Ii zjazd art radoń myślenie twórcze st psych

Page 1

[ @

,17(/,*(1&-$ (02&-21$/1$ $ 6326Ï% '2ĝ:,$'&=$1,$

6WXGLD 3V\FKRORJLFD 8.6: V

67$1,6à$: 5$'2ē* 8QLZHUV\WHW 3DSLHVNL -DQD 3DZáD ,,

7:Ï5&=2ĝû $ 35=(ĩ<&,$ 0,67<&=1( 0à2'=,(ĩ< 2 8='2/1,(1,$&+ $57<67<&=1<&+ &UHDWLYLW\ DQG P\VWLFDO H[SHULHQFHV DPRQJ DUWLVWLFDOO\ JLIWHG \RXQJ SHRSOH

$EVWUDFW

7KLV DUWLFOH H[DPLQHV WKH UROH RI FUHDWLYLW\ RQ P\VWLFDO H[SHULHQFHV DPRQJ DUWLVWLFDOO\ JLIWHG \RXQJ SHRSOH 6V 1 DJHG \UV ZHUH DGPLQLVWH UHG TXHVWLRQQDLUH PHDVXUHV IRXU DVSHFWV RI FUHDWLYLW\ 3RSHN¶V &UHDWLYH %HKDYLRXU 4XHVWLRQQDLUH .$1+ , DQG HLJKW RI UHOLJLRXV H[SHULHQFH +RRG¶V 0\VWLFLVP 6FDOH . 0HDQV &OXVWHU DQDO\VLV DQG PXOWLSOH UHJUHVVLRQ ZHUH XVHG 6366 7KH HIIHFWV RI SV\FKRORJLFDO DQDO\VLV VXJJHVWV WKDW FUHDWLYLW\ LV LPSRUWDQW IDFWRU RQ P\VWLFDO H[SHULHQFH HVSHFLDOO\ RQ FUHDWLYH SHUVRQV KLJKHU LQWHQVL¿FDWLRQ RI FUHDWLYLW\ LQFUHDVH P\VWLFDO H[SHULHQFHV RQ WUHH DVSHFWV RI P\VWLFLVP WLPHOHVVQHVV S LQQHU VXEMHFWLYLW\ S LQ HIIDELOLW\ S DQG RQ ZRPHQ IRXU DVSHFWV RI P\VWLFLVP WLPHOHVVQHVV S LQQHU VXEMHFWLYLW\ S LQHIIDELOLW\ S SRVLWLYH DIIHFW S 2Q PHQ LV OLPLWHG WR RQH DVSHFW RI P\VWLFLVP WKH IHHOLQJ RI KRO\ S 7KH UHVXOWV VXJJHVW WKDW FUHDWLYLW\ PD\ EH LPSRUWDQW YDULDEOH WR FRQVLGHU ZLWKLQ WKH WKHRU\ RI UHOLJLRXV H[SHULHQFH

* $GUHV GR NRUHVSRQGHQFML UDGRQV#YS SO


67$1,6à$: 5$'2ē

[2]

:352:$'=(1,(

: RVWDWQLFK ODWDFK ZLHOX QDXNRZFyZ LQWHUHVXMH VLĊ SUREOHPDW\Ną WZyU F]RĞFL =DGDMą S\WDQLD -DNLH FHFK\ RVRERZRĞFL SRVLDGDMą WZyUF\ ] UyĪQ\FK G]LHG]LQ" &R VWDQRZL R VLOH SURFHVyZ WZyUF]\FK" -DN UR]ZLMDü ]GROQRĞFL WZyUF]H XQLNDMąF UyZQRF]HĞQLH LQGROHQFML WZyUF]HM" 3U]HSURZDG]RQR ZLH OH EDGDĔ Z WHM G]LHG]LQLH 3RZVWDMą ZVWĊSQH PRGHOH RUD] ]DDZDQVRZDQH WHRULH WZyUF]RĞFL =JRGQLH ] ]DáRĪHQLDPL Z\QLNDMąF\PL ] SU]\MPRZDQ\FK WHRULL WZyUF]R ĞFL SURSRQRZDQ\FK QD SROVNLP JUXQFLH SU]H] 1ĊFNĊ 3RSND 6WU]DáHFNLHJR 6RáRZLHM F]\ 7RNDU] JáyZQ\PL Z\PLDUDPL WZyUF]RĞFL Vą RWZDUWRĞü QD QRZH GRĞZLDGF]HQLD QLH]DOHĪQRĞü FKDUDNWHURORJLF]QD L Z\WUZDáRĞü 1DMZDĪQLHMV]ą ] QLFK MHVW RWZDUWRĞü QD QRZH GRĞZLDGF]HQLD F]\OL áDWZRĞü DV\PLORZDQLD QRZ\FK LQIRUPDFML QLH]DOHĪQLH RG LFK FKZLORZHM SU]\GDWQRĞFL ZLDU\JRGQRĞFL F]\ QLHVSU]HF]QRĞFL 0F&UDH )HLVW 2WZDUWRĞü MHVW WR SU]H FLZLHĔVWZR GRJPDW\]PX IXQGDPHQWDOL]PX L EUDNX WROHUDQFML 8VKHV 6KD YHU 8PRĪOLZLD RQD SRGPLRWRZL QLH W\ONR ]GROQRĞü QLH]DOHĪQHJR P\ĞOHQLD DOH L ZF]XFLD VLĊ Z QLHRF]HNLZDQH GRĞZLDGF]HQLD ZáDVQH RUD] FXG]H 3RQLHZDĪ RWZDUWRĞü QD QRZH GRĞZLDGF]HQLD MHVW ]ZLą]DQD ] SOD VW\F]QRĞFLą P\ĞOHQLD *RXJK L LQ RUD] WROHUDQFMą QD GZX]QDF]QRĞü WROHUDQFH IRU DPELJXLW\ ± SRU %DUURQ 3OXFNHU 5HQ ]XOOL 6WHUQEHUJ 6WHUQEHUJ /XEHUW GODWHJR XPRĪOLZLD DV\PLODFMĊ WHPDW\NL UHOLJLMQHM FHFKXMąFHM VLĊ V\PEROLF]QRĞFLą PHWDIRU\Ną ZLHOR]QDF]QRĞFLą VSHF\¿F]Q\PL PHWRGDPL ZHU\¿NDFML L IDOV\¿NDFML LWG 'UXJą LVWRWQą FHFKą RVRERZRĞFL WZyUF]\FK MHVW QLH]DOHĪQRĞü L DXWRQR PLD SRU %DUURQ )HLVW +HOVRQ 0DF.LQQRQ 1LFNHUVRQ NWyUD ZLąĪąF VLĊ ] QRQNRQIRUPL]PHP XPRĪOLZLD GRMU]D áH IXQNFMRQRZDQLH EHKDZLRUDOQH SRGPLRWX UyZQLHĪ Z DVSHNFLH UHOLJLMQ\P Z SV\FKRORJLL UHOLJLL SUHIHURZDQD MHVW GRMU]DáD UHOLJLMQRĞü D QLH UHOLJLMQRĞü SU]HFLĊWQD F]\ NRQIRUPLVW\F]QD &HFKD WD ZLąĪH VLĊ ] LQQ\P DVSHNWHP SV\ FKRORJLF]Q\P WM SR]LRPHP SV\FKRW\]PX NWyU\ FKDUDNWHU\]XMH VLĊ QLVNLP SR]LRPHP KDPRZDQLD SR]QDZF]HJR VNáRQQRĞFLą GR SRSHáQLDQLD EáĊGX QDG PLHUQHJR ZáąF]DQLD RYHULQFOXVLRQ RUD] SURZDG]L GR SRV]HU]DQLD SROD XZD JL D F]DVHP GR SDWRORJLF]Q\FK ]DFKRZDĔ (\VHQFN D E D E 5DZOLQJV 6WDYULGRX )XUQKDP :RRG\ &ODULGJH


[ @

7:Ï5&=2ĝû $ 35=(ĩ<&,$ 0,67<&=1( 0à2'=,(ĩ< 2 8='2/1,(1,$&+

.ROHMQą FHFKą RVRERZRĞFL WZyUF]\FK MHVW Z\WUZDáRĞü F]\OL ]GROQRĞü GR GáXJRWUZDáHM L Z\WĊĪRQHM SUDF\ RUD] RGUDF]DQLD JUDW\¿NDFML ']LĊNL QLHM SRGPLRW ]GROQ\ MHVW GR G]LDáDĔ Z\QLNDMąF\FK ] VDPRLVWQ\FK PRW\ ZDFML FLHV]HQLH VLĊ VDPą DNW\ZQRĞFLą SR]QDZF]ą ± SRU $PDELOH &VLNV]HQWPLKDO\L 6WU]DáHFNL ZVSyáZ\VWĊSXMąF\FK ] SRWU]HEą RVLąJQLĊü %DUURQ +DUULQJWRQ )HLVW 0FPLOODQ 3DUQHV %LRQGL 7RNDU] :\WUZDáRĞFL WRZDU]\ V]\ VLáD HJR UR]XPLDQD MDNR VWDELOQRĞü HPRFMRQDOQD EUDN OĊNX L ]GRO QRĞü GR SHUVHZHUDFML F]\OL SU]H]Z\FLĊĪDQLD SRUDĪHN %DUURQ +DUULQJWRQ )HLVW 6WHUQEHUJ /XEHUW 6WU]DáHFNL L Z ]Z\ Ná\P ]QDF]HQLX PRĪH SURZDG]Lü GR ]PQLHMV]HQLD ZUDĪOLZRĞFL DOH SR SUDZQ\ UR]ZyM WZyUF]RĞFL NRUHOXMH ] SR]LRPHP HPSDWLL L GRVWRVRZDQLD VLĊ VSRáHF]QHJR 3U]HJOąG OLWHUDWXU\ MDN L SU]HSURZDG]RQH ZF]HĞQLHMV]H EDGDQLD HPSLU\F] QH XMDZQLDMą ĪH OXG]LH WZyUF]\ Vą ]GROQL GR JáĊERNLFK SU]HĪ\ü PLVW\F]Q\FK : W\P ]DNUHVLH QLHNWyU]\ EDGDF]H SRGHMPRZDOL SUyEĊ RNUHĞOHQLD ]ZLą]NX SU]HĪ\ü UHOLJLMQ\FK ] UyĪQ\PL DVSHNWDPL RVRERZRĞFL *áD] .UyO *áD] %DGDQLD QLHNWyU\FK QDXNRZFyZ XMDZQLD Mą ĪH SU]HĪ\FLD UHOLJLMQH WRZDU]\V]ą UyĪQ\P RVRERP 1LH]DOHĪQLH RG SáFL ZLHNX F]\ Z\NV]WDáFHQLD 3RV]XNLZDQLD QLHNWyU\FK QDXNRZFyZ 0DVORZ XGRZDGQLDMą ĪH OXG]LH R SHZQ\FK SUHG\VSR]\FMDFK DUW\VW\F]Q\FK L W]Z RVRERZRĞFL WZyUF]HM XMDZQLDMą VLOQH SU]HĪ\FLD UHOLJLMQH : OLWHUDWXU]H SU]HGPLRWX XND]DQ\FK MHVW ZLHOH EDGDĔ GRW\F]ąF\FK SU]H Ī\ü UHOLJLMQ\FK RVyE WZyUF]\FK SRU 5DGRĔ *áD] RUD] DUW\NXáyZ SURSRQXMąF\FK SHZQH ZVWĊSQH SURSR]\FMH WHRUHW\F]QH GRW\F]ąFH ]ZLą]NX WZyUF]RĞFL ] GRĞZLDGF]HQLHP UHOLJLMQ\P ]RE &DSSV )DXWHX[ D E 5DJXVH :KLWHKXUVW %DGDQLD WH Z\ND ]XMą ĪH WZyUF]RĞü PRĪH E\ü VSU]\MDMąF\P PHGLXP GOD UR]ZRMX GXFKRZR ĞFL L SU]HĪ\ü UHOLJLMQ\FK 6WDQ\ GRĞZLDGF]HQLD UHOLJLMQHJR NWyUH ] QDWXU\ SRVLDGDMą FKDUDNWHU GRĞZLDGF]HQLD UHJUHV\MQHJR VSU]\MDMą GHPRQWDĪRZL IDáV]\ZHJR ÄMD´ ZJOąGRZL GR QLHĞZLDGRP\FK SURFHVyZ RUD] VáXĪą UHVWDX UDFML RUD] HNVSUHVML SUDZG]LZHJR ÄMD´ 6HOI UHSDUDWLRQ ± 5DJXVH 'RĞZLDGF]HQLH UHOLJLMQH ERZLHP WR SHZLHQ URG]DM UHODFML F]áRZLHND ] %R JLHP RVRERZ\P Z NWyU\P DNW\ZQRĞü SRGPLRWRZD RGJU\ZD LVWRWQą UROĊ L SURZDG]L GR MHGQRĞFL PLVW\F]QHM XF]XFLH RFHDQLF]QH HPSDW\F]QH ]ODQLH QLHZ\VáRZLRQRĞü ZHZQĊWU]QD VXELHNW\ZQRĞü 7D DNW\ZQRĞü PXVL E\ü DX


