You are on page 1of 5

E3S Web of Conferences 236, 05095 (2021) https://doi.org/10.

1051/e3sconf/202123605095
ICERSD 2020

5HVHDUFKRQWKH$SSOLFDWLRQRI&XOWXUDO6\PERO'LJLWL]DWLRQLQ
0RYLH3RVWHU'HVLJQ
/LX&KXQ\XDQ/LX/L
,QVWLWXWHRI$UW 'HVLJQ4LQJGDR8QLYHUVLW\RI7HFKQRORJ\4LQJGDR6KDQGRQJ3URYLQFH&KLQD

$EVWUDFW:LWKWKHYLJRURXVGHYHORSPHQWRIWKHILOPLQGXVWU\ILOPSRVWHUVDVWKHILUVWLPSUHVVLRQRIWKH
ILOPRQWKHDXGLHQFHEUHDNWKHODQJXDJHEDUULHUDQGEHFRPHDQLPSRUWDQWPHGLXPIRUWKHRXWSXWRIFXOWXUDO
LGHRORJ\ )URP WKH SHUVSHFWLYH RI FXOWXUDO V\PEROV WKLV DUWLFOH H[SORUHV WKH GLIIHUHQFHV EHWZHHQ WKH
GLJLWDOL]DWLRQRI(DVWHUQDQG:HVWHUQFXOWXUDOV\PEROVLQWKHGHVLJQRI&KLQHVHDQGIRUHLJQPRYLHSRVWHUV
DQGDQDO\]HVWKHGLJLWDOV\PEROVLQWKHGHVLJQRIPRYLHSRVWHUVIURPDFXOWXUDOSHUVSHFWLYHSURYLGLQJDQHZ
WKLQNLQJIRUWKHGLJLWDOGHVLJQRIFXOWXUDOV\PEROVLQPRYLHSRVWHUV

