• Sonuç bulunamadı

Hakim Durumdaki Teşebbüslerin Tek Taraflı Davranışları Bağlamında Aktarma Uygulaması

N/A
N/A
Protected

Academic year: 2021

Share "Hakim Durumdaki Teşebbüslerin Tek Taraflı Davranışları Bağlamında Aktarma Uygulaması"

Copied!
100
0
0

Yükleniyor.... (view fulltext now)

Tam metin

(1)
(2)

$.7$50$8<*8/$0$6,



















  





)$70$$7$d



 





$1.$5$

(3)

Bu kitapta öne sürülen fikirler eserin yazarına aittir; Rekabet Kurumunun görüúlerini yansıtmaz.

29/06/2009 tarihinde Rekabet Kurumu Baúkan Yardımcısı Fevzi ÖZKAN Baúkanlı÷ında, 1 No’lu Daire Baúkanı Erkan YARDIMCI, Tarkan ERDOöAN, Haluk ARI Yrd. Doç. Dr. Gamze ÖZ’den oluúan Tez De÷erlendirme Heyeti önünde savunulan bu tez, Heyetçe yeterli bulunmuú ve

Rekabet Kurulu’nun 19/08/2009 tarih ve 09-36/908 sayılı toplantısında “Rekabet Kurumu Uzmanlık Tezi” olarak kabul edilmiútir.

(4)



7H]6UHFLQGH$QQHVLQGHQ

)HGDNDUOÕN<DSDQ

.Õ]ÕP'HIQH¶\H





















(5)
(6)

L  $.7$50$.$95$0,    $.7$50$1,1d(ùø7/(5ø9(6,1,)/$1',5,/,0$6,    3D]DUODUÕQhUHWLP6UHFL%DNÕPÕQGDQøOLúNLVLQH*|UH $NWDUPDdHúLWOHUL   $NWDUPD6WUDWHMLVLQH<RO$oDQ*G\H*|UH $NWDUPDdHúLWOHUL   *HOHQHNVHO$NWDUPD    'LQDPLN$NWDUPD    6DERWDM    $.7$50$675$7(-ø6ø1ø1(.2120ø.$d,'$1 '(ö(5/(1'ø5ø/0(6ø    &KLFDJR2NXOX<DNODúÕPÕ   &KLFDJR6RQUDVÕ<DNODúÕPÕ    '(ö(5/(1'ø50(    %|OP $%'9($%5(.$%(7+8.8.81'$ $.7$50$   +8.8.ø$/7<$3,    %D÷ODQWÕOÕøNL$\UÕ3D]DUÕQ%XOXQPDVÕYH 7HúHEEVQ%LULQFL3D]DUGD+kNLP'XUXPGD2OPDVÕ    .RPúX3D]DUGDNL5DNLSOHULQ$NWDUPD6WUDWHMLVL1HGHQL\OH 3D]DUGDQ'ÕúODQPDVÕ    7HúHEEVQ'DYUDQÕúÕQÕQ2EMHNWLI*HUHNoHOHULQLQ %XOXQPDPDVÕ   $%'5(.$%(7+8.8.81'$$.7$50$8<*8/$0$6,   *HQHO2ODUDN    %DúOÕFD.DUDUODU,úÕ÷ÕQGD$NWDUPD6WUDWHMLVLQLQ 'H÷HUOHQGLULOPHVL   $%5(.$%(7+8.8.81'$$.7$50$8<*8/$0$6,  

(7)

 LL  %D÷ODPD8\JXODPDVÕLOH*HOHQHNVHO$NWDUPD    %D÷ODPD8\JXODPDVÕLOH'LQDPLN$NWDUPD   %D÷ODQDQ3D]DUD*LULúL&D\GÕUDQ(WNLOHULQ øQFHOHQGL÷L0RGHOOHU   %D÷OD\DQhUQ3D]DUÕQGDNL5DNLSOHULQ 5HNDEHW<HWHQH÷LQH'DLU0RGHOOHU    %D÷ODPD<ROX\OD$NWDUPDQÕQ7HVSLWLøoLQ7HVW    'ø.(<ø/øù.ø/ø3$=$5/$5'$ $.7$50$675$7(-ø/(5ø   7HúHEEVQ'LNH\$NWDUPD*GV    *LUGL\H(ULúLPL'R÷UXGDQ(QJHOOH\HUHN$NWDUPD    *LUGL\H(ULúLPL'ROD\OÕùHNLOGH(QJHOOH\HUHN$NWDUPD    .ÕVD'|QHPGH5HNDEHWLQ7HVLVLLOH8]XQ'|QHPGH øQRYDV\RQ*GV$UDVÕQGDNLdHOLúNL   %|OP 7h5.5(.$%(7+8.8.81'$$.7$50$   *(1(/2/$5$.    5(.$%(7.858/8.$5$5/$5,1'$ $.7$50$8<*8/$0$/$5,    %LU\D\,,.DUDUÕ    77$ù.DUDUÕ   8OXVDO'RODúÕP 5RDPLQJ .DUDUÕ   d($ù.DUDUÕ    (VHU.DEORQHW77$ù.DUDUÕ   7XUNFHOO.DUDUÕ   7'ø.DUDUÕ  $'6/.DUDUÕ  7HNKQHORJRV.DUDUÕ 

(8)

LLL                     

(9)

iv

kapasite ve meslekî düzey takdirle karşılanmaktadır.

Rekabet Kurumunun ulaşmış olduğu bu idari kapasite ve mesleki düzeyin en önemli göstergelerinden biri de uzmanlık tezleridir. Rekabet uzman yardımcıları, üç yılı aşan meslekî çalışmalarından elde ettikleri tecrübelerini, bilimsel metodoloji ve araştırma anlayışı ışığında uzmanlık tezine dönüştürmektedirler. Rekabet hukuku, politikası ve sanayi iktisadı alanlarında hazırlanan ve gerek Rekabet Kurumu mensuplarına gerekse diğer ilgililere yönelik önemli bir kaynak niteliğini haiz olan bu tezlerden bazılarında, rekabet hukuku ve politikasının temel konu başlıklarını içeren teorik hususlar analizlerle irdelenmekte, diğerlerinde ise rekabet hukuku uygulamaları bakımından önem arz eden sektörlere ilişkin çalışmalara yer verilmektedir. Bu sayede, daha önce ele alınmamış pek çok konuda değerli eserler ortaya çıkmaktadır.

Doktrine katkı sağlanmasının yanı sıra toplumun rekabet konusunda bilgilendirilmesi amacıyla bu eserlerin yayımlanması, rekabet otoritelerinin en önemli görevleri arasındadır. Bu görev, rekabet savunuculuğunun önemli bir parçasını da teşkil etmektedir. Böylece, Rekabet Kurumu, toplumu bilgilendirme hedefine yönelik rekabet savunuculuğu çerçevesinde, tek başına veya birlikte yürütmekte olduğu, konferanslar, sempozyumlar, eğitim ve staj programları düzenlemek gibi faaliyetlerine ilave bir etkinlikte de bulunmaktadır.

Bu bağlamda, kaynak olarak kullanılabilecek yerli eserlerin son derece az olması nedeniyle değerleri bir kat daha artan tezlerini tamamlayan ve Rekabet Uzmanı unvanını alan bütün arkadaşlarımı gönülden kutluyor, tebrik ediyor ve başarılar diliyorum.

Rekabet bilgi ve kültürünün gelişmesine, rekabetçi duyarlılığın artmasına önemli katkıları ve ayrıca bilimsel çalışmalar bakımından bir başvuru kaynağı olacağı inancıyla ilgili uzmanlık tezlerini kamuoyunun bilgisine sunuyoruz…

Prof. Dr. Nurettin KALDIRIMCI Rekabet Kurumu Başkanı

(10)

Y

($*&3 (FRQRPLF $GYLVRU\ *URXS RQ &RPSHWLWLRQ

3ROLF\ ,( ,QWHUQHW([SORUHU ø'0 øON'HUHFH0DKNHPHVL .XUXO 5HNDEHW.XUXOX 1R 1XPDUD 2(&' 2UJDQL]DWLRQIRU(FRQRPLF&RRSHUDWLRQDQG 'HYHORSPHQW 2- 2IILFLDO-RXUQDO SDUDJ SDUDJUDI 5$ 5RPD$QWODúPDVÕ 5.+. 5HNDEHWLQ.RUXQPDVÕ+DNNÕQGD.DQXQ V VD\ID 86 8QLWHG6WDWHVRI$PHULFD 9RO 9ROXPH         

(11)
(12)

      *ø5øù *QP]GHWHúHEEVOHUD]DPLNkUHOGH HWPHNDPDFÕQD\|QHOLNRODUDN PDOL\HWOHULQL D]DOWPDN ]HUH |]HOOLNOH WHNQRORMLN \DWÕUÕPODUD \|QHOPH\H EDúODPÕúODUGÕU $QFDN EXQGDQ GD |QHPOLVL IDDOL\HWOHULQL WHN ELU SD]DUOD VÕQÕUODPDN\HULQHELUELUL\OHLOLúNLVLRODQELUGHQID]ODSD]DUD\D\DUDNEXGXUXPXQ NHQGLOHULQH VD÷OD\DELOHFH÷L SR]LWLI GÕúVDOOÕNODUGDQ GD ID\GDODQPDNWDGÕUODU +HP WHúHEEVQ NHQGLVLQH KHP GH HNRQRPLQLQ JHQHOLQH HWNLQOLN VD÷OD\DELOHFHN ELUGHQ ID]OD SD]DUD \|QHOLN EX IDDOL\HWOHU \NVHN SD]DU JFQH VDKLS RODQ WHúHEEVOHU WDUDIÕQGDQ JHUoHNOHúWLULOGL÷LQGH WRSOXPVDO UHIDK ]HULQGHNL ROXPOX HWNLVL GDKD GD E\\HELOPHNWHGLU $QFDN V|] NRQXVX WHúHEEVOHU WDUDIÕQGDQ X\JXODQDQ EX GDYUDQÕúODU ED]Õ GXUXPODUGD SD]DUÕQ UHNDEHWoL \DSÕVÕQD FLGGL ELU ]DUDU YHUHFHN QLWHOL÷H NDYXúPDNWD EX QHGHQOH GH WRSOXPVDO UHIDKD RODQ HWNLVL GR÷UXGDQROXPVX]DG|QHELOPHNWHGLU

5HNDEHW KXNXNXQGD JHQHOOLNOH \NVHN SD]DU JFQ LIDGH HGHQ KkNLP GXUXPGDNL WHúHEEVOHULQ IDDOL\HWOHUL EX DQODPGD V|] NRQXVX KXNXN GDOÕQÕQ EDúOÕFD LQFHOHPH DODQODUÕQGDQ ELULQL ROXúWXUPDNWD EXQXQ \DQÕQGD KXNXN YH LNWLVDW OLWHUDWUQGH GH NDSVDPOÕ oDOÕúPDODUD NRQX ROPDNWDGÕU 6|] HGLOHQ OLWHUDWUQ E\N ELU E|OP WHúHEEVQ KkOLKD]ÕUGD KkNLP GXUXPGD ROGX÷X SD]DUODUGDNL IDDOL\HWOHUL LOH LOJLOLGLU )DNDW WHúHEEVQ KkNLP GXUXPGD EXOXQGX÷X SD]DUÕQ \DQÕQGD E|\OH ELU NRQXPGD ROPDGÕ÷Õ NRPúX SD]DUODUGDNL IDDOL\HWOHULQLQWRSOXPVDOUHIDK]HULQGHROXPOXHWNLVLQLQ\DQÕQGDROXPVX]\|QGH HWNL \DUDWDELOGL÷L GLNNDWH DOÕQGÕ÷ÕQGD V|] NRQXVX IDDOL\HWOHULQ UHNDEHW KXNXNXQXQX\JXODPDDODQÕQDJLUPHVLJHUHNWL÷LDoÕNWÕU

%X GR÷UXOWXGD KkNLP GXUXPGDNL WHúHEEVOHULQ NRPúX SD]DUGDNL IDDOL\HWOHUL EX SD]DUGDNL UDNLSOHULQ GÕúODQPDVÕ VRQXFXQX \DUDWPDVÕ KDOLQGH UHNDEHWKXNXNXQFD\DVDNODQDELOPHNWHGLU6|]HGLOHQWHúHEEVOHULQHNNkUHOGH HWPHN\DGDDVÕOSD]DUGDNLNRQXPXQXNRUXPDNJLELDPDoODUODNRPúXSD]DUGDNL UHNDEHWL HWNLOH\HQ WHN WDUDIOÕ GDYUDQÕúODUÕ DNWDUPD OHYHUDJH  NDYUDPÕ LOH LIDGH HGLOPHNWHYH$UHHGDYH.DSORZ  ¶XQWDELUL\OH³DQWLWU|VWKXNXNXQXQ PHUNH]L´QGHQJHoPHNWHGLU

.RPúX SD]DUGD HN NkU HOGH HWPHN LoLQ SD]DU JFQQ DNWDUÕOPDVÕ HVDVÕQGD$%'¶GHN|NOHUL\LUPLQFL\]\ÕOÕQEDúODUÕQDNDGDUX]DQDQYHPDKNHPH

(13)

 

NDUDUODUÕQGD YH WHRULN oDOÕúPDODUGD ROGXNoD JHQLú ELU úHNLOGH WDUWÕúÕODQ ELU GRNWULQGLU 6|] NRQXVX WDUWÕúPDODU WHPHO RODUDN WHNHOFL DNWDUPDQÕQ 6KHUPDQ <DVDVÕ¶QÕQ  PDGGHVL NDSVDPÕQGD LKODO WHúNLO HGLS HWPHGL÷L oHUoHYHVLQGH JHOLúPLúWLU7HNHOFLDNWDUPD GRNWULQLLON NH] <NVHN 0DKNHPH¶QLQWDULKOL

*ULIILWK NDUDUÕQGD HOH DOÕQPÕúWÕU *ULIILWK NDUDUÕQGD 0DKNHPH PHYFXW WHNHOLQ \HQL  ELU WHNHO YFXGD JHWLUPHN LoLQ NXOODQÕODPD\DFD÷ÕQÕ LIDGH HWPLúWLU %XQD NDUúÕQ WHNHOFL DNWDUPD GRNWULQL \DSÕODQ \R÷XQ WDUWÕúPDODUÕQ DUGÕQGDQ JQP]GH6KHUPDQ<DVDVÕ¶QÕQPDGGHVLNDSVDPÕQGDED÷ÕPVÕ]ELULKODOWU RODUDNNDEXOHGLOPHPHNWHGLU

$%'¶GHNL V|] NRQXVX JQFHO \DNODúÕPÕQ WHUVLQH $% YH 7UN UHNDEHW KXNXNXQGD LVH PHYFXW KkNLP GXUXPXQ EDúND ELU SD]DUGD N|W\H NXOODQÕOPDVÕ VRQXFXQXGR÷XUDQDNWDUPDX\JXODPDODUÕ\DVDNODQDELOPHNWHYHPH\\LGH\HWDEL WXWXODELOPHNWHGLU

dDOÕúPDQÕQ DPDFÕ EHOLUOL ELU SD]DUGD KkNLP GXUXPGD EXOXQDQ ELU WHúHEEVQ WHN WDUDIOÕ GDYUDQÕúODUÕ LOH NRPúX SD]DUGD PHYFXW UHNDEHWH ]DUDU YHUPH SDKDVÕQD DYDQWDM HOGH HWPHN LoLQ SD]DU JFQ QDVÕO NXOODQGÕ÷ÕQÕQ HOH DOÕQPDVÕ YH EXQD GDLU UHNDEHW KXNXNXQXQ \DNODúÕPÕQÕQ QH ROGX÷XQXQROPDVÕ JHUHNWL÷LQLQ EHOLUOHQPHVLGLU 6|] NRQXVX DPDo GR÷UXOWXVXQGD UHNDEHW NDUúÕWÕ JGOHUOH SD]DU JFQQ JHQLúOHWLOPHVLQL LoHUHQ DNWDUPD VWUDWHMLVLQH GDLU NDYUDPVDO oHUoHYH YH EX VWUDWHMLQLQ WHúHEEV DoÕVÕQGDQ UDV\RQHO ELU X\JXODPD ROXS ROPDGÕ÷ÕQD LOLúNLQ LNWLVDW OLWHUDWUQGH \DSÕODQ WDUWÕúPDODU LON E|OPGH DoÕNODQPDNWDGÕU