67$1,6à$: 5$'2ē

> @

WHQW\F]QD L WZyUF]D ER UHJUHV\MQH SURFHV\ SRGĞZLDGRPH PRJą SU]HV]ND G]Dü Z SRSUDZQ\P UR]ZRMX UHODFML PLVW\F]QHM 1LHNWyUH EDGDQLD XMDZQLDMą QDP SR]\W\ZQ\ ]ZLą]HN SRPLĊG]\ QDVLOH QLHP FHFK\ WZyUF]RĞFL D SR]LRPHP SU]HĪ\ü UHOLJLMQ\FK $OHNVDQGHU L LQ &ODUN 'LOORQ :LQN )D\ %DGDQLD WH SRND]XMą ZVSyá]D OHĪQRĞü NRUHODF\MQą EUDQ\FK SRG XZDJĊ DVSHNWyZ -HG\QLH QLHNWyUH EDGDQLD 5DGRĔ *áD] SRND]Dá\ NLHUXQNRZRĞü ZSá\ZX QDVLOHQLD SHZQ\FK DVSHNWyZ RVRERZRĞFL PáRG]LHĪ\ DUW\VW\F]QHM ]ZLą]DQ\FK ] SR]LRPHP WZyUF]RĞFL SUHIHUHQFMD ZDUWRĞFL DUW\VW\F]Q\FK QDVLORQD LQWURZHUVMD L SV\ FKRW\]P SRGZ\ĪV]RQ\ SR]LRP OĊNX LWG QD SR]LRP SU]HĪ\ü UHOLJLMQ\FK -HGQDN EUDN LQQ\FK SRWZLHUG]HĔ QLH SR]ZDOD QD Z\FLąJDQLH ZLąĪąF\FK ZQLRVNyZ :\QLNL ZLHOX EDGDĔ XND]XMą LVWQLHQLH SR]\W\ZQHM NRUHODFML SRPLĊG]\ ]GURZLHP SV\FKLF]Q\P D PLVW\F\]PHP SRU $OH[DQGHU L LQ %RLVHQ *UHHOH\ )RUEHV +RRG +RRG L LQ 0DWKHV =HYRQ 5RWHU -RHUJHU +D\ 0RUULV\ /XGZLJ 5LFKDUGV :DFKKROW] 3DUJDPHQW = WZyUF]RĞFLą ZLąĪH VLĊ Z\WUZDáRĞü NWyUHM WRZDU]\V]\ VLáD HJR VWDELOQRĞü HPRFMRQDO QD EUDN OĊNX L ]GROQRĞü GR SHUVHZHUDFML %DUURQ +DUULQJWRQ )HLVW 6WHUQEHUJ /XEHUW 6WU]DáHFNL VWąG PRĪQD SU]\SXV]F]Dü ĪH UyZQLHĪ WH Z\QLNL SRWZLHUG]DMą LVWQLHQLH SR]\W\ZQHM NRUHODFML SRPLĊ G]\ WZyUF]RĞFLą D SU]HĪ\FLDPL UHOLJLMQ\PL 3U]HGVWDZLRQH Z\QLNL 5DGRĔ *áD] SRWZLHUG]DMą WR ]DáRĪHQLH XND]XMąF GRGDWNRZR NLHUXQNRZRĞü WHJR ZSá\ZX ± QS SR]\W\ZQ\ ZSá\Z UyZQRZDJL HPRFMRQDOQHM QD SR]LRP SU]HĪ\ü UHOLJLMQ\FK : LQQ\FK EDGDQLDFK XND]DQR ĪH WR RVRE\ R LQWURZHUV\MQ\FK FHFKDFK RVRERZRĞFL UHÀHNV\MQH ]GROQH GR ZJOąGX DXWRUHÀHNVML F]\ HPSDWLL Vą EDUG]LHM VNáRQQH GR SU]HĪ\ü UHOLJLMQ\FK QLĪ HNVWUDZHUV\MQH ZVSyá]DOHĪ QRĞü NRUHODF\MQD ± SRU +RRG 0HUFHU 'XUKDP 6NUDMQH QDVLOHQLH HNVWUDZHUVML QLH ZSá\ZD QD LQWHQV\ZQRĞü SU]HĪ\ü UHOLJLMQ\FK :\QLNL EDGDĔ X]\VNDQH ZH ZVSRPQLDQ\FK EDGDQLDFK SROVNLFK 5DGRĔ *áD] QLH VWRMą Z VSU]HF]QRĞFL ] Z\QLNDPL WDPW\FK EDGDĔ NWyUH XMDZQLá\ ĪH QDMZ\ĪV]\ SR]LRP SU]HĪ\ü UHOLJLMQ\FK MHVW Z JUXSLH RVyE R ERJDWHM VWUXNWXU]H RVRERZRĞFL SRGZ\ĪV]RQH QDVLOHQLH LQWURZHUVML ZVSyá Z\VWĊSXMąFH ] Z\VRNLP SR]LRPHP SV\FKRW\]PX ± W]Z JUXSD DUW\VW\F]QD R FHFKDFK WZyUF]\FK


[ @

7:Ï5&=2ĝû $ 35=(ĩ<&,$ 0,67<&=1( 0à2'=,(ĩ< 2 8='2/1,(1,$&+

0RĪQD ZLĊF SRZLHG]LHü ĪH ]DUyZQR XND]DQH ]DáRĪHQLD WHRUHW\F]QH GRW\F]ąFH WZyUF]RĞFL MDN L X]\VNDQH UH]XOWDW\ ZLHOX EDGDĔ GRZRG]ą ĪH WH GRĞZLDGF]HQLD PLVW\F]QH Z LVWRWQ\P VWRSQLX ZLąĪą VLĊ ] WZyUF]RĞFLą 3RQDGWR PRĪQD SU]\SXV]F]Dü ĪH ZSá\Z WHQ MHVW NLHUXQNRZ\ WR QDVLOHQLH WZyUF]RĞFL ZSá\ZD QD G\QDPLNĊ SU]HĪ\ü UHOLJLMQ\FK D QLH RGZURWQLH FKRü EUDN SRWZLHUG]HĔ F\WRZDQ\FK SROVNLFK EDGDĔ 1DOHĪ\ MHGQDN GRGDü ĪH Z\QLNL SU]HSURZDG]RQ\FK EDGDĔ HPSLU\F]Q\FK GRW\F]ąF\FK EUDQHJR SRG XZDJĊ DVSHNWX GRĞZLDGF]HĔ OXG]NLFK PDMą FKDUDNWHU GRSLHUR ZVWĊSQ\ Z\FLQNRZ\ RUD] F]DVHP VSU]HF]Q\ GODWHJR Z\PDJDMą GDOV]\FK SHQHWUDFML :\FKRG]ąF ] ]DáRĪHQLD ĪH SU]HĪ\FLD UHOLJLMQH PáRG]LHĪ\ QLH Vą PQLHM LQ WHQV\ZQH RG W\FK WRZDU]\V]ąF\FK RVRERP VWDUV]\P +RRG 6SLOND +XQV EHUJHU *RUVXFK SRVWDQRZLRQR XND]Dü F]\ QDVLOHQLH FHFK\ WZyUF]R ĞFL LVWRWQLH ZSá\ZD QD VWUXNWXUĊ SU]HĪ\ü UHOLJLMQ\FK Z\EUDQHM PáRG]LHĪ\ R FHFKDFK DUW\VW\F]Q\FK WZyUF]\FK &HOHP SUDF\ EĊG]LH ZLĊF RGSRZLHGĨ QD QDVWĊSXMąFH S\WDQLD ED GDZF]H &]\ ]PLHQQD QLH]DOHĪQD ± WZyUF]RĞü ZSá\ZD LVWRWQLH QD QDVLOHQLH UyĪ Q\FK DVSHNWyZ SU]HĪ\ü PLVW\F]Q\FK" -DNL URG]DM L Z MDNLP VWRSQLX ]PLHQQH QLH]DOHĪQH GRW\F]ąFH UyĪQ\FK DVSHNWyZ WZyUF]RĞFL Z\MDĞQLDMą ZDULDQFMĊ ]PLHQQHM ]DOHĪQHM ± SU]HĪ\ü PL VW\F]Q\FK" : VWRVXQNX GR WDN SRVWDZLRQ\FK S\WDĔ Z\VXQLĊWR QDVWĊSXMąFH KLSRWH]\ EDGDZF]H 1DVLOHQLH WZyUF]RĞFL ZSá\ZD LVWRWQLH QD G\QDPLNĊ SU]HĪ\ü PLVW\F] Q\FK ZH ZV]\VWNLFK Z\PLDUDFK :V]\VWNLH DVSHNW\ WZyUF]RĞFL Z\ZLHUDMą LVWRWQ\ ZSá\Z QD SU]HĪ\FLD PLVW\F]QH PáRG]LHĪ\ DUW\VW\F]QHM 0(72'< %$'$:&=(

8ND]DQLH SRZLą]DĔ MHGQ\FK DVSHNWyZ RVRERZRĞFL ] GUXJLPL Z\PDJD RGSRZLHGQLFK QDU]ĊG]L EDGDZF]\FK 'REyU QDU]ĊG]L EDGDZF]\FK ]DOH Ī\ RG SRVWDZLRQHJR SUREOHPX GR UR]VWU]\JQLĊFLD MDN L RG ]DPLHU]RQH JR FHOX SUDF\ %U]H]LĔVNL :\EUDQR WDNLH QDU]ĊG]LD SU]\ SRPRF\ NWyU\FK PRĪQD RNUHĞOLü QDVLOHQLH FHFK\ WZyUF]RĞFL RUD] VWRSLHĔ SU]HĪ\ü UHOLJLMQ\FK


