Ngày tải lên :
28/04/2014, 16:59
... ,IZHLPDJLQHWKLVDVWKHPHPRU\RIDWLQ\OLWWOHFRPSXWHUWKHQWKLVFRPSXWHUZRXOGKDYHDIRXUELWGDWD
EXVDWZRELWDGGUHVVEXVDQGDRQHELWFRQWUROEXV7RIHWFKDQLWHPIURPPHPRU\WKHSURFHVVRUIRUWKLV
OLWWOHFRPSXWHUZRXOGSXWLWV:5SLQDWORJLFDQGDWZRELWDGGUHVVRQWKHDGGUHVVEXV7KLVZRXOG
DFWLYDWHWKH6HOVLJQDOIRUH[DFWO\RQHZRUGRIPHPRU\,IZHLPDJLQHDIHWFKH[HFXWHF\FOHLQSURJUHVVWKH
SURFHVVRUZRXOGQHHGDWZRELWUHJLVWHUWRNHHSWUDFNRIWKHDGGUHVVRIWKHLQVWUXFWLRQLWZDVH[HFXWLQJ$OO
SURFHVVRUVSHUIRUPLQJWKHIHWFKH[HFXWHF\FOHQHHGVXFKDUHJLVWHU,WLVRIWHQFDOOHGWKH
3URJUDP&RXQWHU
,Q,QWHOPDFKLQHVLWLVFDOOHGWKH
,QVWUXFWLRQ3RLQWHU
'HILQLWLRQRI0HPRU\&DSDFLW\
$Q\
SK\VLFDOPHPRU\
LVDQREMHFWRUGHYLFHZKLFKLVVWDEOHLQPRUHWKDQRQHVWDWH,WVFDSDFLW\LVWKHQXPEHU
RILWVVWDEOHVWDWHV6LQFHDFRPSXWHUPHPRU\LVODLGRXWDVDUHFWDQJOHRIREMHFWVZLWKWZRVWDEOHVWDWHVHDFK
WKHQXPEHURIVWDEOHVWDWHVLQWKHPHPRU\LV
OợZ
ZKHUH
O
DQG
Z
DUHWKHOHQJWKDQGZLGWKRIWKHUHFWDQJOH
O
LVDOVRFDOOHGWKHQXPEHURIZRUGVDQG
Z
LVWKHZLGWKRIHDFKZRUGLQELWV)RUFRQYHQLHQFHWKHFDSDFLW\LV
RIWHQJLYHQLQELWVDVMXVW
OợZ
LHWKHEDVHWZRORJDULWKPRIWKHQXPEHURIVWDEOHVWDWHV7KHFDSDFLW\LQ
E\WHVRIFRXUVHLVRQHHLJKWKRIWKHFDSDFLW\LQELWV
65$ 0YV&apos ;5$ 0
:KHQPHPRU\FLUFXLWVDUHEXLOWRXWRIORJLFFLUFXLWVLWLVFDOOHG
VWDWLFPHPRU\
RU
65$ 0
0HPRU\FLUFXLWV
FDQDOVREHPDGHRXWRIFDSDFLWRUV$FKDUJHGFDSDFLWRUUHSUHVHQWVDVWRUHGDGLVFKDUJHGFDSDFLWRU
UHSUHVHQWVDVWRUHG6LQFHIHZHUWUDQVLVWRUVDUHUHTXLUHGWKHVHFLUFXLWVFDQEHSDFNHGZLWKJUHDWHUGHQVLW\
RQDFKLS6PDOOFORVHO\SDFNHGFDSDFLWRUVKDYHWKHGLVDGYDQWDJHWKDWWKH\GLVFKDUJHUDSLGO\7KH\UHTXLUH
FRQVWDQWUHFKHFNLQJ(YHU\FDSDFLWRUZKLFKLVQRWFRPSOHWHO\GLVFKDUJHGPXVWEHSXPSHGEDFNXSDJDLQ
%HFDXVHWKHPHPRU\LVEHLQJFRQVWDQWO\UHIUHVKHGLWLVFDOOHG
G\QDPLFPHPRU\
RU
&apos ;5$ 0
'\QDPLF
PHPRU\LVOLNHDERRNVKHOIZLWKRXWWKHVKHOIH[FHSWWKDWLQWKHFDVHRIDERRNIDOOLQJIRXUIHHWVD\WRWKH
