DĝGHSU]HGVLÚZ]LÚFLHF]\SRGPLRWHNRQRPLLVSRïHF]QHMG]LDïDZREV]DU]HU\QNXSUDF\=ZDĝ\ZV]\QDWRĝHVSRUR
]QLFKSURZDG]LUöĝQHJRURG]DMXG]LDïDOQRĂÊV]NROHQLRZÈLGRUDGF]ÈZ]DNUHVLHDNW\ZL]DFML]DZRGRZHMUR]ZRMXNZDOLğND
FMLNRU]\VWD]]DWUXGQLHQLDVXEV\GLRZDQHJROXEVDPRRUJDQL]XMHQDU]HF]LQQ\FK]DNïDGöZSUDF\WHJRURG]DMX]DWUXGQLH
QLHVSUDZG]DQLHMDNRĂFLLHIHNW\ZQRĂFLXVïXJZW\PREV]DU]HPDV]F]HJöOQH]QDF]HQLH
2SUDFRZDQLHMHVWSU]HZRGQLNLHPRGQRV]ÈF\PVLÚGRSUDNW\F]Q\FKDVSHNWöZHZDOXDFMLSU]HGVLÚZ]LÚÊHNRQRPLLVSR
ïHF]QHMRUD]VZRLVWÈķLQVWUXNFMÈĵGRW\F]ÈFÈ]DVWRVRZDQLDQDU]ÚG]LEDGDQLDMDNRĂFLLHIHNW\ZQRĂFLSU]HGVLÚELRUVWZVSRïHF]
Q\FK1DOHĝ\MHGQDNSDPLÚWDÊĝHSU]HGVLÚELRUVWZDVSRïHF]QHVÈEDUG]R]UöĝQLFRZDQH'ODWHJRWHĝRSLVDQHUR]ZLÈ]DQLD
GRW\F]ÈFHHZDOXDFMLVÈZ]RUHPRJöOQ\PNWöU\QDOHĝ\NDĝGRUD]RZRDGRSWRZDÊGRVSHF\ğNLGDQHJRSU]HGVLÚELRUVWZD
126
3UDNW\F]QHDVSHNW\HZDOXDFMLSU]HGVLÚZ]LÚÊHNRQRPLLVSRïHF]QHM
3U]HGVLÚELRUVWZRVSRïHF]QH
ļUG]HñHNRQRPLLVSRïHF]QHM
3RMÚFLHHNRQRPLLVSRïHF]QHMLMHMSRGVWDZRZHFHFK\
=DNUHVSRMÚFLDHNRQRPLLVSRïHF]QHMMHVWV]HURNLLGRW\F]\ZLHOXVIHUĝ\FLDVSRïHF]QHJRMHGQDNĝHNOXF]RZÈMHM]DVDGÈ
MHVWSU\PDWG]LDïDQLDQDU]HF]OXG]LF]ïRQNöZSRGRSLHF]Q\FKQDGPDNV\PDOL]DFMÈ]\VNX2]QDF]DWRLĝGODMHGQRVWHN
HNRQRPLLVSRïHF]QHMLVWRWQH]QDF]HQLHļRERNFHOXJRVSRGDUF]HJRļPDPLVMDVSRïHF]QD3RQDGWRMHGQÈ]SRGVWDZRZ\FK
MHMLGHLMHVW]PLDQDSRGHMĂFLDZUHODFMDFKPLÚG]\GZRPDNDWHJRULDPLHNRQRPLF]Q\PLMDNLPLVÈķSUDFDĵRUD]ķ]DVLïHNĵ
:SURZDG]HQLHPHFKDQL]PöZHNRQRPLLVSRïHF]QHM]PLHU]DGRRGZUöFHQLDUHODFMLķEUDNSUDF\ļ]DVLïHNĵQDķSUDFD]D
PLDVW]DVLïNXĵ0RĝQD]DWHPSRZLHG]LHÊĝHHNRQRPLDVSRïHF]QDWRZ\RGUÚEQLDQ\]HZ]JOÚGXQDVZÈVSHF\ğNÚVHNWRUJR
VSRGDUNLZNWöU\PZVSRVöEXQLNDWRZ\NRMDU]RQDMHVWG]LDïDOQRĂÊJRVSRGDUF]D]FHODPLVSRïHF]Q\PL(NRQRPLDWD]]DïR
ĝHQLDRSLHUDVLÚQDWZRU]HQLXSU]HGVLÚELRUVWZVSRïHF]Q\FKNWöU\FKFHOHPMHVWXWU]\PDQLHPLHMVFSUDF\RUD]ĂZLDGF]HQLH
XVïXJQDU]HF]ORNDOQHMVSRïHF]QRĂFL5\V].RZDOF]\N
3RZRïXMÈFVLÚQD.DUWÚ6WDïHM.RQIHUHQFML6SöïG]LHOQL7RZDU]\VWZ:]DMHPQ\FK6WRZDU]\V]HñL)XQGDFMLPRĝQDWDN
VIRUPXïRZDÊFKDUDNWHU\VW\F]QHFHFK\HNRQRPLLVSRïHF]QHM6\PSR]MXP
ľSU\PDWFHOöZLQG\ZLGXDOQ\FKLVSRïHF]Q\FKSU]HGNDSLWDïHP]\VNLHP
