/LPLWLQJ)DFWRUVDIIHFWLQJ3KRWRV\QWKHVLV /HDUQLQJ7DUJHWV D,FDQLGHQWLI\WKHIDFWRUVWKDWDIIHFWWKHUDWHDWZKLFKSKRWRV\QWKHVLVRFFXUV E,FDQLGHQWLI\WKHIDFWRUVWKDWFDXVHSKRWRUHVSLUDWLRQWRRFFXU <RXZLOOXVH\RXUWH[WERRNDVQHHGHGWRFRPSOHWHWKHIROORZLQJDFWLYLW\DERXWWKHOLPLWLQJ IDFWRUVDIIHFWLQJSKRWRV\QWKHVLV6WDUWE\GHILQLQJWKHWHUPOLPLWLQJIDFWRUEHORZ DOLPLWLQJIDFWRULVDQHQYLURQPHQWDOIDFWRUWKDWOLPLWVJURZWKSRSXODWLRQVL]HRU PDWDEROLVPWKLVLVWKHWH[WERRN·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·WH[SHFWWKHUHODWLRQVKLSWREHOLQHDUWKH36UDWHFDQQRWVLPSO\LQFUHDVH LQGHILQLWHO\ ,,5DWHRI3KRWRV\QWKHVLVDQG/LJKW,QWHQVLW\ %HORZLVGDWDVKRZLQJWKHUDWHRISKRWRV\QWKHVLVDVDIXQFWLRQRIWKHLQWHQVLW\RIOLJKWRQ WKHSODQWVDPHXQLWVDVDERYH,UUDGLDQFHLVPHDVXUHGDVOLJKWLQWHQVLW\SHUXQLWDUHDRI OHDI/LJKWLQWHQVLW\LVPHDVXUHGLQFDQGHODVDEEUHYLDWHGDVFG *UDSKWKHGDWDDQGDQDQVZHUWKHDQDO\VLVTXHVWLRQV 5DWHRI&2XSWDNH >PPROPV@ ,UUDGLDQFH FGP 5DWHRI&2XSWDNH >PPROPV@ ,UUDGLDQFH FGP 'HVFULEHWKHHIIHFWRIOLJKWLQWHQVLW\RQWKHUDWHRISKRWRV\QWKHVLV D:KHQWKHOLJKWLQWHQVLW\LVLQFUHDVHGWKHUDWHRI36LQFUHDVHVDVZHOO E7KHLQFUHDVHLQ36UDWHLVPRUHGUDPDWLFZKHQWKHOLJKWLQWHQVLW\LVORZHUZKLOHIRU KLJKHULQWHQVLW\WKHLQFUHDVHLQ36UDWHLVVPDOOHUSHULQFUHDVHLQOLJKWLQWHQVLW\,QRWKHU ZRUGVWKHFXUYHOHYHOVRIIDWKLJKHULQWHQVLW\DQLQFUHDVHLQLQWHQVLW\KDVOLWWOHHIIHFWRQ WKH36UDWHDWKLJKHUOHYHOVRIOLJKWLQWHQVLW\ *LYHDQH[SODQDWLRQIRUWKHVKDSHRIWKHFXUYH<RXUDQVZHUVKRXOGLQYROYHWKHWHUP SKRWRLQKLELWLRQ/DEHOWKHOLJKWVDWXUDWLRQSRLQWRQWKHJUDSKDQGH[SODLQWKHVLJQLILFDQFH RIWKLVSRLQW D$VWKHOLJKWLQWHQVLW\LQFUHDVHVWKHUDWHRI36LQFUHDVHVEHFDXVHOLJKWLVQHFHVVDU\ IRU36WRRFFXU$WVRPHLQWHQVLW\FKORURSK\OOLVDEVRUELQJOLJKWHQHUJ\DVIDVWDVLW FDQWUDQVIHULWWRWKHHOHFWURQWUDQVSRUWV\VWHP/LJKWUHDFWLRQVDUHSURFHHGLQJDVIDVW