XQSUHFHGHQWHG FKDQJH LQ VRFLHW\ WKDW FRQWHPSRUDU\


6HPLRWLFV7KHRU\$QG,WV6LJQLILFDQFH FXOWXUH TXLFNO\ UXVKHV LQWR D +LJKO\ 6\PEROLF (UD
V\PEROLF FRQVXPSWLRQ KDV IDU H[FHHGHG SK\VLFDO
6HPLRWLFV WKHRU\ EHOLHYHV WKDW WKH HQYLURQPHQW SHRSOH FRQVXPSWLRQZKLFKLQGLFDWHVV\PEROLFSURGXFWLRQKDVWR
OLYLQJ LQ LV DZRUOG RI V\PEROV HYHU\WKLQJ H[LVWV DV WKH H[FHHGSK\VLFDOSURGXFWLRQ
IRUPRIV\PEROV7KHV\PEROLFYLHZRI6HPLRWLFVKROGV 7KHUHIRUH RQ WKH RQH KDQG QDWLRQDO LQGXVWU\ QHHGV
WKDW DOO WKLQJV WDNH V\PEROV DV FDUULHUV DQG H[FKDQJH V\PEROLFDFWLYLWLHVWRSURPRWHWKHIRUPDWLRQRILQGXVWULDO
LQIRUPDWLRQFRQVWDQWO\LQRWKHUZRUGVDQ\H[SUHVVLRQRI FXOWXUH DQG FRPPRGLW\ FXOWXUH DQG LI WKH FRXQWU\
V
PHDQLQJQHHGVWREHDGDSWHGWRWKHV\PERODVDPHGLXP SURGXFWLRQ EHFRPHV D UDZ SURGXFW WKDW¶V ODFNLQJ RI
WR DFKLHYH WUDQVPLVVLRQ$V D NLQG RI PHDQLQJ VWXG\ EUDQG DQG IDVKLRQDEOH YDOXH WKH ZKROH LQGXVWU\ ZLOO
6HPLRWLFV VWXGLHV WKH FUHDWLRQ RI 6LJQLILHG DQG H[SODLQV DOZD\VEHLQUXGLPHQWDU\2QWKHRWKHUKDQGFXOWXUHLWVHOI
WKH UHODWLRQVKLS EHWZHHQ FUHDWLYH 6LJQLILHG>@ 7KH LV WUDQVIRUPLQJ LQWR WKH FXOWXUDO LQGXVWU\ WKURXJK
PHDQLQJ RI 6LJQLILHG KHUH FDQ EH XQGHUVWRRG DV WKH V\VWHPDWLFV\PEROLFDFWLYLWLHV
LPSOLFDWLRQRIWKHV\PEROKLGGHQEHKLQGYDULRXVV\PEROLF 7KH FXOWXUDOL]DWLRQ RI LQGXVWU\ DQG WKH
IRUPV 6HPLRWLFLDQ )HUGLQDQG GH 6DXVVXUH SURSRVHG D LQGXVWULDOL]DWLRQ RI FXOWXUH ERWK DFKLHYHG E\ V\PEROLF
ELQDU\ PRGHO RI V\PEROV ZKLFK LQWHUSUHWHG V\PEROV E\ DFWLYLWLHV KDYH EURXJKW D JUHDW FKDQJH LQ WKH HFRQRPLF
WKHWZROHYHOVRI6LJQLILHUDQG6LJQLILHG VWUXFWXUHRIWKHZRUOGWRGD\6RWKHVWXG\RIVHPLRWLFVLV
$V D GRPLQDQW HOHPHQW 6LJQLILHU XVXDOO\ UHIOHFW WKH XUJHQW7KHUHIRUHLWLVQHFHVVDU\WRVWXG\6HPLRWLFV
VXSHUILFLDO SKHQRPHQRQ RI WKLQJV ZKLOH 6LJQLILHG DV D
UHFHVVLYH HOHPHQW UHIHUV WR WKH VHPLRWLF PHDQLQJ ZKLFK
KLGGHQ EHKLQG 6LJQLILHU 6DXVVXUH EHOLHYHV WKDW WKH 0RYLHV$QG0RYLH3RVWHUV
UHODWLRQVKLSEHWZHHQ6LJQLILHUDQG6LJQLILHGLVWKHFRUHRI 6LQFHWKHELUWKRIILOPDUWPRUHWKDQDKXQGUHG\HDUVDJR
6HPLRWLFV>@ 7KLV UHODWLRQVKLS LV H[SUHVVHG LQ YDULRXV DVDFRQWLQXRXVGHYHORSPHQWV\VWHPLWLVDOZD\VUHQHZLQJ
IRUPV RI H[SUHVVLRQ WKURXJK GLIIHUHQW UKHWRULFDO GHYLFHV WKH LVVXHV DULVLQJ IURP DUWLVWLF WKLQNLQJ IURP RQH HUD WR
VXFKDVPHWDSKRUV\QRQ\P\PHWRQ\P\DQGDOOHJRU\ DQRWKHU ZKLOH HFKRLQJ WKH GHYHORSPHQW RI HFRQRP\
$OWKRXJK WKHUH DUH PDQ\ RWKHU VXEMHFWV VWXG\LQJ LQ SROLWLFV WHFKQRORJ\ DQG FXOWXUH 0DUVKDOO 0F/XKDQ
VLJQLILFDQFH LQ WKH VFLHQWLILF ILHOG VXFK DV /RJLF PHQWLRQHG³7KHNH\IDFWRUVWKDWGHWHUPLQHWKHVRFLDOIRUP
3KHQRPHQRORJ\ &RJQLWLRQ HWF +RZHYHU 6HPLRWLFV KDV RI KXPDQ KLVWRU\ DUH QRW SROLWLFV HFRQRP\ DQG FXOWXUH
WKH PRVW JHQHUDO WKHRUHWLFDO VLJQLILFDQFH DQG SUDFWLFDO EXW PHGLD´ :LWK WKH SURJUHVV RI WKH WLPH WKH OHYHO RI
FKDUDFWHU DPRQJ WKHVH VXEMHFWV ZKLFK VWXG\LQJ WKH WHFKQRORJLFDOGHYHORSPHQWLVFKDQJLQJZLWKHDFKSDVVLQJ
VLJQLILFDQFHRIWKHJHQHUDOIRUPDOODZIURPUHSUHVHQWDWLRQ GD\ $V D QHZ W\SH RI PDVV PHGLD ILOP KDV D QDWXUDO
WRFRPPXQLFDWLRQWRUHFHLYLQJ&XOWXUHRQWKHRWKHUFDQ DGYDQWDJHRYHUWUDGLWLRQDOPHGLDGXHWRLWVYLVXDOL]DWLRQRI
EH GHILQHG DV D FROOHFWLRQ RI DOO PHDQLQJV RI DOO VRFLHW\ VWRU\ SORWV GLYHUVLILFDWLRQ RI FRQWHQW WKHPHV DQG
DFWLYLWLHVZKLFKPHDQVDOOFXOWXUDOLVVXHVFDQEHDQDO\]HG DXWKHQWLFLW\ RI YLVXDO VSHFLDO HIIHFWV DQG WKLV QDWXUDO
DV WKH SUREOHP RI WKH JHQHUDWLRQ GLVVHPLQDWLRQ DQG DGYDQWDJH HDUQV PRUH DIILQLW\ DQG YRLFH LQ WKH QHZ
LQWHUSUHWDWLRQ RI VLJQLILFDQFH 7KXV WKH FRUH DUHD RI JHQHUDWLRQV 
6HPLRWLFVFRQFHUQHGFDQEHXQGHUVWRRGDVKXPDQFXOWXUH $WWKHVDPHWLPHWKLVDIILQLW\LVDOVRVXEWO\DIIHFWLQJ
:LWK WKH DGYHQW RI WKH VW &HQWXU\ WKHUH FRPHV DQ WKH DXGLHQFH¶V DWWLWXGHV FRJQLWLRQ DQG HYHQ WKHLU

#TTFRP

© The Authors, published by EDP Sciences. This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0
(http://creativecommons.org/licenses/by/4.0/).
E3S Web of Conferences 236, 05095 (2021) https://doi.org/10.1051/e3sconf/202123605095
ICERSD 2020

