ĈҤ,+Ӑ&48Ӕ&*,$73+Ӗ&+Ë0,1+
75ѬӠ1*ĈҤ,+Ӑ&%È&+.+2$
1*8<ӈ19Ă178Ҩ1
1*8<Ç1/é48Ҧ1/é'2$1+1*+,ӊ3
7+(2Ĉӎ1++ѬӞ1*75Ӑ1*'ӎ&+9Ө
0Ӝ71*+,Ç1&Ӭ87+(2&È&+7,ӂ3&Ұ16'/2*,&
/8Ұ1È17,ӂ16Ƭ.,1+7ӂ
73+Ӗ&+Ë0,1+1Ă0
ĈҤ,+Ӑ&48Ӕ&*,$73+Ӗ&+Ë0,1+
75ѬӠ1*ĈҤ,+Ӑ&%È&+.+2$
1*8<ӈ19Ă178Ҩ1
1*8<Ç1/é48Ҧ1/é'2$1+1*+,ӊ3
7+(2Ĉӎ1++ѬӞ1*75Ӑ1*'ӎ&+9Ө
0Ӝ71*+,Ç1&Ӭ87+(2&È&+7,ӂ3&Ұ16'/2*,&
&KX\rQQJjQK4XҧQWUӏNLQKGRDQK
0mVӕFKX\rQQJjQK
3KҧQELӋQÿӝFOұS3*6767UҫQ+j0LQK4XkQ
3KҧQELӋQÿӝFOұS3*676+RjQJ7Kӏ3KѭѫQJ7KҧR
3KҧQELӋQ3*6769}7Kӏ1JӑF7K~\
3KҧQELӋQ76+ӗ1KӵW4XDQJ
3KҧQELӋQ767UѭѫQJ7Kӏ/DQ$QK
1*ѬӠ,+ѬӞ1*'Ү13*676/Ç1*8<ӈ1+Ұ8
/Ӡ,&$0Ĉ2$1
7iFJLҧ[LQFDPÿRDQÿk\OjF{QJWUuQKQJKLrQFӭXFӫDEҧQWKkQWiFJLҧ&iFNӃWTXҧ
QJKLrQFӭXYjFiFNӃWOXұQWURQJOXұQiQQj\OjWUXQJWKӵFYjNK{QJVDRFKpSWӯEҩWNǤ
PӝWQJXӗQQjRYjGѭӟLEҩWNǤKuQKWKӭFQjR9LӋFWKDPNKҧRFiFQJXӗQWjLOLӋXQӃX
FyÿmÿѭӧFWKӵFKLӋQWUtFKGүQYjJKLQJXӗQWjLOLӋXWKDPNKҧRÿ~QJTX\ÿӏQK
7iFJLҧOXұQiQ
1JX\ӉQ9ăQ7XҩQ
L
7Ï07Ҳ7/8Ұ1È1
/XұQ iQ WLӃQ Vƭ Qj\ ÿѭӧF WKӵF KLӋQ QKҵP ÿҥW ÿѭӧF KDL PөF WLrX FKtQK 0өF WLrX WKӭ
QKҩWOj[k\GӵQJWKDQJÿRFKRĈӏQKKѭӟQJWUӑQJGӏFKYө6'20өFWLrXWKӭKDLOj
[k\GӵQJYjNLӇPÿӏQKP{KuQKQJKLrQFӭXYӅFiFWLӅQWӕYjKұXWӕFӫD6'26'2Oj
PӝWQJX\rQOêTXҧQOêGRDQKQJKLӋSÿѭӧFFKX\ӇQKyDWUrQFѫVӣOêWKX\ӃWWUӑQJGӏFK
Yө6'/ĈӇÿҥWÿѭӧFKDLPөFWLrXÿӅUDFyKDLQJKLrQFӭXÿѭӧFWKӵFKLӋQ1JKLrQFӭX
Vӕ6WXG\ÿѭӧFWKӵFKLӋQÿӇÿҥWPөFWLrXWKӭQKҩW1JKLrQFӭXVӕÿѭӧFWKӵF
KLӋQÿӇÿҥWPөFWLrXWKӭKDL
Ӣ 1JKLrQ FӭX Vӕ FiF EѭӟF ÿӇ [k\ GӵQJ WKDQJ ÿR ĈӏQK KѭӟQJ WUӑQJ GӏFK Yө ÿѭӧF
WKӵF KLӋQ WKHR TXL WUuQK [k\ GӵQJ WKDQJ ÿR ÿѭӧF ÿӅ [XҩW EӣL QKLӅX QKj QJKLrQ FӭX
&KXUFKLOO 0DF.HQ]LH Yj FӝQJ Vӵ 1HWHPH\HU Yj FӝQJ Vӵ 0ӝW
FiFKWәQJTXiWVDXNKLNKiLQLӋPKyDYjÿӅ[XҩWFiFWKjQKSKҫQFӫD6'2WӯOѭӧFNKҧR
FiFQJKLrQFӭXWUѭӟFÿk\QJKLrQFӭXÿӏQKWtQKÿѭӧFWKӵFKLӋQEҵQJNӻWKXұWSKӓQJYҩQ
VkXYӟLQKjTXҧQOêÿӇNLӇPFKӭQJVӵSKKӧSFӫD6'2YӟLWKӵFWLӉQTXҧQWUӏ7UrQFѫ
VӣNӃWTXҧQJKLrQFӭXÿӏQKWtQKFQJYӟLYLӋFÿӕLViQKYӟLOêWKX\ӃWSKiWELӇXÿѭӧF
WҥRVLQKQKѭOjWұSELӃQTXDQViWEDQÿҫXÿӇÿROѭӡQJFKR6'27LӃSWөFÿѭӧFÿiQKJLi
EӣLFiFFKX\rQJLDFiFSKiWELӇXÿҥWÿӝJLiWUӏQӝLGXQJFzQOҥLÿѭӧFVӱGөQJÿӇWKX
WKұSPүXGӳOLӋXWKӭQKҩWPүXѭӟFOѭӧQJ3KpSSKkQWtFKQKkQWӕNKiPSKi()$Yj
NKҷQJ ÿӏQK &)$ ÿѭӧF WULӇQ NKDL ÿӇ SKkQ WtFK PүX Gӳ OLӋX ѭӟF OѭӧQJ Qj\ .ӃW TXҧ
SKkQWtFKFKRWKҩ\VӵSKKӧSFӫDFҩXWU~FWKDQJÿR6'2WKjQKSKҫQVRYӟLFҩXWU~F
WKjQKSKҫQYjWKjQKSKҫQĈӇWKrPSKҫQFKҳFFKҳQYӅFҩXWU~FWKDQJÿR6'2Qj\
PӝWPүXGӳOLӋXWKӭKDLPүXNLӇPFKӭQJÿѭӧFWKXWKұSFKRPөFÿtFKWiLNLӇPÿӏQK
WKDQJÿR6'2.ӃWTXҧSKkQWtFKFKRSKpS[iFQKұQWKDQJÿRJӗPWKjQKSKҫQYӟL
ELӃQ TXDQ ViW FӫD 6'2 1yL FiFK NKiF PөF WLrX [k\ GӵQJ WKDQJ ÿR FKR 6'2 ÿѭӧF
KRjQWKjQK
1JKLrQFӭXVӕÿѭӧFWKӵFKLӋQQKҵPÿӅ[XҩWYjNLӇPÿӏQKPӝWP{KuQKOêWKX\ӃWYӅ
FiFWLӅQWӕYjKұXWӕFӫD6'2'RYұ\SKѭѫQJSKiSQJKLrQFӭXÿӏQKOѭӧQJYӟLFӥPүX
OӟQÿѭӧFOӵDFKӑQÿӇWLӃQKjQKQJKLrQFӭX0ӝWP{KuQKQJKLrQFӭXÿѭӧF[k\GӵQJ
YӟLFiFWLӅQWӕFӫD6'2Oj9ăQKyDÿәLPӟL&DPNӃWOmQKÿҥR'1ÿӕLYӟL6'21ăQJ
LL
OӵFOmQKÿҥR'1YjFiFKұXWӕFӫD6'2Oj7KjQKTXҧNLQKGRDQKYj7KjQKTXҧÿәLPӟL
ÿѭӧF [k\ GӵQJ &y WәQJ FӝQJ JLҧ WKX\ӃW FҫQ ÿѭӧF NLӇP ÿӏQK YӟL P{ KuQK QJKLrQ
FӭXQj\7URQJÿyFyJLҧWKX\ӃWYӅPӕLTXDQKӋJLӳDFiFNKiLQLӋPQJKLrQFӭXYj
JLҧWKX\ӃWYӅYDLWUzÿLӅXWLӃWFӫD\ӃXWӕQJjQKVҧQ[XҩWGӏFKYө.ӃWTXҧNLӇPÿӏQK
P{KuQKQJKLrQFӭXFKRWKҩ\P{KuQKOêWKX\ӃWQJKLrQFӭXSKKӧSWӕWYӟLGӳOLӋXWKӵF