67$1,6à$: 5$'2ē

> @

$ .ZHVWLRQDULXV] 7ZyUF]HJR =DFKRZDQLD .$1+ 6 3RSND ± WR MHG QD ] PHWRG VáXĪąF\FK GR EDGDQLD QDVLOHQLD VWRSQLD WHQGHQFML WZyUF]\FK Z DVSHNFLH FHFK RVRERZRĞFL NRQIRUPL]P ± QRQNRQIRUPL]P . ± 1 L VW\OX P\ĞOHQLD VW\O KHXU\VW\F]Q\ ± DOJRU\WPLF]Q\ + ± $ GOD RVyE Z ZLHNX RG URNX Ī\FLD 3RSHN 7HVW WHQ VNáDGD VLĊ ] WZLHUG]HĔ WZLHUG]HĔ RNUHĞOD QDVLOHQLH FKDUDNWHURORJLF]QHJR QRQNRQIRUPL]PX 1 GDOV]H ± NRQIRUPL]PX . QDVWĊSQH ± QDVLOHQLH VW\OX P\ĞOHQLD DO JRU\WPLF]QHJR $ L RVWDWQLH ± VW\OX KHXU\VW\F]QHJR + 5HVSRQGHQW RFHQLD VWRSLHĔ ]JRGQRĞFL ZáDVQ\FK SU]HNRQDĔ ] WUHĞFLą NDĪGHJR WZLHUG]H QLD Z WUyMVWRSQLRZHM VNDOL 0LDUą LQWHQV\ZQRĞFL SRV]F]HJyOQ\FK DVSHNWyZ WZyUF]RĞFL Vą VXP\ SXQNWyZ VNDORZ\FK SRV]F]HJyOQ\FK WZLHU G]HĔ ]DZDUW\FK Z NZHVWLRQDULXV]X 0LDUą VWRSQLD G\QDPLNL WZyUF]RĞFL MHVW QDVLOHQLH FHFK\ QRQNRQIRUPL]PX D RVáDELHQLH NRQIRUPL]PX RUD] QDVLOHQLH KHXU\VW\F]QHJR VW\OX P\ĞOHQLD D RVáDELHQLH DOJRU\WPLF]QHJR -HVW WR NZHVWLRQDULXV] R VSUDZG]RQ\FK ZVNDĨQLNDFK WUDIQRĞFL WHRUHW\F] QHM RVRERZRĞü WZyUF]D FKDUDNWHU\]XMH VLĊ RNUHĞORQ\PL FHFKDPL FKDUDN WHURORJLF]Q\PL QLH]DOHĪQRĞü RVRERZRĞFLRZD QRQNRQIRUPL]P ± 1 RUD] RWZDUWRĞFLą PHQWDOQą P\ĞOHQLH G\ZHUJHQF\MQH F]\OL UR]ELHĪQH KHXU\ VW\F]Q\ VW\O P\ĞOHQLD ± + .ZHVWLRQDULXV] SRVLDGD WHĪ RGSRZLHGQL SR ]LRP U]HWHOQRĞFL WHVW UHWHVW VNDOD . ± U $ ± U 1 ± U + ± U 3RSHN -HVW WR QDU]ĊG]LH VWZRU]RQH RUD] ZHU\¿NRZDQH JáyZQLH Z RSDUFLX R PáRG]LHĪ R X]GROQLHQLDFK DUW\VW\F]Q\FK % 6NDOD 0LVW\F\]PX 60 5 +RRGD WR QDU]ĊG]LH EDGDZF]H VáXĪąFH GR SRPLDUX VNáRQQRĞFL GR GRĞZLDGF]HĔ PLVW\F]Q\FK L SHUFHSFML WHJR FR RVRED X]QDMH ]D ERVNLH +RRG 3U]H] GRĞZLDGF]HQLD PLVW\F]QH +RRG UR ]XPLH GRĞZLDGF]HQLH REHFQRĞFL WHJR FR ERVNLH ĞZLĊWH L RGF]XFLH MHGQRĞFL ] QLP 1LHNRQLHF]QLH WDNLH SU]HĪ\FLH PXVL RGQRVLü VLĊ GR 6DFUXP PRĪH GR W\F]\ü SLĊNQD SUDZG\ 1DU]ĊG]LH WR PLHU]\ SHZQH VNáRQQRĞFL GR SU]HĪ\ü UHOLJLMQ\FK R FKDUDNWHU]H PLVW\F]Q\P GDQHM RVRE\ L RNUHĞOD MHJR VWUXNWX UĊ 7HVW VWDQRZLą WZLHUG]HQLD QD NWyUH EDGDQL RGSRZLDGDMą ]DNUHĞODMąF RGSRZLHG]L SXQNWRZDQH Z VWRSQLRZHM VNDOL RUD] 6NDOD VNáDGD VLĊ ] RĞPLX F]\QQLNyZ 3LHUZV]H VLHGHP RNUHĞOD RJyOQH VNáRQQRĞFL GR SU]HĪ\ü UHOLJLMQ\FK RVWDWQL yVP\ F]\QQLN PD FKDUDNWHU ĞFLĞOH UHOLJLMQ\ RNUHĞOD SRF]XFLH SU]HĪ\FLD REHFQRĞFL ERVNRĞFL X GDQHM RVRE\ &]\QQLN ± 6WDQ -DĨQL - RNUHĞOD SRF]XFLH XWUDW\ VLHELH ZLG]LDQH MDNR ZFKáRQLĊFLH


[ @

7:Ï5&=2ĝû $ 35=(ĩ<&,$ 0,67<&=1( 0à2'=,(ĩ< 2 8='2/1,(1,$&+

Z FRĞ ZLĊNV]HJR RG F]\VWHJR HPSLU\F]QHJR Ä-D´ Z WUDNFLH SU]HĪ\FLD UHOL JLMQHJR =MHGQRF]HQLH = ± GRW\F]\ VWDQX Z NWyU\P F]áRZLHN SRVWU]HJD VLHELH L RWDF]DMąFą JR U]HF]\ZLVWRĞü MDNR FRĞ MHGQHJR :HZQĊWU]QD VX ELHNW\ZQRĞü 6 RGQRVL VLĊ GR RNUHĞOHQLD ZHZQĊWU]QHM VXELHNW\ZQRĞFL F]áRZLHND Z SRVWU]HJDQLX LQQ\FK U]HF]\ &]DVRZRĞü ± 3U]HVWU]HQQRĞü & 3 REHMPXMH F]DVRZH L SU]HVWU]HQQH SDUDPHWU\ SU]HĪ\FLD UHOLJLMQHJR NWyUH PD PLHMVFH SR]D F]DVHP L SU]HVWU]HQLą 1RHW\F]QRĞü 1R RNUHĞOD ]DNUHV ]GRE\WHM ZLHG]\ GURJą LQWXLF\MQą 1LHZ\VáRZLRQRĞü 1 RNUHĞOD QLHPRĪOLZRĞü VáRZQHJR Z\UDĪHQLD SU]HĪ\FLD UHOLJLMQHJR 'RĞZLDGF]HQLH QLH PRĪH E\ü XMĊWH Z VáRZD ] UDFML MHJR QDWXU\ D QLH ] SRZRGX MĊ]\NR ZHM QLHXGROQRĞFL F]áRZLHND 3R]\W\ZQD HIHNW\ZQRĞü 3 ± XMDZQLD VLĊ Z IRUPLH UDGRĞFL ROĞQLHQLD L SRF]XFLD V]F]ĊĞFLD 5HOLJLMQRĞü 5 RNUHĞOD ZHZQĊWU]QH SU]HNRQDQLH F]áRZLHND R SRF]XFLX EOLVNRĞFL SU]HGPLRWX UHOL JLMQHJR RGQRVL VLĊ GR WHJR FR PRĪHP\ QD]ZDü ĞZLĊW\P ERVNLP .XF] NRZVNL : FHOX Z\áRQLHQLD ]PLHQQ\FK QLH]DOHĪQ\FK LVWRWQ\FK Z\MDĞQLDMąF\FK ZDULDQFMĊ ]PLHQQ\FK ]DOHĪQ\FK L RNUHĞOHQLD LFK SURFHQWX ]PLHQQRĞFL XĪ\WR DQDOL]\ ZLHORNURWQHM UHJUHVML *XLOIRUG 3RVLáNRZDQR VLĊ WHĪ PHWRGą WDNVRQRPLL EH]Z]RUFRZHM . PHDQV &OXVWHU DQDO\VLV UR]UyĪQLDMąF ZĞUyG EDGDQ\FK JUXSĊ RVyE R WZyUF]\FK FHFKDFK : RSUDFRZDQLX GDQ\FK VWDW\ VW\F]Q\FK SRVáXĪRQR VLĊ SDNLHWHP SURJUDPyZ VWDW\VW\F]Q\FK 6366 23,6 *583< %$'$:&=(- , 6326Ï% 35=(352:$'=(1,$ %$'$ē

%DGDQLD SU]HSURZDG]RQR VDPRG]LHOQLH Z JUXSDFK NODVRZ\FK RNRáR RVyE 0LDá\ RQH FKDUDNWHU DQRQLPRZ\ 3U]HELHJDá\ RQH Z GZyFK HWDSDFK Z NWyU\FK PáRG]L OXG]LH Z\SHáQLDOL SRV]F]HJyOQH WHVW\ *UXSD EDGDZF]D WR XF]QLRZLH =HVSRáX 3DĔVWZRZ\FK 6]Nyá 3ODVW\F]Q\FK Z .UDNRZLH *UD QLFH ZLHNRZH ]QDMGXMą VLĊ Z SU]HG]LDOH SRPLĊG]\ D URNLHP Ī\FLD EDGDQHM PáRG]LHĪ\ WR NRELHW\ D UHV]WD WR PĊĪF]\ĨQL %DGDQLDPL REMĊWR XF]QLyZ VWDUV]\FK NODV RVyE Z ZLHNX RG GR ODW 2NRáR PáRG]LHĪ\ GHNODUXMH VLĊ MDNR ZLHU]ąF\ L EDUG]R ZLHU]ąF\ RNRáR MDNR SU]HFLĊWQLH ZLHU]ąF\ QDWRPLDVW RNRáR MDNR VáDER DOER EDUG]R VáDER ZLHU]ąF\ 2]QDF]D WR ĪH JUXSD EDGDZF]D MHVW EDUG]R ]UyĪQLFRZDQD L GRNR QDQD VDPRRFHQD RGSRZLDGD IDNW\F]QHPX VWDQRZL


