-XUQDO/LWEDQJ,QGXVWUL9RO1R'HVHPEHU

3(0$1)$$7$17(.1,..2.5,67$/,6$6,8178.352'8.6,6(5%8.(.675$.
6,56$.

$SSOLFDWLRQRI&R&U\VWDOOL]DWLRQ7HFKQLTXHRQ3URGXFWLRQRI6RXUVRS([WUDFW3RZGHU

/XNPDQ-XQDLGL (QQ\+DZDQL/RHELVGDQ5L]DO$ODPV\DK
%DODL%HVDU,QGXVWUL$JUR
-O,U+-XDQGD1R%RJRU
HPDLOOXNPDQMXQDLGL#JPDLOFRP

'LWHULPD0HLUHYLVLDNKLU$JXVWXVGDQGLVHWXMXLXQWXNGLWHUELWNDQ6HSWHPEHU

$%675$.

3HQHOLWLDQSHPDQIDDWDQWHNQLNNRNULVWDOLVDVLXQWXNSURGXNVLVHUEXNHNVWUDNVLUVDNGLODNXNDQ
XQWXN GLYHUVLILNDVL SURGXN RODKDQ EXDK VLUVDN \DQJ GDSDW GLMDGLNDQ NRPRGLWDV LQGXVWUL
3HUODNXDQ \DQJ GLDPDWL PHOLSXWL SHQJDUXK   SHQJJXQDDQ MHQLV DQWL NHPSDO PDJQHVLXP
RNVLGD 02 PDJQHVLXPNDUERQDW 0& GDQPDJQHVLXPVLOLNDW 06 GDQ  PDVDVLPSDQ 
  GDQ  EXODQ  WHUKDGDS NDUDNWHULVWLN PXWX VHUEXN VLUVDN +DVLO SHQHOLWLDQ PHQXQMXNNDQ
EDKZD WHNQLN NRNULVWDOLVDVL GDSDW GLPDQIDDWNDQ XQWXN PHQJKDVLONDQ VHUEXN VLUVDN \DQJ
PHPHQXKLSHUV\DUDWDQPXWX61,%HUGDVDUNDQNDUDNWHULVWLNPXWXQ\DVHUEXN
VLUVDN0&PHPEHULNDQKDVLO\DQJOHELKEDLNGLEDQGLQJNDQGHQJDQVHUEXNVLUVDN06GDQVHUEXN
VLUVDN026HUEXNVLUVDN0&PHPLOLNLNDUDNWHULVWLNPXWXNDGDUDLUS+NDGDUJXOD
9LWDPLQ& PJJWRWDOSDGDWDQWHUODUXW$/7NRORQLJ NROLIRUP
$30GDQWLGDNPHQJDQGXQJNDSDQJGDQNKDPLU3HQ\LPSDQDQVHUEXNVLUVDNVDPSDLGHQJDQ
 EXODQ PHQJDNLEDWNDQ WHUMDGLQ\D SHQLQJNDWDQ NDGDU DLU S+ GDQ $/7 GDQ VHEDOLNQ\D
PHQJDNLEDWNDQ SHQXUXQDQ NDGDU JXOD YLWDPLQ & GDQ WRWDO SDGDWDQ WHUODUXW  %HUGDVDUNDQ
NDUDNWHULVWLN PXWXQ\D VHUEXN VLUVDN \DQJ GLVLPSDQ VHODPD  EXODQ WHWDS PHPHQXKL
SHUV\DUDWDQPXWX61,

.DWD.XQFL$QWLNHPSDOEXDKVLUVDNNRNULVWDOLVDVLVHUEXNVLUVDN

$%675$&7

5HVHDUFKRQDSSOLFDWLRQRIFRFU\VWDOOL]DWLRQWHFKQLTXHRQSURGXFWLRQRIVRXUVRSH[WUDFWSRZGHU
FRQGXFWHGWRGLYHUVLI\VRXUVRSSURGXFWWKDWFRXOGEHXVHGDVLQGXVWULDOFRPPRGLW\7UHDWPHQWRQ
WKLVUHVHDUFKZDVLQIOXHQFHRI  DQWLFDNLQJPDJQHVLXPR[LGH 02 PDJQHVLXPFDUERQDWH
0& DQGPDJQHVLXPVLOLFDWH 06 DQG  VWRUDJHSHULRG DQGPRQWKV RQWKH
FKDUDFWHULVWLFVRIVRXUVRSSRZGHUTXDOLW\7KHUHVXOWVVKRZHGFRFU\VWDOOL]DWLRQFRXOGEHDSSOLHG
WRSURGXFHVRXUVRSSRZGHUWKDWPHWWKHUHTXLUHPHQWVRI61,%DVHGRQLWVTXDOLW\
FKDUDFWHULVWLFVVRXUVRSSRZGHU0&UHVXOWHGDEHWWHUTXDOLW\FRPSDUHGWRVRXUVRSSRZGHU02
DQG VRXUVRS SRZGHU 06 6RXUVRS SRZGHU 0& KDG D TXDOLW\ FKDUDFWHULVWLFV ZDWHU FRQWHQW
S+VXJDUFRQWHQWYLWDPLQ&PJJWRWDOVROXEOHVROLGV73&
FRORQLHVJFROLIRUP031DQGFRQWDLQQRPROGDQG\HDVW6WRUDJHRIVRXUVRSSRZGHUXQWLO
 PRQWKV LQFUHDVHG ZDWHU FRQWHQW S+ DQG 73& DQG FRQWUDULO\ GHFUHDVHG VXJDU FRQWHQW
YLWDPLQ&DQGWRWDOVROXEOHVROLGV %DVHGRQWKHTXDOLW\FKDUDFWHULVWLFVVRXUVRSSRZGHUWKDW
ZDVVWRUHGIRUPRQWKVVWLOOPHWWKH61,UHTXLUHPHQWV

.H\ZRUGV$QWLFDNLQJVRXUVRSIUXLWFRFU\VWDOOL]DWLRQVRXUVRSSRZGHU
3(1'$+8/8$1 \DQJ PHQ\HQDQJNDQ GDQ PHQMDGL EDKDQ
EDNX XQWXN SHPEXDWDQ VLUXS MXLFH QHFWDU
6LUVDN $QQRQD PXULFDWD /LQQ  GDQ MDP )DVROLQ DQG &XQKD   %XDK
PHUXSDNDQWXPEXKDQ\DQJPHPLOLNLEDQ\DN VLUVDN VDQJDW EHUPDQIDDW XQWXN NHVHKDWDQ
PDQIDDW 'DJLQJEXDKQ\DPHPLOLNLDURPD NDUHQD PHQJDQGXQJ DQWLRNVLGDQ \DQJ


