does finance really matter for the participation of smes in international trade? evidence from 8,080...

8/12/2019 Does Finance Really Matter for the Participation of SMEs in International Trade? Evidence from 8,080 East Asian Fir

1/31

@MDH Sarkhec ^`pbr Wbrhbs

Mabs Iheègb Tb`ffy O`ttbr iar tjb^`rthghp`thae ai WOBs heHetbre`thae`f ]r`mb1 Bvhmbegb irao:,>:> B`st @shè Ihros

Xatjhe Lhel`r`k^ùfa Lasb OutugCèbsjè Shce`r`l`

Ea. =3>O`rgj 4>0=

@shè Mbvbfapobet Dèk Hesthtutb


2/31

]jb Sarkhec ^`pbr sbrhbs hs ` gaetheu`thae ai tjb iarobrfy eòbm Mhsgusshae ^`pbr sbrhbs;tjb euodbrhec ai tjb p`pbrs gaetheubm whtjaut hetbrrupthae ar gjècb. @MDHs warkhecp`pbrs rbifbgt hehth`f hmb`s ae ` taphg èm `rb pastbm aefheb iar mhsgusshae. @MDH begaur`cbsrb`mbrs ta past tjbhr gaoobets ae tjb o`he p`cb iar b`gj warkhec p`pbr (chvbe he tjbght`thae dbfaw). Waob warkhec p`pbrs o`y mbvbfap heta atjbr iaros ai pudfhg`thae.

Wuccbstbm ght`thae0=. Mabs Iheègb Tb`ffy O`ttbr iar tjb^`rthghp`thae ai WOBs he Hetbre`thae`f ]r`mb1 Bvhmbegb irao :,>:> B`st @shè Ihros. @MDHSarkhec ^`pbr =3>. ]akya< @shè Mbvbfapobet Dèk Hesthtutb. @v`hf`dfb7/4:/940:.iheègb.o`ttbr.sobs.tr`mb/

^fb`sb gaet`gt tjb ùtjars iar heiaro`thae `daut tjhs p`pbr.

Bo`hf0= @MDHHOIIW@L`pè Hetbre`thae`f Gaeibrbegb ae Iheègh`f Wystbo Wt`dhfhty, Tbcuf`thae, èm Iheègh`fHegfushae iar jbfpiuf gaoobets ae è b`rfhbr vbrshae ai tjhs p`pbr.

]jb vhbws bxprbssbm he tjhs p`pbr `rb tjb vhbws ai tjb ùtjar èm ma eat ebgbss`rhfyrbifbgt tjb vhbws ar pafhghbs ai @MDH, tjb @MD, hts Da`rm ai Mhrbgtars, ar tjb cavbreobetstjby rbprbsbet. @MDH mabs eat cu`rètbb tjb `ggur`gy ai tjb m`t` hegfumbm he tjhs p`pbrèm `ggbpts ea rbspaeshdhfhty iar èy gaesbqubegbs ai tjbhr usb. ]broheafacy usbm o`yeat ebgbss`rhfy db gaeshstbet whtj @MD aiihgh`f tbros.

@shè Mbvbfapobet Dèk HesthtutbK`suohc`sbkh Duhfmhec :I

7-4-2 K`suohc`sbkh, Gjhyam`-ku]akya 0>>-9>>:, L`pè

]bf< +:0-7-7287-22>>I`x< +:0-7-7287-2230RTF< www.`mdh.arcB-o`hf< heiaN`mdh.arc

4>0= @shè Mbvbfapobet Dèk Hesthtutb
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


3/31

@MDH Sarkhec ^`pbr =3> Lhel`r`k, Outug, èm Shce`r`l`

@dstr`gt

]jhs p`pbr stumhbs i`gtars `ssagh`tbm whtj ihro p`rthghp`thae he bxpart o`rkbts, iagushecprho`rhfy ae ihro shzb èm `ggbss ta grbmht, d`sbm ae ` survby sòpfb gaoprhshecadsbrv`thaes ai :,>:> so`ff èm obmhuo betbrprhsbs (WOBs) (whtj ibwbr tjè 0>>bopfaybbs) èm eae-WOB ihros he mbvbfaphec B`st @shè gauetrhbs `grass sbgtars. ]jb o`heihemhecs succbst tjb hetbrmbpbembet rbf`thaesjhps dbtwbbe bxpart p`rthghp`thae, ihro shzb, èm`ggbss ta grbmht. WOBs p`rthghp`thec he bxpart o`rkbts tbem ta c`he oarb `ggbss ta grbmht,wjhfb patbeth`f sg`fb bgaeaohbs (ihro shzbs) ai WOBs `rb pashthvbfy `ssagh`tbm whtjp`rthghp`thae he bxpart o`rkbts. ]jb bstho`thae rbsufts `fsa pahet ta tjb supparthvb heifubegbsai iarbhce awebrsjhp, warkbr bmug`thae, èm pramugthae gbrthihg`thae ae bxpart p`rthghp`thae,èm tjb pashthvb biibgts ai iheègh`f gbrthihg`thae, oè`cbrh`f bxpbrhbegb, èm gaff`tbr`f/faèv`fub ae `ggbss ta grbmht iar WOBs.

LBF Gf`sshihg`thae


4/31


Gaetbets

0. Hetramugthae ................................................................................................................ 74. Tbf`tbm Fhtbr turb ...................................................................................................... 97. M`t` èm Bophrhg`f Iròbwark .................................................................................. :

7.0 Wuoo`ry Wt`thsthgs ........................................................................................ :7.4 Bstho`thae Obtjamafacy ............................................................................... 00

=. Bstho`thae Tbsufts ................................................................................................... 04=.0 D`sbfheb Tbcrbsshaes .................................................................................. 04=.4 Tadustebss Gjbgks ..................................................................................... 02

2. Bgaeaohg Whcehihgègb èm âfhgy Hopfhg`thaes ........................................................ 442.0 Jaw F`rcb `rb tjb Mrhvbrs ai Bxpart ^`rthghp`thae, Ihro Whzb, èm @ggbss taGrbmht iar WOBs1 ..................................................................................................... 442.4 âfhgy Hopfhg`thaes< Gè WOBs ^`rthghp`tb he Bxpart O`rkbts, C`he Wg`fbBgaeaohbs, èm @ggbss Oarb Grbmht1 ..................................................................... 44

9. Gaegfushaes ............................................................................................................. 42Tbibrbegbs ......................................................................................................................... 43


5/31


7

0. HE]TAMRG]HAE

]jhs p`pbr stumhbs tjb rbf`thaesjhp dbtwbbe bxpart p`rthghp`thae, ihro shzb, èm saurgbsai iheègb, iagushec ae so`ff èm obmhuo betbrprhsbs (WOBs) he mbvbfaphec B`st @shègauetrhbs. WOBs, sbbe `s tjb d`gkdaeb ai pramugthae, bopfayobet, èm pavbrtyrbmugthae he B`st @shè bgaeaohbs, j`vb rbturebm ta tjb spatfhcjt mub ta tjb rafb tjbypf`y he tjb gaetheuhec bxpèshae ai tr`mb cfad`fhz`thae `grass tjb rbchae èm he tjbrbgavbry ai tjb warfm bgaeaoy iaffawhec tjb 4>>34>>8 iheègh`f grhsbs.

Ihcurb 0< WOB Gaetrhduthae ta Bopfayobet èm Autput

^TG ? bapfbs Tbpudfhg ai Gjhe`.

Waurgbs< @utjars g`fguf`thaes d`sbm ae m`t` irao @WB@E 4>00; Tuegkbf & @ssagh`tbs 4>00; REBWG@^4>00; jhfhpphebs Mbp`rtobet ai ]r`mb em Hemustry; Zheju` Ebws @cbegy 4>>8.

Iagushec ae ihros he tjb bgaeaohbs ai tjb @ssagh`thae ai Wautjb`st @shè E`thaes

(@WB@E) èm tjb ^bapfbs Tbpudfhg ai Gjhe` (^TG), Ihcurb 0 sjaws tj`t WOBs

>.>

4>.>

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9>.>

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0>>.>

O`f`ysh` ]j`hfèm ^jhfhpphebs Hemaebsh` Yhbt Eò ^TG

GaetrhduthaetaBopfayobet

(%)

Gauetry

>.>

4>.>

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9>.>

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0>>.>

O`f`ysh` ]j`hfèm ^jhfhpphebs Hemaebsh` Yhbt Eò ^TG

GaetrhduthaetaAutput(%)

Gauetry


6/31


=

gaetrhdutb ta ` gaeshmbr`dfb parthae ai maobsthg bopfayobet èm tat`f autput. @ shz`dfbdamy ai rbsb`rgj j`s è`fyzbm bxpart p`rthghp`thae, ihro shzb, èm `ggbss ta grbmht,jawbvbr eat ougj j`s dbbe maeb ae hetbcr`thec tjb fhek`cbs dbtwbbe tjbsb v`rh`dfbs.

Iurtjbr, rbsb`rgj ae tjb gaetrhduthae ai WOBs ta bxpart p`rthghp`thae hs sg`rgb èmsaobthobs gaetbethaus (Shce`r`l`, 4>07` èm 4>07d). ]jhs hs mbsphtb tjb styfhzbm i`gttj`t WOBs `ggauet iar ` shcehihgèt praparthae ai ihros, bopfayobet, èm autput hembvbfaphec bgaeaohbs.

Oarb hopartètfy, avbr`ff, WOBs `ppb`r ta o`kb ` fbss-tjè-bxpbgtbm gaetrhduthae tahetbre`thae`f tr`mb rbf`thvb ta tjbhr shzb ar bopfayobet gaetrhduthaes ta maobsthgbgaeaohbs (sbb J`rvhb, E`rlaka, èm Auo [4>0>_ iar tjb g`sb ai @WB@E). Ht hs passhdfbtj`t tjb `vbr`cb WOB hs so`ffbr tjè tjb tjrbsjafm shzb rbquhrbm ta c`he suiihghbetbgaeaohbs ai sg`fb iar gaopbthec he bxpart o`rkbts. Bxpart p`rthghp`thae o`y dbuembrohebm dy tjb sjart`cb ai `ggbss ta grbmht tj`t waufm jbfp avbrgaob tjb ihxbmgasts ai betbrhec o`rkbt. ]jb f`gk ai bxpart p`rthghp`thae ai WOBs o`y `fsa db mub taoufthpfb o`rkbt i`hfurbs he rbf`thae ta WOB mbvbfapobet èm fag`f betrbprbebursjhp,wjhgj o`y db ohthc`tbm dy `ppraprh`tb pafhghbs (Fho èm Khour` 4>0>).

]jhs damy ai rbsb`rgj stèms `faecshmb wj`t hs eaw ` wbff-keawe shz`dfb c`p dbtwbbetjb grbmht-rbf`tbm ebbms ai WOBs èm tjb òauet `gtu`ffy o`mb `v`hf`dfb ta tjbo dyiaro`f iheègh`f hesthtuthaes. ]jhs grbmht c`p, `ggarmhec ta tjb Hetbre`thae`f IheègbGarpar`thae (HIG) (Wtbhe bt `f. 4>07), hs $0.2 trhffhae$0.: trhffhae cfad`ffy, whtj `daut 03ohffhae ihros, rbprbsbethec oarb tjè 9>% ai `ff WOBs, rbparthec tj`t tjbhr grbmht ebbms`rb p`rth`ffy ar gaopfbtbfy ueobt. Eat`dfy, tjb sj`rb ai ue-sbrvbm ar uembrsbrvbm ihrosòaec `ff WOBs hs tjb jhcjbst he B`st @sh`, wjbrb tjb ihcurb hs gfasb ta 3>% (: ohffhaeihros). Iar @WB@E èm tjb ^TG, tjb HIG bstho`tbs tjb tat`f grbmht c`p ta db $0>>.9dhffhae, whtj è `vbr`cb grbmht c`p ai $=49,989.2 pbr WOB.


7/31


2

Ihcurb 4< Bxparts èm Iheègh`f Mbbpbehec

^GT ? bapfbs Tbpudfhg ai Gjhe`.

Waurgb< @utjars g`fguf`thaes ae m`t` irao tjb Bgaeaohst Hetbffhcbegb Reht.

Fhkbwhsb, ht j`s ta db eatbm tj`t tr`mb èm iheègh`f mbvbfapobet `ppb`r ta dbgaeebgtbm `t tjb o`gra fbvbf. @ wbff-mbvbfapbm iheègh`f sbgtar, iar hestègb, gè `mmta ` gaop`r`thvb `mvèt`cb he sbgtars tj`t `rb oarb rbfhèt ae bxtbre`f iheèghec (Jurbt `f. 4>>9). Bophrhg`ffy, tjbrb hs saob bvhmbegb tj`t bgaeaohbs whtj oarb mbvbfapbmiheègh`f sbgtars tbem ta `fsa db ebt bxpartbrs he oèui`gturhec sbgtars tj`t belay jhcjbgaeaohbs ai sg`fb (Dbgk 4>>4). Ihcurb 4 pfats tjb rbf`thaesjhp dbtwbbe bxparts èmiheègh`f mbbpbehec he @WB@E èm tjb ^TG, he wjhgj tjb twa v`rh`dfbs `ppb`r ta j`vboavbm tacbtjbr he ` pashthvb mhrbgthae avbr tjb p`st mbg`mb. ]jhs p`ttbre supparts tjbdra`m hopartègb ai iheègb he besurhec gaetheubm crawtj he tjb bxpart p`rthghp`thae ai

>

2>

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02>

4>>

42>

7>>

4>>0 4>>4 4>>7 4>>= 4>>2 4>>9 4>>3 4>>: 4>>8 4>0> 4>00 4>04

BxpartYafuobHembx(4>>2?0>>)

Xb`r

^TG

Hemaebsh`

^jhfhpphebs

O`f`ysh`

]j`hfèm

Yhbt Eò

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4>>0 4>>4 4>>7 4>>= 4>>2 4>>9 4>>3 4>>: 4>>8 4>0> 4>00 4>04

MaobsthgGrbmht/CM^

(r`tha)

Xb`r

^TG

Hemaebsh`

^jhfhpphebs

O`f`ysh`

]j`hfèm

Yhbt Eò


8/31


9

tjbsb bgaeaohbs, bspbgh`ffy hi WOBs `rb ta dbgaob oarb hopartèt èm draucjt hetatjb pramugthae iar hetbre`thae`f o`rkbts.