ľRWZDUWHLGREURZROQHF]ïRQNRVWZR
ľGHPRNUDW\F]QDNRQWURODF]ïRQNöZ
ľSRïÈF]HQLHSRWU]HEF]ïRQNöZXĝ\WNRZQLNöZLOXESRWU]HERJöOQ\FK
ľX]QDZDQLHLXPDFQLDQLHZDUWRĂFLVROLGDUQRĂFLLZ]DMHPQHMRGSRZLHG]LDOQRĂFL
ľDXWRQRPLF]QH]DU]ÈG]DQLHLQLH]DOHĝQRĂÊRGZïDG]SXEOLF]Q\FK
)XQNFMHHNRQRPLLVSRïHF]QHM
(NRQRPLDVSRïHF]QDVSHïQLDWU]\SRGVWDZRZHIXQNFMHZREV]DU]HSROLW\NLVSRïHF]QHM
:NRPSRQRZXMHVLÚZLGHÚEXGRZDQLDGHPRNUDFMLXF]HVWQLF]ÈFHMSRSU]H]QRZÈZL]MÚïDGXVSRïHF]QHJRRUD]LQWH
JUDFMÚVSRïHF]QRĂFLORNDOQ\FKZLÈĝHVLÚWR]EXGRZDQLHPDNW\ZQ\FKJUXSORNDOQ\FK
(NRQRPLDVSRïHF]QDPRĝHVWDQRZLÊLVWRWQ\HOHPHQWSROLW\NLZ]URVWX]DWUXGQLHQLDPLQSRSU]H]XPRĝOLZLHQLH]D
WUXGQLHQLDRVöEV]F]HJöOQLH]DJURĝRQ\FKQDU\QNXSUDF\QLHSHïQRVSUDZQLGïXJRWUZDOHEH]URERWQLNRELHW\EH]
URERWQH(NRQRPLDVSRïHF]QDQLHVWDQRZLUR]ZLÈ]DQLDSUREOHPXRJUDQLF]DQLDEH]URERFLDOHF]RIHUXMHQRZHHOD
VW\F]QHIRUP\SU]HGVLÚELRUF]RĂFLLURG]DMH]DWUXGQLHQLDWUXGQHGRRVLÈJQLÚFLDZLQQ\FKVHNWRUDFKLXPRĝOLZLDMÈFH
DNW\ZL]RZDQLHRVöENWöUHVWDQRZLÈQDMZLÚNV]ÈJUXSÚ]DJURĝRQ\FKQDU\QNXSUDF\
(NRQRPLDVSRïHF]QDMHVWLQVWUXPHQWHPLQWHJUDFMLVSRïHF]QHMEXGRZDQLHZVSöOQRWRSDUW\FKQDVROLGDUQRĂFLUR]
ZġDLGHÚZRUNIDUHVWDWHF]\OLGREURZROQRĂÊSRGHMPRZDQ\FKG]LDïDñ]DPLDVWUHVWU\NFML]ZLÈ]DQ\FK]SU]\PXVHP
DNW\ZL]DF\MQ\P
3UDNW\F]QHDVSHNW\HZDOXDFMLSU]HGVLÚZ]LÚÊHNRQRPLLVSRïHF]QHM
127
*ïöZQHNDWHJRULHSU]HGVLÚELRUVWZ
HNRQRPLLVSRïHF]QHM
3U]HGVLÚELRUVWZRVSRïHF]QHPRĝHE\Ê]GHğQLRZDQHMDNRSU\ZDWQDDXWRQRPLF]QDRUJDQL]DFMDGRVWDUF]DMÈFDSURGXN
WöZOXEXVïXJQDU]HF]V]HUV]HMVSRïHF]QRĂFLNWöUHM]DïRĝ\FLHOHPDOER]DU]ÈG]DMÈF\PMHVWJUXSDRE\ZDWHOLLZNWöUHM]DNUHV
NRU]\ĂFL PDWHULDOQ\FK SRGOHJD RJUDQLF]HQLRP 3U]HGVLÚELRUVWZR VSRïHF]QH SU]\ZLÈ]XMH GXĝÈ ZDJÚ GR VZHM DXWRQRPLL
LJRWRZRĂÊGRSU]\MPRZDQLDHNRQRPLF]QHJRU\]\ND]ZLÈ]DQHJR]SURZDG]RQÈZVSRVöEFLÈJï\G]LDïDOQRĂFLÈVSRïHF]QR
ļHNRQRPLF]QÈ7DPĝH3U]HGVLÚELRUFDVSRïHF]Q\WRRVREDNWöUDSRV]XNXMHQRZ\FKUR]ZLÈ]DñMHVWJRWRZDGRSRGHMPR
ZDQLDU\]\NDLPDĂZLDGRPRĂÊNRQVHNZHQFMLSRQLHVLHQLDU\]\NDSRQDGWRSRWUDğZGUDĝDÊVZRMHSRP\Vï\=DVDGQLF]\PL
W\SDPLG]LDïDñMDNLPLWUXGQLÈVLÚSU]HGVLÚELRUVWZDVSRïHF]QHVÈPLQ