Anda di halaman 1dari 22

-RXUQDORI7KH,VODPLF8QLYHUVLW\2I*D]D9RO1R33

0HFKDQLFDO3URSHUWLHVRI3RO\VW\UHQH
/LJKWZHLJKW&RQFUHWH

=DKHU.XKDLODQG6DPLU6KLKDGD'HSDUWPHQWRI&LYLO(QJLQHHULQJ

7KH,VODPLF8QLYHUVLW\*D]D32%R[3DOHVWLQH




$EVWUDFW ,Q WKLV VWXG\ IDFWRUV ZKLFK DIIHFW WKH FRPSUHVVLYH VWUHQJWK RI
SRO\VW\UHQHOLJKWZHLJKWFRQFUHWHDUHH[DPLQHG7KHVHIDFWRUVLQFOXGHZDWHUFHPHQW
UDWLR SRO\VW\UHQHFHPHQW UDWLR FHPHQW FRQWHQW FXULQJ WLPH PDWXULW\ FRPSDFWLRQ
ILUH DQG DGPL[WXUHV )XUWKHUPRUH WKH UHODWLRQVKLS EHWZHHQ WKH WHQVLOH VWUHQJWK RI
WKLVW\SHRIFRQFUHWHDQGFHPHQWFRQWHQWLVFRQVLGHUHG
$WWKHHQGRIWKHVWXG\DSURFHGXUHIRUGHVLJQLQJSRO\VW\UHQHOLJKWZHLJKWFRQFUHWH
PL[HVLVRXWOLQHG
.H\ZRUGV SRO\VW\UHQHFHPHQW UDWLR FHPHQW FRQWHQW DJJUHJDWH FRQWHQW
ZDWHUFHPHQWUDWLR


/LVWRI$EEUHYLDWLRQV
& &HPHQW&RQWHQW NJP 36 3RO\VW\UHQH&HPHQW5DWLR
3& 3RO\VW\UHQH&HPHQW5DWLR :& :DWHU&HPHQW5DWLR
&RPSUHVVLYH6WUHQJWK 03D 
IW
7HQVLOH
6WUHQJWK
IF
03D )0 )LQHQHVV0RGXOXV 
$& $JJUHJDWH &RQWHQW
NJP
,8* ,VODPLF8QLYHUVLW\*D]D

 ,QWURGXFWLRQ
)RU RYHU ILIW\ \HDUV WKHUH KDYH EHHQ PDQ\ DWWHPSWVWRRYHUFRPHWKH
GUDZEDFNV RI FRQFUHWH &RQFUHWH LV YHU\ KHDY\ ULJLG DQG LWV WKHUPDO
DQG DFRXVWLFDO TXDOLWLHV DUH QRW YHU\ KLJK 7KH IRFXV KDV EHHQ WR
UHSODFHDJJUHJDWHVRIFRQFUHWHVDQGDQGJUDYHOZLWKOLJKWHUPDWHULDOV
)LUVWQDWXUDOSURGXFWVZHUHXWLOL]HGVXFKDVFRUQSXPLFHVFKLVWFRUN
SR]]XRODQD DQG ZRRGV VFUDSV RU VDZGXVW  /DWHU ZLWK JUHDWHU


0HFKDQLFDO3URSHUWLHVRI3RO\VW\UHQH

NQRZOHGJH DQG LQVXODWLRQ FRQFHUQV PRUH PDWHULDOV ZHUH XVHG


LQFOXGLQJ H[SDQGHG FOD\ YHUPLFXOLWH H[SDQGHG JODVV DOXPLQXP
H[SDQGHGURFNDQGH[SDQGHGSRO\VW\UHQH (36 >@
,WLVFRQYHQLHQWWRFODVVLI\WKHYDULRXVW\SHVRIOLJKWZHLJKWFRQFUHWHE\
WKHLUPHWKRGRISURGXFWLRQ7KHVHDUH
D  %\ XVLQJ SRURXV OLJKWZHLJKW DJJUHJDWH RI ORZ DSSDUHQW VSHFLILF
JUDYLW\LHORZHUWKDQ
E %\LQWURGXFLQJODUJHYRLGVZLWKLQWKHFRQFUHWHRUPRUWDUPDVV
F %\RPLWWLQJWKHILQHDJJUHJDWHIURPWKHPL[VRWKDWDODUJHQXPEHU
RI LQWHUVWLWLDO YRLGV DUH SUHVHQW QRUPDO ZHLJKW FRDUVH DJJUHJDWH LV
JHQHUDOO\XVHG
,Q HVVHQFHWKHGHFUHDVHLQGHQVLW\RIWKHFRQFUHWHLVREWDLQHGE\WKH
SUHVHQFH RI YRLGV HLWKHU LQ WKH DJJUHJDWH LQ WKH PRUWDU RU LQ WKH
LQWHUVWLFHV DPRQJ WKH FRDUVH DJJUHJDWH SDUWLFOHV ,W LV FOHDU WKDW WKH
SUHVHQFH RI WKHVH YRLGV UHGXFHV WKH VWUHQJWK RI OLJKWZHLJKW FRQFUHWH
FRPSDUHGZLWKRUGLQDU\QRUPDOZHLJKWFRQFUHWH>@
7KHUH DUH PDQ\ DGYDQWDJHV WR EH JDLQHG IURP WKH XVH RIOLJKWZHLJKW
FRQFUHWH 7KHVH LQFOXGH OLJKWHU ORDGV GXULQJ FRQVWUXFWLRQ UHGXFHG
VHOIZHLJKW LQ VWUXFWXUHV DQG LQFUHDVHG WKHUPDO UHVLVWDQFH
/LJKWZHLJKW FRQFUHWH LV JHQHUDOO\ DFFHSWHG DV FRQFUHWH KDYLQJ D
GHQVLW\RIDERXWNJP RUOHVV>@
([SDQGHGSRO\VW\UHQHEHDGVDUHRIWHQXVHGDVWKHEDVLVIRUSDFNDJLQJ
PDWHULDO7KLVOHDGVWRDODUJHDPRXQWRIZDVWHPDWHULDOZKLFKLVQRW
ELRGHJUDGDEOH 7KLV PDWHULDO FRXOG EH JUDQXODWHG DQG XVHG DV D
OLJKWZHLJKWDJJUHJDWHIRUFRQFUHWH
7KHILUVWDWWHPSWWRLQWURGXFHWKHQHZPL[RISRO\VW\UHQHOLJKWZHLJKW
FRQFUHWHZDVFDUULHGRXWE\'U=.XKDLO>@EDFNLQDWWKH,8*
0DWHULDODQG6RLOODERUDWRU\'LIIHUHQWPL[SURSRUWLRQVRIPRUWDUDQG
YLUJLQ SRO\VW\UHQH EHDGV ZHUH WHVWHG WR DFKLHYH D KRPRJHQHRXV PL[
ZLWK UHDVRQDEOH FRPSUHVVLYH VWUHQJWK 6RPH XVHIXO ILQGLQJV ZHUH
FRQFOXGHG ZKLFK FRYHUHG WKH IHDVLEOH UDQJHV RI :& UDWLR DQG 3&
UDWLR )XUWKHUPRUH D QHZ PL[ GHVLJQ SURFHGXUH KDG EHHQ VHW
&RPPHUFLDOO\ WKLV PL[ ZDV SDWHQWHG LQ 3DOHVWLQH DQG FXUUHQWO\ XVHG
IRUSURGXFLQJWKH3RO\FKROORZEORFNV
6WXG\RIFRPPHUFLDOOLWHUDWXUHVKRZVWKDWSRO\VW\UHQHLVEHLQJXVHGDV
DJJUHJDWHLQOLJKWZHLJKWFRQFUHWHV\VWHPV7KHOLJKWZHLJKWFRQFUHWHLV
DYDLODEOH DV SUHFDVW SDQHOV RU KROORZ EORFNV ZKLFK FDQ EH HDVLO\