Oathv`tbm dy tjb adsbrvbm gaetr`st dbtwbbe f`rcb gaetrhduthaes ta bopfayobet èm

autput ai WOBs, èm tjbhr so`ff p`rthghp`thae he hetbre`thae`f tr`mb he mbvbfaphecgauetrhbs, tjhs p`pbr uembrt`kbs ihro-fbvbf, grass-gauetry bophrhg`f è`fyshs ai i`gtarsìibgthec tjb p`rthghp`thae ai WOBs he @WB@E bgaeaohbs èm tjb ^TG he bxparto`rkbts. Chvbe tjb `davbobethaebm c`p dbtwbbe suppfy èm mboèm iar grbmht òaecWOBs, tjb bophrhg`f iagus ai tjhs p`pbr hs ae bxpfarhec tjb fheks dbtwbbe bxpartp`rthghp`thae, ihro shzb, èm `ggbss ta grbmht, mr`whec ae rbgbet bophrhg`f fhtbr`turb aehetbre`thae`f tr`mb, iheègh`f bgaeaohgs, èm hemustrh`f arcèhz`thae.

Dra`mfy spb`khec, tjb p`pbr dbfaecs ta tjb strèm ai ihro-fbvbf bophrhg`f wark `fhcebmwhtj tjb ebw-ebw tr`mb tjbary ai Obfhtz (4>>7), wjhgj bopj`shzbs ihro jbtbracbebhtyèm tjb hopartègb ai suek gasts he ihro bxpart dbj`vhar.0

Wbgaem, chvbe tjb hegrb`shec rafb ai pramugthae ebtwarks èm tjb patbeth`f p`rthghp`thaeai WOBs he tjbsb ebtwarks, tjb è`fyshs t`kbs ` gaoprbjbeshvb `ppra`gj `t è`fyzhectjb m`t`, bxpfahthec tjb prbsbegb ai oufthpfb, gaop`r`dfb hemhg`tars èm ihro-fbvbfmbtbroheèts `grass tjb sòpfb gauetrhbs. @itbr ihftbrhec tjb r`w m`t`, tjb bgaeaobtrhgbstho`thae hs g`rrhbm aut ae :,>:> ihros, ai wjhgj 3>% `rb WOBs (ihros whtj ibwbr tjè0>> bopfaybbs, gaeshstbet whtj Arcèhs`thae iar Bgaeaohg Ga-apbr`thae èmMbvbfapobet [ABGM_ st`thsthgs [ABGM 4>0>_). Sb bstho`tb tjb `ssagh`thae dbtwbbe

bxpart p`rthghp`thae, ihro shzb, èm `ggbss ta grbmht, `grass gauetrhbs èm hemustrhbs,ushec sbvbr`f rbcrbsshae spbghihg`thaes èm v`rh`dfb mbihehthaes, `s wbff `s bophrhg`ffy`ffawhec iar rbvbrsb ibbmd`gk òaec tjb v`rh`dfbs.

]jb è`fyshs `mms ta tjbfhtbr`turb he hopartèt w`ys. Ihrst, tjb sòpfb gavbrs ` f`rcb papuf`thae ai WOBs he

o`lar mbvbfaphec B`st @shè gauetrhbs, oastfy ihros whtj ibwbr tjè 0>> bopfaybbs,èm hs hegfushvb ai ` whmb rècb ai hemustrh`f sbgtars he 2 @WB@E bgaeaohbs(Hemaebsh`, O`f`ysh`, tjb ^jhfhpphebs, ]j`hfèm, èm Yhbt Eò) èm tjb ^TG, d`sbm ae` survby m`t`sbt gaophfbm dy tjb Sarfm Dèk Betbrprhsb Wurvbys.

]jb rbst ai tjhs p`pbr hs arcèhzbm `s iaffaws. Wbgthaes 4 èm 7 pravhmb ` mhsgusshae airbf`tbm fhtbr`turb èm mbsgrhdb tjb m`t` èm bophrhg`f iròbwark. Wbgthae = rbpartsd`sbfheb rbsufts èm radustebss gjbgks. Wbgthae 2 mhsgussbs tjb bgaeaohg shcehihgègbai tjb rbsufts èm pafhgy hopfhg`thaes. Wbgthae 9 gaegfumbs.

4. TBF@]BM FH]BT@]RTB

He tjhs sbgthae, wb drhbify mhsguss saob rbgbet stumhbs tj`t bxpfarb tjb rbf`thaesjhp

dbtwbbe `ggbss ta grbmht, ihro shzb, èm bxpart p`rthghp`thae, wjhgj j`s dbgaob oarbrbfbvèt he vhbw ai tjb cfad`f iheègh`f grhshs ai 4>>34>>8. ]jb grhshs, `shmb iraofb`mhec ta ` gaeshmbr`dfb mbgfheb he cfad`f crass maobsthg pramugt (CM^), gòb whtj `shcehihgèt rbmugthae he tjb vafuob ai hetbre`thae`f tr`mb òaec `mvègbm èmbobrchec bgaeaohbs `fhkb (D`fmwhe 4>>8). Sjhfb oast ai tjhs mbgrb`sb hs `ttrhdutbm ta` mrap he mboèm iar tr`m`dfb pramugts (dy up ta :>% [B`tae bt `f. 4>00_), ht j`s dbbeeatbm he tjb fhtbr`turb tj`t thcjtbebm grbmht gaemhthaes murhec tjb grhshs o`y j`vbgaetrhdutbm ta tjb mbgfheb dy mhsgaur`chec saob tr`mb très`gthaes tj`t waufm j`vbatjbrwhsb t`kbe pf`gb (@souemsae bt `f. 4>00; Ibbestr` bt `f. 4>00).

0

]j`t hs, aefy ihros wjhgj `rb pramugthvb beaucj gè sjaufmbr tjb gaeshmbr`dfb suek gasts tj`t gaob whtjsbrvhec avbrsb`s o`rkbts.


9/31


3

@ggbss ta grbmht hs bspbgh`ffy hopartèt iar i hros tj`t bxpart ar wèt ta bxpart dbgùsbbxparthec cbebr`ffy rbquhrbs oarb warkhec g`pht`f èm suek gasts. ]jhs hs dbgùsb ht hs`ssagh`tbm whtj bxpbesbshe p`rthguf`r, ihxbm gasts ta betbr tjb iarbhce o`rkbtstj`t

ma eat usu`ffy `rhsb wjbe sbffhec maobsthg`ffy (b.c., o`rkbthec èm mhstrhduthae gasts,gaopfhègb whtj pramugt qu`fhty èm sìbty stèm`rms, mub mhfhcbegb iar iarbhcehevbstobets, èm sjhpphec muthbs, òaec atjbrs [sbb `fsa Gaetbssh èm mb Ehgaf`4>04_). 4

@t tjb o`gra fbvbf, pragbbmhec irao tjb wark ai Khec èm Fbvheb (0887), tjbrb hs eawè uembrstèmhec tj`t iheègb gè `ggbfbr`tb bgaeaohg crawtj dy gjèebfhec s`vhecsta betrbprbeburs èm o`khec f`rcb-sg`fb rhsk sj`rhec passhdfb. ]jbrb j`s `fsabobrcbm ` dra`m gaesbesus tj`t ` rbf`thaesjhp dbtwbbe iheègb èm tr`mb bxhsts, bvbe`s tjb mhrbgthae ai gùs`fhty hs eat `crbbm upae. ]j`t hs, wjhfb bgaeaohbs tj`t `rb oarbiheègh`ffy mbvbfapbm j`vb jhcjbr bxpart sj`rbs, ` gauetrys gaop`r`thvb `mvèt`cbwjhgj hs `ssagh`tbm whtj hts avbr`ff mbpbembegb ae bxtbre`f iheègbgè `fsa he turej`vb è biibgt ae hts fbvbf ai iheègh`f mbvbfapobet (b.c., Dbgk 4>>4; Jur bt `f. 4>>9;Ma èm Fbvgjbeka 4>>3; Dbgkbr bt `f. 4>07).

Dbre`rm èm Lbesbe (4>>=), iar bxòpfb, ihem tj`t betry gasts o`ttbr hembtbrohehec RW oèui`gturhec ihros prapbeshty ta bxpart.

Ae tjb atjbr jèm, tjb ohgrabgaeaohg bvhmbegb iar tjb hopartègb ai iheègb ta ihrobxpart dbj`vhar, wjbtjbr ob`surbm `t tjb bxtbeshvb (bxpart p`rthghp`thae) ar hetbeshvbo`rches (bxpart vafuob ar v`fub), hs rbf`thvbfy ebw. D`sbm ae eavbf RW oèui`gturhecpfèt-fbvbf pèbf m`t`, Dbre`rm èm Lbesbe (4>>=) `rcub tj`t pfèt-spbghihggj`r`gtbrhsthgsbspbgh`ffy tj`t ai j`vhec bxpartbm he prbvhaus yb`rs`ggauet iar oastai tjb fhkbfhjaam ai bxparthec. Dbffaeb bt `f. (4>0>) rbpart tj`t, he tjb g`sb ai Irbegjihros, tjb prad`dhfhty ai bxparthec hs pashthvbfy ìibgtbm dy dbttbr `ggbss ta bxtbre`fiheègb. Iurtjbroarb, tjby ihem tj`t fbss-grbmht-gaestr`hebm ihros sbfi-sbfbgt hetabxparthec ta iarbhce o`rkbts gaop`rbm ta eae-bxparthec gaopbthtars, bvbe dbiarb

dbcheehec bxparts èm mbsphtb dbhec cbebr`ffy dbttbr aii iheègh`ffy. Dbroè èmJbrhgaurt (4>0>), ushec Sarfm Dèk hevbstobet gfho`tb survby m`t` spèehec oufthpfbgauetrhbs èm `rauem 2,>>> ihros, shohf`rfy `rcub tj`t dbttbr `ggbss ta grbmhtshcehihgètfy hop`gts tjb mbghshae ta bxpart. Gaevbrsbfy, Bccbr èm Kbshe` (4>07) stumytjb g`sb ai tjb ^TG èm ihem suppart iar ` ebc`thvb rbf`thaesjhp dbtwbbe bxparts èmgrbmht gaestr`hets. Hetbrbsthecfy, jawbvbr, sbfi-rbpartbm fhquhmhty gaestr`hets ma eat sbbota ìibgt bxpart ar iarbhce mhrbgt hevbstobet (IMH) `gthvhthbs òaec Cbroè ihros, `sprapasbm dy @rmet bt `f. (4>04).

Hi, `s `ggarmhec ta ebw tr`mb tjbary, ihro gj`r`gtbrhsthgs o`ttbr, wj`t ihros tjbe `rboarb fhkbfy ta bxpart1 Oufs (4>>:), he ` stumy bxòhehec tjb fhek dbtwbbe grbmhtgaestr`hets èm tjb bxtbeshvb o`rche he Dbfchè pèbf m`t`, j`s rbpartbm tj`t oarb

pramugthvb èm fbss-grbmht-gaestr`hebm ihros `rb oarb fhkbfy ta db bxpartbrs. Dbre`rm bt`f. (4>0>), mr`whec irao ` mbvbfaphec gauetry sòpfb gavbrhec 4: B`stbre Burapb èmGbetr`f @shè e`thaes, adsbrvb tj`t ihros wjhgj `rb afmbr, iarbhce-awebm, èm oarbpramugthvb `rb eat aefy oarb fhkbfy ta st`rt bxparthec, dut `fsa tbem ta sbfi-sbfbgt èmst`y `s bxpartbrs. Oèav` bt `f. (4>00) sjaw tj`t iarbhce-awebm ihros èm lahetvbeturbs `rb oarb suggbssiuf bxpartbrs he tjb ^TG. He tjb g`sb ai L`pè, ]ama (4>00)ihems shohf`r p`tj mbpbembegb he bxpart p`rthghp`thaeh.b., ihros tj`t j`vb bxpartbm heprbgbmhec yb`rs tbem ta gaetheub ta ma sa.

4]jb fhtbr`turb o`kbs ` mhsthegthae dbtwbbe tr`mb grbmht èm tr`mb i heègb< tjb iarobr rbibrs ta`crbbobets `ffawhec duybrs ta p`y suppfhbrs `t ` f`tbr m`tb; tjb f`ttbr ta tr`mb-rbf`tbm darrawhecs irao

iheègh`f hesthtuthaes. He tjhs p`pbr, `ggbss ta grbmht rbibrs lahetfy ta tr`mb grbmht èm tr`mb iheègb, shegbwb o`kb rbibrbegbs ta datj he tjb bophrhg`f sbgthaes.


