Sie sind auf Seite 1von 14

:&&)/  

3V\FK$GMHFWLYHV DQG 6HPDQWLF 6HOHFWLRQ


,'$1 /$1'$8

$GMHFWLYHV DQG ,QILQLWLYDO &RPSOHPHQWV 7KH 3X]]OH

)DUDFL  PDGH WKH REVHUYDWLRQ WKDW WKH SRVVLELOLW\ RI REMHFW GHOHWLRQ LQ D IRULQILQLWLYDO FRPSOHPHQW RI D SUHGLFDWH FRUUHODWHV ZLWK WKH VHPDQWLF SURSHUWLHV RI WKH SUHGLFDWH  D 7KH SDWLHQW LV UHDG\DQ[LRXVHDJHU IRU WKH GRFWRU WR RSHUDWH RQ KLP E 7KH SDWLHQW LV UHDG\DQ[LRXVHDJHU IRU WKH GRFWRU WR RSHUDWH RQ BBB F 7KH WXPRU LV UHDG\ IRU WKH GRFWRU WR RSHUDWH RQ BBB G 7KH WXPRU LV UHDG\ IRU WKH GRFWRU WR RSHUDWH RQ LW >)DUDFL  @

)DUDFLV JHQHUDOL]DWLRQ ZDV WKDW SV\FKRORJLFDO SUHGLFDWHV GR QRW WDNH FRPSOH PHQWV ZLWK GHOHWHG REMHFWV S  1RWLFH WKDW WKH SUHGLFDWH UHDG\ LV DPELJXRXV EHWZHHQ D SV\FKRORJLFDO UHDGLQJ DV LQ DE  DQG D PDWHULDO QRQ SV\FKRORJLFDO UHDGLQJ DV LQ FG  :H ZLOO QRWDWH WKRVH DV UHDG\ DQG UHDG\  UHVSHFWLYHO\ 7R DYRLG FRQIXVLRQ OHW XV JLYH D SUHFLVH GHILQLWLRQ RI SV\FKRORJLFDO 7KH GHILQLWLRQ PHUHO\ VSHOOV RXW LQWXLWLYH VHPDQWLF HQWDLOPHQWV
3 0

 /HW 3 EH DQ QSODFH SUHGLFDWH 3 LV SV\FKRORJLFDO LII 3 [ [  [ !  [ V [ LV LQ V >V VRPH PHQWDO VWDWH@
 L Q L L

7KDW LV D SUHGLFDWH LV SV\FKRORJLFDO LI DQG RQO\ LI LW IROORZV IURP WKH WUXWK RI WKH PLQLPDO SURSRVLWLRQ LQ ZKLFK LW RFFXUV WKDW VRPH DUJXPHQW RI WKH SUHGLFDWH LV DQ H[SHULHQFHU LH DQ LQGLYLGXDO LQ D FHUWDLQ PHQWDO VWDWH )DUDFLV JHQHUDOL]DWLRQ WR WKH EHVW RI P\ NQRZOHGJH ZDV QHYHU H[SODLQHG %HIRUH ZH DWWHPSW WR H[SODLQ LW ZH VKRXOG GHWHUPLQH LWV DFWXDO VFRSH ,W WXUQV RXW WKDW UHODWHG IDFWV QRW GLVFXVVHG E\ )DUDFL REWDLQ ZKHQ WKH VXEMHFW RI WKH LQILQLWL

YDO FRPSOHPHQW LV QXOO 7KXV FRQVLGHU WKH IROORZLQJ FDVHV ZLWK SV\FKRORJLFDO :&&)/   DGMHFWLYHV  D -RKQ LV UHDG\ >H WR VHUYH KLV FRXQWU\@ E -RKQ LV UHDG\ >H WR EH VHUYHG@ F -RKQ LV UHDG\ >H WR VHUYH H @
  3 3    3 DUE     

 D %LOO LV DIUDLG >H WR WHOO WKH WUXWK@ E %LOO LV DIUDLG >H WR EH WROG WKH WUXWK@ F %LOO LV DIUDLG >H WR WHOO WKH WUXWK WR H @
     DUE 

