Advertisement
6$
9
6HWWLQJV IRU HDUWK IDXOW GHWHFWLRQ LQ V\VWHPV ZLWK LVRODWHG RU FRPSHQVDWHG
VWDUSRLQW DGGUHVV EORFN
7KLV VHFWLRQ DSSOLHV RQO\ IRU UHOD\ PRGHOV ZLWK HDUWK
IDXOW GHWHFWLRQ PRGXOH 6$444444444
VHH 6HFWLRQ 2UGHULQJ GDWD DQG RQO\ ZKHQ WKHVH
DUH XVHG LQ QHWZRUNV ZLWK LVRODWHG RU FRPSHQVDWHG
VWDUSRLQW ,Q RWKHU FDVHV WKLV VHFWLRQ FDQ EH SDVVHG
RYHU
(DUWK IDXOW GHWHFWLRQ LV RQO\ SRVVLEOH LI WKH UHVSHFWLYH
FRQILJXUDWLRQ SDUDPHWHU 6HFWLRQ DGGUHVV
LV VHW WR (;,67 ,I WKH GHYLFH LV HTXLSSHG ZLWK
HDUWK IDXOW GHWHFWRU EXW VXSSRVHG WR RSHUDWH LQ DQ
HDUWKHG QHWZRUN FRQILJXUDWLRQ SDUDPHWHU
,62/ () PXVW EH VHW WR 121 (;,67
7KH IXQFWLRQ kHDUWK IDXOW GHWHFWLRQl FRPSULVHV UHVLG
XDO YROWDJH GHWHFWLRQ GHWHUPLQDWLRQ RI WKH HDUWK
IDXOWHG SKDVH DQG WKH GHWHUPLQDWLRQ RI WKH HDUWK
IDXOW GLUHFWLRQ 7KH ODWWHU LV RQO\ SRVVLEOH ZKHQ ERWK
HDUWK FXUUHQW DQG UHVLGXDO YROWDJH DUH DYDLODEOH WR
WKH UHOD\
7KH UHVLGXDO YROWDJH 8H! LQLWLDWHV HDUWK IDXOW GHWHF
WLRQ DQG LV VHW LQ DGGUHVV 6LQFH IRU HDUWK IDXOWV
LQ LVRODWHG RU FRPSHQVDWHG QHWZRUNV WKH IXOO GLV
SODFHPHQW YROWDJH DSSHDUV WKH VHWWLQJ YDOXH LV QRW
FULWLFDO LW VKRXOG OLH EHWZHHQ 9 DQ 9 (DUWK IDXOW
LV GHWHFWHG DQG DQQXQFLDWHG RQO\ ZKHQ WKH GLV
SODFHPHQW YROWDJH KDV EHHQ VWD\HG IRU WKH GXUDWLRQ
7() DGGUHVV
)RU SKDVH GHWHUPLQDWLRQ 8SK DGGUHVV LV
WKH FULWHULRQ IRU WKH HDUWKIDXOWHG SKDVH ZKHQ VLPXO
WDQHRXVO\ WKH RWKHU WZR SKDVH YROWDJHV KDYH H[
FHHGHG 8SK! DGGUHVV $FFRUGLQJO\ 8SK
PXVW EH VHW ORZHU WKDQ WKH PLQLPXP RSHUDWLRQDO
SKDVHHDUWK YROWDJH 7KLV VHWWLQJ LV KRZHYHU DOVR
QRW FULWLFDO 9 IDFWRU\ VHWWLQJ VKRXOG DOZD\V EH
DGHTXDWH 8SK! PXVW OLH DERYH WKH PD[LPXP RS
HUDWLRQDO SKDVHHDUWK YROWDJH EXW EHORZ WKH PLQL
PXP RSHUDWLRQDO SKDVHSKDVH YROWDJH WKHUHIRUH
IRU H[DPSOH 9 DW 8
1
WKH IDXOW\ SKDVH LV D IXUWKHU SUHFRQGLWLRQ IRU DQQXQFL
DWLRQ RI DQ HDUWK IDXOW
)RU GHWHUPLQDWLRQ RI WKH GLUHFWLRQ RI WKH HDUWK IDXOW LQ
SULQFLSOH WKH WKUHVKROG FXUUHQW DGGUHVV
VKRXOG EH VHW DV KLJK DV SRVVLEOH WR SUHYHQW IDXOW\
RSHUDWLRQ GXH WR DV\PPHWULFDO FXUUHQWV LQ WKH QHW
ZRUN DQG WKURXJK WKH FXUUHQW WUDQVIRUPHUV SDUWLFX
