мониторинг фитопланктона в районе хозяйства

advertisement
;BHEH=BYFHJYlhf‹k±
M>D
IE:GDLHGHEH=BY
FHGBLHJBG=NBLHIE:GDLHG:<J:CHG?OHAYCKL<:
F:JBDMEVLMJU<A:EB<?<HKLHDYIHGKDH=HFHJY
‹]L<Fhjhah\ZLXHjeh\Z
Bgklblml[bheh]bbfhjy><HJ:G<eZ^b\hklhd
HPDLOLQPDUELR#PDLOSULPRU\HUX
KlZlvyijbgylZdi_qZlb]
Bkke_^h\Zeb dZq_kl\_gguc b dhebq_kl\_gguc khklZ\ nblhieZgdlhgZ \jZchg_ mklZgh\hd fZjbdmevlmju \
aZe<hklhdYihgkdh]hfhjykbxey]ihfZc]Iehlghklvde_lhdnblhieZgdlhgZ\Zjvbjh\ZeZhl
^hfegdee[bhfZkkZ±hl^h]fHlf_q_gue_lgbchk_ggbcbabfgbcibdbiehlghklbb[bhfZkku
nblhieZgdlhgZ AZj_]bkljbjh\Zgu \b^h\ ba\_klgu_ dZd ihl_gpbZevgh lhdkbq_kdb_ ba gbo 3VHXGRQLW]VFKLD
PXOWLVHULHV +DVOH +DVOH $OH[DQGULXP DFDW_QHOOD :KHGRQ HW .RIRLG %DOHFK b &KDWWRQHOOD PDULQD 6XEUDKPDQ\DQ
+DUDHW&KLKDUD\\h^ZoaZe<hklhdgZc^_gu\i_j\u_<uy\e_gZiheh`bl_evgZydhjj_eypbyiehlghklb^bZlhf_b
6NHOHWRQHPD FRVWDWXP *UHYLOOH &OHYH \b^Zbg^bdZlhjZ wdklj_fZevgh w\ljhnguo \h^ k baf_g_gb_f iehsZ^b
ieZglZpbcfZjbdmevlmju
Dexq_\u_keh\ZnblhieZgdlhgfhgblhjbg]fZjbdmevlmjZ6NHOHWRQHPDFRVWDWXPYihgkdh_fhj_
0RQLWRULQJRISK\WRSODQNWRQLQWKHDUHDRIDVHDIDUPLQ9RVWRN%D\6HDRI-DSDQ790RUR]RYD7<X2U
ORYD,QVWLWXWHRI0DULQH%LRORJ\)DU(DVW%UDQFK5XVVLDQ$FDGHP\RI6FLHQFHV9ODGLYRVWRN
7KH TXDOLWDWLYH DQG TXDQWLWDWLYH FRPSRVLWLRQ RI SK\WRSODQNWRQ LQ WKH DUHD RI PDULFXOWXUH LQVWDOODWLRQV LQ 9RVWRN
%D\6HDRI-DSDQZDVLQYHVWLJDWHGIURP-XO\WR0D\7KHRYHUDOOQXPEHUVRISK\WRSODQNWRQZHUHWR
PLOOLRQFHOOVOLWHUDQGELRPDVVWRJP0D[LPXPGHQVLW\DQGELRPDVVRISK\WRSODQNWRQZHUHREVHUYHGLQ
VXPPHUIDOODQGZLQWHU7HQVSHFLHVNQRZQWREHWR[LFZHUHUHFRUGHG2IWKHVH3VHXGRQLW]VFKLDPXOWLVHULHV+DVOH
+DVOH $OH[DQGULXP DFDWHQHOOD :KHGRQ HW .RIRLG %DOHFK DQG &KDWWRQHOOD PDULQD 6XEUDKPDQ\DQ +DUD HW &KLKDUD
ZHUHIRXQGLQ9RVWRN%D\IRUWKHILUVWWLPH)RUWKHGLDWRP6NHOHWRQHPDFRVWDWXP*UHYLOOH&OHYHZKLFKLVDQLQGLFDWRU
RIH[WUHPHO\HXWURSKLFZDWHUVFHOOGHQVLW\ZDVSRVLWLYHO\FRUUHODWHGZLWKWKHDUHDRIFXOWXUHJURXQG%LRORJL\D0RU\D
9ODGLYRVWRNYROQRSS±
.H\ZRUGVSK\WRSODQNWRQPRQLWRULQJPDULFXOWXUH6NHOHWRQHPDFRVWDWXP6HDRI-DSDQ
AZeI_ljZ<_ebdh]h\kbemk\hbo[bh]_h]jZnbq_
kdbo hkh[_gghkl_c kqblZ_lky gZb[he__ [eZ]hijbylguf
gZ >Zevg_f <hklhd_ jZchghf ^ey ijhfure_ggh]h
dmevlb\bjh\Zgby fhjkdbo ]b^jh[bhglh\ <Z`g_crbf
mkeh\b_f mki_rgh]h nmgdpbhgbjh\Zgby ohayckl\ fZ
jbdmevlmju\lhfqbke_ih\ujZsb\Zgbx^\mkl\hjqZ
luo fheexkdh\ y\ey_lky fhgblhjbg] nblhieZgdlhgZ
dhlhjuc iha\hey_l g_ lhevdh hp_gb\Zlv ljhnbq_kdmx
[Zam wdkiemZlbjm_fhc Zd\Zlhjbb gh \uy\eylv b ijh
]ghabjh\Zlv baf_g_gby ijhbkoh^ysb_ \ fhjkdbo wdh
kbkl_fZo Ba\_klgh qlh dmevlb\bjm_fu_ [_kiha\hghq
gu_ \ qZklghklb fheexkdb \ ijhp_kk_ `bag_^_yl_ev
ghklbhdZau\Zxlkms_kl\_ggh_\ebygb_gZfbdjh\h^h
jhkebK_gbq_\ZIZmlh\Z/LQGVWURP
K_ebgZ$U]XOHWDODE GZZd\ZlhjbyoaZ
gyluo mklZgh\dZfb fZjbdmevlmju qZklh gZ[ex^Z_lky
fZkkh\h_ jZa\blb_ \j_^hghkguo b lhdkbq_kdbo fbdjh
\h^hjhke_c9HQWLOOD3URE\QHWDO5KRGHVHW
DO dhlhjh_ fh`_l ijb\_klb d ]b[_eb fhjkdbo
[_kiha\hghqguobju[ZlZd`_ij_^klZ\eylvhiZkghklv
^ey q_eh\_dZ b l_iehdjh\guo `b\hlguo /DUVHQ
0RHVWUXS 6KXPZD\ +DOOHJUDHII $QGHUVRQ7D\ORUHWDO/DQGVEHUJ
< ] \ aZe <hklhd [ueh hj]Zgbah\Zgh g_
