Tesisat Dergisi 220. Sayı (Nisan 2014)

MAKALE 160 7HVLVDW 'HUJLVL 6D\× 1LVDQ üHNLOGH GDKD GüN |]JO \RùXQOXNWDNL N|PU $·Q×Q D\Q× NDU×ü×P RUDQODU×QGD SRP SD SHUIRUPDQV× LON GXUXPD J|UH V×UDV×\OD YH GüPHNWHGLU 6RQXoODU YH 7DUW×üPD +HVDSODPDO× $N×üNDQODU 'LQDPLùL +$' \D ]×O×P× RODQ )OXHQW LOH NDUPDü×N DN×üO× SRPSD IDQ JLEL WUER PDNLQDODU×Q LPDODW×QGDQ |QFH SHUIRUPDQVODU×Q× WDKPLQ HWPHN PPNQ KDOH JHOPLüWLU %|\OHOLNOH LPDODWD JHoPH GHQ |QFH ELU WUER PDNLQDQ×Q RSWLPL]DV \RQ oDO×üPDV× \DS×ODELOHFHùL DQODü×OP×üW×U +$' GHVWHNOL WDVDU×P PDOL\HWL GüUPHNOH EHUDEHU ]DPDQGDQ GD WDVDUUXI VDùODU %D V×Qo NRQWXUODU×QGDQ GD J|UOHFHùL ûHNLO 3 ]HUH SRPSD HPPH JLULüLQGH HQ GüN EDV×Qo SRPSD VDO\DQJR] o×N×ü×QGD LVH PDNVLPXP EDV×QF×Q J|UOGù YH D\U×FD NDQDG×Q KHU LNL \DNDV×QGD V×UDV×\OD HPPH WDUDI× VHFWLRQ VLGH YH EDV×Qo WDUDI×Q×Q SUHVVXUH VLGH EHOLUJLQ ELU üHNLOGH ROXüWXùX J|UOPüWU <DS×ODQ +$' DQDOL]OHUL VRQX FXQGD oDPXU SRPSDV× oDUN×Q×Q NDQDW o×N ×ü NHQDU×QGD \NVHN EDV×Qo YH K×]ODU ROXüXU %X QHGHQOH NDW× V×Y× LOHWLPL HVQDV×QGD oDU N×Q EX E|OJHOHUL NDW× SDUWLNOOHUL GROD\×V×\OD LON RODUDN Dü×QDFDù× GüQOPHNWHGLU %XQX |QOHPHN LoLQ SRPSDQ×Q GüN GHYLUOHUGH oDO×üW×U×OPDV× GüQOHELOLU 6DO\DQJR]XQ GLO E|OJHVLQGH DN×ü×Q ELU N×VP× oDUN LoHUL VLQH \|QHOPHVL LVWHQPH\HQ LNLQFLO DN×üODUD QHGHQ ROGXùX KHP DN×P oL]JLOHUL KHP GH K×] YHNW|UOHULQGHQ WHVSLW HGLOPLüWLU dD PXU SRPSDV×Q×Q VX LOHWLOPHVL GXUXPXQGD SHUIRUPDQV×Q×Q HQ L\L oDPXU LOHWPHVL oLIW ID]O× DN×ü GXUXPXQGD LVH SHUIRUPDQV×Q×Q EHNOHQLOGLùL JLEL GüWù J|UOPHNWHGLU dDPXU LOHWLPLQGH NWOHVHO NRQVDQWUDV\RQXQ DUWPDV×\OD ELUOLNWH SHUIRUPDQV×Q GDKD ID]OD GüWù YH IDUNO× oDPXU WUOHULQGH SRPSD SHUIRUPDQV×Q×Q GD GHùLüHFHùL .D]LP YH DUNDGDüODU×Q×Q JHOLüWLUGLùL NRUHODV\RQ VD\H VLQGH EX oDO×üPDGD GD J|UOPüWU .D\QDNoD ûHNLO 3RPSDQ×Q VX YH IDUNO× NRQVDQWUDV\RQOX VX