• Nem Talált Eredményt

A koreai brojlertermelés gazdasági elemzése 1980 és 1995 között megtekintése

N/A
N/A
Protected

Academic year: 2022

Ossza meg "A koreai brojlertermelés gazdasági elemzése 1980 és 1995 között megtekintése"

Copied!
8
0
0

Teljes szövegt

(1)

(FRQRPLFDQDO\VLVRIEURLOHUSURGXFWLRQLQ.RUHD

-0.LP

6XQJ.\XQ.ZDQ8QLYHUVLW\*D0\XQJU\XQGRQJ-RQJURNX6HRXO.RUHD

$%675$&7

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

g66=()2*/$/È6

$NRUHDLEURMOHUWHUPHOpVJD]GDViJLHOHP]pVHpVN|]|WW -0.LP

6XQJ.\XQ.ZDQ8QLYHUVLW\*D0\XQJU\XQGRQJ-RQJURNX6HRXO.RUHD

$V]HU] D]HOWpU iOORPiQ\QDJ\ViJ~EURMOHUWHOHSHNVWUXNW~UiOLV|VV]HWpWHOpWYL]VJiOWDD 0DUNRYIpOHIRO\DPDWPRGHOOVHJtWVpJpYHO$] DODWWL iOORPiQQ\DO UHQGHONH] WHOH SHNYiOWR]iVLYDOyV]tQ VpJHD]N|]|WWLLG V]DNEDQpVN|]|WWYROWPtJ DIHOHWWLiOORPiQ\QDJ\ViJ~WHOHSHNUHpVN|]|WWLpUWpNHNHNWNDSRWW$]

pV N|]|WWL NDWHJyULD iWPHQHWL YDOyV]tQ VpJH XJ\DQHEEHQ D] LG V]DNEDQ pVRWPXWDWRWW$]I WIRJODONR]WDWyJD]GDViJRNRSWLPiOLViOORPiQ\QDJ\Vi JiUDDWNDSRWWH]HVHWEHQDJD]GDViJiWODJRVM|YHGHOPHPLOOLy:RQ 86' 86' :RQ RNW I W IRJODONR]WDWy JD]GDViJ HVHWpQ D]

RSWLPXP EURMOHU DPL iWODJRVDQ PLOOLy :RQ 86' M|YHGHOPHW HUHGPpQ\H]HWW$EURMOHUWHUPHOpViWODJRVPXQNDHU KDWpNRQ\ViJDVRNNDONLVHEEPLQWD]

DGDWJ\ MWpVEH EHYRQW PLQWDJD]GDViJRNp $ FVLUNHK~VIRJ\DV]WiV D *13 Q|YHNHGpVpQHN PHJIHOHO HQ HPHONHGHWW EiU D IHOYiViUOiVL iU HPHONHGpVH HOPDUDGW D PXQNDHU pV D WDNDUPiQ\iUDNQ|YHNHGpVLWHPpW O

7KLVSDSHULVDUHYLVHGYHUVLRQRIDSDSHUSUHVHQWHGDWWKH:HVWHUQ(FRQRPLF$VVRFLDWLRQ,QWHUQDWLRQDOQG

$QQXDO &RQIHUHQFH -XO\ 6HDWWOH :DVKLQJWRQ LQ D VHVVLRQ RUJDQLVHG E\ 0DUWKLQH 'XFKDWHOHW

%DUU\8QLYHUVLW\0LDPL6KRVHV)OD

3DQQRQ8QLYHUVLW\RI$JULFXOWXUH)DFXOW\RI$QLPDO6FLHQFH.DSRVYiU

(2)