[hevrh_ wdki_jbf_glZevgh_ ohayckl\h ih \ujZsb\Z
gbx lbohhd_Zgkdhc fb^bb 0\WLOXV WURVVXOXV iehsZ^vx
hdheh]Z<]\[mol_[uebjZaf_s_guieZglZ
pbbfZjbdmevlmjuju[heh\_pdh]hdheohaZLbobchd_
ZgiehsZ^vdhlhjuo\jZaij_\urZeZiehsZ^vjZ
g__wdkiemZlbjm_fhcZd\ZlhjbbH^gZdhkdhgpZo
]] gZqZehkv khdjZs_gb_ iehsZ^b ieZglZpbc b d gZ
klhys_fm\j_f_gbhgZmf_gvrbeZkv^hjZaf_jh\]
I_j\u_ fgh]he_lgb_ bkke_^h\Zgby fbdjh\h^hjhke_c
ieZgdlhgZ aZe <hklhd \uiheg_ggu_ \ ± b
]] Dhgh\Zeh\hc ihdZaZeb [h]Zlkl\h \b^h
\h]h khklZ\Z b agZqbl_evgmx \j_f_ggmx g_h^ghjh^
ghklv dZq_kl\_gguo b dhebq_kl\_gguo oZjZdl_jbklbd
nblhieZgdlhgZ wlh]h aZeb\Z Bamq_gb_ nblhieZgdlhgZ
\ i_jbh^ nmgdpbhgbjh\Zgby ohayckl\Z fZjbdmevlmju
± iha\hebeh \uy\blv baf_g_gby ijhbahr_^
rb_\\b^h\hfkhklZ\_fbdjh\h^hjhke_cbk\b^_l_evkl
\h\Zehh[m\_ebq_gbbljhnghklb\h^\jZchg_mklZgh\hd
fZjbdmevlmjuK_ebgZ<j_amevlZl_ijh\_
^_gguobkke_^h\Zgbc\i_j\u_^eyaZe<hklhdihemq_gu
^Zggu_hkhklZ\_b^bgZfbd_ihl_gpbZevghlhdkbq_kdbo
\b^h\fbdjh\h^hjhke_cK_ebgZ
JZ[hlZ\uiheg_gZijbqZklbqghcih^^_j`d_><HJ:G]jZgluJ_Zdpbyfhjkdhc[bhlugZbaf_g_gbyijbjh^ghckj_^ubdebfZlZF_lh^h
eh]byfhgblhjbg]Zfhjkdh]h[bhjZaghh[jZabyNehjbklbq_kdb_bkke_^h\Zgbyfbdjh\h^hjhke_cieZgdlhgZ^Zevg_\hklhqguofhj_cJhkkbbb
Bamq_gb_lhdkbq_kdbofbdjh\h^hjhke_cnblhieZgdlhgZ^Zevg_\hklhqguofhj_cJhkkbbb]jZglZJNNB
FHJHAH<:HJEH<:
P_ev gZklhys_c jZ[hlu ± bamq_gb_ \b^h\h]h kh
klZ\Zbk_ahgghc^bgZfbdbnblhieZgdlhgZaZe<hklhd
Z lZd`_ ZgZeba \hafh`guo baf_g_gbc \kljmdlmj_ nb
lhieZgdlhgZ k\yaZgguo k \ebygb_f ohayckl\Z fZjb
dmevlmju
F:L?JB:EBF?LH>BD:
FZl_jbZehf ihkem`beb j_amevlZlu ieZgdlhgguo kt_
fhd\uiheg_gguogZfhgblhjbg]h\hcklZgpbb jZkiheh`_g
ghc \ dmlh\hc qZklb aZe <hklhd \[ebab ]b^jhl_ogbq_kdbo
khhjm`_gbc^ey\ujZsb\Zgbylbohhd_Zgkdhcfb^bbjbk
Ijh[u hl[bjZeb q_luj_oebljh\uf [Zlhf_ljhf FheqZgh\Z
mih\_joghklb\h^uh^bg±^\ZjZaZ\f_kypkbxey]ih
fZc ] FZl_jbZe nbdkbjh\Zeb jZkl\hjhf Ml_jf_ey ^h
k\_leh`_elh]h p\_lZ b dhgp_gljbjh\Zeb f_lh^Zfb hkZ`^_
gbybebh[jZlghcnbevljZpbbq_j_agmde_ihjh\u_nbevljuk
^bZf_ljhf ihj fdf >ey ih^kq_lZ de_lhd gZgghieZgdlhgZ
bkihevah\ZebdZf_jmlbiZGh`hllZh[t_fhffefbdjh
ieZgdlhgZ±fe;bhfZkkm\h^hjhke_chp_gb\Zebh[t_fguf
f_lh^hfk ijb\e_q_gb_f hjb]bgZevguo b ebl_jZlmjguo ^Zg
guo baf_j_gbc h[t_fZ de_lhd dZ`^h]h \b^Z Dhgh\Zeh\Z
G_kl_jh\Z<Zkbe_gdh>hfbgbjmxsbfbkqblZeb
\b^uiehlghklvdhlhjuokhklZ\eyeZg_f_g__hlh[s_c
iehlghklbnblhieZgdlhgZDhgh\Zeh\Z<dZq_kl\_f_
ju\b^h\h]hjZaghh[jZabybkihevah\Zebbg^_dkjZaghh[jZaby
FZj]Ze_nZ G = : − ]^_ 1 ± kmffZjgZy qbke_gghklv kh
OQ 1
h[s_kl\Z:±qbkehh[gZjm`_gguoijbwlhf\b^h\0DUJDOHI
Mjh\_gv ljhnghklb \h^ hp_gb\Zeb ih deZkkbnbdZpbb
YfZ^Z k khZ\lhjZfb <DPDGD HW DO D E bkihevamy ^Zg
gu_ ih h[s_c iehlghklb nblhieZgdlhgZ b kibkhd \b^h\
bg^bdZlhjh\ljhnghklb\h^
J?AMEVL:LU
< nblhieZgdlhg_ aZe <hklhd aZ i_jbh^ bkke_^h
\Zgby h[gZjm`_gh \b^Z b \gmljb\b^h\uo lZdkhgZ
fbdjh\h^hjhke_chlghkysbokydk_fbhl^_eZf^bZlh
fh\u_ \b^Z b \gmljb\b^h\uo lZdkhgZ ^bghnblh
\u_ ahehlbklu_ jZnb^hnblh\u_ w\]e_gh
\u_ djbilhnblh\u_ b a_e_gu_ < \b^h\hf
Jbk DZjlZko_fZ jZkiheh`_gby klZgpbb b ieZglZpbc fZ
