Professional Documents
Culture Documents
Os2 PDF
Os2 PDF
Os2 PDF
¤¬²´¤º¥«¸²®
/HVVRQ
IRUN FUHDWH D QHZ SURFHVV 7KH QHZ SURFHVV FKLOG SURFHVV LV DOPRVW DQ H[DFW FRS\ RI WKH FDOOLQJ
SURFHVV SDUHQW SURFHVV ,Q WKLV PHWKRG ZH FUHDWH DQ KLHUDUFK\ VWUXFWXUH IRU WKH SURFHVVHV ZKLFK LV
VLPLODUWRWKHILOHVVWUXFWXUHLQ8QL[7KHURRWQRGHRIWKLVWUHHLVWKHSURFHVVZKLFKLVWKHH[HFXWLRQRI
WKHLQLW SURJUDPSLG LVWKHDQFHVWRURIDOOWKHV\VWHPDQGXVHUSURFHVVHV
6<1236,6
LQFOXGHV\VW\SHVK!
LQFOXGHXQLVWGK!
5(7851 9$/8(6
8SRQVXFFHVVIXOFRPSOHWLRQIRUNUHWXUQVDYDOXHRI WRWKHFKLOGSURFHVVDQGUHWXUQVWKHSURFHVV,'
RIWKHFKLOGSURFHVVWRWKHSDUHQWSURFHVV
2WKHUZLVHDYDOXH RI LV UHWXUQHGWR WKHSDUHQWSURFHVVQR FKLOG SURFHVV LV FUHDWHG DQGWKHJOREDO
YDULDEOHHUUQR LVVHWWRLQGLFDWHWKHHUURU
2XWSXW EXWLWLVXQNQRZQZKLFKSURFHVVSULQWHGWKHILUVWVLQFHLWGHSHQGVRQWKH&38WKHV\VWHP
JDYHWRHDFKSURFHVVUDFHFRQGLWLRQ
([DPSOHV
CG
LQFOXGHV\VW\SHVK!
PDLQ
^
SLGBWSLG
SLG IRUN
LISLG
SULQWI?Q,
PWKHFKLOGSURFHVV
HOVHLISLG!
SULQWI?Q,
PWKHSDUHQWSURFHVV0\FKLOGSLGLVGSLG
HOVH
SHUURUHUURULQIRUN
`
¡¹§®¤©²£®¬¤·¬§®¤¯¬© ¸¡º¨©±¸¡©°¥
¤¬²´¤º¥«¸²®
CG
LQFOXGHV\VW\SHVK!
PDLQ
^
SLGBWSLG
LQWL
SLG IRUN
LISLG FKLOGSURFHVV
L
SULQWIGL
`
2XWSXW RU
CG
LQFOXGHV\VW\SHVK!
PDLQ
^
SLGBWSLG
LISLG IRUN
SULQWI
HOVH
SULQWI
SULQWI
`
CG
PDLQ
^
LIIRUN 6WDWHRIDSURFHVV
ZKLOH 2 5XQQLQJ
HOVH 6 6OHHSLQJSURFHVVLVZDLWLQJIRUDQHYHQWWRFRPSOHWH
ZKLOH 5 5XQQDEOHSURFHVVLVRQUXQTXHXH
` = =RPELHSURFHVVWHUPLQDWHGDQGSDUHQWQRWZDLWLQJ
!JFFRH[DPSOH BF 7 6WRSSHG
!H[DPSOH
>@
!SVO
8,'3,'33,'1,67$7777,0(&200$1'
6SWV WFVK
5SWV H[DPSOH
5SWV H[DPSOH
!NLOO.,//
>@ .LOOHG H[DPSOH
7KHOHDYHVUHSUHVHQWWKHOLYLQJSURFHVVHV
CG
:KHQL WKHUHDUH OLYHSURFHVVHV ;
PDLQ $IWHUZDUGVWKHSDUHQWGLHVDQGDOOWKH
^ UHPDLQLQJSURFHVVHVPRYHVWRLQLW
LQWL ;
IRUL LL
LIIRUN ;
ZKLOH
`
!JFFRH[DPSOH BF
!H[DPSOH
!SVO
¡¹§®¤©²£®¬¤·¬§®¤¯¬© ¸¡º¨©±¸¡©°¥
¤¬²´¤º¥«¸²®
8,'3,'33,'1,67$7777,0(&200$1'
6SWV WFVK
!SVDO
8,'3,'33,'1,67$7777,0(&200$1'
6SWV WFVK
52SWV H[DPSOH
52SWV H[DPSOH
52SWV H[DPSOH
!NLOO.,//
CG
PDLQ
^
LIIRUN
ZKLOH
`
!JFFRH[DPSOH BF
!H[DPSOH
>@
!SVDO
8,'3,'33,'1,67$7777,0(&200$1'
= GHIXQFW!