3HPDQIDDWDQ7HNQLN.RNULVWDOLVDVL«««« /XNPDQ-XQDLGLGNN
FXNXSWLQJJL /DNRHWDO GDQND\DDNDQ
VHUDW 6DPRQWH DQG 7ULQLGDG   VHUWD
PHQJDQGXQJ 9LWDPLQ$ GDQ & \DQJ FXNXS
WLQJJL 1ZHNH DQG ,ELDP   1DPXQ
GHPLNLDQVHEDJDLPDQDNRPRGLWDVSHUWDQLDQ
ODLQQ\D EXDK VLUVDN PHPLOLNL VLIDW PXGDK
UXVDN GDQ SDVRNDQQ\D EHUVLIDW PXVLPDQ
VHKLQJJDWLGDNPXGDKXQWXNGLGLVWULEXVLNDQ
VHFDUD NRPHUVLO 8QWXN PHQLQJNDWNDQ QLODL
WDPEDK EXDK VLUVDN SHUOX GLODNXNDQ
GLYHUVLILNDVL SURGXN \DQJ PHPLOLNL XPXU
VLPSDQ ODPD GDQ SDVRNDQQ\D WLGDN
WHUJDQWXQJ PXVLP VHSHUWL SURGXN VHUEXN
HNVWUDN VDUL EXDK VLUVDN VHUEXN VLUVDN 
GHQJDQPHQJJXQDNDQWHNQLNNRNULVWDOLVDVL
7HNQLNNRNULVWDOLVDVLPHUXSDNDQVDODK
VDWX WHNQLN HQNDSVXODVL \DQJ GLJXQDNDQ
XQWXNPHODSLVLEDKDQDWDXFDPSXUDQEDKDQ
GDODPEDKDQDWDXVLVWHP\DQJODLQ 0DGHQH
HW DO   'DODP SURVHV NRNULVWDOLVDVL
LQJUHGLHQ NHGXD GLPDVXNNDQ NH GDODP
EXWLUDQ \DQJ EHUVLIDW SRURXV \DQJ WHUEXDW
GDUL PLNURNULVWDO VXNURVD \DQJ GLEHQWXN
GDODP SURVHV NULVWDOLVDVL VSRQWDQ  3URVHV
NRNULVWDOLVDVL GLODNXNDQ GHQJDQ
PHPHNDWNDQ FRQFHQWUDWLQJ  VLUXS VXNURVD
VDPSDL WHUFDSDL NRQGLVL VXSHU MHQXK
VXSHUVDWXUDWLRQ  GDQ NHPXGLDQ
GLWDPEDKNDQ EDKDQ LQWL GDQ GLODNXNDQ
SHQJDGXNDQ LQWHQVLI \DQJ PHQJDNLEDWNDQ
WHUEHQWXNQ\D DJORPHUDVL $VWROIL)LOKR HW
DO 
0LNURHQNDSVXODVL PHUXSDNDQ
SHQJJDEXQJDQEDKDQPDNDQDQHQ]LPVHO
DWDX EDKDQ ODLQQ\D GDODP NDSVXO NHFLO 
0LNURHQNDSVXODVL GDSDW GLJXQDNDQ XQWXN
PHOLQGXQJL NRPSRQHQ PDNDQDQ \DQJ
VHQVLWLI PHQFHJDK NHKLODQJDQ QXWULVL
PHOLQGXQJL UDVD GDQ  DURPD VHUWD
PHQJXEDKFDLUDQPHQMDGLEDKDQSDGDW\DQJ
PXGDK GLWDQJDQL 'HVDL DQG 3DUN   
7HNQLN HQNDSVXODVLGDSDWGLJXQDNDQXQWXN
PHPSHUSDQMDQJ XPXU VLPSDQ GDQ
PHPSHUEDLNLSHQDPSLODQSURGXNVHKLQJJD
PHPEHULNDQ EHEHUDSD NHXQWXQJDQ GDODP
SHPDNDLDQVHODQMXWQ\D ,GKDPHWDO  
PHQ\HEXWNDQ EDKZD WHNQLN HQNDSVXODVL
GLJXQDNDQ XQWXN PHQJXUDQJL LQWHUDNVL
EDKDQ SDQJDQ GHQJDQ IDNWRU OLQJNXQJDQ
VHSHUWL VXKX FDKD\D NHOHPEDEDQ GDQ
RNVLJHQ
'DODP SURVHV SURGXNVL VHUEXN VLUVDN
VDODK VDWX IDNWRU \DQJ SHUOX GLSHUKDWLNDQ
DGDODK NHPXQJNLQDQ WHUMDGLQ\D

SHQJJXPSDODQSURGXN\DQJGLVLPSDQODPD
NDUHQDDGDQ\DDEVRUSVLDLUGDULOLQJNXQJDQ
8QWXN PHQJKLQGDUL WHUMDGLQ\D
SHQJJXPSDODQ SURGXN SHUOX GLWDPEDKNDQ
DQWL NHPSDO IRRGJUDGH VHSHUWL WULNDOVLXP
SRVIDW VHKLQJJD SURGXN VHUEXN WHWDS
EHUVLIDWEHEDVWLGDNPHQJJXPSDO -D\DDQG
'DV 
8QWXN PHQJHPEDQJNDQ EXDK VLUVDN
PHQMDGLNRPRGLWDVLQGXVWULPDNDSHUOXGLWHOLWL
GLYHUVLILNDVL SURGXN EXDK VLUVDN PHQMDGL
SURGXN VHUEXN VLUVDN GHQJDQ SHQJJXQDDQ
WHNQLNNRNULVWDOLVDVL3HQHOLWLDQLQLEHUWXMXDQ
XQWXN PHPSHODMDUL NDUDNWHULVWLN VHUEXN
VLUVDN NRNULVWDOLVDVL GDQ SHQJDUXK
SHQ\LPSDQDQWHUKDGDSPXWXQ\D
0(72'2/2*,3(1(/,7,$1
%DKDQ EDNX \DQJ GLJXQDNDQ DGDODK
EXDK VLUVDN \DQJ GLEHOL GL SDVDU %RJRU
%DKDQSHQRORQJWHUGLULGDULJXODDVDPVLWUDW
YDQLOL JDUDP IODYRU DVSDUWDP SHNWLQ
QDWULXP VLWUDW QDWULXP NDUERNVLPHWLO
VHOXORVD DQWL NHPSDO PDJQHVLXP RNVLGD
PDJQHVLXP NDUERQDW GDQ PDJQHVLXP
VLOLNDW  QDWULXP EHQ]RDW GDQ EDKDQ
SHQJHPDVDOXPLQLXPIRLO WHEDO“PP 
$ODW\DQJGLJXQDNDQDGDODKRYHQEOHQGHU
0ROOHQ 'U\HU 'LVN 0LOO GDQ 3DFNDJLQJ
6DFKHW6HPL$XWRPDWLF
3HODNVDQDDQ SHQHOLWLDQ GLODNXNDQ
GHQJDQ GXD WDKDS \DLWX SHQHOLWLDQ
SHQGDKXOXDQGDQSHQHOLWLDQODQMXWDQSURVHV
NRNULVWDOLVDVL VHUEXN HNVWUDN VDUL EXDK
VLUVDN
3DGDSHQHOLWLDQSHQGDKXOXDQGLODNXNDQ
SURVHV SURGXNVL VHUEXN VLUVDN XQWXN
PHQJXUDQJL WHUEHQWXNQ\D HQGDSDQ DSDELOD
SURGXN VHUEXN VLUVDN GLVHGXK 3HUODNXDQ
\DQJGLDPDWLDGDODKWHNQLNSHPLVDKDQILOWUDW
KDVLO HNVWUDNVL \DLWX   FDUD VHQWULIXJDVL
GDQ   FDUD GHNDQWDVL +DVLO NHGXD
SHUFREDDQ WHUVHEXW GLXML GHQJDQ FDUD
SHQLODLDQ RUJDQROHSWLN XQWXN PHQHQWXNDQ
SHQHULPDDQSDQHOLVWHUEDLNGDULNHGXDFDUD
WHUVHEXW+DVLO\DQJWHUEDLNGLJXQDNDQXQWXN
SURVHV SURGXNVL VHUEXN VLUVDN SDGD
SHQHOLWLDQODQMXWDQ
3URVHV SURGXNVL VHUEXN VLUVDN GLPXODL
GHQJDQ SHPEHODKDQ EXDK VLUVDN XQWXN
PHQJDPELO LVLQ\D ODOX GLSLVDKNDQ DQWDUD
GDJLQJ EXDK GHQJDQ ELMLQ\D NHPXGLDQ
GDJLQJEXDKGLEOHQGHUGHQJDQSHQDPEDKDQ
 -XUQDO/LWEDQJ,QGXVWUL9RO1R'HVHPEHU

