• Nem Talált Eredményt

Potential use of milk analyses for udder health control in highly productive dairy herd megtekintése

N/A
N/A
Protected

Academic year: 2022

Ossza meg "Potential use of milk analyses for udder health control in highly productive dairy herd megtekintése"

Copied!
9
0
0

Teljes szövegt

(1)

3RWHQWLDOXVHRIPLONDQDO\VHVIRUXGGHUKHDOWKFRQWUROLQ KLJKO\SURGXFWLYHGDLU\KHUG

0.OLQNRQ0

.ORSþLþ-

2VWHUF

9HWHULQDU\)DFXOW\/MXEOMDQD6,*HUELþHYD6ORYHQLD

%LRWHFKQLFDO)DFXOW\=RRWHFKQLFDO'HSDUWPHQW'RPåDOH6,*UREOMH6ORYHQLD

$%675$&7

7KHGLIIHUHQFHVRIPLONFRPSRVLWLRQLQKLJKO\SURGXFWLYHGDLU\KHUGLQPLONEXONWDQNDQG IURPLQGLYLGXDOGDLU\FRZVLQWKHIUDPHRIUHIHUUDO$$3DQG%FRQWUROZHUHDQDO\VHG LQWKHSDSHU'XULQJWKHH[SHULPHQWWKHRVFLOODWLRQVRIVRPDWLFFHOOVFRXQW6&&RIWKH FRQWHQWRIODFWRVHDQGHQ]\PH/'+DFWLYLW\ZHUHPRQLWRUHG6LJQLILFDQWRVFLOODWLRQVRI WKH6&&DQGHQ]\PH/'+DFWLYLW\LQPLONWDQNZHUHQRWLFHG7KHVRPDWLFFHOOFRXQWLQ PLONWDQNYDULHGEHWZHHQDQGWKRXVDQGFHOOVPOPLONDQGHQ]\PH/'+DFWLYLW\

EHWZHHQDQG8OPLON:KHQWKH6&&LQWKHPLONWDQNH[FHHGHGWKRXVDQG6&&

HQ]\PH /'+ DFWLYLW\ H[FHHGHG 8O PLON %RWK SDUDPHWHUV ZHUH XVHG IRU XGGHU KHDOWKFRQWURO7KHFRQWHQWRIODFWRVHZKLFKDOVRVKRZVXGGHUGLVHDVHVORZHUHGRQO\

ZKHQWKH6&&LQWKHPLONWDQNH[FHHGHGWKRXVDQG6&&POPLON$3DQG%FRQWURO ZHUHFDUULHGRXWRQWKHIDUPDWWKHWLPHRIQRXGGHUGLVRUGHUVUHSRUWHGLQWKHKHUG .H\ZRUGVGDLU\FRZVPLONODFWRVHVRPDWLFFHOOFRXQWHQ]\PH/'+DFWLYLW\

,1752'8&7,21

(FRQRPLF PLON SURGXFWLRQ UHTXLUHV KLJK PLON SURGXFWLRQ SHU FRZ PLON ZLWK D KLJK QXWULWLYHYDOXHDQGH[FHOOHQWK\JLHQLFTXDOLW\DVZHOODVKHDOWK\FRZV0LONFRPSRVLWLRQ FRXOGVKRZIDXOWVLQQXWULWLRQDQGPDQDJHPHQWRIKHUGDVIRUH[DPSOHGLVRUGHUVLQKHDOWK DQGK\JLHQLFTXDOLW\RIPLON+HQFHLWLVLPSRUWDQWWRSHUFHLYHWKHDERYHFRQQHFWLRQVLQ SURGXFWLRQRITXDOLW\PLONDQGKHDOWK\FRZV

+HDOWKDQGQXWULWLRQDOGLVRUGHUVWKDWUHVXOWLQORZHUSURGXFWLRQDQGFOLQLFDOGLVHDVHV FDQ KDUGO\ EH QRWLFHG DW WKH EHJLQQLQJ WKHUHIRUH VXLWDEOH SUHYHQWLYH DGYLVRU\

SURJUDPPHV DUH QHFHVVDU\ ,Q WKH ILUVW SODFH UHVXOWV RI PLON WDQN DQDO\VHV DQG IURP LQGLYLGXDOGDLU\FRZVWKDWDUHHDV\WREHWDNHQDQGKDYHVHYHUDOSDUDPHWHUVPHDVXUHG ZLOOEHFRPHWKHEDVLFGLDJQRVWLFPDWHULDOIRUGHWHFWLRQRIXGGHUPHWDEROLFUHSURGXFWLYH GLVHDVHVDQGSDUDVLWHV