6SWV WFVK
5SWV H[DPSOH
!NLOO.,//
>@ .LOOHG H[DPSOH
ZDLWZDLWSLGZDLWZDLW ZDLWIRUSURFHVVWHUPLQDWLRQ
6<1236,6
LQFOXGHV\VW\SHVK!
LQFOXGHV\VZDLWK!
LQFOXGHV\VW\SHVK!
LQFOXGHWLPHK!
LQFOXGHV\VUHVRXUFHK!
LQFOXGHV\VZDLWK!
'(6&5,37,21
7KHZDLWIXQFWLRQVXVSHQGVH[HFXWLRQRILWVFDOOLQJSURFHVVXQWLOVWDWXV LQIRUPDWLRQLVDYDLODEOHIRUD
WHUPLQDWHG FKLOG SURFHVV RU D VLJQDO LV UHFHLYHG ,I WKHUH DUH PRUH WKDQ RQH FKLOG SURFHVV WKHQ ZDLW
UHWXUQVZKHQDQ\ RIWKHFKLOGSURFHVVILQLVKHV
2Q UHWXUQ IURP D VXFFHVVIXO ZDLW FDOO WKH VWDWXV DUHD FRQWDLQV WHUPLQDWLRQ LQIRUPDWLRQ DERXW WKH
SURFHVVWKDWH[LWHGLIWKHYDOXHRIVWDWXV LV Æ SURJUDPWHUPLQDWHGZLWKQRHUURUV
7KH ZDLW FDOO SURYLGHV D PRUH JHQHUDO LQWHUIDFH IRU SURJUDPV WKDW QHHG WR ZDLW IRU FHUWDLQ FKLOG
SURFHVVHV WKDW QHHG UHVRXUFH XWLOL]DWLRQ VWDWLVWLFV DFFXPXODWHG E\ FKLOG SURFHVVHV RU WKDW UHTXLUH
RSWLRQV7KHRWKHUZDLWIXQFWLRQVDUHLPSOHPHQWHGXVLQJZDLW
7KHZSLG SDUDPHWHUVSHFLILHVWKHVHWRIFKLOGSURFHVVHVIRUZKLFKWRZDLW
,IZSLG LVWKHFDOOZDLWVIRUDQ\FKLOGSURFHVV
,IZSLG LVWKHFDOOZDLWVIRUDQ\FKLOGSURFHVVLQWKHSURFHVVJURXSRIWKHFDOOHU
,IZSLG LVJUHDWHUWKDQ]HURWKHFDOOZDLWVIRUWKHSURFHVVZLWKSURFHVVLGZSLG
,I ZSLG LV OHVV WKDQ WKH FDOO ZDLWV IRU DQ\ SURFHVV ZKRVH SURFHVV JURXS LG HTXDOV WKH
DEVROXWHYDOXHRIZSLG
¡¹§®¤©²£®¬¤·¬§®¤¯¬© ¸¡º¨©±¸¡©°¥
¤¬²´¤º¥«¸²®
7KHRSWLRQV SDUDPHWHUFRQWDLQVWKHELWZLVH25RIDQ\RIWKHIROORZLQJRSWLRQV
x 7KH:12+$1*RSWLRQLVXVHGWRLQGLFDWHWKDWWKHFDOOVKRXOGQRWEORFNLIWKHUHDUHQR
SURFHVVHVWKDWZLVKWRUHSRUWVWDWXV
:KHQ WKH :12+$1* RSWLRQ LV VSHFLILHG DQG QR SURFHVVHV ZLVK WR UHSRUW VWDWXV ZDLW
UHWXUQVDSURFHVVLGRI
x 7KH :8175$&(' LV XVHG LQ RUGHU WR ZDLW DOVR IRU FKLOGUHQ ZKLFK DUH VWRSSHG DQG