,1752'8&7,21

7KH FRQVXPSWLRQ OHYHO RI DQLPDO SURGXFWV VXFK DV FKLFNHQ PHDW LV LQFUHDVLQJ LQ WKH 5HSXEOLF RI .RUHD KHUHDIWHU .RUHD DW D UDWH VLPLODU WR LQFUHDVLQJ SHU FDSLWD OHYHO RI JURVVQDWLRQDOSURGXFW7KHWRWDOQXPEHUVRIFKLFNHQVRQIDUPVDOVRLQFUHDVHGGXULQJWKH SHULRGRI&KDQJHVLQWKHVWUXFWXUHRIFKLFNHQIDUPVLQWHUPVRIWKHQXPEHURI FKLFNHQVSURGXFHGRQDIDUPKDVUHVXOWHGLQDQH[SDQVLRQLQIDUPVL]H7KLVDGMXVWPHQW KDVLQFUHDVHGLQUHFHQW\HDUVVLQFHWKHUDWLILFDWLRQRIWKHQHZ:RUOG7UDGH2UJDQLVDWLRQ :72DJUHHPHQW

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

7KLVDQDO\VLVZLOOFRQWULEXWHWRXQGHUVWDQGLQJRIWKHSUHVHQWHFRQRPLFVLWXDWLRQLQ EURLOHU SURGXFWLRQ DQG WKH FRPSHWLWLYH UHODWLRQVKLS ZLWK RWKHU FRXQWULHV 7KHUH DUH DOUHDG\PDQ\VSHFLDOLVHGW\SHVRIEURLOHUFKLFNHQIDUPPDQDJHPHQWV\VWHPVLQ.RUHD 7KH FKDQJLQJ VWUXFWXUH DQG FRQFHQWUDWLRQ RI DJULFXOWXUH ZLOO UHTXLUH KDUPRQLVDWLRQ RI GHYHORSPHQWZLWKWKDWRIIDUPVRIRWKHUW\SHVVXFKDVWKRVHHQJDJHGLQWKHSURGXFWLRQRI ULFHYHJHWDEOHVIUXLWGDLU\RUEHHIFDWWOHRUSLJV

0$7(5,$/6$1'0(7+2'

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

7KHUH DUH SUHVHQWO\ D QXPEHU RI SUREOHPV LQ WKH EURLOHU SURGXFWLRQ LQGXVWU\ LQ .RUHD0DQ\RIWKHVHEHFDPHPRUHVHULRXVDIWHUWKHOLEHUDOLVDWLRQRIWUDGHLQOLYHVWRFN SURGXFWV2QHSUREOHPLVLQDSSURSULDWHSROLF\IRUOLYHVWRFNSURGXFWLRQ7KH0LQLVWU\RI

$JULFXOWXUHKDVLQWURGXFHGSROLFLHVLQDQHQGHDYRXUWRSURGXFHDPRUHHIILFLHQWLQGXVWU\

EXWWKHVHSROLFLHVKDYHEHHQHLWKHUQRWHIIHFWLYHRUQRWLPSOHPHQWHGRUHOVHWKHLQGXVWU\

KDVFKDQJHGDQGWKH\DUHQRORQJHUUHOHYDQW

.QRHEHUHWDOIRXQGWKDWWKHPDLQULVNLQEURLOHUSURGXFWLRQZDVVHDVRQDO SULFHYDULDWLRQ,Q.RUHDWKHUHKDVEHHQQRUHVHDUFKRQULVNLQEURLOHUSURGXFWLRQ7KLV NLQG RI UHVHDUFK ZRXOG FRQWULEXWH LQ WKH IXWXUH WR SULFH DQG LQFRPH VWDELOLW\ YLD WKH GHYHORSPHQWRIDSSURSULDWHPDQDJHPHQWVWUDWHJLHV5LVNEHKDYLRXURQWKH86DJJUHJDWH VXSSO\ UHVSRQVH RI EURLOHU FKLFNHQV ZDV DQDO\VHG ZLWKLQ D UDWLRQDO H[SHFWDWLRQ

(3)

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

$0DUNRYPRGHOLVDSSOLHGIRUWKHDQDO\VLVRIWKHWUDQVLWLRQSUREDELOLW\RIFKLFNHQ IORFN VL]HV GXULQJ WKH SHULRG 7KH0DUNRY FKDLQ PRGHO FDQ EH H[SUHVVHG DV IROORZV