 D 0DU\ ZDV KDSS\ >H WR DVVLVW DQ\RQH@ E 0DU\ ZDV KDSS\ >H WR EH DVVLVWHG@ E 0DU\ ZDV KDSS\ >H WR DVVLVW H @
 DUE 

,Q WKHVH H[DPSOHV WKH PDWUL[ VXEMHFW WKH H[SHULHQFHU FDQ EH DVVRFLDWHG ZLWK D VXEMHFW JDS EXW QRW ZLWK DQ REMHFW JDS LQ LWV FRPSOHPHQW &RPSDUH WKH IROORZLQJ H[DPSOHV ZLWK QRQSV\FKRORJLFDO DGMHFWLYHV ZKHUH WKH PDWUL[ VXEMHFW WKH WKHPH FDQ  LQ IDFW PXVW  EH DVVRFLDWHG ZLWK HLWKHU D VXEMHFW RU DQ REMHFW JDS  D 7KH VRXS ZLOO EH UHDG\ >H WR EH VHUYHG LQ  PLQXWHV@ E 7KH VRXS ZLOO EH UHDG\ >H WR VHUYH LW LQ  PLQXWHV@ F 7KH VRXS ZLOO EH UHDG\ >H WR VHUYH H LQ  PLQXWHV@
 0   0 DUE   0 DUE   

 D 7KH ERRN LV DYDLODEOH >H WR EH UHDG@ E 7KH ERRN LV DYDLODEOH >H WR UHDG LW @ F 7KH ERRN LV DYDLODEOH >H WR UHDG H @
 DUE   DUE 

 D 7KLV VWRU\ LV QRW ILW >H WR EH SULQWHG@ E 7KLV VWRU\ LV QRW ILW >H WR SULQW LW @ F 7KLV VWRU\ LV QRW ILW >H WR SULQW H @
   DUE   DUE 

7KH FRQWUDVW LV QLFHO\ LOOXVWUDWHG E\ WKH IDPRXV DPELJXLW\ RI D   D 7KH FKLFNHQ LV UHDG\ WR HDW E 7KH FKLFNHQ LV UHDG\ WR EH HDWHQ F 7KH FKLFNHQ LV UHDG\ >H WR HDW@ G 7KH FKLFNHQ LV UHDG\ >H WR HDW H @ H 7KH FKLFNHQ LV UHDG\ >H WR HDW H @
 3   3 DUE   0 DUE 

2Q WRS RI WKH IDPLOLDU DFWLYHSDVVLYH DPELJXLW\ RI D WKHUH LV DQ DGGLWLRQDO DPELJXLW\ LQ WKH VHQVH RI UHDG\ ,QWHUHVWLQJO\ ZH GR QRW JHW DOO IRXU ORJLFDOO\

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
 

 $GMHFWLYH,QILQLWLYH *HQHUDOL]DWLRQ

,W LV WKH WDVN RI WKH QH[W VHFWLRQ WR GHULYH  IURP GHHSHU SULQFLSOHV  6HPDQWLF 6HOHFWLRQ DQG &ODXVH7\SLQJ

*LYHQ D SUHGLFDWH 3 WKDW WDNHV DQ LQILQLWLYDO FRPSOHPHQW & D ,I 3 LV SV\FKRORJLFDO & FRQWDLQV DW PRVW RQH JDS  LQ VXEMHFW SRVLWLRQ E ,I 3 LV QRQSV\FKRORJLFDO & FRQWDLQV H[DFWO\ RQH JDS VXEMHFW RU REMHFW 

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


  

, DP JUDWHIXO WR 1RDP &KRPVN\ IRU EULQJLQJ WKLV SRLQW WR P\ DWWHQWLRQ &KRPVN\V REVHUYDWLRQ

ODXQFKHGP\LQYHVWLJDWLRQLQWRFRPSOH[SUHGLFDWHV :HGRQRWFRQVLGHUDUELWUDU\352DVDJDSLQWKHUHOHYDQWVHQVHLHDSRVLWLRQERXQGE\D

PDWUL[DUJXPHQW7KHOLFHQVLQJRIDUELWUDU\352LVRUWKRJRQDOWRWKHSUHVHQWGLVFXVVLRQ 7KLV LV DQ RYHUVLPSOLILFDWLRQ $ IHZ SV\FKDGMHFWLYHV FDQ RSWLRQDOO\ DSSHDU ZLWK QR QRWLRQDO

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

/HW XV QRZ VWDWH WKRVH LQWXLWLRQV IRUPDOO\ :&&)/    6HPDQWLF 6HOHFWLRQ D $ SV\FKDGMHFWLYH GHQRWHV D WZR SODFH UHODWLRQ EHWZHHQ DQ LQGLYLGXDO H[SHULHQFHU DQG DQ HYHQWXDOLW\ WDUJHWVXEMHFWPDWWHU  $ '3 &3 !
3 H VW!