jbdmevlmju \aZe<hklhd ImgdlbjgZy ebgby ± ieZglZpbb
fZjbdmevlmju
hlghr_gbb ij_h[eZ^Zeb ^bZlhfh\u_ hl h[s_]h
qbkeZ \b^h\ b ^bghnblh\u_ \h^hjhkeb Kj_^b
^bZlhfh\uo gZb[hevrbf \b^h\uf [h]Zlkl\hf \u^_
eyekyjh^&KDHWRFHURV\b^Zb\gmljb\b^h\uolZdkh
gZ kj_^b ^bghnblh\uo ± jh^ 3URWRSHULGLQLXP \b
^h\b\gmljb\b^h\uolZdkhgh\
G_\ukhdb_agZq_gbybg^_dkZ\b^h\h]hjZaghh[jZ
aby fbdjh\h^hjhke_c G ± j_]bkljbjh\Z
ebkv\l_q_gb_\k_]hi_jbh^ZgZ[ex^_gbcaZbkdexq_
gb_f dhgpZ k_gly[jy ± hdly[jy dh]^Z wlhl ihdZaZl_ev
^hklb] ± GZb[he__ [_^guf k_ahghf ih qbkem
\b^h\ [ueZ abfZ \b^Z gZb[he__ [h]Zluf ± hk_gv
\b^h\
:gZebadhebq_kl\_gguo^ZgguoihdZaZeqlh\l_
q_gb_ i_jbh^Z bkke_^h\Zgby iehlghklv nblhieZgdlhgZ
\Zjvbjh\ZeZhl^hfegdeeijbkj_^g_fagZ
q_gbbfegdee[bhfZkkZ±hl^h]fijb
kj_^g_fagZq_gbb]fHlf_q_gue_lgbchk_ggbcb
abfgbc ibdb iehlghklb b [bhfZkku nblhieZgdlhgZ
jbk GZb[he__ agZqbl_evguc ih iehlghklb e_lgbc
ibdjZa\blbynblhieZgdlhgZkh\iZ\rbckl_fi_jZlmj
guf fZdkbfmfhf ƒK hlf_q_g \ Z\]mkl_ Hg [ue
h[mkeh\e_g fZkkh\uf jZa\blb_f ^bZlhf_b 6NHOHWRQHPD
FRVWDWXP*UHYLOOH&OHYH^heydhlhjhckhklZ\beZ
hl h[s_c iehlghklb fbdjh\h^hjhke_c b hl h[
s_c [bhfZkku Iehlghklv fbdjh\h^hjhke_c ijb wlhf
^hklb]eZ k\h_]h fZdkbfmfZ ± feg dee [bhfZkkZ
khklZ\beZ ]f >hfbgbjmxsbfb \b^Zfb e_lg_]h
nblhieZgdlhgZ gZjy^m k 6 FRVWDWXP [ueb &KDHWRFHURV
GHELOLV &OHYH & GHFLSLHQV &OHYH b f_edb_ `]mlbdh\u_
\h^hjhkeb ± g_b^_glbnbpbjh\Zggu_ ib]f_glbjh\Zg
gu_ de_ldb h[uqgh neZ]_eeylu jZaf_jhf f_g__
fdf Hk_gg__ p\_l_gb_ nblhieZgdlhgZ hibku\Z
ehkv ^\mo\_jrbgghc djb\hc i_j\h_ m\_ebq_gb_ iehl
ghklb fegdee b [bhfZkku ]f aZj_]bkljb
jh\Zgh \ k_gly[j_ Hgh [ueh h[mkeh\e_gh fZkkh\uf
jZa\blb_f ^bZlhf_c $VWHULRQHOORSVLV JODFLDOLV &DVWUDFD
QH 5RXQG hl h[s_c iehlghklb b hl h[s_c
[bhfZkkunblhieZgdlhgZb&KDHWRFHURVVSSb
khhl\_lkl\_ggh <lhjhc hk_ggbc ibd jZa\blby fbdjh
\h^hjhke_chlf_q_g\ gZqZe_ ghy[jy h[sZy iehlghklv
Jbk >bgZfbdZ h[s_c iehlghklb [bhfZkku nblh
ieZgdlhgZbl_fi_jZlmju\h^u\\_jog_f]hjbahgl_\aZe
<hklhd\±]]
;BHEH=BYFHJYlhf‹
FHGBLHJBG=NBLHIE:GDLHG:
nblhieZgdlhgZ ijb wlhf ij_\ukbeZ feg dee Z [bh
fZkkZ khklZ\beZ ]f >hfbgbjmxsbfb \b^Zfb
^Zggh]h i_jbh^Z [ueb ^bZlhfh\u_ 7KDODVVLRQHPD QLW
]VFKLRLGHV *UXQRZ 0HUHVFKNRZVN\ b 6 FRVWDWXP Abf
g__ p\_l_gb_ fbdjh\h^hjhke_c h[mkeh\e_ggh_ fZk
kh\ufjZa\blb_f^bZlhf_b7KDODVVLRVLUDQRUGHQVNLRHOGLL
&OHYH hl h[s_c iehlghklb b hl h[s_c [bh
fZkkunblhieZgdlhgZbijhoh^b\r__ijbgZbf_gvrbo
aZ]h^agZq_gbyol_fi_jZlmju\h^u±ƒKhlf_q_gh
\ n_\jZe_ Iehlghklv fbdjh\h^hjhke_c khklZ\beZ
fegdeeZ[bhfZkkZ^hklb]eZ]h^bqgh]hfZdkbfmfZ±
]f7QRUGHQVNLRHOGLL^hfbgbjh\ZeZ\nblhieZgd
lhg_gZijhly`_gbb\k_cabfu<_k_gg__jZa\blb_nb
lhieZgdlhgZ [ueh gZbf_gvrbf FZdkbfZevgu_ iehl
ghklv b [bhfZkkZ aZ wlhl k_ahg hlf_q_gu \ fZjl_ ±
fegdeeb]fkhhl\_lkl\_ggh>hfbgbjh\Zeb\
nblhieZgdlhg_ \ fZjl_ 7 QRUGHQVNLRHOGLL Z\Zij_e_±
fZ_±f_edb_`]mlbdh\u_\h^hjhkeb
:gZeba khhlghr_gby jZaebqguo ]jmii fbdjh\h
^hjhke_c ihdZaZe qlh \l_q_gb_ ihqlb \k_]h i_jbh^Z
gZ[ex^_gbc ij_h[eZ^Zeb ^bZlhfh\u_ \h^hjhkeb gZ
^hexdhlhjuoijboh^behkv^hhlh[s_ciehlgh
klbb[bhfZkku<fZ_bbxe_kms_kl\_ggmxqZklvnb