WӃ
.ӃWTXҧNLӇPÿӏQKP{KuQKFҩXWU~F6(0FKӍUDYDLWUzTXDQWUӑQJFӫD\ӃXWӕWKXӝF
YӅÿһFWUѭQJFӫD'1JӗPYăQKyDÿәLPӟLQăQJOӵFOmQKÿҥRYjFDPNӃWFӫDOmQKÿҥR
'1ÿӕLYӟL6'2&ҧ\ӃXWӕQj\FQJQKDXJLҧLWKtFKÿѭӧFELӃQWKLrQFӫDĈӏQK
KѭӟQJWUӑQJGӏFKYө6'21yLFiFKNKiFÿk\Oj\ӃXWӕÿһFWUѭQJFӫD'1WK~Fÿҭ\
WKӵFWLӉQTXҧQWUӏ'1WKHRQJX\rQOêTXҧQOê6'27URQJÿyYăQKyDÿәLPӟLYj
FDPNӃWOmQKÿҥR'1ÿӕLYӟL6'2WiFÿӝQJWUӵFWLӃSWK~Fÿҭ\WKӵFWLӉQTXҧQWUӏWKHR
6'27URQJNKLQăQJOӵFOmQKÿҥR'1YӯDFyWiFÿӝQJWUӵFWLӃSYjJLiQWLӃSÿӃQWKӵF
WLӉQTXҧQWUӏWKHR6'27әQJPӭFÿӝWiFÿӝQJJӗPWUӵFWLӃSYjJLiQWLӃSFӫDQăQJOӵF
OmQKÿҥR'1ÿӃQ6'2OjNKiFDR
.ӃWTXҧNLӇPÿӏQKFNJQJ[iFQKұQPӕLTXDQKӋFyêQJKƭDWKӕQJNrJLӳD6'2YӟLFiF
KұXWӕQKѭWKjQKTXҧNLQKGRDQKYjWKjQKTXҧÿәLPӟL1yLFiFKNKiF6'2WiFÿӝQJ
WtFKFӵFÿӃQWKjQKTXҧNLQKGRDQKYjWKjQKTXҧÿәLPӟLFӫDGRDQKQJKLӋSĈk\OjKDL
GҥQJWKjQKTXҧFKLӃQOѭӧFTXDQWUӑQJFKRVӵWKjQKF{QJFӫDGRDQKQJKLӋS.ӃWTXҧFKӍ
UD 6'2 ӣ QJKLrQ FӭX Qj\ JL~S JLҧL WKtFK ELӃQ WKLrQ WKjQK TXҧ NLQK GRDQK FӫD
GRDQKQJKLӋSĈk\OjPӝWWӍOӋÿiQJNӇYӅNKҧQăQJJLҧLWKtFKWKjQKTXҧNLQKGRDQKFӫD
GRDQKQJKLӋS
3KѭѫQJ SKiS SKkQ WtFK ÿD QKyP PXOWLJURXS DQDO\VLV WURQJ 6(0 ÿѭӧF WULӇQ NKDL ÿӇ
NLӇPÿӏQKYDLWUzÿLӅXWLӃWFӫD\ӃXWӕQJjQKVҧQ[XҩWGӏFKYөÿӕLYӟLPӕLTXDQKӋJLӳD
YăQKyDÿәLPӟLYӟL6'26'2YӟLWKjQKTXҧNLQKGRDQKYj6'2YӟLWKjQKTXҧÿәL
PӟL.ӃWTXҧNLӇPÿӏQKFKRWKҩ\FiFPӕLTXDQKӋQj\OjQKѭQKDXYӟL'1VҧQ[XҩWYj
'1GӏFKYө
1JKLrQFӭXÿmFyQKӳQJÿyQJJySFyêQJKƭDFҧYӅPһWOêWKX\ӃWYjWKӵFWLӉQ7KHRÿy
FiFÿyQJJySFKtQKFӫDQJKLrQFӭXÿѭӧFÿӅFұSQKѭVDX7KӭQKҩWQJKLrQFӭXÿmÿyQJ
LLL
JySP{KuQKWKDQJÿRÿROѭӡQJĈӏQKKѭӟQJWUӑQJGӏFKYө6'27KӭKDLQJKLrQFӭXÿm
[k\GӵQJÿѭӧFP{KuQKÿӏQKOѭӧQJJLҧLWKtFKPӕLTXDQKӋJLӳDFiFWLӅQWӕYjKұXWӕYӟL
6'27KӭEDQJKLrQFӭXÿmFyÿyQJJySWKӵFQJKLӋPTXDQWUӑQJFKRVӵSKiWWULӇQOê
WKX\ӃWWUӑQJGӏFKYө6'/7KӭWѭQJKLrQFӭXQj\JySSKҫQӫQJKӝOêWKX\ӃWQJXӗQOӵF
WѭѫQJWiF
'ӵDYjRNӃWTXҧQJKLrQFӭXFiFKjPêFKRWKӵFWLӉQTXҧQWUӏFӫDQKjTXҧQOêYjGRDQK
QJKLӋSFNJQJÿmÿѭӧFÿӅFұS7KHRÿyWKӭQKҩWWKjQKTXҧNLQKGRDQKFyWKӇÿѭӧFFҧL
WKLӋQNKLGRDQKQJKLӋSiSGөQJQJX\rQOêTXҧQOêWKHR6'29LӋFYұQGөQJWӕWQJX\rQ
OêQj\VӁPDQJÿӃQNӃWTXҧNLQKGRDQKYjNӃWTXҧÿәLPӟLWtFKFӵFFKRGRDQKQJKLӋS
EҩW NӇ Oj GRDQK QJKLӋS VҧQ [XҩW KD\ GRDQK QJKLӋS GӏFK Yө 7Kӭ KDL TXҧQ Oê GRDQK
QJKLӋSWKHR6'2FҫQÿҧPEҧRFK~WUӑQJFҧWKjQKSKҫQOj*LҧLSKiSFKR.+7ѭѫQJ
WiFFKӫÿӝQJ&ѫFKӃPӣFKRWtFKKӧSQJXӗQOӵF.+/ӧLtFKFKLӃQOѭӧF7KӭEDÿӇ
WK~Fÿҭ\WKӵFKjQKTXҧQWUӏWKHR6'2ӣGRDQKQJKLӋSFҫQTXDQWkPÿӃQFiF\ӃXWӕQKѭ
YăQKyDÿәLPӟLQăQJOӵFOmQKÿҥRGRDQKQJKLӋSYjFDPNӃWOmQKÿҥRGRDQKQJKLӋSÿӕL
YӟL6'2
0һFGQJKLrQFӭXÿmÿҥWÿѭӧFPөFWLrXÿӅUDEDQÿҫXYjÿmFyQKӳQJÿyQJJySWtFK
FӵFYӅPһWOêWKX\ӃWYjWKӵFWLӉQQKѭQJFNJQJFzQPӝWVӕKҥQFKӃ'RÿyFiFJӧLêFKR
QKӳQJQJKLrQFӭXWLӃSWKHRÿӇKRjQWKLӋQYjSKiWWULӇQQJKLrQFӭXQj\FNJQJÿmÿѭӧFÿӅ
QJKӏ
0ӝW SKҫQ QӝL GXQJ FӫD QJKLrQ FӭX Qj\ ÿm ÿѭӧF F{QJ Eӕ WUrQ WҥS FKt NKRD KӑF GѭӟL
GҥQJEjLEiRNKRDKӑF'DQKPөFEjLEiRNKRDKӑFOjSKҫQQӝLGXQJFӫDOXұQiQÿӅ
FұSFKLWLӃWYӅKDLEjLEiRQj\
LY
$%675$&7
7KHUHDUHWZRPDLQJRDOVRIWKLVGRFWRUDOGLVVHUWDWLRQ&RQFHSWXDOL]LQJDQGPHDVXULQJ
VHUYLFHGRPLQDQWRULHQWDWLRQ6'2LVWKHILUVWJRDO3URSRVLQJDQGWHVWLQJDQWHFHGHQWV
DQG FRQVHTXHQFHV RI 6'2 LQ D UHVHDUFK PRGHO LV WKH VHFRQG JRDO 6HUYLFH 'RPLQDQW
2ULHQWDWLRQ 6'2 LV WKH WHUP UHSUHVHQWLQJ WKH RSHUDWLRQDOL]DWLRQ RI VHUYLFHGRPLQDQW
