$QGU]HM.PLHü
3URFHV\FLHSOQHLDSDUDW\
2ILF\QD :\GDZQLF]D 3ROLWHFKQLNL :URFáDZVNLHM :URFáDZ
5HFHQ]HQFL -DQ %...
146 downloads
1025 Views
12MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
$QGU]HM.PLHü
3URFHV\FLHSOQHLDSDUDW\
2ILF\QD :\GDZQLF]D 3ROLWHFKQLNL :URFáDZVNLHM :URFáDZ
5HFHQ]HQFL -DQ %DQGURZVNL :áDG\VáDZ .DPLVNL
3URMHNW RNáDGNL =RILD L 'DULXV] *RGOHZVF\
^ &RS\ULJKW E\ 2ILF\QD :\GDZQLF]D 3ROLWHFKQLNL :URFáDZVNLHM :URFáDZ
2),&<1$ :<'$:1,&=$ 32/,7(&+1,., :52&à$:6.,(:\EU]H*H :\VSLDVNLHJR :URFáDZ ,6%1
'UXNDUQLD 2ILF\Q\ :\GDZQLF]HM 3ROLWHFKQLNL :URFáDZVNLHM =DP QU
3U]HGPRZD 3RGU F]QLN ]DZLHUD PDWHULDá Z\NáDGDQ\ SU]H] DXWRUD QD NLHUXQNX LQ*\QLHULD FKH PLF]QD L SURFHVRZD -HVW RQ DGUHVRZDQ\ ]DUyZQR GR VWXGHQWyZ GRNWRUDQWyZ MDN L SUDFRZQLNyZ Z\*V]\FK XF]HOQL ]DLQWHUHVRZDQ\FK ]DJDGQLHQLDPL WUDQVSRUWX FLHSáD 3U]HGVWDZLRQR Z QLP SRGVWDZ\ WHRUHW\F]QH UXFKX FLHSáD RUD] PHWRG\ REOLF]DQLD Z\ PLHQQLNyZ FLHSOQ\FK ] XZ]JO GQLHQLHP ]DUyZQR NODV\F]Q\FK XM ü WHRUHW\F]Q\FK WDNLFK MDN WHRULD 1XVVHOWD ]DVWRVRZDQD GR RSLVX ZQLNDQLD FLHSáD SRGF]DV VNUDSODQLD SDU\ QDV\FRQHM MDN L REOLF]HQLRZHM PHFKDQLNL Sá\QyZ &)' 3RGU F]QLN VNáDGD VL ] MHGHQDVWX UR]G]LDáyZ R Uy*QRURGQ\P ]QDF]HQLX L ]DNUH VLH =UR]XPLHQLH SRGVWDZRZ\FK SUDZ L PHWRG REOLF]HQLRZ\FK SRZLQQ\ XáDWZLü OLF]QH ]DPLHV]F]RQH Z QLP U\VXQNL $XWRU VHUGHF]QLH G]L NXMH VZRLP ZVSyáSUDFRZQLNRP PJU LQ* /HRNDGLL /HV] F]\VNLHM PJU LQ* $JQLHV]FH 3OHQLDUVNLHM PJU LQ* 6HEDVWLDQRZL (QJODUWRZL RUD] GU LQ* 5RPDQRZL 6]DIUDQRZL ]D VWDUDQQH Z\NRQDQLH U\VXQNyZ .VL*N SRZL FDP ZL WHM 3DPL FL PRLFK 5RG]LFyZ :URFáDZ SD(G]LHUQLN
=DVDG\Z\PLDQ\FLHSáD :VW S
: WHUPRG\QDPLFH G]LDáDQLH RWRF]HQLD QD XNáDG MHVW QD]\ZDQH SUDF MH*HOL Z\QLN WHJR G]LDáDQLD PR*QD VSURZDG]Lü GR ]PLDQ\ SRáR*HQLD FL *DUX ]QDMGXMFHJR VL SR]D XNáDGHP Z]JO GHP MDNLHJR SR]LRPX RGQLHVLHQLD ']LDáDQLD RWRF]HQLD QD XNáDG ]D PNQL W\ NWyUH QLH PRJ E\ü ]DOLF]RQH GR MDNLHJR URG]DMX SUDF V QD]\ZDQH ]H ZQ WU]Q\P FLHSáHP XNáDGX D VSRVyE Z MDNL FLHSáR MHVW SU]HND]\ZDQH ± Z\PLDQ FLHSáD SU]HSá\ZHP FLHSáD OXE SU]HQRV]HQLHP FLHSáD >@ : XNáDGDFK RWZDUW\FK HQHU JLD MHVW SU]HND]\ZDQD UyZQLH* SU]H] JUDQLFH XNáDGX ZUD] ] SU]HSá\ZDMF VXEVWDQFM Z SRVWDFL HQHUJLL NLQHW\F]QHM SRWHQFMDOQHM OXE HQWDOSLL ]ZDQHM F] VWR Z WHFKQLFH HQHUJL FLHSOQ 3UDFD OXE HQHUJLD G\VV\SRZDQD ZHZQWU] XNáDGX MHVW QD]\ZDQD FLH SáHP G\VV\SDFML SUDF\ L Z\VW SXMH Z SRVWDFL W]Z ZHZQ WU]Q\FK (UyGHá FLHSáD Z\QL NDMF\FK ] UR]SUDV]DQLD HQHUJLL PHFKDQLF]QHM FLHSáR WDUFLD HOHNWU\F]QHM FLHSáR -RXOH¶D OXE ] ]DFKRG]F\FK UHDNFML FKHPLF]Q\FK (QHUJLD MHVW VNDODUQ ZLHONRFL IL]\F]Q NWyUD VSHáQLD ]DVDG ]DFKRZDQLD ]JRGQLH ] , ]DVDG WHUPRG\QDPLNL 3ROHWHPSHUDWXU\
=JRGQLH ] ,, ]DVDG WHUPRG\QDPLNL SU]HQRV]HQLH HQHUJLL FLHSOQHM Z GRZROQ\P FLHOH OXE PL G]\ Uy*Q\PL FLDáDPL ]DFKRG]L ]DZV]H RG SXQNWX R Z\*V]HM WHPSHUDWXU]H GR SXQNWX R QL*V]HM WHPSHUDWXU]H 3U]HVWU]H PDWHULDOQ Z FLHOH VWDá\P FLHF]\ OXE JD]LH Z NWyUHM ND*GHPX SXQNWR ZL SU]\SRU]GNXMHP\ WHPSHUDWXU QD]\ZDP\ SROHP WHPSHUDWXURZ\P 3ROH WHPSHUD WXURZH MHVW UyZQLH* VNDODUQH >@ -HJR SXQNW\ R WHM VDPHM WHPSHUDWXU]H Z\]QDF]DM SRZLHU]FKQLH L]RWHUPLF]QH *G\ WHPSHUDWXUD Z GRZROQ\P SXQNFLH SROD ]DOH*\ W\ONR RG SRáR*HQLD WHJR SXQNWX QD]\ZDP\ MH XVWDORQ\P VWDFMRQDUQ\P SROHP WHPSHUDWX URZ\P FR Z\UD*D VL UyZQDQLHP
-H*HOL WHPSHUDWXUD Z GRZROQ\P SXQNFLH SROD ]DOH*\ UyZQLH* RG F]DVX WR SROH WD NLH QD]\ZDP\ QLHXVWDORQ\P OXE QLHVWDFMRQDUQ\P SROHP WHPSHUDWXURZ\P RNUHOR Q\P UyZQDQLHP W .V]WDáW L XáR*HQLH SRZLHU]FKQL L]RWHUPLF]Q\FK Z W\P SU]\SDGNX MHVW ]DOH*QH RG F]DVX .D*GHPX SXQNWRZL SROD WHPSHUDWXURZHJR MHVW SU]\SRU]GNRZDQ\ ZHNWRU ]ZDQ\ JUDGLHQWHP WHPSHUDWXU\ G7 JUDG7 GQ JG]LH MHVW QRUPDOQ Z GDQ\P SXQNFLH SROD GR SRZLHU]FKQL L]RWHUPLF]QHM *UDGLHQW WHPSHUDWXU\ WZRU]\ SROH ZHNWRURZH U\V .LHUXQHN JUDGLHQWX MHVW Z\]QDF]RQ\ SU]H] QRUPDOQ D MHM ]ZURW MHVW VNLHURZDQ\ NX SRZLHU]FKQLRP L]RWHUPLF]Q\P R Z\*V]HM WHPSHUDWXU]H : XVWDORQ\P SROX WHPSHUDWXURZ\P JUDGLHQW ]DOH*\ W\ONR RG SRáR*HQLD UR]ZD*DQHJR SXQNWX Z SU]HVWU]HQL QLH ]DOH*\ ]D RG F]DVX : QLHXVWDOR Q\P SROX WHPSHUDWXURZ\P JUDGLHQW MHVW IXQNFM QLH W\ONR SRáR*HQLD DOH L F]DVX
5\V 6FKHPDW SROD WHPSHUDWXURZHJR D SU]HNUyM SRZLHU]FKQL RJUDQLF]DMFHM SROH WHPSHUDWXURZH E SU]HNUyM SRZLHU]FKQL L]RWHUPLF]Q\FK
-H*HOL Z RNUHORQ\P F]DVLH 'W MHVW SU]HND]DQH FLHSáR ' WR UHGQL VWUXPLH FLH SáD Z\UD*D VL Z]RUHP û4 4 -V ûW -DNR FKZLORZ\ VWUXPLH FLHSáD GHILQLXMH VL JUDQLF GR MDNLHM G*\ VWRVXQHN SU]HND]\ZDQHJR FLHSáD ' GR SU]HG]LDáX F]DVX 'W MH*HOL 'W G*\ GR ]HUD û4 G4 4 OLP 'W o ûW GW
Z ZDUXQNDFK XVWDORQ\FK ]D .LHUXQHN SU]HSá\ZX FLHSáD D FLOHM VWUXPLHQLD FLHSáD MHVW Z\]QDF]RQ\ SU]H] NLHUXQHN JUDGLHQWX WHPSHUDWXU\ 3RQLHZD* FLHSáR MHVW ]DZV]H SU]HND]\ZDQH RG SXQNWX R WHPSHUDWXU]H Z\*V]HM GR SXQNWX R WHPSHUDWXU]H QL*V]HM ZL F ]ZURW ZHNWRUD VWUX PLHQLD FLHSáD MHVW ]DZV]H SU]HFLZQ\ QL* ]ZURW JUDGLHQWX WHPSHUDWXU\ 6WRVXQHN VWUXPLHQLD FLHSáD GR SRZLHU]FKQL SU]H] NWyU WHQ VWUXPLH SU]H Sá\ZD MHVW QD]\ZDQ\ J VWRFL VWUXPLHQLD FLHSáD ]GHILQLRZDQ UyZQDQLHP /RNDOQ J VWRFL VWUXPLHQLD FLHSáD QD]\ZDP\ JUDQLF VWRVXQNX F] FL û GR Z\FLQND SRZLHU]FKQL ' JG\ ' G*\ GR ]HUD U\V û4 G4 T OLP ûW o û$ G$ OXE Z ]DSLVLH ZHNWRURZ\P /" 6 / 4
4 W
5\V 6FKHPDW VWUXPLHQLD FLHSáD SU]HND]\ZDQHJR SU]H] SRZLHU]FKQL " ± F] ü VWUXPLHQLD FLHSáD SU]HND]\ZDQD SU]H] Z\FLQHN SRZLHU]FKQL
:HNWRU\ J VWRFL VWUXPLHQL FLHSáD V SRáR*RQH QD SRZLHU]FKQLDFK SURVWRSDGá\FK GR SRZLHU]FKQL L]RWHUPLF]Q\FK 6 WR SRZLHU]FKQLH DGLDEDW\F]QH 1D SRZLHU]FKQL ]HZQ WU]QHM FLDáD ] UHJXá\ SRGDMH VL VNáDGRZH J VWRFL VWUXPLHQLD FLHSáD Z NLHUXQNX SURVWRSDGá\P GR SRZLHU]FKQL FLDáD
5RG]DMHZ\PLDQ\FLHSáD
:\PLDQD FLHSáD MHVW UHDOL]RZDQD QD WU]\ VSRVRE\ Uy*QH SRG Z]JO GHP IL]\F]Q\P >@ x SU]HZRG]HQLH NRQGXNFM x NRQZHNFM XQRV]HQLH x SURPLHQLRZDQLH UDGLDF\MQ Z\PLDQ FLHSáD 3U]HZRG]HQLH FLHSáD SROHJD QD SU]HND]\ZDQLX HQHUJLL ZHZQ WU]QHM PL G]\ VW\ND MF\PL VL HOHPHQWDPL FLDáD OXE Uy*Q\FK FLDá : FLDáDFK VWDá\FK MHVW SU]HQRV]RQD HQHUJLD GUJD DWRPyZ Z VLHFL NU\VWDOLF]QHM L UXFKX VZRERGQ\FK HOHNWURQyZ D Z Sá\ QDFK ± HQHUJLD NLQHW\F]QD DWRPyZ L F]VWHF]HN 3U]HND]\ZDQLH FLHSáD Z\áF]QLH SU]H] SU]HZRG]HQLH ]DFKRG]L MHG\QLH Z FLDáDFK VWDá\FK QLHSU]HQLNOLZ\FK GOD SURPLH QLRZDQLD RUD] Z Sá\QDFK JG\ QLH Z\VW SXMH SU]HPLHV]F]DQLH VL PDNURVNRSRZ\FK HOHPHQWyZ Sá\QyZ .RQZHNFMD SROHJD QD SU]HQRV]HQLX HQHUJLL FLHSOQHM ] PDNURVNRSRZ\PL HOHPHQ WDPL Sá\QX Uy*QLF\PL VL WHPSHUDWXU 0R*H RQD ]DFKRG]Lü Z SU]HVWU]HQL QLHRJUDQL F]RQHM QS SRGF]DV RSá\ZDQLD F]VWNL FLDáD VWDáHJR OXE Z SU]HVWU]HQL RJUDQLF]RQHM QS Z ]ELRUQLNX OXE ZHZQWU] UXU\ Z\PLHQQLND FLHSáD 5R]Uy*QLDP\ NRQZHNFM VZR ERGQ F]\OL QDWXUDOQ ]DFKRG]F ] XG]LDáHP VLá PDVRZ\FK G]LDáDMF\FK QD HOHPHQW\ Sá\QX Uy*QLFH VL WHPSHUDWXU D W\P VDP\P J VWRFL RUD] NRQZHNFM Z\PXV]RQ SU]H] PDV]\Q DOER XU]G]HQLH QS SRPS ZHQW\ODWRU GPXFKDZ OXE PLHV]DGáR 3URPLHQLRZDQLH FLHSOQH ]ZDQH WH* WHUPLF]Q\P MHVW SU]HND]\ZDQLHP FLHSáD ]D SRUHGQLFWZHP IDO HOHNWURPDJQHW\F]Q\FK DOER IRWRQyZ (QHUJLD ZHZQ WU]QD FLDáD R WHPSHUDWXU]H Z\*V]HM RG WHPSHUDWXU\ ]HUD EH]Z]JO GQHJR MHVW HPLWRZDQD Z SRVWDFL IDO SURPLHQLRZDQLD HOHNWURPDJQHW\F]QHJR REHMPXMF\FK FDá\ ]DNUHV GáXJRFL IDO RG ]HUD GR QLHVNRF]RQRFL OXE W\ONR QLHNWyUH GáXJRFL IDO (QHUJLD UDGLDF\MQD SURPLHQLRZDQLD PR*H E\ü SRFKáRQL WD F] FLRZR OXE FDáNR ZLFLH SR QDSRWNDQLX LQQ\FK FLDá OXE LQQHM F] FL FLDáD Z\V\áDMFHJR SURPLHQLRZDQLH 3URPLHQLRZDQLH Z RGUy*QLHQLX RG SU]HZRG]HQLD OXE NRQZHNFML PR*H ]DFKRG]Lü UyZQLH* Z SUy*QL : QLHNWyU\FK SURFHVDFK SU]HZRG]HQLH FLHSáD RUD] NRQZHNF\MQD L UDGLDF\MQD Z\ PLDQD FLHSáD Z\VW SXM MHGQRF]HQLH QS Z SURFHVDFK VXV]HQLD : XU]G]HQLDFK WD NLFK MDN DSDUDW\ VáX*FH GR Z\PLDQ\ FLHSáD ]ZDQH Z\PLHQQLNDPL FLHSáD ]DFKRG]L QDWRPLDVW SRáF]RQH SU]HND]\ZDQLH FLHSáD W]Z SU]HMPRZDQLH OXE SU]HQLNDQLH FLHSáD 3U]HMPRZDQLH FLHSáD LQDF]HM ZQLNDQLH FLHSáD SROHJD QD áF]Q\P SU]HND]\ZDQLX FLHSáD RG FLDQ\ GR Sá\QX SU]H] NRQZHNFM RUD] SURPLHQLRZDQLH >@ 3U]HQLNDQLH FLHSáD QDWRPLDVW MHVW SU]HND]\ZDQLHP FLHSáD PL G]\ GZRPD Sá\QDPL UR]JUDQLF]RQ\PL VWDá SU]HJURG ± Sá\W OXE FLDQN UXU\ 1DVW SXMH WXWDM NROHMQR ZQLNDQLH FLHSáD RG JRUFHJR Sá\QX GR SLHUZV]HM FLDQ\ QDVW SQLH SU]HZRG]HQLH SU]H] SU]HJURG L ZQL NDQLH FLHSáD RG GUXJLHM FLDQ\ WHM SU]HJURG\ GR Sá\QX RJU]HZDQHJR
3U]HZRG]HQLHFLHSáD :VW S
0HFKDQL]P SU]HZRG]HQLD FLHSáD MHVW EDUG]R ]áR*RQ\ L Z ZLHOX SU]\SDGNDFK QLH ]RVWDá FDáNRZLFLH SR]QDQ\ =DOH*\ RQ SU]HGH ZV]\VWNLP RG VWDQX VNXSLHQLD FLDáD Z NWyU\P FLHSáR MHVW SU]HZRG]RQH : SU]\SDGNX JD]yZ L FLHF]\ WHQ URG]DM WUDQVSRUWX FLHSáD SROHJD QD SU]HQRV]HQLX HQHUJLL NLQHW\F]QHM RG F]VWHF]HN R ZL NV]HM HQHUJLL GR F]VWHF]HN R PQLHMV]HM HQHUJLL Z Z\QLNX NROHMQ\FK ]GHU]H =DUyZQR Z SU]\SDGNX JD]yZ MDN L FLHF]\ WUDQVSRUW FLHSáD SRZRGXMH UyZQLH* SU]HPLHV]F]DQLH VL HOHPHQWyZ Sá\QX FR Z\ZRáXMH VSU] *RQ\ NRQZHNF\MQ\ UXFK FLHSáD 0HFKDQL]P SU]HZRG]HQLD FLHSáD Z FLDáDFK VWDá\FK ]DOH*\ RG URG]DMX FLDáD : SU]\SDGNX FLDá VWDá\FK QLHSU]H(UR F]\VW\FK SU]HZRG]HQLH MHVW Z\áF]Q\P VSRVREHP WUDQVSRUWX FLHSáD SRGF]DV JG\ Z SU]H(URF]\VW\P FLHOH VWDá\P WDNLP MDN QS Z V]NáR SHZQD LORü HQHUJLL PR*H E\ü SU]HQRV]RQD UyZQLH* SU]H] SURPLHQLRZDQLH 3U]\MPXMH VL *H SU]HZRG]HQLH FLHSáD Z FLDáDFK VWDá\FK MHVW ]ZL]DQH ] UXFKHP IDO Z\ZRáDQ\FK GUJDQLDPL VLHFL NU\VWDOLF] QHM O RUD] UXFKHP VZRERGQ\FK HOHNWURQyZ O 6NáDGRZH WH V DGG\W\ZQH ZREHF F]HJR VXPDU\F]Q\ ZVSyáF]\QQLN SU]HZRG]HQLD FLHSáD MHVW UyZQ\ LFK VXPLH >@ O O O : SLHUZV]\P SU]\EOL*HQLX VNáDGRZD O MHVW RGZURWQLH SURSRUFMRQDOQD GR HOHN WU\F]QHM RSRUQRFL ZáDFLZHM U 'OD F]\VW\FK PHWDOL R PDáHM RSRUQRFL ZáDFLZHM VNáDGRZD SU]HZRGQLFWZD FLHSOQHJR Z\QLNDMFD ] UXFKX HOHNWURQyZ MHVW SRGVWDZRZ ZLHONRFL 8G]LDá SU]HZRGQLFWZD VLHFLRZHJR Z VWRSDFK PR*H E\ü ]QDF]Q\ D Z FLD áDFK VWDá\FK E GF\FK ]á\PL SU]HZRGQLNDPL SUGX HOHNWU\F]QHJR FLDáDFK QLHPHWD OLF]Q\FK SU]HZRG]HQLH FLHSáD MHVW ]ZL]DQH JáyZQLH ]H VNáDGRZ VLHFLRZ O 0RGHO IL]\F]Q\ SU]HZRG]HQLD FLHSáD Z FLDáDFK VWDá\FK MHVW RNUHORQ\ QD RJyá SU]H] SUDZR )RXULHUD ZL*FH J VWRü VWUXPLHQLD FLHSáD ] JUDGLHQWHP WHPSHUDWXU\ D W\ONR QLHNLHG\ NRQLHF]QH MHVW XZ]JO GQLHQLH UHODNVDFML J VWRFL VWUXPLHQLD FLHSáD ]ZL]DQHM ] SU]\M FLHP VNRF]RQHM SU GNRFL UR]FKRG]HQLD VL FLHSáD 1LH]E GQH MHVW SRGDQLH UyZQDQLD ELODQVX HQHUJLL L URG]DMX ZDUXQNyZ MHGQR]QDF]QRFL MHJR UR]ZL O
O
H
]DQLD : ]DáR*HQLDFK ELODQVX HQHUJLL PXVLP\ RNUHOLü F]\ UR]SDWUXMH VL XVWDORQH F]\ QLHXVWDORQH SU]HZRG]HQLH FLHSáD RUD] MHJR ZLHORZ\PLDURZRü 'DOV]H ]DáR*HQLD GR W\F] VWDáRFL ZáDFLZRFL WHUPRIL]\F]Q\FK RUD] EUDNX OXE REHFQRFL ZHZQ WU]Q\FK (UyGHá FLHSáD 3UDZR)RXULHUDVIRUPXáRZDQHGODSU]HZRG]HQLDFLHSáD
2SLV PDWHPDW\F]Q\ ]MDZLVND SU]HZRG]HQLD FLHSáD REHMPXMH VIRUPXáRZDQLH SUD ZD SU]HZRG]HQLD FLHSáD UyZQDQLD Uy*QLF]NRZHJR ELODQVX HQHUJLL RUD] ZDUXQNyZ MHGQR]QDF]QRFL MHJR UR]ZL]DQLD 3U]HZRG]HQLH FLHSáD SU]HELHJD QD RJyá ]JRGQLH ] SUDZHP )RXULHUD J VWRü SU]H ZRG]RQHJR VWUXPLHQLD FLHSáD MHVW ZSURVW SURSRUFMRQDOQD GR JUDGLHQWX WHPSHUDWXU\ OJUDG O OXE Z SRVWDFL VNDODUQHM w7 T O wQ JG]LH ± ZHNWRU ]ZDQ\ QDEOD OXE RSHUDWRUHP +DPLOWRQD w w ± SRFKRGQD WHPSH UDWXU\ Z NLHUXQNX SURVWRSDGá\P GR SRZLHU]FKQL L]RWHUPLF]QHM O ± ZVSyáF]\QQLN SU]HZRG]HQLD FLHSáD SU]HZRGQRü FLHSOQD Z\UD*DQ\ Z :PÂ. =QDN PLQXV Z\QL ND ] WHJR *H FLHSáR MHVW SU]HZRG]RQH RG WHPSHUDWXU\ Z\*V]HM GR QL*V]HM U\V
5\V =DOH*QRü ]QDNX J VWRFL VWUXPLHQLD FLHSáD RG JUDGLHQWX WHPSHUDWXU\
*UDGLHQW WHPSHUDWXU\ MHVW ZHNWRUHP >@ NWyU\ PR*QD Z\UD]Lü x Z XNáDG]LH ZVSyáU] GQ\FK SURVWRNWQ\FK NDUWH]MDVNLFK U\V 7 O
w7 w7 w7 O O w[ w\ w]
x
Z XNáDG]LH ZVSyáU] GQ\FK ZDOFRZ\FK F\OLQGU\F]Q\FK 7 O
x
w7 w7 w7 OT O U wU wU w]
Z XNáDG]LH ZVSyáU] GQ\FK NXOLVW\FK VIHU\F]Q\FK w I w w T
w
wT
wI
O V VNáDGRZ\PL ZHNWRUD MHGQRVWNRZHJR 'OD MHGQRNLHUXQNRZHJR SU]HZRG]HQLD FLHSáD QS Z NLHUXQNX RVL VWUXPLH FLH SáD Z\UD*D VL Z QDMF] FLHM VSRW\NDQHM V]F]HJyOQHM SRVWDFL SUDZD )RXULHUD G7 4 O $ G[ 5yZQDQLD ± RERZL]XM ]DUyZQR GOD XVWDORQHJR MDN L QLHXVWDORQHJR SU]H ZRG]HQLD FLHSáD -H*HOL PDP\ GR F]\QLHQLD ] XVWDORQ\P SU]HZRG]HQLHP WR UR]NáDG WHPSHUDWXU\ U\V QLH ]PLHQLD VL Z F]DVLH D VWUXPLH FLHSáD PD ZDUWRü VWDá : SU]\SDGNX QLHXVWDORQHJR SU]HZRG]HQLD FLHSáD V RQH IXQNFM F]DVX
3U]HZRGQRüFLHSOQDLZVSyáF]\QQLNSU]HZRG]HQLDFLHSáD
3U]HZRGQRü FLHSOQD Uy*Q\FK VXEVWDQFML MHVW ]GROQRFL GR Z\UyZQ\ZDQLD HQHU JLL ZHZQ WU]QHM -HM PLDU MHVW ZVSyáF]\QQLN SU]HZRG]HQLD FLHSáD O NWyUHJR ZDUWRü
5\V $ =DNUHV ZDUWRFL ZVSyáF]\QQLND SU]HZRG]HQLD FLHSáD GOD Uy*Q\FK VXEVWDQFML
UW¿F
5\V % :VSyáF]\QQLNL O SU]HZRG]HQLD FLHSáD
]DOH*\ RG URG]DMX FLDáD MHJR VWDQX L VWUXNWXU\ J VWRFL WHPSHUDWXU\ QLHNLHG\ ZLOJRW QRFL D WDN*H LQQ\FK F]\QQLNyZ :VSyáF]\QQLNL O PLHV]F] VL Z EDUG]R V]HURNLFK JUDQLFDFK RG QDMPQLHMV]\FK ZDUWRFL GOD UR]U]HG]RQ\FK JD]yZ Z\QRV]F\FK RNRáR :PÂ. GR RNRáR :PÂ. GOD QLHNWyU\FK PHWDOL Z WHPSHUDWXU]H ]EOL *RQHM GR . RNRáR . 1D U\VXQNX $ SRND]DQR ]DNUHV ZDUWRFL ZVSyáF]\QQLND SU]HZRG]HQLD FLHSáD Z ]DOH*QRFL RG WHPSHUDWXU\ GOD Uy*Q\FK VXEVWDQFML ZDUWRFL OLF]ERZH ]D QD U\V %
:VSyáF]\QQLNSU]HZRG]HQLDFLHSáDFLDáVWDá\FKPHWDOLF]Q\FK 1DMZL NV]H ZVSyáF]\QQLNL SU]HZRG]HQLD FLHSáD PDM PHWDOH 3U]HZRG]HQLH FLH SáD PHWDOL SRGREQLH MDN SU]HZRGQLFWZR HOHNWU\F]QH MHVW ]ZL]DQH ] UXFKHP VZRERG
Q\FK HOHNWURQyZ ZHZQWU] PHWDOX =DOH*QRü PL G]\ HOHNWURQRZ\P SU]HZRGQLFWZHP FLHSOQ\P O0 D SU]HZRGQLFWZHP HOHNWU\F]Q\P V0 RSLVXMH SUDZR :LHGHPDQQD±)UDQ]D± /RUHQ]D ] U >@
/
O0 V 07
JG]LH / ± OLF]ED /RUHQ]D V0 ± SU]HZRGQRü HOHNWU\F]QD = UR]ZD*D UXFKX HOHNWURQyZ ZHGáXJ VWDW\VW\NL )HUPLHJR±'LUDFD RWU]\PDQR UyZQDQLH RSLVXMFH OLF]E /RUHQ]D
/
§ ¨ ©
%· ] ¸¹
9.
JG]LH % ± OLF]ED %ROW]PDQQD ] ± áDGXQHN HOHNWURQX = QDMQRZV]\FK EDGD Z\QLND MHGQDN *H ZDUWRFL GRZLDGF]DOQH OLF]E\ /RUHQ]D Uy*QL VL QLHFR RG ZDUWRFL WHRUHW\F]Q\FK REOLF]RQ\FK ] UyZQDQLD SRU WDEH OD 7DEHOD :DUWRFL OLF]E\ /RUHQ]D GOD PHWDOL Z WHPSHUDWXU]H L G&
0HWDO $OXPLQLXP %L]PXW .DGP 0LHG( =áRWR ,U\G )HOD]R 2áyZ 0ROLEGHQ 1LNLHO 3DOODG 3ODW\QD 5HQ 6UHEUR &\QD :ROIUDP &\QN
/LF]ED /RUHQ]D G&
G&
3U]HZRGQRü FLHSOQD FLDá NU\VWDOLF]Q\FK Z W\P PHWDOL QD RJyá PDOHMH ]H Z]URVWHP WHPSHUDWXU\ U\V DOH QS ZVSyáF]\QQLNL SU]HZRG]HQLD FLHSáD SODW\Q\ ERUX F]\ UW FL ]ZL NV]DM VL ]H Z]URVWHP WHPSHUDWXU\ &LDáD NU\VWDOLF]QH Z\ND]XM WH* DQL]RWURSRZRü
SU]HZRGQRFL FLHSOQHM :DUWRFL ZVSyáF]\QQLNyZ SU]HZRG]HQLD FLHSáD ]DOH* WH* RG F]\ VWRFL FKHPLF]QHM PHWDOX GOD F]\VWHM PLHG]L QS O :PÂ. D GOD PLHG]L ]DQLH F]\V]F]RQHM ODGRZ LORFL DUVHQX ± RNRáR :PÂ. 7DN*H SU]HZRGQLFWZR FLHSOQH VWRSyZ PHWDOL MHVW JRUV]H QL* LFK F]\VW\FK VNáDGQLNyZ U\V %
5\V =DOH*QRü ZVSyáF]\QQLND SU]HZRG]HQLD FLHSáD PHWDOL RG WHPSHUDWXU\
:VSyáF]\QQLNSU]HZRG]HQLDFLHSáDZFLDáDFKQLHPHWDOLF]Q\FK
'X* JUXS FLDá QLHPHWDOLF]Q\FK VWDQRZL GLHOHNWU\NL &LDáD WH RG]QDF]DM VL PD á SU]HZRGQRFL HOHNWU\F]Q RUD] FLHSOQ 3U]HZRG]HQLH FLHSáD RGE\ZD VL Z QLFK ]D SRUHGQLFWZHP GUJD VLHFL IRQRQyZ 2GU EQ JUXS VWDQRZL PDWHULDá\ EXGRZODQH L]RODF\MQH L RJQLRRGSRUQH FHUDPLF]QH NWyU\FK ZVSyáF]\QQLNL SU]HZRG]HQLD FLHSáD V Z SU]\EOL*HQLX PQLHMV]H RG :PÂ. U\V QD]\ZDQH PDWHULDáDPL L]RODF\M Q\PL >@ 1D RJyá V WR PDWHULDá\ SRURZDWH ZáyNQLVWH OXE ]LDUQLVWH Z NWyU\FK SRU\ V Z\SHáQLRQH SRZLHWU]HP OXE JD]HP R ]QDF]QLH PQLHMV]\P ZVSyáF]\QQLNX SU]HZRG]H QLD FLHSáD :VSyáF]\QQLN SU]HZRG]HQLD FLHSáD WDNLFK PDWHULDáyZ MHVW ZLHONRFL XPRZQ XMPXMF RSUyF] SU]HZRG]HQLD FLHSáD SU]H] VWUXNWXU FLDáD VWDáHJR UyZQLH* SU]HZR G]HQLH FLHSáD L NRQZHNFM Z JD]LH ]DZDUW\P ZHZQWU] SRUyZ D QLHNLHG\ L XG]LDá SURPLHQLRZDQLD PL G]\ FLDQNDPL SRUyZ *D]\ R QDMPQLHMV]\FK ZVSyáF]\QQLNDFK
SU]HZRG]HQLD FLHSáD ]PQLHMV]DM SU]HZRGQRü FLHSOQ PDWHULDáX SRURZDWHJR L GODWHJR ZVSyáF]\QQLNL SU]HZRG]HQLD FLHSáD L]RODF\MQ\FK PDWHULDáyZ SRURZDW\FK ]PQLHMV]DM VL ]H Z]URVWHP SRURZDWRFL Z PLDU MDN PDOHMH J VWRü WDNLHJR PDWHULDáX 3RGVWD ZRZ\ ZSá\Z QD ZVSyáF]\QQLN SU]HZRG]HQLD FLHSáD PDWHULDáyZ SRURZDW\FK PD ]D ZLOJRFHQLH 'OD VXFKHM FHJá\ QS O :PÂ. D SR MHM ]DZLOJRFHQLX QDZHW RNR áR :PÂ. SRGF]DV JG\ ZVSyáF]\QQLN SU]HZRG]HQLD FLHSáD ZRG\ Z\QRVL W\ONR RNRáR :PÂ. :\QLND WR ] NRQZHNF\MQHM Z\PLDQ\ FLHSáD ]ZL]DQHM ] NDSLODU Q\P SU]HSá\ZHP ZRG\
5\V =DOH*QRü ZVSyáF]\QQLND SU]HZRG]HQLD FLHSáD RG WHPSHUDWXU\ PDWHULDáyZ L]RODF\MQ\FK L RJQLRWUZDá\FK ± SRZLHWU]H ± ZDWD PLQHUDOQD U NJP ± ZDWD *X*ORZD U NJP ± QHZHO U NJP ± VRZLHOLW 7 NJP ± FHJáD GLDWRPRZD 7 NJP ± FHJáD F]HUZRQD U NJP ± FHJáD *X*ORZD U NJP ± FHJáD V]DPRWRZD U NJP
:VSyáF]\QQLN SU]HZRG]HQLD FLHSáD ]DOH*\ UyZQLH* RG WHPSHUDWXU\ GOD FLDá QLH PHWDOLF]Q\FK MHVW WR Z V]HURNLP ]DNUHVLH ]DOH*QRü URVQFD SURVWROLQLRZD : SU]\ SDGNX PDWHULDáyZ SRURZDW\FK Z\QLND WR ]H Z]URVWX ZVSyáF]\QQLND SU]HZRG]HQLD FLHSáD SRZLHWU]D ]DZDUWHJR Z SRUDFK 'ODWHJR SRZ\*HM q& LVWRWQ\ XG]LDá Z ]ZL NV]HQLX ZVSyáF]\QQLND SU]HZRG]HQLD FLHSáD PD SURPLHQLRZDQLH
:VSyáF]\QQLNSU]HZRG]HQLDFLHSáDFLHF]\
:VSyáF]\QQLNL SU]HZRG]HQLD FLHSáD FLHF]\ QLHPHWDOLF]Q\FK SU]\MPXM ZDUWRFL SRUHGQLH RG :PÂ. GR :PÂ. U\V Z FLHF]DFK PHWDOLF]Q\FK V RQH ]QDF]QLH ZL NV]H SU]\NáDGRZR GOD UW FL O :PÂ. -DN ZLGDü ] U\V ZVSyáF]\QQLN SU]HZRG]HQLD FLHSáD Z FLHF]DFK ] UHJXá\ XOHJD ]PQLHMV]HQLX ]H Z]UR VWHP WHPSHUDWXU\ ] Z\MWNLHP ZRG\ L JOLFHU\Q\ GOD NWyU\FK URQLH RQ ] WHPSHUDWXU
5\V =DOH*QRü ZVSyáF]\QQLND SU]HZRG]HQLD FLHSáD RG WHPSHUDWXU\ GOD FLHF]\ ± JOLFHU\QD ± NZDV PUyZNRZ\ ± DONRKRO PHW\ORZ\ ± DONRKRO HW\ORZ\ ± ROHM U\F\QRZ\ ± DQLOLQD ± NZDV RFWRZ\ ± DFHWRQ ±DONRKRO EXW\ORZ\ ± QLWUREHQ]HQ ± DONRKRO L]RSURS\ORZ\ ± EHQ]HQ ± WROXHQ ± NV\OHQ ± ZD]HOLQD ± ZRGD QD VNDOL SR SUDZHM VWURQLH
: OLWHUDWXU]H PR*QD ]QDOH(ü NLOND UyZQD VáX*F\FK GR REOLF]DQLD ZVSyáF]\QQLND SU]HZRG]HQLD FLHSáD .DOLQRZVNL >@ SRGDMH Z]yU :HEHUD U O .U Z NWyU\P F ± FLHSáR ZáDFLZH -NJÂ. U ± J VWRü NJP 0 ± PDVD PRORZD +REOHU >@ ]DOHFD REOLF]Dü SU]HZRGQLFWZR FLHSOQH UR]WZRUyZ ] Z]RUX O ¦Z O
b
Q
P
L
L L
Z NWyU\P Z ± XG]LDá PDVRZ\ VNáDGQLNyZ Z UR]WZRU]H O ± ZVSyáF]\QQLNL SU]HZR G]HQLD FLHSáD GOD F]\VW\FK VNáDGQLNyZ UR]WZRUX L
L
:VSyáF]\QQLNSU]HZRG]HQLDFLHSáDJD]yZ
*D]\ Z W\P SRZLHWU]H Z\ND]XM QDMPQLHMV]H ZDUWRFL ZVSyáF]\QQLNyZ SU]HZR G]HQLD FLHSáD PLHV]F]FH VL Z ]DNUHVLH ± :PÂ. U\V
5\V =DOH*QRü ZVSyáF]\QQLND SU]HZRG]HQLD FLHSáD RG WHPSHUDWXU\ GOD JD]yZ ± SDUD ZRGQD ± WOHQ ±GLWOHQHN Z JOD ± SRZLHWU]H ± D]RW ± DUJRQ
= WHRULL NLQHW\F]QHM JD]yZ RWU]\PDQR ]DOH*QRü ZVSyáF]\QQLND SU]HZRG]HQLD FLHSáD RG FLHSáD ZáDFLZHJR F L G\QDPLF]QHJR ZVSyáF]\QQLND OHSNRFL K O GF K JG]LH G MHVW ZVSyáF]\QQLNLHP ]DOH*Q\P RG OLF]E\ DWRPyZ Z F]VWHF]FH JD]X :HGáXJ (XFNHQD >@ GR REOLF]DQLD G PR*QD ]DVWRVRZDü Z]yU HPSLU\F]Q\ G N ± Z NWyU\P N MHVW Z\NáDGQLNLHP DGLDEDW\ N F F 0R*QD VWRVRZDü UyZQLH* RJyOQ ]DOH*QRü O I 7 S Y
;
S
7
7
Y
7
1D U\VXQNX SRND]DQR ]DOH*QRü ]UHGXNRZDQHJR ZVSyáF]\QQLND SU]HZRG]HQLD O RG FLQLHQLD ]UHGXNRZDQHJR L WHPSHUDWXU\ $E\ REOLF]\ü U]HF]\ ZLVW ZDUWRü O QDOH*\ SRPQR*\ü ZDUWRü O SU]H] O RGF]\WDQH ] WDEHOL
5\V =UHGXNRZDQ\ ZVSyáF]\QQLN SU]HZRG]HQLD FLHSáD JD]yZ Z IXQNFML WHPSHUDWXU\ ]UHGXNRZDQHM L ]UHGXNRZDQHJR FLQLHQLD 7DEHOD :DUWRFL NU\W\F]Q\FK ZVSyáF]\QQLNyZ SU]HZRG]HQLD FLHSáD ONU :PÂ. ZHGáXJ >@ *D] $FHWRQ $FHW\OHQ $PRQLDN $UJRQ $]RW %HQ]HQ &KORUHN HW\OX &KORURIRUP 7HWUDFKORUHN Z JOD
ONU
*D]
ONU
*D]
ONU
'LFKORURGZXIOXRURPHWDQ 'LWOHQHN VLDUNL 'LWOHQHN Z JOD (WDQ (WHU HW\ORZ\ (W\OHQ +HO +HSWDQ .U\SWRQ
.VHQRQ 0HWDQ 1HRQ 2FWDQ HW\OX 3RGWOHQHN D]RWX 7OHQHN D]RWX 7OHQHN Z JOD :RGD :RGyU
1DMGRNáDGQLHMV]H ZDUWRFL ZVSyáF]\QQLNyZ SU]HZRG]HQLD FLHSáD PR*QD MHGQDN RWU]\PDü ] SRPLDUyZ GRZLDGF]DOQ\FK DOER ] WDEHO OXE Z\NUHVyZ RSDUW\FK QD EH]SR UHGQLFK SRPLDUDFK 8VWDORQ\UXFKFLHSáD SU]H]SU]HZRG]HQLHZFLDQLHSáDVNLHM
: QDMSURVWV]\P SU]\SDGNX WM GOD FLDQ\ SáDVNLHM MHM SRZLHU]FKQLD SU]HNURMX SR SU]HF]QHJR MHVW VWDáD FRQVW -H*HOL PDWHULDá ] NWyUHJR MHVW Z\NRQDQD WD FLDQND MHVW MHGQRURGQ\ D FDáNRZLWD Uy*QLFD WHPSHUDWXU\ QLHZLHOND WR ZVSyáF]\QQLN SU]HZR G]HQLD PD ZDUWRü VWDá O FRQVW : W\P SU]\SDGNX UyZQDQLH )RXULHUD G7 4 O $ G[ GR 3R PR*QD VFDáNRZDü Z JUDQLFDFK U\V RG GR L RG UR]G]LHOHQLX ]PLHQQ\FK 4 ³ G[ O $ ³ G7
L VFDáNRZDQLX RWU]\PXMHP\
D
O % % "8
5\V 5R]NáDG WHPSHUDWXU\ Z FLDQFH SáDVNLHM
3R SRG]LHOHQLX SU]H] RUD] ZSURZDG]HQLX ]QDNX PLQXV GR Z\UD*HQLD Z QDZLDVLH RWU]\PXMHP\ Z]yU QD VWUXPLH FLHSáD SU]HZRG]RQHJR SU]H] MHGQRZDUVWZRZ FLDQ
SáDVN O O E 4 $ 7 7 $û7 V V
:VSyáF]\QQLN SU]HZRG]HQLD FLHSáD O RNUHOD HQHUJL FLHSOQ Z G*XODFK NWyUD Z FLJX VHNXQG\ SU]HSá\ZD ]H FLDQ\ R SRZLHU]FKQL P GR FLDQ\ SU]HFLZOHJáHM JG\ ' .
