Optimization of the ITO frontal electrodes for flexible CdTe thin film solar cells
The optimization of the ITO frontal electrodes for flexible solar сells on CdTe base was carried out by annealing in air at 430℃. It has been shown, that for "superstrate" ITO/CdS/CdTe/Cu/Au solar cells, the preliminary annealing of ITO films provides the efficiency increase from 8.5 % up...
Gespeichert in:
Datum: | 2006 |
---|---|
1. Verfasser: | |
Format: | Artikel |
Sprache: | English |
Veröffentlicht: |
НТК «Інститут монокристалів» НАН України
2006
|
Schriftenreihe: | Functional Materials |
Online Zugang: | http://dspace.nbuv.gov.ua/handle/123456789/139934 |
Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
Назва журналу: | Digital Library of Periodicals of National Academy of Sciences of Ukraine |
Zitieren: | Optimization of the ITO frontal electrodes for flexible CdTe thin film solar cells / G.S. Khrypunov // Functional Materials. — 2006. — Т. 13, № 1. — С. 113-118. — Бібліогр.: 14 назв. — англ. |
Institution
Digital Library of Periodicals of National Academy of Sciences of Ukraineid |
irk-123456789-139934 |
---|---|
record_format |
dspace |
spelling |
irk-123456789-1399342018-06-22T03:05:24Z Optimization of the ITO frontal electrodes for flexible CdTe thin film solar cells Khrypunov, G.S. The optimization of the ITO frontal electrodes for flexible solar сells on CdTe base was carried out by annealing in air at 430℃. It has been shown, that for "superstrate" ITO/CdS/CdTe/Cu/Au solar cells, the preliminary annealing of ITO films provides the efficiency increase from 8.5 % up to 11.3 %, while for NaCl/ITO/CdS/CdTe/Cu/Au "substrate" solar cells, from 2.2 % up to 7.8 %. Шляхом вiдпалу на повiтрi при температурi 430℃ виконано оптимiзацiю фронтального електроду ITO для гнучких плiвкових сонячних елементiв на основi телуриду кадмiю. Показано, що для сонячних елементiв ITO/CdS/CdTe/Cu/Au (типу "superstrate") попереднiй вiдпал шарiв ITO забезпечує зростання ефективностi вiд 8.5 % до 11.3 %, для сонячних елементiв NaCl/ITO/CdS/CdTe/Cu/Au (типу "substrate") вiд 2.2 % до 7.8 %. Путем отжига на воздухе при температуре 430℃ проведена оптимизация фронтальных электродов ITO для гибких солнечных элементов на основе теллурида кадмия. Показано, что для солнечных элементов ITO/CdS/CdTe/Cu/Au (типа "superstrate") предварительный отжиг слоев ITO обеспечивает рост эффективности от 8,5 % до 11,3 %, а для солнечных элементов NaCl/ITO/CdS/CdTe/Cu/Au (типа "substrate") от 2,2 % до 7,8 %. 2006 Article Optimization of the ITO frontal electrodes for flexible CdTe thin film solar cells / G.S. Khrypunov // Functional Materials. — 2006. — Т. 13, № 1. — С. 113-118. — Бібліогр.: 14 назв. — англ. 1027-5495 http://dspace.nbuv.gov.ua/handle/123456789/139934 en Functional Materials НТК «Інститут монокристалів» НАН України |
institution |
Digital Library of Periodicals of National Academy of Sciences of Ukraine |
collection |
DSpace DC |
language |
English |
description |
The optimization of the ITO frontal electrodes for flexible solar сells on CdTe base was carried out by annealing in air at 430℃. It has been shown, that for "superstrate" ITO/CdS/CdTe/Cu/Au solar cells, the preliminary annealing of ITO films provides the efficiency increase from 8.5 % up to 11.3 %, while for NaCl/ITO/CdS/CdTe/Cu/Au "substrate" solar cells, from 2.2 % up to 7.8 %. |
