Download as pdf or txt
Download as pdf or txt
You are on page 1of 3

92;&(35

V3ROLF\3RUWDO

&UHDWHDFFRXQW _ /RJLQ _ 6XEVFULEH


6HDUFK

5HVHDUFKEDVHGSROLF\DQDO\VLVDQGFRPPHQWDU\IURPOHDGLQJHFRQRPLVWV

&ROXPQV
%\7RSLF

9R[9LHZV
%\'DWH

3HRSOH

%\5HDGV

H3XEV

'HEDWHV

(YHQWV

-039R[

::,

-REV

$ERXW

%\7DJ

6DQJKDPLWUD'DV

,QHIILFLHQWSXEOLFVHFWRUXQGHUWDNLQJV,V
FRPSHWLWLRQDUHPHG\"

3URIHVVRU3ODQQLQJ8QLW,QGLDQ
6WDWLVWLFDO,QVWLWXWH

6DQJKDPLWUD'DV.DOD.ULVKQD6HUJH\/\FKDJLQ5RKLQL6RPDQDWKDQ0D\
6LQFHWKHODWHV,QGLDKDVOLEHUDOLVHGLWVHFRQRP\WRDQH[WHQWXQWKLQNDEOHHYHQ\HDUVDJR7KLVFROXPQ
ORRNVDWWKHHIIHFWWKDWSULYDWHVHFWRUFRPSHWLWLRQFDQKDYHRQWKHFRXQWU\VVWLOOODUJHSXEOLFVHFWRU8VLQJSODQW
OHYHOGDWDIURPWKHPDLQSURYLGHURIVWHHOIRU,QGLDVUDLOZD\VLWILQGVWKDWZKHQWKHSXEOLFO\RZQHGFRPSDQ\
IDFHGWKHULVNRIFORVXUHSURGXFWLYLW\GUDPDWLFDOO\LQFUHDVHG