LW

M V

LM MW

Q Ç S Q L V

$

ZKHUHQLWLVWKHIORFNVL]HLLQWLPHWDQGSLMLVWKHSUREDELOLW\RIWUDQVLWLRQIURPIORFNVL]H QMDWWLPHWWRVL]HQLDWWLPHW&KDYDVHWDOS

7KH&REE'RXJODVIRUPRISURGXFWLRQIXQFWLRQLVXVHGWRGHULYHWKHHODVWLFLW\RI LQSXWPDWHULDOVLQFOXGLQJIHHGKLUHGODERXUDQGIDPLO\ODERXU7KH&REE'RXJODVIRUP RISURGXFWLRQIXQFWLRQKDVWKHIROORZLQJIRUP

< D ; ; ;

E F

G %

ZKHUH< LV SURGXFWLRQ;L UHSUHVHQWV LQSXWV DQGD E FDQG GDUH WKH HVWLPDWHG FRHIILFLHQWV

< DE;

F

/LQHDU SURJUDPPLQJ LV XVHG IRU WKH SXUSRVHV RI FDOFXODWLQJ RSWLPDO IDUP VL]H ZLWK UHVSHFW WR QXPEHU RI FKLFNHQV IRU D JLYHQ VHW RI UHVRXUFHV 7KH OLQHDU SURJUDPPLQJ PRGHOKDVWKHIROORZLQJIRUP

0$; = F [

M Q

M M

Ç

'

VXEMHFWWR

M Q

M M L

D ; E L P

Ç Ê

(

; M Q

M

Ë

)

ZKHUH=LVWKHQHWUHWXUQFLVWKHSULFHRUFRVWRIDFWLYLW\;MDUHSUHVHQWVWKHUHVRXUFHV UHTXLUHGIRUDFWLYLW\;LELVWKHUHVRXUFHFRQVWUDLQWLUHSUHVHQWVWKHUHVRXUFHFRQVWUDLQWV DQGMUHSUHVHQWVWKHSURGXFWLRQDFWLYLWLHV

7KH 1DWLRQDO /LYHVWRFN &RRSHUDWLYH )HGHUDWLRQ 1/&) EHJDQ OLYHVWRFN ERRN NHHSLQJ LQ DQG VWLOO PDLQWDLQV WKLV DFWLYLW\ WRGD\ &KLFNHQ SURGXFWLRQ GDWD ZHUH REWDLQHGIURPWKH1/&)IRUWKHSHULRGWR1/&)7KH1/&)KDGERRN NHHSLQJUHFRUGVIURPWRZLWKUHVSHFWWRFODVVHVRI IORFN VL]H IHZHU WKDQ WRWRDQGPRUHWKDQELUGV,QWKLV FODVVLILFDWLRQZDVPRGLILHGWRWKHIROORZLQJFODVVHVIHZHUWKDQWR DQGPRUHWKDQELUGV7KHUHIRUHRQO\WKHGDWDRQEURLOHUSURGXFWLRQIURPWR

(4)

ZHUHXVHGLQWKHDQDO\VLV7KHVDPSOHRIEURLOHUKRXVHKROGVLQFOXGHGDWRWDORI IDUPVRIZKLFKZHUHXVHGLQWKLVDQDO\VLV7KHVDPSOHVL]HZDVDGHTXDWHIRUDQDO\VLV ZLWKWLPHVHULHVDQDO\VLV\HDUVRIGDWDKDYLQJEHHQDYDLODEOH)LUVWWKH0DUNRYPRGHO LV DSSOLHG IRU WKH DQDO\VLV RI VWUXFWXUDO FKDQJH LQ WHUPV RI WKH QXPEHU RI EURLOHUV SURGXFHGHJXQGHUDQGRYHUFKLFNHQV7KHVDPSOHEURLOHU IDUP VKRZV WKH VDPH GLIIHUHQFH EHWZHHQ DQG WKHUHIRUH LW LV LPSRVVLEOH WR DQDO\VH SURGXFWLRQ IXQFWLRQ LQ WHUPV RI IORFN VL]H GXH WR WKH VKRUWDJH RI LQSXWRXWSXW GDWD+RZHYHULWLVSRVVLEOHWRDQDO\VHDYHUDJHIORFNVL]HIRUWKHERRNNHHSLQJIDUPV 7KHSURGXFWLRQIXQFWLRQDQDO\VLVDOVRGHWHUPLQHGWKHHODVWLFLW\RISURGXFWLRQIDFWRUVDQG LQFRPHSHUFKLFNHQ