DLU-XVEXDKVLUVDNNHPXGLDQGLSLVDKNDQ
GHQJDQ FDUD VHQWULIXJDVL DWDX GHNDQWDVL 
+DVLOHNVWUDNVLGLIRUPXODVLODOXGLPDVXNNDQ
NHGDODP0ROOHQ'U\HUGDQGLSDQDVNDQSDGD
VXKX ƒ& NHPXGLDQ GLSXWDU GHQJDQ
NHFHSDWDQ SHUSXWDUDQ  USP VDPSDL
PHQMDGL VHUEXN 6HUEXN VLUVDN NHPXGLDQ
GLKDOXVNDQGHQJDQPHQJJXQDNDQ'LVN0LOO 
/DOX NH GDODP VHWLDS  NJ VHUEXN VLUVDN
GLWDPEDKNDQJUDPDQWLNHPSDO.HPXGLDQ
GLNHPDVGDODPDOXPLQLXPIRLOGDQGLVLPSDQ
VHODPDGDQEXODQ )RUPXOD\DQJ
GLJXQDNDQ SDGD SURVHV NRNULVWDOLVDVL
GLXUDLNDQSDGD7DEHO
$QDOLVLV\DQJGLODNXNDQPHOLSXWLNDGDU
DLU S+ 9LWDPLQ & WRWDO SDGDWDQ WHUODUXW
$2$&   NDGDU JXOD 61, 
 GDQFHPDUDQPLNURED 61,
  6HGDQJNDQ SHQLODLDQ RUJDQROHSWLN
GLODNXNDQEHUGDVDUNDQXMLNHVXNDDQGHQJDQ
ERERW QLODL  WLGDN VXND  DJDN VXND 
ELDVD   VXND  GDQ  VDQJDW VXND 
GHQJDQ MXPODK SDQHOLV VHEDQ\DN  RUDQJ
/DUPRQG 
+$6,/'$13(0%$+$6$1
$QDOLVLV%DKDQ%DNX

7DEHO )RUPXOD EDKDQ EDNX XQWXN +DVLO DQDOLVLV EXDK VLUVDN GLWXQMXNNDQ
SURGXNVLVHUEXNVLUVDN SDGDWDEHO

1R -HQLV%DKDQ .RPSRVLVL J 7DEHO +DVLODQDOLVLVEXDKVLUVDN

   'DJLQJEXDKVLUVDN   1R 3DUDPHWHU8ML 6DWXDQ .RPSRVLVL

   *XOD 
   &0&    .DGDUDLU  
   3HNWLQ    .DGDU$EX  
   $VDPVLWUDW    3URWHLQ  
   1DWULXPVLWUDW    /HPDN  
   $VSDUWDP    6HUDW.DVDU  
   *DUDP    .DUERKLGUDW  
   )ODYRU    7RWDO*XOD  
  3HZDUQD    S+  
  9LWDPLQ& 0J 

3DGD SHQHOLWLDQ ODQMXWDQ GLODNXNDQ

SHQFDPSXUDQ EDKDQ DQWL NHPSDO
PDJQHVLXP NDUERQDW 0&  PDJQHVLXP
VLOLNDW 06 GDQPDJQHVLXPRNVLGD 02 NH
GDODPSURGXNVHUEXNVLUVDN\DQJGLKDVLONDQ
VHVXDLSURVHVSURGXNVL\DQJGLXUDLNDQSDGD
SHQHOLWLDQSHQGDKXOXDQ-XPODKDQWLNHPSDO
\DQJ GLWDPEDKNDQ DGDODK  JNJ VHUEXN
VLUVDN 3URGXN VHUEXN VLUVDN \DQJ WHODK
GLWDPEDKL DQWLNHPSDO GLNHPDV GDODP
VDFKHWDOXPLQLXPIRLOGDQGLVLPSDQVHODPD
EXODQ XQWXN GLDPDWL NDUDNWHULVWLN PXWXQ\D
PHOLSXWLNDGDUDLUS+NDGDUJXOD9LWDPLQ&
WRWDOSDGDWDQWHUODUXWGDQFHPDUDQPLNURED
DQJNDOHPSHQJWRWDONDSDQJNKDPLUGDQ
FROLIRUP  3HQJDPDWDQ GLODNXNDQ VHWLDS
EXODQVHODPDSHQ\LPSDQDQEXODQ
%HUGDVDUNDQ KDVLO DQDOLVLV WHUVHEXW
GDSDW GLOLKDW EDKZD EXDK VLUVDN \DQJ
GLJXQDNDQ PHQJDQGXQJ NDGDU DLU \DQJ
WLQJJL \DLWX  VHGDQJ VLVDQ\D GDODP
MXPODK \DQJ NHFLO WHUVHEDU PHUDWD GDODP
EHQWXNPLQHUDOSURWHLQOHPDNVHUDWNDVDU
GDQJXOD'HQJDQNRPSRVLVLWHUVHEXWPDND
EXDK VLUVDN GDSDW GLRODK PHQMDGL SURGXN
VHUEXNVLUVDNGHQJDQDGDQ\DSHQDPEDKDQ
JXODGDODPSURVHVNRNULVWDOLVDVL
3HQHOLWLDQ3HQGDKXOXDQ
3HQHOLWLDQSHQGDKXOXDQEHUWXMXDQXQWXN
PHQGDSDWNDQ SURVHV HNVWUDNVL VDUL EXDK
VLUVDN \DQJ WHUEDLN (NVWUDNVL GLODNXNDQ
GHQJDQ SHQDPEDKDQ DLU VHPLQLPDO