E

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
 

$ QRQSV\FK PDWHULDO DGMHFWLYH GHQRWHV D RQH SODFH SURSHUW\ RI DQ LQGLYLGXDO WKHPH  7KDW SURSHUW\ LQ WXUQ FDQ EH PRGLILHG E\ D SUHGLFD WLYH LQILQLWLYDO L $ '3 LL &3 $ '3
 0 H HVW! 0 H

 6HPDQWLF 7\SRORJ\ RI ,QILQLWLYDO &ODXVHV D E




> >

&3

&3

2S > '3352 > 2S > W  >  @ @@


 ,3 DUE  ,3  93

93

 W @ @@ &3 GHQRWHV D SUHGLFDWH HVW!! &3 GHQRWHV D SUHGLFDWH HVW!!




, OHDYH WKH SUHFLVH VHPDQWLFV RI WKH PRGLILFDWLRQ UHODWLRQ LH WKH QDWXUH RI LQ ELL XQVSHFL

ILHG $Q LQIRUPDO SDUDSKUDVH RI WKLV UHODWLRQ LV ZLWK UHVSHFW WR WKXV D LV URXJKO\ LQWHUSUHWHG DV 7KH FKLFNHQ LV UHDG\ ZLWK UHVSHFW WR HDWLQJ 2IWHQ D SXUSRVH RU XWLOLW\ LV LPSOLHG DV LQ D  EXW

WKLVLVQRWQHFHVVDU\ HJ7KHYROFDQRLVUHDG\WRHUXSW  %\ SURSRVLWLRQDO , VLPSO\ PHDQ D VDWXUDWHG VW!W\SH HQWLW\ DV RSSRVHG WR WKH XQVDWXUDWHG

SUHGLFDWLYH HVW!!W\SH HQWLW\ 7KH WHUP WKXV FRYHUV SURSRVLWLRQV IDFWV DQG GLIIHUHQW NLQGV RI HYHQWXDOLWLHV

7KURXJKRXW WKH GLVFXVVLRQ , DP LJQRULQJ 13JDSV LQ SDVVLYH DQG XQDFFXVDWLYH FRQVWUXFWLRQV

7KHVH JDSV DUH VDWXUDWHG LQWHUQDO WR WKH LQILQLWLYH E\ WKH GHULYHG VXEMHFW  KHQFH KDYH QR HIIHFW RQ LWVVHPDQWLFW\SH

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
DUE

:&&)/ F > >  '3352>


&3 ,3

93

 @

&3 GHQRWHV D SURSRVLWLRQ VW!



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
&3   

D E

7KH PRQH\ LV >WR EH GHSRVLWHG QRW ZDVWHG@ 7KH ULJKW SHUVRQ >WR IL[ WKH VLQN@ FRXOG QRW EH IRXQG

7R WKH H[WHQW WKDW RQH FDQ ILQG OLQJXLVWLF WHVWV WKDW DUH VHQVLWLYH WR WKH VHPDQWLF W\SH RI WKH LQILQLWLYH E VKRXOG SDWWHUQ ZLWK F  UDWKHU WKDQ D  7KLV LV LQ VSLWH RI WKH IDFW WKDW DE ERWK LQYROYH VXEMHFW JDSV ZKLOH F LQYROYHV DQ

 D E F

-RKQ LV UHDG\ >352 WR HDW WKH VRXS@ 7KH VRXS LV UHDG\ >2S >W WR EH HDWHQ@@ 7KH VRXS LV UHDG\ >2S >IRU XV352 WR HDW W @@
3    0 0    DUE 