IRUPDWLRQRIYDOXHV7KHUHIRUHWKHILOPKDVWKHDWWULEXWHV IXQFWLRQDQGSLFWXUHEDODQFH>@ 
RIFXOWXUDOWUDQVPLVVLRQDQGYDOXHRXWSXWDVDQLGHRORJLFDO 6LQFHWKHSRVWPRGHUQLVPRIWKHODWHVWKHSRVWHU
DUWIRUP&RPSDUHGZLWKWKHPRUHGHYHORSHGILOPLQGXVWU\ SLFWXUH KDV EHFRPH PRUH LQIRUPDWLYH ZKLOH QHZ
V\VWHPLQWKH:HVWWKH&KLQHVHILOPLQGXVWU\WKDWVWLOOKDV WHFKQRORJ\GLYLGHQGEHFRPLQJPRUHPDWXUHUZKLFKZDV
WR GHYHORS QHHGV PRUH H[FHOOHQW ZRUNV VXFK DV :ROI ERXJKW E\ WKH WKLUG LQGXVWULDO UHYROXWLRQ WKH SRVWHU FDQ
:DUULRUVჟ DQG :DQGHULQJ (DUWK WR SURPRWH WKH FDUU\DEHWWHUPHVVDJHZKLFKPDNHVWKHFRPPHUFLDOYDOXH
&KLQHVHVSLULW RIWKHSRVWHUKDVEHHQRQFHDJDLQHQKDQFHG
$VDVXEVLGLDU\FXOWXUDOSURGXFWRIWKHPRYLHWKHUROH $IWHU HQWHULQJ WKH QHZ FHQWXU\ PRYLH SRVWHUV KDYH
RIPRYLHSRVWHUVLVPDLQO\WRSURPRWHWKHPRYLH%HIRUH EHFRPHWKHGRPLQDQWSRUWUDLWSDLQWLQJ7KURXJKDVLQJOH
WKHPRYLHLVRIILFLDOO\SUHVHQWHGWRWKHDXGLHQFHLWJLYHVD SRVWHUWKHDXGLHQFHFDQXQGHUVWDQGWKHUROHVDQGZHLJKWV
FHUWDLQKRUL]RQRIH[SHFWDWLRQ>@  RIGLIIHUHQWDFWRUVLQWKHPRYLH$WWKHVDPHWLPHIURPWKH
,Q HVVHQFH DV D YLVXDO V\PERO RI WKH PRYLH LW XVHV SHUVSHFWLYHRIFRORUXVDJHWKHILOPSRVWHUVRIWKLVSHULRG
SULQW PHGLD DV D FDUULHU WR DWWUDFW WKH DXGLHQFH ZKLOH DUHQRORQJHUWLHGWRDODUJHSURSRUWLRQRIORZEULJKWFRORUV
FRQYH\LQJWKHPRYLHV
WKHPHLWVYLVXDOHOHPHQWVLQFOXGH EXW DFFRUGLQJ WR WKH VW\OH RI WKH ILOP LWVHOI WR FKRRVH
FRORUVJUDSKLFVWH[WHWF FRQVLVWHQW FRORUV 2Q WKH FRPSRVLWLRQ WKH IUDPH
$UQKHLP ZURWH LQ $UW DQG 9LVXDO 3HUFHSWLRQ $UW FRPSRVLWLRQEDVLFDOO\QRORQJHUDSSHDUVWKHFRPSRVLWLRQ
9LVLRQLVQRWDPHFKDQLFDOFRS\RIWKHHOHPHQWVEXWDQ IRUPWXUQHGLQWRGLYHUVLILHGWKHGHVLJQLVPRUHDQGPRUH
DSSURSULDWH JUDVS RI PHDQLQJIXO RYHUDOO LQVWLWXWLRQV>@ LQFOXVLYH %\ VXPPDUL]LQJ WKH V\PEROV RI LWV PRYLH
7KH LQJHQLRXV DUUDQJHPHQW DQG XVH RI WKHVH YLVXDO SRVWHUVZHFDQILQGWKHUHJXODUV\PEROVLQWKHP
HOHPHQWVFUHDWHVGLIIHUHQWYLVXDOHIIHFWVRIGLIIHUHQWPRYLH )RUH[DPSOHDSRVWHUZLWKDEDFNVKDGRZV\PERODV
SRVWHUV7KHVHYLVXDOV\PEROHOHPHQWVVHHPRUGLQDU\EXW )LJXUH  VKRZV LV XVXDOO\ D W\SLFDO ,QGLYLGXDO +HURLF
HDFKRQHRUPRUHRIWKHPFRPELQHGHIIHFWLYHO\SURPRWHV )LOPVZKLFKUHIHUVWRWKHSURWDJRQLVWRUSURWDJRQLVWJURXS
WKH WUDQVPLVVLRQ RI LQIRUPDWLRQ DQG GLIIHUHQW VDYHVWKHZRUOGRUILJKWVDJDLQVWHYLOIRUFHV,QWKHGHVLJQ
FRPELQDWLRQVEULQJGLIIHUHQWHPRWLRQDOH[SHULHQFHVWRWKH RIPRYLHSRVWHUVWKHPDLQV\PEROLVWKHFHQWUDOFKDUDFWHU
DXGLHQFH 7KH UHILQHPHQW DQG VWUXFWXUH RI V\PEROV RI WKH PRYLH$V IDU DV WKH VKDSH LV FRQFHUQHG FKRRVH
GHWHUPLQHWKHSDWWHUQDQGGHVLJQTXDOLW\RIPRYLHSRVWHUV  FORWKHVWKDWFRUUHVSRQGWRWKHFRQWHQWRIWKHPRYLHWRPDNH
0RYLH SRVWHUV FRQVWUXFW PHDQLQJ WKURXJK EDVLF WKHIRUPORRNVOLNHIRUZDUGRUEDFNZDUGVOLJKWO\E\WKLV
V\PEROLFODQJXDJHVXFKDVWH[WV\PEROVJUDSKLFV\PEROV ZD\WKHSRVWHUFDQLPSODQWWKHLPDJHRIWKHPDLQFKDUDFWHU
DQG FRORU V\PEROV DQG FOHDUO\ FRQYH\ WKH WKHPH DQG LQWRWKHDXGLHQFH
VFRQVFLRXVQHVVHDVLO\7KHFRPSRVLWLRQ
FRQWHQWRIWKHPRYLHWRWKHDXGLHQFH>@7H[WV\PEROVSOD\ LV EDVLFDOO\ PDGH E\ D VLPSOH PRYLH VFHQH ZLWK D ELJ
D NH\ UROH LQ FRQYH\LQJ ILOP LQIRUPDWLRQ LQFOXGLQJ ILJXUHLQWKHFHQWHU
GHVFULSWLYH LQIRUPDWLRQ VXFK DV ILOP QDPH VORJDQ
GLUHFWRU LQIRUPDWLRQ DFWRU LQIRUPDWLRQ DQG UHOHDVH WLPH
ZKLOHJUDSKLFV\PEROVPDLQO\H[SUHVVSRUWUDLWVFKDUDFWHU
PRGHOLQJQDWXUDOVFHQHU\HWFWKURXJKYLVXDOSHUFHSWLRQ
,W PDLQO\XVHV YLVXDO SHUFHSWLRQ WR H[SODLQWKH WKHPHRI
WKH PRYLH DQG TXLFNO\ FRQYH\ WKH LQIRUPDWLRQ RI WKH
PRYLH