'HILQLFMDRSRUXFLHSOQHJR
=H Z]JO GX QD SRGRELHVWZR SU]HSá\ZX VWUXPLHQLD FLHSáD GR SU]HSá\ZX SUGX HOHNWU\F]QHJR GR DQDOL]\ SU]HND]\ZDQLD FLHSáD ZSURZDG]RQR SRM FLH RSRUX FLHSOQH JR >@ :\NRU]\VWXMHP\ WXWDM DQDORJL PL G]\ UyZQDQLDPL RSLVXMF\PL UXFK FLHSáD D UyZQDQLHP Z\UD*DMF\P SUDZR 2KPD SRGF]DV SU]HSá\ZX SUGX HOHNWU\F]QHJR û8 ,5 3U]\MPXMHP\ *H ZDUWRFL VSDGNX QDSL FLD ' RGSRZLDGD Z UXFKX FLHSáD Uy*QLFD WHPSHUDWXU\ ' QDW *HQLH SUGX MHVW ZLHONRFL DQDORJLF]Q GR VWUXPLHQLD FLHSOQH JR D RSRURZL HOHNWU\F]QHPX SU]\SLVXMHP\ RSRU\ FLHSOQH Z\QLNDMFH ] UyZ QD UXFKX FLHSáD 1D WHM SRGVWDZLH UyZQDQLH )RXULHUD GOD XVWDORQHJR SU]HZRG]HQLD FLHSáD Z\UD]LP\ Z QDVW SXMF\ VSRVyE û7 4 5O L RWU]\PDP\ Z]yU QD RSyU FLHSOQ\ SU]HZRG]HQLD FLHSáD û7 5O 4O 1D WHM SRGVWDZLH RWU]\PXMHP\ UyZQDQLD RSRUyZ FLHSOQ\FK GOD SRV]F]HJyOQ\FK SU]\ SDGNyZ UXFKX FLHSáD 2SyU FLHSOQ\ SU]HZRG]HQLD FLHSáD Z FLDQFH SáDVNLHM RNUHOD UyZQDQLH û% 8 #O " O VWUXPLH FLHSOQ\ ]D PR*HP\ RSLVDü UyZQDQLHP 7 7 4 5
O
5R]NáDGWHPSHUDWXU\ZFLDQFHSáDVNLHM
5y*QLF]NRZH UyZQDQLH )RXULHUD SU]HNV]WDáFDP\ GR SRVWDFL
O
-HOL ]DWHP UXFK FLHSáD MHVW XVWDORQ\ WR FRQVW RUD] MHOL FRQVW L O FRQVW WR FRQVW F]\OL WHPSHUDWXUD ]PLHQLD VL Z]GáX* GURJL SURVWROLQLRZR /LQLRZ ]DOH*QRü WHPSHUDWXU\ RG RGOHJáRFL RWU]\PXMHP\ UyZQLH* SU]H] FDáNR ZDQLH Uy*QLF]NRZHJR UyZQDQLD )RXULHUD SR UR]G]LHOHQLX ]PLHQQ\FK Z JUDQL FDFK RG GR RUD] RG GR
7[
3R VFDáNRZDQLX RWU]\PXMHP\
7
[
O ³
O
D
[
³
SR GDOV]\FK SU]HNV]WDáFHQLDFK ]D
-DN ZLGDü ] UyZQD L LP ZL NV]H ZDUWRFL ZVSyáF]\QQLND SU]HZR G]HQLD FLHSáD PD PDWHULDá FLDQNL W\P PQLHMV]H Z\VWSL JUDGLHQW\ WHPSHUDWXU\ U\V *G\ SROH SU]HNURMX SRSU]HF]QHJR OXE ZVSyáF]\QQLN SU]HZRG]HQLD ]PLHQLD VL Z]GáX* GURJL UXFKX FLHSáD JUDGLHQW WHPSHUDWXU\ UyZQLH* VL ]PLHQLD ± QLH MHVW VWDá\ U\V
O
5\V 5R]NáDG WHPSHUDWXU\ Z FLDQNDFK SáDVNLFK GOD PDá\FK L GX*\FK ZVSyáF]\QQLNyZ SU]HZRG]HQLD FLHSáD
5\V 5R]NáDG WHPSHUDWXU\ Z FLDQFH SáDVNLHM JG\ ZVSyáF]\QQLN SU]HZRG]HQLD FLHSáD ]DOH*\ RG WHPSHUDWXU\
2WU]\PDQLH GX*\FK VWUXPLHQL FLHSáD Z\PDJD ]DVWRVRZDQLD PDWHULDáyZ R ]QDF]Q\FK ZDUWRFLDFK ZVSyáF]\QQLND SU]HZRG]HQLD FLHSáD L PDá\FK RSRUDFK FLHSOQ\FK PDá\FK ZDUWRFLDFK O $E\ QDWRPLDVW ]PQLHMV]\ü VWUXPLH FLHSOQ\ QDOH*\ X*\ü PDWHULDáyZ Z\ND]XMF\FK GX*H RSRU\ FLHSOQH F]\OL PDWHULDáyZ L]RODF\MQ\FK
8VWDORQHSU]HZRG]HQLHFLHSáD ZZLHORZDUVWZRZHMFLDQLHSáDVNLHM
3U]\MPLMP\ *H FLDQD SáDVND VNáDGD VL ] QDáR*RQ\FK QD VLHELH ZDUVWZ ] NWyU\FK ND*GD FKDUDNWHU\]XMH VL JUXERFL L ZVSyáF]\QQLNLHP SU]HZRG]HQLD FLHSáD O FLDQ
WDN PR*HP\ UR]ZD*Dü MDNR SRZLHU]FKQL MHGQRZDUVWZRZ\FK SRU U\V SU]\NáDG SU]HJURG\ WUyMZDUVWZRZHM 2WU]\PDP\ ZyZF]DV UyZQD VWUXPLHQLD FLHSáD x GOD ZDUVWZ\ 7 7 O 4 $ 7 7 V 5O x GOD ZDUVWZ\ 7 7 O 4 $ 7 7 V 5O x GOD WHM ZDUVWZ\ 7 7 O 4 $ 7 7 V 5
5\V 5R]NáDG WHPSHUDWXU\ Z WUyMZDUVWZRZHM FLDQFH SáDVNLHM
3R SRPQR*HQLX UyZQD ± SU]H] RWU]\PXMHP\
3R ]VXPRZDQLX W\FK UyZQD VWURQDPL RWU]\PXMHP\ O O O 3R ZSURZDG]HQLX RSRUX ]DVW SF]HJR MDNR VXP\ RSRUyZ áF]RQ\FK V]HUHJRZR O ¦ O ¦ O RWU]\PXMHP\ Z]yU GR REOLF]DQLD VWUXPLHQLD FLHSáD SU]HZRG]RQHJR SU]H] SáDVN SU]H JURG ZDUVWZRZ 7 7 4 5O 5yZQDQLH WR MHVW LGHQW\F]QH ] UyZQDQLHP DOH RSyU O MHVW WXWDM RSRUHP VXPDU\F]Q\P
8VWDORQHSU]HZRG]HQLHFLHSáD ZMHGQRZDUVWZRZHMFLDQLHUXURZHM
3U]\MPLMP\ *H FLDQD UXURZD MHVW Z\NRQDQD ] PDWHULDáX R ZVSyáF]\QQLNX SU]H ZRG]HQLD FLHSáD O QLH]DOH*Q\P RG WHPSHUDWXU\ L F]DVX 5R]PLDU\ UXU\ U\V V RNUHORQH SU]H] MHM UHGQLF ZHZQ WU]Q L ]HZQ WU]Q RUD] GáXJRü
5\V 5R]NáDG WHPSHUDWXU\ Z FLDQFH UXURZHM
'OD XVWDORQHJR SU]HZRG]HQLD FLHSáD SU]H] FLDQN UXU\ ]DSLV]HP\ UyZQDQLH )RXULHUD Z SRVWDFL Uy*QLF]NRZHM
Z NWyU\P ]PLHQQ\PL V SROH SRZLHU]FKQL WHPSHUDWXUD WHPSHUDWXUD ZH ZQ WU]QHM FLDQ\ UXU\ Z\QRVL ]HZQ WU]QHM ]D RUD] GURJD NWyU VWDQRZL SUR PLH ]PLHQLDMF\ VL Z JUDQLFDFK RG GR 3ROH SRZLHU]FKQL PR*HP\ ]DSLVDü MDNR IXQNFM ]PLHQQHM QLH]DOH*QHM $ U/ 3R SRGVWDZLHQLX GR UyZQDQLD RWU]\PXMHP\ UyZQDQLH G7 4 O /U GU NWyUH PD GZLH ]PLHQQH ]DOH*Q L QLH]DOH*Q 3R UR]G]LHOHQLX ]PLHQQ\FK UyZQDQLH WR SU]\MPXMH SRVWDü GU 4 O /G7 U &DáNXMHP\ MH Z JUDQLFDFK RG GR G RUD] RG GR 4
O $
G7 GU
³
L RWU]\PXMHP\ UyZQDQLH
O ³
G · 4 § G OQ OQ ¸ ¨ O / © ¹
7 7
NWyUH SR SURVW\P SU]HNV]WDáFHQLX SU]\MPXMH SRVWDü O OQ /RJDU\WPLF]QH UyZQDQLH RNUHOD UR]NáDG WHPSHUDWXU\ Z FLDQFH UXU\ SRG F]DV XVWDORQHJR SU]HZRG]HQLD FLHSáD RG WHPSHUDWXU\ GR WHPSHUDWXU\ U\V $E\ REOLF]\ü VWUXPLH FLHSáD UyZQDQLH Uy*QLF]NRZH FDáNXMHP\ Z JUDQL FDFK RG GR JG\ WHPSHUDWXUD ]PLHQLD VL RG GR
4
GU U
³
O / ³ G7
3R VFDáNRZDQLX RWU]\PXMHP\ Z\UD*HQLH
4 OQ
G G
O / 7 7
3R XSRU]GNRZDQLX RWU]\PXMHP\ Z]yU RNUHODMF\ VWUXPLH FLHSáD O
OQ 3R SRPQR*HQLX OLF]QLND L PLDQRZQLND SU]H] Z\UD*HQLH V ± RWU]\PXMHP\
§ · ¨ G G ¸ O / ¨ ¸ 7 7 4 V ¨ OQ G ¸ ¨ G ¸ ¹ © § · ¨ O $ $ ¸ ¨ ¸ 7 7 V ¨ OQ $ ¸ ¨ $ ¸¹ ©
§ · ¨ O / 8 8 ¸ ¨ ¸ 7 7 V ¨ OQ 8 ¸ ¨ 8 ¸ ¹ ©
O
V
$ 7 7
JG]LH S ± REZyG UXU\ P S ± SRZLHU]FKQLD UXU\ P 3R XZ]JO GQLHQLX RSRUX FLHSOQHJR SU]HZRG]HQLD FLHSáD SU]H] FLDQ UXURZ
OQ
5O
G G
O
RWU]\PXMHP\ UyZQDQLH
5yZQDQLD ± SR]ZDODM REOLF]Dü VWUXPLH FLHSOQ\ JG\ G\VSRQXMHP\ SRGVWDZRZ\PL GDQ\PL GRW\F]F\PL RSRUX FLHSOQHJR SU]HZRG]HQLD FLHSáD L ZDUWRFL WHPSHUDWXU\ QD FLDQFH UXURZHM 4
/
7 7 5O
8VWDORQHSU]HZRG]HQLHFLHSáD ZZLHORZDUVWZRZHMFLDQLHUXURZHM
3U]\MPLMP\ *H WUyMZDUVWZRZD FLDQD UXURZD MHVW Z\NRQDQD ] PDWHULDáyZ R ZVSyáF]\QQLNDFK SU]HZRG]HQLD FLHSáD O O O QLH]DOH*Q\FK RG WHPSHUDWXU\ L F]D VX 5R]PLDU\ ND*GHM FLDQNL UXURZHM U\V V RNUHORQH SU]H] MHM UHGQLF ZH
ZQ WU]Q ]HZQ WU]Q RUD] GáXJRü 'OD XVWDORQHJR SU]HZRG]HQLD FLHSáD SU]H] FLDQN UXU\ R WHPSHUDWXU]H ZHZQ WU]QHM FLDQ\ RUD] ]HZQ WU]QHM UyZQDQLH )R XULHUD ]DSLV]HP\ Z SRVWDFL
5\V 5R]NáDG WHPSHUDWXU\ Z WUyMZDUVWZRZHM FLDQFH UXURZHM
2WU]\PDP\ ]DWHP XNáDG UyZQD GOD NROHMQ\FK ZDUVWZ GOD ZDUVWZ\ ZHZQ WU]QHM
x
x
x
4
/
7 7 5O
4
/
7 7 5O
GOD ZDUVWZ\ QDVW SQHM GOD ZDUVWZ\ WHM ]HZQ WU]QHM
3R SRG]LHOHQLX UyZQD SU]H] S O L SURVW\FK SU]HNV]WDáFHQLDFK RWU]\PXMHP\ O
4
/
7 7 5O
O
3R GRGDQLX VWURQDPL L Z\FLJQL FLX Z\UD]X S SU]HG QDZLDV RWU]\PXMHP\ O O O
3U]\MPLMP\ *H VXPD RSRUyZ O MHVW RSRUHP Z\SDGNRZ\P ZLHORZDUVWZRZHM FLDQ\ UXURZHM R ZDUVWZDFK áF]RQ\FK V]HUHJRZR OQ O ¦ O ¦ O = UyZQDQLD RWU]\PDP\ ZyZF]DV Z\UD*HQLH QD VWUXPLH FLHSáD SU]HZRG]RQHJR SU]H] UXURZ FLDQ ZLHORZDUVWZRZ 7 7 4 / 5O 5yZQDQLH WR MHVW LGHQW\F]QH Z EXGRZLH ] UyZQDQLHP GOD SRMHG\QF]HM FLDQ\ UX URZHM DOH WXWDM RSyU 5O MHVW RSRUHP VXPDU\F]Q\P O
U
:QLNDQLHFLHSáD
3RGF]DV EXU]OLZHJR SU]HSá\ZX Sá\QX Z]GáX* SU]HJURG\ SáDVNLHM OXE R GRZROQHM NU]\ZL(QLH UR]NáDG SU GNRFL Z NLHUXQNX SURVWRSDGá\P GR SU]HJURG\ MHVW OLQLRZ\ D QD MHM SRZLHU]FKQL SU GNRü MHVW UyZQD ]HUX =JRGQLH ] KLSRWH] 3UDQGWOD U Z SREOL*X SU]HJURG\ LVWQLHMH W]Z ZDUVWHZND JUDQLF]QD HOHPHQW\ Sá\QX JD]X OXE FLHF]\ SU]HSá\ZDM Z QLHM UXFKHP XZDUVWZLRQ\P Z ZDUVWZDFK UyZQROHJá\FK GR NLHUXQNX SU]HSá\ZX >@
5\V 5R]ZLQL FLH ZDUVWZ\ JUDQLF]QHM ± ZDUVWZD ODPLQDUQD ± REV]DU SU]HMFLRZ\ ± ZDUVWZD WXUEXOHQWQD ± SRGZDUVWZD ODPLQDUQD ± SRGZDUVWZD EXIRURZD
1D U\VXQNX SRND]DQR ODPLQDUQ ZDUVWHZN JUDQLF]Q REV]DU SU]HMFLR Z\ WXUEXOHQWQ ZDUVWZ RUD] W]Z SRGZDUVWZ ODPLQDUQ *UXERü ODPLQDU QHM ZDUVWHZNL JUDQLF]QHM MHVW EDUG]R PDáD RN P L QD RJyá QLH MHVW RQD Z\]QDF]DQD GRZLDGF]DOQLH ,VWRWQH MHVW MHGQDN WR *H Z ZDUVWHZFH WHM UXFK FLHSáD RG SU]HJURG\ OXE Z NLHUXQNX SU]HFLZQ\P ]DFKRG]L SU]H] SU]HZRG]HQLH :\WZDU]D VL SU]\ W\P W]Z WHUPLF]QD ZDUVWZD SU]\FLHQQD SR]D NWyU WHPSHUDWXUD Sá\QX QLH ]PLHQLD VL Z NLHUXQ NX SURVWRSDGá\P GR UR]SDWU\ZDQHM SRZLHU]FKQL *UXERü ZDUVWHZNL JUDQLF]QHM ]DOH*\ SU]HGH ZV]\VWNLP RG NV]WDáWX SRZLHU]FKQL RSá\ZDQHM Sá\WD OXE FLDQD UXU\ SRZLHU]FK QLD F]VWNL NXOLVWHM DOER LQQD EU\áD OHF] WDN*H RG WDNLFK ZáDFLZRFL Sá\QX MDN OHSNRü L J VWRFL RUD] RG SU GNRFL OLQLRZHM SU]HSá\ZX VWUXPLHQLD : ZL NV]HM RGOHJáRFL RG FLDQ\ HOHPHQW\ Sá\QX SU]HPLHV]F]DM VL UyZQLH* Z NLHUXQNX SRSU]HF]Q\P L SU]HMPRZDQLH FLHSáD ZL*H VL ] NRQZHNFM F]\OL UXFKHP PDNURVNRSRZ\FK F] FL Sá\QX Uy*QLF\FK VL WHPSHUDWXU 3U]HQRV]HQLH HQHUJLL FLHSOQHM RG SU]HJURG\ GR UG]HQLD VWUXPLHQLD Sá\QX OXE Z SU]HFLZQ\P NLHUXQNX REHM PXMH ]DUyZQR SU]HZRG]HQLH Z ZDUVWZLH JUDQLF]QHM ]ZDQHM ZDUVWZ SU]\FLHQQ OXE ±
ZDUVWZ 3UDQGWOD MDN L NRQZHNFM Z UG]HQLX Sá\QX 7HQ áF]Q\ UXFK FLHSáD MHVW QD]\ ZDQ\ ZQLNDQLHP FLHSáD +REOHU >@ D QLHNLHG\ SU]HMPRZDQLHP FLHSáD :LQLHZVNL :LQLHZVNL >@ .DOLQRZVNL >@ 3RGVWDZRZH UyZQDQLH UXFKX FLHSáD PL G]\ SRZLHU]FKQL SU]HJURG\ D Sá\QHP ]QDMGXMF\P VL ] QL Z NRQWDNFLH PD QDVW SXMF SRVWDü " D û% JG]LH ± VWUXPLH FLHSáD -V D ± ZVSyáF]\QQLN ZQLNDQLD FLHSáD RG UG]HQLD Sá\QX GR SRZLHU]FKQL SU]HJURG\ OXE RG SU]HJURG\ GR Sá\QX :P Â. ± SRZLHU]FKQLD SU]HJURG\ Z NRQWDNFLH ] Sá\QHP P ' ± Uy*QLFD WHPSHUDWXU\ Z UG]HQLX Sá\QX L QD SRZLHU]FKQL SU]HJURG\ . 5yZQDQLH WR QD]ZDQR UyZQDQLHP 1HZWRQD :VSyáF]\QQLN ZQLNDQLD FLHSáD D Z\UD*D LORü FLHSáD Z G*XODFK NWyUD MHVW Z\PLHQLD QD Z MHGQRVWFH F]DVX W V QD MHGQRVWNRZHM SRZLHU]FKQL P JG\ ' . :QLNDQLH FLHSáD Z XNáDG]LH SRZLHU]FKQLD SU]HJURG\±Sá\Q PR*H ]DFKRG]Lü QD WU]\ Uy*QH VSRVRE\ x Z ]DNUHVLH SU]HSá\ZX XZDUVWZLRQHJR ± SU]H] SU]HZRG]HQLH x Z ]DNUHVLH SU]HSá\ZX EXU]OLZHJR ± SU]H] SU]HZRG]HQLH Z ZDUVWZLH SU]\FLHQQHM L NRQZHNF GR UG]HQLD Sá\QX x JG\ LVWRWQ\ MHVW UyZQLH* XG]LDá SURPLHQLRZDQLD FDáNRZLW\ ZVSyáF]\QQLN ZQLND QLD FLHSáD D REHMPXMH Z ]DOH*QRFL RG FKDUDNWHUX SU]HSá\ZX Sá\QX DOER O L W]Z ]DVW SF]\ ZVSyáF]\QQLN ZQLNDQLD FLHSáD SU]H] SURPLHQLRZDQLH D DOER NRQZHNF\MQ\ ZVSyáF]\QQLN ZQLNDQLD FLHSáD D L ]DVW SF]\ ZVSyáF]\QQLN ZQLNDQLD FLHSáD D =D VW SF]\ ZVSyáF]\QQLN ZQLNDQLD FLHSáD D RNUHOD LORü FLHSáD MDND MHVW Z\PLHQLDQD PL G]\ SRZLHU]FKQL SU]HJURG\ L UG]HQLHP Sá\QX SU]H] SURPLHQLRZDQLH GOD W V $ P ' . :VSyáF]\QQLN ZQLNDQLD FLHSáD MHVW IXQNFM FLQLHQLD D WDN*H ZLHOX ]PLHQQ\FK ]D OH*Q\FK RG WHPSHUDWXU\ WDNLFK MDN ZVSyáF]\QQLN SU]HZRG]HQLD FLHSáD J VWRü OHS NRü RUD] FLHSáR ZáDFLZH =DOH*\ RQ UyZQLH* RG SU GNRFL L FKDUDNWHUX SU]HSá\ZX Sá\QX RUD] RG NV]WDáWX UR]SDWU\ZDQHM SRZLHU]FKQL Z\PLDQ\ FLHSáD 1D ZDUWRFL ZVSyáF]\QQLNyZ ZQLNDQLD FLHSáD ZSá\ZDM UyZQLH* ]PLDQ\ VWDQX VNXSLHQLD ± ]MDZL VND WRZDU]\V]FH ZU]HQLX FLHF]\ OXE VNUDSODQLX SDU\ RUD] VSRVyE SU]HMPRZDQLD FLH SáD Z ]DOH*QRFL RG WHJR F]\ UXFK FLHSáD MHVW XVWDORQ\ F]\ QLHXVWDORQ\ :QLNDQLH FLHSáD MHVW ]DWHP VNRPSOLNRZDQ\P ]MDZLVNLHP ]ZL]DQ\P EH]SRUHGQLR ] PHFKDQLN Sá\QyZ 6Lá QDS GRZ UXFKX FLHSáD MHVW Uy*QLFD WHPSHUDWXU\ ' RGSRZLDGDMFD JUD GLHQWRZL WHPSHUDWXU\ QD GURG]H SU]HSá\ZX FLHSáD :VSyáF]\QQLN ZQLNDQLD FLHSáD PR*H VL ]PLHQLDü Z F]DVLH L Z]GáX* RSá\ZDQHM SRZLHU]FKQL PR*H VL WH* ]PLHQLDü WHPSHUDWXUD Sá\QX L SRZLHU]FKQL 6SRVRE\ XUHG QLDQLD ZVSyáF]\QQLND ZQLNDQLD FLHSáD L WHPSHUDWXU\ Sá\QX V XPRZQH 3R XUHGQLHQLX WHPSHUDWXU\ Sá\QX L WHPSHUDWXU\ FLDQNL Z]GáX* SRZLHU]FKQL >@
7
7 G$ $
7
7 G$ $
³
³
GR XUHGQLHQLD ZVSyáF]\QQLND ZQLNDQLD FLHSáD Z]GáX* SRZLHU]FKQL PR*QD Z\NRU]\ VWDü VWUXPLHQLH FLHSáD REOLF]RQH QD GZD VSRVRE\ L RWU]\PDü UyZQDQLH ³ D D ³
*G\ ]PLDQ\ WHPSHUDWXU\ Sá\QX L SRZLHU]FKQL FLDQNL Z]GáX* GURJL SU]HSá\ZX QLH V ]QDQH ]QDQD MHVW QDWRPLDVW WHPSHUDWXUD QD ZORFLH L QD Z\ORFLH ] NDQDáX SU]HSá\ZRZHJR VWRVXMHP\ LQQH SRGHMFLH 6WUXPLH FLHSáD SU]HMPRZDQ\ SU]H] SR ZLHU]FKQL FLDQNL MHVW UyZQ\ ]PQLHMV]HQLX HQWDOSLL Sá\QX R VWUXPLHQLX PDV\ P D 7 7 G$ PF G 7 7 3R UR]G]LHOHQLX ]PLHQQ\FK FDáNXMH VL WR UyZQDQLH Z JUDQLFDFK GOD SROD SR ZLHU]FKQL Z\PLDQ\ FLHSáD RG GR RUD] GOD Uy*QLF\ WHPSHUDWXU\ ± Z SU]H NURMX ZORWRZ\P RUD] ± Z SU]HNURMX Z\ORWRZ\P NDQDáX 3R ZSURZDG]HQLX UHGQLHJR ZVSyáF]\QQLND ZQLNDQLD FLHSáD L VFDáNRZDQLX RWU]\PXMHP\
³ D G$
D$
OQ PF
7 7
7 7
3R GDOV]\FK SU]HNV]WDáFHQLDFK SRG]LHOHQLH REX VWURQ UyZQDQLD SU]H] ORJDU\WP VWRVXQNX Uy*QLF WHPSHUDWXU\ QD NRFDFK Z\PLHQQLND L SRPQR*HQLX SU]H] WH Uy*QLFH RWU]\PXMHP\ Z]yU GR REOLF]DQLD VWUXPLHQLD FLHSáD ª ¬ S
I
V
I
V
º¼
D
I
OQ
V
I
I
V
I
V
V
D û
P
: REOLF]HQLDFK QDOH*\ ]DVWRVRZDü UHGQL ORJDU\WPLF]Q Uy*QLF WHPSHUDWXU\ Sá\QX L SRZLHU]FKQL FLDQNL QD ZORFLH L Z\ORFLH ] NDQDáX SU]HSá\ZRZHJR
û
I
OQ
P
V
I
I
V
I
V
V
: ]DOH*QRFL RG NLHUXQNX VWUXPLHQLD FLHSáD WHPSHUDWXUD Sá\QX ]PLHQLD VL Z PLD U RGGDODQLD VL RG SRZLHU]FKQL FLDáD VWDáHJR &]VWNL Sá\QX VW\NDMFH VL ] SR ZLHU]FKQL FLDáD VWDáHJR SU]\MPXM MHJR WHPSHUDWXU L QD SRZLHU]FKQL FLDáD VWDáHJR Z\WZDU]D VL W]Z WHUPLF]QD ZDUVWZD SU]\FLHQQD SR]D NWyU WHPSHUDWXUD Sá\QX QLH ]PLHQLD VL Z NLHUXQNX SURVWRSDGá\P GR UR]SDWU\ZDQHM SRZLHU]FKQL &] VWR GR RNUH ODQLD ZVSyáF]\QQLND ZQLNDQLD FLHSáD VWRVXMH VL UHGQL DU\WPHW\F]Q WHPSHUDWXU\ Sá\QX L WHPSHUDWXU\ SRZLHU]FKQL FLDáD VWDáHJR 3RGF]DV SU]HSá\ZX ODPLQDUQHJR SU]H] NDQDá OXE UXU WHPSHUDWXUD Sá\QX ]PLHQLD VL Z FDá\P SRSU]HF]Q\P SU]HNURMX NDQDáX L GR REOLF]H VWRVXMH VL ZyZF]DV UHGQL WHPSHUDWXU Sá\QX RNUHORQ QD SRGVWDZLH REOLF]RQHM QD GZD VSRVRE\ HQWDOSLL Sá\QX ³ U
³ U
=DQLHGEXMF ]PLDQ\ ZáDFLZRFL Sá\QX UyZQDQLH WR PR*QD ]DSLVDü Z SRVWDFL ³
³
³
JG]LH MHVW REM WRFLRZ\P VWUXPLHQLHP Sá\QX 3RGHMFLH DQDOLW\F]QH SURZDG]FH GR Z\]QDF]HQLD ZVSyáF]\QQLNyZ ZQLNDQLD FLHSáD GOD ND*GHJR SU]\SDGNX >±@ REHMPXMH SRV]XNLZDQLH UR]NáDGX WHPSHUDWXU\ Z Sá\QLH RSá\ZDMF\P FLDáR VWDáH Z FHOX Z\]QDF]HQLD JUDGLHQWX WHPSHUDWXU\ SU]\ SRZLHU]FKQL :VSyáF]\QQLN ZQLNDQLD FLHSáD RGSRZLDGD VWRVXQNRZL J VWRFL VWUXPLHQLD FLHSOQHJR GR Uy*QLF\ WHPSHUDWXU\ SRZLHU]FKQL L WHPSHUDWXU\ Sá\QX .HP EáRZVNL 6WUXPLááR L LQ>@
D
O §¨ ·¸ © ¹
:\]QDF]DQLH ZVSyáF]\QQLND D PHWRG DQDOLW\F]Q MHVW WDN VNRPSOLNRZDQH *H Z\NRQDQR MH Z QLHOLF]Q\FK SU]\SDGNDFK UR]ZL]DQLH 3RKOKDXVHQD
3U]HQLNDQLHFLHSáD 3U]HQLNDQLH FLHSáD MHVW SU]HND]\ZDQLHP FLHSáD PL G]\ GZRPD Sá\QDPL UR]JUDQL F]RQ\PL VWDá SU]HJURG ± Sá\W OXE FLDQN UXU\ =DFKRG]L WXWDM NROHMQR ZQLNDQLH FLHSáD RG JRUFHJR Sá\QX GR SLHUZV]HM FLDQ\ QDVW SQLH SU]HZRG]HQLH FLHSáD SU]H] SU]HJURG L ZQLNDQLH FLHSáD RG GUXJLHM FLDQ\ WHM SU]HJURG\ GR Sá\QX RJU]HZDQHJR
5\V 5R]NáDG WHPSHUDWXU\ SRGF]DV SU]HQLNDQLD FLHSáD SU]H] FLDQN SáDVN
3U]\MPLMP\ *H FLHSáR ZQLND RG F]\QQLND $ GR FLDQNL SáDVNLHM QDVW SQLH ]DFKR G]L SU]HZRG]HQLH SU]H] FLDQN SR F]\P QDVW SXMH ZQLNDQLH RG FLDQNL GR F]\QQL ND % 1D U\VXQNX UR]NáDG WHPSHUDWXU\ Z PHGLDFK $ L % ]LOXVWURZDQR ]JRGQLH ] WHRUL WHUPLF]QHM ZDUVWZ\ JUDQLF]QHM 'OD XVWDORQHJR UXFKX FLHSáD QD ZV]\VWNLFK HWDSDFK UXFKX FLHSáD PDP\ WHQ VDP VWUXPLH FLHSáD
4
D $ 7 7 I
V
O
$ 7 7 V
VNG RWU]\PXMHP\ SR SU]HNV]WDáFHQLDFK
V
V
D $ 7 7 V
I
" ,
7 7 4V O$
4 D $
% % 1
8
V
V
7 7 V
I
3R ]VXPRZDQLX VSDGNyZ WHPSHUDWXU\ RWU]\PXMHP\ 7 7 4 §¨ V ·¸ $ © D O D ¹ I
I
D VWG VWUXPLH FLHSOQ\ MHVW RSLVDQ\ UyZQDQLHP
4
V D O D
$ 7 7 N$û7 I
I
SU]\ F]\P
N
V D O D
:P .
:LHONRü N QD]\ZDP\ ZVSyáF]\QQLNLHP SU]HQLNDQLD FLHSáD 5yZQDQLH RSL VXMFH VWUXPLH FLHSOQ\ MHVW QD]\ZDQH UyZQDQLHP 3HFOHWD GOD FLDQ\ SáDVNLHM D ZVSyáF]\QQLN SU]HQLNDQLD FLHSáD N ZVSyáF]\QQLNLHP 3HFOHWD 5XFK FLHSáD PL G]\ FLDQN D RWRF]HQLHP PR*H VL RGE\ZDü SU]H] ZQLNDQLH EG( SURPLHQLRZDQLH SRU UR]G] $E\ XZ]JO GQLü SURPLHQLRZDQLH FLHSáD ZSURZDG]D VL ]D]Z\F]DM ]DVW SF]\ ZVSyáF]\QQLN UXFKX FLHSáD SU]H] SURPLHQLRZDQLH D >@ NWy U\ GHILQLXMHP\ UyZQDQLHP U
4 D $ 7 7 U
V
I
VWG RWU]\PXMHP\ D U
4 $ 7 7 V
I
3R SRGVWDZLHQLX UyZQDQLD QD VWUXPLH FLHSáD SU]HND]DQHJR SU]H] SURPLHQLRZDQLH
4 & $) «§¨ 7 ·¸
§7 · ¨ ¸ «¬© ¹ © ¹ ª
V
V
º » »¼
RWU]\PXMHP\ RVWDWHF]Q SRVWDü Z\UD*HQLD 78 78 & ) D7
7 7 8
1
6XPDU\F]QLH UXFK FLHSáD SU]H] ZQLNDQLH L SURPLHQLRZDQLH RSLVXMHP\ UyZQDQLHP
" , , û% N
U
JG]LH D MHVW ZVSyáF]\QQLNLHP ZQLNDQLD FLHSáD D ]D ± ]DVW SF]\P ZVSyáF]\QQLNLHP UXFKX FLHSáD SU]H] SURPLHQLRZDQLH N
U
2SRU\FLHSOQHZQLNDQLDLSU]HQLNDQLDFLHSáD 5R]ZD*P\ GOD SU]\NáDGX SU]\SDGHN ZQLNDQLD FLHSáD SU]\ JRUFHM Sá\FLH VFKáD G]DQHM SRZLHWU]HP 6WUXPLH FLHSáD PR*QD áDWZR REOLF]\ü ] UyZQDQLD 1HZWRQD
" , % % , % % V
V
NWyUH LQDF]HM PR*HP\ ]DSLVDü
4 û7 û7 5 5
: UyZQDQLX W\P 5 R]QDF]D RSyU FLHSOQ\ ZQLNDQLD SR ZHZQ WU]QHM VWURQLH FLDQ\ 5 ]D RSyU FLHSOQ\ ZQLNDQLD SR MHM ]HZQ WU]QHM VWURQLH :\NRU]\VWXMHP\ WXWDM SRGRELHVWZR PL G]\ UyZQDQLDPL RSLVXMF\PL UXFK FLHSáD D UyZQDQLHP Z\UD*DMF\P SUDZR 2KPD GOD SU]HSá\ZX SUGX HOHNWU\F]QHJR
, û8 5
6SDGNRZL QDSL FLD 8 RGSRZLDGD Z UXFKX FLHSáD Uy*QLFD WHPSHUDWXU\ 7 QDW *HQLH SUGX , MHVW ZLHONRFL DQDORJLF]Q GR VWUXPLHQLD FLHSOQHJR 4 D RSRURZL HOHNWU\F] QHPX 5 SU]\SLVXMHP\ RGSRZLHGQLH ZLHONRFL RSRUyZ FLHSOQ\FK 5 Z\QLNDMFH ] RG SRZLHGQLFK UyZQD UXFKX FLHSáD 2SRU\ FLHSOQH GOD ZQLNDQLD FLHSáD ]DSLV]HP\ ]DWHP Z]RUDPL L
5
D $
RUD]
5
D $
3R ]DVWRVRZDQLX UyZQD L GR SRV]F]HJyOQ\FK SU]\SDGNyZ UXFKX FLHSáD RWU]\PXMHP\ UyZQDQLD GHILQLXMFH RSRU\ FLHSOQH RSyU FLHSOQ\ SU]HZRG]HQLD GOD FLDQNL SáDVNLHM
5O û7 4
V O$
RSyU FLHSOQ\ ZQLNDQLD
5D
D$
RSyU FLHSOQ\ SURPLHQLRZDQLD
5
D
U
U
$
RSyU ]áR*RQHJR UXFKX FLHSáD ] ZQLNDQLD L SURPLHQLRZDQLD
5D
D D $
U
U
3R SU]HNV]WDáFHQLX RWU]\PXMHP\
5D
D D $ U
U
5D 5
U
=DOH*QRü WD RSLVXMFD ]ZL]HN RSRUyZ FLHSOQ\FK ZQLNDQLD L SURPLHQLRZDQLD RGSRZLDGD ]DOH*QRFL RERZL]XMFHM Z REOLF]DQLX RSRUyZ HOHNWU\F]Q\FK áF]RQ\FK UyZQROHJOH 2SyU FLHSOQ\ SU]HQLNDQLD RSLVXMH UyZQDQLH
5
N
N$
3R SRGVWDZLHQLX Z\UD*HQLD QD ZVSyáF]\QQLN SU]HQLNDQLD FLHSáD RWU]\PXMHP\
#
N
#D #O #D
*G\ UXFK FLHSáD PL G]\ FLDQN D RWRF]HQLHP RGE\ZD VL SU]H] ZQLNDQLH L SUR PLHQLRZDQLH UyZQDQLH WR ]DSLV]HP\ Z SRVWDFL 5 5D 5O 5D N
7
7
2SyU FLHSOQ\ SU]HQLNDQLD MHVW ]DWHP UyZQ\ VXPLH RSRUyZ ZQLNDQLD L SU]HZRG]H QLD FLHSáD
3U]HQLNDQLHFLHSáDSU]H]ZLHORZDUVWZRZFLDQ SáDVN 5R]ZD*P\ SU]\SDGHN SU]HQLNDQLD FLHSáD SU]H] FLDQ GRPX GR SRZLHWU]D DWPRV IHU\F]QHJR QD ]HZQWU] GRPX 5XFK FLHSáD RG UG]HQLD VWUXPLHQLD FLHSáHJR SRZLHWU]D Z SRPLHV]F]HQLX GR ZHZQ WU]QHM SRZLHU]FKQL FLDQ\ GRPX ]DFKRG]L SU]H] ZQLNDQLH SU]\ NRQZHNFML QDWXUDOQHM SR F]\P QDVW SXMH SU]HZRG]HQLH Z ZDUVWZLH SU]H] FLDQ
GRPX RUD] SU]HZRG]HQLH FLHSáD Z NROHMQ\FK ZDUVWZDFK L]RODFML SR F]\P ZQLNDQLH GR SRZLHWU]D Z SRZLHWU]X QD ]HZQWU] GRPX SU]\ NRQZHNFML QDWXUDOQHM 7HPSHUDWXUD FLHSáHJR SRZLHWU]D Z\QRVL 7 ZVSyáF]\QQLN ZQLNDQLD FLHSáD D WHPSHUDWXUD SRZLH WU]D DWPRVIHU\F]QHJR 7 ZVSyáF]\QQLN ZQLNDQLD ]D D 5R]NáDG WHPSHUDWXU\ GOD XVWDORQHJR UXFKX FLHSáD SU]H] WDN FLDQ SRND]DQR QD U\V 7HPSHUDWXU QD NROHM Q\FK FLDQDFK R]QDF]RQR V\PERODPL 7 VL
5\V 5R]NáDG WHPSHUDWXU\ SRGF]DV SU]HQLNDQLD FLHSáD SU]H] WUyMZDUVWZRZ FLDQN SáDVN
=DQDOL]XMP\ SU]HQLNDQLH FLHSáD MDNR SURFHV ]áR*RQ\ ] QDVW SXMF\FK RGG]LHOQ\FK HWDSyZ ZQLNDQLD FLHSáD ZHZQWU] SRPLHV]F]HQLD RG SRZLHWU]D R WHPSHUDWXU]H 7 GR FLDQ\ R WHPSHUDWXU]H 7 SU]HZRG]HQLD FLHSáD SU]H] NROHMQH WU]\ ZDUVWZ\ D QDVW S QLH ZQLNDQLH FLHSáD GR SRZLHWU]D DWPRVIHU\F]QHJR R WHPSHUDWXU]H 7 2WU]\PDP\ XNáDG WU]HFK UyZQD V
42
Q = α1 A ( T1 − Ts 1 ) Q =
: QDV]\P SU]\NáDG]LH n = 3:
(4.26)
Ts 1 − Ts ( n +1 )
(4.27)
Rλ
Q = α 2 A ( Ts ( n +1 ) − T2 )
(4.28)
. 1 1 T1 − T2 = Q + Rλ + α 2 A α1 A
(4.29)
-H*HOL XNáDG UyZQD SU]HNV]WDáFLP\ Z WHQ VSRVyE *H SR OHZHM VWURQLH E G W\ONR Uy*QLFH WHPSHUDWXU\ D QDVW SQLH GRGDP\ VWUonami, to otrzymamy: : QDZLDVLH PDP\ VXP WU]HFK Z\UD]yZ ] NWyU\FK R jest oporem cieplnym przewoG]HQLD SU]H] FLDQ ZLHORZDUVWZRZ 3RGREQLH SR]RVWDáH Z\UD]\ QD]\ZDP\ RSRUDPL cieplnymi wnikania R i R D FDáH Z\UD*Hnie w nawiasie jest oporem sumarycznym, ]ZDQ\P RSRUHP FLHSOQ\P SU]HQLNDQLD FLHSáD SU]H] ZLHORZDUVWZRZ SU]eJURG SáDVN λ
α1
α2
Rk = Rα 1 + Rλ + Rα 2
(4.30)
3R ZSURZDG]HQLX WHJR Z\UD*HQLD GR Z]RUX L SU]HNV]WDáFHQLX RWU]\PXMHP\ UyZQDQLH QD VWUXPLH Fieplny, zwane równaniem Pecleta Q =
T1 − T2 Rk
(4.31)
5yZQDQLH WR PR*QD WH* ]DSLVDü Z SRGVWDZRZHM SRVWDFL Q = kA ( T1 − T2 )
(4.32)
MHVW ZVSyáF]\QQLNLHP SU]HQLNDQLD FLHSáD GOD ZLHORZDUVWZRZHM FLDQ\ Sáaskiej, H ZVSyáF]\QQLNLHP 3HFOHWD :VSyáF]\QQLN WHQ REOLF]D VL ]H Z]oru
gdzie k zwanym równi *
kA =
1 1 = i =n Rk 1 1 s +∑ i + α1 A i =1 λi A α 2 A
(4.33)
3U]HQLNDQLHFLHSáDSU]H]SU]HJURG UXURZ
5R]ZD*P\ SU]HQLNDQLH FLHSáD SRGF]DV SU]HSá\ZX JRUFHM ZRG\ ZHZQWU] UXU\ 5XFK FLHSáD RG UG]HQLD VWUXPLHQLD JRUFHM ZRG\ GR ZHZQ WU]QHM Sowierzchni rury zaFKRG]L SU]H] ZQLNDQLH SU]\ NRQZHNFML Z\PXV]RQHM D QDVW SQLH SU]H] SU]HZRG]enie w ZDUVWZLH SU]H] FLDQ UXU\ RUD] SU]HZRG]HQLH Z NROHMQ\FK ZDrstwach izolacji,
ZUHV]FLH SU]H] ZQLNDQLH GR SRZLHWU]D Z KDOL IDEU\F]QHM SU]\ NRQZHNFML QDWXUDOQHM 7HPSHUDWXUD JRUFHM ZRG\ Z\QRVL 7 D ZVSyáF]\QQLN ZQLNDQLD FLHSáD D WHPSHUDWX UD SRZLHWU]D 7 ZVSyáF]\QQLN ZQLNDQLD ]D D
5\V 5R]NáDG WHPSHUDWXU\ SRGF]DV SU]HQLNDQLD FLHSáD SU]H] WUyMZDUVWZRZ FLDQN UXURZ
5R]NáDG WHPSHUDWXU\ GOD XVWDORQHJR UXFKX FLHSáD SU]H] WDN FLDQ UXURZ SRND ]DQR QD U\V 7HPSHUDWXU QD NROHMQ\FK FLDQDFK UXURZ\FK R]QDF]RQR V\PERODPL 7 ü =DQDOL]XMP\ SU]HQLNDQLH FLHSáD MDNR SURFHV ]áR*RQ\ ] RGG]LHOQ\FK HWDSyZ ZQL NDQLD FLHSáD ZHZQWU] UXU\ SU]HZRG]HQLD FLHSáD SU]H] NROHMQH ZDUVWZ\ D QDVW SQLH ZQLNDQLH FLHSáD 2WU]\PDP\ XNáDG WU]HFK UyZQD
L
4 , $ 7 7 , G / 7 7 7 7 4 / 5O V
Z
V
V
V Q
U
4 D $ 7 ]
V Q
7 D G / 7 ]
V Q
7
3RGREQLH MDN SRSU]HGQLR SR SU]HNV]WDáFHQLX WHJR XNáDGX RWU]\PXMHP\
4 7 7 D G / V
V Q
Z
4 5 7 7 O / U
V
44
Q = Ts ( n +1 ) − T2 α 2 d z L
(4.39)
3R GRGDQLX VWURQDPL L Z\FLJQL FLX SU]HG QDZLDV Z\UD]X Q /(πL) otrzymujemy Q 1 1 + Rλ r + ( ) = T1 − T2 L α1 d w α2 dz
(4.40)
: QDZLDVLH SR]D RSRUHP SU]HZRG]HQLD FLHSáD Rλr mamy opory wnikania opisane wzorami Rα r 1 =
1 α1 d w
Rα r 2 =
1 α2 dz
(4.41)
(4.42)
3U]\MZV]\ *H VXPD W\FK WU]HFK RSRUyZ MHVW RSRUHP SU]HQLNDQLD FLHSáD SU]H] FLDQ
ruURZ OLQLRZ\ RSyU SU]HQLNDQLD FLHSáD
Rkr = Rα r1 + Rλ r + Rα r 2 .
(4.43)
RWU]\PDP\ Z]yU QD VWUXPLH FLHSáD SU]HQLNDMF\ SU]H] FLDQ UXURZ zwany równaniem Pecleta dla tej przegrody Q = L
T1 − T2 Rkr
(4.44)
:SURZDG]DMF GHILQLFM ZVSyáF]\QQLND SU]HQLNDQLD FLHSáD ]ZaQHJR WDN*H ZVSyáF]\QQLNLHP 3HFOHWD GOD SU]HJURG\ UXURZHM OXE OLQLRZ\P ZVSyáF]\QQLNLHP SU]eQLNDQLD FLHSáD >@ kr =
1 = Rkr
1 i =n 1 + α1d w i =1
∑
di +1 di 1 + 2λi α2dz
.
(4.45)
ln
RWU]\PXMHP\ QDVW SXMF SRVWDü UyZQDQLD 3HFOHWD Q = kr L T1 − T2
:\SURZDG]RQH UyZQDQLH VWDQRZL Z]yU QD VWUXPLH FLHSáD FLDQ UXURZ zwany równaniem Pecleta dla tej przegrody.
(4.46)
SU]HQLNDMF\ SU]H]
$QDOL]DRSRUXFLHSOQHJRSLHUFLHQLRZHMZDUVWZ\L]RODFML 5XURFLJL F] VWR SRNU\ZD VL ZDUVWZ L]RODFML W]Q PDWHULDáX R PDá\P ZVSyá F]\QQLNX SU]HZRG]HQLD FLHSáD ']LDáDQLH WR PD QD FHOX ]ZL NV]HQLH RSRUX SU]HQLNDQLD FLHSáD SU]H] FLDQN UXURFLJX U\V
5\V 2SRU\ FLHSOQH Z FLDQFH F\OLQGU\F]QHM
6WUDW\ FLHSáD RG UXU\ L]RORZDQHM GR RWRF]HQLD RSLV]HP\ UyZQDQLHP
4 /
7ü
7
G OQ O G ü D G
7ü
5
7
NU
5\V .U\W\F]QD UHGQLFD UXU\ D /
/
E / ! /
NU
NU
2SyU FLHSOQ\ MHGQRZDUVWZRZHM ZDUVWZ\ L]RODF\MQHM UXURZHM U\V RSLVXMH UyZQDQLH
5
NU
OQ
G G ü
O
D G
=DOH*\ RQ RG UHGQLF\ ]HZQ WU]QHM ZDUVWZ\ L]RODFML G MHOL SU]\MPLHP\ VWDáH ZDUWR FL Uy*QLF\ WHPSHUDWXU\ UHGQLF\ ZHZQ WU]QHM UXU\ G ZVSyáF]\QQLNyZ ZQLNDQLD FLHSáD D L D RUD] ZVSyáF]\QQLND SU]HZRG]HQLD FLHSáD O =H ]ZL NV]HQLHP ]HZQ WU] QHM UHGQLF\ SU]HJURG\ L]RODF\MQHM G URQLH Z\UD] URGNRZ\ UyZQDQLD PDOHMH ]D ZDUWRü RVWDWQLHJR Z\UD]X 'OD RNUHORQHM Uy*QLF\ WHPSHUDWXU\ VWUXPLH FLHSáD E G]LH PDNV\PDOQ\ JG\ X]\VNDP\ PLQLPDOQ\ RSyU FLHSOQ\ : FHOX RNUHOHQLD ZDUWR FL UHGQLF\ G GOD MDNLHM Z\VWSL PLQLPDOQ\ RSyU FLHSOQ\ QDOH*\ UR]ZL]Dü UyZQDQLH X]\VNDQH SR ]Uy*QLF]NRZDQLX IXQNFML 5 Z]JO GHP G L SU]\UyZQDQLX SRFKRGQHM GR ]HUD NU
G 5 G G NU
3R Z\NRQDQLX WHJR G]LDáDQLD
G 5 G G NU
O G D G
L UR]ZL]DQLX UyZQDQLD ]H Z]JO GX QD G RWU]\PXMHP\
G G
NU
O D
-HVW WR Z]yU RNUHODMF\ W]Z UHGQLF NU\W\F]Q ZDUVWZ\ L]RODF\MQHM :VSyáF]\QQLN ZQLNDQLD FLHSáD D MHVW FDáNRZLW\P ZVSyáF]\QQLNLHP ZQLNDQLD REHMPXMF\P ]DUyZQR NRQZHNF\MQ\ ZVSyáF]\QQLN ZQLNDQLD FLHSáD D MDN L ZVSyá F]\QQLN ZQLNDQLD FLHSáD UyZQRZD*Q\ SURPLHQLRZDQLX D $E\ VWZLHUG]Lü F]\ IXQNFMD RSLVXMFD RSyU FLHSOQ\ UyZQDQLH PD PLQL PXP F]\ PDNVLPXP QDOH*\ ]EDGDü MHM GUXJ SRFKRGQ U
G 5 G G O G D G 3R SRGVWDZLHQLX Z]RUX ]D G RWU]\PXMHP\ G 5 D D D G G O O O NU
NU
'UXJD SRFKRGQD IXQNFML RSLVXMFHM RSyU FLHSOQ\ MHVW ]DZV]H GRGDWQLD ER ZVSyá F]\QQLN O MHVW GRGDWQL :\QLND VWG *H GOD UHGQLF\ NU\W\F]QHM RNUHORQHM UyZQDQLHP VWUDW\ FLHSáD V PDNV\PDOQH 3RQLHZD* UHGQLFD NU\W\F]QD ]DOH*\ MHG\QLH RG ZDUWRFL ZVSyáF]\QQLNyZ D L O ZL F Z SU]\SDGNX PDáHM ZDUWRFL UHGQLF\ UXU\ OXE GUXWX U\V D MHVW RQD PQLHMV]D RG ZDUWRFL NU\W\F]QHM :yZF]DV SRNU\ZDQLH SU]HZRGX L]RODFM SRZRGXMH ]ZL NV]HQLH VWUDW FLHSáD D* GR RVLJQL FLD SU]H] ]H
ZQ WU]Q UHGQLF ZDUVWZ\ G UHGQLF\ NU\W\F]QHM G 'DOV]\ Z]URVW JUXERFL L]RODFML VSRZRGXMH ]PQLHMV]DQLH VWUDW FLHSáD DOH D* GR SXQNWX & U\VD V RQH ZLHNV]H QL* VWUDW\ FLHSáD GOD UXU\ EH] L]RODFML 'RSLHUR SR QDáR*HQLX QD UXU L]RODFML R JUXERFL G ± G L RVLJQL FLX SU]H] UHGQLF ]HZQ WU]Q L]RODFML ZDUWRFL ZL NV]\FK RG G VWUDW\ FLHSáD E G PQLHMV]H QL* GOD UXU\ QLHL]RORZDQHM : SU]\SDGNX UXU R GX*HM UHGQLF\ U\V E GOD NWyU\FK UHGQLFD ]HZQ WU]QD G MHVW ZL NV]D RG UHGQLF\ NU\W\F]QHM G ]ZL NV]HQLH JUXERFL L]RODFML ]DZV]H SRZRGXMH ]PQLHMV]HQLH VWUDW FLHSáD ']LHMH VL WDN ] UHJXá\ Z VLHFLDFK FLHSOQ\FK 1DNáDGDQLH ZDUVWZ\ L]RODF\MQHM REQL*D VWUDW\ FLHSáD D ZL F L REQL*D NRV]W\ MHG QRVWNRZH FLHSáD MHGQDN*H SRZRGXMH WR ]ZL NV]HQLH NRV]WyZ LQZHVW\F\MQ\FK :\ ]QDF]HQLH HNRQRPLF]QHM JUXERFL ZDUVWZ\ L]RODFML Z\PDJD UR]ZD*HQLD URG]DMX L]ROD FML Z ]DOH*QRFL RG WHPSHUDWXU\ SRZLHU]FKQL FLDQ\ L]RORZDQHM MDN L VXPDU\F]Q\FK NRV]WyZ ]ZL]DQ\FK ] ]DVWRVRZDQLHP GDQHM L]RODFML (NRQRPLF]Q JUXERü L]RODFML V QDOH*\ Z\]QDF]\ü Z WHQ VSRVyE DE\ X]\VNDü PLQLPXP VXPDU\F]Q\FK NRV]WyZ FLHSáD L NRV]WyZ LQZHVW\F\MQ\FK =DJDGQLHQLD WH V SU]HGPLRWHP UR]ZD*D Z QDVW SQ\FK UR]G]LDáDFK UR]G] NU
ü
ü
NU
H
,]RODFMDFLHSOQD 5RG]DMHL]RODFMLFLHSOQHM =PQLHMV]HQLH VWUDW FLHSáD RG DSDUDWXU\ GR RWRF]HQLD PR*HP\ X]\VNDü SU]H] ]DVWRVR ZDQLH ZDUVWZ\ PDWHULDáX R PDá\P ZVSyáF]\QQLNX SU]HZRG]HQLD FLHSáD 6 WR PDWHULDá\ VWDáH NWyU\FK ZVSyáF]\QQLNL SU]HZRG]HQLD FLHSáD V PQLHMV]H RG :PÂ. SRU UR]G] QD RJyá SRURZDWH ZáyNQLVWH OXE ]LDUQLVWH NWyU\FK SRU\ V Z\SHáQLRQH SR ZLHWU]HP OXE JD]HP R ZVSyáF]\QQLNX SU]HZRG]HQLD FLHSáD ]QDF]QLH PQLHMV]\P QL* GOD FLDáD VWDáHJR (IHNW\ZQH ZVSyáF]\QQLNL SU]HZRG]HQLD FLHSáD WDNLFK PDWHULDáyZ V ZL F GRVWDWHF]QLH PDáH FR ]DSHZQLD LFK SU]\GDWQRü GR Z\NRQDQLD ZDUVWZ\ L]RODF\MQHM
&KDUDNWHU\VW\NDPDWHULDáyZL]RODF\MQ\FK 5RG]DM PDWHULDáX L]RODF\MQHJR MHVW XZDUXQNRZDQ\ QDMF] FLHM WHPSHUDWXU L]RORZDQHM SRZLHU]FKQL DSDUDWX : ]DNUHVLH QLVNLHM WHPSHUDWXU\ WM UyZQHM OXE PQLHMV]HM RG WHPSHUD WXU\ SRZLHWU]D DWPRVIHU\F]QHJR VWRVXMH VL PDV NRUNRZ Z\WZDU]DQ SU]H] ]PLHV]DQLH ]PLHORQHJR NRUND ] RGSRZLHGQLP OHSLV]F]HP 0R*H RQD E\ü X*\WD Z SRVWDFL RGSRZLHGQLR Z\SURILORZDQ\FK NV]WDáWHN OXE Z SRVWDFL JUDQXODWX 3RZV]HFKQLH VWRVRZDQ\P PDWHULDáHP L]RODF\MQ\P MHVW UyZQLH* ZDWD V]NODQD : SUDNW\FH SU]HP\VáRZHM X*\ZD VL UyZQLH* ZHá Q\ ILOFX LWS *yUQ JUDQLF VWRVRZDQLD W\FK PDWHULDáyZ MHVW WHPSHUDWXUD ]Z JOHQLD ] UHJX á\ RNRáR & >@ : ]DNUHVLH Z\*V]HM WHPSHUDWXU\ SR]D ZDW V]NODQ X*\ZD VL ZHáQ\ *X*ORZHM RNU]HPHN PDV\ PDJQH]MRZHM D]EHVWX RUD] LFK PLHV]DQHN 'RSXV]F]DOQD WHP SHUDWXUD GOD W\FK PDWHULDáyZ Z\QRVL & ,]RODFM RGSRUQ QD Z\VRN WHPSHUDWXU RG GR & Z\NRQXMH VL ] Z\SDORQHM RNU]HPNL Z]JO GQLH PR*H E\ü WXWDM Z\NRU]\ VWDQ\ *X*HO ZLHONRSLHFRZ\ 'R SRGVWDZRZ\FK ZDUXQNyZ SUDZLGáRZHJR IXQNFMRQRZDQLD L]RODFML QDOH* FL VáH GRSDVRZDQLH ZDUVWZ\ L]RODFML GR FLDQ\ DSDUDWX RUD] V]F]HOQRü SU]HG ZSá\ZHP DWPRVIHU\ ]ZáDV]F]D ]DZLOJRFHQLD : SU]\SDGNX L]RODFML SUDFXMFHM Z QLVNLHM WHPSH
UDWXU]H WHPSHUDWXUD ]HZQ WU]QHM SRZLHU]FKQL ZDUVWZ\ SRZLQQD E\ü Z\*V]D RG WHPSH UDWXU\ SXQNWX URV\ SRZLHWU]D DWPRVIHU\F]QHJR DE\ XQLNQü Z\NUDSODQLD VL SDU\ ZRGQHM
(NRQRPLF]QDJUXERüZDUVWZ\L]RODFML 1DáR*HQLH ZDUVWZ\ L]RODF\MQHM ]PQLHMV]D VWUDW\ FLHSáD D ZL F L REQL*D NRV]W\ MHGQRVWNRZH FLHSáD MHGQDN SRZRGXMH ]ZL NV]HQLH NRV]WyZ LQZHVW\F\MQ\FK (NRQR PLF]Q JUXERü L]RODFML H QDOH*\ WDN Z\]QDF]\ü DE\ X]\VNDü PLQLPXP VXPDU\F] Q\FK NRV]WyZ UXFKRZ\FK WM FLHSáD L NRV]WyZ LQZHVW\F\MQ\FK .RV]W\ LQZHVW\F\MQH ]DOH* RG FHQ\ L]RODFML NRV]WyZ URERFL]Q\ QD MHM XáR*HQLH RUD] F]DVX LFK HNVSORDWDFML =DUyZQR NRV]W\ UXFKRZH U MDN L NRV]W\ LQZHVW\F\MQH L QD RJyá V OLF]RQH Z RGQLH VLHQLX GR MHGQHJR PHWUD ELH*FHJR UXURFLJX 5RF]QH NRV]W\ LQZHVW\F\MQH REOLF]D VL
] UyZQDQLD L
WH
Z NWyU\P WH ± F]DV HNVSORDWDFML Z ODWDFK ± FHQD P L]RODFML ZUD] ] XáR*HQLHP QD SRZLHU]FKQL ± REM WRü L]RODFML RGQLHVLRQD GR MHGQHJR PHWUD ELH*FHJR UXURFLJX 2EM WRü L]RODFML PR*H E\ü REOLF]RQD ] ]DOH*QRFL
.RV]W\ UXFKRZH WM NRV]W\ FLHSáD PR*QD REOLF]Dü ZJ ]DOH*QRFL
.
U
&4 9
?
JG]LH ± FHQD MHGQRVWNRZD HQHUJLL FLHSOQHM ]á- W ± F]DV SUDF\ UXURFLJX Z FLJX URNX VURN ± VWUDW\ FLHSáD :P 6WUDW\ FLHSáD PR*QD REOLF]Dü QD SRGVWDZLH V]F]HJyáRZ\FK DQDOL] OXE ] UyZ QDQLD
4 EFN 7 ?
?
