w Åwiatowym eNsporcie towarowym. Keywords: Poland, exports, comparative advantage, foreign and domestic value added. SÅowa kluczowe: PolsNa, eNsport, ...
ANNALES
8 1 , 9 ( 5 6 , 7$7 , 6 0 $ 5 , $ ( & 8 5 , ( 6 . à 2 ' 2 : 6 . $ /8 %/, 1 ± 3 2 / 21,$ 92/;/9,,,
6(&7,2+
8QLZHUV\WHW0DULL&XULH6NáRGRZVNLHMZ/XEOLQLH.DWHGUD*RVSRGDUNLĝZLDWRZHML,QWHJUDFML(XURSHMVNLHM
720$6=%,$à2:Ą6021,.$:2-7$6
7KHUROHRIIRUHLJQYDOXHDGGHGLQFUHDWLQJ3RODQG¶VFRPSDUDWLYH… DGYDQWDJHLQZRUOGPHUFKDQGLVHH[SRUWV 5ROD]DJUDQLF]QHMZDUWRĞFLGRGDQHMZWZRU]HQLXSU]HZDJLNRPSDUDW\ZQHM3ROVNL ZĞZLDWRZ\PHNVSRUFLHWRZDURZ\P
.H\ZRUGV3RODQGH[SRUWVFRPSDUDWLYHDGYDQWDJHIRUHLJQDQGGRPHVWLFYDOXHDGGHG 6áRZDNOXF]RZH3ROVNDHNVSRUWSU]HZDJDNRPSDUDW\ZQD]DJUDQLF]QDLNUDMRZDZDUWRĞüGRGDQD
,QWURGXFWLRQ
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±IUDJPHQWDWLRQZLOOEHLQWHUQDWLRQDO$FFRUGLQJWRWKHVWDQGDUG DSSURDFKODERXULQWHQVLYHVWDJHVRISURGXFWLRQZLOOEHORFDWHGLQODERXUDEXQGDQW FRXQWULHVDQGFDSLWDOLQWHQVLYHDFWLYLW\±LQFDSLWDODEXQGDQWFRXQWULHV7KHVHFRQG WUHQGZDVLQLWLDWHGZLWKDSDSHUE\'+XPPHOV-,VKLLDQG.0@7KH\
720$6=%,$à2:Ą6021,.$:2-7$6
LQWURGXFHDFRQFHSWRIYHUWLFDOVSHFLDOL]DWLRQZLWKSURGXFWLRQWDVNVORFDOL]HGLQYDULRXV FRXQWULHV7KLVOHDGVWRWKHFUHDWLRQRIJOREDOYDOXHDGGHGFKDLQ$FRXQWU\DFFHSWV SDUWVDQGLQWHUPHGLDWHJRRGVWKDWDUHSURFHVVHGDQGWKHQSDVVHGRQLQDPRUHDGYDQFHG IRUPWRWKHQH[WOLQNRIWKHFKDLQIRUIXUWKHUSURFHVVLQJ%RWKDSSURDFKHVFRPSOHPHQW HDFKRWKHUEXWWKHODWWHUHPSKDVL]HVWKHSUREOHPRIYDOXHDGGHGLQYDULRXVFRXQWULHV 'HYHORSPHQWRIRIIVKRULQJVLJQLILFDQWO\DOWHUVFRXQWULHV¶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±ORZHUWKDQFDOFXODWHGXVLQJWUDGLWLRQDOPHDVXUHV 7KHPDLQJRDORIWKHSDSHULVWRHYDOXDWHWKHLPSDFWRILQWHUQDWLRQDOIUDJPHQWDWLRQRQ3RODQG¶VFRPSDUDWLYHDGYDQWDJH7KHDQDO\VLVZLOOIRFXVRQ OHYHORILQWHUQDWLRQDOL]DWLRQRISURGXFWLRQDQGVKDUHRIIRUHLJQYDOXHDGGHGLQ 3RODQG¶VJURVVH[SRUWV 3RODQG¶VFRPSDUDWLYHDGYDQWDJHLQLQWHUQDWLRQDOWUDGHEDVHGRQ5&$LQGH[HV FDOFXODWHG DFFRUGLQJ WR WKH WUDGLWLRQDO JURVV H[SRUWV DV ZHOO DV DOWHUQDWLYH PHWKRGEDVHGRQWKHFRQFHSWRIFRXQWU\¶VYDOXHDGGHG 7KHFDOFXODWLRQVZHUHFDUULHGRXWXVLQJGDWDIURP2(&'±:727UDGHLQ9DOXH $GGHG7,9$ GDWDEDVHDQGWKHWLPHIUDPHRIWKHDQDO\VLVGHWHUPLQHGE\WKHDYDLODELOLW\RIGDWDZDVOLPLWHGWR±