3URGXFWLRQDQGKHDOWKFRQWUROLQGDLU\FRZVKDYHKHUHWRIRUHEHHQSURFHHGHGE\VR FDOOHGPLONSURILOHWHVW0LONLVDQDO\VHGUHJXODUO\DFFRUGLQJWRPLONUHFRUGLQJV\VWHP 6DPSOHVDUHHDV\WREHWDNHQDQGLQGLYLGXDODQLPDOVRUWKHZKROHKHUGDUHUHFRUGHG7KH UHVXOWV RI PLON DQDO\VHV DUH LPSRUWDQW IRU WKH IDUPHU QXWULWLRQDO H[SHUWV DQG YHWHULQDULDQV 0LON VDPSOHV VKRZ KHDOWK FRQGLWLRQV RI DQ DQLPDO PRUH TXLFNO\ HDVLO\

DQG FKHDSO\ WKDQ EORRG DVVD\V ZKLFK LV YHU\ LPSRUWDQW IURP WKH SRLQW RI YLHZ RI SURGXFWLRQ

0LONDQDO\VHVLQGLFDWHVHYHUDOSDUDPHWHUVRITXDOLW\OLNHFRQWHQWVRIIDWSURWHLQV ODFWRVH GU\ PDWWHU VRPDWLF FHOO FRXQW FRQWHQWV RI XUHD SRWDVVLXP VRGLXP FKORULQH DFHWRQHWKHHQ]\PH/'+DFWLYLW\DQGVRRQ$FFRUGLQJWRWKHH[SHULHQFHVWKHUHVXOWVRI 8QLYHUVLW\RI.DSRVYiU)DFXOW\RI$QLPDO6FLHQFH.DSRVYiU

(2)

PLON DQDO\VHV DUH QRW DGHTXDWHO\ XVHG LQ KHUG FRQWURO :H ZRXOG OLNH WR VKRZ WKH G\QDPLFVRIYDULRXVPLONFRPSRQHQWVRQWKHEDVHRILQGLYLGXDODQGPLONWDQNVDPSOHVLQ KLJKO\SURGXFWLYHGDLU\KHUG

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

,Q6ORYHQLDWKHTXDOLW\RIPLONLVGHWHUPLQHGE\UHJXODWLRQV%HVLGHVWKHFRQWHQWRI IDW DQG SURWHLQV LQ PLON WKH WRWDO QXPEHU RI PLFURRUJDQLVPV 710 DQG VRPDWLF FHOO FRXQW 66& DUH RI JUHDW LPSRUWDQFH 7KH DERYH WUDLWV VLJQLILFDQWO\ DIIHFW WKH VHOOLQJ SULFHRQWKHIDUP)DUPHUVORRNIRUZDUGWRKLJKFRQWHQWRIIDWDQGSURWHLQVLQPLONDQGWR DORZSUHVHQFHRI710DQG66&LQRUGHUWRDFKLHYHWKHKLJKHVWSULFHSHUOLWUHRIVROG PLON 0LON FRPSRVLWLRQ LV LPSRUWDQW DOVR EHFDXVH LW VKRZV LPSRUWDQW IDFWV DERXW WKH VXSSO\RIHQHUJ\DQGSURWHLQVSURWHLQVXUHDLQDQLPDOVDVZHOO DV KHDOWK FRQGLWLRQV HVSHFLDOO\RIXGGHUDQGDUHDQLPSRUWDQWLQGLFDWRURIVRPHGLVHDVHV

$ KLJK FRQWHQW RI PLON IDW LQ PLON FDQ VKRZ NHWRVLV DFLGRVLV DQG F\VWLF GHJHQHUDWLRQ RI RYDU\ $W WKH EHJLQQLQJ RI NHWRVLV DQG HQHUJ\ GHILFLHQF\ LQ D GDLO\

UDWLRQWKHPLONFRQWDLQVPRUHPLONIDW:KHQNHWRVLVLVFOLQLFDOO\QRWLFHGQRDSSHWLWH WKHFRQWHQWRIPLONIDWLVORZ.OLQNRQHWDOD

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þ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

6RPDWLFFHOOVLQPLONDUHUHSUHVHQWHGE\HSLWKHOLDOFHOOVLHFHOOVRIJODQGWLVVXH OHXNRF\WHV±ZKLWHEORRGFHOOVDQGO\PSKRF\WHV±DJURXSRIZKLWHEORRGFHOOV6RPDWLF FHOO FRXQW DIIHFWV WKH VHOOLQJ SULFH RQ WKH IDUP WKHUHIRUH LW LV YHU\ LPSRUWDQW WR KDYH KHDOWK\FRZVLQWKHKHUG6RPDWLFFHOOFRXQWLVYHU\VXEVWDQWLDOIRUHDFKIDUPHUEHFDXVH LWUHYHDOVFRZVZLWKYLVLEOHRULQYLVLEOHPDVWLWLV0LONIURPKHDOWK\XGGHULQWKHQRUPDO ODFWDWLRQFRQWDLQVDERXWFHOOVLQPOPLON.ORSþLþUHSRUWHGWKDW6&&ZDV LQFUHDVHGGXULQJWRGD\VDIWHUFDOYLQJGHFUHDVHGWLOOWKHWKGD\DIWHUFDOYLQJZKHQ LWUHDFKHGWKHORZHVWYDOXHVDQGLV IROORZHGE\DQLQFUHDVHXQWLOGU\LQJ6RPDWLFFHOO