Z
7
]
Z NWyU\P U
: UyZQDQLDFK W\FK R]QDF]D EH]Z\PLDURZ\ ZVSyáF]\QQLN XZ]JO GQLDMF\ ZSá\Z Uy*QLF\ WHPSHUDWXU\ Sá\QX L RWRF]HQLD ± EH]Z\PLDURZ\ ZVSyáF]\QQLN XZ]JO GQLD MF\ ZSá\Z SU GNRFL ZLDWUX ± ZVSyáF]\QQLN SU]HQLNDQLD FLHSáD RGQLHVLRQ\ GR
MHGQHJR PHWUD ELH*FHJR UXURFLJX 'DQH WH PR*QD RGF]\WDü ] WDEHOL Z PRQRJUDILL +REOHUD >@ (NRQRPLF]Q JUXERü L]RODFML H QDOH*\ Z\]QDF]\ü Z WDNL VSRVyE DE\ X]\VNDü PLQLPXP VXPDU\F]Q\FK NRV]WyZ FLHSáD L NRV]WyZ LQZHVW\F\MQ\FK 0R*QD WR Z\NR QDü PHWRG JUDILF]Q SU]HGVWDZLDMF ]DOH*QRü NRV]WyZ RG JUXERFL ZDUVWZ\ L]ROD F\MQHM U\V
5\V (NRQRPLF]QD JUXERü ZDUVWZ\ L]RODFML VH D QLVNLH MHGQRVWNRZH NRV]W\ FLHSáD E Z\VRNLH MHGQRVWNRZH NRV]W\ FLHSáD . ± NRV]W\ VXPDU\F]QH .L ± NRV]W\ LQZHVW\F\MQH .U ± NRV]W\ UXFKRZH
0R*OLZH V GZD ZDULDQW\ *G\ D NRV]W\ MHGQRVWNRZH HQHUJLL FLHSOQHM V QLVNLH L HNRQRPLF]QD JUXERü L]RODFML MHVW PDáD RUD] JG\ E NRV]W\ HQHUJLL V Z\VRNLH L JUX ERü L]RODFML ]QDF]QLH ZL NV]D 7DEHOD (NRQRPLF]QD JUXERü ZDUVWZ\ L]RODFML ZHGáXJ *HUEHOD L &DPPHUHUD Z PP >@ 7HPSHUDWXUD SDU\ G& 2ELHNW 5XUD 1 5XUD 1 5XUD 1 FLDQD SáDVND
*HUEHO
&DPPHUHU
*HUEHO
&DPPHUHU
*HUEHO
&DPPHUHU
:DUWRFL HNRQRPLF]QHM JUXERFL L]RODFML REOLF]RQH SU]H] *HUEHOD L &DPPHUHUD >@ GOD L]RODFML R :PÂ. F]DVLH HNVSORDWDFML KURN NRV]WDFK LQZH VW\F\MQ\FK L SU]HFL WQHM FHQLH Z\WZDU]DQLD SDU\ ]HVWDZLRQR Z WDEHOL
3U]HZRG]HQLHFLHSáD ZZDUXQNDFKQLHXVWDORQ\FK =DJDGQLHQLH SU]HZRG]HQLD FLHSáD Z ZDUXQNDFK QLHXVWDORQ\FK PD GX*H ]QDF]HQLH SUDNW\F]QH Z ZLHOX SURFHVDFK SU]HP\VáRZ\FK WDNLFK MDN QS RJU]HZDQLH OXE FKáR G]HQLH PDWHULDáyZ REUyEND FLHSOQD PHWDOL SURFHV\ GRFKRG]HQLD GR UyZQRZDJL WHU PLF]QHM DSDUDWyZ L LQVWDODFML ,QQ JUXS WDNLFK SURFHVyZ VWDQRZL SURFHV\ RJU]HZD QLD L FKáRG]HQLD PDWHULDáyZ Z Uy*QHJR URG]DMX DSDUDWDFK QS Z UHNXSHUDWRUDFK VXV]DUNDFK DGVRUEHUDFK OXE UHDNWRUDFK : W\FK WU]HFK RVWDWQLFK XU]G]HQLDFK UXFK FLHSáD MHVW VSU] *RQ\ ] WUDQVSRUWHP PDV\ ZHZQWU] PDWHULDáX D QLHNLHG\ L ] UHDNFM FKHPLF]Q
5y*QLF]NRZHUyZQDQLHSU]HZRG]HQLDFLHSáD : ZLHOX SURFHVDFK WHPSHUDWXUD FLDáD ]PLHQLD VL Z F]DVLH L Z SU]HVWU]HQL 'R UR]ZD*D SU]\MPXMH VL RJUDQLF]RQH RGFLQNL F]DVX RUD] HOHPHQWDUQ REM WRü FLDáD 2WU]\PDQD Z WHQ VSRVyE ]DOH*QRü MHVW RJyOQ\P UyZQDQLHP Uy*QLF]NRZ\P SURFHVX : FHOX Z\SURZDG]HQLD UyZQDQLD Uy*QLF]NRZHJR SU]HZRG]HQLD FLHSáD QDOH*\ SU]\Mü QDVW SXMFH ]DáR*HQLD
FLDáR MHVW KRPRJHQLF]QH
SDUDPHWU\ IL]\F]QH FLDáD V VWDáH
RGNV]WDáFHQLH UR]SDWU\ZDQHM REM WRFL FLDáD VSRZRGRZDQH SU]H] ]PLDQ\ WHPSH UDWXU\ MHVW EDUG]R ]QLNRPH
PDNURVNRSRZH F]VWNL FLDáD V QLHUXFKRPH
ZHZQ WU]QH (UyGáD FLHSáD V UR]PLHV]F]RQH Z FLHOH UyZQRPLHUQLH 3U]\MPLMP\ GR DQDOL]\ SURVWRSDGáRFLDQ NWyUHJR NUDZ G]LH V VNLHURZDQH UyZQROHJOH GR RVL XNáDGX ZVSyáU] GQ\FK L PDM GáXJRFL U\V 7HPSHUDWXUD UR]SDWU\ZDQHJR SURVWRSDGáRFLDQX Z GDQHM FKZLOL Z\QRVL L PR*H ]PLHQLDü VL Z F]DVLH
5\V 1LHXVWDORQH SU]HZRG]HQLH FLHSáD Z HOHPHQFLH Z NV]WDáFLH SURVWRSDGáRFLDQX
: FHOX RWU]\PDQLD UyZQDQLD SU]HZRG]HQLD FLHSáD QDOH*\ XáR*\ü ELODQV HQHUJH W\F]Q\ SURVWRSDGáRFLDQX >@ 2]QDF]P\ SU]H] [ \ ] LORü FLHSáD GRVWDUF]RQ GR SáDV]F]\]Q SURVWRSDGáRFLDQX RGOHJá\FK R RG RVL ZVSyáU] GQ\FK Z F]DVLH W Z NLHUXQNX RVL U\V ,ORü FLHSáD RGSURZDG]RQ ] SRZLHU]FKQL SUR VWRSDGáRFLDQX RGOHJá\FK RG RVL XNáDGX R RUD] Z W\P VDP\P F]DVLH L Z W\FK VDP\FK NLHUXQNDFK R]QDF]\P\ SU]H] [G[ \G\ ]G] ,ORü FLH SáD MDNLH GRSá\ZD GR SRZLHU]FKQL Z NLHUXQNX RVL Z F]DVLH W MHVW RNUHORQD UyZQDQLHP G4[
T [ G\G]GW
3U]H] SRZLHU]FKQL RGOHJá RG RVL L GáXJRFL RGSá\ZD Z W\P VDP\P NLH UXQNX Z F]DVLH W LORü FLHSáD [
[ G[ [ W
5y*QLFD PL G]\ LORFL FLHSáD GRSá\ZDMFHJR L RGSá\ZDMFHJR ] SURVWRSDGáRFLD QX Z NLHUXQNX RVL Z F]DVLH W MHVW RNUHORQD UyZQDQLHP [ [ [ G[ [ W
[ [
W W [
3RGREQLH PR*QD Z\SURZDG]Lü UyZQDQLH RSLVXMFH Uy*QLFH PL G]\ LORFL FLHSáD GRSURZDG]DQHJR L RGSURZDG]DQHJR ] SURVWRSDGáRFLDQX Z SR]RVWDá\FK NLHUXQNDFK \ ] 6XPDU\F]Q LORü FLHSáD GRVWDUF]RQ GR SURVWRSDGáRFLDQX SU]H] SU]HZRG]HQLH RSLVXMH UyZQDQLH
\
[ ] [ \ ] W
2]QDF]P\ SU]H] LORü FLHSáD Z\WZRU]RQHJR ZHZQWU] WHJR HOHPHQWX Z F]D VLH W SU]H] ZHZQ WU]QH (UyGáR FLHSáD 3U]\MPXMF ]D Z\GDMQRü ZHZQ WU]Q\FK (Uy GHá FLHSáD Y :P RWU]\PDP\ UyZQDQLH G4
TY G9GW
1DVW SQLH SU]\MPLHP\ *H ]PLDQ HQHUJLL ZHZQ WU]QHM FLDáD R REM WRFL Z F]DVLH W RSLVXMH UyZQDQLH S U
W
W
.RU]\VWDMF ] SUDZD ]DFKRZDQLD HQHUJLL ZHGáXJ NWyUHJR LORü HQHUJLL GRVWDUF]RQD GR HOHPHQWDUQHM REM WRFL SU]H] SU]HZRG]HQLH ] ]HZQWU] L ] ZHZQ WU]Q\FK (UyGHá FLH SáD Z F]DVLH W MHVW UyZQD ]PLDQLH HQHUJLL ZHZQ WU]QHM PDWHULDáX ± ]JRGQLH ] , ]DVDG WHUPRG\QDPLNL RWU]\PXMHP\ G4 G4
G4
3R SRGVWDZLHQLX RGSRZLHGQLFK UyZQD L SR SU]HNV]WDáFHQLDFK RWU]\PXMHP\ NR FRZ SRVWDü UyZQDQLD Uy*QLF]NRZHJR SU]HZRG]HQLD FLHSáD 7 W
T \
T [ T ] TY S U S U
]DSLV\ZDQ UyZQLH* Z SRVWDFL 7 W
S U GLYT T Y
:HNWRU J VWRFL VWUXPLHQLD FLHSOQHJR T MHVW QRUPDOQ\ GR SRZLHU]FKQL L]RWHUPLF]QHM L MHVW GRGDWQL Z NLHUXQNX PDOHMF\FK WHPSHUDWXU 7DN ZL F ZHNWRU\ T L JUDG7 PDM WHQ VDP NLHUXQHN L SU]HFLZQ\ ]ZURW : SURVWRNWQ\P XNáDG]LH ZVSyáU] GQ\FK ZHNWRU T PD WU]\ VNáDGRZH T[ T\ T] NWyUH PR*HP\ ]DSLVDü ]D SRPRF QDVW SXMF\FK UyZQD
6 [ O w% w[
6 \ O w% w\
6 ] O w% w]
3R SRGVWDZLHQLX UyZQDQLD GR UyZQDQLD RWU]\PXMHP\ 7 W
S U
7 7 7 O O TY O
-HVW WR RJyOQH UyZQDQLH SU]HZRG]HQLD FLHSáD Z FLHOH L]RWURSRZ\P ] XZ]JO GQLH QLHP ZHZQ WU]Q\FK (UyGHá FLHSáD 5yZQDQLH WR MHVW QLHOLQLRZH SRQLHZD* ZVSyáF]\Q QLN SU]HZRG]HQLD FLHSáD O MHVW IXQNFM WHPSHUDWXU\ L MHJR UR]ZL]DQLH MHVW NáRSRWOLZH 3R SU]\M FLX VWDáHM ZDUWRFL ZVSyáF]\QQLND SU]HZRG]HQLD FLHSáD UyZQDQLH PR*QD ]DSLVDü Z QDVW SXMFHM SRVWDFL w
%
O
FS U
wW
6Y
%
FS U
JG]LH 7 ± RSHUDWRU /DSODFH¶D 2SHUDWRU WHQ ZH ZVSyáU] GQ\FK NDUWH]MDVNLFK ]DSL VXMHP\ Z SRVWDFL
7
7
7
7
5yZQDQLD Z XSURV]F]RQHM SRVWDFL V ]QDQH Z OLWHUDWXU]H MDNR UyZQDQLH )RXULHUD EH] ZHZQ WU]Q\FK (UyGHá FLHSáD W
7
UyZQDQLH 3RLVVRQD Z ZDUXQNDFK XVWDORQ\FK
7
TY O
UyZQDQLH /DSODFH¶D Z ZDUXQNDFK XVWDORQ\FK L EH] ZHZQ WU]Q\FK (UyGHá FLHSáD %
:\UD*HQLH O SU R Z\PLDU]H P V MHVW R]QDF]DQH V\PEROHP L QD]\ZDQH G\ IX]\MQRFL FLHSOQ 3DUDPHWU WHQ RNUHODQ\ UyZQLH* MDNR ZVSyáF]\QQLN SU]HZRG]H QLD WHPSHUDWXU\ MHVW PLDU EH]ZáDGQRFL FLHSOQHM FLDáD SU]HZRG]FHJR FLHSáR 0HWDOH PDM QS GX*H ZDUWRFL ZVSyáF]\QQLND L WHPSHUDWXUD ZHZQWU] QLFK V]\ENR VL Z\ UyZQXMH 5y*QLF]NRZH UyZQDQLH SU]HZRG]HQLD FLHSáD MHVW ]DSLV\ZDQH ZH ZVSyá U] GQ\FK ZDOFRZ\FK OXE VIHU\F]Q\FK Z RGQLHVLHQLX GR FLDá R NV]WDáFLH ZDOFRZ\P OXE NXOLVW\P 2SHUDWRU /DSODFH¶D ]DSLVXMHP\ RGSRZLHGQLR GR SU]\M WHJR XNáDGX ZVSyá U] GQ\FK
GOD ZVSyáU] GQ\FK ZDOFRZ\FK FRVM VLQM
7
w
w
7 w7
w
w7
JG]LH MHVW SURPLHQLHP M ± NWHP ELHJXQRZ\P
wM
w7 w
GOD
ZVSyáU] GQ\FK VIHU\F]Q\FK
7
7
7
FRV4
FRV 4
7 FRV4 FRV 4 \
7
JG]LH 4 MHVW RGOHJáRFL ELHJXQRZ \ ]D D]\PXWHP
:DUXQNLMHGQR]QDF]QRFLSU]HZRG]HQLDFLHSáD 2JyOQH UyZQDQLH Uy*QLF]NRZH SU]HZRG]HQLD FLHSáD RSLVXMH ZV]\VWNLH PR*OLZH SURFHV\ $E\ SRGDü SHáQ\ RSLV PDWHPDW\F]Q\ RNUHORQHJR SURFHVX NRQLHF]QH MHVW RNUHOHQLH GRGDWNRZ\FK ZDUXQNyZ W]Z ZDUXQNyZ MHGQR]QDF]QRFL 1DOH* GR QLFK :DUXQNL JHRPHWU\F]QH FKDUDNWHU\]XMFH NV]WDáW L Z\PLDU\ FLDáD Z NWyU\P ]D FKRG]L SURFHV SU]HZRG]HQLD FLHSáD :DUXQNL IL]\F]QH W]Q ZáDFLZRFL IL]\F]QH FLDáD WDNLH MDN SU]HZRGQLFWZR FLHSOQH FLHSáR ZáDFLZH J VWRü :DUXQNL WH PRJ E\ü Z\UD*RQH SU]H] SU]\M FLH UR]NáDGX ZHZQ WU]Q\FK (UyGHá FLHSáD L LFK Z\GDMQRFL :DUXQNL F]DVRZH NWyUH RSLVXM UR]NáDG WHPSHUDWXU\ Z FLHOH Z SRF]WNRZ\P PRPHQFLH : RJyOQ\P SU]\SDGNX GOD W
*G\ UR]NáDG WHPSHUDWXU\ Z SRF]WNRZ\P PRPHQFLH MHVW UyZQRPLHUQ\ GOD W PDP\
FRQVW
:DUXQNL EU]HJRZH RSLVXMFH ZVSyáG]LDáDQLH UR]SDWU\ZDQHJR FLDáD ] RWRF]H QLHP ']LHO VL RQH QD F]WHU\ URG]DMH
:DUXQNL EU]HJRZH SLHUZV]HJR URG]DMX 'LULFKOHWD UR]NáDG WHPSHUDWXU\ QD SR ZLHU]FKQL FLDáD GOD ND*GHJR PRPHQWX 7V
I [ \ ] W
JG]LH V ± WHPSHUDWXUD SRZLHU]FKQL ± ZVSyáU] GQH Z V]F]HJyOQ\P SU]\SDGNX JG\ WHPSHUDWXUD SRZLHU]FKQL SR]RVWDMH VWDáD SRGF]DV FDáHJR SURFHVX UXFKX FLHSáD UyZQDQLH XSUDV]F]D VL GR SRVWDFL
V FRQVW
:DUXQNL EU]HJRZH GUXJLHJR URG]DMX 1HXPDQQD J VWRü VWUXPLHQLD FLHSOQHJR Z ND*G\P SXQNFLH SRZLHU]FKQL FLDáD L GOD GRZROQHJR F]DVX MHVW ]QDQD
TV
I [ \ ] W
Z V]F]HJyOQ\P SU]\SDGNX J VWRü VWUXPLHQLD FLHSOQHJR QD SRZLHU]FKQL PR*H E\ü VWDáD Z F]DVLH L ZyZF]DV V FRQVW
:DUXQNL EU]HJRZH WU]HFLHJR URG]DMX )RXULHUD ]QDQD MHVW WHPSHUDWXUD RWDF]DM FHJR RURGND RUD] ]DOH*QRü NWyUD RSLVXMH Z\PLDQ FLHSáD PL G]\ FLDáHP SU]HZR G]F\P FLHSáR D W\P RURGNLHP Z\PLDQD FLHSáD RGE\ZD VL QDMF] FLHM QD ]DVDG]LH ZQLNDQLD SURPLHQLRZDQLD OXE QD RED VSRVRE\ SURFHV WDNL RSLVXMH UyZQDQLH 1HZWR QD ]JRGQLH ] NWyU\P LORü FLHSáD XVXQL WD ] MHGQRVWNRZHM SRZLHU]FKQL FLDáD Z MHG QRVWNRZ\P F]DVLH MHVW SURSRUFMRQDOQD GR Uy*QLF\ PL G]\ WHPSHUDWXU SRZLHU]FKQL FLDáD V L WHPSHUDWXU RWRF]HQLD I D V I
3RQLHZD* WD VDPD LORü FLHSáD MHVW SU]HND]\ZDQD SU]H] SU]HZRG]HQLH QD JUDQLF\ FLDáD ZL F ]DFKRG]L UyZQRü D 7V
7I
w7 O §¨ ·¸
© wQ ¹ V
JG]LH ± QRUPDOQD GR SRZLHU]FKQL FLDáD LQGHNV ZVND]XMH *H WHPSHUDWXUD L JUD GLHQW WHPSHUDWXU\ RGQRV] VL GR SRZLHU]FKQL :DUXQHN EU]HJRZ\ WU]HFLHJR URG]DMX PR*QD ]DSLVDü Z SRVWDFL §w7 · ¨ ¸ © w V ¹V
D O
7V 7 I
:DUXQNL
EU]HJRZH F]ZDUWHJR URG]DMX Z\PLDQD FLHSáD ] RWRF]HQLHP ]DFKRG]L SU]H] SU]HZRG]HQLH Z ZDUXQNDFK GRVNRQDáHJR NRQWDNWX FLDá VWUXPLHQLH FLHSOQH QD SRZLHU]FKQL RGJUDQLF]DMFHM FLDáR L RWRF]HQLH V ZL F MHGQDNRZH § w 7 · ¸ © w V ¹V
O ¨
O
§ w 7 · ¨ ¸ © w V ¹V
2JyOQH UyZQDQLH Uy*QLF]NRZH ZUD] ] ZDUXQNDPL MHGQR]QDF]QRFL GDMH SHáQ\ RSLV PDWHPDW\F]Q\ RNUHORQHJR SU]\SDGNX SU]HZRG]HQLD FLHSáD 5R]ZL]DQLH WDNLHJR UyZQDQLD PR*QD X]\VNDü DQDOLW\F]QLH OXE QXPHU\F]QLH
$QDOL]DSU]HZRG]HQLDFLHSáD ZZDUXQNDFKQLHXVWDORQ\FK :SURZDG]HQLH
3U]HZRG]HQLH FLHSáD Z ZDUXQNDFK QLHXVWDORQ\FK QDOH*\ DQDOL]RZDü Z RGQLHVLH QLX GR GDQHJR ]DJDGQLHQLD 8Z]JO GQLD VL NV]WDáW FLDáD L SU]\MPXMH RNUHORQH ZDUXQ NL EU]HJRZH SRU UR]G] 3R SU]\M FLX VWDáHM ZDUWRFL ZVSyáF]\QQLND SU]HZRG]HQLD FLHSáD O Z UD]LH EUDNX ZHZQ WU]Q\FK (UyGHá FLHSáD UyZQDQLH Uy*QLF]NRZH SU]HZRG]HQLD FLHSáD ZH ZVSyá U] GQ\FK NDUWH]MDVNLFK SU]\MPXMH SRVWDü
w w w wW w w w
w
-HVW WR UyZQDQLH Uy*QLF]NRZH R SRFKRGQ\FK F]VWNRZ\FK 'R MHJR UR]ZL]DQLD NRQLHF]QH MHVW SRGDQLH ZDUXQNyZ MHGQR]QDF]QRFL FKDUDNWHU\VW\F]Q\FK GOD UR]SD WU\ZDQHJR SU]\SDGNX &KáRG]HQLHOXERJU]HZDQLHSá\W\SáDVNLHM
$E\ E\á VSHáQLRQ\ ZDUXQHN *H SU]HZRG]HQLH FLHSáD ]DOH*\ W\ONR RG MHGQHM ]PLHQ QHM SU]HVWU]HQQHM QDOH*\ GREUDü RGSRZLHGQL NRQILJXUDFM JHRPHWU\F]Q 5R] SDWUXMHP\ ZL F SU]HZRG]HQLH Z Sá\FLH SáDVNLHM PDMFHM VNRF]RQ JUXERü Z NLH UXQNX MHGQHM RVL QS UR]FLJDMFHM VL GR QLHVNRF]RQRFL Z GZyFK SR]RVWDá\FK NLHUXQNDFK (IHNW\ EU]HJRZH PRJ E\ü ZyZF]DV SRPLQL WH
5\V :DUXQNL WHPSHUDWXURZH GOD QLHVNRF]HQLH GáXJLHM Sá\W\ SáDVNLHM
3U]\MPXMHP\ WH* *H JUXERü UR]SDWU\ZDQHM FKáRG]RQHM Sá\W\ Z\QRVL G U\V : SRF]WNRZ\P PRPHQFLH W UR]NáDG WHPSHUDWXU\ Z Sá\FLH UyZQRPLHUQ\ D ZL F
FRQVW 7HPSHUDWXUD RWRF]HQLD Z\QRVL I &LHSáR MHVW XVXZDQH ] REX SR ZLHU]FKQL Sá\W\ D ZVSyáF]\QQLNL ZQLNDQLD FLHSáD SR ND*GHM VWURQLH Sá\W\ V MHGQDNR ZH L VWDáH Z FDá\P SURFHVLH :SURZDG(P\ SRM FLH QDGPLDUX WHPSHUDWXU\ - ]GHILQLRZDQHJR MDNR Uy*QLFD WHP SHUDWXU\ FLDáD L WHPSHUDWXU\ RWRF]HQLD - ± I 'OD MHGQRNLHUXQNRZHJR UXFKX FLHSáD Z NLHUXQNX RVL UyZQDQLH PR*QD VSURZDG]Lü GR SRVWDFL wwW
D
w w[
:DUXQNL SRF]WNRZH GOD W :DUXQNL EU]HJRZH ]D GOD SU]\SDGNX SU]HGVWDZLRQHJR QD U\V PRJ E\ü ]DSL VDQH QDVW SXMFR
Z RVL Sá\W\ JG\ -
± I
§ w- · ¨ ¸ © w [ ¹[
QD
SRZLHU]FKQL Sá\W\ JG\
-
D
G
§ w- · ¨ ¸ © w [ ¹[
/
D O
-[
/
E
5yZQDQLH Uy*QLF]NRZH UR]ZL]XMH VL PHWRG )RXULHUD 1DMSLHUZ SRV]XNX MHP\ UR]ZL]D V]F]HJyOQ\FK GDQHJR UyZQDQLD Z SRVWDFL LORF]\QX IXQNFML ] NWyU\FK ND*GD ]DOH*\ RG MHGQHM ]PLHQQHM D QDVW SQLH QD SRGVWDZLH GDQ\FK ZDUXQNyZ EU]HJR Z\FK RNUHOD VL ZDUWRFL VWDá\FK Z\VW SXMF\FK Z UR]ZL]DQLDFK V]F]HJyOQ\FK 8]\ VNDQH UR]ZL]DQLH PD SRVWDü DOER V]HUHJX XWZRU]RQHJR ]H ]QDOH]LRQ\FK UR]ZL]D V]F]HJyOQ\FK DOER FDáNL QLHZáDFLZHM R QLHXVWDORQ\FK JUDQLFDFK FDáNRZDQLD 5R]ZL]DQLH DQDOLW\F]QH UyZQDQLD Uy*QLF]NRZHJR SU]HZRG]HQLD FLHSáD
5R]SDWU\ZDQ\ SUREOHP MHVW VIRUPXáRZDQ\ SU]H] UyZQDQLH Uy*QLF]NRZH ZDUXQNL SRF]WNRZH L ZDUXQNL EU]HJRZH D L E 3RV]XNLZDQH UR]ZL]DQLH PD SRVWDü LORF]\QX GZyFK IXQNFML ] NWyU\FK MHGQD MHVW IXQNFM F]DVX W GUXJD ]D RGOHJáRFL
- - W [ M W \ [
3R SRGVWDZLHQLX IXQNFML GR UyZQDQLD RWU]\PXMHP\ QRZ SRVWDü UyZQDQLD Uy*QLF]NRZHJR wM W wW
\ [ D
w \ [ w[
M W
3R UR]G]LHOHQLX ]PLHQQ\FK RWU]\PXMHP\ UyZQDQLH M W M W
\
\
Z NWyU\P OHZD VWURQD MHVW IXQNFM F]DVX SUDZD ]D IXQNFM RGOHJáRFL 3RQLHZD* UyZQDQLH PXVL E\ü VSHáQLRQH GOD GRZROQ\FK ZDUWRFL L W RELH MHJR VWURQ\ PXV]D E\ü UyZQH WHM VDPHM VWDáHM NWyU ]DSLV]HP\ MDNR ±
M c W
\ cc [
D M W
N
\ [
.ROHMQH UyZQDQLD Uy*QLF]NRZH SU]\MP ZyZF]DV SRVWDü M c W M W
DN
\ cc [ \ [
N
6WDá Z\]QDF]D VL ] ZDUXQNyZ EU]HJRZ\FK ]QDN PLQXV QDWRPLDVW PXVL E\ü SU]\M W\ GOD SURFHVyZ UXFKX FLHSáD ]PLHU]DMF\FK GR UyZQRZDJL FLHSOQHM 5R]ZL]DQLHP UyZQDQLD MHVW IXQNFMD M W & DN 9 UR]ZL]DQLHP UyZQDQLD QDWRPLDVW MHVW IXQNFMD W\SX \ VLQ FRV 3R SRGVWDZLHQLX IXQNFML M W L \ GR UyZQDQLD Z\MFLRZHJR RWU]\PX MHP\ QRZH UyZQDQLH DN 9 - > VLQ FRV @ H 5yZQDQLH VSHáQLD UyZQDQLH GOD ND*GHM ZDUWRFL VWDá\FK L 6WDáH WH QDOH*\ Z\]QDF]\ü ] ZDUXQNyZ SRF]WNRZ\FK L EU]HJRZ\FK 5R]ZD*P\ ZDUXQHN EU]HJRZ\ D GOD - [ 3R ]Uy*QLF]NR ZDQLX UyZQDQLD RWU]\PDP\
§ w- · ¨ ¸ © w [ ¹[
& DN 9 N > & N[ & N[ @[
OXE FRV
VLQ
2]QDF]D WR *H UR]ZL]DQLH \ VLQ PXVL E\ü RGU]XFRQH ]H Z]JO GX QD QLHVSHáQLHQLH ZDUXQNyZ EU]HJRZ\FK 0DMF QD XZDG]H *H RUD] R]QDF]DMF UyZQDQLH PR*HP\ SU]HNV]WDáFLü GR SRVWDFL -
$ DN 9
N[
5R]SDWU]P\ QDVW SQLH ZDUXQHN EU]HJRZ\ E § w- · ¨ ¸ © w [ ¹[
§D · ¨ - ¸ © O ¹[
/
/
3R REOLF]HQLX SRFKRGQHM - ] UyZQDQLD L SRGVWDZLHQLX GR Z\UD*HQLD QD ZDUXQHN EU]HJRZ\ RWU]\PXMHP\ H
DN 9
D
VLQ G
O
H
DN 9
FRV G
D VWG FWJ G
G
D
DG O
3R ZSURZDG]HQLX OLF]E\ %LRWD %L
RUD] Z\UD*HQLD G
DG
O
P UyZQDQLH D XSURFL VL GR SRVWDFL
FWJP
P
%L
'OD ND*GHM ZDUWRFL OLF]E\ %LRWD LVWQLHMH QLHVNRF]HQLH ZLHOH UR]ZL]D 3R SRG VWDZLHQLX FWJP RUD] P RWU]\PDP\ ZDUWRFL SLHUZLDVWNyZ UyZQDQLD U\V -DN Z\QLND ] Z\NUHVX LVWQLHMH QLHVNRF]RQD OLF]ED UR]ZL]D GOD PQ D ND*GD NROHMQD ZDUWRü MHVW ZL NV]D RG SRSU]HGQLHM P P
P P Q
.D*GHM ZDUWRFL OLF]E\ %LRWD RGSRZLDGDM RNUHORQH SLHUZLDVWNL UyZQDQLD 'OD OLQLD P SRNU\ZD VL ] RVL P Z ]ZL]NX ] F]\P SLHUZLDVWNL V PLHM VFDPL ]HURZ\PL IXQNFML FWJP P
P
P
PQ
\ \ FWJ 2
\
\
\ \
5
2
2
5
5
2
2%L
2
2
5\V 5R]ZL]DQLH JUDILF]QH UyZQDQLD
'OD SURVWD P SRNU\ZD VL ] RVL SLHUZLDVWNL UyZQDQLD V QDVW SXMFH P P P PQ ± JG]LH 'OD LQQ\FK ZDUWRFL OLF]E\ %LRWD ZDUWRFL PQ V SRUHGQLH 'OD ND*GHJR SLHUZLDVWND P P P PQ RWU]\PXMHP\ RGSRZLHGQL SRVWDü IXQNFML § ©
$ ¨ P
-
[·
§ DW · ¸ ¨ P ¸ ¹ © G ¹
G
= ]DOH*QRFL WHM Z\QLND *H IXQNFMH - - - -Q V OLQLRZR QLH]DOH*QH L UR]ZL]DQLH RJyOQH UyZQDQLD SLHUZRWQHJR QDOH*\ SU]HGVWDZLü Z SRVWDFL V]HUHJX QLHVNRF]RQHJR f
-
¦
Q
FRV PQ
Q
W H[S PQ G G
6WDáH Q Z\]QDF]DP\ ] ZDUXQNX SRF]WNRZHJR GOD W ZL F -
f
¦
Q
FRV PQ
Q
G
-
6WDá Q Z\]QDF]DP\ MDNR FDáN Q
PQ
G P Q VLQ P Q
/
FRV PQ
FRV P ³ /
Q
G
MHVW ]DWHP IXQNFM Z\áF]QLH SLHUZLDVWNyZ UyZQDQLD L SRF]WNRZHJR UR] NáDGX WHPSHUDWXU\
Q
3R SRGVWDZLHQLX Z\UD*HQLD QD VWDá Q GR UyZQDQLD RWU]\PDP\ RVWD WHF]Q SRVWDü IXQNFML RNUHODMFHM SROH WHPSHUDWXU\ Z FKáRG]RQHM Sá\FLH MHGQRURGQHM Q
-
/
FRV PQ G G P Q VLQ P Q FRV P Q /
PQ
¦ Q
³
W FRV P Q H[S P Q G G
-H*HOL Z SRF]WNRZ\P PRPHQFLH SURFHVX W SURILO WHPSHUDWXU\ Z Sá\FLH MHVW SáDVNL MDN QD U\V W]Q ± I - FRQVW WR FDáND Z UyZQDQLX MHVW UyZQD -PQ VLQPQ L UyZQDQLH SU]\MPXMH SRVWDü
$Q
-
VLQ
PQ
PQ
VLQ P Q FR V P Q
3R SRGVWDZLHQLX WHJR UyZQDQLD GR UyZQDQLD RWU]\PDP\ LQQ SRVWDü IXQN FML RSLVXMFHM SROH WHPSHUDWXU\ Z FKáRG]RQHM OXE RJU]HZDQHM Sá\FLH Q
-
¦P Q
VLQ PQ
W FRV PQ H[S PQ VLQ P Q FRV P Q G G -
Q
5yZQDQLH WR Z\JRGQLHM MHVW DQDOL]RZDü Z SRVWDFL EH]Z\PLDURZHM 3R ZSURZD G]HQLX ]PLHQQ\FK EH]Z\PLDURZ\FK WHPSHUDWXU\ EH]Z\PLDURZHM -- ZVSyá U] GQHM EH]Z\PLDURZHM G RUD] EH]Z\PLDURZHM OLF]E\ )RXULHUD WG RWU]\PDP\ RVWDWHF]Q EH]Z\PLDURZ SRVWDü UyZQDQLD Q
¦P Q
Q
VLQ PQ FRV PQ H[S PQ VLQ PQ FRV PQ
2PyZLHQLH UR]ZL]DQLD UyZQDQLD Uy*QLF]NRZHJR SU]HZRG]HQLD FLHSáD Z QLHVNRF]RQHM Sá\FLH SáDVNLHM
3RQLHZD* V]HUHJ RSLVDQ\ UyZQDQLHP MHVW V]\ENR ]ELH*Q\ GOD OLF]E\ )RXULH UD ! ZL F UyZQDQLH WR ] GRVWDWHF]Q GRNáDGQRFL PR*HP\ SU]\EOL*\ü ]D SR PRF SLHUZV]HJR Z\UD]X V]HUHJX X]\VNXMF XSURV]F]RQ SRVWDü UyZQDQLD EH]Z\PLDURZHJR
<
' FR V P; H[S P)R
JG]LH
'
VLQ
P
VLQ
P
P FR V P
3RQLHZD* ZLHONRFL P ]DOH* RG OLF]E\ EH]Z\PLDURZHM %LRWD ZL F MHVW UyZ QLH* IXQNFM OLF]E\ %LRWD L MHM ZDUWRFL PRJ E\ü VWDEHODU\]RZDQH 5R]SDWUXMF JUDQLF]QH SU]\SDGNL Z RVL Sá\W\ JG\ G RUD] FRVP L QD SRZLHU]FKQL Sá\W\ JG\ G RUD] FRVP FRVP RUD] R]QDF]DMF LORF]\Q FRV Z RVL Sá\W\ MDNR IXQNFM RWU]\PDP\
< ; 1 %L H[S P)R
-H*HOL QDWRPLDVW SU]\MPLHP\ *H QD SRZLHU]FKQL Sá\W\ LORF]\Q FRVP MHVW IXQNFM WR RWU]\PDP\
< ; 3 %L H[S P)R
= UyZQD W\FK Z\QLND *H WHPSHUDWXUD EH]Z\PLDURZD MHVW IXQNFM GZX OLF]E EH] Z\PLDURZ\FK OLF]E\ %LRWD L OLF]E\ )RXULHUD 3R ]ORJDU\WPRZDQLX UyZQD L RWU]\PDP\ OQ
< ;
OQ
1 %L P)R
< ;
OQ
3 %L P)R
OQ
/RJDU\WP QDWXUDOQ\ WHPSHUDWXU\ EH]Z\PLDURZHM MHVW ]DWHP OLQLRZ IXQNFM F]DVX 'DMH WR PR*OLZRü UR]ZL]DQLD UyZQD L PHWRG JUDILF]Q $QDOL]D QLHXVWDORQHJR SU]HZRG]HQLD FLHSáD SRGF]DV FKáRG]HQLD Sá\W\
1D SRGVWDZLH Z\SURZDG]RQ\FK UyZQD L PR*QD REOLF]\ü WHPSHUD WXU QD SáDV]F]\(QLH V\PHWULL Sá\W\ L QD MHM SRZLHU]FKQL FR SRND]DQR QD U\V L :\NUHV\ WH LOXVWUXM ]DOH*QRü EH]Z\PLDURZHM WHPSHUDWXU\ ± I ± I RG OLF]E\ )RXULHUD WG RUD] OLF]E\ %LRWD DGO :V]\VWNLH WH ZLHONRFL VWD QRZL PRGXá\ SRGRELHVWZD = UR]ZL]DQLD UyZQDQLD Uy*QLF]NRZHJR SU]HZRG]HQLD FLHSáD Z\QLND *H UR]NáDG WHPSHUDWXU\ Z Sá\FLH FKáRG]RQHM RSLVXMH NU]\ZD V\PHWU\F]QD ] PDNVLPXP Z RVL Sá\W\ W]Q GOD U\V .ROHMQHM ZDUWRFL F]DVX RGSRZLDGD NROHMQD NU]\ZD PDOHMFD Z NLHUXQNX SRZLHU]FKQL Sá\W\ 3U]HGáX*HQLD VW\F]Q\FK GR NU]\Z\FK UR]NáDGX WHPSHUD WXU\ Z Sá\FLH Z SXQNFLH SU]HFKRG] SU]H] GZD SXQNW\ ELHJXQRZH L ± ]QDM GXMFH VL Z RGOHJáRFL RG SRZLHU]FKQL Sá\W\ PR*QD Z\ND]Dü *H >@ *UDILF]Q SRVWDü RJyOQHJR UR]ZL]DQLD Uy*QLF]NRZHJR UyZQDQLD SU]HZRG]HQLD FLHSáD Z QLHVNRF]RQHM Sá\FLH SáDVNLHM SRND]DQR QD U\V :\NUHV WHQ LOXVWUXMH ]DOH*QRü EH]Z\PLDURZHM WHPSHUDWXU\ ± I ± I RG OLF]E\ )RXULHUD WG RGZURWQRFL OLF]E\ %LRWD RUD] OLF]E\ SRGRELHVWZD ODG JHRPHWU\F]QHJR G :V]\VWNLH WH ZLHONRFL V PRGXáDPL SRGRELHVWZD
5\V =DOH*QRü JUDILF]QD <;
I%L )R
GOD QLHVNRF]RQHM Sá\W\
5\V =DOH*QRü JUDILF]QD <;
I%L )R
GOD QLHVNRF]RQHM Sá\W\
5\V 5R]NáDG WHPSHUDWXU\ Z FKáRG]RQHM QLHVNRF]RQHM Sá\FLH SáDVNLHM
5\V :\NUHV IXQNFML <
I)R P Q
GOD QLHVNRF]RQHM Sá\W\ SáDVNLHM
5R]SDWU]P\ SR NROHL FKDUDNWHU\VW\F]QH SU]\SDGNL 3R SLHUZV]H OLQLH GRW\ F] SU]\SDGNyZ JUDQLF]Q\FK Z NWyU\FK ZVSyáF]\QQLN ZQLNDQLD MHVW EDUG]R GX*\ D OXE OG D 7HPSHUDWXUD QD SRZLHU]FKQL FLDáD Z WDNLFK SU]\SDGNDFK MHVW UyZQD WHPSHUDWXU]H Sá\QX RWDF]DMFHJR QS SRZLHWU]D -H*HOL QDWRPLDVW ZVSyáF]\QQLN ZQLNDQLD FLHSáD MHVW EDUG]R PDá\ W]Q D WR D EH]Z\PLDURZD WHPSHUDWXUD G*\ GR MHGQRFL 2]QDF]D WR *H WHP SHUDWXUD FLDáD MHVW VWDáD L UyZQD WHPSHUDWXU]H SRF]WNRZHM 7HPSHUDWXU SRZLHU]FKQL FLDáD ]QDMGXMHP\ GOD SXQNWyZ SRáR*RQ\FK QD OLQLDFK GOD G 'OD SU]\SDGNX JUDQLF]QHJR JG\ RUD] OLQLD SRNU\ZD VL
] RVL U] GQ\FK XNáDGX GOD NWyUHM D W\P VDP\P W :DUWRFL WHPSHUDWXU\ Z SXQNWDFK SRáR*RQ\FK ZHZQWU] FLDáD WM GOD OLQLL ]EOL*DM VL ZROQLHM GR WHP
SHUDWXU\ PHGLXP RWDF]DMFHJR L VWG OLQLH GOD L V MX* QDFK\ORQH SRG SHZ Q\P NWHP FR RGSRZLDGD OLF]ERP )RXULHUD ZL NV]\P RG ]HUD D VWG GOD W 7HPSHUDWXU QD SáDV]F]\(QLH V\PHWULL Sá\W\ Z ZDUXQNDFK EDUG]R GREUHM NRQZHNFML PR*QD RSLVDü SU]\EOL*RQ\P UyZQDQLHP SO H
: ]DNUHVLH QLHZLHONLFK OLF]E )RXULHUD WUXGQR MHVW RGF]\WDü ] Z\NUHVX QD U\V GRNáDGQ ZDUWRü WHPSHUDWXU\ EH]Z\PLDURZHM QDOH*\ VL ZyZF]DV SRVáX*\ü RG SRZLHGQLPL WDEHODPL SRU QS WDEHOH ± Z PRQRJUDILL +REOHUD >@ OXE UyZQDQLH UR]ZL]Dü DQDOLW\F]QLH &KáRG]HQLHOXERJU]HZDQLHF\OLQGUDQLHVNRF]RQHJR
: RGQLHVLHQLX GR F\OLQGUD ZDOFD PR*QD SU]\Mü QDVW SXMFH ]DáR*HQLD R SURPLHQLX RGGDMH FLHSáR GR RWRF]HQLD
ZVSyáF]\QQLN ZQLNDQLD FLHSáD MHVW VWDá\ GOD FDáHM SRZLHU]FKQL
WHPSHUDWXUD RWRF]HQLD MHVW VWDáD
WHPSHUDWXUD ZH ZV]\VWNLFK SXQNWDFK F\OLQGUD MHVW MHGQDNRZD Z SRF]WNRZ\P PRPHQFLH 'OD VWDá\FK ZDUXQNyZ EU]HJRZ\FK PR*QD Z\HOLPLQRZDü ]PLHQQ VSURZDG]D MF ]DJDGQLHQLH GR GZXRVLRZHJR SU]HZRG]HQLD 3R SU]HNV]WDáFHQLX UyZQDQLD GR ZVSyáU] GQ\FK ZDOFRZ\FK ] ]DVWRVRZDQLHP UyZQD
F\OLQGHU
FRVM
VLQM
RUD] RWU]\PXMHP\ UyZQDQLH R SURVWV]HM SRVWDFL
- - W
-
:DUXQNL EU]HJRZH L SRF]WNRZH V QDVW SXMFH RUD]
GOD W
- - 7 7 x GOD U
L
FRQVW
I
W!
§ w- · ¨ ¸ © wU ¹ U
x GOD U
5LW!
§ w- · ¨ ¸ © wU ¹ U 5
D O U5
: Z\QLNX UR]ZL]DQLD RWU]\PDQHJR PHWRG UR]G]LHODQLD ]PLHQQ\FK ] Z\NRU]\ VWDQLHP SRGDQ\FK ZDUXQNyZ EU]HJRZ\FK RWU]\PXMH VL UyZQDQLD QD WHPSHUDWXU
EH]Z\PLDURZ Z RVL F\OLQGUD U
L QD MHJR SRZLHU]FKQL U
5
<
I %L )R
<
I %L )R
U
U
5
7HPSHUDWXU Z RVL F\OLQGUD L QD MHJR SRZLHU]FKQL PR*QD Z\]QDF]\ü ] Z\NUHVyZ SU]HGVWDZLRQ\FK QD U\V L
5\V =DOH*QRü JUDILF]QD <7
I%L )R GOD QLHVNRF]RQHJR ZDOFD
*UDILF]Q SRVWDü RJyOQHJR UR]ZL]DQLD Uy*QLF]NRZHJR UyZQDQLD SU]HZRG]HQLD FLHSáD Z QLHVNRF]RQ\P ZDOFX SU]HGVWDZLRQR QD U\V :\NUHV WHQ LOXVWUXMH ]D OH*QRü EH]Z\PLDURZHM WHPSHUDWXU\ <
)R
DW5 RGZURWQRFL OLF]E\ %LRWD %L
JHRPHWU\F]QHJR Q
7 ± 7I 7 ± 7I RG OLF]E\ )RXULHUD
OD5
P RUD] OLF]E\ SRGRELHVWZD
U5 :V]\VWNLH WH ZLHONRFL VWDQRZL PRGXá\ SRGRELHVWZD
5\V =DOH*QRü JUDILF]QD <7 #
5\V :\NUHV IXQNFML <
I%L )R GOD QLHVNRF]RQHJR ZDOFD
I)R P Q GOD QLHVNRF]RQHJR ZDOFD
7HPSHUDWXU QD RVL V\PHWULL ZDOFD Q P
Z ZDUXQNDFK EDUG]R GREUHM NRQZHNFML
PR*QD RSLVDü SU]\EOL*RQ\P UyZQDQLHP
H
)R
: ]DNUHVLH QLHZLHONLFK OLF]E )RXULHUD WUXGQR MHVW RGF]\WDü ] Z\NUHVX U\V GRNáDGQ ZDUWRü WHPSHUDWXU\ EH]Z\PLDURZHM < QDOH*\ VL SRVáX*\ü RGSRZLHGQLPL WDEHODPL QS WDEHOH ± Z PRQRJUDILL +REOHUD >@
&KáRG]HQLHOXERJU]HZDQLHNXOL =DQDOL]XMP\ FKáRG]HQLH NXOL R SURPLHQLX 5 XPLHV]F]RQHM Z RURGNX R VWDáHM WHP SHUDWXU]H :DUWRü ZVSyáF]\QQLND ZQLNDQLD FLHSáD RG SRZLHU]FKQL NXOL GR RWRF]HQLD MHVW UyZQLH* VWDáD : SRF]WNRZ\P PRPHQFLH WHPSHUDWXUD NXOL Z GRZROQ\P SXQNFLH Z\QRVL 7 =Dáy*P\
*H
QDGPLDU WHPSHUDWXU\
-
7 ± 7I 5yZQDQLH Uy*QLF]NRZH SU]HZRG]H
QLD FLHSáD Z NXOL SU]HNV]WDáFRQH GR ZVSyáU] GQ\FK VIHU\F]Q\FK SU]\MPLH QDVW SXMF SRVWDü
wwW :DUXQNL SRF]WNRZH GOD
W
§ w -
D¨
© wU
w- · ¸ U wU ¹
V QDVW SXMFH
x GOD U 5 -
-
7 7 I
ZDUXQNL EU]HJRZH ]D
x GOD U
5 SRZLHU]FKQLD NXOL
§ w- · ¨ ¸ © wU ¹U 5 x GOD U
§D · ¨ - ¸ © O ¹U 5
URGHN NXOL
§ w- · ¨ ¸ © wU ¹ U
= UR]ZL]DQLD UyZQDQLD PHWRG UR]G]LHOHQLD ]PLHQQ\FK ] XZ]JO GQLHQLHP ZDUXQNyZ SRF]WNRZ\FK L EU]HJRZ\FK RWU]\PXMH VL ]DOH*QRFL IXQNF\MQH RG OLF]E EH]Z\PLDURZ\FK
x GOD URGND NXOL U5
72
Yr =0 = F0 ( Bi , Fo )
(6.72)
• dla powierzchni kuli (r/R = 1)
Yr = R = Fp ( Bi , Fo )
(6.73)
Yr = F ( Bi , Fo , r / R )
(6.74)
oraz w dowolnym punkcie kuli
* dstawionych na rys. 6.11 i rys. 6.12.
Rys. 6.11.
* Yr = 0 = f1(Bi, Fo) dla kuli
Rys. 6.12.
* Yr = R = f2(Bi, Fo) dla kuli
Grafic * ! " u * # Y = (T – Tf)/(T0 – Tf) od liczby Fouriera Fo = aτ/R2$ i liczby Biota m = 1/Bi = λ/(αR # # geometrycznego n = r/R " #
5\V :\NUHV IXQNFML <
I)R P Q GOD NXOL
&KáRG]HQLHOXERJU]HZDQLHFLDáRQLHGX*\FKZ\PLDUDFK :\NUHV\ IXQNFML OLF]E EH]Z\PLDURZ\FK GOD Sá\W\ L ZDOFD RGQRV] VL ZSUDZG]LH GR FLDá QLHVNRF]RQ\FK R VNRF]RQHM JUXERFL PRJ E\ü MHGQDN UyZQLH* VWRVRZDQH GOD SU]\SDGNyZ JG\ JUXERü Sá\W\ OXE
UHGQLFD
ZDOFD V VWRVXQNRZR QLHGX*H Z SR
UyZQDQLX GR LQQ\FK Z\PLDUyZ 3RUyZQDQLH IXQNFML <
I)R GOD P
]QLNRP\
RSyU FLHSOQ\ ZQLNDQLD GOD Sá\W\ QLHVNRF]RQHM EHONL QLHVNRF]RQHM R SU]HNURMX NZDGUDWRZ\P F\OLQGUD QLHVNRF]RQHJR NXOL F]\ NRVWNL RUD] NUyWNLHJR ZDOFD SU]HG VWDZLRQR QD U\V -DN ZLGDü ] WHJR U\VXQNX QDMZL FHM F]DVX Z\PDJD FKáRG]HQLH Sá\W\ QLHVNRF]RQHM QDMPQLHM ]D ± FKáRG]HQLH NXOL &KáRG]HQLH NUyWNLFK NV]WDáWHN MHVW SRGREQH GR FKáRG]HQLD NXOL : RGQLHVLHQLX GR FLDá R NV]WDáFLH SURVWRSDGáRFLDQX OXE NUyWNLFK ZDOFyZ PR*QD ]D VWRVRZDü PHWRG 1HZPDQD >@ 'OD SURVWRSDGáRFLDQX QS FHJá\ Z\ELHUDP\ GZLH GR ZROQH UyZQROHJáH
FLDQ\
L WUDNWXMHP\ MH MDNR QDOH*FH GR Sá\W\ QLHVNRF]HQLH ZLHONLHM R
JUXERFL G[ 'OD RNUHORQHM RGOHJáRFL [ EDGDQHJR SXQNWX RG SáDV]F]\]Q\ V\PHWULL REOL F]DP\ NROHMQH OLF]E\ EH]Z\PLDURZH )R[
DWG [ P[
ODG [ Q[
QLH ] Z\NUHVX OXE WDEHOL Z\]QDF]DP\ WHPSHUDWXU EH]Z\PLDURZ MDNR <[ 1DVW SQLH Z\ELHUDP\ GZLH LQQH UyZQROHJáH GR VLHELH
FLDQ\
[ G [ D QDVW S I)R[ P[ Q[
SU]\MZV]\
OH* GR Sá\W\ QLHVNRF]RQHM R JUXERFL G\ 2GPLHU]\ZV]\ SRQRZQLH
*H QD RGOHJáRü \
SXQNWX RG QRZHM SáDV]F]\]Q\ V\PHWULL REOLF]DP\ NROHMQH OLF]E\ EH]Z\PLDURZH
)R \
WG \ P \
D
O DG \
Q[
[ G \ D QDVW SQLH ] Z\NUHVX OXE WDEHOL Z\]QDF]D
P\ WHPSHUDWXU EH]Z\PLDURZ <\
MDNR I)R\ P\ Q\ 3RVW SXMF ZHGáXJ WHM VDPHM
]DVDG\ Z RGQLHVLHQLX GR WU]HFLHM SDU\ EH]Z\PLDURZH )R]
FLDQ
UyZQROHJá\FK RNUHODP\ NROHMQH OLF]E\
WG \ P] ODG ] Q]
D
[ G ] D QDVW SQLH ] Z\NUHVX OXE
WDEHOL Z\]QDF]DP\ WHPSHUDWXU EH]Z\PLDURZ <] MDNR I)R] P] Q] :DUWRü Z\SDG NRZ EH]Z\PLDURZHM WHPSHUDWXU\ <
7 ± 7I 7 ± 7I JG]LH 7 MHVW WHPSHUDWXU
<[<\<] 3RQLHZD* VNáDGRZH <[ <\ <]
Z EDGDQ\P SXQNFLH X]\VNDP\ ] LORF]\QX <
V ]DZV]H PQLHMV]H RG MHGQRFL ZL F ZDUWRü Z\SDGNRZD EH]Z\PLDURZHM WHPSHUDWX U\ < E G]LH PQLHMV]D RG ND*GHM ]H VNáDGRZ\FK :\QLND VWG
*H
WHPSHUDWXUD FLDáD
R RJUDQLF]RQ\FK UR]PLDUDFK ]PQLHMV]D VL V]\EFLHM QL* WHPSHUDWXUD FLDáD QLHVNRF]R QHJR FR MHVW VNXWNLHP FKáRG]HQLD ]H ZV]\VWNLFK VWURQ
< /
/ '
)R
5\V :\NUHV IXQNFML < I )R GOD FLDá Z Uy*Q\P NV]WDáFLH ± Sá\WD ± EHOND ± ZDOHF ± NXOD 3RGREQ PHWRG PR*QD ]DVWRVRZDü GR Z\]QDF]HQLD WHPSHUDWXU\ Z GRZROQ\P SXQNFLH NUyWNLHJR F\OLQGUD : W\P SU]\SDGNX RE\GZD GQD UyZQROHJáH L SURVWRSDGáH GR RVL WUDNWXMHP\ MDNR QDOH*FH GR Sá\W\ QLHVNRF]RQHM R JUXERFL G[ UyZQHM GáXJR
FL
F\OLQGUD / D VDP ZDOHF MDNR F\OLQGHU QLHVNRF]RQHM GáXJRFL R
'RZROQ\ SXQNW V\PHWULL OH*FHM
UHGQLF\ G G\ E G]LH SU]\ W\P RNUHORQ\ ZVSyáU] GQ [ OLF]RQ RG SáDV]F]\]Q\ Z SRáRZLH GáXJRFL ZDOFD L UyZQROHJáHM GR GHQ RUD] ZVSyáU] GQ \
UyZQ SURPLHQLRZL NWyUHPX SXQNW WHQ RGSRZLDGD : SU]\SDGNX L]RODFML SDU\ SU]HFLZOHJá\FK
*HOL
FLDQ
QDOH*\ SRPLQü LFK ZSá\Z -H
ZVSyáF]\QQLNL ZQLNDQLD QLH V MHGQDNRZH WR PR*QD MH ZSURZDG]Lü GR RGSR
ZLHGQLFK OLF]E %LRWD ] ]DFKRZDQLHP V\PHWULL WM ND*GHM SDU]H SU]HFLZOHJá\FK
FLDQ
QDOH*\ SU]\SLVDü WDN VDP ZDUWRü ZVSyáF]\QQLND ZQLNDQLD FLHSáD 6]HUHJ LQQ\FK V]F]HJyOQ\FK SU]\SDGNyZ VWRVRZDQLD PHWRG\ 1HZPDQD RSLVDá +REOHU >@
5R]ZL]DQLHUyZQDQLD)RXULHUD GODXVWDORQHJRSU]HZRG]HQLDFLHSáDZFLDQLHSáDVNLHM =DJDGQLHQLH XVWDORQHJR SU]HZRG]HQLD FLHSáD Z
FLDQLH
SáDVNLHM VWDQRZL SRGVWD
ZRZ\ SU]\NáDG UXFKX FLHSáD > @ =DQDOL]XMP\ SU]\SDGHN JG\
FLDQN
RSá\ZDM
GZD Sá\Q\ Uy*QLFH VL WHPSHUDWXU U\V
5\V :DUXQNL WHPSHUDWXURZH GOD FLDQ\ SáDVNLHM 7UDQVSRUW FLHSáD SU]HELHJD
x SU]H] NRQZHNFM RG VWUXPLHQLD Sá\QX JRUFHJR R WHPSHUDWXU]H 7I GR SRZLHU]FK QL FLDQNL R WHPSHUDWXU]H 7V x SU]H] SU]HZRG]HQLH ZHZQWU] FLDQNL x SU]H] NRQZHNFM RG SRZLHU]FKQL FLDQNL R WHPSHUDWXU]H 7V GR VWUXPLHQLD Sá\QX ]LPQHJR R WHPSHUDWXU]H 7I 5R]NáDG WHPSHUDWXU\ Z
FLDQFH
PR*HP\ RNUHOLü UR]ZL]XMF UyZQDQLH Uy*QLF]
NRZH )RXULHUD ] ]DVWRVRZDQLHP RGSRZLHGQLFK ZDUXQNyZ JUDQLF]Q\FK : SU]\SDGNX XVWDORQHJR SU]HZRG]HQLD Z NLHUXQNX RVL [ UyZQDQLH WR SU]\MPXMH SRVWDü UyZQDQLD /DSODFH¶D
G 7 G[
5yZQDQLH WR FDáNXMHP\ GZXNURWQLH
G 7
³ G[
G[
³ G[
G7
³ G[ G[ ³ & G[
RWU]\PXMF UR]ZL]DQLH Z NRFRZHM SRVWDFL
7 [ & [ &
6WDáH FDáNRZDQLD & L & Z\]QDF]DP\ ] ZDUXQNyZ JUDQLF]Q\FK U\V 3R SRGVWDZLHQLX GOD [
7
7V RWU]\PXMHP\ 7V
3RGREQLH GOD [
V 7V
&
7V SWU]\PDP\ & V &
7V
& V 7V
3R SU]HNV]WDáFHQLX Z\]QDF]\P\ VWDá &
7V 7V
&
V
3R ZSURZDG]HQLX Z\UD*H QD VWDá & RUD] QD VWDá & RWU]\PXMHP\
NRFRZ SRVWDü UyZQDQLD
7V 7V
7 [
V
[ 7V
7HPSHUDWXUD ]PLHQLD VL ]DWHP OLQLRZR ] RGOHJáRFL [ = UyZQDQLD RWU]\PX MHP\ GHILQLFM JUDGLHQWX WHPSHUDWXU\ Z SRVWDFL SRFKRGQHM
G7
7V 7V
G[
V
1D WHM SRGVWDZLH PR*HP\ RNUHOLü J VWRü VWUXPLHQLD FLHSáD
T
O
G7
O
G[
V
G7
O$
G[
V
7 7 V
V
RUD] VWUXPLH SU]HZRG]RQHJR FLHSáD
4
O $
7 7 V
V
3RZLHU]FKQLD FLDQ\ SáDVNLHM $ MHVW VWDáD L SURVWRSDGáD GR NLHUXQNX UXFKX FLHSáD
5R]ZL]DQLDUyZQDQLD)RXULHUDGODFKDUDNWHU\VW\F]Q\FK SU]\SDGNyZQLHXVWDORQHJRSU]HZRG]HQLDFLHSáD FLVáH
: ZLHOX SU]\SDGNDFK
FDáNRZDQLH Uy*QLF]NRZHJR UyZQDQLD )RXULHUD GDMH
EDUG]R VNRPSOLNRZDQH ]DOH*QRFL IXQNF\MQH NWyUH MHGQDN PR*QD Z\UD]Lü MDNR ]DOH* QRFL RG OLF]E %LRWD L )RXULHUD 3RQL*HM SRGDQR NLOND SU]\NáDGyZ SU]\EOL*RQ\FK UR] ZL]D >@
3á\WD R GX*HM SRZLHU]FKQL L WHPSHUDWXU]H SRF]WNRZHM 7 ]QDMGXMH VL Z RURGNX
R WHPSHUDWXU]H 7I 3U]\M FLH
*H
Sá\WD PD GX* SRZLHU]FKQL XPR*OLZLD SRPLQL FLH
ZSá\ZX ]DEXU]H Z SROX WHPSHUDWXURZ\P Sá\W\ MDNLH Z\VW SXM Z SREOL*X NUDZ G]L 3U]\MPXMH VL QD RJyá
*H
VWRVXQHN SRZLHU]FKQL ERF]Q\FK $E GR SRZLHU]FKQL $ MHVW
EDUG]R PDá\ RNRáR -H*HOL ZVSyáF]\QQLN SU]HZRG]HQLD FLHSáD Sá\W\ MHVW GX*\ O: RURGND MHVW Z\*V]D RG WHPSHUDWXU\ SRF]WNRZHM Sá\W\ 7I FLHSáD ZQLNDMF GR Sá\W\ RSLVXMH UyZQDQLH
! 7
f
D WHPSHUDWXUD
WR Uy*QLF]NRZ LORü
/" , % % /9
1
JG]LH 7 MHVW WHPSHUDWXU Sá\W\ Z GDQ\P PRPHQFLH 7HPSHUDWXUD Sá\W\ Z]URQLH ]JRGQLH ] QDVW SXMF\P UyZQDQLHP
G4 PF G7
S
= SRUyZQDQLD UyZQD L Z\QLND
, % % /9 2. 1
5
/%
3R SRGVWDZLHQLX
9U
P
RWU]\PXMHP\
, % % /9 ' 7 . 1
5
/%
: UyZQDQLX W\P UR]G]LHODP\ ]PLHQQH
D UFS L FDáNXMHP\ Z JUDQLFDFK RG
$ 9
W
G
G7 7I
7
W GR W RUD] RG 7W GR 7W 2WU]\PXMHP\
D UFS -H*HOL XZ]JO GQLP\
$ 9
* H 9 $
W W
OQ
7I
7W
7I
7W
V JG]LH V MHVW JUXERFL Sá\W\ RJU]HZDQHM MHGQR
VWURQQLH SRáRZ ]D JUXERFL Sá\W\ RJU]HZDQHM GZXVWURQQLH D WHPSHUDWXU QD SR F]WNX SURFHVX R]QDF]\P\ SU]H] 7 WR SR SU]HNV]WDáFHQLDFK RWU]\PDP\ QDVW SXMF ]DOH*QRü
OQ <
OQ
7I
7
7I
7
D W
U FS V
2WU]\PXMHP\ ]DOH*QRü Z\NáDGQLF] GOD EH]Z\PLDURZHM WHPSHUDWXU\ <
<
H
D UF 5 V
7I ± 7 7I ± 7
W
5\V 5R]NáDG WHPSHUDWXU\ Z Sá\FLH R QLHVNRF]HQLH GX*\P ZVSyáF]\QQLNX SU]HZRG]HQLD FLHSáD 5R]NáDG WHPSHUDWXU\ Z RPDZLDQ\P SU]\SDGNX SRND]DQR QD U\V -DN ZLGDü JG\
O
f PR*QD ]DQLHGEDü VSDGHN WHPSHUDWXU\ Z Sá\FLH
3RGREQLH MDN XSU]HGQLR SU]\MPXMHP\
*H
ZVSyáF]\QQLN SU]HZRG]HQLD MHVW EDUG]R
GX*\ DOH PD VNRF]RQ ZDUWRü L VSDGHN WHPSHUDWXU\ Z Sá\FLH PR*QD ]DQLHGEDü 5yZQDQLH PR*QD ]DVWRVRZDü MHG\QLH ] SHZQ\P SU]\EOL*HQLHP
<
#H
D UF 5 V
W
/LF]QLN L PLDQRZQLN Z\NáDGQLND SUDZHM VWURQ\ PQR*\P\ SU]H]
<
#H
DV
OV
OW
O U F 5 V
3R ZSURZDG]HQLX GHILQLFML OLF]E EH]Z\PLDURZ\FK %L L )R RWU]\PXMHP\
< #H 'OD
W
VDP\P 7
