ëïé 3RZHU 6XSSO\ RI WKH ,QYHUWHU
6(/(&7,21
ëìê
ëïé 3RZHU 6XSSO\ RI WKH LQYHUWHU
ëïéïì ,QYHUWHU ,QSXW &XUUHQW DQG 3RZHU )DFWRU
7KH FRQYHUWHU FLUFXLW RI WKH WUDQVLVWRUL]HG LQYHUWHU
FRQVLVWV RI WKUHHðSKDVH EULGJHG GLRGHV DQG
FDSDFLWRUðLQSXW VPRRWKLQJ FLUFXLW DV VKRZQ LQ EHORZï
,QYHUWHU
FLUFXLW
3
RZ
HU
VXS
SO
\
0RWRU
,0
,
9
&
(G
57
5
&RQYHUWHU &LUFXLW 6WUXFWXUH
7KH VWDWLF FDSDFLW\ RI WKH '& VPRRWKLQJ FDSDFLWRU LV
YHU\ ODUJH DQG WKH LQSXW FXUUHQW õ,ô IURP WKH SRZHU
VXSSO\ IORZV RQO\ ZKHQ WKH YROWDJH õ9ô RI WKH SRZHU
VXSSO\ LV KLJKHU WKDQ WKH WHUPLQDO YROWDJH õ(Gô RI WKH
VPRRWKLQJ FDSDFLWRUï +HQFHñ WKH FRQGXFWLRQ ZLGWK RI
WKH FRQYHUWHU FLUFXLW LV YHU\ QDUURZ DQG WKH SHDN
õFUHVWô YDOXH RI WKH LQSXW FXUUHQW LV ODUJHï 7KH LQSXW
SRZHU IDFWRUV JLYHQ LQ WKH WDEOH RQ WKH ULJKW DVVXPH
WKDW WKH '& YROWDJH GRHV QRW YDU\ï $V VKRZQ LQ WKH
WDEOH RQ WKH ULJKWñ LI WKH '& YROWDJH õ(Gô LV JUHDWHU
WKDQ ìïêè WLPHV RI WKH LQSXW YROWDJH õ9ô XQGHU D OLJKW
ORDGñ WZR SXOVH FXUUHQWV IORZ LQ D KDOI F\FOH DV VKRZQ
LQ WKH LQSXW FXUUHQW ZDYHIRUP õVHH WKH GLDJUDPV RQ
WKH QH[W SDJHô DQG WKH SRZHU IDFWRU IDOOV WR èåïæø RU
OHVVï
2UGLQDULO\ñ WKH SRZHU IDFWRU LV UHSUHVHQWHG E\ D
SKDVH GLIIHUHQFH EHWZHHQ YROWDJH DQG FXUUHQWï :KHQ
D FXUUHQW KDYLQJ D GLVWRUWHG ZDYHIRUP IORZV LQ WKH
LQYHUWHU LQSXWñ WKH SRZHU IDFWRU LV FDOFXODWHG IURP DQ
DSSDUHQW SRZHU DQG D WKUHHðSKDVH LQSXW SRZHU
IRXQG WKURXJK WKH WKUHHðZDWWPHWHU PHWKRGï 7KH
SRZHU IDFWRU WKXV FDOFXODWHG LV FDOOHG DQ RYHUDOO
SRZHU IDFWRUï
$& 3RZHU 6XSSO\ &XUUHQW DQG 3RZHU
)DFWRU RI &RQYHUWHU &LUFXLW LQ ,QYHUWHU
(G
3RZHU )DFWRU )RUP )DFWRU
&UHVW õSHDNô
)DFWRU
(G
!
ìïêè9
èåïæø RU OHVV ìïää RU PRUH ëïìç RU PRUH
(G ìïêè9
èåïæø
ìïää
ëïìç
ìïêè9
!
(G
!
ìïëëè9
èåïæ WR åêïèø ìïää WR ìïëæ
ëïìç WR ìïæì
(G ìïëëè9
åêïèø
ìïëæ
ìïæì
ìïëëè9
!
(G
åêïè WR äèïêø ìïëæ WR ìïëê
ìïæì WR ìïëå
3RZHU VXSSO\ FDSDFLW\ >.9$@
õ1RWHô
,QSXW FXUUHQW õ,ô
2I LQYHUWHU
ê
u
9
>$@
1RWHã 5HIHU WR 6HFWLRQ ìïìïìï
HIIHFWLYH SRZHU
2YHUDOO SRZHU IDFWRU RI ,QYHUWHU DSSDUHQW SRZHU
êðSDKVH LQSXW SRZHU IRXQG E\ êðZDWWPHWHU PHWKRG
ê
u
9 õ3RZHU VXSSO\ YROWDJHô
u
, õ ,QSXW FXUUHQW HIIHFWLYH YDOXHô
õ7KH SRZHU IDFWRU YDOXH PHDVXUHG WKURXJK WKUHHð
SKDVH SRZHU IDFWRU PHWHU ZKLFK LQGLFDWHV D SKDVH
GLIIHUHQFH EHWZHHQ YROWDJH DQG FXUUHQW LV GLIIHUHQW
IURP WKH DERYH RYHUDOO SRZHU IDFWRU EHFDXVH WKH
FXUUHQW IORZLQJ LQ WKH LQYHUWHU LV QRW D VLQHðZDYH
FXUUHQWïô
6LQFH WKH LQSXW FXUUHQW KDV D GLVWRUWHG ZDYHIRUP DQG
WKH IRUP IDFWRU LV KLJK õWKH IRUP IDFWRU RI D VLQH ZDYH
LV ìïììô DV GHVFULEHG DERYHñ WKH RYHUDOO LQSXW SRZHU
IDFWRU RI WKH LQYHUWHU PD\ EHFRPH H[WUHPHO\ ORZ
GHSHQGLQJ RQ WKH SRZHU VXSSO\ YROWDJH DQG ORDG
IDFWRUñ XVXDOO\ DERXW æè WR åíø IRU WUDQVLVWRUL]HG
LQYHUWHUVï $FFRUGLQJO\ñ WKH LQSXW FXUUHQW õHIIHFWLYH
YDOXHô LQFUHDVHVï