øNLQFLE|OPGH|QFHOLNOHDNWDUPDQÕQKXNXNLWHPHOOHULELUELULQGHQD\UÕ IDNDW ELUELUL\OH LOJLOL ROPDVÕ JHUHNHQ LNLOL SD]DU \DSÕVÕ DNWDUPD\D QHGHQ RODQ JGOHU GH GLNNDWHDOÕQDUDNDoÕNODQPDNWDGÕU%|OPQGHYDPÕQGDLVH $%' YH $% UHNDEHW KXNXNXQXQ DNWDUPD VWUDWHMLOHULQH GDLU \DNODúÕP IDUNOÕOÕ÷Õ YH EXQXQ QHGHQOHUL EDúOÕFD NDUDUODU ÕúÕ÷ÕQGD GH÷HUOHQGLULOPHNWHGLU $NWDUPDQÕQ ONH X\JXODPDODUÕQDQDVÕO \DQVÕGÕ÷ÕQÕQ LQFHOHQPHVLIDUNOÕ DNWDUPDVWUDWHMLOHULQH GDLU D\UÕQWÕOÕELUDoÕNODPD\DSPDGDQ|QFHNDYUDPÕQKXNXNLoHUoHYHVLQLQGDKDQHWELU úHNLOGHDQODúÕOPDVÕLPNkQÕQÕVD÷OD\DFDNWÕU

hoQF E|OPGH KkNLP GXUXPGDNL WHúHEEVOHULQ WHN WDUDIOÕ GDYUDQÕúODUÕQÕQ KDQJL GXUXPODUGD SD]DU JFQQ DNWDUÕOPDVÕQÕQ DUDFÕ RODELOHFH÷L NRQXVX HOH DOÕQPDNWDGÕU %X E|OPGH KHU ELU LKODO WUQQQ D\UÕ D\UÕ LQFHOHQPHVL \HULQH X\JXODPDGD HQ VÕN NDUúÕODúÕODQ YH D\QÕ ]DPDQGD OLWHUDWUGH GH HQ VÕN WDUWÕúÕODQ DNWDUPD WUOHUL DoÕNODQPDNWDGÕU 6|] NRQXVX DNWDUPD WUOHUL \DWD\ LOLúNLOL YH GLNH\ LOLúNLOL SD]DUODU EDNÕPÕQGDQ HOH DOÕQPDNWDGÕU dDOÕúPDGD EX ED÷ODPGD \DWD\ LOLúNLOL SD]DUODU EDNÕPÕQGDQ UQOHULQ ED÷OÕ VDWÕú X\JXODPDODUÕ GLNH\ LOLúNLOL SD]DUODU EDNÕPÕQGDQ LVH DOW 

(14)

 

SD]DUGDNL WHúHEEVOHULQ IDDOL\HWOHUL LoLQ ]RUXQOX ELU JLUGLQLQ VD÷ODQPDVÕQÕQ UHGGHGLOGL÷LV|]OHúPH\DSPD\ÕUHGGHWPHX\JXODPDODUÕQD\HUYHULOPHNWHGLU

6RQE|OPGHLVHoDOÕúPDNDSVDPÕQGD\DSÕODQDoÕNODPDODUÕúÕ÷ÕQGD7UN UHNDEHW KXNXNXQGD DNWDUPDQÕQ PHY]XDWWD 5HNDEHW .XUXOX NDUDUODUÕQGD YH DNDGHPLV\HQOHUDUDVÕQGDQHúHNLOGHGH÷HUOHQGLULOGL÷LLQFHOHQPHNWHGLU                        

(15)

  %g/h0    

$.7$50$.$95$0,9(

(.2120ø.$d,'$1'(ö(5/(1'ø5ø/0(6ø





 $.7$50$.$95$0, 5HNDEHW KXNXNX YHLNWLVDWOLWHUDWUoR÷XQOXNODELUWHúHEEVQ \NVHN SD]DUJFQHVDKLSROGX÷XSD]DUGDNLWHNWDUDIOÕGDYUDQÕúODUÕLOHLOJLOHQPHNWHGLU $QFDN\NVHNSD]DUJFQHVDKLSELUWHúHEEVQSD]DUJFQQ EXOXQPDGÕ÷Õ NRPúX SD]DUODUGDNL IDDOL\HWOHUL GH UHNDEHWH ]DUDU YHUHELOPHNWHGLU %XQXQOD ELUOLNWH WHúHEEVQ NRPúX SD]DUGDNL WHN WDUDIOÕ GDYUDQÕúODUÕQÕQ UHNDEHW NDUúÕWÕ RODUDN GH÷HUOHQGLULOLS GH÷HUOHQGLULOHPH\HFH÷L KXVXVXQGD OLWHUDWUGH RUWDN ELU J|UúROXúWXUXODPDPÕúWÕU 5H\YG 

*QP]Q NDUPDúÕN WLFDUL \DSÕVÕQGD WHúHEEVOHULQ oR÷X oHúLWOL QHGHQOHUOHELUELULQHNRPúXSD]DUODUGDD\QÕDQGDIDDOL\HWJ|VWHUPHNWHGLU%XQXQ ELU QHGHQL WHNQRORMLN DYDQWDMODUGDQ \DUDUODQPDN RODELOLU gUQH÷LQ UQOHU DUDVÕQGD NDSVDP HNRQRPLOHULQLQ EXOXQPDVÕ ELUGHQ ID]OD UQH X\JXQ ELU ELOHúHQH VDKLS ROXQPDVÕ QHGHQL\OH EX UQOHULQ KHU LNLVLQLQ GH UHWLOPHVLQLQ PDOL\HW DYDQWDMÕ VD÷ODPDVÕ YH\D ELU UQQ UHWLOHELOPHVLQLQ EDúND ELU UQ JHOLúWLUPH\L NROD\ODúWÕUPDVÕ KDOLQGH WHúHEEVOHU ELUGHQ ID]OD SD]DUGD IDDOL\HW J|VWHUPH\LWHUFLKHGHELOPHNWHGLU 5H\YG 

%LU WHúHEEVQ ELUELULQH NRPúX SD]DUODUGD D\QÕ DQGD IDDOL\HW J|VWHUPHVLQLQ ELU GL÷HU QHGHQL GH UQOHU DUDVÕQGDNL GLNH\ GÕúVDOOÕNODUGDQ \DUDUODQPDN RODELOLU 'LNH\ GÕúVDOOÕNODUÕQ HQ |QHPOLVL oLIWH PDUMLQDOOHúPHGLU 

.RPúXSD]DUELUSD]DUGDNLUHNDEHWNRúXOODUÕQÕQGL÷HUSD]DUGDNLUHNDEHWNRúXOODUÕQDED÷OÕROPDVÕ YH UQOHULQ GR÷UXGDQ WNHWLFLOHUH VDWÕOPDVÕ EDNÕPÕQGDQ DVÕO SD]DUÕQ LOLúNLOL SD]DUÕGÕU ($*&3    .RPúX SD]DU DVÕO SD]DU LOH \DWD\ YH\D GLNH\ LOLúNLOL RODELOPHNWHGLU dDOÕúPDGD GD NRPúXLOLúNLOLYHLNLQFLSD]DULIDGHOHULELUELULQLQ\HULQHNXOODQÕOPDNWDGÕU



 %LU JUXS UQQ WHN ILUPD WDUDIÕQGDQ UHWLOPHVLQLQ PDOL\HWLQLQ EX UQOHULQ IDUNOÕ ILUPDODUFD UHWLOPHVLQH QD]DUDQ GDKD GúN ROPDVÕ GXUXPXQGD NDSVDP HNRQRPLOHULQLQ YDUOÕ÷ÕQGDQ EDKVHGLOHELOLU 3HSDOOYG 

(16)

 

GRXEOH PDUJLQDOL]DWLRQ  dLIWH PDUMLQDOOHúPHQLQ YDUOÕ÷ÕQGD LNL UQ GH UHWPHN WHúHEEVQ GLNH\ GÕúVDOOÕNODU \ROX\OD RUWD\D oÕNDQ HWNLQOLNOHUL HOH JHoLUPHVLQL LoVHOOHúWLULOPHVLQL VD÷ODPDNWDGÕU

6RQXo RODUDN ELUoRN WHúHEEV WHNQRORMLN \D GD GLNH\ GÕúVDOOÕNODUÕQ LoVHOOHúWLULOPHVL JLEL HWNLQOLN VD÷OD\ÕFÕ JHUHNoHOHUOH \D\JÕQ RODUDN EDúND SD]DUODUGD GD IDDOL\HW J|VWHUHELOPHNWHGLU +RYHQNDPS    %XQXQOD ELUOLNWH ED]Õ GXUXPODUGD \NVHN SD]DU JFQH VDKLS WHúHEEV V|] NRQXVX HWNLQOLNOHUH NRPúX SD]DUGDNL UHNDEHWH ]DUDU YHUHELOHQ UHNDEHW NDUúÕWÕ VWUDWHMLN GDYUDQÕúODUODXODúPDJGVWDúÕ\DELOPHNWHGLU

dDOÕúPDNDSVDPÕQGDELUWHúHEEVQWHNWDUDIOÕGDYUDQÕúODUÕ\ODIDDOL\HW J|VWHUGL÷L NRPúX SD]DUGDNL UHNDEHWH ]DUDU YHUHELOPHVL NRQXVX ]HULQGH GXUXOPDNWDGÕU %X GR÷UXOWXGD DNWDUPD OHYHUDJLQJ  VWUDWHMLOHUL JHQHO RODUDN EHOLUOL ELU SD]DUGD \NVHN SD]DU JFQH VDKLS RODQ WHúHEEVQ EX JFQ UHNDEHWNDUúÕWÕGDYUDQÕúODUODEDúNDELUSD]DUDJHQLúOHWHUHNUHNDEHWDYDQWDMÕHOGH HWPHVLRODUDNWDQÕPODQPDNWDGÕU &URFLRQL $NWDUPDNDYUDPÕQÕEDVLWELU úHNLO\DUGÕPÕ\ODDoÕNODPDNPPNQGU &URFLRQL      

 dLIWH PDUMLQDOOHúPH KHP VW KHP GH DOW SD]DUGD LNL D\UÕ WHNHOLQ ROPDVÕ YH KHU LNL WHNHOLQ GH WHNHOFLIL\DWODQGÕUPD\DSPDVÕKDOLQGHDOWSD]DUGDNLPúWHULOHULQoRNGDKD\NVHNIL\DWODQGÕUPD\OD NDUúÕODúDELOPHVLQLLIDGHHWPHNWHGLU 7LUROH 

 øQJLOL]FH¶GHNL³OHYHUDJH´ V|]F÷ 7UNoH¶GH JHQHOOLNOH ³NDOGÕUDo´ RODUDN NXOODQÕOPDNWDGÕU %X oDOÕúPDQÕQNRQXVXQXWHúHEEVQELUSD]DUGDNLJFQEDúNDELUSD]DUDUHNDEHWNDUúÕWÕDPDoODUOD DNWDUPDVÕ ROXúWXUGX÷XQGDQ .D\D  ¶QÕQ NXOODQGÕ÷Õ LIDGH EHQLPVHQHUHN OHYHUDJH NDYUDPÕ ³DNWDUPD´RODUDNoHYULOHFHNWLU$\UÕFDoDOÕúPDGDV|]HGLOHQNDYUDPÕLIDGHHWPHN]HUHDNWDUPD VWUDWHMLOHULYHDNWDUPDX\JXODPDODUÕD\QÕDQODPGDNXOODQÕOPDNWDGÕU %LULQFL 3D]DU  7HúHEEV  5DNLS  7HúHEEV  5DNLS  5DNLS øNLQFL 3D]DU

(17)

 

<XNDUÕGDNL úHNLOGH D\QÕ DQGD ELUGHQ ID]OD UQ UHWHQ ELU WHúHEEVQ PXOWLSURGXFWILUP IDDOL\HWJ|VWHUGL÷LLNLSD]DUGDQELULQFLVLQGH\NVHNELUJFH VDKLS ROGX÷X YDUVD\ÕOPDNWDGÕU %XQXQ \DQÕ VÕUD WHúHEEVQ IDDOL\HW J|VWHUGL÷L LNLQFLUQSD]DUÕUHNDEHWoLELU\DSÕ\DVDKLSWLU%|\OHELU\DSÕGDELULQFLSD]DUGD IDDOL\HWJ|VWHUHQWHúHEEVQVDKLSROGX÷XJFQLNLQFLSD]DUGDoHúLWOLUHNDEHW NDUúÕWÕ GDYUDQÕúODU LOH UHNDEHW DYDQWDMÕ HOGH HWPHN LoLQ NXOODQPDVÕ KDOLQGH DNWDUPDJHUoHNOHúPHNWHGLUgUQH÷LQELOJLVD\DULúOHWLPVLVWHPLSD]DUÕQGDIDDOL\HW J|VWHUHQ WHúHEEVQ NHQGLVLQGHQ WDOHS HGLOHQ LúOHWLP VLVWHPLQL EX UQQ NXOODQÕP EDNÕPÕQGDQ WDPDPOD\ÕFÕVÕ RODQ LQWHUQHW WDUD\ÕFÕVÕQÕQ GD NHQGLVLQGHQ DOÕQPDVÕ NRúXOX\OD VD÷ODPDVÕ GXUXPXQGD LúOHWLP VLVWHPL SD]DUÕQGDNL JFQ LQWHUQHW WDUD\ÕFÕODUÕ SD]DUÕQD DNWDUPDVÕ V|] NRQXVXGXU 7HúHEEV DNWDUPD VD\HVLQGHLQWHUQHWWDUD\ÕFÕODUÕSD]DUÕQGDNLJFQDUWÕUDELOPHNWHGLU%XQXQ\DQÕ VÕUD WHúHEEV LQWHUQHW WDUD\ÕFÕ SD]DUÕQD JLUHQ UDNLSOHULQ \HWHULQFH JoOHQHUHN LúOHWLPVLVWHPLSD]DUÕQDJLUPHVLQLHQJHOOHPHNVXUHWL\OHLúOHWLPVLVWHPLSD]DUÕQGD VDKLSROGX÷XJFGHNRUX\DELOPHNWHGLU

