1、 $SSURYHG1RYHPEHU(SUHVVLRQDQG1HWZRUN DE VKDOOUHWXUQWKHODUJHVWYDOXHRIDDQGE,QWHJHU ,17 D VKDOOUHWXUQWKHODUJHVWLQWHJHUQRWJUHDWHUWKDQD 6WUHDP7LPLQJ 641 = :s; 6 = (6 4 ) 0 6 = (0 6 ) + 64 (BKN =J E J PACA N R = HQ A KB 0 ) 624= J(F 6 ) + 6 , 0 Q F (0 2 )(6 2 ) + kF F (0 2 ) o 6 A + 6 , (0 2 ) Q F 0 7DEOH
2、5DWLRRIDFWLYHWRWRWDOWLPHIRULQWHUODFHGVVWHPV6VWHP 5$IXOOYDOXHDUHFHLYHUUHDGLQJDWWKHOLQHDU356FDQDOVRDFFRPPRGDWHDVLJQDOPHHWLQJWKHUHTXLUHPHQWVRIWKHJDSSHG356)LJXUHVKRZVWKHUHODWLRQVKLSEHWZHHQWKHOLQHDUDQGJDSSHG356IRUSURJUHVVLYHVLJQDOV)LJXUH5HODWLRQVKLSEHWZHHQWKH/LQHDUDQG*DSSHG356)LJXUH3DFNHW5HDG6FKHGXOH /LQ
3、HDU 6037(673DJHRISDJHV7UDQVPLVVLRQ7UDIILF6KDSH0RGHOV 1HWZRUNYDOXHVSHFLILHGLQVHFWLRQ7KHSDUDPHWHUVRIWKH1HWZRUN)8/DWWKHLQVWDQWWKHDUHHPLWWHGIURPWKHVHQGHU)RUSXUSRVHVRIWKHPRGHOSDFNHWVVKDOOEHDVVXPHGWRHQWHUDQGHLWWKHEXFNHWLQVWDQWDQHRXVO7KH95;)8/EXFNHWGUDLQVSDFNHWMDWWKH3DFNHW5HDG6FKHGXOHLQVWDQW6247KHVHQGHUVKD
4、OOHQVXUHWKDWWKLVEXFNHWGRHVQRWRYHUIORZDQGWKHVHQGHUVKDOOHQVXUHWKDWSDFNHWMLVDYDLODEOHLQWKHEXFNHW HPLWWHGRQWRWKHQHWZRUN QRODWHUWKDQWLPHLQVWDQW6 2 4VRWKDWWKH95;)8/EXFNHWVKDOOQRWXQGHUIORZ7KHSDUDPHWHUVRIWKH95;)8/EXIIHUDUHVKRZQEHORZ624 DVGHILQHGLQVHFWLRQIRUWKHSUHYDLOLQJ356PRGHO95;)8/ XQLWVRISDFNHWV UHSUHVHQ
5、WVWKHFDSDFLWRIWKH9LUWXDO5HFHLYHUPRGHOVEXIIHULWFRQVWUDLQVWKHQXPEHURIRXWVWDQGLQJSDFNHWVEHWZHHQWKHVHQGHUVDFWXDOHPLVVLRQWLPHVDQGWKH9LUWXDO5HFHLYHUVGUDLQVFKHGXOH6246HHVHFWLRQIRUWKH95;)8/YDOXHVIRUGLIIHUHQWWSHVRIVHQGHUV )LJXUH9LUWXDO5HFHLYHU%XIIHU0RGHO 6037(673DJHRISDJHV )8/YDOXHVSHFLILHGEHORZ 8 4 : = /# :
6、 F + 06 5 9 4 4 A , + 06 6 ; 4 4 4 A G 7KHYDOXH0$;,3DERYHVKDOOEHDVVXPHGWREHLIWKH6WDQGDUG836LH/LPLWLVLQXVHDQGVKDOOEHDVGHILQHGLQ6037(67ZKHQWKH(WHQGHG836LH/LPLWLVLQXVH7SH1VHQGHUVVKDOOVLJQDOFRPSOLDQFHZLWKD0HGLD7SH3DUDPHWHU73RIYDOXH7317SH1VHQGHUVVKDOOFRPSOWRWKH1HWZRUN)8/VSHFLILFDWLRQDERYHSURYLGHVDPLQLPXP
