=DMGHOHWDO,66516([WHQGHGDEVWUDFWV6\QFKURWURQ5DGLDWLRQLQ1DWXUDO6FLHQFH9RO1R
2
7+(,1)/8(1&(2)7+(&21&(175$7,212)6%,216
21727+(/2&$/&5<67$/$1'(/(&7521,&6758&785(6
2)&X&U[6E[6[ 678',('%<;$1(6$1'(;$)6
0($685(0(176$1'/$3:180(5,&$/&$/&8/$7,216
3=DMGHO $.LVLHO -:DUF]HZVNL -.RQLRU /,.RUROHYD -.URN.RZDOVNL 3*XVLQ (%XUDWWLQL *&LQTXH $*ULOOL DQG59'HPLQ
8QLYHUVLW\RI6LOHVLD,QVWLWXWHRI3K\VLFVXO8QLZHUV\WHFND.DWRZLFH3RODQG
-DJHOORQLDQ8QLYHUVLW\,QVWLWXWHRI3K\VLFVXO5H\PRQWD.UDNyZ3RODQG
/DERUDWRUL1D]LRQDOLGL)UDVFDWL,1)19LD()HUPL,)UDVFDWL,WDO\/DE'$)1(/LJKW
09/RPRQRVRY0RVFRZ6WDWH8QLYHUVLW\9RURE\HY\*RU\0RVFRZ5XVVLD
7KHVXOSKXU.HGJHV;$1(6DQG(;$)6VSHFWUDRI
&X&U [6E[6 [ VSLQHO W\SH FU\VWDO VROLG
VROXWLRQV KDYH EHHQ LQYHVWLJDWHG LQ RUGHU WR ILQG WKH
FRQWULEXWLRQ RI 6E LRQV RQWR WKH ORFDO FU\VWDO DQG
HOHFWURQLF VWUXFWXUHV 7KH PHDVXUHPHQWV IRU WKH SRZGHU
VDPSOHV KDYH EHHQ FDUULHG RXW RQ WKH '$)1(/LJKW
V\QFKURWURQ UDGLDWLRQ VRXUFH LQ WKH DEVRUSWLRQ PRGH
XVLQJWKHFKDQQHOFXW6L>@PRQRFKURPDWRU
KDV EHHQ XVHG WR FDOFXODWH WKH GHQVLW\ RI VWDWHV WKH
PDJQHWLFPRPHQWVDQGWKHWKHRUHWLFDO;5D\DEVRUSWLRQ
VSHFWUDIRUWKHFKRVHQFRPSRVLWLRQ[ 7R GHWHUPLQH WKH GHIRUPDWLRQ RI WKH ORFDO FU\VWDO
VWUXFWXUHLQWKHFDVHRIWKHFRPSRVLWLRQV[ DQG[ WKH (;$)6 VXOSKXU . HGJH VSHFWUD KDYH EHHQ UHFRUGHG
ZLWK WKH H9 LQFUHPHQW XS WR H9 DERYH WKH HGJH
7KH GDWD KDYH EHHQ SURFHVVHG ZLWK WKH DLG RI WKH
,)()),7)()) SDFNDJH 7KH VFDWWHULQJ SDWKV RI WKH
VWDUWLQJ PRGHO KDV EHHQ SUHSDUHG RQ WKH EDVLV RI WKH
VWUXFWXUH REWDLQHG IURP WKH VLQJOH FU\VWDO ;UD\
GLIIUDFWLRQPHDVXUHPHQWV
7KH SURSHUWLHV RI WKH FU\VWDOV XQGHU VWXG\ HYROYH
IURPWKHIHUURPDJQHWLFSW\SHPHWDOV[ WRWKH
DQWLIHUURPDJQHWLF VHPLFRQGXFWRUV [ 7KH
FRPSRVLWLRQV ZLWK [ UHYHDO DW ORZHU
WHPSHUDWXUHV WKH VSLQ JODVV EHKDYLRXU DQG WKH JLDQW
PDJQHWRUHVLVWLYLW\
7KH H[SHULPHQWDO GDWD KDYH EHHQ SURFHVVHG LQ WKH
IROORZLQJZD\
,WLVNQRZQWKDWWKHVXOSKXU.HGJHDEVRUSWLRQSUREH
WKH SOLNH GHQVLW\ RI XQRFFXSLHG VWDWHV DURXQG VXOSKXU
7KH ODWWHU DUH LQIOXHQFHG E\ WKH K\EULGLVDWLRQ RI WKH
VXOSKXUSOLNHHOHFWURQLFVWDWHVZLWKWKHHOHFWURQLFVWDWHV
RI ERWK WKH DQWLPRQ\ DQG PXOWLYDOHQW FKURPLXP &U &U LRQV 7KHUHIRUH RQH FRXOG H[SHFW WKH IROORZLQJ