5HVHDUFKPHWKRG
2QH RI WKH IXQGDPHQWDO PHWKRGV WR HYDOXDWH WKH LQWHUQDWLRQDOL]DWLRQ OHYHO RI FRXQWU\¶V SURGXFWLRQ DQG LWV HQJDJHPHQW LQ LQWHUQDWLRQDO SURGXFWLRQ QHWZRUNV LV PHDVXULQJ WKH VKDUH RI IRUHLJQ YDOXH DGGHG LQ JURVV H[SRUWV %DVLF DVVXPSWLRQ LQ YDOXHDGGHGWRJURVVH[SRUWVDQDO\VLVLVDSRVVLELOLW\WRDVVHVVQDWLRQDOVKDUHRIILQDO SURGXFW¶V YDOXH :H VLPSOLI\ E\ VNLSSLQJ WD[HV DQG VXEVLGLHV 7KHQ ILQDO SURGXFW YDOXH93 LVDVXPPDWLRQRIDOOYDOXHDGGHG9$ LQWKHSURFHVVRISURGXFWLRQLQ VXEVHTXHQWFRXQWULHV7KHIRUPXODLV VP
¦i VAiP
1HWYDOXHDGGHGRIFRXQWU\$19$ ZKLFKFRQVWLWXWHVLWVWUDGHEDODQFHLVDGLIIHUHQFHEHWZHHQJURVVH[SRUWVDQGLPSRUWVDVSUHVHQWHGLQIRUPXOD *URVVH[SRUWV LVDVXPPDWLRQRIGLUHFWDQGLQGLUHFWGRPHVWLFYDOXHDGGHG'9$ WKDWFRXQWU\$LV
7+(52/(2))25(,*19$/8($''(',1&5($7,1*32/$1'¶6&203$5$7,9(«
33
H[SRUWLQJ DQG IRUHLJQ YDOXH DGGHG )9$ ZKLFK FRQVLVWV RI SUHYLRXVO\ LPSRUWHG IRUHLJQ SDUWV DQG FRPSRQHQWV XVHG LQ WKH SURGXFWLRQ SURFHVV ,PSRUWV FRQVLVWV RI HOHPHQWV ELODWHUDO YDOXH DGGHG %9$ UHLPSRUWHG YDOXH DGGHG 59$ DQG PXOWLODWHUDO YDOXH DGGHG 09$ %9$ LV LPSRUWV WR FRXQWU\ $ RI SURGXFWV ZKLFK YDOXHZDVDGGHGLQLQFRXQWU\%59$PHDQVWKRVHLPSRUWHGSURGXFWVZKLFK ILQDOYDOXHZDVDGGHGLQFRXQWU\%DVZHOODVFRPSRQHQWVFRPLQJIURP$09$LV WKDWSDUWRILPSRUWVIURP%WKDWKDVYDOXHDGGHGIURPFRXQWU\&
19$ '9$)9$ ±%9$59$09$
6WDQGDUG PHDVXUH XVHG WR DVVHVV FRPSDUDWLYH DGYDQWDJH LQ ZRUOG H[SRUWV LV %DODVVD LQGH[ >%DODVVD @ 7KH %DODVVD LQGH[ LV GHILQHG DV WKH UDWLR RI FRXQWU\¶VVKDUHLQZRUOGH[SRUWVRIDJLYHQLQGXVWU\GLYLGHGE\LWVVKDUHLQRYHUDOOZRUOG WUDGH0RUHVSHFLILFDOO\%,AM LVFRXQWU\A¶V%DODVVDLQGH[IRULQGXVWU\M defined as in IRUPXOD 7KDWLVDUDWLRRIVKDUHRILQGXVWU\MLQFRXQWU\$H[SRUWVsAM DQGVKDUH RILQGXVWU\MLQUHIHUHQFHFRXQWU\5H[SRUWVsRM ,I%,AM !FRXQWU\A LVVDLGWRKDYH DUHYHDOHG FRPSDUDWLYHDGYDQWDJH5&$ LQLQGXVWU\MVLQFHWKLVLQGXVWU\LVPRUH LPSRUWDQWIRUFRXQWU\A¶VH[SRUWVWKDQIRUWKHH[SRUWVRIWKHUHIHUHQFHFRXQWULHV