  $.7$50$1,1d(ùø7/(5ø9(6,1,)/$1',5,/,0$6,

$NWDUPD VWUDWHMLOHUL NRPúX SD]DUGDNL UHNDEHWH ]DUDU YHUHELOPHNWHGLU .RPúX SD]DUGD DNWDUPD VWUDWHMLOHULQGHQ ND\QDNODQDQ UHNDEHW ]DUDUÕ JHQHOOLNOH EX SD]DUÕQ SRWDQVL\HO  UDNLSOHULQ UHNDEHWLQH NDSDWÕOPDVÕ VRQXFXQX GR÷XUDQ ELUoRNúHNLOGHRUWD\DoÕNDELOPHNWHGLU%XNDSVDPGD %LUUQQVDWÕúÕQÕGL÷HUUQQDOÕPÕQDED÷ODPD ED÷ODPD  5DNLSOHUHJLUGLVD÷ODPD\ÕUHGGHWPH 5DNLSOHUHVD÷ODQDQJLUGLLoLQ\NVHNIL\DWEHOLUOHPH %LULQFLUQUDNLSOHULQVD÷ODGÕ÷ÕLNLQFLUQHX\XPVX]EÕUDNPD JLELGDYUDQÕúODUL]OH\HQE|OPOHUGHDoÕNODQDQEHOLUOLGXUXPODUÕQYDUOÕ÷Õ KDOLQGHDNWDUPDVWUDWHMLVLRODELOPHNWHGLU 5H\YG 

*|UOG÷ JLEL ELU WHúHEEVQ VDKLS ROGX÷X SD]DU JFQ NRPúX SD]DUGDNLUHNDEHWH]DUDUYHUPHNLoLQDNWDUPDVÕQÕQELUoRNDUDFÕEXOXQGX÷XQGDQ EXQODUÕQ D\UÕ D\UÕ VD\ÕOPDVÕ \HULQH EHOLUOL VÕQÕIODQGÕUPDODUD WDEL WXWXODUDN GH÷HUOHQGLULOPHVLID\GDOÕRODELOLU

gQFHOLNOH EX VWUDWHMLOHU DU] \|QO YH WDOHS \|QO RODUDN LNL\H D\UÕODELOPHNWHGLU *LUGL\H HULúLP LoLQ DúÕUÕ \NVHN IL\DW EHOLUOHPHN JLEL UDNLSOHULQ QLKDL UQ VXQPDODUÕQÕ ]RUODúWÕUDQ VWUDWHMLOHU DU] \|QOGU %XQD NDUúÕQ |]HOOLNOH ED÷ODPD WNHWLFLOHULQ UDNLSOHULQ UQOHULQH RODQ WHUFLKOHULQL 



6|]HGLOHQDNWDUPDVWUDWHMLVLQLQRUWD\DoÕNPDúHNLOOHULQHoQFE|OPGHD\UÕQWÕOÕELUúHNLOGH GH÷LQLOHFH÷LQGHQEXUDGD\DOQÕ]FDVÕUDODQPDVÕ\HWHUOLJ|UOPúWU

(18)

 

HWNLOH\HQWDOHS\|QOELUVWUDWHMLGLU$QFDNUDNLSUQOHULX\XPVX]EÕUDNPDJLEL VWUDWHMLOHUV|]NRQXVXROGX÷XQGDUQOHULQELUOLNWHNXOODQÕOPDVÕNDUDUÕWHúHEEV \D GDWNHWLFLOHUWDUDIÕQGDQ YHULOHELOGL÷LQGHQEXWUVWUDWHMLOHUKHP WDOHS \|QO KHPGHDU]\|QORODELOPHNWHGLU 5H\YG 

6|] HGLOHQ QHGHQOHUOHDNWDUPDVWUDWHMLOHULQLQDU]\|QO YHWDOHS\|QO ROPDVÕ D\UÕPÕQD GD\DOÕ ELU VÕQÕIODQGÕUPD\D DNWDUPDQÕQ GH÷HUOHQGLULOPHVLQGH VÕNOÕNOD EDúYXUXODPDPDNWDGÕU $NWDUPDQÕQ GH÷HUOHQGLULOPHVLQGH \RO J|VWHULFL QLWHOL÷HVDKLSLNLD\UÕVÕQÕIODQGÕUPDGDQEDKVHGLOHELOLU%XQODUGDQELULWHúHEEVQ \NVHN SD]DU JFQH VDKLS ROGX÷X YH EX JFQ DNWDUGÕ÷Õ SD]DUODUÕQ UHWLP VUHFL EDNÕPÕQGDQ LOLúNLVLQH J|UH GL÷HUL GH DNWDUPD JGVQQ DPDFÕQD J|UH \DSÕODQVÕQÕIODQGÕUPDGÕU

3D]DUODUÕQhUHWLP6UHFL%DNÕPÕQGDQøOLúNLVLQH*|UH $NWDUPDdHúLWOHUL

$NWDUPD VWUDWHMLOHUL \NVHN SD]DU JFQQ EXOXQGX÷X YH DNWDUPDQÕQ JHUoHNOHúWL÷L SD]DUODUÕQ UHWLP VUHFLQGHNL \HUL EDNÕPÕQGDQ \DWD\ YH GLNH\

DNWDUPD VWUDWHMLOHUL RODUDN LNL\H D\UÕOPDNWDGÕU 2¶'RQRJKXH YH 3DGLOOD  

<DWD\ $NWDUPD %LULQFL YH LNLQFL UQQ KHU LNLVLQLQ GH JHQHO RODUDN

UHWLP]LQFLULQLQD\QÕVHYL\HVLQGHEXOXQPDVÕGXUXPXQGDX\JXODQDQVWUDWHMLLoLQ

\DWD\ DNWDUPD WHULPL NXOODQÕOPDNWDGÕU &URFLRQL    <DWD\ DNWDUPD

VWUDWHMLVL ED÷ODPD YH SDNHW VDWÕú X\JXODPDODUÕ LQGLULP VLVWHPOHUL WP UQ oHúLWOHULQLDOPD\D]RUODPD IXOOOLQHIRUFLQJ DUD\] LQWHUIDFHV YHYH\DWHNQLN ELOJL SD\ODúÕPÕQÕ GXUGXUPD JLEL ILLOOHU YDVÕWDVÕ\OD JHUoHNOHúWLULOHELOPHNWHGLU ($&*3 

'LNH\ $NWDUPD 7HúHEEVQ \NVHN SD]DU JFQH VDKLS ROGX÷X ELULQFL

UQ LOH DNWDUPDQÕQ JHUoHNOHúWL÷L LNLQFL UQQ UHWLP ]LQFLULQLQ IDUNOÕ VHYL\HOHULQGH\HUDODQSD]DUODUGDEXOXQPDVÕKDOLQGHGLNH\DNWDUPDV|]NRQXVX ROPDNWDGÕU &URFLRQL    'LNH\ DNWDUPD VWUDWHMLVL |]HOOLNOH UHWLP VUHFL LoLQ NULWLN ELU JLUGL\H HULúLPL HQJHOOHPH YH\D ED÷ODPD \ROX\OD RUWD\D oÕNDELOPHNWHGLU

$NWDUPD6WUDWHMLVLQH<RO$oDQ*G\H*|UH $NWDUPDdHúLWOHUL

dRNOXUQUHWHQWHúHEEVOHU NRPúXSD]DUGDNkUHOGH HWPHN YH\DDVÕO SD]DUGD VDKLS ROGX÷X SD]DU JFQ NRUXPDN JLEL JGOHUOH NRPúX SD]DUODUGD 



 øQGLULP VLVWHPOHUL VDWÕú HVQDVÕQGD ELU UQQ OLVWH IL\DWÕ ]HULQGHQ \DSÕODQ LVNRQWR RODUDN WDQÕPODQPDNWDGÕU GDKDID]ODELOJLLoLQEN].RFDEDú 

(19)

 

UHNDEHW NDUúÕWÕ ILLOOHUGH EXOXQDELOPHNWHGLU %X úHNLOGH DNWDUPD VWUDWHMLVLQH \RO DoDQ JG\H J|UH DNWDUPD JHOHQHNVHO DNWDUPD GLQDPLN DNWDUPD YH VDERWDM RODUDNoDOWWUHD\UÕOPÕúYHOLWHUDWUGHDNWDUPD\DLOLúNLQ\DSÕODQWDUWÕúPDODUEX VÕQÕIODQGÕUPDoHUoHYHVLQGHJHOLúPLúWLU

*HOHQHNVHO$NWDUPD

*HOHQHNVHODNWDUPDEHOLUOLELUSD]DUGD\NVHNSD]DUJFQHVDKLSRODQ WHúHEEVQ NRPúX SD]DUODUGD NkU HOGH HWPH JGV\OH SD]DU JFQ JHQLúOHWPHVLQL LIDGH HWPHN LoLQ NXOODQÕODQ ELU NDYUDPGÕU .DSORZ    gUQH÷LQIRWR÷UDIPDNLQHVLUHWLPLSD]DUÕQGD\NVHNSD]DUJFQHVDKLSRODQYH D\QÕ ]DPDQGD UHNDEHWLQ EXOXQGX÷X ILOP UHWLPL SD]DUÕQGD GD IDDOL\HW J|VWHUHQ ELUWHúHEEVoHúLWOLVWUDWHMLOHUOHILOPUHWLPLSD]DUÕQGDNLUDNLSOHULQLSD]DUGÕúÕQD oÕNDUDFDN G]H\GH VDWÕúODUÕQÕ DUWÕUGÕ÷ÕQGD IRWR÷UDI PDNLQHVL SD]DUÕQGDNLQH HN RODUDN ILOP SD]DUÕQGD GD \NVHN SD]DU JFQH VDKLS RODELOPHNWHGLU )HOGPDQ    %|\OHFH IRWR÷UDI PDNLQHVL SD]DUÕQGD \NVHN SD]DU JFQH VDKLS RODQ WHúHEEV ILOP SD]DUÕQGDNL UDNLSOHULQLQ NkUODUÕQÕ GD HOH JHoLUHELOPHNWHGLU %XGXUXPGDJHOHQHNVHODNWDUPDGDQEDKVHGLOPHNWHGLU

*HOHQHNVHO DNWDUPDGD HVDVHQ NRPúX SD]DUÕQ \DSÕVÕQGD RUWD\D oÕNDQ ]DUDUÕQ WHúHEEVQ DVÕO SD]DUGD VDKLS ROGX÷X JoWHQ ND\QDNODQGÕ÷Õ YDUVD\ÕOPDNWDGÕU *HOHQHNVHN DNWDUPD \ROX\OD WHúHEEV ELU SD]DUGD VDKLS ROGX÷XSD]DUJFQ NRPúXSD]DUDDNWDUDUDN\HQL YH\DLNLQFLELUWHNHO RUWD\D oÕNDUDELOPHNWHGLU %RZPDQ .RPúXSD]DUGDGDWHNHONRQXPXQDJHOHQ WHúHEEV EX SD]DUGDNL IL\DWODUÕ \NVHOWHUHN YHYH\D DU]Õ VÕQÕUODQGÕUDUDN WRSOXPVDO UHIDK ND\EÕQD GDUD ND\EÕ  QHGHQ RODELOPHNWHGLU øNWLVDW WHRULVLQH J|UH ELU SD]DUGD VDKLS ROGX÷X \NVHN SD]DU JF QHGHQL\OH KkOLKD]ÕUGD WRSOXPVDO UHIDKÕQ D]DOPDVÕQD \RO DoWÕ÷Õ YDUVD\ÕODQ WHúHEEVQ EX JFQ DNWDUDUDN NRPúX SD]DUÕ GD UHIDK ND\EÕQD X÷UDWPDVÕ WHúHEEVQ JHOHQHNVHO DQODPGD X\JXODGÕ÷Õ DNWDUPD VWUDWHMLVLQH PGDKDOH HGLOPHVLQH QHGHQ RODELOPHNWHGLU

'LQDPLN$NWDUPD

.RPúX SD]DUGD IDDOL\HW J|VWHUPHQLQ DVÕO SD]DUD JLULúL NROD\ODúWÕUGÕ÷Õ GXUXPODUGDWHúHEEVNRPúXSD]DUGDNLUDNLSOHULQLQDVÕOSD]DUGDNLWHNHOJFQ 

 %WQWNHWLFLOHULQEHOLUOL ELU UQ KL]PHW  LoLQ |GHPH\H KD]ÕUROGX÷X IL\DW LOH ILLOHQ |GHGL÷L IL\DWDUDVÕQGDNLIDUNÕQSR]LWLIROPDVÕKDOLWNHWLFLUHIDKÕDUWÕ÷ÕQÕROXúWXUPDNWDGÕU 0RWWD  %WQUHWLFLOHULQEHOLUOLELUUQ KL]PHW UHWPHNLoLQNDWODQGÕ÷ÕPDOL\HWLOHEXUQQVDWÕúÕQGDQ HOGH HWWL÷L JHOLU DUDVÕQGDNL SR]LWLI JHWLUL KDOL RODQ UHWLFL UHIDKÕ LOH WNHWLFL UHIDKÕQÕQ WRSODPÕQD

WRSOXPVDO UHIDK GHQPHNWHGLU 0RWWD    hUQ KL]PHW  IL\DWODUÕQGDNL DUWÕú YHYH\D oÕNWÕ

G]H\LQGHNLD]DOÕúQHGHQL\OHWRSOXPVDOUHIDKWDD]DOPDROPDVÕKDOLLVHWRSOXPVDOUHIDKND\EÕ GDUD

(20)

 

WHKGLW HWPH RODVÕOÕ÷Õ NDUúÕVÕQGDNRQXPXQXX]XQ G|QHPGH NRUXPDNLoLQ NRPúX SD]DUGDNLUDNLSOHULQL GÕúODPD\ROODUÕQDEDúYXUDELOPHNWHGLU7HúHEEVQNRPúX SD]DUGDJHOHFHNWHDVÕOSD]DUGDNLJFQ]RUOD\DELOHFHNJoOUDNLSOHULQRUWD\D oÕNPDVÕQÕ HQJHOOHPHN JGV\OH L]OHGL÷L EX VWUDWHML GLQDPLN DNWDUPD RODUDN DGODQGÕUÕOPDNWDGÕU &URFLRQL 

'LQDPLN DNWDUPDGD NRPúX SD]DUÕ SRWDQVL\HO  UDNLSOHUH NDSDWDQ WHúHEEVQDVÕOJGVEXSD]DUGDNLUDNLSOHULQNkUODUÕQÕHOHJHoLUPHNWHQ]L\DGH DVÕO SD]DUGDNL JFQ NRUXPDNWÕU )HOGPDQ    %LU EDúND GH\LúOH GLQDPLN DNWDUPDGD SD]DU JF ELU SD]DUGDQ GL÷HULQH JHOHQHNVHO DQODPGD DNWDUÕOPDPDNWD GDKD ]L\DGH DVÕO SD]DUGDNL SD]DU JF JHOHFHN ]DPDQD WDúÕQPDNWDGÕU 9LFNHUV 

'LQDPLN DNWDUPDQÕQ NÕVD G|QHPGHNL HWNLVL WHúHEEVQ SD]DU JFQH VDKLS ROGX÷X DVÕO SD]DUGD GH÷LO DNWDUPDQÕQ \DSÕOGÕ÷Õ LNLQFL SD]DUGD KLVVHGLOPHNWHGLU 'LQDPLN DNWDUPDQÕQ HVDV HWNLVL X]XQ G|QHPGH ELULQFL SD]DUGD RUWD\D oÕNPDNWDGÕU 'DKD DoÕN ELU LIDGH\OH JHOHQHNVHO DNWDUPDGD UHNDEHW ]DUDUÕ LNLQFL SD]DUGD RUWD\D oÕNDUNHQ GLQDPLN DNWDUPDQÕQ HWNLVL |QFH LNLQFL SD]DUGD DUGÕQGDQ DVÕO SD]DUGD KLVVHGLOPHNWHGLU &URFLRQL    'ROD\ÕVÕ\OD \DOQÕ]FD NÕVD G|QHPOL EDNÕú DoÕVÕ\OD LNLQFL SD]DUGD WHNHOOHúPH DPDFÕQÕQGLNNDWHDOÕQPDVÕ\HWHUOLROPD\DELOLU &URFLRQL 