(3)

FRXQW LV FRQVLGHUDEO\ LQFUHDVHG LQ WKH FDVH RI XGGHU LQIODPPDWLRQ :KHQ WKH 6&&

LQFUHDVHV DERYH FHOOPO WKH GDQJHU RI DFXWH PDVWLWLV LV SUHVHQW VLQFH WKH ULVN IDFWRUKDVEHHQLQFUHDVHGE\WKUHHWLPHV$WHDPZRUNRIDIDUPHUFRQWURODQGVHOHFWLRQ DQGYHWHULQDU\VHUYLFHVFDQUHVXOWLQVXFFHVVIXODQGHIIHFWLYHVWUXJJOHIRUVDWLVI\LQJXGGHU KHDOWKDQGWKXVDJRRGTXDOLW\RISURGXFHGPLONZKLFKLVYHU\LPSRUWDQWIRUWKHIDUPHU SD\PHQWVDUHEDVHGRQTXDOLW\RIPLONDQGPLONLQGXVWU\WKDWQHHGVJRRGTXDOLW\PLON IRUSURGXFWLRQRITXDOLW\SURGXFWV

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þHWDO

.OLQNRQHW DO E IRXQG RXW WKDW KLJKHU VRPDWLF FHOO FRXQW FDXVHG ORZHU SHUFHQWDJHRIODFWRVH7KHFRQWHQWRIPLONIDWLVQRWDIIHFWHGE\VRPDWLFFHOOFRXQWZKLOH PLON SURWHLQV LQFUHDVH OLQHDUO\ WR VRPDWLF FHOO FRXQW +LJKHU 6&& DIIHFWV VRPH ELRFKHPLFDOSDUDPHWHUVLQPLON0RUHVRPDWLFFHOOVFDXVHKLJKHUHQ]\PH/'+DFWLYLW\

KLJKHU FRQFHQWUDWLRQ RI VRGLXP DQG FKORULQH ZKLOH WKH FRQFHQWUDWLRQ RI SRWDVVLXP GHFUHDVHV

2QO\KHDOWK\DQGUHJXODUO\VXSSOLHGFRZVFDQJLYHPLONZLWKQRUPDOFRPSRVLWLRQ DQG LQ UHJXODU DPRXQWV %RWK FRPSRVLWLRQ DQG DPRXQW RI PLON DUH PRVW DIIHFWHG E\

PDVWLWLV ± LQIODPPDWLRQ RI XGGHU 7KH LQIODPPDWLRQ RI XGGHU FDXVHV WKH IROORZLQJ FKDQJHVLQPLONFRPSRVLWLRQ

7KHUDWLRRIQLWURJHQIUDFWLRQVLVGHVWUR\HG 7KHDPRXQWVRIFDVHLQDQGODFWRVHDUHORZHUHG 7KHDPRXQWRIFDOFLXPLVORZHUHG

7KHDPRXQWRIZKH\SURWHLQVLQFUHDVHVDOEXPLQVLPXQRJOREXOLQV 7KHDPRXQWVRIVRGLXPDQGFKORULQHDUHLQFUHDVHG

7KHQXPEHURIOHXNRF\WHVDQGDPRXQWVHQ]\PHRIFDWDO\VLVDUHLQFUHDVHG=RUNR

=DGQLN HW DO VWXGLHG WKH FRQWHQW RI VRGLXP SRWDVVLXP FKORULQH DQG VRPDWLF FHOO FRXQW DQG HQ]\PH /'+ DFWLYLW\ LQ PLON 7KH\ IRXQG RXW WKDW WKH DERYH SDUDPHWHUVVKRZKHDOWKFRQGLWLRQVRIXGGHU7KH\IRXQGLQFUHDVHGDPRXQWVRIVRGLXP DERYHPPROOFKORULQHDERYHPPROODQGHQ]\PH/'+ DFWLYLW\ DERYH 8OZKLOHWKHFRQWHQWRISRWDVVLXPGHFUHDVHGEHORZPPROOLQVDPSOHVRIPLONWDQN ZLWKPRUHWKDQ6&PO

%HVLGHV PDVWLWLV VHYHUDO RWKHU GLVHDVHV DQG GLVRUGHUV WKDW DIIHFW WKH FRPSRVLWLRQ DQG DPRXQWV RI PLON DUH NQRZQ 0RVW NQRZQ DUH PHWDEROLF GLVRUGHUV WKDW DSSHDU DW GLJHVWLRQRIFDUERQK\GUDWHVNHWRVLVDFLGRVLVDQGRIVRPHPLQHUDOPDWWHUVSDUWXULHQW SDUHVLV