ORJLF SHUVSHFWLYH LQWR SUDFWLFH 7R PHHW SURSRVHG WZR JRDOV WZR VWXGLHV ZHUH
FRQGXFWHG 6WXG\ ZDV FRQGXFWHG WR PHHW WKH ILUVW JRDO 6WXG\ ZDV FRQGXFWHG WR
PHHWWKHVHFRQGJRDO
,Q6WXG\WKHVWHSVWRFRQFHSWXDOL]LQJDQGPHDVXULQJ6'2ZHUHFRPSOHWHGDFFRUGLQJ
WR WKH SURFHGXUH SURSRVHG E\ PDQ\ UHVHDUFKHUV WR GHYHORSLQJ VFDOH RI D FRQVWUXFW
&KXUFKLOO 0DF.HQ]LH HW DO 1HWHPH\HU HW DO *HQHUDOO\ DIWHU
FRQFHSWXDOL]LQJ DQG SURSRVLQJ GLPHQVLRQV RI 6'2 EDVHG RQ SUHYLRXV VWXGLHV WKH
TXDOLWDWLYH UHVHDUFK ZDV FRQGXFWHG E\ LQGHSWK LQWHUYLHZV ZLWK PDQDJHUV WR FRQILUP
6'2ZLWKPDQDJHPHQWSUDFWLFHV2QWKHEDVLVRIUHVXOWVRITXDOLWDWLYHUHVHDUFKDORQJ
ZLWK PDWFKLQJ WKH OLWHUDWXUH UHYLHZ VWDWHPHQWVLWHPV ZHUH JHQHUDWHG DV WKH LQLWLDO
SRROLWHPV RI6'2VFDOH,WHPV WKDWUHDFKHGFRQWHQWYDOLGLW\DIWHU LQGHSWKLQWHUYLHZV
ZLWKH[SHUWVZHUHXVHGWRFROOHFWWKHILUVWVDPSOHHVWLPDWHVDPSOH([SORUDWRU\()$
DQG&RQILUPDWRU\&)$IDFWRUDQDO\VLVZHUHGHSOR\HGZLWKWKLVHVWLPDWHVDPSOH7KH
UHVXOWV LGHQWLI\ IRXU GLPHQVLRQV RI WKH 6'2 VFDOH LQ FRPSDUHG ZLWK WKUHH DQG ILYH
GLPHQVLRQV 7R YDOLGDWLQJ WKH VWUXFWXUH RI WKLV 6'2 VFDOH D VHFRQG VDPSOH YDOLGDWH
VDPSOHZDVFROOHFWHGIRUWKHSXUSRVHRIYDOLGDWLQJ6'2VFDOH7KHUHVXOWVFRQILUPWKH
VFDOH RI GLPHQVLRQV ZLWK LWHPV RI 6'2 ,Q RWKHU ZRUGV WKH JRDO RI
FRQFHSWXDOL]LQJDQGPHDVXULQJ6'2VFDOHZDVDFFRPSOLVKHG
6WXG\ ZDV FRQGXFWHG WR SURSRVLQJ DQG WHVWLQJ D WKHRUHWLFDO UHVHDUFK PRGHO RI
DQWHFHGHQWV DQG FRQVHTXHQFHV RI 6'2 ,Q WKLV PRGHO LQQRYDWLRQ FXOWXUH OHDGHUVKLS
FRPSHWHQFH OHDGHUVKLS FRPPLWPHQW DUH DQWHFHGHQWV EXVLQHVV SHUIRUPDQFH DQG
LQQRYDWLRQSHUIRUPDQFHDUHFRQVHTXHQFHV$WRWDORIK\SRWKHVHVQHHGWREHWHVWLQJ
ZLWK WKH UHVHDUFK PRGHO ,Q SDUWLFXODU WKHUH DUH K\SRWKHVHV DERXW WKH UHODWLRQVKLS
EHWZHHQ FRQVWUXFWV DQG K\SRWKHVHV DERXW PRGHUDWH UROH RI ILUP LQGXVWU\
Y
PDQXIDFWXULQJVHUYLFHV 7KH UHVXOW VKRZHG WKDW WKH UHVHDUFK WKHRUHWLFDO PRGHO ILWV
ZHOOZLWKWKHDFWXDOGDWD
7KH UHVXOWV RI WHVWLQJ WKH 6(0 LQGLFDWH WKH LPSRUWDQW UROH RI WKUHH DQWHFHGHQWV WKDW
EHORQJWRWKHILUP
VFKDUDFWHULVWLFVLQFOXGLQJLQQRYDWLRQFXOWXUHOHDGHUVKLSFRPSHWHQFH
DQG OHDGHUVKLS FRPPLWPHQW 7RJHWKHU WKHVH WKUHH DQWHFHGHQWV H[SODLQ RI WKH
YDULDWLRQ RI 6'2 ,Q SDUWLFXODU WKH LQQRYDWLRQ FXOWXUH DQG OHDGHUVKLS FRPPLWPHQW
GLUHFWO\ LPSDFW RQ 6'2 0HDQZKLOH OHDGHUVKLS FRPSHWHQFH KDV ERWK GLUHFWO\ DQG
LQGLUHFWO\ LPSDFW RQ 6'2 7KDW LV WKH WRWDO OHYHO RI LPSDFW LQFOXGLQJ GLUHFWO\ DQG
LQGLUHFWO\RQ6'2RIOHDGHUVKLSFRPSHWHQFHLVTXLWHKLJK
7KH UHVXOWV DOVR FRQILUP WKH VLJQLILFDQW UHODWLRQVKLS EHWZHHQ 6'2 DQG WKH
FRQVHTXHQFHV VXFK DV EXVLQHVV SHUIRUPDQFH DQG LQQRYDWLRQ SHUIRUPDQFH ,Q RWKHU
ZRUGV 6'2 KDV D SRVLWLYH LPSDFW RQ EXVLQHVV SHUIRUPDQFH DQG LQQRYDWLRQ
SHUIRUPDQFH 7KHVH DUH WZR LPSRUWDQW VWUDWHJLF RXWFRPHV IRU ILUP VXFFHVV 7KH 6'2
H[SODLQVRIYDULDWLRQRIEXVLQHVVSHUIRUPDQFH7KLVLVDVLJQLILFDQWSHUFHQWDJHRI
LQWHUSUHWLQJEXVLQHVVSHUIRUPDQFH
7KH PXOWLJURXS DQDO\VLV LQ 6(0 ZDV GHSOR\HG WR WHVWLQJ WKH PRGHUDWH UROH RI ILUP
LQGXVWU\ PDQXIDFWXULQJVHUYLFHV LQ WKH UHODWLRQVKLSV EHWZHHQ LQQRYDWLRQ FXOWXUH DQG