lhieZgdlhgZ hl h[s_c iehlghklb fbdjh\h^hjhk
e_c khklZ\eyeb f_edb_ `]mlbdh\u_ b djbilhnblh\u_
\h^hjhkeb jbk H^gZdh bo [bhfZkkZ g_ ij_\urZeZ
>bghnblh\u_fbdjh\h^hjhkeb\l_q_gb_\k_]hi_
jbh^Zbkke_^h\Zgbcb]jZebg_agZqbl_evgmxjhev\kh
h[s_kl\_ fbdjh\h^hjhke_c ^hklb]Zy hl h[s_c
iehlghklb b hl h[s_c [bhfZkku nblhieZgdlhgZ
ijbq_f gZb[he__ fgh]hqbke_ggufb hgb [ueb \ Z\]m
kl_ Ba hklZevguo ]jmii fbdjh\h^hjhke_c \u^_eyebkv
jZnb^hnblh\u_ ± \ fZ_ hgb khklZ\eyeb hl h[s_c
[bhfZkkunblhieZgdlhgZ
AZi_jbh^bkke_^h\Zgbc\aZe<hklhdh[gZjm`_gh
\b^h\ ba\_klguo dZd ihl_gpbZevgh lhdkbq_kdb_
fbdjh\h^hjhkeb ^bZlhfh\u_ 3VHXGRQLW]VFKLD SXQJHQV
*UXQRZ+DVOH3PXOWLVHULHV+DVOH+DVOHb3FISVHX
GRGHOLFDWLVVLPD&OHYH +HLGHQ ^bghneZ]_eeylu $OH[DQ
GULXP WDPDUHQVH/HERXU %DOHFK $ DFDW_QHOOD :KHGRQ
HW .RIRLG %DOHFK 'LQRSK\VLV DFXPLQDWD &ODSDUHGH HW
/DFKPDQQ ' IRUWLL 3DYLOODUG b 3URURFHQWUXP PLQLPXP
3DYLOODUG6FKLOOHUbjZnb^hnblh\u_&KDWWRQHOODPDULQD
6XEUDKPDQ\DQ+DUDHW&KLKDUD b+HWHURVLJPDDNDVKLZR
+DGD +DGD >bZlhfh\u_ \h^hjhkeb jh^Z 3VHXGR
QLW]VFKLD ijbkmlkl\h\Zeb \ nblhieZgdlhg_ aZe <hklhd
gZ ijhly`_gbb ihqlb \k_]h i_jbh^Z gZ[ex^_gbc
Iehlghklv 3VHXGRQLW]VFKLD VSS \Zjvbjh\ZeZ hl ^h
lukdeeb^hklb]ZeZfZdkbfmfZ\k_gly[j_[eZ]h
^Zjy fZkkh\hfm jZa\blbx 3 FI SVHXGRGHOLFDWLVVLPD
>Zgguc \b^ \klj_qZeky \ ieZgdlhg_ ebrv \ Z\]mkl_±
k_gly[j_ \ hklZevgh_ \j_fy ]h^Z wlhl jh^ [ue
ij_^klZ\e_g\b^Zfb3SXQJHQVb3PXOWLVHULHVkmffZj
gZyiehlghklvdhlhjuog_ij_\urZeZlukdeeQbk
e_gghklv ^bghneZ]_eeyl jh^Z 'LQRSK\VLV j_]bkljbjm_
fuo \ nblhieZgdlhg_ \ Z\]mkl_±k_gly[j_ [ueZ g_agZ
qbl_evghc FZdkbfZevgZy bo iehlghklv lukdee
h[mkeh\e_ggZy jZa\blb_f ' IRUWLL hlf_q_gZ \ dhgp_
Z\]mklZIj_^klZ\bl_ebjh^Z$OH[DQGULXPh[gZjm`_gu\
;BHEH=BYFHJYlhf‹
JbkKhhlghr_gb_iehlghklb:b[bhfZkku;hkgh\guo
]jmiinblhieZgdlhgZ\aZe<hklhd\±]]
ieZgdlhg_ \ Z\]mkl_ \ i_j\hc iheh\bg_ f_kypZ [ueh
gZc^_gh g_kdhevdh de_lhd $ DFDWHQHOOD Z \h \lhjhc ±
$WDPDUHQVH 3 PLQLPXP ijbkmlkl\h\Ze \ nblhieZgd
lhg_kZ\]mklZihk_gly[jv_]hfZdkbfZevgZyiehlghklv
lukdeeaZj_]bkljbjh\ZgZ\Z\]mkl_JZnb^hnb
lh\u_\h^hjhkeb\klj_qZebkv\\h^ZoaZe<hklhd\e_l
gb_ f_kypu iehlghklv + DNDVKLZR ^hklb]ZeZ luk
dee&PDULQD±lukdee
GZjy^m k ihl_gpbZevgh lhdkbq_kdbfb \b^Zfb \
aZe <hklhd hlf_q_gu fbdjh\h^hjhkeb ba\_klgu_ dZd
\j_^hghkgu_ hj]Zgbafu ^bZlhfh\u_ &KDHWRFHURV FRQ
FDYLFRUQLV0DQJLQ /HSWRF\OLQGUXV PLQLPXV*UDQ b 6NHOH
WRQHPD FRVWDWXP ^bghnblh\u_ &HUDWLXP IXVXV (KUHQ
EHUJ 'XMDUGLQ $NDVKLZR VDQJXLQHD +LUDVDND *+DQVHQ
HW0RHVWUXS*\URGLQLXPVSLUDOH%HUJK.RIRLGHW6ZH]\
1RFWLOXFD VFLQWLOODQV0DFDUWQH\ .RIRLG HW 6ZH]\ b 3UR
URFHQWUXPPLFDQV(KUHQEHUJjZnb^hnblh\Zy&KDWWRQHOOD
JORERVD+DUDHW&KLKDUDbahehlbklZy'LFW\RFKDVSHFXOXP
(KUHQEHUJ KmffZjgZy iehlghklv wlbo \b^h\ gZ ijhly
`_gbb i_jbh^Z bkke_^h\Zgbc \ kj_^g_f khklZ\eyeZ
lukdeefZdkbfZevgZy±fegdee
Hp_gdZ ljhnghklb \h^h_fZ ihdZaZeZ qlh \h^u
aZe<hklhd\p_ehfkhhl\_lkl\mxlmf_j_gghw\ljhngh
fm lbim \h^ DjZldh\j_f_ggh_ m\_ebq_gb_ iehlghklb
nblhieZgdlhgZk\ur_feg dee\bxe_]iha\h
ebeh hlg_klb \h^u aZeb\Z \ wlhl i_jbh^ d wdklj_fZev
ghw\ljhnghfmlbim
H;KM@>?GB?