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
 3 

DQVZHU WRPRUURZ

 D

E +RZ LV -RKQ UHDG\ WR HDW WKH GLVK W " :&&)/  
 3 

 D


$ WKLUG FRQWH[W WKDW GLVWLQJXLVKHV DUJXPHQWV IURP PRGLILHUV LV SUHSRVLWLRQ VWUDQGLQJ %RWK SV\FK DQG QRQSV\FK DGMHFWLYHV FDQ IUHHO\ WDNH IRU33V -RKQ LV UHDG\ IRU WKH H[DP
3

 D 5HDG\ WR VHUYH EH VHUYHG WKRXJK ,P VXUH WKH VRXS LV , GRXEW WKDW WKH JXHVWV ZLOO ZDQW LW RQ VXFK D KRW GD\ E "" 5HDG\ WKRXJK ,P VXUH WKH VRXS LV WR VHUYH EH VHUYHG  , GRXEW WKDW WKH JXHVWV ZLOO ZDQW LW RQ VXFK D KRW GD\
0 0

 D 5HDG\ DQ[LRXVZLOOLQJ WR VHUYH KLV FRXQWU\ WKRXJK ,P VXUH -RKQ LV , GRXEW WKDW KH LV DQ[LRXV WR EH SRVWHG LQ %RVQLD E 5HDG\ DQ[LRXVZLOOLQJ WKRXJK ,P VXUH -RKQ LV WR VHUYH KLV FRXQWU\  , GRXEW WKDW KH LV DQ[LRXV WR EH SRVWHG LQ %RVQLD
3 3

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


E +RZ LV WKH HYLGHQFH DYDLODEOH IRU WKH SROLFH WR LQVSHFW W " DQVZHU ZLWK FDUH F +RZ LV WKH HYLGHQFH DYDLODEOH WR EH LQVSHFWHG W " DQVZHU ZLWK FDUH
 

+RZ LV WKH SROLFH ZLOOLQJ WR LQVSHFW WKH HYLGHQFH W " DQVZHU ZLWK FDUH


DQVZHU ZLWK FKRSVWLFNV

([WUDSRVLWLRQLQ  LPSURYHVLQWKHSUHVHQFHRIDOH[LFDOFRPSOHPHQWL]HU L WKLVLVH[SHFWHGLQ

DQDORJ\WRWKHVDPHUHVWULFWLRQRQUHODWLYHFODXVHH[WUDSRVLWLRQ LL RQWKHDVVXPSWLRQWKDWERWK W\SHVRIFODXVHVDUHSUHGLFDWLYHPRGLILHUV L LL D $ERRN IRU\RX WRUHDGDUULYHG\HVWHUGD\ $ERRNDUULYHG\HVWHUGD\ IRU\RX WRUHDG 5HDG\ 0WKRXJK,PVXUHWKHVRXSLVIRUWKHZDLWHUWRVHUYH ,GRXEWWKDWWKHJXHVWVZLOOZDQWLWRQVXFKDKRWGD\

E

E 7KH :&&)/  VRXS LV UHDG\ IRU GLQQHU


0

 D E

+RZHYHU D ZKDWTXHVWLRQ FDQ EH DQVZHUHG ZLWK DQ LQILQLWLYH RQO\ LQ WKH SV\FK YDULDQW WKH QRQSV\FK YDULDQW LV PDUJLQDO DW EHVW  D E F G -RKQ LV UHDG\ WR WDNH WKH H[DP :KDW LV -RKQ LV UHDG\ IRU" 7R WDNH WKH H[DP )HZ MRXUQDOLVWV DUH HDJHU WR FRYHU WKLV VWRU\ :KDW DUH IHZ MRXUQDOLVWV HDJHU IRU" 7R FRYHU WKLV VWRU\
3 3 0

)HZ MRXUQDOLVWV DUH HDJHU IRU WKLV NLQG RI MRE )HZ MRXUQDOLVWV DUH DYDLODEOH IRU WKLV NLQG RI MRE

 D 7KH VRXS LV UHDG\ WR HDW  EH HDWHQ E "" :KDW LV WKH VRXS UHDG\ IRU" 7R HDW  EH HDWHQ F 7KH YROFDQR LV UHDG\ WR HUXSW G :KDW LV WKH YROFDQR UHDG\ IRU" 7R HUXSW
0 0 0