> @

67$1,6à$: 5$'2ē

210

:<1,., %$'$ē :à$61<&+

=DVDGQLF]\P FHOHP EDGDĔ E\áR XND]DQLH SRZLą]DĔ QDVLOHQLD FHFK\ WZyU F]RĞFL PáRG]LHĪ\ DUW\VW\F]QHM ] SR]LRPHP SU]HĪ\ü PLVW\F]Q\FK XF]QLR ZLH =HVSRáX 3DĔVWZRZ\FK 6]Nyá 3ODVW\F]Q\FK Z .UDNRZLH 1 3R VWDQRZLRQR XND]Dü NWyUH VSRĞUyG ]PLHQQ\FK GRW\F]ąFH QDVLOHQLD FHFK\ WZyUF]RĞFL PDMą LVWRWQH RGG]LDá\ZDQLH QD SU]HĪ\FLD PLVW\F]QH PáRG]LHĪ\ R X]GROQLHQLDFK DUW\VW\F]Q\FK =D ZDUWRĞFL ]PLHQQH QLH]DOHĪQH SU]\MĊWR ]PLHQQH RWU]\PDQH Z .ZHVWLRQDULXV] 7ZyUF]HJR =DFKRZDQLD .$1+ ]DĞ ]D ]PLHQQH ]DOHĪQH Z 6NDOL 0LVW\F\]PX 60 $ 1DMSLHUZ SRVWDQRZLRQR XND]Dü NWyUH VSRĞUyG ZDUWRĞFL GRW\F]ąFH FHFK WZyUF]RĞFL PDMą LVWRWQH RGG]LDá\ZDQLH QD SU]HĪ\FLD PLVW\F]QH Z JUX SLH NRELHW L PĊĪF]\]Q 7DEHOD ,VWRWQH ]PLHQQH QLH]DOHĪQH GRW\F]ąFH QDVLOHQLD WZyUF]RĞFL .$1+ L Z\MDĞQLDMąFH ZDULDQFMĊ SU]HĪ\ü PLVW\F]Q\FK 60 :\QLNL DQDOL]\ UHJUHVML ZLHORNURWQHM X NRELHW E 1LH]DOHĪQD 1

EHWD

W

p

=DOHĪQD 6

1LH]DOHĪQD +

U

U2

)

S

=DOHĪQD & 3

U

U2

)

S

1LH]DOHĪQD 1

=DOHĪQD 1

U

U2

)

S

1LH]DOHĪQD .

)

S

=DOHĪQD 3

U

U2

7U]\ ]PLHQQH QLH]DOHĪQH GRW\F]ąFH UyĪQ\FK DVSHNWyZ WZyUF]RĞFL NRELHW RGG]LDáXMą QD F]WHU\ HOHPHQW\ VWUXNWXU\ SU]HĪ\FLD PLVW\F]QHJR &HFKDPL W\PL Vą QRQNRQIRUPL]P 1 NWyU\ ZSá\ZD QD SRF]XFLH ZHZQĊWU]QHM VX ELHNW\ZQRĞFL 6 S L QD QLHZ\VáRZLRQRĞü 1 S SRQDGWR P\ĞOHQLH KHXU\VW\F]QH + NWyUH RGG]LDáXMH QD F]DVRZRĞü ± SU]HVWU]HQQRĞü & 3 S RUD] NRQIRUPL]P . NWyU\ Z\ZLHUD ZSá\Z QD SR]\W\ZQą DIHNW\ZQRĞü 3 S 1RQNRQIRUPL]P Z\MDĞQLD RNRáR ZDULDQFML SRF]XFLD ZHZQĊWU]QHM VXELHNW\ZQRĞFL L SRF]XFLD QLHZ\VáRZLRQRĞFL


[ @

7:Ï5&=2ĝû $ 35=(ĩ<&,$ 0,67<&=1( 0à2'=,(ĩ< 2 8='2/1,(1,$&+

211

3RQDGWR P\ĞOHQLH KHXU\VW\F]QH Z\MDĞQLD ]PLHQQRĞFL F]DVRZRĞFL SU]HVWU]HQQRĞFL SU]HĪ\FLD UHOLJLMQHJR D NRQIRUPL]P ± RNRáR ZDULDQFML SR]\W\ZQHM DIHNW\ZQRĞFL =ZLą]HN SRPLĊG]\ QDVLOHQLHP UyĪQ\FK Z\PLD UyZ WZyUF]RĞFL RSUyF] NRQIRUPL]PX D Z\PLHQLRQ\PL HOHPHQWDPL SU]H Ī\FLD UHOLJLMQHJR MHVW GRGDWQL L VáDE\ OXE SU]HFLĊWQ\ 2]QDF]D WR ĪH LP ZLĊNV]D G\QDPLND DVSHNWyZ RVRERZRĞFLRZ\FK WZyU F]RĞFL QRQNRQIRUPL]P L QLH]DOHĪQRĞü FKDUDNWHURORJLF]QD W\P ZLĊNV]H QDVLOHQLH SRF]XFLD ĪH ZV]\VWNLH SRVWU]HJDQH SU]HGPLRW\ REGDU]RQH Vą Ī\ FLHP VLOQLHMV]H GR]QDQLD V]F]ĊĞFLD L HXIRULL RUD] W\P ZLĊNV]D QLH]GROQRĞü GR Z\UDĪHQLD WUHĞFL SU]HĪ\ZDQ\FK GR]QDĔ 3RQDGWR LP LQWHQV\ZQLHMV]H QDVLOHQLH PHQWDOQHJR DVSHNWX WZyUF]RĞFL P\ĞOHQLH G\ZHUJHQF\MQH W\P ZLĊNV]H SRF]XFLH GR]QDZDQ\FK SU]HĪ\ü SR]D F]DVHP L SU]HVWU]HQLą % : GUXJLHM F]ĊĞFL EDGDĔ SRND]DQR NWyUH VSRĞUyG ZDUWRĞFL GRW\F]ąFH FHFK WZyUF]RĞFL PDMą LVWRWQH RGG]LDá\ZDQLH QD SU]HĪ\FLD PLVW\F]QH Z JUX SLH PĊĪF]\]Q 7DEHOD ,VWRWQH ]PLHQQH QLH]DOHĪQH GRW\F]ąFH QDVLOHQLD WZyUF]RĞFL .$1+ L Z\MDĞQLDMąFH ZDULDQFMĊ SU]HĪ\ü PLVW\F]Q\FK 60 :\QLNL DQDOL]\ UHJUHVML ZLHORNURWQHM X PĊĪF]\]Q =PLHQQH

E

1LH]DOHĪQD +

=DOHĪQD 5

U

EHWD

U2

W

p

)

S

7\ONR MHGQD ]PLHQQD QLH]DOHĪQD GRW\F]ąFD UyĪQ\FK DVSHNWyZ WZyUF]R ĞFL PĊĪF]\]Q RGG]LDáXMH QD MHGHQ HOHPHQW VWUXNWXU\ SU]HĪ\FLD PLVW\F]QH JR &HFKą Wą MHVW P\ĞOHQLH KHXU\VW\F]QH + NWyUH RGG]LDáXMH QD UHOLJLMQRĞü 5 S +HXU\VW\F]Q\ VW\O P\ĞOHQLD Z\MDĞQLD SUDZLH ZDULDQFML SRF]XFLD UHOLJLMQRĞFL =ZLą]HN SRPLĊG]\ Z\PLHQLRQ\PL DVSHNWDPL MHVW GRGDWQL L VLOQ\ &R VXJHUXMH ĪH LP ZLĊNV]D G\QDPLND PHQWDOQHJR DVSHNWX WZyUF]RĞFL X PĊĪF]\]Q W\P ]GHF\GRZDQLH ZLĊNV]H QDVLOHQLH SU]HNRQDQLD REHFQRĞFL L EOLVNRĞFL %RJD & 1DVWĊSQLH SRVWDQRZLRQR GRNRQDü RFHQ\ SR]LRPX WZyUF]RĞFL Z\VWĊ SXMąFHJR Z EDGDQHM JUXSLH PáRG]LHĪ\ : W\P FHOX SU]\ SRPRF\ WDNVRQRPLL EH]Z]RUFRZHM QD SRGVWDZLH Z\QLNyZ EDGDĔ PHWRGą .$1+ Z\RGUĊE QLRQR GZLH JUXS\ PáRG]LHĪ R Z\VRNLP SR]LRPLH WZyUF]RĞFL ± 7Z L PáR


212

67$1,6à$: 5$'2ē

[10]

G]LHĪ R QLVNLP SR]LRPLH WZyUF]RĞFL ± 17Z 5yĪQLFH SRPLĊG]\ WDN GREUD Q\PL JUXSDPL SRG Z]JOĊGHP ZV]\VWNLFK DVSHNWyZ WZyUF]RĞFL RND]Dá\ VLĊ EDUG]R LVWRWQH S 2]QDF]D WR ĪH GREyU RVyE Z W\FK JUXSDFK MHVW RGSRZLHGQL L VWDQRZL GREUą SU]HVáDQNĊ GR GDOV]\FK DQDOL] SV\FKRORJLF] Q\FK GRW\F]ąF\FK RFHQ\ SR]LRPX WZyUF]RĞFL PáRG]LHĪ\ R X]GROQLHQLDFK DUW\VW\F]Q\FK RUD] ZSá\ZX WZyUF]RĞFL QD LFK SU]HĪ\FLD PLVW\F]QH :\NUHV 3UR¿O WZyUF]HJR ]DFKRZDQLD JUXS 7Z L 17Z ĞUHGQLH DU\W PHW\F]QH

$QDOL]D SV\FKRORJLF]QD X]\VNDQ\FK UH]XOWDWyZ XMDZQLD ĪH RVRE\ R FH FKDFK WZyUF]\FK JUXSD 7Z FKDUDNWHU\]XMą VLĊ Z\VRNLP QDVLOHQLHP SR VWDZ\ WZyUF]HM Z DVSHNFLH P\ĞOHQLD + $ 0 RUD] ]DZ\ĪRQ\P Z DVSHNFLH RVRERZRĞFL 1 . 0 3RQDGWR XMDZQLDMą SRGZ\ĪV]RQH QDVL OHQLH P\ĞOHQLD KHXU\VW\F]QHJR + 0 L QLVNLH DOJRU\WPLF]QHJR $ 0 :\VWĊSXMH WHĪ X QLFK SU]HFLĊWQH QDVLOHQLH QRQNRQIRUPL]PX 1 0 L SU]HFLĊWQH NRQIRUPL]PX . 0 0RĪQD ]DWHP VWZLHUG]Lü ĪH PáRG]LHĪ ] WHM JUXS\ PD Z\VRNLH FHFK\ WZyUF]H Z ]DNUHVLH P\ĞOHQLD L ]DZ\ĪRQH Z DVSHNFLH RVRERZRĞFL 2]QDF]D WR ĪH Z JUXSLH RVyE WZyUF]\FK GRPLQXMH QDVLORQD QLH]DOHĪQRĞü RVRERZRĞFLRZD DNW\ZQRĞü L QLHVWHUH RW\SRZRĞü RUD] Z\VWĊSXMH Z\UDĨQD SU]HZDJD P\ĞOHQLD G\ZHUJHQF\MQHJR


[11]