IORRU\RXZRXOGKDYHVHFRQGVWRFDWFKLWEHIRUHLWKLWWKHIORRU7KHVHOLWWOHFDSDFLWRUVGLVFKDUJHLQ
VHFRQGV7KHPHPRU\UHIUHVKPXVWEHGRQHDSSUR[LPDWHO\HYHU\V8QOLNHPDQ\GHYHORSPHQWVZKLFK
KDYHQXPHURXVFRQWULEXWRUVG\QDPLFPHPRU\ZDVLQYHQWHGE\DVLQJOHSHUVRQ7HG+RIIDURXQG
'\QDPLFPHPRU\LVFKHDSHUDQGVORZHUWKDQVWDWLFPHPRU\6WDWLFPHPRU\LVXVXDOO\XVHGIRUFDFKH
PHPRU\ZKLOHG\QDPLFPHPRU\LVXVHGIRU5$0
2QHGUDZEDFNRI&apos ;5$ 0LVWKDWLWPDNHVKDUGZDUHGHEXJJLQJPXFKPRUHGLIILFXOW7KHVLPSOHVWZD\WRGR
KDUGZDUHGHEXJJLQJZRXOGEHWRVORZWKHFRPSXWHUVFORFNZD\GRZQ$EHUUDQWEHKDYLRUFRXOGWKHQEH
REVHUYHGDVLWKDSSHQHG%XWEHFDXVHRI&apos ;5$ 0VUDSLGUHIUHVKUHTXLUHPHQWVWKHUHLVQRHDV\ZD\WRGRWKLV
[*HQHUDO5HJLVWHUVDQGWKHLU$QFHVWU\
2QHRIWKHUHDVRQVEHKLQGWKHPDUNHWVXFFHVVRIWKH,QWHO[OLQHRISURFHVVRUVKDVEHHQWKDWHDFKQHZ
SURFHVVRULQWKHOLQHZDVGHVLJQHGVXEMHFWWRWKHUHTXLUHPHQWWKDWLWEHFRPSDWLEOHZLWKSUHYLRXVSURFHVVRUV
,QWHOQHYHUZLSHGWKHVODWHFOHDQDQGVWDUWHGIURPVFUDWFKDV0RWRURODDQG,%0GLGZLWKWKH3RZHU3&FKLS
DQG'(&GLGZLWKWKH$OSKDSURFHVVRU7KLVPLQLPL]HGWKHDPRXQWRIKDUGZDUHDQGVRIWZDUHUHWRROLQJ
QHFHVVLWDWHGE\DQXSJUDGH&RQVHTXHQWO\DGHVFULSWLRQRIWKH[DQGLQSDUWLFXODULWVUHJLVWHUVOHQGVLWVHOI
WRDKLVWRULFDODSSURDFK:HEHJLQZLWKWKHSURFHVVRU
5HJLVWHUV
... ,IZHLPDJLQHWKLVDVWKHPHPRU\RIDWLQ\OLWWOHFRPSXWHUWKHQWKLVFRPSXWHUZRXOGKDYHDIRXUELWGDWD
EXVDWZRELWDGGUHVVEXVDQGDRQHELWFRQWUROEXV7RIHWFKDQLWHPIURPPHPRU\WKHSURFHVVRUIRUWKLV
OLWWOHFRPSXWHUZRXOGSXWLWV:5SLQDWORJLFDQGDWZRELWDGGUHVVRQWKHDGGUHVVEXV7KLVZRXOG
DFWLYDWHWKH6HOVLJQDOIRUH[DFWO\RQHZRUGRIPHPRU\,IZHLPDJLQHDIHWFKH[HFXWHF\FOHLQSURJUHVVWKH
SURFHVVRUZRXOGQHHGDWZRELWUHJLVWHUWRNHHSWUDFNRIWKHDGGUHVVRIWKHLQVWUXFWLRQLWZDVH[HFXWLQJ$OO
SURFHVVRUVSHUIRUPLQJWKHIHWFKH[HFXWHF\FOHQHHGVXFKDUHJLVWHU,WLVRIWHQFDOOHGWKH
3URJUDP&RXQWHU
,Q,QWHOPDFKLQHVLWLVFDOOHGWKH