&KLQHVH$QG)RUHLJQ0RYLH3RVWHU
'HVLJQ

2YHUYLHZ2I)RUHLJQ0RYLH3RVWHU'HVLJQ

6LQFHWKHILUVWPRYLHSRVWHULQWKHZRUOG7UDLQ$UULYDO 
$QRYHUYLHZRISRVWHUVZLWKEDFNVKDGRZV\PEROV
ZDVERUQLQWKHWKFHQWXU\PRYLHSRVWHUGHVLJQKDVEHHQ
VWXGLHG DQG H[SORUHG DEURDG$V WKH GHYHORSPHQW RI WKH 7DNH DQRWKHU H[DPSOH DV WKH PRYLHV ZLWK ZRPHQ DV
WLPHVWKHLQWHJUDWLRQRIQHZDHVWKHWLFLGHDVDQGWKHULVHRI WKHSURWDJRQLVWWKHIHPDOHV\PEROVLQWKHSRVWHUVFDQEH
GHVLJQPRYHPHQWVPDGHWKHZHVWHUQPRYLHSRVWHUGHVLJQ EDVLFDOO\ GLYLGHG LQWR WZR FDWHJRULHV DFFRUGLQJ WR WKH
OHG E\ GHYHORSHG ILOP V\VWHPV VXFK DV +ROO\ZRRG FRQWHQW2QHW\SHRIIHPDOHV\PEROVLVV\PEROL]HGE\WKH
JUDGXDOO\IRXQGLWVRZQZD\ LWHPV ZLWK REYLRXV IHPLQLQH WHQGHQFLHV VXFK DV KLJK
7DNHWKH8QLWHG6WDWHVDVDQH[DPSOHIURPWKHV KHHOV RU OLSVWLFNV 7KHVH SRVWHUV DUH PRVWO\ URPDQWLF
WR WKH V WKH IRUPDW RI WKH PRYLH SRVWHUV EDFN WKHQ FRPHGLHV7KHLUPDLQFKDUDFWHURIWKHPRYLHRIWHQVKRZV
ZDVJUDSKLFLQVWUXFWLRQWH[W7KHOLQFKSLQJUDSKLFVRIWKH XS DV D FODVVLF FKDUPLQJ ZRPDQ ZKRVH VXEMHFW LV WR
SRVWHUFDQEHSRUWUDLWVVFHQHVRUNH\SURSV7KHJRDORI H[SUHVVWKHIHPDOH
VHPRWLRQDQGVRFLDOH[SHULHQFH7KH
WKH SRVWHU ZDV WR H[SUHVV WKH WKHPH RI WKH PRYLH ZKLOH RWKHUFDWHJRU\RIIHPDOHV\PEROVLVDUHGOLSEDVHGSRVWHU
DWWUDFWLQJDXGLHQFHFRQVXPSWLRQLQWKHWKHDWHU'XULQJWKLV WKDW EDVLFDOO\ WHOOV WKH VWRU\ RI GDQJHURXV SURYRFDWLYH
SHULRG SRVWHUV PRVWO\ DSSHDUHG LQ KDQGGUDZQ IRUP VWLPXODWLQJQRQWUDGLWLRQDOZRPHQDQGFRPELQHVLWZLWK
ZKLOHSKRWRVZHUHPRUHEODQN8QGHUWKHLQIOXHQFHRIWKH VSLULWXDORUVFDU\HOHPHQWV
1HZ <RUN ,QVWLWXWH RI *UDSKLF 'HVLJQ WKH\ UHYHDOHG D
VLPSOH DQG UDWLRQDO VW\OH ZKLFK LV IRFXVLQJ RQ YLVXDO