7:Ï5&=2ĝû $ 35=(ĩ<&,$ 0,67<&=1( 0à2'=,(ĩ< 2 8='2/1,(1,$&+

SRV]XNLZDZF]H QRZDWRUVNLH UHÀHNV\MQH KXPDQLVW\F]QH Z VWRVXQNX GR NRQZHUJHQF\MQHJR UHSURGXNF\MQH XNLHUXQNRZDQH ĞFLVáH ORJLF]QH *UXSD QLHWZyUF]D 17Z FKDUDNWHU\]XMH VLĊ SU]HFLĊWQ\P QDVLOHQLHP SRVWDZ\ WZyUF]HM Z DVSHNFLH P\ĞOHQLD + $ 0 RUD] Z DVSHNFLH RVR ERZRĞFL 1 . 0 8MDZQLD WDNĪH SU]HFLĊWQH QDVLOHQLH P\ĞOHQLD KHXU\VW\F]QHJR + 0 L DOJRU\WPLF]QHJR $ 0 :\VWĊSXMH WHĪ X QLFK Z\VRNLH QDVLOHQLH NRQIRUPL]PX . 0 L SU]HFLĊWQH QRQ NRQIRUPL]PX 1 0 6XJHUXMH WR ĪH RVRE\ WH PDMą SU]HFLĊWQH FHFK\ WZyUF]H Z ]DNUHVLH P\ĞOHQLD L RVRERZRĞFL 2]QDF]D WR GDOHM ĪH PáRG]LHĪ Wą FKDUDNWHU\]XMH ]DOHĪQRĞü RVRERZRĞFLRZD SDV\ZQRĞü V]W\ZQRĞü XOH JáRĞü L ]DKDPRZDQLH Z\VWĊSXMą F]DVHP HOHPHQW\ QLH]DOHĪQRĞFL GRPLQD FML HNVSDQV\ZQRĞFL L HODVW\F]QRĞFL QLHVWHUHRW\SRZRĞü : ]DNUHVLH VW\OyZ P\ĞOHQLD QLH XMDZQLDMą VLĊ ZLĊNV]H UyĪQLFH ZVSyáZ\VWĊSXMą ]H VREą RED VW\OH P\ĞOHQLD WM P\ĞOHQLH G\ZHUJHQF\MQH SRV]XNLZDZF]H QRZDWRUVNLH UHÀHNV\MQH KXPDQLVW\F]QH L P\ĞOHQLH NRQZHUJHQF\MQH UHSURGXNF\MQH XNLHUXQNRZDQH ĞFLVáH ORJLF]QH ' : NRĔFX SRVWDQRZLRQR XND]Dü NWyUH VSRĞUyG ZDUWRĞFL GRW\F]ąFH FHFK WZyUF]RĞFL PDMą LVWRWQH RGG]LDá\ZDQLH QD SU]HĪ\FLD PLVW\F]QH Z JUX SLH RVyE WZyUF]\FK L QLHWZyUF]\FK 7DEHOD ,VWRWQH ]PLHQQH QLH]DOHĪQH GRW\F]ąFH QDVLOHQLD WZyUF]RĞFL .$1+ L Z\MDĞQLDMąFH ZDULDQFMĊ SU]HĪ\ü PLVW\F]Q\FK 60 :\QLNL DQDOL]\ UHJUHVML ZLHORNURWQHM Z JUXSLH RVyE WZyUF]\FK 7Z

E 1LH]DOHĪQD 1

EHWD

W

p

=DOHĪQD 6

1LH]DOHĪQD +

1LH]DOHĪQD $

1LH]DOHĪQD 1

U

U2

)

S

=DOHĪQD & 3

U

U2

)

S

1LH]DOHĪQD 1

=DOHĪQD 1

U

U2

)

S

7U]\ ]PLHQQH QLH]DOHĪQH GRW\F]ąFH UyĪQ\FK DVSHNWyZ WZyUF]RĞFL Z JUXSLH RVyE WZyUF]\FK RGG]LDáXMą QD WU]\ HOHPHQW\ VWUXNWXU\ SU]HĪ\


67$1,6à$: 5$'2ē

[12]

FLD PLVW\F]QHJR &HFKDPL W\PL Vą QRQNRQIRUPL]P 1 NWyU\ ZSá\ZD QD SRF]XFLH ZHZQĊWU]QHM VXELHNW\ZQRĞFL 6 S QD F]DVRZRĞü SU]H VWU]HQQRĞü & 3 S RUD] QD QLHZ\VáRZLRQRĞü 1 S P\ ĞOHQLH KHXU\VW\F]QH + RGG]LDáXMH QD F]DVRZRĞü ± SU]HVWU]HQQRĞü & 3 S RUD] P\ĞOHQLH DOJRU\WPLF]QH $ NWyU\ Z\ZLHUD ZSá\Z QD F]D VRZRĞü ± SU]HVWU]HQQRĞü & 3 S 1RQNRQIRUPL]P Z\MDĞQLD RNR áR ZDULDQFML SRF]XFLD ZHZQĊWU]QHM VXELHNW\ZQRĞFL L SRF]XFLD QLHZ\VáRZLRQRĞFL 3RQDGWR P\ĞOHQLH KHXU\VW\F]QH ZUD] ] DOJRU\WPLF]Q\P L QRQNRQIRUPL]PHP Z\MDĞQLD ]PLHQQRĞFL F]DVRZRĞFL SU]HVWU]HQQR ĞFL =ZLą]HN SRPLĊG]\ QDVLOHQLHP UyĪQ\FK Z\PLDUyZ WZyUF]RĞFL RSUyF] P\ĞOHQLD DOJRU\WPLF]QHJR D Z\PLHQLRQ\PL HOHPHQWDPL SU]HĪ\FLD UHOLJLM QHJR MHVW GRGDWQL L VLOQ\ OXE SU]HFLĊWQ\ 2]QDF]D WR ĪH LP ZLĊNV]D G\QDPLND DVSHNWyZ RVRERZRĞFLRZ\FK WZyU F]RĞFL QRQNRQIRUPL]P L PHQWDOQ\FK G\ZHUJHQF\MQ\ VW\O P\ĞOHQLD W\P ZLĊNV]H SRF]XFLH GR]QDZDQ\FK SU]HĪ\ü SR]D F]DVHP L SU]HVWU]HQLą W\P ZLĊNV]H QDVLOHQLH SRF]XFLD ĪH ZV]\VWNLH SRVWU]HJDQH SU]HGPLRW\ REGDU]R QH Vą Ī\FLHP RUD] ZLĊNV]D QLH]GROQRĞü GR Z\UDĪHQLD WUHĞFL SU]HĪ\ZDQ\FK GR]QDĔ ' 1D VDP\P NRĔFX SRND]DQR NWyUH VSRĞUyG ZDUWRĞFL GRW\F]ąFH FHFK WZyUF]RĞFL PDMą LVWRWQH RGG]LDá\ZDQLH QD SU]HĪ\FLD PLVW\F]QH Z JUXSLH RVyE R QLVNLP SR]LRPLH WZyUF]RĞFL 7DEHOD ,VWRWQH ]PLHQQH QLH]DOHĪQH GRW\F]ąFH QDVLOHQLD WZyUF]RĞFL .$1+ L Z\MDĞQLDMąFH ZDULDQFMĊ SU]HĪ\ü PLVW\F]Q\FK 60 :\QLNL DQDOL]\ UHJUHVML ZLHORNURWQHM Z JUXSLH RVyE R QLVNLP SR]LRPLH WZyUF]RĞFL 17Z

=PLHQQH

E

1LH]DOHĪQD .

=DOHĪQD & 3

U

EHWD

U2

W

p

)

S

7\ONR MHGQD ]PLHQQD QLH]DOHĪQD GRW\F]ąFD UyĪQ\FK DVSHNWyZ WZyUF]RĞFL ] JUXS\ RVyE QLHWZyUF]\FK RGG]LDáXMH QD MHGHQ HOHPHQW VWUXNWXU\ SU]HĪ\FLD PLVW\F]QHJR &HFKą Wą MHVW NRQIRUPL]P . NWyU\ RGG]LDáXMH QD F]DVRSU]H VWU]HQQRĞü & 3 S .RQIRPLVW\F]QH FHFK\ RVRERZRĞFL Z\MDĞQLDMą SUDZLH ZDULDQFML F]DVRSU]HVWU]HQQRĞFL =ZLą]HN SRPLĊG]\ Z\PLHQLR


[ @

7:Ï5&=2ĝû $ 35=(ĩ<&,$ 0,67<&=1( 0à2'=,(ĩ< 2 8='2/1,(1,$&+

Q\PL DVSHNWDPL MHVW GRGDWQL L VLOQ\ &R VXJHUXMH ĪH LP ZLĊNV]D MHVW G\ QDPLND FHFK NRQIRUPLVW\F]Q\FK X RVyE QLHWZyUF]\FK W\P ]GHF\GRZDQLH ZLĊNV]H SRF]XFLH GR]QDZDQ\FK SU]HĪ\ü SR]D F]DVHP L SU]HVWU]HQLą '<6.86-$ :<1,.Ï:

3RGMĊWD SURFHGXUD EDGDZF]D L SV\FKRORJLF]QD DQDOL]D PDWHULDáX HPSL U\F]QHJR X]\VNDQD ZĞUyG PáRG]LHĪ\ R X]GROQLHQLDFK DUW\VW\F]Q\FK SR WZLHUG]LáD SRVWDZLRQH KLSRWH]\ EDGDZF]H Z ZLHOX DVSHNWDFK 1DVLOHQLH WZyUF]RĞFL ZSá\ZD LVWRWQLH QD G\QDPLNĊ SU]HĪ\ü PLVW\F] Q\FK ZH ZV]\VWNLFK Z\PLDUDFK ± KLSRWH]D ]QDOD]áD Z\UDĨQH SRWZLHUG]HQLH Z SU]\SDGNX JUXS\ RVyE WZyUF]\FK RG]LDá\ZDQLH QD ] Z\PLDUyZ SU]H Ī\ü PLVW\F]Q\FK WM QD SRF]XFLH ZHZQĊWU]QHM VXELHNW\ZQRĞFL F]DVRZRĞü ± SU]HVWU]HQQRĞü L QLHZ\VáRZLRQRĞü SRGF]DV JG\ X RVyE ] QLVNLP SR]LRPHP WZyUF]RĞFL W\ONR QD Z\PLDU WM F]DVRSU]HVWU]HQQRĞü L X NRELHW ZSá\Z QD Z\PLDU\ SU]HĪ\ü PLVW\F]Q\FK WM SRF]XFLH ZHZQĊWU]QHM VXELHNW\ZQRĞFL QLHZ\VáRZLRQRĞü F]DVRZRĞü ± SU]HVWU]HQQRĞü RUD] SR]\W\ZQą DIHNW\Z QRĞü +LSRWH]D SRWZLHUG]LáD VLĊ WDNĪH Z SU]\SDGNX PáRG]LHĪ\ PĊVNLHM DOH Z EDUG]LHM RJUDQLF]RQ\P ]QDF]HQLX ZSá\Z QDVLOHQLD WZyUF]RĞFL GRW\ F]\á W\ONR MHGQHJR DVSHNWX SU]HĪ\ü UHOLJLMQ\FK WM SRF]XFLD EOLVNRĞFL %RJD DOH ± Z SU]HFLZLHĔVWZLH GR NRELHW ± E\á VLOQ\ :V]\VWNLH DVSHNW\ WZyUF]RĞFL Z\ZLHUDMą LVWRWQ\ ZSá\Z QD SU]HĪ\FLD PLVW\F]QH PáRG]LHĪ\ DUW\VW\F]QHM ± KLSRWH]D ]QDOD]áD Z\UDĨQH SRWZLHUG]H QLH JUXSLH WZyUF]HM DVSHNW\ WZyUF]RĞFL VSRĞUyG WM QRQNRQIRUPL]P P\ĞOHQLH KHXU\VW\F]QH RUD] P\ĞOHQLH DOJRU\WPLF]QH RUD] X NRELHW DVSHNW\ WZyUF]RĞFL VSRĞUyG WM QRQNRQIRUPL]P NRQIRUPL]P L P\ĞOHQLH KHXU\VW\F]QH +LSRWH]D SRWZLHUG]LáD VLĊ WDNĪH Z JUXSLH PáRG]LHĪ\ R QL VNLP SR]LRPLH WZyUF]RĞFL DOH Z EDUG]LHM RJUDQLF]RQ\P VHQVLH QD SU]HĪ\ FLD PLVW\F]QH Z\ZLHUD ZSá\Z W\ONR DVSHNW RVRERZRĞFLRZ\ WZyUF]RĞFL WM NRQIRUPL]P RUD] X PĊĪF]\]Q LVWRWQ\ ZSá\Z MHGQHJR DVSHNWX WZyUF]RĞFL WM P\ĞOHQLD KHXU\VW\F]QHJR QD SU]HĪ\FLD PLVW\F]QH :\GDMH VLĊ ĪH SRVWDZLRQ\ SUREOHP EDGDZF]\ ]RVWDá Z GXĪHM PLHU]H UR] VWU]\JQLĊW\ 8ND]DQR ERZLHP ]JRGQLH ] ]DáRĪHQLDPL SU]HGVWDZLRQ\PL Z F]ĊĞFL WHRUHW\F]QHM Z\UDĨQ\ L ZV]HFKVWURQQ\ ZSá\Z REX Z\PLDUyZ WZyU F]RĞFL WM RVRERZRĞFLRZHJR L PHQWDOQHJR QD ZLHOH DVSHNWyZ SU]HĪ\ü PL VW\F]Q\FK 2ND]DáR VLĊ ĪH ZSá\Z WHQ MHVW MHGQR]QDF]Q\ QLH]DOHĪQLH RG WHJR