10/31


:

7. M@]@ @EM BO^HTHG@F IT@OBSATK

Sb dbche whtj ihro-fbvbf survby m`t`, d`sbm ae tjb Sarfm Dèk Betbrprhsb Wurvbys,

gaoprhshec :,9:0 ihros, ai wjhgj tjb ^TG `ggauets iar 4,3>> ihros, Hemaebsh` iar 0,===ihros, O`f`ysh` iar 0,002 ihros, tjb ^jhfhpphebs iar 0,749 ihros, ]j`hfèm iar 0,>=7 ihros,èm Yhbt Eò iar 0,>27 ihros. ]a `rrhvb `t tjb ihe`f sòpfb tjbrb `rb ihftbrhec stbpshevafvbm. Wpbghihg`ffy, wb bxgfumb tjb iaffawhec:> ihros, ai wjhgj 2,2:: ihros j`vb ibwbr tjè 0>> bopfaybbsèm `rb gf`sshihbm `s WOBs, he kbbphec whtj ABGM st`thsthgs. Wudsbqubetfy, `ftbre`thvbtjrbsjafms ai ihro shzb èm WOB gf`sshihg`thae whff db `ffawbm he tjb iaro`f rbcrbsshaeè`fyshs.

Jhstacròs ai mhstrhduthaes ai ihro-fbvbf adsbrv`thaes he tjb sòpfb `rb bxòhebm iar(`) bxpart p`rthghp`thae, d`sbm ae tjb ir`gthae ai maobsthg (e`thae`f) s`fbs, hemhrbgtbxparts, èm mhrbgt bxparts; (d) ihro shzb, `s ob`surbm dy tjb euodbr ai iuff-thobbopfaybbs; èm (g) `ggbss ta grbmht, `ggarmhec ta eae-hetbre`f iuems, dèk faès,eae-dèk faès, tr`mb grbmht (grbmhts èm `mvègbs), èm atjbr saurgbs ai iheègbs. 7

7.0 Wuoo`ry Wt`thsthgs

]jbjhstacròs sjaw tj`t maobsthg s`fbs `ggauet iar tjb o`larhty ai s`fbs (2>%:>%) iarihros he aur sòpfb, succbsthec fhohtbm bxpart p`rthghp`thae. ]jb rhcjt-skbwbm ihro-shzbmhstrhduthaes ai tjb jhstacròs `fsa succbst tj`t oast ai tjb survbybm ihros `rb so`ffèm obmhuo-shzbm, whtj oarb tjè :>% j`vhec ibwbr tjè 0,>>> iuff-thob bopfaybbs. Hths `fsa bvhmbet he tjb m`t` tj`t ihros he tjb sòpfb mbpbem o`hefy ae hetbre`f iuems `stjbhr saurgb ai grbmht iar warkhec g`pht`f iheègb.

]jb o`he gaestr`het i`ghec rbsb`rgj ae WOBs he mbvbfaphec gauetrhbs hs tjb mb`rtj aim`t` `t tjb ihro fbvbf `grass sbgtars, èm tjb usb ai mhiibrbet mbihehthaes ai è WOB(b.c., d`sbm ae bopfayobet, s`fbs, `ssbts, ar v`fub ai bquhpobet). Oathv`tbm dy tjbhopartègb ai tjb rbf`thaesjhp dbtwbbe ihro shzb èm hetbre`thae`f tr`mb (h.b., mhChavèeh èm Fbvgjbeka 4>04, 4>07), wb usb ihro-shzb tjrbsjafm `s ` dbegjo`rk iarstumyhec WOBs. ]jhs p`pbr usbs ihro-fbvbf m`t` ai betbrprhsbs irao tjb Sarfm DèksBetbrprhsb Wurvbys ta hevbsthc`tb tjb fheks dbtwbbe bxpart p`rthghp`thae, ihro shzb, èm

7@v`hf`dfb upae rbqubst.


11/31


8

`ggbss ta grbmht. ]jhs m`t` sbt gaet`hes tjb oast mbt`hfbm èm rbgbet ihro-fbvbf m`t`gurrbetfy `v`hf`dfb iar ` f`rcb euodbr ai mbvbfaphec gauetrhbs.

Sb iagus ae mbvbfaphec B`st @shè gauetrhbs, bspbgh`ffy ae @WB@E obodbr gauetrhbs

èm tjb ^TG, chvbe tjbhr hegrb`shec hopartègb he @sh` `s wbff `s tjb m`t` `v`hf`dhfhtyèm gavbr`cb iar tjb v`rh`dfbs ai hetbrbst. Bxgbpt iar O`f`ysh` èm ]j`hfèm, ai wjhgjtjb m`t` `rb mbrhvbm irao tjb 4>>9 survby, tjb ihro-fbvbf adsbrv`thaes `rb irao tjb4>00 survby; tjb mhiibrbegb he tjb survby yb`rs hs `mmrbssbm he tjb bstho`thae. ]jbBetbrprhsb Wurvbys usb str`thihbm rèmao sòpfhec whtj rbpf`gbobet, d`sbm ae i`gb-ta-i`gb hetbrvhbws ushec ` gaooae qubsthaee`hrb gaemugtbm whtj dushebss awebrs èmsbehar oè`cbrs ai ihros.=

Sjhfb wb o`kb usb ai tjb f`tbst `v`hf`dfb m`t` iar bstho`thec tjb rbf`thaesjhp dbtwbbe`ggbss ta grbmht èm ihro gj`r`gtbrhsthgs iar tjb ^TG èm @WB@E, aur è`fyshs hs fhohtbmta o`khec heibrbegbs d`sbm ae shecfb-yb`r survby rauems. @fsa, wb ma eat hegfumb òb`surb ai pramugthvhty chvbe hts `dsbegb irao tjb survbys`ftjaucj he tjhs hestègb,

pbrj`ps ht gaufm db `rcubm (èm `s whff db sbbe he tjb rbsufts) tj`t `ggbss ta grbmht hstjb ob`surb ai ihro pramugthvhty. ]`dfb 0 rbparts suoo`ry st`thsthgs ai tjb ihro-fbvbfadsbrv`thaes iar tjb wjafb sòpfb, tjb WOB sòpfb (ibwbr tjè 0>> iuff-thobbopfaybbs), èm tjb eae-WOB sòpfb. @s sjawe, tjb o`larhty ai ihros `rb WOBs, whtjè `vbr`cb ihro shzb hs ibwbr tjè 4>> bopfaybbs iar tjb wjafb sòpfb. WOBs tbem tabxpart fbss, db yauecbr, mbpbem oarb ae hetbre`f iheèghec, j`vb ` fawbr gaegbetr`thaeai iarbhce awebrsjhp, j`vb ` fawbr fbvbf ai warkbr bmug`thae, j`vb ibwbr gbrthihbmiheègh`f st`tbobets, db uefhkbfy ta j`vb HWA gbrthihg`thae, èm j`vb fawbr gaff`tbr`f tafaè v`fub he tjbhr `ppfhg`thaes ta `ggbss grbmht fhebs.

=Mbt`hfs ai tjb m`t` pragbmurbs `rb `v`hf`dfb upae rbqubst.


12/31


0>

]`dfb 0< Wuoo`ry Wt`thsthgs ai Ihro-fbvbf Adsbrv`thaes

Sjafb Wòpfb

Y`rh`dfb Adsbrv`thaes Obè

Wtèm`rm

Mbvh`thae Ohehouo O`xhouoWOB hemhg`tar :,>:> >.98 >.=9 > 0Ihro shzb (bopfaybbs) :,>:> 08>.=9 328.=4 4 7>>>>Bxpart p`rthghp`thae :,>:> 0:.9: 77.:= > 0>>

@cb :,>:> 08.>9 00.7: 0 049Dèk darrawhec :,>:> 0=.80 49.77 > 0>>Eae-dèk darrawhec :,>:> >.82 9.9: > 0>>]r`mb grbmht :,>:> 9.70 09.88 > 0>>

@ggbss ta grbmht (eae-hetbre`f) :,>:> 48.>2 79.>0 > 0>>Iarbhce awebrsjhp :,>:> >.08 >.78 > 0Iarbhce fhgbesb :,>:> 0.>> >.>3 > 0^`tbet :,>:> 0.>> >.>2 > 0Sarkbr bmug`thae :,>:> >.>8 >.48 > 0Iheègh`ffy gbrthihbm :,>:> >.94 >.=8 > 0HWA gbrthihg`thae :,>:> >.73 >.=: > 0

Oè`cbrh`f bxpbrhbegb :,>:> 07.90 8.83 > 3>Gaff`tbr`f/Faè v`fub :,>:> 08.>7 =7.24 > 42>

WOB (bopfaybbs60>>)

Ihro shzb (bopfaybbs) 2,2:: 77.32 43.>3 4 0>>Bxpart p`rthghp`thae 2,2:: 00.9> 43.9: > 0>>

@cb 2,2:: 0:.>7 0>.93 4 0>0Dèk darrawhec 2,2:: 07.>7 42.40 > 0>>Eae-dèk darrawhec 2,2:: >.88 3.>7 > 0>>]r`mb grbmht 2,2:: 2.88 09.:0 > 0>>

@ggbss ta grbmht (eae-hetbre`f) 2,2:: 49.30 72.4: > 0>>Iarbhce awebrsjhp 2,2:: >.07 >.7= > 0Iarbhce fhgbesb 2,2:: 0.>> >.>3 > 0^`tbet 2,2:: 0.>> >.>2 > 0

Sarkbr bmug`thae 2,2:: >.>9 >.4= > 0Iheègh`ffy gbrthihbm 2,2:: >.22 >.2> > 0HWA gbrthihg`thae 2,2:: >.42 >.=7 > 0Oè`cbrh`f bxpbrhbegb 2,2:: 07.47 8.37 > 3>Gaff`tbr`f/Faè v`fub 2,2:: 02.== 78.0: > 42>

Eae-WOB (bopfaybbs50>>)

Ihro shzb (bopfaybbs) 4,=84 2=0.:3 07>>.>3 0>0 7>>>>Bxpart p`rthghp`thae 4,=84 7=.29 =>.7: > 0>>

@cb 4,=84 40.7: 04.2= 0 049Dèk darrawhec 4,=84 08.04 4:.47 > 0>>Eae-dèk darrawhec 4,=84 >.:: 2.:0 > 0>>]r`mb grbmht 4,=84 3.>0 03.7: > 0>>

@ggbss ta grbmht (eae-hetbre`f) 4,=84 7=.48 73.>3 > 0>>

Iarbhce awebrsjhp 4,=84 >.77 >.=3 > 0Iarbhce fhgbesb 4,=84 0.>> >.>3 > 0^`tbet 4,=84 0.>> >.>7 > 0Sarkbr bmug`thae 4,=84 >.02 >.79 > 0Iheègh`ffy gbrthihbm 4,=84 >.3: >.=4 > 0HWA gbrthihg`thae 4,=84 >.97 >.=: > 0Oè`cbrh`f bxpbrhbegb 4,=84 0=.=2 0>.=2 > 9>Gaff`tbr`f/Faè v`fub 4,=84 43.>3 20.>2 > 42>

WOB ? so`ff em obmhuo-shzbm betbrprhsb.

Waurgb< @utjars g`fguf`thaes ae m`t` irao tjb Sarfm Dèk Betbrprhsb Wurvbys.


13/31


00

7.4 Bstho`thae Obtjamafacy

]a bxòheb tjb `ssagh`thae dbtwbbe bxpart p`rthghp`thae, ihro shzb, èm `ggbss ta

grbmht, gaetraffhec iar ihro-fbvbf gj`r`gtbrhsthgs, wb usb tjb iaffawhec fheb`r bqu`thae `stjb d`sbfheb spbghihg`thae atjbrwhsb) `s tjb `ftbre`thvb mbpbembet v`rh`dfb.]a g`pturb v`rh`thae he tjb m`t` `grass gauetrhbs èm sbgtars, wb rue tjb bstho`thaesbp`r`tbfy iar b`gj gauetry (`mmrbsshec tjb mhiibrbet survby yb`rs `grass gauetrhbs)èm b`gj sbgtar (`ggarmhec ta tjbhr g`pht`f hetbeshty, h.b., f`dar hetbeshvb, g`pht`fhetbeshvb, èm sbrvhgbs; `s tjb rbfhègb ae bxtbre`f grbmht gè v`ry `grass sbgtars), `swbff `s iar ` paafbm sòpfb ai gauetrhbs èm sbgtars.2

]a vbrhiy tjb sbeshthvhty ai aurrbsufts, wb bxpfarb tjb bstho`thae whtj èm whtjaut sbgtar èm gauetry ihxbm biibgts, èmusb tadht, pradht, èm armhe`ry fb`st squ`rbs (AFW), ta pravhmb ` d`ttbry ai rbcrbsshaerbsufts èm bophrhg`f spbghihg`thaes.

2Wudlbgt ta m`t` `v`hf`dhfhty, tbxthfbs, fb`tjbr, c`robets, èm iaam `rb gf`sshihbm `s f`dar-hetbeshvb sbgtars.

Obt`fs èm o`gjhebry, bfbgtraehgs, gjbohg`fs èm pj`ro`gbuthg`fs, waam èm iurehturb, eae-obt`ffhgèm pf`sthg o`tbrh`fs, ùta gaopaebets, èm atjbr oèui`gturhec `rb gf`sshihbm `s g`pht`f-hetbeshvb

sbgtars. Tbt`hf èm wjafbs`fb tr`mb, jatbfs èm rbstùrèts, èm atjbr sbrvhgbs `rb gf`sshihbm `s sbrvhgbssbgtars.