2
E3S Web of Conferences 236, 05095 (2021) https://doi.org/10.1051/e3sconf/202123605095
ICERSD 2020


 0RGHUQ&KLQHVHSRVWHUV

 'LJLWDO6\PEROV,Q0RYLH3RVWHU
 $QRYHUYLHZRIIHPDOHV\PEROSRVWHUV 'HVLJQ
7KURXJK IXUWKHU DQDO\VLV RI &KLQHVH DQG IRUHLJQ PRYLH
2YHUYLHZ2I&KLQHVH)LOP3RVWHU'HVLJQ SRVWHUV WKH DXWKRU DOVR QRWLFHG WKH GLIIHUHQFHV LQ WKH
VHOHFWLRQRIV\PEROVLQWKHGHVLJQRI&KLQHVHDQGIRUHLJQ
&RPSDUHG ZLWK WKH ERRPLQJ IRUHLJQ ILOP LQGXVWU\ WKH PRYLHSRVWHUV,QWHUPVRIV\PEROLFPHDQLQJLWUHSUHVHQWV
&KLQHVH ILOP LQGXVWU\ KDV EHHQ LQ D GRZQWXUQ 1RW WR WKHDFWXDOPHDQLQJEHKLQGLWVIRUPVRLWZLOOLQHYLWDEO\EH
PHQWLRQHG GRPHVWLF PRYLH SRVWHU GHVLJQ KDV EHHQ D DIIHFWHG E\ GLIIHUHQW UHJLRQV GLIIHUHQW EHOLHIV DQG
PHFKDQLFDOLPLWDWLRQRIIRUHLJQSRVWHUGHVLJQIRUDORQJ GLIIHUHQWFXOWXUHV7KHUHIRUHWKHUHDUHVLWXDWLRQVZKHUHWKH
WLPH VDPH V\PERO H[SUHVVHV GLIIHUHQW PHDQLQJV RU WKH VDPH
:LWK WKH FRPSUHKHQVLYH UHIRUP DQG RSHQLQJ XS RI PHDQLQJLVH[SUHVVHGE\GLIIHUHQWV\PEROV
&KLQD
VHFRQRP\DQGVRFLHW\PDQ\QHZGHVLJQLGHDVDQG $VRQHRIWKHSRZHUIXOPHGLDRIFXOWXUDORXWSXWWKH
DHVWKHWLFWKHRULHVKDYHEHHQFRQWLQXRXVO\LQWHJUDWHGLQWR PRYLH LWVHOI FDQ DOVR EH XQGHUVWRRG DV D V\PEROLF
WKH&KLQHVHPDUNHW0HDQZKLOHWKHGHHSHQLQJRIVHPLRWLF H[SUHVVLRQRIWKHLGHRORJ\LWUHSUHVHQWV,QWKLVVHQVHWKH
WKHRU\ UHVHDUFK KDV JUDGXDOO\ WUDQVIRUPHG WKH IRUP RI PRYLH SRVWHU LV WKH IXUWKHU V\PEROL]DWLRQ RI WKH PRYLH
PRYLHSRVWHUVIURPDVLQJOHSURGXFWLQWRDGLYHUVLILHGDQG V\PERO ,W FDQ EH IRXQG WKDW WKH GLIIHUHQFH LQ YLVXDO
WKRXJKWIXODHVWKHWLFDUWZRUN7KHGHVLJQRI&KLQHVHPRYLH JUDSKLFV\PEROVLVDFWXDOO\DFXOWXUDOGLIIHUHQFH
SRVWHUV DQG PRYLH SRVWHUV LV QRW RQO\ EULQJLQJ PRUH ,I ZH FRPSDUH WKH DQFLHQW *UHHN FLYLOL]DWLRQ WKDW
HFRQRPLFEHQHILWVWRLWVDIILOLDWHGPRYLHLQGXVWU\EXWDOVR UHSUHVHQWV WKH RULJLQ RI :HVWHUQ FLYLOL]DWLRQ ZLWK WKH
IRUPLQJLWVRZQDHVWKHWLFDQGFRPPHUFLDOYDOXH WUDGLWLRQDO&KLQHVHFLYLOL]DWLRQZHFDQILQGWKDW:HVWHUQ
)URPWKHEHJLQQLQJRIWKHIRXQGLQJRI1HZ&KLQDWR FLYLOL]DWLRQRULJLQDWHGIURPPDULQHFLYLOL]DWLRQEDVHGRQ
EHIRUHWKHUHIRUPDQGRSHQLQJXS&KLQD瀠VGRPHVWLFILOP FRPPHUFLDO GHYHORSPHQW DQG FRJQLWLYHO\ H[WHUQDOL]HG
PDUNHWZDVDIIHFWHGE\WKHGRPHVWLFSROLWLFDOHQYLURQPHQW HSLVWHPRORJLFDO SKLORVRSK\ HPSKDVL]LQJ KXPDQLW\ DQG
DWWKDWWLPHDQGVKRZHGDVWURQJSROLWLFDODWPRVSKHUH7KH WUDQVIRUPDWLRQFLYLOL]DWLRQILUVWLVUHOLJLRQWKDWLVWKHJRGV