6DERWDM

6DERWDM VW SD]DUGD X\JXODGÕ÷Õ IL\DWODUÕ |QFO RODUDN NDPX RWRULWHVL WDUDIÕQGDQ G]HQOHPH\H WDEL WXWXODQ WHNHOFL WHúHEEVQ EX SD]DUGDNL JFQ IDDOL\HW J|VWHUGL÷L DOW SD]DUD DNWDUPDN DPDFÕ\OD UHNDEHW NDUúÕWÕ GDYUDQÕúODUGD EXOXQPDVÕ úHNOLQGH WDQÕPODQPDNWDGÕU &URFLRQL   %XQD J|UH |QFO G]HQOHPHGHWHúHEEVQVWSD]DUGDEHOLUOH\HFH÷LIL\DWG]H\LNDPXWDUDIÕQGDQ WHNHOFL IL\DWG]H\LQLQDOWÕQGDNLELUVHYL\HGHVÕQÕUODQGÕUÕOPDNWDGÕU%XúHNLOGH WHúHEEV DVÕO SD]DUGD PDKUXP NDOGÕ÷Õ WHNHO NkUÕQÕ UHNDEHW NDUúÕWÕ VWUDWHMLOHUOH GL÷HUSD]DUGDWHODILHWPHJGVWDúÕPDNWDGÕU %HDUGYG 

6DERWDM WHúHEEVQ VDKLS ROGX÷X JF LNLQFL SD]DUGD NkU HOGH HWPH DPDFÕ\OD NXOODQPDVÕ EDNÕPÕQGDQ JHOHQHNVHO DNWDUPD\D EHQ]HPHNWH YH oR÷XQOXNOD JHOHQHNVHO DNWDUPD NDSVDPÕQGD NDEXO HGLOPHNWHGLU 6DERWDMÕQ JHOHQHNVHO DNWDUPDGDQ WHPHO IDUNÕ LVH VDERWDMÕQ JHQHOOLNOH G]HQOHQHQ SD]DUODUGD IDDOL\HW J|VWHUHQ WHúHEEVOHU WDUDIÕQGDQ X\JXODQPDVÕGÕU &URFLRQL    %XQD HN RODUDN VDERWDM JHQHOOLNOH DOW SD]DUGDNL UDNLSOHULQ 



'LQDPLN DNWDUPD )HOGPDQ   WDUDIÕQGDQ VDYXQPDFÕ DNWDUPD GHIHQVLYH OHYHUDJLQJ  RODUDN WDQÕPODQPDNWDGÕU



 6|] NRQXVX VW VÕQÕU JHQHOOLNOH PDOL\HW WDEDQOÕ IL\DW NRQWUROOHUL\OH EHOLUOHQPHNWHGLU &URFLRQL  

(21)

 

PDOL\HWOHULQL \NVHOWPHN YH\D DOW SD]DUGDNL UDNLSOHULQ UQOHULQH RODQ WDOHEL D]DOWPDN úHNOLQGH IL\DW GÕúÕQGDNL GDYUDQÕúODUGD EXOXQPD JGV LoHUPHNOH ELUOLNWH 0DQG\ YH 6DSSLQJWRQ    QDGLUHQ IL\DW WHPHOOL GÕúOD\ÕFÕ GDYUDQÕúODUÕGDNDSVDPDNWDGÕU &URFLRQL 

  $.7$50$675$7(-ø6ø1ø1(.2120ø.$d,'$1

'(ö(5/(1'ø5ø/0(6ø

$NWDUPDVWUDWHMLVLX\JXOD\DQWHúHEEVNRPúXSD]DUGDHNNkUHOGHHWPH YH\D DVÕO SD]DUGDNL JFQ NRUXPD JGV WDúÕ\DELOPHNWHGLU %LULQFL GXUXPGD JHOHQHNVHOLNLQFLGXUXPGDGLQDPLNDNWDUPDJGVV|]NRQXVXGXU6DERWDMLVH JHOHQHNVHO DNWDUPD LOH D\QÕ JG\ LoHUPHNWHGLU $QFDN KHP JHOHQHNVHO KHP GLQDPLN DNWDUPD NRPúX SD]DUGDNL UHNDEHWH ]DUDU YHUHUHN EX SD]DUGDNL UDNLSOHULQ GÕúODQPDVÕQD QHGHQ RODELOPHNWHGLU $NWDUPD VWUDWHMLOHULQH NDUúÕ GLOH JHWLULOHQWHSNLOHULQWHPHO JHUHNoHVLGH |UWOELUúHNLOGH LNLWHNHOFLQLQ WNHWLFL UHIDKÕQD \D GD WRSOXPVDO UHIDKD  YHUHFH÷L ]DUDUÕQ WHN ELU WHNHOGHQ GDKD ID]OD RODFD÷ÕGúQFHVLGLU )HOGPDQ 

7HúHEEVQ NRPúX SD]DUODUGD UHNDEHW NDUúÕWÕ GDYUDQÕúODUGD EXOXQPD \HWHQH÷L HVDV RODUDN DVÕO SD]DUGD VDKLS ROGX÷X \NVHN SD]DU JFQGHQ ND\QDNODQPDNWDGÕU $QFDN WHúHEEVQ DNWDUPD \HWHQH÷L ROVD GD DNWDUPD JGVQQ ROPDPDVÕ V|] NRQXVX GDYUDQÕúODUÕ UHNDEHW NDUúÕWÕ ELU VWUDWHML ROPDNWDQoÕNDUDELOPHNWHGLU .D\D %XKXVXVDNWDUPDQÕQWHúHEEVLoLQ NkUOÕELUVWUDWHMLROXSROPDPDVÕYHEDúNDELU\ROODHúLWYH\DGDKDID]ODNkUHOGH HGLOLSHGLOPHPHVLVRUXQXRODUDNLIDGHHGLOHELOLU )LVKHU 

$NWDUPD VWUDWHMLVL LOH NkUÕQÕ DUWÕUDPD\DFDN RODQ WHúHEEVQ DNWDUPD \HWHQH÷L ROVD ELOH JGV ROXúPD\DFDNWÕU 'ROD\ÕVÕ\OD DNWDUPD VWUDWHMLOHUL LOH UDNLSOHUL GÕúODPDN KHU ]DPDQ WHúHEEV NkUOÕOÕ÷Õ DoÕVÕQGDQ UDV\RQHO ELU VWUDWHML ROPD\DELOLU gUQH÷LQ LNLQFL UQ WHúHEEVQ UHWWL÷L ELULQFL UQQ WDPDPOD\ÕFÕVÕ LVH WHúHEEVQ GúN PDOL\HWOL YH \NVHN NDOLWHOL WDPDPOD\ÕFÕ UQoHúLWOHULQL GÕúODPDJGV ROPD\DELOLU%XQXQELUQHGHQL GúN PDOL\HWOL YH\NVHNNDOLWHOLWDPDPOD\ÕFՁUQDOÕFÕODUÕQÕQWHúHEEVQWDPDPOD\ÕFÕODUÕQGDQ ED÷ÕPVÕ] VDWWÕ÷Õ UQ LoLQ GDKD ID]OD |GHPH\L NDEXO HGHELOPHVLGLU %LU GL÷HU QHGHQ LVH DOW SD]DUGDNL UQQ \NVHN NDOLWHOL YH GúN PDOL\HWOL ROPDVÕ KDOLQGHQLKDLUQHRODQWDOHELQDUWDELOPHVLGLU

<XNDUÕGD YHULOHQ |UQHNWHNL WHPHO QRNWD V|] HGLOHQ GXUXPODUÕQ WHúHEEVQWHNHONkUÕQÕHOGHHGHELOPHVLQLVD÷ODPDVÕGÕU$QFDNED]ÕGXUXPODUGD WHúHEEVQWHNHO NkUÕQÕWDP RODUDN HOGH HGHELOPHVLV|] NRQXVX ROPDPDNWDEX GDUHNDEHW NDUúÕWÕGDYUDQÕúODUODSD]DUJFQDNWDUPDJGVWDúÕPDVÕQDQHGHQ RODELOPHNWHGLU %X QRNWDGD WHúHEEVQ DNWDUPD JGVQH GDLU &KLFDJR YH &KLFDJRVRQUDVÕRODUDNDGODQGÕUÕODQ\DNODúÕPODUDGH÷LQPHNJHUHNPHNWHGLU

(22)

 

&KLFDJR2NXOX<DNODúÕPÕ

¶OHUGH $DURQ 'LUHFWRU¶XQ DUGÕQGDQ ¶OHULQ VRQXQGD $%'¶GH 3RVQHU   YH %RUN   JLEL \D]DUODUÕQ |QFO÷QGH JHOLúHQ &KLFDJR 2NXOX DNWDUPD X\JXODPDVÕ YH |]HOOLNOH NRPúX SD]DUGD UHNDEHW DYDQWDMÕ HOGH HWPH DPDFÕQD GDLU JHOHQHNVHO DNWDUPDQÕQ UHNDEHW NDUúÕWÕ ELU GDYUDQÕú RODUDN DoÕNODQPDVÕQDNDUúÕoÕNPÕúWÕU

&KLFDJR 2NXOX¶QXQ DNWDUPDQÕQ UHNDEHW NDUúÕWÕ VD\ÕOPDVÕ KDNNÕQGDNL HOHúWLULOHUL UHNDEHW KXNXNXQXQ DPDFÕ KDNNÕQGDNL \DNODúÕP IDUNOÕOÕNODUÕQGDQ ND\QDNODQPDNWDGÕU 5HNDEHW KXNXNXQXQ DPDFÕQÕQ QH ROPDVÕ JHUHNWL÷L LOH LOJLOL WDUWÕúPDODU WHPHO RODUDN WNHWLFL UHIDKÕQD NDUúÕOÕN WRSOXPVDO UHIDKÕ VDYXQDQ WDUDIODU DUDVÕQGD \DúDQPÕúWÕU &KLFDJR 2NXOX UHNDEHW KXNXNXQXQ LNWLVDGL HWNLQOL÷LQ VD÷ODQDUDN WRSOXPVDO UHIDKÕQ DUWÕUÕOPDVÕQÕ DPDoODPDVÕ JHUHNWL÷LQL VDYXQPDNWDGÕU 6|] HGLOHQ WRSOXPVDO UHIDK LOH JHQHOOLNOH WNHWLFL UHIDKÕ NDVWHGLOPHNWHGLU (DVWHUEURRN    $QFDN KHU QH NDGDU EX LNL UHIDK |OoWoR÷XQOXNODSDUDOHOOLNDU]HWVHGH|]HOOLNOHWHNWDUDIOÕWHúHEEVGDYUDQÕúODUÕ VRQXFXQGD WNHWLFL UHIDKÕ D]DOÕUNHQ WRSOXPVDO UHIDKÕQ DUWPDVÕ PPNQGU 0RWWD    %X GXUXPGD &KLFDJR 2NXOX DQÕODQ GDYUDQÕúODUÕQ DQFDN WRSOXPVDO UHIDKÕ ROXPVX] HWNLOHPHOHUL KDOLQGH LKODO VRUXPOXOX÷X GR÷XUDELOHFH÷LQLLGGLDHWPHNWHGLU 6XOOLYDQ.RFDEDú 

2NXOXQ HOHúWLULOHULWHúHEEVQSD]DUJFQDNWDUDUDNNRPúXSD]DUGD GD WHNHOOHúPHN LoLQ UHNDEHW NDUúÕWÕ GDYUDQÕúODUGD EXOXQPDVÕQÕQ LNWLVDGL RODUDN UDV\RQHOELUVWUDWHMLROPDGÕ÷Ձ]HULQGH\R÷XQODúPDNWDGÕU %RUN  &KLFDJR LNWLVDWoÕODUÕ |]HOOLNOH GLNH\ DNWDUPDQÕQ \DVDNODQPDVÕQD NDUúÕ oÕNPDNWDGÕU &KLFDJR LNWLVDWoÕODUÕQD J|UH WHúHEEVQ DOW SD]DUGDNL NkUODUÕ HOH JHoLUPHN LoLQ \HWHQH÷L ROVD GD E|\OH ELU JGV \RNWXU 7HúHEEVQ UHNDEHW NDUúÕWÕ GDYUDQÕúODUOD VDKLS ROGX÷X JFQ DNWDUPD JGVQQ ROPDGÕ÷ÕQD GDLU V|]NRQXVXJ|Uú³WHNWHNHONkUÕWHRUHPL´QHGD\DQPDNWDGÕU $KOERUQYG  

&KLFDJR DQDOL]LQLQ WHPHO DUDoODUÕQGDQ ELUL RODQ ³WHN WHNHO NkUÕ´ WHRUHPLQLQWHPHOYDUVD\ÕPODUÕúXQODUGÕU (YDQVYH3DGLOOD  hVWSD]DUGDWHNHOFLVD÷OD\ÕFÕEXOXQPDNWDGÕU   øNWLVDGLHWNLQOLNLVHUHWLPHGD\DOÕHWNLQOL÷LWDKVLVHWNLQOL÷LQLYHGLQDPLNHWNLQOL÷LNDSVDPDNWDGÕU &DUOWRQYH3HUORII   &KLFDJR2NXOX¶QDJ|UHELUWHúHEEVD\QÕoÕNWÕG]H\LQLGDKDGúNELUPDOL\HWOHHOGHHGHELOLUVH EX\DUDUOÕGÕUWNHWLFLQLQPDOL\HWWDVDUUXIXQGDQID\GDVD÷OD\ÕSVD÷ODPDPDVÕQÕQ|QHPL\RNWXU$\QÕ úHNLOGHDQDOL]HJ|UHWHúHEEVoÕNWÕ\ÕD]DOWÕFÕGDYUDQÕúODUGDEXOXQPDGÕNoDWHúHEEVQDOWSD]DUGDNL UDNLSOHULGÕúODPDLKWLPDOLQLQD\UÕFDLQFHOHQPHVLJHUHNPH] 6XOOLYDQ 

(23)

 

$OW SD]DUGDNL DOÕFÕ WHúHEEV EWQ JLUGL\L NHQGL UQ LOH VDELW RUDQODUGD NXOODQPDN ]HUH VDWÕQ DOPDNWDGÕU 'L÷HU ELU LIDGH\OH UQOHUELUELULQLQVÕNÕWDPDPOD\ÕFÕVÕGÕU