,QVWUXFWLRQ3RLQWHU
'HILQLWLRQRI0HPRU\&DSDFLW\
$Q\
SK\VLFDOPHPRU\
LVDQREMHFWRUGHYLFHZKLFKLVVWDEOHLQPRUHWKDQRQHVWDWH,WVFDSDFLW\LVWKHQXPEHU
RILWVVWDEOHVWDWHV6LQFHDFRPSXWHUPHPRU\LVODLGRXWDVDUHFWDQJOHRIREMHFWVZLWKWZRVWDEOHVWDWHVHDFK
WKHQXPEHURIVWDEOHVWDWHVLQWKHPHPRU\LV
OợZ
ZKHUH
O
DQG
Z
DUHWKHOHQJWKDQGZLGWKRIWKHUHFWDQJOH
O
LVDOVRFDOOHGWKHQXPEHURIZRUGVDQG
Z
LVWKHZLGWKRIHDFKZRUGLQELWV)RUFRQYHQLHQFHWKHFDSDFLW\LV
RIWHQJLYHQLQELWVDVMXVW
OợZ
LHWKHEDVHWZRORJDULWKPRIWKHQXPEHURIVWDEOHVWDWHV7KHFDSDFLW\LQ
E\WHVRIFRXUVHLVRQHHLJKWKRIWKHFDSDFLW\LQELWV
65$ 0YV&apos ;5$ 0
:KHQPHPRU\FLUFXLWVDUHEXLOWRXWRIORJLFFLUFXLWVLWLVFDOOHG
VWDWLFPHPRU\
RU
65$ 0
0HPRU\FLUFXLWV
FDQDOVREHPDGHRXWRIFDSDFLWRUV$FKDUJHGFDSDFLWRUUHSUHVHQWVDVWRUHGDGLVFKDUJHGFDSDFLWRU
UHSUHVHQWVDVWRUHG6LQFHIHZHUWUDQVLVWRUVDUHUHTXLUHGWKHVHFLUFXLWVFDQEHSDFNHGZLWKJUHDWHUGHQVLW\
RQDFKLS6PDOOFORVHO\SDFNHGFDSDFLWRUVKDYHWKHGLVDGYDQWDJHWKDWWKH\GLVFKDUJHUDSLGO\7KH\UHTXLUH
FRQVWDQWUHFKHFNLQJ(YHU\FDSDFLWRUZKLFKLVQRWFRPSOHWHO\GLVFKDUJHGPXVWEHSXPSHGEDFNXSDJDLQ
%HFDXVHWKHPHPRU\LVEHLQJFRQVWDQWO\UHIUHVKHGLWLVFDOOHG
G\QDPLFPHPRU\
RU
&apos ;5$ 0
'\QDPLF
PHPRU\LVOLNHDERRNVKHOIZLWKRXWWKHVKHOIH[FHSWWKDWLQWKHFDVHRIDERRNIDOOLQJIRXUIHHWVD\WRWKH
IORRU\RXZRXOGKDYHVHFRQGVWRFDWFKLWEHIRUHLWKLWWKHIORRU7KHVHOLWWOHFDSDFLWRUVGLVFKDUJHLQ
VHFRQGV7KHPHPRU\UHIUHVKPXVWEHGRQHDSSUR[LPDWHO\HYHU\V8QOLNHPDQ\GHYHORSPHQWVZKLFK
KDYHQXPHURXVFRQWULEXWRUVG\QDPLFPHPRU\ZDVLQYHQWHGE\DVLQJOHSHUVRQ7HG+RIIDURXQG
'\QDPLFPHPRU\LVFKHDSHUDQGVORZHUWKDQVWDWLFPHPRU\6WDWLFPHPRU\LVXVXDOO\XVHGIRUFDFKH
PHPRU\ZKLOHG\QDPLFPHPRU\LVXVHGIRU5$0
2QHGUDZEDFNRI&apos ;5$ 0LVWKDWLWPDNHVKDUGZDUHGHEXJJLQJPXFKPRUHGLIILFXOW7KHVLPSOHVWZD\WRGR
KDUGZDUHGHEXJJLQJZRXOGEHWRVORZWKHFRPSXWHUVFORFNZD\GRZQ$EHUUDQWEHKDYLRUFRXOGWKHQEH