ZKRVHVWDWXVKDVQRWEHHQUHSRUWHG
7KHIROORZLQJPDFURVPD\EHXVHGWRWHVWWKHPDQQHURIH[LWRIWKHSURFHVV
:,)(;,7('VWDWXV7UXHLIWKHFKLOGH[LWHGQRUPDOO\
:,)6,*1$/('VWDWXV7UXHLIWKHSURFHVVWHUPLQDWHGGXHWRUHFHLSWRIDVLJQDO
:(;,767$786VWDWXV 5HWXUQV WKH UHWXUQ FRGH RI WKH SURFHVV WKH OHDVW VLJQLILFDQW HLJKW
ELWVRIWKHUHWXUQFRGH
:,)67233('VWDWXV UHWXUQV WUXHLI WKHFKLOG SURFHVV ZKLFK FDXVHG WKH UHWXUQ LV FXUUHQWO\
VWRSSHGWKLVLVRQO\SRVVLEOHLIWKHFDOOZDVGRQHXVLQJ:8175$&('
:67236,*VWDWXV UHWXUQV WKH QXPEHU RI WKH VLJQDO ZKLFK FDXVHG WKH FKLOG WR VWRS 7KLV
PDFURFDQRQO\EHHYDOXDWHGLI:,)67233('UHWXUQHGQRQ]HUR
,IUXVDJH LVQRW18//WKHVWUXFWUXVDJHDVGHILQHGLQV\VUHVRXUFHK!LWSRLQWVWRZLOOEHILOOHGZLWK
DFFRXQWLQJLQIRUPDWLRQ
VWUXFWUXVDJH^
VWUXFWWLPHYDOUXBXWLPH
XVHUWLPHXVHG
VWUXFWWLPHYDOUXBVWLPH
V\VWHPWLPHXVHG
«
ORQJUXBPDMIOW
SDJHIDXOWV
ORQJUXBQVZDS
VZDSV
«
ORQJUXBQVLJQDOV
VLJQDOVUHFHLYHG
«
`
)RUPRUHLQIRUPDWLRQXVHPDQJHWUXVDJH
5(7851 9$/8(6
,IZDLWUHWXUQVGXHWRDVWRSSHGRUWHUPLQDWHGFKLOGSURFHVVWKHSURFHVV,'RIWKHFKLOGLVUHWXUQHGWR
WKHFDOOLQJSURFHVV2WKHUZLVHDYDOXHRI LVUHWXUQHGDQGHUUQR LVVHWWRLQGLFDWHWKHHUURU
,IZDLWZDLWRUZDLWSLGUHWXUQVGXHWRDVWRSSHGRUWHUPLQDWHGFKLOGSURFHVVWKHSURFHVV,'RI
WKHFKLOGLVUHWXUQHGWRWKHFDOOLQJSURFHVV,IWKHUHDUHQRFKLOGUHQQRWSUHYLRXVO\DZDLWHG LVUHWXUQHG
ZLWKHUUQR VHWWR>(&+,/'@2WKHUZLVHLI:12+$1*LVVSHFLILHGDQGWKHUHDUHQRVWRSSHGRUH[LWHG
FKLOGUHQ LVUHWXUQHG,IDQHUURULVGHWHFWHGRUDFDXJKWVLJQDODERUWVWKHFDOODYDOXHRI LVUHWXUQHG
DQGHUUQR LVVHWWRLQGLFDWHWKHHUURU
ZDLW ZDLWVRQO\IRURQHFKLOG,QRUGHUWRZDLWIRUDOOFKLOGUHQSURFHVVHV
ZKLOHZDLW VWDWXV
([DPSOHV
CG
LQFOXGHV\VW\SHVK!