FUHDWLRQ EDVLFDOO\ IROORZV WKH SULQFLSOH ³UHYROXWLRQDU\ WKDWHPERG\DOOWKHZLVGRPDQGEHDXW\RIPDQNLQGDUHWKH
WKHPHILUVW´DQGLWVVXEMHFWPDWWHULVEDVLFDOO\WRGHSLFW KLJKHVW DQG WKH\ DGYRFDWH GHPRFUDF\ DQG WKH OHJDO
UHYROXWLRQDU\KHURHVWHOOLQJUHYROXWLRQDU\VWRULHVWKURXJK V\VWHPZKLOH(DVWHUQFLYLOL]DWLRQRULJLQDWHGLQWKHLQODQG
UHDOLVWLF PHDQV DQG WKH ILOP SUHVHQWV KHURLVP DQG IDUPLQJ OHG WKH GHYHORSPHQW FRJQLWLYHO\ LQWHUQDOL]HG
SDWULRWLVP PHWDSK\VLFV IRFXVLQJ RQ QDWXUH DQG REHGLHQFH
$IWHU WKH UHIRUP DQG RSHQLQJ XS WKH GRPHVWLF ILOP FLYLOL]DWLRQ ILUVW LV HWKLFV WKDW DUH PRUDO YLUWXH WKH
LQGXVWU\ KDV XVKHUHG LQ D QHZ GHYHORSPHQW RSSRUWXQLW\ LQGHVFULEDEOH KHDYHQ LV WKH KLJKHVW DQG WKH\ DUH
([FHOOHQWIRUHLJQILOPVDUHFRQWLQXDOO\LPSRUWHGLQWRWKH DGYRFDWLQJDXWRFUDF\DQGIDPLO\ 
FRXQWU\ $OO NLQGV RI QHZ WKHPHV QHZ VKRRWLQJ 7KLV GLIIHUHQFH LQ FXOWXUDO GHYHORSPHQW KDV FDXVHG
WHFKQLTXHV DQG SHUIRUPDQFH WHFKQLTXHV DUH FRQVWDQWO\ REYLRXVGLIIHUHQFHVLQWKHFKRLFHRIV\PEROVEHWZHHQWKH
SUHVHQWLQWKHH\HVRIWKH&KLQHVHSHRSOH7KHILOPPDUNHW (DVWDQGWKH:HVW$FFRUGLQJWRWKLVGLIIHUHQFHV\PEROV
KDVPRUHUHTXLUHPHQWVIRUWKHTXDOLW\RIILOPV7KHWKHPHV FDQ EH GLYLGHG LQWR 6WURQJ :HVWHUQ 6\PEROV 6WURQJ
RIWKHILOPKDYHDOVRFKDQJHGIURPDSROLWLFDOO\EDVHGILOP (DVWHUQ 6\PEROV DQG :HDN &XOWXUDO 6\PEROV 6WURQJ
WR D GLYHUVLILHG GHYHORSPHQW RI VRFLDO WKHPHV VXFK DV :HVWHUQ6\PEROVLQFOXGHVQDNHVH\HVDQJHOVDQGGHPRQV
IRFXVLQJ RQ VRFLDO FXOWXUH DQG WKLQNLQJ DERXW KXPDQ PDJLFFURVVHVVFDOHVHWFZKLOHFRPPRQ6WURQJ(DVWHUQ
QDWXUH7KHGHVLJQRIPRYLHSRVWHUVKDVHPHUJHGZLWKD 6\PEROV LQFOXGH LQN SDLQWLQJ 7DL &KL PDUWLDO DUWV DQG
YDULHW\RIDUWLVWLFH[SUHVVLRQVVRWKDWWKHSRVWHUVFRQYH\ PDUWLDODUWVVTXDUHFKDUDFWHUVWHD:HVWZDUG-RXUQH\HWF
QRWRQO\WKHFRQWHQWRIWKHPRYLHEXWDOVRWKHHPRWLRQVRI 6WURQJ :HVWHUQ 6\PEROV WDNH WKH H\H V\PERO DV DQ
WKHFKDUDFWHUVLQWKHPRYLH>@  H[DPSOH)URPWKHH\HRI+RUXVRQWKHDQFLHQW(J\SWLDQ
(VSHFLDOO\VLQFHWKHEHJLQQLQJRIWKHQHZFHQWXU\WKH PXUDOV WR WKH H\H RI WKH RPQLVFLHQW DQG DOPLJKW\ *RG
UDSLGGHYHORSPHQWRIQHZLQGXVWULDOWHFKQRORJ\LQ&KLQD SULQWHGRQWKH86GROODUWKHZRUVKLSRIWKHH\HV\PEROLQ
KDV WHFKQLFDOO\ OLIWHG WKH VKDFNOHV WKDW UHVWULFWHG WKH WKH:HVWHUQZRUOGKDVQHYHUVWRSSHGDQG&KLQDFXUUHQWO\
GHYHORSPHQW RI &KLQD
V PRYLH SRVWHUGHVLJQ DQG SRVWHU NQRZV2QO\6DQ[LQJGXLVKRZHGZRUVKLSIRUH\HVLQWKH
GHVLJQZLWK&KLQHVHFKDUDFWHULVWLFVKDVJUDGXDOO\VSURXWHG FXOWXUH 7KHUHIRUH :HVWHUQ SRVWHUV GRPLQDWHG E\ H\H