14/31


04

=. BW]HO@]HAE TBWRF]W

=.0 D`sbfheb Tbcrbsshaes

Tbsufts dy Gauetry, Wbgtar, Ihro Whzb, èm Gaff`tbr`f ]ypb

@s sjawe he ]`dfb 4, `t tjb gauetry fbvbf, tjb bstho`thae rbsufts sjaw tj`t WOBs tbemta bxpart so`ffbr praparthaes ai tjbhr autput, gaop`rbm ta eae-WOBs, oast eat`dfy heHemaebsh`, ^jhfhpphebs, èm Yhbt Eò. @ggbss ta dèk darrawhec hs pashthvbfy`ssagh`tbm whtj oarb bxparts he tjb ^TG èm Hemaebsh`, wjhfb tr`mb grbmht hs pashthvbfy`ssagh`tbm whtj oarb bxparts `s ` pbrgbet`cb ai autput he tjb ^TG, O`f`ysh`, èm YhbtEò. @t tjb sbgtar fbvbf, aur rbsufts succbst tj`t WOBs bxpart i`r fbss he f`darhetbeshvb sbgtars rbf`thvb ta g`pht`f hetbeshvb sbgtars. ]jb biibgt ai `ggbss ta dèkdarrawhec ae bxpart p`rthghp`thae hs oast shcehihgèt he f`dar hetbeshvb èm sbrvhgbssbgtars. Eae-dèk darrawhec hs oast shcehihgèt he g`pht`f hetbeshvb sbgtars; èm tr`mb

grbmht oast shcehihgèt he f`dar hetbeshvb sbgtars. âafhec tjb adsbrv`thaes `grassgauetrhbs, bxgfumhec ihros irao tjb ^TG (mub ta tjb gauetrys shzb), `fsa chvbsbstho`thae rbsufts tj`t `rb dra`mfy gaeshstbet whtj tjb gauetry-fbvbf èm sbgtar-fbvbfrbcrbsshaes. Jbegb, tjbsb rbsufts succbst tjb avbr`ff hopartègb ai `ggbss ta grbmht iarbxpart p`rthghp`thae òaec WOBs (sudlbgt ta v`rh`thaes he hopartègb ai tjb mhiibrbetsaurgbs ai grbmht `ggbss) he mbvbfaphec B`st @shè gauetrhbs, èm tjb rbf`thvbmhs`mvèt`cb tjbsb WOBs i`gb `s tjby `ttbopt ta betbr tjb iarbhce o`rkbts.


15/31

@MDH Sarkhec ^`pbr =3> Lhel`r`k, Outug, èm Shce`r`l

07

]`dfb 4< D`sbfheb Bstho`tbs ae tjb Mbtbroheèts ai Bxpart `rthghp`thae

âafhec Gauetrhbs, bxgfumhec TG

X ? Bxpart ^ rthghp`thae ^TG Hemaebsh` O`f`ysh` ^jhfhpphebs ]j`hfèm Yhbt Eò F`dar HetbeshvbG`pht`f

Hetbeshvb Wbrvhgbs @ff

WOB hemhg`tar -70.>= -023.=0 -94.:= -083.22 -93.42 -0>:.:7 -070.>= -39.4> -3=.8> -0>=.09

(=.90)*** (07.9=)*** (=.:9)*** (40.00)*** (2.=>)*** (0>.04)*** (3.4=)*** (=.>7)*** (48.=0)** (7.37)***

@cb .03 -.79 -.34 -4.97 .>7 -.29 -.33 -.37 .>0 -.2>

(.49) (.=4) (.47)*** (.2:)*** (.49) (.73) (.42)*** (.09)*** (.80) (.0=)***Dèk darrawhec .=7 .=2 -.>0 -.43 .>7 .>2 .77 .>> .3> .4>

(.0=)*** (.44)** (.>3) (.74) (.>:) (.07) (.>8)*** (.>9) (.7:)* (.>2)***

Eae-dèk darrawhec -.43 -.>7 .00 -.7: .>0 .>> .78 .2> -2.33 .73

(.=0) (.39) (.40) (0.07) (.98) (0.>>) (.=0) (.4=)** (3.42) (.40)*

]r`mb grbmht .99 .04 .4> -.3= -.>9 .3= .=> .0> -.>: .49

(.08)*** (.77) (.00)* (.72)** (.04) (.4:)*** (.02)*** (.>8) (.90) (.>:)***

Gaestèt -=2.78 =.23 32.>> 00=.7> 79.08 79.09 93.28 =8.=7 -03:.=8 =0.2>

(9.04)*** (07.:7) (3.47)*** (4>.33)*** (3.=9)*** (00.4:)*** (:.>4)*** (2.02)*** (==.02)*** (=.=0)***

Whco` :0.27 0>4.23 93.3: 0::.:3 93.78 0>3.49 0>>.38 :7.:: 023.2= 82.2>

(7.>=)*** (3.43)*** (4.=2)*** (07.::)*** (4.9=)*** (2.39)*** (7.83)*** (4.42)*** (44.48)*** (4.00)***

^sbuma T-squ`rbm .>0 .0> .>7 .>2 .>7 .>= .>3 .>7 .>4 .>=

Adsbrv`thaes 4,247 0,74= 0,>3: 0,037 828 0,>47 0,:>: 4,8>0 :=: 2,223

^TG ? bapfbs Tbpudfhg ai Gjhe`, WOB ? so`ff em obmhuo-shzbm betbrprhsb.

Eatb `s ` fbit-gbesarhec pahet èm Bxpart ^`rthghp`thae ? 0>> `s ` rhcjt-gbesarhec pahet. ]jb ihro-fbvbf adsbrv`thaes irao tjbsòpfb gauetrhbs `rb mbrhvbm irao mhiibrbet survby yb`rs d`sbm ae tjb Sarfm Dèk Betbrprhsb Wurvbys. Wudlbgt ta m`t` `v`hf`dhfhty, tbxthfbs, fb`tjbr, c`robets, èm iaam `rbgf`sshihbm `s f`dar-hetbeshvb sbgtars; obt`fs èm o`gjhebry, bfbgtraehgs, gjbohg`fs èm pj`ro`gbuthg`fs, waam èm iurehturb, eae-obt`ffhg èm pf`sthg o`tbrh`fs, ùtagaopaebets, èm atjbr oèui`gturhec `rb gf`sshihbm `s g`pht`f-hetbeshvb sbgtars; èm rbt`hf èm wjafbs`fb tr`mb, jatbfs èm rbstùrèts, èm atjbr sbrvhgbs `rb gf`sshihbm `ssbrvhgbs sbgtars. Wtèm`rm brrars rb he p`rbetjbsbs, whtj ***, **, em * mbeathec st`thsthg`f shcehihgègb t tjb 0%, 2%, em 0>% fbvbfs, rbspbgthvbfy.

Waurgb< @utjars g`fguf`thaes.


16/31


0=

]`dfb 7< D`sbfheb Bstho`tbs @ggarmhec ta Ihro Whzb

Ihro Whzb (Euodbr ai Bopfaybbs)

X ? Bxpart ^`rthghp`thae 60>> 50>> & 2>>6 52>>

@cb -.4: -.00 -.90

(.08) (.09) (.44)***

Dèk darrawhec .=7 .02 -.>2

(.>:)*** (.>3)** (.04)

Eae-dèk darrawhec .4= .28 .70

(.4:) (.70)* (.2:)

]r`mb grbmht .=8 .43 .74

(.00)*** (.00)** (.4>)

F`dar hetbeshvb hemustrhbs 34.98 07>.>> 043.88

(9.9>)*** (:.80)*** (02.=7)***

G`pht`f hetbeshvb hemustrhbs :>.70 0>9.>9 89.3:

(9.09)*** (:.=4)*** (0=.88)***

Gaestèt -024.2> -8:.27 -7:.97

(3.2=)*** (:.:2)*** (02.=7)**

Whco` 0>8.== 3=.3> 9:.43

(7.0=)*** (4.09)*** (7.4:)***

^sbuma T-squ`rbm .>4 .>7 .>7

Adsbrv`thaes 2,2:: 0,8=: 2==

Eatb< ]jhs t`dfb rbparts d`sbfheb rbcrbsshae rbsufts. ]jb mbpbembet v`rh`dfb hs Bxpart `rthghp`thae, ob`surbm`s tjb pbrgbet`cb ai autput sj`rb bxpartbm. ]jb bstho`thae obtjamafacy hs tadht, ushec Bxpart ^`rthghp`thae ?> `s ` fbit-gbesarhec pahet èm Bxpart ^`rthghp`thae ? 0>> `s ` rhcjt-gbesarhec pahet. ]jb ihro-fbvbfadsbrv`thaes irao tjb sòpfb gauetrhbs `rb mbrhvbm irao mhiibrbet survby yb`rs d`sbm ae tjb Sarfm DèkBetbrprhsb Wurvbys. Wtèm`rm brrars `rb he p`rbetjbsbs, whtj ***, **, èm * mbeathec st`thsthg`f shcehihgègb `ttjb 0%, 2%, èm 0>% fbvbfs, rbspbgthvbfy.



17/31


02

]`dfb =< D`sbfheb Bstho`tbs @ggarmhec ta ]ypb ai Gaff`tbr`f Rsbm he tjb Faè@ppfhg`thaes

Gaff`tbr`f ]ypb

X ? Bxpart ^`rthghp`thae ^rapbrthbs èm Bquhpobet @ggauet Tbgbhv`dfbs ^brsae`f @ssbts

@cb -.>= .=9 -.7=(.44) (.=7) (.30)

Dèk darrawhec .4> .7= .78(.>8)** (.03)** (.47)*

Eae-dèk darrawhec .=8 .28 .>9(.79) (.30) (.:=)

]r`mb grbmht .=> .43 .:8(.08)** (.77) (.=>)**

F`dar hetbeshvb hemustrhbs 82.42 83.30 0>>.79(:.82)*** (02.=3)*** (0:.8>)***

G`pht`f hetbeshvb hemustrhbs 93.00 =9.== 9>.>2(:.4:)*** (07.34)*** (03.23)***

Gaestèt -0>4.2> -3:.0> -077.:9(8.9:)*** (02.8=)*** (4=.0:)***

Whco` 33.84 90.40 0>4.40(7.44)*** (2.>0)*** (:.:2)***

^sbuma T-squ`rbm .>7 .>2 .>4Adsbrv`thaes 0,=44 42= =30

Eatb< ]jhs t`dfb rbparts d`sbfheb rbcrbsshae rbsufts. ]jb mbpbembet hs Bxpart `rthghp`thae, ob`surbm `s tjbpbrgbet`cb ai autput sj`rb bxpartbm. ]jb bstho`thae obtjamafacy hs tadht, ushec Bxpart ^`rthghp`thae ? > `s `fbit-gbesarhec pahet èm Bxpart ^`rthghp`thae ? 0>> `s ` rhcjt-gbesarhec pahet. ]jb ihro-fbvbf adsbrv`thaes iraotjb sòpfb gauetrhbs `rb mbrhvbm irao mhiibrbet survby yb`rs d`sbm ae tjb Sarfm Dèk Betbrprhsb Wurvbys.Wtèm`rm brrars `rb he p`rbetjbsbs, whtj ***, **, èm * mbeathec st`thsthg`f shcehihgègb `t tjb 0%, 2%, èm 0>%fbvbfs, rbspbgthvbfy.


Hs tjb biibgt ai `ggbss ta grbmhtspbghihg`ffy, dèk darrawhec, eae-dèk darrawhec, èmtr`mb grbmhttjb sòb `grass ihros `t mhiibrbet shzbs èm fbvbfs ai gaff`tbr`f/faèv`fub1 Tb-bstho`thec tjb rbcrbsshaes dy ihro shzb (]`dfb 7) èm dy gaff`tbr`f typb(]`dfb =), wb adsbrvb tj`t tjb hopartègb ai dèk darrawhec èm tr`mb grbmht ae bxpartp`rthghp`thae mbgfhebs shcehihgètfy whtj ihro shzb, èm tj`t `ggbss ta grbmht vh` dèkdarrawhec o`ttbrs iar tjb bxpart sj`rb rbc`rmfbss ai tjb gaff`tbr`f typb. Ht gè `fsa dbsbbe tj`t f`rcbr gaff`tbr`f ar faè v`fubs `rb pashthvbfy `ssagh`tbm whtj f`rcbr bxpartsj`rbs, è hssub tj`t hs bxòhebm he tjb iaffawhec sud-sbgthae.

=.4 Tadustebss Gjbgks

Hegfumhec Wbgtar èm Gauetry Ihxbm Biibgts, èm âafbm Tbcrbsshaes

Sb ebxt pravhmb ` d`ttbry ai radustebss gjbgks. Ihrst, wb rb-bstho`tb tjb rbcrbsshaewhtj sbgtar èm gauetry ihxbm biibgts (]`dfb 2). Hegfumhec sbgtar ihxbm biibgts he tjbgauetry-fbvbf rbcrbsshae mabs eat gjècb tjb o`he ihemhecs. Iurtjbroarb, wb ihem tj`tihros he tjb f`dar-hetbeshvb sbgtars tbem ta bxpart oarb tjè tjb g`pht`f-hetbeshvb ihros,wjhgj he ture bxpart oarb tjè tjb sbrvhgbs ihros he tjb ^TG, Hemaebsh`, èm Yhbt Eò,tjaucj tjbsb p`ttbres `rb eat uehvbrs`f `s gè db sbbe he tjb rbsufts iar O`f`ysh`, tjb^jhfhpphebs, èm ]j`hfèm. âafhec m`t` `grass gauetrhbs, bxgfumhec tjb ^TG (`c`he,mub ta tjb gauetrys shzb), èm hegfumhec gauetry ihxbm biibgts, wb ihem tj`t `ggbss tagrbmht vh` dèk darrawhec dbgaobs o`rche`ffy èm pashthvbfy `ssagh`tbm whtj bxpartsj`rb he sbrvhgb sbgtars, wjhfb tr`mb grbmht rbo`hes oast shcehihgèt he tjb sbrvhgb

sbgtars. @s tjb sbrvhgb sbgtars c`he hegrb`shec sj`rbs ai bopfayobet èm autput he


18/31


09

mbvbfaphec B`st @shè gauetrhbs, tjbsb `mmhthae`f rbsufts, wjhfb tjby `rb supparthvb aitjb d`sbfheb ihemhecs, succbst tj`t `ttbopts ta `ggbfbr`tb crawtj ai tr`mb he sbrvhgbsbgtars o`y `fsa rbquhrb gauetrhbs ta dbttbr `ggaooam`tb WOBs ae grbmht ebbms èm

gaestr`hets.Gaop`rhec tjb bxpart p`rthghp`thae ai ihros `grass gauetrhbs, Yhbt Eò j`s ` eat`dfbjhcjbr bxpart sj`rb he tjb f`dar-hetbeshvb sbgtars; O`f`ysh` he tjb g`pht`f-hetbeshvbsbgtars, èm ^jhfhpphebs he tjb sbrvhgbs sbgtars. ]jbsb ihemhecs `rb gaeshstbet whtj tjbdra`m, adsbrv`dfb trbems he tjb rbchae. F`dar-hetbeshvb sbgtars `ggauetbm iar oast aitjb bopfayobet crawtj èm tjb crawhec sj`rb ai tat`f bxparts he Yhbt Eò tjraucjauttjb 4>>>s (OgG`hc èm ^`vgehk 4>07). Oèui`gturbm caamsoastfy he tjb bfbgtrhg`fèm bfbgtraehgs hemustrhbso`kb up raucjfy twa-tjhrms ai O`f`ysh`'s bxparts èm gfasbta 7>% ai hts CM^ (Fbb, 4>00). Iar tjb ^jhfhpphebs, wjhgj j`s bobrcbm `s ` jud iarheiaro`thae gaoouehg`thaes tbgjeafacy èm dushebss pragbss autsaurghec, tjb sbrvhgbsbgtars eaw o`kb up oarb tjè j`fi ai tat`f autput (Eafèm bt `f. 4>04).