format |
Article |
author |
Khrypunov, G.S. |
spellingShingle |
Khrypunov, G.S. Optimization of the ITO frontal electrodes for flexible CdTe thin film solar cells Functional Materials |
author_facet |
Khrypunov, G.S. |
author_sort |
Khrypunov, G.S. |
title |
Optimization of the ITO frontal electrodes for flexible CdTe thin film solar cells |
title_short |
Optimization of the ITO frontal electrodes for flexible CdTe thin film solar cells |
title_full |
Optimization of the ITO frontal electrodes for flexible CdTe thin film solar cells |
title_fullStr |
Optimization of the ITO frontal electrodes for flexible CdTe thin film solar cells |
title_full_unstemmed |
Optimization of the ITO frontal electrodes for flexible CdTe thin film solar cells |
title_sort |
optimization of the ito frontal electrodes for flexible cdte thin film solar cells |
publisher |
НТК «Інститут монокристалів» НАН України |
publishDate |
2006 |
url |
http://dspace.nbuv.gov.ua/handle/123456789/139934 |
citation_txt |
Optimization of the ITO frontal electrodes for flexible CdTe thin film solar cells / G.S. Khrypunov // Functional Materials. — 2006. — Т. 13, № 1. — С. 113-118. — Бібліогр.: 14 назв. — англ. |
series |
Functional Materials |
work_keys_str_mv |
AT khrypunovgs optimizationoftheitofrontalelectrodesforflexiblecdtethinfilmsolarcells |
first_indexed |
2025-07-10T09:24:33Z |
last_indexed |
2025-07-10T09:24:33Z |
_version_ |
1837251407400402944 |
fulltext |
2SWLPL]DWLRQ�RI�WKH� ,72 IURQWDO�HOHFWURGHV�IRU�IOH[LEOH�&G7H WKLQ�ILOP�VRODU�FHOOV�
*�6�.KU\SXQRY
1DWLRQDO�7HFKQLFDO�8QLYHUVLW\��.KDUNLY�3RO\WHFKQLFDO�,QVWLWXWH��
���)UXQ]H�6W���������.KDUNLY��8NUDLQH
5HFHLYHG�0DUFK���������
7KH�RSWLPL]DWLRQ�RI�WKH�,72�IURQWDO�HOHFWURGHV��IRU�IOH[LEOH�VRODU�°HOOV�RQ�&G7H�EDVH�ZDV
FDUULHG� RXW� E\� DQQHDOLQJ� LQ� DLU� DW� ����&�� ,W� KDV� EHHQ� VKRZQ�� WKDW� IRU� �VXSHUVWUDWH�
,72�&G6�&G7H�&X�$X� VRODU� FHOOV�� WKH� SUHOLPLQDU\� DQQHDOLQJ� RI� ,72� ILOPV� SURYLGHV� WKH
HIILFLHQF\�LQFUHDVH�IURP�������XS�WR���������ZKLOH�IRU�1D&O�,72�&G6�&G7H�&X�$X��VXE�
VWUDWH��VRODU�FHOOV��IURP�������XS�WR�������
���Ëä�º�ÎÒ�È�ÓÈ�mºÏ��²Ë�¹¯Ò��Ëä¹Ë¯È��¯Ë�����v�¹¯ºmË�ËÓÈ�º¹�ÒäÒÏÈ�Ò«�Á¯ºÓ�Èã �
Ó©²� ªãË}�¯º�ºm� ,72� �ã«� �Ò}Ò²� °ºãÓË�Ó©²� ªãËäËÓ�ºm� ÓÈ� º°ÓºmË� �Ëãã�¯Ò�È� }È�äÒ«�
�º}ÈÏÈÓº����º��ã«�°ºãÓË�Ó©²�ªãËäËÓ�ºm�,72�&G6�&G7H�&X�$X���Ò¹È��VXSHUVWUDWH���¹¯Ë�mÈ�
¯Ò�Ëã Ó©®�º�ÎÒ��°ãºËm� ,72�ºË°¹Ë�ÒmÈË��¯º°��ªÁÁË}�ÒmÓº°�Ò�º���������º���������È��ã«
°ºãÓË�Ó©²�ªãËäËÓ�ºm�1D&O�,72�&G6�&G7H�&X�$X���Ò¹È��VXEVWUDWH���º���������º��������
$ORQJVLGH� ZLWK� WUDGLWLRQDO� WKLQ� ILOP
VRODU� FHOOV� �6&�� RQ� WKH� &G7H� EDVH�� IOH[LEOH
6&� DUH� QRZ� XQGHU� DFWLYH� GHYHORSPHQW�� ,Q
VXFK� 6&�� WKH� JODVV� VXEVWUDWH� LV� UHSODFHG� E\
WKLQ� SRO\LPLGH� ILOP� >�@�� 7KH� IURQWDO� HOHF�
WURGHV� DUH� D� SDUW� RI� WKH�&G7H� EDVHG� 6&� RQ
DQ\� VXEVWUDWHV�� 8VXDOO\�� IURQWDO� WKH� HOHF�
WURGHV�DUH�SUHSDUHG�IURP�OD\HUV�RI�WUDQVSDU�
HQW� DQG� FRQGXFWLQJ� R[LGHV�� IRU� H[DPSOH�
6Q2��)�DQG�,72��LQGLXP�DQG�WLQ�R[LGHV��>�@�7KURXJK� VXFK� IURQWDO� HOHFWURGHV�� WKH� VRODU
