
6(/(&7,21
ëìç
ëïéïæ &RRUGLQDWLRQ ZLWK &RPPHUFLDO 6XSSO\
:KHQ WKH RYHUDOO LPSHGDQFH RI WKH SRZHU VXSSO\ OLQH
LV VPDOO RU ZKHQ WKHUH LV D SRZHU FDSDFLWRU VZLWFKLQJ
GHYLFH LQ WKH VDPH SRZHU VXSSO\ OLQHñ WKH SHDN YDOXH
RI WKH LQYHUWHU LQSXW FXUUHQW PD\ LQFUHDVHñ GDPDJLQJ
WKH FRQYHUWHU FLUFXLWï 7R SUHYHQW WKLVñ WKH SRZHUð
IDFWRU FRUUHFWLQJ UHDFWRU PXVW EH XVHG WR UHGXFH WKH
FXUUHQW SHDN YDOXH E\ WKH FXUUHQW OLPLWLQJ DFWLRQ RI
WKH UHDFWRUï (VSHFLDOO\ ZKHQ WKH LQYHUWHU LV LQVWDOOHG
QHDU D SRZHU WUDQVIRUPHUñ LQVHUW WKH SRZHU IDFWRU
LPSURYLQJ UHDFWRU õ'& RU $&ô DFFRUGLQJ WR WKH
VHOHFWLRQ FRQGLWLRQV VKRZQ EHORZï
ëííí
ìèíí
ìííí
èíí
í
í
ìí
ëí
$UHD UHTXLULQJ
SRZHUðIDFWRU FRUUHFWLQJ
UHDFWRU
3
RZ
HU
VX
SSO
\
FDSD
FL
W\
õN
9
$
ô
&DEOH OHQJWK õPô
,QYHUWHU 3RZHU 6XSSO\ 6LGH &DEOH /HQJWK YVï
3HUPLVVLEOH 3RZHU 6XSSO\ &DSDFLW\ 9DOXH
1RWHã 7KH FDEOH VL]H VKRXOG EH DV LQGLFDWHG LQ
6HFWLRQ ëïç û6HOHFWLQJ 3HULSKHUDO (TXLSPHQWûï
z
:KHQ DQ DXWRPDWLF SRZHUðIDFWRU UHJXODWRU RU D
WK\ULVWRU W\SH FRQWUROOHU LV FRQQHFWHG WR WKH SRZHU
VXSSO\ OLQH ZKHUH WKH LQYHUWHU LV FRQQHFWHG õVHH
EHORZôï
,I WKH SRZHU VXSSO\ YROWDJH LV GLVWRUWHG E\ UXQQLQJ
WKH DERYH GHYLFHVñ WKH SHDN YDOXH RI WKH LQYHUWHU
LQSXW FXUUHQW PD\ LQFUHDVHñ GDPDJLQJ WKH LQYHUWHUï
:KHQ VXFK D FRQGLWLRQ LV H[SHFWHG WR RFFXUñ LQVHUW
WKH SRZHUðIDFWRU FRUUHFWLQJ UHDFWRU LQ WKH LQSXW
FLUFXLW õ1RWH ìô DV ZKHQ LQVWDOOLQJ WKH LQYHUWHU
FORVH WR WKH SRZHU VXSSO\ WUDQVIRUPHU DV
GHVFULEHG DERYHï
,0
7UDQVIRUPHU
õ1RWH ëô
3RZHUðIDFWRU
FRUUHFWLQJ
$& UHDFWRU
3RZHUðIDFWRU
FRUUHFWLQJ
'& UHDFWRU
õ1RWH ìô
,QYHUWHU
7K\ULVWRU
FRQWUROOHU
$XWRPDWLF
SRZHUðIDFWRU
UHJXODWRU
$XWRPDWLF SRZHUðIDFWRU UHJXODWRU
RU D WK\ULVWRU W\SH FRQWUROOHU LV FRQQHFWHG
WR WKH SRZHU VXSSO\ OLQH
1RWHã ìï 7KH )5ð%(/ SRZHUðIDFWRU FRUUHFWLQJ '&
UHDFWRU õRSWLRQô IRU FRQQHFWLRQ ZLWK WKH '&
VLGH RI WKH LQYHUWHU DOVR SURGXFHV DQ
LGHQWLFDO HIIHFWï
ëï 1RWH WKDW XVLQJ DQ $& UHDFWRU ZLOO FDXVH
WKH YROWDJH WR GURS DERXW çø XQGHU UDWHG
LQYHUWHU ORDGñ UHGXFLQJ WKH WRUTXHï