19/31


03

]`dfb 2< Tadustebss Gjbgk HHegfumhec Wbgtar em Gauetry Ihxbm Biibgts, em aafbm Tbcrbsshaes

âafhec Gauetrhbs, bxgfumhec TG

X ? Bxpart ^ rthghp`thae ^TG Hemaebsh` O`f`ysh` ^jhfhpphebs ]j`hfèm Yhbt Eò F`dar Hetbeshvb G`pht`f Hetbeshvb Wbrvhgbs @ffWOB hemhg`tar -40.40 -0=:.:= -28.:2 -032.:> -92.3> -:0.92 -047.89 -34.=9 -30.9: -8:.23

(=.20)*** (07.0=)*** (=.:4)*** (08.23)*** (2.74)*** (:.39)*** (3.0:)*** (7.:7)*** (4:.33)** (7.9=)***@cb .0: -.2> -.90 -4.8= -.>= -.2= -.20 -.88 -.9= -.34

(.42) (.=4) (.47)*** (.23)*** (.49) (.77) (.42)** (.09)*** (.89) (.0=)***Dèk darrawhec .=9 .=7 -.>4 -.=9 .>0 .>9 .00 -.00 .3: .>7

(.0=)*** (.40)** (.>3) (.70) (.>:) (.04) (.>8) (.>9)* (.=>)* (.>2)Eae-dèk darrawhec -.72 .>3 .04 -.08 .>3 .>9 .09 .08 -9.7: .>2

(.=0) (.32) (.40) (0.0=) (.9:) (.84) (.=0) (.47) (3.82) (.40)]r`mb grbmht .30 .00 .0: -.34 -.>= .28 .43 -.00 -.7= .>4

(.08)*** (.74) (.00)* (.77)** (.04) (.42)** (.02)* (.>8) (.9>) (.>:)F`dar hetbeshvb hemustrhbs 98.84 :>.42 -40.3: 074.07 0:.9> 0=0.32

(9.97)*** (08.>7)*** (=.87)*** (4=.03)*** (2.>7)*** (07.7:)***G`pht`f hetbeshvb hemustrhbs =8.8> 90.8= 03=.>: :>.9:

(2.=7)*** (0:.:>)*** (44.7>)*** (04.90)***Hemaebsh` -20.29 -3=.=7 -88.0: -90.>7

(0>.93)*** (9.7=)*** (74.08)*** (2.73)***O`f`ysh` 0=.42 40.2: 79.:>

(0>.48) (2.>9)*** (=.39)***]j`hfèm 0.27 -4=.28 0.44

(0>.79) (2.=>)*** (=.82)Yhbt Eò 72.28 -79.>> -2>.07 -3.8>

(0>.90)*** (9.40)*** (49.80)* (2.02)Gaestèt -::.=4 -23.90 33.88 -04.=8 7>.== -94.8= 92.40 39.77 -04=.8: 2=.7>

(3.::)*** (40.8=)*** (3.40)*** (4=.34) (3.27)*** (02.>8)*** (00.9>)*** (9.7=)*** (=4.84)*** (2.9=)***Whco` 3:.7= 0>>.4= 93.>4 032.38 99.=0 87.90 83.04 33.9: 027.== 80.=0

(4.8>)*** (3.>8)*** (4.=4)*** (04.:2)*** (4.90)*** (=.89)*** (7.:0)*** (4.>3)*** (40.92)*** (4.>0)***^sbuma T-squ`rbm .>7 .00 .>7 .>: .>7 .>: .>: .>2 .>7 .>9Adsbrv`thaes 4,247 0,74= 0,>3: 0,037 828 0,>47 0,:>: 4,8>0 :=: 2,223

^TG ? bapfbs Tbpudfhg ai Gjhe`, WOB ? so`ff em obmhuo-shzbm betbrprhsb.

Eatb s ` fbit-gbesarhec pahet em Bxpart `rthghp`thae ? 0>> s rhcjt-gbesarhec pahet. ]jb ihro-fbvbf adsbrv`thaes irao tjb sòpfb gauetrhbs rbmbrhvbm irao mhiibrbet survby yb`rs d`sbm ae tjb Sarfm Dèk Betbrprhsb Wurvbys. Wtèm`rm brrars `rb he p`rbetjbsbs, whtj ***, **, èm * mbeathec st`thsthg`f shcehihgègb `t tjb0%, 2%, em 0>% fbvbfs, rbspbgthvbfy.



20/31


0:

@ftbre`thvb Mbpbembet Y`rh`dfb Wpbghihg`thaes, Bstho`thae Obtjams, Ihro Whzb

Ob`surbs, em Hetbr`gthae ]bros

]a iurtjbr `ffaw iar `ftbre`thvb bophrhg`f spbghihg`thaes wb pravhmb bstho`tbs ushec tadht,pradht, èm AFW, ushec mhiibrbet ob`surbs ai ihro shzb èm ushec hetbr`gthae tbros aiihro shzb èm `ggbss ta grbmht (]`dfb 9). He tjb paafbm sòpfb, wb ihem tj`t tjbprad`dhfhty ai bxpart p`rthghp`thae hs pashthvbfy `ssagh`tbm whtj `ggbss ta dèk darrawhecèm tr`mb grbmht he ` pradht rbcrbsshae. Rshec ihro shzb hestb`m ai è WOB muooyv`rh`dfb, wb ihem tj`t bxpart sj`rb hs pashthvbfy `ssagh`tbm whtj ihro shzb eaebtjbfbss. He`mmhthae, d`sbm ae tjb hetbr`gthae tbros, `ggbss ta grbmht vh` dèk èm eae-dèkdarrawhec èm tr`mb grbmht dbgaobs oarb shcehihgètfy èm pashthvbfy `ssagh`tbm whtjbxpart p`rthghp`thae, `s ihro shzb hegrb`sbs.


21/31


08

]`dfb 9< Tadustebss Gjbgk HH@ftbre`thvb Mbpbembet Y`rh`dfb Wpbghihg`thaes, Bstho`thae Obtjams, Ihro Whzb Ob`surbs, emHetbr`gthae ]bros

X ? Bxpart ^`rthghp`thae ]adht ^radht AFW ]adht ^radht AFW ]adht ^radht AFW

X ? Bxpart Wj rb X ? 0 hi Bxpart X ? Bxpart Wj rb X ? Bxpart Wj rb X ? 0 hi Bxpart X ? Bxpart Wj rb X ? Bxpart Wj rb X ? 0 hi BxpartX ? Bxpart

Wj`rb(fbit gbesarbm) èm > atjbrwhsb (fbit gbesarbm) èm > atjbrwhsb (fbit gbesarbm) èm > atjbrwhsb

WOB hemhg`tar -34.43 -.8> -40.2=(4.:=)*** (.>7)*** (.::)***

@cb -3.>8 -.>4 -4.8> -7.40 .>7 -0.:7 -7.77 .>4 -0.:9(0.73)*** (.>4) (.73)*** (0.=4)** (.>4) (.=>)*** (0.=4)** (.>4) (.78)***

Dèk darrawhec 0.:> .>2 .>2 7.8> .>3 .99 7.33 .>3 .94(0.49) (.>4)*** (.=0) (0.70)*** (.>4)*** (.=4) (0.70)*** (.>4)*** (.=4)

Eae-dèk darrawhec .74 .>4 .>0 .43 .>4 -.>> .=2 .>9 .44(0.49) (.>4) (.7>) (0.70) (.>4) (.77) (0.77) (.>4)*** (.77)

]r`mb grbmht 4.42 .>2 .49 4.3> .>2 .=0 4.37 .>: .=9(0.44)* (.>4)*** (.78) (0.4:)** (.>4)*** (.=>) (0.48)** (.>4)*** (.=>)

Euodbr ai bopfaybbs 07.2: .40 =.82 0=.88 .73 2.=:(0.04)*** (.>4)*** (0.42)*** (0.4>)*** (.>7)*** (0.>9)***

x Dèk darrawhec .90 .04 .:>(0.7>) (.>4)*** (0.>2)

x Eae-dèk darrawhec 2.3= .7= 4.2=(4.70)** (.0>)*** (.8:)***

x ]r`mb grbmht 2.:0 .74 4.74(0.:=)*** (.>2)*** (.8=)**

Gaestèt -37.>> -.37 03.4> -048.33 -0.77 0.:9 -04:.88 -0.74 0.80(=.3>)*** (.>2)*** (.8>)*** (2.>0)*** (.>2)*** (.99)*** (=.88)*** (.>2)*** (.99)***

Whco` :3.38 87.>2 84.33(0.99)*** (0.33)*** (0.39)***

^sbuma T-squ`rbm .>9 .4> .0: .>= .02 .07 .>= .02 .07Adsbrv`thaes :,>:> :,>:> :,>:> :,>:> :,>:> :,>:> :,>:> :,>:> :,>:>Hemustry ihxbm biibgts Xbs Xbs Xbs Xbs Xbs Xbs Xbs Xbs XbsGauetry ihxbm biibgts Xbs Xbs Xbs Xbs Xbs Xbs Xbs Xbs Xbs

AFW ? armhe`ry fb`st squ`rbs, WOB ? so`ff em obmhuo-shzbm betbrprhsb.Eatb, fbit-gbesarhec pahet, Bxpart ^`rthghp`thae ? 0>>, rhcjt-gbesarhecpahet), pradht (^(X?0 hi Bxpart ^`rthghp`thae 5 >)), èm AFW. ]jb ihro-fbvbf adsbrv`thaes irao sòpfb gauetrhbs `rb mbrhvbm irao mhiibrbet survby yb`rs. Bxpfè`tary v`rh`dfbs `rbstèm`rmhzbm. Wtèm`rm brrars rb he p`rbetjbsbs, whtj ***, **, em * mbeathec st`thsthg`f shcehihgègb t tjb 0%, 2%, em 0>% fbvbfs, rbspbgthvbfy.

Waurgb< @utjars g`fguf`thaes ae m`t` irao tjb Sarfm Dèk Betbrprhsb Wurvbys.


22/31


4>

Whegb bxpart p`rthghp`thae, ihro shzb, èm `ggbss ta grbmht `rb fhkbfy ta db hetbrmbpbembeti`gtars he ihro dbj`vhar, wb ebxt bxòheb tjb twa-w`y ibbmd`gk òaec tjbsb v`rh`dfbsoarb mhrbgtfy he tjb bstho`thae. ]jb sbbohecfy uerbf`tbm rbcrbsshae (WRT) è`fyshs hs

maeb iar tjbsb tjrbb v`rh`dfbs, whtj èm whtjaut sbgtar èm gauetry ihxbm biibgts, whtjè `ftbre`thvb sbt ai gaetrafs whtj `mmhthae`f v`rh`dfbs (]`dfb 3). Sb eaw `mm tacbtjbrdèk darrawhec, eae-dèk darrawhec, èm tr`mb grbmht, èm mud tjhs tat`f suo tjb`ggbss ta grbmht v`rh`dfb. Sb ihem tj`t aur o`he ihemhecs ae tjb mbtbroheèts ai bxpartp`rthghp`thae rbo`he het`gt< ihro shzb èm `ggbss ta grbmht `rb pashthvbfy `ssagh`tbm whtjbxpart sj`rb, succbsthec ` twa-w`y ibbmd`gk. @mmhthae`ffy, wb `fsa ihem tj`tgaff`tbr`f/faè v`fub hs pashthvbfy fhekbm ta `ggbss ta grbmht, dut ebc`thvbfy rbf`tbm ta ihroshzb. F`stfy, `ggbss ta grbmht `s ` mbpbembet v`rh`dfb hs pashthvbfy `ssagh`tbm whtjgaff`tbr`f/faè v`fub. Avbr`ff, tjbsb rbsufts `rb supparthvb ta tjb rbsufts rbpartbm he tjbd`sbfheb rbcrbsshaes. ]j`t hs, `ggbss ta grbmht shcehihgètfy hop`gts bxpart p`rthghp`thaeèm, he tjhs rbc`rm, WOBs `rb `t ` rbf`thvb mhs`mvèt`cb gaop`rbm ta eae-WOBs.Bxpart p`rthghp`thae, he ture, hs pashthvbfy `ssagh`tbm whtj oarb `ggbss ta grbmht ai ihros.