6'2 6'2 DQG EXVLQHVV SHUIRUPDQFH 6'2 DQG LQQRYDWLRQ SHUIRUPDQFH 7KH UHVXOWV
VKRZ WKDW WKHVH UHODWLRQVKLSV DUH WKH VDPH IRU PDQXIDFWXULQJ ILUP DQG VHUYLFH ILUP
7KHUHE\ LW FRQWULEXWHV WR WKH JHQHUDOL]DWLRQ RI WKH 6'2 VFDOH WKDW GHYHORSHG LQ WKLV
GRFWRUDOGLVVHUWDWLRQDVZHOODVWKHVHUYLFH±GRPLQDQWORJLF
7KH VWXG\ KDV PDGH VLJQLILFDQW FRQWULEXWLRQV ERWK WKHRUHWLFDOO\ DQG SUDFWLFDOO\
$FFRUGLQJO\WKHPDLQFRQWULEXWLRQVRIWKHVWXG\DUHPHQWLRQHGDVIROORZV)LUVWO\WKH
VWXG\ KDV FRQWULEXWHG WR WKH PHDVXUHPHQW RI VHUYLFH ± GRPLQDQW RULHQWDWLRQ 6'2
6HFRQGO\ D TXDQWLWDWLYH PRGHO ZDV SURSRVHG WR H[SODLQLQJ WKH UHODWLRQVKLSV EHWZHHQ
DQWHFHGHQWVDQGFRQVHTXHQFHVRI6'27KLUGO\WKHVWXG\KDVPDGHLPSRUWDQWHPSLULFDO
FRQWULEXWLRQV WR WKH GHYHORSPHQW RI VHUYLFH ± GRPLQDQW ORJLF )RXUWKO\ WKLV VWXG\
FRQWULEXWHVWRWKHRU\RIRSHUDQWUHVRXUFHV
YL
%DVHG RQ WKH UHVXOWV RI WKLV VWXG\ LPSOLFDWLRQV IRU PDQDJHUV DQG ILUPV ZHUH DOVR
PHQWLRQHG $FFRUGLQJO\ ILUVWO\ EXVLQHVV SHUIRUPDQFH FDQ EH LPSURYHG E\
LPSOHPHQWLQJ 6'2 7KH JRRG LPSOHPHQWDWLRQ RI 6'2 ZLOO LPSURYH EXVLQHVV DQG
LQQRYDWLRQ SHUIRUPDQFH UHJDUGOHVV RI PDQXIDFWXULQJ ILUP RU VHUYLFH ILUP 6HFRQGO\
LPSOHPHQWDWLRQ RI 6'2 QHHGV WR IRFXV RQ DOO GLPHQVLRQV 6ROXWLRQV IRU FXVWRPHU
SURDFWLYH LQWHUDFWLRQ 2SHQ PHFKDQLVPV IRU UHVRXUFH LQWHJUDWLRQ 6WUDWHJLF EHQHILWV
7KLUGO\ WR IRVWHULQJ 6'2 LQ D ILUP LW LV QHFHVVDU\ WR FRQVLGHU DQWHFHGHQWV VXFK DV
LQQRYDWLRQFXOWXUHOHDGHUVKLSFRPSHWHQFHDQGOHDGHUVKLSFRPPLWPHQW
$OWKRXJK VWXG\¶V LQLWLDO REMHFWLYHV ZHUH DFKLHYHG DQG SRVLWLYH FRQWULEXWLRQV LQ
WKHRUHWLFDOO\ DQG SUDFWLFDOO\ ZHUH SURSRVHG WKHUH DUH VRPH OLPLWDWLRQV 7KHUHIRUH
VXJJHVWLRQVIRUIXUWKHUVWXGLHVKDYHDOVREHHQSURSRVHG
$SDUWRIWKLVVWXG\ZDVSXEOLVKHGLQWKHVFLHQWLILFMRXUQDOLQWKUHHVFLHQWLILFSDSHUV7KH
OLVWRIVFLHQWLILFDUWLFOHVLVSUHVHQWHGLQWKHODWHUSDUWRIWKLVGLVVHUWDWLRQ
YLL
/Ӡ,&Ҧ0Ѫ1
/XұQiQWLӃQVƭQj\ÿmNK{QJWKӇÿѭӧFKRjQWKjQKQӃXW{LNK{QJQKұQÿѭӧFVӵKѭӟQJ
GүQFKX\rQP{QWұQWkPYjÿӝQJYLrQFӫD7Kҫ\KѭӟQJGүQVӵӫQJKӝYjÿӝQJYLrQFӫD
ÿӗQJQJKLӋSEҥQEqYjJLDÿuQKVӵJL~SÿӥFӫDQKLӅXFiQKkQYjWәFKӭF
7UѭӟF WLrQ HP [LQ JӣL OӡL FҧP ѫQ FKkQ WKjQK QKҩW ÿӃQ WKҫ\ KѭӟQJ GүQ 3*676 /r
1JX\ӉQ+ұX6ӵKѭӟQJGүQFKX\rQP{QWұQWuQKFQJYӟLVӵÿӝQJYLrQÿ~QJO~FNӏS
WKӡLFӫD7Kҫ\FyJLiWUӏY{FQJWROӟQJL~SHPKRjQWKjQKOXұQiQQj\(P[LQEj\Wӓ
OzQJELӃWѫQVkXVҳFÿӃQ7Kҫ\YuFiFKѭӟQJGүQFҧYӅFKX\rQP{QNKRDKӑFFNJQJQKѭ
WURQJF{QJYLӋFJLҧQJGҥ\YjFXӝFVӕQJ7URQJVXӕWQăPTXDGѭӟLVӵGuXGҳWFKӍEҧR
KѭӟQJGүQWұQWuQKFӫD7Kҫ\HPÿmKӑFÿѭӧFQKLӅXEjLKӑFFyJLiWUӏY{FQJTXêJLi
7{L[LQJӣLOӡLFҧPѫQÿӃQTXêÿӗQJQJKLӋSOjFiFJLҧQJYLrQFӫD.KRD4XҧQOê&{QJ
QJKLӋS ± 7UѭӡQJ Ĉ+ %iFK .KRD ÿm WҥR ÿLӅX NLӋQ WKXұQ OӧL QKҩW FKR YLӋF KӑF WұS Yj
QJKLrQFӭXFӫDW{L4XêÿӗQJQJKLӋSӣ%07LӃS7Kӏ4XҧQOêYj.KRD4XҧQOê&{QJ
QJKLӋSFNJQJQKѭDQKFKӏHPӣ3KzQJĈjRWҥR6DXÿҥLKӑF7UѭӡQJĈҥLKӑF%iFKNKRD
ÿmGjQKFKRW{LQKLӅXOӡLWKăPKӓLJySêÿӝQJYLrQFKkQWKjQKYjOjQJXӗQÿӝQJOӵF
TXêJLiJL~SW{LKRjQWKjQKF{QJYLӋFJLҧQJGҥ\YjOXұQiQQj\/ӡLFҧPѫQFNJQJ[LQ
JӣLÿӃQQKjTXҧQOêӣFiFGRDQKQJKLӋSÿmKӛWUӧW{LKRjQWKjQKOXұQiQQj\
7{L[LQFҧPѫQEҥQEqÿӗQJP{QWURQJQKyPQJKLrQFӭXVLQKQKyPQJKLrQFӭXPҥQK
YӅFKӫÿӅĈӗQJWҥRVLQKJLiWUӏFӫD7Kҫ\3*676/r1JX\ӉQ+ұX&{3*6763KҥP