$OWSD]DUWDPUHNDEHWoLELU\DSÕ\DVDKLSWLU

%XQDJ|UHDOWSD]DUGDWDPUHNDEHWROGX÷XYDUVD\ÕPÕQGDQKDUHNHWOHHN NkUHOGH HWPHN PPNQ GH÷LOGLU%XQHGHQOH GHVWSD]DUGDNLWHNHOFLWHúHEEV VDKLS ROGX÷X SD]DU JFQ DOW SD]DUD DNWDUDUDN VW SD]DUGD KkOLKD]ÕUGD VDKLEL ROGX÷X YH HOGH HGLOHELOHFHN PDNVLPXP NkU RODQ WHNHO NkUÕQÕ GDKD ID]OD DUWÕUDPD\DFDNWÕU &KLFDJR LNWLVDWoÕODUÕQD J|UH VW SD]DUGDNL UHWLP YH DOW SD]DUGDNL GD÷ÕWÕP IDDOL\HWOHUL ELUELULQLQ WDPDPOD\ÕFÕVÕ ROXS GD÷ÕWÕPGDNL IL\DW DUWÕúODUÕ UHWLP VHYL\HVLQGHNL UQH \|QHOLN WDOHELQ D]DOPDVÕQD \RO DoDFDNWÕU 3RVQHU    'ROD\ÕVÕ\OD VW SD]DUGDNL WHNHOFL WHúHEEVQ JFQ DNWDUPDNRQXVXQGD\HWHUOL JGVEXOXQPD\DFDNWÕU :KLQVWRQ  'DKDVÕWHNHOFLWHúHEEVQLKDLUQIL\DWODUÕQÕGúUHUHNVDWÕúODUÕDUWÕUPDNYHEX úHNLOGH NHQGL NkUÕQÕ PDNVLPL]H HWPHN LoLQ GLNH\ UHWLP ]LQFLULQLQ GL÷HU WP VHYL\HOHULQGH PPNQ ROGX÷X NDGDU ID]OD UHNDEHW HGLOPHVLQL WHUFLK HWPHNWHGLU %RUN   (YDQV YH 3DGLOOD    'ROD\ÕVÕ\OD DNWDUPD VWUDWHMLVL X\JXOD\DUDN LNLQFL SD]DUGD UHNDEHWoL G]H\LQ ]HULQGH IL\DWOD VDWÕú \DSPDN LVWH\HQWHúHEEVELULQFLUQQIL\DWÕQÕGúUPHN]RUXQGDNDODELOHFHNWLU'L÷HU ELUGH\LúOHWHNHOJFQEDúNDSD]DUODUDDNWDUDQWHúHEEVNLPVHQLQND]DQPDGÕ÷Õ ELUR\XQ D]HURVXPJDPH R\QDPDNWDGÕU %RUN 

&KLFDJR\DNODúÕPÕQDJ|UHKHUQHNDGDUEXGXUXPGLNH\LOLúNLOLSD]DUODU DoÕVÕQGDQ V|] NRQXVX ROVD GD KHU LNLVL GH QLKDL WNHWLFLOHUH VDWÕODQ UQ SD]DUODUÕQGDJHUoHNOHúWLULOHQDNWDUPDLoLQGH JHoHUOLGLU .RFDEDú %X |QHUPH\L ELU |UQHN LOH L]DK HWPHN JHUHNLUVH $ UQQGH WHNHO NRQXPXQGD EXOXQDQ ELU WHúHEEVQ EX UQ WDP UHNDEHWoL ELU SD]DUGDNL WDPDPOD\ÕFÕVÕ 



 (÷HU UQOHULQ VDELW RUDQODUOD ELU DUD\D JHWLULOHUHN WNHWLOPHVL V|] NRQXVX LVH UDNLSOHULQLQ VXQGX÷X IDUNOÕ ELU WDPDPOD\ÕFÕ UQWHNHOFLQLQ UQQH RODQWDOHELDUWÕUDUDN GDKD ID]ODNkU HOGH HWPHVLQLVD÷OD\DELOLU 2(&'E 6ÕNÕWDPDPOD\ÕFÕWHULPLUHWLPVUHFLQGHJLUGLOHULQVDELW RUDQODUGDNXOODQÕOPDODUÕQÕYHEX\]GHQELUELULPoÕNWՁUHWPHNLoLQNXOODQÕODQJLUGLPLNWDUODUÕQÕQ EXQODUÕQ J|UHOL PLNWDUODUÕQGD GH÷LúLNOLN \DSDUDN GH÷LúWLULOHPH\HFH÷L DQODPÕQD JHOPHNWHGLU *LUGLOHUVÕNÕWDPDPOD\ÕFÕROPDVD\GՁVWSD]DUGDNLJLUGLVD÷OD\ÕFÕVÕQÕQJHUoHNOHúWLUHFH÷LKHUKDQJL ELUDNWDUPDVWUDWHMLVLQHWHSNLRODUDNDOWSD]DUGDNLUDNLSWHúHEEVOHUV|]NRQXVXJLUGLGHQGDKDD]YH GL÷HU J|UHFH XFX] JLUGLGHQ GDKD oRN DODUDN FHYDS YHUHELOLUGL %X GD JLUGL VD÷OD\ÕFÕVÕQÕQ SD]DU JFQND\EHWPHVLQH\RODoDELOLUGL

%XQDJ|UHDOWSD]DUGDNLEWQWHúHEEVOHUD\QÕWHNQRORML\LNXOODQPDNWDUHWLPGHVDELWRUDQOÕ YH ELUELUOHULQH HúLW G]H\GH PDUMLQDO PDOL\HWOHUH NDWODQPDNWD YH VRQ RODUDN ELUGHQ ID]OD UQ UHWWLNOHUL WDNGLUGH UQOHU DUDVÕQGD PDOL\HW YH\D WDOHS \|QO ED÷ÕPOÕOÕNODU EXOXQPDPDNWDGÕU .UDWWHQPDNHUYH6DORS 



3RVQHU  ¶HJ|UHELOHúHQOHULQLQVDELWRUDQODUODELUDUD\DJHOGL÷LVÕNÕWDPDPOD\ÕFÕ UQOHU ROPDVÕ KDOLQGH DNWDUPD VWUDWHMLVL \HQL ELU WHNHO HOGH HWPHNWHQ ]L\DGH HWNLQOLN DPDFÕ WDúÕPDNWDGÕU

(24)

 

RODQ%UQLOHED÷OD\DUDN$%SDNHWLKDOLQGHVDWÕúDVXQGX÷XQXIDU]HGHOLP%X GXUXPGD WHúHEEVQ oLIW WHNHO NkUÕ HOGH HGHELOPHVL LoLQ SDNHW LoHULVLQGHNL % UQQQ IL\DWÕQÕ DUWÕUPDVÕ JHUHNPHNWHGLU 1H YDU NL % UQQQ IL\DWÕQÕ PDUMLQDOPDOL\HWLQ]HULQHoÕNDUWDQKHUELUIL\DWDUWÕúÕWNHWLFLOHULQJ|]QGH$% SDNHWLQLQIL\DWÕQGDNLELUDUWÕúRODUDNDOJÕODQDFDNYHE|\OHFHWNHWLFLOHULQSDNHWH YH GROD\ÕVÕ\OD $ UQQH LOLúNLQ WDOHEL D]DODFDNWÕU %X GXUXP NDUúÕVÕQGD NkUÕQÕ DUWÕUPDNLVWH\HQWHúHEEVQEDúYXUDELOHFH÷LWHNoDUHWHNUDU%UQQQIL\DWÕQÕ GúUPHN RODFDNWÕU 'ROD\ÕVÕ\OD KkNLP GXUXPGDNL ELU WHúHEEVQ NRPúX SD]DUODUGDWHNHOOHúPHNVXUHWL\OHNkUÕQÕDUWÕUPDVÕPPNQGH÷LOGLU 2¶'RQRJKXH YH3DGLOOD.RFDEDú %XGXUXPGDLNLD\UÕ NkUV|] NRQXVX ROVDGDELUELULQLQVÕNÕWDPDPOD\ÕFÕVÕROGXNODUÕVÕQÕUDNDGDUWNHWLFLOHULNLUQ ELUOLNWHDODFDNODUE|\OHFH³WHNWHNHONkUÕ´WHRUHPLQHJHULG|QOHFHNWLU

6RQXo RODUDN &KLFDJR 2NXOX¶QD J|UH \NVHN SD]DU JFQH VDKLS RODQ WHúHEEVQ DNWDUPD JLULúLPLQGH EXOXQPDVÕ UHNDEHW NDUúÕWÕ GH÷LO ROVD ROVD HWNLQOLN VD÷ODPDN JLEL UHNDEHWoL DPDoODU WDúÕPDNWDGÕU %RUN   2¶'RQRJKXH YH 3DGLOOD    %X QHGHQOH &KLFDJR LNWLVDWoÕODUÕQD J|UH WRSOXPVDO UHIDKÕ DPDoOD\DQ UHNDEHW KXNXNXQXQ EX WLS DNWDUPD VWUDWHMLOHULQH PGDKDOHHWPHPHVLHQGR÷UX\DNODúÕPGÕU

&KLFDJR6RQUDVÕ<DNODúÕPÕ

&KLFDJR 2NXOX¶QXQ NDWÕ HOHúWLULOHUL ¶OHULQ EDúODUÕQGD WHúHEEVQ VDKLS ROGX÷X SD]DU JFQ UHNDEHW NDUúÕWÕ JGOHUOH DNWDUDELOHFH÷LQH GDLU DQDOLWLNJHUHNoHOHUVD÷OD\DQ\HQLLNWLVDWWHRULOHULQLQJHOLúPHVLQHQHGHQROPXúWXU

&KLFDJRVRQUDVÕ\DNODúÕPÕQDJ|UHWHúHEEVQJHOHFHNWHGDKDE\NNkU HOGH HGHELOPHN LoLQ NDUúÕODúDFD÷Õ \DSÕVDO NRúXOODUÕ GH÷LúWLUPH JGV UHNDEHW NDUúÕWÕ DNWDUPD VWUDWHMLOHULQH JHUHNoH ROXúWXUDELOLU .DSORZ    %X \DNODúÕPDNWDUPDX\JXODPDODUÕQÕQDPDFÕQÕQNÕVDG|QHPGHHOGHHGLOHFHNNkUODU \HULQH X]XQ G|QHPGH UHNDEHWLQ D]DOPDVÕ RODELOHFH÷LQL LGGLD HGHUHN WHNHOFL WHúHEEVQ UHNDEHW NDUúÕWÕ DNWDUPD JGVQQ ROPDGÕ÷ÕQD LWLUD] HWPHNWHGLU /RPEDUGR %XGR÷UXOWXGDWHNWHNHONkUÕWHRUHPLQLQGXUD÷DQELU \DSÕGD JHoHUOL ROGX÷XQX YH GH÷LúNHQ NRúXOODUÕ GLNNDWH DOPDGÕ÷ÕQÕ LGGLD HGHQ &KLFDJRVRQUDVÕ\DNODúÕPÕWHúHEEVQX]XQYDGHGHWRSODPNkUÕQÕDUWÕUPDNLoLQ X]XQG|QHPHWNLOHULGLNNDWHDODQGLQDPLNELU\DNODúÕPODPDOL\HWOHULQLD]DOWPD\D oDOÕúWÕ÷ÕQÕVDYXQPDNWDGÕU .DSORZ 

&KLFDJR VRQUDVÕ \DNODúÕPÕ ³WHN WHNHO NkUÕ WHRUHPL´QLQ LNL WHPHO YDUVD\ÕPDGD\DQGÕ÷ÕQÕLGGLDHWPHNWHGLU%XYDUVD\ÕPODUGDQLONLDOWSD]DUÕQWDP UHNDEHWoL ROPDVÕ LNLQFLVL LVH UQOHULQ ELUELULQLQ VÕNÕ WDPDPOD\ÕFÕVÕ ROPDVÕGÕU %LVKRS YH :DONHU    %X YDUVD\ÕPODUÕQ JHUoHN KD\DWWD NDUúÕODúÕODQ GXUXPX\DQVÕWPDGÕ÷ÕQÕLGGLDHGHQ&KLFDJRVRQUDVÕ\DNODúÕPÕWHNHOFLQLQLNLQFL

(25)

 

ELUWHNHONkUÕHOGHHWPHN\DGDPHYFXWWHNHOLQLNRUXPDNDPDFÕ\ODLNLQFLSD]DUÕ NDSDPD\HWHQHNYHJGVQQROGX÷XEHOLUOLYDUVD\ÕPVHWOHULWDQÕPODPÕúWÕU

%X NDSVDPGD &KLFDJR VRQUDVÕ \DNODúÕPÕQD J|UH JHUoHN KD\DWWD LNLQFL SD]DUÕQoR÷XQOXNODWDPUHNDEHWoL\DSÕGDROPDPDVÕWHúHEEVQDNWDUPDVWUDWHMLVL L]OH\HUHN HNVWUD NkU HOGH HGHELOHFH÷L DQODPÕQD JHOPHNWHGLU $\UÕFD &KLFDJR VRQUDVÕ \DNODúÕPÕQD J|UH WHúHEEV LNLQFL UQ SD]DUÕQGD |OoHN HNRQRPLOHULQLQ EXOXQPDVÕKDOLQGHDNWDUPDVWUDWHMLOHUL\OHPHYFXWUDNLSOHULQSD]DUGDQoÕNÕúÕQDYH SD]DUD \HQL JLUHFHNOHULQ FD\GÕUÕOPDVÕQD QHGHQ RODELOPHNWHGLU %|\OHFH ELULQFL UQ SD]DUÕQGD VDKLS ROXQDQ WHNHOFL JFQ |OoHN HNRQRPLOHULQLQ V|] NRQXVX ROGX÷X LNLQFL UQ SD]DUÕQD DNWDUÕOPDVÕQÕQ WNHWLFL UHIDKÕQÕ D]DOWDFDN úHNLOGH WHúHEEVLoLQNkUOÕELUVWUDWHMLRODELOHFH÷LQLJ|VWHUPLúOHUGLU

øNLQFLVL &KLFDJR VRQUDVÕ \DNODúÕPÕ UQOHULQ ELUELULQLQ VÕNÕ WDPDPOD\ÕFÕVÕ ROPDGÕ÷ÕQÕQNDEXO HGLOPHVLGXUXPXQGDELULQFLUQLNLQFLUQ LoLQNULWLNELUJLUGLQLWHOL÷LQGHLVHWHúHEEVQJLUGLSD]DUÕQGDVDKLSROGX÷XJF NXOODQDUDNDOWSD]DUGDNkUHOGHHGHELOHFH÷LQLJ|VWHUPLúWLU$\UÕFDUQOHULQVÕNÕ WDPDPOD\ÕFÕ ROGX÷X GúQOG÷QGH GDKL DúD÷ÕGDNL LNL GXUXPGD JHOHQHNVHO DNWDUPDNkUOÕELUVWUDWHMLRODELOHFHNWLU )LVKHUYH5XELQIHOG 

%LULQFL hUQQ %DúND $ODQODUGD GD .XOODQÕOPDVÕ %X GXUXPGD LON UQQ IL\DWÕQÕQ \NVHOPHVL EX UQ JLUGL RODUDN NXOODQDQ LNLQFL SD]DU GÕúÕQGDNL SD]DUODUGD WHúHEEVQ PúWHUL ND\EHWPHVLQH QHGHQ RODELOPHNWHGLU %X QHGHQOH WHúHEEV LON UQ LoLQ GúN ELU IL\DW EHOLUOH\HFHNIDNDWEXQXLNLQFLUQLOHELUOLNWHVDWPD\ÕWHUFLKHGHFHNWLU $QFDN D\QÕ ]DPDQGD LNLQFL SD]DU GÕúÕQGDNL SD]DUODUD GD JLUGL VD÷ODPD\DGHYDPHGHFHNWLU