.DOD.ULVKQD
/LEHUDO$UWV5HVHDUFK3URIHVVRURI
(FRQRPLFVDWWKH3HQQV\OYDQLD
6WDWH8QLYHUVLW\

6LQFHWKHODWHV,QGLDKDVOLEHUDOLVHGLWVHFRQRP\WRDQH[WHQWXQWKLQNDEOHHYHQ\HDUVDJR
/LFHQVLQJUHTXLUHPHQWVIRUSURGXFWLRQDQGIRUDFFHVVWRNH\LQSXWVKDYHEHHQUHPRYHGDQGWRGD\
,QGLDORRNVPRUHOLNHDFDSLWDOLVWHFRQRP\WKDQDVRFLDOLVWRQH+RZHYHUDODUJHSDUWRIWKH
HFRQRP\VWLOOFRQVLVWVRISXEOLFVHFWRUXQGHUWDNLQJVRIYDULRXVNLQGV6XFKFRPSDQLHVWHQGWREHIDU
OHVVSURGXFWLYHWKDQWKHLUSULYDWHVHFWRUFRXQWHUSDUWVDVLQFHQWLYHVWHQGWRRSHUDWHSRRUO\LQSXEOLF
ILUPV8QDEOHWRFRPSHWHZLWKWKHSULYDWHVHFWRUDQGVHHPLQJO\LQFDSDEOHRILPSURYHPHQWRQWKHLU
RZQDUHSXEOLFXQGHUWDNLQJVGRRPHG"
3XEOLFXQGHUWDNLQJVDUHRIWHQEDFNHGE\WKHVWDWHDQGWKXVFDQVXUYLYHHYHQLIWKH\DUHLQHIILFLHQW
7KH\GUDZUHVRXUFHVWKDWFRXOGKDYHJRQHWRPRUHHIILFLHQWILUPVZKLFKKDVDQHJDWLYHLPSDFWRQ
LQFRPHDQGJURZWK)RUH[DPSOH+VLHKDQG.OHQRZ  XVHSODQWOHYHOGDWDWRVKRZWKDW
SURGXFWLYLW\LQ,QGLDDQG&KLQDLVPXFKPRUHGLVSHUVHGWKDQLQWKH86DQGDUJXHWKDWUDWLRQDOLVDWLRQ
RISURGXFWLRQWKDWZRXOGEULQJWKLVGLVSHUVLRQGRZQWR86OHYHOVFRXOGUDLVHRXWSXWE\LQ
&KLQDDQGLQ,QGLD/DUJHLQHIILFLHQWSXEOLFILUPVDUHDVLJQLILFDQWGULYHURIWKHVHUHVXOWV
7KHUHLVHYLGHQFHWKDWSULYDWHILUPVDUHFDSDEOHRIVXEVWDQWLDOSURGXFWLYLW\LPSURYHPHQWVXQGHUD
WKUHDWRIFRPSHWLWLRQ5HFHQWO\*DOGRQ6DQFKH]DQG6FKPLW]  VKRZHGWKDWZKHQFRPSHWLWLYH
SUHVVXUHVPRXQWHGLQWKHPDUNHWIRULURQRUHGXHWRWKHFROODSVHLQWKHPDUNHWIRUVWHHOLQWKHHDUO\
VFRXQWULHVZLWKPLQHVWKDWZHUHFORVHWREHFRPLQJQRQFRPSHWLWLYHLQFUHDVHGHIILFLHQF\
ZKLOHRWKHUVGLGQRW,QGHYHORSLQJFRXQWULHVWKHURRPIRULPSURYHPHQWLQSURGXFWLYLW\PD\EH
HVSHFLDOO\FRQVLGHUDEOH%ORRPHWDO  VKRZWKDWZKHQWH[WLOHILUPVLQ,QGLDZHUHJLYHQVLPSOH
PDQDJHPHQWFRQVXOWLQJVHUYLFHVWKHLUSURGXFWLYLW\LPSURYHGE\DERXW%XWZKDWDERXWSXEOLF
VHFWRUXQGHUWDNLQJV"$UHWKH\FDSDEOHRIVXFKLPSURYHPHQWV"&DQWKHWKUHDWRIFRPSHWLWLRQDFWDV
:HXVHFRRNLHVRQWKLVVLWHWR
2.,DJUHH
DSURGIRUWKHPWRLPSURYHSURGXFWLYLW\"7KLVLVWKHTXHVWLRQZHVWXG\LQDUHFHQWSDSHU 'DVHWDO
HQKDQFH\RXUXVHUH[SHULHQFH
 XVLQJDXQLTXHIORRUOHYHOGDWDVHWIURPWKH%KLODL5DLODQG6WUXFWXUDO0LOOSDUWRIWKH%KLODL
%\FOLFNLQJDQ\OLQNRQWKLVSDJH\RXDUH
1RJLYHPHPRUHLQIR
6WHHO3ODQWDSXEOLFVHFWRUXQGHUWDNLQJLQ,QGLD
JLYLQJ\RXUFRQVHQWIRUXVWRVHWFRRNLHV
7KH%KLODL6WHHO3ODQWFRYHUVDERXWVTXDUHNLORPHWUHVDQGLVDVPDOOFLW\LQLWVHOI7KHMREVRI
UHJXODUZRUNHUVDUHVHFXUHZLWKH[FHOOHQWIULQJHEHQHILWVLQFOXGLQJVFKRROLQJKHDOWKFDUHDQG
KRXVLQJDVZHOODVWUDYHOEHQHILWVDQGDPSOHOHDYH$VDUHVXOWWKHVHMREVZHUHDQGE\DOO
DFFRXQWVUHPDLQKLJKO\YDOXHG
7KH5DLODQG6WUXFWXUDO0LOOLVDQLQWHJUDOSDUWRIWKH%KLODL6WHHO3ODQW,WZDVFRPPLVVLRQHGLQ
ZLWKHQRXJKFDSDFLW\WRVDWLVI\GRPHVWLFGHPDQGDWWKDWWLPH6LQFHWKHQLWKDVEHHQWKHVROH
VXSSOLHURIUDLOVIRU,QGLDQ5DLOZD\V7KHSODQWKDVKDGSUREOHPVNHHSLQJXSZLWKRUGHUVIURPWKH
5DLOZD\VDOWKRXJKWKHVWDWHGREMHFWLYHRIPDQDJHPHQWZDVRXWSXWPD[LPLVDWLRQ,QDQG
DIWHUDVWULQJRIWUDLQDFFLGHQWVZKLFKZHUHFDXVHGE\KLJKK\GURJHQFRQWHQWLQWKHUDLOVWHHO
,QGLDQ5DLOZD\VVXVSHQGHGRUGHUVIURPWKH%KLODL6WHHO3ODQW$WWKLVWLPHWKHUHZDVFRQVLGHUDEOH
TXHVWLRQLQJRIWKHDELOLW\RIWKHSODQWWRDGHTXDWHO\SURYLGHWKHUDLOVQHHGHGE\WKH5DLOZD\V
4XHVWLRQVZHUHUDLVHGLQSDUOLDPHQWDQGWKHJRYHUQPHQWZDVFRQWHPSODWLQJDOORZLQJSULYDWH
SOD\HUVLQWRUDLOSURGXFWLRQ,QWKLVVHWWLQJWKH5DLODQG6WUXFWXUDO0LOOIDFHGQRWMXVWFRPSHWLWLRQEXW
DWKUHDWWRLWVYHU\H[LVWHQFH$SURGXFWLYLW\VXUJHHQVXHG+RZZDVWKLVVXUJHREWDLQHG"