3
E3S Web of Conferences 236, 05095 (2021) https://doi.org/10.1051/e3sconf/202123605095
ICERSD 2020

V\PEROVDUHPRVWO\VFLHQFHILFWLRQILOPVRUKRUURUWKULOOHUV DGUHQDOLQH LQ RUGHU WR VDWLVI\ WKH GHVLUH RI DXGLHQFH WR
%DVHGRQWKHH[SDQVLRQRIWKHH\HVDQGWKHDSSOLFDWLRQRI PDNHWKHPZDWFKLQJPRYLHV
DX[LOLDU\V\PEROVVXFKDVEXJVURDGVDQGIODPHVWKHWRQH
RIWKHILOPFDQEHIXUWKHUVSHFXODWHG
,QWHUPVRIGHVLJQWHFKQLTXHVWKLVLVWKHSURFHVVLQJRI
WKHSXSLOZKLFKLVWKHFHQWUDOSRLQWRIYLVLRQE\EUHDNLQJ
WKHLQHUWLDOWKLQNLQJWKDWKDVORQJEHHQZRUVKLSHGE\WKH
H\HVWRFUHDWHDZHLUGDQGVXSHUQDWXUDOYLVXDOHIIHFWDQG
DURXVHWKHDXGLHQFH
VFXULRVLW\ 



3RVWHUVUHODWHGWRILUHDUPVV\PEROV

 )URPWKHDQDO\VLVDERYHLWFDQEHIRXQGWKDWH[FHOOHQW

3RVWHUVUHODWHGWRH\HV\PEROV SRVWHUGHVLJQRIWHQIROORZWKHLURZQFXOWXUHLQWKHFKRLFH
RI V\PEROV DQG ILQG HOHPHQWV WKDW ILW WKH ILOP IURP WKH
7KH6WURQJ2ULHQWDO6\PEROWDNHVWKHLQNV\PERODV ORFDOFXOWXUH7DNH$OLHQSRVWHUVDQG7KH*ROGHQ(UD
DQ H[DPSOH 'HVLJQHUV RIWHQ XVH WKH XQFHUWDLQW\ RI LQN SRVWHUVDVH[DPSOHV
IORZWRFUHDWHDZDQWRQDQGDUURJDQWILOP¶VWRQH7KHUHIRUH ,QWKH$OLHQSRVWHUWKHSRVWHULVH[SUHVVHGLQUHOLHI
LWLVRIWHQFRPELQHGZLWKPDUWLDODUWVPRYLHVRUUHQGHUHG DQG DW WKH VDPH WLPH ZLWK WKH KHOS RI WKH WZLVWHG DQG
WKHEDFNJURXQGHUDRIWKHPRYLHZLWKWKHXQLTXHHIIHFWRI VWUXJJOLQJLPDJHRIWKHDQFLHQW*UHHNVWDWXH/DRFRRQLW
LQN DQG ZDVK$V D WUDGLWLRQDO FDOOLJUDSK\ DQG SDLQWLQJ H[SUHVVHVWKHFUXHOVWUXJJOHEHWZHHQKXPDQVDQGDOLHQV
WHFKQLTXHIRUDORQJWLPHLQNDQGZDVKV\PEROVDUHZHOO DQGJLYHVLWDFLYLOL]HGHSLFVHQVH
LQWHJUDWHG ZLWK &KLQHVH FDOOLJUDSK\ FXOWXUH PDNLQJ WKH ,Q 7KH *ROGHQ (UD WKH WH[W LV GHFRPSRVHG LQWR
IRQW GHVLJQ RI &KLQHVH PRYLH SRVWHUV KDYH XQLTXH VFDWWHUHGDQGPHVV\VWURNHVDQGWKHVWUDLJKWDQGREOLTXH
DGYDQWDJHV$WWKHVDPHWLPHWKHEODFNDQGZKLWHSDUWVRI VWURNHV IRUP DQ LOOXVRU\ ZDOO DQG GLIIHUHQW FKDUDFWHUV
WKHVFUHHQGLYLGHGE\LQNDQGZDVKDUHKLJKO\LQWHJUDWHG VKXWWOH LQ WKH YLUWXDO VSDFH>@ 7KHVH JUDSKLF V\PEROV
ZLWK 7DRLVW FXOWXUH
V 7DL &KL DQG <LQ <DQJ GRFWULQH IRUPHG E\ WKH VWURNHV JLYH SHRSOH D VWURQJ VHQVH RI
7KHUHIRUHPRYLHVZLWKLQNDQGZDVKHOHPHQWVRIWHQWHOO VKDUSQHVVDQGRSSUHVVLRQZKLFKLVLQVKDUSFRQWUDVWZLWK
VWRULHVRIWUDGLWLRQDO&KLQDUDWKHUWKDQPRGHUQ&KLQDDQG WKH OLWWOH FKDUDFWHUV RQ WKH SRVWHUV ZKLFK PHDQV WKH
WKHLUFRUHFRQWHQWLVPRVWO\UHODWHGWRWUDGLWLRQDOFXOWXUH WXUEXOHQWHUDDQGWKHSURWDJRQLVW
VOLIH