7KH IDLOXUH RI SUHSRVLWLRQ VWUDQGLQJ ZLWK QRQSV\FK DGMHFWLYHV LV LQ IDFW TXLWH VLJQLILFDQW 7KH WUDGLWLRQDO WUHDWPHQW RI LQILQLWLYDO FRPSOHPHQWV WR WKHVH DGMHF WLYHV DVVLPLODWHV WKHP WR SXUSRVH FODXVHV )DUDFL  %DFK  &KLHUFKLD   +RZHYHU LW LV D ZHOONQRZQ IDFW WKDW SXUSRVH FODXVHV FDQ EH TXHVWLRQHG ZLWK QR FRPSDUDEOH HIIHFW RQ DFFHSWDELOLW\  D E :KDW GLG -RKQ EX\ WKLV ERRN IRU" 7R UHDG WR KLV FKLOGUHQ :KDW GLG 0DU\ VHQG -RKQ IRU" 7R REWDLQ WKH VHFUHW GRFXPHQWV

,I FRPSOHPHQWV WR QRQSV\FK DGMHFWLYHV DUH JHQXLQH SXUSRVH FODXVHV WKHQ WKHLU LQFRPSDWLELOLW\ ZLWK SUHSRVLWLRQ VWUDQGLQJ LV P\VWHULRXV DW OHDVW LQ WKH QRQ XQDFFXVDWLYH FDVHV  ,I RQ WKH RWKHU KDQG WKH\ DUH SUHGLFDWH PRGLILHUV WKHQ ZH H[SHFW WKHP WR FRQWUDVW ZLWK DUJXPHQWV LQ WKLV UHVSHFW


$ &URVVOLQJXLVWLF &RUUHODWLRQ

, KDYH DUJXHG WKDW VXEMHFWJDS LQILQLWLYHV XQGHU QRQSV\FKDGMHFWLYHV DV LQ   DUH SRVVLEOH LQ (QJOLVK GXH WR WKH DYDLODELOLW\ RI VWUDWHJ\ E  QDPHO\ QXOO RS HUDWRU PRYHPHQW IURP WKH VXEMHFW SRVLWLRQ LQ WKH LQILQLWLYH  D E


7KH ERRN LV DYDLODEOH > 2S > W WR EH UHDG@@ 7KLV VWRU\ LV QRW ILW > 2S > W WR EH SULQWHG@
 &3    &3  

6HH &KLHUFKLD  IRU WKH SURSRVDO WKDW SXUSRVH FODXVHV DUH DUJXPHQWV RI DXJPHQWHG SUHGL

FDWHV

, KDYH DOVR VXJJHVWHG WKDW WKH VDPH VWUDWHJ\ LV HPSOR\HG LQ LQILQLWLYDO UHODWLYH FRQVWUXFWLRQV OLNH   )ROORZLQJ &ODUN   , DVVXPH WKDW QXOO RSHUDWRU FKDLQV DUH VXEMHFW WR FHUWDLQ FDVH UHTXLUHPHQWV $OWKRXJK WKH SUHFLVH QDWXUH RI WKHVH UHTXLUHPHQWV LV QRW FOHDU LW LV FRQFHLYDEOH WKDW ODQJXDJHV PD\ GLIIHU RQ WKHLU FDVH UHVRXUFHV ,Q SDUWLFXODU 352 PD\ EHDU D UHDO FDVH LQ VRPH ODQJXDJHV ,FHODQGLF DQG 5XVVLDQ EXW QR RU MXVW QXOO FDVH LQ RWKHUV (QJOLVK  ,I &ODUN LV FRUUHFW LQ DVVXPLQJ WKDW QXOO RSHUDWRU FKDLQV UHVLVW FDVH LQ VRPH IDVKLRQ ZH PD\ H[SHFW FURVVOLQJXLVWLF GLI IHUHQFHV LQ WKLV GRPDLQ ,Q IDFW ZH FDQ GHULYH D YHU\ VSHFLILF SUHGLFWLRQ $VVXPH WKDW VRPH FDVH UHODWHG IDFWRU FDOO LW )  LV UHVSRQVLEOH IRU WKH DYDLODELOLW\ RI QXOORSHUDWRU FKDLQV WDLOHG E\ VXEMHFWJDSV LQ LQILQLWLYHV $VVXPH IXUWKHU WKDW ZKHWKHU RU QRW ) LV UHDOL]HG LQ D JLYHQ ODQJXDJH LV D SDUDPHWULF RSWLRQ 6LQFH ZH UHGXFH ERWK VXEMHFW LQILQLWLYDO UHODWLYHV DQG VXEMHFWJDS FRPSOHPHQWV WR QRQSV\FKDGMHFWLYHV WR WKH SUHVHQFH RI )  ZH SUHGLFW WKH IROORZLQJ FRUUHODWLRQ
& & &