0$7(5,$/6$1'0(7+2'6 3UHVHQWDWLRQRIWKHIDPLO\IDUP

7KHIDUPRZQVKDDQGKLUHVKDRIDJULFXOWXUDOODQGV'DLU\FRZVQ WRZHUH IUHHLQVWDEOHVDOOWKH\HDU7KHLUDPELWLRQLVWRSURGXFHKLJKTXDOLW\IRGGHUKD\JUDVV

(4)

DQG PDL]H VLODJH &RPSRQHQWV IRU IHHGLQJ PL[WXUHV DUH ERXJKW DQG PL[HG E\

WKHPVHOYHV)HHGLQJPL[WXUHLVIHGDXWRPDWLFDOO\E\FRPSXWHUDVVLVWDQFHZKLOHJUDVVDQG PDL]H VLODJH DUH IHG DG OLELWXP &RZV DUH PLONHG LQ WKH PLONLQJ SDUORXU DW SDVVDJH WDQGHP î DQG LV FRPSXWHU DVVLVWHG 7KH\ PDLQWDLQ RUGHU DQG FOHDQQHVV KHQFH QR SUREOHPVRIPLONTXDOLW\DUHNQRZQ

7DEOH LQGLFDWHV WKH UHVXOWV RI FRQWURO IRU WKH SHULRG IURP WR 7KH KLJKHVWPLONSURGXFWLRQSHUFRZZDVDFKLHYHGLQWKH\HDUZKHQWKHDYHUDJHDQQXDO PLON SURGXFWLRQ SHU FRZ H[FHHGHG NJ RI PLON +HQFH WKH PLON SURGXFWLRQ SHU IHHGLQJ GD\ DQG PLONLQJ GD\ ZDV WKH KLJKHVW LQ WKH \HDU 7KH UHVXOWV RI PLON UHFRUGLQJVKRZHGWKDWFRZVSURGXFHGWKHULFKHVWPLONLQDQGUHJDUGLQJWKH FRQWHQWVRIIDWDQGSURWHLQV,QWKHODVW\HDUVPLONSURGXFWLRQDXJPHQWHGUHPDUNDEOH WKHDYHUDJHPLONSURGXFWLRQSHUFRZZDVNJLQDQGLQNJPLON SHU FRZ SHU \HDU ,W PHDQV WKDW WKH DYHUDJH DQQXDO SURGXFWLRQ RI PLON LQ WKH SHULRG EHWZHHQDQGLQFUHDVHGIRUNJRUE\NJPLONSHU\HDU7KHFRQWHQW RIIDW ZDVTXLWH KLJK DERYH ZKLOH WKH FRQWHQW RI SURWHLQV LQFUHDVHG HVSHFLDOO\

DIWHUDERYH 7DEOH

$QQXDOPLONSURGXFWLRQRIUHFRUGHGFRZVLQWKH$3FRQWURORQWKHDERYH PHQWLRQHGIDUPLQWKHSHULRG±

0LON\LHOGNJ )DW 3URWHLQV 0LON\LHOGNJ 37&

<HDU 1RRIFRZV 7RWDO 3HUFRZ 3HU)' 3HU0'0LONLQJ GD\V 'D\V

)'IHHGLQJGD\0'PLONLQJGD\37&SHULRGEHWZHHQWZRFDOYLQJV 0LONFRPSRVLWLRQLQWKHGDLU\KHUG

%HWZHHQ 1RYHPEHU DQG 'HFHPEHU LH IRU VL[ ZHHNV GLIIHUHQFHV RI WKH DPRXQWVDQGFRPSRVLWLRQRILQGLYLGXDOGDLU\FRZVDQGPLONWDQNZHUHPRQLWRUHG$IWHU PRUQLQJPLONLQJDGDLO\VDPSOHRIPLONIURPWDQNZDVWDNHQ'XULQJWKHH[SHULPHQW VDPSOHVRIPLONZHUHWDNHQ

'XULQJWKHH[SHULPHQWWKHPLONFRQWUROOHUUHFRUGHGSURGXFWLRQ$3FRQWUROWZLFH DFFRUGLQJWRWKHUHIHUHQFHPHWKRG$7KHPLONFRQWUROOHUWRRNPLONVDPSOHVIURPDOO FRZVWKDWZHUHPLONHGRQWKHFHUWDLQGD\%DVLFFRQWHQWVRIIDWSURWHLQVODFWRVHDQGGU\

PDWWHUDQGVRPDWLFFHOOFRXQWDQGELRFKHPLFDOFRQWHQWRIVRGLXPSRWDVVLXPFKORULQH XUHD HQ]\PH /'+ DFWLYLW\ SDUDPHWHUV RI PLON ZHUH GHWHUPLQHG LQ VDPSOHV RI PLON IURPLQGLYLGXDOFRZV7KHIDUPHUKLPVHOIUHFRUGHGPLONSURGXFWLRQWKUHHWLPHVGXULQJ

(5)