 

=DKHU.XKDLODQG6DPLU6KLKDGD

KDQGOHG FXW ZLWK SRZHU WRROV RU KDQGVDZV DQG HUHFWHG TXLFNO\ DQG
VLPSO\$OWHUQDWLYHO\H[SDQGHGSRO\VW\UHQH (36 FDQEHXVHGDWWKH
WLPH RI PL[LQJ FRQFUHWH 7KH EHDGV DUH YLUJLQ (36 QRW UHF\FOHG
>@
$ OLWHUDWXUHVXUYH\IRXQGOLPLWHGQXPEHUUHVHDUFKUHVXOWVZLWKUHJDUG
WRSRO\VW\UHQHFRQFUHWHPDGHIURPHLWKHUYLUJLQRUUHF\FOHG(362QH
RIWKHVHUHVHDUFKHVZDVFDUULHGRXWE\6UL5DYLQGUDUDMDKDQG7XFN>@
7KH\ LQYHVWLJDWHG WKH FRPSUHVVLYH VWUHQJWK WHQVLOH VWUHQJWK VWDWLF
PRGXOXV RI HODVWLFLW\ XOWUDVRQLF SXOVH YHORFLW\ GU\LQJ VKULQNDJH DQG
FKHPLFDO UHVLVWDQFH RI %67 SRO\VW\UHQH FRQFUHWH ZLWK GHQVLWLHV RI
 NJP DQG  NJP  7KH\ DOVR LQYHVWLJDWHG WKH LQFOXVLRQ RI
VLOLFDIXPHLQWKHPL[HV
:RUN ZDV FDUULHG RXW E\ WKH &HPHQW DQG &RQFUHWH $VVRFLDWLRQ RI
1HZ =HDODQG LQ  DQG  >@ 7KLV OLPLWHG VWXG\ ZKLFK
H[DPLQHG WKH VWUHQJWKV DQG VRPH GU\LQJ VKULQNDJH RI UHF\FOHG (36
FRQFUHWHZLWKGHQVLWLHVUDQJLQJIURPWRNJP  VKRZHGWKDW
ZDVWH JUDQXODWHGSRO\VW\UHQHFDQEHXVHGWRPDQXIDFWXUHOLJKWZHLJKW
FRQFUHWHZLWKVLPLODUVWUHQJWKWRSRO\VW\UHQHEHDGFRQFUHWH
$ VWXG\ RI FRQFUHWH PDGH ZLWK SRO\VW\UHQH EHDGV DV DJJUHJDWH ZDV
FDUULHG RXW E\ 3DUN DQG &KLVKROP >@ 7KUHHGLIIHUHQWGHQVLWLHVZHUH
LQYHVWLJDWHGDQGDWHDFKGHQVLW\PL[HVERWKZLWKDQGZLWKRXWIO\DVK
ZHUH H[DPLQHG ,W ZDV IRXQG WKDW SRO\VW\UHQH FRQFUHWH LV YHU\ SURQH
WRVHJUHJDWLRQ,WKDVDORZFRPSUHVVLYHVWUHQJWKDQGDUHODWLYHO\KLJK
GU\LQJ VKULQNDJH IRU WKH GHQVLWLHV LQYHVWLJDWHG 7KHUPDO FRQGXFWLYLW\
WHVWLQJVKRZHGWKDWWKHOLJKWHULVWKHFRQFUHWHWKHORZHULVWKHWKHUPDO
FRQGXFWLYLW\ $GGLQJ IO\LQJ DVK WR WKH PL[HV GHFUHDVHG WKH ZDWHU
GHPDQG DQG KHQFH WKH GHQVLW\ DQG VKULQNDJH EXW LW DOVR FDXVHG D
VLJQLILFDQWFRPSUHVVLYHVWUHQJWKUHGXFWLRQ
7KH SUHVHQW UHVHDUFK LV FRQFHUQHG ZLWK VWXG\LQJ WKH PDMRU IDFWRUV
ZKLFK DIIHFW WKH FRPSUHVVLYH VWUHQJWK RI SRO\VW\UHQHOLJKWZHLJKW
FRQFUHWH HVWDEOLVKLQJ D UHODWLRQ EHWZHHQ WKH WHQVLOH DQG FRPSUHVVLYH
VWUHQJWK DQG VHWWLQJ RXW D SURFHGXUH IRU GHVLJQLQJ SRO\VW\UHQH
OLJKWZHLJKWFRQFUHWHPL[HV