3RVWHURI$OLHQDQG7KH*ROGHQ(UD

 6XPPDU\

3RVWHUVUHODWHGWRLQNDQGZDVKV\PEROV 7KLV DUWLFOH EULHIO\ GHVFULEHV WKH GHYHORSPHQW RI PRYLH
SRVWHUV DW KRPH DQG DEURDG DQG GLVFXVVHV WKH XVH RI
:HDN&XOWXUDO6\PEROVWDNHILUHDUPVDVDQH[DPSOH
FXOWXUDOV\PEROVLQWKHGHVLJQRIPRYLHSRVWHUVLQGLIIHUHQW
6LQFHDXWRPDWLFILUHDUPVKDYHEHHQZLGHO\XVHGDIWHUWKH
FXOWXUDO EDFNJURXQGV IURP WKH SHUVSHFWLYH RI FXOWXUDO
WKFHQWXU\LQWKHFXOWXUHVRIFRXQWULHVDURXQGWKHZRUOG
V\PERO GLJLWL]DWLRQ 7KH DXWKRU EHOLHYHV WKDW WKH PRYLH
ZKRKDYHEHHQWKURXJKWZLFH:RUOG:DUVILUHDUPVKDYH
SRVWHULVWKHV\PEROLFV\PERORIWKHVWRU\RIWKHPRYLH
UHSUHVHQWHGYLROHQFHDQGEORRGDQGWKHQGHYHORSHGLQWR
DQGWKHYLVXDOH[SUHVVLYHQHVVRILWVVLJQLILHULVWKHPRVW
ODZ HQIRUFHPHQW DQG FRQIOLFW 6\QRQ\PRXV PRYLH
HDVLO\UHFHLYHGYLVXDOV\PEROE\WKHDXGLHQFH2QO\ZKHQ
SRVWHUVZLWKJXQUHODWHGV\PEROVVXFKDVEXOOHWVVLJKWV
WKHSRVWHULVDWWUDFWHGWKHDXGLHQFHLVZLOOLQJWRZDWFKWKH
HWFXVXDOO\KDYHHOHPHQWVVXFKDVDFWLRQJDQJVWHUVZDU
PRYLH
DQG SROLFH 7KLV W\SH RI ILOP XVHV D FRPELQDWLRQ RI
7KHUHIRUHWKHGHVLJQRI&KLQHVHPRYLHSRVWHUVQHHGV
YLROHQFHUHODWHG V\PEROV WR VWLPXODWH WKH DXGLHQFH 瀠 V

4
E3S Web of Conferences 236, 05095 (2021) https://doi.org/10.1051/e3sconf/202123605095
ICERSD 2020

WRH[WUDFWPRUH&KLQHVHVW\OHV\PEROVZLWK&KLQHVHIODYRU
RIWKHORFDOFXOWXUHDQGRXWSXW&KLQHVHFXOWXUHDQGYDOXHV
WRWKHZRUOGWKURXJKGLJLWDOGHVLJQRIWKHVHV\PEROV

5()(5(1&(6
 +X<LURQJ,PDJH6HPLRWLFV6FKHPDWLF*UDVSLQJRI
WKH0HGLD/DQGVFDSH:RUOG>0@&KHQJGX6LFKXDQ
8QLYHUVLW\3UHVV
 /Y-LDEHL6HPLRWLFVDQGSURGXFWVHPDQWLFVLQPRYLH
SRVWHUV>-@$UW(GXFDWLRQ5HVHDUFK  
 :DQJ 7LQJ 9LVXDO 5KHWRULF 9LHZLQJ WKH
&RQVWUXFWLRQRI1DWLRQDO,PDJHIURPWKH6HYHQWHHQ
<HDUV 0RYLH 3RVWHUV>-@ )LOP &ULWLFLVP   

 /L+HQDQ5HVHDUFKRQ9LVXDO6\PEROVDQG$XGLHQFH
&RJQLWLRQ RI &KLQHVH 0RYLH 3RVWHUV >'@ +XQDQ
1RUPDO8QLYHUVLW\
 =HQJ <LQJ $QDO\VLV RI +XDQJKDL 0RYLH 3RVWHU
'HVLJQ IURP WKH 3HUVSHFWLYH RI 6\PEROV>-@ $UW
7KHRU\  
 *DR0HQJ\DR$QDO\VLVRIWKHYLVXDOV\PEROVLQWKH
GHVLJQ RI$PHULFDQ PRYLH SRVWHUV>-@$UW 5HVHDUFK
([SUHVV  
 +RQJ ;LDRQDQ /L ;LQ\L 7KH VW\OH HYROXWLRQ DQG
GHYHORSPHQWRIQHZ&KLQDPRYLHSRVWHUGHVLJQ瀥瀥
7DNLQJ WKH ZRUNV RI WKH 1HZ &KLQD FODVVLF PRYLH
SRVWHUH[KLELWLRQRI-LOLQ8QLYHUVLW\RIWKH$UWVDVDQ
H[DPSOH >-@ -RXUQDO RI -LOLQ 8QLYHUVLW\ RI WKH$UWV
  
 5HQ +RQJOL ([SORULQJ WKH DHVWKHWLF PHDQLQJ RI
*ROGHQ $JH PRYLH SRVWHUV>-@ 6LFKXDQ 'UDPD
  

You might also like