3HPDQIDDWDQ7HNQLN.RNULVWDOLVDVL«««« /XNPDQ-XQDLGLGNN
PXQJNLQ +DVLO SHQJDPDWDQ VHFDUD
RUJDQROHSWLNWHUKDGDSSURGXNVHUEXNVLUVDN
GHQJDQ PHWRGD VHQWULIXJDVL GDQ GHNDQWDVL
GDSDWGLOLKDWSDGD*DPEDU
*DPEDU+DVLO SHQLODLDQ RUJDQROHSWLN
6HUEXN 6LUVDN 6HQWULIXJDVL GDQ
'HNDQWDVL
%HUGDVDUNDQ JUDILN SDGD *DPEDU 
GDSDW GLOLKDW EDKZD WLQJNDW SHQHULPDDQ
SDQHOLV WHUKDGDS UDVD ZDUQD DURPD GDQ
SHQDPSDNDQ VHUEXN VLUVDN PHQXQMXNNDQ
EDKZD HNVWUDNVL GHQJDQ FDUD VHQWULIXJDVL
PHPEHULNDQ QLODL DQWDUD  VDPSDL 
ELDVD VDPSDL VXND  VHGDQJNDQ SURGXN
FDUD GHNDQWDVL PHQXQMXNNDQ QLODL DQWDUD
VDPSDL DJDNVXNDVDPSDLELDVD 
$SDELOD GLODNXNDQ SHUKLWXQJDQ UDWDUDWD
KDVLO SHQLODLDQ RUJDQROHSWLN VHUEXN VLUVDN
PDND GLSHUROHK QLODL VHUEXN VLUVDN
VHQWULIXJDVL DGDODK  ELDVDVXND 
VHGDQJNDQVHUEXNVLUVDNGHNDQWDVLDGDODK
 DJDNVXNDELDVD 
3HUEHGDDQ QLODL RUJDQROHSWLN SDOLQJ
EHVDU DQWDUD VHUEXN VLUVDN VHQWULIXJDVL
GHQJDQVHUEXNVLUVDNGHNDQWDVLDGDODKSDGD
SHQLODLDQUDVD\DLWXGHQJDQVHOLVLKSRLQ
GDQ SHUEHGDDQ SDOLQJ NHFLO DGDODK SDGD
SHQLODLDQ ZDUQD \DLWX GHQJDQ VHOLVLK 
S R L Q  %H UG D VD UND Q  K D VL O  S H Q L O D L D Q 
RUJDQROHSWLN WHUVHEXW GDSDW GLQ\DWDNDQ
EDKZD WHNQLN VHQWULIXJDVL SDGD SURVHV NR
NULVWDOLVDVL VHUEXN VLUVDN PHPEHULNDQ UDVD

VHUEXNVLUVDN\DQJOHELKEDLNGLEDQGLQJNDQ
PHQJJXQDNDQWHNQLNGHNDQWDVL
%HUGDVDUNDQ KDVLO SHQLODLDQ
RUJDQROHSWLN\DQJGLWXQMXNNDQSDGD*DPEDU
 WHUOLKDW EDKZD XQWXN VHPXD XQVXU
SHQLODLDQ UDVD ZDUQD DURPD GDQ
SHQDPSDNDQ  SURGXN VHUEXN VLUVDN
VHQWULIXJDVLPHPEHULNDQQLODL\DQJOHELKEDLN
GLEDQGLQJNDQ SURGXN VHUEXN VLUVDN
GHNDQWDVL  'HQJDQ GHPLNLDQ XQWXN
SHQHOLWLDQ ODQMXWDQ GLSLOLK SURVHV NR
NULVWDOLVDVLGHQJDQWHNQLNVHQWULIXJDVLSDGD
SURVHVSHPLVDKDQILOWUDWGHQJDQDPSDV
3HQHOLWLDQ/DQMXWDQ
3HQJDUXK MHQLV DQWL NHPSDO WHUKDGDS
NDUDNWHULVWLNPXWXVHUEXNVLUVDN
3DGD SHQHOLWLDQ ODQMXWDQ GLODNXNDQ
SHQDPEDKDQDQWLNHPSDONHGDODPSURGXN
VHUEXN VLUVDN \DQJ GLKDVLONDQ SDGD
SHQHOLWLDQSHQGDKXOXDQGDQGLKDVLONDQWLJD
MHQLV SURGXN \DLWX VHUEXN VLUVDN \DQJ
GLWDPEDKLDQWLNHPSDOPDJQHVLXPNDUERQDW
0&  VHUEXN VLUVDN \DQJ GLWDPEDKL
PDJQHVLXP VLOLNDW 06  GDQ VHUEXN VLUVDN
\DQJGLWDPEDKLPDJQHVLXPRNVLGD 02 
3HQLODLDQWHUKDGDSSHUODNXDQMHQLVDQWL
NHPSDO GDQ SHQJDUXK ODPD SHQ\LPSDQDQ
GLODNXNDQ EHUGDVDUNDQ SHQJXMLDQ
NDUDNWHULVWLN PXWX VHUEXN VLUVDN GDQ
KDVLOQ\DGLWXQMXNNDQSDGD7DEHO
%HUGDVDUNDQGDWDSDGD7DEHOGDSDW
GLOLKDW EDKZD SURGXN VHUEXN VLUVDN \DQJ
GLKDVLONDQ PHPHQXKL NDUDNWHULVWLN PXWX
VHVXDL GHQJDQ SHUV\DUDWDQ 6WDQGDU
1DVLRQDO ,QGRQHVLD 61,  XQWXN 6HUEXN
0LQXPDQ7UDGLVLRQDO 61, 
'DWDSDGD7DEHOPHQXQMXNNDQNDGDU
DLU VHUEXN VLUVDN EHUYDULDVL GDUL 
VHUEXNVLUVDN0&PHPLOLNLNDGDUDLU
SDOLQJUHQGDK\DLWXGDQVHUEXNVLUVDN
02 PHPLOLNL NDGDU DLU SDOLQJ WLQJJL \DLWX
 )DNWRU NDGDU DLU VDQJDW EHUSHUDQ
GDODP PHPSHQJDUXKL GD\D WDKDQ VLPSDQ
SURGXNVHKLQJJDGLKDUDSNDQGHQJDQNDGDU
DLUDZDOSURGXN\DQJUHQGDKDNDQPHPLOLNL
GD\DWDKDQVLPSDQ\DQJOHELKODPD
 -XUQDO/LWEDQJ,QGXVWUL9RO1R'HVHPEHU
7DEHO+DVLODQDOLVLVNDUDNWHULVWLNPXWXSURGXNNRNULVWDOLVDVLVHUEXNVLUVDN
+DVLODQDOLVLVS+WHUKDGDSNHWLJDMHQLV
SURGXNVHUEXNVLUVDNPHQXQMXNNDQQLODLS+
PDNVLPXP  'HQJDQ GHPLNLDQ SURGXN
VHUEXN VLUVDN LQL WHUJRORQJ SURGXN SDQJDQ
GHQJDQ WLQJNDW NHDVDPDQ WLQJJL KLJK DFLG
IRRG  'DUL VXGXW SDQGDQJ QLODL NHDVDPDQ
PDNDSURGXNVHUEXNVLUVDNDNDQOHELKDPDQ
WHUKDGDSNHUXVDNDQPLNURELRORJLV
+DVLO DQDOLVLV SDUDPHWHU PXWX NDGDU
JXOD PHQXQMXNNDQ QLODL NDGDU JXOD XQWXN
NHWLJD SURGXN VHUEXN VLUVDN EHUYDULDVL
DQWDUD  VDPSDL   .DGDU JXOD
SURGXN VHUEXN VLUVDN VHEDJLDQ EHVDU
EHUDVDO GDUL JXOD \DQJ GLWDPEDKNDQ XQWXN
SURVHV NRNULVWDOLVDVL %HUGDVDUNDQ GDWD
IRUPXOD EDKDQ EDNX XQWXN SURVHV NR
NULVWDOLVDVL \DQJ GLWXQMXNNDQ SDGD 7DEHO 
PDNDGDSDWGLKLWXQJSHUVHQWDVHJXOD\DQJ
GLWDPEDKNDQ SDGD IRUPXOD VHEHVDU 
EDVLV EDVDK  GDQ EXDK VLUVDN VHEHVDU
 EDVLV EDVDK  $SDELOD GLKLWXQJ
SHUVHQWDVHJXODSDGDSURGXNVHUEXNVLUVDN
DNDQGLSHUROHKNDGDUJXODVHEHVDU
EDVLVNHULQJ 
+DVLODQDOLVLVNDGDUJXODVHUEXNVLUVDN
PHQXQMXNNDQ SURGXN VHUEXN VLUVDN \DQJ
GLKDVLONDQ PHPHQXKL SHUV\DUDWDQ 61, 
\DLWXGLEDZDK
+DVLO DQDOLVLV SDUDPHWHU PXWX WRWDO
SDGDWDQ WHUODUXW PHQXQMXNNDQ QLODL WRWDO
SDGDWDQ WHUODUXW \DQJ FXNXS EHVDU \DLWX
VHNLWDU6HUEXN6LUVDN0&PHPLOLNLQLODL
WRWDO SDGDWDQ WHUODUXW \DQJ SDOLQJ WLQJJL GL
DQWDUD NHWLJD MHQLV SURGXN \DLWX VHEHVDU
GLLNXWLROHKQLODLWRWDOSDGDWDQWHUODUXW
6HUEXN6LUVDN06VHEHVDUGDQVHUEXN
VLUVDN 02 VHEHVDU  7RWDO SDGDWDQ
WHUODUXW PHUXSDNDQ SDUDPHWHU PXWX \DQJ
VDQJDW SHQWLQJ XQWXN SURGXN PLQXPDQ
VHUEXN 1LODL WRWDO SDGDWDQ WHUODUXW
PHQHQWXNDQ WLQJNDW NHODUXWDQ SURGXN
DSDELODGLVHGXKGHQJDQDLU6HPDNLQWLQJJL
QLODLWRWDOSDGDWDQWHUODUXWDNDQVHPDNLQEDLN
SURGXNWHUVHEXWNDUHQDPDNLQVHGLNLWDPSDV
DWDXVLVDEDKDQ\DQJWLGDNGDSDWGLNRQVXPVL
VHEDJDLPLQXPDQVHUEXN
.DGDU YLWDPLQ & SDGD VHUEXN VLUVDN
EHUYDULDVLDQWDUDVDPSDLPJJ 
9LWDPLQ & SDGD VHUEXN VLUVDN VHOXUXKQ\D
EHUDVDO GDUL EDKDQ EDNX EXDK VLUVDN
VHKLQJJDNDGDUYLWDPLQ&KDQ\DGLSHQJDUXKL
ROHK NDGDU YLWDPLQ & \DQJ DGD SDGD EXDK
VLUVDN
$QDOLVLV PLNURELRORJLV SURGXN VHUEXN
VLUVDNPHPEHULNDQKDVLO$/7VDPSDL
NRORQLJ FROLIRUP  $30 VHUWD WLGDN DGD
SHQFHPDUDQ.DSDQJGDQ.KDPLU +DVLOXML
PLNURELRORJLVLQLPHPHQXKLSHUV\DUDWDQ61,
  \DQJ PHPEHUL EDWDV