PDLQ
^
SLGBWSLG
LQWVWDW
LISLG IRUN
SULQWI FKLOGSURFHVV
¡¹§®¤©²£®¬¤·¬§®¤¯¬© ¸¡º¨©±¸¡©°¥
¤¬²´¤º¥«¸²®
HOVH SDUHQWSURFHVV
^
ZDLW VWDW
SULQWI
`
`
2XWSXW LVQRWSRVVLEOH
CG
PDLQ
^
LQWLV
IRUL L L
LIIRUN
ZKLOH
HOVH
LIL
ZDLW V
`
!JFFRH[DPSOH BF
!H[DPSOH
>@
!SVO
8,'3,'33,'1,67$7777,0(&200$1'
5SWV WFVK
6SWV H[DPSOH
5SWV H[DPSOH
5SWV H[DPSOH
5SWV H[DPSOH
!NLOO.,//
>@.LOOHG H[DPSOH
CG
PDLQ
^
LQWVWDWXV
SLGBWSLGSLGSLG
CG
PDLQ
^
LQWVWDWXV
SLGBWSLGSLGSLG
¡¹§®¤©²£®¬¤·¬§®¤¯¬© ¸¡º¨©±¸¡©°¥
¤¬²´¤º¥«¸²®
CG
PDLQ
^
LQWVWDWXV
SLGBWSLGBDSLGBESLGSLG
:KDWKDSSHQVLIWKHFKLOGWHUPLQDWHGEHIRUHWKHSDUHQWSURFHVVGLGZDLW"
:KHQD SURFHVVWHUPLQDWHV WKHV\VWHP UHOHDVHV DOO RI LWV UHVRXUFHV YDULDEOHV DQG 3& H[FHSW IRU WKH
WHUPLQDWLRQLQIRUPDWLRQRIWKHSURFHVVLHWKHSURFHVVLVHPSW\RIFRQWHQWEXWWKHUHLVVWLOODSLGDQG
WHUPLQDWLRQ LQIRUPDWLRQ Æ WKH SURFHVV LV D ]RPELH 7KH SURFHVV ZLOO EH IUHHG RQO\ ZKHQ WKH SDUHQW
SURFHVVGRHVZDLW
,I WKH SDUHQW SURFHVV WHUPLQDWHV EHIRUH WKH FKLOG SURFHVV WKHQ WKH FKLOG SURFHVV EHFRPHV DQ RUSKDQ
SURFHVV FKLOG RI WKH LQLW SURFHVV 7KH LQLW SURFHVV H[HFXWHV DOO WKH WLPH D ZDLW ORRS 7KLV ZLOO
HYHQWXDOO\IUHHWKHRUSKDQSURFHVVZLWKRXWFROOHFWLQJWKHWHUPLQDWLRQLQIRUPDWLRQ
H[HFOH[HFOS H[HFOH H[HFWH[HFY H[HFYS H[HFXWH DILOH 7KHVHIXQFWLRQV UHSODFH WKH FRQWHQW RI WKH
SURJUDPZLWKD QHZ SURJUDPWKDW ZLOOUXQ IURP LWV EHJLQQLQJ ZLWK LWVYDULDEOHV7KHIXQFWLRQ GRHVQ
W
FUHDWHDQHZSURFHVVLWMXVWUHSODFHVWKHFXUUHQWH[HFXWLQJSURJUDP
6<1236,6
LQFOXGHXQLVWGK!