BI jA
s Aj s Rj
3RODQG¶VFRPSDUDWLYHDGYDQWDJHLQLQWHUQDWLRQDOWUDGHEDVHGRQ5&$LQGH[HVFDQ EHFDOFXODWHGLQDWUDGLWLRQDOZD\XVLQJYDOXHRIJURVVH[SRUWVRULQDQDOWHUQDWLYH ZD\±XVLQJGRPHVWLFYDOXHDGGHG,QWKHILUVWDSSURDFK5&$YDOXHLVGHWHUPLQHG E\ FRXQWU\¶V LQWHJUDWLRQ ZLWK LQWHUQDWLRQDO SURGXFWLRQ QHWZRUNV DQG IRUHLJQ YDOXH DGGHG7KHVHFRQGRQHDOORZVWRYLHZLQDPRUHREMHFWLYHZD\WKHUHDOFRPSDUDWLYH DGYDQWDJHLQZRUOGH[SRUWV
6KDUHRIIRUHLJQYDOXHDGGHGLQ3RODQG¶VJURVVH[SRUWV
&RXQWU\¶VH[SRUWSRWHQWLDOLVGHSHQGHQWQRWRQO\RQGRPHVWLFHQWHUSULVHVH[SRUW FDSDELOLW\EXWDOVRRQWKHDFWLYLWLHVRILQWHUQDWLRQDOFRUSRUDWLRQVDQGQDWLRQ¶VHQJDJHPHQWLQLQWHUQDWLRQDOSURGXFWLRQQHWZRUNV3RODQGLQFRPSDULVRQWRRWKHUHFRQRPLHV RIVLPLODUSRWHQWLDOLVDPRQJPRVWGHSHQGHQWRQIRUHLJQFRPSRQHQWVDQGLQWHUPHGLDWH JRRGV)XUWKHUPRUHDVLJQLILFDQWLQFUHDVHLQVKDUHRIIRUHLJQYDOXHDGGHGLQJURVV H[SRUWV ZDV QRWHG LQ ± ± LW JUHZ IURP WR 'XH WR JOREDO ILQDQFLDODQGHFRQRPLFFULVLVDOOWKHFRXQWULHVZLWKWKHDYDLODEOHGDWDH[SHULHQFHG DGHFUHDVHLQ,Q3RODQGLWIHOOWRVHH7DEOH 6KDUHRIIRUHLJQLQSXW LQWRWKHJURVVH[SRUWVLVKLJKO\GLYHUVLILHGDPRQJVHFWRUVRIWKHHFRQRP\,Q
720$6=%,$à2:Ą6021,.$:2-7$6
WKHIROORZLQJVHFWRUVZHUHFKDUDFWHUL]HGE\WKHKLJKHVWVKDUHRIIRUHLJQYDOXHDGGHG WUDQVSRUWHTXLSPHQW HOHFWULFDODQGRSWLFDOHTXLSPHQW EDVLFPHWDOV DQGIDEULFDWHGPHWDOSURGXFWV FKHPLFDOVDQGQRQPHWDOOLFPLQHUDOSURGXFWV 7KHVHFWRUVZLWKWKHORZHVWVKDUHRILPSRUWHGSDUWVDQGFRPSRQHQWVZHUH ORZWHFKQRORJ\LQGXVWULHVGHSHQGHQWRQODERUDQGUDZPDWHULDOVVXFKDVPLQLQJDQG TXDUU\LQJ DJULFXOWXUHKXQWLQJIRUHVWU\DQGILVKLQJ VHH7DEOH 7DEOH6KDUHRIIRUHLJQYDOXHDGGHGLQJURVVH[SRUWVLQ±E\LQGXVWU\LQ
$JULFXOWXUHKXQWLQJIRUHVWU\DQGILVKLQJ
0LQLQJDQGTXDUU\LQJ
)RRGSURGXFWVEHYHUDJHVDQGWREDFFR
7H[WLOHVWH[WLOHSURGXFWVOHDWKHUDQGIRRWZHDU
:RRGDQGSDSHU
&KHPLFDOVDQGQRQPHWDOOLFPLQHUDOSURGXFWV
%DVLFPHWDOVDQGIDEULFDWHGPHWDOSURGXFWV
0DFKLQHU\DQGHTXLSPHQW
(OHFWULFDODQGRSWLFDOHTXLSPHQW
7UDQVSRUWHTXLSPHQW
2WKHUPDQXIDFWXULQJ
Total
6RXUFHRZQFRPSLODWLRQEDVHGRQ2(&'>@