0HFKDQLFDO3URSHUWLHVRI3RO\VW\UHQH

7HVWLQJ3URJUDP
0DWHULDOV
7KHPDWHULDOVXVHGLQSUHSDULQJDOORIWKHFRQFUHWHVSHFLPHQVZHUHDV
IROORZV

&HPHQW RUGLQDU\ 3RUWODQG FHPHQW PDQXIDFWXUHG E\ WKH ,VUDHOL
FRPSDQ\1HVKHUZLWKIO\DVKRIXSWRRIFHPHQWZHLJKWDQG
FRQIRUPVWR$670&,WLVWKHRQO\FHPHQWW\SHDYDLODEOHLQ*D]D
PDUNHW7DEOHVKRZVWKHPHFKDQLFDOSURSHUWLHVRIWKHFHPHQWXVHG
6DQG *D]DGXQHVDQGZLWKILQHQHVVPRGXOXV)0 

&RDUVH$JJUHJDWHVFUXVKHGOLPHVWRQHDQJXODULQVKDSHDQGURXJKLQ
WH[WXUH REWDLQHG IURP WKH :HVW %DQN TXDUULHV ZKLFK LV WKH RQO\
DJJUHJDWHVRXUFHDYDLODEOHLQ*D]DPDUNHWZLWKILQHQHVVPRGXOXV)0


0L[LQJ:DWHUGULQNLQJZDWHUIURPWKHSLSHGZDWHUVXSSO\V\VWHPLQ
,8* LV XVHG LQ SUHSDULQJ DOO RI WKH FRQFUHWH PL[HV DQG IRXQG WR EH
FRQIRUPLQJWR%6

3RO\VW\UHQH %HDGV UDZ ILUH UHWDUGDQW SRO\VW\UHQH EHDGV FRQWDLQLQJ
DQH[SDQGLQJDJHQW7KHVHEHDGVDUHVXEMHFWHGWRVWHDPWRH[SDQGDQG
IRUPDFHOOXODUVWUXFWXUH7KHH[SDQGHGEHDGVDUHOHIWRXWLQWKHDLUIRU
D IHZ KRXUV EHIRUH WKH\ DUH XVHG LQ WKH PL[ WR DOORZ WKH SUHVVXUH
ZLWKLQWKHEHDGVWRHTXDOL]HZLWKWKHRXWVLGHDLU7KHH[SDQGHGEHDGV
KDYHDQDSSDUHQWGHQVLW\RINJP  DQGGLDPHWHUVUDQJLQJIURP
WRPP

$GPL[WXUH 3/$670,; D VXSHUSODVWLFL]LQJ UHWDUGLQJ DGPL[WXUH
LVXVHGLQVRPHRIWKHPL[HVXVHGLQWKHVWXG\


 

=DKHU.XKDLODQG6DPLU6KLKDGD


7DEOH0HFKDQLFDOSURSHUWLHVRIFHPHQW
7HVW

5HVXOW



&RPSUHVVL GD\
YH VWUHQJWK GD\
0SD 

1RUPDO FRQVLVWHQF\
 
,QLWLDOVHWWLQJWLPH
)LQDOVHWWLQJWLPH
)LQHQHVV
6RXQGQHVV



PLQ
PLQ
FPJU
PP

0L[3URSRUWLRQV
7KHYROXPHPHWKRGLVXVHGWRSURSRUWLRQWKHSRO\VW\UHQHOLJKWZHLJKW
PL[HV 7KH DJJUHJDWH FRQWHQW LV FKRVHQ WRJHWKHU ZLWK WKH FHPHQW
FRQWHQWDQGWKHZDWHUFHPHQWUDWLRJXLGHGE\7DEOH7KHYROXPHRI
SRO\VW\UHQH EHDGV LV GHWHUPLQHG E\ VXEWUDFWLQJ WKH WRWDO YROXPH RI
ZDWHUFHPHQWDQGDJJUHJDWHIURPWKHXQLWYROXPHVHWKHUHDVP 


7DEOH/LPLWVRIIDFWRUVFRQWUROOLQJPL[GHVLJQ
4XDQWLW\

 /LPLWV

 :&UDWLR  
&HPHQWFRQWHQW NJP
 
$JJUHJDWH
FRQWHQW
NJP  
3RO\VW\UHQH
FRQWHQW
P P  
2XWRIWKHODUJHQXPEHURISUHSDUHGSRO\VW\UHQHOLJKWZHLJKWFRQFUHWH
PL[HV WKLUW\VL[ PL[ SURSRUWLRQV DUH VKRZQ LQ 7DEOH  7KHVHPL[HV
DUHDFFRPSOLVKHGE\XVLQJZDWHUFHPHQWUDWLRVRIDQG
 WKUHH DJJUHJDWH FRQWHQWV RI   DQG  NJP WKUHH
FHPHQW FRQWHQWV RI  DQG  NJP IRU HDFK RI WKH WKUHH
UDWLRV




0HFKDQLFDO3URSHUWLHVRI3RO\VW\UHQH

7DEOH6RPHRIWKHSRO\VW\UHQHOLJKWZHLJKWFRQFUHWHPL[HVXVHGLQWKHVWXG\
1R

:&









































$JJ

6DQG

&HPHQW

:DWHU

3RO\VW\UHQH

36

7KHRUHWLFDO'HQVLW\

NJP 

NJP 

NJP 

OLWHUV 

P P 

YROXPH 

NJP 











 














































































 


















 























 








































 













































 




 




 




 




 




 




 


























































 


 











































 













































 










































 






















 







































 



















 







































































































































































































































































 





























 










































 






















 







































 



















 












































 