1JӑF 7K~\ 7Kҫ\ 3*676 1JX\ӉQ 0ҥQK 7XkQ &iF EҥQ Oj QKӳQJ QJѭӡL Fy WKӇ WKҩX
KLӇXYjFKLDVҿPӑLWKӭYӟLW{L6ӵÿӝQJYLrQFӫDFiFEҥQJL~SW{LJLҧLWӓDYjJLҧPEӟW
QKLӅXiSOӵFWURQJTXiWUuQKWKӵFKLӋQOXұQiQQj\
;LQJӣLOӡLFҧPѫQÿӃQQKӳQJQJѭӡLWKkQWURQJJLDÿuQK%DPҽFKӏJiLYjHPWUDLÿm
OX{QÿһWQLӅPWLQYjӫQJKӝWURQJVXӕWWKӡLJLDQTXDĈһFELӋWOjJLDÿuQKQKӓFӫDW{L
9ӧYjFiFFRQOX{QӫQJKӝYjOjQJXӗQÿӝQJYLrQWROӟQJL~S%DKRjQWKjQKF{QJYLӋF
JLҧQJGҥ\WҥL7UѭӡQJĈ+%iFKNKRDYjKӑFWұSÿӇKRjQWKjQKOXұQiQQj\
;LQ WUkQWUӑQJYj FKkQWKjQKFҧPѫQ WҩW FҧYu VӵKѭӟQJGүQJL~S ÿӥ ÿӝQJYLrQTXê
JLi
YLLL
0Ө&/Ө&
'$1+0Ө&&È&+Î1+9Ӏ[LLL
'$1+0Ө&%Ҧ1*%,ӆ8[LY
'$1+0Ө&&È&7Ӯ9,ӂ77Ҳ7[Y
&+ѬѪ1* *,Ӟ,7+,ӊ8
+Î1+7+¬1+Ĉӄ7¬,
0Ө&7,Ç8&Ӫ$1*+,Ç1&Ӭ8
0өFWLrXWәQJTXiW
0өFWLrXFөWKӇ
3+Ҥ09,9¬ĈӔ,7ѬӦ1*1*+,Ç1&Ӭ8
é1*+Ƭ$&Ӫ$1*+,Ç1&Ӭ8
éQJKƭDNKRDKӑF
éQJKƭDWKӵFWLӉQ
3+ѬѪ1*3+È31*+,Ç1&Ӭ8
4XDQÿLӇPQKұQWKӭFOXұQFӫDQJKLrQFӭX
3KѭѫQJSKiSQJKLrQFӭX
&Ҩ875Ò&&Ӫ$/8Ұ1È1
&+ѬѪ1* &Ѫ 6Ӣ /é 7+8<ӂ7 9¬ &È& 1*+,Ç1 &Ӭ8 75ѬӞ& ĈÆ< 9ӄ
Ĉӎ1++ѬӞ1*75Ӑ1*'ӎ&+9Ө
*,Ӟ,7+,ӊ8
/é7+8<ӂ775Ӑ1*'ӎ&+9Ө
/é7+8<ӂ71*8Ӗ1/Ӵ&7ѬѪ1*7È&&Ӫ$'2$1+1*+,ӊ3
/é7+8<ӂ775$2ĈӘ,;+Ӝ,
/é7+8<ӂ71+Ұ17+Ӭ&;+Ӝ,
.+Ҧ2 &Ӭ8 &È& 1*+,Ç1 &Ӭ8 75ѬӞ& ĈÆ< 9ӄ Ĉӎ1+ +ѬӞ1* 75Ӑ1*
'ӎ&+9Ө
ĈӏQKKѭӟQJWUӑQJGӏFKYөYjÿӗQJWҥRVLQKJLiWUӏ
+DLFiFKWLӃSFұQYӅĈӏQKKѭӟQJWUӑQJGӏFKYө
.KiL QLӋP KyD Yj ÿR OѭӡQJ ĈӏQK KѭӟQJ WUӑQJ GӏFK Yө WURQJ FiF QJKLrQ FӭX
WUѭӟFÿk\
7LӅQWӕFӫDĈӏQKKѭӟQJWUӑQJGӏFKYө
+ұXWӕFӫDĈӏQKKѭӟQJWUӑQJGӏFKYө
7Ï07Ҳ7&+ѬѪ1*
L[
&+ѬѪ1* 1*+,Ç1&Ӭ86Ӕ.+È,1,ӊ0+Ï$9¬;Æ<'Ӵ1*7+$1*
Ĉ2&+2Ĉӎ1++ѬӞ1*75Ӑ1*'ӎ&+9Ө
*,Ӟ,7+,ӊ8
48,75Î1+7+Ӵ&+,ӊ1
.+È,1,ӊ0+Ï$Ĉӎ1++ѬӞ1*75Ӑ1*'ӎ&+9Ө
Ĉӎ1++ѬӞ1*75Ӑ1*'ӎ&+9Ө/¬.+È,1,ӊ0Ĉ$&+,ӄ8
Ĉӄ;8Ҩ7&È&7+¬1+3+Ҫ1&Ӫ$Ĉӎ1++ѬӞ1*75Ӑ1*'ӎ&+9Ө
*LҧLSKiSGӏFKYөFKRNKiFKKjQJ
7ѭѫQJWiFFKӫÿӝQJ
&ѫFKӃPӣFKRWtFKKӧSQJXӗQOӵFFӫD.+
/ӧLtFKFKLӃQOѭӧF
Ĉӎ1++ѬӞ1*75Ӑ1*'ӎ&+9Ө7Ӯ7+Ӵ&7,ӈ148Ҧ175ӎ
;Æ<'Ӵ1*7+$1*Ĉ2&+2Ĉӎ1++ѬӞ1*75Ӑ1*'ӎ&+9Ө
3KiWWULӇQWұSELӃQTXDQViWÿROѭӡQJFKRĈӏQKKѭӟQJWUӑQJGӏFKYө
ĈiQKJLiYjVjQJOӑFWKDQJÿRĈӏQKKѭӟQJWUӑQJGӏFKYөYӟLPүXGӳOLӋXѭӟF
OѭӧQJ
7iLNLӇPÿӏQKFҩXWU~FWKDQJÿRĈӏQKKѭӟQJWUӑQJGӏFKYөYӟLPүXGӳOLӋXNLӇP
FKӭQJ
7Ә1*.ӂ79ӄ7+$1*Ĉ2&+2Ĉӎ1++ѬӞ1*75Ӑ1*'ӎ&+9Ө
7Ï07Ҳ7&+ѬѪ1*
&+ѬѪ1* 1*+,Ç1&Ӭ86Ӕ;Æ<'Ӵ1*0Ð+Î1+9ӄ&È&7,ӄ17Ӕ
9¬+Ұ87Ӕ&Ӫ$Ĉӎ1++ѬӞ1*75Ӑ1*'ӎ&+9Ө
*,Ӟ,7+,ӊ8
%,ӊ1/8Ұ19ӄ&È&7,ӄ17Ӕ&Ӫ$Ĉӎ1++ѬӞ1*75Ӑ1*'ӎ&+9Ө
7iFÿӝQJFӫD9ăQKyDÿәLPӟLÿӃQĈӏQKKѭӟQJWUӑQJGӏFKYө
ҦQKKѭӣQJFӫD&DPNӃWOmQKÿҥRYӟLQJX\rQOêTXҧQOêWKHRĈӏQKKѭӟQJWUӑQJ
GӏFKYө
ҦQKKѭӣQJFӫD1ăQJOӵFOmQKÿҥRÿӃQĈӏQKKѭӟQJWUӑQJGӏFKYө
ҦQKKѭӣQJFӫD1ăQJOӵFOmQKÿҥRÿӃQ9ăQKyDÿәLPӟL
ҦQK KѭӣQJ FӫD 1ăQJ OӵF OmQK ÿҥR ÿӃQ &DP NӃW OmQK ÿҥR ÿӕL YӟL ÿӏQK KѭӟQJ
WUӑQJGӏFKYө
%,ӊ1/8Ұ19ӄ&È&+Ұ87Ӕ&Ӫ$Ĉӎ1++ѬӞ1*75Ӑ1*'ӎ&+9Ө
7iFÿӝQJFӫDĈӏQKKѭӟQJWUӑQJGӏFKYөÿӃQ7KjQKTXҧNLQKGRDQKFӫD'1
7iFÿӝQJFӫDĈӏQKKѭӟQJWUӑQJGӏFKYөÿӃQ7KjQKTXҧÿәLPӟLFӫD'1
7KjQKTXҧÿәLPӟLYj7KjQKTXҧNLQKGRDQK
[
9ăQKyDÿәLPӟLYj7KjQKTXҧÿәLPӟL
9$,75ÑĈ,ӄ87,ӂ7&Ӫ$<ӂ87Ӕ1*¬1+.,1+'2$1+
0Ð+Î1+1*+,Ç1&Ӭ8
7Ï07Ҳ7&+ѬѪ1*
&+ѬѪ1* 1*+,Ç1 &Ӭ8 6Ӕ .,ӆ0 Ĉӎ1+ 0Ð +Î1+ /é 7+8<ӂ7 9¬
&È&*,Ҧ7+8<ӂ71*+,Ç1&Ӭ8
*,Ӟ,7+,ӊ8
.,ӆ0Ĉӎ1+7+$1*Ĉ2&È&.+È,1,ӊ07521*0Ð+Î1+
.LӇPÿӏQKWKDQJÿRFiFWLӅQWӕYjKұXWӕFӫDĈӏQKKѭӟQJWUӑQJGӏFKYө
.LӇPÿӏQKJLiWUӏSKkQELӋWJLӳDFiFWLӅQWӕKұXWӕYӟLĈӏQKKѭӟQJWUӑQJGӏFKYө
EҵQJ()$
.LӇPÿӏQKJLiWUӏSKkQELӋWJLӳDFiFWLӅQWӕKұXWӕYӟLĈӏQKKѭӟQJWUӑQJGӏFKYө
EҵQJ&)$