)XUWKHUDQDO\VLVRIIRUHLJQYDOXHDGGHGVKDUHLQ3RODQG¶VJURVVH[SRUWVLQYDULRXV LQGXVWULHVUHYHDOHGWKHIROORZLQJWUHQGV6KDUHRIIRUHLJQFRPSRQHQWVDQGSDUWVNHSW JURZLQJXQWLOLQDOOVHFWRUVH[FHSW DJULFXOWXUHKXQWLQJIRUHVWU\DQGILVKLQJ DQG PLQLQJ DQG TXDUU\LQJ 7KH KLJKHVW JURZWK RFFXUUHG LQ LQGXVWULHV ZLWK WKH PRVWIUDJPHQWHGSURGXFWLRQSURFHVVHV,Q±VKDUHRIIRUHLJQYDOXHDGGHGLQ HOHFWULFDODQGRSWLFDOHTXLSPHQWLQFUHDVHGE\SHUFHQWDJHSRLQWVDQGLQWUDQVSRUW HTXLSPHQW±E\SHUFHQWDJHSRLQWVVHH7DEOH ,Q±VKDUHRILPSRUWHG SDUWV LQ H[SRUWV RI WKH WZR DIRUHPHQWLRQHG LQGXVWULHV GURSSHG 6LPLODU WHQGHQFLHV FKDUDFWHUL]HGZRRGDQGSDSHURWKHUPDQXIDFWXULQJWH[WLOHVDQGIRRWZHDUDVZHOODV IRRGEHYHUDJHVDQGWREDFFR7KHUHPDLQLQJLQGXVWULHVQRWHGDVWHDG\JURZWKXQWLO 0DLQVRXUFHVRIIRUHLJQFRPSRQHQWVXVHGWRPDQXIDFWXUHH[SRUWHGJRRGVZHUH FRXQWULHV RI WKH (XURSHDQ 8QLRQ PRVWO\ *HUPDQ\ ,Q ± WKH\ DFFRXQWHG IRURIWKHWRWDOIRUHLJQYDOXHDGGHGLQ3ROLVKH[SRUWV$SDUWIURP*HUPDQ\RWKHU FRXQWULHV ZLWK VLJQLILFDQW VKDUHV ZHUH ,WDO\ )UDQFH WKH 8QLWHG .LQJGRP DQG WKH
7+(52/(2))25(,*19$/8($''(',1&5($7,1*32/$1'¶6&203$5$7,9(«
35
1HWKHUODQGV2XWVLGHWKH(8PRVWFRPSRQHQWVFDPHIURP5XVVLDWKH8QLWHG6WDWHV &KLQD-DSDQDQG6RXWK.RUHDVHH7DEOH 7DEOH2ULJLQRIIRUHLJQYDOXHDGGHGLQ3ROLVKJURVVH[SRUWVLQ±LQ
'RPHVWLFYDOXHDGGHG
)RUHLJQYDOXHDGGHG
*HUPDQ\
5XVVLD
,WDO\
United States
)UDQFH
&KLQD
8QLWHG.LQJGRP
-DSDQ
1HWKHUODQGV
&]HFK5HSXEOLF
6RXWK.RUHD
6SDLQ
%HOJLXP
$XVWULD
6ZHGHQ
5HVWRIWKHZRUOG
Total
6RXUFHRZQFRPSLODWLRQEDVHGRQ2(&'>@
1HZYHUVLRQRIWKH2(&'GDWDEDVHXSGDWHGLQ0D\LQFUHDVHGLWVXWLOLW\DOORZLQJWRFDOFXODWHLQSXWRIHDFKFRXQWU\RIRULJLQLQWRIRUHLJQYDOXHDGGHGE\LQGXVWU\ 7KHGDWDFRQILUPVWKDWLQPDLQFRQWULEXWRURIIRUHLJQFRPSRQHQWVLQDOOLQGXVWULHV H[FHSWFKHPLFDOVDQGQRQPHWDOOLFPLQHUDOSURGXFWVZDV*HUPDQ\VHH7DEOH 7KH QHZGDWDDOVRUHYHDOHGKLJKFRQFHQWUDWLRQRIIRUHLJQYDOXHDGGHGRULJLQ,QWUDQVSRUW HTXLSPHQW*HUPDQ\WKH8QLWHG6WDWHVDQG,WDO\DFFRXQWHGIRURIIRUHLJQYDOXH DGGHG DQG *HUPDQ\¶V VKDUH ZDV ,Q HOHFWULFDO DQG RSWLFDO HTXLSPHQW VKDUH RI *HUPDQ\WKH8QLWHG6WDWHVDQG&KLQDZDVDQGLQEDVLFPHWDOVDQGIDEULFDWHG PHWDOSURGXFWV*HUPDQ\5XVVLDDQG,WDO\FRQWULEXWHGRIIRUHLJQYDOXHDGGHG