J_amevlZlugZklhys_]hbkke_^h\ZgbyihdZau\Zxl
qlhkj_^g_]h^h\h_bfZdkbfZevgh_agZq_gbyiehlghklb
nblhieZgdlhgZ \ jZchg_ bkke_^h\Zgby khihklZ\bfu k
ZgZeh]bqgufb ihdZaZl_eyfb o ]] h^gZdh ij_\u
rZxllZdh\u_mklZgh\e_ggu_^eydhgpZo]]kf
lZ[ebpm Kj_^g_]h^h\h_ agZq_gb_ [bhfZkku nblh
ieZgdlhgZ ij_\urZ_l khhl\_lkl\mxsb_ ihdZaZl_eb
ij_^u^msboe_l kf lZ[ebpm <ukhdh_ agZq_gb_ [bh
fZkkunblhieZgdlhgZabfhc ]h[mkeh\e_ghp\_
l_gb_f djmighde_lhqghc ^bZlhfh\hc 7KDODVVLRVLUD
FHJHAH<:HJEH<:
Kljmdlmjgu_oZjZdl_jbklbdbnblhieZgdlhgZaZe<hklhd
Iehlghklvlukdee
;bhfZkkZf]f
^bZiZahg
baf_g_gby
kj_^g_]h^h\Zy
^bZiZahg
baf_g_gby
±
±
±
±
±
±
±
±
Kj_^g_]h^h\hcmjh FZdkbfZevgZy
\_gv^hfbgbjh\Zgby iehlghklv6NHOH
kj_^g_]h^h\Zy ^bZlhf_cihiehlgh WRQHPDFRVWDWXP
fegdee
klb[bhfZkk_
±
±
QRUGHQVNLRHOGLL dhlhjZy h[uqgh ^hfbgbjm_l \ i_jbh^
ih^e_^gh]h p\_l_gby nblhieZgdlhgZ \ abfg_\_k_g
gbc i_jbh^ \ \h^Zo aZe I_ljZ <_ebdh]h Dhgh\Zeh\Z
FZdkbfZevgufihiehlghklb[uehe_lg__p\_l_
gb_ nblhieZgdlhgZ dhlhjh_ agZqbl_evgh ij_\urZeh
ZgZeh]bqgu_ihdZaZl_ebo]]Dhgh\Zeh\Z
gh mklmiZeh lZdh\uf o ]] K_ebgZ Ba\_klghqlhij_h[eZ^Zgb_e_lg_]hibdZ\]h^h\hc^b
gZfbd_ iehlghklb nblhieZgdlhgZ k\b^_l_evkl\m_l h[
w\ljhnbjh\Zgbb Zd\Zlhjbb Klhgbd Hjeh\Z 6WRQLN2UORYDHk_ggbcibd[ue\ujZ`_gkeZ[__
e_lg_]h \ hlebqb_ hl o ]] oZjZdl_jbamxsboky
y\guf ij_h[eZ^Zgb_f iehlghklb nblhieZgdlhgZ \
hk_ggbci_jbh^Dhgh\Zeh\Z
>Zggh_ bkke_^h\Zgb_ k\b^_l_evkl\m_l h[ baf_g_
gbb khhlghr_gby hkgh\guo ]jmii nblhieZgdlhgZ Ba
\_klgh qlh \hajZklZgb_ ^heb `]mlbdh\uo fbdjh\h^h
jhke_c\h[s_ciehlghklbnblhieZgdlhgZy\ey_lkyh^
gbf ba ijbagZdh\ m\_ebq_gby mjh\gy ljhnghklb \h^ \
aZe I_ljZ <_ebdh]h Klhgbd Hjeh\Z 6WRQLN
2UORYD Ih kjZ\g_gbx k ij_^u^msbfb ]h^Zfb
kj_^g_]h^h\hc mjh\_gv ^hfbgbjh\Zgby ^bZlhfh\uo
\h^hjhke_c\hajhk\jZaZbkhklZ\behlh[s_c
iehlghklb b hl h[s_c [bhfZkku nblhieZgdlhgZ
kflZ[ebpm>hey^bghnblh\uobf_edbo`]mlbdh\uo
fbdjh\h^hjhke_c \ khh[s_kl\_ ih kjZ\g_gbx k ZgZeh
]bqgufb^Zggufbij_`gboe_lkgbabeZkvWlhhljZab
ehkvgZdhfie_dk_^hfbgbjmxsbo\b^h\dhlhjuc[ue
ij_^klZ\e_gbkdexqbl_evgh^bZlhfh\ufb\h^hjhkeyfb
H^gbf ba \b^h\bg^bdZlhjh\ ljhnghklb \h^ kqb
lZ_lky 6NHOHWRQHPD kRVWDWXP <DPDGD HW DO D <
Jbk Fgh]he_lgyy ^bgZfbdZ iehlghklb \k_]h nblhieZgd
lhgZ b 6NHOHWRQHPD FRVWDWXP \ i_jbh^ e_lg_]h p\_l_gby
fbdjh\h^hjhke_c
±±
F_g__
Bklhqgbd
Dhgh\Zeh\Z
K_ebgZ
GZrb^Zggu_
aZeI_ljZ<_ebdh]hwlZ^bZlhfh\Zy\h^hjhkevy\ey_lky
ihklhygguf dhfihg_glhf nblhieZgdlhgZ IZmlh\Z
Klhgbd K_ebgZ Fhjhah\Z b ^j b
^j<jZchgZoih^\_j`_gguoagZqbl_evghfmZgljhih
]_gghfm\ha^_ckl\bxlZdbodZd:fmjkdbcaZeb\baZe
GZoh^dZ qbke_gghklv 6 FRVWDWXP fh`_l ij_\urZlv
fegdeeKlhgbdK_ebgZqlhk\b^_l_evkl\m_l
h[ wdklj_fZevghw\ljhnghf lbi_ \h^ GZrb gZ[ex^_
gbyihdZau\Zxlqlhiehlghklv6FRVWDWXPdhjj_ebjm_l