F 7KH :&&)/  YROFDQR  LV UHDG\ > 2S > W WR HUXSW@@


 0 &3  

 7KH ULJKW SHUVRQ >2S >W WR IL[ WKH VLQN@@ FRXOG QRW EH IRXQG
  

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pEHF )UHQFK %UD]LOLDQ 3RUWXJXHVH 6SDQLVK 6ZHGLVK DQG WKH *HUPDQ GLDOHFW RI ,W]JUQGLVFK /DQJXDJHV WKDW ODFN ERWK FRQVWUXFWLRQV DUH 8SSHU $XVWULDQ 5XV VLDQ +HEUHZ DQG +LQGL , KDYH QRW IRXQG D ODQJXDJH WKDW KDV RQH RI WKH WZR FRQ VWUXFWLRQV PHQWLRQHG LQ  EXW QRW WKH RWKHU 'XH WR VSDFH OLPLWDWLRQV , SURYLGH RQO\ D VDPSOH RI WKH UHOHYDQW GDWD

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

D DQG E GLVSOD\ D VXEMHFW LQILQLWLYDO UHODWLYH DQG D VXEMHFWJDS FRPSOH PHQW WR D QRQSV\FKDGMHFWLYH UHVSHFWLYHO\ 7KH FRQWUDVW EHWZHHQ EG LQGL FDWHV WKDW FRQWURO LQ DGMHFWLYDO FRQVWUXFWLRQV LV RQO\ SRVVLEOH LQ FRPSOHPHQWV RI SV\FKDGMHFWLYHV ,QWHUHVWLQJO\ +LQGL DOORZV DQ REMHFWJDS FRPSOHPHQW WR D QRQ