¡¹§®¤©²£®¬¤·¬§®¤¯¬© ¸¡º¨©±¸¡©°¥
¤¬²´¤º¥«¸²®
5HFHLYHVWKHDUJXPHQWVDVD18//WHUPLQDWHGOLVW
LQW H[HFOFRQVW FKDU
SDWKFRQVW FKDU
DUJFRQVWFKDU
DUJ«FRQVWFKDU
DUJQ18//
LQW H[HFOSFRQVW FKDU
ILOHFRQVW FKDU
DUJFRQVWFKDU
DUJ«FRQVWFKDU
DUJQ18//
5HFHLYHVWKHDUJXPHQWVDVDQDUJXPHQWV
DUUD\
LQW H[HFYFRQVW FKDU
SDWKFKDU
FRQVW DUJY>@
LQW H[HFYSFRQVW FKDU
ILOHFKDU
FRQVW DUJY>@
6SHFLILHVHQYLURQPHQW
LQW H[HFOHFRQVW FKDU
SDWKFRQVW FKDU
DUJFKDU
FRQVW HQYS>@
7KHSDWKFDQEHDEVROXWHRUUHODWLYH7KHSURJUDPQHHGVWREHH[HFXWHGPXVWKDYHH[HFXWHSHUPLVVLRQ
'(6&5,37,21
7KHH[HF IDPLO\RIIXQFWLRQVUHSODFHVWKHFXUUHQWSURFHVVLPDJHZLWKDQHZSURFHVVLPDJH
7KHLQLWLDODUJXPHQWIRUWKHVHIXQFWLRQVLVWKHSDWKQDPHRIDILOHZKLFKLVWREHH[HFXWHG
7KHILUVWDUJXPHQWRIWKHDUJYOLVWDUUD\E\FRQYHQWLRQVKRXOGSRLQWWRWKHILOHQDPHDVVRFLDWHGZLWK
WKHILOHEHLQJH[HFXWHG7KHOLVWRIDUJXPHQWVPXVW EHWHUPLQDWHGE\D18//SRLQWHU
7KH H[HFOHIXQFWLRQ DOVR VSHFLI\ WKH HQYLURQPHQW RI WKH H[HFXWHG SURFHVV E\ IROORZLQJ WKH 18//
SRLQWHUWKDWWHUPLQDWHVWKHOLVWRIDUJXPHQWVLQWKHSDUDPHWHUOLVWRUWKHSRLQWHUWRWKHDUJYDUUD\ZLWKDQ
DGGLWLRQDO SDUDPHWHU 7KLVDGGLWLRQDO SDUDPHWHU LV DQ DUUD\ RI SRLQWHUV WR QXOOWHUPLQDWHG VWULQJV DQG
PXVW EHWHUPLQDWHGE\D18//SRLQWHU)RUH[DPSOH
,QWKLVH[DPSOHP\SURJ ZLOOEHIRXQGLILWH[LVWVLQWKHFXUUHQWZRUNLQJGLUHFWRU\7KHHQYLURQPHQW
IRUWKHLQYRNHGSURJUDPFRQVLVWVRIWKHWKUHHHQYLURQPHQWYDULDEOHV6285&(7$5*(7 DQGOLQHV
7KHRWKHUIXQFWLRQVWDNHWKHHQYLURQPHQWIRUWKHQHZSURFHVVLPDJHIURPWKHH[WHUQDOYDULDEOHHQYLURQ
LQWKHFXUUHQWSURFHVV
7KH IXQFWLRQV H[HFOS DQG H[HFYS ZLOO GXSOLFDWH WKH DFWLRQV RI WKH VKHOO LQ VHDUFKLQJ IRU DQ
H[HFXWDEOHILOHLIWKHVSHFLILHGILOHQDPHGRHVQRWFRQWDLQDVODVK
FKDUDFWHU7KHVHDUFKSDWKLVWKH
SDWKVSHFLILHGLQWKHHQYLURQPHQWE\3$7+
YDULDEOH,IWKLVYDULDEOHLVQ
WVSHFLILHGWKHGHIDXOWSDWK
ELQXVUELQ
LVXVHG
5(7851 9$/8(6
,IDQ\RIWKHH[HFIXQFWLRQVUHWXUQVDQHUURUZLOOKDYHRFFXUUHG7KHUHWXUQYDOXHLVDQGWKHJOREDO
YDULDEOHHUUQR ZLOOEHVHWWRLQGLFDWHWKHHUURU
([DPSOHV
CG
ÄEQORKNGFVQRTQI
LQFOXGHV\VW\SHVK!