36
720$6=%,$à2:Ą6021,.$:2-7$6
Total
2WKHUPDQXIDFWXULQJ
7UDQVSRUWHTXLSPHQW
(OHFWULFDODQGRSWLFDOHTXLSPHQW
0DFKLQHU\DQGHTXLSPHQW
%DVLFPHWDOVDQGIDEULFDWHG PHWDOSURGXFWV
&KHPLFDOVDQGQRQPHWDOOLFPLQHUDOSURGXFWV
:RRGDQGSDSHU
)RRGSURGXFWVEHYHUDJHVDQG tobacco 7H[WLOHVWH[WLOHSURGXFWVOHDWKHU DQGIRRWZHDU
0LQLQJDQGTXDUU\LQJ
$JULFXOWXUHKXQWLQJIRUHVWU\ DQGILVKLQJ
Total
7DEOH6KDUHRIIRUHLJQYDOXHDGGHGLQJURVVH[SRUWVE\LQGXVWU\DQGE\VRXUFHFRXQWU\LQLQ
*HUPDQ\
5XVVLD
,WDO\
United States
)UDQFH
&KLQD
8QLWHG.LQJGRP
-DSDQ
1HWKHUODQGV
&]HFK5HSXEOLF
6RXWK.RUHD
6SDLQ
%HOJLXP
$XVWULD
6ZHGHQ
5HVWRIWKHZRUOG
6RXUFHRZQFRPSLODWLRQEDVHGRQ2(&'>@
2QHRIWKHLQGXVWULHVKLJKO\HQJDJHGLQLQWHUQDWLRQDOSURGXFWLRQQHWZRUNVZDV WUDQVSRUWHTXLSPHQW+RZHYHURQO\RIIRUHLJQYDOXHDGGHGLQJURVVH[SRUWV LQRULJLQDWHGLQWKHLQGXVWU\2WKHUFRPSRQHQWVDQGLQWHUPHGLDWHJRRGVZHUH PDQXIDFWXUHG LQ EDVLF PHWDOV FKHPLFDOV PLQLQJ DQG TXDUU\LQJ HOHFWULFDODQGRSWLFDOHTXLSPHQWLQGXVWU\ >2(&'@,QSXWRI YDULRXVVHUYLFHVZDVPXFKPRUHVLJQLILFDQWZKLFKLVLQDFFRUGDQFHZLWKWKHRUHWL-
37
7+(52/(2))25(,*19$/8($''(',1&5($7,1*32/$1'¶6&203$5$7,9(«
FDODVVXPSWLRQVPDGHE\+.LHU]NRZVNLDQG5:-RQHV>@,QVHUYLFHV DFFRXQWHGIRURIIRUHLJQYDOXHDGGHGLQH[SRUWVRIWUDQVSRUWHTXLSPHQWLQ SDUWLFXODU ZKROHVDOH DQG UHWDLO WUDGH ± EXVLQHVV VHUYLFHV ± WUDQVSRUWVWRUDJHDQGWHOHFRPPXQLFDWLRQ±,QRWKHULQGXVWULHVVKDUHRIVHUYLFHV LQIRUHLJQYDOXHDGGHGGLGQ¶WVXUSDVVDQGYDOXHDGGHGIURPWKHVDPHLQGXVWU\ DPRXQWHGIRUDODUJHVKDUHRIIRUHLJQYDOXHDGGHGHVSHFLDOO\LQORZWHFKQRORJ\DQG UDZPDWHULDOVLQGXVWULHV>2(&'@
3RODQG¶VFRPSDUDWLYHDGYDQWDJHLQZRUOGPHUFKDQGLVHWUDGH
,QWHUPVRIWUDGLWLRQDODSSURDFKEDVHGRQJURVVH[SRUWV3RODQGKDGFRPSDUDWLYH DGYDQWDJHLQH[SRUWVRIIRRGSURGXFWVEHYHUDJHVDQGWREDFFRZRRGDQGSDSHUEDVLF PHWDOVDQGIDEULFDWHGPHWDOSURGXFWVRWKHUPDQXIDFWXULQJDQGWUDQVSRUWHTXLSPHQW VHH7DEOH 7KHODUJHVWJDSFKDUDFWHUL]HGWUDGHLQHOHFWULFDODQGRSWLFDOHTXLSPHQW PDFKLQHU\DQGHTXLSPHQWFKHPLFDOVDQGQRQPHWDOOLFPLQHUDOSURGXFWVDOVRDIWHU