7、SDFNHW9LUWXDO5HFHLYHU%XIIHUZKLFKVFDOHVXSIRUKLJKHUUDWHVLJQDOVSDFNHWVLVEHDPSOHMXVWRYHUOLQHVRIVDPSOHVLQDVDPSOHZLGWKIRUPDW)RUODUJHU83SDFNHWVLHVWKHYDOXHVDUHVFDOHGSURSRUWLRQDOOEWKHUHGXFWLRQLQWKHYDOXHRI13$)8/YDOXHVSHFLILHGEHORZ 8 4 : = /# : F + 06 5 9 4 4 A , + 06 6 ; 4 4 4 A G 6037(673DJHRISDJHV7KHYDOXH0$
8、;,3DERYHVKDOOEHDVVXPHGWREHLIWKH6WDQGDUG836LH/LPLWLVLQXVHDQGVKDOOEHDVGHILQHGLQ6037(67ZKHQWKH(WHQGHG836LH/LPLWLVLQXVH7SH1/VHQGHUVVKDOOVLJQDOFRPSOLDQFHZLWKD0HGLD7SH3DUDPHWHU73RIYDOXH731/7SH1VHQGHUVVKDOOFRPSOWRWKH1HWZRUN)8/YDOXHVSHFLILHGEHORZ 8 4 : = /# : F + 06 5 9 4 4 ; 6 4 A , + 06 7 4 4 A G 7SH:VHQG
9、HUVVKDOOVLJQDOFRPSOLDQFHZLWKD0HGLD7SH3DUDPHWHU73RIYDOXH73:7SH:VHQGHUVVKDOOFRPSOWRWKH1HWZRUNGHILQLWLRQDERYHVKDOORQODSSOWRVWUHDPVRIOHVVWKDQSDFNHWVVHFRQG7KHYDOXH0$;,3DERYHLQWKH95;)8/GHILQLWLRQVKDOOEHDVVXPHGWREHLIWKH6WDQGDUG836LH/LPLWLVLQXVHDQGVKDOOEHDVGHILQHGLQ6037(67ZKHQWKH(WHQGHG836LH/LPLWLVLQXVH1RWH
10、7KHVSHFLILFDWLRQDERYHUHPDLQVDWRSLFRIVWXGSDUWLFXODUOLQUHJDUGVWRVFDOLQJDWKLJKHUVWUHDPUDWHV1RWH7KH95;)8/VSHFLILFDWLRQDERYHSURYLGHVDPLQLPXPSDFNHW9LUWXDO5HFHLYHU%XIIHUZKLFKVFDOHVXSSURSRUWLRQDOOIRUKLJKHUUDWHVLJQDOVSDFNHWVLVDSSURLPDWHOSHUFHQWRIDIUDPHZKHQXVLQJ 6037(673DJHRISDJHV6WDQGDUG836LHSDFNHWV8VLQJODUJ
11、HU83SDFNHWVSURSRUWLRQDOOUHGXFHVWKHDOORZHGEXIIHUVLHLQODUJHUIRUPDWVGXHWRWKHFKDQJHLQ13$)8/YDOXHDFFRPPRGDWHVERWKLQFUHDVHGSDFNHWGHODYDULDWLRQDQGDOVRPLVDOLJQPHQWEHWZHHQWKHVHQGHUVSDFNHWJHQHUDWLRQSURFHVVDQGLWV373UHIHUHQFH1RWH7KHPLQLPXP% YDOXHLVODUJHUWKDQWKDWDOORZHGIRUWSH1RU1/)RU:VHQGHUVZLWKGDWDUDWHVVXFKWKDW