23/31


40

]`dfb 3< Tadustebss Gjbgk HHH]wa-S`y Ibbmd`gk vh` Wbbohecfy Rerbf`tbmTbcrbsshaes

(H) (HH) (HHH)

WRT Bstho`thae BxpartWj`rb IhroWhzb @ggbss taGrbmht BxpartWj`rb IhroWhzb @ggbss taGrbmht BxpartWj`rb IhroWhzb @ggbss taGrbmht

@cb -.>0= .>3> 4.0:> -.>=4 .>80 -.>03 -.>07 .>98 .>77(.>00) (.>00)*** (.7:>)*** (.>00)*** (.>04)*** (.7:8) (.>00) (.>00)*** (.78>)

Ihro shzb (bopfaybbs) .402 .4=: .409 .48:(.>0>)*** (.737) (.>0>)*** (.72>)

@ggbss ta grbmht .>>2 .>>> .>>= .>>>(.>>>)*** (.>>>) (.>>>)*** (.>>>)

Bxpart sj`rb .478 2.:88 .472 7.4:4(.>04)*** (.78>)*** (.>04)*** (.73=)***

F`dar hetbeshvbhemustrhbs

.=90 .042 4.=4: .>94

(.>7>)*** (.>77)*** (0.>48)** (.>74)*

G`pht`f hetbeshvbhemustrhbs

.470 .>22 4.3:= .>>8

(.>4:)*** (.>7>)* (.873)*** (.>48)

Hemaebsh` .>79 -.>>2 9.930 3.>=2(.>73) (.>=>) (0.490)*** (0.4=0)***

O`f`ysh` .2>2 -.>8> 73.397 73.:74(.>==)*** (.>=:)* (0.2>2)*** (0.=:=)***

^jhfhpphebs .440 -.4>7 04.>33 04.0>:(.>79)*** (.>78)*** (0.444)*** (0.440)***

]j`hfèm .>44 .>>: 73.=73 73.339(.>99) (.>34) (4.4=9)*** (4.402)***

Yhbt Eò .79: .>83 70.3=8 70.79:(.>79)*** (.>78)** (0.44=)*** (0.444)***

Iarbhce awebrsjhp .344 -.>=9 -7.:2= .93> .0=7 -9.3=4 .347 -.>=2 -:.878(.>4:)*** (.>70) (0.>73)*** (.>48)*** (.>70)*** (.8:7)*** (.>4:)*** (.>70) (0.>07)***

Iarbhce fhgbesb -.0:3 .00> :.4=4 -.029 .>3> 0.322 -.0:2 .00= 0.347(.097) (.034) (2.320) (.028) (.034) (2.7::) (.097) (.034) (2.7:3)

^`tbet -.449 .>2: 00.4=4 -.0>4 -.>=3 8.742 -.447 .>90 8.2:0

(.4=>) (.427) (:.=:7) (.47=) (.42=) (3.8=8) (.4=>) (.427) (3.82>)Sarkbr bmug`thae .024 -.>48 2.7>: .0>> .>47 -0.08: .02= -.>43 -0.2>8

(.>7:)*** (.>=>) (0.773)*** (.>7:)*** (.>=0) (0.4:0) (.>7:)*** (.>=>) (0.438)

Iheègh`ffy gbrthihbm -.>>4 .>8> 0.098 .>:9 .028 =.7:> -.>>0 .>8= =.0>9(.>47) (.>4=)*** (.:04) (.>49)*** (.>4:)*** (.:38)*** (.>47) (.>4=)*** (.::0)***

HWA gbrthihg`thae .0=8 .43= -9.44= .423 .488 -.77= .0=: .4:> -.3:9(.>47)*** (.>4=)*** (.:>=)*** (.>4=)*** (.>49)*** (.:0:) (.>47)*** (.>4=)*** (.:0=)

Oè`cbrh`fbxpbrhbegb

.>>0 .>>7 .>=3 .>>4 .>>7 .038 .>>0 .>>7 .039

(.>>0) (.>>0)** (.>=>) (.>>0)** (.>>0)** (.>78)*** (.>>0) (.>>0)** (.>78)***

Gaff`tbr`f/Faè v`fub -.>>> -.>>0 .7>8 .>>0 -.>>0 .07: -.>>> -.>>0 .07:(.>>>) (.>>>)** (.>0>)*** (.>>>) (.>>>)* (.>02)*** (.>>>) (.>>>)** (.>02)***

Gaestèt .>9= -.7== =.808 -.=3> -.703 -9.97: .>92 -.732 -=.>77(.47:) (.420) (:.=09) (.479)** (.422) (3.8::) (.47:) (.427) (3.827)

^sbuma T-squ`rbm .074 .>=2 .039 .084 .>24 .4:= .07= .>=9 .438

Adsbrv`thaes :,>:> :,>:> :,>:> :,>:> :,>:> :,>:> :,>:> :,>:> :,>:>Hemustry ihxbm biibgts Xbs Xbs Xbs Xbs Xbs Xbs Xbs Xbs XbsGauetry ihxbm biibgts Xbs Xbs Xbs Xbs Xbs Xbs Xbs Xbs Xbs

HWA ? Hetbre`thae`f Arcèhz`thae iar Wtèm`rmhz`thae, WRT ? sbbohecfy uerbf`tbm rbcrbsshae.

Eatbs% fbvbfs, rbspbgthvbfy.



24/31


44

2. BGAEAOHG WHCEHIHG@EGB @EM ÂFHGX

HO^FHG@]HAEW

2.0 Jaw F`rcb `rb tjb Mrhvbrs ai Bxpart ^`rthghp`thae, IhroWhzb, èm @ggbss ta Grbmht iar WOBs1

Sb suoo`rhzb aur bstho`thae rbsufts dy gaeshmbrhec tjb biibgts ai ` aeb-stèm`rm-mbvh`thae hegrb`sb he b`gj ai aur gaetraf v`rh`dfbs irao tjb WRT è`fyshs ae tjbv`rh`thae ai bxpart p`rthghp`thae, ihro shzb, èm `ggbss ta grbmht. @s sjawe he Ihcurb 7,tjb heifubegb ai tjb gaetraf v`rh`dfbs ae bxpart p`rthghp`thae hs mrhvbe oastfy dy ihro shzb(9%). ]jb v`rh`thae he ihro shzb hs he ture pashthvbfy ìibgtbm dy bxpart p`rthghp`thae (3%).Oast shcehihgèt hs tjb biibgt ae `ggbss ta grbmht< bxpart p`rthghp`thae, iheègh`f

gbrthihg`thae, oè`cbrh`f bxpbrhbegb, èm gaff`tbr`f/faè v`fub hegrb`sb `ggbss ta grbmhtdy 8>%, 4%, 4%, èm 2%, rbspbgthvbfy. Iarbhce awebrsjhp hs ebc`thvbfy `ssagh`tbmwhtj tjb usb ai bxtbre`f grbmht (7%), mrhvbe dy tjb òpfb hetbre`f iheègh`f rbsaurgbs aiiarbhce-ìihfh`tbm ihros.

Ihcurb 7< Bgaeaohg Whcehihgègb ai tjb Bstho`thae Tbsufts iar WOBs


2.4 âfhgy Hopfhg`thaes< Gè WOBs ^`rthghp`tb he BxpartO`rkbts, C`he Wg`fb Bgaeaohbs, èm @ggbss Oarb Grbmht1

]a suppfbobet tjb stumy whtj ` mhiibrbet obtjam ai m`t` è`fyshs, ]`dfb : pravhmbs tjb

bhcbevbgtars irao tjb prheghp`f gaopaebet è`fyshs ai tjb o`he v`rh`dfbs usbm he tjb

2.

:2

>.

0=

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42

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Bxpart `rthghp`thae Ihro shzb @ggbss ta Grbmht


25/31


47

rbcrbsshaes ai tjb prbvhaus sbgthaes. Rshec è bhcbev`fub ai 0 `s ` grhtbrhae, wbbxòheb shx rbsufthec prheghp`f gaopaebets ar i`gtars iar tjb wjafb sòpfb. @s sjawehe tjb t`dfb iar tjb wjafb sòpfb, tjb ihrst prheghp`f gaopaebet hs `ssagh`tbm whtj

`ggbss ta grbmht, gaff`tbr`f/faè v`fub, iarbhce awebrsjhp, bxpart p`rthghp`thae, èm tjbWOB hemhg`tar; tjhs p`ttbre succbsts tj`t tjbsb v`rh`dfbs tbem ta v`ry tacbtjbr he tjbm`t`. ]jb sbgaem prheghp`f gaopaebet obèwjhfb hs fhekbm ta `ggbss ta grbmht, tjb WOBhemhg`tar, HWA gbrthihg`thae, ihro shzb, dèk darrawhec, èm tr`mb grbmhts. ]jb tjhrmprheghp`f gaopaebet hs gaoprhsbm ai oè`cbrh`f bxpbrhbegb, j`vhec ` iarbhce fhgbesb arp`tbet, ihro shzb, dèk darrawhec, èm `ggbss ta grbmht. ]jb iaurtj gaopaebet hsgarrbf`tbm whtj j`vhec ` iarbhce fhgbesb, p`tbet, iarbhce awebrsjhp èm oè`cbrh`fbxpbrhbegb. ]jb ihitj prheghp`f gaopaebet hs gaopasbm ai dèk darrawhec, tr`mb grbmht,eae-dèk darrawhec, iheègh`f gbrthihg`thae, ihro shzb, èm oè`cbrh`f bxpbrhbegb.Ihe`ffy, tjb shxtj i`gtar hs garrbf`tbm whtj ihro `cb, eae-dèk darrawhec, warkbrbmug`thae, èm HWA gbrthihg`thae.


26/31


4=

]`dfb :< rheghp`f Gaopaebets @e`fyshs ae tjb Ihro-Fbvbf M`t`

HWA ? Hetbre`thae`f Arcèhz`thae iar Wtèm`rmhz`thae, WOB ? so`ff em obmhuo-shzbm betbrprhsb.

Waurgb< @utjars g`fguf`thaes ae tjb Sarfm Dèk Betbrprhsb Wurvbys ai ihros he tjb TG, Hemaebsh`, O`f`ysh`, jhfhpphebs, ]j`hfèm, em Yhbt Eò.

Y`rh`dfb 0 4 7 = 2 9 3 : 8 0> 00 04 07 0= 02 Rebxpf`hebm

WOB hemhg`tar ->.77 >.73 ->.08 >.>= >.00 >.>2 ->.>4 >.>2 >.>9 ->.>8 >.48 >.03 >.02 >.3= >.>8 >

Ihro shzb (bopfaybbs) >.03 ->.7> >.47 ->.>: ->.0= ->.>: >.>0 ->.0: ->.39 ->.>0 >.77 >.07 >.0= >.4> >.>= >

Bxpart `rthghp thae >.70 ->.40 ->.>7 >.>7 ->.00 ->.>: >.0= ->.22 >.70 ->.47 >.>> >.04 ->.2> >.7> >.0> >

@cb >.09 ->.>0 >.40 ->.4: >.44 >.93 >.09 >.04 ->.00 ->.70 ->.48 ->.03 ->.>2 >.47 ->.44 >

Dèk darrawhec >.49 >.77 >.77 ->.47 ->.20 ->.>: ->.>9 >.>8 >.4> >.>> >.>3 >.>7 >.04 >.>2 ->.0= >

Eae-dèk darrawhec >.>= >.00 >.04 ->.>9 >.7= ->.78 >.:0 >.0= ->.>7 ->.>= >.>7 >.>4 >.>0 ->.>7 >.>> >

]r`mb grbmht >.44 >.4= >.>4 ->.>7 >.97 ->.03 ->.=> ->.43 ->.09 >.40 ->.00 ->.>: ->.00 >.>= ->.>8 >

@ggbss ta Grbmht (eae-hetbre`f) >.=> >.=2 >.40 ->.02 >.>> ->.03 ->.>9 ->.>7 >.>7 >.>9 >.>> ->.>4 >.>8 >.>4 ->.>4 >

Iarbhce awebrsjhp >.7= ->.09 ->.49 >.4> >.04 >.>9 >.>2 ->.42 >.47 ->.44 >.07 ->.>= >.3> ->.>9 ->.44 >Iarbhce fhgbesb >.>0 >.>3 >.73 >.2: >.>4 >.04 >.>= >.>0 >.>2 >.>2 >.73 ->.2: ->.07 >.>2 ->.>0 >

^`tbet >.>> >.>9 >.=> >.29 >.>2 >.00 >.>0 >.>0 ->.>0 >.>4 ->.77 >.94 >.>: >.>> ->.>2 >

Sarkbr bmug`thae >.43 ->.>0 ->.4= ->.>0 ->.>0 >.=> >.4= >.>7 >.>9 >.37 >.4= >.4> ->.00 >.>4 ->.00 >

Iheègh ffy gbrthihbm >.48 ->.0: ->.>3 >.>2 >.08 ->.04 ->.4= >.23 >.>8 ->.48 >.7: >.42 ->.4: ->.>4 ->.49 >

HWA gbrthihg`thae >.08 ->.=7 >.0> >.>4 >.>> ->.42 ->.>: >.77 >.09 >.70 ->.79 ->.40 >.03 >.=: >.09 >

Oè`cbrh f Bxpbrhbegb ->.04 ->.40 >.=2 ->.74 >.7> >.09 ->.>8 ->.>3 >.72 >.>2 >.77 >.09 >.09 ->.0= >.== >

Gaff`tbr`f/Faè Y`fub >.78 >.40 ->.42 >.03 ->.>7 >.03 >.>4 >.4> ->.09 ->.0: ->.>9 ->.>0 >.>0 ->.0> >.3= >