WKH\HDU±WH[WLOHVDQGIRRWZHDU0DLQWUHQGVLQ±ZHUHWKHIROORZLQJ,QORZDQGPHGLXPORZWHFKQRORJ\LQGXVWULHV3RODQG¶VFRPSDUDWLYHDGYDQWDJH ZHDNHQHG,QFRQWUDVWWKHUHZDVDJDLQLQFRPSDUDWLYHDGYDQWDJHLQLQGXVWULHVXVLQJ DGYDQFHGWHFKQRORJLHV7KHKLJKHVWJURZWKRI5&$LQGLFDWRURFFXUUHGLQWUDQVSRUW HTXLSPHQW%DODVVD,QGH[JUHZE\ HOHFWULFDODQGRSWLFDOHTXLSPHQW DQG PDFKLQHU\DQGHTXLSPHQW 7KHVHLQGXVWULHVKDYHWKHKLJKHVWVKDUHVRIIRUHLJQ YDOXHDGGHGRYHURIJURVVH[SRUWV
(OHFWULFDODQGRSWLFDO HTXLSPHQW
7UDQVSRUWHTXLSPHQW
2WKHUPDQXIDFWXULQJ
%DVLFPHWDOVDQGIDEULFDWHGPHWDOSURGXFWV
:RRGDQGSDSHU
7H[WLOHVWH[WLOHSURGXFWV OHDWKHUDQGIRRWZHDU
)RRGSURGXFWVEHYHUDJHV and tobacco
0DFKLQHU\DQGHTXLSPHQW
&KHPLFDOVDQGQRQPHWDOOLFPLQHUDOSURGXFWV
7DEOH5HYHDOHGFRPSDUDWLYHDGYDQWDJHLQGH[HV5&$ RI3RODQGFDOFXODWHGEDVHGRQJURVVH[SRUWV DQGGRPHVWLFYDOXHDGGHGLQ±
*URVVH[SRUWV
7UDQVSRUWHTXLSPHQW
2WKHUPDQXIDFWXULQJ
:RRGDQGSDSHU
(OHFWULFDODQGRSWLFDO HTXLSPHQW
0DFKLQHU\DQGHTXLSPHQW
%DVLFPHWDOVDQGIDEULFDWHGPHWDOSURGXFWV
&KHPLFDOVDQGQRQPHWDOOLFPLQHUDOSURGXFWV
7H[WLOHVWH[WLOHSURGXFWV OHDWKHUDQGIRRWZHDU
)RRGSURGXFWVEHYHUDJHV and tobacco
720$6=%,$à2:Ą6021,.$:2-7$6
'RPHVWLFYDOXHDGGHG
6RXUFHRZQFRPSLODWLRQEDVHGRQ2(&'>@
8VLQJWKHDOWHUQDWLYHPHWKRGRIFDOFXODWLQJ%DODVVDLQGH[HVEDVHGRQGRPHVWLF YDOXHDGGHGVLJQLILFDQWO\DOWHUV3RODQG¶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
&RQFOXVLRQ
&KDQJHVLQWKHIXQFWLRQLQJRIWKHZRUOGHFRQRP\FRRSHUDWLRQDQGFUHDWLRQRI LQWHUQDWLRQDOSURGXFWLRQQHWZRUNVUHTXLUHVDQHZDSSURDFKWRPHDVXULQJWUDGHDQG FRPSDUDWLYH DGYDQWDJH ,W LV QHFHVVDU\ WR DVVHVV VKDUH RI WKH SURGXFW¶V YDOXH WKDW ZDVDGGHGLQWKHDQDO\]HGFRXQWU\WRHYDOXDWHLWVSRVLWLRQLQLQWHUQDWLRQDOWUDGH7KH DQDO\VLVFDUULHGRXWLQWKLVSDSHUVKRZHGWKDWIRUHLJQSDUWVDQGFRPSRQHQWVZHUHDQ
7+(52/(2))25(,*19$/8($''(',1&5($7,1*32/$1'¶6&203$5$7,9(«