,QWHJHUSURJUDPPLQJLVXVHGWRFDOFXODWHRSWLPDOIORFNVL]HZLWKRQHRUWZRXQLWVRI ODERXULQSXW7KLVW\SHLQIRUPDWLRQPD\ZHOO SURYLGH D EHWWHU XQGHUVWDQGLQJ RI ODERXU SURGXFWLYLW\LQFKLFNHQIDUPLQJLQ.RUHD

5(68/76$1'',6&866,21 7DEOH

%URLOHUSURGXFWLRQLQWHUPVRIIORFNVL]HQRRIELUGV

7RWDO

<HDU

1XPEHU

,QGH[ 1XPEHU ,QGH[

1XPEHU ,QGH[ 1XPEHU ,QGH[

,QGH[

6RXUFH)RUUiV1/&)0RQWKO\5HSRUW$XJXVW

WiEOi]DW%URMOHUWHUPHOpViOORPiQ\QDJ\ViJV]HULQWLPHJRV]OiVDEURMOHU eY*D]GViJRNV]iPDGE9iOWR]iVgVV]HVHQ

(5)

6WUXFWXUDOFKDQJHVLQWHUPVRIQXPEHURIFKLFNHQVSURGXFHG

7DEOHVKRZVVWUXFWXUDOFKDQJHVLQEURLOHUSURGXFWLRQLQWHUPVRIIORFNVL]HGXULQJWKH SHULRG 7KH QXPEHU RI IDUPV ZLWK IHZHU WKDQ ELUGV LH WKH QXPEHU RI VPDOOHUIORFNVKDVGHFUHDVHGUDSLGO\VLQFH7KHWUDQVLWLRQSUREDELOLW\LVSUHVHQWHG LQ7DEOHLQWHUPVRIGLIIHUHQWIORFNVL]HGXULQJWKH\HDUVWR7KHSUREDELOLW\

RID ELUG IORFN FRQWLQXLQJ LQ EXVLQHVV LQ ZDV EXW E\ WKLV KDG GHFOLQHGWR7KHWUDQVLWLRQSUREDELOLWLHVIRUPHGLXPVL]HGIORFNVFKDQJHGYHU\OLWWOH RYHUWKH\HDUSHULRGDQGLQFUHDVHGIRUODUJHIORFNVRYHUWLPH

7DEOH

7UDQVLWLRQSUREDELOLW\LQWHUPVRIVL]HRIIORFN

<HDU

WiEOi]DW$JD]GDViJRNiWDODNXOiVLYDOyV]tQ VpJHiOORPiQ\QDJ\ViJV]HULQW eY

3URGXFWLRQIXQFWLRQDQDO\VLV

)HHG LV WKH PDLQ FRVW LQ EURLOHU SURGXFWLRQ DQG SURSHU PDQDJHPHQW RI IHHG LQSXWV LV UHTXLUHGLQWKHLQWHUHVWRIWKHPLQLPLVDWLRQRISURGXFWLRQFRVWVDQGWKHPD[LPLVDWLRQRI SURILWV)HHGH[SHQGLWXUHVKDYHDQHJDWLYHLPSDFWRQLQFRPH7DEOH([SHQGLWXUHRQ KLUHGODERXULVORZRQPRVWIDUPVVLQFHODERXULVVXSSOLHGE\WKHIDPLO\EXWLQFUHDVHG KLUHGODERXUH[SHQGLWXUHVZLOOUHGXFHLQFRPHDOWKRXJKWKHHVWLPDWHGFRHIILFLHQWGRHVQRW GHYLDWHVLJQLILFDQWO\IURP]HUR)DPLO\ODERXULQSXWLVLPSRUWDQWDQGFRQWULEXWHVWRWKH OHYHORILQFRPHDFKLHYHGIURPEURLOHUSURGXFWLRQ