DVWKH\FDQLQRWKHUZRUGVWKHOLJKWUHDFWLRQVDUHVDWXUDWHG7KLVSRLQWLVWKHOLJKW VDWXUDWLRQSRLQW VWXGHQWVPD\SRLQWRXWWKDWZHFDQQRWDFWXDOO\WHOOIURPWKHJUDSKWKDWWKHV\VWHPKDV UHDFKHGWKHOLJKWVDWXUDWLRQSRLQWWKH36UDWHFRXOGDFWXDOO\FRQWLQXHWRLQFUHDVH:H ZRXOGUHDOO\RQO\NQRZWKDWWKHVDWXUDWLRQSRLQWKDGEHHQUHDFKHGLIZHVDZWKH36UDWH WXUQRYHUDQGEHJLQWRGHFUHDVHDVVKRZQLQWKHILJXUHLQWKHLUWH[WERRN E,IWKHLQWHQVLW\LQFUHDVHVEH\RQGWKHOLJKWVDWXUDWLRQSRLQWWKHQSKRWRLQKLELWLRQPD\ EHJLQWRWDNHSODFH,IWKHUHLVPRUHOLJKWHQHUJ\WKDQWKHRUJDQLVPFDQSURFHVVWKHQ VRPHRIWKLVHQHUJ\ZLOOEHWUDQVIHUUHGWR2[\JHQPROHFXOHV2[\JHQFDQWKHQUHDFWZLWK ZDWHUWRIRUP+\GUR[\OLRQVRU+\GURJHQ3HUR[LGHZKLFKFDQERWKGDPDJHFKORURSODVWV WKHUHIRUHFDXVLQJDGHFOLQHLQWKHSKRWRV\QWKHVLVUDWH7KLVLVFDOOHGSKRWRLQKLELWLRQ 6NHWFKDQGH[SODLQWKHH[SHFWHGVKDSHRIWKHJUDSKLIWKHFRQFHQWUDWLRQRI&2ZDV LQFUHDVHGFRPSDUHGWRWKHFXUYH\RXGUHZDERYH\RXVKRXOGKDYHWZRFXUYHVRQWKHVDPH JUDSKRQHIRUORZHUDQGRQHIRUKLJKHU&2FRQFHQWUDWLRQ :HIRXQGLQSDUW,WKDWKLJKHU&2FRQFHQWUDWLRQWHQGVWROHDGWRKLJKHU36UDWH6RLI ZHUHSHDWHGWKHVDPHH[SHULPHQWDVDERYHYDU\WKHLUUDGLDQFHDQGPHDVXUHWKH36UDWH H[FHSWZLWKWKHDWPRVSKHULF&2FRQFHQWUDWLRQKLJKHUWKDQEHIRUHDOWKRXJKWKHRYHUDOO VKDSHRIWKHJUDSKZRXOGEHVLPLODUZHZRXOGH[SHFWWKH36UDWHWREHDOLWWOHKLJKHUWKDQ IRUORZHU&2FRQFHQWUDWLRQ 6XJJHVWZK\WKHQHWUDWHRI&2XSWDNHKDVDQHJDWLYHYDOXHDW]HURLUUDGLDQFH 7KHPHDQLQJRIQHJDWLYH&2XSWDNHLVWKDW&2LVEHLQJSURGXFHGUDWKHUWKDQEHLQJXVHG XSDVLWLVGXULQJSKRWRV\QWKHVLV:KHQWKHUHLVQROLJKWVRXUFHWKHQSKRWRV\QWKHVLV FDQQRWRFFXU6RPHRWKHUUHDFWLRQLVWDNLQJSODFHLQZKLFK&2LVEHLQJUHOHDVHGFHOOXODU UHVSLUDWLRQ,QFHOOXODUUHVSLUDWLRQHQHUJ\LQJOXFRVHLVWUDQVIHUUHGWR$73DQG&2LV UHOHDVHGLQWKHSURFHVV 127(,ZRXOGQRWWDNHRIISRLQWVIRUWKLVTXHVWLRQDV,ZRXOGQ·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
© Copyright 2026 Paperzz