)R
7 I
RUD] <
%L)R
W\P VDP\P 7
7 'OD W
f )R
f <
D W\P
5XFKFLHSáDSU]H]NRQZHNFM :SURZDG]HQLH
: UR]G]LDáDFK L RPyZLRQR NRQZHNF\MQ\ UXFK FLHSáD :SURZDG]RQR SRGVWD ZRZH SRM FLD GRW\F]FH PHFKDQL]PX ZQLNDQLD L SU]HQLNDQLD FLHSáD RUD] GHILQLFM
ZVSyáF]\QQLND ZQLNDQLD FLHSáD RSDUW QD SUDZLH 1HZWRQD :QLNDQLH FLHSáD MHVW XZD UXQNRZDQH Z\VW SRZDQLHP ODPLQDUQHM ZDUVWHZNL JUDQLF]QHM Z SREOL*X FLDQ\ RP\ ZDQHM SU]H] Sá\Q =MDZLVNR WR REHMPXMH ]DUyZQR SU]HZRG]HQLH FLHSáD Z ZDUVWHZFH JUDQLF]QHM Sá\QX MDN L WUDQVSRUW HQHUJLL ZHZQWU] VWUXPLHQLD Sá\QX Z Z\QLNX NRQWDN WX HOHPHQWyZ Sá\QX R ZL NV]HM HQHUJLL W]Z JRUF\FK HOHPHQWyZ Sá\QX ] REV]DUHP R PQLHMV]HM HQHUJLL WM REV]DUHP ]LPQ\P :\Uy*QLDP\ NRQZHNFM Z\PXV]RQ MH*HOL UXFK Sá\QX RGE\ZD VL SRG G]LDáDQLHP VLá ]HZQ WU]Q\FK Z SRVWDFL Uy*QLF\ FLQLHQLD Z\WZRU]RQHM QS ]D SRPRF SRPS\ F]\ ZHQW\ODWRUD -HOL QDWRPLDVW UXFK Sá\QX MHVW VSRZRGRZDQ\ W\ONR Uy*QLF J VWRFL QS Z Z\QLNX Uy*QLF\ WHPSHUDWXU\ WR WUDQVSRUW FLHSáD Z W\FK ZDUXQNDFK MHVW RNUHODQ\ MDNR NRQZHNFMD QDWXUDOQD VZRERGQD 3RGD QR WH* SRGVWDZRZH GHILQLFMH ZVSyáF]\QQLND ZQLNDQLD FLHSáD L RPyZLRQR VSRVRE\ MHJR Z\]QDF]DQLD :\Uy*QLRQR PHWRG GRZLDGF]DOQ L PHWRG DQDOLW\F]Q RNUHOD QLD WHJR ZVSyáF]\QQLND $QDOLW\F]QH Z\]QDF]DQLH ZVSyáF]\QQLND ZQLNDQLD FLHSáD D Z\PDJD RSLVX WUyM Z\PLDURZHJR UXFKX Sá\QX W]Q RNUHOHQLD WU]HFK VNáDGRZ\FK SU GNRFL WHPSHUDWXU\ L FLQLHQLD Sá\QX RUD] MHJR J VWRFL MDNR IXQNFML SRáR*HQLD L F]DVX 'R Z\]QDF]HQLD W\FK V]HFLX QLHZLDGRP\FK NRQLHF]QH MHVW VIRUPXáRZDQLH V]HFLX UyZQD 'ZD SRG VWDZRZH UyZQDQLD Uy*QLF]NRZH VWDQRZL SUDZD ]DFKRZDQLD PDV\ L HQHUJLL .ROHMQH WU]\ UyZQDQLD PR*QD RWU]\PDü ] SUDZD UXFKX 1HZWRQD Z NLHUXQNX ND*GHM ZVSyáU] G QHM 6 WR UyZQDQLD 1DYLHUD±6WRNHVD 5yZQDQLH VWDQX Sá\QX GDMH RVWDWQLH UyZQDQLH 5R]ZL]DQLH Z\PDJD MHGQRF]HVQHJR UR]ZL]DQLD ZV]\VWNLFK UyZQD FR PR*H RND ]Dü VL QLHPR*OLZH 'OD XSURV]F]HQLD UXFK Sá\QX E G]LH UR]SDWU\ZDQ\ MHG\QLH Z GZX NLHUXQNDFK FR XPR*OLZLD Z\HOLPLQRZDQLH MHGQHM ]PLHQQHM QLH]DOH*QHM L MHGQHM QLH ZLDGRPHM 0R*QD WH* ]DáR*\ü *H Sá\Q MHVW QLHFLOLZ\ W]Q MHJR J VWRü MHVW VWDáD FR SR]ZDOD Z\HOLPLQRZDü NROHMQ QLHZLDGRP L GR RSLVX SU]HSá\ZX QLH]E GQH V W\ONR F]WHU\ UyZQDQLD
3RGVWDZ\WHRULLZQLNDQLDFLHSáD 5y*QLF]NRZHUyZQDQLHUXFKXFLHSáD±UyZQDQLHHQHUJLL
5R]SDWU]\P\ SURFHV ZQLNDQLD FLHSáD RG FLDQNL GR Sá\QX SU]HSá\ZDMFHJR Z]GáX* FLDQ\ U\V : Z\QLNX Z\WZRU]HQLD VL ODPLQDUQHM ZDUVWHZNL JUDQLF]QHM NU]\ZH UR]NáDGX SU GNRFL Sá\QX L WHPSHUDWXU\ Z ]DOH*QRFL RG RGOHJáRFL RG FLDQ\ SU]\MPXM NV]WDáW SDUDEROL VSáDV]F]RQHM Z ZL NV]HM RG QLHM RGOHJáRFL Z VWUHILH SR]D ZDUVWZ JUDQLF]Q
5\V 5R]NáDG SU GNRFL L WHPSHUDWXU\ Z RJU]HZDQ\P Sá\QLH RSá\ZDMF\P FLDQ SáDVN
3RQLHZD* SURFHV ZQLNDQLD FLHSáD REHMPXMH UyZQLH* MHJR SU]HZRG]HQLH Z FLHQ NLHM ODPLQDUQHM ZDUVWZLH JUDQLF]QHM ZL F PR*QD GOD QLHM ]DVWRVRZDü UyZQDQLH )RXULHUD O
\
JG]LH MHVW QRUPDOQ GR SRZLHU]FKQL FLDáD *G\ ]PLDQ\ WHPSHUDWXU\ ]DFKRG] W\ONR Z NLHUXQNX ZVSyáU] GQHM SURVWRSDGáHM GR SRZLHU]FKQL FLDáD MDN QD U\V QRUPDOQD MHVW ZVSyáU] GQ =JRGQLH ] SUDZHP 1HZWRQD QDWRPLDVW GOD ZQLNDQLD FLHSáD RERZL]XMH UyZQDQLH T D 7 7 3R SU]\UyZQDQLX UyZQD )RXULHUD L 1HZWRQD RWU]\PXMHP\ GHILQLFM ZVSyáF]\QQLND ZQLNDQLD FLHSáD O D 8
V
I
1
\
=DVWRVRZDQLH WHJR Z\UD*HQLD Z\PDJD ]QDOH]LHQLD SRFKRGQHM WHPSHUDWXU\ Z]JO GHP RGOHJáRFL RG FLDQ\ Z SREOL*X SRZLHU]FKQL FLDáD 7\P VDP\P QDOH*\ Z\]QDF]\ü WHPSHUDWXU Sá\QX Z ND*G\P SXQNFLH SROD SU]HSá\ZX 1DOH*\ ZL F VIRUPXáRZDü
GOD SU]HSá\ZX GZXNLHUXQNRZHJR Sá\QX QLHFLOLZHJR F]ZDUWH UyZQDQLH SRGVWDZRZH SR]D UyZQDQLHP FLJáRFL L UyZQDQLHP 1DYLHUD±6WRNHVD -HVW WR W]Z UyZQDQLH HQHU JLL QLHNLHG\ QD]\ZDQH UyZQDQLHP )RXULHUD±.LUFKKRIID $E\ MH Z\SURZDG]Lü SU]\M PXMHP\ QDVW SXMFH ]DáR*HQLD 3á\Q MHVW QLHFLOLZ\ L MHGQRURGQ\ QLH Z\VW SXM ZHZQ WU]QH (UyGáD FLHSáD FLH SáR Z\G]LHODQH Z Sá\QLH Z Z\QLNX WDUFLD PR*H E\ü ]DQLHGEDQH D FDáH FLHSáR GRVWDU F]RQH GR UR]SDWU\ZDQHJR HOHPHQWX Sá\QX MHVW ]X*\WNRZDQH QD ]PLDQ HQWDOSLL
5\V 1LHXVWDORQ\ UXFK FLHSáD Z HOHPHQFLH Z NV]WDáFLH SURVWRSDGáRFLDQX
5R]SDWU]\P\ HOHPHQWDUQ\ SURVWRSDGáRFLDQ R Z\PLDUDFK G[ G\ G] =DáR*\P\ *H Sá\Q Z W\P HOHPHQFLH PD VWDáH SDUDPHWU\ O FS L U U\V : FHOX RNUHOHQLD ELODQ VX Uy*QLF]NRZHM LORFL FLHSáD RGGDZDQHM SU]H] WHQ HOHPHQW QDOH*\ ]GHILQLRZDü SR V]F]HJyOQH MHJR VNáDGRZH GOD WU]HFK NLHUXQNyZ [ \ ] ,ORü FLHSáD GRVWDUF]RQD GR HOHPHQWDUQHJR SURVWRSDGáRFLDQX Z]GáX* RVL [ Z MHGQRVWNRZ\P F]DVLH GW Z\QRVL
G4[ T[ G\G]GW
> -@
LORü FLHSáD ]D RSXV]F]DMFHJR WHQ HOHPHQW Z W\P VDP\P NLHUXQNX G4[ G[
T [ G[ G\G]GW
wT[ · § ¨ T [ w[ G[ ¸ G\G]GW © ¹
>-@
5y*QLFD PL G]\ LORFL FLHSáD GRSá\ZDMFHJR L RGSá\ZDMFHJR Z NLHUXQNX [ Z\QRVL G4[
G4[ G4[ G[
wT [ G[G\G]GW w[
wT [ G9GW w[
3RGREQLH GOD SR]RVWDá\FK NLHUXQNyZ \ L ] RWU]\PXMHP\
G4\ G4 \ G4\ G\
MT \ G9GW M\
G4]
wT] G9GW w]
G4] G4] G]
3R ]VXPRZDQLX UyZQD ± RWU]\PXMHP\ Z\UD*HQLH QD FDáNRZLW LORü FLHSáD GRVWDUF]RQ GR HOHPHQWX Sá\QX =JRGQLH ] ]DáR*HQLHP FLHSáR WR MHVW ]X*\ZDQH QD ]PLDQ HQWDOSLL U U 3R SU]\UyZQDQLX RVWDWQLFK GZyFK UyZQD RWU]\PXMHP\ QDVW SXMFH UyZQDQLH U [
\
]
[
\
\
]
]
S
[
S
OXE
GLY 1DOH*\ WHUD] UR]ZD*\ü VNáDGRZH J VWRFL VWUXPLHQLD FLHSáD -H*HOL ]DáR*\P\ *H FLHSáR MHVW SU]HQRV]RQH Z Sá\QLH ]DUyZQR SU]H] SU]HZRG]HQLH MDN L NRQZHNFM
RWU]\PXMHP\ QDVW SXMFH Z\UD*HQLH GOD NLHUXQNX =JRGQLH ] SUDZHP )RXULHUD J VWRü SU]HZRG]RQHJR VWUXPLHQLD FLHSáD RSLVXMH UyZQDQLH : P O 3U]\MPLHP\ *H J VWRü VWUXPLHQLD PDV\ QD MHGQRVWN SRZLHU]FKQL QRUPDOQHM GR NLH UXQNX SU]HSá\ZX GOD NLHUXQNX Z\QRVL U 2WU]\PDP\ Z\UD*HQLH QD VNáDGRZ J VWRFL NRQZHNF\MQHJR VWUXPLHQLD FLHSáD U : P 3R ]VXPRZDQLX RWU]\PXMHP\ VNáDGRZ J VWRFL VWUXPLHQLD FLHSáD Z NLHUXQNX U O 3RVW SXMF SRGREQLH GOD NLHUXQNyZ L RWU]\PXMHP\ w7 UF Z 7 O T w\ RUD] US
[
[O
[
[D
[O
[
[D
S
[
[
S
[
\
S
\
\
]
3R ]Uy*QLF]NRZDQLX RVWDWQLFK WU]HFK UyZQD RWU]\PXMHP\ SRFKRGQH J VWRFL VWUXPLHQLD FLHSáD GOD NLHUXQNX wT w7 wZ · w 7 U F §¨ Z 7 O ¸ w[ w[ ¹ w[ © w[ GOD NLHUXQNX U O GOD NLHUXQNX wT w7 wZ · w 7 U F §¨ Z 7 O ¸ w] w] ¹ w] © w] 3R SRGVWDZLHQLX SRFKRGQ\FK ± GR UyZQDQLD RWU]\PXMHP\ ]
[
U S ]
S
[
S
\
S
]
O
O
US
\
]
[
\
US
[
]
\
U S [
\
]
]
-HVW WR RJyOQD SRVWDü UyZQDQLD HQHUJLL 3U]\MPXMF *H GOD FLHF]\ QLHFLOLZ\FK wZ wZ wZ w[ w\ w] RWU]\PXMHP\ SR SU]HNV]WDáFHQLDFK QDVW SXMF SRVWDü UyZQDQLD O U \
[
]
[
\
]
S
-HVW WR UyZQDQLH HQHUJLL ]ZDQH UyZQDQLHP )RXULHUD±.LUFKKRIID RSLVXMFH UR]NáDG WHPSHUDWXU\ Z SU]HSá\ZDMF\P Sá\QLH QLHFLOLZ\P :LHORPLDQ SR OHZHM VWURQ\ UyZQDQLD MHVW Uy*QLF]N ]XSHáQ WHPSHUDWXU\ SR F]DVLH -H*HOL WR '7 w7 w 7 G[ w 7 G\ w 7 G] 'W wW w[ GW w \ GW w ] GW JG]LH SRFKRGQH L VWDQRZL VNáDGRZH SU GNRFL L [
\
]
7DND SRFKRGQD RGQLHVLRQD GR SRUXV]DMFHJR VL Sá\QX MHVW QD]\ZDQD SRFKRGQ Z GURZQ SRFKRGQ VXEVWDQFMDOQ 3R XZ]JO GQLHQLX GHILQLFML SRFKRGQHM Z GURZ QHM UyZQDQLH HQHUJLL PR*QD ]DSLVDü Z SRVWDFL : SU]\SDGNX JG\ Z UyZQDQLH HQHUJLL VSURZDG]D VL GR Uy*QLF] NRZHJR UyZQDQLD SU]HZRG]HQLD FLHSáD UyZQDQLD )RXULHUD :yZF]DV ERZLHP ]D FKRG]L ZDUXQHN
[
\
]
5yZQDQLHHQHUJLLODPLQDUQHMZDUVWZ\JUDQLF]QHM
5yZQDQLD HQHUJLL Z NRQNUHWQ\FK ]DJDGQLHQLDFK PR*QD UR]ZL]Dü GZLHPD PHWRGDPL -HGQD ] QLFK RSLHUD VL QD ]DVWRVRZDQLX XSURV]F]RQ\FK UyZQD Uy*QLF]NRZ\FK UXFKX L HQHUJLL GUXJD ]D QD UyZQDQLDFK FDáNRZ\FK PRPHQWX L HQHUJLL SRU UR]G]
5\V +\GURG\QDPLF]QD L WHUPLF]QD ZDUVWZD JUDQLF]QD QD RJU]HZDQHM SRZLHU]FKQL SáDVNLHM
*G\ WHPSHUDWXUD SRZLHU]FKQL Uy*QL VL RG WHPSHUDWXU\ Z PDVLH VWUXPLHQLD WZR U]\ VL WHUPLF]QD ZDUVWZD JUDQLF]QD JUXERFL G U\V -HM JUXERü MHVW SRUyZQ\ ZDOQD ] JUXERFL ZDUVWZ\ K\GURG\QDPLF]QHM D UR]NáDG WHPSHUDWXU\ Z REX ZDU VWZDFK ± SRGREQ\ : NLHUXQNX RVL ± UyZQROHJá\P GR SRZLHU]FKQL ± JUDGLHQW WHQ E G]LH VWRVXQNRZR QLHZLHONL U\V 2WU]\PXMHP\ ZyZF]DV QDVW SXMF XSURV]F]RQ SRVWDü UyZQDQLD HQHUJLL W
O [ \ S U
K [ S U
5yZQDQLH WR SRZLQQR E\ü X]XSHáQLRQH UyZQDQLDPL 1DYLHUD±6WRNHVD RUD] UyZQD QLHP FLJáRFL ]DSLVDQ\PL GOD ZDUVWZ\ JUDQLF]QHM
[
[
\
[
wZ[ wZ\ w[ w\
Q
[
5yZQDQLHFDáNRZHHQHUJLLODPLQDUQHMZDUVWZ\JUDQLF]QHM
'OD ODPLQDUQHM ZDUVWZ\ JUDQLF]QHM ELODQV HQHUJLL PR*HP\ UyZQLH* SU]HGVWDZLü Z SRVWDFL FDáNRZHM $QDOL]\ ]DJDGQLHQLD GRNRQXMHP\ QD SU]\NáDG]LH ELODQVX HQHUJLL GOD HOHPHQWDUQHM GáXJRFL WHUPLF]QHM ZDUVWZ\ JUDQLF]QHM 1D U\VXQNX SRND]DQR SU]HSá\Z Sá\QX Z]GáX* RJU]HZDQHM SRZLHU]FKQL R VWDáHM WHPSHUDWXU]H 5R]ZD*DP\ REM WRü NRQWUROQ RJUDQLF]RQ SXQNWDPL R MHG QDNRZ\P Z\PLDU]H Z NLHUXQNX SURVWRSDGá\P GR SáDV]F]\]Q\ U\VXQNX 3U]\MPXMH P\ *H HQHUJLD GRSURZDG]DQD SU]H] NRQZHNFM RUD] FLHSáR SU]HQRV]RQH SU]H] SR ZLHU]FKQL R WHPSHUDWXU]H V UyZQH HQHUJLL RGSURZDG]RQHM SU]H] NRQZHNFM (QHUJLD GRSURZDG]RQD SU]H] SU]HNUyM Z\QRVL Z
Z
\7
S U ³ [
(QHUJL RGSURZDG]RQ SU]H] SU]HNUyM RSLVXMH Z\UD*HQLH §\ ¨ ³ ©
\ · G§ · ¨ FS U E ³ Z[ 7G\ ¸ G[ ¸ G[ ¨ ¸ ¹ © ¹
7
7
F S U E ¨ Z[ 7G\ ¸
* VWRü VWUXPLHQLD Sá\QX Z SU]HNURMX Z\QRVL
· G § ¨ U E Z[ G\ ¸ G[ ¸ G[ ¨ \7
F S 7f
³
©
¹
(QHUJL GRVWDUF]RQ GR REM WRFL NRQWUROQHM ] W\P VWUXPLHQLHP Z\UD]LP\ ]D SR PRF UyZQDQLD · G § ¨ U E Z[ G\ ¸ G[ ¸ G[ ¨ \7
©
³
¹
]PLDQ J VWRFL VWUXPLHQLD FLHSáD QD GURG]H SRZLHU]FKQL ]D Z
Z
O
3R SRGVWDZLHQLX UyZQD ± GR UyZQDQLD ELODQVX HQHUJHW\F]QHJR RWU]\PDP\ G § F S U E Z[ 7G\ F S 7f U E ¨ G[ ¨ \7
³
\7
³
©
· ¸ ¹
§ w7 · ¸ © w\ ¹ Z
Z[ G\ ¸ G[ O EG[¨
\ · G § F S U E ³ Z[ 7G\ ¨ F S U E ³ Z[ 7G\ ¸ G[ ¸ G[ ¨ © ¹ \7
7
%LRUF SRG XZDJ *H GOD G WHPSHUDWXUD MHVW Z\UyZQDQD L UyZQD ]D JyUQ JUDQLF FDáNRZDQLD PR*QD SU]\Mü JUXERü WHUPLF]QHM ZDUVWZ\ JUDQLF]QHM f
W
G9
³
B
[
O S U Z Z
5yZQDQLH WR PR*QD UyZQLH* ]DSLVDü Z SRVWDFL G9
³
[
B
Z S U
2WU]\PDQH FDáNRZH UyZQDQLH HQHUJLL PR*QD UyZQLH* ]DVWRVRZDü GOD EXU]OLZHM ZDUVWZ\ JUDQLF]QHM SR ZSURZDG]HQLX RGSRZLHGQLHM J VWRFL VWUXPLHQLD FLHSOQHJR >@ 5R]ZL]DQLHUyZQDQLDHQHUJLL ODPLQDUQHMZDUVWZ\JUDQLF]QHMQDSá\FLHSáDVNLHM
=DJDGQLHQLD UXFKX FLHSáD ] ]DVWRVRZDQLHP WHRULL ZDUVWZ\ JUDQLF]QHM 3UDQGWOD PR*QD UR]ZL]\ZDü GZLHPD PHWRGDPL >@ 3LHUZV]D RSLHUD VL QD Z\NRU]\VWDQLX XSURV]F]RQ\FK UyZQD Uy*QLF]NRZ\FK UXFKX FLHSáD L HQHUJLL GUXJD ]D PQLHM GR NáDGQD DOH UyZQLH* F] VWR SU]\GDWQD QD UyZQDQLDFK FDáNRZ\FK PRPHQWX L HQHUJLL 5yZQDQLH HQHUJLL Z ZDUVWZLH JUDQLF]QHM UR]ZL]Dá 3RKOKDXVHQ Z U :\]QD F]\á RQ SURILOH SU GNRFL L UR]NáDG WHPSHUDWXU\ Z ZDUVWZLH JUDQLF]QHM RUD] ZVSyá F]\QQLNL ZQLNDQLD FLHSáD QD Sá\FLH .RU]\VWDMF ] UR]ZL]DQLD UyZQD UXFKX Sá\QX RWU]\PDQHJR ZF]HQLHM SU]H] %ODVLXVD 3RKOKDXVHQ RSLVDá SURILO SU GNRFL Z ZDU VWZLH JUDQLF]QHM QDVW SXMF\P ZLHORPLDQHP [ G
G
G
G
Z NWyU\P VWDáH RNUHOLá Z WHQ VSRVyE DE\ E\á\ VSHáQLRQH ZDUXQNL EU]HJRZH Z[ \
SU]\ FLDQLH RUD] QD JUDQLF\ ZDUVWZ\ D WDN*H
Z[ \ / ZG
[ \ G
RUD] ZDUXQHN SU]\FLHQQ\ ] UyZQDQLD S GX 1DYLHUD±6WRNHVD
[
\ G
= DQDOL]\ ZDUXQNyZ EU]HJRZ\FK Z\QLND *H VWDáH Z\QRV] ± L UyZQDQLH SU]\MPXMH SRVWDü G G *UXERü ZDUVWZ\ JUDQLF]QHM RSLVDQR ]DOH*QRFL
[
G
Q
3RGREQ\P ZLHORPLDQHP 3RKOKDXVHQ RSLVDá SURILO EH]Z\PLDURZHM WHPSHUDWXU\ G
G
V
f V
G7
[
G7
] ]DVWRVRZDQLHP ZDUXQNyZ EU]HJRZ\FK SU]\ FLDQLH
G7
<\
\
RUD] QDVW SXMF\FK ZDUXQNyZ EU]HJRZ\FK QD JUDQLF\ ZDUVWZ\
< \ /7
\ G%
L QD SRGVWDZLH DQDOL]\ ZDUXQNyZ EU]HJRZ\FK RWU]\PDá GOD EH]Z\PLDURZHM WHPSHUD WXU\ WDNLH VDPH ZDUWRFL VWDá\FK RUD] UyZQDQLH G G =JRGQLH ] UR]ZL]DQLHP 3RKOKDXVHQD VWRVXQHN JUXERFL WHUPLF]QHM ZDUVWZ\ JUD QLF]QHM GR JUXERFL ZDUVWZ\ K\GURG\QDPLF]QHM MHVW IXQNFM OLF]E\ 3UDQGWOD G § · ¨ G © 3U ¸¹ 3U *G\ WHPSHUDWXUD Z VWUXPLHQLX QLH]DNáyFRQ\P MHVW UyZQD 7 D WHPSHUDWXUD SR ZLHU]FKQL MHVW VWDáD L UyZQD UyZQDQLH HQHUJLL PR*QD ]DSLVDü Z SRVWDFL XSURV]F]R QHM ] SRPLQL FLHP Z\UD]X QD G\VV\SDFM HQHUJLL O U
7
7
7
f
V
[
\
5
] ZDUXQNDPL EU]HJRZ\PL SRGDQ\PL GOD UR]NáDGX SURILOX WHPSHUDWXU\ -DN ZLGDü UyZQDQLH HQHUJLL L UyZQDQLH UXFKX ZDUVWZ\ JUDQLF]QHM V LGHQW\F]QH 5R]ZL ]DQLH UyZQDQLD HQHUJLL MHVW ZL F WDNLH VDPR MDN UR]ZL]DQLH UyZQDQLD UXFKX MH*HOL ]DáR*\ VL *H Q RUD] *H ZDUXQNL EU]HJRZH V MHGQDNRZH :yZF]DV OLF]ED 3UDQG WOD Q D UyZQDQLD UR]NáDGX SU GNRFL L UR]NáDGX WHPSHUDWXU\ Z ZDUVWZLH JUDQLF]QHM PDM W VDP SRVWDü 3U]\MPXMH VL *H Z Sá\QDFK R OLF]ELH 3UDQGWOD ]MDZLVND WUDQVSRUWX S GX L FLHSáD RSLVXM SRGREQH UyZQDQLD 5R]NáDG WHPSHUDWXU\ EH]Z\PLDURZHM Z ZDUVWZLH JUDQLF]QHM QDG Sá\W SáDVN SRND]DQR QD U\V
!7
% %Z
% %Z B
K \ B ::
[
5\V 5R]NáDG WHPSHUDWXU\ EH]Z\PLDURZHM Z ODPLQDUQHM ZDUVWZLH JUDQLF]QHM QDG Sá\W SáDVN Z ]DOH*QRFL RG OLF]E\ 3UDQGWOD
§
M ¨¨ 7 7 © B Z
7 7Z 7B 7Z
7
§
w¨ \ ¨ ©
[
7Z
· ¸¸ ¹ · ¸ ¸ ¹
5H[ 3U
\
\ 5H [ 3U [
5\V :\NUHV IXQNFML UR]NáDGX WHPSHUDWXU\ Z ODPLQDUQHM ZDUVWZLH JUDQLF]QHM
3R ZSURZDG]HQLX QRZHM EH]Z\PLDURZHM ]PLHQQHM ]DOH*QHM UR] NáDG WHPSHUDWXU\ Z ZDUVWZLH JUDQLF]QHM GOD Sá\QyZ Z ]DNUHVLH PR*QD SU]HG VWDZLü MHGQ NU]\Z U\V LOXVWUXMF IXQNFM
7 7 §\ · < I ¨ #0 ¸ 7 7 ©[ ¹ =QDMF UR]NáDG WHPSHUDWXU\ Z ZDUVWZLH JUDQLF]QHM Z\]QDF]D VL J VWRü VWUX PLHQLD FLHSOQHJR QD SRZLHU]FKQL Sá\W\ O
V
f
[
3U
V
\
%H]Z\PLDURZ\ JUDGLHQW WHPSHUDWXU\ QD SRZLHU]FKQL Sá\W\ Z\QRVL
'OD RNUHORQHM ZDUWRFL ZVSyáU] GQHM RWU]\PXMHP\ ]DOH*QRFL GOD XMHPQHJR JUDGLHQWX WHPSHUDWXU\ SU]\ FLDQLH Sá\W\ #0
GOD J VWRFL VWUXPLHQLD FLHSáD O #0
#0[
\
[
f
\
[
V
f
V
GOD ZVSyáF]\QQLND ZQLNDQLD FLHSáD
O #0 3R ZSURZDG]HQLX OLF]E\ 1XVVHOWD D O RWU]\PXMH VL UyZQDQLH EH]Z\ PLDURZH 1X #0 3U UHGQL ZVSyáF]\QQLN ZQLNDQLD FLHSáD GOD Sá\W\ GáXJRFL RWU]\PDP\ SU]H] VFDá NRZDQLH UyZQDQLD O #0 D ³ D ³ D[
f
V
[
[
[
[
/
/
[
[
D QDVW SQLH
[
O D #0/
JG]LH #0/
f
Q
3R SU]HNV]WDáFHQLX X]\VNXMHP\ NRUHODFM GOD UHGQLHM OLF]E\ 1XVVHOWD D #0 O = SRUyZQDQLD UyZQD L Z\QLND *H UHGQLD ZDUWRü ZVSyáF]\QQLND ZQL NDQLD FLHSáD MHVW GZXNURWQLH ZL NV]D RG ZDUWRFL ORNDOQHM SU]\ NRFX Sá\W\ D D OL F]RQHM GOD /
U
[
5R]ZL]DQLHUyZQDQLDHQHUJLL WXUEXOHQWQHMZDUVWZ\JUDQLF]QHMQDSá\FLHSáDVNLHM
3U]HMFLH RG SU]HSá\ZX ODPLQDUQHJR GR WXUEXOHQWQHJR Z ZDUVWZLH JUDQLF]QHM QD Sá\FLH SáDVNLHM ]DFKRG]L QD SHZQ\P RGFLQNX U\V :\QLNL EDGD GRZLDGF]DO Q\FK ZVND]XM *H Z\VW SXMH RQR GOD ZDUWRFL OLF]E\ 5H\QROGVD RG GR Â Q :DUWRü NU\W\F]QHM RGOHJáRFL GOD NWyUHM Z\VW SXM ]DNáyFHQLD UXFKX ODPLQDUQHJR SR F]\P VWDELOL]XMH VL UXFK EXU]OLZ\ ]DOH*\ RG OLF]E\ 5H\QROGVD RUD] RG VWRSQLD WXUEXOHQFML =D]Z\F]DM MDNR W\SRZ ZDUWRü NU\W\F]QHM OLF]E\ 5H\QROGVD SU]\MPXMH VL GOD WHJR SU]\SDGNX
[
v
NU
NU
NU
5\V :DUVWZD SU]\FLHQQD Z RSá\ZLH FLDQ\ SáDVNLHM ± ZDUVWZD ODPLQDUQD ± REV]DU SU]HMFLRZ\ ± ZDUVWZD WXUEXOHQWQD ± SRGZDUVWZD ODPLQDUQD
5R]NáDG SU GNRFL L WHPSHUDWXU\ Z WXUEXOHQWQHM ZDUVWZLH JUDQLF]QHM RSLVXM ]D OH*QRFL SRW JRZH
RUD]
§ \· ¨G ¸ © ¹
Z[ Zf
'R Z\]QDF]HQLD ]DOH*QRFL RSLVXMFHM OLF]E\ 1XVVHOWD Z UXFKX WXUEXOHQWQ\P JG\ Sá\Q RSá\ZD UyZQROHJOH Sá\W SáDVN NRU]\VWD VL ] UyZQDQLD FDáNRZHJR HQHUJLL >@ 3U]\MPXMH VL *H GOD Sá\QyZ R OLF]ELH 3UDQGWOD EOLVNLHM MHGQRFL VWRVXQHN JUXERFL ZDUVWZ\ WHUPLF]QHM L K\GURG\QDPLF]QHM G G 5R]ZL]DQLH MHVW RSDUWH QD SRGVWD ZLHQLX UyZQDQLD UR]NáDGX SU GNRFL L UR]NáDGX WHPSHUDWXU\ GR UyZQDQLD FDáNRZHJR HQHUJLL .RU]\VWDMF ] ]DOH*QRFL QD ORNDOQ\ ZVSyáF]\QQLN ZQLNDQLD FLHSáD D GOD Sá\W\ SáDVNLHM O D 7Z 7 7Z 7f
§ \· ¨G ¸ © ¹
W
[
[
f
Z
\
RWU]\PXMHP\ Z\UD*HQLH QD JUDGLHQW WHPSHUDWXU\ \
D[ O
Z
f
3R SRGVWDZLHQLX WHJR Z\UD*HQLD GR FDáNRZHJR UyZQDQLD HQHUJLL RWU]\PXMHP\ G9
[ ³
B
\
D[ S U
Z
B
3R SRG]LHOHQLX SU]H] L SU]HNV]WDáFHQLX RWU]\PXMHP\ Z\UD*HQLH QD OLF]E 6WDQWRQD f
G9
D[
S B U
[ ³ B
B Z
B
GR NWyUHJR ZSURZDG]D VL ]DOH*QRFL QD SURILOH SU GNRFL L WHPSHUDWXU\
G9
D[
³ S f U G
3R VFDáNRZDQLX RWU]\PXMH VL UyZQDQLH D[
G
GG G[
F S Zf U
GR NWyUHJR SRGVWDZLDP\ Z\UD*HQLH QD JUXERü WXUEXOHQWQHM ZDUVWZ\ JUDQLF]QHM G #0 L RWU]\PXMHP\ QDVW SXMFH Z\UD*HQLH [
D[
G ª § K · «[¨ ¸ G[ « © Zf [ U ¹
F S Zf U
¬
º » »¼
] NWyUHJR SR ]Uy*QLF]NRZDQLX RWU]\PXMHP\ RVWDWHF]Q SRVWDü IXQNFML
=DOH*QRü W GOD SU]\SDGNX JG\ OLF]ED 3UDQGWOD MHVW UyZQD MHGQRFL PR*HP\ ]DSLVDü Z SRVWDFL UyZQDQLD 1X 1X D #0 F Z U #0 3U #0 ] NWyUHJR SR SRPQR*HQLX SU]H] OLF]E RWU]\PXMHP\ NRUHODFM
1X #0 :\UD*HQLH QD UHGQL ZDUWRü OLF]E\ 1XVVHOWD QD Sá\FLH R GáXJRFL MHVW FDáN ³ ³ #0 #0 § K · ¨ ¸ © Zf [ U ¹
D[
F S Zf U
[
S
[
f
[
[
#0[
[
[
[
[
/
[
/
[
[
/
:\SURZDG]RQH UyZQDQLD RERZL]XM Z QDVW SXMF\FK ZDUXQNDFK ZDUVWZD JUDQLF]QD MHVW WXUEXOHQWQD QD FDáHM Sá\FLH OLF]ED 3UDQGWOD UXFK FLHSáD Z\VW SXMH QD FDáHM Sá\FLH ZáDFLZRFL Sá\QX QDOH*\ RNUHODü Z WHPSHUDWXU]H NWyU REOLF]D VL ] ]DOH*QRFL : SU]\SDGNDFK OLF]E 3UDQGWOD ZL NV]\FK RG QDOH*\ VWRVRZDü ]DOH*QRFL NU\ WHULDOQH 1X #0 3U OXE ]DOH*QRFL GR REOLF]DQLD UHGQLFK ZDUWRFL ZVSyáF]\QQLNyZ ZQLNDQLD FLHSáD 1X #0 3U : LQQ\FK SU]\SDGNDFK QDOH*\ ]DVWRVRZDü Z]RU\ ]PRG\ILNRZDQH >@ [
f
Z
[
/
7HRULDSRGRELHVWZDLDQDOL]DZ\PLDURZD
0HWRG\ GRZLDGF]DOQH Z\]QDF]DQLD ZVSyáF]\QQLNyZ ZQLNDQLD FLHSáD V RSDUWH QD ]DVWRVRZDQLX WHRULL SRGRELHVWZD GR SRZL NV]DQLD VNDOL DSDUDWX %DGDQLD GR ZLDGF]DOQH V ERZLHP ] UHJXá\ Z\NRQ\ZDQH ] X*\FLHP DSDUDWyZ R PDá\FK UR]PLD UDFK D LFK Z\QLNL Z\NRU]\VWXMH VL GR REOLF]H GX*\FK MHGQRVWHN
5\V 3RGRELHVWZR WUyMNWyZ GOD DSDUDWyZ D L E
3RM FLH SRGRELHVWZD JHRPHWU\F]QHJR MHVW ]QDQH Z JHRPHWULL -DN ZLDGRPR Z ILJXUDFK JHRPHWU\F]QLH SRGREQ\FK RGSRZLDGDMFH VRELH NW\ V UyZQH D GáXJRü RGSRZLDGDMF\FK RGFLQNyZ ± SURSRUFMRQDOQD =JRGQLH ] U\V ]DOH*QRü W ]DSL V]HP\ QDVW SXMFR O O O c c O O Oc
FRQVW
JG]LH L RGSRZLDGDM GáXJRFL ERNyZ WUyMNWD GOD PDáHJR DSDUDWX RUD] RUD] ± GáXJRFL RGSRZLDGDMF\FK LP ERNyZ WUyMNWD SRGREQHJR GOD GX*HJR DSD UDWX 3RM FLH SRGRELHVWZD PR*QD WDN*H VWRVRZDü Z RGQLHVLHQLX GR ]MDZLVN IL]\F] Q\FK 'ZD ]MDZLVND IL]\F]QH V SRGREQH JG\ ]DFKRG] Z DSDUDWDFK SRGREQ\FK JHR PHWU\F]QLH D OLF]ERZH ZDUWRFL RGSRZLHGQLFK PRGXáyZ EH]Z\PLDURZ\FK FKDUDNWH U\]XMF\FK MH V VRELH UyZQH :\SURZDG]HQLH RUD] X]DVDGQLHQLH VHQVX IL]\F]QHJR W\FK PRGXáyZ RSLHUD VL QD ]DVWRVRZDQLX DQDOL]\ Z\PLDURZHM 8PR*OLZLD RQD VSUR ZDG]DQLH ]áR*RQ\FK IXQNFML ZLHOX ]PLHQQ\FK RSLVXMF\FK GDQH ]MDZLVNR GR SURVW\FK UyZQD NRUHODF\MQ\FK ]EXGRZDQ\FK ] PRGXáyZ EH]Z\PLDURZ\FK 3U]HNV]WDáFHQLH WDNLH MHVW PR*OLZH MHG\QLH Z RGQLHVLHQLX GR IXQNFML NRPSOHWQ\FK L KRPRJHQLF]Q\FK )XQNFMD NRPSOHWQD RERZL]XMH Z ND*G\P XNáDG]LH Z\PLDUyZ -DNR SU]\NáDG WDNLHM IXQNFML +REOHU >@ SU]\WRF]\á UyZQDQLH RSLVXMFH VZRERGQH VSDGDQLH FLDá ] Z\VRNR FL QD ]LHPL !W 3U]\NáDGHP IXQNFML QLHNRPSOHWQHM Z W\P SU]\SDGNX MHVW Z]yU îW NWyU\ RERZL]XMH Z XNáDG]LH P V )XQNFMD KRPRJHQLF]QD PD WHQ VDP Z\PLDU SR ND*GHM VWURQLH UyZQDQLD : W\P SU]\NáDG]LH Z]yU !W VSHáQLD RF]\ZLFLH WR Z\PDJDQLH $QDOL]D Z\PLDURZD ]QDOD]áD SRZV]HFKQH ]DVWRVRZDQLH Z QDXFH R UXFKX FLHSáD 5y*QLF]NRZH UyZQDQLD UXFKX Sá\QX L UyZQDQLD HQHUJLL GOD NRQZHNF\MQHJR UXFKX FLHSáD V ERZLHP WUXGQH GR UR]ZL]DQLD D ]DOH*QRFL HPSLU\F]QH GOD ZVSyáF]\QQL NyZ ZQLNDQLD FLHSáD RND]Dá\ VL VWRVXQNRZR SURVW\PL ]DOH*QRFLDPL SRW JRZ\PL =DOH*QRü ZVSyáF]\QQLND ZQLNDQLD FLHSáD RG SRGVWDZRZ\FK SDUDPHWUyZ GOD SU]H Sá\ZX ZHZQWU] UXU\ Z REV]DU]H SU]HSá\ZX EXU]OLZHJR D I K O U F Z G PR*QD QD SU]\NáDG SU]HGVWDZLü Z SRVWDFL IXQNFML SRW J SRGVWDZRZ\FK SDUDPHWUyZ D K O U F Z G /LF]ED L SRVWDü PRGXáyZ EH]Z\PLDURZ\FK Z\QLND ] WZLHUG]HQLD %XFNLQJKDPD ZHGáXJ NWyUHJR ND*GH NRPSOHWQH UyZQDQLH KRPRJHQLF]QH Z\UD*DMFH ]ZL]HN PL G]\ " SDUDPHWUDPL Z\PLDURZDQ\PL PR*QD SU]HGVWDZLü ]D SRPRF IXQNFML " ± PR GXáyZ EH]Z\PLDURZ\FK JG]LH MHVW OLF]E ]DVDGQLF]\FK Z\PLDUyZ : QDV]\P SU]\NáDG]LH GRW\F]F\P SU]HSá\ZX Sá\QX ZHZQWU] UXU\ OLF]ED SDUDPHWUyZ " NJ V . P /LF]ED EH]Z\PLDURZ\FK PRGXáyZ " ± Z\QRVL ZL F 3LHUZ V]\P ] QLFK MHVW ]DZV]H OLF]ED 1XVVHOWD Z NWyUHM Z OLF]QLNX PDP\ ZVSyáF]\QQLN ZQLNDQLD FLHSáD D 3R ZSURZDG]HQLX Z\PLDUyZ SRV]F]HJyOQ\FK SDUDPHWUyZ GR UyZQDQLD RWU]\PXMHP\
FRQVW
,
,
,
5
5
,
,
,
BBBBBBBBBB
( %XFNLQJKDP ±
7UDQV $60(
NJ V .
FRQVW
D
NJ P V î NJ P V .
î NJ P
D
î P
V
.
D
î P V
D
D
î >P @
D
L SR SU]HNV]WDáFHQLX
NJ V .
FRQVW NJ , , , V , , , , . , , P , , , , , ,
= ]DáR*HQLD R KRPRJHQLF]QRFL IXQNFML Z\QLND *H ZDUWRFL Z\NáDGQLNyZ SR V]F]HJyOQ\FK ]DVDGQLF]\FK Z\PLDUyZ NJ V . P SR REX VWURQDFK UyZQDQLD PXV] E\ü VRELH UyZQH 1D WHM SRGVWDZLH RWU]\PXMHP\ V]HUHJ UyZQD DOJHEUDLF]Q\FK GOD NLORJUDPyZ NJ GOD
±
± ±
±
±
±
NHOZLQyZ . ±
GOD
VHNXQG V ±
GOD
PHWUyZ P
±
±
: QDV]\P SU]\NáDG]LH SR Z\UD*HQLX ZV]\VWNLFK Z\NáDGQLNyZ SU]H] RWU]\PXMHP\ ] UyZQDQLD GOD NHOZLQyZ ±
]
±
±
±
±
±
±
±
±
UyZQDQLD GOD NLORJUDPyZ
]
L
UyZQDQLD GOD VHNXQG ±
]
±
±
±
UyZQDQLD GOD PHWUyZ
±
±
±
±
±
±
±
3R ZSURZDG]HQLX W\FK Z\UD*H GR IXQNFML SRW JRZHM RWU]\PXMHP\
D FRQVW KK , , O, U ,
,
,
F 5 Z G
,
3R SU]HJUXSRZDQLX SDUDPHWUyZ Z\PLDURZDQ\FK R W\FK VDP\FK Z\NáDGQLNDFK SRW JRZ\FK RWU]\PXMHP\ UyZQDQLH NRUHODF\MQH OLF]E EH]Z\PLDURZ\FK
K5 D FRQVW
O O
,
U
K
,
2VWDWHF]QLH SU]\MPXMHP\ QDVW SXMF ]DOH*QRü OLF]E\ 1XVVHOWD RG OLF]E\ 5H\ QROGVD L OLF]E\ 3UDQGWOD ] RGSRZLDGDMF\PL LP Z\NáDGQLNDPL L FRQVW #0, ,
/LF]ERZH ZDUWRFL VWDáHM FRQVW RUD] Z\NáDGQLNyZ SRW JRZ\FK SU]\ OLF]ELH 5H\QROGVD L OLF]ELH 3UDQGWOD Z\]QDF]DP\ ]DZV]H QD SRGVWDZLH GDQ\FK GRZLDGF]DOQ\FK
:\SURZDG]HQLHPRGXáyZSRGRELHVWZD]UyZQDQLDHQHUJLL 5yZQDQLH HQHUJLL WM Uy*QLF]NRZH UyZQDQLH )RXULHUD±.LUFKKRIID RSLVXMH QLHXVWD ORQ\ NRQZHNF\MQ\ UXFK FLHSáD ] SU]HZRG]HQLHP FLHSáD Z Sá\QDFK ]QDMGXMF\FK VL
Z UXFKX 0D RQR QDVW SXMF SRVWDü w7 w7 w7 w7 Z Z Z wW w[ w\ w]
D 7
5R]ZD*P\ GZD Uy*QH SURFHV\ QLHXVWDORQHJR ZQLNDQLD FLHSáD Z Sá\QFHM VWUXG]H 3U]\MPLMP\ *H ZDUWRFL SRV]F]HJyOQ\FK ]PLHQQ\FK Z\QRV] Z SURFHVLH , W Z Z SURFHVLH ,, W =Dáy*P\ *H ]PLHQQH Z SURFHVLH ,, V UyZQH RGSRZLHGQLP ]PLHQQ\P Z SURFH VLH , SRPQR*RQ\P SU]H] VWDáH ZVSyáF]\QQLNL
W 9W
3R SRGVWDZLHQLX W\FK ZLHONRFL GR UyZQDQLD RWU]\PXMHP\ GOD SURFHVX ,,
F w7 F F w7 F F w7 F F w7 Z Z Z F9 wW F F F w[ w\ w]
F F D 7 F
-HOL RERZL]XMH UyZQRü JUXS ZVSyáF]\QQLNyZ
F F9
F F F
F F F
WR UyZQDQLH GOD SURFHVX ,, VSURZDG]D VL GR UyZQDQLD GOD SURFHVX , 5yZQRü JUXS RGSRZLHGQLFK ZVSyáF]\QQLNyZ PR*QD SU]HNV]WDáFLü GR SR VWDFL VSURZDG]DMF\FK VL GR MHGQRFL
= UyZQRFL GZyFK SLHUZV]\FK JUXS
9
F F F
9 RWU]\PXMHP\
= UyZQRFL SLHUZV]HM L WU]HFLHM JUXS\
F F9 RWU]\PXMHP\
F F9 F D ] UyZQRFL GUXJLHM L WU]HFLHM JUXS\
O
Z\QLND *H
:DUXQNLHP XWU]\PDQLD VWDáRFL SRV]F]HJyOQ\FK F]áRQyZ UyZQD L MHVW ]DWHP ]DFKRZDQLH VWDáRFL RGSRZLHGQLFK PRGXáyZ = ]DOH*QRFL RWU]\PXMHP\ ]DWHP W
W
] ]DOH*QRFL
W
W
D ] ]DOH*QRFL
:DUXQNLHP ]DFKRZDQLD SRGRELHVWZD QLHXVWDORQHJR ZQLNDQLD FLHSáD SRGF]DV SU]HSá\ZX Sá\QX MHVW UyZQRü QDVW SXMF\FK PRGXáyZ
OLF]E\
6WURXKDOD FKDUDNWHU\]XMFHM SU]HSá\Z QLHXVWDORQ\ QS SXOVDF\MQ\ )RXULHUD FKDUDNWHU\]XMFHM QLHXVWDORQ\ UXFK FLHSáD Z Sá\QLH OLF]E\ 3HFOHWD NWyU PR*QD Z\UD]Lü LORF]\QHP OLF]E\ 5H\QROGVD L OLF]E\ 3UDQGWOD OLF]E\
3H
ZOF U K O
K
ZO U F K K
O
5H3U
: RJyOQ\P SU]\SDGNX PDP\ MHGQRF]HQLH ]DFKRZDQ UyZQRü PRGXáX 1XVVHOWD DO
:QLNDQLHFLHSáDSRGF]DV Z\PXV]RQHJRSU]HSá\ZXEXU]OLZHJR = ZQLNDQLHP FLHSáD Z VWUXPLHQLX Z\PXV]RQHJR SU]HSá\ZX EXU]OLZHJR PDP\ GR F]\QLHQLD JG\ SU GNRü PDVRZD Sá\QX MHVW GRVWDWHF]QLH GX*D WDN *H OLF]ED 5H\QROGVD MHVW ZL NV]D RG 3U GNRü WD SU]\ RNUHORQ\P SU]HNURMX SRSU]HF]Q\P UXU\ ]DOH*\ W\ONR RG XU]G]HQLD WáRF]FHJR WM SRPS\ OXE ZHQW\ODWRUD QDWRPLDVW QLH ]DOH*\ RG SURFHVX Z\PLDQ\ FLHSáD 'UXJ LVWRWQ FHFK WHJR SU]HSá\ZX MHVW EXU]OLZRü -X* +REOHU >@ QD SRGVWDZLH SUDF\ 3DQQHOOD ZVND]\ZDá QD IDNW *H UR]NáDG SU GNRFL L UR]NáDG WHPSHUDWXU\ SRZLHWU]D SU]HSá\ZDMFHJR SU]H] RJU]HZDQ UXU U\V V ]H VRE ]ZL]DQH
5\V 3URILOH SU GNRFL L WHPSHUDWXU\ ZHGáXJ 3DQQHOOD -DN ZLGDü ] U\V WUDQVSRUW FLHSáD SU]H] NRQZHNFM Z UG]HQLX Sá\QX QDSRW\ND QLHZLHONL RSyU R F]\P ZLDGF]\ SáDVNL SURILO WHPSHUDWXU\ *áyZQ\ VSDGHN WHPSHUDWX U\ Z\VW SXMH QDWRPLDVW SU]\ FLDQLH ZVNXWHN RSRUX FLHSOQHJR Z ODPLQDUQHM ZDUVWHZFH SU]\FLHQQHM
101
Dokładny obraz rozkładu prędkości i temperatury można uzyskać z obliczeń za pomocą programu komputerowego FLUENT 6.0. Rozwiązanie układu równań przepływu, tj. równania Naviera–Stokesa oraz równania energii w programach tego typu wymaga zaawansowanych metod numerycznych, najczęściej metody objętości kontrolnej Patankara [9]. Przykładowe obliczenia wykonano dla przepływu wody w rurze poziomej o średnicy 0,05 m na odcinku długości 4 m z użyciem siatki niestrukturalnej (rys. 7.9). W przypadku dużej średniej prędkości wody (v = 0,256 m/s, rys. 7.10) liczba Reynoldsa wynosi około 11 000 i profile prędkości są wyraźnie płaskie zarówno u wlotu (rys. 7.10b), jak i na wylocie z rury (rys. 7.10a). Podobnie rozkład temperatury wody jest dość wyrównany (rys. 7.11), jednak jest ona znacznie niższa od temperatury ścianki (tść = 55 °C). Rura 1 + 2
Siatka niestrukturalna
Rys. 7.9. Siatka niestrukturalna dla rury 1+2 (L = 1 m +3 m; d = 0,05 m)
102
a) wylot rury 2: v = 0,256 m/s, tpłynu wlot. = 20 °C, tścianki = 55 °C
b) wlot rury 1, v = 0,256 m/s, tpłynu wlot. = 20 °C, Q = 0 W
Rys. 7.10. Wektory prędkości kolorowane według skali wielkości (m/s) dla średniej prędkości wody v = 0,256 m/s: a) wylot rury 2, b) wlot rury 1
103
a) wlot rury 2, v = 0,256 m/s, tpłynu wlot. = 20 °C, tścianki = 55 °C
b) wylot rury 2, v = 0,256 m/s, tpłynu wlot. = 20 °C, tścianki = 55 °C
Rys. 7.11. Kontury temperatury kolorowane według skali wielkości (K) dla średniej
5\V 6FKHPDW ZQLNDQLD FLHSáD ZHGáXJ +REOHUD 1DMF] FLHM VWRVRZDQ PHWRG MHVW WUDG\F\MQD DQDOL]D Z\PLDURZD :\PDJD RQD SU]HGH ZV]\VWNLP XVWDOHQLD RG MDNLFK ]PLHQQ\FK ]DOH*\ SU]HELHJ SURFHVX ZQLNDQLD FLHSáD 'OD SU]\NáDGX UR]ZD*P\ VFKHPDW ZQLNDQLD FLHSáD Z Z\PXV]RQ\P SU]HSá\ZLH EXU]OLZ\P ZHZQWU] RGFLQND UXU\ R SRZLHU]FKQL P ]DSURSRQRZDQ\ SU]H] +REOHUD >@ U\V =DáR*\ZV]\ *H OLF]ED 5H\QROGVD MHVW Z SU]\EOL*HQLX VWDáD Z]GáX* GUR JL SU]HSá\ZX Sá\QX PR*QD SU]\Mü *H JUXERü ZDUVWHZNL SU]\FLHQQHM QLH ]PLHQLD VL L W\P VDP\P ZVSyáF]\QQLN ZQLNDQLD FLHSáD QLH ]DOH*\ RG GáXJRFL UXU\ &LHSáR MHVW SU]HND]\ZDQH SU]H] HOHPHQW\ Sá\QX Z VWUXG]H ZLUyZ SRUXV]DMF\FK VL RG UG]H QLD GR ZDUVWZ\ JUDQLF]QHM &DáNRZLWD LORü FLHSáD SU]HND]\ZDQD SU]H] ZV]\VWNLH VWUXJL QD MHGQRVWNRZHM SRZLHU]FKQL Z\QRVL 5
JG]LH L WR WHPSHUDWXUD Sá\QX QD ZORFLH L QD Z\ORFLH DQDOL]RZDQHJR RGFLQND UXU\ P cc QDWRPLDVW MHVW SU GNRFL PDVRZ Sá\QX ']L NL ]DáR*HQLRP *H UXFK FLHSáD MHVW XVWDORQ\ RUD] *H JáyZQ\ RSyU FLHSOQ\ Z\ VW SXMH Z ZDUVWZLH SU]\FLHQQHM PR*HP\ QDSLVDü GOD WHM ZDUVWZ\ UyZQDQLH )RXULHUD
O
û
Z NWyU\P MHVW JUXERFL ZDUVWZ\ JUDQLF]QHM O ± ZVSyáF]\QQLNLHP SU]HZRG]HQLD FLHSáD Z Sá\QLH 6XPDU\F]Q\ SURFHV ZQLNDQLD FLHSáD RSLVXMH UyZQDQLH 1HZWRQD D' = SRUyZQDQLD UyZQD RUD] RWU]\PXMHP\
D
û û
] SRUyZQDQLD ]D UyZQD L
D
O û û
3RQLHZD* VWRVXQNL Uy*QLF WHPSHUDWXU\ V EH]Z\PLDURZH PR*HP\ MH SRPLQü = ]DOH*QRFL JUXERFL ZDUVWZ\ RG OLF]E\ 5H\QROGVD K RWU]\PXMHP\
D I K O F 5 P ?? G I K O F 5 U Z G
-DN SRND]DQR Z SRSU]HGQLP UR]G]LDOH ]DOH*QRü W ]D SRPRF DQDOL]\ Z\PLDUR ZHM PR*QD VSURZDG]Lü GR NRUHODFML OLF]E EH]Z\PLDURZ\FK 1XVVHOWD 5H\QROGVD L 3UDQGWOD , -
:DUWRFL VWDáHM L Z\NáDGQLNyZ SRW JRZ\FK L Z\]QDF]RQR QD SRGVWDZLH Z\ QLNyZ EDGD HNVSHU\PHQWDOQ\FK : SLHUZV]\FK SRGU F]QLNDFK SRU QS 0F$GDPV >@ UHNRPHQGRZDQR QDVW SX MFH UyZQDQLH NRUHODF\MQH
:
#0 !7 3
Z NWyU\P SRGF]DV RJU]HZDQLD Sá\QX RUD] SRGF]DV MHJR SU]\MPXMH VL *H FKáRG]HQLD ZV]\VWNLH VWDáH IL]\F]QH Sá\QX RNUHOD VL GOD VWDáHM WHPSHUDWXU\ Sá\QX Z\]QD F]RQHM MDNR MHM UHGQLD DU\WPHW\F]QD ZDUWRü OLF]E\ 5H\QROGVD SRZLQQD E\ü ZL NV]D RG OLF]ED 3UDQGWOD SRZLQQD PLHFLü VL Z ]DNUHVLH RG GR VWRVXQHN GáXJRFL UXU\ GR UHGQLF\ SRZLQLHQ E\ü ZL NV]\ RG ,QFURSHUD L GH :LWW >@ SU]\M OL *H UyZQDQLH WR PR*QD VWRVRZDü MX* GOD 5yZQDQLH WR SRF]WNRZR SU]\SLV\ZDQR 0F$GDPVRZL >@ DOH REHFQLH QDMF] FLHM MHVW QD]\ZDQH UyZQDQLHP 'LWWXVD±%RHOWHUD > @ 5yZQDQLH PR*QD Z\NUHOLü Z XNáDG]LH SRGZyMQLH ORJDU\WPLF]Q\P MDNR SURVW OXE ]ELyU SURVW\FK UyZQROHJá\FK ]JRGQLH ] IXQNFM OJ OJ OJ OJ
-HOL SU]\MPLHP\ VWDá ZDUWRü OLF]E\ 3UDQGWOD WR ]DOH*QRü GD VL VSUR ZDG]Lü GR UyZQDQLD OLQLL SURVWHM
OJ : OJ cc , OJ #0
Z NWyU\P VWDáD & MHVW UyZQD -H*HOL ]DáR*\P\ VWDá ZDUWRü OLF]E\ 5H\QROGVD WR UyZQDQLH WR UyZQLH* GDMH SUR VWROLQLRZ ]DOH*QRü
OJ : OJ ccc - OJ !7
Z NWyUHM VWDáD & MHVW UyZQD
3U]\SDGNLV]F]HJyOQH : V]F]HJyOQ\FK SU]\SDGNDFK VWDáD L Z\NáDGQLNL L UyZQDQLD NRUHODF\MQHJR PXV] E\ü MHGQDN Z\]QDF]RQH GRZLDGF]DOQLH 3U]\NáDGRZH ]HVWDZLHQLH GDQ\FK GOD Uy*Q\FK JHRPHWULL XNáDGX L Uy*QHJR NV]WDáWX RSá\ZDQ\FK HOHPHQWyZ ]H VWDZLRQR ]D SRGU F]QLNLHP +REOHUD >@ Z WDEHOL 1LHNLHG\ GOD EDUG]R GX*HJR ]DNUHVX ZDUWRFL OLF]E\ 5H\QROGVD QS JG\ VL JD RQD REV]DUX SU]HSá\ZX ODPLQDUQHJR Z\QLNL GRZLDGF]H V NRUHORZDQH ]D SRPRF QLHOLQLRZHM ]DOH*QRFL
6WDáH L RUD] Z\NáDGQLNL L UyZQDQLD NRUHODF\MQHJR V Z\]QDF]DQH HNVSHU\PHQWDOQLH GOD GDQHJR XNáDGX JHRPHWU\F]QHJR L NV]WDáWX RSá\ZDQ\FK HOHPHQ WyZ 3U]\NáDGRZH ZDUWRFL ]HVWDZLRQR Z WDEHOL :H ZV]\VWNLFK SU]\SDGNDFK Z RGQLHVLHQLX GR W\FK NRUHODFML QDOH*\ VWRVRZDü SDUDPHWU\ ZDUVWZ\ SU]\FLHQQHM :QLNDQLH FLHSáD SRGF]DV SU]HSá\ZX Sá\QX ZHZQWU] UXU\ Z SHZQ\P VWRSQLX ]D OH*\ RG NLHUXQNX :\QLNL SRPLDUyZ ZVND]XM QD ZL NV]H ZDUWRFL ZVSyáF]\QQLNyZ ZQLNDQLD FLHSáD SRGF]DV RJU]HZDQLD FLHF]\ QL* SRGF]DV MHM FKáRG]HQLD 3RGF]DV RJU]HZDQLD FLHF]\ WHPSHUDWXUD Z ZDUVWZLH JUDQLF]QHM MHVW ERZLHP Z\*V]D QL* SRG F]DV FKáRG]HQLD G]L NL F]HPX ZVSyáF]\QQLNL OHSNRFL FLHF]\ V PQLHMV]H $E\ XZ]JO GQLü WHQ HIHNW 6LHGHU L 7DWH ZSURZDG]LOL SRSUDZN NWyUD MHVW IXQNFM VWRVXQ NX ZVSyáF]\QQLND OHSNRFL Z UG]HQLX VWUXPLHQLD K GR ZVSyáF]\QQLND OHSNRFL FLHF]\ SU]\ VDPHM FLDQLH K UyZQDQLH Z WDEHOL : UR]ZD*DQLDFK SU]HSá\ZX Sá\QX SU]H] UXU\ Z\SHáQLRQH QDOH*\ UR]Uy*QLü GZD SU]\SDGNL UXFKX FLHSáD ZQLNDQLH FLHSáD RG Sá\QX GR ]LDUQD OXE RGZURWQLH RUD] ZQL NDQLH FLHSáD PL G]\ FLDQ UXU\ L Sá\QHP 0R*QD ]QDOH(ü ZLHOH NRUHODFML GOD SRV]F]H JyOQ\FK SU]\SDGNyZ ]ZáDV]F]D Z PRQRJUDILDFK QD WHPDW IOXLG\]DFML : WDEHOL SU]HGVWDZLRQR GOD SU]\NáDGX NRUHODFMH +RXJHQD L :DWVRQD GOD PDá\FK L GX*\FK OLF]E 5H\QROGVD : W\P SU]\SDGNX ]DUyZQR OLF]ED 5H\QROGVD MDN L OLF]ED 1XVVHOWD V RG QLHVLRQH GR Z\PLDUX OLQLRZHJR E GFHJR UHGQLF NXONL R SRZLHU]FKQL ]LDUQD
7DEHOD 6WDáD L Z\NáDGQLNL L UyZQDQLD NRUHODF\MQHJR ZHGáXJ +REOHUD >@ V /S
3U]\SDGHN SU]HSá\Z Z UXU]H PDáD OHSNRü Sá\QX SU]HSá\Z Z UXU]H GX*D OHSNRü Sá\QX K ! K ZRG\ SU]HSá\Z SURVWRSDGá\ GR UXU\ SRMHG\QF]HM SU]HSá\Z SURVWRSDGá\ GR U] GyZ UXU XVWDZLRQ\FK Z V]DFKRZQLF
SU]HSá\Z SURVWRSDGá\ GR U] GyZ UXU XVWDZLRQ\FK V]HUHJRZR
ZQLNDQLH FLHSáD GR ]LDUHQ
6WDáD
KKV
&ROEXUQ ! Â REOLF]RQH GOD SU GNRFL PL G]\ UXUNDPL
GOD SU GNRFL REOLF]RQH PL G]\ UXUNDPL
DO ± GQLFD NXONL R SRZLHU]FKQL ]LDUQD UK ! +RXJHQ L :DWVRQ
8ZDJL
!
6LHGHU L 7DWH ! KV OHSNRü Z WHPSHUDWXU]H FLDQ\
!