UDGLDWLRQ� VKRXOG� DWWDLQ� WKH� SKRWRHOHFWULFDO
DFWLYH�EDVH�OD\HU�DW�PLQLPDO�ORVVHV��7KH�VXU�
IDFH� UHVLVWDQFH� RI� WKH� IURQWDO� HOHFWURGH
VKRXOG� QRW� FRQWULEXWH� HVVHQWLDOO\� WR� WKH� 6&
WRWDO� UHVLVWDQFH�� 7KLV� LV� QHFHVVDU\� WR� DYRLG
WKH�LQFUHDVHG�6&�HIILFLHQF\��:KHQ�SUHSDULQJ
WKH� �VXSHUVWUDWH�� IOH[LEOH� 6&�� WKH� GHYLFH
KHWHURV\VWHP� ,72�&G6�&G7H�&X�$X� LV
IRUPHG�RQ�D�WUDQVSDUHQW�KHDW�UHVLVWDQW�SRO\�
LPLGH� ILOP�� 7KH� 6&� LV� LOOXPLQDWHG� WKURXJK
WKLV� ILOP� >�@�� :KHQ� PDQXIDFWXULQJ� WKH
�VXEVWUDWH�� 6&� �VHH�� H�J��� >�@��� WKLV� KHWHUR�
MXQFWLRQ� LV� GHSRVLWHG� RQ� D� JODVV� VXEVWUDWH
ZLWK�D�1D&O�VXEOD\HU��7KHQ��D�IOH[LEOH�SRO\�
LPLGH� ILOP� LV� IRUPHG� DW� WKH� EDFN� $X� HOHF�
WURGH� VXUIDFH�� 7KH� IOH[LEOH� 6&� LV� VHSDUDWHG
IURP� WKH� JODVV� VXEVWUDWH� E\� GLVVROXWLRQ� RI
1D&O� OD\HU��$V�D�UHVXOW�RI��FKOXULGH��WUHDW�
PHQW�>���@�WKH�VXUIDFH�UHVLVWDQFH�RI�,72�OD\�
HUV� LQFUHDVHV� IRU�ERWK� W\SHV�ILOP�6&�RQ� WKH
&G7H�EDVH��
,Q� WKRVH� ZRUNV�� WKH� RSWLPXP� FRQGLWLRQV
RI� WKH� ,72� OD\HU�GHSRVLWLRQ�RQ�YDULRXV� VXE�
VWUDWHV� KDYH� EHHQ� GHWHUPLQHG�� 8QGHU� WKHVH
FRQGLWLRQV�� WKH� VXUIDFH� UHVLVWDQFH� LQFUHDVH
GLG� QRW� VXUSDVV� DOORZDEOH� YDOXH� IRU� IURQWDO
HOHFWURGHV� RI� KLJK�HIILFLHQF\� 6&�� 1HYHUWKH�
OHVV�� WKH� FKDQJH� RI� WKH� IURQWDO� HOHFWURGH
FU\VWDO� VWUXFWXUH� �WKDW� LV� SRVVLEOH� LQ� WKH
FRXUVH� RI� WKH� KHWHURVWUXFWXUH� IRUPDWLRQ�
FDQ� LQIOXHQFH� WKH� 6&� HIILFLHQF\�� 7KHUHIRUH�
DLPLQJ� DW� WKH� LQFUHDVH� WKH� HIILFLHQF\� RI� 6&
RQ�&G7H�EDVH��WKH�LQIOXHQFH�RI�FU\VWDO�VWUXF�
WXUH� RI� DLU�DQQHDOHG� DQG� XQDQQHDOHG� ,72
OD\HUV� RQ� WKH� HIILFLHQF\� RI� SKRWR�HOHFWULF
SURFHVVHV� ZDV� VWXGLHG� LQ� YDULRXV� W\SHV� RI
VXFK�GHYLFH�VWUXFWXUHV�ZKHUH�WKH�ILOPV�ZHUH
XVHG�DV�WKH�IURQWDO�HOHFWURGHV�
7KH� FU\VWDOOLQH� VWUXFWXUH� RI� WKH� &G7H
EDVH� OD\HUV� DQG� ,72� OD\HUV� ZDV� VWXGLHG� E\
;�UD\�GLIIUDFWLRQ�XQGHU�FRSSHU�DQRGH�HPLV�
VLRQ�� 7R� FRPSDUH� WKH� WH[WXULQJ� H[WHQW� RI
)XQFWLRQDO�0DWHULDOV�����1R��������� ��������,QVWLWXWH�IRU�6LQJOH�&U\VWDOV
)XQFWLRQDO�PDWHULDOV������������� ���
,72� OD\HUV�� WKH�*� SDUDPHWHU�ZDV�FDOFXODWHG
E\�SURFHVVLQJ�H[SHULPHQWDO�GLIIUDFWLRQ�PD[�
LPD� >�@�� 7KH� ODWWLFH� SHULRG� �D�� RI� WKH� ,72
OD\HUV�ZDV�GHWHUPLQHG�DIWHU�.D�GRXEOHW�GLYL�VLRQ� IURP� WKH� SRVLWLRQ� RI� ������ GLIIUDFWLRQ
PD[LPXP�� 7KH� SRVLWLRQ�ZDV� GHWHUPLQHG� E\
WKH�PHGLDQ�PHWKRG�>�@��7KH�ODWWLFH�SHULRG�RI
&G7H� EDVH� OD\HU� ZDV� FDOFXODWHG� IRU� DOO� GLI�
IUDFWLRQ�PD[LPD�DQG�UHILQHG�XVLQJ�IXQFWLRQ
FRV�T���VLQT�����T�� E\� WKH� 1HOVRQ� DQG
5HHOO\�PHWKRG�>�@�����������
7KH� FRQFHQWUDWLRQ� Q� DQG� PRELOLW\� P� RI
PDMRU�FKDUJH�FDUULHUV�LQ�WKH�,72�OD\HUV�ZHUH
GHWHUPLQHG� E\� H�P�I�� PHWKRG� >�@�� � 7KH
SK\VLFDO�DQG�WHFKQRORJLFDO�UHJLPHV�IRU�GHSR�
VLWLRQ� RI� WKH� �VXSHUVWUDWH�� DQG� �VXEVWUDWH�
6&�RQ�WKH�EDVH�RI�&G6�&G7H�&X�$X�KHWHUR�
V\VWHPV� DUH� GHVFULEHG� LQ� >�������@�� 7KH� 6&
HIILFLHQF\� DQG� RXWSXW�SDUDPHWHUV� �RSHQ�FLU�
FXLW� YROWDJH� 8RF�� WKH� VKRUW�FLUFXLW� FXUUHQWGHQVLW\�-VF�� ILOO� IDFWRU�))�RI� WKH� OLJKW� FXU�UHQW�YROWDJH�FKDUDFWHULVWLFV� �&9&���ZHUH�GH�
WHUPLQHG� E\� DQDO\WLFDO� SURFHVVLQJ� RI� WKH
OLJKW�&9&��PHDVXUHG�LQ�WKH�kl����LOOXPLQD�
WLRQ� PRGH� DW� OLJKW� IORZ� SRZHU