Y`rh`dfb 0 4 7 = 2 9 3 : 8 0> 00 04 07 0= 02 Rebxpf hebm

Ihro shzb (bopfaybbs) >.47 >.=0 >.>9 >.70 ->.03 ->.>8 >.>7 ->.4= >.>= ->.24 >.>0 ->.77 ->.2> ->.0= ->.>0 >

Bxpart `rthghp`thae >.40 >.42 >.>2 >.>: ->.>7 ->.>3 ->.4> >.32 ->.40 >.>4 ->.=0 >.07 >.08 >.00 >.>0 >

@cb >.04 ->.>8 ->.42 >.74 >.29 ->.4: >.>9 ->.02 ->.48 ->.7> ->.>0 >.>0 >.73 ->.49 ->.>0 >

Dèk darrawhec >.77 ->.7> ->.>9 >.43 ->.=2 ->.73 >.>> ->.>0 ->.>7 >.47 >.00 >.>3 >.>7 ->.07 >.2= >

Eae-dèk darrawhec >.>3 ->.04 ->.>7 >.02 >.>9 >.== >.:0 >.43 ->.>: >.>> >.>4 ->.>0 ->.>2 ->.>0 >.03 >

]r`mb grbmht >.49 ->.0: ->.>4 >.>3 >.08 >.97 ->.=9 ->.>7 >.42 ->.08 ->.>2 ->.>= >.>3 ->.>3 >.7: >

@ggbss ta Grbmht (eae-hetbre`f) >.=8 ->.73 ->.>= >.0: ->.0: >.04 ->.>= >.>4 >.>3 >.>2 >.0> >.>0 >.>7 >.>> ->.34 >

Iarbhce awebrsjhp >.70 >.43 >.>: ->.43 >.43 >.>4 ->.>: >.40 ->.08 >.43 >.93 >.>> ->.04 ->.4= >.>= >

Iarbhce fhgbesb >.>4 ->.00 >.92 >.04 >.03 ->.0> >.>= >.>> >.>8 >.44 ->.>8 ->.97 >.44 >.>> >.>> >

^ tbet >.>> ->.04 >.92 >.07 >.02 ->.>: >.>7 ->.>7 >.>9 ->.4> >.>4 >.92 ->.0: ->.>9 >.>> >

Sarkbr bmug thae >.4= >.>8 ->.03 ->.08 >.49 ->.48 >.40 >.00 >.3: >.>3 ->.09 >.>9 ->.>4 ->.04 >.>0 >

Iheègh`ffy gbrthihbm >.4: >.7= >.>7 >.>2 >.>9 >.03 >.>9 ->.=2 ->.08 >.=3 ->.=3 >.0= ->.04 ->.47 ->.>7 >

HWA gbrthihg`thae >.>= >.2> >.>8 >.42 ->.42 >.07 >.0> ->.03 >.47 ->.>9 >.4: >.02 >.90 >.03 ->.>4 >

Oè`cbrh`f Bxpbrhbegb ->.03 >.>2 ->.09 >.90 >.70 ->.>4 ->.07 >.>9 >.07 >.73 >.02 >.>= ->.7> >.=7 ->.>0 >

Gaff`tbr`f/Faè Y`fub >.=2 ->.>4 >.>= ->.4: >.0= ->.04 >.0> ->.44 ->.09 ->.09 ->.>7 ->.>4 ->.>7 >.3= >.0= >

^rheghp`f Gaopaebets (Sjafb Wòpfb)

^rheghp`f Gaopaebets (WOB Wòpfb)


27/31


42

Tbpb`thec tjb è`fyshs iar tjb WOB sòpfb èm `ppfyhec tjb sòb bhcbev`fub grhtbrhaeyhbfms tjb sòb euodbr ai prheghp`f gaopaebets (shx).]jb ihrst i`gtar v`rhbs whtj `ggbssta grbmht, gaff`tbr`f/faè v`fub, dèk darrawhec, iarbhce awebrsjhp, èm iheègh`f

gbrthihg`thae. ]jb sbgaem gaopaebet hs rbf`tbm ta HWA gbrthihg`thae, ihro shzb, bxpartp`rthghp`thae, iarbhce awebrsjhp, dèk darrawhec, èm iheègh`f gbrthihg`thae. ]jb tjhrmgaopaebet hs fhekbm ta j`vhec ` iarbhce fhgbesb èm ` p`tbet. ]jb iaurtj gaopaebet hs`ggauetbm iar dy oè`cbrh`f bxpbrhbegb, ihro shzb, ihro `cb, dèk darrawhec,gaff`tbr`f/faè v`fub, iarbhce awebrsjhp, èm `ggbss ta grbmht. ]jb ihitj i`gtar hsgaopasbm ai dèk darrawhec, ihro `cb, oè`cbrh`f bxpbrhbegb, èm iarbhce awebrsjhp.]jb shxtj gaopaebet, ihe`ffy, hs fhekbm ta tr`mb grbmhts, dèk darrawhec, eae-dèkdarrawhec, warkbr bmug`thae, èm ihro `cb.

D`sbm ae mhiibrbet obtjams ai m`t` è`fyshs, wb `rb `dfb ta mr`w saob pafhgyhopfhg`thaes irao tjb iaro`f rbcrbsshae (Wbgthaes =.0=.4) èm tjb prheghp`f gaopaebetè`fyshs (Wbgthae 2.4) iar WOBs. Datj sbts ai bophrhg`f rbsufts pahet ta tjbhetbrmbpbembegb ai bxpart p`rthghp`thae, ihro shzb, èm `ggbss ta grbmht. ]jb bstho`thaerbsufts succbst tj`t WOBs p`rthghp`thec he bxpart o`rkbts tbem ta j`vb oarb `ggbss tagrbmht, èm tjb prheghp`f gaopaebet è`fyshs supparts tjhs ihemhec. He `mmhthae, WOBsgè c`he irao sg`fb bgaeaohbs (ihro shzb) dy p`rthghp`thec he tjb bxpart o`rkbts,patbeth`ffy hemugbm dy jhcjbr gaopbththae èm ebgbss`ry pramugthae upcr`mhec. ]jbrbsufts `fsa succbst, `ftjaucj eat `s straecfy `s tjb ihrst rbsuft, tj`t iarbhce awebrsjhpèm warkbr bmug`thae pashthvbfy heifubegb bxpart p`rthghp`thae, èm tj`t iheègh`fgbrthihg`thae o`y fb`m ta dbttbr `ggbss ta grbmht iar WOBs.

9. GAEGFRWHAEW

]jhs p`pbr stumhbs i`gtars `ssagh`tbm whtj WOB p`rthghp`thae he bxpart o`rkbts, hep`rthguf`r tjb fheks dbtwbbe ihro shzb èm `ggbss ta grbmht. Sb d`sb aur bophrhg`fè`fyshs ae iaro`f rbcrbsshaes, suppfbobetbm whtj prheghp`f gaopaebet è`fyshs, ushecihro-fbvbf adsbrv`thaes gavbrhec oarb tjè :,>>> ihros, datj WOBs (whtj ibwbr tjè0>> bopfaybbs) èm eae-WOBs, `grass mbvbfaphec B`st @shè gauetrhbs èm sbgtars.

@grass ` whmb v`rhbty ai bophrhg`f tbsts, wb sjaw tj`t bxpart p`rthghp`thae, ihro shzb,èm `ggbss ta grbmht `rb hetbrmbpbembet. Sb ihem tj`t WOBs p`rthghp`thec he tjb bxparto`rkbts tbem ta j`vb oarb `ggbss ta grbmht, èm, oarb hopartètfy, tj`t bxtbre`fgrbmhtp`rthguf`rfy dèk darrawheco`ttbrs iar bxpart p`rthghp`thae. Sb `fsa ihem saobbvhmbegb iar iarbhce awebrsjhp èm warkbr bmug`thae pashthvbfy heifubeghec bxpartp`rthghp`thae, èm iheègh`f gbrthihg`thae j`vhec ` shohf`r, pashthvb hop`gt ae `ggbss tagrbmht iar WOBs. @fsa, wb adsbrvb tj`t ihro shzb, òaec atjbr ihro-spbghihg

gj`r`gtbrhsthgs, sbbos ta db tjb oast grhthg`f iar bxpart p`rthghp`thae èm `ggbss tagrbmht. Wpbghihg`ffy, f`rcbr ihros tbem ta bxpart oarb ai tjbhr autput wjhfb j`vhec `ggbssta oarb bxtbre`f grbmht rbf`thvb ta WOBs.

Avbr`ff, tjb dra`m phgturb p`hetbm dy tjbsb bstho`tbs `mms ta tjb b`rfhbr stumhbs maebhe tjb gauetrhbs wb gavbr. He tjb ^TG, @yy`c`rh bt `f. (4>0>) ihem tj`t ihros whtj dèkiheèghec craw i`stbr tjè shohf`r ihros. He Hemaebsh`, Sbecbf èm Tamrhcubz (4>>9)adsbrvb tj`t ihros whtj oarb `ggbss èm usb ai grbmht bxpart ` jhcjbr sj`rb ai tjbhrautput. He O`f`ysh` èm tjb ^jhfhpphebs, J`rvhb bt `f. (4>00) succbst tj`t tjbrb hs ` c`pdbtwbbe wj`t ihros hetbem ta darraw èm tjb òauet ai grbmht `v`hf`dfb ta tjbo, èmtj`t tjhs c`p `ppb`rs ta db oarb shz`dfb iar so`ffbr ihros. He ]j`hfèm, ht j`s dbbeiauem tj`t j`vhec dbttbr iheègh`f heiaro`thae r`hsbs ihro pbriaroègb òaec WOBs

(W`r`p`hvèhgj èm Katby 4>>9). He Yhbt Eò, WOBs hevafvbm he pramugthae ebtwarks


28/31


49

j`vb oarb appartuehthbs ta adt`he tr`mb grbmhts èm atjbr iheègh`f rbsaurgbs (Ecuybeèm Tò`gjèmrè, 4>>9). Oarb hopartètfy, aur rbsufts hopfy tj`t WOBs gèpatbeth`ffy c`he oarb sg`fb bgaeaohbs (vh` ihro shzb) dy p`rthghp`thec he tjb bxpart

o`rkbts (patbeth`ffy hemugbm dy jhcjbr gaopbththae èm ebgbss`ry pramugthaeupcr`mhec).

]jb rbsufts rbpartbm jbrb `rb, `mohttbmfy, bxpfar`tary. He tjhs rbc`rm, wb tjhek tjbrb `rbsbvbr`f w`ys ta obèheciuffy duhfm ae tjb è`fyshs wb prbsbet, `ftjaucj tjbsb waufmrbquhrb tjb `v`hf`dhfhty ai ougj oarb mbt`hfbm ihro-fbvbf m`t` iar ` crb`tbr euodbr aiyb`rs. Iar hestègb, ihro survbys `grass thob èm whtjhe èm `grass gauetrhbs waufmbe`dfb oarb mbihehthvb èm prbghsb heibrbegbs rbc`rmhec tjb hop`gt ai `ggbss tabxtbre`f grbmht ae bxpart p`rthghp`thae, èm vhgb vbrs`. Hegarpar`thec ob`surbs ai ihropramugthvhty waufm, shohf`rfy, hopravb tjb rbfh`dhfhty ai tjb bstho`tbs. @mmhec heputautput m`t` waufm `fsa gaeshmbr`dfy berhgj tjb è`fyshs, dbgùsb sugj m`t` waufm`ffaw us ta sbb jaw ihros `grass sbgtars `rb `gtu`ffy fhekbm ta b`gj atjbr, èm dybxtbeshae, wj`t tèchdfb hop`gts gè db bxpbgtbm irao gjèchec èy euodbr ai ihrogrbmht-rbf`tbm pafhgy v`rh`dfbs.

Ihe`ffy, aur rbsufts succbst tj`t pafhgyo`kbrs whff ebbm ta p`y gfasbr `ttbethae ta pafhgyhssubs rbf`tbm ta so`ff ihros, p`rthguf`rfy tjasb gaegbrehec betbrprhsb crawtj, grbmhtpafhgy, t`x`thae, èm iheègh`f rbcuf`thae. Whopfy o`khec oarb grbmht `v`hf`dfb ta WOBshs eat ` str`hcjtiarw`rm safuthae, shegb grbmht suppart ob`surbs o`y uembroheb biiartsta hesthtuthae`fhzb grbmht rhsk `ssbssobet èm grawm aut hegbethvbs ta rbstrugturb ihrostj`t ma eat pbriaro wbff. He L`pè, iar bxòpfb, è Hetbre`thae`f Oaebt`ry Iuem (HOI)stumy j`s iauem tj`t WOBs whtj grbmht cu`rètbbs t`kb faecbr ta rbp`y tjbhr gurrbetmbdt èm `rb oarb fhkbfy ta o`kb fassbs gaop`rbm ta tjasb whtjaut grbmht cu`rètbbs(Wjhe 4>0=). ]jb g`sb ai ]j`hfèm o`y db hestrugthvb he tjhs rbc`rm `s ]j`h WOBs j`vbrbf`thvbfy dbttbr `ggbss ta grbmht tjè tjb rbst ai aur sòpfb. ]jhs o`y db dbgùsb tjb

Gbetr`f Dèk ai ]j`hfèm cu`rms `c`hest pravhmhec bxgbsshvb suppart èm, wjbe ht j`sbxtbembm suppart, j`s maeb sa prho`rhfy vh` rbmugthaes he grbmht très`gthae gasts (h.b.,fawbr prbp`yobet gj`rcbs èm gègbff`thae ibbs) èm tjb pravhshae ai dbttbrheiaro`thae (Sèct`f 4>0=).