WKHH[SHULPHQW%FRQWURO+HWRRNVDPSOHVRIPLONIURPLQGLYLGXDOFRZVRQFHDZHHN IURPERWKGDLO\ PLONLQJ :H GHWHUPLQHG EDVLF DQG ELRFKHPLFDO SDUDPHWHUV RI PLON LQ WKRVHVDPSOHVWRR

0LONVDPSOHVZHUHDQDO\VHGLQWZRODERUDWRULHV,QWKH/DERUDWRU\RI,QVWLWXWHIRU 'DLU\RI%LRWHFKQLFDO)DFXOW\=RRWHFKQLFDO'HSDUWPHQWWKHLQIUDUHGVSHFWURPHWU\ZLWK 0LONR6FDQZDVXVHGWRGHWHUPLQHEDVLFFRPSRVLWLRQRIPLONDQG)RVVRPDWLF WRGHWHUPLQH6&&LQPLON,QWKHODERUDWRU\RI&OLQLFVIRU5XPLQDQWVDWWKH9HWHULQDU\

)DFXOW\WKHELRDQDO\VHU&REDV0LUDZDVXVHGWRGHWHUPLQHELRFKHPLFDOSDUDPHWHUVLQ PLONXUHD1D.&O/'+

'DWDSURFHVVLQJ

&ROOHFWHG GDWD ZHUH SURFHVVHG E\ 6$6 9HUVLRQ DW WKH &HQWUH IRU H[SHUW ZRUN LQ DQLPDOEUHHGLQJDW%LRWHFKQLFDO)DFXOW\=RRWHFKQLFDO'HSDUWPHQW

%DVLFVWDWLVWLFDOSDUDPHWHUVPHDQYDOXH

[

VWDQGDUGGHYLDWLRQ6'FRHIILFLHQW RIYDULDELOLW\&9PLQLPXPDQGPD[LPXPIRUVRPHVWXGLHGWUDLWVRIPLONWDQNZLWKLQ WKH UHJXODU PLON UHFRUGLQJ $3 FRQWURO DQG WKH IDUPHU¶V PLON UHFRUGLQJ % FRQWURO ZHUHHVWLPDWHG

5(68/76$1'',6&866,21

7DEOHVKRZVEDVLFVWDWLVWLFDOSDUDPHWHUVIRUWKHDPRXQWDQGFRPSRVLWLRQRIPLONWDQN DQG IRU LQGLYLGXDO FRZV REWDLQHG DW WKH UHJXODU PLON UHFRUGLQJ $3 FRQWURO DQG DW IDUPHU¶VUHFRUGLQJ%FRQWURO

7DEOH

%DVLFVWDWLVWLFDOSDUDPHWHUV

[

6'&9IRUPLONWDQNWRWDOGDLO\PLON SURGXFWLRQDQGUHVXOWVIURP$3DQG%FRQWURO

0LON7DQN $3PLONUHFRUGLQJ %PLONUHFRUGLQJ

7UDLW

[

6' .9

[

6' .9

[

6' .9

1RRIPHDVXUH

0LONNJ

)DW

3URWHLQ

/DFWRVH

66%0

66&[PO

/'+8O

8UHDPPROO

1DPPROO

.PPROO

&OPPROO

7KHFRPSDULVRQRIPLONWDQNDQDO\VLVDQGRILQGLYLGXDOFRZVZLWKLQ$3FRQWURODQG%

FRQWURO VKRZV WKDW DOO FRPSRQHQWV DQG ELRFKHPLFDO SDUDPHWHUV GLIIHU LQ PHDQ YDOXH 7KRVHGLIIHUHQFHVDUHKLJKHUZKHQPLONWDQNDQDO\VHVDUHFRPSDUHGWRPLONDQDO\VHVRI LQGLYLGXDO FRZV ZLWKLQ $3 FRQWURO /RZHU GLIIHUHQFHV DUH QRWLFHG ZKHQ WKH UHVXOWV RI

(6)

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

$3WKDQLQ%FRQWURO

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

ZDVREVHUYHGLQHQ]\PH/'+DFWLYLW\&9 LQPLONWDQNDQGLQPLONIURP LQGLYLGXDOFRZVLQ%FRQWURO)RUWKHFRQWHQWRI XUHDLQ PLON ZDV &9LQ PLON WDQN DQG LQ PLON IURP LQGLYLGXDO FRZV LQ % FRQWURO ,Q VRGLXP &9 UDQJHG EHWZHHQ LQ PLON WDQN DQG LQ PLON IURP LQGLYLGXDO FRZV LQ $3 FRQWURO 2WKHUFRPSRQHQWVLQGLFDWHGORZHUFRHIILFLHQWVRIYDULDELOLW\

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

)LJXUH

2VFLOODWLRQVRIWKHFRQWHQWRIODFWRVHLQPLONIURPWDQN

7LP HGD\V /DFW

RVH

(7)