����P:�FP���7KH�OLJKW�GLRGH�FKDUDFWHULVWLF
RI�WKH�6&��WKH�VDWXUDWLRQ�GLRGH�FXUUHQW�GHQ�
VLW\� -R�� GLRGH� LGHDOLW\� FRHIILFLHQW�$�� VHULHVUHVLVWDQFH�5V�� DQG� VKXQWLQJ� UHVLVWDQFH�5VK�ZHUH� GHWHUPLQHG� E\� ILWWLQJ� H[SHULPHQWDO
&9&�WR�WKHRUHWLFDO�RQH�>��@�
-� ��-SK���-º®̄H[S>Ë�8���-5V��e��kN��@����½¾¿��
���8���-5V��e�5VK�����
�
���
ZKHUH� -� LV� WKH� ORDG� FXUUHQW� GHQVLW\�� -SK�SKRWRFXUUHQW�GHQVLW\��H�� HOHFWURQ�FKDUJH��N�
WKH�%ROW]PDQQ�FRQVWDQW��7��WKH�6&�WHPSHUD�
WXUH��8��WKH�ORDGLQJ�YROWDJH��7R�VSHFLI\�WKH
GLRGH� FKDUDFWHULVWLFV� ZKLFK� GHILQH� WKH� 6&
HIILFLHQF\��WKH�TXDQWLWDWLYH�LQIOXHQFH�RI�WKH
OLJKW� GLRGH� FKDUDFWHULVWLFV� RQ� WKH� 6&� HIIL�
FLHQF\� ZDV� VLPXODWHG� PDWKHPDWLFDOO\� XSRQ
PRGLILFDWLRQ� RI� WKH� 6&� GHVLJQ� DQG� WHFKQR�
ORJLFDO�SDUDPHWHUV��7KLV�ZLOO�SURYLGH�DQ�HV�
VHQWLDOO\� VLPSOLILHG� GHWHUPLQDWLRQ� RI� WKH
SK\VLFDO�PHFKDQLVPV�UHVSRQVLEOH�IRU�WKH�HI�
ILFLHQF\�RI�SKRWRHOHFWULFDO�SURFHVVHV��
7KH� UHVHDUFK� KDV� VKRZQ� �VHH� 7DEOH���
WKDW� DLU� DQQHDOLQJ� RI� ,72� OD\HUV� GHSRVLWHG
RQ� WKH� JODVV� VXEVWUDWHV� UHVXOWV� LQ� LQFUHDVHG
H[WHQW� RI� SUHGRPLQDQW� RULHQWDWLRQ� LQ� WKH
>���@�GLUHFWLRQ�IURP�*� ������WR�*� ������
7KH� ODWWLFH� SHULRG� GHFUHDVHV� IURP� D�
�������c�WR�D� ��������c��$QJXODU�ZLGWKV
'�T� RI� ������� ������� ������ GLIIUDFWLRQ� PD[�LPD� DUH� UHGXFHG� �'�T�ZHUH�PHDVXUHG� DW� WKHKDOI�RI�GLIIUDFWLRQ�PD[LPXP�LQWHQVLW\���$F�
FRUGLQJ� WR� WKH� $670� WDEOH�� WKH� ODWWLFH� SH�
ULRG� RI� FXELF� ,Q�2�� SKDVH� PDNHV� D�
�������c� >��@�� 7KH� HVVHQWLDO� H[FHVV� RI� WKH
ODWWLFH� SHULRG� LQ� UHVHDUFKHG� ,72� OD\HUV� LV
FRQQHFWHG� ZLWK� D� VLJQLILFDQW� WLQ� FRQFHQWUD�
WLRQ�LQ�WKRVH�OD\HUV��:KHQ�WLQ�DWRPV�KDYLQJ
ODUJHU� LRQ� UDGLXV� VXEVWLWXWH� IRU� LQGLXP
DWRPV� LQ� WKH� XQLW� VLWHV� RU� LQ� LQWHUVWLWLDO
SRVLWLRQV�� WKLV� UHVXOWV� LQ� LQFUHDVHG� ODWWLFH
SHULRG�>��@��$FFRUGLQJ�WR�H[SHULPHQWDO�GDWD
�VHH�7DEOH�����WKH�DLU�DQQHDOLQJ�FDXVHV�D�UH�
GXFHG� FRQFHQWUDWLRQ� RI�PDMRU� FKDUJH� FDUUL�
HUV��7KH�Q� UHGXFWLRQ�FDQ�EH�FRQQHFWHG�ZLWK
GHFUHDVLQJ� FRQFHQWUDWLRQ� RI� WKH� R[\JHQ� YD�
FDQFLHV� EHLQJ� HOHFWULFDOO\� DFWLYH� Q�W\SH� GH�
IHFWV�>��@��
+RZHYHU�� WKLV� SURFHVV�GRHV�QRW�SOD\�DQ\
HVVHQWLDO� SDUW�� 7KH� UHVHDUFK� RI� XQGRSHG
,Q�2��OD\HUV�HYLGHQFHV�WKDW�DIWHU�DLU�DQQHDO�LQJ�� WKH�Q� UHGXFWLRQ� LV�E\�RQH�RUGHU� ORZHU�
7KHUHIRUH�� WKH�Q� UHGXFWLRQ� LQ� ,72� OD\HUV� LV
D�UHVXOW�RI�LPSXULW\�R[LGDWLRQ��7KDW�LV��R[\�
JHQ� WUDQVIRUPV� WLQ� IURP� HOHFWULFDOO\� DFWLYH
VWDWH��LQGLXP�ODWWLFH�VLWHV��LQWR�LQDFWLYH�RQH
�DW� JUDLQ� ERXQGDULHV��� %HVLGHV�� WKH� DLU� DQ�
QHDOLQJ� FDQ� DOVR� FDXVH� R[LGDWLRQ� RI� WLQ
EHLQJ�LQ�LQDFWLYH�VWDWH�LQ�WKH�LQGLXP�ODWWLFH
LQWHUVWLWLDOV�� 7KHUHIRUH�� LW� LV� REYLRXV�� WKDW
DIWHU� DLU� DQQHDOLQJ�� WKH� WLQ� FRQFHQWUDWLRQ
GHFUHDVHV�ERWK�LQ�WKH�LQGLXP�VXEODWWLFH�VLWHV
7DEOH����7KH�DLU�DQQHDOLQJ�LQIOXHQFH�RQ�WKH�SURSHUWLHV�DQG�VWUXFWXUH�,72�ILOPV�
6XEVWUDWH Q�������FP� P��FP���9�V� *��U�X�� ��c '�T������GHJ�
'�T������GHJ�
'�T������GHJ�
*ODVV ��� �� ���� ������ ���� ���� ����
*ODVV
��� �� ���� ������ ���� ���� ����
3ROL ��� �� ���� ������ ���� ���� ����
3ROL
��� �� ���� ������ ���� ���� ����
*ODVV�1D&O ��� �� ���� ������ ���� ���� �����
*ODVV�1D&O
��� �� ���� ������ ���� ���� ����
��DIWHU�DQQHDOLQJ�LQ�WKH�DLU�DW�WKH�WHPSHUDWXUH�����v�ZLWKLQ����PLQ��
*�6�.KU\SXQRY���2SWLPL]DWLRQ�RI�WKH�,72�IURQWDO����
��� )XQFWLRQDO�PDWHULDOV�������������
DQG� LQ� LQWHUVWLWLDOV�RI�WKH� ,72� OD\HU�ODWWLFH�
$V� D� UHVXOW�� WKH� FU\VWDO� ODWWLFH� GLVWRUWLRQ
GHFUHDVHV�� 7KLV� FDXVHV� WKH� REVHUYHG� UHGXF�
WLRQ�RI�D��,W�LV�NQRZQ�WKDW�WKH�PDLQ�FRQWUL�
EXWLRQ�WR�SK\VLFDO�ZLGWK�RI�GLIIUDFWLRQ�PD[�
LPD� LV� EURXJKW� E\� PLFURVFDOH� VWUDLQV� DQG
VL]H�RI�WKH�FRKHUHQW�VFDWWHULQJ�DUHDV��F�V�D��
>�@��7KHUHIRUH��WKH�'�T�UHGXFWLRQ�RI�,72�OD\�HUV�DIWHU�DLU�DQQHDOLQJ�WHVWLILHV�WR�F�V�D��LQ�
FUHDVH�DQG�PLFURVFDOH�VWUDLQ�GHFUHDVH��7KXV�
LW�LV�SRVVLEOH�WR�DVVXPH�WKDW�LQFUHDVH�RI�SUH�
GRPLQDQW�RULHQWDWLRQ�GHJUHH�LQ�WKH�DQQHDOHG
,72� OD\HUV� LQ� WKH� >���@� GLUHFWLRQ� DQG� '�T
GHFUHDVH� DUH� FDXVHG� E\� UHFU\VWDOOL]DWLRQ
SURFHVVHV�� $W� VXFK� UHFU\VWDOOL]DWLRQ�� VRPH
JUDLQV�DUH�IXVHG�WRJHWKHU�LQWR�D�VLQJOH�JUDLQ
ZLWK� PRVW� WKHUPRG\QDPLFDOO\� IDYRUDEOH� SUH�
GRPLQDQW�RULHQWDWLRQ��7KXV��D�IUDFWLRQ�RI�LP�
SXULW\�OHDYHV�YROXPH�WR�JUDLQ�ERXQGDU\��7KLV
SURFHVV�UHGXFHV�WKH�PLFURVFDOH�VWUDLQ�OHYHO�
7KH� FRQVLGHUDWLRQ� RI� 7DEOH��� VKRZV� WKDW
WKH� DLU� DQQHDOLQJ� UHVXOWV� LQ� LQFUHDVHG� SUH�
GRPLQDQW�RULHQWDWLRQ�H[WHQW�LQ�WKH�>���@�GL�
UHFWLRQ�LQ�WKH� ,72� OD\HUV�GHSRVLWHG�RQ�SRO\�
LPLGH�ILOPV��WRR��+RZHYHU��WKH�SUHGRPLQDQW
RULHQWDWLRQ�H[WHQW�LV�PXFK�ORZHU��*� ������
DQG� LQFUHDVHV� RQO\� WR�*� ������� ,Q� FRQWUDVW
WR� ,72� OD\HUV� RQ� WKH� JODVV� VXEVWUDWHV�� WKH
DQQHDOLQJ� RI� ,72� OD\HUV� RQ� WKH� SRO\LPLGH
ILOP� UHVXOWV� LQ� WKH� ODWWLFH� SHULRG� LQFUHDVH
IURP�D� ��������c� WR�D� ��������c��$W�WKH
DQQHDOLQJ�� WKH� GHFUHDVH� RI� � '�T���� LV� RE�VHUYHG�� 7KH� '�T���� UHPDLQV� XQFKDQJHGZKLOH� '�T���� LV� LQFUHDVHG�� $V� WKH� ������������� ������ UHIOHFWLRQV� DUH� REVHUYHG� DW� DQ�
JOHV� �T� ������ ����� ���� UHVSHFWLYHO\�� WKH
'�T���� UHGXFWLRQ� HYLGHQFHV�� ILUVW� RI� DOO�� DQLQFUHDVHG�F�V�D��ZKLOH�LQFUHDVLQJ��T����WHVWL�ILHV� WR� LQFUHDVH� RI� WKH� PLFURVFDOH� VWUDLQ
OHYHO��7KLV�LV�FDXVHG�E\�WKDW�DW�VPDOO�DQJOHV�
WKH� SK\VLFDO� ZLGHQLQJ� RI� WKH� GLIIUDFWLRQ
PD[LPXP�LV�GXH�PDLQO\�WR�F�V�D��VL]H�ZKLOH
DW� ODUJH� DQJOHV�� LW� LV� GHILQHG� E\� WKH� PL�
FURVFDOH� VWUDLQ� OHYHO� >�@�� 7KH� ODWWLFH� SHULRG
LQFUHDVH�LQ�WKH�,72�OD\HUV�RQ�SRO\LPLGH�ILOP
DIWHU�DQQHDOLQJ�PD\�EH�GXH�WR�SODVWLF�VWUDLQ�
LQJ� RI� WKH� IOH[LEOH� VXEVWUDWH�� $V� D� UHVXOW�
WKH� ODWWLFH� SHULRG� FKDQJH� LQ� WKH� ,72� OD\HUV
LV�GHILQHG�E\�WZR�SK\VLFDO�PHFKDQLVPV��R[L�
GDWLRQ�RI�WLQ� LQ�WKH� ,72� OD\HUV�DQG�VWUHWFK�
LQJ� VWUHVVHV� IURP� WKH� SRO\LPLGH� ILOP�� 6XFK
VWUHVVHV�DUH�GXH�WR�VWUDLQLQJ�RI�WKH�SRO\LPLGH
ILOP�GXULQJ�KLJK�WHPSHUDWXUH�DLU�DQQHDOLQJ�
7KH� ,72� OD\HUV� GHSRVLWHG� RQ� WKH
1D&O�JODVV� VXEVWUDWH� VKRZ� DQ� LQVLJQLILFDQW
SUHGRPLQDQW� RULHQWDWLRQ� LQ� WKH� >���@� GLUHF�
WLRQ��*� ��������$IWHU�DLU�DQQHDOLQJ�RI�WKRVH
,72� OD\HUV�� WKH�*� YDOXH� GHFUHDVHV� GRZQ� WR
������7KH�'�T�����'�T����DQG�'�T����DUH�LQ�FUHDVHG�� 7KLV� HYLGHQFHV� D� UHGXFWLRQ� RI� WKH
F�V�D��VL]H�DQG�LQFUHDVH�RI�PLFURVFDOH�VWUHVVHV
LQ� WKH� ,72� OD\HUV�� ,QFUHDVH� RI� WKH� ODWWLFH�SH�
ULRG� IURP�D� ��������c� WR�D� ��������c� KDV
EHHQ� REVHUYHG�� WRR�� ,Q� RXU� RSLQLRQ�� WKH� RE�
VHUYHG� VWUXFWXUDO� FKDQJHV� DUH� FDXVHG�E\� DQ