øNLQFLhUQQ'L÷HU$OW3D]DU\DGD<DNÕQøOLúNLOL3D]DUODUøoLQ.ULWLN

%LU *LUGL 2OPDVÕ $OW SD]DUGDNL UQ EDúND ELU UQQ UHWLPLQGH

JLUGLRODUDNNXOODQÕOÕ\RUVDWHúHEEVSD]DUJFQDOWSD]DUDDNWDUPDN VXUHWL\OHNkUÕQÕDUWÕUDELOPHNWHGLU%LULQFLYHLNLQFLUQQDOWSD]DUGD V|] HGLOHQ oQF UQQ UHWLPLQGH VDELW RUDQODUGD NXOODQÕOPDGÕ÷Õ NDEXO HGLOGL÷LQGH \DOQÕ]FD ELULQFL UQGH SD]DU JFQH VDKLS RODQ WHúHEEV EX UQ LNLQFL UQ LOH LNDPH HGHELOHFHNWLU %XQD NDUúÕQ 



 hoQF E|OPGH V|] NRQXVX oDOÕúPDODUGDQ :KLQVWRQ   &KRL YH 6WHIDQDGLV   YH &DUOWRQYH:DOGPDQ  ¶DGH÷LQLOHFHNWLU



 %X GXUXPX ELU |UQHNOH DoÕNODPDN PPNQGU %XQD J|UH WHúHEEVQ % UQQQ VÕNÕ WDPDPOD\ÕFÕVÕ RODQ $ UQQQ WHN VD÷OD\ÕFÕVÕ ROGX÷X YDUVD\ÕOPDNWDGÕU $ UQQQ D\QÕ ]DPDQGD'YH)UQOHULLOHELUOLNWHNXOODQÕOPDVÕGDPPNQGU7HúHEEVQ$LoLQ\NVHNELU IL\DWEHOLUOHPHVL'YH)UQVD÷OD\ÕFÕODUÕQÕQ$UQQHRODQWDOHELQLD]DOWDELOPHNWHGLU%XQX J|]HDODPD\DQWHúHEEVD\UÕVDWWÕ÷Õ$UQLoLQGúNELUIL\DWX\JXODPD\ÕWHUFLKHGHELOLU%X DUDGD $ LOH %¶\L ELUOLNWH VDWDUDN |UWO ELU úHNLOGH $ UQ LoLQ\NVHN IL\DW X\JXOD\DELOLU %X úHNLOGH KHP WHN EDúÕQD % UQ VD÷OD\DQ UDNLSOHUL GÕúOD\DELOLU KHP GH $ UQQQ GL÷HU DOÕFÕODUÕQDVDWÕúODUÕQHGHQL\OH$¶QÕQWDOHELQGHD]DOPDULVNLLOHNDUúÕODúPD\DELOLU

(26)

 

UHNDEHWNDUúÕWÕDNWDUPDVWUDWHMLOHULLOHLNLQFLUQGHGHSD]DUJFHOGH HWPHVL KDOLQGH KHU o UQ ELUOLNWH VDWDUDN ELULQFL YH LNLQFL UQQ LNDPHHGLOPHOHULQLHQJHOOH\HELOPHNWHGLU

*|UOG÷ JLEL V|] HGLOHQ WHRUHPOHULQ \NVHN SD]DU JFQH VDKLS WHúHEEVOHULQ WHN WDUDIOÕ UHNDEHW NDUúÕWÕ DNWDUPD VWUDWHMLOHUL LOH NRPúX SD]DUGDNL UHNDEHWH]DUDUYHUHELOHFH÷LQLJ|VWHUPHVL&KLFDJRVRQUDVÕ\DNODúÕPÕQÕQDNWDUPD VWUDWHMLOHULQLQ GH÷HUOHQGLULOPHVLQGH KDNOÕ VHEHS UXOH RI UHDVRQ  NXUDOÕQÕ GHVWHNOHGL÷L úHNOLQGH \RUXPODQDELOLU (YDQV YH 3DGLOOD    %X \DNODúÕPD J|UH |UQH÷LQ |QHPOL PúWHULOHUOH \DSÕODQ X]XQ G|QHPOL V|]OHúPHOHU JLEL ED]Õ ILLOOHU SD]DUD JLULúOHUL FD\GÕUDELOHFH÷L JLEL HWNLQOLN ND]DQÕPODUÕQD GD VHEHS RODELOPHNWHGLU .RYDFLF YH 6KDSLUR    %X QHGHQOH \HWNLOL RWRULWHQLQ WHUFLK\DSDUNHQL]OHPHVLJHUHNHQHQGR÷UX\ROKDNOÕVHEHSDQDOL]L\DSPDNWÕU

 '(ö(5/(1'ø50(

<XNDUÕGD \HU YHULOHQ WDUWÕúPDODU ÕúÕ÷ÕQGD ELU SD]DUGD \NVHN G]H\GH SD]DU JFQH VDKLS RODQ WHúHEEVQ NRPúX SD]DUGD DYDQWDM HOGH HWPHN LoLQ VDKLS ROGX÷X SD]DU JFQ NXOODQPDVÕ RODUDN |]HWOHQHELOHQ DNWDUPD VWUDWHMLVL KDNNÕQGDED]ÕWHVSLWOHU\DSÕODELOLU

gQFHOLNOH EX E|OPGH \DSÕODQ DoÕNODPDODUGD WHúHEEVQ NRPúX SD]DUGD NkU HOGH HWPHN \D GD DVÕO SD]DUGDNL WHNHO NRQXPXQX NRUXPDN JLEL DPDoODUODSD]DUJFQDNWDUDELOGL÷LLIDGHHGLOPLúWLU%XFPOHGHEHOLUWLOHQLON KXVXVLOHLúDUHWHGLOHQJHOHQHNVHODNWDUPDGD]DUDULNLQFLSD]DUGD\DúDQDFDNRODVÕ WHNHOOHúPHGHQND\QDNODQPDNWDGÕU'ROD\ÕVÕ\ODV|]NRQXVX]DUDUSD]DUÕQPHYFXW \DSÕVÕQGDQWHNHOFL\DSÕ\DG|QúPHVL\OHUHIDKWD\DúDQDQGH÷LúLPHED÷OÕGÕU2\VD FPOHQLQ LúDUHW HWWL÷L LNLQFL KXVXV RODQ GLQDPLN DNWDUPDGD UHNDEHW NDUúÕWÕ GDYUDQÕú ROPDVD LNLQFL SD]DU UHNDEHWoL \DSÕVÕQÕ VUGUHFHN YH EXQD HN RODUDN DVÕOSD]DUGDUHNDEHWoLKDOHJHOHELOHFHNWLU%XQHGHQOHWHúHEEVQVDKLSROGX÷X JF NRUXPD LVWH÷L\OH SD]DUÕ NDSDPD JLULúLPLQLQ EX JF LNLQFL SD]DUD DNWDUPDNWDQoRNGDKDRODVÕROGX÷XV|\OHQHELOLU 5H\YG 

%XQXQODELUOLNWH&KLFDJR2NXOX\DNODúÕPÕQÕ ROXúWXUDQED]ÕLNWLVDWoÕODU WHúHEEVQ HN WHNHO NkUÕ HOGH HWPH JGVQQ ROPDGÕ÷ÕQÕ VDYXQDUDN DNWDUPD VWUDWHMLOHULQLQUHNDEHWNDUúÕWÕRODUDNGH÷HUOHQGLULOPHVLQHNDUúÕoÕNPÕúWÕU&KLFDJR 2NXOX¶QXQ .DSORZ   ¶XQ LIDGHVL\OH DNWDUPD VWUDWHMLVLQH NDUúÕ DoWÕ÷Õ VDYDú OLWHUDWUGH JHQLú \DQNÕ X\DQGÕUPÕú YH \DUJÕ NDUDUODUÕQGD E\N HWNL \DUDWPÕúWÕU &KLFDJR 2NXOX NHQGL GH\LPL\OH JHOHQHNVHO  DNWDUPD NDYUDPÕQÕQ |OPQLODQHWPLúWLU2NXOXQWHPHORODUDNJHOHQHNVHODNWDUPDVWUDWHMLVLQHNDUúÕ JHOLúWLUGL÷L ³WHN WHNHO NkUÕ WHRUHPL´ GD\DQGÕ÷Õ YDUVD\ÕPODU GR÷UXOWXVXQGD XODúWÕ÷Õ VRQXoODU EDNÕPÕQGDQ WXWDUOÕ ELU LNWLVDGL DQDOL] RUWD\D NR\DUDN \NVHN SD]DU JFQH VDKLS RODQ WHúHEEVOHULQ UHNDEHW NDUúÕWÕ VWUDWHMLOHUOH DNWDUPD

(27)

 

\HWHQH÷L ROVD GD JGVQQ ROPDGÕ÷ÕQÕ J|VWHUPHNWHGLU %XQXQOD ELUOLNWH WHN WHNHO NkUÕ YDUVD\ÕPÕQÕQ oR÷X ]DPDQ JHUoHN KD\DWWD PHYFXW SD]DU \DSÕODUÕQÕ \DQVÕWPDPDVÕ]DPDQOD&KLFDJR\DNODúÕPÕQÕQVRUJXODQPDVÕQD\RODoPÕúWÕU

&KLFDJR DQDOL]LQLQ ELUoRN KDWDVÕQÕQ ROGX÷XQX EHOLUWHQ &KLFDJR VRQUDVÕ \DNODúÕPÕ JHOHQHNVHO DNWDUPD VWUDWHMLVLQLQ PPNQ ROGX÷X GXUXPODU WDQÕPODPÕúWÕU .DSORZ    %X úHNLOGH KHU ]DPDQ GR÷UX VRQXoODU RUWD\D oÕNDUPDGÕ÷Õ NDQÕWODQDQ WHN WHNHO NkUÕ WHRUHPL \LQH GH GLQDPLN DNWDUPD YDUVD\ÕPÕQD QD]DUDQ JHOHQHNVHO DNWDUPD VWUDWHMLVLQLQ PHYFXGL\HWLQH GDKD úSKH\OH \DNODúÕOPDVÕ LoLQ |QHPOL ELU JHUHNoH VXQPDNWDGÕU 1LWHNLP GLQDPLN DNWDUPDVWUDWHMLVLLNLQFLELUWHNHO HOGH HWPH LOHLOJLOL ROPD\ÕSWHNHOLQ NRUXQPDVÕ JGVWDúÕPDNWDGROD\ÕVÕ\ODWHNWHNHONkUÕWHRUHPLLOHoDWÕúPDPDNWDGÕU 9LFNHUV  

6RQXo RODUDN EX E|OPGH \DSÕODQ DoÕNODPDODUÕQ ÕúÕ÷ÕQGD WHúHEEVQ VDKLS ROGX÷X SD]DU JFQ UHNDEHW NDUúÕWÕ GDYUDQÕúODUOD NRPúX SD]DUD JHQLúOHWHUHN NRPúX SD]DUGDNL UHNDEHWH ]DUDU YHUHELOPHVLQH QHGHQ RODQ WHPHO XQVXUODUúXúHNLOGHVÕUDODQDELOLU

7HúHEEVQEHOLUOLELUSD]DUGD\NVHNSD]DUJFQHVDKLSROPDVÕ 7HúHEEVQ DNWDUPDQÕQ JHUoHNOHúWL÷L NRPúX SD]DUGD IDDOL\HWLQLQ

ROPDVÕYH\DIDDOL\HWWHEXOXQDFD÷ÕQÕDoÕNODPDVÕ

%LULQFLYHLNLQFLUQOHULQDU]YHYH\DWDOHSNRúXOODUÕ\DGDX\JXODPD QHGHQL\OHLOLúNLVLQLQROPDVÕ

7HúHEEVQ DNWDUPD \HWHQH÷LQLQ YDUOÕ÷ÕQD LúDUHW HGHQ \XNDUÕGDNL KXVXVODUÕQ\DQÕVÕUDWHúHEEVQDNWDUPDJGVQQEXOXQPDVÕ

7HúHEEVQDNWDUPD\DGDLUHWNLQOLNJHUHNoHOHULQLQEXOXQPDPDVÕ\DGD VÕQÕUOÕG]H\GHEXOXQPDVÕ

.RPúX SD]DUGD HN NkU HOGH HWPHQLQ \DQÕ VÕUD DVÕO SD]DUGDNL JFQ NRUXQPDVÕJGVQQGHGLNNDWHDOÕQPDVÕ

<XNDUÕGD VÕUDODQDQ XQVXUODU DNWDUPD VWUDWHMLVLQLQ WHPHO HNRQRPLN NRúXOODUÕ RODUDN NDEXO HGLOHELOLU ø]OH\HQ E|OPGH V|] NRQXVX HNRQRPLN NRúXOODUÕQ DNWDUPD VWUDWHMLVLQLQ KXNXNL GH÷HUOHQGLUPHVLQH QDVÕO \DQVÕGÕ÷Õ LQFHOHQPHNWHGLU

   

(28)

  %g/h0    

$%'9($%5(.$%(7+8.8.81'$

$.7$50$





 +8.8.ø$/7<$3,

dDOÕúPDQÕQ |QFHNL E|OPQGH \NVHN SD]DU JFQH VDKLS RODQ WHúHEEVQ \D\JÕQ RODUDN NRPúX SD]DUODUGD IDDOL\HW J|VWHUHELOGL÷L LIDGH HGLOPLúWLU%XQDHNRODUDNV|]HGLOHQWHúHEEVQEDúNDELUSD]DUGDHNNkUHOGH HWPH\DGDDVÕOSD]DUGDNLJFQNRUXPDJGV\OHQDGLUHQGHROVDWHNWDUDIOÕ UHNDEHW NDUúÕWÕ GDYUDQÕúODUÕ LOH SD]DU JFQ DNWDUGÕ÷Õ EHOLUWLOPLúWLU %XQGDQ EDúND |]HOOLNOH GLNH\ LOLúNLOL SD]DUODU EDNÕPÕQGDQ HN NkU HOGH HWPH JGV\OH SD]DUJFQQDNWDUÕOPDVÕQÕQoR÷X GXUXPGDWHúHEEVLoLQUDV\RQHOELUVWUDWHML ROPDGÕ÷ÕQÕVDYXQDQ&KLFDJR\DNODúÕPÕLOHEHOLUOLGXUXPODUGDUDV\RQHOELUVWUDWHML RODELOHFH÷LQL|QHVUHQ&KLFDJRVRQUDVÕ\DNODúÕPÕDoÕNODQPÕúWÕU

7HúHEEVQVDKLSROGX÷XSD]DUJFQEDúNDELUSD]DUDDNWDUPDVÕKHP UHNDEHWoL KHP GH UHNDEHW NDUúÕWÕ JGOHUOH JHUoHNOHúWLULOHELOPHNOH ELUOLNWH ELU WHúHEEVQ \NVHN SD]DU JFQH VDKLS ROPDGÕ÷Õ ELU SD]DUGD DYDQWDM HOGH HWPHVLQL VD÷OD\DELOPHNWHGLU 5HNDEHW KXNXNX EDNÕPÕQGDQ DNWDUPD VWUDWHMLOHULQLQ WDúÕGÕ÷Õ |QHP GH EXUDGDQ ND\QDNODQPDNWDGÕU dQN DNWDUPD VWUDWHMLOHUL WHúHEEVQ \NVHN SD]DU JFQH VDKLS ROPDGÕ÷Õ SD]DUODUGDNL IDDOL\HWOHULQGHQ GROD\Õ VRUXPOX WXWXOPDVÕQD QHGHQ RODFDN úHNLOGH GH÷HUOHQGLULOHELOPHNWHGLU%LULQFLE|OPGHDNWDUPDQÕQWHúHEEVLoLQUDV\RQHOELU VWUDWHMLRODELOPHVLEDNÕPÕQGDQJHUHNOLROGX÷XEHOLUWLOHQWHPHOHNRQRPLNNRúXOODU UHNDEHWKXNXNX]HPLQLQGHúXúHNLOGH\RUXPODQDELOPHNWHGLU

 %D÷ODQWÕOÕ LNL D\UÕ SD]DUÕQ EXOXQPDVÕ YH WHúHEEVQ ELULQFL SD]DUGD KkNLPGXUXPGDROPDVÕ

 .RPúX SD]DUGDNL UDNLSOHULQ DNWDUPD VWUDWHMLVL QHGHQL\OH SD]DUGDQ GÕúODQPDVÕ

(29)

 