)LJXUH

2VFLOODWLRQVRIWKHVRPDWLFFHOOFRXQWDQGHQ]\PH/'+DFWLYLW\LQPLONIURPWDQN

7LPHGD\V

66

&

[

/' +8 O â6&

/'+

)LJXUH VKRZV WKDW VRPDWLF FHOO FRXQW DQG HQ]\PH /'+ DFWLYLW\ LQ PLON IURP WDQN GXULQJWKHVL[ZHHNORQJH[SHULPHQWYDULHG'XULQJWKHH[SHULPHQWKLJKRVFLOODWLRQVRI VRPDWLF FHOO FRXQW LQ PLON WDQN ZHUH QRWLFHG 0LON WDQN FRQWDLQHG DERYH VRPDWLFFHOOVPOPLONVL[WHHQWLPHV7KH$3FRQWUROZDVGRQHRQWKRVHGD\VZKHQPLON FRQWDLQHG OLWWOH VRPDWLF FHOOV 7KH DYHUDJH VRPDWLF FHOO FRXQW LQ PLON IURP LQGLYLGXDO FRZVZDVLQWKHILUVW$3FRQWUROPLONWDQNFRQWDLQHGVRPDWLFFHOOVRQ WKDWGD\DQGLQWKHVHFRQGFRQWUROPLONWDQNFRQWDLQHGFHOOV$OVR%

FRQWUROVKRZHGWKDWPLONWDQNGLGQRWH[FHHGWKHDOORZHGOLPLWRIFHOOPOPLON 2QO\ LQ WKH VHFRQG FRQWURO ZKLFK ZDV GRQH E\ WKH IDUPHU RQ WKH VW GD\ RI WKH H[SHULPHQW PLON WDQN FRQWDLQHG DERYH FHOOV ZKLOH WKH DYHUDJH 6&& LQ PLON IURPLQGLYLGXDOFRZV%FRQWUROZDVVRPDWLFFHOOVPO

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

(8)

7KHFRQWHQWRIODFWRVHGLGQRWFKDQJHGXULQJWKHH[SHULPHQWDVTXLFNO\DVWKHHQ]\PH /'+DFWLYLW\GLGLQUHODWLRQWRKLJKHUVRPDWLFFHOOFRXQW7KHDQDO\VLVRIODFWRVHFRQWHQW LQPLONWDQNZKLFKLVSUHVHQWHGLQ)LJXUHDQGVRPDWLFFHOOFRXQWZKLFKLVSUHVHQWHG LQ)LJXUH VKRZHG WKDW WKH FRQWHQW RI ODFWRVH ORZHUHG ZKHQ WKH VRPDWLF FHOO FRXQW H[FHHGHGFHOOPOLQPLONWDQN

$3DQG%FRQWUROZHUHFDUULHGRXWZKHQQRVLJQLILFDQWXGGHUKHDOWKWURXEOHVZHUH QRWLFHGZKLFKLVSURYHGE\ORZVRPDWLFFHOOFRXQWDQGORZHQ]\PH/'+DFWLYLW\RQWKH PLONUHFRUGLQJGD\LQPLONWDQNDVZHOODVLQPLONIURPLQGLYLGXDOFRZV7KHDQDO\VLVRI ODFWRVHFRQWHQWVRPDWLFFHOOFRXQWDQGHQ]\PH/'+DFWLYLW\LQPLONWDQNGXULQJWKHVL[

ZHHNORQJH[SHULPHQWVKRZHGWKDWWKHVRPDWLFFHOOFRXQWRVFLOODWHGWKHPRVWZKLFKLV NQRZQDVDQLQGLFDWRURIXGGHUKHDOWK$QDO\VHVRI$3DQG%FRQWUROUHVXOWVVKRZHGWKDW ERWKFRQWUROVZHUHFDUULHGRXWLQDFHUWDLQWLPHSHULRGPRQWKO\ZHHNO\«DQGWKDWWKH\

LQIRUPHGIDUPHUVRQWKHFRPSRVLWLRQDQGTXDOLW\RIPLONIURPLQGLYLGXDOFRZVRQO\RQ WKH GD\ RI WKH PLON UHFRUGLQJ 0LON SURGXFWLRQ LV DQ DOLYH DQG FRQWLQXRV SURFHVV WKDW FKDQJHVZKLFKLVVKRZQE\RVFLOODWLRQVRIPLONFRPSRVLWLRQ

7KHIDUPHUVZLOOEHWKHKDSSLHVWLIWKH\NQRZWKHFRPSRVLWLRQRIPLONWDQNHYHU\

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

&21&/86,216

$KLJKSURGXFWLRQRIPLONSHUFRZUHTXLUHVWKHEHVWPDQDJHPHQWV\VWHPEDODQFHGGDLO\

UDWLRQ IDYRXUDEOH FOLPDWH DQG WHPSHUDWXUH UHDULQJ V\VWHP DQG PDLQWHQDQFH VKRXOG HQDEOHDKLJKSURGXFWLRQ5HVXOWVRIPLONDQDO\VHVRQWKHIDUPWKDWNHHSVDZKLWHDQG EODFNGDLU\KHUGVKRZWKDW