=DKHU.XKDLODQG6DPLU6KLKDGD

6SHFLPHQV
)RUFRPSUHVVLYHVWUHQJWKHYDOXDWLRQFXELFVDPSOHVRIFPDUHXVHG
7KHFRPSUHVVLRQWHVWLVFDUULHGDFFRUGLQJWR%63DUW
2QWKHRWKHUKDQGFP[FP[FPEHDPVDPSOHVDUHXVHGIRU
WHQVLOHVWUHQJWKHYDOXDWLRQDQGWKHWHVWLVFDUULHGRXWDFFRUGLQJWR%6
DVDFRPSOLDQFHWHVW
&XULQJ
6SHFLPHQV DUH FXUHG  KRXUV DIWHU SUHSDUDWLRQ DQG GHPRXOGLQJ E\
SODFLQJ WKHP LQ D FXULQJ WDQN DW D WHPSHUDWXUH RI  IRU WKH SHULRG
WKDWSUHFHGHVODERUDWRU\WHVWLQJ
7HVW5HVXOWV
&RPSUHVVLYH6WUHQJWK
&RPSUHVVLYH VWUHQJWK LV D FRQYHQLHQW ZD\ RI FKDUDFWHUL]LQJ FRQFUHWH
EHFDXVH PRVW RI WKH GHVLUDEOHSURSHUWLHVLPSURYHZLWKDQLQFUHDVHLQ
FRPSUHVVLYHVWUHQJWK
:DWHUFHPHQWUDWLR
7DEOH  DQG )LJXUHV  WR  LOOXVWUDWH WKH UHODWLRQVKLS EHWZHHQ
FRPSUHVVLYHVWUHQJWKDQGZDWHUFHPHQWUDWLRIRUGLIIHUHQWFHPHQWDQG
DJJUHJDWHFRQWHQWV
 7DEOH&RPSUHVVLYHVWUHQJWKYVZDWHUFHPHQWUDWLR


$&





&























































































































:&

&RPSUHVVLYHVWUHQJWK I F LQ03D



0HFKDQLFDO3URSHUWLHVRI3RO\VW\UHQH


IF03$

IF03D





















































ZF

ZF

F 

F 

F 

F 

F 

F 

F 

F  

F 

F 

)LJXUH  UHODWLRQ EHWZHHQ WKH GD\


FRPSUHVVLYH VWUHVV DQG ZF UDWLR $& )LJXUH UHODWLRQ EHWZHHQ WKH GD\
FRPSUHVVLYH VWUHVV DQG ZF UDWLR $& 
NJP
NJP
F 

F 

F 

IF03D
 

IF03D
















 













 
















FHPHQWFRQWHQW

ZF

F  

F 

F 

F 

F 

F 

F 

ZF  

ZF   

ZF  

ZF   

)LJXUH UHODWLRQVKLSEHWZHHQWKH
GD\ FRPSUHVVLYH VWUHVV DQG ZF UDWLR )LJXUH  UHODWLRQVKLS EHWZHHQ WKH GD\
FRPSUHVVLYHVWUHVVDQGFHPHQWFRQWHQW$&
$& NJP
NJP

&HPHQWFRQWHQW
)LJXUHVWRUHSUHVHQWWKHUHODWLRQVKLSEHWZHHQFRPSUHVVLYHVWUHQJWK
DQG FHPHQW FRQWHQW IRU GLIIHUHQW ZDWHUFHPHQW UDWLRV DQG DJJUHJDWH
FRQWHQWV
IF03D



IW03$

































FHPHQWFRQWHQW

ZF  

ZF   

ZF  

ZF   












ZF

 



ZF





FHPHQWFRQWHQW

  

ZF

 



ZF





  

)LJXUH  UHODWLRQVKLS EHWZHHQ WKH GD\ )LJXUH  UHODWLRQVKLS EHWZHHQ WKH
FRPSUHVVLYH VWUHVV DQG FHPHQWFRQWHQW$& GD\ FRPSUHVVLYH VWUHVV DQG
NJP
FHPHQWFRQWHQW$& NJP

 

=DKHU.XKDLODQG6DPLU6KLKDGD

3RO\VW\UHQHFHPHQWUDWLR
7DEOH  DQG )LJXUHV  WR  LOOXVWUDWH WKH UHODWLRQVKLS EHWZHHQ
FRPSUHVVLYH VWUHQJWK DQG SRO\VW\UHQHFHPHQW UDWLR IRU GLIIHUHQW
ZDWHUFHPHQWUDWLRVDQGDJJUHJDWHFRQWHQWV

 7DEOH&RPSUHVVLYHVWUHQJWKYVSRO\VW\UHQHFHPHQWUDWLR
:&

$& NJP
3&
I





















































F









$& NJP
3&
I




















































F



 

$& NJP
3&
I




















































F

 

0HFKDQLFDO3URSHUWLHVRI3RO\VW\UHQH


IF03$



IF03$
























SF YROXPH



SF 9ROXPH

$
J

$
J
J

$
J
J




$
J
J

$
J

$
J

)LJXUH  UHODWLRQ EHWZHHQ GD\ )LJXUH  UHODWLRQ EHWZHHQ GD\
FRPSUHVVLYH VWUHVV DQG SF UDWLR IRU ZF FRPSUHVVLYH VWUHVV DQG SF UDWLR IRU

ZF 


IF 0SD

IF03D





























SF 9R OXPH
SF 9ROXPH

$JJ   

$JJ  

$JJ    

$JJ   

$JJ  

$JJ    

)LJXUH  UHODWLRQ EHWZHHQ GD\ )LJXUH  UHODWLRQ EHWZHHQ GD\
FRPSUHVVLYH VWUHVV DQG SF UDWLR IRU ZF FRPSUHVVLYH VWUHVV DQG SF UDWLR IRU

ZF 

0DWXULW\
7DEOH  DQG )LJXUHV  WR  LOOXVWUDWH WKH GHYHORSPHQW RI
FRPSUHVVLYH VWUHQJWK WHVWHG DW    DQG  GD\V IRU GLIIHUHQW
ZDWHUFHPHQWUDWLRVDQGDJJUHJDWHFRQWHQWV
 7DEOH0DWXULW\RISRO\VW\UHQHOLJKWZHLJKWFRQFUHWH
& 
$& :& &RPSUHVVLYHVWUHQJWK I F LQ03D

& 
&RPSUHVVLYH
03D
GD\ GD\ GD\ GD\ GD\ GD\
 

 


  

 


 





 





 
  



VWUHQJWK I F
GD\







LQ

GD\







 

=DKHU.XKDLODQG6DPLU6KLKDGD

 









































































IF0SD



IF03D
















ZF


 

 

GD\



  GD\

GD\

 

 

  GD\

  

GD\

 

ZF

GD\

  GD\

 