$RQHSHUFHQWLQFUHDVHLQIHHGFRVWZLOOGHFUHDVHLQFRPHE\7KHPDUJLQDO YDOXHIRUKLUHGODERXUZDVDOVRIRXQGWREHQHJDWLYH$GGLWLRQDOIDPLO\ODERXUKRXUVZLOO LQFUHDVHEURLOHUSURGXFWLRQLQFRPH

(6)

7DEOH

,QFRPHIURPEURLOHUSURGXFWLRQ

,WHP &RHIILFLHQW WYDOXH

&RQVWDQW

)HHG

+LUHGODERXU

)DPLO\ODERXU

5

)

LQGLFDWHVVLJQLILFDQFHRI3RU3UHVSHFWLYHO\

XVLQJDRQHWDLOHGWHVW33HQV]LJQLILNiQVWSUyEDDONDOPD]iViYDO WiEOi]DW%URMOHUWHUPHOpVM|YHGHOPH] VpJH

0HJQHYH]pV (J\WWKDWy 7pUWpN ÈOODQGy 7DNDUPiQ\ %pUPXQND

&VDOiGPXQNiMD 7DEOH

2SWLPDOVWUXFWXUDOVROXWLRQIRUFKLFNHQIDUPV

&RQWHQW 9DOXHUHGXFHGFRVW

2QHSHUVRQ

&KLFNHQV

VODFN VXUSOXV GXDOSULFH

,QFRPHPLOOLRQVRI:RQ

)DPLO\ODERXU

+LUHGODERXU

0L[HGIHHG WRQQHV

7ZRSHUVRQV

&KLFNHQV

VODFN VXUSOXV GXDOSULFH

,QFRPHPLOOLRQVRI:RQ

)DPLO\ODERXU

+LUHGODERXU

0L[HGIHHG WRQQHV

WiEOi]DW%URLOHUWHOHSRSWLPDOL]iOWPXWDWyL

0HJQHYH]pV .|OWVpJ (J\ I &VLUNHOpWV]iP 0DUDGYiQ\ ÈUQ\pNiU -|YHGHOHP&VDOiGLPXQND%pUPXQND.HYHUpNWDNDUPiQ\.pWI

(7)

2SWLPDOQXPEHUVRIFKLFNHQV

7KHLQWHJHUSURJUDPPLQJPRGHOZDVXVHGWRGHWHUPLQHWKHRSWLPDOVL]HIRURQHDQGIRU WZRXQLWVRIODERXULQSXW7KHRSWLPXPQXPEHURIEURLOHUFKLFNHQVIRURQHXQLWRIODERXU LQSXWZDVGHWHUPLQHGWREH7DEOH7KHREMHFWLYHIXQFWLRQYDOXHZDV :RQ :LWK WZR ODERXUHUV WKH RSWLPXP QXPEHU RI FKLFNHQV ZDV 7KH REMHFWLYH IXQFWLRQYDOXHZDV:RQ7KHVHLQFRPHOHYHOVZHUHPXFKORZHUWKDQDYHUDJH LQFRPHIURPWKHERRNNHHSLQJIDUPV7KHDYHUDJHOHYHORIIDUPLQFRPHZDV :RQSHUODERXUXQLWRQERRNNHHSLQJIDUPVLQ

