;
&RS\ULJKW E\ %,2/,)( VDV
7KLV SXEOLFDWLRQ DQGRU DUWLFOH LV IRU LQGLYLGXDO XVH RQO\ DQG PD\ QRW EH IXUWKHU
UHSURGXFHG ZLWKRXW ZULWWHQ SHUPLVVLRQ IURP WKH FRS\ULJKW KROGHU
8QDXWKRUL]HG UHSURGXFWLRQ PD\ UHVXOW LQ ソQDQFLDO DQG RWKHU SHQDOWLHV
',6&/2685( $// $87+256 5(3257 12 &21)/,&76 2)
,17(5(67 5(/(9$17 72 7+,6 $57,&/(
-2851$/ 2) %,2/2*,&$/ 5(*8/$7256 +20(267$7,& $*(176 9RO QR
0DLOLQJ DGGUHVV
3URI 3 &RQWL
,PPXQRORJ\ 'LYLVLRQ 3RVWJUDGXDWH 0HGLFDO 6FKRRO
8QLYHUVLW\ RI &KLHWL3HVFDUD &KLHWL ,WDO\
7HO)D[
HPDLO SFRQWL#XQLFKLW
.H\ ZRUGV ,/ PDVW FHOOV DOOHUJ\ F\WRNLQHV ,/ FDQFHU
,Q RYHU \HDUV &KDUOHV $ 'LQDUHOOR GLVFRYHUHG
VHYHUDO LQタDPPDWRU\ DQG DQWLLQタDPPDWRU\
F\WRNLQHV LQFOXGLQJ ,/ ZKLFK DEURJDWHV SUR
LQタDPPDWRU\ F\WRNLQHV DQG LQKLELWV LQQDWH LPPXQLW\
7UDGLWLRQDO FDQFHU WKHUDSLHV DUH NQRZQ WR FDXVH
LPPXQRORJLFDO FRPSOLFDWLRQV DQG RWKHU VLGH HIIHFWV
WKHUHIRUH QHZ WKHUDSHXWLF DSSURDFKHV DURXVH JUHDW
LQWHUHVW LQ UHVHDUFKHUV DQG WKH JHQHUDO SRSXODWLRQ
,Q ZH SXEOLVKHG D VWXG\ UHJDUGLQJ WKH UROH RI
,/ RQ PDVW FHOO 0& GHJUDQXODWLRQ FXOWXUHG ZLWK
0$67 &(// $1' &$1&(5 :,7+ 63(&,$/ (03+$6,6 21 ,/ $1
$17,,1)/$00$725<$1' ,1+,%,725 2) ,11$7( ,0081,7<
1(: )5217,(56
) &$5,1&,
* /(66,$1,
( 63,1$6
6. .5,7$6
* 521&21,
$O &$5$))$
DQG 3 &217,
'HSDUWPHQW RI 0RUSKRORJ\ 6XUJHU\ DQG ([SHULPHQWDO 0HGLFLQH 8QLYHUVLW\ RI )HUUDUD )HUUDUD
,WDO\
&HQWHU RI ,QWHQVLYH 5HKDELOLWDWLRQ ウ6 $JQHVHエ 3LQHWR 7( ,WDO\
'HSDUWPHQW RI 6XUJHU\
DQG 2GRQWRVWRPDWRORJLFDO 6FLHQFHV 8QLYHUVLW\ RI &DJOLDUL ,WDO\
'HSDUWPHQW RI 0LFURELRORJ\
DQG ,QIHFWLRXV 'LVHDVHV 6FKRRO RI 9HWHULQDU\ 0HGLFLQH $ULVWRWOH 8QLYHUVLW\ RI 7KHVVDORQLNL
0DFHGRQLD *UHHFH
826 &OLQLFD GHL 3D]LHQWL GHO 7HUULWRULR 3ROLFOLQLFR *HPHOOL 5RPD ,WDO\