Aur ihemhecs r`hsb sbvbr`f hetrhcuhec pafhgy qubsthaes whtj rbspbgt ta WOBs. Jawhopartèt `rb obmhuo-shzbm ihros ta mbvbfaphec @sh`, èm wj`t `rb tjb d`rrhbrs tj`tprbvbet WOBs irao cr`mu`thec ta f`rcbr shzbs (tjb ohsshec ohmmfb)1 Chvbe tj`t bxpartp`rthghp`thae òaec WOBs hs `ssagh`tbm whtj j`vhec bxtbre`f grbmht, sjaufm grbmht pafhgytaw`rm ihros db dra`m-d`sbm ar t`rcbtbm taw`rm spbghihg ihros ar sbgtars1 He fhcjt ai tjbbvhmbegb tj`t oèy ihros j`vb ueobt ar f`rcbfy uesbrvbm grbmht ebbms, wj`t rafbssjaufm gbetr`f dèks pf`y he rbcuf`thec iheègh`f hesthtuthaes iar iheègh`f hegfushae1

Ihe`ffy, wj`t gaopfbobet`ry pafhghbs `rb ebbmbm ta praoatb WOB p`rthghp`thae hebxpart o`rkbts1 ]jbsb `rb qubsthaes tj`t bobrcb irao tjb ihemhecs ai tjhs p`pbr èmwhff db hegrb`shecfy hopartèt iar pafhgyo`kbrs oavhec iarw`rm.


29/31


43

TBIBTBEGBW

@ssagh`thae ai Wautjb`st @shè E`thaes. 4>00. WOB m`t` iar @WB@E.

jttp00. ]r`mb èm]r`mb Iheègb he tjb 4>>:>8 Iheègh`f Grhshs. Hetbre`thae`f Oaebt`ry IuemSarkhec ^`pbr 00/09. S`sjhectae, MG< Hetbre`thae`f Oaebt`ry Iuem.

@yy`c`rh, O., @. Mbohrc-Kuet, èm Y. O`kshoavhg. 4>0>. Iaro`f Ybrsus Heiaro`fIheègb< Bvhmbegb irao Gjhe`. Tbvhbw ai Iheègh`f Wtumhbs47(:)< 7>=:7>83.

D`fmwhe, T., bm. 4>>8. ]jb Crb`t ]r`mb Gaff`psb< Gùsbs, Gaesbqubegbs èm^raspbgts. Gbetrb iar Bgaeaohg âfhgy Tbsb`rgj.

Dbgk, ]. 4>>4. Iheègh`f Mbvbfapobet èm Hetbre`thae`f ]r`mb< Hs tjbrb ` Fhek1 Laure`f

ai Hetbre`thae`f Bgaeaohgs23(0)< 0>3070.

Dbgkbr, D., L. Gjbe, èm M. Crbbedbrc. 4>07. Iheègh`f Mbvbfapobet, Ihxbm Gasts,èm Hetbre`thae`f ]r`mb. Tbvhbw ai Garpar`tb Iheègb Wtumhbs4(0)< 04:.

Dbffaeb, I., ^. Oussa, F. Ebst`, èm W. Wgjh`va. 4>0>. Iheègh`f Gaestr`hets èm IhroBxpart Dbj`vhaur. ]jb Sarfm Bgaeaoy77(7)< 7=3737.

Dbroè, E., èm L. Jrhgaurt. 4>0>. Iheègh`f I`gtars èm tjb O`rches ai ]r`mb9403.

Dbre`rm, @., èm D. Lbesbe. 4>>=. Sjy Waob Ihros Bxpart. Tbvhbw ai Bgaeaohgs èmWt`thsthgs:9(4)< 290298.

Dbre`rm, @., @. Wt`dhfhta, èm L. Maecjaae Xaa. 4>0>. @ggbss ta Iheègb èmBxparthec Dbj`vhar he ]rèshthae Gauetrhbs. Khbf Hesthtutb iar tjb Sarfm BgaeaoySarkhec ^`pbr Ea. =29. Khbf, Cbroèy< Khbf Hesthtutb iar tjb Sarfm Bgaeaoy.

Gaetbssh, W., èm I. mb Ehgaf`. 4>04. Sj`t Ma Sb Keaw @daut tjb Tbf`thaesjhpdbtwbbe @ggbss ta Iheègb èm Hetbre`thae`f tr`mb1 Sarkhec ^`pbr 4>04->2=.Wt. Fauhs, Rehtbm Wt`tbs< Ibmbr`f Tbsbrvb Dèk ai Wt. Fauhs.

Mbp`rtobet ai ]r`mb èm Hemustry. 4>00. WOB m`t` iar tjb ^jhfhpphebs.jttp>3. Gaop`r`thvb @mvèt`cb, Mboèm iar Bxtbre`fIheègb, èm Iheègh`f Mbvbfapobet. Laure`f ai Iheègh`f Bgaeaohgs:9(7)00. ]r`mb èm tjb Cfad`fTbgbsshae. EDBT Sarkhec ^`pbr Ea. 09999. Gòdrhmcb, O@< E`thae`f Durbùai Bgaeaohg Tbsb`rgj.

Bgaeaohst Hetbffhcbegb Reht. 4>07. CM^, bxparts, èm maobsthg grbmht m`t`. @v`hf`dfb `tjttp07. Iheègh`f Gaestr`hets èm Bxparts< Bvhmbegb iraoGjhebsb Ihros. GBWhia Bgaeaohg Wtumhbs28(=)< 9393>9.


30/31


4:

Ibbestr`, T.G., \. Fh, èm O. Xu. 4>00. Bxparts èm Grbmht Gaestr`hets RembrHegaopfbtb Heiaro`thae< ]jbary èm Bvhmbegb irao Gjhe`. EDBT Sarkhec^`pbr Ea.098=>. Gòdrhmcb, O@< E`thae`f Durbù ai Bgaeaohg Tbsb`rgj.

mh Chavèeh, L., èm @. @. Fbvgjbeka. 4>04. Gauetry Whzb, Hetbre`thae`f ]r`mb, èm@ccrbc`tb Ifugtu`thaes he Crèuf`r Bgaeaohbs. Laure`f ai âfhthg`f Bgaeaoy04>(9)< 0>:70074.

mh Chavèeh, L., èm @. @. Fbvgjbeka. 4>07. Ihro Betry, ]r`mb, èm Sbfi`rb he \hpi'sSarfm. Laure`f ai Hetbre`thae`f Bgaeaohgs:8(4)< 4:7489.

J`rvhb, G., M. E`rlaka, èm W. Auo. 4>0>. Ihro Gj`r`gtbrhsthg Mbtbroheèts ai WOB^`rthghp`thae he ^ramugthae Ebtwarks. BTH@ Mhsgusshae ^`pbr Wbrhbs 4>0>-00.L`k`rt`, Hemaebsh`< Bgaeaohg Tbsb`rgj Hesthtutb iar @WB@E èm B`st @sh`(BTH@).

(bms.) 4>00. Wo`ff èm Obmhuo Betbrprhsbs @ggbss ta Iheègb he Wbfbgtbm B`st

@shè Bgaeaohbs. Tbsb`rgj ^ralbgt Tbpart 4>0>-0=. L`k`rt`, Hemaebsh`< [email protected], L., T. Oèal, èm X. B. Thyèta. 4>>9. Iheègb èm ]r`mb< @ Grass-Gauetry

Bophrhg`f @e`fyshs ae tjb Hop`gt ai Iheègh`f Mbvbfapobet èm @ssbt]èchdhfhty ae Hetbre`thae`f ]r`mb. Sarfm Mbvbfapobet7=(0>)< 034:03=0.

Khec, T. C., èm T. Fbvheb. 0887. Iheègb, Betrbprbebursjhp èm Crawtj< ]jbary èmBvhmbegb. Laure`f ai Oaebt`ry Bgaeaohgs74(7)< 2072=4.

Fbb, G. 4>00. ]r`mb, ^ramugthvhty, èm Heeav`thae< Ihro-Fbvbf Bvhmbegb irao O`f`yshèOèui`gturhec. Laure`f ai @shè Bgaeaohgs44(=)< 4:=48=.

Fho, J., èm I. Khour`. 4>0>. ]jb Hetbre`thae`fhz`thae ai Wo`ff èm ObmhuoBetbrprhsbs he Tbchae`f èm Cfad`f Y`fub Gj`hes. @MDH Sarkhec ^`pbr Wbrhbs

Ea. 470. ]akya< @shè Mbvbfapobet Dèk Hesthtutb.Oèav`, K., W.-L. Sbh, èm \. \jèc. 4>00. Ihro Bxparts èm Oufthe`thae`f @gthvhty

Rembr Grbmht Gaestr`hets. EDBT Sarkhec ^`pbr Ea. 098>2. Gòdrhmcb, O@07. Oavhec Aut ai @crhgufturb< Wtrugtur`f Gjècb heYhbteò. EDBT Sarkhec ^`pbr Ea. 08909. Gòdrhmcb< O@< E`thae`f Durbù aiBgaeaohg Tbsb`rgj.

Obfhtz, O. 4>>7. ]jb Hop`gt ai ]r`mb ae Hetr`-hemustry Tb`ffag`thaes èm @ccrbc`tbHemustry ^ramugthvhty. Bgaeaobtrhg 30(9)< 09820342.

Oufs, O. 4>>:. Bxpartbrs èm Grbmht Gaestr`hets. @ Ihro-Fbvbf @ppra`gj. Sarkhec

^`pbr Ea. 078. Drussbfs< E`thae`f Dèk ai Dbfchuo.

Ecuybe, ]. M. K., èm E. Tò`gjèmrè. 4>>9. G`pht`f Wtrugturb he Wo`ff èmObmhuo-Whzbm Betbrprhsbs< ]jb G`sb ai Yhbteò.@WB@E Bgaeaohg Duffbthe4(4)< 084400.

Eafèm, O., M. ^`rk, èm C.D. Bstr`m`. 4>04. Mbvbfaphec tjb Wbrvhgbs Wbgtar `sBecheb ai Crawtj iar @sh`< @e Avbrvhbw. ^btbrsae Hesthtutb iar Hetbre`thae`fBgaeaohgs Sarkhec ^`pbr 04-0:. S`sjhectae, MG< ^btbrsae Hesthtutb iarHetbre`thae`f Bgaeaohgs.

Arcèhs`thae iar Bgaeaohg Ga-Apbr`thae èm Mbvbfapobet. 4>0>. WOBs,Betrbprbebursjhp èm Heeav`thae. ^`rhs< Arcèhs`thae iar Bgaeaohg Ga-

Apbr`thae èm Mbvbfapobet.


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Tuegkbf & @ssagh`tbs. Dushebss he @sh`. 4>00. Wo`ff Obmhuo Betbrprhsb (WOB) he YhbtEò. @v`hf`dfb `tjttp>9. ]jb Biibgt ai Iheègh`f Heiaro`thae Pu`fhty ae@dhfhty ta @ggbss Bxtbre`f Iuems èm ^briaroègb ai WOBs he ]j`hfèm. Laure`fai Betbrprhshec Gufturb0=(7)< 408478.

Wjhe, L. 4>0=. Iheègb ta WOBs he L`pè èm @sh`. ^rbsbet`thae `t tjb LIW@@MDHHOI Hetbre`thae`f Gaeibrbegb ae Iheègh`f Wystbo Wt`dhfhty, Tbcuf`thae èmIheègh`f Hegfushae (43 Lèu`ry 4>0=).

Wtbhe, ^., A. ^. @rmhg, èm O. Jaoobs. 4>07. Gfashec tjb Grbmht C`p iar Iaro`f èmHeiaro`f Ohgra, Wo`ff, èm Obmhuo Betbrprhsbs. Hetbre`thae`f IheègbGarpar`thae. @v`hf`dfb `t jttp00. Puètht`thvb Bv`fu`thae ai tjb Mbtbroheèts ai Bxpart èm IMH< Ihro-fbvbf Bvhmbegb irao L`pè. ]jb Sarfm Bgaeaoy7=(7)< 7227:0.

Rehtbm E`thaes Bgaeaohg èm Wagh`f Gaoohsshae iar @sh` èm tjb ^`ghihg (REBWG@^).4>00. WOB m`t` iar Yhbt Eò. @v`hf`dfb `tjttp0=. WOBs Iheègb he ]j`hfèm. ^rbsbet`thae `t tjb LIW@@MDHHOIHetbre`thae`f Gaeibrbegb ae Iheègh`f Wystbo Wt`dhfhty, Tbcuf`thae èmIheègh`f Hegfushae (43 Lèu`ry 4>0=).

Sbecbf, L. èm B. Tamrhcubz. 4>>9. WOB Bxpart ^briaroègb he Hemaebsh` @itbr tjbGrhshs. Wo`ff Dushebss Bgaeaohgs49(0)< 4273.

Shce`r`l`, C. 4>07`. Gè WOBs p`rthghp`tb he cfad`f pramugthae ebtwarks1 Bvhmbegbirao @WB@E ihros. He Cfad`f Y`fub Gj`hes he ` Gjèchec Sarfm, bmhtbm dy M. K.Bfos èm ^. Faw. Cbebv`, Wwhtzbrfèm< Sarfm ]r`mb Arcèhz`thae Wbgrbt`rh`t.

Shce`r`l`, C., 4>07d. Ma WOBs O`ttbr he @shè ^ramugthae Ebtwarks1 He ]jb Iuturb aitjb Sarfm ]r`mhec Wystbo< @shè ^brspbgthvbs, bmhtbm dy T. D`fmwhe, O. K`w`h,èm C. Shce`r`l`. Gbetrb iar Bgaeaohg âfhgy Tbsb`rgj.

]jb Sarfm Dèk. Betbrprhsb Wurvbys. @v`hf`dfb `t jttp>8. WOB m`t` iar tjb ^TG. @v`hf`dfbjttp>8-04/43/gaetbetQ0=83:20.jto

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