7yPWҳWNӃWTXҧNLӇPÿӏQKWKDQJÿRFiFNKiLQLӋPWURQJP{KuQKQJKLrQFӭX
.,ӆ0Ĉӎ1+0Ð+Î1+/é7+8<ӂ79¬&È&*,Ҧ7+8<ӂ7
.LӇPÿӏQKP{KuQKOêWKX\ӃWQJKLrQFӭX
.LӇPÿӏQKFiFJLҧWKX\ӃW+ÿӃQ+YӅFiFPӕLTXDQKӋWURQJP{KuQK
7iFÿӝQJWUӵFWLӃSYjJLiQWLӃSFӫDFiFWLӅQWӕÿӃQĈӏQKKѭӟQJWUӑQJGӏFKYө
.LӇP ÿӏQK ҧQK KѭӣQJ FӫD\ӃX Wӕ 1JjQK VҧQ [XҩWGӏFK Yө EҵQJ SKkQ WtFK ÿD
QKyPJLҧWKX\ӃW+D+EYj+F
7+Ҧ2/8Ұ1.ӂ748Ҧ1*+,Ç1&Ӭ8
7yPWҳWNӃWTXҧ[k\GӵQJWKDQJÿRĈӏQKKѭӟQJWUӑQJGӏFKYө
7yPWҳWNӃWTXҧNLӇPÿӏQKP{KuQKQJKLrQFӭXYjJLҧWKX\ӃW
7KҧROXұQYӅFҩXWU~FWKDQJÿRFKRĈӏQKKѭӟQJWUӑQJGӏFKYө
7KҧROXұQYӅWiFÿӝQJFӫDFiFWLӅQWӕÿӃQĈӏQKKѭӟQJWUӑQJGӏFKYө
7KҧROXұQYӅWiFÿӝQJFӫDĈӏQKKѭӟQJWUӑQJGӏFKYөÿӃQ7KjQKTXҧFKLӃQOѭӧF
FӫD'1
+¬0é&+27+Ӵ&7,ӈ148Ҧ175ӎ
+jPêTXҧQWUӏFKRYLӋFFҧLWKLӋQWKjQKTXҧFKLӃQOѭӧFFӫDGRDQKQJKLӋS
+jPêTXҧQWUӏÿӇWK~Fÿҭ\WULӇQNKDLQJX\rQOêĈӏQKKѭӟQJWUӑQJGӏFKYө
7Ï07Ҳ7&+ѬѪ1*
&+ѬѪ1* .ӂ7/8Ұ1
7Ï07Ҳ7&È&.ӂ748Ҧ1*+,Ç1&Ӭ8
7KDQJÿRĈӏQKKѭӟQJWUӑQJGӏFKYө6'2
[L
&iFWLӅQWӕWK~Fÿҭ\WULӇQNKDLĈӏQKKѭӟQJWUӑQJGӏFKYө
&iFKұXWӕFӫDĈӏQKKѭӟQJWUӑQJGӏFKYө
9DLWUzÿLӅXWLӃWFӫD\ӃXWӕQJjQKVҧQ[XҩWGӏFKYө
ĈÏ1**Ï3&Ӫ$1*+,Ç1&Ӭ8
ĈyQJJySYӅP{KuQKÿROѭӡQJĈӏQKKѭӟQJWUӑQJGӏFKYө6'2
ĈyQJJySYӅFiFWLӅQWӕFӫDĈӏQKKѭӟQJWUӑQJGӏFKYө6'2
ĈyQJJySYӅFiFKұXWӕFӫDĈӏQKKѭӟQJWUӑQJGӏFKYө6'2
ĈyQJJySFKROêWKX\ӃWWUӑQJGӏFKYө6'/
ĈyQJJySFKROêWKX\ӃWQJXӗQOӵFWѭѫQJWiF
+Ҥ1&+ӂ&Ӫ$1*+,Ç1&Ӭ8
&È&+ѬӞ1*1*+,Ç1&Ӭ87,ӂ37+(2
.ӂ7/8Ұ1
'$1+0Ө&&Ð1*75Î1+Ĉ&Ð1*%Ӕ
7¬,/,ӊ87+$0.+Ҧ2
3+Ө/Ө&
[LL
'$1+0Ө&&È&+Î1+9Ӏ
+uQK&ҩXWU~FFӫDEiRFiROXұQiQ
+uQK4XLWUuQK[k\GӵQJWKDQJÿR6'2
+uQK%ӕQQKyPQKkQWӕFӫD6'2WӯNӃWTXҧSKkQWtFKGӳOLӋXÿӏQKWtQK
+uQK0ӕLTXDQKӋJLӳDFiFWӯNKyDWURQJWӯQJQKyPQKkQWӕFӫD6'2
+uQK.ӃWTXҧ&)$SKѭѫQJiQFҩXWU~FWKjQKSKҫQFӫD6'2
+uQK.ӃWTXҧ&)$FKXҭQKyDWKDQJÿR6'2PүXNLӇPFKӭQJ
+uQK0{KuQKQJKLrQFӭX
+uQK.ӃWTXҧ&)$FKXҭQKyDP{KuQKÿROѭӡQJWӟLKҥQ
+uQK.ӃWTXҧNLӇPÿӏQKP{KuQKFҩXWU~F6(0FKXҭQKyD
[LLL
'$1+0Ө&%Ҧ1*%,ӆ8
%ҧQJ&iFWLӅQÿӅFӫDOêWKX\ӃWWUӑQJGӏFKYө6'/
%ҧQJ+ӋVLQKWKiLNLQKWӃGӏFKYөWKHRTXDQÿLӇPWәFKӭFYj[mKӝL
%ҧQJ&iFFiFKNKiLQLӋPKyDYjÿROѭӡQJ6'2WURQJFiFQJKLrQFӭXWUѭӟFÿk\
%ҧQJ6RViQKKDLTXDQÿLӇPYӅQJX\rQOêTXҧQOê
%ҧQJ7yPOѭӧFQӝLGXQJFKӫÿӅWKHPHFӫD6'2
%ҧQJ7K{QJWLQFiFQKjTXҧQOêWKDPJLDSKӓQJYҩQVkX
%ҧQJĈһFWUѭQJPүXFӫDѭӟFOѭӧQJ
%ҧQJ&ҩXWU~FWKjQKSKҫQFӫDWKDQJÿR6'2
%ҧQJ&ҩXWU~FWKjQKSKҫQFӫD6'2
%ҧQJ&ҩXWU~FWKjQKSKҫQFӫD6'2
%ҧQJĈӝWLQFұ\WKDQJÿRFӫDFiFSKѭѫQJiQFҩXWU~F6'2
%ҧQJ.ӃWTXҧ&)$FҩXWU~FWKjQKSKҫQFӫD6'2
%ҧQJĈӝJLiWUӏSKkQELӋWSKѭѫQJiQFҩXWU~FWKjQKSKҫQ
%ҧQJ.ӃWTXҧ&)$FҩXWU~FWKjQKSKҫQYjWKjQKSKҫQ
%ҧQJ.ӃWTXҧVRViQKP{KuQKWKjQKSKҫQYӟLP{KuQKWKjQKSKҫQ
%ҧQJĈһFWUѭQJFӫDPүXNLӇPFKӭQJ
%ҧQJ.ӃWTXҧWiLNLӇPÿӏQKWKDQJÿR6'2EҵQJ()$PүXNLӇPFKӭQJ
%ҧQJĈӝWLQFұ\YjÿӝJLiWUӏKӝLWөFiFWKjQKSKҫQFӫD6'2
%ҧQJĈӝJLiWUӏSKkQELӋWFiFWKjQKSKҫQFӫD6'2
%ҧQJ7әQJNӃWFiFELӃQTXDQViWFӫDWKDQJÿR6'2
%ҧQJĈiQKJLiFiFWLӅQWӕYjKұXWӕFӫD6'2EҵQJ()$
%ҧQJ.ӃWTXҧ()$WKDQJÿRWҩWFҧNKiLQLӋPQJKLrQFӭX
%ҧQJĈiQKJLiÿӝWLQFұ\YjJLiWUӏKӝLWөP{KuQKÿROѭӡQJWӟLKҥQ
%ҧQJ.ӃWTXҧÿiQKJLiÿӝJLiWUӏSKkQELӋWP{KuQKÿROѭӡQJWӟLKҥQ
%ҧQJ.ӃWTӫDѭӟFOѭӧQJPӕLTXDQKӋJLӳDFiFNKiLQLӋP
%ҧQJ.ӃWTXҧWiFÿӝQJWUӵFWLӃSYjJLiQWLӃSFӫDFiFWLӅQWӕÿӃQ6'2
%ҧQJ.ӃWTXҧVRViQKFiFP{KuQKWURQJSKkQWtFKÿDQKyP
%ҧQJ.ӃWTXҧNLӇPÿӏQKYDLWUzÿLӅXWLӃWFӫD\ӃXWӕ1JjQKVҧQ[XҩWGӏFKYө
%ҧQJ7әQJNӃWNӃWTXҧNLӇPÿӏQKFiFJLҧWKX\ӃW
[LY
'$1+0Ө&&È&7Ӯ9,ӂ77Ҳ7