'HSDUWPHQW RI 3KDUPDFRORJ\ 8QLYHUVLW\ RI 3HUXJLD 3HUXJLD ,WDO\
,PPXQRORJ\ 'LYLVLRQ
3RVWJUDGXDWH 0HGLFDO 6FKRRO 8QLYHUVLW\ RI &KLHWL3HVFDUD &KLHWL ,WDO\
5HFHLYHG 6HSWHPEHU $FFHSWHG 2FWREHU
(',725,$/
0DVW FHOOV 0&V DUH PHGLDWRUV RI DOOHUJ\ DQG LQタDPPDWLRQ DQG SDUWLFLSDWH LQ WKH JURZWK RI FDQFHU
FHOOV 0&V FDQ SURPRWH ERWK QHRDQJLRJHQHVLV DQG WXPRU JURZWK 7KH\ LQFUHDVH LQ WKH VWURPD RI FHUWDLQ
WXPRUV ZKHUH WKH\ FDQ EH UHFUXLWHG E\ WXPRUGHULYHG FKHPRDWWUDFWDQWV VXFK DV PRQRF\WH FKHPRWDFWLF
SURWHLQ 0&3 5$17(6 DQG VWHP FHOO IDFWRU 6&) WR VHOHFWLYHO\ VHFUHWH LQタDPPDWRU\ PROHFXOHV
LQFOXGLQJ FKHPLFDO PHGLDWRUV DQG F\WRNLQHV 71) ,/ DQG ,/ +RZHYHU 0& GLIIHUHQWLDWLRQ SDWKZD\V
DQG KHWHURJHQHLW\ LQ FDQFHU DUH VWLOO SRRUO\ XQGHUVWRRG +XPDQ LQWHUOHXNLQ ,/ SOD\V D SLYRWDO UROH
LQ WKH SDWKRJHQHVLV RI PDQ\ GLVHDVHV DQG IXQFWLRQV LQFOXGLQJ KRVW UHVSRQVH WR PLFURELDO LQYDVLRQ LQMXU\
LQタDPPDWRU\ SURFHVVHV LPPXQRORJLF FKDOOHQJHV DQG FDQFHU ,QタDPPDWLRQ DURXQG WKH WXPRU LQFOXGHV
WKH LQソOWUDWLRQ RI PDVW FHOOV DQG IDFLOLWDWHV FDQFHU JURZWK 0&V DUH DFWLYDWHG E\ ,/ ZKLFK FDQ EH
SURGXFHG E\ FHUWDLQ FDQFHU FHOOV DQG VWLPXODWH WKH VWURPDO FHOOV WR VHOHFWLYHO\ UHOHDVH ,/ FRQWULEXWLQJ
WR WKH GHYHORSPHQW RI 7K FHOOV DQG LQFUHDVLQJ LQタDPPDWLRQ ,/ PDLQO\ JHQHUDWHG E\ PDFURSKDJH
FHOO OLQH LV DQ ,/ IDPLO\ PHPEHU ZKLFK ELQGV ,/ UHFHSWRU Į ,/5Į FKDLQ DQG DFWV DV D QDWXUDO
LQKLELWRU RI LPPXQH UHVSRQVHV ,/ GRZQUHJXODWHV F-XQ LQGXFHG E\ ,/ SURLQタDPPDWRU\ VLJQDOV
DQG UHGXFHV WKH H[SUHVVLRQ RI WKH PLWRJHQDFWLYDWHG SURWHLQ NLQDVH 0$3. SĮ 67$7 WUDQVFULSWLRQ
IDFWRUV DQG S DIIHFWLQJ FHOOXODU GLIIHUHQWLDWLRQ DQG SUROLIHUDWLRQ ,Q WKH SUHVHQW VWXG\ ZH UHSRUW WKH
UHODWLRQVKLS EHWZHHQ LQタDPPDWRU\ PDVW FHOOV FDQFHU DQG WKH EHQHソFLDO HIIHFW RI ,/