7DEHOD 6WDáH c L RUD] Z\NáDGQLNL L UyZQDQLD NRUHODF\MQHJR ZHGáXJ +REOHUD >@ V 3DUDPHWU\ Z\]QDF]DQH GOD ZDUVWZ\ SU]\FLHQQHM /S
8ZDJL 3U]\SDGHN c SU]HSá\Z SURVWRSDGá\ ± GR UXU\ SRMHG\QF]HM SU]HSá\Z SURVWRSDGá\ GR S NX UXU ± REOLF]RQH GOD U] GyZ XáR*RQ\FK Z V]DFKRZQLF SU GNRFL PL G]\ UXUNDPL SU]HSá\Z SURVWRSDGá\ ± REOLF]RQH GOD GR UXU Z V]HUHJX U] GyZ SU GNRFL PL G]\ UXUNDPL
5yZQDQLD NRUHODF\MQH 'LWWXVD±%RHOWHUD DOER 6LHGHUD L 7DWH¶D PRJ UyZQLH* E\ü VWRVRZDQH GR SU]HSá\ZX Sá\QX SU]H] NDQDá\ R SU]HNURMX LQQ\P QL* NRáRZ\ :yZF]DV VWRVXMH VL W]Z ]DVW SF] OLF]E 5H\QROGVD D UHGQLF QDOH*\ ]DVWSLü UHGQLF ]D VW SF] HNZLZDOHQWQ ]GHILQLRZDQ Z]RUHP
Z NWyU\P VWDQRZL SU]HNUyM SRSU]HF]Q\ NDQDáX D MHVW MHJR REZRGHP ]ZLO*DQ\P SU]H] Sá\Q +REOHU >@ SU]\WDF]D MHGQDN ZLHOH SU]\NáDGyZ ZVND]XMF\FK *H ZQLNDQLH FLHSáD SRGF]DV SU]HSá\ZX Sá\QX QD ]HZQWU] L Z]GáX* S NX UXU Z SU]HVWU]HQL PL G]\ UXURZHM ]DFKRG]L ]QDF]QLH LQWHQV\ZQLHM :DUWRFL ZVSyáF]\QQLNyZ ZQLNDQLD V QLH NLHG\ QDZHW R ± ZL NV]H
3U]\WRF]RQH NRUHODFMH RERZL]XM GOD SU]HSá\ZyZ ZHZQWU] UXU GRVWDWHF]QLH GáXJLFK JG\* ZyZF]DV SURILO SU GNRFL MHVW XVWDORQ\ 'OD QLH]E\W GáXJLFK SU]HZRGyZ OXE JG\ FKFHP\ XZ]JO GQLü NV]WDáW RGFLQND ZORWRZHJR QDOH*\ ZSURZD G]Lü ZVSyáF]\QQLN SRSUDZNRZ\ : WDEHOL ]HVWDZLRQR LFK ZDUWRFL GOD GZyFK OLF]E 5H\QROGVD
7DEHOD :VSyáF]\QQLNL SRSUDZNRZH H/
 Â
GOD SU]HSá\ZX EXU]OLZHJR
'OD SU]HSá\ZX ZHZQWU] Z *RZQLF\ JG\ SHZQH ]QDF]HQLH PD NU WRü UXU\ -HV] NH >@ SRGDá Z]yU
, 5 , SU §¨ ©
Z NWyU\P
U · ¸ 5¹
DSU MHVW ZVSyáF]\QQLNLHP ZQLNDQLD GOD SU]HSá\ZX Z UXU]H SURVWHM U ± SUR
PLHQLHP UXU\ 5 ]D SURPLHQLHP Z *RZQLF\
6]F]HJyOQ\P SU]\SDGNLHP MHVW SU]HSá\Z SU]H] UXU\ R ]PLHQQ\P SU]HNURMX UXU\ ]JQLDWDQH :HGáXJ +REOHUD >@ ZVSyáF]\QQLNL ZQLNDQLD FLHSáD PRJ WX E\ü ]ZL N V]RQH QDZHW GR : FHOX LQWHQV\ILNDFML ZQLNDQLD FLHSáD VWRVXMH VL ZLHOH PHWRG WDNLFK MDN > @
x ]ZL NV]DQLH SU GNRFL PDVRZHM SU]HSá\ZX x VWRVRZDQLH Uy*QRURGQ\FK Z\SHáQLH x ZSURZDG]DQLH SU]HJUyG SRZRGXMF\FK ZLHORNURWQ ]PLDQ SU]HSá\ZX x VWRVRZDQLH SU]HSá\ZyZ SURVWRSDGá\FK L VNRQ\FK GR ZL]NL UXU x ZSURZDG]DQLH Uy*QHJR URG]DMX GHIRUPDFML SU]HNURMX UXU\ x PLHV]DQLH FLHF]\ Z DSDUDFLH 1LHNWyUH ] QLFK V SU]HGPLRWHP DQDOL]\ Z QDVW SQ\P UR]G]LDOH
:QLNDQLHFLHSáDSRGF]DVSU]HSá\ZX ZRNyáUy*QRURGQ\FKHOHPHQWyZ =DJDGQLHQLH ZQLNDQLD FLHSáD SRGF]DV SU]HSá\ZX SURVWRSDGáHJR GR UXU\ MHVW EDUG]R ]áR*RQH ] ZLHOX SRZRGyZ 3R SLHUZV]H QDOH*\ UR]Uy*QLü V]HUHJ SU]\SDGNyZ WDNLFK MDN SU]HSá\Z Sá\QX ZRNyá SRMHG\QF]HM UXU\ OXE XNáDGX UXUHN XáR*RQ\FK V]HUHJRZR OXE QD SU]HPLDQOHJOH Z XNáDG]LH Z V]DFKRZQLF WDEHOH :\QLNL EDGD RSXEOLNRZDQH Z NODV\F]Q\FK SUDFDFK > @ SRND]XM *H ] MHGQHM VWURQ\ PDP\ WX GR F]\QLHQLD ] SU]H Sá\ZHP R ]PLHQQHM SU GNRFL ] GUXJLHM ]D ± ] Z\VW SRZDQLHP FKDUDNWHU\VW\F]Q\FK ZL UyZ ] W\áX UXU\ 'RNáDGQ\ REUD] VWUXNWXU\ VWUXJL ]H ZV]\VWNLFK VWURQ UXU\ PR*QD X]\VNDü MHG\QLH Z Z\QLNX V\PXODFML NRPSXWHURZHM Z\NRQDQHM ]D SRPRF ]DDZDQVRZDQ\FK SDNLH WyZ RSURJUDPRZDQLD
109
Przekrój poprzeczny przez wymiennik płaszczowo-rurowy, rurki φ 10, woda, przepływ laminarny, m1 = 0,05 kg/s, T1 = 300 K, T2 = 400 K
Rys. 7.13. Kontury prędkości wody podczas przepływu poprzecznego do rurek wymiennika φ 10 m
Przekrój poprzeczny przez wymiennik płaszczowo-rurowy, rurki φ 10, woda, przepływ laminarny, m1 = 0,05 kg/s, T1 = 300 K, T2 = 400 K
Rys. 7.14. Wektory prędkości wody podczas przepływu poprzecznego do rurek wymiennika (φ 10 mm) kolorowane według skali wielkości (m/s)
10 9
110
Przekrój poprzeczny przez wymiennik płaszczowo-rurowy, rurki φ 10, woda, przepływ laminarny, m1 = 0,05 kg/s, T1 = 300 K, T2 = 400 K
Rys. 7.15. Kontury temperatury podczas przepływu poprzecznego do rurek wymiennika φ 10 mm kolorowane według skali wielkości (K) dla masowego przepływu wody m = 0,05 kg/s
Przekrój poprzeczny przez wymiennik płaszczowo- rurowy, rurki φ 10, woda, przepływ laminarny, m1 = 0,05 kg/s, T1 = 300 K, T2 = 400 K
Rys. 7.16. Kontury ciśnienia całkowitego podczas przepływu poprzecznego do rurek wymiennika φ 10 mm kolorowane według skali wielkości (Pa) dla masowego przepływu wody m = 0,05 kg/s
11 0
1D U\VXQNDFK ± SRND]DQR UR]NáDG SU GNRFL ZHNWRUyZ SU GNRFL WHP SHUDWXU\ L FLQLHQLD FDáNRZLWHJR SRGF]DV SU]HSá\ZX SRSU]HF]QHJR ZRG\ SU]H] SU]H VWDZQ\ XNáDG UXUHN XNáDG V]DFKRZQLFRZ\ R UHGQLF\ PP 'DQH WH RWU]\PDQR Z Z\QLNX UR]ZL]DQLD XNáDGX UyZQD SU]HSá\ZX 1DYLHUD±6WRNHVD RUD] UyZQDQLD HQHUJLL PHWRG REM WRFL NRQWUROQHM 3DWDQNDUD >@ ]D SRPRF RSURJUDPRZDQLD )OXHQW 2G VWURQ\ F]RáRZHM QDVW SXMH XGHU]HQLH F]\QQLND R FLDQ UXU\ FR ZL*H VL ]H ]PQLHMV]HQLHP SU GNRFL L WHPSHUDWXU\ DOH ]H ]ZL NV]HQLHP FLQLHQLD SR F]\P SU GNRü VL ]ZL NV]D FLQLHQLH SR ERNDFK UXU\ ]PQLHMV]D D ZUHV]FLH Z\VW SXM Z\ UD(QH ZLU\ ] W\áX UXU\ 3RGF]DV SU]HSá\ZX Sá\QX SURVWRSDGOH GR XNáDGX ZL NV]HM OLF]E\ UXUHN VWUXJL V XáR*RQH UR]PDLFLH Z ]DOH*QRFL RG W\SX XNáDGX 3U]\MPXMH VL *H XNáDG UXUHN Z V]DFKRZQLF QDSU]HPLDQOHJá\ ]DSHZQLD ZL NV]H ZDUWRFL ZVSyáF]\QQLNyZ ZQL NDQLD FLHSáD RG XNáDGX V]HUHJRZHJR : RE\GZX ]D SU]\SDGNDFK ZVSyáF]\QQLNL ZQL NDQLD V ZL NV]H QL* GOD SU]HSá\ZX SURVWRSDGáHJR GR UXU\ SRMHG\QF]HM : OLWHUDWXU]H PR*QD UyZQLH* ]QDOH(ü ZLHOH NRUHODFML RSLVXMF\FK ZQLNDQLH FLHSáD SRGF]DV SU]HSá\ ZX ZRNyá UXU R LQQ\P NV]WDáFLH QL* NRáRZ\ > @ -H*HOL F]\QQLN QLH GRSá\ZD GR UXUNL SRG NWHP SURVW\P GR MHM RVL WR QDOH*\ ZSURZDG]Lü SRSUDZN
HM ]DOH*Q RG NWD QDSá\ZX 'OD ZV]\VWNLFK RPDZLDQ\FK SU]\
SDGNDFK XNáDGyZ UXU VWRVXMH VL Z]yU
,M ,0M
H
:DUWRü SRSUDZNL M RGF]\WXMHP\ ] Z\NUHVyZ OXE WDEHO WDEHOD
7DEHOD :VSyáF]\QQLNL SRSUDZNRZH HM
1 M GOD SU]HSá\ZX SRG NWHP Uy*Q\P RG G
M
HM
:QLNDQLHFLHSáDSRGF]DV Z\PXV]RQHJRSU]HSá\ZXODPLQDUQHJR : SURFHVDFK SU]HP\VáRZ\FK SU]HSá\Z ODPLQDUQ\ Z\VW SXMH ]QDF]QLH U]DG]LHM RG SU]HSá\ZX EXU]OLZHJR 1LHPQLHM MHGQDN SU]HSá\Z WHQ PD ]QDF]HQLH Z QLHNWyU\FK URG]DMDFK WHFKQRORJLL FKRFLD*E\ SURGXNFML WZRU]\Z V]WXF]Q\FK SU]HUREX Z JOD URS\ QDIWRZHM D REHFQLH ELRPDV\ 0R*HP\ ]DáR*\ü *H Z SU]HSá\ZLH F]\VWR XZDUVWZLRQ\P ZQLNDQLH FLHSáD VSUR ZDG]D VL MHG\QLH GR SU]HZRG]HQLD FLHSáD RG UG]HQLD Sá\QX GR FLDQ\ OXE RGZURWQLH 'OD WDNLHJR SU]\SDGNX RWU]\PDQR UR]ZL]DQLD DQDOLW\F]QH UyZQDQLD HQHUJLL RGG]LHO QLH GOD W]Z REV]DUX ZORWRZHJR UR]ZL]DQLD *UDHW]D L 3UDQGWOD >@ OXE GOD SU]HSá\
ZX Z SHáQL UR]ZLQL WHJR : W\P RVWDWQLP SU]\SDGNX ]DNáDGD VL *H J VWRü VWUXPLH QLD FLHSáD OXE WHPSHUDWXUD FLDQ\ MHVW VWDáD >@ 5R]ZL]DQLD WHRUHW\F]QH VWDQRZL MHGQDN W\ONR SHZQH SU]\EOL*HQLH ER U]HF]\ZLVW\ SURFHV ZQLNDQLD FLHSáD SRGF]DV WHJR SU]HSá\ZX MHVW R ZLHOH EDUG]LHM VNRPSOLNRZDQ\ : ZDUXQNDFK Z\PLDQ\ FLHSáD W]Q LVWQLHQLD SROD WHPSHUDWXU\ QLH MHVW RQ L]RWHUPLF]Q\ 3DUDEROLF]Q\ UR]NáDG SU GNRFL U\V NWyU\ Z\VW SRZDáE\ Z SU]\SDGNX LGHDOQHJR ODPLQDUQHJR SU]HSá\ZX OLQLD , QD U\V GHIRUPXMH VL Z Z\QLNX ]PLDQ OHSNRFL Sá\QX Z ]DOH*QRFL RG WHPSH UDWXU\ Z SRV]F]HJyOQ\FK ZDUVWZDFK -H*HOL WHPSHUDWXUD FLDQ\ MHVW QL*V]D RG WHPSHUD WXU\ FLHF]\ FKáRG]HQLH WR ZDUVWZ\ Sá\QFH SU]\ FLDQLH PDM ZL NV] OHSNRü L SR UXV]DM VL ] PQLHMV] SU GNRFL OLQLRZ OLQLD ,, QD U\V = NROHL SRGF]DV RJU]HZDQLD MHVW RGZURWQLH L UR]NáDG WHPSHUDWXU\ RGSRZLDGD OLQLL ,,, =PLDQ\ WHPSHUD WXU\ QD GURG]H SU]HSá\ZX Sá\QX SRZRGXM UyZQLH* ]PLDQ\ MHJR J VWRFL L QDVW SXMH UXFK FLHSáD Z Z\QLNX NRQZHNFML QDWXUDOQHM 0R*QD RF]HNLZDü *H ZL NV]H GHIRUPDFMH SURILOX SU GNRFL Z\VWSL Z SU]\SDGNDFK QLH]JRGQRFL NLHUXQNyZ UXFKX Z\PXV]R QHJR L VZRERGQHJR
5\V 3URILOH SU GNRFL Sá\QX GOD SU]HSá\ZX ODPLQDUQHJR , ± SU]HSá\Z L]RWHUPLF]Q\ VWDáD OHSNRü ,, ±FKáRG]HQLH ,,, ± RJU]HZDQLH
5\V 5R]ZLQL FLH SDUDEROLF]QHJR SURILOX SU GNRFL X ZORWX UXU\
3RGVWDZRZ SU]\F]\Q WUXGQRFL MHVW MHGQDN Z\VW SRZDQLH W]Z RGFLQND UR]ELH JRZHJR U\V QD NWyU\P ]DFKRG]L IRUPRZDQLH VL SURILOX SDUDEROLF]QHJR UR] NáDGX SU GNRFL X ZORWX GR UXU\ 3U]\ VDP\P ZORFLH GR UXU\ WZRU]\ VL ODPLQDUQD ZDUVWZD SU]\FLHQQD SRGF]DV JG\ Z UG]HQLX Sá\Q PD VWDá SU GNRü :DUVWZD ODPL QDUQD QDUDVWD VWRSQLRZR D* Z SHZQHM RGOHJáRFL GRFKRG]L GR RVL UXU\ ]DSHZQLDMF SDUDEROLF]Q\ SURILO SU GNRFL Z NLHUXQNX SURPLHQLRZ\P 3RGREQLH ]PLHQLD VL UyZ QLH* UR]NáDG WHPSHUDWXU\ ]DSHZQLDMF IRUPRZDQLH VL W]Z WHUPLF]QHM ZDUVWZ\ JUD QLF]QHM 'RNáDGQ\ REUD] NV]WDáWRZDQLD VL SURILOL SU GNRFL Sá\QX ZRG\ RUD] UR]NáDGX WHPSH UDWXU\ X]\VNDQR ]D SRPRF SURJUDPX NRPSXWHURZHJR )/8(17 U\V ± 3U]\NáDGRZH REOLF]HQLD Z\NRQDQR GOD SU]HSá\ZX ZRG\ Z UXU]H SR]LRPHM R UHGQLF\ P QD RGFLQNX P ] X*\FLHP VLDWNL QLHVWUXNWXUDOQHM U\V 'OD QLHZLHONLHM SU GNRFL Y
PV OLF]ED 5H\QROGVD Z\QRVL RNRáR SURILOH SU GNRFL
U\V L WHPSHUDWXU\ U\V GRü ]QDF]QLH VL ]PLHQLDM Z SU]\SDGNX Z\*V]HM WHPSHUDWXU\ FLDQNL Wü
q&
:LGDü UyZQLH* NV]WDáWRZDQLH VL Z]GáX* NROHMQ\FK
ZDUVWZ Uy*QLF\FK VL WHPSHUDWXU JRUF\FK SU]\ FLDQLH UXU\ JU]HMQHM FKáRGQ\FK GDOHM RG QLHM 'áXJRü RGFLQND UR]ELHJRZHJR GR XVWDELOL]RZDQLD VL SU GNRFL U\V Z\ QRVL /
5H G ZHGáXJ +REOHUD >@ RUD] /
5H G ZHGáXJ %RXVVLQHVTD >@
'áXJRü RGFLQND UR]ELHJRZHJR G QD NWyU\P VWDELOL]XMH VL UR]NáDG WHPSHUDWXU\ GáXJRü WHUPLF]QHJR RGFLQND ZORWRZHJR PR*QD QDWRPLDVW REOLF]\ü ]H Z]RUX
§/· | 5H' 3U ¨ ¸ © G ¹ODP
: OLWHUDWXU]H PR*QD ]QDOH(ü ZLHOH ]DOH*QRFL NRUHODF\MQ\FK GR RNUHODQLD ZVSyá F]\QQLND ZQLNDQLD FLHSáD SRGF]DV Z\PXV]RQHJR SU]HSá\ZX ODPLQDUQHJR Z UXUDFK 5y*QL VL MHGQDN EDUG]R SRG Z]JO GHP EXGRZ\ PRGXáyZ OLF]E EH]Z\PLDURZ\FK RUD] ZDUWRFL VWDá\FK L Z\NáDGQLNyZ SRW JRZ\FK :\QLND WR ] SU]\F]\Q RPyZLRQ\FK QD ZVW SLH WHJR UR]G]LDáX *UDHW] >@ MDNR SLHUZV]\ Z U RSXEOLNRZDá UR]ZL]DQLH UyZQDQLD XVWDORQH JR SU]HZRG]HQLD FLHSáD Z Sá\QLH SRGF]DV SU]HSá\ZX XZDUVWZLRQHJR 3R VFDáNRZDQLX UyZQDQLD )RXULHUD±3RLVVRQD GOD SU]HZRG]HQLD FLHSáD Z NLHUXQNX SURPLHQLRZ\P RWU]\PDá RQ ]DOH*QRü EH]Z\PLDURZHM WHPSHUDWXU\ Z SRVWDFL V]HUHJX
)
7 7 7V 7
I Q
JG]LH
Q
O / S PF
§ 5H 3U G · ¨ ¸ / © ¹
114
a) wlot rury 1, v = 0.01025 m/s, tpłynu wlot. = 20 °C, Q = 0 W
b) wylot rury 2, v = 0.01025 m/s; tpłynu wlot. = 20 °C, tścianki = 55 °C
Rys. 7.19. Wektory prędkości kolorowane według skali wielkości (m/s) dla średniej prędkości wody v = 0,01025 m/s: a) wlot rury 1, b) wylot rury 2
115
a) wlot rury 2, v = 0,01025 m/s, tpłynu wlot. = 20 °C, tścianki = 55 °C
b) wylot rury 2, v = 0,01025 m/s, tpłynu wlot = 20 °C, tścianki = 55 °C
Rys. 7.20. Kontury temperatury kolorowane według skali wielkości (K) dla średniej prędkości wody v = 0,01025 m/s: a) wlot rury 2, b) wylot rur
)XQNFMD I MHVW V]HUHJLHP ]ELH*Q\P I Q
H 3 H 3 H 3
3R SU]HNV]WDáFHQLDFK L ZSURZDG]HQLX OLF]E\ 1XVVHOWD >@ RWU]\PDQR QDVW SXMFH UyZQDQLH
5\V =DOH*QRü
D O
S
O
I I
GOD Z\PXV]RQHJR SU]HSá\ZX ODPLQDUQHJR
0F$GDPV L ZVSyáSUDFRZQLF\ >@ SR SU]HDQDOL]RZDQLX Z\QLNyZ ZLHOX SUDF SR ND]DQ\FK QD U\V VWZLHUG]LOL *H GOD ]DNUHVX O ZDU WRü OLF]E\ 1XVVHOWD JZDáWRZQLH VL ]PQLHMV]D G*F DV\PSWRW\F]QLH GR ZDUWRFL MDN PR*QD REOLF]\ü ] UyZQDQLD WHRUHW\F]QHJR
SO
5yZQDQLX WHPX RGSRZLDGD NU]\ZD QD U\V O L GOD GOD SRGDOL RQL 'OD ]DNUHVX OLF]E *UDHW]D HPSLU\F]QH UyZQDQLH § · 1X ¨ *] ¸ © ¹
§
¨ 5H3U ©
G· ¸ /¹
5yZQDQLX WHPX RGSRZLDGD OLQLD QD U\V UHGQLD ZDUWRü ZVSyáF]\QQLND SU]HZR G]HQLD FLHSáD MHVW RGZURWQLH SURSRUFMRQDOQD GR GáXJRFL UXU\ Z SRW G]H : UyZQDQLX W\P QLH XZ]JO GQLRQR MHGQDN ]PLDQ OLF]E\ 1XVVHOWD Z ]DOH*QRFL RG WHJR F]\ UR]SDWU\ ZDQ\ SURFHV RGSRZLDGD RJU]HZDQLX F]\ FKáRG]HQLX Sá\QX SRU U\V 6LHGHU L 7DWH ZHGáXJ 0F$GDPVD >@ XZ]JO GQLOL NLHUXQHN ZQLNDQLD FLHSáD ZSURZDG]DMF SRSUDZN QD OHSNRü L RWU]\PDOL SRZV]HFKQLH DNFHSWRZDQ NRUHODFM
K K
K K
.RUHODFMD WD RERZL]XMH GOD ]DNUHVX 3RSUDZN REOLF]D VL ]H VWR VXQNX ZVSyáF]\QQLNyZ OHSNRFL Sá\QX Z MHJR UHGQLHM WHPSHUDWXU]H L Z UHGQLHM WHP SHUDWXU]H FLDQNL ,QQH SDUDPHWU\ IL]\F]QH FLHF]\ QDOH*\ RNUHOLü GOD UHGQLHM WHPSH UDWXU\ VWUXPLHQLD REOLF]RQHM MDNR UHGQLD DU\WPHW\F]QD WHPSHUDWXU\ QD ZORFLH L QD Z\ORFLH ] DSDUDWX -H*HOL ]DáR*\P\ *H RJyOQ ]DOH*QRü GOD Z\PXV]RQHJR SU]HSá\ZX ZHZQWU] UXU\ Z ]DNUHVLH SU]HSá\ZX ODPLQDUQHJR PR*QD SU]HGVWDZLü Z SRVWDFL D
I Z U K F 5 O G /
OLF]ED SRGVWDZRZ\FK SDUDPHWUyZ Z\PLDURZDQ\FK Z\QRVL OLF]ED ]DVDGQLF]\FK Z\PLDUyZ ]D WR OLF]ED PRGXáyZ EH]Z\PLDURZ\FK MHVW UyZQD : Z\QLNX DQDOL ]\ Z\PLDURZHM RWU]\PXMH VL ]DOH*QRü PL G]\ PRGXáDPL EH]Z\PLDURZ\PL 1X
&5H 3U
§G· ¨ ¸ ©/¹
1D SRGVWDZLH EDGD GRZLDGF]DOQ\FK XVWDORQR *H Z\NáDGQLNL OLF]E EH]Z\PLDURZ\FK V VRELH UyZQH %DGDF]H URV\MVF\ SRU QS >@ SU]\M OL *H SRGVWDZRZ\P F]\QQLNLHP NV]WDáWXM F\P UR]NáDG SU GNRFL L WHPSHUDWXU\ V VLá\ Z\SRUX F]\OL NRQZHNFMD VZRERGQD RJyOQD ]DOH*QRü PD ]DWHP QDVW SXMF SRVWDü D
I Z G K O U F 5 J û7 E
/LF]ED SRGVWDZRZ\FK SDUDPHWUyZ Z\PLDURZDQ\FK Z\QRVL OLF]ED ]DVDGQLF]\FK Z\PLDUyZ ZL F OLF]ED PRGXáyZ EH]Z\PLDURZ\FK MHVW UyZQD : Z\QLNX DQDOL]\ Z\PLDURZHM X]\VNDQR QDVW SXMF ]DOH*QRü PRGXáyZ EH] Z\PLDURZ\FK D E F G
JG]LH E JG U K 1D SRGVWDZLH GDQ\FK GRZLDGF]DOQ\FK 0LFKLHMHZ >@ RWU]\PDá NRUHODFM
H
Z NWyUHM JG U û7 E K ± OLF]ED *UDVKRID OLF]RQD GOD UHGQLHM WHPSHUDWX U\ Sá\QX ± OLF]ED 3UDQGWOD OLF]RQD GOD UHGQLHM WHPSHUDWXU\ Sá\QX ± OLF]ED 3UDQG WOD OLF]RQD GOD UHGQLHM WHPSHUDWXU\ FLDQ\ ± UHGQLD Uy*QLFD WHPSHUDWXU\ FLDQ\ L
Sá\QX OLF]RQD MDNR UHGQLD DU\WPHW\F]QD QD ZORFLH L Z\ORFLH ± UHGQLFD K\GUDXOLF] QD SU]HZRGX /LF]E\ 1XVVHOWD L 5H\QROGVD V UyZQLH* OLF]RQH GOD UHGQLHM WHPSH UDWXU\ Sá\QX :DUWRü SRSUDZNL QDOH*\ RGF]\WDü ] WDEHOL GOD SU]HSá\ZX ODPLQDUQHJR
7DEHOD :VSyáF]\QQLNL SRSUDZNRZH H/
H/
5\V :QLNDQLH FLHSáD SRGF]DV SU]HSá\ZX SU]H] NDQDá SR]LRP\ ZHGáXJ 0LFKLHMHZD
: NRUHODFML LVWRWQ URO RGJU\ZD OLF]ED *UDVKRID Z NWyUHM XZ]JO GQLD VL
ZSá\Z NRQZHNFML QDWXUDOQHM QD ZQLNDQLH FLHSáD .RUHODFM W SRND]DQR QD U\V -DN ZLGDü ] U\V OLF]E\ *UDVKRID ]PLHQQH Z V]HURNLP ]DNUHVLH RG GR SRSUDZLDM ZVSyáF]\QQLN ZQLNDQLD FLHSáD EOLVNR F]WHURNURWQLH 3R ZSURZDG]HQLX Z]RUyZ QD OLF]E\ EH]Z\PLDURZH L XSRU]GNRZDQLX NRUHODFM
PR*QD ]DSLVDü QDVW SXMFR D
û
H
JG]LH VWDáD MHVW IXQNFM ZáDFLZRFL Sá\QX ]DOH*Q RG WHPSHUDWXU\
U
O E
K
:DUWRFL OLF]ERZH VWDáHM GOD ZRG\ L SRZLHWU]D PR*QD ]QDOH(ü Z WDEHODFK 5R]ZL]DQLD GOD V]HUHJX SU]\SDGNyZ VFKDUDNWHU\]RZDQ\FK NV]WDáWHP SU]HNURMX NDQDáX RUD] ZDUXQNDPL Z\PLDQ\ FLHSáD SU]\ FLDQLH SU]HGVWDZLá 0DGHMVNL >@
:QLNDQLHFLHSáDZREV]DU]HSU]HMFLRZ\P =JRGQLH ] ]DVDGDPL K\GURG\QDPLNL SU]HMFLH RG SU]HSá\ZX ODPLQDUQHJR GR SU]H Sá\ZX EXU]OLZHJR QDVW SXMH Z ]DNUHVLH OLF]E 5H\QROGVD RNRáR ± >@ :\ VW SXMH MHGQDN VWUHID SU]HMFLRZD Z NWyUHM SU]HSá\Z ODPLQDUQ\ VWRSQLRZR ]DQLND D SU]HSá\Z VWDMH VL Z SHáQL EXU]OLZ\ GRSLHUR GOD =DOH*QRü PRGXáX 1XVVHO WD RG OLF]E\ 5H\QROGVD Z Uy*Q\FK REV]DUDFK SU]HSá\ZX Z\PXV]RQHJR Z UXUDFK GOD Sá\QX R OLF]ELH RUD] KK SU]HGVWDZLRQR QD U\V 3RQLHZD* Z REV]DU]H SU]HMFLRZ\P SURFHV ZQLNDQLD FLHSáD QLH MHVW XVWDELOL]RZDQ\ L Z\QLNL SRPLDUyZ QLH V MHGQDNRZH ZL F PR*QD SU]\Mü GOD WHJR ]DNUHVX OLQLRZ LQWHUSRODFM OLF]E\ 1XV VHOWD Z XNáDG]LH ORJDU\WPLF]Q\P ,QWHUSRODFML GRNRQXMHP\ PL G]\ ZDUWRFLDPL REOLF]RQ\PL NROHMQR GOD ] NRUHODFML GOD SU]HSá\ZX ODPLQDUQHJR RUD] GOD GOD EXU]OLZHJR SU]HSá\ZX 3RGDQ\ VSRVyE LQWHUSRODFML MHVW W\ONR SU]\EOL*H QLHP SRQLHZD* IXQNFMD OJ OJ QLH MHVW GRNáDGQLH SURVWROLQLRZ ]DOH*QRFL
5\V =DOH*QRü
GOD
RUD] KKV
0F$GDPV >@ SROHFD NRU]\VWDü ] Z\NUHVX &ROEXUQD U\V ]ZáDV]F]D GOD FLHF]\ OHSNLFK K K
JG]LH +DXVHQ >@ GOD SU]HSá\ZX Z V]HURNLP ]DNUHVLH OLF]E 5H\QROGVD 5H RSUDFRZDá ]DOH*QRü NRUHODF\MQ
K K V
'X*H ]QDF]HQLH SUDNW\F]QH PD Z\PLDQD FLHSáD L PDV\ JG\ FLHF] RSá\ZD NXO = UHJXá\ SU]HELHJD RQD Z REV]DU]H SU]HSá\ZX SU]HMFLRZHJR WM Z ]DNUHVLH UK : ZLHOX SURFHVDFK WDNLFK MDN IOXLG\]DFMD VXV]HQLH FKáR G]HQLH ZRG\ QDZLO*DQLH SRZLHWU]D LWS Z\VW SXMH ZQLNDQLH FLHSáD ] ID]\ JD]RZHM SRZLHWU]D GR F]VWHN Z SU]\EOL*HQLX VIHU\F]Q\FK
5\V =DOH*QRü + KVK
ZHGáXJ &ROEXUQD
: ]DNUHVLH SU]HSá\ZX ODPLQDUQHJR X]\VNDQR UR]ZL]DQLD DQDOLW\F]QH GOD Uy*Q\FK IXQNFML SUGX >@ 1D SRGVWDZLH EDGD GRZLDGF]DOQ\FK QDMSLHUZ )URHVVOLQJ D Sy(QLHM 5DQ] L 0DUVKDOO >@ XVWDOLOL ]DOH*QRü NRUHODF\MQ
1X
5H 3U
.RUHODFMD WD RERZL]XMH Z ]DNUHVLH OLF]E 5H\QROGVD OLF]E 3UDQGWOD K O
UK
 RUD]
:QLNDQLHFLHSáDSRGF]DVSU]HSá\ZX VZRERGQHJRZZDUXQNDFKNRQZHNFMLQDWXUDOQHM : ZDUXQNDFK NRQZHNFML QDWXUDOQHM SURFHV ZQLNDQLD FLHSáD SRGF]DV SU]HSá\ZX VZRERGQHJR MHVW XZDUXQNRZDQ\ JUDZLWDF\MQ\P UXFKHP Sá\QX Z SREOL*X FLDQ\ SU]H ND]XMFHM OXE SU]HMPXMFHM FLHSáR 3RQLHZD* J VWRü Sá\QX QDMF] FLHM SRZLHWU]D Z SREOL*X FLDQ\ JU]HMQHM MHVW PQLHMV]D QL* Z UG]HQLX Sá\QX ZL F Uy*QLFD VLá JUDZLWD F\MQ\FK SRZRGXMH Z SREOL*X FLDQ\ UXFK Sá\QX GR JyU\ 3R ]LPQHM FLDQLH UXFK Sá\QX MHVW VNLHURZDQ\ NX GRáRZL -HVW WR W]Z HIHNW NRPLQRZ\
0HFKDQL]P ZQLNDQLD FLHSáD Z W\P WZRU]HQLH VL ODPLQDUQHM ZDUVWZ\ JUDQLF]QHM ]DOH*\ SU]HGH ZV]\VWNLP RG ZáDFLZRFL IL]\NRFKHPLF]Q\FK Sá\QX DOH UyZQLH* RG NV]WDáWX FLDQ\ W]Q F]\ WR MHVW FLDQD UXU\ SR]LRPHM F]\ FLDQD SLRQRZD -X* EDUG]R GDZQR RSUDFRZDQR PHWRG\ GRZLDGF]DOQH SR]ZDODMFH REVHUZRZDü ]DFKRZDQLH ODPLQDUQHM ZDUVWZ\ SU]\FLHQQHM RUD] SROD WHPSHUDWXU\ Z SREOL*X FLDQ\ 1DOH* GR QLFK PHWRGD FLHQL VWRVRZDQD MX* SU]H] 6FKPLGWD RUD] PHWRGD LQWHUIHUHQF\MQD SROH JDMFD QD IRWRJUDIRZDQLX ZL]HN ZLDWáD SU]HV\áDQ\FK SURVWRSDGOH GR FLDQ\ 1D U\VXQNX GOD SU]\NáDGX SRND]DQR UR]NáDG WHPSHUDWXU\ L SU GNRFL GOD Sá\W\ SLR QRZHM X]\VNDQH SU]H] 6FKPLGWD 7HPSHUDWXUD SRZLHWU]D REQL*D VL Z PLDU ]ZL N V]DQLD RGOHJáRFL RG FLDQ\ SU GNRü ]D Z]UDVWD RVLJDMF PDNVLPXP Z SHZQHM RGOHJáRFL RG FLDQ\
7ü
7 +
)% ), [ )I
: /7 /
\ 5\V 5R]NáDG WHPSHUDWXU\ L SU GNRFL SRZLHWU]D Z SREOL*X JRUFHM FLDQ\ SLRQRZHM
5\V 6SU] *HQLH UR]NáDGX SyO WHPSHUDWXU\ SU GNRFL L VLá QD JRUFHM FLDQLH SLRQRZHM
6SU] *RQ\ UR]NáDG SyO WHPSHUDWXU\ L SU GNRFL SRZLHWU]D QD FLDQLH SLRQRZHM MDN SRND]DQR GOD SU]\NáDGX QD U\V NV]WDáWXM VLá\ G]LDáDMFH QD Sá\Q 6 WR >@ 6LáD Z\SRUX )% | U UB J FRV M GOD FLDQ\ SLRQRZHM FRVM FRV 6LáD EH]ZáDGQRFL LQHUFML
UB
JG]LH MHVW SU GNRFL FKDUDNWHU\VW\F]Q PDNV\PDOQ
6LáD
WDUFLD ZHZQ WU]QHJR K
I
U
G
: SREOL*X FLDQ\ Z ZDUVWZLH JUDQLF]QHM VLá\ LQHUFML V WDNLH VDPH MDN VLá\ WDUFLD FR PR*QD ]DSLVDü Z +
Z
G 3R SU]HNV]WDáFHQLX RWU]\PXMHP\ UyZQDQLH RNUHODMFH JUXERü ODPLQDUQHM ZDUVWZ\ JUDQLF]QHM G
|Q
Q
5yZQLH* VLá\ Z\SRUX V SRUyZQ\ZDOQH ] VLáDPL LQHUFML D ]DWHP
U UB FRV M UB
3R SU]HNV]WDáFHQLX RWU]\PXMHP\ ª Z | « ¬«
U UB +J FRV M º
» ¼»
UB
3R SRGVWDZLHQLX WHM ]DOH*QRFL GR UyZQDQLD RWU]\PXMHP\ G +
§ |¨ ¨ § ¨¨ ©©
Q U · J+ FRV M UB ¸¹
· ¸ ¸ ¸ ¹
-H*HOL ZSURZDG]LP\ GR Z\UD*HQLD Uy*QLF J VWRFL
UB EB 7 7B
U UB
RWU]\PDP\ ]DOH*QRü RNUHODMF JUXERü ZDUVWZ\ JUDQLF]QHM G +
§ |¨ ¨ ©
Q
· ¸ E B 7 7B J+ ¸¹
§ · ¨ ¸ © FRV M ¹
D W\P VDP\P G
/LF]ED *UDVKRID MHVW RGZURWQRFL Z\UD*HQLD Z SRSU]HGQLP UyZQDQLX *U
J+ 7
7B
Q
EB
*UXERü ODPLQDUQHM ZDUVWZ\ JUDQLF]QHM MHVW ZL F RGZURWQLH SURSRUFMRQDOQD GR OLF]E\ *UDVKRID Z SRW G]H D ZSURVW SURSRUFMRQDOQD GR Z\VRNRFL FLDQ\ -X* Z U /RUHQ] >@ XVWDOLá RG MDNLFK ZLHONRFL ]DOH*\ ZQLNDQLH FLHSáD Z ZDUXQNDFK NRQZHNFML QDWXUDOQHM 3R VFDáNRZDQLX Uy*QLF]NRZHJR UyZQDQLD SU]H ZRG]HQLD FLHSáD Z UXFKRP\P Sá\QLH RWU]\PDá RQ UyZQDQLH EH]Z\PLDURZH ª§ K F · § «¨ ¨ O ¸¹ ¨© ¬«©
D+ O
J+ U E û7
K
·º ¸¸ » ¹ ¼»
'OD JD]yZ LGHDOQ\FK E :LHOX EDGDF]\ PL G]\ LQQ\PL 1XVVHOW VNRU]\VWDOL ] WHM ]DOH*QRFL GR NRUHORZDQLD Z\QLNyZ EDGD Z RGQLHVLHQLX GR UXU =DPLDVW Z\VR NRFL FLDQ\ SRGVWDZLDOL UHGQLF ]HZQ WU]Q :VSyáF]\QQLN ZQLNDQLD FLHSáD SRGF]DV NRQZHNFML QDWXUDOQHM D
I O K F 5 û7 K U E J
]DOH*\ RG ZVSyáF]\QQLND SU]HZRG]HQLD FLHSáD O OHSNRFL K FLHSáD ZáDFLZHJR F Uy*QLF\ WHPSHUDWXU\ Z\PLDUX OLQLRZHJR SU]HGPLRWX GOD UXU\ SR]LRPHM J VWRFL U ZVSyáF]\QQLND UR]V]HU]DOQRFL REM WRFLRZHM Sá\QX E L SU]\VSLHV]HQLD ]LHPVNLHJR : Z\QLNX DQDOL]\ Z\PLDURZHM L RWU]\PXMHP\ UyZQDQLH NU\ WHULDOQH
1X
§ KF · § &¨ ¸ ¨¨ © O ¹ ©
JK U
K
· ¸¸ ¹
E û7
Z NWyU\P OLF]ED 1XVVHOWD MHVW IXQNFM OLF]E\ 3UDQGWOD *DOLOHXV]D L OLF]E\ 3RQLHZD* GRZLDGF]DOQLH XVWDORQR *H Z\NáDGQLNL SRW JRZH GOD SRV]F]HJyOQ\FK OLF]E EH]Z\PLDURZ\FK V MHGQDNRZH QDMF] FLHM VSRW\ND VL ]DSLV Z SRVWDFL L L
L
JG]LH OLF]ED *UDVKRID OLF]ED 5D\OHLJKD 6WUXWWD *UDILF]Q SRVWDü WHM NRUHODFML SU]HGVWDZLRQR QD U\V : XNáDG]LH SRGZyMQLH ORJDU\WPLF]Q\P QLH MHVW WR OLQLD SURVWD ZL F GOD OHSV]HJR SU]\EOL*HQLD NU]\Z SRG]LH ORQR QD WU]\ RGFLQNL GOD PDá\FK ZDUWRFL SU]HSá\Z VZRERGQ\ MHVW ODPLQDU Q\ GOD UHGQLFK ± SU]HMFLRZ\ GOD GX*\FK ± EXU]OLZ\ :DUWRFL Z\NáDGQLND SRW JRZHJR L RUD] VWDáHM GOD Uy*Q\FK ]DNUHVyZ NRQZHNFML ]HVWDZLRQR Z WDEHOL :V]\VWNLH SDUDPHWU\ IL]\NRFKHPLF]QH Sá\QX Z\]QDF]D VL
GOD UHGQLHM WHPSHUDWXU\ ZDUVWZ\ SU]\FLHQQHM OLF]RQHM MDNR UHGQLD DU\WPHW\F]QD WHPSHUDWXU\ FLDQ\ L UHGQLHM WHPSHUDWXU\ Sá\QX
5\V =DOH*QRü
GOD NRQZHNFML QDWXUDOQHM
7DEHOD :DUWRFL VWDáHM RUD] Z\NáDGQLNyZ SRW JRZ\FK Z NRUHODFML &KDUDNWHU UXFKX /DPLQDUQ\ 3U]HMFLRZ\ %XU]OLZ\
2GFLQHN
6WDáD
:\NáDGQLN
 ±Â ± Â
+REOHU >@ ZSURZDG]Lá Z\PLDU SRSU]HF]Q\ - -
§ ¨¨ ©
K JU
· ¸¸ ¹
FKDUDNWHU\VW\F]Q\ GOD VSá\ZDMFHM JUDZLWDF\MQLH VWUXJL 2WU]\PDá QDVW SXMFH Z\UD*HQLD OLF]ED *UDVKRID *U
K E û7
-
§ - · ¸ © K ¹
9¨
x OLF]ED 9
9 E'7
5yZQDQLH PR*QD ZL F SU]HNV]WDáFLü GR QDVW SXMFHM SRVWDFL
§ ¨ ©
D- · K O ¸¹ -
&9
]
L
]
§ ¨ ©
-
]
K
· ¸ ¹
L
3U
L
G]L NL F]HPX RWU]\PXMHP\ ]DOH*QRü QRZ\FK PRGXáyZ EH]Z\PLDURZ\FK
1X :DUWRFL VWDáHM
DO
&9 3U
]
L
L
§ ¨ ©
-
· ¸ ¹
]
K
L
& GOD Uy*Q\FK ]DNUHVyZ NRQZHNFML L UR]PDLW\FK JHRPHWULL XNáDGX
]HVWDZLRQR Z WDEHOL 3U]H] RJUDQLF]HQLH ]DNUHVX ]DVWRVRZDQLD UyZQD XRJyOQLRQ\FK PR*QD RWU]\PDü
FLDQ\ SLRQRZHM QDMF] FLHM *U3U 93U- K Â
UyZQDQLD R SURVWHM EXGRZLH SU]\GDWQH Z SUDNW\FH 'OD PDP\ GR F]\QLHQLD ] REV]DUHP SU]HMFLRZ\P Â JG]LH
L
&
]
RUD]
D $ §¨ ©
û7 · K
¸ ¹
> :P
. @
5yZQDQLD L PR*QD ZyZF]DV VSURZDG]Lü GR SURVWHM SRVWDFL :VSyá F]\QQLN
$
MHVW IXQNFM WHPSHUDWXU\ GDQHJR Sá\QX :DUWRFL WHJR ZVSyáF]\QQLND GOD
SRZLHWU]D L ZRG\ ]HVWDZLRQR Z WDEHODFK L
7DEHOD :DUWRFL VWDáHM & GOD ; /S
8NáDG FLDQD
SLRQRZD F\OLQGHU SLRQRZ\
5XUD SR]LRPD GUXW
3á\WD SR]LRPD RGGDMFD FLHSáR GR JyU\ 3á\WD RGGDMFD FLHSáR Z Gyá
*U3U 93U- K ± UyZQ ]
2G ;
'R ;
&
3RZ\*HM ;
&
Â
Â
Â
Â
Â
)LVKHQGHQ L 6DXQGHUV
%URZQ L 0DUFR
K
K
'UyGáR
:HLVH 6DXQGHUV 0F$GDPV 0LFKLHMHZ (EHUOH :DPVOHU .RFK 0F$GDPV 5LFH %URZQ L 0DUFR
!" # * $ KPD[ % !"
7DEHOD :DUWRFL ZVSyáF]\QQLND UyZQ GOD SRZLHWU]D
S
7DEHOD :DUWRFL ZVSyáF]\QQLND UyZQ GOD ZRG\
Z
: REV]DU]H EXU]OLZ\P - Â JG]LH UyZQDQLD L PR*QD ZyZF]DV VSURZDG]Lü GR SURVWHM SRVWDFL D
'
:P .
:DUWRFL ZVSyáF]\QQLND GOD SRZLHWU]D L ZRG\ Z W\P UyZQDQLX ]HVWDZLRQR Z WDEH ODFK L 7DEHOD :DUWRFL ZVSyáF]\QQLND UyZQ GOD SRZLHWU]D
S
7DEHOD :DUWRFL ZVSyáF]\QQLND UyZQ GOD ZRG\
Z
2EOLF]HQLD Z\NRQXMH VL GOD UHGQLHM WHPSHUDWXU\ ZDUVWZ\ SU]\FLHQQHM REOLF]D QHM MDNR UHGQLD DU\WPHW\F]QD WHPSHUDWXU\ FLDQ\ L UHGQLHM WHPSHUDWXU\ Sá\QX
:QLNDQLHFLHSáDSRGF]DV JUDZLWDF\MQHJRVSá\ZXFLHF]\SRFLDQLH *UDZLWDF\MQ\ VSá\Z FLHF]\ Z\VW SXMH QDMF] FLHM Z VNUDSODF]DFK QS DPRQLDNX Z SU]HP\OH D]RWRZ\P : ]UDV]DQ\FK DSDUDWDFK SLRQRZ\FK Z\VW SXMH F] FLHM VSá\Z EXU]OLZ\ Z SR]LRP\FK ]D SU]HSá\Z ODPLQDUQ\
1DMSLHUZ UR]ZD*D VL RSRU\ FLHSOQH SRGF]DV NRQZHNFML ]DFKRG]FHM PL G]\ SR ZLHU]FKQL FLDQ\ D JD]HP SRZLHWU]HP RGG]LHORQ\P RG FLDQ\ VSá\ZDMF ZDUVWZ FLHF]\ U\V -H*HOL ZDUVWZD WD MHVW FLHQND WR SU]HND]\ZDQLH FLHSáD Z ]DVDG]LH ]DOH*\ RG ZáDFLZRFL RSá\ZDMFHJR JD]X JG\ QDWRPLDVW MHVW RQD JUXED VSá\Z FLHF]\ MHVW ] UHJXá\ EXU]OLZ\
5\V 6FKHPDW ZQLNDQLD FLHSáD SRGF]DV JUDZLWDF\MQHJR VSá\ZX FLHF]\
3U]\MPLMP\ VFKHPDW UR]NáDGX WHPSHUDWXU\ MDN QD U\V JG]LH
MHVW
UHGQL
JUXERFL ZDUVWZ\ FLHF]\ 6WUXPLH FLHSáD PR*HP\ Z\UD]Lü ]D SRPRF UyZQDQLD 1HZWRQD RSLVXMFHJR RSyU ZQLNDQLD FLHSáD RG JD]X GR FLHF]\
4 , $ û7
?
3U]HZRG]HQLH FLHSáD SU]H] ZDUVWZ FLHF]\ Z SU]\SDGNX XVWDORQHJR UXFKX FLHSáD RSLVXMH UyZQDQLH )RXULHUD
O
û
: ZDUVWZLH FLHF]\ QLHZLHONLHM JUXERFL QLH]DOH*QLH RG NV]WDáWX SRZLHU]FKQL FKáRG] FHM SRZLHU]FKQLD SU]HNURMX SRSU]HF]QHJR MHVW VWDáD
3R SU]HNV]WDáFHQLX UyZQ L RWU]\PXMHP\
û7
c
4 D $
û7
cc
4 V $O
RUD]
3R GRGDQLX REX UyZQD VWURQDPL RWU]\PXMHP\ Z]yU QD FDáNRZLW Uy*QLF WHPSH UDWXU\
û
û
û
D
O
:SURZDG(P\ ]DVW SF]\ ZVSyáF]\QQLN ZQLNDQLD FLHSáD RSLVXMF\ FDá\ SURFHV UX FKX FLHSáD
D D
V
O
ZyZF]DV RWU]\PDP\
4 D $û7
6NáDGRZ RSRUX FLHSOQHJR Z SURFHVLH SU]HZRG]HQLD FLHSáD Z ZDUVWZLH FLHF]\ PR*QD RSLVDü ]D SRPRF ]DVW SF]HJR ZVSyáF]\QQLND ZQLNDQLD
D
O
2WU]\PXMHP\ UyZQDQLH
D
D D D D
:\]QDF]HQLH ]DVW SF]HJR ZVSyáF]\QQLND ZQLNDQLD FLHSáD
D
Z ZDUVWZLH FLHF]\
VSá\ZDMFHM JUDZLWDF\MQLH Z\PDJD RNUHOHQLD JUXERFL WHM ZDUVWZ\ 0R*QD M REOLF]\ü DQDOLW\F]QLH MHOL VSá\Z FLHF]\ MHVW XZDUVWZLRQ\ 'RVW SQH Z OLWHUDWXU]H OLF]QH Z]RU\ GR REOLF]DQLD ]DVW SF]HM JUXERFL ZDUVWZ\ FLHF]\ PR*QD ]DSLVDü Z QDVW SXMFHM SRVWDFL
-
JG]LH
K - U
VWDáD
]LRPHM
* K
GOD VNURSOLQ QD UXU]H SLRQRZHM RUD]
GOD VNURSOLQ QD UXU]H SR
3RQLHZD*
D O
ZL F SR SRGVWDZLHQLX UyZQDQLD
D
O -
RWU]\PXMHP\ Z]yU
OXE
1X & 5H ]
JG]LH
]
D- O MHVW ]DVW SF] OLF]E 1XVVHOWD
'RZLDGF]DOQLH XVWDORQR GOD UXU\ SLRQRZHM
GOD UXU\ SR]LRPHM
3DUDPHWU
*H
QDOH*\ SU]\Mü
P P
* *
- RGSRZLDGD JUXERFL VWUXJL FLHF]\ MH*HOL
L GODWHJR QD]ZDQR JR
]DVW SF] JUXERFL VWUXJL
GOD VSá\ZX JUDZLWDF\MQHJR
5\V =DOH*QRü
]
]
:QLNDQLH FLHSáD RG JD]X GR ZDUVWHZNL VSá\ZDMF\FK VNURSOLQ Z ]DNUHVLH EXU]OL ZHJR SU]HSá\ZX SU]HELHJD LQDF]HM QL* GOD VSá\ZX ODPLQDUQHJR =DOH* QRü
RG
Z SU]\SDGNX VSá\ZX SR
FLDQLH
UXU\ SLRQRZHM SRND]DQR QD U\V
: REV]DU]H ODPLQDUQHJR VSá\ZX Z]URVW JUXERFL ZDUVWZ\ ]H Z]URVWHP OLF]E\ 5H\ QROGVD SRZRGXMH ]PQLHMV]HQLH OLF]E\ 1XVVHOWD 2GZURWQ ]DOH*QRü Z\VW SXMH Z RE V]DU]H
SU]HSá\ZX
EXU]OLZHJR
JG]LH
OLF]ED
1XVVHOWD
Z\UD(QLH
VL
]ZL NV]D ]H Z]URVWHP OLF]E\ 5H\QROGVD :HGáXJ .LUNEULGH¶D L %DGJHUD GOD EXU]OLZH JR VSá\ZX JUDZLWDF\MQHJR RERZL]XMH UyZQDQLH
1X 5H ]
]
:\NUHV WHM ]DOH*QRFL VWDQRZL OLQLD SURVWD SR SUDZHM VWURQLH U\V
:QLNDQLHFLHSáDSRGF]DVVNUDSODQLDSDU\QDV\FRQHM 3URFHV VNUDSODQLD SDU\ Z\VW SXMH ]DZV]H JG\ SDUD QDV\FRQD VW\ND VL ]H FLDQ R WHPSHUDWXU]H QL*V]HM RG WHPSHUDWXU\ QDV\FHQLD SDU\ SRG GDQ\P FLQLHQLHP 3LHUZ V]H NURSHONL FLHF]\ WZRU] VL Z PLNURVNRSLMQ\FK ZJá ELHQLDFK QD SRZLHU]FKQL FLD Q\ .ROHMQH NURSOH ]OHZDM VL Z FLHQN ZDUVWZ WZRU]F ILOP EáRQN NRQGHQVDWX VSá\ZDMF\ JUDZLWDF\MQLH Z Gyá FLDQ\ :\WZDU]D VL MHGQRNLHUXQNRZ\ UXFK F]VWH F]HN SDU\ Z NLHUXQNX GR FLDQ\ D VNUDSODQLH SDU\ ]DFKRG]L MX* QD SRZLHU]FKQL ILOPX FLHF]\ 7RZDU]\V]\ WHPX JZDáWRZQH ]PQLHMV]HQLH REM WRFL RUD] SU]HND]DQLH FLHSáD VNUDSODQLD GR FLDQ\ 3URFHV WHQ QD]\ZDQ\ ZQLNDQLHP FLHSáD SRGF]DV VNUDSODQLD SDU\ QDV\FRQHM MHVW W\P LQWHQV\ZQLHMV]\ LP ZL NV]D MHVW Uy*QLFD PL G]\ WHPSHUDWXU SDU\ QDV\FRQHM D WHPSHUDWXU QD SRZLHU]FKQL FLDQ\ *áyZQ\ RSyU ZQLNDQLD FLHSáD MHVW VNRQFHQWURZDQ\ Z ILOPLH NRQGHQVDWX Z NWyU\P ]DFKRG]L SU]HZRG]HQLH FLHSáD :D* Q URO RGJU\ZD ]DWHP JUXERü ILOPX NRQGHQVDWX NWyUD VL ]ZL NV]D NX GRáRZL FLD Q\ FR SRZRGXMH ]PQLHMV]HQLH ZDUWRFL ORNDOQ\FK ZVSyáF]\QQLNyZ ZQLNDQLD FLHSáD -HVW WR W]Z NRQGHQVDFMD ILOPRZD NWyU VFKHPDW\F]QLH SRND]DQR QD U\V .RQ GHQVDFMD ILOPRZD ]DFKRG]L ZWHG\ JG\ FLHF] NRQGHQVDWX GREU]H ]ZLO*D SRZLHU]FKQL
FLDQ\ F]\OL VLá\ DGKH]ML SU]HZD*DM QDG VLáDPL NRKH]ML
5\V 6FKHPDW ZQLNDQLD FLHSáD SRGF]DV VNUDSODQLD SDU\ QDV\FRQHM QD FLDQLH SLRQRZHM
*G\ VLá\ QDSL FLD SRZLHU]FKQLRZHJR NURSOL VLá\ NRKH]ML V ZL NV]H RG VLá DGKH ]ML SU]\OHJDQLD NURSHONL NRQGHQVDWX V]\ENR RGU\ZDM VL RG FLDQ\ L RSDGDM QLH WZRU]F ILOPX FLHF]\ 7DN NRQGHQVDFM QD]ZDQR NURSHONRZ SHUOLVW :\VW SXMH RQD ]DZV]H QD GROQHM SRZLHU]FKQL Sá\W\ SR]LRPHM RUD] QD SRZLHU]FKQLDFK VáDER ]ZLO
*DQ\FK NDQLH
SU]H] FLHF] %UDN ]ZLO*DOQRFL SRZLHU]FKQL PR*QD WDN*H X]\VNDü SU]H] SRZOH
FLDQ\
WDNLPL VXEVWDQFMDPL MDN QS NZDV\ WáXV]F]RZH OXE SU]H] GRGDQLH RGSR
ZLHGQLHJR VNáDGQLND GR SDU\ 3RGF]DV VNUDSODQLD NURSHONRZHJR ZDUVWHZND NRQGHQVD WX SUDNW\F]QLH QLH LVWQLHMH FR SRZRGXMH ]PQLHMV]HQLH RSRUX FLHSOQHJR L Z]URVW ZVSyáF]\QQLNyZ ZQLNDQLD FLHSáD 6 RQH ZLHORNURWQLH ZL NV]H QL* Z NRQGHQVDFML ILOPRZHM RVLJDMF ZDUWRFL WDN*H FKDUDNWHU\VW\F]QH GOD
:P Â. =MDZLVNR NRQGHQVDFML NURSHONRZHM MHVW
ZLH*\FK
SRZLHU]FKQL -HGQDN SR SHZQ\P F]DVLH HNVSOR
DWDFML Z Z\QLNX SRZVWDZDQLD Z*HUyZ RVDGyZ F]\ ]P\FLD SRZOHNDQHM VXEVWDQFML QD SRZLHU]FKQL ]DFKRG]L NRQGHQVDFMD ILOPRZD 0D RQD SRGVWDZRZH ]QDF]HQLH GOD SUDF\ VNUDSODF]\ QD]\ZDQ\FK WH* NRQGHQVDWRUDPL 3URFHV ZQLNDQLD FLHSáD SRGF]DV NRQGHQVDFML ILOPRZHM EDGDQR ]DUyZQR PHWRGDPL HNVSHU\PHQWDOQ\PL MDN L DQDOLW\F]Q\PL SUDFH 1XVVHOWD 1DMSLHUZ UR]SDWUXMH VL
UyZQDQLD HPSLU\F]QH >@ Z W\P RSLV\ PRGHORZH SURFHVX DE\ XVWDOLü ]PLHQQH ]DOH * QH 1D SRZLHU]FKQL FLHNáHJR ILOPX VSá\ZDMFHJR SR
] NWyUHJR SRZVWDMH VWUXPLH NRQGHQVDWX
FLDQLH
VNUDSOD VL VWUXPLH SDU\
U\V 6WUXPLH FLHSáD RGGD
ZDQ\ SRZLHU]FKQL ILOPX FLHF]\ SU]H] NRQGHQVXMF VL SDU MHVW UyZQ\
4 P U
S
-HVW RQ SU]HZRG]RQ\ SU]H] ZDUVWZ NRQGHQVDWX ]JRGQLH ] UyZQDQLHP )RXULHUD
JG]LH
O
O
û
MHVW ZVSyáF]\QQLNLHP SU]HZRG]HQLD FLHSáD FLHF]\ :PÂ. D
±
UHGQL
JUXERFL ILOPX FLHF]\ :QLNDQLH FLHSáD Z W\P SURFHVLH RSLVXMHP\ UyZQDQLHP 1HZWRQD
4 D $û7 JG]LH
±
-H*HOL SDUD MHVW QDV\FRQD L QLH ]DFKRG]L VFKáDG]DQLH NRQGHQVDWX WR ] SRUyZQDQLD UyZQD L RWU]\PXMHP\
D D SRQLHZD* Z UyZQDQLX W\P
S
û
N
û
ZL F RWU]\PXMHP\
D û
= SRUyZQDQLD UyZQD L RWU]\PXMHP\ QDWRPLDVW
D
O
2JyOQLH MHVW WR ]DOH*QRü IXQNF\MQD
D I O V
F
3RQLHZD*
UHGQLD
JUXERü ZDUVWZ\ NRQGHQVDWX ]DOH*\ RG LQWHQV\ZQRFL VSá\ZX
ZáDFLZRFL IL]\NRFKHPLF]Q\FK FLHF]\ RUD] RG SDUDPHWUyZ JHRPHWU\F]Q\FK
K
U
FLDQ\
ZL F SR SRGVWDZLHQLX WHJR UyZQDQLD GR Z]RUX RWU]\PXMHP\ RJyOQ ]DOH*QRü IXQNF\MQ
D O K U
8Z]JO GQLDMF UyZQDQLH SR SRGVWDZLHQLX RWU]\PXMHP\
D I K O U U û7 K J F
F
F
=JRGQLH ] WZLHUG]HQLHP %XFNLQJKDPD PDP\ ]PLHQQ\FK Z\PLDURZDQ\FK L ]DVDG QLF]H Z\PLDU\ D ]DWHP ]DOH*QRü RJyOQ PR*QD SU]HGVWDZLü MDNR ]ZL]HN PRGXáyZ EH]Z\PLDURZ\FK 1D SRGVWDZLH DQDOL]\ Z\PLDURZHM RWU]\PXMH VL UyZQDQLH
D K § K F &¨ O © O
·
U
¸ ¹
§ ¨ ©
F û7
·
¸ ¹
§ ¨ ¨ ©
JK U K
·
¸ ¸ ¹
F]\OL
MHVW OLF]E 3UDQGWOD
D
E
F
OLF]E *DOLOHXV]D GOD VNURSOLQ
'RZLDGF]DOQLH Z\ND]DQR
*H
NáDGQLNL SRW JRZH V VRELH UyZQH
]D OLF]E NRQGHQVDFML
]JRGQLH ] Z\QLNDPL DQDOLW\F]Q\PL 1XVVHOWD Z\
6WG UyZQDQLD L GDM ]ZL]HN
D K § JK U U · & ¨¨ ¸ O O K û7 ¸¹ ©
&&
OXE
D
U O
: NRUHODFML GOD UXU SR]LRP\FK OLF]ED 1XVVHOWD MHVW OLF]E VNUDSODQLD 1XVVHOWD
K û
DO QDWRPLDVW
:DUWRFL VWDáHM
]DOH*QHM RG NV]WDáWX L SRáR*HQLD SRZLHU]FKQL QD NWyUHM ]DFKR
G]L VNUDSODQLH ]HVWDZLRQR Z WDEHOL
7DEHOD :VSyáF]\QQLN Z UyZQDQLX
3RZLHU]FKQLD FLDQD SLRQRZD UXUD SLRQRZD
8ZDJL
5XUD SR]LRPD VNUDSODQLH ]HZQ WU]QH UXU SR]LRP\FK MHGQD SRG GUXJ 5XUD *HEURZDQD SR]LRPD VNUDSODQLH ]HZQ WU]QH
± Z\VRNRü ± UHGQLFD ]DVW SF]H
+REOHU >@ SU]HNV]WDáFLá UyZQDQLH SU]H] ZSURZDG]HQLH ]DVW SF]HJR Z\ PLDUX SRSU]HF]QHJR VSá\ZDMFHM ZDUVWZ\ NRQGHQVDWX
-
Q
2WU]\PDá RQ
Z\UD*HQLH QD OLF]E VNUDSODQLD
U OK '
K û O -
F]\OL
& .3U - K §
·
¨ ©
¸ ¹
3R SRGVWDZLHQLX WHJR UyZQDQLD GR UyZQDQLD SU]\MPLH RQR SRVWDü
DK &. 3U §¨ - O © K D SR REXVWURQQ\P SRPQR*HQLX SU]H]
·
¸ ¹
- RWU]\PDP\
D- &. 3U §¨ - O © K
·
-
K
¸ ¹
: UyZQDQLX W\P Z\VW SXMH ]DVW SF]D OLF]ED 1XVVHOWD NWyU ]DSLV]HP\ Z SRVWDFL
1X &. 3U - K
§
·
¨ ©
¸ ¹
7HRULD1XVVHOWD 1XVVHOW MX* Z U Z\SURZDG]Lá UyZQDQLH RNUHODMFH ZVSyáF]\QQLN ZQLNDQLD FLHSáD SRGF]DV NRQGHQVDFML ILOPRZHM $QDOL]RZDá VSá\ZDM F EáRQN VNURSOLQ ZHGáXJ
VFKHPDWX SU]HGVWDZLRQHJR QD U\V *UXERü ILOPX
MHVW ]PLHQQD GOD
X JyU\ MHVW UyZQD ]HUR L ]ZL NV]D VL NX GRáRZL
5\V 6Sá\Z ZDUVWZ\ VNURSOLQ 1D SRGVWDZLH UyZQDQLD )RXULHUD J VWRü VWUXPLHQLD FLHSáD SU]HZRG]RQHJR SU]H] ZDUVWZ VNURSOLQ Z RGOHJáRFL
Z\QRVL
O
7HQ VDP VWUXPLH FLHSáD ZQLNDMF\ GR
FLDQNL
O
û
RSLVXMH UyZQDQLH 1HZWRQD
T D 7 7 D û7 [
[
V
ü
[
= SRUyZQDQLD W\FK UyZQD Z\QLND GHILQLFMD ORNDOQHJR ZVSyáF]\QQLND ZQLNDQLD FLHSáD
D
O
1DMWUXGQLHMV]H E\áR RNUHOHQLH ORNDOQHM JUXERFL ILOPX 3U]\M WR
FLDQNL
RUD] Uy*QLFD WHPSHUDWXU\ V VWDáH QD FDáHM Z\VRNRFL
FLDQ\
*H
WHPSHUDWXUD
$E\ Z\]QDF]\ü
UR]NáDG SU GNRFL DQDOL]RZDQR Z\FLQHN Uy*QLF]NRZHM REM WRFL R Z\VRNRFL L V]HURNRFL NRFL
RUD] VNRF]RQHM GáXJRFL
RUD] VLá WDUFLD ZHZQ WU]QHJR
'OD UXFKX MHGQRVWDMQHJR PR*QD SU]\Mü
G) G) F
U\V 3RGOHJD RQ G]LDáDQLX VLá FL *
W
*H
135
Posz • * *
d 2 Fc = γ c bdxdy
(7.192)
• * d 2 Ft = bdxdτ
(7.193)
γ c = g ρc
(7.194)
• *
* τ
powierzchni.