PDNVLPXP$/7[ NROJGDQFROLIRUP
$30
3HQJDUXK ODPD SHQ\LPSDQDQ WHUKDGDS
NDUDNWHULVWLNPXWXVHUEXNVLUVDN
.DGDUDLU
8QWXN PHQJHYDOXDVL SHQJDUXK
SHQ\LPSDQDQ WHUKDGDS NDGDU DLU VHUEXN
VLUVDN GLODNXNDQ SHQHOLWLDQ SHQ\LPSDQDQ
VHODPD    GDQ  EXODQ GDQ KDVLOQ\D
GLWXQMXNNDQSDGD*DPEDU

3HPDQIDDWDQ7HNQLN.RNULVWDOLVDVL«««« /XNPDQ-XQDLGLGNN
*DPEDU . R U H O D V L  D Q W D U D  Z D N W X 
SHQ\LPSDQDQ GDQ NDGDU DLU
VHUEXNVLUVDN
.DGDU DLU VHUEXN VLUVDN 0& VHODPD
SHQ\LPSDQDQ  EXODQ EHUNLVDU GDUL 
VHUEXNVLUVDN06EHUNLVDUGDUL
 GDQ VHUEXN VLUVDN 02 EHUNLVDU GDUL
 +DVLO DQDOLVLV WHUVHEXW
PHQXQMXNNDQ EDKZD NDGDU DLU SURGXN
VHUEXN VLUVDN \DQJ GLKDVLONDQ GHQJDQ
SURVHV NRNULVWDOLVDVL PDVLK PHPHQXKL
SHUV\DUDWDQ 61,  \DLWX
PDNVLPXP
%HUGDVDUNDQ GDWD SDGD *DPEDU 
GDSDW GLOLKDW DGDQ\D NHFHQGHUXQJDQ
NHQDLNDQ NDGDU DLU VHMDODQ GHQJDQ ODPD
SHQ\LPSDQDQ VHUEXN VLUVDN $SDELOD
GLDQDOLVLV PHQJJXQDNDQ UHJUHVVL OLQLHU
PDND DNDQ GLSHUROHK SHUVDPDDQ UHJUHVL
OLQLHUNRUHODVLDQWDUDSHQLQJNDWDQNDGDUDLU
VHUEXN VLUVDN GHQJDQ ZDNWX SHQ\LPSDQDQ
VHEDJDLEHULNXW QLODL S+ SDGD DZDO SURGXNVL VDPSDL
\ 6HUEXN6LUVDN0&  
\ 6HUEXN6LUVDN06  
\ 6HUEXN6LUVDN02  
%HUGDVDUNDQSHUVDPDDQUHJUHVLOLQLHU
\DQJGLWXQMXNNDQGLDWDVGDSDWGLOLKDWEDKZD
NHPLULQJDQ VORSH JUDILNUHJUHVLDQWDUNHWLJD
MHQLV SURGXN VHUEXN VLUVDN WLGDN EHUEHGD
Q\DWD 6ORSH \DQJ SDOLQJ EHVDU GLKDVLONDQ
ROHKVHUEXNVLUVDN06\DLWXVHEHVDU
NHPXGLDQGLLNXWLROHKVORSHUHJUHVVLVHUEXN
VLUVDN 0& GDQ VHUEXN VLUVDN 02 'HQJDQ
GHPLNLDQVHUEXNVLUVDN06DNDQPHQJDODPL
NHFHQGHUXQJDQSHQLQJNDWDQNDGDUDLU\DQJ