LQWPDLQ
^
SULQWI
H[HFOSURJSURJ18//
SULQWI
`
CG
ÄEQORKNGFVQRTQI
LQWPDLQ
^
SULQWI
`
SURJ
2XWSXW
¡¹§®¤©²£®¬¤·¬§®¤¯¬© ¸¡º¨©±¸¡©°¥
¤¬²´¤º¥«¸²®
7KH FRPPDQG SV ZLOO VKRZ WKDWWKH H[HFXWLQJ SURJUDP DW ILUVW LV SURJ SLG DQG DIWHUZDUGV
SURJ SLG
:KHQSURJ WHUPLQDWHVWKHSURFHVVWHUPLQDWHVWKHUHLVQRUHWXUQEDFNWRWKHSURJUDPSURJ
2QO\LIWKHH[HFO IDLOVZLOOWKHRXWSXWEH
CG
LQFOXGHV\VW\SHVK!
PDLQ
^
H[HFOELQFDOFDO18// H[HFXWLQJWKHFRPPDQG FDO
HTXLYDOHQWVWR
FKDU
FRQVWDU>@ ^FDO18//`
H[HFYELQFDODU
SHUURUH[HFOIDLOHG
`
CG
LQFOXGHV\VW\SHVK!
PDLQ
DVVXPLQJSURJUDPIRUNGRHVQ
WH[LVW
^
LQWVWDW
LIIRUN ^
H[HFOXXVUIRUNIRUN18// IDLOV
SULQWI
`
HOVH^
ZDLW VWDW ZDLWLQJIRUFKLOG
VWHUPLQDWLRQ
SULQWI
`
`
2XWSXW
CG
LQFOXGHV\VW\SHVK!
PDLQ
DVVXPLQJSURJUDPIRUNGRHVQ
WH[LVW
^
LQWVWDW
LIIRUN ^
H[HFOXXVUIRUNIRUN18//
SULQWI
H[LW
`
HOVH^
ZDLW VWDW
SULQWI
LIVWDW
SULQWI
`
`
2XWSXW
¡¹§®¤©²£®¬¤·¬§®¤¯¬© ¸¡º¨©±¸¡©°¥
¤¬²´¤º¥«¸²®
CG
LQFOXGHV\VW\SHVK!
PDLQ
^
LIIRUN ^
H[HFOXXVUHQVRIHQVRI18// WKHSURJUDPHQVRIZKLOH
H[LW
`
HOVH
ZKLOH
`
!JFFRH[DPSOH BF H[DPSOH
!H[DPSOH
>@ ;
!SV H[DPSOH HQVRI
3,' 77 67$7 7,0( &200$1'
SWV 6 WFVK
SWV 5 H[DPSOH
SWV 5 HQVRI
!NLOO.,// H[DPSOH
>@.LOOHG H[DPSOH
JHWSLG JHWSURFHVVLG
JHWSSLG JHWSDUHQWSURFHVVLG
LQFOXGHV\VW\SHVK!
LQFOXGHXQLVWGK!