5\V 5R]NáDG SU GNRFL L QDSU *H Z ZDUVWZLH VNURSOLQ
* ! * "y-
koche# $ % wnania (7.193) otrzymujemy dτ =
d 2 Ft bdx
(7.195)
z równania (7.191) mamy natomiast
d 2 Ft = − d 2 Fc
(7.196)
Po podstawieniu do równania (7.195) i przekszta $ # równanie
W 3RFKRGQD QDSU *HQLD VW\F]QHJR
J
W Z]JO GHP Z\QRVL
GW G\
J
GZ G\
3R XZ]JO GQLHQLX SUDZD 1HZWRQD
W K RWU]\PXMH VL SU]H] ]Uy*QLF]NRZDQLH
W
K
= SRUyZQDQLD UyZQD L RWU]\PXMHP\ Z\UD*HQLH
NWyUH FDáNXMHP\ GZXNURWQLH Z]JO GHP
J K
L RWU]\PXMHP\ Z]yU QD UR]NáDG SU GNRFL
Z ILOPLH FLHF]\
V
J K
VWDá\PL FDáNRZDQLD :\]QDF]DP\ MH ] ZDUXQNyZ EU]HJRZ\FK
3U]\
FLDQLH
JG\
]DWHP
1D SRZLHU]FKQL EáRQNL NRQGHQVDWX
RUD]
UyZQDQLD UR]NáDGX SU GNRFL Z]JO GHP
3R ]Uy*QLF]NRZDQLX
L SU]\UyZQDQLX GR ]HUD RWU]\PXMH
VL Z\UD*HQLH
GZ G\ ] NWyUHJR Z\]QDF]DP\ VWDá
J \ & K
3R SRGVWDZLHQLX Z\UD*HQLD QD VWDá
UyZQDQLH RNUHODMFH SURILO SU GNRFL
J K
RUD]
GR UyZQDQLD RWU]\PXMHP\
5yZQDQLH
UHGQLHM
J K
J K
SU GNRFL VWUXJL NRQGHQVDWX Z\SURZDG]D VL ] FDáNL
³
J K
J K
J K
1DVW SQLH XVWDODP\ ]ZL]HN SU]\URVWX PDVRZHJR VWUXPLHQLD NRQGHQVDWX ] JUXER
FL
ILOPX = GHILQLFML PDVRZHJR QDW *HQLD SU]HSá\ZX PDP\
U U F
SR SRGVWDZLHQLX Z]RUX QD
UHGQL
SU GNRü RWU]\PXMHP\
P J U E V J U E V
K
K
3R ]Uy*QLF]NRZDQLX WHJR UyZQDQLD RWU]\PXMH VL Z\UD*HQLH QD SU]\URVW VWUXPLHQLD PDVRZHJR QD GURG]H
GP J U E V GV
K
3U]\URVW WHQ QDVW SXMH Z Z\QLNX VNURSOHQLD SDU\ SU]H] RGHEUDQLH VWUXPLHQLD FLHSáD R J VWRFL
FR PR*QD ]DSLVDü QDVW SXMFR
3R ZSURZDG]HQLX UyZQDQLD )RXULHUD RWU]\PXMHP\
O
û
= SRUyZQDQLD UyZQD L Z\QLND ]ZL]HN
J U U V GV OK û7
G[
3R VFDáNRZDQLX REX VWURQ UyZQDQLD RWU]\PXMH VL
[ 3RQLHZD* GOD
J U U V & OK û7
JUXERü EáRQNL
ZL F VWDáD
3R SU]HNV]WDáFHQLX UyZQDQLD RWU]\PXMH VL Z]yU QD JUXERü ILOPX
V
OK û7
§
J U U
¨ ¨ ©
[
·
¸ ¸ ¹
D SR SRGVWDZLHQLX WHJR Z\UD*HQLD GR UyZQDQLD Z]yU QD ORNDOQ\ ZVSyáF]\QQLN ZQLNDQLD FLHSáD
§
D UHGQL UHGQL
¨ ¨ ©
J U UO K û7[
·
¸ ¸ ¹
FLDQ\
ZVSyáF]\QQLN ZQLNDQLD FLHSáD GOD
R Z\VRNRFL
REOLF]DP\ MDNR
FDáNRZ
D
³D
3U]\MPXMF Z\UD*HQLH QD VWDá
$
§ ¨ ¨ ©
J U U O K û7
·
¸ ¸ ¹
Z Z\QLNX FDáNRZDQLD RWU]\PXMHP\ UyZQDQLH
D $
K ³
[
G[ $ K K
§ J U U O ¨ ¨© K û7K
$ K
· ¸ ¸ ¹
NWyUHJR SRVWDü NRFRZD QD]\ZD VL Z]RUHP 1XVVHOWD
§
D ¨¨ ©
J U UO K û7K
1D SRGVWDZLH EDGD GRZLDGF]DOQ\FK VWDá
· ¸ ¸ ¹
Z W\P UyZQDQLX QDOH*\ VNRU\JRZDü
GR ZDUWRFL :HGáXJ :DOWD L .URHJHUD >@ VSá\Z VNURSOLQ RGE\ZD VL UXFKHP IDORZ\P FR Z\PDJD ZSURZDG]HQLD SU]HOLF]QLND : SU]\SDGNX VNUDSODQLD QD
FLDQLH
QDFK\ORQHM SRG NWHP
I GR SR]LRPX UyZQDQLH
VNRU\JXMHP\ QDVW SXMFR
G ) J VLQ I G[G\ F
F
8Z]JO GQLHQLH WHJR UyZQDQLD SURZDG]L GR RNUHOHQLD ZVSyáF]\QQLND NRUHNF\MQHJR GOD NWD
I
,1 , VLQ 1
D MHVW ZVSyáF]\QQLNLHP ZQLNDQLD FLHSáD GOD FLDQ\ SLRQRZHM 3RGF]DV VNUDSODQLD SDU\ QD UXU]H SR]LRPHM ]HZQ WU]Q SRZLHU]FKQL UXU\ PR*QD WUDNWRZDü MDN SáDV]F]\]Q\ ZLHONRFL Uy*QLF]NRZHM QDFK\ORQH SRG NWHP NRZDQLX Z ]DNUHVLH
I
R
§ ©
MHVW
UHGQLF
3R VFDá
RWU]\PDP\ Z]yU
D ¨¨ Z NWyU\P
I
J U UO K '7G
·
¸ ¸ ¹
]HZQ WU]Q UXU\ :]yU WHQ ]RVWDá SRWZLHUG]RQ\ GRZLDG
F]DOQLH
:Sá\ZLQWHQV\ZQRFLVNUDSODQLDQDZQLNDQLHFLHSáD $E\ RNUHOLü ]DOH*QRü ZVSyáF]\QQLND ZQLNDQLD FLHSáD RG LQWHQV\ZQRFL VSá\ZX VNURSOLQ QDOH*\ VIRUPXáRZDü ELODQV HQHUJLL GOD NRQGHQVDWX %LODQV LOR FL FLHSáD GOD UXU\ SR]LRPHM PD SRVWDü
PU D û7G/
=H Z]RUX ]D RWU]\PXMHP\
û
D
U O
K
3R SRGVWDZLHQLX WHJR UyZQDQLD GR UyZQDQLD ELODQVRZHJR L SU]HNV]WDáFHQLDFK RWU]\PXMHP\
D § K · ¨ ¸ O ¨© U J ¸¹
§
¨ ©
P K /
·
¸ ¹
OXE LQDF]HM ]DSLVDQ ]DOH*QRü PRGXáyZ EH]Z\PLDURZ\FK
D- O JG]LH
*?
P
= ELODQVX HQHUJLL GOD NRQGHQVDFML QD
* K
FLDQLH
SLRQRZHM R Z\VRNRFL
PU D û7EK
Z\QLND
3RQLHZD* ]H Z]RUX RWU]\PXMHP\ Z\UD*HQLH
û
D
U O
K
ZL F SR SRGVWDZLHQLX GR UyZQDQLD ELODQVRZHJR L SR SU]HNV]WDáFHQLDFK RWU]\ PXMHP\ UyZQDQLH
D § K · ¨ ¸ O ¨© U J ¸¹
§
¨ ©
P K E
·
¸ ¹
OXE Z SRVWDFL ]DOH*QRFL NU\WHULDOQHM
D- O Z NWyU\P
* K
P E
*
3RUyZQDQLH RWU]\PDQ\FK ]DOH*QRFL GOD
FLDQ\
* K
SR]LRPHM L GOD
FLDQ\
SLR
QRZHM GDMH PR*OLZRü RFHQ\ LQWHQV\ZQRFL ZQLNDQLD FLHSáD Z ]DOH*QRFL RG XVWDZLHQLD
FLDQ\
= SRG]LHOHQLD W\FK Z]RUyZ VWURQDPL RWU]\PXMHP\
D SR]LRP D SLRQ 'áXJRü UXU\
§
¨ ©
/ G
MHVW GOD UXU\ SLRQRZHM Z\VRNRFL
· ¸ ¹
:Sá\ZSU GNRFLLNLHUXQNXUXFKXSDU\ QDZQLNDQLHFLHSáDSRGF]DVNRQGHQVDFMLILOPRZHM =DOH*QRü ZVSyáF]\QQLNyZ ZQLNDQLD FLHSáD RG SU GNRFL L NLHUXQNX UXFKX SDU\ SRGF]DV NRQGHQVDFML ILOPRZHM Z\VW SXMH GRSLHUR GOD ZL NV]\FK ZDUWRFL SU GNRFL
5\V =DOH*QRü DZD DZ ± ZVSyáF]\QQLN ZQLNDQLD GOD GDQHM SU GNRFL SDU\ D ± ZVSyáF]\QQLN ZQLNDQLD GOD SU GNRFL ]HUR
:\QLND WR ] WDUFLD ZHZQ WU]QHJR NWyUH KDPXMH ZDUVWZ VNURSOLQ SRGF]DV UXFKX SU]H FLZSUGRZHJR SDU\ OXE M SU]\VSLHV]D SRGF]DV SU]HSá\ZX ZVSyáSUGRZHJR Z Gyá
FLDQ\
=DOH*QRü ZVSyáF]\QQLND ZQLNDQLD FLHSáD RG NLHUXQNX SU]HSá\ZX SDU\ L MHM
SU GNRFL GOD WU]HFK Uy*Q\FK ZDUWRFL FLQLHQLD SRND]DQR QD U\V -DN ZLGDü GRSLHUR SRG FLQLHQLHP Â
DD SU]HNUDF]D 3RG FLQLHQLHP
3D L GOD SU GNRFL SDU\ ZL NV]HM RG PV Â
3D VWRVXQHN WHQ MHVW GZXNURWQLH
ZL NV]\ QL* SRG FLQLHQLHP QRUPDOQ\P
:Sá\ZREHFQRFLJD]yZRERM WQ\FKZSDU]H QDZVSyáF]\QQLNZQLNDQLDFLHSáD 2EHFQRü JD]yZ LQHUWQ\FK SRZRGXMH ]PQLHMV]HQLH ZVSyáF]\QQLNyZ ZQLNDQLD FLHSáD 5XFK SDU\ NX ZDUVWZLH VNURSOLQ MHVW XWUXGQLRQ\ SRQLHZD * PXVL RQD G\IXQGR ZDü SU]H] ZDUVWZ JD]yZ RERM WQ\FK 1D U\VXQNX SRND]DQR ]DOH*QRü VWRVXQNX
D
GOD SDU\ ]DZLHUDMFHM SRZLHWU]H GR ZDUWRFL WHJR ZVSyáF]\QQLND GOD F]\VWHM SDU\
Z ]DOH*QRFL RG ]DZDUWRFL SRZLHWU]D Z SDU]H
, 0 ,
5\V =DOH*QRü H DZD DZ GRW\F]\ SDU\ ]DZLHUDMFHM
ZDJ PDVRZ\FK SRZLHWU]D D GRW\F]\ F]\VWHM SDU\
:QLNDQLHFLHSáDSRGF]DVNRQGHQVDFML ZHZQWU]SR]LRP\FKUXULZ *RZQLF 2EOLF]DQLH ZVSyáF]\QQLNyZ ZQLNDQLD FLHSáD SRGF]DV NRQGHQVDFML ZHZQ WU] SR ]LRP\FK UXU L Z *RZQLF Z\PDJD XZ]JO GQLHQLD IDNWX
*H
ZDUXQNL V ]QDF]QLH WUXG
QLHMV]H 6NURSOLQ\ ]ELHUDM VL QD GQLH UXU\ +REOHU >@ SURSRQXMH ]DVWRVRZDQLH NRUH ODFML .XWDWHáDG]H
D- O JG]LH
K
5H 3U ¨ § ©
G /
· ¸ ¹
2EOLF]HQLDXSURV]F]RQHGODNRQGHQVDFMLILOPRZHM %LRUF SRG XZDJ
*H
SDUDPHWU\
SU]\MPRZDü Z RGQLHVLHQLX GR
U K O
UHGQLHM
ZH Z]RUDFK REOLF]HQLRZ\FK QDOH*\
WHPSHUDWXU\ VNURSOLQ FLHSáR SDURZDQLD
]D
GR WHPSHUDWXU\ SDU\ QDV\FRQHM GOD GDQHJR FLQLHQLD SDU\ RSUDFRZDQR Z]RU\ XSURV] F]RQH RNUHODMFH ZVSyáF]\QQLNL ZQLNDQLD FLHSáD :VSyáF]\QQLN WHQ GOD
FLDQ\
SLRQRZHM REOLF]DP\ ]H Z]RUX
D &M U Kû7 'OD UXU SR]LRP\FK QDOH*\ SU]\Mü
:DUWRü ZVSyáF]\QQLND
SRGVWDZLH SRGDQ\FK ZF]HQLHM Z]RUyZ :DUWRFL
GRELHUDP\ QD
M L RGF]\WXMHP\ ] WDEHOL
7DEHOD :DUWRFL M L GOD SDU\ ZRGQHM
&
M
:DUXQNLSDURZDQLDLZU]HQLDFLHF]\ 3URFHV SDURZDQLD FLHF]\ SU]HELHJD QD JUDQLF\ ID] =DFKRG]L RQ Z FDá\P ]DNUHVLH WHPSHUDWXU\ Z WHPSHUDWXU]H QL*V]HM RG WHPSHUDWXU\ NU]HSQL FLD FLHF]\ SU]HELHJD SURFHV VXEOLPDFML RG WHPSHUDWXU\ NU]HSQL FLD GR WHPSHUDWXU\ ZU]HQLD PyZLP\ R SDURZDQLX FLHF]\ Z WHPSHUDWXU]H ZU]HQLD ± R ZU]HQLX FLHF]\ : IL]\FH FLHF]\ SU]\MPXMH VL
*H
SURFHV ZU]HQLD SU]HELHJD SU]\ WHPSHUDWXU]H
ZU]HQLD FLHF]\ UyZQHM WHPSHUDWXU]H SDU\ QDV\FRQHM ] ZDUXQNLHP
*H
FR MHVW ]ZL]DQH
SU *QRü SDU\ QDV\FRQHM WHM FLHF]\ MHVW UyZQD FLQLHQLX ]HZQ WU]QH
PX : U]HF]\ZLVW\FK ZDUXQNDFK ZDUVWZD FLHF]\ SHZQHM JUXER FL Z\ZLHUD FLQLHQLH K\GURVWDW\F]QH
U
L DE\ QDVWSLáR MHM ZU]HQLH PXVL E\ü VSHáQLRQ\ ZDUXQHN
*H
MHVW ZL NV]D RG VXP\ FLQLHQLD ]HZQ WU]QHJR
SU *QRü SDU\ QDV\FRQHM FLHF]\ L FLQLHQLD K\GURVWDW\F]QHJR
S ! 3 3 3 ]
$
K
6SHáQLHQLH WHJR ZDUXQNX MHVW ]ZL]DQH ] SU]HJU]DQLHP FLHF]\ 3URFHV SDURZDQLD SU]HELHJD ] NROHL Z WDNLHM WHPSHUDWXU]H
*H
SU *QRü SDU\ QDV\
FRQHM GDQHM FLHF]\ $ MHVW PQLHMV]D OXE UyZQD FLQLHQLX ]HZQ WU]QHPX
S d 3 $
]
&LHF] ZLHORVNáDGQLNRZD ZU]H Z WHPSHUDWXU]H Z NWyUHM VXPD SU *QRFL SDUFMDO Q\FK MHM VNáDGQLNyZ SU]HZ\*V]D FLQLHQLH ]HZQ WU]QH ZRNyá S FKHU]\NyZ SDU\
¦S 3 3 3 !
'OD SURFHVX SDURZDQLD PLHV]DQLQ\ FLHF]\ PXVL E\ü QDWRPLDVW VSHáQLRQ\ ZDUXQHN
¦S 3 d
3URFHV SDURZDQLD FLHF]\ PD SRGVWDZRZH ]QDF]HQLH Z WDNLFK RSHUDFML MHGQRVWNR Z\FK MDN GHVW\ODFMD PROHNXODUQD OXE VXV]HQLH
6]\ENRüSDURZDQLDFLHF]\ : SURFHVLH SDURZDQLD F]VWHF]NL FLHF]\ ]QDMGXMFH VL WX* SU]\ JUDQLF\ ID] SU]H FKRG] GR ID]\ JD]RZHM F] ü ] QLFK QDWRPLDVW NRQGHQVXMH L SU]HFKRG]L GR ID]\ FLH NáHM : VWDQLH UyZQRZDJL JG\ FLQLHQLH F]VWNRZH VNáDGQLND Z ID]LH SDURZHM MHVW UyZQH MHJR SU *QRFL SDU\ QDV\FRQHM HIHNW\ZQD V]\ENRü SDURZDQLD MHVW UyZQD ]HUR 6]\ENRü SDURZDQLD PR*QD RNUHOLü QD SRGVWDZLH WHRULL NLQHW\F]QHM JD]yZ Z RG QLHVLHQLX ]DUyZQR GR ID]\ FLHNáHM MDN L SDURZHM 8áDPHN RJyOQHM OLF]E\ F]VWHF]HN JD]X GRVNRQDáHJR R GDQHM SU GNRFL RNUHOD IXQNFMD UR]NáDGX HQHUJLL NLQHW\F]QHM F]VWHF]HN 0D[ZHOOD±%ROW]PDQQD
JG]LH
H
± OLF]ED F]VWHF]HN SU]HFKRG]FD Z FLJX V ] ID]\ FLHNáHM GR ID]\ SDURZHM
QD SRZLHU]FKQL FP Z NJ
± OLF]ED F]VWHF]HN Z FP
FLHF]\
± PDVD F]VWHF]NL
± PLQLPDOQD JUDQLF]QD ZDUWRü VNáDGRZHM SU GNRFL Z NLHUXQNX SURVWRSD
Gá\P GR SRZLHU]FKQL FLHF]\ GOD NWyUHM ]DFKRG]L SU]HMFLH F]VWHF]NL GR ID]\ SDURZHM
Z PV -ÂPRO
±
± VWDáD %ROW]PDQQD
Â.
±
Â
± VWDáD $YRJDGUD Â
PRO
±
±
-.
± VWDáD JD]RZD
8áDPHN OLF]E\ F]VWHF]HN SRGOHJDMF\FK NRQGHQVDFML QD FP
SRZLHU]FKQL FLH
F]\ Z FLJX V MHVW UyZQ\
JG]LH
MHVW OLF]E F]VWHF]HN Z FP ID]\ SDURZHM
-H*HOL ]DáR*\P\
*H
ID]D SDURZD MHVW JD]HP GRVNRQDá\P WR
JG]LH
± OLF]ED PROL Z FP ID]\ SDURZHM
FP
3R SRGVWDZLHQLX GR UyZQDQLD RWU]\PXMHP\ Z\UD *HQLH
1
S N7 N7 S P
c
§
·
¨ ©
¸ ¹
(IHNW\ZQD OLF]ED F]VWHF]HN FLHF]\ RSXV]F]DMF\FK SRZLHU]FKQL FP
Z FLJX V
VWDQRZLFD V]\ENRü SDURZDQLD MHVW UyZQD Uy*QLF\
JG]LH
G1 1 1 $ GW
§
c
¨ ©
± SRZLHU]FKQLD FLHF]\ Z FP
N7 P
·
¸ ¹
W
§ ¨ ©
1 H
S N7
· ¸ ¹
± V]\ENRü SDURZDQLD
: VWDQLH UyZQRZDJL G\QDPLF]QHM HIHNW\ZQD V]\ENRü SDURZDQLD MHVW UyZQD ]HUR ZL F
S 1 H N7
3R SRGVWDZLHQLX WHM ]DOH*QRFL GR UyZQDQLD RWU]\PXMHP\ Z\UD*HQLH QD V]\E NRü SDURZDQLD
W
: SU]\SDGNX RGSDURZ\ZDQLD Z SUy*QL JG\ V\PDOQD UyZQD LORF]\QRZL
±
V]\ENRFL SDURZDQLD MHVW PDN
:QLNDQLHFLHSáDSRGF]DVZU]HQLDFLHF]\ :U]HQLH FLHF]\ PD SRGVWDZRZH ]QDF]HQLH Z UR]PDLW\FK XU] G]HQLDFK WDNLFK MDN Z\SDUNL NRWá\ SDURZH RUD] SDURZQLNL XU]G]H FKáRGQLF]\FK :DUXQNLHP RVLJQL FLD VWDQX ZU]HQLD FLHF]\ MHVW GRSURZDG]HQLH GRVWDWHF]QHM LOR FL FLHSáD DE\ WHPSHUDWXUD
FLDQNL
E\áD Z\*V]D RG WHPSHUDWXU\ QDV\FHQLD SDU\ SRG GDQ\P FLQLHQLHP 3RGF]DV
ZU]HQLD SDUD WZRU]\ VL Z FDáHM REM WRFL FLHF]\ ]ZáDV]F]D QD SRZLHU]FKQL
FLDQ\
JU]HMQHM Z SRVWDFL S FKHU]\NyZ U\V ,FK OLF]ED NV]WDáW L V]\ENRü QDUDVWDQLD ]DOH* RG LQWHQV\ZQRFL RJU]HZDQLD L ZáDFLZRFL IL]\NRFKHPLF]Q\FK FLHF]\ L SDU\ DOH UyZQLH* RG V]RUVWNRFL SRZLHU]FKQL L ]GROQRFL ]ZLO*DQLD MHM SU]H] FLHF] 3 FKH U]\NL SRZVWDMFH SU]\
FLDQLH
JU]HMQHM PDM NV]WDáW NXOLVW\ SR RGHUZDQLX VL XQRV]
VL GR JyU\ SRG G]LDáDQLHP VLá\ Z\SRUX LFK REM WRü URQLH L XOHJDM VSáDV]F]HQLX ND*G\ ] QLFK NV]WDáWHP SU]\SRPLQD JU]\E 3DUD ]DPNQL WD Z S FKHU]\NX PD Z\*V]H FLQLHQLH RG FLQLHQLD RWDF]DMFHM FLHF]\ 1DGZ\*ND FLQLHQLD SURPLHQLD S FKHU]\ND
L RG QDSL FLD SRZLHU]FKQLRZHJR FLHF]\
±
]DOH*\ RG
V -H*HOL ]DáR*\P\ *H
S FKHU]\N PD NV]WDáW NXOLVW\ WR Z ZDUXQNDFK UyZQRZDJL VLá UR]U\ZDM F\FK S FKHU]\N L VLá QDSL FLD SRZLHU]FKQLRZHJR PDP\
U S7
S
U/
L QDGFLQLHQLH ZHZQWU] S FKHU]\ND Z\QRVL
G
5\V 6FKHPDW ZQLNDQLD FLHSáD SRGF]DV ZU]HQLD FLHF]\ 3 FKHU]\NL SRZVWDM QD UR]PDLW\FK NU]\ZL]QDFK QD
FLDQLH
JU]HMQHM OXE QD GURE
Q\FK FLDáDFK VWDá\FK VWDQRZLF\FK PLHMVFD ]DURGNRZH 3RZVWDQLH L Z]URVW S FKHU]\ ND Z\PDJD VSHáQLHQLD ZDUXQNX
*H
V
8Z]JO GQLZV]\ SRSUDZN 7KRPVRQD
QD ]ZL NV]HQLH FLQLHQLD QDV\FHQLD QDG ]DNU]\ZLRQ\P PHQLVNLHP RUD] UyZQDQLH RNUHODMFH SURPLH
U c U cc
*H
]DSLV]HP\ QDVW SXMFR
G
JG]LH
û
U
U
U
± J VWRü FLHF]\ L SDU\ QDV\FRQHM SRG GDQ\P FLQLHQLHP FLHF]\
± QDGZ\*ND WHPSHUDWXU\ FLHF]\ QDG WHPSHUDWXU QDV\FHQLD :LHONRü PR*QD REOLF]Dü ] UyZQDQLD &ODXVLXVD±&ODSH\URQD
JG]LH FL *DU ZáDFLZ\ Z VWDQLH QDV\FHQLD
J
U
Jc
U
U
U
7UDQVSRUW FLHSáD RGE\ZD VL Z WHQ VSRVyE
*H
VWUXPLH FLHSáD ZQLND RG
FLDQ\
JU]HMQHM GR FLHF]\ D QDVW SQLH QD ZHZQ WU]QHM SRZLHU]FKQL S FKHU]\NyZ Z SRVWDFL FLHSáD SDURZDQLD FLHF] PXVL E\ü ]DWHP SU]HJU]DQD =H Z]URVWHP REFL *HQLD FLHSOQH JR SRZLHU]FKQL JU]HMQHM ]ZL NV]D VL SU]HJU]DQLH FLHF]\ DOH URQLH OLF]ED L F] VWRü RGU\ZDQLD VL S FKHU]\NyZ 3U]\NáDGRZ\ UR]NáDG WHPSHUDWXU\ ZRG\ Z ]DOH *QRFL RG RGOHJáRFL RG
FLDQ\
JU]HMQHM SRND]DQR QD U\V 3U]HFL WQLH WHPSHUDWXUD ZRG\
MHVW ZL NV]D RG WHPSHUDWXU\ QDV\FHQLD SDU R RN ± . -HGQDN ZDUVWZD FLHF]\ VW\NDMFHM VL EH]SRUHGQLR ]H
FLDQ
PR*H PLHü WHPSHUDWXU Z\*V] QDZHW R .
: WHM ZDUVWHZFH NWyUD MHVW SHZQHJR URG]DMX ZDUVWHZN JUDQLF]Q SRZVWDM S FKH U]\NL SDU\
5\V 5R]NáDG WHPSHUDWXU\ ZRG\ SRGF]DV ZU]HQLD SRG FLQLHQLHP î 3D DWP .V]WDáW S FKHU]\ND SRZVWDMFHJR SU]\ FLHF]\ 3U]\MPXMH VL
T
R
UHGQLF
*H
FLDQLH
JU]HMQHM ]DOH*\ RG NWD ]ZLO*DQLD
FLHF] GREU]H ]ZLO*D SRZLHU]FKQL JG\
T
S FKHU]\ND SDU\ Z FKZLOL MHJR RGU\ZDQLD VL RG
R
T
'OD ZRG\
FLDQNL
PR*QD RE
OLF]\ü ]H Z]RUX
G
T
G
J U U c
cc
P
3LHUZLDVWHN WHJR Z\UD*HQLD MHVW QD]\ZDQ\ VWDá /DSODFH¶D
R
UDWXU]H &
T
UDG
PP
'OD ZRG\ Z WHPSH
UHGQLF S FKHU]\ND
PP
6\VWHPDW\F]QH EDGDQLD -DNRED L )ULW]D D Sy(QLHM 0LFKLHMHZD SRND]Dá\
*H
ZVSyá
F]\QQLN ZQLNDQLD FLHSáD ]QDF]QLH Z]UDVWD ]H ]ZL NV]HQLHP V]RUVWNRFL SRZLHU]FKQL JU]HMQHM -HVW WR F]\QQLN NRPSOLNXMF\ DQDOLW\F]QH RSUDFRZDQLH WHJR ]DJDGQLHQLD $QDOL]D Z\QLNyZ EDGD HNVSHU\PHQWDOQ\FK Z\ND]DáD
*H ZVSyáF]\QQLN ZQLNDQLD FLH
SáD ]DOH*\ RG REFL*HQLD FLHSOQHJR SRZLHU]FKQL JU]HMQHM 2E\GZLH ZLHONRFL Z\JRGQLH MHVW LQWHUSUHWRZDü Z ]DOH*QRFL RG ]DáR*RQHM Uy*QLF\ WHPSHUDWXU\
FLDQNL
L WHPSHUDWXU\
QDV\FHQLD SDU\ U\V 0R*QD Z\Uy*QLü WU]\ FKDUDNWHU\VW\F]QH REV]DU\ ZU]HQLD ]D]QD
F]RQH QD U\VXQNX ± ZU]HQLH Z ZDUXQNDFK VZRERGQHJR UXFKX FLHF]\ ± ZU]HQLH S FKH U]\NRZH ± QLHWUZDáH ZU]HQLH ILOPRZH ± WUZDáH ZU]HQLH ILOPRZH
5\V =DOH*QRü ZVSyáF]\QQLND ZQLNDQLD FLHSáD D L J VWRFL VWUXPLHQLD FLHSáD RG Uy*QLF\ WHPSHUDWXU\ GOD ZU]FHM ZRG\ SRG FLQLHQLHP Â 3D DWP : ZDUXQNDFK EDUG]R PDáHJR REFL*HQLD FLHSOQHJR QDFK SLRQRZ\FK ± :P
QD
FLDQDFK
± :P
QD
FLD
SR]LRP\FK ZVSyáF]\QQLN ZQLNDQLD
FLHSáD Z QLHZLHONLP VWRSQLX ]DOH*\ RG REHFQRFL L UXFKX S FKHU]\NyZ 5y*QLFD WHP SHUDWXU\ Z\QRVL GR . L UXFK FLHSáD SU]HELHJD Z Z\QLNX NRQZHNFML VZRERGQHM 'OD WHJR REV]DUX .LQJ >@ RSUDFRZDá QDVW SXMFH ]DOH*QRFL NRUHODF\MQH GOD SRZLHU]FKQL SLRQRZHM
D- O
9 3U ¨ §
-
K
©
· ¸ ¹
GOD SRZLHU]FKQL SR]LRPHM
D- O JG]LH
E KFO -
KU
-DN ZLGDü SRVWDü PRGXáyZ EH]Z\PLDURZ\FK MHVW WDND VDPD MDN GOD NRQZHNFML QDWXUDOQHM DOH SRV]F]HJyOQH ZLHONRFL RGQRV] VL GR FLHF]\ 3RZ\*HM SHZQHM J VWRFL VWUXPLHQLD FLHSOQHJR
]ZL NV]D VL OLF]ED L F] VWRWOLZRü
RGU\ZDQLD VL S FKHU]\NyZ 3RZRGXMH WR ]ZL NV]RQ EXU]OLZRü ZDUVWHZNL JUDQLF]QHM FLHF]\ RUD] LQWHQV\ILNDFM ZQLNDQLH FLHSáD 1DVW SXMH ]QDF]Q\ Z]URVW ]DUyZQR ZVSyá
F]\QQLNyZ ZQLNDQLD FLHSáD
D MDN L J VWRFL VWUXPLHQLD FLHSOQHJR U\V 7HQ REV]DU
ZU]HQLD QD]ZDQR ZU]HQLHP S FKHU]\NRZ\P =DNUHV ZU]HQLD S FKHU]\NRZHJR RGSRZLDGD Uy*QLF\ WHPSHUDWXU\ GOD ZRG\ . *G\ Uy*QLFD WHPSHUDWXU\ SU]\ELHUD EDUG]R GX*H ZDUWRFL RG . GOD ZRG\ OLF]ED WZRU]F\FK VL S FKHU]\NyZ MHVW WDN GX*D áF] VL RQH WX* SU]\
FLDQLH
*H
JU]HMQHM WZRU]F ILOP EáRQN SDURZ 3RZRGXMH WR ZSUR
ZDG]HQLH GRGDWNRZHJR RSRUX SU]HZRG]HQLD FLHSáD SU]H] EáRQN SDU\ FR ]PQLHMV]D ]D UyZQR ZDUWRü ZVSyáF]\QQLND ZQLNDQLD FLHSáD MDN J VWRü VWUXPLHQLD FLHSáD QDZHW JG\ QDGDO ]ZL NV]D VL Uy*QLFD WHPSHUDWXU\ 3U]HMFLH RG ZU]HQLD S FKHU]\NRZHJR GR ZU]HQLD ILOPRZHJR QDVW SXMH GOD SHZQHM FKDUDNWHU\VW\F]QHM GOD GDQHM FLHF]\ Uy*QLF\ WHPSHUDWXU\ ]ZDQHM WHPSHUDWXU NU\W\F]Q 'OD WHJR REV]DUX ZU]HQLD RSUDFRZDQR ZLHOH ]DOH*QRFL HPSLU\F]Q\FK 2JyOQLH VSURZDG]DM VL RQH GR ]DOH*QRFL
D I T
D I û7
OXE
'R REOLF]H W\FK ZVSyáF]\QQLNyZ 0LFKLHMHZ >@ ]DOHFD UyZQDQLD .UX *\OLQD Z\ SURZDG]RQH WHRUHW\F]QLH L XFLORQH GRZLDGF]DOQLH Z RGQLHVLHQLX GR ZU]HQLD FLHF]\ GREU]H ]ZLO*DMF\FK SRZLHU]FKQL Z GX*HM REM WRFL 0DM RQH SRVWDü ]DOH*QRFL PRGXáyZ EH]Z\PLDURZ\FK 'OD ZQLNDQLD FLHSáD MHVW WR UyZQDQLH
1X
.
6
. 3U
$U 3U
:
GOD NU\W\F]QHM J VWRFL VWUXPLHQLD FLHSáD ]D
.
6
.
:
: UyZQDQLDFK W\FK PDP\ QDVW SXMFH PRGXá\ OLF]ED 1XVVHOWD
JG]LH
DG O
G ± Z\PLDU FKDUDNWHU\VW\F]Q\ SURSRUFMRQDOQ\ GR ZLHONRFL S FKHU]\ND Z FKZL
OL RGU\ZDQLD VL RG
FLDQNL
RNUHORQ\ Z]RUHP
G
V
V
JU U
J c J cc
c
cc
OLF]ED $UFKLPHGHVD
J GU U U $U c
K
c
Uc
cc
OLF]ED 3UDQGWOD GOD FLHF]\
KF O
3U
S
± OLF]ED ]QDPLHQQD ]ZL]DQD ] OLF]E F]\QQ\FK PLHMVF SRZVWDZDQLD S FKH
U]\NyZ
. S G U U T c
c
OV
JG]LH
Uc
MHVW SRFKRGQ QD OLQLL QDV\FHQLD ZHGáXJ UyZQDQLD &ODXVLXVD±&ODSH\URQD
cc
U U U U U J
U
U
± OLF]ED ]QDPLHQQD ]ZL]DQD ] F] VWRFL RGU\ZDQLD VL S FKHU]\NyZ
U c FV U c U c c UG S c U c U c c
.