SV\FK DGMHFWLYH F  WKLV PHDQV WKDW ZKDWHYHU UXOHV RXW E LV VSHFLILF WR WKH :&&)/   VXEMHFW SRVLWLRQ RI LQILQLWLYHV 1RWLFH WKDW DOO WKH ODQJXDJHV WKDW ODFN VXEMHFWJDS FRPSOHPHQWV WR QRQ SV\FK DGMHFWLYHV KDYH FRQWURO VWUXFWXUHV ZLWK SV\FKDGMHFWLYHV ,QGHHG ZKHQ UHDG\ LV OH[LFDOO\ DPELJXRXV EHWZHHQ WKH WZR VHQVHV WKH FRQWURO RSWLRQ LV DO ZD\V DYDLODEOH 7KXV E DQG E DUH DFFHSWDEOH XQGHU WKH DEVXUG UHDGLQJ ZKHUHE\ WKH PDQXVFULSW LV PHQWDOO\ SUHSDUHG WR EH UHDG ,Q WKLV VHFWLRQ , SUHVHQWHG DQ DUJXPHQW IURP D FURVVOLQJXLVWLF FRUUHODWLRQ WR WKH HIIHFW WKDW FRPSOHPHQWV WR QRQSV\FKDGMHFWLYHV LQYROYH QXOO RSHUDWRU PRYHPHQW 1DWXUDOO\ RQH VKRXOG EH FDXWLRXV ZKHQ GUDZLQJ XQLYHUVDO FRQFOX VLRQV IURP D VDPSOH RI  ODQJXDJHV 1HYHUWKHOHVV LQ WKH DEVHQFH RI NQRZQ FRXQWHUH[DPSOHV WR JHQHUDOL]DWLRQ   , VKDOO WDNH LW WHQWDWLYHO\ WR EH WUXH OHDYLQJ LWV XOWLPDWH FRUURERUDWLRQ IRU IXUWKHU UHVHDUFK 7KHUH DUH RWKHU SLHFHV PLVVLQJ LQ WKH EDFNJURXQG , KDYH QRW VSHOOHG RXW WKH SUHFLVH WKHRU\ RI QXOORSHUDWRU FKDLQV WKDW DFFRXQWV IRU WKHLU GLVWULEXWLRQ , WKLQN WKDW &ODUNV  LQVLJKW WKDW WKLV SUREOHP LV WLJKWO\ UHODWHG WR &DVH WKHRU\ LV FRUUHFW EXW WKH GHWDLOV KDYH \HW WR EH ILOOHG 3URSHUWLHV RI OH[LFDO FRPSOHPHQWL] HUV DFURVV ODQJXDJHV VHHP WR EH UHOHYDQW WKXV WKH PLQLPDO FRQWUDVW EHWZHHQ ,W]JUQGLVFK *HUPDQ DQG 8SSHU $XVWULDQ PD\ EH WUDFHG WR LQGHSHQGHQW GLIIHU HQFHV EHWZHHQ WKH SURSHUWLHV RI WKH SDUWLFOH XP LQ WKHVH GLDOHFWV /DQJXDJHV ZLWK LQIOHFWHG LQILQLWLYHV OLNH 3RUWXJXHVH PD\ H[SORLW RWKHU PHFKDQLVPV WR OLFHQVH VXEMHFW JDSV :LWK WKLV LQ PLQG WKH VLJQLILFDQFH RI JHQHUDOL]DWLRQ  VWDQGV RQ LWV RZQ 7KH FODLP ZH PDNH LV WKDW WKH VDPH PHFKDQLVPV ZKDWHYHU WKH\ WXUQ RXW WR EH XQGHUOLH FRPSOHPHQWDWLRQ WR QRQSV\FKDGMHFWLYHV DQG QXOORSHUDWRU VWUXF WXUHV &UXFLDOO\ DQG WKLV LV DOO ZH QHHG WR HVWDEOLVK REOLJDWRU\ FRQWURO LV DYDLO DEOH WKURXJK D GLIIHUHQW PHFKDQLVP  &RQVHTXHQFHV IRU WKH 7KHRU\ RI &RQWURO 7KH SUHVHQW SURSRVDO FUXFLDOO\ UHOLHV RQ WKH QRWLRQ RI VHPDQWLF VHOHFWLRQ 7KH LGHD WKDW D SUHGLFDWH VHOHFWV IRU WKH VHPDQWLF W\SH SURSRVLWLRQ RU SUHGLFDWH RI LWV FRPSOHPHQW ,W WKHUHIRUH EHDUV GLUHFWO\ RQ WKH ROG GHEDWH EHWZHHQ VHPDQWLF DQG V\QWDFWLF FRQFHSWLRQV RI REOLJDWRU\ FRQWURO 7KH VHPDQWLF YLHZ WKDW WDNHV LQILQLWLYHV ZLWK D VXEMHFW JDS WR GHQRWH XQVDWXUDWHG SUHGLFDWHV LV UHSUHVHQWHG LQ %DFK    :LOOLDPV   'RZW\  DQG &KLHUFKLD    7KH V\QWDFWLF YLHZ WKDW WDNHV LQILQLWLYHV ZLWK D VXEMHFW JDS WR GHQRWH SURSRVL WLRQV LV UHSUHVHQWHG LQ WKH *% OLWHUDWXUH E\ &KRPVN\   0DQ]LQL   %RXFKDUG   %RUHU  DQG RWKHUV 7KH SUHVHQW SURSRVDO LV VLWXDWHG ZLWKLQ WKH V\QWDFWLF FDPS KRZHYHU LW LQYRNHV D QRWLRQ RI VHPDQWLF VHOHFWLRQ 7KHUHIRUH WR DYRLG WHUPLQRORJLFDO FRQIXVLRQ , ZLOO UHIHU WR WKH VHPDQWLF YLHZ PHQWLRQHG DERYH ZKHUH WKH LQILQLWLYH LV WDNHQ WR GHQRWH D SUHGLFDWH WKH SUHGL FDWLRQDO YLHZ RI REOLJDWRU\ FRQWURO DQG FRQWUDVW LW ZLWK WKH SURSRVLWLRQDO YLHZ