HIIHFWVZKLFKDIIHFWWKH;$1(6VSHFWUD
7KH FRQWULEXWLRQKDVEHHQUHPRYHGZLWKWKHEXLOW
LQ$XWRENIXQFWLRQZLWK5ENJ 7KHIRUZDUG)RXULHUWUDQVIRUPKDVEHHQSHUIRUPHGRQ
NZHLJKWHG NIRUN WR ZLWKWKHXVHRIWKH
+DQQLQJZLQGRZZLWKGN 7KHUHVXOWVRIWKLVSURFHGXUHDUHSUHVHQWHGLQ)LJXUH
WKH DSSHDUDQFH RI WKH QHZ HOHFWURQLF VWDWHV
JHQHUDWHGE\6E LRQV
7KHODUJHVWPD[LPXPWR FRUUHVSRQGLQJWR
WKH ILUVW QHLJKERXU UHJLRQ LV JHQHUDWHG E\ WKH VLQJOH
VFDWWHULQJ SDWKV OHDGLQJ WR WKH QHDUHVW LRQV RI HLWKHU
FRSSHU RU FKURPLXP RU DQWLPRQ\ )XUWKHU DQDO\VLV RI
WKH VFDWWHULQJ SDWKV KDV VKRZQ WKDW LQ WKH VHFRQG
QHLJKERXU UHJLRQ IURP XS WR WKH VLQJOH
VFDWWHULQJ HYHQWV RQ WKH QHDUHVW VXOSKXU LRQV GRPLQDWH
2QH FDQ VHH LQ )LJXUH D YHU\ JRRG DJUHHPHQW RI WKH
WZRFXUYHVLQWKH ILUVW QHLJKERXUUHJLRQ ZKHUHDVLQWKH
VHFRQG QHLJKERXU UHJLRQ WKH WZR FXUYHV VLJQLILFDQWO\
GLIIHU,WVHHPV WKDW WKLVHIIHFWLVUHODWHGWRWKH IDFWWKDW
HYHU\ DQLRQ LQ WKH VSLQHO W\SH FRPSRXQGV KDV LQ WKH
FU\VWDO VWUXFWXUH RQH IUHH SDUDPHWHU FDOOHG WKH DQLRQ
SDUDPHWHU
WKHFKDQJHRIWKHH[LVWLQJEDQGVWUXFWXUHGXHWR
WKHLQFUHDVHRIWKH&U &U UDWLR
WKHGHIRUPDWLRQRIWKHORFDOFU\VWDOOLQHVWUXFWXUH
,Q RXU UHVXOWV WZR HIIHFWV FDQ EH FOHDUO\
GLVWLQJXLVKHGQDPHO\
DWKHGLVDSSHDUDQFHRIDSUHHGJHVWUXFWXUH$
EWKHDSSHDUDQFHRIDQHZSHDN%RQWKHULJKWKDQG
VKRXOGHURIWKHPDLQHGJH
7KH FRPSDULVRQ RI RXU UHVXOWV ZLWK WKH VXOSKXU .
HGJH VSHFWUD IRU SXUH &X&U 6 FRPSRXQG VXJJHVWV WKDW
WKH VHFRQG HIIHFW FDQ EH RULJLQDWHG E\ WKH 6E
VXEVWLWXWLRQ 7KH ILUVW HIIHFW FDQ EH DWWULEXWHG WR WKH
FKDQJH RI WKH &U &U UDWLR ,Q RUGHU WR FRQILUP ERWK
HIIHFWV WKH /LQHDUL]HG $XJPHQWHG 3ODQH :DYH PHWKRG
7R FRQFOXGH RQH FDQ VD\ WKDW WKH VXEVWLWXWLRQ RI
FKURPLXP LRQV E\ DQWLPRQ\ LRQV LQIOXHQFHV WKH
HOHFWURQLFVWUXFWXUHEXWQRWWKHORFDOFU\VWDOVWUXFWXUH
=DMGHOHWDO,66516([WHQGHGDEVWUDFWV6\QFKURWURQ5DGLDWLRQLQ1DWXUDO6FLHQFH9RO1R
%H9
X
E
U
D
P[
Q
LR
W
S
U
R
V
E
$
&X&U
6E 6
[
[
6XOSKXU.HGJH;UD\DEVRUSWLRQVSHFWUD
$H9
( [
[
[
H9
(QHUJ\
(H9
)LJXUH
(;$)6GDWDUHGXFHGZLWK,)()),7$WKHQDSDFNDJH
%XLOWLQ$XWRENDOJRULWKPEDFNJURXQGUHPRYDO5ENJ F
NZHLJKWHG N)RXULHUWUDQVIRUP
IURPN WRN cZLWKXVHRI+DQQLQJZLQGRZGN &X&U
c
_
5
F
_
6E 6
[
[
[
[
5
c
)LJXUH
© Copyright 2026 Paperzz