kbaf_g_gb_fZgljhih]_gghcgZ]jmadbgZbkke_^m_fmx
Zd\Zlhjbx jbk LZd iehlghklv 6 FRVWDWXP \
aZe<hklhd\_]]^hgZqZeZjZ[hlihdmevlb\bjh
\Zgbxfb^bbg_ij_\urZeZ±fegdeeDhgh\Zeh\Z
<_]]ihke_\\h^Z\wdkiemZlZpbxmklZgh
\hdfZjbdmevlmju aZgbfZxsboiehsZ^v hdheh ]Z
iehlghklv6FRVWDWXP\hajhkeZ^hfegdee<_
]] \ i_jbh^ fZdkbfZevghc Zgljhih]_gghc gZ]jmadb
dh]^Z iehsZ^v wdkiemZlbjm_fhc l_jjblhjbb m\_ebqb
eZkv ^h ± ]Z iehlghklv 6 FRVWDWXP ^hklb]ZeZ m`_
feg dee K_ebgZ qlh [ebadh d \_jog_fm
ij_^_em iehlghklb nblhieZgdlhgZ mklZgh\e_gghfm
^eyijb[j_`guo\h^aZeI_ljZ<_ebdh]hKlhgbdK_
ebgZ6WRQLN2UORYD <i_jbh^gZklhys_]h
bkke_^h\Zgby ihke_ qZklbqgh]h ^_fhglZ`Z mklZgh\hd
fZjbdmevlmju\ke_^kl\b_dhlhjh]hiehsZ^vohayckl\Z
agZqbl_evgh mf_gvrbeZkv fZdkbfZevgZy iehlghklv
wlh]h \b^Z khklZ\eyeZ feg dee Ih^h[gh_ kgb`_
gb_iehlghklb6FRVWDWXP\k\yabkhkeZ[e_gb_fbklhq
gbdZ w\ljhnbdZpbb \h^h_fZ gZ[ex^Zehkv b \ [ :e_d
k__\Zihke_ij_djZs_gby^_yl_evghklbohayckl\ZfZjb
dmevlmju B\bgZ b ^j <f_kl_ k l_f _`_]h^gh_
fZkkh\h_ jZa\blb_ 6 kRVWDWXP hlf_q_ggh_ \ jZchgZo
^_fhglZ`Z fh`gh h[tykgblv hkh[_gghklyfb [bheh]bb
wlh]h \b^Z Ba\_klgh qlh 6 kRVWDWXP kihkh[gZ h[jZah
\u\Zlv ihdhysb_ky de_ldb dhlhju_ khojZgyxl `bag_
kihkh[ghklvg_f_g__lj_oe_l,PDLHWDO,WDNXUD
HW DO Ijb [eZ]hijbylguo mkeh\byo hdjm
`Zxs_c kj_^u gZdhib\rb_ky gZ ^g_ de_ldb fh]ml
klZlv bklhqgbdhf kihjZ^bq_kdbo \kiur_d iehlghklb
wlhcfbdjh\h^hjhkeb
Dmevlb\bjh\Zgb_ fheexkdh\ fh`_l klbfmebjh
\Zlv jZa\blb_ fbdjh\h^hjhke_c \ lhf qbke_ ihl_gpb
Zevgh lhdkbq_kdbo \b^h\ $U]XO HW DO D E AZ bk
ke_^h\Zgguc gZfb i_jbh^ \ aZe <hklhd aZj_]bkljbjh
\Zghihl_gpbZevghlhdkbq_kdbo\b^h\ bagbo 3VHX
GRQLW]VFKLD PXOWLVHULHV $OH[DQGULXP DFDW_QHOOD b &KDW
WRQHOOD PDULQD \ \h^Zo wlh]h aZeb\Z hlf_q_gu \i_j\u_
GZb[he__ fgh]hqbke_ggufb [ueb ^bZlhfh\u_ \h^h
jhkeb jh^Z 3VHXGRQLW]VFKLD fZdkbfZevgZy iehlghklv
;BHEH=BYFHJYlhf‹
FHGBLHJBG=NBLHIE:GDLHG:
dhlhjuo ij_\urZeZ mjh\_gv ijb dhlhjhf \ kljZgZo k
jZa\blhc fZjbdmevlmjhc h]jZgbqb\Z_lky ^h[uqZ fhe
exkdh\ $QGHUVHQ Iehlghklv hklZevguo ihl_g
pbZevgh lhdkbq_kdbo \b^h\ fbdjh\h^hjhke_c g_ ij_
\urZeZhiZkguc^eya^hjh\vyq_eh\_dZmjh\_gvohly\
_ ]] iehlghklv \b^h\ 'LQRSK\VLV ba\_klguo dZd
ijh^mp_glu lhdkbgh\ \uau\Zxsbo ^bZj_lbq_kdh_ hl
jZ\e_gb_ /HH HW DO [ueZ [he__ q_f gZ ihjy^hd
\ur_ K_ebgZ Iehlghklv ihl_gpbZevgh
lhdkbq_kdbo \b^h\ fbdjh\h^hjhke_c ij_\urZxsZy
ij_^_evgh ^himklbfuc mjh\_gv jZg__ hlf_q_gZ b \
^jm]bo ohayckl\Zo fZjbdmevlmju x`gh]h Ijbfhjvy \
e_lg__\j_fyFhjhah\Zb^j
Fgh]he_lgb_ gZ[ex^_gby ijh\_^_ggu_ \ aZe
<hklhd \ i_jbh^u kf_gyxs_cky Zgljhih]_gghc gZ
]jmadhc\uy\bebbaf_g_gbyijhbahr_^rb_\kljmdlm
j_ nblhieZgdlhgZ Wlb baf_g_gby fh]ml k\b^_l_evkl
\h\Zlvh\ebygbbdmevlb\bjm_fuofheexkdh\gZjZa\b
lb_ fbdjh\h^hjhke_c <f_kl_ k l_f fu g_ bkdexqZ_f