REVHUYHGDVLWKDSSHQHG%XWEHFDXVHRI&apos ;5$ 0VUDSLGUHIUHVKUHTXLUHPHQWVWKHUHLVQRHDV\ZD\WRGRWKLV
[*HQHUDO5HJLVWHUVDQGWKHLU$QFHVWU\
2QHRIWKHUHDVRQVEHKLQGWKHPDUNHWVXFFHVVRIWKH,QWHO[OLQHRISURFHVVRUVKDVEHHQWKDWHDFKQHZ
SURFHVVRULQWKHOLQHZDVGHVLJQHGVXEMHFWWRWKHUHTXLUHPHQWWKDWLWEHFRPSDWLEOHZLWKSUHYLRXVSURFHVVRUV
,QWHOQHYHUZLSHGWKHVODWHFOHDQDQGVWDUWHGIURPVFUDWFKDV0RWRURODDQG,%0GLGZLWKWKH3RZHU3&FKLS
DQG'(&GLGZLWKWKH$OSKDSURFHVVRU7KLVPLQLPL]HGWKHDPRXQWRIKDUGZDUHDQGVRIWZDUHUHWRROLQJ
QHFHVVLWDWHGE\DQXSJUDGH&RQVHTXHQWO\DGHVFULSWLRQRIWKH[DQGLQSDUWLFXODULWVUHJLVWHUVOHQGVLWVHOI
WRDKLVWRULFDODSSURDFK:HEHJLQZLWKWKHSURFHVVRU
5HJLVWHUV
... ,IZHLPDJLQHWKLVDVWKHPHPRU\RIDWLQ\OLWWOHFRPSXWHUWKHQWKLVFRPSXWHUZRXOGKDYHDIRXUELWGDWD
EXVDWZRELWDGGUHVVEXVDQGDRQHELWFRQWUROEXV7RIHWFKDQLWHPIURPPHPRU\WKHSURFHVVRUIRUWKLV
OLWWOHFRPSXWHUZRXOGSXWLWV:5SLQDWORJLFDQGDWZRELWDGGUHVVRQWKHDGGUHVVEXV7KLVZRXOG
DFWLYDWHWKH6HOVLJQDOIRUH[DFWO\RQHZRUGRIPHPRU\,IZHLPDJLQHDIHWFKH[HFXWHF\FOHLQSURJUHVVWKH
SURFHVVRUZRXOGQHHGDWZRELWUHJLVWHUWRNHHSWUDFNRIWKHDGGUHVVRIWKHLQVWUXFWLRQLWZDVH[HFXWLQJ$OO
SURFHVVRUVSHUIRUPLQJWKHIHWFKH[HFXWHF\FOHQHHGVXFKDUHJLVWHU,WLVRIWHQFDOOHGWKH
3URJUDP&RXQWHU
,Q,QWHOPDFKLQHVLWLVFDOOHGWKH
,QVWUXFWLRQ3RLQWHU
'HILQLWLRQRI0HPRU\&DSDFLW\
$Q\
SK\VLFDOPHPRU\
LVDQREMHFWRUGHYLFHZKLFKLVVWDEOHLQPRUHWKDQRQHVWDWH,WVFDSDFLW\LVWKHQXPEHU
RILWVVWDEOHVWDWHV6LQFHDFRPSXWHUPHPRU\LVODLGRXWDVDUHFWDQJOHRIREMHFWVZLWKWZRVWDEOHVWDWHVHDFK
WKHQXPEHURIVWDEOHVWDWHVLQWKHPHPRU\LV
OợZ
ZKHUH
O
DQG
Z
DUHWKHOHQJWKDQGZLGWKRIWKHUHFWDQJOH
O
LVDOVRFDOOHGWKHQXPEHURIZRUGVDQG
Z
LVWKHZLGWKRIHDFKZRUGLQELWV)RUFRQYHQLHQFHWKHFDSDFLW\LV
RIWHQJLYHQLQELWVDVMXVW
OợZ
LHWKHEDVHWZRORJDULWKPRIWKHQXPEHURIVWDEOHVWDWHV7KHFDSDFLW\LQ
E\WHVRIFRXUVHLVRQHHLJKWKRIWKHFDSDFLW\LQELWV
65$ 0YV&apos ;5$ 0
:KHQPHPRU\FLUFXLWVDUHEXLOWRXWRIORJLFFLUFXLWVLWLVFDOOHG