7KHVWUXFWXUHRIEURLOHUSURGXFWLRQLQ.RUHDFKDQJHGYHU\UDSLGO\GXULQJWKHSHULRG WR7KHSURSRUWLRQRIIDUPVZLWKIORFNVL]HVEHORZELUGVZDVDERXW LQDQGKDGGHFOLQHGWRE\7KHVL]HRIIORFNVLQEURLOHUSURGXFWLRQKDV LQFUHDVHGJUHDWO\LQUHFHQW\HDUV+RZHYHUWKHUHWXUQRQODERXULQEURLOHUSURGXFWLRQLV PXFKORZHUWKDQWKDWRQJHQHUDOERRNNHHSLQJIDUPVIURPRWKHUVHFWRUVRIDJULFXOWXUH

%URLOHUUHWXUQVRQODERXUDUH RQO\ RI WKRVH RI RWKHU DJULFXOWXUDO VHFWRUV 7KHUH LV SUHVHQWO\ZLGHQLQJLQFRPHGLVSDULW\EHWZHHQFURSDQGOLYHVWRFNSURGXFWLRQ,WPD\EH QHFHVVDU\WRHQVXUHKDUPRQLVHGGHYHORSPHQWLQDJULFXOWXUHLQWKHIXWXUH

$&.12:/('*(0(176

7KH DXWKRU ZLVKHV WR WKDQN (OZLQ 6PLWK 3K' DW WKH /HWKEULGJH 5HVHDUFK &HQWHU IRU JUDPPDWLFDODQGVW\OLVWLFSURRIUHDGLQJRIDQHDUOLHUGUDIWRIWKLVSDSHU

5()(5(1&(6

$UDGK\XOD69DQG07+ROW5LVNEHKDYLRUDQGUDWLRQDOH[SHFWDWLRQVLQWKH 86%URLOHU0DUNHW$PHU-$JULF(FRQ

$SWHFK6\VWHPV,QF*$8660DSOH9DOOH\:DVKLQJWRQ

$XVW 3 $Q ,QVWLWXWLRQDO $QDO\VLV RI 9HUWLFDO &RRUGLQDWLRQ 9HUVHV 9HUWLFDO ,QWHJUDWLRQ 7KH &DVH RI WKH 86 %URLOHU ,QGXVWU\ 6WDII 3DSHU 'HSW RI

$JULFXOWXUDO(FRQRPLFV0LFKLJDQ6WDWH8QLYHUVLW\(DVW/DQVLQJ

%HDWWLH%5DQG&57D\ORU7KH(FRQRPLFVRI3URGXFWLRQ-RKQ:LOH\

6RQV1HZ<RUN

&KDPEHUV 5 * $SSOLHG 3URGXFWLRQ $QDO\VLV $ 'XDO $SSURDFK &DPEULGJH 8QLYHUVLW\3UHVV&DPEULGJH

&KDYDV - 3 DQG * 0DJDQG $ G\QDPLF DQDO\VLV RI WKH VL]H GLVWULEXWLRQ RI ILUPVWKHFDVHRIWKH86GDLU\LQGXVWU\$JULEXVLQHVV

+HDG\(26%DOORXQDQG50F$OH[DQGHU/HDVW&RVW5DWLRQVDQG2SWLPXP 0DUNHWLQJ :HLJKWV IRU %URLOHUV $JULFXOWXUDO ([SHULPHQW 6WDWLRQ ,RZD 6WDWH

&ROOHJH5HVHDUFK%XOOHWLQ$PHV,RZD

+HDG\ ( 2 DQG - / 'LOORQ $JULFXOWXUDO 3URGXFWLRQ )XQFWLRQV ,RZD 6WDWH 8QLYHUVLW\3UHVV$PHV,RZD

.LP-0.RUHDQ/LYHVWRFN )DUPLQJ 8QGHU ,QWHUQDWLRQDO 3UHVVXUH 3URI 5R 6RRQ+LWK$QQLYHUVDU\&ROOHFWLRQRI7KHVLV6HRXO0XQLFLSDO8QLYHUVLW\6HRXO .LP - 0 ,QWHUQDWLRQDOLVDWLRQ DQG .RUHDQ $JULFXOWXUH 6XQJ .\XQ .ZDQ