\hafh`ghklb b f_`]h^h\hc baf_gqb\hklb kljmdlmju
nblhieZgdlhgZ bkke_^m_fhc Zd\Zlhjbb dhlhjZy fh`_l
ijhy\eylvky \ kf_g_ dZq_kl\_gguo b dhebq_kl\_gguo
oZjZdl_jbklbd nblhieZgdlhgZ MklZgh\e_gh qlh \ bk
ke_^m_fhf jZchg_ dZd b \ o ]] K_ebgZ \
e_lgbc i_jbh^ ijhbkoh^bl djZldh\j_f_ggh_ ih\ur_
gb_ ljhnghklb ^h wdklj_fZevghw\ljhngh]h mjh\gy <
p_ehfmjh\_gvljhnghklb\h^ko]]ihgZklhys__
\j_fy g_ baf_gbeky b khhl\_lkl\m_l w\ljhnghfm lbim
Wlhfh`_lk\b^_l_evkl\h\Zlvhlhfqlhnmgdpbhgbjh
\Zgb_ohayckl\ZfZjbdmevlmjuih^h[gh]hfZkrlZ[Zg_
hdZau\Z_l kms_kl\_ggh]h \ebygby gZ mjh\_gv ljhngh
klb \h^ Ijb ^Zevg_cr_f ieZgbjh\Zgbb jZ[hl \ aZe
<hklhd g_h[oh^bfh bf_lv \ \b^m \hafh`ghklv ih\u
r_gbymjh\gyljhnghklb\h^\jZchg_mklZgh\hdfZjb
dmevlmju h[mkeh\e_ggh_ jZa\blb_f fbdjh\h^hjhke_c
\lhfqbke_b\j_^hghkguo\b^h\Ijbkmlkl\b_\nblh
ieZgdlhg_ihl_gpbZevghlhdkbq_kdbofbdjh\h^hjhke_c
k\b^_l_evkl\m_l h g_h[oh^bfhklb ijh^he`_gby fhgb
lhjbg]ZnblhieZgdlhgZ\^ZgghfjZchg_
:\lhju bkdj_gg_ [eZ]h^Zjgu aZ ihfhsv \ k[hj_
fZl_jbZeZ E>Dmebqdh\hc Bgklblml [bheh]bb fhjy
><HJ:G
KIBKHDEBL?J:LMJU
B\bgZ H: Hjeh\Z LX FZke_ggbdh\ KB K_ahggZy ^bgZ
fbdZ nblhieZgdlhgZ [ :e_dk__\Z :fmjkdbc aZeb\
Yihgkdh_ fhj_ L_a ^hde dhgn fheh^uo mq_guo
<eZ^b\hklhdLBGJHp_gljK±
Dhgh\Zeh\Z =< K_ahggZy oZjZdl_jbklbdZ nblhieZgdlhgZ \
:fmjkdhfaZeb\_Yihgkdh]hfhjyHd_Zgheh]by
L‹K±
Dhgh\Zeh\Z =< KljmdlmjZ ieZgdlhggh]h nblhp_ghaZ aZeb\Z
<hklhd Yihgkdh]h fhjy ;bhe fhjy ‹ K±
Dhgh\Zeh\Z =< Fhjnheh]by b wdheh]by ^hfbgbjmxs_c
ieZgdlhgghc ^bZlhf_b Yihgkdh]h fhjy 7KDODVVLRVLUD
QRUGHQVNLRHOGLL &O Fhjkdhc b ij_kgh\h^guc ieZgd
lhgEK±LjABG:GKKKJL
Fhjhah\Z L< Hjeh\Z LX K_ebgZ FK NblhieZgdlhg \
jZchg_ ohayckl\Z fZjbdmevlmju [molu Fbghghkhd aZ
;BHEH=BYFHJYlhf‹
eb\ZIhkv_lZYihgkdh]hfhjy;bhefhjyL
‹K±
G_kl_jh\Z >: <Zkbe_gdh EK JZaf_jgZy oZjZdl_jbklbdZ
fZkkh\uo\b^h\nblhieZgdlhgZaZiZ^ghcqZklbQ_jgh]h
fhjy=b^jh[bhe`mjgL‹K±
IZmlh\Z E: KljmdlmjZ ieZgdlhggh]h nblhp_ghaZ \ jZchg_
ijhfure_gghc ieZglZpbb ijbfhjkdh]h ]j_[_rdZ
[molZ:e_dk__\ZYihgkdh_fhj_;bheh]byfhjkdh
]h ieZgdlhgZ <eZ^b\hklhd ><H :G KKKJ K±
K_ebgZ FK NblhieZgdlhg \ jZchg_ fb^b_\h]h ohayckl\Z \
aZeb\_<hklhdYihgkdh]hfhjy;bhefhjy‹±
K±
K_ebgZ FK JZkij_^_e_gb_ ihl_gpbZevgh lhdkbqguo ^bgh
nblh\uo \h^hjhke_c jh^Z 'LQRSK\VLV \ aZeb\_ <hklhd
Yihgkdh]hfhjy;bhefhjy‹±K±
K_ebgZ FK NblhieZgdlhg aZeb\Z <hklhd Yihgkdh]h fhjy
:\lhj_n ^bk « dZg^ [bhe gZmd <eZ^b\hklhd >Zev
gZmdZk
K_gbq_\Z FB K_ahggu_ b fgh]he_lgb_ baf_g_gby nblh
ieZgdlhggh]h khh[s_kl\Z \ jZchg_ fZjbohayckl\Z fb
^bc L_a ^hde F_`^mgZjh^ kbfiha ih kh\j_f_gguf
ijh[e_fZf fZjbdmevlmju \ khpbZebklbq_kdbo kljZgZo
F<GBJHK±
Klhgbd B< Hjeh\Z LX E_lg_hk_ggbc nblhieZgdlhg \
:fmjkdhf aZeb\_ Yihgkdh]h fhjy ;bhe fhjy L‹K±