  GD\

)LJXUH

GHYHORSPHQW
RI
)LJXUH

GHYHORSPHQW
RI FRPSUHVVLYH VWUHQJWK IRU &  
FRPSUHVVLYH VWUHQJWK IRU &   NJPDQG$& NJP
NJP DQG$& NJP


IF03D

IF03D
























GD \

ZF

GD \



GD \



GD \





GD\



ZF
GD\

GD\



GD\

)LJXUH

GHYHORSPHQW
RI )LJXUH

GHYHORSPHQW
RI
FRPSUHVVLYH VWUHQJWK IRU &   FRPSUHVVLYH VWUHQJWK IRU &  
NJPDQG$& NJP
NJPDQG$& NJP

&XULQJ
7DEOH  DQG )LJXUH  VKRZ WKH HIIHFWV RI FXULQJ RQ GD\
FRPSUHVVLYHVWUHQJWK




0HFKDQLFDO3URSHUWLHVRI3RO\VW\UHQH

7DEOH&RPSUHVVLYHVWUHQJWKYVFXULQJSHULRG



$&

0L[







:&

& 
&RPSUHVVLYHVWUHQJWK I F LQ03D

&XULQJSHULRG




GD\V GD\V GD\V GD\V
    
    
    


GD\V




IF03D

IF03D




















































FRPSDFWLRQ

$JH GD\V

PL[

P L[ 

P L[ 
PL[

PL[

PL[

)LJXUH  (IIHFW RI FXULQJ RQ FRPSUHVVLYH )LJXUH  (IIHFW RI FRPSDFWLRQ RQ
VWUHQJWK
FRPSUHVVLYHVWUHQJWK

&RPSDFWLRQ
7DEOH  DQG )LJXUH  VKRZ WKH HIIHFWV RI FRPSDFWLRQ RQ GD\
FRPSUHVVLYHVWUHQJWK

7DEOH&RPSUHVVLYHVWUHQJWKYVFRPSDFWLRQ
$& 0L[

 


& 
&RPSUHVVLYHVWUHQJWK
:&
6WURNHV



   
   
   

I F LQ03D















)LUH
7DEOHDQG)LJXUHVKRZWKHHIIHFWVRIILUHRQGD\FRPSUHVVLYH
VWUHQJWK






 

=DKHU.XKDLODQG6DPLU6KLKDGD

7DEOH&RPSUHVVLYHVWUHQJWKGHWHULRUDWLRQIDFWRU
7LPH
0LQXWHV 






3RO\VW\UHQH
&RQFUHWH






'HWHULRUDWLRQ
)DFWRU






2UGLQDU\
&RQFUHWH






'HWHULRUDWLRQ
)DFWRU






'








)LJXUH  GHWHULRUDWLRQ IDFWRU IRU RUGLQDU\ DQG SRO\VW\UHQH


OLJKWZHLJKWFRQFUHWH

$GPL[WXUH
7DEOHDEDQG)LJXUHVWRLOOXVWUDWHWKHHIIHFWRIWKHXVHG
DGPL[WXUHRQFRPSUHVVLYHVWUHQJWK
7DEOHDGD\FRPSUHVVLYHVWUHQJWKXVLQJDGPL[WXUH
$&





&

:&



















&RPSUHVVLYHVWUHQJWK





































































































I F LQ03D

0HFKDQLFDO3URSHUWLHVRI3RO\VW\UHQH

7DEOHEGD\FRPSUHVVLYHVWUHQJWKXVLQJDGPL[WXUH
$&







& 
&RPSUHVVLYH
I F LQ03D

:&

1R
DGPL[WXUH


























& 
VWUHQJWK &RPSUHVVLYH
I F LQ03D

:LWK
DGPL[WXUH













1R
DGPL[WXUH













IF03D













VWUHQJWK

:LWK
DGPL[WXUH













IF03D


 

  

 

 

Z F

ZLWKRXW$GP

 

ZLWK$GP

  

ZF

ZLWKRXW$GP

 

 

ZLWK$GP

)LJXUHGD\FRPSUHVVLYHVWUHQJWKZLWK )LJXUH  GD\ FRPSUHVVLYH VWUHQJWK


DQG ZLWKRXW DGPL[WXUH IRU &   NJP ZLWKDQGZLWKRXWDGPL[WXUHIRU& 
NJPDQG$& NJP
DQG$& NJP


IF03D


IF03D












 

 

ZF

 

 

 

Z LWK R X W$G P

 

 

  

ZF

Z LWK $GP

ZLWKRXW$GP

ZLWK$GP

)LJXUH  GD\ FRPSUHVVLYH VWUHQJWK )LJXUH  GD\ FRPSUHVVLYH VWUHQJWK
ZLWK DQG ZLWKRXW DGPL[WXUH IRU &   ZLWK DQG ZLWKRXW DGPL[WXUH IRU &  
NJP DQG$& NJP
NJP DQG$& NJP

 

=DKHU.XKDLODQG6DPLU6KLKDGD
IF 03D

SF03D









 
 

  

ZLWKRXW$GP







ZF

 

ZF

ZLWK$GP

ZLWKRXW$GP

ZLWK$GP

)LJXUH  GD\ FRPSUHVVLYH VWUHQJWK )LJXUH  GD\ FRPSUHVVLYH VWUHQJWK
ZLWKDQGZLWKRXWDGPL[WXUHIRU&  ZLWKDQGZLWKRXWDGPL[WXUHIRU& 
NJPDQG$& NJP
NJP DQG$& NJP


IF03D

IF03D














 

ZLWKRXW$GP

 

ZF

 

ZLWK$GP

  
 

 
ZF

ZLWKRXW$GP

 

ZLWK$GP

)LJXUH  GD\ FRPSUHVVLYH VWUHQJWK )LJXUH  GD\ FRPSUHVVLYH VWUHQJWK
ZLWKDQGZLWKRXWDGPL[WXUHIRU&  ZLWKDQGZLWKRXWDGPL[WXUHIRU& 
NJP DQG$& NJP
NJP DQG$& NJP

'HYHORSPHQWRIVWUHQJWKEH\RQGGD\V
7DEOH  DQG )LJXUH  VKRZ WKHFRPSUHVVLYHVWUHQJWKDWGD\V
PRQWKVDQGPRQWKV
7DEOH&RPSUHVVLYHVWUHQJWKGHYHORSPHQW
$&

:&


 



 



 



