'LVUHJDUGWKLVVWHSIRULQVWDOODWLRQVLQ&DQDGD,I
DQ0%RU0%NLWLVXVHGWRLQVWDOODVXEIHHG
EUHDNHULQWRDFLUFXLWSDQHOLQVWDOORQHRQHZD\
VFUHZ>@LQWRHDFKRIWKHEUDQFKEUHDNHUSRVLWLRQV
DQG VHH WKH ZLULQJ GLDJUDP
2WKHUZLVHGLVFDUGWKHWKUHHVFUHZV>@SURYLGHGLQ
WKHNLW)RUDQ0%RU0%NLWLQVWDOORQHZD\
VFUHZV LQWR DOO VL[ EUDQFK EUHDNHU SRVLWLRQV
WKURXJK
,QVWDOO WKH VKLHOG LQVHUW DFFRUGLQJ WR WKH W\SH RI
EUHDNHULQVWDOODWLRQDVIROORZV
D
,I WKLV LV D PDLQ EUHDNHU LQVWDOODWLRQ NLWV 0%
RU 0% SODFH WKH VKLHOG LQVHUW >@ RYHU WKH
VKLHOGVRWKDWWKHIRXUVDPHVL]HKROHVOLQHXSZLWK
WKHWKUHDGHGKROHVLQ WKH VKLHOG DV LOOXVWUDWHG LQ
)LJXUH)DVWHQWKHVKLHOGLQVHUWWRWKHVKLHOGZLWK
IRXUx
VFUHZV>@WLJKWHQHGWR²LQ
OE$WWDFKWKHMAINODEHO>@WRWKHIURQWRIWKH
VKLHOGLQVHUWDVVKRZQLQ)LJXUH
E
,IWKLVLVDVXEIHHGEUHDNHULQVWDOODWLRQNLWV0%
RU0%LQWRD $ RU $ SDQHO UHPRYH
WKHUHPDLQLQJEODQNLQVHUWIURPWKHVKLHOG3ODFH
WKHQHZVKLHOGLQVHUW>@VXSSOLHGZLWKWKHNLWRYHU
WKHVKLHOGVRWKDWWKHIRXUVDPHVL]HKROHVOLQHXS
ZLWKWKHWKUHDGHGKROHVLQWKHVKLHOGDVLOOXVWUDWHG
LQ)LJXUH)DVWHQWKHVKLHOGLQVHUW WR WKH VKLHOG
ZLWKIRXUx
VFUHZV>@WLJKWHQHGWR²
LQOE
F
,I WKLV LV D VXEIHHG EUHDNHU LQVWDOODWLRQ DOO NLWV
LQWRD$RU$SDQHOUHPRYHWKHWZREODQN
LQVHUWVIURPWKH VKLHOG DV LOOXVWUDWHG LQ )LJXUH
,QVWDOOWKHQHZVKLHOGLQVHUW>@VXSSOLHGZLWKWKH
NLWRYHUWKHVKLHOGVRWKDWWKHIRXUVDPHVL]HKROHV
OLQH XS ZLWK WKH WKUHDGHG KROHV LQ WKH VKLHOG
)DVWHQWKHVKLHOGLQVHUWWRWKHVKLHOGZLWKIRXU
x
VFUHZV >@ WLJKWHQHG WR ² LQOE
5HLQVWDOOWKHEHQWLQVHUWUHPRYHGHDUOLHURYHUWKH
WRS RI WKH QHZ LQVHUW VHFXULQJ LW ZLWK WKH VFUHZV
UHPRYHGZLWKWKHLQVHUWWLJKWHQHGWR²LQOE
5HDWWDFKWKHVKLHOGWRWKHLQWHULRUZLWKWKHIRXURU
HLJKWVFUHZVUHPRYHGLQVWHS7LJKWHQWKHVFUHZV
WR²LQOE
1H SDV H[pFXWHU FHWWH pWDSH VL LQVWDOOp DX
&DQDGD 6L XQ NLW 0% RX 0% HVW XWLOLVp
SRXU LQVWDOOHU XQ GLVMRQFWHXU G·DOLPHQWDWLRQ
VHFRQGDLUH GDQV XQ SDQQHDX FLUFXLWV LQVWDOOHU