8QLYHUVLW\6HRXO.RUHDQ

.LP-0(FRQRPLFVRI6XVWDLQDEOH$JULFXOWXUHDQGWKH/LQHDU3URJUDPPLQJ 0HWKRG6XQJ.\XQ.ZDQ8QLYHUVLW\3UHVV6HRXO

(8)

.QRHEHU&5DQG:07KXUPDQ'RQW &RXQW <RXU &KLFNHQV 5LVN DQG 5LVN6KLIWLQJLQWKH%URLOHU,QGXVWU\$PHU-$JU(FRQ

.R-.'LUHFWLRQRI'HYHORSPHQWDQG3UREOHPVRI/LYHVWRFN,QWHJUDWLRQLQ 3URSRVDOV WR ,QFUHDVH ,QWHUQDWLRQDO &RPSHWLWLRQ RI /LYHVWRFN 3URGXFWLRQ DJDLQVW 850LQLVWU\RI$JULFXOWXUH6HRXO

0LQLVWU\RI$JULFXOWXUH)RUHVWU\DQG)LVKHULHV0DMRU6WDWLVWLFVRQ$JULFXOWXUH )RUHVWU\DQG)LVKHULHV6HRXO

0LQLVWU\RI$JULFXOWXUH)RUHVWU\DQG)LVKHULHV5HSRUWRQWKH)DUP+RXVHKROG (FRQRP\6XUYH\6HRXO

1DWLRQDO /LYHVWRFN &RRSHUDWLYH )HGHUDWLRQ 0RQWKO\ 5HYLHZ 6HRXO

$XJXVW

1DWLRQDO /LYHVWRFN &RRSHUDWLYH )HGHUDWLRQ 0DWHULDOV RQ 3ULFH 6XSSO\

'HPDQGRI/LYHVWRFN3URGXFWV6HRXO

1DWLRQDO/LYHVWRFN&RRSHUDWLYH)HGHUDWLRQ5HSRUWRI/LYHVWRFN3URGXFWLRQ&RVW 6XUYH\6HRXO

6FKUDJH / DQG &XQQLQJKDP /LQJR 2SWLPLVDWLRQ 0RGHOLQJ /DQJXDJH /LQGR 6\VWHPV,QF&KLFDJR

6HDYHU 6 . $Q $SSUDLVDO RI 9HUWLFDO ,QWHJUDWLRQ LQ WKH %URLOHU ,QGXVWU\ - )DUP(FRQ

&RUUHVSRQGLQJDXWKRUOHYHOH]pVLFtP -0.LP

6XQJ.\XQ.ZDQ8QLYHUVLW\*D0\XQJU\XQGRQJ-RQJURNX 6HRXO.RUHD

7HO)D[

HPDLOMPNLP#<XULPVNNXDFNU

Hivatkozások

KAPCSOLÓDÓ DOKUMENTUMOK

$ FHUWDLQ FRQWURYHUV\ DQG QHZ FKDOOHQJHV DUH IDFLQJ WKRVH HQJDJHG LQ DQLPDO SURGXFWLRQ LQ +XQJDU\ DV (8 DQLPDO ZHOIDUH UHJXODWLRQV UHTXLUH FKDQJHV

$3$63$0 PRGHO UHVXOWV VKRZ WKH VHQVLWLYLW\ RI 6ORYHQLDQ OLYHVWRFN SURGXFWLRQ RQ DFFHVVLRQ FRQGLWLRQV 7KH DFFHVVLRQ ZLWK UHODWLYHO\ ORZ OHYHO RI GLUHFW DQG VWUXFWXUDO SD\PHQWV

%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

+DUPRQ VWDWHG WKDW WKH SULPDU\ IDFWRU LQIOXHQFLQJ 6&amp;&amp; RU &amp;07 LV

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

$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

$%675$&amp;77KHFXUUHQWVWXG\LQYHVWLJDWHVWKHYHKLFOHLQGXVWU\RIIRUPHU 6RXWKHDVWHUQ (XURSHDQ VRFLDOLVW VWDWHV 6HUELD 5RPDQLD DQG