7ӯYLӃWWҳW
7LӃQJ$QK
7LӃQJ9LӋW
6'/
6HUYLFH±'RPLQDQW/RJLF
4XDQÿLӇPWUӑQJGӏFKYө
6'2
6HUYLFH±'RPLQDQW2ULHQWDWLRQ ĈӏQKKѭӟQJWUӑQJGӏFKYө
6(0
6WUXFWXUDO(TXDWLRQ0RGHOLQJ
0{KuQKFҩXWU~FWX\ӃQWtQK
'1
)LUPFRPSDQ\
'RDQKQJKLӋS
.+
&XVWRPHU
.KiFKKjQJ
6(7
6RFLDO([FKDQJH7KHRU\
/êWKX\ӃWWUDRÿәL[mKӝL
1/77
2SHUDQW5HVRXUFH
1JXӗQOӵFWѭѫQJWiF
1/9&
2SHUDQG5HVRXUFH
1JXӗQOӵFYұWFKҩW
9+Ĉ0
,QQRYDWLRQ&XOWXUH
9ăQKyDÿәLPӟL
%3
%XVLQHVV3HUIRUPDQFH
7KjQKTXҧNLQKGRDQK
,3
,QQRYDWLRQ3HUIRUPDQFH
7KjQKTXҧÿәLPӟL
17$
1HWZRUN7H[W$QDO\VLV
3KkQ WtFK PҥQJ OѭӟL PӕL
TXDQ KӋ JLӳD FiF Wӯ NKyD
WURQJYăQEҧQ
[Y
&+ѬѪ1*
*,Ӟ,7+,ӊ8
+Î1+7+¬1+Ĉӄ7¬,
4XDQ ÿLӇP KD\ WULӃW Oê TXҧQ WUӏ WLӃS WKӏ ӣ PӛL GRDQK QJKLӋS '1 Fy YDL WUz TXDQ
WUӑQJFKRVӵWKjQKF{QJFӫD'1YuQyÿӏQKKѭӟQJYjFKLSKӕLWҩWFҧFiFKRҥWÿӝQJFӫD
'1%HWWHQFRXUWYjFӝQJVӵ7URQJTXiWUuQKTXҧQWUӏ'1TXDQÿLӇPTXҧQWUӏ
WLӃS WKӏ ÿѭӧF FKX\ӇQ KyD WKjQK ÿӏQK KѭӟQJ TXҧQ WUӏ WLӃS WKӏ QJKƭD Oj PӝW WұS FiF
QJX\rQOêKRҥWÿӝQJWLӃSWKӏFӫD'1(YDQV.DUSHQYjFӝQJVӵ
1KLӅX KӑF JLҧ FKR UҵQJ TXDQ ÿLӇP WUӑQJ GӏFK Yө VHUYLFHGRPLQDQW ORJLF YLӃW WҳW
6'/WӯNKLÿѭӧFJLӟLWKLӋXYjRQăPEӣL9DUJRYj/XVFKÿѭӧF[HPOj
WULӃWOêTXҧQWUӏWLӃSWKӏSKKӧSFKR'1Yu6'/SKҧQiQKWӕWKѫQEҧQFKҩWFiFKLӋQ
WѭӧQJYjFiFKRҥWÿӝQJFӫD'19DUJR /XVFK%HWWHQFRXUWYjFӝQJVӵ
*UHHUYjFӝQJVӵ*U|QURRV*U|QURRV 9RLPD/XVFK 9DUJR
9DUJR /XVFK)XUUHUYjFӝQJVӵ6'/ÿӅFұSFiFKQKuQ
UӝQJKѫQViWYӟLEҧQFKҩWYӅJLiWUӏYDOXHYjWҥRJLiWUӏYDOXHFUHDWLRQYDLWUzFӫD
QJXӗQOӵFUHVRXUFHYjVӵOLrQTXDQJLӳD'1YӟLWKӏWUѭӡQJ/XVFK 9DUJR
6NnOpQ (GYDUGVVRQ7KHRÿyJLiWUӏFKRNKiFKKjQJÿѭӧFWҥRUDYjÿѭӧF[iF
ÿӏQKEӣLNKiFKKjQJ.+WURQJTXiWUuQKWLrXGQJVӱGөQJÿӅQJKӏJLiWUӏFӫD'1
*U|QURRV *XPPHUXV9DUJR /XVFK1JXӗQOӵFWѭѫQJWiFRSHUDQW
UHVRXUFHFyYDLWUzTXDQWUӑQJÿӇWҥRUDJLiWUӏFKR.+9DUJR /XVFKJLiWUӏ
ÿѭӧF WҥR UD PDQJ WtQK WѭѫQJ WiF JLӳD QKLӅX ErQ WiF QKkQ WKDP JLD NKiF QKDX QKѭ
'1NKiFKKjQJQKjFXQJFҩSFӝQJÿӗQJNKiFKKjQJYY$NDND 9DUJR
/XVFK 9DUJR6'/FyWLӅPQăQJWҥRUDPӝWQJX\rQOêTXҧQOêPӟLWURQJKRҥW
ÿӝQJWLӃSWKӏFӫD'1ÿyOjQJX\rQOêTXҧQOêWKHRÿӏQKKѭӟQJWUӑQJGӏFKYөVHUYLFH
GRPLQDQW RULHQWDWLRQ YLӃW WҳW Oj 6'2 %HWWHQFRXUW Yj FӝQJ Vӵ (YDQV
/XVFKYjFӝQJVӵ
0һFGYұ\FiFQJKLrQFӭXYӅ6'2WUrQWKӃJLӟLWURQJÿyFy9LӋW1DPFzQWѭѫQJ
ÿӕL tW Yj KҥQ FKӃ 9DUJR Yj FӝQJ Vӵ (YDQV *UHHU Yj FӝQJ Vӵ
%HWWHQFRXUWYjFӝQJVӵ(YDQV)XUUHUYjFӝQJVӵ.DUSHQYjFӝQJ
7UDQJ
Vӵ /XVFK Yj FӝQJ Vӵ 0F&ROO.HQQHG\ Yj FӝQJ Vӵ 'R ÿy FiF
QJX\rQOêFөWKӇÿӇWULӇQNKDLYjÿROѭӡQJWKӵFWLӉQTXҧQWUӏWKHRQJX\rQOê6'2ӣ
'1FKRÿӃQQD\FKѭDÿѭӧFQKұQGҥQJÿҫ\ÿӫYӟLWKӵFWLӉQTXҧQWUӏFӫDFiFQKjTXҧQ
Oê %HWWHQFRXUW Yj FӝQJ Vӵ (YDQV *UD\ Yj FӝQJ Vӵ .DUSHQ Yj
FӝQJ Vӵ /IWHQHJJHU Yj FӝQJ Vӵ :LOGHQ *XGHUJDQ /XVFK
9DUJR/XVFKYjFӝQJVӵ/XVFKYjFӝQJVӵĈLӅXQj\ÿһWUDFkX
KӓLUҵQJQJX\rQOêTXҧQOê'1WKHR6'2EDRJӗPFiFQJX\rQOêWKjQKSKҫQQjRYj
WKDQJ ÿR ÿӇ ÿR OѭӡQJ FiF QJX\rQ Oê WKjQK SKҫQ ÿy" %HWWHQFRXUWYj FӝQJ Vӵ
(YDQV /IWHQHJJHU Yj FӝQJ Vӵ 9DUJR /XVFK Ĉk\ Oj FkX KӓL
ÿҫXWLrQPjQJKLrQFӭXQj\PXӕQWUҧOӡL&yWUҧOӡLÿѭӧFFkXKӓLQj\WKuVӁJL~SQKұQ
GҥQJÿѭӧFFiFQJX\rQOêWKjQKSKҫQFӫD6'2ÿӗQJWKӡLFXQJFҩSF{QJFөEӝWKDQJ
ÿRÿӇÿROѭӡQJWKӵFWLӉQTXҧQWUӏWKHR6'2ӣ'1
7KrP YjR ÿy KLӋQ QD\ JLӟL KӑF JLҧ Yj TXҧQ WUӏ ÿm ELӃW QKLӅX ÿӃQ QJX\rQ Oê ÿӏQK
KѭӟQJWKӏWUѭӡQJ0DUNHW2ULHQWDWLRQ±021JX\rQOêQj\ÿmÿѭӧFFKӭQJPLQKӣ