67$1,6à$: 5$'2ē

> @

F]\ GRW\F]\ RVyE R QDVLORQ\FK FHFKDFK WZyUF]\FK F]\ VáDEV]\FK RUD] F]\ GRW\F]\ PĊĪF]\]Q F]\ NRELHW :SUDZG]LH MDN Z\ND]Dá\ EDGDQLD ZSá\Z WHQ MHVW Z\UDĨQLH VLOQLHMV]\ L EDUG]LHM ZV]HFKVWURQQ\ Z SU]\SDGNX PáRG]LH Ī\ R QDVLORQHM FHV]H WZyUF]RĞFL RUD] X NRELHW DOH X RVyE PQLHM WZyUF]\FK RUD] PĊĪF]\]Q ZSá\Z WZyUF]RĞFL QD SU]HĪ\FLD PLVW\F]QH ]DFKRZXMH WHQ VDP NLHUXQHN WZyUF]RĞü G\QDPL]XMH GRĞZLDGF]HQLD PLVW\F]QH 2]QDF]D WR ĪH WZyUF]RĞü MDNR FHFKD RVRERZRĞFLRZD ± ]JRGQLH ] SU]HGVWDZLRQ\PL ]DáRĪHQLDPL WHRUHW\F]Q\PL ± ZLąĪąFD VLĊ ] QLH]DOHĪQRĞFLą FKDUDNWHURORJLF] Qą L Z\WUZDáRĞFLą DVSHNW RVRERZRĞFLRZ\ QRQNRQIRUPL]PX Z ]DVWRVRZD Q\P QDU]ĊG]LX EDGDZF]\P RUD] RWZDUWRĞFLą QD QRZH GRĞZLDGF]HQLD VW\O P\ĞOHQLD KHXU\VW\F]Q\ Z ]DVWRVRZDQ\P QDU]ĊG]LX EDGDZF]\P ZSá\ZD Z LVWRWQ\P VWRSQLX QD LQWHQV\ZQRĞü SU]HĪ\ü PLVW\F]Q\FK PáRG]LHĪ\ DUW\ VW\F]QHM :Sá\Z WHQ MHVW ZV]HFKVWURQQ\ DOH ZV]HFKVWURQQRĞü XMDZQLD VLĊ JáyZQLH SR VWURQLH F]\QQLND PRG\¿NXMąFHJR ]PLHQQD QLH]DOHĪQD WM WZyU F]RĞü 3R VWURQLH F]\QQLND PRG\¿NRZDQHJR ]PLHQQD ]DOHĪQD WM SU]HĪ\ FLD PLVW\F]QH MHVW PQLHM ZV]HFKVWURQQ\ ER GRW\F]\ DVSHNWyZ SU]HĪ\ü UHOLJLMQ\FK Z SU]\SDGNX RVyE WZyUF]\FK DVSHNWyZ Z SU]\SDGNX NRELHW D W\ONR Z SU]\SDGNX RVyE ]DNZDOL¿NRZDQ\FK MDNR QLHWZyUF]\FK RUD] PĊĪF]\]Q :\QLN WHQ QLH MHVW RGPLHQQ\ QLĪ X]\VNDQ\ Z LQQ\FK EDGDQLDFK Z NWy U\FK XGRZRGQLRQR LVWQLHQLH SR]\W\ZQHJR ]ZLą]NX SRPLĊG]\ QDVLOHQLHP FHFK\ WZyUF]RĞFL D SR]LRPHP SU]HĪ\ü PLVW\F]Q\FK $OHNVDQGHU L LQ &ODUN 'LOORQ :LQN )D\ RUD] VNRUHORZDQ\P ] WZyUF]RĞFLą ]GURZLHP SV\FKLF]Q\P D PLVW\F\]PHP SRU $OH[DQGHU L LQ %RLVHQ *UHHOH\ )RUEHV +RRG +RRG L LQ 0DWKHV =HYRQ 5RWHU -RHUJHU +D\ 0RUULV\ /XGZLJ 5LFKDUGV 1DOHĪ\ UyZQLHĪ GRGDü ĪH REHFQH Z\QLNL SRWZLHU G]Lá\ GDQH X]\VNDQH SRSU]HGQLR ZĞUyG WHM JUXS\ EDGDZF]HM SU]\ ]DVWRVR ZDQLX LQQ\FK QDU]ĊG]L ± SRU 5DGRĔ *áD] 7DPWH EDGDQLD Z\ND]Dá\ ERZLHP ĪH SUHIHUHQFMD QLHVSROHJOLZ\FK ZDUWRĞFL DUW\VW\F]Q\FK L UHOLJLM Q\FK Z FDáHM JUXSLH RWZDUWRĞü QD QRZH GRĞZLDGF]HQLD WR MHGHQ ] LVWRWQ\FK Z\PLDUyZ WZyUF]RĞFL HNVWUDZHUVMD V]F]HJyOQLH X PĊĪF]\]Q QLH]DOHĪQRĞü FKDUDNWHURORJLF]QD MHVW GUXJLP ] LVWRWQ\FK Z\PLDUyZ WZyUF]RĞFL RUD] SU]HFLĊWQH QDVLOHQLH OĊNyZ Z FDáHM JUXSLH L SV\FKRW\]P V]F]HJyOQLH X NRELHW WZDUGRĞü SV\FKRORJLF]QD L Z\WUZDáRĞü MDNR MHGHQ ] LVWRWQ\FK Z\PLDUyZ WZyUF]RĞFL ZSá\ZDMą QD LQWHQV\ZQRĞü SU]HĪ\ü UHOLJLMQ\FK :\QLNL W\FK


[ @

7:Ï5&=2ĝû $ 35=(ĩ<&,$ 0,67<&=1( 0à2'=,(ĩ< 2 8='2/1,(1,$&+

EDGDĔ SRWZLHUG]Lá\ UH]XOWDW\ SRSU]HGQLFK EDGDĔ MHV]F]H EDUG]LHM Z\UDĨQLH XMDZQLDMąF ĪH WZyUF]RĞü Z WU]HFK Z\PLDUDFK QLH]DOHĪQRĞFL FKDUDNWHUR ORJLF]QHM Z\WUZDáRĞFL L RWZDUWRĞFL QD QRZH GRĞZLDGF]HQLD G\QDPL]XMH SU]HĪ\FLD PLVW\F]QH PáRG]LHĪ\ R X]GROQLHQLDFK DUW\VW\F]Q\FK ]DUyZQR PĊĪF]\]Q MDN L NRELHW =DSUH]HQWRZDQH UH]XOWDW\ EDGDZF]H FKRFLDĪ ]JRGQH ] ZQLRVNDPL Sá\Qą F\PL ] RSUDFRZDĔ WHRUHW\F]Q\FK RUD] Z\QLNDPL ZLHOX EDGDĔ Vą MHGQDN ]D VNDNXMąFH 3RND]XMą RQH ERZLHP ĪH ZLąĪąFH VLĊ ] WZyUF]RĞFLą QLHVWDELOQH FHFK\ RVRERZRĞFL WDNLH MDN QLH]DOHĪQRĞü FKDUDNWHURORJLF]QD QRQNRQIRU PL]P DXWRQRPLD SU]HZUDĪOLZLHQLH QLHVWDELOQRĞü HPRFMRQDOQD RUD] SRGDW QRĞü QD ]DEXU]HQLD DIHNW\ZQH PRJą G\QDPL]RZDü SU]HĪ\FLD PLVW\F]QH 7UXGQR VSRG]LHZDü VLĊ X RVyE ]QDMGXMąF\FK VLĊ Z WDN PáRG\P ZLHNX GRM U]DáHM IRUP\ WZyUF]RĞFL D RND]XMH VLĊ ĪH VDPD DXWRQRPLF]QD L ]P\VáRZD SHQHWUDFMD U]HF]\ZLVWRĞFL PRĪH Z]PDJDü LQWHQV\ZQRĞü GR]QDĔ PLVW\F] Q\FK RUD] Z]ERJDFDü MH SR]QDZF]R .RQVHNZHQFMą SU]\MĊFLD WH]\ R SR]\W\ZQ\P ]ZLą]NX QRQNRQIRUPL VW\F]QHM WZyUF]RĞFL R FHFKDFK KHXU\VW\F]Q\FK ] GRĞZLDGF]HQLDPL PLVW\F] Q\PL MHVW SRWU]HED ZSURZDG]DQLD SHZQ\FK ]PLDQ Z G]LHG]LQLH NRQFHS FML GXV]SDVWHUVWZD RUD] NDWHFKH]\ PáRG]LHĪ\ :\GDMH VLĊ ĪH SRVWXORZDQD SU]H] QLHNWyU\FK EDGDF]\ :HKU SRWU]HED EOLVNRĞFL HPRFMRQDOQHM NWyUD SUHIHUXMH SDUWQHUVWZR Z Z\FKRZDQLX UHOLJLMQ\P LG]LH Z W\P NLHUXQ NX 1DOHĪ\ SRGNUHĞOLü ĪH Z RNUHVLH DGROHVFHQFML MHGQRVWNL Vą V]F]HJyOQLH XZUDĪOLZLRQH QD DXWRU\WDU\]P L SU]\PXV UHOLJLMQ\ SLRXV FRHUFLRQ ± SRU :HKU : PQLHPDQLX PáRG]LHĪ\ UHOLJLMQRĞü QLH PRĪH RSLHUDü VLĊ QD EH]NU\W\F]Q\P DSURERZDQLX SUDZG UHOLJLMQ\FK DOH PD Z\QLNDü ] DXWRQR PLF]Q\FK SRV]XNLZDĔ LQWHOHNWXDOQ\FK 3RVWXORZDQH SDUWQHUVWZR ] MHGQHM VWURQ\ Z\NOXF]D GRPLQDFMĊ MHGQHJR SRGPLRWX QDG GUXJLP D ] GUXJLHM QLH ZLąĪH VLĊ ] UH]\JQDFMą ] Z\PDJDĔ L RJUDQLF]DQLHP RF]HNLZDĔ -HVW ZUĊF] SU]HFLZQLH VWDZLDQLH Z\PDJDĔ SU]HND] LQIRUPDFML L Z\UDĪDQLH RF]HNLZDĔ VWDMH VLĊ MHV]F]H EDUG]LHM LQWHQV\ZQH :\FLąJDMąF ZQLRVNL ] X]\VNDQ\FK UH]XOWDWyZ EDGDZF]\FK PRĪQD SRVWD ZLü WHĪ SRVWXODW NRQLHF]QRĞFL UH]\JQDFML ] W]Z ÄGXV]SDVWHUVWZD VLáRZHJR´ WM UHVWU\NF\MQHJR NWyU\ ]D JáyZQ\ PLHUQLN PD OLWHUDOQLH SRMPRZDQą VSyM QRĞü SRJOąGyZ ] GRNWU\Qą .RĞFLRáD DOER OLF]EĊ SRGHMPRZDQ\FK SUDNW\N QD U]HF] GXV]SDVWHUVWZD ÄVáDEHJR´ WROHUDQF\MQHJR SURZL]RU\F]QHJR HJD OLWDUQHJR Ä+LVWRU\F]QH ]DVáXFKDQLH Z ]QDNL UR]VLDQH Z NXOWXU]H L Z Ī\