6HUJH\/\FKDJLQ
3K'FDQGLGDWH3HQQV\OYDQLD
6WDWH8QLYHUVLW\

5RKLQL6RPDQDWKDQ
3URIHVVRURI(FRQRPLFV'HOKL
6FKRRORI(FRQRPLFV

'RQ
W0LVV
7KHSULFHRIRLO&KLQDDQG
VWRFNPDUNHWKHUGLQJ
%ODQFKDUG
7KHORQJUXQHIIHFWVRIWKH
6FUDPEOHIRU$IULFD
3DSDLRDQQRX0LFKDORSRXORV
(FRQRPLFVWDWLVWLFV7KH
%HDQ5HSRUW
%HDQ
0HDVXULQJVXFFHVVLQ
HFRQRPLFV
+DPHUPHVK
6RPHXQSOHDVDQW%UH[LW
HFRQRPHWULFV
&DPSRV&RULFHOOL
0HDVXULQJWKHFRQFHQWUDWLRQ
RIZHDOWK
$WNLQVRQ0RUHOOL$OYDUHGR
*HUPDQZDJHPRGHUDWLRQ
DQGWKH(=&ULVLV
%RILQJHU
(=&ULVLV$FRQVHQVXV
QDUUDWLYH
&RQVHQVXV$XWKRUV
$1HZ6WDUWIRUWKH
(XUR]RQH'HDOLQJZLWK'HEW
/DQH&RUVHWWL:HGHUGL0DXUR
5H\5HLFKOLQ9D\DQRV)HOG

:HXVHLQIRUPDWLRQRQGDLO\RSHUDWLRQVDWWKH5DLODQG6WUXFWXUDO0LOOWRKHOSDQVZHUWKLVTXHVWLRQ
7KHPLOORSHUDWHVFRQWLQXRXVO\ZLWKWKUHHSURGXFWLRQVKLIWVSHUGD\DQGSURGXFHVWZRPDMRUW\SHVRI
RXWSXWUDLOVDQGKHDY\VWUXFWXUDOV JLUGHUVRIYDULRXVVKDSHVWKDWDUHXVHGLQFRQVWUXFWLRQ :H
REWDLQGDWDRQWKHQXPEHURIVWHHOEORRPVUROOHGLQWRWKHILQDOSURGXFWLQHDFKVKLIWDOLVWRIDOO
ZRUNHUVSUHVHQWGXULQJWKHVKLIW ZLWKWKHLUGHVLJQDWLRQV DOOGHOD\HSLVRGHVDORQJZLWKWKHLU
GXUDWLRQDQGDGHVFULSWLRQRIWKHFDXVHRIHDFKGHOD\:HFRPELQHWKHVHGDWDZLWKDGPLQLVWUDWLYH
GDWDRQZRUNHUFKDUDFWHULVWLFVDQGDOOW\SHVRIWUDLQLQJ2XUGDWDVHWLVIDUPRUHGHWDLOHGDQG
H[WHQVLYHWKDQWKDWLQDQ\SUHYLRXVZRUNLQWKHDUHDZKLFKDOORZVXVWRORRNDWZKDWRFFXUUHGRQWKH
VKRSIORRUDQGVXJJHVWVZKHUHWKHDSSDUHQWSURGXFWLYLW\LPSURYHPHQWVFDPHIURP

