLUHGFDUGLDFDQGSXOPRQDU\IXQFWLRQ7KH&DUGLRYDVFXODU +HDOWK6WXG\&+6-$P+HDUW$VVRF
9DON0-%URHNKXL]HQ%'0RVWHUG$=XLWKRII 13+RHV$:5XWWHQ)+&23'LQSDWLHQWVZLWKVWDEOH KHDUWIDLOXUHLQWKHSULPDU\FDUHVHWWLQJ,QWHUQ-&23'
YDQ 'HXUVHQ 90 8UVR 5 /DURFKH & 'DPPDQ . 'DKOVWU|P 8 7DYD]]L / 0DJJLRQL $3 9RRUV $$ &RPRUELGLWLHVLQSDWLHQWVZLWKKHDUWIDLOXUHDQDQDO\VLV RIWKH(XURSHDQ+HDUW)DLOXUH3LORW6XUYH\(XU-+HDUW )DLOXUH
)LVKHU.$,PSDFWRI&23'RQWKHPRUWDOLW\DQG WUHDWPHQW RI SDWLHQWV KRVSLWDOL]HG ZLWK DFXWH GHFRPSHQ VDWHGKHDUWIDLOXUH7KH:RUFHVWHU+HDUW)DLOXUH6WXG\$ 0DVWHUV 7KHVLV 8QLYHUVLW\ RI 0DVVDFKXVHWWV 0HGLFDO 6FKRRO*6%6'LVVHUWDWLRQVDQG7KHVHV$YDLODEOH IURPKWWSHVFKRODUVKLSXPDVVPHGHGXJVEVBGLVV
*DDVFK:+=LOH05/HIWYHQWULFXODUVWUXFWXUDOUH PRGHOLQJLQKHDOWKDQGGLVHDVHZLWKVSHFLDOHPSKDVLVRQYROX PHPDVVDQGJHRPHWU\-$P&ROO&DUGLRO *OREDO ,QLWLDWLYH IRU FKURQLF REVWUXFWLYH OXQJGL VHDVH±JOREDOVWUDWHJ\IRUWKHGLDJQRVLVPDQDJHPHQWDQG SUHYHQWLRQ IRU FKURQLF REVWUXFWLYH SXOPRQDU\ GLVHDVH 8SGDWHG
*X]LN7-*URG]LFNL7³5DGLFDO´/LQN%HWZHHQ &KURQLF 2EVWUXFWLYH 3XOPRQDU\ 'LVHDVH DQG &DUGLRYDV FXODU'LVHDVH"+\SHUWHQVLRQ
:DNDED\DVKL.*RQ]DOH]0$'HOKD\H&%HQ 'RU,*0DOXHQGD*,PSDFWRIFKURQLFREVWUXFWLYHSXO PRQDU\ GLVHDVH RQ DFXWH SKDVH RXWFRPH RI P\RFDUGLDO LQIDUFWLRQ$P-&DUGLRO
'RQDOGVRQ*&+XUVW-56PLWK&-+XEEDUG5% :HG]LFKD-$,QFUHDVHGULVNRIP\RFDUGLDOLQIDUFWLRQDQG VWURNH IROORZLQJ H[DFHUEDWLRQ RI &23' &KHVW
/DKRXVVH / 1LHPHLMHU 01 YDQ GHQ %HUJ 0( &KURQLF REVWUXFWLYH SXOPRQDU\ GLVHDVH DQG VXGGHQ FDU GLDF GHDWK WKH 5RWWHUGDP VWXG\ (XU +HDUW -GRLHXUKHDUWMHKY
/DLQVFDN0$QNHU6'+HDUWIDLOXUHFKURQLFRE VWUXFWLYHSXOPRQDU\GLVHDVHDQGDVWKPDQXPEHUVIDFWV DQGFKDOOHQJHV(6&+HDUW)DLOXUH
0DFOD\'0DF1HH:&DUGLRYDVFXODUGLVHDVHLQ &23'&KHVW
)HDU\-55RGULJXHV/&6PLWK&-+XEEDUG5% *LEVRQ-(3UHYDOHQFHRIPDMRUFRPRUELGLWLHVLQVXEMHFWV ZLWK &23' DQG LQFLGHQFH RI P\RFDUGLDO LQIDUFWLRQ DQG VWURNHDFRPSUHKHQVLYHDQDO\VLVXVLQJGDWDIURPSULPDU\ FDUH7KRUD[
5HFRPPHQGDWLRQV IRU FDUGLDF FKDPEHU TXDQWLIL FDWLRQE\HFKRFDUGLRJUDSK\DQXSGDWHIURPWKH$PHULFDQ 6RFLHW\ RI (FKRFDUGLRJUDSK\ DQG WKH (XURSHDQ $V VRFLDWLRQRI&DUGLRYDVFXODU,PDJLQJ-$P6RF(FKRFDU GLRJU±
0DUZLFN 7+ *LOOHEHUW 7& $XULJHPPD * &KL ULQRV-'HUXPHDX[**DOGHULVL0*RWWGLHQHU-+DOXVND % 2ILOL ( 6HJHUV 3 6HQLRU 5 7DSS 5- =DPRUDQR -/ 5HFRPPHQGDWLRQV RQ WKH XVH RI HFKRFDUGLRJUDSK\ LQ DGXOW K\SHUWHQVLRQ D UHSRUW IURP WKH (XURSHDQ $VVR FLDWLRQ RI &DUGLRYDVFXODU ,PDJLQJ ($&9, DQG WKH $PHULFDQ6RFLHW\RI(FKRFDUGLRJUDSK\$6((XU+HDUW -&DUGLRYDVF,PDJ
5RWKQLH .- 6PHHWK / +HUUHWW ( &ORVLQJ WKH PRUWDOLW\JDSDIWHUDP\RFDUGLDOLQIDUFWLRQLQSHRSOHZLWK DQG ZLWKRXW FKURQLF REVWUXFWLYH SXOPRQDU\ GLVHDVH +HDUW
7KH7DVN)RUFHRQ0\RFDUGLDO5HYDVFXODUL]DWLRQ RI WKH (XURSHDQ 6RFLHW\ RI &DUGLRORJ\ (6& DQG WKH (XURSHDQ $VVRFLDWLRQ IRU &DUGLR7KRUDFLF 6XUJHU\ ($&76 *XLGHOLQHV RQ P\RFDUGLDO UHYDVFXODUL]DWLRQ
(XU+HDUW-ɋɬɚɬɬɹɧɚɞɿɣɲɥɚɞɨɪɟɞɚɤɰɿʀ