& 

&RPSUHVVLYHVWUHQJWK
GD\













PRQWK













IF

LQ03D

PRQWK















& 

&RPSUHVVLYHVWUHQJWK
GD\













PRQWK













IF

LQ03D

PRQWK













0HFKDQLFDO3URSHUWLHVRI3RO\VW\UHQH


F
Z

)LJXUHFRPSUHVVLYHVWUHQJWKDWGD\VPRQWKVDQGPRQWKVIRU
& NJPDQG$& NJP

7HQVLOH6WUHQJWK7HVW5HVXOWV
,QUHLQIRUFHGFRQFUHWHGHVLJQRIFUDFNHGHOHPHQWVFRQFUHWHVWUHQJWKLQ
WHQVLRQ LV QHJOHFWHG +RZHYHU WHQVLOHVWUHQJWKRIFRQFUHWHFDQQRWEH
DYRLGHGVLQFHLWLVUHODWHGWRLWVVKHDUUHVLVWDQFH
7DEOH  VKRZVWHQVLOHVWUHQJWKWHVWUHVXOWVI  XVLQJIOH[XUDOWHVWLQJ
IRU IRXU GLIIHUHQW YDOXHV RI ZDWHUFHPHQW UDWLR    DQG
DQGWKUHHDJJUHJDWHFRQWHQWVDQGNJP )LJXUHV
 WR  VKRZ WKH UHODWLRQ EHWZHHQ WHQVLOH VWUHQJWK RI 3RO\VW\UHQH
OLJKW ZHLJKW FRQFUHWH UHSUHVHQWHG E\ PRGXOXV RI UXSWXUH DQG FHPHQW
FRQWHQWVIRUIRXUGLIIHUHQWYDOXHVRIZDWHUFHPHQWUDWLRV

7DEOH7HQVLOH6WUHQJWKYVZDWHUFHPHQWUDWLR

W

$&





&

:&




















)OH[XUDOVWUHQJWK






















































































I LQ03D













W

 

=DKHU.XKDLODQG6DPLU6KLKDGD


IW03D

IW03D








































FHPHQWFRQWHQW
















FHPHQWFRQWHQW

$JJ

$JJ

$JJ

$JJ   

$JJ  

$JJ    

)LJXUH  UHODWLRQ EHWZHHQ WKH GD\ )LJXUH  UHODWLRQ EHWZHHQ WKH GD\
WHQVLOHVWUHVVDQGWKHFHPHQWFRQWHQWIRU WHQVLOHVWUHVVDQGWKHFHPHQWFRQWHQWIRU
ZF 
ZF 
IW03D

IW 03D








































FHPHQWFRQWHQW















F H PH QWF R Q WH QW
$JJ   

$JJ  

$JJ    

$JJ 

$ J J 

$ J J 

)LJXUH  UHODWLRQ EHWZHHQ WKH GD\ )LJXUH  UHODWLRQ EHWZHHQ WKH GD\
WHQVLOHVWUHVVDQGWKHFHPHQWFRQWHQWIRU WHQVLOHVWUHVVDQGWKHFHPHQWFRQWHQWIRU
ZF 
ZF 

$FWXDODQGWKHRUHWLFDOGHQVLWLHV
7DEOH  DQG )LJXUH  VKRZ WKH GLIIHUHQFHV EHWZHHQ DFWXDO DQG
WKHRUHWLFDOGHQVLWLHV
7DEOH  $FWXDO DQG WKHRUHWLFDO GHQVLWLHV RI SRO\VW\UHQH
OLJKWZHLJKWFRQFUHWH


$JJ




:F










&HPHQW 
7KHRUHWLFDO $FWXDO



















&HPHQW 
7KHRUHWLFDO









$FWXDO









0HFKDQLFDO3URSHUWLHVRI3RO\VW\UHQH



























W
L
W
L
F
G

D
O
F

Z

Q
H
F
D
W

)LJXUHDFWXDODQGWKHRUHWLFDOGHQVLWLHVIRU& NJP  DQG$& NJP

'LVFXVVLRQRI5HVXOWV
&RPSUHVVLYHVWUHQJWK
(IIHFWVRIZDWHUFHPHQWUDWLRDQGFHPHQWFRQWHQW
7KH FRPSUHVVLYH VWUHQJWK LQFUHDVHV DV WKH ZF GHFUHDVHV DV WKH
DPRXQWRIDJJUHJDWHLQFUHDVHVDQGDVWKHFHPHQWFRQWHQWLQFUHDVHV

7KHFRPSUHVVLYHVWUHQJWKRISRO\VW\UHQHOLJKWZHLJKWFRQFUHWHLVPXFK
ORZHUWKDQQRUPDOZHLJKWFRQFUHWHGXHWRWKHZHDNERQGEHWZHHQWKH
SRO\VW\UHQH EHDGV DQG WKH FHPHQW SDVWH DQG ZHDNQHVV RI WKH EHDGV
WKHPVHOYHV
(IIHFWRISRO\VW\UHQHFHPHQWUDWLR
7KH FRPSUHVVLYH VWUHQJWK LV UHGXFHG
SRO\VW\UHQHFHPHQWUDWLRLVLQFUHDVHG

DV

ORQJ

DV

WKH

(IIHFWRIPDWXULW\
$V H[SHFWHG WKH FRPSUHVVLYH VWUHQJWK RI SRO\VW\UHQHOLJKWZHLJKW
FRQFUHWHLQFUHDVHVZLWKWLPH7KHGD\FRPSUHVVLYHVWUHQJWKLVDERXW
RIWKHGD\VWUHQJWKZKLOHWKHGD\VWUHQJWKLVDERXWRI
WKHGD\VWUHQJWKDQGWKHGD\VWUHQJWKLVDERXWRIWKH
GD\VWUHQJWK


(IIHFWRIFXULQJ
)URP)LJXUHLWLVFOHDUWKDWWKHHIIHFWRIFXULQJLVVLJQLILFDQWXSWR
D SHULRGRIWZRZHHNVDQGGLPLQLVKHVIRUWKHWZRZHHNVWKDWIROORZV


 

=DKHU.XKDLODQG6DPLU6KLKDGD

(IIHFWRIFRPSDFWLRQ
)URP )LJXUH  LW LV REYLRXV WKDW  VWURNHV LV WKH LGHDO QXPEHU RI
DFFRPSOLVKLQJWKHKLJKHVWFRPSUHVVLYHVWUHQJWK