0RVW5HDG

7KHGDWDLQVRPHZD\VVSHDNIRUWKHPVHOYHV$VLVHYLGHQWIURP)LJXUHWKHSURGXFWLYLW\VXUJH
ZDVGULYHQE\DQLQFUHDVHLQWKHRXWSXWRIUDLOV$IWHUIROORZLQJVLPLODUSDWKVWKHRXWSXWSHUVKLIWLQ
UDLOVDQGVWUXFWXUDOVGLYHUJHGDIWHU7KLVRFFXUUHGVLPXOWDQHRXVO\ZLWKDQHSLVRGHRIWUDLQLQJ
GLUHFWHGWRZDUGVLQFUHDVLQJWKHRXWSXWRIUDLOV,VWKLVPHUHO\DFRLQFLGHQFHRULVWKHUHUHDVRQWR
WKLQNWKDWWKHWUDLQLQJFDXVHGWKHVXUJHLQSURGXFWLYLW\"

%HUWKRXGL0DXUR

7KLV0RQWK  $OO7,PH

,WDO\
VSURGXFWLYLW\FKDOOHQJH
6]pNHO\3LQHOOL9DUJD

(FRQRPLFVWDWLVWLFV7KH
%HDQ5HSRUW
%HDQ

([FKDQJHUDWHGHYDOXDWLRQV
:KHQWKH\FDQZRUNDQG
ZK\
7KHHFRQRPLFVRISRYHUW\
5DYDOOLRQ

0HGLHYDO&KDPSDJQHIDLUV
/HVVRQVIRUGHYHORSPHQW
2JLOYLH

PRUH

)LJXUH2XWSXWSHUVKLIWUDLOVDQGKHDY\VWUXFWXUDOV

9R[$9
&OLPDWHVKRFNWKH
HFRQRPLF
FRQVHTXHQFHVRID
KRWWHUSODQHW
:DJQHU'HFHPEHU
/LVWHQ_2SHQ3OD\HU

0RUH9R[$9

6XEVFULEH
#9R[(8
566)HHGV
:HHNO\'LJHVW

:HWDNHWZRDSSURDFKHVWRDQVZHULQJWKLVTXHVWLRQ)LUVWZHXVHUHGXFHGIRUPUHJUHVVLRQVDQG
VKRZWKDWDIWHUFRQWUROOLQJIRUWKHW\SHRISURGXFWDQGZRUNHUVWKLVWUDLQLQJHSLVRGHZDVDVVRFLDWHG
ZLWKDVLJQLILFDQWLQFUHDVHLQWKHRXWSXWRIUDLOVEXWQRWRIVWUXFWXUDOV7KHHVWLPDWHVVXJJHVWWKDWWKH
WUDLQLQJHSLVRGHZKLFKZDVORZLQWHUPVRIFRVWUDLVHGWKHRXWSXWRIUDLOVE\
,QRXUVHFRQGDSSURDFKZHPRGHOWKHSURGXFWLRQSURFHVVLQDPRUHVWUXFWXUDOZD\:HSRVLWWKDW
DGYHUVHHYHQWVRFFXUDQGWKHVHWDNHWLPHWRUHVROYH7KLVFUHDWHVGRZQWLPHZKLFKUHGXFHVRXWSXW
7KHVHHYHQWVFRXOGEHWULJJHUHGE\ZRUNHUHUURUVRUE\RXWVLGHIRUFHV:HHVWLPDWHRXUVWUXFWXUDO
PRGHORIWKHSURGXFWLRQSURFHVVXVLQJGHWDLOHGGDWDRQGHOD\VWKHLUFDXVHVDQGGXUDWLRQV7KLV
DOORZVXVWRVHHKRZZRUNHUFKDUDFWHULVWLFVLQFOXGLQJWUDLQLQJDIIHFWGHOD\VDQGWKHUHE\RXWSXW2XU
UHVXOWVVKRZWKDWWKHWUDLQLQJHSLVRGHZHIRFXVRQVLJQLILFDQWO\LQFUHDVHGRXWSXWPDLQO\WKURXJK
GHFUHDVHVLQWKHRFFXUUHQFHRIZRUNHUHUURUVZKLOHRWKHULQSXWVDQGWUDLQLQJKDGOLWWOHRUQRHIIHFW