$ VL[ZHHNORQJ H[SHULPHQW LQ ZKLFK GDLO\ RVFLOODWLRQV RI PLON WDQN FRPSRVLWLRQ ZDV VWXGLHG KDV VKRZQ WKDW VRPDWLF FHOO FRXQW LQ PLON WDQN RVFLOODWHG WKH PRVW UDQJLQJEHWZHHQDQGWKRXVDQG6&&POPLON

7KH VDPH RVFLOODWLRQ FXUYH ZDV QRWLFHG LQ HQ]\PH /'+ DFWLYLW\ LQ PLON WDQN ,W UDQJHGEHWZHHQDQG8OPLON

:KHQ WKH VRPDWLF FHOO FRXQW LQ PLON H[FHHGHG 6&&PO PLON WKH HQ]\PH /'+ YDOXH H[FHHGHG 8O PLON %RWK YDOXHV UHSUHVHQW WKH FULWLFDO YDOXH WKDW LQIRUPVWKHIDUPHUDERXWWKHPDPPDU\JODQGWURXEOHDQGRIWKHFDVHVRIPDVWLWLVLQ WKHKHUG

'XULQJWKHH[SHULPHQWWKHVRPDWLFFHOOFRXQWLQPLONWDQNH[FHHGHGFHOOPO PLON VL[WHHQ WLPHV DQG WKH HQ]\PH /'+ DFWLYLW\ H[FHHGHG 8O PLON HLJKWHHQ WLPHV

7KHFRQWHQWRIODFWRVHORZHUHG ZKHQHYHUWKHVRPDWLF FHOO FRXQW H[FHHGHG FHOOPOPLONLQWDQN

$3 DQG % FRQWURO ZHUH FDUULHG RXW RQ WKH GD\V ZKHQ QR VHULRXV XGGHU KHDOWK SUREOHPV ZHUH QRWLFHG ZKLFK FDQ EH SURYHG E\ WKH UHVXOWV RI PLON WDQN DQDO\VHV IURP$3DQG%FRQWURO

7KH H[SHULPHQW VKRZHG WKDW D RQFHDPRQWK UHFRUGLQJ LQ KLJKO\ SURGXFWLYH GDLU\

KHUG LV QRW VXIILFLHQW $ SHUPDQHQW SURGXFWLRQ UHTXLUHV GDLO\ REVHUYDWLRQ RI PLON

(9)

FRPSRVLWLRQ DQG TXDOLW\ VR WKDW WKH IDUPHU FDQ WDNH DGHTXDWH PHDVXUHV LQ WLPH WR SUHYHQW VHULRXV GLVRUGHUV EHWWHU KHUG PRQLWRULQJ DQDO\VLV RI FKDQJHV LQ WKH KHUG PLONDQDO\VLVSHULQGLYLGXDOFRZ«

5()(5(1&(6

.OLQNRQ 0 =DGQLN7 1HPHF 0 D 9SOLY QHNDWHULK GHMDYQLNRY QD RVQRYQH VHVWDYLQHPOHND9VORYHQVNLNRQJUHV0OHNRLQPOHþQLL]GHONL3RUWRURå QRY/MXEOMDQD%LRWHKQLãND)DNXOWHWD2GGHOHN]D]RRWHKQLNR

.OLQNRQ0=DGQLN71HPHF0E7KHHIIHFWVRIVRPDWLFFHOOFRXQWDQGRWKHU IDFWRUV RQ VRPH EDVLF FRPSRQHQWV DQG ELRFKHPLFDO SDUDPHWHUV LQ PLON WK (XURSHDQ FRPSDUDWLYH FOLQLFDO SDWKRORJ\ PHHWLQJ SURJUDPPH DQG DEVWUDFWV 9HURQD

.OLQNRQ0=DGQLN71HPHF07KHLPSDFWRIEUHHGLQJEUHHGVXFFHVVLYH ODFWDWLRQ VWDJH RI ODFWDWLRQ VHDVRQ DQG VRPDWLF FHOO FRXQW RQ EDVLF PLON FRPSRQHQWV6ORY9HW5HV

.ORSþLþ 0 3DUDPHWUL POHþQHJD SURILOQHJD WHVWD =QDQRVW LQ SUDNVD Y JRYHGRUHML]YH]HN

/DUVRQ%/6PLWK95/DFWDWLRQ/RQGRQ$FDGHPLFSUHVV

0LMRYLþ $ 3HQJRY $ .ORSþLþ 0 =DGQLN 7 3UHGQRVWL PHVHþQH NRQWUROH ãWHYLOD VRPDWVNLK FHOLF SRVDPH]QH NUDYH PRO]QLFH SUL ]DWLUDQMX VXENOLQLþQHJD PDVWLWLVD9VORYHQVNLPHGQDURGQLNRQJUHV0OHNRLQPOHþQLL]GHONL3RUWRURå VHSW/MXEOMDQD%LRWHKQLãNDIDNXOWHWD2GGHOHN]D]RRWHKQLNR 0LOMNRYLþ9+LJLHQDLWHKQRORJLMDPOHND%HRJUDG1DXþQDNQMLJD