12、WKHPLQLPXP% YDOXH IRUWSH: LVLQHIIHFWFDUHQHHGVWREHWDNHQRYHUVZLWFKEXIIHUDQGORDGLQJLIVLPXOWDQHRXVEXUVWVRQDOOVWUHDPVSDVVLQJWKURXJKWKHVZLWFKDUHWREHDFFRPPRGDWHG6LPLODUFDUHQHHGVWREHWDNHQLIXVLQJWKH(WHQGHG836LH/LPLW5HIHUWR$QQH$IRUGHWDLOVRIWKHPHWKRGXVHGWRGHULYHWKH% HSUHVVLRQV 6037(673DJHRISDJHV 5HFHLYHUV 2YHU
13、YLHZ ,QIRUPDWLYH 6HQGHUVRI6037(67573VWUHDPVVLJQDOWKHLUFORFNVRXUFHLQWKH63XVLQJWKHWVUHIFONFONVUFSDUDPHWHUDVGHILQHGLQ67DQGUHFHLYHUVFDQFRPSDUHWKHYDOXHRIWKLVSDUDPHWHUZLWKWKHLURZQUHIHUHQFHFORFNVRXUFHWRGHWHUPLQHLIWKHVHQGHULVVQFKURQLHGWRWKHVDPHFORFNVRXUFH,QDGGLWLRQVHQGHUVVLJQDOWKHLUUHODWLYHDOLJQPHQWWRWKDWFO
14、RFNVRXUFHXVLQJWKHRSWLRQDO752)SDUDPHWHUVRWKDWHDFKUHFHLYHUFDQDVVHVVWKHVXLWDELOLWRIWKHVLJQDOVSKDVHDJDLQVWLWVRZQUHTXLUHPHQWV7KLVVWDQGDUGGHILQHVWKUHHWSHVRIUHFHLYHUFDSDELOLWLHVDVHQXPHUDWHGLQWKHIROORZLQJVHFWLRQV:KLOHWKHVHQGHUWUDIILFPRGHOVRIVHFWLRQSURYLGHVRPHERXQGRQWKHWUDIILFVKDSHOHDYLQJWKHVHQGHUSDFNHWMLWWH
15、UDQGGHODPLJKWDFFXPXODWHGXULQJQHWZRUNWUDQVLW3UDFWLFDOUHFHLYHUGHVLJQVRXJKWWRDFFRPPRGDWHDUHDVRQDEOHDPRXQWRIDFFXPXODWHGSDFNHWDUULYDOMLWWHUDQGGHODRYHUDQGDERYHWKHVSHFLILFDWLRQLQWKHWUDIILFSURILOH 1DUURZ6QFKURQRXV5HFHLYHUV 7SH1 7SH1UHFHLYHUVVKDOOEHFDSDEOHRIUHFHLYLQJVLJQDOVIURPDWSH1VHQGHUZKHQWKHIROORZLQJFRQG
16、LWLRQVDUHVDWLVILHGD 7KHUHFHLYHULVORFNHGWRWKHVDPHFORFNVRXUFHDVLQGLFDWHGLQWKHVHQGHUVWVUHIFONFONVUF63FODXVHE 7KHVHQGHUV752)SDUDPHWHULVHTXDOWRWKHGHIDXOWRUDEVHQW LQGLFDWLQJWKHGHIDXOW $7SH1UHFHLYHUVKRXOGVXSSRUWDOWHUQDWLYHYDOXHVRI752)$7SH1UHFHLYHUVKRXOGVXSSRUWUHFHSWLRQRIVLJQDOVIURPDWSH1/VHQGHUVXEMHFWWRWKHF
17、RQGLWLRQVDERYH :LGH6QFKURQRXV5HFHLYHUV 7SH: 7SH:UHFHLYHUVVKDOOEHFDSDEOHRIUHFHLYLQJVLJQDOVIURPDWSH11/RU:VHQGHUZKHQWKHUHFHLYHULVORFNHGWRWKHVDPHFORFNVRXUFHDVLQGLFDWHGLQWKHVHQGHUVWVUHIFONFONVUF63FODXVH$7SH:UHFHLYHUVKDOOVXSSRUWDOWHUQDWLYHYDOXHVRI752)6(7DVVLJQDOHGEWKHVHQGHUXVLQJWKH752)SDUDPHWHU1RWHWKHGHID
18、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