XQH YLV j XVDJH XQLTXH >@ GDQV FKDFXQH GHV
SRVLWLRQV HW GH GLVMRQFWHXU GH
GpULYDWLRQYRLU OH GLDJUDPPH GH FkEODJH
$XWUHPHQWYRXVGpIDLUHGHVWURLVYLVjXVDJHXQLTXH
>@ IRXUQLHV GDQV OH NLW 3RXU XQ NLW 0% RX
0% LQVWDOOHU GHV YLV j XVDJH XQLTXH GDQV
FKDFXQHGHVSRVLWLRQVj
,QVWDOOHU OH UDMRXW GX JDUGH VHORQ OH W\SH
G·LQVWDOODWLRQGHGLVMRQFWHXUFRPPHVXLW
D
6L F·HVW XQH LQVWDOODWLRQ GH GLVMRQFWHXU SULQFLSDO
NLWV0%RX0%SODFHUOHUDMRXWGXJDUGH
>@ SDU GHVVXV OH JDUGH GH PDQLqUH j FH TXH OHV
TXDWUH RXYHUWXUHV GH PrPHV GLPHQVLRQV VRLHQW
DOLJQpHVDYHFOHVRXYHUWXUHVILOHWpHVGDQVOHJDUGH
FRPPHLOOXVWUpjOD)LJXUH$WWDFKHUOHUDMRXWGX
JDUGH DX JDUGH DYHF TXDWUH YLV x
>@
UHVVHUUpHVj²SROE$WWDFKHUO·pWLTXHWWHMAIN
DX GHYDQW GX UDMRXW GX JDUGH WHO TX·LOOXVWUp j OD
)LJXUH
E
6L F·HVW XQH LQVWDOODWLRQ GH GLVMRQFWHXU
G·DOLPHQWDWLRQ VHFRQGDLUH NLWV 0% RX
0%GDQVXQSDQQHDX$RX$UHWLUHU
OD SODTXH YLHUJH UHVWDQWH GX JDUGH 3ODFHU OH
QRXYHDXUDMRXWGXJDUGH>@IRXUQLDYHFOHNLWSDU
GHVVXV OH JDUGH GH PDQLqUH j FH TXH OHV TXDWUH
RXYHUWXUHV GH PrPHV GLPHQVLRQV VRLHQW DOLJQpHV
DYHF OHV RXYHUWXUHV ILOHWpHV GDQV OH JDUGH FRPPH
LOOXVWUpjOD)LJXUH $WWDFKHU OH UDMRXW GX JDUGH
DXJDUGHDYHFTXDWUHYLVx
>@UHVVHUUpHV
j²SROE
F
6L F·HVW XQH LQVWDOODWLRQ GH GLVMRQFWHXU
G·DOLPHQWDWLRQVHFRQGDLUHWRXVOHV NLWV GDQV XQ
SDQQHDX GH $ RX $ UHWLUHU OHV GHX[
SODTXHVYLHUJHVUHVWDQWHVGXJDUGHFRPPHLOOXVWUp
jOD)LJXUH,QVWDOOHUOHQRXYHDXUDMRXWGXJDUGH
>@ IRXUQL DYHF OH NLW SDU GHVVXV OH JDUGH GH
PDQLqUHjFHTXHOHVTXDWUHRXYHUWXUHVGHPrPHV
GLPHQVLRQV VRLHQW DOLJQpHV DYHF OHV RXYHUWXUHV
ILOHWpHVGDQVOHJDUGH$WWDFKHUOHUDMRXWGXJDUGH
DX JDUGH DYHF TXDWUH YLV x
>@
UHVVHUUpHVj²SROE5pLQVWDOOHUODSODTXHSOLpH
SOXV W{W SDU GHVVXV OH KDXW GX QRXYHDX UDMRXW OD
IL[DQWDYHFOHVYLVUHWLUpHVDYHFODSODTXHUHVVHUUpHV
j²SROE
5DWWDFKHUOHJDUGHjO·LQWpULHXUDYHFTXDWUHRXKXLW
YLV UHWLUpHV j O·pWDSH 5HVVHUUHU OHV YLV j ²
SROE