: UyZQDQLDFK W\FK Z\VW SXM QDVW SXMFH SDUDPHWU\ IL]\NRFKHPLF]QH FLHF]\ FLHSáR
K ZVSyáF]\QQLN SU]HZRG]HQLD V FL *DU ZáDFLZ\ J J VWRü U
ZáDFLZH F OHSNRü QLRZH
FLHSáD
O
QDSL FLH SRZLHU]FK
:\JRGQLHMV]H GR VWRVRZDQLD V V]F]HJyáRZH UyZQDQLD .UX*\OLQD NWyUH RWU]\PD QR SR UR]SLVDQLX L SU]HNV]WDáFHQLX Z]JO GHP
U
D
U
O U
U
D
U V
O
K S
RUD]
U U U
V
: RGQLHVLHQLX GR ZRG\ UyZQDQLH .UX*\OLQD XSUDV]F]D VL GR SURVWHJR ]ZL]NX
D S T
D S û7
OXE
: OLWHUDWXU]H PR*QD ]QDOH(ü ZLHOH NRUHODFML GOD Z\SDUHN RUD] LQQ\FK DSDUDWyZ 3UDNW\F]QH ]QDF]HQLH PR*H PLHü UyZQLH* Z]yU SRGDQ\ SU]H] .XWDWHáDG]H VSUDZG]R Q\ Z ]DNUHVLH ZDUWRFL FLQLHQLD RG GR EDUyZ GOD Uy*QHJR URG]DMX FLHF]\
D M S T JG]LH
Z\UD*DP\ Z :P
:DUWRFL ZVSyáF]\QQLND
]D Z EDUDFK
M ]HVWDZLRQR Z WDEHOL
7DEHOD :VSyáF]\QQLN M GR Z]RUX
3á\Q
M
:RGD 1DIWD %HQ]HQ UR]WZyU FXNUX
±
3á\Q $ONRKRO HW\ORZ\ $ONRKRO PHW\ORZ\ UR]WZyU ZRGQ\ 1D&O UR]WZyU ZRGQ\ 1D&O
M
6]F]HJyáRZH Z]RU\ GOD LQQ\FK VXEVWDQFML PR*QD ]QDOH(ü Z OLWHUDWXU]H > @
=DW *DQLHUR]WZRUyZQLHORWQ\FK VXEVWDQFML:\SDUNL 3URFHV RGSDURZ\ZDQLD F]\OL ]PLDQ\ VWDQX FLHNáHJR QD VWDQ JD]RZ\ SU]HELHJD SRG FLQLHQLHP F]VWNRZ\P SDU\ QL*V]\P RG FLQLHQLD SDU\ QDV\FRQHM Z GDQHM WHPSH UDWXU]H FLHF]\ 3RGZ\*V]DMF WHPSHUDWXU FLHF]\ OXE REQL*DMF FLQLHQLH FDáNRZLWH GRSURZDG]LP\ UR]WZyU GR ZU]HQLD :\WZRU]RQ SDU SR RGG]LHOHQLX RG FLHF]\ PR* QD RGSURZDG]Dü GR DWPRVIHU\ Z\NRU]\VWDü MDNR F]\QQLN JU]HMQ\ Z NROHMQ\P VWRSQLX OXE SRGGDü VNURSOHQLX 2GSDURZDQLH SRG FLQLHQLHP Z\*V]\P RG FLQLHQLD DWPRVIH U\F]QHJR MHVW VWRVRZDQH Z FHOX Z\NRU]\VWDQLD SDU GR RJU]HZDQLD 2GSDURZDQLH SRG FLQLHQLHP QL*V]\P RG DWPRVIHU\F]QHJR MHVW QDWRPLDVW X]DVDGQLRQH ZyZF]DV JG\ SUR FHVRZL WHPX SRGGDMHP\ UR]WZRU\ ZUD*OLZH QD G]LDáDQLH SRGZ\*V]RQHM WHPSHUDWXU\ 2GSDURZDQLH SROHJD QD GRSURZDG]HQLX GR FLHF]\ RNUHORQHM LORFL HQHUJLL FLHSO QHM Z FHOX RJU]DQLD FLHF]\ D QDVW SQLH ]PLDQ\ MHM VWDQX VNXSLHQLD DE\ RVLJQü * GDQH ]DW *HQLH UR]WZRUX $E\ ]DSHZQLü SUDZLGáRZ L HIHNW\ZQ SUDF LQVWDODFML PX VLP\ RNUHOLü ZDUXQNL RSHUDF\MQH WM FLQLHQLH L WHPSHUDWXU DOH UyZQLH* SDUDPHWU\ UXFKRZH
%LODQVPDVRZ\SURFHVXRGSDURZDQLD 3RGVWDZRZ\P HOHPHQWHP SURMHNWRZDQLD LQVWDODFML Z\SDUQHM MHVW ELODQV PDVRZ\ VXEVWDQFML %LODQV PDVRZ\ VSRU]G]D VL GOD XVWDORQHJR SU]HSá\ZX VXEVWDQFML D ZL F VWDá\FK SDUDPHWUyZ SURFHVX RGSDURZDQLD WHPSHUDWXU\ FLQLHQLD VW *HQLD UR]WZRUX LQWHQV\ZQRFL Z\PLDQ\ FLHSáD LWS 6FKHPDW\ NRQVWUXNFML W\SRZ\FK DSDUDWyZ Z\SDUQ\FK WM RGSRZLHGQLR ]DSURMHN WRZDQ\FK Z\PLHQQLNyZ FLHSáD PR*QD ]QDOH(ü Z OLWHUDWXU]H >@ 1D U\V SU]HG VWDZLRQR SRGVWDZRZ\ W\S SáDV]F]RZRUXUNRZHM Z\SDUNL MHGQRVWRSQLRZHM -HVW RQD ]EXGRZDQD ] ZDOF]DND R GRü GX*HM UHGQLF\ ]DPNQL WHJR RG GRáX L RG JyU\ GQDPL ] NUyüFDPL GR GRSá\ZX VXURZFD L RGSá\ZX SDU\ UR]SXV]F]DOQLND ZVDGX UXUNRZHJR RUD] NUyüFyZ ± XPRFRZDQ\FK ] ERNX ± GR GRSá\ZX SDU\ JU]HMQHM L RGSURZDG]DQLD
]DW *RQHJR UR]WZRUX .RQGHQVDW SDU\ JU]HMQHM Z\Sá\ZD ] SU]HVWU]HQL NRQGHQVDF\MQHM SU]H] ]DPNQL FLH Z SRVWDFL JDUQND NRQGHQVDF\MQHJR
! " ! " *
5\V 3U]HNUyM Z\SDUNL
5\V 6FKHPDW Z\SDUNL MHGQRVWRSQLRZHM
3URFHV ]DW *DQLD UR]WZRUX SRU U\V ]DFKRG]L ] X*\FLHP SDU\ JU]HMQHM R VWUXPLHQLX PDVRZ\P P L HQWDOSLL cc QD GRSá\ZLH RUD] c QD RGSá\ZLH 'R Z\SDUNL
GRSá\ZD NJ UR]WZRUX R VW *HQLX VNáDGQLND QLHORWQHJR $ UyZQ\P $6 NJ $NJ 6 = Z\SDUNL Z\Sá\ZD NJ ]DW *RQHJR UR]WZRUX R VW *HQLX VNáDGQLND $ UyZQ\P $5 NJ $NJ 5 RUD] NJ RSDUyZ F]\VWHJR UR]SXV]F]DOQLND $9 =DQLHGEXMH VL VWUD W\ UR]WZRUX ]ZL]DQH ] XQRV]HQLHP UR]WZRUX Z SRVWDFL NURSHO 5yZQDQLH ELODQVX PDVRZHJR PR*QD ]DSLVDü ZL F Z SURVWHM SRVWDFL
6 5 9
5yZQDQLH ELODQVRZH QLHORWQHJR VNáDGQLND $ MHVW QDVW SXMFH $6
$5
3R SRGVWDZLHQLX ± GR GUXJLHJR UyZQDQLD L SU]HNV]WDáFHQLX RWU]\PXMH VL UyZ QDQLH RNUHODMFH LORü RSDUyZ
9 6 §¨ [ $6 ·¸ © [ $5 ¹
%LODQV PDVRZ\ ZLHORG]LDáRZHM LQVWDODFML Z\SDUQHM Z\NRQXMH VL RGG]LHOQLH GOD SRV]F]HJyOQ\FK G]LDáyZ
:LHORVWRSQLRZHLQVWDODFMHZ\SDUQH =DW *DQLH UR]WZRUyZ SURZDG]L VL QD RJyá Z W]Z ZLHORG]LDáRZ\FK LQVWDODFMDFK Z\SDUQ\FK 8PR*OLZLD WR ] MHGQHM VWURQ\ RGSDURZDQLH GX*\FK LORFL UR]SXV]F]DOQLND ] GUXJLHM ]D ZLHORNURWQH Z\NRU]\VWDQLH SRZVWDMF\FK RSDUyZ GR RJU]HZDQLD NROHM Q\FK G]LDáyZ Z\SDUNL : LQVWDODFMDFK WHJR W\SX MHVW ZL F UHDOL]RZDQD ]DVDGD ZLHOR NURWQHJR RGSDURZDQLD NWyU PR*QD QD]ZDü UyZQLH* ]DVDG ZLHORNURWQHJR Z\NRU]\ VWDQLD HQHUJLL FLHSOQHM =DVDG ZLHORNURWQHJR Z\NRU]\VWDQLD HQHUJLL Z\JRGQLH MHVW LQWHUSUHWRZDü ]D SR PRF VFKHPDWX LQVWDODFML MDN QD U\V 3U]HGVWDZLD RQ XNáDG SRáF]H EDWHULL WU]\ VWRSQLRZHM 3DUD Z\WZRU]RQD QD SLHUZV]\P VWRSQLX MHVW SDU JU]HMQ GOD GUXJLHJR VWRSQLD D SDUD Z\WZRU]RQD QD GUXJLP VWRSQLX ± SDU JU]HMQ GOD WU]HFLHJR VWRSQLD 7HPSHUDWXUD L FLQLHQLH QD ND*G\P VWRSQLX V LQQH &LQLHQLH QD GUXJLP VWRSQLX PXVL E\ü QS GRVWDWHF]QLH QLVNLH DE\ Z WHPSHUDWXU]H FLHF]\ ]DFKRG]LáD Z\PLDQD FLHSáD RG NRQGHQVXMFHM VL SDU\ UR]SXV]F]DOQLND J ! RUD] ZU]HQLH UR]WZRUX (IHNW\ZQH ]X*\FLH SDU\ ZRGQHM QD NJ RGSDURZ\ZDQHM ZRG\ Z\QRVL x NJNJ Z Z\SDUFH MHGQRVWRSQLRZHM x NJNJ Z EDWHULL GZXVWRSQLRZHM x NJNJ Z EDWHULL WUyMVWRSQLRZHM x NJNJ Z EDWHULL F]WHURVWRSQLRZHM x NJNJ Z EDWHULL SL FLRVWRSQLRZHM
1DMEDUG]LHM UR]SRZV]HFKQLRQH V EDWHULH WUyM L F]WHURVWRSQLRZH :LHORVWRSQLRZH EDWHULH Z\SDUQH PRJ PLHü XNáDG SRáF]H ]DSHZQLDMF\ ZVSyáSUGRZ\ SU]HFLZSU GRZ\ UyZQROHJá\ L PLHV]DQ\ SU]HSá\Z UR]WZRUX Z]JO GHP SDU\ U\V $SDUDW\ V QXPHURZDQH NROHMQR ]JRGQLH ] SU]HSá\ZHP UR]WZRUX D
E
3DUD 5R]WZyU
3DUD
F
G
3DUD 5R]WZyU
3DUD
5R]WZyU
5R]WZyU
H 3DUD
I
3DUD 5R]WZyU
3DUD
J
3DUD
5R]WZyU
2OHM
3DUD
5R]WZyU
5\V 6FKHPDW\ SRáF]H ZLHORG]LDáRZ\FK LQVWDODFML Z\SDUQ\FK D ZVSyáSUGRZ\ E SU]HFLZSUGRZ\ F ] ]DVLODQLHP UyZQROHJá\P UR]WZRUyZ G PLHV]DQ\ H ] SRGZyMQ\P G]LDáHP SLHUZV]\P I ] GZRPD F]\QQLNDPL JU]HMQ\PL J ] ]DVLODQLHP UyZQROHJá\P SDU
3RGVWDZRZ\P UR]ZL]DQLHP MHVW XNáDG ZVSyáSUGRZ\ U\V D *áyZQ ]DOHW XNáDGX ZVSyáSUGRZHJR MHVW WR *H W\ONR UR]FLHF]RQ\ UR]WZyU PXVL E\ü WáRF]RQ\ GR SLHUZV]HJR G]LDáX .ROHMQH VWRSQLH V VDPRF]\QQLH ]DVLODQH UR]WZRUHP G]L NL Uy*QLF\ FLQLHQLD 1LHNRU]\VWQH QDWRPLDVW MHVW REQL*DQLH WHPSHUDWXU\ UR]WZRUX Z PLDU MHJR ]DW *DQLD ZVNXWHN ]ZL NV]HQLD MHJR OHSNRFL ]PQLHMV]DM VL ZVSyáF]\QQLNL ZQLNDQLD FLHSáD 6WUDW\ FLHSáD V MHGQDN EDUG]R PDáH = W\FK Z]JO GyZ ZVSyáSUGRZH LQVWDODFMH Z\SDUQH V QDMF] FLHM VWRVRZDQH Z SU]HP\OH 6WRVXMH VL MH SU]HGH ZV]\VWNLP GR NU\VWDOL]DFML UR]WZRUyZ QDV\FRQ\FK Z NWyU\FK QLH]QDF]QH RGSDURZDQLH UR]SXV]F]DO QLND SRZRGXMH Z\WUFDQLH VL NU\V]WDáyZ 1D U\VXQNX E SRND]DQR XNáDG SU]HFLZSUGRZ\ 7HPSHUDWXUD ZU]HQLD Z PLDU
]DW *DQLD UR]WZRUX Z NROHMQ\FK VWRSQLDFK MHVW Z QLP FRUD] Z\*V]D FR SRZRGXMH *H OHSNRü UR]WZRUX VL ]PQLHMV]D 3U]HSá\Z ]DJ V]F]RQHJR UR]WZRUX GR WU]HFLHJR VWRS QLD NWyU\ MHVW RJU]HZDQ\ ZLH* SDU JU]HMQ ]DSHZQLD RGSRZLHGQLR Z\VRN WHPSH
UDWXU UR]WZRUX MX* ]DJ V]F]RQHJR 8NáDG WHQ MHVW ]DOHFDQ\ GR ]DW *DQLD EDUG]R OHS NLFK UR]WZRUyZ -HJR ZDG MHVW NRQLHF]QRü LQVWDORZDQLD SRPS PL G]\ NROHMQ\PL VWRSQLDPL GR SU]HWáDF]DQLD UR]WZRUX GR DSDUDWyZ R FRUD] Z\*V]\P FLQLHQLX SUDF\ 3RZRGXMH WR ]QDF]QH ]ZL NV]HQLH NRV]WyZ LQZHVW\F\MQ\FK L UXFKRZ\FK : Z\QLNX VWUDW FLHSáD XNáDG WHQ Z\ND]XMH UyZQLH* GX*H ]X*\FLH SDU\ JU]HMQHM RNRáR ± ,QVWDODFMH ] UyZQROHJá\P ]DVLODQLHP UR]WZRUX U\V F V VWRVRZDQH GR NU\VWD OL]DFML UR]WZRUyZ QDV\FRQ\FK 8NáDG\ PLHV]DQH U\V G VWRVXMH VL EDUG]R U]DGNR ZyZF]DV JG\ QLH]E GQH MHVW Z\HOLPLQRZDQLH ZDG XNáDGyZ RPyZLRQ\FK SRSU]HGQLR >@ 8NáDG ] GZRPD F]\QQLNDPL JU]HMQ\PL U\V I MHVW QS VWRVRZDQ\ JG\ QDOH*\ ]ZL NV]\ü WHPSHUDWX U Z RVWDWQLP VWRSQLX 5yZQROHJáH áF]HQLH DSDUDWyZ Z\SDUQ\FK Z RGQLHVLHQLX GR SDU\ JU]HMQHM U\V H MHVW VWRVRZDQH ZyZF]DV JG\ VWRVXMH VL SDU JU]HMQ QLVNR FLQLHQLRZ D Z\PDJDQD MHVW GX*D Z\GDMQRü LQVWDODFML : Z\MWNRZ\FK SU]\SDGNDFK NRQLHF]QH MHVW UyZQROHJáH ]DVLODQLH SDU JU]HMQ GR X]\VNDQLD Z\VRNLHM WHPSHUDWXU\ ZU]HQLD UR]WZRUX U\V J /LF]E G]LDáyZ SU]\MPXMH VL W\P ZL NV] LP Z\*V]H MHVW FLQLHQLH SDU\ JU]HMQHM L PQLHMV]H REQL*HQLH WHPSHUDWXU\ UR]WZRUX 3HZQ URO RGJU\ZD UyZQLH* ZDUWRü FDáNRZLWHM Uy*QLF\ WHPSHUDWXU\ /LF]E G]LDáyZ LQVWDODFML Z\SDUQHM QDMOHSLHM MHVW GR ELHUDü QD SRGVWDZLH DQDOL]\ WHFKQLF]QRHNRQRPLF]QHM
2EOLF]DQLHFDáNRZLWHMUy*QLF\ WHPSHUDWXU\LQVWDODFMLZ\SDUQHM &DáNRZLW\ VSDGHN WHPSHUDWXU\ ' Z Z\SDUFH OXE EDWHULL Z\SDUHN MHVW UyZQ\ Uy*QLF\ PL G]\ WHPSHUDWXU SDU\ JU]HMQHM Z SLHUZV]\P VWRSQLX 7SJ D WHPSHUDWXU VNUDSODMFHM VL SDU\ ] RVWDWQLHM Z\SDUNL GOD XNáDGX SUy*QLRZHJR QD ZORFLH GR VNUD SODF]D VNU
û% %SJ %VNU
: ZDUXQNDFK U]HF]\ZLVW\FK Uy*QLFD WD MHVW SRPQLHMV]RQD R VWUDW\ WHPSHUDWXU\ Z\QLNDMFH ] IL]\NRFKHPLF]QHM K\GURVWDW\F]QHM L K\GUDXOLF]QHM GHSUHVML WHPSHUDWX URZHM 8*\WHF]QD Uy*QLFD WHPSHUDWXU\ MHVW ]DWHP UyZQD FDáNRZLWHM Uy*QLF\ WHPSHUDWX U\ SRPQLHMV]RQHM R FDáNRZLW VWUDW WHPSHUDWXU\ ûX
û
ûVWU
'OD VWRSQLRZHM EDWHULL Z\SDUQHM X*\WHF]QD Uy*QLFD WHPSHUDWXU\ MHVW VXP X*\ WHF]Q\FK Uy*QLF WHPSHUDWXU\ SRV]F]HJyOQ\FK G]LDáyZ
û7X
L Q
û7L ¦ L
&DáNRZLWD VWUDWD WHPSHUDWXU\ MHVW ]DWHP VXP 'VWU
' ' '
JG]LH ' ± IL]\NRFKHPLF]QD GHSUHVMD WHPSHUDWXU\ ' ± K\GURVWDW\F]QD GHSUHVMD WHPSHUDWXU\ ' ± K\GUDXOLF]QD GHSUHVMD WHPSHUDWXU\ )L]\NRFKHPLF]QD GHSUHVMD WHPSHUDWXU\ MHVW Z\QLNLHP SRGZ\*V]HQLD WHPSHUDWXU\ ZU]HQLD UR]WZRUX Z]JO GHP WHPSHUDWXU\ ZU]HQLD UR]SXV]F]DOQLND ZRG\ û U Z 7HPSHUDWXUD ZU]HQLD UR]WZRUX ]DOH*\ RG FLQLHQLD DOH UyZQLH* RG VNáDGX FKHPLF]QH JR L VW *HQLD UR]WZRUX )L]\NRFKHPLF]Q GHSUHVM WHPSHUDWXU\ REOLF]D VL ] Z]RUX *HOSHULQD
JG]LH ± XQLZHUVDOQD VWDáD JD]RZD N-NPROÂ. ± WHPSHUDWXUD ZU]HQLD . ± FLH SáR SDURZDQLD N-NJ ± VW *HQLH UR]WZRUX NJNJ ± VWDáD Z\]QDF]RQD GRZLDGF]DOQLH GOD GDQHJR UR]WZRUX : SUDNW\FH SU]HP\VáRZHM SURFHV ]DJ V]F]DQLD SURZDG]L VL SRG REQL*RQ\P FL QLHQLHP : WDNLFK SU]\SDGNDFK GHSUHVM WHPSHUDWXU\ QDOH*\ RNUHOLü QD SRGVWDZLH SU]\EOL*RQHJR Z]RUX 7LV]F]HQNL û
û
ûc
JG]LH ' ± V]XNDQD GHSUHVMD WHPSHUDWXU\ SRG GDQ\P FLQLHQLHP ûc ± GHSUHVMD WHPSHUDWXU\ SRG FLQLHQLHP DWPRVIHU\F]Q\P ± WHPSHUDWXUD ZU]HQLD F]\VWHJR UR] WZRUX . ± FLHSáR SDURZDQLD ZRG\ SRG GDQ\P FLQLHQLHP RGSDURZDQLD N-NJ 3U *QRü SDU FLHF]\ PR*QD REOLF]Dü ] UyZQDQLD OJ
5
"
Z NWyU\P Z\]QDF]DP\
S : UyZQDQLX W\P
§ © § OJ ¨ © OJ ¨
S· SNU ¸¹ SE · SNU ¸¹
§
"
OJ ¨
·
¸ © NU ¹ § E ·
OJ ¨
¸ © NU ¹
MHVW WHPSHUDWXU ZU]HQLD SRG FLQLHQLHP . E ± WHPSHUDWXU ZU]HQLD SRG FLQLH QLHP DWPRVIHU\F]Q\P E . NU ± WHPSHUDWXU NU\W\F]Q . NU ± FLQLHQLHP NU\W\F] Q\P EDU =QDMF ZDUWRFL WHPSHUDWXU\ ZU]HQLD UR]WZRUX R RNUHORQ\P VW *HQLX SRG GZRPD Uy*Q\PL FLQLHQLDPL WHPSHUDWXU ZU]HQLD SRG MDNLP LQQ\P FLQLHQLHP PR*QD Z\ ]QDF]\ü ] Z]RUX 'XHKULQJD
7c 7cc 7c 7cc
FRQVW
JG]LH c cc ± Uy*QLFD WHPSHUDWXU\ ZU]HQLD GDQHM FLHF]\ SRG GZRPD RNUHORQ\PL FLQLHQLDPL c c c ± Uy*QLFD WHPSHUDWXU\ ZU]HQLD GRZROQHM FLHF]\ ZRG\ SRG W\PL FLQLHQLDPL 'HSUHVMD K\GURVWDW\F]QD WHPSHUDWXU\ ' Z\VW SXMH Z Z\SDUNDFK ] Z\VRNLP VáXSHP FLHF]\ SRZ\*HM P 7HPSHUDWXU ZU]HQLD UR]WZRUX Z Z\SDUFH QDOH*\ REOL F]Dü MDNR WHPSHUDWXU QDV\FHQLD GOD FLQLHQLD QD UHGQLHM Z\VRNRFL VáXSD FLHF]\
P
7
JG]LH P ± FLQLHQLH Z SU]HVWU]HQL RSDU 3D ± Z\VRNRü VáXSD FLHF]\ P 7 ± J VWRü FLHF]\ NJP ± SU]\VSLHV]HQLH ]LHPVNLH PV 'OD REOLF]RQHJR W\P Z]RUHP FLQLHQLD ]QDMGXMHP\ WHPSHUDWXU QDV\FHQLD SDU\ ZRGQHM QD SRGVWDZLH WDEOLF SU]\ F]\P WHPSHUDWXUD ZU]HQLD UR]WZRUX E G]LH Z\QRVLü U QDV ' 2SLVDQD PHWRGD GDMH SU]\EOL*RQH Z\QLNL SRQLHZD* ZH Z]RU]H ZSURZD G]DP\ J VWRü UR]WZRUX D QDOH*DáRE\ VWRVRZDü J VWRü PLHV]DQLQ\ FLHF]±SDUD NWyUHM ZDUWRü ]DOH*\ QLH W\ONR RG LQWHQV\ZQRFL JU]DQLD DOH L RG LQWHQV\ZQRFL F\UNXODFML Z Z\SDUFH :DUWRFL GHSUHVML K\GURVWDW\F]QHM WHPSHUDWXU\ GOD Z\SDUHN ] LQWHQV\ZQ F\UNX ODFM PR*QD RNUHOLü ] UyZQDQLD û
ûP
7
JG]LH ± Z\VRNRü UXU Z NRPRU]H JU]HMQHM P ± ZVSyáF]\QQLN SU]HQLNDQLD FLHSáD :PÂ. 'P ± UHGQLD ORJDU\WPLF]QD Uy*QLFD WHPSHUDWXU\ PL G]\ SDU JU]HMQ D ZU]F\P UR]WZRUHP . ± SU GNRü SU]HSá\ZX UR]WZRUX PV ± UHGQLFD UXU\ P ± FLHSáR ZáDFLZH UR]WZRUX -NJÂ. 7 ± J VWRü UR]WZRUX NJP -H*HOL ZU]HQLH UR]WZRUX Z\VW SXMH MHG\QLH QDG NRPRU JU]HMQ GHSUHVMD K\GUR VWDW\F]QD QLH MHVW LVWRWQD 'HSUHVMD K\GUDXOLF]QD WHPSHUDWXU\ ' VWDQRZL REQL*HQLH WHPSHUDWXU\ ]ZL]DQH ]H VWUDW FLQLHQLD QD WDUFLH L RSRU\ PLHMVFRZH Z SU]HZRGDFK áF]F\FK G]LDá\ Z\SDU QH : SUDNW\FH QDOH*\ SU]\MPRZDü ' q& GOD ND*GHJR G]LDáX
2EOLF]DQLHX*\WHF]QHMUy*QLF\ WHPSHUDWXU\LQVWDODFMLZ\SDUQHM =JRGQLH ] UyZQDQLHP X*\WHF]QD Uy*QLFD WHPSHUDWXU\ MHVW UyZQD FDáNRZLWHM Uy*QLF\ WHPSHUDWXU\ SRPQLHMV]RQHM R FDáNRZLW VWUDW WHPSHUDWXU\ =PQLHMV]D VL RQD ZUD] ]H Z]URVWHP OLF]E\ G]LDáyZ LQVWDODFML Z\SDUQHM >@ 6XPD X*\WHF]Q\FK VSDG NyZ WHPSHUDWXU\ QLH PR*H E\ü PQLHMV]D RG SHZQHM PLQLPDOQHM ZDUWRFL 'X q& 3U]\M FLH GX*HM X*\WHF]QHM Uy*QLF\ WHPSHUDWXU\ Z MHGQ\P G]LDOH ZSá\ZD QD Z]URVW LQWHQV\ZQRFL Z\PLDQ\ FLHSáD DOH UyZQLH* PR*H E\ü SRZRGHP SRU\ZDQLD NURSHO UR]WZRUX SU]H] RSDU\ 3RZLHU]FKQLD JU]HMQD VWRSQLRZHM EDWHULL Z\SDUQHM MHVW UyZQD VXPLH SRZLHU]FK QL ZV]\VWNLFK VWRSQL
$F ¦ $L ¦ 4L L L NL 7L Q
Q
JG]LH L ± SRZLHU]FKQLD JU]HMQD QD W\P VWRSQLX P L ± VWUXPLH FLHSáD QD W\P L : L ± ZVSyáF]\QQLN SU]HQLNDQLD FLHSáD QD W\P VWRSQLX VWRSQLX L :P Â. 'L ± X*\WHF]QD Uy*QLFD WHPSHUDWXU\ QD W\P VWRSQLX . 3URMHNWRZDQLH ZLHORG]LDáRZ\FK LQVWDODFML Z\SDUQ\FK PR*H E\ü RSDUWH QD ]DáR*HQLX x PLQLPDOQHM VXPDU\F]QHM SRZLHU]FKQL JU]HMQD FDáHM LQVWDODFML EDWHULL x MHGQDNRZ\FK SRZLHU]FKQL JU]HMQ\FK ZV]\VWNLFK G]LDáyZ VWRSQL EDWHULL x PLQLPDOQHM FDáNRZLWHM SRZLHU]FKQL Z\PLDQ\ FLHSáD L MHGQDNRZ\FK SRZLHU]FKQL JU]HMQ\FK Z ND*G\P G]LDOH
=DáR*HQLHPLQLPDOQHMSRZLHU]FKQLZ\PLDQ\FLHSáD =DáR*HQLH PLQLPDOQHM SRZLHU]FKQL Z\PLDQ\ FLHSáD ZL*H VL ] Z\VRNLPL NRV]WDPL LQZHVW\F\MQ\PL Z\QLNDMF\PL ] FHQ GURJLFK PHWDOL D ]ZáDV]F]D PHWDOL V]ODFKHWQ\FK =DQDOL]XMP\ GZXG]LDáRZ LQVWDODFM Z\SDUQ &DáNRZLWD SRZLHU]FKQLD Z\PLDQ\ FLHSáD MHVW UyZQD
4 4 N 7 N 7
$F $ $
: FHOX Z\HOLPLQRZDQLD X*\WHF]QHM Uy*QLF\ G]LDáX GUXJLHJR SRGVWDZLDP\ '
'X
± '
L RWU]\PXMHP\
F
û
ûX
û
0LQLPDOQ SRZLHU]FKQL Z\PLDQ\ FLHSáD ZLHORG]LDáRZHM LQVWDODFML Z\SDUQHM Z\ ]QDF]DP\ V]XNDMF PLQLPXP IXQNFML F ' 3R ]Uy*QLF]NRZDQLX UyZQDQLD L SU]\UyZQDQLX GR ]HUD RWU]\PXMHP\ Z\UD*HQLH F
û
û
ûX
û
OXE LQDF]HM
F
û
û
û
= RVWDWQLHJR Z\UD*HQLD RWU]\PXMH VL ]DOH*QRü
û
û
] NWyUHM SR GDOV]\P SU]HNV]WDáFHQLX
û Q ûL
¦ L
Q
¦ L
L L
RWU]\PXMHP\
4 N 4 N
4 N 4 N
û7 û7
'OD VWRSQLRZHM EDWHULL Z\SDUQHM VWRVXQHN X*\WHF]Q\FK VSDGNyZ WHPSHUDWXU\ RSLVXMH UyZQDQLH
û
Q
ûQ
Q
$QDORJLF]QLH ]D GR UyZQDQLD RWU]\PXMH VL ]ZL]HN
Q
ûQ Q ûL
¦ L
Q
Q
¦ L
L L
: Z\QLNX WDNLHJR SRG]LDáX SRZLHU]FKQLH Z\PLDQ\ FLHSáD Z SRV]F]HJyOQ\FK G]LDáDFK LQVWDODFML V QLHMHGQDNRZH
=DáR*HQLHUyZQ\FKSRZLHU]FKQLZ\PLDQ\FLHSáD =DáR*HQLH UyZQ\FK SRZLHU]FKQL Z\PLDQ\ FLHSáD ]DSHZQLD HNRQRPLF]QH UR]ZL ]DQLH NRQVWUXNF\MQH ]H Z]JO GX QD LGHQW\F]Q EXGRZ Z\SDUHN FR GDMH QL*V]H NRV]W\ ]DUyZQR LQZHVW\F\MQH MDN L HNVSORDWDF\MQH 8*\WHF]QH Uy*QLFH WHPSHUDWXU\ Z SRV]F]HJyOQ\FK G]LDáDFK Z\QRV] x GOD SLHUZV]HJR VWRSQLD
x
û7
4 N $
û7Q
4 Q NQ $Q
GOD WHJR VWRSQLD
=DáR*\ZV]\ UyZQRü SRZLHU]FKQL Uy*QLF WHPSHUDWXU\ RWU]\PXMH VL
Q
§
û L ¦ L
¨ ©
Q
SR ]VXPRZDQLX X*\WHF]Q\FK
Q · Q
¸
¹
OXE
4 L $¦ L NL
Q
¦ û7L L
Q
] F]HJR Z\QLND *H Q
$
û7L ¦ L
4 L ¦ L NL Q
3R SRGVWDZLHQLX GR UyZQDQLD RWU]\PXMHP\ GOD SLHUZV]HJR G]LDáX
4 Q û7 N ¦ L û7 QL 4L ¦ L NL
RUD] GOD WHJR G]LDáX ]ZL]HN
4 Q Q û7 L NQ ¦ L Q 4L ¦ L NL
û7Q
3R SRG]LHOHQLX VWURQDPL GZyFK RVWDWQLFK UyZQD RWU]\PXMH VL ZDUXQHN UR]G]LD áX Uy*QLF WHPSHUDWXU\ GOD UyZQ\FK SRZLHU]FKQL JU]HMQ\FK
û7 û7Q
4 NQ 4 Q N
=DáR*HQLHPLQLPDOQHMFDáNRZLWHMSRZLHU]FKQLZ\PLDQ\FLHSáD LMHGQDNRZ\FKSRZLHU]FKQLZND*G\PG]LDOH 8]\VNDQLH MHGQDNRZ\FK SRZLHU]FKQL Z\PLDQ\ FLHSáD Z\PDJD VSHáQLHQLD ]DOH* QRFL RVLJQL FLH PLQLPDOQHM FDáNRZLWHM SRZLHU]FKQL Z\PLDQ\ FLHSáD QDWR PLDVW ]DOH*QRFL = SRUyZQDQLD RE\GZX ZDUXQNyZ RWU]\PXMHP\
û7 û7Q
û7 û7Q
6SHáQLHQLH WHJR ZDUXQNX MHVW PR*OLZH MHG\QLH ZWHG\ JG\ X*\WHF]QH Uy*QLFH WHPSHUD WXU\ Z SRV]F]HJyOQ\FK G]LDáDFK V MHGQDNRZH ' ' 'Q D ZyZF]DV
4 Q NQ 4 N
2EFL*HQLD FLHSOQH V ]DWHP ZSURVW SURSRUFMRQDOQH GR ZVSyáF]\QQLNyZ SU]HQLNDQLD FLHSáD 6SHáQLHQLH ZV]\VWNLFK W\FK ]DáR*H Z\PDJD RGSRZLHGQLHM UHJXODFML SU]HSá\ZX RSDUyZ
$QDORJLDPL G]\UXFKHPFLHSáD DUXFKHPS GX $QDORJLD5H\QROGVD
2OEU]\PLH WUXGQRFL Z WHRUHW\F]Q\P RSUDFRZDQLX ]DJDGQLH UXFKX FLHSáD D ]ZáDV]F]D Z UR]ZL]\ZDQLX UyZQDQLD HQHUJLL GOD SU]HSá\ZyZ EXU]OLZ\FK VNáDQLDM GR NRU]\VWDQLD ] Z\QLNyZ EDGD GRZLDGF]DOQ\FK -HGQ ] WDNLFK PHWRG GRZLDG F]DOQ\FK MHVW PHWRGD RSDUWD QD DQDORJLL ]MDZLVN FLHSOQ\FK L K\GURG\QDPLF]Q\FK 8PR*OLZLD RQD EDGDQLH SURFHVX ZQLNDQLD FLHSáD QD SRGVWDZLH DQDOL]\ K\GURG\QDPLNL SU]HSá\ZX 5yZQDQLH UXFKX Z ODPLQDUQHM ZDUVWZLH JUDQLF]QHM QD SáDVNLHM Sá\FLH MHVW DQDORJLF]QH GR RGSRZLHGQLHJR UyZQDQLD HQHUJLL GOD WHM ZDUVWZ\ SRG ZDUXQNLHP *H OHSNRü NLQHPDW\F]QD MHVW UyZQD SU]HZRGQLFWZX WHPSHUDWXURZHPX ZVSyáF]\QQLNR ZL G\IX]\MQRFL FLHSOQHM ZyZF]DV 3U QD -DN ZLDGRPR ] SRSU]HGQLFK UR]G]LDáyZ UyZQLH* ZDUXQNL EU]HJRZH GOD REX SURFHVyZ V ZyZF]DV DQDORJLF]QH 5H\QROGV Z U MDNR SLHUZV]\ VWZLHUG]Lá SRGRELHVWZR PHFKDQL]PyZ WUDQV SRUWX HQHUJLL L S GX : SUDF\ RSXEOLNRZDQHM Z U SU]HGVWDZLá Z\QLNL DQDOL]\ RSRUX K\GURG\QDPLF]QHJR SRGF]DV SU]HSá\ZX Sá\QX Z UXU]H GDMF PR*OLZRü LOR FLRZHJR RSLVX DQDORJLL PL G]\ RE\GZRPD ]MDZLVNDPL $QDORJLD 5H\QROGVD RSLHUD VL QD ]DáR*HQLX *H SURILOH UR]NáDGX SU GNRFL L WHPSHUDWXU\ V SRGREQH 5R]SDWUXMF ODPLQDUQ ZDUVWZ JUDQLF]Q QD Sá\FLH SáDVNLHM U\V SU]\MPXMHP\ *H Zf L 7f R]QDF]DM SU GNRü L WHPSHUDWXU Z UG]HQLX Sá\QX QDWRPLDVW 7 ± WHPSHUDWXU SR ZLHU]FKQL Sá\W\ *G\ OLF]ED 3UDQGWOD 3U JUDGLHQW\ EH]Z\PLDURZHM SU GNRFL L EH]Z\PLDURZHM WHPSHUDWXU\ Z]JO GHP \ V MHGQDNRZH G Z Z G 7 7 G\ Zf Z G\ 7f 7 ZDUWRFL Z L 7 RGSRZLDGDM SU]HNURMRZL Z RGOHJáRFL \ RG FLDQ\
3R SU]HNV]WDáFHQLX UyZQDQLH PR*HP\ ]DSLVDü Z SRVWDFL GZ Zf Z G\
G7 7f 7 G\
/DPLQDUQH QDSU *HQLD VW\F]QH Z SáDV]F]\(QLH RGQLHVLHQLD \ RSLVXMH UyZQDQLH W
GZ G\
P
UQ
GZ G\
* VWRü VWUXPLHQLD FLHSOQHJR Z WHM SáDV]F]\(QLH RNUHOD UyZQDQLH )RXULHUD G7 G\
O
T
DU F
G7 G\
3R SRGVWDZLHQLX SRFKRGQHM SU GNRFL ] UyZQDQLD L SRFKRGQHM WHPSHUDWXU\ ] UyZQDQLD GR UyZQDQLD RWU]\PXMH VL
T DF 7 7f
W
Zf Z Q
3RQLHZD* 3U
Q D
ZL F UyZQDQLH WR SU]\MPXMH SRVWDü W F
Zf Z
T
7 7f
-HVW WR PDWHPDW\F]QH XM FLH DQDORJLL 5H\QROGVD GOD ODPLQDUQHJR SU]HSá\ZX JG\ ]DáR*\P\ *H OLF]ED 3UDQGWOD MHVW UyZQD MHGQRFL 2NUHOD RQR UyZQRZD*QRü QDSU *HQLD OHSNLHJR L J VWRFL VWUXPLHQLD FLHSOQHJR Z SáDV]F]\(QLH RGGDORQHM R \ RG SR ZLHU]FKQL FLDáD
5\V 5R]NáDG\ SU GNRFL L WHPSHUDWXU\ Z ODPLQDUQHM ZDUVWZLH JUDQLF]QHM
0R*QD SU]\Mü *H QD SRZLHU]FKQL Sá\W\ \ 7 7 RUD] Z L UyZQDQLH SU]\MPXMH SRVWDü W ZFS
Zf
TZ 7V 7f
3RQLHZD* SR SUDZHM VWURQLH WHJR UyZQDQLD PDP\ ZVSyáF]\QQLN ZQLNDQLD ZL F D
W F
Zf
:VSyáF]\QQLN ZQLNDQLD FLHSáD PR*QD Z\]QDF]\ü SR SRGVWDZLHQLX ]DOH*QRFL QD QD SU *HQLH VW\F]QH NWyUH MHVW VWRVXQNRZR áDWZH GR RNUHOHQLD : OLWHUDWXU]H DQJORVD VNLHM PR*QD ]QDOH(ü QDVW SXMF IXQNFM Zf U
W &
3R SRGVWDZLHQLX MHM GR UyZQDQLD L SU]HNV]WDáFHQLX RWU]\PXMH VL
D
&
6W
Zf F U
-HVW WR DQDORJLD 5H\QROGVD Z XM FLX OLF]E EH]Z\PLDURZ\FK 6W 1X5H3U RUD] ZVSyáF]\QQLND RSRUX K\GURG\QDPLF]QHJR & 1DOH*\ SDPL WDü R RJUDQLF]HQLX *H 3U RUD] QLH PD RSRUX Z\QLNDMFHJR ] NV]WDáWX : OLWHUDWXU]H SROVNLHM SRGDMH VL
ZDUWRü & O = ZDUXQNX UyZQRZDJL SUDF\ WDUFLD L SUDF\ FLQLHQLD Z\QLND ERZLHP 9 Z $Z 9ûS JG]LH $ MHVW SRZLHU]FKQL RP\ZDQ UXU\ P ' ± REM WRFLRZ\P QDW *HQLHP SU]H Sá\ZX PV S ± VSDGNLHP FLQLHQLD 3D = UyZQDQLD WHJR PDP\ W
9 S $Z
'OD SU]HSá\ZX ZHZQWU] UXU\ PR*QD ZSURZDG]Lü QDVW SXMFH Z]RU\ SRZLHU]FKQLD RSá\ZDQD $ G/
REM WRFLRZH QDW *HQLH SU]HSá\ZX
9
G
VSDGHN FLQLHQLD ûS
O
Z
/ Z U G
3R SU]HNV]WDáFHQLDFK X]\VNXMH VL ]ZL]HN
O
Z U = SRUyZQDQLD UyZQD L Z\QLND *H & O 3R SRGVWDZLHQLX UyZQDQLD GR UyZQDQLD L SU]HNV]WDáFHQLX DQDORJL
5H\QROGVD GOD SU]HSá\ZX Z UXU]H PR*QD ]DSLVDü Z SRVWDFL W
D
ZF U
6W
O
8Z]JO GQLZV]\ *H 6W 1X5H3U RUD] 3U RWU]\PXMH VL
1X
OXE 1X [
O
5H
D[ [ & I 5H O
GOD SU]HSá\ZX Z]GáX* Sá\W\ ,QWHUHVXMFH MHVW VSUDZG]HQLH PR*OLZRFL Z\NRU]\VWDQLD UyZQDQLD DQDORJLL 5H\ QROGVD Z SUDNW\FH 0R*H WR GRW\F]\ü GZX SU]\SDGNyZ SU]HSá\ZX Z]GáX* Sá\W\ SáD VNLHM OXE SU]HSá\ZX ZHZQWU] UXU 3R SRGVWDZLHQLX ]DOH*QRFL QD ORNDOQ\ ZVSyáF]\Q QLN RSRUX SRGF]DV SU]HSá\ZX Z]GáX* Sá\W\ W & Z U 5H f GR UyZQDQLD RWU]\PXMH VL
1X[ 5H [ -DN ZLG]LP\ MHVW WR ]DOH*QRü WDND VDPD MDN UyZQDQLH 3RKOKDXVHQD GOD 3U Z\QLNDMFH ] UR]ZL]DQLD PDWHPDW\F]QHJR WHJR ]DJDGQLHQLD $QDORJLD3UDQGWOD
: SUDNW\FH ZDUWRü OLF]E\ 3UDQGWOD ]QDF]QLH Uy*QL VL RG MHGQRFL ZL F QDOH*\ XZ]JO GQLü ODPLQDUQ L WXUEXOHQWQ VWUHI VWUXPLHQLD 3UDQGWO ]DSURSRQRZDá XZ]JO G QLHQLH UR]NáDGX SU GNRFL L WHPSHUDWXU\ Z WXUEXOHQWQHM ZDUVWZLH JUDQLF]QHM SU]H] ZSURZDG]HQLH WXUEXOHQWQHM OHSNRFL NLQHPDW\F]QHM OHSNRFL ZLURZHM H
3R]RUQH QDSU *HQLD VW\F]QH L QDW *HQLH VWUXPLHQLD FLHSOQHJR Z WXUEXOHQWQHM ZDU VWZLH JUDQLF]QHM RSLVXM UyZQDQLD U Q
W SR]
H
wZ w\
RUD] UF D H
TSR]
w7 w\
3U]\MPXMH VL *H Z REV]DU]H ZDUVWZ\ JUDQLF]QHM R UR]ZLQL WHM WXUEXOHQFML H Q RUD] H D G]L NL F]HPX UyZQDQLD L PR*QD ]DSLVDü Z SRVWDFL W
UH
wZ w\
RUD] T
UF H
w7 w\
-H*HOL ]DáR*\P\ *H Z VWUHILH WXUEXOHQWQHM H H FR SRWZLHUG]DM Z\QLNL EDGD GR ZLDGF]DOQ\FK WR UyZQDQLD WH PR*QD SU]HNV]WDáFLü GR Z\UD*HQLD LGHQW\F]QHJR ] RWU]\PDQ\P QD SRGVWDZLH DQDORJLL 5H\QROGVD GOD SU]HSá\ZX ODPLQDUQHJR W F
Zf Z
T
7 7f
5\V 5R]NáDG SU GNRFL L WHPSHUDWXU\ Z WXUEXOHQWQHM ZDUVWZLH JUDQLF]QHM
5R]NáDG SU GNRFL L WHPSHUDWXU\ Z ZDUVWZLH JUDQLF]QHM 3UDQGWOD SRND]DQR QD U\V =DáR*RQR *H ZDUVWZD JUDQLF]QD VNáDGD VL MHG\QLH ] SRGZDUVWZ\ ODPLQDUQHM L ZDUVWZ\ EXU]OLZHM 1LH XZ]JO GQLRQR Z\VW SRZDQLD VWUHI\ EXIRURZHM SU]HMFLRZHM JG]LH H L Q RUD] H L D V WHJR VDPHJR U] GX 3URILO SU GNRFL Z REV]DU]H WXUEXOHQWQ\P RSLVXMH
IXQNFMD SRW JRZD PR*QD QDWRPLDVW SU]\Mü *H Z ODPLQDUQHM SRGZDUVWZLH MHVW RQ OLQLRZ\ 1DFK\OHQLH NU]\ZHM UR]NáDGX SU GNRFL Z SREOL*X FLDQ\ ]DOH*\ RG ORNDOQH JR ZVSyáF]\QQLND RSRUX & NWyU\ GOD Sá\W\ SáDVNLHM Z ]DNUHVLH SU]HSá\ZX EXU]OLZHJR Â 5H REOLF]D VL ] UyZQDQLD %ODVLXVD &
Q Z U Zf G f W
5R]NáDG WHPSHUDWXU\ Z SRGZDUVWZLH ODPLQDUQHM MHVW UyZQLH* OLQLRZ\ * VWRü VWUXPLHQLD FLHSáD PR*QD ZL F RSLVDü ]D SRPRF UyZQDQLD T
O 7 G
7
-H*HOL ]DáR*\P\ *H SáDV]F]\]QD RGQLHVLHQLD U UyZQ ]QDMGXMH VL QD JUD QLF\ ODPLQDUQHM SRGZDUVWZ\ WR DQDORJL 5H\QROGVD GOD REV]DUX ZDUVWZ\ JUDQLF]QHM ]DZDUWHJR PL G]\ \ G L REV]DUHP SU]HSá\ZX SRWHQFMDOQHJR RSLVXMH UyZQDQLH W V FS
Zf Z[V
TV
7V 7f
Z NWyU\P WV L T R]QDF]DM QDSU *HQLD VW\F]QH L J VWRü VWUXPLHQLD FLHSOQHJR GOD \ G 3RQLHZD* ]PLDQ\ SU GNRFL L WHPSHUDWXU\ Z SRGZDUVWZLH V OLQLRZH ZL F ZDUWR FL W L T GOD \ G V UyZQH LFK ZDUWRFLRP GOD \ 5yZQDQLH PR*QD ]DWHP ]DSLVDü QDVW SXMFR W F
Zf Z
T
7 7f
3R SRGVWDZLHQLX ZVSyáF]\QQLND ZQLNDQLD FLHSáD D
7
T
7f
GR UyZQDQLD QD J VWRü VWUXPLHQLD FLHSáD RWU]\PXMHP\ D
O 7 G 7
7 7f
= UyZQDQLD Z\QLND QDWRPLDVW ]DOH*QRü T
W F
Zf Z
7 7f
NWyUD SRGVWDZLRQD GR UyZQDQLD GDMH UyZQDQLH
D
W F
Zf
W F 7 7 7f Z 7 7f Zf Z 7
7 7f
3U]HNV]WDáFHQLH UyZQDQLD GDMH QDWRPLDVW ]DOH*QRü 7 7
7 DG 7f O
NWyU SRGVWDZLDP\ GR UyZQDQLD L RWU]\PXMHP\ W F
§ DG · ¨ O ¸ Zf Z © ¹
D
'OD OLQLRZHJR UR]NáDGX SU GNRFL Z SRGZDUVWZLH ODPLQDUQHM PR*QD SU]\Mü *H GZ G\
W K
] F]HJR Z\QLND *H G K
K
Z
G
Z
W
3R SRGVWDZLHQLX WHJR UyZQDQLD GR UyZQDQLD RWU]\PDP\ D
W F KF Zf Z O
/LF]QLN L PLDQRZQLN WHJR UyZQDQLD G]LHOLP\ SU]H] Zf W D
F Zf
Z 3U Zf
5yZQDQLH WR MHVW PDWHPDW\F]Q\P ]DSLVHP DQDORJLL 3UDQGWOD 3R GDOV]\FK SU]H NV]WDáFHQLDFK RWU]\PXMHP\ UyZQDQLD NRUHODF\MQH GOD Z\PLDQ\ FLHSáD 5yZQDQLH PQR*\P\ REXVWURQQLH SU]H] [O [ MHVW ORNDOQ ZVSyáU] GQ Z]GáX* Sá\W\ W Z K F S Zf [ U U Zf O K W Z FS [ & I 3U5H[ D[ Zf O 1X [ Z[V Z[V Z[V O 3U 3U 3U Zf
Zf
Zf
3R ZSURZDG]HQLX Z]RUX QD OLF]E 6WDQWRQD UyZQDQLH WR PR*QD ]DSLVDü Z SRVWDFL & 6W Z 3U Zf
1DOH*\ WHUD] RNUHOLü VWRVXQHN SU GNRFL ZZf :LHP\ >@ *H QD JUDQLF\ SRG ZDUVWZ\ ODPLQDUQHM ]DFKRG]L UyZQRü EH]Z\PLDURZ\FK SU GNRFL L ZVSyáU] GQHM \ Z \ 1D SRGVWDZLH GHILQLFML EH]Z\PLDURZHM SU GNRFL Z
Z
W
U
L ] GHILQLFML ZVSyáF]\QQLND WDUFLD &
W
U Zf
RWU]\PXMH VL Z\UD*HQLH & W Zf U
NWyUH SRGVWDZLDP\ GR UyZQDQLD L SU]HNV]WDáFDP\ & Z Zf
& & 3U
3R SRGVWDZLHQLX GR UyZQDQLD RWU]\PXMHP\ Z]yU QD ORNDOQ OLF]E 6WDQWRQD 6W
=DOH*QRü WD QD]\ZDQD DQDORJL 3UDQGWOD >@ RNUHODMFD ORNDOQ OLF]E 6WDQWRQD SRGF]DV SU]HSá\ZX Z]GáX* Sá\W\ GDMH Z\QLNL ]JRGQH ] Z\QLNDPL EDGD GRZLDGF]DO Q\FK ZQLNDQLD FLHSáD Z REV]DU]H EXU]OLZ\P : OLWHUDWXU]H PR*QD ]QDOH(ü NLOND LQQ\FK UR]ZL]D GR RSLVX VWRVXQNX SU GNRFL ZZf XZ]JO GQLDMF\FK ZDUVWZ SRUHGQL EXIRURZ QD SU]\NáDG DQDORJLH .i
UPiQD L 0DUWLQHOOLHJR > @ =DOH*QRü X]\VNDQD SU]H] .iUPiQD ]ZDQD DQDORJL .iUPiQD PD QDVW SXMF SRVWDü 6W
& & ª º½ ® 3U OQ « 3U » ¾ ¯ ¬ ¼¿
: OLWHUDWXU]H QLHPLHFNRM ]\F]QHM >@ SROHFDQH MHVW QDWRPLDVW UR]ZL]DQLH )ULHQ GD L 0HW]QHUD O 6W O 3U 3U 7DNLH VDPR UyZQDQLH ]RVWDáR Z\SURZDG]RQH GR RSLVX DQDORJLL WUDQVSRUWX S GX L PDV\ %UDXHU >@ ]DVWRVRZDá W ]DOH*QRü GR DQDOL]\ ZLHOX ]DJDGQLH GRW\F]F\FK ]DUyZQR Z\PLDQ\ FLHSáD MDN L Z\PLDQ\ PDV\ $QDORJLD&ROEXUQD
=DáR*HQLH *H OLF]ED 3U SRZRGXMH ]QDF]QH RJUDQLF]HQLH ]DVWRVRZDQLD DQDORJLL 5H\QROGVD &ROEXUQ ]DSURSRQRZDá ZSURZDG]HQLH HPSLU\F]QHM IXQNFML OLF]E\ 3UDQGWOD L RWU]\PDá QDVW SXMFH Z\UD*HQLH O
6W3U
Z NWyU\P ± ZVSyáF]\QQLN RSRUX K\GURG\QDPLF]QHJR 3U ± OLF]ED 3UDQGWOD 6W ± OLF] ED 6WDQWRQD 2EOLF]HQLD &ROEXUQD QD SRGVWDZLH ZLHOX GDQ\FK GOD Uy*QRURGQ\FK SU]HSá\ZyZ L JHRPHWULL XNáDGyZ Z\ND]Dá\ GREU LFK ]JRGQRü GOD ]DNUHVX OLF]E 3UDQGWOD 3U SRG ZDUXQNLHP EUDNX RSRUX NV]WDáWX :\UD*HQLH WR F] VWR ]DSLVXMH VL
Z SRVWDFL O
M
BBBBBBBBBB
:/ )ULHQG $% 0HW]QHU $,&+( - ±
JG]LH M+ 6W3U
QD]\ZDP\ F]\QQLNLHP &ROEXUQD GOD Z\PLDQ\ FLHSáD -DN ZLGDü ] UyZQDQLD GOD 3U DQDORJLD &ROEXUQD SU]HFKRG]L Z DQDORJL
5H\QROGVD 7\P VDP\P DQDORJLD &ROEXUQD VWDQRZL UR]V]HU]HQLH DQDORJLL 5H\QROGVD Z ]DNUHVLH OLF]E 3UDQGWOD RG GR *UDQLF]QH OLF]E\ 3UDQGWOD RGSRZLDGDM ZDUWR FLRP FKDUDNWHU\VW\F]Q\P GOD FLHNá\FK PHWDOL PDáH ZDUWRFL RUD] FL *NLFK IUDNFML ROHMRZ\FK GX*H ZDUWRFL
3URPLHQLRZDQLHFLHSOQH :SURZDG]HQLH 3URPLHQLRZDQLH FLHSOQH MHVW SU]HND]\ZDQH RG ZV]\VWNLFK FLDá VWDá\FK R WHPSHUD WXU]H Z\*V]HM RG ]HUD NHOZLQyZ ,QWHQV\ZQRü SURPLHQLRZDQLD ]DOH*\ RG WHPSHUDWXU\ FLDáD DOH UyZQLH* RG ZáDFLZRFL PDWHULDáX 6WRVRZDQH V GZLH WHRULH GR RSLVX HPL VML SU]HQRV]HQLD L DEVRUSFML HQHUJLL SURPLHQLRZDQLD NODV\F]QD WHRULD SU]HQRV]HQLD IDO HOHNWURPDJQHW\F]Q\FK L NZDQWRZD WHRULD IRWRQyZ 7HRULH WH QLH Z\NOXF]DM VL D UDF]HM X]XSHáQLDM )DOH HOHNWURPDJQHW\F]QH V IDODPL SRSU]HF]Q\PL NWyUH RVF\OXM SURVWRSDGOH GR NLHUXQNX LFK UR]FKRG]HQLD : SUy*QL SU]\MPXM SU GNRü ZLDWáD . PV : RURGNX PDWHULDOQ\P LFK SU GNRü . MHVW PQLHMV]D F] VWRWOLZRü QDWRPLDVW MHVW WDND VDPD 6WRVXQHN SU GNRFL 3 . . ! MHVW ZVSyáF]\QQLNLHP ]DáDPDQLD ZLDWáD GDQHJR PDWHULDáX
5\V =DNUHV SURPLHQLRZDQLD HOHNWURPDJQHW\F]QHJR
,ORF]\Q GáXJRü IDOL L F] VWRWOLZRFL MHVW UyZQ\ MHM SU GNRFL OQ .
1D U\VXQNX SRND]DQR ]DNUHV SURPLHQLRZDQLD HOHNWURPDJQHW\F]QHJR =DNUHV PDá\FK GáXJRFL IDOL O PP RGSRZLDGD SURPLHQLRZDQLX NRVPLF]QHPX SUR
PLHQLRZDQLX J RUD] ; 1LH MHVW RQR Z]EXG]DQH FLHSOQLH ZL F QLH QDOH*\ GR SURPLH QLRZDQLD FLHSOQHJR )DOH UDGLRZH O ! PP UyZQLH* QLH QDOH* GR SURPLHQLRZD QLD FLHSOQHJR 2EV]DU SURPLHQLRZDQLD FLHSOQHJR UR]FLJD VL Z ]DNUHVLH RG PP GR PP 3URPLHQLRZDQLH WR MHVW SU]HND]\ZDQH SU]H] FLDáD R WHPSHUDWXU]H RG NLONX VWRSQL .HOYLQD GR Â . : W\P ]DNUHVLH PLHFL VL UyZQLH* ZLDWáR ZLG]LDOQH UR] SRFLHUDMFH VL RG ILROHWRZHJR PP GR SRGF]HUZRQHJR PP =DNUHV GáX JRFL IDOL ± PP RGSRZLDGD ZLDWáX XOWUDILROHWRZHPX QDWRPLDVW RG PP GR PP SURPLHQLRZDQLX SRGF]HUZRQHPX NWyUH MHVW SRGVWDZRZ\P REV]DUHP SURPLHQLRZDQLD FLHSOQHJR :áDFLZRFLSURPLHQLRZDQLDFLHSOQHJR
:áDFLZRFL RSW\F]QH SURPLHQLRZDQLD FLHSOQHJR V WDNLH VDPH MDN ZáDFLZRFL SURPLHQLRZDQLD ZLG]LDOQHJR 3URPLHQLRZDQLH FLHSOQH SDGDMFH QD SRZLHU]FKQL U\V PR*H ]RVWDü ]DDEVRUERZDQH RGELWH EG( SU]HSXV]F]RQH SU]H] FLDáR VWDáH -H*HOL XáDPNL HQHUJLL SURPLHQLRZDQLD " SDGDMFHJR QD SRZLHU]FKQL FLDáD RNUHOLP\ MDNR ", "- ". WR RWU]\PDP\ " ", "- ". OXE LQDF]HM ,-. JG]LH , "," MHVW ]GROQRFL DEVRUSFML SURPLHQLRZDQLD - "-" ± ]GROQRFL RGELMDQLD SURPLHQLRZDQLD . "." ± ]GROQRFL SU]HSXV]F]DQLD SURPLHQLRZDQLD SU]H] GDQH FLDáR
5\V 2EUD] SURPLHQLRZDQLD SDGDMFHJR QD SRZLHU]FKQL
3URPLHQLRZDQLD PR*H E\ü RGELWH RG SRZLHU]FKQL SRG RNUHORQ\P NWHP RGELFLH VSHNXODUQH EG( UR]SURV]RQH :HOW\ L LQ >@ 1D U\VXQNX SRND]DQR RGELFLH VSHNXODUQH :L NV]Rü FLDá UR]SUDV]D SURPLHQLRZDQLH ZH ZV]\VWNLFK NLHUXQNDFK $EVRUSFMD SURPLHQLRZDQLD Z FLDáDFK VWDá\FK ]DFKRG]L QD QLHZLHONLHM Já ERNRFL RN PP Z HOHNWU\F]Q\FK SU]HZRGQLNDFK RUD] RN PP Z SyáSU]HZRGQLNDFK
3U]HSXV]F]DOQRü ZL NV]RFL FLDá VWDá\FK MHVW UyZQD ]HUR F L UyZQDQLH VSURZDG]D VL GR SRVWDFL DE
: SU]\SDGNX LGHDOQLH DEVRUEXMFHJR FLDáD PDP\ D 7DNLH FLDáR QD]\ZDP\ GRVNRQDOH F]DUQ\P 3RQLHZD* QLH SU]HSXV]F]D RQR DQL QLH RGELMD SURPLHQLRZDQLD ZLG]LP\ MH MDNR F]DUQH 2NR OXG]NLH RGELHUD W\ONR RGELWH SURPLHQLRZDQLH 7DN URO
ÄF]DUQHM G]LXU\´ RGJU\ZD RWZyU PDá\FK UR]PLDUyZ Z SRZLHU]FKQL RJUDQLF]DMFHM REM WRü ZL NV]\FK UR]PLDUyZ 3URPLHQLRZDQLH ZSDGDMFH QLH PD PR*OLZRFL Z\M FLD ] SRZURWHP &DáNRZLW HQHUJL Z\SURPLHQLRZ\ZDQ ZH ZV]\VWNLFK NLHUXQNDFK SU]H] SR ZLHU]FKQL MHGQRVWNRZ FLDáD QD]\ZDP\ MHJR ]GROQRFL SURPLHQLRZDQLD L R]QDF]D VL OLWHU ( DQJ WRWDO HPLVVLYH SRZHU =GROQRü HPLV\MQD H MHVW FLOH ]ZL]DQD ]H ]GROQRFL SURPLHQLRZDQLD FLDáD -HVW RQD GHILQLRZDQD MDNR VWRVXQHN ]GROQRFL SURPLHQLRZDQLD FLDáD V]DUHJR GR ]GROQRFL SURPLHQLRZDQLD FLDáD GRVNRQDOH F]DUQHJR (
H
(
(QHUJLD SURPLHQLRZDQLD (O R GáXJRFL IDOL Z SU]HG]LDOH O O GO MHVW PRQR FKURPDW\F]Q ]GROQRFL SURPLHQLRZDQLD &DáNRZLWD RUD] PRQRFKURPDW\F]QD ]GRO QRü SURPLHQLRZDQLD V ]GHILQLRZDQH Z QDVW SXMF\ VSRVyE Z SRVWDFL Uy*QLF]NRZHM (O G O
B ( (O G O
G(
Z SRVWDFL FDáNRZHM
³
0RQRFKURPDW\F]Q ]GROQRü HPLV\MQ HO Z\UD*DP\ Z]RUHP HO
(O (O
JG]LH (O MHVW PRQRFKURPDW\F]Q ]GROQRFL SURPLHQLRZDQLD FLDáD GRVNRQDOH F]DUQH JR R GáXJRFL IDOL O Z GDQHM WHPSHUDWXU]H 0RQRFKURPDW\F]Q ]GROQRü DEVRUSFML SURPLHQLRZDQLD DO GHILQLXMH VL MDNR VWR VXQHN ]GROQRFL DEVRUSFML SURPLHQLRZDQLD R GáXJRFL IDOL O GR ]GROQRFL DEVRUSFML FLDáD GRVNRQDOH F]DUQHJR GOD WHM VDPHM GáXJRFL IDOL L Z WHM VDPHM WHPSHUDWXU]H
3RGVWDZRZHSUDZDSURPLHQLRZDQLD 3UDZR.LUFKKRIID =ZL]HN PL G]\ ]GROQRFL SURPLHQLRZDQLD FLDáD ( L MHJR ]GROQRFL DEVRUSFML D RNUHOD SUDZR .LUFKKRIID ]JRGQLH ] NWyU\P Z]JO GQD ]GROQRü HPLV\MQD L DEVRUSF\M QD XNáDGX Z VWDQLH UyZQRZDJL WHUPRG\QDPLF]QHM V VRELH UyZQH H D OXE HO DO
5\V 6FKHPDW ELODQVX HPLVML SURPLHQLRZDQLD PL G]\ FLDáHP V]DU\P L GRVNRQDOH F]DUQ\P
5R]SDWU]P\ ELODQV HPLVML SURPLHQLRZDQLD PL G]\ FLDáHP GRVNRQDOH F]DUQ\P D GRZROQ\P FLDáHP V]DU\P U\V -H*HOL ( MHVW HPLVM FLDáD V]DUHJR D ( HPLVM FLDáD GRVNRQDOH F]DUQHJR WR FLHSáR Z\PLHQLRQH SU]H] SURPLHQLRZDQLH Z\QRVL
T ( ( ( D 3R SHZQ\P F]DVLH WHPSHUDWXUD REX FLDá Z\UyZQXMH VL D ]DWHP T Z\QLND
( ( D D (
] F]HJR
'OD ZV]\VWNLFK FLDá R WHM VDPHM WHPSHUDWXU]H ]DSLVXMHP\ RJyOQLH ( D
( D
( D
( I 7
6WRVXQHN HQHUJLL HPLWRZDQHM SU]H] MHGQRVWN SRZLHU]FKQL FLDáD GR MHJR ]GROQRFL DEVRUSFML SURPLHQLRZDQLD PD WDN VDP ZDUWRü GOD ZV]\VWNLFK FLDá L MHVW UyZQ\ ]GROQRFL SURPLHQLRZDQLD FLDáD GRVNRQDOH F]DUQHJR Z GDQHM WHPSHUDWXU]H
3UDZR/DPEHUWD (PLVMD SURPLHQLRZDQLD FLDáD PR*H E\ü QLHUyZQRPLHUQLH UR]áR*RQD Z SU]HVWU]HQL DOH VNLHURZDQD SRG SHZQ\P NWHP T PLHU]RQ\P RG QRUPDOQHM GR GDQHM SRZLHU]FKQL
SURPLHQLXMFHM U\V /DPEHUW VWZLHUG]Lá *H HQHUJLD Z\SURPLHQLRZ\ZDQD SU]H] SáDV]F]\]Q Z NLHUXQNX RGFK\ORQ\P RG QRUPDOQHM ]PQLHMV]D VL ZUD] ] NRVLQXVHP NWD RGFK\OHQLD
4T 4 ) FRVT
-HOL HOHPHQW SRZLHU]FKQL G$ HPLWXMH HQHUJL G4 WR LQWHQV\ZQRü SURPLHQLR ZDQLD MHVW GDQD Z]RUHP ,
G 4
G$G : FRV T
JG]LH G: MHVW NWHP EU\áRZ\P ZL]NL SURPLHQLRZDQLD
5\V ,QWHQV\ZQRü SURPLHQLRZDQLD
3R SU]HNV]WDáFHQLX RWU]\PXMH VL ]ZL]HN SRPL G]\ HQHUJL SURPLHQLRZDQLD ( G4 G$ D LQWHQV\ZQRFL , G4 G$
( ³ , FRVT G
.W EU\áRZ\ MHVW UyZQ\ : $U VWG G: G$U 3ROH Uy*QLF]NRZHM SRZLHU]FK QL G: U\V MHVW ZL F ]ZL]DQH ] Uy*QLF]NRZ\P NWHP EU\áRZ\P G:
U VLQ T GI UGT U
VLQ T GT GI
&DáNRZLW HQHUJL HPLWRZDQ QD MHGQRVWN SRZLHU]FKQL RNUHOD FDáND
5\V &DáNRZDQLH LQWHQV\ZQRFL SURPLHQLRZDQLD ZHGáXJ NWD EU\áRZHJR (
, ³ FRVT G : ,
³ ³ FRVT VLQ T GT GI
,
3R VFDáNRZDQLX RWU]\PXMHP\ (
-HVW WR ZD*QD ]DOH*QRü HQHUJLL HPLVML SURPLHQLRZDQLD RG MHJR LQWHQV\ZQRFL
3UDZR3ODQFND : U 3ODQFN RSXEOLNRZDá WHRUL ZHGáXJ NWyUHM HQHUJLD SURPLHQLRZDQLD MHVW HPLWRZDQD Z SRVWDFL NZDQWyZ 3U]\Má RQ *H LQWHQV\ZQRü SURPLHQLRZDQLD PRQR FKURPDW\F]QHJR FLDáD GRVNRQDOH F]DUQHJR ,O) RNUHOD SRFKRGQD , O )
G( ) GO
KF O
§ KF · H[S ¨ ¸ © N O7 ¹
Z NWyUHM G() VWDQRZL F] ü SURPLHQLRZDQLD R GáXJRFL IDOL Z ]DNUHVLH GO =QDN R]QDF]D *H ZLHONRü WD GRW\F]\ SURPLHQLRZDQLD SURVWRSDGáHJR GR MHGQRVWNL SR ZLHU]FKQL SURPLHQLXMFHM K R]QDF]D VWDá 3ODQFND F SU GNRü ZLDWáD N VWDá %RO W]PDQQD &DáNRZLWD LQWHQV\ZQRü SURPLHQLRZDQLD PRQRFKURPDW\F]QHJR FLDáD GRVNRQDOH F]DUQHJR REM WHJR SyáNXO ]DNUHORQ QDG SRZLHU]FKQL L VNLHURZDQHJR SRG ZV]\VW NLPL NWDPL ]JRGQLH ] SUDZHP /DPEHUWD Z\QRVL , O
, O )
179
* I0 λ =
C1 λ −5 C exp 2 − 1 λT
(10.18)
gdzie: C1 = 2πhc2 = 0,374–15 W 2, C2 = hc/k = 0,01439 m 10.6 * * a-
! " "
bardzo znacznie ze wzrostem temperatury.
5\V ,QWHQV\ZQRü SURPLHQLRZDQLD I0λ(λ, T FLDáD GRVNRQDOH F]DUQHJR
5\V ,QWHQV\ZQRü SURPLHQLRZDQLD I0λ(λ, T FLDáD GRVNRQDOH F]DUQHJR ]DNUHVNRZDQR ]DNUHV ZLDWáD Zidzialnego
(QHUJLD Z\SURPLHQLRZ\ZDQD SU]H] FLDáR GRVNRQDOH F]DUQH ( :P Z ]DNUHVLH GáXJRFL IDO RG O GR O MHVW SURSRUFMRQDOQD GR SROD SRZLHU]FKQL SRG NU]\Z 3ODQFND U\V L RNUHORQD FDáN O
(
³ , O G O
O
1D U\VXQNX SRND]DQR ]DOH*QRü LQWHQV\ZQRFL SURPLHQLRZDQLD FLDáD GRVNR QDOH F]DUQHJR ] ]D]QDF]RQ\P ]DNUHVHP ZLDWáD ZLG]LDOQHJR GOD NLONX ZDUWRFL WHPSH UDWXU\ *G\ WHPSHUDWXUD FLDáD GRVNRQDOH F]DUQHJR MHVW UyZQD WHPSHUDWXU]H SR ZLHU]FKQL VáRFD . ZL NV]Rü HQHUJLL MHVW HPLWRZDQD Z ]DNUHVLH GáXJRFL IDO RGSRZLDGDMFHM ZLDWáX ZLG]LDOQHPX ± P
3UDZR:LHQD 0DNVLPXP LQWHQV\ZQRFL SURPLHQLRZDQLD FLDáD GRVNRQDOH F]DUQHJR RUD] PDNVL PXP HQHUJLL SU]HVXZD VL NX IDORP NUyWV]\P ]H Z]URVWHP WHPSHUDWXU\ FLDáD SRU U\V L 0DNVLPXP HQHUJLL Z\VW SXMH GOD OPD[7 PÂ. FR PR*QD SR WZLHUG]Lü SU]H] RNUHOHQLH PDNVLPXP IXQNFML -X* Z U :LHQ XVWDOLá GRZLDGF]DOQLH ]ZL]HN OPD[ 7
P.