67$1,6à$: 5$'2ē

> @

FLX 'XFKD MHVW U]HF]ą IXQGDPHQWDOQą 7R Z\PDJD SHZQHJR URG]DMX NHQR]\ VDPHJR SU]HVáDQLD HZDQJHOLF]QHJR LVWQLHMąFHJR ZHZQąWU] Ī\ZHJR MąGUD NDĪGHM NXOWXU\ NDĪGHJR OXGX L SRNROHQLD SR WR DE\ SU]HPLHQLü MHJR REOL F]H QD VSRVyE HZDQJHOLF]Q\ EH] MDNLHMNROZLHN PDQLSXODFML 7DN MDN &KU\ VWXV 6áRZR :FLHORQH UyZQLHĪ GXFKRZRĞü FKU]HĞFLMDĔVND PXVL ZFLHOLü VLĊ Z WNDQNĊ OXG]Ną L SU]\Mąü U\]\NR KLVWRULL SURZL]RU\F]QRĞFL NDWHJRULL L ]QD NyZ´ SRU %RULHOOR GHOOD &URFH 6HFRQGLQ V -DN VLĊ Z\GDMH MHGQDN Z ÄVáDE\P GXV]SDVWHUVWZLH´ QLH QDOHĪ\ VSRG]LHZDü VLĊ V]\ENLFK L VSHNWDNXODUQ\FK HIHNWyZ D Z W\P WNZL JáyZQD SU]\F]\QD RGU]XFDQLD WHR UHW\F]QLH VáXV]QHJR ÄGXV]SDVWHUVWZD VáDEHJR´ ODWHQWQRĞü : ]ZLą]NX ] W\P PRĪQD SRVWDZLü SHZQH SRVWXODW\ GOD GXV]SDVWHU]\ Z\FKRZDZFyZ L SHGDJRJyZ UHOLJLMQ\FK RUD] RVyE RGSRZLHG]LDOQ\FK ]D NV]WDáW ZVSyáF]HVQHJR GXV]SDVWHUVWZD L NDWHFKH]\ V]F]HURĞü L RWZDUWRĞü NRPXQLNDFML Z\VWĊSXMąFD Z ]DáRĪHQLDFK ÄGXV] SDVWHUVWZD VáDEHJR´ JZDUDQWXMH PRĪOLZRĞü GRWDUFLD GR WZyUF]HM PáRG]LHĪ\ ZV]HONLH R]QDNL Z\PXV]DQLD QDND]\ZDQLD XGDZDQLD XSUDV]F]DQLD PR UDOL]RZDQLD Vą V]\ENR ÄZ\FKZ\W\ZDQH´ L VSRQWDQLF]QLH GHSUHFMRQRZDQH Z\VWĊSXMH Z\UDĨQD SRWU]HED SUHIHURZDQLD SHGDJRJLNL GLDORJX QDG WUDG\F\MQ\PL IRUPDPL SHGDJRJLF]Q\PL L NDWHFKHW\F]Q\PL NWyU\FK SRGVWD ZĊ VWDQRZLą PHWRG\ SRGDMąFH L VHQW\PHQWDOQD SUH]HQWDFMD U]HF]\ZLVWRĞFL %DJURZLF] UDF]HM QDOHĪ\ WRZDU]\V]\ü PáRG]LHĪ\ Z SRZROQ\P GRFLHUDQLX GR ÄFLHPQ\FK VWURQ RVRERZRĞFL´ L XáDWZLDü SHQHWUDFMĊ ZąWSOLZRĞFL UHOLJLMQ\FK QLĪ SU]HGVWDZLDü Z VSRVyE GRJPDW\F]Q\ L PRUDOL]DWRUVNL FDáRĞü SU]HVáDQLD UHOLJLMQHJR QDOHĪ\ QLHFR ]PLHQLü NU\WHULD RFHQ\ VNXWNyZ RGG]LDá\ZDĔ GXV]SD VWHUVNLFK L NDWHFKHW\F]Q\FK ] LORĞFLRZ\FK QD MDNRĞFLRZH SRWU]HED SU]\JRWRZDQLD GR GXĪHM GRMU]DáRĞFL ZVSyáF]HVQ\FK GXV]SD VWHU]\ L NDWHFKHWyZ Z ]ZLą]NX ] U\]\NLHP VSRWNDQLD VLĊ ] SV\FKRORJLF]QLH NRV]WRZQ\PL VNXWNDPL VWRVRZDQLD PHWRG GLDORJLF]Q\FK RUD] ÄGXV]SDVWHU VWZD VáDEHJR´ SRF]XFLHP EUDNX HIHNW\ZQRĞFL EUDNX NRPSHWHQFML QLH]UR ]XPLHQLD RGU]XFHQLD L RVDPRWQLHQLD RUD] SURIHVMRQDOQHJR ZVSDUFLD GOD W\FK NWyU]\ SRGHMPXMą WDNLH Z\]ZDQLD 1D NRQLHF QDOHĪ\ VWZLHUG]Lü ĪH X]\VNDQH Z\QLNL EDGDĔ Z\ND]Dá\ LĪ SR VWURQLH F]\QQLND PRG\¿NRZDQHJR ]PLHQQD ]DOHĪQD WM SU]HĪ\FLD PLVW\F] QH ZSá\Z WZyUF]RĞFL MHVW PQLHM ZV]HFKVWURQQ\ 0RĪQD ] WHJR ZQRVLü ĪH


[ @

7:Ï5&=2ĝû $ 35=(ĩ<&,$ 0,67<&=1( 0à2'=,(ĩ< 2 8='2/1,(1,$&+

RVLąJQLĊWH UH]XOWDW\ EDGDZF]H SRND]XMą ĪH LVWQLHMą LQQH DVSHNW\ RVRERZR ĞFL QLH ZLąĪąFH VLĊ ] WZyUF]RĞFLą NWyUH ZSá\ZDMą QD G\QDPLNĊ SU]HĪ\ü PLVW\F]Q\FK EDGDQHM PáRG]LHĪ\ 2VLąJQLĊWH Z\QLNL Z\PDJDMą ZLĊF MHV]F]H GDOV]\FK SRWZLHUG]HĔ RUD] EDGDĔ HNVORSDUDF\MQ\FK ELRUąF\FK SRG XZDJĊ LQQH DVSHNW\ RVRERZRĞFLRZ\FK XZDUXQNRZDĔ SU]HĪ\ü PLVW\F]Q\FK 3R WU]HEQH MHVW Z SU]\V]áRĞFL SU]HSURZDG]HQLH NROHMQ\FK EDGDĔ GRW\F]ąF\FK V]HURNLHJR VSHNWUXP WZyUF]\FK XZDUXQNRZDĔ SU]HĪ\ü PLVW\F]Q\FK ,QWH UHVXMąFH E\áRE\ QS XND]DQLH SRZLą]DĔ SU]HĪ\ü PLVW\F]Q\FK ] WZDUGRĞFLą FKDUDNWHURORJLF]Qą OXG]L WZyUF]\FK SV\FKRW\]PX L HNVWUDZHUVML &LHNDZH SR]QDZF]R E\á\E\ EDGDQLD XND]XMąFH UROĊ QLHVWDELOQRĞFL HPRFMRQDOQHM L SR GDWQRĞFL QD ]DEXU]HQLD Z VW\PXORZDQLX ]GROQRĞFL GR SU]HĪ\ü PLVW\F]Q\FK : W\P NRQWHNĞFLH QDOHĪDáRE\ XND]Dü UyZQLHĪ SRZLą]DQLD SRPLĊG]\ QLHVWD ELOQRĞFLą HPRFMRQDOQą OXG]L WZyUF]\FK ] VLOQ\PL SU]HĪ\FLDPL PLVW\F]Q\PL LQWHQV\ZQH SU]HĪ\FLD PLVW\F]QH Z VZHM V\PSWRPDWRORJLL EOLVNLH Vą ]DEX U]HQLRP RVRERZRĞFL L SV\FKLF]Q\P D GRMU]DáRĞFLą LVWRWQ\PL HOHPHQWDPL WZyUF]RĞFL RERN QLH]DOHĪQRĞFL L RWZDUWRĞFL MHVW Z\WUZDáRĞü -DN ZLGDü VWDQ EDGDĔ Z ]DNUHVLH SU]HĪ\ü PLVW\F]Q\FK Z\PDJD LQWHQV\¿NDFML ]ZáDV]F]D GODWHJR ĪH ]GDMH VLĊ ZLą]Dü ] ZDĪQ\PL L SUHIHURZDQ\PL DVSHNWDPL RVRER ZRĞFL WDNLPL MDN WZyUF]RĞü F]\ GRMU]DáRĞü %,%/,2*5$),$

$OH[DQGHU & 1 %R\HU 5 : $OH[DQGHU 9 . +LJKHU VWDWHV RI FRQVFLRXVQHVV LQ WKH 9HGLF 3V\FKRORJ\ RI 0DKDULVKL 0DKHVK <RJL $ WKHRUHWLFDO LQWURGXFWLRQ DQG UHVHDUFK UHYLHZ 0RGHUQ VFLHQFH DQG 9HGLF VFLHQFH $PDELOH 7 0 L LQ &UHDWLYLW\ LQ &RQWH[W 8SGDWH WR WKH 6RFLDO 3V\FKRORJ\ RI &UHDWLYLW\ 1HZ <RUN :HVWYLHZ 3UHVV %DJURZLF] - (GXNDFMD UHOLJLMQD ZVSyáF]HVQHM PáRG]LHĪ\ 7RUXĔ :1 80. %DJURZLF] - 7RZDU]\V]\ü Z]UDVWDQLX = G\VNXVML R PHWRGDFK L ĞURGNDFK HGXNDFML UHOLJLMQHM PáRG]LHĪ\ 7RUXĔ :1 80. %DUURQ ) 6RPH SHUVRQDOLW\ FRUUHODWHV RI LQGHSHQGHQFH RI MXGJ PHQW -RXUQDO RI 3HUVRQDOLW\ 7 %DUURQ ) 7KH GLVSRVLWLRQ WRZDUGV RULJLQDOLW\ -RXUQDO RI $EQRUPDO DQG 6RFLDO 3V\FKRORJ\ 7