NXP LOHWPHVL GXUXPXQGD SRPSD GHEL \N HùULVL ûHNLO 3RPSDQ×Q VX YH NRQVDQWUDV\RQOX VX NXP YH VX N|PU LOHWPHVL GXUXPXQGD SRPSD GHEL \N HùULOHUL ûHNLO 3RPSDQ×Q VX YH IDUNO× NRQVDQWUDV\RQOX VX NXP LOHWPHVL GXUXPXQGD SRPSD GHEL YHULP HùULVL ûHNLO 3RPSDQ×Q VX YH NRQVDQWUDV\RQOX VX NXP YH VX N|PU LOHWPHVL GXUXPXQGD SRPSD GHEL YHULP HùULOHUL 1 (QJLQ 7 ´5DG\DO 3RPSDODU×Q .DW× 6×Y× .DU×ü×P× úOHWL PLQGH .XOODQ×OPDV×Q×Q 'HQH\VHO úQFHOHQPHVL 'RNWRUD 7H]L 6$h 2 &HOOHN 0 6 ´5DG\DO 7LSWHNL %LU dDPXU 3RPSDV× 2SWL PL]DV\RQX YH $QDOL]L µ <NVHN /LVDQV 7H]L 6$h 3 $o×NJ|] $ *HOLüOL 0 g (UWUN ( ´ dRN NDGHPHOL SRPSD SHUIRUPDQV×Q×Q &)' \|QWHPOHUL\OH EHOLUOHQPH VLµ 3RPSD 9DQD .RQJUHVL +LOWRQ úVWDQEXO .DV×P VI 4 7XIHNoLRùOX .DXFXN 6DQD\L YH 7LFDUHW /LPLWHG ûLUNHWL 5 $16<6 ZZZ DQV\V FRP 6 )OXHQW 8VHU *XLGH 9RO $ 7 (QJLQ 7 ´dHüPHFL û $WO× = *U 0 ´<DU× $o×N .D QDWO× (QGVWUL\HO 6×FDN *D] )DQODU×QGDNL $UDO×N .D\×S ODU×Q×Q +HVDSODPDO× $N×üNDQODU 'LQDPLùL úOH 0RGHOOHQ PHVLµ $129$ .XOODQ×F×ODU .RQIHUDQV× %LOGLULOHU .LWDE× 7HPPX] %LONHQW 2WHO $QNDUD 8 (QJLQ 7 ´6WXG\ RI 7LS &OHDUDQFH (IIHFWV LQ &HQWULIXJDO )DQV ZLWK 8QVKURXGHG ,PSHOOHUV 8VLQJ &RPSXWDWLRQDO )OXLG '\QDPLFVµ 3URF ,0HFK( 9RO 3DUW $ -RXU QDO RI 3RZHU DQG (QHUJ\ -DQXDU\ 9 $WO× = ´<DU× $o×N dDUNO× 0HUNH]NDo )DQODU×Q $UDO×N .D\×SODU×Q×Q +HVDSODPDO× $N×üNDQODU 'LQDPLùL úOH 6L PODV\RQXµ <NVHN /LVDQV 7H]L 6$h 10 &(1*(/ < $ &,0%$/$ - 0 )OXLG 0HFKDQLFV )XQGD PHQWDOV $QG $SSOLFDWLRQV 0F *UDZ +LOO +LJKHU (GXFD WRQ 11 67(3$12)) $ - 3XPSV DQG %ORZHUV 7ZR 3KDVH )ORZ DQG 3XPSLQJ RI 6ROLGV LQ 6XVSHQVLRQ DQG )OXLG 0L[WXUHV -RKQ :LOH\DQG 6RQV /RQGRQ 12 .$=,0 . $ 0$,7, % $1' &+$1' 3 (IIHFW RI 3DUWLF OH 6L]H 3DUWLFOH 6L]H 'LVWULEXWLRQ 6SHFLILF *UDYLW\ DQG 6ROLGV &RQFHQWUDWLRQ RQ &HQWULIXJDO 3XPS 3HUIRUPDQFH 3RZGHU +DQGOH 3URFHVV SS

RkJQdWJsaXNoZXIy MTcyMTY=