QKLӅX TXӕF JLD WURQJ ÿy Fy 9LӋW 1DP Oj PDQJ ÿӃQ NӃW TXҧ WtFK FӵF FKR FiF GRDQK
QJKLӋS.LUFDYjFӝQJVӵ &kXKӓLÿһWUDWLӃSWKHROjOLӋXUҵQJQJX\rQOêTXҧQ
OêWKHRÿӏQKKѭӟQJWUӑQJGӏFKYө6'2FyWKұWVӵPDQJOҥLVӵWKjQKF{QJFKR'1KD\
NK{QJ"9ҩQÿӅTXDQWUӑQJQj\FKѭDÿѭӧFWUҧOӡLWKҩXÿiRWURQJFiFQJKLrQFӭXWUѭӟF
ÿk\$QGHUVRQ 2VWURP%ODFN *DOODQ(YDQV*UHHUYjFӝQJ
Vӵ*XPPHVVRQYjFӝQJVӵD9DUJR /XVFKĈk\OjFkXKӓLWKӭ
KDL Pj QJKLrQ FӭX Qj\ PXӕQ WUҧ OӡL +ѫQ QӳD QӃX 6'2 WKұW Vӵ PDQJ OҥL Vӵ WKjQK
F{QJFKR'1WKuFkXKӓLÿһWUDWLӃSWKHRQӳDOj\ӃXWӕWLӅQÿӅQjRWiFÿӝQJÿӃQPӭFÿӝ
WULӇQNKDL6'2FӫDPӝW'1"&yWUҧOӡLÿѭӧFFkXKӓLQj\WKuYӅPһWOêWKX\ӃWVӁJL~S
KLӇXELӃWU}KѫQYӅVӵSKKӧSFӫD6'2YӟLFiFÿһFWUѭQJFӫD'1YӅPһWWKӵFWLӉQ
VӁJL~SFiFQKjTXҧQOêELӃWÿѭӧFFiFKWULӇQNKDL6'2KLӋXTXҧ7X\Yұ\FkXKӓLQj\
FKRWӟLQD\FKѭDWuPWKҩ\FkXWUҧOӡLWӯFiFQKjQJKLrQFӭX%HWWHQFRXUWYjFӝQJVӵ
*UHHUYjFӝQJVӵ.DUSHQYjFӝQJVӵ2VWURPYjFӝQJVӵ
'R ÿy ÿk\ FNJQJ Oj PӝW WURQJ QKӳQJ NKRҧQJ WUӕQJ QJKLrQ FӭX TXDQ WUӑQJ FҫQ ÿѭӧF
NKiPSKiWKrP$QGHUVRQ 2VWURP*XPPHVVRQYjFӝQJVӵD.DUSHQ
Yj FӝQJ Vӵ .RZDONRZVNL 0LFKHO Yj FӝQJ Vӵ D 6NnOpQ
(GYDUGVVRQ.KRҧQJWUӕQJQJKLrQFӭXQj\ÿѭDUDWKrPFkXKӓLQJKLrQFӭXFҫQ
7UDQJ
WUҧOӡLĈyOj\ӃXWӕWLӅQÿӅQjRWK~Fÿҭ\'1WULӇQNKDLiSGөQJ6'2"%HWWHQFRXUWYj
FӝQJVӵ*UD\YjFӝQJVӵ/IWHQHJJHUYjFӝQJVӵĈk\OjFkXKӓL
QJKLrQFӭXWKӭED7uPÿѭӧFFkXWUҧOӡLFKREDFkXKӓLQJKLrQFӭXÿmÿӅFұSӣWUrQVӁ
FyÿyQJJySêQJKƭDFKRYLӋFKRjQWKLӋQOêWKX\ӃWYӅTXDQÿLӇPWUӑQJGӏFKYө6'/
ÿӗQJWKӡLJL~S'1FyÿѭӧFWK{QJWLQWKX\ӃWSKөFKѫQWURQJFiFTX\ӃWÿӏQKFKLӃQOѭӧF
FӫDKӑOLrQTXDQÿӃQYLӋFOӵDFKӑQWULӃWOêNLQKGRDQKSKKӧSWURQJEӕLFҧQKÿѭӧF
ÿһFWUѭQJEӣLWRjQFҫXKyDÿәLPӟLF{QJQJKӋYNJEmRYjYӏWKӃQJj\FjQJWăQJFӫD
.+WURQJTXDQKӋNLQKGRDQKQJj\QD\*UHHUYjFӝQJVӵ/XVFKYjFӝQJVӵ
0F&ROO.HQQHG\YjFӝQJVӵ
1JKLrQFӭXQj\KѭӟQJÿӃQWUҧOӡLFiFFkXKӓLQJKLrQFӭXÿmÿһWUDӣWUrQTXDÿyFXQJ
FҩSPLQKFKӭQJÿӇEәVXQJOҩSPӝWSKҫQFiFNKRҧQJWUӕQJQJKLrQFӭXÿmÿӅFұS0ӝW
FiFKWәQJTXiWQJKLrQFӭXQj\FyKDLPөFWLrXFKtQK7KӭQKҩWOjQKұQGҥQJFiFWKjQK
SKҫQYjÿROѭӡQJQJX\rQOêTXҧQOêWKHRÿӏQKKѭӟQJWUӑQJGӏFKYө6'27KӭKDLOj
NKiPSKiPӕLTXDQKӋJLӳD6'2YӟLVӵWKjQKF{QJFӫD'1ÿӗQJWKӡLNKiPSKiPӕL
TXDQKӋWiFÿӝQJFӫDFiFWLӅQWӕFKtQKFyWtQKFӕW\ӃXÿӃQPӭFÿӝ6'2FӫD'1
&өWKӇKѫQÿӇWUҧOӡLFkXKӓLQJKLrQFӭXWKӭQKҩWYӅFiFWKjQKSKҫQYjWKDQJÿR6'2
QJKLrQFӭXQj\WLӃQKjQKNKiLQLӋPKyDQKұQGҥQJFiFWKjQKSKҫQYj[k\GӵQJWKDQJ
ÿRFKRÿӏQKKѭӟQJWUӑQJGӏFKYө6'27LӃSWKHRÿyQJKLrQFӭXQj\NKiPSKiPӕL
TXDQKӋJLӳD6'2YӟLKDLORҥLWKjQKTXҧFKLӃQOѭӧFVWUDWHJLFRXWFRPHVFӫD'1ÿӇ
WUҧOӡLFKRFkXKӓLQJKLrQFӭXWKӭKDLOj6'2FyPDQJOҥLVӵWKjQKF{QJFKR'1KD\
NK{QJ" Ĉy Oj WKjQK TXҧ NLQK GRDQK EXVLQHVV SHUIRUPDQFH Yj WKjQK TXҧ ÿәL PӟL
LQQRYDWLRQSHUIRUPDQFHĈk\OjKDLORҥLWKjQKTXҧFKLӃQOѭӧFTXDQWUӑQJÿӕLYӟLVӵ
WKjQKF{QJFӫD'10RUJDQ7KjQKTXҧNLQKGRDQKWKӇKLӋQNӃWTXҧFөWKӇӣ
KLӋQWҥLPjPӑL'1ÿӅXKѭӟQJÿӃQ+DXYjFӝQJVӵ%rQFҥQKÿyWKjQKTXҧ
ÿәL PӟL WKӇ KLӋQ NKҧ QăQJ WKtFK ӭQJ FӫD PӝW '1 WURQJ P{L WUѭӡQJ NLQK GRDQK ÿҫ\
ELӃQÿӝQJQKѭQJj\QD\$QQLQJ'RUVRQ
ĈӇWUҧOӡLFkXKӓLQJKLrQFӭXWKӭEDQJKLrQFӭXQj\NKiPSKiPӭFÿӝҧQKKѭӣQJÿӃQ
6'2FӫDED\ӃXWӕOjYăQKyDÿәLPӟLLQQRYDWLRQFXOWXUHFDPNӃWOmQKÿҥRFӫD'1
OHDGHUVKLSFRPPLWPHQWÿӕLYӟLQJX\rQOêKRҥWÿӝQJFӫD'1YjQăQJOӵFOmQKÿҥR
OHDGHUVKLSFRPSHWHQFHFӫD'1<ӃXWӕYăQKyDÿәLPӟLSKҧQiQKWKiLÿӝFӫD'1ÿӕL
7UDQJ
- Xem thêm -