220

67$1,6à$: 5$'2ē

> @

%DUURQ ) 2ULJLQDOLW\ LQ UHODWLRQ WR SHUVRQDOLW\ DQG LQWHOOHFW -RXUQDO RI 3HUVRQDOLW\ 7 %DUURQ ) 7D\ORU & : &UHDWLYLW\ DQG 3V\FKRORJLFDO +HDOWK 2ULJLQV RI 3HUVRQDO 9LWDOLW\ DQG &UHDWLYH )UHHGRP 3ULQFHWRQ 1HZ -RUN 9DQ 1RVWUDQG %RLVHQ $ 7 7KH ([SORUDWLRQ RI WKH ,QQHU :RUG 1HZ <RUN +DUSHU DQG %URWKHUV %RULHOOR / &URFH GHOOD * 6HFRQGLQ % 'XFKRZRĞü FKU]HĞFLMDĔVND F]DVyZ ZVSyáF]HVQ\FK .UDNyZ :$0 %U]H]LĔVNL - 0HWRGRORJLD EDGDĔ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¿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


[ @

7:Ï5&=2ĝû $ 35=(ĩ<&,$ 0,67<&=1( 0à2'=,(ĩ< 2 8='2/1,(1,$&+

221

)HLVW * - 7KH LQÀXHQFH RI SHUVRQDOLW\ RQ DUWLVWLF DQG VFLHQWL¿F FUHDWLYLW\ : 5 - 6WHUQEHUJ UHG +DQGERRN RI FUHDWLYLW\ V &DPEULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV )RUEHV ) $QWRQ %RLVHQ SLRQHHU RQ WKH VWXG\ RI PHQWDO GLVRUGHU DQG UHOLJLRXV H[SHULHQFH $ FULWLFDO UHYLHZ RI WKH OLWHUDWXUH 'LVVHUWDWLRQ $EVWUDFWV ,QWHUQDWLRQDO 6HFWLRQ $ +XPDQLWLHV DQG 6RFLDO 6FLHQFHV $ *áD] 6 =DJDGQLHQLH GRĞZLDGF]HQLD UHOLJLMQHJR .UDNyZ :$0 *áD] 6 ,QWHQV\ZQRĞü GRĞZLDGF]HQLD UHOLJLMQHJR D NRQFHSFMD VLHELH .UDNyZ :$0 *áD] 6 :Sá\Z ]PLHQQ\FK HJ]\VWHQFMDOQ\FK QD VNXWNL SU]HĪ\FLD UHOLJLMQHJR &]DVRSLVPR 3V\FKRORJLF]QH *áD] 6 :\]QDF]QLNL SU]HĪ\FLD UHOLJLMQHJR X PáRG]LHĪ\ DNDGHPLF NLHM 6WXGLD 3V\FKRORJLD *RXJK + * :RRGZRUWK ' : 6W\OLVWLF YDULDWLRQV DPRQJ SURIHV VLRQDO UHVHDUFK VFLHQWLVWV -RXUQDO RI 3V\FKRORJ\ *UHHOH\ $ 0 7KH 6RFLRORJ\ RI WKH 3DUDQRUPDO &DOLIRUQLD 6DJH *XLOIRUG - 3RGVWDZRZH PHWRG\ VWDW\VW\F]QH Z SV\FKRORJLL L SHGDJRJLFH :DUV]DZD :\GDZQLFWZR 3:1 +D\ ' 5HOLJLRXV H[SHULHQFH DPRQJVW D JURXS RI SRVW JUDGXDWH VWX GHQWV $ TXDOLWDWLYH VWXG\ -RXUQDO IRU 6FLHQWL¿F 6WXG\ RI 5HOLJLRQ +D\ ' 0RUULV\ $ 5HSRUWV RI HFVWDWLF SDUDQRUPDO RU UHOLJLRXV H[SHULHQFH LQ *UHDW %ULWDLQ DQG WKH 8QLWHG 6WDWHV $ FRPSDULVRQ RI WUHQGV -RXUQDO IRU 6FLHQWL¿F 6WXG\ RI 5HOLJLRQ +HOVRQ 5 :RPHQ PDWKHPDWLFLDQV DQG WKH FUHDWLYH SHUVRQDOLW\ -RXUQDO RI &RQVXOWLQJ DQG &OLQLFDO 3V\FKRORJ\ +HOVRQ 5 ,QVWLWXWH RI 3HUVRQDOLW\ $VVHVVPHQW DQG 5HVHDUFK : 0 $ 5XQFR 6 3ULW]NHU UHG (QF\FORSHGLD RI FUHDWLYLW\ V 1HZ <RUN $FDGHPLF 3UHVV +RRG 5 : 7KH FRQVWUXFWLRQ DQG SUHOLPLQDU\ YDOLGDWLRQ RI D PH DVXUH RI UHSRUWHG P\VWLFDO H[SHULHQFH -RXUQDO IRU WKH 6FLHQWL¿F 6WXG\ RI 5HOLJLRQ +RRG 5 : +DQGERRN RI UHOLJLRXV H[SHULHQFH %LUPLQJKDP 5HOL JLRXV (GXFDWLRQ 3UHVV


222

67$1,6à$: 5$'2ē

[20]

+RRG 5 : *KRUEDQL 1 :DWVRQ 3 - *KUDPDOHNL $ ) %LQJ 0DUN 1 'DYLVRQ + .ULVWO 0 5RQDOG - :LOOLDPVRQ : 3 'LPHQVLRQV RI WKH 0\VWLFLVP 6FDOH &RQ¿UPLQJ WKH 7KUHH )DFWRU 6WUXFWXUH LQ WKH 8QLWHG 6WDWHV DQG ,UDQ -RXUQDO IRU WKH 6FLHQWL¿F 6WXG\ RI 5HOLJLRQ +RRG 5 : 6SLOND % +XQVEHUJHU % *RUVXFK 5 7KH SV\FKRORJ\ RI UHOLJLRQ $Q HPSLULFDO DSSURDFK QG UHG 1HZ <RUN 7KH *X LOJRUG 3UHVV .OXV 6WDĔVND ' 1DUUDFMD Z V]NROH : - 7U]HELĔVNL UHG 1DUUDFMD MDNR VSRVyE UR]XPLHQLD ĞZLDWD *GDĔVN *:3 .UyO - *áD] 6 'RĞZLDGF]HQLH UHOLJLMQH : 6 *áD] UHG 3RGVWDZRZH ]DJDGQLHQLD SV\FKRORJLL UHOLJLL V .UDNyZ :$0 .XF]NRZVNL 6 3V\FKRORJLD UHOLJLL .UDNyZ :\GDZQLFWZR :$0 0DF.LQQRQ ' : 7KH KLJKO\ HIIHFWLYH LQGLYLGXDO : 5 6 $OEHUW UHG *HQLXV DQG (PLQHQFH ,QWHUQDWLRQDO 6HULHV RI ([SHULPHQWDO 3V\FKRORJ\ 22 V 2[IRUG 3HUJDPRQ 3UHVV 0DWKHV ( =HYRQ 0 5RWHU 3 -RHUJHU 6 3HDN H[SHULHQFH WHQ GHQFLHV 6FDOH GHYHORSPHQW DQG WKHRU\ WHVWLQJ -RXUQDO RI +XPDQLVWLF 3V\FKRORJ\ 22 0F&UDH 5 5 &RVWD 3 7 2VRERZRĞü GRURVáHJR F]áRZLHND 3HVSHNW\ZD WHRULL SLĊFLRF]\QQLNRZHM .UDNyZ :\GDZQLFWZR :$0 0F0XOODQ : ( &UHDWLYH LQGLYLGXDOV SDUDGR[LFDO SHUVRQDJHV -RXUQDO RI &UHDWLYH %HKDYLRU 0HUFHU & 'XUKDP 7K : 5HOLJLRXV P\VWLFLVP DQG JHQGHU RULHQ WDWLRQ -RXUQDO IRU WKH 6FLHQWL¿F 6WXG\ RI 5HOLJLRQ 1ĊFND ( 3URFHV WZyUF]\ L MHJR RJUDQLF]HQLD .UDNyZ :\G 8- 1ĊFND ( 3V\FKRORJLD WZyUF]RĞFL *GDĔVN *:3 1LFNHUVRQ 5 6 (QKDQFLQJ FUHDWLYLW\ : 5 - 6WHUQEHUJ UHG +DQGERRN RI FUHDWLYLW\ V &DPEULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV 3DUQHV 6 - %LRQGL $ 0 &UHDWLYH EHKDYLRU $ GHOLFDWH EDODQFH -RXUQDO RI &UHDWLYH %HKDYLRU 7 3OXFNHU - $ ,V WKH SURRI LQ WKH SXGGLQJ" 7KH UHDQDO\VHV RI 7RUUDQ FH¶V ORQJLWXGLQDO GDWD -RXUQDO RI &UHDWLYH %HKDYLRU 7


[21]

7:Ï5&=2ĝû $ 35=(ĩ<&,$ 0,67<&=1( 0à2'=,(ĩ< 2 8='2/1,(1,$&+

3OXFNHU - $ 5HQ]XOOL - 6 3V\FKRPHWULF DSSURDFKHV WR WKH VWXG\ RK KXPDQ FUHDWLYLW\ : 5 - 6WHUQEHUJ UHG +DQGERRN RI FUHDWLYLW\ V &DPEULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV 3RSHN 6 &]áRZLHN MDNR MHGQRVWND WZyUF]D /XEOLQ 80&6 3RSHN 6 .ZHVWLRQDULXV] WZyUF]HJR ]DFKRZDQLD .DQK /XEOLQ 80&6 5DGRĔ 6 *áD] 6 3U]HĪ\FLD UHOLJLMQH PáRG]LHĪ\ X]GROQLRQHM DUW\VW\F]QLH .UDNyZ :$0 5DJXVH + 'HU ]XNXHQIWLJH 6LQQ ±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áRZLHM - 3V\FKRORJLD WZyUF]RĞFL *GDĔVN :\G 8QLZHUV\WHWX *GDĔVNLHJR 6WU]DáHFNL $ 3V\FKRORJLD WZyUF]RĞFL 0LĊG]\ WUDG\FMą D SRQRZRF]HVQRĞFLą :DUV]DZD :\G 8QLZHUV\WHWX .DUG\QDáD 6WHIDQD :\V]\ĔVNLHJR 7RNDU] $ '\QDPLNL SURFHVX WZyUF]HJR .UDNyZ :\GDZQLFWZR 8- :DFKKROW] $ % 3DUJDPHQW . , ,V 6SLULWXDOLW\ D &ULWLFDO ,QJUHGLHQW RI 0HGLWDWLRQ" &RPSDULQJ WKH (IIHFWV RI 6SLULWXDO 0HGLWDWLRQ 6HFXODU


67$1,6Ã $: 5$'2Ä“

[22]

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


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.