ø]OH\HQDoÕNODPDODUGDEXKXVXVODUGH÷HUOHQGLULOPHNWHGLU %D÷ODQWÕOÕøNL$\UÕ3D]DUÕQ%XOXQPDVÕYH

7HúHEEVQ%LULQFL3D]DUGD+kNLP'XUXPGD2OPDVÕ

*|UOG÷ JLEL WHúHEEVQ X\JXODGÕ÷Õ DNWDUPD VWUDWHMLOHULQLQ KXNXNL ]HPLQGH LQFHOHQHELOPHVL LoLQ WHPHO |QHPH VDKLS LNL KXVXVWDQ EDKVHGLOPHOLGLU %XQODUGDQ ELULQFLVL WHúHEEVQ KkNLP GXUXPGD ROGX÷X SD]DU LOH DNWDUPDQÕQ JHUoHNOHúWL÷L SD]DUÕQ ELUELULQGHQ D\UÕ IDNDW ED÷ODQWÕOÕ SD]DUODU ROPDVÕGÕU gQFHOLNOHWHúHEEVQSD]DUJFQQGHUHFHVLLOHLOJLOLEHOLUWLOPHVLJHUHNHQED]Õ KXVXVODUYDUGÕU

7HúHEEVQ KkNLP GXUXPGD ROPDVÕUHNDEHW NDUúÕWÕ GDYUDQÕúÕ QHGHQL\OH VRUXPOXWXWXODELOPHVLQLVD÷ODPDNWDGÕU7HúHEEVQVDKLSROGX÷XSD]DUJFQ EDúDUÕOÕ ELU úHNLOGH NRPúX SD]DUD DNWDUDELOPHVL LoLQ IDDOL\HW J|VWHUGL÷L DVÕO SD]DUGD \NVHN G]H\GH SD]DU JFQH VDKLS ROPDVÕ JHUHNPHNWHGLU &URFLRQL  6|]HGLOHQ\NVHNSD]DUJF$%'¶GHWHNHOJF$%¶GHLVHKkNLP GXUXPNDYUDPODUÕ\ODLIDGHHGLOPHNWHGLU$QFDNWHúHEEVQDNWDUPDVWUDWHMLVLQL NkUOÕ ELU úHNLOGH X\JXOD\DELOPHVL LoLQ $%¶GH KkNLP GXUXPXQ YDUOÕ÷Õ LoLQ JHUHNHQGHQ GDKD \NVHN ELU SD]DU JFQH LKWL\Do GX\XOPDNWDGÕU 'ROD\ÕVÕ\OD WHúHEEVWH DUDQDQ KkNLP GXUXPXQ GHUHFHVL RUWDODPD  ]HUL SD]DU SD\ÕQD WHNDEO HGHQ YH³WHNHOH \DNODúDQKkNLPGXUXP´ VSHU KkNLP GXUXP RODUDN NDEXOHGLOHQELUJFQYDUOÕ÷ÕQDGHQNJHOPHNWHGLU .D\D 

7HúHEEVQ WHNHOH \DNODúDQ KkNLP GXUXPGD ROPDVÕ NDGDU SD]DUODU DUDVÕQGDNL ED÷ÕQ QLWHOL÷L GH |QHP DU] HWPHNWHGLU $NWDUPD VWUDWHMLVL QHGHQL\OH 

 3D]DU JF IL\DWODUÕ UHNDEHWoL ELU SD]DUGD ROXúDQ G]H\LQ ]HULQH oÕNDUDELOPH \HWHQH÷LGLU 1&$$ Y %G 2I 5HJHQWV RI WKH 8QLY 2NOD  86   Q   7HNHO JF LVH IL\DWODUÕNRQWUROHWPHYH\DUHNDEHWLGÕúODPD\HWHQH÷LGLU (DVWPDQ.RGDN&RY,PDJH7HFKQLFDO 6HUYV ,QF  86    7HNHO JF JHQHOOLNOH \NVHN SD]DU JFQH NDUúÕOÕN JHOPHNOH ELUOLNWH SD]DU JF NÕVD G|QHP WHNHO JF LVH X]XQ G|QHPOH LOJLOL ELU NDYUDPGÕU :HUGHQ 



 +kNLP GXUXP LVH WHúHEEVQ UDNLSOHULQGHQ PúWHULOHULQGHQ YH QLKDL WNHWLFLOHUGHQ ED÷ÕPVÕ] GDYUDQDUDNLOJLOLSD]DUGDNLUHNDEHWLHQJHOOHPHVLQLVD÷OD\DQHNRQRPLNJoWU 8QLWHG%UDQGV&R Y&RPPLVVLRQ&DVH>@(&5SDUDJ 



6SHUKkNLPGXUXPX]XQVUHGHYDPHWPHVLQHGHQL\OHWHNHOH\DNODúDQELUSD]DUJFQLIDGH HWPHNWHGLU 2¶'RQRJKXH YH 3DGLOOD    øON NH] $7$'¶ÕQ &RPSDJQLH 0DULWLPH 6$ Y

&RPPLVVLRQNDUDUÕQGDNLVDYFÕ $* )HQQHOO\¶QLQJ|UúQGH³WHNHO\DGD\DUÕWHNHO´WHúHEEVOHULQ

VDKLS ROGX÷X JF LIDGH HWPHN LoLQ NXOODQÕOPÕú \DNODúÕN  SD]DU SD\ÕQÕQ VW EX NDYUDPOD LOLúNLOHQGLULOPLúWLU &RPSDJQLH0DULWLPH%HOJH7UDQVSRUW6$&RPSDJQLH0DULWLPH%HOJH6$YH

'DIUD/LQHV $6 Y &RPPLVVLRQ & YH &3 >@ (&5 ,  .D\D   

$7$'LVHDQÕODQNDUDUÕQGD³VSHUKkNLPGXUXP´NDYUDPÕQÕNXOODQPDPDNODELUOLNWHWHúHEEVOHULQ \NVHNSD]DUSD\ODUÕQGDWHNHOEHQ]HULNRQXPDVDKLSROGXNODUÕQÕEHOLUWHUHNV|]NRQXVXWHúHEEVQ X\JXODGÕ÷Õ RUWDODPD WRSODP PDOL\HW VW IL\DWODUÕQ N|W\H NXOODQPD VD\ÕODELOHFH÷L VRQXFXQD XODúPÕúWÕU

(30)

 

UHNDEHWLQ ]DUDU J|UG÷ SD]DUÕQ WHúHEEVQ KkNLP GXUXPGD ROGX÷X SD]DUGDQ ED÷ÕPVÕ] IDNDW RQXQOD \DNÕQ LOLúNLOL ELU SD]DU ROPDVÕ JHUHNPHNWHGLU /DQJHU    %X GXUXP LNL D\UÕ SD]DU WDQÕPODQPDVÕ JHUH÷LQL EHUDEHULQGH JHWLUPHNWHGLU 'ROD\ÕVÕ\OD DNWDUPD VWUDWHMLOHULQLQ LQFHOHQGL÷L ROD\ODUGD WHúHEEVQ KkNLP GXUXPGD EXOXQGX÷X SD]DU LOH UHNDEHWLQ ]DUDU J|UG÷ SD]DUÕQD\UÕD\UÕEHOLUOHQPHVLJHUHNPHNWHGLU

7HúHEEVQ KkNLP GXUXPGD ROGX÷X YH DNWDUPDQÕQ JHUoHNOHúWL÷L SD]DUODUÕQ IDUNOÕ SD]DUODU ROPDVÕ WHúHEEVQ KkNLP GXUXPGD EXOXQGX÷X EXQX N|W\HNXOODQGÕ÷ÕYHUHNDEHWLQ]DUDUJ|UG÷SD]DUODUDUDVÕQGDELUWDNÕPED÷ODUÕQ YDUOÕ÷ÕQÕQ J|VWHULOPHVLQL JHUHNWLUPHNWHGLU 2¶'RQRJKXH YH 3DGLOOD    %XQXQODELUOLNWH KDQJL GXUXPODUGDEXED÷ÕQ PHYFXW ROGX÷XQXQWHVSLW HGLOPHVL ROGXNoD ]RUGXU $%' DQWLWU|VW KXNXNXQGD WHNHO LOH N|W\H NXOODQPD ILLOL DUDVÕQGDoRN\DNÕQELUED÷DUDQPDNWDGÕU5HNDEHW PHY]XDWÕWHNHOFLWHúHEEVQ GL÷HU SD]DUODUGD KkOLKD]ÕUGD WHNHOOHúPH\H oRN \DNÕQ ROGX÷X GXUXPODU ]HULQGH \R÷XQODúPDNWDGÕU $UHHGDYH+RYHQNDPS 

$% UHNDEHW KXNXNXQD J|UH GH KkNLP GXUXP LOH N|W\H NXOODQPD DUDVÕQGD $%' UHNDEHW KXNXNXQGDNL NDGDU \DNÕQ ROPDPDNOD ELUOLNWH ELUWDNÕP ED÷ODUÕQ EXOXQGX÷XQXQ J|VWHULOPHVL JHUHNPHNWHGLU +kNLP GXUXP EXQXQ N|W\HNXOODQÕOPDVÕYHRUWD\DoÕNDQHWNLOHULQD\QÕSD]DUGDJHUoHNOHúPHVLKDOLQGH EX ED÷ NHQGLOL÷LQGHQ ROXúPDNWDGÕU $QFDN EX XQVXUODUÕQ LNL D\UÕ SD]DUGD ROXúPDVÕ GXUXPXQGD \NVHN SD]DU JF LOH EXQXQ N|W\H NXOODQÕOPDVÕ DUDVÕQGDNLED÷ÕQWHVSLWHGLOPHVLJHUHNPHNWHGLU /DQJHU 

+kNLPGXUXPXQN|W\HNXOODQPDQÕQYHEXQXQVRQXFXQGDRUWD\DoÕNDQ HWNLQLQ KLVVHGLOGL÷L SD]DUODUÕQ IDUNOÕ ROGX÷X GXUXPODUGD SD]DUODU DUDVÕQGDNL ED÷ODUÕ WDVYLU HGHQ ED]Õ LNLOL SD]DU VHQDU\RODUÕQGDQ EDKVHGLOHELOPHNWHGLU $NWDUPDQÕQ PHYFXW ROGX÷X ROD\ÕQ \DSÕVÕQGDQ \ROD oÕNÕODUDN JHOLúWLULOHQ EX VHQDU\RODUÕQV|]NRQXVXED÷ODUÕQDQODúÕOPDVÕQÕNROD\ODúWÕUGÕ÷ÕJLELRUWD\DoÕNDQ ]DUDULOHKkNLPGXUXPDUDVÕQGDNLQHGHQVHOOL÷LJ|VWHUPHNEDNÕPÕQGDQGDJHUHNOL ROGX÷XV|\OHQHELOLU  5HNDEHWLQ]DUDUJ|UG÷SD]DULoLQ³HWNLOHQHQSD]DU´\DGD$UHHGDYH+RYHQNDPS  ¶ÕQ LIDGHVL\OH³KHGHISD]DU´WHULPOHULNXOODQÕODELOPHNWHGLU %XQXQODELUOLNWH2¶'RQRJKXHYH3DGLOOD  ¶\DJ|UH7RSOXOXN0DKNHPHOHULQLQDNWDUPD GDYDODUÕQGD DUDGÕ÷Õ KkNLP GXUXPX N|W\H NXOODQPDQÕQ JHUoHNOHúWL÷L SD]DUODU DUDVÕQGD ELU ED÷ ROPDVÕ JHUHNOLOL÷L \DUDUOÕ ELU \|QWHP VD÷ODPD\ÕS oR÷X GXUXPGD GDYDQÕQ HVDVÕQD \R÷XQODúPD\Õ HQJHOOHPHNWHGLU<D]DUODUDJ|UHDNWDUPDGDYDODUÕQGDEXNXUXPVDOED÷QHJHUHNOLQHGH\HWHUOLGLU %XQXQ \HULQH KkNLP GXUXPXQ EXOXQGX÷X SD]DU YH KkNLP GXUXPXQ EXOXQPDGÕ÷Õ GL÷HU SD]DUGDQ ROXúDQV|]NRQXVXLNLSD]DUDUDVÕQGDNLGDYUDQÕúÕGDLoHUHQELUGL]LIDUNOÕGXUXPDUDVÕQGDELUD\UÕP \DSÕOPDVÕJHUHNPHNWHGLU

(31)

 

øON VHQDU\R KHP N|W\H NXOODQPD ILLOL KHP GH EXQXQ HWNLVLQLQ KkNLP NRQXPGD EXOXQXODQ SD]DUGDQ EDúND ELU SD]DUGD JHUoHNOHúPHVLQH LOLúNLQGLU %X VHQDU\RDúD÷ÕGDNLúHNLO\DUGÕPÕ\ODGDKDNROD\DoÕNODQDELOLU

 <XNDUÕGDNL úHNLOGH ELULQFL SD]DUGDNL KkNLP GXUXP LNLQFL SD]DUGD N|W\H NXOODQÕOPDNWD N|W\H NXOODQPDQÕQ HWNLVL LVH \LQH LNLQFL SD]DUGD JHUoHNOHúPHNWHGLU 'L÷HU ELU GH÷LúOH VHQDU\R JHOHQHNVHO DNWDUPD GXUXPXQX WDVYLUHWPHNWHGLU%XVHQDU\RGD SD]DUODUDUDVÕQGDNL\DWD\YH\DGLNH\ED÷ODUÕQ WHúHEEVQ KkNLP GXUXPXQX KkNLP GXUXPGD ROPDGÕ÷Õ SD]DUGD N|W\H NXOODQDELOPHVLQH RODQDN WDQÕPDVÕ |QHP WDúÕPDNWDGÕU 2¶'RQRJKXH YH 3DGLOOD  %LUEDúNDGH\LúOHELULQFLSD]DUGDNLKkNLPGXUXPXQXQLNLQFLSD]DUGD N|W\H NXOODQÕOPDVÕQÕQ \DQÕ VÕUD DNWDUPDQÕQ HWNLVLQLQ GH LNLQFL SD]DUGD JHUoHNOHúPHVL KDOLQGH V|] HGLOHQ ED÷ ROPDNVÕ]ÕQ N|W\H NXOODQPD VRQXFXQD XODúÕODPD\DFDNWÕU

øNLOL SD]DU VHQDU\RODUÕQGDQ LNLQFLVL KkNLP NRQXPGD EXOXQXOPD\DQ ELU SD]DUGD JHUoHNOHúHQ N|W\H NXOODQPDQÕQ HWNLVLQLQ \LQH KkNLP GXUXPGD EXOXQXODQ SD]DUGD KLVVHGLOGL÷L GXUXPD LOLúNLQGLU %X VHQDU\R ú|\OH ELU úHNLOOH WDVYLUHGLOHELOLU  øNLOLSD]DUVHQDU\RODUÕQDLOLúNLQúHNLOOHUGH/DQJHU  ¶GHQ\DUDUODQÕOPÕúWÕU  +Æ.ø0'8580  .g7h<(.8//$10$ %ø5ø1&ø3$=$5 ø.ø1&ø3$=$5  (7.ø

(32)

 

 <XNDUÕGDNL úHNLOGH ELULQFL SD]DUGDNL KkNLP GXUXP LNLQFL SD]DUGD N|W\H NXOODQÕOPDNWD DQFDN N|W\H NXOODQPDQÕQ HWNLVL ELULQFL SD]DUGD RUWD\D oÕNPDNWDGÕU $\UÕFD KkNLP GXUXPXQ N|W\H NXOODQÕOPDVÕQÕQ NÕVD G|QHPGHNL HWNLVLQLQ LNLQFL SD]DUGD RUWD\D oÕNDELOGL÷LQL EHOLUWPHN JHUHNPHNWHGLU %X VHQDU\RGD N|W\H NXOODQPD GDYUDQÕúÕQÕQ WHúHEEVQ DVÕO SD]DUGDNL KkNLP GXUXPXQX JoOHQGLULS JoOHQGLUPHGL÷LQH EDNÕOPDNWDGÕU 2¶'RQRJKXH YH 3DGLOOD    'ROD\ÕVÕ\OD EX VHQDU\RQXQ oR÷XQOXNOD GLQDPLN DNWDUPD VWUDWHMLOHULQGHPHYFXWROGX÷XNDEXOHGLOHELOLU