LQWHQVH� VRGLXP�GLIIXVLRQ� IURP�1D&O� OD\HU� WR
,72� RQHV� GXULQJ� DQQHDOLQJ�� 7KH� ODWWHU� PD\
UHVXOW�LQ�VSOLWWLQJ�RI�WKH�F�V�D��DQG�LQ�LQFUHDV�
LQJ�PLFURVFDOH�VWUHVVHV��7KH�ORZ�YDOXH�RI�WKH
PDMRU� FKDUJH� FDUULHU� PRELOLW\� SRLQWV� LQGL�
UHFWO\�WR�UHGXFHG�FU\VWDO�VWUXFWXUH�SHUIHFWLRQ
RI�WKH� ,72�OD\HUV�RQ�1D&O�JODVV�VXEVWUDWHV�DV
FRPSDUHG�WR�RWKHU�VXEVWUDWHV��VHH�7DEOH�����
$OO� DQQHDOHG� ,72� OD\HUV� GHSRVLWHG� RQ� DOO
WKH� LQYHVWLJDWHG� VXEVWUDWH� W\SHV� ZHUH� DQ�
QHDOHG� UHSHDWHGO\� LQ� DLU� DW� ����&� IRU
���PLQ��7KH� VXUIDFH� HOHFWULF� UHVLVWDQFH� DQG
WUDQVSDUHQF\� FRHIILFLHQW� RI� WKH� ,72� OD\HUV
ZHUH� LQFUHDVHG� RQO\� E\� IHZ� SHU� FHQW�� 7KH
;�UD\� LQYHVWLJDWLRQV� RI� UHSHDWHGO\� DQQHDOHG
,72� OD\HUV� VKRZ�DEVHQFH� RI� DQ\�DSSUHFLDEOH
FKDQJHV�LQ�WKH�FU\VWDO�VWUXFWXUH�SDUDPHWHUV�
7KH�SUHOLPLQDU\�DQQHDOLQJ�RI�,72�OD\HUV�KDV
EHHQ� IRXQG� WR� UHVXOW� LQ� UHGXFWLRQ� RI� WKH
&G7H�ODWWLFH�SHULRG��6R��IRU�&G7H�OD\HUV�GH�
SRVLWHG�RQ�WKH�SRO\LPLGH�VXEVWUDWHV��WKH�ODW�
WLFH� SHULRG� GHFUHDVHV� IURP� ������ c� WR
������c� �)LJ������ $FFRUGLQJ� WR� $670�� WKH
UHIHUHQFH� ODWWLFH� SHULRG� YDOXH� PDNHV
������c� IRU� FXELF�&G7H� SKDVH� >��@��$SSDU�
HQWO\�� WKHUH� LQ� GHSRVLWHG� &G7H� OD\HUV� DUH
VWUDLQHG��7KHVH�VWUDLQV�FDXVH�DQ�LQFUHDVH�RI
WKH� ODWWLFH� SHULRG� DV� FRPSDUHG� WR� UHIHUHQFH
YDOXH�� 1HYHUWKHOHVV�� &G7H� OD\HUV� GHSRVLWHG
RQ�SUHYLRXVO\�DQQHDOHG� ,72� OD\HUV��DUH� VXE�
MHFWHG�WR�ORZHU�VWUHVVHV�
%\� DQDO\WLFDO� SURFHVVLQJ� RI� H[SHULPHQ�
WDO� OLJKW�&9&��)LJ������ WKH�RXWSXW�SDUDPH�
WHUV� DQG� OLJKW� GLRGH� FKDUDFWHULVWLFV� RI
YDULRXV� 6&� W\SHV� RQ� WKH� ,72�&G6�&G7H
EDVH� ZHUH� FRPSDUHG�� 7KH� 6&� ZHUH� GHSRV�
LWHG�RQ�WKH�XQDQQHDOHG�DQG�SUHYLRXVO\�DLU�
DQQHDOHG� ,72� OD\HUV�� 7KH� DQDO\VLV� VKRZV
�7DEOH���� WKDW� WKH� SUHOLPLQDU\� DQQHDOLQJ� RI
,72� OD\HUV� RQ� JODVV� VXEVWUDWH� UHVXOWV� LQ� 6&
HIILFLHQF\�LQFUHDVH�IURP��������WR��������
7KH�PDWKHPDWLFDO�PRGHOLQJ� RI� LQIOXHQFH� RI
OLJKW�GLRGH�SDUDPHWHUV�RQ�WKH�6&�HIILFLHQF\
WHVWLILHV� WKDW� WKH� HIILFLHQF\� LQFUHDVH� LV
FDXVHG�E\�UHGXFWLRQ�RI�WKH�GLRGH�VDWXUDWLRQ
FXUUHQW�GHQVLW\�IURP�-R� ���������$�FP��WR
-R� ����������$�FP�� DQG�GLRGH� LGHDOLW\� FR�
HIILFLHQW� IURP�$� ����� WR�$� ������ 3UHOLPL�
QDU\�DQQHDOLQJ�RI�,72�RQ�WKH�SRO\LPLGH�ILOP
UHVXOWV� LQ� WKH� 6&� HIILFLHQF\� LQFUHDVH� IURP
������ WR� ������� �7DEOH����� 7KLV� LV� FDXVHG
*�6�.KU\SXQRY���2SWLPL]DWLRQ�RI�WKH�,72�IURQWDO����
)XQFWLRQDO�PDWHULDOV������������� ���
DOVR�E\�-R�DQG�$�UHGXFWLRQ��,Q�RXU�RSLQLRQ�WKLV� LV� FRQQHFWHG� WR� VWDELOLW\� RI� FU\VWDO
VWUXFWXUH�RI�WKH�DQQHDOHG� ,72� WR��FKORULGH�
WUHDWPHQW� RI� GHSRVLWHG� 6&�� 7KLV�� LQ� WXUQ�
UHGXFHV� WKH� EDVH� OD\HU� VWUDLQV� LQ� WKH
&G6�&G7H� GHYLFH� VWUXFWXUH�� WKH� VWUDLQV
EHLQJ� SRVVLEOH� WR� DULVH� DW� WKH� FKDQJHV� LQ
ODWWLFH� SHULRG� DQG� SUHGRPLQDQW� RULHQWDWLRQ
H[WHQW�RI�WKH�ORZHU�,72�OD\HU��7KH�LQFUHDVHG
EDVH�OD\HU�VWUDLQ�PD\�UHVXOW�LQ�D�UHGXFHG�6&
HIILFLHQF\�GXH�WR�PDQ\�IDFWRUV��DGKHVLRQ�GH�
WHULRUDWLRQ�� UHGXFWLRQ� RI� PRELOLW\� FKDUJH
FDUULHUV�� LQWURGXFWLRQ� RI� DGGLWLRQDO� VWUXF�
WXUDO� GHIHFWV�� LQVWDELOLW\� RI� HOHFWULFDO� SURS�
HUWLHV�� HWF�� >��@�� 7KHVH� QHJDWLYH� SURFHVVHV
DUH� HVSHFLDOO\� LQWHQVLILHG� LI� WKH� OD\HUV� DUH