(IIHFWRIILUH
)URP )LJXUH  WKH HIIHFW RI ILUH RQ FRPSUHVVLYH VWUHQJWK RI
SRO\VW\UHQHOLJKWZHLJKW FRQFUHWH LV DOPRVW WKH VDPH DV IRU QRUPDO
ZHLJKW FRQFUHWH 7KLV HIIHFW LV PHDVXUHG E\ WKH GHWHULRUDWLRQ IDFWRU
ZKLFK LV WKH UDWLR RI WKH GHWHULRUDWHG FRPSUHVVLYH VWUHQJWK WR WKH
FRPSUHVVLYH VWUHQJWK RI FRQFUHWH QRW VXEMHFWHG WR ILUH 7KH
GHWHULRUDWLRQIDFWRUIRUSRO\VW\UHQHOLJKWZHLJKWFRQFUHWHLVODUJHUWKDQ
WKDW IRUQRUPDOZHLJKWFRQFUHWHDQGWKHGLIIHUHQFHJHWVVPDOOHUZLWK
WLPHDVLWGHFUHDVHVIURPDWPLQXWHVWRDWPLQXWHV


(IIHFWRIDGPL[WXUHV
)URP)LJXUHVWKURXJKLWFDQEHFRQFOXGHGWKDWZKHQXVLQJWKH
3/$670,; DGPL[WXUH WKH GD\ VWUHQJWK LV LQFUHDVHG ZKLOH WKH
GD\LVGHFUHDVHG


(IIHFWRIDJH
)URP7DEOHWKHFRPSUHVVLYHVWUHQJWKDWPRQWKVLVDERXW
RIWKHGD\FRPSUHVVLYHVWUHQJWKZKLOHDWPRQWKVLWLVDERXW
 RIWKHGD\FRPSUHVVLYHVWUHQJWK


7HQVLOHVWUHQJWK
7KH WHQVLOH VWUHQJWK RI SRO\VW\UHQHOLJKWZHLJKW FRQFUHWH UHSUHVHQWHG
E\ LWV PRGXOXV RI UXSWXUH LQFUHDVHV DV WKH FHPHQW FRQWHQW RU WKH
DPRXQW RI DJJUHJDWHV LV LQFUHDVHG DV VKRZQ LQ )LJXUHV  WR 
)XUWKHUPRUH WKH WHQVLOH VWUHQJWK LV LQYHUVHO\ SURSRUWLRQDO WR WKH
ZDWHUFHPHQWUDWLRDVVKRZQLQ7DEOH
7KH WHQVLOH VWUHQJWK UDQJHV IURP WRRILWVFRPSUHVVLYH
VWUHQJWKFRPSDUHGZLWKWRLQQRUPDOZHLJKWFRQFUHWH7KH
VXEVWDQWLDOUHGXFWLRQLQWHQVLOHVWUHQJWKFDQEHDWWULEXWHGWRWKHZHDNHU
ERQGEHWZHHQWKHDJJUHJDWHVDQGFHPHQWSDVWHDQGWRWKHZHDNQHVVRI
WKHSRO\VW\UHQHEHDGVLQWHQVLRQ



0HFKDQLFDO3URSHUWLHVRI3RO\VW\UHQH

%DVHG RQ WKH SRO\VW\UHQHFHPHQW UDWLRV XVHG LQ WKH VWXG\ WKH WHQVLOH
VWUHQJWK RI 3RO\VW\UHQHOLJKW ZHLJKW FRQFUHWH UHSUHVHQWHG E\ LWV
PRGXOXVRIUXSWXUHUDQJHVIURP  I F WR  I F 
$FWXDODQGWKHRUHWLFDOGHQVLW\
)URP7DEOHDQG)LJXUHLWLVVKRZQWKDWWKHWKHRUHWLFDOGHQVLW\
LVDERXWRIWKHDFWXDOGHQVLW\


6XPPDU\RIPL[GHVLJQSURFHGXUH
0XOWLSO\ WDUJHW FRPSUHVVLYH VWUHQJWK E\  VLQFH WKH FRPSXWHG
GHQVLW\LVDERXWRIWKHDFWXDOGHQVLW\
8VHWKHIROORZLQJWDEOHWRVHOHFWDVXLWDEOHDJJUHJDWHFRQWHQW

7DEOH&RPSUHVVLYHVWUHQJWKYVGHQVLW\

$&





'HQVLW\ERXQGV



GD\FRPSUHVVLYHVWUHQJWK



























IF

8VH DQ\ RQH RI WKH VXLWDEOH )LJXUHV IURP  WR  WR HYDOXDWH WKH
FHPHQWFRQWHQWIRUDWULDOZDWHUFHPHQWUDWLRRI
)RU WKH FHPHQW FRQWHQW HYDOXDWHG LQ VWHS  HYDOXDWH WKH
ZDWHUFHPHQWUDWLRIURP)LJXUHVWR
 $GMXVW WKH FHPHQW FRQWHQW LI WKH ZDWHUFHPHQW UDWLR HYDOXDWHG LQ
VWHSLVGLIIHUHQWIURPWKHUDWLRDVVXPHGLQVWHS
&RPSXWHWKHSRO\VW\UHQHFHPHQWUDWLRXVLQJWKHYROXPHPHWKRG
 8VLQJ )LJXUHV  WRFKHFNZKHWKHUWKHSRO\VW\UHQHFHPHQWUDWLR
LVHTXDOWRWKDWHYDOXDWHGLQWKHODVWVWHS

([DPSOH
'HVLJQ D SRO\VW\UHQHOLJKWZHLJKW FRQFUHWH PL[ ZLWK D WDUJHW
FRPSUHVVLYHVWUHQJWKRI03DDQGDGHQVLW\RINJP
6ROXWLRQ
5HGXFHGFRPSUHVVLYHVWUHQJWK    03D
8VLQJ7DEOHVHOHFWDQDJJUHJDWHFRQWHQWRINJP
 

=DKHU.XKDLODQG6DPLU6KLKDGD

 )URP )LJXUH  DQG IRU ZF   WKH FHPHQW FRQWHQW  
NJP
)URP)LJXUHZF LQDJUHHPHQWZLWKWKDWDVVXPHGLQVWHS
1RDGMXVWPHQWUHTXLUHG
9ROXPHRIWKHSRO\VW\UHQH >      
 @ 
3&    
)URP)LJXUH3& YHU\FORVHWRWKHUDWLRHYDOXDWHGLQWKH
SUHYLRXVVWHS