%DKVHGLOPHVL JHUHNHQ VRQ VHQDU\R\D J|UH KkNLP GXUXPXQ N|W\H NXOODQÕOPDVÕEDúNDELUSD]DUÕHWNLOHPHNWHGLU%XQDJ|UHKkNLPGXUXPYHN|W\H NXOODQPD DVÕO SD]DUGD EXOXQPDNWD EX GXUXPXQ HWNLOHUL LVH KHGHI SD]DUGD KLVVHGLOPHNWHGLU dR÷XQOXNOD V|]OHúPH \DSPD\Õ UHGGHWPH LKODOOHULQGH V|] NRQXVX RODQ EX VHQDU\RGD |QHPOL RODQ KXVXV VW SD]DUGD KkNLP GXUXPGDNL WHúHEEVQ VDKLS ROGX÷X |QHPOL ELU JLUGL\L VD÷ODPD\Õ UHGGHWPHVLQLQ DOW SD]DUGDNLUHNDEHW]HULQGHFLGGLELUHWNLVLQLQROXSROPDGÕ÷ÕGÕU 2¶'RQRJKXHYH 3DGLOOD %XVHQDU\RDúD÷ÕGDNLúHNLOOHDoÕNODQDELOPHNWHGLU  +Æ.ø0'8580 .g7h<(.8//$10$  (7.ø ø.ø1&ø3$=$5  (7.ø  +Æ.ø0'8580  .g7h<(.8//$10$ %ø5ø1&ø3$=$5 ø.ø1&ø3$=$5 %ø5ø1&ø3$=$5  (7.ø

(33)

 

<XNDUÕGDNL úHNLOGH KkNLP GXUXP LOH EXQXQ N|W\H NXOODQÕOPDVÕQÕQ VW SD]DUGD JHUoHNOHúWL÷L UHNDEHW ]DUDUÕQÕQ LVH DOW SD]DUGD RUWD\D oÕNWÕ÷Õ WDVYLU HGLOPHNWHGLU +kNLP GXUXPXQ N|W\H NXOODQÕOPDVÕQÕQ EDúND ELU SD]DUÕ HWNLOHPHVL GXUXPX KHP JHOHQHNVHO KHP GH GLQDPLN DNWDUPD JGV\OH RUWD\D oÕNDELOPHNWHGLU*HOHQHNVHODNWDUPDJGVQQEXOXQPDVÕKDOLQGHDNWDUPDQÕQ HWNLVL DOW SD]DUGD RUWD\D oÕNPDNWDGÕU 'LQDPLN DNWDUPD JGVQQ YDUOÕ÷Õ KDOLQGHLVHDNWDUPDQÕQNÕVDG|QHPGHDOWSD]DUÕHWNLOHPHVLV|] NRQXVXROPDNOD ELUOLNWHDNWDUPDQÕQHVDVHWNLVLX]XQG|QHPGHVWSD]DUGDKLVVHGLOPHNWHGLU

.RPúX3D]DUGDNL5DNLSOHULQ$NWDUPD6WUDWHMLVL1HGHQL\OH 3D]DUGDQ'ÕúODQPDVÕ

7HúHEEVQ DNWDUPD VWUDWHMLVLQLQ NRPúX SD]DUGDNL UDNLSOHUL GÕúOD\ÕFÕ HWNL \DUDWDELOPHVLV|] NRQXVXGXU7HúHEEVQ JHUHN LNLQFLSD]DUGDHN NkUHOGH HWPHJHUHNVHLNLQFLSD]DUGDNLUDNLSOHULQKkNLPGXUXPGDROGX÷XELULQFLSD]DUD JLULúLQL HQJHOOHPH JGV\OH SD]DU JFQ DNWDUPDVÕ LNLQFL SD]DUGDNL SRWDQVL\HO UDNLSOHULQSD]DUGDQGÕúODQPDVÕVRQXFXQXGR÷XUPDNWDGÕU

6|] HGLOHQ GÕúODPDQÕQ WHVSLW HGLOHELOPHVL EDNÕPÕQGDQ .RPLV\RQ .ÕODYX]  SDUDJ UDNLSOHULQ SD]DUGDQ ILLOHQ oÕNPDVÕQÕQ JHUHNPHGL÷LQL EHOLUWPHNWHGLU .RPLV\RQ¶D J|UH UDNLSOHULQ DNWLI ELU úHNLOGH UHNDEHW HWPHVLQL HQJHOOH\HFHN YH WHúHEEVQ IL\DWODUÕQÕ L]OH\HFHN úHNLOGH GLVLSOLQH HGLOPHVL GH GÕúODPDQÕQYDUOÕ÷ÕQÕJ|VWHUPHNWHGLU

7HúHEEVQ'DYUDQÕúÕQÕQ2EMHNWLI*HUHNoHOHULQLQ %XOXQPDPDVÕ

$NWDUPD VRQXFXQGD NRPúX SD]DUGDNL UDNLSOHUL GÕúOD\ÕFÕ HWNL RUWD\D oÕNPÕú ROVD GD oQF E|OPGH DoÕNODQGÕ÷Õ ]HUH WHúHEEVQ REMHNWLI JHUHNoHOHULQLQEXOXQPDVÕQÕQWHúHEEVQDNWDUPDVWUDWHMLOHULQGHQGROD\ÕVRUXPOX ROXS ROPDGÕ÷ÕQÕQ GH÷HUOHQGLULOPHVLQGH GLNNDWH DOÕQPDVÕ JHUHNPHNWHGLU 6|] HGLOHQ REMHNWLI JHUHNoHOHULQ YDUOÕ÷ÕQÕQ NDEXO HGLOPHVL LoLQ LON RODUDN WHúHEEV GÕúOD\ÕFÕ GDYUDQÕúÕQÕQ JHUHNOL ROGX÷XQX NDQÕWOD\DELOLU 7HúHEEV GÕúOD\ÕFÕ GDYDQÕúÕQÕQ |UQH÷LQ KDON VD÷OÕ÷Õ YH JYHQOL÷L LOH LOJLOL ROGX÷XQX EX QHGHQOH REMHNWLIELUúHNLOGHJHUHNOLROGX÷XQXLOHULVUHELOLU$\UÕFDWHúHEEVQGÕúOD\ÕFÕ GDYUDQÕúÕQÕQ WNHWLFL UHIDKÕQGD D]DOPD\D \RO DoPD\DFDN úHNLOGH HWNLQOLN GR÷XUGX÷XQX J|VWHUPHVL KDOLQGH GH REMHNWLI JHUHNoHOHULQ YDUOÕ÷ÕQGDQ EDKVHGLOHELOLU .ÕODYX]SDUDJ    %DVLWoHDOWSD]DUGDNLUHWLPLoLQ]RUXQOXQLWHOLNWHNLJLUGL\HHULúLPLQHQJHOOHQPHVLKDOOHULQLLIDGH HWPHN]HUHNXOODQÕODQV|]OHúPH\DSPD\ÕUHGGHWPHVWUDWHMLVLQHoQFE|OPGHGLNH\DNWDUPD\D LOLúNLQ\DSÕODQDoÕNODPDODUGD\HUYHULOPHNWHGLU

(34)

 

7HúHEEVQ DNWDUPD VWUDWHMLVLQLQ KXNXNL RODUDN GH÷HUOHQGLULOPHVL EDNÕPÕQGDQ EHOLUWLOHQ EX KXVXVODUÕQ DQODúÕODELOPHVL LoLQ L]OH\HQ DoÕNODPDODUGD LOJLOL ONH X\JXODPDODUÕQGD DNWDUPD VWUDWHMLOHULQLQ QDVÕO HOH DOÕQGÕ÷ÕQÕQ LQFHOHQPHVLID\GDOÕRODFDNWÕU%XED÷ODPGD|QFHOLNOHDNWDUPDVWUDWHMLOHULQHGDLU WDUWÕúPDODUGDPHUNH]L|QHPHVDKLSRODQ$%'UHNDEHWKXNXNXQXQ\DNODúÕPÕHOH DOÕQPDNWD DUGÕQGDQ $% UHNDEHW KXNXNXQGD DNWDUPD VWUDWHMLOHULQH \|QHOLN \DNODúÕPÕ\DQVÕWDQEDúOÕFDNDUDUODUDGH÷LQLOPHNWHYHVRQRODUDNGD$%'YH$% UHNDEHW KXNXNXQXQ DNWDUPD VWUDWHMLOHULQH \DNODúÕPÕ NDUúÕODúWÕUPDOÕ ELU úHNLOGH GH÷HUOHQGLULOPHNWHGLU

 $%'5(.$%(7+8.8.81'$$.7$50$8<*8/$0$6, *HQHO2ODUDN

7DULKVHO RODUDN $%' PDKNHPHOHUL YH DNDGHPLV\HQOHU DNWDUPD VWUDWHMLVLQLLKODOQLWHOL÷LWDúÕ\DQWHNWDUDIOÕWHúHEEVGDYUDQÕúODUÕQÕQKNPDOWÕQD DOÕQGÕ÷Õ6KHUPDQ<DVDVÕ¶QÕQPDGGHVLNDSVDPÕQGDDoÕNODPÕúODUGÕU<DVD¶QÕQ  PDGGHVL HVDV RODUDN WHNHOOHúPH YH WHNHOOHúPH\H WHúHEEV FH]DODQGÕUPDNWDGÕU  PDGGH KHU WUO WHN WDUDIOÕ WHúHEEV GDYUDQÕúODUÕQD X\JXODQPDNWD YH EX QHGHQOH GH JHQLú ELU DODQD \D\ÕOPÕú ELUoRN H\OHP WUQ NDSVDPÕQDDOPDNWDGÕU $GNLQVRQ YG %XQXQODELUOLNWH \DVDPHWQLQGH WHNHOFLDNWDUPD\DLOLúNLQDoÕNELUWDQÕPEXOXQPDPDNWDGÕU

7HNHOOHúPHYHWHNHOOHúPH\HWHúHEEVLOHWHNHOFLDNWDUPDDUDVÕQGDNL

IDUNOÕOÕNLONLNLVLQLQWHNHOJFHOGHHWPHYH\DNRUXPDDPDFÕWDúÕPDVÕQDNDUúÕQ DNWDUPDQÕQ VDGHFH UHNDEHW DYDQWDMÕ HOGH HWPH DPDFÕQD \|QHOLN RODELOPHVLGLU :LOORZ    6|] HGLOHQ UHNDEHW DYDQWDMÕQÕQ HOGH HGLOHELOPHVLQL 



g]HOOLNOHUQOHULQED÷OÕVDWÕúÕ\ODJHUoHNOHúWLULOHQDNWDUPDQÕQ6KHUPDQ<DVDVÕ¶QÕQPDGGHVL LOH&OD\WRQ<DVDVÕ¶QÕQPDGGHVLNDSVDPÕQGDLQFHOHQPHVLPPNQRODELOVHGHWHNWDUDIOÕILLOOHUOH JHUoHNOHúWLULOHQ DNWDUPD X\JXODPDODUÕ GDKD oRN 6KHUPDQ <DVDVÕ¶QÕQ  PDGGHVL NDSVDPÕQGD GH÷HUOHQGLULOPLúWLU



%LUSD]DUGDWHNHOOHúPHQLQXQVXUODUÕ³ELUSD]DUGDWHNHOJFQHVDKLSROPD´YH³VWQUQLú

DNOÕ WDULKL ROD\ODU VRQXFXQGD RUWD\D oÕNDQ E\PH YH JHOLúPHGHQ IDUNOÕ RODUDN WHNHO JFQQ ELOHUHN YH LVWH\HUHN HOGH HGLOPHVL \D GD NRUXQPDVÕ«´ RODUDN NDEXO HGLOPHNWHGLU 9HUL]RQ &RPPXQLFDWLRQV ,QF Y/DZ 2IILFHV RI &XUWLV 9 7ULQNR 86    8QLWHG 6WDWHV Y *ULQQHO&RUS86  D\UÕFDEN]'2- 



 7HNHOOHúPH\H WHúHEEV EDNÕPÕQGDQ  ³WHúHEEVQ \ÕNÕFÕ YH\D UHNDEHW NDUúÕWÕ GDYUDQÕúWD

EXOXQPDVÕ´ ³WHNHOOHúPH KXVXVXQGD |]HO ELU QL\HWLQ YDUOÕ÷Õ´ YH VRQ RODUDN ³WHNHOFL JFQ HOGH HGLOHELOHFH÷L \|QQGH FLGGL ELU LKWLPDOLQ EXOXQPDVÕ´QGDQ ROXúDQ XQVXUODUÕQ YDUOÕ÷ÕQÕQ

NDQÕWODQPDVÕJHUHNPHNWHGLU 6SHFWUXP6SRUWV,QFY0F4XLOODQ86   

7HNHOFLDNWDUPDQÕQXQVXUODUÕ³ELUSD]DUGDWHNHOFLJFHVDKLSROXQPDVÕ´³EXJFQEDúNDELU

SD]DUGD UHNDEHWoL DYDQWDM HOGH HWPHN LoLQ NXOODQÕOPDVÕ´ YH ³]DUDUÕQ LGGLD HGLOHQ GDYUDQÕú QHGHQL\OH RUWD\D oÕNPDVÕ´ RODUDN LIDGH HGLOPLúWLU $ODVND $LUOLQHV ,QF Y 8QLWHG $LUOLQHV ,QF

Referanslar

Benzer Belgeler

hakk~nda geni~~ bilgi için bkz: Özfirat 2001a: 111 vdd.. Oysa bu türde mezar an~tlar~n~n Asya bozk~rlar~ndaki geçmi~i ise M.Ö. biny~l~n ikinci yar~s~na de~in uzan~r. Bu kültüre

Wolff-Parkinson-White sendromunda atriyal fibrilasyonu olan ve

鑼聲響起~人社院熱鬧展開通識週,動靜態活動一應俱全 本校人文暨社會科學院在開學後的 9 月 23 日至 27

W ith the masterly use of first-hand archive material, privately obtained documents, illuminating authentic anecdotes, rele­ vant analogies, unbiased analyses of

 \ÕOÕQGD 9HGDW $UÕ WDUDIÕQGDQ KD]ÕUODQPÕú RODQ \NVHN OLVDQV WH]LQGH UDG\DO - HNVHQHO SRPSD YH YDQWLODW|UOHULQ GL]D\QÕ \DSÕOPÕúWÕU (Q D] JLUGL\OH

\ÕOÕQGD øVNRo\D GLQEXUJK¶GD \DSÕODQ 'ROO\ DGOÕ ELU NR\XQXQ NRS\DODQPDVÕ GHQH\L LOH JHQHWLN ELOPL IDUNOÕ ELU ER\XW DOPD VUHFLQH JLUGL %X VUHo JHQHWLN DOJRULWPDQÕQ NHúIL YH

øQVDQ EHVOHQPHVL LoLQ |QHPOL ELU \D÷ YH SDKDOÕ ELU KDPPDGGH RODQ VW \D÷Õ GD. HNRQRPLN VHEHSOHU \]QGHQ XFX] ELWNLVHO YH\D KD\YDQVDO

 &lt;|QHWLPLQ LúOHPOHULQ YH ULVNOHULQ HWNLQ ELU úHNLOGH \|QHWLPL LoLQ