GHSRVLWHG� RQ� VXEVWUDWHV� ZLWK� OLQHDU� H[SDQ�
VLRQ� FRHIILFLHQW� H[FHHGLQJ� WKDW� RI� WKH� VHPL�
FRQGXFWRU� PDWHULDO�� 6XFK� VLWXDWLRQ� LV� MXVW
UHDOL]HG� H[SHULPHQWDOO\� DW� 6&� IRUPDWLRQ� RQ
SRO\LPLGH�VXEVWUDWH�
,W� KDV� EHHQ� VKRZQ�� WKDW� SUHOLPLQDU\
DQQHDOLQJ� RI� ,72� OD\HU� RI
1D&O�,72�&G6�&G7H�&X�$X� 6&� UHVXOWV� LQ
WKH� HIILFLHQF\� LQFUHDVH� IURP� ���� �� XS� WR
���� �� �7DEOH����� $FFRUGLQJ� WR� PRGHOLQJ� UH�
VXOWV��WKH�LQFUHDVHG�HIILFLHQF\�LV�GXH�WR�UHGXF�
WLRQ� RI� WKH� GLRGH� FXUUHQW� VDWXUDWLRQ� GHQVLW\
-R� IURP� ��������$�FP�� WR� ��������$�FP��
)LJ�����/LJKW�&9&�RI�6&�RQ�&G7H�EDVH��
�D��JODVV�,72�&G6�&G7H�&X�$X��
�E��SRO\LPLGH�ILOP�,72�&G6�&G7H�&X�$X��
�F��JODVV�1D&O�,72�&G6�&G7H�&X�$X��
,72�OD\HUV��DQQHDOHG������XQDQQHDOHG�����
)LJ����� 6WUXFWXUDO� UHVHDUFKHV� RI� &G7H� EDVH
OD\HUV� LQ� VWUXFWXUH� WKH� SRO\LPLGH
ILOP�,72�&G6�&G7H�&X�$X�&6�� �D��;5'�SDW�
WHUQ�RI�&G7H� OD\HU� LQ�6&�VWUXFWXUH�GHSRVLWHG
RQ�XQDQQHDOHG� ,72� OD\HU���E��;5'�SDWWHUQ�RI
&G7H� OD\HU� LQ� 6&� VWUXFWXUH� GHSRVLWHG� RQ� DQ�
QHDOHG� ,72� OD\HU�� �F�� /DWWLFH� SHULRG� RI�&G7H
OD\HUV�����&G7H� OD\HUV� LQ�6&�VWUXFWXUH�GH�
SRVLWHG� RQ� DQQHDOHG� ,72� OD\HU�� � WKH� VDPH�RQ
XQDQQHDOHG�,72�OD\HU���
*�6�.KU\SXQRY���2SWLPL]DWLRQ�RI�WKH�,72�IURQWDO����
��� )XQFWLRQDO�PDWHULDOV�������������
RI� WKH� GLRGH� LGHDOLW\� FRHIILFLHQW� IURP� $�
���� WR�$� ����� DQG� WKH� VKXQWLQJ� UHVLVWDQFH
5VK� LQFUHDVH� IURP� ��� 2KP�FP�� XS� WR
����2KP�FP���6HFRQGDU\�LRQ�PDVV�VSHFWURV�
FRS\� GHSWK� SURILOLQJ� ZDV� GRQH� IRU� WKH
1D&O�,72�&G6�&G7H�&X�$X�6&��7KH�DQDO\WL�
FDO� VLJQDO� GLVWULEXWLRQ� RI� WKH� VRGLXP� LVRWRSH
���1D�� LQ� JODVV�1D&O�,72�&G6�&G7H�&X�$X
6&� �)LJ����� VKRZV� WKDW� WKH� SUHOLPLQDU\� DLU
DQQHDOLQJ�RI�,72�UHGXFHV�WKH�VRGLXP�FRQFHQ�
WUDWLRQ� LQ� WKH� &G6�&G7H� KHWHURV\VWHPV�� ,W
VHHPV�WKDW��DW�WKH� ,72�OD\HUV�DLU�DQQHDOLQJ�
WKHUH� DUH� WZR� GLIIXVLRQ� IORZV� RSSRVLWH� WR
RQH�DQRWKHU�DW�WKH�JUDLQ�ERXQGDULHV�LQ�WKHVH
OD\HUV� HDFK� RWKHU�� R[\JHQ� DQG� VRGLXP�� 7KH
R[\JHQ�GLIIXVLRQ�UHVXOWV�LQ�WLQ�R[LGH�IRUPD�
WLRQ� DW� WKH� JUDLQ� ERXQGDULHV�� $V� D� UHVXOW�
WKH� VRGLXP� GLIIXVLRQ� SDWKV� DW� WKH� JUDLQ
ERXQGDULHV�EHFRPH�EORFNHG��7KLV�W\SH�GLIIX�
VLRQ�VKRZV�DV�D�UXOH�D�KLJKHU�UDWH�WKDQ�WKH
YROXPH� RQH��7KLV� UHVXOWV� LQ� WKH� H[SHULPHQ�
WDOO\�REVHUYHG�5VK�LQFUHDVH�DQG�-R�UHGXFWLRQLQ� WKH� GHYLFH� VWUXFWXUHV� FRQWDLQLQJ� SUH�
YLRXVO\�DLU�DQQHDOHG�,72�OD\HUV��$W�WKH�VDPH
WLPH��LW�LV�WR�QRWH�WKDW�WKH�DERYH�PHQWLRQHG
VWDELOL]DWLRQ�RI� WKH� ,72� OD\HU� FU\VWDO� VWUXF�
WXUH�GXH�WR�DLU�DQQHDOLQJ�LV�DPRQJ�WKH�IDF�
WRUV�LQIOXHQFLQJ�WKH�UHGXFWLRQ�-R�DQG�$�7KXV�� LW� KDV� EHHQ� VKRZQ� LQ� H[SHULPHQW
WKDW� IRU� IOH[LEOH� �VXSHUVWUDWH�
,72�&G6�&G7H�&X�$X� 6&�� WKH� SUHOLPLQDU\
DLU� DQQHDOLQJ� RI� WKH� ,72� OD\HUV� ����&� IRU
���PLQ� SURYLGHV� VWDELOL]DWLRQ� RI� WKH� ODWWLFH
SHULRG� DQG� WKH�SUHGRPLQDQW� RULHQWDWLRQ� H[�
WHQW� RI� VXFK� IURQWDO� HOHFWURGHV� SULRU� WR� WKH
VXEVHTXHQW� IRUPDWLRQ� RI� WKH� GHYLFH� VWUXF�
WXUHV�� $V� D� UHVXOW�� D� UHGXFWLRQ� RI� VWUDLQV
ZKLFK� FDXVH�JURZWK�RI� WKH� ODWWLFH�SHULRG� LV
REVHUYHG�LQ�&G7H�EDVH�OD\HUV��7KLV�FDXVHV�D
GHFUHDVHG� GLRGH� VDWXUDWLRQ� FXUUHQW� GHQVLW\�
GLRGH�LGHDOLW\�FRHIILFLHQW��DQG�WKXV�LQFUHDVH