SDOLQJ EHVDU VHMDODQ GHQJDQ ODPDQ\D
SHQ\LPSDQDQGLEDQGLQJNDQGHQJDQ0&GDQ
02
$SDELOD GLODNXNDQ SHUNLUDDQ NDGDU DLU
EHUGDVDUNDQ SHUVDPDDQ UHJUHVVL OLQLHU
WHUVHEXW PDND XQWXN SHQ\LPSDQDQ 
EXODQDNDQGLSHUROHKEHUWXUXWWXUXWNDGDUDLU
VHUEXN VLUVDN 06 0& GDQ 02 VHEHVDU
  GDQ  6HKLQJJD SDGD
SH\LPSDQDQEXODQNHVHUEXNVLUVDN02
PHPLOLNL NDGDU DLU SDOLQJ WLQJJL +DO LQL
GLVHEDENDQNDGDUDLUDZDO EXODQNH GDUL 
02 SDOLQJ WLQJJL GL DQWDUD NHWLJD MHQLV
SHUODNXDQODLQQ\D\DLWX
7LQJNDW.HDVDPDQ S+
+DVLO DQDOLVLV S+ VHUEXN VLUVDN
PHQXQMXNNDQ WLGDN DGD NHQDLNDQ GDUL DZDO
SURGXNVL EXODQNH VDPSDLSHQ\LPSDQDQ
EXODQ NH +DO LQL GLVHEDENDQ QLODL S+
VHUEXNVLUVDNKDQ\DGLSHQJDUXKLROHKWLQJNDW
NHDVDPDQ EXDK VLUVDN GDQ SHQDPEDKDQ
DVDPVLWUDWVHKLQJJDWLGDNGLSHQJDUXKLROHK
IDNWRUSURVHVGDQIDNWRUEDKDQEDNXODLQQ\D
1LODL S+ VHUEXN VLUVDN 0& VHODPD
SHQ\LPSDQDQ  EXODQ EHUNLVDU GDUL  
06EHUNLVDUGDULGDQ 02
EHUNLVDUGDUL±6HFDUDJUDILNKDVLO
DQDOLVLV S+ VHUEXN VLUVDN SDGD PDVD
SHQ\LPSDQDQVDPSDLEXODQGLVDMLNDQSDGD
*DPEDU
%HUGDVDUNDQ *DPEDU  GDSDW GLOLKDW
EDKZDQLODLS+VHUEXNVLUVDN0&06GDQ
02 VHWHODK GLVLPSDQ  EXODQ PHQJDODPL
NHQDLNDQ  VDPSDL  GLEDQGLQJNDQ
SHQ\LPSDQDQEXODQNH.HQDLNDQS+SDGD
SHQ\LPSDQDQ EXODQ NH NHPXQJNLQDQ
EHVDU GLVHEDENDQ SHQLQJNDWDQ NDGDU DLU
VHUEXNVLUVDNVHKLQJJDVHGLNLWPHQXUXQNDQ
WLQJNDW NHDVDPDQ SURGXN &DUGR]R HW DO
  PHQ\HEXWNDQ SDGD SURVHV
SHQ\LPSDQDQ EXDK VLUVDN DNDQ WHUMDGL
SHQXUXQDQ S+ VDPSDL KDUL NH \DQJ
NHPXGLDQ VHFDUD SHUODKDQ SDGD KDUL
EHULNXWQ\DDNDQWHUMDGLSHQLQJNDWDQS++DO
LQL GLVHEDENDQ ROHK SHQXUXQDQ GHUDMDW
NHDVDPDQ SHQLQJNDWDQ S+  \DQJ
GLDNLEDWNDQ ROHK NRQVXPVL DVDP RUJDQLN
XQWXN PHWDEROLVPH PLNURED 3DUN HW DO
 
 -XUQDO/LWEDQJ,QGXVWUL9RO1R'HVHPEHU
*DPEDU .RUHODVL ZDNWX SHQ\LPSDQDQ
GDQQLODLS+VHUEXNVLUVDN
+DVLO DQDOLVLV S+ VHUEXN VLUVDN \DLWX
EHUNLVDUDQWDUDPDVLKWHUJRORQJ
VHEDJDL SURGXN GHQJDQ WLQJNDW NHDVDPDQ
WLQJJL VHKLQJJD GLKDUDSNDQ WLQJNDW
NHDVDPDQWHUVHEXWGDSDWPHQJKDPEDWDWDX
PHQFHJDK SHUWXPEXKDQ PLNURRUJDQLVPH
SHPEXVXN
.DGDU*XOD
+DVLO DQDOLVLV NDGDU JXOD VHODPD
SHQ\LPSDQDQGDULEXODQNHVDPSDLEXODQ
NHGLWXQMXNNDQSDGD*DPEDU
*DPEDU . R U H O D V L  D Q W D U D  Z D N W X 
SHQ\LPSDQDQ GDQ NDGDU JXOD
VHUEXNVLUVDN
%HUGDVDUNDQ GDWD SDGD *DPEDU 
GDSDWGLOLKDWEDKZDNDGDUJXODVHUEXNVLUVDN
UHODWLINRQVWDQVHODPDSHQ\LPSDQDQEXODQ
.DGDUJXODVHUEXNVLUVDN06GDQ0&KDQ\D
PHQJDODPL SHQXUXQDQ  VHODPD
SHQ\LPSDQDQ  EXODQ VHGDQJNDQ 6HUEXN
6LUVDN02PHQJDODPLSHQXUXQDQNDGDUJXOD
 3HQXUXQDQ LQL GLGXJD GLDNLEDWNDQ
SHQLQJNDWDQ NDGDU DLU VHUEXN VLUVDN GDQ
DGDQ\D SHQJXUDLDQ JXOD VHLULQJ GHQJDQ
SHUWXPEXKDQ PLNURED $/7  $EER HW DO
 PHQHOLWLSHQ\LPSDQDQMXVVLUVDNSDGD
VXKX R& GDQ R& GDQ PHQ\LPSXONDQ
EDKZD WHUMDGL SHQXUXQDQ NDGDU JXOD SDGD
MXV \DQJ GLWDQGDL GHQJDQ PHQXUXQQ\D
GHUDMDW EUL[ MXV VLUVDN \DQJ GLVLPSDQ SDGD
R R R
VXKX  & GDUL  EUL[ PHQMDGL  EUL[
VHODPD SHULRGH SHQ\LPSDQDQ  EXODQ
6HGDQJNDQ MXV VLUVDN \DQJ GLVLPSDQ SDGD
R
VXKX &GHUDMDWEUL[Q\DUHODWLINRQVWDQ
9LWDPLQ&
+DVLO DQDOLVLV NDQGXQJDQ 9LWDPLQ &
VHUEXNVLUVDNVHODPDSHULRGHSHQ\LPSDQDQ
EXODQGLVDMLNDQSDGD*DPEDU
*DPEDU .RUHODVL ZDNWX SHQ\LPSDQDQ
GDQ NDGDU YLWDPLQ & VHUEXN
VLUVDN
%HUGDVDUNDQ GDWD SDGD *DPEDU 
WHUVHEXW GDSDW GLOLKDW WHUMDGLQ\D
NHFHQGHUXQJDQSHQXUXQDQNDGDUYLWDPLQ&
VHWHODK SHULRGH SHQ\LPSDQDQ  EXODQ
1ZHNH DQG ,ELDP   PHODNXNDQ
SHQHOLWLDQ SDVFD SDQHQ VLUVDN GDQ
KXEXQJDQQ\D GHQJDQ NHUXVDNDQ
NDQGXQJDQ JL]L VLUVDN DNLEDW
PLNURRUJDQLVPHGDQPHQ\LPSXONDQEDKZD
WHUMDGLSHQXUXQDQNDQGXQJDQ9LWDPLQ$GDQ
9LWDPLQ & \DQJ GLDNLEDWNDQ SHUWXPEXKDQ
PLURRUJDQLVPHSHPEXVXN