LPSRUWDQWHOHPHQWRI3ROLVKPDQXIDFWXULQJH[SRUWVDQGWKHLUUROHLQFUHDVHGFRQVLGHUDEO\LQ±)RUHLJQYDOXHDGGHGZDVSDUWLFXODUO\LPSRUWDQWLQKLJKWHFKQRORJ\ LQGXVWULHVVXFKDVWUDQVSRUWHTXLSPHQWRUHOHFWULFDODQGRSWLFDOHTXLSPHQWZKLOHLWV UROHLQORZWHFKQRORJ\LQGXVWULHVZDVPLQRU/DUJHSDUWRIIRUHLJQYDOXHDGGHGZDV FRQWULEXWHGE\(XURSHDQ8QLRQFRXQWULHVDQGLQSDUWLFXODU*HUPDQ\7KHGDWDDOVR FRQILUPHGWKHWKHRU\WKDWVHUYLFHVVHFWRULVDVLJQLILFDQWVRXUFHRIIRUHLJQYDOXHDGGHG 7KHUHLVVWLOODFRQVLGHUDEOHJDSLQ3ROLVKH[SRUWVFRPSHWLWLYHQHVVFRPSDUHGWR WKHROG(XURSHDQ8QLRQFRXQWULHV>0XFKD/HV]NR.ąNRO@VRQDWXUDOO\WKHUHLV DYDOLGTXHVWLRQZKHWKHUIRUHLJQYDOXHDGGHGFDQEHXVHGWRFORVHWKLVJDS+RZHYHU WKHUHODWLRQEHWZHHQFRPSDUDWLYHDGYDQWDJHDQGIRUHLJQYDOXHDGGHGZDVQRWSURYHG WREHVWUDLJKWIRUZDUG7KH%DODVVDLQGH[HVFDOFXODWHGXVLQJWZRPHWKRGVZHUHGLIIHUHQW EXW WKH UROH RI IRUHLJQ LQSXW ZDV QRW DOZD\V SRVLWLYH ,Q VRPH LQGXVWULHV LW DOORZHG3RODQGWREHPRUHFRPSHWLWLYHHJWUDQVSRUWHTXLSPHQW ZKLOHLQRWKHUVLW ZHDNHQHGWKHDGYDQWDJHHQODUJHGWKHJDS
5HIHUHQFHV %DODVVD%7UDGH/LEHUDOL]DWLRQDQG5HYHDOHG&RPSDUDWLYH$GYDQWDJH³0DQFKHVWHU6FKRRO RI(FRQRPLFDQG6RFLDO6WXGLHV´YRO +XPPHOV ' ,VKLL - LQ@-RQHV5:.UXHJHU$2HGV 7KH3ROLWLFDO(FRQRP\RI,QWHUQDWLRQDO7UDGH(VVD\VLQ+RQRXURI5REHUW$0XQGHOO 0,73UHVV&DPEULGJH /HRQWLHI:4XDQWLWDWLYH,QSXW2XWSXW5HODWLRQVLQWKH(FRQRPLF6\VWHPRIWKH8QLWHG6WDWHV ³5HYLHZRI(FRQRPLFVDQG6WDWLVWLFV´YROQR 0XFKD/HV]NR % .ąNRO 0 :LOO WKH ILQDQFLDO HFRQRPLF FULVLV RI ± DFFHOHUDWH PRQHWDU\LQWHJUDWLRQLQWKH(8"³(XUROLPHV´YRO 2(&'2(&'±:727UDGHLQ9DOXH$GGHG7,9$ KWWSVWDWVRHFGRUJDFFHVV6HSHPEHU
7KHUROHRIIRUHLJQYDOXHDGGHGLQFUHDWLQJ3RODQG¶VFRPSDUDWLYHDGYDQWDJH LQZRUOGPHUFKDQGLVHH[SRUWV 7KHSDSHUGHDOVZLWKFKDQJLQJDSSURDFKWRPHDVXULQJWUDGHDQFRPSHWLWLYHQHVVGXHWRWKHZLGHO\ VSUHDGSURFHVVRILQWHUQDWLRQDOIUDJPHQWDWLRQRISURGXFWLRQSURFHVVZKLFKPDNHVLWPXFKPRUHGLIILFXOW WRDVVHVVRULJLQRISURGXFWVLQLQWHUQDWLRQDOWUDGH7KHUHIRUHDPHWKRGZDVGHYHORSHGWRXVHIRUHLJQ DQGGRPHVWLFYDOXHDGGHGLQRUGHUWRHYDOXDWHFRXQWU\¶VUROHLQZRUOGWUDGHDVZHOODVLWVFRPSDUDWLYH DGYDQWDJH$XWKRUVDSSO\WKLVPHWKRGRORJ\WR3ROLVKWUDGHLQJRRGVLQ±DQGUHYHDOWKDWIRUHLJQFRPSRQHQWVZHUHDQLPSRUWDQWSDUWRILWVH[SRUWV3RODQGZDVKLJKO\GHSHQGHQWRQIRUHLJQYDOXH DGGHGIURP(XURSHDQ8QLRQFRXQWULHVHVSHFLDOO\*HUPDQ\6HFWRUVZLWKKLJKHVWVKDUHVZHUHWUDQVSRUW HTXLSPHQWHOHFWULFDODQGRSWLFDOHTXLSPHQWEDVLFPHWDOVDQGIDEULFDWHGPHWDOSURGXFWVFKHPLFDOVDQG QRQPHWDOOLFPLQHUDOSURGXFWV)RUHLJQYDOXHDGGHGDOVRDIIHFWHG3RODQG¶VFRPSDUDWLYHDGYDQWDJH±LWV