)LJ�����/HYHO�E\�OHYHO�GLVWULEXWLRQV�RI� WKH� VR�
GLXP� LVRWRSH� ���1D�� DQDO\WLFDO� VLJQDO� LQ� WKH
JODVV�1D&O�,72�&G6�&G7H�&X�$X� 6&� GHSRV�
LWHG� RQ� XQDQQHDOHG� ���� DQG� DQQHDOHG� �x�� ,72
OD\HUV��
7DEOH����2XWSXW�SDUDPHWHUV�DQG�OLJKW�GLRGH�FKDUDFWHULVWLFV�6&
6XEVWUDWH *ODVV 3RO\LPLGH *ODVV�1D&O
2XWSXW�
SDUDPHWHUV
9RF��P9 ��� ��� ���
����� ����� �����
-VF��P$�FP� ���� ���� ����
������ ������ ������
)) ���� ���� ����
������ ������ ������
K��� ���� ���� ���
������ ����� �����
'LRGH�
FKDUDFWHULVWLFV 5V��:�FP� ��� ��� ���
����� ����� �����
5VK��:�FP� ��� ���� ���
����� ������ ����
-º��k�FP� ������Ü�� ������Ü� ������Ü�
��������� ��������� ���������
$ ��� ��� ���
����� ����� ������
��7KH�RXWSXW�SDUDPHWUHV�DQG�OLJKW�GLRGH�FKDUDFWHULVWLFV�6&�GHSRVLWHG�RQ�WKHP�DQQHDOLQJ��,72
OD\HUV�DQ�JLYHQ�LQ�WKH�EUDFNHWV�
*�6�.KU\SXQRY���2SWLPL]DWLRQ�RI�WKH�,72�IURQWDO����
)XQFWLRQDO�PDWHULDOV������������� ���
RI� WKH� GHYLFH� VWUXFWXUH� HIILFLHQF\� IURP
������ WR� �������� )RU� IOH[LEOH� �VXEVWUDWH�
,72�&G6�&G7H�&X�$X� 6&�� WKH� SUHOLPLQDU\
DQQHDOLQJ� RI� ,72� OD\HUV� UHVXOWV� LQ� WKH� HIIL�
FLHQF\� LQFUHDVH� IURP� ������ WR� ������� 7KH
SUHOLPLQDU\� DQQHDOLQJ� RI� IURQWDO� HOHFWURGHV
QRW� RQO\� UHGXFHV� RI� WKH� GLRGH� VDWXUDWLRQ
FXUU� HQW� GHQVLW\� DQG� GLRGH� LGHDOLW\� FRHIIL�
FLHQW��EXW� LQFUHDVHV�WKH�VKXQWLQJ�UHVLVWDQFH
GXH�WR�EORFNLQJ�RI�VRGLXP�GLIIXVLRQ�DW�JUDLQ
ERXQGDULHV�LQ�WKH� ,72�OD\HUV�
5HIHUHQFHV
� ���*�6�.KULSXQRY�� %�7�%R\NR�� )L]��,Q]KHQHULD
3RYHUNKQRVWL��������������
� ���*�6�.KULSXQRY��)L]��7YHUG��7HOD����������������
� ���*�6�.KU\SXQRY��)XQFWLRQDO�0DWHULDOV�� ���� ���
�������
� ���*�6�.KU\SXQRY��)XQFWLRQDO�0DWHULDOV���������
�������
� ���+�5�0RXWLQKR�� )�6�+DVRRQ�� )�$EXOIRWXK�
1�.D]PHUVNL�� -��9DFXXP� 6FL�� 7HFKQ�� $�� ���
������������
� ���6WUXFWXUH� DQG� 3K\VLFDO� 3URSHUWLHV� RI� 6ROLGV�
/DERUDWRU\�3UDFWLFH�*XLGH��HG��E\�/�6�3DODWQLN�
9\VVKD\D�6KNROD��0RVFRZ��������>LQ�5XVVLDQ@�
� ���$�$�5XVDNRY�� 5RHQWJHQRJUDSK\� RI� 0HWDOV�
$WRPL]GDW��0RVFRZ��������>LQ�5XVVLDQ@�
� ���/�3�3DYORY�� 0HDVXUHPHQW� 0HWKRGV� RI� 6HPL�
FRQGXFWRU� 0DWHULDOV� 3DUDPHWHUV�� 9\VVKD\D
6KNROD��0RVFRZ��������>LQ�5XVVLDQ@�
� ���*�6�.KULSXQRY�� $�9�0HULXWV�� 8NU��)L]��=K��
����������������
����$�/�)DKUHQEUXFK��5�+�%XEH��)XQGDPHQWDOV�RI
6RODU�&HOOV��$FDGHPLF�3UHVV��1HZ�<RUN��������
����-&3'6�FDUG�1����������
����5�7DKDU�� 7�%DQ�� <�2K\D�� -��$SSO�� 3K\V��� ���
������������
����-&3'6�FDUG�1����������
����<X�$�7NKRULN��/�6�.KD]DQ��3OHVWLF�6WUDLQ�DQG
0LVILW�'LVORFDWLRQV�LQ�+HWHUR�(SLWD[LDO�6\VWHPV�
1DXNRYD�'XPND��.LHY��������>LQ�5XVVLDQ@�
|¹�ÒäLÏÈ�L«�Á¯ºÓ�Èã ÓÒ²�ËãË}�¯º�Lm�Ï� ,72��ã«��Ó��}Ò²�¹ãLm}ºmÒ²�°ºÓ«�ÓÒ²�ËãËäËÓ�Lm�ÓÈ�º°ÓºmL�&G7H
��v�t¯Ò¹�Óºm
b㫲ºä�mL�¹Èã��ÓÈ�¹ºmL�¯L�¹¯Ò��Ëä¹Ë¯È��¯L�����&�mÒ}ºÓÈÓº�º¹�ÒäLÏÈ�L
�Á¯ºÓ�Èã �
Óº�º� ËãË}�¯º��� ,72� �ã«� �Ó��}Ò²� ¹ãLm}ºmÒ²� °ºÓ«�ÓÒ²� ËãËäËÓ�Lm� ÓÈ� º°ÓºmL� �Ëã�¯Ò��
}È�äL
�� �º}ÈÏÈÓº�� �º� �ã«� °ºÓ«�ÓÒ²� ËãËäËÓ�Lm� ,72�&G6�&G7H�&X�$X� ��Ò¹�� �VXSHU�
VWUDWH��� ¹º¹Ë¯Ë�ÓL®� mL�¹Èã��ȯLm� ,72� ÏÈËϹË��¼� ϯº°�ÈÓÓ«� ËÁË}�ÒmÓº°�L� m����������º
����� ��� �ã«� °ºÓ«�ÓÒ²� ËãËäËÓ�Lm� 1D&O�,72�&G6�&G7H�&X�$X� ��Ò¹�� �VXEVWUDWH��� m��
�������º��������
���
�
*�6�.KU\SXQRY���2SWLPL]DWLRQ�RI�WKH�,72�IURQWDO����
��� )XQFWLRQDO�PDWHULDOV�������������
|