VWDWLFPHPRU\
RU
65$ 0
0HPRU\FLUFXLWV
FDQDOVREHPDGHRXWRIFDSDFLWRUV$FKDUJHGFDSDFLWRUUHSUHVHQWVDVWRUHGDGLVFKDUJHGFDSDFLWRU
UHSUHVHQWVDVWRUHG6LQFHIHZHUWUDQVLVWRUVDUHUHTXLUHGWKHVHFLUFXLWVFDQEHSDFNHGZLWKJUHDWHUGHQVLW\
RQDFKLS6PDOOFORVHO\SDFNHGFDSDFLWRUVKDYHWKHGLVDGYDQWDJHWKDWWKH\GLVFKDUJHUDSLGO\7KH\UHTXLUH
FRQVWDQWUHFKHFNLQJ(YHU\FDSDFLWRUZKLFKLVQRWFRPSOHWHO\GLVFKDUJHGPXVWEHSXPSHGEDFNXSDJDLQ
%HFDXVHWKHPHPRU\LVEHLQJFRQVWDQWO\UHIUHVKHGLWLVFDOOHG
G\QDPLFPHPRU\
RU
&apos ;5$ 0
'\QDPLF
PHPRU\LVOLNHDERRNVKHOIZLWKRXWWKHVKHOIH[FHSWWKDWLQWKHFDVHRIDERRNIDOOLQJIRXUIHHWVD\WRWKH
IORRU\RXZRXOGKDYHVHFRQGVWRFDWFKLWEHIRUHLWKLWWKHIORRU7KHVHOLWWOHFDSDFLWRUVGLVFKDUJHLQ
VHFRQGV7KHPHPRU\UHIUHVKPXVWEHGRQHDSSUR[LPDWHO\HYHU\V8QOLNHPDQ\GHYHORSPHQWVZKLFK
KDYHQXPHURXVFRQWULEXWRUVG\QDPLFPHPRU\ZDVLQYHQWHGE\DVLQJOHSHUVRQ7HG+RIIDURXQG
'\QDPLFPHPRU\LVFKHDSHUDQGVORZHUWKDQVWDWLFPHPRU\6WDWLFPHPRU\LVXVXDOO\XVHGIRUFDFKH
PHPRU\ZKLOHG\QDPLFPHPRU\LVXVHGIRU5$0
2QHGUDZEDFNRI&apos ;5$ 0LVWKDWLWPDNHVKDUGZDUHGHEXJJLQJPXFKPRUHGLIILFXOW7KHVLPSOHVWZD\WRGR
KDUGZDUHGHEXJJLQJZRXOGEHWRVORZWKHFRPSXWHUVFORFNZD\GRZQ$EHUUDQWEHKDYLRUFRXOGWKHQEH
REVHUYHGDVLWKDSSHQHG%XWEHFDXVHRI&apos ;5$ 0VUDSLGUHIUHVKUHTXLUHPHQWVWKHUHLVQRHDV\ZD\WRGRWKLV
[*HQHUDO5HJLVWHUVDQGWKHLU$QFHVWU\
2QHRIWKHUHDVRQVEHKLQGWKHPDUNHWVXFFHVVRIWKH,QWHO[OLQHRISURFHVVRUVKDVEHHQWKDWHDFKQHZ
SURFHVVRULQWKHOLQHZDVGHVLJQHGVXEMHFWWRWKHUHTXLUHPHQWWKDWLWEHFRPSDWLEOHZLWKSUHYLRXVSURFHVVRUV
,QWHOQHYHUZLSHGWKHVODWHFOHDQDQGVWDUWHGIURPVFUDWFKDV0RWRURODDQG,%0GLGZLWKWKH3RZHU3&FKLS
DQG'(&GLGZLWKWKH$OSKDSURFHVVRU7KLVPLQLPL]HGWKHDPRXQWRIKDUGZDUHDQGVRIWZDUHUHWRROLQJ
QHFHVVLWDWHGE\DQXSJUDGH&RQVHTXHQWO\DGHVFULSWLRQRIWKH[DQGLQSDUWLFXODULWVUHJLVWHUVOHQGVLWVHOI
WRDKLVWRULFDODSSURDFK:HEHJLQZLWKWKHSURFHVVRU
5HJLVWHUV
...