720$6=%,$à2:Ą6021,.$:2-7$6
LPSDFWRQYDULRXVLQGXVWULHVZDVDGYHUVH,QVRPHFDVHVLWLPSURYHG5&$LQGH[HVZKLOHLQRWKHUVXVLQJ GRPHVWLFYDOXHDGGHGIRUWKHFDOFXODWLRQVUHVXOWHGLQDODUJHUFRPSDUDWLYHDGYDQWDJH
5ROD]DJUDQLF]QHMZDUWRĞFLGRGDQHMZWZRU]HQLXSU]HZDJLNRPSDUDW\ZQHM3ROVNL ZĞZLDWRZ\PHNVSRUFLHWRZDURZ\P ,QWHUQDFMRQDOL]DFMDSURGXNFMLVSUDZLáDĪHWUDG\F\MQHPHWRG\PLHU]HQLDXG]LDáXNUDMXZĞZLDWRZ\P HNVSRUFLH RUD] SU]HZDJL NRQNXUHQF\MQHM Z PQLHMV]\P VWRSQLX RG]ZLHUFLHGODMą U]HF]\ZLVWRĞü :]ZLą]NX]W\P]DF]Ċá\UR]ZLMDüVLĊDOWHUQDW\ZQHPHWRG\PLHU]HQLDVWUXPLHQLKDQGOX]DJUDQLF]QHJR ±QDSRGVWDZLHZDUWRĞFLGRGDQHM&HOHPRSUDFRZDQLDMHVWRFHQDZSá\ZXPLĊG]\QDURGRZHMIUDJPHQWDU\]DFMLSURGXNFMLQDNV]WDáWRZDQLHVLĊSR]\FMLNRQNXUHQF\MQHM3ROVNL6]F]HJyáRZDDQDOL]DREHMPXMH XG]LDá]DJUDQLF]QHMZDUWRĞFLGRGDQHMZHNVSRUFLHEUXWWR3ROVNLRUD]NV]WDáWRZDQLHVLĊSU]HZDJLNRQNXUHQF\MQHMQDED]LHLQGHNVX%DODVV\REOLF]RQHJRQDSRGVWDZLHPHWRG\WUDG\F\MQHMHNVSRUWEUXWWR MDNUyZQLHĪDOWHUQDW\ZQHMNUDMRZDZDUWRĞüGRGDQD =DVWRVRZDQLHQRZHJRSRGHMĞFLDGRDQDOL]RZDQLD SROVNLHJRHNVSRUWXXMDZQLáRGXĪ\Z]URVW]QDF]HQLD]DJUDQLF]QHMZDUWRĞFLGRGDQHMZEDGDQ\PRNUHVLH ħUyGáHPMHMSRFKRG]HQLDE\á\Z]QDF]Q\PVWRSQLXNUDMH8QLL(XURSHMVNLHM]ZáDV]F]D1LHPF\DVHNWRU\ZSU]\SDGNXNWyU\FK)9$PLDáDQDMZLĊNV]H]QDF]HQLHFKDUDNWHU\]RZDá\VLĊGXĪ\PVWRSQLHP Z\NRU]\VWDQLDWHFKQRORJLL1DOHĪDá\GRQLFKĞURGNLWUDQVSRUWXRUD]PDV]\Q\LXU]ąG]HQLD,QQHZDUWRĞFL SU]\MPRZDá\WDNĪHLQGHNV\XMDZQLRQHMSU]HZDJLNRQNXUHQF\MQHMREOLF]RQHSU]\XZ]JOĊGQLHQLX]DJUDQLF]QHMZDUWRĞFLGRGDQHM=DáRĪHQLHMHGQDNĪHZ\VRNLXG]LDá]DJUDQLF]QHMZDUWRĞFLGRGDQHMZHNVSRUFLH EUXWWRSRZRGXMHSRSUDZĊSR]\FMLNRPSDUDW\ZQHMNUDMXZKDQGOXPLĊG]\QDURGRZ\PMHVW]E\WGDOHNR LGąF\PXSURV]F]HQLHP0RĪHPLHüRQDSR]\W\ZQ\ZSá\ZDOHZQLHNWyU\FKVHNWRUDFKRND]DáVLĊRQ EDUG]RQLHZLHONLDOERQDZHWZDUWRĞFLZVNDĨQLNyZE\á\QLH]QDF]QLHZ\ĪV]HSU]\XZ]JOĊGQLHQLXMHG\QLH NUDMRZHMZDUWRĞFLGRGDQHM