3HPDQIDDWDQ7HNQLN.RNULVWDOLVDVL«««« /XNPDQ-XQDLGLGNN
7RWDO3DGDWDQ7HUODUXW
7RWDO SDGDWDQ WHUODUXW GDSDW GLDUWLNDQ
VHEDJDL EHVDUQ\D SDGDWDQ \DQJ WHUODUXW
GDODP VXDWX ODUXWDQ 6HFDUD JUDILN KDVLO
DQDOLVLVWRWDOSDGDWDQWHUODUXWSURGXNVHUEXN
VLUVDN VHODPD SHQ\LPSDQDQ  EXODQ
GLVDMLNDQSDGD*DPEDU
*DPEDU .RUHODVL ZDNWX SHQ\LPSDQDQ
GHQJDQ WRWDO SDGDWDQ WHUODUXW
VHUEXNVLUVDN
%HUGDVDUNDQ JUDILN SDGD *DPEDU 
GDSDW GLOLKDW VHWHODK SHQ\LPSDQDQ  EXODQ
WHUMDGL NHFHQGHUXQJDQ SHQXUXQDQ WRWDO
SDGDWDQ WHUODUXW &DUGR]R HW DO  
PHQHOLWLNDUDNWHULVWLNVLIDWILVLRORJLVGDQILVLNR
NLPLD EXDK VLUVDN GDQ PHQ\LPSXONDQ
WHUMDGLQ\D SHQXUXQDQ WRWDO SDGDWDQ WHUODUXW
VHWHODKKDULNHSHQ\LPSDQDQEXDKVLUVDN 
3HQXUXQDQ LQL GLVHEDENDQ WHUMDGLQ\D
SHPHFDKDQ NDUERKLGUDW PHQMDGL JXOD
VHGHUKDQD \DQJ VHODQMXWQ\D GLJXQDNDQ
XQWXN SURVHV UHVSLUDVL SHUWXPEXKDQ
PLNURED .DGHU  +DVLODQDOLVLVWRWDO
SDGDWDQ WHUODUXW VHUEXN VLUVDN VHWHODK
SHQ\LPSDQDQ  EXODQ PDVLK WLQJJL \DLWX
6HUEXN 6LUVDN 0&  06  GDQ 
02
&HPDUDQ0LNURED
+DVLO DQDOLVLV SHUWXPEXKDQ
PLNURRUJDQLVPH $/7  SDGD VHUEXN VLUVDN
VHFDUD JUDILV GLWXQMXNNDQ SDGD *DPEDU 
3HQ\LPSDQDQVHUEXNVLUVDNVHODPDEXODQ
QLODL $/7 UHODWLI NRQVWDQ GDQ NHPXGLDQ
WHUMDGLNHFHQGHUXQJDQNHQDLNDQ$/7VHWHODK
PDVDSHQ\LPSDQDQEXODQVDPSDLEXODQ
1LODL$/7PDNVLPXPVHWHODKSHQ\LPSDQDQ

EXODQ WHUMDGL SDGD VHUEXN VLUVDN 06 \DLWX
VHEHVDU  NRORQLJ  1LODL$/7 LQL PDVLK
PHPHQXKLSHUV\DUDWDQ61,
*DPEDU .RUHODVL ZDNWX SHQ\LPSDQDQ
GDQ SHUWXPEXKDQ PLNURED
$/7 SDGDVHUEXNVLUVDN
.(6,038/$1
7H N Q L N  N R  N U L V W D O L V D V L  G D S D W 
GLPDQIDDWNDQ XQWXN PHQJKDVLONDQ SURGXN
VHUEXNVLUVDN\DQJGDSDWPHQLQJNDWNDQQLODL
WDPEDK EXDK VLUVDN 3DGD SURVHV NR
NULVWDOLVDVL SHUOX GLWDPEDKNDQ EDKDQ DQWL
NHPSDO DJDU SURGXN WLGDN PHQJJXPSDO
GDODP NHPDVDQ VHODPD SHQ\LPSDQDQ 
%HUGDVDUNDQ NDUDNWHULVWLN PXWXQ\D SURGXN
VHUEXNVLUVDN\DQJGLWDPEDKNDQEDKDQDQWL
NHPSDO PDJQHVLXP NDUERQDW PHPEHULNDQ
KDVLO \DQJ OHELK EDLN GLEDQGLQJNDQ GHQJDQ
SURGXNVLUVDNPDJQHVLXPVLOLNDWGDQVHUEXN
VLUVDN PDJQHVLXP RNVLGD 3URGXN VHUEXN
VLUVDN0&PHPLOLNLNDUDNWHULVWLNPXWXNDGDU
DLU  S+  NDGDU JXOD 
YLWDPLQ&PJJWRWDOSDGDWDQWHUODUXW
 GDQ $/7  NRORQLJ NROLIRUP  
$30 GDQ WLGDN PHQJDQGXQJ NDSDQJ GDQ
NKDPLU .DUDNWHULVWLN PXWX VHUEXN VLUVDN
\DQJ GLKDVLONDQ GHQJDQ SURVHV NR
NULVWDOLVDVL LQL PHPHQXKL SHUV\DUDWDQ PXWX
61,  6HUEXN PLQXPDQ
WUDGLVLRQDO 
3HQ\LPSDQDQ SURGXN VHUEXN VLUVDN
VDPSDL GHQJDQ  EXODQ PHQJDNLEDWNDQ
WHUMDGLQ\D SHQLQJNDWDQ NDGDU DLU S+ GDQ
DQJND OHPSHQJ WRWDO GDQ VHEDOLNQ\D
PHQJDNLEDWNDQSHQXUXQDQQLODLNDGDUJXOD
YLWDPLQ & GDQ WRWDO SDGDWDQ WHUODUXW
 -XUQDO/LWEDQJ,QGXVWUL9RO1R'HVHPEHU
%HUGDVDUNDQNDUDNWHULVWLNPXWXQ\DSURGXN
VHUEXNVLUVDNVHODPDSHQ\LPSDQDQEXODQ
WHWDSPHPHQXKLSHUV\DUDWDQPXWX61,
 VHUEXNPLQXPDQWUDGLVLRQDO 
6$5$1
3HUOXGLODNXNDQNDMLDQWHNQRHNRQRPL
SURGXNVL VHUEXN VLUVDN GHQJDQ WHNQLN NR
NULVWDOLVDVL VHKLQJJD GDSDW GLMDGLNDQ
VHEDJDL LQIRUPDVL XQWXN SHQGLULDQ LQGXVWUL
VHUEXNVLUVDN
8&$3$17(5,0$.$6,+ &LHQF7HFQRO$OLPHQW9RO1R
3HQXOLV PHQJXFDSNDQ WHULPD NDVLK
NHSDGD%DSDN,QGUD1HIIL5LGZDQ\DQJWHODK
PHQGXNXQJSHODNVDQDDQSHQHOLWLDQLQL
'$)7$53867$.$
$EER (6 2OXULQ 72 DQG 2GH\HPL *
6WXGLHVRQWKHVWRUDJHVWDELOLW\
RIVRXUVRS $QQRQDPXULFDWD/ -XLFH
$IULFDQ-RXUQDORI%LRWHFKQRORJ\9RO
 