-HVW WR W]Z SUDZR SU]HVXQL ü :LHQD L VáX*\ GR REOLF]DQLD GáXJRFL IDOL RGSRZLD GDMFHM PDNVLPXP SURPLHQLRZDQLD Z RNUHORQHM WHPSHUDWXU]H *G\ QD SU]\NáDG ± 7 . OPD[ Â P P
3UDZR6WHIDQD±%ROW]PDQQD (QHUJL Z\SURPLHQLRZ\ZDQ SU]H] MHGQRVWNRZ SRZLHU]FKQL FLDáD GRVNRQDOH F]DUQHJR PR*QD RWU]\PDü MDNR FDáN IXQNFML 3ODQFND Z ]DNUHVLH GáXJRFL IDOL RG ]HUD GR QLHVNRF]RQRFL O B
O B
& O G O
7 ( ³ , O G O ³ &
& O O H[S O7
:LHONRü & QD]\ZDP\ VWDá SURPLHQLRZDQLD FLDáD GRVNRQDOH F]DUQHJR -HM ZDU WRü OLF]ERZD Z\QRVL :PÂ. -HVW RQD NRPELQDFM LQQ\FK VWDá\FK Z\VW SX MF\FK Z IXQNFML 3ODQFND & N FK Â 3UDZR WR QD]\ZDQH SUDZHP 6WHIDQD±%ROW]PDQQD VWZLHUG]D *H HQHUJLD Z\SUR PLHQLRZDQD SU]H] FLDáR GRVNRQDOH F]DUQH MHVW SURSRUFMRQDOQD GR F]ZDUWHM SRW JL WHP
SHUDWXU\ DEVROXWQHM =RVWDáR RQR XVWDORQH HNVSHU\PHQWDOQLH SU]H] 6WHIDQD Z U L SRWZLHUG]RQH QD JUXQFLH WHUPRG\QDPLNL SU]H] %ROW]PDQQD Z U 'RNáDGQD ZDU WRü VWDáHM & L MHM ]ZL]HN ] LQQ\PL VWDá\PL ]RVWDá\ MHGQDN XVWDORQH QD SRGVWDZLH SUDZD 3ODQFND &LDáD U]HF]\ZLVWH HPLWXM PQLHMV] HQHUJL Z GDQHM WHPSHUDWXU]H SRU UyZQ = SU]HNV]WDáFHQLD UyZQDQLD RWU]\PXMHP\ (
H (
§ 7 · H & ¨ ¸ © ¹
-HVW WR SUDZR 6WHIDQD±%ROW]PDQQD GOD FLDá V]DU\FK 0R*HP\ MH UyZQLH* ]DSLVDü Z SRVWDFL (
§ 7 · ¸ © ¹
&¨
JG]LH & H&
5\V 3URSRUFMRQDOQRü LQWHQV\ZQRFL SURPLHQLRZDQLD
&LDáR GOD NWyUHJR GOD ND*GHM GáXJRFL IDOL VWRVXQHN LQWHQV\ZQRFL SURPLHQLRZD QLD GR LQWHQV\ZQRFL SURPLHQLRZDQLD FLDáD GRVNRQDOH F]DUQHJR MHVW VWDá\ L Z\QRVL H QD]\ZDP\ FLDáHP LGHDOQLH V]DU\P U\V 6WDáH SURPLHQLRZDQLD & FLDá V]DU\FK OXE LFK HPLV\MQRFL H V SRGDZDQH Z WDEHODFK
3URPLHQLRZDQLHFLHSOQHPL G]\FLDáDPLVWDá\PL 1D SRGVWDZLH GRW\FKF]DV Z\SURZDG]RQ\FK SUDZ PR*QD SU]\Mü *H Z\PLDQD FLHSáD PL G]\ GZRPD FLDáDPL VWDá\PL ]DOH*\ SU]HGH ZV]\VWNLP RG LFK WHPSHUDWXU\ L HPLV\MQRFL SRZLHU]FKQL 2ND]XMH VL MHGQDN *H SRGVWDZRZH ]QDF]HQLH PD JHRPH WULD FLDá L XáR*HQLH Z]JO GHP VLHELH : NROHMQ\FK UR]G]LDáDFK RPyZLRQR SRGVWDZRZH FKDUDNWHU\VW\F]QH SU]\SDGNL
182
:\PLDQDFLHSáDPL G]\GZRPDUyZQROHJá\PLSá\WDPL
* * * !* " * emitowana energia E1. Powierzch ##
5\V 6FKHPDW ELODQVX HPLVML SURPLHQLRZDQLD PL G]\ GZoPD FLDáDPL V]DU\PL UyZQ
a2E1 RGELMD ]D HQHUJL – a2)E1. Z tej energii z kolei powierzchnia 1 absorbuje a1(1 – a2)E1, odbija natomiast (1 – a1)(1 – a2)E1 3RZLHU]FKQLD SRFKáDQLD HQHr2 JL a2(1 – a1)(1 – a2)E1, a odbija (1 – a1)(1 – a2) E1 6XPXMF RWU]ymane w ten sposób NROHMQH LORFL ]DDEVRUERZDQHM HQHUJLL SU]H] Sá\W RWU]\PXMHP\ V]ereg: qa 2 = a2 E1 + a2 E1 (1 − a1 )(1 − a2 ) + a2 E1 (1 − a1 ) (1 − a2 ) 2
(
+ ⋅⋅⋅ = a2 E1 1 + p + p 2 + ⋅⋅⋅
2
)
(10.24)
gdzie p = (1 – a1)(1 – a2). *
6]HUHJ Z QDZLDVLH GDMH Z\UD HQLH
qa 2 =
W
– p ] F]HJR Z\QLND ]ZL]HN a2 E1 1− p
(10.25)
-H*HOL SU]HSURZDG]LP\ WDN VDP DQDOL] SURPLHQLRZDQLD Z\V\áDQHJR SU]H] Sáy 2, otrzymamy podobne UyZQDQLH RNUHODMFH HQHUJL ]DDEVRUERZDQ SU]H] SáyW
qa 1 = .R
a1 E2 1− p
FRZ\ ELODQV HQHUJLL VWDQRZL FLHSáR X]\VNDQH SU]H] Sá\W
(10.26)
T
TD
TD
D (
S
D (
S
:\UD*HQLH ± S PR*QD ]DSLVDü Z SRVWDFL
S
D D
D D DD
3R MHJR SRGVWDZLHQLX GR UyZQDQLD RWU]\PXMHP\ T
D ( D D D D D (
:DUWRFL ( L ( ]DVW SXMHP\ RGSRZLHGQLPL Z\UD*HQLDPL ] SUDZD 6WHIDQD ±%ROW]PDQQD L RWU]\PXMHP\
T
7
7 DD &
D D DD
D D&
D D
7 7
& D D DD
L SR GDOV]\FK SU]HNV]WDáFHQLDFK PDP\ T
& D D
7
7
7 7
& H H WHP
6WUXPLH FLHSáD SU]HND]DQHJR RG Sá\W\ GR Sá\W\ R SRZLHU]FKQL $ Z\QRVL ]D
4
7 H ] $&
7
:
=DVW SF] ]GROQRü HPLVML XNáDGX GZyFK Sá\W UyZQROHJá\FK RSLVXMH UyZQDQLH H]
H H
:\PLDQDFLHSáDRGSRZLHU]FKQL ]DPNQL WHMSU]H]SRZLHU]FKQL : Z\QLNX SRGREQHM MDN SRSU]HGQLR DQDOL]\ UR]G] Z\PLDQ\ FLHSáD SU]H] SURPLHQLRZDQLH RG SRZLHU]FKQL $ RWRF]RQHM SU]H] SRZLHU]FKQL ]DPNQL W $ U\V RWU]\PXMH VL Z]yU &KULVWLDQVHQD 4
7 H ] $&
7
JG]LH ]DVW SF]D ]GROQRü HPLVML MHVW GDQD Z]RUHP H ]c
H
$ $
§ · ¨ H ¸ © ¹
5\V 6FKHPDW XNáDGX ] SRZLHU]FKQL $ ZHZQWU] SRZLHU]FKQL $
: SU]\SDGNX JG\ SRZLHU]FKQLD $ MHVW EDUG]R GX*D Z SRUyZQDQLX ] SRZLHU]FKQL $ ]DVW SF]D ]GROQRü HPLVML MHVW UyZQD ]GROQRFL HPLVML SRZLHU]FKQL $ WM H ] H
:\PLDQDFLHSáDPL G]\GZRPDSRZLHU]FKQLDPL GRZROQLHXVWDZLRQ\PL : SU]\SDGNX GZX SáDV]F]\]Q XVWDZLRQ\FK GRZROQLH Z]JO GHP VLHELH U\V PR*QD QD SRGVWDZLH SUDZD /DPEHUWD Z\SURZDG]Lü QDVW SXMFH UyZQDQLH 4
7 HH & $
7 M
JG]LH W]Z ZVSyáF]\QQLN NRQILJXUDFML RNUHOD UyZQDQLH M
FRV E FRV E G$ G$ U S $ $
$³ ³
3 3
-
$
-
5\V 6FKHPDW XNáDGX GZyFK SURVWRSDGá\FK SáDV]F]\]Q
:HGáXJ 0F$GDPVD L +RWWHOD GOD FLDQ RGELMDMF\FK SURPLHQLRZDQLH Z SU]H VWU]HQL ]DPNQL WHM UyZQDQLH WR PR*QD ]DSLVDü Z SRVWDFL 4
7 7 I & $
Z NWyU\P ZVSyáF]\QQLN NRQILJXUDFML RSLVXMH UyZQDQLH I
M
H
$ $
§ · ¨ H ¸ © ¹
:VSyáF]\QQLN I± XZ]JO GQLD Z W\P XM FLX NRQILJXUDFM SRZLHU]FKQL V]DU\FK $ L $ Z RGUy*QLHQLX RG ZVSyáF]\QQLND M NWyU\ RGQRVL VL GR SRZLHU]FKQL $ L $ GR VNRQDOH F]DUQ\FK -H*HOL SROD SRZLHU]FKQL V VRELH UyZQH WR $ $ L RWU]\PXMHP\ Z]yU MH*HOL ]D $ $ GOD M± WR GRFKRG]L VL GR Z]RUX &KULVWLDQVHQD
3URPLHQLRZDQLHJD]yZ (PLVMD L SRFKáDQLDQLH SURPLHQLRZDQLD SU]H] JD]\ PD FKDUDNWHU VHOHNW\ZQ\ :V]\VWNLH JD]\ MHGQRDWRPRZH L GZXDWRPRZH RSUyF] &2 L +&O V SUDZLH GRVNRQDOH SU]H(URF]\VWH ,FK ]GROQRü HPLVML L DEVRUSFML SURPLHQLRZDQLD MHVW ]QLNRPD *D]\ L SDU\ R QLHV\PHWU\F]QHM EXGRZLH F]VWHF]NL WDNLH MDN &2 +2 &2 1+ Z JORZRGRU\ L DONRKROH V QDWRPLDVW ]GROQH GR HPLWRZDQLD L DEVRUERZDQLD SURPLHQLRZDQLD 3RQLHZD* HQHUJLD JD]yZ MHVW ]ZL]DQD ] RVF\ODFMDPL EG( URWDFM F]VWHF]HN ZLHF PRJ E\ü HPL
WRZDQH OXE DEVRUERZDQH NZDQW\ SURPLHQLRZDQLD RGSRZLDGDMFH Uy*QLF\ HQHUJLL PL G]\ GR]ZRORQ\PL VWDQDPL 'OD SU]\NáDGX SDVPD SURPLHQLRZDQLD &2 RGSRZLDGDM QDVW SXMF\P ZDUWRFLRP GáXJRFL IDOL O Z P ± ± RUD] ± SRPLMDMF IDOH NUyWV]H ZLHWOQH GDMFH QLHZLHONLH LORFL HQHUJLL FLHSOQHM 3RGREQLH SURPLHQLRZDQLH SDU\ ZRGQHM VNáDGD VL ] SDVP R GáXJRFLDFK IDOL O Z P ± ± RUD] ± *D]\ WH V SURGXNWDPL VSDODQLD Z JOR ZRGRUyZ RUD] LQQ\FK FLDá VWDá\FK PLQ Z JOD ,VWRWQD Uy*QLFD SRPL G]\ SURPLHQLRZDQLHP JD]yZ L FLDá VWDá\FK SROHJD UyZQLH* QD W\P *H Z JD]DFK HPLVMD L SRFKáDQLDQLH SURPLHQLRZDQLD ]DFKRG] Z FDáHM REM WR FL : SU]\SDGNX ZL]NL SURPLHQLRZDQLD PRQRFKURPDW\F]QHJR R LQWHQV\ZQRFL ,O SU]HFKRG]FHJR SU]H] SáDVN ZDUVWZ JD]X JUXERFL V SRFKáDQLDQLH HQHUJLL QDVW SXMH ]JRGQLH ] ]DOH*QRFL G, O V
NO , O [ G[
Z NWyU\P ,O ± LQWHQV\ZQRü SURPLHQLRZDQLD Z RGOHJáRFL [ RG SRF]WNX ZDUVWZ\ NO ± ZVSyáF]\QQLN SRFKáDQLDQLD ]DOH*Q\ RG FLQLHQLD L WHPSHUDWXU\ JD]X 3R VFDáNRZDQLX UyZQDQLD Z JUDQLFDFK RG GR V RWU]\PXMP\
, O V ,O H[S NO V
RUD] Uy*QLF
,O
,OV
, O ¬ª H[S NO V º¼
VWDQRZLF HQHUJL ]DDEVRUERZDQ SU]H] ZDUVWZ JD]X :LHONRü Z QDZLDVLH NZDGUDWRZ\P R]QDF]D ZVSyáF]\QQLN DEVRUSFML SURPLHQLR ZDQLD JD]X =$J GOD GáXJRFL IDOL O NWyU\ ]JRGQLH ] SUDZHP .LUFKKRIID MHVW UyZQ\ HPL V\MQRFL HJO &DáNRZLWH ZDUWRFL W\FK ZVSyáF]\QQLNyZ RWU]\PXMH VL SU]H] LFK ]VXPR ZDQLH Z ]DNUHVLH GáXJRFL IDOL SDVPD SURPLHQLRZDQLD :LHONRFL HJO L =$J ]DOH* RG NV]WDáWX L Z\PLDUyZ ZDUVWZ\ JD]X 'OD FDáHJR ]DNUHVX SURPLHQLRZDQLD H I7 S V RGF]\WXMH VL ] RGSRZLHGQLFK Z\NUHVyZ U\V L :HGáXJ ZLHOX DXWRUyZ SUDF GRZLDGF]DOQ\FK HQHUJLD SURPLHQLRZDQLD JD]yZ QLH SRGOHJD SUDZX 6WHIDQD±%ROW]PDQQD 2WU]\PDQH ]DOH*QRFL PDM ]DWHP SRVWDü GOD &2 (&2
SV
§ 7 · ¨ ¸ © ¹
:P
GOD SDU\ +2 (+ 2
§ 7 · ¸ © ¹
S V ¨
:P
5\V =DOH*QRü FDáNRZLWHM HPLV\MQRFL H&2 RG WHPSHUDWXU\ 7 L LORF]\QX SV SRG FLQLHQLHP EDUD
5\V =DOH*QRü FDáNRZLWHM HPLV\MQRFL H+ 2 RG WHPSHUDWXU\ 7 L LORF]\QX SV SRG FLQLHQLHP EDUD
6WRVXMH VL UyZQLH* UyZQDQLH 6WHIDQD±%ROW]PDQQD (J
§ 7 · H J & ¨ ¸ © ¹
SR ZSURZDG]HQLX RGSRZLHGQLFK ZDUWRFL HPLV\MQRFL HJ GOD GDQHJR JD]X QS RGF]\ WDQ\FK ] Z\NUHVyZ U\V L 3U]HGVWDZLRQ\ Z\NUHV GOD SDU\ ZRGQHM ]DZLHUD SRSUDZQH ZDUWRFL GOD PDá\FK VW *H SDU\ : SU]\SDGNX Z\*V]\FK VW *H SDU\ ZRGQHM RGF]\WDQH ZDUWRFL HPLV\M QRFL HJ QDOH*\ VNRU\JRZDü SU]H] SRPQR*HQLH LFK SU]H] SRSUDZN E+2 ]DOH*Q RG SU *QRFL SDU\ RUD] LORF]\QX SU *QRFL SDU\ L JUXERFL ZDUVWZ\ RGF]\WDQ ] LQQHJR Z\NUHVX U\V
5\V =DOH*QRü SRSUDZNL E+ 2 RG FLQLHQLD
5\V =DOH*QRü SRSUDZNL E&2 RG FLQLHQLD
189
Podobnie dla CO2 QDOH*\ XZ]JO GQLü SRSUDZN βCO2 U\V Z ]DOH*QRFL RG FLQLHQLD FDáNRZLWHJR L LORF]\QX FLQLHQLD F]VWNRZHJR &22 L JUXERFL ZDUVWZ\ 8Z]JO GQLHQLH REHFQRFL FLDQ\ ELRUFHM XG]LDá Z Z\PLDQLH FLHSáD ]QDF]QLH XWUXGQLD ]DGDQLH 'OD REOLF]H WHFKQLF]Q\FK ]DOHFD VL ]DOH*QRü qg − s
4 Tg 4 Ts ′ = ε s C0 ε g − ag , 100 100
W/m 2
(10.46)
gdzie: qg–s – FLHSáR Z\PLHQLDQH PL G]\ JD]HP D FLDQ QD P2 powierzchni, Tg – temperatura gazu, Ts – WHPSHUDWXUD FLDQ\ ELRUFHM XG]LDá Z Z\PLDQLH FLeSáD ε s′ = (εs + 1)/2 jest efektywn ]GROQRFL HPLV\MQ FLDQ\ εs – WHRUHW\F]Q ]GROQRFL HPiV\MQ FLDQ\ εg – ]DVW SF] ]GROQRFL HPLV\MQ JD]X ] Z\NUHVyZ Z WHPSHUDWXU]H gazu, ag – ]DVW pF] ]GROQRFL DEVRUSF\MQ JD]X Z WHPSHUDWXU]H FLDQ\ : REOLF]HQLDFK WHFKQLF]Q\FK PR*QD SU]\Mü *H ag = εg Z WHPSHUDWXU]H FLDQ\ L RGF]\WDü MH ] Z\NUHVyZ
5\V =DOH*QRü SRSUDZNL ∆εg RG VWRVXQNX FLQLHQLD : SU]\SDGNX SURPLHQLRZDQLD PLHV]DQLQ\ JD]yZ HPLVMD SRV]F]HJyOQ\FK VNáDGQiNyZ QDNáDGD VL ]DVW SF] ]GROQRü HPLVML L DEVRUSFML RNUHOD VL ] QDVW SXMcych ]DOH*QRFL • dla temperatury gazu
ε g = β CO2 ε g (CO2 ) + β H2 O ε g (H2 O) − ∆ε g
(10.47)
• GOD WHPSHUDWXU\ FLDQ\ Tg ag = βCO2 ε g (CO2 ) Ts
0 ,65
Tg + β H 2 O ε g ( H2 O ) Ts
0 ,45
− ∆ε g
(10.48)
:DUWRFL SRSUDZHN ∆εg QDOH*\ RGF]\WDü ] RGSRZLHGQLFK Z\NUesów (rys. 10.16) w zaOH*QRFL RG WHPSHUDWXU\ gazu.
11. Obliczanie wymienników cieSáD .ODV\ILNDFMDZ\PLHQQLNyZFLHSáD
odzaje. a ! * lub zakrzywionej. Wymiana energii zachod kon *" # eniem.
$ yn ywa
" $ ddaje % # * regeneratory pieców Siemensa–Martina oraz niektóre generatory gazu.
( ktorem. & eszankowe). ' ( d ) $ * nienia. $ ) * o )u % * " " % a * " – mie
192
7\S\NRQVWUXNFMLZ\PLHQQLNyZFLHSáD
*
i * *
*ebrowana.
5\V 5R]ZL]DQLD NRQVWUXNF\MQH Z\PLHQQLNyZ FLHSáD D Z\PLHQQLN FLHSáD W\SX rura w rurze, b) wymienniki ] NU]\*RZ\P SU]HSá\ZHP Sá\QyZ F Z\PLHQQLN FLHSáD ZLHORUXUNRZ\ – GZXGUR*Q\
* • ików jest zgodny, • zgod
193
• * o urze, przedstawiony schematycznie na rys. 11.1a. Schemat wymienników z y* * ugim – * ! u * * u * urze. j iguracyjnego z dwu- lub wielo " *# $e rurek, drugi natomiast – o % * n
:DUXQNLSUDF\Z\PLHQQLNyZFLHSáD
& * e ' *
• • czynników jest zgodny, a zwrot przeciwny, •
o ! ( ) $* i * " (# * odsta * o a * b (rys. 11.3), czynnik b * * kocowej czynnika a + * * ûta(przeciwp.) ûta(wspólp.)
194
7
7
∆9
7 7
7
/
/
% $
∆9
7
%
$
$
%
$ %
5\V 6FKHPDW ZVSyáSUGRZHJR Z\PLHQQLND FLHSáD L UR]NáDGX WHPSHUDWXU\ Sá\QyZ
5\V 6FKHPDW SU]HFLZSUGRZHJR Z\PLHQQika FLHSáD L UR]NáDGX WHPSHUaWXU\ Sá\QyZ
, + * * * - ./0 i 700 °1 u
rnych kilkaset * mperatury topnienia. 2 * *
, o* iwego
p W = mc
(11.1)
$* * la
Q a −b = Wa (Ta 1 − Ta 2 ) = ±Wb (Tb 1 − Tb 2 )
(11.2)
3 – du. , "# Q a −b = m a c pa (Ta 1 − Ta 2 ) = ± m b c pb (Tb 1 − Tb 2 )
(11.3)
Wb T − Ta 2 = ± a1 Wa Tb 1 − Tb 2
(11.4)
4
195
UHGQLDUy*QLFDWHPSHUDWXU\ 3U]HFLZSUGRZ\LZVSyáSUGoZ\SU]HSá\ZSá\QyZ
5 y i k * 6 awie * onego stru , , Q = kAûT
* ∆T
(11.5)
e Q .
79
∆9
7
9
∆9
G9
9
7
G
9
[ 5\V 5R]NáDG Uy*QLF WHPSHUDWXU\ ZH ZVSyáSUGRZ\P ZyPLHQQLNX FLHSáD
$
7 9
/9
/9
%
9
/
%
9
∆9
9
∆9
∆9
∆9
G9
[ $/ 5\V 5R]NáDG Uy*QLF WHPSHUDWXU\ Z SU]HFLZSUGRZ\P ZyPLHQQLNX FLHSáD
196
' * * owierzchni i $ yparka, w ycona * 6 * ynów ∆T = Ta – Tb * / i 7 * e * $ * * ∆Tm anie Pecleta
Q = kAûTm
(11.6)
*
6 * dA aje w * dQa: dQ a = − m a c pa dTa
(11.7)
1 A, tzn. na drodze od przekroju 1 do przekroju 2 (rys. 11.5), wynosi
Ta 2
Q a = − m a
∫c
pa dTa
(11.8)
Ta 1
W równaniach tych mamy znak –
8 du. ! * ami:
• w odniesieniu do elementu powierzchni dA •
dQ a −b = kdAûT
(11.9)
Q a −b = A ( kûT )m
(11.10)
A
' "9# dA =
dQ a −b kûT
+ * * d Q a
(11.11) = dQ a −b oraz Q a = Q a −b .
Po podstawieniu wzoru (11.7) do (11.11), otrzymujemy dA = −
m a c pa dTa kûT
(11.12)
197
Ta 2
c pa dTa
∫
A = − m a
(11.13)
kûT
Ta 1
, * ":# Ta 2
Q a −b
=
− m a
c pa dTa
∫
kûT
Ta 1
( kûT )m
(11.14)
i porównaniu równania (11.14) z równaniem (11.8) otrzymujemy Ta 2
− m a
∫c
Ta 2 pa dTa
∫
= − m a
Ta 1
c pa dTa kûT
Ta 1
( kûT )m
(11.15)
Ta 2
( kûT )m
=T
∫c
pa dTa
Ta 1 a2
∫
Ta 1
(11.16) c pa dTa kûT
* * cp = const mamy: ( kûT )m
=
Ta 2 − Ta 1 Ta 2
∫
Ta 1
(11.17)
dTa kûT
dla k ; ûTm =
Ta 2 − Ta 1 Ta 2
∫
Ta 1
(11.18)
dTa ûT
$* * * k = const, to z równania (11.10) otrzymujemy równanie Pec-
leta w ogólnej postaci:
Q = kAûTm
(11.19)
4 * * o * ∆T = f (Ta# 3* $*
198
* * rzymujemy: ûTm =
∆T = aTa + b (tj. równanie y = ax + b), to po prze-
Ta 2 − Ta 1 Ta 2
∫
Ta 1
T − Ta 1 Ta 2 − Ta 1 aT − aTa 1 = T a2 = = a2 a2 1 aTa 2 + b ûT dTa dTa ln ln 2 a aT b ûT1 + a1 aTa + b ûT T
(11.20)
∫
a1
b i –b mamy ûTm =
ûT2 − ûT1
ln
ûT2
(11.21)
ûT
$ * * < * " Tb), jak np. podczas < e = wnaniem (11.6) lub (11.7). W s * "k∆T) zmienia * Ta lub Tb a ( kûT )m
=
( kûT )2 − ( kûT )1 ( kûT )2 ln ( kûT )1
1 k * ∆T
cjami temperatury czynnika a 5 1 ( kûT )m
=
k1 ûT2 − k2 ûT1 k1 ûT2 k2 ûT1
(11.22)
k(11.23)
1 * * etodami. 3UG\VNU]\*RZDQHLPLHV]DQH
6 y 3 * > * o ε. Poprawka ε ( ymiany *owego *
pokazano na rys. 11.7.
199
5\V :\PLHQQLN FLHSáD ] SU]HSá\ZHP NU]\*RZ\P %
∆9PD[
∆9$
∆9
%
∆9
∆9%
%
5\V 5R]NáDG Uy*QLF WHPSHUDWXU\ GOD ]DVW SF]HJR XNáDGX ] SU]HSá\ZHP NU]\*RZ\P
$* * * e ûTm′ = ε ûTm = ε
ûT2 − ûT1
ln
ûT2
(11.24)
ûT1
A=
Q kε ûTm
(11.25)
* * * * w ∆Tm. , * X i Z.
to poprawka ε
200
5\V =DOH*QRFL ε = f (X, Z GOD Uy*Q\FK przySDGNyZ SU]HSá\ZX NU]\*RZHJR ZHZQWU] rurek i prostopDGOH GR QLFK ZHGáXJ VFKHPDWX
5\V =DOH*QRFL ε = f (X, Z) GOD Uy*Q\FK SU]\SDGNyZ SU]eSá\ZX PLHV]DQHJR
Parametr X * owej czynnika b (ogrzanie czynnika b, ∆Tb# * eratury w ∆Tmax, parametr Z * i a " a, ∆Tb# * eratury ∆Tmax:
201
X=
Tbk − Tbp Tap − Tbp
Z=
Tap − Tak Tbk − Tbp
=
ûTb ûTmax
(11.26
ûTa ûTb
(11.27)
=
* ε = f (X, Z * o e !" # $
% lda (jedna rurka we
&
Hoblera [4].
2EOLF]HQLDZLHONRFLZ\PLHQQLND oparte na jego sprawQRFL
'" '"
$
$ Number of Transfer Units – ()* +* ,- ( i .
η /. 0 0 n
j & $& $
*
kowicie *
∆T = T – T w tym wymienniku max
η=
a1
b1
Q Q max
(11.28)
5\V 5R]NáDG WHPSHUDWXU\ GOD SU]HFLZSUGRZ\FK Z\PLHnniNyZ FLHSáD a) Wa > Wb, Wb = Wmin; b) Wb > Wa, Wa = Wmin
)
∆T *
o
*
& *
e
*& $ +
o*
W +* emax
min
202
& * W = W - &
enie *
b $ urze wlo a 1
.
b
min
Q max = Wmin (Tap − Tbp ) = Wmin ûTmax
(11.29)
Q = Wmax (Tap − Tak ) = Wmax ûTmin
(11.30)
oraz
η=
Wa (Tap − Tak )
Wb (Tbk − Tbp )max
=
Wmax (Tap − Tak )
(11.31)
Wmin (Tap − Tbp )
+
& - $&
*enie 0 η=
Wb (Tbk − Tbp )
Wa (Tap − Tak )max
=
Wmax (Tbk − Tbp )
(11.32)
Wmin (Tap − Tbp )
2
*
Q , * a 0& *
Q = ηWmin (Tap − Tbp )
(11.33)
+*
&
mamy:
Q = Wb (Tb 2 − Tb 1 ) = kA
(Ta 1 − Tb 1 ) − (Ta 2 − Tb 2 ) T −T ln a 1 b 1 Ta 2 − Tb 2
(11.34)
0
3
Z równania (11.33) otrzymujemy wy *
η=
* & * W = W b
Wb (Tb 2 − Tb 1 )
Wmin (Ta 2 − Tb 1 )
(11.35)
min
Ta 2 = Tb 1 +
T
b2,
to
1 (Tb 2 − Tb1 ) η
(11.36)
203
Ta 2 − Tb 2 = Tb 1 − Tb 2 +
2
*
1 1 (Tb 2 − Tb 1 ) = − 1 (Tb 2 − Tb 1 ) η η
Wb Ta 2 − Ta 1 = Wa Tb 2 − Tb 1
(11.37)
(11.38)
Ta 1 = Ta 2 −
Wmin (Tb 2 − Tb 1 ) Wmax
(11.39)
oraz Ta 1 − Tb 1 = Ta 2 − Tb 1 −
1
,4 * 0 Ta 2 − Tb 1 =
!-3 Ta 1 − Tb 1 =
Wmin (Tb 2 − Tb 1 ) Wmax
1 (Tb 2 − Tb 1 ) η
(11.40)
(11.41)
1 W 1 W (Tb 2 − Tb 1 ) − min (Tb 2 − Tb 1 ) = − min (Tb 2 − Tb 1 ) (11.42) η Wmax η Wmax
* ,5) i (11.42) podstawiamy do równania (11.34) 1 Wmin − η Wmax kA = ln 1 Wmin −1 η
Wmin 1 − Wmax
(11.43)
2 $ ceniu otrzymamy ostatecznie kA Wmin 1 − exp − 1 − Wmin Wmax η= kA Wmin W 1 − min exp − 1 − Wmax Wmin Wmax
(11.44)
*
kA/W $ ()* 6 W /W oznaczymy jako R i dla przeciwpr
3 min
min
max
204
ηp =
1 − e−
NTU (1− R )
1 − Re−
(11.45)
NTU (1− R )
7
$
'& '" *
ηw =
( 1− e 1+ R
− NTU 1+ R )
(11.46)
* (0
* a
5R]NáDGWHPSHUDWXU\Sá\QyZLFLDQ\ 7HPSHUDWXUDSá\QyZ
#
* ienniku
$
*
& o
+ ,& T = f (A) lub T = f (L), gdzie A
& L y
* od stosu *
m ! *
$
(z
otoczenia, dQ = dQ = dQ) w przeciwprdowym i +* 8& dla * 0 *
$ h
*
dA): a
b
dQ = − m a c pa dTa
(11.47)
dQ = − m b c pb dTb
(11.48)
dQ = −Wa dTa
(11.49)
dQ = −Wb dTb
(11.50)
2
.
*
t-
szej postaci:
*
*
3
i otrzymam
205
dTa = −
dQ Wa
(11.51)
dTb = −
dQ Wb
(11.52)
2 *
z
*
3 ∆T = T – T
a
b
d ( ûT ) = dTa − dTb
(11.53)
1 1 d (ûT ) = − dQ − Wa Wb
(11.54)
dQ = kdA∆T
(11.55)
1 1 d ( ûT ) = − kdAûT − Wa Wb
(11.56)
8 8'
2
*
2 otrzymujemy
d (ûT )
ûT
1 1 = −k − Wa Wb
dA
9
A & * k = const)
1
ln
ûT2 ûT1
= 0 do A2 oraz od ∆T1 do ∆T2
= − kA2 − Wa Wb
(11.57)
1 1 − kA2 − Wa Wb
(11.58) + *
. *
&
e *
: '" ûT2 = ûT1
206
ûT2 = ûT1 H− kA /W 2
(11.59)
z
+* $ *
ynów w dowolnym prze
x & * $ 0 ∆T
1
ûTx = ûT1H− kA /W x
(11.60)
z
# 0 *
y* *
*
$0 t
7 & W < W , mamy zatem: 1
* W > W , to 1
2
1 1 1 = − Wz W1 W2
(11.61)
1 1 1 = − Wz W2 W1
(11.62)
2
& w
Dla * przeciwne znaki (równania (11.47)–(11.52)); dTb * y * 1 1 1 = + Wz W1 W2
(11.63)
Wz = W1
(11.64)
Wz = W2
(11.65)
+*
& podczas skrapla
$
& & * o 0
* W = ∞ *
prze
w skraplac
We wzorach Hudlera (11.59)–(11.60) ∆T * 0
& &
kszej *
mperatury. 1 * $ 0
* 1
& * * & T #$ 1
najpierw ∆T2:
b1
207
ûT2 = Ta 2 − Tb 2
(11.66)
Tb 2 = Ta 2 − ûT2
(11.67)
T
b2
Po wyeliminowaniu temperatury na podstawie równania bilansu cieplnego (11.2) mamy: Ta 1 − Ta 2 =
Wb (Tb 1 − Tb 2 ) Wa
(11.68)
Ta 2 = Ta 1 −
Wb (Tb 1 − Tb 2 ) Wa
(11.69)
Wb W Tb 1 + b Tb 2 − ûT2 Wa Wa
(11.70)
45
Po podstawieniu tego wy *
Tb 2 = Ta 1 −
Wb Tb 1 Wa Wb 1 − W a
Ta 1 − Tb 2 =
− ûT2
(11.71)
2
* *
∆T * 0 * ∆T & * 0 . 2
1
otrzy
Tb 2 = f
(ûT1 Ta 1 Tb 1 )
(11.72)
2$
* 0 T lub T w dowolnym przekroju wy * 0
∆T &
0 o b
a
miennika: Tb = f (∆T1, Ta1, Tb1 w
Wa (Ta 1 − Ta ) = ±Wb (Tb 1 − Tb )
(11.73)
1 & du. (
5 * 0 * i
208
11.6.2. TemperatuUDFLDQNL
#
$o 2& *
a czynnik b
Q = α a A (Ta − Tsa )
(11.74)
Q = α b A (Tsb − Tb )
(11.75)
Q = kA∆T
(11.76)
$
2
Tsa = Ta −
k ∆T αa
(11.77)
Tsb = Tb +
k ∆T αb
(11.78)
oraz
+* & * T
sa
≅ Tsb ≅Ts
&
Ta − Ts α b = Ts − Tb α a
Ts =
α a Ta + α b Tb αa + αb
(11.79)
(11.80)
) T *
$
*0&
ego. s
11.:VND]yZNLGRSURMHNWRZDQLDZ\PLHQQLNyZFLHSáD
2
$0
$
any &
*
$ o #$
3 2 $
$
* 0 ariantów.
209
;
$
$ 8& 3 T > T , T > T )
1.1. skupienia (w przeci opisuje znane nam równanie
a1
a2
Q = m a c pa (Ta 1 − Ta 2 ) = m b c pb (Tb 1 − Tb 2 )
b1
b2
(11.81)
& 0 a
emperatury. 1.2. Gdy po jednej stronie wymiennika zachodzi zmiana stanu skupienia czynni& T > T ) lub w wyparce ogrzewanej spa & $ 0 w którym indeksy a i b
b2
b1
Q = m a ra = m b c pb (Tb 2 − Tb 1 )
(11.82)
Q = m a ra = m b rb
(11.83)
, +* i zmiana stanu skupienia zachodzi po obu stronach, np. w wyparce & ! &
o
&
a
&
$ & *3 T > T , T > T , i > i ) przyjmuje po0 a1
a2
b2
b1
a1
a2
Q = m i c pi (Ti 1 − Ti 2 ) + m i ( xa 1 ia 1 − xa 2 ia 2 ) − Kik = m b c pb (Tb 2 − Tb 1 ) (11.84)
0
* & i& +<& ' #
*
( =
*
( & gdy ∆T /∆T < 2, stosu
&
a & $ > :$ era [4]: $ 0 ? * pr0 $
& $ 0
& $ & *0
*
& $ & W przypadku wyparki n * 0& $ *
q, W/m ,
q . !
2 +* e$
* & * $ oblic
2 & * 0
e
,- <&
&8 < @ * & gdzie xa suchego, K, kg/s, masowy stru
1
2
2
kr
210
$
y * *
nstrukcyjnego wymiennika. 8
$
( e* 0& ,-A& 0 $ $
e
& ymiennik & * $
o 0 11.8. Obliczanie wymienników dla wybranych SU]\SDGNyZQLHXVWDORQHMZ\PLDQ\FLHSáD W praktyc
e&
* po
0 $
$
$ $
2JU]HZDQLHFKáRG]HQLH FLHF]\SU]H]FLDQ ]ELRUQLND ZVWDáHMWHmSHUDWXU]HF]\QQLNDJU]HMQHJRFKáRG]FHJR
;
$
* 0
w dwóch pod
dQ = kA (Ta − T ) dτ
(11.85)
dQ = mb c pb dT
(11.86)
oraz
9
8 0
&
9
4
dτ od czynnika a Ta do cieczy b w zmiennej temperaturze T. Gdy Ta < T
lpii b cieczy b o masie mb w tym samym czasie dτ. Po przyrównaniu prawych stron obu
kA (Ta − T ) dτ = mb c pb dT
(11.87)
A dT dτ = mb c pb k (Ta − T )
(11.88)
zy
211
τ po Tp Tk po prawej stronie
lewej stronie oraz od temperatury
Tk
τA dT =∫ mb c pb T k (Ta − T ) p
(11.89)
* a !" * o* # !" * a k. $ * " % Ta ≅ const; k ≅ const i Tk
τA 1 dT 1 T − Tk = = − ln a mb c pb k T Ta − T k Ta − Tp p
∫
(11.90)
& a * k jest zmienny, jak np. podczas ' ( anie
(
o * % 1 1 s 1 = + + k α a λ αb
(11.91)
wieniu równa !" !"
Tk
Tk
Tk
τA dT sdT dT = + + mb c pb T α a (Ta − T ) T λ (Ta − T ) T α b (Ta − T ) p p p
∫
∫
∫
(11.92)
)
*
e Sp * * rozdz. 11.6): Ts ≈
α a Ta + α b T α a + αb
(11.93)
212
ûTa = Ts − Ta =
α a Ta + α b T T − Ta − Ta = αa α a + αb +1 αb
(11.94)
oraz ûTb = T − Ts = T −
α a Ta + α b T T − Ta = α α a + αb 1+ b αa
(11.95)
+ * x = αb/αa i otrzymujemy: ûTa = x
T − Ta x +1
(11.96)
oraz ûTb =
T − Ta x +1
(11.97)
( e stronach w warunkach konwekcji naturalnej. Dla o i-
* * * α a = LûTa m
(11.98)
α b = NûTbn
(11.99)
oraz
+ !," !-" y
T − Ta α a = Lx x +1 m
m
(11.100)
oraz T − Ta αb = N x +1
n
(11.101)
+ * * * a * !&"%
Zmienna x (x = αb/αa)
213 Tk
Tk
m
dT dT x +1 1 = α (Ta − T ) Tp x L (T − Ta )m (Ta − T ) Tp a
∫
∫
Tk
dT x +1 1 = − = x L Tp (T − Ta )m +1 m
∫
(11.102)
1 1 x +1 1 = − m m x Lm (Tk − Ta ) (Tp − Ta )
m
Tk
sdT s T − Tk = − ln a λ Ta − Tp − T) a
∫ λ (T
Tp
(11.103)
Tk ( x + 1) ( x + 1) dT dT = = − N α (Ta − T ) Tp N (T − Ta )n (Ta − T ) Tp b Tk
∫
n
∫
=
( x + 1)n nN
n Tk
1 1 − n (Tk − Ta ) (Tp − Ta )n
dT
∫ (T − T )
n +1
Tp
=
a
(11.104)
.* * Tp – Ta) = Θp oraz (Tk – Ta) = Θk !&"
% 1 1+ x τA = mb c pb Lm x
m
1 1 m − m Θp Θk
s Θ k (1 + x ) + − ln nN λ Θ p
n
1 1 n − n Θp Θk
P my wówczas oznaczenia: (Ta – Tp) = Θp oraz (Ta – Tk) = Θk.
(11.105)
/ e-
&KáRG]HQLH FLHF]\ Z ]ELRUQLNX QD ZROQ\P SRZLHWU]X
* owietrzu (rys. 11.11). Temperatura powie Ta = const, a temperatura cieczy w ( * opis* ! " !!" ( * m przy * 01 02 .* * * d m = n" 3" * * ostaci
214
1 x + 1 m ( x + 1)m τA = + mb c pb Lm x mN
1 1 − m m Θ k Θp
s Θk − ln λ Θp
(11.106)
+ * ' * x=
α b NûTb m ûTa = = α a LûTa m ûTb
N ûTa = L ûTb
m +1
(11.107)
= x m +1
(11.108)
5\V 6]NLF ]ELRUQLND ] JRUF\P Sá\QHP RGGDMF\P FLHSáR GR SRZLHWU]D
4 * ," * *
nawiasie kwadratowym równania
m ( x + 1) ( x + 1) N 1 x +1 + = + 1 = m Lm x mN mN Lx m
( x + 1) m x m +1 ( x + 1) = + 1 = mN x m mN
m
( x + 1) =
( x + 1)
m +1
(11.109)
mN
* cowy ( x + 1) τA = mb c pb mN
m +1
1 1 m − m Θp Θk
s Θk − ln λ Θp
(11.110)
5 * * edbany. 11. 2JU]HZDQLH ]ELRUQLND ] FLHF] ]D SRPRF SDU\ QDV\FRQHM
+ Ta = const, temperatura cieczy w zbiorniku wzrasta natomiast w ( i αa
215
αb * m-
peratury: αa = f (∆Ta) oraz αb = f (∆Tb). . m i n * 6 m = –1/4, dla konwe n 7 01 * y* 3"
* x e * * * αa >> αb x = αb/αa ≅ 0. Dla skraplania wiel * L 4, co dla m = –1/4 daje: m
1 x +1 4 x =− Lm x L x +1
0 ,25
→0
6 3" * * * przy* * Aτ 1 1 1 s Θk = n − n − ln mb c pb nN Θ k Θ p λ Θ p
(11.111)
5 * * * * –20% [4]. 2JU]HZDQLHR]L ELDQLH FLHF]\PHGLXPJU]HMQ\P FKáRG]F\P Z]PLHQQHMWHmperaturze
* &" j z * Ta1 = const, Ta2). Bilans cieplny takiego procesu opiszemy za po a % • dQ = mb c pb dTb
(11.112)
dQ = m a c pa (Ta 1 − Ta ) dτ
(11.113)
dQ = kAûTdτ
(11.114)
• dla p • Tbp, pod * Tbk # ym momencie jest * %
• na wlocie cieczy grzejnej ∆T1 = Ta1 – Tb, • ∆T2 = Ta – Tb.
216
* ûT1 − ûT2 (Ta 1 − Tb ) − (Ta − Tb ) T 1 − Ta ûT = = = a ûT T −T (Ta 1 − Tb ) ln 1 ln a 1 b ln ûT2 Ta − Tb (Ta − Tb )
(11.115)
5\V 0LHV]DOQLN ] FKáRG]RQ\P Sá\QHP R VWDáHM temperaturze na wlocie Po podstawieniu do równania (11.114) i przyrównaniu go do równania (11.113) otrzymujemy: m a c pa (Ta 1 − Ta ) dτ = kA
Ta 1 − Ta dτ Ta 1 − Tb ln Ta − Tb
(11.116)
Ta 1 − Tb kA = Ta − Tb m a c pa
(11.117)
Ta 1 − Tb = e ka/ma c pa Ta − Tb
(11.118)
ln
oraz
co daje Ta = Tb +
Ta 1 − Tb e ka/ma c pa
(11.119)
217
Przyjmijmy oznaczenie K = e ka/ma c pa grzejnej na wylocie zapiszmy w postaci
Ta = Tb + Po podstawieniu tej zal*
&"
Ta 1 − Tb K
1" wnaniu
T − T mb c pb dTb = m a c pa Ta 1 − Tb + a 1 b dτ = K = m a c pa
K −1 1 (Ta 1 − Tb ) 1 − K dτ = m a c pa K (Ta 1 − Tb ) dτ
(11.120) do równania
(11.121)
Rozdzielenie zmien τ mb c pb K −1 dτ = K 0 m a c pa
∫
Tbk
dTb a 1 − Tb
∫T
Tbp
(11.122)
+ mb c pb Ta 1 − Tbk K −1 τ ln =− ma c pa Ta 1 − Tbp K
(11.123)
gdzie: Ta1 – Tbp = ∆T1p tku procesu, Ta1 – Tbk = ∆T1k – spadkiem temperatury na wlocie cieczy grzejnej na kocu procesu.
8
(τ 7 "
* * &" awieniu Tbp lub Tbk za Tb: Tap = Tbp +
Ta 1 − Tbp K
(11.124)
oraz Tak = Tbk +
Ta 1 − Tbk K
(11.125)
( * zczem zastosujemy * n &1" ' % Tbp – Ta1 = = ∆T1p oraz na
esu Tbk – Ta1 = = ∆T1k.
218
2JU]HZDQLHR]L ELDQLH FLHF]\]DSRPRF]HZQ WU]QHJR wyPLHQQLNDFLHSáDRVWDáHMWHPSHUDWXU]HPHGLXP
*G\ ]ELRUQLN PD GX* SRMHPQRü OXE JG\ Z\PLDQD FLHSáD SU]H] FLDQN MHVW XWUXGQLRQD D Z *RZQLFD QLewskazana, ]DOHFD VL VWRVRZDQLH GRGDWNRZHJR Z\PLHnQLND FLHSáD 'R UR]ZD*D SU]\MPLMP\ UR]ZL]DQLH SU]HGVWDZLRQH QD U\V Z NWyU\P FLHF] QDOH*\ RJU]Dü GR WHPSHUDWXU\ Tbk Z ]HZQ WU]Q\P Z\PLHnQLNX FLHSáD ]D SRPRF QDV\FRQHM SDU\ ZRGQHM R WHPSHUDWXU]H Ta1 0DVRZH QDW *HQLH SU]HSá\ZX cieczy w wymienniku jest równe m b = const. 3U]\MPXMH VL *H WHPSHUDWXUD Z SU]estrzeni zbiornika jest zmienna, ale wyrównana, równa temperaturze cieczy obiegowej na wlocie do wymiennika Tb. Temperatura cieczy na wylocie z wymiennika Tb′ jest WDN*H ]PLHQQD DOH Z\*V]D RG WHPSHUDWXU\ Tb.
Rys. 11.13. Schemat instalacji do ogrzewania mieszalnika za pomoF RVREQHJR Z\PLHQQLND FLHSáD
%LODQV FLHSOQ\ WDNLHJR SURFHVX RSLV]HP\ ]D SRPRF QDVW SXMcycK UyZQD
• dla cieczy w zbiorniku
dQ = mb c pb dTb
(11.126)
• GOD FLHF]\ Z Z\PLHQQLNX FLHSáD dQ = m b c pb (Tb′ − Tb ) dτ
(11.127)
dQ = kAûTdτ
(11.128)
• GOD SU]HQLNDQLD FLHSáD UHGQLD WHPSHUDWXUD FLHF]\ Z ]ELRUQLNX QD SRF]WNX Srocesu jest równa Tbp, pod NRQLHF RJU]HZDQLD PD ZDUWRü Tbk 6Lá QDS GRZ SURFHVX Z GDQ\P PRPHQFLH MHVW
ró*nica temperatury:
219
• na wlocie cieczy do wymiennika ∆T1 = Ta1 – Tb • na wylocie z wymiennika ∆T2 = Ta1 – Tb′ * temperatury wynosi zatem ûT =
ûT1 − ûT2
ln
ûT1
=
ûT2
(Ta 1 − Tb ) − (Ta 1 − Tb′ ) Tb′ − Tb = T −T (Ta 1 − Tb ) ln a 1 b ln Ta 1 − Tb′ (Ta 1 − Tb′ )
(11.129)
+ & " do równania (11.127) m b c pb (Tb′ − Tb ) dτ = kA
Tb′ − Tb dτ Ta 1 − Tb ln Ta 1 − Tb′
(11.130)
ln
Ta 1 − Tb kA = Ta 1 − Tb′ m b c pb
(11.131)
Ta 1 − Tb Ta 1 − Tb '
=e
kA m b c pb
(11.132)
co daje Tb′ = Ta 1 −
.* *
K = eka wylocie zapiszemy w postaci
/ m b c pb
,
Ta 1 − Tb e
ka / m b c pb
(11.133)
Tb′ = Ta 1 −
Ta 1 − Tb K
(11.134)
+ * &-" &,"
220
T 1 − Tb mb c pb dTb = m b c pb Ta 1 − a − Tb dτ K 1 = m b c pb (Ta 1 − Tb ) 1 − dτ K = m b c pb
(11.135)
K −1 (Ta 1 − Tb ) dτ K
Rozdzielenie zmiennych τ
K −1 m dτ = b K 0 m b
∫
Tbk
dTb a 1 − Tb
∫T
Tbp
(11.136)
mb Ta 1 − Tbk K −1 τ = − ln mb Ta 1 − Tbp K
(11.137)
gdzie: Ta1 – Tbp = ∆T1p jest spadkiem temperatury na wlocie cieczy do wymiennika na Ta1 – Tbk = ∆T1k jest spadkiem temperatury na wlocie cieczy przy
8 Tb′ τ = 0) i
τ" * * 12" eniu za Tb Tbp lub Tbk Tbp′ = Ta 1 −
Ta 1 − Tbp K
(11.138)
oraz Tbk′ = Ta 1 −
Ta 1 − Tbk K
(11.139)
W przypadku ch Ta1 wzór jest identyczny z 1-" ymiennika: na po Tbp – Ta1 = = ∆T1p
Tbk – Ta1 = ∆T1k.
11.9. Obliczanie regeneratRUyZFLHSáD * adowego, tzn. energii cieplnej gazów odlotowych (np. spalin). Regeneracyjne podgrze-
;
221
( z ( * * 9 < =&> ? o ( * x" o * λ, a – * 9 * * * r * Hausen [2] wypro * % • dla gazów
α Aj ∂Tg (Ts − Tg ) = ∂x τ m g c pg
(11.140)
α Aj ∂Ts (Tg − Ts ) = C ∂τ x
(11.141)
•
gdzie: Ts, Tg – Aj – y m g – masowy gazów, cpg – inieniem, C – * $ i * (w * eneratora pochodne temperatury x a 5 : czynnik ogrze ? 9 *
* % • τA Q = α A A (Ts − TgA )m τ A
(11.142)
• τB Q = α B A (TgB − Ts )m τ B
(11.143)
gdzie Q * .0
+ 2&" 21" ró* Q=
1 A (TgB − TgA )m 1 1 + α Aτ A α B τ B
(11.144)
222
+ + * * ania
% 1 1 1 = + k α Aτ A α Bτ B
(11.145)
22" * Q = kA (TgB − TgA )m = kAûTm
gdzie ∆Tm = (∆T1+∆T2"0& wylocie z regeneratora.
(11.146)
*
11.10. Wybór typu konstrukcji przeponowego wymiennika FLHSáD + * zarówno wiedzy merytorycznej po ? o* kcyjnych, jak i omii * * a + typ konstrukcji * * * + rodzajem konstrukcyjnym jest tzw. wymiennik wielorurkowy. Do tej grupy wymien-
* * t " @ i 9 * ** aniem rur od i A # 6 * wymienniki z grafitu impregnowa * towe, zbudowane z pakietów blach metalo # e + * adzona w kolektorach: wlotowym i wylotowym. Na rynku jest oferowanych wiele * *nicowanych cenach.
@ * A * zty inwestycyjne.
223
+ * @ * ** )
- d 6 * * umieni oraz ( * o 9 ymienni j rur, S = L/d [4]. Kolejne za elementów aparatury.
2]QDF]HQLD $ D E & & & & F G ( J K ,O N / P P P ?? 1 1 3 4 I
S
"
T S S 5 5 5 U U 6 V 7 8 9
± ± ± ± ± ± ± ± ± ± ± ± ± ± ± ± ± ± ± ± ± ± ± ± ±
± ± ± ± ± ± ± ± ± ±
SROH SU]HNURMX SRZLHU]FKQLD P G\IX]\MQRü FLHSOQD P ÂV V]HURNRü P VWDáD SURPLHQLRZDQLD GOD FLDáD V]DUHJR :ÂP Â. VWDáD SURPLHQLRZDQLD GOD FLDáD GRVNRQDOH F]DUQHJR :ÂP Â. ]DVW SF]D VWDáD SURPLHQLRZDQLD GOD XNáDGX SRZLHU]FKQL L :ÂP Â. ZVSyáF]\QQLN WDUFLD FLHSáR ZáDFLZH SRG VWDá\P FLQLHQLHP -ÂNJÂ. UHGQLFD P ]GROQRü SURPLHQLRZDQLD FLDáD :ÂP SU]\VSLHV]HQLH ]LHPVNLH PÂV Z\VRNRü P LQWHQV\ZQRü SURPLHQLRZDQLD PRQRFKURPDW\F]QHJR :ÂP ZVSyáF]\QQLN SU]HQLNDQLD FLHSáD :ÂP Â. GáXJRü P PDVD NJ VWUXPLH PDV\ NJÂV J VWRü VWUXPLHQLD PDV\ NJÂP ÂV OLF]ED F]VWHF]HN SU]HFKRG]FD Z FLJX V ] SRZLHU]FKQL FP VWDáD $YRJDGUD 1 Â PRO FLQLHQLH 3D HQHUJLD FLHSOQD VWUXPLH HQHUJLL FLHSOQHM : J VWRü VWUXPLHQLD FLHSáD :ÂP SU *QRü SDUFMDOQD 3D SU *QRü SDU\ QDV\FRQHM 3D RSyU FLHSOQ\ .Â: PDVD UR]WZRUX NJ XQLZHUVDOQD VWDáD JD]RZD 5 -ÂPROÂ. FLHSáR SDURZDQLD -ÂNJ SURPLH UXU\ P PDVD VXURZFD NJ JUXERü ZDUVWZ\ P WHPSHUDWXUD . REZyG P PDVD ID]\ SDURZHM NJ
'
± : ± Z ± [ \ ] ± ± D ± E ± H ± H ± H ± K ± K 4 ± ± ± O ± O O ± ± Q ± U ± V ± W ± W ± M ± * ]
REM WRFLRZ\ VWUXPLH Sá\QX PÂV UyZQRZD*QLN ZRGQ\ Sá\QX :Â. OLQLRZD SU GNRü SU]HSá\ZX PÂV ZVSyáU] GQH SURVWRNWQH P ZVSyáF]\QQLN ZQLNDQLD FLHSáD :ÂP Â. ZVSyáF]\QQLN UR]V]HU]DOQRFL REM WRFLRZHM . Z]JO GQD ]GROQRü HPLV\MQD ZVSyáF]\QQLN SRSUDZNRZ\ QD SU]HSá\Z PLHV]DQ\ ]DVW SF]D Z]JO GQD ]GROQRü HPLV\MQD G\QDPLF]Q\ ZVSyáF]\QQLN OHSNRFL 3DÂV G]LHOQRü L]RODFML NW ]ZLO*DQLD UDG ]DVW SF]\ Z\PLDU SRSU]HF]Q\ P ZVSyáF]\QQLN SU]HZRG]HQLD FLHSáD :ÂPÂ. GáXJRü IDOL HOHNWURPDJQHW\F]QHM 2P ZVSyáF]\QQLN RSRUX SU]HSá\ZX NLQHPDW\F]Q\ ZVSyáF]\QQLN OHSNRFL P ÂV J VWRü NJÂP QDSL FLH SRZLHU]FKQLRZH 1ÂP F]DV V QDSU *HQLH VW\F]QH 1ÂP ZVSyáF]\QQLN NRQILJXUDFML VWUXPLH PDV\ RGQLHVLRQ\ GR MHGQRVWNL GáXJRFL NJÂPÂV
0RGXá\SRGRELHVWZD %L )R *D *U *] 1X 3H 3U 5D 5H 5H 6 6W M
]
+
± ± ± ± ± ± ± ± ± ± ± ± ± ±
OLF]ED %LRWD DVO OLF]ED )RXULHUD DWV OLF]ED *DOLOHXV]D JGU K OLF]ED *UDVKRID JGU E7K 5 O / OLF]ED *UDHW]D PF OLF]ED 1XVVHOWD DGO OLF]ED 3HFOHWD 5H3U OLF]ED 3UDQGWOD KF O OLF]ED 5D\OHLJKD *U3U OLF]ED 5H\QROGVD ZGUK OLF]ED 5H\QROGVD GOD JUDZLWDF\MQHJR VSá\ZX SR FLDQLH * K OLF]ED 6WURXKDOD ZW/ OLF]ED 6WDQWRQD 1X5H3U F]\QQLN &ROEXUQD GOD Z\PLDQ\ FLHSáD 6W3U S
3LPLHQQLFWZRF\WRZDQH Z\GDQLH F]ZDUWH :17 :DUV]DZD 2ILF :\G 3:U :URFáDZ $ 2ILF :\G 3:U :URFáDZ >@ 6 7 Z\GDQLH F]ZDUWH :17 :DUV]DZD >@ + = 0 6 6 & = 5 * >@ . :17 :DUV]DZD - 3:1 :DUV]DZD >@ 0 % 3:1 :DUV]DZD >@ 6 $ :LOH\ 1HZ @ % 69 0F*UDZ+LOO 1HZ @ 3 :+ 6HFRQG (GLWLRQ 0F*UDZ+LOO 1HZ @ 0 $ )3 ' : '3 6HFRQG (GLWLRQ :LOH\ 1HZ @ , V -5 : &( : 5( 5 */ >@ : )RXUWK (GLWLRQ :LOH\ 1HZ @ % $ ! " :17 :DUV]DZD >@ . + # 6DXHUODHQGHU $* $DUDX 6FKZHL] >@ % >@ :
6 76 :
>@ .
(