7KH SUHFHGLQJ :&&)/   GLVFXVVLRQ SURYLGHV WKUHH DUJXPHQWV LQ IDYRU RI WKH SURSRVL

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




8QGHU WKH SURSRVLWLRQDO YLHZ WKDW GLVWLQFWLRQ LV ELXQLTXHO\ UHODWHG WR VHPDQWLF W\SLQJ 3URSRVLWLRQV DUH DUJXPHQWV SUHGLFDWHV DUH PRGLILHUV 2Q WKH FRQWUDU\

1RWLFH WKDW &ODUNV  UHGXFWLRQ RI REOLJDWRU\ FRQWURO WR SUHGLFDWLRQ IDFHV WKH VDPH SUREOHP

D E

-RKQ LV UHDG\ >BBB WR HDW WKH VRXS@ 7KH VRXS LV UHDG\ >BBB WR EH HDWHQ@
3  0

LQ VSLWH RI HQWHUWDLQLQJ 352 LQ WKH V\QWD[ &RPSOHPHQWV WR DGMHFWLYHV DUH QRW FDVHPDUNHG LQ &ODUNV VHQVH VR QXOO RSHUDWRU PRYHPHQW IURP WKH REMHFW SRVLWLRQ DV LQ WRXJKFRQVWUXFWLRQV LV LQFRUUHFWO\DOORZHGWRRFFXUZLWKSV\FKDGMHFWLYHVLQKLVV\VWHP

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
,1)

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

5HIHUHQFHV


%DFK (PPRQ  &RQWURO LQ 0RQWDJXH *UDPPDU /LQJXLVWLF ,QTXLU\  

%DFK (PPRQ  3XUSRVH &ODXVHV DQG &RQWURO ,Q -DFREVRQ 3DXOLQH DQG *HIIHU\ . 3XOOXP HGV  7KH 1DWXUH RI 6\QWDFWLF 5HSUHVHQWDWLRQ 5HLGHO 'RUGUHFKW  

%RUHU +DJLW  $QDSKRULF $*5 ,Q -DHJJOL 2VYDOGR DQG .HQQHWK - 6DILU HGV 7KH1XOO6XEMHFW3DUDPHWHU.OXZHU$FDGHPLF3XEOLVKHUV

%RXFKDUG'HQLV2QWKH&RQWHQWRI(PSW\&DWHJRULHV)RULV'RUGUHFKW &KLHUFKLD *HQQDUR  7RSLFV LQ WKH 6\QWD[ DQG 6HPDQWLFV RI ,QILQLWLYHV DQG *HU XQGV'RFWRUDOGLVVHUWDWLRQ8PDVV$PKHUVW

&KLHUFKLD *HQQDUR  6WUXFWXUHG 0HDQLQJV 7KHPDWLF5ROHVDQG&RQWURO,Q&KLHU FKLD *HQQDUR %DUEDUD 3DUWHH DQG 5D\PRQG 7XUQHU HGV  3URSHUWLHV 7\SHV DQG 0HDQLQJV,,'RUGUHFKW.OXZHU

&KRPVN\1RDP/HFWXUHVRQ*RYHUQPHQWDQG%LQGLQJ'RUGUHFKW.OXZHU &ODUN 5RELQ  7KHPDWLF 7KHRU\ LQ 6\QWD[ DQG ,QWHUSUHWDWLRQ 5RXWOHGJH /RQ GRQ

'RZW\ 'DYLG  2Q 5HFHQW $QDO\VHV RI WKH 6HPDQWLFV RI &RQWURO /LQJXLVWLFV DQG3KLORVRSK\

)DUDFL 5REHUW  $VSHFWV RI WKH *UDPPDU RI ,QILQLWLYHV DQG )RU3KUDVHV 'RF WRUDOGLVVHUWDWLRQ0,7

/DQGDX,GDQ&RQWURODQG([WUDSRVLWLRQ7KH&DVHRI6XSHU(TXL0V0,7 0DQ]LQL 0 5LWD  2Q &RQWURO DQG &RQWURO 7KHRU\ /LQJXLVWLF ,QTXLU\  

3HVHWVN\'DYLG=HUR6\QWD[&DPEULGJH0,73UHVV :LOOLDPV(GZLQ3UHGLFDWLRQ/LQJXLVWLF,QTXLU\

Das könnte Ihnen auch gefallen