6(/(&7,21
ëèä
ëïåïë 0HDVXUHPHQW RI YROWDJHV DQG XVH RI 37
õìô ,QYHUWHU LQSXW VLGH
$V WKH LQSXW VLGH YROWDJH KDV D VLQH ZDYH DQG LV
H[WUHPHO\ VPDOO LQ GLVWRUWLRQ IDFWRUñ DFFXUDWH
PHDVXUHPHQW FDQ EH PDGH ZLWK DQ RUGLQDU\ $&
PHWHUï
õëô ,QYHUWHU RXWSXW VLGH
6LQFH WKH RXWSXW VLGH YROWDJH KDV D 3:0ð
FRQWUROOHG UHFWDQJXODU ZDYHñ DOZD\V XVH D UHFWLILHU
W\SH YROWPHWHUï $ QHHGOH W\SH WHVWHU FDQQRW EH
XVHG WR PHDVXUH WKH RXWSXW VLGH YROWDJH DV LW
LQGLFDWHV D YDOXH PXFK JUHDWHU WKDQ WKH DFWXDO
YDOXHï $ PRYLQJðLURQ W\SH PHWHU LQGLFDWHV DQ
HIIHFWLYH YDOXH ZKLFK LQFOXGHV KDUPRQLFV DQG
WKHUHIRUH WKH YDOXH LV ODUJHU WKDQ WKDW RI WKH
IXQGDPHQWDO ZDYHï 7KH YDOXH PRQLWRUHG RQ WKH
RSHUDWLRQ SDQHO õSDUDPHWHU XQLWô LV WKH LQYHUWHUð
FRQWUROOHG YROWDJH LWVHOIï +HQFHñ WKDW YDOXH LV
DFFXUDWH DQG LW LV UHFRPPHQGHG WR PRQLWRU YDOXHV
õSURYLGH DQDORJ RXWSXWô XVLQJ WKH RSHUDWLRQ SDQHO
õSDUDPHWHU XQLWôï $V D SDQHO PHWHUñ XVH WKH
0LWVXELVKL 7\SH <5 RU /6ï $Q H[DPSOH RI D
PHDVXUHPHQW YDOXH GLIIHUHQFH SURGXFHG E\
GLIIHUHQW PHDVXULQJ PHWHUV LV VKRZQ RQ WKH ULJKWï
õêô 37
1R 37 FDQ EH XVHG LQ WKH RXWSXW VLGH RI WKH
LQYHUWHUï 8VH D GLUHFWðUHDGLQJ PHWHUï õ$ 37 PD\
EH XVHG LQ WKH LQSXW VLGH RI WKH LQYHUWHUïô
>0HDVXUHPHQW FRQGLWLRQV@
êïæN:ñ éðSROH PRWRU ò )5ð$èëíðêïæ. LQYHUWHUï
9DOXH LQGLFDWHG E\ UHFWLILHU W\SH YROWPHWHU LV ìííøï
ëíí
õøô
ìèí
ìíí
êç ëí êí
èí çí
ìëí õ+]ô
([DPSOH RI 0HDVXULQJ ,QYHUWHU 2XWSXW 9ROWDJH
ëïåïê 0HDVXUHPHQW RI FXUUHQWV
8VH D PRYLQJðLURQ W\SH PHWHU RQ ERWK WKH LQSXW DQG
RXWSXW VLGHV RI WKH LQYHUWHUï +RZHYHUñ LI WKH FDUULHU
IUHTXHQF\ H[FHHGV èN+]ñ GR QRW XVH WKDW PHWHU
VLQFH DQ RYHUFXUUHQW ORVV SURGXFHG LQ WKH LQWHUQDO
PHWDO SDUWV RI WKH PHWHU ZLOO LQFUHDVH DQG WKH PHWHU
PD\ EXUQ RXWï ,Q WKLV FDVHñ XVH DQ DSSUR[LPDWHð
HIIHFWLYH YDOXH W\SHï
$V WKH LQYHUWHU LQSXW VLGH FXUUHQW LV HDVLO\ LPEDODQFHG
õVHH 6HFWLRQ ëïéïçôñ PHDVXUHPHQW RI FXUUHQWV LQ DOO
WKUHH SKDVHV LV UHFRPPHQGHGï &RUUHFW YDOXHV FDQQRW
EH PHDVXUHG LQ RQH RU WZR SKDVHVï 2Q WKH RWKHU
KDQGñ WKH SKDVH LPEDODQFH UDWLR RI WKH RXWSXW VLGH
FXUUHQW PXVW EH ZLWKLQ ìíøï
:KHQ D FODPS DPPHWHU LV XVHGñ DOZD\V XVH DQ
HIIHFWLYH YDOXH GHWHFWLRQ W\SHï $ PHDQ YDOXH
GHWHFWLRQ W\SH SURGXFHV D ODUJH HUURU DQG PD\
LQGLFDWH DQ H[WUHPHO\ VPDOOHU YDOXH WKDQ WKH DFWXDO
YDOXHï 7KH YDOXH PRQLWRUHG RQ WKH RSHUDWLRQ SDQHO
õSDUDPHWHU XQLWô LV DFFXUDWH LI WKH RXWSXW IUHTXHQF\
YDULHVñ DQG LW LV UHFRPPHQGHG WR PRQLWRU YDOXHV
õSURYLGH DQDORJ RXWSXWô XVLQJ WKH RSHUDWLRQ SDQHO
õSDUDPHWHU XQLWôï
)RU D SDQHO PHWHUñ XVH WKH 0LWVXELVKL 7\SH <6ðìë
õZKLFK LV EHWWHU WKDQ 7\SH <6ðå RU <6ðìí LQ
IUHTXHQF\ FKDUDFWHULVWLFôï $Q H[DPSOH RI WKH
PHDVXUHPHQW YDOXH GLIIHUHQFH SURGXFHG E\ GLIIHUHQW
PHDVXULQJ PHWHUV LV VKRZQ RQ WKH ULJKWï
>0HDVXUHPHQW
FRQGLWLRQ@
9DOXH LQGLFDWHG
E\ PRYLQJðLURQ
W\SH DPPHWHU LV
ìííøï
ìëí
ìíí
åí
çí
í
éí
ëí
õøô
0RYLQJðLURQ W\SH
&OLS $&
SRZHU PHWHU
&ODPS PHWHU
&XUUHQW PHDVXUHG
E\ FODPðRQ ZDWWPHWHU
çí
õ+]ô
([DPSOH RI 0HDVXULQJ ,QYHUWHU
,QSXW &XUUHQW
>0HDVXUHPHQW
FRQGLWLRQ@
9DOXH LQGLFDWHG
E\ PRYLQJðLURQ
W\SH DPPHWHU LV
ìííøï
ìëí
ìíí
åí
çí
í
éí
ëí
õøô
0RYLQJðLURQ W\SH
&OLS $&
SRZHU PHWHU
&XUUHQW PHDVXUHG
E\ FODPSðRQ ZDWWPHWHU
&ODPS PHWHU
çí
õ+]ô
([DPSOH RI 0HDVXULQJ ,QYHUWHU
2XWSXW &XUUHQW