:DOVWUD3'DLU\FKHPLVWU\DQGSK\VLFV0LONFRPSRVLWLRQ1HZ<RUN-RKQ :LOH\ 6RQV

=DGQLN7-D]EHF,0OHþQLSURILOQLWHVW0/373RPHQLQXSRUDEQRVWWHVWD 3UYL VORYHQVNL YHWHULQDUVNL NRQJUHV 3RUWRURå QRY /MXEOMDQD 6ORYHQVNDYHWHULQDUVND]YH]D

=DGQLN7.OLQNRQ01HPHF00HVDULþ0'LDJQRVWLNDQHNDWHULKEROHVWL L] ]ELUQLK X]RUND POHND 9=EURUQLN UDGRYD L NUDWNLK VDGUåDMD 6DYHWRYDQMH YHWHULQDUD6UELMH=ODWLERUVHSW6UEVNRYHWHULQDUVNRGUXãWYR

=RUNR 2 9SOLY VXENOLQLþQHJD PDVWLWLVD QD VHVWDYR POHND 0DJLVWUVND QDORJD /MXEOMDQD9HWHULQDUVND)DNXOWHWD

&RUUHVSRQGLQJDXWKRU 0DUWLQD.OLQNRQ

8QLYHUVLW\RI/MXEOMDQD9HWHULQDU\)DFXOW\

6,/MXEOMDQD&HVWDY0HVWQLORJ6ORYHQLD 7HO)D[

HPDLOPDUWLQDNOLQNRQ#YIXQLOMVL

Hivatkozások

KAPCSOLÓDÓ DOKUMENTUMOK

%UHHGHUV LQ &amp;URDWLD ZDV HVWDEOLVKHG DQG WRGD\ WKHUH DUH DERXW +ROVWHLQ KRUVHV LQ SULYDWH EUHHGLQJ ,Q WKH SHULRG RI \HDUV RI WKH .ULåHYFL +ROVWHLQ KRUVH EUHHGLQJ SURJUDPPH

:KLOH WKH OLYHU VXEVWDQFH LV UHODWLYHO\ FRQVWDQW D IHZ &amp;7 VFDQV VHHP WR EH VXIILFLHQW WR JUDGH WKH IDWW\ OLYHU 7KH ODUJH YDULDWLRQ LQ WKH FKDUDFWHULVWLF +8 YDOXHV FRUUHVSRQGLQJ

7DNLQJ LQWR DFFRXQW WKH IDFW WKDW PLON SURGXFWLRQ LQ 6ORYHQLD FXUUHQWO\ FRQWULEXWH DSSUR[ RI WRWDO YDOXH RI DJULFXOWXUDO RXWSXW EXW PRUH WKDQ KDOI RI DJJUHJDWH LQFRPH WKLV UHGXFWLRQ

,Q\HDUVDQGRQIDUPVZLWKWRWDOQXPEHURIFRZVRIWKH)ULHVLDQEUHHG DQG DQQXDO SURGXFWLRQ RI DSSUR[ WKRXVDQG WRQV RI PDUNHW PLON LQ GHILQHG UHJLRQ

)LJXUH VKRZV WKH PDS RI GLIIHUHQW SURGXFWLYLW\ RI ODQG LQ +XQJDU\ 7KH 6RXWK 7UDQVGDQXELDQ UHJLRQ UHSUHVHQW WKH PLG OHYHO RI WKH FRXQWU\ ZLWK VPDOO

$W ZHHNV RI DJH WKH DQLPDOV ZHUH ZHLJKHG DQG WKRVH WKDW UHSUHVHQWHG WKH DYHUDJH DYHUDJH“VWDQGDUG GHYLDWLRQ LQ WKH OLYH ZHLJKW DQG LQ WKH GDLO\ ZHLJKW JDLQ EHWZHHQ DQG ZHHNV RI

7KHUHVXOWVLQGLFDWHVWKDWSUHYLRXVO\QHJOHFWHGREMHFWVDQGWKLQJVWUDFWRU ZKHHOV WUHHVZLWKWUDFNVRIDQLPDOVFUDWFKLQJKDYHDVLJQLILFDQWUROHLQWKHDVVHVVPHQWRIWKH HS\]RRWLRORJLFDO VLWXDWLRQ LQ

7KH FUXGH ILEHU FRQWHQW RI WKH SUHJQDQW VRZV¶ GLHWV FDQ LQIOXHQFH WKH SHUIRUPDQFH SULPDULO\ WKH UHSURGXFWLYH SHUIRUPDQFH RI WKH VRZ )HHGLQJ WKH SUHJQDQW