ODUO\ LQ +ROPJUHHQ FRQQHFWLRQ 'HSHQGHQW XSRQ
WKH WUHDWPHQW RI WKH QHWZRUN VWDU SRLQW WKH PDJQL
WXGH RI WKH FDSDFLWLYH HDUWK IDXOW FXUUHQW IRU LVRODWHG
QHWZRUNV RU WKH ZDWWPHWULF UHVLGXDO FXUUHQW IRU
9 7KH LGHQWLILFDWLRQ RI
FRPSHQVDWHG QHWZRUNV LV LPSRUWDQW
,Q LVRODWHG QHWZRUNV DQ HDUWK IDXOW LQ D FDEOH ZLOO DO
ORZ WKH WRWDO FDSDFLWLYH HDUWK IDXOW FXUUHQWV RI WKH HQ
WLUH HOHFWULFDOO\ FRQQHFWHG QHWZRUN ZLWK WKH H[FHS
WLRQ RI WKH IDXOWHG FDEOH LWVHOI WR IORZ WKURXJK WKH
PHDVXULQJ SRLQW ,W LV QRUPDO WR XVH KDOI WKH YDOXH RI
WKLV HDUWK IDXOW FXUUHQW DV WKH WKUHVKROG YDOXH
([DPSOH $ N9 EXVEDU IHHGV VHYHQ FDEOH FLU
FXLWV (DFK FLUFXLW KDV D FXUUHQW WUDQVIRUPHU VHW
$ $ 7KH HDUWK IDXOW FXUUHQW LV $NP 7KH
FDEOHV PLJKW EH DV IROORZV
&DEOH
NP
&DEOH
NP
&DEOH
NP
&DEOH
NP
&DEOH
NP
&DEOH
NP
&DEOH
NP
7RWDO
NP
:LWK DQ HDUWK IDXOW RQ FDEOH $ $
$ HDUWK IDXOW FXUUHQW ZLOO IORZ WKURXJK WKH PHDVXU
LQJ SRLQW VLQFH $ IORZV GLUHFW IURP FDEOH LQWR
WKH IDXOW 6LQFH WKDW FDEOH LV DPRQJVW WKH ORQJHVW
WKLV LV WKH PRVW XQIDYRXUDEOH FDVH VPDOOHVW HDUWK
IDXOW FXUUHQW IORZV WKURXJK WKH PHDVXULQJ SRLQW 2Q
WKH VHFRQGDU\ VLGH IORZV
$
$
7KH UHOD\ VKRXOG EH VHW DW DSSUR[LPDWHO\ KDOI WKLV YDO
XH HJ $
,Q FRPSHQVDWHG QHWZRUNV GLUHFWLRQDO GHWHUPLQD
WLRQ LV PDGH PRUH GLIILFXOW VLQFH D PXFK ODUJHU UHDF
WLYH FXUUHQW RI FDSDFLWLYH RU LQGXFWLYH FKDUDFWHU LV VX
SHULPSRVHG RQ WKH FULWLFDO ZDWWPHWULF FXUUHQW 7KH
WRWDO HDUWK FXUUHQW DYDLODEOH WR WKH UHOD\ FDQ WKHUH
IRUH GHSHQGHQW XSRQ WKH QHWZRUN FRQILJXUDWLRQ DQG
ORFDWLRQ RI WKH FRPSHQVDWLRQ FRLO DVVXPH YHU\ GLI
IHUHQW YDOXHV LQ PDJQLWXGH DQG SKDVH DQJOH 7KH
UHOD\ KRZHYHU PXVW HYDOXDWH RQO\ WKH UHDO FRPSR
QHQW RI WKH HDUWK IDXOW FXUUHQW WKDW LV ,
GHPDQGV H[WUHPHO\ KLJK DFFXUDF\ SDUWLFXODUO\ ZLWK
UHJDUG WR SKDVH DQJOH DFFXUDF\ RI DOO WKH LQVWUXPHQW
WUDQVIRUPHUV $OVR WKH UHOD\ VKRXOG QRW EH VHW XQ
QHFHVVDULO\ VHQVLWLYH :KHQ XVHG LQ FRPSHQVDWHG
QHWZRUNV WKHUHIRUH UHOLDEOH GLUHFWLRQDO GHWHUPLQD
WLRQ LV RQO\ H[SHFWHG ZKHQ FRUH EDODQFH RU ZLQGRZ
2SHUDWLQJ LQVWUXFWLRQV
$
$
$
$
$
$
$
$
i FRV ƒ 7KLV
(
&*&
Advertisement