7KHHIIHFWRIWKHSURGXFWLYLW\WUDLQLQJHSLVRGHLVKRZHYHUKDOIWKHVL]HRIWKDWLQRXUILUVWDSSURDFK
7KLVVXJJHVWVWKDWWKHUHGXFHGIRUPHVWLPDWHVSLFNXSVRPHVSXULRXVFRUUHODWLRQEHWZHHQRXWSXW
DQGWKHWUDLQLQJUHFHLYHGE\WKHZRUNHUV1HYHUWKHOHVVWKHHIIHFWRIWKHSURGXFWLYLW\WUDLQLQJ
UHPDLQVODUJH
$OWKRXJKZRUNHUVDQGPDQDJHUVLQRXUVWXG\H[SHULHQFHGQRFKDQJHVLQPDUJLQDOLQFHQWLYHVIRU
SHUIRUPDQFHSHUFHLYHGFRPSHWLWLRQEURXJKWDERXWDWWHPSWVWRLQFUHDVHRXWSXWZKLFKLQFOXGHGWKH
KLJKO\VXFFHVVIXOWUDLQLQJHSLVRGHZHIRFXVLQRXUSDSHU2XUZRUNVXJJHVWVWKDWFRPSHWLWLYH
SUHVVXUHVPD\RSHUDWHTXLWHHIIHFWLYHO\ZLWKSXEOLFRZQHUVKLSDQGWKHFDVHIRUSULYDWLVDWLRQLQ
HPHUJLQJHFRQRPLHVWKDWLVVRRIWHQPDGHPD\QHHGWREHTXDOLILHG,QIDFWFRPSHWLWLRQLQWKHVH
VHWWLQJVPD\SOD\DPXFKPRUHLPSRUWDQWUROHWKDQLQLQGXVWULHVGRPLQDWHGE\SULYDWHILUPV
SUHFLVHO\EHFDXVHHPSOR\HHFRPSHQVDWLRQLQSXEOLFILUPVLVRIWHQDERYHPDUNHWZDJHVDQGWKHUHLV
DJDSEHWZHHQWKHDFWXDODQGSRWHQWLDOSURGXFWLYLW\RIZRUNHUV,QRXUH[DPSOHZRUNHUVZHUH
VXGGHQO\DZDUHWKDWWKHLUSOXPMREVZHUHDWULVN,IFRPSHWLWLRQIRUFHGWKHPLOOWRFORVHWKH\FRXOGDOO
EHOHJDOO\ILUHG

5HIHUHQFHV
%ORRP1LFKRODV%HQQ(LIHUW$SUDMLW0DKDMDQ'DYLG0F.HQ]LHDQG-RKQ5REHUWV  'RHV
0DQDJHPHQW0DWWHU"(YLGHQFHIURP,QGLD1%(5:RUNLQJ3DSHU
'DV6DQJKDPLWUD.DOD.ULVKQD6HUJH\/\FKDJLQDQG5RKLQL6RPDQDWKDQ  %DFNRQWKH

5DLOV&RPSHWLWLRQDQG3URGXFWLYLW\LQ6WDWHRZQHG,QGXVWU\1%(5:RUNLQJ3DSHU
*DOGRQ6DQFKH]-RVH(DQG-DPHV$6FKPLW]-U  &RPSHWLWLYH3UHVVXUHDQG/DERXU
3URGXFWLYLW\:RUOG,URQ2UH0DUNHWVLQWKHV$PHULFDQ(FRQRPLF5HYLHZ  
+VLHK&KDQJ7DLDQG3HWHU.OHQRZ  0LVDOORFDWLRQDQG0DQXIDFWXULQJ7)3LQ&KLQDDQG
,QGLD4XDUWHUO\-RXUQDORI(FRQRPLFV  


7RSLFV&RPSHWLWLRQSROLF\,QVWLWXWLRQVDQGHFRQRPLFV3URGXFWLYLW\DQG,QQRYDWLRQ
7DJV,QGLDFRPSHWLWLYHSUHVVXUH3XEOLFVHFWRU
/RJLQRUUHJLVWHUWRSRVWFRPPHQWV

UHDGV
3ULQWHUIULHQGO\YHUVLRQ

You might also like