$2$&2IILFLDO0HWKRGVRI$QDO\VLVRI
7KH $VVRFLDWLRQ RI 2IILFLDO $QDO\WLFDO
&KHPLVWWK(GLWLRQ86$
$VWROIL)LOKR = 6RX]D $& 5HLSHUW
(&' DQG 7HOLV 915 
(QFDSVXODWLRQRISDVVLRQIUXLWMXLFHE\
FRFU\VWDOOL]DWLRQ ZLWK VXFURVH
FU\VWDOOL]DWLRQ NLQHWLFV DQG SK\VLFDO
SURSHUWLHV&LHQF7HFQRO$OLPHQW9RO
1R
%61  &DUD 8ML *XOD 61, 
 %DGDQ6WDQGDUGLVDVL1DVLRQDO
-DNDUWD
%61&DUD8ML&HPDUDQ0LNURED 61,
  %DGDQ 6WDQGDUGLVDVL
1DVLRQDO-DNDUWD
%61  6HUEXN 0LQXPDQ 7UDGLVLRQDO
61,   %DGDQ
6WDQGDUGLVDVL1DVLRQDO-DNDUWD
&DUGR]R &-0 /R]DQR99 %HWDQFXU
'3< 9HOiVTXH] +-& DQG
9D O H Q ] X H O D   -  5  &        
3K\VLRORJLFDO DQG 3K\VLFR&KHPLFDO
&KDUDFWHUL]DWLRQRI7KH6RXUVRS)UXLW
$QQRQD PXULFDWD / FY (OLWD  5HY
)DF 1DO$JU 0HGHOOtQ    

'HVDL.*+DQG3DUN+-5HFHQW
'HYHORSPHQWV LQ 0LFURHQFDSVXODWLRQ
RI )RRG ,QJUHGLHQWV 'U\LQJ
7HFKQRORJ\±
)DVROLQ /+ DQG &XQKD 5/ 
6RXUVRS -XLFH 6WDELOL]HG :LWK 6R\
)UDFWLRQV $ 5KHRORJLDO $SSURDFK

,GKDP=0XKDPDG,,DQG6DUPLGL05
'HJUDGDWLRQ.LQHWLFVDQG&RORU
6WDELOLW\RI6SUD\'ULHG(QFDSVXODWHG
$QWKRF\DQLQVIURP+LELVFXVVDEGDULIID
/ -RXUQDO RI )RRG 3URFHVV
(QJLQHHULQJ±
-D\D 6 DQG 'DV +  $FFHOHUDWHG
6WRUDJH6KHOI/LIHDQG&RORURI0DQJR
3RZGHU -RXUQDO RI )RRG 3URFHVVLQJ
DQG3UHVHUYDWLRQ±
.DGHU$ 3RVWKDUYHVW 7HFKQRORJ\ RI
+RUWLFXOWXUDO &URSV $JULFXOWXUH DQG
1DWXUDO 5HVRXUFHV  U G  HGLWLRQ
8QLYHUVLW\ RI &DOLIRUQLD 'DYLV &$
S
/DNR - 7UHQHUU\ 9& :DKOTYLVW 0
:DWWDQDSHQSDLERRQ 1
6RWKHHVZDUDQ 6 DQG 3UHPLHU 5
 3K\WRFKHPLFDO )ODYRQROV
&DURWHQRLGV DQG 7KH $QWLR[LGDQW
3URSHUWLHVRI$:LGH6HOHFWLRQRI)LMLDQ
)UXLW 9HJHWDEOHV DQG 2WKHU 5HDGLO\
$YDLODEOH )RRGV )RRG &KHPLVWU\
9ROXPH,VVXH±
/DUPRQG (  /DERUDWRU\ 0HWKRGV IRU
6HQVRU\ (YDOXDWLRQ RI )RRG
$JULFXOWXUH&DQDGD5HVHDUFK%UDQFK
0DGHQH $ -DFTXRW 0 6FKHU - DQG
' H V R E U \  6         ) O D Y R X U 
(QFDSVXODWLRQDQG&RQWUROOHG5HOHDVH
 $ 5HYLHZ ,QW- )RRG 6FLHQFH 
7HFKQRORJ\9RO±

3HPDQIDDWDQ7HNQLN.RNULVWDOLVDVL«««« /XNPDQ-XQDLGLGNN
1ZHNH &1 DQG ,ELDP 2)$  3UH
DQG 3RVW +DUYHVW )XQJL $VVRFLDWHG
ZLWK 7KH 6RIW 5RW RI 7KH )UXLW RI
$QQRQDPXULFDWDDQG7KHLU(IIHFWVRQ
7KH1XWULHQW&RQWHQWRI7KH3XOS$P
-)RRG1XWU  
3DUN <6 -XQJ 67 DQG *RULQVWHLQ 6
      ( W K \ O H Q H  7U H D W P H Q W  R I 
+D\ZDUG .LZLIUXLWV $FWLQLGLD

GHOLFLRVD  GXULQJ 5LSHQLQJ DQG ,WV
,QIOXHQFH RQ (WK\OHQH %LRV\QWKHVLV
DQG $QWLR[LGDQW $FWLYLW\ 6FLHQWLD
+RUWLFXOWXUDH  
6DPRQWH 3$/ DQG 7ULQLGDG 37 
'LHWDU\ )LEHU 3K\WRQXWULHQWV DQG
$QWLR[LGDQW $FWLYLW\ RI &RPPRQ )UXLW
3HHOV DV 3RWHQWLDO )XQFWLRQDO )RRG
,QJUHGLHQW-&KHP(QJ