&RQFOXVLRQV
7KH UHFRPPHQGHG ZD\ LQ SUHSDULQJ SRO\VW\UHQHOLJKWZHLJKW
FRQFUHWHPL[HVLVWRPL[WKHSRO\VW\UHQHEHDGVZLWKWKHDJJUHJDWHIRU
DERXW WZR PLQXWHV DIWHU WKDW ERWK FHPHQW DQG ZDWHU DUH DGGHG DQG
PL[HGIRUDERXWILYHPLQXWHVLQRUGHUWRJHWDKRPRJHQHRXVPL[
&RPSDFWLRQRISRO\VW\UHQHOLJKWZHLJKWFRQFUHWHLVWREHDERXW
RIQRUPDOZHLJKWFRQFUHWHWRSUHYHQWVHJUHJDWLRQ
7KHUHFRPPHQGHGFXULQJSHULRGLVGD\V
7KH IROORZLQJ SURSRUWLRQV DUH UHFRPPHQGHG IRU SURGXFLQJ
KRPRJHQHRXV PL[HV ZLWK FRPSUHVVLYH VWUHQJWKV UDQJLQJ IURP  WR
03DDQGGHQVLWLHVUDQJLQJIURPWRNJP
7DEOH5HFRPPHQGHGPL[SURSRUWLRQV


4XDQWLW\
&HPHQW&RQWHQW
:&5DWLR
$JJUHJDWH&RQWHQW
3RO\VW\UHQH

5DQJH
NJP

NJP
PP

7KHWKHRUHWLFDOGHQVLW\LVDERXWRIWKHDFWXDOGHQVLW\
7KHGHYHORSPHQWRIVWUHQJWKLVVKRZQE\WKHIROORZLQJWDEOH
7DEOH&RPSUHVVLYH6WUHQJWKDVRIGD\6WUHQJWK
$JH







&RPSUHVVLYH 6WUHQJWK DV


 RIGD\6WUHQJWK









0HFKDQLFDO3URSHUWLHVRI3RO\VW\UHQH

%DVHGRQWKHSRO\VW\UHQHFHPHQWUDWLRVXVHGLQWKHVWXG\WKHWHQVLOH
VWUHQJWK RI SRO\VW\UHQHOLJKWZHLJKW FRQFUHWH UHSUHVHQWHG E\ LWV
PRGXOXVRIUXSWXUHUDQJHVIURP  I F WR  I F 
8VLQJSRO\VW\UHQHOLJKWZHLJKWFRQFUHWHLQVWUXFWXUDOHOHPHQWVQHHGV
IXUWKHU WHVWLQJ UHJDUGLQJ ERQG EHWZHHQ WKH FRQFUHWH DQG WKH
UHLQIRUFLQJ EDUV WKH UHTXLUHG FRQFUHWH FRYHU GU\LQJ VKULQNDJH DQG
SHUPHDELOLW\


$FNQRZOHGJHPHQW
7KH DXWKRUV DUH JUDWHIXO IRU WKH GLUHFWRUV RI 0DWHULDO DQG 6RLO
ODERUDWRU\ LQ ,8* DQG $UDE &HQWHU IRU (QJLQHHULQJ 6WXGLHV IRU
SURYLGLQJWKHLUWHVWLQJIDFLOLWLHVWRWKHUHVHDUFKWHDP6SHFLDOWKDQNVWR
WKHILQDO\HDUVWXGHQWVZKRFDUULHGRXWWKHWHVWLQJSURJUDP
5HIHUHQFHV

>@ *UXSR /H]\V :HE 6LWH ZZZEVWEHWRVW\UHQHFRP  &RO 1iSROHV &3


0H[LFR
>@ ZZZEVWEHWRVW\UHQHFRP (QYLUR'HYHORSPHQW &RPSDQ\ :HE 6LWH
ZZZEVWEHWRVW\UHQHFRP  3HULR$UL]RQD86$
>@$01HYLOOHDQG--%URRNV&RQFUHWH7HFKQRORJ\/RQJPDQ6FLHQWLILF
DQG7HFKQLFDO(QJODQG
>@ 6* 3DUN DQG '+ &KLVKROP 3RO\VW\UHQH $JJUHJDWH &RQFUHWH
%XLOGLQJ 5HVHDUFK $VVRFLDWLRQ RI 1HZ =HDODQG VWXG\ UHSRUW 65 
-XGJHIRUG1HZ=HDODQG
>@ = .XKDLO 3RO\VW\UHQHOLJKWZHLJKW &RQFUHWH $QQDMDK 8QLYHUVLW\
-RXUQDO1DEOXV3DOHVWLQHXQGHUSXEOLFDWLRQ
>@ %XLOGLQJ 6\VWHPV 7HFKQRORJ\ /LJKWZHLJKW FRQFUHWH PDQXDO 3DUW ,
6\GQH\$XVWUDOLD
>@KWWSZZZEOLWHFRP
>@ 6UL 5DYLQGUDUDMDK 5 DQG 7XFN $ - /LJKWZHLJKW FRQFUHWH ZLWK
H[SDQGHG SRO\VW\UHQH EHDGV &LYLO (QJLQHHULQJ 0RQRJUDSK 1R &( 
0(8QLYHUVLW\RI7HFKQRORJ\6\GQH\$XVWUDOLD
>@ &HPHQW DQG &RQFUHWH $VVRFLDWLRQ RI 1HZ =HDODQG (YDOXDWLRQ RI
H[SDQGHG SRO\VW\UHQH ZDVWH IRU XVH LQ OLJKWZHLJKW FRQFUHWH 5HSRUW &5
:HOOLQJWRQ$XVWUDOLD
>@$QQXDO%RRNRI$6706WDQGDUGV9RO&RQFUHWHDQG$JJUHJDWHV
6HFWLRQ$670%DUU+DUERU'ULYH:HVW&RQVKRKRFNHQ3$
>@%ULWLVK6WDQGDUGV,QVWLWXWLRQ%63DUWVDQG6WUXFWXUDO8VHRI
&RQFUHWH %6, 
 

Anda mungkin juga menyukai