Klhgbd B< K_ebgZ FK NblhieZgdlhg dZd ihdZaZl_ev
ljhnghklb \h^ aZeb\Z I_ljZ <_ebdh]h Yihgkdh]h fh
jy;bhefhjyL‹K±
$QGHUVHQ 3 'HVLJQ DQG LPSOHPHQWDWLRQ RI VRPH KDUPIXO DOJDO
PRQLWRULQJ V\VWHPV ,2& 7HFKQ 6HU 81(6&2 1RS
$QGHUVRQ'05HGWLGHV6FLHQWLILF$PHULFDQ9RO
3±
$U]XO * 6HJXHO 0 &OHPHQW $ (IIHFW RI PDULQH DQLPDO H[FUH
WLRQV RQ GLIIHUHQWLDO JURZWK RI SK\WRSODQNWRQ VSHFLHV ,&(6-0DU6FLD9ROQR3±
$U]XO*6HJXHO0&OHPHQW$<RXHQRX$&UDVVRXV0(IIHFWV
RI PDULQH DQLPDO H[FUHWLRQV RQ SK\WRSODQNWRQ JURZWK LQ
ODERUDWRU\ H[SHULPHQWV WKH FRQWULEXWLRQ RI RUJDQLF FRP
SRQHQWV $TXDFXOWXUH HQYLURQPHQW DQG PDULQH SK\WR
SODQNWRQ $FWHV &ROO ± 0D\ %UHVW E
3±
+DOOHJUDHII*0$UHYLHZRIKDUPIXODOJDHEORRPVDQGWKHLUDS
SDUHQW JOREDO LQFUHDVH 3K\FRORJLD 9RO QR 3±
,PDL,,WDNXUD6,WRK.'LVWULEXWLRQRIGLDWRPUHVWLQJFHOOVLQ
VHGLPHQWVRI+DULPD1DGDDQGQRUWKHUQ+LURVKLPD%D\WKH
6HWR ,QODQG 6HD -DSDQ %XOO &RDVW 2FHDQRJU 9ROQR3±
,WDNXUD 6 ,PDL , ,WRK . 0RUSKRORJ\ DQG UHMXYHQDWLRQ RI
6NHOHWRQHPD FRVWDWXP %DFLOODULRSK\FHDH UHVWLQJ FHOOV
IURPWKHERWWRPVHGLPHQWVRI+LURVKLPD%D\WKH6HWR,Q
ODQG 6HD -DSDQ %XOO 3ODQFWRQ 6RF -DS 9RO QR3±
,WDNXUD6,PDL,,WRK.6HHGEDQNRIFRDVWDOSODQNWRQLFGLD
WRPV LQ ERWWRP VHGLPHQWV RI +LURVKLPD %D\ 6HWR ,QODQG
6HD-DSDQ0DU%LRO9RO3±
/DQGVEHUJ -+ 7KH HIIHFWV RI KDUPIXO DOJDO EORRPV RQ DTXDWLF
RUJDQLVPV5HY)LVK6FL9ROQR3±
/DUVHQ-0RHVWUXS4*XLGHWRWR[LFDQGSRWHQWLDOO\WR[LFPD
ULQH DOJDH &RSHQKDJHQ 7KH )LVK ,QVSHFWLRQ 6HUYLFH
S
FHJHAH<:HJEH<:
/HH-6,JDUDVKL7)UDJD6'DKO(+RYJDDUG3<DVXPRWR
7'HWHUPLQDWLRQRIGLDUUKHWLFVKHOOILVKWR[LQVLQYDULRXVGL
QRIODJHOODWHVSHFLHV-$SS3K\FRO1R3±
/LQGVWURP6,7KHLQIOXHQWVRIWKHILOWHUIHHGLQJELYDOYH&HUDV
WRGHUPD HGXOH / RQ PLFURSK\WREHQWKRV D ODERUDWRU\
VWXG\ - ([S 0DU %LRO (FRO 9RO QR
3±
0DUJDOHI 5 7HPSRUDO VXFFHVVLRQ DQG VSDWLDO KHWHURJHQHLW\ LQ
SK\WRSODQNWRQ 3HUVSHFW 0DU %LRO %HUNHOH\ 3±
3URE\Q 7 3LWFKHU * 3LHQDDU 5 1X]]L 5 %URZQ WLGHV DQG
PDULFXOWXUH LQ 6DOGDQKD %D\ 6RXWK $IULFD 0DU 3ROOXW
%XOO9ROQR3±
5KRGHV // 0DFNHQ]LH $/ .DVSDU +) 7RGG .( +DUPIXO
DOJDHDQGPDULFXOWXUHLQ1HZ=HDODQG,&(6-0DU6FL
9ROQR3±
6KXPZD\6($UHYLHZRIWKHHIIHFWVRIDOJDOEORRPVRQVKHOOILVK
DQG DTXDFXOWXUH - :RUOG $TXDFXOW 6RF 9RO QR3±
6WRQLN,92UORYD7<X3K\WRSODQNWRQRIWKH FRDVWDO ZDWHUV RII
9ODGLYRVWRN WKH QRUWKZHVWHUQ SDUW RI WKH (DVW 6HD XQGHU
HXWURSKLF FRQGLWLRQV 2FHDQ 3RODU 5HV 9RO QR3±
7D\ORU-5)XNX\R</DUVHQ-7D[RQRP\RIKDUPIXOGLQRIODJ
HOODWHV0DQXDORQKDUPIXOPDULQHPLFURDOJDH3DULV,2&
RI81(6&23±
9HQWLOOD 5) 7KH VFDOORS LQGXVWU\ LQ -DSDQ $GY 0DU %LRO
9RO3±
<DPDGD 0 7VXUXWD $ <RVKLGD < $ OLVW RI SK\WRSODQNWRQ DV
HXWURSKLFOHYHOLQGLFDWRU%XOO-DS6RF6FL)LVKD
9ROQR3±
<DPDGD 0 7VXUXWD $ <RVKLGD < &ODVVLILFDWLRQ RI HXWURSKLF
OHYHOVLQVHYHUDOPDULQHUHJLRQV%XOO-DS6RF6FL)LVK
E9ROQR3±
;BHEH=BYFHJYlhf‹
Download